The Mhando chikuru misika yemari. Mhando pamisika yemari dzomunyika

Area apo vakaziva zvinhu zvemari uye mamiriro ezveupfumi Makavakwa pakati vatengesi nevatengi ava yesangano, ndiro musika zvemari, ane basa iri kuwedzera nguva dzose, nokuti ndiwo mashandiro wakasununguka kwebasa guru pakati vemo, mabhizimisi, maindasitiri nenharaunda. Mhando misika yemari uye ndichaita kubatwa munyaya ino.

tsananguro

Nyanzvi kusvika akakurukura sechivako misika yemari uye edza kuita zvizere zvinoratidza ichi chinonakidza tsananguro. Kunyanya yakawanda mubvunzo chacho. Misika akapora pamusoro nhandare pamusoro zvokukurumidzira kwema, kuti remunharaunda nheyo, nokuti kushandisa zvimwe zviridzwa zvemari, nesangano nyaya, maererano siyana kushanda uye zvichingodaro. Mhando pamisika zvemari muRussia kubvira 2010 siyana panyaya zviridzwa kushandiswa, uye vari akakamurwa pamusoro kuchengetedzeka pamisika, mudyandigere uye inishuwarenzi zvigadzirwa, mari uye nomukaka.

Nhumbi huru nemari pamusika wemari anotenda bhiri, mari migove, chikwereti zvitupa, kuti issuer wacho zvokusarudza, zvisungo, migove, privatization kuchengetedzeka uye hurumende zvisungo. Muna inishuwarenzi chidimbu kushanda mamwe marudzi misika yemari, pane chete vanoda chibvumirano, kuti insurer uye insured. Dérivés zvinoshandiswa misika izvi, pane zvibvumirano - neramangwana, kusarudza uye nezvimwe zvinodiwa, mukuwedzera - kusarudza, mberi uye vamwe kwema chokuita izwi. Mari musika anoshandisa munowanika zvikwereti, deposits nezvimwe chikwereti mitoro.

Mabasa uye Inofadza

Uchida mashoko pamusoro romugove uye kudiwa mari, paumbwe mitengo nokuti awa mabasa kuti anopa mashoko ose misika yemari. Pano zvose kunokosha, uye kunaka basa iri kunoenderana kuchinja, kukura uye Kushanduka chikamu ichi basa kwevanhu kukura upfumi hwenyika. A rakakura basa kuridza izvi mabasa kudyidzana uye sangano dzemarudzi mari pamusika. Zvichiitika zvishoma nezvishoma chaizvo, asi, kutonga nezvinooneka migumisiro basa guru munyika yose, zvinoita zvishoma nezvishoma.

Kupatsanura uye mhando misika yemari zvichishandiswa kakawanda uye zvikuru kushandiswa mumutauro nezuva, kuti unoreva zvakawanda nokukurumidza kuwedzera capitalization chaizvoizvo inoshamisa. Pfungwa kunonyanya generalized, asi mushure anovanda akawanda akazvimirira tsanangudzo dze nyanzvi kunyora rose hurongwa, mumwe chinhu uko Classified maererano dzakasiyana-siyana zvinodiwa. Mugore klassiske shanduro kupatsanura uye mhando misika yemari haina kunzwa, asi basa chete ose vemba, sezvo turnover pakati guru, kunyange zviduku, zvinoda vamwe ruzivo.

General kupatsanura

Chekutanga zvose zvakafanira kunzwisisa nzira dzekuziva kuti kupatsanura nokupesana. Mumwe subtype kuti musika mari ine yayo pfungwa uye mhando misika yemari vari aiming kuti wakasiyana zvachose basa. Of anokosha nzira ndivo kupesana inotevera.

1. Zvinhu uye mamiriro kurapwa: kusashanda musika mari chepuraimari kana yechipiri.

2. Pamusoro mwero sangano kusiyanisa havaratidzi vakarongeka uye rakanyatsorongwa OTC misika zvakarurama.

3. kwema uye kukurumidza Implementation avo vakasarudzwa gwapa kana neramangwana misika.

4. Anodana unhu uye mhando avo: inishuwarenzi inogona kushandiswa kana currency pamusika, chikwereti musika, kuchengetedzeka kana simbi dzinokosha.

5. In nzvimbo kufambiswa misika yemari varipo dzakasiyana siyana: dzakawanda uye yenyika dzakapoteredza uye nemakanzuru.

6. chikuru yokuona nayo pfungwa uye mhando pamisika yemari, imwe nguva mune pane zvinhu. Inogona kuva refu guta musika, kana kungoti mari.

Primary uye yechipiri

musika zvemari Primary iripo nokuda mari yesangano kuti zviri kutengeswa kokutanga, ichi ndipo pane wokutanga vatengi vavo, izvo zviri kukonzerwa zita. Sale uye kutenga iri rakaitika kana kusunungurwa nhengo yesangano, kana nyaya. Financial pamisika, hunhu hwavo uye mhando rubatsiro mari kuyerera uye kuchengetedzeka zviri yakarurama uye kupfuura zvichakubatsirai nzira. mari dealers (underwriters) vari kushanda chikuru pamusika, izvo basa placement zvivako zvemari izvi.

Ivo kutenga kana zvose kana mugove chinokosha pamusoro Vhoriyamu kuchengetedzeka kuti yapiwa, ipapo kutengeswa kune zvokunze vatengi, uye, chokwadi, kuti ichangobva iri reimbursable hwaro. Uyezve zvinhu zvemari (muchimiro kuchengetedzeka kana zvimwe) kungava nekutambira kwema kuti atore nzvimbo kare musika yechipiri, pasinei chinhu, ndiro bato kuti kutengeserana. Primary Market anoita wechiGeorgian mari Rwako ayo mabasa. Mhando pamisika yemari envisage refu uye Qualitative kufambira guru. musika The yechipiri ine hazvidi kushaika nokuti pane kuti vanozivikanwa zvinokosha unhu zvemari zviridzwa zvakadai liquidity kana ngozi-kupinza. Ndivo mhando chikuru misika yemari.

Nhoroondo pamusika wemari

Kuchengetedzeka vakatanga kutenderera kwayo ane mazana emakore mashoma apfuura. More remakore rechigumi nemashanu kunoratidzwa pakusika paruzhinji kuchengetedzeka pamisika. Kufukidza dhefisiti mari, nyika dzakasiyana vakatanga kubereka uye isa kwete chete mukati munyika, uye kunyange miganhu yayo kuchengetedzeka. Saka, muna 1556 musika uyu wakavhurwa Antwerp. Asi nenhanhatu remakore kwatova anoverengeka kutoitwa ndiri exchanges, kusanganisira international (Club Brugge). Exchange akavhiyiwa chidobi nani, zvinopa ngwariro chaiyo vatorwa.

Saka pane pfungwa chitsva Gengi, pamusika wemari mushumo. Zvisinei, kuti mhando misika yemari remarudzi haisati raumbwa. Bhuku pamazita ukoshi zvokutsinhanisa uku kuchengetedzeka akatengesa kwaiva kutanga ariko wemari Exchange sechinhu chinokosha sangano yakazvimirira. Muzana nemanomwe remakore Exchange wezvokutengeserana centre simbi Netherlands, apo, mukuwedzera mumhuri nokukwereta, vakapinda British kuchengetedzeka.

achiva

Non-State chiito wakauya panguva - on Amsterdam Stock Exchange, apo East India Company vakazivisa kuzvinyoresa kuita mari, nokudaro kukanganisa zvirimwa uye paumbwe misika yemari. Achibatsirwa ichi shareholders kutengesa kambani kwemakore mazana matatu, aivigirwa uye vakatengesa anenge zvose zvinhu kuti ndezvaMwari India. Amsterdam vafumiswa ukuwo, sezvo murevereri, kuitisa kwete chete dzaishandiswa migove kuti mari, asi mberi kwema inoitwa saka dzichiumbwa yokutanga dzokufungidzira pamusika wemari. Mugore regumi namasere remakore England intercepted kutanga, kuwedzera Panovhurwa Stock Exchange uye OTC pamusika, rainzi mumugwagwa. London nevaichinja akaita zveefa mu kofi zvitoro uye pakarongwa namabwe kurudyi.

Types, maumbirwo misika zvemari mumazuva iwayo zvaiva chaizvo disordered. In France, zvaiitwa zvishoma yakasiyana. Pakupera nemisere remakore kuParis akavhura wevimbiso manotsi pamusika, apo kwema yaitwa chete pamutemo nevaichinja. Kwenguva yakareba, kunyange mitengo haina pachena, uye nzira hwekutengeserana pamusoro Stock Exchange vasingazivi paruzhinji. Nokuti Exchange Aitarisira hurumende, kudzora kufamba ose kuchengetedzeka. Nokufamba kwenguva, mumisika vari kare kwose kwose, uye vane pakawanda kuti azarure ave kushandiswa zvemari uye chinokosha exchanges.

Exchange uye OTC misika: misiyano

Kazhinji dzakabudirira Exchange dzaishandiswa yokurera akanga akafanana: kutanga, paiva basa iri Municipality zvisungo, hurumende, njanji makambani, kuti migove vaiva husiri nyore kuwana. Zvisinei, negore regumi namapfumbamwe remakore, vadyi wemari fomu vakatanga kupararira. The remakore rechimakumi maviri akapa Nehunde exchanges kwete chete uwandu asiwo kunaka kutengeserana, sezvo pane michina mitsva. Mukati maro maiva yakarongeka OTC pamusika, hwaro yaiva nekombiyuta. Zvisinei, Exchange-mhindu uye OTC achiri zvikuru vakasiyana mumwe, kusanganisira mabasa avo pamusika mari.

Zvakakodzera kufunga mashandiro nerimwe nemasangano aya uye kuitisa tsanangudzo okufananidza kuti tizive zvose kusiyana uye zvakafanana. Exchange musika, kusiyana OTC, ane dzokushandura uye yakakwirira yevasungwa kuti wedzerai uye kudiwa. Pano, mitemo yakasimba chaizvo kuti kutengesa uye zvakanyorwa zvachose kwema zvose, padanho ngozi saka haisi yakakwirira. Uyezve, bidders zvose zvinofanira hazvo kuva rezinesi. OTC haana vanonyorwa musika mari, pane pasi pfungwa nemushonga uye kudiwa, hapana nokusatsaudzira mitemo uye vakanga vanyorwa kwema vane bidders marezinesi hamukumbiri, uye saka padanho ngozi iri yepamusoro zvikuru. Ndivo hunhu, mhando uye mashandiro anoita musika mari.

Split-sandara, kushandiswa, izwi uye gwapa misika

misika yemari Urgent vari imwe nguva Extension pakati nguva kwemamiriro uye kuuraya pamusoro kutengeserana inozivikanwa, okuti kazhinji chete mazuva mashanu. Pane kakawanda kurapwa nomukaka - kuenzana uye chinokosha zvokusarudza uye neramangwana, dziri pakati huru rinobva mari zviridzwa. On panzvimbo pamusika ichocho hunosanganisira pakarepo kuurayiwa kwayo. Types uye musika zvemari zvinosanganisira dzakagadzirirwa uye chinonyanya nyore kunzwisisa. Zviri pachena kubva rokuremekedza, chii vari mashandiro ari unyanzvi pamusika: currency pamusika zvakaenda vari mari, inishuwarenzi - policies inishuwarenzi, uye zvichingodaro. Pano zviri hunodzorwa chete pamusika wemari: upfumi munyika iri kuwedzera dzakabudirira, dzakanga nhamba kuchengetedzeka pamisika, kana tikafunga zvachose Vhoriyamu kwema.

misika yemari Multilevel vane "mutsetse" dzavo - pose, yenyika dzakapoteredza uye nemakanzuru, rave ambotaurwa vanonyorwa mhuka. National misika pamwe kuronga yose mari pamusika. Mumwe National kunotozongoita ine zvose remunharaunda, sezvo zvinorayirwa ari yaiona-miganhu kupesana. Mugore zvenharaunda revatema zvose mumisika yemari yomunzvimbomo. Hazvina nyore. Pachiyero yomunharaunda pamusika nomukadzi vaunganidza vazhinji remapazi vane vatengesi nomumwe kuchengetedzeka, inishuwarenzi uye rwezvemabhengi nemasangano rumwe rutivi uye vanoita kushanda toga, kune rumwe. Ndiko vaiona zvinenge zvose asi maviri chikuru, Mhando misika yemari.

Mari pamusika uye musika guru

Izvi zvinonyanya kukosha mhando musika mari. To mari zvavanotyira zvose zvinogona chokuita mari uye cashless kubhadhara, uye ari kuwedzera, kwema zvose kuti kushandisa zviridzwa pfupi-izwi zvemari (kusvika gumi mwedzi kukura nguva). The musika guru rinosanganisira zhinji kwema uye zvokutengeserana kuvhiyiwa noruremekedzo kuti zvinhu uye kwenguva refu zviridzwa zvemari, apo nguva muganhu kwenguva inopfuura gore. Izvi chinokosha musiyano pakati mumisika guru uye mari. guta Real yazvino asi anoramba kukosha kwayo, asi ari hunodzorwa akawanda emakore guta guru zvemari, riri muchimiro kuchengetedzeka uye mari. Saka The upfumi pamwe sectors maviri sezvo zvechokwadi uye zvemari guta regai batanidza pamwe mumwe. The kwemauto zvemari kunobva kunoparirwa guta zvemari uye mabasa anoita zvakafanana kuti, uye nemauto chaiko kwaibva guru chairo, unobereka zvinhu uye anotengesa mabasa asiri zvemari.

misika Capital vari zvikamu kuti kutengesa mari yesangano, chimiro chayo rakanyatsojeka ramified uye chinosanganisira zvikwereti uye vatorwa Exchange pamisika, Dérivés pamisika, services inishuwarenzi uye kushambadza. Nenzira, pamusika wemari iri kusangana kwemutongo anoumba chikamu pamusika wemari. The musika guru kunoratidzwa guru siyana remapazi zvakafanana yayo huru zvikamu. Izvi kutengeserana mari, nomukaka, services inishuwarenzi, kumabhanga, zvisungo uye hurumende kuchengetedzeka uye kwema zvose pamusika wemari. Mumatanda uye zvisungo ndiwo zvikuru nevanhu achishandisa bhizimisi, nokuti pane imwe nguva kunogona kuva kunobatsira chaizvo kuti kutengesa kuchengetedzeka pamusika (unganidza).

International mari musika

Relationships in vatorwa Exchange musika dzakatangwa pakati vaanotonga - rwezvemabhengi neasiri rwezvemabhengi masangano, makambani, vanhu uye zvichingodaro. The chinhu international mari pamusika ndiro chero mari zvinodiwa, varehwa mune mari uye dzimwe mari. Kare, mari zvokutengeserana chete zvimwe mumisika Exchange, uye akazosvika kusvikira kusvikira vakatanga kuva kure-Exchange ukama. Kuva munhu mari kutengeserana akatora nzvimbo kuburikidza zvinhu zvinoverengeka: kuchinja international mari hurongwa, zvemari murau, kutengeserana mazvake, kugadzira michina mitsva, zvakagadzirwa mu yokungotaura uye inoshanda zvoupfumi.

Conventionally, international mari pamusika iri muzvikamu zviviri - kwavanofudza tengesa nomumwe dzeEurope uye apo mumwe musika Zviridzwa kushandiswa. Vakwikwidzi uyewo rakakamurwa muzvikamu anoverengeka kwakavakirwa basa.

1. Implementation pakati kuchinjwa remapazi dzakawanda.

2. Pakarepo kuti yakananga guta mari - Investments mumatanda, zvisungo zvakadai.

3. Kuramba kushanda mari pamusika uye anoshanda kwenguva pfupi kwema.

The chikuru mukana international mari pamusika ndiro yayo kunonyanyisa liquidity, pamwe chikuru mugove kwema zvose zvawanikwa nokuti OTC musika (pamusoro mapfumbamwe kubva muzana). Members - zviduku mabhanga, vatengesi, mari makambani, mari siyana, nechepakati pemahombekombe kunyika dzakasiyana uye nevaichinja. Nevamwe zviri international vatorwa Exchange musika anogona kunzi kukura siyana inoti zviri misika mari dzavo internationalization, kuti akaramba ari kutengeserana, nokukurumidza aifamba zvashata chikamu, kubatana ruzivo uye kuvandudzika vemamwe mukutsinhana kushandiswa, kukurumidza kukura remabhuku uye inishuwarenzi pangozi.

The International pamusika wemari

chaikosha ichi guru musika, uko basa guru rine chokuita nenyaya kuchengetedzeka uye kuritenga uye Sale kuvhiyiwa iyo kuitawo. Pane rinoitwa chaizvo vagotengeseranamo dzakasiyana-siyana stockbroking, varehwa dzakasiyana-siyana nyika mari. Nokuumbwa kuenda kuburikidza kukura kusangana pezvakaitwa, sangano iri rwezvemabhengi uye Exchange mabasa munyika dzakasiyana, zvinoshingaira kushandisa National dzeEurope uye kutsiga Exchange zvakakwana.

The International pamusika wemari zvinoda Qualitative parameters pamusoro upfumi kuti vari zvakananga novimba padanho zvemichina uye zvoupfumi mabhora, uyewo mudanga pamutemo framework nohumwe unhu zhinji. Padanho mari achavaponesa sei zvinobudirira negadziriro mitemo panyaya misika yemari uye ndeizvi uyewo mitemo inokosha iyo zvakaenda zvinoitiswa, uye Kuwanikwa wehurumende kudzivirira kodzero vose vemo dzimwe makambani.