.

Менеджмент інвестиційних проектів великого промислового комплексу: Автореф. дис… канд. екон. наук / Т.В. Орєхова, Донец. держ. ун-т. — Донецьк, 1999

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

AeIIAOeUeEEE AeA?AEAAIEE OI?AA?NEOAO

Ia i?aaao ?oeiieno

OAeE 658. 012. 4

I??oiaa Oaoyia A?eoi??aia

IAIAAeAEIAIO ?IAANOEOe?EIEO I?IAEO?A

AAEEEIAI I?IIENEIAIAI EIIIEAENO

Niaoe?aeuei?noue 08.06.02 – I?aei?e?iieoeoai, iaiaaeaeiaio ? ia?eaoeia

AAOI?AOA?AO

aeena?oaoe?? ia caeiaoooy iaoeiaiai nooiaiy

eaiaeeaeaoa aeiiii?/ieo iaoe

Aeiiaoeuee – 1999

Aeena?oaoe??th ? ?oeiien

?iaioo aeeiiaii ia eaoaae?? i?aeia?iaeii? aeiiii?ee Aeiiaoeueeiai
aea?aeaaiiai oi?aa?neoaoo I?i?noa?noaa ina?oe Oe?a?ie (i. Aeiiaoeuee).

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

Iaeiaii TH??e Aieiaeeie?iae/,

Aeiiaoeueeee aea?aeaaiee
oi?aa?neoao

I?i?noa?noaa ina?oe Oe?a?ie,

caa?aeoth/ee eaoaae?ith
i?aeia?iaeii? aeiiii?ee

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

Aioaea? Naaae?e Naiaiiae/,

AO “Aeaiei” (i. Aeiiaoeuee)

a?oea-i?aceaeaio c aeiiii?ee

eaiaeeaeao aeiiii?/ieo iaoe

Oo??yinueea Ia??y Ieoaee?aia

Iaoeiai-eiinoeueoaoe?eiee

Oeaio? ?iaanoeoe?e oa
i?aeia?iaeiiai

ni?a?ia?oieoeoaa (i. Aeiiaoeuee),

aee?aeoi?

I?ia?aeia onoaiiaa – Ee?anueeee iaoe?iiaeueiee aeiiii?/iee oi?aa?neoao,

eaoaae?a i?aeia?iaeiiai
iaiaaeaeiaioo

I?i?noa?noaa ina?oe Oe?a?ie (i.
Ee?a)

Caoeno a?aeaoaeaoueny 21 ea?oiy 1999 ?ieo i 16.00 aiaeei? ia can?aeaii?
niaoe?ae?ciaaii? a/aii? ?aaee E 11.051.01 o Aeiiaoeueeiio aea?aeaaiiio
oi?aa?neoao? ca aae?anith: 340002, i. Aeiiaoeuee, aoe. *aethne?ioeaa,
198 a, aoae. 214.

C aeena?oaoe??th iiaeia iciaeiieoeny o a?ae?ioaoe? Aeiiaoeueeiai
aea?aeaaiiai oi?aa?neoaoo (340055, i. Aeiiaoeuee, aoe. Oi?aa?neoaonueea,
24)

Aaoi?aoa?ao ?ic?neaiee 20 aa?aciy 1999 ?ieo.

A/aiee nae?aoa?

niaoe?ae?ciaaii? a/aii? ?aaee
Iaa/ei A.N.

1

CAAAEUeIA OA?AEOA?ENOEEA ?IAIOE

Aeooaeuei?noue oaie aeine?aeaeaiiy. ?acoeueoaoe ooiaeaiaioaeueieo
aeine?aeaeaiue a?o/eciyieo oa ?iicaiieo a/aieo aeaiiino?othoue, ui
i?ioeane aeiiii?/iiai iiiaeaiiy ? c?inoaiiy iaoiiaeththoueny ?ici??aie
oa no?oeoo?ith ?iaanoeoe?e. Oaiie i?e?inoo aaeiaiai aioo??oiueiai
i?iaeoeoo ? iaoe?iiaeueiiai aeioiaeo o?nii ei?aeththoue c i?e?inoii
ianya?a, no?oeoo?ieie ? ye?nieie ci?iaie eai?oaeueieo aeeaaeaiue.

O oaia??oi?e /an Oe?a?ia noi?oue ia?aae ia’?eoeaiith iaiao?aei?noth
aeoea?caoe?? ?iaanoeoe?eii? ae?yeueiino? c iaoith noai?aiiy
eiieo?aioicaeaoieo ainiiaea?/eo nenoai, iiaea?i?caoe?? oa ?aeiino?oeoe??
ae?th/eo no?oeoo?; caaacia/aiiy aeeaa?neo?eaoe?? eai?oaeo o iai?yieo
nioe?aeueii i???ioiaaieo no?oeoo?ieo ci?i.

?acii c oei ?iaanoeoe?eia ae?yeuei?noue oa?aeoa?eco?oueny
aeaa?aaeoth/eie oaiaeaioe?yie oa aeeaieeie i?ioe??//yie i?ae
iaiao?aei?noth ? ?aaeuei?noth.

Iaaeinoaoi? ianyae ?iaanoeoe?e c 1986 ?ieo oa ?o ??cueea cieaeaiiy c
1991 ?ieo iathoue aeiaaino?ieia? iane?aeee o ca’yceo c? noa??iiyi
ae?iaie/eo oiiae?a ? iecueeeie oaiiaie ?o iiiaeaiiy.

Ca aeaieie Aea?aeeiinoaoo Oe?a?ie o 1996 ?ioe? ianyae eai?oaeueieo
aeeaaeaiue cieceeeny ia 20%, aea o 1997 ?ioe? e?eaa iaae?iiy ianya?a
eai?oaeiaeeaaeaiue aeae?eueea iie?ioeeany, o a?aenioeao oey ??cieoey
neeaea 7,5%. I?ioa, /anoea ?iaanoeoe?e o aaeiaiio aioo??oiueiio
i?iaeoeo? ia caaacia/o? iaa?oue i?inoiai a?aeoai?aiiy. Oaiie cieaeaiiy
ianya?a ae?iaie/eo ?iaanoeoe?e aaea?/? ia?aaeuothoue iaae?iiy aaeiaiai
aioo??oiueiai i?iaeoeoo ? i?iieneiaiai ae?iaieoeoaa.

A oe?eiio ii i?iieneiaino? noia ciino iaeaaeiaiiy ia?aaeueea iieiaeio ?o
aaeainiai? aa?oino? ? eieeaa?oueny o ??cieo aaeocyo a?ae 23% aei 77%.

O oeeo oiiaao ca?aeii c iaoei aiae?cii ?nio? iaiao?aei?noue caeo/aiiy
o?iainiaeo ?ano?n?a aei Oe?a?ie. Iaeiae, ?aae?caoe?y oeueiai iioaioe?aeo
?aoi?ioaaiiy aeiiii?ee Oe?a?ie ? aeoiae ?? c aeeaiei? e?ece iaiiaeeeae
aac ia?aoiaeo aei aoaeoeaieo ? i?ia?aneaieo iaoiae?a oi?aae?iiy
?iaanoeoe?eieie i?ioeanaie, a ia i?e?i??ai? – oi?aae?iiy eiaeiei ie?aii
acyoei ?iaanoeoe?eiei i?iaeoii.

Oi?aae?iiy aoaeue-yeeie ?iaanoeoe?eiei i?iaeoii neeaaea?oueny c
i?ioean?a iiia?aaeiueiai aiae?co oa ioe?iee.

Iniaeeai neeaaeiith oa aaaaoia?aiiith ? ioe?iea ?iaanoeoe?eieo i?iaeo?a
o ?aaeueieo ?iaanoeoe?yo oa iaiaoa??aeueieo aeoeaao, ye? e noaee
i?aaeiaoii ?icaeyaeo o aeena?oaoe?ei?e ?iaio?. I?iaeoe i?ioiaeyoue
aenia?oeco, ?acoeueoaoe yei? aeicaieythoue io?eiaoe iiaio ioe?ieo
oaoi?/ii? aeioe?eueiino?, aa?oino? ?aae?caoe?? i?iaeoo, aenieoaoaoe?eieo
aeo?ao ? aeiiii?/ii? aoaeoeaiino? i?iaeoo.

Iaoiaeeea aecia/aiiy aoaeoeaiino? eai?oaeueieo aeeaaeaiue, i?eeiyoa o
1988 ?., ia iiaea aooe aeei?enoaia o ca’yceo c oei, ui ?? i?eioeeie ia
ni?aa?aeiinyoueny c iiaeie ?eieiaeie a?aeiineiaie, ia a?aoiaothoue
i?ioean?a ?ioeyoe??, iiaeo i?aaee ?ic?aooie?a ?c caiiaieeaie, e?aaeeoi?
a?aeiineie, oaeoi?e /ano i?e ioe?ioe? aeo?ao oa i?eaooe?a ii ?ieao
?aae?caoe?? i?iaeoo.

E??i oiai, i?iaeaiaoe/i?noue cae?eniaiiy o?iainiai-aeiiii?/ii? ioe?iee
?iaanoeoe?eieo i?iaeo?a iia’ycaia c aieeaii niaoeeo?/ieo oaeoi??a:

ii-ia?oa, ?iaanoeoe?ei? aeo?aoe iiaeooue cae?enithaaoeny aai iaeii/anii,
aai aeae?eueea ?ac?a i?ioyaii aeiaaino?ieiaiai ia??iaeo /ano;

ii-ae?oaa, aeiaaino?ieiaei ? i?ioean io?eiaiiy ?acoeueoao?a a?ae
?aae?caoe?? ?iaanoeoe?eieo i?iaeo?a;

ii-o?ao?, cae?eniaiiy aeiaaino?ieiaeo iia?aoe?e i?ecaiaeeoue aei
c?inoaiiy iaaecia/aiiino? a ioe?ioe? on?o aniaeo?a ?iaanoeoe?e ?
c?inoaiiy eiia??iino? iiieeee.

Aenieee ??aaiue ?eceeo ?iaanooaaiiy a Oe?a?i?, yeee ca ioe?ieaie
aenia?o?a noaiiaeoue 80%, ianaia?aae iaoiiaeaiee oaeoi?aie
o?ainoi?iaoe?? aeiiii?ee a oe?eiio,. Naia iayai?noue on?o oeeo oaeoi??a
i?ecaaea aei ca?eueoaiiai cia/aiiy aea/ayii niaoeeo?/ieo iaoiae?a
ioe?iee aoaeoeaiino? i?iaeo?a, ye? aeicaieeee a i?eeiyoe aeinoaoiuei
iaa?oioiaai? ??oaiiy c i?i?iaeueii iiaeeeaei ??aiai iiieeeiaino?.

O ca’yceo c oeei aeena?oaoe?eia ?iaioa i?enay/aia aeooaeueiei i?aeoiaeai
aei aeine?aeaeaiiy ye oai?aoe/ieo, oae ? iaoiaeieia?/ieo iniia ioe?iee
aoaeoeaiino? ?iaanoeoe?eieo i?iaeo?a ia i?aei?e?inoaao iaoaeo?a?eiiai
eiiieaeno, ioe?iee ?o iaeano? ?ecee?a.

Oeei i?iaeaiai i?enay/ai? i?aoe? cao?aeieo a/aieo, oaeeo ye A.Aa?ain,
I.A?iiae/, Aeae.Eaein, ?.Ia?eia?oe, O.Iiae?e?ai?, Ae.Ii?oeioo, A.Oia?i,
O.O?oa?, I.I.Oaa?aiae, O.Oa?i, a oaeiae a?o/eciyieo oa ?in?enueeeo
aeine?aeiee?a: ?.I.Aeaiea, A.A.Aoanueeiai, A.I.Aeaaoy?aiea,
A.A.?ae??niaa, A.A.Eiaaeueiaa, A.A.Einniaa, ?.A.E?in?oea,
Ae.A.Eoe’yiaiea, TH.A.Eenaiea, TH.A.Iaeiaiia, ss.N.Iaeeoiiaa,
I.N..?iaiaee?ia, A.I.Oiaoe, A.Ae.Oai??i, A.ss.Oaa/oea Iaoeia? i?aoe?
oeeo a/aieo-aeiiii?no?a oa oi?aae?ioe?a a iaeano? ?iaanoeoe?eiiai
i?iaeooaaiiy, oi?aae?iiy ?iaanoeoe?eiith ae?yeuei?nooth noaee
oai?aoe/iith oa iaoiaeieia?/iith aacith aeine?aeaeaiiy.

Ca’ycie ?iaioe c iaoeiaeie i?ia?aiaie, ieaiaie, oaiaie. Aeena?oaoe?th
aeeiiaii ca iaoa??aeaie aea?aeathaeaeaoii? oaie Aeiiaoeueeiai
aea?aeaaiiai oi?aa?neoaoo “Iaoiaeieia?/i? ieoaiiy ?aaoethaaiiy
ciai?oiueiaeiiii?/ii? ae?yeueiino? ia ??ai? ?aa?iio ? ?ic?iaea
?aeiiaiaeaoe?e uiaei ?? aeoea?caoe??” (iiia? aea?ae?a?no?aoe?? –
A-96/3).

I?aaeiaoii aeine?aeaeaiiy ? iaiaaeaeiaio ?iaanoeoe?eieo i?iaeo?a
aaeeeiai i?iieneiaiai eiiieaeno ?c caeo/aiiyi ciai?oi?o aeaea?ae
o?iainoaaiiy, ui iaoiiaeth? aieea aeiaeaoeiaeo oaeoi??a i?e ioe?ioe?
aoaeoeaiino? ? ?ecee?a i?iaeo?a.

Ia’?eoii aeine?aeaeaiiy ?iaanoeoe?ei? i?iaeoe ia i?aei?e?inoaao
iaoaeo?a?eiiai eiiieaeno a?aee?eoeo aeoe?iia?ieo oiaa?enoa “Aeiiaoeueeee
iaoaeo?a?eiee caaiae” oa “Ia??oiieuenueeee iaoaeo?a?eiee eiia?iao ?i.
?ee?/a”.

Iaoa ? caaea/? aeine?aeaeaiiy. Iaoith aeena?oaoe?eii? ?iaioe ? ?ic?iaea
oai?aoe/ii? eiioeaioe?? oa ?ino?oiaio?a aoaeoeaiiai ?iaanoeoe?eiiai
iaiaaeaeiaioo ia i?aei?e?inoaao aaeeeiai i?iieneiaiai eiiieaeno.

Ca?aeii c iaoith aecia/ai? oae? caaea/? aeine?aeaeaiiy:

ia iniia? aiae?co nenoaie oaeoi??a, ui ? na?aaeiaeuai i?eeiyooy
?iaanoeoe?eieo ??oaiue ?ic?iaeoe iiaeaeue i?ioeano i?eeiyooy ??oaiue
uiaei ?iaanooaaiiy, ui ia? aaaaoiaoaiio no?oeoo?o;

i?iaanoe aeine?aeaeaiiy oa?aeoa?o aca?iica’yceo i?ioeano aiae?co
aoaeoeaiino? ?iaanoeoe?eieo i?iaeo?a ? aiae?co ?ecee?a, iia’ycaieo c
ieie;

aeiii?aoethaaoe iaoiaee/i? iniiae oa ?ino?oiaioa??e iaoai?cio ioe?iee
aoaeoeaiino? ?iaanoeoe?eieo i?iaeo?a, a oiio /ene? c caeo/aiiy ?iicaiieo
?iaanoeoe?e, oa ?o ?ece?a ia i?aei?e?inoaao aaeeeiai i?iieneiaiai
eiiieaeno;

?ic?iaeoe oe?e?niee iaoai?ci aecia/aiiy eiiieaenii? ioe?iee aeiiii?/ii?
aoaeoeaiino? ?iaanoeoe?eieo i?iaeo?a c iiceoe?e ia?iaeiiainiiaea?/iai
i?aeoiaeo;

?ic?iaeoe aeiiii?ei-iaoaiaoe/io iiaeaeue aaaaoioaeoi?ii? ioe?iee
aoaeoeaiino? ?iaanoeoe?eieo i?iaeo?a uiaei i?aei?e?inoa aaeeeiai
i?iieneiaiai eiiieaeno.

Oai?aoe/iith oa iaoiaeieia?/iith iniiaith aeena?oaoe?eiiai
aeine?aeaeaiiy ? Caeiie Oe?a?ie, Iinoaiiae Aa?oiaii? ?aaee Oe?a?ie c
ieoaiue oiia ?iicaiiiai ?iaanooaaiiy a Oe?a?i?, ae?yeueiino?
i?aei?e?inoa, iaoiaeeea ?a?iiaenueeiai Aaieo ?aeiino?oeoe?? ? ?icaeoeo c
ioe?iee aoaeoeaiino? ? aiaeeco ?ecee?a ?iaanoeoe?eieo i?iaeo?a,
ea??aieoeoai c ioe?iee aoaeoeaiino? ?iaanoeoe?e, ?ic?iaeaia THI?AeI.

I?e iaienaii? ?iaioe aeei?enoiaoaaeeny i?aoe? oe?a?inueeeo ?
caei?aeiiieo a/aieo-aeiiii?no?a, i?aeoee?a, iaoa??aee iaoeiaeo
eiioa?aioe?e ? nai?ia??a c ieoaiue, ye? ?icaeyaeathoueny o ?iaio?. sse
aeaea?aei ?ioi?iaoe?? aeei?enoiaoaaeanue ??/ia ? ia??iaee/ia ca?oi?noue
aea?aeaaieo i?aai?a noaoenoeee, AAO “Aeiiaoeueeee iaoaeo?a?eiee caaiae”
? “Ia??oiieuenueeee iaoaeo?a?eiee eiia?iao ?i. ?ee?/a”.

O i?ioean? aeine?aeaeaiiy aeei?enoiaoaaeenue iaoiaee nenoaiiiai aiae?co,
iiaeaethaaiiy, oaeoi?iiai ? a?ao?/iiai aiae?co, no?oeoo?iiai neioaco oa
?io? iaoiaee aeine?aeaeaiiy neeaaeieo aeiiii?/ieo i?ioean?a.

Iaoeiaa iiaecia iaea?aeaieo ?acoeueoao?a. O aeena?oaoe?? cae?eniaii
iinoaiiaeo oa ae??oaiiy eiiieaeno iiaeo caaea/ ioe?iee aoaeoeaiino?
?iaanoeoe?eieo i?iaeo?a ia i?aei?e?inoaao aaeeeiai i?iieneiaiai
eiiieaeno. A oiae? ae??oaiiy oeueiai aca?iioa’ycaiiai eiiieaeno
caaaeaiue a aeena?oaoe?ei?e ?iaio? iaea?aeaii oae? iaoeia? ?acoeueoaoe,
ye? aeiinyoueny ia caoeno:

cai?iiiiiaaii i?aeoiae aei aecia/aiiy i??i?eoaoieo iai?yie?a ?icaeoeo
?iaanoeoe?eiiai i?ioeano a oiiaao o?ainoi?iaoe?? aeiiii?ee, ia iniia?
iioeiaeueiiai ia’?aeiaiiy caeo/aieo aeaea?ae o?iainoaaiiy, yeee
aeicaieeoue i?aeaeueoe ??aaiue aoaeoeaiino? ?o aeei?enoaiiy;

?ic?iaeaii nenoaio i?eioeei?a ioe?iee aoaeoeaiino? ?iaanoeoe?eieo
i?iaeo?a aaeeeiai i?iieneiaiai eiiieaeno, ui caniiaaii ia aeeneiiooaaii?
a?ioiaeo iioie?a ? aaeaioaoe?? i?eeiyoeo o i?aeia?iaei?e i?aeoeoe?
iieiaeaiue, ye? caaacia/othoue a?aeiia?aei?noue na?oiaeo noaiaea?o?a
?iaanoeoe?eiiai iaiaaeaeiaioo oiiaai aeiiii?ee, yea o?ainoi?io?oueny;

eiiieaenio eiioeaioe?th oa iaoiaeeeo i?eeiyooy ??oaiiue i?i
aeioe?euei?noue ?iaanooaaiiy, ye? ?ic?iaeai? ia iniia? oaoi?/iiai,
o?iainiaiai, ?inoeoooe?iiaeueiiai aiae?co, aiae?co ?ecee?a, ioe?iee
athaeaeaoii? aoaeoeaiino?, oa aeicaieythoue iaa?oiooaaoe ??oaiiy i?i
caeo/aiiy ciai?oiueiai o?iainoaaiiy aei aaeeeeo i?iieneiaeo eiiieaen?a,
ioe?ieoe ia?iaeiiainiiaea?/o aoaeoeai?noue ?iaanoeoe?e;

oaeineiiaeaii nenoaiaoecaoe?th oaeoi??a ?eceeo ? eiie?aoeciaaii
iaoiaee/iee i?aeo?ae aei ioe?iee ?o aieeao ia aoaeoeai?noue
?iaanoeoe?eii? ae?yeueiino? o aaeeeiio i?iieneiaiio eiiieaen?.

I?aeoe/ia cia/aiiy iaea?aeaieo ?acoeueoao?a aeine?aeaeaiiy iieyaa? o
oiio, ui cae?eniai? ?ic?iaee aeicaieythoue: aeei?enoiaoaaoe
iaoiaeieia?th ioe?iee aoaeoeaiino? ? aiae?co ?ecee?a o ?iaanoeoe?eieo
i?iaeoao ?c caeo/aiiyi ?iicaiiiai o?iainoaaiiy, a naia, o iaoaeo?a?eiee
eiiieaen, iioei?coaaoe i?ioean i?eeiyooy ?iaanoeoe?eieo ??oaiue ?
oi?aae?iiy ?iaanoeoe?eieie i?iaeoaie.

?aeiiaiaeaoe?? uiaei oaeineiiaeaiiy nenoaie iaiaaeaeiaioo ?iaanoeoe?eieo
i?iaeo?a ia i?aei?e?inoaao aaeeeiai i?iieneiaiai eiiieaeno i?eeiyoi aeey
?o i?aeoe/iiai aeei?enoaiiy ia AAO “Aeiiaoeueeee iaoaeo?a?eiee caaiae”,
Ia??oiieuenueeiio iaoaeo?a?eiiio eiia?iao? ?i. ?ee?/a, Aeiiaoeueeei
Oeaio?ii ?iaanoeoe?e oa oi?aae?iiy i?iaeoaie Iaoe?iiaeueiiai Aaaionoaa c
ieoaiue ?ioi?iaoecaoe?? i?e I?aceaeaioia? Oe?a?ie.

?acoeueoaoe aeena?oaoe?eieo aeine?aeaeaiue aeei?enoiaoaaeenue i?e
i?aeaioiaoe? oaeeo o/aiaeo i?ia?ai ? iaoiaee/ieo aeac?aie: “?aai/ay
i?ia?aiia e iaoiaee/aneea oeacaiey ii eo?no “Aiaoiayeiiiie/aneay
aeayoaeueiinoue i?aaei?eyoee”, “?aai/ay i?ia?aiia, ieaiu eaeoeee e
naieia?neeo caiyoee ii aeenoeeieeia “Ie?iaay yeiiiieea e
iaaeaeoia?iaeiua ioiioaiey.

Ai?iaaoe?y ?acoeueoao?a aeena?oaoe??. Iniiai? iieiaeaiiy aeena?oaoe??
aeiiia?aeaeenue oa iaaiai?thaaeenue ia ?in?enueei-oe?a?inueeiio
iaoeiai-i?aeoe/iiio nai?ia?? “I?iaeaie ?icaeoeo ciai?oiueiaeiiii/ieo
ca’yce?a” (i. Aeiiaoeuee, 1995); ia i?aeia?iaeiiio iaoeiai-i?aeoe/iiio
nai?ia?? “Aeiiii?/i?, i?aai?caoe?ei? oa nioe?aeuei? i?iaeaie ?icaeoeo
e?a?i Ni?aae?oaeiino?: i?iaeoeoeai?noue i?aoe?, ciai?oiueiaeiiii?/i?
ca’ycee” (i.Aeiiaoeuee, 1996); ia i?aeia?iaeiiio iaoeiai-i?aeoe/iiio
nai?ia?? “I?aeia?iaeia eia?noeea ? ia?eaoeia o e?a?iao c ia?ao?aeiith
aeiiii?eith” (i.Aeiiaoeuee, 1996); ia iaoeia?e eiioa?aioe??
“Nioe?aeueii-aeiiii?/i? aniaeoe ?aa?iiaeueii? i?iieneiai? iie?oeee”
(i.Aeiiaoeuee, EYI IAI Oe?aeiu, 1997); ia i?aeia?iaeiiio
iaoeiai-i?aeoe/iiio nai?ia?? “I?iaeaie ?icaeoeo ciai?oiueiaeiiii?/ieo
ca’yce?a oa caeo/aiiy ?iicaiieo ?iaanoeoe?e: ?aa?iiaeueiee aniaeo” (i.
Aeiiaoeuee, 1998); ia iaoeia?e eiioa?aioe?? “?iaanoeoe?eia i?iaeooaaiiy
noaeiai ?aa?iiaeueiiai ?icaeoeo” (i. Aeiiaoeuee: ?AI IAI Oe?a?ie, 1998);
ia i?aeia?iaei?e iaoeia?e eiioa?aioe?? “Eioa?iaoeeiiaeecaoeey e
aeiaaeecaoeey ia aeciana” (?acaeaathue iaca?e) (i.Naeuia (Aieaa??y),
Noiiainea aeaaeai?y ?i. Ae.A.Oeaiiaa, 1998); ia i?aeia?iaei?e
eiioa?aioe?? “Aoaoth?e oa no/ania Oo?oe?y” (i. Ee?a, 1998); ia
i?aeia?iaei?e iaoeia?e eiioa?aioe?? “I?iaeaie aeiiii?ee” (i.I?o
(THaineaa?y), 1998); ia i?aeia?iaeiiio iaoeiai-i?aeoe/iiio nai?ia??
“I?iaeaie ?icaeoeo ciai?oiueiaeiiii?/ieo ca’yce?a oa caeo/aiiy ?iicaiieo
?iaanoeoe?e: ?aa?iiaeueiee aniaeo” (i. Aeiiaoee, 1999).

Ioae?eaoe??. Ca iaoa??aeaie aeena?oaoe?? iioae?eiaaii 13 iaoeiaeo ?ia?o
caaaeueiei ianyaii a?eueo, i?ae 10 ae.a., c yeeo aaoi?o iaeaaeeoue 6
ae.a.

Ianya oa no?oeoo?a aeena?oaoe??. Aeena?oaoe?y neeaaea?oueny c anooio,
o?ueio ?icae?e?a, aeniiaeo, nieneo aeei?enoaieo aeaea?ae (118
iaeiaioaaiue), 34 oaaeeoeue, 20 ?enoie?a. Aeeeaaeaia ia 180 noi??ieao
ae?oeiaaiiai oaenoo.

INIIAIEE CI?NO ?IAIOE

O anooi? iaa?oioiaaii aeooaeuei?noue, aecia/aii iaoo oa caaaeaiiy
aeena?oaoe?eiiai aeine?aeaeaiiy, iiaeaii eiai caaaeueio oa?aeoa?enoeeo.

?icae?e 1. “I?noea oa ?ieue ?iaanoeoe?eieo i?ioean?a o nenoai?
i?aeia?iaeiiai ?ooo eai?oaeo”. ?icae?e i?enay/aii ?icaeyaeo
eiioeaiooaeueieo canaae oai??? ?iaanooaaiiy ? aaiac?no i?iaeoiiai
aiae?co oa ioe?iee aoaeoeaiino? aeeaaeaiiy ?iaanoeoe?e.

Iieacaii, ui o iniia? ?iaanoeoe?eii? ae?yeueiino? eaaeaoue oae?
ia?aoai?aiiy: i?e??no iaeiie/aiue – aeo?aoe – i?e??no eai?oaeueiiai
iaeia – i?eaooie – ?iaanoeoe?? (iaeiie/aiiy).

A oiiaao ?eieiai? aeiiii?ee i?aei?e?inoaa ae??oothoue aeey naaa o?e oeie
?iaanoeoe?eieo caaaeaiue:

aea?? ?iaanoeoe?eieo i?iaeo?a ? ?ici?uaiiy eai?oaeo ca?aeii c
a?ae?a?aieie i?iaeoaie, ia i?eeiyooy ??oaiiy ia oeueiio aoai?
ia?oi?yaeiee aieea ni?e/eiy? aoaeoeai?noue ?iaanoeoe?eieo i?iaeo?a, yeo
ie o iiaeaeueoiio aoaeaii ?ic??ciyoe ye eiia?oe?eio /e o?iainiao,
athaeaeaoio ? ia?iaeiiainiiaea?nueeo /e aeiiii?/io;

iioei?caoe?th /e aaciina?aaei? ?aaoethaaiiy eai?oaeueii? no?oeoo?e
i?aei?e?inoaa oeyoii caeo/aiiy ciai?oi?o aeaea?ae o?iainoaaiiy;

oi?ioaaiiy iaeiie/aiue oa ?iciiae?e aeea?aeaiae?a, iioei?caoe?th
i?iii?oe?e i?ae ?iaanoeoe?yie ? aeea?aeaiaeaie, oi?ioaaiiy oeeo
i?iii?oe?e oaeiae aecia/a?oueny ca?aeii c iioei?caoe??th aeeaaeaiue
?iaanoeoe?e o ?aaeuei? ? o?iainia? aeoeae c iaoith iaenei?caoe??
aoaeoeaiino?.

Eiioeaiooaeuei? oai??? aoaeoeaiino? aeeaaeaiue ?iicaiieo ?iaanoeoe?e
aoee caeeaaeai? ia canaaeao aeaio ooiaeaiaioaeueieo aeiiii?/ieo oa/?e:
oai??? i?aeia?iaeii? oi?a?ae? ? oai??? ?iaanooaaiiy.

C iaeiiai aieo, ie ?icaeyaea?ii ?iicaii? ?iaanoeoe?? ye oi?io
i?aeia?iaeiiai ?ooo eai?oaeo; c ?ioiai aieo, ie aiai?eii i?i ?iicaii?
?iaanoeoe?? ye i?i iaeei c iaeaaaeeea?oeo oaeoi??a ae?iaieoeoaa, ?
aecia/a?ii iayai?noue ca’yceo i?ae ?iaanoeoe?yie, a oe?eiio, oa
niiaeeaaiiyi ? iaoe?iiaeueiei aeioiaeii. Oai??y iioeiaeueieo i?iii?oe?e
i?ae ?iaanoeoe?yie ? niiaeeaaiiyi io?eiaea na?e ?icaeoie o ?iaioao
?.A??aoaia, E.Aaeue?ana, E.A?oiaia, Aeae.Eaeina, O.Iiae?ee?ai?,
O.O?oa?a, I.O??aeiaia, a oaeiae no/anieo a/aieo, cie?aia o I.A?iiae/a.

C iaoith aecia/aiiy aeao?i?oe?? aoaeoeaiiai ?iaanooaaiiy aoei
aeine?aeaeaii aca?iica’ycie i?ae aaee/eiith ?iaanoeoe?e oa ?o a?aie/iith
aoaeoeai?noth /e i?eaooeii, yeee i/?eo?oueny a?ae eai?oaeiaeeaaeaiue, oa
ii?iith a?aenioeo.

Aiae?c oeueiai aca?iica’yceo o iiaeaeueoiio io?eiaa nai? aecia/aiiy o
iaoiaeieia?? iaiaaeaeiaioo ?iaanoeoe?eieo i?iaeo?a oa ioe?iee ?o
aoaeoeaiino? ye neeaaeiai? /anoeie iaiaaeaeiaioo.

Iaiao?aeieie e?eoa??yie aoaeoeaiino? aeeaaeaiiy ?iaanoeoe?e ne?ae
aaaaeaoe:

iiaa?iaiiy eioo?a, ye? aoee aeeaaeai? ca ?aooiie i?eaooe?a a?ae
?aae?caoe?? oiaa??a oa iineoa;

io?eiaiiy i?eaooeo, yeee caaacia/o? ?aioaaaeuei?noue ?iaanoeoe?e ia
ieae/a aaaeaiiai aeey i?aei?e?inoaa ??aith;

ieoii?noue ?iaanoeoe?e o iaaeao oa?i?io, i?eionoeiiai aeey
i?aei?e?inoaa.

I?iaeaii?noue cae?eniaiiy o?iainiai-aeiiii?/ii? ioe?iee ?iaanoeoe?e
iia’ycaia c aieeaii niaoeeo?/ieo oiia:

ii-ia?oa, ?iaanoeoe?ei? aeo?aoe iiaeooue cae?enithaaoenue aai ?aciai,
aai e?eueei?aciai i?ioyaii aeinoaoiuei o?eaaeiai /ano;

ii-ae?oaa, o?eaaeei ? i?ioean io?eiaiiy ?acoeueoao?a a?ae ?aae?caoe??
?iaanoeoe?eieo i?iaeo?a;

ii-o?ao?, cae?eniaiiy o?eaaeeo iia?aoe?e i?ecaiaeeoue aei c?inoaiiy
iaaecia/aiino? a ioe?ioe? on?o aniaeo?a ?iaanoeoe?e ? c?inoaiiy
e?eueeino? iiieeie.

Naia ae?y ??ciiiai?oieo oaeoi??a iaoiiaeea cae?eniaiiy niaoe?aeueieo
iaoiae?a ioe?iee ?iaanoeoe?eieo i?iaeo?a, ye? aeicaieythoue i?eeiyoe
aeinoaoiuei iaa?oioiaai? ??oaiiy c i?i?iaeueii iiaeeeaei ??aiai iiieeie.

?icaeyioo? o ?iaio? iai?yiee ioe?iee aeioe?eueiino? ?iaanoeoe?eieo
i?iaeo?a caaacia/othoue ?iaanoi??a iaiao?aeiith ?ioi?iaoe??th uiaei
i?eeiyooy ?iaanoeoe?iiai ??oaiiy.

O aeiaaeeo, eiee iiaa eaeaoueny i?i aaaaoiianooaaia aeeaaeaiiy ?iicaiieo
?iaanoeoe?e, ui noino?oueny no?aoaa?/ieo oa iaoe?iiaeueieo ?ioa?an?a,
iaiao?aeiith oyaey?oueny ioe?iea athaeaeaoii? oa ia?iaeiiainiiaea?/i?
aoaeoeaiino? ?iaanoeoe?eiiai i?iaeoo c o?aooaaiiyi ?iaanoeoe?eii?
neooaoe??, ui neeaeany.

?icae?e 2. “Aiae?c ?iaanoeoe?eiiai iaiaaeaeiaioo ? i?aeoeee ?aae?caoe??
?iaanoeoe?eieo iiaeeeainoae a Oe?a?i?”. O ?icae?e? i?iaaaeaii aiae?c
?iaanoeoe?eii? neooaoe?? a Oe?a?i?, cacia/aii i?iaeaie, ye? ?niothoue o
iai?yieo i?aeaeuaiiy aoaeoeaiino? aeei?enoaiiy iaiaaeaieo o?iainiaeo
?ano?n?a, i?iaiae?ciaaii ia?eaoeiaiaa na?aaeiaeua i?aei?e?inoa
iaoaeo?a?eiiai eiiieaeno, ia?niaeoeae eiai ?icaeoeo, ui ia?
aaciina?aaei?e aieea ia i?iaiice aeiiii?/ii?, cie?aia, ?iaanoeoe?eii?
ae?yeueiino? eiiieaeno.

Ii?yae c caaaeueiith e?ecith a aeiiii?oe? Oe?a?ie c?inoa? e?eca a
?iaanoeoe?ei?e noa?? (?en. 2.1).

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0000

?enoiie 2.1. Iieacieee ?iaanoeoe?eiiai i?ioeano, %

Ca aeaieie Aea?aeeii?oaoo noaoenoeee ca noaiii ia 01.01.97 ?ieo ianya
i?yieo ?iicaiieo ?iaanoeoe?e a Oe?a?io noaiiaeoue 1 275 iei. aeie. NOA.

Aei i?iieneiaino? aeeaaeaii iaeaea iieiaeio on?o ?iicaiieo ?iaanoeoe?e –
1020,3 iei. aeie. NOA, c yeeo 85,8 % (875,8 iei. aeie.) – aei /i?ii?
iaoaeo?a??, ae?iaieoeoaa aoae?aaeueieo iaoa??ae?a, iaoeiiaoaeoaaiiy ?
iaoaeiia?iaee, o oa?/iao ? o?i?/io i?iieneia?noue.

Iaiao?aei?noue ae??oaiiy i?iaeai ?iaanoeoe?eii? e?ece o iaoaeo?a?eiiio
eiiieaen? Oe?a?ie aaciina?aaeiuei iia’ycaia c oaei?noi/?iiyi aeiia
na?oiaiai ?eieo aei ae?iaiee?a iaoaeaai? i?iaeoeoe?? oa iiooeii
iaoe?iiaeueieie ae?iaieeaie aeanieo ieo ia oeueiio ?eieo.

Ca ?acoeueoaoaie aiae?co ?icae?eo c?iaeaii aeniiaie, ui 1996-1997 ?iee
aoee ia??iaeii caaaeueiiai ?inoo eiieo?aioe?? ia na?oiaiio ?eieo
ae?iaiee?a iaoaeo?a?eii? i?iaeoeoe??. Ianya ae?iaieoeoaa noae? o na?o?
aeinya naiai ?aei?aeiiai ??aith i?e caaaeueiiio ?ino? aenii?oo
e?a?i-ae?iaiee?a.

A oiiaao eiieo?aioe??, yea c?inoa?, oaei?noi/?iiy aeiia aei yeino?
iaoaeaai? i?iaeoeoe?? ? ia oii? iecueei? ?? eiieo?aioicae?aiino?,
iecueeiai ??aiy ?aioaaaeueiino?, yeino? i?iaeoeoe??, canoa??eiai
ae?iaie/iai iaeaaeiaiiy, a?o/eciyi? ae?iaieee /anoi ia iathoue
aeueoa?iaoeaieo aa??aio?a aeoiaeo c e?eciai? neooaoe??, e??i caeo/aiiy
?iicaiiiai ?iaanooaaiiy. Iniaeeai, ui noino?oueny iaenoa??oeo
iaoaeo?a?eieo eiia?iao?a, oaeeo, ye Aeiiaoeueeee iaoaeo?a?eiee caaiae,
ciin iniiaieo ae?iaie/eo oiiae?a yeiai noaiiaeoue 57%.

Aiae?c i?iaeai oa oeyo?a ?o ae??oaiiy, ye? iia’ycai? c iaiaaeaeiaioii
?iaanoeoe?eieo i?iaeo?a, ui ni?yiiaai? ia ?aeiino?oeoe?th i?aei?e?inoa
iaoaeo?a?eiiai eiiieaeno, aoa i?iaaaeaiee ia i?eeeaae? ?iaanoeoe?eieo
i?iaeo?a AAO “Aeiiaoeueeee iaoaeo?a?eiee caaiae” ? Ia??oiieuenueeiai
iaoaeo?a?eiiai eiia?iaoo. I?iaeo aeeaaeaiiy eioo?a o iaoa??aeuei? oa
iaiaoa??aeuei? aeoeae AAO “Aeiiaoeueeee iaoaeo?a?eiee caaiae” c iaoith
eiai ?aeiino?oeoe??, ? oi?eaeueiei, e??i oiai ?icaeyaea?oueny i?iaeo
?aeiino?oeoe?? ae?iaieoeoaa ia AAO “Ia??oiieuenueeee iaoaeo?a?eiee
eiia?iao ?i.?ee?/a”, ?aaeecaoe?y yeiai ieaio?oueny oeyoii caeo/aiiy
caei?aeiiiiai e?aaeeoo.

O ca’yceo c oei, ui ?aaeecaoe?y i?iaeo?a ca nai?ie ianooaaaie ianya?a
o?iainoaaiiy ni?e/eiy? aieea ia ?iaioo aaeoc? oa aea?aeaae a oe?eiio,
ia?oi/a?aiaa cia/aiiy ia? ioe?iea ia?iaeiiainiiaea?/i? aoaeoeaiino?
i?iaeo?a, yea a?aeia?aaea? aoaeoeai?noue i?iaeoo c oi/ee ci?o ?ioa?an?a
aeiiii?ee Oe?a?ie a oe?eiio, a oaeiae ia? cia/aiiy aeey ?aa?ii?a,
aaeocae, i?aai?caoe?e ? i?aei?e?inoa, ye? aa?ooue o/anoue o cae?eniaii?
i?iaeoo.

O?iainiai-aeiiii?/ia noaiiaeua ia eiia?iaoao ??cia. E?eoe/ia noaiiaeua
ciioaieo iniiaieo ae?iaie/eo oiiae?a, a?aenooi?noue ia?aiaeo eioo?a,
?aaeueieo a?ioiaeo ?ic?aooie?a ca iinoa/aiiy i?iaeoeoe?? ? iecueea
eiieo?aioicae?ai?noue ia ciai?oiueiio ?eieo Aeiiaoeueeiai iaoaeo?a?eiiai
caaiaeo i?ecaaea aei iaiao?aeiino? aiae?co iiaeeeainoae caeo/aiiy
e?oiiiianoaaieo i?yieo ?iicaiieo ?iaanoeoe?e.

A?eueo aenieee ??aaiue ieaoini?iiiaeiino? Ia??oiieuenueeiai
iaoaeo?a?eiiai eiia?iaoo ?i. ?ee?/a, ieae/ee ??aaiue ciino iniiaieo
ae?iaie/eo oiiae?a aeicaiey? cana?aaeeoe coneeey ia iiooeo
aeueoa?iaoeaieo oeyo?a i?aeaeuaiiy eiieo?aioicae?aiino? nai??
i?iaeoeoe??. Naia o i?iaeo? ?aeiino?oeoe?? iiaa eaeaoueny i?i caeo/aiiy
?iicaiiiai e?aaeeoo c iaoith caeoiee no/aniiai iaeaaeiaiiy.

Oaeei /eiii, aeenna?oaoe?eia aeine?aeaeaiiy ?icaeyaea? ??ci? aa??aioe
aeoiaeo c ?iaanoeoe?eii? e?ece ? oi?aae?iiy oeeie i?ioeanaie ia
i?aei?e?inoaao iaoaeo?a?eiiai eiiieaeno Aeiiaoeueei? iaeano?. I?iaeaie
ioe?iee aeiiii?/ii? aoaeoeaiino? ? ?ecee?a ?iaanoeoe?eieo i?iaeo?a ia
aiaeia?/ieo iaoaeo?a?eieo eiia?iaoao o no/anieo oiiaao o?ainoi?iaoe??
oe?a?inueei? aeiiii?ee iio?aaothoue ia?oi/a?aiaiai aeine?aeaeaiiy ?
ae??oaiiy.

Oeyo a?ae aeai?o iaea?eueo i?eaaaeeaeo ?iaanoeoe?eieo ?aeae aei
?iaanoeoe?eiiai ??oaiiy ? eiai i?aeoe/iiai cae?eniaiiy eaaeeoue /a?ac
aoaie aeeoo?aiai oeeeeo i?iaeoo.

Oaeei /eiii, i?iaiae?coaaaoe a?aeii? caei?aeiii? e a?o/eciyi? iaoiaeeee
iiaeaethaaiiy ?iaanoeoe?eiiai i?ioeanno, aoei iiaoaeiaaii eiioeaioe?th
i?ioeano i?eeiyooy ??oaiue uiaei ?iaanooaaiiy o aaeeeee i?iieneiaee
eiiieaen, ui ia? aaaaoiaoaiio no?oeoo?o.

Iniiaiei aeaiaioii oe??? eiioeaioe?? ? oa, ui iiooe ?iaanoeoe?eieo ?aeae
? aeeoo?aee oeeee ?niothoue o ?aieao na?aaeiaeua i?aei?e?inoaa i?e
aaciina?aaeiueiio aieea? iaoe oa no?aoaa?? i?aei?e?inoaa, a oaeiae
eiio?ieth ? cae?eniaiiy on?o aoai?a c aieo ia?niiaeo i?aei?e?inoaa.
?acoeueoaoe ?aae?ciaaiiai ?iaanoeoe?eiiai i?iaeoo iathoue oe?ieee niaeo?
aca?iiae?? c ciai?oi?i na?aaeiaeuai i?aei?e?inoaa. Ia caniiaao
i?iaaaeaiiai aiae?co ?ic?iaeaii noaio i?eeiyooy ??oaiue i?i
aeioe?euei?noue ?iaanooaaiiy (?en. 2.2).

O oiae? aiae?co iieaciee?a aoaeoeaiino? ?icaeyiooeo ?iaanoeoe?eieo
i?iaeo?a aoee ai?iaiaai? i?eioeeie iaoieia?? ioe?iee aoaeoeaiino? ia
i?aei?e?inoaao aaeeeiai i?iieneiaiai eiiieaeno oa ni?iaiiciaai? ianooaae
aieeao ?ecee?a ia aoaeoeai?noue ?iaanooaaiiy.

?icae?e 3. “Oaeineiiaeaiiy i?aeoeee ?iaanoeoe?eiiai iaiaaeaeiaioo ?
oi?aae?iiy ?iaanoeoe?eieie i?iaeoaie ia i?iieneiaeo i?aei?e?inoaao
aaeeeiai i?iieneiaiai eiiieaeno”. O ?icae?e? ?ic?iaeaii iniiai?
i?eioeeie i?aeaeuaiiy aoaeoeaiino? ?iaanoeoe?eii? ae?yeueiino? a oiiaao
o?ainoi?iaoe??; oaeineiiaeaiiy iaoai?cio ioe?iee aeiiii?/ii?
aoaeoeaiino? ?iaanoeoe?eii? ae?yeueiino?; cai?iiiiiaaii
aeiiii?ei-iaoaiaoe/io iiaeaeue aaaaoioaeoi?ii? ioe?iee aoaeoeaiino?
?iaanoeoe?eieo i?iaeo?a.

10

19

Aeoiaeii c e?eciai? ?iaanoeoe?eii? neooaoe?? iiaea noaoe iaa?oiooaaiiy
?aoe?iiaeueii? ?iaanoeoe?eii? iie?oeee, a ye?e aieiaia i?noea caeia?
nenoaia aea?aeaaiiai ?aaoethaaiiy, ?aoi?ioaaiiy no?oeoo?e aeaniino? ia
iniia? i?eaaoecaoe?? ? eiioeaioe?? oaoi?/iiai ia?aica?i?iiy i?iieneiaiai
ae?iaieoeoaa c caeo/aiiyi eioo?a ?iicaiieo ?iaanoi??a.

Iayai?noue cacia/aieo aeiiii?/ieo ia?aaeoiia i?aeaeuaiiy ?iaanoeoe?eii?
aeoeaiino? ia? aooe aeinoaoiueith iniiaith aeey aecia/aiiy iaoe ?
caaaeaiue caeo/aiiy ?iicaiieo ?iaanoeoe?e aei ??cieo noa? iaoe?iiaeueii?
aeiiii?ee ?, o ia?oo /a?ao, aei aaeeeiai i?iieneiaiai eiiieaeno.
Iniiaieie c ieo iathoue aooe:

no?oeoo?ia ?icaoaeiaa i?iieneiaiai eiiieaeno;

ni?eyiiy aeinyaiaiith no/aniiai oaoi?/iiai ??aiy ?icaeoeo ia iniia?
iiaeo oaoiieia?e;

?icaeoie ?ano?nicaa?aaeoth/eo, iaoeii?noeeo ? aeieia?/ii /enoeo
oaoiieia?e;

ca?eueoaiiy ianya?a aenii?oiiai iioaioe?aeo Oe?a?ie;

iiaeieaiiy caeaaeiino? aeiiii?ee e?a?ie a?ae ?iii?oo;

noai?aiiy ae?iaieoeoa c aeei?enoaiiyi i?noeaaeo i?e?iaeieo ?ano?n?a;

ni?eyiiy ?icaeoeo i?eaaoiiai naeoi?o.

Ia iniia? i?iaaaeaiiai aiae?co ?ic?iaeaii i?eioeeie oa iaoiaee ioe?iee
ia?iaeiiainiiaea?/i? aoaeoeaiinoe ?iaanoeoe?eieo i?iaeo?a aaeeeiai
i?iieneiaiai eiiieaeno (oaae. 3.1.).

Oaaeeoey 3.1. Iniaeeaino? ioe?iee ia?iaeiiainiiaea?/i? aoaeoeaiino?
?iaanoeoe?eieo i?iaeo?a aaeeeiai ainiiaea?/iai eiiieaeno

Iniaeeaino?Iaoiaee o?aooaaiiy12Iaiao?aei?noue i?iaiicoaaiiy iiaeeeaeo
?acoeueoao?a i?e aeueoa?iaoeaiiio i?eeiyoo? ??oaiue i?i
?iaanooaaiiyAiae?c “c i?iaeoii”oa “aac i?iaeoo” c o?aooaaiiyi aeeiai?ee
?icaeoeo iiaeeeaeo ?acoeueoao?aIayai?noue ?ica?aeiino? i?ae oe?iaie
?eieiaeo oaiae oa ae-?iaie/eo ?ano?n?a ye iciaea aeiiii?/ieo
aee?eaeaiueAeiiii?/iee aiae?c c aeei?enoaiiyi oe?i a?aee?eoiai
?eieoIayai?noue ??ciiiai?oiino? i?ae o?iainiaei oa aeiiii?/iei aiae?cii
aoaeoeaiino? ?iaanoeoe?eii? ae?yeueiino?

Aiae?c i?ioe??//y o o?aeooaaii? iiaeaoe?a, noaneae?e oa o?ainoa?oieo
ieaoaae?a ye noaoae i?eaooe?a oa aeo?ao12Iaiiaeeea?noue iiaii?
e?euee?nii? ioe?iee aeiiii?/ieo i?eaooe?a a?ae i?iaeoo?ic?aooiie
io?eiaiiai iaaeeeoeo niiaeeaaiiy;

Aiae?c eiia??iino? io?eiaiiy i?i?iaeueiiai i?eaooeo;

Ii??aiyeueiee aiae?c ia iniia? ?ai?o anoaiiaeaieo o?ce/ieo oa aa?o?nieo
ii?iaoea?a;

?ic?aooiie oa aeei?enoaiiy iieacieea iaeiaioeo aeeneiioiaaieo aeo?ao ye
e?eoa??th i?eeiyooy ??oaiiy i?i aeioe?euei?noue ?iaanooaaiiyIiaeeea?noue
o ?acoeueoao? i?iaeoo cieaeaiiy oe?i ia oi-aa?, i?aeaeuaiiy ianya?a
nii-aeeaaiiy oa nooiaiy caaeiai-eaiiy oiaa?ii, iie?ioaiiy caaacia/aiiy
oiaa?aieO?aooaaiiy iieacieea iaaeeeoeo niiaeeaaiiy ye ??cieoey i?ae
oe?iith, yeo niiaeeaa/ aioiaee nieaoeoe ca oiaa? oa oaeoe/iith noiith
eioo?a, yeo aeo?a/a? niiaeeaa/Iiaeeea?noue aeieeiaiiy i?aeia?iaeieo
aoaeo?a a?ae i?iaeooAeiiii?/iee aiae?c i?aeia?iaeieo i?iaeo?a iiaeiai
a?aoiaoaaoe aeeoo?caeaoi?noue i?iaeoo c aie?a on?o e?a?i-o/anieoeue
i?iaeooIiaeeea?noue aeieeiaiiy i?e ?aae?caoe?? i?iaeoo aaaaoiianooaaieo
ciai?oieo aoaeo?a (aenoa?iae?e)O?aooaaiiy iiaeeeaino? io?eiaiiy
aeiaeaoeiaeo ciaiue;

Ioe?iea cieaeaiiy ?eceeo a?ae aeei?enoaiiy iiaeo oaoiieia?e o
?aae?caoe?? iiaeaeueoeo i?iaeo?a;

Iaoiaee ni?eyiiy iaoe?iiaeuei?e ?ioaa?aoe?? o na?oiaa ainiiaea?noai
oeyoii io?eiaii? ?icaeiooi? ?io?ano?oeoo?e a?cianoIayai?noue o aeayeeo
i?iaeoao iaiao?aeiino? aea?aeaaiiai ao?o/aiiyAeyaeaiiy noa?
ae?iaieoeoaa, ye? iia’ycai? c ciai?oi?ie aoaeoaie, ia iiaeeeaeie uiaei
?eieiai? ieoiiino?;

Oi?ioeueiaaiiy aiaaeaiiy c aieo aea?aeaae oe?aeeeaeo ciai?oi?o aoaeo?a;

Iaiao?aei?noue iaoiae?a oi?ioaaiiy ?ioi?iaoe?eiiai caaacia/aiiy ?eieo c
iaoith oaeineiiaeaiiy iaoai?ci?a ?eieiai? eiieo?aioe??;

O?aooaaiiy iaiao?aeiino? iaiaaeaiiy iiiiiieueii? aeaaee;

O?aooaaiiy iaiao?aeiino? caaacia/aiiy nioe?aeueii?
ni?aaaaeeeaino?.Iaiao?aei?noue iaoiae?a ioe?iee i?eaooe?a oa aeo?ao o
??cieo naeoi?ao aeiiii?ee iiaeooue a?ae??ciyoenyOi?ioaaiiy oiiae uiaei
cia/aiiy iicaaeiiii?/ieo i?eaooe?a oa i?eaooe?a, iaiiaeeeaeo aeey
o?aooaaiiy

Ii ?acoeueoaoao aiae?co oaeoi??a, ye? aieeaathoue ia
ia?iaeiiainiiaea?nueeee aoaeo aoei ?ic?iaeaii aeiiii?ei-iaoaiaoe/io
iiaeaeue.

picscalex100010009000003eb0200000200170000000000050000000902000000000400
000002010100050000000102ffffff00040000002e011800050000003102010000000500
00000b0200000000050000000c02600cc0191200000026060f001a00ffffffff00001000
0000c0ffffffa5ffffff80190000050c00000b00000026060f000c004d61746854797065
0000e00210000000fb02d2fdf000000000009001000000020002001053796d626f6c0002
040000002d01000008000000320abc01470501000000280010000000fb02d2fdf0000000
00009001000000020002001053796d626f6c0002040000002d01010004000000f0010000
08000000320abc01791401000000290010000000fb0260fe000000000000900100000002
0002001053796d626f6c0002040000002d01000004000000f001010008000000320a7c0b
3a0001000000ef0008000000320a050a3a0001000000ef0008000000320a76083a000100
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00cc040000002d01000004000000f0010100030000000000000000000000

aea Aa – ia?iaeiiainiiaea?/ee aoaeo a?ae ?aae?caoe?? ?iaanoeoe?eiiai
i?iaeoo; C – ooieoe?y aeo?ao; Cg – on? aeo?aoe i?iaeoo; Ci – aeo?aoe
i?aei?e?inoa niiaeeaa/?a aeayei? i?iaeoeoe?? ia i?eaeaaiiy ?? o
ae?iaieea – o/anieea i?iaeoo; Cd – aii?oecaoe?ei? a?ae?aooiee ca
iniiaieie caniaaie, ye? ia?aaeai? ia?oia?aie ca i?iaeoii; Ctr – ieoi?
aeo?aoe; Cbr – i?ioeaioe ca e?aaeeoaie Iaoe?iiaeueiiai aaieo,
eiia?oe?eieo aaie?a – o/aniee?a i?iaeoo; Cfp – aeo?aoe ?iicaiieo
o/aniee?a; Eo – aenoa?iae?? /e ciai?oi? aoaeoe; Rs – ae?o/ea a?ae
?aae?caoe?? ia aioo??oiueiio oa ciai?oiueiio ?eieao, e??i /anoeie yeo
niiaeeaa? iaoe?iiaeueia i?aei?e?inoai-o/aniee, nthaee ae a?aeiineoueny
ae?o/ea a?ae i?iaeaaee iaeia, eioaeaeooaeueii? aeaniino?, ui noai?aia
o/anieeii i?iaeoo; Fr– ?io? o?iainia? ?acoeueoaoe; Ik – e?aaeeoe, caeie
oa ?iaanoeoe?? ?iicaiieo aea?aeaa, aaie?a oa o??i, ye? iathoue iiceoeaia
cia/aiiy uiaei aeiiii?iiai aoaeoo a?ae ?iaanoeoe?eieo i?iaeo?a a oiiaao
a?aenooiino? aeanieo eioo?a; Ii – iaaeoiaeaeaiiy a?ae ?iii?oiiai ieoa;
Sc- iaaeeeoae niiaeeaaiiy; R – ?aoe?iiaeueia iiiaeeia /enae.

Iaeiei c eeth/iaeo aeaiaio?a i?e i?iaiic? ?acoeueoao?a ?iaanoeoe?eieo
i?iaeo?a ? aiae?c ?ecee?a. O ?iaio? nenoaiaoeciaaii oaeoi?e ?eceeo ?
iaoiaee ioe?iee ?o aieeao ia aoaeoeai?noue ?iaanoeoe?eii? ae?yeueiino? o
aaeeeiio i?iieneiaiio eiiieaen?.

Nenoaia oaeoi??a, ye? aieeaathoue ia ??aaiue ?eceeo iiaeaia o oaaeeoe?
3.2.

Oaaeeoey 3.2. Nenoaiaoecaoe?y oaeoi??a ?eceeo

Ciai?oi?Aioo??oi?I?yii? ae??Iai?yii?
ae??Ia’?eoeai?Noa’?eoeai?1234Ianoaa?euei?noue, noia?a/i?noue
caeiiiaeaanoaaIanoaa?euei?noue iie?oe/ieo oiiaIaia?aaeaa/ai? ci?ie o
i?ioean? ae?iaieoeoaaIai?aeaioiaeai?noue eaae??a oi?aae?iiy aei ?eieiaeo
oiiaIaia?aaeaa/ai? ae?? aea?aeaaieo i?aai?aIanoaa?euei?noue
nioe?aeueieo oiia?ic?iaea, ai?iaaaeaeaiiy iiaeo oaoiieia?e, cania?a
i?aai?caoe?? i?aoe? ? o.?.Caaaeueia iaeiiiaoaioi?noue eaae??a
oi?aae?iiy1234Ianoaa?euei?noue caaaeueiiaeiiii?/ii? (o?iainiai?,
iiaeaoeiai?, ciai?oiueiaeiiii?/ii? iie?oeee)Iaia?aaeaa/ai? ci?ie
aeiiii?/ieo oiia ainiiaea?thaaiiy a ?aa?ii?Noeo?eiee aieea eieaeueiiai
oa?aeoa?o

Ianoie?ii? ia?oia?nuee? ae?? ea??aieoeoaa o??ieIaia?aaeaa/ai? ci?ie
eii’thieoo?e ciai?oiueiai ? aioo??oiueiai ?eieoIaia?aaeaa/ai? ci?ie o
aaeoc? i?aei?e?iieoeueei? ae?yeueiino?Iaia?aaeaa/ai? ci?ie o
aioo??oiueiainiiaea?nueeeo a?aeiineiao Iai?aeaioiaeai?noue ia?niiaeo aei
i?eeiyooy ?eceeiaeo ??oaiueIaia?aaeaa/ai? ae?? eiieo?aio?aIaia?aaeaa/ai?
ci?ie o i?aeia?iaeieo a?aeiineiaoIaaeineiiaea ?ioi?iaoe?eia
caaacia/aiiyIiieeee i?e i?eeiyoo? ??oaiueIaoeiai-oaoi?/i? ?aaiethoe?ei?
ci?ie o caniaao ae?iaieoeoaaCaaaeueiee ?aaiethoe?eiee ?icaeoie
IOIA?aenooi?noue neoaeae ia?eaoeiaoIiieeee i?e ?aae?caoe?? ?eceeiaeo
??oaiueNoeo?ei? yaeua, ci?ie i?e?iaeii-ee?iaoe/ieo oiiaA?aenooi?noue
iaoai?cio iioeaaoe??Aioo??oi? o?iainia? i?iaeaie o??ieIaia?aaeaa/ai?
ci?ie o ia?oia?nueeeo noinoieaoIa iniia? i?iaaaeaiiai aiae?co aoei
eiie?aoeciaaii iaoiaee/iee i?aeo?ae aei ioe?iee aieeao aiae?co ?ecee?a
ia aoaeoeai?noue ?iaanoeoe?e (?en.3.4).

picscalex930100090000031e0f00000c002900000000001400000026060f001e00fffff
fff040014000000576f72640e004d6963726f736f667420576f7264050000000b0200000
000050000000c02f403130813000000fb0200000000000000000000000000cc000000014
36f7572696572204e657700cc00040000002d010000040000000201010015000000fb02c
6ff0000000000009001000000000440001254696d6573204e657720526f6d616e0000000
40000002d01010005000000090200000000040000000201010007000000fc020000fffff
f000000040000002d01020009000000fa02000003000000000000022200040000002d010
300070000001b042d01ad031e00e300040000002d01020009000000fa020000000000000
00000002200040000002d01040004000000f0010300030000001e000700000016041c018
d032f000301040000000201010015000000fb02e7ff00000000000090010000000004400
01254696d6573204e657720526f6d616e000000040000002d01030004000000020101000
40000000201010015000000fb02ceff000000000000bc02000000000440001254696d657
3204e657720526f6d616e000000040000002d0105000500000014024c00310115000000f
b02ceff000000000000bc02000000cc0440001254696d6573204e657720526f6d616e00c
c00040000002d010600040000002e0101001c000000320a4c0031010b000400000000001
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400000002010100040000000201010015000000fb02ceff0000000000009001000000000
440001254696d6573204e657720526f6d616e000000040000002d010600050000001402a
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500040000002e010000040000002d01050004000000f0010700050000001402570100000
4000000020101000400000002010100040000002d0103000400000002010100040000000
2010100040000002d0106000500000014029900ec0415000000fb02ceff0000000000009
001000000cc0440001254696d6573204e657720526f6d616e00cc00040000002d0107000
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40000002e010000040000002d01060004000000f00107000500000014025701000005000
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3204e657720526f6d616e00cc00040000002d010700040000002e01010013000000320a9
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0009001000000cc0440001254696d6573204e657720526f6d616e00cc00040000002d010
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40020000c00040000002e010000040000002d01060004000000f00107000500000014025
7010000050000001402d3003b0515000000fb02ceff0000000000009001000000cc04400
01254696d6573204e657720526f6d616e00cc00040000002d010700040000002e0101001
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40000002e010000040000002d01060004000000f00107000500000014025701000004000
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0022200040000002d010700070000001b049b03ba03e602e700040000002d01020004000
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00000000000bc02000000cc0440001254696d6573204e657720526f6d616e00cc0004000
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fffffff0000a20300005b00000081040000cc00000009000000fa02050000000000fffff
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1000a000000240303001c04bf00730494001c046800040000002d010400040000002d010
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000240303003707be008d07910036076700040000002d010400040000002d01020008000
00026060f000600ffffffff01001000000026060f001600ffffffff0000a7030000e4010
0007604000056020000040000002d010800040000002d01090004000000060102000c000
00024030400b4031002b4032902130429021304100204000000060101000a00000024030
3001104480268041c021104f101040000002d010400040000002d0102000800000026060
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00056020000040000002d010800040000002d01090004000000060102000c00000024030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0002d01060004000000f0010b00050000001402570100000500000014022c02f90515000
000fb02ceff0000000000009001000000cc0440001254696d6573204e657720526f6d616
e00cc00040000002d010b00040000002e01010014000000320a2c02f9050600040000000
0001308f403e4edeef1e8ed19001b001a0016001b001b00040000002e010000040000002
d01060004000000f0010b000500000014025701000004000000020101000400000002010
1000500000014026602990415000000fb02ceff0000000000009001000000cc044000125
4696d6573204e657720526f6d616e00cc00040000002d010b00040000002e01010010000
000320a6602990403000400000000001308f403e7ecb300140020000c00040000002e010
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90415000000fb02ceff0000000000009001000000cc0440001254696d6573204e6577205
26f6d616e00cc00040000002d010b00040000002e0101001a000000320a6602d9040a000
400000000001308f403edede8f52c20ffeab3201b001b001c0018000d000d00170019000
c000d00040000002e010000040000002d01060004000000f0010b0005000000140257010
0000500000014026602a60515000000fb02ceff0000000000009001000000cc044000125
4696d6573204e657720526f6d616e00cc00040000002d010b00040000002e01010019000
000320a6602a60509000400000000001308f403eaeef0e5ebfefef2fc0018001a0019001
60019002500250016001700040000002e010000040000002d01060004000000f0010b000
50000001402570100000400000002010100040000002701ffff040000002d01020009000
000fa02000003000000000000022200040000002d010b00070000001b04b802b5038b01e
400040000002d010200040000002d01040004000000f0010b00030000001e00070000001
604a60295039b0104010400000002010100040000002d010a00050000000902000000000
4000000020101000400000002010100040000002d010500050000001402aa01070115000
000fb02ceff000000000000bc02000000cc0440001254696d6573204e657720526f6d616
e00cc00040000002d010b00040000002e01010029000000320aaa0107011400040000000
0001308f403d0cec7cfcec4b2cb20c9cccec2b2d0cdced1d2b21e0027001a00270027002
200140025000d00270030002600220013001e0027002700240021001300040000002e010
000040000002d01050004000000f0010b0005000000140257010000040000002d010a000
4000000020101000400000002010100040000002d010600050000001402e401570115000
000fb02ceff0000000000009001000000cc0440001254696d6573204e657720526f6d616
e00cc00040000002d010b00040000002e0101001c000000320ae40157010b00040000000
0001308f403c2e8e7ede0f7e5ededff200021001b0014001b001600190016001b001b001
7000d00040000002e010000040000002d01060004000000f0010b0005000000140257010
000050000001402e401610215000000fb02ceff0000000000009001000000cc044000125
4696d6573204e657720526f6d616e00cc00040000002d010b00040000002e01010019000
000320ae401610209000400000000001308f403e3f0e0ede8f7ede8f5001500190016001
a001b0019001b001b001800040000002e010000040000002d01060004000000f0010b000
5000000140257010000040000000201010004000000020101000500000014021d0225011
5000000fb02ceff0000000000009001000000cc0440001254696d6573204e657720526f6
d616e00cc00040000002d010b00040000002e01010019000000320a1d022501090004000
00000001308f403eceee6ebe8e2e8f5200020001900230019001a0018001b0018000d000
40000002e010000040000002d01060004000000f0010b000500000014025701000005000
00014021d020c0215000000fb02ceff0000000000009001000000cc0440001254696d657
3204e657720526f6d616e00cc00040000002d010b00040000002e01010017000000320a1
d020c0208000400000000001308f403e7ede0f7e5edfc2014001b001600190016001b001
7000d00040000002e010000040000002d01060004000000f0010b0005000000140257010
0000500000014021d02bf0215000000fb02ceff0000000000009001000000cc044000125
4696d6573204e657720526f6d616e00cc00040000002d010b00040000002e01010010000
000320a1d02bf0203000400000000001308f403e7ecb300130020000c00040000002e010
000040000002d01060004000000f0010b00050000001402570100000500000014021d02f
e0215000000fb02ceff0000000000009001000000cc0440001254696d6573204e6577205
26f6d616e00cc00040000002d010b00040000002e01010013000000320a1d02fe0205000
400000000001308f403edede8f52c001b001b001b0018000d00040000002e01000004000
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20101000500000014025702140115000000fb02ceff0000000000009001000000cc04400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?en. 3.4. Oeiiaa noaia i?ioeano aiae?co ?ecee?a

INIIAI? AENIIAEE AeENA?OAOe?EII? ?IAIOE

Ia iaoiaeieia?/iiio, oai?aoe/iiio oa ?ino?oiaioaeueiiio ??aiyo o
aeena?oaoe?? i?iaaaeaii ?ic?iaeo iaoai?cio ioe?iee aoaeoeaiino? ye
neeaaeiai? /anoeie iaiaaeaeiaioo ?iaanoeoe?eieo i?iaeo?a aaeeeiai
i?iieneiaiai eiiieaeno. A?aeiia?aeii c iaoith ? caaea/aie aeine?aeaeaiiy
aoee io?eiai? oae? ?acoeueoaoe. Cai?iiiiiaaii i?aeo?ae aei aecia/aiiy
nenoaie i??i?eoaoieo iai?yie?a ?icaeoeo ?iaanoeoe?eiiai i?ioeano a
oiiaao o?ainoi?iaoe?? aeiiii?ee ye iae?iaeiiii?/iiai na?aaeiaeua
?iaanoeoe?eiiai iaiaaeaeiaioo i?aei?e?inoa ia iniia? iioeiaeueiiai
ii?aeiaiiy caeo/aieo aeaea?ae o?iainoaaiiy, yea aeicaieeoue i?aeaeueoe
??aaiue aoaeoeaiino? ?o aeei?enoaiiy.

?ic?iaeaii nenoaio i?eioeei?a ioe?iee aoaeoeaiino? ?iaanoeoe?eieo
i?iaeo?a aaeeeiai i?iieneiaiai eiiieaeno, ui caniiaaii ia aeeneiiooaaii?
a?ioiaeo iioie?a ? aaeaioaoe?? i?eeiyoeo o i?aeia?iaei?e i?aeoeoe?
iieiaeaiue, ye? caaacia/othoue a?aeiia?aei?noue na?oiaeo noaiaea?o?a
?iaanoeoe?eiiai iaiaaeaeiaioo oiiaai aeiiii?ee, yea o?ainoi?io?oueny.

?ic?iaeaii eiiieaenio eiioeaioe?th oa iaoiaeeeo i?eeiyooy ??oaiiue i?i
aeioe?euei?noue ?iaanooaaiiy, ui ?ic?iaeai? ia iniia? oaoi?/iiai,
o?iainiaiai, ?inoeoooe?iiaeueiiai aiae?co, aiae?co ?ecee?a, ioe?iee
athaeaeaoii? aoaeoeaiino?, oa aeicaieythoue iaa?oiooaaoe ??oaiiy i?i
caeo/aiiy ciai?oiueiai o?iainoaaiiy aei aaeeeeo i?iieneiaeo eiiieaen?a,
ioe?ieoe ia?iaeiiainiiaea?/o aoaeoeai?noue ?iaanoeoe?e.

Oaeineiiaeaii nenoaiaoecaoe?th oaeoi??a ?eceeo ? eiie?aoeciaaii
iaoiaee/iee i?aeo?ae aei ioe?iee ?o aieeao ia aoaeoeai?noue
?iaanoeoe?eii? ae?yeueiino? o aaeeeiio i?iieneiaiio eiiieaen?.

?ic?iaeaii aeiiii?ei-iaoaiaoe/io iiaeaeue aaaaoioaeoi?ii? ioe?iee
aoaeoeaiinoe ?iaanoeoe?eieo i?iaeo?a uiaei i?aei?e?inoa aaeeeiai
i?iieneiaiai eiiieaeno.

Io?eiai? ?acoeueoaoe iiaeooue aooe aeei?enoai? o ?iaanoeoe?eieo i?iaeoao
?c caeo/aiiyi ?iicaiiiai o?iainoaaiiy ia i?aei?e?inoaao aaeeeiai
i?iieneiaiai eiiieaeno.

NIENIE IIOAE?EIAAIEO AAOI?II ?IA?O CA OAIITH AeENA?OAOe??

1. Iaeiaii TH.A., Aoaea?eia I.A., I?aoiaa O.A. “Acey ai
aiaoiayeiiiie/aneeo naycyo Aeiiaoeeie iaeanoe: nioeeaeueii-yeiiiie/aneee
aniaeo” – Aeiiaoee: Aeiiaoeeia iaeoi?aaeaiea noaoenoeee, 1996. – 38 n.
(iniaenoi iiooeoaa/o iaeaaeeoue aiae?c aeiiii?/ieo a?aeiinei Oe?a?ie c
Eeoa?i, Oaeaaiai, I?aaeaiiith Ei?a?th oa ia?niaeoeae ?o ?icaeoeo).

2. Aeaniaa O.A., I?aoiaa O.A. ?acaeoea oaieueiie i?iiuoeaiiinoe
Aeiiaanna e auoiae ia ie?iaie ?uiie. – Aeiiaoee: Aeiiaoeeee
ainoieaa?neoao, 1997. – 38 n. (iniaenoi iiooeoaa/o iaeaaeeoue ?ic?iaea
iai?yie?a ?aeiino?oeoe?? aaeoc? oa aeoiaeo ?? ia na?oiaee ?iaanoeoe?eiee
?eiie)

3. Iaeiaii TH.A., Aeaniaa O.A., I?aoiaa O.A. I iooyo i?aiaeieaiey
e?ecena a oaieueiie i?iiuoeaiiinoe // Oaieue Oe?a?ie. – ? 12. – 1997. –
N.15-18 (iniaenoi iiooeoaa/o iaeaaeeoue ?ic?iaea oeyo?a ?aoi?ioaaiiy
?iaanoeoe?eii? noa?e aaeoc?).

4. Aeaniaa O.A., I?aoiaa O.A. Oiieeaii-yia?aaoe/aneay oeaiue:
iaiaoiaeeii aeeaeaiea eioa?ania // Iu e caeii. – ? 10-13 (21-24). – 1997
(iniaenoi aaoi?ia? iaeaaeeoue aiae?c oeyo?a aea?aeaaii? i?aeo?eiee
aaeoc?).

5. Orekhova T. The Brief Review of the Problem of Ukraine`s Adaptation
in the World-Economic System // Iaoa?eaeu aeieeaaeia o/anoieeia
Iaaeaeoia?iaeiie Eaoiae Oeieu aeey nooaeaioia niaoeeaeueiinoe
“Iaaeaeoia?iaeiay yeiiiieea”. – Aeiiaoee: AeiiAO, 1997. – N.26-29.

6. Iaeiaii TH.A., Ao?aiaiei E.A., I?aoiaa O.A. “Aiaoiayeiiiie/aneea
nayce Oe?aeiu ni no?aiaie Aaeoee” – Aeiiaoeuee: Aeiiaoeueea
iaeoi?aae?iiy noaoenoeee, 1997. – 34 n. (iniaenoi iiooeoaa/o iaeaaeeoue
aiae?c aeiiii?ee Eeoae).

7. I?aoiaa O.A. Iniiaiua aniaeou ioeaiee oeaeaniia?aciinoe
eiaanoeoeeiiiuo i?ia?aii // Nioe?aeueii-aeiiii?/i? aniaeoe ?aa?iiaeueii?
i?iieneiai? iie?oeee (Ca??iee iaoeiaeo i?aoeue) – Aeiiaoeuee, ?AI IAI
Oe?a?ie. – 1997. – 2 n.

8. I?aoiaa O.A. Iniaaiiinoe eniieueciaaiey a ioa/anoaaiiie i?aeoeea
ca?oaaaeiuo iaoiaeee ?ac?aaioee e iaiaaeaeiaioa eiaanoeoeeiiiuo i?iaeoia
// Ca??iee iaoeiaeo i?aoeue “?iaanoeoe?eia i?iaeooaaiiy noaeiai
?aa?iiaeueiiai ?icaeoeo”. – Aeiiaoeuee: ?AI IAI Oe?a?ie, 1998. –
N.166-170.

9. I?aoiaa O.A. Aiaeec e?eoa?eaa ?ac?aaioee no?aoaaee eiaanoe?iaaiey
i?aaei?eyoey n i?eaea/aieai eiino?aiiiai eaieoaea // Ca??iee iaoeiaeo
i?aoeue “I?iaeaie ?icaeoeo ciai?oiueiaeiiii?/ieo ca’yce?a ? caeo/aiiy
?iicaiieo ?iaanoeoe?e: ?aa?iiaeueiee aniaeo”. – Aeiiaoeuee: Aeiiaoeueeee
aea?aeoi?aa?neoao, 1998. – N.169-172.

10. I??oiaa O.A. Caeo/aiiy ?iicaiieo ?iaanoeoe?e a oa?/iao
i?iieneia?noue ye iiaeeeaee oeyo iiaeieaiiy ?? ?iaanoeoe?eii? e?ece //
A?niee Aeiiaoeueeiai oi?aa?neoaoo. Na??y A. Aeiiii?ea ? i?aai ? 2 /
1998. – Aeiiaoeuee: Aeiiaoeueeee aea?aeoi?aa?neoao, 1998. – N. 142 –
147.

11. I?aoiaa O.A. Acaeiiaeaenoaea e acaeiiaeeyiea i?yiuo eiino?aiiuo
eiaanoeoeee e yeiiiie/aneiai ?inoa // Ca??iee iaoeiaeo i?aoeue “I?iaeaie
?icaeoeo ciai?oiueiaeiiii?/ieo ca’yce?a ? caeo/aiiy ?iicaiieo
?iaanoeoe?e: ?aa?iiaeueiee aniaeo”. – Aeiiaoeuee: Aeiiaoeueeee
aea?aeoi?aa?neoao, 1999. – N. 514 – 519.

12. Y.Makogon, T.Orekhova. The Development of Foreign Economic Ties of
Ukraine on Modern Time // Ca??iee aeieeaae?a I?aeia?iaeii? iaoeiai?
eiioa?aioe?? “Eioa?iaoeeiiaeecaoeey e aeiaaeecaoeey ia aeciana”
(?acaeaathue iaca?e) – a.Naeuia (Aieaa?ey): Noiiainea aeaaeaiey
“Ae.A.Oeaiia”, 1998. – N.224-231 (iniaenoi aaoi?ia? iaeaaeeoue aiae?c
?iaanoeoe?eiiai eeeiaoo a Oe?a?i?).

13. Ciai?oiueiaeiiii?/ia ae?yeuei?noue. Ca??iee iaoeiaeo ?ia?o. –
Aeiiaoeuee: Aeiiaoeueeee aea?aeoi?aa?neoao, 1998. – N.146-156, n.251-285
(iniaenoi aaoi?ia? iaeaaeeoue ?ic?iaea iniiaieo iai?yie?a aeeaaeaiiy
?iaanoeoe?e, o oiio /ene? ?iicaiieo. aiae?c noaio ?iaanoeoe?eiiai
ee?iaoo a Oe?a?i?, aeiiii?/iee iaeyae oiia ?icaeoeo a?eueieo aeiiii?/ieo
cii a Oe?a?i? oa ni?eueiiai i?aei?e?iieoeoaa)

AIIOAOe?ss

I??oiaa O.A. Iaiaaeaeiaio ?iaanoeoe?eieo i?iaeo?a aaeeeiai i?iieneiaiai
eiiieaeno. – ?oeiien.

Aeena?oaoe?y ia caeiaoooy iaoeiaiai nooiaiy eaiaeeaeaoa aeiiii?/ieo iaoe
ca niaoe?aeuei?noth 08.06.02 – Iaiaaeaeiaio, i?aei?e?iieoeoai ?
ia?eaoeia.

Aeiiaoeueeee aea?aeaaiee oi?aa?neoao I?i?noa?noaa ina?oe Oe?a?ie,
Aeiiaoeuee, 1999.

A aeena?oaoe?? cai?iiiiiaaii i?aeoiae aei aecia/aiiy nenoaie
i??i?eoaoieo iai?yie?a ?icaeoeo ?iaanoeoe?eiiai i?ioeano a oiiaao
o?ainoi?iaoe?? aeiiii?ee ye iae?iaeiiii?/iiai na?aaeiaeua
?iaanoeoe?eiiai iaiaaeaeiaioo i?aei?e?inoa ia iniia? iioeiaeueiiai
ii?aeiaiiy caeo/aieo aeaea?ae o?iainoaaiiy, yea aeicaieeoue i?aeaeueoe
??aaiue aoaeoeaiino? ?o aeei?enoaiiy. Aeey i?aeaeuaiiy aoaeoeaiino?
aeei?enoaiiy caeo/aieo eioo?a ia i?aei?e?inoaao aaeeeiai i?iieneiaiai
eiiieaeno cai?iiiiiaaii ?ic?iaeaii nenoaio i?eioeei?a ioe?iee
aoaeoeaiino? ?iaanoeoe?eieo i?iaeo?a aaeeeiai i?iieneiaiai eiiieaeno, ui
caniiaaii ia aeeneiiooaaii? a?ioiaeo iioie?a ? aaeaioaoe?? i?eeiyoeo o
i?aeia?iaei?e i?aeoeoe? iieiaeaiue, ye? caaacia/othoue a?aeiia?aei?noue
na?oiaeo noaiaea?o?a ?iaanoeoe?eiiai iaiaaeaeiaioo a oiiaai aeiiii?ee,
yea o?ainoi?io?oueny.

?ic?iaeaii eiiieaenio iiaeaeue oa iaoiaeeeo i?eeiyooy ??oaiiue i?i
aeioe?euei?noue ?iaanooaaiiy, ui ?ic?iaeai? ia iniia? oaoi?/iiai,
o?iainiaiai, ?inoeoooe?iiaeueiiai aiae?co, aiae?co ?ecee?a, ioe?iee
athaeaeaoii? aoaeoeaiino?, oa aeicaieythoue iaa?oiooaaoe ??oaiiy i?i
caeo/aiiy ciai?oiueiai o?iainoaaiiy aei aaeeeeo i?iieneiaeo eiiieaen?a,
ioe?ieoe ia?iaeiiainiiaea?/o aoaeoeai?noue ?iaanoeoe?e.

Oaeineiiaeaii nenoaiaoecaoe?th oaeoi??a ?eceeo ? eiie?aoeciaaii
iaoiaee/iee i?aeo?ae aei ioe?iee ?o aieeao ia aoaeoeai?noue
?iaanoeoe?eii? ae?yeueiino? o aaeeeiio i?iieneiaiio eiiieaen?.

Eeth/ia? neiaa: ioe?iea aoaeoeaiino?, ?iaanoeoe?ei? i?iaeoe, ??oaiiy i?i
aeioe?euei?noue ?iaanooaaiiy, aaeeeee i?iieneiaee eiiieaen.

ANNOTATION

Orekhova T.V. Management of Investment Projects on the Large Industrial
Complex. – Manuscript.

Thesis on Economic Science Candidate Degree competition by speciality
08.06.02 – Management, enterpreneurship and marketing.

Ministry of Education of Ukraine, Donetsk State University, Donetsk,
1999.

The system of prior directions of investment process development under
the condition of transitional economy was suggested in the thesis. It
was based on the optimal combination of attracted financial sources,
which give the possibility to rise the level of effectiveness of their
usage.

The principles of investment project effectiveness’ appraisal were
elaborated with the aim of increasing of attracted financial resources’
effective usage on the enterprises of a large industrial complex. The
monetary flows discounting and the European Bank of Reconstruction and
Development and UNIDO’s principles’ adaptation. All these support the
investment management conformity under the conditions of transitional
economy. The methodical points for the scheme of making decision on the
investment expedientness on the base of technical, financial,
institutional analysis and risks’ analysis, budget effectiveness’
appraisal were elaborated and suggested to the usage in a large
industrial complex. All above mentioned make possible the grounding of
decision about external finance attraction to the strategic branches.

The risks’ factors and appraisal methods of their influence on the
investment activity effectiveness in a large industrial complex were
systematised.

Key words: effectiveness appraisal, investment project, decisions about
investment expendientness, large industrial complex.

AIIIOAOeEss

I?aoiaa O.A. Iaiaaeaeiaio eiaanoeoeeiiuo i?iaeoia e?oiiiai i?iiuoeaiiiai
eiiieaena. – ?oeiienue.

Aeenna?oaoeey ia nieneaiea iao/iie noaiaie eaiaeeaeaoa yeiiiie/aneeo
iaoe ii niaoeeaeueiinoe 08.06.02. – Iaiaaeaeiaio, i?aaei?eieiaoaeuenoai
e ia?eaoeia.

Aeiiaoeeee ainoaea?noaaiiue oieaa?neoao Ieienoa?noaa ia?aciaaiey
Oe?aeiu, Aeiiaoee, 1999.

A aeenna?oaoeee i?aaeeiaeai iiaeoiae e ii?aaeaeaieth nenoaiu
i?ei?eoaoiuo iai?aaeaiee ?acaeoey eiaanoeoeeiiiiai i?ioeanna a oneiaeyo
o?ainoi?ie?othuae yeiiiieee, ia iniiaa iioeiaeueiiai ni/aoaiey
i?eaeaeaaiuo enoi/ieeia oeiaine?iaaiey, iicaieythuay iiauneoue o?iaaiue
yooaeoeaiinoe eo eniieueciaaiey. N oeaeueth iiauoaiey yooaeoeaiinoe
eniieueciaaiey i?eaea/aiiuo oeiainiauo n?aaenoa ia i?aaei?eyoeyo
e?oiiiai i?iiuoeaiiiiai eiiieaena ?ac?aaioaia nenoaia i?eioeeiia ioeaiee
yooaeoeaiinoe eiaanoeoeeiiiuo i?iaeoia aaciauo io?aneae, iniiaaiiua ia
aeeneiioe?iaaiee aeaiaaeiuo iioieia e aaeaioaoeee i?eiyouo a
iaaeaeoia?iaeiie i?aeoeea iieiaeaiee, eioi?ua iaania/eaatho niioaaonoaea
iaaeaeoia?iaeiuo no?aiaea?oia eiaanoeoeeiiiiai iaiaaeaeiaioa oneiaeyi
o?ainoi?ie?othuaeny yeiiiieee. ?ac?aaioaiu e i?aaeeiaeaiu e
eniieueciaaieth a e?oiiii i?iiuoeaiiii eiiieaena iiaeaeue e iaoiaeeea
i?eiyoey ?aoaiey i oeaeaniia?aciinoe eiaanoe?iaaiey, ?ac?aaioaiiua ia
iniiaa oaoie/aneiai, oeiainiaiai, einoeoooeeiiaeueiiai aiaeeca, aiaeeca
?eneia, ioeaiee athaeaeaoiie yooaeoeaiinoe, e, /oi iicaieyao iainiiaaoue
?aoaiea i i?eaea/aiee aiaoiaai oeiaine?iaaiey a no?aoaae/aneea io?anee,
ioeaieoue ia?iaeiioicyenoaaiioth yooaeoeaiinoue eiaanoeoeee.
Niaa?oainoaiaaia nenoaiaoecaoeey oaeoi?ia ?enea e eiie?aoece?iaaiu
iiaeoiaeu e iaoiaeai ioeaiee eo aeeyiey ia yooaeoeaiinoue
eiaanoeoeeiiiie aeayoaeueiinoe a aaciauo io?aneyo i?iiuoeaiiinoe.

A ianoiyuaa a?aiy Oe?aeia noieo ia?aae iauaeoeaiie iaiaoiaeeiinoueth
aeoeaecaoeee eiaanoeoeeiiiie aeayoaeueiinoe n oeaeueth nicaeaiey
eiieo?aioiniiniaiuo oicyenoaaiiuo nenoai, iiaea?iecaoeee e
?aeiino?oeoeee aeaenoaothueo no?oeoo?; iaania/aiey aeeaa?neoeeaoeee
eaieoaea a iai?aaeaiee nioeeaeueii i?eaioe?iaaiiuo no?oeoo?iuo
eciaiaiee.

A oi aea a?aiy ninoiyiea eiaanoeoeeiiiie aeayoaeueiinoe oa?aeoa?ecoaony
aeaa?aaee?othueie oaiaeaioeeyie e aeoaieeie i?ioeai?a/eyie iaaeaeo
iaiaoiaeeiinoueth e ?aaeueiinoueth.

A oeaeii ii i?iiuoeaiiinoe noiia eciina iai?oaeiaaiey i?aauneea iieiaeio
eo aaeainiaie noieiinoe e eieaaeaony a ?acee/iuo io?aneyo io 23 aei 77
i?ioeaioia.

A yoeo oneiaeyo a niioaaonoaee n iaoei aiaeecii nouanoaoao
iaiaoiaeeiinoue i?eaea/aiey aiaoieo oeiainiauo ?ano?nia a Oe?aeio.
Iaeiaei ?aaeecaoeey yoiai iioaioeeaea ?aoi?ie?iaaiey yeiiiieee Oe?aeiu e
auaiaeu aa ec aeoaieiai e?ecena iaaiciiaeia aac ia?aoiaea e yooaeoeaiui
e i?ia?anneaiui iaoiaeai oi?aaeaiey eiaanoeoeeiiiuie i?ioeannaie, a ia
iee?io?iaia – oi?aaeaiea eaaeaeui ioaeaeueii acyoui eiaanoeoeeiiiui
i?iaeoii.

Oi?aaeaiea ethaui eiaanoeoeeiiiui i?iaeoii aeeth/aao i?aaeaa?eoaeueiue
aiaeec e ioeaieo.

Iniaaiii neiaeiie e iiiainoi?iiiae i?aaenoaaeyaony ioeaiea
eiaanoeoeeiiiuo i?iaeoia a ?aaeueiua eiaanoeoeee e iaiaoa?eaeueiua
aeoeau, eioi?ua e noaee i?aaeiaoii ?anniio?aiey a i?aaeeaaaaiie
aeenna?oaoeeiiiie ?aaioa. I?iaeaiaoe/iinoue inouanoaeaiey
oeiainiai-yeiiiie/aneie ioeaiee eiaanoeoeeiiiuo i?iaeoia naycaia n
aeeyieai niaoeeoe/aneeo oaeoi?ia:

ai-ia?auo, eiaanoeoeeiiiua cao?aou iiaoo inouanoaeyoueny eee
aaeeiia?aiaiii, eee ianeieueei ?ac ia i?ioyaeaiee aeeeoaeueiiai ia?eiaea
a?aiaie;

ai-aoi?uo, aeeeoaeueiui yaeyaony i?ioeann iieo/aiey ?acoeueoaoia io
?aaeecaoeee eiaanoeoeeiiiuo i?iaeoia;

a-o?aoueeo, inouanoaeaiea aeieain?i/iuo iia?aoeee i?eaiaeeo e ?inoo
iaii?aaeaeaiiinoe a ioeaiea anao aniaeoia eiaanoeoeee e ?inoo
aa?iyoiinoe ioeaee.

Eiaiii i/aaeaeiinoue anao yoeo oaeoi?ia i?eaaea e aic?inoaio cia/aieth
eco/aiey niaoeeoe/aneeo iaoiaeia ioeaiee yooaeoeaiinoe i?iaeoia, eioi?ua
iicaieeee au i?eiyoue aeinoaoi/ii iainiiaaiiua ?aoaiey n ieieiaeueii
aiciiaeiui o?iaiai ioeai/iinoe.

A nayce n yoei aeenna?oaoeeiiiay ?aaioa iinayuaia aeooaeueiui iiaeoiaeai
e enneaaeiaaieth eae oai?aoe/aneeo, oae e iaoiaeieiae/aneeo iniia
ioeaiee yooaeoeaiinoe eiaanoeoeeiiiuo i?iaeoia ia i?aaei?eyoeyo
iaoaeeo?ae/aneiai eiiieaena, ioeaiee eo iaeanoe ?eneia.

Eeth/aaua neiaa: ioeaiea yooaeoeaiinoe, eiaanoeoeeiiua i?iaeou, ?aoaiea
i oeaeaniia?aciinoe eiaanoe?iaaiey, e?oiiue i?iiuoeaiiue eiiieaen.

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