Economic Enterprise

GarmÖkfa karvinieyaKTun KWCakþay:agsMxan;Nas;sMrab;karGPivDÆn½esdækic©saFarN³ k¾dUcCaesdækic© ÉkCn. k¾b:uEnþvak¾Gacpþl;nUvKuNvib,tþiCakarxkcitþy:agxøMagdl;esdækic© TaMgenaHebIsinNaBMumankar RKb;RKg eGay)anl¥RbesIr. dUcenHesovePAesdækic©shRKasenH fVIt,itEtCacMeNHdwgd¾tictYcmYyEtb:ueNÑaH ebIeRbobeFob eTAnwgTMhMvisalPaBénGtßn½yénBakü :esdækic©shRKas : enaH k¾b:uEnþ esovePAenH )andkRsg;xøwmsarecjBIesovePACaeRcInEdlTak;TgeTAnwgkarRKb;RKg éndMeNIrRbRBitþeTAénTun. dUcenHGVIEdl eyIgxJMúcg;bkRsayBnül;enAkñúgesovePAenH eyIgxJúMcg;bkRsayBnül;nUvcMNucsMxan;²GMBIkarRKb;RKg y:agNaedIm,IeGaymanRbsiT§I PaBéndMeNIrRbRBitþeTAénkarRKb;RKgénshRKasenaH. edayeyageTAelIbBaðaenH enAkñúgenaHeyIxJMú )anbgaðjGMBI³ - karRKb;RkgedIm,IeGaymantulüPaBesdækic©éndMeNIrkarcab;epþImplitkmμ - karbgðajnUvkarerobcMRKb;RKgktþaplitkmμ k¾dUcCakarRKb;RKgplitkmμ - karRKb;RKgTIpSard¾manRbsiT§iPaBmYyénGCIvkmμ k¾dUcCasaCIvkmμ. - karRKb;RKgy:agNaeGaymantulüPaBhirBaØvtßú - viFIsaRsþepSg²EdlTak;TgeTAnwghirBaØvtßúsMrab;eFVIkarsMerccitþénkarviniey aK - nigk¾dUcCaviFIsaRsþénkarvaytMélénkarvinieyaK eRBaHedIm,IsMrYldl;kar KNnaBn§ karEbgEckRTBüsm,tþi krNIkS½yFn kareGayéføén b½NÑPaKh‘un .l. nig .l.

2

- P¢ab;CamYyenaHeyIg)anbgðajnUvlT§PaBhirBaØbTanCaeRcIneTAtamTMrg;c,a b;énGcivkmμ rW k¾saCIvkmμTaMgenaH RBmTaMg)anviPaKeTAelIhirBaØbTan TaMgenaHpgEdr. eyIg´GñkniBn§sgÇwmfaesovePAenH nwgpþl;dl;GñkGan nigGñksikSaRsavRCav nUvcMeNHdwgCamUldæaénkarRKb;Rkgesdækic©shRKas nigsUméføgGMNrKuNya:gRCal eRCAcMeBaHRKb;mitþGñkGan nigGñksikSaRsavRCavcMeBaHkarGanesovePAenH RBmTaMgsUm sVaKmn¾edayPaBesμaHsμ½RkéRkElgral;karriHKn;EkrlMGredIm,IeGayesovePAenHkan;Ete q
3

esckþIEføgGMNrKuN karerobcMnUvesovePAesdækic©shRKasenHeLIg KWTamTarnUveBlevla smtßPaB nig karelIkTwkcitþCaeRcIn. ehtuenH eyIg´GñkniBn§sUmeqøotyk »kasd¾viessvisalenH edIm,IsUmeFVIkarEføgGMNrKuNdl;GñkEdl)anCYyxñHExñg edIm,IeGayesovePAenHelcecjCarUbrageLIg. enAkñúgenHeyIg´CaGñkniBn§sUmEføgGMNrKuNGs;BIdYgcitþcMeBaH RksYg BaNiC¢kmμ nigviTüasßanGnþrCatiénkm<úCa RBmTaMgsklviTüal½yn½rtunEdl )anpþl;»kas nigkarelIkTwkcitþya:gmutmaMsMrab;karerobcMesovePAesdækic© shRKasenH. kñúg»kasenHEdrsUmEføgGMNrKuNya:gRCaleRCAcMeBaHelak Ca rtn³ k¾dUcCaPriyarbs;xJMúGñkRsI sIuy:anI Fa Edl)anCYyvayGtßbTTaMgmUlcUl kñúgkMBüÚT½r nigelak b‘un huk buKÁlikénviTüasßanGnþrCatiénkm<úCa cMeBaHkarCYy rcna nigRtYtBinitüeT,IgvijénGtßbTesovePAenH RBmTaMgGrKuNCaTIbMputdl; bg²RbusbgRsIEdl)anCYyeRCamERCgelIkTwkcitþ RBmTaMgpþl;eBlevlad¾man GtßRbeyaCn¾sMrab;karerobcMesovePAenHCaPasarCatIeyIg. CaTIbBa©b;sUm]TÞwsesovePAenH CUncMeBaHelak«Buk Gñkmaþy nigbgb¥Ün TaMgGs;Edl)anEckzanedayGaeNacGaFm_kñugrbbRbl½yBUCsasn_. PñMeBj, éf¶TI 07 Ex mkra qñaM 2005 can; b‘unnivtþn¾ 4

matikarGtßbT **********

dMeNIrkarbMeBjkarpliténshRKas 1 rel="nofollow"> tulüPaBénesdælic©TnÞwmnwgdMeNIrkarbMeBjkarplit>>>>>>>>>>>>>>>>>>>>>>>>>>10 1> 1> dMeNIrkarCamUldæanéndMeNIrkarbMeBjkarplit>>>>>>>>>>>>>>>>>>>>>>>>10 1> 2> dMNak;kalTak;TgnwgbBaðanimitþkmμéntulüPaBesdækic©plitp>>>12 2> kareFVIEpnkarénkarerobcMRbugeRbob>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>13 2> 1> kmμvtßúénkareFVIEpnkarénkarerobcMRbugeRbo>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>13 2> 2> karerobcMRbugeRbobbuKÁlik>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>14 2> 3> karerobcMRbugeRbobmeFüa)ayplitkmμ>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>18 2> 4> karerobcMRbugeRbobvtßúFatuedIm>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>24 3> kareFVIEpnkarplitkmμ>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>36 3> 1> kmμvtßúénkareFVIEpnkarplitkmμ>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>36 3> 1> 1> cMENkEpnkarnImYy²énneya)ayplitkmμ>>>>>>>>>>>>>>>>36 3> 1> 2> karkMNt;karbg;tMél nigRbePTénkarbg;tMélenA kñúgRkbx½NÐénEpnkarplitkmμ>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>39 3> 2> kareFVIEpnkarénkarEbgEckplitkmμ>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>45 3> 2> 1> mUldæanénRTwsþIplitkmμ>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>45 3> 2> 2> kareFVIEpnkarEbgEckplitkmμedayeyaleTAelI mUldæanénGnuKmn_plitkmμ>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>58 I.

5

3> 2> 3> kareFVIEpnkarEbgEckplitkmμeyageTAtammUldæan énGnuKmn_plitkmμkMNt;>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>66 3> 3> kareFVIEpnkardMeNIrkarkmμviFIplitkmμ>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>68 3> 3> 1> rcnasm<½n§bBaaðénkareFVIEpnkardMeNIkarkmμviFI plitkmμ>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>68 3> 3> 2> kareFVIEpnkarkmμviFIEdayKμankarraraMgénsmtßPaB>>>70 3> 3> 3> kareFVIEpnkarkmμviFICamYykarekItmankarepÞrd¾ceg¥ótén smtßPaBmYy>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>72 4> kareFVIEpnkarénkarlk;plitpl>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>81 4> 1> kmμvtßúénkareFVIEpnkarénkarlk;>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>81 4> 1> 1> ma:XItTigCaTsSn³TansmahrNénkareFVIEpnkarénkar lk;>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>81 4> 1> 2> ma:XItTIgenAkñúgesdækic©RbkYtRbECg>>>>>>>>>>>>>>>>>>>>>>>>>84 4> 1> 3> vis½yénma:XItTIg nig viFankarN_énma:XItTIg>>>>>>>>>>>87 4> 1> 4> karsikSaRsavRCavma:XItTIgsMrab;CMnYyénkareFVIEpn karlk;plitpl>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>95 4> 1> 5> bBaðaénkareFVIeGayRbesIrbMputénma:XItTIgmIk>>>>>>>>101 4> 2> kareFVIEpnkarplcMNUlsMrab;GnuKmn_éføEdl)anpþl;eGay>>>>>>111 4> 2> 1> EdnsMerccitþénneya)ayéfø>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>111 4> 2> 2> RTwsþIéføEdlCaburaNniym>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>115 4> 2> 3> karkMNt;éføEdlmanninñakarGnuvtþn_>>>>>>>>>>>>>>>>>>>>>>>>>124 4> 3> kaeeFVIEpnkarénkareRbIR)as;meFüa)ayEdlCaneya)ay 6

GtßiPaB>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>130 4> 3> 1> karsMerccitþénneya)ayplitpl>>>>>>>>>>>>>>>>>>>>>>>>>>>>130 4> 3> 2> karsMerccitþénneya)aylkçx½NÐ rWneya)ayéfø>>>>>>>>132 4> 3> 3> karsMerccitþénneya)ayTIkEnøg>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>134 4> 3> 4> karsMerccitþénneya)aypSBVpSay>>>>>>>>>>>>>>>>>>>>>>>>>>>>135 dMeNIrkarhirBaØvtßúénkarvinieyaK 5> smasPaK nigmUldæanGtibrimaéndMeNIrkarhirBaØvtßúénkarvinieyaK>>136 5> 1> snñiFihirBaØvtßú nigcrnþTMhMhirBaØvtßú>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>136 5> 2> karkMNt;énTuntMrUvkar hirBaØvtßútMrUvkar nigfvikartMrUvkar>>>>>>>>>139 5> 3> sBaØaN nigcarwkFmμCatiénkarvinieyaK>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>141 5> 4> hirBaØvtßú nigtulüPaBénhirBaØvtßú>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>142 5> 5> cMENkEpnkarénneya)ayhirBaØvtßú>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>145 6> karKNnakarvinieyaK>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>148 6> 1> karKNnakarvinieyaKCaCMnYyénkarsMerccitþ>>>>>>>>>>>>>>>>>>>>>>>>>148 6> 1> 1> Gtßn½yénkarKNnakarvinieyaK>>>>>>>>>>>>>>>>>>>>>>>>>>>>>148 6> 1> 2> RbePT nigcarwklkçN³énkarKNnakarvinieyaK>>>>>>148 6> 1> 3> kareRbIR)as;énkarKNnakarvinieyaKTun>>>>>>>>>>>>>>>>>155 6> 2> viFIsaRsþénkarKNnaPaBesdækic©>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>155 6> 2> 1> karsMerccitþénkarvinieyaKCamYynwgCMnYyénkarKNna EdlCasþaTIk>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>155 6> 2> 2> karsMerccitþénkarvinieyaKCamYynwgCMnYyénkarKNna EdlCaDINamik>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>171

II.

7

6> 3> TRmg;karénkarvaytMélkarvinieyaK>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>188 6> 3> 1> karRkelkemIleTAelIehtupl nigTRmg;karénkarvay tMélkarvinieyaK>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>188 6> 3> 2> tMéleCaKC½yGnaKténkarvinieyaK>>>>>>>>>>>>>>>>>>>>>192 6> 3> 3> viFIsaRsþRbéBNIénkarvaytMélkarvinieyaK>>>>>>>>>194 7> hirBaØbTan nigkarviPaKhirBaØbTan>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>203 7> 1> TMrg;hirBaØbTan nigkarKNna>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>203 7> 1> 1> rcnasm>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>203 7> 1> 2> b½NÑPaKh‘unFmμta b½NÑPaKh‘unGtßiPaB nig b½NÑkb:ug>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> >>>>>>>>>>>>>>>>>207 7> 1> 3> cMENkénRkumh‘unvinieyaK>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>215 7> 1> 4> TIpSarb½NÑPaKh‘un>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>218 7> 1> 5> RbePTCamUldæan nigTMrg;layKñaénhirBaØbTan \NTan>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>220 7> 1> 6> Leasing nig Factoring Ca\NTanCMnYs>>>>>>>>>>>>>>>>>>228 7> 1> 7> hirBaØbTanén]btßmÖFn>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>229 7> 1> 8> hirBaØbTanGtierk nighirBaØbTanecjBIkarERbRbYl RTBüsm,tþi>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>230 7> 2> karviPaKb½NÑPaKh‘un>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>231 7> 2> 1> buBVkfa>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>231 7> 2> 5> karERbRbYlénbrisßanxageRkA>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>232 7> 2> 6> TisedAénkarviPaK>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>234 8

7> 2> 7> karvaytMélén Stocks>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>235 7> 2> 8> karvaytMélén Bonds>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>240 7> 2> 9> karviPaK Portfolios>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>247 7> 2> 10> karvas;EvgénkarbMeBjkarplit>>>>>>>>>>>>>>>>>>>>>>>>251 7> 2> 11> karniTsSn_én]sSahkmμ>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>255

9

dMeNIrkarbMeBjkarpliténshRKas 1> tulüPaBénesdækic©TnÞwmnigviFIsaRsþbMeBjkarplit 1>1> dMNak;karCamUldæanénviFIsaRsþbMeBjkarpliténshRKas karRKb;RKgCasBaØaénkarRbmUlpþMúfamBlTaMgLayNaEdlCaFmμCati nig EdlCaDINamik. karRKb;RKgshRKas KWCayanEdldwknaMenAkñúgshRKasnUv dMeNIrkarBitR)akdénkarbegáItbec©keTsénkarbMeBjkarplit nigénkarvaytémø karbMejkarplitenaHeTAtamlkçN³TIpSar RBmCamYyenaHEdrk¾CayanEdldwknaM nUvrebobhirBaØwkEdlmanTMnak;TMngedaypÞal; rWBMupÞal;CamYynwgTuntMkl;Tuk (capital freeze) TunEdlpÁt;pÁg; (capital supply) TunbeBa©j (principal release) nigTunbtüab½n (capital repatriation). rebobbMeBjkarplit nigrebobhirBaØkw )anbegáItCamYyenaHEdrnUvEpñkrUbPaBBiténesdækci e© nAkñúgshRKasenaH. kalNaeKcab;GarmμN¾CadMbUgeTAelIdMeNIrkarbMeBjkarplitCamYynwgdMeN IrRbRBitþénkarbg;témøEdlCab;Tak;TgCamYydMeNIrkarenHedayminpÞal; ¬CaFatu mYyénrebobhriBaØwkénshRKas¦ enaHeyIg)anbgðajnUvTMnak;TMngEdlgayRsYl mYyedayelIk]TahrN¾BsI hRKassib,kmμmYy rWks¾ hRKas]sSahkmμmYyenA kñúgrUbPaBxageRkam ³ enAkñúgenHrebobbMeBjkarpliténshRKassßitenAkñúgbIdMNak;kalCamUldæa n 1> karerobcM rWkarpÁt;pÁg;énktþaplitkmμ (supply of production’s factors) )ann½yfa KWGVITaMT,ayNaenAkñúgplitkmμEdleFVI[manclnaRbRBwtþ énkarTUTat;R)ak; ehIyenAkñúgkrNIxøHeTotmankarpSarP¢ab;eTAnwgdMeNIrRbRBWtþén \NTanpgEdr. ktþaplitkmμ ¬=ktþabMBjkarplit¦ RtUv)anEckCabI Rkum ³ h karbMeBjkargar = GVITaMgLayNaEdlCaskmμPaBRtUv)anpþl;eday mnusS. I

10

meFüa)ayplitkmμ rWmeFüa)ayshRKas = rab;bBa©ÚlsmÖar³TaMgGs; EdlRtUv)aneRbIR)as;enAkñúgviFsI RsþbMeBjkarplit EtsmasFaturbs;va enaHBMu)aneXIjcUlrYmenAkñúgplitkmμeT. h vtßúFatuedIm rWplitplshRKas = GVITaMgGs;EdlCavtßuFatuedIm FatupSM plitplBak;kNþal nigplitplEdlCaGgÁFatupSMeRbIR)as;kñúgplit kmμ rWk¾dUcCafamBlGKÁIsnI nigmeFüa)aycMehHEdlcaM)ac;sRmab; meFüa)aypliktmμenAkñúgshRKas. 2> karpSMpÁMúKñaénktþaplitkmμ (combination of production factors) sRmab;plitplBak;kNþalsMerc nigplitplsMerc. TaMgenH KWCakarEkécñ vtßúFatuedIm rWplitplshRKasedaysßti enAeRkamkareRbIR)as;kmøaMgBlkmμ ¬mnusS¦ nigmeFüa )ayshRKas ¬sMPar³¦. 3> karbeBa©jplitpl ¬=karvaytémøTIpSar¦ plitplEdl)anplit KWCa GVIEdleFVI[manclnaRbRBitþénkarTUTat;R)ak; ehIyenAkñúgkrNIxøHk¾mandMeNIr RbRBwtþén\NTanEdr. dMeNIkarbMeBjkarplit KWRbRBWtþeTACaTUeTAEtgEtmanryHeBlxatbg;. TaMgenHGacCMruj[mandMNak;kal {sþúkTukénkmøaMgBlkmμ} enAkñúgkrNIEdl kmøaMgBlkmμenaHmansmtßPaBbnßynUvefrHevlarvagkarerobcMeRKagTuk nigkar seRmc)anénplitkmμ (achievement of production). enAkñúgkrNIenaH {Blkmμ rWkmøaMgBlkmμ} EdlsRmab;eRbIR)as;enAkñúgdMNak;kalkarplitRtUvEtrg;caM. enA kñúgkarKitKUrdUcKñaenHEdr plitplEdlseRmc)ank¾GacekIteLIgnUvkar {sþúkTuk énkarbeBa©jEdr} kalNaplitplenaHminGacrkeXIjkarbeBa©jPøam² rWTIpSar )an k¾b:uEnþkarmansþúkenH luHRtaNaEtplitplenaHmansmtßPaBsßitesßryUr GEgVgEdr. mUlehtusRmab;karekIteLIgénkar sþúkTukkmøaMgBlkmμ nigsþúkTuk énkarbeBa©jsßitenAelIkareFVIeGayxUcxat rWkarmankMhuséndMeNIrRBmKñarvag dMeNIrkarerobcMRbugeRbobénktþaplitkmμ nigdMeNIrkarplit nigmü:ageTotrvag dMeNIrkarplit nigdMeNIrkarbeBa©jplitpl. CamYyKñaenHpgEdrenAcenøaH h

11

dMNak;kalplitnimYy²k¾GacekIteLIgenAkar {sþúk} enHEdr EdleKniymehAfa {cenøaHsþúk} TaMgenHbgðaj[eXIjCanic©Cakal CamYydMeNIrkarplitkmμ rWrebobplitkmμEdlmaneRcInkRmit. rcnasm<½n§RKwHéndMeNIrkarbMeBjkarplit nigdMeNIrkarhirBaØwkenAkñúgshRKas

1>2> dMNak;kalTak;TgnigbBaðanimitþkmμéntulüPaBesdækic©plitpl CamYykarsakl,gRbmUlpþúM nigviPaKnUvbBaðaRKwHénshRKassRmab;nmi ti kþ mμ éntulüPaBesdækic©plitpl KW)anbgðajnUvcMNucsMxan;bIEdlRsbKñaCamYynwg dMNak;kalEbgEckEdl)anniyayxagelIénrebobGnuvtþn¾ rWdMeNIrkarbMeBj kargar ³

12

1> cMnucsMxan;TI 1 ³ karerobcMRbugeRbobénktaþplitkmμ. kic©karenAkñúg dMNak;kalenH KWkarerobcMrWcat;Ecgktþþaplitkmμ[)anTan;eBlevlaeTA tamRbePT eTAtamplitpl nigeTAtamcMnYnEdltRmUvkar nigmü:ageTot [cMkEnøgRtwmRtUvsRmab;vFi sI aRsþpSMpMÁúKañ . CamYyenHedayGaRs½ytam eKalkarN¾esdækic©EdleyIgRtUveFVIya: gNa[témøEdlsRmab;erobcMbMeBj karplitenaH[Gb,rima. edIm,IseRmc)antémøGb,rimaeKRtUvBinti ü eTAelIlkç½NCacm,gEdllkç½NenaH KWCaGVIEdlFana[manplitPaB x<s;mYyEdlbNþalmkBIkarkpSMpÁMúP¢ab;Kñaénktþaplitkmμ ¬)ann½yfakar pSMénktþaplitkmμ[)anRtwmRtYvenaHnwgpþl;[eKnUvplitPaBx<s;mYy¦. 2> dMNak;kalénkarpSMpÁMúktþaplitkmμenAkñúgshRKasxøÜnÉgenaH begáIt CacMENksMxan;TI 2 . GaRs½yeTAelIenaH KWTajecjBIkarBinitü eTAelIesdækci s© hRKas eKRtUvBiPakSaGMBcI Mnuccab;epþmI mYycMnYnEdl cMNuccab;epþImenaH qøgkat;karbMejkarplitRtUvbgðajnUvkarsMerc)an nUvtémøénkarpSMpþMúGb,rimamYyEdlenAeRkamlkç½N nigeKalbMngbec©k eTsplitkmμepSg²Kña. 3> cMnucsMxan;TI 3 RtUvbegáIteLIgecjBIdMNak;kalbeBa©jplitpl rWdMNak;kalEsVgrkTIpSar. dMNak;kalenH rab;bBa©ÚlviFankarTaMg LayNaEdlTak;TgeTAnwgkarbeBa©jplitpl nig]btßmÖkarbeBa©j plitpl. kic©karrbs;eKenAeBlenH KWsßitenAelIkareRbIR)as;én viFankarN¾neya)ayTIpSar ¬m:aXIFIgmik = marketing mix¦ [)anRbesIrbMput (optimal¦ edayRtUvBicarNaeTAelItémøplit nigtémø eFVIm:aXIFIg RBmCamYyenaHEdrGMBIeKalbMNg cMeNj nigeKalbMNg rkSaPaBcMeNj (profitability). cMNucsMxan;TaMg 3 Edl)anbkRsayBIkarviPaKshRKaseTAelIbBaða tulüPaBesdækic©plitplCamYynwgdMeNIrkarbMeBjkarplit KWsßitenAkñúgkar 13

RsavRCavbnþeTAeTot ehIyEdlGaRs½yeTAelIbBaðaenHnwg)anbgðajpgEdrkñúg kfax½NÐxageRkamenH ³ - kareFVIEpnkarerobcMRbugeRbob - kareFVIEpnkarplitkmμ - kareFVIEpnkarbeBa©jplitpl rWEpnkarTIpSar 2> kareFVIEpnkarénkarerobcMRbugeRbob 2>1> kmμvtßúénkareFVIEpnkarénkarerobcMRbugeRbob GVIEdleyIg)aneXIjedayTajecjBIdMNak;kalnImYy²éndMeNIrkarbMeBjka rpliténshRKasenaH KWCalkçN³EdlRtUvbMeBjCamunsRmab;dMeNIrkar BitR)akdénkarseRmc)anénplitkmμ. TaMgenaH KWCakarBinitüy:aghμt;ct;eTAelI karerobcMénktþaplitkmμEdleyageTAtambec©keTs nigesdkicæ. Epnkarén karerobcMRbugeRbobmanParHkic©sMxan;BIry:ag ³ 1> ParHkic©bec©keTs ³ ParHkicb© ec©keTsénkareFVEI pnkarénkarerobcMRbugeRbobenHsßti enARtg;kar CYypþl;[ktþaplitkmμ dUcCakMlaMgBlkmμ meFüa)ayshRKas nigvtßúFatuedIm shRKassßitenAQreCIgRsbeTAtamRbePTplitpl nigcMnYnEdlTamTar sMrab;rebobplitkmμ ehIy[RtwmRtUvtameBlevla nigtamTIkEnøgeTotpg. karedaHRsay)anénkargarenH eFVI[elcecjenAplitkmμEdlminmankarrMxan nigkarrkSanUveBlevlaRtwmRtUvsRmab;karseRmc)annUvplitpledayEfmTaMgbMeBj )annUvsþg;darKuNPaB nigeRcInelIsBIenHeTAeTot. 2> ParHkic©esdækic© ³ ParHkic©esdækic©énkareFVIEpnkarerobcMRbugeRbobRtUv)anTajecjBIeKalbMNg EdlshRKascg;sMerc)an. TaMgenaH KWCakardak;eKalbMngeGaycMeNj CaGtiibrima. edIm,I[eKalbMngenaHseRmc)anluHRtaEtmankarpþl;nUvkarFanafa 14

TinñplEdlpSarP¢ab;CamYynwgkarerobcMRbugeRbobktþaplitkmμenaHeRkayBIdkkarcM NayecjRtUvrkSay:agNaeGaymanTMhMFM rWeRcIn. k¾b:uEnþCaFmμta {ParHkic© esdækic©énkareFVIEpnkarerobcMRbugeRbob} RtUv)anraraMgedaysarplvi)akénkar KNnacMNUlsRmab;GgÁpSMnimYy²énplitkmμEdlnaM[eyIgGaceFVIeGayGb,rimaénté møsMrab;karbMeBjkarplitenaH. karbg;témøsRmab;karerobcMRbugeRbobman ³ h témøénkarerobcMpÞal; rWminpÞal;EdlpSarP¢ab;CamYynwgkareFVIEpnkar nig karGnuvtþn¾éndMeNIrRbRBitþénkarerobcMenaH. h témøsMrab;karrkSaTuknUvktþabRmugTuk ¬témøbRmugTuk¦ CaBiesstémøsúþk TukénvtßúFatuedImshRKas nigtémørkSaTuknUvktþaplitkmμEdlman skþanuBl. h témøsRmab;cMnYnEdlxVH ¬témøenHb:HBal;dl;karcMeNj¦. vaCakarbg; tMélsMrab;TN ½ kÐ mμeTAelIkarRBmeRBogEdlT½NkÐ mμenaHekIteLIgenAeBlN aEdlcMnYnplitplenaHxVHenAkñúgryHeBltRmUvkarénkarRBmeRBogKñaenaH . 2>2> karerobcMRbugeRbobbuKÁlik kareFVIEpnkarénkarerobcMRbugeRbobbuKÁlikRtUvEbgEckCabIdMNak;kal ³ 1> kareFVIEpnkaréntRmUvkarbuKÁlik ³ EpnkaréntRmUvkarbuKÁlikRtUveK[EsVgrkeGayeXIjfaetIkmøaMgBlkmμcMnYnb:u nμanEdltRmUvkarenATIenaHenAkñúgeyHeBlkMNt;mYy nigetIGVIxøHEdlRtUv TamTareGaykmøaMgBlkmμTaMenaHRtUvbMeBjenAkñúgdMeNIrkarplitkmμ. GgÁFatu sMxan;²EdlCH\T§iBleTAelIkartRmUvkarbuKÁlik KWKeRmagplitpl kRmitmuxgar nigplitPaBkargarrbs;buKÁlikenaH. 2> kareFVIEpnkarénkarpÁt;pÁg;buKÁlik ³

15

EpnkarénkarpÁt;pÁg;buKÁlikRtUvrk[eXIjfa etIkmøaMgBlkmμmancMnYnb:unμan EdlRtUvpÁt;pÁg;enAkñúgcMnuceBlmYy nigetIkarTamTarGVIxøHEdlkmøaMgBlkmμTaMg enaHRtUvman dUcCaEpñkbec©keTs rWk¾Epñkesdæikic© .l.. CamYytRmUvkarbuKÁlik sMxan;²eKRtUvEtmankarsnñidæanTukCamun (prognose) nUvkarGPivDÆn¾énbuKÁlik EdlsßitenAkñúgshRKasTaMgenaH TaMgeTAelIEpñkKuNPaB nigTaMgcMnYn. cMnYn enATIenHmann½yfa qøgkat;karbBaÄb; karcUlnivtþn¾ v:akg rWk¾eRKaHfñak;Edl TaMgenHbNþaleGaycMnYnénkmøaMgBlkmμfycuHenAkñúgryHeBlplit. KuNPaB mann½yfakmøaMgBlkmμenAkñúgshRKas qøgkat;kareronCabnþbnÞab; eFVI[eKERb RbYlenAcMeNHdwgrbs;eK smtßPaBrbs;eK niglkçN³BiesspÞal;xønÜ rbs;eK. 3> kareFVIEpnkarénkareRbIR)as;buKÁlik ³ EpnkarénkareRbIR)as;buKÁlikRtUvEsVgrk[eXIj etIkmøaMgBlkmμbRmugTuk mYyNaEdlRtUvGnuvtþn¾kargarNamYy[)anseRmc. TMhMEdlCacMnuccMbgsMrab; EpnkarerobcMbuKÁlikEdlsMxan;bMput KWplitPaBénkargarrbs;mnusS. plitPaB enHvaCaktþakMNt;cMnYnbuKÁlikEdltRmUvkar dUcKñanwgEdrvaCaGñktMrg;TisedAénkar erobcMbuKÁlik nigkareRbIR)as;buKÁlikeTAtamTisedAsþg;darbs;shRKasEdl)an bMrugTuk. plitPaBkargarCajwkjab;RtUv)aneGayniymn½yfa CaplEckéncMnYnplit pl EdlmanTMnak;TMngeTAnwgkargarEdlseRmc)anCamYynwgkmøaMgBlkmμEdl eRbIR)as;. sBaØasmÁal;EdleRbIR)as;sBVéf¶sRmab;plitPaBkargar KWsßitenAkñúg TMnak;TMngenH vaCatémøFmμCatiénbuKlÁ mñak;² ¬Catémøefr¦. témøenHRtUv)anBicarNa edayeyaleTAelIPaBmaneRcInEbbsNæanénRbePTepSg²KñaénkarbMeBjkargarEdl seMrc)an nigénKuNPaBrbs;buKlÁ ki ehIytMélenaHk¾CaGaMgDIkaT½rénplitPaB kargarrbs;mnusSEdr. k¾b:uEnþtMélenaHRtUvraraMgkalNakarsakl,gTaMgLay NaEdlcg;vas;[)andwgBitR)akdenAplitPaBenH. plitPaBénkargarrbs; mnusSvaGaRs½yeTAelIktþakMNt;sMxan;bIy:ag ¬emIlrUbTI1¦ ³ 1> lkç½NÐkargar³ enAkñúgenHlatsn§wgeTAelIlkç½NÐFMbIénmCÆdæankargar 16

viFsI aRsþ rWrebobeFVkI argar ¬RbePT nigPaBbnþbnÞab;énkarGnuvtþnk¾ argar¦ ¤ TIkEnøgeFVIkargar ¬lkç½NÐbnÞab;énmCÆdæankargar¦ ¤ eBlevlaeFVIkargar nigel,ÓnénkareFVIkargar enAkñúgKMnitEdlCRmuj[plitPaBkargar)anx<s; eKRtUvEterobcMEpñkén mCÆdæankargarEdl)anniyayenHeFVIy:agNa[manplb:HBal; rWbnÞúkeTAelI buKÁlikEdleFVIkargarenaHeGay)anGb,rimabMputeTAtamlT§PaBEdlGaceFVIeTA)an. edIm,IseRmc)anbBaðaenaHeKRtUvEtriHrkviFankarN¾énkarerobcMkargarenaHeday Ep¥keTAelImUldæancaM)ac;énviTüasaRsþkargar mann½yfaCaBiessEp¥keTAelI cMeNHdWgCarUbsaRsþ nigcitþsaRsþénGñkeFVIkargar nigTnÞwmnwgenaHmann½y pgEdr KWkareFVIsniTankmμ (rational)énkarRbRBitþénkargar. 2> lkçNHBiesspÞal;xçÜnénbuKÁlikEdleFVIkargar KWmanTMnak;TMngCanic© CakalrvagsmtßPaBseRmc)anénbuKÁlxçÜnÉgpÞal; nigmü:ageTotrvagqnÞHEdl seRmc)anedaymankar]btßmÖ rWkk¾ arelIkTwkcit.þ CakarBit PaBGaRs½yeTAelIrUb PaBkargarnimYy² nigeTAelIlkç½NÐkargar KWsMrab;mYycMnYnFMénbuKÁlikBMudUcKñaeT k¾b:uEnþeTAtameKalkarN_ eKGacbgðajnUvRbePTénkarTamTareTAtamRbePTén RkumnimYy²)an. CamYynwgRbePTénkarTamTarenHeKGackMNt;)anenAlkçNH BiessénbuKÁliklkçNHsRmab;kargarepSg²Kña ³ - kEnøgsRmab;Gñkqøatvagév rWbBaØavnþ - caritlkçNH ¬GacTukcitþ)an TTYlxusRtUvx<s; nigykcitþTukdak;¦ - smtßPaBCMnaj nigkarbMeBjkarplit - lkçNHragkay ¬sßanPaBsuxPaB Gayu nigPaBGacRTaMRT)an¦ edaysÁal;lkçNHBiessénkargarrbs;buKÁlik ral;kareRbIR)as;kMlaMg BlkmμRtUvEtCRmujeTAtamlkçNHBiessenH )ann½yfasRmab;kEnøgEdlRtUvkar buKÁlikqøatév RtUvrkbuKÁlikRbePTenaHeTAeFVIkarkEnøgenaH ebIkEnøgNaRtUvkar sßanPaBTak;TgnwgsuxPaB RtUvEsVgrkbuKÁlikEdlmanlkçN³suxPaBBiess enaHeTAdak;kEnøgenaH. ¤

17

3> lkçN³Biessénkargarrbs;buKÁlmñak;² RtUv)aneFVIeGaymanRbsiT§iPaB eLIgedayqøgkat;Cacm,gnUv {qnÞHcg;sMerc}. qnÞHcg;sMercenaH KWCa {PaB eRtomeFVIkargar} rÅk¾karetomsMerc)anénbuKÁlmñak;²EdlCaGñkeFVIkargar RBmCa mYyenaHk¾elcecjmknUvRbsiT§iPaB (efficiency) edayqøgkat;cMNg;cMNUlcitþ. {cMNg;cMNUlcitþ} KWCakarbBa©úHbBa©ÚleGaymnusSmanclnaeRbIR)as;kmøaMg Blkmμrbs;xøÜneTAkñúgdMeNIrkarbMeBjkarpliténshRKas ehIykarbBa©úHbBa©Úl enHmaneRcInRbePTrab;minGs;eyageTAtambuKÁlmñak;²EdlmanlkçN³BiessFmμCa tixus²KñaRsLHBIKñaenaH. RbsiT§iPaBplitkmμénkareRbIR)as;kmøaMgBlkmμGa Rs½yCanic©CakaleTAelI{cMNg;cMNUlcitþ}énGñkeFVIkargareTAtamqnÞHcg;sMercrbs; eKmñak;²enAkñúgshRKas. enAxageRkamenHeyIgbgðajnUvkar {elIkTwkcitþ} EdlGaceFVIeGaykMerIknYv {qnÞHsMerc} énGñkRbkbkargar rWbuKÁlik ³ - karelIkTwkcitþedaypþl;CaR)ak;edaysgát;F¶n;eTAelITisedAénqnÞHsM ercenaH. - pþl;eGaybuKÁliky:agTUlMTUlaykñúgkarkMNt;karTTYlxusRtUvrbs;xøÜn - pþle; GaybuKÁlki enAkarTTYlxusRtUvedIm,Ikci k© arbMeBjciteþ K edIm,Ikci k© ar elIkTwkcitxþ s< ²; dUcCapþln; UvGMNac karTTYlsÁal; nigkarlatRtdag nigCamYyenaH pþl;lT§PaBeGayeKsMerc)anlT§pl. - pþle; GayeKenAlT§PaBbegánI smtßPaB nigpþle; nAkarEbgEckeGay)an RtwmRtUvenAkarbegáInsmtßPaBeGayRsbeTAtam{qnÞHseRmc}rbs;eK. Casegçbkarpþle; PaKplBIkarsMerckargarrbs;mnusSGacRtUvekIteLIg nig GacRtUv)anRbesIrbMputkñúgkrNImanRBMEdnmYy edaysarqøgkat;cegáambIén viFankarN¾ ehIyEdlcegáamenaHCaGñkkMNt;eGayKñaeTAvijeTAmk. cegáambIén viFankarN¾enaHman ³ 1> kareFVIeGaykan;EtRbesIreLIgénlkç½NÐkargarEdlmanlkçN³rUbeday 18

2> kartRmUveTAtamkarTamTarénkargarRtUveFVeI Gay)anRbesIr edayeyal eTAelIrcnasm<½nénlkçN³Biessrbs;buKÁlmñak;² nig 3> kareRbIR)as;eGaymanRbsiT§iPaBén{karbBa©úHbBa©ÚleGaysMerc} sMrab; eRbIR)as;eGayGs;lT§PaBskþanuBlénlkçN³Biessrbs;shRKas ¬=rbs;buKlÁ ki kñúgshRKas¦. ktþakMNt;plitPaBénkargarrbs;mnusS (Determinants of the productivity of human work)

2>3> karerobcMRbugeRbobmeFüa)ayplitkmμ karerobcMEpnkarerobcMRbugeRbobmeFüa)ayplitkmμRtUvEckecjCa 4 dM Nak;kal ³ 1> kareFVIEpnkaréntRmUvkarmeFüa)ayplitkmμ ³ BIeRBaHfameFüa)ayplitkmμenAkñúgEbbbTlkçN³rbs;vaEdlCaktþaskþanuBl CamYynwgktþaBlkmμ edIm,IkMNt;smtßPaBénshRKasenaH dUcenHtRmUv karenHRtUvEsVgrkTaMgsmtßPaB KuNPaB nigcMnYn ehIyedayKitBicarNaCamYy 19

nwgkarERbRbUlénkarTamTarTaMgxagplitplshRKas nigTaMgxagmeFüa)ay plitkmμ. CamYyenH eKk¾RtUvsMerccitþnUvtMrUvkarmeFüa)ayplitkmμenaHeTAtameKal bMNgrbs;eKepSgeTotpgEdr dUcCarvagtRmUvkarmeFüa)ayplitkmμfμI ¬dUcCa karbegáIt rWk¾Cakarpøas;bþÚrkmμviFIplitkmμ¦ tRmUvkarBRgIkmeFüa)ayplitkmμ nigtRmUvkarCMnYs rWpøas;bþÚrmeFüa)ayplitkmμ. tRmUvkarcugeRkayenHenAkñúgk,Ün c,ab;tMra KWesμCI amYynwgtRmUvkarénkarTMenIbPavUbnIykmμénmeFüa)ayplitkmμ. 2> EpnkarénkarerobcMpÁt;pÁg;meFüa)ayplitkmμ ³ TaMgenHmanEtenAkñúgkrNIEdlfa meFüa)ayplitkmμEdlmanRsab;enaH mineyaleTAtamtRmUvkarkñúgeBlbc©b,nñ rWk¾eTAGnaKtsMrab;eRCIserIseGaysm bMNgeTAnwgGñkplitsRmab;sMerccitþfaTij rWCUlsMrab;PaBsmRsb nigcMeBl evlaénkarseRmccitþerobcMkarplit .l. 3> EpnkarénkareRbIR)as;meFüa)ayplitkmμ ³ enAkñúgEpnkarénkareRbIR)as;meFüa)ayplitkmμKWsßitenARtg;karseRmccitþGM BIkarpSMpÁMúénmeFüa)ayplitkmμnimYy² dUcCam:asIunCaedImeTACacegáambec©k eTsplitmYy ]TahrN_dUcCakarplitfñl; rWyandæan nigCamYyenHEdrRtUv eRCIserIsRbB½nv§ Fi sI aRsþbec©keTsd¾smRsbmYyTukCamUldæan. 4> EpnkarénkarRTRTg;eGayenAl¥ nigEfrkSaenAnwgkEnøgénmeFüa)ayplit kmμEdlmanRsab; ³ karbgáarénkareRtomeRbIR)as;énmeFüa)ayplitkmμEdlmanRsab; sMerc )anedaysarqøgkat;nUvkarRTRTg;eGayenAl¥ nigEfrkSaeGayenAnwgkEnøgén meFüa)ayplitkmμ. PaBswkrilFmμtaénmeFüa)ayplitkmμRtUvEteFVkI arkt;smÁal; nigRtYtBinti üedIm,IraraMgnUvkarswkrilEdlBMuEmnFmμta. karCYsCulCakargarmYy EdleFVIeGaymeFüa)ayplitkmμmandMeNIrkareLIgvIj k¾b:uEnþEtkñúgkrNIEdl lT§PaBbec©keTs nigesdækic©énmeFüa)ayplitkmμTaMgenaHGacenAKaMRT)an. 20

¬1983¦ )ankt;smÁal;nUvRkumsMxan;BrI énktþakMNt;Edlman\T§Bi l eTAelIplitPaBénkareRbIR)as;meFüa)ayplitkmμ ³ ¤ zanPaBbMeBjkargarbec©keTsénmeFüa)ayplitkmμ nig ¤ lkçNHbec©keTsBiesspÞal;xøÜnénmeFüa)ayplitkmμsRmab;Tis edAénkarbMeBjkarpliteGay)ansMerc. 1> zanPaBbMeBjkargarbec©keTsénmeFüa)ayplitkmμ KWGaRs½yeTAnwg kMriténPaBTMenIb kMritRBiT§kmμbec©keTs rWPaBricril nigsmtßPaBesvakmμ. PaB TMenIbénmeFüa)ayplitkmμ KWcg;bBa¢ak;faetImeFüa)ayplitkmμenaHedIrTan;kar rIkceRmInénbec©kviC¢ab:uNaÑ Edr. CamYyenHmann½ypgEdrfa smtßPaBbMeBjkargar énmeFüa)ayplitkmμekIneLIgCamYynwgPaBeCOnelOnénkareFVI[kan;EtRbesIreLIgé nbec©keTsmeFüa)ayplitkmμ ¬elIkElgdI¦ KWsßitenAeRkameKalkarN¾ énRBwT§kmμbec©keTs rWPaBricrilrWcas;. RBwT§kmμbec©keTsbgðajCaBiesseday qøgkat;kareRbIR)as; rWtRmUvkarénmeFüa)ayplitkmμEdlmanenaHsRmab;dMeNIrkar plitkmμ k¾bu:EnþEpñkxøHeTotk¾edaysarPaBricrilEdlbNþalmkBIFmμCati rW\T§iBl énGakasFatuEdr. CaTUeTAeKGacTajecj)anfa sRmab;meFüa)ayplitkmμ karekIneLIgénRBwT§kmμbNþal[elcecjRsbKñaenaHEdrnUvPaBekIneT,Igénkarkat;b nßyTaMgKuNPaB RBmTaMgbrimaNénsmtßPaBbMeBjkargarrbs;meFüa)ay plitkmμenaH nigRsbCamYyenaHEdrk¾ekIneLIgénkarcMNayrbs;shRKasEdr (operating cost). viFankarRTRTg;[)anl¥ nigkarEfTaM[enAnwgkEnøgGacBnüWtnUv dMeNIrRbRBwtþeTAénRBwT§kmμBitR)akd k¾b:uEnþTaMgenHBMusßitenACasßanPaBsRmab; bBaÄb;RBiT§kmμénmeFYa)ayplitkmμTaMgenaHeLIy. kargarénviFankarenHsßitenA CaBiessenAkñúgkarFanasmtßPaBesvakmμ rWPaBminRbsb;énmeFüa)ayplitkmμ EdlmanenaH[manPaBRbesIrbMput. kalNaGVITaMgLayEdlqøgkat;tamry³ viFankarN¾RTRTg;[)anl¥ nigEfrkSareGayenAnwgkEnøgGacraraMgénkarp¥akkargar EdlmanlkçNHminesdækic© nigEdlCaplénkarxVHeFüa)ayplitkmμenaH[)an Gutenberg

21

kan;EtRbesIreLIg enaHsmtßPaBesvakmμ nigzanPaBbMeBjkargarbec©keTs énmeFüa)ayplitkmμEdlmanenaHnwgk¾kan;EtekInLIgEdr. 1> lkçNHbec©keTsBiesspÞal;xøÜnénmeFüa)ayplitkmμ KWTak;TgeTA nwgkareRbobeFobrvagplseRmcédl)anTamTar rWplseRmceTAtamEpnkar CamYynwgplseRmcEdlTTYl)anBitR)akdBIkareRbIR)as;meFüa)ayplitkmμEdlma nenaH. enAkñúgenHkalNaeKniyayBIplseRmcEdl)anBitR)akd KWmann½yfaCa sMnYrEdlTak;TgeTAnwgsmtßPaB (capacity) énmeFüa)ayplitkmμEdlman nigmeFüa)ayplitkmμnImYy²EdlcUlrYmenaH. CaTUeTAeKyl;fasmtßPaBbMeBj kargarEdlkMNt;mYy ehIyEdlekIteLIgenAkñúgeBlkMNt;mYyenaH KWCakar bMeBjkargarsRmab;plitenAcMnYn nigKuNPaBEdl)ankMNt;. TaMgenHmann½y RsbKñaEdrEdlfasmtßPaBRtUvEbgEckCaBIr KWsmtßPaBmanlkçNHCaKuNPaB nigsmtßPaBEdlmanlkçN³CacMnYn. sRmab;kareRbIR)as;[Gs;lT§PaBénsmtßPaBEdlmanlkçN³CacMnYnénmeFüa )ayplitkmμ KWCaBiessmanGtßn½yCasMxan;bI ³ k> GtibrimasmtßPaB ³ GtibrimasmtßPaBbgðaj[eXIjnUvbec©keTsbMeBjkargard¾x<s;EdlenAkñúgsßa nPaBbMeBjkargard¾x<s;enaHmeFüa)ayplitkmμGacseRmc)anenAkñúgry³eBlkMNt; mYYy. x> Gb,rimasmtßPaB ³ Gb,rimasmtßPaBTajecjBIkal³eTs³EdlfameFüa)ayplitkmμCaeRcIn KWmansmtßPaBbMeBjkargarcab;BIcMNucGb,rmamYy. K> smtßPaBRbesIrbMput ¬optimal capacity¦ ³ smtßPaBRbesIrbMputsßitenACaTUeTAeRkamrgVg;énGtibrmasmtßPaB nigman n½yfaCakarTamTareRbIR)as;EdlCamYyenaHmeFüa)ayplitkmμmYyRtUvmankRmitRbsi T§iPaBCasarv½nþ ehIyRBmCamYyenaHeFVIkar[manlkçN³esdækic©bMput. 22

lkçN ½ sÐ Mxan;bMputsRmab;PaBRbesIrbMput ¬optimal¦ énkarpþll; T§plrbs; meFüa)ayplitkmμmYy KWkalNakarTamTareRbIR)as;CamFüménsmtßPaBrbs; meFüa)ayplitkmμenaHERbRbYlEtCMuvji cMNuc rWkm¾ NÐléncMNucsmtßPaBRbesIr bMput ¬optimal capacity¦ rbs;meFüa)ayplitkmμnImYy²enaH. TaMgenHminEmn mansuBlPaBEtcMeBaHmeFüa)ayplitkmμnmI Yy²enaHeT eRkABIenHmansuBlPaB cMeBaHPaBTaMgmUl rWcegáamcMnYnTaMgGs;énmeFüa)ayplitkmμ )ann½yfaGVITaMg Gs;KWcaM)ac;kMNt;énsmtßPaBRbesIrbMput ¬optimal capacity¦ énmeFüa)ay plitkmμTaMgGs;. enAkñúgcMNucenH KWmeFüa)ayplitkmμEdlmanRsab;mYyEdlsRmab; bMeBjbMNgénkarbMeBjkarplitnwgkan;EtcaM)ac;eLIg kalNavakan;EtmanPaB rlUneLIgCamYynwgsmtßPaBénmeFüa)ayplitkmμdé¾ TeTotrbs;shRKasEdlmeFüa) ayplitkmμTaMgenaHkMBugEtbMeBjkargarEdlRtUv)anTamTarenAkñúgrgVg;éncMnucsmtß PaBRbesIrbMput ¬optimal capacity¦ rbs;xøÜnenaH. CamYynwgsmtßPaBEdlmanlkçN³CacMnYn smtßPaBEdlmanlkçN³ KuNPaB ¬qualitative capacity¦ énmeFüa)ayplitkmμk¾Caktþa\T§iBld¾sMxan;mYy sRmab;lkçN³BiesspÞal;xnÜø énmeFüa)ayplitkmμsRmab;eKalbMNgbMeBjkar plitEdr. kalNameFüa)ayplitkmμRtUv)aneRbIR)as;sRmab;kargarEdlkargar enaHBMuGaceRbIR)as;[Gs;lT§PaBénsmtßPaBbMeBjkarplitEdlmanlkçN³CaKuN PaBénmeFüa)ayplitkmμenaHeT enaHvanågmanGnuPaBdUcKñaeTAelIesdækci © shRKas dUcCakareRbIR)as;mni dl;kRmitRbesIrbMputénsmtßPaBEdlmanlkçN³ CacMnYn. TaMgenaHk¾mantémø rWsuBlPaBdUcKñaEdr eTaHbImeFüa)ayplitkmμenaH RtUv)aneRbIR)as;[elIslb;ya: gNaeTAtamkarTamTarénkarseRmcKuNPaBk¾eday. enAkñúgkRmitenH lkçN³bec©keTsBiessénmeFüa)ayplitkmμEdlman Gackan;EtRbesIreLIg kalNaeKGaceFVIeGaykan;EtekIneLIgnUvkareRbIR)as; eTAdl;RBMEdnRbesIrbMputénskþanuBlbMeBjkargarTaMgBIrlkçN³enaH KWTaMg lkçN³KuNPaB nigTaMglkçN³cMnYnénmeFüa)ayplitkmμenaH. 23

k¾dUcCasmtßPaBEdlmanlkçN³cMnYnénmeFüa)ayplitkmμEdr KWsmtßPaB EdlmanlkçN³CaKuNPaBrbs;meFüa)ayplitkmμenaH k¾Canic©CakalRtUvEt GaRs½yeTAnwgviFankarN¾rlUnEdlRtUvTamTarsRmab;Fanaénkarpþl;lT§pl[RbesIr bMput ¬optimal productiveness¦ BIkareRbIR)as;énktþaBlkmμEdr. viFankarN¾rlUnenH KWeTAtamc,ab;FmμCatiGaceFVeI Gaykan;EtgayR)akd niymeLIg kalNamNÐl rWcMnucénPaBeRbIR)as;RbesIrbMput ¬optimal using¦ én meFüa)ayplitkmμnimYy²kan;EtrIkFMeLIg. TaMgenHeKsnμt;faCasMnYreTAelIPaB bERmbRmYl ¬elasticity¦ rbs;mNÐlenH. - PaBbERmbRmYlbec©keTsplitkmμEdlmanlkçN³cMnYn ¬elasticity of ñ l ehIy production technique¦ GaRs½yeTAnwgcMnYnkarTUTat;énkarERbRbYlTinp CamYyenHEdrvak¾RtUv)ankMNt;edaysarcenøaH ¬interval¦ rvagsmtßPaBGb,rima nigsmtßPaBGtibrma. CamYyenaHEdrTaMgenHk¾sMxan;Nas;EdrsRmab;mUlehtu esdækci r© bs;shRKas dUcCakarEfrkSakarbg;témøsRmab;cMnYnmYyÉktaénTinpñ l CamYynwgkarERbRbYléncMnYnsmtßPaBRbesIrbMput ¬optimal capacity¦. ma:sIun mYy rWcegáamma:sIunmYymankarbERmbRmYlesdækic© ¬economic elasticity¦ x<s;mYy kalNakarERbRbYlTinpñ lnaM[mankarekIneLIgénkarbg;témø ¬cost¦ EtcMnYnbnþci bnÞÜcb:ueNÑaH ehIyvaKWCaGVIEdlnaMeTArkPaBgayRsYlEdl)anelIkeLIgBIxagelI CamYynigviFankarN¾rlUnenaH. k¾dUcCasmtßPaBEdr karbERmbRmYl ¬elasticity¦ k¾manCanicn© UvsmasPaBEdlmanlkçN³CaKuNPaB ¬qualitative components¦. - PaBbERmbRmYlbec©keTsplitkmμEdlmanlkçN³CaKuNPaB ¬qualitativ elasticity of production technique¦ RtUv[niymn½y CaTMhM ¬dimension¦ EdlenAkñúgenaH vapþl;[meFüa)ayplitkmμGactRmUvxøÜneTAtamkarERbRbYlenA kñúgRbePT nigPaBl¥énplitpl. dUcenH kalNaelcecjenAkarTamTarenAkar ERbRbYlenHCabnÞan; enaHkarbERmbRmYlEdlmanlkçN³KuNPaB rWsmtßPaB tRmUvxøÜnénma:sIun rWcegáamma:sIun KWCaktþakMNt;BitR)akdsRmab;lkçN³bec©k eTsBiessrbs;ma:sIun rWcegáamma:sIunenaH. 24

CaTUeTAPaBbERmbRmYlbec©keTsplitkmμTaMglkçN³KuNPaB

nigcMnYn ¬qualitative and quantitative elasticity of production technique¦ GacsßitenA cMnucRbesIrbMputmYy ¬optimal¦ kalNakarbERmbRmYlenaHeyageTAtamviFI saRsþbec©keTssmlμmmYyEdlsRmab;beRmIeKalbMNgbMeBjkarplitkmμrbs;s hRKasenaH. sßanPaBEbbenHeK[eQμaHfaviFsI aRsþbec©keTssmRsb rWRbesIrbMput ¬optimum of technical process¦ ehIyKWGacman)anCanic© luHRta NaEtviFIsaRsþbec©keTssRmab;Gnuvtþn¾karbMeBjkarplitmanPaBRtwmRtUveTAtamka rTamTarsRmab;karbMeBjkarplitenaH ehIyEdlBMuGacseRmc)anedayqøg kat;tamviFIsaRsþbec©keTsepSg²eTot rWk¾karpSMpÁMúviFIsaRsþbec©eTsnana ¬technical Edlpþl;nUvlkç½NsmrmüsRmab;Gnuvtþn¾én combination of process¦ karbMeBjkarplitenaHeT. PaBxusKñaénPaBbERmbRmYlbec©keTsplitkmμrbs;meFüa)ayplitkmμ

25

ktþakMNt;énplitPaBénmeFüa)ayplitkmμ ¬Determination of the productivity of operational equipments¦

2>4 karerobcMRbugeRbobvtßuFatuedIm ktþaskþanuBlénshRKas dUcCakmøaMgBlkmμ nigmeFüaya)ayplitkmμ )anpSMpÁMúKñabegáIteLIgnUvRbsiT§iPaBrYmmYyEdlsIuKñaeTAnwgRkbx½NðeRbIR)as;vtßúFatuedI menAkñúgdMeNIrkarbMeBjkarplit. vtßúFatuedIm KWmanrUbragCavtßúFatuedImEdl CamUldæansRmab;plitkmμ rWkC¾ avtßúFatuedImEdlCYyCaRbeyaleTAkñúgkarplit RBmCamYyenaHvtßúFatuedImk¾beRmICasmÖar³énshRKas ]TahrN_dUcCaGKÁIsnI rW smÖarHkariyal½ysRmab;karrkSa rWcUlrYmcMENkenAkñúgdMeNIrkarbMeBjkargar énshRKas. vtßúFatuedImman\T§iBleTAelIkarpþl;lT§pl rWplitPaB nigCamYy KñaenaHEdreTAelIPaBesdækic©énkarpSMpÁMúktþaplitkmμenAkñúgkarplitEdlmanEbbEpneR cInEbbenaH. eTAtameKalkarN¾ eKGacEckTMhMEdlkMNt;\T§iBleTAelI vtßúFatuedIm ¬=CaTMhMEdlman\T§BleTAelIplitPaB nigPaBesdækic©enaH¦ CaBIr RkumehIyEdlRkumTaMgBIrenHvaGaRs½yelIKñaeTAvijeTAmk³

26

- KuNPaBénvtßúFatuedImEdlRtUveRbIR)as; - cMnYnvtßúFatuedImEdlmanbRmugTukEdlTak;TgeTAnigkEnøg nigeBlevla ehIyEdlsRmab;TamTarsRmab;Gnuvtþn¾karbMeBjkarplit. TMhM\T§iBlTaMgBIrEdl)anelIkmkniyayenaHGacniyay)anfaPaBesdækic©Rb esIrbMputénvtßúFatuedIm ¬economical optimum of materials¦ rWk¾Gacniyay )anfaPaBRbesIrbMputénbec©keTsplitkmμrbs;ktþaplitkmμTI3 ¬technical production optimum of third factor’s productivity¦ )an kalNaeKGaceFVI[³ 1> PaBKμanplitPaBénvtßúFatuedImEdlcaM)ac;enaH[vaGb,rima nig 2> karmanTukbRmugénvtßúFatuedImEdlcaM)ac;sRmab;Gnuvtþnb¾ MeBjkarplit eGaymanCak;lak;CamYykareFVeI GayGb,rimaénkarcMNay ¬cost¦ eTAelI karerobcMRbugeRbobvtßúFatuedImenaH. kareFVI[ecjCarUbragnUvPaBesdækic©RbesIrbMputénvtßúFatuedIm RtUv)ansnμt; edaykaredaHRsayCaeRcInénEpñkénbBaðaCaeRcIn. EpñkbBaðaEdlsMxan;enaHKW³ - bBaðaéncMnYn ³ edIm,IeGaydMeNIrRbRBitéþ nplitkmμGacdMeNIrkareTA edayKμankarrGak;rGYlenaH cMnYnénvtßúFatuedImEdlcaM)ac;RtUvEtsßti enAbMrugsMrab; cMNuceBlEdlRtUvkar. TaMgenHTamTarnUvkarRBmeRBogkMNt;CamYyGñkplit nigk¾CamYyGñkdwkCBa¢Ún rWk¾GñkpÁt;pÁg;Edr. - bBaðaénkarerobcMTukdak;[eTAtamRbePTvtßúFatuedIm ³ CaTUeTABMumansßti enAcenøaHRbehagsRmab;karseRmccitkþ MNt;nUvRbePT dUcCaKuNPaBénvtßúFatuedIm EdlsRmab;ykeTAeRbIkareGay)anRtwmRtUvenaHeT. ecjBIbBaðaenHelcecj Cajwkjab;nUvbBaðaénkarerobcMTukdak;[eTAtamRbePT ehIydMeNaHRsayRtUv)an emIleXIjenAkñúgkarkMNt;eGayRtwmRtUv rWkarEdl)anTamTareTAtamKuNPaBén vtßúFatuedImEdlRtUveRbIR)as; nigenAkñúgkarbnßyeGay)anRbesIreLIgeToténKMlat nigCeRmAénkarerobcMTukdak;vtßúFatuedIm RBmCamYyenaHenAkñúgkarraraMgénkarrIk raldalénkarerobcMTukdak;tamRbePTvtßúFatuedImEdlmanenaH. 27

- bBaðaénkardwkCBa¢Únqøgkat;BIkEnøgmYyeTAkan;kEnøgmYyeTot ³ TaMgenH )anbgðajCajwkjab;enAkñúgkargardwkCBa¢Ún ehIyEdlenAkñúgenaHelcecjnUv bBaðadUcCakaryWtya:vénkarfycuHKuNPaBedaysarEtkardwkCBa¢ÚnenaH.l. k¾b:uEnþeKGacemIleXIjfa KWGacedaHRsaybBaðaenH)ankan;EtRbesIreLIgebIsin Nabec©keTscracr nigRbB½n§pøÚvfñl;kan;EtTMenIbeLIg. - bBaðaéneBlevla ³ CaEpñkénbBaðaEdlpSarP¢ab;CamYynwgbBaðadwkCBa¢Ún ehIyEdlmanTMnak;TMngeTAnwgKmøateBlevlarvageBlpÁt;pÁg;vtßúFatuedIm nigeBlEdleRbIR)as;vtßúFatuedIm ehIyRtUv)ankMNt;smÁal;pgEdredaysarbBaða sßanPaBdUcCacMNuceBlénkarTijvtßúFatuedImEdlRsbeBlnwgtémøERbRbYl. kar eFVI[mantulüPaBrvagclnapÁt;pÁg; nigclnaplitkmμEdlepSg²BIKña KWkarRtYt Binitüénkarbgáar[manPaBRKb;lkçN³énvtßúFatuedImtamry³karsþúkTuk. - bBaðaénTun ³ CamYyTunminsUvRKb;RKan; PaBcaM)ac;EdlRtUveFV[I )anseRm cenaH KWlT§PaB rWkarécñRbDitpøas;bþÚrya:grh½smYyénvtßúFatuedImRtUv[vaekIneLIg TaMgenHTamTarnUvEpnkar nigkarRtYtBinitüd¾manRbsiT§iPaBmYyeTAelIkarpøas;bþÚr vtßúFatuedIm nigkarsßitenAyUrGEgVgénvtßúFatuedIm. - bBaðakarbg;témø ³ ¬cost problem¦ EpñkénbBaðaEdlelIkeLIgBIxagelI TaMgGs; b:HBal;edaypÞal; rWedayRbeyaleTAelITidæPaBénkarbg;témø dMeNaH Rsayrbs;vamanCamYyenHKWsßitenAeRkambBaðaénkareFVI[RbesIreLIgénkarbg;témø ¬cost optimum¦ edayTajecjBIkarBicarNa[)anhμt;ct;énkarbgáar[man plitkmμCabnþbnÞab;. viFankarN_sRmab;seRmc)anPaBesdækic©RbesIrbMputénvtßúFatuedIm KWGa Rs½yeTAnwgPaBeCaKC½yénshRKas ehIyEdlPaBeCaKC½yenHmann½yRbhak; RbEhleTAnwgkareRbIR)as;éneKalkarN¾erobcMRbubeRbobvtßúFatuedImEdlmansPaBep Sg²BIKñaTaMgRsug. teTAenH KWkareKarB rWkarRbugRby½tñeTAelIkarTak;Tgrvag TMhMsmamaRtén RbePT-cMnYn-témø ¬=RbePT-cMnYn-témø-smamaRt¦ nigrcnasm<½n§ 28

tMrUvkarénvtßúFatuedImEdlCaviFankarN¾sMxan;sRmab;shRKas TnÞwmnwgkarerobcM RbugeRbobvtßúFatuedIm[manPaBesdækic©l¥RbesIr. k> RbePT- cMnYn- témø- smamaRt ³ smamaRtenH bgðaj[dwgTMnak;TMng rvagcMENkKitCaPaKryéncMnYnvtßúFatuedImmYy rWk¾RkumvtßúFautuedIm kñúgcMnYnsrub énvtßúFatuedImEdlykmkeFVIGaCIvkmμ nigcMENkKitCaPaKryéntémøtRmUvkar rbs;vtßúFatuedImmYy rWk®¾ kumvtßúFatuedImenaH enAkñúgtémørYménvtßúFatuedImEdl)anerob cMbRmugTukTaMgGs;sRmab;ry³eBlkMNt;mYy. CaFmμtaeK)anbegáItbIcMNat;fñak; énvtßúFatuedIm dUcCaRbePT A B nig C EdlCamYyKñaenaHenAkñúgk,ÜntMra)an bgðaj[eXIjfaTMnak;TMngsmamaRténcMENktémød¾FMmYyRtUvEtCamYycMENkcMnYnd¾ti ctYcmYyEtb:ueNÑaH ¬A- vtßúFatuedIm¦ RBmCamYyenHpÞúyeTAvijcMENkcMnYnd¾FM KYrsmmYyénvtßúFatuedImEdlRtUv)anerobcMeTAtamtRmUvkarRtUv)ankMNt;smÁal;CaTUeT AnUvtémøcMENkd¾tictYcmYYyEtb:ueNÑaH ¬C–vtßúFatuedIm. CamYyvtßúFatuedIm B KWpúÞyeTAvijsmamaRtrvagcMnYntémøKWmanTMnak;TMngswgEtRbhak;RbEhlKña¬emIlrUb TI 2¦. enAkñúgkarGnuvtþn¾karcg¥úlbgðajGMBIkarviPaK ABC ¬ABC-Analysis¦ RtUv)an Gnuvtþn¾sRmab;dMeNIrRbRBitþénkarcMNat;fñak;énvtßúFatuedIm ehIyvabegáIt)anCa mUldæand¾sMxan;sRmab;karvinci yä½ d¾RtwmRtUvmYyénviFankarN¾erobcMRbugeRbobénvtßúFatue dIm. TaMgGs;enH RtUv)aneFVI[c,as;las;enAkñúg]TahrN¾énkareRbIR)as; vtßúFatuedIm nigdUcCaenAkñúgrYbPaBedayeRbIR)as;viFIsaRsþya:gNa[kan;Etgay RsYlnigtémøsmrmübMput.

29

]TahrN¾sMrab;karviPaK ABC mYy ¬ABC – Analysis¦ x> eyageTAtamrcnasm
30

EpnkarerobcMRbugeRbobkmøaMgBlkmμ nigmeFüa)ayplitkmμEdrRtUvEckecjCa eRcInfñak; ³ 1> kareFVIEpnkaréntRmUvkarvtßúFatuedIm 2> kareFVIEpnkarénkarpÁt;pÁg;vtßúFatuedIm 3> kareFVIEpnkarénkarEfrkSaTukbRmugénvtßúFatuedIm 1> eKalbMngénkareFVIEpnkartRmUvkarvtßúFatuedIm KWCakarkMNt;nUvPaB RbesIrbMput ¬optimum¦ énkarerobcMtamlMdab;lMdab;lMedayénvtßúFatuedIm CamYy nwgkmμviFIplitkmμEdlpþl;[ ehIyk¾CakarkMNt;nUvcMnYnvtßúFatuuedImEdlcM)ac;enA kñúgry³eBlEpnkarenaH nigEdlsßitenAEtkñúglkç½NénvtßúFatuedImEdlerobcMtam lMdab;lMedayenaHEdr ¬raw materials assortment¦ a. PaBRbesIrbMputénkarerobcMtamlMdab;lMeday ¬optimization of assortment¦ eGabRkesabnUvviFakarN¾CaeRcInEdlCamYyenaH vamaneKalbMNg rYmmYy KWeFVI[Gb,rimaénvtßúFatuedImNaEdlKμanplitPaBkMNt;c,as;las;. b. CamYykarpþl;[nUvkarerobcMtamlMdab;lMeday cMeBaHkarEsVgrkcMnYn vtßúFatuedImEdltRmUvkar KWeKGaceRbIR)as;viFIsaRsþeFVIEpnkarepSgBIKñaBIr ³ kareFVI EpnkartRmUvkarEdlpSarP¢ab;eTAnwgkmμviFIplitkmμ KWCaviFIsaRsþEdlmanEdn kMNt;Cak;lak; ÉkareFVIEpnkartRmUvkarEdlpSaP¢ab;eTAnwgtRmUvkar KWCaviFIsaRsþ eFVIEpnkarEdlGaRs½yedayPaBécdnü. kareFVIEpnkarEdlpSaP¢ab;eTAnwgkmμviFIKWmanRbPBecjBIvtßúFatuedImtRmUvkarEd lRtUv)anTajecjedayRbeyalBIkmμviFIplitkmμénryHeBlEpnkarenaH. meFüa)ayEdleRbIR)as;CaCMnYykñúgenaH mandUcCacMENktarag bBa¢I nigk,ÜnbBaØati ¬recept¦ CaedIm. taragbB¢aI KWCabB¢aIrayeQμaH EdlenAkñúgenaHRtUv)anP¢ab;nUv cMnYn nigrcnasm<½n§BitR)akdénvtßúFatuedImEdlrYmbBa©ÚlKñaénplitplmYy. TaMg enaHk¾dUcCak,ÜnbBaØatiEdrEdlCac,ab;Tmøab;plitkmμBiessenAkñúgshRKasdUcCaen Akñúg]sSahkmμKWmICaedIm)anbgðajnUvvtßúFatuedImEdlrYmbBa©ÚlKña nigdMeNIr 31

RbRBwtþénkarplitnUvplitpl. kareFVIEpnkartRmUvkarEdlpSaP¢ab;eTAnwgkmμviFI latsn§wgenAkñúgkarGnuvtþPaKeRcIneTAelIvtßúFatuedImEdlmankRmittémøx<s; ehIycm,gsRmab;karplitnUvplitpl. cMeBaHvtßúFatuedImEdlsRmab;CMnYy nigbnÞab;bnSMenAkñúgplitkmμ k¾dUcCavtßúFatuedImsMxan;sMrab;plitnUvplitpl Edlmincm,g eyageTAtamk,Ünc,ab;tRma kareFVEI pnkartRmUvkarEdlpSarP¢ab; eTAnwgtRmUvkarKWmanKuNsm,tþiCag. GtßiPaBsRmab;kareFVIEpnkartRmUvkarenH KWkarmancMeNHdwgRKb;RKan;RtwmRtUvéntRmUvkarvtßúFatuedImenAkñúgGtItkal nigmüa:g eTotRtUvdwgBI\T§Bi lTaMgLayEdlCaGñkkMNt;nUvtRmYvkarenaHTaMgEpñkKuNPaB nigTaMgEpñkcMnYn. manEtenAkñúgkrNIenHeTEdleKGacseRmc)aneCaKC½yKUr[ Tukcitþ)anenAkñúgkarsnñidæanéntRmUvkarvtßúFatuedImedayEp¥kelImUldæanéntémøBIGtItk al. 2> kargarénkareFVIEpnkarénkarpþl;vtßúFatuedIm KWCakarTijvtßúFatuedIm tRmYvkarEdl)anRsavRCaveXIjsRmab;ry³eBlEpnkarenaH [cMeBlevlaRtwmRtUv CamYyGñkdwkCBa¢ÚnRtwmRtUvEdr nwgCamYylkç½NÐGnueRKaHbMput. Tak;TinnwgkarEfr kSabRmugTuk cMeBaHkareFVIEpnkarenHRtUvEtmanParkic©CakareFVIEpnkarsRmab;kar pÁt;pÁg;[)anseRmcpgEdr ehIyEdlRtUvBicarNaCamYyPaBRbesIrbMputéncMnYn EdlpÁt;pÁg; ¬optimum of quantitative supply¦. PaBRbesIrbMputenHk¾RtUvman karEbgEckCamYynwgkartRmUvkarénvtßúFatuedImTaMgGs;Edl)anRsavRCavrkeXIjenA kñúgry³eBlEpnkarenHEdr edayeFVIkarkarBicarNa[)anhμt;ct;eTAelIPaBeRbI R)as;)anénvtßúFatuedImenaH kalNavasþúkTukrg;caMeBltRmUvkarBitR)akdmYy. enAkñúgenaHeyIgGacsegçbecjénkareFVIEpnkarpÁt;pÁg;vtúßFatuedImenaH CaBIrEpñk ³ k> bBaðaEdlTak;TgeTAnwgkarpÁt;pÁg;éncMnYnvtßúFatuedIm[)anRbesIrbMput sßitenAkñúgmUldæanTsSnHEdlfakarekIteLIgénkarbg;témøTaMgBIrEdlRbRBwtþeTApÞúy KñaenaH[mantulüPaB rWkarbg;témøTaMgBIrbUkbBa©ÚleGayvaGb,rima. témøTaMgBIr RbePTenHKW ³ 32

karbg;témøkumμge; fr ³ KWGaRs½yeTAnwgTMhMénkarkumμgr; al;eBlénkar kumμg;. karbg;témøkumμg;efrERbRbYlCamYynwgcMnYnvtßúFatuedImEdlRtUvkumμg;enA kñúgryHeBlénEpnkar. karbg;témøkumμg;efrEdl)anrab;bBa©ÚlenAkñúgkarbg;témø kumμg; KWmandUcCakarbg;témøsMrab;kar[dMNwg karbg;témøsRmab;karkt;Rta karbg;témøsRmab;karTTYlykvtßúFatuedIm nigkarbg;témøeTAelIkarRbtþibtþién karkumμg;d¾éTeTot.l. - karbg;témøsþúkTuk ³ kalNakarkumμg;RtUveFVIeLIgCajwkjab;enaHcMnYn vtßúFatuedImEdlRtUvkumμgm; YyelIk²KWkan;Ettic²eTAsRmab;tRmUvkarTaMgmUlEdlTamTar enAkñúgryHeBlénEpnkarenaH. cMnYnkumμg;tichuclT§pleGaymancMnYnvtßú FatuedImEdlsþúkTukCamFümmancMnYntictYcEdr. BIeRBaHEttémøsþúkTukEdlrab; bBa©ÚlpgEdrnUvkarbg;témøénTun ¬karR)ak;¦ EdlpSarP¢ab;eTAnwgkEnøgsþúkenaH KWGaRs½yelIslubeTAelItémøéncMnYnvtßúFatuedImEdlRtUvsþúkTukenaH TaMgenaH )ann½yfakarbg;témøsþúkekIneLIgCamYynwgkarekIneLIgéncMnYnvtßúFatuedImEdlRtUvkumμ g;. eKalbMNgénkarkumμgé; ncMnYnvtßúFatuedIm[)anRbesIrbMput ¬optimize of quantitative order¦ EdleyageTAtamkarGPivDÆn¾énkarbg;témø ¬karcMNay¦ ehIyEdlRbRBWtþpÞúyKñaenaH KWRtUvEsVgrkcMnYnkumμg;NaEdlCamYyenaHplbUkén karbg;témøsþúk nigkarbg;témøkumμg;efrenAkñúgryHeBlEpnkarenaH [vaGb,rima. sRmab;edaHRsaybBaðaenHeKGaceRbIrUbmnþd¾sMxan; ¬classical form¦ ehIyEdl rUbmnþenaHkMNt;ecjBIkarBicarNadUcxageRkamenH ³ -

1> témøsþúkTukénkarkumμg;nimYy² ¬C ¦ekIteLIgeday ³ L

CL =

Y/2

cMnYnsþúkTukCamFüm

*

Y/V

*

ryHeBlsþúkTuk

CamYyenaHKW ³ Y = cMnYnvtßFatuedImEdlkumμg;

QU

CL

GRtatémøkEnøgsþúkTuk

= ÉktacMnYn 33

V

= el,ÓnénkarcakecjBIkarsþúkTuk

CL

= GRtatémøkEnøgsþúkTuk

¬ = 1ÉktaéneBl¦

QU/TU TU

MU/QU*TU

¬MU = Éktaluy¦

2> ecjeBjrUbmnþTI 1 eyIgTaj)ankarbg;témøsþúkTukéncMnYnvtßúFatuedIm Edlkumμg;nimYy² c L

cL = CL/Y = (Y/2V)*CL

3> kalNaeKkMNt;karbg;témøkumμg;efrCamYy nig C enaHplbUkénkar bg;témøkumμg;efrénvtßúFatuedImnImYy² nigkarbg;témøsþúkTukénvtßúFatuedImnImYy² mantémøGaRs½yeTAnwgrUbmnþxageRkam ³ b

4> kalNaeyIgeFVI[smIkar ¬3¦ ERbRbUltam Y nigedrIev:TImYyrbs; vadak;[esμI 0 nigTajyk Y ecjenaHeyIg)an Y ¬= cMnYnkumμg;EdlRbesIr bMput¦ dUcmanenAkñúgsmIkarxageRkam ³ opt

cy = Cb /Y + (Y/2V)*CL = CbY-1 + (Y/2V)*CL cy1 = Cb Y-1-1 + (Y+1-1/2V)*CL =CbY-2 + CL/2V cy1 = 0 CbY-2 + CL/2V = 0 Y2 * (CL/2V) + Y2 *(CbY-2 ) = 0 Y2CL + 2V*Cb = 0 Y2CL = -2V*Cb Y2 = (-2V*Cb)/CL Yopt =

(2V*Cb)/CL

34

RkahVikxageRkamk¾GacbBa¢ak;ya:gc,as;BITMnak;TMngenHEdr ³ cMnYnkumμg; EdlRbesIrbMput KWRtUv)ankMNt;edaykarkat;KñaénbnÞat;tMNagGnuKmn¾témøkumμg; nigbnÞat;tagGnuKmn¾témøsþúkTukénvtßúFatuedImnImYy². RkahVikdMeNaHRsayénmUldæanKMrUsRmab;cMnYnkumμg;RbesIrbMput

mUldæansþg;daenHeFVIkarEtCamYynwgbuBVehtumYycMnYnEdlenAkñúgPaBBit rWtfPaB KWCajwkjab;minGacpþl;eGay)an ]TahrN¾CamYynwgbuBVehtu ³ - el,OnénkarcakecjBIkEnøgsþúkTuk KWefr TaMgenHmann½yfaKμankar ERbRbYléntRmUvkarénvtßúFatuedImenAkñúgryHeBlEpnkar. - témøCaÉketaPaKI KWefr mann½yfaKμankarbBa©úHkarbg;témøeTAtamcMnYn nigKμankarbg;témøsRmab;kardwkCBa¢ÚnbNþak;Kña. - cMnuceBlEdldwkCBa¢ÚnsMrab;karpÁt;pÁg; KWeRCIserIs)anedayesrI. - BMumankarraraMgénkarsþúkTuk nigxagEpñkhirBaØivtßú.

35

x> CamYynwgkareFVIEpnkarénkarpÁt;pÁg;[)anseRmceCaKC½y KWmansMnYr BiPakSaCaRcInsßitenACabBaðamUldæanEdlTak;Tgnwgva. sRmab;sMnYrsMxan;TaMg enH KWmandUcCa ³ - kareRCIserIsénTisedAsRmab;karpÁtp; gÁ é; nvtßúFatuedImEdleyageTAtam Rkbx½NÐlT§PaBeRCIserIsEdlmanTMnak;TMngpÞal;CamYyplitkr TMnak;TMng edayqøgkat;BaNiC¢kr nigTMnak;TMngecjBIbreTs.l. nig.l. - cMeBaHkareRCIserIsGñkpÁt;pÁg;TMnij RtUvBicarNaeTAelIlkç½NÐdUcCa karbg;témøpÁt;pÁg; PaBTukcitþ KuNPaBplitpl eBlevladwkCBa¢ÚnpÁt;pÁg; TItaMg nigkarbgðajénPaBÉkraCüénGñkpÁtp; gÁ e; naH. kareRCIserIsGñkpÁtp; gÁ T; Mnji Cajwk jab;KpW SarP¢ab;ya:gCitsñTi C§ amYynwgkareRCIserIsénpøÚvsRmab;karpÁt;pÁg;EdlCaTUeTAv akMNt;[KñaeTAvijeTAmk. - kareFVIEpnkarsRmab;eBlevlapÁt;pÁg;. TaMgGs;enHCaeBlevla cMNayenAkñúgshRKas mancab;taMgBIeBlkMNt;kartRmUvrhUtdl;eBlTamTar eGaypÁt;pÁg; TaMgenHKYrRtUvRtUtBinitüdUcCaeBlevlasRmab;karpÁt;pÁg; nigryH eBldWkCBa¢ÚnvtßúFatuedImEdr. eKalbMngKWRtUvEtdwknaMkarpÁt;pÁg;vtßúFatuedImcUl[ Tan;eBlevlaedayBMu[ekIteLIgenAkarxVHxatvtßúFatuedIm. 3> kareFVIEpnkarénkarEfrkSaTukbRmugvtßúFatuedIm kareFVIEpnkarenHmann½yfaBicarNaeTAelIkarbRmug[RbesIrbMput ¬optimum of stock¦ nigkarbgáarénkarTukbRmug ¬safety of stock¦ . sRmab;krNI epSgeTot karBiPakSaEdlsßitCamUldæan KWepþateTAelIbrikçaénkEnøgsþúk. k> kareFVVIEpnkaréncMnYn EdlRtUvTukbRmugb:HBal;CamUldæaneTAnigbBaða

eBjeljBIr ³

karTukbRmug[RbesIrbMput nigkarbgáarkarTukbRmug ¬safety stock¦. Tak; TgnwgkrNITImYy KWkarTukbMrugeGayRbesIrbMputRtUv)aneyIgeFVIkarBiPkSaBIxag elIrYcmkehIy. eRBaHfaPaBRbesIrbMputén neya)aykumμg;CamYynwgkarCYyBI sþg;daéncMnYnkumμg;RbesIrbMput)annaMeTArkpgEdrnUvPaBRbesIrbMputénneya)ayTukb 36

Rmug ¬optimal stock policy¦ BIeRBaHecjBIcMnYnkumμg;eKGacTajecjeday RbeyalenAcMnYnCamFümEdl)ansþúkTuk. GVEI dlkarbgáarkarTukbRmugepþateTAelI KWCaGVEI dlsßti enAkñúgkarRbwgERbgpÁt;pÁg;CabnþbnÞab; rWmindac;énvtßúFatuedImsRmab; karplit RBmCamYyenaHk¾raraMgnUvkarxVHxaténvtßúFatuedImEdlsMrab;karplitenaH Edr. karTamTarenAkñúgenH KWkarrkSaenAkñúgkEnøgsþúk[manCanicC© akalnUv vtßúFatuedImsRmab;karpliteTAtamkarERskehAeGay)anRKb;RKan;. karbgáar rebobenH seRmc)anedaysarkarGnuvtþn¾nUv {karRbkas;BcI MnYn} Edlsßti enA kñúgkEnøgsþúk ehIyEdlRtUvkMNt;enAeRkamTMhMcMnYnEdlsþúkTukTaMgGs; ¬emIlrUb TI3¦ CamYykarRbkasenH KWmankarseRmclT§plénkarRbkas;sRmab;eKal bMNgTijbMeBjénkEnøgsþúkenaHvij. km<sé; nkarRbkas;BcI MnYn KWstiß enAeRkam \T§Bi ldUcxageRkam ³ - el,OncakecjBIkEnøgsþúk - eBlevlapÁt;pÁg;vtßúFatuedIm ¬enAeBlNa? nigry³eBldwkCBa¢Ún¦ nig eRKaHfñak;EdleFVI[mankarERbRbYlénel,ÓncakecjBIkEnøgsþúk nig/rWk¾karERb RbYleBlevlapÁt;pÁg;vtßúFatuedIm. RkahViktMNagxageRkam KWCaRkahVikén {karRbkas;BIcMnYn} EdlCamYynwgkarykvtßúFatuedImecjBIkEnøgsþúkCabnþbnÞab; RBmCamYynwgel,ÓnykecjBIkEnøgsþúkTuk nigry³eBlpÁt;pÁg;[EdlRtUv)an kMNt;BitR)akd.

37

KμankarRbkasBIcMnYnEdlRtUvTamTar[eFVI kalNaryHeBlpÁt;pÁg;vtßúFatu edImxiteTArksUnü rWk¾CamYynwgkarcakecjBIkEnøgsþúkTukEdlmineFVIeLIgCabnþ bnÞab; rWk¾cenøaHry³eBlrvagkarykecjBIkEnøgsþúkTukBIrFMCagry³eBlpÁt;pÁg; vtßúFatuedIm. x> kareFVIEpnkarsRmab;brikçaénkEnøgsþúkTuk ³ eKRtUvKitKUrCadMbUgeTAelIlkçN³rUbFatuénvtßú rWsMParHEdlRtUvykmksþúk TukenAkEnøgenaH. RbePTsMNg;sþúkTukenaHRtUvseRmcya:gNanUvkarraraMgén lT§PaBbnßynUvKuNPaB nigbrimaNénplitplEdlRtUvsþúkenaH[sßti enATMhMmYy CaGb,rimabMput nigRsbCamYyenaHRtUvbMeBjnUveKalkarN¾snþsi uxxøH²Edr. sRmab;kareRCIserIsbrikçaenHk¾RtUvKiteTAelIlkç½NÐdUcEdlRtUveRCIserIsmeFüa)ayp litkmμEdr KWRtUvKitKUreTAelIplitPaB nigkarbg;témørbs;va. K> kareFVIEpnkarEdlTak;TgnigkEnøgsþúkTuk ³ TaMgenH KWb:HBal;eTAnwgrcnasm<½n§TaMgmUlénTIkEnøgGnuvtþn¾karbMeBj karplitrbs;shRKas. enAkñúgk,Ünc,ab;edIm,ItMrUveTAtameKalbMNgrbs;va KWkarkMNt;TIkEnøgsþúkTukvtßúFatuedImenaHRtUveFVIya:gNa[karbg;témødwkCBa¢ÚnTaMgG s;EdlCaGnuKmn¾éncMgayBITIkEnøgsþúkTukeTATIkEnøgtRmUvkaréncMnYnvtßú rWsMParH EdlRtUvdwkCBa¢ÚnkñúgmYyry³eBlénEpnkar nigénkarbg;témødwkCBa¢ÚnkñúgmYyÉkta cMnYn nigkñúgmYyÉktacMgay KWeGayGb,rima. sRmab;dMeNaHRsayénbBaða Edl)anbgðajenH eKmancMnYnviFIsaRsþCaeRcInEdlmanlkçN³viPaK niglkçNH viTüasaRsþepSg²eTotCaeRcInEdlRtUv)anGPivDÆn¾. enATIenHKYrrMlwkpgEdrenAkñúgEpñkesdækic© cracrvtßúFatuedImCajwkjab; eKeRbInUvsBaØØaN ¬Term¦ CaPasarGg;eKøsfa Logistics )ann½yfaTak;TgeTA nwglMhUrTaMgmUlénvtßúFatuedIm famBl nigplitpl. edImkMeNIténsBaØaN BaküenHTajecjBIEpñkeyaFaEdlenAkñúgkarGnuvtþn¾RtUv)anyl;CaBiesseRkam {rUbPaBénkarpÁt;pÁg;vtßúFatuedIm}. sRmab;rUbPaBenHRtUv)anrab;bBa©ÚlCaBiess 38

nUvviFankarN¾CaeRcInEdleFVIeGaymansNþab;Fñab;sRmab;kardwkCBa¢Ún nigkarsþúk TukéncMnYnvtßúFatuedImEdlcaM)ac;. 3> kareFVIEpnkarplitkmμ ³ 3>1> kmμvtßúénkareFVIEpnkarplitkmμ 3>1>1> cMENkEpnkarnImYy²énneya)anplitkmμshRKas karpÁt;pÁg; rWkarerobcMRbugeRbobnUvktþaplitkmμ)anpSarP¢ab;eTAnwgdMNak; kalGnuvtþnk¾ arbMeBjkarplitEmnETnrbs;shRKas. karpÁtp; gÁ e; nH)anbgðaj [eXIjnUvcriténkarpSMpÁMúviFIsaRsþEdlenAkñúgdMeNIrRbRBwtþ)aneFVI[ktþaplitkmμpøas; bþÚreTACaplitplEdleBjlkçN³sRmab;karlk; ¬karbMeBjkarplitCavtßú nig/rWk¾karbMeBjkarplitCaesvakmμ¦. k¾dUcCakareFVIEpnkarénkarerobcMRbug eRbobEdr kareFVIEpnkarsRmab;viFIsaRsþplitkmμk¾RtUv)anbMEbkCalMdab;lMeday énEpñkEpnkarCaeRcInEdleyageTAtamRbePTEpñkbBaðaénkareFVIEpnkarplitkmμ. rUbPaBxageRkambgðaj[eXIjnUvEpñkEpnkarenH. EpñkEpnkarnImYy²énneya)ayplitkmμrbs;shRKas

39

kalNaeKRtUvniyayBIkareFVIEpnkarplitkmμsRmab;ry³eBlxøI enaHKWkal NaeKseRmcTTYlykenAsmtßPaB ¬capacity¦ énshRKasEdlmankarpÁt;pÁg;[ rYcCaeRsc. sRmab;bBaðaenH KWrab;bBa©ÚlnUvkareFVIEpnkarénkarGnuvtþn¾plitkmμ nigkareFVIEpnkarsRmab;dMeNIrkarkmμviFIplitkmμ. pÞúyeTAvijkalNaeKniyayBI kareFVIEpnkarplitkmμsRmab;ry³eBlEvgenaH KWenAeBlNaEdlsmtßPaB ¬kar Rbdab;edaybrikçaénshRKasCamYynwgmeFüa)ayplitkmμ nigkmøaMgBlkmμ¦ én shRKasenACaGBaØatGefr (variable) enAeLIy. CamYynwgEpnkarplitkmμ ryHeBlEvgbBaðavinieyaKTun ¬investment problem¦ k¾RtUv)anelIkykmkniyay RsbeBlCamYyKñaenHEdr. bBaðavinieyaKTunenH RtUv)ankt;smÁal;nUvPaBxusKña ya:gc,as;BbI BaðaEdlmanenAkñúgkareFVEI pnkarplitkmμsRmab;ryHeBlxøCI aBiess edaysar ³ - PaBminGacEbgEck)aneRscEtcitþénktþaskþanuBlEdlkMNt;nUvsmtß PaBénshRKas nig - RbePTénkarpSarP¢ab;EdlmanryHeBlyUrGEgVgrbs;shRKaseTAnwg smtßPaBEdlRtUv)anCYbRbTHkarseRmcenaHEtmþg. maDénsmtßPaB nigkareFVEI pnkarsRmab;kmμvFi pI litkmμEdlCakarBiPakSa GMBIkareRbIR)as;[RtwmRtUveTAtamTisedAénrcnasm<½n§plitpl nigénrcnasm<½n§ plitkmμ KWCakmμvtßúsRmab;kareFVIEpnkarsþIBITMhMénshRKassRmab;ryHeBl yUrEdr. kareFVIEpnkarsRmab;karGnuvtþn¾plitkmμ ³ eGabRkesabenAcMENkEpnkar 4 ¬Adam 1990¦ ³ 1> kargarénkareFVIEpnkarEbgEckplitkmμ KWRtUvkMNt;faetIktþaplitkmμ NaEdlRtUveRbIR)as; kñúgcMnYnb:unμan ry³eBlb:unμan nigCamYy GaMgtg;suIetb:unμan EdlsRmab;seRmckarplit[RKb;cMnYnplitkmμEdlRtUvTamTar rWk¾seRmckmμviFI plitkmμEdl)aneRKagTukCamYynwgtémøplitkmμGb,rimabMput. 40

2> kalNaenAkñúgcegáamma:sIunplitkmμmYy RtUv)anplitbnþbnÞab;KñaenA RbePTplitplepSg²Kña enaHkareFVIEpnkarénTMhMEdlRtUvkumμg;RtUvEtelcecj enAPar³kic©sRmab;karkMNt;énTMhM nigPaBbnþbnÞab;Kñaénkarplit[eTAtamkar kumμg;enaH ehIyedayRtUveFVIkarplitya:gNa[RKb;cMnYntRmUvkarénRKb;RbePT TaMgGs;CamYynwgkarbg;témøplitkmμ dUcCakarbg;témøsþúkTuk nigkarbg;témøén karpøas;bþÚrmeFüa)ayplitkmμ KWeGayGb,rmabMput. 3> Parkic©énkareFVIEpnkarEbgEckplitkmμeTAtameBlevla KWfaeFVIy:ag Na[cMnYnplitkmμ [enAkñúgcMENkcenøaHeBlnImYy²énry³eBlEpnkar KWsm RsbeTAnwglT§PaBénkarlk;. mann½yfakmμviFIplitkmμRtUvEtGacRbRBwtþeTACa mYynwgkarbg;témøGb,rimasRmab;plitkmμ nigkarsþúkTukénplitplplitkmμ rhUtdl;eBlevlaénkarnaMecj rWkarlk;rbs;xøÜn. - eFVIsmkalkmμ (synchronisms) eTAnwgkarlk; - rMedaHecj (emancipations) BIkarlk; 4> kmμvtßúénkareFVEI pnkarsRmab;karRbRBWteþ TAtameBlevla KWRtUv)ankMNt; GMBIlMdab;lMedayénryHeBlGnuvtþn¾NamYy EdlRtUvkarkumμg;NamYy ehIyRtUv plitenAkñúgcegáamma:sIunNamYy nigeRkamkareRbIR)as;énkmøaMgBlkmμNamYy. CamYyenHEdr enAkñúgRkbx½NÐéndMeNIrkarplitkmμeRcInlMdab;fñak;mYy karbg; témøsRmab;karsþúkTukénplitplBMuTan;sMerc rWplitplsMercenAtamcenøaHeBl énkarplit nigryHeBlQb;sRmakEdlcaM)ac;éncegáamma:sIunRtUv[vaGb,rima. Parkic©énkareFVIEpnkarkmμviFIplitkmμ EdlXøatq¶ayGMBIkareFVIEpnkar sRmab;karGnuvtþn¾plitkmμenaH KW)anqøúHbgðajfa ³ - etIpliitplGVI - enAkñúgcMnYnb:unμan - eRkamkareRbIR)as;énviFIsaRsþplitkmμNamYydUcCaTMhM nig/rWfananu RkménGaMgtg;sIuetEdlRtUvplitenAkñúgry³eBlEpnkarenaHedIm,I[karcMeNj rW k¾plkéRmKWGtibrima nigRBmCamYyenaH CaTUeTAedIm,IeGaybMNgEdl)aneRKag 41

TukseRmc)anlT§pll¥RbesIr. CamYyenHEdrkareFVIEpnkarenHRtUvGacEbgEck CabIcMENkEpnkar KWrvag ³ - EpnkarkmμviFICayuT§saRsþ mann½yfakareRCIserIsvis½yplitplEdl CayuT§saRsþk¾dUcCavis½yCMnYj nigkarseRmccitþGMBICeRmAénplitkmμ. - EpnkarkmμviFICayuT§viFI mann½yfaCakarseRmccitþGMBIGBaØatikmμplit pl nigGBaØatikmμénkareRbIR)as;enAkñúgRkbx½Nðénvis½yplitplEdlRtUv)an eRCIserIs ehIyCamYynwgCeRmAénplitkmμEdl)aneRCIserIsehIy. - EpnkardMeNIrkarkmμviFI KWCakarkMNt;CaGvsanþénkmμviFIplitkmμ eTAtamRbePT nigcMnYn. PaBGaRs½yKñaeTAvijeTAmk ¬Independency¦ rvagcMENkEpnkarplitkmμTaMgGs;

3>1>2> karkMNt;karbg;témø rWkarcMNay nigRbePTénkarbg;témøenAkñúg Rkbx½NÐénEpnkarplitkmμ ³ TnÞwmnwgR)ak;cMNUlRtUv)anBicarNaEtCamYykareFVIEpnkarkmμviFIplitkmμ nigCamYykareFVIEpnkarénTMhMshRKas karbg;témøk¾mantYnaTIsMxan;Nas;Edr enAkñúgcMENkEpnkarplitkmμTaMgGs;. KμanBt’mansþIBIkarbg;témøEdleyIgRtUv RbQmmuxenaHeT enaHk¾BMuGac[eKeFVIkarseRmcCamUldæannUvcMnucesdækic©l¥Rb 42

esIr)aneLIy. TaMgenHCaPaBRtwmRtUv kalNaeK)andwgBIRbePTénkarbg;témø sMxan;² ¬relevant cost categories¦ EdlsRmab;EpnkarplitkmμenaH. cMNuc cab;epþmI KWstiß enAelIrcnasm
43

rcnasm<½n§énkarkMNt;karbg;tMél karkMNt;karbg;tMél TUrelx tMélTIpSar

Turelxbc©keTs

tMélvtßú FatuedIm (2) R)ak;Ex (3) tMélkar R)ak; (4) tMéldWk CBa¢Ún (5) tMélma: sIun nigsMParH

RbePTén eRKOgcRk (2) tYnaTItMrUvkar (3) sßanPaB (4) RbePTén plipl (5) ryHeBleRbI R)as;éneRKOgcRk

karsMerccitþ kargarnigkmμviFI

TMhMénkarkumμg;

kareFVIEpnkar sMrab;karRbRBWtþ eTatamryHeBl

kareFVIEpnkar énkarEbgEck plitkmμeTA tameBlevla

karsMerccitþBI smtßPaB

pþl;karkumμg; eTAeGayma:sIun (2) lMdab; lMedayénkar kumμg; (3) ryHeBl rg;caM

karsþúk Tukénplitp lEdlplit ehIy (2) kareFVI Epnkarénkar EbgEckplik mμeTAtameBl evla

ma:sIunbri kça (2) TMhMsh RKas

(1)

(1)

cMnYnplitkmμ (2) karEbgEck plitkmμ (3) GaMgtg;sIuet (4) ryHeBl kargar (5) kmμviFIerob bBa©ÚlKña

(1)

cMnYnénkar pøas;bþÚreRKOg cRk (2) lMdab; lMedayénkar pøas;bþÚreRKOg cRk

(1)

(1)

(1)

(1)

31

sRmab;lkçN³seRmccitþénkarbg;témø ¬cost¦ eKRtUvBicarNaCaBiesseTA elI ¬k¦ TMnak;TMngcMNUl ¬disposition¦ rbs;vak¾dUcCa ¬x¦ TMhMrbs;va ¬dimension¦ EdlenAkñúgTMhMenaHkarbg;témøRtYv)anvas;Evg. k> TMnak;TMngcMNUl³ kalNaBt’manGMBIkarbg;témø RtUv)aneRbIR)as; CamUldæansRmab;eRCIserIsénEpnkarplitkmμEdlRbesIrbMput ¬optimal production plan¦ enaH Bt’manenaHRtUvEt[RkesabpgEdrenAbBaðaEdlTak;Tg nwgkarbg;témøenaH dUcCamUlehtuénkarbg;témøCaedIm. TaMgenHnaM[eyIgEckkar bg;témøCaBIrRbePT³ - karbg;témø ¬cost¦ EdlTMhMrbs;vaERbRbYleTAtamkarseRmccitEþ dl)an CYbRbTH karbg;témøenaHRtUv)aneKehAfa karbg;témøcaM)ac; rWk¾karbg;témøEdl minGaRs½yeTAnwgcMNUl ¬disposition¦ rWk¾ehAfakarbg;témøGefr ¬variable cost¦ - karbg;témø ¬cost¦ EdlTMhMrbs;vamin)anERbRbYleTAtamkarseRmccitþ Edl)anCYbRbTHenaHeT enaHkarbg;témørebobenHeKkMNt;[eQμaHfa karbg; témømincaM)ac; rWk¾karbg;témøminGaRs½ycMNUl rWehAfakarbg;témøefr ¬fix cost¦. eKBMumanPsþútagTUeTAmYyedIm,IkMNt;fa karbg;témøNamYyCakarbg;témøefr rWk¾ karbg;témøERbRbYlenaHeT TaMgGs;enaHCanicC© akalsßti enAelIRbePTbBaðaEdl seRmcyk niglkç½NÐBitR)akdénsßanPaBseRmccitþ. karbg;témøGefr (variable cost) énbBaðaBitR)akdmYyénEpnkarplitkmμ rWk¾énbBaðaseRmccitþepSg² GacRbRBwtþeTAepSg²Kña. kalNaeKBicarNaCa ]TahrN¾ eTAelIkarERbRbYlenAkñúgkargar ¬=cMnYnplitplEdl)anplit rWkk¾ ar bMeBjkarplitkñúg 1 ÉktaéneBl¦ EdlCaTMhMman\T§iBlsMxan;eTAelIkarERb RbYlénkarbg;témøenaH eKGacsegáteXIjman 4 RbePTéndMeNIrRbRBwtþénkarbg; témøGefr (variable cost)³

32

- karbg;témøEdlmanlkçN³smamaRt ¬proportional cost¦³ karERbRbYl énkarbg;témøRbRBwtþeTAsmamaRteTAnwgkarERbRbYlénkargar. - karbg;témøEdlmanlkçN³ekIneLIgCalMdab ¬progressive cost¦ ³ karERbRbYlénkarbg;témø ¬relative cost variation¦EdlTak;Tg KWFMCagkarfy cuH rWkarekIneLIgénkargarEdlTak;Tg. - karbg;témøEdlmanlkçN³fycuHCalMdab; ¬degressive cost¦ ³ karERb RbYlénkarbg;témøEdlTak;Tg ¬relative cost variation¦ KWtUcCagkarfycuH rWkarekIneLIgénkargarEdlTak;Tg. - GvDÆn³énkarbg;témø ¬regressive cost¦ ³ karekIneLIgénkargar KW)an begáItnUvkarfycuHdac;xaténkarbg;témø rWk¾karfycuHénkargar KWeFVI[karbg;témø ekIneLIgdac;xat. enAkñúgrYbPaBxageRkamenH KW)anbgðajGMBIdMeNIrRbRBwtþénkar bg;témøepSg²Kña nigCamYynwgRkahVikénkarbg;témøefr ¬fixed cost¦ RBmTaMg P¢ab;CamYyenaHeyIg)anbgðajnUv]TahrN¾CaelxEdr. enAkñúg]TahrN¾Ca elxenH KWsRmab;bgðaj[c,as;énkarminÉkraCüénkarbg;témøenaHEdleK)an bgðajnUvkarbg;témøkñúg 1 ÉktaéneBl C(x) Tl;nwgkarbg;témøsRmab; 1 Ékta énplitpl C(x). C(x) RtUv)anbgðaj[eXIj kalNaeKykkarbg;témø kñúg 1 ÉktaéneBl C(x) EcknwgcMnYnplitplEdl)anplitehIy rWplitplsMercEdl )anplitkñúg 1 ÉktaéneBl (x).

dMeNIrRbRBWtþénkarbg;témøenAeRkam\T§iBlkargar

3> CamYyKMnitRbtiþbtþeTAelIkarERbRbYlénTMhM KWeyIg)anniyayrYcmkehIy nUvkarpþl;cariklkçNHTI 2 énkarbg;tMél. enAkñúgesdækic©shRKas eK)an sMKal;TMhM4epSg²KñaEdlenAkñúgTMhMenaH karbg;tMélRtUv)anvas;Evg ¬Adam 1990¦ ³ 34

- karbg;témøsrub C ¬total cost¦ enAkñúgry³eBlEpnkar ¬xñatrbs;vaKW Éktaluy¦ - karbg;témø C kñúg 1 Éktary³eBlénkargar ¬xñatrbs;va KWÉktaluy¦ - karbg;témøsRmab; 1 ÉktaplitplseRmc c ¬xñatrbs;va KWÉktaluy / ÉktacMnYn¦ nigRBMEdnkarbg;témø C’ ¬marginal cost¦ ¬xñatrbs;va KWÉktaluy /ÉktacMnYn¦. karbg;témøsrubk¾GacKNnatamkareRCIserIspøÚvepSg²Kña ¤ karbg;tMélsarub KWCaplKuNénkarbg;témø1Éktary³eBlCamYynwg ry³eBlénkargar t rWKWCaplKuNénkarbg;témøsRmab; 1 Éktaplitpl C nigcMnYnplitplseRmc M enAkñúgry³eBlEpnkar T

(1)

CT = C * t = c * M

BIeRBaHEtkarbg;témø C kñúg 1 Éktary³eBlkargarKNnaecjBIplKuN énkarbg;témøsRmab; 1 ÉktaplitplCamYynwgplitpl x Edl seRmc)ankñúg 1 Éktaénry³eBlenaH smIkar (1)GacsresrdUcxageRkam ³ (2) CT = c*x*t CamYynwg (3) x*t = M RBMEdnkarbg;témø C vaGaRs½yeTAnwgedrIev:TI 1 énkarbg;témøsrubeTAtam cMnYnplitplseRmc M ehIy C )anbgðaj rWsgát;F¶n;CamYyenaHpgEdrnUvkar ERbRbYlénkarbg;témøCamYynwgkarpøas;bþÚrénkRmitcMnYnplitplEdlseRmc)an BIkRmitmYyeTAkRmitmYyepSgeTot. 1

1

3>2> kareFVIEpnkarénkarEbgEckplitkmμ 3>2>1> mUldæanénRTwsþIplitkmμ ecjBIcMENkEpnkarénkareFVIEpnkarénkarGnuvtþn¾plitkmμeTAtamlMdalMe day eyIgRtUvelIkykkareFVIEpnkarénkarEbgEckplitkmμykmkBiPakSa. bBaða EdlRtUvBiPakSasßitenARtg;fa ³

etIktþaplitkmμNamYyEdlRtUveRbIR)as;enAkñúgcMnYnNamYy ryHeBlb:unμan nigCamYyGaMgtg;sIuetNamYy edIm,Iplit[)annUvcMnYnplitkmμ rWk¾kmμviFIplitkmμ Edl)anpþl;[mYyCamYynwgtémøplitkmμGb,rima. kalNakarBiPakSaeTAelIkar eFVIEpnkarénkarEbgEckplitkmμRtUv)ancat;TukCaRKwHénRTwsþIplitkmμ enaHGnuKm n¾plitkmμk¾RtUv)anekIteLIg nigkarviPaKk¾RtUvykmkCamUldæan. GnuKmn¾plitkmμ)anbgðaj[eXIjnUvTMnak;TMngEdlmanlkçNHCacMnYnrva gcMnYnktþaplitkmμEdlRtUveRbIR)as;sRmab;Gnuvtþnb¾ MeBjkarplit nigcMnYnplit plseRmc M enAkñúgryHBlEpnkar. enAkñúgenHsRmab;shRKasmYyEdl plitEtmYyplitpl KWGacmanktþaplitkmμ h = 1, 2, …n EdlRtUveRbIR)as; enAkñúgcMnYn r dUcenHGnuKmn¾plitkmμmanrUbmnþTUeTAKW³ M = f (r ,r ,…r ..) CamYynwg r >0 h

1 2

n

h

TajecjBITMnak;TMngEdl)anbegáIteLIgrvagplseRmc nigktþaplitkmμ KWeK GacTajecjnUvlkçN³epSg²KñaénGnuKmn¾plitkmμ ³ - eTAtamkrNInImYy² EdlfasRmab;plitplseRmcEdl)anhuc[mYyKW RtUv)anR)ab;BIbec©keTsEdlpSarP¢ab;eTAnwgTMnak;TMngeRbIR)as;énktþaplitkmμ rW Gt; enaHeK)anEckGnuKmn¾plitkmμCaGnuKmn¾plitkmμEdlmankRmit ¬éncMnYn¦ ¬limitation production function¦ nigGnuKmn¾plitkmμEdlCMnYs ¬substitution production function¦ - eTAtamkrNInImYy²Edlfa plitplseRmcERbRbYlCasPaBExSRtg; ¬linear¦ rWelIsBIsPaBExSRtg; rWk¾sßitenAeRkamCasPaBExSRtg; kalNakar eRbIR)as;énktþaplitkmμTaMgGs;RtUv)anbegáIn rWbnßyCaPaKryenAkñúgTMhMesμIKña mYyenaH eK)anEckGnuKmn¾plitkmμCaGnuKmn¾plitkmμEdlmansPaBExSRtg; hUm:UCInas ¬linear homogeneous production function¦ GnuKmn¾plitkmμEdl mansPaBelIsExSRtg;hUm:UCInas nigGnuKmn¾plitkmμEdlmansPaBRkamBI ExSRtg;hUm:UCInas. kalNakrNITaMgGs;xagelIBMuRtUv)anCYbRbTHenaH eKehA 36

GnuKmn¾plitkmμRbePTenaH CaGnuKmn¾plitkmμEdlmanlkçNHminhUm:UCInas ¬inhomogeneous production function¦. RTwsþIplitkmμénshRKaseFVIkarEtCa mYymUldæanénGnuKmn¾plitkmμEdlmanlkçN³CaExSRtg;hUm:UCInas (linear homogeneous production function) EdlCamYyenaHpgEdrkarekIneLIgeTVr enAeBlEtmYy rWk¾ekIneLIgRtI rWk¾ekIneLIgctu>>>énkareRbIR)as;cMnYnktþaplitkmμ r TaMgGs; naM[mankarekIneLIgeTV rWRtI rWctu>>> éncMnYnplitplseRmc M Edr. kñúgeBlenHeyIgelIkyk (1) GnuKmn¾plitkmμEdlmanlkçN³CMnYs nigGnuKmn¾ plitkmμEdlmanlkçN³kRmitykmkBicarNa[)anc,as;las; ³ 1). GnuKmn¾plitkmμEdlmanlkçN³CMnYs ¬substitution production function¦ RtUv)ansmÁal;edaysarcariklkçN³BIry:ag ³ - edaysarkarekIneLIgénkareRbIR)as;ktþaplitkmμmYyepSgeTot kar bnßyéncMnYneRbIR)as;énktþaplitkmμmYy GaceFVI[mantulüPaB)anCamYyPaBefr éncMnYnplitplseRmc. - cMnYnplitplseRmcGacRtUvTTYl\T§iBledaysarkarERbRbYlénkar eRbIR)as;cMnYnktþaplitkmμEtmYy CamYynwgPaBefrénktþaplitkmμTaMgLayEdl esssl;. edaysaEtkarpøas;bþÚrénktþaplitkmμ manlT§PaBRtwmRBMEdnkMNt; mYyenaH GnuKmn¾plitkmμ EdlmanlkçN³CMnYsRtUv)an[eQμaHmYyeTotpgEdr fac,ab;TinñplénGnuKmn¾plitkmμ. edaysarEtPaBxiteTAPaBBitrbs;vamantic tYc eFVI[GnuKmn¾plitkmμenHenAkñúgRTwsþIesdækic©shRKasmansuBlPaBtictYc sRmab;CaRTwsþICamUldæanmYykñúgkareFVIEpnkarplitkmμ nigsBVéf¶enHeKpþl;[ GnuKmn¾enHCaTUeTARKan;EtCaGnuKmn¾EdlmanlkçN³beRgon ¬didactic function¦ sRmab;Bnül;sBaØaNmUldæanxøH²énRTwsþIplitkmμ. GVIEdlCaCBa¢aMgraraMgénc,ab;TinñplénGnuKmn¾plitkmμKW ³ - GnuKmn¾enHsÁal;EtktþaplitkmμEdlkareRbIR)as;énktþaplitkmμenaHRtUv )anvas;EvgedaycMnYnktþaplitkmμkñúgryHeBlEpnkar. ryHeBleRbIR)as;énktþa h

plitkmμTaMgGs;RtUv)ankMNt;ehIyCaeRsc ÉlT§PaBénkartRmUvxøÜneTAtameBl evla KWBMu)anBicarNaeLIy. - ktþaplitkmμTaMgGs;RtUv)aneRbIR)as;enAkñúgcMnYnekIneLIgbnþicbnÞÜcNa mYy rWk¾fycuHbnþci bnÞcÜ NamYy. TaMgGs;enH KWeTaHbItictYcb:uNaÑ k¾edaysRmab; meFüa)ayplitkmμ nigkmøaMgBlkmμenAkñúgPaBR)akdniymBMuGacmanlT§PaBeLIy rWBMuGaceFVI)aneLIy. - GnuKmn¾enHmansuBlPaBsRmab;shRKasTaMgmUl. karBicarNaeTAelITMhMrUbPaBnImYy² nigTMhM\T§iBlénbec©keTs KWBMuman rWk¾eTAtamEtlT§PaBkMNt;mYy. ]TahrN¾mYysRmab;GnuKmn¾plitkmμEdlman lkçN³Cac,ab;Tinñpl KWGnuKmn¾ ³ (1)

M=

C*r1*r2

CamUYynwg C CacMnYnefr

GnuKmn¾enHmanGBaØatiBrI EdlÉkraCüsRmab;CaTinnñ y½ bBaÚl ¬input¦ nigGBaØatimYy eTotEdlminÉkraCüsRmab;Tni nñ y½ beBa©j ¬output¦. edIm,IGacbgðajTMnak;TMngenH CaRkahVik eKRtUvkarTaMgGs;enHCakarviPaKEdlmanTMhMbI (the three dimensional graphic) dUcEdleyIg)aneXIjvaedaymeFüa)ayénGVIEdlehAfa {TinñplPñM} ¬yield mountain¦ kñúgrUbPaBxageRkam. edIm,IraraMgnUvPaBsμúksμajénkarviPaKTMhM TaMgbIenH karviPaKeTAelIc,ab;TinñplénGnuKmn¾plitkmμRtUveFVICaBIrCMh‘an ³ 1¦ plseRmc M RtUvcat;Tukfaefr nigTaMgGs;enHRtUvviPaKeTAelITMnak; TMngEdlsßitenArvagbBaðaeRbIR)as;énGBaØatiTaMgBIr. enAkñúgkarGnuvtþn¾eKdak; vaeTAtammuxkat;edk ¬horizontal¦ qøgkat; {TinñplPñM} edayRsbeTAnwgépÞ r nig r énktþaeRbIR)as;. 2¦ cMnYneRbIR)as;énktþaplitkmμmYykñúgcMeNamktþaplitkmμTaMgBIr KWdak; [efr nigTaMgGs;enaHRtUvEtviPaKeTAelITMnak;TMngrvagcMnYneRbIR)as;énktþa plitkmμEdlCaGBaØatiRtUveRCIserIsykmkeRbIR)as;enaH nigplseRmc M. 1

2

38

enATIenHCalT§plKWmuxkat;bBaÆr ¬vertical¦ qøgkat; {Tinpñ lPñM} edayRsbeTAnwg épÞ M nigépÞ r ¬rWké¾ pÞ M nigépÞ r ¦ k> edaysarPaBCMnYs)anénTMnak;TMngénktþaplitkmμ cMnYnplseRmc EdlRtUvpþl;[ ¬M =efr¦ enaH eKGacseRmc)anCamYynwgkareRCIserIsviFIepSg² énkarpSMpMÁúktþaplitkmμ. GVTI aMgGs;énkarpSMpMÁúenaH KWstiß enAelIbnÞat;ekagEdleK[ eQμaHfa {isoquant} ¬emIlrUbTI 3¦. bnÞat;ekag isoquant sRmab;kRmitplseRmc EdlkMNt;mYy)anbgðaj[eXIjtamryHdMeNaHRsayénGnuKmn¾plitkmμedayr k r rWk¾ r . enAkñúgGnuKmn¾plitkmμ (1) ]TahrN¾RtUv)anedaHRsayrk r naM[ smIkarén isoquant KW³ (2) r = M /C*r (M = efr) niymn½y ³ isoquant RtUv)ankt;smÁal;CaTItaMgFrNImaRténkarpSMpÁMúktþaplitkmμ TaMgGs;EdlnaM[)anplitplplitkmμ ¬plitplseRmc¦esμIKña. RkahViktag Isoquant 1

1

2

2

1

1

2

2

enAkñúgkrNIenH)ann½yfakarCMnYsedayktþaplitkmμNamYyepSgBI r nig r BMuGaceFVI[eyIgseRmc)annUvkRmitplseRmcEdl)ankMNt;mYyenaHeLIy. dUcenHGnuKmn¾plitkmμ (1) naM[manExSekag isoquant RbePT AB. ExSekagenH RsbCamYyenaH)aneFVIkarkt;smÁal;fa enAkñúgEpñkénkaCMnYsTaMgGs;rvag r nig r karekIneLIgénkareRbIR)as;ktþaplitkmμmYyvanaM[mankarbnßyénktþaplitkmμ epSgeTot. P¢ab;CamYynwgsmIkar isoquant enH eyIgk¾eFVIkarbgðajBITMnak;TMng mYyepSgeTotEdr. TMnak;TMngénkarCMnYsEdlsßitenAelIExSekag isoquant mYy GacRtUv)ankMNt;smÁal;eTAtamlkçN³KNitviTüaRtwmRtUv)anedaysarqøgkat;GVIEd lehAfa GaRtaRBMEdnénkarCMnYs ¬maginal rate of substitution) GaRtaRBMEdn énkarCMnYsenH )anbkRsaynUvcMnYnktþaplitkmμ ¬EdlktþaplitkmμenaH KWenAelI cMnucepSg²KñaénExSekagplitkmμ isoquant¦ EdlcaM)ac;sRmab;CMnYsktþaplitkmμ mYyedayktþaplitkmμmYyepSgeTottamryHkarkat;bnßycMnYndl;RBMEdnrbs;xøÜ. GaRtaRBMEdnénkarCMnYsRtUv)ankMNt;edayeFVIedrIev:TI 1 énsmIkar isoquant mYyeTAtamktþaplitkmμmYy. sRmab;smIkarén isoquant (2) vakøayeTACaTMnak; TMngdUcxageRkam ³ 1

2

1

2

(3)

dr1/dr2 = -M2/C*r22 = MRS (marginal rate of substitution)

kalNatémødac;xaténGRtaRBMEdnénkarCMnYs MRS (3)FMenaH TaMgenH mann½yfaÉktaCaeRcInénktþaplitkmμT1I KWcaM)ac;sRmab;TUTat;dkecjén1Ékta énktþaplitkmμT2I . dUcenHRBMEdnplitPaB (marginal rate of i productivity)énktþaplitkmμTI 1enATIenaHedayeyageTAelImUlehtuxagelI KWtc rWkt¾ Uc. x> karbgðajBIPaBERbRbUlénplitplseRmc M CamYynwgkRmiteRbIR)as; efrénktþapltikmμT1I nigkarERbRbYléncMnYneRbIR)as;énktþaplitkmμT2I RtUv)an bgðajedayqøgkat;GnuKmn¾Tinñpl. GnuKmn¾TinñplRtUv)aneKTajecjBIGnuKmn¾ plitkmμrbs;vaEdlenAkñúgenaHktþaplitkmμmYyRtUv)ankMNt;[eRbIR)as;efrenAkñú 40

gry³eBlEpnkar dUcenHplitplseRmc M KWCaGnuKm¾EtÉgénktþaplitkmμ rbs;GBaØatepSgeTot. CamYynwg]TahrN¾énkardak;[efrénktþaplitkmμ 2 [sßitenAkRmiteRbIR)as; b sRmab;GnuKmn¾plitkmμ (1) Gacbgðaj[eXIjnUv GnuKmn¾TinñpldUcxageRkam ³ (4)

M=

bcr1

CamYynig b = r = efr 2

sRmab;karviPaKénGnuKmn¾TinñpleK)anTajecjCarUbragénplitPaBCame Füm (average productivity) nigRBMEdnplitPaB (maginal productivity) énktþa plitkmμEdlCaGBaØatGaRs½yeTAnwgcMnYneRbIR)as;rbs;va. ¤ plitPaBCamFüm ¬plitplCamFüm¦ m KWCaplEckrvagplitpl seRmc M EdlRtUv)aneRKagTukedayqøgkat;kareRbIR)as;ktþaplitkmμTaMgGs; nigcMnYneRbIR)as; r énktþaplitkmμ h EdlCaGjatiþGefrenaH. sRmab;smIkar GnuKmn¾Tinñpl (h) RtUv)ansresrCa ³ h

(5)

m = M/r1 =

bc/r1

RBMEdnplitPaB ¬rWRBMEdnTinñpl¦ (dM/dr ) RtUv)anbgðajedayqøgkat; edrIev:TI 1 énGnuKmn¾TinñpleTAtamktþaplitkmμEdlCaGBaØatGefr h. sRmab; smIkarGnuKmn¾TinñplTI (4) RtUvmann½yCa ³ h

(6)

dM/dr1 =

b*c/4r1

RbePTénTMnak;TMngrvagkareFVI[ecjCarUbragénplitplseRmc M plitPaBCamFüm nigRBMEdnplitPaB KWGaRs½yeTAnwgRbePTénGnuKmn¾Tinñpl. ehtuenHeKGacEbgEckGnuKmn¾TinñplenHCaBiessKW ³ - GnuKmn¾TinñplCamYynwgRBMEdnTinñplCadMbUgmankarekIneLIg nig eRkaymkmankarfycuHvij. - GnuKmn¾TinñplCamYynwgRBMEdnTinñplmankarekIneLIgCalMdab;.

- GnuKmn¾TinñplCamYynwgRBMEdnTinñplmankarfycuHCalMdab;. - GnuKmn¾TinñplCamYynwgRBMEdnTinñplCadMbUgmankarfycuH nigeRkay mkekIneLIgvij. GnuKmn¾Tinñpl (4) KWCaRbePTGnuKmn¾mYyCamYynwgRBMEdnTinñplmankar fycuHCalMdab;. sRmab;krNId¾éTepSgeToteyIgBMu)anelIkmkCa]TahrN¾eT. k¾b:uEnþenAkñúgRTwsþIplitkmμ KWRbePTénGnuKmn¾TinñplCamYynwgRBMEdnTinñplCa dMbUgmankarekIneLIg nigeRkaymkfycuHmkvij ¬RkahVikTinñplmanTMrg;CaGkSr S¦ KWkMBugRKbdNþb;sBVéf¶. GnuKmn¾TinñplxagelIenH (7) RtUvykmkCa mUldæanénkarviPaKxageRkam (Adam 1990) : (7)

M = ar1 + br21 - cr31

GnuKmn¾TinñplEdlmanTRmg;CaGkSr S RtUv)anEbkEckCa 4 dMNak;kal ¬emIlrUbTI 4¦ karviPaKeTAelITMnak;TMngénc,ab;Tinñpl

rUbPaB 42

enAkñúgdMNak;kalTI I mankarekIneLIgénplitplseRmcTaMgmUl plit PaBCamFüm nigRBMEdnplitPaB RBmCamYynwgkarekIneLIgénkRmiteRbIR)as;én ktþaplitkmμEdlCaGBaØatiGefr. dMNak;kalenH)anbBa©b;enAeBlEdlRBMEdn plitPaBseRmc)annUvPaBGtib,rimarbs;va ehIyGnuKmn¾Tinñplk¾)ancab;epþIm cMnucrbt;rbs;vapgEdr. RBMEdnplitPaBGtibrmaRtUv)anKNnaedaydak;[esμIr 0 énsmIkarEdlCalT§plénedrIev:TI 2 énGnuKmn¾plitkmμ (7) rWk¾smIkar EdlCalT§plénedrIev:TI 1 énGnuKmn¾RBMEdnplitPaB. ¤

d (dM/dr1) /dr1= d (a +2br1 – 3cr21)/dr1 =2b – 6cr1 = 0

(8)

r1 = b/3c

dMNak;kalTI II KWRtUvsmÁal;edaykarfycuHénRBMEdnTinñpl. k¾b:uEnþ enAmankarekIneLIgénplitPaBCamFüm. dMNak;kalenHRtUv)anbBa©b;Rtg;kEnøg GtibrmaénplitPaBCamFüm ehIyvak¾CacMnucRbsb;énRBMEdnplitPaBEdr. GtibrmaénplitPaBCamFümRtUv)anKNnaedaydak;eGayesμI 0 énsmIkarEdlCa lT§plénedrIev:TI 1 énGnuKmn¾plitPaBCamFüm. ¤

(9)

= d (a + br1 – cr12)/dr1

dm/dr1

= b – 2cr1 = 0 r = b/2c

edayGnuKmn¾énRBMEdnplitPaBkat;RkhVikénGnuKmn¾plitPaBCamFümRtg; cMnucGtibrmarbs;vaenaH dUcenHeKGacbkRsaydUcxageRkamEdr ³ (10) (a + 2br1 – 3cr21)

_

RBMEdnplitPaB

(a + br1 – cr21) = 0

plitPaBCamFüm r = b/2c

enAkñúgdMNak;kalTI III mankarfycuHénRBMEdnplitPaB nigplitPaB CamFüm RsbCamYYyEdlplitplseRmcsrub M KWenAekIneLIgenAeLIy. enA kEnøgEdlplitplseRmc M ekIneLIgdl;kRmitGtibrma Rtg;cMnucenaHk¾CacMnuc bBa©b;éndMNak;kalTI III Edr. cMnucenaH k¾CacMnucEdlRBMEdnplitPaBmantémøesμI 0 Edr. cMnucGtibrmaénplitplseRmc M RtUv)anKNnaedaydak;[esμI sUnüénsmIkarEdlCalT§pledrIev:TI 1 rbs;GnuKmn¾Tinñpl (7) rWk¾GnuKmn¾ RBMEdnplitPaB ³ ¤

(11) dM/dr1

= a + 2br1 – 3cr21 = 0 r1 = b/3c +

b2/9c2 + a/3c

enAkñúgdMNak;kalTI IV elcecjCarUbragénkarfycuHminRtwmEt plitplseRmc nigplitPaBCamFümeT KWRBMEdnplitPaBk¾fycuHEdr ehIy RBMEdnplitPaB KWGviC¢man. 2> eRkABIGnuKmn¾plitkmμEdlmanlkçN³CMnYs KWmanGnuKmn¾plitkmμ kMNt; (limitation production function). CamYynwgGnuKmn¾enH TMnak;TMngén kareRbIR)as; KWkMNt;edaylkçN³bec©keTsEtmYyKt; nigminkMNt;edaylkçN³ esdækic©eT. )ann½yfaGVEI dleyIgGacniyay)anCasBaØaNenATIenH KWfaRBMEdn plitPaB rWRBMEdnTinñplénktþaplitkmμmYyKWesIμnwg 0. karkMNt;rebobenH RtUv)aneXIjCaTUeTAsRmab;dMeNIrkarpliténplitpl]sSahkmμ. sRmab;karBicarNa KWeyIgelIkykviFIsaRsþbec©keTsmYyEdlmanma:suIn nigcMnYnénkmøaMgBlkmμenAkñúgkarRbtþibtþ. kalNashRKasmYy ]TahrN¾ sRmab;plitkmμrbs;xøÜnmanCamYyhñwgnUvma:suInTukbRmugmYycMnYn ¬CaEpñkénktþa plitkmμefr¦ nigm:asIunnImYy²RtUv)aneRbIR)as;edaykmøaMgBlkmμmñak; ehIyeday qøgkat;kareRbIR)as;kmøaMgBlkmμmYyhñwg nigma:sIunenaH )anplitnUvcMnYnplit kMNt;mYy. qøgkat;kareRbIR)as;kmøaMgBlkmμbEnßmmYyeTot nigma:sIunmYyeTot eFVI[cMnYnplitplseRmcekIneLIgeTV. dMeNIrRbRBwtþenHecHEtbnþeTAeTotrhUt ¤

44

dl;ma:sIunTaMgGs;RtUv)aneRbIR)as;edaykmøaMgBlkmμ. kñúgkrNIebIsinNaCaeK bEnßmkmøaMgBlkmμeTotenaH eKBuMTTYl)anplitplseRmcekIneLIgenaHeTebIsin NaeKBMubEnßmma:sIuneTotenaH. eyageTAtamenHRkahVikTinñpl KWCadMbUgekIn eT,IgsmamaRtCamYynwgkarekIneLIgénkmøaMgBlkmμ rhUtdl;RBMEdnsmtßPaBén cegáamm:asuIn {Gs;visalPaB} rWesμIsUnü nigeRkayBIkarbgðajkarGs;visalPaB RBMEdnsmtßPaBéncegáamm:asIun ¬RBMEdnTinñpl = 0 nigplitplseRmc = M ¦ rYcmk eKBMueXIjmankarekIneLIgénTinñpleToteLIy. eK[eQμaHGnuKmn¾rebob enHfa Ca {GnuKmn¾plitkmμkMNt;CaExSRtg;} (linear limitation production function) rWk¾eTAtameQμaHGñkesdækic©Gaemrik Wssely Leontief Ca {leontiefGnuKmn¾plitkmμ}. kalNaeKsegÁtemIlGnuKmn¾enH eKnwggayRsYlkMNt;smÁal;faGnuKmn¾ karbg;témørbs;vasmamaRtekIneLIgrhUtdl;seRmcRBMEdnsmtßPaB nigeRkaymk ekIneLIgCabnþat;Ekg. edayehtufaCamYyGnuKmn¾enH cMnYnplitplkMNt;mYy GacRtUvplitedayqøgkat;karpSMpÁMúEtmYyviFIsaRsþKt; ¬karpþl;bec©keTs¦énktþa plitkmμenaH eFVIeGay isoquant rbs;vaKWsßitenAEtelIcMnucenAkññúg r -r RbB½n§kUG½rDINaT½r ]TahrN¾cMnuc Q ¬emIlrUbTI 5¦. Cajwkjab; eK)anKUsecjBI cMnucenH enAExSbnÞat;EdlRsbeTAnwgG½kSTaMgBIredIm,Ibgðaj isoquant enaHCaTMrg; énmMuEkg. enAkñúgrUbPaBenHsnμt;facMnYnplitpl M Gacplit)anedayqøgkat; EtviFIsaRsþplitkmμCamYynwgcMnYnénktþaplitkmμ r nig r Etb:ueNÑaH. qøgkat; kargarénkarbEnßmkmøaMgBlkmμ (r ) KWcMnYnplitplseRmcBMuekIneLIgeT. shRKas rWGñkRKb;RKgRtUvEtseRmc[ )annUvkarbM)at;énkarxatbg;ktþaBlkmμ edayCanic©CakaleRbIR)as;EtktþaBlkmμcM)ac; r . eKniyayfa KWmanEtcMnuc Q eTEdlva[pll¥RbesIr (efficiency) ÉRKb;cMnucepSgd¾éTeTotTaMgGs;enAelIExS isoquant KWpÞúyeTAvijBMu[ pll¥eT (inefficiency). PaBGaRs½yeTAnwgbec©keTs KW)ankMNt;rvagkareRbIR)as;ktþaplitkmμ nigplseRmcEdl)anplit ehIy EdleKEtgEt[eQμaHfa {emKuNplitkmμbec©keTs (technical production 0

1

0

1

2

1

0 2

2

2

}enaH KWGacCacMnYnefr ehIyk¾GacGefrEdr. CamYyenHemKuN plitkmμEdlefrRtUv)ansmÁal;CaRbePTén leontief GnuKmn¾plitkmμ (leontief production function) . cMeBaHemKuNplitkmμEdlGefrvijRtUv)ansmÁal;sRmab; RbePTén Gutenberg GnuKmn¾plitkmμ (Gutenberg production function) EdleyIgBMuykmksikSaenATIenHeT. coefficient)

Leontief -

GnuKmn¾plitkmμ

Isoquant

rbs;va

46

3> 2> 2> kareFVIEpnkarEbgEckplitkmμedayeyaleTAelImUldæanén GnuKmn¾plitkmμCMnYs mUldæanénRTwsþIplitkmμEdleyIg)ansikSamkdl;eBlenH KWCamUldæan sRmab;pþl;[eTAelIkarviPaKénbBaðaénkarEbgEckplitkmμeGay)anRbesIrbMput rWkarbg;témøGb,rma ¬= minimal cost¦. CamYyenHdMeNIrRbRBwtþCadMbUgkñúgkar BiPakSa KWsißtenAsRmab;krNIénGnuKmn¾plitkmμEdlmanlkçN³Cac,ab;Tni pñ l. sRmab;kareFVIEpnkarEbgEckktþaplitkmμEdleyageTAtammUldæanénGnuKmn¾p litkmμEdlmanlkçN³CMnYs KWmankarBiPakSaBIrRbePT ³ k> TaMgGs;enH KWfaplitplseRmc M EdlkMNt;mYyRtUv)anplit. karBiPakSaenATIenH KWepþateTAelIkarpSMpÁMúénktþaplitkmμedIm,I[karbg;témøCa srubrbs;vaGb,rma krNIenHRtUv)an[eQμaHpgEdrfa {karsRmbsRmYlsrub} eRBaHfacMnYneRbIR)as;énktþaplitkmμTaMgGs;RtUv)andak;CaktþaEdlman\T§iBl. x> cMnYneRbIR)as;énktþaplitkmμmYyénktþaplitkmμTaMgGs;RtUv)anERbRbYl TnÞmw nwgcMnYneRbIR)as;énktþaplitkmμEdlenAsl; rWepSgeTotRtUv)andak;[efr rWRtUv )anTTYlykeTAtamkarpþl;[rYcCaeRsc. krNIenHeKehAfa {karsRmbsRmYl xøH} karBiPakSa KWenARtg;kareFVI[elcecjeLIgénkarbg;témøsrub karbg;témøCa mFüm nigRBMEdnénkarbg;témøEdlsßti enAeRkam\T§Bi lcMnYneRbIR)as;énktþaplitkmμ EdlCaGBaØatiGefrenaH. sRmab;krNI ¬k¦ enAkñúgenHeyIgtagviFIsaRsþplitkmμ edayGnuKmn¾plitkmμ ¬KWGnuKmn¾plitkmμEdlmanlkçN³Cac,ab;Tinñpl¦ Edl)an sresrdUcxageRkam ³ (1)

M = cr1*

r2

karbg;témøénplitkmμenAkñúgry³eBlEpnkar T RtUv)anbgðajedayqøgkat; karKuNéncMnYneRbIR)as;énktþaplitkmμ nigéførbs;va. dUcenHGunKmn¾karbg;témø EdlRtUveFVI[Gb,rmaenaH KWmansmIkardUcxageRkam ³ (2)

CT (r1 , r2) = p1*r1 + p2*r2

CamYyCMnYyénemKuN Lagrange (lagrange multiplication) GnuKmn¾TI RtUv)anbBa©ÚleTAkñúgGnuKmn¾karbg;témø (2) (3)

CT = p1r1 + p2r2 + λ

M – cr1 *

(1)

r2

sRmab;karkarpSMpÁMúktþaplitkmμ ¬EdlsßitenAkñúgkrNI {karsRmbsRmYlTU eTA}¦EdleFVI[karbg;témøGb,rma KWmann½yfakarqøgkat;karCMnYsmYyNaepSg eToténktþaplitkmμBMuGacekItmankarbg;témøNamYybEnßmeTotEdlRtUvGac)ans nSMsMécenaHeLIy. TaMgGs;enH BMumanGtßn½yepSgEdleRkABIfa {RBMEdnkarbg; témøénktþaplitkmμBIrRtUvmanTMhMesμIKña}. RBMEdnkarbg;témøénktþaEdleRbIR)as; KWGackMNt;)anedaysarkareFVIedrIev:énGnuKmn¾ (3) CaEpñkeTAtam r nigeTAtam r rUcdak;edrIev:enaH [esμInwgsUnü ³ 1

2

(4a)

(∆C / ∆r1) = p1 – λ c*

(4b)

(∆C / ∆r2) = p2 – λ cr1/ 2

r2 = 0 r2

=0

smIkarEdl)anedaHRsayTajyk λ ecj )anbgðajnUvRBMEdnkarbg;témø énktþaplitkmμTI (1) RBmCamYyenaHénktþaplitkmμTI (2) EdlsßitenAkñúgTMnak; TMngCamYynwgplseRmc M. (5a)

λ = p1*1/c* r2 = p1* 1/ (∆ M/∆r1)

(5b)

λ = p2* 2

r2 / cr1

= p2 * 1/ (∆M/ ∆r2)

BIeRBaHfa RBMEdnkarbg;témøénktþaplitkmμTaMgBIrCamYynwgkarpSMpÁMúénktþa plitkmμEdlmankarbg;témøGb,rimamanTMhMesμIKñaenaH rUbmnþ (5a) nig (5b) KWRtUv dak;[esμKI añ . eRkaykaredaHRsay )anbgðaj[eXIjnUvTMnak;TMngEdlCaniymn½y TUeTAéncMnucRbesIrbMput (Optimal point) ³ (6)

p1/p2 = (∆ M / ∆r1) / (∆ M / ∆r2 ) 48

karbkRsay³ karbg;témøsRmab;karpSMpÁMúénktþaBlkmμQaneTAseRmc)an Gb,rima kalNaplEckénkarbg;témøsRmab;ktþaplitkmμ KWesμInwgplEckén RBMEdnTinñpl rWRBMEdnplitPaB ¬marginal productivity¦ énktþaplitkmμenaH. RkahVikxageRkam)anbgðajnUvlkç½NÐéncMnucRbesIrbMputenaH

enAkñúgemeronmuneyIg)ansÁal;enA isoquant rYcmkehIy KWvaCaRbB½n§sm RsbmYyEdlqøúHbBa©aMgBITMnak;TMngeRbIR)as;éncMnYnktþaplitkmμEdlsRmab;bMeBj karplit[)anplitplseRmceTAtamkRmitEdl)anhuc[ rWk¾)anTamTar. kar EsVgrkEdleFVIenAelI isoquant Edl)anpþl[; ehIyEdl isoquant enaHCatMNag [plitplseRmcmYyenaH KWCaTMnak;TMngeRbIR)as;énktþaplitkmμEdlkarbg; témøRtUvEtGb,rma. sRmab;eKalbMNgenH GnuKmn¾karbg;témø (2) EdltagkRmit énkarbg;témøepSg²Kña RtUv)anbgðajedaybnÞat;Rtg;mYy (iso-cost line) kMeNIn énbnÞat;enH rWGnuKmn¾enHminGaRs½yeTAelIkRmiténkarbg;témøénktþaplitkmμ nImYy²enaHeT KWGaRs½yeTAelIEtTMnak;TMngénkarbg;témøénktþaplitkmμTaMgGs; Etb:ueNÑaH. dUcenHva RbRBwtþeTACabnÞat;RsbKñaCanic© eRBaHedayeyageTAtam kMeNInrbs;vaEdl)anniyayxagelI.

TMnak;TMngeRbIR)as;ktþaplitkmμEdlmanlkçN³RbesIrbMput KWGackMNt; )anenAeBlNaEdlbnÞat;énkarbg;témø ¬iso-cost line¦ EdlrMkilRsbKñaenaH mkb:HCadMbUgCamYynwg isoquant. enAkñúgrUbPaBcMNucEdlb:HenaH KWRtg;cMnucA mann½yfaCalkç½NÐTMnak;TMng (6) Edl)an[niymn½yfaCalkç½NsRmab;TMnak; TMngeRbIR)as;ktþaplitkmμ[RbesIrbMput. eyagtamlkç½NenH k¾dUcCaeyageTA tamGnuKmn¾éfø (2) eKmankMNt;smÁal;xøH²eTotfakarERbRbYléføénktþaplitkmμ ¬CamYynwgktþaplitkmμEdlmanlkçN³CMnYsenH¦eFVI[C³\T§iBlBIry:ageTAelIkar bg;témø ³ - \T§iBledaypÞal; ³ CamYynwgplKuNecjBIcMnYntRmUvkar nigPaBxus Kñaénéfø enAkñúgenHkarERbRbYléfønImYy²CH\T§iBleTAelIkarbg;témø. - \T§iBledayRbeyal ³ enAkñúgenHkarERbRbYléføCamYynwgkarcg;rkSa TuknUvcMnucRbesIrbMput )anC³\T§Bi leTAelITMnak;TMngeRbIR)as;énktþaplitkmμ nig CamYyenHEdreTAelIkarbg;témø nigCakarBitvakMNt;nUv {lT§plénkarCMnYs ¬substitution effect¦} EdlbNþalmkBI\T§iBlénkarbg;témøenH eRBaHedaysarkar ERbRbYltRmUvkarEdlbgáreLIgCamYynwgkarxusKñaénéføktþaplitkmμenaH ¬emIlrUb xageRkam¦.

50

x> CamYynwg {karsRmbsRmYlxøH} KWmanEtktþaplitkmμEtmYyeTEdlERb RbYl TnÞwmnwgktþaplitkmμepSgeTotRtUv)andak;[efr. karBiPakSaEdlniyay Tak;TgnwgRTwsþIénkarbg;témøenATIenH KWCaGnuKmn¾TinñplEdlCaRbePTénGnuKmn¾ enAkñúgRTwsþIplitkmμEdlkMBugRKbdNþb;sBVéføEdlenAkñúgenaHmanRBMEdnTinñpl KWdMbUgekIneLIg nigeRkaymkmankarfycuH. eKGacTajecjedayRbeyalBI GnuKmn¾Tni pñ lnUvGnuKmn¾karbg;témøEdlCasac;jatirbs;va. PaBcaM)ac;bMputenaH KWplKuNéncMnYnktþaBlkmμEdleRbIR)as;sRmab;kRmitplitplseRmcnImYy²Ca mYynwgéførbs;va. CamYyenHEdrGnuKmn¾énkarbg;témø)anbgðajpÞúyBIdMeNIr RbRBwtþénGnuKmn¾Tinñpl nUvcMnUcERbRbYlsMxan;BIr³ ¤ eRBaHCamYykarbgðajénGnuKmn¾karbg;témøG½kSGab;sIus nigG½kSG½rDINaT½rRtUv)anbþÚrKña dUcenHGnuKmn¾énkarbg;témøCaTUeTACarUbPaBpÞúy rWrUbbRBa©as; dUceXIjkñúgkBa©k;énGnuKmn¾Tinñpl. ¤ eRkABIenH KWKYreGayBicarNaeTotfaktþaplitkmμEdldak;[efrCamYy nwgcMnYneRbIR)as;énktþaplitkmμEdlGefrenaHBMu)anpþl;[eXIjCaTinñplenaHeT ¬emIlrUb¦ k¾b:uEnþktþaplitkmμEdldak;[efrenaH BMubgár[mankarbg;témøtic Cagkarbg;témøEdlsßitenAkñugTMhMEdlecjBIplKuNénéføktþaplitkmμ nigcMnYn ktþaplitkmμEdleRbIR)as;efrenaHk¾eTEdr. dUcenHGnuKmn¾karbg;témøsrub KWBMucab;epþImecjBIcMnucsUnüénRbB½n§kUGr½DINaT½reT KWGacecjBIcMnuckarbg;témøfr énktþaplitkmμenHeq
T

v

- karbg;témøsrubkñúgmYyÉktaplitplseRmc c ¬karbg;témøenHeGab RkesabTaMgkñúgkarbg;témøefrkñúgmYyÉktaplitplseRmc nigkarbg;témøefrkñúg mYyÉktaplitplseRmc c / M) - enAkñúgtMNak;kalTI I RBMEdnkarbg;témø)anfycuH BIeRBaHfakarbg;témø dMbUgRbRBwtþeTAedaymankarfycuHCalMdab;. enAkñúgtMNak;kalenH karcUlrYm enAkñúgplitkmμénktþaplitkmμEdlGefr KWmanTMhMFMEdleFVI[karbg;témøsrub ekIneLIgebIeRbobeFobeTAnwgkarekIneLIgbnþicbnÞÜcénplitplseRmc. karbg; témøsrubsRmab;1ÉktaplitplseRmc KWfycuHenAkñúgtMNak;TI I enaHedaysar mUlehtuBIrya:g ³ TI1 edaysarCamYynwgkarekIneLIgénplitplseRmc KWman karekIneLIgénkarfycuHCalMdab;lMedayénkarbg;témøefr ¬degressiv increasing of the fix cost) TI 2 edaysarkarbg;témøGefrsRmab;mYyÉktþaplitpl seRmcenaH KWvafycuH. mü:ageTotenAkñúgtMNak;kalTII I enH RBMEdnkarbg;témø KWtUcCagkarbg;témøGefrkñúgmYyÉktaplitplseRmc. dMNak;kalTII I RbRBwtþ eTArhUtdl;cMnucrbt;énGnuKmn¾karbg;témøsrub ehIyCamYyenaHk¾CacMnucGb,rma énGnuKmn¾RBMEdnkarbg;témø (function of marginal cost) Edr. - cab;BItMNak;kalTII II karbg;témøsrubekIneLIgCalMdab; eRBaHfakarcUlrYm kñúgplitkmμénktþaplitkmμEdlGefrmankarfycuHedaymUlehtuénkarekIneLIg énkRmit {Eq¥tq¥n}; . RBMEdnkarbg;témømankarekIneLIgvijTnÞmw nwgkarbg;témøGefr nigkarbg;témøsrubsRmab; 1 ÉktaplitplseRmcenAmankarfycuH. enAkñúg tMNak;kalTII II enH karbg;témøGefrsRmab;mYyÉktaplitplseRmc KWseRmc )ancMnucGb,rmarbs;xøÜnCamYynwgcMnuckat;énExSekagrbs;GnuKmn¾RBMEdnkarbg;t émø. - enAkñúgtMNak;kalTI III mankarekIneLIgénRBMEdnkarbg;témøelIskarbg; témøGefrén 1 ÉktaplitplseRmcEdlkarbg;témøGefrenH KWk¾cab;epþImekIn eLIgEdr. k¾b:uEnþkarbg;témøsrubsRmab;mYyÉktaplitplseRmc KWenAfycuH enAeLIy. lT§plenH RtUv)ansegáteXIjrhUt kalNakarekIneLIgénkarfy t

f

52

cuHCalMdab;lMedayénkarbg;témøefrenaH BuMTan;TUTat;sg[elIsBIkarekIneLIg CalMdab;lMedayénkarbg;témøGefrkñúgmYyÉktaplitplseRmc. enARtg;cMnuc NaEdlcab;epIþmmantulüPaBrvaglT§plénkarekIneLIgCalMdab; nigkarfycuH CalMdab;énkarbg;témøsRmab; 1 ÉktaplitplseRmc KWcMnucenaHCacMnucGb,rma énkarbg;témøsrubsRmab; 1 ÉktaplitplseRmc ehIyk¾CaGVIEdlehAfacMNuc RbesIrbMputsRmab;shRKasEdr. enARtg;cMnucGb,rimaenaH k¾CacMnucExSekagén GnuKmn¾RBMEdnkarbg;témø)ankat;vaEdr ¬emIlrUb¦. - dMNak;kalTI IV RtUv)ankt;smÁal;famankarekIneLIgénkarbg;témøsrub karekIneLIgénRBMEdnkarbg;témø nigkarekIneLIgénkarbg;témøsRmab; 1 Ékta plitplseRmc ¬emIlrUb¦. dMeNIrRbRBitþénkarbg;témøcMeBaHkarsRmbsRmYlxøH nigGnuKmn_TinñplEdlmanTRmg;CaGkS “ S ”

rUbPaB

3 rel="nofollow">2>2 kareFVIEpnkarEbgEckplitkmμeyageTAtammYldæanénGnuKmn¾ plitkmμkMNt; (Leontief-GnuKmn¾plitkmμ ) eRBaHfaGnuKmn¾plitkmμkMNt; ¬EdlemKuNbec©keTsrbs;vaefr¦ KWman EtlT§PaBEtmYyb:ueNÑaHénkarpSMpÁMúktþaplitkmμ ¬emIlemeronmun¦ dUcenHxuusBICa mYyGnuKmn¾plitkmμEdlburaN (classical production function) nigGnuKmn¾ plitkmμEdlburaNniymfμI (neo-classical production function) GnuKmn¾enH xVH xatbBaðaénkareRCIserIsénviFIsaRsþplitkmμEdlRbesIrbMput dUcCakarbg;témø pSMpÁMúEdlGb,rma. éføénktþaplitkmμBMuman\T§iBleTAelITMnak;TMngeRbIR)as;énktþa plitkmμeT. enAkñúgRkahVik bnÞat;tMNagkarbg;témø (iso-cost line) b:Hnwg isoquant Canic©CakalEtRtg;cMNuc Q ¬emIlemeronmun¦. karpSMpÁMúktþaplitkmμ KWmanEtlkçN³bec©keTseTCaGñkkMNt; KWBMuEmnlkçN³esdækic©eT. GnuKmn¾enH manninñakarCacarwklkçN³sRmab;vis½y]sSahkmμ. dUcenHkñúgkrNIenH CamYynwgkareFVIEpnkarsMrab;shRKasGñkRKb;RKgRtUv Rbkan;Gkb,kiriyafaxøÜnmanEtktþaplitkmμGefrEtmYyb:ueNÑaH. sRmab;GnuKmn¾ plitkmμkMNt; lkçN³vinicä½yénkarcMeNjGtibrmaEdlRBMEdnkarbg;témøesμWnwg éføénktþaplitkmμ KWBMuGacmansBlPaBeT eRBaHfaRBMEdnkarbg;témø KWefr nigBMuERbRbYlCamYynwgcMnYnplitplseRmc. dUcenHRBMEdnkarbg;témøBMuEmnCa lkçN³vinicä½ysRmab;kMNt;éncMnYnplitplseRmcEdlRbesIrbMputenaHeT. RBMEdnkarbg;témø KWRKan;EtesμInwgtémøEdllk;eTAtamkal³eTs³Etb:ueNÑaH (=p EdlCaéføTabbMputGaclk;)ansRmab;Etry³eBlxøIEtb:ueNÑaH¦ ¬emIlrUb¦. CamYynwgGnuKmn¾plitkmμkMNt; GñkRKb;RKgGacseRmc)ankarcMeNjGtibrma Canic©CakalCamYynwgRBMEdnsmtßPaB. eKeFVI[cMeNjCaviC¢man kalNaéfø TIpSar (p) ekIneLIgelIéføTabbMputsRmab;ry³eBlEvg (p = cMNucGb,rmaén RkahVki énkarbg;témøCamFüm¦. GñkRKb;RKgenAEtGacseRmc)annUvplitkmμ EdllT§PaBbec©keTsGtibrmaCanic© rWk¾minGacplit)anTal;EtesaH kalNaéfø s

l

54

énTIpSartUcCagéføTabbMputsRmab;ry³eBlxøI (p < p ). kalNakarRbugeRbobén karlk;cMnYnplitplBMumanbBaða ¬CamYynwgkarRbkYtRbECgeBjelj¦ enaHTMhM énkarcMeNj KWkMNt;edayéføTIpSar. GñkRKb;RKgGaceFVI[sßanPaBcMeNj kan;EtRbesIreLIgmanEtqøgkat;karERbRbYlénTMhMshRKas dUcCakarBRgIk smtßPaB nigkal³eTs³xøHpSarP¢ab;eTAnwgkarbnßyénkarbg;témøCamFüm. CamYy enHEdrbBaðaenH KWsRmab;shRKasCabBaðaénkarkMNt;sRmab;ryHeBlEvgén TMhMshRKasEdlRbesIrbMputpgEdr. RkahVikGnuKmn¾karbg;témøénGnuKmn¾plitkmμkMNt; nigcMNUlGtibrma s

3>3> kareFVIEpnkardMeNIrkarkmμviFIplitkmμ 3>3>1> rcnasm<½n§bBaðaénkareFVIEpnkardMeNIrkarkmμviFIplitkmμ sRmab;PaBRbesIrbMputmYyénkareFVIEpnkarkmμviFIplitkmμ ¬niyay[xøIKW kareFVIEpnkarkmμviFI¦ KWkareRbIR)as;énlkçN³vinicä½yEdlmanninñakareTArkkar cMeNjmYyEdlCakarcaM)ac;bMput. pÞúyBIkareFVIEpnkarénkarEbgEckplitkmμ EdleyIg)aneFVIkarviPaKmkdl;\LÚvenH EdlkarKitKUrEteTAelIkarbg;témøEtmYy muxenaH KWBMuRKb;RKan;eLIy dUcenHbEnßmBIelIenHeTAeTot eKRtUvEtBicarNaeTAelI lT§pl rWGtßn½yénkarseRmccitþmYyeTAelIplcMNUl rWTinñpl. RsbCamYyenH kareFVIEpnkarkmμviFI KWpSarP¢ab;eTAnwgEpñkénkarGnuvtþn¾plitkmμCamYynwgEpñk énkarlk;rbs;shRKas nig)anbgðajy:agc,as;kñúgnamCacMENkEpnkarmYy énneya)ayplitkmμnYvPaBGaRs½yKñaeTAvijeTAmky:ags¥itrmYtrvagplitkmμ nig karlk;. CakarBitTaMgGs;enHminRtUvmann½yfa eKRtUvniyayEtGMBIkarsegát eXIjEtBIrénbBaðaEdlepSgKñaenHeLIy dUcCakareFVIEpnkarkmμviFIplitkmμ nigkar eFVIEpnkarkmμviFIénkarlk;. TaMgGs;enHvabgðajnUvbBaðasμúKsμajCaÉktamYy. ecjBIEpñkTaMgbIénkareFVIEpnkarkmμviFIplitkmμ ¬emeronmun¦ KWeyIgTaj ecjmksikSaenATIenHEtkaeFVIEpnkardMeNIrkarkmμviFIplitkmμEtbueNÑaH Par³kic© rbs;va KWCaGVITaMgGs;EdlkMNt;kareFVIEpnkarkmμviFICaTIbBa©b;eTAtamRbePT nig cMnYn. CamYyenHParkic©enHcab;epþImecjBI ³ - karpþl;[nUvéføénplitpl. - karpþl;[nUvGnuKmn¾karbg;témøsRmab;plitkmμénplitpl. - karpþl;[dwgc,as;nUvbnÞúksmtßPaBkñúgmYyÉktaplitplseRmc nig - karpþl;[dwgc,as;nUvsmtßPaBplit. RbePTénrcnasm<½n§bBaðaénkareFVIEpnkarkmμviFIRtUvTTYl\T§iBlCadMbUgBIRbe PT nigcMnYnénkarepÞr[d¾ceg¥ótenAkñúgEpñkénkarplit ehIyk¾dUcCaBIrRbePT nigcMnYnénlT§PaBeRCIserIs (alternative possibility) énviFIsaRsþplitkmμ ¬kar 56

eRbIR)as;ktþaplitkmμ nig/rWkRmitlT§plEdlGacseRmc)an¦ ecjBITMhM\T§iBl TaMgenH eKGacTajecjnUvTMnak;TMngEdlkMNt;énkareFVIEpnkarkmμviFI. CamYy enHpgEdr krNI{karepÞr[d¾ceg¥ót niglT§PaBeRCIserIsviFIsaRsþplitkmμ} RtUv )anEbgEckEnßmeTot edIm,I[eKalkarN¾dMeNaHRsayepSg²KñaénkareFVIEpnkar kmμviFIEdlxusKñaGacTajecjmkeFVIkar)an ¬emIlrUbPaB¦. TMnak;TMngénkareFVIEpnkardMeNIrkarkmμviFIplitkmμEdlRtUveRCIserIs

enAkñúgrUbPaBxagelIRtUv)ankt;smÁal;nUvsßanPaBseRmccitþ 6 y:agénkar eFVIEpnkardMeNIrkarkmμviFIplitkmμ ehIyEp¥keTAelImUldæanenH eKEckvaCaBIr RkumsMxan; ³

enAkñúgkrNITI (1) eTATI (4) KWeKGaceFVIEpnkarBIkRmitmYyeTAkRmitmYy )an ¬gradually planning¦ )ann½yfakmμvFi EI dlRbesIrbMputRtUvGacbegátI eLIg)an rYmKñaeTAtamlMdab;lMeday. lkç½NsRmab;bBaðaenH KWkarmanlT§PaBBitR)akd sRmab;KNnanUvKmøatFanar:ab;rgEdlÉkraCüsRmab;pliplepSg²KñaEdlCalT§ plénkarcUlrYmpSMpÁúMKñaénkmμviFI eRBaHfabnþmkeToteKGacbegáItrYmKñaCabnþ bnÞab;nUvkmμviFIRbesIrbMput ¬optimal program¦ eTAtamkarkMNt; nigeTAtam lkçN³vinicä½yénKmøatFanar:ab;rgEdlnwgRtUv)anbBa¢ak;lkçN³. ¤ pÞúyeTAvijkrNITI (5) nigTI (6) KW)ankt;smÁal;faKmøaténkarFanar:ab; rgsRmab;plitplepSg²Kña KWGaRs½yeTAnwg rWk¾sßitenAeRkam\T§iBlénkarcUl rYmpSMpÁMúEdlminc,as;las;énkmμvFi CI aeRcIn. TaMgenHeFV[I eyIgCYbnUvPaBcaM)ac; sRmab;kareRCIserIseKalkarN¾énkareFVIEpnkarEdlekItmankñúgeBlCamYyKña rWRBmKañ ¬statement of simultaneous planning¦ )ann½yfakareFVIEpnkarEdlman rUbragCasMNakénkareFVIEpnkarEdlCaExSbnÞat;Rtg; (linear planning model). xageRkamenH CakarBiPakSanUvpøÚvdMeNaHRsayEdlBMuTamTar[mankareRbI eKalkarN¾EdlekItmanRBmKña (simultaneous statement). ¤

3>3>2> kareFVIEpnkarkmμviFIedayKμankarraraMgénsmtßPaB (program planning without restriction of capacity)

sßanPaBseRmccitþEdlCakrNITI I ¬emIlrUbxagelI¦ KW)ankt;smÁal;eday qøgkat;karBMumankarepÞredayceg¥óténsmtßPaBNamYyeLIy )ann½yfaGVITaMg LayNaEdlcUlrYmpþl;kMeNIténplitplGacRtUvplitenAkñúgcMnYnEdlbeBa©j Gtibrma. bEnßmBIenHeTotRtUvTTYlyk rWsnμt;faplitplnImYy²manbBa¢ak;lkçN³ EtviFIsaRsþplitkmμEtmYyeT )ann½yfakarbg;témøGefrén 1 Éktaplitpl KW ERbRbYledaysarEtkareRbIR)as;lT§PaBCeRmIsénGgÁpSM (alternative aggregate)

58

rWtRmUveTAtamlT§plnana nigmann½yfakarbg;témøGefrenH GacTTYlykCamYy enH CaTMhMefrsRmab;RbePTplitplnImYy². CamUldæansuBlPaBsRmab;kareFVEI pnkarkmμvFi I k¾dUcsRmab;karseRmccitþ énesdækic©gay² KWfasMrab;dMeNaHRsayénbBaðakmμviFI KWmanEtkarbg;témøGefr nigcMNUleTEdlTajecjenAkñúgkarBicarNanUv\T§iBlEdlmaneTAelIlT§plén kareFVIEpnkarenaH. TaMgGs;enH KWmü:agCacMNUlEdlGaRs½yeTAnwgplitplkñúg 1 Éktaplitpl nigmü:ageTotCakarbg;témøGefrkñúg 1 ÉktaplitplEdlRtUv )ansnμt;ykCaTMhMefrsRmab;RbePTplitplnImYy² ¬emIlEpñkxagelI¦. dUcenH KWmanEtkarbg;témøGefrenHeTEdlCakarbg;témød¾manGtßn½yEdlTajykmkkñúg karbkRsay rWbMNkRsayénbBaðakareFVIEpnkar nigKWminEmnkarbg;tMélefr EdlGaRs½yeTAnwgeBlRbRktITin nigEdlminGaRs½yeTAnwgkarpSMpÁMúrYmKñaén kmμviFIenaH sßitCabuBVehtusMrab;karBicarNaxagelIenaHeLIy. ecjBIkarBicarNaenH GacdwknaM[manlkçN³vinicä½yénkarseRmccitþenA kñúgkrNIkareFVIEpnkarkmμvFi EI dlBMumankarepÞredayceg¥ot (program planning without narrow supply of capacity). karTTYlykenAkñúgkmμviFIEdlRbesIrbMput (optimal program) KWRtUvplitplTaMgGs;manKmøatFanar:ab;rg ¬margin of coverage¦ viC¢man. KmøatenH CapldkrvagcMNUlEdl)anpþl;[kñúg 1 Ékta plitpl nigkarbg;témøGefrsRmab;karplitenaH. ]TahrN¾enAkñugtaragxag eRkameFVI[kan;Etc,as;nUvdMeNIrRbRBitþsRmab;kareFVIEpnkarkmμviFIEdlBMumansmtß PaBraraMg. kalNalT§PaBeRCIserIsplitplTaMgGs;EdlGacpþl;CacMNUl KWGac plit)an ¬GVIEdlCakrNIenH KWkalNabnÞúksmtßPaB rWsmtßPaBEdlRtUvpÞukén karplitTaMgGs;CamYynwgKmøatFanar:ab;rgviC¢man sRmab;plitkmμéncMnYnEdl beBa©jGtibrma KWtUcCagsmtßPaBEdlbRmugTukbeRmIkar¦ enaH plitpl 2 6 nig 8 CamYynwgKmøatFanara:b;rgGviC¢manBMuRtUv)anTTYlykmkenAkñugkmμviFIeT. plitpl 1 3 4 5 nig 7 RtUv)anplitnUvcMnYnbeBa©jGtibrma ¬emIlkñúgtarag¦.

]TahrN¾sMrab;kareFVIEpnkarplitkmμEdlBuMmankarraraMgsmtßPaB

3>3>3> kareFVIEpnkarkmμviFICamYykarekItmankarepÞrd¾ceg¥óténsmtßPaB mYy karekItmannUvkarepÞrd¾ceg¥oténsmtßPaBmYy GacmanmUldæanBImUlehtu BIrya:g ³ TI¬1¦ sßitenAelIplitkmμmYyEdlmanEtmYykRmit ¬one grad of production¦ nigsmtßPaB ¬capacity¦ BuM)anbMeBjRKb;RKan;sRmab;plitnUvcMnYn beBa©jGtibrmaCamYynwgKmøatFanar:ab;rgviC¢manénplitplTaMgGs;. TI ¬2¦ KWsaß nPaBénplitkmμmYyEdlpþl[; maneRcInkRmit k¾bu:EnþenHeday sarTMnak;TMngénkarTamTasmtßPaBkñúg 1 Éktaplitpl nigsmtßPaBEdlsßit enACaRbcaMenAkñúgkRmitplitkmμnImYy²mankarepÞr[d¾ceg¥ótEtenAkñúgmYykRmit NamYyEtb:ueNaÑH. krNIxageRkayenHGacekIteT,IgCakrNI)an kalNaTMnak;TMngTamTar smtßPaBkñúg 1 Éktaplitpl nigkRmitsmtßPaBrbs;va ¬emIlrUbxageRkam¦

60

enAkñúgkRmitplitkmμmYyCanic©Cakal KWFMCagenAkñúgkRmitplitkmμTaMgGs;epSg eTot. karkMNt;skþanuBlénEpñkEdlepÞredayceg¥ot sRmab;plitkmμEdlmaneRcInkRmit

sRmab;krNImankarepÞrd¾ceg¥oténsmtßPaBmYy KWeyIgRtUveFIVkarBicarNa eTAelITMnak;TMngTaMgbIkrNIxagelI ¬emIlkñúgtaragxagelIbg¥s;énEpñkemeron enH¦ ³ krNITI (2) ³ kñúgkrNIenH KWmanEtviFIsaRsþplitkmμEtmYy ¬GgÁpSMmYyCa mYynwgkRmitlT§PaBmYy¦ EdlTukbRmugsRmab;plitplseRmcmYy. krNITI (3)³ kñúgkrNIenHekItmannUvlT§PaBénkareRCIserIseRbIR)as; meFüa)ayplitkmμ. karbg;témøGefrrbs;vakñúg 1 ÉktaeBlminGaRs½yeTAnwg plitplnimYy²EdlRtUvplit ¬=efr¦ nigKmøatFanar:ab;rgsRmab;plitplseRmc TaMgGs; nigGgÁpSM suT§EtviC¢man. krNITI (4)³ k¾dUckrNITI (3) Edr EtxusenARtg;fasRmab;karpSMpÁMúnImYy²én plitplseRmc nigviFIsaRsþ KWKmøatFanar:ab;rgrbs;vaGviC¢man. kñúgkrNITI (2) ³ CMnYs rWeRkAEtBIkareFVIkarBicarNaeTAelIKmøatFanar:ab;rg EdlkMNt;sRmab; 1 ÉktaplitplseRmc KW\LÚvenHeKRtUvcab;epþImecjBI KmøatFanar:ab;rgEdlTak;Tg (relative margin coverage) KWsRmab;ykmkeFVI karBicarNarkPaBRbesIrbMputénkmμviFIplitkmμ. KmøatFanar:ab;rgEdlTak;Tg

KWGacRtUv)anmkkñúg 1 Éktary³eBlénkarepÞredayceg¥ót. CamYyenH eK)an[niymn½yénKmøatFanara:b;rgEdlTak;Tg KWCaplEckrvagKmøatFana r:abrg;dac;xatkñúg 1 ÉktaplitplseRmc nigry³eBltRmUvkarsRmab; 1 ÉktaplitplseRmckñúgkarepÞredayceg¥óténsmtßPaB. bnþeTAenH KWCakarbkRsayGMBIlkçN³vinicä½yénkarseRmccitþ ³ plitpl seRmcRtUv)anerobcMeTAtamKmøatFanara:b;rgEdlTak;Tgrbs;va nigBitR)akdRtUv cab;epþImCamYyplitplEdlplitenaH)anbBa¢akBIKmøatFanara:b;rgTak;TgEdlx< s;CageK rWFMCageK ehIyRsbCamYyenaHEdrplitplseRmcEdlmanKmøat Fanar:ab;rgGviC¢man KWRtUvdkecjCabnÞan;. eyageTAtamlMdab;lMedaybnþbnÞab; Edl)anbegáIt eKGacTTYlyk rWpliténplitplseRmcEdlfμIenAkñúgkmμviFI plitkmμy:agyUrrhUtdl;smtßPaBsrubénEpñkEdlepÞrd¾ceg¥oteFVI[Epnkarplit kmμminRtwmRtUvTaMgRsug rWk¾rhUtdl;KμanplitplseRmcEdlCamYynwgKmøatFana r:ab;rgviC¢manminGacekItmanteTAeTot. ]TahrN_xageRkam)anBnül;BIdMeNIr RbRBwtþenH ¬emIlkñúgtaragxageRkam1¦. enAkñúgkmμviFIRbesIrbMput manCaPsþútagKW plitplseRmc 1 2 nig 3 . EpñkEdlepÞredayceg¥óténsmtßPaBEdlmantémø 2800 ÉktaénryHeBltRmUvkar KW)aneFVI[EpnkarplitkmμminRtwmRtUvTaMg Rsug. TaMgenH GaceFVIeGaykarpþl;Fanara:b;rg Edlniymn½yrbs;va KWCaplKuN énKmøatFanara:b;rgénplitplseRmckñúg 1 Ékta nigcMnYnplitplseRmc TaMgGs;)annUvTMhM 25600 énÉktaluy.

62

]TahrN¾sMrab;kareFViEpnkarkmμviFICamYy nWg karepÞredayceg¥otmYy CamYy nWg viFIsaRsþplitkmμEtmYysMrab;plitplmUy plitplsMerc

cMnYnbBa©jGtibrima

KmøatFanara:b;rg

QU

ryHeBlplitkmμ kñúg1ÉktacMnYn

KmøatFanar:ab;rg EdlTak;Tg

MU/TU

1 2 3 4 5

∑

ryHeBltMrUvkar

QU TU/QU

(1)

cMnYnRbesIrbMput

karpþl;Fanara:b;rg MU

TU

MU/TU

(2)

(3)

(4)

(5) = (3) / (4)

(6)

(7)

400 240 100 150 200

30 45 35 48 50

3 5 5 8 10

10 9 7 6 5

400 240 80 ____ ____

1200 1200 400 ____ ____

___

___

___

___

___

2800

(8) = (3) * (6)

1200 10800 2800

25600

66

kñúgkrNITI (3) ³ CamYyKñaenH sRmab;krNIEdlfashRKasGaceRbI lT§PaBCeRmIsénviFIsaRsþplitkmμsRmab;plitplseRmcnImYy² ¬CamYyenaH RtUvEtmanlkç½NÐfa karbg;témøGefrkñúg 1 ÉktaeBlénviFIsaRsþplitkmμmYy KWmanTMhMesμIKñasRmab;plitplnImYy²Edl)aneRCIserIsplit¦ KWk¾eKedaHRsay CamYynwgviFankarN¾ rW]bkrN¾énKmøatFanar:ab;rgEdlTak;TgpgEdr. k¾b:uEnþ GVITaMgenH RtUv[niymn½y rW[lkçN³epSgeTAvij BIeRBaHTMhMénKmøatFanar:ab;rg KWGaRs½yeTAnwgviFIsaRsþplitkmμEdl)aneRbIR)as; ¬KWGgÁpSM nigGnuPaB¦. kalNa ¬GVITaMgGs;EdlRtUvsßitenAeRkamkrNITI (3)¦ plitplseRmcnImYy² ¬mansuBlPaBdUc²Kña eTaHbIplitplenaHRtUv)anplitCamYynwgviFIsaRsþNa k¾eday¦ seRmc)anCanic©nUvKmøatFanar:ab;rgEdlviC¢manenaH eKGacTajecj )anfasmtßPaBEdlepÞredayceg¥ótRtUv)aneRbIR)as;TaMgRsugenAkñúgRKb;krNITaM gGs;. enAkñúgEpñkénkarepÞredayceg¥ót RBmCamYynwgkarminGaRs½yeTAnwg dMeNaHRsyénbBaða kareFVIEpnkarsRmab;GgÁpSM i nimYy² KWCakarbg;témøenAkñúg TMhMén C =C *t = const. ¬efr¦ Ti

i

i max

RtUv)anekIteLIgEdlCamYyenaH C Cakarbg;témøsRmab; 1 ÉktaryHeBlénviFI saRsþ i nig t Cary³eBlGtibrmaénviFIsaRsþ i. eRkayBIkarBicarNaenH eyIgGacemIleXIjfa karbg;témøplitkmμkñúg 1 ÉktaplitplseRmcenAkñúg krNIepÞredayceg¥ótenaH KWBuMEmnCakarbg;témøEdlsMxan;sRmab;ykmkeFVIkar seRmcciteþ T PaKeRcInlkçN³vinci yä½ sRmab;karerobCalMdab;lMedayénplitpl seRmc KWCaKmøatFanar:ab;rgTak;Tgdul (gross relative margin coverage) rbs;va. KmøatFanara:b;rgTak;TgdulRtUv)an[niymn½y CaplEckénKmøatFana ra:b;rgdul ¬= Capldkénéfø nigénkarbg;témøplitkmμGefrén 1 Éktaplitpl seRmcCamYynwgkarelIkElgénkRmitEdlmankarepÞredayceg¥óténsmtßPaB¦ i

i max

nigryHeBltRmUvkarenAkñúgkal³eTs³epÞredayceg¥óténsmtßPaBsRmab;RbePT plitplseRmcmYy. lkçN³vinicä½yénkarseRmccitþsRmab;karbegáIténkmμviFIplitkmμEdlRbe sIrbMputsMrab;krNITI3enH KWeRkABIkarRtYtBinitüfaetIsRmab;plitplseRmcTaMg Gs; nigviFIsaRsþrbs;vamanKmøatFanar:ab;rgviC¢manenaH KWeKenAEteFVIkarBicarNa dUcCakñúgkrNITI ¬2¦ eTotEdr. TaMgGs;hñwgRtUvseRmccitþeTAtamTMhMénKmøatFa nara:b;rgTak;Tgdul faetIplitplseRmcNamYyEdlRtUvTTUlykmkkμúgkmμviFI. ]TahrN¾xageRkameFVIsRmab;Bnül;énGVIEdl)anniyayxagelI ³ shRKasmYymanbRmugTuknUvGgÁpSMbIEdlGgÁpSMnImYyGacRtUvRbRBitþeTAEtCamYy kRmitGnuPaBEtmYyb:ueNÑaH nigrYmKñamansmtßPaBdl; 1800 ÉktaéneBl. 5 plitplseRmcRtUv)anplit. TUrelxsRmab;karbg;témø cMNUl nigsmtßPaB KW manenAEpñkxagelIéntaragxageRkamsRmab;karBinitü. dUcEdleyIg)aneXIjenA EpñkxageRkaméntaragenH edayqøgkat;karKNnaenaHkmμviFIplitkmμEdlRbesIr bMput KWpSMeLIg ¬CamYynwgsmtßPaB 1800 ÉktaéneBl¦ BIplitplTI 3 TI1 nigTI 2 ¬CamYynwgcMnYnGtibrmaénplitplseRmcnImYy²¦ RBmTaMgplitplTI 5 ¬CamYynwg 20 ÉktaénplitplseRmc eRBaHsmtßPaBenAsl;Et 100 Ékta éneBleRkayBIeRCIserIsmkkñúgplitkmμnUvplitplTI3 TI1 nigTI2 mk¦.

68

]TahrN¾sMrab;kareFVIEpnkarkmμviFICamYynwgkarepÞredayceg¥otmYylT§PaBeRCIserIsviFIsaRsþplitkmμ nigeRkABIenHKmøatFanara:b;rgviC¢man 1 2 3 4 5 6 7

plitpl cMnYnlk;Gtibrima ¬ÉktaplitplsMerc ¦ [QU] éføkñug1ÉktaplitplsMerc [MU/QU] karbg;tMélGefrkñug1ÉktaplitplsMercedayKμankarepÞredayceg¥ot [MU/QU] ryHeBltMrUvkarkñúgmYyÉktaplitplenAeBlmankarepÞredayceg¥ot [TU/QU] smtßPaBtMrUvkarsMrab;cMnYnlk;Gtibrima [TU] karbg;tMélGefrkñug1ÉktaplitplsMerckñugkalHeTsHman karepÞredayceg¥ot [MU/QU ]

1 150 710 150 8 1200

2 100 260 80 3 300

3 100 280 120 2 200

4 50 180 100 4 200

5 150 230 105 5 750

V

64

24

16

32

40

V

80

30

20

40

50

96

36

24

48

60

496 480 464 560 70 2

156 150 144 180 60 3

144 140 136 160 80 1

48 40 32 80 20 5

85 75 65 125 25 4

GgÁpSM1 ¬CamYy C =8kñúg 1ÉktaryHeBl ¦ GgÁpSM2 ¬CamYy C =10kñúg 1ÉktaryHeBl ¦ kñúgGgÁpSM3 ¬CamYy C =12 kñúgryHeBl1Ékta ¦ GgÁpSM1 GgÁpSM2 GgÁpSM3 V

8 9 10 11

KmøatFanar:ab;rg [ MU/QU ]

KmøatFanara:b;dul [ MU/QU ] KmøatFanar:ab;rgTak;Tgdul [MU/TE ] lT§plCalMdab;lMeday

70

kñúgkrNITI (4) ³ pÞúyBIkrNITI (3) edaysarkarekIteLIgénKmøatFanara:b;rg GviC¢man KWeKBMuGacniyay)anBitR)akdfashRKasTamTareBjeljTaMgRsugnUv smtßPaBénGgÁpSMTaMgGs;eLIy. eRBaHfakareRbIR)as;smtßPaBeBjeljTaMg Rsug ¬kalNa karqøgkat;vaenAkñúglT§plbBa©b; plitplRtUvEtplitCamYynwg KmøatFanara:b;rgGviC¢man¦ RtUvGacR)ab;[eFVI)an rW[dMbUnμan)ancMeBaHplitpl EdlbgðajenAkarpSarP¢ab;RbePTrvagKñanwgKñaBitR)akd. kalNaTaMgGs;enH KWBMuEmndUcCakrNIEdl)anniyayenaH eKRtUvEteFVIkarXaMgTb; rWkRmitRBMEdnEteTA elIplitplEdlCamYynwgKmøatFanara:b;rgviC¢manEtb:ueNÑaH nigCamYyenaHeKRtUv e)aHbg;kareRbIR)as;TaMgRsugénGgÁpSMTaMgGs;rhUtdl;eBlkarbg;témøfycuHxaøMgCa gR)ak;cMNUl enaHeKnwg)anR)ak;cMeNjsrubekIneLIg. k¾b:uEnþkalNalT§PaB mansßitenAedaysarfasmtßPaBénGgÁpSMTaMgGs;BMuTan;TajykmkeBjeljTaMg RsugsRmab;karTamTarenaH karbg;témøplitkmμénEpñkEdlmankarepÞrceg¥ót KWminGaccat;TukfaCakarbg;témøefrenAkñúgry³eBlEpnkarbnþeToteLIy. TMhM rbs;va KWGaRs½yeTAnwgdMeNaHRsayénbBðaaEpnkarmþgvij nigRtUvkøayeTACakar bg;témøsMxan; (relevant cost) EdlRtUvTajcUlmkkñúgkarviPaKénKuNsm,tþivij. sRmab;dMeNaHRsayénbBðaaRbesIrbMput KWmandMeNIrRbRBwtþdUcteTA ³ - CadMbUgCamYynwgKmøatFanar:ab;rgTak;Tgdul D eK)anGPivDÆn¾nUv lMdab;lMedaylT§plénplitplseRmcdUckñúgkrNI (3). ecjBIenHRtUv)anTaj ecjnUvGnuKmn¾mYyEdlbgðajGMBITMnak;TMngrvagKmøatFanar:ab;rgTak;Tgdul nig smtßPaBtRmUvkar. enAkñúgRkahVikxageRkam KWGnuKmn¾enaHRtUv)ansmÁal;eday sarExSekagragkaMCeNþIrEdlcab;epþImBIxageqVgEpñkxagelIbeg¥aneTAxageRkamE pñkxagsþaM ¬TUrelxmanmUldæanecjBItaragkrNITI 3¦. - enAkñúgPaBdUcKñaenH KWeKerobcMGgÁpSM rWviFIsaRsþedayeyageTAtamkar bg;témøGefrkñúg 1ÉktaeBl nigdak;bBa©lÚ enAExSekagragkaMCeNþrI mYy[ekIneLIg BIeqVgeTAsþaM ¬emIlkñúgrUb¦. ExSekagenH KWbgðajesμInwgGnuKmn¾énsmtßPaBbRmug TukmYyEdlGaRs½yeTAnwgkarbg;témøkñúg 1ÉktaeBl edaysnμt;yk ³ enAkñúg

RkahVki xageRkam karpþl[; sRmab;GgÁpSM 1 nig 2 eyageTAtam]TahrN¾Edl ecjBItaragkrNITI 3. pÞúyBIenH GgÁpSM 3 )anbgðjenAkarbg;témøkúñg 1Ékta eBlenAkñúgTMhM 28énÉktaluyEdl ¬dUcEdlgaynwgKNnatameRkay¦ karpSMpÁMú nImYy² mankarelcecjCamYynwgKmøatFanar:ab;rgGviC¢man. - kmμviFIRbesIrbMput KW\LÚvenHRtUv)ankt;smÁal;edaysarfaTaMgGs; enHmanplitplseRmcCacMbg. KmøatFanar:ab;rgTak;Tgdulrbs;va KWFMCagkar bg;témøénGgÁpSMkúñg 1 ÉktaeBlkñúgkal³eTs³EdlmankarepÞredayceg¥ót. TaMg enHmann½yfasRmab;bBaðaEdlpøas;bþÚrenAkñúgRkahVikxageRkam KWmanEtplitpl seRmcTI3 TI1 nigTI 2eTEdlRtUv)anTTYlykmkkñúgkmμviFI. eTaHbICamYyenaH sMrab;plitplsMercTaMgbIxagelI KWRtUvkarsmtßPaBEt 1700 énÉktaeBl k¾eday k¾plitplseRmc 5 EdlCa lMdab;lMedaybnÞab; KWBMuRtUv)anpliteToteT eRBaHfaKmøatFanar:ab;rgTak;Tgdulrbs;vaEdlesμI 3 MU/TE KWTabCagkar bg;témøGefrsRmab; 1 ÉktaeBlenAeBlEdlmankarepÞredayceg¥ót nigdl; RBMEdnbnÞúkTaMgGs;énsmtßPaB. CamYyenH karcMeNj)anRtUvfycuHCasrub 300 énÉktaluy.

]TahrN¾sRmab;kareFVIEpnkarkmμviFICamYynwgkarepÞredayceg¥ótmYylT§PaB eRCIserIsviFIsaRsþplitkmμ nigkarekIneLIgénKmøatFanar:ab;rgGviC¢man

[TU]

4> kareFVIEpnkarénkarlk;plitpl 4>1> kmμvtßúénkareFVIkarEpnkarénkarlk; 4>1>1> m:aXItTIgCaTsSnHTansmahrNénkareFIVEpnkarénkarlk; plitpl karlk;plitplEdl)anplit KWCaTIbBa©b;énviFIsaRsþbMeBjkarplitén shRKasEdlCamYYyenaH edaysarkarpþl;karbMeBjpliteTA[TIpSarlk; KWesμI nwgkarrkeXIjkar {Rbtibtiþrbs;xøÜn} CaTIbBa©b;. enAkñugdMNak;kalénkarlk; plitpl shRKasmYyminGaclHbg;enArcnasm<½nTIpSaresdækic©NamYy)aneT

eRBaHshRKaseFVIclnaRKbdNþb;esckþIRtUvkarrbs;GñkdéTEdl)anbBa¢ak;BImune nAelITIpSar. CamYyenH bBaðaenH)anbgðajnUvkarekIteLIgéneRKaHfñak;TIpSar EdlbNþalmkBITpI SareFVIkarseRmccitCþ aTIbBa©b; faetI nigTMhMbu:NaÑ énviFsI aRsþ bMeBjkarpliténshRKasEdlRtUvcMNay ¬edIm,Ikitiþys¦ edaysarEtBIkarfy cuHénkic©bMeBjénkarlk;plitpl?. dMNak;karlk;plitpl KWcaM)ac;pgEdrCa mYYynwgn½yfakarlk;plitplCaRcvak;P¢ab;mü:agrvagplitkmμ nigmü:ageTotCamYy TIpSarlk;plitpl. viFankarN¾neya)ayénkarlk;plitplEdlc,as;las;RtUv EtCYbRbTHnUvkarBicarNaelITIpSar nigbEnßmBIenHeTotviFankarN¾TaMgenHRtUvEt dak;xøÜneTAnwgPaBpþl;eGayénTIpSar ¬=karcaM)ac;énTIpSar¦ EdlvaGaRs½y rWk¾BuM GaRs½yk¾eday. TaMgenH CakarRbQmmuxrbs;shRKaseTAelIEpñkénkarlk; plitplrbs;xøÜn. lkçN³CadMbUgmYyénkarseRmccitþénkarlk;plitpl KWTis edATIpSarEdlKμanlkç½NÐ ¬unconditional market segments¦ EdlCamYyenH kRmitGnuPaB ¬intensity grad¦ enAkñúgkrNInImYy² KWGacepSg²Kña. enAkñugGtßn½y enATIenH KWCaBiessfaetIenAelITIpSarlk;plitplEdlcm,grbs;shRKas ekItmaneLIgnUvsßanPaBTIpSarénGñklk; (dealers, wholesales and retailers) nig GñkTij (buyers)EdrrWeT?. enAelITIpSarGñklk;mYy KWsRmab;shRKasEdlCa GñkpÁt;pÁg;manlT§PaBgayRsUlCagenAelITIpSarGñkTijmYykñúgkarRbtibtiþeKalbM NgEdlTak;Tgkarlk;plitplrbs;xnÜø eRBaHfakarpÁtp; gÁ B; MuRKb;RKan; (barely supply)mYyéntRmUvkarGacRbQmmuxTl;nwgeKalkarN_tRmUvkarEdl{BMuEq¥tq¥n;} nigCamYyenaHGacekIteLIgnUvtRmUvkarGtierk (surplus of demand). pÞúyeTA vijenAelITIpSarGñkTijmYy KWmanEtPaBelIslb;énGtifiCn (customers¦ rWGñkTij ¬buyers¦ EdlCaGVIeFIV[manTMnak;TMngCamYynwgkarpÁt;pÁg;elIslb; ¬ surplus of supply¦ nigsm
karbMeBjkarplit KWBitCacaM)ac;mYyenaH EtTaMgGs;enHsRmab;saß nPaBTIpSar GñkTij KWmansPaBpÞúyBIenaH. karlk;plitplRtUvsßitenAkñúgkarepÞreday ceg¥ót nigRtUvRKbdNþb;elIslb;eTAelIdMNak;kald¾éTeToténdMeNIrRbRBwtþén karplitTaMgenaH mann½yfanimitþkmμénviFankarN¾ ¬=karbegáItviFankarN¾¦plit KWmanninñakar rWtMrg;TisedAeTArkRbePTTamTarénTIpSar. dMeNIrRbRBwtþénkarplit KWenARKb;dMNak;kalTaMgGs;rbs;xøÜnRtUvtMrg;TiseTAelITIpSarlk;EdlCamYyenaH TIpSarenaHCacMnucTajsRmab;karseRmceKalbMNgénneya)ayshRKas. kar tMrg;TisEdlTajykTIpSarrebobmYyenHénviFIsaRsþshRKas KWeKkt;smÁal;Ca TUeTAfama:XItTIg (Marketing). ma:XItTIgCamYynwgkarkøayeTACaRbePTlkç½NÐ karlk;énshRKasenAkñúgsgÁmEdlmanPaBsm,ÚrEbbenaH KWsBVéf¶enHm:aXItTIg kMBugman\T§iBlelIslb; (predominance). eyageTAtamkartMrg;TiseTAxageRkAenH karKitrebobninñakareTArkTIpSar énshRKasmYy KW)ankt;RtaminRtwmEtRbtikmμeTAelIlkç½NÐTIpSarEdlERbRbYl enaHeT eRkABIenHeTotenAkñúgPaBkMNt;Cak;lak;BiesspgEdr eKRtUvkt;RtaecjBI karsegátemIleTAelIkarERbRbYlEdlRtUvrg;caMedayqøgkat;dMeNIrkarsegáteTAe BlGnaKt. viFankarN_EdlmaneKalbMNgsRmab;ebIkcMhrTIpSar sRmab;BRgIk TIpSar nigsRmab;bgáarTIpSar KWCasBaØasmÁal;;énskmμPaBshRKassRmab; TTYlyk\T§iBlenH. karebIkcMhrTIpSarcg¥úlbgðajCamYyenHenAkarEsVgrkeTA tamTisedAeKalbMNgnUvlT§PaBsRmab;bMeBjcitþénesckþIRtUvkarrbs;mnusSEd lrhUtmkdl;eBlenHsßti enACaRbcaMRKan;EtCalkçN³kM)aMg rWkl¾ ak;)aMg (latent) Etb:ueNÑaH. karebIkcMhrTIpSar KWCalkçN³RtUvbMeBjCamunnUvkarGnuvtþn¾RbB½n§ RsavRCavmYyénesckþIRtUvkarenHtamryHshRKasEdlmankarTak;TgcMeBaHbBað aenH nigmankarebIkcMhr ehIyEdlCalT§pl KWbegáItenATIpSarfμIya:gBitR)akd. TnÞwmnwgkarebIkcMhrTIpSark¾manTisedAeKalbMNgTI 2 KWkarBRgIkTIpSar. karBRgIkTIpSarCacMnuckNþalénm:aXItTIg. eTaHbIfakarBRgIkTIpSarseRmc)antam meFüa)ayplitplcas; rWk¾plitplfμI ehIyk¾enAelITIpSarcas; rWk¾eTAelITIpSarfμI

KWva)ankekIteLIgnUvcMNuccab;epþImepSg²BIKñasRmab;karBRgIkmYyénTMhMTIpSar. qøgkat;karekIteLIgénGaMgtg;sIuettRmUvkar RBmCamYynwgkarCRmujeGaymankar pøas;bþÚrtRmUvkar KWeKGaceFVI[seRmc)anenAplitplEdlmansßitenAelITIpSarrYc ehIyekIneLIgenAkñúgrgVg;GtifiCnEdlBMuERbRbYlmYy. PaBxusKñaxagPasaén TisedARkumTIpSar GaceFVI[manpÞúyeTAvijnUvkarrujRcanénplitplcas;eTAkan; RkumGtifiCnfμI ]TahrN¾dUcCaeTAkan;breTs. GtifiCnmYyTamTarCabnþbnÞab; enAplitplfμI kalNarcnasm<½n§tRmUvkarrbs;BYkKat;RtUv)anpøas;bþÚr rWk¾kalNa karekIneLIgénbec©keTs rWbec©keTsPavUbnIykmμEdleFVI[mankarERbRbYlén lkçN³plitpl. TMrg;EdlCalT§plénkarBRgIkTIpSarseRmc)aneCaKC½yy:agBitR)akd ebI sinNaplitplfμI)anpÁt;pÁg;enAelITIpSarfμI k¾b:uEnþedaymUlehtuénkarxVHxatbT BiesaFn¾lT§plenHk¾biT)aMgpgEdrenAeRKaHfñak;CaeRcIn. karBRgIkTIpSarRtUveFVI eTACamYyKñaCanic©Cakaledayqøgkat;karxitxMRbwgERbgbgáar rWkarBarsßanPaB TIpSar rWTItaMgTIpSarEdl)ankøayCakmμsiT§rbs;xøÜnmkdl;eBlenH. qøgkat;kar pÁt;pÁg;énRbB½n§EdlkMNt;[KñaeTAvijeTAmk ]TahrN_dUcCa CamYykarpÁt;pÁg; eRKOgsgðarwmkMBüÚT½r nigkMBüÚT½r .l. KWeFVI[GtifiCnmankarpSarP¢ab;CayUrGEgVg eTAnwgshRKas. qøgkat;neya)ayéføTabbMput rWkk¾ areXasnaBaNiC¢kmμEdl manTMhMxusKñaxøaMg nigéføxs< G; acRtUvCRmujeGayshRKasEdlmanhirBaØvtßúexSay xÞatecjBITIpSar. kñúgkrNIénkarbgáarTIpSarmYyEdlniymGMBIkardak;sm
lkçN ½ sÐ Rmab;kareFIEIV pnkarlk;plitplEdlmanlkçN³eCaKC½ymYy KW Canic©CakalCaTsSn³TanmYyEdlbiTCitedayxøÜnvapÞal; ehIyEdlCamYyvaenaH kareFVIecjCarUbragplitpl nigRbePTéføénkarEbgEck RBmCamYynwgkarpSay BaNiC¢kmμRtUvEteFVIkarbMeBjb®gÁb;edayxøÜnÉg edIm,ICMnYsnwgkarEdlyl;minsIu sgVak;KñatamlMdab;lMeday rWk¾rhUteTAdl;karraraMgKñaeTAvijeTAmk. m:aXItTIg KWCamYyenHCaTsSnHTansRmab;yl;fa etIGVIxøHEdlTak;TgeTA elIkarseRmccitþTUeTAmYyEdlkarseRmccitþenaHCamat;Rck;enACMvijkareFVIEpnka rlk;plitpl. TsSn³TanenH manPar³kice© FV[I karseRmccitnþ mI Yy²Edlnwg CYbRbTHmankarkMNt;BImYyeTAmYy[)anc,as;las; nig[varlUnEdlGacbegáIt )anCargVgb; Ti CiteBjeljmYy RBmTaMgk¾CaGVéI nkartamrkPaBRbesIrbMputéneKal bMNgneya)ayénkarlk;plitplEdlnwgRtUveRbIR)as; nigEdlCaGVIEdleFVI[ Bi)akdl;kareRCotcUlénGñkRbkYtRbECgenAkñúgkarTak;TgCMnYjEdlnwgseRmceCa KC½yenaH. karGacsmÁal;)ansRmab;TsSn³Tanm:aXItTIgEdl)anniyayenH KWmanlkçN³dUcxageRkam (Meffert 1980) ³ 2 ¤ karviPaKBIrcnasm<½n§ (systematic analysis) énsþg;daGkb,kiriyaén GtifiCnTaMgGs;EdlsMxan;sRmab;eCaKC½yénkarlk;plitplrbs;shRKas dUc CaGñkTij QμÜjkNþal Gñklk;dM Gñklk;ray GñkRbkYtRbECg rdæarGMNac .l.. ¤ karRsavRCavCaeTogTat; nigebIkcMhrTUlMTUlayénTIpSar. ¤ karbgðaj\T§B i lEdlsmRsbeTAnwgeKalbMngénTIpSaredaymeFüa)ay énkareRbIR)as;viFankarN¾TaMgGs;énma:XItTIgmIk (all instruments of marketing mix). ¤ kareRbIR)as;éneKalkarN¾eGabRkesabTIpSarEdlepSg²Kña nigkarEk ERbTIpSaredayqøgkat;karbMEbk rWGgánT; pI SareTAtamTisedAeKalbMNgénkarlk;. karseRmccitþedaysniTankmμ edaytamTMlab; edayÉkÉg nigedaytamsgÁmdUcCa veblen-effect, snob-effect and withgoing-effect. 2

cat;EcgerobcM[mannUvKMnitm:aXItTIgenAkñúgRKb;EpñkTaMgGs;rbs; shRKas. karerobcMtamlMdab;lMedayénkarseRmccitþm:aXItTIgenAkñúgdMeNIr karEdlcMbgénesdækic©énkarpÁt;pÁg;plitpl. CasrubPar³kic©m:aXItFIgeGabRkesabeRcInCagBIkarRKan;Etlk;énplitp lsRmab;lT§PaBeGay)anéføEdll¥ niglkçN³EdldUcCaGVIEdlGacsßitenAEk,r sBaØaNCaRbéBNIénma:XItTIg KW {karlk;plitpl} enaHeT. ¤

4 rel="nofollow"> 1> 2> m:aXItTIgenAkñúgesdækic©RbkYtRbECg tamPaBCak;c,as;TsSnHTanm:aXItTIgmanTisedApþac;muxeTAtamtRmUvkarén TIpSar TsSnHTanenHk¾RbQmmuxTl;ngw bBaðararaMgepSg²EdlmanenAkñúgshRKas ]TahrN_ dUcCameFüa)ayEdlmanbRmugTukTak;TgTItaMg rWk¾smtßPaBmanRBMEdn nigRBmCamYyenaHpgEdr\T§iBlTaMgLayBIxageRkA. CaBiessktþaxageRkamenH KWCaktþararaMg énTisedATIpSard¾s¥atbrisuT§rbs;shRKas ³ ¬a ¦ eKalbMNgEdl)andak;cuH nigmankarRbkYtRbECgBIsgÁm ¬b¦ rcnasm<½n§TIpSarrvagGñkplit nigBaNiC¢kmμ ¬c¦ TMnak;TMngtwgEtgrvagshRKasFM² nigFunlμm (d) karkarBarGñktRmUvkar ¬a¦ skmμPaBm:aXItTIgRtUv)ancarCamYYyRbB½n§témøEdlrdæ nigsgÁmpþl;[ nigRtUvEteFVIclnaeTAtamRkbx½NÐEdlpþl;eGayenaH. kardak;eKalbMNgEdlmanlkçN³sgÁm KWmansßitenAkñúgneya)aysux PaBCati Ca]TahrN¾TaMgenHmandUcCakarlk;nUvplitplEdleFVI[xUcsuxPaB KWRtUv)anXat;XaMg rWk¾hamR)am. eRkABIenHmankarraraMgeTAelIkarlk;plitpl mðÚbGahar nigeRKOgeTsdUcCakardak;éf¶ExeRbIR)as; sBaØasmÁal;énkareRbIR)as; FatuKImI .l. CamYykarpliténplitplvinieyaK nigplitpltRmUvkarRtUvEtRbug Rby½teñ TAtambTbBa¢asnþsi ux ]TahrN_plitplekμgelg rWk¾brikçakñúgpÞH. sRmab;karEfrkSabrisßanFmμCati KWeK)ankMNt;enARBMEdnbnÞúkenAkñúgeKalbMNg

sRmab;raraMgviFIsaRsþplitkmμEdleFIV[brisaß nxUcxatedayqøgkat;karraraMgEpñke sdækci .© TIkEnøgEdlmantémøvb,Fm’xs< ; KWRtUv)anRbkasCakEnøgkarBarekrmrtk Edlqøgkat;bBaðaenHkarksagsMNg;esdækic©epSg²RtUv)anhamXat;. karraraMg EdlekIteLIgelIsBIenHeTot KWsRmab;skmμPaBm:aXItTIgénkareFVIcracrTMnij CaGnþrCati. karhamnaMcUl karkRmiténkarnaMcUl viFankarcMnYnx<s; Bn§Ky Bn§naMcUl k¾dUcCakarbg;tulüPaBRtUv)anrab;beBa©ÚleTAnwgRBMEdnkMNt;énneya )ayBaNiC¢kmμeRkARbeTssMxan;²EdlCaviFankarN¾kMNt; nigbBa¢aénlMhUr plitplrvagkñúg nigeRkARbeTs nigCamYyenaHEdrvaC³\T§iBleTAelITsSnHTan m:aXItTIg. ¬b¦ TnÞwmnwgkareFVIBaNiC¢kmμkalBIsm½ymunmantYnaTIRKan;EtCakarbMeBj karCYycMeBaHGñkplitkrenaH EtkñúgcenøaHeBl\LÚvBaNiC¢kmμkøayCaTMnak;TMng GMNac. CakarBit KWekIteLIgenATsSnHTanPaBCaédKUrrvag]sSahkmμ nig BaNiC¢kmμEdlGacraraMgenAkarrMelaPbMBanénGMNacTIpSar nigelIsBIenHeTot EdlGacpþl;nUvkarsßabnakargarrYmKñaenAkñugTMrg;karpþl;Bt’maneTAvijeTAmkkar sþab; nigkarpþl;eyabl; k¾b:uEnþTaMgenHminGacCMrujnUvkarbEgVgdanGMBIkarekIn eLIgénsRgÁamRbKYtRbECgrvagplitkr nigBaNiC¢kr)aneLIy ¬bBaðaenH KWTak; TgnwgkarGnuvtþn_c,ab;BaNiC¢kmμ¦. ¬c¦ karGPivDÆn_enAkñúgBaNiC¢kmμ KWRtUvkt;smÁal;edayqøgkat;dMeNIrkar RbmUlpþMúmYy nignaMeTArkkarekIneLIgénGMNacshRKasFM² nigRkumBaNiC¢kmμ. \T§iBlBiessenATIenH KWkarQaneTArkPaBRbesIreLIgénlkç½NÐTIpSarpÁt;pÁg;Ca mYykarekIneLIgénTMhMshRKas. TIpSartRmUvkar dUcCapSarlk;TMnijTMenIb² ¬esvakmμedayxøÜnÉg¦ Rcvak;TIpSarFM² Gñklk;TMnijcuHéfø ¬discounters¦ KWeday sarTMhMénkarTijrbs;BYkeKxçs; eFVI[eKmanGMNactRmUvkarmYyEdlGacpøas; bþÚrsßanPaBkñúgkarlk;plitplsRmab;éfømYyEdlsRmab;Gkñ CMnYjfñak;kNþalminG acseRmc)anmþgNaeLIyenAkñúgkarTij rWkartRmUvkarrbs;xøYn. bEnßmBIelIenH eTot shRKasFM²GacTaj)annUvKuNsm,tþi ¬advantage¦ ecjBIlT§PaBEdl)an

EtgtaMgsRmab;tYnaTIÉkeTsrbs;xøÜn ]TahrN_dUcCavis½yhirBaØvtßú rWk¾bBaða sRmab;Tak;Tgnwgc,ab;. dUecñH meFüa)ayKaMRTrbs;rdæRtUvEteFVIcMeBaHGñkEdlTTYl nUvKuNvib,tþi. qøgkat;tamc,ab;RtYtBinitüPaBrlaycUlKñaénshRKas eKGac bg¥ak; ]TahrN_eTAelIninñakarénkarrlaycUlKñaénshRKas. eRkABIenH RtUvmanTIkEnøgpþl;eyabl;TukbRmugsRmab;]sSahkrFunmFümenAkñugkarelIkeLI gnUvsMnYrBiess²sMrab;vis½yCMnYjrbs;eK. bBaðaEdlekIteLIgenAkarekIneLIgénkarrlaycUlKña rWk¾karRbmUlpþMúKña tamkarBitedaysarkarCRmujénGtifiCn eFVI[plitkrGacpÁt;pÁg;EtRkumBaNiC¢kr EdlkMNt;c,as;las;b:ueNÑaH rWk¾EtBaNiC¢krEdl)aneRCIserIsCamYynwgkar bBa©úHéfød¾xçs;. sRmab;bBaðaenH KWRtUvEtecosevognUvviFankarN¾ rWc,ab;EdlpþÜl rMlMkñúgkarhamXat;Gkb,kiriyaEdlRtUvrUvKña karhamXat;karraraMg nigkarham Xat;karerIseGIg. (d) karbBaÄb;ninñakarrlaycUlKñaenAkñúgBaNiC¢kmμ KWpSarP¢ab;eTAnwgkar ekIneLIgéncMnYnEdlfycuHmYyénRkumCMnYj rWshRKas. RbQmmuxTl;nwgviFI saRsþenH eFVI[karekIneLIgya:gxøaMgénépÞlk; rWépÞTIpSarenAkñúgTIkEnøgEdlQr enAenaH. PaBeRKaHfñak;EdlnwgekItmaneLIgCamYyenH KWkarpÁt;pÁg;CamYynwg plitpltRmUvkarEdlCary³eBlxøI nigmFüm dUcenHTaMgGs;hñwgRtUvEteRbIR)as; nUvviFankarN_ nigkmμviFIsmRsb. - ]TahrN_ ³ karerobcMneya)ayCYyelIkTwkcitþsRmab;kartaMgTIénmux CMnYjEdlTak;TgnwgmðÚbGahar[eTAtamkEnøgEdlGacmaneRKaHfñak; rWhaniP½y ekIteLIg rWmYyk¾raraMgkareRCIserIsTItaMgénshRKasEdlTak;Tg[eTAtamkEnøg Edl)ankMNt;vij. eRkABIenH kar]btßmsRmab; {TIpSarEdlmanclna (mobile shRKasmannUvlT§PaBeRcInEbby:agCamYynwgskmμPaBm:aXItTIg market)}. rbs;xnÜø sRmab;bMBarbMBanTl;nwgplRbeyaCn_énGñktRmUvkarEdlCamYyenaHBMuma nkarekIteLIgenAkñúgTMnas;CamYyc,ab;. GñkpÁt;pÁg;énplitpl nigesv:akmμ Canic©CakalEtgEtTajecjBIsm
PaBsRmab;eFVIeGayman\T§iBleTAelIGñktRmUvkarEdl\T§iBlenaH KWmanTisedA pÞúyBIplRbeyaCn_énGtifiCn. karekgcMeNjBIkarmindwg rWminyl;BIGñkTij edayectna rWBMupþl;[bBaðaBitsMxan;² rWkarx©b;vicbeBaäat rWkarpSayBaNiC¢kmμ CamYynwgkaryl;tamKμanCMTas; KWCa]TahrN_sMrab;krNIénkarRbkan;Gkb, kiriyaEdlCasRtUvénGñktRmUvkarenAkñúgkarGnuvtþn_ma:XItTIg. BIeRBaHmankarbgðajfatulüPaBplRbeyaCn_BitR)akdrvagGñkpÁt;pÁg; nigGñktRmUvkarminGacRbRBwteþ TAedaysaréføEtmYyb:ueNÑaHeT dUcenHmankarkekIt eLIgenAKMnitpþÜtepþImEdlsakl,gBicarNa[kan;EtRbesIreTAelIplRbeyaCn_én GñkeRbIR)as;. qøgkat;c,ab;karBarplRbeyaCn_énGñktRmUvkar ¬dUcCac,ab;mðÚb Gahar c,ab;»sf karBiny½ plitkr¦ kareFVI[kan;EtRbesIreLIgénkRmitBt’man sRmab;GñkTij qøgkat;RbB½n§eXasna karbegáItviTüasaRsþBiesaFn_plitpl karerobcMkarBarGñktRmUvkar nigTIbBa©b;edaysarkareRtomerobcMrbs;shRKas pgEdrsRmab;ErkBn§enAplRbeyaCn_énGtifiCnrbs;xøÜnCamYynwgskmμPaBma:XIt TIgrbs;xnÜø EdlTUTat;kan;Etl¥enaH suTE§ tCakarsakl,gsRmab;begátI énkarBüa)alenH. 4 rel="nofollow"> 1> 3> nimiμtþkmμénvisy½ ma:XtI TIg nigviFankarN_énma:XtI TIg enAkñugPaBGaRs½yeTAtameKalbMNgénshRKas nigeTAtamRbePTkar bMeBjplitplEdlnwgeFVIBaNiC¢kmμ eK)anEbgEckCaTMrg;epSg²énma:XIFIg dUcrUbPaBxageRkam ³

vis½ykargarénma:XItTIg

mUldæanepSgKñaekIteLIgCaBiessrvagma:XItTIgénsßab½nEdlmanTisedA EsVgrkcMeNj ma:XItTIgsRmab;sßab½nEdlminKitBIhirBaØvtßú nigm:aXItTIg sRmab;sßab½nsaFarNH. TnÞwmCamYynwgm:aXIFIgénsßab½nCMnYj sMrab;karseRmc citþbeBa©j rWlk;plitplTUeTAeKBicarNaeTAelIkar[manR)ak;cMeNjx<s; nirnþ_PaB nigPaBrlUnénkarGPivDÆn_énshRKasenaH ma:XtI TIgénshRKasEdl minEmnCMnYjsßti enACamYynwgPar³kicE© dlmanTMnak;TMngsgÁmEdlmüa:gsßti enAkñúg TMrg;énma:XtI TIgénGgÁkarEdlminKitBIcMenj nigmüa:geTotsßti enAkñúgTMrg;én {ma:XtI TIgsgÁm} EdlCacMnucmUldæan. CadMbUgTaMgenHBak;Bn½ e§ TAnwgma:XItTIg sRmab;sßab½nEdlBMuKitBIhirBaØvtßúCasMxan; KWdUcCasRmab;shRKassaFarN³ ]TahrN_ Gysμ½yyan éRbsNIy_ shRKasdwkCBa¢ÚnsaFarN³ nigsRmab; GgÁkar nigsmaKmnana. eRBaHfasßab½nTaMgenHmanrebobdwknaMCamUldæan eyageTAtameKalkarN¾dUcKñanwgshRKasBaNiC¢kmμEdrenaH karsakl,gsßit enACitsRmab;ERbkøayTsSn³Tanma:XtI TIgénshRKasBaNiC¢kmμ[eTAelIsaß b½nT aMgenaHk¾manpgEdr. PaBxusKñarbs;TsSn³TanenH KWstiß enAedaysarCaBiess enAkñúgkarkMNt;eKalbMNgrbs;RbePTsßab½nTaMgBIr.

edayfasßanPaBcMbgénma:XItTIgénGgÁkarminKitBIR)ak;cMeNjBMusßitenAkñú gkarEsVgrkcMeNj eRkABIenHeKEsVgrkEtnUvmUldæanclnaepSg² ]TahrN_ dUcCakarBarkarbg;témø karpÁt;pÁg;CnCatiPaKtic karpSBVpSayvb,Fm’ rWlT§i. cMENkm:aXItTIgsgÁm KWeFVIdMeNIreTAmuxmYyCMha‘nbEnßmeTot. m:aXItTIg enH minmanTMnak;TMngCamYynwgsßab½nEdl)anelIkmkniyayenaHeToteT KWvaman TMnak;TMngEteTAnwgplRbeyaCn_saFarN³. cMnucmUldæansRmab;eKalbMngén ma:XtI TIgsgÁmrab;bBa©lÚ ]TahrN_dUcCa karbegánI Gayurs;enArbs;RbCaCn karbegáInKuNPaBrs;enAenAkñúgRbeTsmYy rWk¾karkarBarbrisßanCaedIm.l. kareXasnaRbqaMgnwgkareRbIR)as;suranig)arIhYskRmit kargarpSBVpSayBnül;eTA elIRkumEdlsßitenABIKmøatsgÁm ¬RsIeBsüa GñksMTan>>>¦ nigkareFVI[FUrRsal nUvbnÞúkBn§sRmab;rfynþEdlbeBa©jCatiBultic TaMgenHk¾eKEtgEteXIj m:aXItTIgsgÁmelIkykmkeFVI[R)akdniymeTAtamneya)aym:aXItTIgsgÁmrb s;xøÜnEdr. eRkABIenHCacMnucsMxan;ma: XItTIgsgÁmRtUv)aneRbIR)as;sRmab;GmnUv viFankarN_c,ab; ]TahrN_dUcCaBt’mansþGI MB\I T§Bi lénkareRbIR)as;RCulhYs éneRKOgejón rWk¾karpSayBaNiC¢kmμsRmab;karbg;[)anRtwmRtUvnUvBn§BIkarTTYl RbB½np§ SBVpSayCaedIm. k¾dUcCasRmab;ma:XtI TIgénsßab½nminEmnBaNiC¢kmμEdr m:aXItTIgénsßab½nBaNiC¢kmμ RtUv)anEbgEckCaGBaØatikmμepSg²Kña. eTaHbICa eKalbMNgénneya)aykarlk;plitplénshRKasEdlmanTisedATajykes dækic©Tak;TgCacMbgeTAelIkRmitvas;EvgsMxan;béI nkarlk;plitpl[)aneCaKC½y ¬=cMENkTIpSar cMNUl)anBIkarRbtibtþkarCMnYj rWk¾TMhMénkarlk;plitpl nigR)ak;cMeNj rWk¾PaBEdlGacrkplcMeNj)an¦ y:agNak¾eday k¾PaBxusKña enAkñúgkarpÁt;pÁg; nigkarbMeBjkarpliténshRKasnImYy²TamTarCamUldæannUv kareRbIR)as;vFi ankarN¾ (instruments) epSg²Kña nigCamYyenHEdreFVI[mankar xusEbøkKñaya:gxøaMgnUvTsSn³Tanénma:XItTIg. kalNaeKTajecjnUvcarik lkçN³énplitplEdlsRmab;dak;lk;enATIpSarCakarvinci y½ä cariklkçN³epSg²Kñ aenaH eK)anEbgEckRbePTénm:aXItTIgdUcteTA ³ m:aXItTIgénplitpleRbIR)as;

nigplitplvinieyaK ehIyk¾dUcCam:aXIFIgénBaNiC¢kmμ nigm:aXIFIgénesva:kmμ. RbePTEdl)anbgðajenH KWRbePTnImYy²mannUvcMnucsMxan;paÞ l;xnÜø nigEbgEck rWkt;smÁal;erogxønÜ CaBiesstamryHm:aXItTIgmIk (marketing mix) rbs;xøÜn. plitpleRbIR)as; KWCaplitplEdlmanGayuxøIEdlRtUv)anTijedaybuKÁl mñak;² nigedayeKhdæanFM²sRmab;esckþIRtUvkar nigsRmab;kareRbIR)as;pÞal;xnÜø . karseRmcénkarTijCalT§plEdleFVeI dayÉkÉg (spontaneous) rWk¾CaTmøab;Canic© CakalEdlenAkñúgRKb;krNITaMgenaH. k¾b:uEnþsMrab;karTij eKBMu)anKitBicarNa[ )anc,as;las;BIKuNsm,tþi nigKuNvib,tþiénkarCMnYjnImYy² (rational) eT,Iy. TsSn³Tanm:aXItTIgsRmab;plitpleRbIR)as;RtUvEtTTUlykkarykcitþTukdak;Ki tKUreTAelIbBaðaenH dUcenHTsSn³TanenH RtUvEtmankarerobcMninñakarénneya)ay plitpl (product mix) nigénneya)ayCMrujkarlk; (promotion mix) Catémød¾ xøaMgkøamYy nigCaBiessRtUverobcMdak;sMrab;\T§Bi lénGBÖnrþ jaN (intuition) nigkar rMePIbcitdþ l;GñkTijEdlCaskþanuBl. neya)ayTItaMg (place mix) KWRtUvkMNt;eTA elIbBaðaxagelIenH nigRtUvmankarerobcMbgáarsRmab;kRmitraldalEdlcg;)an. pÞúyBIplitplxagelIplitplvinieyaK manenAkñúgrgVg;plRbeyaCn_mYy CamYynwgTRmg;ragerAedayELkepSgeTot. sRmab;plitplvinieyaK KWkar niyayGMBIGñkTijEdlGñkTijenaH )anerobcMkarseRmccitþy:aghμt;ct; nigeFVIkar BicarNaCacm,geTAelIKuNsm,tþi nigKuNvib,tþiTaMgGs; (rational thinking) eRBaHfaCamYynwgkarTijénplitplvinieyaKmYy KWmankarpSarP¢ab;kareRbIR)as; y:agx<sb; Mputénfvikar nigeBlevla ehIymü:ageTotkarseRmccitþsßitenAkñúg lkçN³EdlminGacERbRbYl)ankñúgry³eBlxøIeT,Iy. eyageTAtambBaðaenH cMeBaHm:aXItTIgrbs;va smasPaBBt’man nigsmasPaBdMbUnμanRtUvrk[eXIjnUv karBicarNaeGay)anhμt;ct; ehIyebICaBiessRtUvRbQmmuxTl;nwgskmμPaBmin RbRktInwgviFankarN_pSayBaNiC¢kmμTUeTA KWskmμPaB nigviFankarN_TaMgenaH RKan;EtRtUveFVICakrNIbnÞab;bnSMEtb:ueNÑaH.

CaBiesscMeBaHplitpleRbIR)as; nigkñúgTMhMtictYcpgEdrcMeBaHplitpl vinei yaK edIm,Ilk;plitplrbs;xnÜø eTAGñkeRbIR)as;cugbBa©b[; )aneCaKC½y KWPaK eRcInedayqøgkat;BaNiC¢kmμ nig⁄rWBaNiC¢kr. BaNiC¢kmμ nig⁄rWBaNiC¢kr)an bgðajCamYyenH KWCaRcvak;P¢ab;rvagGñkplit nigGtifiCn. kartMrg;TisedA ¬EdlTajecjBIlT§plxagelI¦ énBaNiC¢kmμeTAelIRkumplRbeyaCn_TaMgBIrenH )anqøúHbBa©aMgpgEdrenAkñúgGtßny½ énma:XItTIgBaNiC¢kmμ. sBaØaNénma:XItTIg BaNiC¢kmμepþatGarmμN¾CadMbUg KWCakareFVmI a:XItTIgénGñkplitEdlGacTak;TgCa mYyBaNiC¢kmμenaH. cMeBaHbBaðaTaMgenH sRmab;plitkrenAkñúgdMNak;kaldMbUg RtUvdak;[manBitR)akdnUvkarbgðajplitplrbs;xøÜnsRmab;karpÁt;pÁg;énBaNiC¢k mμ nigBaNiC¢krEdlmanGMNacTaMgGs;enAkñúgTMhMeTAtamesckþIRtUvkar nigkarrIk raldalEdleyageTAtamkaremIleXIj. sRmab;bBaðaenH eKGaceFVI[Rbtü½k)an KWedaymüa:gtamryHviFankarpSayBaNiC¢kmμedIm,IeFVI[seRmc)anGñktRmUvkarEdl CaktþaCRmujBaNiC¢krEdlCaGñkrkSaTuk rWpÁt;pÁg;énplitplEdltRmUvkarenaH nigmüa:geTotRtUvpþl;[nYvBaNiC¢kmμ nigBaNiC¢krnUvkarbBa©úHbBa©ÚlxøaMgkøamYy rWk¾CakarelIkTwkcitþsRmab;CYyplitplrbs;xøÜn[sßitenAsßanPaBlk;l¥RbesIr. TnÞwmnwgkarbBa©úHtémøRtUvrab;bBa©ÚlpgEdr ]TahN_dUcCaCMnYyCaR)ak;vinieyaK CMnYyCaR)ak;kñúgkarbg;témøpSayBaNiC¢kmμ CYlsiT§iCMnYjÉkraCü TTYlxusRtUvelI témøelIkTwkcitþ rWk¾karEfrkSasiT§iCMnYjÉkraCütamryHkarpþl;CahagTMnij. bEnßmBIelIenHeTotsBaØaNénma:XtI TIgBaNiC¢kmμkR¾ tUv)ankt;smÁal;pgEdr Cama:XItTIgBaNiC¢kmμTl;nwgGñktRmUvkarTIbBa©b;. RbePTtYnaTIénBaNiC¢kmμEdl karBitCakarpþlb; nþénRbePTepSg²KñaénkarbMeBjkarpliteTA[GtifCi nenaH KWman lT§plEdlfaenAkñúgRbePTrbs;vaCYbRbTHTaMgplitplEdlepSgKñaTaMgRsug nig TaMgGñkplitEdlCaKUrRbKYtRbECgd¾xøaMg. eyageTAtamenH TsSn³Tanénma:XIt TIgRtUvEtBicarNa[)anhμt;ct;eTAelIplRbeyaCn¾CaeRcInenH. ecjBIGtßn½y EdlseRmccitþcg;eGaymaneCaKC½ysMrab;plitplmYy nigCamYyenHpgEdr sRmab;eCaKC½yénBaNiC¢kmμ nigBaNiC¢kr KWluHRtaEtTsSn³Tanma:XItTIgRtUv

)ankMNt;sRmab;plitkrpg nigBaNiC¢krpg. plitplmYyEdl)andak;[ plitkr[enAkñúgsßanPaBpþat;mux (exclusivity) ehIyEdlplitplenaHRtUv)an pÁt;pÁg;tamry³BaNiC¢kmμ nigBaNiC¢kr KWCanic©CakalsRmab;lkç½NÐBiess rWmin RbRktIva)anbMpøaj ]TahrN¾dUcCanUvrUbPaBplitplEdl exclusive enaH nigeFVI [viFankarN_pSayBaNiC¢kmμEdlmanTisedAeTAelIkarpþac;muxenHenAkñúgry³eB lyUrBMuman\T§iBleLIy. pÞúymkvijviFankarN_BaNiC¢kmμEdl]btßmÖkarlk; plitplGacsßti enABMumaneCaKC½y kalNacMnYnEdlGaclk;)anBIplitkrmYy minRtUvGacTuk[manbRmugCanic©. cMeBaHma:XItTIgesva:kmμEdlsßitenAkñúgPaBxusKñaeTAnwgma:XItTIgplitp l nigsmÖar³ )anbgðajbBa¢ak;BIKuNsm,tþi nigKuNvib,tþiGrUbIy_ nigkarbMeBj karplitEdlminmansmßPaBlatRtdag)an ehIyEdlsmßPaBenaHmankarBi)ak sRmab;GtifCi nkñúgkarvaytémøeTAelIKuNPaB nigéfø. GtifCi n KWCamYyenHEtgEt eFVI rWTijeTAtamRbePT nigTMhMTUnμan RBmCamYyenaHEdreTAtamkarniyay (propaganda) BImat;mYyeTAmat;mYy. karkgVHxatkarbgðajénesv:akmμnaM[Epñk ya:gFMénviFankarN¾ma:XItTIgEdlBMuman\T§iBl rWk¾\Ti§BlenaHmankRmit. CaBi essneya)ayplitplk¾BMuGacmanTYnaTIsMxan;eTenATIenHebIeRbobeFobeTA eRBaHfaesva:kmμmni GaceFV[I ekIneLIgedayqøgkat;carwklkçN³nimti kþ mμBei ssNa mYyTl;ngw plitplRbkYtRbECgd¾éTenaHeT nignvanuvtþn_ rWkarbBa¢ÚlrebobfμI BitR)akdenAkñúgvis½yenH KWkRmnwgeFVIeTAekIt b:uEnþneya)aypSBVpSayk¾eRbIR)as; manRBMEdnEdr. karbgðajénkarpSayBaNiC¢kmμénkarpÁt;pÁg;esva:kmμ KWRKan;Et edaymat; (verbal) rWtamryHkarerobrab;BIKuNsm,tþi nigKuNvib,tþi rWk¾Rbeyal eTAelIlT§plénkarTamTar ¬]TahrN¾ ³ karniyayfakMuRBYy)armÖ eRBaHmankar Fanar:ab;rg .l. nig.l. pÞúyeTAvij KWkic©karCasaFarN³EdlCaGñkkMNt; rUbPaBénshRKasesva:kmμTaMgmUl nigmantYnaTIya:gsMxan;ebIeRbobeFobeTA. sßanPaBBiessmYyenAkñúgRkbx½NéÐ nm:aXItTIgesva:kmμ KWCakareFVnI Uv ma:XItTIgénvis½yFnaKar. edayehtufafvikar ¬luy¦ sßitenACacMnucmUldæan

énkarbMeBjkarplitEdlRtUv)anpÁt;pÁg;edaysßab½nFnaKarenaH TMnak;TMngTMnukcitBþ ei ssmYyrvagFanKar nigGtifCi n KWCalkçN ½ RtUvbMeBjCamun sRmab;karpSarP¢ab;CMnYjmYyEdlRbkbedayeCaKC½y. sRmab;bBaðaenHmkBIfa ktþaeCaKC½yEdlseRmc)anenAkñúgCMnYjFnaKar KWEp¥kbnþicbnþÜcEtb:ueNÑaHeTAelI nimitþkmμénRbePTkarbMeBjkargarnImYy² EtGVIEdlCabEg¥kd¾rwgmaMsRmab;ktþa eCaKC½yénCMnYjFnaKar KWsßitenAPaKeRcIneTAelIKuNPaBénshkarI rWFnaKar EdlCaGñkpþl;eyabl;eTAdl;GtifiCn. eRkABIenH edayehtufaGtifiCneFVIkar pøas;brÚþ FnaKar ¬TMnak;TMngFnaKar¦ rbs;xøÜnedaysarEtkarxVHxatesckþIsegçb BITIpSar nigedaysarEtkarBi)akEdlpSarP¢ab;eTAnwgkarERbRbYlmYy rWkarpøas; bþÚrmYyenaH viFankarN_pSayBaNiC¢kmμ nigviFankarN¾CMrujkarlk;ecj)an bgðajEtkñúgryHeBlxøInUv\T§iBlEdlmanRBMEdnmYyEtb:ueNÑaH. pÞúyeTAvijbBaðasMxan; rWCaGtßn½yBiess KWkarEfrkSaKtisBÞénFnaKar TaMgmUlEdlGackrekIteLIgedaysarEtkarTukcitþBIGtifiCn ehIyk¾dUcCakar TTYlyk rWkarEfrkSarénneya)ayplitpl nigneya)ayEbgEck (place mix) EdlRsbeTAnwgesckþIRtUvkarénGtifiCn. vis½ykargarénm:aXItTIgEdl)anbgðajxagelImancMnucsMxan;epSg²Kña nigeyageTAelIenH TamTarnUvTsSnHTanma:XItTIgmYypÞal;²xøÜn. karseRmccitþ énma:XItTIgTak;TgCamUldæanBitR)akdCamYynwgviFankarN_ma:XIFIg (marketing I TIgmann½yfa KWCaPaBTaMgmUlénlT§PaBkareFVI instruments). viFankarN¾ma:Xt (central point)

skmμPaBma:XItTIgEdltMrg;Tsi edAeTArkkar[man\T§Bi leTAelIcarWkb¤kBarénkar Tijrbs;GñkEdlcUlrYmTIpSarenAkñúgRkbx½NÐeKalbMngénneya)aykarlk;plit plrbs;xøÜn. cMnYnCaeRcIn énneya)aykarlk;plitplRtUv)aneKeFV[I eTACaRbB½n§

neya)ay)ayepSg²Kña. Meffert (1989) )anEbgEckviFankarN_ (instruments) enAkñúgvisy½ bYn ³ ¤ neya)ayplitpl (products mix) ³ neya)ayenHRbRBwtþeTAmüa:g sRmab;kMNt;éncarwklkçN³énplitplnImYy² nigmüa:geTotsRmab;karseRmccitþ

GMBIkmμviFIplitkmμdUcCasRmab;nvanuvtþn_ rWkarbBa©lÚ rebobfμI GBaØatikmμ nigkarbM)at; énRbePTkarbMeBjkarplit. sMnYrEdlelIkmkBicarNaKW ³ etIkarbMeBjkarplit NamYy rWdMeNaHRsaybBaðaNamYyEdlRtUvykmkpÁt;pÁg;eGaydUctMrUvkarenA elITIpSar? ¤ neya)ayTIkEnøg (place mix) ³ enAkñúgcMnucCamUldæanneya)ayenH sßitenARtg;karseRmccitþGMBIRck;énkarlk;plitpl nimitþkmμénRbB½n§karlk;TMnij GMBIkarerobcMpÁt;pÁg; nigTIkEnøg. sMnYrEdlelIkmkBicarNaKW ³ etIplitplRtUv lk; rWCYl eTA[GñkNa nigtamRck;Na rWkR¾ tUvbBa¢nÚ eTA[GñkTij rW{GñkCYl}? ¤ neya)ayéfø (price mix) ³ mUldæansMxan; KWviFankarN_TaMgGs;én neya)ayéfødUcCakarkMNt;éfø éføxus²Kña Fanakarbnßyéfø rWk¾nimitþkmμénlkç½NÐ karbg;R)ak; ¬Gb,ha¦. sMnYrEdlRtUvBicarNaKW ³ etIcMeBaHlkç½NÐNamYyEdl plitpl nigesva:kmμRtUv)anpÁt;pÁg;enAelITIpSar? ¤ neya)ayCRmujkarlk; (promotion mix) ³ GñkTij rWGtifiCnEdl manskþanuBlRtUvEtpþl;Bt’mantamry³karpSayBaNiC¢kmμ karCMrujkarlk; nig kargarsaFarN³ nigRtUv)anCRmujelIkTwkcitþsRmab;karTijpgEdr. sMnYrEdl RtUvykmkBicarNaKW ³ etITMnak;TMngNaEdlRtUvqk;ykCamYynwgviFankarN_ EdltMrg;TiseTArkGñkcUlrYmTIpSaredIm,IbeBa©jkarpÁt;pÁg;plseRmc? enAkñúgrUbPaBxageRkam (Meffert 1989) )anbgðajneya)ayTaMgenHCabYn vis½yénma:XItTIgmIk (forth fields of marketing mix) CamYynwgviFankarN_ sMxan;²rbs;vanImYy² ]TahrN_dUcCakñúgvis½yplitpleRbIR)as;. karcg¥úl bgðajRtUvEteFVIRsbKña rWkñúgeBlCamYyKñaeTAnwgGtßn½yepSg²KñaénviFankarN_ nImYy²enAkñúgRkbx½NÐdMeNIrkarEpnkarma:XItTIgEdlCayuT§saRsþ rWk¾CayuT§viFI.

RbB½n§énviFankarN_m:aXItTIg

= EpñkCayuT§saRsþ = EpñkCayuT§viFI viFankarmaXtITIgEdl)anKUsxagelIRtUvGacEbgEckbEnßmeTotTnÞwmnwgs maCikPaBrbs;xøÜneTACabYnmIkrgeTot ¬4 sub-mix¦ ¤ enAkñúgkarsegáteTAelIPaBsV½yRbvtþiénkargar eKEbgEckviFankarN¾ maXItTIgCaviFankarN¾kartBVkic© (obligate instruments) nigviFankarN_CabRmug rWTak;TgcMNUl ¬deposited instruments¦ viFankarN_CakatBVkic© KW]TahrN¾ dUcCanimμitkmμénplitpl nignimμitkmμénéfø. viFankarN_CabRmugEdlRtUv eRbIR)as;edayGacxan)anRtUv)anbgðajedaytamryHkarCMrujénkarlk; rWk¾neya )aykarbnßyéfø rWbBa©úHéfø.

eyageTAtamkRmitén\T§iBlrbs;va eKEckviFankarN_maXItTIgCaviFan karN_ERbRbYlkñúgry³eBlxøI ]TahrN_dUcCa karCMrujénkarlk; rWk¾kñúgkar BicarNaénéfø nigviFankarN_EdlGacERbRbYlkñúgryHeBlEvg ]TahrN_dUc CaRck;beBa©jplitpl. ¤ enAkñúgTMnak;TMngeTAnwgkRmitryHeBlénGnuPaBrbs;va KWeKEbgEck rvagviFanakarN_maXItTIgEdllatRtdagenAkñúgGnuPaBrbs;xøÜnCacMbgkñúgry³e BlEvg ¬eTaHbIkñúgkal³eTs³xøH\T§iBlrbs;vamanry³eBlxIøk¾eday¦ nigviFan karN_ma:XItTIgEdlbgðajenAFatuGnuPaBrbs;vaRKan;EtryHeBlxøI ]TahrN_ dUcCa karCMrujénkarlk; nigenAkñúgRBMEdnkMnt;neya)ayéfø. ¤ eyagtamxøwmsarrbs;va enAkñúgmaXIFIgmIkeKEbgEckvaCaviFankarN_ sñÚl nigviFankarN_bnÞab;bnSM. viFankarN_sñÚl KW dominate enAkñúg maXItTIg mIk ¬dUcCaneya)ayéføsRmab;Gb,ha rWk¾karpSayBaNiC¢kmμsRmab;sab‘U¦ TnÞwmnwgviFankarN_bnÞab;bnSMmantYnaTIRKan;EtbMeBjbEnßm. ¤

4/ 1/ 4 karsikSaRsavRCavm:aXItTIgsRmab;CMnYyénkareFVIEpnkarlk; plitpl mUldæansRmab;karTTYl)ankarGnuvtþn_ nigkarRtYtBinitüTsSn³Tanma:XtI TIg KWkarsikSaRsavRCavma:XItTIg. karsikSaRsavRCavma:XItTIgmann½yfakarpÁt;pÁg; eGay ¬karman¦ nigkarerobcMBt’manGacsMxan;sRmab;bMpusKMnti nigdMeNaHRsay énbBaðama:XtI TIg. karsikSaRsavRCavma:XtI TIgRtUv)anEbgEckecjBIkareRbIR)as; énsBaØaNEdlehAfakarRsavRCavTIpSar ¬market research¦ Edlk¾manTMnak;TMng CamYykarRsavRCavm:aXItTIgpgEdr. edaysarEtenAkñúgeKalbMNgRsavRCav karEbgEckrebobenH KWRbRBitþEtcMeBaHkarEsVgrkTIpSarkarlk;plitplrbs; shRKasEtb:ueNÑaH k¾b:uEnþsRmab;karRsavRCavenH enAkñúgkarviPaKk¾RtUvTajecj nUv\T§iBlénskmμPaBma:XItTIg nigkarRsavRCavéncarwkBit rWsßanPaBBitén shRKasEdr.

RBMEdnrvagkarsikSaRsavRCavma:XItTIg nigkarsikSaRsavRCavTIpSar karsikSaRsavRCavma:XItTIg ¬karskSaRsavRCavénkarlk;plitpl¦ TIpSarlk;plitpl skmμPaBma:XItTIg ]TahrN¾³ karsikSaRsavRCav ]TahrN¾³ skþanuBlTIpSar TIkEnøg nigkarEbgEck skþanuBllk;plitpl karsikSaRsavRCavéfø karsikSaRsavRCavkarpSayBaNiC¢kmμ énshRKasmYy TMhMTIpSar ¬market carwkBiténshRKas ¬facts¦ ]TahrN¾³ karviPaKkarbg;témøén volume¦ karlk;TMnij kmμviFIsmtßPaB bBaðaXøaMgsþúkTuk karsikSaRsavRCavTIpSar

TIpSarpÁt;pÁg; ³ TIpSarkargar TIpSarTun TIpSarvtßúFatuedIm

enAkñúgcMnucCamUldæan karsikSaRsavRCavma:XItTIgsßitenARtg;karRbEm RbmUl nigkarviPaKénTUelxEdlCaTUrelxTamTarsRmab;kar]btßmÖénkarseRmc citþkareRbIR)as;[RbesIrbMputénviFankarma:XItTIg. CamYyenHGVIEdlsMxan; KWBt’mansþIGMBI ³ ¬1¦ lkçx½NÐRkbx½NÐesdækic© ¬2¦ lT§PaBénkarlk;sRmab;plitplkMNt;mYy ¬3¦ carikénGñkTij GñkRbkYtRbECg nigBaNiC¢kr ¬4¦ sßanPaBépÞkñúgénshRKas ¬1¦> Bt’manGMBIlkçx½NÐRkbx½NÐesdækic© KWTak;TgeTAnwgninñakarénkar GPivDÆn¾esdækci e© TAnwgdMeNIrRbRBwtéþ nxYbBaNiC¢kmμnmI Yy² ¬business cycle¦ ehIy k¾dUcCaeTAnwgRbePTktþaesdækic©EdlERbRbYltamrdUv. TMhMCaplRbeyaCn¾enATI enaHEdlsMxan; KWkarGPivDÆn_eTAéf¶GnaKténplTunsrubénkUtasBa¢½y ¬saving

¦ énkRmitGRtakarR)ak; GRtaGtiprNa nigkargar .l. CamYyenH TMhM esdækic©srubTaMgenH KWCaFmμtaRtUvbMEbkbnþreToteTAtamsaxa nigtamvis½y eRBaHfaluHRtaEteFVIdUcenHeTIbbgðaj[eXIjnUvrUbPaBepSg²KñaénRkbx½NÐlkçx½ NÐEdlmanGtßn½ysRmab;kareFVIEpnkarlk;plitplénshRKasnImYy². ¬2¦> Bt’manGMBIlT§PaBkarlk;énplitplNamYy KWCalT§plBiessén karBüakrN¾BIkarlk; ¬sale forecast¦. kmμvtßúrbs;va KWbegáItCaBiessnUvkar GPivDÆn_eTAGnaKténskþanuBlTIpSar skþanuBlkarlk; TMhMTIpSar nigTMhMén karlk; ehIyk¾dUcCaéncMENkTIpSarénshRKasmYYy. ¤ skþanuBlTIpSar mann½yfasmtßPaBTTYlykénTIpSarmYy ¬lT§PaBén cMnYnkarlk;srub¦ sRmab;plitplkMNt;mYy. ¤ skþanuBlkarlk; KWCalT§PaBGtibrmaenAkñúgskþanuBlTIpSarehIyEdl GñkRKb;RKgshRKaseCOfacMENkenHxøÜnGaccUlrYm)an. ¤ TMhMTIpSar RtUv)ankMNt;ecjBIcMnYnénkarlk;EdleFVI[)anseRmc ¬énkarBüakrN¾¦ rWk¾plcMNUl¬brimaNlk;¦énsaxamYy rWk¾RbePTplitplmYy. ¤ TMhMénkarlk; KWCaPaBTaMgmUl rWcMnYnTaMgGs;énkarlk;EdlRtUvman skmμPaB ¬EdlRtUv)anBüakrN¾¦ rWk¾plcMNUlénshRKasmYy. ¤ cMENkTIpSar énshRKasmYy KWKNnaecjBITMnak;TMng rWplEckén TMhMkarlk;énshRKasenaH nigTMhMTIpSarénRbePTplitplenaH. quote

karvivDÆn¾énTMhMkarlk; TMhMTIpSar nigskþanuBlTIpSar

enAkñúgrUbPaBxagelIeKkt;smÁal;eXIjfaenAelITIpSarEdlnwgekIneLIgxøaM g ¬t ¦ skþanuBlTIpSarenAEtrIkecjBIKñay:ageRcIn. enAkñúglT§plénskþanuBl TIpSarEdlBuMTan;Gs;visalPaB KWTaMgGs;enHsRmab;shRKasmYymanlT§PaB sRmab;eKalbMNgkarekIneLIgxçsé; nGRtaénTMhMkarlk;rbs;xnÜø kalNacMENk TIpSarbs;vaERbRbYlRKan;EtbnÞab;bnSMb:ueNÑaH rWmincaM)ac;. mü:ageTotTaMgGs;enH KWpÞúyeTAvijenAelITIpSarEdlEq¥tq¥n;nwgGskmμPaB enAelITIpSarenaH KWskþanuBl TIpSar nigTMhMTIpSarsßitenACamYyKñay:ags¥itrmYt rWpSarP¢ab;Kña nigGRtaekIneLIg EdlcaM)ac;xanmin)anenAkñúgkarlk; rWk¾enAkñúgplcMNUlénshRKasnImYy² KW GaceFV[I seRmc)aneGayR)akd)anCamUldæanedaysarEtqøgkat;karekIneLIgéncME NkTIpSarEtb:ueNaÑH. ¬3¦> karsikSaRsavRCavénGkb,kiryi aGñkTij GñkRbkYtRbECg nigQμÜj kNþal KWCacMNuccab;epþImCamUldæanénkarBicarNaTaMgGs;enAkñúgRkbx½NÐén kareFIVEpnkarénkarlk;. edIm,IkarseRmccitþRbesIrbMput ¬optimal decision¦ sRmab;kareRbIR)as;énviFankarN_ma:XItTIgGacCYbRbTH)an luHRtaNaEtlT§PaB Rbtikmμéncarwkb¤kBaénbkSBYkTIpSarTaMgGs;RtUvGacBüakrN_)an. Gutenberg (1984) )anEbgEckbBaðaenH CabIkrNI ³ ¤ RbtikmμénGñkTijeTAelIskmμPaB rWk¾RbtikmμénshRKas. 1

RbtikmμénGñkRbkYtRbECgeTAelIskmμPaB rWk¾RbtikmμénshRKas rWk¾eTAelIskmμPaBGñkTij. ¤ RbtikmμénshRKaseTAelIskmμPaB rWk¾RbtikmμénGñkRbkYtRbECg rWk¾eTAelIskmμPaBGñkTij. karviPaKénGkb,kiriyaGñkTijmantYnaTIsMxan;BiesseTAelITIpSarplitpl eRbIR)as;. sMnYrEdlRtUvelIkeLIgmkBicarNa nigeqøIyenATIenHKW ³ - etITMrg;NamYyénGkb,kiriyaGñkeRbIR)as; dUcCaGkb,kiriyaTijeday BicarNa Gkb,kiriyaTijtamTMlab; rWk¾Gkb,kiriyaTijtamkar seRmccitþPøam ¬KWGarmμN¾tamsnÞúH¦ sRmab;plitplénshRKas? - etIcarwklkçN³NamYybgðajBIrcnasm<½n§ ¬éføplitpl éføplitpl epSgeTot R)ak;cMnUl tRmUvkar nigGtßiPaBénkarTij¦ énGñktRmUvkar ¬lMdab;lMeday énkarTij¦ EdlCaPaBTijjwkjab; nigGaMgtg;suIet énkarTij? - etIehtuplCRmujNamYy nigdMeNIGkb,kiriyaNamYy KWRKbdNþb; sRmab;karseRmccitþénkarTij? cMeBaHkarviPaKeTAelIGkñ RbkYtRbECg KWmansMnYrTUeTAbIEdlRtUvBicarNa nigeqøIy ³ - etIGñkRbkYtRbECgmanTukbMrugFnFanEdlCabuKÁlik nigsmÖar³NaxøH? - etIGñkRbkYtRbECgEsVgrknUveKalbMNgNamYy yuT§saRsþma:XIFIg NamYy nigEpnkarCayuT§viFINamYy? - enAkñúgTMhMb:uNÑaEdlplitplshRKasRtUv)anCMnYsedaysarplit plénGñkRbKYtRbECg ¬Tak;TgcMENkTIpSar¦? cMeBaHkarviPaKénGarmμN¾énQμÜjkNþal ¬énBaNiC¢kmμ¦ sßitenAelIsMnYr EdlTak;TgeTAnwgFnFan eKalbMNg nigyuT§saRsþrbs;eKEdlCamUldæanRKwH. bEnßmBIelIenHk¾mansMnYrEdlCaRbePTBaNiC¢kmμEdlRtUvelIkmkBicarNa nig eqøIyEfmeTotEdr ³ ¤

- etItYnaTIBaNiC¢kmμ (trade position) NamYyRtUv)anTTYlBIsMNak; kareFVIBaNiC¢kmμ? - etIBaNiC¢kmμbgðajkarRbugeRbobcUlrYmNamYy? rWk¾TMnas;NamYyEdl sßitenAkñúgpøÚvEbgEck ¬distribution canals¦? ¬4¦> Bt’manGMBIsßanPaBépÞkñúgénshRKaseGabRkesabktþasMxan;dUcCa sßanPaBlIKVIdIet TMhM rcnasm<½n§karbg;témøénkarlk;plitpl rcnasm<½n§ karbg;témøénplitkmμ smtßPaBkarsßitenAénXøaMgsþúk .l. nig.l. Bt’manTaMgenH KWCa]TahrN_sMrab;karTamTareGaydwgnUvGVIEdlGacRtUvTij enAkñúgcMnYnb:unμan? etIeKalbMNgcMNUly:agticbMputb:unμan? etImeFüa)ay hirBaØvtßúNamYyEdlRtUvGacTukbRmugsRmab;fvikarma:XtITgI . sRmab;karpÁt;pÁg; énBt’manEdlTamTarenaH KWCamUldæanmanRbPBBt’manbzm ¬primary information source¦ nigRbBPBt’manbnÞab;bnSM ¬second information source¦ EdlsßitenAkñúgkarKitKUr. karRsavRCavbzmRtUvkt;smÁal;CakarRbEmRbmUl TUrelxEdlTak;TgeTAnwgbBaðaCak;EsþgsRmab;cMnuceBlénkarEsVgrkénkarseRm ccitþ. viFIsaRsþsRmab;[)anTUrelxenH )anbgðajCakarsaksYr karsegátBinitü nigkarsakl,gTIpSar. karsaksYrGacRtUvGnuvtþn_eTAelIshkarIkargar GtifiCn rWk¾skþanuBlGñkTTYlTij nigk¾GacRtUvGnuvtþne_ TAelIshkarIenAmUldæanrbs;xnÜø ehIyk¾dUcCatamryHBIsßab½nBak;B½n§xageRkA ]TahrN_dUcCaviTüasßanRsavRCav mti. karsegátBinitüTak;TgeTAnwgfaetIGtifiCnbc©úb,nñ nigGtifiCnskþanuBlman Rbtikmμy:agdUcemþceTAelIviFankarneya)ayénkarlk;rbs;xøÜn rWk¾viFankarénkar lk;rbs;GñkRbkYtRbECg rWk¾faetIGtifiCnTaMgenaHmanGkb,kiriyay:agNaeTAelI Gkb,kiriya rWGarmμN_énGñkRbkYtRbECgsMxan;². pÞúyeTAvijkarsakl,gTIpSar ¬market test¦ bgðajnUvkarcMNayeRcInsMrab;shRKas k¾b:uEnþCaPsþútageBj smtßPaB. karsakl,gTIpSarkt;smÁal;CakarpÁt;pÁg;sakl,génplitplkMNt; mYyenAelIrgVg;TIpSarkMNt;mYy.

pÞúyBIkarRsavRCavbzm ¬primary research¦ karRsavRCavbnÞab;bnSM ¬secondary research¦ Tak;TgEteTAnwgkarEkrécñBt’manEdlmanRsab;. Bt’man enHminRtUv)anRbEmRbmUlsRmab;bBaðaEdlekItmaneLIgnImYy²enaHeT mü:ageTot vamanrYcCaeRscenAkñúgshRKassRmab;eKalbMngepSg rWk¾müa:geTotvaRtUvRbEm RbmUl nigpSBVpSayedayGgákar smaKm nigsßab½nrdæaPi)al. RbPBBt’man épÞkñúgEdlsMxan; KWbgðajCamYyrebobKNnafvikarépÞkñúgrbs;shRKas. bEnßm BIelIenHeTot KWsßitikarlk; ÉksaGtifiCn nigsnÞsS_b½NÑ ¬bBa¢IraytameQμaH GkSr¦ k¾CaRbPBBt’manépÞkñúgEdr. Bt’manxageRkAEdlCasßitibnÞab;bnSM eKGac TTYl)anBIkariyal½ysßititamRksYg tamextþRkug RBmCamYyenaH)anmkBI karpSayBIshKmn_esdækic© nigviTüasßanviTüasaRsþesdækic© rWk¾dUcCaTsSnavdþI bec©keTs. CaviFIsaRsþsRmab;Ekrécñ nigvaytémøTUrelxEdlmanTisedAcMeBaH GtItkalenaH KWmanviFIsaRsþsßitiCaeRcIn ]TahrN¾dUcCakarviPaKénGnuKmn_Edl manGBaØatieRcIn (regression analysis) rWkarviPaKénkarEbgEckGBØaati (discriminate analysis) EdlGacsßitenAkñúgkarBicarNa. TUrelxbzm énkarRsavRCavma:XItTIg KWCaBiesssRmab;KaMRTkarseRmccitþEdlTak;TgeTA éf¶GnaKt. kareFVIkarviPaKEteTAelITUrelxEdlTak;TgGtItkalEtmYymuxminRKb; RKan;eT TaMgGs;enHRtUvTamTarbEnßmeTotnUvkarpSarP¢ab;Bt’manEdlmanTisedA cMeBaHeBlGtItkalenaHCamYynwgRBitþikarN_eTAéf¶GnaKtpgEdr. CaviFIsaRsþ BüakrN_ (prognosis methodology) KWmankarBicarNaeTAelIkarBüakrN_én karvivDÆn_ rWk¾karGPivDÆn_PsþútagénkarBüakrN_ (causal prognosis) rWk¾karKn;KUr TukCamun (projection). karBüakrN_énkarGPivDÆn_CakarKitKUrTukCamunénlMdab; lMedayeBlevlaEdlmanenAkñúgeBlGnaKt nigCamYyenaHvabMeBjbMNgCamYy nwgeBlevlaEdlCaTMhMBnül;EtmYyKt;sRmab;\T§iBlénbrisßanenaH. pÞúyeTAvij PsþútagénkarBüakrN¾)anbgðajfalT§pl(effect)Edl)anRtYtBinti üénviFankarN_ ma:XtI TIgkMNt;mYy KWmansBlPaBsRmab;éf¶GnaKtEdr. pÞúyBIenHeTAeTotkar Kn;KUrTukCamunkt;smÁal;nUvkarsnñidæan ¬eyablbBa©b;¦ CaKuNPaBecjBITUrelx

EdlCasßitibzm. karKn;KUrTukCamunmanmUldæanecjBIbTBiesaFn¾ nigkar snñidæanCaGBaØfavtßú (subjective) énbuKÁlEdlcUlrUm. 4> 1> 5> bBaðaénkareFVIeGayRbesIrbMputénma:XItTIgmIk edayEp¥keTAelImUldæanénkarRsavRCavma:XItTIgEdlmansmtßPaBmYy (efficient marketing research) viFankarN¾m:aXItTIgepSg²Kña RtUvGaceRbIR)as; eTAtameKalbMNg rWTisedA. CamYynwgkarbEnßmBakü {eTAtameKalbMng rWTisedA} KWeKcg;niyaysRmab;BIrya:g ³ ¤ viFankarN_EdlmanTukbRmug KWsRmab;eRbIR)as;tamlMdab;lMedaykMNt; EdleFV[I eKalbMNgma:XtI TIgEdl)anpþle; GayRtUvseRmc)an rWeFV[I R)akdeTA tamlT§PaBRbesIrbMput ¬bBaðaénkareFVI[RbesIrbMput¦. ¤ viFankarN_ KWRtUveFVIeTAtameKalbMng rWTisedAsRmab;kareRbIR)as;eTA elITIpSareKaledA (market segment) BitR)akdmYy. TIpSareKaledA KWCaRsTab; GñkTijEdlmanlkçN³esμIrsac; ¬homogeneous¦. RsTab;enH KWGacdak;CaRkum² )anedayeyageTAtamlkçN³vinicä½yCalkçN³esdækic© sgÁm PUmisaRsþ nigcitþ saRsþ. karEsVgrkma:XIFIgmIkmYyEdlRbesIrbMput ¬optimal marketing mix¦ sMrab;bBaðaénkarGgán;TIpSar[eTACacMENk²bgðaj[eXIjCaTUeTAmanlMdab;hYs BIkarsμan eRBaHfaPaBRbesIrbMputmYyRtUv)anraraMgedaybBaðadUcxageRkam ³ 1¦ cMnYnCaeRcInénlT§PaBpSMpÁMú ³ ]TahrN_cMeBaHkarmanenAénviFankarN_ neya)ayénkarlk; 5 nigCamYykarmaneKaledA 3 KWsMrab;eKaledAnImYy²man eTAdl; 35 = 243 énlT§PaBpSMpÁMúEdlepSg²Kña. 2¦ PaBGaRs½yKñaeTAvijeTAmkrvagviFankarN_neya)aykarlk;nImYy² ³ TMnak;TMngrvagviFankarN¾ma:XItTIg KWmü:agGacsRmab;RbePTCMnYsEdlenAkñúg enaHviFankarN_GacRtUvCMnYs)anTaMgGs; rWkm¾ YycMENk nigmü:ageTotGacCaTMnak; TMngbMeBjKña ¬complimentary relationship¦ EdlGacekIneLIg kalNalT§pl

énviFankarN_vabMeBjKñaeTAvijeTAmk. PaBlM)ak;enATIenHsßitenAkñúgkarkt;Rta énPaBGaRs½yKñaeTAvijeTAmk nigenAkñúgkarKNnaTMhM rWcMnYnénlT§plrbs;va. 3¦ karrIkraldalénlT§pl ³ karGnuvtþn_viFankarN_neya)ayénkarlk; CH\T§iBlminRtwmEteTAelIvis½y rWEpñkEdlcg;eFVIenaHeT eRkABIenHRsbeBlCa mYyKñaenHEdr KWvaGacraldaleTAelITIpSarplitpldéTeTot eTAelIEpñk rWvis½y epSgeToténshRKas rWk¾eTAelIRkumeKaledAdéTeTot RBmCamYyKñaenaHEdreTA elIkMLugeBlEdlTukbRmug ¬]TahrN_eKTajecjBIplcMeNjedayqøgkat;kar RbwgERbgEdlmanTisedAeTAelITIpSarényuvv½yEdlCam:UysRmab;éf¶Es¥k¦. 4¦ karBüakrN¾lT§plviFankarN_neya)aykarlk;EdlminR)akdRbCa ³ edayfaRbtikmμénbrisaß nCuMvji cMNuceBlseRmccitsþ ißtenARkameKalkarénPaBmin R)akdRbCa KMrU ¬model¦ EdlEsVgrkkareRbIR)as;énviFankarN_ma:XtI TIg EdlmanTMnak;TMngeTAnwgTIpSareKaledAnImYy² CaTUeTAeGayRbesIrbMput optimal enaH KWRtUv)anelak Gutenberg elak Kohler elak Dorfmann Stein nig elak Krelle GPivDÆn_eLIg. TaMgGs;enH)aneFVI[RKb;RKan;sRmab;eFVIkarGtßaFib,ay énmUldæanKMniténkareFVI[RbesIrbMputénma:XItTIgmIk. kñúgkarbgðajénKMnitenH karviPaKRtUveFVIeLIgbIdMNak;kal (a) CadMbUgRtUvsYrBIéføénkarlk;EdlcMeBaH éføenaH karcMeNjénshRKasenAkñúgkmøúgeBlénEpnkarEdlGacKNnatam ryHén ³ ¤ GnuKmn¾éfø nigkarlk;Edlpþl;[ nig ¤ GnuKmn¾karbg;témøEdlpþl;[ KWGtibrma ¬=neya)ayéføEdlRbesIrbMput (optimal price policy). (b) viFan karN_ma:XItTIgEdlenAsl;RtUv)anRbEmRbmUlbBa©ÚlKñaenAkñúgsBaØaNrUmmYye hAfaviFankarN_neya)ayGT§iPaB (prefferential policy instruments). kar cMNaysRmab;eRbIR)as;énviFankarN_enH RtUv)anbBa©ÚlKñaeTAkñúgma:XItTIgfvikar (marketing budget) nigRtUv)anecaTCasMnYrGMBITMhMRbesIrbMput ¬=karcMeNj Gtibrima¦ énma:XItTIgfvikar. (c) CamYynwgkarkMNt;EdlmanTMhMRbesIrbMputén

karcMNaysRmab;ma:XtI TIg ¬CamYykarelIkElgéntémøEdlCaskmμPaB)a:ra:Em:t ¬action parameter¦¦ KWkarEbgEckRbesIrbMputénma:XItTIgfvikar nigviFankarN_ epSg²Kñaénma:XItTIgmIkBuMTan;edaHRsayenAeLIyeT. sMnYrEdlRtUvecaTsYrenA TIenH KWsYrGMBIkarpSMpMÁúEdlcMeNjGtibrmaénviFankarN_ma:XItTIgCamYynwgTMhM fvikarEdl)anpþl;[enaH. tamryHkaredaHRsayCaCMh‘an²énbBaðaénkareFIV[ RbesIrbMputénma:XtI TIgmIkenH )aneFV[I ExSryHénPaBGaRs½yKñaeTAvijeTAmk sMxan;²énviFankarN_ma:XItTIgRtUv)ankat;CacMENk². CaTIbBa©b; eKRtUvedaHRsaybBaðaBiPakSaTaMgbIxagelIkñúgeBlCamYyKña ¬simultaneous¦ nigkrNImanlT§PaBk¾sßitenAkñúgRkbx½NÐénkarviPaKCaDINamIk mYy ¬dyanamic analysis¦. → a) ³ sRmab;karEsVgrkéføEdlcMeNjGtibrimaRtUvcab;epþImecjBIGnuKmn_éføkarlk; ¬GnuKmn_enH mann½ysMrab;kMNt;TIpSarEdleTalmYy nigkMLúgryHeBl énEpnkarEdl)anpþl;[ ¬1¦ GnuKmn_enHbgðajBITMnak;TMngGnuKmn_rvagéføkarlk;plitpl nigcMnYnkarlk;EdlseRmc)an M enAkmøúgryHeBlEpnkar. enAkñugkrNIFmμta KWcab;epþmI BIGnuKmn_éfø-karlk;EdlfycuH TaMgenHmann½yfa cMnYnkarlk;EdlseRmc)an KWfycuH ¬rWekIneLIg¦ kalNaéføekIneLIg ¬rWfycuH¦. {krNIFmμta} énGnuKmn_éfø-karlk;EdlfycuHCaExSRtg;mYy ¬The linear droping price-sale function¦

enAkñúgrUbPaBxagelIbgðajBIGnuKmn¾éfø-karlk;dUcxageRkam ³ (1) P = g (M ) = a – bM

CamYyenH P bgðajGMBIGVIEdlehAfa {éføhYseBk} nig M CacMnYnEq¥tq¥n;. edaymUlehtufaplcMNUl U enAkñúgkMLúgryHeBlEpnkar KWCaplKuNrvagcMnYnEdl)anlk; nigéføenaH dUcenHéfømankarRbtibtþi rWman lT§plBIry:ageTAelIplcMNUlenaH dUcEdlmanenAkñúgrUbmnþxageRkam ³ max

Max

T

(2)

UT (M) = P(M) * M

Canic©CakalplcMNUlGtibrmaEdlenAkñúgenaH eKdak;[edrIev:TI1énGnu Kmn_plcMNUlxagelI¬2¦esμI 0. éføEdlsRmab;kMNt;[plcMNUlGtibrma )anbgðajenAelIRkahVik ¬xageRkam¦ Rtg;cMNuckat;énGnuKmn_RBMEdnplcMNUl CamYynwgG½kS M ¬emIlrUb¦ k¾b:uEnþéføEdleFVI[plcMNUlGtibrma KWenAkñúgk,Ün c,ab;TaMgGs;BMuesμInwgéføEdleFVI[cMeNjGtibrimaeT. edIm,IkMNt;éføenaH KWeKRtUv EtbMeBjlkç½NÐRbesIrbMputTUeTAmYYy. (3)

duT (M)/dM = dcT (M)/dM

RBMEdnplcMNYl (u

1

T)

(marginal revenue)

RBMEdnkarbg;témø (c

1

T)

(marginal cost)

eRBaHfaTaMgGs;enHsßitenAelIkarBicarNafaeKGacenATTYlplRbeyaCn_ BIcMeBaHkarbBa©úHéførhUtdl;eBlEdlplcMNYlGtibrmaBMuTan;RtUv)anTUTat;sgBIka rbg;témøbEnßm ¬bg;témøGefr¦ énplcMNYlenH. karviPaKbgðaj[eXIjfaTMnak; TMngsmIkar ¬3) KWBitR)akdTajecjBIkardak;[esμsI UnüénedrIev:TI 1 énGnuKmn_ cMeNjénsmIkar (4) ³

(4) GT(M) = UT(M) – CT(M)

enAkñúgrUbPaBxageRkam)anbgðaj[eXIjnUvPaBxusKñarvagéføEdleFVI[p lcMNYlGtibrma P nigéføEdleFVI[cMeNjGtibrma P sRmab;krNI EdlfaRBMEdnkarbg;témø c MU/RU KWefr. Umax

Gmax

1 T

karkMNt;éføEdleFVIeGayplcMNYlGtibrma nigcMeNjGtibrma cMeBaHGnuKmn¾éfø-karlk; nigGnuKmn¾karbg;témøEdlpþl;[mYy

karviPaKmkdl;RtwmenH KWcab;epþImecjBIGnuKmn_éfø-karlk;Edlpþl;[ mYy. TaMgenHmann½yfa viFankarN_ma:XItTIgEdlenAesssl; nigTMhM\Ti§Bl déTeTot KWRtUvdak;eGayefr. kalNaenAeBlenH eKdak;[)a:r:aEmRtTaMgenH ERbRbYl mann½yfashRKasGnuvtþn_neya)ayGtßiPaBCaskmμenaH enAkñugk,Ün c,ab;GnuKmn_éføkarlk;k¾RtUvERbRbYlEdr. CakarBitkareRbIR)as;dm¾ aneCaKC½yén (b)

viFankarN_neya)ayGtßPi aB ¬preference policy instruments¦ KWRtUv)ankt;smÁal; edaysarfa ¬emIlrUbxageRkam¦ ³ ¤ GnuKmn¾éfø-karlk;rMkileTAsþaM ³ enaHmann½yfashRKasGaclk;)an kan;EteRcInCamYynwg rWsRmab;éfødEdl rWk¾seRmc)ankarlk;dEdlCamYynwg rWsRmab;éføx<s;mYy ¬témøekIneLIgmYy¦ nig ⁄ rWk¾ ¤ GnuKmn¾éfø-karlk;RbRBitþeTACabnÞat;ecaTxaøMgenaH ³ KWfakartRmUvkarBuM RtUv)anERbRbYl ¬inelastic¦ Tl;nwgkarekIneLIgénéfø. karBicarNasRmab;TMhM RbesIbMputénma:XItTIgfvikarEdlfvikarenaHCaTMhMcMNaysRmab;kareRbIR)as;én viFankarN_neya)ayGtßiPaB ¬pSayBaNiC¢kmμ rWbeRmIGtifiCn.l.¦ KWRtYv)an bgðajeday Kotler / Bliemel ¬emIlrUb¦ karERbRbYlénGnuKmn¾éfø-karlk;edaysarneya)ayGtíßPaB

RsedogeTAnwgTsSn³TanénGnuKmn¾éfø-karlk;EdlRtUv)ansnñidæanEdr TMnak;TMngrvagTMhMénma:XItTIgfvikarkñúgkmøúgryHeBlEpnkar nigplcMNUlEdl seRmc)an ¬sRmab;éføkarlk;Edlpþl;[¦ GacRtUvbegáIteLIg. TMnak;TMngenH RtUv)ankt;smÁal;CaGnuKmn¾RbtikmμplcMNUl ( reaction’s function of return). enAkñúgrUbPaBxageRkamRtUv)ansnμt;edayeyageTAtamkarCMnHénéføehIme)a:g eK

)anbegáItenAdMeNIrRbRBitþ rWExSekagCac,ab;Tinñpl ¬TMrg;GkSr S¦ mYyénGnuKmn_ RbtikmμplcMNUl. eKGacTTYl)anGnuKmn_cMeNjdul (gross profit function) tamryHkardkénkarbg;témøEdlminEmnCama:XItTIgTaMgGs; ¬karbg;témøsRmab; plitkmμ nigkarbg;témøsRmab;rdæ)al¦ ecjBIGnuKmn_plcMNUl. cMeBaHkar eGayeTAdl;GnuKmn_cMeNjsuT§ (net profit function) eKRtUvdkkarbg;témø ma:XItTIgecjbEnßmeTot. témøma:XItTIgRtUv)anpliteLIgedaybnÞat;EdlmanmMu 45 mYy kalNaxñaténG½kSkUGrDINaT½resμIKña. enATINaEdlGnuKmn_cMeNjsuT§ seRmc)anPaBGtibrmarbs;xøÜn KWTMhMRbesIrbMputénma:XItTIgfvikarsßitenATIenaH ¬emIlrUbPaB¦. CaTUeTAeKGaccgRkgCak,Ünlk½çNÐsRmab;TMhMfvikarma:XItTIg EdlRbesIrbMputdUcteTA ³ karcMeNjsuT§EdlTajecjBIkareRbIR)as;énneya )ayGtßiPaB KIGacGtibrma)an kalNaRBMEdnekIneLIgénplcMNUl¬esμIrnwg RBMEdncMeNjduleRkayBIdkecjnUvkarbg;témøEdlminEmnCama:XItTIg¦manTMhM esμIrnwgkarekIneLIgénfvikarma:XItTIg. karkMNt;maXItTIgfvikarEdlRbesIrbMput (Optimal marketing budget)

CamYykareFVI[RbesIrbMputénTMhMfvikarma:XIFIg bBaaðénkarpSMpÁMúEdl RbesIrbMputénviFankarN_ma:XItTIgenABuMTan;edaHRsayenAeLIyeT. sRmab;bBaða enH eKRtUvkarkarBicarNabEnßmeTot k¾b:uEnþkarBicarNaenHsßitenAEtkñúgsñÚlKMnit énbBaðaenaHEtb:ueNÑaH KWBMufμIeT. eRBaHfa eKcab;epþmI ecjBIPaBCMnYs)an ¬Edl)an niyayxagelIrYcCaeRsc¦ énviFankarN_ma:XtI TIgepSg² eK)ansnñdi aæ nfalT§PaB eRCIserIsénkarpSMpMÁúma:XtI TIgmIk (alternative marketing mix combination) GacnaMeTA)anlT§pldUcKña rWesμIrKña. dUcenHeKGacedaHRsaybBaðaTI3 enHénkar eFVI[RbesIrbMputénma:XItTIgmIkCamYynwgviFankarN_EdlRtUveRbIR)as;sRmab;kar eFVIEpnkarEbgEckplitkmμedayeyaleTAelImUldæanénkarCMnYs)anénktaþplit kmμ. CamYyenHpgEdr eKEbgEckkarBicarNaCaBIr ³ ¤ kñúgkrNITMhMénfvikarma:XItTIgRtUv)anpþl;[Camun sMnYrEdlecaTsYr enATIenH KWfaetIkarpSMpÁúMénviFankarN¾ma:XItTIgNamYyEdleFVI[mankarcMeNj srubGtibrma. ¤ kareRbIR)as;énviFankarN_ma:XItTIgTI1RtUv)anERbRbYl TnÞwmnwgviFan karN_epSgeTotRtUvdak;[efr sMnYrEdlecaTsYrenATIenH KWfaetIkarvivDÆn_én cMNUl nigcMeNjenAkñúgPaBGaRs½yénviFankarN_ma:XItTIgEdlERbRbYlenaHva y:agNa? karBicarNaeTAelIsMnYrTI 2 enH KWeyageTAelIbBaðaEdlRtUv)anelIkmk BiPakSaenAkñúgTMnak;TMngCamYynwgneya)ayéføRbesIrbMput ¬optimal price policy¦ sMrab;GnuKmn¾ rWTMnak;TMngéfø-karlk;Edl)anpþl;eGaymYy. dUcenHmanEtsMnYrTI 1 EdlRtUveFVIkarBicarNa[)anditdl;. edIm,IPaBgayRsYleKRtUvcab;epþImBIkrNI EdlmanEtviFankarN_neya)ayGtßiPaBBIr ]TahrN_dUcCakarpSayBaNiC¢kmμ nigkar]btßménkarlk;EdleRbIR)as;sRmab;karTak;TgeTAnwgcMNUl. karviPaK enaHRtUv)anbgðajelIRkahVikdMeNaHRsayénbBaða. eK)ansnμt;famanGnuKmn_ mYyekIteLIg ehIyEdlGnuKmn_enaHmanR)ak;cMeNjdul (gross profit) ¬=pl cMNUldkkarbg;témøénGVIEdlminEmnCama:XItTIgTaMgGs;¦énshRKasenAkñúgkmøú (c)

gryHeBlEpnkar KWGaRs½yeTAnwgTMhMfvikarsMrab;kareFVIpSayBaNiC¢kmμ nigTMhM fvikarsMrab;kar]btßmkarlk;. edaysarEtviFankarN_énkarlk;TaMgBIrenAkñúgRBMEdnmYyénkarpøas;bþÚrKña) an dUcenHenAkñúgkrNIenHkRmitcMeNj G nImYy² KWCalMdab;lMedayén cMnYnd¾eRcInénkarpSMpÁMúma:XItTIgmIk. TItaMgCaFrNImaRténkarpSMpÁMúTaMgGs;RtUv)an kt;smÁal;CaGuIsUkVan; isoquante (= Iso–ExSekagcMeNj¦ ehIy isoquante enHsßitenAsRmab;kRmitcMeNjnImYy² ¬emIlrUb¦ karpSMpÁúMEdlcMeNjGtibrimaén viFankarN_neya)ayGtßiPaBTaMgBIrRtUv)anhuc[ kalNaCamYynwgTMhMfvikarén ma:XItTIgEdl)anpþl[; enaHeFVeI GaykarcMeNjdulRtUv)anseRmclT§PaBx<sb; Mpu t. CamYyenH ExSRtg;fvikarenAkñúgRbBn½§kUGrDINaT½r ¬emIlrUb¦ k¾RtUv)anKUr ehIy EdlExSRtg;enHbgðajnUvlT§PaBpSMpÁMúénkarpSayBaNiC¢kmμ nigkar]btßmÖkarlk; EdlCamYynwgkarpþl;eGayénTMhMfvikar. karpSMpÁMúNamYyEdlcab;epþImb:HexSekag Iso–cMeNj (Iso-profit) Edlsßit enAecjq¶ayBIcMnuc 0 énkUG½rDINaT½rRtUvGackt;smÁal;faCacMNucRbesIrbMput. enAkñúgkrNIkarpSMpÁMúénviFankarN_ma:XIFIgTaMgGs;EdlTTYl)ancMeNjGtibrim KWesμInwgmann½yfaqøgkat;PaBCMnYsmYyNaeToténviFankarN_ma:XIFIgenaH BMuGac seRmc)annUvkarekIneLIgéncMeNjd¾éTeToteLIy. dUcenHRBMEdncMeNjdul rbs;va KWenAkñúgPaBRbesIrbMputmanTMhMesμI²Kña. CaTUeTAsRmab;kareFVIma:XItTIg mIk[)anRbesIrbMputenaH luHRtaEtseRmc)anlkçxN ½ dÐ UcxageRkam ³ CamYynwgTMhMfvikarEdl)anpþl[; mYy KWmeFüa)ayhirBaØvtßúEdlsRmab;Ebg EckeTAelIvFi ankarN_ma:XtI TIg KWRtUvseRmc[)ansRmab;viFankarN_TaMgGs;nUv RBMEdncMeNjdulesμIr²Kña. cab;epþmI ecjBIkarviPaKEdl)anBicarNaxagelIénbBaðakareFV[I )anRbesIrbM puténkareFVIEpnkarkarlk; KW)anbgðajCalT§pl[eXIjfaviFankarN_ma:XItTIg nImYy² manCamYynUvcariklkçN³pÞal;xøÜnrbs;va. cMeBaHbBaðaenH ¬dUcEdl)an eXIjmkdl;eBlenH¦ eK)anEbgEckviFankarN_ma:XItTIgmIkCaBIr KWmü:agenAkñúg 1

neya)ayéfø nigmü:ageTotenAkñgú neya)ayGtßiPaB ¬neya)ayGtßiPaBekIteLIg ecjBIviFankarN_esssl;énneya)ayplitpl (product-mix) rYcmkén neya)ayéfø (price-mix) nigneya)ayTIkEnøg (place-mix) ehIyk¾dUcCa neya)ayCRmujkarlk; (promotion-mix). karRsavRCavrkPaBRbesIrbMputénneya)ayGtßiPaBénma:XItTIgmIk

4> 2> kareFVIEpnkarplcMNUlsRmab;GnuKmn_éfø-karlk;Edl)anpþl;[ 4> 2> 1> EdnseRmccitþénneya)ayéfø kareFVIEpnkarplcMNUlsRmab;GnuKmn_éfø-karlk;Edl)anpþl;[mYy man n½yesμIKña rWdUcKñaeTAnwgneya)ayéfø. meFüa)ayeRbIR)as;énneya)ayGtßiPaB Edldak;TisedAeTAelIkarERbRbYlmYyénGnuKmn_éfø-karlk; KWRtUv)ansßitenAeRkA BIkarBicarNa. dUcenHkalNaeKelIkykneya)ayéføecjBIRbB½n§énviFankarN_ ma:XItTIg éføenaHKWRKan;EtbgðajnUvskmμPaBmYyenAkñúg spectrum énviFankarN_ Etb:ueNÑaH. neya)ayéfø KWminEmnsRmab;eFVI[RbesIrbMputCalkçN³ÉkÉgeT müa:geTotneya)ayéfø KWCakarerobcM rWCakarcat;EcglT§PaBlT§plTaMgmUl

enAkñúgma:XItTIgmIk. »kassRmab;karseRmccitþénEfø KWeyageTAtam Kotler nig Bliemel (1991) KW ³ ¤ karkMNt;énéfømYyEtmþg EdlcMeBaHkarkMNt;enaHcaM)ac;cMeBaHplit plfμI cMeBaHkarQancUl rWRCatcUleTAkñúgTIpSarfμI nigcMeBaHkarRbkYt RbECgsRmab;karkumμg;CasaFarN³ rWk¾Cakaredjéfø (tendering). ¤ karsRmbsRmYléføedaymUlehtumkBIkarERbRbYléntRmUvkar nig⁄rWkar ERbRbYlénkarbg;témøEdlpþÜcepþImedaysarEtshRKas rWk¾edaysarkarRbkYt RbECg. ¤ buBVbT rWkarcab;epþImeLIgénskmμPaBBiesssRmab;RTRTg; rWKaMRTén tRmUvkar ¤ karEsVgrkénTMnak;TMngéføEdlRbesIrbMputénplitplEdlsßitenAkñúg CYrplitplmYy. karBicarNaénneya)ayéføEdl)anelIkeLIgxagelIRtUvman ninñakarTisedACacm,geTAelITIpSar eTaHbIRsbCamYyenHeKBMuTan;manlT§plén vin½yb½Rtkarbg;témø nigkarKNnaEdlBMuTan;RtUv)anRBmeRBogTaMgRsugk¾eday. RbePTénneya)ayéføEdlmanninñakarTIpSarenH RtUvsßitenAeRkamkarBicarNaeTA elIRbePTénsMnYrxageRkam ³ ¤ etIGtifiCnvaytémøplitply:agNa? ¤ etIGñkpÁt;pÁg;maneQμaHe)aHsMelgy:agNa? etIskþanuBlTak;TajGñk Tijrbs;xøÜnmanTMhMb:uNÑa? ¤ etIéføNaEdlGñkTij rWGñkCYlRbugeRbobnwgbg;éfø rWTij? ¤ etIsßankarN_twgEtg rWFUrRsalNamYyEdlBaNiC¢krTamTarEdlCa mYyenaHeKGacTTYlykplitpleTAkñúglMdab;lMedayRbePTplit plrbs;eK nigsRmab;dak;lk;. ¤ etIcenøaHneya)ayéføsV½yy½t rWRbtikmμedayesrINaEdlmansRmab; GñkpÁt;pÁg;? ¤ etIGaceFVk I areRCIserIséføEdlCacitsþ aRsþmYyEdrrWeT ]TahrN_dUcCa

CMnYs 2$ CaedIm? etIGacbegáItenAsßanPaBéfømYyfμIEdrrWeT EdlenAkñúgsßanPaBenaH plitplnUvEtsßitenAeRkamkarBicarNaénKuNPaB nigrUbPaBrbs;va RtUv)ansRmbsRmYll¥RbesIr)an? 1,98$

¤

sRmab;neya)ayéfø KWEdnseRmccitþCaTUeTARtUv)anbkRsayedaysar GnuKmn_éfø-karlk;. GnuKmn_enHbgðaj[eXIjfa ¬rMlwkeLIgvij¦ etIcMnYnb:unμan énplitplmYyEdlGaclk;)anCamYynwgTMhMéføTamTarepSg²KñakñúgkmøúgryHeB lEpnkar. CaTUeTAGnuKmn¾enHEbgEckCaBIrlkçN³ KWsþaTIk nigDINamIk ³ (1)

P = g(Mt)

sþaTIkmann½yfa ³ éfø nigcMnYnénkarlk;TajecjBIkMlugry³eBlEpnkar. (2)

Pt +1 = g(Mt)

DINamIkmann½yfa karrg;caMénGñktRmUvkarsRmab;karvivDÆn_énéføeTAéf¶ GnaKtedIrtYrCasMxan;. RbePTénGnuKmn_éfø-karlk;EdlepSg²KñaenHRtUv)aneFV[I eXIjkan;Etc,as;EfmeTotedaysarEtéføeGLasÞcI éntRmUvkar ¬preis elastici of I Yy²enaH. éføeGLasÞcI éntRmUvkar KWCa demand) EdlsRmab;RbePTGnuKmn_nm mUldæankNþalénneya)ayéfø nigvas;enARbtikmμéntRmUvkareyagtamkarERbRbYl énéfø. éføeGLasÞIcéntRmYvkar KWRtUv)an[niymn½yCaplEckénkarERbRbYl Tak;Tg ¬CaPaKry¦ éntRmUvkar M elIplitpl i nigkarERbRbYlénéføTak;Tg P ¬CaPaKry¦énplitpl ienH. (3)

ŋi, Mi = (dMi / Mi) / (dPi / Pi) = (dMi / dPi) * (Pi / Mi)

sRmab;krNIFmμtaGnuKmn_éfø-karlk;TaMgGs;EdlCabnÞat;fycuHmanéføeG LasÞIc (5)Canic©CakalGviC¢man. (4) Pi = a – bMi (5) ŋi, Mi = - Pi /( b * Mi)

éføeGLasÞIcmanTMnak;TMngCanic©CakalCamYynwgcMnuckMNt;mYyénGnuKmn_ éfø-karlk; ¬cMnucERbRbYl= elasticity point) nigGacTTYlyknYvéføTaMgGs;rvag 0 nigGnnþGviC¢man (- ∞ ≤ ŋ ≤ 0). enAkñúgrUbxageRkam )anbgðajéføeGLasÞIc cMeBaHkrNIFmμta nigsRmab;krNITaMgBIréntRmUvkarEdlsuRkitmineGLasÞic (perfect inelasticity of demand) (ŋ = 0) nigéntRmUvkarEdlsuRkiteGLasÞIc (perfect elasticity of demand) (ŋ = ∞). ktþakMNt;sRmab;karERbRbYlepSg² éneGLasÞIctRmUvkarKW ³ ¤ PaBmansßitenAénplitplCMnYs ¤ PaBbnÞan;énesckþIRtUvkar ¤ PaBsßitesßryUrGEgVgénplitpl ¤ sßanPaBéføénplitplmYy

GnuKmn¾téfø-karlk; nigéføeGLasÞIctRmUvkarkñúgkrNIFmμta nigkrNIRBMEdnBIrepSgeTot (b)

(a)

4> 2> 2> RTwsþIéføEdlburaNniym (classical price theory) GnuKmn_éføkarlk; nigeGLasÞIctRmUvkarRtUv)aneRbIR)as;enAkñúgRTwsþIéfø EdlGPirkSedIm,ITajecjnUvlkçN ½ sÐ Rmab;éføRbesIrbMput ¬=GtibrmacMeNj¦. PaB RbesIrbMputmankarTak;TgCaBiessEteTAnwgTMnak;TMngEdlqøgkat;nUvsMNak

énRTwsþIéfø ehIyEdlTMnak;TMngenaHeFVIkarCamYyEtnwgEpñkénkarsnμt;[ gayRsYl ¬]TahrN_ ³ shRKasplitEtplitplEtmYy nigGnuKmn_éfø-karlk; KWsþaTIkTIpSarEdlsuRkit¦ Etb:ueNÑaH. mUldæankNþalénRTwsþIéføEdlGPirkS KWkar cMNat;fñak;énTIpSar. cMNat;fñak;enaHmandUcxageRkam ³ (a) kRmitsuRkitPaBénTIpSar ³ eK)anEbgEckTIpSarCasuRkit nigminsuRkit. TIpSarmYyRtUvkt;smÁal;fasuRkit kalNacarwklkçN³xageRkamRtUv)ansegát eXIj rWk¾faTIpSarminsuRkit kalNacarwklkçN³EtmYykñúgcMeNamcariklkçN³ Edl)anniyayxageRkamenaHBMuman ³ ¤ GñkcUlrYmTIpSarTaMgGs;eFVIBaNiC¢kmμeTAtameKalkarN_Gtibrma ¬kareRbIR)as;Gtibrma nigcMeNjGtibrma¦. ¤ karsRmbsRmYleTAelIkarERbRbYlTUrelxseRmc)anedayBMuman karBnüaeBl ¬el,ÓnénRbtikmμ KWEsnmhaFM¦ ¤ TaMgEpñkGñkpÁt;pÁg; k¾dUcCaEpñkGñktRmUvkar KWBMumanGtßiPaBNamYy EdlGacnaM[mankarseRmccitþsMrab;kMNt;éfømYyeRkAEtBIéføxøÜnÉg pÞal;enaHeT ¬lkç½NÐhUm:UCinas¦. ¤ enAelITIpSarRKbdNþb;eTAedaytmøaPaB nigsuRkitPaB TaMgenH)ann½y fabkSBYkTIpSarTaMgGs;KWCanic©CakalKWRtUv)anpþl;Bt’mansuRkitdUc²Kña. (b) cMnYn nigTMhM ¬karvas;Evg KWCacMENkTIpSar¦ énGñkcUlrYmTIpSar ³ kalNaeKEbgEcksRmab;EpñkGñkpÁt;pÁg; nigEpñkGñktRmUvkarenaHCabI sNæan ³ - mankan;Ettic rWtUc - manCamFüm - mankan;EteRcIn rWFM enaHrUbragTMrg;TIpSarEdlsMxan;)anbgðajsRmab;TIpSarsuRkit ¬emIlrUbxag eRkam¦. sRmab;TIpSarEdlminsuRkit KWTRmg;enHERbRbYleyageTAtamenaHEdr. karERbRbYlEdlsMxan; KWkareRbIR)as;sBaØaNkarRbkYtRbECgBhuPaKI (polypoly (sample)

rWk¾karRbkYtRbECgÉketaPaKI (monopoly competition) sRmab;krNI {GñkpÁt;pÁg;mñak; nigGñktRmUvkarenAelITIpSar t EdlminsuRkit}.

competition)

rUbragTRmg;TIpSarsRmab;TIpSarsuRkit

(c) GnuPaBénTMnak;TMngRbkYtRbECg

³ GnuPaBenHRtUv)anqøúHbBa©aMg[eXIj enAkñúgRTwsþIéføedaysarBwgEp¥keTAelIéføcRmuHeGLasÞIk (cross-price elasticity) (= triffinscher coefficient). eGLasÞIkenH RtUv[niymn½yCaplEckrvagkarERb RbYltRmUvkarEdlTak;Tg (relative demand) eTAtamplitplmYy nigkarERb RbYléføEdlTak;Tg (relative price) énplitplmYyepSgeTot. T = (dMB / MB )/ (dPA / PA)

xageRkamenH CakarEbgEcksRmab;plitplEdlRbkYtRbECg T > 0 ³ [1] T= 0 ³ karERbRbYléføplitpl A BMuman\T§iBleTAelIkarlk;énplitpl B eT. TaMgenHeKehAfacenøaHRbehagénkarCMnYs (substitution gape). [2] T = ∞ ³ CamYynwgkarERbRbYléføplitpl A EtGb,rimaEtb:ueNÑaH eFVI[man karERbRbYlcMnYnénkarlk;plitpl B ya:geRcInsn§wksn§ab;. krNI enH KWkt;smÁal;edaysarTMnak;TMngkarRbkYtRbECgs¥itrmYt nigl¥it

l¥n; ehIyRtUv[eQμaHfakarRbkYtRbECghUm:UCInas (homogeneous competition). [3] 0 < T < ∞ ³ karERbRbYléføplitpl A CH\T§B i leTAelIkarlk;énplitpl B BMuxøaMgkøaeT k¾b:uEnþKYr[cab;GarmμN¾Edr elak Triffin [eQμaHfa karRbkYtRbECgEdlmindUcKña rWminesμIsac; (heterogeneous competition). (d) Gkb,kiriyaénGñkcUlrYmTIpSar ³ CamUldæan eK)anEbgEckCabIsNæanEdl CamYyenaHva)anbgðajkarpSarP¢ab;eTAnwgcarwklkçN³Edl)anbgðajBIxagelI ³ ¤ GñkpÁt;pÁg;RtUvsRmbsRmYleTAtaméføTIpSar. mann½yfa GñkpÁt;pÁg;min GacRbtibtþineya)ayéførbs;xøÜneT ¬=GñkpÁt;pÁg;RtUvsRmbsRmYlcMnYnplitpl sRmab;BhuPaKenAelITIpSarEdlsuRkit¦. ¤ GñkpÁt;pÁg;manlT§PaBedayminGaRs½yeTAnwgkarRbkYtRbECgkñúgkar kMNt;nUvéførbs;xøÜnedayEtCamYynwgkarBicarNaeTAelIRbtikmμénGñktRmUvkar ¬=sßanPaBpþac;mux ehIyk¾dUcCaenAelITIpSarminsuRkitenAkñúgRBMEdnénBhuPaK nig BhuFiPaB¦. ¤ GñkpÁtp ; gÁ K; ti KUrCamYynwgRbtikmμénkarRbkYtRbECgénneya)ayéførbs; xøÜn ¬=neya)ayéføEdlsnμt;tamRbePTBhuFiPaBénTIpSarEdlminsuRkit¦. enAkñúg sMNakénRTwséIþ fø KWCaTUeTAkarcat;fañ k;TIpSarRtUveRbIR)as;sRmab;karEckéneKal karN_dMeNaHRsayepSg²Kña. eyageTAtambBaðaenH eK)anEcksMNakénkar begáItéføCasMNakPaBpþac;muxénkarbegátI éfø sMNakBhuFiPaBénkarbegáItéfø nigsMNakénBhuPaKénkarbegáItéfø. sMNakénRTwséIþ føkúñgkrNIBhuFPi aB KWman PaBsμúksμaj. neya)ayéføenH vamaneTAelITpI SarEdlmanrcnasm
dUcenHtémøénkarBnül;BIRTwsþIéføkñúgkrNIBhuFiPaB KWmanRBMEdn eRBaHfa TaMgGs;enHsRmab;RbePTTIpSarBhuFPi aBEdlkarRbkYtRbECgBMuGaRs½yeTAnwgéføCa cm,geT KWGaRs½yCaBiesseTAelIneya)ayGtßiPaBEdleyIg)ansÁal;BImunrYcmk ehIy. eyageTAtammUlehtuenH eyIgBicarNaEteTAelIGBaØatisMNakbIénRTwsþI éføEdlGPirkS[)anditdl; ³ 1¦ neya)ayéføsRmab;rcnasm<½n§pÁt;pÁg;Edlpþac;mux 2¦ neya)ayéføsRmab;PaBpþac;muxeTVPaK ¬=BhuPaKénTIpSarEdlsuRkit ¦ 3¦ neya)ayéføsRmab;karRbkYtRbECgBhuPaK rWk¾karRbkYtRbECgpþac;mux ¬=BhuPaKénTIpSarEdlminsuRkit¦. → (1)³ krNIPaBpþac;mux KWRtUv)ankt;smÁal;edaysarGnuKmn¾éfø-karlk;Edl CabnÞat;Rtg;fycuH dUceyIg)ansÁal;BIemeronmunrYcmkehIy. lkç½NÐTUeTAénPaB RbesIrbMputsRmab;PaBpþac;muxKW ³ RBMEdnplcMNUl = RBMEdnkarbg;témø. enHmann½yfaGñkpÁt;pÁg;Edl pþac;muxGacERbRbYléførbs;xøÜnrhUtdl;RBMEdnplcMNUl (marginal revenue) ¬rWkarekIneLIgénplcMNUl¦ mantulüPaBCamYynwgRBMEdnkarbg;témø (marginal cost) ¬rWkarbg;témøbEnßm¦EdlBMuTan;RtUv)anTUTat;[mantulüPaBenaH. CamYyéfø EdlRtUv)ankMNt;cMeNjGtibrma KWeKTTYl)ancMnYnkarlk;EdlcMenjGtibrma nigCamYyenaHEdr KWeKk¾TTYl)ancMNUlsrubEdlcMeNjGtibirmaenAkñúgkMlugryH eBlEpnkarenaHEdr. eyageTAtam Cournot EdlCaGñkTajecjkarviPaKén TMnak;TMngenHCaelIkdMbUg)an[eQμaHTMnak;TMngenHpgEdrfaCa Cournot RbesIr bMput (cournot-optimum) enAkñúgrUbPaB)anbBa©aMgya:gc,as;BIkarEsVgrkrbs; Kat;eTAtam]TahrN_CaelxmYyEdlCamUldæanTajecjéncMeNjGtibrma ³ GnuKmn_éfø-karlk; = 10 + 2M GnuKmn_karbg;témø = (10 – M) M GnuKmn_plcMNUl

(7) P = 10 – M (8) CT (9) UT

edrIev:TI 1 énGnuKmn_ C nig U eTAtam M edIm,IrkRBMEdnkarbg;témø nigRBMEdn plcMNUlEdl)anniyayxagelI ³ T

1

(10) C

T

T

= dcT / dM = 2

(11) U1T = ∆UT/∆M = 10 – 2M

enAkñúgPaBRbesIrbMput KWRBMEdnkarbg;témøesμInwgRBMEdnplcMNUl (12) C1T = U1T 2 = 10 – 2M Mopt = 4

cMNuc Cournot-éfø KWGacbgðaj)anedayCMnYs karlk;smIkar (7) xagelI ³

Mopt

eTAkñúgGnuKmn_éfø-

(13) Popt = 10 – Mopt = 6

eyageTAtamenHeFVI[cMNUlsrubEdlcMeNjGtibrmaKW ³ (14) Uopt = Popt * Mopt = 24

]TahrN¾CaelxsRmab;kMNt;én Cournot-RbesIrbMput

³ kñúgkrNIenH cMeBaHshRKasnImYy²EdlGnuvtþPaBpþac;muxeTVPaK KWBMu manlT§PaBGnuvtþn_neya)ayéfømYyEdlsV½yy½tenaHeT. GñkRKb;RKgRtUvsRmb sRmYléførbs;xøÜnPaKeRcIneTAnwgéføénTIpSarenaH ¬mantulüPaBénéfø¦. eRBaHfa kalNaPaKeRcInCamYynwgkarTamTaréføEdlx<s;mYyrbs;eKenaH eK)an)at;bg; enAkñúgryHeBlxøInUvGtiCnTUeTA ebIeyageTAtameKalkarN_énTIpSarEdlsuRkit. pÞúyeTAvijvaBMumanlT§pll¥eT kalNaeKkMNt;éfø[enAeRkamtéføTIpSarenaH eRBaHfakñúgkrNIenH shRKasRtUvTajGñktRmUvkarénTIpSarTaMgmUlsRmab;xøÜnÉg EdlesckþIRtUvkarrbs;TIpSarenaH BMuRtUvGacbMeBj)anTal;EtesaHtamryHsh RKasEdlmanEtTMhMd¾tUc²enaH ¬edayehtufaCamYynwgPaBpþac;muxeTVPaK rWkar RbkYtRbECgtUc (atomis competition) KWmanEtGñkpÁt;pÁg;tUc²EdlmancMnYnya:g eRcInenAelITIpSarenaH¦. GnuKmn¾éfø-karlk;RbRBwtþeTAsRmab;PaBpþac;muxeTVPaK KWRsbeTAnwgG½kSGab;sIusenAkñúgTMhMéføTIpSar P eRBaHdaysarEtéføminGaRs½y cMeBaHGñkpÁt;pÁg;nImYy²enaH. éføenH KWGnnþeGLsÞIk ebIeyagtamkarbkRsay xagelI. lkç½NÐTUeTAsRmab;cMeNjGtibrima sRmab;PaBpþac;muxeTVPaKKW ³ →(2)

RBMEdnplcMNUl = RBMEdnkarbg;témø lkç½NÐenHmanEtkñúgrNIBiessmYycMnYnEdl)anykmkBicarNakñúgeBlb c©b,únñenH. EtedaysarEtplcMNUlRbRBitþeTAsmamaRteTAnwgcMnYnénkarlk; M enaHlkç½NsRmab;PaBRbesIrbMput eKGaceFVI[kan;Etc,as;EfmeTotKW ³ RBMEdnkarbg;témø = éfø karcMeNjGtibrma GaRs½yeTAnwgdMeNIrRbRBwtþénGnuKmn_karbg;témø. eKEbgEckva CaBiessecjBIdMeNIrRbRBwtþénGnuKmn_karbg;témødUcteTA ³ ¤ dMeNIrRbRBwtþénGnuKmn_karbg;témøCaTRmg;GkSr S Edl)anbkRsay BImunenaH CaTUeTAmankarekIteT,IgéncMNuckat;rvagGnuKmn_RBMEdnkarbg;témø

CamYynwgGnuKmn_éfø-karlk;EdlRbRBwtþeTACabnÞat;edkRtg;cMnucNamYy cMNuc enaH KWkt;smÁal;karcMeNjGtibrma. ¤ RBMEdnénGnuKmn_karbg;témø nigGnuKmn_éfø-karlk;BuMkat;KñaeT kal NadMeNIrRbRBwtþénkarbg;témømYyCabnÞat;Rtg;. RBMEdnkarbg;témø KWCamYyenaH efr nigkarcMeNjGtibrmamansRmab;EtkrNIEdlRBMEdnkarbg;témø C < P eTA dl;RBMEdnsmtßPaB M ¬emIlkñúgrUbPaB¦. 1

T

max

GnuKmn¾éfø-karlk;cMeBaHPaBpþac;muxeTVPaK

karGPivDÆn¾karcMeNjcMeBaHPaBpþac;muxeTVPaKnig karRbRBwtþénkarbg;témøEdlCabnÞat;Rtg;

³ krNIénkarRbkYtRbECgEdlBhuPaK rWk¾pþac;muxeTVPaKenAelITIpSarEdl minsuRkit )anCYbRbTHCaBiessenAkñúgkarGnuvtþn_CMnYjlk;ray (retailers). → (3)

TMhMshRKas rWTMhMCMnYj KWragtUc nigGVI²TaMgGs;ekIteLIgEtCamYynwgkartRmUv eTAtamGtßiPaBrbs;shRKasmYy rWk¾shRKasepSgeTot rWk¾EtCamYynwgsBaØa smÁal;énTMnji rWkR¾ kumTMnji . enAkñúgkrNIenH shRKas;nmI Yy²manRBMEdnkMNt; sRmab;GnuKmn_éføkarlk;rbs;xøÜnmYyEdl)anbgðajCacariklkçN³CaRBMEdncenøa H (intervalle) ¬emIlkñúgrUb¦. GnuKmn¾éfø-karlk;EdlenAkñúgBhuPaKenAelITIpSarEdlminsuRkit

EpñkEdlCaPaBpþac;muxenAelIRkahVikénkarlk;EdlBhuPaK KWBC . Gñk manPaBpþac;muxRtUvEtkRmitlT§PaBsRmab;ekIneLIg rWk¾fycuHénéføedIm,IkMu[Gñk Tijpøas;bþÚreTArkGñkRbkYtRbECg rWk¾RtUvdkxøÜnfy. enAkñúgEpñkenH nigmanEt enAkñúgEpñkenHpgEdrEdlshRKas rWGñkCMnYjGacRbkan;Gkb,kiriyaCaGñkpþac;mux mYy. eyageTAtamenaH GnuKmn_éfø-karlk;RbRBwtþeTAenAkñúgRBMEdncenøaHenaH. ¤ EpñkEdlCaBhuPaK rWk¾pþac;muxeTVPaKenAelIRkahVikénkarlk;Edl BhuPaK KWAB nigCD. EpñkenHRtUvTak;TgedaysarkarekIneLIg nigkarfycuHén éføehImRskEdlcMeBaHéføenaHRtUv)anelceLIgedaysarkarpøas;brÚþ tamryHGñkTij . PaBxusKñaCamYynwgPaBpþac;muxeTVPaKenAelITIpSarsuRkit KWfaclnaénGñkTij RbRBwteþ TAyWt nigeT,IgcuH. GnuKmn_éfø-karlk; KWmineGLasÞIkdUcenATIpSarsuRkit EdlmanPaBpþac;muxenaHeT,Iy mann½yfakMeNIn rWcMeNalénGnuKmn_enaH ¤

manragepþkCagenAEpñkEdlpþac;mux nigminRbRBitþeTARsbnwgG½kSGab;suIsdUc cMeBaHPaBpþac;muxeTVPaKenAelITIpSarEdlsuRkitenaHeT. EpñkénéføehImRsk P nigP nigdMeNIrRbRBitþénRkahVik KWeyageTAtam Gutenberg (1984) KWGaRs½y eTAnwg ³ ¤ karpSarP¢ab;TMnak;TMngGñkTijeTAnwgshRKas rW (store) ¤ lT§PaBénkarCMnYsedayplitplEdlRbkYtRbECg nig ¤ el,ÓnCamFüménRbtikmμénGñkTijeTAelIkarERbRbYlénéfømYy karTamTaréføEdlRbesIrbMputRtUvTajecjBIlkç½NÐ RBMEdnkarbg;témø = RBMEdnplcMnUl EdlCamYyenaH KW[smRsbeTAnwgEpñkénRkahVikEdlkac;xagelI. CaTUeTA éføEdlcMenjGtibrmaRtUvsßitenACaBiessenAkñúgEpñkEdlpþac;muxénGnuKmn_éføkarlk;. enAkñúgEtkrNIcaM)ac;bMputneya)ayéføGacGnuvtþn_enAEpñkxagsþaM rWEpñk xageRkaménRkahVikBhuPaK rWk¾pþac;muxeTVPaK. o

u

4> 2> 3> karkMNt;éføEdlmanninñakarGnuvtþn_ enAkñúgkarGnuvtþn_sMNakénRTwsþIéføEdlburaNenaH RtUv)ansegáteXIjfa mankarCYytictYcsRmab;edaHRsaybBaðaneya)ayéfø. mUlehturbs;va KWCa cm,genAkñúgcarwklkçN³EdlsþaTIkénsMNakEdlburaNenaH nigenAkñúgplvi)ak sRmab;TajecjnUvGnuKmn_éfø-karlk;EdlRsbnwgPaBBitR)akdsRmab;plitpl epSg²énshRKas. karseRmccitþénneya)ayéføenAkñúgkarGnuvtþn_BMuTamTar Canic©CakalnUvTMhMTak;Tgd¾FMmYyeTAnwgcMeNHdwgEdlRbeyal nigRtUvcat; TukBIsMNak;shRKasfaminGacRtYtBinitü)an nigGacbgáreRKaHfñak;. kalNaeK elIksMnYrGMBIfaetIeKRtUvkMNt;éføenAkñúgkarGnuvtþn_ya:gdUcemþc enaHKWva)anbgðaj nUvcMnuceKalkarN_CamUldæanbI (Meffert 1989) : a) eKalkarN_énkarkMNt;éføEdlmanninñakareTAtamkarbg;témø b) eKalkarN_énkarkMNt;éføEdlmanninñakareTAtamtRmUvkar nigkargar

eKalkarN_énkarkMNt;éføEdlmanninñakareTAtamkarRbkYtRbECg nigvis½yCMnYj. sRmab; a) ³ enAeRkamlkç½NÐesdækic©TIpSar rvagkarbg;témø nigéføBMuekIt eLIgnUvTMnak;TMngedayRbeyalya:gBitR)akd k¾b:uEnþkarbg;témømantYnaTIya:g sMxan;enAkñúgkarGnuvtþn_. cMeBaHkarkMNt;éføEdlmanninñakareTAtamkarbg;témø eKGacEbgEckdMeNIrRbRBwtþEdlmanCamUldæanBIrya:g ³ 1> karKNnaénéføpÁt;pÁg;ecjBIkarbg;témøEdlKitedayxøÜnÉg ¬karbg; témøsrubkñúgmYyÉkta¦ bUknwgkarbEnßmcMeNj. TMhMénkarbEnßmkarcMeNjRtUv kMNt;CamYyenHEdrGaRs½yeTAnwgRkumplitpl (product groups) eTAnwgTinñpl énplcMnUlEdlcg;)an eTAnwgkarpøas;bþÚrTMnij eTAnwgeRKaHfñak;énkarlk; .l. nig.l. KuNsm,tþiénviFIsaRsþenH KWCaBiesskarKNnaTak;TgEdlgayRsYl ehIyk¾mantmøaPaBénkarkMNt;éføsMrab;bgðajcMeBaHGtifiCn. KuNvib,tþi KWfa CamYynwgkarbEnßmR)ak;cMeNj CaTYeTAeKBMuGacrkeXIjnUvéføEdlRbesIrbMput rWcMeNjGtibrmaenaHeT. eRKaHfñak;EdlmancMeBaHdMeNIrRbRBwtþenHenAeBlNa EdlcMEnkkarbg;témøefr KWx<s;enAkñúgkarbg;témøsrub nigenAeBlcMnYnkarlk;enA kmøúgryHeBlEpnkarminefr mann½yfavaRtUvGaRs½yeTAtamkarkMNt;énéføxøÜnva pÞal;. enAkñúgkrNIenH ekIteLIgnUveRKaHfñak;EdlfashRKasmYyGacKNnaéfø XøatecjBITIpSaredayxøÜnÉgkñúgeBlRsbKñaenaH. 2> kalNakarbg;témøefrdUcEdl)anbgðajxagelI CaktþasMxan;énkar kMNt;éføEdlmanninñakareTAtamkarbg;témø eKGacpþl;sRmab;karKNnaéføecjBI karbg;témøGefrkñúgmYyÉkta bUknwgkarbEnßmcMeNjdul. karbEnßmcMeNjdul KWeGabRkesabcMENkcMeNjEdlcg;)an nigcMENkkarbg;téefrEdleyageTA tamenaH. pÞúyBIeKalkarN_KNna {karbg;témøEdlKitedayxøÜnÉg bUknwgkar bEnßmcMeNj} KWkarbEnßmcMeNjdulenH vaCaTMhMGefrEdlCamYyenHeKminGac snñdi aæ n)anfa etIkarpþlk; arFanaénkarcMeNj rWkarpþlk; arFanaénkarbg;témøefr kñúgkrNInImYy² KWmanTMhMdUcemþc? eRBaHfaeK)anlHbg;eTAelIkarTUTat;énkar c)

bg;témøefrsRmab;plitpl. KuNsm,tþiénkarKNnakarpþl;karFanaEdlc,as; las;RtUv)anraraMgedaysarEtlkçN³vinicä½ybEnßmRtUv)andkecjsRmab;karkMN t;énkarbEnßmcMeNjdul. k¾b:uEnþlkçN³vinicä½ybEnßmenH naM[eKElgsßitenA elIkarBicarNaEdlecjBIkarbg;témøehIy KWmann½yfaCacMbgecjBIsßanPaB tRmUvkar sßanPaBkargar nigsßanPaBRbkYtRbECgEdlvaeFIV[pÞúyBIeKalkarN_. cMeBaHbBaðaTaMgGs;éneKalkarN_kMNt;éføEdlmanninñakareTAtamkarbg;témø bBaðamYyEdlKY[cab;GarmμN_enATIbBa©b;enH KWfaKμankarBicarNaénkarbg;témø eKminGackMNt;TMhMmYyEdlTMhMenaHmanGtßn½yFMeFgenAkñúgkRmiténRBMEdnéføsR mab;karseRmccitþénneya)ayéførbs;shRKas eRkamRBMEdnénéføEdlmanninña kareTAtamkarbg;témø. sRmab; b) ³ eKalkarN_énkarkMNt;éføEdlmanninñakareTAtamtRmUvkar nigkargar KWeyalya:geRcIneTAelIcarikFmμCatiénneya)ayéføesdækic©TIpSarCag eKalkarN_karbg;témøxagelI. TaMgGs;enH GacRtUv)aneFVI[BitR)akdeTAtam viFIsaRsþénkarKNnaRtLb; (retrograde calculation) nigCamYyviFIsaRsþén karKNnaEdlekIneLIgCalMdab; (progressive calculation). 1) cMeBaHkarKNnaRtLb;RtUv)anecaTsYrfa etIéføNamYyEdlRtUvyl;RBm enAelITIpSar. cab;epþImecjBIéføenH eTIbeKTajecjtamlMdab;lMedaynUvkarbg; témøGefrénplitplenH rhUtdl;eK)aneTAdl;KmøatFanara:b;rgEdlCapldk énéfø ¬rWk¾cMNUlkñúg1Éktaplitpl¦ nigkarbg;témøGefrTaMgGs;kñúg1Ékta plitplenaH ³ cMNUldulkñúg 1 Éktaplitpl (15) - cMNUlEdlTukEckKñakñúg 1 Éktaplitpl = cMNUlsuT§kñúg 1 Éktaplitpl - karbg;témøGefrénplitkmμkñúg 1 Éktaplitpl - karbg;témøGefrénkarbeB©jTMnijkñúg 1 Éktaplitpl = KmøatFanara:b;rg

kalNaKmøatFanara:b;rgviC¢manenaH éføTIpSarEdlsMerc)ansßitenAelI éføTabbMputEdlsRmab;ryHeBlxøI. pldkrvagéføTaMgBIrenH mann½ysRmab; {cenøaHRbElgelg} énkarTMlak;éfø EdlkarTMlak;éføenHCaskþanuBlsRmab; ryHeBlxøIeFVI[GñktRmUvkarmancMNg;kñúgkarTijénplitplenaH. 2) cMeBaHkarKNnaekIneLIgCalMdab;RtUvRbRBwtþpÞúyBIenH EdlenAkñúgenaH CadMbUgkarbg;témøGefr ¬rWRBMEdnkarbg;témøGefr¦ énplitplmYy rWké¾ nkarkumμg; mYyRtUv)anRsavRCavrk. eTAelIkarbg;témøenH eKRtUvdMeLIgénkarbEnßmcMeNj dulmYyEdlGaRs½yeTAnwgtRmYvkarkarbEnßmenaH TaMgenHRtUv)anyl;faCakar pþl;Fanara:b;rgéncMeNj nigénkarbg;témøefr. kalNaeKdkcMNUlEdlTuk EckKñaecjBItémødulEdl)ankMNt;enaH KWva)anbgðaj[eXIjnUvéføsuT§ ³

(16)

karbg;témøGefrénplitkmμkñúg 1 Éktaplitpl + karbg;témøGefrénkarbeBa©jTMnijkñúg 1 Éktaplitpl = karbg;témøGefrkñúg 1 Éktaplitpl + karbEnßmcMeNjdulkñúg 1 Éktaplitpl = éfødulkñúg 1 Éktaplitpl - cMnUlEdlTukEckKñakñúg 1 Éktaplitpl = éføsuT§kñúg 1 Éktaplitpl

bBaðaCamUldæanénkarkMNt;éføEdlmanninñakareTAtamtRmUvkar nigkargar KWsßitenAelIkarkMNt;énkarbEnßmcMeNjdul ¬cMeBaHviFIsaRsþénkarKNnaekIn eLIg¦ rWk¾KmøatFanara:b;rgEdlGacTTYl)an ¬cMeBaHviFIsaRsþénkarKNnaRtLb;¦. elIkElgEtTMhM\T§iBlEdlsRmab;EsVgrkenAkñúgyuT§saRsþneya)ayéføEdlBies secj KW ³ ¤ karcMeNjEdlRbWgERbgkñúgkMlugry³eBlEpnkar ¤ sßanPaBkargar nig

TMhMénkarbg;témøefr vamanGtßn½ysRmab;viFIsaRsþTaMgBIresμI²Kña. viFankarN_mYyEdlsmRsbBiesssRmab;karbgðajEdlTUTat;RtwmRtYvén TMnak;TMngrvagTMhMEdl)an[eQμaHxagelI KWkarviPaKcMNucRsgedIm (Break¤

Even Analysis) : 17) plcMeNjkñúgkmøúgeBl = plcMNUlkñúgkmøúgeBl - karbg;témøkñúgkmøúgeBl (G) (U) (C) (18) (19) (20)

G = P * M – cV * M - Cf G = M(P – cV) - Cf P- cV = d = G + Cf / M

KmøatFanar:ab;rg rWk¾ karcMeNjbEnßmdul sRmab; c) ³ eKalkarN_énkarkMNt;éføEdlmanninñakareTAtamkarRbkYt RbECg nigvis½yCMnYj KWBMusÁal;nUvTMnak;TMngrwgmaMmYyrvagéfø nigtRmUvkar rWrvag karbg;témø ³ PaKeRcIncMeBaHeKalkarN_enH KWshRKasmanninañ kareTAtaméfø dwknaMmYyEdléføenaHeyageTAtaméførbs;GñkdwknaMTIpSar rWk¾eyageTAtaméføCa mFümrbs;vis½yCMnYjenaH. éfødwknaMenH CaBitR)akdeKGacRtUv)aneFVI[ekIneLIg rWk¾fycuHeRkambnþicbnþÜc)an k¾b:uEnþcarwklkçN³sRmab;eKalkarN_enH KWfaéfø Edl)ankMNt;mþgrYcmkehIyRtUvEtRbkan;ykrhUtd¾rabNaéfødwknaMenaHsßitenAe fr eTaHbIebIsßanPaBénkarbg;témø nigtRmUvkarénplitplrbs;shRKasenaH ERbRbYlk¾eday. EtebIsinNaéfødwknaMenaHERbRbYl enaHéføERbRbYlmYysMrab; plitplrbs;shRKasenaHRtUv)anTTYlykEdredayBuMGaRs½yeTAnwgkarvivDÆn_é nkarbg;témø nigénkartRmUvkarrbs;xøÜnpÞal;enaHeT. sMrab;eKalkarN_enH neya )ayéføEdlskmμmYyRtUv)ane)aHbg;ecalCabnþeTot eRBaHCaplRbeyaCn_dl; kareFVI[Gb,rmahaniP½yénneya)ayéføenaH.

éfødwknaMmYy GacbgáarkarBarCaTUeTAcMeBaHGRtakarR)ak;TabbMputmYyénTun RtUveRbIR)as; nigmanninñakarBnüúHclnaénkarKμansRgÁaméføpgEdr. CaBiess enAelITIpSarplitplEdlhUm:UCInas rWk¾GnuPaBénkarRbkYtRbECgx<s; KWbgðajnUv FmμCatimYyEdlCaFmμCatiénkarRbkYtRbECgEdlpþac;muxeTVPaK. eyageTAtam neya)ayéføsRmbsRmYlsRmab;ryHeBlEvg KWvapþl;nUvKuNsm,tþiya:gBit R)adk. CamYynwglT§PaBeRCIserIseKalkarN_Edl)anbgðajxagelIénkar kMNt;éfø KWenAkñúgakarGnuvtþn¾vaRtUvpSarP¢ab;CamYynwgyuT§saRsþénneya)ayéfø EdlBitR)akdmYy. yuT§saRsþenHmanCaBiessnUvcariklkçN³DINamIk ¬GaRs½y tameBlevla¦ nigRtUveRCIserIskMNt;CamYynwgneya)ayGtßiPaBya:gs¥itrmYt ehIyyuT§saRsþenH k¾Xøatq¶ayecjGMBIkarkMNt;énéføsMrab;karlk;mYyEdlTaj ecjBIsßanPaBEtmYyEPøt². Cajwkjab;enAkñúgkarGnuvtþyuT§saRsþneya)ayéfø KWEtgEtRtUv)anCYbRbTHdUcxageRkam ³ a) neya)ayéføRbNit nigneya)ayéføpSBVpSay (premium price policy and promotion price policy)

neya)ayéføkMBUl KWTak;TgéføEdlx<s;EdléføenaHpSarP¢ab;CamYynwg kareyageTAtamKuNPaBx<s; nigsgát;F¶n;eTAelIPaBpþac;muxenAelITIpSar énninñakarneya)ayGtßiPaB ¬]TahrN_ ³ neya)ayéføcMeBaH)a:hVm nig rfynþRbNit. - neya)ayéføpSBVpSay KWTak;TgnwgéføTabEdlCamYynwgéføenaHRtUvdwg farUbPaBénCMnYjéføTabRtUv)anplitedayGmCamYyneya)ayGtßiPaBEdl eyageTAtamenaHpgEdr. b) neya)ayéføeRCotERCk nigneya)ayéføRsUb -

(interference price policy and absorb price policy)

- cMeBaHneya)ayéføeRCotERCk KWCamYynwgéføEdlTak;TgTab eFVIeGay eKRtUvcUl[eTAdl;TIpSard¾FMya:gelOn nigRtUvseRmc[)annUvcMnYnénkar lk;ya:geRcInEdlCamYynwgkarbg;témøkñúg 1 ÉktaplitplTab eRBaH edaysarkarerobcMeGaykarbg;témøefrfycuHCalMdab;eTAtamFmμta nig

karkat;bnßykarbg;témøEdlDINamIkRsbeTAtambTBiesaFn_. bEnßmBI enHeTotRtUvEtmaneKalbMNgeFVI[GñkRbkYtRbECgEdlmanskþanuBl)at;e sckþIkøahan. - cMeBaHneya)ayéføGUsTaj (attractive price policy) KWenAkñúgdMNak; kalcab;epþIménplitplmYyRtUvEtTamTarnUvéføEdlx<s;mYy ¬CamYykarbg; R)ak;sgTabCavKÁ²¦EdléføenaHbnÞab;mkRtUvfycuHCalMdab;CamYynwgkare kIneLIgénkarcUleTAdl;TIpSar nigkardak;sm
Tak;TgeTAnwgkareRbIR)as; ]TahrNdUcCaéføsRmab;GñkykeTAécñRbDit bnþ nigsRmab;GñkykeTAeRbIR)as;Etmþg. (d) neya)ayéføtulüPaB (price balance policy) yuT§saRsþenHRtUv)an kt;smÁal;edaysarEtGVIEdleKehAfakarKNnaxusmYy. karseRmccitþ kMNt;éføminRtUvBinitüEteTAelIplitplnImYy²eT KWBinitüemIlCamYynwg TisedAeTAelIRbePTplitplTaMgGs;Etmþg. karxatbg;EdlRtUvTTYl rWk¾ RtUv)andwgkñugkarKNnacMeBaHplitplnImYy² ¬karpÁt;pÁg;CabnÞat;¦} KWRtUv eFVI[mantulüPaBvijedaysareyageTAtam{GñkEdlnaMcMeNj}. sRmab; neya)ayenH naMmkenAkñúgkal³eTs³xøHnUvyuT§saRsþéntulüPaBeBlevla bEnßmeTot ]TahrN_kalNaeyageTAtamneya)ayéfømYy karxatbg; bc©úb,nñkalRtUveFVI[mantulüPaBvijenAkñúgeBlGnaKtedaysareyageTA tamkarcMeNjelIs. 4 rel="nofollow"> 3> kareFVIEpnkarénkareRbIR)as;meFüa)ayEdlCaneya)ayGtßiPaB kareRbIR)as;meFüa)ayGtßiPaBenH KWRtUv)anbkRsayCaTUeTAeTAelITsi edA karrMkilRbesIrbMputmYyénGnuKmn_éfø-karlk;. kareRbIR)as;enH eGabRkesabnUv smasPaBdUcxageRkam ³ - karseRmccitþéneya)ayplitpl nigRbePT - ]bkrN_énneya)ayéfø - skmμPaB)a:ra:EmRténneya)ayTIkEnøg - ]bkrN_énneya)aypSBVpSay CabnÞab;mkenH eyIgelIkykEpñknImYy²énEpñkTaMg 4 mkniyayeday segçb. 4> 3> 1> karseRmccitþénneya)ayplitpl nigcat;tamRbePT (product-mix dicisions)

eRBaHfaplitpl KWCakmμvtßúénkarseRmccitþénkarTij nigkarCYlenaH neya)ayplitpl nigcat;tamRbePTCaFatupSMEdlminGacxan)ansRmab;eCaK C½yénma:XItTIg. Gtßn½yrbs;vaRtUveFVI[xøaMgkøabEnßmeTotedaysar ³ - karRbkYtRbECgKuNPaBekIneLIgekItmanenAkEnøgEdléføRbkYtRbECg - karrIkcMerInyUrGEgVg niglT§PaBcMeNjelIsBImFüm KWseRmc)anPaK eRcInedaysarEtqøgkat;nvanuvtþn_ ¬innovation¦ énplitkmμ - ry³eBlsßitenACaesdækic©énplitplRtUvEtxøIeTA² edaylT§plénkar vivDÆn_bec©kviC¢a karekIneLIgénkmøaMgTij nigktþaepSg²eTot nig - kUtaénkarminRBmTTYlénpliplfμI nigCamYyenaHbnÞúkhirBaØvtßúEdlP¢ab; KWvax<s;. cMeBaHneya)ayplitplrab;bBa©ÚlenAkñúgEpñkseRmccitþdUcteTA ³ 1) nvanuvtþn_énplitplfμI (product innovation) : KWmann½yfa GPivDÆn_ nigepþIménTIpSarsRmab;plitplfμI. kRmitPaBfμIénplitplmYy KWRtUvyl;fa Canic©CakalTak;TgnwgTMhMbIsRmab;seRmccitþ³ - TMhMkmμvtßú ¬fμIsRmab;GñkNa¦? - TMhMGnuPaB ¬dUcemþcEdlkan;EtfμIenaH¦? - TMhMeBlevla ¬ry³eBlb:unμanEdlplitplmansBlPaBCafμI¦? 2) karERbRbYlplitpl (product variation) : KWkarERbRbYlplitplEdl )anepþImrYcCaeRscenAelITIpSar. CamYynwgkarERbRbYlplitplRtUvEteFVIeTAtam kardak;TisedABIr ³ - karbBa¢ak;[)anBitR)akdénsßanPaBTIpSarrbs;xçÜnTl;nwgskmμPaBén GñkRbkYtRbECg. - karEkERbsßanPaBénplitplEdlcMeBaHplitplenaH KWmanelcecj nUvPaBGaRkk;mYyénsßanPaBTIpSar. 3) karbM)at;ecalénplitpl (product elimination): KWkarBMuCMnYsénkar e)aHbg;plitplecjBIkmμviFIplitplEdl)anerobcMehIy. kalNaplitpl

Edlcas;mYyRtUvCMnYsedayplitplfμmI Yy enaHBMumann½yfakarbM)at;ecalén plitpleT KW)anesckþIfaCakarERbRbYllT§plmYy. nimiμtkmμénplitpl mann½yfakarGPivDÆn_énplitplfμImYy rWk¾karERbRbYlénplitplEdlmanRsab; mYy ehIyeKGacEbgEckCabIEpñk ³ 1) nimiμtkmμénKuNPaBplitpl 2) nimiμtkmμénkarevcx©b; 3) karbegáItma:k neya)ayplitplRtUv)anbMeBjbEnßmedaysarneya)aycat;tamRbePT . EpñknimiμtkmμdUcxageRkam KWCaneya)aycat;dak;tamRbePT ³ 1) karBRgIkkmμviFI ³ karbMeBjbEnßménExSplitpl 2) karERbRbYlkmμviFI ³ karERbRbYlénkarcat;dak;tamRbePT. TnÞwmnwgCa mYykarERbRbYlkmμviFI karBRgIkmYyénkmμviFIplitkmμ nigBaNiC¢kmμénkarcat;tam RbePTRtUvTTYlyknUvGVEI dlmann½yfakarekIneLIgénmuxTMnji nigénRbePTenaH. cMeBaHkarrIkraldal (diversification) KWCakarTTYlykénplitplbEnßm rWkar eRCotcUlenAkñúgTIpSarfμI²EdlCameFüa)aysRmab;bMEbkhaniP½y nigbgáarénkar rIkcMerIn. meFüa)ayCMnYyénneya)ayplitpl nigkardak;tamRbePT KW ³ 1) karviPaKvaytémøénplitpl (product evaluation analysis) 2) karviPaKeTAelICIvitplitpl (product cycle analysis) 3) karviPaKeTAelIrcnasm<½n§kmμviFI (program structur analysis) - karviPaKeTAelIrcnasm<½n§GyukalénplitplTaMgGs;kñúgkmμviFI - karviPaKeTAelIrcnasm<½n§R)ak;cMNUl - karviPaKeTAelIrcnasm<½n§GtifiCn - karviPaKeTAelIrcnasm<½n§karpþl;Fanara:b;rg 4> 3> 2> karseRmccitþénneya)ayéfø (price-mix decision)

neya)ayéføeyageTAtam Meffert 1989 k¾eGabRkesabnUvviFankarN_ énkarpSarP¢ab;muxCMnYjEdlviFankarN_BicarNaeTAelIéføenH KWGacCakmμvtßúén karRBmeRBogKñaCakic©snüaedayqøgkat;karpþl;CargVan; rWkarpþl;Caluy. viFan karN_TaMgenH KWman ³ 1) neya)aykarbBa©úHéfø (rabate policy) 2) karlk;eCO nig 3) lkç½NÐénkardwkCBa¢ÚnpÁt;pÁg; niglkç½NÐénkarbg;R)ak; ==> 1) neya)aykarbBa©úHéfø KWCakarcuHéføKitCaPaKryénéfølk;EdlRtUvFana sRmab;karbMeBjcitþénGñkTij. viFankarN_enH KWCameFüa)ayRbeyalmYy sRmab;GnuvtþeTAelIkarERbRbYléføEdleRCIserIsmYy. CaeKalbMngénneya)ay bBa©úHéføKW ³ - karekIneLIgplcMNUl - begáInkarpSarP¢ab;CamYynwgGtifiCn - pþl;[bnþrénKuNsm,tþisniTankmμ ¬kareFVIkarpøas;bþÚredIm,IbegáInRbsiT§ PaB¦ eTAdl;GtifiCn - [mankarEbgEckeTAtameBlevlaénkugRtakumμg; - rkSarUbPaBénkarpþac;muxsRmab;plitplkMNt;mYyCamYynwglT§PaB EdlRsbnwgeBlenaHsRmab;karpÁt;pÁg;EdlmantémøénéfødEdl. enAkñúgRkbx½NÐénneya)aybBa©úHéføelcecjnUvbBaðaCamUldæanBIr ³ a) kareRCIserIsénRbB½n§bBa©úHéføRtwmRtUv ¤ cMeBaHGñklk;bnþr ³ manRbB½n§bBa©úHéfødUcteTA ³ + tYnaTIbBa©úHéfø ³ - karbBa©úHéføCarYm - karbBa©úHéføsMrab;karlk; - karbBa©úHéføsMrab;hirBaØvtßú

cMnYnkarbBa©úHéfø ³ - karbBa©úHéføsMrab;karkumμg;nImYy² - karbBa©úHéføsMrab;karbBa©b;énkarlk;plitpl - karbBa©úHéføsMrab;plcMNUl +eBlevlabBa©úHéfø ³ - karbBa©úHéføenAeBlcab;epþImlk; - karbBa©úHéføsMrab;karkumμg;Tuk - karbBa©úHéføtamrdUvkal - karbBa©úHéføeBlxatbg; +karbBa©úHéføsRmab;PaBesμaHsμ½RK ¤ cMeBaHGñkeRbIR)as; ³ manRbB½n§bBa©úHéfødUcteTA +karbBa©úHéføsRmab;GñkeRbIR)as; - karbBa©úHéføsMrab;PaBesμaHsμ½RK - karbBa©úHéføsMrab;ma:kTMnij - karsg rWTTYlykmkvijénplitplminl¥ b) cMeBaHeKalbMNgénkarkMNt;TMhMbBa©úHéføEdlRbesIrbMput KWfaeFVI[ GtibrmaénpldkrvagcMNUlEdl)an)at;bg;edaysarkarbBa©úHéfø nigPaBeRbI R)as; rWlT§PaBénkarFanabBa©úHéføEdlkarFanaenHedIm,IsMerceKalbMNgEdl)an bgðajxagelIénneya)aybBa©úHéfø. ==> 2) sRmab;karlk;eCOrab;bBa©Úl nUvviFankarN_TaMgGs;EdlmanTisedAeTA elIGtifiCnEdlmanskþanuBledIm,IeFVI[maneLIgnUvmeFüa)ayénkarFana rWk¾Gnþ raKmn¾énkarlk;eCOsRmab;karTij. CamYyenH k¾maneKalbMNgsRmab;eGay karlk;ekIneLIg sRmab;bgáarkarlk; nigsRmab;eFVI[man\T§iBleTAelIrcnasm<½n§ karlk;rbs;vaEdlenAkñúgenaHGtifiCnRtUv)anGUsTaj nigeKeFVVI[ekIteLIgénkar ekIneLIgnUvGaMgtg;suIeténkarlk;rbs;eKcMeBaHGtifiCnrbs;eK. rcnasm<½n§énkarlk;eCO ³ +

- eyageTAtamTMrg;eCOrebobCa\NTan ¬\NTanCaluykñúgTRmg;Cakar eCOCabrikça¦ - eyageTAtamRbePTénkarGnuvtþn_ ¬\NTaneyaleTAtamkic©snüa nig karBnüakarbg;R)ak;¦ - eyageTAtameBlevla ¬\NTanryHeBlxøI nigry³eBlyUr¦ - eyageTAtamGñkTTYl\NTan ¬GñkeRbIR)as; BaNiC¢kr Gñkplit¦ - eyageTAtamRbePTénhirBaØvtßú ¬hirBaØvtßúrbs;xøÜnÉg nighirjvtßúCa \NTancMeBaHkarFana\NTanrbs;xøÜn k¾dUcCahirBaØvtßúGñkTIbIcMeBaH GnþraKmn_\NTan¦ ==> 3) lkç½NÐénkardwkCBa©ÚnpÁt;pÁg; nigkarbg;R)ak;bBa¢ak;R)ab;ya:gc,as;nUv PaBcMNuH nigkartRmUvcitþénlT§plEdlpÁt;pÁg; rWk¾seRmc)an. 4> 3> 3> karseRmccitþénneya)ayTIkEnøg (place-mix decision) sBaØaNTIkEnøgeGabRkesabnUvkarseRmccitþTaMgGs; nigdMeNIrkarEdl manTMnak;TMngCamYynwgRck;énplitplmYyeTAdl;GñkeRbIR)as;CaTIbBa©b; rWk¾Gñk tRmUvkarCaTIbBa©b;. )a:ra:Em:RtGnuvtþn_énneya)ayTIkénøg KWman ³ 1) Rck;énkarlk; 2) Logistic (physical distribution)

sRmab; 1) nimti kþ mμénRbB½np§ vÚø énkarlk;seRmc)aneRkameKalbMNgsRmab; FanakareRbIR)as;Edlcg;)anénviFankarN_ma:XItTIg nigsRmab;FanakRmiténTI kEnøgEdlcg;)anenAeRkamkareFVI[Gb,rmaénkarbg;témøsRmab;karbeBa©jTMnij. bBaðaénkarseRmccitþ KWsßitenAelIkarbnßyeTAelIkareRCIserIsrvagkarlk;pÞal; nigkarlk;minpÞal;.

RbB½n§pøÚvénkarlk;

karlk;pÞal;

karlk;minpÞal;

sRmab; 2) karBicarNaénkarbg;témø manGtßn½yCamUldæanmYysRmab;kar EbgEckEdlCarUbPaBénkarlk;plitpl. CakarBit KWmansRmab;karseRmccitþ EdlCa Logistic nUvktþakMNt;RBMEdnCaeRcIndUcCa ³ ¤ PaBBiessénRbePTplitpl ¬karhamXat éfø nigkarqab;rgGMeBI¦ ¤ carwklkçN³énGñkplit ¬TMhM kMlaMghirjvtßú niglMdab;fñak;plitpl¦ karseRmccitþén Logistic mann½yCacMbgsMrab;karseRmccitþeTAelI meFüa)aydwkCBa¢Ún ehIyk¾dUcCakarseRmccitþénXøaMgrkSaTuk nigTItaMg. 4> 3> 4> karseRmccitþénneya)ayCRmujkarlk; (promotion-mix decision)

ma:XItTIg nigCanic©CakalmaneQμaHfaCaTMnak;TMngTIpSarpgEdr KWman TisedAcarwklkçN³CamUldæanrbs;va (Meffert 1989) ³ bBa¢ÚnBt’man nigGtßn½y EdlmanxøwmsarsRmab;eKalbMNgénkarkac;cgáÚténmti nigCaBiessénGkb,kiri ya eyageTAtamRbePTeKalbMNgEdlcg;)an. ]TahrN_ neya)ayCRmuj karlk; KWeyageTAtam Kotler ⁄ Bliemel (1991)³

karpSayBaNiC¢kmμ ³ KWCaTMrgEdlectna nigEdlKμankarbgçMénkarCH \T§iBleTAelIGñkcUlrYmTIpSarenAkñúgTisedAeTAtameKalbMNgénshRKas. 2) karCMurijénkarlk; (sales promotion) : karCMrujkarlk; KWKaMRTkarpSay BaNiC¢kmμénkarlk;edayqøgkat;viFankarN_bEnßmmYycMnYn. karCMrujkarlk;enH sßitenARtg;faCaTUeTAcMeBaHkarlk;EdlminpÞal;eKRtUv]btßmÖGñklk;bnþCasmÖar³ buKÁlik hirBaØvtßúenAkñúgkarRbwgERbgénkarlk; ehIycMeBaHkarlk;pÞal; k¾eKRtUvKaM RTbuKÁlikénkarlk;dUcKñaEdr nig⁄rWk¾eKRtUvniyayeTAGñkeRbIR)as;edaypÞal;enA TIkEnøgEdllk;Etmþg. 3) TMnak;TMngsaFarN³ (public relations) Tak;TgnwgkarpSayBaNiC¢kmμ sRmab;karTukcitþCasaFarN³. TaMgGs;enH mann½yfaedayqøgkat;viFankarN_ smRsb eK)anbegáIteLIgnUvrUbPaBénshRKasEdlCaviC¢manmYy nigEfrkSava sRmab;eRbIR)as;CaRbeyalkñúgkareFVI[kan;EtRbesIreLIgénC½yCMnHTIpSarrbs;s hRKas. 4) buKÁliklkçN³sMrab;karlk; (sale personality)³ enATIenH TnÞwmnwg ectnasRmab;bgárbegáItkarseRmccitþénkarTijedayqøgkat;karsnÞnaénkarlk; eKRtUveFVI[ekIteLIgBitR)akdnUvTMnak;TMngrvagshRKas nigGtifiCn. mann½y faeKRtUvseRmc[)annUvlMhUrBt’manEdl)anpÞal;BIGtifiCn nigsRmab;GtifiCn vij. 1)

dMeNIrkarhirBaØvtßúénkarvinieyaK 5> smasPaK nigmUldæanGtibrmaénviFIsaRsþhirBaØvtßúénkarvinieyaK 5>1 snñiFihirBaØvtßú nigcrnþTMhMhirBaØvtßú enAkñúgesdækci f© vikar karEkrécñénplitplénshRKasmYy KWqúøHbBa©aMgRsb KñaenaHpgEdrnUvrUbPaBbRBa©as;enAkñúgdMeNIrkarhirBaØvtßú. müa:gEdlCalT§plén karpSarP¢ab;hirBaØvtßúCamYynwgTIpSarpÁt;pÁg; nigTIpSarkargark¾RtUvEtcaM)ac;mankar cMNaysRmab;karbg;témøktþaplitkmμEdleRbIR)as; müa:geTotqøgkat;karlk;én plitplrbs;xøÜn ¬CaTUeTApSarP¢ab;nwgkarcMNaybEnßmxøH¦ meFüa)aybg;éfø)an hUrcUlmkshRKasvij. eRkABIenHeTot KWeKRtUvEtEbgEckpgEdréncrnþkarbg; témøEdlcrnþenaHBMu)anbgðajedaypÞal;nUvPaBsmmUlénesdækic©plitpl nigCa mYyenaHva)anelIkeLIgeRkABIenHeTotnUvEpñkénkmμvtßúéndMeNIrkarhirBaØvtßúénsh RKaselIsBWdMeNIrkarhiirBaØvtßúEdlsRmab;EtdMeNIrkarbMeBjkarplitenaH. clnahirBaØvtßú{suT§}enH bgðajecjBITMnak;TMngén\NTanÉkCn nigénTunrvag shRKas nigTIpSarhirBaØvtßúrbs;eKEdlenAelITIpSarenaHR)ak;Tun nig\NTan RtUv)anpÁt;pÁg; nigRtUv)antRmUvkar. P¢ab;CamYyenaH KWkarbg;éføBn§ nig]btßmÖFn k¾TajykmkenAkñúgkarBicarNaenHpgEdr. crnþhirjvtßúénshRKasRtUv)anEbgEckeyageTAtamlkçN³vinicä½yEdlm anninñakareTAnwgsBaØaNCamUldæanénesdækic©hirBaØvtßú KWmaneQμaHfa{Tun}. Tun (capital) mann½yCaTUeTAsgát;F¶n;eTAelItémøsRmab;PaBTaMgmUlénmeFüa)ay smÖar³ nigmeFüa)ayhirBaØvtßúEdlmeFüa)ayTaMgenaHsßitenACabRmugsRmab; shRKascMeBaHcMNuceBlkMNt;mYy. edayeyaleTAelIninñakarsBaØaNénTun enH eKEbgEckecjCabYnRkuméncrnþbg;témø ¬clnahirBaØvtßú¦ (Heinen 1966)³ ¤ capital-binding expenditure¬karcMNayedaypSarP¢ab;Tun¦ ¤ capital-release income¬cMNUlBIkarbeBa©jTun¦ ¤ capital-supply income¬cMNUlBIkarpÁt;pÁg;Tun¦ ¤ capital-withdraw expenditure¬cMNayedaykardkTun¦ II

rcnasm<½n§lMhUrbg;témøénshRKas cMNay cMNUl Capital-binding E.

Capital-release I.

Capital-supply I.

Capital-withdraw E.

1> cMNaysMrab;karbg;tMélktþa plitkmμEdleRbIR)as; ¬P¢ab;CamYy karbg;tMélBn§ ¦ - kargarrbs;mnusS - meFüa)ayshRKas - vtßúFatushRKas - GñkvMerIxageRkAnigc,ab;xageRkA 2> cMNaysMrab;lT§plénkarFana TuncMeBaHÉktaesdækic©d¾éTeTot ¬P¢ab;CamYyenaH KWkarTijénRTBü sm,tþhirjvtßú ¦ - karcUlh‘un - kareGayx©I 3> karbMrugTukénRbGb;fvikar

1>cMNUlecjmkBIkarvaytMél énTIpSareTAelIlT§plsMercénsh RKas ¬éføénkarbg;tMél ¦ - plitplCavtßú - esva:kmμ 2> cMNUlecjBIkarlk;énRTBü sm,tþiCavtßú nigRTBüsm,tþiCahirBaØ vtßúepSg² ehIyk¾dUcCacMNUlecjBI karbg;témømkTijénTun 3> karrMlayénfvikarbMrugTuk

1> hirBaØvtßúEdlelIsecjBI ³ - karvaytMélénTIpSareTA elIlT§plsMercénshRKas - karlk;RTBüsm,tþiCavtßú RTBüsm,tþiCahirjvtßú ¬P¢ab;Ca mYykarbg;éfømkvijénTun 2> cMNUlkarR)ak; nigcMNUlén PaKcMeNjecjBIkarFanaTun nig ecjBiRTBüsm,tþihirBaØvtßú 3> cMNUlecjBIkarFanaénkar ]btßmFnö 4> cMNUlecjBIkarTTYlykkar cUlh‘un nigkareGayx©I

1> cMNaysMrab;RKbdNþb;kar xatbg;EdlecjBI ³ - karvaytMélénTIpSareTAelI lT§plsMercénshRKas - karlk;énRTBüsm,tþiCavtßú nig RTBüsm,tþiCahirBaØvtßú ¬P¢ab;CamYy karbg;éfømkvijénTun ¦ 2> cMNayCakarR)ak; nig cMNayénPaKcMNay EdlCakar bMeBjénkarTUrTat;sgsMrab;TunPaK h‘un nigTuneGayxçIEdl)anTTYlyk 3> cMNayelIBn§ nig]btßmÖFn 4> cMNayCalT§plénkarbg; éfømkvijénTun

TMhMR)ak;cMNUl ¬karbg;éfø¦ nigkarcMNay ¬karbg;témø¦ sßitenARbQmmuxTl; nwgsnñiFihirjvtßú (capital stock). Tun ¬énTunebLa = TunmUlniFi¦ RtUv)an[ niymn½yfaCasBaØaNsnñiFiénmUldæanhirBaØvtßú. bEnßmBIenHeToteKRtUvEbgEck eyageTAtamedImkMeNItrbs;va eTACaTunpÞal;xøÜn ¬TuncUlrYm = TuncUlh‘un¦ nigCaTunxageRkA ¬TunEdl)anBI\ karEbgEckmYy KWCalT§plEdlTaj ecjBIsßanPaBEdlerobcMeTAtamc,ab;epSg²énGñkpþl;TunpÞal;xøÜn nigGñkpþl;Tun xageRkA. PaBsmmUlEdlTak;TgsnñiFiénTunrbs;shRKas KWRTBüsm,tþi. TaMg Gs;enHbgðajfaetIenAkñúgTMrg;BitR)akdNamYyEdlTuneRbIR)as;enAkñúgshRKas RtUv)anrkeXIj. dUcenHeKGacEbgEckCaEpñkénRTBüsm,tþiEdlGacbgVil)an ¬clnRTBü¦ nigEpñkEdlkMNt;sRmab;plcMNUlénRTBüsm,tþi ¬GclnRTBü¦ RTBüsm,tþiEdlÉkraCü nigRTBüsm,tþiEdlcaM)ac;sRmab;shRKas RTBüsm,tþiCa vtßú nigCahirjvtßú rWk¾CaRTBüsm,tþmi ni Bak;Bn½ § ¬RTBüsm,tþCi akmμsiT§pþac;mux¦ nigRTBüsm,tþiBak;B½n§. kal³eTs³xøHRTBüsm,tþi nigTun)anbgðajEtkaremIl eXIjepSg²KñaénGMeBIEdlekIteLIgdUcKña ehIyCamYyKñaenaHpgEdr KWk¾manEtenA kñúgkareRbIR)as;PasarsRmab;sgát;n½yEtb:ueNÑaHEdlenAkñúgPasarenaHeKniyay dUcKñaBITunBak;B½n§ rWk¾TuncaM)ac;sRmab;shRKas.l. nig.l. 5> 2> karkMNt;sBaØNTuntRmUvkar hirBaØvtßútRmUvkar nigfvikartRmUvkar cMeBaHFIsaRsþhirBaØvtßúénshRKas sBaØaNmUldæanbIEdlsMxan;enaH KW TuntRmUvkar (capital demand) hirBaØvtßútRmUvkar (financial demand) nigfvikartRmUvkar (money demand). TuntRmUvkar KWCabrimaNTaMgGs;énTunEdl caM)ac;sRmab;karGnuvtþn_dMeNIrkarénshRKas nig)anbgðajsRmab;cMNuceBl nImYy²ecjBIpldkén capital-binding expenditures nig capital-release incomes kñúgcMnuceBlnImYy²enaH. hirBaØvtßútRmUvkar TajecjBIkarERbRbYlén tRmUvkarenAkñúgdMeNIrRbRBwtþéneBlevla k¾b:uEnþbEnßmBIenHeTotvaRtUvkMNt;eday capital-withdraw expenditures Edl)anekIteLIgnUveBlnImYy²enaH.

fvikartRmUvkaréncMNuceBlmYyRtUvkMNt;edaysarcMNayEdlekIneLIgRsbeB lCamYynwgcMnuceBlenaH. cMNayenaHRtUvEtRKbdNþb;sRmab;Tb;Tl;énsmtß PaBkarbg;tMéledayeyageTAtamcMNUlsRmab;cMNuceBlmYy. rUbPaBxag eRkambBa¢ak;GMBIkarkMNt;énTMhMTaMgbIenaH nigP¢ab;CamYyenHEdrbBa¢ak;GMBITMnak; TMngrvagTMhMTaMgbIenaH.

CB = Capital-binding Expenditures CF = Capital-release Incomes CE = Capital-withdraw Expenditures

ecjBIRkumtRmUvkarhirBaØvtßúTaMgbI KWTuntMrUvkarCaTMhMcab;epþImdMbUgeRBaHfa TaMghirBaØvtáßútRmUvkark¾dUcCafvikartRmUvkarsuT§EtTajecjBITuntRmUvkarTaMgGs;. TaMgenH)anbgðajya:gc,as;enAkñúgtMNak;karbegátI énshRKasmYy eRBaHfabnÞab; mkRbePTtRmUvkarTaMgbI KWTaMgGs;RtUvEtRtUvKña rWRsbKña ehIyeTIbeBleRkay mkeTot TuntRmUvkar hirBaØvtßútRmUvkar nigfvikartRmUvkarRtUvEbkecjBIKña. eyageTAtam Gutenberg (1980) ktþakMNt;cMbgénTuntRmUvkarKW ³ ¤ sNþab;Fñab;éndMeNIrkar ¤ kmμviFIplitkmμ

el,ÓnéndMeNIrkar ¤ kRmitkargar ¤ TMhMshRKas ¤ kRmitéfø 5> 3> sBØaN niglkçN³FmμCatiénkarvinieyaK enAkñúglkçN ½ éÐ ndMeNIRkarbMeBjkarpliténshRKas KWCanic©CakaleK niyayBIkarvinieyaKenAeBlGVI²TaMgGs;Tak;TgeTAnwgviFankarN_EdlviFankarN¾e naHFanasmtßPaB ¬smtßPaBénplitkmμ nigkarlk;¦ énshRKasEdlERbRbYlCa cMnYn nigKuNPaB. sRmab;karBicarNaénkarseRmccitþvinieyaK KWeyageTAtam ³ ¤ karpÁt;pÁg; nigerobcMbRmugénskþanuBlktþaplitkmμCaBiessmeFüa)ay plitkmμ. ¤ kareFVIEpnkarénTMhMshRKas nigkmμviFIplitkmμEdlCayuT§saRsþ rW yuTv§ Fi I ehIyk¾dUcCakarsßabnaénrcnasm
karvinieyaKCadMbYg ³ karerobcMCafμIénEmkFagshRKas ¤ karvinieyaKBRgIk ³ karpÁt;pÁg;eRKOgRbdab; ¬ma:suIn GaKar>>>¦ bEnßm sRmab;BRgIksmtßPaBplitkmμ. karvinieyaKCadMbYg nigkarvinieyaKBRgIk eK ehAfakarvinieyaKsuT§. ¤ karvinieyaKCMnYs rWkarvinieyaKeLIgvij ³ karCMnYsCasmÖarHcMeBaH eRKOgRbdab;EdlRtUv)aneRbIR)as;[ricril ehIyEdlcaM)ac;sRmab;shRKas. hirBaØvtßúRtUv)aneRbIR)as;edayqøgkat;karsgrMlYs nigkarlk;plitplseRmc. cMeBaHkarpÁt;pÁg;énkarCMnYs nigkareRbIR)as; KWGacdUcKñaebHbiT TaMgenHmann½y favaseRmc)annUvkRmitesμIKña nigCamYynwgmeFüa)aycMNayesμIKña. kareRbI R)as;k¾GacCa ¤ karvinieyaKCasniTankmμ ¬karvinieyaKedIm,Ipøas;bþÚrbegáInRbsiT§iPaB¦ ³ TaMgGs;enHmann½yfasRmab;smtßPaBesμIrKña k¾b:uEnþseRmc)anCamYynwgeRKOg Rbdab; ¬ma:sIun GaKar>>>¦ Edlplitedaykarbg;témøsmlμm rWGnueRKaH. ¤

5> 4> hirjvtßú nigtulüPaBénhirjvtßú karvinieyaK KWsRmab;hirBaØvtßú ! karTamTarenHbgðaj[eXIjEtÉkÉg ecjBIkal³eTs³EdlfacMeBaHkarvinei yaK GVTI aMgGs;Tak;TgEtcMeBaHRbePTEdl kMNt;mYyéndMeNIrRbRBwtþénkareRbIR)as;Tun. eRBaHfacMeBaHTun KWsRmab;bt;Ebn eTAtamTisedAvinieyaKEdlkMNt; dUcenHTunenaH KWRtUvEtmanCabzm nigKWRtUv bRmugTuk. dUcenHmanEthirBaØvtßúeTEdlTTYlyknUvParkic¢ rWkargarenH dUcenHeK Gac[niymn½ydUcxageRkam ³ hirBaØvtßúeGabRkesabnUvviFankarN_TaMgGs;EdlbMerIénkarerobcMRbugeRbob énTun ¬fvikar rWluy nigplitpleRbIR)as;EdlmantémøCafvikar rWluy¦. sBaØaN énhirBaØvtßúenH Cak;EsþgBMudak;eTAelITisedA rWeKalbMnghirBaØvtßúBitR)akdNa mYyeLIy eTaHbIGVI²TaMgGs;sßitenAelIbnÞat;cm,génkarvinieyaKsRmab;seRmc hirBaØvtßúpÞal;xøÜnpgEdrehIyk¾dUcCaRtUveRbIR)as;sRmab;cMeBjesckþIRtUvkarénkar

cMNayEdlminEmnCavinieyaKpgEdr ¬]TahrN¾ ³ karbg;Bn§¦. TnÞwmnwgkarerob cMRbugeRbobénTunsRmab;eKalbMngénkarvinieyaK ¬hirjvtßúénkarvinieyaK¦ Canic© Cakal eKehAfahirBaØvtßúfμImYyenaH (new finance) cMeBaHeKalbMngEdlCa hirBaØvtßúpÞal;xøÜn KWCajwkjab;mannUvhirBaØvtßúbgVil (financial circulation). Ca mYyenHEdr hirjvtßúbgVilGacekIteLIgCamUldæanenAkñúgkarbgðajya:gc,as;bI ya:g ³ ¤ karbnþreTAeTot (prolongation) énryHevla\NTankRmiteBl ¤ karCMnYs (substitution) énTun KWCaviFankarN_éntulüPaBsRmab;krNI kardkTun. ]TahrN_dUcCaviFankarN_CMnYsGacRtUvcaM)ac; kalNakarbnþreTotén TunBMuRtUv)anFanaeTot mann½yfakic©snüa\NTanRtUv)anputkMNt; rWk¾RtUvrlay ecal rWk¾kalNaGñkcUlh‘undkxøÜnecj. ¤ bMElg (transformation) énRbePTTunmYyeTACaRbePTmYyepSgeTot edayBMuRtUv[mancrnþhirBaØvtßú rWlMhUrhirBaØvtßúsßitenACaclnaeLIy ]TahrN_ dUcCakarbMElg rWpøas;bþÚrBITunryHeBlxøIeTATunryHeBlEvg rWk¾karbMElgBITun xageRkAeTACaTunpÞal;xnÜø . enABIeRkayviFankarN_hri BaØvtßúTaMgGs; mansßti enACamUldæannUvehtupl CRmuj (motive) sRmab;FanatulüPaBhirBaØvtßúénshRKas. CamYyenHEdr viFankarN_hri BaØvtßúTaMgGs;mannUvclnakMNt;EdlCaBiessecjBIkarvinei yaKEd lman\T§iBlBMuRtwmEteTAelIPaBcaM)ac;enaHeT RBmCamYyenaHeTAelIlT§PaB niglkç½NÐénhirBaØvtßú ehIyviPaKTanéneCaKC½yrbs;karvinieyaKmYyenaH KWsßit enAelIRbPBhirBaØvtßúEdlsMxan;mYy nigCamYyenaHEdr KWCaGñkkMNt;éntulüPaB hirBaØvtßúpgEdr. dUcKñaeTAnwgtulüPaBénesdækic©plitplenAkñúgdMeNIrkarén karbMeBjkarplitEdr KWsRmab;viFIsaRsþhirBaØvtßú eK[niymn½ynUvsßanPaBtulü PaBmYydUcxageRkam ³ shRKasmYysßitenAkñúgtulüPaBhirBaØvtßúmYy kalNavaelcecjBMuRtwm EtkarFana[manCasßaBrteTAénkarbMeBjnUvkarTamTarhirBaØvtßúrbs;GñkTTYlxus

RtUvrbs;shRKascMeBaHshRKas RBmCamYyenaHEdr KWkarFana[manCasßaBr teTAnUvkarsßitesßr (existence) énshRKasxøÜnÉgpÞal;enAkñúgryHeBlxøI nig ryHeBlEvg. tulüPaBhirBaØvtßú)anbgðajnUvsmasPaK rWFatupSMbIEdlFatupSM nImYy²bgðajnUvlkçN³sßanPaBtulüPaBCaEpñk² ³ 1) TMhMénPaBmansac;R)ak;RKb;RKan;ryHeBlxøI (short term liquidity dimension) éntulüPaBhirBaØvtßúbgðajCaRbeyalecjBIkarTamTar rWkarsnñidæan énkarrkSa rWkarFanaenARKb;eBlevlaénPaBmansac;R)ak;RKb;RKan;. PaBman sac;R)ak;RKb;RKan; KW[niymn½yCasmtßPaBénshRKasEdlsmtßPaBenaHGac bMeBjedayKμan]bsKÁcMeBaHcMnuceBlkMNt;mYyEdlCRmuj[mankartaBVkic©bg;R )ak;EdlputkMNt;. liquidity KWCakarTamTarmYysMrab;shRKas eRBaHkarxUcxat rbs;vaCabBaðaecaTCanic©CakaleTAelIkarsßitmanenAénshRKasnimYy². 2) TMhMénPaBmansac;R)ak;RKb;RKan;ryHeBlEvg (long term liquidity dimension) éntulüPaBhirBaØvtßú KWBMumanninñakareTAelIkatBVkic©bg;R)ak;ryHeBl xøI nigeTAelIkMlaMg rW\T§iBlénkarbg;R)ak;EdlmanbRmugTukenaHeT k¾b:uEnþvaman ninñakareTAelITMnak;TMngrcnasm<½n§énTunbrikça nigTuneRbIR)as;. KMnitCamUldæan KWCasmtßPaBénkarbg;R)ak;Edlya:gticbMputGacmaneRKaHfñak;enAkñúgryHeBlEv g kalNarcnasm<½n§hirBaØvtßúénshRKas ¬vas;EvgeTAnwgkRmiténkarCMBak; rWeTAnwgRbePThirBaØvtßúénkarvinieyaK¦ BMueyageTAtam {sþg;daKuNPaB} kMNt;. CakarBitrcnasm<½n§GtibrmaenHeyageTAtamRTwsþI KWCasMnYrénkareCOrTukcitþ k¾b:uEnþkarkan;Baküsc©Hrbs;va KWCaKuNsm,tþiEdlBMuGackat;éfø)ansRmab;PaB mansac;R)ak;RKb;RKan;(liquidity)énshRKas. KuNsm,tþienH mansBlPaBCa {Gs½ydæanTImYy} CamYynwgeQμaHd¾KμansgS½yEdlTak;TgeTAnwgsmtßPaBbg; R)ak; nigsRmab;TTYlnUvTunEdlbRmugTukRKb;eBlevla kalNaTunTaMgGs;enaH RtUvkarcaM)ac;. 3) TMhMénPaBEdlGacrkplcMeNj)an (profitability dimension) éntulü PaBhirBaØvtßúsgát;F¶n;eTAelIPaBcaM)ac;énkarrkSartulüPaBmYyrvagkarTamTarCaeR

cInEdlGñkpþl;Tundak;kMNt;cMeBaHshRKas niglT§PaBénshRKasEdleRkam karBicarNaeTAelIlkç½NÐ KWlT§PaBenHsRmab;FanaénkarsßitenApÞal;xøÜnrbs; shRKas. tulüPaBhirBaØvtßúsnμt;tamkaryl;eXIj KWCaTinñplEdlCaesdækic© ecjBITuneRbIR)as; ¬eRkayBIkardkecjnUvkarbg;témøkatBVkic©epSg²¦ EdlRtUveFVI [ekIteLIgnUvkarEckcMeNjEdlsmrmümYy nigRBmCamYyenaHvtßúmantémøcaM)ac; (assets) k¾BMuRtUveGaymankarxUcxat rWk¾xøwmsarBMuRtUv)anb:HBal;Edr. rUbPaBxag eRkambBa¢ak;enAkñúgTMrg;gayRsYlnUvPaBpSarP¢ab;Edl)anbgðajrvagkarvinieyaK nighirBaØvtßú ehIyCamYyenaHEdrRtUvcab;epþImecjBIPaBFanatulüPaBhirBaØvtßúEdl Tak;TgeTAnwgPaBRbesIrbMputén liquidity nig profitability Edl KWCacarwklkçN³ énrcnasm<½n§TaMgbIéndMeNIrkarvinieyaK nigdMeNIrkarhirBaØvtßúEdlRtUvkMNt; smRsbeTAtamTisedAerog²xøÜn ³ ¤ TMhMénTunpSarP¢ab; ⁄ TunerobcMbRmug. ¤ lMdab;lMedayeBlevlaCahirBaØvtßúéndMeNIrkarvinieyaK ⁄ dMeNIrkar hirBaØvtßú. ¤ PaBelIslb; ⁄ karbg;témøCahirBaØvtßúéndMeNIrkarvinieyaK ⁄ dMeNIrkar hirBaØvtßú.

TMnak;TMngrvagkarvinieyaKhirBaØvtßú

Liquidity

nig

Profitability

5> 5> cMENkEpnkarénneya)ayhirBaØvtßú eyageTAtamkarpSarP¢ab;KñaénkarvinieyaK nighirBaØvtßúeFVI[eKBMumankarPJak; ep¥lI eT kalNacMENkEpnkarepSg²éndMeNIrkarhirjvtßúrbs;shRKas KWGa Rs½yKñaeTAvijeTAmkenAkñúgTMhMd¾x<s;mYy nigeTAtamRTwsþIGacTajecjnUvEpnkar hirBaØvtßúsrubmYy rWk¾eGabRkesabEpnkarhirBaØvtßúTaMgGs;. rcnasm<½n§éncMENk EpnkarhirBaØvtßú)abbgðajenAkñúgrUbxageRkam. karbMEbkrvagmüa:g KWCakareFVI Epnkarénrcnasm<½n§TuntRmYvkar nigkareFVIEpnkarénrcnasm<½n§TunebLa ¬TunEdlpÁt;pÁg;¦ ¬=kareFVIEpnkarénrcnasm<½n§clnahirjvtßú¦ nigmüa:geTotkarkac; cgáÚt liquidity eTAtamsßanPaBCYbRbTH (situativ liquidity sterring) EdlmanedImkMeNItecjBIkarBinitüBicarNa. CamYyenH KWCakarkMNt;éncarwk lkçN³BiessénkarTamTar liquidity Edlmwugma:t; (strong liquidity postulat) ³ TnÞwmhñwgenAkñúgkareFVIEpnkarénTuntRmUvkar nigTunebLaEdlCaclnahirBaØvtßú énshRKas)anqøúHbBa©aMgnUvkarRbwgERbgEdlsRmab;kMNt;CalMdab;lMedayénrc

nasm<½n§dMeNIrkarhirBaØvtßúeyageTAtam liquidity nig profitability sRmab;ryH eBlEvgenaH cMeBaH{karRtYtBinitü liquidity eTAtamPaBCYbRbTH} RbRBwtþeTA sRmab;karkMNt; ¬eTAtameBlevlaRtwmRtYv nigBMuPUtPr¦ éndMeNIrRbRBwtþénkar bg;R)ak;EdlRtUvTamTareday liquidity postulat . eyageTAtamkarelIkeLIg énsMnYrCaeRcInEdl)anbgðajGMBITMnak;TMngCamYynwgcMENkEpnkarnImYy²énne ya)ayhirBaØvtßúrbs;shRKas dUcenHenAEpñkxageRkameyIgnwgviPaKnUvrgVg; bBaðaEdlCamUldæanrbs;va ³ 1) kareFVIEpnkarTuntRmUvkarRtUvsikSaRsavRCaveRkamTidæPaBBiessEdlfa etIkarKNnamYyNaEdlRtUveRbIR)as;enAkñúgmeFüa)ayNamYyEdlmeFüa)ay enaHsRmab;vinicä½y rWk¾RbkasnUvkarseRmccitþénkarvinieyaKEdlRbesIrbMput ¬emIlemeroneRkay¦. 2) enAkñúgRkbx½NéÐ nGñkeFVEI pnkarTunebLa RtUv)anBiPakSaenAkñúgrgVgb ; Baða BIr ³ a) etIlT§PaBeRCIserIsviFankarN_hirBaØvtßúNamYyEdlsßitenATuk bRmugCamYldæansRmab;shRKas nigGVIEdlCaKuNsm,tþi nigKuNvib,tþiénviFan karN_nImYy²enaH? ¬emIlemeroneRkay¦ b) etIeKalkarN_sMNakEdlRtUveRCIserIssRmab;kareFVI[manPaBRb esIrbMputénrcnasm<½n§TunNamYy KWRtUvGPivDÆn_enAkñúgRTwsþIénhirBaØvtßú? 3) eyageTAtamGtßny ½ én liquidity postulat RtUv)ansYrenAkñúgcMnucBiess mYyénviFankarN_BiessEdlviFankarN_enaHsßitenATukbRmugCamUldæansRmab; neya)ay liquidity ¬emIlemeroneRkay¦. karBicarNaeTAelIkareFVIEpnkarén kardkkarvinieyaK nigkareFVIEpnkarénkardkTunEdlBMuRtYv)anniyayenAkñúgkar bgðajxagelI KWvamann½ydUcxageRkam ¬emIlkñúgrUb¦ ³ ¤ TidæPaBénkareFVIEpnkarénkardkkarvinieyaKRtUv)anelIkeLIgBiPakSa cMeBaHkarviPaKénlT§PaBeRCIserIs (altermativ) viFankarN_hirjvtßú. cMeBaH Gtßn½yénkareFVIEpnkarénkardkkarvinieyaK KWCaGVITaMgGs;EdlTak;TgeTAnwgkar

kac;cgátÚ (sterring) énviFsI aRsþénkaredaHElgTun (capital release process) Edl karkac;cgáÚtenHbgðaj[eXIjRbPBhirBaØvtßúBitR)akdmYysRmab;shRKas. ¤ cMeBaHkarBiPakSaEdll¥t i l¥nm; YyénkareFVEI pnkarCarcnasm
cMENkEpnkarénneya)ayhirBaØvtßúénshRKas

6> karKNnakarvinieyaK 6> 1> karKNnakarvinieyaKCakarCYyénkarseRmccitþ 6> 1> 1> Gtßn½yénkarKNnakarvinieyaKsRmab;seRmccitþvinieyaK cMeBaHkarvinieyaKk¾RtUvsßitenAkñúgpøÚvénkarseRmccitþedayeyageTAtamkar BicarNaeTAelIeKalbMNgEdl)ankMNt;Tuk CamYyenaHEdrsRmab;KaMRTkar seRmccitþenaH karKNnaénkarvinieyaKRtUvGacdak;eGayeRbIR)as;. TaMgGs;enH Bak;B½n§eTAnwgviFIsaRsþKitelxnBn§EdlnwgRtUvEsVgrk rWk¾EdlnwgRtUveFVI[RbesIr bMput (optimizing) ehIyEdlCamYynwgkarCYyénviFIsaRsþenH lkçN³vinicä½y lIKVIDITI nigénlkçN³vinicä½yénPaBeCaKC½yEdlCaTMhMvas;EvgsRmab;KuNsm,tþi esdækic©énlT§pleRCIserIskarvinieyaKEdlRtUvRsavRCavrk rWk¾kmμviFIénkarvini eyaKEdlRbesIrbMputRtUv)ankMNt;sIuCeRmApgEdr.

karKNnakarvinieyaK KWCamUldæanRKw³d¾sMxan;énkarseRmcvinieyaK ebIsin NaGtßn½yrbs;vaBMuRtUv)anGnuBaØat[vaytémøx<s;pgEdr eRBaHfakartMrg;Tis[eTA CalMdab;lMedayénlkçN³cMnYnrbs;va KWBMusßitenAkñúgkarRtYtBinitüBicarNanUvEpñk xøHénktþaseRmccitþEdlBMuGackMNt;cMnYn)an ]TahrN_dUcCaeKalbMngvinieyaK EdlminEmnCafvikar ³ karcg;)anGMNac karcg;)anÉkraCüPaB kitüanuPaB nig]TahrN_dUcCalT§PaBkarvinieyaKEdlminGackMNt;cMnYn)an ³ karekIneLIg énkarbgáareRKaHfñak; lT§plénviFankarN_bNþúHbNþalkarvinieyaKEdlCa yuT§saRsþTak;TajkarrMePIb. Gtßn½yénkarKNnakarvinieyaKepSg²sRmab;karseRmccitþvinieyaK KWkan; EtFMkalNa ³ - \T§iBléneKalbMNgvinieyaKEdlminEmnCafvikar KWkan;EttUc - Tm¶n;énlT§plénkarvinieyaKEdlminEmnCafvikar KWkan;Ettic - lT§plénkarvinieyaKEdlCafvikarRtUvGacvaytémøkan;EtTukcitþ)an mann½yfaPaBminR)akd KWkan;EttUc. 6> 1> 2> RbePT nigcarwklkçN³énkarKNnakarvinieyaK enAkñúgRTwsþI nigkñúgkarGnuvtþn_ KWRtUv)anGPivDÆn_enAKMrU (model)epSg²Kña sRmab;KNnakarvinieyaK. CamYyenHEdr sBaØaNén {karKNnakarvinieyaK} CayUrNas;mkehIy KWmankMNt;min[hYsBIviFIsaRsþEdlviFIsaRsþenaHEsVgrk rWRsavRCavrknUvPaBesdækic©énkarvinieyaKBitR)akd nigénkarvinieyaKhirBaØvtßú ehIyEdlviFIsaRsþenaH eK[eQμaHfakarKNnaénPaBesdækic©énkarvinieyaK. karyl;dwgGMBIfaviFIsaRsþénkarvaytémøshRKasEdlsñÚlrbs;vak¾eyageTAtam karKNnakarvinieyaKEdrenaH KW)aneRCotcUlenAkñúgeBlfμI²enHenAkñúgEpñkenH EdrCamYynwgkarruleTAmuxéncMeNHdwgénRTwsþIkarvinieyaK. PaBxusKñarvagkar KNnaPaBesdækic© nigkarvaytémøkarvinieyaKsßitenACaBiessenARtg;sßanPaB sMnYrCamUldæanfa ³ TnÞwmnwgkarvaytémøkarvinieyaKecaTsYreTAelItémøénkar

vinieyaKénRkumh‘unmYy rWk¾éncMENkshRKasmYysRmab;TajmknUvkarTamTar énkarkMNt;éfømYy TaMgGs;enHCaTUeTAenAkñúgkarKNnaénPaBesdækic© KWTak;Tg eTAnwgkarecaTsYreTAelIPaBCaKuNsm,tþiénkarvinieyaKcMeBaHkarbg;témøsMrab;ka rTijEdl)ankMNt;[. PaBxusKñabnþeTAeTotCamUlehtuRbvtþn_ nigFmμCatirbs; vaTaMgBIr ³ PaBxusKñaxøH²enAkñúgdMeNIrkarbec©keTs rWk¾kñúgkal³eTs³EdlfasMrab; karvaytémøkarvinieyaK ¬dUcEdleQμaH)anniyayenH¦ KWCakarvinieyaKTaMgmUl mYy rWk¾ya:gticbMputcMENkénkarvinieyaKnImYy²begáIt)anecjCaeKalbMngén karsikSaRsavRCav TnÞmw nwgTaMgGs;enH sRmab;karKNnaénPaBesdækci E© dlCa RbéBNI KWski SaEteTAelIÉktaplitkmμnmI Yy² nigGgÁpSM .l. EdlÉkta nigGgÁpSMenHRtUvyk mkviPaKeTAelIPaBesdækci r© bs;va. enAkñúgrUbxageRkam)anbgðajnUvRbePTepSg²KñaénviFIsaRsþKNnaPaBes dækic© nigkarvaytémøkarvinieyaK ehIyRbePTKMrU nigRbePTviFIsaRsþEdlman elxenAkñúgrgVg;RkckCab;enaHRtUv)anelIkykmkBnül;enATIenH.

karKNnakarvinieyaK viFIsaRsþkarvaytMélkarvinieyaK

viFIsaRsþénkarKNnaPaBesdækic© eKalkarN_kñúgeBlEtmYy

eKalkarN_CalMdab;lMeday

(1)

( simultaneous )

( successiv )

- KMrUkarvinieyaK ⁄ KMrUhirBaØvtßú (investment - ⁄ financial model) -

KMrUkarvinieyaK ⁄ KMrUplitkmμ

KMrUmineBjelj (partial model)

(investment - ⁄ production model) -

KMrUkarvinieyaK ⁄ KMrUhirBaØvtßú ⁄ KMrUplitkmμ

karKNnaCasþaTIk

eKalkarN_vaytMélCaGBaØafavtßú

(3)

- karKNnaeRbobeFobénkarbg;tMél - karKNnaeRbobeFobénkarcMeNj - karKNnaPaBEdlrkcMeNj)an - karKNnaénkarsgrMlYs

karKNnaCaDINamIk karKNnaCaburaNniym - viFIsaRsþéntMélTun - viFIsaRsþénGRtaR)ak;épÞkñúg - viFIsaRsþénFnlaP

(2)

KMrUeBjelj

- viFIsaRsþéntMél eCaKC½yxagmux

(full model)

- EpnkartulüPaB - EpnkarhirBaØvtßú EdleBjelj

eKalkarN_TMenIbniym - viFIsaRsþénkarkMNt;karR)ak; - viFIsaRsþéntMélcugeRkayénRTBüsm,tþi - KMrUkarR)ak;TIpSar

(4)

eKalkarN_vaytMél Cayfavtßú - viFIsaRsþéntMélTinñpl - viFIsaRsþéntMélxøwmsar - viFIsaRsþéntMélmFüm - viFIsaRséntMélkat; rMlYsénshRKas - viFIsaRsþénkarbg;sg cMeNjelIs

eKalkarN_kñúgeBlEtmYy nigeKalkarN_CalMdab;lMedayénkarKNnaPaB esækic© (simultaneous and successiv concepts of economical calculation) : KMrU (model) kñúgeBlEtmYy KWCaKMrURTwsþIGtßiPaBénkarKNnaPaBesdækic© ³ ¤ TaMgGs;enHCaTMnak;TMngeTAnwgKMrUénPaBRbesIrbMput (optimal model) ¬CaTUeTAekIteLIgecjBIRB½n§énsmIkarEdlCabnÞat;Rtg; the system of

(1)

linear equation)

KMrUGnuBaØatikareFVI[manPaBRbesIrbMputmYyénkmμviFIvinieyaKenAkñúgkar BicarNaeTAelIkardak;eKalbMNgEdlCac,ab;edIménesdækci h © ri BaØvtßú ¤ kareFV[ I manPaBRbesIrbMputéncMENkEpnkar rWkG¾ BaØatikmμénkarseRmc citþ TaMgGs; KWRbRBwtþeTAkñúgeBlEtmYy (simultaneus model) sßitenA kñúgeKalkarN_epSg²EdlRtUvGacbgðajxageRkam ³ ¤ KMrUénkarvinieyaK ⁄ KMrUénplitkmμ (investment- ⁄ production model) rbs;elak Albach (1962) Hax (1964) nig Weingartner (1963) ¤ KMrUénkarvinieyaK ⁄ KMrUénplitkmμrbs;elak Foerstner ⁄ Henn (1957) Jacob (1982,1983) nig Swoboda (1965) k¾dUcCa ¤ KMrUkarvinieyaK ⁄KMrUhirBaØvtßú ⁄KMrUplitkmμrbs;elak Blumentrath (1969) nigelak Schwem (1969). sRmab;sMnYrEdl)anelIkeLIgepSg²enAkñúgrUbPaBlMGit KMrUenH KWCaRTwsþI GtßiPaBrYmEdlfaKMrUenHBicarNaeTAelITMnak;TMnglT§plEdlminGaRs½ysMParH eBlénkarseRmccitþvinieyaK nigeBlénkarhirBaØbTan. k¾b:uEnþbBaðamUldæanén simultaneous model man 4 cMnuc ³ - Simultaneous model bgðajRBMEdnkMNt;EtkñúgRkbx½NéÐ nPaBCaExSRtg; (linearity). - karxVHxatlkç½NÐEdlCabtidæab½n (integralness)enAkñúg simultaneous model KWeFVI[bBaðasMxan;énRTwsþIvinieyaKBMuRtUv)anedaHRsay. - enAkñúg simultaneous model KWEpnkarCaExSepþk (planing horizont) ¤

enAkñúgEbbEpnFmμCatimYyEdlmanRBMEdn. - kareRbIR)as;PaBGnuvtþn_Cak;EsþgCajwkjab;RtUvbraC½yeTAelIplvi)akE dlplvi)akenH KWCakarcMraj;nUvBt’mansMxan;²enAkñúgkareyageTA tamKuNPaBsRmab;kareFVI[manPaBRbesIrbMput. enAkñúgkarGnuvtþn_EdlRKbdNþb;sBVéf¶enH eKalkarN_lMdab;lMeday (simultaneous concept) KWCaeKalkarN_CYyénkarseRmccitEþ dlsMxan;kúñgkar Gnuvtþn_sRmab;bBaðavinieyaK. GtßiPaBrbs;vasßit KWecjBIkarsegátkñúgkarGnuvtþn_ EdleyageTAtamPaBnimμitBitR)akdnImYy². KMrUeBjelj nigKMrUmineBjeljénkarKNnaPaBesdækic©

(2) partial model of economical calculation) :

(total model and

eKeXIjKMrUeBjeljCamYynwgeKalkarN_énkareFVIEpnkarEdlCalMdab; lMedayenAkñúgKMrUénkareFVIEpnkartulüPaB (model of planning balance) nig eXIjenAkñúgTsSn³énkareFVIEpnkarhirBaØvtßúEdleBjelj. enAkñúgRkbx½NÐén karbegáItEpnkartulüPaB KWRtUv)anqøgkat;karKNnaCaetsþnUv\T§iBlEdl)an BüakrN_énkarseRmccitþénkarvinieyaKEdlCamYyenaH KWCaBiesseTAelIpl bnÞab;énrcnasm<½n§Tun (structure of capital) PaBEdlGacrkplcMeNj)an (profitability) niglMhUrR)ak; (cashflow) enAkñúgdMeNIréneBlevla. lT§PaB eRCIserIsmYyEdlCaBiessRbwgERbgedIm,IbMPøWnUvlT§plEdlmanninñakareTArkcr nþbg;R)ak;sMrab;karseRmccitþvinieyaK KWmaneQμaHfadMeNIrkarEpnkarhirBaØvtßú eBjelj. cMeBaHEpnkarenH KWGVITaMgGs;EdlCakarbg;R)ak; ehIyEdlGac KNna)ansRmab;KeRmagkarvinieyaKmYy nigP¢ab;CamYyenHpgEdr KW\T§iBlEdl CafvikarénTMnak;TMngcMnUl (disposition) EdlbgáreLIgedaykarvinieyaK ehIy caM)ac;sRmab;bgáaréntulüPaBhirjvtßúRtUv)aneGabRkesabenAkñúgTMrg;CataragmY y. qøgkat;karKNnakMBüÚT½r KuNsm,tþiénkareFVIEpnkarhirBaØvtßúeBjeljk¾RtUv

)anCYbRbTH dUcCaenAkñúgkrNIénEpnkartulüPaBEdr ]TahrN_dUcCaenAEpñk sRmab;EdlTak;TgeTAnwgBn§elIplcMeNjenAkñúgkarKNnaPaBesdækic©. KMrUmineBjelj (partial model) KWpÞúyBIKMrUeBjeljedaykt;smÁal;eday sarcarwklkçN³dUcxageRkam ³ ¤ karkMNt;KuNsm,tþi KWseRmc)anP¢ab;CamYylkçNHvinicä½ysMrab;kar seRmccitþmineBjeljEdr k¾b:uEnþminRtUv)ansgát;F¶n;cMeBaHkardak;Tis eKalbMngEdlCaesdækic©hirBaØvtßúBitR)akd. ¤ Gtßn½yrbs;va KWCakargarCamYynwgkarTTUlyk rWk¾karsnñidæaneday rYm² nigKMeragCasuBlPaBrbs;vasßitenAeRkamsMrab;karTTYlykkar BicarNaénKuNsm,tþiEdleyageTAtamenaH. CakarBitkarKNnanImYy²smÁal;)anCaEpñkEdlxitCiteTArkPaBBiténKeR magenaH ehtuenHenATIenaH KWfaPaBRsedogKñamYyBMuRtUveFVI)an. sRmab;karGnuvtþn_KMrUmineBjelj ebIeRbobeFobeTA KWmansar³sMxan; Nas; kalNaTaMgGs;hñwgRbRBwtþieTAsRmab;kar]btßmÖ rWKaMRTkarseRmccitþén karvinieyaK. TajecjBImUlehtuenH KMrUmineBjelj KWsgát;F¶n;eTAelIkar KNnaCasþaTIk nigCaDINamIkenAkñúgmUldæanrbs;va ¬emIlrUbxagelI¦. karKNnaCasþaTIk nigCaDINamIk (static and dynamic calculation) : KMrUsþaTIkénkarKNnaPaBesdækic©EdlmineBjelj KWCaviFIsaRsþeRbob eFobEdlgayRsYl. KMrUenHRtUv[eQμaHfaCasþaTIk eRBaHfaKMrUenHminBicarNa GMBIPaBxusKñaeTAtameBlenAkñúgkarelcecjeT,IgéncMNUl nigcMNayeT,Iy rWk¾ kareFVIkarBicarNaedayRKan;EtminsuRkit. enAkñúgkrNIEdlgayRsYlviFIsaRsþsþaTIkKitsgát;F¶n;eTAelIEtkMlugeBl CaqñaMEdllMeGanedayRbeyaleTAtamkarRbtibtþiénkarvinieyaK nigbnÞab;mksßit enAeRkamEdlfaEpñkenH KWCatMNagsRmab;ryHeBlénkarvinieyaKTaMgmUl. enA kñúgkarKNnaénkarvinieyaKEdlCasþaTIk KWCakarBitBMucab;epþImecjBIkarcMNay

(3)

nigkarcMNUlénkarvinieyaKeT,Iy eRkABIenHvacab;epþImecjBIkarbg;tMélCamFüm nigTinñplCamFüménkarvinieyaKenAkñúgkmøúgeBlmYyEtb:ueNaÑaH. eTAtameKalkarN_RKw³ eKEbgEckviFIsaRsþsþaTIkCabYnEdlmanTMnak;TMng nwgKñaeTAvijeTAmkxøH² nigeFVIkargarCamYynwglkçN³vinicä½yKuNsm,tþiepSg²Kña³ ¤ karKNnaeRbobeFobénkarbg;témø (comparativ calculation of cost) ¤ karKNnaeRbobeFobéncMeNj (comparativ calculation of profit) ¤ karKNnaénPaBEdlrkcMeNj)an (calculation of profitability) ¤ karKNnaénryHeBlsgremøaH (calculation of amortization) pÞúyBIviFIsaRsþsþaTIk viFIsaRsþDINamIkénkarKNnaPaBesdækic©kt;smÁal; edaysarfaviFIsaRsþenHBn§ErknUvkarlatRtdagtameBlevlaéndMeNIrRbRBwtþén karvinei yaK nigdMeNIrRbRBwtéþ nkardkkarvinieyaK. karBicarNaBiessénktþaeBl evlaenH KWeKeXIjcMeBaHviFIsaRsþDINamIkCaBiessenAkñúgkareRbIR)as;énkar KNnakarR)ak;énkarR)ak;EdlCaviBaØtþirbs;va ³ PaBxusKñaCaeBlevlaenAkñúgTinñ plénTMhMseRmc)anéneKalbMngvinieyaKmanPaBCaPsþútagc,as;las; nigkar vaytémøeTAkñúglT§plkarKNnaénkarvinieyaKTaMgenaHBMudUccMeBaHkarKNnaénk arvinieyaKCasþaTIkEdlRtUve)aHbg;ecalTaMgRsug rWk¾RtUvsßitenAkñúgkarBicarNa EdlCamFümmYy. cMeBaHkarKNnaCaDINamIk KWmanKMrUeKalkarN_EdlCaburaNniymbI ³ ¤ viFIsaRsþéntémøTun (methode of capital value) ¤ viFIsaRsþénFnlaP (methode of Annuity) ¤ viFIsaRsþénGRtakarR)ak;épÞkñúg (methode of internal interest rate) CamYyenHlkçN³ {buraNniym} KWpSarP¢ab;eTAnwgRbePTsnμt; rWTTYlyk énTIpSarTunEdlsuRkitsRmab;vFi sI aRsþTaMgenaH. TaMgenHmann½yfa eKsnμtC; amUl dæanfakarhUrRtT,b;énkarvinieyaKRtUvGacdak;eGaymansMrab;GRtakarR)ak;dUcKñamY y karxVHxaténhirBaØvtßúGacRtUvbM)at;ecalsRmab;GRtakarR)ak;enaH nigsnμt;Ca

mUldæanpgEdrfaBMumanGsnþisuxsßitenAcMeBaHkarGPivDÆn_énTIpSarGRtakarR)ak;en aHeLIy. eyageTAtamkarsegátBinitülT§plEdlfaenAkñúgPaBBitTIpSarfvikar nig TIpSarTun KWeRcInCaminsuRkit rWky¾ a:gticbMput KWmni suRkitenaH eK)anGPivDÆn_ PaBgayRsYlepSg²énkarKNnaDINamIkEdlCaTMenIbniymdUcteTA ³ ¤ viFIsaRsþtémøcugeRkayénRTBüsm,tþi (end value of assets’s methode) ¤ viFIsaRsþkMNt;témøGRtakarR)ak; (methode of nominal interest rate) ¤ KMrUGRtakarR)ak;TIpSar (model of market interest rate) karvaytémøkavinieyaKCaGBaØfavtßú nigCayvtßú

(4) evaluation of Investment) :

(objective and subjective

viFIsaRsþénkarvaytémøkarvinieyaK KWEbgEckRbhak;RbEhleTAnwgviFI saRsþénkarKNnaesdækic©EdlenAkñúgeKalkarN_Ca {RbéBNI} nigCa{TMenIb}. enABIeRkayviFIsaRsþEdlCaRbéBNIénkarvaytémøkarvinieyaKsßitenAelIka rBicarNaeTAelIkarsßitenAén {témøkarvinieyaKEdlCayfavtßú} mYyEdltémøenaH KWGTIV aMgGs;mann½ysRmab;karRsavRCavEdlminGaRs½yeTAnwgRbePTsßanPaBcMN g;cMnUlcitþdUcCaGñkTijmñak; rWGñklk;mñak;. TaMgGs;enHsßitenAelIesckþIsgÇwm rWsSn³vis½yénGñkpþl;eyabl;EdlGBüaRkitmñak;b:ueNÑaHEdlkargarrbs;eK KWGVI TaMgGs;EdlsRmab;kMNt;nUvéfød¾smrmümYysRmab;karvinieyaKEdlnwgCYbRbTHe naH rWk¾sRmab;karcUlrYmmYyeTAnwgkarvinieyaKenaH. carwklkçN³sRmab;viFI saRsþRbéBNI KWeyageTAtamfa ³ ¤ viFIsaRsþTajmkCamYynUvRTBüsm,tþisMxan;²EdlmansRmab;karRsav RCavéntémørbs;va ¤ viFIsaRsþenaHBicarNaEtsMxan;eTAelITinñplénkarRKb;RKg eCosCag karvaytémøEdlepþatcMeBaHkarbMeBjkarpliténGñkRKb;RKgEdl seRmc)ankñúgeBlGnaKt.

karGPivDÆn_fμIeTAelIEpñkénkarvaytémøkarvinieyaK KWkt;smÁal;qøgkat;kar sgát;F¶n;eTAelIcarwklkçN³EdlCaGBaØfavtßúéntémøvinieyaK. TaMgGs;enHRtUvEt dwgpgEdrnUvkarbM)at;ecaleTAelIsßanPaBcMNg;cMNUlcitþ nigsßanPaBseRmc citþénGñkEdlcUlrYm ³ kargarénkarvaytémøkarvinieyaK KWCakarRsavRCavéntémø seRmccitþEdltémøenaHCaGVITaMgGs;Edlpþl;lT§PaB[GñkcUlrYmnImYy²dUcCaGñk TijEdlmanskþanuBlmñak;sRmab;dak;nUvkarseRmccitþEdlRtwmRtUv. enAkñúgKMnit enHkarvaytémøkarvinieyaKRtUvCaTsSn³TanEdleyageTAtamkarKNnakarviniey aK. TaMgGs;enH eyageTAtamGVIEdlCatémøénkarRKb;RKgmYy KWRtUvTajecj BITinñplhirBaØvtßúEdlTinñplenaHCalT§plecjBIkarmanCakmμsiT§énkarvinieyaK . karbgðajedayxøIénviFIsaRsþepSg²énkarvaytémøkarvinieyaKmanbnþreTAeTot enAkñúgkarviPaKénkarKNnaPaBesdækic©EdlCasþaTIk nigDINamIkenAemeron eRkay. 6>1>3 kareRbIR)as;énkarKNnakarvinieyaKTun karKNnakarvinieyaKTunRtUvGaceRbIR)as;CaviFIsaRsþKNnaEdleKRsav RCav rWk¾EdleFVI[RbesIrbMputcMeBaHkarRbugeRbobvinieyaK k¾dUcCacMeBaHkarRtYt BinitüénkarseRmccitþvinieyaK. TnÞwmnwgenAkñúgkrNIkarRtYtBinitüEdlBicarNaeTA elIeKalbMNgvinieyaKEdlRtUv)anGnuvtþn_eGayseRmc)aneCaKC½yTaMgGs;enaH enAkñúgkrNIkarKNnaénkarRbugeRbobvinieyaKvaTak;TgeTAnwgkarKNnaénkareFVI EpnkarEdlCamYYykarCYyrbs;karKNnaenaHnaM[mankarseRmccitþ[Gs;lT§Pa BénPaBRbesIrbMputénesdækic©.

6>2> viFIsaRsþénkarKNnaPaBesdækic©

6>2>1 karsßabnikénkarseRmccitþénkarvinieyaKTunCamYynwgCMnYyénkar KNnaEdlCasþaTIk

teTAenHCakarviPaKeTAelIvFi sI aRsþsaþ TIkTaMgbYnénkarKNnaPaBesdækci E© d lCamYyenaH KWCamUldæansßitenAelIkareRCIserIsénkarseRmccitþ nigryHeBl eRbIR)as;énkarseRmccitþ ³ ¬ ¦ viFIsaRsþkarKNnaeRbobeFobénkarbg;témø [dMbUnμansRmab;kareRCIs erIsecjBIlT§PaBeRCIserIsBIr rWeRcInnUvlT§PaBmYyCamYynwgkarbg;témøEdltic bMput. cMeBaHsMnYreTAelIkarGnuvtþn_ rWkarminGnuvtþn_énKeRmagkarvinieyaKnImYy² karKNnaeRbobeFobénkarbg;témø manCaBiessenAkñúgkarelIkykmkBicarNa sRmab;dMeNaHRsayénbBaðaCMnYs. sMnYrEdlelIkeLIgenATIenH KWfaetIcegáam brikçaeRKOgRbdab;TaMgmUlEdlmanmYyRtUv)anCMnYsedaysarcegáambrikçafμImYyPøa m rWk¾caMeBleRkay]TahrN_dUcCaeyageTAtamqñaMeRbIR)as;bnþreTAeTot. CadMbUg kareRCIserIsRtUvsßti enA (a) rvaglT§PaBeRCIserIsénkarvinei yaKEdlbdiesFecj nUvlkçN³bec©keTs. bnÞab;mkRtUvbgðaj (b) etIbBaðaénkarCMnYsGacRtUv)an edaHRsayCamYynwgkarKNnaeRbobeFobénkarbg;témøy:agdUcemþc. →(a) eKGacEbgEckCakareRbobeFobkarbg;témøénkmøúgryHeBlmYy nigkareRbob eFobkarbg;témøénÉktamYy. cMeBaHkareRbobeFobkarbg;témøénryHeBlmYy lT§PaBeRCIserIsKeRmagénkarvinieyaKRtUvsßitenAeRkamEdlfaKeRmagenaH KW pþl;nUvlT§plEdlCalkçN³KuNPaB niglkçN³cMnYnesμIr²Kña. kalNaekIt eLIgnUvPaBxusKñaEdlCalkçN³cMnYnenaH eKRtUvGnuvtþn_nUvkareRbobeFobkar bg;témøén1Ékta. pÞúyeTAvij kalNaekIteLIgnUvPaBxusKñaEdlCalkçN³ KuNPaBenaH eKRtUvEtGnuvtþné_ nkareRbobeFobéncMeNj rWk¾kareRbobeFobénPaB EdlGacrkplcMeNj)an. enAkñúgkareRbobeFobkarbg;témø KWTajbBa©ÚlnUvGVI TaMgGs;EdlsMxan;dUcCa ³ ¤ karbg;témøshRKas ¬CaBiesskarbg;témøénsmÖar³ nigbuKÁlik¦ nig ¤ karbg;témøénTun ¬karkat;rMlYs (depreciation) nigkarbg;;témøkarR)ak;¦ →1

kalNaGVITaMgGs;Tak;TgeTAnwgkarvinieyaK CamYynwgryHeBleRbIR)as; EdlmankMlugeBleRcIn enaHkarbg;témøCamFümkñúgkmøúgeBlRtUvCamUldæanEdl smrmü rWCaeKalbMngEdlsmrmü. sRmab;karEsVgrkkarbg;témøTunEdlCamFüm KWmann½yCac,ab;dUcxageRkam ³ karkat;rMlYsCamFümkñúgkmøúgeBl = (PV – RV )/ n 2) karR)ak;CamFümkñúgkmøúgeBl = i * (PV – RV )/ 2 CamYynwg PV = karbg;témøénkarpÁt;pÁg; n = cMnYnénkmøúgeBleRbIR)as; RV = sMNl;témøenATIbBa©b;énryHeBleRbIR)as; RV = sMNl;témøenAeBlcab;epþIménqñaMeRbIR)as;EdlCaTIbBa©b; ¬= RV bUkbEnßmkarkat;rMlYsénqñaMcugeRkay¦ i = GRtakarR)ak;EdlCamYyGRtaenH KWsRmab;TajykkarR)ak;BITun EdlpSaP¢ab; ¬TunpÞa;l;xøÜn nigTunxageRkA¦. kalNa RV = 0 nigcMeBaHkarsnμt;énkarsgrMelaHCabnþrbnÞab;énTuneRbIR)as; enaHrUbmnþ (2) GacsresrCa ³ (2a) karR)ak;CamFümkñúgkmøúgeBl = i * (PV / 2) 1)

n

n-1

n

n-1

n

n

taragxageRkambgðaj]TahrN_CaelxsRmab;karKNnaeRbobeFobénkar bg;témøshRKasmYyEdlmanEpnkarTijénbrikça rWcegáambrikçabEnßmmYy. brikça rWcegáambrikçaEdlecjBIeragcRkBIr A nig B sßitenAsRmab;eRCIserIs. eRBaHfa brikçaTaMgBIrmanPaBepSgKñaenAkñúgplitkmμEdlRtUvsnñidæankñúg 1 qñaM²enaH eFVI eGaykareRbobeFobkarbg;témøénkmøúgeBlmYy KWBMEmnCaPsþútagRtwmRtUveT. dUcCa]TahrN_bgðajxageRkam KWeKBinitüeTAelIkareRbobeFobkarbg;témøén 1 ÉktaEdlCalT§plRtwmRtUv.

]TahrN_CaelxsMrab;kareRbobeFobénkarbg;tMémømYy

cMeBaHkareRbobeFobkarvinieyaKénbrikça rWcegáambrikçaEdlbrikçaenaHman rcnasm<½n§karbg;témøepSg²KñaxøaMg ¬vas;EvgeTAelIcMENkénkarbg;témøEdlefr eTAnwgkarbg;témøsrubkñúgkmøúgeBl¦ enaHkareRbobeFobénkarbg;témøénÉkta rW enAkmøúgeBl KWCajwkjab;BMuRKb;RKan;sRmab;karseRmccitþRtwmRtUvmYyenaHeT ³ enAkñúgkrNIenH KWRtUvRtYtBinitübEnßmeTotfaetIsRmab;cenøaHénvisalPaBeRbI R)as;NaEdlman]tþmPaBEdl)anKNnaTak;Tgénbrikça rWcegáambrikçaenaHman sBlPaB rWmanPaBeRbIkar)an rWk¾faetIPaB]tþmPaBERbRbYlenAeBlNamYyrW ? sRmab;karsnμt; KWTaMgGs;enHCanic©Cakal kalNabrikçamYy rWcegáambrikçamYy kñúgcMeNambrikçaTaMgGs; rWcegáambrikçaTaMgGs;cMeBaHkarbg;témøGefr KWsmrmü Cagbrikça rWcegáambrikçaepSgeTotpÞúyBIcMeBaHkarbg;témøefr.

- sRmab;krNImYyenH eKGacKNnacMnucvisalPaBeRbIR)as;EdlTiTan (critical extend of utilitation) Edlmanniymn½yCacMnucEdlenAkñúgcMnucenaHExS ekagkarbg;témøénlT§PaBeRCIserIsEdlRtUveRbobeFobcab;epþImkat;Kña. rUbmnþ sRmab;;karKNnaénvisalPaBeRbIR)as;EdlCacMnucTiTan (M ) mandUcxag eRkam ³ cr

(3) Mcr = (CfixA - CfixB) / (CvB – CvA) Cfix = fixed cost Cv = variable cost

brikça rWcegáambrikça A B = brikça rWcegáambrikça B

A=

kalNavisalPaBeRbIR)as;EdlsnñidæanCamFümsßitenACanic©CakalelIcM nucvisalPaBeRbIR)as;EdlTiTanenaH lT§plénkareRbobeFobkarbg;témøBMuERb RbYleLIy. kalNasRmab;karsnμt;pÞúyEdlfavisalPaBeRbIR)as;Canic©Cakal fycuHeRkamcMnucvisalPaBeRbIR)as;EdlTiTanenaH lT§plénkareRbobeFobkar bg;témøeyageTAtamenaHk¾GacERbRbYl. rUbxageRkambgðajeGaykan;Etc,as;nUv rcnasm
rcnasm<½n§karbg;témø nigcMnucvisalPaBeRbIR)as;EdlTieTon

cMeBaHdMeNaHRsayénbBaðaCMnYssRmab;karRtYtBinitüfaetIbrikçamYy rW cegáambrikçamYyEdlsßti enAkñúgshRKasBMuRtUvCMnYssRmab;muncMnuceBl rWke¾ Rkay cMnuceBlEdlCaTIbBa©b;énryHeBleRbIR)as;Edl)andak;Epnkar. bBaðaCMnYsTam TarkarseRmccitþEdlBitR)akdCanic©rvaglT§PaBBIr ³ → (b)

CMnYséf¶enH rWk¾ ¤ CMnYseRkayqñaMeRbIR)as;bnþeTAeTotmYy ¬sg,wmfaenAeBleRkayeTot¦ cMeBaHbBaðaenHsuBlPaBEdlmanmUldæanc,ab;mandUcteTA ³ karCMnYsPøam pþl;RbeyaCn_cMenjCamFümEdlKitkñúgeBlevlarbs;brikçaCMnYs KWFMCagRBMEdn cMeNjEdlKitkñúgeBlevlarbs;brikçacas;enaH. kalNakrNIenHBMumaneTenaH karvinieyaKCMnYsenHRtUvEtrMkileTAmux. sRmab;dMeNaHRsayénbBaðaCMnYsCamYy nwgkarCYyénkarKNnaeRbobeFobénkarbg;témø eKRtUvEtdak;;RbQmmuxKñaeTAvij eTAmknUvRBMEdnkarbg;témøEdlCaeBlevlaénbrikçacas; ¬EdlGacRtUvraraMgcMeBaH karCMnYsPøammYy¦ nigkarbg;témøCamFümEdlTak;TgkMlugeBlénbrikçaCMnYs¬fμI¦ . sMnYrEdlecaTsYr KW ³ etITaMgGs;enH Cakarbg;témøsmrmüsRmab;kargarbnþr eTotCamYynwgbrikçaEdlman ¬brikçacas;¦ enAkñúgkmøúgeBleRbobeFobEdlCaTUeTA Kitkñúg 1 qñaM? rWk¾etITaMgGs;enHCa PaBesdækic©sRmab;karGnuvtþn_nUvkarvinieyaK CMnYsmYyenAkñúgkmøúgeBleRbobeFobenaH? taragxageRkamman ]TahrN_ CaelxmYy nigbgðajGMBIdMeNIrRbRBwtþsRmab;karKNnaeRbobeFob. CamYyenaH k¾bgðajBIrviFIsaRsþEdr ³ ¤ lkçN³vinicä½yEdleyageTAtamRTwsþIkarvinieyaKEtmYy KWCaviFIsaRsþ EdlTTYlsÁal;énkarKNnaeRbobeFobénkarbg;témø ¬krNI I ¦ ehIyk¾ dUcCa ¤ viFIsaRsþKNenyüEdlCaRbéBNIenAkñúgkarGnuvtþn¾eRbIR)as;Ca jwkjab; ehIyk¾eKTTYlsÁal;faCarUbmnþvisVkr (engineer form) ¬krNI II¦ ¤

krNIBIrya:gsRmab;dMeNaHRsayénbBaðaCMnYsCamYynwgkarCYy énkarKNnaeRbobeFobénkarbg;témø

TnÞwmnwgkareRbobeFobénkarbg;témøshRKasnImYy² ¬CYr B 7 nig B9) KW bBaðaEdlsMxan;sßitenAelIRtg;karBicarNaénGRtakarR)ak; nigkarsgrMlYs ¬CYr B1 rhUt B6). enATIenaHPaBxusKñasþitenArvagkrNITI I nigkrNITI II mandUcCa ³ krNITI 1 ³ sRmab;brikçafμIkarsgrMlYsRtUv)anKNnadUcFmμtaEdlTajecjBIkar bg;témøsMrab;karpÁt;pÁg; nigry³eBleRbIR)as;Edl)andak;Epnkar. dUcKñaenHEdr GRtakarR)ak;k¾RtUvTak;TgFmμtaeTAnwgTuneRbIR)as;CamFümEdlTunenaHsRmab;kr NIenH KNnaecjBIBak;kNþalénkarbg;témøénkarpÁt;pÁg; bUkbBa©ÚlBak;kNþal énkarsgrMlYskñúgmYyqñaM ¬emIlemeronmun¦. brikçacas;EdlkarCMnYsrbs;vaekIteLIgsRmab;TMnak;TMngcMnUl (disposition) KWmanbnÞúkCamYynwgkarbg;témøénkarsgrMlYs nigkarbg;témøén karR)ak;pgEdr. dUcenHehIyTuneRbIR)as;EdlpSarP¢ab;BIdMbUgminGacCaTMhMpþl;[ sRmab;karKNnarbs;vaeLIy CamUldæan KWPaKeRcIneKBicarNaeTAelIcMnUl lIKVIDITIénbrikçacas;EdlCaTisedAkñúgkrNIénkarCMnYsrbs;vaenAeBlcab;epþIménkM lugeBleRbobeFob. brikçacas; KWCalT§plmanbnÞúkCamYynwgkarbg;témøénkar sgrMlYsEdlkarbg;témøenaH eyageTAtamkarkat;bnßyéncMnUllIKVIDITIedaysar karKNnaénkarvinieyaKCMnYs 1 qñaMeTot ¬CYr B1 = CYr A8 – A9). sRmab;karKNnaénkarR)ak;EdlCamYynwgkarR)ak;enHCabnÞúksRmab;brikçacas;en aH KWmann½yfakarbg;témøénkarR)ak;)andak;EteTAelIlIKVIDITIEdltémøenaHsßitenA pSarP¢ab;bnþreTot cMeBaHkarrMkilénkarvinieyaKCMnYs ¬CYr B2 = 10% énCYr A8). krNITI II ³ pÞúyBIKMnitEdlfakarsgrMlYs nigkarbg;témøkarR)ak;énbrikçacas; KWKNnaTak;TgeTAnwgmUldæanéncMnUllIKVIDITI cMENkKMnitCaKNnIykmμvij KWCa RbéBNIsßitenARtg;farkarsgrMlYs nigkarR)ak;sRmab;brikçacas;RtUvKNnaecj BImUldæanénTuneRbIR)as;EdlpSarP¢ab;CamFüm rWTuneRbIR)as;EdlpSarP¢ab;BIedIm dMbUg ¬]TahrN_ 5.000 CakarsgrMlYs nig 2.750 CakarR)ak;¦ nigsßitenARtg;fa PaBxusKñamYyrvagtémøénkarpÁt;pÁg;Edl)ansresrbnþr rWk¾témøkt;Rtaesssl;

énbrikçacas; ¬kñúg]TahrN_ 1.500¦ nigcMnUllIKVIDITI ¬kñúg]TahrN_ 7.000¦ KWCakarsgrMlYs nigCakarR)ak;Edldak;bnÞúkeTAelIbrikçafμI. cugbBa©b;eKsegát eXIjfakarxatbg;éntémøkt;Rtaesssl;EdlecjBIkarlk;ecjénbrikçacas;ena HRtUv)anEbkEckeTAelIryHeBldMeNIrkarEdl)aneRKagTukénbrikçafμI ¬CYr B5¦ nigsegáteXIjfatémøEdl)anbgðajénbrikçafμIk¾RtUvTTYlbnÞúkEdr dUcCakarR)ak; eTAelIkarxatbg;éntémøkt;Rtaesssl;EdlpSarPab;CamYyenaHbnþreTot ¬CYr B6 = (A6 – A8 = B5) / 2 ¦. enAeRkamlkç½NÐén]TahrN_CaelxEdl)aneRCIserIsxagelIbgðaj[eXI jfaviFIsaRsþTaMgBIrTTYl)annUvlT§pldUcKñaEdlfaCakarBitkarGnuvtþn_énkarvinie yaKCMnYs KWmanKuNsm,tþi. CakarBitbEnßmeTot KWkarsnSMénkarbg;témø Edl)anbgðajenAkñúgviFIsaRsþ II EdlBMuRtUvsmehtuplsmrmüenaH mankarx<s; Cagya:geRcInebIeRbobeFobeTAnwgviFIsaRsþ I. karbMeBjmYysRmab;karKNnaeRbobeFobénkarbg;témø KWkarKNnaeRbob eFobéncMeNj. lkçN³vinicä½yénkarseRmccitþrbs;va KWCakarvinieyaKcMeNj (investment profit) KitCamFümkñúgkmøúgeBl ehIyEdleK[niymn½yfaCa pldkénplcMNUl nigkarbg;témøCamFümkñúgkmøúgeBl. eKeRbIR)as;karKNna eRbobeFobéncMeNj kalNakarbMeBjkarplitEdlpþl;[CalkçN³KuNPaB énKMeragvinieyaKEdlRtUveRbobeFob KWxusKña nigk¾RtUvCakarvaytémøeyageTAtam enaHEdr. karKNnaéncMNUl rWkarbMeBjkarplitEdlRtUv)anvaytémøsRmab; KeRmagvinieyaKnimYy²bNþal[manenAkñúgkarGnuvtþn_CakarBitnUvplvi)akCajwk jab;Edlfakarbg;témøsßitenACalkçN³vinicä½yeRCIserIsEtmYyKt;enaH. karKNnaeRbobeFobéncMeNj KWmansmtßPaB ³ ¤ sRmab;vaytémøénPaBCaKuNsm,tþiénkarvinieyaKmYyenAkñúgkarvinieya KnimYynimYy² ¬lkçN³vinicä½yénKuNsm,tþi ³ cMeNjsuT§sRmab;qñaM → (2)

nimYy² > 0 rWk¾cMeNjdulsRmab;qñaMnimYy² > karbg;témøénkarR)ak;¦ nig ¤ sRmab;kareRbobeFobKuNsm,tþiénlT§PaBeRCIserIsénkarvinieyaKCa eRcIn ¬lkçN³vinicä½yénKuNsm,tþi ³ cMeNjGtibrma ¦. mUldæanénkarKNnaeRbobeFobéncMeNj KWCakarKNnaeRbobeFobénkar bg;témøEdlsRmab;karKNnaenHmUldæanénkarKNnaeRbobeFobéncMeNjenaHR tUvbMeBjbEnßmnUvEpñkcMNUleTot. cMeBaHcMnUldUcKñakñúg 1 ÉktabMeBjkarplit ¬=1Éktaplitpl¦ karKNnaeRbobeFobéncMeNjRtUvTTYlykCamYyenaHeday sV½yRbvtþinUvlT§plesμIKñadUcCakareRbobeFobénkarbg;témømYyEdr. enAkñúgtarag xageRkam)anbgðajnUvkareRbobeFobéncMeNjEdlCamYyenaHlT§PaBeRCIserIsEd lRtUveRbobeFobedaysarPaBxusKñaénkarpþlk; arbMeBjkarplitCalkçN³KuNPa B nigcMNUlkñúg 1 ÉktabMeBjkarplit ¬=1Éktaplitpl¦ RtUvykmkGnuvtþn_.

karKNnaeRbobeFobénkarbg;témø nigéncMeNj

enAkñúgtaragxagelI mUldæansRmab;karbkRsayEdlRtwmRtUvénlT§pl eRbobeFobcMeNj KWCaGVIEdlsMxan;sRmab;kareRbobeFobénKuNsm,tþisMrab; lT§PaBeRCIserIseKalbMNgvinieyaKEdlmandMeNIrRbRBwtþeTArbs;vasßitenAkñúge BlEdlxusKña rWk¾manTuneRbIR)as;CamFümEdlxusKñaya:gxøaMgCaedIm. kñúgenH mann½yfaebIeKcg;qab;dkTunecjBIkarvinieyaKvij eKRtUveRCIserIseKalbMng vinieyaK III EtebIKμanPaBxusKñaénkarvinieyaKEdl)anGnuvtþn_xagelIenaHeT eK nwgeRbIkareRbobeFobéncMeNjsarubCaPsþútagénlT§pleRbobeFobenAkñúgCYrTI ¬3¦vij. k¾b:uEnþ kalNameFüa)ayhirBaØvtßúRtUv)anraraMgEdlCaTUeTAGacekItman eT,IgEdr enaHkarKNnaeRbobeFobénkarbg;témø nigénkarcMeNj ¬edayKμankar BicarNaénkarvinieyaKxusKña¦naM[Cajwkjab;eTArkdMeNaHRsayEdlxusénbBaða eRCIserIsenaH. dUcenHCaTisedAsmrmü KWkarKNnaRtUvbMeBjbEnßmedaysar karKNnaénPaBEdlGacrkplcMeNj)an (calculation of profitability). karKNnaénPaBEdlGacrkplcMeNj)anmYyRtUvTamTarrk kalNapl cMeNjénkarvinieyaKRtUv)anseRmc)anCamYynwgkareRbIR)as;TunepSg²Kña nig kalNaTunEdlsßitenAsRmab;bRmugTukenaHmankarraraMg. sMrab;lkçN³vinicä½y kñúgkarseRmccitþénkarKNnaPaBEdlGacrkplcMeNj)an KWPaBEdlGacrk plcMeNj)anénkmøúgeBlEdlenAkñúgmUldæanTsSn³rbs;vaRtUv[niymn½ydUcxa geRkam ³ → (3)

cMeNjCamFüm rWk¾karsnSMénkarbg;témø kñúgkMlugeBlKitCamFüm

¬1¦ PaBEdlGacrkplcMeNj)an =

TuneRbIR)as;CamFüm

kareFVI[kan;EtRbesIreLIgénrUbmnþxagelI KWkareRbIR)as;énsBaØaNPaB EdlGacrkplcMeNj)anEdlepSg²BIKña ehIyCaBiesseKEbgEckCa ³ ¤ PaBEdlGacrkplcMeNj)anénTunsrub (profitability of total capital) ¤ PaBEdlGacrkplcMeNj)anénTunpÞal;xøÜn (profitability of own equity)

karKNnaénPaBEdlGacrkplcMeNj)an KWCaeKalkarN_mansmtßPaB sRmab;kMNt;KuNsm,tþéi nkarvini ei yaKmYyéncMeNamkarvinei yaKnimYy² ¬lkçN³ vinicä½yénKuNsm,tþi¦³ PaBEdlGacrkplcMeNj)ansuT§ > 0 rWk¾PaBEdlGacrk plcMeNj)andul > GRtabg;témøénkarR)ak;¦ nigsRmab;eRbobeFobKuNsm,tþién eKalbMNgvinieyaKCaeRcIn ¬lkçN³vinicä½yénKuNsm,tþi ³ PaBEdlGacrkpl cMeNj)anGtibrima (maximal profit)). enAkñúgkarGnuvtþn_rUbmnþén]TahrN_Ca elxéntaragxagelI taragxageRkambgðaj[eXIjfakñúgcMeNamkarvinieyaKTaMg bIEdlRtUveRbobeFob KWkarvinieyaKTI II bgðaj[eXIjnUvPaBEdlGacrkpl cMeNj)anx<s;CageK nigCamYyenaH KWmanKuNsm,tþiCageK. kan;Etc,as;Efm eTotva)anbgðajdUcCalT§plénkarKNnaPaBEdlGacrkplcMeNj)an KWGac EkrERbkareRbobeFobéncMenj. kareFVI[kan;EtRbesIrEfmeToténkarKNnaseRmc)anEfmeTotedayqøgk at;fa TUrelxénPaBEdlGacrkplcMeNj)anRtUv)anbMEbkCaGgÁFatuBIreTotKW ³ ¤ PaBEdlGacrkplcMenj)anénplcMnUl (profitability of income)nig ¤ karERbRbYlénTun (capital changing) qøgkat;GgÁFatuenH rcnasm<½n§epSgKñaenAkñúgsßanPaBénPaBEdlGacrkpl cMenj)anRtUvGaceFVI[kan;Etc,as;cMeBaHeKalbMNgénkarvinieyaKEdlRtUveRbob eFob. (2) PaBEdlGacrkplcMeNj)anénkarvinieyaK = PaBEdlGacrkplcMeNj)anénplcMNUl * karERbRbYlTun

kareRbobeFobénkarvinieyaKmYyEdlTTUlykCamYynwgkarCYyénkarK NnaénPaBEdlGacrkplcMeNj)an KWBicarNaBitR)akdeTAelIPaBxusKñaén TuneRbIR)as;Edlman k¾b:uEnþkareRbobeFobenaH KWGacmanPaBRbesIrbMputBitR)a kdluHRtaEtdMeNIrRbRBwtþéneBlénkmμvtßúvinieyaKEdlRtUveRbobeFobenaH KWesμIrKña ¬TaMgenHBMuRtwmRtUvenAkñúgTMnak;TMngeTAelIkmμvtßú III kñúgtaragxagelIeLIy) rWk¾luHRtaEtPaBxusKña KWcat;TukfaminsMxan;. kalNalkç½NÐTaMgBIrBMu)anpþl;[ enaH lT§plCaTIbBa©b;EdlGaRs½yeTAnwgkarsnμt;EdleyageTAtam KWRtUvpøas; bþÚrmþgeTotsRmab;karvinieyaKepSg²KñaenaH. karKNnaénPaBEdlGacrkplcMeNj)an ¬]TahrN_CaelxRtUv)anGnuvtþn_bnþrBItaragxagelI¦

sMnYrEdlecaTsYrcMeBaHkarKNnaénryHeBlrMelaH (calculation of KWTak;TgeTAnwgryHeBlEdlryHeBlenaHlatsn§wgrhUtdl; amortisation) → (4)

sRmab;begáIteLIgvijnUvplEdlTajecjBIkarcMNayénkarpÁt;pÁg;ecjBIcMNUle lIslb;énKeRmag ¬=ryHeBlénkarrMelaH¦. sRmab;niymn½yéncMNUlelIslb; énKeRmagmYy KWmanmUldæandUcrUbmnþxageRkamEdlCamYyenaH TMhMEdl)an niyayTaMgBIr KWTajecjBIlT§pl nigTUrelxénkarKNnaeRbobeFobéncMeNj rWk¾ecjBIkarbg;témø. lMhUrsac;R)ak; ¬= cashflow¦ kñúgkmøúgeBl TajecjBIrUbmnþenH eKGacEsVgrkénryHeBlrMlYsEdlmandMeNIrRbRBwtþCamUl dæanBIry:ag ³ ¤ sRmab;kmøúgeBlnimYy² lMhUrsac;R)ak;EdlRtUv)anEsVgrk nwgbUkRtYt éncMNUlelIslb;enaHrhUtdl;lT§plbUk KWesμInwgkarcMNaysMrab;karTijpÁt; pÁg;. dMeNIrRbRBwtþenHeRbIR)as;enAeBlNaEdldMeNIrénkarcMeNj KWBMueTogTat; nig⁄ rWk¾karsgrMlYsEdlRtUv)anKNnaBMuEmnCabnÞat;Rtg;. ¤ cMeBaHkarKNnaCamFümmYyEdlkarKNnaenaHGaRs½yPaKeRcIneTA nwgRbePTcarwkénviFIsaRsþsþaTIk KWryHeBlénkarrMlYsRtUv)anEsVgrkdUcteTA ³ TuneRbIR)as;CadMbUg ¬karcMNay énkarpÁt;pÁg;¦ ry³eBlrMlYs (amortisation)KitCaqñaM =

cMeNj rWk¾karsnSMsMécénTunBIkar bg;témøkñúg 1 qñaM + karsgrMlYsénqñaM nimYy²

lkçN³énkarvinci yä½ énkarseRmccitéþ nkarKNnaryHeBlrMlYs kMNt;KuNsm,tþiénkarvinieyaKnimYy²KW ³

sRmab;

is –amortisation time ≤ shall-amortisation time

ryHeBlénkarrMlYsEdlBitR)akd ≤ ryHeBlénkarrMlYsEdlRtUveFVI EdlCamYyenaH shall-amortisation time GacRtUvmanTMrg;CacMnYndac;xat ¬]TahrN_ ³ 4 qñaM¦ rWk¾TMnak;TMngCaPaKryénryHeBleRbIR)as;EdleRKagTuk ¬]TahrN_ 50%¦. cMeBaHkareRbobeFobKuNsm,tþiénlT§PaBeRCIserIsRtUv seRmc)aneyageTAtamKeRmagNaEdl)anbgðajnUvryHeBlrMlYsticCageK. k¾b:uEnþsmtßPaBénryHeBlrMelaHenaH (amortisation calculation) sRmab;dMeNaH RsaynUvbBaðaeRCIserIskarvinieyaK KWmanRBMEdn. eyageTAtamlT§pl dUcCa cMeBaHkarKNnaénPaBEdlGacrkplcMeNj)an (calculation of profitability) )anbgðajEtkalNaKeRmagkarénkarvinieyaKTunEdlbgðajryHeBlénkarsßite nAesμIKñaRtUv)anykmkeRbobeFob. TaMgGs;enHbgðajCa BiessecjBIkarBicar NaEdlfakarkat;rMelaHral;qñaMEdlCasMxan;)ankMNt;CamYynwgry³eBlrMelaH KWGaRs½yeTAnwgry³eBlénkarsßitenAénkmμvtßúénkarvinieyaKTun. enAkñúgKMnitenH KWenAkñúg]TahrN_taragxageRkam)aneRbobeFobnUv KeRmagkarénkarvinieyaKTun I nig II . ry³eBlrMelaHd¾xøIénkmμvtßú II kñúgkareRbob eFobeTAnwgkmμvtßú I GaRs½yeTAnwglT§plénPaBEdlGacrkplcMeNj)and¾x<s; rbs;va. RbQmTl;nwgenaH KeRmagkarvinieyaKTun III sßitmannUvPaBEdlGacrk plcMeNj)and¾tictYc eTaHbIKMeragenaHmanryHeBlrMelaHd¾xøIrbs;vak¾eday. bnÞab;mkenAkñúgRKb;krNITaMgGs;lT§plenHGacpþl;[mankarsRmuHsRmYlCamY ynwgkarKNnaénPaBEdlGacrkplcMeNj)an kalNaryHeBlrMelaH (depreciation periode) énkmμvtßúvinieyaKTunRtUv)andak;enAkñúgTMnak;TMngeTAnwg ryHeBlénkarsßitenArbs;va ¬CYr B eTAnwgCYr A2) CaeKalkarN_ karKNnaénryHeBlrMelaHk¾BMuGacCMnYskarKNnaénPaB EdlGacrkplcMeNj)anEdr. eRkABIenHRKan;EtbMeBjEdlfaenAkñúgenaHkar KNnaénrMelaHpþl;[nUvbTdæanénkarvinic½äybEnßmmYy. enAkñúgKMnitenH ryHeBl rMelaHénKeRmagkarvinei yaKTunmYyk¾CamUldæanbEnßmmYysRmab;vaytémøénhaniP½

yénkarvinieyaKTunEdlGaceXIjkñúgkarcab;GarmμN_rbs;vaenAkñúgPaBGsnþisuxGM BIkarTajykplRtLb;mkvijénTunEdl)aneRbIR)as; ³ kalNaryHeBlrMelaH KWkan;EtxøIenaH CaTUeTAhaniyP½yénkarvinieyaKTunk¾RtUvvaytémøkan;EtticEdr. karKNnaénry³eBlrMelaH ¬]TahrN_CaelxecjBItaragTaMgBIrxagelI¦

6> 2> 2>karsßabnikénkarseRmccitþvinieyaKTunCamYynwgCMnYyBIkar KNnaEdlCaDINamik viFsI aRsþEdlCaDINamiksßti enARbQmmuxTl;ngw karKNnaEdlCasþaTIk. PaBRbesIrCageKd¾sMxan;rbs;va sßti enAkñúgkarCMnHénPaBxVHxatEdlCacarwk lkçN³énkarKNnavinieyaKTunEdlCasþaTIkdUcCatYya:génkarBicarNaEdlCak møúgeBlmYy nigénkarxVHxatkarBicarNaéncrnþbg;R)ak;d¾manRbsiT§PaBeTAkñúg krNIRbRBitþéneBlevla. CamYyenHsRmab;viFIsaRsþEdlCaDINamIk KWlkç½NÐ mUldæanEdlfakarbg;R)ak;CabnþbnÞab;BitR)akdsRmab;karvinieyaKTunnImYy²GacR

tUv)anelIkeLIg. CaTMrg;mUldæand¾sMxan; (classical basic form) énviFIsaRsþ DINamIk KWCaTUeTA ³ - viFIsaRsþtémøénTun (capital value methode) - viFIsaRsþénFnlaP (annuity methode) - viFIsaRsþénGRtakarR)ak;épÞkñúg (internal interest rate methode) (1) viFIsaRsþtémøTun (capital value methode) sBaØaNCamUldæanénkarKNnavinieyaKTunEdlCaDINamIk KW {témøénTun} énkarvinieyaKTunmYy. témøenH KWbgðajedayqøgkat;kardkkarR)ak; rWk¾karbBa©úH témø (discount) BI cashflow ¬rWk¾cMNUlGtierk¦ EdlnwgKNnaral;qñaMrbs;va rW edaysarkardkecjénTunEdleRbIR)as;edImdMbUg (initial capital) ecjBIlT§pl srubén cashflow EdlRtUvdkkarR)ak;enaH rWke¾ cjBItémøCasac;R)ak;hUrRtLb; (value of cashflow). CamYyenaH témøCasac;R)ak;hUrRtLb;ecjBIkarvinieyaK TunmYy KWKNnaecjBIplKuNén cashflow énfvikarerogral;qñaM nigktþaénkardk karR)ak; rWktþabBa©úHtémø (discount factor) Caerogral;qñaMEdlTajecjmkBIGRta karR)ak;TIpSar ¬rWGRtakarR)ak;KNna calculated interest rate¦ EdlRtUveRbIR)as;. TMrg;CaTUeTAsRmab; KNnatémøTunénkarvinieyaKTunmYymandUcteTA³ (1) C0 = ∑ (Rt – Et) * 1/(1+ i) t

rWk¾

(2) C0 = - I0 + ∑ (Rt – Et) * 1/(1+ i) t

CamYynwg C = témøénTun R – E = Cashflow (rWcMNUlGtierk (R > E ) rWk¾cMNUlRKbdNþb; BMuRKb;RKan; (R < E ) enAkñúgkmøúgeBl t 1/(1+ i) = ktþaénkardkkarR)ak;énkMlugeBl t ¬CamYynwg i = p/100 CaGRtakarR)ak;TIpSar rWGRtakarR)ak;KNna¦ rW present value of 1$ I = karcMNayénkarvinieyaKTun ¬TunEdleRbIR)as;edImdMbUg¦ t = snÞsSn_énkmøúgeBl ( t t = kMlugeBlénkarvinieyaKTun) 0

t

t

t

t

t

t

0

0 n

t

karKNnaéntémøTunénkarvinieyaKTunmYy eFVI[eXIjc,as;las;enAkñúgta ragxageRkam. sRmab;karRsavRCavénktþakardkkarR)ak;eK)aneRbICamYyenHnUv taragEdleK[eQμaHfa {taragénkardkkarR)ak;} EdlenAkñúgenaHktþakardkkar R)ak; KWRtUv)anKNnarYcCaeRscsRmab;GRtakarR)ak;sMxan;²TaMgGs; nigkmøúgeBl ¬emIltaragP¢ab;CamYy¦. ]TahrN_CaelxsRmab;EsVgrktémøTunénkarvinieyaKTunmYy

dUcCaecjBIrUbmnþ ¬1¦ nig ¬2¦ k¾dUcCa]TahrN¾Caelx ¬kñúgtaragxagelI¦ Edl[eXIj KWman\Ti§BleTAelITMhMéntémøTunmandUcteTA ³ ¤ cMnUn nigkarEbgEckEdlCaryHeBléncMNUlGtierk ¬rWk¾cMNUlEdl RKbdNþb;BMuRKb;RKan;¦ k¾dUcCa ¤ GRtakarR)ak;KNna TMhMénGRtakarR)ak;KNna KWkMNt;eyageTAtamkarTTUlykEdlmancarik lkçN³sRmab;karKNnaCa classic EdlfaTunGacRtUvbegIát rWk¾dak;[xI©sRmab; GRtakarR)ak;KNna. enAkñúgeKalkarN_k¾mansuBlPaBEdr KWTMhMénGRta karR)ak;KNnaRtUv)ankMNt;Cakarbg;témøsMrab;hirBaØvtßúEdlekIteLIgedaysardM

eNIrkarénkarvinieyaKTun rWk¾EdlfaTMhMénGRtakarR)ak;KNnaRtUv)ankMNt; edaykarcMeNjEdlRtUvGacseRmc)anCamYynwgcegáamEdlGaceRCIserIsénme Füa)ayhiBaØvtßu. enARKb;krNITaMgGs; GRtakarR)ak;KNna KWsgát;F¶n;eTAelI karR)ak;ticbMputEdlRtUvTamTarecjBITunEdl)anpSarP¢ab;CamYynwgkarvinieyaKTu nenaH. ecjBIkarBicarNaenH lkçN³vinicäy½énviFIsaRsþtémøTunGacTajecj pgEdrsRmab;KuNsm,tiþénkarvinieyaKTunnimYy² viFIsaRsþtémøTunGacelIkkRmit famanKuNsm,tiþ ¬rWKuNvib,tiþ¦ Canic©enaH kalNatémøTunrbs;va KWviC¢man ¬rWGviC¢ man¦. CaBitR)akdtémøTunEdlviC¢manGacnaMmknUvkarcab;GarmμN_ Edlfakar vinieyaKmandMeNIrkaresdækic©GtierkBIelIkarR)ak;ticbMputEdlRtUvTamTar nig ryHeBlsgrMlYsénTunEdlRtUv)aneRbIR)as;. pÞúyeTAvijCamYynwgtémøTunEdl GviC©manmYy karhUrRtLb;vij KWBMuGacseRmc)ansRmab;karbegIáteLIgvij ¬rWpþl; eLIgvij¦ énTunEdlRtUv)aneRbIR)as; nigsRmab;seRmc[)anénkarR)ak;ticbMput EdlRtUvTamTarenaHeLIy. rvagGRtakarR)ak;KNna nigtémøTunekIteLIgnUvTMnak; TMngya:gs¥itrmYt TaMgenHkan;EtemIleXIjc,as; kalNaeKKNnatémøTunénkar vinieyaKmYycMeBaHGRtakarR)ak;EdlGaceRCIserIs)an ehIyEdlGRtakarR)ak; enaHpþl;[nUvkarR)ak;ticbMputEdlRtUvTamTarnImYy². kalNaGRtakarR)ak;KNnaRtUvdak;kan;Etx<s;enaH témøTunénkarvinieyaK EdlRtUv)anBicarNa KWkan;EttUceTA. TaMgGs;enH KW)anbgðajya:gc,as;enAkñúg ]TahrN_CaelxxageRkam.

PaBGaRs½yéntémøTunénkarvinieyaKmYyeTAnWgGRtakarR)ak;KNna

lT§PaBd¾gayRsYlmYyedIm,IKNnatémøTunénTunvinieyaKmYy bgðaj[ eXIj kalNaCamYynwgkarhUrRtLb;EdlesIμKñaCanic©eTAtameBlEdlGacRtUv )anKNna. kñúgkrNIenH ktþatémøsac;R)ak;esaFn (present value of annuity of 1$) GacRtUv)anKNna. CamYyenaH rUbmnþ (2)køayeTArUbmnþ (3) (1+ i)n - 1 (3)

C0 = - I0

+

Rt

x

i (1+i)n

karcMNay karhUrRtLb; ktþatémøsac;R)ak;esaFn énkarvinieyaK Edlefrral;qañM (present value of (sRmab; t BI 1dl; n ) annuity of 1$ ) i

n

ktþatémøsac;R)ak;esaFnCaTUeTABMuRtUvkarcaM)ac;[KNnaeT. sRmab;va KW mantaragEdleKehAfa {taragtémøsac;R)ak;esaFn (table of present value of annuity of 1$) : EdlecjBIenaHeKGacmannUvtémøEdlsMxan;²nimYy² ¬emIlta ragP¢ab;CamYy¦. 2) viFIsaRsþénFnlaP (methode of annuity) EdlCaviFIsaRsþburaNniym TIBIr KWBitR)akdCakarERbRbYléntémøTun. TnÞwmnwgCamYyviFIsaRsþéntémøTun KWtémøTunénkarvinieyaKmYyRtUv)anRsavRCavrkCatémømYyEdlkt;smÁal;faCatémø bc©b,únñénkarbg;R)ak;TaMgGs;Edlkarbg;R)ak;TaMgGs;enHRtUv)anKNnaecjBIkar R)ak;ticbMput nigryHeBlsgrMelaHénTunEdlRtUveRbIR)as;enaH viFIsaRsþFnlaP )anKNnatémøTunenHeTACakarbg;R)ak;EdlmanTMhMesIμKñaCanic©eTAtamqñManImYy² . témøTunénkarvinieyaKEdlRtUvRsavRCavrk RtUveFVI[eTACaxYbéneBl (periodic) Etmþg TaMgenHmann½yfaenAeRkamkarKNnaénkarR)ak;eTAelIkarR)ak;RtUvEbgEck [esIμKañeTAelIxYbéneBlrbs;karvinieyaKsarub. karKNnaénFnlaPseRmcCamYykar nigkarCYyénGIVEdlehAfaktaþ cMeNjeLIgvij EdlbgaðjCatémøbRBa©sénktaþtémøsac;R)ak;esaFn. eyageTA

tamenHeKGacRkelkemIleTAelItaragtémøsac;R)ak;esaFn EdlCamYyenaHrUbmnþ sRmab;FnlaPénkarvinieyaKmYyRtUv)anKNnaCa ³ (4)

A

=

C0 PVA in

FnlaP C = témøTun PVA = ktþatémøsac;R)ak;esaFn A = 0

i

n

(= present value of annuity of 1$)

karvinei yaKnImYy² KWmanKuNsm,tieþ yageTAtamviFsI aRsþFnlaP kalNa FnlaPrbs;va KWviC¢man. ebImindUecñHeTsuBlPaBénkarRbtibtiþdUcEtCamYynwgviFI saRsþéntémøTun. karpøas;brÚþ éntémøTunenAkñúgFnlaPbgðajenAkñúgtaragxageRkam edayQrelImUldaænén]TahrN_CamUldæanEdlRtUv)aneRbIR)as;xagelI.

karKNnaéntémøTunenAkñúgFnlaP

viFIsaRsþénGRtakarR)ak;épÞkñúg (internal interest rate methode) KWk¾ pSarPa¢b;CamYynwgviFIsaRsþéntémøTunenAkñúgrebobkMNt;mYypgEdr. viFIsaRsþenH xusBIviFIsaRsþFnlaPedaysarfaenAkñúgRkbxNнénkarviPaKkarvinieyaKviFIsaRsþ enHKNnaGRtakarR)ak;EdlbgðajCamYynwgtémøTunmYyesμnI gw sUnS. GRtakarR)ak; enH RtUv)an[eQμaHfaCaGRtakarR)ak;épÞkñúgénkarvinieyaK nigCa reference numberénPaBrkcMeNj)an. enAkñúgRkbxNнénkarKNnatémøTunenAkñúgtarag xagelI bgðaj[eXIjnUvtémøTunmYyesIñ 0 CamYynwgGRtakarR)ak;enAkñúgkRmit 27,6 % Edl KWCaGIVEdleyageTAtamGRtakarR)ak;épÞkñúgénkarvinieyaK. dUc CaGtßn½yénlT§plxagelIEdlGacTTYl)an KWbgðajenAkñúgtaragxageRkam. 3)

karbkRsayénGRtakarR)ak;épÞkñúg

lT§plenHbgðj[eXIjc,as;fabMNkRsayénGRtakarR)ak;épÞkñúgCamYynw gkarvinieyaKnimYy² Tak;TgCanic©eTAnwgTunpSarPa¢b;nimYy²enAkñúgcMENkxYbén eBlnimYy². enAkñúg]TahrN_TunpSarP©ab; KWrhUtdl;TIbBa©b;manPaBviC©man Edl enaHmanny½fa GRtakarR)ak;épÞkñúgkt;smÁal;CaPaBEdlGacrkplcMeNj)an (profitability)énTuneRbIR)as;nImYy²EdlBMuTan;RtUv)ankat;rMelaH ehIymunkardk

ecjénkarR)ak;. eRBaHfaGRtakarR)ak;épÞkñúg KWCaPaBrkcMeNj)anCamF,m EdlmanTMhMesμIKñatamryHeBlenaH KWeRkABIenHeKGacKNnadUcxageRkam ³ ΣcMNUlGtierkénkarvinieyaK 5

(a)

iiiM

=

TunpSarP©ab; ¬= TuneRbIR)as;¦ rWk¾Ca]TahrN_Caelx Σ

700 + 500 +300 –1000

5

(b)

iiiM

=

500 =

1000 +576 +235

= 27,6 % 1811

sRmab;karKNnaénGRtakarR)ak;épÞkñúg eKGaceRbIR)as;eKalkarN_KNit viTüa dUcCamYynågkarRsavRCavéntémøTunEdr. enAkñúgenHsmIkar (2) RtUvdak;[esμI 0 ehIyeyageTAtamenaH eyIg)ansmIkar (6)³ 6

I0

= Σ (Rt - Et) .

1 (1+ i )t

GRtakarR)ak;épÞkñugk¾GackMNt;dUctémøTunEdr edaytamkarCYyedaygay RsYlecjBIktaþtémøsac;R)ak;esaFn (PVA) rWk¾taragtémøsac;R)ak;esaFn kal NaCamYylMhUrRtLb; (cashflow) esñIKañeTAtameBlevlaEdlGacRtUv)anKNna enaH. kalNasmIkar (3) dak;eGayesμIsUnü enaHeKTTYl)ansmIkar (7) EdlkñúgenaH i KWCacMnYnBMusÁal;EdlRtUvrk ³ 7

PVAi n

=

I0 Rt

GRtakarR)ak;épÞkñúgsRmab;xøÜnÉgBMuEmnCalkçN³vinicä½yEdlRKb;RKan;sRma b;PaBmanKuNsm,tiþénkarvinieyaKEdlRtUvBicarNaeLIy. PsþútagEdleyag eTAtamenaHGacbgðaj[eXIj kalNaTinñpl (yield) EdlRtÜv)anRsavRCavRtUv )aneRbobeFobCamYynwgGRtakarR)ak;Edl)anbgðajCaGRtakarR)ak;ya:gticbMputE dlRtUvTamTarsMrab;TunEdlRtUvpSarP¢ab;CamYykarvinieyaK ³ kalNaGRtakar

R)ak;épÞkñúgsßitenABIelI ¬rWBIeRkam¦ GRtakarR)ak;KNna enaHkarvinieyaKGacRtUv cat;TukfamanKuNsm,tþi ¬rWBMumanKuNsm,tþi¦. kalNaeKKNnaPaBxusKñaénGRtakarR)ak;épÞkñúg nigGRtakarR)ak;KNna faCacenøaHRbehagénkarvinieyaK TaMgenHmansuBlPaBdUcCafakarvinieyaKEdl manKuNsm,timþ YyRtUvbgðajnUvRtg;cenøaHRbehagénkarvinei yaKEdlviCm© anmYyena H. sRmab;]TahrN_CamUldæan KWCacenøaHRbehagénkarvinei yaKmancMnYn 19,6 % (27,6 % - 8%) KWsßitenAc,as;las;BIelIsUnS . 6>2>3> karKNnaPaBesdækic©énkarvinieyaKeRkamkarBicarNaBn§cMeNj Bn§k¾mantYnaTIsMxan;mYyEdrsRmab;karKNnakarvinieyaK. eRBaHkardak; bnÞúkBn§EdlCaBn§ rWk¾kardkbnÞúkEdlCaBn§Gacman\Ti§BldUcCa ³ > ecjBIkarvinieyaKmYyEdlmanKuNsm,tiþEbreTACakarvinieyaKEdlKaμn KuNsm,tiþ ¬rWbRBa©s;mkvij¦ > lMdab;lMedayénKeRmagvinieyaKRtUv)anrMkilRbQmeTAnwgkrNIEdlBMu manBn§ rWk¾ > EdlfaryHeBleRbIR)as;EdlCaesdækci ©énbrikaçvinieyaKRtUv)anERbRbYl. enAkñúgkrNIenHkarBicarNaeTAelIktþaBn§ KWcaM)ac;cMeBaHkarKNnaPaB esdækic©énkarvieyaK kalNakarviPaKénkarvinieyaKEdlBMueBjeljmYytaMgBI eBlmunmkBMuTan;)anbMeBjcitþenaH. GIVCaTMnak;TMngénBn§EdlCYbRbTHenAkñúgkar KNnaPaBesdækic© KWeKEbgEckrvagBn§énkarbg;témø nigBn§éncMeNj ¬rWk¾Bn§én Tinñpl¦. Bn§énkarbg;témø dUcCaBn§eTAelIdIFøI éRBeQI Bn§eTAelITunCMnYj Bn§eTAelIRTBüsm,tiþ Bn§eTAelImeFüa)aydwkCBa¢ÜnCaedIm.l. )anBicarNaeday KμanbBaðenAkñúgkarKNnaEdlCaburaNniyménkarKNnaPaBesdækic©. Bn§énkar bg;témøRtUv)anbBa©Úlya:ggayRsYlCakarcMNaybEnßmenAkñúgCYrénkarbg;R)ak;Ed l)anCYbRbTH. pÞúyeTAvijplvi)ak KWkarTajbBa©ÚlénBn§cMeNj ¬Bn§eTAelI

nitibuKÁl Bn§eTAelITinñplénCMnYj Bn§R)ak;cMNUl¦. enATIenHekIteLIgnUvCYrén bBaðabEnßmebIRbQmeTAnwgkrNIBMumanBn§. sRmab;bBaðaenH KWmankarsniñdaænEdleFVIeGaygayRsYldUcxageRkam ³ > sRmab;Bn§cMeNjepSg² KWBn§nImYy²manmUldæanvas;EvgesñI²KñaEdl mann½yfapl (effect) srubénBn§cMeNjGacRtUvsMEdg[eXIjenAkñúg GRtarYmmYy. > GRtaBn§ KWminGaRs½yeTAnwgkRmiténcMeNj rWk¾R)ak;cMNUlEdlnwg RtUvdkBn§eLIy. > CasRmab;TMhMTinñplEdlnwgRtUvdkBn§ KWCacMNUlGtierkEdlRtUv)an dkecjnUvkarsg;rMlYs nigkarbg;karR)ak;sRmab;TunxageRkA. CamYy enHenAkñúgkrNIénhirBaØbTanénkarvinieyaKCamYynwgmeFüa)aypÞal;xøÜn k¾dUcKñapgEdr KWTinñplkarR)ak;EdlecjBIbrikçahirBaØvtßúRtUvbBa©ÚleTA kñúgTMhMTinñplEdlnwgRtUvdkBn§. TaMgenHmanrUbmnþdUcxageRkam ³ cMNUlGtierkkñúgkmøúgeBl (R ) t

(1)

_

karsgrMlYskñúgkmøúgeBl (A ) t

±

cMNaykarR)ak;kñúgkmøúgeBl ¼ TinñplkarR)ak;kñúgkmøúgeBl (I ) t

= cMeNjEdlnwgRtUvdkBn§ (P ) t

> cMeNjEdlnwgRtUvdkBn§mYynaMeTAkñúgeBldUcKña cMeBaHkarbg;Bn§Edl eyageTAtamenaH. cMeBaHkarxatbg;EdlCaBn§mYy mantémøCakarsniñdaænesIμnwgkarsgpat; énkarxatbg;EdlRbjab;Rbjal;mYy rWk¾karbg;RtLb;énBn§EdleyageTAtamenaH mYyenAkñúgkmøúgeBldUcKñaenaH. eTAelIsMnYrEdlfa etIeKGacrkeXIjenAkñúgBn§

éncMeNjnimYy² sMrab;karKNnaPaBesdækci n© UvkarBicarNaya:gdUcemþcenaH KWmankarpþl;cMelIyepSg²Kña. CamUldæan KWmanCadMbUgnUvlT§PaBBIry:ag ³ - qøgkat;karsRmbsRmYlénCYrénkarbg;R)ak; rWk¾ - qøgkat;karsRmbsRmYlénGRtakarR)ak;KNnaeTAnwgkrNIBn§eTAkñúg karKNna. eRBaHfalT§PaBTaMgBIrRtUv)aneRbIR)as;bBa©ÚlKñaxøH² nigelIsBIenHeTAeTot eKalkarN_epSg²ekIteLIgsRmab;sRmbsRmYlénCYrénkarbg;R)ak; nig/rWk¾én GRtakarR)ak;KNna (calculated interest rate) eTAnwgkrNIBn§. dUcenH TaMgGs; enHCaeKalbMNgsRmab;karbgðajénviFIsaRsþepSg²KñaRtUvEdlRtUveRCIserIsBITR mg;énma:RTIkmYy (matrix) ¬emIlkñúgtaragxageRkam¦.

lT§PaBepSgKñasMrab;BicarNaBn§éncMeNjenAkñúgkarKNnaPaBesdækic©énkarvinieyaK CYrénkarbg;R)ak; GRtakarR)ak;KNna i

Kμan;karEkr mankarEkr

KμankarEkr

mankarEkr Rts =Rt – (Rt - At) S

Rts =Rt -(Rt - Az ± It) S

Rts= Rt – (Rt - At ± It) S ± Ct

1.1

1.2

KμankrNIBn§

KMrUmUldaæn

1.3

1.4 -

Rt

(Basic model ) is= i (1-S)

2.1 -

i

3.1

is = 1 – S

viFIsaRsþdul

2.2

KMrUsþg;da (Standard model ) 3.2 -

(Gross methode )

i = GRtakarR)ak;KNnaEdlKμankarEkr ¬muneBldkBn§¦

GRtakarR)ak;KnnaeRkayeBldkBn§ S = GRtaBn§ Rt = lMhUrRtLb;suT§ ¬=cMeNjsuT§¦ EdlKμankarEkrenAkñúgbMNuceBl t ¬muneBldkBn§¦ Rts = lMhUrRtLb;suT§ ¬=cMeNjsuT§¦ enAkñúgcMNuceBl t eRkayeBldkBn§ Az = karsgrMlYsénkmøúgeBlkñúgcMNuceBl t It = cMNay-¼cMNUlkarR)ak;énkmøúgeBlkñúgcMNuceBl t Ct = TunbeRmIkar ¬karR)ak;nigkarsgRtLb;¦ enAkñúgcMNuceBl t is =

KMrUkarR)ak; (Interestrate model ) 2.3 -

2.4

viFIsaRsþsuT§ (Net methode)

3.3 -

3.4 -

krNI 1.1 kt;smÁal;krNIKaμnkardkBn§EdlsßitenACamUldaænmkdl;eBleFVIkar KNna. viFIsaRsþdulkñúgkrNI 3.1 kt;smÁal;viFIsaRsþEdlesssl;BImun sRmab;bBa©lÚ CamYyénBn§cMeNj. viFsI aRsþenHRtUv)aneKbdiesdæCaTUeTAkñúgeBl bc©úb,nñenH eRBaHfa ³ - viFIsaRsþenHBMurvIrvl;TaMgRsugEdlfaGñkvinieyaKmannUvlT§PaBeRCIs erIsbrikçaEdlBMuRtUvdkBn§ nigeRBaHfa - \Ti§BlénBn§CaTUeTARtUv)aneGabRkesabRKan;EtlM²enAkñúgGRtakarR)ak; KNnaEtb:ueNaÑH. \Ti§BlBn§eTAelIkarsgrMlYs KWenAkñúgmUldæanénkar bkRsayBMumaneLIy nigenAkñúgkarbkRsaybnþeTotRKan;EtTajbBa©Úl enAkñúgTMrg; EdlsμúKsμajEtb:eNaÑH. enAkñúgkrNIEdlehAfa KMrUmUldaæn (basic model) RtUv)aneFVIkargarCamYy nwgGRtakarR)ak;KNnamYyEdlBMumankarEkrERbénBn§. enAkñúgCYrénkarbg;R)ak; manEtkarsgrMlYsEtb:ueNaÑHRtUv)anBicarNaCaktþaEdlnwgRtUvbnßyénBn§. Ca mYyenH\Ti§BlénBn§BMuRtUv)aneGabRkesabeBjeljeLIy. cMeBaHmüa:gCamYynwg hirBaØvtßúxageRkAsmtßPaBénkardkBn§cMeNjrbs;karR)ak; KWsßitenABMuBicarNa nigcMeBaHmüa:geTotRtUvBMu)anrvIrvl;TaMgRsugEdlfakñúgkrNIénhirBaØvtßúpÞal;xøÜn KW TinñplénkarR)ak;EdlecjGMBIbrikaçhirBaØvtßúeRCIserIs (alternativ financial equipments) GacRtUvykbBa©ÜlCahirBaØvtßúBMumanbnÞúkBn§. eRkABIenHKMrUsþg;dar (standard model) (krNI 2.2) KMrUkarR)ak; (interest rate model) ¬krNI 1.3¦ k¾dUcCaviFIsaRsþsuT§ (net methode) (krNI 2.4) )an eGabRkesabnUv\Ti§BlBn§ecjBIeKalkarN_ya:geBjelj. manEtkrNITaMg Gs;enHeTEdlTTYl)annUvkarBicarNaeTAtameKalkarN_c,as;las;sRmab;viPaK én\Ti§BlBn§d¾eBjeljmYy. GVICadMbUgénPaBxusKñaEdlCYbRbTHrvagKMrUsþg;dar nigKMrUkarR)ak;enaH KWsßitenARtg;facMeBaHKMrUsþg;daeKeXIj\Ti§BlénBn§EdlRtUv kMNt;eTAelIkarR)ak;sißtenAkñúgGRtakarR)ak;KNna ehIy\Ti§BlBn§EdlRtUvkM Nt;eTAelIkarsgrMlYssßitenAkñúgcrnþbg;R)ak; TnwÞmnwgcMeBaHKMrUkarR)ak;\Ti§Bl

énBn§TaMgGs;RtUv)aneGabRkesabTaMgRsugenAkúñgCYrénkarbg;R)ak;. karTiTanKYr [cab;GarmμN_ KWepþateTAelIPaBxusKñaénviFIsaRsþTaMgenaHEdlfa ³ 1) cMeBaHKMrUsþg;darGRtakarR)ak;KNnaeRkayeBldkBn§ KWGaRs½yeTAnwg GRtaBn§ ¬PaBefrénGRtakarR)ak;KNnaEdlcaM)ac;cMeBaHkareRbobeFobénkarvini eyaKBMuGacRtUv)anFanaeLIy¦. sMrab;krNIKMrUkarR)ak;vij edaysarkareRbIR)as; énGRtakarR)ak;KNnaEdlKμankarEkrERbmYy KWBMumanenAkrNIdUcCamYynwgKMrU sþgd; aenaHeLIy. 2) cMeBaHKMrUkarR)ak;ebIRbQmeTAnwgtémøTun KWGaRs½yeTAnwghirBaØvtßú eRBaH faCakarBitecjBIsmtßPaBdkecjBn§énkarR)ak;énTunxageRkA (interest rate of credits) hucecjnUvlT§plCaeKalkarN_nUv\Ti§BlEdlviC¢manmYyEdl\Ti§Bl enaHbgárbegáItEdlfatémøTunénhirBaØvtßúpÞal;xøÜn KWCanic©CakalTabCagtémøTunén hirBaØvtßúxageRkA. enAkñúgviFIsaRsþsuT§ karbg;R)ak;TaMgGs;Pa¢b;CamYyBn§ nigTunbeRmIkar ¬ karR)ak; nigkarsgRtLb; rWk¾cMeBaHhirBaØvtßúpÞal;xøÜnKWTinñplénhUrRtLb;¦ RtUv)an eGabRkesabya:geBjelj nigCak;lak;enAkñúgcrnþénkarbg;R)ak;. TaMgGs;enHCa FmμtaRtUvnaMeTArkcMeBaHlT§plEdlesIμrKñadUcCaenAkñúgKMrUsgþ d; arsRmab;krNIEdl faRtUveFVIkaargarEtCamYynwgGRtakarR)ak;dUcKñamYy rWk¾Gacniyay)anmüa:geTot fa viFIsaRsþsuT§ dwknaMenAkñúgTMnak;TMngRbePTenHmYyenAkñúgKMrUsþg;dar. eyag eTAtamenH KWmancMnucTiTanEdlRtUv)aneFIVenATIenaHEdrsRmab;viFIsaRsþsuT§. Gtßn½yseRmc)annUvviFIsaRsþenHKWCamYynwgCaBiessenAkñúgkrNIdUcteTA ³ - enAkñúgenaHkarR)ak;EdlP¢ab;CamYynwgkarseRmccitþbrikaçmYy rWhirBaØvtßú mYy KWBMuesμIrnwgGRtakarR)ak;KNnaeLIy eRBaHfabrikaçenAcenøaH eBlxøHCameFüa)ayEdlBMuRtUv)aneRbIR)as; rWk¾hirBaØvtßúbnÞab;mYy KWRKan;EtsRmab;karR)ak;Edlx<s;mYy rWk¾TabmYy rWk¾

- enAkñúgenaH karsnμt;EdlmansßitenAkñúgKMrUkarR)ak; nigKMrUsþg;darénkar sgRtLb;ral;eBlénTMhM\NTanEdlRtUvRbmUlecjBIGtierk ¬=cMeNj¦ énkarvinieyaK rWk¾CaTUeTAenAkñúgkrNI - enAkñúgenaH karR)ak;CaeKalbMNg (shall interest rate) nigkarR)ak;Bit (is interest rate) manKmøatXøatBIKña. bnÞab;eTAenH KMrUkarR)ak; nigKMrUsþg;dar RtUvemIleXIjsRmab;karviPaKén \Ti§BlenAkñúgkareRbIR)as;énkarKNnakarvinieyaK. sRmab;GacTajecjnUvPaB rYm nigPaBxusKñarvagKMrUTaMgBIr[)anc,as;las;eKRtUv[niymn½yKMrUTaMgBIrCa KMrUtémøsac;R)ak; (cash value model) nigKMrUtémøcugbB©ab; (end value model). sBaØaNCamUldæanénKMrUtémøsac;R)ak; ¬dUcCaKMrUenH)ansßitenACarUbPaB rhUtmkdl;eBlenHenAkñúgkrNIBMudkBn§¦ KWtémøTun C (capital value C ). témøTunenH KWdak;[esμIrCamYynwgRTBüsm,tiþbEnßmrbs;vinieyaKKinEdlRTBü sm,tiþenaHhUrmkvinieyaKKinenaHedayqøgkat;karvinieyaKsRmab;cMnuceBl t . RTBüsm,tiþsarub A rbs;vinieyaKKin ¬enAeRkamkarsnμt;EdlfakarvinieyaKbnþ eTotRtUv)anGnuvtþn_¦ KWbnÞab;mksRmab;cMnuceBl t kñúgkrNIénhirBaØbTan CamYynwgTunpÞal;xøÜn ( SE ) ³ o

o

o

o

o

o

(2)

Ao =

SEo + Co

rWk¾CamYyhirBaØvtßúxageRkA Ao =

(3)

(SEo = 0)

Co

eyageTAtamenH qøgkat;kardkBn§BIRTBüsm,tiþcugbBa©b;sarub kMNt;sRmab;cMnuceBl t (4) A = A . q CamYynwg q = 1 + i

An

RtUv

n

n

o

n

CamYynwghirBaØvtßúxageRkA edayeyageTAtamtémøTun C EdlRtUvdkBn§ sRmab;cMnuceBl t rWk¾CamYynwghirBaØvtßúpÞal;xøÜn TaMgGs;enH KWGaRs½yeTA nwgtémøTun C bUkbEnßmTunpÞal;xøÜn SE EdlRtUvdkBn§sRmab;cMnuceBl t . n

n

n

n

n

edayeyageTAtamKMrUsþg;dar nigKMrUkarR)ak; témøTun nigtémøRTBüsm,tiþcug bBa©b;eRkayBIkardkBn§RtUv)anKNnadUcEdl)anbgðajenAkñúgtaragxageRkam. sRmab;karKNnaénGtierkkñúgkmøúgeBleRkayBIkardkBn§ R KWmanTMnak;TMng eTAnwgniymn½yenAkñúgtaragxagelI t

s

KMrUsþg;da nigKMrUkarR)ak;enAkñúgkrNItMélsac;R)ak; nigkrNItMécugbBa©b; KMrUkrNIEdlCaBn§ KMrUkarR)ak;

krNItMélsac;R)ak; nigkrNItMélcugeRkay tMélTun Co

a)

CoI

n Cost = - Io + Σ t=1

n Rt s = - Io + Σ t=1 qt

CoI, Cr = - 1000 + 900 – (900 –500 –100 ) × 0,6 1,1 + 400 – ( 400 –500 –38 ) × 0,6

cMeBaHhirBaØvtßúxageRkA

KMrUsþg;dar

1,12

Rst q st

Cost = - 1000 + 900 – ( 900 – 500 ) × 0.6 1,04 + 400 – ( 400 – 500 ) × 0,6 1,04 2

= + 53,5 = + 59,9

b)

cMeBaHhirBaØvtßúpÞal;xøÜn

CoI, SE = -1000 +

900 – ( 900 – 500 ) × 0,6

1,1 + 400 – ( 400 –500 +66 ) × 0,6 1,12

= - 52,6

tMélcugbBa©b;énRTBüsm,tiþ A a) cMeBaHhirBaØvtßúxageRkA

n

AnCr = CoI,Cr . qn = + 53,5 × 1,21 = + 64,8

AnCr = Cost . qns = + 9,9 × 1,082 = + 64,8

b)

cMeBaHhirBaØvtßúpÞal;xøÜn

ASEn = ( CoI,SE + SEo ) × qn

ASE n = ( Co st + SEo ) × qsn

= ( - 52,6 + 1000 ) × 1,21 = + 1146,4

= ( +59,9 +1000 ) × 1,082 = + 1146,4

]TahrN¾énkarKNna ³ TunvinieyaKsrub I =1000; GtierkkñúgkMlugeBl R ¬mundkBn§¦ = 900, R = 400; n = 2 qñaM ; karsgrMlYs ( A = 500); karsgRtLb;cMeBaHhirBaØvtßúxageRkA sMerceTA eyageTAtamsþg;daénGtierkEdlman; GRtakarR)ak;KNnaEdlKμanEkr i = 0,1; GRtaBn§ S =0,6; i = i (1- S ) = 0,04 ; q = 1+ i o

1

2

s

t

CakarBitKMrUsþg;dar nigKMrUkarR)ak;GacdwknaMKñaeTAvijeTAmk ehIyenAkñúg krNIéntémøcugbBa©b;KMrUTaMgBIrnaMeTA[lT§pldUcKña nigRtwmRtUvEdlCaGIVRtUvGac bgðajCamYynwgkarCYyénEpnkarhirBaØvtßúEdleBjeljmYy ¬taragxageRkam¦ . karRsavRCavénRTBüsm,tiþcugbBa©b;CamYynwgkarCYy énEpnkarhirBaØvtßúEdleBjeljmYy

6> 3> TRmg;karénkarvaytMélvinieyaK 6> 3> 1> karRkeLkemIleTAelIehtupl nigTRmg;karénkarvaytémøén témøvinieyaK ehtuplsRmab;karvaytémøéntémøvinieyaK KWGacmanCalkçN³FmμCati dUcteTA ³ > Tij rWk¾lk;énkarvinieyaK rWk¾cUlrYm rWcUleTAcat;Ecgsaxaénkar vinieyaK > karbBa©ÜlKñaénshRKa > kareFIV[)anl¥eLIgvij (rehabilitation) eRbobeFoblIKVIDIet nigFnkS½y énkarvinieyaK

> kardkkmμsiTi§ énkmμsiTi§rbs;vinieyaKKin > RsavRCavénRTBüsm,tiþ Edldac;BIKñaCamYynwgkarecj nigkarcUlén m©as;PaKhu‘n > karbBa¢aTak;TgnwgBn§Gakr CabnþbnÞab;enHviFIsaRsþepSg²énkarvaytémøkarvinieyaKnwgRtUv)anBnül; CamYynwgcariklkçN³nimYy²rbs;va. CamYyenH k¾cg;bBa¢ak;mþgeTotEdrEdlfa viFIsaRsþenH KWsmRsbenAkñúgmeFüa)ayepSg²Edlpþl;sRmab;ehtuplénkar vaytémøEdl)anbgðajxagelIEdlCalT§plRtUvkar. eRBaHfaRBitþkarN_enHRtUv )anTajykmkBicarNaenAkñúgTMnak;TMngCamYynwgkarEckeGaydac;BIKñaénkarva ytémøénkarvinieyaKEdlCaGBaØfavtßú (objective) nigCayfavtßú (subjectiv) ehIy sNþab;Fñab;rbs;vaeKEckCabYntYnaTIénkarvaytémøénkarvinieyaK > tYnaTIénkarpþl;eyabl; > tYnaTIénkareFIVGnþraKmn¾ > tYnaTIénTLikrN¾ (argument) > tYnaTIénkarvas;EvgBn§ karbgðajCabnþbnÞab;eTAenHGacsßti enARtwmEtRBMEdneTAelI {emkanicsuT§} rWrebobéneKalkarN_vaytémøEdlepSg²Etb:ueNaÑH. enAkñúgtaragxageRkam)an bgðajnUvesckþIsegçbGMBIviFIsaRsþnimYy²énkarvaytémøkarvinieyaK.

esckþIsegçbGMBIviFIsaRsþepSg²énkarvaytMélkarvinieyaK viFIsaRsþénkarvaytMélkarvinieyaK viFIsaRsþénPaBeCaKC½yGnaKt

viFIsaRsþéntMélTinñpl

tMélsgrMlYsEdlmankMNt;

viFIsaRsþEdlCaRbéBNI

viFIsaRsþéntMélxwømsar

viFIsaRsþéntMélmF,m

tMélsgrMlYsEdlmanBMukMNt;

viFIsaRsþénsgrMlYséntMélCMnYj

karsgpat;cMeNjelIs EdlBMubBa©úHtMélgay

karsgpat;cMeNjelIsEd lbBa©úHtMélmanryHevla kMNt;

viFIsaRsþénkarsgpat; cMeNjelIs

karsgpat;cMeNjelIs EdlbBa©úHtMélBMumanryH evlakMNt;

6>3>2 témøeCaKC½yGnaKt ¬yfavtßú¦ énkarvinieyaK RTwsþIénkarvinieyaKEdlCayfavtßú KWkarpSarP¢ab;y:ags¥itrmYteTAnwgKMnitén RTwsþIvinieyaKEdlTMenIb (theory of moderne investment). TaMgGs;enHmann½y fatémøénkarvinieyaKRtUvTajecjBITinñplCahirBaØvtßúéneBlGnaKt rWk¾lT§plBI karrgcaMEdlCalT§plecjBIRTBüsm,tiéþ nkarvinei yaK ehIyCamYyenaHGRtakar R)ak;énTunnIykmμ rWGRtakarR)ak;KNnaRtYv)aneRbIR)as;edIm,IvaytémønUv {lT§pl BIkarrgcaM} enaH. sRmab;bMNkRsayCarUbPaBnUvmUldæaneKalTsSn³enH ehIyEdleKal TsSn³enHRtUv)andkecjBIsBaaØNénviFIsaRsþRbéBNI elak Busse von Colbe )anniyayfatémøeCaKC½yGnaKt KWCatémøEdlRtUveTACaTunénTinpñ lTaMgGs;Edl nwghUrcUlmkvinieyaKKinkñúgeBlGnaKt ehIyEdlecjBIRTBüsm,tiþvinieyaK. viFIsaRsþtémøeCaKC½yGnaKtmanmUldæanBIviFIsaRsþéntémøTun EtkñúgkrNI EdlCasMnYrelIkeLIgenAeBlenHmann½yepSgvij. rUbmnþ (1) bgðajmþgeTotnUv rUbmnþtémøTunTUeTAdUcEdl)anbgðajenAkñúgemeronmun. (1)

n C o = - I o + Σ (Rt – E t) . 1 t =1 ( 1 + i )t

sRmab;karvaytémøkarvinieyaK eKBMucab;GarmμN_eTAelItémøTun C rWk¾kar vinei yaK I eT eRkABIenHeTAelIEttémøbc©úb,nñ rWtémøCasac;R)ak;énTinpñ lsuT§ (R E )EdlhUrcUlmkvinieyaKKinedaysarRTBüsm,tiþvinieyaK. bnÞab;mkenH rUbmnþ (1) nwgeTACarUbmnþ (2) EdlbgðajnUvrUbmnþTUeTAsRmab;témøeCaKC½yGnaKténkar vinieyaKmYy (IV) o

o

t

t

(2)

IV

n 1 = Σ (Rt - Et) . t =1 (1 + i) t

karkMNt;éntémøeCaKC½yGnaKt KWmanBIr TI (1) TinñplsuT§CahirBaØvtßúEdl RtUvrgcaMecjBIRTB,sm,tiþvinieyaK rWeCaKC½yGnaKt nigTI(2) GRtakarR)ak;én TunnIykmμ rWGRtakarR)ak;KNna. sRmab;kMNt;témøeCaKC½yGnaKt CadMbUgman n½yfa KWkareGabRkesabkarbg;R)ak;EdlnwgCalT§plecjBIRTB,sm,tiþvinieyaK nigEdlnwghUrcUleTACakmμsTi é§ nvinei yaKKinvij. d¾rabNakarbg;R)ak;seRmc)an enAkñúgTisedApÞúyvij ]TahrN_dUcCakarbegáItkarsþúkTunCaedIm karbg;R)ak;enaH KWenAkñúgkmøúgeBlnimYy²RtUv)ankat;bnßyecjBIcMNUl. GVCI aTIbBa©bE; dlCaRbeya Cn_enaH KWCakarbg;R)ak;suT§EdlCamYynwgkarbg;R)ak;suT§enaH eKGacKNnaecj BIkarvinieyaKénshRKasenaH. viFIsaRsþtémøeCaKC½yGnaKtmanninñakarCa BiessBMueTAelIcMeNjénkarvinieyaKenaHeT eRkABIenH KWeTAelIlT§plBIkarrg;caM rWk¾cMENkcMeNjBIkarrg;caMEdlCamYyenaH KWmannUvTMnak;TMngCaFmμCatirvagBI karrg;caMTaMgBIrenaH. karcMeNjEdlBMuRtUv)anEbgEckBMu)anvayRbhareday pÞal;eTAkñúgtémøeCaKC½yGnaKteLIy dUecñHehIykarcMeNjenHmanCanic©nUv \Ti§BledayRbeyaleTAelItémøénkarvinieyaK nigCaBitR)akdedaysarEdlfa müa:gkarcMeNjEdlRtUvEbgEckenHeFIV[kan;EtRbesIreLIgnUvlT§PaBéncMENkcMe NjGnaKt nigEdlfamüa:geTotkarcMeNjEdlBMuRtUvEbgEckenHeFI[V ekIneLIg nUvtémøxagkñúg (internal value) énkarvinieyaK. témøxagkñúgmann½yfaCamYykar lk;GVIbnþci bnþcÜ énkarvinei yaKenaH KWGacseRmc)annUvTinpñ lénkarlk;dx¾ s< m; Yy. sRmab;sMnYrEdlfaetITinñplénkarlk; KW)anBicarNaCamYynwgkarRsavRCavén témøeCaKC½yGnaKt rWGt;enaHmansuBlPaBnUveKalkarN_dUcteTA ³ CamYykar TijEdlRbfuyRbfan (speculative buying) KWéføénkarlk;RtLb;vij (reselling price) sßitenACanic©CakalsRmab;karBicarNa eRBaHCaeCaKC½yénkarRbfuy RbfanEdlGaRs½yeTAnwgkarGarkat;EdlecjBIéføenaH. pÞúyeTAvij karTajecj BIéføénkarlk;RtLb;vij KWsRmab;bBa©ak;BIKuNsm,tiþGrUbI > kalNakarlk;eLIgvijmYyBMuRtUv)anmanEpnkarya:gticbMputkñúgeBl bc©úb,nñ nig rW

> kalNaTaMgGs;enaH BMumancMNuccMNaMNamYysRmab;EdlfalT§pl rg;caMEdlRtUvERbRbYl rWk¾éføEdlRtUvERbRbYlRtUv)anelceLIgsRmab; lT§plrg;caMEdlRtUvpþl;[enAkñúgdMeNIréneBl. lT§plrgcaMBti R)akdxønÜ ÉgEdlCaGñkkMNt;témøeCaKC½yGnaKt KWGaRs½y eTAnwgTMhM\Ti§BlCaeRcIn. TMhM\Ti§BlsMxan;man ³ > kmøaMgTinñplGnaKténkarvinieyaK > neya)ayEbgEckcMeNjénkarvinieyaK ¬eRkamkarBicarNaénkarERb RbÜledaysar\Ti§BlGnaKténvinieyaKKin¦ > skþanuBlénkarerIkceRmInéncMeNj nigcMeNjEbgEck (dividend) > sniþsuxénlT§plrg;caM témøeCaKC½yGnaKténkarvinieyaKRtUv)ankMNt;EdlenAkñúgenaH eKvaytémø ¬=TunnIykmμ¦ nUvlT§plrg;caMCamYynwgkarCYyénGRtakarR)ak;. sRmab;kRmitén GRtakarR)ak;énTunnIykmμmaneKalkarN_BIrnwgRtUvbMeBjEdlCamYyenaHenAkñúge KalkarN_énkarBicarNadUcKñaeTAnwgmUldaænkMNt;énGRtakarR)ak;KNnakñúgkar KNnaPaBCaesdækic©EdlCaDINamIkrbs;va. eKalkarN_énninñakareTAelIéføsRmab;GBaØfavtßúénkarvinieyaK CamYynwg lT§plrg;caMEdlsmmUl (equivalent) ³ karvinieyaKmYy KWmantémøya:geRcIn dUcéfø {GBaØvtßúeRbobeFob} mYyCamYynwglT§plrg;caMEdlmantémøesμIr. b) eKalkarN_énninañkareTAnwgTinñpl (yield) énGBaØafavtßúvinieyaKnimYy ²EdlmanhaniP½ysmmUl KWGjavtßúvinieyaKenaHRtUvruj[ecjq¶ayCamYynwg karlk;ecjmYyénkarvinieyaKEdlecjBIkmμviFIEdlRbesIrbMput. GRtakarR)ak; énTunnIykmμcab;GarmμN_eTAelIkarR)ak;ticbMputEdlRtUvTamTarpgEdrEdlGñkTi j rWGkñ lk;énkarvinieyaKRtUvcg;seRmc)anedayBMu[mansPaBGaRkk;eTAelIsaß n PaBeCaKC½yGnaKtrbs;eK.

6> 3> 3> viFIsaRsþRbéBNIénkarvaytémøkarvinieyaK sRmab;viFIsaRsþRbéBNI KWmancarwklkçN³Edlfa ³ > viFsI aRsþenHCamYynwgkarelIkElgénviFsI aRsþtémøTni pñ l (yield value) vas;EvgnUv {témøxøwmsar (substance value)} faCaGtßn½yd¾x<s;mYy nig > viFIsaRsþenH KWTMenareTArkkarTajecjnUvtémøvinieyaK (investment value) EdlCaGBaØafavtßúmYy. viFIsaRsþepSgénlkçN³RbéBNIenHRtUv)anelak Jacob (1960) erobcMCa rcnasm
IV

= SV + b (YV - SV)

témøvinieyaK SV = témøxøwmsar YV = témøTinñpl b = ktþaRbePTviFIsaRsþ dUcEdlbgðaj[eXIjc,as;Bit² ecjBIrUbmnþFmμtaenH témøénkarvinieyaK enH KWKNnacMeBaHRKb;viFIsaRsþTaMgGs;ecjBIkarpSpÁúMmYyéntémøxøwmsar nigtémø Tinpñ lEdlCamYyenaH b TTYlyknUvtémøepSg²KñamYyedayeyageTAtamviFsI aRsþ EdlRtUveRCIserIsnimYy². IV

=

viFIsaRsþvaytémø 1)

viFIsaRsþtémøTInñpl

ktþaRbePTviFIsaRsþ

b

(methode of yield b = 1

value) 2)

viFIsaRsþtémøxøwmsar

(methode of substance b = 0

value)

3)

viFIsaRsþtémøCamFüm

(methode of medien b = 0,5

value)

4)

viFIsaRsþénkarsgrMlYstémøCMnYj (depreciation of business value)

a)

karsgrMlYsEdlmankMNt; (limited Depreciation of Business Value)

b)

karsgrMlYsEdlBMumankMNt;

(not limited depreciation of businessvalue)

5)

viFIsaRsþénkarsgpat;cMeNjelIs (methode of paying off of excess profit) a)

karsgpat;cMeNjelIsEdlBMubBa©úHtémø (undiscounted paying off of excess profit)

b)

karsgpat;cMeNjelIsEdlbBa©úHtémø mankMNt; (limited discounted paying

1 b=

1 + a . PVAni

CamYy

n=

b=

1 i +a

PVAni =

ktþaéntémøsac;R)ak;esaFn

b=i.n a=

ktþaénkarrMlYssRmab;témøesdækic©

1 (a = n) b = i . PVAni n = Goodwill –

off of excess profit) c)

ktþaénkarrMlYs

1

ry³eBlesaFn

karsgpat;cMeNjelIsEdlbBa©úHtémø i BMumankMNt; (unlimited discounted i =GRtaTunnIykmμsRmab;{cMeNjFmμta} paying off of excess profit) i =GRtaTunnIykmμsRmab;{cMeNjelIs} b=

u

u

bnþbnÞab;eTAenH viFIsaRsþnImYy²énkarvaytémøvinieyaKEdlCaRbéBNIRtUv )anbgðaj nigBnül;ya:gxøI ³ 1) viFs I aRsþéntémøTni pñ l KWCakarbkRsayEdlCaRbéBNIénviFsI aRsþeCaK C½yGnaKt. kMNt;smÁal;sRmab;viFIsaRsþenH KW ³ ¤ kareRbIR)as;énTMhMcMeNjCakarkMNt;énTinñpl ¤ ninañkarénkarsnid ñ aæ ncMeNj KWemIleTAelIPaBeCaKC½yénTunEdlseRmc )anCabnþbnÞab; ehIyEdlPaBeCaKC½yénTunenH KWRtUvrg;caMCamYynwg smiTi§plénvinieyaKKinFmμta nig ¤ kareRbIR)as;énGRtakarR)ak;FmμtaénRbeTsenaHEdlcMeBaHGRtakarR)ak; enHRtUv)anelIkeLIgbnÞab;mkCakarbg;R)ak;bEnßmsRmab;haniPy½ énTun sRmab;karBMumanclPaBénPaKh‘un .l. nig.l. GRtakarR)ak;enaHCa GRtakarR)ak;KNna. mYyEpñkeTotRtUv)an[eyabl;fakúñgkarCMnYs rWkarbMeBjcMeBaHGRtakar R)ak;FmμtaénRbeTsenaHedayGRtakarR)ak;mUldaænmYyEdlCakarR)ak;rbs;vis½y mYy ¬enAkñúgKMnitenH KWPaBEdlGacrkplcMeNj)anénTunCamFüm (medien capital profitability) énkarvinieyaKTaMgGs;enAkúñgvis½ymYy¦ rWk¾edayTinñplén pSarPaKh‘unsRmab;karvinieyaKEdlsßitkñúgvis½ydUcKña. sRmab;karRsavRCavéntémøTinñpl (YV) énkarvinieyaKmYYymansuBlPaB CaTRmg;BicarNamYydUccMeBaHviFIsaRsþtémøeCaKC½yGnaKt ³ P (2)

IV = i

cMeBaHryHeBlsßitenAEdlBMumankMNt; nigTuncMeNjEdlefrral;qñaM (3)

i

IV = P . PVAn +

L (1 + i)n

cMeBaHry³eBlsßitenAEdlkMNt; nigTuncMeNjEdlefrral;qñaM

n IV = Σ Pt . t=1

(4)

1 (1 + i)t

L +

(1 + i)n

cMeBaHry³eBlsßitenAEdlkMNt; nigTuncMeNjEdlERbRbYlral;qñaM. P = TuncMeNj PVA = ktaþéntémøsac;R)ak;esaFn L = TinñpllIKVIDITIénkarvinieyaK i

n

2.b.T L = i b = i

=

T =

karbg;témøénkarepÞrEdlefr GRtakarR)ak; TMhMR)ak;bg;cUleTAkñúgKNnIEdlskmμ

viFIsaRsþtémøxøwmsarmanGtßn½yya:gRCaleRCAenAkññúgviFIsaRsþRbéBNI enH. CamYykarGnþraKmn_rbs;va karbg;témøRtUv)anRsavRCavrkEdlkarbg;témøenaH RtUvekItmaneLIgCamYynwgplitkmμeLIgvij (reproduction) énkarvinieyaKEdl manenaH. dUecñHtémøxøwmsark¾RtUvkt;smÁal;faCa {témøplitkmμeLIgvij} (reproductive value). tameKalkarN_CamUldæan eKEbgEckCaBIrRkuméntémøplitkmμeLIgvij (a) témøeBjeljénplitkmμeLIgvij ³ CatémøEdlRtUveRbIR)as;sRmab; ksageLIgvijd¾eBjeljnUvkarvinieyaKenaH. (b) témøplitkmμedayEpñk (a part reproductive value) eGabRkesabEt témøénbrikaçsmÖar³ EdlmansmtßPaBeFVIcracredayÉkÉg. TaMgenH mann½yCaRTBüsm,tiþGkmμ (fix assets) nigRTBüsm,tiþskmμ (current assets). pÞúyBItémøplitkmμeLIgvijEdleBjelj enATIenHeKBMu)an eGabRkesabnUvGVIEdleKkMnt;faCatémøénCMnYj (busines value) rWk¾ “good will” ¬mann½yfaCatémøBMuEmnCasmÖarH ehIyEdlsMerc)an 2)

edayÉkÉg¦. viFIsaRsþéntémøxøwmsarRtUv)anyl;ya:gelIslb;faCa]bkrN_CMnYssRma b;karRsavRCavéntémøplitkmμeLIgvijedayEpñkénkarvinieyaK nigCatémøsrubén RTBüGkmμ nigRTBüskmμEdlmanenAkñúgtulükar. CamYyenaHsRmab;karRsavRCav éntémøxøwmsar (SV) KWmaneKalkarN_CaTUeTAdUcteTA ³ - témøxøwmsarRtUv)ankMNt;edaysarkarvaytémømþgmYy²énplitpl esdækic©TaMgGs; (eonomical goods) EdlmanenAkñúgtulükar. - témøxøwmsar KWTak;TgnwgeBlevla nigmanninñakareTArktémøéneBl ¬témøénkarbg;témøplitkmμeLIgvij¦ énplitplesdækic©TaMgGs;. viFIsaRsþéntémøCamF,m KWkarBitCaviFIsaRsþénkarvaytémøEdleKRtUv karenAkñúgkarGnuvtþn_énkarvaytémø nigdUecñHehIyeKEtgehAviFIsaRsþenHCajwk jab;faCaviFIsaRsþGnuvtþn_. viFsI aRsþéntémøCaFmümKNnanUvtémøénkarvinei yaKCamFümPaKecjBItémø énTinñpl nigtémøxwømsar. k¾b:uEnþGactUv)aneRbIR)as;dUcenH luHRtaEttémøTinñpl KWFMCagtémøxmwø sar. pÞúyeTAvijcMeBaHkarvinei yaKEdlmantémøTni pñ lexSay KWeK snμtc; MeBaHviFIsaRsþéntémøCamF,mCaTUeTAfatémøTinñplCatémøénkarvinieyaKvij. KMnitCamUldæanénviFIsaRsþtémøCamFümRtUv)anbkRsaydUcteTA (Moxter 1990) ³ témøplikmμeLIgvijEdleBjeljmansuBlPaBCatémøénkarvinei yaK k¾bu:Enþ edaysarkarBi)akenAkñúgkarkMNt; nUv “Good Will” KWtémøenHBMuRtUvGacRsavRCav )anBitR)akdeLIy. sRmab;bBaðaenH eKKNna[)anRtwmRtUvEttémøénTinñpl nig témøxøwmsarEdlCamYyenaHRtUvsnμt;fatémøxøwmsarsßitenAeRkamtémøplitkmμeLIg vijEdleBjeljehIytémøTni pñ l ¬edayBMuBci arNaénhaniPy½ énkarRbkYtRbECg¦ RtUvsßitenABIelItémøplitkmμeLIgvijEdleBjelj. eRBaHfasRmab;karvinieyaK GacekIneLIgnUvhaniP½yénkarRbkYtRbECg kalNatémøTinñpl ¬edayBMuBicarNa énhaniP½yénkarRbkYtRbECgenaH¦ sßitenABIelItémøplikmμeLIgvijEdleBj 3)

elj. dUcenHtémøTinñpl KWenAkñúgkrNIenHGaceGaytémøya:gx<s;faCatémø énkarvinieyaK)anedaygay ÉcMENktémøxøwmsarCaTUeTARKan;EtCabnÞab;bnSM. TaMgenHmann½yEdlfaviFIsaRsþtémøCamF,mCaviFIsaRsþgayRsYlmYysRmab;kM Nt;témøénplitkmμeLIgvijEdlBMusÁal;. viFIsaRsþénkarsgrMlYstémøCMnYjEdlmanryHeBlevlakMNt; nigBMu kMNt;eFVIkarenAkñúgeKalkarN_CamYynwgmUldæanKMnitdUcKñaeTAnwgviFIsaRsþtémøCa mF,mEdlfahaniP½yénkarRbkYtRbECgBMuRtUvBicarNaCarcnasm
P - a (IV - SE) (5)

IV

= i a YV + i SV

1

CamYynwg

= 1+ a i

n = n

- cMeBaHkarsgrMlYséntémøCMnYjEdlmanevlakMNt; CadMbUgRtUvkMNt; nUvtémøTinñplEdleBjelj (full yield value) edayeyageTAtamrUbmnþ (2). ecjBIenaH eK)andak;cuHnUvtémøsac;R)ak;énkarsgrMlYséntémøCMnYjEdlman evlakMNt;³ P (6)

IV

= i =

- PVAni . a (IV – SV)

YV + a . PVAni . SV 1 + a . PVAni

5) viFIsaRsþénkarsgpat;cMeNjelIs KWCarYmEdlfaeyageTAtam viFIsaRsþenH témøénkarvinieyaKRtUvkMNt;CaplbUkéntémøxøwmsar nigtémøCMnYj. témøCMnYjRtUvkt;smÁal;fa Catémøén “cMeNjelIs over profit ”. CacMeNjelIsRtUv)anemIleXIjfa CacMENkéncMeNjral;qñaMénkar vinieyaKmYy EdlcMENkenHRtUv)anKNnaTajecjBIkarelIselIcMENkcMeNj FmμtaEdlcMENkcMeNjFmμtaenH )anmkBIplKuNénGRtakarR)ak; {Fmμta}mYy CamYynwgTuneRbIR)as;Edl)aneFIVbdirUbkmμ rWbMElgenAkñúgtémøxøwmsarEdlesμInwg cMeNjFmμta. cMeNjelIsmansuBlPaBBMu)anyUrEtkñúgkrNIEdlkarcMeNj FmμtaRtUv)anemIleXIjfasßitenAkñúgPaBFøak;cuHCabnþbnÞab;ehIysßitesßryUrGEgV g. ecjBIenaHbgðaj[eXIjnUvlT§pl EdlfakarBicaeNaeTAelIcMeNjelIs KWmansRmab;EtefrevlakMNt;mYyEdlfaryHeBlcMeNjelIs {manenAkñúgtémø énkarvinieyaK}. sRmab;karRsavRCavén {cMeNjelIs} RtUvcab;epþImecjBItémøxøwmsarén karvinieyaK ¬= karbMElgénTuneRbIR)as;¦ nigGRtakarR)ak;FmμtaenAkñúgRbeTs i . ecjBIenHeKGacKNnanUv {cMeNjFmμta} P ³ n

(7)

PN

=

i . SV

dUcenH {cMeNjelIs} P RtUv)anbgðajecjBIpldkrvagcMeNjEdlRtUv rg;caM P nig {cMeNjFmμta} P ³ S

n

PS

= P - i . SV

- cMeBaH { viFsI aRsþénkarsgpat;cMeNjelIsEdlBMubBa©úHtémøgay } cMeNjelIsenHRtUvKuNCamYynwgcMnYnénqñaMénkarFøak;cuHrbs;EdlRtUvsniñdæanyk ¬=cMeNjelIs¦ enaHnigbUkbEnßmnUvtémøxøwmsar ³ (8)

IV

= SV + n (P - i . SV)

CamYynwg n ³ ryHeBlcMeNjelIs - cMeBaH { viFIsaRsþénkarsgpat;cMeNjelIsEdlbBa©úHtémø } RtUv)an KNna {ya:gRtwmRtUv} eRBaHfa KWRtUvTTYlykya:gm:t;ct;sRmab;kardkkarR)ak;BI cMeNjelIs. eyageTAtamenaHbgðaj[eXIjnUvkrNIénkarsgpat;cMeNj elIsEdlmanryHevlakMNt; (9) nigkarsgpat;cMeNjelIsEdlBMumanryH evlakMNt; (10) ³ (9)

IV

= SV + PVAni (P - i . SV) P - i . SV

(10) IV

= SV + is

CamYynwg i = GRtakarR)ak;Fmμta i = GRtakarR)ak;sRmab;cMeNjelIs s

xusBIkarbkRsayFmμtaénkarsgpat;cMeNjelIsEdlBMubBa©úHtémøgaycMe BaHviFsI aRsþ Stuttgarter {cMeNjFmμta} RtUv)anKNnaecjBItémøénkarvinei yaK KWBMuecjBItémøxøwmsareLIy. dUcenH rUbmnþ (8) sresrCa ³ (11) IV

= SV + n (P - i . IV)

PaBBiessd¾éTeTot KWEdlfatémøxøwmsardak;[enARtwmEt 85% éntémø RTBüsm,tiþsuT§ nigEdlfaRtUvTTYlykecjBIcMeNjnUvkardktémømYyCaTUeTAenA kñúgTMhM 30%. kñúg]TahrN_xageRkamryHeBlcMeNjelIsRtUvsnμt;ykCamYy nwg 5 qñaM EdlmanGRtakarR)ak;Fmμtamantémø 10% ³ (12) IV

= 0,85 . SV + 5 (0,7. P – 0,1. IV) 0,85 . SV + 3,5 . P = 1,5

k¾bu:EnþrUbmnþ (12) mineyageTAtamBaküeBalénbnÞat;TisedAEdlCaBn§ RTBüsm,tiþeLIy. rUbmnþenH KWCatémøxøwmsar ehIynwgcMeNj nigBMuCacMnYn rWtémø dac;xateLIy. eRkABIenHvaRtUv)andak;CaGRtaPaKryénTundMbUg (initial capital) rWk¾CaTunmUldæan (basic capital). k¾b:uEnþCalT§plBMuekIteLIgnUvPaBxusKñaBI rUbmnþxagelIeT. 7. hirBaØbTan nigkarKNnahirBaØbTan 7. 1 TMrg;hirBaØbTan 7> 1> 1 rcnasm<½n§énTRmg;hirBaØbTan sRmab;karBicarNaénhirBaØbTanenAkñúgkarKNnaenAkñúgkarvinei yaK GVTIV aMg Gs;seRmc)anCaTUeTAnUvGRtakarR)ak;rbs;va nigsRmab;karseRmccitþfaetIkar vinieyaKRtUvhirBaØbTanCamYynwgTunpÞal;xøÜn rWTunxageRkA. enAkñúgkrNITImYyRtUv )anvas;EvgnUvGRtakarR)ak;KNnaénTinñplbrikçavinieyaKEdleRCIserIsmYyenaH nigkñúgkrNITIBIrénkarbg;témøTunxageRkA. cMeBaHhirBaØbTancUlKñaEdlecjBITun pÞal;xøÜn nigTunxageRkAGRtakarR)ak;TaMgBIr KWRtUvEtføwgEføgKñaeyageTAtam cMENkénTunenaH. karemIleXIjEdlgayénbBaðaenH RtUv)anBMuykmksikSabnþ eToteTenAeBlenH. CamYyenHhirBaØbTanEdlCamUldæankrekItEdlnwgvinicä½y éndMeNIrkarhirBaØvtßúénshRKasRtUv)anelcecjCarUbPaB.

bnÞab;eTAenHkarEbgEckedaykarem:A²rhUtmkdl;eBlenHénhirBaØbTane nHRtUv)aneFVI[kan;Etl¥EfmeTotenAkñúghirBaØbTanénTunpÞal;xøÜn nighirBaØbTan énTunxageRkA. edIm,IeFVkI arFanasRmab;karekþabRkesabd¾eBjelj nigEdlepSg KñaénRbePThirBaØbTaneK)anEbgEckbnþeTotCaRbPBhirBaØbTanxageRkA nig RbPBhirBaØbTanxagkñúg. karEbgEckbnþenH CaBitR)akdBMuRKbdNþb;CamYynwg lT§PaBénkarEbgEckenAkñúghirBaØbTanxagkñúg nighirBaØbTanxageRkAeLIy k¾b:uEnþkarEbgEckenHGnuBaØatisRmab;karerobcMtamlMdab;lMeday[)anc,as;las; nUvlT§PaBénhirBaØbTanTaMgGs;enaHEdlGackt;smÁal;faCahirBaØbTanpÞal;xøÜn rWk¾hirBaØbTanxageRkA rWCaBiesshirBaØbTanecjBIkarERbRbYlRTBüsm,tþi. enAkñúgtaragxageRkam)anbgðajnUveyabl;EdleyageTAtamenaHsRmab;rcnas m<½n§n½ykmμénTRmg;hirBaØbTan ³

rcnasm½
hirBaØbTanxagkñúg

hirBaØbTanBIPaKh‘un hirBaØbTanBI\NTan (Financing from hirBaØbTanBI\NTan Shares or Security) ryHeBlxøI

hirBaØbTanBI\NTan ryHeBlEvg

-ykarTTYlyk

- Long-term Bank credits - Loan Bonds - Obligations

m©as;PaKh‘unfμIeda - GñkTijPaKh‘un rWbNÑPaKh‘un

- Book credits - Account payable - Current account credits (Line of Credits) - Lending credits - Discounted credits - Aval Credits - Rembour credits (Letter of Credits) - Down payment of omers - Transaction loan

hirBaØbTanBI]btßmÖFn

hirBaØbTanBIGtierk hirBaØbTanpÞal;xøÜn

- Investment allowances - Contributions - Interest rate subsidy

-karTTYlmkvijkñúg eBlxøH rW k¾rhUtén cMeNj

hirBaØbTanBIkarERb hirBaØbTanBIkarsgrMlYs RbYlRTBüsm,tþi nig karpþl; (Provision) -karTTYlmkvijkñúg - karlk;EpñkxøHén RTBüsm,tþibrikaç eBlxøH rW k¾rhUtén -karbeBa©jénTun karsgrMlYs nig edaysarkarkat; karpþl; (Provisions) bnßysþúk - Factoring - Sale and lease back

bnþbnÞab;eTAenHmaneFVIkarbgðajxøH²mYy énviFankarN_hirBaØbTannImYy² CamYynwgcarwklkçN³rbs;vanImYy². TaMgenHmann½ykarbgðajnUvcMnucsMxan;dUc teTA ³ - cMENkénhirBaØbTanénGCIvkmμEdlmanlkçN³Ca (= corporation company) nigCa (= sole proprietorships or partnership company) - Investment company shares nig invesment banking - hirBaØbTanBI\NTan ¬RbePTmUldæan nigTRmg;laycUlKña¦ - Factoring nig leasing CaCMnYsén\NTan - hirBaØbTanBI]btßmÖFn - hirBaØbTanBIGtierk nighirBaØbTanecjBIkarERbRbYlénRTBüsm,tþi 7> 1> 2 b½NÑPaKh‘unFmμta b½NÑPaKh‘unGtßiPaB nigb½NÑkb:ug cMENkhirBaØbTanenHeGabRkesabnUvTRmg;TaMgGs;énkarerobcMbEnßménTu npÞal;xøÜnedayqøgkat; - karekIneLIgénbrikçaTunBIm©as;PaKh‘unEdlsßitenArYcCaeRsc nig rWk¾ - karTTYlykénm©as;PaKh‘unfμI rWGñkTijPaKh‘unCamYynwgsac;R)ak; rW CamYybrikçasmÖarH. CamYyenHTRmg;c,ab;énkarvinei yaK nigCamYyenHTMnak;TMngedayRbeyal eTAnwgTMhMénkarvinieyaKman\T§iBlkMNt;mYyeTAelI modality nigCaBiess eTAelIlT§PaB nigbBaðaénkarpþl;bEnßménTunpÞal;xøÜnBIxageRkA. TajecjBIenH )anpþl;nUvkarBiPakSaCaem:AnUvkarEbgEckCaBIrénhirBaØbTanenH ³ - cMENkhirBaØbTanénGCIvkmμEdlmansmtßPaBCa corporation CamYy nwgRckeTAkan;TIpSaPaKh‘un (stock exchange). - cMENkhirBaØbTanénGCIvkmμEdlBMumansmtßPaBCa corperation dUcCa partnership or sole proprietorship BMumanRckeTAkan;TIpSarPaKh‘uneT. karvinei yaKEdlBMumansmtßPaBCa corperation KWkt;smÁal;edaysarEdl fakarvinieyaKenHBMumansßitenAbRmugenATIpSarEdlRtUvcat;Ecgya:gx<s;sRmab;kar

pÁt;pÁg;énTunpÞal;xøÜn dUcCakrNIcMeBaHkarvinieyaKEdlCa corperation eLIy. karvinieyaKEdlBMumansmtßPaBCa corperation KWbgðaj[eXIjBMumanTIpSar EdlmanrUbragCasßab½nRtwmRtUv nigCamYyenaHxVHxaténtYnaTIy:ageRcInénTIpSar EdlmanrUbragRtwmRtUv. TIpSarEdlmanrUbragRtwmRtUvenaHmann½yfa KWkarsnüa CabuKÁl nig»kasCaGñkkMNt;enAelITIpSarenaH. sRmab;GñkEdldak;Tun (capital investment) rWkG ¾ kñ [x©I suTE§ tekIteLIgCarYmnUvKuNvib,tþéi nkarcUlCamYynwgkar vinei yaKEdlminmansmtßPaBCa corperation mYyenAkñúgkarxVHénPaBpøas;brÜþ rWPaB CMnYsénkarvinieyaKrbs;eK nigenAkñúgbBaðalM)akedIm,Ivinicä½ynUvhaniP½yénbrikça Investments CabuKÁlrbs;xøÜn. TaMgenHxVHxatnUvTIpSarEdlcat;EcgmYy ehIy EdlTIpSarenaH GacRtUveFV[I gayRsYlsRmab;karvinci yä½ nUvhaniPy½ enaH nigGacRtUv lk;RtLb;eTAvijedaygayRsYlnUvcMENkrbs;buKÁleyageTAtamsþg;da nigc,ab; TMlab;RtwmRtUv. k¾bu:EnþecjBIkarsegátemIlénm©as;kmμsTi éi§ nkarvinei yaKEdlBMuman smtßPaBCa corperation KWcMENkhirBaØbTan (shares financing) k¾manbBaðaEdr. TaMgenH KWkarpSarP¢ab;ya:ggayCamYynwgmtibEnßmEdlPaKeRcIneKBMuRtUvkarTal; EtesaHnUvcMENkenaH nigCamYyenaHpgEdrbBaðalM)akénkarEbgEckénTunbRmug rbs;GCIvkmμenaH. Rck;sRmab;TIpSarPaKh‘un KWCalkçN³vinicä½ysRmab;tYnaTI GtßiPaBénkarvinieyaKEdlmansmtßPaBCa corperation sRmab;cMENk hirBaØbTan. TaMgenHmansuBlPaBsRmab; corporation company Edlecj BIkarsegátkarTTYlxusRtUvpSarP¢ab;KuNsm,tþiénTMrg;c,ab;EdlBak;B½n§ nigbuKÁl EdlCanitibuKÁl CamYynwgKuNsm,tþién stocks company enaH. TaMgGs;enH KWCaBiessmanbYnmUlehtuEdledaysarmUlehtuenaH KWtUnaTI GtßiPaBén corporation )anbgársRmab;karBaMnaMéncMnYnTunpÞal;xøÜnd¾FM ³ - karEbgEckénkarTTYlxusRtUvénTun (stock liability) enAkñúgcMnYn PaKh‘und¾tUc nigtUcbMput (shares). TaMgenHmann½yfaPaKh‘unmYYy rWkarcUlrYmmYy KWGacmanlT§PaBCamYynwgTund¾tictYck¾)an.

- PaBbþÜr)and¾x<s;énPaKh‘un eRBaHPaKh‘unenaH (shares) bgðajnUv\T§iBl nigCamYyenaH KWtMNagedaymUlb,TanbR½t (securities certificates) EdlRtUveFVIBaNiC¢kmμenAkñúgTIpSarPaKh‘un (stock exchange) - TRmg;énkarcat;Ecg rWTRmg;énGgÁPaBGnuBaØati[mancMnYnya:geRcInén m©as;kmμsiT§EdlcMeBaHm©as;kmμsiT§iTaMgenaHRtUvbMeBjCamUldæan Etpl RbeyaCn_EdlCaTunEtb:ueNÑaH. - rUbPaBEdlCac,ab;énkics© nüa company KWqgø kat;c,ab;énTIpSarPaKh‘un Edlc,ab;enaHeFVI[mansNþab;Fñab;nUvsiT§i nigkatBVkic© ¬CaBiessenA kñúgkarTTYlxusRtUv = liability) nigmanCaGtßn½ynUvsnþisuxeBjelj mYysRmab;brikçaTun. cMeBaHcMENkhirBaØbTanénkarvinieyaKEdlmansmtßPaBCa corperation KWRtUvEbgEck (1) faetIRbePTNaxøHénPaKh‘un (Shares = Stocks) RtUv)anEck rWRbKl; nig (2) faetIkarekIneLIgénTunEdlcaM)ac;RtUvGnuvtþn_enAkñúgTRmg;Na? RbePTén stocks epSg²RtUv)anTukpþl;sRmab;karcMNay rWkarpþl;[ éncMENkrbs; corporation company mYy ¬emIltarag¦ ³ →1.

lkçN³vinicä½y Criterien

GMbUrén Stock (Stock category)

RbePT nigkRmitén smtßPaBepÞr

TMhMénsiT§iEdlRtUv bBa¢ak;CaÉksar

Kind and degree of the transferability (a)

Range of the confirmed by a document right (b)

- Gñkkan;cMENk

- PaKh‘unFmμta (Common Stock)

- PaKh‘uncuHbBa¢I

- PaKh‘unGtßiPaB

(Registered Shares)

(Preferred Stock)

-PaKh‘uncuHbBa¢ICa

- b½NÑkéRm cUlrYm

Kind of the allocation of the Capital (c)

- PaKh‘unEdlKitCa

(=Stockholder)

Vinculare(Vinculare Registered Share)

RbePTénkarEckTun

témøeTAtaméfø (nominal shares)

value

rWb½NÑ - PaKh‘unCaGRta

(benefit bonds =participation bonds= convertible securities =funder’s shares)

(rates shares)

RbePT nigkRmiténsmtßPaBepÞr³ * karepÞrkmμsiT§iénGñkkan;PaKh‘un (Stockholder) mYyseRmceLIgeday BMusμúKsμaj KWsßitenAelIEtedaysarkarÉkPaB nigkarepÞrEdleKGnuBaØatienaH. karpþl;[rbs; Stockholders )anEtkñúgeBlNaEdlPaKh‘un (stocks) enaH RtUv)anbg;témøeBjelj. * karepÞrénPaKh‘uncuHbBa¢I (registered shares) seRmc)anedayqøgkat; bdæielx (endorsement) nigkarRbKl; k¾b:uEnþminEmnKμanTRmg;ÉksareLIy. kar bgðajR)ab;énPaKh‘uncuHbBa¢Ib:HBal;Edlfakarkt;Rtacarwkénm©as;kmμsiT§inimYy² ¬CamYynwgeQμaHTIkEnøgrs;enAnigmuxrbr¦ RtUvdak;kñúgesovePAPaKh‘un (stocks book) én corporation. edaysarbBaðaenHkarepÞrénkmμsiT§ienH KWpSarP¢ab;eTAnwg cMNayrdæ)ald¾x<s;mYy. * karepÞrPaKh‘uncuHbBa¢ICa vinculare (vinculare registered shares) KW elIsBIenHeTotRtUvpSarP¢ab;eTAnwgkaryl;RBmén corporation. CamYyenH vinculare KWRtUvraraMgkMu[ekItmaneLIgnUvkarrMkilénkarcUlrYmEdlBMucg;)anmYy. →(a)

TMhMénsiT§iEdlRtUvbBa¢ak;CaÉksar ¤ PaKh‘unFmμta (common stocks) certificates KWCaÉksarRsbc,ab;. sRmab; common stocks mansuBlPaBCaeKalkarN_énsiT§iesμIPaB nigCaBit R)akdeTAelI³ - siT§imancMENkeTAelITinñpllIKVIDITI - siT§iCasemøgeqñat seRmc nigeyabl; - siT§iTTYlPaKcMeNj (cash dividends) nig - buBVsiT§i rWsiT§ikarCavRbcaM (preemptive right or subscriptive rights) ¤ PaKh‘unGtßiPaB (preferred stocks) RtUv)anehAfaGtßiPaBeRBaHGñkkan; PaKh‘unEdlCaGtßPi aB (preferred Stockholders) manGtßPi aBelIGkñ kan;PaKh‘un EdlCaFmμta (common Stockholders) k¾b:uEnþBMuelI Bondholders eT ebIemIleTAelITinñpleRkayeBldkBn§enAkñúgTRmg;énPaKcMeNj nigRTBüsm,tþi enAkñúgRBitþkarN_énlIKVIDIet. dUecñHehIyGñkkan;PaKh‘unEdlCaGtßPi aB KWman haniPy½ ticCag common Stockholders k¾b:uEnþsßitkñúgtYnaTIhaniP½yeRcInCag corporated Bondholders. RbePTdUcteTAenHénPaKh‘unGtßiPaB KWRtUv)ankt;smÁal;enAxageRkam³ - PaKh‘unGtßiPaBCamYynwgPaKcMeNjelIs overdividends ¬CamYy PaKcMeNj cash dividends x<s;Cag common stocks) - PaKh‘unGtßiPaBmankarbUkbBa©ÜlrhUt ¬=CamYynwgkarTamTarbg;PaK cMeNjbUkbBa©ÚlKñaCabnþbnÞab;¦ - PaKh‘unGtßiPaBmansiT§ie)aHeqñatseRmc nigeyabl; - PaKh‘unGtßiPaBRtUvmankMNt; ¬CamYynwgPaKcMeNjd¾xçs;EdlRtUv )ankMNt;¦ - PaKh‘unGtßiPaBmanCaGtßiPaB¬cMENkcMeNjCadMbUgRtUvTTYlCamYynwg cMnYnya:gticbMputEdlRtUvkMNt;¦ →(b)

b½NÑkéRm (benefit bond) rW convertible bonds KWCab½NÑEdldUcCa PaKh‘un (stocks) Edr ehIyEdlRtUvpþl; rWk¾pþl;[eRkamrUbPaBdUcCa³ - cMeBaHbrikçaCasiTEi§ dlBi)akvaytémøsmÖar³ rWkarbMeBjkarplitNamYy - cMeBaHkarbg;R)ak;kúñgkrNIkareFV[I )anl¥eLIgvij (rehabilitation case) - cMeBaHkarEkERb rWsRmbsRmYléntémøPaKh‘un (stocks) EdlsßitenA eRkamtémøkMNt; (nomonal value) CamYyenaHkrNIBiessmYyénb½NÑkéRmRtUv[eQμaHfa b½NÑcUlrYmcMENk (participated bonds). b½Nc Ñ UlrYmcMENkenH bgðaj[eXIjnUvtYnaTICasiTi§ RTBüsm,tþiEdlesμICamYynwgPaKh‘unFmμta (common stocks) Edr k¾b:uEnþBMudUc common stocks edayRKan;Etb½NÑenHBMumansiT§ie)aHeqñat rWbeBa©jsemøgeLIy. eKGackt;smÁal;b½NÑenHCaPaKh‘unGtßiPaBEdlBMumansiT§ie)aHeqñat rWsemøgeday BMumanÉksiT§i (preemptive right) rWsiT§iCaveT,Iy. ¤

RbePT nigkarEbEckénTun ¤ Nominal value stocks bgðajcMnYn nominal kMNt;mYyEdlRtUvsgáát; F¶n;CaTRmg;témøluyEdlRtUvmancMnYnya:gticbMput ¬KWeyageTAtamc,ab;RbeTs nimYy²¦ 25US$. nominal value share KWenAkñúgRbeTsxøHCaTRmg;PaKh‘un (shares form) EtmYyKt;Ed;;l)anTTYlsÁal;. ¤ PaKh‘unCaGRtasgát;F¶n;eTAelIkarcUlrYmcMENkenAkñúgGRtakMNt;mYy eTAnwgRTBüsm,tþisuT§ rWTunpÞal;xøÜnén corporation. kñúgkrNIenH eTAelIkar kMNt;éncMnYn nominal mYyRtUv)ane)aHbg;ecal. →(c)

karpþl; rWkarpÁt;pÁg;énGMbUrPaKh‘unEdl)anerobrab;enHseRmc)an edayqøgkat;TRmg;énkarekIneLIgénTun ¬emIlrUbxageRkam¦ ³ →2

karekIneLIgénTunTl;nwgbrikça ³ karekIneLIgénTunseRmc)aneday sarkarpþl;eGay rWkarEck[énPaKh‘unfμI (new stocks=young stocks) edayTl; nwgkarbg;Casac;R)ak;suT§ rWk¾CabrikçasmÖarH. GRtaCavRtUveyagya:gticbMputeTA tamtémøCa nominal énPaKh‘un (stocks) EdlRtUvpþl; rWcMNayfμIenaH. kalNa GRtaCavenaHsßitenAelItémøEdlCa nominal enaHmann½yfaplsgénkarelIs enaHRtUvdak;cUleTAkñúgTunbRmug. dUcenHCamUldæanTunEdlRtUvkt;smÁal; rWTunEdl Ca nominalenaH ekIneLIgEtesμInwgcMnYnéntémø nominal éncMENkEdlRtUvpþl; [fμIenaHEtb:ueNÑaH. →(a)

eyageTAtamc,ab;én stocks karekIneLIgénTunEdlRtUvbgár KWRtUv )anrkSasiT§ibIkrNI ³ ¤ FanaénsiT§ibþÜr rWk¾siT§iCaveTACa stocks cMeBaHkarpþl;[ rWkarEck[én convertible bonds ¬karbg;témørbs;vatictYcCagTunCMBak;Fmμta ¦. ¤ FanaénsiT§ibþÜr rWsiT§iCavsRmab;karRbugeRbobénkarbBa©ÚlKñaénGCivkmμ (fusion én businesses). ¤ FanaénsiT§iCaveTAdl;buKÁlikén corporation →(b)

d¾rabNaenAkñúgkrNITaMgbIenH stocks fμIRtUv)anpþl; rWEck[ Stockholders fμI enaHsiT§iCavén Stockholders cas;RtUv)anbdiesdæecj. karRBmeRBogén siT§iCavenHRtUvGacRtwmRtUvCaTUeTACamYynwgbMNkRsayEdlfa Stockholders cas;RtUv)anTTYlcMeNjpgEdrBIkarekIneLIgénTunrebobenH. TaMgenaHRtUv[ yl;Edlfa convertible bonds KWmankarbg;témøsmrmüCagTunCMBak;Fmμta ehIyEdlfakarbBa©ÚlKñaénGCIvkmμRtUvman\Ti§Bljwkjab;CaviC¢maneTAelItémøén Stocks rWk¾Edlfaqøgkat;karpþl;[siT§iCaveTAdl;buKÁlikGacRtUveFIV[l¥RbesIr dl;briyakassgÁménGCIvkmμ nigGacRtUveFVI[fycuHénkareLIgcuH (fluctuation) énkarbg;témø. FmμCatiénTunEdlRtUv)anGnuBaØati KWmann½yEdlfaKN³kmμaFikar naykén Stockholders RtUveFVI[mansiT§ieFVI[ekIneLIgénTunEdlRtUvkt;RtaenaH rhUtdl;cMnYn nominal kMNt;mYyedaykarpþl;[ rWkarcMNayén Stocks fμITl; nwgbrikça . karpþl;siT§ienH KWmansuBlPaBc,as;las;sRmab;ry³eBlR)aMqñaM nig TunEdlRtUv)anGnuBaØatienaHBMu[ekIneLIgelIs 50% énTunEdlRtUvkt;RtaenaHeT. →(c)

cMeBaHkarekIneLIgénTunecjBImeFüa)ay corporation sßitenAkñúg krNIénkarbEgVhirBaØbTan (refinancing) ³ TunbRmugRtUv)anbMElgeTAkñúgTun EdlRtUvkt;RtaenaH. karkt;Rta KWCakapøas;bþÜrGkmμmYy (passive change) Edl karpøas;bþÜrenaH KWCakarERbRbYlTunpÞal;xøÜn ¬=TunEdlRtUvkt;Rta + TunbRmug¦ EtenAkñúgrcnasm<½n§énTunpÞal;xøÜnenaHEtb:ueNÑaH nigpÞúyeTAvijminEmnenAkñúgcMnYn rbs;TunpÞal;xçÜnenaHeT. Gratis-stocks sßitenACakmμsiT§irbs; Stockholders. ]TahrN_d¾gaymYy )anbgðajnUvemkanikénkarekIneLIgénTunecjBI meFüa)ay corporation ¬emIltaragxageRkam¦ ³ →(d)

kñúgenHedIm,I[yl;c,as;pgEdrénTUrelxmYYycMnYnéntaragTIpSarPaKh‘un eKRtUvyl;BITMhMmYycMnYnpgEdr ³ year’s cash dividend

> TinñplPaKcMeNj (dividend yield) = current stock price

> GRtaéfø - cMNUl (price – earnings ratios = PE ratios) current market price per share PE ratios = earnings per share

> cMMNUlEdlTTYl)ankñúgkmøúgeBl (holding period return = HPR) mYyGaTitü rWmYyEx rWmYyqñaM rWk¾kmøúgeBlNamYyeTot selling price – purchase price + cash dividend HPR = purchase price (= dollars invested)

> karKNna cash dividends for common stocks rW prefered stocks nig retained earnings :

+ Sales - Cost of goods sold = Gross operating income - Selling and administrative expense and depreciation = Net operating income (earning before interest and taxes) - Interest expense = Accounting earnings before taxes - Income taxes = Net earnings -

Cash dividends for prefered stocks

= Net income for common equity (= accounting earnings) -

Cash dividends for common stocks

=

Retained earnings

EdlKitCacMENkGRtaRbcaMqñaMsRmab; stocks nimYy² KW GaRs½yeTAnwgneya)ayEbgEckcMeNjén corporation ehIyGRtaPaKcMeNj enaHRtUvTajecjBIPaKryéntémø stocks. ÉkarTTYl)anén cash dividends KW GaRs½yeTAelIEbbbTén common Stocks nig prefered stocks enaH ¬emIlemeronxagelI¦. Cash dividends

7> 1> 3 PaKh‘unénRkumh‘unvinieyaK (invertment company shares) mnusSCaeRcInCamYynwgfvikaBMusUveRcInsRmab;karvinieyaKrbs;xøÜnenaH BMu GacRtUvrk)ankarpþl;eyabl;[)anl¥edIm,I invidual securities rbs;xøÜneLIy. dUcenHkalNaKaμnmUlehtuGVIeRkABIenaH GñkTaMgenaHBMumannUv funds d¾man RbsiT§iPaBedIm,ITijnUv diversified portfolios. Diversification mantémødUcman n½yCakarkat;bnßyénhaniP½y Investments.

eRBaHGñkvinieyaKEdlR)afñarab;lanGñk mankarxVHxatnUvTunRKb;RKan;edIm,I TijnUv diversified portfolios nigGñkCMnaj nigxVHxatnUveBledIm,IRKb;RKg portfolios enaH portfolio management EdlmanKMniteRcIn nigsVahab;)anbegIát nUv public portfolios of diversified securities EdlenAkñúgenaH GñkvinieyaKTaMgenaHGacTij shares )an. public portfolios enHRtUv)anehAfa investment companies nigRtUv)ansnμt;eTACaTRmg;mUldæanBIrKW open-end ivestment company ¬jåkjab;ehAfa “ mutual fund ”¦ nig closed-end investment fund. → Mutual Funds :

manbuKÁl

nigGgÁkard¾éTrab;lanEdlmankmμsiTi§ shares enAkñúg open-end investment companies (mutual funds) epSg²KñaenAkñúgRbeTseCOn elOn. TMhMén individual account enHmantémøcab;BI share mYyEdlmantémøEt dulaø bnþci bnþcÜ rhUteTAdl;rab;landulaø shares. enAkñúg mutual fund nimYy²Edl TTYl)anmantémøcab;taMgBIlanduløabnþicbnþÜcrhUtdl;rab;rylanduløa. Mutual funds KWCabMBg;ecjBIkarsnSMeTACakarvinieyaK. funds )anbBa©l Ú KañBIkarsnSMénbuKÁlCaeRcInCamYykarpSMpÁMúva[eTACaTMhMd¾FMmYy KW diversified investment portfolio. GñkvinieyaKmñak;Edl)anTijnUvPaKryén mutual fund’s total shares Edl)anpþl; KWmankmμsT i Ci§ aPaKryénRKb; assets nigRKb; liability Edl funds enaHTak;Tg. GñkvinieyaKGacTTYlCasac;R)ak; (cash) enAkñúg shares rbs;xøÜn enAkñúg funds enARKb;eBlEdleKcg;CamYynwg net assets value per share enAéf¶enaHEtmþg. Net assets value per share esμrI nwgplEckén value fund’s total net assets eRkayBIdkbMNulecj nigcMnYnsrubén shares Edl)anekIteLIgenAkñúgéf¶enaH. dUcenH net assets value per shares ERbRbYlRKb;eBlnUvéføTIpSarénRKb; assets EdlERbRbYl. Firm

RtUv)anehAfa open-end portfolio eRBaHvaGaclk;nUvcMnYnBMu kMNt;én shares nigGB©agw ehIyvaGacTuk[ekIneLIg)annUvTMhMdF¾ M ehIy fund managers Edlcg;[ funds rbs;eKlUtlas;FMenaH KWeKGacTaj)annUvPaKryén management fee enAelIcMnYnd¾FMén total assets nigdUcenH KWGacbg;[xøÜneKpÞal; nUvR)ak;Exd¾x<s;. eyageTAtamc,ab; open-end investment companies RtUv)anTamTar[ e)aHBum
enHvinieyaKEteTAkñúg municipal bond edIm,ITak;TgR)ak;cMNUlEdlelIkElgBn§rbs;va (tax-exempt income). 6. Bond funds : funds enHvinieyaKenAkñúg diversified portfolio of interest-earning bonds. Mutual fund’s HPR: muneBlviPaK portfolio RtUv)ancab;epþImeFVI eKRtUv bkRsaynUv portfolio’s HPR (holding period return) KWCaGBaØatkmμmUldaænenA kñúgkarviPaK portfolio én»kasvinieyaK (investment opportunities). GñkvinieyaK)anTTYlnUvbIRbePTénR)ak;cMNUlecjBIkarmankmμsiTi§nUv mutual fund shares: 1) cash dividend rWk¾ interest disbursements, 2) capital gains disbursements nig 3) R)ak;cMNUlEdlCalT§plecjBIkarERbRbYlenAkñúg fund’s net asset value per shares EdlecjBI capital gain nig cash dividends EdlBMuRtUvEbgEckeTAma©s;kmμsiTi§. HPR sRmab; mutual fund share RtUv)anbkRsayenAkñúgsmIkardUcxageRkam 5. Municipal bond funds : funds

3

interest and/or change in net cash dividend + capital gain + asset value HPR = cost at beginning of period

cMnYnTaMgGs;enAkñúgsmIkarTaMgbIRtUvEtBnül;nUveRkammUldæan shares mYy Etbu:eNaÑH. TUrelx per share RtUv)aneRbIR)as;Edlfakarlk;én shares fμI rWk¾karelaH ¬karsgGs;¦ én shares cas;nwgBMuman\Ti§BleTAelI mutual fund’s HPR eT,Iy. GñkvinieyaK mutual funds BMuTTYl)annUvGRtaeBjeljén return eRBaH edaymankarhUtecjBIIrkrNI. TImYy ³ fund’s management fee ¬BI 0,5 eTA 1,5 PaKrykñúg 1qñaMén net assets value¦ RtUv)andkecjbg;eTAkarcMNay portfolio’s management. TIBIr ³ mutual fund xøH EdlehAfa load fund RtUv)andkBI 1% eTA 8,5% én mutual-fund owner’ original investment sRmab;bg;nUvkéRm eCIgsarcMeBaHGñkEdllk; mutual fund.

KWCa mutual funds Edllk; shares rbs;xøÜnedaysMbuRt (mail) KWBMumantMNaglk; nigBMuTamTarBIGñkvinieyaKrbs;vanUvkéRmeCIgsarén karlk;eLIy. ]TahN_ ³ karERbRbYlén assets value: Asstes value éf¶TI 12/31/2000 Pa¢b;CamYy 3500$ én Shares Edlman capital gains distribution 12500$ 1990-2000 dividend ecjBI investment income 3600$ 16100$ Total adjusted asset value enAéf¶TI 12/31/2000 9150$ Assets value éf¶TI 12/31/1990 (10000$ - load of 8,5%) karERbRbYlén assets value 6950$ No-load fund

Total return = (16100/9150) – 1 =

76%

→ Closed-End funds

KWdUcCa mutual funds sRmab;karrIksayPayEdlfa closed-end funds enHk¾RtUvCama©sé; n investment portfolio Edr. k¾bu:Enþ closedend funds xuseTAnwg mutual funds enAkñúgRbkarsMxan;dUcteTA ³ TImYy dUcCaGtßn½yéneQaμHrbs;xøÜn. closed-end fund BMuGaclk; share )aneRcIneLIyeRkayBIkarpþl;CadMbUgrbs;xøÜnenaH. dUcenH karrIklUtlas;rbs; vaenAkñúglkçx½NÐéncMnYn shares RtUv)ankMNt;. TIBIr share én closed-end funds KWBMumansmtßPaBTijRtLb;CamYynwg net assets value rbs;xøÜneLIy KWBMudUcCa shares enAkñúg mutual funds eLIy. CMnYsvij shares én closed-end funds eFIVBaNiC¢kmμenAelITpI SarPaKh‘unCamYyéfø TIpSarEdlGacenAelI rWenAeRkam net asstes value rbs;va. carwklkçN³sMxan; TaMgBIrenH[Gtßn½ynUv closed-end funds. Closed-end funds

7> 1> 4 TIpSarb½NÑPaKh‘un → Investment Banking

témørab;ekaddulaøén new securities RtUv)anykmksRmab;TpI Sar securities Caragral;qñaM. new securitirs enHRtUv)anehAfa primary issues Pañk;gar TTYlxusRtUvedIm,IkarrkGñkTijsRmab; new securities enHRtUv)anehAfa investment bankers. sRmab; investment bankers KWmn i EmnCaGñkvinei yaK ehIyk¾mni EmnCaGñk Bankers Edr. TaMgGs;enH KW investment bankers BMuvinieyaKCaerogrhUtnUv funds pÞal; xøÜnrbs;xøÜneLIy nig investment bankers k¾BMupþl;nUvkEnøgedIm,ITuk[mansniþsux én funds dUcCa savings bankers Edl)aneFIeV naHeLIy. GIEV dl investment bankers eFIV KW investment bankers Tij new issues BI corporation BIrdæ (state) nig BIrdæaPi)al nigbnÞab;mkerobcMedIm,Ilk;eTA[saFarN³Cn. Underwriting KWCadMeNIrkarmYyEdlCamYyenaH investment bankers Fana Edlfa company Edlpþl;nUv new securities nigTTYl)annUvcMnYnR)ak;d¾Bit R)akd. CaBitR)akdCab;CamYyenAkñúgkarFanaenH KWmankRmitxøHénhaniP½y sRmab; investment bankers. TaMgGs;enH KWfaectnaén underwriting edIm,I TijnUv securities BIGñkpþl;CamYynwgéføEdltUcCagéfølk;EdlrMBwgTuk. eTaHbI ya:gNak¾edayectnaenHGacRtUv)aneFIVmin[seRmc rWxkxan. BMuman new securities TaMgGs;EdlRtUvpþl;RtUv)an underwriting eLIy. investment banker Edl)aneXIjGñkTijmYy rWeRcInsRmab; new issue nigerob cMedIm,IeFIVBaNiC¢kmμedaypÞal;rvagGñkpþl; nigGñkvinieyaKenaH. enAkñúg private placement investment banker RtUv)anTUrTat;sRmab;skmμPaB dUcCaenAkñúgkar ykGñkTij nigGñklk;mkCYbKña ehIyk¾dUcCasRmab;CMnaj nigel,ÓnenAkñúgkar kMNt;éfø nigkarRbtibtiþénBaNiC¢kmμenaH. tYnaTIrbs; investment bankers KWpþl;eyabl;sRmab; company EdleFIV BaNiC¢kmμdMbUgenAkñúgkarviPaKnUvhirBaØbTantRmUvkarrbs;xøÜn nigpþl;eyabl;

GMBIGtßn½yepSg²KañénhirBaØbTan. eRkABIenH investment banker TTYlxusRtUv Ca administration dUcCakarRsavRCavRkdas;sañmepSg² nigkargaremkanikd¾éT eTot. karEbgEckén securities eTAGñkvinieyaKk¾CatYnaTIsMxan;én investment bankers Edr. → Organized securitie exchanges:

buKÁlEdleBjcitþkñúgkarvinieyaKGaccat;EcgedIm,IkarTijén stock eday sar securities broker. GñkvinieyaKCaeRcIneTA Brokeragehouse edaypÞal; nig TamTarnUvesva:kmμBI broker mñak;én broker rbs; Brokeragehouse enaH. eRkayBIRkdas;sñamdMbUgRtUv)aneFIVrYcral; karbBa¢aénkarvinieyaKRtUv)anbnþeTA stock exchange mYyén stock exchange TaMgGs;EdlkMBugeFIVBaNiCkmμén securities ehIyEdlenAkñúgenaHGñkvinieyaKeBjcitþ dUcenHkarTij nigeRbIR)as; mansßitenATIenaHTaMgGs;. GñkvinieyaKmñak;GaceRbIR)as;esva:kmμén organized exchange rWk¾ overthe-counter market. Organized exchange mantYnaTIdUcteTA ³ 1) Organized securities exchange begáIteLIgnUvtYnaTIsMxan;ya:geRcIn EdlfakareFIVeGaymaneLIgnUv continuous market. continuous market KWCaTIpSarEdlenAkñúgTIpSarenaH»kasnwgmanCanic©sRmab;Tij rWk¾lk;nUv securities CamYynwgéføEdléføenaHERbRbYltictYcBIéfølk;BImun. dUcenH continuous market )anpþl; liquidity sRmab;Gk ñ vinei yaKrbs;va. Gñkvinei yaK Gaclk;nUv securities EdlxøÜn)ankan;ya:gelOn niggay ehIyGñkvinieyaKBMuRtUv [mankatBVkic©kan;nUv bonds rbs;xøÜnrhUtdl;Gayukal rWk¾kan;nUv common stocks KaμnTIbBa©b;eLIy. 2) Organized securitey exchanges k¾)anCYykMNt;nUvéføén securities Edr. éføRtUv)ankMNt;edaykarbBa¢aTij nigkarbBa¢alk; ¬rWk¾ Demand nig Supply¦. Organized securities exchange )annaMmknUvGñkTij nigGñklk;BIkñúg

RbeTs nigk¾BIRbeTseRkApgEdr. GnamikPaBénGñkTij nigGñklk;k¾RtUv)ankar BarEdr. 3) Organized securities exchanges k¾)anpþl;nUvesva:kmμeTA]sSahkmμ CamYynwgkarCYyedaypÞal;nUvhirBaØbTanfμI²sRmab;kic©karCMnYj. PaBgayRsYl CamYynwg organized securities exchanges )aneFVI[GñkvinieyaKcg;eFVIkar vinieyaKenAkñúg new issues. → Over-the-Counter Market

CagBak;kNþalTMhMéndulaø TaMgGs;én securities EdlRtUveFVBI aNiCk© mμenA kñúgRbeTsGaemrikRtUv)aneFVIBaNiC¢kmμqøgkat; over-the-counter (OTC) market CasecogenAkñúg organized exchanges nig (OTC) securities CaeRcInBMuRtUv)an cuHbBa¢IenAelI organized exchanges eT,Iy. (OTC) KWCaTIpSar securities ya:g sMxan;enARbeTsxøH dUcCaRbeTsGaemrikCaedIm. (OTC) market KWeRcInCar ebobsRmab;eFVIkic©karGaCIvkmμCaCagTaMgGs;enaH KWCakEnøgTIpSarmYy. PaK eRcInén Brocker-Dealer EdlFVIBaNiC¢kmμnUv OTC’s securities enaHRtUv)anP¢ab; eday Network énTUrs½BÞ TUrsar Teletypwriters nigRbB½n§kMBüÜT½r Edlqøgkat;brikçaenH Brocker-Dealers GaceFVIBaNiC¢kmμedaypÞal;CamYynwg Brocker epSgeTot nigCamYyGtifiCn. dUcenHéføRtUv)anseRmcCamYynwg dMeNIrkarénkarcrcarEdlqøgkat; communication line enaH EdlGaclatsn§wg rab;Ban;KIT,ÚEm:Rt nigGnuBaØati[GñkvinieyaKedIm,IeFVIkareRCIserIsrvagGñkRbkYt RbECgTIpSar. kareFVIBaNiC¢kmμenAkñúg OTC market GacbnþrhUtelIkElg enATIenaHmanGñkTIpSarEdlRtUv)aneRCIserIsTukCamunenAkñugTIpSar securities nimYy² dUcCa]TahrN_ NYSE (New York stock exchanges) specialist CaedIm.

7> 1> 5 RbePTCamUldæan nigTRmg;layKñaénhirBaØbTan\NTan pÞúyBIhiBaØbTanénkarrYmcMENkPaKh‘un hirBaØbTan\NTanRtUv)anTTYl TunxageRkABIxageRkA. edaysarhirBaØbTan\NTan siTéi§ nm©as;bMNulk¾)anekIn eLIg. TaMgenHmann½ypÞúyBIhirBaØbTanénkarrYmcMENkPaKh‘unEdlfasiT§im©as; bMNul ¤ CaTUeTABMumansiT§ibeBa©jeyabl;sRmab;kardwknaMGCIvkmμ rWk¾ Investments eT. ¤ ry³eBlénkarpþl;\NTan KWmanevlakMNt;. ¤ siTT i§ amTarmYyeTAelIkarsgRtLb;én\NTanenAkñúgkRmitCa nominal ¬BMumankarcUlrYmcMEnkeTAnwgkarekIneLIgénRTBüsm,tþi nigTunbRmug én investments rW business eLIy¦. ¤ CaTUeTAkarR)ak;kMNt;mYyRtUv)anÉkPaB nigkarbg;sgRtLb;bgðaj[ eXIjnUvbnÞúklIKDIV TI IEdlkMNt;mYy. CaTUeTA \NTanBMuRtUv)anpþl;[edayBMumankarkarBarén\NTanBitR)akd enaHeLIy. cMeBaHbBaðaenHRtUv)anEbgEckrvagsnþisuxén\NTan nigkarFanara:b; rgén\NTan ³ ¤ karFanara:b;rgén\NTan KWCaEpñkBiessmYyenAkñúgRkumh‘unFanara:b; rg. Rkumh‘unFanara:b;rgkarBarnUvGñkykkarFanara:b;rgcMeBaHkarxUc xaténRTBüsm,tþiEdlekIteLIgedaysarEdlfakatBVkic©énkarbg;R)a k;BMuRtUvbMeBjedayGñkEdlCam©as;bMNuleLIy. ¤ cMeBaHsnþisux\NTanGacRtUv)anpSMpÁMúCamUldæanCamYyRkumh‘unEdl EbgEckeyageTAtamTRmg;snþisuxnImYy² rWk¾eTAtambrikçasnþisux Edlnwgdak;tMkl;CamUldæanenAkñúgtaragxageRkam nigbgðajGMBIsnþi sux\NTanEdl)anerobcMtamlMdab;lMeday CamYynwgPaBCakEsþg sMxan;²rbs;va ³

karbgðajbnþbnÞab;eTAenHsßitenACamUldßanénkarEbgEckén\NTaneday eyageTAtamry³eBlkMNt;rbs;va. CabnþeTAeTotRtUvcat;Tuk investments mYy rW company mYyCaFmμtaCaGñkTTYl\NTan ³ 1) hirBaØbTanén\NTanEdlmanryHeBlEvg Obligation Loan bond Long-time bank credit 2)

hirBaØbTanén\NTanryHeBlxøI nigmFüm

cMeBaHhirBaØbTan\NTanEdlmanryHeBlEvgrab;bBa©ÜlnUv\NTanEdl manryHeBldMeNIrkarmYycab;BI 4 qñaMeLIgeTA. TaMgenHk¾mansuBlPaB sRmab;niymn½yén\NTanykCaryHeBlEvgEdlmanc,ab;CapSarPaKh‘un ehIyEdleGabRkesabenAkñúgtaragtulükarén investments rW company. →a. Obligation KWCaR)ak;[x©I (loan) CaryHeBlEvgenAkñúgTRmg;bBa¢ak; CaÉksarEdl investments rW company FM²TTYlykBITIpSarPaKh‘un. cMeBaH eKalbMNgenHcMENkénFnbrimaN ¬cMnYnsrub¦ KWseRmc)anedayBIcMENk obligation CaeRcIn. karedIrtYrrbs; obligation Ca\T§iBl (effect) Gacpþl;én →1)

lT§PaB[ company sRmab;CMnYsnUvFnbrimaN ¬cMnYnsrub¦ énTunFMCamYynwg cMnYnCaeRcInénGñkpþl;TunCaÉkCn nigsßab½nEdlmanTMhMcMENkd¾tUc²pgEdr. → b. cMeBaH loan bonds Bak;B½n§eTAnwgTRmg;\NTanmYyEdledaysar kic©snüaeGayx©IBMuEmnCaRbePTbuKÁl dUcenHebIBMumankarP¢ab;CMnYyBITIpSarPaK h‘unenaHeT KWBMuGacekItman)aneLIy. enAkñúgkrNIFmμtaén loan bonds Edl RtUvpþl;ryHeBlEvgGñkpþl;TunnaMxøÜneTACadMbUgCakEnøgRbmUlTun nigCaBiess maKa’énkarFanara:b;rgEdlsRmab;naMeTArknUvcMNUlbEnßmd¾elIslb;énbrikçaRT Büsm,tþEi dlCaryHeBlEvgmYyCamYynwgkarpþlT; un loan bonds enH. k¾bu:Enþ loan ½ d¾sMxan; mYy bonds KWBMumanEtRtwmenAkñúgTRmg;Fmμtab:ueNØaHeT eRkABIenHGtßny KWmanGVIEdleKehAfa revolving-system EdlCamYynwgRbB½n§enH karepÞrén eBlevlakMNt;mYyRtUv)anekItmaneLIg ³ - Direct revolving–system : fvikarEdlmanryHeBlkMNt;xøIEdl Cab½NÑkm©IRtUv)annaMeTA[GñkTTYl\NTan. edaysarkarpøas;bþÜrCajwkjab;én Gñkpþl;\NTan fvikarkm©IEdlmanevlakMNt;xøIenHRtUv)anepÞreTACabMNulEdl Cary³eBlEvgBitR)akdmYy. cMeBaHbBaðenHhaniPy½énkarepÞr nighaniP½yén karERbRbYlkarR)ak;CabnÞúkrbs;shRKasEdlTTYlyk\NTanenaH. - Indirect revoling–system : cMeBaHbBaðenHekIteLIgrvagGñkTTYl \NTan nigGñkpþl;\NTannUvFnaKarmYy. CamYykarCYyénFnaKarenaHmankar bEgVhirBaØbTan\NTanEdlmankMNt;ryHeBlxøI ¬EdlfvikarenaHRtUv)anFnaKar enaHeFVIGnþraKmn_qøgkat; brocker¦ eTACa\NTanryHeBlEvg. eCIgsarCMnYj hirBaØvtßú (brocker) TTYlbnÞúkcMeBaHFnaKarnUvkatBVkci s© Rmab;Fana[mansnisþ ux nUvkarpSarP¢ab;hirBaØbTankñúgryHeBldMeNIrkarén loan bond enaH. - System 7m : RbBn½§enHmanPaBxusKañBIRbBn½§munedaysarfa eCIgsar CMnYjRtUvTTYlbnÞúkBMuRtwmEthaniP½yénkarepÞrb:ueNaÑHeT eRkABIenHnUvhaniP½y énkarERbRbYlénkarR)ak;EfmeTot.

cMeBaH\NTanFnaKareyHeBlEvg (long-term bank credits) edIr tYnaTIRKan;EtCakarCMnYysRmab;shRKasEdlmansßti enAebIkcMhrnUvTIpSarsRmab; loan bond rWk¾ obligation. k¾b:uEnþ\NTanenHsMxan;Nas;sRmab;cMnYnya:g eRcInénshRKasFuntUc nigmF,mEdlBMumanTIpSarsRmab; loan bond rWk¾ obligation. cMeBaHshRKasTaMgenaH bgðaj[eXIjfa \NTanFnaKarryHEvg KWCahirBaØbTan\NTanEtmYyKt;sRmab;karGnuvtþrbs;xøÜn eTaHbICamanTRmg; eRbIR)as;d¾manRBMEdnénhirBaØbTanenHk¾eday. \NTanFnaKar (Bank credit) ryHeBlEvgRtUv)anpþl;[CaTUeTAEtkñúg krNIRbQmeTAnwgsniþsuxRtwmRtUv. k¾b:uEnþTaMgenH k¾BMuGacpþl;[Canic©Cakal cMeBaHshRKasFuntUc nigmF,menaHeLIy KWmþgmáalenAeBlEdlmUldæanénTun pÞal;xøÜnrbs;shRKasTaMgenaHgaynwgsþÜcesþIgedaysarEtmankarraraMgya:ge RcInGMBIkarcUlrYménhirBaØbTand¾éTeTot. bBaðmüa:geTotedaysarFnaKar KWEsþgecjBImUldæanhirBaØbTanEbgEck eLIgvijrbs;xøÜnEdlGaceFVI[mankarpþl;\NTanryHeBlEvgEtkñúgsßanPaBma nRBMEdnmYyenaH dUcenHsRmab;rgVg;énshRKasTaMgenaHmankarekIneLIgnUv cenøaHRbehagén\NTanryHeBlEvg. cenøaHRbehagenHBMuRtUv)anP©ab;Cas
hirBaØTanén\NTanryHeBlxøI nigmF,m ³ hirBaØbTanenH rab;bB©ÜalnUvTRmg;\NTanNaEdlcMeBaHTRmg;\NTan enaHryHeBldMeNIrkarEdl)anyl;RBmén\NTanRtUvmancMnYnticCag 4 qñaM. RBMEdnrvag\NTanryHeBlxøI nigryHeBlEvg KWCamYyenaHmaneRcIn k¾b:uEnþ eyIgGacrkSakarkMNt;dUcteTA kalNaryHeBldMeNIrkarén\NTanenaH elIsmYyqñMaeLIgeTA eKGacniyay)anCanic©CakalfaCa\NTanryHeBlmF,m.

J 2)

ÉryHeBldMeNIrkarén\NTanEdlpÞúyeTAvijticCag 3 Ex RtUvGaccat;TukCa \NTanryHeBlxøI. enAkñúgtaragxageRkambgðaj[eXIjrcnasm
cMeBaH down payment of customer GñkTTYl)anpþln; Uvkarbg;R)ak;mun karTTYlnUvTMnij. etIGtifiCnGacRtUvGnuvtþnUvkarbg;luykñúgTMhMb:ueNÑaHenaH rWk¾RtUvKitCakarR)ak;ya:gdUcemþcenaH KWGaRs½yCaBiesseTAnwgtYnaTIénTIpSarén GñkpÁt;pÁg;enaH. (b) Supplier credit ekIteLIgedaysarEdlfaGñkTTYlénkarpÁt;pÁg;BMuRtUv )anbg;luyPøamkñúgeBlTTYlenaHeLIy. enHmann½yfa eKRtUvbg;R)ak;enAeBl eRkay. Supplier credit KWGacbgçitbgçM rWky¾ l;RBm. \NTanenHGacRtUvpþl;BuM manRkdas;sñamEdlRtUv[eQμaHfa book credit rWmanRkdas;sñamEdlRtUv[ eQaμHfa exchange credit rW account payable. GgÁFatuénkarR)ak;cMeBaH account payable GacRtUv)anemIleXIjdUc book credit EdrenAkñúg discount payment. CamYyenaH karbg;témøén supplier credit i RtUvKNnaeTAtamlkçx½NÐéneKalbMngTamTard¾eBjeljedayeyageTAtam rUbmnþxageRkam ³ GRta discount payment x 365 (a)

i

=

ryHeBlkMNt;karbg;R)ak; - ryHeBlkMNt;éndiscount payment

eTaHbI supplier credit enAkñúgGnuvtþ modality énkarbg;R)ak; ¬]TahrN_ ³ GRta discount payment 2% sRmab;ryHeBlkMNt; discount payment 10éf¶ nigryHeBlkMNt;énkarbg;R)ak; 30éf¶¦ KWéføCagRbePThirBaØbTand¾éTeTotk¾ eday k¾bu:Enþ supplier credit Cajwkjab;mantYnaTIsMxan;Nas;sRmab;hri BaØbTan énshRKas. mUlehtuénsar³sMxan;enHKW ³ rel="nofollow"> CaTUeTA supplier credit RtUv)anyl;RBmedayBMucaM)ac;mankarRtYtBinti ü énkitiþys\NTanEdlmanlkçN³CaEbbbT nigBMuTamTarnUvsniþsux\NTan EdlmanlkçN³CaEbbbTeLIy. > cMeBaHtYnaTITpI Sard¾xaøMgkøaénGñkEdlRtUvpÁtp; gÁ ; supplier credit GacRtUv bgçMCaBiess[mankarGnuvtþnn_ UvkarcuHefakmYyya:gxøaMgén supplier credit enaH edaysarkarBnüaryHeBlkMNt;énkarbg;R)ak; nigryHeBlkMNt;én discount payment BIEpñkGñkpÁt;pÁg;. (c) Line of credit kt;smÁal;edaysarEdlfa siT§iRtUv)anpþl;eGayGñk TTYl\NTanedIm,IRKbdNþb;én current account rbs;xøÜnrhUtdl;TMhM\NTan EdlRtUv)ankMNt;plþ [; enaH edayBMucaM)ac;eGaymanTRmg;EbbbTeLIy. TaMgenH mann½yfaGñkTTYl\NTanGacdkykfvikarrhUtdl;kRmitén\NTan (credit limit) Edl)anpþl;[enaH eTaHenAkñúgcMENkcMnYnepSg²Kñak¾eday.

karbg;témøén line of credit RtUv)anbUkbBa©ÚldUcxageRkam ³ - Is-interest (cost of net interest)

sRmab;karRbugeRbobbRmugTuk[ éføsRmab;Rbtþibtþkarén account éføsRmab;témøFnaKar

- Provision -

C.p.t Cost of net interest = 100 . 365

plbUksarubén\NTan = cMnYnénéf¶\NTan = GRtakarR)ak;suTæ (Net interest rat)

C = t p / 100

KWCakm©I\NTanmYy. \NTanenHsßitenAkñúgkarpþl; [énkm©I (Loan) Tl;ngw karbBa©Ma. smasPaBsRmab; lending credit KWCasßab½n c,ab;énkarbBa©Ma. TaMgenHmann½yfa brikçaRTBüsm,tiþEdlRtUvbBa©MaRtUveTACa kmμsiT§FnaKarEdl)anpþl;\NTanenaH. EpñkxøH dUcCaCaBiesscMeBaH goods KWRKb;RKan;kúñgkrNImankarRbKl;énb½N)Ñ a:tg;Edledaysarb½N)Ñ a:tg; lending enH FnaKarGac)anedayRbeyalnUvkmμsiT§iénbrikaçEdlRtUvbBa©MaenaH. karR)ak;sRmab; lending credit manninañkarCaTUeTA eTAtamGRtaén lending énFnaKarkNþal CabEnßmeTotFnaKar)anKNnasRmab;GtifiCnrbs; xøÜndUcCa line of credit Edr KW credit provision. RBMEdnkm©IsRmab;brikaçRTBüsm,tiþEdlRtUvbBa©M KWGaRs½yeTAnwgPaBGacCa témø nighaniP½yénkarERbRbYltémøénbrikaçRTBüsm,tiþEdlRtUvbBa©MenaH TnwÞmnwg ryHeBldMeNIrkarén\NTanenaH. karpøas;bþÚrBaNiC¢kmμEdlburaNniymenH GacRtUv)an[x©ICaTUeTAEtenAeRkamtémø nominal Etb:ueNaÑH. sRmab;\T§iBlenH dUcCacMeBaH stocks CaedIm RBMEdnkm©IsßitenACaTUeTAkñúgTMhMEdlx<s;bMputenaH KW 60% éntémøTIpSarénbrikaçRTBüsm,tiþEdlRtUvbBa©MenaH. (d) Lending credit

ekIteLIgedaysarkarlk;énbMNul ¬lk;kUnbMNul¦ rW trade debtors EdlRtUv)ankt;RtaenAkñúgTRmg;b½NÑbMNul nigEdlBMuTan;)an sgRtLb;[eTAFnaKarenAeRkamkardkénkarR)ak;. Discount credit seRmc)anCaBiessnUvGtßn½yenATINaEdlGñkm©as; bMNul (supplier) KW)anpþl;[GtifiCnrbs;xøÜnnUv\NTanmYyEdlRtUv)ankt;Rta enAkñúgTMrg;b½NÑbMNul k¾b:uEnþGñk supplier enaHpÞal; KWBMusßitenAkñúgsßanPaB rWk¾ minRbugeRbobsRmab;rg;caMnUvkarbg;R)ak;sgénb½NÑbMNulBIkUnbMNulenaHvije LIy. karlk;énb½NÑbMNulenH KWsRmab;Gñkma©s;bMNul (supplier of credit) mannUvlT§PaBsRmab;eFVI[bMNul rWkUnbMNulrbs;xøÜnmuneBlEdlsgRtLb; enaH [eTACa {fvika} sRmab;xøÜnvij. PaBBiessmYyén discount credit ekIteLIgEdlfa CaFmμta\NTanBMu RtUv)ansgRtLb;vijedayGñkTTYl\NTaneLIy eRkABIenH)anBIkUnbMNulén b½NÑbMNulenaH. k¾b:uEnþGñkRbKl; rWma©s;bMNulénb½NÑbMNulsßitenAsRmab; FnaKar KWCakUnbMNulénkal³eTs³EdlFnaKarGacdkRtLb;\NTanvij kalNakUnbMNulénma©s;bMNulenaH ¬GñkRbKl;¦ BMu)anbg;R)ak;sg. karbg;témøén discount credit bUksrubecjBI shall-interest rate BIBn§én b½NÑbMNulenaH nigBIkarbg;GakrxøH. Shall-interest rate EdlCamYy shall-interest rate enH TMhMsrubénb½NÑ bMNulRtUv)andkkarR)ak;eTAtamGRta discount énFnaKarkNþal rYcbUkbEnßm nUvkarbg;R)ak;bEnßmmYyEdlkarbg;R)ak;bEnßmenaH RtUv)ankMNt;eLIgedayFnaKar eyageTAtamsßanPaBTIpSarnImYy² nigKuNPaBénGñkTTYl\NTan. k¾b:uEnþ Shallinterest rate sßitenACaTUeTAeRkamGRtakarR)ak;suTæén line of credit. (e) Discount credit

eRkamrUbPaBénkm©IenH company Edl)anTTYlkar kumμg;BI company epSgeTotGacTak;TgeTAFnaKaredIm,Irkkm©IsRmab;hirBaØbTan nUv transaction enaH. ]TahrN_ ³ company tUcmYyEdlRtUv)anTTYlkic©snüa kumμg;BI company FMGacTak;TgFnaKaredIm,I)an transaction loan sRmab;Tij nUvvtßúFatuedIm nigbg;R)ak;sRmab;karcMNayepSg²eTotedIm,IbMeBjnUvkic©snüa enaH. FnaKar KWCaTUeTAcg;plþ n; Uv transaction loan enH CaBiesskalNakm©eI nH RtUveRbIR)as;sRmab;hri BaØbTannUvkics© nüaEdlekIteLIgrvagGñkx©I nig company EdlFM nigEdlKYreGayTukcitþ eRBaHFnaKarRtUv)anFananUvkarsgRtLb;vij. enAkñúg transaction loan km©IenHRtUvEtsgRtLb;ya:grYsran; kalNakar bg;R)ak;RtUv)anTTYlBIkci s© nüa. eTaHbIya:gNak¾eday kalNa company TTYl )annUvkic©snüa (contract) d¾éTeTot FnaKarGacBicarNapþl;[ company nUvkm©I eTotedayeyageTAtam transaction TIBIrenaH. karR)ak;énkm©IenHERbRbYlBI company mYyeTA company mYy nigBIFnaKarmYyeTAFnaKarmYy edayGaRs½y eTAnwgtémø\NTanén company Edlx©IenaH. (g) enAkñúgBaNiC¢kmμeRkARbeTs letter of credits mantYnaTIsMxan;Nas;. eRBaHfaenAkñúgBaNiC¢kmμeRkARbeTskitiþys rWCMenOTukcitþ\NTanénGñknaMcUl EdlCabreTsmYy KWCajwkjab;BMuc,as;las; rWk¾Bi)akvaytémø. k¾b:uEnþqøgkat; karyl;RBm (acceptance) énFnaKarGnþCatid¾sMxan; karxVHxatenHGacRtUv)an e)aHbg;ecal. enAkñúgkrNImankaryl;RBmrbs;FnaKarEdledIrtYCakitiþys rWFananUv\NTan ehIyEdl)anErkBn§nUvb½NÑbMNulénGñknaMcUlEdlCabreTs enaH eFVI[GñknaMecjGacTTYlnUvb½NÑbMNulenaH edayBMumankarBicarNacMeBaH karpþl;[énTMnij rWk¾ÉksardwkCBa¢ÜnepSg²eT,Iy. karbg;témøén letter of credits KWman provision nigBn§énb½NÑbMNul enaH. kalNab½NÑbMNulRtUv)andkkarR)ak; (discounted) enaH karbg;témøkar R)ak;RtUvbUkbBa©ÜlEfmeToteTAkñúgkarbg;témøén letter of credits enaH. (f) Transaction loan :

KWsñÜlrbs;vaeyageTAtamkarx©I\NTanmYy Edl CaTUeTApSarPa¢b;CamYynwg discount credits. TRmg;énhirBaØbTanenHEdlman Gtßn½ysMxan;enAkñúgkarGnuvtþn_enaH latsn§wgenAkñúgKMnitEdlfaGñkTijén TMnijmYy)anbg;nUvéføénkarTijenaHeRkamrUbPaBénkareRbIR)as; discount payment Ca cash rWk¾CamYy check nigkñúgeBlCamYyenHEdrk¾cuHhtßelxa TTYlykb½NÑbMNulEdlyl;RBmBIxøÜnpÞal;BIGñkpÁt;pÁg;\NTanpgEdr. enAkúñg krNIFmμtaGñkTij)anRbKl;b½NÑbMNulenaHeTAFnaKarrbs;xøÜnsMrab; discount payment enaH edIm,Ipþl;[ liquidity ¬lMhUr¦ sMrab;karbg;R)ak;Ca cash rWk¾Ca check enaH. k¾b:uEnþGñkpÁt;pÁg;TTYlykdMeNIrkarenHCaFmμta kalNaGñkTij)anbgðaj nUvTRmg;EdleyageTAtammYy eRBaHfaGñkpÁt;pÁg;EdlCaGñkpþl;nUvb½NÑbMNul RtUv)anTTYlCamYynwgkatBVkic©énc,ab;b½NÑbMNul nigCamYyenaHnUvhaniP½ypg Edr kñúgkrNIEdlGñkTijBMumansmtßPaBnwgbg;R)ak;enaH. (e) cMeBaH aval credits Tak;TgeTAnwgTRmg;mYyénkarx©I\NTanEdlCa mYyenaHFnaKarBMumankatBVkic©c,ab;bMNulCamYyGñkTTYl\NTanpÞal;eLIy. sRmab;bBaðaenHmannUvkarTTYlxusRtUvmYyEdlfaGñkTTYl\NTanmanCab;BIeRk aynUvGñkTIbIRbQmTl;nwgkatBVkic©EdlRtUvRbRBwtþeTACamYynwgxøÜn. sRmab; FnaKarekIteLIgnUvhaniP½yEdlfa FnaKarRtUvTTYlykecjBIkarTTYlxusRtUv enaHnUv eventual liability. karbg;témøsRmab; aval credit KW aval provision. karR)ak;BMumaneLIy sMrab;\NTanenaH eRBaHfaGñkTTYl\NTanBMu)anmanbRmugTuknUvfvikaeLIy. (h) Revolving credits

7> 1> 6 Leasing nig Factoring Ca\NTanCMnYs → enAeRkamrUbPaBén factoring eKyl;faCakarTijén trade debtors munkarputkMNt;edayqøgkat; factor mYy ¬= sßab½nhirBaØbTanBiess rWk¾saßb½n \NTanepSgeTot¦ edayeRkamkarTTYlykéntYnaTIesva:kmμEdlkMNt; nigCa jwkjab;énhaniP½yBIkarkarxVHxat. CamYyenHGñklk;én trade debtors RtUvepÞr

enHecjBIKNnIrbs;xøÜneTAkñúgKNnIén factor ¬= saßb½nhirBaØbTan rWk¾saßb½n\NTan¦ enaH. karbg;témøén factoring bUkbBa©ÜlnUvbIGgÁFatu ³ a) karR)ak;én\NTansRmab;hri BaØbTanén trade debtors munputkMNt;. CaTUeTAkarR)ak;enaHsßitenAelIkarR)ak;FnaKarbnþicbnþÜceRBaHfa factoring company RtUv)an refinancing CamYynwgFnaKarvij. b) éføQñÜlén factoring EdléføQñÜlenaH sRmab;RKbdNþb;karbg;témø cMeBaHkarTTYlykénesva:kmμ (service) EdlCaRbePT factoring enaH (administrativ cost). éføQÜñlenaH ERbRbÜleTAtamRbePT nigTMhMénesva:kmμenaH k¾dUcCaGaRs½yeTAnwgTMhMén trade debtors. TMhMénkarKNnaCamF,m KWcenøaH BI 0,5 nig 3% éncMNUl. c) éføQl Üñ énkarxVHxat KWCakarbg;R)ak;sRmab;haniPy½ énkarxVHén trade debtors EdlRtUv)anTTYlykenaH. éføQñÜlenHCaBiessGaRs½yeTAnwgsaßPaB énGñkTTYlyk ¬= lkç½NÐénkarbg;R)ak;¦. eTAtamFmμtaéføQñÜlenHsßitenArvag 0,1%eTA 1% éncMNUl. → enAeRkamrUbPaBén leasing eKyl;fa CakarCYlsmÖarHbrikaçedayqøg kat;saßbn½ hirBaØbTan nig Business epSgeTotEdlrksIuTak;TgeTAnwgkarCYlenaH. eyageTAtamryHeBlénkic©snüaén leasing eKEbgEckCa ³ . Operating–leasing ¬ryHeBlxøI ³ CaTUeTAGñkCYlGacbBa©bs ; Ti ei§ RbIR)as; énvtßúEdlCYlenaHRKb;eBlevla¦. . Financial–leasing ¬ryHeBlEvg ³ CaTUeTAGñkCYlBMuGacbBa©b;siTi§eRbI R)as;énvtßúEdlCYlenAkñúgkmøúgeBlkic©snüaeT¦. TnÞwmnwg operating–leasing KWdUcCakrNIkic©snüaCYlFmμtaEdrenaH financial–leasing KWCaPaBBiessmYyénhirBaØbTanénsmÖarHbrikaçEdlekIteLIg enA USA. Financial–leasing Gackt;smÁal;Ca\NTanCMnYs eRBaHfaGñkpþl; leasing dUcCaGñkpþl;\NTanmYyEdr EdlGacpþl;lT§PaB[mannUvkarbBa©Úlén factoring

smÖarHbrikaçeTAkñúgRbB½n§plitkmμ k¾b:uEnþTMhMénkarvinieyaKsrubBMuRtUv)anTUTat; ecjBImeFüa)aypÞal;xøÜneLIy. 7> 1> 7 hirBaØbTanén]btßmÖFn TRmg;d¾BiessmYyénhirBaØbTanbgðaj[eXIjnUvkarpÁt;pÁg;énmeFüa)ay hirBaØvtßúenAkñúgTMnak;TMngCamYynwgkarpþl;[ rWk¾karTamTarén]btßmÖFn. enA eRkamrUbPaBén]btßmÖFn eKyl;faCakarbMeBjkarplitEdlmanlkçN³Cafvikar ¬fvikar¦ énrdæsRmab; business rW company ehIy EdlBMupSarP¢ab;CamYynwgkar bMeBjkarplitsgRtLb;mkvijedaypÞal; rWedayRbeyalcMeBaHrdævijeLIy. TRmg;én]btßmÖFnCaGtßiPaB KWkarlHbg;énkarR)ak; rWk¾]btßmÖFnénkarR)ak; nigkar]btßmÖFnedaypÞal;eTAelITun (directly capital subsidy). k¾bu:EnþCabnÞab; bnSMmkeToténTRmg;]btßmÖFn GacekIteLIgenAkñúgkarpþl;[énkarbnßyBn§ rWk¾ Bnüaénkarbg;Bn§. TnÞwmnwgkar]btßmÖFnénkarR)ak; rWk¾karlHbg;énkarR)ak; nig directly capital subsidy bgðajCaTRmg;énhirBaØbTanxageRkAenaH cMENkkar GnueRKaHénBn§Edl)anbgðajxagelI KWCahirBaØbTanxagkñúg. teTAenHeyIgsikSa EteTAelIkar]btßmÖFnEdlTak;TgeTAnwgkarR)ak; nigeTAelITunEtb:ueNaÑH. - karCYyénhirBaØbTanCalkçN³rdæedaytammeFüa)aykarlHbg;énkar R)ak; rWk¾kar]btßmÖFnénkarR)ak; KWCakarkat;bnßyénbnÞúkkarR)ak;én company rW business EdlenAkñúgenaH karCYyénhirBaØbTanCalkçN³rdæenaH )ansgátk ; arR)ak; RbtibtþikarenHeGayenAeRkamlkçx½NÐTUeTAénTIpSar. meFüa)ayEdl)anRbug eRbobbRmugenAkñúgRkbx½NÐénkmμviFI\NTanEdlTak;TgnwgkarR)ak;Rbtibtiþkaren H RtUv)anpþl;[CaBiessenAkñúgeKalbMngdUcteTA ³ > karbegáInCIvPaB business rW company mundMbUg > karvinieyaKTunenAkñúgtMbn;Edlmanesdækic©Tn;exSay k¾dUcCa > viFankarN_énkarkarBarbrisßan

- kar]btßmÖFnedaypÞal;eTAelITun naMeTACamUldæansRmab;karbg;R)ak; edaypÞal;mYyeTA company. CamYyenHkar]btßmÖFnenH BMu[mannUvkarekIteLIg énkarCMBak;Bn§eLIy. TaMgenHmann½yfa company EdlsßitenAkñúgmNÐlénkar xatbg;Gacdak;BaküsMu allowance rW grants )an. karseRmc KWsßitenAelIEtkar vinic¢½yénkarBitCak;EsþgEdlRtUv)anpþl;sRmab;karsUmTamTarénkar]btßmÖFnnImY y²enaH. 7> 1> 8 hirBaØbTanGtierk nighirBaØbTanecjBIkarERbRbYlRTBüsm,tiþ hirBaØbTanGtierkRtUv)ankt;smÁal;faCa cash flow-financing eRBaH smasFaturbs;va bgðaj[eXIjnUvhirBaØbTanpÞal;xøÜn hirBaØbTanecjBIkarsg rMlYs nigBI Provision EdlRsbCamYyya:gCitsñiteTAnwgniymn½yén cash flow Edr. eyageTAtamenaH hirBaØbTanGtierksermceLIgqøgkat;dMeNIrkarén revenue Fmμta TnÞwmnwghirBaØbTanecjBIkarERbRbYlRTBüsm,tiþlatsn§wgeTA elIdMeNIrkarénkarbeBa©jTun rWkarlk;TunenAeRkABIdMeNIrkarén revenue Fmμta. 1)hirBaØbTanpÞal;xøÜn KWpSarP¢ab;CamYynwgcMeNjEdlCaEpñkén cash flow. eyageTAtamenaH eKyl;fahirBaØbTanpÞal;xøÜn KWCahirBaØbTanecjBI cMeNjEdl)anrkSaTukRtLb;mkvijenAkñúg business rW company. 2) hirBaØbTanecjBIkarsgrMlYscab;epþImecjBImUldæansnμt;EdlCa karsgrMlYs ehIyEdlRtUv)anKNnaCakarcMNay rWk¾Cakarbg;témø nigRtUv TTYl)anedayqøgkat;TinñpléncMNUl. 3) k¾dUckarsgrMlYsEdr\TiB § lhirBaØbTanén provision ekIteLIgEdl faGRtaén provision EdlRtUvTTYl)an ¬Edl)anRbRBitþieTAenAkñúgkarKNnaén éfølk;¦ KWEckcayeGayrhUtdl;karTamTarén provision enaHenAkñúg business. \Ti§BlenH KWkan;EtxøaMgeLIgkalNaKnøatryHeBlrvagkarbegáItén provision rWk¾karTamTaryk KWkan;EtFM.

cMeBaHhirBaØbTanecjBIkarERbRbYlRTBüsm,tiþTak;TgeTAnwgviFan karN_beBa©jénTunenAeRkABIdMeNIrkarén revenue Fmμta. CamUldaæneK EbgEckCaBIrRkuménviFankarN_enH ³ > karbeBa©jénTunBIkñúgRTBüsm,tiþGkmμ (fix Assets) edaysarkarlk; énbrikaçplitplEdlElgmankarcaM)ac;sRmab; business rW company nigEdl BMub:HBal;dl;PaBsßitefrén business rW companyenaH. > karbeBa©jTunBIkñúgRTBüsm,tþiskmμ (current assets) - kat;bnßysþúk ¬lk;T,ayT,úg¦ - kat;bnßy trade debtors ¬karekIneLIgénkarRtYtBinitükUnbMNul, eRbIR)as;én factoring¦. - kat;bnßyTunbRmuglIKIVDITI. CamYynwghirBaØbTanecjBIkarERbRbYlRTBüsm,tiþ KWCaTUeTAcab;epþImecj BIviFankarN_énsniñTankmμEdlmaneKalbMngedIm,IbBa©úHkarbg;témøenAkñúgGCIvk mμ rWk¾Rkumh‘unenaH eRBaHedaysarkarkat;bnßyénBn§RTBüsm,tþi. 4)

7> 2> karviPaKénb½NÑPaKh‘un 7> 2> 1 buBVkfa Rkumh‘unsaCIvkmμ nigkarvinieyaK KWCarUbFatumanCIvitEdlkMBugmantYnaTI enAkñúgBiPBelakEdlCaDINamIksBVéf¶enH. k¾b:uEnþkarRbtibtiþrbs;va minGacEjk ecj)anBIbrisaßnrbs;va nigkarRKbdNþb; rWRtYtBinitürbs;vaeTAelIbrisaßnvij k¾BMuGacseRmc)anTaMgRsugEdr. taragtulükar (the balance sheet) nigtulübBa¢IR)ak;cMNUl (the income statement) én corporation nigén business KWCatulübBa¢IsrubénTINaEdl corporation nigén business sßitenARtg;cMnucmYyéneBl nigénGVIEdl corporation nig business )anbMeBjkarplitenAkñúgkmøúgéneBl. CatulübBa¢I enaHRtUv)anraykarN_nUvlT§plénskmμPaBGnþrrvagGtifiCnCamYynwgsCIvkmμ rWkR¾ kumh‘un rvagBlkr nigma:sunI nigrvagsCIvkmμ rWkR¾ kumh‘un nigbrisaßnrbs;va.

TnÞwmnwglT§plEdlCacMnYnénBt’manEdlKYr[BicarNa lT§plenHk¾)an briyaybnþicbnþÜcpgEdrGMBIdMeNIrkarEdl)andwknaM[manlT§plenH rWk¾)an briyaybnþicbnþÜcpgEdrGMBIesckþIsgÇwmenAkñúgGnaKténshRKas. edIm,Iyl;GMBIGnaKt karviPaKhirBaØvtßúRtUvmansmtßPaBkñúgkarrk[eXIj nUvninañkarsMxan;²enAkñúgbrisaßnCMnYj TnwÞmnwgkarsniñdaænpgEdrnUvvisalPaB EdlcMeBaHvisalPaBenaH shRKinRtUvEtdwgnUvninñakarrbs;va edayRtUveFVIkarsak l,gedIm,IedaHRsayCamYynwgninañkarenaH nigRtUveFIVkarRKb;RKg rWcat;EcgedIm,I ykplBIvasRmab;KuNsm,tiþpÞal;xøÜnrbs; corporation rWk¾ business enaH. CabEnßmeTot karviPaKhirBaØvtßúRtYtBinitüya:gdwtdl;nUvDINamIképÞkñúgén corporation rWk¾ businessenaH. kRmit nigvisalPaBénkarRby½tñRbEygrbs;va )anhVwkhVWnenAkñúgkarGPivDÆn_énEpnkarGnaKt nigRbePTénmnusSmañk;²CamYy nwgkarkac;cgáÜt. karviPaKhirBaØvtßú KWCa]bkrN_rMBwgTuk. ]bkrN_enH)ankt;smÁal;nUvkar Bit (the fact) Edl)ansegátemIlya:ggayCamYynwgTUrelxéntaragtulükar nigtulübBa¢IR)ak;cMNUledayBMu)ac;mankaryl;nUvRbPB nigbrisßanEdlenAkñúg RbPB nigbrisßanenaHTUrelxTaMgGs;RtUv)anbegIáteLIg nig)anTajykCanic©Ca kalnUvesckþIsnidaæn. karviPaKhirBaØvtßú (by the sheer requirements of sanity and logic) KWCab; Tak;TgeTAnwgGIVEdleyIg)anBiPakSaenAkñúgCMBUkenH. TaMgGs;enH KWeRcInCaTIbM putCagkarbegIát nigkarbkRsayénTUrelxecjBIPaBmansßitenA rWk¾TUrelx rMBwgTuk. TaMgGs;enaH KWGtifiCn rWskmμPaBGnþr³rvagGtifiCn KuNPaBénkar dwknaM kareFIVEpnkarEdlCaDINamIk nigEdlTUlMTUlay karyl;GMBITIpSar sRmab;ktaþ input nigsRmab; output karyl;dwgnUvkarERbRbYld¾l¥itl¥n;enAkñúg brisaßn karyl;dwgnUvPaBGnþrGaRs½yrvagCati karyl;dwgnUvFmμCatiénkar RbkYtRbECgbc©úb,nñ nigEdlRtUvGacekItmaneLIg karyl;dwgGMBIGMNac nig\Ti§BlénsmaCikedayeTAelIkarelIkTwkcitþ (motivation) nigR)ak;ebovtS_.

karyl;nUvkarERbRbYlmUldæansgÁm EdlGacman\Ti§Blya:geRCAeTAelI plitPaB nigsNaþb;Fñab;shRKas nigCaBitR)akdkaryl;eTAelItYnaTIrdæaPi)al enARKb;kRmit nigTUTaMgépÞRbeTs enAkñúgkarkMNt;vasnaénsaßbn½. 7> 2> 2 karERbRbYlénbrisaßnxageRkA enAkñúgkfax½NÐenH eyIgbkRsayya:gsegçbnUvkarERbRbYlCamUldaæn enAkñúgbrisßanCamYynwgkareKarBeTAnwg\riyabTEdlCabec©keTsneya)ay nigsgÁm. PaBeCOnelOnénnvanuvtþn¾ (innovation) EdlCabec©keTs KWkMBugeFIV[QW k,al. cMeNHdwgEdl)ansmac½yenAkñúg 15 qañM knøgmkenHEtÉkÉg)an tMNag 70% éncMeNHdwgEdl)ansmac½y (cummulated) kñúgmYyRbvtiþén mnusSCati. Silicon chip EdlmanTMhMRbEhlRkckeméd KWGacmansmtßPaB pÞúknUv million bits énBt’man. kMuBüÜT½rxøH KWmansmtßPaBbc©úb,nñénkardwknaMRsav RCavedayBMumanCMnYyBImnusS .l. nig.l. k¾b:uEnþTaMgGs;enH KWRKan;EtPaB tictYcénkarGPivDÆn_Edl)ankt;smÁal; nigRtUv)anemIleXIjenAeBlbc©úb,nñ. GñkvaytémøGnaKt)anemIleXIjnUvkarGPivDÆn_ya:gelOnCaeRcIneTot. eK)anyl;dwgmunnUv {TIRkugbENþtTwk} edIm,IeFVI[FUres,IynUvkarsÞHénTIRkug karGPivDÆn_énsrIragÁsib,nimiμtþCaeRcInedIm,ICMnYsEpñkxøHénxøÜnmnusS PaBeRbI R)as;d¾eCaKC½yénkarbBa©ÚlnuyekøG½r (nuclear fusion) enAkñúgkareFIV[FUres,Iy énPaBxVHxatfamBlGKisÁ nI karGPivDÆn_énes,ógGaharrUbtßmÖEdlGaceFI[V man PaBl¥RbesIreLIgénkarcgcaM (memory) nigPaBvagév (intelligence) .l. nig.l. k¾b:uEnþTaMgGs;enH KWCabBaðxøH²EdlGacCaPsþútagenAkñúgeBlGnaKt. sMnYrsRmab;karviPaKénhirBaØvtßúCamYynwgkarcab;GarmμN_eTAelIbec©kviCa¢enaH KWsßitenARtg;fa etIsCIvkmμ (corporation) rWk¾GCIvkmμ (business) eFIV[eTACaxag kñúgnIykmμ (internalize) nUvBt’manTaMgGs;enaH[)anl¥ya:gdUcemþc ? faetI corporation rWk¾ business KWkMBugeFIVkaredaHRsayGIVxøH ? nigfaetIbec©keTsenaH

nwgman\Ti§BleTAelIPaBEdlGacrkplcMeNj)an (profitability) nighaniP½y (risk) enAeBlGnaKtya:gdUcemþc ? eTAelIrNsirSneya)ayvij \riyabTénGtifiCneTAelIrdæaPi)al KWkMBug manclnaya:gelOn. PaB»nPaBenAkñúgkarbeBa©jmticUlrYmenARKb;KMnti énrdæaPi )al KWRKan;EtCasBaØamYyénPaBRBegIykenþIyEdlCasaFarN³. rdæaPi)al )anekIneLIgkñúgeBlCamYyKñaenaH nUvkarpSarP¢ab;CamYynwg corporation rWk¾ Business nigCivitCabuKÁlénmnusSmñak;². bTbBa¢ardæaPi)al (government §i aB (efficiency) regulation) edIrtYnaTIya:gsMxan;enAkñúgkarkMNt;nUvkRmiténRbsiTP enAkñúgGgÁPaB corporation rWk¾ business nigman\Ti§BleTAelIkarseRmccitþén kareFIVfivikar (budgeting) EdlCaTun nigeTAelIbriyakasénTIkEnøgkargar. etI sRmab;karviPaKhirBØavtßú KWsMxan;ya:gNaebIGVITaMgGs;Edl)anerobrab;xagelIRtUv )anekIneLIgmkelI]sSahkmμ rWk¾Rkumh‘unrbs;xøÜn. karBak;Bn½§ KWCaesßrPaBén rdaæPi)al nigsmtßPaBrbs;eK cMeBaHkarCH\Ti§BleTAelIRBitþkarN_BiPBelak. CMh‘rRbeTsEdlGackan;enAkñúgkic©karPiPBelak)an KWCakarsMxan;EdlKYr BicarNa. sRmab;seRmc)annUvbBaaðenH RtUvniyaycMeBaHEdlfasmtßPaBén RbeTsenaHGackarBar)annUvpøvÜ pÁtp; gÁ B; rI EdlCapøvÜ pÁtp; gÁ é; nsmÁar³brikçavtßúFatuedIm nigTIpSarsRmab;plitplkñúgRsuk. enAelIrNsirSsgÁmGIVEdlBak;Bn§½ KWCamYynwgsiTi§énRsþI nigénCnCatiPaK ticenAkñúgkMlaMgkargar \Ti§BlénkarrIkraldaléneRKOgejón Rsa nig]Rkidækmμ eTAelIkarbMeBjkarpliténGgÁPaB business PaBKμaneRKaHfañk;énkEnøgkargar nigkarERbRbYléncariklkçN³ nigén\riyabTrbs;shCIB. BMumankarviPaKhirBaØvtßúEdleCaKC½yNamYyGacsgÇwmfa lHbg;nUvbBað sgÁmEdl)anniyayxagelIenaHeLIy nigGacplit)anCanic©nUvkarTayTukmun d¾¾smrmüGMBIGnaKt. GñkviPaKGacRtUvdwgya:gRKb;RKan;nUvGBaØtikmμEdlsMxan; k¾b:uEnþmanEtcMnYn xøHénGBaØtikmμTaMgenaH GacRtUv)anrab;bBa©ÜleTAkñúg model énkarTayTukeday

BMuBci arNaeTAnwgkRmiténsuCvI Fm’ (sophistication) rbs;GBaØtki mμenaH. GBaaØtikmμ xøH KWBMuGacvas;Evg)an nigtMNag (proxy) sRmab;GBaØtikmμenaH KWBMuGacmanTuk bRmug. karBiPakSaxagelIBN’nanUvBiPBd¾sμúKsμajEdlenAkñúgenaH karviPaK hirBaØvtßúRtUv)anRbtibtiþ GñkviPaKxøH)aneRCIserIsya:gsmBaØkñúgkarTajecjBI TUrelxGtItkalsRmab;TayTuknUvGnaKt nigGñkxøHeTot)anQanmYyCMh‘aneTA muxeTotkñúgkarerobcMsRmab;kareFIVrcnasm<½n§viFIsaRsþsRmab;karviPaKhirvBaØvtßú. enAkñúgTMB½rbnÞab;eTot eyIgRtUvBinitünUvbec©keTsTUeTAxøHEdleRbIR)as;kñúgkar kMNt;esckþIsgÇwmGnaKt (future prospects) énsaCIvkmμ rWk¾ business nigCa mYyenaHEdr KWtémøTIpSarbc©úb,nñrbs;va. 7> 2> 3 TisedAénkarviPaK karviPaKhirBaØvtßúGacedIrtamTisedANamYyénTisedATaMgBIr ³ kRmiténesdækic© (economy level) → kRmitén]sSahkmμ (industrial level) → kRmiténshRKas (company level) rWk¾kRmiténshRKas → kRmitén]sSahkmμ → kRmiténesdækci .© GtiPß aBrbs;eyIg KWcMeBaHTisedATImYymanmUlehtufa ³ 1> esdækic© KWCaEpñkmYyénbrisaßnsaCIvkmμ rWk¾GCIvkmμ niglT§plTaMgenaH Gacman\TiB§ leTAelIkarplit performance rbs;saCIvkmμ rWkG¾ CIvkmμ. 2> KitCamFüm manRbEhlBak;kNþalénsnþisuxhaniP½y (the security of risk). sRmab;visalPaBEdlCacMNUlmkelITIpSarFnbR½t (the market portfolio) RtUvmanshTMnak;TMng (correlated) CamYynwgsuxPaB énesdækic©. esdækic©man\Ti§BleTAelIkarbMeBjkarplitén stocks. Richard Brealey )anvas;nUv\Ti§Blénesdækic© nigén]sSahkmμeTAelI clnaTinñplénshRKas nig)anrkeXIjnUvlT§plEdl)anraykarN_ fa esdækic©mankarERbRbYl KWman\Ti§BleTAelI]sSahkmμ ehIy\Ti§ BlEdlkan;EtFM KW]sSahkmμEdlmankareLIgcuHya:geRcIn (more

. TaMgGs;enH KWTinñplrbs;vaRtUv)anTTYl\Ti§Bledaykar eLIgcuHénesd§kic©kúñgTMhMvisalPaBd¾FM. TMnak;TMngrvagkarbMeBjkar plitEdlCaesdækci © (economic performance) nig]sSahkmμ nigkar bMeBjkarpliténshRKasRtUv)ancgRkgCaÉksarpgEdredayelak N. Gonedes. Gonedes )anrkeXIjfa\TiB § l]sSahkmμeTAelIkar bMeBjkarpliténshRKas KWBMusMxan;Nas;NaeT (insinigficant) TnwÞmnwg\Ti§Blénesdækic©RtUv)anKNnaeXIj 50% énkarERbRbYlenA kñúgR)ak;cMNUlsrubénR)ak;shRKas. 3> cMeBaHTRmg;karenAkñúgTisedAEdlRbQm KWgaykñúgkarKNnad¾sgS½y nigkarsniñdæanmþgdUecñH mþgdUecñaH. bEnßmBIenHeTotTaMgGs;enaH KW Bi)aksRmab;bBa©ÚlKañnUv\Ti§Blénesdækic©d¾BaseBjeTAelIshRKas nimYy²EdlkMBugeFIVdMeNIrBIkRmitmIRkUeTAkRmitma:RkU. cyclical)

7> 2> 4 karvaytémøén Common Stock - témøc©úb,nñén Common Stock KMrUtémøbc©úb,nñ (the present value model) RtUv)aneRbIR)as;sRmab;vaytémø common stock enAkñúgkfax½NÐenH. eRBaHfaGñkEdlkan; common stock (common stockholders) Cajwkjab;)anTTYlnUvcMENksac;R)ak;cMeNj (cash ; b½NPÑ aKh‘unenaH (shares). KMrUtémøbc©úb,nñ (the dividend) BIsCIvkmμEdlpþl[ present value model) RtUv)aneRbIsRmab;rk[eXIjtémøbc©úb,nñ (present value) éncMENksac;R)ak;cMeNjGnaKtTaMgGs;Edlm©as;PaKhu‘nGacrMBwgnwg)anTTYl. GñkviPaKhirBaØvtßú)anehAtémøbc©úb,nñ (present value) CatémøBitR)akd (intrinsic value) énb½NÑPaKh‘un (of share or stock). kalNaGñkvinieyaKTijenAb½NÑPaKh‘unFmμta common stock enaH cMENksac;R)ak;cMeNj (cash dividend) kñúgmYy share KWCalMhUrsac;R)ak; EtmYyKt;EdlGñkvinieyaKGacsgÇwmfa)anTTYlrhUt drabNaeKenAEtCam©as; kmμsiTi§én stock. edaysarEtviFIsaRsþcas;rbs;va)ankøayeTACacas;kMril

ehIyenaH dUecñHsCIvkmμ (corporation) )anGPivDÆn_nUvplitplmYy rWviFIsaRsþ mYyEdlGacsßitesßrsRmab;ryHeBlEvg. viFIsaRsþenH KWmanmUlehtusnμt; EdlfacMENkcMeNj (dividens) )anRtUvbg;edaysCIvkmμenaH KWnwgekIneLIg CabnþbnÞab;. kñúgkrNIenHtémøbc©úb,nñéncMENksac;R)ak;cMeNjGnaKtTaMgGs; (all future cash dividends) KW ³ Cash dividend per share Present value per share = Discount rate – Growth rate

PaKykenAkñúgrUbmnþxagelI KWCasac;R)ak;cMeNjdMbUg (initial cash dividend) kñúg share rW stock mYy ¬muneBlkarekIneLIgNamYynwgekIteLIg¦. GRtabBa©úHtémø (discount rate) KWCaGRtakarR)ak;EdlTUTat;nwghaniP½y (risk adjusted interest rate) 3 nigGRtalUtlas; (growth rate) KWCaPaKryEdlbgðaj GMBIkarlUtlas;CamF,mral;qñaMenAkñúgcMENksac;R)ak;cMeNj (cash dividends) énshRKas. cMeBaHsmIkarxagelIeyIgnwgbkRsayCa]TahrN_dUcxageRkam. eyIg BicarNanUvcMENkén stock enaH EdlmancMENksac;R)ak;cMeNjral;qñaM (annual cash dividend) 5$ kñúg 1 b½NÑPaKh‘unkñúgeBlcab;epIþm nigmanGRta lUtlas;CamFüm 2% kñúg 1 qñaM enAkñúg cash dividendsenaH. TaMgGs;enH k¾man cMNat;fñak;haniP½yEdlmanGRta 10% kñúg 1qañMéncMNUledIm,ITak;TajGñk vinieyaK. edayeRbIR)as;smIkarxagelI eyIgGacKNnatémøbc©úb,nñénb½NÑ PaKh‘unenaH (share’s present value) dUcxageRkam ³ Cash dividend Present value

= Discount rate – Growth rate

3

Discount rate, ”risk – adjusted discount rate “, “ cost of equity capital ” and “ required rate of return on equity ” are synonymous term when discussing the cash dividends from common stock.

5$ =

5$ =

0,10 – 0,02

= 62,50$ 0,8

krNImankarERbRbYlénhaniP½y eyIgsnidæanfa shRKaskøayCamanhaniP½yedayRbEhlCYbRbTHnUv karRbkYtRbECgfμIEdlelceLIg rWmYyk¾sßab½nkarBarbrisßanbþwgshRKascMeBaH kareFVI[RkxVk;brisßany:agxøaMg. RBitþkarN_TaMgenHnwgeFVI[mankarfycuHénkar lk; rWk¾ekIneLIgéncMNayRbtibtiþkarN_énshRKas. CalT§pleFVI[cMeNj nigsac;R)ak;EdlsRmab;TukCacMENksac;R)ak;cMeNjnwgRtUvfycuH nigkarERb RbYlenHnwgeFVI[manhaniP½yén stock rW share rbs;shRKaskan;EtFM. bnÞab;mkGñkvinieyaK rWGñkTij stock nwgTamTarEdlfa stock RtUvrk[)annUv GRtaéncMNUlx<s;mYy (required rate of return on equity) edIm,ITUTat;eGay GñkvinieyaKsRmab;sRmalnUvhaniP½yEdlbEnßmfμIenaH. xageRkamenH bgðajnUv present value én stock kñúgkrNIEdlmankarERbRbYlhaniP½yenaH. enAkñúgenaH KWeyIgBicarNafa annual cash dividend per stock KW 5$ nig annual growth rate in cash dividend 2% dEdl ÉGRtaén discount rW required rate of return ekIneLIgBI 10% eTA 12% dUecñHeyIg)an ³ →·

Cash dividend Present value = Discount rate – Growth rate 5$ =

5$ =

0,12 – 0,02

= 50$ 0,1

cMeBaHkarERbRbYlén growth rate rW cash dividend k¾karKNna present value manlMnaMdUcCa]TahN_énkarKNnaénkarERbRbYlhaniP½yxagelIEdr. →·

- Stock price

sRmab;karvaytémø stock (present value) tamryHsmIkarxagelIeyIg GacrktamrUbmnþmYyeTot EdleK[eQaμHfa fundamental analysis. GñkviPaK

hirBaØvtßúEdleRbIR)as;viFIsaRsþenaH RtUv)anehAfa :GñkviPaK fundemental” ¬fundamental analysts). GñkviPaK fundamental KWCakarsikSaGMBIrUbPaBBiténmUldæanhirBaØvtßú nig esdækic© (basic financial and economic facts) én company Edl)anpþl;nUv securities edIm,IeFVIkarerobcMkarvaytémørbs;eKeTAelItémøén securities enaH. eKsikSaeTAelIKMnit nigninñakarénkarlk; rWkarpÁt;pÁg;TIpSarrbs; company nigTinñpl KuNPaBénplitplrbs; company tYnaTIRbkYtRbECgrbs; company enAelITIpSarEdlplitplrbs;xøÜnRtUvlk; TMnak;TMngkargarrbs; company RbPBénvtßúFatuedImrbs; company tYnaTIrdæaPi)alEdldak;eTAelI company nigktþad¾éTeTotCaeRcInEdlGacCH\Ti§BleTAelItémøén common stocks rbs; company (value of the firm’s common stock). eyageTAtamenaH bnÞab;mkeKvaytémøeTAelIcMnYnTMhMBIrKW ³ Earning per share (EPS) nig price earnings ratio (P/E ratio). bnÞab;mk edIm,ITak;TgnUvkarvaytémø intrinsic value rW present value karviPaKCamUldæan (fundamental analysis) enaH KWCaplKuNén EPS nig P/E ratio Intrinsic value = EPS × P/E ratio

KWCaR)ak;cMNUlsuT§rbs; company eRkayeBldkBn§EckCamYynwg cMnYnén shares Edl)anpþl; rW)anlk;enAelITpI Sar. P/E ratio KWCaplEckrvagéføén share (price per share) én stock rbs; company CamYynwg EPS. enAkñúg fundamental analysts cMnYnTaMgBIrRtUv)aneRbIR)as;enAkñúgpøÜvdUcxageRkam ³ > TImYy fundamental analysis Tak;TgeTAnwgGVIEdlRtUv)anehAfa value – earnings ratio (V/E ratio). Value – earning ratio KWCaplEckén present value per share CamYynwg EPS: EPS

Present value per shares V/E ratio = EPS

cash dividend EPS = Discount rate – growth rate

enAkñúgsmIkarxagelI)anbgðajfatémøenAEpñkxagsþaMénsmIkar KW EPS EdlCakarsikSanUvmUldæanBt’manGMBI company ehIyEdledIrtYnaTICaEpñkmYy d¾sMxan;. > TIBIr fundamental analysts eRbobeFob V/E ratio eTAnwg P/E ratio: Price per share P/E ratio = Earning per share

lT§plénkareRbobeFobenHRtUv)aneRbIR)as;eday fundamental analysts kñúgpøÚvbIya:g ³ - kalNa P/E ratio FMCag V/E ratio enaHéfø stock RtUv)anelIséfø (stock is overpriced) . dUcenH stock KWRtUvlk;muneBlEdléførbs;va Føak;cuHvij. - kalNa P/E ratio tUcCag V/E ratio enaHéfø Stock RtUv)anFaøk;éfø (stock is underpriced) . dUcenH stock KWRtUvGacTijCamYynwgkarrMBwg Tukd¾smrmümYyEdlfaéførbs;vanwgekIneLIgenAéf¶mux. - kalNa P/E ratio esμIrnwg V/E ratio enaHéfø stock KWmantémøRtwmRtUv BMumankarERbRbYléfød¾sMxan;NamYyekIteLIgeLIy. karviPaK fundamental RtUv)ansegçbenAxageRkam. viFIsaRsþenHRtUv)an eRbIR)as;ya:gTUlMTUlay nigCaviFIsaRsþd¾KYr[Tukcitþ)ankñúgkareFIVkarseRmccitþ GMBIkarTij nigkarlk;én common stock. GñkviPaK securities d¾manCMnajCa eRcInBan;nak;EdlRKb;RKgrab;ekadduløaén funds EdlRtUv)anvinieyaK KW)aneRbI R)as;nUvviFIsaRsþ (procedure)enH.

lT§pl KWfa share EdlmanéføelIs (overpriced shares) mannUvéførbs; va nig P/E ratio eFVIdMeNIrcuHeRkameTAdl;kRmitd¾smrmürbs;vaCamYynwgsm CMh‘anTI 1 ³ kar)a:n;RbmaNGRtatémøTinñplén stock (V/E ratio) edaykarsikSaeTAelIrUbPaBBitEdlCamUldæan (fundamental facts) én company enaH. > CMh‘anTI 2 ³ segátemIleTAelIGRtaTinñpléføén stock (P/E ratio) edayRtYtBinitüTUrelxenAkñúgkaEst rWk¾RBitþbR½tvinieyaK > CMh‘anTI 3 ³ eRbobeFob stock’s V/E ratio eTAnwg P/E ratio rbs;va nigbnÞab;mkBieRKaHnUvkarseRmccitþvinieyaKeTAtamviFanxageRkam ³ > viFIénkarseRmccitþvinieyaK ³ 1. kalNa V/E ratio ekInelIs P/E ratio enaHéfø stock RtUvFøak;cuH eRkaméfø nigCaeBlGacCakarTijd¾l¥mYyén stock. 2. kalNa V/E ratio KWtUcCag P/E ratio enaHéfø stock RtUv)anelIs éfø (stock is overpriced) nigCaeBlEdlRtUvlk; stock edIm,IraraMg nUvkarxatbg;EdlnwgRtUvekIneLIgNamYy enAeBlEdléførbs;va Føak;cuH. 3. kalNa V/E ratio esμInwg P/E ratio éføén stock KWesμInwgtémøEdl TaMgkarlk; nigkarTij KWBMuGaceTArYcedaysmrmüeT,Iy.

- Price = Value

enAkñúgTRmg;sRmab;Bnül;faetIéføén stock nwgERbRbYlenAkñúgTIpSarEdl TIpSarenaHmankareRbobeFob price-value RtUv)aneFVeI naH elak Paul Cootner )an pþle; yabl;faéføén securities RtUvGacemIleXIjCaes‘réI nkarERbRbYlCaRBav EdlRtUvraraMgenACuMvijtémøBit (the true value) én securities enaH. Paul Samuelson )anBRgIkenAKMrUrbs; Cootner edaybkRsayBI perfectly i témørbs;va. Samuelson )anpþle; yabl; efficient price KWCaéføEdlBMuERbRbYlCMuvj Edlfa security CamYynwg perfectly efficient price KWbnþenAkñúgtulüPaB ³ éførbs;va nigtémøKWCanic©CakalesμIrKña. manEtcMNuctulüPaBeTEdlnwgERbRbYl eRBaHfaRKb;eBlevla securities fμIRtUv)anbeBa©j rWpþl;eGay dUcenHtémøén (value) security nwgERbRbYl nigéføTIpSarén security nigsRmbsRmYleTAnwg témøfμI (new value) eRBaHGñkTij nigGñklk;CaGñkeFIV[éføekIneLIg rWfycuH. 7> 2> 5 karvaytémøén Bond Money mantémøCaeBlevlaeRBaHfa duløa KWmantémøeRcInEfmeTot kal NaduløaenaH RtUvTukbRmugsRmab;eRbIR)as;CabnÞan;CagkalNaduløaenaH KWBMu TukbRmugrhUtdl;yWty:av. smIkarxageRkambgðaj[eXIjnUvPaBxusKñaenAkñúg témørvagduløabc©úb,nñ nigduløaEdlRtUvTTYlkñúgeBlGnaKtkñúgryHeBlmYyqñaM future value = present value (1+ interest rate)

CamYynwgGRtakarR)ak; 5% deposit cab;epþIm rWk¾karvinieyaKén 1$ )an ekIneLIgdl; 1,05$ dUcEdlsmIkarxageRkam)anbgðaj ³ future value

= 1$ (1+ 0,05) = 1$ (1,05) = 1,05$

smIkarxagelIGacRtUv)aneRbIR)as;edIm,Irk[eXIjnUv present value éndulaø GnaKtEdlnwgRtUvTTYl. EcksmIkarxagelInwgcMnYn (1+interest rate) eyIg TTYl)an ³

future value present value

= 1+ interest rate

enAkñúgemeronénkarvaytémø stock RtUv)anbgðajfaetIeKeRbIR)as;KMrUtémø bc©úb,nñ (present–value model) sRmab;karvaytémøén securities y:agdUemþc. KMrUtémøbc©úb,nñenH RtUv)anbgðajmþgeTotenAkñúgsmIkarxageRkam ³ present value =

coupon1 (1 + i)1

+

coupon2 (1 + i)2

couponn + face value +----+ (1 + i) n

sBaØaNTaMgbIEdlelcecjenAEpñkxagsþaMénsmIkar KWRtUv)anBiPakSa xageRkam ³ > GRtakarR)ak; ³ GRtakarR)ak; rWGRtabBa©úHtémø (discount rate) rW yieldKWCaGRtakarR)ak;TIpSarEdlERbRbYlCad¾rab bnþmkeTotGRta to-maturity karR)ak;RtUvTak;TgecjBIr)aykarN_TIpSarbc©úb,nñ. snμt;faGRtakarR)ak; KW 10%. > Face value : Bond’s face value (rWk¾ principal value) nigeBlevla EdleBlenaH GVTI aMgGs; KWRtUvbg;RtLb;enaH KWRtUv)ansresrCab;eTAnwgsnøkw bond enaH nigRtUv)ankMNt;CaTUeTAnUvGayukalén bond. snμt;fa 1000$ face value bond KWRtUv)anbg;RtLb; (repaid) enAkñúgry³eBl 3qñaM (n=3). > Coupon : coupon KWCaplKuNén coupon rate nig face value. kar éllkeBlénkarbg; coupon interest KWsMxan;Edr. snμt;fa coupon rate man 6%. dUcenH bond RtUvbg; 60$ (1000$ x 0,6) enAéf¶cugbBa©b;énqñaMnimYy²én GayukalbIqñaMrbs;va. CMnYstémøEdl)ansnμt;xagelIeTAkñúgsmIkarxagelIeyIg)an ³ 60$ Present value =

(1+ 0,10)1

60$ +

(1+ 0,10)2

60$ + 1000$ +

(1 + 0,10)3

= 54,545$ + 49,586$ + 796,393$ = 900,52$

karKNna present value xagelIpþl;eyabl;Edlfa bond KWmantémø 900,52$. KMrUenH KWCaTidæPaBd¾smrmümYyénkarvaytémø bond (bond valuation) EdlRKb;KñaeKeRbIR)as;. dUcenHRKb;Kñanwgyl;RBmEdlfa bond enH KWmantémø 900,52$. Bt’manEdlRtUvkarsRmab;eRbIR)as;bkRsaynUv present value edIm,Ivay témøén bond KWgaynwgTak;Tg)an. Bond principal amount karbg; counpon interest rbs;va nigeBlevlaénlMhUrsac;R)ak;TaMgenaH (cashflows) RtUv)an sresrCab;enAelI bond TaMgGs; nigTUrelxTaMgenaH KWKñankarERbRbYleLIy. PaBepSgKñanUveyabl; KWsRmab;begáIteLIgenAkñúgkarvaytémøén bond EtenAkñúg kareRCIserIsnUvGRtakarR)ak;ds¾ mrmümYyedIm,IeRbIR)as;sRmab;karbBa©úHtémø (discounting) én cashflows. CamYyeBlevlaEdlpþl;[nimYy² GRtakarR)ak; EdleFIV[mankarbBa©úHtémøepSgKñaenaH KWsmrmüsRmab;karpþl;[én bond epSg KñaEdr. PaBepSgKñaenHekIteLIgedaysar bond EdlepSgKña KWmanhaniP½y epSgKñaénkarxkxanmin)ansgbMNul (= én default). dUcenH bond RtUvpþl;[ enAkRmitKuNPaBedayQrenAelImUldaænénkarvaytémøénhaniP½yénkarxkxan min)ansgbMNulenaH ¬én default¦. Tinñpl ³ CakarGnuvtþn_ bond TaMgGs;Edlpþl;eGayfμImankarkMNt; (maturity) elIsBImYyqñaMeLIgeTA KWmanTinñpl rWk¾ investment rate of return EdlRtUv vas;EvgmanbIepSgKña. TImYy ³ counpon interest rate EdlRtUvsresrCab;eTA nwg bond BMumankarERbRbYleLIy. Coupon rate enH niyayR)ab;fa CaRbPaKén bond’s face value EdlRtUvcMNayCaerogral;qñaMsRmab;CakarR)ak;. GRta karR)ak;BIrd¾éTeTotRtUv)anKNnaeRkayBIkar)andwgnUv coupon payment → Bond

enaHral;qñaM. GRtaTaMgBIr KW bond’s current yield nig bond’s yield to maturity (YTM). Coupon interest rate bBa©ak;faetI Coupon interest rate b:unμanEdlGñkvinieyaKeTAelI bond GacTTYl)anral;qñaM k¾b:uEnþ current yield nig YIM KWERbRbYlCaerogral;éf¶. karvas;TinñplénTMhMTaMgBIrxageRkayenH pþl;nUvBt’manGMBIfaetI bond nwgeFVIeGayekIneLIgnUvePaKRTBüénGñkvinieyaK elOnya:gNa. Current yield vas;enAGRtaral;qañ M rWkP ¾ aKryén cashflows Edl investors ral;rUbnwgTTYl kalNaeKTij bond CamYyéføbc©úb,nñrbs; (current price)va. karvas;enATinñplsac;R)ak; (cash yield)enH KWmanplRbeyaCn_eBjeljs Rmab;GñkvinieyaKNaEdlTamTarnUvGRtaBitR)akdénlMhUrsac;R)ak; (cashflow) ecjBIkarvinieyaKrbs;eKCaerogral;qñaM. Current yield KWesμIeTAnwgplEckrvag coupon interest payment Caerogral;qañ M nig current priceén BondenaH. taragxageRkambgðajnUvGRta bond price ral;éf¶rbs;sCIvkmμEdldk ecjBIRbitbþ R½ tBt’man. karkt;RtaEdlfa american telephone and telegraph ; . edIm,Iyl;kúñgkarGanGRta bond (ATT) has 13 bond Edl)anpþl[ eKRtUvBicarNa ATT ’s longest – term bond EdlRtUv)anbg; 10.375 PaKry (10 3/8)Ca coupon interest rate kalkMNt;qñaM 1990 nigman face value 1000$. coupon interest esμIr 103.75$ kñúg 1 qñaM. Bond’s current yield KW 11.608 PaKry (103.75$ : 893.75$). Bond current price 893.75$ RtUv)anGanecjBIRBitþb½RtenaH. enAkñúgtaragxageRkam bgðaj[eXIjéfø bond x<sb; Mputrbs;vasRmab;éf¶enaH KW 89 ¾ rWk¾ 89.75 PaKryén face value rbs;va. éfø bond TabbMputenAéf¶enaH KW 89 ¼ rWk¾ 89.25 PaKryén face value rbs;va nigéfø Bond bBa©b;enAéføenaH KW 89 3/8 rWk¾ 89.375 PaKryén face value rbs;va. TaMgGs;enaH )anbgáItenAéføbBa©b;én bond enAkñúgéføenaH KW 893.75$.

GñkvinieyaKEdl)anTij bond nigrkSavarhUtdl; bond enaHputkMNt; nwg)anTTYlTinñplCaGRtaéncMNUl (rate of return) EdleKehAfa yield- toi ayfam©as;én bond CamYynwg YTM 14 % maturity (YTM). TaMgGs;enaH KWny nwgTTYl)anTinñpl 14 PaKryénGRtacMNUl (14 percent rate of return). m©as; kmμsiTi§nwgTTYl)an 14 PaKry YTM enH EtkalNa bond KWBMumankarxkxanBMu )anbg;R)ak; (= default) rWk¾edIreTArkPaBkS½yFn nigBMuRtUv)anlk;muneBl bond enaHputkalkMNt; nigmankarbg;sg principal rbs;va (face value) edayeBj elj. YTM KWeRbIR)as;CargVas;énel,ÓnEdlCamYyel,ÓnrgVas;enaH PaBrIkcMerIn rbs;GñkvinieyaKRtUvrMBwgfaekIneLIg (equivalent of the investor’s return) eRBaHfa YTM sRmbsRmYlkareRbobeFobén bonds epSgKañ. ]TahrN_ YTM sRmab; bond CamYynwg 5 qañMénkalkMNt; (with 5 years to maturity) RtUvGac eRbobeFobCamYynwg YTM én 9 qñaM bond edIm,IkMNt;faetI bond mYyNanwg TTYl)anTinñplcMNUleRcInsRmab;GñkvinieyaK. YTM KWCakarvas;TinñplEdlBicarNaeTAelIR)ak;cMNUlBI bond Tinñpl EdlecjBIRbPBBIr KW coupon interest nigkarERbRbYléfø (= capital gains or losses). eyIgBicarNaeTAelI US treasury note mankalkMNt;kñúgqñaM 1997 nigkarbg;[ coupon interest rate 7 5/8 rW 7.625 PaKryén face value rbs;va. Bond’s YTM 12.09 PaKryRtUvGacbMEbkCaBIrEpñk³ TImYy current yield KW coupon interest EdlEckCamYynwgéføtRmUvkar bc©úb,nñ (current asked price) ³ TaMgGs;enH KW 76.75$ : 795.94$ = 9.58%. Current yield KWCaGRtaén cashflow ecjBI coupon interest payments. RbPBTIBIr énR)ak;cMNUlsRmab;GñkvinieyaKEdlCaGñkTij note sRmab; 795.94$ ehIyrkSaTukvarhUtdl;kalkMNt; 1997 nigTTYl)an face value rbs;va 1000$ KWseRmc)anR)ak;cMNUl 204.06$. plbUkén current yield nig capital gain rate KWCa YTM (9.58% + 2.51% = 12.09%). dUcenH bond investor’s total

KWCa YTM EdlesμI 12.05%. enH KWCargVas;énel,Ond¾TUlMTUlay bMputEdlCamYynwgrgVas;enH PaBrIkceRmInénGñkvinieyaK bond KWkMBugERbRbYl (kalNa YTM GacGviC¢man eRBaHkarxatbg;TunGacekIteLIg enaHPaBrIkcMerIn énGñkvinieyaKnwgFøak;cuH). rate of return

premium over par or discount below par annual coupon interest + number of year to maturity YTM = (current price + par value) 12 Average income per year = Average investment → Bond investing

³

KWCargVas;én rate of return sRmab; bond EdlGacRtUveRbIR)as; sRmab;yuTs§ aRsþTaMgBIrénkarTij bond : bond investing nig bond speculating. bond speculator KWCaBaNiC¢kmμd¾skmμEdlTij niglk; bond Cajwkjab;enA kñúgkarxitxMRbwgERbgedIm,IcMeNjecjBIkarERbRbYléføEdlRbRBwtþenAryHeBlxøI . pÞúyeTAvij bonds investors Tij bond nigrkSa bond enAkñúgkarvinei yaK portfolios rbs;eKsRmab;ral;qñaM. eRkayBI bond’s YTM RtUv)andwgTaMgGs; enaH KWCalT§PaBeRbIR)as;nUvneya)ayvinieyaKEdlgay² ³ eRCIserIseday gaynUv bond CamYynwg YTM Edlx<s;rbs; bond TaMgGs;EdlpÁt;pÁg;enA elITIpSar bonds CamYy YTM rbs;va eTaHbIya:gNak¾edayGRtaKuNPaB (rWk¾kRmithaniP½y) k¾RtUveGaymanPaBsmrmüEdr. kalNa bond BMu defaulted enaH karvinieyaKRbePTenHnwgFananUv rate of return enAkñúgkRmithaniP½yd¾smrmümYy. eTaHbIya:gNak¾eday TaMgGs;enH KWe)aHbg;nUvsMnYrénkalkMNt;rbs; bond . sMrab;GñkvinieyaK bond Gacman katBVkic©hirBaØvtßú (financial obligation) EdlnwgTamTarkareRbIR)as;sRmab;éf¶ YTM

GnaKtén funds Edl)anvinei yaKeTAelITpI Sar bonds. kñúgkrNIenH TaMgGs;enaH nwgCakarsmrmüsRmab;GñkvinieyaKeTAelI bonds enAkñúgkarTTYlykenAdMeNIr karCabICMh‘andUcxageRkamsRmab;karvinieyaKeTAelI bonds. > TImYy ³ eFVICabB¢Iaén bonds EdlmankRmiténhaniP½ysmrmüsRmab; smtßPaBGñkvinieyaKkñúgkarFnRTaMnwghaniP½y. > TIBIr ³ bM)at;ecalecjBIkarBicarNavinieyaKeTAelI bond NaCamYy nwgkalkMNt;Edlmkdl;eRkayBIéf¶EdlcMNUl)anBIkarvinieyaKenA kñúg bond RtUveRbIR)as;sRmab;eKalbMNgd¾éTeTot mann½yfaTaMgGs; enaHl¥\texa©H kalNa bonds CaeRcInGacRtUv)anrkeXIjCamYynwg kalkMNt;EdleyaleTAtamkarpSarP¢ab;CamYynwgéf¶Edl funds nwg RtUvkarvij. > TIbI ³ eRCIserIs bonds rW bonds CamYynwg YTM d¾x<s;EdlseRmc )anenAkñúgryHeBlénkalkMNt;. → Bond trading :

yuTs§ aRsþénkareFIBV aNiC¢kmμ bond k¾dUcCayuTs§ aRsþénkarvinei yaK bond Edl)anbgðajxagelIEdr KWRtUv)anbkRsayenAkñúgsBaØaNén bond’s YTM. yuT§saRsþénkarTij niglk;EdlbgðajxageRkamRtUvmanmUldæanBITsSnTanén témøbc©úb,nñ (present value) Edl)anbgðajxagelICaEpñkénkarBiPakSaBIhaniPy½ énGRtakarR)ak;. Present value theorem one RtUv)aneRbIR)as;CamUldæanyuTs§ aRsþ énkareFVIBaNiC¢kmμ bond ³ . Present value theorem one : témøbc©úb,nñén cashflow GnaKtmYy rWeRcIn (one or more future cashflows) ERbRbYlbRBa©as;CamYynwgGRtakarR)ak; rWkG¾ Rta discount Edl)aneRbIR)as;sRmab;KNnatémøbc©úb,nñ (present value). Present value theorem one manGtßn½yEdlfa kalNaGRtakarR)ak; TIpSarERbRbYléføén bond manRbtikmμeFVIclnabRBa©as;eTAvij ¬emIl]TahrN_ xageRkam¦. kareLIgcuHénéføenH KWCaEpñkénhaniP½yénGRtakarR)ak;. Treasury

CamYynwg face value 1000$ GaceLIgcuHenAkñúgéførvag 700$ nig 1200$ enAkñúgkarbRBaa©s;BIkarERbRbYlénGRtakarR)ak;TIpSarEdleFVI[eLIgcuHeTAelI nigeTAeRkamnUv bond’s coupon interest rates. ]TahrN_³ GRtakarR)ak;TIpSarekIneLIgBI 5%eTA 10%. karERbRbYlenH man\Ti§BleTAelI present value EdlmankalkMNt; 3 qñaM nig coupon interest rate 1$ kñúg 1qñaM. bonds

. Interest rate 5% : 1$ 1$ 1$ Present value = + + (1 + 0.05)1 (1 + 0.05 )2 (1 + 0.05)3 = 0.952 + 0.907 + 0.864 = 2.723$ . Interest rate 10% : 1$ Present value =

1$ +

(1 + 0.1)1

1$ +

(1 + 0.1)2

(1 + 0.1)3

= 0.9090$ + 0.8264$ + 0.7513$ = 2.487$

karFøak;cuH (2.723$ - 2.487$ = 0.237$) pþl;eyabl;EdlfaGRtakarR)ak; manTMnak;TMngbRBa©as;CamYynwg present value. \LÜvBicarNaEdlfa interest rate fycuHBI 5% eTA 1% dUcenHeyIg)an ³ 1$ Present value =

1$ +

(1 + 0.01)1

1$ +

(1+ 0.01)2

(1+ 0.01)3

= 0.9901 + 0.9803 + 0.9706 = 2.941$

enH KWFMCag present value EdlmanGRtakarR)ak; 5% cMnYn 0.218$. dUcenH GRtakarR)ak;TabenaH KW present value x<s; (and vice-versa). Present value

dUcenH kUnesarsRmab;dak; present value theorem one edIm,IeRbIR)as; rkcMeNj KWRtUvEtmansmtßPaBniTsSn_nUvclnaénGRtakarR)ak;TpI Sar. BaNiC¢kmμ én bond d¾man\Ti§plEdlGacniTsSn_karekIneLIg nigkarFøak;cuHénGRtakar R)ak;TIpSar KWGacTTYlcMeNjya:gsmrm,CamYynwgkarTij bond kalNaéføén bond KWTab (TaMgenH KWkalNaGRtakarR)ak;TIpSarx<s;¦ niglk;vaecjkal Naéføén bond KWx<s; ¬TaMgenH KWkalNaGRtakarR)ak;TIpSarTab¦. eTaHbIya:g Nak¾edaymuneBlRbtibtiþviFankarN_enHeyIgRtUvRtYtBinitünUv present value theorem two EdlGacRtUv)aneRbIR)as;TajcMeNjRsbCamYynwg present value theorem one. Present value theorem two GacRtUvTTYlyk)anEdrsRmab;pþl; eyabl;nUvkareFVeI GayRbNiténcMeNjenAkñúgyuTs§ aRsþBaNiC¢kmμ buy-low and sell-high én bond : . Present value theorem two : haniP½yGRtakarR)ak;énkarvinieyaKekIn eLIgCamYynwgGnaKtkalén investment’s cashflow. Present value én bond ERbRbYlbBa©as;eTAnwgGRtakarR)ak;Edllatsn§wgya:gEvg dUcCaRbEvgéneBl rhUtdl;kalkMNt; bond ekIneLIg. Present value theorem two mann½yCasMxan;Edlfa cMeNjénkareFVI BaNiC¢kmμecjBIkareFVIBaNiC¢kmμenAkñúg bond EdlCamYynwgryHeBlEvgén kalkMNt; nigFMCag ¬rWk¾kalNaGRtakarR)ak;niTsSn_EdlmankarPan;RcLMenaH mankar)at;bg; nigFMCag¦ cMeNjénkareFIVBaNiC¢kmμecjBI bond Edlman ryHeBlxøIénkalkMNt; kalNaBaNiC¢kmμenaHRtUv)aneFIVenAkñúgpøÚvdUcKña. dUcenHGñkeFVIBaNiCk¢ mμ bond EdlGacRbemIlemIleXIjya:gRtwmRtUvenAkñúgTIpSar GRtakarR)ak;GacTTYlTinñplCa profit CamYynwgkareFIVBaNiC¢kmμén long term bond FMCagkarGacTTYlTinñplCa profit CamYynwgkareFIVBaNiC¢kmμ én short term bond. 7> 2> 6 karviPaK Portfolios → karviPaKhaniP½y ³

ekItmaneLIg kalNacMNUlénkarvinieyaK rbs;GñkERbRbYleyageTAtamlkç½NÐhirBaØvtßúén company EdlGñkkMBugeFVIkar vinieyaK. GñkvinieyaKEdlTij common stocks, preferred stocks, bonds rWk¾ securities d¾éTeTotrbs; corporate epSgeTotRtUvCYbRbTHnUvlT§PaBén default nig bankruptcy ¬kS½yFn¦. karkS½yFnGacRtUv)anemIleXIjmunedayGñkviPaK hirBaØvtßú eRBaHfakareFIV[kan;Etya:b;eLIgénGRtahirBaØvtßú nigkarRbkan;karsg eTAelIbMNul ¬kalNa company KWBMumansmtßPaBkñúgkarbg;R)ak;sRmab;vki ½ybR½t rbs;xøÜn¦ PaKeRcInCanic©CakalrMkileTAmux. . Management risk : TaMgGs;enH KWCakMhusén management EdleFVI[ company GaRs½yeTAnwgGtifiCnmYyRkum rWk¾GtifiCnmYycMnYn Edlkar)at;bg; GtifiCnTaMgenaHGaceFVI[)at;bg;hirBaØvtßúén company rWk¾CRmuj[ company eq
Default risk: default risk

g;énTunsRmab; company’s securityEdlmankm©eI naH. müa:geTot kalNa interest rate ERbRbYl bond EdlCamYynwg fixed coupon payment k¾mankarERbRbYlén éføEdr. . Market risk : kalNa security market index ekIneLIgCanic©sRmab; kmøúgeBlmYy karvivDÆn_ekIneLIgrebobenHRtUv)anehAfa bull market. Bull market RtUv)anbBa©b; kalNa market index seRmc)ancMNuckMBUl nigcab; epþImvivDÆn_cuHeRkamvij. enAkñúgkmøúgeBlEdl market fycuHeTArkcMnucTab enaHRtUv)anehAfa bear market. Market risk rebobenHekIteLIgecjBIkar ERbRbYlenAkñúglkçx½NÐTIpSarEdlGacman\Ti§BleTAelIkarRbtibtþién company rWk¾eTAelI value én security rbs;va. Bear market RtUv)anbgðajCajwkjab;nUv economic recession énRbeTsenaH pÞúyeTAvij bull marketbgðajnUv economic growth enATIenaH. Recession KWCakmøúgeBlEdlTnÞwmnwgeBlenaHBaNiC¢kmμ )anbgðajnUvskmμPaBbeNþaHGasnñ. CalT§pl company dMeNIrkarticCag smtßPaBEdleBjeljrbs;xøÜn. kñugkrNIenH kRmiténkargarenAkñúg company Føak;cuH nigcMeNjk¾Føak;cuHEdr. . Price-level risk (= purchasing-power risk) :

bBa¢ak;karBitEdlfa investor’s money assets dUcCa cash, saving nig security) Gac)at;bg;nUvfamBlkarTijrbs;va edaysarEtman inflation. GñkvinieyaKCaeRcInBMu)anyl;faetIkarvinieyaKGacQWcab;edaykar )at;bg;famBlénkarTij edaysarEtGñkvinieyaKenaHmankarPan;RcLMfvika (money illussion) kalNaéføTIpSarrbs;vaeFIVclnaekIneLIg. GñkviPaKesdækic© )anbriyaynUvRbePTBitR)akdénkarRbkan;Gkb,kiryi axusqÁgenH ³ mnusSEdlman karPan;RcLM money illussion eCOfakalNaxøÜnmanluyeRcIn KWxøÜnGacman. kareCOenHmineGIeBIdwgnUvpøÜvEdlfaluyGac)at;bg;nUvfamBlkarTijplitpled aysarEtGtiprNaeT,Iy. Price-level risk

]TahrN_ 20 $ manfamBlkarTijkñúg qñaM 1960 eRcInCag 40$ Edl manenAkñúgqñaM 1990 eRBaHedaysarEtGtiprNa)aneFIV[eRcHswkfamBlkarTij énluy. eTaHbIya:gNak¾eday TaMgGs;enaH KWcaM)ac;edIm,Iyl;faetIGtiprNaRtUv )anvas;Evgya:gdUcemþcmuneBlkar)at;bg;énfamBlkarTijGacRtUv)anvas;Evg. . Business risk : Business risk KWPa¢b;enAkñúgkarRbtibtiþkarén company rWk¾]sSahkmμ. ]sSahkmμEdkEfb KWgayERbRbYlenAkñúglkçx½NÐesdækic©Cag ]sSahkmμmðÜbGahar. PaBEdlGacekItmaneLIgkñúgryHeBld¾eTogTat;enH KWpSarP¢ab;enAkñúg]sSahkmμEdkEfbenH nigdUcenHGaceFIV[man\Ti§BleTAelI GRtaéncMNUlrbs;va nigeTAelI value of security rbs;vaEdlRtUv)anpþl;. . Liquidity risk : liquidity risk CalTÞplecjBIkareFVs I mkalkmμd¾min l¥ (poor synchronization) én company’s cashflows. . Operating risk : operating risk KWCatYnaTIénkarTTYlbnÞúkEdlefr enAkñúgkarRbtibtiþkarén company. karbg;témøefrkan;Etx<s; KWkmøaMgKMnas;én Rbtibtþikark¾x<s; nighaniP½yénRbtibtþikark¾x<s;. TaMgGs;enHmann½ydUcenH eRBaHfa company EdlCamYynwgkmøaMgKMnas;Rbtibtiþkarx<s;nwgTamTarnUvkRmit énkarlk;d¾x<s;mYyedIm,IseRmc)annUv break-even point (zero profit point) rbs;va. . Financial risk : financial risk KWCahaniP½yEdlTajlT§plecjBI kmøaMgKMnas;. kalNaPaKryénRTBüsm,tiþrbs; company RtUv)anhirBaØbTan edaybMNulkan;Etx<s;enaH PaBGacnwgmaneT,IgénkarminsgbMNul)an rWk¾ kS½yFnk¾kan;EtFM nigkarmanhaniP½yén company k¾kan;EtFM. PaBmanha niP½yenH RtUv)anTUTat;sRmab;CamYynwgGRtad¾x<s;éncMNUleTAelI securities EdlRtUv)anpþl;[ company. → Dominant assets and efficient portfolios

karviPaK

cab;epþImkalNa portfolio manager mannUv HPR (holding period return) EdlRtUv)anrMBwgTuk nigsßitiénhaniP½yrbs; bond epSg² ehIy stoks nig assets d¾éTeTot edayenAeRkamkarBicarNasRmab;kar bBa©ÜlenAkñúg portfolios list. pøÜvd¾gayRsYledIm,IeRCIserIs assets d¾mantémø énkarvinei yaK KWRtUveRbIR)as; dominance principle. Dominance principle Bnül;Edlfa 1) rvag investment TaMgGs;CamYynwg HPR rMBg w TukEdlpþl[; investment NamYyCamYynwghaniPy½ tUcCageK KWCa investmentEdlKYr[cg;)aneRcInCageK. 2) bRBa©as;mkvijrvag Investment TaMgGs;CamYykMrt i haniPy½ Edl)anpþl; [enaH investment NamYyCamYynwg HPR EdlrMBgw TukFMCageK KWCa investment EdlKYr[cg;)anCageK. enAkñúgtaragxageRkam FTR RtUv)anRKbdNþb;eday ATW eRBaHGñkTaMg BIrmanhaniP½ydUcKña (3PaKry) TnÞwmnwg ATW man HPR EdlrMBwgTukx<s;Cag FTR. Dominance principle niyayfa bM)at;ecal FTR ecjBIkarBicarNa eRBaH FTR KWCa investment mYyEdlRtUv)anRKbdNþb. ; ATW k¾RKbdNþbe; lI GAC Edr eRBaH HPR rbs;vaTaMgBIr KWdUcKña Et ATW manhaniP½ytUcCag. dUcenH GAC k¾RtUvGace)aHbg;ecalEdr. rUbPaBxageRkamBnül;nUvcMNucenaH haniP½y nig HPR rMBwgTuksRmab; Assets R)aM portfolios

Security American TelephoneWorks (ATW) General Auto Corp. (GAC) Yellow Tractor Co. (YTC) Finest Tire and Rubber Co. (FTR) Hotstone Tire Corp. (HTC)

HPR

Total risk

7% 7% 15%

3% 4% 15%

3% 8%

3% 12%

pþl;eyabl;fa FTR nig GAC KWCa investment tUcCageK. Assets EdlBMuRtUv)anRKbdNþb; KW YTC, HTC nig ATW. Epñk kargarénkareFIVkarseRmccitþvinieyaKnwgelcecjCaehtupl eRBaHfakar seRmccitþRtUv)anbRgYjBI 5 eTA 3. eTaHbIya:gNaTaMgGs;enaH KWCa]TahN_ EdlminGacR)akdniym)an eRBaHTaMgGs;enaH KWmni eGIeBIdgw nUvPaBepSgBIKña (diversification)eT,Iy. \LÚvenHeyIgcab;epþImeroneRcInEfmeTotGMBIPaBepSgBI KñaedayBicarNaeTAelI efficient portfolio nig portfolio weighted average HPR. eTaHbI HTC KWCa assets EdlBMuRtUv)anRKbdNþb; karRtYtBinitüenAkñugta ragxagelI)anbgðaj[eXIjfarUbPaBhaniP½y nigcMNUlrbs;va KWmindwgCa ya:gem:cEdleFVImin[Tak;citþdUc ATW nig YTC. mUlehtu KWEdlfa portfilio BMuRtUv)anBicarNaenAeLIyeT KWRKan;EtBicarNaeTAelI assets nimYy²b:ueNÑaH. snμt;fa Portfolio RtUv)anRbDit rWrcnaeLIg cMeBaH ATW nig YTC. Portfolio’s HPR EdlRtUvrMBwgTuk KWCatémøCamFümén HPR EdlrgcaMén assets TaMgBIrenAkñúg portfilio. sRmab;]TahN_eyIgeXIjfa portfilio én assets TaMg BIrEdlCamYynwg 7 PaK 8 (seven-eighths) én funds rbs;vaRtUv)anvinei yaKenAkñúg ATW nig 1PaK 8 (one-eighths) RtUv)anvinieyaKenAkñúg YTC enaH KWman HPR EdlRtUvrMBwgTukdUcKñaeTAnwg HPR én HTC Edlman. bnÞat;eljeLIgecjBI ATW eTA YTC enAkñúgrUbPaBxageRkamEdleyagtamTUelxkñúgtaragxagelI )anbgðajnUvhaniP½y nigcMNUlén portfilio TaMgGs;EdlGacRtUv)aneFIV[eTACa sNaænecjBIcMENkepSg²KñaBI ATW nig YTC. HTC KWCa assets EdlRtUv)anRKbdNþb; kalNa portfilio RtUv)anBicarNa CalT§PaB assets TaMgGs;enH KWedaysarEtbnÞat;elcecjBI ATW eTA YTC RKbdNþb;elI HTC ¬emIlenAkñúgrUbxageRkam¦. Dominant assets KWGacCa individual assets rWk¾ portfilio. BIenHteTA eyIgnwgsMedAsRmab; dominant assets KWCa efficient portfilio ehIyedayRtUv Dominance principle

nwkeLIgvijfa portfilio GacmanBImYy asset rWk¾ assets CaeRcIn. Efficient portfilio KWCa assets nimYy² rWk¾karpSMpÁúMén assets Edlman HPR rMBwgTukGtibrmaenAkñúg kMrithaniP½yrbs;va ¬bRBaa©s;mkvij ³ haniP½yGb,rmaCamYynwgkRmitén HPR rMBwgTukrbs;va¦ eKalbMNgén portfilio management KWGPivDÆn_nUv efficient portfilio dUcCabnÞat;EdlelceLIgxageRkambgðajfaenATIenaH KWman efficient portfilio CaeRcIn. Rkumén efficient portfilio TaMgGs;nwgRtUv)anehAfa efficient sets én portfilio rWk¾ehACagayfa efficient sets. efficient sets of portfilio manGtßn½y Ca efficient frontier enAkñúglMhrén risk-return (risk-return space). efficient frontier KWCaTIzanéncMnucenAkñúglMhrén risk-return EdlmancMNUl (return) GtibrmaCamYynwgkRmitnimYy²énhaniP½yrbs;va. efficient frontier RKbdNþb; elI assets TaMgGs;d¾éTepSgeTot. BicarNafa etIPaBepSgBIKña (diversification) GacRtUv)aneRbIR)as;edIm,I kat;bnßyhaniP½y nigeFIV[kan;EtRbesIreLIgnUv efficient frontier ya:gdUemþc. RkahiVkbgðajnUv

R)aM enAkñúgsBØaaNénhaniP½y nig HPR rMBWgTukrbs;va

Assets

7 rel="nofollow"> 2> 7 karvas;EvgénkarbMeBjkarplit bec©keTsEdlRtUveRbIR)as;sMrab;vas;nUvkarbMeBjkarplit KWGaRs½yeTA nwgvisalPaBfaGñkNaEdlnwgeFVIkarvas;EvgenaH. karRKb;RKgénkarvas;Evg karbMeBjkarplit (performance) KWsßitnAkñúgsBaØaNénPaBxusKañrvagTUrelx EdlCakarBit (realized) nigTUrelxEdlrMBwgTuk (budgeted). karrMBwgTukénkar RKb;RKgBMupøas;bþÜrCacaM)ac;CamYynwgkarpøas;bþÜrénTIpSareLIy. dUecñHkarviPaK hirBaØvtßú KWvas;EvgeTAelIPaBERbRbÜlrvagtMélEdlRtUv)aneFVI eGayeTACakar Bit (realized value) nigtMélEdlRtUvrMBwgTuk (expected value) rWk¾rvag (realized value) nigmtiTUeTA (public opinion) énkarrMBwgTukrbs;GñkviPaKTaMgGs;. kalNakarrMBwgTukRtUv)anbdiesdæecj karbMeBjkarplitGacRtUvvas; EvgenAkñúgTMnak;TMngCamYynwgRbvtiþrbs;shRKas nigenAkñúgTMnak;TMngeTAnwg ]sSahkmμEdlsMrab;]sSahkmμenaH shRKasenaHkMBugsßitenAkñúgenaH. TaMg Gs;enaH KWCakareRbIR)as;karviPaKGRta. - karviPaKGRta ( ratio analysis ) karviPaKGRta KWCameF,a)ayEdl)aneRbIR)as;sMrab;qøúHbBaa©MgnUvlT§pl énRbtibtiþkar nigsaßnkarN_rbs;shRKasEdl)anraykarN_enAkñúgtulübBa¢I R)ak;cMNUl nigtaragtulükar. Gtßn½yd¾sMxan;énkarviPaKRtUv)anbegáIneday kareRbobeFobkarbMeBjkarplitBIGtItkal nigCamYynwgkarbMeBjkarplitén shRKasd¾éTeTotenAkñúg]sSahkmμdUcKañ. GRtaEdlRtUvviPaKGacRtUvEbgEckCabYnRkum ³ GRtaénPaBEdlGacrk plcMeNj)an (profitability ratios) GRtaénskmμPaB (activity ratios) GRta lIKVIDITI (liquidity ratios) nig GRtaCMBak; ( indebtedness ratios ). Profitability ratios vas;EvgnUvRbsiT§iPaBTUeTA ( overall effectiveness ) nig efficiency énkar RKb;RKgenAkñúgkareRbIR)as;énTun nigFnFanmnusS activity ratios vas;EvgnUvRb siT§iPaB (effectiveness)énkareRbIR)as;FnFan (resource utilization). liquidity ratios vas;Evg nUvesaFnPaBryHeBlxøI (short term solvency)énshRKas.

CaTIbBa©b; indebtedness ratios rWk¾ leverage ratios (GRtakMlaMgkMnas;) vas;Evg nUvvisalPaBEdlcMeBaHvisalPaBenaH RTBüsm,tiþshRKasRtUv)anhirBaØbTan edaybMNul nigeday ability rbs;shRKasedIm,IeGaymankarsnüapþl;eGay kñúgryHeBlEvg ( long term commitments ). bBa©IénGRtaEdlRtUv)aneRbIR)as;bgðajenAkñúgtaragxageRkam Frequently used Ratios Profitability Measures Net profit after tax / net sales Return on equity = net profit after tax / net worth Return on fixed assets = net profit / fixed assets Return on total assets = net profit / total assets Gross profit margin = gross margin / net sales Activity and turnover Measures Sales / net worth Sales / net working capital Inventory turnover = sales / inventory Tangible assets turnover = sales / tangible assets Average collection period = receivable / sales per day Liquidity Measures Current ratio = current assets / current liabilities Acid – test ratio = (Current assets – inventory ) / current liabilities Inventory / net working Capital Net liquid assets = short-term securities ( held ) – short-term debt Cash flow / total debt Indebteduess Measures Fix assets / net worth Current debt / net worth Total debt / net worth Interest coverage = gross income (earning before interest and taxes ) / interest charges Gross income Fix – charge coverage = lease payments + rent +interest +principal (1 – corporate tax rate ) Total debt / total assets Long – term debt / total capitalization (Stockholder’s equity + preferred Stock + long-term bonds ) Cash flow / total debt

GRtaTaMgGs;RtUvmanmUldaænecjBITUelxKNnIEdlTUelxenaHRtUv)anTTY l\Ti§BlBIktþaCaeRcIn ehIyk¾dUcCaeKalkarN_énKNnITUeTAEdr. - GRtasmhrNkmμ ( integrating ratios ) viFankarN_EdlsMrab;vas;PaBl¥énsCIvkmμk¾RtUv)anviPaKedayelak E. Altman. viFankarN_enaHeGayeQaμHfa smhrNkmμénGRtahirBaØvtßú (intergration of financial ratios ). edaykareRbInUvbec©keTsénkarviPaK multiple discriminant Kat;)anGPivDÆn_nUvk,ÜnxñatmYysMrab;niTsSn_énPaBxat bg;rbs;sCIvkmμ. shRKasenaHGacRtUvcMNat;fñak;CashRKasEdlxatbg; rWk¾CashRKasEdlmaneCaKC½y KWGaRs½yeTAnwgTMhMCaTUelxrbs; Z Edlman GnuKmn_dUcxageRkam ³ Z = 0.012X 1 + 0.014X2 + 0.033X3 + 0.006X4 + 0.999X 5 X 1 = working capital / total assets X 2 = retained earnings / total assets X 3 = earning before interest and taxes / total assets X 4 = market value of equity / book value of total debt X 5 = sales / total assets

cMnYnén discriminating KW 1.8 dUecñH kalNa Z < 1,8 enaHshRKasnwgxatbg; kalNa Z ≤ Z ≤ 3 enaHshRKasCakarBitnwgBMuxatbg;eT kalNa Z > 3 enaHshRKasnwgBMuxatbg;eLIy - GRtahirBaØvtßúsMrab;niTsSn_énéfø stock karviPaKhirBaØvtßúk¾GaceRbIR)as;CaGRtasMrab;niTsSn_nUvéførbs; share dUc CaenAkñúgtaragxageRkam. qøgtamkareRbIR)as;karpSMpÁMúéncMNUl (turnover) nig GRta profitability eFVIeGayGñkviPaKGacsnidæanCarcnasm<½n§nUvéføén common stock. plRbeyaCn_énkareRbIR)as;GRta KWFMeFgCagkarBiPakSaGMBIGaMgDIkaT½r. GRtaRtUv)aneRbIR)as;sMrab;niTsSn_nUvhaniP½yTUeTAén security k¾dUcCaenAkñúg

karGPivDÆn_énTMrg;taragtulükarenAkñúgbBa©IR)ak;cMNUl (income statements) nigenAkñúgbBa©IlMhUrsac;R)ak; (cashflow statements) KWTaMgGs;enaHmankar TietonxøHsMrab;karvaytMélén securities. Income Statements for the year ending December 31, 1999 – 2001 ( in $ 1,000 ) 1999

2000

2001

Net sales Cost of goods sold

20,600 14,700

24,200 17,300

25,700 18,400

Gross profit Admin- expense Depreciation

5,900 993 650

6,900 1828 650

7,300 2,233 650

Earning before interest and taxes Interest Expense

4,257 200

4,422 200

4,417 950

Earning before taxes Taxes

4,057 1,907

4,222 1,984 .5

3,467 1,629.5

Net profit after taxes Devidends paid : Common Preferred

2,150

2,237 .5

1,837 .5

750 900

937 .5 900

937 .5 900

enAkñúgqñaM 2001 KWman 625,000 shares én common stock Edl)anpþl; eGay ehIyenAkñúgqñaM 2001 KWk¾man 120,000 shares én preferred stock Edl )anpþl;eGayCamYynwg par value tMél 100 kñúg shares nImYy² nigkarpþl; cMENkTinñpl 7,5%. 7> 2> 8 karniTsSn_én]sSahkmμ karniTsSn_én]sSahkmμ KWCaCMha‘nTIBIrenAkñúgdMeNIrkarvaytMélén stock. enAkñúgenHeyIgbgðajnUvKMrUmYyEdleRbIR)as;sMrab;karniTsSn_énEpñk hirBaØvtßú. KMrUénkarniTsSn_enH KWbBa¢ÜlKañTaMgktaþpÁt;pÁg; nigktþatMrUvkarEdlCH \Ti§BleTAelIFnubR½ténkm©I (loan portfolios). lT§plénlkçx½NÐhirBaØvtßú

GnþCati nigbriyakasénneya)ayfvikark¾CamUldæansMrab;niTsSn_nUvTinñplenH Edr. Recent Earmings Performance

Interest Rate Trend

Supply and Demand of Loanable funds

Earnings model

Earnings forecast

Economic Outlook

enAkñúgrebobrbbedIm,ITTYl)annUvdMeNIrGPivDÆvn_én]sSahkmμ eKRtUvBi eRKaHCamYynwgBt’manrbs;rdæaPi)alepSg²EdlsþIGMBI]sSahkmμ. TsSnavdþI BaNiC¢kmμk¾)anGFib,ay nigpþl;nUvTUrelxd¾mantMélénlMdab;lMedaybBaðaEdl GacCH\Ti§BleTAelI]sSahkmμnanaEdr.