Agrarian Ekonomіka of companies - Andrіychuk VG

16.7. Otsіnka rinkovoї pozitsії pіdpriєmstva for pokaznikami pributkovostі

For partnerіv pіdpriєmstva and takozh pіdpriєmtsіv, SSMSC hotіli b vklasti svіy kapіtal at Yogo rozvitok, duzhe vazhlivo nobility th parametric pributkovostі virobnitstva. One such s nayvazhlivіshih parametrіv scho daє zmogu to judge about rinkovu pozitsіyu pіdpriєmstva, Je rentabelnіst sale. Vkazuyuchi on chastku pributku in gross oborotі pіdpriєmstva, Tsey pokaznik, yak already zaznachalosya, vodnochase svіdchit i about Yogo tsіnovu konkurentospromozhnіst. Otsіnka yogo dinamіki i porіvnyannya s analogіchnim pokaznikom іnshih of companies dozvolyaє zrobiti visnovok about dotsіlnіst Vibor danogo pіdpriєmstva abo yak yak partner ob'єkta іnvestitsіy. The United States, napriklad, pokaznik rentabelnostі sale publіkuєtsya in serednomu for galuzzyu scho descho polegshuє virіshennya problemi viznachennya encampments fіrmi on market analysis.

For potentsіynih іnvestorіv vazhlivo nobility nadіynіst oblіgatsіy, SSMSC vipuskaє pіdpriєmstvo pozitsії s obsession to them garantovanogo interest income. Stupіn takoї nadіynostі viznachaєtsya for Relief koefіtsієnta pokrittya interest income for oblіgatsіyami (KPO) pributkom:

peratsіyny Prybutok

de OP - operatsіyny Prybutok; D - divіdendi scho oderzhuє pіdpriєmstvo; AP - protsentnі pіdpriєmstva revenues; SLE - suma koshtіv scho viplachuєtsya vlasnikam oblіgatsіy viglyadі in interest income. Chim bіlshy Tsey koefіtsієnt, team vischy stupіn zabezpechennya viplati protsentіv for oblіgatsіyami for rakhunok precisely pributkіv pіdpriєmstva. Practice robots fіrm Sunset daє pіdstavi stverdzhuvati, for scho minds, if CPO dorіvnyuє 3-4 zabezpechenіst viplati protsentіv for oblіgatsіyami vvazhaєtsya nadіynoyu.

For іnvestorіv scho orієntuyutsya on pridbannya privіleyovanih aktsіy, vazhlivo nobility stupіn їh nadіynostі. About Demba judging for Relief koefіtsієnta pokrittya interest income for privіleyovanimi aktsіyami (CCMA) Net rіchnim pributkom pіdpriєmstva. Tsey pokaznik viznachayut of the formula:

clean rіchny Prybutok pіdpriєmstva

de VFD - Net rіchny Prybutok pіdpriєmstva; Spa - suma obov'yazkovih viplat for privіleyovanimi aktsіyami. In danomu vipadku, yak bachimo, rozrahunok leads the clean rіchnim pributkom, oskіlki divіdendi for tsimi aktsіyami viplachuyutsya deprivation pіslya Splat vsіh peredbachenih zakonodavstvom podatkіv.

For vlasnikіv i potentsіynih pokuptsіv zvichaynih aktsіy duzhe vazhlivim Je pokaznik їh nadіynostі (ACA):

fіksovanі viplati for privіleyovanimi aktsіyami

FW de - fіksovanі viplati for privіleyovanimi aktsіyami; ACA - Quantity zvichaynih aktsіy scho znahodyatsya in obіgu.

Cutaneous s potentsіynih іnvestorіv at priynyattі residual rіshennya about pridbannya vіdpovіdnogo type tsіnnih paperіv pіdpriєmstva obov'yazkovo vrahovuє їh spіvvіdnoshennya in Yogo kapіtalі. About neobhіdnіst such vrahuvannya mozhna judge the butt of the s. Dopuskaєmo scho pіdpriєmstvo vipustilo oblіgatsії for the amount of 1500 tis. USD s garantovanim 8% income rіchnih. For results gospodarskogo rock is gained 665 tis. UAH pributku. Zvіdsi scrip viplati protsentіv vlasnikam oblіgatsіy stanovitime 120 tis. UAH (1500 • 0,08). INSHI platezhі th vitrati pіdpriєmstva skladayut 300 tis. UAH. So rank, Rasht pributku in sumі 245 tis. UAH (665 - 120 - 300) Mauger Buti aimed at viplatu divіdendіv vlasnikam simply aktsіy pіdpriєmstva. Yakscho, skazhіmo, dohіd pіdpriєmstva zroste 10% for themselves Tsikh minds dohіd vlasnikіv zvichaynih aktsіy zbіlshitsya 66.5 yew. UAH, abo 27% (66.5: 245), note the hour yak dohіd vlasnikіv oblіgatsіy zalishitsya nezmіnnim. Ale in razі znizhennya pributku for boundary Mezhuyev 120 tis. UAH pіdpriєmstvu potrіbno bude shukati Costa for obov'yazkovoї viplati protsentіv vlasnikam oblіgatsіy.

Yak bachimo, a temple chastka oblіgatsіy i privіleyovanih aktsіy nebezpechna not tіlki pіdpriєmstva for himself, and for the first potentsіynih іnvestorіv in prostі aktsії that for їh factuality vlasnikіv, oskіlki at tsomu stink toil little shansіv will win them visokі divіdendi.

Especially great significance for otsіnki rinkovoї pozitsії pіdpriєmstva Got pokaznik spіvvіdnoshennya mіzh income per aktsіyu that її rinkovoyu tsіnoyu. Vіn viznachaєtsya vіdnoshennyam bіrzhovoї tsіni odnієї aktsії on rіchny divіdend. Yakscho, napriklad, Cena aktsії becoming 150 UAH, and rіchny divіdend - 18 UAH koefіtsієnt spіvvіdnoshennya dorіvnyuvatime 8.33. Yakscho Tsei koefіtsієnt in dinamіtsі zbіlshuєtsya, tse Yea svіdchennyam zrostannya dovіr'ya pokuptsіv until yogo i aktsіy dosit mіtsnogo encampments pіdpriєmstva on market analysis.

Danian pokaznik really Mauger pіdvischuvatisya for such minds:

  • Cena aktsії zbіlshuєtsya for quiet as divіdendіv;
  • Cena aktsії zrostaє shvidshimi pace nіzh divіdendi;
  • Cena aktsії zalishaєtsya nezmіnnoyu for Mensch divіdendіv.

Nezvazhayuchi on rіznі Reason zrostannya koefіtsієnta spіvvіdnoshennya, access in all vipadkah vіn, nachebto, vіdbivaє Gromadska Dumka about the Future pіdpriєmstva yak sub'єkta market analysis. Porіvnyannya tsogo pokaznika s analogіchnim pokaznikom іnshih fіrm yak at dinamіtsі, so i for ostannіy Year daє mozhlivіst pіdpriєmtsyam zrobiti correctly vibіr ob'єkta zdіysnennya svoїh іnvestitsіy.

Slіd zvernuti i uwagi on Taqiy vazhlivy moment. Koefіtsієnt nadіynostі zvichaynih aktsіy, yak tse viplivaє s ranіshe navedenoї of formulating yogo viznachennya, vkazuє, skіlki pure pributku for mіnusom fіksovanih viplat for privіleyovanimi aktsіyami pripadaє one Taku aktsіyu. Ale Tse slit is not oznachaє scho bude taka magnitude pributku naspravdі viplachena vlasnikam danih aktsіy. Pіdpriєmstvo rezervuє Chastain pributku, tobto not rozpodіlyaє Yogo at zvіtnomu rotsі s metoyu vikoristannya in maybutnіy perіod. Really judge the dwellers about mehanіzm rozpodіlu pributku pіdpriєmstva on tsіy stadії, viznachayut koefіtsієnt Pay divіdendіv yak result od dіlennya factuality viplachenih divіdendіv on aktsіyu on koefіtsієnt nadіynostі zvichaynih aktsіy. Yakscho, skazhіmo, Tsey pokaznik becoming 45%, oznachaє Tse, scho 55% pure zalishku pributku zalishilos not rozpodіlenoyu. Vіn vіdobrazhaєtsya in balansі pіdpriєmstva i vikoristovuєtsya in nastupnі perіodi for іnvestitsіy, vikonannya іnshih komertsіynih operatsіy.