Ukuqonda ukuhluka kunye nokufana phakathi kweBond kunye ne-Debenture
Iibhondi zixhobo eziqhelekileyo zetyala ezikhutshwa yiinkampani. Kodwa kukho uhlobo oluthile lwezixhobo, olubizwa ngokuba yi-debenture, ekwaqhelekileyo kodwa isebenza ngokuhlukileyo kunezibophelelo eziqhelekileyo.
Ukuchithwa kwemisebenzi kusebenza ngendlela efanayo kwiibhondi zendabuko, ngaphandle kokuba zingagcinwa ngumbambano okanye nayiphina impahla. Endaweni yoko, abantu bathenga izibophelelo ezinobungqina ngokucinga ukuba umboleki uyathembeka ngokwaneleyo ukuyibuyisela. Ngamanye amazwi, umboleki-mboleko uqala ukuba umntu obolekayo "ulungile."
Njengemigqaliselo, iibhondi kunye neentlawulo zihlala zisetyenziswa ngokungafaniyo. Ubhonkco luhlobo lobutyala, kodwa akubona zonke iintlawulo ezibophelelweyo. Kunokwenzeka ukuba umtyalo-mali othe tye uthenge iimali-mboleko ngokusebenzisa iqumrhu lokuthengisa umrhweba, njengawo amanye amatyala.
Ukhuselekile kunye noKhuselekanga
Ukuqonda oko kuxoxwa ngayo, kuyakunceda kwiindlela ezahlukeneyo apho iinkampani zinokuboleka imali. Inkokhelo "ekhuselekile" luhlobo loqhina oluxhaswa yinto ethile. Isibambiso sokubolekwa kwempahla, umzekelo, sixhaswa ngumhlaba okanye isakhiwo. Iinkampani zinokuphinda zihambise izixhobo ezixhaswa ngumatshini onawo.
Kodwa-ke, ezinye iitalato zibhekwa "zingakhuselekanga." Kule meko, ababolekisi bazimisele ukuthenga izibophelelo ngenxa yokuba bayamthemba umboleki.
Iinkampani ezinkulu kunye nemali eninzi kunye nokuhamba kwemali emihle-kwaye ukulinganiswa kweentengo zemboleko eziza kuthi-banokuthi bangabikho ngokunikela ngamatyala angakhuselekanga. Ukuhlawulwa kwamatyala kuyinyaniso enye nje yekota kwityala elingakhuselekanga.
Iinkampani ezinkulu ezinokukhangela izikweletu ezifanelekileyo ziza kubakhokelela ukuxhatshazwa kunokuba izibophelelo ezixhaswe ngempahla ngenxa yokuba zingakuthandi ukuba zibophe iimpahla zabo ukuba azinako.
Nangona kunjalo, kukho ezinye iimeko xa inkampani ibangela ukuxhomekeka kwempahla ngenxa yokuba zonke iimpahla zayo zikhonza njengobuncwane kwabanye. Kule meko, ukuhlawulwa kwemali kungabangela umngcipheko omkhulu kumtyalo-mali.
Izibophelelo ze-Treasury zase-US mhlawumbi zixhaphakileyo. Phakathi kootyali-mali, akukho ntoyiko lokuba u rhu lumente waseUnited States uya kuhlala engagqibekanga kwimali-mboleko yakhe. Ngaloo ndlela, urhulumente unako ukukhupha iintyala, kwaye abatyali-mali baya kuzithenga ngenxa yokuba banethemba lokuba urhulumente uyakwazi ukuzihlawula.
Ukuguqulwa okuguquguqukayo kunye nokungaguquki
Kwezinye iimeko, inkampani izakuvumela umtyalo-mali ukuba aguqule ukuboleka kwabo kwizabelo zenkampani. Oku kwenza ukuba kubekho ukhetho olubalulekileyo kubatyalomali kuba banokufumana ubulungisa kwinkampani.
Kukho iintlobo ezahlukeneyo zokuguqulwa kweentlawulo. Abanye bavele banike umtyalo-mali ithuba lokuguqula ityala ngokulinganayo ngelo xesha. Oku kuqhelekileyo xa umtyalomali uthengisa ityala lenkampani elitsha kwaye akaqinisekanga ukuba baya kufuna izabelo ngexesha loboleki bekhula.
Kwezinye iimeko, inkampani ibangela ukuguqulwa kwamatyala kwiintlawulo zeenkampani. Kukho ukuhlawulwa kwamatyala athile, apho inxalenye ethile yemali-mboleko iphendulwa ibe yi-equity ngelixa abanye bahlulwa ngendlela efanelekileyo.
Ngeentlawulo eziguqulwayo, kukho umngcipheko emacaleni omabini. Kulo nkampani, kukho umngcipheko ekuvumela ukuhlawulwa kwemali-mboleko ukuba ibe yintengiso ngoba inokuphucula ubunikazi benkampani. Kutyalo-mali, kukho umngcipheko kuba i-mboleko ingakhuselekanga kwaye ayiyikuphelelwa nto xa inkampani ihamba phantsi.
Ukuba iNkampani iya kuBelly Up
Njalo kanye ngexesha elithile, inkampani iza kuphuma kwishishini kwaye i-asethi yayo iza kuhlaziywa. Kule meko, kukho umyalelo wokuba ababolekisi bahlawulwe. Abo bathengiweyo ityala elikhuselekileyo baya kuthatyathwa kuqala, balandelwe ngabathengayo. Abanini-nxaxheba bahlala behlala kumgca.
Ngaloo ndlela, kukho umngcipheko wokuthenga amatyala ngamatyala aqinisekileyo, oko kutheni kubonakala ngokuqhelekileyo phakathi kweenkampani ezinokulinganiswa kwemali mboleko.
Ukuguqulwa ngaphandle kwe-United States
Kwezinye iindawo zehlabathi, igama elithi "utywala" lisetyenziswe ngokuhlukileyo.
EBrithani Enkulu, ukuxoxwa kwamatyala kukuphela kwexesha lokugcina ukhuseleko lwexesha elide kunye nezinga lokumisela inzala, exhaswa yimpahla yenkampani. (Ngamanye amagama, kuthathwa njengetyala "elikhuselekileyo".)
Ukongezelela, igama elithi "inkohlakalo" lisetyenzisiwe kwilizwe lezemidlalo. Amaqela aseNgilani, ngokukodwa, akhuphe ukuxhaswa kweengxowa-mali ukuze ancedise imali yokwakha, kwaye abanamalungelo bafumana ubunini beqela okanye amathikithi.