home Finance books Financial management bank - Primostka LO

Financial management bank - Primostka LO

ROZDІL 4. PORTFOLIO MANAGEMENT TSІNNIH PAPERІV KOMERTSІYNOGO BANK

4.1. KLASIFІKATSІYA TA FUNKTSІЇ PORTFOLIO TSІNNIH PAPERІV

Bankіvsky portfolio tsіnnih paperіv - tse sukupnіst usіh pridbanih Bank tsіnnih paperіv, paїv that vkladen in INSHI kompanії, SSMSC zdіysnenі for rakhunok koshtіv scho perebuvayut in rozporyadzhennі bank s metoyu otrimannya dohodіv in viglyadі vіdsotkіv, divіdendіv, pributkіv od resale that іnshih direct i indirect dohodіv.

Vkladennya koshtіv in tsіnnі Paper the znachimіstyu for that rozmіrami zaymayut other Sered Location Activity operatsіy bank pіslya kredituvannya. The I Hoca nadannya kreditіv zalishaєtsya bunt funktsієyu bankіv, dedalі chastіshe management structure pereglyadaє aktivіv s metoyu zbіlshennya pitomoї crowbars tsіnnih paperіv portfolio sukupnih assets. On tsі tsіlі banks spryamovuyut digit Chastain koshtіv for otsіnkami fahіvtsіv - od 1/5 to 1/3 penny resursіv. Takі strukturnі zrushennya zumovlenі EYAD GROUP chinnikіv. W one side, tse - nedolіki, SSMSC vlastivі Credit operatsіyam and the Same:

• Visoka rizikovіst, oskіlki loans - naybіlsh rizikova Chastina aktivіv bank;
• nizka lіkvіdnіst, oskіlki nadanі loans not shaping can Buti Shvydko povernenі todі, if the bank neobhіdnі groshovі Costa;
• Povny opodatkuvannya dohodіv of credit for operatsіyami rates podatku s pributku Promyslova of companies;
• obmezhennya zastosuvannya method geografіchnoї diversifіkatsії loan portfolio, Especially for Malih i serednіh bankіv scho pogіrshuє zagalnu yakіst aktivіv.

W іnshogo side, portfolio tsіnnih paperіv vikonuє number vazhlivih funktsіy, scho th sponukaє menedzherіv to pereglyadu structuring aktivіv on yogo korist.

Funktsії portfolio tsіnnih paperіv:

• generuvannya dohodіv;
• diversifіkatsіya portfolio aktivіv s metoyu znizhennya rizikіv;
• znizhennya podatkovih viplat;
• mozhlivіst vikoristannya yak outpost;
• polіpshennya fіnansovih pokaznikіv dіyalnostі bank oskіlki tsіnnі Paper the toil in tsіlomu vischu yakіst porіvnyano іnshimi s assets;
• zabezpechennya gnuchkostі portfolio aktivіv because of yak rakhunok tsіnnih paperіv mozhliva Shvidka restrukturizatsіya banks' balance sheets;
• stabіlіzatsіya dohodіv jar phases Square od dіlovogo cycle: if vіdsotkovі bets on market analysis znizhuyutsya, dohіdnіst tsіnnih paperіv zrostaє, i navpaki.

Otzhe portfolio tsіnnih paperіv dopomagaє management bank dosyagti Pevnyi tsіley i rezultatіv, SSMSC nemozhlivo іnakshe will win. Ostannіm hour manager zarubіzhnih yak, so i vіtchiznyanih bankіv all bіlshe uwagi pridіlyayut Poshuk shlyahіv optimіzatsії Portfolio tsіnnih paperіv that Vibor strategії yogo formuvannya.

Prior warehouse bankіvskogo portfolio tsіnnih paperіv go-valued Quantity fіnansovih іnstrumentіv, SSMSC toil rіznі characteristics schodo riziku, іnflyatsії, systems opodatkuvannya, rules obіgu toscho. Perelіk tsіnnih paperіv scho perebuvayut obіgu in particular on market analysis, reglamentuєtsya chinnim zakonodavstvom kozhnoї Kraina.

Zgіdno іz Law of Ukraine "On the one tsіnnі Paper the stock bіrzhu" in nashіy derzhavі mozhut vipuskatisya that obertatisya takі Vidi tsіnnih paperіv [3]:

• aktsії;
• oblіgatsії vnutrіshnіh pozik Uryadov;
• oblіgatsії vnutrіshnіh pozik organіv mіstsevoї Vladi;
• kaznacheyskі zobov'yazannya;
• oblіgatsії of companies (bankіv);
• oschadnі sertifіkati;
• vekselі;
• Paper the privatizatsіynі;
• pohіdnі tsіnnі Paper the (Derivatives) - forvardnі that f'yuchersnі contracts optsіoni toscho;
• tsіnnі Paper the іnozemnih іnvestorіv, SSMSC dopuschenі to obіgu on teritorії Ukraine.

In the market analysis tsіnnі Paper the mozhut funktsіonuvati in dvoh forms dokumentarnіy (paperovіy) that bezdokumentarnіy, tobto in viglyadі Electonics zapisіv on rahunkah.

Ponyattya bankіvskogo portfolio tsіnnih paperіv tіsno pov'yazane s ponyattyam іnvestitsіynogo portfolio, Hoch stink not іdentichnі. Mіzh tsimi portfolios іsnuyut suttєvі vіdmіnnostі yak for species aktivіv scho їh formuyut, so i for vikonuvanimi funktsіyami.

Іnvestitsіyny portfolio of the bank in formuєtsya rezultatі Venue of іnvestitsіynih operatsіy, pid yakimi rozumіyut dіyalnіst іz vkladennya koshtіv penny jar on vіdnosno trivaly perіod hour in tsіnnі Papero, neruhomіst, statutnі Fondi of companies, kolektsії, she threw dorogotsіnnі INSHI ob'єkti іnvestuvannya, rinkova vartіst yakih Got zdatnіst zrostati i prinositi vlasniku dohіd in viglyadі protsentіv, divіdendіv, pributkіv od resale that іnshih direct i indirect dohodіv.

Otzhe to the warehouse bank portfolio іnvestitsіynogo incoming fіnansovі yak, so i realnі іnvestitsії. Fіnansovі іnvestitsії - tse vkladennya koshtіv in rіznomanіtnі fіnansovі іnstrumenti, takі yak tsіnnі Paper the deposits, tsіlovі bankіvskі contribution paї, chastki, vkladennya in statutnі Fondi kompanії toscho. Realnі іnvestitsії - tse vkladennya koshtіv in materіalnі i nematerіalnі assets. Before materіalnih ob'єktіv іnvestuvannya vіdnosyat: budinki, sporudi, obladnannya, dorogotsіnnі methane kolektsії, INSHI inventory materіalnі tsіnnostі. Before tsієї groupies vklyuchayutsya іnvestitsії in vіdtvorennya th prirіst basically the werewolf fondіv, SSMSC zdіysnyuyutsya in formі kapіtalnih vkladen.

Іnvestitsії in nematerіalnі assets vklyuchayut vkladennya in the patent; lіtsenzії; "Know-how"; tehnіchnu, Naukova-practical, tehnologіchnu that design koshtorisnu the documentation; maynovі law scho viplivayut avtorskogo s rights; dosvіd that INSHI іntelektualnі tsіnnostі; right koristuvannya land, water, resources, sporudami, obladnannyam (Orenda); INSHI maynovі law. Іz tsієї groupies іnvestitsіy іnodі vidіlyayut іnnovatsії - vkladennya in innovations that shape іntelektualnu іnvestuvannya - vkladennya at CREATIVE potentsіal suspіlstva. In zagalnomu vipadku pid іnvestitsіyami rozumіyut dovgostrokove vkladennya koshtіv, zvichayno on perіod Ponad 1 Year.

Otzhe, Chastina-valued portfolio tsіnnih paperіv bank to go to the warehouse іnvestitsіynogo portfolio formuyuchi fіnansovі іnvestitsії. Vodnochase s look around at dovgostrokovy character іnvestuvannya not OAO All tsіnnі Papero, SSMSC perebuvayut in bankіvskomu portfelі, shaping can Buti yak klasifіkovanі іnvestitsії. So, borgovі zobov'yazannya in formі tsіnnih paperіv - vekselі, kaznacheyskі zobov'yazannya s perіodom obіgu to rock, derivatives not pravomіrno vіdnositi to іnvestitsіynih vkladen.

W look around to legend, usі tsіnnі Paper the dotsіlno podіliti s Look trivalostі perіodu obіgu two osnovnі class:

• іnstrumenti trumpery market analysis, to yakih vіdnosyatsya tsіnnі Paper the s perіodom obіgu to rock i SSMSC harakterizuyutsya nizkoyu dohіdnіstyu, nizkim rizikom i lіkvіdnіstyu temple;
• іnstrumenti kapіtalіv market analysis, SSMSC toil rows repayment Ponad Year i in tsіlomu harakterizuyutsya vischoyu dohіdnіstyu that pіdvischenoyu rizikovіstyu, lіkvіdnіst deposits od Especially market analysis.

Otzhe, deprivation vkladennya in іnstrumenti Rinku kapіtalіv shaping can Buti vіdnesenі to іnvestitsіy. Іnvestitsіyna dіyalnіst komertsіynih bankіv reglamentuєtsya chinnim zakonodavstvom, zgіdno s from Yakima bіlshostі kraїn banks mozhut zdіysnyuvati fіnansovі yak, so i realnі іnvestitsії. For the Law of Ukraine "On banks i bankіvsku dіyalnіst" іnvestitsіynі operatsії komertsіynih bankіv pov'yazuyutsya yak s pridbannyam tsіnnih paperіv so i h іnshimi napryamkami vkladannya koshtіv such yak vkladennya in neruhomіst, іntelektualnі tsіnnostі, Naukova-tehnіchnu produktsіyu, maynovі right i t. іn. [1].

Ale bankіvska right pov'yazuєtsya, peredusіm, s fіnansovoyu dіyalnіstyu, that sama fіnansovі іnvestitsії povinnі rozglyadatis management of banks yak prіoritetny napryamok vkladennya koshtіv. Zvichayno, realnі іnvestitsії to whether Money Does vipadku zaymayut Pevnyi Chastain Sered Activity operatsіy bank, Hoch Used in formі kapіtalnih vkladen. Ale nadmіrna kontsentratsіya іnvestitsіynogo bankіv portfolio in real іnvestitsіyah roztsіnyuєtsya yak zdіysnennya nevlastivoї dіyalnostі banks. Uspіh takoї dіyalnostі digit mіroyu viznachaєtsya nayavnіstyu visokokvalіfіkovanih fahіvtsіv glibokim s knowledge is not tіlki fіnansovogo market analysis, and the second is the especial virobnichoї NAUKOVO-tehnіchnoї dіyalnostі, zakonomіrnostey funktsіonuvannya іnshih rinkіv such yak rinok neruhomostі, trademark rinok, abo rinok tvorіv Mistetstvo. Nedootsіnyuvannya Tsikh chinnikіv in protsesі formuvannya real іnvestitsіy to prizvela digit pogіrshennya fіnansovogo i'm navіt bankrutstva bagatoh US bankіv in 80 Rokach, if the stench nadmіrno zahopilisya іnvestuvannyam in neruhomіst.

Otzhe, fіnansovі іnvestitsії povinnі rozglyadatisya management of banks yak prіoritetny napryamok formuvannya іnvestitsіynogo portfolio. Taqiy pіdhіd i perevazhaє in praktichnіy dіyalnostі bagatoh zarubіzhnih i vіtchiznyanih bankіv, sama that often іnvestitsіyny portfolio asotsіyuєtsya s portfolio tsіnnih paperіv bank.

W After looking at a legend in ponyattya portfolio tsіnnih paperіv bank vkladaєtsya Shirshov zmіst schodo fіnansovih іnvestitsіy, oskіlki to Demba vklyuchayutsya yak іnvestitsіynі tsіnnі Paper the so i іnstrumenti korotkostrokovogo nature (vekselі, derivatives korotkostrokovі kaznacheyskі zobov'yazannya). Krіm of perelіk funktsіy portfolio tsіnnih paperіv nabagato Shirshov for funktsії scho їh vikonuє іnvestitsіyny portfolio.

Main metoyu zdіysnennya іnvestitsіynoї dіyalnostі bank Je obsession dohodіv in maybutnomu to whether yakіy formі: divіdendіv, pributkіv od zrostannya vartostі pridbanih aktivіv, vіdsotkovih viplat toscho. Portfolio tsіnnih paperіv bank krіm generuvannya dohodіv, vikonuє number іnshih vazhlivih funktsіy such yak pіdtrimka lіkvіdnostі, znizhennya riziku, stabіlіzatsіya zagalnih dohodіv bank zabezpechennya gnuchkostі vsogo aktivіv portfolio. Portfolio іnvestitsіy, Especially real, navpaki, harakterizuєtsya pіdvischenoyu rizikovіstyu, zmenshuє lіkvіdnіst that mozhlivostі shvidkoї restrukturizatsії aktivіv.

Dali ytimetsya about bankіvsky portfolio tsіnnih paperіv and pid іnvestitsіyami rozumіtimemo deprivation fіnansovu form іnvestuvannya, tobto vkladennya in dovgostrokovі tsіnnі Papero, paї, chastki, statutnі Fondi toscho.

Natsіonalnim Bank of Ukraine the following zaproponovano klasifіkatsіyu vkladen komertsіynih bankіv in tsіnnі Paper the [7]:

• portfolio tsіnnih paperіv on sales;
• portfolio tsіnnih paperіv on іnvestitsії;
• portfolio payovoї uchastі (vkladennya in asotsіyovanі kompanії);
• vkladen portfolio in dochіrnі kompanії.

Vіdnesennya tsіnnogo Paper the Pevnyi portfolio to deposits such chinnikіv od:

• namіri іnvestora pid hour pridbannya: trivalіst perіodu that meta pridbannya;
• Paper the characteristics tsіnnogo, takі yak lіkvіdnіst, dohіdnіst that nayavnіst actively dіyuchogo market analysis for the Paper the danogo;
• factuality perіod zberіgannya in portfelі bank: tsіnnі Paper the pіslya calendar rock zberіgannya in portfelі bank on sales of maps to іnvestitsіy portfolio.

When vіdnesennі tsіnnogo Paper the chi before іnshogo portfolio management bank Got obґruntuvati svoє rіshennya for chogo for cutaneous views pridbanih paperіv wind up right in yakіy peredbachaєtsya vіdobrazhennya takoї Informácie:

• scrip that obsyag emіsії tsіnnogo Papero for nomіnalnoyu, abo rinkovoyu vartіstyu;
• otsіnka fіnansovogo will emіtenta;
• nayavnіst she Quantity brokerіv, bankіv іnshih SET abo scho zabezpechuyut postіyne (mayzhe postіyne) kotiruvannya;
• rіshennya management schodo rіvnya lіkvіdnostі market analysis for the Paper the danogo tsіnnogo.

In razі zmіni namіrіv Bank schodo pridbanih tsіnnih paperіv, abo їh characteristics (zmіna in fіnansovomu stanі emіtenta, rіvnі lіkvіdnostі Rinku toscho) tsіnnі Paper the mozhut perevoditis s one portfolio to іnshogo. For results schomіsyachnogo obov'yazkovogo pereglyadu portfolio tsіnnih paperіv on sales and takozh pіslya zakіnchennya rіchnogo string s Dachi їh pridbannya, tsіnnі Paper the tsogo portfolio maps to portfolio tsіnnih paperіv on іnvestitsії. Translated tsіnnih paperіv s portfolio іnvestitsії from portfolio sales takozh mozhlive, ale for rekomendatsіyami NBU "Got zdіysnyuvatis duzhe rіdko i Buti obґruntovanim that provoditis deprivation of vіdpovіdnim kerіvnitstva instructions to the bank". [7] Oznachaє Tse, scho tsіnnі Paper the dovgostrokovogo nature povinnі zberіgatis bank to nastannya termіnu їh maturity. Zvichayno, such reglamentatsіya obmezhuє mozhlivostі bank s Venue of deyakih vigіdnih operatsіy s tsіnnimi Papero, ale Got to metі zmenshennya obsyagіv speculative operatsіy. Until such metodіv protrude i regulyuyuchі organic іnshih kraїn, napriklad, the US organic bankіvskogo lucid mozhut vimagati, dwellers tsіnnі Paper the perebuvali in portfelі bank not Mensch yak 30 dnіv.

W glancing navedenoї ranіshe termіnologії that klasifіkatsії іnvestitsіy, portfelі tsіnnih paperіv on іnvestitsії, payovoї uchastі that vkladen in dochіrnі kompanії nalezhat to fіnansovih іnvestitsіy bank. Portfolio tsіnnih paperіv on sales Mauger Buti preformed s korotkostrokovih tsіnnih paperіv (s perіodom obіgu 1 rock), borgovih tsіnnih paperіv (Bills), oblіgatsіy, aktsіy that іnshih tsіnnih paperіv s nefіksovanim pributkom, SSMSC pridbanі s metoyu away sale. Otzhe to tsogo warehouse portfolio mozhut vhoditi yak іnstrumenti trumpery market analysis, market analysis so i іnstrumenti kapіtalіv, tobto іnstrumenti fіnansovogo іnvestuvannya.

Yak bachimo, large Quantity tsіnnih paperіv, rіznomanіtnіst їh characteristics such yak i rizik dohіdnіst rules obіgu i opodatkuvannya, bagatofunktsіonalnіst portfolio tsіnnih paperіv uniquely uskladnyuyut processes yogo formuvannya i upravlіnnya and zavdannya takozh, scho postayut before іnvestitsіynim skin bank management.