Zvinowanikwa Vose Vafanisi Vanofanira Kuziva NezveBond Defaults uye Default Risk
Munyaya dzekambani, zvisizvo zvinowanzoitika apo kuora kwemamiriro emabhizimisi kunokonzera kuderera kwemari yakakwana yekuita zvikwereti zvakarongwa zvisingabviri.
Saizvozvowo, nyika dzinowanzomanikidzirwa kuti dzisike apo mitero yavo yemitero isingakwanisi kuvhara kusanganiswa kwechikwereti chavo kushanda mari uye inowedzera mari. Kazhinji pane zvisiri izvo, dambudziko iri rinogadziriswa ne "kugadziriswa" - chibvumirano pakati penyika inoburitsa nevanosunga vashandi kuti vashandure zvido zvechikwereti chayo-pane kunyanya kusakwana.
Chii Chiri Kuitika Kana Bhizimisi Risingakwanisi?
Bhiri kusagadzikana hazvirevi kuti mubhadhari ari kurasikirwa nemukuru wake wose. Munyaya yezvisungo zvekambani, somuenzaniso, vashandi vanowanzogamuchira chikamu chemukuru wavo wepakutanga apo uyo anopa chikwereti anoshandura pfuma yake uye anoparadzira zvinowanikwa pakati pevakwereta. Mumushamba wepamusoro-wekutsvaga, somuenzaniso, wekuporesa kupora kubva kubva muna 1977-2011 chaive 42.05%, maererano nepepanhau rePeritus Asset Management raApril 2012, "The New Case for High Yield." Izvi zvinoreva kuti mubhadhari uyo akabhadhara $ 100 kuti awane mari yakawanda yezvibereko izvo zvisiri izvo zvaizove nazvo, pamwero wega, zvakagamuchira $ 42 mushure chete izvo zvinhu zvakagoverwa pakati pevakweretesi.
Kunyange zvazvo kurasikirwa, izvi hazvirevi kurasikirwa zvachose.
Apo chisungo chinopera, hachiparadzi zvachose. Zvechokwadi, zvisungo zvinowanzoenderera mberi kutengeserana zvakaderedza mitengo yakaderedzwa, dzimwe nguva vachikwezva "chikwereti chakakanganisika" vatengesi vanofunga kuti vachakwanisa kuwanazve zvimwe kubva pakupararira kwezvinhu zvekambani kupfuura mutengo wehutano huri kuratidza.
Iyi inyanzvi inowanzoshandiswa chete nevakashambadziri vezvikwereti vemari.
Zvinokanganisa uye Kutengesa Kwema Market
Kuwanda kwezvikanganiso zvinotarisirwa mumisika yemari, saka chikamu chakanaka chechiito chisingaiti chiito chinosanganiswa nechinokanganisa chinogona kuitika zvisati zvaitika chaiyo chiziviso. Ruzhinji rwezvikanganiso zvinotanga kupedzisira kushandiswa kwekukweretesa chikwereti chechikwata chinobudisa. Chigumisiro ndechokuti zvizhinji zvakashata zvinowanikwa pakati pezvisungo zvakaderera zvakabudiswa nezvikamu izvo zvatova nematambudziko anozivikanwa.
Izvozvo zvinopesana nekutadza kwekuchengetedzwa kwakaitwa AAA bond. Mumakore makumi mana nemaviri kubva muna 2011, 100% yeAaa-rated municipal bonds yakabhadhara zvose zvinotarisirwa uye chikwereti chikuru kuvashambadziri, asi 99.9% yeAa-rated muni zvisungo vakaita kudaro. Uyewo, kubva muna 1920 kusvika muna 2009, chete 0.9% yeAAA-yakarongedzwa zvibvumirano zvekambani zvakashata .
Kubva pane nhamba idzi, tinogona kuona kuti zvisungo zvepamusoro-soro hazvirevi kutadza - kuratidzwa kwehutano hwemamiriro ehutano hunowanzobatanidzwa nepamusoro. Pane kudaro, ruzhinji rwezvakaipa zvinowanikwa pakati pezvikwereti zvishoma.
Mune Zvipi Zvimwe Makashamba Zvisingakanganisi Kazhinji Zvichida Kuitika?
Dambudziko rekutsakatika rakaderera kune hutsika-hurumende yezvisungo (zvakadai seUnited States Treasury ), zvikwereti zvinotsigirwa zvekutengesa zvinotsigirwa nehurumende yeUnited States, uye zvisungo zvine zvikwereti zvakanyanya.
Bonds ayo anowanzokanganiswa nekukwanisa kusakanganiswa kudarika kudiwa kwehuwandu hwekufambisa inonzi ine chikwereti chakakura chekwereti . Zvikwereti zvine high credit risk zvinowanzoita kana simba ravo rezvemari richivandudza, asi rinoshandiswa apo mari yavo inopera simba. Zvose zvidzidzo zvekodha zvinogonawo kuva nehuwandu hunokonzera chikwereti; idzi dzinowanzoita zvakanaka apo hupfumi huri kusimbisa uye hunosimbisa apo huri kunonoka. Mienzaniso mikuru inoburitswa zvikwereti zvakakosha uye zvisungo zvakaderedzwa muzvikwata zvekutsvaga mabhizinesi uye masuo emumatare.
Izvo zvinokonzerwa nehutachiona huripo munzvimbo idzi pamusika zvinoenzaniswa nehutachiwana hwekutsvaga kana yehuwandu hwehutano hwehutano mune imwe nzvimbo yechikwata chakasarudzwa mumwedzi gumi nemaviri. Kana kutadza kusinganisa kuri kuderera kana kuwira, kunowanzova kwakanaka kune zvikamu zvekwereti zvinotengeswa pamusika; kana yakakwirira uye ichikwira, zvikamu izvi zvinowanzochera.
Dzidza zvakawanda pamusoro pekutsvaga kwekutengesa pano .
The Bottom Line
Vanhu vanogona kudzivisa kukanganisa kwekutadza kuburikidza nekunamatira nepamusoro-soro chekuchengetedzwa kwemunhu kana mari shoma yekusungirwa mari . Vatungamiri vekushanda vanogona kudzivisa ngozi dzisina kukwana kuburikidza nekutsvakurudza kwakasimba, asi ramba uchifunga mupfungwa yokuti kuwedzera kusingakwanisi kunogona kuenzanisa pamativi ose emakemikari uye saka mari inodzvinyirira inodzoka kunyange kana maneja anogona kudzivisa kuchengetedza kusina. Somugumisiro, kukanganisa kunogona kukanganisa varairi vese kusvika kune imwe nzvimbo, kunyange avo vasina kuchengeta zvimedu.