{"id":2357,"date":"2023-10-20T05:09:12","date_gmt":"2023-10-20T05:09:12","guid":{"rendered":"https:\/\/blog.spbinvest.hu\/?p=2357"},"modified":"2023-10-20T06:35:11","modified_gmt":"2023-10-20T06:35:11","slug":"a-cegminositesrol-kicsit-mashogy","status":"publish","type":"post","link":"https:\/\/blog.spbinvest.hu\/?p=2357","title":{"rendered":"A c\u00e9gmin\u0151s\u00edt\u00e9sr\u0151l kicsit m\u00e1shogy"},"content":{"rendered":"<p>A szakirodalomban sok helyen olvashat\u00f3 kritika az anyagilag elk\u00f6telezett c\u00e9gmin\u0151s\u00edt\u0151k tev\u00e9kenys\u00e9g\u00e9r\u0151l \u00e9s annak hat\u00e1sair\u00f3l. A Wall Streeten <em>ma is az a helyzet, mint 2008-ban<\/em>, azaz a nagy min\u0151s\u00edt\u0151k egyetlen bokorban megtal\u00e1lhat\u00f3k Manhattan sz\u00edv\u00e9ben.<\/p>\n<div id=\"attachment_2358\" style=\"width: 346px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-2358\" class=\"size-full wp-image-2358\" src=\"https:\/\/blog.spbinvest.hu\/wp-content\/uploads\/2023\/10\/spb.png\" alt=\"spb\" width=\"336\" height=\"372\" srcset=\"https:\/\/blog.spbinvest.hu\/wp-content\/uploads\/2023\/10\/spb.png 336w, https:\/\/blog.spbinvest.hu\/wp-content\/uploads\/2023\/10\/spb-271x300.png 271w\" sizes=\"auto, (max-width: 336px) 100vw, 336px\" \/><p id=\"caption-attachment-2358\" class=\"wp-caption-text\"><span style=\"font-size: 16px;\">T\u00e9rk\u00e9p: Google Map<\/span><\/p><\/div>\n<p>Mindannyian, \u00fcgyfelek \u00e9s szakmabeliek l\u00e1ttuk, amikor a \u201eBig Short\u201d c\u00edm\u0171 filmben (1:04-n\u00e9l) Mark Baum elindul a <strong>Morgan Stanley<\/strong>-hez \u2013 legal\u00e1bbis a taxit a MS-hoz k\u00e9ri, \u2013 hogy majd meg\u00e9rkezzen a <strong>Standard & Poors<\/strong>-hoz, a Broadway 25-be. Az\u00e9rt ment el a \u201enagyokhoz\u201d, hogy kiszedje bel\u0151l\u00fck, mik\u00e9nt t\u00f6rt\u00e9nhetett meg, hogy a kisemberek <strong><em>hitelei elkezdtek bezuhanni<\/em><\/strong>, m\u00edg <em>a bel\u0151l\u00fck \u00f6sszebark\u00e1csolt<\/em> CDO-k \u00e9s hihetetlen\u00fcl agyonbonyol\u00edtott \u00e9s mennyis\u00e9gileg elk\u00e9pzelhetetlen\u00fcl felturb\u00f3zott t\u00e1rsaik, a <em>\u201ebecsomagolt pap\u00edrokk\u00e9nt\u201d elh\u00edres\u00fclt <strong>befektet\u00e9si eszk\u00f6z\u00f6k napr\u00f3l napra t\u00f6bbet \u00e9rtek<\/strong><\/em>. A fa\u00e9k egyszer\u0171 magyar\u00e1zat \u00edgy sz\u00f3lt: H\u00e1t, mert a bankok nem engedik lemin\u0151s\u00edteni a CDO-kat. \u201eHa mi lemin\u0151s\u00edten\u00e9nk, azonnal \u00e1tmennek a szomsz\u00e9dba a <strong>Moody-s<\/strong> hoz\u2026\u201d-kapta meg a v\u00e1laszt Baum.\u00a0 Majd hozz\u00e1teszi <em>az \u00e1tmenetileg fiziol\u00f3gi\u00e1san vak (!) vizsg\u00e1l\u00f3-elemz\u0151<\/em> h\u00f6lgy:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2359\" src=\"https:\/\/blog.spbinvest.hu\/wp-content\/uploads\/2023\/10\/2.jpg\" alt=\"\" width=\"221\" height=\"144\" \/><\/p>\n<p>Az S&P sas-szem\u0171 elemz\u0151je a Big Short c\u00edm\u0171 filmb\u0151l\u2026 (Forr\u00e1s: Google)<\/p>\n<p>\u201eNem a mi hib\u00e1nk, \u00edgy m\u0171k\u00f6dik a vil\u00e1g \u00e9s nekem is van egy f\u0151n\u00f6k\u00f6m\u201d.<\/p>\n<p>A rendez\u0151 zseni\u00e1lis h\u00faz\u00e1sa, hogy mindh\u00e1rom nagy min\u0151s\u00edt\u0151 neve megjelenik a filmben egyetlen l\u00e1tsz\u00f3lag \u00f6sszekevert, a helysz\u00edneket tekintve kicsit kusza jelenetben \u2013 \u00edgy ez\u00e9rt nem lehetett a filmet beperelni.<\/p>\n<p>An\u00e9lk\u00fcl, hogy t\u00fal\u00e9rt\u00e9keln\u00e9nk a film eleji felirat jelent\u0151s\u00e9g\u00e9t, az \u201eIGAZ T\u00d6RT\u00c9NET ALAPJ\u00c1N\u201d-t, m\u00e1ra mindenki tudja, milyen hatalmas szerep\u00fck volt a min\u0151s\u00edt\u0151knek abban, hogy <strong>ugyanazokat a mezei hiteleket sz\u00e1zezerszeres mennyis\u00e9gben<\/strong> megsokszorozva lehetett a befektet\u00e9si piacon AAA \u201e+\u201d avagy \u201e-\u201d avagy \u201e*\u201d kieg\u00e9sz\u00edt\u00e9ssel csomagonk\u00e9nt min\u0151s\u00edteni. A film j\u00f3indulat\u00fa v\u00e9lem\u00e9nye szerint egyszer\u0171en csak nem is \u00e9rtett\u00e9k meg, ahogyan a CDO-k fel\u00e9p\u00fcltek, majd a bankok moh\u00f3s\u00e1g\u00e1nak teret adva felhatv\u00e1nyoz\u00f3dtak.<\/p>\n<p>Egy\u00e9bk\u00e9nt jellemz\u0151 adat, hogy a S&P500 c\u00e9geinek 36%-\u00e1t nem is min\u0151s\u00edtik a \u201enagyok\u201d \u00e9s akkor m\u00e9g meg sem eml\u00edtettem azt a k\u00e1oszt, amit az \u00f6sszesen 51 f\u00e9le k\u00fcl\u00f6nb\u00f6z\u0151 min\u0151s\u00edt\u00e9si mutat\u00f3 ad a h\u00e1rom nagyn\u00e1l, 51 k\u00fcl\u00f6nb\u00f6z\u0151 szempont szerint. Itt jelenik meg a min\u0151s\u00edt\u0151 c\u00e9gek nagy probl\u00e9m\u00e1ja: elmentek a hitelmin\u0151s\u00edt\u00e9s ir\u00e1ny\u00e1ba \u00e9s a c\u00e9gek \u00e1ltal\u00e1nos min\u0151s\u00edt\u00e9se elt\u0171nt a rendszerb\u0151l, kiv\u00e9ve a c\u00e9gkil\u00e1t\u00e1sokat (negat\u00edv, pozit\u00edv, stabil). Jelen esetben sajnos az tapasztalhat\u00f3, hogy <strong>az azonosan min\u0151s\u00edtett c\u00e9gek ar\u00e1nya gyan\u00fasan alacsony (37%)<\/strong>, vagyis gyakoriak a n\u00e9zetk\u00fcl\u00f6nbs\u00e9gek m\u00e9g a legismertebb indexbe foglalt legjelent\u0151sebb c\u00e9gek eset\u00e9ben is.<\/p>\n<p>Felmer\u00fclt a k\u00e9rd\u00e9s, hogy a vajon lehet-e <strong>elfogulatlanul, sok-sok m\u00e9r\u0151sz\u00e1m alapj\u00e1n, ha \u00fagy tetszik, emberi k\u00e9z \u00e9rint\u00e9se n\u00e9lk\u00fcl<\/strong> a k\u00f6tv\u00e9ny- \u00e9s r\u00e9szv\u00e9nypiac szerepl\u0151it \u00fagy \u00e9rt\u00e9kelni \u00e9s igen, min\u0151s\u00edteni, hogy azt a szakembereken t\u00fal az \u00e9rdekl\u0151d\u0151 laikusok is kezelni tudj\u00e1k. \u00a0Az SPB-n\u00e9l kifejezetten nagy s\u00falyt helyez\u00fcnk arra, hogy a befektet\u00e9sre javasolt c\u00e9gek <em>min\u0151s\u00edt\u00e9se objekt\u00edv \u00e9s f\u00fcggetlen legyen<\/em>. Ez\u00e9rt kidolgoztunk egy olyan mutat\u00f3sz\u00e1m-rendszert \u00e9s \u00e9rt\u00e9kel\u00e9si sziszt\u00e9m\u00e1t, amelyik a 150-180 oldalas m\u00e9rleg-garnit\u00far\u00e1kb\u00f3l igen gyorsan k\u00e9pes \u00fagy inform\u00e1ci\u00f3t szolg\u00e1ltatni, hogy a hozz\u00e1 nem \u00e9rt\u0151 <strong>laikusok is k\u00f6nnyed\u00e9n tudj\u00e1k \u00e9rtelmezni<\/strong>.<\/p>\n<p><strong>A sziszt\u00e9ma<\/strong> l\u00e1tsz\u00f3lag igen egyszer\u0171:<\/p>\n<p>N\u00e9gy f\u0151 szempontot \u00e1llap\u00edtottunk meg (c\u00e9gm\u00e9ret, \u00e1ltal\u00e1nos c\u00e9g\u00e1llapot, a c\u00e9g fejl\u0151d\u00e9s\u00e9t bemutat\u00f3 dinamikai adatok \u00e9s a c\u00e9g hitelk\u00e9pess\u00e9ge). A f\u0151 szempontokat le\u00edr\u00f3 mutat\u00f3sz\u00e1mok (\u00f6sszesen 24 db) m\u00e1r komplex, egyszerre t\u00f6bb adatot is mag\u00e1ba foglal\u00f3 sz\u00e1m\u00edt\u00e1sok eredm\u00e9nyei. Ezeknek a mutat\u00f3sz\u00e1moknak kell egy pontsz\u00e1m rendszeren kifejez\u0151dni\u00fck, ahol a minim\u00e1lis \u00a0-10 \u00e9s a maxim\u00e1lis +10 pontsz\u00e1m k\u00f6z\u00f6tt kaphatnak \u00e9rt\u00e9ket. A rendszer kulcsa itt van j\u00f3 m\u00e9lyen el\u00e1sva, mert <em>a pontkioszt\u00e1s algoritmusa \u00e9s a hozz\u00e1 kapcsol\u00f3d\u00f3 s\u00falyoz\u00e1si sziszt\u00e9ma<\/em> nagyon komoly szakmai szempontokat, tapasztalatokat jelen\u00edt meg.<\/p>\n<p>A folyamatos fejleszt\u00e9s alatt \u00e1ll\u00f3 rendszer\u00fcnk <em>hat \u00e9vre visszatekintve k\u00e9pes<\/em> egy-egy c\u00e9g m\u00e9rlegbesz\u00e1mol\u00f3j\u00e1t \u00e9rt\u00e9kelni. Az \u00e9rt\u00e9kel\u00e9sn\u00e9l kiemelten fontos az a k\u00e9rd\u00e9s (is), hogy k\u00f6tv\u00e9ny vagy r\u00e9szv\u00e9ny befektet\u00e9sen, r\u00f6vid vagy hosszabb t\u00e1von gondolkodunk-e az adott v\u00e1llalkoz\u00e1ssal kapcsolatban.<\/p>\n<p>N\u00e9zz\u00fcnk meg egy konkr\u00e9t c\u00e9g SPB-Scoring-j\u00e1t.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2360\" src=\"https:\/\/blog.spbinvest.hu\/wp-content\/uploads\/2023\/10\/spb3.png\" alt=\"\" width=\"621\" height=\"719\" srcset=\"https:\/\/blog.spbinvest.hu\/wp-content\/uploads\/2023\/10\/spb3.png 621w, https:\/\/blog.spbinvest.hu\/wp-content\/uploads\/2023\/10\/spb3-259x300.png 259w\" sizes=\"auto, (max-width: 621px) 100vw, 621px\" \/><\/p>\n<p>Term\u00e9szetesen az ismert nagyok \u00e9rt\u00e9kel\u00e9s\u00e9t is figyelembe vessz\u00fck a konkr\u00e9t d\u00f6nt\u00e9si javaslataink meghozatal\u00e1n\u00e1l, mert tagadhatatlan t\u00e9ny, hogy van hat\u00e1suk a piaci mozg\u00e1sokra, m\u00e9g akkor is, ha ironikus m\u00f3don, tudjuk j\u00f3l, \u00e9ppen a p\u00e9nzt\u0151l, a megrendel\u0151k \u00e1ltal fizetett d\u00edjakt\u00f3l lett <em>fert\u0151z\u00f6tt a min\u0151s\u00edt\u00e9si rendszer \u00e9s sajnos m\u00e9g nincs meg r\u00e1 a hat\u00e9kony vakcina<\/em>.<\/p>\n<p>Paksy Katalin<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A szakirodalomban sok helyen olvashat\u00f3 kritika az anyagilag elk\u00f6telezett c\u00e9gmin\u0151s\u00edt\u0151k tev\u00e9kenys\u00e9g\u00e9r\u0151l \u00e9s annak hat\u00e1sair\u00f3l. A Wall Streeten ma is az a helyzet, mint 2008-ban, azaz a nagy min\u0151s\u00edt\u0151k egyetlen bokorban megtal\u00e1lhat\u00f3k Manhattan sz\u00edv\u00e9ben. Mindannyian, \u00fcgyfelek \u00e9s szakmabeliek l\u00e1ttuk, amikor a \u201eBig Short\u201d c\u00edm\u0171 filmben (1:04-n\u00e9l) Mark Baum elindul a Morgan Stanley-hez \u2013 legal\u00e1bbis a taxit&#8230;<\/p>\n","protected":false},"author":1,"featured_media":2361,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[],"class_list":["post-2357","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-spb"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>A c\u00e9gmin\u0151s\u00edt\u00e9sr\u0151l kicsit m\u00e1shogy - SPB Blog<\/title>\n<meta name=\"description\" content=\"A szakirodalomban sok helyen olvashat\u00f3 kritika az anyagilag elk\u00f6telezett c\u00e9gmin\u0151s\u00edt\u0151k tev\u00e9kenys\u00e9g\u00e9r\u0151l \u00e9s annak hat\u00e1sair\u00f3l. 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