finansuri menejmentis maTematikuri safuZvlebi

,,sistematurad abrune fuli, igi

patara ,,muSakia”, ise unda moeqce,
rom man imuSaos da ar eZinos da
namatiT dagibrundes”
sabazro ekonomikaze gadasvlis pirobebSi fuls gansakuTrebuli
mniSvneloba eniWeba. Mmas droebiTi Rirebuleba aqvs, radganac
dRevandeli lari ufro Zviria, vidre “xvalindeli” da ara imitom, rom
inflacias SeuZlia Seamciros msyidvelobiTi unari, aramed imitomac,
rom dRes investirebuli lari saukeTeso SemTxvevaSi xval moitans
konkretul mogebas.
gadawyvetilebis miRebis dros fulis droebiTi Rirebuleba
dafinansebisa da investirebis mniSvnelovani aspeqtia. Ees aris rTuli
procentis gaangariSebis elementi, is gamoiyeneba momavali Sedegis
dadgenis, investirebisa da diskontirebisaTvis, romelic momavali
moZraobis Sefasebis ukuproporciulia. is unda gaviTvaliswinoT
kapitaluri dabandebis saprognozo dagegmvis dros.
rTuli procentis daxmarebiT xdeba gadasvla mimdinare
Rirebulebidan momaval Rirebulebaze. Mmomavali Rirebuleba – es aris
investirebuli fuli garkveuli TariRiT, rTuli procentis daricxvis
gaTvaliswinebiT.
`dRevandeli fuli ufro Zviria, vidre xvalindeli~. misi arsi
imaSia, rom fulis is erTeuli (mag., erTi lari, erTi dolari, an aTasi
lari, aTasi dolari), romelsac fizikuri an iuridiuli piri miiRebs
erTi an meti wlis Semdeg, mimdinare wels miRebulTan SedarebiT, ufro
naklebi Rirs. aq mTavar rols TamaSobs dro, ufro zustad drois is
intervali, romelic devs mimdinare welsa da im momaval dros Soris,
rodesac fizikurma an iuridiulma pirma fuladi Semosavali unda
miiRos (drois es intervali ganusazRvrelia. igi SeiZleba iyos erTi an
erTze meti weli). amas minimum sami mizezi ganapirobebs:
1. dRevandeli fulis investireba SesaZlebelia an iseT saqmeSi,
saidanac is Semosavals mogvcems, an bankSi depozitad Setana da
iqidan sargeblis (procentis) miReba. ase, rom am garkveuli drois
gasvlis Semdeg, Cvens xelSi aRmoCndeba ufro meti raodenobis
fuli, vidre Tavdapirvelad gvqonda;

1
 2. fulma droTa ganmavlobaSi inflaciis Sedegad SeiZleba dakargos
msyidvelobiTi unari;
3. ekonomikaSi momavlis winawar xedva, misi gaukvevlobis gamo, sruli
sizustiT SeuZlebelia, rac garkveuli riskis qveS ayenebs
investors.
`dro fulia~ - amboben amerikelebi, ingliselebi, iaponelebi,
germanelebi, frangebi, anu is xalxi, vinc icis drois fasi. isini
araproduqtiulad gamoyenebul dros fulis danakargad aRiqvamen. amis
Tavidan acilebis erTaderTi gza aris fulis (fuladi kapitalis)
moucdeneli `muSaoba~, anu martivad rom vTqvaT, misi saqmeSi dabandeba,
investireba (an bankSi depozitad Setana), saidanac igi Semosavals
mogvcems. magram fizikuri an iuridiuli pirisaTvis sul erTi ar aris,
rodis, ramdeni wlis gasvlis Semdeg miscems mas sakuTari fuladi
kapitali Semosavals. aq mniSvneloba aqvs Semosavlis miRebis siswrafes
droSi da TviT Semosavlis sidides. es imiTaa ganpirobebuli, rom
ZiriTad fulad kapitalTan erTad es Semosavalic daiwyebs `muSaobas~
da misi reinvestirebac moutans damatebiT Semosavals fuladi kapitalis
mesakuTres (investors). maSasadame, Tu investirebuli fuladi kapitalis
Semosavals simbolurad procentul sargebels davarqmevT, rac metad
gavrcelebulia sazRvargareT, maSin saqme gveqneba am procentuli
sargeblis investirebidan kidev procentuli sargeblis miRebasTan da,
cxadia, rac adre moxdeba igi, e.i. ara 5, 10 an meti wlis Semdeg, aramed 1-
2 wlis Semdeg, miT ufro meti Semosavali daugrovdeba fuladi
kapitalis mflobels (investors).
ZiriTad (sawyis) kapitalze daricxuli procenti iwodeba martiv
procentebad (simple intereset), xolo ZiriTad TanxasTan erTad procentebze
daricxuli procentebi _ rTul procentebad (copund intereset). ase rom,
procentis saerTo Tanxis gaangariSeba SeiZleba martivi procentebiTac
da rTuli procentebiTac. pirvel SemTxvevaSi dasaricxi baza ucvlelia,
meore SemTxvevaSi ki igi icvleba _ mas emateba daricxuli procenti,
anu xdeba procentis kapitalizacia.
Semosavlis dagrovebis am process kompaudingi (Compauding), xolo
dRvandeli fulis momavali Rirebulebis dadgenas kompondireba ewodeba.
TviT dagrovili Tanxa aris investirebuli, anu saqmeSi Cadebuli
2
fuladi kapitalis momavali Rirebuleba (Future value), anu rac igivea misi
saboloo Rirebuleba (Terminal value).

martivi da rTuli saprocento ganakveTebi

fulis mimdinare Rirebuleba aris momavali fuladi Tanxis

dRevandeli faseuloba. mimdinare Rirebulebis GgaangariSebas ewodeba
diskontireba. sargeblis saprocento ganakveTs ewodeba diskontis
ganakveTi, romelic xSirad moixsenieba kapitalis Rirebulebad da
warmoadgens minimalur mogebis normas, romelsac moiTxoven investorebi.
nebismier finansur operaciebSi fuladi Tanxebis gaangariSeba
drois konkretul mometTan praqtikulad yovelTvis aris dakavSirebuli.
amasTan drois faqtori nakleb rols ar TamaSobs, vidre fuladi
Tanxebis sidide. amitom kontraqtebSi aucileblad fiqsirdeba vadebi,
TariRebi, fuladi saxsrebis Semotanis an maTi gadaxdebis perioduloba.
am faqtoris aRricxvis aucilebloba TviT dafinansebisa da
dakreditebis procesis arsiT ganisazRvreba da drois sxvadasxva
momentSi fulis aratolfasovnebis postulatTan aris dakavSirebuli.
fulis aratolfasovnebis postulati, romelic drosTan aris
dakavSirebuli, drois sxvadasxva momentebTan dakavSirebuli fuladi
sidideebis dajamebis operaciebis marTebulobas eWvis qveS ayenebs,
gansakuTrebiT ekonomikuri analizis dros da finansebis xanrgZlivi
periodebiT marTvisas.
finansur sferoSi drois faqtori saprocento ganakveTis meSveobiT
aRiricxeba, rogorc fiqsirebuli drois monakveTSi gadasaxdeli
procentuli fuladi Tanxis sesxis sididesTan Sefardeba. intervali,
romelzec saprocento ganakveTi aris gaTvaliswinebuli, daricxvis
periods uwodeben. procentuli gadasaxadebis Tanxas sesxis sidididan,
misi saerTo vadidan da saprocento ganakveTis donidan gamomdinare
gansazRvraven. procentebis daricxva ufro xSirad diskretulad, xolo
zogierT SemTxvevaSi uwyveti procentebis saxiTac iwarmoeba.
finansuri operaciebis Casatareblad saWiro aRniSvnebi:
 i _ martivi procentuli ganakveTis fardobiTi sidide;
 Is _ intervalis ganmavlobaSi daricxuli procentuli fuli;
3
  I _daricxvis mTeli periodSi gadasaxdeli procentuli fuli;
 P _sawyisi Tanxa (sesxad gacemuli);
 S _momatebuli Tanxis sidide;
 Kh _ matebis mamravli;
 n _daricxvis periodi wlebSi;
 b _ daricxvis periodi dReebSi;
 k _ kalendarul dReTa ricxvi;
i% = (Is / P) X 100; I= Is X n = P i n; S = P + P in = P (1+in); (1)
S= P (1+ i X b/k); (2) i = (S-P) / Pn; n= (S-P) / Pi; Kh = 1+in (3)
Tu gvaqvs n1, n2, n3 . . . nN s/s xangrZlivobis intervali Sesabamisad i1, i2, i3 . . . iN
procentuli ganakveTebi, maSin
Sn=P (1+ ∑ itnt); (4)
Aamocana 1.
krediti gacemulia wliuri martivi procentuli ganakveTiT 30% 240
dRis ganmavlobaSi. ras udris Tanxa, romelsac miiRebs msesxebeli, Tu
kreditis sidide Seadgens 16 000 lars?
(2) formula S= P (1+i X b/k) =16000 X (1+240/360 X 0.3)= 19200 lari.
amocana 2.
sesxi 50 aTasi lari gacemulia wliuri 25% martivi procentuli
ganakveTiT 4 wlis ganmavlobaSi, ras udris momatebuli Tanxa?
(1) formula S = P (1+in)= 50000 X(1+0.25 X 4)=100000 lari.
amocana 3.
anabari 30 aTasi laris odenobiT bankSi 2008 wels 20 maiss wliuri
60%-iani ganakveTiT iyo Cadebuli, 1 seqtembridan bankma anabrebze
ganakveTi wliur 30%-mde Seamcira, 25 oqtombers anabari daixura. ganvsa-
zRvroT anabarze daricxuli procentuli Tanxa daricxvis inglisuri,
germanuli da franguli praqtikis gamoyenebiT.
germania _ dReTa raodenobis gaTvla wlis xangrZlivobis 360 dRe-
ze da Tveebis - 30 dReze aris dafuZnebuli; safrangeTi _ wlis xangrZ-
livoba 360 dRis toli, xolo TveSi dReTa raodenoba faqtiuri kalenda-
ruli xangrZlivobis Sesabamisad; inglisi _ wlis xangrZlivoba 365 dRes,
xolo TveTa xangrZlivoba kalendris mixedviT faqtiur xangrZlivobas
Seesabameba.
 germania_60%-iani ganakveTisas b=12+30+30+30+1-1=102dRe;
4
 30%-iani ganakveTisas b=30+25_1=54;
I=30000 X (102/360 X 0.6 + 4/360 X 0.3) =64500 lari;
 safrangeTi_ 60%-iani ganakveTisas b=12+30+31+31+1-1=104dRe;
30%-iani ganakveTisas b=30+25_1=54;
I=30000 X (104/360 X 0.6 + 54/360 X 0.3) = 65500 lari;
 inglisi_ 60%-iani ganakveTisas b=12+30+31+31+1-1=104dRe;
30%-iani ganakveTisas b=30+25_1=54;
I=30000 X (104/365 X 0.6 + 54/365 X 0.3) =64602 lari 74 TeTri.
finansur operaciebSi rTuli procentebis sqema gamoiyeneba, Tu
dasaricxi procenti sawyis kapitalTan jamdeba da Semdeg etapze
procenti ukve warmoqmnil mTlian Tanxaze dairicxeba. am variants
zogjer kapitalizacias an reinvestiebas anu `procentebze procentebs”
uwodeben.
rTuli saprocento ganakveTiT maTematikuri operaciebis
Casatareblad SemovitanoT Semdegi aRniSvnebi:
 ic _ sesxis rTuli procentuli ganakveTis wliuri done;
 hc _ matebis mamravli rTuli procentuli ganakveTisas;
 J _ sesxis rTuli procentebis nominaluri ganakveTi.
(1) formulaSi erTi wlis Semdeg S1 = P (1+ ic);
2
meore wlis Semdeg - S2 = S1 (1+ic )= P (1+ ic) X (1+ ic) = P (1+ ic)
2 3
mesame wlis Semdeg - S3 = S2 (1+ic )= P (1+ ic) X (1+ ic) = P (1+ ic)
n
da a. S n wlis bolos Sn = Sn-1 (1+ic )= P (1+ ic) (6)

;(7)
Tu gvaqvs n1, n2, n3 . . . nN raodenobis sxvadasxva xangrZlivobis
intervali Sesabamisad i1, i2, i3 . . . iN procentuli ganakveTebi, maSin SN=P∏
(1+ itnt); (8)
rTuli procentebis daricxva wlis ganmavlobaSi SeiZleba
ramdenjerme ganxorcieldes: Tviurad, kvartalurad, naxevari wliT. erTi
intervalis SigniT ramodenimejer daricxvis SemTxvevaSi

; (9)
sadac m _ intervalis SigniT daricxvaTa raodenobaa.
5
 amocana 4.
benJamin franklinma qalaq bostonis mcxovreblebs aTasi funti
sterlingi Semdegi pirobebis qveS uanderZa:
 fuli gaices axalgazrda mewarmeebze wliuri 5% -is qveS;
 100 wlis Semdeg dagrovili fulidan (procentebis procentebze
daricxvis gaTvaliswinebiT) 100 aTasi funti sterlingi
sazogadoebrivi Senobebis asaSeneblad miimarTos;
 amis Semdeg darCenili fuli igive procentebis qveS kidev 100 wliT
gaices;
 am vadis gasvlis Semdeg dagrovili Tanxa bostonis mcxovreblebsa
da qalaqis mmarTvelobas gaunawildes, am ukanasknelze 3 mln.
funti sterlingis gadacemiT;
kiTxva: ramdeni Tanxa ergeboda bostonis mcxovreblebs
franklinis gardacvalebidan 200 wlis Semdeg (gardaicvala 1790 wels)?

1). formula (6)-is mixedviT

funti sterlingi.
2). 131501 _ 100000 = 31501 funti sterlingi.

3). funti sterlingi.

4). 4142 421 _ 3000000 = 1142421 funti sterlingi.

fulis erTeulis (mag., 1 dolari) momavali Rirebulebis koeficien-

tebi miT ufro maRalia, rac maRalia gaangariSebis horizonti (n) da
sasesxo procentis ganakveTi (ic). amas mowmobs Semdegi cxrili (ix.
cxrili #1).
Tu cxrilis davakvirdebiT davinaxavT, rom 1 dolaris momavali
Rirebuleba erTi wlis Semdeg (n = 1) 2% ganakveTis pirobebSi (ic = 0,02)
1,0200 dolaria, xolo igive erTi wlis Semdeg 12% ganakveTis pirobebSi
1,1200 dolari anu 0,1 dolariT meti. metic, Tu 12%-iani sargeblis
ganakveTis pirobebSi 1 wlis Semdeg erTi dolaris momavali Rirebuleba
1,1200 dolaria, 10 wlis Semdeg igi Seadgens 3,1058 dolars, xolo 20
wlis Semdeg _ 9,6463 dolars. maSasadame, am SemTxvevaSi erTi dolari 10

6
  3,1058 
wlis Semdeg TiTqmis sammagdeba   2,77  , xolo 20 wlis Semdeg 8,6-
 1,1200 

 9,6463 
jer izrdeba   8,61 .
 1,1200 

cxrili #1.
sxvadasxva periodSi da sxvadasxva saprocento ganakveTis
pirobebSi erTi dolaris momavali Rirebuleba1
wlebis procentis ganakveTi (i)
ricxvi 2% 4% 6% 8% 10% 12%
(n) (ic =0,02) (ic =0,04) (ic =0,06) (ic =0,08) (ic =0,10) (ic =0,12)
1 1,0200 1,0400 1,0600 1,0800 1,1000 1,1200
2 1,0404 1,0816 1,1236 1,1664 1,2100 1,2544
3 1,0612 1,1249 1,1910 1,2597 1,3310 1,4049
4 1,0824 1,1699 1,2625 1,3605 1,4641 1,5735
5 1,1041 1,2167 1,3382 1,4693 1,6105 1,7623
10 1,2190 1,4802 1,7908 2,1589 2,5937 3,1058
15 1,3459 1,8009 2,3966 3,1722 4,1772 4,4736
20 1,4859 2,1911 3,2071 4,6610 6,7275 9,6463
40 2,4255 4,8511 10,2857 21,7245 45,2592 93,0509

am process metad did mniSvneloba aqvs ara mxolod firmebis

saqmianobaSi, aramed adamianTa yofaSic. magaliTad, nebismieri adamiani
axalgazrdobaSi yovelTvis fiqrobs, rom raRaca Tanxa (vTqvaT 1000
dolari) Seinaxos bankSi siberisaTvis. Tu igi 20 wlisaa, cxadia, mas
ainteresebs ramdeni gauxdeba es Tanxa, e.i. 1000 dolari, roca igi
gaxdeba 60 wlis (e.i. 40 wlis Semdeg), weliwadSi 6%, 8%-s anda sulac
12%-iT sargeblis pirobebSi bankSi Senaxvisas.
cxadia, 1000 dolaris 40 wlis Semdgomi momavali Rirebulebis
angariSi iseTi martivi ariTmetikuli gamoangariSebiT, romelic Cven 5
welze gavakeTeT SesaZlebelia, magram damRlelia, amitom am pirovnebam
an unda gamoiyenos specialuri finansuri kalkulatori (SevniSnavT, rom
finansists, miT ufro finansur menejers aseTi kalkulatori

1
Зви Боди, Роберт К. Мертон «Финансы», Москва-Санкт-Петербург-Киев, «Вильямс», 2003, стр.
160.
7
aucileblad unda hqondes), anda gamoiyenos rTuli procentebis
cxrilebi, romelSic fulis eqvsi funqciaa mocemuli. es funqciebia:
1. fulis erTeulis (1 dolaris, 1 laris) momavali Rirebuleba (F1);
2. winaswar gadaxdili fulis erTeulis Rirebuleba (F2);
3. kapitalis dafarvis (anazRaurebis) koeficienti (F3);
4. fuladi erTeulis mimdinare Rirebuleba (F4);
5. anuitetis erTeulis mimdinare Rirebuleba (F5);
6. fuladi erTeulis amortizaciis koeficienti (F6);
investirebuli fuladi kapitalis momavali Rirebulebis
gamosaTvlelad, rTuli procentebis cxrilebidan gamoiyeneba fulis
erTeulis pirveli funqcia (F1). mas meorenairad multiplikaciuri
mamravlic ewodeba. aseTi cxrilebi beWvdiTi formiTaa gavrcelebuli.
amis garda, personaluri kompiuterebis eleqtronuli cxrilebis iseTi
programebic, rogorebicaa, `Lotos~ da `Excel~ floben fulis momavalSi
Rirebulebis gamoangariSebis SesaZleblobas.
Tu visargeblebT erTi dolaris momavali Rirebulebis am
koeficientebiT, maSin advilad gavigebT, rom 1000 dolaris bankSi
moTavsebiT 40 wlis gasvlis Semdeg am pirovnebas daugrovdeba
sargeblis 6%-is SemTxvevaSi S= 1000*3,2071= 3207 lari
sargeblis 8%-is SemTxvevaSi S= 1000*4,6610= 4661 lari
sargeblis 12%-is SemTxvevaSi S = 1000*9,6463= 9646,3 lari
maSasadame, kompaudingi aris procesi, romlis meSveobiT vigebT
ramdeni dagrovdeba kapitali garkveuli drois gasvlis Semdeg, e.i. ra
Rirebulebis iqneba is momavalSi.
investirebuli fuladi kapitalis momavali Rirebulebis sidideze
garda gaangariSebis horizontisa (n) da saprocento ganakveTisa (r)
moqmedebs procentis daricxvis sixSirec. es dasturdeba Semdegi
magaliTiT: ganvsazRvroT mesame wlis bolosTvis 1000 dolaris momavali
Semosavali 10%-iani sargeblis weliwadSi 2-jer (6-TevSi erTxel), 4-jer
(kvartalSi erTxel) da erTjer daricxvisas:
6-TveSi erTxel procentis daricxvisas, 1000 dolaris momavali
Semosavali 3-wlis Semdeg Seadgens:
0,10 2.3
S3  1000(1  )  1339 dolars
2
8
 kvartalSi erTxel procentis daricxvisas, 1000 dolaris momavali
Semosavali 3 wlis Semdeg Seadgens:
0,10 4..3
S3  1000(1  )  1378 dolars
4
weliwadSi erTxel procentis daricxvisas, 1000 dolaris momavali
Semosavali 3 wlis Semdeg Seadgens:
0,10 1.3
S3  1000(1  )  1331 dolars
1
Tu am Semosavlebs erTmaneTs SevadarebT, davinaxavT, rom weliwadSi
erTxel procentis daricxvisas, 1000 dolaris momavali Semosavali
mxolod 1331 dolaria, weliwadSi 2-jer daricxvisas _ 1339 dolari,
xolo weliwadSi 4-jer daricxvisas 1378 dolari. gansxvaveba, rogorc
vxedavT, sakmaod mniSvnelovania. maSasadame, investirebul kapitalze
sargeblis (procentis) daricxvis sixSire zrdis investirebuli
kapitalis momaval Rirebulebas (Semosavals). es aris investirebuli
kapitalidan Semosavlis dagrovebis kanonzomiereba.

martivi da rTuli saaRricxvo ganakveTebi

praqtikaSi finansistebs sWirdebaT ara mxolod investirebuli

fuladi kapitalis momavali Rirebulebis (Semosavlis) dadgena, aramed
momavali Semosavlebis mimdinare Rirebulebis (Present value) gansazRvrac.
am process diskontireba ewodeba. es xdeba maSin, roca viciT ra
sididis fuladi kapitalis Semosavali gveqneba momavalSi da ar viciT
ra Rirs igi amJamad, e.i. ra moculobis fuli unda davabandoT dRes, rom
momavalSi miviRoT is sasurveli Semosavali.
diskontireba saaRricxvo ganakveTiT damokidebulia kreditis
zomasa da uSualod miRebuli Tanxis sidideze. diskonti _ sxvaoba
kreditis zomasa da uSualod gacemul Tanxas Soris. diskontireba
komerciul sferoSi gavrcelebul mtkicebasTan aris dakavSirebuli, rac
ganpirobebulia fuladi saxsrebis absoluturi sididiT erTnairi


SevniSnavT, rom diskontireba finansebSi da vaWrobaSi sxvadasxva Sinaarsis
matareblebi arian. vaWrobaSi igi gamoxatavs fasis Semcirebas saqonlis meti
raodenobis gayidvis mizniT, finansebSi ki igi fulis momavali nakadis mimdinare
Rirebulebis gamoxatvas emsaxureba.
9
Tanxebis aratolfasovnebiT dRes da gaurkveveli drois Semdeg
momavalSi. aRniSnuli aixsneba, magaliTad, kapitalis dRes investirebisa
da momavalSi Semosavlis miRebis SesaZleblobiT. garda amisa, inflaciu-
ri procesi aufasurebs fulad masas. amitom SeiZleba vamtkicoT, rom
`fuli dRes” `samomavlo fulze” ufro fasobs. swored amitom biznesis
`oqros wesi” amcnobs: dRes miRebuli Tanxa, metia xval miRebul iseTive
Tanxaze.
diskontireba operaciebSi drois faqtoris gaTvaliswinebis
SesaZleblobas iZleva. maTematikuri diskontireba drois romeliRac
momentisaTvis egreT wodebuli `Tanamedrove” anu `dayvanili” P-s
mniSvnelobis gansazRvrasTan aris dakavSirebuli, romelic drois sxva
momentSi S–is mocemul mniSvnelobas Seesabameba.
SemovitanoT aRniSvnebi:
d _ martivi saaRricxvo ganakveTi;
D _ daricxvis mTel periodSi gadasaxdeli Tanxa;
S _ dasabrunebeli Tanxis sidide;
P _ uSualod miRebuli Tanxis sidideze.
d% = DS / S x 100% D = DS x n = Sdn;
P = S-D = S_-Sdn = S (1-dn); S = P / (1-dn); (5)
 amocana 5.
finansuri kompania 15 000 laris sesxs gascems naxevari wliT martivi
saaRricxvo ganakveTiT 5%. ramdenia Tanxa romelsac miiRebs klienti da
kompaniis Semosavali?
(5) formula S = P / (1-dn);
P = S (1_dn) = 15000 (1_0.5 x 0.05) = 14625 lari;
D= Sdn = 15000 x 0.5 x 0.05 = 375 lari;
 amocana 6.
diskonturi Tamasuqis dafarvis vadaa mimdinare wlis 22 ivlisi,
ganvsazRvroT Tamasuqis gamosasyidi fasi da diskonti 2 ivlisisaTvis
nominaliT 100 aTasi lari, Tu Tamasuquri ganakveTi wliur 40%-s
Seadgens (weliwadis dReTa raodenoba 360–is tolia).
P = S-D = S (1-b/k xd) = 100 000 ( 1_20/360 X 0.4) = 97777 lari da 78 TeTri.

SemovitanoT aRniSvnebi:
10
  dc _ sesxis rTuli saaRricxvo ganakveTis wliuri done;
 Khy_ matebis mamravli rTuli saaRricxvo ganakveTisas;
 f _ sesxis rTuli nominaluri saaRricxvo ganakveTi.
(5) formulis mixedviT erTi wlis Semdeg S1 = P / (1- dc); meore wlis Semdeg

n
_ da a. S. Sn= P/ (1- dc) (10),

(11) erTi intervalis SigniT ramodenimejer

daricxvis SemTxvevaSi

(12)
 amocana 7.
finansurma operaciam, romelic obligaciebis SeZenasTan da Semdgom
mis gayidvasTan aris dakavSirebuli 3 wlis Semdeg 100 000 lars mogeba
unda moutanos, ra iqneba am Tanxis Tanamedrove faseuloba rTuli
wliuri saaRricxvo ganakveTiT (30%)?

(10) formulidan

roca finansuri kalkulatori ar gagvaCnia da elementaruli,

ariTmetikuli gangariSebis Catarebac did dros gvarTmevs, maSin kvlavac
unda moviSvelioT zemoT dasaxelebili rTuli procentebis cxrilebi,
romlebSic fulis erTeulis meoTxe funqciis saxiT mocemulia CvenTvis
saWiro diskontis koeficientebi (sasurveli wlisaTvis da sasurveli
saprocento ganakveTisTvis).
am cxrilebis mixedviT 1 - 40 wlis Semdgomi momavali erTi dolaris
mimdinare Rirebuleba anu diskontis koeficienti, sargeblis 2-10%-iani
ganakveTis pirobebSi sxvadasxva sididisaa (cxrili #2). am cxrilebiT
SesaZlebelia movipovoT nebisimieri momavali wlis da nebismieri
saprocento ganakveTisaTvis fulis erTeulis mimdinare Rirebulebis
diskontis koeficienti, romlis gadamravlebiT momavlisaTvis dagrovil
fulad Semosavalze, vangariSobT AM Semosavlis axlandel Rirebulebas.
saerTod, gvaxsovdes, rom radgan fuladi kapitalis momavali
Rirebuleba da momavali fuladi kapitalis mimdinare Rirebuleba

11
(diskontirebuli Rirebuleba) urTierTSebrunebuli sidideebia, Tu
viciT erTi, advilad vipoviT meores. gvaxsovdes isic, rom rogorc
kompaudingis, ise diskontirebis formulebi gamodgeba drois nebismieri
periodisaTvis. masSi wlebis sanacvlod SegviZlia CavrToT Tveebi,
dReebi, magram cxadia, Sesabamisad unda SemcvaloT kompaudingis da
diskontirebis ganakveTebi (d).
cxrili #2
momavali erTi dolaris mimdinare Rirebuleba
(diskontis koeficienti)

wlebis 2% 4% 6% 8% 10% 12%

ricxvi (n) (d=0,02) (d =0,04) (d=0,06) (d =0,08) (d =0,10) (d =0,12)
1 0,9804 0,9615 0,9434 0,9259 0,9091 0,8928
2 0,9612 0,9246 0,8890 0,8573 0,8264 0,7972
3 0,9423 0,8890 0,8396 0,7938 0,7513 0,7118
4 0,9238 0,8548 0,7921 0,7350 0,6830 0,6355
5 0,9057 0,8219 0,7473 0,6806 0,6209 0,5674
10 0,8203 0,6756 0,5584 0,4632 0,3855 0,3219
15 0,7430 0,5553 0,4172 0,3152 0,2394 0,1827
20 0,6730 0,4564 0,3118 0,2145 0,1486 0,1037
40 0,4123 0,2061 0,0972 0,0460 0,0221 0,0107

 amocana 8.
banki aRricxavs Tamasuqs nominaluri saprocento ganakveTiT 8%
weliwadSi 3-jer daricxviT da rTul saaRricxvo ganakveTze gadasvlis
survili aqvs. ra sididis unda iyos ganakveTis sidide, rom bankis
Semosavali ar Seicvalos?

eqvivalenturobis gantolebis safuZvelze

12
finansur gadawyvetilebebiT miRebuli fulis inflaciuri gaufasurebis
kompensacia

inflacia erovnuli valutis gaufasurebiT, misi msyidvelobiTi

unaris SemcirebiTa da qveyanaSi fasebis saerTo gadidebiT xasiaTdeba.
inflaciis arsebobisas investorma Semosavlis nawili SeiZleba
dakargos, xolo msesxebelma, davalianebis Semcirebuli msyidvelobiTi
SesaZleblobis fuliT dafarvis xarjze, SeiZleba moigos. amis
safuZvelze finansuri operaciebis maCveneblebze inflaciis zemoqmedebis
gansazRvrisaTvis raodenobrivi Sefardebis dadgena aris saWiro. unda
aRiniSnos, rom Tu fasebis saerTo Semcireba SeimCneva, maSin deflaciuri
procesi mimdinareobs. finansuri operaciebis yvela maCvenebeli SeiZleba
or jgufad daiyos: nominalurebi, romlebic mimdinare fasebSi aris
gaangariSebuli da realurebi, romlebic inflaciis zemoqmedebas
iTvaliswinebs da sabazo periodis SefardebiT fasebSia gaangariSebuli.

SemovitanoT aRniSvnebi:

 Sa – Tanxa, romlis msyidvelobiTunarianoba inflaciis CaTvliT

tolia S Tanxisa inflaciis ar arsebobisas;
 V - sxvaoba maT Soris;
 V/S gamosaxuli procentebSi _ inflaciis done;
 a - fardobiTi sidide _ inflaciis tempi;
a = V/S; Sa = S+V = S+Sxa = S (1+a); (13)
inflaciis indeqsi_uCvenebs ramdenjer gaizarda fasebi, xolo
inflaciis done ki – ramdeni procentiT gaizarda fasebi gansaxilvel
periodSi.

(14).
garda amisa naCvenebia, rom inflaciis indeqsi inflaciis tempTan
gamosaxulebiT aris dakavSirebuli:
Ih = 1+a
saidanac inflaciis tempi mTeli periodis ganmavlobaSi SeiZleba
ganisazRvros:
13
 a = Ih – 1
 amocana 9.
ramdeni iqneba inflaciis mosalodneli done wlis ganmavlobaSi
inflaciis yovelTviuri 8%-iani donisaTvis?
formula (14) _ (1+0.08)12 = 2,52 (fasebis zrda), inflaciis wliuri
tempi iqneba 2,52- 1= 1,52 x 100%= 152% da ara 12x8=96%.
fiSeris formula:
Sa= P (1+ ia) an Sa= P (1+ i) (1+a); Ih = (1+ a) ; (erTi wlisaTvis)

eqvivalenturobis safuZvelze ia = 1+ a + ia (15),

1+ ia - inflaciuri premia aucilebelia miematos Semosavlianobis

realur ganakveTs inflaciuri danakargebis kompensaciisaTvis
 amocana 10.
martivi procentuli ganakveTi inflaciis ararsebobisas 80%-ia.
inflaciis tempi 25%. ras udris procentuli ganakveTi inflaciis
gaTvaliswinebiT?

formula (15) ia = 80% + 25% + (0.8x0.25x100%) = 125% da ara 80% +

25% = 105%.
anuitetebi.

investirebuli kapitalis Semosavlis dagrovebis procesi SeiZleba

iyos uwyveti da diskretuli. uwyveti ewodeba Semosavlis iseT
dagrovebas, roca procentis daricxva xdeba yoveldRe. diskretuli ki
ewodeba procentis daricxvas drois garkveul intervalSi (kvartalSi,
TveSi, 6-TveSi an weliwadSi erTxel).
amasTan, aRsaniSnavia isic, rom fulis nakadebis Semodineba (miReba)
an periodis (wlis, Tvis, kvartlis) dasawyisSi xdeba, an periodis bolos.
pirvel SemTxvevaSi fulis nakads ewodeba prenumerando nakadi, meore
SemTxvevaSi ki _ postnumerando nakadi.2 radgan praqtikaSi ZiriTadad es
ukanasknelia gavrcelebuli, amitom mocemul naSromSi yvelgan
postnumerando nakadebia nagulisxmebi.
finansuri nakadebi adamianuri saqmianobis praqtikulad nebismieri
sferos Semadgenel da ganuyofel nawils warmoadgenen. komerciaSi isini

2
Ковалев В.В. Финансовый менеджмент, М., «Проспект», 2007, с. 227
14
saqonelmoZraobis mkvebav garemos qmnian. ekonomikur, finansur, sawarmoo
da sxva sferoebSi, romlebic adamianis moTxovnilebebis dakma-
yofilebaze arian mimarTuli, aRniSnuli nakadebi interess warmoSoben
da am sferoebis arsebobis azrs ganmartaven. aseTi nakadebis magaliTebs
warmoadgenen: dadebuli xelSekrulebis Sesabamisi gadaxda, romelSic
SeiZleba gaTvaliswinebuli iyos rogorc erTjeradi gadaxda, aseve
droSi ganawilebuli rigi gadaxdebic; sabanko davalianebis an
komerciuli kreditis nawil-nawil dafarva da a. S.
zogierTi gadaxdebisas procentebis daricxva brunvaSi myof fulze
xorcieldeba. aq ori ZiriTadi amocana warmoiqmneba: gadaxdebis nakadis
nazardis Tanxis gansazRvra an piriqiT, nazardi Tanxis mixedviT
calkeuli gadasaxadis sididis gansazRvra.
rig Tanmimdevrul finansur gadaxdebs, romlebic drois toil
SualedebiT xorcieldeba, finansur rentas anu anuitets uwodeben. es
aris gadaxdebis nakadis kerZo SemTxveva, romlis yvela wevrebi-dadebiTi
sidideebia. anuitetis magaliTad SeiZleba gamodges sapensio an sxva
fondebSi regularuli Senatanebi, fasian qaRaldebze procentebis
gadasaxadebi, magaliTad aqciebze da a. S.
 anuiteti _ erTi mimarTulebis mqone gadasaxdelTa nakadi Tanabari
intervalebiT garkveuli wlebis manZilze (finansuri renta).
 prenumerando anuiteti _gadaxda xdeba Sesabamisi intervalebis
dasawyisSi.
 postnumerando anuiteti_ gadaxda xdeba Sesabamisi intervalebis
boloSi (Cveulebrivi anuiteti).
 myari anuiteti_ roca yvela gadasaxdeli erTmaneTis tolia.

amocana 11.
meanabre yoveli Tvis bolosaTvis bankSi 1000 lars debs,
procentebi yovelTviurad rTuli procentebis nominaluri wliuri
ganakveTiT dairicxeba, romelic 12%-s Seadgens, ganvsazRvroT meanabris
angariSebze 2 wlis Semdeg nazardi Tanxis sidide.

ic = j/m =12%12= 1%= 0.01

S = 1000 x ((1+ 0.01)24 -1)) / 0.01 = 26973 lari 46 TeTri.
15
 meanabres vali rom daegrovebina da brunvaSi ar CaerTo, maSin
nazardi Tanxa sul 24000 lari iqneboda.

qvemoT nimuSis saxiT warmovadgenT rTuli procentebis erT-erT cxrils

(ix. cxrili #3). cxrilSi gaangariSebis horizonti 30 welia (n = 30),
sasesxo kapitalis sargebeli 9% (ic = 0,09) procentis daricxva xdeba
weliwadSi erTxel. ufro srulyofili saxiT, es cxrilebi danarTebSi
gvaqvs mocemuli (danarTi 1, 2, 3, 4) FF1, F2, F4 , F5 funqciebisTvis

cxrili #3
fuladi erTeulis eqvsi funqcia

(ic =0,09; procentis daricxva xdeba weliwadSi erTxel)

welTa fuladi winaswar ga- kapitalis fuladi erTeuli fuladi
ricxvi erTeulis daxdili dafarvis erTeulis anuitetis erTeulis
momavali erTeuli (anazRaure- mimdinare mimdinare amortizaci
Rirebuleba anuitetis bis) koefi- Rirebuleba Rirebule is koe-
Rir-ebuleba cienti -ba ficienti
F1 F2 F3 F4 F5 F6
1 1,0900 1,0000 1,0000 0,9174 0,9174 1,0900
2 1,1881 2,0900 0,4785 0,8417 1,7591 0,5685
3 1,2950 3,2781 0,3051 0,7722 2,5313 0,3951
4 1,4116 4,5731 0,2187 0,7084 3,2397 0,3087
5 1,5386 5,9847 0,1671 0,6499 3,8897 0,2571
6 1,6771 7,5233 0,1329 0,5963 4,4859 0,2229
7 1,8280 9,2004 0,1087 0,5470 5,0330 0,1987
8 1,9926 11,0285 0,0907 0,5019 5,5348 0,1807
9 2,1719 13,0210 0,0768 0,4604 5,9952 0.,668
10 2,3674 15,1929 0,0658 0,4224 6,4177 0,1558
11 2,5804 17,5603 0,0569 0,3875 6,8052 0,1469
12 2,8127 20,1407 0,0497 0,3555 7,1607 0,1397
13 3,0658 22,9534 0,0436 0,3262 7,4869 0,1336
14 3,3417 26,0192 0,0384 0,2992 7,7862 0,1284
15 3,6425 29,3609 0,0341 0,2745 8,0607 0,1241
16 3,9703 33,0034 0,0303 0,2519 8,3126 0,1203

16
 17 4,3276 36,9737 0,0270 0,2311 8,5436 0,1170
18 4,7171 41,3013 0,0242 0,2120 8,7556 0,1142
19 5,1417 46,0185 0,0217 0,1945 8,9501 0,1117
20 5,6044 51,1601 0,0195 0,1784 9,1285 0,1095
21 6,1088 56,7645 0,0176 0,1637 9,2922 0,1076
22 6,6586 62,8733 0,0159 0,1502 9,4424 0,1059
23 7,2579 69,5319 0,0144 0,1378 9,5802 0,1044
24 7,9111 76,7898 0,0130 0,1264 9,7066 0,1030
25 8,6231 84,7009 0,0118 0,1160 9,8226 0,1018
26 9,3992 93,3240 0,0107 0,1064 9,9290 0,1007
27 10,2451 102,7231 0,0097 0,0976 10,0266 0,0997
28 11,1671 112,9682 0,0089 0,0895 10,1161 0,0989
29 12,1722 124,1354 0,0081 0,0822 10,1983 0,0981
30 13,2677 136,3075 0,0073 0,0754 10,2737 0,0973

amocana 12.
meanabres surs bankSi Cados Tanxa imisaTvis, rom misma Svilma
xuTwliani swavlis ganmavlobaSi yoveli wlis bolosaTvis 10000 laris
miReba SesZlos da swavlis damTavrebisaTvis anabris Tanxa mTlianad
gaixarjos. ganvsazRvroT anabris jamuri Tanxa, Tu rTuli procentebis
wliuri ganakveTi 12%-s Seadgens.

finansuri an komerciuli operaciebis ufro sasargeblo sqemis

SesarCevad maTi Sedarebebis (eqvivalenturoba) Catareba aris saWiro.
iuridiuli da fizikuri pirebi, romlebic operaciebSi (garigeba)
Rebuloben monawileobas, naTlad unda iqnes warmodgenili misi
Sedegebi, unda Sefasdes sargeblianoba, ganisazRvros Semosavlianoba
anu operaciis efeqturoba.
finansuri operaciebis sargeblianobis gansazRvrisaTvis Sedare-
biT sargeblianobas iyeneben, romelic operaciebis ganxorcielebis
sxvadasxva variantebis finansuri Sedegebis tolobis ganxorcielebis
sxvadasxva variantebis finansuri Sedegebis tolobis Sesaxeb daSvebis
safuZvelze martivi an rTuli procentebis eqvivalenturi procentuli
17
ganakveTis cnebamde mivyavarT. aRniSnuli finansuri operaciebis
koreqtuli Sedarebis instrumentis miRebis SesaZleblobas iZleva.
eqvivalenturi ganakveTebi erTnair finansur Sedegs anu nazard
Tanxebs S iZlevian drois n toli Sualdebis dros. am miznebisaTvis
realuri saprocento ganakveTis nazardi Tanxebis gaangariSebis sabazo
modelebs iyeneben.
S = P (1+in) S = P / (1-dn)
Sn = P (1+ ic)n Sn= P/ (1- dc)n

amis safuZvelze SeiZleba ekvivalenturi ganakveTis SesaZlo

variantebis kavSiris modelebi (30) formula daiweros.
amocana 13.
savalo valdebulebis gadaxdis vadas naxevari weliwadi Seadgens
martivi saaRricxvo ganakveTiT 40%. SevafasoT operaciis Semosavlianoba
ekvivalenturi ganakveTis mixedviT. (CavTvaloT, rom nominaluri
ganakveTi yovelkvartalurad dairicxeba).
1. sasesxo procentis ekvivalenturi martivi ganakveTi:
1+ in = 1 / (1-dn) , i= d / (1-dn) = 0.4 / (1-0.4x0.5) = 0.5 i = 50%
2. rTuli procentis ekvivalenturi ganakveTi:
1 / 0.5
n 1  1 
(1+ ic) = 1 / (1-dn) , i c  n 1     1  0.5625 ic= 56.25%
1  dn  1  0.5  0.4 
3. rTuli procentis ekvivalenturi nominaluri ganakveTi:

1 1
(1+ j/m)mn = 1 / (1-dn), j  m(nm  1)  4(  1)  0.472 , j= 74.2%
1  dn 1  0.5  0.4
4. ekvivalenturi rTuli saaRricxvo ganakveTi:

1/ (1- dc)n = 1 / (1-dn), d c  1  n 1  dn  1  (1  0.5  0.4) 2  0.36 , dc=36%

5. ekvivalenturi rTuli nominaluri saaRricxvo ganakveTi:
1 1
 f  m(1  mn 1  dn )  4(1  1  0.5  0.4 )  0.422 , f=42.2%
(1 - f/m) mn
1  dn

18