Page 479 - DECO401_MICROECONOMIC_THEORY_HINDI

bdkbZ 29 % chek p;u ,oa tksf[ke

ekuks fd og osQoy SAIL osQ 'ks;jksa esa 100 #- dk fuos'k djrk gSA og rsth osQ nkSjku 2 #- rFkk eanh osQ uksV
nkSjku 10 #- dh vis{kk djrk gSA rsth rFkk eanh nksuksa dh 50&50 izfr'kr laHkkouk gksus ij] bl 'ks;j ls
visf{kr vkSlr izkfIr gksxh]
E = -5 (2 #-) + -5 (10 #-) = 6 #-
R
2 2 2
bldk izlj.k (σ ) = -5 (2 μ 6) + -5 (10 μ6) = 16 #-
bl izdkj] nksuksa 'ks;jksa dh vkSlr visf{kr izkfIr 6 #- izR;sd 'ks;j gS rFkk izlj.k 16 #- izR;sd 'ks;j gSA ;g
fn[kkrk gS fd nks 'ks;jksa esa nks Lora=k fuos'kksa osQ fofoèkhdj.k iksVZiQksfy;ks ls tksf[ke rFkk izkfIr ,d leku
gSaA foaQrq bu nks fuos'kksa esa ,d egÙoiw.kZ varj gSA BP 'ks;j dh visf{kr izkfIr;k¡ rsth osQ nkSjku mQ¡ph gksrh
gSa foaQrq eanh osQ nkSjku de gksrh gSA SAIL 'ks;jksa dk ekeyk blosQ myV gSA
'ks;jksa dk ;g la;ksx fuos'kd osQ fy, ykHknk;d ugha gS D;ksafd tksf[ke rFkk visf{kr izkfIr;k¡ nksuksa 'ks;jksa
osQ fy, ,d leku gSaA ,slk blfy, gS D;ksafd mudh izkfIr;k¡ Lora=k ugha gSaA foaQrq muesa ,d iw.kZ ½.kkRed
lglacaèk (negative correlation) gSA tc ,d dh izkfIr vfèkd gksrh gS] rks ;g nwljs ls de gksrh gS
rFkk blosQ foijhrA
,d fuos'kd] vkSlr visf{kr izkfIr esa ifjorZu fd, fcuk] izR;sd 'ks;j esa ls FkksM+s 'ks;j ysdj tksf[ke de
dj ldrk gSA bls tksf[ke ,d=khdj.k }kjk fofoèkhdj.k (diversification through risk pooling)
dgrs gSaA eku yks fd ,d fuos'kd BP 'ks;jksa esa 50 #- rFkk SAIL 'ks;jksa esa Hkh 50 #- dk fuos'k djrk
gS rFkk bl izdkj vius oqQy fuos'k dk fofoèkhdj.k dj ysrk gSA mls vc BP 'ks;jksa ls 5 #- rFkk SAIL
'ks;jksa ls 1 #- rsth osQ nkSjku feysaxsA vkSlr visf{kr izkfIr osQ :i esa ;g 6 #- gSA eanh osQ nkSjku] mls BP
'ks;jksa ls 1 #- rFkk SAIL 'ks;jksa ls 5 #- feysaxs] tks mls iqu% 6 #- dh visf{kr izkfIr nsaxsA bl izdkj] rsth
gks ;k eanh] 'ks;jksa ls visf{kr izkfIr vc Hkh 6 #- gS foaQrq mudh izkfIr;ksa dh ifjorZu'khyrk 'kwU; rd fxj
xbZ gSA 2 #- ;k 10 #- vftZr djus dh leku laHkkouk osQ ctk;] vc mlosQ izR;sd vfèkdre ifj.kke izkIr
djus dh osQoy 25 izfr'kr laHkkouk gS rFkk 6 #- vkSlr visf{kr izkfIr osQ 50 izfr'kr volj gSaA
tksf[ke ,d=khdj.k osQoy rHkh dk;Z djrk gS tc ifjlaifÙk;ksa ('ks;jksa) dh izkfIr;k¡ ,d nwljs ls Lora=k rFkk
èkukRed :i ls (positively) lglacafèkr (correlated) gksrh gSa vFkkZr~ tc ,d gh fn'kk esa nks
ifjlaifÙk;ksa dh izkfIr;ksa dh xfr gksrh gSA ifjlaifÙk;ksa osQ ,sls la;ksx ls tqM+s tksf[ke] ½.kkRed :i ls
lglacafèkr izkfIr;ksa okyh ifjlaifÙk;ksa osQ O;fDrxr tksf[keksa osQ ;ksx (sum) ls de gksrs gSaA

cktkj tksf[ke rFkk fof'k"V tksf[ke ekiuk
(Measuring Market Risk and Specific Risk)
,d iksVZiQkssfy;ks èkkjd osQ fy,] nks izdkj osQ tksf[ke gksrs gSaμcktkj tksf[ke rFkk fof'k"V tksf[keA cktkj
tksf[ke ,d fo'ks"k 'ks;j dh izkfIr ls lacafèkr gksrk gS] tc iwjk LVkWd ekosZQV le; osQ lkFk mQij vkSj uhps
xfr djrk gSA fof'k"V tksf[ke vusd oaQifu;ksa osQ 'ks;j ysus ls lacafèkr gksrk gS] tks tksf[ke ,d=khdj.k
(risk pooling) }kjk fofoèkhÑr (diversified) gksrs gSa] tcfd cktkj tksf[ke fofoèkhÑr ugha gks ldrs
D;ksafd LVkWd ekosZQV osQ 'ks;jksa ij izkfIr;k¡ ,d lkFk iw.kZr% p<+rh ;k fxjrh gSa ;k fLFkj jgrh gSA
vFkZ'kkL=kh ,d xq.kkad (coefficient) Beta dk mi;ksx ml ek=kk osQ ekius osQ fy, djrs gSa ftl rd ,d
fof'k"V 'ks;j dh izkfIr laiw.kZ LVkWd cktkj esa xfr;ksa osQ lacaèk esa xfr djrh gSA ;fn ,d 'ks;j dh dher
Bhd mlh fn'kk esa xfr djrh gS ftlesa fd cktkj lwpd (market index)] rks bldk Beta = 1 gksxkA
,d mQ¡pk Beta 'ks;j (Beta > 1) dk vFkZ gS fd ;g mlh fn'kk esa xfr djrk gS ftlesa fd cktkj] foaQrq
;g vkSj Hkh csgrj gks tkrk gS tc cktkj esa rsth gksrh gS rFkk vkSj Hkh cnrj gksrk gS tc cktkj esa eanh gksrh
gSA 1 rFkk 0 osQ chp 'ks;j osQ Beta dk vFkZ gS fd 'ks;j mlh fn'kk esa xfr djrk gS ftlesa fd cktkj]

LOVELY PROFESSIONAL UNIVERSITY 473