Ariā Ōhanga Pūtea
Ko te ōhanga pūtea he peka o te ōhanga e ako ana i te huarahi e whakatau ai ngā tāngata takitahi, ngā umanga, me ngā kāwanatanga i ngā kaupapa e pā ana ki te moni, ngā rawa, te mōrearea, me te wā. Kāore i rite ki te ōhanga whānui, e aro ana ki te tipu ōhanga, te pikinga utu, me te kore mahi, ka aro te ōhanga pūtea ki te mahi a ngā mākete pūtea, te hanganga o ngā utu rawa, me te awe o ngā umanga me ngā kaupapa here i ngā whakataunga haumi me te putea. He mea nui te mārama ki ngā ariā ōhanga pūtea nā te mea tata ki ngā mahi ōhanga hou katoa—mai i te penapena me te nama ki te inihua me te haumi—e whakawhirinaki ana ki ngā tikanga pūtea.
1. Te uara o te moni me te wā (te uara o te moni i te wā)
Ko te ariā tino taketake o te ōhanga pūtea ko te uara wā o te moni. Kāore e rite te uara o te kotahi miriona rupiah i tēnei rā ki te kotahi miriona rupiah i te tau e tū mai nei nā te mea ka taea te haumi i te moni o tēnei rā, ā, ka puta he hua. Ko tēnei mātāpono te pūtake mō te tatau i te huamoni, ngā hekenga utu, me te aromatawai rawa.
Ko te uara wā o te moni ka tatauhia mā roto i ngā tukanga e rua:
– Uara ā-Mārama (FV): te uara ā-Mārama o te moni i muri i te whiwhinga huamoni/whakahokinga mai.
– Uara o Nāianei (PV): te uara o nāianei o te moni ka riro mai i te heke mai, whai muri i te whakahekenga utu.
I roto i te mahi, ka whakamahia te PV hei aromatawai i te whai huatanga o ngā kaupapa haumitanga, hei whakatau i ngā utu here, me te whakatau mēnā he pai te rere o te moni ā-muri ki te utu o nāianei.
2. Te mōrearea me te hokinga mai (te tauwhitiwhiti mōrearea-hoki mai)
E whakanui ana hoki te ōhanga pūtea i te whanaungatanga i waenga i te mōrearea me te hokinga mai. I te nuinga o te wā, e hiahia ana ngā kaipupuri moni ki ngā hokinga mai teitei ake kia nui ake ai te mōrearea. Hei tauira, he iti noa ngā hokinga mai o ngā moni tāpui peeke nā te mea he iti ake te mōrearea, engari he nui ake te mōrearea o ngā hea nā te mea ka rerekē ngā utu.
Ka puta ake ngā mōrearea pūtea i ngā momo pūtake maha, pērā i:
– te mōrearea mākete (ngā panonitanga o ngā utu rawa),
– mōrearea nama (taunoa),
– te mōrearea o te moni whiwhi (te uaua ki te hoko rawa me te kore e whakaheke i te utu),
– ngā mōrearea whakahaere (ngā hapa tukanga, pūnaha, hapa tangata rānei),
– ngā mōrearea o te reiti huamoni me te reiti whakawhiti moni.
Nā tēnei māramatanga ki te mōrearea kua ara ake ngā rautaki whakahaere mōrearea, tae atu ki te kanorau, te inihua, me te whakamahinga o ngā taputapu tātai.
3. Te ariā kanorau me te putea
Ko tētahi o ngā ariā matua o te ōhanga pūtea ko te kanorau, arā, ko te hora i ngā haumitanga puta noa i ngā rawa maha hei whakaiti i te mōrearea whānui. Ko te mātāpono: kaua e waiho ō moni katoa ki te rawa kotahi. Ka whai hua te kanorau nā te mea kāore ngā nekehanga utu puta noa i ngā rawa e neke tonu ana i te huarahi kotahi. Ina heke tētahi rawa, ka tau, ka piki rānei tētahi atu, ā, ka whakaitihia ngā mate.
Ka whakawhanakehia anō te ariā o te kanorau mā roto i te Modern Portfolio Theory, i whakaurua mai e Harry Markowitz. E kī ana tēnei ariā ka taea e ngā kaipupuri moni te hanga i tētahi putea tino pai—he huinga o ngā rawa e whakarato ana i te hokinga nui rawa atu mō tētahi taumata mōrearea, te mōrearea iti rawa rānei mō tētahi hokinga mai. Ko te whanaungatanga i waenga i ngā rawa he mea nui i roto i tēnei ariā, nā te mea ka whakarei ake ngā whanaungatanga iti, kino rānei i ngā painga o te kanorau.
4. Ngā utu rawa me te whai huatanga o te mākete
Ko te pātai nui i roto i te ōhanga pūtea koia tēnei: he aha te āhua o ngā utu rawa e rite ana ki tā tātou e kite nei i roto i te mākete? Ko te whakautu e pā ana ki ngā mōhiohio a te kaipupuri moni, ngā tumanakohanga, me ngā whanonga.
Ko tētahi ariā rongonui ko te Whakaaro Mākete Whai Hua (EMH), e kī ana ko ngā utu rawa e whakaata ana i ngā mōhiohio katoa e wātea ana. Mēnā he tino whai hua ngā mākete, he tino uaua ki ngā kaipupuri moni te "hinga i te mākete" tonu nā te mea ka whakaata tonutia ngā mōhiohio hou ki ngā utu.
Heoi, i roto i te ao tūturu, kāore ngā mākete e tino whai hua i ngā wā katoa. Ka puta ngā āhuatanga pēnei i te mirumiru rawa, te mataku mākete, me ngā tauhohenga nui ki ngā kaupapa purongo motuhake. Ka huaki ake tēnei i te mara mō ngā rangahau whanonga pūtea, e whakaatu ana i ngā whakaaro hinengaro o ngā kaipupuri moni pēnei i te tino whakapono ki a rātou anō, te whanonga kahui, me te whakarihariha ki te mate.
5. Te tūranga o ngā umanga pūtea me ngā takawaenga
He mahi nui tā ngā umanga pūtea pēnei i ngā peeke, ngā kamupene inihua, ngā tahua penihana, me ngā mākete whakapaipai hei takawaenga pūtea. Ka honoa e rātou te hunga whai moni tāpiri (ngā kaiwhakaora/kaipupuri moni) ki te hunga e hiahia ana ki te moni (ngā kaituku moni/ngā kamupene/ngā kāwanatanga).
He mea nui te tūranga o te takawaenga nā te mea:
– te whakaiti i ngā utu tauwhitinga,
– te whakahaere i te mōrearea mā te tauine me te kanorau,
– ka āwhina i te tohatoha pūtea ki ngā rāngai whakaputa hua,
– te whakarato ratonga moni me te utu.
Hei tauira, ka hurihia e ngā peeke ngā moni poto mai i ngā kaitāpui ki ngā nama roa. He pai tēnei tikanga mō te tipu ōhanga, engari he tūponotanga anō hoki mō te pumau mēnā ka oma te peeke. Nō reira, he mea nui te whakahaere me te tirotiro i ngā peeke ki te ōhanga pūtea.
6. Kaupapa here pūtea, reiti huamoni, me te pumau pūtea
He hononga tata tonu te ōhanga pūtea ki ngā kaupapa here a te peeke matua, inā koa ko te kaupapa here moni. Mā ngā peeke matua e whakahaere te moni me ngā reiti huamoni hei pupuri i te pumau o ngā utu (te pikinga utu) me te tautoko i te tipu ōhanga. Ka pāngia pea e ngā panonitanga o te reiti huamoni paearu:
– ngā reiti huamoni nama me ngā reiti moni tāpui,
- te utu whakawhiti moni,
– ngā utu here,
– te rerenga mai/te rerenga atu o te whakapaipai,
– ngā mahi haumi me ngā mahi kai.
I tētahi atu taha, he take matua te pumau o te pūtea nā te mea ka pā kino te raruraru pūtea ki te ōhanga tūturu: te hekenga o te whakaputanga, te pikinga o te kore mahi, me te ngoikore o te mana hoko. Nō reira, ko te whakapakari i te pūnaha peeke, te tirotiro i te mākete whakapaipai, me ngā kaupapa here whānui (hei tauira, te whakahaere i te ōwehenga nama-ki-te-pūtāhui) he wāhanga nui o te anga ōhanga pūtea hou.
7. Ngā taputapu pūtea: ngā hea, ngā here, me ngā hua whakawhiti
E ako ana te ōhanga pūtea i ngā momo taputapu e whakamahia ana mō te haumi me te putea. Ko ngā rōpū matua e toru ko:
1. Ngā hea: he taunakitanga mō te mana o te kamupene. Kei ngā kaipupuri hea te kaha ki te whiwhi i ngā wehewehenga me ngā hua whakapaipai, engari kei a rātou te mōrearea o ngā piki me ngā heke o ngā utu.
2. Ngā Here: ngā taputapu nama e whakarato ana i ngā tīkitipati (huamoni) me te utunga matua i te wā e pau ai. Ko te tikanga he pumau ake ngā here i ngā hea, engari kei a rātou tonu te mōrearea reiti huamoni me te mōrearea kore utu.
3. Ngā kirimana e ahu mai ana te uara i tētahi rawa taketake pērā i ngā hea, ngā tātaitai, ngā taonga hokohoko, ngā moni ke rānei. Ko ngā tauira o ngā kirimana e ahu mai ana ko ngā āmua, ngā kōwhiringa, me ngā whakawhiti. Ka taea te whakamahi i ēnei taputapu mō te ārai me te whakapae.
Mā te mārama ki ngā āhuatanga o ēnei taputapu, ka taea e ngā kaiwhakahaere ōhanga te whiriwhiri i tētahi rautaki e tika ana mō ā rātou whāinga me te āhua mōrearea.
8. Whakamutunga
Kei roto i te ariā o te ōhanga pūtea ētahi ariā matua: te uara wā o te moni, te whanaungatanga i waenga i te mōrearea me te hokinga mai, te kanorau o te putea, te utu rawa, te tūranga o ngā umanga pūtea, te awe o te kaupapa here moni, me te whakamahinga o ngā taputapu pūtea. Ka āwhina ēnei ariā ki te whakamārama i te tohatoha moni i roto i te ōhanga, te whakahaere i te mōrearea, me te pānga o ngā whakataunga pūtea ki te oranga o te tangata takitahi me te pumau whānui o te ōhanga.
I waenganui i te whanaketanga o te hangarau pūtea me te pikinga ake o te whai wāhitanga a te marea ki te haumi, kei te piki haere te hiranga o te mātauranga pūtea. Mā te māramatanga pakari, ka taea e te tangata te whakatau whakaaro nui ake—te penapena rautaki, te haumi i runga i ngā whāinga, me te whakahaere i te mōrearea—i te mea ka taea e ngā whenua me ngā umanga pūtea te hanga kaupapa here me ngā pūnaha pumau ake, whānui ake hoki.
