AKSIYADORLIK JAMIYATLARIDA INVESTITSIYA LOYIHALARINI MOLIYALASHTIRISH SAMARADORLIGINING EKONOMETRIK MODELI VA ISTIQBOL PROGNOZI («NKMK» AJ MISOLIDA)
DOI:
https://doi.org/10.5281/zenodo.21893659Abstract
Maqolada aksiyadorlik jamiyatlari tomonidan investitsiya loyihalarini moliyalashtirish
samaradorligiga ta’sir etuvchi omillar o‘rtasidagi bog‘liqlikning ekonometrik modeli ishlab chiqilgan. Model operatsion
pul oqimi, kapital qo‘yilmalar, dividend to‘lovlari, qarz kapitali va erkin pul oqimini yagona rekursiv tenglamalar
tizimida bog‘laydi hamda qarz kapitalini balanslovchi element sifatida talqin qiladi. Model «Navoiy kon-metallurgiya
kombinati» AJning 2023–2025-yillardagi xalqaro moliyaviy hisobot standartlari bo‘yicha ma’lumotlari asosida
parametrlashtirilib, uning yordamida 2030-yilgacha prognoz ko‘rsatkichlari shakllantirilgan. Prognoz natijalariga
ko‘ra, jamiyatning operatsion pul oqimi 2030-yilga borib 6,4 mlrd AQSh dollariga yetadi, kapital qo‘yilmalar 4,1 mlrd
dollargacha oshadi, sof qarzning EBITDAga nisbati esa 0,35 martadan 0,02 martagacha pasayadi. Bu investitsiya
dasturining asosan ichki manbalar hisobidan moliyalashtirilishini va sezilarli qarz sig‘imi zaxirasi shakllanishini
bildiradi.
Keywords
investitsiya loyihasi, moliyalashtirish samaradorligi, ekonometrik model, operatsion pul oqimi, erkin pul oqimi, kapital qo‘yilmalar, dividend siyosati, qarz sig‘imi, moliyaviy leveraj, strategik moliyaviy rejalashtirishReferences
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