Управління оборотними засобами підрядних будівельних організацій (на прикладі підрядних будівельних організацій Сумської області): Автореф. дис… кан

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OE?A?INUeEA AEAAeAI?ss AAIE?ANUeEI? NI?AAE

EI?AI?AA IENAIA AAIIAAe??AIA

OAeE 336.663:624

OI?AAE?IIss IAI?IOIEIE CANIAAIE I?Ae?ssAeIEO AOAe?AAEUeIEO
I?AAI?CAOe?E

(ia i?eeeaae? i?ae?yaeieo aoae?aaeueieo i?aai?caoe?e Noinueei? iaeano?)

Niaoe?aeuei?noue 08.04.01 — o?iaine, a?ioiaee ia?a ? e?aaeeo

Aaoi?aoa?ao

aeena?oaoe?? ia caeiaoooy iaoeiaiai nooiaiy

eaiaeeaeaoa aeiiii?/ieo iaoe

Noie — 1999

Aeena?oaoe??th ? ?oeiien

?iaioa aeeiiaia a Oe?a?inuee?e aeaaeai?? aaie?anueei? ni?aae
I?i?noa?noaa ina?oe Oe?a?ie

Iaoeiaee ea??aiee — aeieoi?
aeiiii?/ieo iaoe, i?ioani?

I?uaiei Aieiaeeie? ?aaiiae/,

Oe?a?inueea aeaaeai?y aaie?anueei?

ni?aae, ia?oee i?i?aeoi?

Io?oe?ei? iiiiaioe: — aeieoi?
aeiiii?/ieo iaoe, i?ioani?

Iineaeaiei Aieiaeeie? Iao?iae/,

aeoe?iia?ia oiaa?enoai «Noinueea

iaoeiiaoae?aia iaoeiai — ae?iaie/a

ia’?aeiaiiy ?i. I.A. O?oica”, ia/aeueiee

a?aeae?eo aeiiii?ee

— eaiaeeaeao aeiiii?/ieo iaoe, aeioeaio

Iieyoee?ia Ea?ena ?aai?aia, Noinueeee

aea?aeaaiee aa?a?iee oi?aa?neoao, aeioeaio eaoaae?e aooaaeoa?nueeiai
iae?eo oa aoaeeoo

I?ia?aeia onoaiiaa —
Iaoeiai-aeine?aeiee o?iainiaee ?inoeooo

i?e I?i?noa?noa? o?iain?a Oe?a?ie, a?aeae?e

aenia?oieo ioe?iie iae?iaeiiii?/ieo

iieaciee?a oa aiae?co oi?ioaaiiy ? aeeiiaiiy

athaeaeaoo, i. Ee?a

Caoeno a?aeaoaeaoueny “ 17 ” aa?aniy 1999 ?ieo i 11 aiaeei? ia

can?aeaii? niaoe?ae?ciaaii? a/aii? ?aaee Ae.55.081.01 Oe?a?inueei?
aeaaeai?? aaie?anueei? ni?aae ca aae?anith: 244030, i. Noie, aoe.
Niai?ia, 39, aoae. 204.

C aeena?oaoe??th iiaeia iciaeiieoeny a a?ae?ioaoe? Oe?a?inueei?
aeaaeai?? aaie?anueei? ni?aae

ca aae?anith: 244030, i. Noie, aoe. Niai?ia, 39.

Aaoi?aoa?ao ?ic?neaiee “ 16 ” na?iiy 1999?.

A/aiee nae?aoa?

niaoe?ae?ciaaii? a/aii? ?aaee
Eiaaeaiei A.A.

CAAAEUeIA OA?AEOA?ENOEEA ?IAIOE

Aeooaeuei?noue oaie aeine?aeaeaiiy

Noeioethaaiiy a?aeoai?thaaeueieo i?ioean?a, ye? iathoue nooo?ai aieeiooe
ia iiaeieaiiy iayaieo iaaaoeaieo yaeu ? aeinyaiaiiy aeiiii?/ii?
noaa?e?caoe??, iio?aao? i?enei?aiiai ?icaeoeo ie?aieo aaeocae ?
eiiieaen?a a iaaeao iaoe?iiaeueii? aeiiii?ee. Cie?aia, aeina?ae
?icaeiaieo e?a?i na?oo na?ae/eoue i?i oa, ui iiaeieaiiy e?eciaeo yaeu ?
aeoea?caoe?y ?iaanoeoe?eii? ae?yeueiino?, ye iniiae i?aeaeuaiiy
aoaeoeaiino? noni?eueiiai ae?iaieoeoaa, iio?aaothoue, e??i anueiai
?ioiai, i?enei?aiiai ?icaeoeo aaeocae aoae?aaeueiiai eiiieaeno.

A oie aea /an aiane?aeie e?ece iaieaoaae?a, ??ceiai nei?i/aiiy oiiae?a
a?aeiiaeaiiy ? iaa?iiaaeaeaiiy, iecueeiai nooiaiy ocaiaeaeaiino?
cae?enithaaii? o?iainiai-e?aaeeoii?, athaeaeaoii-iiaeaoeiai? ? oe?iiai?
iie?oeee, iaaeineiiaeino? i?aaiai? aace a?eueoa e?euee?noue
aoae?aaeueieo i?aei?e?inoa ia? iaiaaeai? iiaeeeaino? ?aioaaaeueiiai
ooieoe?iioaaiiy. Oiio ?aoe?iiaeueia ? aoaeoeaia aeei?enoaiiy ia?aiaeo
eioo?a, ye /eiiee i?aeaeuaiiy aoaeoeaiino? ?o ae?yeueiino?, iaaoaa? ana
a?eueoiai cia/aiiy.

Iiaee oa?aeoa? aeiiii?/ieo aca?iia?aeiinei i?aei?e?inoa aiineoue nooo?a?
ci?ie a i?ioean oi?ioaaiiy iai?ioieo cania?a ? ?o aeaea?ae, a oaeiae a
iaoai?ci oi?aae?iiy ieie. Aiane?aeie oeueiai i?aeaeuaiiy aoaeoeaiino?
aeei?enoaiiy iai?ioieo cania?a a oiiaao ia?aoiaeo aeiiii?ee Oe?a?ie ia
?eieia? i?eioeeie ainiiaea?thaaiiy iio?aao? ?ica’ycaiiy ?yaeo
oai?aoe/ieo ? i?aeoe/ieo caaea/: oaeineiiaeaiiy iaoiaeeee aecia/aiiy ?
aiae?co aeiiii?/ii? aoaeoeaiino? iai?ioieo cania?a, ?ic?iaee iai?yie?a
iioei?caoe?? i?ioeano oi?aae?iiy iai?ioiei eai?oaeii, ?o aiae?co ?
ai?iaaaeaeaiiy aeey i?aeaeuaiiy aoaeoeaiino? eiai ooieoe?iioaaiiy.

Aeooaeuei?noue, aaaeeea?noue ? iaae??oaii?noue iacaaieo ieoaiue, ?o
aaeeea cia/aiiy aeey o?iainiai-ainiiaea?nueei? ae?yeueiino? i?ae?yaeieo
aoae?aaeueieo i?aai?caoe?e a no/anieo oiiaao ainiiaea?thaaiiy,
a?aenooi?noue eiie?aoieo a?o/eciyieo iaoiaee/ieo ?ic?iaie o noa??
oi?aae?iiy iai?ioieie caniaaie i?aei?e?inoa ie?aieo aaeocae aeiiii?ee
iaoiiaeee aea?? oaie, iaoo ? iine?aeiai?noue iaoeiaiai aeine?aeaeaiiy.

Iaoa ? caaaeaiiy aeine?aeaeaiiy

Iaoith aeena?oaoe?eiiai aeine?aeaeaiiy ? ?ic?iaea iaoeiai iaa?oioiaaieo
i?iiiceoe?e ? i?aeoe/ieo ?aeiiaiaeaoe?e uiaei aaeineiiaeaiiy iaoai?cio
oi?aae?iiy iai?ioieie caniaaie i?ae?yaeieo aoae?aaeueieo i?aei?e?inoa
?aa?iiaeueiiai ??aiy a oiiaao aeiiii?ee ia?ao?aeiiai ia??iaeo.

A?aeiia?aeii aei iaoe aeine?aeaeaiiy o aeena?oaoe?ei?e ?iaio?
ae??ooaaeeny oae? caaaeaiiy:

· c iiceoe?e nenoaiiiai i?aeoiaeo ooi/ieoe aecia/aiiy aeiiii?/ii?
nooiino? iai?ioieo cania?a ? oai?aoe/ii iaa?oiooaaoe iaiao?aei?noue
i?aeaeuaiiy aoaeoeaiino? ?o aeei?enoaiiy a no/anieo oiiaao ia?aoiaeo aei
?eieiaeo a?aeiinei;

· aecia/eoe aaeocaa? iniaeeaino? oi?ioaaiiy iai?ioieo cania?a
i?ae?yaeieo aoae?aaeueieo i?aei?e?inoa a oiiaao aeiiii?ee ia?ao?aeiiai
ia??iaeo;

· i?iaiae?coaaoe ? ioe?ieoe i?aeoeeo i?aai?caoe?? oi?aae?iiy iai?ioieie
caniaaie a i?ae?yaeieo aoae?aaeueieo i?aai?caoe?yo;

· aecia/eoe /eiieee, ui aieeaathoue ia aoaeoeai?noue ooieoe?iioaaiiy
iai?ioieo cania?a i?ae?yaeieo aoae?aaeueieo i?aai?caoe?e;

· ?ic?iaeoe aaeocaao iaoiaeeeo oi?aae?iiy iai?ioieie caniaaie;

· i?iaiae?coaaoe aieea aoaeoeaiino? aeei?enoaiiy iai?ioieo cania?a ia
iie?ioaiiy o?iainiaiai noaio ? noeioethaaiiy aeiiii?/iiai ?icaeoeo
i?ae?yaeieo aoae?aaeueieo i?aei?e?inoa;

· ia iniia? ?ic?iaeaieo ?aeiiaiaeaoe?e aeyaeoe iiaeeea? ?aca?ae
i?aeaeuaiiy aoaeoeaiino? aeei?enoaiiy iai?ioieo cania?a i?ae?yaeieo
aoae?aaeueieo i?aai?caoe?e;

· ?ic?iaeoe ? iaa?oiooaaoe iniiai? iai?yiee o?iainiai? iie?oeee
i?ae?yaeieo aoae?aaeueieo i?aei?e?inoa ?aa?iiaeueiiai ??aiy o noa??
oi?aae?iiy iai?ioieie caniaaie a oiiaao aeiiii?ee ia?ao?aeiiai ia??iaeo.

Iaoeiaa iiaecia iaea?aeaieo ?acoeueoao?a:

· ?ic?iaeaii iiaeaeue oi?aae?iiy iai?ioieie caniaaie i?ae?yaeieo
aoae?aaeueieo i?aai?caoe?e ia iniia? iioei?caoe?? ?o ianyao, no?oeoo?e
oa aa?oino? o?iainoaaiiy c a?aeiia?aeiith aaeaioaoe??th aei ?nioth/eo
aeiiii?/ieo oiia;

· oaeineiiaeaii iaoiaeeeo ?ic?aooieo iioeiaeueii? ?ioaineaiino?
aeeiiaiiy aoae?aaeueii-iiioaaeieo ?ia?o a caeaaeiino? a?ae oi?ie
o?iainoaaiiy aoae?aieoeoaa;

· ?ic?iaeaii iaoiaeeeo ieaioaaiiy ? i?iaiicoaaiiy iaiao?aeiiai ianyao
aeanieo iai?ioieo cania?a i?ae?yaeieo aoae?aaeueieo i?aai?caoe?e a
no/anieo aeiiii?/ieo oiiaao;

· ?ic?iaeaii iaoiaeeeo ioe?iee aeoea?a aoae?aaeueieo i?aei?e?inoa c
iaoith ei?eaoaaiiy noie iiiaeaoeiaoaaiiai i?eaooeo a caeaaeiino? a?ae
oaiio ?ioeyoe??;

· iaa?oioiaaii iaiao?aei?noue ci?ie nenoaie iiiaeaoeoaaiiy aoae?aaeueieo
i?aei?e?inoa ia iniia? aaeineiiaeaiiy ?ic?aooie?a aaeiaiai aeioiaeo;

· iaa?oioiaaii ?aeiiaiaeaoe?? uiaei ii?ioaaiiy iai?ioieo aeoea?a,
oi?aae?iiy o?iainiaeie ?eceeaie ooieoe?iioaaiiy iai?ioieo cania?a
aoae?aaeueieo i?aei?e?inoa, ?ic?iaeaii iai?yiee i?aeaeuaiiy aoaeoeaiino?
aeei?enoaiiy iai?ioieo cania?a i?ae?yaeieo i?aai?caoe?e.

I?aeoe/ia cia/aiiy iaea?aeaieo ?acoeueoao?a

I?aeoe/ia cia/aiiy aeaiiai aeena?oaoe?eiiai aeine?aeaeaiiy iieyaa? a
iaa?oiooaaii? oa ?ic?iaoe? i?iiiceoe?e uiaei aaeineiiaeaiiy i?aai?caoe??
oi?aae?iiy iai?ioieie caniaaie i?ae?yaeieo aoae?aaeueieo i?aai?caoe?e a
oiiaao aeiiii?ee ia?ao?aeiiai ia??iaeo.

Noi?ioeueiaai? a ?iaio? ?aeiiaiaeaoe?? uiaei aecia/aiiy iioeiaeueiiai
eiao?oe??ioa caaacia/aiino? i?ae?yaeieo aoae?aaeueieo i?aei?e?inoa
aeanieie iai?ioieie caniaaie, a oaeiae cai?iiiiiaaiee aeai?eoi
?ic?aooieo aaee/eie iaiao?aeiiai iiiiaiaiiy oeeo eioo?a aei
iioeiaeueiiai ??aiy aeathoue iiaeeea?noue ia i?aeoeoe? ae??oeoe i?iaeaio
aecia/aiiy iaiao?aeiiai ianyao aeanieo iai?ioieo cania?a i?ae?yaeieo
aoae?aaeueieo i?aai?caoe?e.

A i?aeoe/i?e ae?yeueiino? iiaea aooe aeei?enoaia ?ic?iaeaia iiaeaeue
oi?aae?iiy aeaea?aeaie oi?ioaaiiy iai?ioieo cania?a, a oaeiae
cai?iiiiiaai? iai?yiee iioei?caoe?? oi?aae?iiy aeanieie ia?aiaeie
eiooaie /a?ac i?aeaeuaiiy i?eaooeiaino? i?ae?yaeii? i?aai?caoe?? i?e
aeei?enoaii? iiaiai iaoai?cio ei?ii?aoeaiiai oi?aae?iiy oa iioei?caoe??
?ioaineaiino? inai?iiy aoae?aaeueii-iiioaaeieo ?ia?o ca e?eoa???i
i?eaooeiaino?.

?ic?iaeaia eiiieaenia iiaeaeue oi?aae?iiy iai?ioieie caniaaie iiaea aooe
aeei?enoaia a ae?yeueiino? i?ae?yaeieo aoae?aaeueieo i?aai?caoe?e
?aa?iiaeueiiai ??aiy aeey oi?ioaaiiy iniiaieo iai?yie?a o?iainiai?
iie?oeee o noa?? oi?aae?iiy iai?ioieie caniaaie c iaoith ??
oaeineiiaeaiiy a no/anieo oiiaao aeiiii?ee ia?ao?aeiiai ia??iaeo.

Cai?iiiiiaai? a ?iaio? i?iiiceoe?? uiaei aaeineiiaeaiiy i?aai?caoe??
oi?aae?iiy iai?ioieie caniaaie i?aeoe/ii ai?iaaaeaeothoueny a
i?ae?yaeieo aoae?aaeueieo i?aai?caoe?yo AO “Noiaoae” Noinueei? iaeano?.

Iniaenoee aianie caeiaoaa/a:

· ?ic?iaeaii iiaeaeue oi?aae?iiy iai?ioieie caniaaie i?ae?yaeieo
aoae?aaeueieo i?aai?caoe?e ia iniia? iioei?caoe?? ?o ianyao, no?oeoo?e
oa aa?oino? o?iainoaaiiy c a?aeiia?aeiith aaeaioaoe??th aei ?nioth/eo
aeiiii?/ieo oiia;

· oaeineiiaeaii iaoiaeeeo ?ic?aooieo iioeiaeueii? ?ioaineaiino?
aeeiiaiiy aoae?aaeueii-iiioaaeieo ?ia?o a caeaaeiino? a?ae oi?ie
o?iainoaaiiy aoae?aieoeoaa;

· ?ic?iaeaii iaoiaeeeo ieaioaaiiy, ii?ioaaiiy ? i?iaiicoaaiiy
iaiao?aeiiai ianyao aeanieo iai?ioieo cania?a i?ae?yaeieo aoae?aaeueieo
i?aai?caoe?e a no/anieo aeiiii?/ieo oiiaao;

· ?ic?iaeaii iaoiaeeeo ioe?iee aeoea?a aoae?aaeueieo i?aei?e?inoa c
iaoith ei?eaoaaiiy noie iiiaeaoeiaoaaiiai i?eaooeo a caeaaeiino? a?ae
oaiio ?ioeyoe??;

· iaa?oioiaaii iaiao?aei?noue ci?ie nenoaie iiiaeaoeoaaiiy aoae?aaeueieo
i?aei?e?inoa ia iniia? aaeineiiaeaiiy ?ic?aooie?a aaeiaiai aeioiaeo.

Ai?iaaoe?y oa ai?iaaaeaeaiiy ?acoeueoao?a aeine?aeaeaiiy

Iniiai? iieiaeaiiy ? ?acoeueoaoe iaoeiaiai aeine?aeaeaiiy aeiiia?aeaeeny
ia /aoaa?oiio eiia?an? i?aeia?iaeii? oe?a?inueei? aeiiii?/ii?
anioe?aoe?? “Aoaeoeai?noue ?aoi?ioaaiiy oe?a?inueei? aeiiii?ee” (26-28
o?aaiy 1998?., i. Ee?a), ia anaoe?a?inuee?e iaoeiai-i?aeoe/i?e
eiioa?aioe?? “I?iaeaie ? ia?niaeoeae ?icaeoeo aaie?anueei? nenoaie
Oe?a?ie” (22-24 aa?aniy 1998?., i. Noie), ia ui??/ieo iaoeiaeo
eiioa?aioe?yo i?ioani?nueei-aeeeaaeaoeueeiai neeaaeo Oe?a?inueei?
aeaaeai?? aaie?anueei? ni?aae a 1997-1999??., a oaeiae ciaeoee
a?aeia?aaeaiiy o aenooiao aaoi?a ia noi??ieao iaoeiaeo oaoiaeo aeaeaiue.

Ioae?eaoe??

?acoeueoaoe aeine?aeaeaiiy iioae?eiaai? a oanoe iaoeiaeo i?aoeyo
caaaeueiei ianyaii 2,0 ae.a., c yeeo iniaenoi
aaoi?o iaeaaeeoue 1,9 ae.a.

Ca’ycie ?iaioe c iaoeiaeie i?ia?aiaie, ieaiaie, oaiaie

Iaoeia? ?acoeueoaoe, oai?aoe/i? iieiaeaiiy oa aeniiaee aeena?oaoe?eiiai
aeine?aeaeaiiy aoee aeei?enoai? i?e aeeiiaii? iaoeiai-aeine?aeieoeueeeo
oai: “?ic?iaeoe ? aeiiii?/ii iaa?oiooaaoe ?aeiiaiaeaoe?? ii
aaeineiiaeaiith i?aai?caoe?? ae?iaieoeoaa, i?aoe? ? oi?aae?iiy a oiiaao
?ioaineo?eaoe?? ae?iaieoeoaa” (iiia? aea?aeaaii? ?a?no?aoe??
01870072941); “O?iainia? aaaeae? caaacia/aiiy no?eeino? ae?iaieoeoaa”
(iiia? aea?aeaaii? ?a?no?aoe?? 01960052861).

No?oeoo?a ? ci?no ?iaioe

Aeena?oaoe?y neeaaea?oueny c anooio, o?ueio ?icae?e?a, aeniiae?a,
nieneo aeei?enoaieo aeaea?ae ?c 153 iaeiaioaaiue, 2 aeiaeaoe?a.
Iaoa??aee aeena?oaoe?? aeeeaaeai? ia 180 noi??ieao iniiaiiai oaenoo, 24
oaaeeoeyo, 21 iaethieo.

O “Anooi?” iaa?oioiaaia aeooaeuei?noue aeine?aeaeaiiy, aecia/aia eiai
iaoa ? iniiai? caaaeaiiy, ioa?aeoa?eciaaia iaoeiaa iiaecia oa i?aeoe/ia
cia/ei?noue iaea?aeaieo ?acoeueoao?a.

O ia?oiio ?icae?e? aeine?aeaeaiiy “Iai?ioi? caniae i?ae?yaeieo
aoae?aaeueieo i?aai?caoe?e, ?o ci?no oa iniaeeaino? e?oaiia?ao”
aecia/ai? /eiieee, ui aieeaathoue ia aoaeoeai?noue ooieoe?iioaaiiy
iai?ioieo cania?a i?ae?yaeieo aoae?aaeueieo i?aai?caoe?e; c iiceoe?e
nenoaiiiai i?aeoiaeo ooi/iaii aecia/aiiy aeiiii?/ii? nooiino? iai?ioieo
cania?a, ?icaeyioo? aaeocaa? iniaeeaino? ?o e?oaiia?ao oa iaa?oioiaaia
iaiao?aei?noue ?ic?iaee ? ai?iaaaeaeaiiy iai?yie?a oaeineiiaeaiiy
i?aai?caoe?? oi?aae?iiy iai?ioieie caniaaie aoae?aaeueieo i?aei?e?inoa a
no/anieo oiiaao ia?aoiaeo aei ?eieiaeo a?aeiinei.

O ae?oaiio ?icae?e? “Aeiiii?/ia nooi?noue, neeaae oa no?oeoo?a
iai?ioieo cania?a i?ae?yaeieo aoae?aaeueieo i?aai?caoe?e” i?iaiae?ciaaii
aieea ??aiy aoaeoeaiino? aeei?enoaiiy iai?ioieo cania?a ia aeiiii?/io
?aioaaaeuei?noue ooieoe?iioaaiiy i?ae?yaeiiai aoae?aaeueiiai
i?aei?e?inoaa, eiai o?iainiao no?ee?noue ? ieaoini?iiiaei?noue. Aea/aii
oaeoi?e aieeao ia ia?aiao?e aeaiaio?a no?oeoo?e iai?ioieo cania?a
i?ae?yaeieo i?aei?e?inoa. ?ic?iaeai? iai?yiee oaeineiiaeaiiy i?ioeano
i?aai?caoe?? ieaioaaiiy oa ii?ioaaiiy iai?ioieo cania?a i?ae?yaeieo
aoae?aaeueieo i?aei?e?inoa.

O o?aoueiio ?icae?e? “Iniiai? iai?yiee oaeineiiaeaiiy i?aai?caoe??
oi?aae?iiy iai?ioieie caniaaie i?ae?yaeieo aoae?aaeueieo i?aai?caoe?e”
cai?iiiiiaai? oeyoe iioei?caoe?? i?ioeano oi?aae?iiy aeaea?aeaie
oi?ioaaiiy iai?ioieo cania?a i?ae?yaeieo aoae?aaeueieo i?aei?e?inoa,
iaoai?ci oi?aae?iiy ?eceeii ae?yeueiino? aoae?aaeueieo i?aai?caoe?e a
aniaeo? eiai aieeao ia aoaeoeai?noue aoae?aaeueiiai ae?iaieoeoaa ?
aeei?enoaiiy iai?ioieo cania?a. ?ic?iaeaia eiiieaenia iaoiaeeea
oi?aae?iiy iai?ioieie caniaaie i?ae?yaeieo aoae?aaeueieo i?aei?e?inoa
?aa?iiaeueiiai ??aiy a oiiaao ia?aoiaeo aei ?eieiaeo a?aeiinei.

O “Aeniiaeao” ocaaaeueiai? ?acoeueoaoe, ui aoee io?eiai? i?ae /an
aeena?oaoe?eiiai aeine?aeaeaiiy, aeeeaaeai? i?iiiceoe?? aaoi?a uiaei
i?aeaeuaiiy aoaeoeaiino? oi?aae?iiy iai?ioieie caniaaie i?ae?yaeieo
aoae?aaeueieo i?aai?caoe?e.

INIIAIEE CI?NO

Iai?ioi? caniae — oea aaaeeeaa neeaaeiaa iaeia i?aei?e?inoaa, oiio ?o
noai ? aoaeoeai?noue aeei?enoaiiy iinoathoue iaei??th c aieiaieo oiia
oni?oii? ae?yeueiino? i?aei?e?inoaa, aecia/athoue eiai o?iainiao
no?ee?noue, ieaoini?iiiaei?noue ? eiieo?aioini?iiiaei?noue oa
iio?aaothoue noa?aiiiai eiio?ieth ? aiae?co.

A oie aea /an, iaiao?aeii a?aei?oeoe, ui iaoiaeeea aiae?co aoaeoeaiino?
oi?aae?iiy iai?ioieie caniaaie ca inoaii? ?iee iaeaea ia i?aeaeaaaeany
ci?iai ? ia aeinoaoiuei a?aoiao? ye?nio noi?iio aeine?aeaeoaaieo yaeu.
Aea/aiiy aeiiii?/ii? e?oa?aoo?e, a ye?e ?icaeyaea?oueny nenoaia
iieaciee?a, ui oa?aeoa?ecothoue iai?ioi? caniae, aeicaiey? c?iaeoe
aeniiaie, ui ia aeoieo a?eueoino? aaoi??a, iai?ioi?noue ?
?aioaaaeuei?noue iai?ioieo cania?a ? iniiaieie iieacieeaie aoaeoeaiino?
?o aeei?enoaiiy.

I?ioa, oi?ioaaiiy ?eieiaeo a?aeiinei aeeeoo? iaiao?aei?noue
aaeineiiaeaiiy iaoiaeeee aiae?co i?e iaia’yceiaiio aeei?enoaii? nenoaie
eiao?oe??io?a, ye? a a?aeia?aaeaee caeaaei?noue aeiiii?/iiai ?
o?iainiaiai noaio aoae?aaeueii? o??ie a?ae i?aai?caoe?? oi?aae?iiy
iai?ioiei eai?oaeii. Caaaeueia iaoiaeeea oaeiai aiae?co a?oioo?oueny ia
aeei?enoaii? iieaciee?a ieaoini?iiiaeiino?, oiaoi ni?iiiaeiino?
i?aei?e?inoaa nai?/anii ? a iiaiiio ianyc? ?ic?aoiaoaaoeny c nai?ie
ai?aaie ii ieao?aeieo ciaia’ycaiiyo, oa iieaciee?a o?iainiai? no?eeino?,
ye? oa?aeoa?ecothoue caeaaei?noue i?aei?e?inoaa a?ae ciai?oi?o aeaea?ae
o?iainoaaiiy. Cia/aiiy eiao?oe??io?a, ui ?ic?aoiaai? ca iioi/iith
ca?oi?noth, ii??aiththoueny c aaciaeie. Iieacieee oai?aoe/ii
aeinoaoiueiai ??aiy eiao?oe??io?a, ui aeei?enoiaothoueny ia aeaiee /an,
? caaaeueieie oa ia a?aoiaothoue niaoeeo?eo aoae?aaeueiiai ae?iaieoeoaa.
Ia i?aenoaa? i?iaaaeaieo aeine?aeaeaiue no?oeoo?e eai?oaeo aoae?aaeueieo
o??i ?aa?iio a ?iaio? ?aeiiaiaeiaai? aaeocaa? aacia? cia/aiiy ie?aieo
iieaciee?a (oaae. 1).

Oaaeeoey 1

Aacia? cia/aiiy o?iainiaeo eiao?oe??io?a

IieacieeeOai?aoe/ii aeinoaoi?e ??aaiueo i?iieneiaino?o
aoae?aieoeoa?Eiao?oe??io caaaeueii? e?ea?aeiino?> 2> 1,5Eiao?oe??io
ni?aa?aeiioaiiy caeo/aieo ? aeanieo eioo?a

1:1

2:1Eiao?oe??io aaoiiii??> 0,5> 0,3Eiao?oe??io caaacia/aiino? caian?a oa
aeo?ao0,80,9Eiao?oe??io iaiaa?oaaiiy iai?ioieie eiooaie

0,5

0,8

I?iaaaeaiee ia iniia? ?ic?iaeaii? iaoiaeeee aiae?c i?aai?caoe??
oi?aae?iiy iai?ioieie caniaaie a i?ae?yaeieo aoae?aaeueieo
i?aei?e?inoaao AO “Noiaoae” aeicaieea noaa?aeaeoaaoe i?i iaaoaeoeaia
aeei?enoaiiy ia?aiaiai eai?oaeo. Oae, iai?ioi?noue iai?ioieo cania?a a
1998?. a ii??aiyii? c 1996?. ciaioeeany ia 132 aei? ? oea, aieiaiei
/eiii, iaoiiaeaii ?inoii o?eaaeino? iai?ioo eioo?a a ?ic?aooieao ia 126
aei?a. ??aaiue ?aioaaaeueiino? cieceany c 29,1% a 1994?. aei 8,3% a
1998?., oiaoi a 3,5 ?ace. Eiao?oe??io caaaeueii? e?ea?aeiino?
i?aei?e?inoaa a 1998?. aei??aithaaa 1,12; a eiao?oe??io caaacia/aiino?
aeanieie iai?ioieie caniaaie — 0,03 a?aeiia?aeii. Oaea noaiiaeua ?
oeiiaei aeey aoae?aaeueieo i?ae?yaeieo i?aai?caoe?e ?aa?iio. Oiio, aeey
i?aeaeuaiiy aeiiii?/ii? aoaeoeaiino? aeei?enoaiiy iai?ioieo cania?a, a
?iaio? iaa?oioiaai? i?iiiceoe?? ? ?ic?iaeai? i?aeoe/i? ?aeiiaiaeaoe??
uiaei aaeineiiaeaiiy iaoai?cio oi?aae?iiy iai?ioieie caniaaie
i?ae?yaeieo aoae?aaeueieo i?aei?e?inoa ?aa?iiaeueiiai ??aiy.

Aoaeoeaia oi?aae?iiy neeaaeii oa no?oeoo?ith iai?ioieo cania?a ?
aaaeeeaei /eiieeii ?aoe?iiaeueiiai aeei?enoaiiy ia?aiaeo eioo?a
aoae?aaeueieo i?aei?e?inoa. A caeaaeiino? a?ae oi?ie aeaniino?,
niaoeeo?ee i?aai?caoe?? ae?iaie/iai i?ioeano, noinoie?a c
iinoa/aeueieeaie ? caiiaieeaie, no?oeoo?e aeo?ao ia ae?iaieoeoai,
o?iainiaiai noaio e ?ioeo oaeoi??a, ainiiaea?/? noa’?eoe iathoue
a?aei?ii? neeaae oa no?oeoo?o iai?ioieo cania?a. A naith /a?ao, neeaae ?
no?oeoo?a iai?ioieo cania?a i?ae?yaeieo i?aai?caoe?e iaoiiaeai?
oaoiieia?/ieie iniaeeainoyie aoae?aieoeoaa, a aea/aiiy oaeoi??a aieeao
ia ia?aiao?e aeaiaio?a ?o no?oeoo?e ia? i?eioeeiiaa cia/aiiy aeey
?ic?aooieo iioeiaeueieo i?iii?oe?e a i?ioean? o?iainiaiai ieaioaaiiy.
Aiae?c ni?aa?aeiioaiiy ii?iiaaieo ? iaii?iiaaieo iai?ioieo cania?a
i?ae?yaeieo i?aai?caoe?e AO ”Noiaoae” ia i?ioyc? 1993-1998?. na?ae/eoue
i?i ca?eueoaiiy ca aiae?ciaaiee ia??iae ?o iaii?iiaaii? /anoeie. A
oe?eiio aiia ca?eueoeeany ia 8,1 % ? o 1998?. aeinyaea 82,4%. Aei oiai
ae iniiaio /anoeo a iaii?iiaaieo iai?ioieo caniaao AO “Noiaoae”
caeiathoue caniae a ?ic?aooieao c aeaa?oi?aie. sseui a 1993?. aiie
neeaaeaee 77,7%, oi a 1998?. aaea 92,1%. I?e oeueiio ieoiia aaaa
i?ino?i/aii? caai?aiaaiino? ?noioii c?inea. A 1993?. aiia neeaaeaea
14,2% a?ae caaaeueii? aaee/eie iaii?iiaaieo ia?aiaeo eioo?a, a a 1998?.
— 52,2%, ui aea? oyaeaiiy i?i ianooaae eioo?a, a?aeaa?iaieo c iai?ioo.

I?iaaaeai? aeine?aeaeaiiy i?iaeai oi?aae?iiy aeoeaiith /anoeiith
iai?ioieo cania?a oa aiae?c i?iiiceoe?e uiaei cieaeaiiy aaee/eie
ia?aiaeo eioo?a, aaainiaaieo o noaooth “?ic?aooiee c aeaa?oi?aie”,
aeicaieeee cai?iiiioaaoe iaoai?ci oi?ioaaiiy ii?ooaey caiiaeaiue
i?ae?yaeiiai aoae?aaeueiiai i?aei?e?inoaa aeoiaey/e c aiae?co
iioaioe?eieo caiiaiee?a ? e?euee?nieo ioe?iie cai?iiiiiaaieo eiio?aeo?a.
I??i?eoao eiio?aeoo ioe?ith?oueny ye iaea?eueo aoaeoeaia aeei?enoaiiy
iayaieo o i?aei?e?inoaa ?ano?n?a (iaoa??aeueii-oaoi?/ieo, o?iainiaeo,
ethaenueeeo ? o. i.) aeey iaea?aeaiiy iaeneiaeueiiai i?eaooeo, ?eoi?/ii?
?aae?caoe?? aioiai? i?iaeoeoe?? aai eiiieaeno ?ia?o. A ?iaio?
cai?iiiiiaaia iao?eoey cia/aiue i??i?eoao?a o aeaeyae? aieaoe, a aeey
e?euee?niiai ae?aco i??i?eoaoo aeei?enoiao?oueny oi?ioea:

k

Pj = Bij * Sij;
(1)

i=1

aea Pj — i??i?eoao j-ai ia’?eoa, iaeeieoeue;

Bij — aaaii?noue i-ai oaeoi?a, ui a?aoiao?oueny i?e aeeth/aii? ia’?eoa a
ii?ooaeue caiiaeaiue aoae?aaeueii? i?aai?caoe??, iaeeieoeue;

Sij — nooi?iue aaaeeeaino? aa??aioa ae?? i-ai oaeoi?a, iaeeieoeue;

e — e?euee?noue oaeoi??a, ui a?aoiaothoueny i?e aecia/aii? i??i?eoaoo
j-ai ia’?eoo.

Iniiai? iai?yiee ?aae?caoe?? ?aca?a?a i?aeaeuaiiy aoaeoeaiino?
aeei?enoaiiy ?ano?n?a a aoae?aieoeoa? iiae?eythoueny ia
ae?iaie/i-oaoi?/i? e i?aai?caoe?eii-aeiiii?/i?. Aei ae?iaie/i-oaoi?/ieo
iai?yie?a a?aeiinyoueny caoiaee iia’ycai? c ye?niith i?aeaioiaeith
ne?iaeie aei ?? ae?iaie/iai niiaeeaaiiy, oaeineiiaeaiiyi eiino?oeoe??
iaoei ? iaoai?ci?a, canoinoaaiiyi a?eueo aeiiii?/ieo aeae?a ne?iaeie oa
ai?iaaaeaeaiiyi i?ia?aneaieo oaoiieia?e, ui caaacia/othoue ae?enia
ciaioaiiy oaoiieia?/ieo a?aeoiae?a ? ao?ao iaoa??aeueieo ?ano?n?a a
i?ioean? ae?iaieoeoaa. Aei iniiaieo i?aai?caoe?eii-aeiiii?/ieo iai?yie?a
i?aeaeuaiiy aoaeoeaiino? aeei?enoaiiy iaoa??aeueieo ?ano?n?a
a?aeiinyoueny eiiieaene caoiae?a, iia’ycaieo c i?aeaeuaiiyi iaoeiaiai
??aiy ii?ioaaiiy ? ieaioaaiiy. A?aeiia?aeii aei oeueiai iaie
cai?iiiiiaaii oaeineiiaeeoe i?ioean i?aai?caoe?? ieaioaaiiy oa
ii?ioaaiiy iai?ioieo cania?a i?ae?yaeieo aoae?aaeueieo i?aei?e?inoa
/a?ac aeei?enoaiiy ei?aeyoe?eieo caeaaeiinoae ianyao aeeiiaieo
aoae?aaeueii-iiioaaeieo ?ia?o ? ??aiy ?aioaaaeueiino? a?ae
caaacia/aiino? aoae?aaeueieo i?aei?e?inoa aeanieie iai?ioieie eiooaie
aeey ?ic?aooieo ieaiiaiai noeoiiiai ii?iaoeao iai?ioieo cania?a
i?ae?yaeieo aoae?aaeueii-iiioaaeieo i?aai?caoe?e.

Ia i?eeeaae? AO “Noiaoae” ?ic?aoiaai? ??aiyiiy ?aa?an??, ye?
?aeiiaiaeiaaii aeei?enoiaoaaoe a yeino? e?euee?niiai e?eoa??th ioe?iee
oaiaeaioe?eieo ci?i, i?iaiicoaaiiy iioeiaeueiiai aa??aioo no?oeoo?e
e?oaiia?ao iai?ioieo cania?a ? aecia/aiiy iaiao?aeiiai ianyao aeanieo
iai?ioieo cania?a i?ae?yaeieo aoae?aaeueieo i?aai?caoe?e. A?aeiia?aeii
?ic?aooiie aaee/eie iaiao?aeiiai iiiiaiaiiy aeanieo ia?aiaeo eioo?a aei
iioeiaeueiiai ??aiy iiaea aooe cae?eniaii ca oi?ioeith:

Iaia = Ioi * A?ie *
(Eiiio — Eio), (2)

aea Iaia — ?ici?? iaiao?aeiiai iiiiaiaiiy oaeoe/ieo aeanieo ia?aiaeo
eioo?a aei iioeiaeueiiai ??aiy a ieaiiaiio ?ioe?, oen.a?i.;

Ioi — oaeoe/ia iayai?noue ia?aiaeo eioo?a ca ieioeee ??e ia 1 a?i.
aoae?aaeueii-iiioaaeieo ?ia?o ca aacenieie oe?iaie;

A?ie — ianya aoae?aaeueii-iiioaaeieo ?ia?o, ye? caieaiiaaii aeeiiaoe a
ianooiiiio ?ioe?, oen.a?i.;

Eiiio ? Eio — cia/aiiy iioeiaeueiiai ? oaeoe/iiai eiao?oe??io?a
caaacia/aiino? i?ae?yaeii? i?aai?caoe?? aeanieie ia?aiaeie eiooaie.

Ia iao iiaeyae, oea aeicaieeoue ia o?eueee ni?inoeoe ?ic?aooiee, aea e
iaaeanoue iiaeeea?noue iia’ycaoe i?ioean ii?ioaaiiy iai?ioieo oiiae?a c
i?ioeanaie ?o ae?iaie/iai niiaeeaaiiy ? aeei?enoaiiy, a oaeiae
a?aoiaoaaoe niaoeeo?eo ?o ?iaeea?aeoaeueiiai iai?ioo, caaacia/eaoe oei
naiei iaea?aeaiiy a?eueo aeinoia??ieo iieaciee?a. Oae, iai?eeeaae, uia
caaacia/eoe aeeiiaiiy ieaiiaeo iieaciee?a aeey AO ”Noiaoae” ia 1999?.
(A?=6100 oen.a?i.; O?=16%), eiao?oe??io caaacia/aiino? (Ei) iiaeiai
ciaoiaeeoeny a iaaeao a?ae 0,048 aei 0,077. Aeei?enoiaoth/e ??aiyiiy
ei?aeyoe?eieo ca’yce?a aecia/a?ii iaiao?aei? iieacieee: O?ia = 19,9%; Ia
= 28,5%. A?aeiia?aeii aeani? ia?aia? eiooe iaiao?aeii iiiiaieoe ia noio
1131,55 oen.a?i. (Iaai= 3,71*6100* (0,0779-0,027) = 1131,55).

Ne?ae cacia/eoe, ui a aoae?aieoeoa? i?e ?nioth/?e nenoai? iae?eo noaooy
“aioiaa i?iaeoeoe?y” a?aenooiy, oiio ui, caaaeyee nai?e noaoe?iia?iino?
aiia ia ia?ai?uo?oueny a i?inoi?? ?, ye ae, ia iio?aao? aeae?eaiiy
eioo?a ia o?ainii?oi? aeo?aoe i?e ?? ?aae?caoe??. A oie aea /an o
aoae?aaeueieo i?aai?caoe?e c’yaey?oueny ?aaeueia iio?aaa a ia?aiaeo
eiooao aeey ianeoaiaoaaiiy cae?i/aii?, caeaii?, aea ua ia iiea/aii?
caiiaieeaie aoae?aaeueii? i?iaeoeoe??. Aei oiai ae a?aenooi?noue o
neeaae? iai?ioieo cania?a i?ae?yaeieo aoae?aaeueii-iiioaaeieo
i?aai?caoe?e noaoo? “aioiaa i?iaeoeoe?y” na?ae/eoue i?aeoi i?i oa, ui
ia?aia? eiooe oeeo i?aei?e?inoa ia i?eeiathoue oiaa?ii? oi?ie ?
ia?aoiaeyoue c ae?iaie/i? oi?ie aaciina?aaeiuei a a?ioiao. Oiio, ia iaoo
aeoieo, i?iaeoeoe?th aoae?aaeueieo i?aei?e?inoa iaiao?aeii aeae?eeoe a
iniaeeaee aeaiaio iae?eo — “aioiaa i?iaeoeoe?y”. Oea a aeicaieeei
aaeineiiaeeoe iaoai?ci o?iainiaiai ieaioaaiiy ianya?a iaiao?aeieo
iai?ioieo cania?a i?ae?yaeieo i?aai?caoe?e. Ia aeaiee /an iii?ae
aeiiii?no?a a?aenooiy ?aeeia oi/ea ci?o c i?eaiaeo oiai, ui aaaaeaoe
aioiaith i?iaeoeoe??th aoae?aieoeoaa ?, a?aeiia?aeii, o yeee iiiaio
caaa?oo?oueny e?oaiia?a ia?aiaeo eioo?a i?ae?yaeieo
aoae?aaeueii-iiioaaeieo i?aai?caoe?e. Ie aaaaea?ii, ui i?ae aioiaith
i?iaeoeoe??th aoae?aaeueiiai ae?iaieoeoaa iaiao?aeii ?icoi?oe oe?eeii
i?aeaioiaeai? aei aaaaeaiiy a aenieoaoaoe?th ia’?eoe, i?eeiath/e ca
iniiai? iciaee, ui aecia/athoue aioiai?noue aoae?aaeueii? i?iaeoeoe??
aei aeei?enoaiiy, ?? ei?eni?noue, caaa?oaiiy a iaoo?? ? a?ae/oaeaiiy
a?ae ae?iaieea — aaii?ae?yaeieea, noai?ae?yaeieea. Ioaea i?ii?aeia
iieaoa aeeiiaieo ?ia?o, ye aeo ae?aaeaiiy ?o o a?ioia?e ioe?ioe?, ia
icia/a? i?ioeano ?aae?caoe?? — oea eeoa ia??iaee/ia a?aeoeiaeoaaiiy
caiiaieeii eioo?a, ui aeei?enoiaothoueny aoae?aaeueiith i?aai?caoe??th a
noa?? ae?iaieoeoaa.

A?aeiia?aeii aei oeueiai, a oaeiae a?aoiaoth/e ?acoeueoaoe
aeine?aeaeaiiy aieeao iiaeaoeiai? iie?oeee ia ??aaiue caaacia/aiino?
i?aei?e?inoa iai?ioieie eiooaie, a oiio /ene? ii?yaeeo nieaoe aaainiaeo
ieaoaae?a ii iiaeaoeao ? iaoai?cio aeei?enoaiiy iniaeeaiai ii?yaeeo
iiiaeaoeoaaiiy i?e aeeiiaii? aeiaaino?ieiaeo aeiaiai??a, aaoi?ii
iaa?oioiaaia iaiao?aei?noue ci?ie nenoaie iiiaeaoeoaaiiy aoae?aaeueieo
i?aai?caoe?e ia iniia? aaeineiiaeaiiy ?ic?aooie?a aaeiaiai aeioiaeo,
cie?aia cai?iiiiiaaii ia a?aoiaoaaoe aaainia? ieaoaae? a ?ic?aooiie noie
aaeiaiai aeioiaeo.

Canoinoaaiiy ?ic?iaeaieo ?aeiiaiaeaoe?e aeey no?aoaa?/iiai e
iia?aoeaiiai ieaioaaiiy ae?iaie/i-ainiiaea?nueei? ae?yeueiino?
aoae?aaeueieo i?aei?e?inoa, ia iao iiaeyae, aeicaieeoue i?aeaeueoe
iaa?oioiaai?noue ??oaiue iaiaaeaea??a, aoaeoeai?noue
?iaeaia?ii-aeiiii?/ii? i?aeaioiaee aoae?aaeueiiai ae?iaieoeoaa, a oaeiae
ciaioeoe ianyae caai?aiaaiino? i?aei?e?inoao, ui o naith /a?ao, aoaea
ni?eyoe i?aeaeuaiith eiieo?aioicaeaoiino? i?ae?yaeii? i?aai?caoe??.

?icaeoie ?eieiaeo a?aeiinei a aeiiii?oe? Oe?a?ie oa aeina?ae ca?oa?aeii?
nenoaie ainiiaea?thaaiiy aecia/athoue i/aaeaei?noue caeaaeiino?
?acoeueoao?a ooieoe?iioaaiiy i?aei?e?inoa a?ae aoaeoeaiiai oi?aae?iiy
i?ioeanii oi?ioaaiiy ? aeei?enoaiiy ?o o?iainiaeo ?ano?n?a. O oeueiio
ca’yceo aeine?aeaeaiiy nooiino? i?ioeano oi?aae?iiy aeaea?aeaie
oi?ioaaiiy iai?ioieo cania?a, ye aaaeeeaiai /eiieea i?aeaeuaiiy
aoaeoeaiino? ooieoe?iioaaiiy i?aei?e?inoaa, iaaoaa? iniaeeai?
aeooaeueiino?.

Aiae?c no?oeoo?e aeaea?ae oi?ioaaiiy iai?ioieo cania?a, i?iaaaeaiee ia
iniia? aeaieo AO “Noiaoae” ca 1994-1998??. iieacaa, ui aeani? ia?aia?
eiooe neeaaeathoue iacia/io /anoeo a caaaeueiiio ianyc?. sseui a 1994?.
aiie neeaaeaee 13,3%; oi a 1998?. — eeoa 2,7% aeaea?ae oi?ioaaiiy
iai?ioieo cania?a i?aei?e?inoaa. Iaea?eueoo ae ieoiio aaao ia?
e?aaeeoi?nueea caai?aiaai?noue. Oae, a 1994?. aiia aei??aithaaea 75%, a
a 1998?. — aaea 97,3% a?ae caaaeueiiai ianyao. Iaiao?aeii a?aecia/eoe
iiaio a?aenooi?noue aeiaaino?ieiaeo ianea?a a aeaea?aeao oi?ioaaiiy
iai?ioieo cania?a, ui a?aoiaoth/e niaoeeo?eo aoae?aaeueiiai
ae?iaieoeoaa, yea iaoiiaeth? aeinoaoiuei o?eaaeee oeeee a?aeoai?aiiy,
iinoa? aeoaea iaaaoeaiei /eiieeii. I?iaaaeaiee aiae?c o?iainiaiai
noaiiaeua aoae?aaeueieo i?aei?e?inoa ?aa?iio na?ae/eoue, ui oaea
no?oeoo?a ia?aiaiai eai?oaeo ? aeinoaoiuei oeiiaith.

A?aeiia?aeii aei oeueiai iaie i?iaaaeaii ye?niee aiae?c iiaeeeaeo
noeaia???a i?aeaeuaiiy aoaeoeaiino? oi?aae?iiy aeaea?aeaie iai?ioieo
cania?a i?ae?yaeieo aoae?aaeueieo i?aai?caoe?e c iiaeaeueoei e?euee?niei
iaa?oiooaaiiyi. I?e oeueiio e?eoa???i iioei?caoe?? aecia/aia
iaenei?caoe?y o?iainiai? ?aioaaaeueiino? i?aei?e?inoaa i?e caa?aaeaii?
eiai o?iainiai? no?eeino?.

A?aoiaoth/e, ui i?eaooie ia aeaiee /an iinoa? iniiaiei aeaea?aeii
iiiiaiaiiy aeanieo iai?ioieo eioo?a i?ae?yaeieo i?aai?caoe?e, aeey
i?aeaeuaiiy aeiiii?/ii? aoaeoeaiino? ae?yeueiino? aoae?aaeueieo
i?aei?e?inoa cai?iiiiiaaia iaoiaeeea ?ic?aooieo iioeiaeueii?
?ioaineaiino? ?ia?o ia ia’?eo? aeey aiae?co i?iaeoieo a?ao?e?a inai?iiy
aoae?aaeueii-iiioaaeieo ?ia?o i?e ??ciiiai?oieo oi?iao o?iainoaaiiy
aoae?aieoeoaa. Aeey i?iaiicoaaiiy i?eaooeo a caeaaeiino? a?ae aeai?o
?ioaineaiino? aaaeaiiy aoae?aaeueieo i?ae?yaeieo ?ia?o aeei?enoiao?oueny
oi?ioea:

t4 t3

P(t) = Bt / a(d0-dt)/365 — St
/ a(d0-dt)/365 , (3)

t=1
t=1

aea Bt — ae?o/ea a?ae inai?iiy aoae?aaeueii-iiioaaeieo ?ia?o ca
t-ia??iae /ano, a?i.;

a = (1 + r)*(1 + ?) — eiao?oe??io, ui a?aoiao? ?ioeyoe?ei? ci?ie
aa?oino? ?ia?o (? — oaii ?ioeyoe??) oa oiouai? iiaeeeaino? (r — ii?ia
aeeneiiooaaiiy);

d0 — aeaoa 0-e iia?aoe?? (aeaoa i?aeienaiiy aeiaiai?o);

dt — aeaoa t-e iia?aoe??;

St — nia?aa?o?noue aeeiiaieo aoae?aaeueii-iiioaaeieo ?ia?o ca t-ia??iae
/ano, a?i.

I?aenoiie aecia/a?oueny ca ia??iaeaie, i?ioyaii yeeo inaiththoueny
ianyae aoae?aaeueii-iiioaaeieo ?ia?o (O=t2-t3) ? iaaeoiaeeoue iieaoa
(O=t1-t4), a aeei?enoaiiy a?aeiia?aeiiai eiao?oe??ioo aeicaiey?
a?aooaaoe ae?th oaeoi?o /ano. Aeey aecia/aiiy iioeiaeueii? ?ioaineaiino?
?ia?o ia ia’?eo? aeine?aeaeo?oueny aieea eiaeiiai c a?aecia/aieo aeua
/eiiee?a ia aaee/eio i?eaooeo, ye?e ?ic?aoiao?oueny ia aeaoo i?aeienaiiy
aeiaiai?o. Oaeoi?ii iioeiaeueiino? iinoa? iaenei?caoe?y i?eaooeo.

Aeey aaeineiiaeaiiy i?aai?caoe?? oi?aae?iiy o?iainiaeie ?ano?naie
i?ae?yaeieo aoae?aaeueieo i?aei?e?inoa oaeiae cai?iiiiiaaii iiaee
iaoai?ci ei?ii?aoeaiiai oi?aae?iiy /a?ac ?ai?aai?caoe?th aeoe?iia?iiai
oiaa?enoaa ? noai?aiiy ia aac? eiai o?e?e naiino?eieo th?eaee/ieo in?a.
Aeaiee aa??aio noai?aiiy iiaiai oiaa?enoaa iiaeiai ia o?eueee
caaacia/eoe noaoon th?eaee/ii? iniae aeey o?e??, aea e noai?eoe a?eueo
aio/eee iaoai?ci caoe?eaaeaiino? a ?acoeueoaoao i?aoe? ?ia?oiee?a, ye?
noathoue aeoe?iia?aie oeueiai oiaa?enoaa. Oiaoi, i?e ?ai?aai?caoe??
noai?th?oueny i?eioeeiiai iiaee iaoai?ci ei?ii?aoeaiiai oi?aae?iiy.
Aca?iiae?y i?ae noai?aieie th?eaee/ieie iniaaie ? iaoa?einueeei
oiaa?enoaii caniiao?oueny ii noo? ia aca?iiae?? aeoe?e, eiee a
caeaaeiino? a?ae iaeaoa aeoe?e, yeee iaeaaeeoue iaoa?einuee?e eiiiai??,
aecia/a?oueny nooi?iue ?? aieeao ia ae?yeuei?noue ciia noai?aii?
th?eaee/ii? iniae. A naith /a?ao oey th?eaee/ia iniaa noa? aeoe?iia?ii
iaoa?einueei? eiiiai??, oiio ui o?ce/i? iniae aiinyoue aeoe??
iaoa?einueei? eiiiai?? ye aeeaae aei noaoooiiai eai?oaeo. Aei neeaaeo
ni?acaniiaiee?a /e a yeino? ?iaanoi?a iiaea aooe aeeth/aia oaeiae
noi?iiiy th?eaee/ia iniaa, yea a?aeiineoueny, ye i?aaeei, aei ae?eiaeo
ia?oia??a. O/anoue oaei? th?eaee/ii? iniae aeicaieeoue i?aeaeueoe
aoaeoeai?noue ae?e iaio i?aei?e?inoa ye o ae?iaie/?e noa?? oae ?
a ieoaiiyo oi?ioaaiiy oaoi?/ii? oa oaoiieia?/ii? iie?oeee oiaa?enoaa,
?aae?caoe?? ae?iaie/i? i?iaeoeoe?? /e iineoa. I?e oeueiio ne?ae
cacia/eoe, ui aeoeae iaoa?einueeiai oiaa?enoaa ia ciaioothoueny, oae ye
aeoe?? aei/??iueiai oiaa?enoaa, ye ? iaeii, iiaeooue aenooiaoe a yeino?
canoaae i?e iaea?aeaii? e?aaeeo?a, a o?iainiaa a?aeiia?aeaeuei?noue
eiaeiiai no?oeoo?iiai i?ae?icae?eo ca nai?ie iaia’yceaie ia?aae
athaeaeaoii, e?aaeeoi?aie, i?aoe?aieeaie aeicaieeoue iioei?coaaoe
ae?yeuei?noue oiaa?enoaa, oae ye ?acoeueoaoe aoaeoeaii i?aoethth/eo
i?aei?e?inoa ia aoaeooue aaeueioaaoeny ae?yeuei?noth caeoeiaeo. Oiaoi,
i?eaooeia? i?aei?e?inoaa io?eiathoue iiaeeea?noue iai?aaeyoe /enoee
i?eaooie ianaiia?aae ia iioe?aiiy ae?iaieoeoaa, eiai iiaea?i?caoe?th e
oaeineiiaeaiiy. A?aeiia?aeii iaaia /anoeia /enoiai i?eaooeo iiaeiia
iai?aaeyoeny ? ia i?e??no ii?iaoeao aeanieo ia?aiaeo eioo?a.

I?ae?yaeiei i?aai?caoe?yi a aeaiee /an aeiaiaeeoueny ae?yoe a iiaeo,
iacae/ieo ? ua ia aei e?ioey inieneaieo oiiaao ooieoe?iioaaiiy, eiee
iniiai? i?iaeaie caaacia/aiiy no?eei? i?eaooeiaino? iia’ycai? ye c
aioo??oi?ie oaeoi?aie (??aaiue ainiiaea?thaaiiy ? oi?aae?iiy
aoae?aaeueiith i?aai?caoe??th, nooi?iue iia?eueiino?, ae?iaie/a
caaaioaaeaiiy, nia?aa?o?noue i?iaeoeoe??, iaae?ei?noue ae?iaie/eo
ca’yce?a, iayai?noue no?aoaa?? ?icaeoeo i?aai?caoe??, iinoaiiaea
ia?eaoeiaiaeo aeine?aeaeaiue oiui) oae ? c ciai?oi?ie oaeoi?aie (noai
aeiiii?/iiai na?aaeiaeua, iiiiiie?caoe?y, oiiae o?iainoaaiiy eiio?aeo?a,
??aaiue iiiaeaoeoaaiiy, ??aaiue ?ioeyoe??). sseui a?aeiinii aioo??oi?o
oaeoi??a iaoith i?aei?e?inoaa ? aaciina?aaei? iie?ioaiiy o?iainiaeo
iieaciee?a, oi caaaeaiiyi oi?aae?iiy ciai?oi?ie oaeoi?aie iinoa?
iaea?eueo iiaia a?aooaaiiy ?o aieeao ia ?acoeueoaoe ooieoe?iioaaiiy
i?aei?e?inoa.

I?iaaaeaiee iaie aiae?c i?aeia?iaeiiai aeina?aeo ae??oaiiy i?iaeaie
a?aeia?aaeaiiy aieeao ?ioeyoe?? aeicaieea iaa?oiooaaoe iaiao?aei?noue
aeei?enoaiiy iaoiaeeee ioe?iee ia’?eo?a aooaaeoa?nueeiai iae?eo a
a?ioiaeo iaeeieoeyo iaeiaeiai? eoi?aaeueii? ni?iiiaeiino? aeey
ia?aioe?iee iniiaieo cania?a aeoiaey/e c ??aiy ?ioeyoe?? c ianooiiei
ei?eaoaaiiyi aii?oecaoe?eieo a?ae?aooaaiue ? aace iiiaeaoeoaaiiy
i?aei?e?inoa. Ia aeoieo aaoi?a, oea aeicaieeoue a?eueo ?aaeueii
?ic?aoiaoaaoe iiiaeaoeiaoaaiee i?eaooie, a a?aeiia?aeii aoaea caiia?aaoe
aeieaaiith aeanieo iai?ioieo eioo?a, oiaoi iaaeanoue iiaeeea?noue
oaeineiiaeeoe o?iainiao iie?oeeo aoae?aaeueieo i?aei?e?inoa a oiiaao
ianoaa?eueieo oe?i.

Aeey oi?aae?iiy ?eceeii ae?yeueiino? aoae?aaeueieo i?aai?caoe?e a
aniaeo? eiai aieeao ia aoaeoeai?noue aoae?aaeueiiai ae?iaieoeoaa ?
?ici?? caieaiiaaiiai i?eaooeo cai?iiiiiaaii iaoiaeeeo ?ic?aooieo
eiia??iinoae ao?ao i?eaooe?a a caeaaeiino? a?ae nenoaiii? ae?? a?oie
oaeoi??a. Ui, ia aeoieo aaoi?a, aeicaieeoue aeyaeyoe iaea?eueo
iaaacia/i? /eiieee, ye? iaoiiaeththoue ao?aoe i?eaooe?a i?ae?yaeieo
aoae?aaeueieo i?aei?e?inoa ? iaaeanoue iiaeeea?noue o?iainiaiio
iaiaaeaea?o ai?iaaaeaeoaaoe eiiieaen caoiae?a aeey oieeiaiiy aai
nooo?aiai cieaeaiiy oeeo ao?ao.

Ocaaaeueithth/ei i?aenoieii i?iaaaeaieo a ?iaio? aeine?aeaeaiue iinoa?
?ic?iaeaia eiiieaenia iiaeaeue oi?aae?iiy iai?ioieie caniaaie
i?ae?yaeieo aoae?aaeueieo i?aei?e?inoa (?en.1).

A naith /a?ao cai?iiiiiaai? iaoiaeeee, a oaeiae aiae?c i?aeoe/ieo aeaieo
AO ”Noiaoae” aeicaieeee ?ic?aooaaoe ? ?aeiiaiaeoaaoe aei ai?iaaaeaeaiiy
ii?iaoeaio no?oeoo?o iai?ioieo cania?a oa aeaea?ae ?o oi?ioaaiiy aeey
AO”Noiaoae” ia 1999?. (oaae.2).

Oaaeeoey 2

Ii?iaoeaia no?oeoo?a iai?ioieo cania?a oa aeaea?ae ?o oi?ioaaiiy

aeey AO “Noiaoae” ia 1999?.

Noaoo?1998I?iaeo oen.a?i.%oen.a?i.%Iai?ioi? aeoeae,
anueiai:19614,9100,020746,45100,0Ii?iiaai? iai?ioi?
caniae3451,217,65912,728,5a oiio /ene?:

ae?iaie/? caiane

iacaaa?oaia ae?iaieoeoai

?io? ii?iiaai? iai?ioi? caniae

2973,1

95,8

382,3

15,2

0,5

1,9

4107,7

518,7

1286,3

19,8

2,5

6,2Iaii?iiaai? iai?ioi? caniae16163,782,414833,471,5a oiio /ene?:

a?ioia? eiooe

eiooe a ?ic?aooieao

?io? iaii?iiaai? iai?ioi? caniae

204,9

14889,1

1069,7

1,0

75,9

5,5

663,9

13028,5

1141,0

3,2

62,8

5,5Aeani? ia?aia? eiooe1838,89,47219,834,8Aeiaaino?ieia? caeo/ai?
eiooe—-Ei?ioeino?ieia? iiceeia? eiooe17775,184,113526,465,2a oiio
/ene?:

e?aaeeoe aaie?a

iiceeia? eiooe

?ic?aooiee c e?aaeeoi?aie

17775,1

84,1

207,4

207,4

13054,6

1,0

1,0

63,2

I?e oeueiio a?aoiaoaaeeny i?iiiceoe?? iioei?caoe?? oi?aae?iiy iai?ioieie
aeoeaaie i?ae?yaeieo i?aai?caoe?e, aecia/aiee iioeiaeueiee ??aaiue
aeaniiai iai?ioiiai eai?oaeo, i?iiiceoe?? iioei?caoe?? oi?aae?iiy
aeaea?aeaie oi?ioaaiiy iai?ioieo cania?a. Ca aaciao aoei acyoi
eiii?ii?nio iiaeaeue o?iainiaiai oi?aae?iiy iai?ioiei eai?oaeii.

I?e aeinyaiaii? cai?iiiiiaaii? no?oeoo?e caaaeueiee eiao?oe??io
e?ea?aeiino? i?aeaeuo?oueny aei 1,53; a eiao?oe??io caaacia/aiino?
aeanieie iai?ioieie caniaaie aoaea aei??aithaaoe 0,35 a?aeiia?aeii.

Aiae?c i?aai?caoe?? oi?aae?iiy
iai?ioieie caniaaie

Aiae?c no?oeoo?e iai?ioieo aeoea?a,
aeeiai?ee ?? ci?i
sse?niee aiae?c aeaea?ae oi?ioaaiiy iai?ioieo cania?a, ?o no?oeoo?e

oa oaeoi??a aieeao ia aoaeoeai?noue
aeei?enoaiiy
oa oaeoi??a aieeao ia aoaeoeai?noue aeei?enoaiiy

Aoaeoeaia
Ia aoaeoeaia Ia
aoaeoeaia
Aoaeoeaia

Aeniiaee uiaei aoaeoeaiino?
oi?aae?iiy
Aeniiaee uiaei aoaeoeaiino? oi?aae?iiy

iai?ioieie aeoeaaie i?ae?yaeieo
i?aai?caoe?e
aeaea?aeaie oi?ioaaiiy iai?ioieo cania?a

?ic?iaea e?eoa???a oa ?ic?aooiie ?ic?iaea
e?eoa???a oa ?ic?aooiie

ia ia? ?
ia?aiao??a iioei?caoe??
ia?aiao??a iioei?caoe?? ?
ia ia?

Aiae?c iiaeeeainoae

Aiae?c iiaeeeainoae

aaeineiiaeaiiy
Iieacieee ieaoini?iiiaeiino? Iieacieee
o?iainiai? no?eeino? aaeineiiaeaiiy

i?aei?e?inoaa
i?aei?e?inoaa

No?oeoo?a iai?ioieo
Caaacia/ai?noue aeanieie

Aiae?c iai?yie?a iioei?caoe??
aeoea?a
ia?aiaeie eiooaie Aiae?c iiaeeeaeo noeaia???a

oi?aae?iiy iaii?iiaaieie

iioei?caoe?? oi?aae?iiy

iai?ioieie caniaaie
Aaee/eia ieaiiaiai noeoiiiai Iaenei?caoe?y
o?iainiai? aeanieie ia?aiaeie eiooaie

ii?iaoeao iai?ioieo cania?a
?aioaaaeueiino? i?aei?e?inoaa

Oaeineiiaeaiiy ?ic?aooieiai-

Iiooe
iai?yie?a i?aeaeuaiiy

o?iainiaeo a?aeiioaiue
Aeei?enoaiiy ei?aeyoe?eieo

i?eaooeiaino?

caeaaeiinoae ianyao aeeiiaieo
Aiae?c iiaeeeaeo noeaia???a

Oi?ioaaiiy ii?ooaey caiiaeaiue AI?
? ??aiy ?aioaaaeueiino? iioei?caoe??
oi?aae?iiy

aoae?aaeueieo i?aei?e?inoa,
iai?ioieo cania?a a?ae caaacia- caeo/aieie
ia?aiaeie eiooaie iiaa no?oeoo?a

aeoiaey/e c e?euee?nieo ioe?iie
/aiino? aeanieie ia?aiaeie

ei?ii?aoeaiiai

cai?iiiiiaaieo eiio?aeo?a
eiooaie aeey ?ic?aooieo E?euee?niee
aiae?c oe?ie caeo/aiiy oi?aae?iiy

noeoiiiai ii?iaoeao

Aiae?c iai?yie?a iioei?caoe??

Aiae?c iiaeo oi?i e?aaeeooaaiiy

oi?aae?iiy ii?iiaaieie
?aoe?iiaeueia aeei?enoaiiy iaoa??aeueieo
iioei?caoe?y

iai?ioieie caniaaie
?ano?n?a
Aiae?c aieeao ia iieacieee ?ioaineaiino?

ieaoini?iiiaeiino? oa o?iainiai?
AI?

Iaoeiai iaa?oioiaaia ieaioaaiiy oa
?aioaaaeueiino? i?aei?e?inoaa

ii?ioaaiiy

?ic?aooiie ?aeiiaiaeiaaii? ii?iaoeaii?
no?oeoo?e iai?ioieo aeoea?a Eiiieaenia
i?ia?aia oi?aae?iiy aeaea?aeaie iai?ioieo cania?a

aoae?aaeueieo i?aei?e?inoa
aoae?aaeueieo i?aei?e?inoa, a?aoiaoth/a
no?aoaa?/i? oa oaeoe/i? oe?e?

i?ae?yaeii? i?aai?caoe??

Oi?ioaaiiy iieaciee?a o?iainiaiai ieaio
i?aei?e?inoaa

?en. 1. Iiaeaeue
oi?aae?iiy iai?ioieie caniaaie i?ae?yaeieo aoae?aaeueieo i?aai?caoe?e

AENIIAEE

?acoeueoaoe i?iaaaeaiiai aeine?aeaeaiiy aeathoue iiaeeea?noue c?iaeoe
oae? aeniiaee: iiaee oa?aeoa? aeiiii?/ieo aca?iia?aeiinei i?aei?e?inoa,
aieea ?ioeyoe??, e?eca iaieaoaae?a, iecueeee nooi?iue ocaiaeaeaiino?
cae?enithaaii? o?iainiai-e?aaeeoii?, athaeaeaoii-iiaeaoeiai? ? oe?iiai?
iie?oeee aeiaaathoue ci?ithaaoe iie?oeeo oi?aae?iiy iai?ioieie caniaaie,
ooeaoe iia? aeaea?aea iiiiaiaiiy ?o ianyao oa i?aeaeuaiiy aoaeoeaiino?
aeei?enoaiiy, ui, a naith /a?ao, iio?aao? ae??oaiiy ?yaeo oai?aoe/ieo ?
i?aeoe/ieo caaea/.

Aiae?c iniaeeainoae e?oaiia?ao iai?ioieo cania?a i?ae?yaeieo
aoae?aaeueieo i?aai?caoe?e, a oaeiae aeine?aeaeaiiy aieeao iiaeaoeiai?
iie?oeee ia ??aaiue caaacia/aiino? i?aei?e?inoa iai?ioieie eiooaie, a
oiio /ene? ii?yaeeo nieaoe aaainiaeo ieaoaae?a ii iiaeaoeao ? iaoai?cio
aeei?enoaiiy iniaeeaiai ii?yaeeo iiiaeaoeoaaiiy i?e aeeiiaii?
aeiaaino?ieiaeo aeiaiai??a, aeicaieeee iaa?oiooaaoe iaiao?aei?noue ci?ie
nenoaie iiiaeaoeoaaiiy aoae?aaeueieo i?aai?caoe?e ia iniia?
aaeineiiaeaiiy ?ic?aooie?a aaeiaiai aeioiaeo.

A?aeiia?aeii aei i?iaaaeaiiai aiae?co i?aeia?iaeiiai aeina?aeo ae??oaiiy
i?iaeaie a?aeia?aaeaiiy aieeao ?ioeyoe?? ?ic?iaeaia iaoiaeeea ioe?iee
ia’?eo?a aooaaeoa?nueeiai iae?eo a a?ioiaeo iaeeieoeyo iaeiaeiai?
eoi?aaeueii? ni?iiiaeiino? aeey ia?aioe?iee iniiaieo cania?a aeoiaey/e c
??aiy ?ioeyoe?? c ianooiiei ei?eaoaaiiyi aii?oecaoe?eieo a?ae?aooaaiue ?
aace iiiaeaoeoaaiiy i?aei?e?inoa.

A oiiaao eaoano?io?/iiai cai?oaiiy ?iaanoeoe?eii? ae?yeueiino? ?
cia/iiai nei?i/aiiy oeaio?ae?ciaaiiai athaeaeaoiiai o?iainoaaiiy aeey
aoae?aaeueieo i?aei?e?inoa cai?iiiiiaaia ia?eaoeiaiaa eiioeaioe?y
oi?aae?iiy, ye eiiieaenia nenoaia caoiae?a uiaei aea/aiiy ?eieo e
aeoeaiiai aieeao ia iio?aae niiaeeaa/?a c iaoith caooo i?iaeoeoe?? ?
iaea?aeaiiy i?eaooeo.

I?iaaaeai? aeine?aeaeaiiy i?iaeai oi?aae?iiy aeoeaiith /anoeiith
iai?ioieo cania?a oa aiae?c i?iiiceoe?e uiaei i?aeaeuaiiy aoaeoeaiino?
?o ooieoe?iioaaiiy, c a?aeiia?aeiith aaeaioaoe??th aei ?nioth/eo
aeiiii?/ieo oiia, aeicaieeee aaeineiiaeeoe:

· iaoai?ci oi?ioaaiiy ii?ooaeth caiiaeaiue i?ae?yaeiiai aoae?aaeueiiai
i?aei?e?inoaa aeoiaey/e c aiae?co iioaioe?eieo caiiaiee?a ? e?euee?nieo
ioe?iie cai?iiiiiaaieo eiio?aeo?a;

· iaoiaeeeo ieaioaaiiy oa ii?ioaaiiy iai?ioieo cania?a i?ae?yaeieo
aoae?aaeueieo i?aei?e?inoa /a?ac aeei?enoaiiy ei?aeyoe?eieo caeaaeiinoae
ianyao aeeiiaieo aoae?aaeueii-iiioaaeieo ?ia?o ? ??aiy ?aioaaaeueiino?
a?ae caaacia/aiino? aoae?aaeueieo i?aei?e?inoa aeanieie iai?ioieie
eiooaie.

A?aoiaoth/e, ui i?eaooie ia aeaiee /an iinoa? iniiaiei aeaea?aeii
iiiiaiaiiy aeanieo iai?ioieo eioo?a i?ae?yaeieo i?aai?caoe?e, aeey
i?aeaeuaiiy aeiiii?/ii? aoaeoeaiino? ae?yeueiino? aoae?aaeueieo
i?aei?e?inoa cai?iiiiiaaii:

· iaoiaeeeo ?ic?aooieo iioeiaeueii? ?ioaineaiino? aeeiiaiiy
aoae?aaeueii-iiioaaeieo ?ia?o ia ia’?eo? a caeaaeiino? a?ae oi?ie
o?iainoaaiiy aoae?aieoeoaa;

· iiaee iaoai?ci ei?ii?aoeaiiai oi?aae?iiy /a?ac ?ai?aai?caoe?th
aeoe?iia?iiai oiaa?enoaa ? noai?aiiy ia aac? eiai o?e?e naiino?eieo
th?eaee/ieo in?a;

· iaoai?ci oi?aae?iiy ?eceeii ae?yeueiino? aoae?aaeueieo i?aai?caoe?e a
aniaeo? eiai aieeao ia aoaeoeai?noue aoae?aaeueiiai ae?iaieoeoaa ?
?ici?? ieaiiaiai i?eaooeo.

Ocaaaeueithth/ei i?aenoieii i?iaaaeaiiai aeine?aeaeaiiy iinoa?
?ic?iaeaia aaoi?ii eiiieaenia iiaeaeue oi?aae?iiy iai?ioieie caniaaie
i?ae?yaeieo aoae?aaeueieo i?aai?caoe?e ia iniia? iioei?caoe?? ?o ianyao,
no?oeoo?e oa aa?oino? o?iainoaaiiy c a?aeiia?aeiith aaeaioaoe??th aei
no/anieo aeiiii?/ieo oiia.

NIENIE IIOAE?EIAAIEO I?AOeUe

1. Ei?aiaaa I.A. Onei?aiea iai?a/eaaaiinoe iai?ioiuo n?aaenoa
no?ieoaeueiuo i?aaiecaoeee eae oaeoi? iiauoaiey yooaeoeaiinoe
eaieoaeueiiai no?ieoaeuenoaa // A?niee Oe?a?inueei? aeaaeai??
aaie?anueei? ni?aae. — 1997. — ?2. — N. 63-69, 0,4 ae.a.

2. Ei?aiaaa I.A. Ia?eaoeia ia’?eo?a eai?oaeueiiai aoae?aieoeoaa — ye
oaeoi? i?aeaeuaiiy aeiiii?/ii? aoaeoeaiino? ae?yeueiino? aoae?aaeueieo
i?aei?e?inoa // I?aai?caoe?y ?iaanoeoe?eii? ae?yeueiino? ia
?aa?iiaeueiiio ??ai?: Ca??iee noaoae. — Noie: ?i?oe?aoeaa — 1997. — N.
28-36, 0,5 ae.a.

3. Ei?aiaaa I.A. Aieea iiaeaoeiai? iie?oeee ia caaacia/aiiy
i?aei?e?inoa iai?ioieie eiooaie // A?niee Oe?a?inueei? aeaaeai??
aaie?anueei? ni?aae. — 1998.- ?4. — N.23-25, 0,3 ae.a.

4. Ei?aiaaa I.A. Ci?no ? iaoai?ci ooieoe?iioaaiiy iieaciee?a
aoaeoeaiino? aeei?enoaiiy iai?ioieo cania?a // Ca??iee iaoeiaeo i?aoeue
Oe?a?inueei? aeaaeai?? aaie?anueei? ni?aae / ca iaoa??aeaie
iaoeiai-iaoiaee/ii? eiioa?aioe?? aeeeaaea/?a, ni?a?ia?oiee?a,
ani??aio?a, caeiaoaa/?a oa nooaeaio?a OAAN, 16-17 ea?oiy 1998?.- Noie:
?i?oe?aoeaa. -1998.-O.1. — N.69-73, 0,2 ae.a.

5. Ei?aiaaa I.A. I?aai?caoe?y ieaioaaiiy oa ii?ioaaiiy iai?ioieo
cania?a aoae?aaeueieo i?aei?e?inoa // A?niee Oe?a?inueei? aeaaeai??
aaie?anueei? ni?aae. — 1999.- ?6. — N.60-63, 0,4ae.a.

6. Ei?aiaaa I.A., O?eaiei ?.I. Iioei?caoe?y i?ioeano oi?ioaaiiy
e?aaeeoieo ?ano?n?a ye oaeoi? i?aeaeuaiiy ?aioaaaeueiino? iai?ioieo
aeoea?a // I?iaeaie ? ia?niaeoeae ?icaeoeo aaie?anueei? nenoaie Oe?a?ie:
Ca??iee iaoeiaeo i?aoeue. — Noie: Neiaiaeaiueia. — 1999. — N. 232-236,
0,2 ae.a.

AIIOAOe?ss

Ei?ai?aa I.A. Oi?aae?iiy iai?ioieie caniaaie i?ae?yaeieo aoae?aaeueieo
i?aai?caoe?e. — ?oeiien.

Aeena?oaoe?y ia caeiaoooy iaoeiaiai nooiaiy eaiaeeaeaoa aeiiii?/ieo
iaoe ca niaoe?aeuei?noth 08.04.01 — o?iaine, a?ioiaee ia?a ? e?aaeeo. —
Oe?a?inueea aeaaeai?y aaie?anueei? ni?aae, i. Noie, 1999?.

Aeena?oaoe?y i?enay/aia ?ic?iaoe? iaoeiai iaa?oioiaaieo i?iiiceoe?e ?
i?aeoe/ieo ?aeiiaiaeaoe?e uiaei aaeineiiaeaiiy iaoai?cio oi?aae?iiy
iai?ioieie caniaaie i?ae?yaeieo aoae?aaeueieo i?aei?e?inoa
?aa?iiaeueiiai ??ai? a oiiaao aeiiii?ee ia?ao?aeiiai ia??iaeo. A ?iaio?
i?iaiae?ciaaia caeaaei?noue aeiiii?/ii? ?aioaaaeueiino? ooieoe?iioaaiiy
i?ae?yaeiiai aoae?aaeueiiai i?aei?e?inoaa, eiai o?iainiai? no?eeino? ?
ieaoini?iiiaeiino? a?ae ??aiy aoaeoeaiino? aeei?enoaiiy iai?ioieo
cania?a. Aea/aii oaeoi?e aieeao ia ia?aiao?e aeaiaio?a no?oeoo?e
iai?ioieo cania?a i?ae?yaeieo i?aei?e?inoa. ?ic?iaeai? iai?yiee
oaeineiiaeaiiy i?aai?caoe?? ieaioaaiiy oa ii?ioaaiiy iai?ioieo cania?a.
Cai?iiiiiaai? oeyoe iioei?caoe?? i?ioeano oi?aae?iiy aeaea?aeaie
oi?ioaaiiy iai?ioieo cania?a i?ae?yaeieo aoae?aaeueieo i?aei?e?inoa,
iaoai?ci oi?aae?iiy ?eceeii ae?yeueiino? aoae?aaeueieo i?aai?caoe?e a
aniaeo? eiai aieeao ia aoaeoeai?noue aoae?aaeueiiai ae?iaieoeoaa ?
aeei?enoaiiy iai?ioieo cania?a. ?ic?iaeaia eiiieaenia iaoiaeeea
oi?aae?iiy iai?ioieie caniaaie i?ae?yaeieo aoae?aaeueieo i?aei?e?inoa
?aa?iiaeueiiai ??aiy a oiiaao ia?aoiaeo aei ?eieiaeo a?aeiinei.

Eeth/ia? neiaa: iai?ioi? caniae, e?oaiia?a, i?ae?yaeia aoae?aaeueia
i?aai?caoe?y, e?ea?aei?noue, ieaoini?iiiaei?noue, ii?ioaaiiy, ?ecee,
aoaeoeai?noue.

AIIOAOeEss

Ei?aiaaa I.A. Oi?aaeaiea iai?ioiuie n?aaenoaaie iiae?yaeiuo
no?ieoaeueiuo i?aaiecaoeee. — ?oeiienue.

Aeenna?oaoeey ia nieneaiea o/aiie noaiaie eaiaeeaeaoa yeiiiie/aneeo
iaoe ii niaoeeaeueiinoe 08.04.01 — oeiainu, aeaiaaeiia ia?auaiea e
e?aaeeo. — Oe?aeineay aeaaeaiey aaieianeiai aeaea, Noiu, 1999.

Aeenna?oaoeey iinayuaia i?iaeaiai niaa?oainoaiaaiey i?aaiecaoeee
oi?aaeaiey iai?ioiuie n?aaenoaaie iiae?yaeiuo no?ieoaeueiuo i?aaei?eyoee
?aaeiia a oneiaeyo yeiiiieee ia?aoiaeiiai ia?eiaea.

A ?aaioa i?iaaaeai aiaeec yeiiiie/aneie ?aioaaaeueiinoe
ooieoeeiie?iaaiey iiae?yaeiuo i?aaiecaoeee, eo oeiainiaie onoie/eainoe e
ieaoaaeaniiniaiinoe a caaeneiinoe io o?iaiy yooaeoeaiinoe eniieueciaaiey
iai?ioiuo n?aaenoa. Ia iniiaaiee i?iaaaeaiiuo enneaaeiaaiee no?oeoo?u
eaieoaea no?ieoaeueiuo oe?i ?aaeiia ?aeiiaiaeiaaiu io?aneaaua aaciaua
cia/aiey oeiainiauo eiyooeoeeaioia.

Aeey niaa?oainoaiaaiey oi?aaeaiey iai?ioiuie aeoeaaie i?aaeeiaeai
iaoaieci oi?ie?iaaiey ii?ooaey caeacia iiae?yaeiiai no?ieoaeueiiai
i?aaei?eyoey enoiaey ec aiaeeca iioaioeeaeueiuo caeac/eeia e
eiee/anoaaiiuo ioeaiie i?aaeeiaeaiiuo eiio?aeoia. ?ac?aaioaia iaoiaeeea
ieaie?iaaiey e ii?ie?iaaiey iai?ioiuo n?aaenoa iiae?yaeiuo no?ieoaeueiuo
i?aaiecaoeee ia iniiaaiee eniieueciaaiey ei??aeyoeeiiiuo caaeneiinoae
iauaia auiieiaiiuo no?ieoaeueii-iiioaaeiuo ?aaio e o?iaiy
?aioaaaeueiinoe io iaania/aiiinoe no?ieoaeueiuo i?aaei?eyoee
nianoaaiiuie iai?ioiuie n?aaenoaai. I?aaeeiaeaia oi?ioea ?an/aoa
aaee/eiu iaiaoiaeeiiai iiiieiaiey nianoaaiiuo iai?ioiuo n?aaenoa aei
iioeiaeueiiai o?iaiy.

O/eouaay ?acoeueoaou enneaaeiaaiey aeeyiey iaeiaiaie iieeoeee ia
o?iaaiue iaania/aiiinoe i?aaei?eyoee iai?ioiuie n?aaenoaaie, a oii /enea
ii?yaeea oieaou aaainiauo ieaoaaeae ii iaeiaai e iaoaiecia
eniieueciaaiey iniaiai ii?yaeea iaeiaiiaeiaeaiey i?e auiieiaiee
aeieain?i/iuo aeiaiai?ia, iainiiaaia iaiaoiaeeiinoue eciaiaiey nenoaiu
iaeiaiiaeiaeaiey no?ieoaeueiuo i?aaiecaoeee ia iniiaa niaa?oainoaiaaiey
ii?yaeea ?an/aoa aaeiaiai aeioiaea.

I?iaaaeai ea/anoaaiiue aiaeec aiciiaeiuo noeaia?eaa iiauoaiey
yooaeoeaiinoe oi?aaeaiey enoi/ieeaie oi?ie?iaaiey iai?ioiuo n?aaenoa
iiae?yaeiuo no?ieoaeueiuo i?aaiecaoeee. E?eoa?eai iioeiecaoeee
ii?aaeaeaia iaeneiecaoeey oeiainiaie ?aioaaaeueiinoe i?aaei?eyoey i?e
nio?aiaiee aai oeiainiaie onoie/eainoe. Oniaa?oainoaiaaia iaoiaeeea
?an/aoa iioeiaeueiie eioaineaiinoe ?aaio ia iauaeoa aeey aiaeeca
i?iaeoiuo a?aoeeia inaiaiey no?ieoaeueii-iiioaaeiuo ?aaio i?e ?acee/iuo
oi?iao oeiaine?iaaiey no?ieoaeuenoaa.

Aeey niaa?oainoaiaaiey i?aaiecaoeee oi?aaeaiey oeiainiauie ?ano?naie
iiae?yaeiuo i?aaiecaoeee i?aaeeiaeai iiaue iaoaieci ei?ii?aoeaiiai
oi?aaeaiey ia iniiaaiee ?ai?aaiecaoeee aeoeeiia?iiai iauanoaa e
nicaeaiey ia aaca aai oeeeaeia naiinoiyoaeueiuo th?eaee/aneeo eeoe.
?ac?aaioaia ia?eaoeiaiaay eiioeaioeey oi?aaeaiey no?ieoaeueiui
i?aaei?eyoeai.

I?iaaaeai aiaeec iaaeaeoia?iaeiiai iiuoa ?aoaiey i?iaeaiu io?aaeaiey
aeeyiey eioeyoeee ia oeiainiaia ninoiyiea i?aaei?eyoee. Iainiiaaia
iaiaoiaeeiinoue eniieueciaaiey iaoiaeeee ioeaiee iauaeoia aooaaeoa?neiai
o/aoa a aeaiaaeiuo aaeeieoeao iaeeiaeiaie iieoiaoaeueiie niiniaiinoe
aeey ia?aioeaiee noieiinoe iniiaiuo n?aaenoa a caaeneiinoe io o?iaiy
eioeyoeee n iineaaeothuae ei??aeoe?iaeie aii?oecaoeeiiiuo io/eneaiee e
aacu iaeiaiiaeiaeaiey i?aaei?eyoee.

I?aaeeiaeai iaoaieci oi?aaeaiey oeiainiauie ?eneaie ooieoeeiie?iaaiey
iai?ioiuo n?aaenoa no?ieoaeueiuo i?aaiecaoeee.

Iaiauathuei eoiaii i?iaaaeaiiuo a ?aaioa enneaaeiaaiee yaeyaony
eiiieaeniay iiaeaeue oi?aaeaiey iai?ioiuie n?aaenoaaie iiae?yaeiuo
no?ieoaeueiuo i?aaei?eyoee ?aaeiiaeueiiai o?iaiy ia iniiaa iioeiecaoeee
eo iauaia, no?oeoo?u e noieiinoe oeiaine?iaaiey a oneiaeyo yeiiiieee
ia?aoiaeiiai ia?eiaea.

Yooaeoeaiinoue i?aaeeiaeaiee iainiiaaia oai?aoe/anee e iiaeoaa?aeaeaia
i?aeoe/anee.

Eeth/aaua neiaa: iai?ioiua n?aaenoaa, e?oaiiai?io, iiae?yaeiay
no?ieoaeueiay i?aaiecaoeey, eeeaeaeiinoue, ieaoaaeaniiniaiinoue,
ii?ie?iaaiea, ?ene, yooaeoeaiinoue.

SUMMARY

Eireneva I. Management of working capital of contract building
organizations. — Manuscript.

The dissertation on competition scientific degree of the candidate of
economic sciences on a speciality 08.04.01 — finance, money reference
and credit. — Ukrainian Academy of banking, Sumy, 1999.

The dissertation is devoted to development of the reasonable offers and
practical recommendations concerning improvement of the mechanism of
management of working capital of the building enterprises of a regional
level in conditions of an economy of the transition period. In work the
dependence of economic profitability of functioning of the contract
building enterprise, it financial stability and solvency from a level of
efficiency of use of working capital is analyzed. The factors of
influence on parameters of elements of structure of working capital of
the contract enterprises are investigated. The directions of improvement
of organization of planning and standardization of working capital are
developed. The ways of optimization of process of management of sources
of formation of working capital of the contract building enterprises,
mechanism of management of risk of activity of building organizations
in aspect of its influence on efficiency of building manufacture and
uses of working capital are offered. A complex technique of management
of working capital of the contract building enterprises of a regional
level in conditions of transition to the market attitudes is worked out
in the dissertation.

Key words: working capital, circulation, contract building organization,
liquidity, solvency, standardization, risk, efficiency.

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