{"id":10427,"date":"2023-02-23T01:45:52","date_gmt":"2023-02-23T00:45:52","guid":{"rendered":"https:\/\/www.euroekonom.sk\/?p=10427"},"modified":"2024-05-13T14:57:43","modified_gmt":"2024-05-13T12:57:43","slug":"riziko-financneho-investovania-a-financny-trojuholnik","status":"publish","type":"post","link":"https:\/\/www.vrtulniky.sk\/news\/riziko-financneho-investovania-a-financny-trojuholnik\/","title":{"rendered":"Riziko finan\u010dn\u00e9ho investovania a finan\u010dn\u00fd trojuholn\u00edk"},"content":{"rendered":"<h2>Riziko finan\u010dn\u00e9ho investovania<\/h2>\n<p>Pri rizik\u00e1ch finan\u010dn\u00e9ho investovanie sa stret\u00e1vame s pojmami ako systematick\u00e9 riziko a nesystematick\u00e9 riziko, kde pod systematick\u00e9 riziko patr\u00ed \u00farokov\u00e9 riziko, infla\u010dn\u00e9 riziko a riziko likvidity. Za nesystematick\u00e9 riziko pova\u017eujeme mana\u017e\u00e9rske riziko a \u00faverov\u00e9 riziko. Systematick\u00e9 riziko je riziko ovplyv\u0148uj\u00face cel\u00fa ekonomiku, ako aj podniky v \u0148om, pri takomto druhu rizika s\u00fa straty zapr\u00ed\u010dinen\u00e9 aj kr\u00edzou. Medzi systematick\u00e9 rizik\u00e1 patr\u00ed aj \u00farokov\u00e9 riziko, kedy ka\u017ed\u00e1 zmena \u00farokov\u00fdch mier zapr\u00ed\u010din\u00ed nepriazniv\u00fd v\u00fdvoj s\u00fa\u010dasnej invest\u00edcie. Infla\u010dn\u00e9 riziko je riziko rastu infl\u00e1cie, \u010do zn\u00ed\u017ei n\u00e1vratnos\u0165 invest\u00edcie. Riziko likvidity je spojen\u00e9 s viazan\u00edm pe\u0148az\u00ed v dlhodob\u00fdch akt\u00edvach, ktor\u00e9 nie je mo\u017en\u00e9 \u013eahko preda\u0165. Na meranie rizika invest\u00edcie sl\u00fa\u017eia <a href=\"https:\/\/www.euroekonom.sk\/meranie-rizika-financnych-investicii\/\">n\u00e1stroje na meranie a riadenie rizika invest\u00edcie<\/a>.<br \/>\nAk zl\u00e9 mana\u017e\u00e9rske rozhodnutia po\u0161kodia spolo\u010dnos\u0165, do ktorej sa investovalo, m\u00f4\u017eeme hovori\u0165 o nesystematickom riziku \u2013 mana\u017e\u00e9rskom. <a href=\"https:\/\/www.euroekonom.sk\/uverove-riziko\/\">\u00daverov\u00e9 riziko<\/a> ja tak\u00e9 riziko, pri ktorom emitent dlhov\u00e9ho n\u00e1stroja nebude schopn\u00fd splati\u0165 svoj dlh.<\/p>\n<h3>Riziko na pe\u0148a\u017enom trhu<\/h3>\n<p>Medzi rizik\u00e1 na pe\u0148a\u017enom trhu patria:<\/p>\n<ul>\n<li>Reinvesti\u010dn\u00e9 riziko &#8211; nast\u00e1va v pr\u00edpade, ke\u010f klesaj\u00fa \u00farokov\u00e9 sadzby, tento druh rizika rastie a pr\u00edjmy z p\u00f4\u017ei\u010diek bud\u00fa musie\u0165 v ur\u010ditom okamihu by\u0165 reinvestovan\u00e9 do cenn\u00fdch papierov s ni\u017e\u0161\u00edm v\u00fdnosom.<\/li>\n<li>Trhov\u00e9 riziko &#8211; je riziko pohybu \u00farokovej miery spojen\u00e9 s nebezpe\u010denstvom poklesu cien cenn\u00fdch papierov, pri tomto druhu rizika pokia\u013e \u00farokov\u00e9 sadzby vzrast\u00fa, d\u00f4jde ku kapit\u00e1lovej strate investorov. Ceny vl\u00e1dnych dlhopisov a \u0161t\u00e1tnych zmeniek klesaj\u00fa.<\/li>\n<li>Riziko insolventnosti &#8211; nast\u00e1va, ak s\u00fa cenn\u00e9 papiere emitovan\u00e9 s\u00fakromn\u00fdmi fyzick\u00fdmi osobami, vl\u00e1dami, existuje tu pravdepodobnos\u0165, \u017ee dl\u017en\u00edk nebude schopn\u00fd splati\u0165 v\u0161etko.<\/li>\n<li>Infla\u010dn\u00e9 riziko &#8211; pri tomto riziku veritelia kompenzuj\u00fa infl\u00e1ciu ur\u010dovan\u00edm vy\u0161\u0161\u00edch \u00farokov\u00fdch sadzieb a dl\u017en\u00edci musia \u010deli\u0165 zn\u00ed\u017eeniu k\u00fapnej sily pr\u00edjmov.<\/li>\n<li>Politick\u00e9 riziko &#8211; kde ide hlavne o zmeny v legislat\u00edve.<\/li>\n<li>Menov\u00e9 riziko &#8211; objavuje sa v pr\u00edpade medzin\u00e1rodn\u00fdch investorov, nako\u013eko nast\u00e1va mo\u017enos\u0165 straty z nepriazniv\u00fdch zmien hodn\u00f4t cudzej meny. (CHOVANCOV\u00c1, CS\u00c1CIK., 1997)<\/li>\n<\/ul>\n<h2>Strategick\u00e9 ciele finan\u010dn\u00e9ho investovania podniku<\/h2>\n<p>Podnikov\u00e9 ciele predstavuj\u00fa z\u00e1kladn\u00e9 koncov\u00e9 body a k nim smeruje nap\u013a\u0148anie poslania podniku. Tie s\u00fa zabezpe\u010den\u00e9 nepretr\u017eit\u00fdm vykon\u00e1van\u00edm r\u00f4znych \u010dinnost\u00ed. Ciele by mali by\u0165 ambici\u00f3zne a dosiahnute\u013en\u00e9, av\u0161ak mali by by\u0165 aj overite\u013en\u00e9, merate\u013en\u00e9 a prijat\u00e9 ich realiz\u00e1tormi. Naj\u010dastej\u0161\u00edmi sledovan\u00fdmi cie\u013emi s\u00fa:<\/p>\n<ul>\n<li>Ciele, ktor\u00e9 sa t\u00fdkaj\u00fa postavenia podniku na trhu: trhov\u00fd podiel, schopnos\u0165 prenikn\u00fa\u0165 na nov\u00e9 trhy, ve\u013ekos\u0165 obratu<\/li>\n<li>Tak\u00e9 ciele, ktor\u00e9 sa t\u00fdkaj\u00fa rentability a to je hlavne zisk a rentability vlastn\u00e9ho a celkov\u00e9ho kapit\u00e1lu<\/li>\n<li>Ciele, ktor\u00e9 sa t\u00fdkaj\u00fa trhovej povahy a spolo\u010densk\u00e9ho postavenia, ako je nez\u00e1vislos\u0165 podniku, image, spolo\u010densk\u00fd vplyv a politick\u00fd vplyv<\/li>\n<li>Finan\u010dn\u00e9 ciele, kde je \u00faverov\u00e1 d\u00f4vera, schopnos\u0165 samofinancovania, \u0161trukt\u00fara kapit\u00e1lu a likvidita<\/li>\n<li>Soci\u00e1lne ciele ako pracovn\u00e9 uspokojenie, soci\u00e1lne zabezpe\u010denie, rozvoj osobnosti a pod.<\/li>\n<\/ul>\n<p>Strategick\u00e9 ciele maj\u00fa medzi sebou nasleduj\u00face vz\u0165ahy:<\/p>\n<ul>\n<li>Konfliktn\u00e9 vz\u0165ahy, pri\u010dom dosiahnutie jedn\u00e9ho cie\u013ea vylu\u010duje, alebo obmedzuje splnenie cie\u013ea in\u00e9ho<\/li>\n<li>Komplement\u00e1rne vz\u0165ahy, dosiahnutie jedn\u00e9ho cie\u013ea s\u00fa\u010dasne znamen\u00e1 plnenie cie\u013ea in\u00e9ho<\/li>\n<li>Neutr\u00e1lne vz\u0165ahy, dosiahnutie jedn\u00e9ho cie\u013ea nem\u00e1 vplyv na stupe\u0148 dosiahnutia cie\u013ea in\u00e9ho. (DOBRODENKOV\u00c1 A., \u010eURKOVSK\u00dd M., STAN\u010c\u00cdKOV\u00c1 D., 2007)<\/li>\n<\/ul>\n<h2>Investi\u010dn\u00e9 faktory a finan\u010dn\u00fd trojuholn\u00edk<\/h2>\n<p>Z\u00e1kladn\u00fdmi krit\u00e9riami rozhodovania o finan\u010dnom investovan\u00ed je likvidita, riziko a v\u00fdnosy. Pri ka\u017edej jednej invest\u00edci\u00ed investor sleduje jej v\u00fdnosnos\u0165, nako\u013eko v\u00fdnosom invest\u00edcie s\u00fa \u010dist\u00e9 pr\u00edjmy a tie investor z\u00edska od okamihu, ke\u010f vlo\u017e\u00ed peniaze a\u017e do posledn\u00e9ho pr\u00edjmu. Sleduje \u010falej jej rizikovos\u0165, ktor\u00e1 predstavuje stupe\u0148 rizika spojen\u00e9ho s mo\u017enos\u0165ou, \u017ee sa o\u010dak\u00e1van\u00e9 pr\u00edjmy nedosiahnu. Posledn\u00fdm najd\u00f4le\u017eitej\u0161\u00edm krit\u00e9riom je likvidita, ktor\u00e1 s\u00favis\u00ed s r\u00fdchlos\u0165ou z\u00edskania hotov\u00fdch pe\u0148az\u00ed pri predaji cenn\u00fdch papierov, do ktor\u00fdch investor investoval. Nako\u013eko sa tieto tri krit\u00e9ria nach\u00e1dzaj\u00fa v istom protiklade, a s\u00fa v pomyslenom trojuholn\u00edku, kde neexistuje ide\u00e1lna invest\u00edcia, ktor\u00e1 by nepredstavovala riziko.<br \/>\nInvesti\u010dn\u00fd trojuholn\u00edk naz\u00fdvame aj ako <a href=\"https:\/\/www.euroekonom.sk\/financie\/financne-investovanie\/vynos-riziko-likvidita\/\">magick\u00fd trojuholn\u00edk alebo finan\u010dn\u00fd trojuholn\u00edk<\/a>. Hovor\u00edme o \u0148om z d\u00f4vodu, \u017ee pokia\u013e sa sna\u017e\u00edme dosiahnu\u0165 najlep\u0161ieho v\u00fdsledku na jednom vrchole, tak strat\u00edme najlep\u0161\u00ed v\u00fdsledok na druhom vrchole. Z tohto d\u00f4sledku nie je mo\u017en\u00e9 dosiahnu\u0165 v\u00fdsledkov na v\u0161etk\u00fdch troch vrcholoch s\u00fa\u010dasne.<\/p>\n<h3>Likvidita<\/h3>\n<p>Likvidita predstavuje disponibiln\u00e9 <a href=\"https:\/\/www.euroekonom.sk\/financny-manazment-a-financne-riadenie\/\">zdroje umo\u017e\u0148uj\u00face uhr\u00e1dza\u0165 finan\u010dn\u00e9 z\u00e1v\u00e4zky<\/a>. Vyjadruje aj schopnos\u0165 podniku premeni\u0165 svoje akt\u00edva na pe\u0148a\u017en\u00e9 prostriedky, s nimi plati\u0165 na\u010das a v po\u017eadovanej podobe, na po\u017eadovanom mieste v\u0161etky splatn\u00e9 z\u00e1v\u00e4zky. Likvidita m\u00e1 z\u00e1sadn\u00fd v\u00fdznam pre investora hlavne v pr\u00edpade n\u00e1kupu, alebo predaja finan\u010dn\u00fdch in\u0161trumentov. Niektor\u00e9 z akt\u00edv maj\u00fa svoju likviditu stanoven\u00fa zmluvn\u00fdmi podmienkami, ale vo v\u00e4\u010d\u0161ine akt\u00edv je stupe\u0148 likvidity dan\u00e9ho akt\u00edva spravidla determinovan\u00fd ponukou a dopytom. Ak hovor\u00edme o tom, \u017ee je podnik likvidn\u00fd, hovor\u00edme, \u017ee m\u00e1 peniaze na v\u010dasn\u00fa \u00fahradu svojich kr\u00e1tkodob\u00fdch z\u00e1v\u00e4zkov a neprich\u00e1dza k ome\u0161kaniu platieb.<br \/>\nLikvidita patr\u00ed k v\u00fdznamnej \u010dasti finan\u010dnej anal\u00fdzy. V pr\u00edpade, ak m\u00e1 spolo\u010dnos\u0165 dostatok prostriedkov je mo\u017en\u00e9, \u017ee by \u010das\u0165 prev\u00e1dzkov\u00fdch prostriedkov mohla vyu\u017ei\u0165 lep\u0161ie a efekt\u00edvnej\u0161ie, ak naopak nem\u00e1 dostatok pe\u0148az\u00ed, je dobre vyu\u017ei\u0165 inform\u00e1cie, aby sme t\u00fato situ\u00e1ciu zmenili.<br \/>\nPri anal\u00fdze likvidity sa vyu\u017e\u00edvaj\u00fa nasledovn\u00e9 polo\u017eky akt\u00edv a pas\u00edv:<\/p>\n<ul>\n<li>obe\u017en\u00fd majetok, ktor\u00fd predstavuj\u00fa kr\u00e1tkodob\u00e9 poh\u013ead\u00e1vky, finan\u010dn\u00e9 \u00fa\u010dty a z\u00e1soby,<\/li>\n<li>kr\u00e1tkodob\u00e9 pas\u00edva, \u010do s\u00fa be\u017en\u00e9 bankov\u00e9 \u00favery a kr\u00e1tkodob\u00e9 z\u00e1v\u00e4zky,<\/li>\n<li>v\u00fdsledovka, \u010do s\u00fa tr\u017eby za predaj tovaru, n\u00e1klady vynalo\u017een\u00e9 na obstar\u00e1vanie, predan\u00e9ho tovaru, v\u00fdrobn\u00e1 spotreba a tr\u017eby za predaj v\u00fdrobkov a slu\u017eieb.<\/li>\n<\/ul>\n<p>Likvidita sa zis\u0165uje pomocou nasledovn\u00fdch finan\u010dn\u00fdch ukazovate\u013eov:<\/p>\n<ul>\n<li>pomerov\u00e9 ukazovatele, ako je celkov\u00e1 likvidita, r\u00fdchla likvidita a be\u017en\u00e1 likvidita,<\/li>\n<li>absol\u00fatne ukazovatele, to je pracovn\u00fd kapit\u00e1l,<\/li>\n<li>anal\u00fdza cashflow, pri tejto anal\u00fdze sa jedna o anal\u00fdzu pr\u00edjmov a v\u00fddavkov,<\/li>\n<li>ukazovatele aktivity, to je doba obratu z\u00e1sob, doba splatnosti z\u00e1v\u00e4zkov z obchodn\u00e9ho styku a doba inkasa poh\u013ead\u00e1vok z obchodn\u00e9ho styku,<\/li>\n<li>anal\u00fdza ostatn\u00fdch aspektov fungovanie spolo\u010dnosti, a to dod\u00e1vate\u013esk\u00e9 a odberate\u013esk\u00e9 podmienky, import, odbor podnikania a pod. ( Likvidita dostupne na : &lt;http:\/\/www.fap.sk\/likvidita\/likvidita.htm&gt;)<\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.euroekonom.sk\/financie\/financna-analyza\/financna-analyza-podniku\/\">Pomerov\u00e9 a rozdielov\u00e9 ukazovatele<\/a> sa pou\u017e\u00edvaj\u00fa na meranie likvidity.<br \/>\nOkam\u017eit\u00e1 likvidita sa vypo\u010d\u00edta ako:<\/p>\n<ul>\n<li>Okam\u017eit\u00e1 likvidita = najlikvidnej\u0161ie akt\u00edva \/ okam\u017eite splatn\u00e9 z\u00e1v\u00e4zky<\/li>\n<\/ul>\n<p>Najide\u00e1lnej\u0161ia hodnota tejto likvidity by mala by\u0165 rovn\u00e1 1, v tomto pr\u00edpade je k dispoz\u00edci\u00ed tak\u00e9 mno\u017estvo platobn\u00fdch prostriedkov, ak\u00e9 je mno\u017estvo splatn\u00fdch z\u00e1v\u00e4zkov. Tento ukazovate\u013e naz\u00fdvame aj solventnos\u0165.<br \/>\nNaj\u010dastej\u0161ie pou\u017e\u00edvan\u00e1 je pohotov\u00e1 likvidita, ktor\u00e1 sa vypo\u010d\u00edta takto:<\/p>\n<ul>\n<li>Pohotov\u00e1 likvidita = najlikvidnej\u0161ie akt\u00edva\/ kr\u00e1tkodob\u00e9 z\u00e1v\u00e4zky<\/li>\n<\/ul>\n<p>V tomto pr\u00edpade je najide\u00e1lnej\u0161ie, ak sa ukazovate\u013e pohybuje v intervale 0,2 a\u017e 0,6 &#8211; vtedy ju naz\u00fdvame ako bezpe\u010dn\u00fa.<\/p>\n<ul>\n<li>Be\u017en\u00e1 likvidita = (najlikvidnej\u0161ie akt\u00edva + kr\u00e1tkodob\u00e9 poh\u013ead\u00e1vky )\/ kr\u00e1tkodob\u00e9 z\u00e1v\u00e4zky<\/li>\n<\/ul>\n<p>Za najide\u00e1lnej\u0161iu hodnotu sa pova\u017euje interval 1- 1,5. Pova\u017euje sa za konzervat\u00edvnej\u0161\u00ed ukazovate\u013e likvidity, nako\u013eko neuva\u017euje so z\u00e1sobami.<\/p>\n<ul>\n<li>Celkov\u00e1 likvidita = (najlikvidnej\u0161ie akt\u00edva + kr\u00e1tkodob\u00e9 poh\u013ead\u00e1vky + z\u00e1soby) \/kr\u00e1tkodob\u00e9 z\u00e1v\u00e4zky.<\/li>\n<\/ul>\n<p>Najoptim\u00e1lnej\u0161ou hodnotou je interval 2-2,5, hodnota ale m\u00f4\u017ee by\u0165 skreslen\u00e1 z\u00e1sobami, ktor\u00e9 s\u00fa nepotrebn\u00e9 a nedobytn\u00fdmi poh\u013ead\u00e1vkami. Pri celkovej likvidite hovor\u00edme aj o likvidite III. stup\u0148a. Ak je hodnota ni\u017e\u0161ia, podnik pova\u017eujeme za nelikvidn\u00fd, alebo \u010derp\u00e1 cudzie finan\u010dn\u00e9 zdroje, naopak ak je t\u00e1to hodnota vy\u0161\u0161ia, podnik neefekt\u00edvne hospod\u00e1ri so svojimi prostriedkami. (LUTI\u0160AN P.2008) (KOMORN\u00cdK, J. a kol., 2004)<\/p>\n<h3>Riziko<\/h3>\n<p>Riziko predpoved\u00e1 bud\u00facu mo\u017enos\u0165 vzniku ur\u010dit\u00e9ho nebezpe\u010denstva, straty, \u0161kody. Pod\u013ea Sinay a kol. (1997) je riziko definovan\u00e9 nasledovne: \u201e<em>Riziko predstavuje vz\u00e1jomn\u00fd vz\u0165ah medzi pravdepodobnos\u0165ou vzniku negat\u00edvneho javu a jeho d\u00f4sledok<\/em>.\u201c D\u00f4sledky ohrozenia s\u00fa priamo z\u00e1visl\u00e9 na tom, ak\u00e1 je pravdepodobnos\u0165 vzniku ne\u017eiaducej udalosti, \u010do m\u00f4\u017ee sp\u00f4sobi\u0165 vznik ohrozenia a kombin\u00e1cia t\u00fdchto vlastnost\u00ed je defin\u00edcia rizika.<br \/>\nMatematicky je vyjadren\u00e1 ako: <strong>R = P x D<\/strong><br \/>\nPri\u010dom R predstavuje stupe\u0148 rizika, P je pravdepodobnos\u0165 v\u00fdskytu danej udalosti a D je d\u00f4sledok sledovanej udalosti. (SINAY a kol., 1997)<br \/>\nPoh\u013ead na riziko je v r\u00f4znej literat\u00fare definovan\u00fd viacer\u00fdmi sp\u00f4sobmi, pod\u013ea Keynesa je poh\u013ead na riziko a neistotu nasledovn\u00fd:<\/p>\n<ul>\n<li>Riziko a neistota s\u00fa pre neho ako d\u00f4vod \u201emiz\u00e9rie\u201c trhov\u00e9ho hospod\u00e1rstva,<\/li>\n<li>Schopnos\u0165 expanzie spolo\u010dnosti ja v\u00e4\u010d\u0161ia t\u00fdm, \u010d\u00edm v\u00e4\u010d\u0161ie je riziko, ktor\u00e9 je podnikate\u013e ochotn\u00fd podst\u00fapi\u0165, alebo \u010d\u00edm v\u00e4\u010d\u0161\u00ed je optimizmus do bud\u00facnosti,<\/li>\n<li>Pod\u013ea Keynesa \u0161t\u00e1t vystupuje ako regul\u00e1tor o\u010dak\u00e1vanej stability a jeho \u00falohou je vytvori\u0165 pocit stability a istoty na trhu, kde je investorom umo\u017enen\u00e9 dosahova\u0165 predpokladan\u00e9 zisky,<\/li>\n<li>Elimin\u00e1ciu neistoty je nemo\u017en\u00e9 obmedzi\u0165, t\u00e1 sa v\u0161ak d\u00e1 vyu\u017ei\u0165 ako predpoklad hospod\u00e1rskej prosperity,<\/li>\n<li>V\u00fdrobcovia zvy\u0161uj\u00fa objem z invest\u00edci\u00ed.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.euroekonom.sk\/podnikatelske-riziko-a-postoje-podnikatela-k-riziku\/\">Riziko je neoddelite\u013enou s\u00fa\u010das\u0165ou podnikania<\/a>, ak firma nie je schopn\u00e1 prija\u0165 ur\u010dit\u00fd stupe\u0148 rizika, nem\u00f4\u017ee by\u0165 dlhodobo \u00faspe\u0161n\u00e1, aj ke\u010f pr\u00e1ve riziko b\u00fdva pr\u00ed\u010dinou viacer\u00fdch ne\u00faspechov. Z toho d\u00f4vodu je pr\u00e1ca s rizikom d\u00f4le\u017eit\u00fdm aspektom pri podnikate\u013eskej strat\u00e9gi\u00ed a pr\u00edpravy podnikate\u013esk\u00fdch projektoch.<\/p>\n<h3>Druhy rizika<\/h3>\n<ul>\n<li>Podnikate\u013esk\u00e9 riziko je spojen\u00e9 s nebezpe\u010denstvom ne\u00faspechu a s n\u00e1dejou na \u00faspech, pozit\u00edvna str\u00e1nka pri podnikate\u013eskom riziku sa sp\u00e1ja s \u00faspechom, uplatnen\u00edm na trhu a dosiahnut\u00edm vysok\u00e9ho zisku, je to motor pre existenciu a rozvoj trhovej ekonomiky. Negat\u00edvnou str\u00e1nkou sa prejavuje nebezpe\u010denstvo dosiahnutia zl\u00fdch hospod\u00e1rskych v\u00fdsledkov ako boli predpokladan\u00e9.<\/li>\n<\/ul>\n<ul>\n<li><a href=\"https:\/\/www.euroekonom.sk\/ekonomia\/riziko\/neistota-riziko-ciste-riziko\/\">\u010cist\u00e9 riziko<\/a> je riziko, kde existuje nebezpe\u010denstvo vzniku nepriazniv\u00fdch situ\u00e1ci\u00ed, alebo nepriazniv\u00fdch odch\u00fdlok. Potrebujeme \u010do najefekt\u00edvnej\u0161ie merania rizika a na z\u00e1klade toho pozn\u00e1me dva d\u00f4le\u017eit\u00e9 aspekty:<\/li>\n<\/ul>\n<p>Jedn\u00fdm z nich je expoz\u00edcia, pri nej sa ur\u010duje ak\u00e9mu riziku budeme \u010deli\u0165 v bud\u00facnosti, teda ak\u00e9 by malo by\u0165 predpokladan\u00e9 riziko straty na finan\u010dnom trhu. Druh\u00fdm aspektom je neistota, ktor\u00e1 n\u00e1m ukazuje ak\u00e1 je pravdepodobnos\u0165, \u017ee tieto straty nastan\u00fa.<\/p>\n<ul>\n<li>Kreditn\u00e9 riziko a jeho riadenie m\u00e1 rozhoduj\u00faci vplyv na \u00faspech nie len finan\u010dn\u00fdch in\u0161tit\u00faci\u00ed. V pr\u00edpade tohto rizika ide o nesplnenie z\u00e1v\u00e4zkov zmluvnou stranou. Pr\u00edkladom rizika m\u00f4\u017eu by\u0165 transakcie ako neuhradenie fakt\u00far, hodovanie na kapit\u00e1lov\u00fdch trhoch, alebo dr\u017eanie finan\u010dn\u00fdch deriv\u00e1tov. Kreditn\u00e9mu riziku podliehaj\u00fa z vonkaj\u0161ieho okolia v\u0161etky transakcie o\u010dak\u00e1vaj\u00face v niektorej f\u00e1ze plnenia, ako aj finan\u010dn\u00e9 i nefinan\u010dn\u00e9.<\/li>\n<li>Tr\u017en\u00e9 riziko je riziko, ktor\u00e9 vypl\u00fdva zo zmien tr\u017en\u00fdch podmienok a ich dopadu na zisk investora. V\u00fd\u0161ka tak\u00e9hoto rizika z\u00e1vis\u00ed na citlivosti jednotliv\u00fdch polo\u017eiek akt\u00edv a pas\u00edv a na zmeny tr\u017en\u00fdch cien a zmenov\u00fdch kurzov. Tr\u017en\u00e9 rizik\u00e1 del\u00edme na menov\u00e9, akciov\u00e9, komoditn\u00e9 a \u00farokov\u00e9 vi\u010f obr\u00e1zok 5.<\/li>\n<li>Likvidn\u00e9 riziko s\u00favis\u00ed s likvidn\u00fdmi prostriedkami subjektu a s jeho schopnos\u0165ou dosta\u0165 sa k svojim splatn\u00fdm z\u00e1v\u00e4zkom v ka\u017edom okamihu. Pri nedostatku nast\u00e1va naru\u0161enie likvidity, ktor\u00e9 sp\u00f4sobuje ned\u00f4veru obchodn\u00fdch partnerov, ako aj k zhor\u0161eniu obchodn\u00fdch podmienok, \u010d\u00edm ohrozuje rentability subjektu. Ak v\u0161ak nastane prebytok likvidn\u00fdch akt\u00edv, nie s\u00fa efekt\u00edvne vyu\u017e\u00edvan\u00e9 kapit\u00e1lov\u00e9 zdroje.<\/li>\n<li>Opera\u010dn\u00e9 riziko zah\u0155\u0148a mo\u017enos\u0165 vzniku straty v d\u00f4sledku prev\u00e1dzkov\u00fdch nedostatkov a ch\u00fdb, nespr\u00e1vne nastaven\u00e9ho syst\u00e9mu pr\u00e1vomoci, kontroly a zodpovednosti. Odoslanie pe\u0148az\u00ed na nespr\u00e1vny \u00fa\u010det, strata obchodnej zmluvy alebo zmazanie d\u00e1t v opera\u010dnom syst\u00e9me s\u00fa typick\u00e9 opera\u010dn\u00e9 rizik\u00e1. Pri tomto riziku ide o straty z priamej alebo nepriamej \u010dinnosti vypl\u00fdvaj\u00facej z \u013eudsk\u00e9ho zlyhania. (BLA\u017dKOV\u00c1, L., 2010)<\/li>\n<\/ul>\n<h3>V\u00fdnosy<\/h3>\n<p>V\u00fdnos zobrazuje <a href=\"https:\/\/www.euroekonom.sk\/financie\/financne-investovanie\/vynos-riziko-likvidita\/\">pe\u0148a\u017en\u00e9 vyjadrenie vzniknut\u00fdch alebo realizovan\u00fdch hodn\u00f4t slu\u017eieb alebo tovarov<\/a>. V\u00fdnos predstavuje zv\u00fd\u0161enie hodnoty ak\u00e9hoko\u013evek druhu majetku, \u010di u\u017e investi\u010dn\u00e9ho alebo hmotn\u00e9ho, v pe\u0148a\u017enom vyjadren\u00ed. V\u00fdnosy predstavuj\u00fa zn\u00ed\u017eenie pas\u00edv alebo zv\u00fd\u0161enie akt\u00edv. Na vyjadrenie v\u00fdnosov n\u00e1m bude posta\u010dova\u0165 zv\u00fd\u0161enie hodnoty majetku, \u010di u\u017e hmotn\u00e9ho alebo investi\u010dn\u00e9ho, v pe\u0148a\u017enom preveden\u00ed. M\u00f4\u017eeme ho charakterizova\u0165 aj ako odmenu pre investora za riziko, ktor\u00e9 podst\u00fapil.<br \/>\nV\u00fdnos m\u00f4\u017eeme definova\u0165 jednoduch\u00fdm vz\u0165ahom medzi \u00farokom, \u010do bude v rovnici ako I (interest), medzi P ako invest\u00edciou (principal) a S, \u010d\u00edm je samostatn\u00fd v\u00fdnos ( amount of investment) v pe\u0148a\u017en\u00fdch jednotk\u00e1ch.<br \/>\nV\u00fdnos invest\u00edcie na konci \u00farokovacieho obdobia pri jednoduchom \u00faroku sa rovn\u00e1 s\u00fa\u010dtu vkladu \u010di invest\u00edcie a \u00faroku: <strong>S = P + I<\/strong><br \/>\n\u201eReturn of investment\u201c v skratke ROI, je pojem pre v\u00fdpo\u010det n\u00e1vratu invest\u00edcie, ktor\u00fd je meradlom \u00fa\u010dinnosti invest\u00edcie a na jeho z\u00e1klade rozozn\u00e1vame efekt\u00edvnos\u0165 dvoch invest\u00edci\u00ed. ROI vypo\u010d\u00edtame nasledovne: <strong>ROI = (v\u00fd\u0161ka v\u00fdnosu &#8211; n\u00e1klady na invest\u00edciu) \/ n\u00e1klady na invest\u00edciu.<\/strong><br \/>\nROI sa vypo\u010d\u00edta odpo\u010d\u00edtan\u00edm od v\u00fd\u0161ky v\u00fdnosu ( gain from investment), odpo\u010d\u00edtame n\u00e1klady na invest\u00edciu (cost of investment), cel\u00e9 to vydel\u00edme n\u00e1kladmi na invest\u00edciu (cost of investment) .ROI ako n\u00e1vratnos\u0165 invest\u00edcie je d\u00f4le\u017eit\u00fd hlavne na ur\u010denie jej efektivity, ak v\u00fd\u0161ka ROI nie je pozit\u00edvna v r\u00e1mci n\u00e1vratnosti, investor by mal odst\u00fapi\u0165 od svojho pl\u00e1nu o k\u00fapu invest\u00edcie. (\u0160\u00cdBL, D. A kol., 2002)(VR\u00c1BEL,J., 2013)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Riziko finan\u010dn\u00e9ho investovania Pri rizik\u00e1ch finan\u010dn\u00e9ho investovanie sa stret\u00e1vame s pojmami ako systematick\u00e9 riziko a nesystematick\u00e9 riziko, kde pod systematick\u00e9 riziko patr\u00ed \u00farokov\u00e9 riziko, infla\u010dn\u00e9 &hellip; <\/p>\n","protected":false},"author":9,"featured_media":24923,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23,551],"tags":[192,53,82],"class_list":["post-10427","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financie","category-podnikam","tag-magicky-trojuholnik","tag-peniaze","tag-riziko"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Riziko finan\u010dn\u00e9ho investovania a finan\u010dn\u00fd trojuholn\u00edk<\/title>\n<meta name=\"description\" content=\"Strategick\u00e9 ciele finan\u010dn\u00e9ho investovania podniku. 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