Ayini amarisidi ediphozithi, i-American, European, global, Russian

Ayini Amarisidi Ediphozithi futhi kungani ekhishwa?Lapho uhweba amasheya namabhondi ku-stock exchange, udinga ukwazi ukukhetha izibambiso ezithembisa kakhulu. Ukuhwebelana ngakunye kunikeza amathuba athile mayelana nalokhu. Nokho, ngezinye izikhathi amathuba okuthenga amasheya angaphandle namabhondi anomkhawulo. Lokhu kungase kube ngenxa yokuthi abakho ohlwini lokushintshisana okuthile noma kunemikhawulo engokomthetho yokusebenza nabo. Amasheya awaphathwa ngabathengi. Uma, isibonelo, umhwebi efake izimali ezibambiso, ngakho-ke azinikezelwa kuye. Eqinisweni, endaweni ecatshangelwayo, imithetho yokugcina ifana naleyo esetshenziswa emkhakheni wamabhange. I-akhawunti inikezwa umthengi, lapho kugcinwa khona lawo masheya namabhondi anelungelo lawo lobunikazi. [i-id yamagama-ncazo = “okunamathiselwe_11785” align = “aligncenter” wide = “1024”]
Irisidi ye-Lukoil Depository [/ amazwibela] Ungayisebenzisa ngokukhululeka, ngaphakathi kohlaka lwemithetho esebenzayo esitokoleni. Uma kwenzeka kudayiswa, inombolo edingekayo yezibambiso izodluliselwa ku-akhawunti yomthengi. Ama-depositories anomthwalo wemfanelo wokuqinisekisa ukugcinwa nokusebenza ngamasheya namabhondi. [i-id yamagama-ncazo = “okunamathiselwe_11789” align = “aligncenter” wide = “507”]
Iyini irisidi yediphozithi ngamagama alula [/ amazwibela] Engxenyeni yokuqala yekhulu lama-20, amarisidi ediphozithi aqala ukusetshenziswa. Njengoba igama lawo lisho, zingamarisidi anikezwa umuntu othile okuthi amasheya noma amabhondi agcinwe kwi-akhawunti yokufaka imali empeleni ayimpahla yakhe. Kubalulekile ukuqaphela ukuthi amarisidi anjalo angathengiswa noma athengwe. Ngesikhathi esifanayo, umnikazi omusha angasebenzisa ngokugcwele izibambiso ezihambisanayo. Isibonelo, lokhu kubhekisela ekwamukelweni kwezabelo noma ilungelo lokuvota ngokuhambisana namasheya anawo. Ukusetshenziswa kwamarisidi ediphozithi kwandisa amathuba omthengisi noma otshalizimali. Ngakho, angasebenza nalezo zibambiso angakwazi ukufinyelela kuzo ngenxa yezizathu ezithile.

Ulwazi olujwayelekile, izincazelo, indlela yokusebenza

Ukuze iqale ukusebenza ekuhwebeni okuthile, inkampani kufanele idlule ngenqubo yokufakwa kuhlu. Ukuze umphumela ube yimpumelelo, kuyadingeka ukuthobela izimfuneko ezingokomthetho ezifanele, kanye nokutshalwa kwezimali kwasekuqaleni ukuze udonse ukunaka kumasheya akho. Ukukhetha ukuthi yikuphi ukushintshanisa okuzosebenza kukho, inkampani ayinaki nje kuphela ukutholakala kwayo, kodwa futhi nezinzuzo ezingase zibe khona kuyo. Kodwa-ke, ukusetshenziswa kwamarisidi e-depository kwenza kube nokwenzeka ukwenza izibambiso zabo zidume kakhulu. Isibonelo, cabanga, isibonelo, inkampani yaseShayina. Kumelwe ihlele nebhange layo eligcina imali ukuze likhiphe amarisidi okugcina amasheya alo. Kulokhu, lo wakamuva uzosebenza njengomgcini. Kungabonakala ukuthi hhayi kuphela isiRashiya, kodwa futhi amasheya aseYurophu naseMelika amelwe ekushintshanisweni kwesitoko saseRussia, Nokho, mancane kakhulu amathuba okufinyelela isiJapane noma isiShayina. Ukuze uqale ukuhweba ngamarisidi e-depository, umnakekeli uthenga inombolo edingekayo yezibambiso futhi abe umnikazi wazo ngokuvumelana namadokhumenti akhishiwe. Qaphela ukuthi kulesi sibonelo esingenhla, ukuthengwa kwenziwa ngokuvumelana nemithetho yaseShayina futhi akuzange kucabangele noma yiziphi izinkambiso zomthetho wangaphandle. [i-id yamagama-ncazo = “okunamathiselwe_11790” align = “aligncenter” wide = “608”] ukuthi kulesi sibonelo esingenhla, ukuthengwa kwenziwa ngokwemithetho yaseShayina futhi akuzange kucabangele noma yiziphi izinkambiso zomthetho wangaphandle. [i-id yamagama-ncazo = “okunamathiselwe_11790” align = “aligncenter” wide = “608”] ukuthi kulesi sibonelo esingenhla, ukuthengwa kwenziwa ngokwemithetho yaseShayina futhi akuzange kucabangele noma yiziphi izinkambiso zomthetho wangaphandle. [i-id yamagama-ncazo = “okunamathiselwe_11790” align = “aligncenter” wide = “608”]
Asebenza kanjani amarisidi ediphozithi[/caption] Amarisidi ediphozithi akhishelwa amasheya asenawo. Lokhu kungenziwa kokubili ngumnakekeli ngokwakhe kanye nelinye ibhange eligcina imali cishe kunoma yiliphi izwe emhlabeni ngaphansi kwesivumelwano naye. Ukuhweba kuvame ukwenziwa kulawo mazwe angasebenza ngokusemthethweni ne-depository ekhiphe amarisidi okukhulunywa ngawo. Ngakho, izibambiso zale nkampani yaseShayina, isibonelo, zizokwazi ukuhweba nge-stock exchange yaseRussia noma kwamanye amazwe. Ngesikhathi esifanayo, abanikazi bazokwazi ukusebenzisa amasheya ashiwo njengokungathi bawatholile, hhayi amarisidi. Ngakho, amasheya ngokusemthethweni asahlala ebunikazini bomgcini, ibhange laseShayina eligcina imali, kodwa umnikazi werisidi yediphozithi ehambisanayo uthola zonke izinzuzo ekusebenziseni kwabo. Ngenxa yalokho, inkampani yaseShayina yathola umtshali-zimali omusha, futhi umthengi wezibambiso wakwazi ukutshala izimali zakhe ngokunenzuzo. [i-id yamagama-ncazo = “okunamathiselwe_11791” align = “aligncenter” wide = “640”]
Amarisidi ediphozi aseMelika nasemhlabeni jikelele[/caption]

Umehluko kumasheya

Amarisidi ediphozithi afana kakhulu namasheya, kodwa anezici zawo ezihlukile. Zimi kanje:

1. Bangesesibili.
2. Banikeza ithuba umthengisi noma umtshali-zimali ukuthi ahwebe ngezibambiso okungenzeka azitholakali kuye.
3. Enqubeni yomsebenzi, kunokubambisana phakathi kwamabhange agcina imali atholakala emazweni ahlukene.

Ukusetshenziswa kwamarisidi kungaba banzi kakhulu kunamasheya. Amasheya noma amarisidi ediphozithi – uyini umehluko, intela, amakhomishini, ukutshalwa kwezimali: https://youtu.be/kjeZPKg3e-4

Okhipha irisidi yediphozithi

Ibhange eligcina izibambiso ezithile lizithengisa ebhange eligcina imali kwelinye izwe. Laba bakamuva bakhipha amarisidi ediphozithi kubo, adayiswa esitokisini. Umtshali-zimali uyawathola, ethola wonke amalungelo adingekayo futhi empeleni uba umnikazi wezibambiso ezifanele ezikhishwe kwelinye izwe. Ngakho, ngokusebenzisa amarisidi ediphozithi, wandisa amathuba akhe, esebenza nezibambiso ebezingeke zifakwe ohlwini emakethe yakhe yamasheya. [i-id yamagama-ncazo = “okunamathiselwe_11798″ align=”aligncenter” width=”492″]
Okhipha ama-RDRs, GDRs, ADRs[/caption] Amarisidi ediphozithi: ayini nokuthi kusetshenzwa kanjani ngawo, izici zama-ADRs, GDRs, RDRs: https://youtu.be/Ex_m7zrc-_U

Izinhlobo zamarisidi ediphozithi – ADR EDR GDR RDR

Ukuhlukaniswa ngezinhlobo kuncike ekutheni yimaphi amabhange azikhiphayo nokuthi zidayiselwa kuphi. Kusetshenziswa izinhlobo eziningana zamarisidi ediphozithi:

1. I-ADR (i-American Depositary Receipt) – amarisidi akhishwe amabhange aseMelika. Zenzelwe ukusebenza nazo ekuhwebeni kwaseMelika nasezimakethe zamasheya zomhlaba. [i-id yamagama-ncazo = “okunamathiselwe_11784″ align=”aligncenter” wide=”760″] ADR kanye ne-GDR[/caption]
2. Ama- EDR akhishwa amabhange aseYurophu futhi athengiswa ngokuhwebelana kwaseYurophu.
3. Ama- GDR angamarisidi ediphozithi yomhlaba wonke ahwebelana ngokuhwebelana kwamasheya emazweni amaningana.
4. Umthetho weRussian Federation uvumela ukukhishwa kwama- RDR ahloselwe imakethe yaseRussia, kodwa ukusetshenziswa kwawo akusakazeki.

Ukuze ingene emakethe yendawo ethile, inkampani kufanele yenze inqubo yokugunyazwa. Kwesinye isikhathi akakutholi kunenzuzo eyanele. Kodwa-ke, lapho usebenzisa lo mbhalo okukhulunywa ngawo, abatshalizimali nabahwebi baleli zwe bazokwazi ukufinyelela ekusebenzeni nenkampani. [i-id yamagama-ncazo = “okunamathiselwe_11783″ align=”aligncenter” wide=”600″]
RDR[/caption]

Ubuhle nobubi bokusebenzisa abatshalizimali

Ukusetshenziswa kwamarisidi e-depository kuyafana nendlela amasheya namabhondi aphathwa ngayo. Nokho, ukusetshenziswa kwabo kunikeza amathuba engeziwe kubahlanganyeli emisebenzini. Abakhiphile bangasebenzisa izinzuzo ezilandelayo:

1. Ngokuvamile, anganikeza amasheya akhe kuphela ngokuhwebelana okuthile. Ukusetshenziswa kwamarisidi ediphozi kuwenza atholakale kwabanye, kuhlanganise nabaphesheya.
2. Ngokuthuthukisa ukufinyeleleka, kunamathuba engeziwe ekusesheni abatshalizimali.
3. Ukwenyuka kokuhlinzekwa kwamasheya kunomthelela ekwenzeni ngcono isithunzi senkampani.

Umtshali-zimali uthola ithuba lokwandisa uhlu lwezinsimbi angasebenza ngazo. Lokhu kuthuthukisa izinga lokuhlukahluka kwempahla. Ngosizo lwamarisidi anjalo, kungenzeka ukuthola noma ukwandisa ukufinyelela ezibambiso ezivela kubakhiphi bangaphandle. Lapho usebenza nezibambiso ezikhishwe phesheya, umuntu kufanele abhekane nezingozi zemali. Ukushintsha kwezinga lokushintshisana okungalindelekile kwesinye isikhathi kunganciphisa kakhulu inzuzo. Ukusetshenziswa kwamarisidi ediphozithi kuxazulula izinkinga ezinjalo, ngoba izindawo zokuhlala kuleli cala zenziwa ngemali kazwelonke. Kodwa-ke, kufanele futhi ucabangele ukuba khona kokungalungi okuthile:

1. Izingozi zemali zihlala lapho umninimasheya ethola izabelo.
2. Amarisidi ediphozithi awasebenzi kakhulu kunezitoko namabhondi.

[i-id yamagama-ncazo = “okunamathiselwe_11806″ align=”aligncenter” width=”749″]
Amarisidi Ediphozithi Yomhlaba Wonke (GDRs) – uhlu aluphelele[/caption] Lapho ekhetha izimpahla, umtshali-zimali kufanele acabangele kokubili amandla kanye nobuthakathaka bamarisidi anjalo. .

Lapho ungathola khona ulwazi mayelana namarisidi ediphozithi ku-Moscow Exchange

Uma isitoko kanye nerisidi yediphozithi ehambisanayo kuthengiswa ngesikhathi esifanayo, kusho ukuthi kunenzuzo enkulu ukuhweba ngempahla eyisisekelo. Kodwa-ke, ngokuvamile kumelelwa uhlobo olulodwa kuphela. Kulokhu, alikho ithuba lokukhetha phakathi kwalezi zinhlobo zezibambiso. Ukuze uqonde ukuthi iyiphi impahla ethengiswayo ekuhwebeni kwesitoko, udinga ukubheka uhlu lwamathuluzi. Isihloko sizokhombisa ukuthi imayelana nani. Ukuba khona kwe “JSC” kusho ukuthi sikhuluma ngamasheya. Uma, isibonelo, i-ADR noma i-GDR kukhulunywa ngayo, khona-ke amarisidi ediphozithi ayathengiswa.

Amarisidi ediphozithi ezinkampani zaseRussia, zomhlaba jikelele

E-Russia, ukusebenza ngamarisidi e-depository kulawulwa nguMthetho No. 39-FZ “Emakethe Yezibambiso”. Incazelo yabo inikezwe ku-Art. 2, futhi imithetho yomsebenzi yenziwe ku-Art. 27:5-3 walo mthetho. Uhlu lwezibambiso (okuhlanganisa namarisidi ediphozithi) amukelwa ukuthi ahwebe kusukela ngomhla ka-22 Disemba 2021 ku-MOEX: https://www.moex.com/en/listing/securities-list.aspx Ngokwesibonelo, amarisidi ediphozithi okhipha kwamanye amazwe kumasheya (ETLN) ku-Moscow Exchange kusixhumanisi https://www.moex.com/en/issue.aspx?code=ETLN :
Amasheya angu-32 namarisidi ediphozithi ezinkampani ezinkulu zamazwe ngamazwe ezithengiswa e-Moscow Exchange, kuhlanganise ne-Oracle , Sony, Toyota nezinye:
Amarisidi ediphozithi namasheya aphesheya ku-MOEX

Isikhathi Sokutshala Kumarisidi

Eqinisweni, inzuzo enkulu kakhulu evela kumarisidi ediphozithi ikhona ezimweni lapho kungenzeka khona ukufinyelela ngosizo lwabo ekuhwebeni obekuvalwe ngaphambilini kumtshali-zimali noma umthengisi. Isibonelo, singakhuluma ngezinkampani noma izimboni emazweni athile ezingathathwa njengeziheha ukusebenza nazo. Enye inzuzo yokusebenzisa amarisidi ukuthi ihlelo labo lingase lihluke kwelesabelo. Ngaphezu kwalokho, asikwazi ukukhuluma kuphela ngezabelo eziyi-10 noma eziyi-100, kodwa futhi ngamasheya. Lesi simo senza ukutshalwa kwezimali kufinyeleleke kakhudlwana ezimeni lapho isheya linenani elincane elilinganiselwe (isibonelo, uma liyizinkulungwane ezimbalwa zamadola). [i-id yamagama-ncazo = “okunamathiselwe_11807” align = “aligncenter” wide = “882”]
Isivuno kumarisidi ediphozi[/caption] Izimiso zokusebenza ngamarisidi ziyefana nalezo ezisetshenziselwa ukuhweba ngezibambiso ezihlukahlukene. Ikakhulukazi, udinga ukukhumbula lokhu okulandelayo:

1. Lapho uhweba noma utshala imali, kunobungozi obukhulu obuhlobene nokungaqiniseki kwezinguquko zentengo zesikhathi esizayo. Ungayinciphisa ngokwenza ukutshalwa kwezimali kwephothifoliyo. Ngesikhathi esifanayo, ukuthengwa kwezinhlobo ezihlukahlukene zezibambiso kwenziwa ngokuhambisana nezinga elihleliwe lengozi.
2. Ukuze uhlole ngokunembile izinketho zokuthuthukiswa kwesimo esizayo, kuyadingeka ukusebenzisa izindlela zokuhlaziya okuyisisekelo nobuchwepheshe. Ngesikhathi esifanayo, kubalulekile ukutadisha izici zokuthuthukiswa kwenkampani ekhiphe amarisidi futhi uqonde ukuthi ukuthuthukiswa komnotho wezwe lakho kuhamba kanjani.
3. Uma kunesidingo, udinga ukulungisa ukwakheka kwephothifoliyo. Lokhu kungase kudingeke ezimeni lapho izingcaphuno zamarisidi athile zithuthuka ngendlela engathandeki.
4. Kumele kukhunjulwe ukuthi ukusetshenziswa kwamarisidi anesivuno esikhulu kuvame ukuhlotshaniswa nengozi enkulu. Ngakho-ke, akunakwenzeka ukutshala zonke izimali ezitholakalayo ohlotsheni olulodwa kuphela. Ukuhlukahluka kunciphisa izingozi futhi kwandisa amathuba okwenza inzuzo.

Kwesinye isikhathi kunenzuzo enkulu ukusebenza ku-stock exchange hhayi uwedwa, kodwa ukudlulisa izimali zokuphatha ukwethenjwa. Kulesi simo, kuzokwazi ukusebenzisa izinsizakalo zochwepheshe okungenzeka bakwazi ukunikeza imbuyiselo efanelekile ekutshalweni kwezimali.

Amarisidi ediphozithi ama-GDR, ama-ADR, ama-RDR ezinkampani zaseRussia i-Tinkoff, i-Mail, i-Yandex, njll. – intela, ubungozi, izici: https://youtu.be/9p2kxTo9A_U

Indlela yokwenza ngokusebenza

Ekuhwebeni kokushintshana okungokoqobo, ukuthengiselana kokuthengwa nokudayiswa kwamarisidi ediphozithi akuhlukile enqubweni yawo kuleyo eyenziwa ngamasheya. Umhwebi angakhetha impahla efanelekile ngohlobo negama lethuluzi futhi enze isenzo asifisayo. Abathengi abavamile ukuhlukanisa phakathi kwalezi zinhlobo ezimbili zamathuluzi. Ukuze ucacise ukuthi ingabe lawa amasheya noma irisidi yediphozithi, ungabuka ulwazi oluyisethenjwa kuwebhusayithi yokushintshisana.

Intela

Intela yeholo lomuntu ngamunye ingase ikhokhwe kumehluko phakathi kwezintengo zokuthenga nezokuthengisa zamarisidi. Isidingo sezinkokhelo kanye nokubalwa okuqondile kwenani kwenziwa ngumthengisi. Ngokuvamile yena ngokwakhe uhoxisa inani elifanele ku-akhawunti futhi udweba inkokhelo. Lapho kwamukelwe izabelo noma izinkokhelo zekhuphoni, intela yemali engenayo yomuntu siqu ihlala ikhokhwa. Kufanele iboniswe kusimemezelo esithi “3-NDFL” futhi idluliselwe enteleni ngokuzimela.

Imibuzo nezimpendulo

Umbuzo: “Ikuphi okuthembeke kakhulu: amasheya noma amarisidi ediphozithi?” Impendulo: “Ukuthembeka kwabo kucishe kufane. Esimweni sokugcina, umgcini kanye nebhange le-depository bayabandakanyeka ekwenzeni ukuthengiselana, kodwa cishe njalo yizinhlangano ezithembekile nezithembekile.
Umbuzo: “Iyiphi kulezi zimpahla enenzuzo eyengeziwe ukuyitshala nokuhweba?” Impendulo: “Ukusebenza ekuhwebeni kuhlotshaniswa nokuba khona kwezingozi ezibalulekile, ezehlukile ngokwemvelo. Awekho amathuluzi aqinisekisiwe ukunikeza inzuzo, kungakhathaliseki izimo. Ukusetshenziswa kwamarisidi ediphozi ezingozini zawo kufana kakhulu nokusetshenziswa kwamasheya ahambisanayo.