Y3I>EK11ctoh pecnYI>U11kac11 ou11 ba ypta


MHTeHT Ba HHBecToprapHHHr y apo 6onrHKrHrH



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5.3. 3MHTeHT Ba HHBecToprapHHHr y apo 6onrHKrHrH


MOJlH51 6O3OpH (1.1-1.3 naparpacpJl a Ba 1.2.1-YH pacMra l\apaJl H) HHcp 3HJl acHHHHr HHcTHTyu, HaJl TapKH6Hra 3MHTeHTJlap Ba HHBecTOpJl H KHpHwHHH KypHw MyMKHH. y HHcTHTyTJl p MOJlH51 6O3OpHHHHr 6Owl\ HHcTH TyTJl pH 6HJlaH 6HpraJlHK)l,a 6O3OpHHHr HHcTHTyu, HaJl TapKH6HHH waKJlJl a)l,H. VI THTyTJl pHHHr 6apYacHHH (51 OJl yHcypHHH) y3apO 6OFJlHl\JlHK )l,arH cp OJlH51 H MOJlH51 6O3OpHHHHr caMapaJl cp HKu,H51cHHH TabMHHJlai1)l,H Ba HH)l, cTpH51 HcpO)l, Jlai1)l,H. WyH)l, H KeJl YHl\H6, 3MHTeHTJl p Ba HHBecTOp Jl aJlOx,H)l, y3apO 6OFJl Jl )l, KypH6 YHl\Hw Mal\ a)l,ra MyBOcpHl\. 4yHKH MOJlH51 6O3OpH)l, 3MHTeHTJl p MOJlH51 i1 HHcTpyMeHTJl pHHH HHBecTHu,H51Jl pHH aJl l\HJl w Mal\ca)l, a aJlOx,H)l, “TOBap” (MOJlH51BHi1 eKH cp H)l, 6Oi1Jl KJl ) cHcp )l, TaKJl cp l\HJla)l, , HHBecTOpJl 3ca 6y “TOBapJl ra” (KanHTaJlra) TaJl p 6yJla)l,HJl (1.1, 1.6, 1.7 naparpacpJl , II-YH 6O6ra, 5.1 Ba 5.2 naparpacpJl a l\apaJl H). Yw6y apaeH)l, 3MHTeHT Ba HHBecTOpJl HHr caMapaJl cp OJlH51 6Owl\ HHcTHTyTJl p cp OJlH51 x,aM Kyn)l, H 6OFJlHl\. Y3 HaB6aTH)l,a Ba wy 6HJlaH 6Hpra 6Owl\ HHcTHTyTJl pHHHr caMapaJl cp OJlH51 H x,aM 3MHTeHT Ba HHBecTOpJl r cp OJlH51 Hra 6OFJlHl\. WyH)l, H KeJl YHl\H6, 3MHTeHTJl p Ba HHBecTOpJl MOJlH51 6O3OpH)l,a MOc paBHw)l, 6Hp 6HpJl H ypTacH)l,a MOJlH51 Hi1 HHcTpyMeHTJl p Ba MOJlH51 Hi1 pecypcJlap 6yi1 y3apO aJl wHHHw apaeHHHH aMaJlra OwHpHw)l, cp Jl l\ yBYH HHcTHTyTJl pOJl 6a apa)l, . yH)l, MOJlH51 i1 pecypcJl MOJlH51 i1 HHcTpyMeHTJl p TOMOH x,apaKaT l\HJla)l,H, arap)l, MOJlH51BHi1 HHcTpyMeHTJl p MOJlH51BHi1 pecypcJl H aJl6 l\HJl w x,OccacHra 3ra 6yJl . MOJlH51 6O3OpH KOHboHKTypacHra 6OFJlHl\ x,OJl)l, MOJlH51 Hi1 pecypcJl Ba MOJlH51 i1 HHcTpyMeHTJl 6Hp 6HpHra l\ l\ H i1 aJl )l, x,apaKaT l\HJla)l,H, 6yH)l, MOJlH51 Hi1 HHcTpyMeHTJl p HHBecTOpJl l\ JlH)l,a 6O3Op KanHTaJlHra (TOBapHra) ai1Jl Ha)l,H, MOJlH51 Hi1 pecypcJl 3ca 3MHTeHTJl l\ FH)l, yJl HHr peaJl KanHTaJl 6yJl x,H3MaT l\HJla)l, . Wy i1ycHH)l,a 3MHTeHTJl p y3Jl pH YHl\apraH MOJlH51BHi1 HHcTpyMeHTJl pHHH y3Jl pH l\ paMOFH)l, rH peaJl KanHTaJlra (6a3Hcra) Ba MOJlH51 6O3OpH KOHboHKTypacHra 6OFJlHl\ x,OJl)l, 3KBHBaJl HTJlHJlHK )l, pa acHHH TabMHHJlai1)l, Jl . Hp Bal\ HHHr y3H)l, HHBecTOpJl 3ca y3 l\yJlJl H)l, H 6O3Op KanHTaJl ai1Jl aH MOJlH51 i1 HHcTpyMeHTJl pHHH yJl HHHr 6a3HcHra Ba MOJlH51 6O3Op KOHboHKTypacHra 6OFJlHl\ paBHw)l, 3KBHBaJl HTJlHJl )l, pa acHHH TabMHHJlai1)l,HJl . yH)l, 3MHTeHT Ba HHBecTOpJl MOJlH51 6O3OpHHHHr 6Owl\ HHcTHTyTJl pH (BOcHTaYHJl pH, caB)l, TH3HMJl H, peryJl51TOpJl H, HHcpOpMau, OH areHTJlHKJlap) ep)l, ra Ta51 a)l,HJl .
Ai1 Hw OH3KH, KOMnaHH51Jlap)l, 3MHccHOH cHecaT HHBecTHu,HOH cHecaTra acOcJl H6 opHTHJla)l, . VI ecTHu, OH cHecaT 3ca 3MHccHOH cHecaTra Ta51 raH x,OJl)l, aMaJlra OwHpHJla)l, . 51 3MHccHOH cHecaT y3H)l, HHBecTHu, cHecaTHH My accaMJl THpa)l, , HHBecTHu,HOH cHecaT 3ca y3H)l, 3MHccHOH cHecaTHH My accaMJlawTHpa)l, .

Caao!l!lap


  1. 3MHTeHT Ba HHBecTOpJl HHMa yYyH 6Hp 6HpJl 6HJl H 6OFJlHl\?

  2. 3MHTeHT Ba HHBecTOpJl HHr y3apO 6OFJlHl\Jl HH 1.1 Ba 1.2 naparpacpJlap)l, H MO)l,eJlJl acOcH)l, l\aH)l,ai1 HaMOeH 6yJla)l, ?

Tonmupu !l


  1. 3MHTeHT Ba HHBecTOpJl HHHr y3apO 6OFJlHl\JlHrH)l, rH cp OJlH51 HH MOJlH51 6O3OpH)l, rH ax,aMH51THHH Tax,JlHJl l\HJl .

  2. TepMHHJl p Jl FaTHHH Ty3HHr.
    1. OI>. MOU11I I>O3OP11 11HCT11TYTUAP11, YUAPH11Hf' AOU11IT11 BA POU11


MOJlH51 6O3OpH (1.1-1.3 naparpacpJl a Ba 1.2.1-YH pacMra l\apaJl H) HHcp 3HJl acHHHHr HHcTHTyu, HaJl TapKH6Hra 3MHTeHTJl p Ba HHBecTOpJl 6HJlaH 6Hpra caB)l,O TH3HMJl H (yJl HH aJlOx,H)l, VII-YH 6O6)l, KypaMH3), npOcp HaJl l\ YHJl H Ba peryJl51 OpJl (yJl H aJl x,H)l, IX-YH 6O6)l, KypaMH3) KHpHwHHH KypHw MyMKHH. y HHcTHTyTJl HcTHTyTJl 6apYacHHH (51 HH OJl H yHcypHHH) y3apO 6OFJlHl\Jl )l, rH cp OJlH51 MOJlH51 6O3OpHHHHr caMapaJl cp HKu,H51cHHH TabMHHJlai1)l,H Ba HH)l, cTpH51 HcpO)l, Jlai1)l,H. yH)l, MOJlH51 6O3OpHHHHr npOcp cHOHaJl (MaJl KaJl ) Ba BaKOJl TJl
l\ THawYHJlapH 6yJl w MOJlH51 HHcTHTyTJl pHHH aJlOx,H)l,a y3apO 6OFJlHKJl )l, KypH6 YHl\Hw Mal\ a)l,ra MyBOcpHl\. 4yHKH MOJlH51 6O3OpH)l, npOcp HaJl Ba BaKOJlaTJl ()l,aBJl MOJlH51 OpraHJl ) l\ THawYHJl pH MOJlH51 6O3OpHHHHr HOpMaJl cpaOJlH51 H Ba cp HKu,H51 HHH TabMHHJl i1)l,HJl p. 51 HH MOJlH51 HHcTHTyTJl pH Ba caB)l, TH3HMJl H 3MHTeHTJl p Ba HHBecTOpJl Hr MOJlH51 6O3OpH)l, MOc paBHw)l, 6Hp 6HpJl H ypTacH)l,a MOJlH51BHi1 HHcTpyMeHTJl Ba MOJlH51BHi1 pecypcJl 6yi1 y3apO aJl wHHHw
apaeHHHH aMaJlra OwHpHwH)l, MaJlaKaJl Tap3)l, cp Jl l\ BYH HHcTHTyTJl pOJl H 6a apa)l, .
yH)l, yJl HHBecTOp Ba 3MHTeHTJl pHH y3apO 6OFJlai1)l,H, MaHcpaaTJl p MOcJl rH Ba MyTaHOcH6Jl MOJlH51 6O3OpH KOHboHKTypacHra 6OFJlHl\ x,OJl)l, TabMHHJlai1)l,HJl . MOJlH51 6O3OpH)l,a ai1 H caMapaJl 3MHccHOH Ba HHBecTHu, cHecaTJl MOJlH51 HHcTHTyTJl H Ba caB)l, TH3HMJl cp JlH51TJl a Kyn)l, (ce3HJl pJl ) 6OFJlHl\.
Ai1 OH3KH, MOJlH51 6O3OpH l\ THawYHJlapH cp OJlH51 H cHcpaTH Ba MyJl H 6ax,OcHHH MOc paBHw)l, Max, c HHcp pMau, H pei1 HHr areHTJl KJl , ay)l, pJl Ba 6ax,OJlOBYH KOMnaHH51Jl x,OJl Ha 6ax,OJl 6eJlrHJlai1)l,HraH HHcTHTyTJl p 6yJlraHJl yYyH yJl HH MOJlH51 6O3OpHHHHr aJlOx,H)l,a x,OJl npOcp cHOHaJl HHcTHTyTJl pH cHcpaTH)l,a l\ JlO3HM. 4yHKH 6yH)l, i1 HHcTHTyTJl p MOJlH51 6O3OpH TOMOHH)l, H TaH OJl raH, Jl HH yHra pacMaH 6yi1 HMai1)l,HraH HHcp Mau, OH TawKHJlOTJl x,HcO6Jl HH6, yHH O6beKTHB Ba cp i1)l, Jl HHcp Mau,H51 (ax,6OpOT Ba MabJl MOTJl p, peKJl , Tal\)l, OT, aHaJl Ta)l,l\Hl\ TJl , MacJlax,aTJl Ba x,yJl caJl ) Ba x,H3MaTJl 6HJl TabMHHJlai1)l, Jl . MHcOJl TapHl\ H)l, 3.2 naparpacp)l, KeJlTHpHJlraH cpOH)l, HH)l, aTOpJl HH (HH)l, KcJl HHH) 6eJlrHJlOBYH HHcTHTyTJl pHH (S&P,
PeUmep, Moody’s, GST, Financial Times, AK&M, RTS areHTJl KJl , Dow Jones & Co, Frank Russel
Company (Tacoma, WA), Value Line, POC6U3T-eCKOT-CG!lmUT- KOMnaHH51Jl pH, Ba x,.K.) KypcaTHw MyMKHH. YJlapHHHr x,ap 6HpH y3HHHHr ycJl 6H51 3ra 6yJl , Tax,JlHJl HaTH aJl H 6Hp 6HpJl H 6HJlaH MabJl M
)l, pa a)l, KOppeJl51u,H51JlaHa)l, . Ay)l, OpJl MOJlH51BHi1 x,HcO6 Ba x,HcO6OTJl HH l\OHyHYHJl acOcH)l, TeKwHpH6, MacJlax,aTJl 6epH6, x, Jl caJl 6epa)l,HJl . ax,OJlOBYH KOMnaHH51Jl 3ca MyJl 6ax,OJlai1)l,HJlap. YMyMaH OJl aH)l, yJl HHHr cp OJlH51 Max,cyJlJl H MOJlH51 6O3OpH TOMOHH)l, H x,O3HpraYa TaH OJlHHa)l, Ba yHHHr yYyH 3apypHi1 x,HcO6Jl Ha)l, .
MOJlH51 6O3OpH npOcp cHOHaJl HHcTHTyTJl 3MHTeHTJlap Ba HHBecTOpJl 6HJlaH 6OFJlHl\Jl )l, rH cp OJlH51 H caMapaJl HHH 1-YH, 2-YH Ba 3-YH HJlOBaJl p)l,a KeJlTHpHJlraH aHaJl MabJl MOTJl p)l,aH KypHw MyMKHH.




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