Y3I>EK11ctoh pecnYI>U11kac11 ou11 ba ypta

11HBecTHu, 1KapaeHAarH pHcK oMHrH

YMyMaH OJl aH)l,a, MOJlH51 6O3OpJlapH)l,a KeYa)l, HHBecTHu, apaeH 6Hp 6HpH 6HJlaH 6OFJlHl\ 6yJl 6ew 6Ocl\HYHH y3 HYHra OJla)l, ⁴¹: 1) HHBecTHu, cHecaTHH TaHJlaw; 2) MOJlH51 6O3OpHHH Tax,Jl l\HJlHw; 3) HHBecTHu,H51Jl nOpTcpeJlHHH waKJlJl (ceJl THBJl , Onepau,H51Jlap Bal\ TaHJlaw,
)l, pcHcp au,H51Jl MacaJlaJl pHHH eYHw 6HJlaH 6OFJlHl\); 4) HHBecTHu,H51Jl nOpTcpeJlHHH l\ai1 KypH6 YHl\Hw (1-3 6Ocl\HYJl pHH l\ i1 ); 5) HHBecTHu,H51Jl p nOpTcpeJlH caMapa)l,OpJl (3cpcp HBJlHJl HHH) 6ax,OJl . VI THu, apaeHHH 6Owl\ Hw )l, raH)l,a yH)l, rH 6apYa 6Ocl\HYJl HaTH aJlapH cHcpaTHHH
)l, Ky3aTH6 Ba KOppeKTHpOBKa l\HJlH6 6OpHw acOcH)l, 6Ocl\HYJl y3JlyKcH3 l\ai1 H6 6OpHw
apaeHHHH TywyHHw MyMKHH. y apaeHJlap)l, 6apYa HwJl pHcKJl MOi1HJl 6yJlraHJl ca6a6Jl , yJlap)l, rH MaB y)l, 6yJl pHcK OMHJl ypraHHw Myx,HM ax, MH51 3ra⁴². yH)l,a I-VII 6O6Jlap)l,arH Ba 8.1 naparpacp)l, H MabJlyMOTJl x,aM)l, 8.2 naparpacp)l, KypHJl aH cp H)l, 6Hp acH)l, cpaOJlH51 (x, KaTJl )
)l,OHpacH)l,arH pHcKJl p yw6y pHcKJl HH ypraHHw)l,a cpOi1)l, Jl .
MOJlH51 u,i1 pecypcJl HHBecTHu,H51 l\HJlHw apaeHH Kyn Hx,aT)l,aH l\ pyJl KacH)l,a yi1 3cJl a)l,H. VI TOpJl y eKH 6y HHBecTHu,H51 O6beKTJl pHHH TaHJla6, y3 Ma6JlaFJlapHHH pyJl )l, ra yx, yi1 Hra THKa)l,HJl (y3 cTaBKaJl H l\HJla)l, Jl ). yH)l, HHBecTOpJl cTaBKa l\HJl wJlapH YOFH)l, MaB y)l, HOaHHl\Jl l\apaMac)l, cpal\ 3x, OJlHi1 oTyl\ MHl\)l, pHra 3ra 6yJl MyMKHHJl HcTarH eTaKJlai1)l,H. IO l\ 3x,THMOJlH l\ HYaJl KaM 6yJl , oTH6 OJl wyHYaJl l\Hi1 KeYa)l, , )l, , OMa)l, Jl )l, x,aM ol\OpH 6yJla)l, . WyH)l,ai1 l\HJl 6, yi1 H)l, MyBacpcpal\H51 3x,THMOJl aMaJl OwHpHJl TraH Onepau,H51 HHr pHcKJlHJl XapaKTepHcTHKacH 6yJl YHl\a)l,H, yi1 THKHJlraH KanHTaJl 6yi1 HaTH a (oTyl\ eKH OMa)l,cH3Jl ) 3ca pHcK yYyH eKH oTyl\ HMKOHH51TJl HHH KaMai1raHH (eMOH x,OJl)l, OMa)l,cH3JlHK) yYyH TyJlaHraH x,al\ cHcpaTH)l, HaMOeH 6yJla)l, .
K, TJl l\OFO3Jl 6O3OpH 6yi1 a HHBecTHu, OH apaeH)l,arH pHcK OMHJl HH (“pHcK 6ax,OcHHH”) aHHl\Jl )l, , O)l,aT)l, , KacpOJl Jl HOJl pHcKJl MabJlyM )l,aBpJlap)l, 6eJlrHJlaHraH )l, OMa)l,Jl KeJl pyBYH )l,aBJl l\ MaTJl l\OFO3Jl H x,aM)l, MabJlyM yJlyw)l, ()l,apa a)l,a) pHcKJlH l\ Jl
l\ Jl ()l, pOMa)l, OJl)l,HH)l,aH x,HcO6Jl HH6 TOnHJl H l\Hi1 ) x,HcO6ra OJlHHa)l, . “PHcK 6ax,OcHHH” l\ i1H)l,arHYa x,HcO6Jl 6 TOnHw MyMKHH:
_{lfp }oplf o lf6
^CO (8.3.1)


6yH)l, : lfp – pHcK 6ax,OcH; oplf – pHcKJlH l\HMMaTJlH l\OFO3Jlap 6yi1HYa )l,apOMa)l,; o lf6 – )l,aBJl l\ Jl

l\ FO3Jl 6yi1	)l,apOMa)l,; CO – pHcKJl l\HMMaTJl l\ Jl	6yi1	)l,apOMa)l, ypTaYa )l,apOMa)l,)l,
ypTaYa OFHwH (cp	pl\ ).

IOl\ pH)l, ai1 HJl aHJl acOcaH, HHBecTHu,HOH apaeH)l, H pHcK OMHJl TywyHHw yYyH l\yi1 )l, caBOJlJl Ba yJl a MOc aBO6Jl x,aM)l, TerHwJl cp MyJl x,a3a Ba x,yJl caJl H KypHw ypHHJl .
IT-eeCmUlfUOT- pUCKT- nGCGUmUpUiu Uy!l 6U!lGT- oGpOMGoT- OiuUpUiu MYMKUT- ? VI u, 51Jl HwOHYJlHJlHrHHH OwHpHwHHHr KeHr Tapl\ Jl ycyJlJl H)l, H 6HpH – HHBecTHu, OH l\ i1HJl Jl HH
)l,HBepcHcpHKau,H51Jlaw)l,Hp. YHHHr acp3aJlJl Jl pHHH l\ i1H)l,arH MHcOJl)l, KypHw MyMKHH.


3 l\HJl i1Jl , 6Hp TapMOl\)l, cp OJlH51 opHTyBYH “A” Ba “ ” KOMnaHH51Jl p aKu,H51Jl H MaB y)l,.
y KOMnaHH51Jl pHHHr aKu,H51Jl pH KypcJlapH l\ l\ pwH i1yHaJlHwJlap)l,a y3rapH6 6Opa)l,H, 51 KOMnaHH51 “A” aKu, 51Jl KypcH 10 )l, JlJl a OpTa)l, , KOMnaHH51 “ ” aKu, 51Jl KypcH 3ca 5 )l, JlJl a

⁴¹ Wapn Y., AJleKcaH)l,ep r., 3i1Jl . VI ecTHu, : nep.c aHrJl.-M.: VIHcp a M, 1999.-cc.10-14.

⁴² VI ecTHu,HOHHO cp HcOBIi1 nOpTcpeJlb (KHHra HHBecTHu,HOHHOrO MeHe)l, a. KHHra cp HcOBOrO MeHe)l, a. KHHra cpOH)l, BOrO nOcpe)l,HHKa)./0TB.pe)l,. Py6HH IO. ., COJl)l,aTKHH B.VI.-M.: C0MVIHT3K, 1993.-752 c.
nacai1 6Opa)l,H Ba aKcHHYa y3rapHw TeH)l, Hu,H51cHHH Ky3aTHw MyMKHH. yH)l, aKu,H51Jl p KypcJl
y eKH 6y TOMOHra l\ y3rapHwH TeHr 3x,THMOJlHi1 XapaKTepra 3ra. yH)l,ai1 KOMnaHH51Jl cHcp TH)l, , MacaJlaH, 6Hp 6HpJl H 6HJl )l, HMO 51x, HYHMJlHKJl 6O3OpH)l, pal\ 6aT)l, 6yJl BYH “KOKa KOJla” Ba "nencH KOJl ” KOMnaHH51Jl pHH MHcOJl 6yJl OJla)l,H. y KOMnaHH51Jl pHHHr HcTaJl H 6HpHHH aKu,H51Jl Hra l\HJl HHBecTHu,H51Jl 50 cpOH3 3apap KypHw 3x,THMOJlH 6HJl H ypTaYa 2,5 )l,OJlJl MHl\)l,OpH)l, (aKu,H51Jl p KypcHHH x,aM ycHwH, x,aM nacai1 3x,THMOJl 6HJl H) )l, pOMa)l, (0,5 X $10-0,5 X $5) KeJl )l, . X, p HKKaJl KOMnaHH51 aKu,H51Jl pHHH cOTH6 OJl 3ca 6Hp aKu,H51ra Kacp Jl Jl H 2,5
)l, JlJl MHl\)l,OpH)l, (($10-$5)/2) )l, Ma)l, KeJlTHpa)l,H (cp H3 acOcH)l, ), 51 6y )l, , ywa 6Hp x,HJl )l, pOMa)l, (2,5 )l,OJlJlapJl ) TabMHHJl raH x,OJla)l, pHcKHH TyJlHl\ 6apTapacp l\HJlHHHwH HMKOHHHH 6epa)l,H.
KypHJl KOMnaHH51Jl p MHcOJlH acOcH)l, l\ i1H)l, rH HKKH Myx,HM x, Jl KeJl YHl\ )l, :

• 
  HHBecTHu,HOH cp OJlH51 HH caMapaJl opHTHw yYyH HHBecTHu, OH l\ i1HJlMaJl pHH
  

)l, cpHKau,H51Jl ra eTapJl 6yJl KanHTaJl 3apyp. AKc x,OJl)l, (Ma6Jl eTapJl 6yJl ), MOJlH51 6O3OpJlapH)l,a HHBecTHu, OH cp OJlH51 opHTHwHH Kyn cOHJlH Mai1)l,a HHBecTOpJl Ma6JlaFJl pHHH aMJl 6 pau, OHaJl HHBecTHu, nOpTcpeJl Ty3yBYH Ba 6Owl\ yBYH Hx, cJl KOMnaHH51Jlapra (MacaJl HHBecTHu,H51 cpOH)l,JlapH eKH TpacT KOMnaHH51 eKH HHBecTHu, OH 6aHKJlapra) TOnwHpHw Mal\ca)l, MyBOcpHl\;

• 
  KOHKpeT 6Hp l\ Jl l\ 3HHHr pHcK )l, HH 6Owl\ l\ Jl l\ 3Jl ra HHc6aTaH aHHl\Jl Mal\ca)l, a MyBOcpHl\ (8.3.1 cpOpMyJl ra l\apaJl H), 51 – cpOH)l, 6O3OpHHHHr pHcK
  

)l, pa acHra HHc6aTaH, 51 H yw6y l\ r pHcKJlHJl KypcaTKHYHHH cp H)l, 6O3OpH pHcKJlHJl KypcaTKHYHra 6yJl H KypHHHwH)l, . AMaJl T)l,a 6yHHHr yYyH yw6y l\ TJl l\ FO3 6yi1 KanHTaJlHHHr 6Hp MHl\)l,OpHra KeJlTHpHJlHJla)l,HraH )l, pOMa)l, Ba cp H)l, 6O3OpH)l,arH 6apYa l\ MaTJl
l\ FO3Jl 6yi1 Ya HHBecTHu,HOH l\yi1 Jl aJl 6HpJl rHra 6yJl aH ypTaYa )l, Ma)l, OpacH)l, H cTaTHcTHK 6OFJlHl\Jl K )l, HH 6ax,OJl MeTO)l,Jl l\yJlJl HJla)l, . Arap pHcKHHHr HHc6Hi1 6ax,OcH 6Hp)l, KaTTa 6yJl , )l, , yH)l,a l\ MaTJl l\OFO3HHHr yw6y TypH yMyMaH cp H)l, 6O3OpHra HHc6aTaH cOJl wTHpHJlraH)l,a ol\OpH pHcKJlHJl rH 6HJlaH XapaKTepJlaHa)l, . yHHHr aKcH x,aM 6yJl YHl\ MyMKHH.
PHcKHHHr HHc6Hi1 6ax,OcH KypcaTKHYJl H 6yi1 MOJlH51 6O3OpJl HH Tax,JlHJl l\HJlHw)l, KeHr l\ JlJl HHJla)l,HraH KanHTaJl aKTHBJl HHHr Hapx,Hi1 MO)l,eJl (CAPM – Capital Asset Pricing Model) ⁴³ l\ pHJla)l,H (4.7 naparpacpra l\apaJlcHH).
TypJl KOMnaHH51Jl p 6yi1 pHcKHHHr HHc6Hi1 6ax,OcH KypcaTKHYJl H x,OpH Hi1 MaMJlaKaTJl HHHr MOJlH51 Hi1 HawpJl )l, MyHTa3aM YOn 3THJlH6 6OpHJla)l, . Wy ca6a6Jl , MaTeMaTHK Ba cTaTHcTHK annapaTHH (MeTO)l,Jl Ba MO)l,eJlJl ) 3raJlJlaMaraH O)l,)l,Hi1 HHBecTOp x,aM Hx, cJlawraH MOJlH51 (HHBecTHu,H51) HHcTHTyTJl H ep)l, ra MypO aaT l\HJl ac)l, MycTal\HJl paBHw)l, TypJlH cp MaJl p 6yi1 pHcK OMHJlH)l,aH TO3aJlaHraH )l, pOMa)l, KypcaTKHYJl HHH cOJl wJl Ba HHBecTHu,H51 O6beKTHHH TaHJl 6 OJlHwJl pH MyMKHH.
VI TOp TOMOHH)l, HHBecTHu,HOH cTpaTerH51Jl pHH waKJlJl HpHJl H YOFH)l, yHHHr HH)l, H)l,yaJl Hx,aTJl H, cOu, aJl MaBl\ Ba HHBecTHu, H aMFapMaJl H x,a MH x,aM KaTTa ax,aMH51 a 3ra. y 6eJl Jl 6yi1 Ya HHBecTOpJl H x,apaKaTJl (cTpaTerH51 ) pHcKJlHJl rH )l, a acH XapaKTepHra MOHaH)l, l\ i1H)l, H TypJl a a paTHw MyMKHH (5.1 Ba 5.2 naparpacpJl l\apaJl ): KOHcepBaTHB, MebepJl arpeccHB, arpeccHB, Ta pH6aJl , Hx,TH)l, pJl 51 cneKyJl51 HB yi1 HYHJl a. YJl Hr x,ap 6HpH y3Hra x,Oc HHBecTHu,HOH TaMOi1HJlJl , Ta pH6aJl H, Mal\ca)l,Jl , ycyJlJlapH Ba cTpaTerH51Jl pHra 3ra.

⁴³ Wapn Y., AJl KcaH)l,ep r., 3i1Jl . VIHBecTHu,HH: nep.c aHrJl.-M.: VIHcppa M, 1999.-cc.258-288.; WOx, b3aMHi1 W.W. CeKbopHMeTpHKa.-T.: Y36eKHcTOH MHJlJlHi1 3Hu,HKJlOne)l,H51cH, 2005.-66.24-41, 244-309.