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الأدوات المالية لسوق المال | اكاديمية التداول
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الأدوات المالية لسوق المال

 

تختلف الأدوات المالية المستخدمة فى سوق النقد عن تلك الأدوات المستخدمة فى سوق رأس المال ( سوق الأوراق المالية ) . ففي سوق النقد ، فان العلاقة بين المستثمر والبنك من ناحية، وبين الأخير وصاحب الإعمال المقترض من ناحية أخري ، هي علاقة مقرض ومقترض وبالتالي فان الأدوات المستخدمة أدوات مديونية أو أدوات دائنة تكاد تكون منعدمة المخاطر بالنسبة إلي المودع، ولكنها ذات مخاطر بالنسبة إلي البنك ذاته نيابة عن المودعين . فوجود البنك فى هذه الحالة كوسيط مسألة هامة إذ لا تتم عملية انتقال الأموال من أيدي أصحاب الودائع (المستثمرين) إلى أيدي أصحاب الأعمال إلا من خلال البنك . وتعتبر الشيكات والكمبيالات وأذون الدفع وشهادات الإيداع البنكية وأذون الخزانة من الأمثلة الشائعة لتلك الأدوات المالية .

 

 أما الأدوات المالية المستخدمة فى سوق رأس المال فهي إما أدوات ملكية أو أدوات دين . ويقوم أصحاب الأعمال الباحثين عن تمويل بإصدار هذه الأدوات وبيعها للمستثمرين كإقرار منهم بالالتزام برد هذه الأموال وعوائدها إلى المستثمرين عندما يحين أجلها .

 

وأدوات الملكية ، وهي الأسهم ، تخول لمالكها حق الملكية لجزء من أصول الشركة مصدرة السهم . فهي حصة فى رأسمال الشركة يحق لصاحبها المشاركة فى أرباح الشركة والمشاركة بالطبع فى خسائرها . وطبقا لعدد ما يملكه من أسهم الشركة أو من حصص رأس المال فله الحق فى التصويت وفى إتخاذ القرارات المتعلقة بإدارة الشركة باعتباره من مالكيها . وتقوم الشركة بإصدار وبيع هذه الأسهم بغرض تكوين رأس المال اللازم لمزاولة نشاطها و لشراء الأصول الإنتاجية . وعاده ما يستخدم الجزء الأكبر من رأس المال لشراء الأصول الثابتة للشركة ( الأرض والمباني ) أما الأصول المتداولة أو الأصول المتغيرة فعادة ما يتم الاقتراض لشرائها حيث تقوم الشركة بإصدار سندات كأدوات دين تدر عائدا معلوما مسبقا (أي عائد يختلف عن العائد المتوقع للسهم ) . فعائد السند لا يتحدد طبقا لأداء الشركة وما قد تحققه من أرباح كما هو الحال فى الأسهم . ويتمتع السند بهذا العائد المتفق عليه سلفا فى مقابل انه لا يشارك فى الخسائر حال تحققها .

 

 و تتغير قيمة السهم السوقية تبعا لأداء الشركة مصدرة السهم . وارتفاع قيمة الأسهم تدعم الجدارة الائتمانية للشركة المصدرة للسهم ، كما تتمتع الشركة بعدم التزامها برد قيمة السهم فى تاريخ محدد ومن ثم ثبات رأس المال. ومن المزايا الهامة للأسهم هو حق المساهم فى تحويل ملكيته إلى آخرين والتمتع بمزايا الأرباح الرأسمالية التى يمكن أن يجنيها. كما يمكنه التحوط ضد مخاطر التضخم بالمقارنة بالأوراق المالية الأخرى نظرا لعدم ثبات العائد عليها . ولكن من عيوب الأسهم العادية ارتفاع تكلفة إصدارها بالمقارنة بأعباء طرح السندات مثلا ، وكذا ارتفاع متوسط تكلفة رأس المال حيث يترتب على زيادة أو نقص حقوق الملكية عن تلك التى يتطلبها الهيكل الأمثل للتمويل إلى اختلال هذا الهيكل. و عادة لا تخصم الأرباح الموزعة من وعاء الأرباح الخاضعة للضريبة ومن ثم لا تحقق الشركة مزايا ضريبية. ومن عيوبها يصعب التنبؤ بها High Volatility أيضا ما قد يعتري أسعار هذه الأسهم من تذبذبات كبيره وخاصة فى الأسواق الناشئة نظرا لتعرضها لظروف كثيرة أخرى لا تتعلق بأداء الشركات المصدرة للأسهم .

 

ويعتبر الاستثمار فى الأدوات المالية الدائنة ( السندات ) أقل تعرضا للمخاطر بالمقارنة بالاستثمار فى أدوات حقوق الملكية ( الأسهم ) ، ولهذا فالعائد المتوقع على الاستثمار فى الأسهم يفوق مثيله فى حالة الاستثمار فى السندات .

 

وتعرف الأدوات المالية المستخدمة فى سوق رأس المال بالأوراق المالية التى يمكن تداولها بيعا وشراء بين المستثمرين نظرا لتغير قيمتها السوقية بعكس الحال فى الأدوات المالية المستخدمة فى سوق النقد .

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