Uluphi umbandela wokuHlalwa koMdla?
Umyinge wokukhawulela umyinge umlinganiselo wenani lamaxesha apho inkampani inokukwenza iintlawulo zenzalo kwi-matyala alo ngemali yazo phambi kwentlawulo kunye nentlawulo, eyaziwayo njenge-EIT.
Inzala yokufumana inzala iyalingana nomntu othabatha ixabiso lentengo edibeneyo evela kwi-mortgage yakhe, ityala lekhadi lesikweletu , iimali-mboleko zemoto, iimali-mboleko zabantwana , kunye nezinye izibophelelo, ngoko kubala inani lexesha elinokuhlawulwa kunye nengeniso yabo yangaphambili yentlawulo. . Kubabambisene, umyinge wokufumana inzala kufuneka usebenze njengomlinganiselo wokukhusela . Inika ingqiqo yendlela umvuzo weenkampani ode ngayo ungancipha ngaphambi kokuba uqale ukuxhomekeka kwiintlawulo zentlawulo. Kwababalimi bempahla, ukubaluleka komyinge wokubaluleka kubalulekile kuba kunika umfanekiso ocacileyo wezempilo elifutshane lexesha elifutshane loshishino.
Ngokuqhelekileyo, inqanaba elingaphantsi komyinge wolwabalala, umthwalo wekweletu wenkampani kunye nomsebenzi omkhulu wokungabikho imali okanye ukusilela.
Umnxibelelwano uyinyaniso. Oko kukuthi, ukuphakama komyinge wokwenza umdla, kuncinci ithuba lokungagqibekanga.
Kukho ngaphandle. Ngokomzekelo, inkampani esetyenziswayo eneziko elilodwa lendawo yokuvelisa amandla kwindawo ejongene neentlekele zemvelo mhlawumbi iyingozi kakhulu nangona inomyinge ophezulu wokufikelela kwenzalo kunokwakheka kwendawo eneendawo ezahlukeneyo kunye neetriki eziphantsi.
Yonke into elinganayo, ngaphandle kokuba ikhona inzuzo enkulu yokunciphisa into eyenza umngcipheko wokungahlawulwanga ophantsi, inkampani enexabiso elincinci lokufumana inzala liya kuba neengqinisiso ezimbi, ukunyusa ixabiso lentengo; umzekelo, iibhondi zayo ziya kubalwa njengezibophelelo ezingenayo i-junk kunokuba iibhondi zamabakala otyalo-mali .
Indlela yokubala iRatio yokuHlalwa kweNzala
Ukubala isilinganiso somyinge wenzalo usebenzisa amanani atholakala kwingxelo yengeniso, ukwahlula i-EIT (imivuzo phambi kwentlawulo kunye nentlawulo) ngemali yenzalo yexabiso .
I-EBIT (imivuzo phambi kwenzala kunye nentlawulo) รท Iindleko zentsingiselo = Ukulinganiswa koMyinge wokuNyaka
Izikhokelo eziqhelekileyo zoLungiso lweNzala
Njengomgaqo jikelele wesohlwayo, abatyali-mali kufuneka bangabi nesitokisini okanye isibophelelo esinomyinge we-interest ratio phantsi kwe-1.5. Umyinge we-coverage engaphantsi kwe-1.0 ubonisa ukuba ishishini linenkinga yokuvelisa imali eyimfuneko ukuhlawula imithwalo yawo yemfanelo. Imbali kunye nokuzinza kweenzuzo kubaluleke kakhulu. Ingaphezulu ehambelana nenkcitho yenkampani, ngokukodwa ukulungelelaniswa nokuhamba ngokukhawuleza , umlinganiselo ongaphantsi wokuba nomdla wokuba ngumdla. Amashishini athile angabonakala enomlinganiselo ophezulu wokukhawulela umvuzo ngenxa yento eyaziwa njenge- trap value .
I-EBIT ineentsilelo zayo, nangona kunjalo, kuba iinkampani zihlawula irhafu. Ngoko ke, kudukisa ukwenza njengokuba bengenalo. Utyalo-mali osisilumko kunye nolondolozo luza kuthatha umvuzo wenkampani phambi komdla kwaye ulwahlule ngemali yenzalo. Oku kuya kunika umfanekiso ochanekileyo wokhuseleko, nokuba ngaba kunzima kunokuba kuyimfuneko.
UBenjamin Graham kunye neRhafuo yoNyaka
Ubaba wexabiso lokutshala imali kunye noshishino lohlalutyo lobambiso, umtyalo-mali oqhelekileyo uBenjamin Graham, wabhala inani elikhulu ngexesha lakhe lomsebenzi ngokubaluleka komyinge wokuba nomdla, ngokukodwa njengoko wawunabanini-zimali ababolekileyo abenza izikhetho. UGraham wayekholelwa ukuba ukhetho lweziqinisekiso ezingenasisiseko oluthe ngqo lukhusele ngokukhuselekileyo umtsalane onomdaka omdinga umrhumo .
Wayexela, kwaye ndivuma ngenhliziyo yonke, ukuba umtyalo-mali onayo nayiphi na uhlobo lwe-asethi engenayo engenayo kufuneka ahlale ubuncinci kanye ngonyaka kwaye aphinde asebenze ukulinganiswa kokubanjelwa kwenzala kuwo wonke amalungelo akhe. Ukuba imeko iyahlakala ngenxa yembambano enikeziweyo, imbali ibonise ukuba kukho iifestile yexesha xa kungabi buhlungu kakhulu ukutshintshela kwisibophelelo esifana naso, kunye ne-interest interest engcono, kwiindleko zokutyunjwa. Oku akunjalo ngaso sonke isikhathi, kwaye kungenakuqhubeka nokuza kubakho kwixesha elizayo, kodwa kuvela kuba abatshali-mali abaninzi abanakulanga ingqalelo kwiindawo zabo.
Enyanisweni, sibona le meko idlala ngexesha. UJC Penney unenkathazo enkulu yemali. Uneminyaka engama-100 ebudlelwane bokukhula okubuyiselwayo ngo-1997, eshiya enye iminyaka engama-84 ngaphambi kokukhula. Umthengisi unethuba elihle kakhulu lokungena kwi-bankruptcy okanye ukuhla kwehla, kodwa izibophelelo ziyaqhubeka zivumela u-11.4% xa kufuneka zivumeleke ngakumbi ukunikezelwa kwengozi ebonakalayo kwindawo. Kutheni abaphathi bebhanki beJC Penney bengena kwiindawo zokugcina ezikhuselekileyo? Lo ngumbuzo omuhle. Kwenzeka ngokuphindaphindiweyo, inkampani emva kwenkampani. Luhlobo lwentengiso yematyala. Umntu onobuqili, umtyalo-mali okhuselekileyo unokuphephekisa lolu hlobo lobuwula ngokuthobela ingqalelo ngamaxesha ngamaxesha.
UGraham wabiza le nxaxheba yomyinge wokuba nomdla "inqumla"; ixesha eliboleke ngayo kwijinjini, echaza ukuba xa ibhilidi yakhiwa, ingathi yakhiwe iipounds ezili-10 000, ngelixa umda wokulinganisela ophezulu unokuba ngamapounds angama-30 000, emele umgama we-20,000 wekhuseli wokukhusela ukuhlangabezana nezimo ezingalindelekanga.
Iimeko apho I-Ratio yeNomdla inokuthi ihlawule ngokukhawuleza
Enye imeko apho umyinge wokuba nomdla wonakaliswe ngokukhawuleza ngowokuba amazinga enzala aphakama ngokukhawuleza, kwaye inkampani inamanani amaninzi aphantsi kweendleko ezihlawulekayo eziza kuhlaziywa ukuba kuya kufuneka zidityaniswe kwixabiso elininzi matyala. Ixabiso leemali ezongezelelweyo liza kushaya umlinganiselo wenkcazo nangona kungekho nto enye ngezoshishino ishintshile.
Omnye, mhlawumbi oqhelekileyo, imeko yinto apho ishishini linomlinganiselo ophezulu wokusebenza. Oku akubhekiseli kwiityala nge-se, kodwa kunoko, izinga leendleko ezichanekileyo malunga neentengiso ezipheleleyo . Ukuba inkampani inomgangatho ophezulu wokusebenza, kunye nokuthengiswa kweentengiso, kunokuthi kube nefuthe elingenakucatshulwa kwimali engenayo yenkampani. Oku kuya kubangela ngokukhawuleza, kunye nokunciphisa ngokulinganayo, ukuncipha kwinani le-coverage interest, elimele lithumele iifowuni ezibomvu kunoma yimuphi umtyalo-mali ogcinayo. (Kwi-flip icala, le meko ibangela udidi olukhethekileyo lotyalo-mali olwenza ukuba abantu bafune ubunini bezoshishini ezimbi xa becinga ukuba uqoqosho luya kubuyiselwa xa befumana ukukhutshwa okukhulu kunokuba i-impact effect isenzeka .)