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Б.Лхагвасүрэн: Хувьцааны үнэ хэлбэлзэлтэй байх нь хөрөнгө оруулагчдад ашигтай

Б.Лхагвасүрэн: Хувьцааны үнэ хэлбэлзэлтэй байх нь хөрөнгө оруулагчдад ашигтай

Бизнес, хөгжил буландаа Санхүүгийн зохицуулах хорооны Үнэт цаасны газрын дарга Б.Лхагвасүрэнг урьж ярилцлаа.
 
-Банк бус санхүүгийн байгууллага олон нийтээс хөрөнгө татаж нээлттэй хувьцаат компани болж байна. Эдийн засагт нөлөөлөх өгөөжийг тайлбарлаж өгөхгүй юү?
 
-Өнөөдөр Банк бус санхүүгийн байгууллагын зээлийн сарын хүү 3-3.5 хувийн хүүтэй. Жилийн 36-42 хувийн хүүтэй байгаа. Гэхдээ иргэн, аж ахуйн нэгж хэзээ ч банк бусаас банкнаас авдаг шиг жилийн хугацаатай зээл авдаггүй. Яагаад гэхээр тухайн хүний санхүүгийн хэрэгцээг хангаж буй богино хугацааны эргэлтийн хөрөнгийн зээл учраас тэр. Өөрөөр хэлбэл, иргэн, аж ахуйн нэгж импортоор бизнес хийе гэхэд 500 сая төгрөгийн хөрөнгө оруулалт хэрэгтэй бол хурдан хугацаанд сар эсвэл хоёр сарын хугацаанд борлуулаад банк бусаас авсан зээлээ эргүүлээд төлөх л асуудал.
Энэ бизнесээ ойролцоогоор 25 хувийн ашигтай гэж тооцоход хоёр сарын хугацаатай зээл авахад долоон хувийн хүүтэй зээлнэ.Зардал нь долоон хувь, ашиг нь 18 хувьтай бизнес хийсэн гэсэн үг. Банкнаас тавьдаг шалгуур, судалгааг авч үзэхгүйгээр бизнест нь анализ хийж үзээд өгдгөөрөө онцлогтой. Хүмүүсийн санхүү, бизнесийн хэрэгцээг богино хугацаанд шийдвэрлэх зах зээлийн эрэлт  байгааг харгалзан төрөөс үүнийг хяналттайгаар зохицуулах үүднээс манай байгууллагаас ББСБ-ын тусгай зөвшөөрлийг олгодог.
 
-Барьцаат зээлийн үйлчилгээний газрууд ББСБ болоход юу нөлөөлөв?
 
– 2014 оноос  ББСБ-ын тоо өссөн. 2010 онд 250 орчим байсан бол одоо 500 болж нэг дахин өссөн. Мөн 2016 онд банк бусын дүрмийн санг 400 сая төгрөг байсныг 2.5 тэрбум болгож өсгөсөнтэй холбоотой. Дүрмийн санг өсгөснөөр дээрх тоог багасгасан. Ингэснээр хүү буурч эхэлсэн. Хүртээмж нь нэмэгдсэн. Өмнө нь нэг барилгын компани нэг банк бусаас 400 сая төгрөг зээлээд авчих жишээтэй. Олон хүнд хүртдэггүй байв. Түүнчлэн зардлын ялгаа их. Дүрмийн сан нэмэгдэх хэрээр эрсдэл хүлээх чадвар, ашиг орлого нь сайжирч  мэргэжлийн хүмүүс зайлшгүй шаардлагатай болж жижиглэн болон бөөний зээлд шат дараалалтай зээлийн хүү нь буурч байгаа юм. Нөгөө талаар иргэдэд санхүүгийн мэдлэгтэй хүн үйлчилснээр тэдний санхүүгийн сахилга батыг шалгаж, өрхийн санхүүгээ зөв удирдах  мэдлэг, мэдээлэл, зөвлөгөө өгч эхэлсэн нь эерэг нөлөө үзүүлж байх жишээтэй.  2012-2014 онд ломбардын хэлбэртэй ажиллаж байсан газрууд бүгд Банк бус санхүүгийн байгууллага болсон. Тухайн үед ломбард хэт олширч сөрөг нөлөө тэр хэрээр байсан. Тиймээс ломбард шиг банк бус биш, банк шиг банк бус байх шаардлага тавьж дүрмийн санг өсгөсөн нь эдийн засгийн хүртээмжийг нэмэгдүүлсэн.
 
– Одоо тэгвэл банк бусууд Хөрөнгийн биржид IPO хийж  байна гэдэг нь санхүүгийн зах зээлд өрсөлдөөн нэмэгдэж байна гэж харж болох нээ?
 
– Одоогоор томоохон өөрийн хөрөнгөтэй банк бус хүмүүсээс хадгаламж хэлбэрээр итгэлцэл дээр хөрөнгө татан төвлөрүүлж байна. Тухайлбал, иргэний 100 сая төгрөгийг арван сар эргэлдүүлнэ. Танд арван сарын дараа төдөн хувийн хүүтэй буцааж өгнө гэсэн нөхцлөөр итгэлцлийн гэрээ хийж байгаа юм. Гэтэл Банк бус санхүүгийн байгууллагаас зээл авах эрэлт их байгаа учраас эх үүсвэр хэрэгтэй болж байна. Зээлийн үйл ажиллагаа явуулахын тулд хэн нэгнээс зээл авч түүгээрээ дахин зээлийн үйлчилгээ үзүүлнэ  гэсэн ойлголт байж болохгүй. Өөрөөр хэлбэл, зээлийн хөрөнгөөр дахин  зээл өгнө гэдэг нь энэ байгууллага цааш өсөхгүй. Эдийн засагт ч ахиц үзүүлэхгүй. Тиймээс өөр төрлийн эх үүсвэр, хөрөнгө оруулалтыг хайж эхэлдэг. Үүний нэг нь олон нийтээс хөрөнгө татах явдал. Хэрэв та итгэж байвал манай хувьцааг худалдан авч хамтран ажиллая. Олон нийтэд нээлттэй компани болж ажилласнаар хоёр талдаа боломж олгож байгаа гэсэн үг. Өөрийн хөрөнгийн  өгөөж  ойролцоогоор 15 хувьтай гэж бодоход олон нийтээс хөрөнгө татахад энэ өгөөж 25 хувь  болж өснө. Богино хугацааны эргэлтийн хөрөнгүүдийг илүү бага хүүтэйгээр олгож санхүүгийн хүртээмжийг олон хүнд хүртээж байгаа юм.
 
-Банк бусыг иргэд илүү их сонирхож байна. Өнгөрсөн оны сүүлээр "Лэндмн” IPO хийсэн бол дөнгөж саяхан "Ард Кредит” ББСБ олон нийтэд хувьцаагаа санал болголоо. Энэ хоёрыг финтек хөрөнгийн зах зээлийн анхдагч гэдгээр онцолж байна ?
 
-Иргэд илүү их сонирхож байгаагийн нэг шалтгаан нь банкыг бодоход хурдан зохицуулалт хийдгээрээ илүү.  Нөгөөтэйгүүр хувьцаа нь хувьцаа эзэмшигчдийн өөрсдийнх нь хөрөнгө учраас илүү итгэлтэй болж байна гэсэн үг. Хөрөнгө оруулалтын өгөөжийн тооцооллуудыг илүү харж байна. Түүнчлэн IPO хийж, олон нийтийн компани болсноор финтек зах зээлтэйгээ холбоотой. Ирээдүй финтек рүү явж байгаа гэдэг нь тодорхой. Үүнийг олон нийт мэдэж эхэлсэн. Цаашдаа энэ зах зээл рүү хөгжих нь гэдгээр хүмүүс хөрөнгө оруулалт хийж буй юм. Энэ нь ББСБ-ын хөрөнгийн зах зээлд гарч ирж буй нэг давуу тал нь. "Лэндмн” хөрөнгийн зах зээлд анх гарч ирсэн старт апп компани. Төлөвлөсөн татан төвлөрүүлэх хөрөнгөөс нь давж хөрөнгө төвлөрсөн. Энэ байдал нь дараагийн IPO хийх байгууллагуудад нөлөөлсөн. Эдний араас Хөрөнгийн биржид гарсан компаниуд ихэвчлэн олон жил үйл ажиллагаа явуулсан  уламжлалт бизнестэй даатгалын, хөдөө аж ахуй, барилгын компаниуд байлаа. Эдгээрт итгэх итгэл олон нийтийн зүгээс илүү байгаа нь ажиглагдсан.
 
– Хувьцааны үнийг хатуу эсвэл хэлбэлзэлтэй тогтоох хоёрын ялгаа нь юу вэ. Тухайлбал, "Лэндмн” 200 төг гэж байсан бол "Ард Кридет” 75-80 төгрөг гэжээ. Илүү гарсан хөрөнгө оруулалтыг буцааж өгөх тохиолдол "Лэндмн”-д гарсан гэж байсан ?
 
-Жил ирэх тусам Хөрөнгийн биржид IPO гаргаж байгаа компаниудыг ажиглаж байхад үнээ тогтоох аргачлал, үнэлгээ нь улам сайжирч байна.  Жишээлбэл, "Лэндмн”-д олон нийтээс таван тэрбумыг босгох байсан. Гэтэл найм дахин их  буюу 40 гаруй  тэрбум төгрөг төвлөрсөн. Тухайн үед шинэ бүтээгдэхүүн хөрөнгийн зах зээлд гарч ирсэн болохоор нөлөөлсөн байх. Түүнчлэн биржийн бүртгэлийн журам зааварт асуудал байснаас гадна хугацааны сүүлийн өдөр иргэд бөөнөөрөө  шийдвэр гаргаж орж ирсэн нь хүндрэлтэй байсан. Энэ бүгдээс арилжааны журамд өөрчлөлт оруулж үнийг 15-20 хувийн хэлбэлзэлтэй тогтоосон. Түрүүлж санал хэлж байгаа хүнд сонголтыг илүү тавих гэх мэтээр өөрчлөлт оруулсан. Эрэлт ихэсвэл тухайн хувьцааны үнэ 15-20 хувийн нэмэгдэлтэй. Энэ журмын дагуу "Ард Кридет” ББСБ хувьцааны үнийг иргэдэд илүү сонголттой байдлаар тогтоосон.
 
 
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