Okh yd jákdlï W;amdokh Wfoid

fldgia f;dard .ekSu

iy ;SrK .ekSu
 mgqk

1.0 wdfhdackh (Investment) 01

2.0 wjodku iy m%;s,dNh (Risk & Return) 01

3.0 wdfhdackfha wruqKq (Investment Objectives) 02

4.0 úúO j¾.fha fldgia (Different Types of Stocks) 03

5.0 wjYH m%;s,dN wkqmd;h (Required Rate of Return) 03

6.0 wdfhdack ixfrdaOl (Investment Constraints) 04

7.0 wdfhdack m%;sm;a;s m%ldYh (Investment Policy Statement) 04

8.0 uqof,a ld, w.h (Time Value of Money) 04

9.0 wkd.; jákdlu (Future Value) 05

10.0 j¾;udk jákdlu (Present Value) 07

11.0 iq/l=ïm;a w.h lsÍu (Valuation of Securities) 09

12.0 j¾Ok wkqmd;h (Growth Rate) 10

13.0 isria m%fõYh (Top Down Analysis) 10

14.0 fldgil bmehqu (Earning Per Share - EPS) 12

15.0 ñ, bmehqï wkqmd;h (Pice Earning Ratio - P/E Ratio) 12

16.0 ñ, fmd;a w.h wkqmd;h (Price to Book Value Ratio - P/BV) 13

17.0 ,dNdxY M,od wkqmd;h (Dividend Yield Ratio - DY) 13

fldgia f;dard .eksu iy ;SrK .eksu

fldgia f;dard .eksu iy ;SrK .eksu
1.0 wdfhdackh (Investment)
wkd.;fhaoS lsishï m%;s,dNhla wfmalaIdfjka j¾;udk iïm;a
^uQ,H fyda uQ,H fkdjk& oS¾> ld,hla i`oyd lemlsÍu wdfhda-
ckh kï fõ. fuysoS wdfhdackh hg;g bvlvï, f.dvke.s,s,
rka, r:jdyk, l,d ks¾udK jeks uQ,H fkdjk j;alï fukau
NdKavd.dr ì,am;a, ne`ÿïlr, Khlr iy fldgia jeks uQ,H
j;alïo oelaúh yel. fï wkqj ir,j .;fyd;a wdfhdackh hkq
oS¾> ld,Sk lemlsÍuls. fuysoS fuh jvd;a ;yjqre lr .ekSu
i`oyd wdfhdackh iu.u fhfok ;j;a mo lsysmhl wre; iu.
iei`oSu jeo.;a fõ.
1.1 iufmalaIkh (Speculation)
iufmalaIkh hkq fláld,Sk m%;s,dN ^m%d.aOk ,dN muKla&
wfmalaIdfjka lrkq ,nk iïm;a fhoùul’. fuysoS m%;s,dNh
hkakg wvx.= jk fldgia y`ÿkd.ekSu jeo.;a fõ. ;u iïm;a
fhdojkq ,nk ´kEu mqoa.,fhl= wfmalaId lrk m%;s,dNh
fldgia follska iukaú; fõ. tkï M,odj (Yield) iy m%d.aOk
,dNhhs (Capital Gain).
m%;s,dNh = M,odj (Yield) + m%d.aOk ,dNh (Capital Gain)
fuysoS M,odj hkq wfmalaIs; ld, iSudj ;=<oS jßkajr ,efnk
uqo,a m%jdyhkah. ia:djr ;ekam;=jl fyda b;sß lsÍfï ;ekam;=-
jl uqo,a fhojqjfyd;a jd¾Islj fmd,shla ,efí. tfukau iud.
ul fldgiaj, uqo,a fhojqjfyd;a we;eïúg jd¾Islj fyda w¾O
jd¾Islj ,dNdxY ,eìfï yelshdj mj;S. fufia ,efnk fmd,S
iy ,dNdxY jeks oE M,odj f,i i,lkq ,nk w;r th ,eîu
i`oyd wdfhdað; uqo, lsishï ld,hla ^wju jYfhka udi 6 fyda
j¾Ihla& r`ojd ;eìh hq;=h. m%d.aOk ,dNh hkq j;alul úl=Kqï
ñ,;a th .;a ñ,;a w;r fjkihs.
m%d.aOk ,dNh = úl=Kqï ñ, - .;a ñ,
fï wkqj iufmalaIkfhka wfmalaId lrkqfha m%d.aOk ,dNh
muKs. th flá ld,Sk fõ. kuq;a wdfhdaclhl= m%d.aOk ,dNh;a
M,odj;a hk fldgia folu we;=<;a m%;s,dNhla wfmalaId lrhs.
wjodku iïnkaOfhka wjOdkh fhduq l<fyd;a wdfhdaclhdg
idfmalaIj iufmalaIlhdf.a wjodku by< uÜgul mj;S.
1.2 iQÿj (Gambling)
iQÿj hkq b;du;a flá ld,Skj by< m%;s,dNhla wfmalaId lrk
wjodkï wêl l%shdjls. fuysoS ksoiqka f,i uqo,a TÜgqjg lrk
l%Svdjka jk leisfkda, wYaj f¾ia iy f,d;/hs wdosh oelaúh
yel.
fuu moj, tkï wdfhdackh, iufmalaIkh iy iQÿj hk mo
tljr f.k i,ld n,k úg wdfhdackh hkak ksjerosj ks¾-
jpkh lr .ekSu wmg t;rï wmyiq fkdfõ. ta wkqj wdfhdac
kh hkq os.= ld,Sk m%;s,dNhla wfmalaIdfjka lrkq ,nk lem-
lsÍuls.
01
2.0 wjodku iy m%;s,dNh (Risk & Return)
wjodku iy m%;s,dNh hkak wdfhdaclfhl=g b;d jeo.;a ix-
l,am folls.
2.1 m%;s,dNh (Return)
m%;s,dNh hkq lsishï wdfhdackhla fya;=fjka lsishï ld,hla
;=< ,nk wdodhula, ,dNhla fyda ´kEu wêñ,ls. wdfhdackh-
lska ,nk m%;s,dNh uQ,slj fldgia follg fnosh yel.
m%;s,dNh
M,odj (Yield) m%d.aOk ,dNh
(Capital Gain)
M,odj iy m%d.aOk ,dNh hk fldgia fofla tl;=j m%;s,dNh
f,i y`ÿkajkq ,efí. M,odj hkq lsishï wdfhdackhla isÿlrkq
,enQ ld,h ;=< jßka jr ,nk ,eîïh. ,dNdxY iy fmd,sh
jeks foa fï i|yd ksoiqka fõ. fuf,i wdfhdað; ld, iSudj
;=<oS uQ,sl wdfhdackh Wm,íê lsÍulska f;drj ,efnk ,eîï
M,odj f,i y`ÿkajkq ,efí.
m%d.aOk ,dNh hkq lsishï w;am;a lr.kq ,enQ wdfhdackhla
kej; úlsKSu ;=<ska ,nk wruqo,a m%udKhhs. tkï wdfhdack
úl=Kqï ñ, iy ñ,oS .;a ñ, w;r fjkihs.
m%d.aOk ,dNh = wdfhdackh úl=KQ ñ, - wdfhdackh .;a ñ,
lsishï wdfhdaclhl= úiska ckjdß 01 jk osk iud.ul fldg-
ia 100la remsh,a 10,000l uqo,lg ñ,g .kS. udi 3lg miq tu
fldgia m%udKh re.15,000lg úl=Kkq ,enqfõ kï Tyqf.a m%d.a
Ok ,dNh
= re. 15,000 - re. 10,000
= re. 5,000/=
fï wkqj uq¿ m%;s,dNh .Kkh lsÍfïoS wod, fldgia i|yd
f.jkq ,nk ,dNdxYo fuu m%d.aOk ,dNhg tl;= lsÍu isÿ l<
hq;=h.
2.2 wjodku (Risk)
wjodku hkq wfmalaIs; m%;s,dNh;a i;H jYfhkau ,efnk
m%;s,dNh;a w;r fjkihs. wdfhdaclhska ;u uqo,a fhdojk
wjia:dfõu wod, .Kkh lsÍï iy is;d.ekSï j,g wkqj
wkd.; oskloS ,eìh yels m%;s,dNh ;SrKh lr .k’. ksoiqkla
f,i wo fldgia fjf<|mf<a re.10,000 fhdojk mqoa.,fhl=
;j j¾Ihla wjidkfha re. 12,000 l uqo,la n,dfmdfrd;a;= jk
w;r i;H jYfhkau j¾Ihla .; jQ úg Tyqg fuu w;sf¾l
re. 2,000l uqo, ^re. 12,000 - re. 10,000& ,nd .ekSug fkdyels-
ùu wjodku kï fõ.
wjodku fldgia lsysmhlg j¾. l< yel. tkï l%uj;a wjod-
ku iy wl%uj;a wjodkuhs (Systematic & Unsystematic Risk).
fldgia f;dard .eksu iy ;SrK .eksu

wjodku
Risk
l%uj;a wjodku wl%uj;a wjodku
Systematic Risk Unsystematic Risk
uQ,Hkh lsÍfï wjodku fufyhqï wjodku
Financial Risk Operational Risk
wjodku hkak l%uj;a wjodku iy wl%uj;a wjodku
ke;fyd;a úúOdx.SlrKh l< fkdyels iy úúOdx.SlrKh
l< yels f,i fldgia follg fnfoa. l%uj;a wjodku hkq
iuia: wd¾Ólhu tlu osYdjlg fhduq lrjkq ,nk ;;a;ajh-
kah. tfukau fujeks id¾j ;;a;ajhka tla mqoa.,fhl=g fyda
wdh;khlg md,kh lsÍfï yelshdjlao fkdmj;S.
ksoiqkla f,i, WoaOukh fya;=fjka mek k.sk uqof,a
l%h Yla;sh ySk ùu wd¾Ólhl isák ish¨ fokdgu n,mEï
we;s lrkq ,nhs. tfuka fmd,S wkqmd;slho tfiauh. fujeks
;;a;ajhka fjkia lsÍug ;ks ;ks wdh;k j,g yelshdjla
fkdue;s w;r wdh;k ish,a, thg wjk; ùula olakg ,efnhs.
wl%uj;a wjodku hkq ;ks ;ks wdh;k j,g iqúfYaIS jQ
wjodkuhs. fuysoS fuh md,kh lsÍu yd u.yer hdu wdh;k
fyda mqoa.,hskag isÿ l< yelsh. wl%uj;a wjodku fldgia fol-
la hgf;a i,ld ne,sh yel. tkï uQ,Hkh lsÍfï wjodku iy
fufyhqï wjodkuhs. wdh;khla uQ,Hkh lsÍfïoS uQ,sl
jYfhka whs;slrejkaf.a m%d.aOkh iy Kh m%d.aOkh
fhdod.kq ,nhs. uQ,Hkh lsÍfï wjodku f,i fuysoS y`ÿkd.
kq ,nkafka wdh;khl m%d.aOk jHqyh ;=< Kh m%d.aOkh jeä
ùu ksid yg.kq ,nk wys;lr ;;a;ajhhs. wdh;khl Kh
m%d.aOk jeäùu ;=< Kh iemhqïlrejkag wdh;kfha hïhï
lreKq iïnkaOfhka n,mEï lsÍfï yelshdj ,efí. Kh m%d.a-
Okh whs;slrejkaf.a m%;sY;h blaujd hdu wdh;kfha ienE
whs;slrejka jk idudkH fldgia ysñhkag b;du;a wys;lr
f,i n,mEï l< yelsh.
fufyhqï wjodku f,i kïlrkq ,nkafka wdh;kfha wLKav
fufyhqï l%shdldÍ;ajhg ndOdldÍ jk ;;a;ajhkah. wdh;kfha
fiajlhka úiska lrkq ,nk jev j¾ckhla fuhg ksoiqkla
f,i oelaúh yel. ke;fyd;a wdh;kfha ksIamdok ld¾hhg
wjYH wuqøjH ,nd.kakd rg j, ke;fyd;a m%foaY j, we;s-
jk hqOuh ;;a;ajhka ksid ksIamdokh wLKavj lrf.k hdug
ndOd we;súh yel. fujeks ;;a;ajhka fufyhqï wjodku f,i
y`ÿkd .k’.
uQ,Hkh lsÍfï wjodkfï;a fufyhqï wjodkfï;aa we;s
iqúfYaI ,laIKh kï fujeks ;;a;ajhka wod, wdh;k u.skau
md,kh lr .ekSug mj;sk yelshdjhs. fuysoS wdh;k uQ,Hkh
lsÍu ienE whs;slrejkag wjYH mßos isÿ lsÍug yelshdj we;.
idudkH fldgia ysñhka jeä m%udKhla ;=<ska ;u m%d.aOk
wjYH;djhka ie,iqï lsÍug wdh;khlg yelsh. tfuka
wuqøjH j, ys`.hla mj;Skï wod, wuqøjH nyq, m%foaYhlska tajd
,nd .ekSu ;=< wod, fufyhqï lghq;= wLKavj lrf.k hdfï
yelshdj wdh;kh i;= fõ.
fldgia f;dard .eksu iy ;SrK .eksu
3.0 wdfhdackfha wruqKq (Investment Objectives)
uqo,a úúO wdfhdack ud¾.j, fhdojk mqoa.,hska fyda wdh;k
úúO wruqKq mokï lrf.k ;u wdfhdackhka lrkq ,nhs. fuu
úúO jQ wruqKq mq¿,a f,i my; mßÈ j¾.SlrKh lr oelaúh
yelsh.
3.1 wodhï mrud¾:h (Revenue Objective)
wdodhï mrud¾:h we;s wdfhdaclhskaf.a uQ,sl wjOdkh
fhduq jkafka ld,mßÉfþofhka ld,mßÉfþohg lsishï
wdodhula Wmhd .ekSuhs. fuu wdodhu ,dNdxY fyda fmd,S
wdodhula úh yel. fldgia j, uqo,a fhdojkafkl= jd¾Islj
fyda w¾O jd¾Islj lsishï ,dNdxYhla n,dfmdfrd;a;= fõ.
tfukau Khlr u; fyda ia:djr ;ekam;=jl uqo,a fhdojk
wfhl= jd¾Islj fyda udislj lsishï fmd,shla n,dfmdfrd;a;=
fõ. fï wdldrfhka fndfyda wdfhdaclhska ;u wdfhdack ld,
iSudj ;=<oS úúO ld,Éfþo j,oS úúO uÜgï j, wdfhdack
n,dfmdfrd;a;= fõ.
3.2 m%d.aOk wdrlaIl (Safeguarding of Capital) mrud¾:h
;uka fhdojk ,o uQ,sl uqo, ke;fyd;a m%d.aOkfhys uQ¾;
jákdlu mj;ajdf.k hdu wdfhdaclhdf.a uQ,sl
mrud¾:hla jYfhka mej;sh yelsh. wdfhdackh lrk ,o uqof,a
uQ¾; jákdlu mj;ajd.ekSu i`oyd wod, wdfhdackh wju
jYfhka WoaOuk wkqmd;hg iudk m%;sY;hlaj;a m%;s,dNh
f,i ,nd osh hq;=h. ke;fyd;a fhdojk ,o uqo, WoaOuk
wkqmd;hg iudk m%udKhlska j¾Okh úh hq;=h. tfuka wjod-
kï rys; wdfhdack ud¾.j, uqo,a fhoùu m%d.aOk wdrlaIl
mrud¾:h uqÿka muqKqjd .ekSula f,i oelaúh yel. ta wkqj
rcfha NdKavd.dr ì,am;a j, uqo,a fhoùu ksoiqkla f,i
oelaúh yelsh.
3.3 m%d.aOk j¾Ok (Capital Growth) mrud¾:h
lsishï j;alul ld,h;a iu. jk jákdlfï jeäùu m%d.aOk
j¾Okh f,i y`ÿkd.; yelsh. fndfyda úg wdfhdaclhska
fldgia j, uqo,a fhoùu fuu m%d.aOk mrud¾:h bgqlr .ekSug
wkq.ukh lrkq ,nk l%ufõohla f,i oelaúh yelsh.
3.4 nÿ iyk (Tax Incentives) mrud¾:h
we;eï wdfhdaclhskaf.a uQ,sl mrud¾:h ;ukaf.a wdodhu
ke;fyd;a Okh u; f.jkq ,nk wdodhï nÿ wvqlr .ekSu
hs. fld<U fldgia fjf<`ofmd< wdfhdackfhka Wmhkq ,nk
m%d.aOk ,dN i`oyd nÿ wh lsÍula isÿfkdfõ. tfukau oaú;shsl
fjf<`ofmdf<ys isÿjk .kq fokq i`oyd r`ojd .ekSfï nÿ fyda
uqoaor nÿ wh lrkafkao ke;.
fuu mrud¾:j,g wu;rj we;eï wdfhdaclhska úúOdx.SlrKh
i`oyd fukau øjYS,;djh mj;ajdf.k hdu i`oydo ;u uqo,a
wdfhdackh lrkq ,nhs. fï wkqj wdfhdaclhska by;
mrud¾:j,ska tlla fyda lsysmhla fyda ish,a,u ,`.dlr .ekSu
i`oyd wdfhdackfhys ksr;jkq ,nhs.
02
4.0 úúO j¾.fha fldgia (Different Types of Stocks)
iud.ï úiska ksl=;a lrkq ,nk fldgia uQ,sl jYfhka j¾.
folla hgf;a oelaúh yel. tkï idudkH fldgia yd jrKSh
fldgia jYfhks. idudkH fldgia (Ordinary Shares) i`oyd odhl
jk wdfhdaclhska wod, iud.fï kshu whs;slrejka f,i
y`ÿkd.kq ,nk w;r Tjqka ñ,oS .;a fldgia m%udKhg iudk
whs;shla Tjqkag ,efí. idudkH fldgia i`oyd ksYaÑ; ,dNdxY
m%udKhla ,nd oSug wod, iud.u ne`oS fkdue;s w;r whs;slre-
jka f,i iud.fï wjodku ú`oord .ekSug Tjqkag isÿfõ.
fuhg wu;rj jrKSh fldgia (Preference Shares) ysñhkag
ksYaÑ; tl`. jQ ,dNdxY m%;sY;hla f.jkq ,nk w;r Tjqka
wod, iud.fï kshu whs;slrejka f,i i,lkq fkd,efí.
fuu lreKq oelaùfïoS jvd;a wjOdkh fhduqjkafka úúO
j¾.j, idudkH fldgia iïnkaOfhks. fuysoS lsishï
wdfhdack l<Ul ;sìh yel. ke;fyd;a we;=<;a lr.; yels
fldgia j¾. ;u ;ukaf.a wdfhdack mrud¾: u; r`od mj;S.
wdfhdaclhdg ord.; yels wjodkï uÜgï j,g wkqj my;
whqßka úúO j¾.fha fldgia y`ÿkd.; yelsh.
4.1 w.h iys; fldgia (Value Stocks)
fujeks fldgia iys; iud.ï b;d by< uQ,H ;;a;ajhla ms<sìUq
lrk w;r jHdmdr id¾:l;ajh;a by< uÜgul mj;S. kuq;a tu
id¾:l;ajhkag idfmalaIj wod, fldgia j, ñ, by< w.hla
fkd.kS. fujeks fldgia j¾;udkfha hï WodiSk njla
fmkakqjo wkd.;fhaoS oshqKqùfï ,laIK fmkakqï lrkq ,efí.
os.= ld,hla ;u uqo,a fhdojd ;eîug leu;s wdfhdaclhska
fujeks iud.ïj, uqo,a fhdojk w;r miq ld,Skj we;sjk
by< m%d.aOk ,dN fukau ,dNdxY wdodhuo Tjqkaf.a b,lalh
fõ.
4.2 j¾Ok fldgia (Growth Shares)
fujeks fldgia fndfyda úg ksrEmKh lrkafka Yla;su;a
fukau by< j¾Okhla iys; iud.ïh. fujeks iud.ï rfÜ
wd¾Ól j¾Okh;a iu. noaO fjñka ;u wdh;kfha j¾Okh
,`.d lr .kS. fndfyda úg úúO j¾OkSh jHdmD;sj, uqo,a
fhoùug isÿùu fya;=fjkau m%j¾;k ,dNdxY b;d wvqfõ.
ke;fyd;a ,dNdxY fkdf.jd isáhs. wdfhdaclhska fujeks
fldgia j, uqo,a fhdojkafka j¾;udk wdodhu lemfldg miq
ld,Skj by< m%;s,dNhla wfmalaIdfjks.
i`oyd wod, lr.; yelsh. ld,.=Kh whym;a ld, j,oS jeú,s
iud.ïj, ksIamdokhka wvq úh yelsh. tfukau ixpdrlhska
wvq ld,j,oS (Off Season) fydag,a iud.ï j, wdodhï wvq úh
yelsh. fujeks jQ lreKq mokï lr .ksñka iud.ï j, fldgia
ñ, by< my< hdu isÿ úh yel.
4.5 wdrlaIdldÍ fldgia (Defensive Shares)
wd¾Ólh miq.dñ ;;aajhka j, mj;sk úgoS mjd ;u l%shdldÍ;a-
jh idudkH uÜgñka mj;ajdf.k hk wdh;k fuu ldKavhg
wh;a fõ. mdßfNda.slhskag w;HdjYH foa ksmojk iud.ï fï
i`oyd ksoiqkah. wdydrmdk, bkaOk, .Eia, fnfy;a jeks foa ksIa-
mdokh lrk wdh;k wd¾Ólh l=uk ;;ajhl mej;sho ;u
wdodhu ia:djr uÜgul mj;ajd .kS. pl%Sh iud.ï j, wdodhu
wd¾Ól l%shdldÍ;ajh wkqj fjkia jqjo, wdrlaIdldÍ wdh;k
j, fldgia wd¾Ól fjkialï flfrys t;rï ixfõoS njla
fkdfmkajhs.
wdfhdaclhska úiska ;ukaf.a wdfhdack m%;sm;a;s j,g wkqj
;ukag ord.; yels wjodkï m%udKho ie,ls,a,g .ksñka
by; fldgia j¾. ish,a,u fyda lsysmhla ;u wdfhdackh i`oyd
f;dard.kq ,nhs.
5.0 wjYH m%;s,dN wkqmd;h
(Required Rate of Return)
wjYH m%;s,dN wkqmd;h hkq uQ¾; wjodkï rys; uÜgu;a,
wfmalaIs; WoaOuk wkqmd;h;a iy wjodkï wêlh;a hk
;=fkau tl;=jls. fuh jÜgï wkqmd;h f,io y`ÿkajkq ,efí.
wjYH m%;s,dN wkqmd;h = uQ¾; wjodkï rys; uÜgu + wfmalaIs; WoaOuk
uÜgu + wjodkï wêlh
uQ¾; wjodkï rys; uÜgu (Compensation for Current Fore-
gone Consumption) hkq wkd.; mßfNdackh fjkqfjka
j¾;udk mßfNdackh lemlsÍu fjkqfjka wjYH jk f.ùuhs.
tkï WoaOukhla fyda wjodkula fkdue;s fmd,S wkqmd;h fï
i|yd fhdod .efka. fuh Y=oaO ld, jákdlu f,io y`ÿkajhs.
fuh mj;sk wdfhdack wjia:djka iy m%j¾;k mßfNdack-
hg we;s leue;a; u; r|d mj;Ss. wkd.; mßfNdackhg jvd b;d
jeä jrKhla m%j¾;k mßfNdack i|yd olajk mqoa.,hska ;u
mßfNdackh l,a oeóu fjkqfjka jeä jkaoshla ke;fyd;a
fmd,shla n,dfmdfrd;a;= fõ.
wfmalaIs; m%;s,dN wkqmd;fha fojk fldgi wfmalaIs;
4.3 wdodhï ,nk fldgia (Income Shares)
fujeks fldgiaj, wdfhdackh lrk mqoa.,hskag iaÓr
wdodhula ,nd.; yel. fndfyda úg fujeks fldgia iys;
iud.ï wfkl=;a iud.ï yd idfmalaIj wLKavj ,dNdxY
f.ùula fmkakqï lrkq ,nhs.
4.4 plS%h fldgia (Cyclical Shares)
idudkH wd¾Ól m%jK;djhkag fukau jHdmdßl pl%hkag
wkql+,j l%shdlrkq ,nk fldgia fuu ldKavhg we;=<;a l<
yelsh. we;eïúg ld,.=Ksl yd foaY.=Ksl úm¾hdihkao fï
03
WoaOuk wkqmd;hhs ([SHFWHG 5DWH RI ,QÀDWLRQ. wdfhdaclhs-
kag ;u wdfhdack ;=<ska mj;sk WoaOuk wkqmd;hg jvd jeä
m%;s,dN wkqmd;hla ,nd .ekSfï wfmalaIdj mj;Ss. uQ¾;
wjodkï rys; uÜgfu;a wfmalaIs; WoaOuk wkqmd;h;a hk
fol tl;= ùfuka kdñl wjodkï rys; uÜgu ,nd .; yel.
fuh flá ld,Sk NdKavd.dr ì,am;a fmd,S wkqmd;hg
iudk fõ.
wjYH m%;s,dN wkqmd;fha ;=kajk fldgi jkafka wjod-
kï wêlhhs (Compensation for Uncertainty in Future Cash
Flows). tkï wkd.; uqo,a m%jdyj, wúksYaÑ;;djhka fjkqfj-
ka wdfhdaclhska wfmalaId lrk jkaoshhs. wjodkï wêlh
wdfhdaclhdf.ka wdfhdaclhdg fjkiajk w;r ;u ;ukaf.a
wjodkï ord .ekSfï yelshdj wkqj fuh ;SrKh lrkq ,nhs.
fldgia f;dard .eksu iy ;SrK .eksu
6.0 wdfhdack ixfrdaOl (Investment Constraints)
wdfhdack m%;sm;a;s m%ldYhla ilid .kakd úgoS wdfhdaclhdg
mj;sk iSudldß idOl ms<sn|jo wjOdkh fhduq lsßu jeo.;a
fõ. wdfhdack m%ldYhla ieliSfïoS i,ld ne,sh hq;=
wdfhdack ixfrdaOl lsysmhla my; mßos oelaúh yelsh.
6.1 øjYS,;d (Liquidity) ixfrdaOlh
øjYS,;dj hkq j;alï fldmuK flá ld,hlska uqo,a njg m;a
lr .; yelso hkakhs. fuysoS fuu ixfrdaOlh u.ska wdfhda-
clhskaf.a øjYS,;d wfmalaIdjka ms,sn| úuihs. ksoiqkla f,i
wdfhdaclhl= bosß ld,fhaoS isÿ lsÍug wfmalaIs; ñ,oS .ekSula
i|yd ^Wod: fudag¾ r:hla& remsh,a ,laI 10la fjkalr ;enqj-
fyd;a tu uqo, fjk;a M,odhS lghq;a;lg wod, ld,h ;=<oS
fhoùug fkdyels fõ. wdfhdaclhska úiska ;ukaf.a øjYS,;d
wjYH;djhkag kshñ; ld, mrdihka ksjeros f,i kshu lr
.; hq;=h.
6.2 ld, iSud (Timing) ixfrdaOlh
wdfhdaclhskag bosß ld, j,oS úúO jQ uQ,H wjYH;d bIaG lr
.ekSfï jqjukdj mj;’. ;u wjYH;d bIaG lr .ekSu i|yd
wdfhdaclhska ksYaÑ; ld, iSudjka i,l=Kq lrkq ,nhs. fuu
ld, ;SrKhka i,l=Kq lr .ekSfïoS wdfhdaclhska úiska oeßh
yels wjodkuo ie,ls,a,g .kS oS¾> ld,Sk wdfhdack oelau-
la we;s mqoa.,hskag wjodku ord .ekSfï jeä yelshdjla we;.
thg fya;=j kï wod, ld,fhaoS isÿjk w,dNhla whlr .ekSu
g Tjqkag os.= ld,hla we;. kuq;a flá ld,hlska m%;s,dN
wfmalaId lrk wdfhdaclfhl=f.a ;;a;ajh óg jvd fjkia fõ.
Tyqg wod, ld,h ;=<oS isÿjk w,dNhka whlr .ekSug
m%udKj;a ld,hla fkd;sìh yel. fuu ksid wdfhdaclhska ;u
igyka lrkq ,nhs. wod, wdfhdack mrud¾: iy wNs,dIhka
mokï lr.ksñka fuu ,shú,a, ilia lr.kq ,nhs.
wdfhdack m%;sm;a;s m%ldYh u.ska wdfhdack l%shdud¾. ms<sn|
fomd¾Yjhgu b;d meyeos,s wjfndaOhla ,nd .; yelsh.
8.0 uqof,a ld, w.h (Time Value of Money)
iq/l=ïm;a w.h lsÍfïoS wkq.ukh lrkq ,nk l%shdj,sh kï,
wod, iq/l=ïm; úiska wkd.;fhaoS ,nd fok uqo,a m%jdyj,
j¾;udk jákdlu fiùuls. tkï tu uqo,a m%jdy j, ^wod,
jákdlu& j¾;udk w.h m%j¾;k fjf<|m< ñ, iu`. ixika-
okh lsÍula isÿ lrkq ,nhs. tu.ska wod, iq/l=ïm;a ñ,oS .ka-
kjdo keoao hkak ;SrKh lrkq ,nhs. fuysoS wkd.; uqo,a m%jd-
y j, j¾;udk w.h ;SrKh lsÍfïoS uqof,a ld, w.h hkak
b;d by< jeo.;alula .kq ,nhs. tmuKla fkdj uQ,H l<uKd
lrKh yd ne`ÿk iEu ;SrKhloSu wjodku yd fuu uqof,a ld,
w.h hkak jeo.;a l%shdj,shla bgq lrkq ,nhs. uqof,a ld, w.h
hkq wo ,efnk uqo,a m%udKhka iy wkd.;fha ,efnk uqo,a
m%udKhka iudk fkdùuhs. ksoiqkla f,i wo ,efnk re. 1,000
iy ;j;a j¾Ihlg miqj ,efnk re.1,000 w;r iudklula fkd
ue;. uqo,auh jYfhka fuu ixLHd folu tlu w.hla .kq
,enqjo wo ,efnk re.1,000 j¾Ihlg miqj ,efnk re.1,000 g
jvd jákdlñka jeäh. fuys ir, woyi jkafka lsishï uqo,la
wkd.f;a oskloS ,efnkjg jvd wo osk ,eîu jdis iy.; njhs.
fuu iajNdjh mokï lrf.k ´kEu wdfhdaclfhl= wkd.;fha
,efnk uqo,a m%jdyhlg jvd wo osk ,efnk uqo,a m%jdyhka
i|yd jvd jeä leue;a;la olajhs. fufia jvd jeä leue;a;la
olajkq ,nkafka uqof,a ;sfnk ld, jákdlu fya;=fjks.
fï wdldrhg wdfhdaclhska wo ,efnk uqo,g jvd jeä leue;a;la
oelaùug uQ,sl jk fya;= lsysmhla my; mßos oelaúh yel.
ld, mrdi iSudjka ms,sn|j wjOdkh fhduq l< hq;=h. 1. WoaOukh ,QÀDWLRQ

6.3 nÿ wfmalaIdjka (Tax Expectations) 2. mßfNdckh (Consumption)

wdfhdaclhska wfmalaId lrk m%;s,dNh nÿ miq ,dNhhs. lsishï 3. wdfhdackh (Investment)

wdfhdaclfhl= j¾;udkfha ;ukaf.a wdodhï u; by< noaola
f.jkq ,nhs kï ta ms<sn|j wdfhdaclhd ie,ls,su;a úh hq;=h.
w¨;ska werfUk wdfhdackh u.ska ;ukaf.a m%j¾;k ;;a;ajh
;jÿrg;a whym;a fkdl< hq;=h. fuysoS nÿ u.yeßh yels
wjia:djka wdfhdackhg f;dard .; hq;=h.
6.4 iqúfYaI isÿùï (Special Events)
by;ska olajk ,o iSudldß idOlhskag wvx.= fkdjQ lreKq
fï hgf;a oelaúh yel. iuyr úg wdfhdaclhskagu iqúfYaIS
jQ lreKq wdfhdackfhaoS oelsh yelsfõ. ksoiqkla f,i lsishï
wdfhdaclfhl= iudc j.lSï mss<sn| b;d ;on, f,i i,lhs
kï u;ameka fyda ÿïfld< ksIamdok iud.ï ;u wdfhdackh
i|yd f;dard fkd.; yelsh. fuh tlS wdfhdaclhdgu iqúfYaIS
jQ lreKls.
7.0 wdfhdack m%;sm;a;s m%ldYh (Investment Policy
Statement)
wdfhdack m%;sm;a;s m%ldYh hkq wdfhdaclhd iy Tyqf.a wdfhda
ck l<uKdlre w;r we;s lr.kakd .súiquls. fuysoS
wdfhdaclhdf.a uqo,a l=uk whqrlska fhdojkjdo hkak ms<sn|
fldgia f;dard .eksu iy ;SrK .eksu
8.1 WoaOukh ,QÀDWLRQ
idudkH ñ, uÜgfï wLKav by< hdu WoaOukh f,i y`ÿkd
.kS. WoaOukfha m%;sM,hla f,i uqof,a uQ¾; w.h my< hhs.
tkï wod, uqo,a m%udKfhka ñ,oS .; yels NdKav m%udKh
my< hhs. kdñl w.h tf,iu mej;=ko fuf,i uQ¾; w.h
my< hdu ksidu wo ,efnk uqo, miqj ,nk uqo,g jvd jeä
jákdlula fmkakqï lrhs. tfukau wkd.;fhaoS ,eîï fyda
f.ùï m%jdyhka iïnkaOfhka wjodkulao mj;S.
8.2 mßfNdackh (Consumption)
iud.ï, mqoa.,hska f,i wm wkd.; mßfNdackhg jvd j¾;udk
mßfNdackhg jeä leue;a;la olajhs. wm <`. wo ;sfnk uqo,ska
fyd| wdydr fõ,la, jákd we`ÿï ,nd .; yels kï th miqj
l,a;eîug ñksiqka f,i wm miqng fõ. fï ksidu wo ,efnk
uqo,g miqj ,efnk uqo,g jvd jeä w.hla ,nd oSug ñksiqka
fm<fò.
04
8.3 wdfhdackh (Investment) FVn = PV (1+r)n
FV= wkd.; jákdlu (Future Value)
uQ,H l<uKdlrKh wdY%fhka ke;fyd;a wdfhdack l<uKd PV= j¾;udk jákdlu (Present Value)
lrKh wdY%fhka .;fyd;a wm fj; wo ,efnk uqo,a wmg i = fmd,S wkqmd;h (Interest Rate)
M,odhS wdfhdackhl fhoùfï yelshdj we;. fuu wdfhdackh n = wod, ld,h (Time Period)
;=<ska kqÿre wkd.;fhaoS hï m%;s,dNhla ,eîfï yelshdj mj;’.
ksoiqkla f,i 5]l fmd,S m%;sY;hla hgf;a wm re.1,000la wo FVn = PV(1+i)n
FV2 = 1,000(1+5%)2
wdfhdackh l,fyd;a j¾Ihlg miqj re.1,050l uqo,la ,nd
=1,000 (1.05)2
.ekSfï yelshdj we;. fï ksidu wo ,efnk uqo,g jeä =1,000(1.1025)
leue;a;la oelaùug wdfhdaclhska fukau iud.ï mqoa.,hskao =1,102.50
fm<ö isáhs.

fï wkqj j¾;udk uqo,a m%jdyhka iy wkd.; uqo,a m%jdyh-
ka w;r iïnkaO;djh fmd,S wkqmd;h u.ska we;slrkq ,nhs.
fmd,S wkqmd; u.ska j¾;udk uqo,a m%jdyhka iy wkd.; uqo,a
m%jdyhka ys w.h ke;fyd;a ta flfrys olajk jrKh iudk
lrkq ,nhs.
uqof,a ld, w.h my; f,i j¾. lr oelaúh yelsh.
uqof,a ld, jákdlu
Time Value of Money
wkd.; w.h re.1,102.50 fõ.
by; iólrKfha fhfok (1+i)n hkak wkd.; jákdlï fmd,S
idOlh f,i y`ÿkd .; yels w;r fï i|yd jk w.hka
úúO ld, i|yd jk (úúO fmd,S wkqmd; j,g wod,j&
.Ks; j.= Ndú;fhkao ,nd .; yel’ fndfyda uQ,H l<uKdl-
rK .%ka: j, weuqKqula f,i fuu j.= bosßm;a lr we;. my;
oelafjkafka tjeks Wmqgd .ekSuls.
j.=j 1- ;ks uqo,a m%jdyhla i|yd wkd.; jákdlï j.=j

wod, ld,h fmd,S wkqmd;

j¾;udk jákdlu wkd.; jákdlu (n)
5% 6% 10% 15%
Present Value Future Value
1 1.0500 1.0600 1.1000 1.1500
2 1.1025 1.1236 1.2100 1.3225
;ks uqo,a jd¾Islhla ;ks uqo,a jd¾Islhla 3 1.1576 1.1910 1.3310 1.5209
m%jdyhla Annuity m%jdyhla Annuity
4 1.2155 1.2625 1.4041 1.7490
Single Cash Single Cash
Flow 5 1.2763 1.3382 1.6105 2.0114
Flow
6 1.3401 1.4185 1.7716 2.3131
7 1.4071 1.5036 1.9487 2.6600
9.0 wkd.; jákdlu (Future Value)
8 1.4775 1.5938 2.1436 2.0590
wm wdfhdackh lrk uqo,l wkd.; w.h fldgia follska 9 1.5513 1.6895 2.3579 3.5779
iukaú; fõ. tkï, 10 1.6289 1.7908 2.5937 4.0456
uQ,sl uqo, ^fhdojk ,o uqo,& (Capital)
fmd,sh ^je,a fmd,sh& (Interest) fujeks j.= Ndú;fhka b;d myiqfjka wkd.; w.h
.Kkh lsÍfï yelshdj we;. ksoiqkla f,i lsishï wdfhda
wkd.; w.h = uQ,sl uqo, + fmd,sh (je,a fmd,sh) clfhl= re.1,000l uqo,la 10]l fmd,S m%;sY;hla u; j¾I 5l
ld,hla ;ekam;a lrkq ,enqjfyd;a wod, ld,h wjid-
wkd.; w.h .KkfhaoS wod, fmd,sh je,a fmd,S wdldrhg kfha ,efnk uqo, my; f,i .Kkh l< yel.
.Kkh lrkq ,nhs. tkï wod, fmd,sh u;o fmd,sh .Kkh
FV5 = 1,000(1+i)5
lrkq ,nhs. tkï ,efnk fmd,S wdodhu kej; wdfhdackh
=1,000 (1.6105)
lrk nj fuysoS Wml,amkh fõ.
= re. 1,610.50
9.1 ;ks uqo,a m%jdyhl wkd.; w.h (Future Value of a
6LQJOH&DVKÀRZ by; j.=j wdY%fhka n,k l< ksYaÑ; fmd,S wkqmd;slhla hg-
fuysoS ;ks uqo,a m%jdyhla f,i woyia lrkqfha tla jrla muK-
la lrkq ,nk uqo,a ;ekam;a lsÍuls. ksoiqkla f,i re. 1,000l
uqo,la 5]l fmd,S wkqmd;hlg b;sß lsÍfï ;ekam;=jl j¾I
foll ld,hla i|yd ;ekam;a l<fyd;a wod, ld,h wjidk-
fhaoS, tkï j¾I fol wjidkfha fhojQ uQ,sl uqo, fukau ta
i|yd fmd,sho my; iólrK wdY%fhka .Kkh l< yel.
f;a ld,h jeäjk úg l%ul%ufhka wkd.; fmd,S idOlh jeä-
jk whqre fmfka.
wkd.; jákdlï fidhk iQ;%h mokï lr .ksñka wkd.;fhaoS
,nd .;hq;= uqo,la i|yd ksYaÑ; fmd,S wkqmd;hla hgf;a wo
;ekam;a l< hq;= uqo, fiúh yel.
tfukau wm <`. wo ;sfnk uqo, iy wkd.;fha wfmalaId lrk
uqo, .ek f;dr;=re we;akï wod, ;ekam;=j l=uk fmd,S wkqmd-

05 fldgia f;dard .eksu iy ;SrK .eksu

;slhla hgf;a isÿl< hq;=o hkak ;SrKh l< yelsh. fï lreKq wdfhdaclfhla iEu j¾Ihla wjidkfhau re.1,000l uqo,la 10]
rdYshla i|yd ms<s;=re by; iólrKh wdY%fhka f.dv k.d .; l fmd,S m%;sY;hla hgf;a j¾I 5l ld, iSudjla i|yd ;eïm;a
yelsh. lrkq ,nhs. j¾I 5 wjidkfha Tyqg ,efnk uqo, fldmuKo?

fndfyda úg j¾;udkfha uQ,H wdh;k i|yd wdfhdaclhska

wdl¾Ykh lr .ekSug jd¾Isl fmd,shla fjkqjg w¾O jd¾Is- (1+i)n-1
lj,udislj ke;fyd;a ffokslj fmd,sh .Kkh lrkq ,nhs. i
FVAn =A
fuysoS uQ,sl iólrKhg jk .e,mSï my; ksoiqka weiqßka meye
os,s l< yel. (1+10%)5-1

= 1,000 i
wdfhdaclfhla re.2,000 uqo,la 10]l fmd,S wkqmd;hla hgf;a
j¾I 2l ld,hla i|yd ;ekam;a lrkq ,nhs. fmd,sh w¾O jd¾Is- (1.1)5-1
lj .Kkh lrkq ,nhs. i
= 1,000
FVn = PV(1+i/m)nm
(0.61057)-1
fuys m hkq fmd,S f.jkq ,nk jdr .Kkhs. = 1,000 i

FVn = PV (1+i/m)nm (0.61057)

=2,000 (1+10%/2) 2x2
= 1,000 i
=2,000 (1+5%)4
=2,000(1.05)4
=2,000(1.2155) =1,000 (6.1057)
= re. 2,431.00

9.2 jd¾Islhl wkd.; jákdlu = re. 6,105.10

(Future Value of an Annuity)

lsishï ksYaÑ; ld, iSudjla ;=, iEu j¾Ihlu ksYaÑ; uqo,a fuysoSo .Ks; j.=j wdY%fhka ^idudkH jd¾Islhla i|yd wkd.;
m%udKhla ;ekam;a lsÍu fyda ,nd .ekSu jd¾Islhla f,i jákdlï j.=j
y`ÿkd.; yelsh. fuysoS oelsh yels úfYaIs; ,laIKhla jkqfha,
(1+i)n-1
iEu ld, iSudjloSu isÿjk iudk uqo,a m%jdyhka ,eîu fyda w.h ,nd .; yel. tuksid .Ks; j.= mßYS,kh
i
f.ùuhs. fuh wLKavj kshu lr .kakd ld,hla i|yd isÿlrkq
,nhs.fuysoS wod, uqo,a m%jdyhka jd¾Islj, w¾O jd¾Islj fukau fuu .Kkh lsÍu myiq lrkq ,nhs.
udisl jQjo úh yel. ksoiqkla f,i wdfhdaclfhl= úiska wrUk
,o Okfhdack .sKqul iEu uilu re.1,000 uqo,la ;ekam;a
j.=j 2 - jd¾Islhla i|yd wkd.; jákdlï j.=j
lsÍu oelaúh yelsh.

úúO iajrEmfha jd¾Islhka oelsh yels w;r fuysoS i,ld n,kq wod, ld,h fmd,S wkqmd;
,nkafka idudkH jd¾Islhla (Ordinary Annuity) iy ys`. ysá (n)
5% 6% 10% 15%
jd¾Islhl (Annuity Due) wkd.; w.h .Kkh lsÍu muKs.
1 1.000 1.000 1.000 1.000
9.2.1 idudkH jd¾Isl wkd.; jákdlu 2 2.050 2.060 2.100 2.150
(Future Value of an Ordinary Annuity) 3 3.153 3.184 3.310 3.473
4 4.310 4.375 4.641 4.993
wod, jd¾Islhka ,eîu fyda f.ùu iEu ld, mßÉfÊohla
5 5.526 5.637 6.105 6.742
wjidkfhaoS isÿ jkafka kï th idudkH jd¾Islhla f,i ks¾-
jpkh l< yelsh. ksoiqkla f,i iEu uilu w. lrkq ,nk 6 6.802 6.975 7.716 8.754
Kh jdßlhla ke;fyd;a ys`. fhdack ;ekam;=jla oelaúh yel. 7 8.142 8.394 9.487 11.067
idudkH jd¾Islhl wkd.; jákdlu my; iólrKh wY%fhka 8 9.549 9.897 11.436 13.727
.Kkh l< yelsh. 9 11.027 11.491 13.579 16.786
10 12.578 13.181 15.937 20.304
FVAn =A [ (1+i)n-1
i
]
FVA = jd¾Islfha wkd.; jákdlu

A = jd¾Islh

fldgia f;dard .eksu iy ;SrK .eksu 06

fujeks j.= Ndú;fhka b;d myiqfjka jd¾Islhla i|yd wkd.; 10.0 j¾;udk jákdlu (Present Value)
w.h .Kkh lsÍfï yelshdj we;. wdfhdaclfhla iEu j¾Ihla
wjidkfhau re.2,000l uqo,la 15]l fmd,S m%;sY;hla hgf;a wkd.;fhaoS ,efnk uqo,a m%jdy j, wo jákdlu .Kkh
j¾I 5l ld, iSudjla i|yd ;eïm;a lrkq ,nhs. j¾I 5 wjid- lsÍu j¾;udk jákdlu f,i ks¾jpkh l< yelshs.
kfha Tyqg ,efnk uqo, fldmuKo? fuh wdfhdaclhskag b;d jeo.;a ixl,amhls. lsishï iq/
l=ïm;l wdfhdackh lsÍfïoS wo wm f.jk uqo, wkd.;fhaoS
(1+i)n-1 ,efnk uqo,a m%jdy j, j¾;udk w.hg iudk úh hq;=h.
FVAn =A
i ke;fyd;a Bg jvd wvq úh hq;=h. fuu .Kkh lsÍï ksis f,i
fkdlsÍu fndfyda úg wdfhdaclhkag wjdis iy.; m%;sM,hka
= 2,000(6.742) f.k oSug uQ,sl fõ.

= re.1,3484.00 j¾;udk jákdlu .Kkh lsÍu i|yd fhdod .kakd fmd,S

wkqmd;h jÜgï wkqmd;h (Discount Rate) f,io y`ÿkajk w;r,
jd¾Islhla i|yd wkd.; jákdlï iólrKh wdY%fhka j¾;udk jákdlu jÜgï l, jákdlu (Discounted Value)
wkd.;fhaoS ,eìh hq;= lsishï uqo,la i|yd ksYaÑ; fmd,S wkqmd f,io y`ÿkajhs.
;hla hgf;a ;eïm;a l< hq;= jd¾Islh fldmuK oehs .Kkh
l< yel. tfukau l=uk fmd,S m%udKhg uqo,a ;eïm;a lsÍu 10.1 ;ks uqo,a m%jdyhl j¾;udk w.h
l< hq;=o hkako .Kkh l< yel. tkï ´kEu úgloS fuu (Present Value of Single Cash Flow)
iólrKfha tla fkdokakd mohla muKla we;s úg th ,nd
.ekSfï yelshdj we;. my; iólrKh wdY%fhka wkd.;fhaoS ,efnk ;ks uqo,a m%jdy-
hl wkd.; w.h .Kkh l< yelsh.
9.2.2 ys`.ysá jd¾Islhl wkd.; jákdlu
FV FV
(Future Value of an Annuity Due) PV = A ke;fyd;a PV=FV [ [
(1+i)n (1+i)n
iEu ld,ÉfÊohla wdrïNfhaoSu isÿjk jd¾Isl uqo,a m%jdyhka
ys`.ysá jd¾Isl f,i ks¾jpkh flf¾. ys`.ysá jd¾Islhl fyd|ska ksÍlaIKh l<fyd;a fuys olajd we;af;ao wkd.;
wkd.; w.h my; iólrKh wdY%fhka .Kkh l< yel. jákdlï .Kkh i|yd fhdod .;a iólrKhu, j¾;udk
w.h i|yd mßj¾;kh lr .ekSuls.
FVAn =A [ (1+i)n-1
i
] (1+i) jÜgï idOlh 5] kï wdfhdaclfhl=g j¾I 5lg miqj ,efnk
re.10,000l j¾;udk jákdlu .Kkh lrkak.
FV 1
wdfhdaclfhl= iEu j¾Ihlu wdrïNfha re.1,000 ne.ska 10] PV = FV [
[
PV =
fmd,S m%;sY;hla u; ;eïm;a lrkq ,nhs. j¾I 5la wjidkfha (1+i)n (1+i)n
,efnk uq¿ uqo, fldmuKo?
10,000 1
= =10,000 [
[
(1+i)n-1 (1+5%)n
FVAn =A [ i ] (1+i) (1.05)5
10,000
= =10,000 (0.7835)
(1.05)5
=1,000 [ 1+10%)5-1
10%
] (1+10%) 10,000 = re. 7,835.00
=
1.2763

[ (1.1)0.1-1 ] (1.1)
5
=1,000
= re. 7,835.00

=1,000 [ (1.61051)-1
0.1
] (1.1) fuysoSo, j¾;udk jÜgï idOlh (1/(1+i)n) .Ks; j.= wdY%fhka
myiqfjka ,nd .; yelsh.
=1,000(6.1051)(1.1)

= re. 6,715.61

fuu .Kkh lsÍu wkqj meyeos,s jkafka ys`.ysá jd¾Islhl

w.h iEu úgu idudkH jd¾Islhl wjidk w.hg jvd jeä
njhs. fuysoSo .Ks; j.= wdY%fhka fuu .Kkh lsÍu b;d my-
iqfjka isÿ l< yelsh.

07 fldgia f;dard .eksu iy ;SrK .eksu

j.=j 3 - j¾;udk jÜgï idOl j.=j fuysoSo jd¾Islhl j¾;udk jÜgï idOlh [{1- (1/(1+i)n)}/i]
.Ks; j.= wdY%fhka myiqfjka ,nd .; yelsh.
wod, ld,h fmd,S wkqmd;
(n) 5% 6% 10% 15% j.=j 4 - jd¾Islhl j¾;udk jÜgï idOl j.=j
1 0.952 0.943 0.909 0.870
wod, ld,h fmd,S wkqmd;
2 0.907 0.890 0.826 0.756 (n) 5% 6% 10% 15%
3 0.864 0.840 0.751 0.658
1 0.952 0.943 0.909 0.870
4 0.823 0.792 0.683 0.572
2 1.859 1.833 1.736 1.625
5 0.784 0.747 0.621 0.497
3 2.723 2.673 2.487 2.283
6 0.746 0.705 0.564 0.432
4 3.546 3.465 3.170 2.856
7 0.711 0.665 0.513 0.376
5 4.329 4.212 3.791 3.352
8 0.677 0.627 0.467 0.327
6 5.076 4.917 4.355 3.784
9 0.645 0.592 0.424 0.284
7 5.786 5.582 4.868 4.160
10 0.614 0.558 0.386 0.247
8 6.463 6.210 5.335 4.487
fujeks j.= Ndú;fhka b;d myiqfjka j¾;udk jákdlu 9 7.108 6.802 5.759 4.772
.Kkh lsÍfï yelshdj we;. jÜgï idOlh 10] kï 10 7.722 7.360 6.145 5.019
wdfhdaclfhl=g j¾I 10lg miqj ,efnk re.100,000l j¾;udk
jákdlu .Kkh lrkak. wdfhdaclfhl= re.100,000l idudkH jd¾Islhla 15]l fmd,S
wkqmd;hla hgf;a j¾I 5la i|yd i,ld n,hs. fuys j¾;udk
PV=FV [ 1/ (1+i)n
[ jákdlu fldmuKo?

PVA = A[{1- (1/(1+i)n)}/i]

PV = 100,000 (0.386)

PV = re. 38,600.00 PvA = 100,000 (3.352)

10.2 idudkH jd¾Islhl j¾;udk jákdlu PVA = re. 335,200.00

(Present Value of an Ordinary Annuity)
10.3 ys`. ysá jd¾Islhl j¾;udk jákdlu
idudkH jd¾Islhl j¾;udk w.h .Kkh lsÍu i|yd my; (Present Value of an Annuity Due)
iQ;%h Ndú;d l< yelsh.
iEu j¾Ihla wdrïNfhaoSu isÿjk uqo,a m%jdyhka j, j¾;udk
1 jákdlu my; iólrKh wdY%fhka .Kkh l< yel.
1-
(1+i)n
PVA = A [ [
i 1
1-
PVA = A (1+i)n (1+i)
wdfhdaclfhl= re.10,000l idudkH jd¾Islhla 10]l fmd,S i
wkqmd;hla hgf;a j¾I 5la i|yd i,ld n,hs. fuys j¾;udk
jákdlu fldmuKo? wdfhdaclfhl= re.10.000 l,anÿ jdßlhla 10] l fmd,S m%;sY;h-
la hgf;a iEu j¾Ihla wdrïNfhaoSu j¾I 5la olajd f.jkq
1 ,efí. fuys j¾;udk jákdlu fldmuKo?
1-
(1+i)n
PVA = A [ [
1
i 1-
PVA = A (1+i)n (1+i)
1 i
1-
(1.1)5
=10,000 [ [
0.1
1
1-
= 10,000 (1+10%)n (1.1)
1-0.6209
=10,000 [ [ 10%
0.1

0.3791 1
=10,000 [ [ 1-
0.1 = 10,000 (1+i)n (1.1)
10%
=10,000(3.7910)
1- 0.6209
=re. 37,910.00 = 10,000 (1.1)
0.1

fldgia f;dard .eksu iy ;SrK .eksu 08


0.3790
= 10,000 (1.1)
0.1
= 10,000 (3.791) (1.1)
= re. 41,701.00
fï wdldrhg uQ,sl jYfhka uqof,a ld, jákdlu wkd.;
yd j¾;udk jákdlï hgf;a tla uqo,a m%jdyhla iy jd¾Is-
lhla f,i .Kkh lsÍfï yelshdj mj;S. fuysoS .Kkh
lsÍï j,g wod, .Ks; j.= ke;fyd;a jÜgï j.= Ndú;h wdfhda-
clhskf.a ld¾h jvd;a myiq lrjhs.
11.0 iq/l=ïm;a w.h lsÍu (Valuation of Securities)
iq/l=ïm;a hkq fomd¾Yjhla w;r we;sjk ffk;sl .súiqula
jk w;r th orkakkag .súiqfï i|yka fldkafoais m%ldrj
wkd.; m%;s,dN ,eîfï whs;sh ysñ fõ.
iud.ula wruqo,a /ia lr .ekSu i|yd Ndú;d lrk fuu iq/-
l=ï uQ,sl j¾. lsysmhla hgf;a y`ÿkd .; yel.
1. idudkH fldgia (Ordinary Shares)
2. jrKSh fldgia (Preference Shares)
3. Khlr (Debentures)
uQ,H fjf<|m< ;=< fuu iq/l=ïm;a ñ,oS .ekSfïoS wdfhdacl-
hska úiska fïjd w.h lsÍu isÿ l< hq;=h. tkï wod, iq/-
l=ïm;a j, ffki¾.sl w.h (Intrinsic Value) .Kkh lr th
fjf<|m< ñ, iu. ixikaokh lr ñ,oS .ekSu ;SrKh l<
hq;=h. ffki¾.sl w.h ke;fyd;a wdfhdaclhd úiska .Kkh
lrk ,o ñ, fjf<|m< ñ,g jvd my< kï tjeks iq/l=ï ñ,oS
fkd.; hq;= w;r, ffki¾.sl ñ, fjf<|m< ñ,g jvd by<
kï tjeks fldgia ñ,oS .ekSu;a l< hq;=h.
fuu ú.%yfhaoS iq/l=ïm;a w;ßka wjOdkh fhduq jkafka idud-
kH fldgia w.h lsÍu ms<sn|jhs. ´kEu iq/l=ï m;la w.h
lrkq ,nkafka wkd.;fhaoS tu iq/l=ï m;ska ,efnk m%;s,dN
mokï lr .ksñks. tu ksid idudkH fldgia w.h lsÍfïoS
bka ,efnk wkd.; uqo,a m%jdy f,i ,dNdxY y`ÿkd .kq ,nk
w;r tu ,dNdxY mokïlr .ksñka idudkH fldgia ke;fyd;a
ysñlï fldgia w.h lsÍu isÿ lrkq ,nhs.
iud.ï úiska f.jkq ,nk ,dNdxY ms,sn|j ia:djr;ajhla fkd-
ue;. we;eï j¾I j, ,dNdxY f.jkq ,nk w;r ;j;a j¾I
j, ,dNdxY f.jkq fkd,efí. tfukau f.jkq ,nk ,dNdxY
we;eï wdh;k iïnkaOfhka ia:djrj mj;sk w;r ;j;a iuyr
iud.ï j, wLKavj j¾Okh fõ. ,dNdxY yd ne`ÿk fuu ;;a;a-
jhka mokï lr .ksñka iq/l=ïm;a w.h lsÍu i|yd ,dNdxY
jÜgï lsÍfï l%uh y`ÿkajd oS we;. (Dividend Discount Method-
DDM)
wdh;k j, ,dNdxY j¾Okh jk wdldrh wkqj fuu w.h
lsÍfï l%uh uQ,sl jYfhka fldgia ;=klg fnod oelaúh yel.
09
1. Y=kH j¾Ok udos,sh - Zero Growth Model
2. wLKav / ksh; j¾Ok udos,sh - Constant Growth Model
3. iqmsß j¾Ok udos,sh - Supernormal growth model
by; tla tla l%uh hgf;a ysñlï fldgia j, j¾;udk jákd-
lu fjk fjku .Kkh l< yelsh.
11.1 Y=kH j¾Ok udos,sh (Zero Growth Model)
fuysoS ,dNdxY j, lsisÿ j¾Okhla fkdue;s nj Wml,amkh
lrhs. tkï ,dNdxY j¾Okh Y=kH fõ. wdfhdaclhskag ;u uq¨
wdfhdað; ld,h i|ydu ,efnkqfha tlu ,dNdxY m%udKhl’.
my; iólrKh weiqßka ysñlï fldgil j¾;udk w.h Y=kH
j¾Ok udos,sh weiqßka .Kkh l< yelsh.
D
Po =
Ke
Po - j¾;udk ñ, (Present Price)
D - ,dNdxY m%udKh (Dividend Amount)
Ke - ysñlï m%d.aOkfha msßjeh (Cost of Equity Capital)
ksoiqkla f,i wdfhdaclfhl=g ysñlï fldgila i|yd
re.2.00 ,dNdxYhla ,efnk w;r Tyqf.a wfmalaIs; m%;s,dN wkqmd
;h 20]ls. ,dNdxY j, lsisÿ j¾Okhla olakg fkd,efí kï
fldgil ffki¾.sl w.h ^j¾;udk w.h& .Kkh lrkak.
D
Po =
Ke
2
=
20%
2
=
0.2
= re.10.00
11.2 wLKav / ksh; j¾Ok udos,sh
(Constant Growth Model)
fuu l%uh hgf;a iud.fï ,dNdxY ksh; w.hlska wkka;h
olajd j¾Okh fõ hehs Wml,amkh lrkq ,nhs. my; iól-
rKh weiqßka wLKav j¾Ok udos,sh mokï lr f.k ysñlï
fldgil j¾;udk w.h .Kkh l, yelsh.
D1
Po =
Ke - g
D1 - bosß j¾Ifha ,dNdxYh (Next Year Dividend)
g - j¾Ok wkqmd;h (Growth Rate)
ksoiqkla f,i wdfhdaclfhl=g ysñlï fldgila i|yd j¾;ud-
kfha re.2.00l ,dNdxYhla ,efnk w;r th jd¾Islj 5] ne.ska
j¾Okh jk njg iud.u iy;sl fõ. wdfhdaclhdf.a wfmala-
Is; m%;s,dN wkqmd;h 20] kï ysñlï fldgil j¾;udk
jákdlu .Kkh lrkak.
fldgia f;dard .eksu iy ;SrK .eksu
 m<uq mshjr - m<uq j¾I 3ys ,dNdxYj, j¾;udk ñ, fiùu
D1
Po =
Ke - g
j¾Ih ,dNdxY jÜgï j¾;udk
Po = 2
idOlh jákdlu
D1 = D0 (1+g) 1 2(1+15%)=2.30 0.893 (2.30)(0.893)=2.05
2 2(1+15%) =2.65 2
0.797 (2.65)(0.797)=2.11
D0 (1+g)
Po = 3 2(1+15%)3=3.04 0.712 (3.04)(0.712)=2.16
Ke - g
wê j¾Okhla ^15]& iys; ld,fhaoS
2(1+0.05) fldgil j¾;udk w.h 6.32
=
20% - 5%

2 (1.05) fojeks mshjr - wLKav j¾Okhla iys; ld,h wdrïNfha

=
0.2 - 0.05 fldgil ñ, fiùu
2.1 D4 3.04 (1+8%)
=
0.15 P3 = = = re.82.08
Ke - g 12%-8%

= re.14.00 fuh ;=kajk j¾IfhaoS ;sfnk ñ,hs. fuh j¾;udk w.h ,nd
.ekSu i|yd kej;;a wod, jÜgï idOlfhka jÜgï l, hq;=h
^j¾I 3la miqmig .ekSu&
ysñlï fldgil j¾;udk w.h re.14ls.
P0 82.08
fuu .Kkh lsÍfïoS my; Wml,amkhka isÿ lrkq ,nhs. P0 = = = re.58.42
(1+Ke)3 (1.12)3

1. m%d.aOkfha msßjeh (Ke) iEu úgu j¾Ok wkqmd;hg (g) fï wkqj fldgil j¾;udk jákdlu = re.6.32 + re.58.42
jvd jeä nj Ke>g = re.64.74

2. j¾;udk ,dNdxYh Y=kH fkdjk nj D0> 0 12.0 j¾Ok wkqmd;h (Growth Rate)
3. m%d.aOkfha msßjeh (Ke) iy j¾Ok wkqmd;h (g) w;r ksh;
j¾Ok wkqmd;h l%u lsysmhlg .Kkh l< yels w;r, ysñlu
iïnkaOhla mj;sk nj;a th wkka;h olajd .uka lrk nj.
u; m%;s,dN wkqmd;h wdY%fhka lrkq ,nk .Kkh lsÍu jvd;a
m%p,s; l%uh fõ. fï i|yd my; iólrKh fhdod .kS.
11.3 iqmsß j¾Ok udos,sh (Supernormal Growth Model)
j¾Ok wkqmd;h = r|jd .ekSfï wkqmd;h (Retention Rate) x
by; l%u fol ;=<u mj;sk wvqmdvq y`ÿkd .ksñka m%dfhda.s
ysñlï m%d.aOkh u; m%;s,dN (Return on Equity) wkqmd;h
;;a;ajhkag jvd;a ióm fjñka fuu l%uh y`ÿkajd oS we;.
fuysoS ,dNdxY tlu m%;sY;hlska wkka;h olajd j¾Okh jkjd
xyz iud.u iEu j¾Ihlu bmehqï j,ska 60]la r|jd .kq ,nhs.
hkak fjkqjg, úúO m%;sY; j,ska j¾Okh fõ. hehs Wml,am-
ysñlï m%d.aOkh u; m%;s,dN wkqmd;h 12]kï j¾Ok wkqmd;h
kh lrkq ,nhs. ksoiqkla f,i wdrïNfhaoS by< w.hlska
fidhkak
,dNdxY j¾Okh úh yels w;r miqj my< w.hlska ,dNdxY
j¾Okh úh yel.
j¾Ok wkqmd;h = 60% x 12%
=7.2%
ksoiqkla f,i wdfhdaclfhl= xyz iud.fï fldgia ñ,oS
.ekSu ms<sn|j wjOdkh fhduq lrñka isáhs. wod, iud.u
j¾;udkfha re.2l ,dNdxYhla f.jkq ,nk w;r bosß j¾I
13.0 isria m%fõYh (Top Down Analysis)
3l ld,hla i|yd tys 15] j¾Okhla fmkakqï lrkq ,nk w;r
wdfhdack iy iq/l=ïm;a w.h lsÍfïoS isria m%fõYh b;d
bka miq wkka;h olajd 8]l wLKav j¾Okhla mqfrdal:kh
jeo.;a ld¾hNdrhla bgqlrkq ,nhs. isria m%fõYfhaoS wd¾:slh
lrkq ,nhs. wdfhdaclhdf.a wfmalaIs; m%;s,dN wkqmd;h 12]
(Economy) úYaf,aIKh lsÍu, wod, l¾udka;h (Relevant Indus-
kï, fldgil j¾;udk ñ, fidhkak.
try) úYaf,aIKh lsÍu iy iud.ï (Companies) úYaf,aIKh f,i
wjia:d lsysmhla hgf;a isÿ lrkq ,nhs. fuh mq¿,a wjia:djl
isg b;d úfYaIs; wjia:djla lrd .uka lrk fyhska fuh isria
úYaf,aIKh (Top Down Analysis) f,i y`ÿkajkq ,efí. my;
rEm igyk u.ska fuh jvd;a meyeos,s fõ.

fldgia f;dard .eksu iy ;SrK .eksu 10


wd¾:sl úYaf,aIKh
iud.ï
úYaf,aIKh
l¾udka; úYaf,aIKh
wdfhdaclfhla ;u wdfhdack wjia:djka f;dard .ekSfïoS
m<uqfjkau ta i|yd mj;sk wd¾Ól ;;a;ajhka fukau m%jK;d-
jhka flfryso wjOdkh fhduq l, hq;=hs. fuu wd¾Ól ;;a;a-
jhka úYf,aIKh i|yd o< foaYSh ksIamdok f;dr;=re, fmd,S
wkqmd; ms<sn| f;dr;=re, WoaOukh ms<sn| f;dr;=re iy úfoaY
fj<|du f;dr;=re wdoS ish¨u i¾j wd¾Ól ;;a;ajhka ms<sn|
f;dr;=re úYaf,aIKh lrkq ,nhs. fuysoS fuu lreKq j,g
wu;rj ´kEu wd¾Ólhla pl%Sh m%jdyhla Tiafia .uka lrk nj
Wml,amkh lrkq ,efí. fuh my; wdldrhg oelaúh yelsh.
iuDoaêu;a wd¾Ólh
wd¾Ólh h:d ;;a;a- wd¾Ólh miqneiSfï
jhg m;aùu wjia:dj
wd¾Ól wjmd;h
´kEu wd¾Ólhla iuDoaêu;a (Boom), miqneiSfï (Deceleration),
wjmd; (Recession) iy kej;;a h:d ;;a;ajhg m;aùu (Re-
covery) hk wjê miq lrkq ,nhs. ;uka wdfhdackh lsÍug iQod-
kï jk wd¾Ólh ñka l=uk ;;a;ajhl mj;skjdo hkak ksje-
ros f,i úYaf,aIKh lr .ekSu wdfhdackh myiq lrjhs.
ksoiqkla f,i wd¾Ólhl iuDoaêu;a ld,hl wdfhdackh
lrkjdg jvd wd¾Ólh wjmd;hlska ñfok wjia:djl wdfhda-
ckh lsÍu jvd fhda.H fõ. fuysoS wdfhdaclhdg os.= l,la ;u
m%;s,dN ,nd .ekSfï yelshdj mj;S.
wd¾Ól úYaf,aIKfhka miqj wod, wd¾Ólh ;=< mj;sk l¾ud-
ka; ms<sn| úYaf,aIKhla isÿ l< hq;=hs. l¾udka; ms<sn|
úYaf,aIKfhaoS uQ,sl jYfhka wod, l¾udka;h mj;sk ;;a;a-
jhka tys bosß j¾Okh ÿka wod, l¾udka;hka yd ne`ÿkq wjod-
kï ;;a;ajhka ms<sn|j;a lreKq úYaf,aIKh b;d jeo.;a fõ.
l¾udka; úYaf,aIKfhaoS b;d jeo.;a fuj,ula f,i l¾udka;
Ôj pl%h fhdod .; yelsh.
11
01 02 03 04
by; rEm igyfka oelafjk mßos ´kEu l¾udka;hla uQ,sl
wjëka y;rla miq l< yel. m<uq wjêh wdrïNl wjêh jk
w;r fuu ld,h wod, l¾udka;fha wdrïNl ld, iSudj ks-
rEmKh lrhs. fojk wjêh j¾Ok wjêh jk w;r fuu ld,h
;< fndfyda wdh;k j, bmehqï by, w.hla .kq ,nk w;r
úl=Kqï j¾Okh by< w.hla .kq ,nhs. fuu wjêh wdh;kfha
iuDoaêu;au wjêh f,i i,lkq ,nk w;r fndfyda wdfhda-
clhka fuu wjêfhaoS fujeks l¾udka; i|yd wdl¾IKh
fõ.
;=kajk wjêh ia:djr wjêh f,i y`ÿkajkq ,nk w;r fuysoS
fojk wjêfhaoS ;rï by, j¾Okhla fkdfmkajhs. fuu ;;a;a-
jhg m;ajqk l¾udka; fndfyda úg hï ia:djr iajNd-
jhla fmkajhs. fujeks l¾udka; wd¾Ólfha hï hï my< hdï
mej;sho ta i|yd b;d fyd|ska uqyqK oSug ;rï Yla;su;aNdjhla
fmkakqï lrhs. fuu ld,h ;=<o wdh;kfha j¾Okhla fmkakqï
lrk w;r th j¾Ok wjêfha ;rï by< w.hla fkd.kS.
isria úYaf,aIKfha B,`. uÜgu f,i wmg y`ÿkd.; yels
jkafka iud.ï úYaf,aIKhhs. wd¾Ól úYaf,aIKh u.ska wdf-
hdackh i|yd jvd;a fyd| wd¾Ólhla f;dard .kq ,nk wdfhda-
clhd l¾udka; úYf,aIKh u.ska tlS wd¾Ólh ;=< ;ukaf.a
wfmalaIdjkag .e,fmk jvd fyd| l¾udka;hla fyda lSmhla
f;dard .kS. fufia f;dard .kq ,enQ l¾udka;h ;=< ksjeros
iud.ula wdfhdackh i|yd f;dard .ekSu B<`. mshjr fõ.
wdh;k úYaf,aIKfhaoS wod, wdh;kh ms,sn| b;d .eUqre
wOHhkhla lrkq ,nhs. fuysoS uQ,sl jYfhka wod, wdh;kh
u.ska ksl=;a lrkq ,nk uQ,H m%ldYk Wmfhda.S lr .kq
,nhs. fuysoS uQ,H m%ldYk f,i wdodhï m%ldYh, fYaI m;%h,
uqo,a m%jdy m%ldYh iy .sKqï i|yd igyka wdosh oelaúh yel.
fuu uQ,H m%ldYk mokï lrf.k lrkq ,nk úYaf,aIK úÈ lSmhla
my; mßos oelaúh yel.
1. fmdÿ m%udK úYaf,aIKh - Common Size Analysis
2. Wmk;s úYaf,aIKh -Trend Analysis
3. wkqmd; úYaf,aIKh - Ratio Analysis
fmdÿ m%udK úYaf,aIKh u.ska wdh;k w;r ixikaokh b;d
myiq lrjhs. fuysoS úúO m%udKfha wdh;k iei|Sfï yelshdj
myiq lrjkq ,nhs. ksoiqkla f,i fmdÿ m%udK úYaf,aIKfha
fYaI m;%fha we;s ish¨u whs;u uq¿ j;alï j, m%;sY;hla f,i
olajkq ,nhs. tfuka wdodhï m%ldYfha ish¨u whs;u úl=Kqï
j, m%;sY;hla f,i olajkq ,nhs. fï wdlrhg ieliqkq fYaI
m;%hl yd wdodhï m%ldYhl oelsh yelafla m%;sY;l muKs.
fldgia f;dard .eksu iy ;SrK .eksu
fï fya;=fjkau b;d myiqfjka wdh;k w;r ixikaokh lr
jvd;a fyd| wdh;khla f;dard .ekSu myiq lrjhs.
Wmk;s úYaf,aIKfhaoS isÿ jkafka tla wdh;khl j¾I lsysm-
hla i|yd uQ,H m%ldYk ixikaokh lsÍuhs. fï u.ska wod,
ld,h ;=<oS wdh;kfha Wmk;sh ke;fyd;a .uka ud¾.h fm-
kakqï lrkq ,nhs. fmdÿ m%udK úYaf,aIKh iy Wmk;s
úYaf,aIKh isria úYaf,aIKh iy ;sria úYaf,aIKh f,io y`ÿka-
jhs. fmdÿ m%udK úYaf,aIKfha úúO wdh;k w;r ixikaokh
lrkq ,nk w;r Wmk;s úYaf,aIKfhaoS tlu wdh;khl úúO
ld,mßÉfþo w;r ixikaokhla isÿ lrhs.
iud.ul l%shdldÍ;ajh úYaf,aIKh i|yd fhdod.kq ,nk b;d
m%p,s; l%uh kï uQ,H wkqmd; úYaf,aIKhhs. uQ,H m%ldYk j,
we;s úúO ixLHd mokï lrf.k tu ixLHd w;r in|;djhla
f.dvke.Su wkqmd; úYaf,aIKh u.ska isÿ lrkq ,nhs.
.sKqïlrK wkqmd; úúO wdldrhg bosßm;a l< yel.
fka jHdmdrfha uQ,H f;dr;=re iy fldgia fj<|m, iïnkaO
f;dr;=re taldnoaO lsÍu ;=<sks. fuu wkqmd; ms<sn| wOHhkh
wdfhdaclhkag b;du;a jeo.;a jk fyhska tjeks wkqmd;
lsysmhla .Kkh lrk whqre iy bka wdfhdaclhskag ,nd .;
yels f;dr;=re my; mßos ielúka oelaúh yel.
14.0 fldgil bmehqu (Earning Per Share - EPS)
idudkH fldgia ysñhkaf.a wdfhdackfha ,dNodhS;ajh ukskq
,nk ;j;a ñïula f,i fldgil bmehqu fhdod .; yel. fuu
wkqmd;h u.ska lsishï j¾Ihla ;=<oS ysñlï fldgila fld-
muK ,dNhla Wmhd we;so hk j. wkdjrKh lr .; yel.
my; iólrKh u.ska fldgil bmehqï .Kkh l< yel.
idudkH fldgia ysñhkag whs;s ,dNh
fldgil bmehqï =
idudkH fldgia m%udKh
fuysoS idudkH fldgia ysñhkag wh;a ,dNh hkq nÿ
m%;sY;hla f,i - ysñlï u; bmehqu 15%
wkqmQrlhla f,i - cx.u wkqmd;h 2:1
jdr .Kkla f,i - f;d. msßjegqï wkqmd;h jdr 5
fuu úúO whqßka bosßm;a lrkq ,nk uQ,H wkqmd; úúO
wdldrhg j¾. lrkq ,efí. fuysoS my; j¾.SlrKh fndfyda
úYaf,aIlhka úiska wkq.ukh lrkq ,nhs.
1. øjYS,;d wkqmd;h
2. ,dNodhS;aj wkqmd;h$ fufyhqï l%shdldß;aj wkqmd;h
3. f;da,k wkqmd;h
4. wdfhdack wkqmd;h $ fjf<|m< wkqmd;h
fuysoS øjYS,;d wkqmd;h u.ska wdh;khl fláld,Sk
kqnqkaj;aNdjh ukskq ,nk w;r cx.u j.lSï j,g wdh;kh
fld;rï fyd|ska uqyqK fokjdo hkak fuysoS úYaf,aIKh lrhs.
øjYS,;d wkqmd; i|yd WodyrK f,i cx.u wkqmd;h iy
laIKsl wkqmd;h oelaúh yel.
fufyhqï l%shdldß;aj wkqmd; u.ska wdh;khl l%shdldß;a-
jfha ld¾hlaIu;dj ukskq ,efí. fuysoS fuu l%shdldß;aj
wkqmd; wdh;khl ,dN mokï lrf.k fukau j;alï mokï
lr.ksñkao bosßm;a lrkq ,efí. fï i|yd ksoiqkla f,i Y=oaO
,dN wkqmd;h, uq¿ j;alï u; m%;s,dN wkqmd;h wdosh oelaúh
yel.
wdh;khl whs;slrejkaf.a m%d.aOkh;a Kh m%d.aOkh;a w;r
iïnkaO;djh f;da,k wkqmd;h u.ska ksrEmKh lrhs. ke;-
fyd;a wdh;khl os.= ld,Sk kqnqkaj;aNdjh fuu wkqmd;
u.ska ksrEmKh lrkq ,nhs. fï i|yd ksoiqka f,i Kh ialkaO
wkqmd;h, Kh uq¿ m%d.aOk wkqmd;h oelaúh yel.
jHdmdrhkays uqo,a wdfhdackh lrkq ,nk mqoa.,hskaf.a wruqK
jkafka ;uka fhdojk ,o uqo,a fld;rï ÿrg M,odhS
f,i fhdojkafkao hkakhs. ke;fyd;a wod, wdh;kh iïkaO-
fhka jk bmehqï iy ,dN m%udKj;a mßos j¾Okh jkafkao
hkakhs. fuu ;;a;ajhka ksrEmKh lrkq ,nk .sKqïlrK
wkqmd; wdfhdack wkqmd; ke;fyd;a fjf<|m< wkqmd; f,i
y`ÿkajkq ,nhs. fuu wkqmd; fndfyda úg ms,sfh, lrkq ,nka-
fldgia f;dard .eksu iy ;SrK .eksu
miq ,dNfhka 3UR¿W$IWHU7D[ jrKSh fldgia i|yd ,dNdxY
(Preference Share Dividend) we;akï tu m%udKhka wvq l<
miq ,efnk w.hhs. ksoiqkla f,i xyz wdh;kfha nÿ miq
,dNh remsh,a ñ,shk 11ls. wod, iud.fï jrKSh fldgia i|yd
wod, ,dNdxYh remsh,a ñ,shk 1la f,i .Kkh lr we;s w;r
idudkH fldgia ñ,shk 5la ksl=;a lr we;. fldgil bmehqu
.Kkh lrkak.
nÿ miq ,dNh - jrKSh ,dNdxYh
fldgil bmehqï =
idudkH fldgia m%udKh
ñ,shk 11 - ñ,shk 1
=
ñ,shk 5
=2
fldgil bmehqu 2ls. fuh jákdlula f,i bosßm;a lrkq
,efí.
j¾I lsysmhla i|yd jk fuu wkqmd;h iei|Ssfuka wod,
wdh;kfha fldgila i|yd jk bmehqu by< my< f.dia we;s
wdldrh wdfhdaclhskag ksÍlaIKh l< yel. tfukau wdh;k-
fha fldgil bmehqï wod, l¾udka;fha idudkH iu. iei|S-
fukao wdfhdaclhskag jvd fyd| wjfndaOhla wdh;kh ms<sn|
,nd .; yel. os.ska os.gu by< hk fldgil bmehqï wkqm-
d;hla fmkakqï lrk wdh;k j, uqo,a wdfhdackh i|yd wdf-
hdaclhska jeä jrKhla olajkq ,nhs.
15.0 ñ, bmehqï wkqmd;h
(Pice Earning Ratio - P/E Ratio)
fuu wkqmd;h u.ska fldgil fjf<|m< ñ,;a (Market
Price) fldgil bmehqu;a (Earnings Per Share) w;r ;sfnk
iïnkaO;djh ukskq ,nhs. my; iólrKh u.ska fuh .Kkh
l< yel.
fldgil fjf<|m< ñ, MP
ñ, bmehqï wkqmd;h = =
fldgil bmehqu EPS
12
ksoiqkla f,i by; xyz iud.fï fldgil bmehqu re.2 f,i 17.0 ,dNdxY M,od wkqmd;h
,enqKs. wod, iud.fï fldgil j¾;udk fjf<|m< ñ, re.24 (Dividend Yield Ratio - DY)
kï ñ, bmehqï wkqmd;h .Kkh lrkak.
ysñlï fldgilg ,efnk ,dNdxY (Dividends Per Share ) m%ud-
Kh ta fldgfia fjf<|m< ñ,g (Market Price) wkqj uek
fldgil fjf<|m< ñ,
ñ, bmehqï wkqmd;h = ne,Su fuu wkqmd;fhka isÿ lrkq ,nhs. fuu wkqmd;fhka
fldgil bmehqu
fmkakqï lrkqfha wod, wdfhdackh fjkqfjka i;H jYfhkau
,efnk bmehquhs. my; iólrKh weiqßka fuh .Kkh l<
24 yelsh.
= = 12
2
fldgil ,dNdxYh x 100
fldgil fmd;a w.h =
fldgil fjf<|m< ñ,
fuu wkqmd;h wdfhdack wdjrK wkqmd;hla f,io Ndú;d lrkq
,nhs. tkï by; ksoiqkg wkqj wdfhdackh lrkq ,nk
uqo, jk re.24 wdjrKh lr .ekSug j¾I 12l ld,hla ksoiqkla f,i by; xyz iud.u idudkH fldgia i|yd
.; jk njhs. fndfyda úg ñ, bmehqï wkqmd;h my< w.hla ñ,shk 2.5l ,dNdxYhla f.jQ njg Wml,amkh l<fyd;a fld-
.kq ,nk fldgia flfrys wdfhdaclhska jeä jrKhla oelajQjo gia m%udKh ñ,shk 5la jQ w;r fldgil fjf<|m< ñ, re.24
tjeks fldgia ksrka;rfhkau by< wjodkulg ksrd- f,i oS ;snqKs. fuu fldgil ,dNdxY M,odj fidhkak.
jrKh fõ. fï wkqj wdfhdaclhskaf.a wjodkï jrKhkag
wkqj ñ, bmehqï wkqmd;h mokï lr .ksñka wdfhdack ;SrK
j,g t<ôh yelsh. idudkH fldgia i|yd jk ,dNdxYh
fldgil ,dNdxYh =
idudkH fldgia m%udKh
16.0 ñ, fmd;a w.h wkqmd;h
ñ,shk 2.5 = 0.5
(Price to Book Value Ratio - P/BV) =
ñ,shk 5
fuu wkqmd;ho ksrka;rfhka wdfhdaclhskaf.a wjOdkhg fldgil ,dNdxYh X 100
,lajk wkqmd;hls. fï u.ska fldgil fjf<|m< w.h fldg- ,dNdxY M,odj =
fldgil fjf<|m< ñ,
il fmd;a w.h wdY%fhka ksrEmKh lrhs. fuu wkqmd;h my;
iólrKh u.ska .Kkh lrkq ,nhs.
0.5
= X100 = 2.08%
24
fldgil fjf<|m< ñ,
ñ, fmd;a w.h wkqmd;h =
fldgil fmd;a w.h wLKav wdodhula n,dfmdfrd;a;=jk wdfhdaclhska i|yd
fuh jvd fyd| wkqmd;hls. wdfhdaclhska by< ,dNdxY M,od-
jla wfmalaId lrhs. idudkHfhka by< ,dNdxY M,odjla fnd-
ksoiqkla f,i by; xyz iud.fï fldgil fjf<|m< ñ, fyda úg r|d mj;skafka jvd;a ia:djr ke;fyd;a uqyql=rd .sh
re.24 f,i olajk ,o’. uq¿ ysñlï fldgia m%udKh ñ,shk wdh;k iu.sks. j¾Okh jk wdh;k j, ,dNdxY M,odj wvq
50la f,i olajk ,oS. idudkH fldgia ysñhkaf.a ysñlu ñ,shk ùug fya;=j Tjqka ,dNdxY f,i uqo,a f.jkjd fjkqjg tu
700 kï ñ, fmd;a w.h wkqmd;h fidhkak. uqo,a wdh;kfha j¾Ok lghq;= i|yd kej; fhoùuhs.

700
fldgil fmd;a w.h = 50 = re.14

24
P/BV = = 1.71
14

fuysoSo fuu wkqmd;h by< w.hla .kakd ;rug wod, wdh;k-

fha wjodku by< hhs. fuh ir,j mejiqj fyd;a fldgil
fmd;a w.h;a tys fjf<|m< w.h;a ÿria ùu hkq wjodkï
iy.; ;;a;ajhls. wod, wdh;k fjf<|m< ;=< fyd| kula
oskdf.k isáho wdfhdaclhskaf.a wjodkï ord .ekSfï jrKh-
kag wkql+,j fujeks fldgiaj, uqo,a fhoùu l< hq;=h.

13 fldgia f;dard .eksu iy ;SrK .eksu

igyka

fldgia f;dard .eksu iy ;SrK .eksu

igyka

fldgia f;dard .eksu iy ;SrK .eksu

igyka

fldgia f;dard .eksu iy ;SrK .eksu

 Okh yd jákdlï W;amdokh Wfoid

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