6.

investiciuri biznes-proeqtebis
efeqturoba

saerTod, nebismieri proeqtis efeqturoba, miTumetes ki biznesis, ganisazRvreba danaxarjisa da miRebuli

Sedegis Tanafardobidan. miRebuli Sedegi warmoadgens biznesSi monawile mxareebis interesebis
dakmayofilebas. cxadia, es Tanafardoba calsaxad ar ganixileba da igi mraval faqtorTanaa dakavSirebuli,
rogoricaa konkretuli mizani, amocana, biznesis obieqti da sxv. investiciuri biznes-proeqtis efeqturobis
maCveneblebidan gamoyofen Semdeg maCveneblebs:
 komerciuli anu finansuri efeqturobis maCveneblebi, rac gulisxmobs biznes-proeqtis realizebis
finansur Sedegebs misi uSualo monawileebisaTvis.
 sabiujeto efeqturoba, romelic asaxavs biznes-proeqtis realizebis finansur Sedegebs regionul an
adgilobriv biujetze.
 ekonomikuri efeqturobis maCvenebeli, romelic mxedvelobaSi iRebs biznes-proeqtis
ganxorcielebis danaxarjsa da Sedegs da gadis proeqtis uSualo damfinanseblebis sazRvrebs gareT.
cxadia, es maCvenebeli warmoadgens ZiriTad maCvenebels, amitom, aucilebelia nebismieri
biznes-proeqtisaTvis miTumetes, Tu es proeqti msxvilmasStabiania, maSin igi unda iyos
saTanadod gansazRvruli da Sefasebuli.
biznes-proeqtebis investirebisaTvis mimarTaven gare investorebis alternatiul SerCevas. swored
alternativebis arsebobis gamo rTuldeba investiciuri proeqtireba. sirTules iwvevs alternatiuli mizniT
SemoTavazebuli sxvadasxva teqnologiebis, danadgarebis, simZlavreebis, adgilmdebareobis, finansebis da
sxvaTa Sedareba da Semdgom, amis safuZvelze, gadawyvetilebis miRebis procesi. ori an sami
adgilmdebareobis an Tundac ori saxvadasxva teqnologiebis mqone sawarmoo programebis arsebobis
pirobebSic ki saWiroa, detalurad iyos ganxiluli da dasabuTebuli, romel alternatiul investors vaniWebT
upiratesobas. swori arCevanis SemTxvevaSi ganxorcielebuli biznes-idea iZleva mas, rom firmac da SerCeuli
investoric iRebs mosalodnel mogebas.
avagoT saerTo mogebidan firmisa da investoris wilis gansazRvris zogadi modeli.
SemovitaniT aRniSvnebi:
Ki – investoris kapitali;
Kf _ firmis kapitali;
Ks _ saerTo kapitali, romelic gankuTvnilia biznes-ideis ganxorcilebisaTvis;
Mi _ investoris mogeba;
Mf _ firmis mogeba;
Ms _ saerTo mogeba, romelic unda gadanawildes biznes-proeqtSi monawileebze;
Ni _ investoris kapitalis mogebis norma;
Nf _ firmis kapitalis mogebis norma;
Ns _ biznes-ideis realizebiT miRebuli firmisa da investorisaTvis sakmarisi saerTo mogebis norma.
maSin gveqneba:

Ks = Ki + Kf; (1)
 Ms = Mi + Mf; (2)

Μი
i = ; (3)
Κი

Μფ
= ; (4)
ფ
Κფ
(1)-dan da (2)-dan SeiZleba davweroT:

Μს
= ; (5)
ს
Κს

(1)-dan da me-(4) pirobebidan SeiZleba gamoviyvanoT gantoleba, romelic gansazRvravs investorisa da

firmis wils mogebis saerTo normidan:

Ns = Ni • Ci +NNf • Cf; (6)

sadac:
Ci _ investoris wilia;
Cf _ firmis wilia.
es wilebi ganisazRvreba formulebiT:

(Ν ი ∙C ი)
Cი = ; (7)
Νს

(Ν ფ ∙C ფ)
Cფ = ; (8)
Νს

investorisgan gansxvavebiT, firmas xSir SemTxvevaSi uwevs iseT situaciebTan Sejaxeba, rodesac
warmoiSoba ara erTi, aramed ramdenime biznes-idea. aq yovelTvis saWiro xdeba axali problemis gadawyveta -
Tu romeli maTgania optimaluri, romeli maTgani moitans maqsimalur mogebas. gamomdinare, zemoT
moyvanili biznes-dagegmarebis modelidan, SeiZleba SevirCioT idea, romlisTvisac marTebuli iqneba Semdegi
miznobrivi funqcia:

(Ν ს – Ν ი •C ი) (Ν ს – Ν ი •C ი)
ფ = max •
Cფ Cფ
Tu am miznobriv funqcias davakvirdebiT, vnaxavT, rom biznes-ideis ganxorcielebis
variantebis simravlidan airCeva is, romelic mocemuli saerTo kapitalidan da
investorisaTvis sakmarisi mogebiT uzrunvelyofs maqsimalur saerTo mogebas. es imas
niSnavs, rom arsebobs saerTo kapitalis gamoyenebis iseTi efeqti, romelic ar
eqvemdebareaba investorsa da firmas Soris ganawilebas, aramed mTlianad ekuTvnis
firmas. sxvanairad rom vTqvaT, biznes-ideis ganxorcielebis procesSi firma xvews
marTvis organizacias, eZebs momaragebisa da gasaRebis efeqtur gzebs,
gamoimuSavebs nou-hauss da a.S. mogebis yvela es damatebiTi wyaro emsaxureba
originaluri biznes-ideis iniciatorebis dajildovebas, investors am mogebidan araferi ergeba
da Sesabamisad misTvis amas arsebiTi mniSvneloba ar aqvs.

sakontrolo kiTxvebi
1. CamoTvaleT investiciuri biznes-proeqtis efeqturobis ZiriTadi maCveneblebi.
2. aageT saerTo mogebidan firmisa da investoris wilis gansazRvris zogadi modeli.
3. aageT da gaanalizeT optimaluri biznes-ideis miznobrivi funqciis modeli.