Методи економічного аналізу цінних паперів для формування інвестиційного портфеля на фінансовому ринку України: Автореф. дис… канд. екон. наук / О.М

I?I?NOA?NOAI INA?OE OE?A?IE

Ee?anueeee iaoe?iiaeueiee aeiiii?/iee oi?aa?neoao

Aaeaiei Ienaia Ieeiea?aia

OAeE 336.76

Iaoiaee aeiiii?/iiai aiae?co

oe?iieo iaia??a aeey oi?ioaaiiy

?iaanoeoe?eiiai ii?ooaey ia

o?iainiaiio ?eieo Oe?a?ie

Niaoe?aeuei?noue 08.06.04 — Aooaaeoa?nueeee iae?e, aiae?c oa aoaeeo

A A O I ? A O A ? A O

aeena?oaoe?? ia caeiaoooy iaoeiaiai nooiaiy

eaiaeeaeaoa aeiiii?/ieo iaoe

Ee?a 1999

Aeena?oaoe??th ? ?oeiien.

?iaioa aeeiiaia ia eaoaae?? iae?eo oa. aoaeeoo a e?aaeeoieo ?
athaeaeaoieo i?aai?caoe?yo Ee?anueeiai iaoe?iiaeueiiai aeiiii?/iiai
oi?aa?neoaoo I?iina?oe Oe?a?ie.

Iaoeiaee ea??aiee — eaiaeeaeao aeiiii?/ieo iaoe, aeioeaio eaoaae?e
iae?eo oa aoaeeoo a e?aaeeoieo ? athaeaeaoieo i?aai?caoe?yo Ee?anueeiai
iaoe?iiaeueiiai aeiiii?/iiai oi?aa?neoaoo Ioi?iiaa-Naa?ia Aaeeia
Aaoo??aia

Io?oe?ei? iiiiaioe: aeaaeai?e AAIO, aeieoi? aeiiii?/ieo iaoe, i?ioani?
eaoaae?e iae?eo oa aoaeeoo a i?iieneiaino? Ee?anueeiai iaoe?iiaeueiiai
aeiiii?/iiai oi?aa?neoaoo Niiei Aaneeue Aaneeueiae/

eaiaeeaeao aeiiii?/ieo iaoe, aeioeaio, caa?aeoaa/ eaoaae?ith iae?eo
? aoaeeoo Ee?anueeiai iaoe?iiaeueiiai aa?a?iiai oi?aa?neoaoo
Oaoe?anueea Ethaeieea Noai?neaa?aia

I?ia?aeia onoaiiaa — Oa?iii?euenueea aeaaeai?y ia?iaeiiai
ainiiaea?noaa, eaoaae?a aeiiii?ee, iae?eo ? eiio?ieth a aaeocyo
iaae?iaie/i? noa?e. I?i?noa?noai ina?oe Oe?a?ie (i.Oa?iii?eue)

Caoeno a?aeaoaeaoueny » 22 » aa?aciy 1999 ?. i 16-00 aiaeei? ia
can?aeaii? niaoe?ae?ciaaii? a/aii? ?aaee Ae 26.006.02 o Ee?anueeiio
iaoe?iiaeueiiio aeiiii?/iiio oi?aa?neoao? ca aae?anith: 252057, i.Ee?a,
i?ini. Ia?aiiae, 54/1, aoae. 317

C aeena?oaoe??th iiaeia iciaeiieoenue o a?ae?ioaoe? Ee?anueeiai
iaoe?iiaeueiiai aeiiii?/iiai oi?aa?neoaoo ca aae?anith: 252057, i.Ee?a,
i?ini. Ia?aiiae, 54/1.

Aaoi?aoa?ao ?ic?neaiee » 19 » ethoiai 1999 ?.

A/aiee nae?aoa? niaoe?ae?ciaaii?

a/aii? ?aaee, e.a.i., i?ioani?
A.I.Iiaeae??ueia?i

CAAAEUeIA OA?AEOA?ENOEEA ?IAIOE

Aeooaeuei?noue oaie. A inoaii? ?iee Oe?a?i? noi?ioaaeany ? aeineoue
aeeiai?/ii ?icaeaa?oueny iiaa neeaaeiaa aeiiii?ee — o?iainiaee ?eiie,
aaaeeeaith /anoeiith yeiai ? ?eiie oe?iieo iaia??a. C ?icaeoeii oeueiai
naeoi?o ?eieo c?inoa? aeooaeuei?noue o?iainiaeo aeeaaeaiue a oe?ii?
iaia?e. Aeaia i?iaeaia iaoiiaeaia ?? neeaaei?noth, ??ciiiai?oi?noth
noa’?eo?a ? ia’?eo?a oiiaeiaiai ?eieo. C iaei??? noi?iie, ?eiie
iane/aiee oe?iieie iaia?aie; c ae?oai?, a ae?yeueiino? ?eieo oe?iieo
iaia??a aa?a o/anoue cia/ia e?euee?noue noa’?eo?a, ye? iathoue ia iao?
naith ei?enoue:

— ?iaanooaaiiy a?eueieo eioo?a c iaoith caa?aaeaiiy oa i?e?inoo
eai?oaeo,

— ?iaanooaaiiy a oe?ii? iaia?e ye iniiaiee aeae ae?yeueiino?
eiia?oe?eii? i?aai?caoe??;

— ?iaanooaaiiy aeey iaaeaiiy oi?aae?inueeiai aieeao ia ia’?eo
?iaanoeoe?e /a?ac i?eaeaaiiy iaeaoo oe?iieo iaia??a.

I?ioean ?iaanooaaiiy — oea i?aea?? ii?ooaey oe?iieo iaia??a i?eaaoieie
?iaanoi?aie oa o?iainiaeie ?inoeoooaie. I?ioean ?iaanooaaiiy a oe?ii?
iaia?e caaaeaee ii?aeio?oueny ?c c?noaaeaiiyi ?eceeo, i?eeiyoiai ia
naaa, oa i/?eoaaiei iane?aeeii a?ae ?iaanoeoe?e. Oiio aeineoue aaaeeeai
e?euee?nii ioe?ieoe oe? ia?aiao?e ? ii??aiyoe ?o c aiaeia?/ieie
ia?aiao?aie aeueoa?iaoeaieo aeeaaeaiue. An? oe? oa ?io? ieoaiiy
ae??oothoueny ?c canoinoaaiiyi ??ciiiai?oieo iaoiae?a aeiiii?/iiai
aiae?co. Iaoiaee aiae?co oe?iieo iaia??a aeicaieythoue aecia/eoe
aiaaiai?noue, nie?ath/enue ia aeine?aeaeaiiy iae?iaeiiii?/ii? oai??? oa
?? i?aeoe/ia canoinoaaiiy.

Aoaeoeai? ??oaiiy i?i ?iaanooaaiiy aacothoueny ia aeia?a i?aai?ciaai?e
aeiiii?/i?e ?ioi?iaoe??, yea iiaea caaacia/eoe aeeaieo ? anaa?/io
ioe?ieo. A?aenooi?noue iaiao?aeii? ?ioi?iaoe?? i?i neooaoe?th ia
oiiaeiaiio ?eieo ? noi?aeieo c iei aaeocyo aeiiii?ee, a oaeiae
aaeaeaaoii? ?? ia?iaee ? iaei??th c iaeaino??oeo i?iaeai ?icaeoeo ?eieo
oe?iieo iaia??a oa ?ioaineaii? ?iaanoeoe?eii? ae?yeueiino?.

I?iaeaie ?ioi?iaoe?eiiai oa?aeoa?o oa a?aenooi?noue aeiiii?/ieo
aeine?aeaeaiue iio?aaothoue a?eueo iiaeeaeaiiai ?o aea/aiiy. ?, ia?o ca
ana, oea noino?oueny aeiiii?/iiai aiae?co c oi/ee ci?o ?ic?iaee eiai
iaoiaeeee.

Ieoaiiyi oaeineiiaeaiiy iaoiaeieia?? aeiiii?/iiai aiae?co o?iainiaeo
?eie?a i?eae?ey?oueny aeineoue cia/ia oaaaa. A iaoeiaeo eieao Oe?a?ie
aeine?aeaeaiith oe??? i?iaeaie i?enay/ai? ?iaioe N.O.Aieiaa,
A.A.Ieceeianueeiai, I.I.Iicaiaiai, A.I.Ii?ica,
A.A.Ineieuenueeiai, A.I.No?iaoeaaa, A.I.Nooi?ieii?, A.I. Oaaeiniaa,
ss. Eiia?einueeiai, ?. ss?ai/oea oa ?ioeo. Na?aae a/aieo, ye?
aeine?aeaeothoue aaaeeea? oai?aoe/i? ? i?aeoe/i? i?iaeaie oaeineiiaeaiiy
caaaeueii? nenoaie iae?eo oa aiae?co a oiiaao noaiiaeaiiy ?eieiaeo
a?aeiinei ? ia?aoiaeo aei i?aeia?iaeieo noaiaea?o?a iae?eo ? ca?oiino?
aa?oi aeae?eeoe ?iaioe A.A. Aaa?/a, A.I. Eocuei?inueeiai, I.A.
Eoaeaeueiiai, A.?.Naiai?nueeiai, I.I. Naieua, A.A. Niiea, I.A.
*oia/aiea, E.N.Oaoe?anueei?. A ?iaioao an?o ia?ae?/aieo a?o/eciyieo
aaoi??a ?icaeyaea?oueny aaaaoi ieoaiue oi?ioaaiiy ?ioi?iaoe?? i?i oe?ii?
iaia?e, ?o eeaneo?eaoe?ei? oa?aeoa?enoeee, iaoiaee i?iaiicoaaiiy noaio
o?iainiaiai ?eieo, no?oeoo?e ?eieo eai?oae?a, aeaee ?iaanoeoe?eieo
ii?ooae?a, iiaoaeiaa nenoaie iae?eo ? aiae?co oe?iieo iaia??a, iaoiaee
ioe?iee o?iainiaeo ?ino?oiaio?a, aiae?c oi?aae?iiy oiiaeiaei ii?ooaeai
oa ?io?. I?ioa ii?yae c oeei ua e aein? caeeoathoueny aeeneon?eieie ? ia
aei e?ioey ii?aoeueiaaieie aaaaoi ?ioeo i?iaeai.

A e?a?iao c ?icaeiooeie ?eieaie eai?oaeo aeine?aeaeaiiy i?iaeaie aeai?o
iaoiae?a aeiiii?/iiai aiae?co oe?iieo iaia??a aeey oi?ioaaiiy
?iaanoeoe?eiiai ii?ooaey ia o?iainiaiio ?eieo ?icii/aeinue ua a 1950-?
?iee ? aein? yaey? niaith aaeeeee iaoeiaee ? i?aeoe/iee ?ioa?an.

Iaeaaeia i?noea a ?ic?iaoe? oeeo ieoaiue caeiathoue ?iaioe cao?aeieo
a/aieo: I. Eaiaeaeea, I. Ii?aaiooa?ia, A. Ia?eiaeoey, Aeae. Oia?ia,
?.O?oa?a, O.Oa?ia oa ?ioeo.

C ii/aoeo 90-o ?ie?a, eiee a Oe?a?i? aia?oa aeieeea iio?aaa ia eeoa a
iien? iiaiai yaeua, aea ? a ?ic?iaoe? aeiiii?/ii? iie?oeee a aaeoc?
?icaeoeo ?eieo oe?iieo iaia??a, aeiiii?noe ii/aee caa?oaoeny aei i?iaeai
iaoiaeieia?/ii? aace nai?o aeine?aeaeaiue ? canoiniaoaaoe ??ciiiai?oi?
iaoiaee aiae?co o?iainiaeo ?eie?a, ye? iioe?ai? a cao?aei?e aeiiii?/i?e
iaooe? ? i?aeoeoe?, i?enoiniaoth/e ?o aei niaoeeo?ee oe?a?inueei?
ae?eniino?.

I?ioa ua e aein? ieoaiiy i?i oa, yeeie naia iathoue aooe i?aeoiaee aei
aeine?aeaeaiiy o?iainiaiai ?eieo, ye? a a?aoiaoaaee ? eiai niaoeeo?/i?
iniaeeaino?, ? iiaeeeaino? canoinoaaiiy caaaeueiiai a?naiaeo iaoiae?a
aeiiii?/iiai aiae?co, iiee-ui caeeoathoueny iaii?aoeueiaaieie.

Ioaea, a?aoiaoth/e cao?aei? oai??? a aaeoc? ?icaeoeo
o?iainiai-?iaanoeoe?eiiai aiae?co, ui iino?eii oaeineiiaeththoueny, oa
iaaeineiiae?noue ?icaeoeo a?o/eciyieo ?ic?iaie ia iaoiio iaaeaaii
ia?iaeaeaiiio o?iainiaiio ?eieo, aeine?aeaeaiiy i?iaeai oaeineiiaeaiiy
iaoiae?a aeiiii?/iiai aiae?co oe?iieo iaia??a ? oi?ioaaiiy
?iaanoeoe?eiiai ii?ooaey ia oe?a?inueeiio ?eieo iaoiiaeth?
aeooaeuei?noue ia?aii? oaie.

Ca’ycie ?iaioe c iaoeiaeie i?ia?aiaie, ieaiaie, oaiaie. Aeena?oaoe?eia
?iaioa aeeiiaia o a?aeiia?aeiino? c ieaiii iaoeiai-aeine?aeieo ?ia?o
Ee?anueeiai iaoe?iiaeueiiai aeiiii?/iiai oi?aa?neoaoo ? iaeaaeeoue aei
aea?aeaaii? oaie «I?aai?caoe?y ? iaoiaeieia?y iae?eo, aiae?co ?
eiio?ieth a aaeocyo ia?iaeiiai ainiiaea?noaa», iiia? aea?aeaaii?
?a?no?aoe?? 0198V000785.

Iaoa ? caaea/? aeine?aeaeaiiy. Iaoith aeaii? ?iaioe ?: aiae?c
o?iainiaiai ?eieo c iae?iaeiiii?/ii? oi/ee ci?o ? c iiceoe?? ?iaanoi?a,
a oaeiae iiooe iiaeeeainoae canoinoaaiiy ??ciiiai?oieo iaoiaeee
aeiiii?/iiai aiae?co aei oiia no/aniiai oe?a?inueeiai ?eieo oe?iieo
iaia??a.

?aae?caoe?y iinoaaeaii? a aeena?oaoe?ei?e ?iaio? iaoe aeiaaaea ?icaeyaeo
? ae??oaiiy oaeeo caaea/:

— aeine?aeeoe neeaaeia? o?iainiaiai ?eieo;

— aeyaeoe ooieoe?iiaeuei? iniaeeaino? ??cieo aeae?a oe?iieo iaia??a;

— no?oeoo?ecoaaoe eeaneo?eaoe?ei? oa?aeoa?enoeee oiiaeiaeo ?ino?oiaio?a;

— ?icaeyiooe iniiao oai?aoe/i? eiioeaioe?? ? i?eioeeie aeine?aeaeaiiy
?eieo oe?iieo iaia??a a cao?aei?e aeiiii?/i?e iaooe?;

— ni?iaiicoaaoe iiaeeeaino? aeei?enoaiiy cao?aeieo oai?aoe/ieo
eiioeaioe?e o i?ioean? ?iaanooaaiiy ia oiiaeiaiio ?eieo Oe?a?ie;

— ocaaaeueieoe iaoiaeieia?th ?ic?aooieo iieaciee?a i?eaooeiaino? oe?iieo
iaia??a ? ?eieo a oe?eiio;

— i?iaiae?coaaoe ??ci? o?iainia? ?iaeeeaoi?e, ye? oa?aeoa?ecothoue
caaaeuei? oaiaeaioe?? ia ?eieo oe?iieo iaia??a;

— aeine?aeeoe oaiaeaioe?? canoinoaaiiy iaoiae?a aiae?co oe?iieo iaia??a;

— canoinoaaoe iiaeaeue ioe?iee eai?oaeueieo aeoea?a aeey aeine?aeaeaiiy
oiiaeiaiai ?eieo;

— ?ic?aooaaoe ?iaanoeoe?eiee ii?ooaeue ii iayaieo aeaieo oe?a?inueeiai
?eieo eai?oaeo.

I?aaeiaoii aeine?aeaeaiiy noaa: eiiieaen oai?aoe/ieo ? i?aeoe/ieo
ni?yioaaiue aeiiii?/iiai aiae?co i?ioeano oi?ioaaiiy ?iaanoeoe?eiiai
ii?ooaey oe?iieo iaia??a oe?a?inueeeo ai?oaio?a.

Ia’?eoii aeine?aeaeaiiy aenooiathoue: i?aaenoaaieee oiiaeiaiai ?eieo
Oe?a?ie — Oe?a?inueea Oiiaeiaa A??aea (OOA), Iicaa??aeiaa Oiiaeiaa
Oi?a?aaeueia Nenoaia (IOON) oa ?io? i?aai?caoe?? ?io?ano?oeoo?e ?eieo
oe?iieo iaia??a.

Aea?? eiie?aoieo ia’?eo?a aeine?aeaeaiiy iaoiiaeaiee iaea?eueoith
aeoeai?noth ia?a?aoiaaieo o/aniee?a ia oiiaeiaiio ?eieo, a oaeiae
ia?ic?iaeai?noth ieoaiue iaoiaeieia?? o?iainiai-?iaanoeoe?eiiai aiae?co
ia ?o ??ai?.

Iaoeiaa iiaecia iaea?aeaieo ?acoeueoao?a iieyaa? a ianooiiiio:

• ooi/iaia eeaneo?eaoe?y o/aniee?a ?eieo oe?iieo iaia??a ca oeiaie
oa?aeoa?o aeiiii?/ii? iiaaae?iee ? ca aeaeaie ae?yeueiino? ia ?eieo;

• aecia/aia no?oeoo?a aeaiaio?a aoi?eiiiai ?eieo oe?iieo iaia??a;

• iaa?oiooaai? a?eueo ?aoe?iiaeuei? aa??aioe ?ic?aooieo aeiiii?/ieo
iieaciee?a aeey aiae?co oe?iieo iaia??a ? anueiai ?eieo;

• aeyaeai? ae?eia? i?eeiie ? iaoiaee iiaoaeiae oiiaeiaeo ?iaeeeaoi??a ye
ocaaaeueithth/eo iieaciee?a eii’thieoo?e oiiaeiaiai ?eieo;

• ?ic?iaeaia iaoiaeeea ?ic?aooieo noeoiiiai oiiaeiaiai ?iaeaeno;

• aecia/ai? iniiai? iai?yiee ? i?eioeeie i?aai?caoe?? eiio?ieth ca
iieacieeaie ie?aieo aeae?a oe?iieo iaia??a oa ?eieo a oe?eiio;

• ooi/iaia nenoaia iieaciee?a, ye? aeioe?eueii aeei?enoiaoaaoe i?e
aeiiii?/iiio aiae?c? ?eieo oe?iieo iaia??a;

• iaa?oiooaaia aeioe?euei?noue eiiieaeniiai i?aeoiaeo aei i?ioean?a
?iaanooaaiiy a?ae iae?iaeiiii?/iiai aiae?co ?iaanoeoe?eiiai ee?iaoo aei
aeai?o eiie?aoieo iai?yie?a ?iaanooaaiiy ? oi?ioaaiiy ii?ooae?a oe?iieo
iaia??a;

• aecia/ai? iiaeeeaino? canoinoaaiiy iiaeae? ioe?iee eai?oaeueieo
aeoea?a ia oe?a?inueeiio o?iainiaiio ?eieo;

• ?ic?iaeai? i?iiiceoe?? uiaei oaeineiiaeaiiy oe?a?inueeiai oiiaeiaiai
?eieo ia aac? aeiiii?/iiai aiae?co eeane/ii? iiaeae? NA?I.

I?aeoe/ia cia/aiiy iaea?aeaieo ?acoeueoao?a iieyaa? a oiio, ui iniiai?
iieiaeaiiy ?iaioe iiaeooue aooe oai?aoe/iith aacith aeey iiaeaeueoiai
aeine?aeaeaiiy iniaeeainoae ooieoe?iioaaiiy ?eieo oe?iieo iaia??a.
Iienai? iaoiaee aiae?co aeiaaaeai? aei ??aiy, ui aeicaiey? ?o
canoinoaaiiy ye o i?aeoeoe? ?iaanoeoe?eieo oiiae?a ? a??ae, oae ?
iacaeaaeieie ?iaanoi?aie oa aiae?oeeaie ?eieo oe?iieo iaia??a. E??i
oiai, iaoiaeieia?y ii?ooaeueiiai aiae?co, caniiaaia ia eeane/i?e aeey
cao?aeii? iaoee iiaeae? ioe?iee eai?oaeueieo aeoea?a (NA?I),
canoiniao?oueny aei iiaiai ia’?eoo aeine?aeaeaiiy — oiiaeiaiai ?eieo
Oe?a?ie.

Iaaaaeai? a ?iaio? oa ?ic?iaeai? a i?e iaoiaeeee aiae?co ?acii c
no/anieie oaoi?/ieie caniaaie ia?iaee ?ioi?iaoe?? iiaeooue noaiiaeoe
iniiao aeey noai?aiiy aaoiiaoeciaaieo nenoai ia?iaee, aiae?co oa
aeei?enoaiiy oe??? ?ioi?iaoe?? a ocaaaeueiaiiio aeaeyae? ia oiiaeiaeo
a??aeao, aeaiiceoa??yo, AeEOeIO? oa OAeIO.

Ianaiia?aae, oea iaoiaee aiae?co ? ?ic?aooie?a a??aeiaeo oiiaeiaeo
?iaeaen?a oa iaoiaee aiae?co oe?iieo iaia??a i?e oi?ioaaii?
?iaanoeoe?eieo ii?ooae?a aeey i?iaaaeaiiy noaoenoe/iiai aiae?co oa
aeiiii?/ii? aenia?oece o?iainiai-aeiiii?/iiai noaio ai?oaio?a uiaei
aeiioneo (e?noeiao) ?o oe?iieo iaia??a aei ia?ao oa eioe?oaaiiy ia
oiiaeia?e a??ae?, ye? aoee iaaeai? aaoi?ii aeena?oaoe?? i?ae /an
noaaeoaaiiy ia OOA oa a iaai?e i??? aeei?enoai? i?e i?aeaioiaoe?
a?aeiia?aeieo iaoiaeee — ii?iaoeaieo aeo?a a??ae?, ia? iaaia i?aeoe/ia
cia/aiiy aeey aeei?enoaiiy iaoeiai-i?aeoe/ieo ?ic?iaie aeena?oaoe??.

Ai?iaaoe?y ?acoeueoao?a aeena?oaoe??. Iniiai? iieiaeaiiy aeena?oaoe?eii?
?iaioe aoei aeei?enoaii o ?ic?iaoe? oa aeiii?aoethaaii? iaoiaeee aiae?co
oa ?ic?aooie?a a??aeiaeo oiiaeiaeo ?iaeaen?a oa iaoiaeee aiae?co oe?iieo
iaia??a aeey i?iaaaeaiiy o?iainiai-?iaanoeoe?eiiai aiae?co oa
aeiiii?/ii? aenia?oece o?iainiaiai noaio ai?oaio?a aeey aeiioneo ?o
oe?iieo iaia??a aei eioe?oaaiiy (e?noeiao) ia Oe?a?inuee?e Oiiaeia?e
A??ae? (OOA) (aeia?aeea ? 04/A? a?ae 23.10.98?.).

E??i oiai, ai?iaaaeaeaiiy ?acoeueoao?a aeine?aeaeaiiy, a naia: iaoiaeeee
iiaoaeiae iieaciee?a i?eaooeiaino? oe?iieo iaia??a, iaoiaeeee
canoinoaaiiy iiaeae? ioe?iee eai?oaeueieo aeoea?a, aeai?eoi ?ic?aooieo
noeoiiiai oiiaeiaiai ?iaeaeno oa ?io?, oni?oii cae?enith?oueny a AO
“?IOA?-IIIA” (aeia?aeea ? 182/a-1 a?ae 08.10.98?.)

Ioae?eaoe??, Ca oaiith aeena?oaoe?eii? ?iaioe iioae?eiaaii /ioe?e
iaoeia? noaoo? caaaeueiei ianyaii 1,4 ae.a.

No?oeoo?a aeena?oaoe??. Aeena?oaoe?eia ?iaioa neeaaea?oueny ?c anooio,
/ioe?ueio ?icae?e?a, aeniiae?a, nieneo aeei?enoaieo aeaea?ae,
aeiaeaoe?a.

Caaaeueiee ianya aeena?oaoe??- 165 n. A ?iaio? i?noeoueny 11 oaaeeoeue
(7n.), 24 ?enoiee (16 n.), 7 aeiaeaoe?a (32 n.). Nienie aeei?enoaieo
aeaea?ae neeaaea?oueny c? 104 iaeiaioaaiue (8n.).

INIIAIEE CI?NO AeENA?OAOe??

?icae?e 1. Caaaeuei? iiiyooy o?iainiaiai ?eieo, iniiai? aeaee oe?iieo
iaia??a ? aaiacen ?o ?icaeoeo a Oe?a?i?.

O?iainia? ??oaiiy aeeeoothoueny aeiiii?/ieie ? nioe?aeueieie oiiaaie a
noni?euenoa?, oiaoi aac ciaiue ? ?icoi?iiy oai?aoe/ieo eiioeaioe?e ia
iiaeeeai ae?iaeoe no?aoaa?/ii i?aaeeueieo ??oaiue ii i?aeoe/ieo
ieoaiiyo. ?ioeie neiaaie, ia iiaeeeai i?aeoiaeeoe aei ieoaiue oi?ioaaiiy
?iaanoeoe?eiiai ii?ooaey ia no/aniiio o?iainiaiio ?eieo aac aecia/aiiy
oai?aoe/ieo aniaeo?a naiiai ?nioaaiiy ?eieo i?iieo iaia??a a Oe?a?i? oa
eiai neeaaeiaeo. Oiio naia a ia?oiio ?icae?e? aeena?oaoe??
?icaeyaeathoueny oai?aoe/i? ia?aaeoiiae aeine?aeaeaiiy noaio
oe?a?inueeiai o?iainiaiai ?eieo, caaaeuei? iiiyooy oa iniiai? aeaee
oe?iieo iaia??a, a oaeiae aaiacen ?o ?icaeoeo a Oe?a?i?. ?eiie oe?iieo
iaia??a — oea iaeia ?c neeaaeiaeo o?iainiaiai ?eieo. A i?ae?icae?e? 1.1
?icaeyioo? ? nenoaiaoeciaai? /anoeie oeueiai ?eieo, a oaeiae
cai?iiiiiaaii no?oeoo?ecoaaoe oiiaeiaee ?eiie ca?aeii aca?iica’ycoth/eo
aeaiaio?a:

— ia?aeiiee ? aoi?eiiee;

— i?aai?ciaaiee ? iai?aai?ciaaiee;

— a??aeiaee ? iicaa??aeiaee.

I?eaiaeyoueny caaaeuei? aeiiii?ei-oai?aoe/i? aniaeoe aeuacaaaeaieo
aeaiaio?a, a naia aiae?co?oueny noai a Oe?a?i? a??aeiaiai (ia i?eeeaae?
OOA) oa iicaa??aeiaiai (ia i?eeeaae? IOON) ?eie?a. A aeiaeaoeao A ? A
aeena?oaoe?? iiaeathoueny ?icoe?ai? a?ao?/ii-aiae?oe/i? iaoa??aee uiaei
aeeiai?ee i?iaeaaeo oe?iieo iaia??a /a?ac OOA oa IOON.

A i?ae?icae?e? 1.2 iaaeathoueny eeaneo?eaoe?ei? oa?aeoa?enoeee uiaei
ia’?eo?a eoi?ae?-i?iaeaaeo ia oiiaeiaiio ?eieo, a naia — ??ciiiai?oieo
oe?iieo iaia??a. Oai?aoe/ii iaa?oioiaaia iiaeeea?noue ?o aeei?enoaiiy oa
canoinoaaiiy o o?iainia?e ae?yeueiino? noa’?eo?a oe?a?inueeiai
o?iainiaiai ?eieo.

sse iaoeiaa iniiaa ?ic?iaee aa??aio?a iaoiaeeee aiae?co oe?iieo iaia??a
a oe?e /anoei? ?iaioe aeeeaaeaia iiaia eeaneo?eaoe?y iniiaieo o/aniee?a
oiiaeiaiai ?eieo. I?iaaaeai? aeine?aeaeaiiy aeiaiaeyoue, ui aei iniiaieo
eeaneo?eaoe?eieo iciae o/aniee?a ?eieo aa?oi a?aeiineoe oa?aeoa?
aeiiii?/ii? iiaaae?iee ? aeae ae?yeueiino? ia ?eieo (?en.1).

?icae?e 2. Oai?aoe/i? iniiae aiae?co ?eieo oe?iieo iaia??a a cao?aei?e
aeiiii?/i?e iaooe?.

Iniiaiith oai?aoe/iith aacith aeey aeiiii?/iiai aiae?co oe?iieo iaia??a
? oi?ioaaiiy ?iaanoeoe?eiiai ii?ooaey ia no/aniiio aoai? i?iaeiaaeo?
caeeoaoeny noi?iiaaia ua a 60-o? ?iee oai??y aoaeoeaiiai ?eieo. O
ae?oaiio ?icae?e? aeena?oaoe?? ?icaeyaeathoueny oai?aoe/i? ? iaoiaee/i?
aniaeoe ?icaeoeo aeaii? oai???, a oaeiae iaoiaee aeiiii?/iiai aiae?co
oiiaeiaiai ?eieo o cao?aei?e aeiiii?/i?e iaooe?.

Ca?aeii oaa?aeaeaiiyi oai??? aoaeoeaiiai ?eieo, yeui oe?ie aeoe?e a??ii
a?aeia?aaeathoue iaeaooi? i?eaooee ? oa?aeoa?enoeee ?eceeo aeoe?e, oi
a?eueiee ?eiie aeoe?e caeaoiee nooo?ai aieeaaoe ia aea?? noni?euenoaa
?ici?uaiiy iaiaaeaieo ?ano?n?a o i?aaeeueiiio ?one?, a yeui i???iooaaiiy
ia oe?io aeoe??’ -a?a iacaeiaaae, oi iaaoaeoeai? aeey noni?euenoaa
ae?iaieoeoaa iiaeooue ?icaeaaoeny i?inoi aeey aeniei? oe?ie ?o aeoe?e. A
i?ae?icae?e? 2.1, aiane?aeie aeaoaeueiiai aea/aiiy iniiaieo iinooeao?a
aeaii? oai??? c?iaeaii aeniiaie i?i oa, ui ia no/aniiio oe?a?inueeiio
?eieo aeoe?e ?iaanoi?e ea?othoueny iioeaaoe??th i/?eoaaiiy i?e?inoo
eo?niai? aa?oino? aeoe?e, a ia iaeaooiueiai aeea?aeaiaeo.

Iniaeeaa cia/aiiy oey iioeaaoe?y iaaoaa? a oiiaao ?ioeyoe??, aeanoeai?
aeey ii/aoeiai? noaae?? ?icaeoeo oiiaeiaiai ?eieo a Oe?a?i?.

Ia Caoiae? e?eueea oe?e canoiniaothoue ??ci? i?aeoiaee /e ?o
eiia?iaoe?th aei aecia/aiiy caaea/ aiae?co oe?iieo iaia??a ye ie?aii?
aeenoeeie?ie. Ooiaeaiaioaeueia oeiea, oa ?? aeciaiee aieiaa A. A?aoai
iniiaio oaaao caa?oa? ia aiae?c o?iainiaiai noaio ei?ii?aoe?e,
aeiea/oaaii? ieie aeea?aeaiaee, iioi/io noaaeo a?aenioe?a oa ?ioa.
Oaoi?/ia oeiea aeoiaeeoue c oiai, ui any ?ioi?iaoe?y, nooo?aa c oi/ee
ci?o «ooiaeaiaioaeueii? oeiee», a?aoiao?oueny a eo?nao oe?iieo iaia??a
ua aei ?o iioae?eoaaiiy. Oiio ia??aeiei eaiaiai ? ?icaeyae naiiai ?eieo,
?oo a??aeiaeo eioe?oaaiue, ia?a a??ae, oiui. A i?ae?icae?e? 2.2
oai?aoe/ii aeine?aeaeaiee i?ioean ?icaeoeo iaoiae?a aeiiii?/iiai aiae?co
oiiaeiaiai ?eieo, a oaeiae aecia/ai? caaea/? aiae?co oe?iieo iaia??a a
Oe?a?i?, ye iaeiiai c ?icae?e?a aeiiii?/iiai aiae?co. Oeeie caaea/aie ?:

— aecia/aiiy caeiiii??iinoae ?ooo eo?n?a oe?iieo iaia??a;

— aea/aiiy oaiaeaioe?e a??aeiai? eii’thieoo?e ? i?iaiicoaaiiy ?o ia
iaeaooi?;

— ia?aaeaa/aiiy iai?yieo ci?ie ? aaee/eie eo?n?a ie?aieo aeione?a aeoe?e
oa iae?aaoe?e;

— ae?iaeaiiy ?eieiai? oaeoeee ? no?aoaa?? aeey aeaniee?a oe?iieo
iaia??a;

— aecia/aiiy iaoiaeeee aeai?o iai?yie?a ?iaanooaaiiy eai?oaeo.
I?enooiath/e aei ae??oaiiy inoaiiuei? caaea/?, a naia aei aeai?o
iai?yie?a ?iaanooaaiiy eai?oaeo, a ia?oo /a?ao, iaiao?aeii /?oei oyaeyoe
iai??e eiie?aoiiai ?iaanoi?a, ye? a?i ?ic?aoiao? aeinyaoe aiane?aeie
cae?eniaiiy ?iaanoeoe?e, iioeae, ui niiioeaee eiai aei aeinyaiaiiy
aeacaii? iaoe, a oaeiae nooi?iue ?eceeo, yeo a?i iiaea aeiionoeoe,
ine?eueee naia oe? ia?aiao?e aoaeooue aecia/aoe eiai ?iaanoeoe?ei? ae??.

Aiane?aeie oeueiai, a i?ae?icae?e? 2.3 cai?iiiiiaaii iaoeiiaee i?aeo?ae
aei i?ioeano aeai?o c onueiai ?icia?ooy iiaeeeaeo iai?yie?a aeeaaeaiiy
eioo?a o ??ci? aeaee oiiaeiaeo ?ino?oiaio?a, iaea?eueo aoaeoeaieo c
oi/ee ci?o ?iaanoeoe?eieo oe?eae, a naia iaa?oioiaaia iiaeeea?noue
cae?eniaiiy aiae?co oeyoii ?iciaaeoaaiiy: ??oaiiy i?i eoi?aeth oeo /e
?ioeo aeoe?e ia? aeieeaaoe c ooiaeaiaioaeueiiai aiae?co, a aea?? iiiaioo
eoi?ae? — c oaoi?/iiai.

Ooiaeaiaioaeueiee aiae?c aeicaiey? aeeaiei ? anaa?/ii c’yniaoaaoe noai
ni?aa o aoaeue-ye?e noa?? oiiaeiaiai ?eieo ? yaey? niaith aeaoaeueia
aea/aiiy aaeocae oa ie?aieo eiiiai?e c oi/ee ci?o ?o oe?iieo iaia??a. Ia
i?aeoeoe? i?aaenoaaieee ?iaanoeoe?eii-ae?ea?nueeeo o??i /anoi ia iathoue
/ano aeey iiae?aieo ?ica?aeie ? ei?enoothoueny iineoaaie aiae?oe/ieo
a?aeae?e?a o??i oa ?ioeie aeaea?aeaie ?ioi?iaoe??. I?ioa aiie iiaeii?
aeia?a ona?aeiiethaaoe, yeei /eiii aoaea c?iaeaii oie /e ?ioee aeniiaie.
A naith /a?ao, oaoi?/iee aiae?c aea? iiaeeea?noue ni?iaiicoaaoe ci?io
?eieiai? eii’thieoo?e.

Aeey aaeocaaiai aoaio ooiaeaiaioaeueiiai aiae?co aaeeea cia/aiiy ia?
iayai?noue canoiniaoaaii? aeinoaoiuei oe?ieei eieii noa’?eo?a, /?oei?
oeiiai? eeaneo?eaoe?? aaeocae ? i?aeaaeocae, ui a?aeaeca?eaeth? ?o
oaoi?/i? iiaeeeaino?. A?aoiaoth/e aeuaaeeeaaeaia, a oeueiio ae
i?ae?icae?e? i?iiiio?oueny oiiaii canoinoaaoe iiae?e an?o aaeocae a
caeaaeiino? a?ae noaae?? ?icaeoeo ia oae? oeie:

iiaiia?iaeaeai?, c?inoath/?, noaa?euei?, oeeee?/i?, niaeoeyoeai?
caiaiaaeath/? aaeoc?.

A oe?e /anoei? aeena?oaoe?? oaeiae aeeeaaeai? eeane/i? iinooeaoe
ooiaeaiaioaeueiiai aiae?co a ?ic??c? ioe?iee noaio aaeocae ? eiiiai?e.
Ui noino?oueny aaeaioaoe?? o?aaeeoe?eieo iaoiae?a aiae?co ?iaanoeoe?eieo
yeinoae oe?iieo iaia??a aeey canoinoaaiiy a oe?a?inueeeo oiiaao, oi
i?ioyaii aeineoue o?eaaeiai ia??iaeo e?eoa??? o?iainiaiai aiae?co
ae?yeueiino? oe?a?inueeeo aaeocae ? eiiiai?e aoee iaeaea ia aaeeaai? i?e
ioe?ioe? ?iaanoeoe?eieo yeinoae ?o oe?iieo iaia??a. Oao?aoeyi, ye?
i?aoeththoue ia oiiaeiaiio ?eieo, aoei c?icoi?ei, ui o?iainiaee noai
i?aei?e?inoa ia a?aeia?aaea?oueny a oe?i? oeeo aeoe?e.

C 1996 ?ieo neooaoe?y iinooiiai ci?ith?oueny. O?iainiaee noai iaeieo
i?aei?e?inoa ii/eia? noaa?e?coaaoenue, ? aiie caaa?oothoue ??e c
i?eaooeii, a ?o aeoe?iia?e iiaeooue ?ic?aoiaoaaoe ia aeea?aeaiaee.

I?iaaaeaia aeine?aeaeaiiy iieacaei, ui, ei?enooth/enue iaoiaeaie
aeiiii?/iiai aiae?co oe?iieo iaia??a oe?a?inueeeo i?aei?e?inoa, iiaeia
ni?iaiicoaaoe iiaeaeueoee o?ae iiae?e ia ?eieo ?o aeoe?e. Aea a no/anieo
oiiaao, eiee ?aaeueia aa?o?noue aeoea?a i?aei?e?inoa ua ieyai ei?aeth? c
oe?iith eiai aeoe?e, iaia? iaiao?aeiino? ei?enooaaoenue an?ia iaoiaeaie
o?aaeeoe?eiiai aeiiii?/iiai aiae?co. A ?iaio? i?iaiae?ciaai? i?e/eie
oeueiai yaeua.

Ia i?ioeaaao ooiaeaiaioaeueiiio aiae?co, oaoi?/iee aiae?c iia’ycaiee ?c
aea/aiiyi aeeiai?ee oe?i, oiaoi iane?aee?a aca?iiae?? iiieoo ?
i?iiiceoe??, ? ia

ia?aaeaa/a? ?icaeyaeo noo? yaeua. Aiane?aeie oeueiai, a i?ae?icae?e? 2.4
?icaeyaea?oueny iaoeiai-oai?aoe/ia aaca aiae?co eii’thieoo?e oiiaeiaiai
?eieo, a naia i?eae?ey?oueny oaaaa ae??oaiith caaea/ a?ao?/iiai aiae?co,
oa iniiaiiio iaoiaeo oeueiai aiae?co — iiaoaeia? a?noia?ai. Oaeiae
ia??oioiao?oueny aeioe?euei?noue aeei?enoaiiy a?noia?aiiiai iaoiaeo ia
a??aeiaiio ?eieo.

?icae?e 3. Aeiiii?/iee aiae?c iieaciee?a oe?iieo iaia??a oa ?eieo a
oe?eiio.

Oi?ioaaiiy ii?ooaey, oiaoi ae??oaiiy ieoaiiy i?i /anoeo eioo?a,
?iaanoiaaieo ? oe?ii? iaia?e, /e, iaaiaee, i?iaeaae ?o /anoeie —
caaaeaiiy aiae?oeea o?iainiai? eiiiai??, yeee ca aeiiiiiaith
o?iainiai-?iaanoeoe?eiiai aiae?co ?eieo eiino?oth? ?iaanoeoe?ei?
ii?ooae? ? oi?aaey? ieie. Ii/aoeiaith ?ioi?iaoe??th aeey oeueiai
neoaeaoue ?eieia? oe?ie oiiaeiaeo aeoea?a, ia aac? yeeo iaiao?aeii
aaeaeaaoiei oiio /e ?ioiio ?ino?oiaioo /eiii ?ic?aooaaoe iieacieee ?o
i?eaooeiaino?.

E??i oiai, ?aeei? i?aeoiaee aei ?ic?aooieo iieaciee?a i?eaooeiaino?
aeicaieythoue a?eueo aeaoaeueii i?iaiaeeoe aiae?c o?iainiaiai ?eieo a
oe?eiio.

A i?ae?icae?e? 3.1 aeine?aeaeothoueny ieoaiiy iaoiaeieia?? iiaoaeiae
oaeeo iieaciee?a. ? naia oey /anoeia ?iaioe aeicaiey? a ianooiiiio
i?ae?icae?e? 3.2 i?iaeaiiino?oaaoe iane?aeee ?ic?aooie?a i?eaooeiaino?
oe?iieo iaia??a ii ??cieo iaoiaeeeao.

A caniaao ianiai? ?ioi?iaoe?? iaaiaeyoueny aeai? i?i i?eaooeia?noue oiai
/e ?ioiai o?iainiaiai ?ino?oiaioo. I?ioa oi?ioee, ye? aeei?enoiaothoueny
aeey ?? ?ic?aooieo, ia caaaeaee aaeaeaaoi? iniaeeainoyi aaeaioaoe??
eiie?aoiiai ?ino?oiaioo ia iaoiio oiiaeiaiio ?eieo. Oea iiynith?oueny,
ii-ia?oa, aaaeaiiyi ai?oaioa iieacaoe iaee?au? yeino? nai?o oe?iieo
iaia??a ?, ii-ae?oaa, niaoeeo?eith ?icaeoeo iaoe?iiaeueiiai oiiaeiaiai
?eieo. A oeueiio i?ae?icae?e? oaeiae:

— i?aeoe/ii aecia/aii, ui iienai? ??ciiiai?oi? iiaeeo?eaoe?? oi?ioe
i?eaooeiaino? oe?iieo iaia??a cia/ii aieeaathoue ia ?ic?aooieiaa
cia/aiiy iieacieea, i?iaeaiiino?iaaiiai ?ic?aooieaie i?eaooeiaino? ia
i?eeeaae? aea?aeaaieo oe?iieo iaia??a, ine?eueee naia oeae ?eiie ia? ia
no/aniiio aoai? iaea?eueo iiaio ?ioi?iaoe?eio aaco;

— cai?iiiiiaaia ? i?i?ethno?iaaia eiie?aoieie ?ic?aooieiaeie i?eeeaaeaie
?ic?iaeaia aeena?oaioii oi?ioea aeey ?ic?aooieo aoaeoeaii?
i?eaooeiaino?:
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,

aea

R’ -aoaeoeaia i?eaooeia?noue ?c a?aooaaiiyi ?a?iaanooaaiiy aeioiae?a;

y — i?eaooie o aeaeyae? aeeneiioo;

z — noaaea iiiaeaoeoaaiiy;

p — oe?ia i?eaeaaiiy ( aeo?aoe ia iieoieo);

j — ?iaeaen ?ioeyoe??;

O- o?eaae?noue ia??iaeo ia?aooaaiiy a aeiyo.

A?aei?iiino? oe??? oi?ioee a?ae caaaeueiii?eeiyoi? oi?ioee i?eaooeiaino?
iieyaathoue a ianooiiiio:

• ?ic?iaeaia oi?ioea a?aoiao? iieaciee ?iaeaeno ?ioeyoe??;

• aeeth/a? aei neeaaeo aaciao noaaeo iiiaeaoeoaaiiy;

• a?aoiao? noeoii? aeo?aoe ia eoi?aeth oiiaeiaiai ?ino?oiaioo.

Aeey e?euee?niiai canoinoaaiiy aeaii? oi?ioee aoee acyo? cia/aiiy 502-ai
aoeoe?iio IAO ii ?ici?uaiith IAAeI, noaaea iiiaeaoeoaaiiy — 0,30, a
oaeiae ?iaeaen ?ioeyoe?? ia iioi/io aeaoo — 0,9.

I?ney i?aeoe/iiai ?ic?aooieo cia/aiiy aoaeoeaii? i?eaooeiaino?
aei??aithaaei R’ ~ 31,14 %. Ii??aithth/e oea cia/aiiy c? cia/aiiyi
i?eaooeiaino?, ?ic?aoiaaii? ii eeane/i?e oi?ioe?, aoei c?iaeaii
aeniiaie, ui aeai?eoi ?ic?aooieo aoaeoeaii? i?eaooeiaino?, yeee
i?iiiio?oueny a aeena?oaoe??, iaea?eueo ?aaeueii a?aoiao? an? ia?aiao?e,
ye? aieeaathoue ia ??/io noaaeo neeaaeieo a?aenioe?a.

Aeey iioaioe?eiiai ?iaanoi?a ? aeey aiae?oee?a oiiaeiaiai ?eieo aeey
i?eeiyooy aaaeeeaeo ??oaiue ? aeey aiae?oe/ieo i?iaiic?a ? iaaeinoaoi?i
aeei?enoiaoaaoe aeai? oaaeeoeue, iaeoeiia?oeo aeey oe?a?inueeeo
o?iainiaeo aeaeaiue. A oe?e /anoei? aeine?aeaeaiiy i?iiiio?oueny
?icoe?eoe ia?ae?e ?ioi?iaoe?eieo iieaciee?a ? ioae?eoaaoe aeuacacia/ai?
oaaeeoe? a ?icoe?aiiio ae?aiacii? c aeei?enoaiiyi ianooiieo iieaciee?a:
iii?iaeueia i?eaooeia?noue, na?aaeiueicaaaeaia i?eaooeia?noue, aoaeoeaia
i?eaooeia?noue, ??/ia aaethoia i?eaooeia?noue.

A i?ae?icae?e? 3.3 i?iaiaeeoueny aiae?c ?eieo, a oaeiae aecia/athoueny
?ieue ? cia/aiiy oiiaeiaeo ?iaeeeaoi??a a i?ioean? eiai aiae?co.

Niaoeeo?ea aeiiii?/ii? neooaoe?? a Oe?a?i? ia aeicaiey? eii?thaaoe
cao?aei? iaoiaeeee ?ic?aooieo oiiaeiaeo ?iaeaen?a.

A no/anieo oiiaao — oea oi?eaeueia ? nai???aeia i?iaeaia naia
a?o/eciyiiai o?iainiaiai ?eieo. Aeey oiai, uia anoaiiaeoe, yeee ?iaeaen
iai iio??aai, ia?o ca ana aa?oi aecia/eoe, ui naia a?i ia?
a?aeia?aaeaoe. A ?acoeueoao? aeine?aeaeaiiy ? cai?iiiiiaaii
ea?oaaoeny aeaiia iiaeeeaeie ??oaiiyie oe??? i?iaeaie:

• ?iaeaen ye ?iaeeeaoi? noaio aeiiii?ee;

• ?iaeaen ye ?iaeeeaoi? eii’thieoo?e ?eieo.

Aiane?aeie i?iaaaeaiiai e?eoe/iiai aiae?co iniiaieo i?eeii?a, i?eioeei?a
? iioeaaoe?e iiaoaeiae oiiaeiaeo ?iaeeeaoi??a cai?iiiiiaaii
/i?eoueiooacia o?aeooaaiiy i?iaeai ?ic?iaee aoaeue-yeiai ?iaeaeno, ui
a?aeia?aaea? ?aaeueio neooaoe?th ia o?iainiaiio ?eieo:

1) i?iaeaia aecia/aiiy na?aaeiuei? ?eieiai? oe?ie aeoe?e /e iae?aaoe?e
oiai /e ?ioiai ai?oaioa;

2) i?iaeaia ii??aiyiue, aai aaaiaeo eiao?oe??io?a, c yeeie oe?ie aeoe?e
aoiaeyoue aei oi?ioee ?iaeaeno;

3) i?iaeaia aecia/aiiy ia?ae?eo oe?iieo iaia??a, oe?ie yeeo
i?aenoiiaothoueny;

4) i?iaeaia c?noaaeaiiy, oiaoi ei?aaoaaiiy ?iaeaeno i?e ci?iao
?ic?aooieiai? aace ? nieneo i?aei?e?inoa.

?icaeyioo? o oeueiio i?ae?icae?e? aeena?oaoe?? ?iaeaene aeaiiino?othoue
noiaeo aeeiai?eo, oa, ine?eueee an? aiie iathoue iaaeie?ee, ? iiee-ui
eiaeai c ieo ia iaea?aeaa caaaeueiiai aeciaiiy, aeioe?eueii ia
iaiaaeoaaoenue ia aeaiiio aoai? aiae?cii yeiainue iaeiiai ?iaeaeno, a
a?aoe a ?ic?aooiie a?eueoo ?o e?euee?noue.

C?noaaeaiiy aeeiai?ee ??cieo o?iainiaeo ?iaeeeaoi??a aeicaieeei
i?aeaeueoe iaa?oioiaai?noue aeniiae?a i?i eii’thieoo?o oiiaeiaiai ?eieo.

O ca’yceo c oeei o ?iaio? i?iiiio?oueny iiaa iaoiaeeea iiaoaeiae oa
?ic?aooiie noeoiiiai oiiaeiaiai ?iaeaeno, yeee a?aoiao? iioi/io
neooaoe?th ia ?eieo ? ? ooo/iei aa?iiao?ii oeueiai ?eieo.

Oiiaia iacaa oeueiai ?iaeaeno — eiiieaeniee – Index-Complex (Index-C).

Iaeiei c iniiaieo iaoiaeieia?/ieo iiiaio?a i?e ?ic?aooieo oeueiai
?iaeaeno aoei oi?ioaaiiy aea??ee-ia?ae?eo ?iaeaen?a, cia/aiiy yeeo
?icaeyaeathoueny i?e aiae?c? ?eieo.

Cai?iiiiiaaia oi?ioea aeey ?ic?aooieo cia/aiiy Index-N ia? aeaeyae:
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,

aea

S0 — noia a aaceniiio ia??iae?;

S1 — noia a iioi/iiio ia??iae?;

Zcomp — noia cia/aiue ?iaeaen?a, ui aoiaeyoue a eiiieaen:

Zcomp = PROV-50 + KAC-20(w) + index-sgu + WOOD-15

A iniiao ?ic?aooieo ?iaeaeno, iieeaaeaii ci?io cia/aiue ?iaeaen?a, ?,
a?aeiia?aeii, ci?ia eai?oae?caoe?? eiiiai?e, ye? aa?eoee o aea??eo
?iaeaen?a, oiaoi noaiaea?oia iaoiaeeea eai?oae?caoe?eieo ?iaeaen?a ia
ii?ooaia.

Noia cia/aiue ?iaeaen?a aea??ee a aaceniiio ia??iae? ?ic?aoiao?oueny
aeoiaey/e c aaciaeo cia/aiue a?aeiia?aeieo ?iaeaen?a:

PROV-50 -100 iaeeieoeue;

EAN-20(w) -1000 iaeeieoeue;

INDEX-SGU- 100 iaeeieoeue;

WOOD-15 — 1000 iaeeieoeue, oaeei /eiii S0(Zcomp)= 2200 iaeeieoeue.

Noia cia/aiue ?iaeaen?a aea??ee a iioi/iiio ia??iae? ?ic?aoiao?oueny
aeoiaey/e c aeaieo aiae?oe/ieo ?ic?aooie?a cia/aiue ?iaeaen?a, ye?
aoiaeyoue a eiiieaen ia iioi/io aeaoo. A aeena?oaoe?? i?iiiio?oueny
i?iaiaeeoe a?aeiia?aei? ?ic?aooiee Index-N uioeaeiy, aa?o/e aei oaaae
inoaii? cia/aiiy ?iaeaen?a a oeueiio naieaeaiiiio ia??iae?.

Iai?eeeaae: ?ic?aoo?ii cia/aiiy ?ndex-N ia 12.09.98 ?.

Ia 12.09.98 ?.: PROV-50 = 370 iaeeieoeue;

EAN-20(w) = 2800 iaeeieoeue;

INDEX-SGU = 141,2 iaeeieoeue;

WOOD-15 = 2551 iaeeieoey.
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Oea cia/aiiy iiaea neoaeeoe aaciaei aeey Index-N.

Caaaeueia oaiaeaioe?y ci?i cia/aiue Index-N aoaea ii??aithaaoenue ?c
caaaeueiith oaiaeaioe??th ca?eueoaiiy /e ciaioaiiy eiaeiiai ?iaeaeno, ui
aoiaeeoue a eiiieaen. O aeiaaeeo iaaaeaeaaoii? neooaoe?? ia ?eieo, eiee
cia/aiiy iaeiiai c ?iaeaen?a cieaeoaaoeiaoueny, a cia/aiiy ?ioeo
i?aeaeuoaaoeiaoueny, oiaoi eiee aoaea aeieeaoe iaa?aeiia?aei?noue
c?inoaiiy ? niaaeo eai?oae?caoe?? ??cieo ai?oaio?a -/eai?a aea??ee, ui
cian?i ia aeanoeai iaoiio oe?a?inueeiio oiiaeiaiio ?eieo, oiae? cia/aiiy
Index-N iiaea caeeoaoenue iaci?iiei i?ioyaii iaaiiai /ano. Oea aoaea
na?ae/eoe i?i aeoaea ?ia?oiee oei/aniaee ?icaeoie ?eieo oe?iieo iaia??a.

?icae?e 4. Aeei?enoaiiy iaoiae?a aiae?co oe?iieo iaia??a aeey oi?ioaaiiy
?iaanoeoe?eiiai ii?ooaey.

Inoaii?e ?icae?e aeena?oaoe?? i?enay/aiee aiae?co iaoiaeeee oi?ioaaiiy
?iaanoeoe?eiiai ii?ooaey ? iiaeae? ioe?iee eai?oaeueieo aeoea?a (NA?I),
noiniaii aei oe?a?inueeiai o?iainiaiai ?eieo. Oey iaoiaeeea aaco?oueny
ia i?aoeyo a?aeiieo cao?aeieo aeiiii?no?a, a ?o aiae?c aeicaieea c?iaeoe
?yae oe?eaaeo aeniiae?a, ye? noinothoueny a?o/eciyiiai ?eieo oe?iieo
iaia??a. Cie?aia, ?ic?aooiee, ye? i?aaenoaaeai? a ?icae?e? 4
iieacothoue, ui i?eaooeia?noue oe?iieo iaia??a oe?a?inueeeo ai?oaio?a
i?aeeyaa? aeiaie? nooo?aei eieeaaiiyi ? a cia/i?e i??? iia’ycaia nei??oa
c? niaoeeo?/ieie oaeoi?aie eo?niooai?aiiy ie?aieo oe?iieo iaia??a, a ia
?c nenoaiaoe/ieie oaeoi?aie, aeanoeaeie anueiio oiiaeiaiio ?eieo. I?ae
/an ?ic?aooie?a e?euee?nii aecia/ai? ? ioe?iai? ia?aiao?e aoaeoeaieo
ii?ooae?a oe?iieo iaia??a ? /anoee ?eceeiaaiino? ii?ooaey, iaoiiaeaieo
?eceeii aeeaaeaiue o neeaaeia? oeueiai oe?iiiai iaia?o.

I?ae?icae?e 4.1 i?noeoue caaaeueiee aiae?oe/iee iien eeane/ii? iiaeae?
?iaanoeoe?eiiai ii?ooaey. Ia oeueiio iien? aacothoueny, cai?iiiiiaai? a
i?ae?icae?e? 4.2 aeniiaee ii canoinoaaiith iiaeae? ioe?iee eai?oaeueieo
aeoea?a (NA?I) aeey aeine?aeaeaiiy oiiaeiaiai ?eieo. Cie?aia, aiane?aeie
i?aeoe/iiai aiae?co NA?I aeyaeai? i?ioe??//y i?ae oe?a?inueeei ?
cao?aeiei ?eieii oe?iieo iaia??a. Ia iniia? oeeo i?ioe??/ a aeai?e
/anoei? aeena?oaoe?? iiaeai? oae? i?aeoe/i? ?aeiiaiaeaoe??:

— ia oe?a?inueeiio oiiaeiaiio ?eieo ?iicaiiei ?iaanoi?ai cia/ii
aea?aei?oa i?eeiaoe cia/aiiy aac?eceeiai? noaaee, yea aei??aith? ioeth;

— noiniaii aei ii?iaoeaieo ? caeiiiaeaa/eo aeo?a a Oe?a?i?, aa?oi aaanoe
oei/ania? iaiaaeaiiy ii oa?i?iao ?iaanooaaiiy;

— i?e aiae?c? oe?a?inueeiai ?eieo aeoe?e iaiao?aeii a?aoiaoaaoe naciii?
iniaeeaino? iiaaae?iee ?eieo, a oaeiae eieeaaiiy i?eaooeiaino? aeoea?a
ii aeiyo oeaeiy oa ii i?nyoeyo ?ieo;

— ca?aeii NA?I ?eceeii aaaaea?oueny a?aeoeeaiiy aaee/eie iaea?aeaiiai
i?eaooeo a?ae i/?eoaaiiai ye a iaioee, oae ? a a?eueoee a?e. I?ioa aeey
oe?a?inueeeo iaiaaeaea??a-aiae?oee?a ia?aaeuaiiy i?eaooeiaino? — ni?aaa
aaaeaia. ?aeiiaiaeiaaii: i?e aiae?c? oe?a?inueeiai ?eieo oe?iieo iaia??a
a?aoe aei oaaae eeoa ?ecee — ye eiia??i?noue ianeooii? iiae??.

A i?ae?icae?e? 4.3 iaaeathoueny aiae?oe/i? ?ic?aooiee ?iaanoeoe?eiiai
ii?ooaey ii aeaieo 8-ie ai?oaio?a, o/aniee?a oe?a?inueeiai oiiaeiaiai
?eieo. A i?ioean? ?ic?aooie?a a oeueiio i?ae?icae?e? i?aeoe/ii
iaa?oioiaaii e?eueea i?iiiceoe?e:

— aeey nooo?aiai cieaeaiiy ?ecee?a ii?ooaey oeyoii eiai aeeaa?neo?eaoe??
aa?oi aeeth/eoe aei iueiai iaaaeeeo e?euee?noue ia cian?i e?ea?aeieo
aeoe?e, ye? iathoue aenieee ni?aae;

— aeey oni?oiiai canoinoaaiiy i?eioeeio aeeaa?neo?eaoe?? ii?ooaey ii
ai?oaioao ?aeiiaiaeo?oueny ?icoe?eoe eiei aeoe?e c oaa?aeeie ?eieiaeie
eioe?oaaiiyie, ui aoiaeyoue aei oeueiai ii?ooaey;

— aeey ?acoeueoaoeaiiai canoinoaaiiy i?eioeeio aeeaa?neo?eaoe?? ii?ooaey
ii naeoi?ao aeiiii?ee ?aeiiaiaeo?oueny ieaiii??ii ?icoe?thaaoe eiei
aaeocae, aeoe?? yeeo aoiaeyoue aei ii?ooaey.

Iaoiaee aeiiii?/iiai aiae?co oe?iieo iaia??a, ca?aeii o?aaeeoe?eii?
oai??? ?iaanooaaiiy a oe?a?inueeeo oiiaao, ?aeiiaiaeo?oueny a
iaeaooiueiio canoinoaaoe ii iiai?e noai?: iae?iaeiiii?ea -aaeocue —
i?aei?e?inoai

Aea, aiae?c aea? i?aenoaao noaa?aeaeoaaoe, ui ia no/aniiio ii/aoeiaiio
aoai? aeey iaoiai ?eieo oea aeineoue neeaaeii. Iae?iaeiiii?/ia /anoeia
o?aaeeoe?eii? oai??? a oe?a?inueeeo oiiaao iiee-ui ia i?aoeth?. I?ioa
iaiiaai? iane?aeee iaea?aeai? a i?ioean? oi?ioaaiiy ?iaanoeoe?eiiai
ii?ooaey o nei?i/aiiio aeaeyae?: aaeocue-i?aei?e?inoai

Oey oi?ia ioe?iee ia aeaiee /an ? iaeiioeiaeuei?oith aeey ?iaioe c
oe?iieie iaia?aie oe?a?inueeeo ai?oaio?a.

Aeniiaee

?icaeoie o?iainiaiai ?eieo a Oe?a?i? iai/ii na?ae/eoue, ui i?iaeaia
aiae?co iaeaoaeoeai?oeo niinia?a ?iaanooaaiiy noa? aeoaea aeooaeueiith.
A oeeo oiiaao ana a?eueoo oaaao ?iaanoi??a i?eaa?oaoeia iaa?oioiaai?noue
i?eeiyooy ??oaiue, oai?aoe/iei oa i?aeoe/iei ieoaiiyi yeeo aoea
i?enay/aia aeaia ?iaioa.

Aiae?c ainiiaea?nueei? i?aeoeee ? oaoiai? aeiiii?/ii? e?oa?aoo?e ii oai?
aeena?oaoe?? aeicaieea oai?aoe/ii iaa?oiooaaoe ? i?aeoe/ii ?ic?iaeoe
ianooii? iaoeia? aeniiaee, ?aeiiaiaeaoe?? ? i?iiiceoe?? ii
oaeineiiaeaiith iaoiaeieia?? ? i?aai?caoe?? aeiiii?/iiai aiae?co oe?iieo
iaia??a, ui iei? aeei?enoiaothoueny, a oaeiae i?ioeano oi?ioaaiiy
?iaanoeoe?eiiai ii?ooaey ia o?iainiaiio ?eieo Oe?a?ie:

1. Iaei??th ?c neeaaeiaeo o?iainiaiai ?eieo ? ?eiie oe?iieo iaia??a,
yeee a Oe?a?i? ciaoiaeeoueny ia noaae?? oi?ioaaiiy. A aeena?oaoe?ei?e
?iaio? aaoi?ii ?icaeyioo? ? nenoaiaoeciaai? neeaaeia? /anoeie oeueiai
?eieo, a oaeiae cai?iiiiiaaia ooi/iaia eiai no?oeoo?a o aeaeyae? noaie
“Neeaaeia? aeaiaioe oiiaeiaiai ?eieo”.

2. sse iaoeiaa iniiaa ?ic?iaee aa??aio?a iaoiaeee aiae?co oe?iieo
iaia??a a ?iaio? iiaeaia eeaneo?eaoe?y iniiaieo o/aniee?a oiiaeiaiai
?eieo. I?iaaaeaia aeine?aeaeaiiy iieacaei, ui aei iniiaieo
eeaneo?eaoe?eieo iciae o/aniee?a ?eieo aa?oi a?aeianoe oa?aeoa?
aeiiii?/ii? iiaaae?iee ? aeae ae?yeueiino? ia ?eieo.

3. Aecia/aia nooue ??cieo aeae?a oiiaeiaeo ?ino?oiaio?a ? iaa?oioiaaia
iiaeeea?noue ?o aeei?enoaiiy oa canoinoaaiiy o o?iainia?e ae?yeueiino?
oe?a?inueeeo aeoe?iia?ieo oiaa?enoa, ?iaanoeoe?eieo oiiae?a oa ?ioeo
noa’?eo?a oiiaeiaiai ?eieo.

4. A aeena?oaoe?ei?e ?iaio? aaoi?ii eeaneo?eiaai? ??ciiiai?oi? oiiaeia?
oe?iiino?, ui canoiniaothoueny o na?oia?e i?aeoeoe?. Eeaneo?eaoe?y
oe?iieo iaia??a iiaoaeiaaia ca oaeeie iniiaieie iciaeaie: aeiiii?/ia
i?e?iaea oe?iieo iaia??a, ii?yaeie i?aeoaa?aeaeaiiy i?aa aeaniee?a,
oa?aeoa? ai?oaioa ? oi?ia aeioneo. I?iaaaeaia aeine?aeaeaiiy aeiaaei, ui
aecia/aiiy ?aeeii? nenoaie eeaneo?eaoe?eieo iciae ia cian?i ei?aeoia
/a?ac ?icia?ooy o/aniee?a ?eieo, aeeiioaaieo ieie iia?aoe?e,
canoinoaaiiyi ?ino?oiaio?a, a oaeiae /a?ac iaaeie?ee ? i?iaaeeie o
a?o/eciyiiio caeiiiaeaanoa? ? a?aenooi?noue aecia/aiino? o ii?iaoeai?e
aac?, yea ?aaoeth? ooieoe?iioaaiiy oiiaeiaiai ?eieo.

5. Ia Caoiae?, a iaaeao aiae?co oe?iieo iaia??a ye ie?aii? aeenoeeie?ie,
aeae?eueea oe?e canoiniaothoue ??ci? i?aeoiaee /e ?o eiia?iaoe?th.
E?eoe/ii i?iaiae?coaaaoe oe? i?aeoiaee, c?iaeaii aeniiaie, ui
caaaeaiiyie aiae?co oe?iieo iaia??a a Oe?a?i? ye iaeiiai c ?icae?e?a
aeiiii?/iiai aiae?co ?:

— aecia/aiiy caeiiii??iinoae ?ooo eo?n?a oe?iieo iaia??a;

— aea/aiiy oaiaeaioe?e a??aeiai? eii’thieoo?e ? i?iaiicoaaiiy ?? ia
iaeaooi?;

— i?iaiicoaaiiy iai?yieo ci?i ? aaee/eie eo?n?a ie?aieo aeione?a aeoe?e
? iae?aaoe?e;

— ae?iaeaiiy ?eieiai? oaeoeee ? no?aoaa?? aeey aeaniee?a oe?iieo
iaia??a;

A no/anieo oiiaao ana a?eueoa cia/aiiy a aiae?c? ?eieo oe?iieo iaia??a
iaaoaa? oaeiae iaoaiaoe/ia iiaeaethaaiiy ? i?iaiicoaaiiy eieeaaiue
eo?n?a aeoe?e ? iae?aaoe?e (?o iaoaiaoe/ia ia?iaea o a?aeiia?aeiino? c
i?eioeeiaie eiie?aoii? iiaeae?).

6. Aeey oiai, uia c onueiai ?icia?ooy iiaeeeaeo iai?yie?a aeeaaeaiiy
eioo?a o ??ci? aeaee oiiaeiaeo ?ino?oiaio?a aea?aoe oae?, ye? ?
iaea?eueo aoaeoeaieie c oi/ee ci?o ?iaanoeoe?eieo oe?eae, cai?iiiiiaaii
cae?enithaaoe /?oea ?iciaaeoaaiiy: ??oaiiy i?i eoi?aeth oeo /e ?ioeo
aeoe?e ia? aeo?eaoe c ooiaeaiaioaeueiiai aiae?co, a aea?? iiiaioo
eoi?ae? — c oaoi?/iiai.

7. Iienai? a aeena?oaoe?ei?e ?iaio? ??ciiiai?oi? iiaeeo?eaoe?? oi?ioe
i?eaooeiaino? oe?iieo iaia??a iathoue aaeeeee aieea ia ?ic?aooieiaa
cia/aiiy iieacieea, ui i?iaeaiiino?iaaii ?ic?aooieaie i?eaooeiaino? ia
i?eeeaae? aeayeeo aea?aeaaieo oe?iieo iaia??a, ine?eueee naia oeae ?eiie
ia? nueiaiaei? iaeiiai?oo ?ioi?iaoe?eio aaco. Ia oae? aeniiaee
iaaiaeeoue, cie?aia, aiae?c aeeiai?ee i?eaooeiaino? aoeoe?ii?a ?eieo
(IAAeI). Aeineoue aenieee ??aaiue i?eaooeiaino? IAAeI ia a?aeiia?aea?
noaoono aea?aeaaieo oe?iieo iaia??a ? ? nueiaiaei? iaei??th c i?e/ei
iecueeiai ??aiy ?iaanoeoe?e a ?aaeueiee naeoi?. *?oei
i?ine?aeeiaothoueny ia??iaee, eiee cae?enithaaeeny ni?iae cieaeaiiy
i?eaooeiaino? IAAeI, aea aei oiai /ano, iiee ?eiie aea?aeaaieo oe?iieo
iaia??a ianeoaiao?, a iniiaiiio, iioi/i? iio?aae I?io?io a a?ioao,
aeineoue /anoi aeeeeeai? iie?oe/ieie i?e/eiaie, aoaea ii?oooaaoenue
noaa?euei?noue ?eieo ? aeoieiuoaaoeiaoueny eiai iae?iaeiiii?/ia nooue
? ?aaoethth/? ooieoe?? iae?eiaeo noaaie ye iaeaaaeeea?oiai i???ioe?o
oe?ie a?ioae a aeiiii?oe?. A Oe?a?i? aea?aeaai? oe?ii? iaia?e
ia?aoai?eeenue o iaaei?eaooeiaee niaeoeyoeaiee ?ino?oiaio, noaaee ii
yeiio, cacae/ae, aecia/athoueny iioi/iei ni?aa?aeiioaiiyi nee
ai?oaioa oa ?ioeo o/aniee?a ?eieo.

8. Cai?iiiiiaaia ? i?i?ethno?iaaia eiie?aoieie ?ic?aooieaie oi?ioea aeey
?ic?aooieo aoaeoeaii? i?eaooeiaino?. ?? a?aei?ii?noue a?ae
caaaeueiii?eeiyoi? oi?ioee i?eaooeiaino? iieyaa? a ianooiiiio:

— oi?ioea, ?ic?iaeaia a aeena?oaoe??, a?aoiao? iieaciee ?iaeaeno
?ioeyoe??;

— aeeth/a? aei neeaaeo aaciao noaaeo iiiaeaoeoaaiiy;

— a?aoiao? noeoii? aeo?aoe ia eoi?aeth oiiaeiaiai ?ino?oiaioa.

9. Aeey iioaioe?eiiai ?iaanoi?a ? aeey aiae?oee?a oiiaeiaiai ?eieo aeey
i?eeiyooy aaaeeeaeo ??oaiue ? aeey aiae?oe/ieo i?iaiic?a iaaeinoaoiuei
aeei?enoiaoaaoe aeai? oaaeeoeue, iaeoeiia?oeo aeey oe?a?inueeeo
ia??iaee/ieo aeaeaiue. A aeaiiio aeena?oaoe?eiiio aeine?aeaeaii?
i?iiiio?oueny ?icoe?eoe ia?ae?e ?ioi?iaoe?eieo iieaciee?a ? ioae?eoaaoe
aeuacaaaeaio oaaeeoeth a ?icoe?aiiio ae?aiacii?, a naia aeei?enoiaoth/e
cia/aiiy:

— iii?iaeueii? i?eaooeiaino?;

— na?aaeiueicaaaeaii? i?eaooeiaino?;

— aoaeoeaii? i?eaooeiaino?;

— ??/ii? aaethoii? i?eaooeiaino?.

10. A ?acoeueoao? i?iaaaeaiiai e?eoe/iiai aiae?co iniiaieo i?eeii?a,
i?eioeei?a ? iioeaaoe?e iiaoaeiae oiiaeiaeo ?iaeeeaoi??a, a aeena?oaoe??
cai?iiiiiaaia /ioe?ueiooacia o?aeooaaiiy i?iaeai ?ic?iaee aoaeue-yeiai
?iaeaeno, ui a?aeia?aaea? ?aaeueio neooaoe?th ia o?iainiaiio ?eieo:

1) i?iaeaia aecia/aiiy na?aaeiuei? ?eieiai? oe?ie aeoe?e /e iae?aaoe?e
oiai /e ?ioiai ai?oaioa;

2) i?iaeaia ii??aiyiue aai aaaiaeo eiao?oe??io?a, c yeeie oe?ie aeoe?e
aoiaeyoue aei oi?ioee ?iaeaeno;

3) i?iaeaia aecia/aiiy ia?ae?eo oe?iieo iaia??a, oe?ie yeeo
aeiaeathoueny;

4) i?iaeaia ni?anoaaeai?i, oiaoi ei?aaoaaiiy ?iaeaeno i?e ci?iao
?ic?aooieiai? aace, nieneo i?aei?e?inoa, oiui.

11. Ni?anoaaeaiiy aeeiai?ee ??cieo o?iainiaeo ?iaeeeaoi??a aeicaiey?
i?aeaeueoe iaa?oioiaai?noue aeniiae?a i?i eii’thieoo?o oiiaeiaiai ?eieo.
O ca’yceo c oeei a ?iaio? i?iiiio?oueny iiaa iaoiaeeea iiaoaeiae
noeoiiiai oiiaeiaiai ?iaeaeno, yeee a?aoiao? iioi/io neooaoe?th ia ?eieo
? ? ooo/iei aa?iiao?ii oeueiai ?eieo.

12. A aeena?oaoe?eiiio aeine?aeaeaii? cae?eniaiee ?ic?aooiie
?iaanoeoe?eiiai ii?ooaey ca aeaieie oe?a?inueeeo ai?oaio?a ?
i?iaiae?ciaaia iaea?aeii?oa iiaeaeue ?c no/anii? oai??? ?iaanooaaiiy —
NA?I. sse ia’?eo aeey ?iaanooaaiiy oe?a?inueeee o?iainiaee ?eiie iiee-ui
cian?i ia noaa?eueiee ? i?aeaeyaa? cia/iiio ?eceeo. I?e/iio, ye ia ?eieo
aea?aeiae?aaoe?e, oae ? ia ?eieo aeoe?e i?e aeinoaoiuei ocaiaeaeai?e
oe?iia?e aeeiai?oe?, oe?ii? iaia?e ?ic??ciythoueny i?ae niaith ??aiai
ii?aeiaiiai c ieie eii’thieoo?iiai ?eceeo. O?eueee ?ecee IAAeI
caeaaeeoue a?ae oa?i?io aei iiaaoaiiy (/ei a?i a?eueoee, oei iaioee oaii
ci?ie oe?i), a o aeoe?e a?i i?yii iia’ycaiee c ??aiai e?ea?aeiino?: /ei
a?eueo e?ea?aeiee oe?iiee iai??, oei aia?a?ei?oa oe?iiaa aeeiai?ea ?
aeuee ?ecee. Canoinoaaiiy iiaeae? NA?I aea? aaaeeeao ?ioi?iaoe?th
iaa?oue ia iniia? iaaaeeeeo noaoenoe/ieo ?yae?a, oiaoi aaea ?
aeinoaoiuei i?e/ei aeey aeei?enoaiiy aeaii? iiaeae? a i?ioean? aiae?co
o?iainiaiai ?eieo Oe?a?ie.

Nienie iioae?eiaaieo i?aoeue

1. Aaeaiei I.I. Eeaneo?eaoe?y o/aniee?a ?eieo oe?iieo iaia??a// A?niee
IAO. -1997. — ? 12 — N. 21-22.- 0,4 ae?oe.a?e.

2. Aaeaiei I.I. A?o/eciyiee ?eiie oe?iieo iaia??a: aeina?ae ieioeiai//
A?niee IAO. -1998. — ? 8 — N. 30-31.-0.3 ae?oe.a?e.

3. Aaeaiei I.I. I?iaeaie iiaoaeiae oe?a?inueeeo oiiaeiaeo ?iaeaen?a//
I?eaei?i?ianueeee iaoeiaee a?niee -1998. — ? 75 (142) — N. 79-86.-0,4
ae?oe. a?e.

4. Halenko O.M. Domestik Securities Market: Past Experience //Herald
(digest)- 1998. — ? 4. ?.52-53. 0,3 ae?oe.a?e.

AIIOAOe?ss

Aaeaiei I.I. Iaoiaee aeiiii?/iiai aiae?co oe?iieo iaia??a aeey
oi?ioaaiiy ?iaanoeoe?eiiai ii?ooaey ia o?iainiaiio ?eieo Oe?a?ie.-
?oeiien.

Aeena?oaoe?y ia caeiaoooy iaoeiaiai nooiaiy eaiaeeaeaoa aeiiii?/ieo iaoe
ca niaoe?aeuei?noth 08.06.04.- Aooaaeoa?nueeee iae?e, aiae?c oa aoaeeo.-
Ee?anueeee iaoe?iiaeueiee aeiiii?/iee oi?aa?neoao, Ee?a, 1999 ??e.

Aeena?oaoe?y i?enay/aia aeine?aeaeaiith iaoiae?a aeiiii?/iiai aiae?co
oe?iieo iaia??a ? iaoai?cio oi?ioaaiiy ?iaanoeoe?eiiai ii?ooaey ia
oe?a?inueeiio o?iainiaiio ?eieo.

A aeena?oaoe?? cai?iiiiiaai? oa i?i?ethno?iaai? eiie?aoieie i?eeeaaeaie
??ciiiai?oi? aa??aioe ?ic?aooie?a aeiiii?/ieo iieaciee?a aeey aiae?co
i?iieo iaia??a; aeyaeai? iniiai? i?eeiie iiaoaeiae oe?a?inueeeo
oiiaeiaeo ?iaeeeaoi??a;

cai?iiiiiaaia ? ai?iaiaaia iiaa iaoiaeeea ?ic?aooieo noeoiiiai
oiiaeiaiai ?iaeaeno.

Eeth/ia? neiaa: aeiiii?/iee aiae?c, oiiaeiaee ?eiie, oe?ii? iaia?e,
?iaanoeoe?eiee ii?ooaeue, oiiaeiaee ?iaeaen, i?eaooeia?noue.

AIIIOAOeEss

Aaeaiei I.I. Iaoiaeu yeiiiie/aneiai aiaeeca oeaiiuo aoiaa aeey
oi?ie?iaaiey eiaanoeoeeiiiiai ii?ooaey ia oeiainiaii ?uiea Oe?aeiu.
-?oeiienue.

Aeenna?oaoeey ia nieneaiea o/aiie noaiaie eaiaeeaeaoa yeiiiie/aneeo iaoe
ii niaoeeaeueiinoe 08.06.04. — Aooaaeoa?neee o/ao, aiaeec e aoaeeo. —
Eeaaneee iaoeeiiaeueiue yeiiiie/aneee oieaa?neoao, Eeaa, 1999 aiae.

Aeenna?oaoeey iinayuaia enneaaeiaaieth iaoiaeia yeiiiie/aneiai aiaeeca
oeaiiuo aoiaa e iaoaiecio oi?ie?iaaiey eiaanoeoeeiiiiai ii?ooaey ia
oe?aeineii oeiainiaii ?uiea.

A aeaiiii iao/iii enneaaeiaaiee ?anniio?aii ?yae aaaeiuo aii?inia,
eioi?ua a eiiieaeniii iaiauaiee eiatho neaaeothuee aeae:

— iauea iiiyoey oeiainiaiai ?uiea, iniiaiua aeaeu oeaiiuo aoiaa e
aaiacen eo ?acaeoey a Oe?aeia;

— oai?aoe/aneea iniiau aiaeeca ?uiea oeaiiuo aoiaa a caiaaeiie
yeiiiie/aneie iaoea;

— yeiiiie/aneee aiaeec iieacaoaeae oeaiiuo aoiaa e ?uiea a oeaeii;

— eniieueciaaiea iaoiaeia aiaeeca oeaiiuo aoiaa aeey oi?ie?iaaiey
eiaanoeoeeiiiiai ii?ooaey ia oeiainiaii ?uiea Oe?aeiu.

Iainiiaaia oeaeaniia?aciinoue ?anniio?aiey ?uiea oeaiiuo aoiaa eae
ninoaaeythuae oeiainiaiai ?uiea, i?aaeeiaeaia eeanneoeeaoeey o/anoieeia
oiiaeiaiai ?uiea ii oeio oa?aeoa?a yeiiiie/aneiai iiaaaeaiey e ii aeaeo
aeayoaeueiinoe ia ?uiea, ooi/iaia no?oeoo?a yeaiaioia aoi?e/iiai ?uiea
oeaiiuo aoiaa. Ana yoi iicaieeei ?ac?aaioaoue aeeooa?aioee?iaaiiue
iiaeoiae e nenoaiaoece?iaaiiie eeanneoeeaoeee oeaiiuo aoiaa ii ?acee/iui
oeiai e e?eoa?eyi ioai?a.

?anniio?aiu, eco/aiu e i?iaiaeece?iaaiu nouanoaothuea a caiaaeiie
yeiiiie/aneie eeoa?aoo?a oai?aoe/aneea eiioeaioeee ooieoeeiie?iaaiey
oeiainiauo ?uieia e i?eioeeiu yeiiiie/aneiai aiaeeca iaoaiecia
eo?niia?aciaaiey. Yoi iicaieeei naeaeaoue ?yae aaaeiuo auaiaeia ii
iaoiaeieiaee i?eiyoey eiaanoeoeeiiiuo ?aoaiee ia oe?aeineii oeiainiaii
?uiea n o/aoii iaoeeiiaeueiuo iniaaiiinoae aai ?acaeoey.

Ii?aaeaeaiu iniiaiua iai?aaeaiey e i?eioeeiu i?aaiecaoeee iaaethaeaiey
ca iieacaoaeyie ioaeaeueiuo oeaiiuo aoiaa e ?uiea a oeaeii. Auyaeai e?oa
iieacaoaeae, eioi?ua iaiaoiaeeii eniieueciaaoue a iiaie io?anee
yeiiiie/aneiai aiaeeca — aiaeeca ?uiea oeaiiuo aoiaa; i?aaeeiaeaiu e
i?ieeethno?e?iaaiu eiie?aoiuie i?eia?aie ?aciiia?aciua aa?eaiou
iiaeeoeeaoeee oi?ioe yoeo iieacaoaeae; ?ac?aaioaia iaoiaeeea ?an/aoa
oiiaeiaiai eiaeaena, ?aaeecaoeey eioi?ie iicaieeo naiaa?aiaiii
?aaae?iaaoue ia aeiaaeueiua eciaiaiey ?uiea.

I?iaiaeece?iaaiu iniaaiiinoe ?acaeoey oe?aeineiai e caiaaeiiai ?uiea
oeaiiuo aoiaa e i?iecaaaeai i?aeoe/aneee ?an/ao eiaanoeoeeiiiiai
ii?ooaey, aneaaenoaea /aai iainiiaaia aiciiaeiinoue i?eiaiaiey iiaeaee
ioeaiee eaieoaeueiuo aeoeaia (NA?I) ia oe?aeineii oeiainiaii ?uiea.

Eeth/aaua neiaa: yeiiiie/aneee aiaeec, oiiaeiaue ?uiie, oeaiiua aoiaae,
eiaanoeoeeiiiue ii?ooaeue, oiiaeiaue eiaeaen, aeioiaeiinoue.

SUMMERY

Halenko O.M. Methods of economic analysis of security for formation of
investment portfolio at financial market of Ukraine. — Manuscript.

Dissertation for the scientific degree of candidate of economic sciences
in specialty 08.06.04 — Accounting, analysis and auditing. — Kyiv
National Economy University, Kyiv, 1999.

Dissertation is devoted to research of methods of economic analysis of
securities and forming mechanism of investment briefcase on Ukrainian
financial market.

The dissertation offers and illustration by concrete examples different
variants of economic, accounting, for analysis of security, the basic
ways of formation of Ukrainian fund indicators, new methods of account
of complex fund index are offered.

Key words: economic analysis, foundation market, security, investment
portfolio, fund index, profit.

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