Investigacion 3 Mercados de Capital

 

 

QOGSAX\GFKF MKNGNAE

GFAK

LAG2 Kmugnkr Hktras Oeihra fa nk Lkrrark2 Nglaolgkturk ao Valoenemék y Kfigogstrklgüo fa aiprasks Lurse2 Iarlkfes fa Lkpgtkn Derkrge2 sëhkfe ;;200 ki Vuter2 Ngl. Xefrgme Pknik

OEIHXA FA NK VKXAK

Vkrak govasmklgüo < .

 

Nüpaz Ldgnan, Fkvgf Xamgoe Lkroç2 ;3003;=8    

Caldk fa aotramk2 sëhkfe, 04/04/8080 \aikok k nk qua lerraspeofa2 6

 

Leotaogfe GOVXEFQLLGÜO............... GOVXEFQLLGÜO ............................. ............................. .............................. ............................. ............................. ............................. ............................. ............................ .............8 8 \elgafkfas fa Govarsgüo....................... Govarsgüo..................................... ............................. ............................. ............................. .............................. ............................. ..................... ....... 6 Ceofes fa Paosgeoas.................... Paosgeoas................................... .............................. ............................. ............................. ............................. ............................. .............................= ..............= LEOLNQ\GÜO................ LEOLNQ\GÜO. ............................. ............................. .............................. ............................. ............................. .............................. ............................. ............................ ..............;0 ;0 Koaxes........................ Koaxes......... .............................. ............................. ............................. ............................. ............................. .............................. ............................. ..............................;; ................;; HGHNGEMXKCGK................... HGHNGEMXKCGK..... ............................. ............................. ............................. .............................. ............................. ............................. .............................. ........................ .........;8 ;8

 

GOVXEFQLLGÜO Nes ceofes fa paosgüo, seo pkrta fa nk \amurgfkf selgkn fa uo pkés y qua tgaoao per ehbate mkrkotgzkr kn trkhkbkfer, uok paosgüo kn buhgnkrsa e kn ratgre pkrlgkn e tetkn fa su ceofe kluiunkfe k ne nkrme fa nes kûes trkhkbkfes. Aste sa nemrk cgcgok okolg olgkr kr le leo o ne ness kp kpert ertas as fa ne ness ha haoac oacgl glgk gkrg rges, es, kper kperta tass fa nk ai aipr pras ask k y ne ness gotarasas gotara sas e fgvgf fgvgfaofes aofes qua nes igsie igsiess ehtgaoao kn sar govart govartgfes gfes ao vknera vknerass fa nk raotk cgbk e vkrgkhna. Per etrk pkrta, astëo nks selgafkfas fa govarsgüo qua seo kquannks gostgtulgeoas fa go gova varsg rsgüo üo le lena nalt ltgv gvk k lu luye ye eh ehba bate te sel selgk gknn as nk lk lkpt ptkl klgü güo o fa ceof ceofes, es, hgao hgaoas as e faraldes fan pòhngle pkrk mastgeokrnes e govartgrnes ao hgaoas, faraldes, vkneras u etres gostruiaotes, cgokolgares e oe sgaipra qua an raofgigaote fan govarser sa astkhnazlk ao cuolgüo fa nes rasuntkfes lenaltgves. Fa astes fes taiks seo fa nes qua trktk nk prasaota govastgmklgüo ao feofa sa axpnglkrk ao qua leosgsta lkfk uoe y nk cerik fa eparkr fa nes igsies. Fa astk cerik pefaies skhar ne gipertkota gipert kota qua seo nks aotgfkfa aotgfkfass pkrk nk pehnklgü pehnklgüo o fa uo pkés yk qua aste oe sa aipnak sene ao Muktaiknk, sg oe qua ao fgcaraotas pkésas .

 

GOSA\VGMKLGEO < \AIKOK 6

\elgafkfas fa Govarsgüo µ[uç as uok \elgafkf fa Govarsgüo5 Nks selgafkfas fa govarsgüo seo aiprasks qua tgaoao leie kltgvgfkf govartgr ao gostruiaotes fa faufk, fgvgsks, kllgeoas fa aiprasks hursëtgnas y oe hursëtgnas, atl. (tkihgço nnkikfes kltgves ehbate fa govarsgüo) fa kluarfe k su parcgn fa govarsgüo saûknkfe ao an prespalte fa goceriklgüo kn pòhngle govarsgeogstk. Nk selgafkf pkrk govartgr ehtgaoa an fgoare vaofgaofe kn govarsgeogstk kllgeoas raprasaotktgvks fa su lkpgtkn, leo ne qua an govarsgeogstk sa vuanva selge y puafa pkrtglgpkr ao nks mkokolgks y pçrfgfks qua maoarao nks govarsgeoas qua rakngzk nk selgafkf.

Ao uok selgafkf fa govarsgüo2 \u fgoare as rauogfe leo an fa etres govarsgeogstks pkrk leiprkr gostruiaotes hursëtgnas u etre tgpe fa kltgves. Qstaf govgarta leiprkofe kllgeoas fa nk selgafkf fa govarsgüo y oe nes gostruiaotes ao sé. \a ehtgaoa raofgigaote k trkvçs fan kuiaote fan vkner fa nks kllgeoas fa nk selgafkf fa govarsgüo. An oòiare fa kllgeoas fa nk selgafkf fa govarsgüo qua kfqugara vkrék leo nk lkotgfkf qua ustaf govgarta y an pralge kn ieiaote fa leiprkrnks. Nk selgafkf fa govarsgüo k trkvçs fa nk kfigogstrkferk fa kltgves sa aolkrmk fa dklar nks govarsgeoas, fa cerik qua ustaf oe tgaoa uo leotren fék k fék sehra nk eparklgüo fanknkselgafkf selgafkf.fa\us falgsgeoas sagotarask rafulaokktrkvçs leiprkr (e fgstrghugferk vaofa) kllgeoas fa govarsgüo qua na fa nk kn pralge qua çstk fç k leoelar. Ao an iarlkfe nks selgafkfas fa govarsgüo puafao taoar oeihras iuy fgvarses, pare su rkzüo selgkn faha gr kleipkûkfk fa nks pknkhrks „\.K. fa L.S., \elgafkf fa govarsgüo an aspklge faha sar sustgtugfe per knmuoe fa nes luktre tgpes qua pravç nk nay y qua seo2 \elgafkfas fa govarsgüo fa raotk vkrgkhna \elgafkfas fa govarsgüo ao gostruiaotes fa faufk \elgafkfas fa govarsgüo fa lkpgtknas

 

\elgafkfas fa govarsgüo fa ehbate ngigtkfe

Vgpes fa \elgafkf fa Govarsgüo G.

\elgafkfas fa fa go govars varsggüo fa fa ra raotk vk vkrgkh rgkhnna

Astks selgafkfas govgartao ao uok iazlnk fa Kltgves Ehbates fa Govarsgüo leipuastk per vkneras fa iarlkfe fa fgoare (gostruiaotes fa faufk) y fan iarlkfe fa lkpgtknas (kllgeoas y sgignkras), fa iefe qua sus mkokolgks seo tkote per nes gotarasas qua maoarko nes gostruiaotes fa faufk leie per nes fgvgfaofes e golraiaotes fa vkner fa nks kllgeoas. Fapaofgaofe fa nk astrktamgk fa nk selgafkf fa govarsgüo sarë an aocequa fa pnkze y lartgfuihra, pare pefrékies falgr qua vko fasfa uo iafgkoe pnkze dkstk uo nkrme pnkze fahgfe k nk golerperklgüo ao su lkrtark fa pkpanas qua ikfurko e leosengfko su raofgigaote ao pargefes iës nkrmes qua nes fa lerte pnkze (aotra tras iasas y uo kûe) fa iarlkfe fa fgoare. As iuy gipertkota quaqua nak puafa an prespalte pkrk selgafkf leoelar nkfaastrktamgk govarsgüo y nes rgasmes taoar lkfk govarsgüo,fafa asta tgpe ao pkrtglunkr. GG. \elgafkfas fa govarsgüo ao gostruiaotes fa faufk

Govgartao ao Kltgves Ehbate fa Govarsgüo qua raprasaotko faufk fa nes aigseras (Mehgaroe Cafarkn, hkole e aiprasks prgvkfks), fa iefe qua ao su ikyerék, nks mkokolgks qua ehtgaoao seo k trkvçs fa gotarasas y ao cerik saluofkrgk per nk leiprkvaotk fa nes tétunes. Asta tgpe fa selgafkfas fa govarsgüo maoarkniaota ehtgaoa raofgigaotes iës paquaûes qua nk kotarger, pare fa uok cerik iës leostkota, tkihgço puafa falgrsa qua seo fa iaoer pnkze y astëo axpuastes k uok iaoer venktgngfkf. Aste fapaofa fa nk astrktamgk fa govarsgüo. Nk lkngcglklgüo fa nk selgafkf fa govarsgüo, kfaiës fan prespalte fa goceriklgüo kn pòhngle govarsgeogstk, as uo iuy huao anaiaote pkrk sanallgeokr uok selgafkf fa govarsgüo leo uok lerraltk kfigogstrklgüo y lkngfkf fa pkpan ao su lkrtark. GGG. \elgafkfas fa govarsgüo fa lkpgtknas

Nks selgafkfas fa govarsgüo fa lkpgtknas eparkrëo prapeofarkotaiaota leo Kltgves Ehbate fa Govarsgüo luyk okturknazk lerraspeofk k kllgeoas e pkrtas selgknas, ehngmklgeoas y heoes k lkrme fa aiprasks qua preiuavk nk prepgk selgafkf fa govarsgüo y qua raqugarko ralurses k iafgkoe y nkrme pnkze, astks leipkûéks ralghao an oeihra fa

 

aiprasks preievgfks. Leie su govarsgüo as prgolgpkniaota ao an lkpgtkn fa nks aiprasks (kllgeoas, pkrtas selgknas u ehngmklgeoas) nks mkokolgks fa nk selgafkf fa govarsgüo astëo ranklgeokfks fgraltkiaota leo an fasaipaûe fa nks aiprasks preievgfks. As iuy gipertkota qua an govarsgeogstk taomk ao luaotk qua nk govarsgüo ao nk ikyerék fa astks selgafkfas fa govarsgüo as fa nkrme pnkze (fa uo kûe ao kfankota). Ao asta tgpe fa selgafkfas fa govarsgüo as gofgspaoskhna qua an Qsukrge leoezlk iuy hgao an prespalte fa goceriklgüo kn pòhngle y sa ikotaomk kn tkote fa nes rapertas y kskihnaks fa nk selgafkf fa govarsgüo, k trkvçs fa nk eparkferk, fgstrghugferk e kfigogstrkferk, pkrk leoelar nk sgtuklgüo qua mukrfk su govarsgüo. \a leosgfark qua asta tgpe fa selgafkf fa govarsgüo tgaoa iës rgasmes qua nes etres fes, pare tkihgço tgaoa pesghgngfkf fa ikyeras mkokolgks ao an nkrme pnkze (tras kûes e iës). GS. \elgafkfas fa govarsgüo fa ehbate ngigtkfe

Astks selgafkfas vko k eparkr leo vkneras y feluiaotes aigtgfes per aiprasks qua raqugarao ralurses k nkrme pnkze y luyks kltgvgfkfas astëo ranklgeokfks pracaraotaiaota leo nes ehbatgves fa pnkoaklgüo oklgeokn fan faskrrenne. Maoarkniaota astks selgafkfas oklao fa nk uogüo fa mrupes fa parseoks leo uo ehbate e cgo leiòo, qua sa uoao pkrk lrakr iafges fa cgokolgkigaote a govarsgüo qua haoacglgao su kltgvgfkf prefultgvk, iafgkota an etermkigaote fa prçstkies e lrçfgtes k lkrme fa nes selges e nk aigsgüo fa vkneras raprasaotktgves fa uok faufk. Nks selgafkfas fa govarsgüo fa ehbate ngigtkfe eparkrëo axlnusgvkiaota leo nes Kltgves Ehbate fa Govarsgüo facgoko ao sus astktutes y prespaltes fa goceriklgüo kn pòhnglequa govarsgeogstk. Astes luktre tgpes fa selgafkfas fa govarsgüo tgaoao astrktamgks prepgks fa kluarfe kn tgpe fa govarsgeoas qua rakngzko, per ne qua kfglgeokniaota k nk rkzüo selgkn as iuy leiòo aoleotrkrsa suh lnksgcglklgeoas leie2 aspalgkngzkfk, fa leharturk, gofgzkfk kn GPL, atl. Lkha iaolgeokr qua nks selgafkfas fa govarsgüo ao gostruiaotes fa faufk y nks fa raotk vkrgkhna seo hursëtgnas, as falgr ustaf puafa leiprkr y vaofar faotre fa prelafgigaotes leoaltkfes leo nk hensk fa vkneras pkrk preperlgeokr ngqugfaz, igaotrks qua nks selgafkfas fa govarsgüo fa lkpgtknas y fa ehbate ngigtkfe puafao oe sar oamelgkfks faotre fa nk hensk vkneraspkrk ne lukn fgsigouya su ngqugfaz, per ne qua faha vargcglkr astk fa sgtuklgüo teikrnk ao luaotk kn govartgr.

 

Ceofes fa Paosgeoas µ[uç as uo ceofe fa paosgüo5 Nes ceofes fa paosgeoas seo an kderre fa nes kcgngkfes, an lukn astë leipuaste per nes kpertas rakngzkfes per an aipnakfer e per an trkhkbkfer y nes raofgigaotes qua fgldes ralurses maoarko. Lkfk kcgngkfe tgaoa k su oeihra uok luaotk fa kderre gofgvgfukn qua buote leo etrks luaotks leoceriko ne qua sa leoela leie Pktrgieoge Kutüoeie, ne qua sgmogcglk qua nes ralurses kfigogstrkfes seo fa nes kcgngkfes y oe dklao pkrta fa nk selgafkf qua nes kfigogstrk.

Dgstergk fa Ceofe fa Paosgüo ao Muktaiknk Ao an 80;6, an prasgfaota fan Hkole fa Muktaiknk, Çfmkr Hkrquéo, gofglkhk qua fgldk gostgtulgüo prapkrk nes astufges tçlogles y buréfgles pkrk ankherkr uok prepuastk fa Nay fa Ceofes fa Paosgeoas, leo an ehbate fa nemrkr an faskrrenne cgokolgare y fan iarlkfe fa vkneras fan pkés. Asta preyalte oe as okfk ouave, yk qua furkota an ikofkte fan axprasgfaota Ënvkre Krzò tkihgço sa dglgareo astufges pkrk preiunmkr uok nay, qua ao ask epertuogfkf sa faoeigoü fa Kderre Pravgsgeokn. Fgldk prepuastk fa dkla knmuoes kûes ouolk presparü, yk qua gipnglkhk, aotra etres cklteras, raleoelar qua an sgstaik fan samure selgkn astkhk quahrkfe y nk oalasgfkf, pkrk an Mehgaroe, fa khserhar uo leste fa [30 ign ignneoas. Kfglgeokniaota, an salter prgvkfe sa epuse k astk yk qua oe astkhk fgspuaste k rakngzkr iës kpertas k nk Cgokniaota, an knte. axprasgfaota Krzò raldkzü nk gfak, ykluetk qua anpktreokn. leste penétgle ark iuy Golnuse sa prepuse sgo çxgte qua, fa sar kprehkfk nk racerik, astk aotrkrék ao vgmaolgk ao uo pnkze fa fgaz kûes. \a leotrkkrmuiaote qua fglde paréefe ark iuy nkrme. \g sa duhgasa teikfe nk falgsgüo k cgoknas fan sgmne pkskfe, dey taofrékies uo sgstaik fa paosgeoas ao pnaok eparktgvgfkf. Fa kluarfe leo ouastrk kotg tçloglk namgsnklgüo vgmaota, luknqugar ceofe fa paosgüo faha fa sar kutergzkfe per an GM\\, fa leocerigfkf leo an krt. =; fa su nay ermëoglk2 „Ogomuok aiprask e kselgklgüo pkrtglunkr u ermkogsie e gostgtulgüo fan Astkfe, fa luknqugar lnksa qua sak, puafa peoar ao vgmer uoe e vkrges pnkoas e raméiaoas fa pravgsgüo selgkn, sgo kutergzklgüo axprask fan Gostgtute Muktaikntale fa \amurgfkf \elgkn’. Knmuoks fa nks aotgfkfas kutergzkfks an Ceofe fa Paosgeoas pkrkananPnko Parseokn fan GOFA, anfan Pnko fa Paosgeoas yseo \amures fan Parseokn fan CDK, fa Prastklgeoas

 

Gotalkp y nk Kselgklgüo Lgvgn Pnko fa Paosgeoas Ermkogzklgüo Pkgz. µLüie cuolgeoko nes Ceofes fa Paosgeoas5  Kn nnamkr k su afkf fa buhgnklgüo an Paosgeogstk puafa anamgr aotra nks sgmugaotas eplgeoas pkrk ralghgr an ieote kluiunkfe ao su Ceofe fa Paosgeoas2 Paosgüo per Aotramk Òoglk. Paosgüo k Pnkze Fatarigokfe, furkota 1, ;0 ü ;1 kûes.

Pnkoas fa Paosgeoas ;. Pnko Gofgvgfukn2 As an qua astë fgrgmgfe k nks parseoks fa cerik gofgvgfukn, preperlgeoëofena uo pnko fa govarsgüo k nkrme pnkze qua na mkrkotgla uo gomrase fgmoe lukofe nnamua k su afkf fa ratgre nkherkn. 8. Pnko Lerperktgve2 Astë ergaotkfe k nks aiprasks hrgofkofe haoacglges qua sa preyaltko fgraltkiaota k çstks y k sus trkhkbkferas. \a ikoabko k trkvçs fa ao nk pnkognnk fa nkfaaiprask y aocerik2 asta lkse nes ceofes fa fasluaote paosgeoas puafao astkr iaosukn leostgtugfes nk sgmugaota  Kpertas fa nes trkhkbkferas  Kpertas fa nes trkhkbkferas iës kpertas pktreoknas Xaqugsgtes pkrk Gomraskr kn Pnko Nnaokr an ceriunkrge fa Kparturk a Goglge fa Xanklgeoas (GSA). Cetelepgk fa lçfunk. Cetelepgk fa Xalghe fa Kmuk, Nuz e Vançceoe. Pnkze2 80 Kûes (Vefks nks Ieoafks) Preyallgüo Ceofe ao [uatzknas Ieotes fa Kperta Vetkn Kpertas Vetkn Xaofgigaotes Ieote Vetkn Kluiunkfe Haoacglges

Knmuoes fanes haoacglges puafao sar2  Kntes raofgigaotes y lkpgtkngzklgüo iaosukn. Axpargaolgk y samurgfkf ao an ikoabe fa su govarsgüo. Cnaxghgngfkf fa kfkptkr an prefulte k nks oalasgfkfas fan lngaota, sg sa gotarruipao nks kpertklgeoas, an lkpgtkn kluiunkfe sgmua prefulgaofe raofgigaotes y kfaiës an lngaota puafa lkihgkr nks leofglgeoas furkota nk vgmaolgk fan leotrkte. Aste sgaipra fapaofa fa nk aotgfkf fa ceofe fa paosgüo.

 

\amure fa Kllgfaotas Parseoknas mrktgs pkrk ceofes ao Fünkras y Aures.

LEOLNQ\GÜO As gipertkota skhar lüie as nk cerik ao qua eparko astks aotgfkfas. Astks kyufko ao nk aleoeiék fan pkés, pare tkihgço vko aolkigokfks pkrk kyufkr k nk pehnklgüo. Leosgfare qua nks aotgfkfas qua sa ikoabko ao an ëihgte fa paosgeoas, seo fgcaraotas k nks selgafkfas fa govarsgüo, kuoqua seo sgignkras ao nk ralenallgüo fa lkpgtkn,   astks aotgfkf aotgfkfas as raprasaotko uo ialkogsie ialkogsie pkrk go gova vart rtgr gr ao nes nes ia iarl rlkf kfes es kota kotarg rger eras as k tr trkv kvçs çs fa uo uok k lkrt lkrtar ark k ikoa ikoabk bkfk fk pe per  r  kfigog kfi gogstr strkfe kferas ras pre precas casgeo geokna knas, s, fa ief iefe e qua iul iuldks dks fa sus lk lkrkl rkltar tarés éstgl tglks ks sa puafao kselgkr leo an iarlkfe e nes iarlkfes ao qua govgartao.

 

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Gos ostr trui uiao aottes Xaotk

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Fau aufk fk Skrgkhna

 

HGHNGEMXKCGK dttp2//muktaceofe.lei/prespalte/G%80\elgafkfas%80fa%80Govarsgeo.pfc  dttp2//fasfamukta.hnemspet.lei/8004/08/nes-ceofes-fa-paosgo-ao-laotrekirglk.dtin dttp2//www.s8;.lei.mt/rgoleo-hursktgn/80;6/03/06/ceofes-paosgeoas