Risku nov\u0113rt\u0113\u0161ana ir svar\u012bga loma \u0161aj\u0101 posm\u0101 veidojot invest\u012bciju strat\u0113\u0123iju, jo no t\u0101, cik investors ir gatavs uz\u0146emties risku, liel\u0101 m\u0113r\u0101 ir atkar\u012bgs un bud\u017eetu, un gaida ra\u017eu. T\u0101tad, ja investori apsver n\u0101kotnes ieguld\u012bjumi nekustamaj\u0101 \u012bpa\u0161um\u0101, k\u0101 \u043d\u0438\u0437\u043a\u043e\u0440\u0438\u0441\u043a\u043e\u0432\u0430\u043d\u043d\u044b\u0435, tad vi\u0146i ir gatavi maks\u0101t vair\u0101k par katru dol\u0101ru paredzamos ien\u0101kumus, t\u0101d\u0113j\u0101di samazinot ienes\u012bguma likmi. Proti, jo zem\u0101ks risks zem\u0101ks ienes\u012bgums.<\/p>\n
Risks ir zaud\u0113jumu iesp\u0113jam\u012bba rezult\u0101t\u0101 nek\u0101das izmai\u0146as. Jo vair\u0101k iesp\u0113ju, ir t\u0101, ka notiek negat\u012bva par\u0101d\u012bba, jo liel\u0101ks risks. Nekustam\u0101 \u012bpa\u0161uma invest\u012bcijas visvair\u0101k ir rakstur\u012bgas divas grupas riska apdro\u0161in\u0101juma riskus un riskus, kas saist\u012bti ar konkr\u0113tu projektu.<\/p>\n
Uz valstu riskiem, pirms attiecas ra\u0161an\u0101s iesp\u0113jam\u012bbu, ekonomiskajiem, politiskajiem un soci\u0101lajiem nemieriem valst\u012b, kur\u0101 atrodas \u012bpa\u0161ums.<\/p>\n
L\u012bmenis valsts risku, var uzzin\u0101t no atskaites reitingu a\u0123ent\u016bru vai konsult\u0101ciju firmu. Piem\u0113ram, reiting\u0101 The Economist Intelligence Unit zem\u0101k\u0101s valstu riskus, Austrij\u0101, Lielbrit\u0101nij\u0101, V\u0101cij\u0101 un ASV, visliel\u0101kie \u2014 no Afganist\u0101nas, Baltkrievijas, Ukrainas un citas<\/p>\n
Viens no ekonomiskajiem faktoriem valsts riska \u2014 infl\u0101cijas pieaugums<\/strong>. Atkar\u012bba ir t\u0101da: jo liel\u0101ka infl\u0101cija, jo liel\u0101ks risks. Vismaz\u0101kais risks ir infl\u0101cija ir maz\u0101k nek\u0101 5% gad\u0101, liel\u0101k\u0101 \u2014 virs 100 %. Nekustam\u0101 \u012bpa\u0161uma tirgus ir pasarg\u0101ts no infl\u0101cijas riska to, ka nomas maksa tiek p\u0101rskat\u012bta katru m\u0113nesi vai katru gadu: nomas likmes ir piesaist\u012btas indekss mazumtirdzniec\u012bbas cenu dinamika kura atspogu\u013co infl\u0101ciju. Jo bie\u017e\u0101k tiek p\u0101rskat\u012btas likmes, jo liel\u0101ka jut\u012bba iebilst pret infl\u0101ciju un liel\u0101ku pe\u013c\u0146u investoram. Piem\u0113ram, viesn\u012bcu numuros, veikali, r\u016bpniec\u012bbas un noliktavu telpas, naktsm\u012btnes, \u0441\u0434\u0430\u0432\u0430\u0435\u043c\u043e\u0435 \u012bstermi\u0146a \u012brei, tradicion\u0101li tiek uzskat\u012bti par objektiem ar paaugstin\u0101tu jut\u012bbu pret infl\u0101ciju, biroji un REIT \u2014 vid\u0113j\u0101, un zemes gabalus un dz\u012bvok\u013cus, \u0441\u0434\u0430\u0432\u0430\u0435\u043c\u044b\u0435 ilgtermi\u0146a nomu, \u2014 zema.<\/p>\n V\u0101cija \u2014 kopum\u0101 \u043d\u0438\u0437\u043a\u043e\u0440\u0438\u0441\u043a\u043e\u0432\u0430\u044f valsts invest\u012bcij\u0101m nekustamaj\u0101 \u012bpa\u0161um\u0101, tom\u0113r \u0161eit ir re\u0123ioni ar paaugstin\u0101tu risku. It \u012bpa\u0161i attiecas uz t\u0101m austrumu zemes <\/i><\/p>\n Otrs ir ekonomiskais faktors valsts riska, kas ir saist\u012bts ar nestabilit\u0101ti nacion\u0101l\u0101s val\u016btas<\/strong>. Neatkar\u012bgi no t\u0101, pieaug to kursu, vai ar\u012b samazin\u0101s, jebkur\u0161 noz\u012bm\u012bgs novirze ir risks. Liel\u0101k\u0101 b\u012bstam\u012bba tirgos rodas tad, kad k\u0101pumu vai kritumu val\u016btas ir vair\u0101k nek\u0101 20 %.<\/p>\n Lai izejvielu ekonomiku ar\u012b ir rakstur\u012bgs t\u0101ds riska faktors, k\u0101 naftas cenu krituma<\/strong>. Jo zem\u0101ka ir cena, jo liel\u0101ki ir draudi ekonomik\u0101; liel\u0101kais risks \u2014 cenu samazin\u0101jumu uz og\u013c\u016bde\u0146ra\u017ei vair\u0101k nek\u0101 par 20 %. T\u0101tad, saska\u0146\u0101 ar Savills, fona \u0434\u0435\u0448\u0435\u0432\u0435\u044e\u0449\u0435\u0439 naftas no 2007. l\u012bdz 2009. gadam dz\u012bvok\u013ca krievijas galvaspils\u0113t\u0101 samazin\u0101j\u0101s par 51 %. Janv\u0101r\u012b un febru\u0101r\u012b 2009, naftas cenas s\u0101ka pieaugt, un kvadr\u0101tmetra cena ar\u012b g\u0101ja uz aug\u0161u. 2015. gad\u0101 naftas r\u0101da negat\u012bvu tendenci, un cenas ar\u012b samazin\u0101s.<\/p>\n Citi ekonomiskie faktori \u2014 IKP kritums, tempu samazin\u0101\u0161anos ra\u017eo\u0161anas, eksporta kritumu un samazin\u0101s pirktsp\u0113ja. <\/strong> Visliel\u0101kais risks \u2014 samazin\u0101jums par katru no \u0161iem r\u0101d\u012bt\u0101jiem ir vair\u0101k nek\u0101 10 %.<\/p>\n Uz valstu attiecas ar\u012b soci\u0101li-politiskos riskus. It \u012bpa\u0161i nekustamo \u012bpa\u0161umu tirg\u016b var negat\u012bvi ietekm\u0113t negat\u012bvs iedz\u012bvot\u0101ju skaita pieaugums<\/strong>, turkl\u0101t tas attiecas ne tikai valst\u012b kopum\u0101, bet gan konkr\u0113tu apdz\u012bvotu vietu, k\u0101 ar\u012b atsevi\u0161\u0137a re\u0123iona. Piem\u0113ram, austrumv\u0101cijas iedz\u012bvot\u0101ji p\u0101rce\u013cas uz sp\u0113c\u012bg\u0101k\u0101s un perspekt\u012bv\u0101k\u0101s rietumu zemes, t\u0101p\u0113c p\u0113d\u0113jos tiek uzskat\u012bti par maz\u0101k riskantiem tirgiem uz nekustamo \u012bpa\u0161umu invest\u012bcij\u0101m (iz\u0146\u0113mums \u2014 nelielas pils\u0113tas \u0420\u0443\u0440\u0441\u043a\u043e\u0439 jom\u0101, kas zaud\u0113 iedz\u012bvot\u0101jus, jo tr\u016bkst darba vietu).<\/p>\n Politisk\u0101 situ\u0101cija<\/strong> ir ar\u012b b\u016btiska ietekme uz investoru r\u012bc\u012bbu un par to uztver risku. Saska\u0146\u0101 ar p\u0113t\u012bjumu “\u0422\u0440\u0430\u043d\u0438\u043e”, 17 % aptauj\u0101to realtors uzskata, ka politisk\u0101 situ\u0101cija (kop\u0101 ar ekonomisko stabilit\u0101ti) \u2014 ir viens no galvenajiem iemesliem, k\u0101d\u0113\u013c krievvalod\u012bgie pirc\u0113ji izv\u0113las vienu vai otru valsti, lai ieg\u0101d\u0101tos nekustamo \u012bpa\u0161umu. \u0160is faktors ir \u012bpa\u0161i izteikts t\u0101d\u0101s valst\u012bs, k\u0101 Lielbrit\u0101nija, V\u0101cija, ASV un Francija.<\/p>\n Soci\u0101li-politiskie un ekonomiskie satricin\u0101jumi valst\u012b var uz ilgu laiku attur\u0113t investorus no viet\u0113j\u0101 nekustam\u0101 \u012bpa\u0161uma tirg\u016b <\/i><\/p>\n V\u0113l viens svar\u012bgs valsts risks \u2014 iesp\u0113jam\u0101s izmai\u0146as likumdo\u0161an\u0101<\/strong>, kas var\u0113tu ietekm\u0113t nekustam\u0101 \u012bpa\u0161uma tirgu. Tas var b\u016bt izmai\u0146as nodok\u013cu likumdo\u0161an\u0101 (paaugstinot eso\u0161os nodok\u013cus un ievie\u0161ot jaunus), ievads ierobe\u017eojo\u0161iem likumiem, kas attiecas uz b\u016bvniec\u012bbas un invest\u012bciju, k\u0101 ar\u012b ieviest ierobe\u017eojumus attiec\u012bb\u0101 uz kapit\u0101la kust\u012bbu.<\/p>\n Riski, kas saist\u012bti ar projektu, var iedal\u012bt div\u0101s kategorij\u0101s:<\/p>\n 1. Projekti Added Value<\/strong><\/p>\n Projektiem Added Value (“pievienot\u0101 v\u0113rt\u012bba”) attiecas b\u016bvniec\u012bba un \u0440\u0435\u0434\u0435\u0432\u0435\u043b\u043e\u043f\u043c\u0435\u043d\u0442. Risks \u0161\u0101du projektu ir pietiekami augsta, bet ienes\u012bgums ir p\u0101r\u0101k augsta \u2014 14-25 %.<\/p>\n Galvenie riski, kas saist\u012bti ar b\u016bvniec\u012bbu:<\/p>\n Visi \u0161ie riski var “\u0113st” pe\u013c\u0146u, un t\u0101 rezult\u0101t\u0101 ieguld\u012bt\u0101js paliks bez pe\u013c\u0146as vai pat ar zaud\u0113jumiem.<\/p>\n Celtniec\u012bbas projekti, vair\u0101k riskanti sal\u012bdzin\u0101jum\u0101 ar nomas uz\u0146\u0113mumu <\/i><\/p>\n Visi nor\u0101d\u012btie riski pieaug eksponenci\u0101li proporcion\u0101li \u0437\u0430\u043a\u0440\u0435\u0434\u0438\u0442\u043e\u0432\u0430\u043d\u043d\u043e\u0441\u0442\u0438 att\u012bst\u012bt\u0101js, proti, jo vair\u0101k kred\u012btu naudu vi\u0146\u0161 izmanto, jo liel\u0101ks ir katrs no \u0161iem riskiem. Ja slikt\u0101kaj\u0101 scen\u0101rij\u0101, piem\u0113ram, ja augstas \u0437\u0430\u043a\u0440\u0435\u0434\u0438\u0442\u043e\u0432\u0430\u043d\u043d\u043e\u0441\u0442\u0438 celtniec\u012bbas un b\u016btiskas korekcijas v\u0113rt\u012bbas var b\u016bt t\u0101, ka att\u012bst\u012bt\u0101js vai investors paliek zaud\u0113t\u0101ji. Pieredz\u0113ju\u0161i att\u012bst\u012bt\u0101ji vienm\u0113r apr\u0113\u0137ina da\u017e\u0101dus notikumu att\u012bst\u012bbas scen\u0101rijus, un pie\u0146emams ir uzskat\u0101mi t\u0101di, kuru investors n\u0101k no projekta, nopelnot 15-20 % (klasiskais scen\u0101rijs) vai 20-25 % (optimistiskais scen\u0101rijs).<\/p>\n Projekta riskus izpau\u017eas v\u0113l pirms darbu uzs\u0101k\u0161anas. Konkr\u0113t\u0101k, past\u0101v risks nesa\u0146emt b\u016bvat\u013caujas (Permit Risk<\/strong>). T\u0101 b\u016bt\u012bba ir t\u0101da, ka gad\u012bjum\u0101, ja ar ieguld\u012bjumiem \u0440\u0435\u0434\u0435\u0432\u0435\u043b\u043e\u043f\u043c\u0435\u043d\u0442, kapit\u0101lais remonts vai celtniec\u012bba no nulles, lai \u012bstenotu p\u0113c pirkuma zemes vai objekta nepiecie\u0161ams iet cauri, lai saska\u0146otu un ieg\u016btu at\u013cauju. Parasti cen\u0101 tiek risku nesa\u0146emt attiec\u012bga at\u013cauja, vai to, ka tas pras\u012bs ilgu laiku. Da\u017e\u0101s valst\u012bs ir projektu att\u012bst\u012bt\u0101ji ir gatavi uz\u0146emties risku nesa\u0146emt at\u013cauju.<\/p>\n Identific\u0113t riskus, kas saist\u012bti ar konkr\u0113tu objektu, pal\u012bdz vispus\u012bga p\u0101rbaude Due Diligence, kas ietver \u010detru veidu p\u0101rbaudes:<\/p>\n 2. Nomas uz\u0146\u0113mumu<\/strong><\/p>\n Vismaz\u0101k riskanti objekti, \u0441\u0434\u0430\u044e\u0449\u0438\u0435\u0441\u044f noma, piem\u012bt \u0161\u0101das \u012bpa\u0161\u012bbas:<\/p>\n Atra\u0161an\u0101s vieta ir b\u016btiska paz\u012bme: ja nekustamais \u012bpa\u0161ums atrodas lab\u0101 rajon\u0101, tad risks b\u016bs minim\u0101ls, un objekts \u2014 \u043b\u0438\u043a\u0432\u0438\u0434\u0435\u043d. Tom\u0113r risks var b\u016bt saist\u012bts ar turpm\u0101ku att\u012bst\u012bbu rajona<\/strong>, t\u0101p\u0113c, izv\u0113loties ien\u0101kuma objekta vajadz\u0113tu painteres\u0113ties pl\u0101nu un apb\u016bves uzzin\u0101tu, vai topo\u0161\u0101s un jau \u012bstenoti izmai\u0146as (transporta t\u012bkla papla\u0161in\u0101\u0161anu, jaunu iest\u0101\u017eu un t\u0101 t\u0101l\u0101k), ar laiku palielin\u0101t kapitaliz\u0101ciju invest\u012bciju objektu, vai, glu\u017ei pret\u0113ji, samazin\u0101t to pe\u013c\u0146u. Piem\u0113ram, ja cilv\u0113ks nopircis dz\u012bvokli \u0145ujork\u0101 ar skaistu skatu uz Centr\u0101lo parku, tad tas a priori ir nodro\u0161in\u0101jis sev saglab\u0101\u0161anu pielikumu, jo dz\u012bvok\u013ci ar t\u0101du skatu maz, un jaunas vairs neb\u016bs.<\/p>\n Risks ir ar\u012b slikta objekta st\u0101voklis<\/strong> un nepietiekama tehniskais apr\u012bkojums<\/strong>. Jo slikt\u0101k space pl\u0101nojuma risin\u0101jumi \u0113kas iek\u0161pus\u0113, nodro\u0161in\u0101jums ar modern\u0101m vad\u012bbas sist\u0113m\u0101m un kvalit\u0101tes neso\u0161o konstrukciju, zem\u0101ka konkur\u0113tsp\u0113ja objekta tirg\u016b, jo zem\u0101ks ir t\u0101s cena un piepras\u012bjums no nomnieku puses, bet risks ir augst\u0101ks. Neskatoties uz to, ka vec\u0101s un nolietot\u0101s iek\u0101rtas var dot labu pe\u013c\u0146u moment\u0101, tie vienm\u0113r ir vair\u0101k nek\u0101 riskanti ieguld\u012bt, nek\u0101 \u0113kas lab\u0101 st\u0101vokl\u012b.<\/p>\n Kvalit\u0101te \u012brnieku un tips \u012bres l\u012bgumu<\/strong> ar\u012b var paaugstin\u0101t vai pazemin\u0101t riskus. Investors, kur\u0161 ir gatavs uz\u0146emties risku zaud\u0113jumiem nomniekam, visticam\u0101k, \u0432\u043b\u043e\u0436\u0438\u0442\u0441\u044f objektu ar ilgsto\u0161\u0101m \u0430\u0440\u0435\u043d\u0434\u043d\u044b\u043c\u0438 l\u012bgumiem. Un otr\u0101di, ja \u0161is risks ieguld\u012bt\u0101jam ir pie\u0146emams, tas tiks uzskat\u012bts par iesp\u0113ju nekustam\u0101 \u012bpa\u0161uma ar piem\u0113rotu beig\u0101m vai \u012bstermi\u0146a nomas l\u012bgumu.<\/p>\n Izv\u0113loties ie\u0146\u0113mumu nekustamo \u012bpa\u0161umu, ir v\u0113rts piev\u0113rst uzman\u012bbu ar\u012b uz to, cik uzticams nomnieks <\/i><\/p>\n V\u0113l viens risks ir saist\u012bts ar izv\u0113li finans\u0113\u0161anas metodi,<\/strong> un turpm\u0101ko vad\u012bbu \u0437\u0430\u0435\u043c\u043d\u044b\u043c\u0438 l\u012bdzek\u013ciem. Parasti, jo liel\u0101ka da\u013ca aizdoto kapit\u0101lu, jo liel\u0101ks ir risks.<\/p>\n Sviras efektu \u2014 tas ir tad, kad par\u0101da izmaksas finans\u0113juma l\u0113t\u0101k, nek\u0101 ienes\u012bgums projektu. Investors var vienoties ar banku t\u0101d\u0101 veid\u0101, lai maks\u0101t procentus par aizdevumu, bet maks\u0101t vismaz no \u0137erme\u0146a kred\u012btu. \u0160o metodi var palielin\u0101t operacion\u0101lo pe\u013c\u0146u no invest\u012bcij\u0101m. Bet \u0161\u0101du metodi, lai uzlabotu rentabilit\u0101ti noved pie citam riskam. Ja objekta cena samazin\u0101sies, ja b\u016bs nepiecie\u0161ams pagarin\u0101t kred\u012bta l\u012bgumu, tad banka pras\u012bs proporcion\u0101li \u0434\u043e\u043a\u0430\u043f\u0438\u0442\u0430\u043b\u0438\u0437\u0438\u0440\u043e\u0432\u0430\u0442\u044c aizdevumu, un pie\u0161\u0137irt papildu garantijas nodro\u0161in\u0101jums (margin call). T\u0101p\u0113c ir svar\u012bgi atrast pareizu l\u012bdzsvaru sviru ienes\u012bgumu un risku, t\u0101 ir prasme profesion\u0101liem investoriem.<\/p>\n Kapit\u0101ls, kas pa\u0146emtas par\u0101ds invest\u012bcij\u0101m, ir j\u0101nes pe\u013c\u0146a, kas p\u0101rsniedz maksu par t\u0101s izmanto\u0161anu. Ja pe\u013c\u0146a no nekustam\u0101 \u012bpa\u0161uma nor\u0101d\u012bt\u0101s maksas par aizdevumu, investors zaud\u0113jumiem, kas jo vair\u0101k, jo liel\u0101ka v\u0113rt\u012bba aiz\u0146\u0113mumu.<\/p>\n Vi\u0146apr\u0101t, nekustamo \u012bpa\u0161umu tirg\u016b ir par\u0101d\u012bjies v\u0113l viens risks: t\u0101 k\u0101 kred\u012btu procentu likmes ir 2014-2015 gados daudz\u0101s valst\u012bs ir sasniegusi zem\u0101ko l\u012bmeni v\u0113stur\u0113 un praktiski tuvu nullei, tad p\u0113c 3-5 gadiem tie var\u0113tu iev\u0113rojami pieaugt, un, kad tas notiks, nekustamo \u012bpa\u0161umu v\u0113rt\u012bba samazin\u0101sies.<\/p>\n Risks ir ar\u012b t\u0101lvad\u012bbas objekts: <\/strong>att\u0101lums nekustam\u0101 \u012bpa\u0161uma v\u0101jina kontroli p\u0101r to, t\u0101p\u0113c m\u0113\u0123in\u0101jums nodarboties ar mened\u017ementu \u0101rvalstu projektu Krievijas saist\u012bta ar lielu risku. Nevis t\u0101lvad\u012bbas pa\u0161p\u0101rvaldes ieteicams nol\u012bgt specializ\u0113tu uz\u0146\u0113mumu.<\/p>\n Ne maz\u0101k svar\u012bga ir ar\u012b risku, kas saist\u012bts ar dar\u012bjuma struktur\u0113\u0161anu<\/strong>. Ir da\u017e\u0101das sh\u0113mas, kas \u013cauj optimiz\u0113t nodok\u013cus \u2014 piem\u0113ram, akcion\u0101ru aizdevums vai noform\u0113\u0161ana, izmantojot virkni uz\u0146\u0113mumu. Tas paaugstina pe\u013c\u0146u, bet samazina redzam\u012bbu un palielina risku \u012bpa\u0161um\u0101. Nodok\u013cu p\u0101rvalde nevar pie\u0146emt strukt\u016bru optimiz\u0101cija un apr\u0113\u0137in\u0101t papildu nodok\u013cus un soda naudu. Pasaul\u0113 palielin\u0101s caursp\u012bd\u012bgums banku sist\u0113mas, OECD ievie\u0161 pas\u0101kumus pretdarb\u012bbas izz\u016bd ar nodok\u013ciem apliekamo b\u0101zi, un Krievija prasa no saviem rezidentiem j\u0101maks\u0101 nodok\u013ci, ien\u0101kumi, kas g\u016bti \u0101rvalst\u012bs. Visas \u0161\u012bs izmai\u0146as, kas palielina risku liek\u0101 struktur\u0113\u0161anas objektu ar m\u0113r\u0137i optimiz\u0113t nodok\u013cus. M\u016bsu ieteikums klientiem: pirmk\u0101rt, konsult\u0113ties ar nodok\u013cu konsultantiem un, otrk\u0101rt, nav p\u0101rsp\u012bl\u0113t to ar optimiz\u0101ciju, jo tas ir pilns ar probl\u0113m\u0101m ar nodok\u013cu dienestu tuv\u0101kaj\u0101 n\u0101kotn\u0113.<\/p>\n Iepriek\u0161 min\u0113tie punkti nosaka galvenais risks \u2014 risks, likvidit\u0101tes samazin\u0101\u0161an\u0101s, tas ir, samazin\u0101tu sp\u0113ju \u0101tri p\u0101rdot bez zaud\u0113jumiem, izmaks\u0101m un samazin\u0101tu iesp\u0113jamo izaugsmi g\u016bstot pozit\u012bvu tirgus att\u012bst\u012bbas scen\u0101rijus. Attiec\u012bgi, jo maz\u0101ks risks min\u0113to punktiem, jo liel\u0101ka likvidit\u0101te, un, k\u0101 sekas, zem\u0101k s\u0101kuma ienes\u012bgums objektu.<\/p>\n Galvenais risks, ieguldot nekustamo \u012bpa\u0161umu, ir:<\/p>\n<\/p>\n Ko izv\u0113l\u0113ties \u2014 augstu ienes\u012bgumu vai zems risks \u2014 ir atkar\u012bgs no pa\u0161a investora un no vi\u0146a attieksmes pret risku. Galven\u0101 probl\u0113ma daudzu pirc\u0113ju \u2014 tas, ka vi\u0146i s\u0101k sarunu ar jaut\u0101jumu “K\u0101da ir atdeve?”, un pirmais jaut\u0101jums tie\u0161\u0101m ir “K\u0101di ir riski, un k\u0101 es var\u0113\u0161u p\u0101rdot \u0161o objektu n\u0101kotn\u0113?”. Ja investors v\u0113las sa\u0146emt liel\u0101ku ienes\u012bgumu, vi\u0146\u0161 b\u016btu gatavs uz\u0146emties liel\u0101ku risku.<\/p>\n J\u016blija \u041a\u043e\u0436\u0435\u0432\u043d\u0438\u043a\u043e\u0432\u0430, “\u0422\u0440\u0430\u043d\u0438\u043e”<\/p>\n","protected":false},"excerpt":{"rendered":" Risku nov\u0113rt\u0113\u0161ana ir svar\u012bga loma \u0161aj\u0101 posm\u0101 veidojot invest\u012bciju strat\u0113\u0123iju, jo no t\u0101, cik investors ir gatavs uz\u0146emties risku, liel\u0101<\/p>\n","protected":false},"author":1,"featured_media":468,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[144],"tags":[],"class_list":["post-1760","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nodoklu-informacija-francija"],"translation":{"provider":"WPGlobus","version":"3.0.0","language":"lv","enabled_languages":["ru","uk","en","de","fr","it","es","pl","pt","bg","cs","da","et","fi","hr","hu","lt","lv","mk","no","ro","sk","sl","sq","sr","tr","nl","am","ca","sv"],"languages":{"ru":{"title":false,"content":false,"excerpt":false},"uk":{"title":false,"content":false,"excerpt":false},"en":{"title":false,"content":false,"excerpt":false},"de":{"title":false,"content":false,"excerpt":false},"fr":{"title":false,"content":false,"excerpt":false},"it":{"title":false,"content":false,"excerpt":false},"es":{"title":false,"content":false,"excerpt":false},"pl":{"title":false,"content":false,"excerpt":false},"pt":{"title":false,"content":false,"excerpt":false},"bg":{"title":false,"content":false,"excerpt":false},"cs":{"title":false,"content":false,"excerpt":false},"da":{"title":false,"content":false,"excerpt":false},"et":{"title":false,"content":false,"excerpt":false},"fi":{"title":false,"content":false,"excerpt":false},"hr":{"title":false,"content":false,"excerpt":false},"hu":{"title":false,"content":false,"excerpt":false},"lt":{"title":false,"content":false,"excerpt":false},"lv":{"title":true,"content":true,"excerpt":false},"mk":{"title":false,"content":false,"excerpt":false},"no":{"title":false,"content":false,"excerpt":false},"ro":{"title":false,"content":false,"excerpt":false},"sk":{"title":false,"content":false,"excerpt":false},"sl":{"title":false,"content":false,"excerpt":false},"sq":{"title":false,"content":false,"excerpt":false},"sr":{"title":false,"content":false,"excerpt":false},"tr":{"title":false,"content":false,"excerpt":false},"nl":{"title":false,"content":false,"excerpt":false},"am":{"title":false,"content":false,"excerpt":false},"ca":{"title":false,"content":false,"excerpt":false},"sv":{"title":false,"content":false,"excerpt":false}}},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/nalog.fr\/lv\/wp-json\/wp\/v2\/posts\/1760","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nalog.fr\/lv\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nalog.fr\/lv\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nalog.fr\/lv\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nalog.fr\/lv\/wp-json\/wp\/v2\/comments?post=1760"}],"version-history":[{"count":0,"href":"https:\/\/nalog.fr\/lv\/wp-json\/wp\/v2\/posts\/1760\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nalog.fr\/lv\/wp-json\/wp\/v2\/media\/468"}],"wp:attachment":[{"href":"https:\/\/nalog.fr\/lv\/wp-json\/wp\/v2\/media?parent=1760"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nalog.fr\/lv\/wp-json\/wp\/v2\/categories?post=1760"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nalog.fr\/lv\/wp-json\/wp\/v2\/tags?post=1760"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Projekta riskus<\/h2>\n
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Galu gal\u0101,<\/h2>\n
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\n Apdro\u0161in\u0101juma riskus<\/strong><\/td>\n<\/tr>\n \n Ekonomiskie<\/strong><\/td>\n \n \n
\n Soci\u0101li-politisk\u0101s<\/strong><\/td>\n \n \n
\n Projekta riskus<\/strong><\/td>\n<\/tr>\n \n Added Value<\/strong><\/td>\n \n \n
\n Nomas uz\u0146\u0113mumu<\/strong><\/td>\n \n \n