Kuchengetedzwa kwemari, nokuti ndevaya vanogadzirisa zvikwereti, vanobudirira mune imwe sarudzo panzvimbo yevashandi.
Mutengo weavo vanochengetwa kubhadharwa ndivo vashandi vanozodzoka vanofanira kutarisira pahutano hwavo. Izvi zvinotumidzwa semukana wekuwana mukana nokuti vagoveri vari kupa zvibairo mukana wokuisa mari iyo yekudzoka kune imwe nzvimbo kuitira kuti mvumo iyi ivakwe kuvaka.
Kuchengetedzwa kwemari ndeimwe yezvimwe zvinokwana zvina zvakananga zvinowanikwa mari yebhizimisi. Vamwe vacho vane chikwereti chemari , sarudzo yakawanda, uye itsva inowanikwa.
Kuyera mari yekuchengetwa mari yakaoma kunopfuura kuverenga mari yekukwereta kana mari yezvinhu zvakasarudzwa. Chikwereti uye sarudzo dzakasarudzwa ndezvomubatanidzwa uye zvinodhura mari. Kuchengetedzwa kwemari kune zvakasiyana, asi nhatu nzira dzakajairika dzinoshandiswa kuenzanisa zvavanoita.
Cash Flow Yakabhadharwa (DCF) Method
Vashandi vanotenga zvikwereti vanotarisira kugamuchira miviri miviri yekudzoka kubva kune avo mashizha- zvikamu uye mari inowanikwa. Kugoverwa ndiyo inodzoka iyo firms inobhadhara kune vashandi vavo gore roga roga, uye mari inowanikwa, iyo inowanzosarudzwa kudzoka kune vashandi vakawanda, iyo musiyano pakati peivo vatengi vanobhadhara pamutengo uye mutengo wavanogona kutengesa nayo.
Kubva pane izvozvi, iwe unogona kuverenga mari yekuchengetedza mari yekushandisa kuburikidza nemari yakaderedzwa mari inoyerera nzira yekuverenga mari yekubhadharwa mari. Kuti uite kudaro, iwe unoshandisa mutengo wemugove, chikamu chinowirirwa nechitengo, uye kuwana mari, iyo inonziwo kukura kwezvikamu zvezvikamu, zvakabhadharwa nematengo.
Iko kukura kwehuwandu ihuwandu, gore negore kukura kwechikamu chikamu.
Uine ruzivo urwu, kuverenga mari yekubhadhara kunowanikwa nemurayi uyu:
[Chikamu chekupedzisira gore negore x (1 + kukura kwekuwedzera)] / mutengo wemari} + kukura kwekuwedzera
Somuenzaniso, kana chikamu chako chekupedzisira chegore negore chaiva $ 1, kuwedzera kwezvikamu zvinokwana 8 kubva muzana, uye mari yekutengeswa iri $ 30, maitiro ako angaita seaya: {[$ 1 x (1 + 0.08)] / $ 30} + 0.08. Mune mamwe mazwi, iwe unotanga kuwedzera $ 1 (chikamu) ne 1 + 0.08 (1 + kukura kwe8%). Izvi zvingakupa 1.08, zvaungaparadzanisa ne $ 30 (mutengo wemari), zvichikupa 0.036. Zvadaro wedzera iyo nhamba kusvika ku08 (kukura kwekuwedzera) kuwana 0.116, kana 11.6 muzana.
Capital Asset Pricing Model (CAPM) Method
Iyi inoratidzira mari yemuenzaniso inoda zvikamu zvitatu zvemashoko kuti ubatsire kutsvaga chiyero chaidiwa chekudzoka pane chikwata-kana kuti yakawanda sei inofanira kuwanikwa kuti inoratidze dambudziko racho.
- Izvo zvisingabhadhari pangozi ikozvino muhupfumi. Uku ndiko kudzoka kwaunogona kutarisira pane kutyara ne zero ngozi. Iko inogona kuenzanisirwa seyero pamwedzi 3 wemwedzi weAmerican Treasury bill.
- Kudzoka pamusika. Izvi ndizvo zvaunotarisira kubva pamusika zvachose. Kuti uone kugadzirisa uku, shandisa marukiti yakadai seWilshire 5000 kana Standard uye Poor's 500.
- Beta re beta. Ichi chiyero chekuchengetedza kwemaoko, uye 1.0 inomiririra pamusika wose. Nhamba yegumi yezana riskier kupfuura yemusika inenge iine beta ye1 1.1, somuenzaniso. Nzvimbo dzakachengeteka dzichava ne betas inodarika 1.0. Nzvimbo dzakawanda dzekutsinhanisa dzimba dzakadai seBloomberg dzinoyora uye dzinonyora betas pamatokari.
Uine ruzivo irworwo, uverenge chiyero chaidiwa chekudzoka nemurayu uyu:
Mutengo unoda kubhadharwa = Dambudziko risina pangozi + Beta x (Mutengo wemari wekudzokera - Mutengo usingabhadhari)
Somuenzaniso, kana uwandu hwako husina huwandu huri 2%, beta yako 1.5, uye chiyero chako chekudzoka pamusika chikamu chepfumbamwe, chimiro chako chaizova 2 + 1.5 x (8 - 2). Izvi zvinokupa mhinduro ye11, iyo inoreva kuti mari yekuchengetwa inowanikwa ndeye 11 muzana.
Chibvumirano Chishandiswa Chengetedza Ngozi Yakawanda Premium Method
Iyi inzira inoshandiswa yekufungidzira mari inobva pamakumbo.
Tora chikwata chekufarira pazvisungo zvesimba uye uwedzere kune chikwereti chechibvumirano chekuda mari inowanzoisa pangozi inowanzova 3 kusvika ku5 muzana, zvichibva pakutongwa kwehutano hwakasimba.
Semuenzaniso, kana chikwata chechibereko chiri 6 muzana uye premium yengozi i4 muzana, iwe ungangovawedzera pamwe chete kuwana 10 muzana.
Avhareji yeNzira Dhatu
Chero ipi yevatatu nzira inogona kupa kuenzanisa kwezvinodhura zvekuwana mari yakachengetwa, asi kuwana nhamba yakarurama kwazvo, kuverenga nzira nhatu dzose uye kushandisa mavhareji avo. Mienzaniso yakapiwa yakaguma nemhinduro dze11,6 muzana, 11 muzana, uye 10 muzana. Ivhareji yevaya vatatu nhamba ndeye 10,86 muzana. Izvozvo zvingava mutengo wekuchengetwa kwekuwana mari yakasimba nematairi anowanikwa mumuenzaniso.