S\u0259hml\u0259rin qiym\u0259tl\u0259ri h\u0259r \u015firk\u0259t \u00fc\u00e7\u00fcn f\u0259rqlilik g\u00f6st\u0259r\u0259n bir \u00e7ox elementin bir araya g\u0259lm\u0259si il\u0259 m\u00fc\u0259yy\u0259n edilir. Ancaq h\u0259l\u0259 d\u0259 “s\u0259hml\u0259rin qiym\u0259tl\u0259ri nec\u0259 m\u00fc\u0259yy\u0259n olunur” sual\u0131na cavab tapmam\u0131\u015f\u0131q. S\u0259hml\u0259rin ticar\u0259tind\u0259 ba\u015f ver\u0259n eni\u015f v\u0259 y\u00fcks\u0259li\u015fl\u0259ri do\u011fru \u015f\u0259kild\u0259 analiz ed\u0259 bilm\u0259k \u00fc\u00e7\u00fcn ilk \u00f6nc\u0259 t\u0259l\u0259b v\u0259 t\u0259klifin tarazl\u0131l\u0131\u011f\u0131na baxmaq laz\u0131md\u0131r.<\/p>\n
<\/p>\n
S\u0259hm ticar\u0259tind\u0259 s\u0259hml\u0259rin qiym\u0259tl\u0259rin\u0259 qar\u015f\u0131 olan t\u0259klifin y\u00fcks\u0259k olmas\u0131, qiym\u0259tl\u0259rin artmas\u0131na, t\u0259l\u0259bin a\u015fa\u011f\u0131 olmas\u0131 is\u0259 qiym\u0259tl\u0259rin enm\u0259sin\u0259 s\u0259b\u0259b olur. S\u0259hm sahibi olan \u015firk\u0259tin bazardak\u0131 \u00e7\u0259kisinin artmas\u0131 h\u0259min \u015firk\u0259tin s\u0259hml\u0259rin\u0259 olan t\u0259l\u0259bi art\u0131r\u0131r v\u0259 n\u0259tic\u0259d\u0259 m\u0259hdud sayda olan s\u0259hml\u0259ri almaq ist\u0259y\u0259nl\u0259rin say\u0131 \u00e7oxald\u0131\u011f\u0131 \u00fc\u00e7\u00fcn qiym\u0259tl\u0259r d\u0259 artma\u011fa ba\u015flay\u0131r. M\u00fcxt\u0259lif s\u0259b\u0259bl\u0259rd\u0259n al\u0131nan s\u0259hml\u0259rin k\u00fctl\u0259vi \u015f\u0259kild\u0259 sat\u0131\u015fa \u00e7\u0131xar\u0131lmas\u0131, h\u0259min s\u0259hml\u0259rin d\u0259y\u0259rinin d\u00fc\u015fm\u0259sin\u0259 s\u0259b\u0259b olur. Bu zaman bel\u0259 bir sual yaran\u0131r: S\u0259hml\u0259r\u0259 olan t\u0259l\u0259b v\u0259 t\u0259klifi hans\u0131 amill\u0259r formala\u015fd\u0131r\u0131r? Bunu makro v\u0259 mikro s\u0259b\u0259bl\u0259r olaraq iki \u0259sas qrupa b\u00f6lm\u0259k olar.<\/p>\n
Mikro dedikd\u0259, sah\u0259nin c\u0259lbediciliyi, \u015firk\u0259tin idar\u0259 edilm\u0259si, f\u0259aliyy\u0259t mexanizmi, \u015firk\u0259tin m\u0259hsullar\u0131n\u0131n artmas\u0131 v\u0259 ya enm\u0259si, \u015firk\u0259tin icra etdiyi layih\u0259l\u0259r, g\u0259l\u0259c\u0259k planlar\u0131, u\u011furlar\u0131, r\u0259qab\u0259t g\u00fcc\u00fc, texnoloji infrastrukturu kimi bir \u00e7ox faktorlar s\u0259hml\u0259rin qiym\u0259tl\u0259rin\u0259 t\u0259sir ed\u0259 bil\u0259r. \u015eirk\u0259t haqq\u0131nda yay\u0131mlanan m\u00fcsb\u0259t v\u0259 ya m\u0259nfi xarakterli x\u0259b\u0259rl\u0259r v\u0259 siqnallar da istehlak\u00e7\u0131lar\u0131n psixologiyas\u0131 v\u0259 sat\u0131\u015f g\u00f6st\u0259ricil\u0259ri d\u0259 qiym\u0259tl\u0259r\u0259 \u0259h\u0259miyy\u0259tli d\u0259r\u0259c\u0259d\u0259 t\u0259sir ed\u0259n amill\u0259r daxildir.<\/p>\n
Makro s\u0259b\u0259bl\u0259r dedikd\u0259 is\u0259 \u00f6lk\u0259 v\u0259 ya d\u00fcnya iqtisadiyyat\u0131n\u0131n istiqam\u0259ti, \u00f6lk\u0259d\u0259 faiz d\u0259r\u0259c\u0259l\u0259rinin artmas\u0131 v\u0259 ya azalmas\u0131, iqtisadiyyat\u0131 inki\u015faf etm\u0259si v\u0259 ya \u0259ksin\u0259 geril\u0259m\u0259si kimi faktorlar n\u0259z\u0259rd\u0259 tutulur. Bu da \u015firk\u0259tin performans\u0131na v\u0259 insanlar\u0131n h\u0259min \u015firk\u0259tin s\u0259hml\u0259rin\u0259 olan t\u0259l\u0259bin\u0259 t\u0259sir edir. Daha \u0259trafl\u0131 n\u0259z\u0259r yetirs\u0259k neft qiym\u0259tl\u0259ri, i\u015fsizlik nisb\u0259tl\u0259ri, y\u00fcks\u0259k borc nisb\u0259tl\u0259ri, \u0259halinin b\u00f6y\u00fcm\u0259 s\u00fcr\u0259ti, beyn\u0259lxalq bazarlardak\u0131 v\u0259ziyy\u0259t kimi faktorlar da makro s\u0259b\u0259bl\u0259r s\u0131ras\u0131na daxil etm\u0259k olar.<\/p>\n
S\u0259hml\u0259rin qiym\u0259tl\u0259rin\u0259 t\u0259sir ed\u0259n makro faktorlardan \u0259n \u00f6n\u0259mlisi siyas\u0259tdir. Bir vanna t\u0259s\u0259vv\u00fcr edin. Vannan\u0131 t\u0131xac\u0131 olmadan Siz onu su il\u0259 dolura bilm\u0259zsiniz. Bu t\u0131xac eyni il\u0259 siyas\u0259td\u0259ki t\u0259nziml\u0259m\u0259 mexanizmi kimidir. Siyasi stabillik n\u0259 q\u0259d\u0259r yax\u015f\u0131 olarsa, faiz d\u0259r\u0259c\u0259l\u0259ri d\u0259 bir o q\u0259d\u0259r a\u015fa\u011f\u0131 olacaq v\u0259 bazar d\u0259y\u0259r qazanma\u011fa ba\u015flayacaq.<\/p>\n
B\u0259z\u0259n edil\u0259n spekulyativ a\u00e7\u0131qlamalar da s\u0259hml\u0259rinin d\u0259y\u0259r itirm\u0259sin\u0259 s\u0259b\u0259b olur. Bazarlarla \u0259laq\u0259li m\u0259nfi bir x\u0259b\u0259rin yay\u0131lmas\u0131, \u015firk\u0259tin v\u0259ziyy\u0259tinin yax\u015f\u0131 olmas\u0131ndan as\u0131l\u0131 olmayaraq da, onun s\u0259hminin d\u0259y\u0259rini a\u015fa\u011f\u0131 sala bil\u0259r. T\u0259l\u0259b v\u0259 t\u0259klif m\u0259s\u0259l\u0259si s\u0259hmin uzunm\u00fcdd\u0259tli d\u0259y\u0259rini m\u00fc\u0259yy\u0259n ets\u0259 d\u0259 bazarlardak\u0131 g\u00fcnd\u0259lik dal\u011falanmalar v\u0259 siqnallar da v\u0259ziyy\u0259t\u0259 \u00f6z t\u0259sirini g\u00f6st\u0259rir.<\/p>\n","protected":false},"excerpt":{"rendered":"
S\u0259hml\u0259rin qiym\u0259tl\u0259ri h\u0259r \u015firk\u0259t \u00fc\u00e7\u00fcn f\u0259rqlilik g\u00f6st\u0259r\u0259n bir \u00e7ox elementin bir araya g\u0259lm\u0259si il\u0259 m\u00fc\u0259yy\u0259n edilir. Ancaq h\u0259l\u0259 d\u0259 “s\u0259hml\u0259rin qiym\u0259tl\u0259ri nec\u0259 m\u00fc\u0259yy\u0259n olunur” sual\u0131na cavab tapmam\u0131\u015f\u0131q. S\u0259hml\u0259rin ticar\u0259tind\u0259 ba\u015f ver\u0259n eni\u015f v\u0259 y\u00fcks\u0259li\u015fl\u0259ri do\u011fru \u015f\u0259kild\u0259 analiz ed\u0259 bilm\u0259k \u00fc\u00e7\u00fcn ilk \u00f6nc\u0259 t\u0259l\u0259b v\u0259 t\u0259klifin tarazl\u0131l\u0131\u011f\u0131na baxmaq laz\u0131md\u0131r.<\/p>\n","protected":false},"author":1,"featured_media":116,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-115","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-meqaleler"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.investaz.az\/blog\/wp-json\/wp\/v2\/posts\/115","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investaz.az\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investaz.az\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investaz.az\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investaz.az\/blog\/wp-json\/wp\/v2\/comments?post=115"}],"version-history":[{"count":4,"href":"https:\/\/www.investaz.az\/blog\/wp-json\/wp\/v2\/posts\/115\/revisions"}],"predecessor-version":[{"id":1126,"href":"https:\/\/www.investaz.az\/blog\/wp-json\/wp\/v2\/posts\/115\/revisions\/1126"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.investaz.az\/blog\/wp-json\/wp\/v2\/media\/116"}],"wp:attachment":[{"href":"https:\/\/www.investaz.az\/blog\/wp-json\/wp\/v2\/media?parent=115"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investaz.az\/blog\/wp-json\/wp\/v2\/categories?post=115"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investaz.az\/blog\/wp-json\/wp\/v2\/tags?post=115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}