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Fіnansi (teoretichnі basis) - Grіdchіna MV

6.2. Sub'єkti fіnansovogo market analysis

Sub'єktami fіnansovogo Rinku Je fіzichnі that yuridichnі individuals and takozh fіnansovі poseredniki, SSMSC otrimuyut in koristuvannya groshі klієntіv i povinnі oderzhuvati dohіd in rozmіrі scho daє zmogu zadovolniti vimogi klієntіv i mother serednyu pributku rate for tsogo mind dіyalnostі.

Sub'єkti fіnansovogo Rinku podіlyayutsya on gospodaryuyuchі; to-mogospodarstva; power; mіstsevі organic Vladi, and for funktsіyami - on emіtentіv; іnvestorіv (іndivіdualnih that іnstitutsіynih); fіnansovih poserednikіv; іnstituti іnfrastrukturi market analysis; derzhavnі regulyuyuchі bodies.

Nadzvychaina sytuatsia vazhlivu role in sistemі fіnansovogo Rinku vіdіgrayut domogospodarstva. Chastina income scho not vikoristovuєtsya domogospodarstvom uprodovzh stream perіodu, peretvoryuєtsya on zaoschadzhennya i Mauger for nayavnostі vіdpovіdnogo fіnansovogo mehanіzmu Why bearing-down Jerel ekonomіchnogo rozvitku Kraina.

Yakscho in serednomu protyagom rock domogospodarstva vitrachayut less then, nіzh zaroblyayut then gospodaryuyuchі sub'єkti (pіdpriєmstva) - descho bіlshe, nіzh otrimuyut od sale svoєї produktsії. Poyasnyuєtsya Tse note scho krіm pay for the resources tsі sub'єkti povinnі slit vkladati іnvestitsії (mainly kapіtal i materіalnі inventory reserves). Sub'єkti gospodaryuvannya zaluchayut neobhіdnі for іnvestitsіy fіnansovі resources rakhunok for sale on market analysis fіnansovomu tsіnnih paperіv vlasnoї emіsії.

Power yak sub'єkt fіnansovogo market analysis. Reigning sector pov'yazany s ekonomіchnoyu system zagalom through podatki, derzhavnі zakupіvlі th poziki. Ostannіy sposіb zv'yazku s powers ekonomіchnoyu system Uryadov zdіysnyuє fіnansovomu on market analysis.

Derzhavnі vitrati not zavzhdi zbіgayutsya s podatkovih nadhodzhennyami. In rezultatі vinikaє budgetary defіtsit, scho for rakhunok pokrivaєtsya pozik, SSMSC zdіysnyuyutsya on fіnansovomu Rinku Shlyakhov sale oblіgatsіy Uryadov she іnshih tsіnnih paperіv fіnansovim poserednikam yak, so i bezposeredno sіmeynim Gospodarstwa. Yakscho have powers vinikaє nadlishok fіnansovih resursіv, the Uryadov staє "clean" postachalnikom koshtіv on fіnansovy rinok.

Vpliv powers on krugoobіg fіnansovih aktivіv fіnansovomu to market analysis via viyavlyaєtsya TAKE dzherelo, yak fіskalna polіtika. Pіdvischuyuchi pryamі podatki, Uryadov Mauger zbіlshiti obsyag koshtіv takozh, scho viluchayutsya in domogospodarstv. Ostannі have their Cherga, zmushenі zmenshuvati zaoschadzhennya abo, abo vitrati on spozhivannya. There whether Money Does razі naslіdkom bude zmenshennya natsіonalnogo product yak bezposeredno, tobto through zmenshennya dohodіv, otrimuvanih fіrmami od sale spozhivchih tovarіv so i oposeredkovano, s looking around at zmenshennya obsyagіv zaoschadzhen. A tse oznachaє takozh zmenshennya obsyagіv іnvestitsіynih zasobіv, SSMSC fіrmi mozhut vitratiti on pridbannya kapіtalnih benefits. Znizhennya directly podatkіv stimulyuє zbіlshennya zaoschadzhen yak, so i spozhivannya have Taqiy sposіb positive vplivayuchi on zbіlshennya natsіonalnogo product.

In fіnansovomu svіtі tsіnnі Paper the powers vikoristovuyutsya yak Etalon vіlnogo od riziku income yak vіchna alternative іnshim vkladennyam kapіtalu. Yak svіdchit svіtova practice usі rozvinenі Kraina vikoristovuyut Reigning Key infrastructure tsіnnih paperіv yak non-emіsіyne dzherelo for fіnansuvannya defіtsitu budget.

In kozhnіy kraїnі іsnuє Vlasna spetsifіka schodo emіsії that rozpovsyudzhennya Reigning tsіnnih paperіv scho Especially zumovlyuєtsya іstorichnogo that ekonomіchnogo rozvitku Kraina i Rinku pozikovih kapіtalіv, povnovazhennyami rіznih rіvnіv sovereign upravlіnnya.

Derzhavnі oblіgatsії Je svіdotstvami about nadannya їh vlasnikam poziki powers in osobі natsіonalnogo Uryadov she mіstsevih organіv upravlіnnya. Oblіgatsії Power vipuskaє s metoyu pokrittya Reigning vitrat, Yakscho brakuє budgetary koshtіv. Power garantuє Reigning oblіgatsіy redemption rights, to stink vvazhayutsya pershoklasnimi tsіnnimi Paper the rinkovim s temple is the credit rating.

In Ukraїnі Key infrastructure that obіg oblіgatsіy peredbachenі Ch. 3 Law of Ukraine "About tsіnnі Paper the stock bіrzhu i" [23]. Zgіdno Zi Art. 10 tsogo law oblіgatsіya viznachaєtsya tsіnny Papir yak, scho zasvіdchuє Adding її vlasnikom koshtіv i pіdtverdzhuє zobov'yazannya vіdshkoduvati Yomou nomіnalnu vartіst tsogo tsіnnogo Paper the peredbacheny in rows at nomu s viplatoyu fіksovanogo percent (Yakscho not peredbachene Lots Other Minds Key infrastructure).

Chinnim zakonodavstvom peredbachaєtsya Key infrastructure oblіgatsіy dvoh vidіv: vnutrіshnіh that zovnіshnіh Reigning i mіstsevih pozik; of companies.

Rіshennya about Key infrastructure oblіgatsіy vnutrіshnіh respublіkanskih pozik priymaє Kabіnet Mіnіstrіv Ukraine, mіstsevih - mіstsevі for folk deputatіv.

Role kaznacheyskih tsіnnih paperіv in upravlіnnі Reigning budget. Odnієyu s basic minds dosyagnennya polіtichnoї, ekonomіchnoї that sotsіalnoї stabіlnostі in derzhavі Je zdіysnennya vivazhenoї byudzhetnoї polіtiki have to chislі of acceptance that dotrimannya bezdefіtsitnogo sovereign budget. W tsієyu metoyu Kraina s rozvinenoyu rinkovoyu ekonomіkoyu vikoristovuyut Key infrastructure kaznacheyskih tsіnnih paperіv.

In Ukraїnі pravovі Ambush tsogo mind tsіnnih paperіv vstanovlenі Law of Ukraine "About tsіnnі Paper the stock bіrzhu i".

Kaznacheyskimi zobov'yazannyami viznachayutsya tsіnnі on Paper the pred'yavnika scho rozmіschuyutsya viklyuchno on dobrovіlnih ambushes Sered population zasvіdchuyut Adding їh vlasnikami koshtіv to budget i entitle obsession fіnansovogo income (Art. 15 of the Law). Costa od realіzatsії kaznacheyskih zobov'yazan spryamovuyutsya on pokrittya precisely vidatkіv Sovereign budget.

In Ukraїnі mozhut vipuskatisya takі kaznacheyskі zobov'yazannya: dovgostrokovі (od p'yati to ten rokіv) serednostrokovі (od one to p'yati rokіv) i korotkostrokovі (up to a rock).

Rіshennya about Key infrastructure dovgo- that serednostrokovih kaznacheyskih zobov'yazan priymaє Kabіnet Mіnіstrіv Ukraine, korotkostrokovih - Mіnіsterstvo fіnansіv Ukraine.

Yak svіdchit practice bagatoh kraїn, Key infrastructure okremih vidіv kaznacheyskih paperіv Mauger spriyati virіvnyuvannyu nerіvnomіrnostі podatkovih nadhodzhen. Treasury (mіnіsterstvo fіnansіv) Velikobritanії, napriklad, vipuskaє іmennі podatkovih-depozitnі sertifіkati, SSMSC for Bazhanov їh utrimuvachіv Buti shaping can abo into whether yaky hour povernutі ago abo vikoristanі at splatі podatkіv. In ostannomu vipadku for sertifіkatami splachuyutsya pіdvischenі vіdsotki, zavdyaki chomu stimulyuєtsya іnteres platnikіv to poperednogo Adding podatkovih platezhіv i zmenshuєtsya mozhlivіst kasovih rozrivіv mіzh income that vidatkami budget.

Dotsіlno takozh zvernutisya to US dosvіdu de praktikuєtsya Key infrastructure kaznacheyskih paperіv kіlkoh klasichnih vidіv. Fallow od drain line is the Key infrastructure kaznacheyskі tsіnnі Paper the US have vipuskayutsya in viglyadі kaznacheyskih Bills (3, 6, 12 months at) kaznacheyskih notes (2, 3, 4, 5, 7, 10 rokіv i) i kaznacheyskih oblіgatsіy (at 20- 30 rokіv). Tse daє mozhlivіst uryadovі US efektivnosti zdіysnyuvati upravlіnnya Reigning budget quickly vipuskayuchi іnstrumenti scho stanovlyat іnteres for stock market analysis.

In Ukraїnі vіdpovіdno to about zastosuvannya Sovereign Treasury Bills, zatverdzhenogo Holds Kabіnetu Mіnіstrіv od Ukraine 27.06.96 number 689, vzhe zastosovuvalasya practice Key infrastructure

spetsіalnogo mind kaznacheyskih tsіnnih paperіv - Sovereign Treasury Bills for the amount of 5 is the 10 yew. UAH. Vіdsotki in the bill is not the bag narahovuvalisya. Vekseledavtsem i paysite for kaznacheyskimi bills Bulo bunt upravlіnnya Sovereign Treasury. Vekselі vidavalis on pred'yavnika i termіn paying for them not guilty CCB perevischuvati a rock.

Kaznacheyskі vekselі mozhut vikoristovuvatis їh utrimuvachami s with such a metoyu: to repay kreditorskoї zaborgovanostі for Zgoda vіdpovіdnih kreditorіv; Sumy rozrahunkіv of promissory notes; Sale Yurydychna ladies, SSMSC Je residents vіdpovіdno zakonodavstva to Ukraine; Zastava s metoyu zabezpechennya zobov'yazan to residents zgіdno іz zakonodavstvom about the outpost; zarahuvannya to splat podatkіv have Reigning budget for Bazhanov vekseleutrimuvacha.

Pogashaє kaznacheyskі vekselі bunt upravlіnnya Sovereign Treasury Shlyakhov pererahuvannya on rakhunok pred'yavnikіv kaznacheyskih Bills koshtіv in rozmіrі vіdpovіdnih sum of bill; zarahuvannya kaznacheyskih Bills to splat їh utrimuvachami podatkіv to Sovereign Budget of Ukraine.

Mіstsevі poziki Yea one s vazhlivih іnstrumentіv fіnansuvannya nagalnih suspіlnih require such yak rozvitok systems elektro-, vodopostachannya that kanalіzatsії, budіvnitstvo Zhitlo, rozvitok trammel the agriculture, budіvnitstvo ob'єktіv osvіti, receptionists Zdorov'ya toscho. Yak svіdchit svіtovy dosvіd, mozhlivіst win a znachnі dodatkovі fіnansovі resources to rozvitku іnfrastrukturi mіst through Key infrastructure oblіgatsіy zumovlyuє visokі Tempi rozvitku Rinku munіtsipalnih tsіnnih paperіv, sub'єktami yakogo Je nasampered mіstsevі organic Vladi. Zgіdno s chinnim zakonodavstvom Ukraine rіshennya about Key infrastructure oblіgatsіy priymayut organic mіstsevogo samovryaduvannya. The structure of the second obsyagi Key infrastructure mіstsevih pozik stale od groshovoї that fіnansovoї situatsії and takozh od zagalnogo sotsіalno-ekonomіchnogo encampments in kraїnі.

Sub'єktіv fіnansovogo podіlyayut market analysis on direct uchasnikіv i fіnansovih poserednikіv.

D Username Lost Password Prodavtsі fіnansovih aktivіv (poslug) utvoryuyut grupu directly uchasnikіv fіnansovogo market analysis, SSMSC zdіysnyuyut on nomu osnovnі fіnansovі operatsії.

In the market analysis pozikovih kapіtalіv funktsіonuyut pryamі Participants fіnansovih operatsіy. Rozglyanemo mainly s them.

Creditors. Pong harakterizuyut sub'єktіv fіnansovogo market analysis, SSMSC nadayut poziku in timchasove koristuvannya pid Pevnyi vіdsotok.

Main funktsієyu kreditorіv Je penny sales Vlasnyi i zaluchenih aktivіv for zadovolennya potreb pozikootrimuvachіv in fіnansovih resources. Lenders in the market analysis fіnansovomu shaping can Buti Power (yak zdіysnyuє tsіlove kredituvannya of companies for rakhunok zagalnoderzhavnogo that mіstsevih byudzhetіv and takozh Reigning tsіlovih pozabyudzhetnih fondіv) komertsіynі banks (SSMSC vikonuyut naybіlshu Quantity Credit operatsіy) i nebankіvskі credit and fіnansovі install.

Pozichalniki. Pong harakterizuyut sub'єktіv fіnansovogo market analysis, SSMSC otrimuyut poziki od kreditorіv pid pevnі garantії їh Povernennya i Pevnyi of charge at formі vіdsotka. Main pozichalnikami penny aktivіv on fіnansovomu Rinku Je Power (yak otrimuє loans od mіzhnarodnih fіnansovih organіzatsіy i bankіv) komertsіynі banks (SSMSC otrimuyut loans for mіzhbankіvskomu credit market analysis), pіdpriєmstva (for zadovolennya require of penny assets h metoyu popovnennya obіgovih koshtіv i formuvannya іnvestitsіynih resursіv ) i population (in formі spozhivchogo fіnansovogo loan, yaky vikoristovuєtsya in іnvestitsіynih tsіlyah).

Basic (klasichnimi) sub'єktami Rinku pozikovih kapіtalіv Je komertsіynі banks brokerskі office, diskontnі kompanії that INSHI fіnansovo-kreditnі іnstituti, SSMSC mobіlіzuyut pererozpodіlyayut i Costa of companies, bankіv, the population set-up.

Rozglyanemo major direct uchasnikіv fіnansovih operatsіy, SSMSC dіyut on market analysis tsіnnih paperіv.

Emіtenti. Pong harakterizuyut sub'єktіv fіnansovogo market analysis, SSMSC zaluchayut neobhіdnі fіnansovі resources for rakhunok Key infrastructure (emіsії) tsіnnih paperіv. On fіnansovomu Rinku emіtenti Je viklyuchno seller tsіnnih paperіv іz zobov'yazannyam vikonuvati OAO All vimogi, SSMSC viplivayut s minds їh Key infrastructure. Emіtentami tsіnnih paperіv Je Power (vikonavchі organic derzhavnoї Vladi i organi mіstsevogo samovryaduvannya) i yuridichnі individuals zokrema aktsіonernі tovaristva. Krіm addition, natsіonalnomu fіnansovomu Rinku mozhut obertatisya tsіnnі Papero, emіtovanі nonresidents.

Іnvestori. Pong harakterizuyut sub'єktіv fіnansovogo market analysis, SSMSC vkladayut in Costa rіznі Vidi tsіnnih paperіv s obsession metoyu income. Tsey dohіd formuєtsya for rakhunok otrimannya іnvestorami vіdsotkіv, divіdendіv i gain kursovoї vartostі tsіnnih paperіv. Іnvestorіv, SSMSC funktsіonuyut fіnansovomu on market analysis, for such klasifіkuyut acquaint themselves: status - іndivіdualnі (okremі pіdpriєmstva i fіzichnі individuals) that іnstitutsіonalnі (predstavlenі rіznimi fіnansovo-іnvestitsіynimi іnstitutami); metoyu іnvestuvannya - strategіchnі (kupuyut aktsіy the control package for zdіysnennya strategіchnogo upravlіnnya pіdpriєmstvom) i portfelnі (kupuyut okremі Vidi tsіnnih paperіv viklyuchno s metoyu otrimannya income); nalezhnіstyu to rezidentіv on natsіonalnomu fіnansovomu market analysis - vіtchiznyanі that іnozemnі.

On the foreign exchange market mainly uchasnikami Monetary operatsіy Je takі.

Prodavtsі currency. The main sellers currency Je Power (scho realіzuє to market analysis via upovnovazhenі organic Chastain Monetary rezervіv) komertsіynі banks (SSMSC toil lіtsenzіyu on zdіysnennya Monetary operatsіy) pіdpriєmstva, SSMSC zdіysnyuyut zovnіshnoekonomіchnu dіyalnіst (realіzuyut on market analysis Vlasnyi Monetary viruchku for eksportovanu produktsіyu), i fіzichnі individuals (realіzuyut nayavnu their currency through the foreign exchange trammel obmіnnih punktіv).

Username Lost Password currency. Main pokuptsyami currency Je Ti samі sub'єkti, scho th її seller.

Rozglyanemo major direct uchasnikіv fіnansovih operatsіy scho dіyut on the insurance market analysis.

Insurers. Pong harakterizuyut sub'єktіv fіnansovogo market analysis, SSMSC realіzuyut strahovі Hotel rіznih vidіv (strahovі product). Main funktsієyu strahovikіv on fіnansovomu Rinku Je zdіysnennya vsіh vidіv i forms strahuvannya Shlyakhov vzyattya on itself for Pevnyi fee rіznih vidіv rizikіv іz zobov'yazannyam vіdshkoduvati sub'єktu strahuvannya zbitki at nastannі insurance vipadku. Main insurers Je strahovі fіrmi i kompanії vіdkritogo type (nadayut strahovі Hotel vsіm kategorіyam sub'єktіv strahuvannya); strahovі kompanії i fіrmi - dochіrnі kompanії in skladі holdingovoї kompanії (fіnansovo promislovoї-Grup), stvorenі s metoyu strahuvannya perevazhno sub'єktіv gospodaryuvannya, SSMSC її incoming to the warehouse (zbіg strategіchnih ekonomіchnih іnteresіv insurers i yogo klієntіv at tsomu razі stvoryuє shirokі fіnansovі mozhlivostі for efektivnosti vikoristannya iNSURANCE platezhіv) i kompanії s reinsurance riziku (perestrahoviki) SSMSC take on itself Chastain riziku (abo entire rizik) od іnshih iNSURANCE kompanіy (mainly metoyu operatsіy reinsurance Je podrіbnennya great rizikіv for zmenshennya sum zbitku, yaky vіdshkodovuєtsya Pervin insurers when nastannі insurance vipadku).

Strahuvalniki. Pong harakterizuyut sub'єktіv fіnansovogo market analysis, SSMSC kupuyut strahovі Hotel from insurance kompanіy i fіrm s metoyu mіnіmіzatsії svoїh fіnansovih vtrat at nastannі insurance vipadku. Strahuvalnikami Je yuridichnі that fіzichnі individuals.

Poserednikami in zdіysnennі strahuvannya Je brokers (od strahuvalnika) i strahovі agent (od insurers).

In the market analysis of gold (the іnshih dorogotsіnnih metalіv) i precios kamіnnya major direct uchasnikami fіnansovih operatsіy prodavtsі Yea i Username Lost Password.

Prodavtsі dorogotsіnnih metalіv i precios kamіnnya. These sellers shaping can Buti Power (realіzuє Chastain Svoge gold stocks), komertsіynі banks (realіzuyut Chastain svoїh gold avuarіv) yuridichnі that fіzichnі individuals (for require reіnvestuvati Costa, SSMSC ranіshe boule vkladenі Tsey view aktivіv).

Pokuptsyami dorogotsіnnih metalіv i precios kamіnnya Je Ti samі sub'єkti, scho th seller.

In the market analysis neruhomostі osnovnі sub'єkti podіlyayutsya on uchasnikіv Pervin i vtorinnogo neruhomostі market analysis.

Sellers on market analysis Pervin neruhomostі Je poodinokі budіvelnі fіrmi i munіtsipalna Vlad; on vtorinnomu - rіelterskі fіrmi, privatnі individuals SSMSC pragnut polіpshiti camp Svoge Zhitlo abo materіalne encampment, individuals SSMSC vіd'їzhdzhayut in emіgratsіyu. On vtorinnomu Rinku Zhytlo viokremlyuєtsya orendny sector. Zdavannya Orenda Zhitlo in praktikuєtsya Private vlasnikami yak, so i munіtsipalnoyu Vlad.

Pokuptsyami Zhytlo Je rіelterskі fіrmi, yuridichnі that fіzichnі individuals. Okrіm prodavtsіv i pokuptsіv іnfrastrukturu Rinku Zhytlo utvoryuyut agency s neruhomostі (rіelterskі fіrmi); otsіnniki Zhytlo; Banks, scho zdіysnyuyut kredituvannya that fіnansuvannya zhitlovogo budіvnitstva, kredituvannya kupіvlі Zhitlo that іpotechnі operatsії; lawyer, scho spetsіalіzuyutsya on operatsіyah s neruhomіstyu; strahovі kompanії; іnformatsіynі (in addition chislі reklamnі) structure.