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<aHeTArkPaBviC¢manEfmeTot nigsUmCUnBrdl;Gs;elakGñkRbkbEtKMnitécñRbDit
suPmgÁl nigGayuyWnyUr.

can; b‘unnivtþn¾
ma:sÞ½rviTüasaRsþesdækic©ksikmμ nigsgÁm

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
**********

I. dMeNIrkarbMeBjkarpliténshRKas
1> 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

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
II. 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
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<n½ §énTMrghirBaØbTan>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>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
I 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.

10
 h 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
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;TN½ 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
Gutenberg ¬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

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
production technique¦ GaRs½yeTAnwgcMnYnkarTUTat;énkarERbRbYlTinp ñ l ehIy
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 ¬quali-
tativ 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
combination of process¦ Edlpþl;nUvlkç½NsmrmüsRmab;Gnuvtþn¾én
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<n½ t§ RmUvkareKEckvtßúFatuedImCabIRkumpgEdr ³

- vtßúFatuedImEdlRtUvtRmUvkarenAkñúgcMnYnefrsRmab; 1 ÉktaéneBlevla
KWCaRbePT R-vtßúFatuedIm.
- vtßúFatuedImEdltRmUvkarsþg;darbs;vaRtUv)ankt;smÁal;eXIjRbRBitþeTA

edayERbRbYleTAtamkalHeTsH nig¼rWk¾eTAtamdMeNIresdækic©EtGac
mankarkMNt;témømFüm rWk¾karGPivDÆn¾éntRmUvkarrbs;va)an KWCaRb
ePT S-vtßúFatuedIm.
- vtßúFatuedImEdltRmUvkarsþg;darbs;vaBMuRtUvGacRKb;RKg)an nigEdlBMu
eTogTat;TalEtesaH KWCaRbePT U-vtßúFatuedIm.
EpnkarénkarerobcMRbugeRbobvtßúFatuedIm bMerIbMras;sRmab;karseRmc[
)anenAPaBRbesIrbMputénesdækic©vtßúFatuedIm. EpnkarenHk¾vaRsedogCamYynwg

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 * Y/V * CL

cMnYnsþúkTukCamFüm ryHeBlsþúkTuk GRtatémøkEnøgsþúkTuk

CamYyenaHKW ³
Y = cMnYnvtßFatuedImEdlkumμg; QU = ÉktacMnYn
33
 V = el,ÓnénkarcakecjBIkarsþúkTuk QU/TU TU ¬ = 1ÉktaéneBl¦
CL = GRtatémøkEnøgsþúkTuk 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

b

bg;témøkumμg;efrénvtßúFatuedImnImYy² nigkarbg;témøsþúkTukénvtßúFatuedImnImYy²
mantémøGaRs½yeTAnwgrUbmnþxageRkam ³

4> kalNaeyIgeFVI[smIkar ¬3¦ ERbRbUltam Y nigedrIev:TImYyrbs;

vadak;[esμI 0 nigTajyk Y ecjenaHeyIg)an Y ¬= cMnYnkumμg;EdlRbesIr bMput¦
opt

dUcmanenAkñúgsmIkarxageRkam ³
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<n½ é§ nkarkMNt;karbg;témø. TaMgenH KWrab;bBa©UlÚ
nUvTUrelxEdlTUrelxenaHBMuGaRs½yeTAnwgsßanPaBnImYy²énshRKas nigGBaaØti
kmμEdlERbRbYleTAtamkarseRmccit.þ GBaØatikmμTak;Tgy:ags¥ti rmYteTAnwgskmμ
PaBén)a:ra:Em:Rt ¬action of parameters¦ éncMENkEpnkarplitkmμepSg².

43
 rcnasm<½n§énkarkMNt;karbg;tMél
karkMNt;karbg;tMél

TUrelx karsMerccitþ

tMélTIpSar Turelxbc©keTs kargarnigkmμviFI TMhMénkarkumμg; kareFVIEpnkar kareFVIEpnkar karsMerccitþBI

sMrab;karRbRBWtþ énkarEbgEck smtßPaB
eTatamryHeBl plitkmμeTA
tameBlevla
(1) tMélvtßú
FatuedIm (1) RbePTén (1)cMnYnplitkmμ (1)cMnYnénkar (1)pþl;karkumμg; (1) karsþúk (1)ma:sIunbri
(2) R)ak;Ex eRKOgcRk (2) karEbgEck pøas;bþÚreRKOg eTAeGayma:sIun Tukénplitp kça
(3) tMélkar (2) tYnaTItMrUvkar plitkmμ cRk (2) lMdab; lEdlplit (2) TMhMsh
R)ak; (3) sßanPaB (3) GaMgtg;sIuet (2) lMdab; lMedayénkar ehIy RKas
(4) tMéldWk (4) RbePTén (4) ryHeBl lMedayénkar kumμg; (2) kareFVI
CBa¢Ún plipl kargar pøas;bþÚreRKOg (3) ryHeBl Epnkarénkar
(5) tMélma: (5) ryHeBleRbI (5) kmμviFIerob cRk rg;caM EbgEckplik
sIun R)as;éneRKOgcRk bBa©ÚlKña mμeTAtameBl
nigsMParH evla

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
T

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
(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

1

cMnYnplitplseRmc M ehIy C )anbgðaj rWsgát;F¶n;CamYyenaHpgEdrnUvkar

1

ERbRbYlénkarbg;témøCamYynwgkarpøas;bþÚrénkRmitcMnYnplitplEdlseRmc)an
BIkRmitmYyeTAkRmitmYyepSgeTot.

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
h

M = f (r ,r ,…r ..) CamYynwg r >0

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 rh

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
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 nig1

r énktþaeRbIR)as;.
2

2¦ cMnYneRbIR)as;énktþaplitkmμmYykñúgcMeNamktþaplitkmμTaMgBIr KWdak;
[efr nigTaMgGs;enaHRtUvEtviPaKeTAelITMnak;TMngrvagcMnYneRbIR)as;énktþa
plitkmμEdlCaGBaØatiRtUveRCIserIsykmkeRbIR)as;enaH nigplseRmc M.

38
enATIenHCalT§plKWmuxkat;bBaÆr ¬vertical¦ qøgkat; {Tinpñ lPñM} edayRsbeTAnwg
épÞ M nigépÞ r ¬rWké¾ pÞ M nigépÞ r ¦
1 2

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[
1 2 1

smIkarén isoquant KW³

(2) r = M /C*r (M = efr)
1
2
2

niymn½y ³ isoquant RtUv)ankt;smÁal;CaTItaMgFrNImaRténkarpSMpÁMúktþaplitkmμ

TaMgGs;EdlnaM[)anplitplplitkmμ ¬plitplseRmc¦esμIKña.
RkahViktag Isoquant
 enAkñúgkrNIenH)ann½yfakarCMnYsedayktþaplitkmμNamYyepSgBI r nig
1

r
2 BMuGaceFVI[eyIgseRmc)annUvkRmitplseRmcEdl)ankMNt;mYyenaHeLIy.
dUcenHGnuKmn¾plitkmμ (1) naM[manExSekag isoquant RbePT AB. ExSekagenH
RsbCamYyenaH)aneFVIkarkt;smÁal;fa enAkñúgEpñkénkaCMnYsTaMgGs;rvag r nig
1

r
2 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
(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
productivity)énktþaplitkmμTI 1enATIenaHedayeyageTAelImUlehtuxagelI KWtc i
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
h

GnuKmn¾Tinñpl (h) RtUv)ansresrCa ³

(5) m = M/r1 = bc/r1

RBMEdnplitPaB ¬rWRBMEdnTinñpl¦ (dM/dr ) RtUv)anbgðajedayqøgkat;

h

edrIev:TI 1 énGnuKmn¾TinñpleTAtamktþaplitkmμEdlCaGBaØatGefr h. sRmab;

smIkarGnuKmn¾TinñplTI (4) RtUvmann½yCa ³
(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.
(8) d (dM/dr1) /dr1= d (a +2br1 – 3cr21)/dr1
=2b – 6cr1 = 0
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) dm/dr1 = d (a + br1 – cr12)/dr1
= b – 2cr1 = 0
r = b/2c

edayGnuKmn¾énRBMEdnplitPaBkat;RkhVikénGnuKmn¾plitPaBCamFümRtg;
cMnucGtibrmarbs;vaenaH dUcenHeKGacbkRsaydUcxageRkamEdr ³
(10) (a + 2br1 – 3cr21) _ (a + br1 – cr21) = 0

RBMEdnplitPaB 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 ¦ 0

rYcmk eKBMueXIjmankarekIneLIgénTinñpleToteLIy. eK[eQμaHGnuKmn¾rebob

enHfa Ca {GnuKmn¾plitkmμkMNt;CaExSRtg;} (linear limitation production
function) rWk¾eTAtameQμaHGñkesdækic©Gaemrik Wssely Leontief Ca {leontief-
GnuKmn¾plitkmμ}.
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 - 1 2

RbB½n§kUG½rDINaT½r ]TahrN¾cMnuc Q ¬emIlrUbTI 5¦. Cajwkjab; eK)anKUsecjBI

cMnucenH enAExSbnÞat;EdlRsbeTAnwgG½kSTaMgBIredIm,Ibgðaj isoquant enaHCaTMrg;
énmMuEkg. enAkñúgrUbPaBenHsnμt;facMnYnplitpl M Gacplit)anedayqøgkat;
0

EtviFIsaRsþplitkmμCamYynwgcMnYnénktþaplitkmμ r nig r Etb:ueNÑaH. qøgkat;

1 2

kargarénkarbEnßmkmøaMgBlkmμ (r ) KWcMnYnplitplseRmcBMuekIneLIgeT.
2
1

shRKas rWGñkRKb;RKgRtUvEtseRmc[ )annUvkarbM)at;énkarxatbg;ktþaBlkmμ

edayCanic©CakaleRbIR)as;EtktþaBlkmμcM)ac; r . eKniyayfa KWmanEtcMnuc Q
0
2

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

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 (1)
RtUv)anbBa©ÚleTAkñúgGnuKmn¾karbg;témø (2)
(3) CT = p1r1 + p2r2 + λ M – cr1 * 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
1

r rUcdak;edrIev:enaH [esμInwgsUnü ³
2

(4a) (∆C / ∆r1) = p1 – λ c* r2 = 0

(4b) (∆C / ∆r2) = p2 – λ cr1/ 2 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 nigG½kSG½rDI-
NaT½rRtUv)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<aHeTAelIEtmþg. k¾dUcCaCamYynwgGnuKm¾Tni pñ lEdlman
TRmg;CaGkSr S Edr eKEckGnuKmn¾karbg;témøEdlTajecjBIGnuKmn¾TinñplenaH
CabYntMNak;kalEdr ehIyecjBIGnuKmn¾enH eKGacbegIát)anTMnak;TMngdUcxag
eRkameTot ¬emIlrUb¦ ³
- karbg;témøsrub (total cost) C enAkñúgryHeBlEpnkar.
T

- RBMEdnkarbg;témø (marginal cost ) C enAkñúgmYyÉktacMnYnplitpl

T

seRmc.
- karbg;témøGefr (variable cost) kñúgmYyÉktaplitplseRmc c . v
 - karbg;témøsrubkñúgmYyÉktaplitplseRmc c ¬karbg;témøenHeGab
t

RkesabTaMgkñúgkarbg;témøefrkñúgmYyÉktaplitplseRmc nigkarbg;témøefrkñúg
mYyÉktaplitplseRmc c / M) f

- 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
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>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¦
s ¬emIlrUb¦.
CamYynwgGnuKmn¾plitkmμkMNt; GñkRKb;RKgGacseRmc)ankarcMeNjGtibrma
Canic©CakalCamYynwgRBMEdnsmtßPaB. eKeFVI[cMeNjCaviC¢man kalNaéfø
TIpSar (p) ekIneLIgelIéføTabbMputsRmab;ry³eBlEvg (p = cMNucGb,rmaén
l

RkahVki énkarbg;témøCamFüm¦. GñkRKb;RKgenAEtGacseRmc)annUvplitkmμ

EdllT§PaBbec©keTsGtibrmaCanic© rWk¾minGacplit)anTal;EtesaH kalNaéfø
54
énTIpSartUcCagéføTabbMputsRmab;ry³eBlxøI (p < p ). kalNakarRbugeRbobén
s

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
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 ryHeBlplitkmμ KmøatFanar:ab;rg cMnYnRbesIrbMput ryHeBltMrUvkar karpþl;Fanara:b;rg
QU
kñúg1ÉktacMnYn EdlTak;Tg MU
MU/TU QU TU
TU/QU
MU/TU

(1) (2) (3) (4) (5) = (3) / (4) (6) (7) (8) = (3) * (6)

1
400 30 3 10 400 1200
2 1200
240 45 5 9 240 1200
3 10800
100 35 5 7 80 400
4 2800
150 48 8 6 ____ ____
5
200 50 10 5 ____ ____

∑ ___ ___ ___ ___ ___ 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
Ti i = const. ¬efr¦
i max

RtUv)anekIteLIgEdlCamYyenaH C Cakarbg;témøsRmab; 1 ÉktaryHeBlénviFI

i

saRsþ i nig t Cary³eBlGtibrmaénviFIsaRsþ i. eRkayBIkarBicarNaenH

i max

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¦
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 plitpl 1 2 3 4 5
2 cMnYnlk;Gtibrima ¬ÉktaplitplsMerc ¦ [QU] 150 100 100 50 150
3 éføkñug1ÉktaplitplsMerc [MU/QU] 710 260 280 180 230
4 karbg;tMélGefrkñug1ÉktaplitplsMercedayKμankarepÞredayceg¥ot [MU/QU] 150 80 120 100 105
5 ryHeBltMrUvkarkñúgmYyÉktaplitplenAeBlmankarepÞredayceg¥ot [TU/QU] 8 3 2 4 5
6 smtßPaBtMrUvkarsMrab;cMnYnlk;Gtibrima [TU] 1200 300 200 200 750
GgÁpSM1 ¬CamYy C =8kñúg
64 24 16 32 40
V

1ÉktaryHeBl ¦
karbg;tMélGefrkñug1ÉktaplitplsMerckñugkalHeTsHman
7 GgÁpSM2 ¬CamYy C =10kñúg
karepÞredayceg¥ot [MU/QU ] V
80 30 20 40 50
1ÉktaryHeBl ¦
kñúgGgÁpSM3 ¬CamYy C =12
96 36 24 48 60
V

kñúgryHeBl1Ékta ¦
GgÁpSM1 496 156 144 48 85
8 KmøatFanar:ab;rg GgÁpSM2 480 150 140 40 75
[ MU/QU ]
GgÁpSM3 464 144 136 32 65
9 KmøatFanara:b;dul [ MU/QU ] 560 180 160 80 125
10 KmøatFanar:ab;rgTak;Tgdul [MU/TE ] 70 60 80 20 25
11 lT§plCalMdab;lMeday 2 3 1 5 4

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<aFénkarRbkYtRbECgEdlCalT§pljwkjab;ecjBIkarpÁt;pÁg;Edl
elIslb;enaH.
TnÞwmnwgCamYynwgsßanPaBTIpSarlk;mYy KWenAkñúgcarwklkçN³rbs;xøÜnRtUv
)ancarrwkkarBicarNaedayqøgkat;karGnuvtþn¾karbMeBjkarplit nigkarvaytémø
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<aFtic
rWeRcIneTAelIGtifiCn nigGñkRbkUtRbECgEdlenAeRkamkal³eTs³mYyGacTMlak;
eTAelIbBaðasIlFm’ rWk¾bBaðac,ab;enaH KWvaBitR)akdCakardak;TisedA rWk¾kardak;
eKalbMNgsRmab;rkSatYnaTITIpSarrbs;xøÜn. tamryHPaBRbkdRbCadUcCaKuN
PaB nigéføEdlskþismsMrab;plitplEdlpÁt;pÁg;k¾CakrNIénkarbgáarTIpSarEdr.
GtifiCnEdleyIgeFVI[eBjcitþpþl;mkeyIgCaTIbBa©b;enAkarkarBard¾RbesIrbMputT
l;nwgGñkRbkYtRbECgEdlvayrMelaP (aggressive competition).
 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;.

2
karseRmccitþedaysniTankmμ edaytamTMlab; edayÉkÉg nigedaytamsgÁmdUcCa
veblen-effect, snob-effect and withgoing-effect.
 ¤ 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> 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
market)}. shRKasmannUvlT§PaBeRcInEbby:agCamYynwgskmμPaBm:aXItTIg
rbs;xnÜø sRmab;bMBarbMBanTl;nwgplRbeyaCn_énGñktRmUvkarEdlCamYyenaHBMuma
nkarekIteLIgenAkñúgTMnas;CamYyc,ab;. GñkpÁt;pÁg;énplitpl nigesv:akmμ
Canic©CakalEtgEtTajecjBIsm<aFRbkYtRbECgrbs;xnÜø nUvkareRbIR)as;énTMhMesrI
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> 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
(central point) 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
instruments). viFankarN¾ma:Xt I TIgmann½yfa KWCaPaBTaMgmUlénlT§PaBkareFVI
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¦
skmμPaBma:XItTIg TIpSarlk;plitpl TIpSarpÁt;pÁg; ³
]TahrN¾³ karsikSaRsavRCav ]TahrN¾³ TIpSarkargar
TIkEnøg nigkarEbgEck skþanuBlTIpSar TIpSarTun
karsikSaRsavRCavéfø skþanuBllk;plitpl TIpSarvtßúFatuedIm
karsikSaRsavRCavkarpSayBaNiC¢kmμ énshRKasmYy
carwkBiténshRKas ¬facts¦ TMhMTIpSar ¬market
]TahrN¾³ karviPaKkarbg;témøén volume¦
karlk;TMnij
kmμviFIsmtßPaB
bBaðaXøaMgsþúkTuk
karsikSaRsavRCavTIpSar

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
quote ¦ 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.
 karvivDÆn¾énTMhMkarlk; TMhMTIpSar nigskþanuBlTIpSar

enAkñúgrUbPaBxagelIeKkt;smÁal;eXIjfaenAelITIpSarEdlnwgekIneLIgxøaM
g ¬t ¦ skþanuBlTIpSarenAEtrIkecjBIKñay:ageRcIn. enAkñúglT§plénskþanuBl
1

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.
 ¤ 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_éfø-
karlk; ¬GnuKmn_enH mann½ysMrab;kMNt;TIpSarEdleTalmYy nigkMLúgryHeBl
énEpnkarEdl)anpþl;[ ¬1¦ GnuKmn_enHbgðajBITMnak;TMngGnuKmn_rvagéfø-
karlk;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

max Max

CacMnYnEq¥tq¥n;. edaymUlehtufaplcMNUl U enAkñúgkMLúgryHeBlEpnkar

T

KWCaplKuNrvagcMnYnEdl)anlk; nigéføenaH dUcenHéfømankarRbtibtþi rWman

lT§plBIry:ageTAelIplcMNUlenaH dUcEdlmanenAkñúgrUbmnþxageRkam ³

(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) RBMEdnkarbg;témø (c 1
T)

(marginal revenue) (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
Umax Gmax

EdlfaRBMEdnkarbg;témø c MU/RU KWefr.

1
T

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

(b)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
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)
 (c) 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
gryHeBlEpnkar KWGaRs½yeTAnwgTMhMfvikarsMrab;kareFVIpSayBaNiC¢kmμ nigTMhM
fvikarsMrab;kar]btßmkarlk;.
edaysarEtviFankarN_énkarlk;TaMgBIrenAkñúgRBMEdnmYyénkarpøas;bþÚrKña)
an dUcenHenAkñúgkrNIenHkRmitcMeNj G nImYy² KWCalMdab;lMedayén
1

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

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
demand) EdlsRmab;RbePTGnuKmn_nm I Yy²enaH. éføeGLasÞcI éntRmUvkar KWCa
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 (a)

nigkrNIRBMEdnBIrepSgeTot (b)

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
(sample) 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
competition) rWk¾karRbkYtRbECgÉketaPaKI (monopoly competition) sRmab;krNI
{GñkpÁt;pÁg;mñak; nigGñktRmUvkarenAelITIpSar t EdlminsuRkit}.
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<n½ C§ aBhuFPi aB
ehIyEdlBi)aknwgerobcM[eTACaTRmg;mYy)an nigmü:ageTotcarwklkçN³én
BhuFiPaBTamTarsMNakénkarbegáItéføEdlmanlkçN³CaDINamIk mann½yfaéfø
enaHERbRbYltameBlevla.
 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
(7) P = 10 – M GnuKmn_éfø-karlk;
(8) CT = 10 + 2M GnuKmn_karbg;témø
(9) UT = (10 – M) M GnuKmn_plcMNUl
edrIev:TI 1 énGnuKmn_ C nig U eTAtam M edIm,IrkRBMEdnkarbg;témø nigRBMEdn
T T

plcMNUlEdl)anniyayxagelI ³
1
(10) C 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 Mopt eTAkñúgGnuKmn_éfø-

karlk;smIkar (7) xagelI ³
(13) Popt = 10 – Mopt = 6

eyageTAtamenHeFVI[cMNUlsrubEdlcMeNjGtibrmaKW ³
(14) Uopt = Popt * Mopt = 24
]TahrN¾CaelxsRmab;kMNt;én
Cournot-RbesIrbMput
→(2) 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
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
1
T

dl;RBMEdnsmtßPaB M ¬emIlkñúgrUbPaB¦.
max

GnuKmn¾éfø-karlk;cMeBaHPaBpþac;muxeTVPaK

karGPivDÆn¾karcMeNjcMeBaHPaBpþac;muxeTVPaKnig
karRbRBwtþénkarbg;témøEdlCabnÞat;Rtg;

→ (3) ³ krNIénkarRbkYtRbECgEdlBhuPaK rWk¾pþac;muxeTVPaKenAelITIpSarEdl

minsuRkit )anCYbRbTHCaBiessenAkñúgkarGnuvtþn_CMnYjlk;ray (retailers).
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 o

nigP nigdMeNIrRbRBitþénRkahVik KWeyageTAtam Gutenberg (1984) KWGaRs½y

u

eTAnwg ³
¤ karpSarP¢ab;TMnak;TMngGñkTijeTAnwgshRKas rW (store)

¤ lT§PaBénkarCMnYsedayplitplEdlRbkYtRbECg nig

¤ el,ÓnCamFüménRbtikmμénGñkTijeTAelIkarERbRbYlénéfømYy

karTamTaréføEdlRbesIrbMputRtUvTajecjBIlkç½NÐ
RBMEdnkarbg;témø = RBMEdnplcMnUl
EdlCamYyenaH KW[smRsbeTAnwgEpñkénRkahVikEdlkac;xagelI. CaTUeTA
éføEdlcMenjGtibrmaRtUvsßitenACaBiessenAkñúgEpñkEdlpþac;muxénGnuKmn_éfø-
karlk;. enAkñúgEtkrNIcaM)ac;bMputneya)ayéføGacGnuvtþn_enAEpñkxagsþaM rWEpñk
xageRkaménRkahVikBhuPaK rWk¾pþac;muxeTVPaK.

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
 c) 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
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

karbg;témøGefrénplitkmμkñúg 1 Éktaplitpl
(16) + 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) G = P * M – cV * M - Cf
(19) G = M(P – cV) - Cf
(20) 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<aFeTAelIGñkRbkYtRbECg.
c) neya)ayénéføxusKña (differential price policy) neya)ayenH
dak;eTAelIbTBiesaFn_EdlfaTIpSarTaMgmUlBMuekIteLIgecjBIRkumGñktRmUvk
arEdlsuRkithUm:UCInaseLIy. dUcenHeKRtUvEtGnuvtþn_nUvneya)ayéfømYy
EdlBuHbMEbk enHmann½yfacMeBaHplitpldUcKñamYy KWRtUv)anTamTar
BIsMNak;GtifiCnmanTMhMéføxus²Kña eRBaHedaymUlehtulkçN³vinicä½y
rbs;eK. lkç½NÐsRmab;va KWkarGgán;TIpSarmYyedayRbugRby½tñ niglT§PaB
EdlfaTIpSareKaledAnImYy²BMueGayqøgkat;Kañ eTAvijeTAmk.
- neya)ayéføxusKña KWGaceFVIrvagTItaMgCaeRcInEdlenAdac;BIKña dUcCa
]TahrN_eFVIenAkñúgRbeTs nigenAeRkARbeTs.
- ney)ayénéføxusKña k¾GacGnuvtþn_enAelITIpSarEdlmanTMnak;TMng
Kña)anEdr ebIsinNaeKGacGgán;TIpSarenaH)an. TaMgenHmann½yfa k¾man
GtifiCnmYycMnYnGacbg;éføx<s;EdredaysarEteKKiteTAelIkarcMeNjénka
reRbIR)as;rbs;eK. edIm,I[)aneCaKC½ysRmab;neya)ayénéføxusKña eK
RtUvGmedayviFankarN¾neya)ayGtßiPaB ]TahrN_dUcCakareFVIeGayxus
Kñaénplitpl ehIyCamYyenHpgEdrdUcCa lkçN³vinci yä½ énkarGgáne; pSg²
eTot kaeFV[I xusKñarvagéføeTAtameBlevla ]TahrN_dUcCaéføsMrab;eBl
éf¶ nigéføsMrab;eBlyb; PaBxusKñarvagéføeTAtambuKÁl ]TahrNdUcCa
éføsRmab;kUnekμg nigéføsRmab;mnusSeBjv½y rWk¾PaBxusKñaénéføEdl
 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> 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
 1) 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.
II 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¦
 rcnasm<½n§lMhUrbg;témøénshRKas
cMNay
cMNUl
Capital-binding E. Capital-release I. Capital-supply I. Capital-withdraw E.

1> cMNaysMrab;karbg;tMélktþa 1>cMNUlecjmkBIkarvaytMél 1> hirBaØvtßúEdlelIsecjBI ³ 1> cMNaysMrab;RKbdNþb;kar

plitkmμEdleRbIR)as; ¬P¢ab;CamYy énTIpSareTAelIlT§plsMercénsh - karvaytMélénTIpSareTA xatbg;EdlecjBI ³
karbg;tMélBn§ ¦ RKas ¬éføénkarbg;tMél ¦ elIlT§plsMercénshRKas - karvaytMélénTIpSareTAelI
- kargarrbs;mnusS - plitplCavtßú - karlk;RTBüsm,tþiCavtßú lT§plsMercénshRKas
- meFüa)ayshRKas - esva:kmμ RTBüsm,tþiCahirjvtßú ¬P¢ab;Ca - karlk;énRTBüsm,tþiCavtßú nig
- vtßúFatushRKas 2> cMNUlecjBIkarlk;énRTBü mYykarbg;éfømkvijénTun RTBüsm,tþiCahirBaØvtßú ¬P¢ab;CamYy
- GñkvMerIxageRkAnigc,ab;xageRkA sm,tþiCavtßú nigRTBüsm,tþiCahirBaØ 2> cMNUlkarR)ak; nigcMNUlén karbg;éfømkvijénTun ¦
2> cMNaysMrab;lT§plénkarFana vtßúepSg² ehIyk¾dUcCacMNUlecjBI PaKcMeNjecjBIkarFanaTun nig 2> cMNayCakarR)ak; nig
TuncMeBaHÉktaesdækic©d¾éTeTot karbg;témømkTijénTun ecjBiRTBüsm,tþihirBaØvtßú cMNayénPaKcMNay EdlCakar
¬P¢ab;CamYyenaH KWkarTijénRTBü 3> karrMlayénfvikarbMrugTuk 3> cMNUlecjBIkarFanaénkar bMeBjénkarTUrTat;sgsMrab;TunPaK
sm,tþhirjvtßú ¦ ]btßmFnö h‘un nigTuneGayxçIEdl)anTTYlyk
- karcUlh‘un 4> cMNUlecjBIkarTTYlykkar 3> cMNayelIBn§ nig]btßmÖFn
- kareGayx©I cUlh‘un nigkareGayx©I 4> cMNayCalT§plénkarbg;
3> karbMrugTukénRbGb;fvikar 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<n½ E§ bgEckEdlmansmtßPaB

bMeBjParkic©mYyCarYm KWkarvinieyaKBitR)akdenHcMeBaHEdlfa ³
¤ karvinieyaKenHkMNt;nUvrcnasm<½n§karbg;témøénshRKasenAkñúgryH

eBlEvg
¤ karRtYtBinitüEkécñeLIgvijCabnÞab;mkénkarseRmccitþBIsmtßPaBEdl

eFVI[ekIteLIgmþgBImunKWCaTUeTAmankarbg;témø nig
¤ karvinieyaKbgðajnUvmUldæanseRmccitþsRmab;kmøaMgTinñplGnaKtén

shRKas.
tamkarsegáteTAelIesdækic©hirBaØvtßú RbtiþbtþikarN_énkarvinieyaKmansßit
enACanic©Cakal kalNakarseRmccitþEdlCaneya)ayshRKasbgár[manTun
tRmUvkarmYy. karniyay[c,as;müa:geTot KWfakarvinieyaKmann½yCaTUeTAmYyCa
karcMNay ¬rWk¾smmUlCafvikar¦ EdlbegáIteGaymankarpSarP¢ab;TunmYy. CamYy
nwgGtßn½ydUcKñahñwgEdr eKGacniyaypgEdrfaecjBIcMNucsñaménhirBaØvtßúcMeBaH
karvinieyaK KWCadMeNIrRbRBwtþénkareRbIR)as;énTuntamryHkarpøas;bþÚrBITunEdl
enATMenreTACaTunEdlpSarP¢ab;. eyageTAtameKalbMngénkarvinieyaK eKEbg
EckRbePTénkarvinieyaKdUcxageRkam ³
 ¤ 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<n½ s§ MNgRtUv
e)aHbg;ecal. k¾b:uEnþTRmg;rbs;vaTak;TgcMeBaHsßanPaBénbBaðamYyEdldUceTA
nwgsßanPaBénbBaðasßitenACamUldæanRsedognwgkareFVIEpnkarénkarseRmccitþvini
eyaKRbesIrbMput.
¤ eRBaHfaPaKcMeNj rWcMeNjtamh‘un (dividend) nigkarrkSaTukén

cMeNj ¬=cMeNjekIneLIgCaTun (profit accumulating capital) rWk¾hirBaØvtßúpÞal;

xønÜ ¦ KWbBa¢ak;saß nPaBsMrab;karcMeNjEdl)anhuc[enaH. TidæPaBnImYy²énkar
eFVIEpnkarPaKcMeNjRtUvelIkmkniyayenAkñúRkbx½NÐénkarRbtibtþisRmab;hirBaØ
vtßú.
¤ eTaHbImankarbg;Bn§ rWk¾karecosvag rWk¾karBnüaeBlénkarbg;Bn§Edl

eyageTAtamGRtaBn§x<s; KWCaneya)ayhirBaØvtßúd¾RbesIrbMputk¾eday k¾eyIgBMueFVI

karviPaKBiessénkareFVIEpnkarBn§eLIy. sRmab;bBaðaenH KWmanemeronBiess
rbs;vapÞal;EdlTUlMTUlay. RbePT nigcarwklkçN³énBn§sMxan;² KWeyIgGac
RsavRCavemIlenAkñúgrcnasm<½n§énBn§rbs;RBHraCaNacRkkm<úCak¾)an.
 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

viFIsaRsþénkarKNnaPaBesdækic© viFIsaRsþkarvaytMélkarvinieyaK

(4)
eKalkarN_kñúgeBlEtmYy (1) eKalkarN_CalMdab;lMeday eKalkarN_vaytMélCaGBaØafavtßú eKalkarN_vaytMél
( simultaneous ) ( successiv ) Cayfavtßú
- viFIsaRsþéntMél
- KMrUkarvinieyaK ⁄ KMrUhirBaØvtßú eCaKC½yxagmux - viFIsaRsþéntMélTinñpl
(2)
(investment - ⁄ financial model) KMrUmineBjelj KMrUeBjelj - viFIsaRsþéntMélxøwmsar
- KMrUkarvinieyaK ⁄ KMrUplitkmμ (partial model) (full model)
- viFIsaRsþéntMélmFüm
(investment - ⁄ production model)
- EpnkartulüPaB - viFIsaRséntMélkat;
- KMrUkarvinieyaK ⁄ KMrUhirBaØvtßú ⁄ KMrUplitkmμ rMlYsénshRKas
- EpnkarhirBaØvtßú
EdleBjelj - viFIsaRsþénkarbg;sg
karKNnaCasþaTIk (3)
karKNnaCaDINamIk cMeNjelIs

- karKNnaeRbobeFobénkarbg;tMél
- karKNnaeRbobeFobénkarcMeNj karKNnaCaburaNniym eKalkarN_TMenIbniym
- karKNnaPaBEdlrkcMeNj)an
- karKNnaénkarsgrMlYs - viFIsaRsþéntMélTun - viFIsaRsþénkarkMNt;karR)ak;
- viFIsaRsþénGRtaR)ak;épÞkñúg - viFIsaRsþéntMélcugeRkayénRTBüsm,tþi
- viFIsaRsþénFnlaP - KMrUkarR)ak;TIpSar
 eKalkarN_kñúgeBlEtmYy nigeKalkarN_CalMdab;lMedayénkarKNnaPaB
(1)
esækic© (simultaneous and successiv concepts of economical calculation) :
KMrU (model) kñúgeBlEtmYy KWCaKMrURTwsþIGtßiPaBénkarKNnaPaBesdækic© ³
¤ TaMgGs;enHCaTMnak;TMngeTAnwgKMrUénPaBRbesIrbMput (optimal model)

¬CaTUeTAekIteLIgecjBIRB½n§énsmIkarEdlCabnÞat;Rtg; the system of

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) (total model and
partial model of economical calculation) :
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¦.

(3) 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
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)

(4) karvaytémøkavinieyaKCaGBaØfavtßú nigCayvtßú (objective and subjective

evaluation of Investment) :
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
→1 ¬ ¦ 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;¦

 kalNaGVITaMgGs;Tak;TgeTAnwgkarvinieyaK CamYynwgryHeBleRbIR)as;
EdlmankMlugeBleRcIn enaHkarbg;témøCamFümkñúgkmøúgeBlRtUvCamUldæanEdl
smrmü rWCaeKalbMngEdlsmrmü. sRmab;karEsVgrkkarbg;témøTunEdlCamFüm
KWmann½yCac,ab;dUcxageRkam ³

1) karkat;rMlYsCamFümkñúgkmøúgeBl = (PV – RV )/ n
n

2) karR)ak;CamFümkñúgkmøúgeBl = i * (PV – RV )/ 2
n-1

CamYynwg PV = karbg;témøénkarpÁt;pÁg;
n = cMnYnénkmøúgeBleRbIR)as;

RV n = sMNl;témøenATIbBa©b;énryHeBleRbIR)as;

RV n-1= sMNl;témøenAeBlcab;epþIménqñaMeRbIR)as;EdlCaTIbBa©b;

¬= RV bUkbEnßmkarkat;rMlYsénqñaMcugeRkay¦
n

i = GRtakarR)ak;EdlCamYyGRtaenH KWsRmab;TajykkarR)ak;BITun

EdlpSaP¢ab; ¬TunpÞa;l;xøÜn nigTunxageRkA¦.

kalNa RV = 0 nigcMeBaHkarsnμt;énkarsgrMelaHCabnþrbnÞab;énTuneRbIR)as;
n

enaHrUbmnþ (2) GacsresrCa ³

(2a) karR)ak;CamFümkñúgkmøúgeBl = i * (PV / 2)

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
cr

eRkam ³
(3) Mcr = (CfixA - CfixB) / (CvB – CvA)

Cfix = fixed cost

Cv = variable cost
A= brikça rWcegáambrikça A
B = brikça rWcegáambrikça B

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<n½ b§ BaðasRmab;]TahrN_CaelxEdlknøgeTA. sRmab;vsi alPaBeRbIR)as;
Edl)ansnμt;ykenATIenaHénbrikça rWcegáambrikça KW 4000 rWk¾ 5000 Éktakñúg 1qñaM
)anbgðajnUv]tþmPaBénkarbg;témøsmrmürbs;brikça B rWcegáambrikça B Ca
RkahVikpgEdr. CacMnucvisalPaBeRbIR)as;EdlTiTanmantémøRtg;TUrelxplitkmμ
3000 Éktakñúg 1 qñaM. CabzmkalNavisalPaBeRbIR)as;EdlTiTanRtUv)an
rMlgput ¬›3000 QU¦ enaHbrikça A rWcegáambrikça A RtUv)anbgðajnUvKuNsm,tþi
EdlCakarbg;témøsmrmüebIeRbobeFobeTAnwgbrikça B rWcegáambrikça B.
 rcnasm<½n§karbg;témø nigcMnucvisalPaBeRbIR)as;EdlTieTon

→ (b) cMeBaHdMeNaHRsayénbBaðaCMnYssRmab;karRtYtBinitüfaetIbrikçamYy rW
cegáambrikçamYyEdlsßti enAkñúgshRKasBMuRtUvCMnYssRmab;muncMnuceBl rWke¾ Rkay
cMnuceBlEdlCaTIbBa©b;énryHeBleRbIR)as;Edl)andak;Epnkar. bBaðaCMnYsTam
TarkarseRmccitþEdlBitR)akdCanic©rvaglT§PaBBIr ³
 ¤ 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.
→ (2) 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

 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).
→ (3) karKNnaénPaBEdlGacrkplcMeNj)anmYyRtUvTamTarrk kalNapl
cMeNjénkarvinieyaKRtUv)anseRmc)anCamYynwgkareRbIR)as;TunepSg²Kña nig
kalNaTunEdlsßitenAsRmab;bRmugTukenaHmankarraraMg. sMrab;lkçN³vinicä½y
kñúgkarseRmccitþénkarKNnaPaBEdlGacrkplcMeNj)an KWPaBEdlGacrk
plcMeNj)anénkmøúgeBlEdlenAkñúgmUldæanTsSn³rbs;vaRtUv[niymn½ydUcxa
geRkam 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¦

→ (4) sMnYrEdlecaTsYrcMeBaHkarKNnaénryHeBlrMelaH (calculation of

amortisation) KWTak;TgeTAnwgryHeBlEdlryHeBlenaHlatsn§wgrhUtdl;
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 sRmab;

kMNt;KuNsm,tþiénkarvinieyaKnimYy²KW ³
 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
0

R – E = Cashflow (rWcMNUlGtierk (R > E ) rWk¾cMNUlRKbdNþb;

t t t t

BMuRKb;RKan; (R < E ) enAkñúgkmøúgeBl t

t t

1/(1+ i) = ktþaénkardkkarR)ak;énkMlugeBl t ¬CamYynwg i = p/100

t

CaGRtakarR)ak;TIpSar rWGRtakarR)ak;KNna¦ rW present value of 1$

I = karcMNayénkarvinieyaKTun ¬TunEdleRbIR)as;edImdMbUg¦
0

t = snÞsSn_énkmøúgeBl ( t t = kMlugeBlénkarvinieyaKTun)
0 n
 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
C0
(4) A =
PVA in

A = FnlaP
C = témøTun
0

PVA = ktþatémøsac;R)ak;esaFn
n
i

(= 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

3) 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.
 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;¦
Σ

rWk¾Ca]TahrN_Caelx
700 + 500 +300 –1000 500
5 (b) iiiM = = = 27,6 %
1000 +576 +235 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
I0
7 PVAi n =
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; KμankarEkr mankarEkr
GRtakarR)ak;KNna Rt Rts =Rt – (Rt - At) S Rts =Rt -(Rt - Az ± It) S Rts= Rt – (Rt - At ± It) S ± Ct

1.1 1.2 1.3 1.4

i
KμankrNIBn§ KMrUmUldaæn KMrUkarR)ak; -

Kμan;karEkr (Basic model ) (Interestrate model )

2.1 2.2 2.3 2.4
is= i (1-S) -
KMrUsþg;da -
viFIsaRsþsuT§
(Standard model ) (Net methode)
i 3.1 3.2 3.3 3.4
mankarEkr is =
1 – S
viFIsaRsþdul - - -

(Gross methode )
i = GRtakarR)ak;KNnaEdlKμankarEkr ¬muneBldkBn§¦
is = 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
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 ).
o o

témøTunenH KWdak;[esμIrCamYynwgRTBüsm,tiþbEnßmrbs;vinieyaKKinEdlRTBü
sm,tiþenaHhUrmkvinieyaKKinenaHedayqøgkat;karvinieyaKsRmab;cMnuceBl t . o

RTBüsm,tiþsarub A rbs;vinieyaKKin ¬enAeRkamkarsnμt;EdlfakarvinieyaKbnþ

o

eTotRtUv)anGnuvtþn_¦ KWbnÞab;mksRmab;cMnuceBl t kñúgkrNIénhirBaØbTan

o

CamYynwgTunpÞal;xøÜn ( SE ) ³ o

(2) Ao = SEo + Co
rWk¾CamYyhirBaØvtßúxageRkA (SEo = 0)
(3) Ao = Co

eyageTAtamenH qøgkat;kardkBn§BIRTBüsm,tiþcugbBa©b;sarub An RtUv

kMNt;sRmab;cMnuceBl t n

(4) A = A . q
n CamYynwg q = 1 + i
o
n

CamYynwghirBaØvtßúxageRkA edayeyageTAtamtémøTun C EdlRtUvdkBn§

n

sRmab;cMnuceBl t rWk¾CamYynwghirBaØvtßúpÞal;xøÜn TaMgGs;enH KWGaRs½yeTA

n

nwgtémøTun C bUkbEnßmTunpÞal;xøÜn SE EdlRtUvdkBn§sRmab;cMnuceBl t .

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

eTAnwgniymn½yenAkñúgtaragxagelI
 KMrUsþg;da nigKMrUkarR)ak;enAkñúgkrNItMélsac;R)ak; nigkrNItMécugbBa©b;
KMrUkrNIEdlCaBn§
krNItMélsac;R)ak; KMrUkarR)ak; KMrUsþg;dar
nigkrNItMélcugeRkay
Rst
tMélTun Co n Rt s
n
Cost = - Io + Σ
CoI = - Io + Σ t=1 q st
t=1 qt

CoI, Cr = - 1000 + 900 – (900 –500 –100 ) × 0,6 Cost = - 1000 + 900 – ( 900 – 500 ) × 0.6
1,1 1,04
a) cMeBaHhirBaØvtßúxageRkA + 400 – ( 400 –500 –38 ) × 0,6
+ 400 – ( 400 – 500 ) × 0,6
1,12
= + 53,5 1,04 2
= + 59,9
900 – ( 900 – 500 ) × 0,6
b) cMeBaHhirBaØvtßúpÞal;xøÜn CoI, SE = -1000 +
1,1
+ 400 – ( 400 –500 +66 ) × 0,6

1,12
= - 52,6

tMélcugbBa©b;énRTBüsm,tiþ A n

a) cMeBaHhirBaØvtßúxageRkA AnCr = CoI,Cr . qn AnCr = Cost . qns

= + 53,5 × 1,21 = + 64,8 = + 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
o 1 2 t

eyageTAtamsþg;daénGtierkEdlman; GRtakarR)ak;KNnaEdlKμanEkr i = 0,1; GRtaBn§ S =0,6; i = i (1- S ) = 0,04 ; q = 1+ i

s
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 viFIsaRsþEdlCaRbéBNI

viFIsaRsþéntMélTinñpl viFIsaRsþéntMélxwømsar viFIsaRsþéntMélmF,m viFIsaRsþénsgrMlYséntMélCMnYj viFIsaRsþénkarsgpat;

cMeNjelIs

tMélsgrMlYsEdlmankMNt; tMélsgrMlYsEdlmanBMukMNt; karsgpat;cMeNjelIs karsgpat;cMeNjelIsEd karsgpat;cMeNjelIs

EdlBMubBa©úHtMélgay lbBa©úHtMélmanryHevla EdlbBa©úHtMélBMumanryH
kMNt; 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.
n
(1) C o = - I o + Σ (Rt – E t) . 1
t =1 ( 1 + i )t

sRmab;karvaytémøkarvinieyaK eKBMucab;GarmμN_eTAelItémøTun C rWk¾kar

o

vinei yaK I eT eRkABIenHeTAelIEttémøbc©úb,nñ rWtémøCasac;R)ak;énTinpñ lsuT§ (R -

o t

E )EdlhUrcUlmkvinieyaKKinedaysarRTBüsm,tiþvinieyaK. bnÞab;mkenH rUbmnþ

t

(1) nwgeTACarUbmnþ (2) EdlbgðajnUvrUbmnþTUeTAsRmab;témøeCaKC½yGnaKténkar

vinieyaKmYy (IV)
n 1
(2) IV = 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<n½§eLIg EdlenAkñúgenaHKat;)anbgðajeTAelIPaBCarYm nigPaBxusKñarbs;
va. sRmab;bBaðaenH Kat;)anGPivDÆn_nUvGIVEdlehAfa {rUbmnþFmμta} mYy EdlviFI
saRsþénkarvaytémøTaMgGs;GacRtUvTajecjBIrUbmnþFmμtaenaH ³
(1) IV = SV + b (YV - SV)

IV =témøvinieyaK
SV = témøxøwmsar
YV = témøTinñpl
b = ktþaRbePTviFIsaRsþ
dUcEdlbgðaj[eXIjc,as;Bit² ecjBIrUbmnþFmμtaenH témøénkarvinieyaK
enH KWKNnacMeBaHRKb;viFIsaRsþTaMgGs;ecjBIkarpSpÁúMmYyéntémøxøwmsar nigtémø
Tinpñ lEdlCamYyenaH b TTYlyknUvtémøepSg²KñamYyedayeyageTAtamviFsI aRsþ
EdlRtUveRCIserIsnimYy².
 viFIsaRsþvaytémø ktþaRbePTviFIsaRsþ b
1) viFIsaRsþtémøTInñpl (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 1
(depreciation of business value) b=
1 + a . PVAni
a) karsgrMlYsEdlmankMNt;
(limited Depreciation of Business Value) CamYy n= ktþaénkarrMlYs
b) karsgrMlYsEdlBMumankMNt; b=
1
i +a
(not limited depreciation of businessvalue)
5) viFIsaRsþénkarsgpat;cMeNjelIs PVAni = ktþaéntémøsac;R)ak;esaFn
(methode of paying off of excess profit) b=i.n
a) karsgpat;cMeNjelIsEdlBMubBa©úHtémø a= ktþaénkarrMlYssRmab;témøesdækic©
(undiscounted paying off of excess 1
profit) (a = n)
b) karsgpat;cMeNjelIsEdlbBa©úHtémø b = i . PVAni
mankMNt; (limited discounted paying n = Goodwill – ry³eBlesaFn
off of excess profit) 1
c) karsgpat;cMeNjelIsEdlbBa©úHtémø i
b=
u
BMumankMNt; (unlimited discounted i =GRtaTunnIykmμsRmab;{cMeNjFmμta}
paying off of excess profit)
i =GRtaTunnIykmμsRmab;{cMeNjelIs}
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

¤ ninañkarénkarsnidñ 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
L
i
(3) IV = P . PVAn +
(1 + i)n
cMeBaHry³eBlsßitenAEdlkMNt; nigTuncMeNjEdlefrral;qñaM
 n 1 L
(4) IV = Σ Pt . +
t=1 (1 + i)t (1 + i)n
cMeBaHry³eBlsßitenAEdlkMNt; nigTuncMeNjEdlERbRbYlral;qñaM.
P = TuncMeNj
PVA i
= ktaþéntémøsac;R)ak;esaFn
n

L = TinñpllIKVIDITIénkarvinieyaK
2.b.T
L =
i
b = karbg;témøénkarepÞrEdlefr
i = GRtakarR)ak;
T = TMhMR)ak;bg;cUleTAkñúgKNnIEdlskmμ

2) 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
 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;.
3) 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
elj. dUcenHtémøTinñpl KWenAkñúgkrNIenHGaceGaytémøya:gx<s;faCatémø
énkarvinieyaK)anedaygay ÉcMENktémøxøwmsarCaTUeTARKan;EtCabnÞab;bnSM.
TaMgenHmann½yEdlfaviFIsaRsþtémøCamF,mCaviFIsaRsþgayRsYlmYysRmab;kM
Nt;témøénplitkmμeLIgvijEdlBMusÁal;.
4) viFIsaRsþénkarsgrMlYstémøCMnYjEdlmanryHeBlevlakMNt; nigBMu
kMNt;eFVIkarenAkñúgeKalkarN_CamYynwgmUldæanKMnitdUcKñaeTAnwgviFIsaRsþtémøCa
mF,mEdlfahaniP½yénkarRbkYtRbECgBMuRtUvBicarNaCarcnasm<n½§.
cMeBaHviFIsaRsþénkarsgrMlYstémøCMnYjRtUvcab;epþImecjBIcMeNjEdlCa
cMeNjrg;caMedayBMuBicarNaeTAelIhaniP½yénkarRbkYtRbECg. sRmab;kar
cab;GarmμN_eTAelIhaniP½yénkarRbkYtRbECgenaH eKRtUvbRgYjcMeNjRbEhl
nwgkarsgrMlYseTAelItémøénCMnYj. CamYyenaHtémøCMnYj KWCapldkrvagtémøén
karvinieyaKEdlRtUvrk nigtémøxøwmsar. témøénkarvinieyaKEdlRtUvrkxøÜnÉgpÞal;
bgðajecjBIcMeNjEdlRtUvkat;bnßyRbEhleTAnwgkarsgrMlYseTAelItémøCMnYj
enaH.
- rUbmnþxageRkambgðajGMBIviFIsaRsþenH cMeBaHkrNIénkarsgrMlYstémø
CMnYjEdlBMumanevlakMNt; nigcMeNjEdlefrral;qñaM ¬CamYyenaH a Caktþa
sgrMlYsEdlbgðajecjBIryHeBlsgrMlYs n ¦ ³

P - a (IV - SE)
(5) IV =
i
a
YV + i SV 1
= CamYynwg n = n
1+ a
i
 - cMeBaHkarsgrMlYséntémøCMnYjEdlmanevlakMNt; CadMbUgRtUvkMNt;
nUvtémøTinñplEdleBjelj (full yield value) edayeyageTAtamrUbmnþ (2).
ecjBIenaH eK)andak;cuHnUvtémøsac;R)ak;énkarsgrMlYséntémøCMnYjEdlman
evlakMNt;³
P
(6) IV = - PVAni . a (IV – SV)
i

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

S

rg;caM P nig {cMeNjFmμta} P ³ 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<n§énTRmg;hirBaØbTan

hirBaØbTanxageRkA hirBaØbTanxagkñúg
hirBaØbTanBIPaKh‘un hirBaØbTanBI\NTan hirBaØbTanBI]btßmÖFn hirBaØbTanBIGtierk hirBaØbTanBIkarERb
(Financing from
Shares or Security) hirBaØbTanBI\NTan hirBaØbTanBI\NTan hirBaØbTanpÞal;xøÜn hirBaØbTanBIkarsgrMlYs RbYlRTBüsm,tþi
ryHeBlxøI ryHeBlEvg nig karpþl; (Provision)
-ykarTTYlyk - Book credits
- Account payable
- Long-term Bank credits
- Loan Bonds
- Investment allowances
- Contributions -karTTYlmkvijkñúg -karTTYlmkvijkñúg - karlk;EpñkxøHén
m©as;PaKh‘unfμIeda
- Current account credits
(Line of Credits)
- Obligations - Interest rate subsidy
eBlxøH rW k¾rhUtén eBlxøH rW k¾rhUtén RTBüsm,tþibrikaç
- GñkTijPaKh‘un
- Lending credits
- Discounted credits cMeNj karsgrMlYs nig -karbeBa©jénTun
rWbNÑPaKh‘un
- Aval Credits
- Rembour credits karpþl; (Provisions) edaysarkarkat;
(Letter of Credits)
- Down payment of
bnßysþúk
omers - Factoring
- Transaction loan - 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?
→1.RbePTén stocks epSg²RtUv)anTukpþl;sRmab;karcMNay rWkarpþl;[
éncMENkrbs; corporation company mYy ¬emIltarag¦ ³
 lkçN³vinicä½y RbePT nigkRmitén TMhMénsiT§iEdlRtUv RbePTénkarEckTun
Criterien
smtßPaBepÞr bBa¢ak;CaÉksar Kind of the
allocation of the
Kind and degree of the Range of the
Capital
transferability confirmed by a
(c)
(a) document right
(b)

GMbUrén - Gñkkan;cMENk - PaKh‘unFmμta - PaKh‘unEdlKitCa

Stock (Stock
category)
(=Stockholder) (Common Stock)
témøeTAtaméfø
- PaKh‘uncuHbBa¢I - PaKh‘unGtßiPaB (nominal value
(Registered Shares) (Preferred Stock) shares)

-PaKh‘uncuHbBa¢ICa - b½NÑkéRm rWb½NÑ - PaKh‘unCaGRta

(rates shares)
Vinculare(Vinculare
Registered Share)
cUlrYm (benefit bonds
=participation bonds=
convertible securities
=funder’s shares)

→(a) 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.
 →(b) 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;¦
 ¤ 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.
→(c) 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.
→2 karpþl; rWkarpÁt;pÁg;énGMbUrPaKh‘unEdl)anerobrab;enHseRmc)an
edayqøgkat;TRmg;énkarekIneLIgénTun ¬emIlrUbxageRkam¦ ³
 →(a) 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.
→(b) 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
 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.
→(c) 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.
→(d) 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
 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

Cash dividends EdlKitCacMENkGRtaRbcaMqñaMsRmab; stocks nimYy² KW

GaRs½yeTAnwgneya)ayEbgEckcMeNjén corporation ehIyGRtaPaKcMeNj
enaHRtUvTajecjBIPaKryéntémø stocks. ÉkarTTYl)anén cash dividends KW
GaRs½yeTAelIEbbbTén common Stocks nig prefered stocks enaH
¬emIlemeronxagelI¦.
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 Firm 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.
 Mutual funds 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<pSay nigRbkan;x¢ab;sRmab;tulübBa©Ién fund’s investment objective.
tulübBa¢IenHmanmYy rWBIrkfax½NÐd¾Evg nigGacRtUvbBa©ÜlCaR)aMmYyRkumFMeyageTA
tammaKa’Edl portfolio RtUv)anRKb;RKg ³
1. Growth funds (rWk¾ehApgEdrfa “go-go” funds): funds enHvinieyaK
EtenAkñúg common stocks. growth funds saμnnUvhaniP½yedIm,ITak;
TgnUv stock EdlrMBwgfa nwgpþl;TinñplnUv return mYyd¾x<s;.
2. Income funds : funds enHvinieyaKenAkñúg stock EdlRtUv)anrMBwgTuk
famankarpþl;eGayenA cash dividends d¾x<s; nigminERbRbYl. stocks
manhaniPy½ EdlkMBugpþln; Uv capital gain Edlmanninañ kareTAmux
KYrRtUveCosvag.
3. Balanced funds: funds enHRtUv)anEbgEcknUvkarkan;kab;rbs;varvag
fixed-income securities nig low-risk common stocks kñúgeKalbMNg
edIm,IbM)at;nUvhaniP½yénkarxatbg;. funds GPirkS (the convervative
funds) enH manjwkjab;nUvGRta return d¾Tab.
4. Liquid assets funds: funds enHvinieyaKenAkñúg money-market dUcCa
treasury bill nig certificates of deposit d¾éTeTot EdlRtUvbeBa©j
edayFnaKarsRmab;cMnYnénéfødC¾ ak;lak;mYy. Funds enHmaneKalbMng
TajykTinñplGRtakarR)ak;d¾x<s;BI liquid low risk short-term bonds
bank deposits nigviFankarN_ money market epSg²eTot.
 5. Municipal bond funds : funds 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
3

EdlBMuRtUvEbgEckeTAma©s;kmμsiTi§. HPR sRmab; mutual fund share

RtUv)anbkRsayenAkñúgsmIkardUcxageRkam
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.
 No-load 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$
Total adjusted asset value enAéf¶TI 12/31/2000 16100$
Assets value éf¶TI 12/31/1990 (10000$ - load of 8,5%) 9150$
karERbRbYlén assets value 6950$
Total return = (16100/9150) – 1 = 76%

→ Closed-End funds
Closed-end funds KWdUcCa mutual funds sRmab;karrIksayPayEdlfa
closed-end funds enHk¾RtUvCama©sé; n investment portfolio Edr. k¾bu:Enþ closed-
end 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.
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 over-
the-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 Invest-

ments 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
→1) 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
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
bonds KWBMumanEtRtwmenAkñúgTRmg;Fmμtab:ueNØaHeT eRkABIenHGtßny ½ d¾sMxan; mYy
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.
  C. 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<an
rWbMeBjedaysar\NTanEdlmanryHeBldMeNIrkarxøI nigCamYynwgGRtakar
R)ak;EdlERbRbYl)anenaHeLIy cMeBaHkarxatbg;énsßirPaBtulüPaBhirBaØvtßúén
shRKas rWén Business enaH.
J 2) 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.
ÉryHeBldMeNIrkarén\NTanEdlpÞúyeTAvijticCag 3 Ex RtUvGaccat;TukCa
\NTanryHeBlxøI.
enAkñúgtaragxageRkambgðaj[eXIjrcnasm<n§½én\NTanryHeBlxøI nig
ryHeBlmF,m ³

(a) 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
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
> 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)
- Provision sRmab;karRbugeRbobbRmugTuk[
- éføsRmab;Rbtþibtþkarén account
- éføsRmab;témøFnaKar
C.p.t
Cost of net interest =
100 . 365
C = plbUksarubén\NTan
t = cMnYnénéf¶\NTan
p / 100 = GRtakarR)ak;suTæ (Net interest rat)

(d) Lending credit 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
lending KWRKb;RKan;kúñgkrNImankarRbKl;énb½N)Ñ a:tg;Edledaysarb½N)Ñ a:tg;
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.
 (e) Discount 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 Shall-
interest rate sßitenACaTUeTAeRkamGRtakarR)ak;suTæén line of credit.
 (f) Transaction loan : 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.
 (h) Revolving credits 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.
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
factoring 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) éføQlÜñ 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
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.
 4) 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.
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
regulation) edIrtYnaTIya:gsMxan;enAkñúgkarkMNt;nUvkRmiténRbsiTP §i aB (efficiency)
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
cyclical)
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.
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
dividend) BIsCIvkmμEdlpþl[ ; b½NPÑ aKh‘unenaH (shares). KMrUtémøbc©úb,nñ (the
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$
= = = 62,50$
0,10 – 0,02 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$
= = = 50$
0,12 – 0,02 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

EPS 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:
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<aF
énkarlk;Cabnþbnþab;enaH. Stock EdlsßitenAeRkaméfø (underpriced stocks)
manéførbs;va nig P/E ratio nwgekIneLIgéføeTAelICamYynwgsm<aFénkarTijCa
bnþbnÞab;enaH. müa:gvijeTot eKBMueXIjmankarekIneLIgnUvsm<aFBIkarTij nigkar
lk;EdlbNþaleGayéføén stock EdlmanéføRtwmRtUvehIyenaH (correctly price of
stocks) ERbRbYleLIy. sm<aFénTIpSarmanninñakarrkSanUvéfø stocks EtenAEk,r
eTAnwgtémøbc©úb,nñ (present value rW intrinsic value) rbs;vaEdlRtUv)an):an;
RbmaN (estimated) edayGñkviPaK fundamental CaeRcInenaH.
> 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
efficient price KWCaéføEdlBMuERbRbYlCMuvj
i témørbs;va. Samuelson )anpþle; yabl;
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

coupon1 coupon2 couponn + face value

present value = + +----+
(1 + i)1 (1 + i)2 (1 + i) n

sBaØaNTaMgbIEdlelcecjenAEpñkxagsþaMénsmIkar KWRtUv)anBiPakSa
xageRkam ³
> GRtakarR)ak; ³ GRtakarR)ak; rWGRtabBa©úHtémø (discount rate) rW yield-
to-maturity KWCaGRtakarR)ak;TIpSarEdlERbRbYlCad¾rab bnþmkeTotGRta
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$ 60$ 60$ + 1000$
Present value = + +
(1+ 0,10)1 (1+ 0,10)2 (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¦.
→ Bond 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
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
(ATT) has 13 bond Edl)anpþl[ ; . edIm,Iyl;kúñgkarGanGRta bond
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$.
 GñkvinieyaKEdl)anTij bond nigrkSavarhUtdl; bond enaHputkMNt;
nwg)anTTYlTinñplCaGRtaéncMNUl (rate of return) EdleKehAfa yield- to-
maturity (YTM). TaMgGs;enaH KWny i ayfam©as;én bond CamYynwg YTM 14 %
nwgTTYl)anTinñpl 14 PaKryénGRtacMNUl (14 percent rate of return). m©as;
kmμsiTi§nwgTTYl)an 14 PaKry YTM enH EtkalNa bond KWBMumankarxkxanBMu
)anbg;R)ak; (= default) rWk¾edIreTArkPaBkS½yFn nigBMuRtUv)anlk;muneBl bond
enaHputkalkMNt; nigmankarbg;sg principal rbs;va (face value) edayeBj
elj.
YTM KWeRbIR)as;CargVas;énel,ÓnEdlCamYyel,ÓnrgVas;enaH PaBrIkcMerIn
rbs;GñkvinieyaKRtUvrMBwgfaekIneLIg (equivalent of the investor’s return)
eRBaHfa YTM sRmbsRmYlkareRbobeFobén bonds epSgKañ. ]TahrN_ YTM
sRmab; bond CamYynwg 5 qañMénkalkMNt; (with 5 years to maturity) RtUvGac
eRbobeFobCamYynwg YTM én 9 qñaM bond edIm,IkMNt;faetI bond mYyNanwg
TTYl)anTinñplcMNUleRcInsRmab;GñkvinieyaK.
YTM KWCakarvas;TinñplEdlBicarNaeTAelIR)ak;cMNUlBI bond Tinñpl
EdlecjBIRbPBBIr KW coupon interest nigkarERbRbYléfø (= capital gains or
losses). eyIgBicarNaeTAelI US treasury note mankalkMNt;kñúgqñaM 1997
nigkarbg;[ coupon interest rate 7 5/8 rW 7.625 PaKryén face value rbs;va.
Bond’s YTM 12.09 PaKryRtUvGacbMEbkCaBIrEpñk³
TImYy current yield KW coupon interest EdlEckCamYynwgéføtRmUvkar
bc©úb,nñ (current asked price) ³ TaMgGs;enH KW 76.75$ : 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
rate of return
bMputEdlCamYynwgrgVas;enH PaBrIkceRmInénGñkvinieyaK bond KWkMBugERbRbYl
(kalNa YTM GacGviC¢man eRBaHkarxatbg;TunGacekIteLIg enaHPaBrIkcMerIn
énGñkvinieyaKnwgFøak;cuH).
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
YTM 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¶
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
bonds 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.

. 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$ 1$ 1$
Present value = + +
(1 + 0.1)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$ 1$ 1$
Present value = + +
(1 + 0.01)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

Present value
0.218$. dUcenH GRtakarR)ak;TabenaH KW present value x<s; (and vice-versa).
 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
 . Default risk: default risk 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<aHeTArkkarkS½yFn. RKb; top managemers én company RtUvxitxMya:gxaøMg
edIm,IGPivDÆn_ya:gFMTUlay nigCamYyRkumGtifiCnCaeRcInRbePT.
BMumankMhusCak;EsþgTaMgGs;rbs; management GaRs½yeTAnwgGtifiCn
enaHeT. GñkvinieyaKRtUvRby½tñRbEygpgEdrcMeBaHBaNiC¢krd¾manl,icklCa
eRcInEdleFIV[mankMhus. TaMgenH mannUvRbePTepSg²énkMhusEdlBaNiC¢kr
GaceFIVEdlkMhusTaMgGs;enaHminGacGnuvtþ)ansRmab;erobrab;nUv management
risk TaMgGs;EdlGñkvinieyaK)andwglWedayxøÜnÉgeLIy.
. Interest rate risk : haniP½yGRtakarR)ak;ekIteLIgedaysarkarERbRbYl
d¾skþanuBlenAkñúgcMNUlecjBI security edaysarEtkareLIgcuHénkRmitGRta
karR)ak;TIpSar. GRtakarR)ak; KWvas;EvgenA cost énfvikarkm©I. dUcenH TaMgGs;
enHgaynwgBinitüeXIjfa etIkarekIneLIgénkRmitGRtakarR)ak;nwgeFIV[ekIneLIg
enA cost én company EdlRtUv)aneRbIR)as;nUvfvikarkm©I. Cost énkm©IEdlx<s;
rebobenH nigkat;bnßynUvPaBEdlGacrkplcMeNj)anén company ehIyEdl
karkat;bnßyénPaBEdlGacrkplcMeNj)anenHmanninñakabgár[mankar)at;b
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) :
Price-level 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.
 ]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 portfolios 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

Security HPR Total risk

American TelephoneWorks
(ATW) 7% 3%
General Auto Corp. (GAC) 7% 4%
Yellow Tractor Co. (YTC) 15% 15%
Finest Tire and Rubber Co.
(FTR) 3% 3%
Hotstone Tire Corp. (HTC) 8% 12%
 Dominance principle 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
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 AssetsR)aM enAkñúgsBØaaNénhaniP½y nig
HPR rMBWgTukrbs;va
 7> 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 20,600 24,200 25,700

Cost of goods sold 14,700 17,300 18,400

Gross profit 5,900 6,900 7,300

Admin- expense 993 1828 2,233
Depreciation 650 650 650

Earning before interest

and taxes 4,257 4,422 4,417
Interest Expense 200 200 950

Earning before taxes 4,057 4,222 3,467

Taxes 1,907 1,984 .5 1,629.5

Net profit after taxes 2,150 2,237 .5 1,837 .5

Devidends paid :
Common 750 937 .5 937 .5
Preferred 900 900 900

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 Earnings model Earnings

Trend forecast

Supply and Demand

of Loanable funds 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.