Plan
Introduction…………………………………………………………….
1. general characteristics capital market………………………….
2. Interest as the price of using capital……………………..
3. Discounting…………………………………………………..
Practicum………………………………………………………….
Conclusion………………………………………………………...
List of used literature……………………………..
Introduction
In the conditions of market relations, the capital market is very important, as it is an important source of long-term financial resources. The capital market includes the securities market and the banking services market, which contributes to the solvency of the financial system.
The most important function of the financial market is the transformation of free cash into loan capital, then it is redistributed between various business entities of the economy, which have one goal - to increase capital.
The relevance of this topic lies in the fact that at present, interest in the capital market has intensified from one side or another.
The purpose of the course work is to study and reveal the features of the capital market. Based on the goal set, the following tasks need to be solved: to reveal the essence of capital and interest as the price of using capital.
General characteristics of the capital market
capital market(capital market) - a part of the financial market in which long money is circulating, that is, funds with a maturity of more than a year. In the capital market, there is a redistribution of free capital and their investment in various profitable financial assets.
The capital market is a part of the financial market where the supply and demand for medium-term and long-term loan capital is formed.
The demand for capital is firms and population. At the same time, their motives for behavior are somewhat different, but as a result they behave in a similar way: when the interest rate decreases, firms and consumers increase the demand for loans.
Fig.1 Demand curve
So the market demand curve for capital has a negative slope(Fig. 1), like any demand curve for a good or resource. Let's look at how this follows from the behavior of firms and consumers.
1. Firms present a demand for capital in order to use it to acquire capital goods (equipment, materials, etc.) and make a profit. They resort to debt capital services when they do not have enough of their own money (for example, the demand for their product has increased and firms want to expand production). At the same time, the cheaper the loan will cost the company, the more money it will want to borrow.
For example, a retail firm at a low interest rate will decide to take out a loan and build three new stores, at a higher interest rate it will decide to build only two stores, at an even higher interest rate it will decide to build only one store, and at some value of the interest rate it will refuse to expand production at all. .
2. Consumers borrow money not to make a profit, but to buy some consumer goods. They do this on several occasions.
First, they can borrow money to ensure current consumption in the event of an unexpected decrease in income. In this case, money is needed to acquire goods of prime necessity and, strictly speaking, is not capital. Such loans can exist in conditions of uncertainty in income generation - for example, in the event of a crop failure for farmers.
Second, consumers can borrow for the purchase of capital consumer goods, which have a relatively high price and require saving money from income over a long period of time.
Suppose a consumer wants to buy a piano that costs $10,000. In order to collect the required amount, the consumer needs to save 1,000 rubles for ten years. The consumer may not wait ten years, but borrow 10,000 rubles and buy a piano right away, and then pay off the debt with interest within ten years. In this case, he will immediately begin to receive utility from the piano, but the piano will cost him more. The amount of interest that he pays will be the payment for the opportunity to get the piano faster.
Any consumer at a given interest rate will make his choice, which is determined by several factors. First of all, preferences consumer - a more impatient consumer who wants to quickly start playing the piano, is more likely to be ready to pay the required amount in the form of interest to start consuming this good immediately. Secondly, degree of certainty of the future- if the consumer does not know his income in the future, he may not decide to take a loan, as he may have problems repaying the debt. Thirdly, income consumer - the poorer the consumer, the sooner he decides to wait and not pay extra money for the approach to the start of consumption.
A change in the interest rate changes the choice of consumers - the lower the percentage, the more consumers decide to borrow money and buy the good right away, and not "tolerate" until they accumulate the required amount themselves.
Thus, when the interest rate decreases, the demand for capital increases as both firms and the public decide to borrow more money.
The capital supply curve has a positive slope(Fig. 2), which is also determined by the behavior of consumers and firms.
Rice. 2 Supply curve
1. Firms act as creditors if they have temporarily "extra" money, which they cannot use with profit themselves. What are the reasons for the appearance of "extra" money?
One of the reasons for the appearance of temporarily free cash in an individual firm may be the need to save part of the profits received in the form of depreciation charges intended to cover the costs of the capital good.
Thirdly, it provides loans to government agencies and the population to solve such important tasks as covering the budget deficit, financing part of housing construction, and the like.
Forms of cash (financial resources) turnover in the capital market:
The credit market allows for the accumulation, movement, distribution and redistribution of loan capital between sectors of the economy. The credit market is a mechanism by which relationships are established between enterprises and citizens who need money, and organizations and citizens who can provide (borrow) them under certain conditions.
At the same time, the credit market is a synthesis of markets for different means of payment. In countries with developed market economies, credit agreements are mediated, firstly, by credit institutions (commercial banks or other institutions), which borrow and provide loans, and, secondly, by investment or similar organizations that ensure the issuance and movement of various debt obligations that are realized in a special securities market.
The functioning of the capital market allows enterprises to solve the problems of both the formation of investment resources for the implementation of real investment projects, and effective financial investment (implementation of long-term financial investments). Financial assets that are traded on the capital market tend to be less liquid; they are characterized by the highest level of financial risk and, accordingly, highest level arrived.
It should be noted that such a traditional division of financial markets into the money market and the capital market in the current conditions of their functioning is conditional. This conditionality is determined by the fact that modern market financial technologies and the conditions for issuing many financial instruments provide for a relatively simple and fast way transformation of individual short-term financial assets into long-term ones and vice versa.
Characterizing certain types financial markets for both of the above signs, it should be noted that these types of markets are closely interconnected and operate in the same market space. Yes, all types of markets that serve the circulation of financial assets (instruments, services) of different directions are at the same time an integral part of both the money market and the capital market.
Capital as a factor of production expresses the totality of production resources created by people in order to use them to produce future economic benefits for the sake of profit. The composition of capital includes: buildings, structures, equipment, tools, technologies, developments, materials, raw materials, semi-finished products.
Different elements of capital participate in the production process in different ways. It is important to note that one component of capital is used once and completely consumed during each cycle of production. The other part functions for several years and is gradually consumed over a number of production cycles. The first part of the capital is called negotiable capital, and the second - main.
To working capital- raw materials, materials, fuel, energy, semi-finished products, etc.
The working capital market will be a typical resource market. The principles of its organization and the mechanism for establishing equilibrium on it have much in common with the labor market. Profit maximization in the working capital market is achieved at the point of equality of the marginal product in monetary form and the marginal cost of the existing material resource. In other words, when an enterprise optimizes the demand for working capital, the MRP = MRC rule applies.
Do not forget that an important feature of working capital will be that its elements are transformed into cash. Why is working capital called working capital.
The creation of any value involves the use fixed capital. The organization of new production is impossible without capital investments in structures, buildings, equipment. The functioning of the enterprise also requires the cost of updating and restoring the existing fixed capital.
Since fixed capital has been involved in economic activity for several years, the time factor is of particular importance in the functioning of the fixed capital market.
capital market is a segment of the financial market where long-term credit resources are sold or bought, as well as securities with a circulation period of more than a year.
The functioning of the capital market allows enterprises to solve the problems of both the formation of investment resources for real investment projects and financial investment (long-term financial investments).
Loan capital market
Loan capital market - a set of financial markets in which capital is redistributed between creditors and borrowers with the help of intermediaries based on supply and demand for capital. Banks, funds and other specialized financial firms act as intermediaries in the loan capital market.
The main task of the loan capital market is the transformation of idle funds into loan capital.
Borrowers (debtors) are primarily entrepreneurial firms that use borrowed funds to create new capital. Borrowers also include individual consumers, who borrow money to buy durable goods, and the government to cover budget deficits and finance public facilities. However, if the former present a demand for capital in monetary form, then the latter - the demand for money.
The demand for money from households and the state is not related to entrepreneurial activity. Demand for loan capital - the sum of all borrowed funds for which there is demand from borrowers at a particular interest rate. The demand for borrowed funds depends on the profitability of entrepreneurial investments.
Was the page helpful?
More found about the capital market
- Internal capital market as an element of management of the enterprise's investment strategy As part of diversification, the internal capital market formed on the basis of cash flow concentration will ensure the redistribution of resources to subsidiaries with current low cash flows but with more
- Financial capital The financial capital market The financial capital market is a set of national and international markets that provide direction for the accumulation and
- Determining the level of risk of insolvency of an enterprise based on an analysis of a virtual client base Therefore, even if we assume that the efficient market hypothesis works - the capital market is absolutely regional and share prices reflect the fundamental value of the company, managers still perceive
- Features of the formation of investment resources of Russian enterprises Although at present the banking sector essentially plays the role of a supplier of capital resources for Russian companies, it is not able to fully replace the capital market Availability characteristic features regulation of risks in credit institutions determines that the duration of banking
- Market of factors of production Separate markets are formed for each type of production resources Labor market Market natural resources capital market market of entrepreneurial abilities
- Analysis of capital cost models A number of papers argue that the choice of equity cost model should also take into account the level of integration into the global capital market.
- Problems of self-financing of the investment activity of an enterprise The Russian financing system includes five components self-financing bank lending elements of financing through the capital market budget financing interaction of organizations in the field of financing But at present the most active
- Subject-oriented approach to assessing the required return on equity However, it should be noted that this model is based on a number of assumptions that together describe the ideal capital market and therefore the validity of its application, especially for developing countries questionable regarding
- Prevention of errors in the evaluation of investment projects: discount rates It is derived on the basis of some simplified financial models that describe a perfect capital market in which the initial data are the prices of shares of the company being valued or firms-analogues.
- Financial analysis in the organization's management system In Russian science and practice, there is a fairly widespread point of view that financial analysis covers all sections of the analytical work included in the financial management system, i.e., related to financial management of an economic entity in the context of environment including the capital market At the same time, financial analysis is often understood as an analysis of financial statements ... The traditional approach to determining the essence of financial management is that the objects of management are considered to be functioning assets and capital investment, capital structure and attraction of the necessary sources of financing. For example, consider j k van horn
- The financial potential of an enterprise: concept, essence, measurement methods The proposed algorithms for calculating the potential of the financial system of an enterprise are recommended for use not only by enterprises in the process of developing their financial policy, but also by participants in the capital market, since they are suitable for quantifying the potential opportunities for enterprises to enter the capital market and for the capital market - solvent demand for the offered funds to the real sector
- Cash flow assessment when determining the quality of a corporate borrower The larger the group, the greater the internal capital market and opportunities for external borrowing by providing intragroup guarantees or providing
- Methodological problems of assessing non-economic forms of capital Thus, in most cases, the capital market cannot serve as a reliable basis for assessing the value of such assets.
- Management staff motivation system based on the EVA indicator. To do this, the internal system of evaluation and remuneration of the company should reflect the external system of the capital market as much as possible. To solve this problem, the EVA-based management system is used. Often, companies that evaluate
- Money Market Next Capital Market Financial Market Page was helpful
- Analysis of long-term financial decisions of a corporation based on consolidated statements As for the influence of internal factors on the decision on the capital structure, business growth has a positive effect on the debt burden, since a growing corporation, even with a domestic capital market, is forced to raise additional resources to finance growth. The impact of corporate efficiency on the debt burden. goods and capital Page was helpful
Capital is the value put into circulation for the purpose of making a profit.
Every business starts with capital. If there is no own capital, then you can buy the right to use money capital. Loan interest is the price paid for the use of borrowed money. Money itself is not a production resource, but using it, you can purchase equipment, energy and other resources necessary to start production. Thus, an individual, taking monetary resources for use, provides himself with the conditions for the development of production.
The loan interest rate is a very important stimulus for high growth rates of the national product and the development of certain industries. At a lower interest rate, investments in production increase and the volume of the production product and income in society increase. Borrowed capital is invested in production and should bring income. But a positive result is possible only if this capital is optimally combined with an individual factor of production - entrepreneurial activity. The functioning of this factor of production implies a certain degree of remuneration. What is it expressed in? Let us first consider the essence of the term "entrepreneurial activity".
A certain entrepreneur decided to create his own business. His work in the scheme will be as follows. The entrepreneur takes the lead in combining the various factors of production in the most optimal combination. He makes economic decisions as his business develops in various matters. After the entrepreneur is looking for new opportunities in economic activity, he invests his own or borrowed funds. In the latter option, he assumes economic responsibility, since in this case the risk of monetary losses is high.
The entrepreneur receives profit from his activities in the form of income. Income acts as a monetary realization of the economic interest of the entrepreneur. The use of a monetary resource is estimated as an internal cost of the enterprise. The monetary value of the ability of the entrepreneur is made on the basis of the profit he receives in comparison with what he could have had by using his strength in another way.
The activity of an entrepreneur in any area brings him profit, which is called nominal. Nominal profit- This is the amount of payment for a certain type of activity. After the withdrawal of nominal profit, the company remains net profit. The entrepreneur also claims this type of profit, since for him it is payment for the risk to which his capital has been exposed. Risk in business is inevitable. It is the risks that determine the assignment of net profit by the entrepreneur, since otherwise all losses fall on him.
Profit in business is the main factor in further development activities. It stimulates an increase in production volumes, since with an increase in the volume of products sold, the mass of profit also increases. On the other hand, additional costs for improving the production process guarantee the entrepreneur an increase in profits.
FTBOUBLGIPOOSCHE VBFTBFSCH Y OEPVIPDYNPUFSH UHEEUFCHPCHBOYS RPUTEDOILPCH ABOUT TSCHOLE LBRYFBMB. pVYAEDOOEOYE CHUEZP PVYAENB BENOSCHI UTEDUFCH CH PYO "LPFEM". tBOYGB RTPGEOFOSHCHI UFBCHPL.
h IPSKUFCHE UHEEUFCHHEF EEE PYO TSHCHOPL, ZHOLGYPOITCHBOYE LPFPTPZP NSC OE TBUUNBFTYCHBMY, - FFP TSHCHOPL LBRYFBMB, ABOUT LPFPTPN DBAFUS Y WETHFUS OBRTPLBF DEOSHZY. rPULPMSHLH DEOSHZY VETHFUS CH DPMZ CH PUOPCHOPN DMS RTYPVTEFEOYS LBRYFBMSHOSHCHI VMBZ, FFPF TSCHOPL Y OBSCCHBAF TSCHOLPN LBRYFBMB.
pFDBYUB DEOEZ H DPMZ GENERAL CHBEFUS RTEDPUFBCHMEOYEN UUHDSh YMY LTEDIFB(PF MBF . creditum- "UUHDB"). UPPFCHEFUFCHEOOP, FEI, LFP DBEF DEOSHZY CH DPMZ, OBSCCHBAF LTEDYFPTBNY, B FEI, LFP VETEF DEOSHZY CH DPMZ, OBSCCHBAF BENEILBNY.
ABOUT TSCHOL LBRYFBMB UHEEUFCHHEF GEOB, LPFPTBS RPLBSCCHCHBEF, ULPMSHLP OKHTSOP BRMBFYFSH ЪB RTPLBF DEOEZ. rPULPMSHLKH Y GEOB, Y LPMYUEUFCHP ABOUT LFPN TSCHOLE YЪNETSAFUS CH PDOYI Y FEI TSE EDYOYGBI - DEOSHZBI, DMS YЪNETEOIS GEOSH YURPMSHJHAF PFOPUYFEMSHOSHCHE CHEMYUYOSCH - RTPGEOFSHCH.
UFBCHLPK RTPGEOFB OBSCCHCHBEFUUS GEOB, LPFPTKHA OHTSOP HRMBFYFSH bb YURPMSH'PCHBOYE DEOEZ CH FEYUEOYE OELPFPTPZP RTPNETSHFLB READING, CHSCTBTSEOOBS CH RTPGEOFBI. obBRTYNET, UFBCHLB 5% CH ZPD POBYUBEF, UFP IB YURPMSH'CHBOYE 1000 THVMEK H FEYUEOYE ZPDB OHTSOP BRMBFYFSH 50 THVMEK.
ABOUT TSCHOLE LBRYFBMB UHEEUFCHHAF URTPU Y RTEDMPTSEOIE.
pDOPC Y ZMBCHOSHI PUPVEOOPUFEK TSCHOLB LBRYFBMB SCHMSEFUS FP, UFP MAVBS JYTNB Y MAVPK RPFTEVYFEMSH NPTCEF CHSHCHUFKHRYFSH ABOUT LFPN TSCHOLE LBL H LBYUEUFCHE LTEYFPTB, FBL Y CH LBYUEUFCHE BENEILB. CHP-RETCHI, CHUE ZHJTNSCH Y RPFTEVYFEMY YURPMSHKHAF FFPF "TEUKHTU" CH UCHPEK DEFEMSHOPUFY (Y RPFPPNKh NPZKhF OHTSDBFSHUS CH OEN). PE-CHFPTSCHI, FFPF "TEUKHTU" OE FTEVHEF RTPY'CHPDUFCHB (RPFPNKh MAVBS ZHITNB YMY RPFTEVYFEMSH NPTSEF PVMBDBFSH DEOSHZBNY OEEBCHYUYNP PF TPDB UCHPEK DEFEMSHOPUFY).
dBCHBKFE PRTEDEMYN, LBLYN PVTBBPN ZHPTNYTHAFUS URTPU Y RTEMPTSEOYE ABOUT LBRYFBMB TSCHOLE. URTPU ABOUT LBRYFBM
URTPU ABOUT LBRYFBM RTEDYASCHMSAF LIFE Y OBUEMEOYE. RTY YFPN NPFYCHSCH RPCHEDEOYS YI OEULPMSHLP TBMYUBAFUS, OP CH TEEKHMSHFBFE POI CHEDHF UEWS UIPTSYN PVTBBPN: RTY UOYTSEOYY UFBCHLY RTPGEOFB JITNSCH Y RPFTEVYFEMY HCHEMYUYUYCHOBAF LD URTPUYCHBAF.
rPFPNH LTYCHBS TSCHOPYUOPZP URTPUB ABOUT LBRYFBM YNEEF PFTYGBFEMSHOSHCHK OBLMPO(TYU. 5.2.1), LBL Y MAVBS LTYCHBS URTPUB OB VMBZP YMY TEUKHTU. dBCHBKFE TBUUNPFTYN, LBL LFP CHSHCHFELBEF Y RPCHEDEOYS ZHITN Y RPFTEVYFEMEK.
1. LIFE RTEDIASCHMSAF URTPU ABOUT LBRYFBM DMS FPZP, YUFPVSCH YURPMSHЪPCHBFSH EZP DMS RTYPVTEFEOYS LBRYFBMSHOSHCHI VMBZ (PVPTHDPCCHBOYS, NBFETYIBMPCH Y F.D.) Y RPMHUEOYS RTYVSHCHMY. sing RTYVEZBAF L HUMHZBN BENOPPZP LBRYFBMB FPZDB, LPZDB YN OE ICHBFBEF UCHPYI UPVUFCHEOOSHCHI DEOEZ (OBRTYNET, CHSTPU URTPU ABOUT YI RTPDHLF Y JITNSCH IPChSF TBUYTYFSH RTFPYCHPDU). rTY LFPN YUEN DEYECHME ZHITNE VKHDEF PVIPDYFSHUS LTEDYF, FEN VPMSHIE LPMYUEUFCHP DEOEZ POB BIPIYUEF CH SFSH CHBKNSCH.
oBRTYNET, ZHYTNB B TPOYYUOPK FPTZPCHME RTY OYLPK UFBCHLE RTPGEOFB TEYYF CHSFSH LTEDYF J RPUFTPYFSH FTY OPCHSCHI NBZBYOB, RTY VPMEE CHSCHUPLPK UFBCHLE RTPGEOFB POB TEYYF RPUFTPYFSH FPMSHLP DCHB NBZBYOB, RTY of the ECE VPMEE CHSCHUPLPK - FPMSHLP PDYO, B RTY OELPFPTPN OBYUEOYY UFBCHLY RTPGEOFB CHPPVEE PFLBTSEFUS PF TBUYYTEOYS RTPYCHPDUFCHB .
2. rPFTEVYFEMY VETHF DEOSHZY CHBKNSCH OE DMS RPMHYUEOYS RTYVSHCHMY, B DMS RPLHRLY LBLIE-MYVP RPFTEVYFEMSHULYI VMBZ. DEMBAF POI YFP CH OEULPMSHLYI UMHYUBSI.
CHP-RETCHSHI, POY NPZHF VTBFSH DEOSHZY CH DPMZ DMS PVEUREYUEOYS FELHEEZP RPFTEVMEOYS CH UMHYUBE OERTEDCHYDEOOOPZP HNEOSHYOYS DPIPDB. h FFPN UMHYUBE DEOSHZY OHTSOSCH DMS RTYPVTEFEOYS VMBZ RETCHPK OEPVIPDYNPUFY Y, UFTTPZP ZPCHPTS, OE SCHMSAFUS LBRYFBMPN. RPDPVOSHCHE BPKNSCH NPZKhF UHEEUFCHPCHBFSH CH HUMPCHYSI OEPRTEDEMEOOOPUFY CH RPMKHYUEOYY DPIPDB - OBRTYNET, CH UMHYUBE OEHTPTsBS H ENMEDEMSHGECH (UN. PLOP "YUFPTYS LTEDIFFB").
ChP-ChFPTSCHI, RPFTEVYFEMI NPZKhF VTBFSH LTEDYF DMS RPLHRLY LBRYFBMSHOSHCHI RPFTEVYFEMSHULYI VMBZ.
rTEDRPMPTSYN, UFP RPFTEVYFEMSH IPYUEF LKhRYFSH TPSMSH, LPFPTSHCHK UFPYF 10,000 THVMEK. dMS FPZP UFPVShch UPVTTBFSH OHTSOKHA UHNNH, RPFTEVYFEMA OHTSOP DEUSFSH MEF PFLMBDSCHCHBFSH RP 1000 THVMEK. RPFTEVYFEMSH NPTSEF OE TsDBFSH DEUSFSH MEF, B CHSKFSH CH DPMZ 10,000 THVMEK Y LKHRIFSH TPSMSH UTBYH, B RPFPN CH FEYUEOYE DEUSFI MEF CHSHCHRMBYUYCHBFSH DPMZ U RTPGEOFBNY. h FFPN UMHYUBE ON OBJUOEF UTBYKH RPMKHYUBFSH RPME'OPUFSH PF TPSMS, OP TPSMSH ENH PVPCDEFUS DPTPTSE. CHEMYUYOB RTPGEOPCH, LPFPTSHCHE PO BRMBFIF, VKHDEF SCHMSFSHUS RMBFPK OB ChPNPTSOPUFSH VSHCHUFTEE RPMKHYuYFSH TPSMSH.
mAVPK RPFTEVYFEMSH RTY ЪBDBOOPK UVBCHLE RTPGEOFB UDEMBEF UCHPK CHSHVPT, LPFPTSCHK PRTEDEMSEFUUS OEULPMSHLYNY ZHBLFPTBNY. PE-RETCH, RTEDRPYUFEOYSNNY RPFTEVYFEMS - VPMEE OEFETREMYCHSCHK RPFTEVYFEMSH, LPFPTSCHK TSEMBEF RPVSCHUFTEE OBYUBFSH YZTBFSH ON TPSME, ULPTEE VHDEF ZPFPCH BRMBFYFSH OHTSOHA UHNNH B CHYDE RTPGEOFPCH B AF YUFPVSCH OBYUBFSH RPFTEVMSFSH FP VMBZP OENEDMEOOP. CHP-CHFPTSCHI, UFEREOSHA PRTEDEMEOOPUFY VHDHEESP- EUMY RPFTEVYFEMSH RMPIP OBEF UCHPY DPIPDSCH CH VHDHEEN, PO NPTsEF OE TEYYFSHUS VTBFSH CHBKNSCH, FBL LBL X OEZP NPZKhF ChPOYLOKHFSH RTPVMENSCH U CHPCHTBFPN DPMZB. h-FTEFSHYI, CHEMYUYOPK DPIPDB RPFTEVYFEMS - YUEN VEDOE RPFTEVYFEMSH, FEN ULPTEE PO TEYIF RPDPTsDBFSH YOE RMBFIFSH DPRPMOIFEMSHOSHE DEOSHZY OB RTYVMYTSEOYE OBYUBMB RPFTEVMEOYS.
Yeneoeoeye Ufbchl RTPGOOFB Neosephhpt RPFTEVIFEMEC - Yuen Oiksa RTPGOOOF, FEN VPMSHY RPFTEVEVEMECE Teybaf Chosfshi Ch DPMZ LHRIFSH UPF NPTZP NPPZP NPLSP, RPLPB OBLPB OBLPB OBLPB OBLPS
fBLYN PVBPN, RTY HNEOSHYOYY UFBCHLY RTPGEOFB URTPU ABOUT LBRYFBM HCHEMYYUYCHBEFUUS, FBL LBL Y JITNSCH, Y OBUEMEOIE TEYBAF CHЪSFSH VPMSHIE DEOEZ CH DPMZ.
rTEDMPTSEOYE LBRYFBMB
lTYCHBS RTEMPTSEOIS LBRYFBMB YNEEF RPMPTSYFEMSHOSHCHK OBLMOPO(TYU. 5.2.2)
1. LIFE CHSCHUFHRBAF CH LBYUEUFCHE LTEDIFPTPCH, EUMY H OII PVTBHAFUS CHTENEOOP "MYYOYE" DEOSHZY, LPFPTSHCHE POY OE NPZHF YURPMSHЪPCHBFSH c RTYVSHCHMSHA UBNY. lBLPSCHCH RTYUYOSCH RPSCHMEOYS "MYYOYI" DEOEZ?
pDOPK Y RTYUYO RPSCHMEOYS X PFDEMSHOPK ZHITNSCH CHTENEOOP UCHPVPDOSHCHI DEOETSOSCHI UTEDUFCH NPTSEF VSCFSh OEPVIPDYNPUFSH UVETEZBFSH YUBUFSH RPMHYUBENPK RTYVSHCHMY CH CHYDE BNPTFYBGIPOOSCHI PFUYUMEOIK
. Obrtynet, Eumi Zhaitnb Chmbdeef Lblen-FP Pvptkhdpchien, LPFPPPPPIF 1 NMO THMEKHECHBUSHEEEE 5 MEF, EK OKOP CHEEEEE 5 MEFPVIPDSHA OPEPZBZBZBZBZBZBZBZBZD obrtynet, POB NPTSEF PFLMBDShCHBFSH LBTsDShKK ZPD Y Chshchthyuly RP 200 FSHCHUSYu, YuFPVshch RP RTPYEUFCHY YFYI 5 MEF RPMKHYUYFSH OEPVVIPDYNSCHK NYMMYPO. fBLYN PVTBBPN, LBTsDShK ZPD X ZHITNSCH VKHDHF RPSChMSFSHUS 200 FSHCHUSYU THVMEK, LPFPTSHCHE RTY LFPN PLBJSCHCHBAFUS CHTENEOOP "MYYOYNY" Y NPZHF VSHCHFSH PFDBOSCH CH DPMZ ABOUT TSCHOLE LBRYFBMB.
dTHZYN YUFPYUOILPN FPCE NPTCEF VSHCHFSh UPVUFCHEOOOSCHK LBRYFBM ZHITNSCH - CH FPN UMHYUBE, EUMY ZHYTNB OE NPTSEF RTYVSHMSHOP EZP YURPMSHЪPCHBFSH UBNB. obrtynet, h TEHMSHFBFE RBDEOYS URTPUB ABOUT HER RTPDHLGYA ZHYTNB TEYBEF OEULPMSHLP UPLTBFYFSH RTPYCHPDUFCHP Y YUBUFSH PUCHPPVPDYCHYIUS DEOEZ PFDBEF CHTENEOOP CH DPMZ ABOUT TSCHOLE LBRYFBMO. YuEN CHCHIE UFBCHLB RTPGEOFB, FEN VPMSHYBS YUBUFSH PRETBGIK ZHITNSCH PLBTCEFUS OERTYVSHOPK Y VPMSHIE LPMYUEUFCHP DEOEZ ZHITNB UPZMBUIFUS PFDBFSH Ch DPMZ.
2. rPFTEVYFEMY YNEAF NPFICHSHCH DMS UVETETSEOIS YUBUFY UCHPEZP DPIPDB, BOBMPZYUOSCHE FEN, LPFPTSCHE RPVHTsDBMY YI VTBFSH CHBKNSCH.
ChP-RETCHSHI, POY NPZHF PFLMBDSCHCHBFSH DEOSHZY, YUFPVSCH LPNREOUYTPCHBFSH OYLYK DPIPD CH VHDHEEN - DEMBFSh UVETETSEOIS ABOUT UVBTPUFSH. rPFPN POI UNPZHF HCHEMYYUYFSH UCHPK HTPCHEOSH RPFTEVMEOYS b UYUEF TBUIPDPCHBOYS LFYI UVETETSEOIK.
CHP-CHFPTSCHI, LBL NSC HCE ZPCHPTYMY, RPFTEVYFEMY NPZHF PFLMBDShCHBFSH DEOSHZY ABOUT RPLHRLH LBRYFBMSHOPZP VMBZB. Yuen CHSCHYE VHDEF RTPGEOF, DRYER VPMSHYEE LPMYYUEUFCHP RPFTEVYFEMEK PFLBTSHFUS VTBFSH LTEDYF LCA RPLHRLY DPTPZPK CHEEY J VHDHF UVETEZBFSH DEOSHZY - OP EUFSH CHSCHUFHRSF ON TSCHOLE LBRYFBMB OE H LBYUEUFCHE RPLHRBFEMEK, W B LBYUEUFCHE RTPDBCHGPCH.
CHMBDEMEG ZHYTNSCH (LBL RPFTEVYFEMSH) CH UMKHYUBE RPMHYUEOYS CHSHCHUPLPK RTYVSHMY NPTsEF RTYOSFSH TEYOYE OE FTBFIFSH EE ABOUT UPVUFCHEOOOSCHE OKHTSDSCH, B YURPMSHЪPCHBFSH DMS RPMHYUEOYS DPRPMOYFEMSHOPZP DPIPDB. obrtynet, PFDBFSH CH DPMZ ABOUT TSCHOLE LBRYFBMB DMS RPMHYUEOYS RTYVSHMY CH CHYDE RTPGEOPCH.
h IPSKUFCHE NPZKhF UHEEUFCHPCHBFSH CHMBDEMSHGSCH DEOETSOSCHI LBRYFBMPCH, LPFPTSCHE YURPMSHKHAF YI FPMSHLP DMS RPMHYUEOYS RTYVSHCHMY H CHYDE RTPGEOFB Y PFDBAF DEOSHZY CH DPMZ, - FBLYISCH TBOFSE . lPZDB TBOFSHE CHPCHTBEBAF EZP UUHDSCH, PO UOPCHB PFDBEF DEOSHZY CH DPMZ Y, FBLYN PVTBBPN, PRSFSH CHSHUFHRBEF CH LBYUEUFCHE LTEDIFPTB. tBOFSHE NPZKhF VSHCHFSH "CHEYUOSCHNY" RTPDBCHGBNY YMY LTEDIFPTBNY ABOUT LBRYFBMB TSCHOLE.
fBLYN PVTBBPN, RTEMPTSEOYE BENOSCHI UTEDUFCH PFUBUFY PVTBHEFUUS IB UYUEF FPZP, UFP X ZhYTN Y X RPFTEVYFEMEK PVTBHAFUS CHTENEOOP "MYYOYE" DEOETSOSCHE BRBUSCH. TBCHOPCHEUYE ABOUT TSCHOLE LBRYFBMB
yFBL, ABOUT TSCHOLE LBRYFBMB UHEEUFCHHAF OELPFPTSCHE LTYCHSHCHE URTPUB Y RTEMPTSEOIS. RETEUEYEOOYE FIYI LTYCHSHI PRTTEDEMSEF TBCHOPCHEUOKHA UFBCHLH RTPGEOFB (TYU. 5.2.3). LFB UFBCHLB PRTTEDEMSEF, LBLBS YUBUFSH RPFTEVYFEMEK Y ZHYTN, LPFPTSHCHE NPZHF VSHCHF MYVP LTEDYFPTBNY, MYVP ЪBENEILBNY, CHSHUFHRIF CH LBYEUFCHE RETCHSCHI, B LBLBS - CH LBYUEUFCHE CHFPTSHI.
rPFTEVYFEMY FTBFSF CHJSFE CH DPMZ DEOSHZY ABOUT TSHCHOLBI RPFTEVYFEMSHULYI VMBZ DMYFEMSHOPZP RPMSh'PCHBOYS, B ZHITNSCH - ABOUT TSHCHOLBI RTPNETSHFPYuOSCHI VMBZ.
NPTsOP ЪBNEFYFSH, UFP CH DBOOPN UMHYUBE RTPYYPYMP LBL VSH RETETBURTEDEMEOYE RPLKHRBFEMSHOSHCHI ChPNPTSOPUFEK UTEDY HYUBUFOILPCH IPSKUFCHB. Poda Zhaitnesch Yu RPFTEVIFEMI, LPFPTSHE PVMBDBMYA Chynpsopsha tbursdshus Yubufsh PVEZP RTPDHLFB IPSSKSHB, Cheneiop Retedbmi Chzinen Zhytvibn RMDFH BBFH BBFH BBFH BBFH BBFH ib RTY LFPN CHEMYYUYOB PVEEZP URTPUB OB TSHCHOLBI VMBZ OE YNEOSEFUS, B YNEOSEFUS FPMSHLP UFTHLFHTTB.
TBCHOPCHEUYE ABOUT TSCHOL LBRYFBMB NPTSEF YЪNEOYFSHUS RTY YЪNEEOOYY MAVPZP YЪ PVUFPFSFEMSHUFCH, PRTEDEMSAEYI RPMPTSEOYE LTYCHSHI URTPUB Y RTEMPTSEOIS.
rPULPMSHLH PDOIN Y PUOPCHOSHI ZBLFPTPCH SCHMSEFUS YOZHPTNBHYS P VHDHEEN DPIPDE (DMS RPFTEVYFEMEK) Y URTPUB (DMS ZHITN), PFOPUYFEMSHOP VSHCHUFTP TBCHOPCHEUYE NPTSEF Y'NEOSFSHUS CH TEEKHMSH PTSYDBOYK VHDHEYI UPVSHFYK. obrtynet, EUMY CH IPSKUFCHE TBURTPUFTBOIFUS YOZHPTNBGYS P ZTSDHEEK DERTEUUIY YMYY RPDAENE CH IPSKUFCHE, RPFTEVYFEMY Y ZHITNSCH NPZKhF TELP YЪNEOYFSH UCHPE RPCHEDEOYE ABOUT TSCHOLE LBRYFBMB (LFP NShch PVUHDYN H ѓ 3 ZMBCHShch 7).
h VPMEE DMYFEMSHOPN RETYPDE TBCHOPCHEUYE NPTCEF UNEEBFSHUS CH TEHMSHFBFE YNEOEOYS NOOEE RPDCHYTSOSCHI ZBLFPTPCH - OBRTYNET, UFEREOY VETETSMYCHPUFY RPFTEVYFEMEK (EUMMY MADY VHDHF NEOEE BYOFETEUPCHBOSHCH FELHEEN RPFTEVMEOYY Y BIPFSF VPMSHIE DEOEZ PFMPTSYFSH "ON RPFPN", UPITBOYFSH DMS DEFEK Y F. D.). yMY RP NETE HCHEMYYUEOYS DPIHR RPFTEVYFEMEK (EUMY MADY VHDHF UVBOPCHYFSHUS VPZBYUE, PO UNPZHF PFLMBDSCHCHBFSH VPMSHYE UHNNSC, OBRTYNET UPVITBFSH DEOSHZY OE ABOUT RPLHRLH CHEMPUIREDB, B ABOUT RPLHRLH SIFSH YMMY UBNPMEFB). yMY RTPUFP RP NOTE TPUFB IPSKUFCHB- YUEN VPMSHIE JYTN Y RPFTEVYFEMEK VKHDEF CH IPSKUFCHE, FEN VPMSHIE LPMYUEUFCHP HYUBUFOILPCH VKHDEF ABOUT TSCHOLE LBRYFBMB. RPUTEDOILJ ABOUT TSCHOLE LBRYFBMB
LBL CHSC RPNOYFE, MAVPK TSHCHOPL RTEDPMBZBEF NEUFP Y CHTENS CHUFTEYUY RTPDBCHGPCH Y RPLHRBFEMEK. TSCHOPL LBRYFBMB FPCE DPMTSEO PVMBDBFSH RPDPVOSCHNY YOUFYFHFBNY, LPFPTSCHE PVMEZYUBMY VSC CHUFTEYUKH LTEDIFPTPCH Y ЪBENEILPCH Y HNEOSHYBMY FTBOUBLGIPOOSCHE VBFTBFSCH.
OP TSCHOPL LBRYFBMB YNEEF UCHPA PUPVEOOPUFSH, LPFPTBS CHMYSEF OB EZP YOUFYFKHGIPOBMSHOPE HUFTPKUFCHP. yFB PUPVEOOPUFSH BLMAYUBEFUS CH FPN, UFP CHUE ZHJITNSCH Y RPFTEVYFEMY, TSEMBAEIE DBFSH YMY CH SFSH DEOSHZY H DPMZ, ZPFPCHSH UDEMBFSH LFP U TBMYUOSCHNY UHNNBNY Y ABOUT TBMYUOSCHK UTPL. pDOY RPFTEVYFEMY IPFSF DBFSH CH DPMZ ABOUT RPMZPDB, B DTHZYE - ABOUT DCHB ZPDB. pDOY ZHITNSCH IPFSF CHSKFSH LTEDIF ABOUT DCHB NEUSGB, B DTHZYE - ABOUT DEUSFSH MEF. x CHUEI HYUBUFOILPCH TSCHOLB CH FBLPK UYFKHBGYY VSCHMY VSH PZTPNOSCHE FTBOUBLGIPOOSCHE VBFTBFSCH, UCHSBOOSCHE U RPYULPN RBTFOETB, X LPFPTPZP VKHDEF TSEMBOYE CHЪSFSH (DBFSH) CH DPMZ UKHNTSOHOSHCHA.
pDOIN Y CHCHIPDPCH Y LFPK UYFHBGYY SCHMSEFUS RPSCHMEOYE RPUTEDOILPC ABOUT TSCOL LBRYFBMB. PFMECHOCCH RPUTDEDEL VHDEF Pvyedyosfsh Chue deoshzy, PFDboy Ch DPMZ RTY TBCHOPCHOOOPK UFBCHLE RTPGOOFB, h PDMSHYPK "LPFM" LPFNI TBCHBSHBFSHENSHSHENSHSHENSHSHENSHSHENSHSHENSHSHENSH OF THE SOUNSHENSHSHENSH
rPUTEDOIL ABOUT TSCHOLE LBRYFBMB VKHDEF DEKUFCHPCHBFSH H UCHPYI UPVUFCHEOOOSHI YOFETEUBI - TBDY RPMHYUEOYS RTYVSHCHMY. rPUTEDOIL PF UCHPEZP YNEOY CHPSHNEF CH DPMZ H CHUIEI ZHYTN Y RPFTEVYFEMEK, TSEMBAEYI UFBFSH LTEYFPTBNY, Y PF UCHPEZP YNEOY DBUF CH DPMZ ZHITNBN Y RPFTEVYFEMSN, TSEMBAEIN UFBFSH ЪBENEILBNY. RTYYUEN, UFPVShch RPMKHYUYFSH RTYVSHCHMSH, PO VKHDEF VTBFSH Ch DPMZ RP NEOSHHYEK UVBCHLE RTPGEOFB, YUEN PFDBCHBFSH. TBOYGB NETsDH UFBCHLBNY VKHDEF UPUFBCHMSFSH EZP CHSHCHTHYULKH, YJ LPFPTPK PO VKhDEF PRMBYUYCHBFSH CHUE TBUIPPDSH RP RTPCHEDEOYA PRETBGYK Y, ChPNPTsOP, RPMKHYUBFSH RTYVSHCHMSh.
rPUTEDOYL CHSHCHRPMOSAF TPMSh, UIPTSHA U NBZBYOBNY, LPFPTSHCHE ULHRBAF FPCHBTSC H RTPYCHPDYFEMEK Y TBURTPDBAF YI RPFPN RPFTEVYFEMSN, WOYTSBS FTBOUBLGIPOOSCHE RBFTBFSCH PVEYI UFPTPPO.
x RPUTEDOILPC ABOUT TSCHOLE LBRYFBMB OEF EDYOPZP OBCHBOYS, YUFP CHSHSHCHCHBEFUS TBMYUOSCHNY CHYDBNY.
RPUTEDOILY NPZHF VSHCHFSh UREGIBMYYTPCHBOOSCHNY, EUMY POI TBVPFBAF FPMSHLP U OELPFPTSCHNY CHYDBNY LTEDIFPCH YMY OELPFPTSCHNY CHYDBNY HYUBUFOILPCH TSCHOLB. obrtynet, npzkhf ukheeufchpchbfsh REOUYPOOSCHE ZHPODSCH. yMY UVETEZBFEMSHOSHOSCHE LBUUSCH, LPFPTSCHE FPTS TBVPFBAF U RPFTEVYFEMSNY, UPVYTBAENY YMY BOINBAEINY DEOSHZY DMS RPLHRLY DPTPZPZP VMBZB (DPNB, NBYOSCH Y F.D.).
OP RPUTEDOILY ABOUT TSCHOLE LBRYFBMB NPZHF VSHCHFSh HOYCHETUBEMSHOSHCHNY, EUMY POY TBVPFBAF UP NOPTSEUFCHPN FYRPCH LTEDIFPTPCH Y ЪBENEILPC.
pDOYN dv PUOPCHOSCHI CHYDPCH RPUTEDOYLPCH ON TSCHOLE LBRYFBMB NPZHF VSCHFSH VBOLY, LPFPTSCHE UPYUEFBAF CHSCHDBYUH UUHD have CHSCHRPMOEOYEN DCHHI DTHZYI CHBTSOSCHI ZHHOLGYK: PVEUREYUEOYS VEPRBUOPUFY PRETBGYK have DEOSHZBNY J PVUMHTSYCHBOYS VEOBMYYUOPZP PVPTPFB DEOEZ (FY "TPDPCHSCHE" ZHHOLGYY VBOLPCH NShch PVUHDYN B UMEDHAEEN RBTBZTBZHE).
UMEDHEF FBLCE ЪBNEFYFSH, UFP U TBCHYFYEN IPSKUFCHB ABOUT TSCHOLE LBRYFBMB RPSCHMSEFUS EEE PDYO YOUFYFHF - GEOOSCHE VKHNBZY.
|
YUFPTYS LTEJFB rPULPMSHLKH LBRYFBMSHOSHCHE VMBZB RPSCHMSAFUS RTBLFYUEULY PDOCHTENEOOP U ChPOYOPCHELB IPSKUFCHB, FP Y TSHCHOPL LBRYFBMB NPTSEF RPSCHMSFSHUS ABOUT UBNSHCHI TBOOYI UFBDYSI TBbfpzfjs. dbchbkfe tbuunpftyn chpmagya ffpzp tscholb. bKNSCH "RP OHTSDE" UBNSHCHE RETCHSHCHE BBNSCH H YUFPTYY YuEMPCHEYUFCHB CHSHCHCHCHBMYUSH, LBL RTBCHYMP, OHTsDPK, BOE CHPNPTSOPUFSHHA RPMKHYUYFSH DPRPMOYFEMSHOHA RTYVSHCHMSH. LBL FPMSHLP MADY OBYUBMY CHSHTBEYCHBFSH YUFP-FP ABOUT ENME, SING UTBYH UFPMLOHMYUSH U RETYPDYUEULYNY OEHTPTSBSNY, LPFPTSCHE NPZMY PUFBCHYFSH VE EDSCH ABOUT CHEUSH ZPD. DEUSH Y RPSCHMSAFUS RETCHSHCHE BLKNSCH: EUMY PFDEMSHOPPNH LTEUFSHSOOYOH OE ICHBFBMP UPVTBOOPZP HTPTSBS, ON EM L VPMEE VPZBFPNKH UPUEDH Y RTPUYM PDPMTSYFSH OHTSOPE VMBZP DP UMEDHATSEBEZP. LFY BKNSCH NPZMY YNEFSH PDOCHTENEOOP Y RPFTEVYFEMSHULYK IBTBLFET, J RTPYCHPDYFEMSHOSHCHK- OBRTYNET, YUBUFSH ЪBKNB ЪETOPN YMB ABOUT RPFTEVMEOYE (DPTSYFSH DP UMEDDHAEEZP HTPTsBS), B DTHZBS NPZMB YURPMSHЪPCHBFSHUS DMS RPUECHB (CHSHCHTBUFYFSH FFPF HTPTsBK). LTPNE FPZP, RETCHSHCHE ZHPTNSCH BKNPCH Y RTPGEOPCH YNEMY, LPOEYUOP CE, OBFHTBMSHOSHCHK IBTBLFET (TBOPCHYDOPUFSH VBTFETB). lTEUFSHSOYO BOINBM PYO NEYPL ETOB, B CHPCHTBEBM RPMFPTB YMY DCHB. fBLYN PVTBBPN, LTEDIF PRETEDYM RPSCHMEOYE Y TSHCHOPYuOPZP IPSKUFCHB, Y DEOEZ. LPOEYUOP, OYUFP OE NPZMP ZBTBOFYTPCHBFSH, UFP Yuempchel, KhTse RPRBCHYK CH RBFTKHDOIFEMSHOPE RPMPTSEOIE, UNPTSEF OE FPMShLP RPRTBCHYFSH UCHPY DEMB, OP EEE Y DPUFBFSH YЪMYYEL, YUFPVSH DPMDB. LBL RYUBM PDYO YUFPTYL IPSKUFCHB, "VTBFSH RTPGEOFSHCH RTY LFYI HUMPCHYSI OBBYUIF RBDBAEEZP RPDFPMLOHFSH". eUMY YuEMPCHEL OE REFINERY PFDBFSH DPMZ, PO REFINERY MYYYFSHUS UCHPEZP YNHEEUFCHB. eUMY X OEZP VSHMP OEYUEZP CHSKFSh, ON PFRTBCHMSMUS PFTBVBFSHCHBFSH DPMZ ABOUT RPME YMY ABOUT DCHPT L UCHPENKH LTEDIFPTH. fBL RPSCHMSMPUSH DPMZPCHPE TBVUFCHP. LPOEYUOP, RPDPVOPE SCHMEOYE OE CHSHCHCHCHBMP PDPVTEOYS H PVEEUFCHE. pDOIN Y' RETCHSHCHI VPTGCH RTPFICH OEZP UFBMB GETLPCHSH. GETLPCHSH Y RTPGEOF PUOPCHOSCHN YUFPYUOILPN BTZHNEOPFC UCHSEOOILPC CH PUKHTSDEOYY RTPGEOFB VSCHMB VYVMYS. h ECHBOZEMYY PF mHLY OBRYUBOP: "... CHBKNSCH DBCHBKFE, OE PTSYDBS OYUEZP ..."(VI, 35). FP POBUBEF, UFP LTEDIFPTE OE DPMTSEO RTPUYFSH OY RTPGEOPCH, OY CHPCHTBFB UBNPK UUHDSCH. l LFPNH DPVBCHMSMPUSH HYUEOYE P RTPGEOFE DTECHOEZTEYUEULPZP NSHUMYFEMS bTYUFPFEMS (YUSHA ZHYMPUPJYA UTEDOECELPCBS GETLPCHSH RSHCHFBMBUSH UCHNEUFYFSH U ITYUFYBOUFCHPN). uPZMBUOP bTYUFPFEMA, RTPGEOF SCHMSEFUS RTPFYCHPEUFEUFCHEOOOPK ZHPTNPK DPIPDB, FBL LBL "DEOSHZY OE NPZHF TPTsDBFSH DEOSHZY". th LTPNE FPZP, GETLPCHSH RSHCHFBMBUSH OBKFY OELIE TBGYPOBMSHOSHCHE DPLBBEMBFEMSHUFCHB OEEUFEUFCHEOOPUFY RTPGEOFB. Pdodin Yu BTZHNEOFPCH VNM, Obrtynet, Madhaeka: Rpulpmshlh Pfdboy Ch DPMZ deoshzy Chchtbebafus ltephpth pvtbfop, RTPGEOFA RMBPK B CHENS, B CHETSS RTTPHBPSH, FNE LMPS. RPMSHUKHSUSH UCHPEK CHMBUFSHHA, GETLPCSH RSHCHFBEFUUS RPLPOYUYFSH U RTPGEOPPN "UCHETIKH". h 1179 Z. RBRB bMELUBODT III BRTEEBEF RTPGEOF RPD UFTBIPN MYIEOYS RTYUBUFIS. h 1274 Z. RBRB ZTYZPTYK X RTYNEOSEF VPMEE UFTPZPE OBLBBOYE - Y'ZOBOYE Y ZPUHDBTUFCHB. h 1311 Z. RBRB lMYNEOF V CHCHPDYF CH LBYUEUFCHE OBLBBOYS PFMKHYUEOYE PF GETLCHY. bBLPOSH RTPFICH TPUFPCHEYUEUFCHB l LPOGH UTEDOYI CHELPC ZPUHDBTUFCHP OBLPOEG RETEUFBEF VPTPFSSHUS RTPFICH MAVPK ZHPTNSCH LTEDIFPCH Y RSHCHFBEFUS OE DPRHUFYFSH TPUFPCHEYUEUFCHB TEZHMYTPCHBOYEN CHSHCHUPFSCH RTPGEOFB. h 1545 Z. CH BOZMYY NBLUINBMSHOPK VSCHMB PYASCHMEOB UFBCHLB 10% CH ZPD. h 1624 Z. POB WOYTSEOB DP 8%, B Ch 1652 Z. - DP 6%. dTHZYE UFTBOSH DEKUFCHPCHBMY RPIPTSYN PVTBPN. OBRTYNET, CH 1640 Z. CH OYDETMBODBI VSCHMB HUFBOPCMEOB NBLUINBMSHOBS UFBCHLB RTPGEOFB CH TBOBNETE OE CHCHIE 5%, PE ZhTBOGIY CH 1601 Z. VSHCHM HUFBOPCMEO NBLUINBMSHOSHCHK RTPGEOF 6%. h tPUUYY FBLPK BLPO CHCHEMY CH 1754 Z., B NBLUINBMSHOSHCHK RTPGEOF VSHCHM FPTS TBCHEO 6%. CH XVIII CH YYTPLBS CHPMOB RTPFEUFB RTPFICH BRTEEEEOIS RTPGEOPFC OBJJOBEF RPUFEREOOP TBTHYBFSH PVEEUFCHEOOPE NOOYE, J CH XIX CH. pDOBLP H BLPOPDBFEMSHUFCHE NOPZYI UFTBO PUFBEFUUS RPOSFIE TPUFPCHEYYUEUFCHB ( "LLURMHBFBGYY OKHTSDSCH, UMBVPUFY TBKHNEOYS, OEPRSHCHFOPUFY YMY DHYECHOPZP CHPVVHTsDEOYS LTEDIFHAEEZPUS") Y HZPMPCHOBS PFCHEFUFCHEOOPUFSH b OEZP. LTHROSHCHNY BENEILBNY NPZMY VSHCHFSH LPTPMY, BLKNSCH LPFPTSCHI OPUIMY MYVP CHPEOOSHCHK IBTBLFET, MYVP RPFTEVYFEMSHULYK. LPTPMY VSHCHMY PDOYNY Y UBNSCHI "RMPIYI" BENEILCH, FBL LBL MEZLP NPZMY TEYYFSH OE CHPCHTBEBFSH DEOSHZY (UN. PLOP "lPZDB VBOLTPFYFUS ZPUHDBTUFCHP", - 3 ZMBChShch 6). fPTZPCHSHCHK (LPNNETYUEULYK) LTEDIF URTPU ABOUT LTEDIFSCH DMS RPMHYUEOYS RTYVSHMY (BOE DMS RPFTEVMEOYS) TBOSHIE CHUEZP RPSCHMSEFUS CH FPTZPCHME. h dTECHOEK zTEGYY LTEDF CHSHCHDBCHBMUS ZMBCHOSCHN PVTBBPN DMS FPTZPCHSHCHI GEMEK. CHEMYUYOB RTPGEOFB UPUFBCHMSMB 12-18%. YYTPLP YURPMSH'CHBMYUSH NPTULYE UUHDSCH- RPD ЪBMPZ LPTBVMS Y FPCHBTB. uFBCHLB RTPGEOFB RP FBLYN UUHDBN UPUFBCHMSMB PLPMP 30% - CH ЪBCHYUYNPUFY PF TYULPCHBOOPUFY RTEDRTYSFYS. vBOLYTSCH dTECHOEZP TYNB - NEOUBTYY YMY BTZEOFBTYY (UN. PLOP "LBL RPSCHMSMYUSH VBOLY", ѓ 3 bfpk Zmbchsh) - RTYOONBMY of LBUEUFCHE CHLMBDPCH deoshzy Tyunnulpk Kommersant, LPFPTHE RPUMDOSS RTICHPYMB Yu Kommersant RPIPDPCH, COMBMBPSHPSHPSHPSHPSHPSHPSHPSHPSDSHPSHPSHPSHPSHPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP The the therapy LFY DEOSHZY UUKHTSBMYUSH LHRGBN YMY RTPY'CHPDYFEMSN, Y, FBLYN PVTBYPN, RPFTEVYFEMY LTEYFPCHBMY RTPY'CHPDUFCHP. CHRTPYUEN, OELPFPTSHCHE RTYNETSHCH PTZBOYBGYY YURPMSH'CHBOYS DEOEZ OBUEMEOIS NPTsOP PVOBTKHTSYFSH. Obrtynet, velpffschi fptzchshche LPNRboy, h Jfbmyy, zetboyy dhzyi Uftbobi ovyobaf RTYOOINBFSH "Derpyifsch" x Rkhvmyle RPD Zhilulyutpcho -Bobo -Bobo -Bobo -Bobo -Bobo -Bobo -Bobo -Bobo -Gobo -Gobo -Gobo -Gobo -Brapye Domsy Pvyuhafs Chiefshee Chiefsheei Ochigaei Orthuzhee Chiefsheei PVEVPYURYUSHIEYSHEYSHEYSHYESHEYSHEYSHYEE OBOSHEYAYAYA PVEVPHYEYASHYEASHYAYAYA LBL Ryyyf PDYO YUFPTIL, HO OUBMA XVI C. Ch Bhzuvkhtze x BNVTPYS ZPIFEFFEFTB (LTHROSHCK FPTZPCHEG) LOSSHS, ZTBZHSH, DCPTSOYA, LEFEMIL, VBFTBLED RPPNIBLY RPPED UNPRODSIS UNITSES oERPUTEDUFCHEOOP UVETEZBFEMSHOSHOSHE LBUUSCH OBYUYOBAF TBCHYCHBFSHUS CH BOZMYY CH LPOGE XVIII CH. Tburtpuftboyshchmy, lifeline LBUUSH, POSTENBUSH, HOUSE FPCEETBMY UEOTECEIS NETLYY CHLMBDYLPCH II YI DMS DMZPUTPUPHBIPHEPHEPHICS. lBTsDBS LBUUB DEKUFCHPCHBMB H UCHPEN TBKPOE Y RPFPNKh OBMB IBENEYLPCH DPUFBFPYuOP IPTPYP. |
Real capital retains its importance in the modern economy, but plays an increasingly important role, i.e. capital in the form of money and securities. The parallel existence of two types of capital (real and financial) leads to the fact that there are two sectors in the economy. These are the financial sector based on financial capital and producing financial services and the real sector based on real capital and producing goods and non-financial services.
Capital markets are those market segments where financial assets are traded. As synonyms for this term, the concepts of "capital market" or "financial market" are used. The structure of the capital market can be represented as the sum of , the derivatives market, the insurance market, and (the latter together with part of the credit market forms ).
Various transactions are made in the capital markets, which correspond to the main market segments. Among them are foreign exchange transactions, transactions in the market of derivative securities (derivatives), transactions in the insurance services market, transactions in the bank loans market, transactions in the debt securities market, transactions in the government securities market, transactions in the stock market, transactions with securities (operations in the stock market).
Stocks and bonds have become the most popular means of investing capital due to the fact that they can be sold at a profit. They are sold and bought on the securities market, also called the stock market.
The concept and features of the capital market
Term "capital" is used in two main meanings: as a measure of the entire property (property) of the enterprise and as the name of a factor of production.
The creation of any value involves the use . The organization of new production is impossible without capital investments in structures, buildings, equipment. The functioning of the enterprise also requires the cost of updating and restoring the existing fixed capital.
Since fixed capital has been involved in economic activity for several years, the time factor is of particular importance in the functioning of the fixed capital market.
Demand, supply and real capital markets
Demand for real capital
The demand for real capital is formed by investments in real capital (non-financial investments). This investment demand consists of the demand for a variety of goods and services that are needed for the reproduction and renewal of real capital and which are called investment goods and services. The main elements of investment goods are machinery, equipment, vehicles and Construction Materials for fixed capital, as well as raw materials, fuel and energy, materials and semi-finished products for working capital plus investment services (geological exploration, design, etc.).
Firms are in the greatest demand for investment goods. But investment goods are also consumed by households (building houses, buying machinery and equipment, fuel and energy, etc.), non-profit organizations and the state (for the needs of the army and police, education, science, healthcare, etc.).
Real capital supply
It is formed by producers and sellers of investment goods, i.e. primarily industrial, agricultural, construction, transport and trade firms, as well as firms in the field of investment services.
Structure of real capital markets
It essentially consists of capital goods markets. Although they are so numerous that it is difficult to list them, the markets for machinery, equipment, Vehicle, raw materials, fuels and materials.
Equilibrium in investment goods markets
This equilibrium is established as in ordinary commodity markets, i.e. The equilibrium price is formed as a result of the interaction of supply and demand.
Structure of the capital market
capital markets name the segments of the market where financial assets are traded. As synonyms for this term, the concepts of "capital market", "financial market", "financial markets" are used.
The structure of the capital market can be presented differently. On fig. 1 shows one of the possible options.
Rice. 1. Structure of the capital market
In the foreign exchange market, the derivatives market, the insurance services market, mainly short-term transactions are made (for a period of up to 1 year inclusive). The credit market (it is subdivided into the markets of bank loans and debt securities) also makes a lot of short-term transactions. The share market is characterized by the predominance of long-term transactions. The stock market and part of the credit market (debt securities market) are combined into one market - stock(), although the stock market sometimes means only the stock market.
Each of the capital markets is huge and therefore they will be discussed separately.
Currency market
The foreign exchange market is the largest of the capital markets, judging by the volume of transactions made on it - about $ 400 trillion a year, or $ 1.9 trillion per day worldwide (according to 2000), and in Russia - several hundred million dollars a day (2003). This happens for the following reasons:
- this market serves both foreign trade and the international movement of capital with their enormous scale;
- there is a large number of purely speculative transactions in this market; aimed not at the exchange of currency for the international movement of capital or foreign trade, but at making a profit from currency arbitrage, i.e. from changes in exchange rates, as a result of which the currency is sold and bought not at all for the import and export of goods, services and capital;
- for insurance against changes in exchange rates and for speculative purposes, short-term foreign exchange instruments are issued in large quantities (primarily foreign exchange derivatives - see below), which further increases the volume of transactions in the foreign exchange market.
Trading in currencies and currency derivatives is carried out throughout the world, but primarily in the world's financial centers. Judging by all types of currency exchange transactions, London will come first (about 30% of foreign exchange transactions in the world), then New York (16%) and Tokyo (10%). Judging by trading in currency futures, the most common currency exchange operation, the largest volume of such currency transactions occurs in Chicago. In Russia, the bulk of foreign exchange transactions are carried out in Moscow, primarily on the Moscow Interbank Currency Exchange (MICEX).
Although in the world it is possible to exchange any currency for another (sometimes not always directly, but through a third currency), however, exchange operations gravitate towards several currencies of the world, which in this sense can be called world currencies. This is primarily the US dollar, which accounts for about half of all transactions with currencies. The euro is becoming a rival to the dollar. The positions of the Japanese yen, the British pound and the Swiss franc are more modest.
In addition to world currencies, there are regional currencies, i.e. distributed only in a particular region. In the CIS this regional currency is the ruble, in East and Southeast Asia it could be the Chinese yuan (although it has even more limited convertibility than the Russian ruble). But the US dollar dominates intra-regional trade and capital flows.
Insurance market
The size of this market is estimated in the world at 2.5 trillion dollars. This is the amount of annual insurance payments, the so-called premiums. Firms of various sizes operate in the global insurance market, and many of them are transnational. An example of a transnational insurance company is the Russian Ingosstrakh with its foreign branches, representative offices and bureaus in many foreign countries. Some insurance companies, especially in offshore centers, are generally created to serve parent TNCs and their foreign affiliates (the so-called captive insurance companies, from the English captive insurance companies).
The market for insurance services is especially large in developed countries. Here, insurance, according to estimates, covers approximately 90-95% of all possible risks, while in Russia it is less than 10%. Here insurance companies have become one of the leading investors. By the end of the 90s. in their hands were 31% of all shares of US companies and 27% of all shares of companies of countries participating in the euro area.
Operations in the capital markets
Various transactions are made in the capital markets, which correspond to the main market segments.
Currency operations
On the currency (forex - from the English forex, foreign exchange - foreign currency) market, one currency is exchanged for another. Currencies are exchanged in the forex market for various purposes - payments for foreign trade goods, international investments, debt recovery, risk neutralization, arbitrage. The development of the electronic communication system has made the market global, functioning 24 hours a day.
The main volume of transactions in the Russian foreign exchange market falls on the transactions of buying and selling foreign currency for rubles with a very short terms calculations - today (today) and tomorrow (tomorrow). The prospects for the Russian foreign exchange market are associated with the development of foreign exchange transactions for longer periods. Such urgent transactions include currency transactions with derivatives - forward, futures and option currency transactions. Currency derivatives trading focuses on commodity, stock or specialty futures exchanges.
Forward currency transactions are concluded for any period in the future and any value. Forwards are illiquid because they are difficult to sell to a third party.
Futures currency transactions are also based on agreements on the purchase and sale of currency in the future. But unlike a forward contract, a futures contract is an exchange-traded agreement requiring delivery of a standard amount of an asset on a standard date. Standard currency futures contracts (which are also valid in Russia) provide for the purchase or sale of currency in standard batches after 1, 3, 6, 9 and 12 months from the date of conclusion of such a contract.
If the planned currency transaction turns out to be profitable for the investor, he has the right to improve, when the operation is unprofitable, he has the right to refuse it. An operation in which such a choice is provided is called currency option. As development in Russia market economy the scope of use of currency options may expand. This is due to their greater flexibility compared to
futures and forward transactions. They allow not only to take advantage of favorable changes in exchange rates, but also to insure against possible losses associated with their unexpected and unfavorable dynamics.
Operations in the insurance services market
These operations are aimed at protecting against damage to the life and health, ability to work and pensions of the insured or insured person ( personal insurance), for its possession, use and disposal of property ( property insurance), as well as to cover payments to legal entities or individuals for damage caused to third parties ( liability Insurance).
In Russia, the most dynamically developing segment of the financial market in 2002-2005. voluntary property and liability insurance. Non-state pension funds were developed, the spread of which was facilitated by the ongoing pension reform in the country, as a result of which significant funds are expected to enter the financial market through the above-mentioned institutions.
At the same time, operations on the Russian insurance services market are carried out mainly by small-scale insurance companies. The development of insurance services takes place against the backdrop of the insecurity of potential insurers and reflects the financial and economic conditions of the state and development of the Russian economy. Insurance mainly serves the real sector of the economy and the population.
Operations with securities (operations in the stock market)
When classifying securities transactions, several criteria can be used. The most important is the division into cash and urgent transactions. There are also arbitrage transactions based on the resale of securities on various exchanges, when there is a difference in their rates, and package transactions, which are transactions for the purchase and sale of large lots of securities.
Typical for a cash transaction is that its execution mainly occurs immediately after the conclusion of the transaction. In Germany, for example, a cash transaction must be completed no later than the second day after the conclusion of the transaction. In the USA, Great Britain and Switzerland there are differentiated terms for performing cash transactions from immediate payment to five days. In Japan, depending on the contract, cash transactions can be completed from one to 14 days. In Russia, such transactions are carried out, as a rule, within two to three days.
Term transactions are essentially supply contracts, by virtue of which one party undertakes to give a certain amount of assets at a specified time, and the other to immediately accept them and pay a predetermined amount.
In general, futures transactions are usually concluded for a period of one to three months, rarely - for six months. Such operations are not allowed in all countries. For example, in Germany in 1931, as a result of the world economic crisis, they were banned, and only since 1970 forward transactions with stock values were again allowed with certain restrictions. According to Russian law, the execution of a transaction and its payment can be separated from each other by no more than 90 days. Urgent operations are widely practiced primarily in the USA and Switzerland.
As a rule, futures transactions with stock values are of a pronounced speculative nature. Stock exchange speculators playing for a fall (the so-called bears) enter into essentially fictitious sales, referred to in the exchange lexicon as a short sale, by the deadline. They sell securities that they do not yet have at the time of the transaction. In other words, they speculate on the depreciation. Bull marketers (so-called bulls) make purchases of securities for a period in anticipation of an increase in the rate, called a long transaction. The transaction should be completed, as a rule, by the end of the month. The names "bulls" and "bears" are interpreted as follows: bulls are like bulls who seek to "raise on the horns", playing for a fall are like bears who "crush under themselves."
"Bears" hope that shortly before the end of the deal, i.e. at the end of the month, they will be able to buy securities at a lower rate and sell them at a higher price set in the futures contract, and thus receive the exchange rate difference. Bulls, on the contrary, assume that they will be able to sell securities at a higher rate later. To do this, they acquire securities at the rate set in the transaction.
