NOINUeEEE AeA?AEAAIEE OI?AA?NEOAO

I?EIAA IAOAE?ss IA?E?AIA

OAeE 330.142.211:502.33

AEIEIAI-AEIIII?*I? ANIAEOE OI?AAE?IIss AOAEOEAI?NOTH ?IAANOEOe?EII?
Ae?ssEUeIINO? A NO*ANIEO OIIAAO

Niaoe?aeuei?noue: 08.08.01- “Aeiiii?ea i?e?iaeiei?enooaaiiy oa

ioi?iie iaaeieeoiueiai na?aaeiaeua”.

Aaoi?aoa?ao aeena?oaoe?? ia caeiaoooy iaoeiaiai nooiaiy
eaiaeeaeaoa aeiiii?/ieo iaoe.

Noie – 1999

Aeena?oaoe??th ? ?oeiien.

?iaioa aeeiiaia ia eaoaae?? aeiiii?ee Noinueeiai aea?aeaaiiai
oi?aa?neoaoo I?i?noa?noai ina?oe Oe?a?ie

Iaoeiaee ea??aiee — eaiaeeaeao
aeiiii?/ieo iaoe, aeioeaio

Ea?i?uaiei Ieaen?e ?aaiiae/,

Noinueeee aea?aeaaiee oi?aa?neoao,

aeioeaio eaoaae?e aeiiii?ee

Io?oe?ei? iiiiaioe:

aeieoi? aeiiii?/ieo iaoe, i?ioani? Oa??/eia Na?a?e Einoyioeiiae/

canooiiee aee?aeoi?a c iaa/aeueii? ?iaioe ?inoeoooo i?iaeai ?eieo ?
aeiiii?ei-aeieia?/ieo aeine?aeaeaiue IAI Oe?a?ie, caa. a?aeae?eii
aeiiii?/iiai ?aaoethaaiiy i?e?iaeiei?enooaaiiyi, i. Iaeana

eaiaeeaeao aeiiii?/ieo iaoe, aeioeaio AEoeaanueeee A?eaae?e TH??eiae/,
Noinueeee aea?aeaaiee oi?aa?neoao, eaoaae?a oi?aae?iiy, i. Noie

I?ia?aeia onoaiiaa

Oa?e?anueeee aea?aeaaiee aeiiii?/iee oi?aa?neoao I?i?noa?noaa ina?oe
Oe?a?ie

Caoeno aeena?oaoe?? a?aeaoaeaoueny “26” eenoiiaaea 1999 ?ieo i 14
aiaeei?

Can?aeaii? niaoe?ae?ciaaii? a/aii? ?aaee E55.051.01 ii i?enoaeaeaiith
a/aiiai nooiaiy eaiaeeaeaoa aeiiii?/ieo iaoe o Noinueeiio aea?aeaaiiio
oi?aa?neoao? ca aae?anith: 40007 i. Noie, aoe. ?einueeiai-Ei?naeiaa,2,
aoae. I 412.

C aeena?oaoe??th iiaeia iciaeiieoeny o a?ae?ioaoe? Noinueeiai
aea?aeaaiiai oi?aa?neoaoo ca aae?anith: 40007 i. Noie, aoe.
?einueeiai-Ei?naeiaa, 2.

Aaoi?aoa?ao ?ic?neaiee “22” aeiaoiy 1999 ?ieo.

A/aiee nae?aoa?

niaoe?ae?ciaaii? a/aii? ?aaee A.I.Eeneee

CAAAEUeIA OA?AEOA?ENOEEA ?IAIOE

Aeooaeuei?noue oaie

Caaaeueia oaoiiaaiia iaaaioaaeaiiy ia iaaeieeoi? na?aaeiaeua Oe?a?ie a
inoaii? ?iee ia? oaiaeaioe?th aei ciaioaiiy. Iaeiae, acaaae?, a
aoiinoa?o, aiaei? oa caiaeuei? ?ano?ne ui??/ii iaaeoiaeeoue aeecueei

100 iei. oiii oe?aeeeaeo ?a/iaei. Ae??oaeueiee aieea ia oi?ioaaiiy
aeieia?/ii? neooaoe?? ia? cieaeaiiy aeiiii?/ii? aeoeaiino?, /anoeiaa aai
iiaia i?eieiaiiy ae?yeueiino? aaaaoueio i?aei?e?inoa o a?eueoino?
aeieiaiiaaacia/ieo aaeocyo, a ia ai?iaaaeaeaiiy i?e?iaeiioi?iiieo
caoiae?a.

?acii c oei, iaiao?aei?noue ?aeiino?oeoe??, oaoi?/iiai, oaoiieia?/iiai
ia?aica?i?iiy i?iieneiaeo i?aei?e?inoa aecia/a? iiaeaeueoa
aaeineiiaeaiiy nenoaie e?eoa???a iieaciee?a oa iaoiae?a ioe?iee
aeieiai-aeiiii?/ii? aoaeoeaiino? ?iaanoeoe?eieo i?iaeo?a.

I?e aiae?c? ?iaanoeoe?eieo i?iaeo?a ae?? aeieia?/ieo /eiiee?a
i?eae?ey?oueny iaaeinoaoiy oaaaa. ?ic?aooiie eeoa aeiiii?/iiai aoaeoo,
iacaeaaeii a?ae iiaeeeaeo aeieia?/ieo iane?aee?a, aaaaea?oueny a?eueo
aaaeeeaei oa aecia/aeueiei oaeoi?ii ia ei?enoue i?eeiyooy ??oaiiy i?i
?iaanooaaiiy.

O ae?th/?e i?aeoeoe? ioe?iee aeiiii?/iiai caeoeo a?ae caa?oaeiaiiy
iaaeieeoiueiai na?aaeiaeua oa aecia/aiiy aeieiai-aeiiii?/ii?
aoaeoeaiino? i?e?iaeiioi?iiieo caoiae?a, aeei?enoiaothoueny iaoiaeeee,
ui aoee ?ic?iaeai? ua a na?aaeei? 80-o ?ie?a. Oe? iaoiaeeee iathoue ?yae
nooo?aeo iaaeie?e?a, a oaeiae iaaaeaeaaoi? ?nioth/ei ia aeaiee iiiaio a
Oe?a?i? oiiaai ainiiaea?thaaiiy.

No/ani? iaoiaee/i? ?aeiiaiaeaoe?? c ioe?iee aeieiai-aeiiii?/ii?
aoaeoeaiino? ?iaanoeoe?eieo i?iaeo?a, ui aeei?enoiaothoueny a
ca?oa?aei?e i?aeoeoe?, ?aaeueii ia a?aoiaothoue ?ici?? aeiaeaoeiaeo
aeo?ao ia i?iaaaeaiiy i?e?iaeiioi?iiieo caoiae?a ? eiiiainaoe?th
iaaaoeaieo iane?aee?a caa?oaeiaiiy iaaeieeoiueiai na?aaeiaeua aai
a?aoiaothoue a ye?niiio aeaeyae?, ia i?iiiioth/e iaoai?cio ?o
e?euee?nii? ioe?iee. E??i oiai, aiie iio?aaothoue a?aeiia?aeii?
aaeaioaoe?? aei oiia aeiiii?ee Oe?a?ie.

Oaeei /eiii, aeooaeuei?noue aeena?oaoe?eiiai aeine?aeaeaiiy
aecia/a?oueny iaiao?aei?noth a?eueo iiaiiai oa ia(?eoeaiiai iae?eo
aeieia?/ieo aeo?ao i?e aecia/aii? aeieiai-aeiiii?/ii? aoaeoeaiino?
?iaanoeoe?eieo i?iaeo?a oeyoii ei?eaoaaiiy a?ioiaeo iioie?a, a oaeiae
iaiao?aei?noth a?aooaaiiy aeo?ao, ui coiiaeai? iiiaaee?i?oiei
caa?oaeiaiiyi iaaeieeoiueiai na?aaeiaeua, caaacia/aiiyi aaa??eii? oa
oaoiieia?/ii? aaciaee ae?iaieoeoaa ? eiiiainaoe??th iiaeeeaeo
aeiiii?/ieo iane?aee?a aaa??eieo neooaoe?e.

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

Iai?yiee aeena?oaoe?eiiai aeine?aeaeaiiy aoiaeyoue aei aea?aeaaieo oa
?aa?iiaeueieo i?ia?ai oa oai:

i?ia?aie Iaoeiai? ?aaee IAI Oe?a?ie «?ic?iaea iaoeiaeo iniia noaeiai
?icaeoeo a Oe?a?i?»;

ooiaeaiaioaeueii? oaie «Aeiiii?ea noaeiai ?icaeoeo: iae?i- ?
i?e?iaeiiii?/i? iaoai?cie caaacia/aiiy» (o?iaino?oueny Aea?aeaaiei
oiiaeii ooiaeaiaioaeueieo aeine?aeaeaiue Oe?a?ie (AeOOAe), ? 8.4/21);

aea?aeathaeaeaoii? oaie “Aeiiii?/ia ioe?iea aeieia?/iiai ?eceeo c
o?aooaaiiyi aieeao ia aeiae?eey eiiieaeno ??ciini?yiiaaieo oaeoi??a”
(65. 01. 02. 97-99), (o?iaino?oueny I?i?noa?noaii ina?oe Oe?a?ie);

Aeeeaaeai? o aeena?oaoe?ei?e ?iaio? oai?aoe/i? iieiaeaiiy, i?aeoe/i?
?acoeueoaoe oa aeniiaee aoee aeei?enoai? i?e aeeiiaii?
iaoeiai-aeine?aeieo ?ia?o ca oaiaie:

“?ic?iaea ainiiaea?nueeiai iaoai?cio ioi?iie oa a?aeoai?aiiy yeino?
i?e?iaeieo aiae, aoiinoa?iiai iia?o?y, caiaeueieo ?ano?n?a
Oe?a?ie”,1996? (? 02.023.01/001 E-95)

“Aeiiii?/iee iaoai?ci aeieia?/iiai caoenoo ciai?oiueiaeiiii?/ii?
ae?yeueiino? Oe?a?ie”, 1994-1995??. (?Ae? 0194009735);

“Aeieiai-aeiiii?/ia iaa?oiooaaiiy aeei?enoaiiy i?ia?aeueieo aeia?ea oa
?ioeo o?i?/ieo ?a/iaei a n?euenueeiio ainiiaea?noa?”, 1996?. (?
6.?/295).

Iaoa ? caaea/? aeine?aeaeaiiy

Iaoith aeena?oaoe?eii? ?iaioe ? ?ic?iaea iaoiaee/iiai ?ino?oiaioa??th
ioe?iee aeiiii?/ii? aoaeoeaiino? ?iaanoeoe?eieo i?iaeo?a ?c o?aooaaiiyi
aeieia?/iiai oaeoi?o, a oaeiae nenoaie a?aeiia?aeieo iieaciee?a.

A?aeiia?aeii aei iinoaaeaii? iaoe aeena?oaoe?eii? ?iaioe aoee aecia/ai?
ianooii? caaea/?:

aecia/eoe iniaeeaino? no/anii? ?iaanoeoe?eii? iie?oeee Oe?a?ie;

i?iaiae?coaaoe ?nioth/o nenoaio aeieiai-aeiiii?/ii? aenia?oece
?iaanoeoe?eieo i?iaeo?a;

aeine?aeeoe oa i?iaanoe eeaneo?eaoe?th aeieia?/ieo iieaciee?a ioe?iee
aeiiii?/ii? aoaeoeaiino? ?iaanoeoe?e, ui aeei?enoiaothoueny o
a?o/eciyi?e oa ca?oa?aei?e i?aeoeoe?;

?ic?iaeoe iaoiaee/i? i?aeoiaee aei aeieia?/iiai aiae?co ?iaanoeoe?eieo
i?iaeo?a;

?ic?iaeoe iaoiaeeeo ioe?iee aei aecia/aiiy aeiiii?/ii? aoaeoeaiino?
?iaanoeoe?e c o?aooaaiiyi aieeao aeieia?/iiai oaeoi?o, iaa?oiooaaoe
a?aeiia?aei? iieacieee aeey aecia/aiiy aeieiai-aeiiii?/ii? aoaeoeaiino?
?iaanoeoe?e;

oaeineiiaeeoe aeai?eoi ?ic?aooieo cai?iiiiiaaieo iieaciee?a
aeieiai-aeiiii?/ii? aoaeoeaiino? ?iaanoeoe?eieo i?iaeo?a;

?ic?iaeoe iaoiaee ioe?iee aieeao aeieiai-aeiiii?/ieo iieaciee?a
ooieoe?iioaaiiy ae?iaieoeoaa ia o?iainia? ?acoeueoaoe ?iaioe
i?aei?e?inoaa.

Iaoeiaa iiaecia iaea?aeaieo ?acoeueoao?a

Iaoeiaa iiaecia i?iaaaeaiiai aeine?aeaeaiiy iieyaa? a ianooiiiio:

?ic?iaeaiee iaoai?ci i?eeiyooy ?iaanoeoe?eieo ??oaiue c o?aooaaiiyi
aioo??oi?o aeiiii?/ieo caeoe?a a?ae caa?oaeiaiiy iaaeieeoiueiai
na?aaeiaeua;

cai?iiiiiaai? iaoiaee/i? i?eioeeie oi?ioaaiiy o?iainiaiai i?io?eth
?iaanoeoe?eiiai i?iaeoo c o?aooaaiiyi aeiiii?/ieo iane?aee?a
caa?oaeiaiiy iaaeieeoiueiai na?aaeiaeua, ui iathoue ?iia??iee oa?aeoa?;

?ic?iaeai? iaoiaee ioe?iee aeieiai-aeiiii?/ieo ?ecee?a a?ae
iiiaaee?i?oiiai caa?oaeiaiiy iaaeieeoiueiai na?aaeiaeua i?e
iaa?oiooaaii? aoaeoeaiino? ?iaanoeoe?eieo i?iaeo?a.

cai?iiiiiaaia i?ioeaaeo?a no?oeoo?ecaoe?? aeiiii?/ieo caeoe?a a?ae
iiiaaee?i?oieo aeeeae?a;

oaeineiiaeai? iaoiaee ioe?iee aeo?ao ia caaacia/aiiy aeieia?/ieo
noaiaea?o?a.

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

I?aeoe/ia cia/aiiy ?acoeueoao?a aecia/a?oueny iiaeeea?noth ?o
aeei?enoaiiy o ae?yeueiino? i?aei?e?inoaa e coiiaeaia oei, ui
cai?iiiiiaai? i?aeoiaee aei ?ioaa?aeueii? aeieiai-aeiiii?/ii? ioe?iee
?iaanoeoe?eii? ae?yeueiino? aeathoue iiaeeea?noue a?eueo ia’?eoeaii
ioe?ieoe i?eeiyooy ?iaanoeoe?eieo ??oaiue.

?ic?iaeai? iaoiaee aeieiai-aeiiii?/ii? ioe?iee ?iaanoeoe?eieo i?iaeo?a c
o?aooaaiiyi oaeoi??a ?eceeo iiaeeeaeo iiiaaee?i?oieo aeeeae?a, a oaeiae
ianooaaiino?, oyaeeino? ?o aeiiii?/ieo iane?aee?a iiaeooue aooe iniiaith
i?eeiyooy ?iaanoeoe?eieo ??oaiue ia eiia?oe?eiiio ??ai?.

?ic?aooiee aioo??oi?o aeiiii?/ieo caeoe?a i?e aecia/aii? aoaeoeaiino?
?iaanoeoe?e aeicaieythoue a?aoiaoaaoe iane?aeee iiiaaee?i?oiiai
caa?oaeiaiiy iaaeieeoiueiai na?aaeiaeua c iiceoe?? ?iaanoi?a.

Iaoiaeeea aeiiii?/ii? ioe?iee ?iaanoeoe?e c o?aooaaiiyi aeieia?/iiai
oaeoi?o iiaea aeei?enoiaoaaoenue i?e aeieia?/i?e aenia?oec?
?iaanoeoe?eieo i?iaeo?a.

Iaoa??aee aeena?oaoe?eii? ?iaioe ai?iaaaeaeai? a iaa/aeueiee i?ioean
Noinueeiai aea?aeaaiiai oi?aa?neoaoo (aeenoeeie?ie «Iniiae aeieia??»,
«Aeiiii?ea i?e?iaeiei?enooaaiiy», “?iaanoeoe?eia ae?yeuei?noue”, “Anooi
aei i?iaeoiiai aiae?co”), a oaeiae aoee aeei?enoai? o iaa/aeueiiio eo?n?
aeey niaoe?ae?no?a oa ea??aiee?a i?nueeiai oi?aae?iiy «Cai/iee eo?n
aeieia?/iiai iaiaaeaeiaioo aeey i?aoe?aiee?a i?nueeeo naiia?yaeoaaiue
?in?? oa Oe?a?ie» (i?ia?aia TACIS, 1995-1996 ??.).

Iniaenoee aianie caeiaoaa/a

O ?iaio? 1 ca nieneii iioae?eiaaieo i?aoeue aaoi?ii ?icaeyiooa nenoaia
caeiiiaeaa/eo caoiae?a, ni?yiiaaieo ia ioi?iio iaaeieeoiueiai
na?aaeiaeua.

O ?iaio? 5 ca nieneii iioae?eiaaieo i?aoeue aaoi?ii i?iaaaeaii aiae?c
?nioth/i? nenoaie aeieiai-aeiiii?/iiai eiio?ieth, cie?aia, aeieia?/ii?
aenia?oece; cai?iiiiiaaii no?oeoo?ii-eia?/io noaio i?iaaaeaiiy
aeieia?/ii? aenia?oece i?iaeo?a.

O ?iaio? 6 ca nieneii iioae?eiaaieo i?aoeue aaoi?ii ?icaeyiooi
iniaeeaino? i?aai?caoe?? ?iaanoeoe?eieo i?ioean?a a oiiaao ia?aoiaeo aei
?eieiaeo a?aeiinei a Oe?a?i?.

O ?iaio? 7 ca nieneii iioae?eiaaieo i?aoeue i?i?ethno?iaaii, ye
i?aeoe/ii a?aoiaothoueny aeieia?/i? aeo?aoe, oa cai?iiiiiaaii
iaoeiai-iaoiaee/i? i?aeoiaee aei ioe?iee i?eaaaeeaino? ?iaanoeoe?eieo
i?iaeo?a c oi/ee ci?o ?iaanoi?a.

O ?iaio? 8 ca nieneii iioae?eiaaieo i?aoeue i?iaaaeaii e?eoe/iee
aiae?c ?nioth/i? nenoaie aeieiai-aeiiii?/iiai eiio?ieth ainiiaea?nueei?
oa ?iaanoeoe?eii? ae?yeueiino?.

Ai?iaaoe?y ?acoeueoao?a aeena?oaoe??

Iniiai? iieiaeaiiy aeena?oaoe?eii? ?iaioe aeiiia?aeaeenue,
iaaiai?thaaeenue ? io?eiaee iiceoeaio ioe?ieo ia iaoeiaeo ?
iaoeiai-i?aeoe/ieo eiioa?aioe?yo oa nai?ia?ao: iaoeiai-oaoi?/ieo
eiioa?aioe?yo aeeeaaea/?a, ni?a?ia?oiee?a oa nooaeaio?a Noinueeiai
aea?aeaaiiai oi?aa?neoaoo (Noie, 1996-1997 ??.); o?eiaaeoeyo?e
iaoeiai-i?aeoe/i?e eiioa?aioe?? “Aeooaeuei? i?iaeaie aeiiii?ee
i?e?iaeiei?enooaaiiy” (Noie, 21-23.05.1996 ?.); i?aeia?iaeiiio
i?aenoieiaiio nai?ia?? c ?aae?caoe?? i?eioiiai iaa/aeueiiai i?iaeoo
“Cai/iee eo?n aeieia?/iiai iaiaaeaeiaioo aeey i?aoe?aiee?a i?nueeeo
naiia?yaeoaaiue ?in?? oa Oe?a?ie” (i?ia?aia TACIS) ( Ee?a, 1996 ?.);
O?ao?e i?aeia?iaei?e iaoeiai-iaoiaee/i?e eiioa?aioe?? “Aeina?ae ?
i?iaeaie ?aae?caoe?? nooiaiaai? nenoaie i?aeaiooaaiiy niaoe?ae?no?a”
(Noie, 1997?.).

Ioae?eaoe??

?acoeueoaoe aeine?aeaeaiiy iioae?eiaai? o 8 ?iaioao (3 noaoo? o iaoeiaeo
aeo?iaeao, 5 noaoae o ca??ieeao iaoeiaeo i?aoeue, 4 — a ca??ieeao
iaoa??ae?a ? oac eiioa?aioe?e) caaaeueiei ianyaii 2,7 ae?oe. a?e., c
yeeo iniaenoi aaoi?o iaeaaeeoue 1,55 ae?oe. a?e.

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 203 iaeiaioaaiue ? aeiaeaoe?a.

Iaoa??aee aeena?oaoe?? aeeeaaeai? ia 143 noi??ieao iniiaiiai oaenoo, 14
oaaeeoeyo, 5 ?ethno?aoe?yo, 3 aeiaeaoeao.

O anooi? iaa?oioiaaia aeooaeuei?noue aeine?aeaeaiiy, aecia/aia iaoa oa
iniiai? eiai caaea/?, ioa?aeoa?eciaaia iaoeiaa iiaecia oa i?aeoe/ia
cia/aiiy iaea?aeaieo ?acoeueoao?a.

Ia?oee ?icae?e “Iaoeiai-iaoiaee/i? i?eioeeie o?aooaaiiy aeieia?/ieo
oaeoi??a i?e ioe?ioe? aoaeoeaiino? ?iaanoeoe?eii? ae?yeueiino?”
neeaaea?oueny c o?ueio i?ae?icae?e?a ? i?enay/aiee aiae?co noaoenoe/ieo
oa iaoeiaeo aeaieo i?i ?nioth/? i?aeoiaee aei ioe?iee ?iaanoeoe?eii?
i?eaaaeeaino? i?iaeo?a. O ?iaio? i?iaiae?ciaaii oaiaeaioe??, ui
ia?aaaaeathoue o no/ani?e ?iaanoeoe?ei?e iie?oeoe? Oe?a?ie, aecia/aii
aieea aeieia?/ieo oaeoi??a ia aeieiai-aeiiii?/io aoaeoeai?noue
?iaanoeoe?eii? ae?yeueiino?, i?iaaaeaii aiae?c ?nioth/i? nenoaie
aeieiai-aeiiii?/ii? aenia?oece i?iaeo?a.

O ae?oaiio ?icae?e? “?ic?iaea nenoaie iieaciee?a aeieiai-aeiiii?/ii?
aoaeoeaiino? ?iaanoeoe?eieo i?iaeo?a” i?iaaaeaia eeaneo?eaoe?y
aeieia?/ieo iieaciee?a ioe?iee aeiiii?/ii? aoaeoeaiino? ?iaanoeoe?e, ui
aeei?enoiaothoueny o a?o/eciyi?e oa ca?oa?aei?e i?aeoeoe?. Cai?iiiiiaai?
iaoeiai-iaoiaee/i? i?aeoiaee aei aecia/aiiy aeiiii?/ii? aoaeoeaiino?
?iaanoeoe?e c o?aooaaiiyi aieeao aeieia?/iiai oaeoi?o. Aeeiiaia
eeaneo?eaoe?y aeieia?/ieo caeoe?a, ui coiiaeai? ?iia??ieie
iiiaaee?i?oieie aeeeaeaie, cai?iiiiiaaiee iaoai?ci ?o aeei?enoaiiy.
I?iaiae?ciaai? oa oaeineiiaeai? iaoiaee ?ic?aooieo iieaciee?a
aeieiai-aeiiii?/ii? aoaeoeaiino? ?iaanoeoe?eieo i?iaeo?a c o?aooaaiiyi
aeieia?/ieo caeoe?a iiiaaee?i?oieo aeeeae?a.

O o?aoueiio ?icae?e? “O?aooaaiiy aeieiai-aeiiii?/ieo oaeoi??a i?e
oaeineiiaeaii? ?iaanoeoe?eii? ae?yeueiino?” iaaaaeaia i?aeoe/ia
?aae?caoe?y ?ic?iaeaieo iaoiaee/ieo i?eioeei?a aeiiii?/ii? aoaeoeaiino?
ioe?iee ?iaanoeoe?eieo i?iaeo?a c o?aooaaiiyi aeieia?/ieo caeoe?a
iiiaaee?i?oieo aeeeae?a (neeae?a) o iaaeieeoi? i?e?iaeia na?aaeiaeua.

O aeniiaeao iaaaaeaii iniiai? ye?ni? oa e?euee?ni? cia/aiiy
?acoeueoao?a, io?eiaieo i?ae /an aeena?oaoe?eiiai aeine?aeaeaiiy,
iaa?oioiaaii ?o aeinoia??i?noue, iaaeaii ?aeiiaiaeaoe?? c ?o i?aeoe/iiai
aeei?enoaiiy, cai?iiiiiaaii iai?yiee iiaeaeueoeo aeine?aeaeaiue a aeai?e
aaeoc?.

O aeiaeaoeao i?noeoueny aeo?aeia ?ioi?iaoe?y oa ?acoeueoaoe ?ic?aooie?a.

INIIAIEE CI?NO

Ia iniia? aiae?oe/iiai iaeyaeo a?o/eciyii? oa ca?oa?aeii? iaoeiai?
e?oa?aoo?e, a oaeiae aiae?co no/aniiai noaio aeieiai-aeiiii?/ieo
i?iaeai, c?iaeaii aeniiaie i?i iaiao?aei?noue oaeineiiaeaiiy nenoaie
aeieiai-aeiiii?/ieo iieaciee?a aeey ?ioaa?aeueii? ioe?iee aoaeoeaiino?
?iaanoeoe?eieo i?iaeo?a.

O ?iaio? ?icaeyioo? oaiaeaioe??, ui ia?aaaaeathoue a ?iaanoeoe?ei?e
iie?oeoe? Oe?a?ie: a?aeiiaa a?ae ia?aaaaeii aee?aeoeaiiai,
oeaio?ae?ciaaiiai ieaioaaiiy eai?oaeueieo aeeaaeaiue, ci?ia aeaea?ae ?
ianya?a o?iainoaaiiy, eiioeaio?aoe?y ?iaanoeoe?e ia i?iaeoao, ui
?aioaaaeuei? ? oaeaeei ?aae?cothoueny, noai?aiiy ?eieo ?iaanoeoe?eieo
?ano?n?a, ia?ao?ae ia aeiaia??i? oe?ie ia aioiao i?iaeoeoe?th ? o.i.

Oa?aeoa?iith ? nooo?aa ci?ia i??i?eoao?a ? iai?yie?a ?iaanoeoe?eii?
iie?oeee aea?aeaae, ui ni?e/eieei o?ainoi?iaoe?th no?oeoo?e ?
oe?eueiaiai i?ecia/aiiy eai?oaeueieo aeeaaeaiue.

C oi/ee ci?o aeieia?/ii? aaciaee, ia no/aniiio aoai? caaacia/eoe ??
aeineoue neeaaeii. Oiio aeieea? iaiao?aei?noue anoaiiaeaiiy aaeaino i?ae
iio?aaaie noni?euenoaa a i?e?iaeieo ?ano?nao ? ia(?eoeaiith iiaeeea?noth
i?e?iaee ?o caaeiaieueieoe. I?aaaioeai? i?e?iaeiioi?iii? caoiaee
noathoue a?eueo nooo?aeie nueiaiaei?, o ia??iae oi?ioaaiiy ?eieiaeo
a?aeiinei. ?ai?oa ae?th/a aeo?aoia, i?e?iaeii?noea iiaeaeue aeiiii?/iiai
?icaeoeo coiiaeea nii/aoeo iinooiiaa, a iio?i iaaaeueia ia?iuoaaiiy
iaaaoeaieo, /anii iacai?ioieo, ci?i iaaeieeoiueiai i?e?iaeiiai
na?aaeiaeua.

Iiiyooy “aieea aeieia?/ieo oaeoi??a” ?icaeyaea?oueny c aeaio oi/ie
ci?o. O aocueeiio ?icoi?ii?, aieea aeieia?/ieo oaeoi??a aeyaey?oueny a
iaieio/iio aeiaeaoeiaiio ?iaanooaaii? caoiae?a, iia(ycaieo c
caiia?aaiiyi iaaaoeaiiai aieeao ia iaaeieeoi? na?aaeiaeua oa
aeio?eiaiiyi aeieia?/ieo noaiaea?o?a. O oe?ieiio ?icoi?ii?, iaoai?ci
a?aooaaiiy aeieia?/ieo oaeoi??a iiaeiai ia?aaeaa/aoe ioe?ieo ia eeoa
i?e?iaeiioi?iiieo aeo?ao, aea e aeiiii?/ieo iane?aee?a caa?oaeiaiiy
iaaeieeoiueiai na?aaeiaeua, ye? iaiiaeeeai e?ea?aeoaaoe. Iaia(yceiaa
?o a?aeoeiaeoaaiiy ? iniiaiith oiiaith ?aoe?iiaeueiiai
i?e?iaeiei?enooaaiiy oa i?eioeeiii i?aaiai? a?aeiia?aeaeueiino?.

O aeena?oaoe?? iaa?oioiao?oueny, ui aeio?eiaiiy aeieia?/ieo noaiaea?o?a
iiaeiii aooe iaia(yceiaei aeey cae?eniaiiy i?aei?e?iieoeueei? oa
?iaanoeoe?eii? ae?yeueiino?, ye ? ?ic?iaea ii?iaoeaii? caeiiiaeaa/i?
aace aeey aaaaeaiiy i?ia?aneaieo aeieia?/ieo noaiaea?o?a, nenoaie
aeieia?/iiai no?aooaaiiy ? aoaeeoo. *a?ac o?oaeiiu? aei??o ianooaa?a
aeieia?/ieo ci?i aeineoue neeaaeii cai?iiiioaaoe noaiaea?oio noaio
aeieia?/iiai aiae?co. I?iaeaia iieyaa? o noai?aii? aaniethoii
aeineiiaei? nenoaie aeieiai-aeiiii?/iiai eiio?ieth ca ae?iaie/ith oa
?iaanoeoe?eiith ae?yeuei?noth.

O ?iaio? e?eoe/ii ?icaeyioo? iaoiaee ioe?iee aoaeoeaiino? ?iaanoeoe?e
ia i?aaeiao a?aooaaiiy aeieia?/iiai oaeoi?o . Acaaae?, o oai??? ioe?iee
aoaeoeaiino? ?iaanoeoe?eieo i?iaeo?a ?niothoue /ioe?e e?euee?ni?
e?eoa???: /enoa oaia??oiy aa?o?noue, aioo??oiy ii?ia i?eaooeiaino?,
oa?i?i ieoiiino?, ?iaeaen i?eaooeiaino?. Caaaeaiiy iieyaa? o i?aeaeuaii?
iaae?eiino? oa a??ia?aeiino? ?acoeueoao?a ioe?iee aeiiii?/ieo
ia?aiao??a ?iaanoeoe?eieo i?iaeo?a oa ?o aaeaioaoe?? aei noaiaea?oii?
noaie aecia/aiiy aoaeoeaiino? ?iaanoeoe?e c o?aooaaiiyi aeieia?/iiai
oaeoi?o.

O caaaeueiiio aeaeyae? aeiiii?/ia aoaeoeai?noue eai?oaeueieo aeeaaeaiue
o aoaeue-yeee naeoi? ia?iaeiiai ainiiaea?noaa aecia/a?oueny noeoii?noth
??ciiiai?aaeaieo oaeoi??a, ui oa?aeoa?ecothoue ?ici?? a?ioiaeo iioie?a,
iia(ycaieo c ?aae?caoe??th i?iaeo?a: nenoaia ciai?oiueiiie?oe/ieo,
aeiiii?/ieo, ?aa?iiaeueieo, aaeocaaeo oa ?ioeo ?ecee?a, oaoi?/i? oa
oaoiieia?/i? oa?aeoa?enoeee i?iaeoo, ??aaiue eaae?o?eaoe?? ia?niiaeo,
iayai?noue ?ano?n?a, iioeiaeuei?noue oa?i?io aoae?aieoeoaa oa ?io?.

E??i oiai, i?e ioe?ioe? aoaeoeaiino? ?iaanoeoe?e iaiao?aeii a?aoiaoaaoe
aeieia?/i? aeo?aoe, iia(ycai? c iiia?aaei?i a?aeiiaeaiiyi eiiiiiaio?a
ioi/oth/iai na?aaeiaeua, ye? ?ai?oa aeaa?aaeoaaee.

Aoaeue-yeee c i?aeoiae?a aei ioe?iee aeiiii?/ii? aoaeoeaiino?
?iaanoeoe?e, ui a?oioo?oueny ia ii??aiyii? aeo?ao ia cae?eniaiiy i?iaeoo
? ?acoeueoao?a a?ae eiai ?aae?caoe??, iiaeiai a?aoiaoaaoe iiaeeea?
aeiaeaoeia? aeieia?/i? aeo?aoe. Oae? aeo?aoe iathoue ?iia??iee oa?aeoa?
? iiaeooue ca?eueooaaoe eai?oaeii?noe?noue caoiae?a, ui a ?acoeueoao?
ciaioeoue i?eaaaeea?noue i?iaeoo aeey iioaioe?eiiai ?iaanoi?a. sseui
a/anii, ia noaae?? ia?aaei?iaeoieo ?ic?aooie?a, ia a?aooaaoe oeae oaeo,
oi o?iainia? i/?eoaaiiy ?iaanoi?a ia aei?aaaeathoueny: oaeoe/ia
aoaeoeai?noue i?iaeoo i?ney eiai cae?eniaiiy iiaea aooe eeoa
?ic?aooieiaith.

Ia i?aeoeoe? ?niothoue ??ci? e?eoa??? aoaeoeaiino? ?iaanoeoe?e. C aieo
?iaanoi?a oea ia?o ca ana — i?eaooeia?noue, a c aieo aea?aeaae, ia
oa?eoi??? yei? aoaea ?icoaoiaaii ae?iaieoeoai, oea nioe?aeuei? oa
aeieia?/i? e?eoa???.

I?e aeei?enoaii? oeeo e?eoa???a ia i?aeoeoe? ia iiai?noth a?aoiao?oueny
aieea aeieia?/iiai oaeoi?o, cie?aia, aeieia?/i? caeoee iiiaaee?i?oiiai
caa?oaeiaiiy iaaeieeoiueiai na?aaeiaeua. sse na?ae/aoue noaoenoe/i?
aeai?, a Oe?a?i? ?iia??i?noue oaeeo caeoe?a iianye/anii c?inoa?. Oiio
i?e i?eeiyoo? ??oaiue i?i ?iaanooaaiiy aaaeeeai a?aoiaoaaoe aeo?aoe ia
caaacia/aiiy i?ioeaaa??eii? oa oaoiieia?/ii? aaciaee ae?iaieoeoaa,
eiiiainaoe?th iiaeeeaeo aeiiii?/ieo iane?aee?a oeeo neooaoe?e.

O aeena?oaoe?? cai?iiiiiaaii i?e aecia/aii? /enoi? oaia??oiuei? aa?oino?
(NPV), aioo??oiuei? ii?ie i?eaooeiaino? (IRR), oa?i?io ieoiiino? (PP),
?iaeaeno i?eaooeiaino? (PI) a?aoiaoaaoe iieacieee aeieia?/ii-aeiiii?/ieo
aeo?ao, ui iathoue ?iia??iee oa?aeoa? oa aieeaathoue ia ?ici??
a?ioiaeo iioie?a:

NPV = AI – ?N – ACi?,
(1)

aea AI- noia a?ioiaeo iioie?a o no/ani?e aa?oino?;

?N – noia ?iaanoeoe?eieo ?ano?n?a, ni?yiiaaieo ia ?aae?caoe?th i?iaeoo o
no/ani?e aa?oino? ;

Aci? – noia aeiiii?/ieo caeoe?a, caaaeaieo iiiaaee?i?oieie aeeeaeaie
(neeaeaie) o no/ani?e aa?oino?.

Ca nai?th nooi?noth oe? aeo?aoe aecia/athoueny ye aeieiai-aeiiii?/i?
caeoee a?ae iiiaaee?i?oiiai caa?oaeiaiiy iaaeieeoiueiai na?aaeiaeua.
Aiie iathoue ?iia??iee oa?aeoa? ? neeaaeathoueny c:

ieaoaae?a ca noaeee iiiaaee?i?oiee aeeeae (neeae) caa?oaeithth/eo
?a/iaei a iaaeieeoi? na?aaeiaeua;

eiiiainaoe?e, niea/aieo aea?aeaa? a ?acoeueoao? aaa??eieo aeeeae?a
(neeae?a);

eiiiainaoe?e, niea/aieo aea?aeaa? a ?acoeueoao? caeiiaeo iaia?aaeaa/aieo
aeeeae?a (neeae?a);

oo?ao?a ca ii?ooaiiy /eiiiai i?e?iaeiioi?iiiiai caeiiiaeaanoaa;

aioo??oiueiai aeiiii?/iiai caeoeo, iaoiiaeaiiai iiiaaee?i?oiei
caa?oaeiaiiyi iaaeieeoiueiai na?aaeiaeua caaaeaiiai ?iaanoi?o;

eiiiainaoe?e th?eaee/iei oa o?ce/iei iniaai ca caaaeaiee caeoie o
aeiaaeeo iiiaaee?i?oiiai aeeeaeo.

C oi/ee ci?o aeieiai-aeiiii?/ieo ?ecee?a, iiiaaee?i?oiee aeeeae iiaea
iaoe ?iia??iee oa?aeoa? ? aeeth/a? o?e neeaaeia?: noaeee iiiaaee?i?oiee
aeeeae; aaa??eiee aeeeae; caeiiaee iaia?aaeaa/aiee iiiaaee?i?oiee
aeeeae.

Ia ?en.1 iaaaaeai? neeaaeia? aeiiii?/ieo aeo?ao, coiiaeaieo
iiiaaee?i?oiei aeeeaeii (neeaeii) caa?oaeithth/eo ?a/iaei o iaaeieeoi?
i?e?iaeia na?aaeiaeua, ui iathoue ?iia??iee oa?aeoa?.

sseui aaa??ei? aeeeaee ?icaeyaeathoueny ye aeeeaee caa?oaeithth/eo
?a/iaei o iaaeieeoi? i?e?iaeia na?aaeiaeua aiane?aeie i?iieneiai?
aaa???, oi caeiia? aeeeaee ye e?euee?nii oae ? ye?nii ia?aaeaa/ai?. A
?iaio? ?icaeyaeathoueny caeiia? aeeeaee (neeaee), ye? iaia?aaeaa/ai?
oaoiieia?/ieie ?aaeaiaioaie ae?iaieoeoa. Oiaoi ?iia??i?noue ?o
aeieeiaiiy aoaea ??ciith.

Aaa??eiee, caeiiaee iaia?aaeaa/aiee aeeeaee oa iiiaaee?i?oiee noaeee
aeeeae iiaeooue coiiaethaaoe ii?ooaiiy ae?th/iai i?e?iaeiioi?iiiiai
caeiiiaeaanoaa oa aeeeeeaoe a?aeiia?aei? naieoe??.

?ic?aooiee ?ici???a a?aeoeiaeoaaiiy caeoe?a, caaaeaieo aea?aeaa? o
?acoeueoao? iiiaaee?i?oieo aeeeae?a caa?oaeithth/eo ?a/iaei o iaaeieeoi?
na?aaeiaeua, cae?eniththoueny ca?aeii c ?nioth/eie iaoiaeeeaie.

I?e aeieiai-aeiiii?/i?e ioe?ioe? aoaeoeaiino? ?iaanoeoe?eieo i?iaeo?a o
?iaio? cai?iiiiiaaii a?aoiaoaaoe iieaciee aioo??oiueiai aeiiii?/iiai
caeoeo, a oiio /ene? aiane?aeie iiiaaee?i?oiiai aeeeaeo.

Aioo??oi?e aeiiii?/iee caeoie aeieea? aiane?aeie caa?oaeiaiiy oa?eoi???
oa oeao?a i?aei?e?inoaa aeanieie aeeeaeaie oa neeaeaie. Oea iia’ycaii c
aieeaii caa?oaeiaiiy iaaeieeoiueiai na?aaeiaeua ia aeiiii?/i? ?ano?ne
i?aei?e?inoaa. Ae?y caa?oaeiaiiy iaaeieeoiueiai na?aaeiaeua ia iniiai?
oiiaee i?aei?e?inoaa aeyaey?oueny /a?ac ?o i?aeaeuaiee ciin, ao?aoo
niiaeea/i? aa?oino?, ia?aae/aniiai inoaaiiy. Oea coiiaeth? aeiiii?/i?
iane?aeee – ao?aoe a?ae iaaeiaii?oecaoe?? iniiaieo oiiae?a, aeiaeaoeia?
aeo?aoe ia oo?eiaiiyi iniiaieo oiiae?a, ao?aoe aoaeoeaiiai oiiaeo /ano
aiane?aeie iaia?aaeaa/aieo i?inoi?a

Aieea caa?oaeiaiiy iaaeieeoiueiai na?aaeiaeua ia o?oaeia? ?ano?ne
i?aei?e?inoaa aeyaey?oueny /a?ac i?aeaeuaiiy i?ioan?eii? oa caaaeueii?
caoai?thaaiino?, o?aaiaoeci. Aeiiii?/ieie caeoeaie i?e oeueiio
aaaaeathoueny ciaioaiiy i?iaeoeoeaiino? i?aoe?, ao?aoe ?iai/iai /ano,
aeiaeaoeia? aeo?aoe ia onoiaiiy oa eiiiainaoe?th nioe?aeueieo
iane?aee?a.

Aecia/aiiy ?iia??iino? aeieeiaiiy aaa??eiiai oa caeiiaiai aeeeae?a
(neeae?a) o?aeoo?oueny ??cieie oao?aoeyie iaiaeiaeiai ? ia? aeeneon?eiee
oa?aeoa?. O ?iaio? aeei?enoai? aeai?, caniiaai? ia i?inoiio ?ic?aooieo,
ui c oi/ee ci?o oai??? ?iia??iino?, ?icaeyiooa noeoii?noue iiaeiia aooe
iaeii??aeiith. I?aei?e?inoaa iiaeii? oa?aeoa?ecoaaoeny aeioneii
iaeii??aeii? i?iaeoeoe??, aeei?enoaiiyi iaeiaeiai? ne?iaeie, iaoe oeiia?
oaoiieia?/i? i?ioeane oa iaeaaeiaiiy. Aeey i?aei?e?inoaa ?iia??i?noue
aaa??eiiai, iaia?aaeaa/aiiai caeiiaiai /e noaeiai iiiaaee?i?oieo
aeeeae?a (neeae?a) iiaea ?ic?aoiaoaaoenue aeoiaey/e c aiae?co e?eueeino?
aeiaaee?a ca iaaiee ia??iae /ano.

I?e aeiiii?/i?e ioe?ioe? ?iaanoeoe?eieo i?iaeo?a o ?iaio? i?iiiio?oueny
cae?enieoe ei?eaoaaiiy a?ioiaeo iioie?a c o?aooaaiiyi
aeieiai-aeiiii?/iiai ?eceeo ca?aeii c oi?ioeith

T *It + At T ICt T It ((t)
T CAt ((t ; (t ; (t)

NPV = (———— — ( ——— — ( ———— — ( ——————— —

t=0 (1+r)t t=0 (1+r)t t=0 (1+ r)t
t=0 (1+r)t

T Ot ((t ; (t ) T Et ((t ; (t ;(t) T EAet
((t ; (t)

— ( ——————— — ( ——————— — ( ————————, ( 2 )

t=0 (1+r)t t=0 (1+r)t
t=0 (1+ r)t

aea *It — /enoee i?eaooie a?ae ?aae?caoe?? ?iaanoeoe?eiiai i?iaeoo o
t-io ?ioe?, aac o?aooaaiiy iane?aee?a iiiaaee?i?oieo aeeeae?a (neeae?a);

aii?oecaoe?ei? a?ae?aooaaiiy o t-io ?ioe?;

?iaanoeoe?? o t –io ?ioe?;

O – oa?i?i ?aae?caoe?? i?iaeoo;

It- ieaoaae? ca iiiaaee?i?oiee aeeeae caa?oaeithth/eo ?a/iaei o t-io
?ioe?;

EAet – eiiiainaoe?y caeoe?a, caaaeaieo aea?aeaa?, ca aaa??ei? (caeiia?)
aeeeaee (neeaee);

oo?aoe /a?ac ii?ooaiiy i?e?iaeiioi?iiiiai caeiiiaeaanoaa;

CAt – aaee/eia aioo??oiueiai aeiiii?/iiai caeoeo, caaaeaiiai ?iaanoi?o a
t-io ?ioe?;

Et – eiiiainaoe?? th?eaee/iei oa o?ce/iei iniaai ca caaaeaiee
aeiiii?/iee caeoie o aeiaaeeo iiiaaee?i?oieo aeeeae?a o t-io ?ioe?;

(t –?iia??i?noue noaeiai iiiaaee?i?oiiai aeeeaeo a iaaeieeoi?
na?aaeiaeua o t-io ?ioe?;

?iia??i?noue aaa??eiiai aeeeaeo caa?oaeithth/eo ?a/iaei o t-io ?ioe?;

?iia??i?noue caeiiaiai aeeeaeo o t-io ?ioe? ;

??e, ?acoeueoaoe oa aeo?aoe yeiai caiaeyoueny aei ?ic?aooieiaiai;

iae?eiaa noaaea.

Aiaeia?/ii ?ic?aoiaothoueny ?io? iieacieee aeiiii?/ii? ioe?iee
?iaanoeoe?eieo i?iaeo?a: aioo??oiuei? ii?ie i?eaooeiaino? (IRR), oa?i?io
ieoiiino? (PP), ?iaeaeno i?eaooeiaino? (PI).

Oe? e?eoa??? aeieiai-aeiiii?/ii? ioe?iee ?iaanoeoe?eieo i?iaeo?a iiaeia
aeei?enoiaoaaoe aeey ia(?eo?a iiaiai aoae?aieoeoaa, o aeiaaeeao
?aeiino?oeoe??, oaoi?/iiai ia?aica?i?iiy ae?th/iai ae?iaieoeoaa.

O ?iaio? iaaaaeaiee iaeei ?c i?eeeaae?a aeei?enoaiiy ?ic?iaeaieo
iaoiaee/ieo ?aeiiaiaeaoe?e uiaei a?aoiaoaaiiy aeieia?/iiai oaeoi?o i?e
aeiiii?/i?e ioe?ioe? ?iaanoeoe?eieo i?iaeo?a iiaiai aoae?aieoeoaa oa
?aeiino?oeoe?? oeao?a n??/aiiai ae?iaieoeoaa.

?ic?aooiee aeicaieeee c?iaeoe aeniiaie, ui a?aooaaiiy ?iia??iino?
aeieeiaiiy iiiaaee?i?oieo noaeeo, caeiiaeo oa aaa??eieo aeeeae?a
(neeae?a) iiaea i?eaanoe aei ciaioaiiy /enoi? oaia??oiuei? aa?oino? ia
7-9 a?aenioe?a, a oaeiae oa?i?io ieoiiino? ?iaanoeoe?e.

Aiae?c /enoi? oaia??oiuei? aa?oino? iieaco?, ui eiai ciaioaiiy
cae?enith?oueny ca ?aooiie:

ieaoaae?a ca iiiaaee?i?oi? aeeeaee, eiiiainaoe?e, niea/aieo aea?aeaa?
aiane?aeie aaa??eiiai (caeiiaiai) neeaeo (aeeeaeo), oo?ao?a

ca ii?ooaiiy ae?th/iai caeiiiaeaanoaa neeaaeathoue aei70 a?aenioe?a;

aioo??oiueiai aeiiii?/iiai caeoeo –aei 30 a?aenioe?a;

eiiiainaoe?? th?eaee/iei oa o?ce/iei iniaai ia a?aoiaoaaeenue.

Ci?ia no?oeoo?e aeieiai-aeiiii?/ieo aeo?ao aieeaa? ia aaee/eio /enoiai
aeeneiioiaaiiai aeioiaeo. Oiaoi oey ci?ia ? i?eiouaiiyi i?iaaaeaiiy
iioei?caoe?eieo ?ic?aooie?a, iaoith yeeo ? anoaiiaeaiiy ni?aa?aeiioaiiy
aeieiai-aeiiii?/ieo caeoe?a oa ?iaanoeoe?eieo ?ano?n?a, ui cieaeothoue
aeieiai-aeiiii?/iee ?ecee. E??i oiai, iaiao?aeii iaoe ia oaac?, ui oaea
no?oeoo?a caeaaeeoue a?ae ae?th/eo th?eaee/ieo aeoea?a, ye?
anoaiiaeththoue, iai?eeeaae, ?ici??e ieaoaae?a, oo?ao?a oa ?i. ca
ii?ooaiiy i?e?iaeiioi?iiiiai caeiiiaeaanoaa.

aeniiaee

Oaeineiiaeaia nenoaia aeieiai-aeiiii?/ii? ioe?iee ?iaanoeoe?eieo
i?iaeo?a iiaea aooe aeei?enoaia ye iaoiaee/ia iniiaa aeey i?eeiyooy

?iaanoeoe?eieo ??oaiue.

?ic?iaeaia iiaeaeue oi?ioaaiiy nenoaie aeieiai-aeiiii?/ieo iieaciee?a
iiaea aooe iniiaith i?e i?eeiyoo? ?iaanoeoe?eieo ??oaiue.

A?aooaaiiy aioo??oiueiai aeiiii?/iiai caeoeo aeicaiey? i?aeaeueoe
iaa?oioiaai?noue i?eeiyooy ??oaiue i?i i?iaaaeaiiy i?aaaioeaieo
caoiae?a, iaoe?eaieo ia ciaioaiiy aeieia?/iiai ?eceeo, oea aea? ciiao
i?aeaeueoe ?ioa?an ?iaanoi?a o aeeaaeaii? eioo?a ia i?e?iaeiioi?iii?
oe?e?.

I?aeoe/ia ?aae?caoe?y ?ic?iaeaii? iaoiaeeee iieaco?, ui ci?ie iniiaieo
iieaciee?a aeiiii?/ii? ioe?iee ?iaanoeoe?eieo i?iaeo?a aiane?aeie
o?aooaaiiy iiiaaee?i?oieo aeeeae?a oa neeae?a iiaeooue iaaeeaeaoeny aei
10 a?aenioe?a.

?acoeueoaoe io?eiai? a aeena?oaoe?eiiio aeine?aeaeaii?, aeicaieythoue
i?aeaeueoe iaae?ei?noue iaoiae?a aeiiii?/ii? ioe?iee aoaeoeaiino?
?iaanoeoe?eieo i?iaeo?a c o?aooaaiiyi aeieia?/iiai oaeoi?o.

Io?eiai? a ?iaio? ?acoeueoaoe iiaeooue aooe aeei?enoai?:

I?i?noa?noaii ioi?iie iaaeieeoiueiai na?aaeiaeua;

i?e ?ic?iaoe? a?cian-ieai?a iiaiai aoae?aieoeoaa, ?aeiino?oeoe?? oa
oaoi?/iiai ia?aica?i?iiy ae?iaieoeoa, aea aaeeea ?iia??i?noue aeieeiaiiy
aaa??eieo neooaoe?e, ui iiaeooue i?eaanoe aei cia/ieo aeieia?/ieo
iane?aee?a;

i?e i?iaaaeai? oaiaea??a ia aoae?aieoeoai aeieia?/ii-iaaacia/ieo
i?iaeo?a;

I?i?noa?noaii ina?oe i?e aea/aii? aeenoeeie?i «Iniiae aeieia??»,
«Aeiiii?ea i?e?iaeiei?enooaaiiy», “?iaanoeoe?eia ae?yeuei?noue”,
“Anooi aei i?iaeoiiai aiae?co”;

i?aaiaie aea?aeaaii? aeieia?/ii? aenia?oece;

i?aaiaie aeieia?/ii? aaciaee oa ?i.

NIENIE IIOAE?EIAAIEO I?AOeUe

Iaeueiee E.A., Oaii/ea I.E., Ieeiaa I.I. Yeiiiie/aneee iaoaieci
oi?aaeaiey i?e?iaeiiieueciaaieai a Oe?aeia // Yeieiae/aneay yeiiiieea e
oi?aaeaiea.- Oii 1 – Noiu: EII “I??y — 1” EOAe, 1997. – N. 15-23.

Ieeiaa I.I. Iniaaiiinoe oi?aaeaiey i?iaeoaie a ia?aoiaeiie yeiiiieea //
Yeieiae/aneay yeiiiieea e oi?aaeaiea.- Oii 1 – Noiu: EII “I??y — 1”
EOAe, 1997. — N. 176-179.

Ieeiaa I.I. Iaeioi?ua iniaaiiinoe ioeaiee yeieiai-yeiiiie/aneie
yooaeoeaiinoe eiaanoeoeeiiiuo i?iaeoia // Yeieiae/aneay yeiiiieea e
oi?aaeaiea. -Oii 2 – Noiu: EII “I??y — 1” EOAe, 1997.- N. 143-147.

Ieeiaa I.I. Iaoiaee/aneea i?eioeeiu yeieiai-yeiiiie/aneie ioeaiee
eiaanoeoeeiiiuo i?iaeoia // A?niee OAAN. – 1996. — ?1. — N. 24-29.

Ea?ieuaiei A.E., Ieeiaa I.I. Yeieiae/aneay yenia?oeca eiaanoeoeeiiiuo
i?iaeoia // Aeooaeueiua i?iaeaiu i?eaaoecaoeee e ioeaiee eiouanoaa //
Na. iao/. o?. — Noiu: EEOe OAAAe, 1997. — N. 149-153.

Ea?ieuaiei A.E., Ieeiaa I.I. Iniaaiiinoe i?aaiecaoeee eiaanoeoeeiiiuo
i?ioeannia a Oe?aeia a oneiaeyo ia?aoiaea e ?uieo// A?niee OAAN. – 1997.
— ?2 — N. 30-34.

Ea?ieuaiei A., Ieeiaa I. Aeeyiea yeieiai-yeiiiie/aneeo oaeoi?ia ia
eiaanoeoeeiiioth i?eaeaeaoaeueiinoue i?iaeoia.// Yeiiiieea
i?e?iaeiiieueciaaiey.- Eeaa: Iaoeiaa aeoiea, 1998- N. 389-391.

Ea?ieuaiei A.E.,Ieeiaa I.I. Aiaeec nouanoaothuae nenoaiu
yeieiai-aeiiiie/aneiai eiio?iey oicyenoaaiiie e eiaanoeoeeiiiie
aeayoaeueiinoe // A?niee NoiAeO.-1999. -?3 (14)- N. 130-135.

AIIOAOe?ss

I?eiaa I.I. Aeieiai-aeiiii?/i? aniaeoe oi?aae?iiy aoaeoeai?noth
?iaanoeoe?eii? ae?yeueiino? a no/anieo oiiaao. – ?oeiien.

Aeena?oaoe?y ia caeiaoooy iaoeiaiai nooiaiy eaiaeeaeaoa aeiiii?/ieo iaoe
ca niaoe?aeuei?noth 08.08.01 – Aeiiii?ea i?e?iaeiei?enooaaiiy oa ioi?iie
iaaeieeoiueiai na?aaeiaeua. – Noinueeee aea?aeaaiee oi?aa?neoao, Noie,
1999 ?.

Aeena?oaoe?y i?enay/aia i?iaeai? aeieiai-aeiiii?/ii? ioe?iee ?iaanoeoe?e
oa ?o aeeaaeaiith a aeiiii?eo Oe?a?ie c oi/ee ci?o noaeiai ?icaeoeo.
Oiio a ?iaio? ?icaeyioo? nioe?aeueii-aeiiii?/i? i?iaeaie ?iaanoeoe?eii?
ae?yeueiino? a no/anieo oiiaao, a oaeiae ?nioth/a nenoaia aeieia?/iiai
eiio?ieth ainiiaea?nueei? oa ?iaanoeoe?eii? ae?yeueiino?.

Cai?iiiiiaai? iaoiaee/i? i?aeoiaee aeey ioe?iee aoaeoeaiino? ?iaanoeoe?e
c o?aooaaiiyi aeieia?/iiai oaeoi?o oa caaacia/aiiy aeieia?/ieo
noaiaea?o?a. C?iaeaii ?ic?aooiee aeieiai-aeiiii?/ii? aoaeoeaiino?
?iaanoeoe?eieo i?iaeo?a ia iniia? aeaieo i?aei?e?inoa Noinueei? iaeano?.
I?iaaaeaiee ii??aiyeueiee aiae?c iieaciee?a aeiiii?/ii? aoaeoeaiino?
?iaanoeoe?eieo i?iaeo?a, ye? aoee ?ic?aoiaai? c aeei?enoaiiyi
noaiaea?oieo, iei? ae?th/eo iaoiae?a oa cai?iiiiiaaieo a aeine?aeaeaii?,
anoaiiaeaii, ui ocaaaeueithth/? iieacieee aoaeoeaiino? ciaioothoueny.
Ia i?aeoeoe? oea icia/a? cieaeaiiy aoaeoeaiino? i?iaeoo.

Eeth/ia? neiaa: aeieiai-aeiiii?/ia aoaeoeai?noue, aeiiii?/i? caeoee
aiane?aeie caa?oaeiaiiy iaaeieeoiueiai na?aaeiaeua, iiiaaee?i?oiee
aaa??eiee, caeiiaee iaia?aaeaa/aiee, noaeee neeae (aeeeae).

AIIIOAOeEss

Ieeiaa I.I. Yeieiai-yeiiiie/aneea aniaeou oi?aaeaiey yooaeoeaiinoueth
eiaanoeoeeiiiie aeayoaeueiinoe a nia?aiaiiuo oneiaeyo. — ?oeiienue.

Aeenna?oaoeey ia nieneaiea iao/iie noaiaie eaiaeeaeaoa yeiiiie/aneeo
iaoe ii niaoeeaeueiinoe 08.08.01 — Yeiiiieea i?e?iaeiiieueciaaiey e
io?aiu ie?oaeathuae n?aaeu. — Noineee ainoaea?noaaiiue oieaa?neoao,
Noiu, 1999 a.

Aeenna?oaoeey iinayuaia i?iaeaia yeieiai-yeiiiie/aneie ioeaiee
eiaanoeoeee e eo aeiaeaieyi a yeiiiieeo Oe?aeiu n oi/ee c?aiey
onoie/eaiai ?acaeoey. A ?aaioa ?anniio?aiu oaiaeaioeee, i?aiaeaaeathuea
a eiaanoeoeeiiiie iieeoeea no?aiu, nioeeaeueii-yeiiiie/aneea i?iaeaiu
eiaanoeoeeiiiie aeayoaeueiinoe a nia?aiaiiuo oneiaeyo, a oaeaea
nouanoaothuay nenoaia yeieiae/aneiai eiio?iey oicyenoaaiiie e
eiaanoeoeeiiiie aeayoaeueiinoe.

I?aaeeiaeaiu iaoiaee/aneea iiaeoiaeu aeey ioeaiee yooaeoeaiinoe
eiaanoeoeee n o/aoii yeieiae/aneiai oaeoi?a e iaania/aiey yeieiae/aneeo
noaiaea?oia. Yoi iaoneiaeaii e?ecenii ia oieueei yeiiiie/aneiai
oa?aeoa?a, ii e yeieiae/aneie ianoaiiaeie a Oe?aeia. A oiaea a?aiy a
no?aia iaaethaeaaony no?aieoaeueiia oi?ie?iaaiea i?e?iaeiio?aiiiai
caeiiiaeaoaeuenoaa. Nia?aiaiiue i?ioeann nioeeaeueii-yeiiiie/aneeo
i?aia?aciaaiee a no?aia i?ienoiaeeo a yeno?aiaeueiuo yeieiae/aneeo
oneiaeyo, eioi?ua yaeythony neaaenoaeai ia noieueei *a?iiaueueneie
eaoano?iou, neieueei yeieiae/anee iaiainiiaaiiui oicyenoaiaaieai, a
oaeaea oaoiieiae/aneei e no?oeoo?iui ionoaaaieai a noa?a i?iecaiaenoaa.
A ?aaioa i?aaeeiaeaii i?e yeiiiie/aneie ioeaiea eiaanoeoeeiiiuo i?iaeoia
auaeaeeoue yeieiae/aneoth ninoaaeythuoth yeieiai-yeiiiie/aneiai ?enea.
Yoa ninoaaeythuay o?aeooaony eae yeieiae/aneea ecaea?aeee naa?oeeieoiiai
aua?ina (na?ina). A caaeneiinoe io aa?iyoiinoe aicieeiiaaiey niauoey
i?aaeeiaeaia eeanneoeeaoeey ecaea?aeae naa?oeeieoiiai caa?yciaiey ia
onoiyaoeeny aaa?eeiue e caeiiaue iai?aaeaeaeaiiue naa?oeeieoiue na?in
(aua?in).

I?e yeieiai-yeiiiie/aneie ioeaiea eiaanoeoeeiiiuo i?iaeoia o/oaiu
aaee/eiu naa?oeeieoiiai caa?yciaiey, iinyuaai aa?iyoiinoiue oa?aeoa? e
aeeythuaai ia eciaiaiea aeaiaaeiuo iioieia i?e yeieiai-yeiiiie/aneie
ioeaiea eiaanoeoeee:

ieaoa ca onoiyaoaany naa?oeeieoiia caa?yciaiea ie?oaeathuae i?e?iaeiie
n?aaeu;

eiiiainaoeee ainoaea?noao ca aaa?eeiue (caeiiaue) na?in (aua?in)
caa?yciythueo aauanoa;

aaee/eia aioo?aiiaai yeiiiie/aneiai oua?aa, i?e/eiyaiiai eiaanoi?o a
?acoeueoaoa naa?oeeoieoiiai caa?yciaiey;

oo?aou ca ia?ooaiea aeaenoaothuaai i?e?iaeiio?aiiiai caeiiiaeaoaeuenoaa;

eiiiainaoeee th?eaee/aneei e oece/aneei eeoeai ca oua?a, i?e/eiaiiue a
?acoeueoaoa naa?oeeieoiiai caa?yciaiey.

Niioaaonoaaiii nei??aeoe?iaaiu iauaecaanoiua oi?ioeu iieacaoaeae
ioeaiee yooaeoeaiinoe eiaanoeoeeiiiuo i?iaeoia aeey ?acee/iuo aa?eaioia
aeiaeaiey aeaiaaeiuo n?aaenoa. I?iaaaeaia ioeaiea yeieiai-yeiiiie/aneie
ioeaiee eiaanoeoeeiiiuo i?iaeoia ia i?eia?a no?ieoaeuenoaa iiaiai oeaoa,
a oaeaea ia i?eia?a ?aeiino?oeoeee, oaoie/aneiai ia?aaii?oaeaiey
aeaenoaothuaai i?aaei?eyoey.

Auiieiaiu ?an/aou yeieiai-yeiiiie/aneie yooaeoeaiinoe eiaanoeoeeiiiuo
i?iaeoia ia iniiaa aeaiiuo i?aaei?eyoee Noineie iaeanoe. Ii ?acoeueoaoai
i?iaaaeaiiiai n?aaieoaeueiiai aiaeeca yooaeoeaiinoe i?aaeeiaeaiiuo a
?aaioa eiaanoeoeeiiiuo i?iaeoia, ?ac?aaioaiiuo n eniieueciaaieai
noaiaea?oiuo iaoiaeia, onoaiiaeaii, /oi iaiauathuea iieacaoaee
yeiiiie/aneie yooaeoeaiinoe eiaanoeoeeiiiuo i?iaeoia oiaiueoathony. Ia
i?aeoeea yoi icia/aao nieaeaiea yooaeoeaiinoe i?iaeoa.

Eeth/aaua neiaa: yeieiai-yeiiiie/aneay yooaeoeaiinoue, yeieiae/aneea
ecaea?aeee aneaaenoaea caa?yciaiey ie?oaeathuae i?e?iaeiie n?aaeu,
naa?oeeieoiia caa?yciaiea, aaa?eeiue, caeiiaue iai?aaeaeaeaiiue,
onoiyaoeeny na?in (aua?in).

Summary

Nilova N.M. Ecological — economic aspects of management of efficiency of
investment activity in modern conditions. — Manuscript.

The dissertation on competition of a scientific degree of the candidate
of economic sciences on a speciality 08.08.01 — Use of Economic and
Protection of an Environment. — Sumy State University, Sumy, 1999.

The dissertation is devoted to a problem of attraction of the
investments and their investments in economy of Ukraine from the point
of view of steady development. Therefore in work the social economic
problems of investment activity with modern conditions, and also
existing system of the ecological control above economic and investment
by activity are considered.

The methodical approaches for an estimation of efficiency of the
investments are offered in view of the ecological factor and maintenance
of the ecological standards. Is made accounts of a ecological-economic
efficiency real investment of the projects on the basis of given the
enterprises of the Sumy area.

Key words: ecological — economic efficiency, ecological steady
development, criterion, investment policy, ecological costs owing to
pollution of an environmental environment, superlimit pollution,
emergency, steady.

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