{"id":170114,"date":"2026-08-07T15:38:51","date_gmt":"2026-08-07T15:38:51","guid":{"rendered":"https:\/\/friss-hirek.hu\/index.php\/nem-jo-strategia-pusztan-hitelbol-finanszirozni-de-miert-felnek-a-magyar-cegek-a-tozsdere-lepestol\/friss-hirek\/"},"modified":"2026-08-07T15:38:51","modified_gmt":"2026-08-07T15:38:51","slug":"nem-jo-strategia-pusztan-hitelbol-finanszirozni-de-miert-felnek-a-magyar-cegek-a-tozsdere-lepestol","status":"publish","type":"post","link":"https:\/\/friss-hirek.hu\/index.php\/nem-jo-strategia-pusztan-hitelbol-finanszirozni-de-miert-felnek-a-magyar-cegek-a-tozsdere-lepestol\/uzlet\/","title":{"rendered":"Nem j\u00f3 strat\u00e9gia puszt\u00e1n hitelb\u0151l finansz\u00edrozni, de mi\u00e9rt f\u00e9lnek a magyar c\u00e9gek a t\u0151zsd\u00e9re l\u00e9p\u00e9st\u0151l?"},"content":{"rendered":"<p><strong>A magyar c\u00e9gek viszonylag kis sz\u00e1mban l\u00e9pnek t\u0151zsd\u00e9re, ennek pedig sz\u00e1mos oka van. A v\u00e1llalkoz\u00e1sok a fejl\u0151d\u00e9shez a banki finansz\u00edroz\u00e1st v\u00e1lasztj\u00e1k, mik\u00f6zben r\u00e9szv\u00e9nykibocs\u00e1t\u00e1ssal is tudn\u00e1nak t\u0151k\u00e9t bevonni a beruh\u00e1z\u00e1sokhoz. Mi\u00e9rt maradnak el az IPO-k, \u00e9s milyen a hazai piacon a befektet\u0151i aktivit\u00e1s? Gubis Bal\u00e1zst err\u0151l is k\u00e9rdezt\u00fck a Forbes Money podcastban.<\/strong><\/p><div id=\"friss-1836269439\" class=\"friss-etarget friss-entity-placement\"><script type=\"text\/javascript\" id=\"etargetScript7a9b589f63cb072bef80df221f46a22b\">function etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b(){var e=\"etargetPostload7a9b589f63cb072bef80df221f46a22b\",t=\"etargetScript7a9b589f63cb072bef80df221f46a22b\",o=document.getElementById(e);if(o){for(var n=o.offsetTop,d=o.offsetLeft,r=o.offsetWidth,a=o.offsetHeight;o.offsetParent;)o=o.offsetParent,n+=o.offsetTop,d+=o.offsetLeft;var i=(n<=window.pageYOffset+window.innerHeight&&d<window.pageXOffset+window.innerWidth&&n+a>window.pageYOffset&&d+r>window.pageXOffset);if(i&&etargetAllowOtherCheck){allowed=!1;var c=document.createElement(\"script\");return c.src=\"\/\/hu.search.etargetnet.com\/generic\/uni.php?g=ref:58661,area:700x210\",void(document.getElementById(t)&&document.getElementById(e)&&(document.getElementById(t).parentNode.appendChild(c),document.getElementById(t).parentNode.removeChild(document.getElementById(t)),document.getElementById(e).parentNode.removeChild(document.getElementById(e)),document.removeEventListener(\"scroll\",etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b),document.removeEventListener(\"resize\",etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b),document.removeEventListener(\"DOMContentLoaded\",etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b)))}}}var etargetDivID=\"etargetPostload7a9b589f63cb072bef80df221f46a22b\",etargetScriptID=\"etargetScript7a9b589f63cb072bef80df221f46a22b\",etargetPostloadPoint=document.createElement(\"div\");etargetPostloadPoint.id=etargetDivID;var etargetCurScript=document.getElementById(etargetScriptID);etargetCurScript.parentNode.appendChild(etargetPostloadPoint),document.addEventListener(\"scroll\",etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b),document.addEventListener(\"resize\",etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b),document.addEventListener(\"DOMContentLoaded\",etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b);var etargetAllowOtherCheck=!0;if(typeof(\"forceRunPostload\")==\"string\"){etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b()}<\/script><\/div>\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n<div class=\"related-post-links\">\n<p>\t\t<span class=\"related-post-links__title minititle\">T\u00f6bb ebb\u0151l<\/span><\/p>\n<div class=\"related-post-links__link-wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.forbes.hu\/penz\/lightyear-kripto-szolgaltatas-befektetes-kriptovaluta-bitcoin\/\" class=\"related-post-links__link\">Elh\u00e1rult minden akad\u00e1ly, utol\u00e9rj\u00fck Eur\u00f3p\u00e1t: Magyarorsz\u00e1gon is elind\u00edtja kriptoszolg\u00e1ltat\u00e1s\u00e1t az egyik legn\u00e9pszer\u0171bb fintech<\/a>\n\t\t\t<\/div>\n<div class=\"related-post-links__link-wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.forbes.hu\/penz\/passziv-jovedelem-anyagi-fuggetlenseg-nefektetes-reszveny-portfolio\/\" class=\"related-post-links__link\">\u201eVan akkora portf\u00f3li\u00f3, melynek a hozam\u00e1b\u00f3l meg lehet \u00e9lni.\u201d El\u00e9rhet\u0151-e a passz\u00edv j\u00f6vedelem \u00e9s az anyagi f\u00fcggetlens\u00e9g?<\/a>\n\t\t\t<\/div>\n<\/div>\n<p class=\"has-drop-cap\">\u201eCsak a banki finansz\u00edroz\u00e1sra hagyatkozni ma m\u00e1r visszamaradott gondolkod\u00e1st eredm\u00e9nyez\u201d \u2013 mondta az Equilor szenior tan\u00e1csad\u00f3ja az e heti Forbes Money podcastban. Gubis Bal\u00e1zs elmondta, hogy az ut\u00f3bbi \u00e9vekben felgyorsult a hazai v\u00e1llalatok t\u0151zsd\u00e9re l\u00e9p\u00e9se, ez viszont nem strat\u00e9giai d\u00f6nt\u00e9s volt.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>Bizonytalan gazdas\u00e1gi helyzetben a v\u00e1llalatok r\u00e1k\u00e9nyszer\u00fclnek, hogy alternat\u00edv finansz\u00edroz\u00e1si form\u00e1kat keressenek \u00e9s ilyenkor d\u00f6nthetnek a r\u00e9szv\u00e9nykibocs\u00e1t\u00e1s mellett.<\/p>\n<\/blockquote>\n<p>Emellett a banki finansz\u00edroz\u00e1snak vannak korl\u00e1tai. T\u00f6bbek k\u00f6z\u00f6tt a hitelkeretek, melyek korl\u00e1tozhatj\u00e1k egy c\u00e9g fejl\u0151d\u00e9s\u00e9nek \u00fctem\u00e9t. Gubis szerint a v\u00e1llalatok akkor kezdenek el \u00e1ltal\u00e1ban IPO-ban gondolkodni, amikor ezekkel a korl\u00e1tokkal szembes\u00fclnek. Ezt a jelens\u00e9get er\u0151s\u00edti az is, hogy a banki finansz\u00edroz\u00e1s eset\u00e9ben is l\u00e1tszik, hogy a c\u00e9gek diverzifik\u00e1lj\u00e1k a hiteleiket, hogy \u00e1thidalj\u00e1k az esetleges probl\u00e9m\u00e1kat.<\/p>\n<div class=\"highlighted-text\">\n<p>\t\t<span class=\"highlighted-text__title minititle\">Err\u0151l sz\u00f3l m\u00e9g a podcast<\/span><\/p>\n<div class=\"highlighted-text__content\">\n<ul>\n<li>Mi\u00e9rt \u00f3dzkodnak a magyar c\u00e9gek a t\u0151zsd\u00e9re l\u00e9p\u00e9st\u0151l?<\/li>\n<li>Mi\u00e9rt ilyen kev\u00e9s a befektet\u0151 a magyar t\u0151zsd\u00e9n?<\/li>\n<\/ul><\/div>\n<\/div>\n<div class=\"post-content-soft-paywall\">\n<h2 class=\"wp-block-heading\">Mi\u00e9rt \u00f3dzkodnak a magyar c\u00e9gek a t\u0151zsd\u00e9re l\u00e9p\u00e9st\u0151l?<\/h2>\n<p>Gubis Bal\u00e1zs szerint t\u00f6bb szempontb\u00f3l kell megvizsg\u00e1lni, hogy a hazai v\u00e1llalatok mi\u00e9rt teszik meg nehezebben a t\u0151zsde fel\u00e9 vezet\u0151 l\u00e9p\u00e9seket. Haz\u00e1nkban viszonylag alacsony a p\u00e9nz\u00fcgyi eduk\u00e1ci\u00f3, ami oda vezet, hogy a t\u0151zsd\u00e9t sok c\u00e9gvezet\u0151 egy komplex, t\u00fals\u00e1gosan bonyolult vil\u00e1gnak l\u00e1tja, ami tart\u00f3zkod\u00e1shoz vezet. Gubis hozz\u00e1tette, hogy ezt a neh\u00e9zs\u00e9get k\u00f6nnyen fel lehet oldani megfelel\u0151 szakmai seg\u00edts\u00e9g ig\u00e9nybev\u00e9tel\u00e9vel.<\/p>\n<p>Enn\u00e9l fontosabb k\u00e9rd\u00e9s, hogy a magyar t\u0151zsd\u00e9r\u0151l k\u00e9pesek-e a c\u00e9gek megfelel\u0151 t\u0151k\u00e9t bevonni. Az Equilor felm\u00e9r\u00e9sei szerint a pesti parketten alacsony a likvidit\u00e1s, ami k\u00e9ts\u00e9gess\u00e9 teszi, hogy egy IPO a megfelel\u0151 t\u0151keinjekci\u00f3t jelentheti a v\u00e1llalatnak. Gubis kiemelte, hogy a t\u0151zsd\u00e9re l\u00e9p\u00e9snek nagy a finansz\u00edroz\u00e1si k\u00f6lts\u00e9ge, ami \u00e9rthet\u0151en sok c\u00e9get ijeszt el.<\/p>\n<h2 class=\"wp-block-heading\">Kev\u00e9s a befektet\u0151 a magyar t\u0151zsd\u00e9n<\/h2>\n<p>Gubis Bal\u00e1zs szerint a magyar piac probl\u00e9m\u00e1ja az alacsony likvidit\u00e1s, vagyis kev\u00e9s a befektet\u0151, \u00e9s az int\u00e9zm\u00e9nyi k\u00f6r sem aktiviz\u00e1lja mag\u00e1t. Ehhez hozz\u00e1tartozik, hogy a pesti parkett viszonylag lass\u00fa, el\u0151fordulhat, hogy neh\u00e9zkesen tudja valaki eladni a r\u00e9szv\u00e9ny\u00e9t.<\/p>\n<p>A viszonylag kicsi forgalom miatt azt is figyelembe kell venni, hogy amennyiben egy int\u00e9zm\u00e9nyi befektet\u0151 nagyobb mennyis\u00e9g\u0171 pap\u00edrt adna el, azzal jelent\u0151sen elr\u00e1nthatja egy r\u00e9szv\u00e9ny \u00e1rfolyam\u00e1t, amit mindenki pr\u00f3b\u00e1l elker\u00fclni.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>A likvidit\u00e1si probl\u00e9ma megold\u00e1s\u00e1t az jelenten\u00e9, hogyha egy sokkal diverzifik\u00e1ltabb befektet\u0151i k\u00f6r kereskedni a magyar t\u0151zsd\u00e9n. Ehhez akt\u00edvabb int\u00e9zm\u00e9nyi befektet\u0151kre lenne sz\u00fcks\u00e9g, illetve a lakoss\u00e1gi befektet\u0151k nagyobb sz\u00e1m\u00fa megjelen\u00e9s\u00e9re.<\/p>\n<\/blockquote>\n<p>Gubis szerint a hazai v\u00e1llalatok l\u00e1tj\u00e1k ezt a probl\u00e9m\u00e1t, viszont a megold\u00e1s\u00e1ra nem dolgoztak m\u00e9g ki egy \u00e1tfog\u00f3 strat\u00e9gi\u00e1t. Lehet\u0151s\u00e9gb\u0151l t\u00f6bb is adott, p\u00e9ld\u00e1ul a likvidit\u00e1st lehetne serkenteni azzal, ha a t\u0151zsdei c\u00e9gek elengedn\u00e9k azt a kontrollk\u00e9nyszert, hogy a r\u00e9szv\u00e9nyek 50 plusz 1 sz\u00e1zal\u00e9k\u00e1t magukn\u00e1l akarj\u00e1k tartani. A szak\u00e9rt\u0151 szerint ez a gondolkod\u00e1s befektet\u0151i oldalr\u00f3l bizonytalans\u00e1got eredm\u00e9nyez, mik\u00f6zben a nemzetk\u00f6zi p\u00e9ld\u00e1k is azt mutatj\u00e1k, hogy ez elavult gondolkod\u00e1s.<\/p>\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n<p>A Gubis Bal\u00e1zzsal k\u00e9sz\u00fclt teljes besz\u00e9lget\u00e9st megtal\u00e1lod a\u00a0<a href=\"https:\/\/www.youtube.com\/user\/forbesmagyarorszag\" target=\"_blank\" rel=\"noreferrer noopener\">YouTube-<\/a>\u00a0\u00e9s a\u00a0<a href=\"https:\/\/open.spotify.com\/show\/2UG8UkmjScNOqjYnJ2fkJa?si=7aebb3a64fbc4c37\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify-csatorn\u00e1nkon,<\/a>\u00a0iratkozz fel!<\/p>\n<\/div>\n<div><\/div>\n<div class=\"premium-blocker premium-blocker--hu\" data-needed=\"authenticated\" data-current=\"[&quot;free&quot;]\">\n<div data-needed=\"authenticated\"><\/div>\n<\/div>\n<p>\t\t<!-- No email blocks found --><\/p>\n<p>The post <a href=\"https:\/\/www.forbes.hu\/penz\/tozsdere-lepes-finanszirozas-ipo-likviditas-magyar-ceg-vallalat\/\">Nem j\u00f3 strat\u00e9gia puszt\u00e1n hitelb\u0151l finansz\u00edrozni, de mi\u00e9rt f\u00e9lnek a magyar c\u00e9gek a t\u0151zsd\u00e9re l\u00e9p\u00e9st\u0151l?<\/a> appeared first on <a href=\"https:\/\/www.forbes.hu\/\">Forbes.hu<\/a>.<\/p><div id=\"friss-195453351\" class=\"friss-etarget-cikk-vege friss-entity-placement\"><script type=\"text\/javascript\" id=\"etargetScript7a9b589f63cb072bef80df221f46a22b\">function etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b(){var e=\"etargetPostload7a9b589f63cb072bef80df221f46a22b\",t=\"etargetScript7a9b589f63cb072bef80df221f46a22b\",o=document.getElementById(e);if(o){for(var n=o.offsetTop,d=o.offsetLeft,r=o.offsetWidth,a=o.offsetHeight;o.offsetParent;)o=o.offsetParent,n+=o.offsetTop,d+=o.offsetLeft;var 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id=\"friss-474898942\" class=\"friss-after-content_3 friss-entity-placement\">https:\/\/www.youtube.com\/watch?v=Pdnw4KiUWp0<\/div>","protected":false},"excerpt":{"rendered":"<p>A magyar c\u00e9gek viszonylag kis sz\u00e1mban l\u00e9pnek t\u0151zsd\u00e9re, ennek pedig sz\u00e1mos oka van. A v\u00e1llalkoz\u00e1sok a fejl\u0151d\u00e9shez a banki finansz\u00edroz\u00e1st v\u00e1lasztj\u00e1k, mik\u00f6zben r\u00e9szv\u00e9nykibocs\u00e1t\u00e1ssal is tudn\u00e1nak t\u0151k\u00e9t bevonni a beruh\u00e1z\u00e1sokhoz. Mi\u00e9rt maradnak el az IPO-k, \u00e9s milyen a hazai piacon a befektet\u0151i aktivit\u00e1s? Gubis Bal\u00e1zst err\u0151l is k\u00e9rdezt\u00fck a Forbes Money podcastban. T\u00f6bb ebb\u0151l Elh\u00e1rult minden [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-170114","post","type-post","status-publish","format-standard","hentry","category-uzlet"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/posts\/170114","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/comments?post=170114"}],"version-history":[{"count":0,"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/posts\/170114\/revisions"}],"wp:attachment":[{"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/media?parent=170114"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/categories?post=170114"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/tags?post=170114"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}