1. Isishwankathelo sokuLiquidity kwiMarike
1.1. Yintoni uLiquidity yeMarike?
imarike utywala ibhekisa kwisakhono se-asethi ukuba ithengwe okanye ithengiswe ngokukhawuleza kwimarike ngaphandle kokubangela impembelelo ebalulekileyo kwixabiso layo. Ngumlinganiselo wendlela ngokulula ngayo i-asethi inokuguqulwa ibe yimali, ngexabiso elihlala lizinzile ngexesha lentengiselwano. Ukuthengwa kwempahla yexabiso eliphezulu kubonisa ukuba i-asethi inokuthengiswa ngokukhawuleza okanye kufuphi nexabiso layo lemarike, ngelixa ixabiso eliphantsi lamatyala libonisa ukuba ukuthengisa i-asethi kungathatha ixesha okanye kufuna ukwamkela ixabiso eliphantsi.
I-Liquidity isoloko ixoxwa kumxholo weemalike zezemali, apho ibhekiselele kwindlela elula ngayo izibambiso, ezifana esitokisini, amabhondi, okanye izinto eziphuma kuyo, zinokubakho traded. Kwimarike ye-liquid, kukho rhoqo abathengi abazimiseleyo kunye nabathengisi, beqinisekisa ukuba ukuthengiselana kwenzeka kakuhle. Ngakolunye uhlangothi, kwimarike engafanelekanga, ukufumana umthengi okanye umthengisi kunokuba ngumngeni, okukhokelela ekwehleni kwexabiso okanye ukulibaziseka ekusebenzeni. trades.
1.2. Kutheni le nto kubalulekile ukuqonda ukunyibilika kweMarike?
Ukuqonda ukuthengiswa kwemalike kubalulekile kubathathi-nxaxheba borhwebo, kuquka nabatyali-mali, traders, amaziko emali, kunye nabaqulunqi bomgaqo-nkqubo.
Kubatyali-zimali, ukuhlawula amatyala yeyona nto ibalulekileyo ekufuneka iqwalaselwe xa ukhetha indawo yokwaba imali yabo. Ii-asethi ezinolwelo oluphezulu zibonelela ngokuguquguquka kokungena kunye nokuphuma kwizikhundla ngokulula, ukunciphisa i ingozi yokubanjiswa kutyalo-mali. Oku kubaluleke ngakumbi ngamaxesha oxinzelelo lwemalike xa uqoqosho lunokoma, lukhokelele ekuhlalukeni okubalulekileyo kwamaxabiso kunye nelahleko enokubakho.
Abarhwebi, ngakumbi abo bazibandakanya kwixesha elifutshane qhinga, zithembele kumalinge okuhlawula amatyala ukuphumeza trades ngokufanelekileyo ngaphandle kokuchaphazela ixabiso lemarike. I-liquidity ephezulu iqinisekisa ukuba zabo trades inokucutshungulwa ngokukhawuleza ngamaxabiso aqikelelwayo, okubalulekileyo ekugcineni inzuzo kwiimarike ezihamba ngokukhawuleza.
Amaziko emali, afana neebhanki kunye kwinqaba Iingxowa-mali, kufuneka zilawule izithuba zabo zokuhlawula amatyala ngononophelo ukuhlangabezana nezibophelelo kunye nokunciphisa umngcipheko. Ukungonelanga kwemali yokuhlawula amatyala kunokukhokelela kwimiba yokuhlawula amatyala, njengoko kwabonwa ngexesha lobunzima bezemali ka-2008 xa ukunqongophala kwemali kwakhokelela ekuweni kwamaziko emali amaninzi.
Ngokwembono ebanzi yezoqoqosho, ukuhlawula amatyala kubalulekile ukuze kusebenze kakuhle iimalike zemali. Iququzelela ukufunyanwa kwexabiso elifanelekileyo, apho amaxabiso e-asethi abonisa lonke ulwazi olukhoyo. Oku, kwakhona, kuxhasa uzinzo lwemarike kunye nokuzithemba kubatyali-zimali. Ukongeza, imali yokuhlawula amatyala idlala indima ebalulekileyo ekuphunyezweni komgaqo-nkqubo wezemali, njengoko iibhanki ezingoovimba zixhomekeke kwiimarike zolwelo ukwenza imisebenzi yentengiso evulelekileyo kunye nefuthe. umgangatho wenzala.
| umba | inkcazelo |
|---|---|
| Market Liquidity | Ukukhululeka kwe-asethi enokuthengwa okanye ithengiswe ngaphandle kokuchaphazela kakhulu ixabiso layo. |
| Ukubaluleka kubaTyali-mali | Ibonelela ngokuguquguquka kwaye inciphise umngcipheko wokubanjiswa kutyalo-mali. |
| Ukubaluleka kwabarhwebi | Ivumela ukusebenza kakuhle trade ukwenziwa ngamaxabiso aqikelelwayo, kubalulekile kwizicwangciso zexeshana elifutshane. |
| Ukubaluleka kwamaZiko eMali | Ibalulekile ekulawuleni izithuba zemali yokuhlawula amatyala kunye nokuhlangabezana nezibophelelo ukuphepha imiba yokuhlawula amatyala. |
| Imbono yoQoqosho | Kubalulekile ukufunyanwa kwexabiso okusebenzayo, uzinzo lwemarike, kunye nomgaqo-nkqubo wemali osebenzayo. |
2. Yintoni uLiquidity yeMarike?
2.1. Inkcazo yoLwabiwo lweMarike
Ukuthengwa kwempahla yentengiso kubhekiselele kubulula ekunokuthengwa ngayo okanye kuthengiswe ii-asethi ngaphandle kokubangela utshintsho olubalulekileyo kwixabiso le-asethi. Ibonisa inqanaba lomsebenzi kwimarike, kunye nemali ephezulu yokuhlawula amatyala ebonisa ukuba baninzi abathengi kunye nabathengisi abakhoyo trade nangaliphi na ixesha. Imarike ye-liquid iqinisekisa ukuba utshintshiselwano lunokwenziwa ngokukhawuleza, ngokufanelekileyo, nangexabiso elikufutshane nexabiso le-asethi. Ngokuchaseneyo, kwimarike engekho mthethweni, intengiselwano inokuthatha ixesha elide ukugqitywa, kwaye abathengisi banokufuna ukubonelela ngesaphulelo ukutsala abathengi, okukhokelela kubhengezo olubanzi lokucela ukusasazeka.
Umbane awulophawu olumileyo; inokwahluka kwiimarike ezahlukeneyo, ii-asethi, kunye namaxesha. Umzekelo, equities traded kutshintshiselwano olukhulu olufana neNew York Stock Exchange ludla ngokubonisa uqoqosho oluphezulu, kanti ngokuqinisekileyo izindlu ezithengiswayo Utyalo-mali okanye izinto eziqokelelweyo zinokuba nemali esezantsi yokuhlawula amatyala ngenxa yeqela elincinci labathengi.
2.2. Imiba ePhambili echaphazela uLwabiwo lweMarike
Izinto ezininzi ziphembelela ukuthengiswa kwemalike, kubandakanya ubunzulu bentengiso, ububanzi bentengiso, kunye nokwakheka kwemarike. Ukuqonda la macandelo kunika imbono ebanzi yento eqhuba ukuswela imali kwiimarike zezimali.
Ububanzi beMarike
Ubunzulu bemakethi bubhekisa kumthamo wokuthenga nokuthengisa iiodolo kumanqanaba ahlukeneyo exabiso ngaphakathi kwimarike. A imarike ngobunzulu obuninzi inenani elikhulu lee-odolo kufutshane nexabiso lemarike yangoku, eyenza ukuba iintengiselwano ezinkulu zenzeke ngempembelelo encinci kwixabiso. Ubunzulu bubalulekile kwimali yokuhlawula amatyala kuba bumisela amandla emarike okuphatha kakhulu trades. Ngokomzekelo, kwimarike enzulu, umyalelo omkhulu unokuphunyezwa ngaphandle kokubangela ukuguquguquka okukhulu kwexabiso, okungenakwenzeka kwimarike enzulu.
Ububanzi beMarike
Ububanzi bemarike bulinganisa inani labathathi-nxaxheba ngokukhutheleyo urhwebo i-asethi ethile. Imarike ebanzi inenani elikhulu labathengi kunye nabathengisi, igalelo kuqoqosho oluphezulu. Ububanzi bemarike bubalulekile kuba bubonakalisa inqanaba lokuthatha inxaxheba kwimarike. Imakethi enentatho-nxaxheba ebanzi ayinakukwazi ukufumana ukuguquguquka okubalulekileyo kwamaxabiso, njengoko ubukho babathathi-nxaxheba abaninzi borhwebo bunceda ukuzinzisa amaxabiso ngokuthatha ngokukhawuleza unikezelo kunye imfuneko ukungalingani.
Ulwakhiwo oluncinci lweMakethi
Ulwakhiwo lwemalike oluncinci lubhekisa kwiindlela ezithile, imithetho, kunye neenkqubo eziququzelela urhwebo ngaphakathi kwimarike. Oku kuquka amaqonga okurhweba, iinkqubo zokuthelekisa ii-odolo, abenzi borhwebo, kunye nemigaqo elawula izenzo zokurhweba. Ulwakhiwo lwemalike olusebenzayo lunegalelo kuqoqosho oluphezulu ngokunciphisa iindleko zentengiselwano, ukuphucula ukungafihli, kunye nokuqinisekisa ukuba trades zenziwa kakuhle kwaye ngokukhawuleza. Umzekelo, iiplatifti zokurhweba nge-elektroniki ezinee-algorithms zokulinganisa eziphucukileyo zinokuphucula ubungakanani bemali ngokudibanisa abathengi kunye nabathengisi ngempumelelo.
2.3. Imizekelo yeeMakethi zeLiquid kunye ne-Illiquid
Ukuqonda ngcono ukuthengiswa kwemalike, kuluncedo ukuqwalasela imizekelo yazo zombini iimarike ezingamanzi kunye nezingekho mthethweni.
Iimarike zolwelo:
- Utshintsho lwemali yelinye ilizwe (Forex) Imarike: The Forex imakethi yenye yezona marike zolwelo kwihlabathi jikelele, ezineetriliyoni zeedola traded yonke imihla. Inani eliphezulu labathathi-nxaxheba kunye nomsebenzi oqhubekayo wokurhweba kwiindawo ezahlukeneyo zexesha liqinisekisa ukuba iimali zingathengwa okanye zithengiswe ngokukhawuleza ngaphandle kweenguqu ezinkulu zexabiso.
- Utshintshiselwano olululo: Izitokhwe zeenkampani ezinkulu ezidweliswe kutshintshiselwano olukhulu olufana ne-NYSE okanye i-NASDAQ zihlala zinemali ephezulu. Ezi zitokhwe zihlala rhoqo traded, kunye ne-bid-ask encinci kunye nefuthe elincinci lexabiso elivela kwiitransekshini zomntu ngamnye.
IiMarike eziIlliquid:
- Izindlu ezithengiswayo: Iimarike zezindlu nezindlu zidla ngokuba lulwelo oluncinci kuba iipropati zithatha ixesha ukuthengiswa, kwaye iintengiselwano zihlala zibandakanya uthethathethwano olubalulekileyo lwamaxabiso. Ubume obukhethekileyo bepropathi nganye kunye nequla elincinci labathengi abanokuba negalelo kolu qoqosho lusezantsi.
- Impahla yabucala: Utyalo-mali kwizabelo zabucala ludla ngokungavumelekanga, njengoko kungekho ntengiso yesibini isebenzayo yezabelo kwiinkampani zabucala. Abatyali-mali banokufuna ukubamba olu tyalo-mali iminyaka eliqela ngaphambi kokuba baphume, ngokwesiqhelo ngokuthengisa okanye ngokunikezela koluntu.
| Umxholo | inkcazelo |
|---|---|
| Market Liquidity | Ukukwazi ukuthenga okanye ukuthengisa iimpahla ngokukhawuleza ngaphandle kokuchaphazela kakhulu ixabiso labo. |
| Ububanzi beMarike | Umthamo wokuthenga nokuthengisa iiodolo kumanqanaba ahlukeneyo exabiso, ebonisa amandla emarike. |
| Ububanzi beMarike | Inani labathathi-nxaxheba kwimarike esebenzayo, ebonisa inqanaba lokuthatha inxaxheba kwimarike. |
| Ulwakhiwo oluncinci lweMakethi | Iinkqubo, imithetho kunye neendlela eziququzelela ukurhweba kunye nefuthe lokuhlawula amatyala. |
| Imizekelo yeeMarike zolwelo | Forex imarike, utshintshiselwano lwempahla enkulu eneempahla ezinkulu. |
| Imizekelo yeeMarike ze-Illiquid | Izindlu ezithengiswayo, izabelo zabucala, izinto eziqokelelwayo. |
3. Ukubaluleka kokuLiquidity kwiMarike
3.1. IiNzuzo zokuLiquidity kwiMarike ePhakamileyo
Ukungabi namalike kwimalike ephezulu kubonelela ngeenzuzo ezininzi eziphambili eziphucula ukusebenza ngokubanzi kunye nokuzinza kweemalike zemali. Ezi zibonelelo zibalulekile kubatyali-mali, traders, kunye nenkqubo yezoqoqosho ngokubanzi.
Ukufunyanwa kweXabiso elisebenzayo
Olunye lolona ncedo luphambili kurhwebo oluphezulu lwemalike kukufunyanwa kwexabiso. Kwiimarike zamanzi, amaxabiso e-asethi abonisa lonke ulwazi olukhoyo ngokukhawuleza nangokuchanekileyo, njengoko utshintshiselwano oluninzi lwenzeka rhoqo. Lo msebenzi wokurhweba rhoqo uqinisekisa ukuba naluphi na ulwazi olutsha-nokuba lumalunga nengeniso yenkampani, izibonakaliso zezoqoqosho, okanye iziganeko ze-geopolitical-zifakwe ngokukhawuleza kumaxabiso e-asethi. Ngenxa yoko, iimarike zamanzi zikholisa ukuba namaxabiso asondele kumaxabiso azo angaphakathi, abonelela ngemekobume enobulungisa neselubala kubo bonke abathathi-nxaxheba.
Iindleko zeNtengiselwano eziNcitshisiweyo
Kwiimarike ezinemali yokuhlawula amatyala ephezulu, iindleko zentengiselwano ziphantsi jikelele. Oku kungenxa yokuba i-bid-ask isasazeka-umahluko phakathi kwexabiso umthengi azimisele ukulihlawula (ibhidi) kunye nexabiso umthengisi azimisele ukulamkela (ukubuza)-lincinci kwiimarike zamanzi. Ukusasazeka emxinwa kuthetha ukuba traders inokuthenga kwaye ithengise ii-asethi ngamaxabiso akufutshane nexabiso lemarike, icuthe iindleko zokungena kunye nokuphuma kwizikhundla. Ukongeza, i-frequency ephezulu ye trades kwiimarike zamanzi kunciphisa imfuno yabameli, ukuthoba ngakumbi iindleko zentengiselwano.
Ukwandiswa kokuSebenza kweMarike
Ukusebenza kwemarike kuphuculwe ngokubonakalayo kuqoqosho oluphezulu. Kwimarike esebenzayo, amaxabiso alungelelanisa ngokukhawuleza kulwazi olutsha, kwaye akukho thuba lincinci arbitrage (ingeniso ngokungafani kwamaxabiso). Ukusetyenziswa kwemali okuphezulu kuxhasa obu buchule ngokuqinisekisa ukuba kusoloko kukho abathengi nabathengisi aboneleyo ukuze bafunxe ulwazi olutsha kwaye lubonakalise kumaxabiso e-asethi. Oku kusebenza kakuhle kuxhamla bonke abathathi-nxaxheba beemarike, njengoko kukhokelela kwiimeko ezizinzileyo kunye neziqikelelweyo zemarike.
Ukuzithemba koMtyali-mali okwandisiweyo
Ukungabinamali kwimarike ephezulu nako konyusa ukuzithemba kubatyali-zimali. Abatyali-mali banokuthi bathathe inxaxheba kwiimarike apho banokuthenga lula kwaye bathengise ii-asethi ngaphandle kokukhathazeka malunga nokunyuka kwexabiso elibalulekileyo okanye ixesha elide lokuthengiselana. Olu kuzithemba lubalulekile ekutsaleni uluhlu olwahlukileyo lwabathabathi nxaxheba, kubandakanywa abatyali-mali bamaziko, abatyali-zimali abathengisayo, kunye nabaqikeleli. Imakethi enexabiso eliphezulu lokuhlawula amatyala ibonwa njengethembeke ngakumbi kwaye ingafanelwanga kukurhwaphilizwa, iyenza ibe yindawo enomtsalane kutyalo-mali lwexesha elifutshane kunye nexesha elide.
3.2. Imingcipheko yeLiquidity yeMarike ePhantsi
Ngelixa imali eninzi yokuhlawula amatyala iluncedo, ukungabikho kwemali kwimarike esezantsi kunokubeka imingcipheko ebalulekileyo. Le mingcipheko inokuchaphazela kuphela abatyali-mali ngabanye kunye traders kodwa kunye nenkqubo yemali ebanzi.
Ixabiso lokungazinzi
Ukungabi namali yokuhlawula amatyala okuphantsi kudla ngokukhokelela ekwenyukeni kwexabiso ukungazinzi. Kwiimarike apho kukho abathathi-nxaxheba abambalwa okanye umsebenzi omncinci wokurhweba, nokuba uncinci trades kunokubangela ukuguquka kwexabiso elikhulu. Oku kuguquguquka kuye kwandiswa ngexesha loxinzelelo lwemarike, xa ukuthengiswa kwemali kunokoma ngokukhawuleza, okukhokelela kwiintshukumo ezibukhali nezingalindelekanga kumaxabiso e-asethi. Kubatyali-mali, oku kuthetha imingcipheko ephezulu, njengoko ixabiso lotyalo-mali lwabo linokuguquguquka kakhulu ngexesha elifutshane.
Iindleko ezongeziweyo zeNtengiselwano
Kwiimarike ezingekho mthethweni, iindleko zentengiselwano zithande ukuba phezulu ngenxa yokusasazeka okubanzi kweebhidi. Abarhwebi kwiimarike ezinjalo kusenokufuneka bamkele amaxabiso angamkelekanga kangako ukuze bagqibezele intengiselwano, nto leyo eyandisa iindleko zokurhweba. Ngaphezu koko, ixesha elithathwayo ukwenza a trade kwindawo yotywala obuphantsi kunokukhokelela kwiindleko zamathuba aphezulu, njengoko traders banokuphoswa ngamathuba angcono ngelixa belinde ukuba iiodolo zabo zizaliswe.
Amathuba oTyalo-mali aNcinciweyo
Ukungabi namali yokuhlawula amatyala asezantsi kunokuthintela amathuba otyalo-mali, ngakumbi kubatyali-mali bamaziko amakhulu abafuna isakhono sokungena nokuphuma kwizikhundla ngaphandle kokubangela ukuphazamiseka okubalulekileyo kweemarike. Kwiimarike ezingekho mthethweni, aba batyali-mali basenokungakwazi ukuthenga okanye ukuthengisa isixa esifunekayo se-asethi ngaphandle kokuchaphazela ixabiso layo, bathintele amandla abo okulawula iipotfoliyo ngokufanelekileyo. Oku kunokunqanda abatyali-zimali abatsha ekungeneni kwimarike, kunciphise ngakumbi ukuhlawula amatyala kwaye kubangele ingxaki.
Ukubakho koKuwa kweMarike
Omnye weyona mingcipheko iqatha eyayanyaniswa nokungabi namali yokuhlawula amatyala okuphantsi kukubakho kokuwa kwemarike. Kwiimarike ezingekho mthethweni, ukunyuka ngokukhawuleza koxinzelelo lokuthengisa kunokukhokelela ekuhlahleni kwamaxabiso, njengoko kungekho bathengi baneleyo ukuba bathathe unikezelo. Oku kunokubangela ukuthengisa okunxunguphalisayo, apho abatyali-mali bangxamele ukubhangisa izikhundla zabo, nto leyo ekhokelela ekunyukeni okunyuka kwamaxabiso e-asethi. Iimeko ezinjalo ziye zabonwa kwiingxaki zemali, apho ukunqongophala kwemali kuye kwaba negalelo ekwehleni okukhulu kwamaxabiso emarike.
3.3 Umngcipheko weLiquidity kunye noLawulo lwawo
Umngcipheko we-Liquidity ubhekiselele kumngcipheko wokuba umtyali-mali okanye iziko aliyi kuba nakho ukuthenga okanye ukuthengisa i-asethi ngokukhawuleza ngokwaneleyo ukuthintela ilahleko okanye ukuhlangabezana nezibophelelo zemali. Ukulawula umngcipheko wokuhlawula amatyala kubalulekile, ingakumbi kumaziko emali axhomekeke ekubeni nako ukuguqula ii-asethi zibe yimali ukugcina imisebenzi.
Amanzi asebenzayo ulawulo lwengozi ibandakanya ukugcina ibhalansi phakathi kokubamba ii-asethi ezingamanzi kunye nokuzuza imbuyekezo ephezulu ukusuka kutyalo-mali oluncinci. Amaziko adla ngokusebenzisa umlinganiselo wokuhlawula amatyala, uvavanyo loxinzelelo, kunye nezicwangciso zenkxaso-mali yexesha elinokwenzeka ukulawula lo mngcipheko. Kubatyali-zimali ngabanye, ukwahlula-hlula kwii-asethi ezineeprofayili ezahlukeneyo zokungabi namali yokuhlawula amatyala kunye nokwazi iimeko zentengiso zizicwangciso eziphambili zokulawula umngcipheko wokungabikho kwemali.
| umba | inkcazelo |
|---|---|
| Ukufunyanwa kweXabiso elisebenzayo | Ukusetyenziswa kwemali okuphezulu kuqinisekisa ukuba amaxabiso e-asethi abonisa lonke ulwazi olukhoyo ngokukhawuleza nangokuchanekileyo. |
| Iindleko zeNtengiselwano eziNcitshisiweyo | Iimarike zolwelo zineentengiso ezincinci zokusasazeka, ezihlisa iindleko zokuthenga nokuthengisa ii-asethi. |
| Ukwandiswa kokuSebenza kweMarike | I-Liquidity ikhuthaza ukulungiswa kwexabiso ngokukhawuleza kulwazi olutsha, olukhokelela kwiimarike ezizinzileyo. |
| Ukuzithemba koMtyali-mali okwandisiweyo | Ukusetyenziswa kwemali okuphezulu kutsala uluhlu olubanzi lwabatyali-mali ngokunikezela ukungena nokuphuma kwizikhundla. |
| Imingcipheko yoButyebi obuphantsi: Ukuguquguquka kwexabiso | Ukungabi namali yokuhlawula amatyala okusezantsi kunokukhokelela ekutshintsheni kwamaxabiso okubalulekileyo nokungalindelekanga. |
| Imingcipheko yoButyebi obuphantsi: Iindleko ezongeziweyo zeNtengiselwano | Ukusasazeka okubanzi kweebhidi kwiimarike ezingekho mthethweni zonyusa iindleko zorhwebo. |
| Imingcipheko yoButyalo-mali obuphantsi: Amathuba oTyalo-mali olunyiniweyo | Abatyali-zimali abakhulu banokusokola ukungena okanye ukuphuma kwizikhundla ngaphandle kokuchaphazela amaxabiso. |
| Imingcipheko yoLwalo oluphantsi: Iingozi zeMarike | Iimarike ezingavumelekanga zisesichengeni sokuhla kabukhali ngexesha loxinzelelo lokuthengisa. |
| Umngcipheko woTywala | Umngcipheko wokungakwazi ukuguqula ngokukhawuleza i-asethi ibe yimali, elawulwa ngeendlela ezahlukeneyo. |
4. Imiba echaphazela ukuLiquidity kwiMarike
Ubume bemalike kwimalike buphenjelelwa kukudityaniswa kwezinto ezinokwahluka ngokuhamba kwexesha nakwiimarike ezahlukeneyo. Ukuqonda le miba kubalulekile kubatyali-mali, traders, kunye nabaqulunqi bemigaqo-nkqubo njengoko bejonga imeko yezemali.
4.1. Imiba yezoQoqosho
Iimeko zoqoqosho zidlala indima ebalulekileyo ekumiseleni uqoqosho lwemalike. Ngexesha lokukhula koqoqosho oluqinileyo, imali yokuhlawula amatyala ithande ukuba phezulu njengoko abatyali-mali kunye namaziko ezimisele ngakumbi trade kunye nokutyala imali. Ngokwahlukileyo, ngexesha lokudodobala kwezoqoqosho, ukungabikho kwemali kunokoma njengoko ukungaqiniseki kukhokelela ekuthinteleni umngcipheko, ukunciphisa umsebenzi wokurhweba.
Umgangatho wenzala, ukunyuka kwamaxabiso, kunye nokuzinza kwezoqoqosho ngokubanzi zizalathisi eziphambili zoqoqosho ezichaphazela ukuhlawula amatyala. Ngokomzekelo, imilinganiselo yenzala ephantsi ngokubanzi yonyusa ukuhlawula amatyala ngokukhuthaza ukuboleka kunye notyalo-mali, ngelixa imilinganiselo yenzala ephezulu inokunciphisa ukuhlawula amatyala njengoko ixabiso lemali linyuka, likhokelela kumaxabiso aphantsi orhwebo.
4.2. Umgaqo-nkqubo wezeMali
Umgaqo-nkqubo wezemali, owenziwe ziibhanki ezingoovimba, sisixhobo esinamandla esiphembelela uqoqosho lwemalike. Iibhanki eziphambili zilawula ukunikezelwa kwemali kunye nenzala, echaphazela ngokuthe ngqo ukufumaneka kwenkunzi kuqoqosho.
- Umgaqo-nkqubo wezeMali wokwandiswa: Xa iibhanki ezingoovimba zithoba inzala okanye zibandakanyeka ukunyanzeliswa kwamanani (ukuthenga izibambiso zikarhulumente), banyusa ubonelelo lwemali, benze ukuba imali eyinkunzi ifumaneke lula. Oku ke, konyusa amandla okuhlawula amatyala njengoko ukuboleka kuya kufikeleleka, kwaye nabatyali-mali betyekele kakhulu kuko trade kunye nokutyala imali.
- Umgaqo-nkqubo wezeMali weNgqungquthela: Ngokuchasene noko, xa iibhanki ezingoovimba zinyusa izinga lenzala okanye zinciphisa unikezelo lwemali, ukungakwazi ukuhlawula amatyala kunokwehla. Inzala ephezulu yenza ukuboleka imali kubize kakhulu, nto leyo ekhokelela ekuncitshisweni kwemisebenzi yorhwebo notyalo-mali, nto leyo enokucutha uqoqosho lwemalike.
Umgaqo-nkqubo wezemali ukwaphembelela ulindelo lwabatyali-mali kunye novakalelo lwemarike. Umzekelo, ukunyuka kwamaxabiso okungalindelekanga kunokukhokelela ekurhoxisweni ngokukhawuleza kwemali yokuhlawula amatyala njengoko abatyali-mali bephinda bavavanya umngcipheko wabo.
4.3. Imekobume yoLawulo
Ubume bolawulo ngomnye umba obalulekileyo ochaphazela uqoqosho lwemalike. Imimiselo inokwandisa okanye ithintele ukungabikho kwemali, kuxhomekeke kuyilo nokusetyenziswa kwayo.
- Impembelelo entle: Imigaqo ekhuthaza ukungafihli, ekhusela abatyali-mali, kwaye iqinisekise iindlela zokurhweba ezinobulungisa zinokonyusa uqoqosho lwemalike. Umzekelo, imimiselo efuna ukubhengezwa kwangethuba kolwazi lwezemali inceda abatyali-mali benze izigqibo ezizizo, ezikhokelela kwiimarike ezisebenzayo nezingamanzi.
- Impembelelo embi: Kwelinye icala, imimiselo engqongqo kakhulu inokunciphisa ukuhlawula amatyala ngokubeka iindleko eziphezulu zokuthotyelwa okanye ukukhawulela imisebenzi ethile yorhwebo. Umzekelo, ulawulo lwenkunzi okanye irhafu yentengiselwano inokuthintela urhwebo, inciphise ukuthengiswa kwemalike kwimarike.
Ibhalansi phakathi kolawulo kunye nokungabi namali yakuhlawula amatyala intekenteke, njengoko ummiselo omninzi unokuwucinezela umsebenzi weemarike, ngelixa umncinci kakhulu unokukhokelela ekungazinzini kunye nokunciphisa ukuzithemba kwabatyali-zimali.
4.4. Uvakalelo lweMarike
Uluvo lwentengiso, okanye isimo sengqondo esipheleleyo sabatyali-mali ngokubhekiselele kwimarike, sinokuchaphazela kakhulu ukungabikho kwemali. Uluvo oluhle, oluqhutywa lithemba malunga nokukhula koqoqosho okanye imivuzo yamashishini, kunokukhokelela ekwandeni komsebenzi worhwebo kunye nokunyuka kwemali yokuhlawula amatyala. Ngokuchaseneyo, iimvakalelo ezingalunganga, zihlala ziphenjelelwa luloyiko lokudodobala koqoqosho, uxinzelelo lwelizwe, okanye izilungiso kwimarike, kunokukhokelela ekuncitshisweni kwemali yokuhlawula amatyala njengoko abatyali-mali bebuyela umva kwaye babe sengozini ngakumbi.
Utshintsho oluqhutywa yimvakalelo yokungabi namali yokuhlawula amatyala lusoloko luziqinisa ngokwalo. Umzekelo, ngexesha lemarike yenkunzi, ukonyuka kwemali yokuhlawula amatyala kunokuqhuba amaxabiso phezulu, ukonyusa ngakumbi uvakalelo kunye nokutsala abathathi-nxaxheba abaninzi. Ngokuchaseneyo noko, kwimarike yeebhere, ukwehla kwamandla okuhlawula amatyala kunokwandisa ukuhla kwamaxabiso, okukhokelela ekunyukeni okunyukayo kovakalelo lwentengiso kunye nokunciphisa ngakumbi ukushota.
4.5. Ukuqhubela phambili kweTekhnoloji
Inkqubela phambili yezobuchwephesha ibe nefuthe elimandla kuqoqosho lwemalike kule minyaka imbalwa idlulileyo. Ukwaziswa kwamaqonga okurhweba nge-elektroniki, urhwebo lwe-algorithmic, kunye ne-high-frequency trading (HFT) iguqule indlela iimarike ezisebenza ngayo, ngokubanzi kwandisa ukuthengiswa kwemali.
- URhwebo lwe-Electronic: Ukutshintsha ukusuka kwintengiso yomgangatho wemveli ukuya kumaqonga e-elektroniki kuye kwanyusa kakhulu isantya kunye nokusebenza kakuhle kokurhweba. Iimarike ze-elektroniki ziyakwazi ukusingatha umthamo omkhulu wentengiselwano kunye nokulibaziseka okuncinci, ukunciphisa ixesha kunye neendleko zokurhweba, kwaye ngaloo ndlela kuphuculwe ukuhlawuleka.
- I-algorithmic kunye noRhwebo oluQhelekileyo: Obu bugcisa buphinde bongeza uqoqosho ngokuvumela ukwenziwa ngokukhawuleza kwemithamo emikhulu ye trades. Urhwebo lwe-algorithmic lusebenzisa imifuziselo yezibalo entsonkothileyo ukwenza izigqibo zokurhweba, ezihlala zikhokelela ekubhengezeni okungqongqo kwethedi kunye nokufunyanwa kwexabiso okusebenzayo. High-frequency traders, abafumana inzuzo ngokungafani kwamaxabiso amancinane, bongeza kumalinge okuhlawula amatyala ngokuqhubekeka ukubonelela ngeeodolo zokuthenga nokuthengisa.
Nangona kunjalo, ukuthembela kwitekhnoloji kuzisa iingozi ezintsha. Ngokomzekelo, "i-flash crash" ye-2010, apho i-Dow Jones Industrial Average yehla phantse amanqaku e-1,000 ngemizuzu, ibonise amandla obuchwepheshe obangela ukuphazamiseka ngokukhawuleza kokungabikho kwemali.
| Ingxaki | Impembelelo kwiLiquidity yeMarike |
|---|---|
| Imiba yezoQoqosho | Ukukhula koqoqosho, amazinga enzala, kunye nokunyuka kwamaxabiso kuphembelela uqoqosho lwemali ekhoyo, noqoqosho olunamandla ludla ngokunyusa izinga lokuhlawula amatyala. |
| Umgaqo-mali | Iintshukumo zebhanki enguvimba, ezinje ngotshintsho kwinzala kunye nokucuthwa kobungakanani, zinokunyusa okanye zicuthe imali yokuhlawula amatyala. |
| Imekobume yoLawulo | Imimiselo inokwandisa ukuhlawula amatyala ngokukhuthaza ukungafihli kodwa isenokuyinciphisa ukuba ingqongqo ngokugqithisileyo. |
| Imvakalelo yentengiso | Izimo zengqondo zabatyali-zimali, eziqhutywa lithemba okanye uloyiko, zichaphazela kakhulu uqoqosho, ngokufuthi kumjikelo wokuziqinisa. |
| Uphuhliso lwezobuchwepheshe | Inkqubela phambili kurhwebo lwe-elektroniki kunye nezicwangciso ze-algorithmic ngokubanzi zonyusa ukungabikho kwemali kodwa zingenise umngcipheko omtsha. |
isiphelo
Ukungabikho kwemali kwimarike yingcamango esisiseko kwiimalike zemali, ephembelela yonke into ukusuka kuzinzo lwamaxabiso kunye neendleko zentengiselwano ukuya kwimpumelelo yentengiso kunye nokuzithemba kubatyali-zimali. Ukusetyenziswa kwemali okuphezulu kuzisa iinzuzo ezininzi, kubandakanywa ukufunyanwa kwamaxabiso okusebenzayo, ukuncitshiswa kweendleko zentengiselwano, kunye nokwanda kokusebenza kakuhle kwemarike, konke oku kunegalelo kwimekobume yotyalo-mali ezinzileyo nenomtsalane. Ngokuchaseneyo, uqoqosho oluphantsi luzisa imingcipheko efana nokuguquguquka kwamaxabiso, iindleko eziphezulu zentengiselwano, kunye namathuba otyalo-mali anyiniweyo, anokukhokelela kuphazamiseko olumandla lwemarike.
Imiba emininzi, kuquka iimeko zoqoqosho, umgaqo-lawulo wemali, izikhokelo zolawulo, uvakalelo lwemarike, kunye nokuqhubela phambili kobuchwepheshe, zidlala indima ebalulekileyo ekumiseleni inqanaba lokuhlawula amatyala kuyo nayiphi na imarike enikiweyo. Ukuqonda le miba kubalulekile kubathathi-nxaxheba kwimarike abafuna ukuzulazula kubunzima beemalike zezemali kunye nokulawula umngcipheko wokungabikho kwemali ngokufanelekileyo.
Elokuqukumbelayo, uqoqosho lwemalike ngumba oguquguqukayo nonamacandelo amaninzi orhwebo lwemali ofuna ukuqwalaselwa ngononophelo ngabo bonke abachaphazelekayo. Ngokuqonda kunye nokubeka iliso kwizinto ezichaphazela imali yokuhlawula amatyala, abatyali-mali, traders, kunye nabaqulunqi bemigaqo-nkqubo banokwenza izigqibo ezizizo ezandisa uzinzo kwiimarike kunye nokukhuthaza ukukhula koqoqosho.
