inflaciis koeficienti, indeqsi da tempi

,,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
1
dolaris momavali Rirebuleba
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
 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.
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:
  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
(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

 fulis inflaciuri gaufasurebis kompensacia, inflaciis indeqsi

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:
 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%.
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
2
ewodeba prenumerando nakadi, meore SemTxvevaSi ki _ postnumerando nakadi. 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
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.
 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 erTeuli dafarvis erTeulis anuitetis erTeulis
momavali anuitetis Rir- (anazRaure- mimdinare mimdinare amortizaci is
Rirebuleba ebuleba bis) koefi- Rirebuleba Rirebule koe- ficienti
cienti -ba
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
 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
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)
n n
Sn = P (1+ ic) Sn= P/ (1- dc)

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+ ic) = 1 / (1-dn) , i  n 1 1 ic= 56.25%
1  1
0.5625
c  
1  dn  1  0.5  0.4 
3. rTuli procentis ekvivalenturi nominaluri ganakveTi:

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

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) 1  dn
mn