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Реструктуризація промисловості на основі інвестиційного фактору: Автореф. дис… канд. екон. наук / О.В. Савчук, НАН України. Ін-т пробл. ринку та еко

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IAOe?IIAEUeIA AEAAeAI?ss IAOE OE?A?IE

?inoeooo i?iaeai ?eieo oa aeiiii?ei-aeieia?/ieo aeine?aeaeaiue

NAA*OE Ieaenaiae? Aieiaeeie?iae/

OAeE 65.011.8:339.727

?ANO?OEOO?ECAOe?ss I?IIENEIAINO? IA INIIA? ?IAANOEOe?EIIAI OAEOI?O

Niaoe?aeuei?noue 08.07.01 – Aeiiii?ea i?iieneiaino?

Aaoi?aoa?ao aeena?oaoe??

ia caeiaoooy iaoeiaiai nooiaiy

eaiaeeaeaoa aeiiii?/ieo iaoe

Iaeana –1999

Aeena?oaoe??th ? ?oeiien

?iaioa aeeiiaia a ?inoeooo? i?iaeai ?eieo oa aeiiii?ei-aeieia?/ieo
aeine?aeaeaiue Iaoe?iiaeueii? Aeaaeai?? iaoe Oe?a?ie
(i.Iaeana).

Iaoeiaee ea??aiee – eaiaeeaeao aeiiii?/ieo iaoe,

noa?oee iaoeiaee ni?a?ia?oiee

IN?IIA Aieiaeeie? Ieeieaeiae/,
?inoeooo i?iaeai ?eieo
oa aeiiii?ei-
aeieia?/ieo aeine?aeaeaiue IAI Oe?a?ie,

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

noa?oee iaoeiaee ni?a?ia?oiee
AOOAIEI Aiaoie?e ?aaiiae/,
?inoeooo i?iaeai ?eieo oa
aeiiii?ei- aeieia?/ieo
aeine?aeaeaiue IAI Oe?a?ie,
caa?aeoaa/ a?aeae?eii

eaiaeeaeao aeiiii?/ieo iaoe,
aeioeaio EENTHE
Aieiaeeie? Ieo?ioaiiae/,
Iaeanueea iaeania oa??oi??aeueia a?aeae?eaiiy

Aioeiiiiiieueiiai eii?oaoo
Oe?a?ie, aieiaa

I?ia?aeia onoaiiaa: Iaeanueeee aea?aeaaiee iie?oaoi?/iee
oi?aa?neoao I?iina?oe Oe?a?ie,
eaoaae?a iaiaaeaeiaioo
(i.Iaeana)

Caoeno a?aeaoaeaoueny “__8__”_ea?oiy_ 1999 ?. i_14_ aiaeei? ia

can?aeaii? niaoe?ae?ciaaii? a/aii? ?aaee E41.177. 01 a ?inoeooo?

i?iaeai ?eieo oa aeiiii?ei-aeieia?/ieo aeine?aeaeaiue IAI Oe?a?ie

ca aae?anith: 270044, Iaeana, O?aioeocueeee aoeueaa?, 29.

C aeena?oaoe??th iiaeia iciaeiieoeny o a?ae?ioaoe? ?inoeoooo

i?iaeai ?eieo oa aeiiii?ei-aeieia?/ieo aeine?aeaeaiue IAI Oe?a?ie

ca aae?anith: 270044, Iaeana, O?aioeocueeee aoeueaa?, 29.

Aaoi?aoa?ao ?ic?neaiee “__4_” aa?aciy 1999 ?.

A.i. a/aiiai nae?aoa?yniaoe?ae?ciaaii? a/aii? ?aaee,aeieoi? aeiiii?/ieo
iaoe, i?ioani? Noaiaiia A.I.19

1

CAAAEUeIA OA?AEOA?ENOEEA ?IAIOE

Aeooaeuei?noue oaie. Aeiiii?/ia e?eca a Oe?a?i?, ui caoyaioeany,
i?ecaaea aei eaoano?io?/iiai niaaeo ae?iaieoeoaa i?aeoe/ii a on?o
aaeocyo. O iaoeiiaoaeoaaii? oa iaoaeiia?iaoe? ianya ae?iaieoeoaa a 1997
?ioe? neeaa ia a?eueo 35 a?aenioe?a a?ae ??aiy 1990 ?ieo. I?e oeueiio
ieoiia aaaa iaoeiiaoaeoaaiiy o caaaeueiiio ianyc? i?iieneiaiai
ae?iaieoeoaa ca 1990-1996 ?iee cieceeany a?eueo i?ae a aeaa ?ace – c
30.7% aei 14.7%. C aenia?oieo aeaieo ca oie aea /an ciiooaai?noue
i?iieneiai-ae?iaie/eo oiiae?a o iaoeiiaoaeoaaii? ca?eueoeeanue c 46.9%
aei 51.0%. Cia/ii iia??oeeeny iieacieee ?iiaaoe?eii? ae?yeueiino?
i?aei?e?inoa iaoeiiaoae?aii? aaeoc?. Iai?eeeaae, o 1996 ?ioe? a
ii??aiyii? c 1995 ?ieii cai?iaaaeaeaiiy iiaeo oaoiieia?/ieo i?ioean?a
ciaioeeinue ia 27.2%, ae?iaieoeoai iiaeo aeae?a i?iaeoeoe??
(iaeiaioaaiue) inai?ii iaioa ia 14.4%.

O oeeo oiiaao aeo?ae Oe?a?ie c e?ece, ca ?aooiie i?aeaeuaiiy
aoaeoeaiino? ae?iaieoeoaa, ca’ycothoue c ?ano?oeoo?ecaoe??th ie?aieo
i?aei?e?inoa, aaeocae oa anueiai ia?iaeiiainiiaea?nueeiai eiiieaeno a
oe?eiio. I?e oeueiio ia?oi/a?aiao oaaao o?aaa i?eae?eyoe
?ano?oeoo?ecaoe?? iaoeiiaoaeoaaiiy, ye iaei??? c iaeaaaeeea?oeo aaeocae
i?iieneiaino?, ui aecia/a? no?aoaa?/iee iai?yiie ?? ?icaeoeo.

Oni?oia i?iaaaeaiiy ?ano?oeoo?ecaoe?? aeiiii?ee iaiiaeeeai aac iioe?aiiy
oa ?ioaineo?eaoe?? ?iaanoeoe?eieo i?ioean?a a iao?e e?a?i?. A inoaii?e
/an a Oe?a?i? ii/aee oi?ioaaoeny oiiae aeey aeoea?caoe?? icia/aieo
i?ioean?a: cia/ii cieceany ??aaiue ?ioeyoe??, ciaioeeanue i?eaooeia?noue
o?iainiaeo cania?a oa aa?o?noue iice/eiaeo eioo?a, ca?eueoeany ianya
?aaeueieo e?aaeeoieo ?ano?n?a.

Eeth/iaith i?iaeaiith cae?eniaiiy ?aoe?iiaeueii? ?iaanoeoe?eii?
ae?yeueiino? ye o i?iieneiaino?, oae ? a ?ioeo aaeocyo ? ioe?iea
aeiiii?/ii? yoaeoeaiino? a?aeiia?aeieo ?iaanoeoe?eieo i?iaeo?a. I?e
oeueiio iniaeeaa cia/aiiy a no/anieo oiiaao iathoue ieoaiiy aca?iiae??
noa’?eoo ainiiaea?thaaiiy, ui cae?enith? i?iaeo, c ?iaanoi?ii,
aecia/aiiy iaea?eueo aoaeoeaieo iai?yie?a ?iaanoeoe?eii? ae?yeueiino?.

C i?iaeaiith aecia/aiiy aeiiii?/ii? aoaeoeaiino? ?iaanoeoe?eieo i?iaeo?a
o?nii iia’ycaia caaea/a ioe?iee aeiiii?/ieo oiia c iiceoe?e ?oiuei?
a?aeiia?aeiino? iao? caeo/aiiy eai?oae?a aei ae?iaie/i? noa?e, ?icaeoeo
?iaanoeoe?eieo i?ioean?a o oe?eiio. ?ica’ycaiiy oe??? caaea/?
aeicaieeei a ioe?ieoe iioi/iee noai ?iaanoeoe?eiiai ee?iaoo a e?a?i?,
i?iaiicoaaoe ia?niaeoeae ?icaeoeo ?iaanoeoe?eii? ae?yeueiino?.

A?aoiaoth/e neeaaei? aeiiii?/i? oiiae a e?a?i?, ia’?eoeaii c’yaey?oueny
iio?aaa ia eeoa a “i?ino?e” ioe?ioe? aoaeoeaiino? aeei?enoaiiy
?iaanoeoe?e, aea ? a iioei?caoe?? ye ?iaanoeoe?eieo i?iaeo?a, a ?aieao
yeeo aiie cae?eniththoueny, oae ? oiia ?oiuei? ?aae?caoe??. Iioei?caoe?y
i?iaeo?a aeicaieeea a i?aeaeueoe ye?noue aeei?enoaiiy ?iaanoeoe?eieo
?ano?n?a ca ?aooiie aeai?o ?aoe?iiaeueii? noaie oa ia?aiao??a aca?iiae??
iniiaieo o/aniee?a i?iaeoo, ianyao oa no?oeoo?e iice/eiaeo ? caeo/aieo
eioo?a aeey eiai o?iainoaaiiy, ia?aiao??a ae?iaie/i? ae?yeueiino?, oiia
?aae?caoe?? a?aeiia?aeii? i?iaeoeoe?? aai iineoa oa ?ioa.

I?iaaaeaiee aiae?c ??ciiiai?oieo ?ioi?iaoe?eieo aeaea?ae iieacaa, ui
iaoiaeieia?/i? oa iaoiaee/i? aniaeoe ?ica’ycaiiy oeeo caaea/ oa
eiiieaeno iia’ycaieo c ieie ieoaiue, iaiao?aeii? i?i?iaee ia ae?noaee.
Aeaia ianoaaeia noaea i?aenoaaith aeey aeai?o oaie ? iai?yie?a oeueiai
aeena?oaoe?eiiai aeine?aeaeaiiy, aecia/a? ?? aeooaeuei?noue.
Aeine?aeaeaiiy oa ?ica’ycaiiy icia/aieo i?iaeai, io?eiaia ia
aeinoaoiueiio ??ai? ocaaaeueiaiiy, ia? ia eeoa i?aeoe/iee ?ioa?an, ui
aecia/a?oueny iio?aaaie ? oei/aniaiai noaio aeiiii?ee e?a?ie, aea e
aeicaieeei a aianoe aeeaae o ?icaeoie aeiiii?/ii? oai??? ?iaanoeoe?eiiai
i?iaeooaaiiy a oiiaao ?ano?oeoo?ecaoe?? i?iieneiaino?, ui i?aeoaa?aeaeo?
ia o?eueee i?aeoe/io, aea ? iaoeiao aeooaeuei?noue ia?aiiai iai?yieo
oe??? aeena?oaoe?eii? ?iaioe.

Aeena?oaoe?eia aeine?aeaeaiiy aeeiioaaeiny a iaaeao ieaio
iaoeiai-aeine?aeieo ?ia?o ?inoeoooo i?iaeai ?eieo oa
aeiiii?ei-aeieia?/ieo aeine?aeaeaiue IAI Oe?a?ie ca oaiith
“Iaoiaeieia?/i? ieoaiiy ?ic?iaee ?iaanoeoe?eii? iie?oeee i?iieneiaiai
i?aei?e?inoaa a oiiaao oi?ioaaiiy ?eieiai? aeiiii?ee” (iiia?
aea?ae?a?no?aoe?? 0197U000455).

Iaoa ? caaea/? aeine?aeaeaiiy. Iaoith aeena?oaoe?eii? ?iaioe ? ?ic?iaea
iaoiaeieia?/ieo oa iaoiaee/ieo iieiaeaiue ?ano?oeoo?ecaoe?? i?iieneiaiai
ae?iaieoeoaa ia iniia? ioe?iee aeiiii?/ii? aoaeoeaiino? ? iioei?caoe??
a?aeiia?aeieo ?iaanoeoe?eieo i?iaeo?a, aeiiii?/ieo oiia ?iaanooaaiiy o
ae?iaieoeoai. O a?aeiia?aeiino? c icia/aiith iaoith a aeena?oaoe??
?icaeyaeathoueny oae? caaaeaiiy:

– i?iaiae?coaaoe i?iaeaie ?ano?oeoo?ecaoe?? i?iieneiaino? a no/anieo
oiiaao;

– eiiieaenii aea/eoe oiiae cae?eniaiiy ?iaanoeoe?eieo i?iaeo?a o
i?iieneiaino? i?ae /an ?? ?ano?oeoo?ecaoe??;

– i?iaanoe aiae?c ?nioth/eo cania?a ioe?iee aeiiii?/ii? aoaeoeaiino?
?iaanoeoe?eieo i?iaeo?a;

– ?ic?iaeoe iaoiaee/i? i?aeoiaee aei ioe?iee aoaeoeaiino?
?ano?oeoo?ecaoe?? i?iieneiaino? c o?aooaaiiyi iniiaieo aeiiii?/ieo
oaeoi??a ?iaanoeoe?eii? ae?yeueiino?;

– ?ic?iaeoe iaoiaee/i? iniiae ioe?iee aeiiii?/ieo oiia ?iaanooaaiiy
?ano?oeoo?ecaoe?? i?iieneiaiai ae?iaieoeoaa;

– noi?ioethaaoe nenoaio caaea/ iioei?caoe?? ?iaanoeoe?eieo i?iaeo?a
?ano?oeoo?ecaoe?? i?iieneiaino?.

Ia’?eo ? i?aaeiao aeine?aeaeaiiy. Ia’?eoii aeine?aeaeaiiy ? aeiiii?/iee
iaoai?ci ?ano?oeoo?ecaoe?? i?iieneiaino? oa oiiae eiai ?aae?caoe??.
I?aaeiaoii aeine?aeaeaiiy ? iaoiaeieia?/i? iniiae ? iaoiaee/i? i?aeoiaee
aecia/aiiy aeiiii?/ii? aoaeoeaiino? ?ano?oeoo?ecaoe?? i?iieneiaino? ia
iniia? ioe?iee oa iioei?caoe?? ?iaanoeoe?eieo i?iaeo?a, oiia ?oiuei?
?aae?caoe??.

Iaoiaeieia?y oa iaoiaeeea aeine?aeaeaiiy. Aeena?oaoe?eia aeine?aeaeaiiy
aeeiiaii ia iniia? aea/aiiy niaoe?aeueii? aeiiii?/ii? e?oa?aoo?e c
ieoaiue ?ano?oeoo?ecaoe?? i?iieneiaino?, ?iaanoeoe?eii? ae?yeueiino? oa
ioe?iee aeiiii?/ii? aoaeoeaiino? ?iaanoeoe?eieo i?iaeo?a, caeiiiaeaa/eo
? ii?iaoeaieo aeo?a Oe?a?ie, ?aaeaiaiooth/eo ?iaanoeoe?ei? i?ioeane a
e?a?i?. A i?ioean? aeine?aeaeaiiy aeei?enoiaoaaeenue i?eeiie ? iaoiaee
?iaanoeoe?eiiai oa aeiiii?/iiai aiae?co o?iainiaiai iaiaaeaeiaioo,
noaoenoe/ii? ia?iaee aeaieo, aeiiii?ei-iaoaiaoe/iiai iiaeaethaaiiy, –
?ic?aooiee i?iaiaeeeeny ia IAII. Aeaea?aeaie ?ioi?iaoe?? aeey
i?iaaaeaieo aeine?aeaeaiue aoee aeai? aea?aeaaii? noaoenoe/ii?
ca?oiino?, i?iaeoi? oa ca?oi? iaoa??aee i?iieneiaeo i?aei?e?inoa,
iaoeia? ioae?eaoe??, ui noinothoueny oe??? oaiaoeee.

Iaoeiaa iiaecia ?acoeueoao?a aeine?aeaeaiiy. Iaoeiaa iiaecia
aeena?oaoe?eii? ?iaioe iieyaa? o ?icaeoeo oa iiaeeaeaii?
iaoiaeieia?/ieo ? iaoiaee/ieo iieiaeaiue ?ano?oeoo?ecaoe?? i?iieneiaino?
ia i?aenoaa? ioe?iee aeiiii?/ii? aoaeoeaiino? ?iaanoeoe?eieo i?iaeo?a oa
oiia ?iaanooaaiiy o ae?iaieoeoai:

– aeey ??ciiiai?oieo oiia ?aae?caoe?? ?iaanoeoe?eieo i?iaeo?a
?ano?oeoo?ecaoe?? i?iieneiaino? ?ic?iaeaii iaoiaee/i? iniiae ioe?iee oa
aiae?co aeiiii?/ii? aoaeoeaiino? ?oiueiai cae?eniaiiy;

– cai?iiiiiaaii ? iaa?oioiaaii iieacieee oa ?ic?aooieia? oi?ioee ioe?iee
nooiaiy i?eaaaeeaino? aeiiii?/ieo oiia ?iaanooaaiiy o ?ano?oeoo?ecaoe?th
i?iieneiaiai ae?iaieoeoaa;

– aia?oa ?ic?iaeaia nenoaia eeaneo?eaoe?? oeiiaeo aa??aio?a
cae?enithaaiiy ?iaanoeoe?eieo i?iaeo?a oa iinoaiiaie caaea/ ioe?iee
?oiuei? aeiiii?/ii? aoaeoeaiino?;

– oaeineiiaeaii iaoiaee/i? i?aeoiaee aei a?aooaaiiy iae?eo ?ioeyoe?eieo
i?ioean?a i?e ioe?ioe? aeiiii?/ii? aoaeoeaiino? ?iaanoeoe?eieo i?iaeo?a
oa oiia ?iaanooaaiiy o i?iieneiaa ae?iaieoeoai;

– aeyaeaii caeiiii??iino? aieeao ia aeiiii?/io aoaeoeai?noue
?ano?oeoo?ecaoe?? i?iieneiaino? ia?aiao??a aioo??oi?o oa ciai?oi?o oiia
?aae?caoe?? ?iaanoeoe?eieo i?iaeo?a;

– noi?ioeueiaaii e?eoa??? oa i?eioeeie iioei?caoe?? ?iaanoeoe?e o
?ano?oeoo?ecaoe?th i?iieneiaino?.

I?aeoe/ia cia/aiiy iaea?aeaieo ?acoeueoao?a. Iia? oai?aoe/i? iieiaeaiiy,
iaoiaee/i? ?ic?iaee, aeniiaee, io?eiai? a oiae? aeena?oaoe?eiiai
aeine?aeaeaiiy, aeiaaaeaii aei eiie?aoieo i?aeoe/ieo ?aeiiaiaeaoe?e. O
eiioeaio?iaaiiio aeaeyae? aiie i?aaenoaaeai? a i?ioeaaeo?? ioe?iee
aeiiii?/ii? aoaeoeaiino? oa iioei?caoe?? ?iaanoeoe?eieo i?iaeo?a
?ano?oeoo?ecaoe?? i?iieneiaino?. Aeaia i?ioeaaeo?a coiiaeaia aeey
ae??oaiiy ??ciiiai?oieo i?aeoe/ieo caaea/ aiae?co i?ioean?a
?iaanooaaiiy o ae?iaieoeoai: e?euee?nii? ioe?iee i?eaaaeeaino?
aeiiii?/ieo oiia aeey ?iaanoeoe?eii? ae?yeueiino?, i??e a?aeiia?aeiino?
cacia/aieo oiia eiie?aoiei i?iaeoai (? iaaiaee), aecia/aiiy aeiiii?/ii?
aoaeoeaiino? ?aae?caoe?? ?iaanoeoe?eieo i?iaeo?a ?ano?oeoo?ecaoe??
i?iieneiaino?, ui ?icaeyaeathoueny, ioe?iee ?ecee?a ?oiueiai
cae?eniaiiy, iiaeeo?eaoe?? i?iaeo?a c iaoith uiaei i?aeaeuaiiy ?oiuei?
aoaeoeaiino? oa ?ioa. I?e/iio, i?ioeaaeo?a aeicaiey? i?iaiaeeoe
ae??oaiiy ye ie?aieo caaea/ ?iaanoeoe?eiiai aiae?co (iai?eeeaae, ioe?ieo
?ecee?a i?iaeoo, eiai iioei?caoe?th oa ?ioa.), oae ? cae?enithaaoe
eiiieaenio, anaa?/io ioe?ieo ?iaanoeoe?eieo i?iaeo?a oa oiia ?oiuei?
?aae?caoe??.

I?ioeaaeo?a aiae?co ? iioei?caoe?? ?iaanoeoe?eieo i?iaeo?a aoea o
iiaiiio ianyc? ?aae?ciaaia i?e aeiiii?/i?e ioe?ioe? ?aaeueieo
?iaanoeoe?eieo i?iaeo?a ?ano?oeoo?ecaoe?? “Aciacaaaeueiiiao”
(i.Ia??oiieue), iniiai? iaoiaee/i? iieiaeaiiy ioe?iee aeiiii?/ii?
aoaeoeaiino?, io?eiai? a ?iaio?, aoee aeei?enoai? a i?ioean? aiae?co
a?aeiia?aeieo i?iaeo?a Eiino?oeoi?nueeei ath?i iaoeiiaoaeoaaiiy
?i.I.I.Ii?iciaa (i. Oa?e?a). Iniiai? iieiaeaiiy ?iaioe c ieoaiue
aeiiii?/ii? ioe?iee ?iaanoeoe?eieo i?iaeo?a ?ano?oeoo?ecaoe??
i?iieneiaiai ae?iaieoeoaa aeei?enoiaoaaeenue o iaa/aeueiiio i?ioean?
I?eacianueeei aea?aeaaiei oaoi?/iei oi?aa?neoaoii aeey niaoe?aeueiinoae
“Iaiaaeaeiaio o ae?iaie/?e noa??” oa “Aeiiii?ea i?aei?e?inoaa”.
I?aeoe/i? ?aeiiaiaeaoe?? iaea?aeaee iiceoeaiee a?aeaoe ia oao?aaeao
Aea?aeaaiiai aieiaiiai niaoe?ae?ciaaiiai eiino?oeoi?nueei-oaoiieia?/iiai
?inoeoooo eiioea?io “Aciaiao”, oaoi?ei-aeiiii?/ieo ?aaeao
Ia??oiieuenueei? i?nueei? ?aaee, ?icoe?aiiio can?aeaii? eii?n?? c
ieoaiue ?ano?oeoo?ecaoe??, naiaoe?? oa aaie?oonoaa I?ii?iia Oe?a?ie i?e
?icaeyae? ieoaiiy “I?i o?ae aeeiiaiiy ieaio ?ano?oeoo?ecaoe?? eiioea?io
“Aciaiao” oa caoiae?a, ni?yiiaaieo ia noaa?e?caoe?th
o?iainiai-ainiiaea?nueeiai noaiiaeua i?aei?e?inoaa”, ui i?ioiaeea 20
o?aaiy 1997 ?ieo.

Ai?iaaoe?y ?acoeueoao?a aeena?oaoe??. Iniiai? iieiaeaiiy
aeena?oaoe?eiiai aeine?aeaeaiiy aeiiia?aeaeeny ? io?eiaee iiceoeaio
ioe?ieo ia I?aeia?iaei?e iaoeia?e eiioa?aioe?? “Aeiiii?/i? i?iaeaie
?icaeoeo ae?iaieoeoaa” (Iaeana, 1995), iaoeiaeo nai?ia?ao ?inoeoooo
i?iaeai ?eieo oa aeiiii?ei-aeieia?/ieo aeine?aeaeaiue IAI Oe?a?ie,
?inoeoooo aeiiii?ee i?iieneiaino? IAI Oe?a?ie, Iaeanueeiai aea?aeaaiiai
oieaa?n?oaoo.

Ioae?eaoe??. Ii ?acoeueoaoao aeena?oaoe?eiiai aeine?aeaeaiiy
iioae?eiaaii 6 ae?oeiaaieo ?iaio caaaeueiei ianyaii 24,1 ae.a.,
iniaenoi aaoi?o iaeaaeeoue 4,9 ae.a.

No?oeoo?a oa ianya ?iaioe. Aeena?oaoe?y neeaaea?oueny c anooio, o?ueio
?icae?e?a, aeniiae?a ? aeeeaaeaia ia 177 noi??ieao iaoeiiieniiai
oaenoo, aeeth/ath/e 38 oaaeeoeue ia 35 noi??ieao, 16 iaethie?a ia 10
noi??ieao, a?ae?ia?ao?th (96 aeaea?ae) oa aeiaeaoe?a ia 21 noi??ioe?.

O anooi? iaa?oioiaaia aeooaeuei?noue oaie, aecia/aii caaea/?
aeine?aeaeaiiy, iaoeiaa iiaecia eiai ?acoeueoao?a, ioa?aeoa?eciaaii
i?aeoe/ia cia/aiiy oa ?aaeecaoe?th iieiaeaiue aeena?oaoe??.

Ia?oee ?icae?e aeena?oaoe?? i?enay/aiee aiae?co no/aniiai noaio
iaoeiiaoae?aaeueiiai eiiieaeno Oe?a?ie, iao?, caaea/ai oa iai?yieai
eiai ?ano?oeoo?ecaoe??, aeyaeaiith eeth/iai? i?iaeaie oni?oiiai
cae?eniaiiy ?ano?oeoo?ecaoe?? – noai?aiiy ni?eyoeeaiai ?iaanoeoe?eiiai
ee?iaoo oa cai?iaaaeaeaiiy ?aoe?iiaeueii? ?iaanoeoe?eii? iie?oeee. O
aeaiiio ?icae?e? oaeiae i?iaaaeaii e?eoe/iee aiae?c a?aeiieo iieaciee?a
aoaeoeaiino? ?iaanoeoe?eieo i?iaeo?a oa oeiecaoe?y caaea/ ?oiuei?
aeiiii?/ii? ioe?iee.

A ae?oaiio ?icae?e? ?iaioe ?icaeyaeathoueny iaoiaee/i? caieoaiiy
aeiiii?/iiai aiae?co ?iaanoeoe?eieo i?iaeo?a ?ano?oeoo?ecaoe??
i?iieneiaino? oa oiia ?iaanooaaiiy: cai?iiiiiaaii iia? oa iiaeeo?eiaaii
a?aeii? iieacieee aoaeoeaiino? i?iaeo?a, i?eaaaeeaino? aeiiii?/ieo oiia
?iaanooaaiiy o i?iieneiaa ae?iaieoeoai, io?eiaii a?aeiia?aei?
?ic?aooieia? ni?aa?aeiioaiiy aeey oeiiaeo aa??aio?a cae?eniaiiy
?iaanoeoe?eieo i?iaeo?a.

I?e oeueiio iniaeeaa oaaaa i?eae?ey?oueny a?aeaeca?eaeaiith aieeao
?ioeyoe?eieo i?ioean?a ia icia/ai? iieacieee oa ?iaanoeoe?eio
ae?yeuei?noue o oe?eiio. *eiaea i?noea a aeaiiio ?icae?e? caeia? oaeiae
aea/aiiy caaaeueieo caeiiii??iinoae aieeao iniiaieo ia?aiao??a
ciai?oiueiai na?aaeiaeua ia aeiiii?/io aoaeoeai?noue i?iaeo?a
?ano?oeoo?ecaoe?? i?iieneiaino?.

O?ao?e ?icae?e i?enay/aiee i?eeeaaeiei aniaeoai aiae?co i?ioean?a
?iaanooaaiiy o ?ano?oeoo?ecaoe?th i?iieneiaiai ae?iaieoeoaa. I?e oeueiio
iaaiein ?iaeoueny ia no?eueee ia i?iaeai? aeiiii?/ii? ioe?iee
?iaanoeoe?eieo i?iaeo?a, ne?eueee ia ?ac?iaeo cania?a i?aeaeuaiiy
?oiuei? aoaeoeaiino?. Oiio a aeaiiio ?icae?e? ?icaeyaeathoueny oae?
ieoaiiy, ye iioei?caoe?y ?iaanoeoe?eieo i?iaeo?a, iiaoaeiaa caaaeueii?
i?ioeaaeo?e aiae?co aoaeoeaiino? ? iioei?caoe??.

O aeniiaeao noi?ioeueiaaii iniiai? ?acoeueoaoe, ye? iaea?aeaii a
i?ioean? aeine?aeaeaiiy.

INIIAIEE CI?NO ?IAIOE

Aeae?eaii iniiai? caaea/? oa iaiao?aei? oiiae ?ano?oeoo?ecaoe??
iaoeiiaoae?aii? aaeoc? Oe?a?ie.

Aieiaiith iaoith ?ano?oeoo?ecaoe?? iaoeiiaoae?aiiai eiiieaeno ?
i?aeaeuaiiy aeiiii?/ii? aoaeoeaiino? i?ioean?a eiai ooieoe?thaaiiy. Aeey
?? aeinyaiaiiy iaiao?aeii ?ica’ycaiiy oaeeo caaea/:

– ci?ia aaeocaai? oa aioo??oiueiaaeocaai? no?oeoo?e ae?iaieoeoaa a
iai?yieo ?icaeoeo iaoei?iieo ? aenieioaoiieia?/ieo ae?iaie/eo
i?ioean?a, aeioneo a?aeiia?aeieo aeae?a i?iaeoeoe??;

– ca?eueoaiiy ianya?a ae?iaieoeoaa onoaoeoaaiiy aeey aeioneo oiaa??a
ia?iaeiiai niiaeeaaiiy;

– i?aeaeuaiiy yeino? oa eiieo?aioini?iiiaeiino? noai?thaaii? i?iaeoeoe??
ye ia aioo??oiueiio, oae ? na?oiaeo ?eieao;

– ia?ai???ioaoe?y iiiaieeaoo?e noai?thaaii? i?iaeoeoe?? ia
ieaoini?iiiaeiee niiaeea/ee iiieo c o?aooaaiiyi iniiaieo oaiaeaioe?e
?icaeoeo aioo??oiueiai oa ciai?oi?o ?eie?a caooo;

– cieaeaiiy iaoa??aei- ? iniaeeai aia?ai?ieino? i?iaeoeoe??.

I/aaeaeii, ui cae?eniaiiy icia/aieo ae?e i?eionea? a?aeiia?aeia
iiiiaeaiiy iniiaieo ae?iaie/eo oiiae?a (aeooaeuei?noue oe??? i?iaeaie
cia/ii c?inoa?, yeui a?aoiaoaaoe no/aniee noai i?iieneiai-ae?iaie/eo
oiiae?a aeaii? aaeoc?), ui, o naith /a?ao, aeiaaa? iie?ioaiiy
yeiiii?/ieo oiia ?iaanooaaiiy o ?ano?oeoo?ecaoe?th iaoeiiaoae?aiiai
eiiieaeno.

Iniiaieie iai?yieaie i?aeaeuaiiy ?iaanoeoe?eii? i?eaaaeeaino?
iaoeiiaoae?aii? aaeoc? ? i?iieneiaino? acaaae?, iie?ioaiiy oiia
eiaanoeoe?eii? ae?yeueiino? iiaeooue aooe oae?:

– cieaeaiiy iiaeaoeiaiai i?ano ia ae?iaieea;

– aaaaeaiiy nenoaie aeeoa?aioe?eiaaiiai iiiaeaoeoaaiiy c iaaeaiiyi
i?euea o aeiaaeeo ?iaanooaaiiy o ?icaeoie ae?iaieoeoaa ;

– aeaiiiiiie?caoe?y aaeeeeo ae?iaie/eo eiiieaen?a;

– i?eaaoecaoe?y i?aei?e?inoa oa caiaeueieo ae?eueieoeue, ia yeeo aiie
?icoaoiaothoueny;

– noai?aiiy o?iainiai-e?aaeeoii? nenoaie, ui i?eionea? iiiaeeii?noue
aeaea?ae ?iaanoeoe?eieo ?ano?n?a;

– oi?ioaaiiy ia caeiiiaeaa/iio ??ai? ni?eyoeeaeo oiia aeey caeo/aiiy (oa
aeei?enoaiiy) ?iicaiiiai eai?oaeo aei i?iieneiaiai ae?iaieoeoaa.

Iaeiae i?aeaioiaea oa ?aae?caoe?y icia/aieo caoiae?a iaa?oue i?e an?o
ni?eyoeeaeo oiiaao aeiaaa? iaaiiai /ano. Oiio a iei?oi?o oiiaao aino?iai
aeao?oeeoo ?iaanoeoe?eieo ?ano?n?a ?ano?oeoo?ecaoe?y iiaea
cae?enithaaoeny eeoa ia i?aenoaa? aea??eiaiai i?aeoiaeo aei ?iaanooaaiiy
??ciiiai?oieo ainiiaea?nueeeo noa’?eo?a. Cae?eniaiiy aeaiiai i?aeoiaeo
aeiaaa? aeei?enoaiiy ia’?eoeaieo, oi/ieo oa iaae?eieo iaoiae?a ioe?iee
aeiiii?/ii? aoaeoeaiino? ?iaanoeoe?eieo i?iaeo?a ?ano?oeoo?ecaoe??
i?iieneiaino?.

I?iaaaeaii e?eoe/iee aiae?c no/anieo iaoiae?a ioe?iee aeiiii?/ii?
aoaeoeaiino? ?iaanoeoe?e o i?iieneia?noue, ui aeicaieea aeyaeoe aeaye?
i?eoaiaii? iaaeie?ee.

A?aeii? iaoiaee ioe?iee aeiiii?/ii? aoaeoeaiino? ?iaanoeoe?e aacothoueny
ia oaeeo iieacieeao ye iioi/ia aa?o?noue, aioo??oiy ii?ia
?aioaaaeueiino?, ?iaeaen ?aioaaaeueiino? oa aeayeeo ?ioeo, ui o
a?aeiia?aeieo iaoiaeeeao caaeathoueny o naiiio caaaeueiiio aeaeyae?, aac
i?ea’ycoaaiiy aei aeayeeo oeiiaeo oiia ?aaeecaoe?? ?iaanoeoe?eieo
i?iaeo?a. Oaea neooaoe?y aeiaaa? a eiaeiio eiie?aoiiio aeiaaeeo
ae??ooaaoe caaea/o iiaoaeiae a?aeiia?aeieo oi?i ?ic?aooieo iieaciee?a
aoaeoeaiino?, ui aeeeeea? iaai? neeaaeiiu? ia aoai? iiia?aaeiuei?
ioe?iee eiaanoeoe?iieo i?iaeo?a o i?iieneiaino?.

Ia iaio aaaeeeai ? oa, ui icia/aia nenoaia iieaciee?a ia aeicaiey?
iaea?aeaoe a?aeiia?ae? ia ianooii? aaaii? ieoaiiy, ui aeieeathoue o
i?ioean? ioe?iee oa aiae?co aeiiii?/ii? aoaeoeaiino? ?aaeueieo
i?iaeo?a:

– ye iiaeii? iiaeeo?eoaaoeny ni?aa?aeiioaiiy aeey ia/eneaiiy
a?aeiia?aeieo iieaciee?a o aeiaaeeo oeo /e ?ioeo ci?i oiia ?aae?caoe??
?iaanoeoe?eiiai i?iaeoo;

– ye a?aooaaoe ?ioeyoe?ei? i?ioeane i?e ioe?ioe? aoaeoeaiino? i?iaeoo;

– yeee aieea /eieoue ia ioe?ieo aoaeoeaiino? i?iaeoo ni?aa?aeiioaiiy
aeanieo oa iice/eiaeo eioo?a, ui aeei?enoiaothoueny i?e eiai
o?iainoaaii?;

– yea caaaeueia aaee/eia a?ioiaeo eioo?a (c o?aooaaiiyi ?ioeyoe??, ieaoe
ca e?aaeeoi? ?ano?ne, iiaeeeaino? ?a?iaanooaaiiy) iiaea aooe caaia?iaaia
i?iaeoii ca /an eiai cae?eniaiiy;

– iane?eueee aea?aeiei ? aeeaaeaiiy a?eueieo eioo?a o ae?iaie/?
?iaanoeoe?ei? i?iaeoe a ii??aiyii? c ?iaanooaaiiyi o o?iainia? caniae oa
?ioa.

E??i oiai, no/ani? iaoiaeeee aeiiii?/ii? ioe?iee ?iaanoeoe?eieo i?iaeoia
ia aeathoue yeeo-iaaoaeue ?aeiiaiaeaoe?e uiaei aaeineiiaeaiiy i?iaeo?a c
iaoith i?aeaeuaiiy ?oiuei? aoaeoeaiino?, oi/a aeooaeuei?noue aeaii?
caaea/? a oei/aniaeo oiiaao aacnoii?aia.

Icia/aia neooaoe?y i?eionea? iaiao?aei?noue niaoe?aeueiiai ?icaeyaeo
ieoaiue ioe?iee aeiiii?/ii? aoaeoeaiino? ?iaanoeoe?e o
?ano?oeoo?ecaoe?th i?iieneiaino?.

Iiaoaeiaaia nenoaia iiaeeeaeo aa??aio?a aca?iiae?? iniiaieo
o/aniee?a ?iaanoeoe?eiiai i?iaeoo oa a?aeiia?aeieo iinoaiiaie caaea/
ioe?iee aeiiii?/ii? aoaeoeaiino?.

C aaeeeiai /enea ??ciiiai?oieo o/aniee?a ?iaanoeoe?eiiai i?iaeoo a
?iaio? aeae?eythoueny o?e iniiaieo: ?ic?iaiee aai aeaniee i?iaeoo,
noa’?eo, ui ?aae?co? i?iaeo, ?iaanoi?. I/aaeaeii, ui neeaae o/aniee?a
i?iaeoo a?aeaeca?eaeth? ia?ae?e oeo iniiaieo ieoaiue (caaaeaiue), ui
iiaeii? ?icaeyaeaoeny oa ae??ooaaoeny o oiae? eiai cae?eniaiiy, a naia:

– i?aeaioiaea ?iaanoeoe?eiiai i?iaeoo, yeee ?icoi??oueny ye a?aeiia?aeia
nenoaia aeieoiaio?a (i?aai?caoe?eii-i?aaiaeo, o?iainiai-?ic?aooieiaeo,
oaoi?/ieo oa ?ioa.);

– i?aai?caoe?y i?ioeano ?aae?caoe?? oa ?aae?caoe?y i?iaeoo

(o oaoiieia?/iiio aai ae?iaie/iio nain?);

– o?iainiaa caaacia/aiiy ?aae?caoe?? i?iaeoo.

O ??ciiiai?oieo neooaoe?yo iaeia e oa ae th?eaee/ia iniaa iiaea
aenooiaoe a ?ie? oiai /e ?ioiai o/anieea ?iaanoeoe?eii? ae?yeueiino? – ?
?iaanoi?ii aai ?ic?iaieeii i?iaeoo /e eiai aeeiiaaoeai. E??i oiai,
oe?eeii ?aaeueieie ? oiiae, i?e yeeo iaeia e oa ae i?aai?caoe?y ae??oo?
caaea/? aeaio aai o?ueio iniiaieo o/aniee?a ?iaanoeoe?eiiai
i?iaeooaaiiy, oiaoi ii?aeio? a iaei?e inia? ooieoe?? aeaio aai o?ueio
o/aniee?a i?iaeoo.

O ca’yceo c oeei iiaeeea? ??ciiiai?oi? noaie aca?iiae?? o/aniee?a
cae?eniaiiy ?iaanoeoe?eieo i?iaeo?a.

Aeey eiaeii? c noai o ?iaio? iienaii a?aeiia?aei? iinoaiiaee caaea/
ioe?iee aeiiii?/ii? aoaeoeaiino? ?iaanoeoe?eieo i?iaeo?a. I?e/iio,
ci?noiaia iinoaiiaea caaea/? aecia/a?oueny ia eeoa a?aeiia?aeiith
noaiith, aea e oei, ooi c ?? o/aniee?a ? ?i?oe?aoi?ii cae?eniaiiy
i?iaeoo.

Oaeei /eiii, o ?iaio? iaea?aeaia ia o?eueee eeaneo?eaoe?y (oeiecaoe?y)
oiia ?aae?caoe?? i?iaeo?a, aea ? caaea/ aeiiii?/ii? ioe?iee. O
aeiiii?/iiio ieai? uiaei iinoaiiaee icia/aieo caaea/ o ia?oo /a?ao
?ic??ciythoueny no?oeoo?ith ? oi?iith (iaoai?ciii) cae?eniaiiy aeo?ao oa
io?eiaiiy i?eaooe?a o i?ioean? oiai /e ?ioiai aa??aioo ?aae?caoe??
?iaanoeoe?eiiai i?iaeoo.

O iiaeaeueoiio ?iaioa i?enay/aia ioe?ioe? aeiiii?/ii? aoaeoeaiino? noai
cae?eniaiiy ?iaanoeoe?eieo i?iaeo?a, ?i?oe?aoi?ii yeeo ? ae?iaie/a
i?aei?e?inoai.

Cai?iiiiiaaii iieacieee ? iaea?aeaii ?ic?aooieia? ni?aa?aeiioaiiy aeey
ioe?iee aeiiii?/ieo ?acoeueoao?a cae?eniaiiy ?iaanoeoe?eieo i?iaeo?a
?ano?oeoo?ecaoe?? i?iieneiaino?.

O ?iaio? cai?iiiiiaaii ? aiae?co?oueny iieaciee caaaeueiiai ni?eueiiai
i?eaooeo (In), ui aaia?o?oueny i?iaeoii (c o?aooaaiiyi ?a?iaanooaaiiy o
o?iainia? caniae ? ieaoe ca aeei?enoaiiy e?aaeeoo) ca aanue ia??iae eiai
?aae?caoe??. A iaaiiio nain? aeaiee iieaciee a?aeiia?aea? a?aeiiiio
iieacieeo /enoi? iioi/ii? aa?oino?. A?aeciaea iieyaa? a oiio, ui ioe?iea
eioo?a, ui aaia?othoueny i?iaeoii, i?eaiaeeoueny ia ia /an ii/aoeo ?ia?o
uiaei eiai cae?eniaiiy, a ia /an caaa?oaiiy i?iaeoo. O ci?noiaiiio ieai?
oaeee i?aeo?ae ? a?eueo ia?aaaaeiei, oiio ui a?i aecia/a? ia o?eueee
i?eaooeia?noue aai caeoeia?noue i?iaeoo, aea e coiiaeth? ioe?ieo
caaaeueii? iane o?iainiaeo eioo?a, ui aoaeooue iaea?aeai? ca aanue /an
eiai ?aae?caoe??.

E??i oiai, oi?ia ia/eneaiiy aeaiiai iieacieea (aeae?eaiiy ie?aii aeanieo
oa iice/eiaeo eioo?a aeey o?iainoaaiiy i?iaeoo) aeicaiey? cae?enithaaoe
a?eueo aeeaieee aiae?c aieeao oiia ?aae?caoe?? ?iaanoeoe?eiiai i?iaeoo
ia eiai yeiiii?/io aoaeoeai?noue.

Iaeiae aieiaia ia?aaaaa iieacieea caaaeueiiai i?eaooeo iieyaa? a oiio,
ui a ?iaio? iaea?aeai? eiie?aoi? ?ic?aooieia? ni?aa?aeiioaiiy aeey eiai
aecia/aiiy i?e ??ciiiai?oieo oiiaao ( noaiao) ?aae?caoe??
?iaanoeoe?eiiai i?iaeoo, ui cia/ii ni?iuo? ? iieaaoo? i?iaaaeaiiy
iia?aoeaii? ioe?iee aeiiii?/ii? aoaeoeaiino? ?iaanoeoe?eieo i?iaeo?a, ui
aiae?cothoueny.

Iaei?ino?oei c?aceii oaeiai ni?aa?aeiioaiiy ? :

Ii = (Ic + Ic)[(1 + )n – 1]/ – Ic[(1 + )n – 1]/ – Ic, (1)

aeaIi- ianya a?ioiaeo eioo?a, ui aoaeooue iaea?aeai? i?aei?e?inoaii
/a?ac n ?ie?a ?aae?caoe?? i?iaeoo,- ??/ia ii?ia i?eaooeo;In, Ic-aeani?
? iice/eia? eiooe, iaiao?aei? aeey cae?eniaiiy eiaanoeoe?eiiai i?iaeoo,
a?aeiia?aeii;, – aa?o?noue iice/eiaeo eioo?a oa i?eaooeia?noue
o?iainiaeo cania?a (a?aeiia?aei? i?ioeaioi? noaaee).Iaaaaeaia
ni?aa?aeiioaiiy a?aeiia?aea? neooaoe??, i?e ye?e i?iaeo i?eiineoue
i?eaooie, ii/eiath/e c ia?oiai ?ieo ?aae?caoe??, a any noia e?aaeeoieo
eioo?a Ic iiaeiia aooe iiaa?iooa ?iaanoi?o ?aeeii?aciai /a?ac

n ?ie?a eiai cae?eniaiiy.

Aeey a?eueo aeaoaeueii? oa?aeoa?enoeee aeiiii?/ii? aoaeoeaiino? i?iaeoo
cai?iiiiiaaii iieaciee i?eaooeiaino? iaeeieoe? aeanieo (ici) oa (ici)
iice/eiaeo (ici) eioo?a, ui ?iaanooaaeeny o i?iaeo.

Ici e ici yaeythoue niaith aaee/eio i?eaooeo, ui i?eiana iaeeieoey
aeanieo oa iice/eiaeo eioo?a, a?aeiia?aeii, /a?ac n ?ie?a ?aae?caoe??
i?iaeoo.

O aeena?oaoe?ei?e ?iaio? aeaaaeaii ni?aa?aeiioaiiy aeey aecia/aiiy
aeaieo uiaei iieaciee?a i?e ??ciiiai?oieo oiiaao ?aae?caoe?? i?iaeoo,
i?iaaaeaii ?o ii??aiyeueiee aiae?c.

Aeey aeiaaeeo iaea?eueo i?inoi? noaie cae?eniaiiy ?iaanoeoe?eiiai
i?iaeoo, iaaaaeaii? aeua, oi?ioee ?ic?aooieo i?eaooeiaino? iaeeieoe?
eioo?a, ui ?iaanooaaeeny, iathoue ianooiiee aeaeyae:

ici = ( – )[(1 + )n – 1] – /, (2)

ini = [(1 + )n – 1]/. (3)

Aeey ioe?iee aeiiii?/ieo oiia ?iaanooaaiiy o ?ano?oeoo?ecaoe?th
i?iieneiaiai ae?iaieoeoaa cai?iiiiiaaii iieaciee a?aie/ii? ii?ie
i?eaooeo ?iaanoeoe?eiiai i?iaeoo.

A?aie/ia ii?ia i?eaooeo i?iaeoo aecia/a?oueny, aeoiaey/e c ia?aiao??a
ciai?oi?o aeiiii?/ieo oiia eiai ?aae?caoe?? e coiiaeth? oaea cia/aiiy
ii?ie i?eaooeo i?iaeoo, ia?aaeuaiiy yeiai ?iaeoue aeiiii?/ii
aeioe?eueiei eiai cae?enithaaiiy.

Oaeei /eiii, a?aie/ia ii?ia i?eaooeo ? e?euee?niei iieacieeii, ui
oa?aeoa?eco? aeiiii?/i? oiiae ?iaanooaaiiy o ?aaeuei? aeoeae, nooi?iue
ni?eyiiy aeai?e ae?yeueiino?. *ei ?? cia/aiiy aeua, oei iaio ni?eyoeeaei
? ?iaanoeoe?eiee ee?iao ? iaaiaee. Icia/aiee iieaciee aecia/a?oueny
ie?aii aeey aeiaaeeo o?iainoaaiiy i?iaeoo ca ?aooiie aeanieo (n) oa
iice/eiaeo (c) eioo?a.

O ?iaio? iaea?aeaii ?ic?aooieia? oi?ioee aecia/aiiy a?aie/ii? ii?ie
i?eaooeo aeey ??cieo oiia ?aae?caoe?? i?iaeoo.Iaei?ino?oeie i?eeeaaeaie
icia/aieo oi?ioe ? ianooii?:

c = /[(1 + )n – 1] + , (4)

c = [(1 + )n]/ [(1 + )n – 1]. (5)

Icia/ai? iieacieee ia eeoa oa?aeoa?ecothoue i?eaaaeea?noue aeiiii?/ieo
oiia c iiceoe?e iiaeeeaino? ?iaanooaaiiy i?iieneiaiai ae?iaieoeoaa, aea
iiaeooue canoiniaoaaoeny oaeiae aeey iia?aoeaii? ioe?iee aeiiii?/ii?
aeioe?eueiino? cae?enithaaiiy i?iaeoo acaaae? ? aeei?enoaiiy aeey eiai
o?iainoaaiiy iice/eiaeo eioo?a cie?aia.

sseui aeey ?iaanoeoe?eiiai i?iaeoo eiai ??/ia ii?ia i?eaooeo iaio n, oi
oaeee i?iaeo ? aeiiii?/ii iaaoaeoeaiei ? i?aei?e?inoao a?eueo aea?aeii
?iaanooaaoe iayai? eiooe a o?iainia? caniae.

Oeae aeniiaie aeiaaa? iaaieo ooi/iaiue i?e eiai i?aeoe/iiio
canoinoaaii?.

Ci?no ia??aiino? c, oi aeey ?aae?caoe?? i?iaeoo i?eaooeiaei ? caeo/aiiy
iice/eiaeo eioo?a.

O?aaa caoaaaeeoe, ui aeeiiaiiy icia/aii? iiaea?eii? ia??aiino? ia
icia/a? iaia’yceiao caeoeia?noue ?iaanoeoe?eiiai i?iaeoo i?e
aeei?enoaii? iice/eiaeo eioo?a aeey eiai o?iainoaaiiy. Oea oaa?aeaeaiiy
aeieeaa? c aiae?co ni?aa?aeiioaiiy aeey aecia/aiiy Ii: iaaaoeaia
cia/aiiy aeaaa?a?/ii? noie /eai?a, ui i?noyoue Ic (caeoie a?ae
aeei?enoaiiy iice/eiaeo eioo?a) iiaea eiiiainoaaoeny iiceoeaieie
aeaiaioaie, ui i?noyoue In (i?eaooeia?noue a?ae aeei?enoaiiy aeanieo
eioo?a).

O oeueiio aeiaaeeo, yeui aeey ?aae?caoe?? i?iaeoo aeiaaa?oueny caeo/aiiy
(iaa?oue ia oiiaao caeoeiaino?) iaaaeeeeo ianya?a iice/eiaeo eioo?a,
i?aei?e?inoai iiaea i?oe ia aeayea cieaeaiiy eiai aoaeoeaiino?,
a?aoiaoth/e ?io? aeiiii?/i? aai iayeiiii?/i? oaeoi?e. Iaeiae aeeiiaiiy
caaaeueii? ia??aiino? Ii > 0 ? iaia’yceiaith oiiaith aeiiii?/ii?
aeioe?eueiino? cae?eniaiiy i?iaeoo.

Noi?ioeueiaaii iia? i?aeoiaee aei o?aooaaiiy ?ioeyoe?? i?e ioe?ioe?
yeiiii?/ii? aoaeoeaiino? ?iaanoeoe?eieo i?iaeo?a oa oiia ?iaanooaaiiy o
?ano?oeoo?ecaoe?th i?iieneiaiai ae?iaieoeoaa. A?aoiaoth/e aaeueie
aecia/aeueiee aieea ?ioeyoe?eieo i?ioean?a ia ?iaanoeoe?eio
ae?yeuei?noue o ?iaio? iniaeeaa oaaaa i?eae?eaia caniaai a?aooaaiiy
?ioeyoe?? a ?iaanoeoe?eiiio i?iaeooaaii?.

Aeey i?iaaaeaiiy a?aeiia?aeiiai aiae?co aeae?eaii o?e oeiia? noaie
aieeao ?ioeyoe?eieo i?ioean?a ia cae?eniaiiy i?iaeo?a:

I. Iniiai? ia?aiao?e, aecia/aeuei? oiiae ?aae?caoe?? ?iaanoeoe?eiiai
i?iaeoo (??/ia ii?ia i?eaooeo i?iaeoo, aa?o?noue e?aaeeoieo ?ano?n?a ,
i?ioeaioia noaaea o?iainiaeo cania?a ), ia/eneai? aaea c o?aooaaiiyi
?ioeyoe??.

II. Ia?aiao?e oa aeacai? c o?aooaaiiyi ?ioeyoe??, a ??/ia ii?ia
i?eaooeo i?iaeoo aac o?aooaaiiy ?ioeyoe?eieo i?ioean?a. I?e oeueiio
aaaaea?oueny, ui ?ioeyoe?y o iaeiaeia?e i??? aieeaa? ia i?eaooeiao oa
aeaeaoeia? noa?e i?iaeoo.

III. A?aei?ii?noue aeaii? neooaoe?? a?ae iiia?aaeiuei? iieyaa? a oiio,
ui ?ioeyoe?ei? i?ioeane ii-??ciiio aieeaathoue ia i?eaooeiao oa
aeaeaoeiao /anoeio ?iaanoeoe?eiiai i?iaeoo.

IV. Aeey eiaeii? c icia/aieo neooaoe?e cai?iiiiiaaii a?aeiia?aeiee can?a
o?aooaaiiy ??aiy ?ioeyoe?? i?e ioe?ioe? aeiiii?/ii? aoaeoeaiino?
?iaanoeoe?eiiai i?iaeoo oa oiia eiai ?aae?caoe??. A iniia? oeueiai
niiniao eaaeeoue aeei?enoaiiy ?iaeaeno eoi?aaeueii? ni?iiiaeiino?
a?ioae ? iaea?aeai? a ?iaio? ni?aa?aeiioaiiy aeey iieno ci?ie i?ae
aieeaii ?ioeyoe?? ii?ie i?eaooeo i?iaeoo.

I?iaaaeaii ii??aiyeueiee aiae?c iieaciee?a aeiiii?/ii? aoaeoeaiino?
?iaanoeoe?eiiai i?iaeoo oa oiia eiai ?aae?caoe??, iaea?aeaieo c
o?aooaaiiyi oa aac o?aooaaiiy ?ioeyoe??.

Aeine?aeaeaii aeaye? caaaeuei? caeiiii??iino? aieeao ia?aiao??a oiia
?iaanooaaiiy ia aeiiii?/io aoaeoeai?noue i?iaeo?a ?ano?oeoo?ecaoe??.

Aeei?enoiaoth/e cai?iiiiiaai? a ?iaio? iieacieee oa ?ic?aooieia?
oi?ioee, i?iaaaeaii aiae?oe/ia ? /eneaiia aeine?aeaeaiiy aieeao iniiaieo
ia?aiao??a oiia ?iaanoeoe?eii? ae?yeueiino? (a ia?oo /a?ao oea ??aaiue
?ioeyoe??, aa?o?noue iice/eiaeo eioo?a, i?eaooeia?noue o?iainiaiai
?iaanooaaiiy) ia aeiiii?/i? iieacieee i?iaeoo oa oiia eiai ?aae?caoe??.

Aeey ?ethno?aoe?? aeyaeaieo caeiiii??iinoae o ?iaio? iaaaaeaii
a?aeiia?aeiee a?aoi-aiae?oe/iee iaoa??ae.

Iniiai? ?acoeueoaoe i?iaaaeaiiai aiae?co (aeey aeiaaeeo noaie II aieeao
?ioeyoe?? ia ?iaanoeoe?ei? i?ioeane) c oi/ee ci?o i?aeoe/ii?
?iaanoeoe?eii? ae?yeueiino? iieyaathoue a ianooiiiio.

1. Eiee aeae?a?oueny ia’?eo aeeaaeaiiy aeanieo eioo?a, o?iainia? caniae
iiaeooue neeanoe na?eicio eiieo?aioe?th ?iaanoeoe?eiei i?iaeoai o
i?iieneiaino?. ?iaanooaaiiy o i?iieneiaa ae?iaieoeoai noa? aea?aeiei c
aeiiii?/ii? oi/ee ci?o eeoa i?e /eiaeiio ia?aaeuaii? i?eaooeiaino?
?iaanoeoe?eiiai i?iaeoo iaae i?eaooeia?noth o?iainiaeo ?ino?oiaio?a
(??/i?e ii?ie i?eaooeo i?iaeoo iaae i?ioeaioii ??/ieo ). I?e oeueiio
ne?ae a?aoe aei oaaae, ui cieaeaiiy i?eaooeiaino? inoaii?o aaaea ia eeoa
aei a?aeiia?aeiiai ineaaeaiiy aeiia aei ??/ii? ii?ie i?eaooeo i?iaeoo
(ui, i?e?iaeiuei, ? iiceoeaiei oaeoi?ii), aea ? noi?iaiaeaeo?oueny
c?inoaiiyi a?aeiinii? a?aie/ii? i?eaooeiaino? ?iaanoeoe?eiiai i?iaeoo o
ii??aiyii? c i?eaooeia?noth o?iainiaeo cania?a.

2. ?ioeyoe?y (o?aooaaiiy ?ioeyoe?eieo i?ioean?a) cia/ii cieaeo? ??aaiue
aeiia aei cia/aiiy ii?ie i?eaooeo ?iaanoeoe?eiiai i?iaeoo (ye aeey
aeanieo, oae ? iice/eiaeo eioo?a). I?e oeueiio /?oei i?inoaaeo?oueny
aieea ia cia/aiiy a?aie/ii? ii?ie i?eaooeo i?iaeoo aeaio /eiiee?a –
aaee/eie ?iaeaeno ?ioeyoe?? oa oa?i?io aenieoaoaoe?? i?iaeoo.

?c c?inoaiiyi ?ioeyoe?? a?aie/ia ii?ia i?eaooeo i?iaeoo cieaeo?oueny.
I?e/iio, oei a?eueoa, /ei a?eueoa oa?i?i aenieoaoaoe?? i?iaeoo.

Oaeei /eiii, ?ioeyoe?y i?aeaeuo? eiieo?aioini?iiiaei?noue i?iieneiaiai
ae?iaieoeoaa a ii??aiyii? c o?iainiaeie caniaaie i?e aeai?? iai?yieo
?iaanoeoe?eii? ae?yeueiino?.

3. ?aaeueia i?eaooeia?noue (c o?aooaaiiyi ciaoe?ithaaiiy a?ioae o
?acoeueoao? ?ioeyoe??) aeanieo eioo?a, ui ?iaanooaaeeny o i?iaeo, i?ae
aieeaii ?ioeyoe?? iaaea? i?e aoaeue-yeeo cia/aiiyo ia?aiao??a
ciai?oiueiai na?aaeiaeua.

Cieaeaiiy i?eaooeiaino? aeanieo eioo?a oei a?eueoa, /ei a?eueoa ?iaeaen
?ioeyoe??. I?e/iio, i?e a?eueoeo oa?i?iao aenieoaoaoe?? i?iaeoo, aieea
?ioeyoe?? aeyaey?oueny neeuei?oei.

4. I?e iecueeeo cia/aiiyo ?iaeaeno ?ioeyoe?? eiai ca?eueoaiiy
i?ecaiaeeoue aei c?inoaiiy i?eaooeiaino? iice/eiaeo eioo?a, ui
?iaanooaaeeny o i?iieneiaa ae?iaieoeoai (a?aeiia?aeiee ?iaanoeoe?eiee
i?iaeo). I?e iiaeaeueoiio c?inoaii? ?ioeyoe?? – i?eaooeia?noue
iice/eiaeo eioo?a ii/eia? ciaiooaaoeny. Oaeei /eiii, ?nio? iioeiaeueiee
??aaiue ?ioeyoe??, i?e yeiio i?eaooeia?noue iice/eiaeo eioo?a i?eeia?
iaeneiaeueia cia/aiiy. I?e/iio, /ei a?eueo o?eaaeei ? oa?i?i
aenieoaoaoe?? i?iaeoo, oei i?e a?eueoeo cia/aiiyo ??aiy ?ioeyoe??
aeinyaa?oueny iaeneiaeueia cia/aiiy i?eaooeiaino?.

5. I?e aenie?e /anooe? aeanieo eioo?a, ui ?iaanooaaeeny o i?iaeo,
c?inoaiiy ?ioeyoe?? i?ecaiaeeoue aei ciaioaiiy eiai i?eaooeiaino?.
sseui ae /anoea iice/eiaeo eioo?a ? /eiaeith, oi ca?eueoaiiy ??aiy
?ioeyoe?? aaaea nii/aoeo aei c?inoaiiy i?eaooeiaino? i?iaeoo, a i?ney
oeueiai aei ?? iaae?iiy.

Noi?ioeueiaaii e?eoa??? ? i?eioeeie iioei?caoe?? ?iaanoeoe?eieo i?iaeo?a
?ano?oeoo?ecaoe?? aeey ??ciiiai?oieo oiia ?o ?aae?caoe?? a
i?iieneiaino?.

Aeinoaoiuei neeaaei? oiiae ?iaanoeoe?eii? ae?yeueiino? aecia/athoue
aeooaeuei?noue caaea/? iioei?caoe?? ?iaanoeoe?eieo i?iaeo?a. O ?iaio?
oi?ioeththoueny aeiiii?ei-iaoaiaoe/i? iinoaiiaee caaea/
iioei?caoe?eiiai aiae?co i?iaeo?a, ye? a?aoiaothoue ??ciiiai?oi? noaie
aca?iiae?? iniiaieo o/aniee?a ?iaanoeoe?eii? ae?yeueiino?, e?eoa??? ?o
iioei?caoe??, oeie i?iaeo?a. Aeania eaaeo/e, a aeena?oaoe?? i?eaaaeaii
iaoiaee/i? aeac?aee uiaei iinoaiiaee oa ?ica’ycoaaiiy ??ciiiai?oieo
caaea/ iioei?caoe?? ?iaanoeoe?eieo i?iaeo?a c iaoith i?aeaeuaiiy ??aiy
?o aeiiii?/ii? aoaeoeaiino?.

E??i oiai, iayai?noue noai?iai iaoaiaoe/iiai iiaeaiiy ?iaanoeoe?eieo
i?iaeo?a aeicaieeoue canoiniaoaaoe iaoaiaoe/i? caniae i?e ae??oaii?
??ciiiai?oieo caaea/ aiae?co, ui a?aeiia?aeii i?aeaeueoue oi/i?noue oa
a??ia?aei?noue iaea?aeoaaieo aeniiae?a.

Aeey i?eeeaaeii? ioe?iee ?iaanoeoe?eieo i?iaeo?a o ?iaio? cai?iiiiiaaia
i?ioeaaeo?a ?oiueiai aiae?co oa iioei?caoe??, noaia yei? cia?aaeaia ia
?en.1.

?en. 1. Noaia i?ioeaaeo?e ioe?iee aeiiii?/ii? aoaeoeaiino? oa
iioei?caoe?? ?iaanoeoe?eieo i?iaeo?a ?ano?oeoo?ecaoe?? i?iieneiaino?.

A ?? iniia? eaaeaoue oai?aoe/i? ?acoeueoaoe, iaea?aeai? a aeai?e ?iaio?
oa aeeeaaea-

i? aeua. Ie??i oiai, a ?aieao oe??? i?ioeaaeo?e ?icaeyaeathoueny ieoaiiy
ioe?iee ?ecee?a cae?eniaiiy ?iaanoeoe?eieo i?iaeo?a, cai?iiiiiaaii
a?aeiia?aeiee aeai?eoi, ui aaco?oueny ia iaoiae? noaoenoe/iiai
iiaeaethaaiiy.

Aeei?enoaiiy cai?iiiiiaaii? i?ioeaaeo?e aeicaiey? i?iaanoe eiiieaeniee
aiae?c yeiiii?/ii? aoaeoeaiino? ?iaanoeoe?eieo i?iaeo?a o i?iieneiaino?
? i?e iaiao?aeiino? cae?enieoe eiai iioei?caoe?th.

AENIIAEE

I?iaaaeai? a aeena?oaoe?ei?e ?iaio? aeine?aeaeaiiy aeicaieeee iaea?aeaoe
oae? iniiai? iaoeia? oa i?eeeaaei? ?acoeueoaoe:

1. Ia iniia? aiae?co no/aniiai noaio iaoeiiaoae?aiiai eiiieaeno Oe?a?ie
? aeiiii?/ieo oiia eiai ooieoe?thaaiiy noi?ioeueiaaii iniiai? caaea/? ?
iaiao?aei? ia?aaeoiiae ?ano?oeoo?ecaoe?? aeaii? aaeoc?.

2. Cai?iiiiiaaia nenoaia iieaciee?a ? ?icaeioo? iaoiaee/i? iniiae
ioe?iee yeiiii?/ii? aoaeoeaiino? ?iaanoeoe?eieo i?iaeo?a oa oiia
?iaanooaaiiy ?ano?oeoo?ecaoe?? i?iieneiaiai ae?iaieoeoaa, ui
a?aoiaothoue i?ia?aei? aeiiii?/i? oaeoi?e ? oeiia? aa??aioe aca?iiae??
aieiaieo o/aniee?a ?iaanoeoe?eii? ae?yeueiino?.

3. Aiae?c iiaeeeaeo iai?yie?a aieeao ?ioeyoe?? ia i?ioeane ?aae?caoe??
?iaanoeoe?eieo i?iaeo?a aeicaieea ?ic?iaeoe iia? iaoiaee/i? i?aeoiaee
aei ioe?iee ?? aieeao ia aoaeoeai?noue i?iaeo?a, i?eaaaeea?noue
yeiiii?/ieo oiia ?iaanooaaiiy ?ano?oeoo?ecaoe?? i?iieneiaino?.

4. Aeine?aeaeaiiy cai?iiiiiaaieo a ?iaio? iieaciee?a ioe?iee aeiiii?/ieo
?acoeueoaoia cae?eniaiiy ?iaanoeoe?eieo i?iaeo?a ?ano?oeoo?ecaoe?? oa
oiia ?oiuei? ?aae?caoe?? a oe?ieiio ae?aiacii? iniiaieo ia?aiao??a
ciai?oiueiai na?aaeiaeua, aeicaieeei aeyaeoe aeaye? caaaeuei?
caeiiii??iino? ?oiueiai aieeao ia aeiiii?/io aoaeoeai?noue i?ioean?a
?iaanooaaiiy o ae?iaieoeoai.

5. Noi?ioeueiaaii iaoiaee/i? i?aeoiaee aei aeei?enoaiiy
aeiiii?ei-iaoaiaoe/ieo iaoiae?a iioei?caoe?? ?iaanoeoe?eieo i?iaeo?a c
iaoith uiaei i?aeaeuaiiy ??aiy aeiiii?/ii? aoaeoeaiino?, iaae?eiino? oa
iaa?oioiaaiino? ?? ioe?iie.

6. ?ic?iaeaia i?ioeaaeo?a aecia/aiiy aeiiii?/ii? aoaeoeaiino? ?
iioei?caoe?? ?iaanoeoe?eieo i?iaeo?a ?ano?oeoo?ecaoe?? i?iieneiaino?.

Iniiai? iieiaeaiiy aeena?oaoe?? iioae?eiaaii a oaeeo ?iaioao :

1. Naa/oe A.A. Oeaee, caaea/e e i?iaeaiu ?ano?oeoo?ecaoeee
iaoeiino?ieoaeueiiai eiiieaena Oe?aeiu // Yeiiiie/aneea eiiiaaoeee.
Auione 3. Niaa?oainoaiaaiea nenoaiu oi?aaeaiey i?aaei?eieiaoaeuenoaii.
Nai?iee iao/iuo ?aaio. – Iaeanna: Ei-o i?iaeai ?uiea e
yeiiiieei-yeieiae/aneeo enneaaeiaaiee IAI Oe?aeiu, 1998. – C.80-85.

2. Naa/oe A.A. ?ieue eiaanoeoeeiiiiai oaeoi?a a ?ano?oeoo?ecaoeee
i?iiuoeaiiinoe. – Iaeanna: Ei-o i?iaeai ?uiea e yeiiiieei-yeieiae/aneeo
enneaaeiaaiee IAI Oe?aeiu, 1998. – 38 n.

3. Noaiaiaiei A. O., Aa?aaao A. A., Naa/oe A. A. Yeiiiie/aneea
iaoaieciu, ie?iaua oaiaeaioeee e iniaaiiinoe oi?ie?iaaiey e ?aaeecaoeee
i?iiuoeaiiie iieeoeee a Oe?aeia // I?iaeaiu yeiiiieee ia?aoiaeiiai
ia?eiaea. Nai?iee iao/iuo o?oaeia: A 2 /anoyo. – Iaeanna: Ei-o i?iaeai
?uiea e yeiiiieei-yeieiae/aneeo enneaaeiaaiee IAI Oe?aeiu, 1997. –
N.46-56.

Aaoi?ii i?iaiae?ciaaii iniaeeaino? oi?ioaaiiy ? ?aae?caoe?? i?iieneiai?
iie?oeee a Oe?a?i?.

4. Naeaiaoeia E. I., Ineiia A. I., Naa/oe A. A. Eiaanoeoeeiiiue i?iaeo
eae naiinoiyoaeueiue iauaeo eiaanoeoeeiiiiai aiaeeca, iniiaiua o/anoieee
e aiciiaeiua noaiu ?aaeecaoeee // Eiaanoeoeee: ?ano?nu, iaoaieciu,
noeioee?iaaiea. – Aeiiaoee: Ei – o yeiiiieee i?iiuoeaiiinoe IAI Oe?aeiu,
1997. – C. 193 – 206.

Aaoi?ii iiaoaeiaaia nenoaia iiaeeeaeo noai aca?iiae?? iniiaieo o/aniee?a
?iaanoeoe?eieo i?iaeo?a ? a?aeiia?aeieo caaea/ ioe?iee aeiiii?/ii?
aoaeoeaiino?.

5. Ineiia A.I., Naa/oe A.A. Ioeaiea yeiiiie/aneeo oneiaee eiaanoe?iaaiey
a ?aaeueiua aeoeau // Eiaanoe?iaaiea yeiiiieee Oe?aeiu a oneiaeyo ?uiea
– Iaeanna: Ei-o i?iaeai ?uiea e yeiiiieei-yeieiae/aneeo enneaaeiaaiee
IAI Oe?aeiu, 1998. – N.148-155.

Iniaenoee aeeaae aaoi?a iieyaa? a ?ic?iaoe? iaoiaee/iiai
i?aeoiaeo aei aeiiii?/ii? ioe?iee oiia ?iaanooaaiiy i?iieneiaiai
ae?iaieoeoaa.

6. I?aeia?iaeia aeiiii?ea / Eicae TH.A., Eoe’yiaiei Ae.A., Naa/oe I.A.
oa ?io? – Iaeana: Ano?ii?eio, 1998. – 316 n.

Iniaenoi aaoi?ii i?iaaaeaii aiae?c aieeao i?yieo ca?oa?aeieo ?iaanoeoe?e
ia ?icaeoie aeiiii?ee Oe?a?ie.

AIIOAOe?ss

Naa/oe I.A. ?ano?oeoo?ecaoe?y i?iieneiaino? ia iniia? ?iaanoeoe?eiiai
oaeoi?o. – ?oeiien.

Aeena?oaoe?y ia caeiaoooy iaoeiaiai nooiaiy eaiaeeaeaoa aeiiii?/ieo iaoe
ca niaoe?aeueiinoth 08.07. 01 – Aeiiii?ea i?iieneiaino?. – ?inoeooo
i?iaeai ?eieo oa aeiiii?ei – aeieia?/ieo aeine?aeaeaiue IAI Oe?a?ie,
Iaeana, 1998.

Aeena?oaoe?y i?enay/aia ?icaeoeo iaoiaeieia?/ieo ? iaoiaee/ieo
iieiaeaiue ioe?iee aeiiii?/ii? aoaeoeaiino? ?iaanoeoe?eieo i?iaeo?a,
oiia eiaanooaaiiy o ae?iaieoeoai i?e ?ano?oeoo?ecaoe?? i?iieneiaino?. A
aeena?oaoe?? iiaoaeiaaia nenoaia iiaeeeaeo noai aca?iiae?? iniiaieo
o/aniee?a i?iaeo?a, aeey eiaeii? c yeeo noi?ioeueiaaia iinoaiiaea
a?aeiia?aeii? caaea/? ioe?iee aeiiii?/ii? aoaeoeaiino?. Cai?iiiiiaaii
iia? oa iiaeeo?eiaaii a?aeii? iieacieee aeiiii?/ii? aoaeoeaiino?
?iaanoeoe?eieo i?iaeo?a. Aeey oeiiaeo oiia cae?enithaaiiy i?iaeo?a
?ano?oeoo?ecaoe?? i?iieneiaino? ?ic?iaeaii a?aeiia?aeiee ?ino?oiaioa??e
aecia/aiiy icia/aieo iieaciee?a. ?ic?iaeaii iia? caniae o?aooaaiiy
?ioeyoe?? a ?iaanoeoe?eiiio i?iaeooaaii?. O ?iaio? noi?ioeueiaaii
iaoiaee/i? i?aeoiaee aeey ioe?iee aeiiii?/ieo oiia ?iaanooaaiiy o
?ano?oeoo?ecaoe?th i?iieneiaiai ae?iaieoeoaa. Aiae?oe/iei oeyoii ? ia
iniia? /enaeueiiai aiae?co aeyaeaii aeaye? caaaeuei? caeiiii??iino?
aieeao ia?aiao??a aeiiii?/iiai na?aaeiaeua ia aeiiii?/io aoaeoeai?noue
?iaanoeoe?eieo i?iaeo?a ?ano?oeoo?ecaoe?? i?iieneiaino?. A aeena?oaoe??
noi?ioeueiaaii aeiiii?ei-iaoaiaoe/i? iinoaiiaee caaea/ iioei?caoe??
?iaanoeoe?eieo i?iaeo?a c iaoith i?aeaeuaiiy aeiiii?/ii? aoaeoeaiino?.
I?eeeaaei? ?acoeueoaoe ?iaioe aeei?enoiaoaaeenue i?e ioe?ioe?
aoaeoeaiino? ?iaanoeoe?eieo i?iaeo?a ?ano?oeoo?ecaoe?? i?iieneiaeo
i?aei?e?inoa iaoeiiaoae?aii? aaeoc?.

Eeth/ia? neiaa: ?ano?oeoo?ecaoe?y i?iieneiaino?, aeiiii?/ia
aoaeoeai?noue, ?iaanoeoe?eiee i?iaeo, ioe?iea aeiiii?/ieo oiia,
iioei?caoe?y.

SUMMARY

Savchuk A.V. Re-structure of Industry on the Investment Factor Basis.
– Manuscript.

Thesis for a scientific degree of the Candidate of economical sciences
by speciality 08.07.01 – Economy of industry. – The Institute of Market
problems and Economical-Ecological Researches of National Academy of
Sciences of Ukraine, Odessa, 1998.

The thesis is devoted to development of methodological and methodical
states on economic efficiency evaluations of the investment projects and
conditions of production investment in the process of re-structure of
industry. In the thesis the system of the possible schemes for
interaction of the main participants of the projects is constructed, for
each of which the appropriate problem statement on evaluation of their
economic efficiency is formulated. There are offered new and modified
the known parameters of an economic efficiency of the investment
projects. For typical conditions of the projects’ realization in
re-structure of industry the appropriate tools of determination for
indicated parameters is developed. The new methods of the inflation
account in investment designing are developed. In work the methodical
approaches for evaluation of economic conditions of an investment in
re-structure of a commercial production are formulated. The analytical
way and because of numerical analysis reveals some general regularities
of influence of economic environment parameters on an economic
efficiency of the investment projects in re-structure of industry. In
the thesis the mathematical statements on optimization problems of the
investment projects are formulated with the purpose to increase their
economic efficiency. The applied outcomes of work were used for
evaluation of investment projects efficiency during re-structure of a
number of industrial enterprises.

Key words: re-structure of industry, economic efficiency, investment
project, evaluation, appraisal of economic conditions, optimization.

AIIIOAOeEss

Naa/oe A. A. ?ano?oeoo?ecaoeey i?iiuoeaiiinoe ia iniiaa eiaanoeoeeiiiiai
oaeoi?a. – ?oeiienue.

Aeenna?oaoeey ia nieneaiea o/aiie noaiaie eaiaeeaeaoa yeiiiie/aneeo iaoe
ii niaoeeaeueiinoe 08.07.01 – Yeiiiieea i?iiuoeaiiinoe. – Einoeooo
i?iaeai ?uiea e yeiiiieei-yeieiae/aneeo enneaaeiaaiee IAI Oe?aeiu,
Iaeanna, 1998.

Aeenna?oaoeey iinayuaia ?acaeoeth iaoiaeieiae/aneeo e iaoiaee/aneeo
iieiaeaiee ioeaiee yeiiiie/aneie yooaeoeaiinoe eiaanoeoeeiiiuo i?iaeoia
e oneiaee eiaanoe?iaaiey a i?iecaiaenoai i?e ?ano?oeoo?ecaoeee
i?iiuoeaiiinoe.

A ?aaioa i?iaaaeai aiaeec nia?aiaiiiai ninoiyiey iaoeiino?ieoaeueiiai
eiiieaena Oe?aeiu, oeaeae, caaea/ e iai?aaeaiee aai ?ano?oeoo?ecaoeee,
eioi?ue iicaieee auyaeoue eeth/aaoth i?iaeaio oniaoiiai inouanoaeaiey
?ano?oeoo?ecaoeee – nicaeaiea aeaaii?eyoiiai eiaanoeoeeiiiiai eeeiaoa e
i?iaaaeaiea ?aoeeiiaeueiie eiaanoeoeeiiiie iieeoeee.

A aeenna?oaoeee iino?iaia nenoaia aiciiaeiuo noai acaeiiaeaenoaey
iniiaiuo o/anoieeia eiaanoeoeeiiiuo i?iaeoia ?ano?oeoo?ecaoeee, aeey
eaaeaeie ec eioi?uo noi?ioee?iaaia iinoaiiaea niioaaonoaothuae caaea/e
ioeaiee eo yeiiiie/aneie yooaeoeaiinoe. I?e/ai, niaea?aeaoaeueiay
iinoaiiaea caaea/ ii?aaeaeyaony ia oieueei niioaaonoaothuae noaiie, ii e
oai eoi ec aa o/anoieeia yaeyaony eieoeeaoi?ii inouanoaeaiey i?iaeoa.
Oaeei ia?acii, a ?aaioa iieo/aia ia oieueei eeanneoeeaoeey (oeiecaoeey)
oneiaee ?aaeecaoeee i?iaeoia ?ano?oeoo?ecaoeee, ii e caaea/ eo
yeiiiie/aneie ioeaiee. A yeiiiie/aneii ieaia iinoaiiaee oeacaiiuo caaea/
a ia?aoth i/a?aaeue ?acee/athony no?oeoo?ie e oi?iie (iaoaieciii)
inouanoaeaiey cao?ao e iieo/aiey aeioiaeia a i?ioeanna oiai eee eiiai
aa?eaioa ?aaeecaoeee eiaanoeoeeiiiiai i?iaeoa.

N oeaeueth ii?aaeaeaiey yeiiiie/aneie yooaeoeaiinoe eiaanoeoeeiiiuo
i?iaeoia ?ano?oeoo?ecaoeee i?iiuoeaiiinoe a ?aaioa i?aaeeiaeaiu
iieacaoaee iauaai aeioiaea aaia?e?oaiiai i?iaeoii ca aanue ia?eiae aai
?aaeecaoeee e aeioiaeiinoe aaeeieoeu nianoaaiiuo e caaiiuo n?aaenoa,
eniieuecoaiuo aeey aai oeiaine?iaaiey. Iieo/aiu ?an/aoiua oi?ioeu
aeaiiuo iieacaoaeae, eioi?ua iicaieytho o/eouaaoue ?acee/iua
i?aaiecaoeeiiiua noaiu ?aaeecaoeee i?iaeoia e iniiaiua yeiiiie/aneea
oaeoi?u eiaanoeoeeiiiie aeayoaeueiinoe.

Aeey ioeaiee yeiiiie/aneie oneiaee eiaanoe?iaaiey a ?ano?oeoo?ecaoeeth
i?iiuoeaiiiai i?iecaiaenoaa i?aaeeiaeai iieacaoaeue a?aie/iie ii?iu
i?eauee eiaanoeoeeiiiiai i?iaeoa. Aeaiiue iieacaoaeue ii?aaeaeyaony
enoiaey ec ia?aiao?ia aiaoieo yeiiiie/aneeo oneiaee ?aaeecaoeee i?iaeoa
e i?aaenoaaeyao niaie oaeia cia/aiea aai ii?iu i?eauee, i?aauoaiea
eioi?iai aeaeaao yeiiiie/anee oeaeaniia?aciui inouanoaeaiea i?iaeoia
?ano?oeoo?ecaoeee. Iieacaoaeue a?aie/iie ii?iu i?eauee ii?aaeaeyaony
ioaeaeueii aeey neo/ay oeiaine?iaaiey i?iaeoa ca n/ao nianoaaiiuo e
caaiiuo n?aaenoa. Iieo/aiu ?an/aoiua oi?ioeu ii?aaeaeaiey a?aie/iie
ii?iu i?eauee aeey ?acee/iuo oneiaee ?aaeecaoeee i?iaeoa.

A ?aaioa noi?ioee?iaaiu iiaua iiaeoiaeu e o/aoo eioeyoeee i?e ioeaiee
yeiiiie/aneie yooaeoeaiinoe eiaanoeoeeiiiuo i?iaeoia e oneiaee
eiaanoe?iaaiey a ?ano?oeoo?ecaoeeth i?iiuoeaiiiai i?iecaiaenoai. A
iniiaa iaoiaea eaaeeo eniieueciaaiea eiaeaena iieoiaoaeueiie niiniaiinoe
aeaiaa e iieo/aiiua a aeenna?oaoeeiiiii enneaaeiaaiee niioiioaiey aeey
iienaiey eciaiaiey iiae aicaeaenoaeai eioeyoeee ?aaeueiie ii?iu i?eauee
i?iaeoa. Ia oai?aoe/aneii o?iaia i?iaaaeai n?aaieoaeueiue aiaeec
iieacaoaeae yeiiiie/aneie yooaeoeaiinoe eiaanoeoeeiiiiai i?iaeoa e
oneiaee aai ?aaeecaoeee, n o/aoii e aac o/aoa eioeyoeee.

Eniieuecoy i?aaeeiaeaiiua a ?aaioa iieacaoaee, eo ?an/aoiua oi?ioeu
i?iaaaeaii enneaaeiaaiea e auyaeaiu iaeioi?ua iauea caeiiiia?iinoe
aeeyiey iniiaiuo ia?aiao?ia oneiaee eiaanoeoeeiiiie aeayoaeueiinoe (a
ia?aoth i/a?aaeue o?iaiy eioeyoeee, noieiinoe caaiiuo n?aaenoa,
aeioiaeiinoe oeiainiaiai eiaanoe?iaaiey e iaeioi?uo ae?oaeo) ia
yeiiiie/aneea iieacaoaee i?iaeoia ?ano?oeoo?ecaoeee i?iiuoeaiiiai
i?iecaiaenoaa e oneiaee eo ?aaeecaoeee.

A aeenna?oaoeee oi?ioee?othony yeiiiieei-iaoaiaoe/aneea iinoaiiaee
caaea/ iioeiecaoeeiiiiai aiaeeca eiaanoeoeeiiiuo i?iaeoia
?ano?oeoo?ecaoeee, eioi?ua o/eouaatho ?acee/iua noaiu acaeiiaeaenoaey eo
iniiaiuo o/anoieeia, e?eoa?ee iioeiecaoeee, oeiu i?iaeoia. Ii nouanoao a
aeenna?oaoeee i?eaaaeaiu iaoiaee/aneea oeacaiey aeey iinoaiiaee e
?aoaiey ?acee/iuo caaea/ iioeiecaoeee eiaanoeoeeiiiuo i?iaeoia n
oeaeueth iiauoaiey o?iaiy eo yeiiiie/aneie yooaeoeaiinoe. A ?aieao iauae
i?ioeaaeo?u yeiiiie/aneiai aiaeeca e iioeiecaoeee i?iaeoia
?ano?oeoo?ecaoeee ?anniao?eaathony oaeaea aii?inu ioeaiee ?eneia eo
inouanoaeaiey, i?aaeeiaeai niioaaonoaothuee aeai?eoi, iniiaaiiue ia
iaoiaea noaoenoe/aneiai iiaeaee?iaaiey.

I?eeeaaeiua ?acoeueoaou ?aaiou eniieueciaaeenue i?e ioeaiea
yooaeoeaiinoe eiaanoeoeeiiiuo i?iaeoia ?ano?oeoo?ecaoeee i?iiuoeaiiuo
i?aaei?eyoee iaoeiino?ieoaeueiie io?anee.

Eeth/aaua neiaa: ?ano?oeoo?ecaoeey i?iiuoeaiiinoe, yeiiiie/aneay
yooaeoeaiinoue, eiaanoeoeeiiiue i?iaeo, ioeaiea yeiiiie/aneeo oneiaee,
iioeiecaoeey.

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