Оцінка інвестиційного потенціалу будівельної організації: Автореф. дис… канд. екон. наук / В.В. Пархоменко, Київ. нац. ун-т буд-ва і архіт. — К., 19

EE?ANUeEEE IAOe?IIAEUeIEE OI?AA?NEOAO

AOAe?AIEOeOAA ? A?O?OAEOO?E

Ia?oiiaiei A?eoi??y A?eoi??aia

OAeE 69.003:658.012.012

IOe?IEA ?IAANOEOe?EIIAI IIOAIOe?AEO

AOAe?AAEUeII? I?AAI?CAOe??

Niaoe?aeuei?noue 08.07.03 – Aeiiii?ea aoae?aieoeoaa

Aaoi?aoa?ao

aeena?oaoe?? ia caeiaoooy iaoeiaiai nooiaiy

eaiaeeaeaoa aeiiii?/ieo iaoe

Ee?a – 1999

Aeena?oaoe??th ? ?oeiien

?iaioa aeeiiaia ia eaoaae?? aeiiii?ee aoae?aieoeoaa a Ee?anueeiio
iaoe?iiaeueiiio oi?aa?neoao? aoae?aieoeoaa ? a?o?oaeoo?e I?i?noa?noaa
ina?oe Oe?a?ie

Iaoeiaee ea??aiee — eaiaeeaeao aeiiii?/ieo iaoe, aeioeaio, aeioeaio
eaoaae?e aeiiii?ee aoae?aieoeoaa EIOAA ?ciaeeiaa Eaoa?eia Aanee?aia

Io?oe?ei? iiiiaioe:

aeieoi? aeiiii?/ieo iaoe, i?ioani? E?ooaanueeee A?eaae?e Aieiaeeie?iae/,
caa?aeoaa/ eaoaae?ith aeiiii?ei-iaoaiaoe/iiai iiaeaethaaiiy Ee?anueeiai
aea?aeaaiiai ?inoeoooo ioi?oeeiaeueiiai iaiaaeaeiaioo oa a?ciano;

eaiaeeaeao aeiiii?/ieo iaoe, aeioeaio ssoeaiei ?ai? Aieiaeeie?iae/,
caa?aeoaa/ eaoaae?ith aeiiii?ee Ee?anueeiai aea?aeaaiiai ?inoeoooo
i?aeaioiaee niaoe?ae?no?a noaoenoeee ?eieo Aea?aeeiinoaoo Oe?a?ie

I?ia?aeia onoaiiaa — Oa?e?anueeee Aea?aeaaiee oaoi?/iee oi?aa?neoao
aoae?aieoeoaa oa a?o?oaeoo?e I?i?noa?noaa ina?oe Oe?a?ie, i. Oa?e?a

Caoeno a?aeaoaeaoueny » 17 » eenoiiaaea 1999 ?. i 15-00 aiaeei? ia
can?aeaii? niaoe?ae?ciaaii? a/aii? ?aaee Ae.26.056.03 i?e Ee?anueeiio
iaoe?iiaeueiiio oi?aa?neoao? aoae?aieoeoaa ? a?o?oaeoo?e I?i?noa?noaa
ina?oe Oe?a?ie ca aae?anith: 252037 i. Ee?a, Iia?o?ioeionueeee
i?iniaeo,31

C aeena?oaoe??th iiaeia iciaeiieoenue o a?ae?ioaoe? Ee?anueeiai
iaoe?iiaeueiiai oi?aa?neoaoo aoae?aieoeoaa ? a?o?oaeoo?e

Aaoi?aoa?ao ?ic?neaiee » 15 » aeiaoiy 1999?.

A/aiee nae?aoa?

niaoe?ae?ciaaii? a/aii? ?aaee Ae.26.056.03

eaiaeeaeao aeiiii?/ieo iaoe, aeioeaio
Iiai?aeueoeaa A.I.

CAAAEUeIA OA?AEOA?ENOEEA ?IAIOE

Aeooaeuei?noue oaie. ?iaanoeoe?ei? i?ioeane a aeiiii?oe? ?eieiaeo
a?aeiioaiue, ui oi?iothoueny a Oe?a?i? — yaeua a?aeiinii iiaa. A /ane
ieaiiai? aeiiii?ee, i?e oeaio?ae?ciaaiiio athaeaeaoiiio o?iainoaaii?,
an? ieoaiiy aeae?eaiiy eioo?a ? ?aiaee?oaaiiy i??i?eoao?a ?icaeoeo
ae??ooaaeeny, ia?aaaaeii, aaei?i?no?aoeaieie iaaeiiii?/ieie iaoiaeaie.
O iiaeo oiiaao, i?e oe?eeii ?ioeo oe?eyo ? iineeaiiyo ?icaeoeo, ieoaiiy
aeiiii?/iiai iaa?oiooaaiiy aeai?o i??i?eoao?a, oiia ? i?eioeei?a
a?aeai?o i?eioiaaieo i?ia?ai, i?iaeo?a ? a oe?eiio ?iaanoeoe?eii?
ae?yeueiino? aeoiaeyoue ia ia?aaei?e ieai.

A aeaiee /an niinoa??aa?oueny ??cea cieaeaiiy ?iaanoeoe?eiiai iiieoo
i?aei?e?inoa ?, ianaiia?aae, ia ?aaeuei? ?iaanoeoe?? ca aeiiiiiaith yeeo
iiaeia caaacia/eoe no?oeoo?io ia?aaoaeiao ia?iaeiiai ainiiaea?noaa,
iaoeiai-oaoi?/iee i?ia?an ? ??oo/ee i?aeeii aeiiii?ee aea?aeaae.

Iniiaia iana ?iaanoeoe?e, ui cae?eniththoueny ca ?aooiie aeanieo eioo?a
i?aei?e?inoa — oea ?iaanoeoe?? c oiiaeo a?aeoeiaeoaaiiy, ye?
ni?yiiaothoueny ia i?aeo?eieo ae?th/eo iiooaeiinoae. A?eueo?noue
i?aei?e?inoa ia iathoue iiaeeeaino? noai?thaaoe iia? iiooaeiino?,
?aeiino?othaaoe ? ?icoe?thaaoe ae?iaieoeoai, ine?eueee aanue i?eaooie
eaea o oiiae niiaeeaaiiy.

Aeey ca?eueoaiiy aeanii? ?iaanoeoe?eii? aeoeaiino? ye aea?aeaaieo
i?aei?e?inoa, oae ? iacaeaaeieo ?iaanoi??a, aeieea? iaiao?aei?noue
a?aeiiaeaiiy ciaoe?iaiiai ?ioeyoe??th ?iaanoeoe?eiiai iioaioe?aeo
i?aei?e?inoa. C oe??th iaoith iaiao?aeii, ianaiia?aae, i?aeaeueoe ?ieue
aeanieo aeaea?ae o?iainoaaiiy ?iaanoeoe?eieo cania?a i?aei?e?inoa:
aii?oecaoe?? ? i?eaooeo, ui caeeoa?oueny a ?icii?yaeaeaii?
i?aei?e?inoaa.

Iaeiei c ia?oi/a?aiaeo caaaeaiue, iinoaaeaieo O?yaeii Oe?a?ie, ?
ciaioaiiy ianyao aeeo/aiiy eioo?a (cie?aia i?eaooeo) ? iiaa
aii?oecaoe?eia iie?oeea. I?ioa i?eaooeii ? aii?oecaoe??th aeaea?aea
eioo?a i?aei?e?inoa ia iaiaaeothoueny. Aeey ?iaanoeoe?eieo iio?aa
iiaeooue aeei?enoiaoaaoeny aeiaaino?ieia? e?aaeeoe. No?oeoo?a aeaea?ae
o?iainoaaiiy i?aei?e?inoa caeaaeeoue a?ae oi?i aeaniino? ? oi?i
ainiiaea?thaaiiy. C iiyaith iiaeo oi?i ainiiaea?thaaiiy o noa’?eo?a
i?aei?e?iieoeueei? ae?yeueiino? c’yaeythoueny iia? iiaeeeaino? caeo/aiiy
aeiaeaoeiaeo eioo?a.

Ii?yae ?c aeei?enoaiiyi ?acoeueoao?a iiiaeeiieeo aeine?aeaeaiue
?iaanoeoe?eii? ae?yeueiino? noa’?eo?a ainiiaea?nueei? ae?yeueiino?, o
ca’yceo c a?aenooi?noth aeinoaoiueiai aeina?aeo oa ?ioi?iaoe?eiiai
caaacia/aiiy a aaeoc? ioe?iee ?iaanoeoe?eii? ae?yeueiino? aoae?aaeueieo
i?aai?caoe?e a oiiaao oi?ioaaiiy ?eieiai? aeiiii?ee, iaiao?aeii
i?iaaaeaiiy aeiaeaoeiaeo aeine?aeaeaiue oa aenia?eiaio?a.

Ca’ycie ?iaioe c iaoeiaeie i?ia?aiaie, ieaiaie, oaiaie. Ia?aiee a
aeena?oaoe?ei?e ?iaio? iai?yiie aeine?aeaeaiue a?aeiia?aea? oaiaoe/i?e
ni?yiiaaiino? Aea?aeaaii? i?ia?aie aeiiii?/iiai ?icaeoeo (Iinoaiiaa
Eaa?iaoo I?i?no??a 1308 a?ae 17.08.98 «I?i ii?yaeie caoaa?aeaeaiiy
?iaanoeoe?eieo i?ia?ai oa i?iaeo?a aoae?aieoeoaa ? i?iaaaeaiiy ?o
eiiieaenii? aenia?oece» ), iaoeiaeo ?ic?iaie, ye? i?iaiaeyoueny
?inoeoooii aeiiii?ee IAIO ( Oaia ? 4/200-97 «?ic?iaea
iaoeiai-oai?aoe/ieo iniia ? iaoiaeieia?? aeine?aeaeaiue aeiiii?/ii?
aoaeoeaiino? ?iaanoeoe?eieo i?ioean?a a Oe?a?i? a oiiaao o?ainoi?iaoe??
?? aeiiii?/ii? nenoaie»), oa iaoeiaeo ?ic?iaie eaoaae?e aeiiii?ee
aoae?aieoeoaa Ee?anueeiai iaoe?iiaeueiiai oi?aa?neoaoo aoae?aieoeoaa oa
a?o?oaeoo?e.

Iaoa ? caaaeaiiy aeine?aeaeaiiy. Aieiaiith iaoith ?iaioe ? ?ic?iaea
iaoiae?a oi?ioaaiiy «ii?ooaey ?iaanoeoe?e» aoae?aaeueieo i?aai?caoe?e a
oiiaao noaiiaeaiiy ?eieiai? aeiiii?ee.

A?aeiia?aeii aei iaoe iinoaaeai? ? ae??oai? oae? caaaeaiiy:

— ?ic?iaea iaoiaeeee aecia/aiiy ?iaanoeoe?eiiai iioaioe?aeo
aoae?aaeueii? i?aai?caoe??, ui caeia?oueny ?iaanoeoe?eiith
ae?yeuei?noth;

— aeiiii?/ia iaa?oiooaaiiy aeai?o no?aoaa?/ieo iai?yie?a ?iaanoeoe?eii?
ae?yeueiino? aoae?aaeueii? i?aai?caoe??;

— iiaoaeiaa aeai?eoio ioe?iee oa aeai?o aa??aioa «?iaanoeoe?eiiai
ii?ooaey» c o?aooaaiiyi ?iaanoeoe?eiiai iioaioe?aeo aoae?aaeueii?
i?aai?caoe??;

— iiaoaeiaa ?i?oaoe?eii? iiaeae? ae?yeueiino? aeiiii?/ieo neoaea
aoae?aaeueieo i?aai?caoe?e i?e oi?ioaaii? «ii?ooaey ?iaanoeoe?e»;

— ai?iaaaeaeaiiy iniiaieo iieiaeaiue, ?acoeueoao?a oa aeniiae?a
aeena?oaoe?eii? ?iaioe a i?aeoe/io ae?yeuei?noue aoae?aaeueieo
i?aai?caoe?e, ui cae?eniththoue ?iaanoeoe?eio ae?yeuei?noue.

Ia’?eoii ? i?aaeiaoii aeine?aeaeaiiy ? ?iaanoeoe?eia ae?yeuei?noue
aoae?aaeueieo i?aai?caoe?e oa ?aoe?iiaeuei? oi?ie ?? cae?eniaiiy.

Iaoiaeieia?/iith e ?ioi?iaoe?eiith iniiaith aeine?aeaeaiiy ?
caeiiii??iino? ooieoe?iioaaiiy aoae?aaeueieo o??i a oiiaao ia?aoiaeo aei
?eieiai? aeiiii?ee oa ?? noaiiaeaiiy, Caeiie Oe?a?ie, Iinoaiiae Eaa?iaoo
I?i?no??a Oe?a?ie e ?io? ii?iaoeai? aeoe c ieoaiue ?iaanoeoe?eii?
ae?yeueiino?. O aeena?oaoe?? aeei?enoai? aee?aeoeai? aeieoiaioe,
ii?iaoeai? ? iaoiaee/i? iaoa??aee; ?iaioe a/aieo-aeiiii?no?a, ui
caeiathoueny i?iaeaiaie oi?ioaaiiy «?iaanoeoe?eieo ii?ooae?a» ? aiae?co
noaio i?aei?e?inoa; aeina?ae ?iaioe aoae?aaeueieo o??i a oiiaao ?eieiai?
aeiiii?ee.

Aeey ae??oaiiy caaea/ aeei?enoaii aeia?a ai?iaiaai? iaoiaee nenoaiiiai
aiae?co, ?i?oaoe?eiiai iiaeaethaaiiy, iaoaiaoe/ii? noaoenoeee,
aenia?oieo ioe?iie.

?ioi?iaoe?eiith iniiaith aeine?aeaeaiue ? eiooi?enia aeieoiaioaoe?y,
a?cian-ieaie, iaoa??aee iia?aoeaii-oaoi?/ii?, noaoenoe/ii? ?
aooaaeoa?nueei? ca?oiino? oa ?acoeueoaoe aenia?oieo iieooaaiue
aoae?aaeueieo i?aai?caoe?e, ui cae?eniththoue ?iaanoeoe?eio
ae?yeuei?noue.

Iaoeiaa iiaecia iieyaa?:

o ?ic?iaoe? iaoiaeeee ioe?iee ?iaanoeoe?eiiai iioaioe?aeo aoae?aaeueii?
i?aai?caoe?? /a?ac ioe?ieo iieaciee?a eiai o?iainiai? no?eeino? oa
e?ea?aeiino?;

— a iaa?oiooaaii? ? aeai?eoi?caoe?? iaoai?ci?a ?aiaeoaaiiy oa aeai?o
iai?yie?a ?iaanoeoe?eii? ae?yeueiino? ia iniia? ?iia??i?nieo aaaiaeo
aenia?oieo ioe?iie ia?aiao??a ?iaanoeoe?e;

— o noai?aii? ?i?oaoe?eii? iiaeae? ae?yeueiino? aeiiii?/ieo neoaea
aoae?aaeueieo i?aai?caoe?e i?e oi?ioaaii? «ii?ooaey ?iaanoeoe?e» ?c
o?aooaaiiyi ?iaanoeoe?eiiai iioaioe?aeo aoae?aaeueii? i?aai?caoe??;

— o ?ic?iaoe? ae?eiai? a?e «O?iainiaa aenia?oeca ?iaanoeoe?e» aeey
i?aeaioiaee oao?aoe?a a aaeoc? oi?aae?iiy ?iaanoeoe?eiith ae?yeuei?noth.

I?aeoe/ia cia/ei?noue aeena?oaoe?eii? ?iaioe iieyaa? a ?? ni?yiiaaiino?
ia ?icaeoie ?ic?aooieiai-aiae?oe/iiai ?ino?oiaioa??th ioe?iee
?iaanoeoe?eiiai iioaioe?aeo aoae?aaeueieo i?aai?caoe?e a oiiaao
oi?ioaaiiy ?eieiai? aeiiii?ee Oe?a?ie.

Iniiai? iieiaeaiiy aeena?oaoe?eii? ?iaioe, aeniiaee ? i?iiiceoe?? ii
oaeineiiaeaiith ?nioth/eo iaoiae?a oi?ioaaiiy «?iaanoeoe?eiiai ii?ooaey»
e ioe?iee ?iaanoeoe?eiiai iioaioe?aeo iiaeooue aooe aeei?enoai?
aoae?aaeueieie i?aai?caoe?yie, ?iaanoeoe?eieie eiiiai?yie, aaie?anueeeie
no?oeoo?aie, a oaeiae iaa/aeueieie caeeaaeaie, ui caeiathoueny
i?aeaioiaeith oao?aoe?a ye aoae?aaeueiiai, oae ? aeiiii?/iiai i?io?eth.

Ai?iaaoe?y ?iaioe. Iniiai? iieiaeaiiy aeena?oaoe?? aeeeaaeai? ia 58-e,
59-e, 60-e iaoeiai-oaoi?/ieo eiioa?aioe?yo EIOAA (i. Ee?a, 1996 — 1998
?.), O?O I?aeia?iaei?e eiioa?aioe?? nooaeaio?a ? iieiaeeo o/aieo (i.
Caeaia Ao?a, Iieueua, 1997?.), I?aeia?iaei?e iaoeiai-i?aeoe/i?e
eiioa?aioe?? «Aeine?aeaeaiiy e iioei?caoe?y aeiiii?/ieo i?ioean?a
(Iioeioi — 98)» (i. Oa?e?a, 1998 ?.) ? iioae?eiaai? o i’yoe i?aoeyo.

?acoeueoaoe aeena?oaoe?eii? ?iaioe aoee aeei?enoai? i?e oi?ioaaii?
«?iaanoeoe?eiiai ii?ooaey» aoae?aaeueieo i?aai?caoe?yo i. Ee?aa oa
Iaeane. Ae?eiaa a?a «O?iainiaa aenia?oeca ?iaanoeoe?e» c 1996/97 ?ieo
ai?iaaaeaeaia a iaa/aeueiee i?ioean c aeenoeeie?ie «O?iaine» aeey
nooaeaio?a niaoe?aeueiino? «Iaiaaeaeiaio i?aai?caoe?e».

Ioae?eaoe??. Iniiaiee ci?no aeena?oaoe?? a?aeia?aaeaii o oanoe i?aoeyo,
i’youe c yeeo iioae?eiaaii o iaoeiaeo oaoiaeo aeaeaiiyo, ui aoiaeyoue
aei ia?ae?eo, caoaa?aeaeaiiai AAEii Oe?a?ie [1-5].

Ianya oa no?oeoo?a aeena?oaoe?eii? ?iaioe. Aeena?oaoe?y neeaaea?oueny c?
anooio, o?ueio ?icae?e?a, aeniiae?a, nieneo aeei?enoaieo aeaea?ae
e?oa?aoo?e c? 106 iaeiaioaaiue. Iiaiee ianya aeena?oaoe?? neeaaea? 145
noi??iie iaoeiiieniiai oaenoo, a oiio /ene? nienie aeei?enoaieo aeaea?ae
ia 5 noi??ieao. E??i iniiaiiai oaenoo, a ?iaio? iaaaaeai?: 14 ?en., 43
oaae., aeiaeaoie ia 23 noi??ieao iaoeiiieniiai oaenoo.

INIIAIEE CI?NO AeENA?OAOe?EII? ?IAIOE

Aiae?c ?nioth/eo i?aeoiae?a aei oi?ioaaiiy «?iaanoeoe?eiiai ii?ooaey» oa
aiae?c ae?yeueiino? aoae?aaeueieo i?aai?caoe?e a oiiaao ?eieiai?
aeiiii?ee, iiaeaieo o i?aoeyo i?ia?aeieo a?o/eciyieo oa ca?oa?aeieo
?iaanoiciaaoe?a, yeee cae?eniaii a ia?oiio ?icae?e? ?iaioe, aeicaieea
noi?ioethaaoe iniiai? aeiiae aei «?iaanoeoe?eiiai ii?ooaey»
aoae?aaeueii? i?aai?caoe??:

1) aenieee oaii c?inoaiiy eai?oaeo;

2) aenieee oaii c?inoaiiy i?eaooeo;

3) aeinoaoiy e?ea?aei?noue «?iaanoeoe?eiiai ii?ooaey»;

4) i?i?i?caoe?y ?iaanoeoe?eieo ?ecee?a.

sse cana?ae/ea iaeyae aeaea?ae, eeth/iaei ieoaiiyi i?e oi?ioaaii?
«?iaanoeoe?eiiai ii?ooaeth» ? aecia/aiiy ?iaanoeoe?eii? ni?iiiaeiino?
aoae?aaeueii? i?aai?caoe??, oiaoi cae?eniaiiy iaa?oioiaaii? ioe?iee ?o
?iaanoeoe?eiiai iioaioe?aeo. Oea aecia/eei iaoo oa iniiai? caaaeaiiy
aeine?aeaeaiiy.

Iniiaiei aoaiii oi?ioaaiiy ?iaanoeoe?eiiai ii?ooaey ? aecia/aiiy
?iaanoeoe?eiiai iioaioe?aeo i?aei?e?inoaa. Iaea?aeai? o ae?oaiio
?icae?e? ca aeiiiiiaith ei?aeyoe?eiiai aiae?co caeaaeiino? aeicaieythoue
aecia/eoe iiaeeea?noue aeei?enoaiiy aeanieo cania?a, a oaeiae caeo/aiiy
aeiaeaoeiaeo eioo?a, ye aeaea?ae o?iainoaaiiy «?iaanoeoe?eiiai
ii?ooaey».

?iaanoeoe?eiee iioaioe?ae — oea i?iaiiciaaia c aenieei nooiaiai
aeinoia??iino? ni?iiiaei?noue aoae?aaeueii? i?aai?caoe?? aei noai?aiiy
aoae?aaeueii? i?iaeoeoe?? oa ao?eaiiy ?iaanoeoe?eieo i?iaeo?a c
o?aooaaiiyi oiia, ui neeaeeny ia ?eieiaiio naaiaio?, ioiieaiiio
aoae?aaeueiith i?aai?caoe??th.

I?e aecia/aii? iioaioe?aeo i?aei?e?inoaa iaea?eueo oi/ieie aeaea?aeaie
?ioi?iaoe?? ? iieaciee ?aioaaaeueiino? aeaniiai eai?oaeo oa eiao?oe??io
?a?iaanooaaiiy i?eaooeo. Caeaaei?noue (1) i?ae eiao?oe??ioii
?a?iaanooaaiiy i?eaooeo ? /eiieeaie, ui aecia/athoue ?aioaaaeuei?noue
aeaniiai eai?oaeo aeicaiey? aecia/eoe, yeee a?aenioie i?eaooeo iiaea
aooe ?a?iaanoiaaiee aac ci?ie noi?iiaaieo i?iii?oe?e iieaciee?a
o?iainiaiai noaio i?aei?e?inoaa:

wmetafile8? ??????????????
???????????yyy????.????1?????? ??????? @

???&??yyyy?????Ayyy¬yyya??i?? ???&?
?MathType??`????u?th??????

aea Y1 – eiao?oe??io ?a?iaanooaaiiy i?eaooeo;

O1 – ?aioaaaeuei?noue i?iaeoeoe??;

O2 – eiao?oe??io o?iainiai? caeaaeiino?;

O3 – ?ano?nia?aeaea/a.

E??i i?eaooeo oa aii?oecaoe??, aeiaeaoeiaei aeaea?aeii o?iainoaaiiy
?iaanoeoe?eieo i?iaeo?a iiaeooue noaoe aeani? aeoeae i?aei?e?inoaa,
oi/i?oa ?o ni?iiiaei?noue aooe e?ea?aeieie. I?e aiae?c? aeiiii?/iiai
iioaioe?aeo aoae?aaeueieo o??i aoa anoaiiaeaiee aca?iica’ycie (2) i?ae
?ici??ii eiao?oe??ioa iie?eooy ? iaiao?aei?noth ca?eueoaiiy /anoee
iia?eueieo cania?a o caaaeueiiio ianyc? aeoea?a (?en.1).

wmetafile8? ?????????????
???????????yyy????.????1?????? ???????
` ???&??yyyy?????Ayyycyyy`???? ???&?
?MathType??P????u`y??????aea Y2 – c?inoaiiy /anoee iia?eueieo cania?a;

O4 – eiao?oe??io iie?eooy.

E??i aeanieo aeaea?ae aeey o?iainoaaiiy «?iaanoeoe?eiiai ii?ooaey»,
iiaeeeaa aeei?enoaiiy caeo/aieo cania?a. Aea aiie ? i?e/eiith ineaaeaiiy
iaiaaeaeiaioo, iaiaaeaiiy naiino?eiino?, iiaeeeai? ao?aoe i?eaaoii?
aeaniino? ? caeaaeiino? (ai?aiai?) a?ae e?aaeeoi??a. I?ioa, i?e
?aoe?iiaeueiiio ?o aeei?enoaii? o?iainiaa iieiaeaiiy i?aei?e?inoaa aoaea
noaa?eueiei, a ?iaanoeoe?eiee iioaioe?ae aoaea c?inoaoe.

?en.1. Aieea eiao?oe??ioa iie?eooy ia iaiao?aei?noue ca?eueoaiiy /anoee

iia?eueieo cania?a o caaaeueiiio ianyc? aeoea?a (i?aeaeuaiiy
e?ea?aeiino?

aeoea?a).

O iei?oi?o oiiaao aeao?oeeoo aea?aeaaiiai athaeaeaoo aaie?anuee?
e?aaeeoe noathoue iniiaiei ciai?oi?i aeaea?aeii o?iainoaaiiy. I?ioa,
aeei?enoaiiy aaie?anueeeo e?aaeeo?a oaeiae iia’ycaii c ieceith
o?oaeiiu?a. Iaea?aeaoe aeiaaino?ieiaee e?aaeeo

aeey ?aae?caoe?? «?iaanoeoe?eiiai ii?ooaeth», aoae?aaeueia i?aai?caoe?y
iiaea eeoa o aeiaaeeo, yeui aiia aoaea iaoe noaa?eueia o?iainiaa
iieiaeaiiy, i?i?iaeueiee ?ecee «ii?ooaey ?iaanoeoe?e» oa aenieo eiai
i?eaooeia?noue.

O oiae? aiae?co aeyaeeiny, ui e??i iieaciee?a o?iainiaiai noaio ia
?ici?? aaie?anueeeo e?aaeeo?a aieeaa? ieoiia aaaa ?nioth/iai iiceeiaiai
eai?oaeo a caaaeueiiio ianyc? aeaea?ae cania?a i?aei?e?inoaa. O
caeaaeiino? a?ae oeueiai iieacieea iiaeia oiiaii ca?oioaaoe
iice/aeueiee?a o oaeee niin?a (oaae.1):

Oaaeeoey 1

A?oioaaiiy i?aei?e?inoa-iice/aeueiee?a

A?oiaIeoiia aaaa ?nioth/iai iiceeiaiai eai?oaeo a caaaeueiiio ianyc?
aeaea?ae cania?a i?aei?e?inoaa15-20%221-40%341-50%451-70%

Iiaeeea?noue iaea?aeaiiy aaie?anueeeo e?aaeeo?a aoea aeine?aeaeaia ca
aeiiiiiaith ei?aeyoe?eiiai aiae?co a caeaaeiino? a?ae oaeeo iieaciee?a
ieaoini?iiiaeiino?:

1) eiao?oe??ioa aaniethoii? e?ea?aeiino?;

2) eiao?oe??ioa iie?eooy.

3) eiao?oe??ioa oaeaeei? ieaoini?iiiaeiino?;

Aeey aecia/aiiy caeaaeiino? ci?ie ?ici??o iiceeiaiai eai?oaeo (Y3) a?ae
eiao?oe??ioa aaniethoii? e?ea?aeiino? (O5) ??aiyiiy ei?aeyoe?? a
caaaeueiiio aeaeyae? iiaeia caienaoe oae:

wmetafile8?
??N??????????? ???????????yyy????.????1??????
??????? ``???&??yyyy?????Ayyy»yyy ???? ???&?
?MathType??`????u y??????

O oiae? ?ic?aooieo aoee iaea?aeai? oae? eiao?oe??ioe ??aiyiiy (oaae. 2)

Oaaeeoey 2

Eiao?oe??ioe ??aiyiiy ei?aeyoe??

? a?oie A1 A1 N1 1 508,79 -143,47 10,15 2 223,77 -57,0 2,80 3 152,897
-57,288 5,434 4 149,918 -95,33 14,897

??aiyiiy caeaaeiino? ci?ie ?ici??o iiceeiaiai eai?oaeo (Y3) a?ae
eiao?oe??ioa iie?eooy (O6) ia? aeaeyae:

wmetafile8? ??†???????????
???????????yyy????.????1?????? ???????
`A???&??yyyy?????Ayyy»yyy????? ???&? ?MathType??`????u
y??????

Cia/aiiy eiao?oe??io?a aeaiiai ??aiyiiy iaaaaeai? a oaae. 3.

Oaaeeoey 3

Cia/aiiy eiao?oe??io?a ??aiyiiy caeaaeiino? iiaeeeaino? ci?ie ?ici??o
iiceeiaiai eai?oaeo a?ae eiao?oe??ioa iie?eooy.

? a?oie A2 A2 N2 D2 1 -2,596 11,086 1,805 -8,38 2 -0,585 1,64 12,996
-15,555 3 -0,998 6,377 -1,75 -8,029 4 -0,0717 -2,634 23,266 -35,909
Caaaeueiee aeaeyae ??aiyiiy caeaaeiino? ci?ie aaee/eie iiceeiaiai
eai?oaeo (Y3) a?ae eiao?oe??ioa oaeaeei? ieaoini?iiiaeiino? (O7):

wmetafile8?
??|??????????? ???????????yyy????.????1??????
??????? ?A ???&??yyyy?????Ayyy¤yyy? ??$?? ???&?
?MathType??`????u y??????

Cia/aiiy eiao?oe??io?a ??aiyiiy (5) iaaaaeai? a oaaeeoe? 4.

Oaaeeoey 4

Cia/aiiy eiao?oe??io?a ??aiyiiy caeaaeiino? iiaeeeaino? ci?ie aaee/eie
iiceeiaiai eai?oaeo a?ae eiao?oe??ioa oaeaeei? ieaoini?iiiaeiino?.

? a?oie A3 A3 1 -45,2 27,875 2 -62,32 25,52 3 -104,2 24,69 4 -167,72
20,41A?ao?ee ??aiyiue (3-5) iaaaaeai? ia ?en.2 (a, a, a).

Ocaaaeueithth/e aiae?c aeo?aeieo aeaieo iiaeia neeanoe ??aiyiiy
iiiaeeiii? e?i?eii? caeaaeiino? (6) ci?ie aaee/eie iiceeiaiai eai?oaeo
a?ae iieaciee?a ieaoini?iiiaeiino?.

O caaaeueiiio aeaeyae? ??aiyiiy ia? aeae:

wmetafile8? ??v???????????
???????????yyy????.????1?????? ???????
@`???&??yyyy?????Ayyy¬yyy ??i?? ???&? ?MathType??`????u
y??????

aea A4 , A4 , N4 — eiao?oe??ioe ??aiyiiy (oaae. 5)

D4 — iino?eia;

O5 — eiao?oe??io aaniethoii? e?ea?aeiino?;

O6 — eiao?oe??io iie?eooy;

O7 — eiao?oe??io oaeaeei? ieaoini?iiiaeiino?

Oaaeeoey 5

Cia/aiiy eiao?oe??io?a ??aiyiiy caeaaeiino? iiaeeeaino? ci?ie ?ici??o

iiceeiaiai eai?oaeo a?ae eiao?oe??ioa iie?eooy.

? a?oieA4A4N4D4 1 106,83 -2,016 3,986 -20,122 2 60,738 -1,035 4,823
-15,565 3 29,852 1,554 4,788 -16,65 4 10,609 6,355 5,158 -28,235

Ua iaeiei aeaea?aeii o?iainoaaiiy iiaea aooe caeo/aiiy aeiaeaoeiaiai
aeoe?iia?iiai eai?oaeo. Aea aiii ? iaeiaio i?eaaaeeaei aeey
i?aei?e?inoaa-?iaanoi?a. Iacaaaeath/e ia oea, caeo/aiiy aeiaeaoeiaiai
aeoe?iia?iiai eai?oaeo o?aaa ?icaeyaeaoe ye iioaioe?eia aeaea?aei
o?iainoaaiiy.

?en.2a. Iiaeeea?noue ci?ie aaee/eie iiceeiaiai eai?oaeo a?ae
eiao?oe??ioa aaniethoii? e?ea?aeiino?

I?eeiath/e ??oaiiy i?i caeo/aiiy aeiaeaoeiaiai aeoe?iia?iiai eai?oaeo,
aa?oi ciaoe, yeei ia? aooe ??aaiue i?eaooeo ia aeoe?iia?iee eai?oae ?
?aioaaaeuei?noue aeaniiai eai?oaeo, uia iiaeia aoei cae?enieoe ai?n?th
aeoe?e.

?en.2a. Iiaeeea?noue ci?ie aaee/eie iiceeiaiai eai?oaeo a?ae
eiao?oe??ioa iie?eooy

?en.2a. Iiaeeea?noue ci?ie aaee/eie iiceeiaiai eai?oaeo a?ae
eiao?oe??ioa oaeaeei? ieaoini?iiiaeiino?.

A ?acoeueoao? aiae?co aoee aeaaaeai? caeaaeiino? aieeao iieaciee?a
i?eaooeiaino? aeoe?iia?iiai eai?oaeo (?en.3) ? ?aioaaaeueiino? aeaniiai
eai?oaeo (?en.4) ia ?ici?? iiaeeeai? ci?ie aeaniiai eai?oaeo, aai ?ioeie
neiaaie: i?e yeiio ??ai? i?eaooeiaino? aeoe?e ? ?aioaaaeueiino? aeaniiai
eai?oaeo aeoe?iia?e iiaiaeyoueny ia eiai ca?eueoaiiy.

sse iieacaee aeine?aeaeaiiy, ??oaiiy i?i ai?n?th aeoe?e caeaaeeoue
oaeiae a?ae nooiaith ?eceeo «ii?ooaey ?iaanoeoe?e» (nenoaiiiai ?
aeeaa?neo?eaoe?eiiai). *ei aeuee nooi?iue ?eceeo, oei a?eueo aenieeie
iiaeii? aooe iieacieee aeieaoe aeea?aeaiae?a ? ?aioaaaeueiino? aeey
ca?eueoaiiy aeaniiai eai?oaeo ia a?aeiia?aeio aaee/eio.

??aiyiiy caeaaeiino? aieeao i?eaooeiaino? aeoe?e (O8) ia iiaeeea?noue
ci?ie aaee/eie aeaniiai eai?oaeo (Y4) ia? aeaeyae:

wmetafile8? ??N???????????
???????????yyy????.????1?????? ???????
?`???&??yyyy?????Ayyy1/2yyy ??=?? ???&? ?MathType??`????u
y??????

aea A5 ,A5 — eiao?oe??ioe ??aiyiiy;

N5 — a?eueiee /eai

?en.3. Aieea i?eaooeiaino? aeoe?iia?iiai eai?oaeo ia iiaeeea?noue ci?ie
aaee/eie aeaniiai eai?oaeo.

Cia/aiiy eiao?oe??io?a ??aiyiiy (7) iaaaaeai? a oaaeeoe? 6.

Oaaeeoey 6

Cia/aiiy eiao?oe??io?a ??aiyiiy caeaaeiino? aieeao i?eaooeiaino? aeoe?e
ia iiaeeea?noue ci?ie aaee/eie aeaniiai eai?oaeo

??aaiue ?eceeoA5A5N5 Iecueeee (1) 0,042 -0,053 -3,4 Na?aaei?e (2)
0,0175 0,158 -3,42 Aenieee (3) 0,0146 -0,156 -0,047

??aiyiiy caeaaeiino? ci?ie aaee/eie aeaniiai eai?oaeo (Y4) a?ae ??aiy
?aioaaaeueiino? (O9) ia? aeaeyae:

wmetafile8?
????????????? ???????????yyy????.????1??????
??????? @` ???&??yyyy?????Ayyy¬yyy ??i?? ???&?
?MathType??`????u y??????

aea A6- eiao?oe??io ??aiyiiy

A6 — a?eueiee /eai

?en.4. Aieea ?aioaaaeueiino? aeaniiai eai?oaeo ia iiaeeea?noue ci?ie
aaee/eie aeaniiai eai?oaeo.

Cia/aiiy eiao?oe??io?a ??aiyiiy iaaaaeai? a oaae.7.

Oaaeeoey 7

Cia/aiiy eiao?oe??io?a ??aiyiiy caeaaeiino? ci?ie aaee/eie aeaniiai
eai?oaeo a?ae ??aiy ?aioaaaeueiino?

??aaiue ?eceeoA6A6 Iecueeee (1) 1,684 -13,159 Na?aaei?e (2) 1,584
-19,584 Aenieee (3) 1,124 -15,64

Ocaaaeueithth/e iaea?aeai? aeai?, iiaeia iiaoaeoaaoe aaaaoioaeoi?i?
??aiyiiy caeaaeiino? iiaeeeaino? ci?ie aaee/eie aeaniiai eai?oaeo a?ae
iieaciee?a ?aioaaaeueiino? oa ??aiy aeieaoe aeea?aeaiae?a ii aeoe?yo.

Aeey «ii?ooaey» c iecueeei ??aiai ?eceeo ??aiyiiy iaoeia aeaeyae:

Y4 = 1,43X8 +0,228X9 — 18,936
(9)

I?e na?aaeiueiio ??ai? ?eceeo:

Y4 = 0,973 X8 +0,0998 X9 —
14,056 (10)

I?e aenieiio ??ai? ?eceeo «ii?ooaey ?iaanoeoe?e»:

Y4 = 0,2398 X8 +0,749 X9 —
14,569 (11)

Oaeei /eiii, ciath/e ??aaiue aeea?aeaiae?a ia aeoe?iia?iee eai?oae ?
?ici?? ?aioaaaeueiino? aeaniiai eai?oaeo, a oaeiae nooi?iue ?eceeo
«?iaanoeoe?eiiai ii?ooaey», iiaeia anoaiiaeoe aaee/eio ca?eueoaiiy
aeaniiai eai?oaeo, ye iioaioe?eii iiaeeeaiai aeaea?aea o?iainoaaiiy.

Aeoiaey/e c iaaaaeaieo i??eoaaiue, ?ic?iaeaii iaoiaeeeo oi?ioaaiiy
«?iaanoeoe?eiiai ii?ooaey» (?en.5).

Ia ia?oiio aoai? oi?ioaaiiy «ii?ooaeth ?iaanoeoe?e» iio??aii c?a?aoe
?ioi?iaoe?th i?i o?iainiai-aeiiii?/io oa ?iaanoeoe?eio ae?yeuei?noue
i?aei?e?inoaa ca iiia?aaei? ia??iaee.

Ia ae?oaiio aoai? aeeiio?oueny aiae?c aeaieo aooaaeoa?nueei? ca?oiino?.
Cae?enith?oueny ioe?iea iaeiiaiai noaio, e?ea?aeiino?, ae?eiai?
aeoeaiino? ? iieaciee?a ?aioaaaeueiino? i?aei?e?inoaa. On? iieacieee
ii??aiththoueny c a?aeiia?aeieie iieacieeaie iiia?aaei?o ia??iae?a,
na?aaei?ie iieacieeaie ii aaeoc? ? iieacieeaie, ui aaaaeathoueny
ii?iaeueieie c iiaeyaeo na?oiai? i?aeoeee.

sseui cia/aiiy iieaciee?a caaeiaieueiythoue ea??aieoeoai i?aei?e?inoaa ?
?ici??e io?eiaiiai a iiia?aaei? ia??iaee i?eaooeo caaeia?euei?, iiaea
aooe i?eeiyoa ??oaiiy i?i oi?ioaaiiy iiaiai «?iaanoeoe?eiiai ii?ooaey».

?en.5. Oe?oiiaia noaia aeai?eoio oi?ioaaiiy «ii?ooaeth ?iaanoeoe?e

sseui noai i?aei?e?inoaa iacaaeia?eueiee, o?aaa c’ynoaaoe i?e/eie
noi?iiaaii? neooaoe?? e onoiooe ?o (i?iaeaae /anoeie aeoea?a aeey
i?aeaeuaiiy e?ea?aeiino?, i?aeaeuaiiy ??aiy ?aioaaaeueiino? ca ?aooiie
ciaioaiiy aeo?ao, ciaioaiiy eiao?oe??ioa o?iainiai? caeaaeiino? ca
?aooiie ciaioaiiy /anoee iiceeiaeo cania?a, ciaioaiiy aeaa?oi?nueei?
caai?aiaaiino? ? oa?i?i?a aeieaoe ii i?e oiui).

Aea?? iai?yie?a ?iaanoeoe?eii? ae?yeueiino? i?iiiio?ii cae?enithaaoe i?e
iine?aeiaiiio aeei?enoaii? oaeeo iaoiae?a:

1) sse?niee aiae?c aoae?aaeueieie o??iaie iiaiiai ia?ae?eo an?o
e?eoa???a, ui o?aaa a?aoe aei oaaae i?e ?icaeyae? i?iaeoo.

2) Aaeueia ioe?iea ??ciiiai?oieo i?iaeo?a, o oiio /ene? a oiiaao
iaaecia/aiino?.

3) Aeiiii?/ia ioe?iea i?iaeo?a, ui aeeth/a? a?aeii? iaoiaee
aeeneiiooaaiiy a?ioiaeo iioie?a ? no?ieo ieoiiino? aeeaaeaiue.

I?eeiyaoe ??oaiiy i?i oi?ioaaiiy «?iaanoeoe?eiiai ii?ooaey», o?aaa
aecia/eoe no?aoaa?/i? iai?yiee ?iaanoeoe?eii? ae?yeueiino? ? iai?oeoe
iiaeeea? i?iaeoe aeey ?aae?caoe??. Iiia?aaei?e aeia?? i?iaeo?a
cae?enith?oueny ca aeiiiiiaith ia?ae?eo ioe?iieo iieaciee?a.
A?aeae?athoueny i?iaeoe, ni?yiiaai?noue yeeo ca?aa?oueny c caaaeueieie
no?aoaa?/ieie oe?eyie i?aei?e?inoaa.

Iine?aeiaii ii an?o ?-oeo oeiao i?iaeo?a aeeiio?oueny e?euee?nia ioe?iea
iiia?aaeiuei a?ae?a?aieo i?iaeo?a ca ia?ae?eii e?eoa???a, iaea?eueo
aaaeeeaeo aeey aeaiiai i?aei?e?inoaa. Iio?i aecia/a?oueny ?aiaiaa
cia/ei?noue i?iaeo?a ca ?acoeueoaoaie aaeueii? ioe?iee. I?iaeoe c
iaioith ?aiaiaith cia/ei?noth a?aeae?athoueny aeey ianooiiiai ?oiueiai
aiae?co. I?iaeoe, ?aiaiaa cia/ei?noue yeeo ia caaeiaieueiy? ?iaanoi?a,
a?aeoeeythoueny.

Ia ianooiiiio aoai? aecia/athoueny iieacieee aeiiii?/ii? aoaeoeaiino?
a?ae?a?aieo i?iaeo?a ?c aeei?enoaiiyi iaoiae?a: NPV, IR, IRR, oa?i?i
ieoiiino?. Neeaaea?oueny ii??aiyeueia oaaeeoey iniiaieo iieaciee?a
aoaeoeaiino? i?iaeo?a ? aecia/a?oueny ?aia i?iaeoo a caaaeuei?e nenoai?
iieaciee?a. Aeae?athoueny i?iaeoe, ye? iiaeia aeeth/eoe a
«?iaanoeoe?eiee ii?ooaeue».

Ia caeeth/iiio aoai? cae?enith?oueny aiae?c ?eceeo ? i?eaooeiaino?
«ii?ooaey ?iaanoeoe?e» a oe?eiio. Aecia/a?oueny i/?eoaaiee i?eaooie ? ?
noaiaea?oia a?aeoeeaiiy i?eaooeiaino? «ii?ooaey ?iaanoeoe?e» ?. I?e
iacaaeia?eueiiio ?acoeueoao?, i?iaaaeeoueny ei?eaoaaiiy «?iaanoeoe?eiiai
ii?ooaey» ia?a?iciiae?eii ?iaanoeoe?eieo cania?a i?ae i?iaeoaie, ui
aoiaeyoue a «?iaanoeoe?eiee ii?ooaeue». Aeae?a?oueny inoaoi/iee aa??aio
«ii?ooaey ?iaanoeoe?e».

O o?aoueiio ?icae?e? aeeeaaeaii aeina?ae aenia?eiaioaeueiiai
ai?iaaaeaeaiiy iaoiaeeee ioe?iee ?iaanoeoe?eiiai iioaioe?aeo
aoae?aaeueieo i?aai?caoe?e. ?icaeyiooi ?i?oaoe?eio iiaeaeue ae?yeueiino?
oi?aae?inueeiai ia?niiaeo aoae?aaeueieo i?aai?caoe?e, yeee i?eeia?
??oaiiy uiaei no?oeoo?e «?iaanoeoe?eiiai ii?ooaey» ia iniia? ioe?iee
o?iainiaiai noaio i?aei?e?inoaa a iiaeo oiiaao oi?ioaaiiy ?eieiai?
aeiiii?ee Oe?a?ie. Aacoth/enue ia oe?e iiaeae?, ?ic?iaeaia ae?eiaa a?a
«O?iainiaa aenia?oeca ?iaanoeoe?e», yea ni?yiiaaia ia canai?iiy
iine?aeiaiino? i?ioeaaeo? oi?ioaaiiy ?iaanoeoe?eii? i?ia?aie c
o?aooaaiiyi iane?aee?a ?? ?aae?caoe?? ia o?iainiaee noai
i?aei?e?inoaa-?iaanoi?a.

CAAAEUeI? AENIIAEE ? I?IIICEOe??

1. Aaeaeaaoii a?aeaeoe neooaoe?th, eiee a i?ioean i?eeiyooy ??oaiue
aeeth/athoueny iaoi?iaeuei? /eiieee, aeicaieythoue aeiiii?ei-iaoaiaoe/i?
iiaeae? ? iaoiaee, a oaeiae iaoiaee iaoaiaoe/ii? noaoenoeee.

2. Aea?? aa??aio?a iai?yie?a ?iaanoeoe?eii? ae?yeueiino? ne?ae
cae?enithaaoe ia iniia? aenia?oieo ioe?iie ca e?eoa??yie aeiiii?/ii?
aoaeoeaiino? ?iaanoeoe?e.

3. ?iaanoeoe?eiee iioaioe?ae aoae?aaeueii? i?aai?caoe?? ia? aecia/aoeny
e?ea?aei?noth ?? aeoea?a, ??aiai ieaoini?iiiaeiino? i?aai?caoe?? ?
iiaeeea?noth caeo/aiiy aeiaeaoeiaeo o?iainiaeo ?ano?n?a, iio??aieo aeey
?aae?caoe?? i?eeiyoiai «?iaanoeoe?eiiai ii?ooaey».

4. Oi?ioth/e inoaoi/iee «ii?ooaeue ?iaanoeoe?e», o??i? ne?ae aea?aoe
aa??aio, a yeiio caaacia/o?oueny:

1) iaea?eueoa i?eaooeia?noue c iaiaaeaiiyi ca ??aiai ?eceeo (ia a?eueo
i?ae);

2) i?i?iaeueiee ?ecee c iaiaaeaiiyi ii i?eaooeiaino? (ia iaioa i?ae).

I?e aecia/aii? ??aiy i?eaooeiaino? ? ?eceeo anueiai «ii?ooaey» o?aaa
a?aoiaoaaoe ??aaiue i?eaooeiaino? ? ?eceeo eiaeiiai c aianaieo o
«ii?ooaeue» aeoea?a, a oaeiae nooi?iue aeeaa?neo?eaoe?? «ii?ooaey».

5. ?ic?iaeaiee eiiieaen iaoiaeee c ieoaiue ioe?iee ?iaanoeoe?eiiai
iioaioe?aeo aeicaiey? aoae?aaeueiei i?aai?caoe?yi a?aoiaoaaoe ?oi?e
o?iainiaee noai ? ia oe?e iniia?: ei?eaoaaoe iai?yiie ae?yeueiino?,
?aaoethaaoe ?iaanoeoe?eiee iioaioe?ae, iaea?aeoaaoe iaeneiaeueiee
i?eaooie, ?a?iaanooaaoe eiai a ?icoe?aiiy iioaioe?aeo, a oaeiae aea?
iiaeeea?noue caeo/aoe aeiaeaoeia? eiooe.

6. ?ic?iaeaia ae?eiaa a?a «O?iainiaa aenia?oeca ?iaanoeoe?e, o ye?e
?i?oo?oueny ae?yeuei?noue aeiiii?/ieo neoaea aoae?aaeueii? i?aai?caoe??
a oiiaao noaiiaeaiiy ?eieiaeo a?aeiinei, aeicaiey? aoaeoeaii
i?aeaiooaaoe oi?aae?inueeee ia?niiae aeey ?iaioe a iiaeo aeiiii?/ieo
oiiaao.

7. I?iaaaeai? aeine?aeaeaiiy aeicaieythoue noi?ioethaaoe iai?yiee
iiaeaeueoeo aeine?aeaeaiue: eiioeaioe?y, iaoiaeeea, o?iainia? e
i?aai?caoe?ei? ieoaiiy noai?aiiy ? ooieoe?iioaaiiy a Oe?a?i?
?io?ano?oeoo?e c ?ioi?iaoe?eiiai caaacia/aiiy i?eeiyooy
aeiiii?/ii iaa?oioiaaieo ??oaiue o noa?? ?iaanoeoe?eii? ae?yeueiino?,
cie?aia, o aoae?aaeueiiio ae?iaieoeoa?.

IOAE?EAOe??

1. ?ciaeeiaa E.A., Ia?oiiaiei A.A. ?i?oaoe?eia iiaeaethaaiiy o?iainiaeo
iieaciee?a ?iaanoeoe?eii? ae?yeueiino? i?aei?e?inoaa //Oeyoe
i?aeaeuaiiy aoaeoeaiino? aoae?aieoeoaa a oiiaao oi?ioaaiiy ?eieiaeo
a?aeiinei (Ca??iee iaoeiaeo i?aoeue). Aei.2 — E.:EAeOOAA, 1997,N.73-75.

Caeiaoaa/aa? iniaenoi iaeaaeeoue ?ic?iaea ?i?oaoe?eii? iiaeae? iae?eo
aieeao ?iaanoeoe?eiiai i?ioeano ia o?iainiaee noai i?aei?e?inoaa.

2. Ia?oiiaiei A.A. Ioe?iea o?iainiaeo ?ino?oiaio?a: aeioiaei?noue ?
?ecee //Oeyoe i?aeaeuaiiy aoaeoeaiino? aoae?aieoeoaa a oiiaao oi?ioaaiiy
?eieiaeo a?aeiinei (Ca??iee iaoeiaeo i?aoeue). Aei.4 — E.:EAeOOAA,
1998. N.153-156.

3. Ia?oiiaiei A.A. Iioeiecaoeey enoi/ieeia oeiaine?iaaiey i?aaei?eyoey
// Enneaaeiaaiea e iioeiecaoeey yeiiiie/aneeo i?ioeannia (Aanoiee
Oa?ueeianeiai Ainoaea?noaaiiiai Iieeoaoie/aneiai Oieaa?neoaoa). Aei.19
/.3 – O.:OAIO, 1998, N.46-50.

4. Ia?oiiaiei A.A. Iiaeeea?noue caeo/aiiy ciai?oi?o aeaea?ae
o?iainoaaiiy aeey ?aae?caoe?? ?iaanoeoe?eieo i?iaeo?a //Oeyoe
i?aeaeuaiiy aoaeoeaiino? aoae?aieoeoaa a oiiaao oi?ioaaiiy ?eieiaeo
a?aeiinei (Ca??iee iaoeiaeo i?aoeue). Aei.6 — E.:EIOAA, 1999, N.77-82.

5. Ia?oiiaiei A.A. Oi?ioaaiiy «ii?ooaey ?iaanoeoe?e» aoae?aaeueii?
i?aai?caoe?? //Oeyoe i?aeaeuaiiy aoaeoeaiino? aoae?aieoeoaa a oiiaao
oi?ioaaiiy ?eieiaeo a?aeiinei (Ca??iee iaoeiaeo i?aoeue). Aei.?7 —
E.:EIOAA, 1999, N.7-9.

6. ?ciaeeiaa E.A., Ia?oiiaiei A.A. Iaoiaee/i? aeac?aee aei ae?eiai? a?e
«O?iainiaa aenia?oeca ?iaanoeoe?e» c aeenoeeie?ie «O?iaine» aeey
nooaeaio?a niaoe?aeueiino? «Iaiaaeaeiaio o ae?iaie/?e noa??». E.:
EAeOOAA, 1997 ?., n.18.

Caeiaoaa/aa? iniaenoi iaeaaeeoue ?ic?iaea i?ioeano oa aeieoiaioaoe??
a?e.

Aiioaoe?y

Ia?oiiaiei A.A. Ioe?iea ?iaanoeoe?eiiai iioaioe?aeo aoae?aaeueii?
i?aai?caoe??. – ?oeiien.

Aeena?oaoe?y ia caeiaoooy iaoeiaiai nooiaiy eaiaeeaeaoa aeiiii?/ieo iaoe
ca niaoe?aeuei?noth 08.07.03 – aeiiii?ea aoae?aieoeoaa. – Ee?anueeee
iaoe?iiaeueiee oi?aa?neoao aoae?aieoeoaa oa a?o?oaeoo?e,1999.

Aeena?oaoe?th i?enay/aii ieoaiiyi ioe?iee ?iaanoeoe?eiiai iioaioe?aeo
aoae?aaeueieo i?aai?caoe?e, ui caeiathoueny ?iaanoeoe?eiith
ae?yeuei?noth, oa oi?ioaaiith ?aoe?iiaeueiiai «?iaanoeoe?eiiai
ii?ooaey». A aeena?oaoe?? cai?iiiiiaaia iaoiaeeea ioe?iee
?iaanoeoe?eiiai iioaioe?aeo aoae?aaeueieo i?aai?caoe?e c iaoith
oi?ioaaiiy ?aoe?iiaeueiiai «ii?ooaey ?iaanoeoe?e». Iaa?oioiaaiee
iaoai?ci ?aiaeoaaiiy oa aeai?o iai?yie?a ?iaanoeoe?eii? ae?yeueiino? ia
iniia? ?iia??i?nieo aaaiaeo aenia?oieo ioe?iie ia?aiao??a ?iaanoeoe?e.
Iiaoaeiaaii ?i?oaoe?eio iiaeaeue ae?yeueiino? aeiiii?/ieo neoaea
aoae?aaeueieo i?aai?caoe?e i?e oi?ioaaii? «ii?ooaey ?iaanoeoe?e».
?ic?iaeaii aeai?eoi oi?ioaaiiy «ii?ooaey ?iaanoeoe?e» c o?aooaaiiyi
nooiaiy ?eceeo (eiai ni?aa?aeiioaiiy c i?eaooeia?noth) oa iiaeeeainoae
i?aei?e?inoaa, aeniea aoaeoeai?noue yeiai iaa?oioiaaia oai?aoe/ii ?
i?aeoaa?aeaeaia i?aeoe/ii. Iniiai? ?acoeueoaoe i?aoe? ciaeoee
ai?iaaaeaeaiiy i?e oi?ioaaii? «?iaanoeoe?eiiai ii?ooaey» aoae?aaeueieo
i?aei?e?inoa oa a o/aiaiio i?ioean?.

Eeth/ia? neiaa: ?iaanoeoe?eiee iioaioe?ae, «ii?ooaeue ?iaanoeoe?e»,
aeaea?aea o?iainoaaiiy, ?ecee «?iaanoeoe?eiiai ii?ooaey».

AIIIOAOeEss

Ia?oiiaiei A.A. Ioeaiea eiaanoeoeeiiiiai iioaioeeaea no?ieoaeueiie
i?aaiecaoeee. — ?oeiienue.

Aeenna?oaoeey ia nieneaiea iao/iie noaiaie eaiaeeaeaoa yeiiiie/aneeo
iaoe ii niaoeeaeueiinoe 08.07.03 — yeiiiieea no?ieoaeuenoaa. — Eeaaneee
iaoeeiiaeueiue oieaa?neoao no?ieoaeuenoaa e a?oeoaeoo?u,1999.

Aeenna?oaoeey iinayuaia aii?inai ioeaiee eiaanoeoeeiiiiai iioaioeeaea
no?ieoaeueiuo i?aaiecaoeee, eioi?ua caieiathony eiaanoeoeeiiiie
aeayoaeueiinoueth, e oi?ie?iaaieth ?aoeeiiaeueiiai «eiaanoeoeeiiiiai
ii?ooaey».

Eeth/aaui iiiaioii i?e oi?ie?iaaiee «eiaanoeoeeiiiiai ii?ooaey»
i?aaei?eyoey yaeyaony ii?aaeaeaiea aai eiaanoeoeeiiiiai iioaioeeaea.
Eiaanoeoeeiiiue iioaioeeae — yoi i?iaiice?oaiay n aunieie noaiaiueth
aeinoiaa?iinoe niiniaiinoue no?ieoaeueiie i?aaiecaoeee e nicaeaieth
no?ieoaeueiie i?iaeoeoeee e aiieiuaieth eiaanoeoeeiiiuo i?iaeoia n
o/aoii oneiaee, eioi?ua neiaeeeenue ia ?uii/iii naaiaioa, ioaa/aiiii
no?ieoaeueiie i?aaiecaoeeae.

A aeenna?oaoeee i?aaeeiaeaia iaoiaeeea ioeaiee eiaanoeoeeiiiiai
iioaioeeaea no?ieoaeueiuo i?aaiecaoeee n oeaeueth oi?ie?iaaiey
?aoeeiiaeueiiai «ii?ooaey eiaanoeoeee» n o/aoii eeeaeaeiinoe aa aeoeaia,
o?iaiy ieaoaaeaniiniaiinoe i?aaiecaoeee e aiciiaeiinoe i?eaea/aiey
aeiiieieoaeueiuo oeiainiauo ?ano?nia a aeaea aaieianeeo e?aaeeoia e
aeiiieieoaeueiiai aeoeeiia?iiai eaieoaea, iaiaoiaeeiuo aeey ?aaeecaoeee
i?eiyoiai eiaanoeoeeiiiiai ii?ooaey. Iieo/aiiua n iiiiuueth
ei??aeyoeeiiiiai aiaeeca caaeneiinoe iicaieytho ii?aaeaeeoue
aiciiaeiinoue eniieueciaaiey nianoaaiiuo n?aaenoa, a oaeaea i?eaea/aiey
aeiiieieoaeueiuo enoi/ieeia oeiaine?iaaiey eiaanoeoeeiiiiai ii?ooaey.
?ac?aaioaiiay iaoiaeeea ioeaiee eiaanoeoeeiiiiai iioaioeeaea iicaieyao
no?ieoaeueiui i?aaiecaoeeyi o/eouaaoue naia oeiainiaia ninoiyiea e ia
yoie iniiaa: ei??aeoe?iaaoue iai?aaeaiea aeayoaeueiinoe, ?aaoee?iaaoue
eiaanoeoeeiiiue iioaioeeae, iieo/aoue iaeneiaeueiue aeioiae,
?aeiaanoe?iaaoue aai ia ?anoe?aiea nianoaaiiiai eiaanoeoeeiiiiai
iioaioeeaea, a oaeaea iioeiaeueii eniieueciaaoue aiciiaeiinoue
i?eaea/aiey aeiiieieoaeueiuo enoi/ieeia n?aaenoa.

Iainiiaaiiue iaoaieci ?aiaee?iaaiey e auai?a iai?aaeaiee eiaanoeoeeiiiie
aeayoaeueiinoe ia iniiaa aa?iyoiinoiuo aaniauo yenia?oiuo ioeaiie
ia?aiao?ia eiaanoeoeee iicaieyao noi?ie?iaaoue iaeaieaa ?aoeeiiaeueiue,
n oi/ee c?aiey no?aoaae/aneie e yeiiiie/aneie auaiaeu, «ii?ooaeue
eiaanoeoeee».

Nicaeaiiay eieoaoeeiiiay iiaeaeue aeayoaeueiinoe yeiiiie/aneeo neoaea
no?ieoaeueiuo i?aaiecaoeee i?e oi?ie?iaaiee «ii?ooaey eiaanoeoeee»
iicaieyao i?ineaaeeoue, e a neo/aa iaiaoiaeeiinoe nei??aeoe?iaaoue,
aeaenoaey oi?aaeai/aneiai ia?niiaea no?ieoaeueiie i?aaiecaoeee,
i?eieiathuaai ?aoaiey ii no?oeoo?a eiaanoeoeeiiiiai ii?ooaey ia iniiaa
ioeaiee oeiainiaiai ninoiyiey i?aaei?eyoey.

A ?aaioa ?ac?aaioai aeai?eoi oi?ie?iaaiey «ii?ooaey eiaanoeoeee» n
o/aoii noaiaie ?enea (aai niioiioaiea n i?eaueueiinoueth) e
aiciiaeiinoae i?aaei?eyoey, aunieay yooaeoeaiinoue eioi?iai iainiiaaiiay
oai?aoe/anee e iiaeoaa?aeaeaia ia i?aeoeea. Ieii/aoaeueii oi?ie?oy
«ii?ooaeue eiaanoeoeee», oe?ia auae?aao aa?eaio, a eioi?ii
iaania/eaaaony:

— iaeaieueoay aeioiaeiinoue n ia?aie/aieai ii o?iaith ?enea (ia aieaa
/ai);

— ieieiaeueiue ?ene n ia?aie/aieai ii aeioiaeiinoe (ia iaiaa /ai).

I?e ii?aaeaeaiee o?iaiy aeioiaeiinoe e ?enea anaai «ii?ooaey»
o/eouaaaony o?iaaiue aeioiaeiinoe e ?enea eaaeaeiai ec aeeth/aiiuo a
«ii?ooaeue» aeoeaia, a oaeaea noaiaiue aeeaa?neoeeaoeee «ii?ooaey».

Iniiaiua ?acoeueoaou ?aaiou iaoee i?eiaiaiea i?e oi?ie?iaaiee
«eiaanoeoeeiiiiai ii?ooaey» no?ieoaeueiuo i?aaei?eyoee e a o/aaiii
i?ioeanna.

Eeth/aaua neiaa: eiaanoeoeeiiiue iioaioeeae, «ii?ooaeue eiaanoeoeee»,
enoi/ieee oeiaine?iaaiey, ?ene «eiaanoeoeeiiiiai ii?ooaey».

THE SUMMARY

Parkhomenko V.V. An evaluation of an investment potential of building
organization. — Manuscript.

Thesis on competition of a scientific degree of the candidate of
economic sciences on a specialty 08.07.03 — economy of construction. —
Kiev National University of Construction and Architecture, 1999.

The thesis is devoted to problems of an evaluation of an investment
potential of building organizations, which attend to investment
activity, and shaping rational » of an investment portfolio «. In a
thesis an offered technique of an evaluation of an investment potential
of building organizations with the purpose of shaping rational » of a
portfolio of the investments «. The mechanism of ranking and choice of
directions of investment activity because of probability weight expert
valuations of parameters of the investments is justified. The simulation
model of activity of economic services of building organizations for
want of shaping » of a portfolio of the investments » is created. The
algorithm of shaping » of a portfolio of the investments » with
allowance for degrees of risk (it a parity (ratio) with profit) and
possibilities of the enterprise is developed, which high efficiency
justified (reasonable) theoretically and confirmed is robust. The main
outcomes of transactions have found a use for want of shaping of an
investment portfolio of the building enterprises and in educational
process.

Key words: an investment potential, » a portfolio of the investments «,
sources of financing, risk of an investment portfolio.

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