#3(34)'12
#3(34)'12
#3(34)'12
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marTlmsajuleba<br />
N3<br />
da<br />
kanoni<br />
maregulirebeli nebismieri ormxrivi da mravalmxrivi SeTanxmeba da SidasamarTlebrivi sainvesticio<br />
kanonmdebloba miznad isaxavs investiciebis dacvis efeqtiani meqanizmebis SemuSavebas.<br />
ucxouri investiciebis dacvis saerTaSorisosamarTlebrivi meqanizmebis arsebobis paralelurad<br />
mniSvnelovania, saqarTvelos SidasamarTlebrivi sakanonmdeblo meqanizmebis mimoxilva<br />
da gaanalizeba, romlebic iTvaliswineben ucxouri investiciebis usafrTxoebasa da sainvesticio<br />
saqmianobis TiToeuli elementis stabilurobas.<br />
ama Tu im samarTlebrivi sikeTis dasacavad aucilebelia uSualod samarTlebrivi dacvis<br />
obieqtis (mocemul SemTxvevaSi „invescitiis~) arsisa da misi saxeobebis gageba.<br />
I. investiciis cneba da saxeebi<br />
saerTaSoriso samarTalSi investiciis erTiani samarTlebrivi definicia ar aris SemuSavebuli.<br />
sxvadasxva qveynis kanonmdeblobac mis arss gansxvavebulad ganmartavs. saerTaSoriso<br />
sainvesticio samarTlis literaturac ar gvTavazobs unikalur formulas, riTac SesaZlebeli<br />
iqneboda sxvadasxva sainvesticio SeTanxmebebSi misi danergva. aRniSnulis miuxedavad, TiTqmis<br />
yvela ormxriv sainvesticio SeTanxmebaSi da aseve, sxva wyaroebSic gvxvdeba investiciis erTiani<br />
maxasiaTeblebi, rogoric aris fuladi saxsrebi, fasiani qaRaldebi da sxva.<br />
investiciis, rogorc samarTlebrivi kategoriis ganmarteba ukavSirdeba mis sxvadasxva saxes.<br />
pirobiTad, investiciebs yofen kerZo, saxelmwifo, adgilobriv da saerTaSoriso investiciebad,<br />
Tumca, zemoaRniSnuli klasifikacia ufro konkretulad warmodgenilia: Sidasaxelmwifoebrivi<br />
an adgilobrivi, pirdapir ucxouri da portfeluri da saxelmwifo investiciebis saxiT. aRniSnuli<br />
terminebi zog sainvesticio SeTanxmebaSi an sxvadasxva qveynis kanonmdeblobaSi SeiZleba<br />
moicavdes msgavs maxasiaTeblebs, zog SemTxvevaSi ki, SeiZleba misi struqtura gansxvavdebodes,<br />
Tumca, investiciis TiToeuli saxe garkveul aqtiur qmedebasTan asocirdeba, rasac investirebiT<br />
moixsenieben. farTo gagebiT „investireba~ ganmartebulia rogorc fuladi saxsrebis an<br />
kapitalis dabandeba mogebis miRebis mizniT. 1 sxvadasxva investireba Sesabamisad, gansxvavebulad<br />
realizdeba da maTi dabandeba da dacva aseve, sxvadasxva samarTlebrivi reJimiT SeiZleba regulirdebodes,<br />
rasac Tan Sesabamisi samarTlebrivi Sedegebi mosdevs.<br />
„investiciis~, miaxloebiT erTiani kategoriis Camosayalibeblad aucilebelia maTi saxeobebis<br />
ganmarteba.<br />
investirebis yvelaze ufro martivi formaa Sidasaxelmwifoebrivi an adgilobrivi investiciebi.<br />
adgilobrivi investireba gulisxmobs erTi romelime qveynis fizikuri an iuridiuli<br />
piris inteleqtualuri resursebis, fuladi saxsrebis an sxva tipis kapitalis dabandebas misi<br />
warmomSobi an registraciis mqone qveynis SigniT mogebis miRebis mizniT.<br />
pirdapir ucxour investiciebSi moiazreba ucxo qveynis moqalaqis, moqalaqeobis armqone<br />
piris, romelic mudmivad ar cxovrobs saqarTvelos teritoriaze da agreTve ucxouri sawarmos<br />
mier garkveuli kapitalis akumulireba da dabandeba saqarTveloSi. ZiriTadad, aseTi tipis<br />
investiciebi kompaniis sxvadasxva aqtivis SesyidvaSi vlindeba. ekonomikuri TanamSromlobisa<br />
da ganviTarebis organizacia pirdapiri ucxouri investiciebis specifikas axasiaTebs rogorc<br />
„adgilobrivi sawarmos mier grZelvadiani interesebis arsebobas investiciis momwodebeli ucxouri<br />
fizikuri an iuridiuli pirisagan. grZelvadiani interesi gulisxmobs xangrZlivi urTierTobis<br />
arsebobas pirdapir investorsa da beneficiar sawarmos Soris, rac TavisTavad, investiciis<br />
mimRebi kompaniis marTvaze axdens gavlenas~. 2<br />
portfeluri investicia warmoadgens ucxo qveyanis safondo birJaze kapitalis ganTavsebas<br />
fasiani qaRaldebis Sesyidvis gziT an erovnul safondo birJaze ucxo qveynis kompaniis fasiani<br />
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