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O;f"V vFkZ'kkL=k osQ fl¼kar
uksV gSa fd 'ks;j dhersa vkSj ykHkka'k de gks jgs gSa vkSj vU; iQeks± }kjk mls vfèkdkj esa ysus dk Hk; gSA ;g iw¡th
lIykbZ (GS) dh o`f¼ nj dks izHkkfor djsxkA
eSfjl osQ vuqlkj] èkkj.k vuqikr (Reciation Ratio) iw¡th lIykbZ dh o`f¼ nj dks fuèkkZfjr djrk gSA èkkfjr
ykHkksa dk oqQy ykHkksa osQ ykHk vuqikr] èkkj.k vuqikr gSA ;fn èkkj.k vuqikr cgqr uhph gS rks bldk eryc
gS fd yxHkx lHkh ykHk 'ks;jgksYMjksa dks forfjr dj fn, x, gSaA ifj.kkeLo:i] iQeZ dh o`f¼ osQ fy,
izcaèkdksa osQ ikl lhfer fufèk;k¡ miyCèk gSa vkSj o`f¼ nj cgqr uhph gksxhA o`f¼&iw£r oØ cgqr frjNk gksxk
tSlk fd GS oØ gSA iQeZ dk larqyu ¯cnq L gksxk tgk¡ GS oØ GD oØ dks dkVrk gSA ;g Hkh iQeZ
1 1
dk b"Vre larqyu ¯cnq ugha gS] D;ksafd bl ¯cnq ij o`f¼ nj de gS vkSj YkkHk vfèkdre Lrj ls uhps gSaA
fp=k 19-1
GS GS
1 2
GS
3
M
E
L
Profit Rate GD
O
Growth Rate
iQeZ dh o`f¼ osQ fy,] izcaèkdksa dks vfèkd èkkfjr ykHk pkfg, rkfd os iQeZ dh o`f¼ osQ fy, vfèkd fufèk;k¡
fuos'k dj losaQA ;s èkkfjr vuqikr dks c<+krs gSa] tks vkxs Å¡ps ykHkksa vkSj Å¡ph o`f¼ njksa dks ykrk gS tc
rd fd vfèkdre ykHk dk ¯cnq M ugha igq¡p tkrk gSA ;g Hkh iQeZ dk b"Vre larqyu ¯cnq ugha gS D;ksafd
izcaèkd ;g eglwl djrs gSa fd Å¡ph o`f¼ nj vkSj Å¡ps ykHkksa dk ;g la;ksx 'ks;jgksYMjksa }kjk vuqeksfnr gksrk
gS vkSj mudh ukSdjh lqj{kk dks dksbZ Hk; ugha gSA blfy, os èkkj.k vuqikr dks vkSj c<+kus osQ fy, izksRlkfgr
gksaxs] vfèkd fufèk;k¡ fuos'k djsaxs] izlkj djsaxs vkSj iQeZ dh o`f¼ nj dks c<+k,¡xsA ifj.kkeLo:i] o`f¼&iw£r
oØ piVk gks tk,xk vkSj GS dh vkÑfr viuk,xk] tSlk fd fp=k 19-1 esa tgk¡ og GS oØ dks ¯cnq
3
3
E ij dkVrk gSA bl ¯cnq ij] 'ks;jgksYMjksa dks forfjr ykHk fxjrs gSaA ijarq os 'ks;jgksYMjksa dks larq"V djus
osQ fy, i;kZIr gSA blls 'ks;jksa dh dhersa fxjus vkSj iQeks± }kjk bl iQeZ dks vfèkdkj esa ysus osQ dksbZ Hk;
ugha gksrs gSaA izcaèkdksa osQ fy, Hkh ukSdjh lqj{kk gksrh gSA bl izdkj] ¯cnq E iQeZ osQ b"Vre larqyu dk ¯cnq
gSA ;fn izcaèkd bl Lrj ls Å¡pk èkkj.k vuqikr viukrs gSa] rks forfjr ykHk vkSj fxjsaxs vkSj 'ks;jgksYMj larq"V
ugha gksaxs tks izcaèkdksa dh ukSdjh lqj{kk dks [krjs esa Mky nsaxsA orZeku 'ks;jgksYMj izcaèkdksa dks cnyus osQ ckjs
esa fu.kZ; ys ldrs gSaA ;fn 'ks;jgksYMjksa dks de ykHk forfjr djus ls 'ks;jksa dh cktkj dherksa esa fxjkoV
vkrh gS] rks bl ls iQeZ dks vU; iQes± vfèkdkj esa ys ldrh gSaA
eSfjl ewY;kadu vuqikr (Valuation Ratio) osQ :i esa Hkh iQeZ dks vU; iQeks± }kjk vfèkdkj esa ysus osQ
lnSo fo|eku Hk; dh O;k[;k djrk gS] tks mldh o`f¼ nj ij izfrcaèk osQ :i esa dk;Z djrk gSA ewY;kadu
vuqikr iQeZ osQ 'ks;jksa dh cktkj dher dk muosQ cqd ewY; osQ lkFk vuqikr gSA eSfjl osQ vuqlkj] iQes± ,d
¯cnq osQ ckn o`f¼ djus ls cpus dk iz;Ru djsaxh D;ksafd Å¡ph fLFkj ns;rk,¡ foÙkh; lqj{kk osQ fy, [krjk gksrh
gSa] vkSj muosQ eu esa ,d U;wure ewY;kadu vuqikr dh vko';drk gksrh gS tks iQeZ dks vfèkdkj esa ysus
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