Xelisufleba da sazogadoeba (istoria, Teoria, praqtika)” Scientific magazine “authority and society

gamoyenebuli literatura:

1. 
   a. ZamaSvili, l. gvasalia, v. Wiaureli, kulturologia, teqnikuri universiteti, Tbilisi, 1999.
   
2. 
   Культурология. Курс лекций. Под редакцией Радугина А.А. Изд. «Центр», М.: 1997.
   
3. 
   Культурология. История мировой культуры – «Юнити», М. : 2001.
   
4. 
   m. mamardaSvili, saubrebi filosofiaze, gamomc. `mecniereba~, Tbilisi, 1992.
   
5. 
   z. kakabaZe, adamiani rogorc filosofiuri problema, gamomc. `mecniereba~, Tb. 1987
   
6. 
   g. lebaniZe, siRrmeTa dialogi da `tragikuli triada~, gamomc. `ena da kultura~, Tb. 2006
   
7. 
   Sedevrebi, 1. gamomcemlobebi `saqarTvelo~, `Cangi~, Tb. 1994
   
8. 
   Чавчавадзе Н.З. Культура и ценности. Тбилиси, «Мецниереба», 1984.
   
9. 
   Шпенглер О. Закат Европы. Очерки морфологии мировой культуры. В 2-х тт. Т.1. М.: 1993.
   
10. 
    Фромм Э. Бегство от свободы. – М.: 1995.
    
11. 
    Есенин С. Собрание сочинений. В 5-ти тт. Т.1 М.: 1994.
    
12. 
    Heinrich Heine. Das Glück uf Erden. - Moskau. «Progress», 1980.
    

Summary

Lali Gvasalia

Return to heaven
The article is designed for students, the youth in general. The main concept discussed in it is the phenomenon of freedom, which represents the basis and essential criterion of culture.

The article discusses the anthropocentral world/ universe, culture and its values, the dialogue of a human with the universe and the form of that dialogue.

The author doubts the fact that Internet can replace the book and believes that the young generation should return to `heaven~ or the world of the book.
Резюме
Лали Гвасалиа

Вернёмся к тихой обители!
Статья написана в форме обращения к студентам и к молодёжи в целом.

Здесь, в первую очередь, разъясняется феномен свободы, как основы и критерия культуры; затем речь идёт об антропоцентрическом мире – о культуре и ценностях, о диалоге человека с миром и о форме этого диалога, т.е. о культуре.

Для автора замена сегодня «книжного мира» интернетом является проблемой, и автор считает необходым сохранить этот мир.

Tanamedrove pirobebi gvkarnaxobs saxelmwifoebrivi da regionuli politikis principebis organul mTlianobaSi ganxilvis aucileblobas. saxelmwifoebrivi da regionuli regulirebis RonisZiebebis erTmaneTTan Sexameba-SeTavseba miCneuli unda iqnes qveynis saxelmwifoebrivi mowyobis federaciuli tipis modelad, romelic moaxdens qveynis teritoriuli da erovnuli sawyisebis integrirebas.

saxelmwifoebrivi da regionuli problemebis gadawyvetis erT-erTi ZiriTadi mizezi swored am problemaTa gadawyvetisadmi saxelmwifos kompleqsuri, sistemuri midgomis uqonlobaa. aucilebelia mkafiod gamoikveTos da ganisazRvros saxelmwifos politika (da ara marto koncefcia), misi regionul politikasTan dakavSirebiT. swored aRniSnulis safuZvelze unda moxdes saxelmwifos prioritetebisa da interesebis dazusteba TiToeuli regionis mixedviT (im subieqtebis CaTvliT, romlebic problemurni arian regionuli konfliqtebis TvalsazrisiT).

Tanamedrove regionuli sakiTxebis realizaciisadmi saxelmwifos midgomebSi saxezea seriozuli xarvezebi da uyuradRebobebi, romlebic gansakuTrebiT ikveTeba normatiul-samarTlebrivi aqtebis arasrulyofilebaSi da zogjer qveynis konstituciisadmi da mTlianad saqarTvelos kanonmdeblobasTan SeuxameblobaSi, xelisuflebis, rogorc centraluri, ise adgilobrivi organoebisa da marTvis struqturebis mier miRebuli kanonebisa da samarTlebrivi aqtebis darRvevaSi; teritoriis statusis calmxrivad Secvlis ganxorcielebaSi (afxazeTi, samaCablo); bolo wlebis erovnebaTSorisi konfliqtebis calkeul gamovlenaSi.

udavod, qveynis faderaciuli mowyobisaTvis gasaTvaliswinebelia ruseTis axali federaluri mowyobis sawyisi etapis ganviTarebis sakmaod saSiSi movlenebis warmoSobis praqtika. marTlac, federalizms emuqreba ara mxolod separatistuli tendenciebi (centris uflebamosilebaTa aucilebel minimalurze ufro dabali donis pirobebSi), aramed agreTve unitaruli tendenciebic (centris gansakuTrebuli uflebamosileba).

erovnuli problemebisadmi yuradRebis gamaxvileba, rogorc SeiaraRebul konfliktebTan dakavSirebuli regionuli regulirebis meTodebis Sedegi, rogorc amas zogierTi qveynis gamocdileba gviCvenebs (magaliTad, ruseTisa da CeCneTis mimarT), yovelTvis ar iZleva Sesabamis sasurvel dadebiT Sedegs mTlianad qveynis masStabiT. ufro metic, Seqmnili situaciebi zogjer axali ZaliT avlenen rogorc mimdinare, aseve strategiuli problemebis gadawyvetis aratradiciuli gzebis Ziebis mZafri moTxovnisa da saWiroebis aucileblobas; saxelmwifoebrivi da regionuli politikis iseTi konkretuli RonisZiebebis SemuSavebis aucileblobas, romlebic xels Seuwyoben ara mxolod mdgomareobisa da situaciis operatiul normalizacias, aramed saxelmwifoebrivi mSeneblobis procesis aqtivizaciasa da urTierTobebis optimizacias.

iseT mravaleTnikur qveyanaSi, rogoric saqarTveloa, federaciuli da erovnebaTSorisi urTierTobebis ganviTarebis normalizacia – erovnuli usafrTxoebis uzrunvelyofis umniSvnelovanesi Semadgenelia. saxelmwifoebrivi da regionuli politikis udidesi kapitaltevadoba gvkarnaxobs moqnil, wanaswar dagegmil da gaazrebul midgomaTa aucileblobas da ara regionuli da erovnebaTSoris uTanxmoebebis Sedegebze “faqtobriv” reagirebas.

yvela donis politikur, sazogadoebriv da saxelmwifo moxeleebs ar ZaluZT srulad SeigrZnon da gaiTvaliswinon, rom am sakiTxebis gadawyvetisaTvis aucilebelia politikuri da sazogadoebrivi konsensusi, rom, rogorc saxelmwifoebriv, aseve regionul politikas ar SeuZlia darCes spekulaciisa da partiaTaSoris brZolis sagnad. saWiroa urTierTpativiscema da xelisuflebis yvela donis uflebaTa aRiareba, urTierTbraldebebidan konstruqciul dialogze gadasvla.

qveynis saxelmwifoebrivi da teritoriuli mTlianobis dacva-SenarCuneba da ganmtkiceba gulisxmobs - ekonomikaSi federaciul urTierTobaTa agebis konstituciuri principebis Tanmimdevrul ganxorcielebas, saxelisuflebo-aRmasrulebeli vertikalis erTianobis ganmtkicebas, xelisuflebis yvela donis pasuxismgeblobis amaRlebas, maTdami mikuTvnebuli saSemsruleblo funqciebis realizaciisaTvis.

amasTan, ekonomikuri federalizmis agebis procesSi, maT Soris biujetTaSorisi urTierTobebis mowesrigebis msvlelobisas, arcTu mcire winaaRmdegobebi warmoCindeba. regionebi, maT Soris centraluri biujetis donorebi, araerTxel gamoTqvamen xelisuflebis mimarT SeniSvnebsa da ukmayofilebas miRebuli sabiujeto gadawyvetilebaTa arasakmarisad SeTanxmebulobisa da realobis Taobaze, regionebis uflebebis ugulvebelyofasa da Selaxvaze, maTi biujetebis Semosavlebis mniSvnelovani nawilis Tanxebis calmxrivi wesiT amoRebaze.

sabiujeto federalizmis arsebuli modelis erT-erTi mTavari uaryofiTi mxarea sabiujeto sistemis mkveTri (mwvave) vertikaluri daubalansebloba, rac imaSi gamoixateba, rom faqtiurad Camoyalibebuli xarjebi ar Seesabamebian maTi centraluri (federaciuli) uzrunvelyofis monacemebs.

sabiujeto sistemis centralur doneze xarjviTi datvirTvis zrda iwvevs am sistemis rgolebs Soris saxsrebis gadanawilebis saWiroebas, avlens Semxvedri finansuri nakadebis Seqmnasa da teritoriuli biujetebis xelovnur dotaciurobas, finansuri mxardaWeris mimRebi regionebis ricxovnobis zrdas. amasTan dakavSirebiT laparakia ara marto aucilebel SeTanxmeaTa miRwevaze centrsa da regionebs Soris (qveynis kanonmdeblobis Sesabamisad), aramed TviT midgomis Secvlazec: axali mastimulirebeli biujetTaSorisi politikis formirebaze, romelic perspeqtiulia, rogorc donori teritoriebisaTvis, aseve regioneb-recipientebisaTvisac.

centrsa da regions Soris uflebamosilebaTa gamijvnis dauregulirebloba negatiurad aisaxeba agreTve bunebaTsargeblobis efeqturobazec. qveynis ekonomikis masStabiT Semosavlebis mobilizaciisa da meurneobriobis efeqtianobis amaRlebisaTvis gansakuTrebul mniSvnelobas iZens bunebrivi resursebis gamoyenebisagan miRebuli saxsrebis gonivruli koncentracia.

Cven gTavazobT saxelmwifoebrivi da regionuli politikis warmatebiT ganxorcielebis mTavar mimarTulebad da RonisZiebad miCneul iqnes:

1. 
   kompleqsuri, sistemuri midgomis SemuSaveba, dabalansebuli saxelmwifoebrivi da regionuli politikis ganxorcieleba, romelic pasuxobs qveynis subieqtebisa da maTi mosaxleobis, rogorc taqtikur, aseve strategiul interesebs, maT Soris mTlianad saqarTvelos geopolitikur interesebsac;
   
2. 
   sazogadoebaSi erovnebaTSorisi SuRlis ardaSveba, rac axalgazrda, qarTuli demokratiisaTvis iqneboda arasasurveli da seriozuli ukandaxevis momaswavebeli, saWiroa Tavidan aviciloT qveynis mosaxleobis mtruli ganwyoba im regionebis mimarT, romlebic CarTuli arian erovnebaTaSoris da regionul konfliqtebSi. aRmasrulebeli da sakanonmdeblo xelisuflebis yvela Zalisxmeva centrSi da adgilze erTiani ZaliT unda iqnes mimarTuli sazogadoebaSi msgavsi movlenebis Tavidan asacileblad da ardasaSvebad. usafrTxoebis aucilebeli operatiuli RonisZiebebis miRebasTan erTad unda miRweul iqnes erovnul safuZvelze calkeuli isteriebis gamoricxva da ardaSveba;
   
3. 
   erovnebaTSorisi da regionuli konfliqtebis Tavidan acileba anu maTi Zaladobrivi formis konstituciuri molaparakebiT transformacia; saxelmwifos doneze aseTi konfliqtebis Tavidan asacileblad da winaswar ganWvretis mizniT RonisZiebaTa sistemis SemuSaveba da ganxorcieleba, romelic aseve uzrunvelyofs aRniSnul konfliqtebTan dakavSirebuli kriminaluri da teritoriuli gamovlinebis, masobrivi uwesrigobis Tavidan acilebas; xelisuflebis umaRlesi eSelonebis mier qveynis subieqtebis xelmZRvanelebTan da qalaqis merebTan erToblivad antiteroristuli RonisZiebebis ganxorcieleba, romlebic aucilebliv unda moicavdnen rogorc centris kompetenciaSi Semaval zomebs (maT Soris Zalovani aqciebis CaTvliT), aseve xelisuflebis teritoriuli organoebis Zalisxmevas (maT Soris profilaktikuri xasiaTisac);
   
4. 
   saxelmwifoTaSorisi TanamSromlobis aqtivizacia ekonomikur da kulturul urTierTqmedebebSi, sagare safrTxisa da muqaris Tavidan acilebis saqmeSi, teririzmTan brZolaSi;
   
5. 
   dainteresebuli sazogadoebrivi organizaciebis farTod CarTva erovnebaTSorisi da regionuli konfliqtebis daregulirebis saqmianobaSi; gansakuTrebiT maTi urTierTobis gasaaqtiureblad, problemuri regionebis mosazRvre xalxebTan maTi konfliqtSi arCarTvis mizniT da garantiebis misaRebad arakanonier SeiaraRebuli formirebebis dafinansebaSi neitralitetisaTvis da sxva.
   

zemoT miTiTebul amocanaTa gadawyvetis mizniT Cven viZleviT Semdegi saxis rekomendaciebs:

1) arsebiTad gafarTovdes ekonomikuri meqanizmebis gamoyeneba, rameTu, maT SeuZliaT bunebrivi gziT gaaZlieron rogorc saxelmwifoSi centridanuli tendenciebi, aseve ekonomikuri da politikuri sivrcis erTianoba (erovnul-saxelmwifoebrivi da erovnul-teritoriuli erTeulebis specifikis miuxedavad).

amasTan dakavSirebiT aucilebelia, upirveles yovlisa gaZlierdes da daCqardes aRmasrulebeli xelisuflebis centraluri (federaluri) organoebis mier subieqtebis aRmasrulebeli organoebisaTvis operatiul-aRmasrulebeli xasiaTis sakiTxebis erToblivad warmarTvisa da gadacemis procesi; erTdroulad, kanonmdebrivad unda iqnes mibmuli maTze finansuri wyaroebi da ganisazRvros subieqtebis pasuxismgebloba maTze gadacemuli uflebamosilebis efeqtianad gamoyenebaze.

federaciuli respublikis ekonomikis formirebis erT-erTi mniSvnelovani berketi unda gaxdes sabiujeto federalizmi. saWiroa ufro gaaqtiurdes centrsa da federaciis subieqtebs Soris dialogi da TanamSromloba sabiujeto procesis farglebSi; ar unda iqnes daSvebuli iseTi calmxrivi gadawyvetilebebi, romlebic ewinaaRmdegebian federalizmis sakanonmdeblo normebsa da principebs; miRebuli iqnes zomebi biujetTaSoriso mastimulirebeli politikis formirebisaTvis. biujetTaSorisi urTierTobebis sakiTxebi unda wydebodes saqarTvelos mTavrobis doneze da ara calkeuli saministroebis doneze.

ufro arsebiTad da unarianad unda iqnes gamoyenebuli teritoriebis ganviTarebis kompleqsuri programebi, romlebic SemuSavebuli da realizebuli iqnebian centrisa da regionebis erToblivi ZalisxmeviT. aseve gamoyenebul unda iqnes centraluri miznobrivi programebis ganxorcielebis praqtika. es ukanasknelni unda iqnen mimarTulni sxvadasxva dargebsa da warmoebebSi, socialur sferoSi konkretuli Sedegebis misaRwevad.

saxelmwifos roli unda vlindebodes ara imdenad regionebis pirdapir investirebaSi, ramdenadac regionuli politikis saxsrebiTa da meTodebiT sasurveli klimatis SeqmnaSi, kerZo, arasabiujeto da sxva investorebis mozidvis mizniT.

bunebaTsargeblobis praqtika unda moyvanil iqnes SesabamisobaSi, misi subieqtebis mier erToblivad, konstituciuri principebis gamoyenebisaTvis; am principis safuZvelze Semdgom unda iqnes reformirebuli bunebaTsargeblobaSi pasuxismgebeli saxelmwifo struqturebi, maTi optimizaciis misaRwevad. ramdenadac bunebrivi resursebi warmoadgens yvela subieqtisa da mosaxleobis kuTvnilebas, maTi gamoyenebisaTvis gadaxdili Tanxebis nawili unda gaxdes regionebis finansuri mxardaWeris centraluri fondis formirebis wyaro; amisaTvis saWiroa Sesustdes centraluri gadasaxadebis fiskaluri xasiaTi, xolo gaZlierdes im gadasaxadebis mimarT, romlebic gadaixdeba bunebrivi resursebiT sargeblobisaTvis.

mniSvnelovania agreTve Tanamedrove migraciuli politikis safuZvlebis SemuSaveba, romelic gaiTvaliswinebs devnilTa da iZulebiT gadaadgilebul pirTa mzard nakads konfliqtebis zonidan.

saTanado adgili unda daeTmos qveynis regionebis socialur-ekonomikuri mdgomareobis dagegmvasa da prognozirebas. aSkaraa, rom am mizniT aucilebelia regionebSi mowesrigdes monitoringis problemac, rac saSualebas Seqmnis vimsjeloT ekonomikuri, socialuri, erovnuli da fsiqologiuri situaciebis Sesaxeb. prevenciul RonisZiebaTa sistema saSualebas mogvcems SevamciroT konfliqtebis SemTxvevebi da uTanxmoebani, romlebic operatiul reagirebas saWiroeben.

problemuri teritoriebisaTvis ekonomikuri daxmarebis gawevis fuZemdeblur principad miCneul unda iqnes mocemuli konkretuli teritoriis sabazro perspeqtivis prognozi, misi adgili da roli qveynis Sromis danawilebaSi.

ekonomikuri monitoringisa da regionebis perspeqtivis gansazRvris monacemebze dayrdnobiT unda formirebul iqnes maTSi sabazro ekonomikis instituciuri safuZveli, xeli unda Seewyos sameurneo subieqtebis ekonomikuri aqtiurobis amaRlebas, maT Soris unda yovelmxriv waxalisdes mcire da saSualo biznesi. mcire da saSualo warmoebis xvedriTi wilis zrda pozitiurad moqmedebs mTlianad socialur-ekonomikur situaciaze, afarToebs dasaqmebis areals, amaRlebs saqmian aqtiurobas, zrdis teritoriebis Semosavlebs da asustebs socialur daZabulobas.

2) srulvyoT kanonmdebloba regionul, erovnul da mTliand qveynis federaciulad mowyobis sakiTxebSi. AdauSvebelia federaciis zevidan gadakeTeba, amasTan amis ar daSveba unda garantirebul iqnes kanonmdeblobiT.

xelisuflebis yvela Stos aucilebelia hqondes myari sakanonmdeblo safuZveli nebismieri regionuli da erovnuli konfliqtebis gadasawyvetad. gauTvaliswinebel regionul da erovnul situaciebze reagirebis sakanonmdeblo principebi Seamsubuqeben saxelmwifo doneze gadawyvetilebebis miRebis process, gaxdis maT naklebad sadaos da ufro legitimurs, agreTve ufro metad adekvaturs, maT Soris reagirebis droebiTi parametrebis mixedviTac.

swored sakanonmdeblo zomebiT aris SesaZlebeli dasaSveb farglebSi iqnes SenarCunebuli gardauvali regionuli asimetria.

pirvel rigis RonisZiebebis saxiT aucilebelia SemuSavebul da miRebul iqnes kanonebi saxelmwifoebrivi da regionuli politikis Sesaxeb da maTi finansuri bazis Taobaze, centraluri kanonmdeblobis safuZvlebi qveynisa da subieqtebis erToblivad marTvis (warmarTvis) Taobaze.

3) ganxilul iqnes mcirericxovani mkvidri mosaxleobis regionuli problemebis gadawyvetaSi ufro farTod CarTvis SesaZleblobis sakiTxi; Catarebul iqnes im arsebuli saxelmwifo institutebis revizia, romlebic CarTulni arian saxelmwifoebrivi da regionuli sakiTxebis gadawyvetaSi.

gamoyenebuli literatura:

1. 
   “ruseTis ekonomikuri Jurnali@” #9,10, 1999 (rusul enaze)
   
2. 
   “msoflio ekonomika da saerTaSoriso urTierTobebi” Jurnali #3 2001 (rusul enaze)
   
3. 
   ev. baraTaSvili, j.zarandia. saqarTvelos regionuli politika. Tbilisi, 2007
   

Summary

Bela Goderzdishvili

Maia Danelia

Regional Policy in the Context of Federalism
We shouid focus on the main directions and orientation in order to pursue a successful, consistent regional policy:

1. 
   Working out an integrated, systematic approach, a well-balanced state and regional policy.
   
2. 
   Avoid any national conflicts.
   
3. 
   Prevent regional conflicts i.e. their regulation by means of talks within the constitutional framework.
   
4. 
   Establishing active international cooperation in the field of economy and culture , avoiding external risks and dangers, fighting against terrorism.
   
5. 
   Involving non-government organizations in order to regulate different national and regional conflicts.
   

Резюме

Бэла Годердзишвили

Майя Данелия

Региональная политика в условиях федерализма
Для успешного проведения основных приоритетов региональной политики в условиях федерализма рекомендуем следующее:

выработку комплексного подхода, сбалансированной национальной и региональной политики, отвечающей как тактическим интересам субъектов страны и ее народностей, так и стратегическим, в том числе геополитическим, интересам Грузии в целом;

обеспечение широкого привлечения общественных организаций, проявляющих заинтересованность в урегулировании межнациональных и региональных конфликтов в развивающихся вне территории проблемных регионах по вовлечению их в просветительскую работу, гарантиям их неучаствия в финансировании незаконных вооруженных формирований и террористических актах и т.п.

investiciebis marTvis procesSi SeiZleba gamovyoT Semdegi ZiriTadi etapebi: sainvesticio miznebis formulireba, sainvesticio politikisa da saportfelo strategiis SemuSaveba dasaxuli miznebis misaRwevad, portfelSi Semavali aqtivebis SerCeva, investiciebis efeqturobis gazomva da Sefaseba, raSic umniSvnelovaness rols TamaSobs optimaluri portfelis Teoria.

investori erTdroulad eswrafvis erTmaneTTan winaaRmdegobaSi myofi ori miznis miRwevas: mosalodneli Semosavlis maqsimizacias da ganusazRvrelobis, e. i. riskis minimizacias. investiciebis risksa da mosalodnel ukugebas Soris optimaluri Tanafardobis gamosaTvlelad portfelis formalur modelebSi gamoiyeneba albaTobaTa ganawileba.

portfelis TeoriaSi investoris prioritetebi riskis sidideebsa da mosalodnel ukugebebs Soris garkveul TanafardobebTan mimarTebaSi aisaxeba sargeblianobis funqciis saSualebiT.

portfelis mosalodneli ukugeba SeiZleba warmodgenil iqnas urisko aqtivis ukugebis, sabazro portfelis mosalodneli ukugebisa da aqtivisaTvis damaxasiaTebeli sistematuri riskis wrfivi kombinaciis saxiT, rac kapitaluri aqtivis faswarmoqmnis modelis CarCoebSi saSualebas iZleva optimaluri portfelis SesarCevad gamoyenebuli iqnes wrfivi programirebis meTodi.

riskiani aqtivebis mniSvnelovan maxasiaTeblebs warmoadgens e. w. `alfa~ da `beta~ koeficientebi. sxvaobas aqtivis faqtiur (mosalodnel) da Teoriul (modeliT gansazRvrul) ukugebebs Soris am aqtivis `alfas~ uwideben.

Tu romelime i-uri aqtivisaTvis _j > 0, es niSnavs, rom mas bazari saTanadod ar `afasebs~ (e. i. iyideba ufro iafad, vidre igi amas `imsaxurebs~), xolo roca _j < 0 – piriqiT..

finansuri analizis erT-erTi praqtikuli rekomendacia imaSi mdgom,areobs, rom portfelSi, pirvel yovlisa, CarTuli unda iyos dadebiTi `alfas~ mqone aqtivebi.

`beta~ () koeficienti warmoadgens aqtivis sistematuri riskis zomas da axasiaTebs aqtivis riskianobis kavSirs bazris riskTan. formaluri TvalsazrisiT igi gviCvenebs aqtivis zRvrul wvlils sabazro portfelis riskSi. Tu romelime j-uri aqtivisaTvis <sub>j</sub> > 0, es niSnavs, rom am aqtivis ukugeba iryeva taqtSi bazris ukugebasTan, xolo roca <sub>j</sub> < 0 – aRniSnuli ukugebebi sawinaaRmdego mimarTulebiT iryevian. magaliTad, Tu `beta~ dadebitia da erTze naklebia, bazris riskianobis , vTqvaT 7%-iT awevis SemTxvevaSi am aqtivis riskianobac aiwevs, mxolod 7%-ze naklebiT. faqtiurad, SeiZleba iTqvas, rom `beta~ Seesabameba imas, rac maTematikur statistikaSi regresiis koeficientad iwodeba: damoukidebeli cvladis rolSi gamodis sabazro ukugeba, xolo damokidebulis – riskiani aqtivis ukugeba.

Tu aqtivebis kombinirebas portfelSi vaxdenT, maTi ukugebebi wrfivi formiT jamdeba. aseve, portfelis sistematuri riskic, romelic misi `beta~-Ti izomeba, SeiZleba warmovadginoT saSualo Sewonili saxiT. am dros woniTi koeficientebis rolSi, gvevlineba riskian aqtivTa xvedriTi wilebi portfelSi.

mosalodneli ukugebebisa da `betebis~ kombinaciebi wonasworobaSi myofi aqtivebisaTvis aisaxeba e. w. `bazris wrfis~ saSualebiT, romelsac Semdegi gantoleba Seesabameba:

(1)
vTqvaT, ori a da b riskiani aqtivis kombinireba gvinda portfelSi, Sesabamisad, x_a da x_b (x_a +x_b =1) proporciebiT. maTi mosalodneli ukugebebi avRniSnoT E(r_a) da E(r_b), xolo `beta~ koeficientebi - _a da _b, maSin portfelis mosalodneli ukugeba iqneba
X_a E (r_a) +X_b E (r_b) (2)

(1)-is Tanaxmad

da
ase, rom portfelis mosalodneli ukugeba Semdegnairad SeiZleba warmovadginoT:
(3)

sadac

(4)
rogorc vxedavT, Tu gvinda portfelis ukugebis maqsimizacia im pirobiT, rom misi `beta~ maqsimaluri done ar aRematebodes winaswar dasaxelebul mniSvnelobas, optimaluri portfelis formirebis amocana SeiZleva daviyvanoT wrfivi programirebis amocanaze, romlis amoxsnis Semdeg miviRebT portfelSi riskian aqtivTa xvedriTi wilebis optimalur kombinacias.

saerTod, aqtivTa mosalodneli ukugebebi da `betebi~ damokidebulia bazarze, magram portfelis ukugebisa da `betas~ mniSvnelobebze gavlenis moxdena SeuZlia portfelis menejers portfelSi aqtivTa xvedriTi wilebis kombinirebis gziT.

optimaluri portfelis formirebis amocana SeiZleba daviyvanoT kvadratuli programirebis amocanazec. am dros miznis funqcias warmoadgens portfelis dispersia, romelsac aqvs kvadratuli forma portfelSi aqtivTa xvedriTi wilebis mimarT, xolo SezRudvebis rolSi gamodis investoris mier moTxovnili portfelis ukugebis misaRebi minimaluri done da minimaluri da maqsimaluri mniSvnelobebi aqtivTa xvedriTi wilebisaTvis.

X_1, X_2,…., X_{n –}iT avRniSnoT portfelSi aqtivTa xvedriTi wilebi, _i - iTa da _ij – iT portfelSi aqtivTa xvedriTi wilebi, aqtivTa saSualokvadratul gadaxrebsa da aqtivTa wyvilebis kovariaciebs, maSin minimaluri riskis portfelis formirebis amocanas eqneba Semdegi saxe:
(5)
pirobebiT: (5.1)


(5.2)

(5.3)
(5.2)-Si EE_i aRniSnavs aqtivTa mosalodnel ukugebebs, xolo E_min - portfelis ukugebis minimalur misaReb dones.

miznis (5) funqcia SeiZleba matriculi formiTac Caiweros:

(6)

sadac - matrica striqonia,

- kovariaciis matrica,
xolo - matrica svetia.
amgvarad, optimaluri portfelis formirebis amocana SeiZleba dayvanil iqnes wrfivi an kvadratuli programirebis amocanebze.

saerTod, unda aRiniSnos, rom ar arsebobs sainvesticio portfelis SerCevis `erTaderTi marTebuli~ strategia, romelic misaRebi iqneboda yvela investorisaTvis.

portfelis SerCevisas Zalze mniSvnelovania drois periodi. ganasxvaveben drois sam periods – dagegmvis, gadawyvetilebaTa gadaxedvisa da sabirJo vaWrobis periodebs.

portfelis SemadgenlobasTan dakavSirebuli gadawyvetilebis miRebisas investorma mosalodneli ukugebis gazrdas SeiZleba miaRwios mxolod im SemTxvevaSi, Tu igi daTanxmdeba riskis ufro maRal xarisxs.

zogjer SesaZlebelia investirebis riskis xarisxis Semcireba, ise rom mosalodneli ukugeba ar Semcirdes ufro efeqturi diversifikaciis gziT, rac mniSvnelovanwilad damokidebulia korelaciebze portfelis Semadgenel aqtivebs Soris.

praqtikaSi aqtivTa umravlesoba erTmaneTTan dadebiTad korelirebuli arian, radgan maTze erTidaigive ekonomikuri faqtorebi moqmedeben.

amdenad, SeiZleba iTqvas, rom riskis Semcirebis SesaZlebloba diversifikaciis gziT mosalodneli ukugebis Semcirebis gareSe SezRudulia.

adgili aqvs e. w. `drois efeqts~ diversifikaciis dros. kerZod, rac ufro xangrZlivia aqtivis flobis periodi, miT ufro naklebia misi ukugebis standartuli gadaxra da albaToba imisa, rom mosalodneli ukugeba urisko aqtivis ukugebaze naklebi aRmoCndeba.