#3(34)'12
#3(34)'12
#3(34)'12
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qaRaldebiT vaWrobas. ucxour fortfelur da pirdapir investiciebs Soris arsebuli gansxvaveba<br />
mdgomareobs investorTa mier kompaniis flobis, marTvisa da kontrolis konkretul<br />
funqciebSi. rodesac „portfeluri~ investori garkveul safrTxes xedavs ganTavsebuli kapitalis<br />
Semcirebis, dakargvis an gaufasurebis gziT, mas SeuZlia drois mokle monakveTSi moaxdinos<br />
fasiani qaRaldebis gadacvla misTvis sasurveli aqciebiT. riskis marTvis aseTi siswrafe ar<br />
axasiaTebs pirdapir ucxour investiciebs, radganac maTi arseboba rogorc wesi, grZelvadian<br />
saqmian urTierTobebas ukavSirdeba.<br />
saxelmwifo investiciebSi igulisxmeba aRmasrulebeli xelisuflebis ama Tu im organos<br />
mier kontrolirebad an naxevradkontrolirebad sawarmoSi wilis, aqciebis an/da aqtivebis Sesyidvas,<br />
mis marTvas da kontrols saxelmwifos mier. aseTi saqmianobidan miRebuli wminda amonagebi<br />
Tanxa iricxeba saxelmwifo biujetSi da Sesabamisad, gamoiyeneba saxelmwifo xelisuflebis<br />
miznebisaTvis. saxelmwifo investicia Tavis mxriv, moicavs rogorc adgilobriv saxelmwifo,<br />
agreTve sagareo investiciebs. pirvel SemTxvevaSi, saxezea ama Tu im saxelmwifos saxsrebiT<br />
sawarmos dafuZneba an qveynis SigniT arsebuli sawarmos wilebis, aqciebis an/da aqtivebis<br />
garkveuli procentiT Sesyidva, marTva da kontroli, xolo meore SemTxvevaSi, adgili aqvs ucxo<br />
qveynis saxelmwifo xelisuflebis ama Tu im organos an saerTaSoriso organizaciis mier sagareo<br />
sesxis an grantis formiT investirebas meore saxelmwifos mTavrobisaTvis kapitalis an sxva<br />
materialuri resursis gamoyofis saxiT.<br />
investiciebis TiToeuli saxeobis specifika unikaluria, rac iuridiuli TvalsazrisiT,<br />
investors ama Tu im samarTlebrivi reJimis dacvis qveS aqcevs. magaliTad, Tu ucxouri kompaniis<br />
mier moxdeba saqarTveloSi arsebul safondo birJaze aqciebiT vaWroba da Sesabamisi mogebis<br />
miReba, cxadia, aseTi investoris kapitalis usafrTxoebisaTvis erT-erT mTavar faqtors Seadgens<br />
saqarTveloSi arsebuli safondo birJebis, sabrokero saqmianobisa da fasiani qaRaldebis<br />
brunvis stabiluroba da sxva saxis samarTlebrivi garantiebis arseboba, rasac ver vityviT<br />
sxva tipis investiciebis ganTavsebasa da marTvaze.<br />
aRsaniSnavia, rom „investicias~ mravalmxrivi da ormxrivi xelSekrulebebisa da konvenciebis,<br />
agreTve erovnuli kanonmdeblobis garda, calke ganmartaven rogorc saerTaSoriso tribunalebi,<br />
agreTve arbitraJebi da erovnuli sasamarTloebi. mocemul SemTxvevaSi, ganmartebisas mTavar<br />
berkets Seadgenen is ormxrivi da mravalmxrivi sainvesticio SeTanxmebebi, romelTa safuZvelzec<br />
modave mxareTa saxelmwifoebma valdebuleba aiRes ama Tu im moqmedebis Sesasruleblad.<br />
investiciis definiciis gagebisas sainteresoa, germanuli ormxrivi sainvesticio SeTanxmebebis<br />
modelis ganxilva, romelic germaniis ekonomikisa da Sromis saministros mier 2005 wels<br />
iqna SemuSavebuli. aRniSnuli modelis SemuSavebas safuZvlad edo germaniis federalur<br />
respublikasa da malaiziis respublikas Soris gaformebuli ormxrivi sainvesticio SeTanxmeba<br />
1960 wels. kerZod, germanuli modeli „investicias~ ganmartavs, rogorc: „1. moZravi da uZravi<br />
qoneba, aseve, moTxovnis uzrunvelyofis saSualebebi, rogoric aris giravnoba da ipoTeka; 2.<br />
kompaniis aqciebi da sxva saxis Semosavlebi kompaniis saqmianobidan; 3. materialuri sargeblobisaTvis<br />
gamoyenebuli fuladi saxsrebisa da iuridiulad mniSvnelovani moqmedebis Sesrulebis<br />
moTxovnis ufleba; 4. inteleqtualuri sakuTrebiTi uflebebi, kerZod, saavtoro ufleba, patenti,<br />
sasargeblo modeli, sawarmoo gamogoneba, savaWro niSani, savaWro saxeli, savaWro da biznesis<br />
komerciuli saidumloeba, sawarmoo teqnikuri procesi, nou-hau, gudvili; 5. sajaro samarTliT<br />
regulirebuli samewarmeo koncesiebi, romelic moicavs bunebrivi resursebis moZiebisa da<br />
sargeblobis uflebis mopovebas~. 3<br />
aseve sayuradReboa, rom saqarTvelos mTavrobis mier gaformebuli mravali ormxrivi sainvesticio<br />
SeTanxmeba „qonebas” materialur mniSvnelobasTan erTad araerT aramaterialur<br />
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