O'ZBEKISTON AKSIYADORLIK JAMIYATLARI AKSIYALARINING BOZOR QIYMATINI BAHOLASHDA DISKONTLANGAN PUL OQIMLARI VA NISBIY BAHOLASH USULLARINI UYG'UNLASHTIRISH METODIKASI
DOI:
https://doi.org/10.5281/zenodo.23646938Annotatsiya
Ushbu maqolada O'zbekiston aksiyadorlik jamiyatlari (AJ) aksiyalarining bozor qiymatini baholashda diskontlangan pul oqimlari (DCF) va nisbiy baholash (multiplikatorlar) usullarini uyg'unlashtirish metodikasi ishlab chiqilgan. Fond bozorining past likvidligi, taqqoslanuvchi kompaniyalar sonining cheklanganligi va mamlakat riskining yuqoriligi sharoitida har bir usulning alohida qo'llanishi baholash xatosini oshirishi asoslangan. Taklif etilgan metodika besh bosqichdan iborat: yagona axborot bazasini shakllantirish; mamlakat riski va hajm mukofotini hisobga oluvchi DCF bloki; bootstrap yordamida aniqlik darajasi baholanadigan nisbiy baholash bloki; usullarni likvidlik diskonti orqali bir bazaga keltirish va muvofiqlik koeffitsientini tekshirish; vaznlarni natijalar xatosining dispersiyasi, korrelyatsiyasi hamda bozor likvidligi asosida aniqlash. Metodika shartli AJ misolida sinovdan o'tkazildi: aksiyalar kapitalining qiymati DCF bo'yicha (bozor bazasida) 797,4 mlrd so'm, nisbiy baholash bo'yicha 847,1 mlrd so'm, uyg'unlashtirilgan qiymat esa 809,0 mlrd so'm (bir aksiyaga 2 023 so'm) bo'ldi. UZSE yillik aylanma koeffitsienti taxminan 3,2 foiz (muallif hisob-kitobi) bo'lgan sharoitda DCF ga 0,77 vazn berildi; uyg'unlashtirilgan bahoning variatsiya koeffitsienti (15,0 foiz) DCF (16,3 foiz), nisbiy baholash (23,0 foiz) va oddiy o'rtacha (16,1 foiz) ko'rsatkichlaridan past. Bozor likvidligi oshgan sari DCF vazni 0,77 dan 0,35 gacha kamayishi aniqlandi. Maqola baholovchilar va tartibga soluvchi organlar uchun takliflar bilan yakunlanadi.Kalit soʻzlar
aksiyalarning bozor qiymati, aksiyadorlik jamiyati, diskontlangan pul oqimlari, nisbiy baholash, multiplikatorlar, mamlakat riski mukofoti, likvidlik diskonti, baholash usullarini uyg'unlashtirish, fond bozori.Foydalanilgan adabiyotlar roʻyxati
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