<strong>soxumis</strong> <strong>saxelmwifo</strong> <strong>universiteti</strong>s Sromebit. IX, 2010ekonomikur mecnierebaTa seriaemzar kakuliabiznesis Rirebulebis Sefasebismidgomebi da standartebibiznesis Sefasebis midgomidan gamomdinareobs, rom nebismieriSefaseba unda gakeTdes kompaniis Rirebulebis gansazRvrisTavidanve miTiTebuli principebis safuZvelze, kerZod:a) kompaniis Sefaseba rogorc moqmedis;b) kompaniis sautilizacio (salikvidacio) RirebulebisSefseba.kompania rogorc moqmedi unda Sefasdes Semosavlianobismidgomis farglebSi, romelic gulisxmobs, rom biznesis sabazroRirebuleba ganisazRvreba momavali SemosavlianobiT, romelicmiiReba biznesis gagrZelebiT.aseve Semosavlianobis mixedviT kompaniis (firmis) Sefasebaxdeba Semosavlebis kapitalizaciis da wminda fulis Semosavlebisdiskontirebis meTodiT. roca mosalodnelia kompaniis(firmis) momavali Semosavlebis mimdinaresTan gatoleba daroca prognozirebadia misi zrdis tempebi — gamoiyeneba Semosavlebiskapitalizaciis meTodi, romlis koeficienti ganisazRvrebakompaniis wminda Semosavlis SefardebiT kompaniisqonebis RirebulebasTan. aRniSnuli koeficienti gviCvenebskavSirs kompaniis qonebis Rirebulebasa da yovelwliurad mi-Rebul Semosavlebs Soris, romelic sami saxisaa:1. sakuTari saxsrebis Semosavlis kapitalizaciis ganakveTi— asaxavs Semosavlis kapitalizaciis donessakuTari saxsrebidan;2. kapitalizaciis saerTo ganakveTi — asaxavs mTlianadkompaniis qonebis Semosavlis kapitalizaciis dones;3. nasesxi saxsrebis Semosavlis kapitalizaciis ganakveTi— asaxavs nasesxi saxsrebis Semosavlebis kapitalizaciisdones.amasTan, kompaniis sabazro Rirebulebaze gavlena ar undaiqonios im qonebis Rirebulebam, romelic gaaCnia kompanias, magramaucileblad saWiroa biznesis gasagrZeleblad. radganacaseTi qonebis gayidvis SemTxvevaSi biznesis gagrZeleba, romeliceyrdnoba am qonebas, gaxdeba SeuZlebeli da gamoricxavskompaniis, rogorc moqmedis Sefasebis winadadebas. kompaniisSefaseba rogorc moqmedis, aseve xorcieldeba sabazro midgo-73
mis farglebSi. 1 misi arsi mdgomareobs SemdegSi — daxurulikompaniis sabazro Rirebulebis (an iseTi kompaniis romelsacganTavsebuli ara aqavs Ria kompaniis aqciebi safondo bazarze)SefasebisaTvis, pouloben analog kompanias Ria likviduri aqciebismflobel kompaniebs Soris (imave dargSi, imave sididis,imave sabuRaltro aRricxvis sistemiT da sxv.), romelsac afasebsTviTon safondo bazari da Sesabamisi koreqtirebiT es SefasebagadaaqvT gansaxilvel kompaniaze.kompaniis salikvidacio Rirebulebis Sefaseba upiratesadxdeba qonebrivi (xarjviTi) midgomiT, romlis arsic mdgomareobsgadasaxadebidan Tavisufali, kompaniis qonebis sabazroRirebulebis SefasebaSi. bunebrivi midgomaa kompaniis SefasebisaTvis,romelic ixureba da romlis qoneba iyideba sabazroRirebulebiT kompaniis valis dafarvasTan erTad miuxedavadmaTi vadebis gasvlisa. amasTanave, aRniSnuli midgoma ufromkacrad xorcieldeba maSin, roca kompaniis sabazro RirebulebaganisazRvreba ara ubralod rogorc jami misi yvela saxis qonebissabazro Rirebulebisa, aramed kompaniis qonebis sabazroRirebulebis SefasebiT, romelic gansazRvrulia saswrafo gayidvazegaTvliT.biznesis Sefasebis praqtikidan gamomdinareobs, rom arsebobskompaniis Sefasebis Semdegi midgomebi: Semosavlianobismidgoma, sabazro midgoma da qonebrivi (xarjviTi) midgoma.amasTanave, sagulisxmoa, rom biznesis Sefasebisas uxeS SecdomadiTvleba araadekvaturi midgomis gamoyeneba RirebulebisgansazRvrisas, gamomdinare konkretulad arsebuli socialurekonomikurisituaciidan gansaxilveli kompaniis.Sesabamisad, qonebrivi (xarjviTi) midgoma SeiZleba iyosadekvaturi moqmedi kompaniis Rirebulebis gansazRvrisa, rogorcmoqmedis mxolod im SemTxvevaSi, Tu Sesafasebeli kompania: ganekuTvneba finansuri kategoriis kompaniebs metwiladfinansuri aqtivebiT, romelTa sabazro RirebulebaganisazRvreba safondo bazris mier (roca finansuriaqtivi aris likviduri) an specialurad fasdebagamomdinare finansuri aqtivebis (fasiani qa-Raldebis) mosalodneli SemosavlebiT; aqvs maRali wili aramaterialuri aqtivebis, romlebicRirebulia mxolod maSin, roca isini gamoyeneba-Sia, anu roca kompania moqmedia.aseve kompaniis (biznesis) Rirebulebis gansazRvrisaTvisgamoiyeneba kvlavwarmoebiTi (danaxarjebis) meTodi, romelic1 T. Copeland, T. Koller, J. Murrin. Valuation: Measuring and Managing the Value ofompanies. McKinsey @ compan.Third edition, Inc., 2000, gv. 35-38.74
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SOKHUMI STATE UNIVERSITYPROCEEDINGS
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S i n a a r s ie k o n o m i k a: T
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C O N T E N T SEconomics: Theory an
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fermerTa raodenoba ar aRemateba 300
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aodenobidan. bunebrivia samecniero-
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nobis ekonomikur araefeqtianobas (z
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moT CamoTvlil sam ipostaciaSi, ar g
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Si aseTi varaudi ukve SeuZlebelia (
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agraruli warmoebis vertikaluri inte
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tema mimarTulia finansuri saqmianob
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importirebis Sedegad miRebuli efeqt
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nebSi. magaliTad, SeerTebuli Stateb
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vala. bolo wlebSi CineTis mTavrobam
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zrdis aSS-is mTlian erovnul produqt
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mimdinare(operatiuli)gegmebisdasauT
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xelqveiTebs. xelmZRvaneli, romelic
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2. efeqtiani xelmZRvaneli amzadebs
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amdenad, organizaciuli struqturis C
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ganxorcielebebis oTxive etapze saTa
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ZURAB LIPARTIA, ELISO LANCAVASOME P
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isa da aRorZinebis gzebi~, `afxazeT
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40% xom Sereuli afxazur-qarTuli oja
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arsebobdes diferencialuri renta. ra
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tono roman, Cven ukve visaubreT am
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tiurebis gziT, romlis koordinatori
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