4
EE?ANUeEEE IAOe?IIAEUeIEE AEIIII?*IEE
OI?AA?NEOAO
AOAeIEE Ieaenaiae? Aeieo?iae/
OAeE 658.14.012
I?EEIssOOss ?IAANOEOe?EIEO ??OAIUe I?E
?AAE?CAOe?? NO?AOAA?? AA?OEEAEUeII?
?IOAA?AOe??: IAOIAeE*I? ANIAEOE
Niaoe?aeuei?noue 08.06.01- Aeiiii?ea i?aei?e?inoaa ?
i?aai?caoe?y ae?iaieoeoaa
Aaoi?aoa?ao aeena?oaoe?? ia caeiaoooy iaoeiaiai
nooiaiy eaiaeeaeaoa aeiiii?/ieo iaoe
EE?A-1999
Aeena?oaoe??th ? ?oeiien.
?iaioa aeeiiaia ia eaoaae?? no?aoaa?? i?aei?e?inoa Ee?anueeiai
iaoe?iiaeueiiai aeiiii?/iiai oi?aa?neoaoo I?i?noa?noaa ina?oe Oe?a?ie.
Iaoeiaee ea??aiee eaiaeeaeao
aeiiii?/ieo iaoe, aeioeaio
Aaiueeia Iao?i Aaa?eeiae/,
Ee?anueeee iaoe?iiaeueiee aeiiii?/iee oi?aa?neoao I?i?noa?noaa ina?oe
Oe?a?ie, aeioeaio eaoaae?e no?aoaa?? i?aei?e?inoa
Io?oe?ei? iiiiaioe aeieoi?
aeiiii?/ieo iaoe, i?ioani?
Aii/a?iaa Iaoae?y Iao??aia, ?inoeooo aeiiii?ee Iaoe?iiaeueii? aeaaeai??
iaoe Oe?a?ie, i?ia?aeiee iaoeiaee ni?a?ia?oiee a?aeae?eo i?iieneiaiai
iioaioe?aeo
eaiaeeaeao aeiiii?/ieo iaoe, aeioeaio Iaiae?oe Ieaenaiae? Aa???eiae/,
Ee?anueeee iaoe?iiaeueiee aeiiii?/iee oi?aa?neoao I?i?noa?noaa ina?oe
Oe?a?ie, aeioeaio eaoaae?e aeiiii?ee i?aei?e?inoa
I?ia?aeia onoaiiaa ?inoeooo
aeiiii?/iiai i?iaiicoaaiiy
Iaoe?iiaeueii? aeaaeai?? iaoe Oe?a?ie, a?aeae?e oaoiieia?/iiai
i?iaiicoaaiiy oa ?iiiaaoe?eii? iie?oeee
Caoeno a?aeaoaeaoueny 29 aa?aciy 1999?. i 14 aiaeei? ia can?aeaii?
niaoe?ae?ciaaii? a/aii? ?aaee Ae.26.006.04 o Ee?anueeiio iaoe?iiaeueiiio
aeiiii?/iiio oi?aa?neoao? ca aae?anith: i.Ee?a, i?iniaeo Ia?aiiae, 54/1.
C aeena?oaoe??th iiaeia iciaeiieoenue o a?ae?ioaoe? Ee?anueeiai
iaoe?iiaeueiiai aeiiii?/iiai oi?aa?neoaoo ca aae?anith:i.Ee?a, i?iniaeo
Ia?aiiae, 54/1, aoae. 317.
Aaoi?aoa?ao ?ic?neaiee 26 ethoiai 1999 ?.
A/aiee nae?aoa?
niaoe?ae?ciaaii? a/aii? ?aaee
eaiaeeaeao aeiiii?/ieo iaoe,
aeioeaio
Oaaeii?i I.N.
CAAAEUeIA OA?AEOA?ENOEEA ?IAIOE
Aeooaeuei?noue oaie.
O?ainoi?iaoe?y oi?i aeaniino?, noaiiaeaiiy ?eieiaeo a?aeiinei oa
iaiao?aei?noue iiiaeaiiy ae?iaie/iai iioaioe?aeo a?o/eciyieo
i?aei?e?inoa aeiaaathoue cina?aaeaeaiiy oaaae ia ?icaeoeo ?iaanoeoe?eieo
i?ioean?a ye ia iae?iaeiiii?/iiio ??ai?, oae ? ia ??ai? ia?aeiii? eaiee
noni?eueiiai ae?iaieoeoaa.
Aeooaeueiei noa? ieoaiiy caioi/oaaiiy ?iaanoeoe?e aeey ?aae?caoe??
?ic?iaeaii? iie?oeee i?aei?e?inoaa. Aeoe?iioaaiiy i?aei?e?inoa o
i?ioean? i?eaaoecaoe?? ia aeaei ?aaeueieo eioo?a aeey ai?iaaaeaeaiiy
?iaanoeoe?eieo i?ia?ai, oiio iaeiei ?c ianouieo noa? ieoaiiy i?iaaaeaiiy
aeiaeaoeiaiai aeioneo aeoe?e oa iiooe no?aoaa?/iiai ?iaanoi?a. Ca?aeii c
aea?aeaaiith i?ia?aiith i?eaaoecaoe?? i??i?eoaoiei ?? caniaii ? i?iaeaae
eiio?ieueieo iaeao?a aeoe?e i?ae ?iaanoeoe?ei? ciaia’ycaiiy, ui
na?ae/eoue i?i a?aeaaaeaiiy eeth/iai? ?ie? o i?ioean? i?eaaoecaoe?? naia
no?aoaa?/iiio ?iaanoi?o.
C ?ioiai aieo, ?ano?oeoo?ecaoe?y i?aei?e?inoa aaaea aei iiyae iiaeo
aoaeoeaieo oi?i ainiiaea?thaaiiy – eiioea?i?a, oieaeeia?a,
o?iainiai-i?iieneiaeo a?oi. Aeey oaeeo ia’?aeiaiue iaeiei c aieiaieo
?ino?oiaio?a ?iaanoeoe?eii? no?aoaa?? ? eoi?aey (i?iaeaae) no?oeoo?ieo
iaeeieoeue (i?aei?e?inoa-i?ae?icae?e?a) aai ?o eiio?ieueieo iaeao?a
aeoe?e, ui, o naith /a?ao, ia?aaeaa/a? no?aoaa?/ia ?iaanooaaiiy.
Iniaeea?noue no?aoaa?/iiai ?iaanooaaiiy iieyaa? o ii?aeiaii?
aeanoeainoae ?aaeueiiai ? o?iainiaiai ?iaanooaaiiy, o?aooaaii?
no?aoaa?e ye ?iaanoi?a, oae ? i?aei?e?inoaa, ui ? ia’?eoii oaeeo
?iaanoeoe?e. Oea iaoiiaeth? iaiao?aei?noue eiiieaeniiai, nenoaiiiai
i?aeoiaeo aei iaa?oiooaaiiy aeioe?eueiino? no?aoaa?/ieo ?iaanoeoe?e.
E?eoe/iee aiae?c iaoeiaeo i?aoeue o noa?? ioe?iee oa iaa?oiooaaiiy
?iaanoeoe?e, cie?aia, Aeaiea ?.I., A?ey?ianueei? E.O., A?iiaee? A.,
E?in?oea ?.A., Ianna I., I?eaaooa A., Ooaeiai? I.I., Oieoa ?.,
na?ae/eoue i?i oa, ui ?icaeoie ?iaanoeoe?eiiai ieaioaaiiy iio?aao?
oaeineiiaeaiiy iaoiaee/iiai caaacia/aiiy iaa?oiooaaiiy no?aoaa?/ieo
?iaanoeoe?e. Niaoeeo?ea aeine?aeaeaiiy no?aoaa?/ieo ?iaanoeoe?e ii?ooo?
i?iaeaio ?ioaa?oaaiiy ?ioa?an?a o/aniee?a no?aoaa?/iiai ?iaanooaaiiy oa
aeine?aeaeaiiy iaoai?cio ?o ?aae?caoe??. Aeey ae??oaiiy oe??? i?iaeaie o
aeena?oaoe?ei?e ?iaio? i?iiiio?oueny eiiieaenia o?aooaaiiy oaeeo
aniaeo?a: oi?ioaaiiy no?aoaa?? ?icaeoeo oieaeeiaiai? eiiiai?? (noa’?eoa
no?aoaa?/ieo ?iaanoeoe?e), ?aae?caoe?th ?? ?iaanoeoe?eii? no?aoaa??,
aecia/aiiy neia?aaoe/iiai aoaeoo a?ae cae?eniaiiy aa?oeeaeueii?
?ioaa?aoe?? i?aei?e?inoa oieaeeiao.
Ca’ycie ?iaioe c iaoeiaeie i?ia?aiaie, ieaiaie, oaiaie.
Ia?aiee iai?yiie aeine?aeaeaiiy a?aeiia?aea? ieaio iaoeiai-aeine?aeieo
?ia?o eaoaae?e no?aoaa?? i?aei?e?inoa Ee?anueeiai iaoe?iiaeueiiai
aeiiii?/iiai oi?aa?neoaoo (oaia “?ic?iaea oai?aoe/ieo oa i?eeeaaeieo
aniaeo?a i?iaeaie aaeaioaoe?? i?aei?e?inoa aei ciai?oiueiai na?aaeiaeua”
(? 0196E010115).
I?aaeiao ? ia’?eo aeine?aeaeaiiy.
I?aaeiaoii aeine?aeaeaiiy ? no?aoaa?/i? ?iaanoeoe?? ae?iaie/i?
oieaeeiaiai? eiiiai?? o nenoai? no?aoaa?/iiai ieaioaaiiy ? ?aae?caoe?y
?iaanoeoe?eieo i?iaeo?a aei/??i?o i?aei?e?inoa oieaeeiao.
Ia’?eoaie aeine?aeaeaiiy aenooiathoue i?aei?e?inoaa ae?iaie/i?
oieaeeiaiai? eiiiai?? “Oe???/oeio” : noaeiiieaaia eiiiai?y “Oe???/oeio”
(aieiaia i?aei?e?inoai); noaeiiaoae?aaeueii-noaeii?aiiioi? i?aei?e?inoaa
i?no Caii??aeaey, Oa?niio; ?aiiioii-aenieoaoaoe?ei? aace i?no *a?i?aiaa,
Aei?i?iiao?ianueea; aoae?aaeueia i?aai?caoe?y “Oe???/aoae”; i?iaeoiee
?inoeooo “??/o?aini?iaeo”; ??/eia? ii?oe i?no Caii??aeaey, Ieeiea?aa,
Oa?niio, Aei?i?iiao?ianueea, *a?ean. Ia’?eo aeine?aeaeaiiy yaey? niaith
i?aeaaeocaaa ia’?aeiaiiy, o yeiio ?niothoue aa?oeeaeuei?, ai?eciioaeuei?
ae?iaie/? ca’ycee i?aei?e?inoa o?ainii?oo, iaoeiiaoaeoaaiiy,
aoae?aieoeoaa, iaoee oa ?io?.
Iaoa ? caaea/? aeine?aeaeaiiy.
Iaoith aeena?oaoe?eiiai aeine?aeaeaiiy ? iaa?oiooaaiiy iaoiaee/iiai
caaacia/aiiy ieaioaaiiy no?aoaa?/ieo ?iaanoeoe?e ae?iaie/i? oieaeeiaiai?
eiiiai?? ? i?eeiyooy ?iaanoeoe?eieo ??oaiue i?e ai?iaaaeaeaii? no?aoaa??
aa?oeeaeueii? ?ioaa?aoe??.
Iaoa aeine?aeaeaiiy iaoiiaeea iaiao?aei?noue iinoaiiaee ? ae??oaiiy
oaeeo caaea/:
iiaeeaeaiiy oai?aoe/ieo iniia oi?ioaaiiy ?iaanoeoe?eii? no?aoaa??
i?aei?e?inoa ia i?aenoaa? aeine?aeaeaiiy oe?eae, ?ioa?an?a ?
iniaeeainoae aeiiii?/ii? iiaaae?iee noa’?eo?a ?iaanoeoe?eii?
ae?yeueiino?;
aiae?oe/ia ioe?iea ?nioth/eo iaoiaee/ieo ?ino?oiaio?a iaa?oiooaaiiy
?iaanoeoe?e ? aeyaeaiiy iiaeeeainoae ?o aeei?enoaiiy o no?aoaa?/iiio
ieaioaaii?;
iiaoaeiaa iiaeae? ?iaanoeoe?eii? ae?yeueiino? ae?iaie/i? oieaeeiaiai?
eiiiai?? c o?aooaaiiyi aeinyaiaiiy no?aoaa?/ieo oe?eae i?aei?e?inoaa;
iaa?oiooaaiiy iaoiaeeee eiiieaenii? ioe?iee no?aoaa?/ieo ?iaanoeoe?e
aieiaiiai i?aei?e?inoaa ae?iaie/i? oieaeeiaiai? eiiiai?? (o?iainiaee
aniaeo);
?ic?iaea aeai?eoio aeai?o oi?i o?iainoaaiiy ?iaanoeoe?eieo i?iaeo?a
aei/??i?o i?aei?e?inoa i?e ?aae?caoe?? no?aoaa?? aa?oeeaeueii?
?ioaa?aoe?? aieiaiiai i?aei?e?inoaa;
Iaoiaeieia?y ? iaoiaee aeine?aeaeaiiy.
I?e i?iaaaeaii? aeine?aeaeaiiy aoee aeei?enoai? iaoiaee
aeiiii?ei-iaoaiaoe/iiai iiaeaethaaiiy (iioei?caoe?eia iiaeaethaaiiy,
oaeoi?i? iiaeae?), iao?e/i? iaoiaee, iaoiae aenia?oieo ioe?iie, a
oaeiae iaoiaeieia?? ioe?iee ?aaeueieo ? o?iainiaeo ?iaanoeoe?e, ioe?iee
aa?oino? i?aei?e?inoa.
Iaoeiaa iiaecia iaea?aeaieo ?acoeueoao?a.
Iaoeiaa iiaecia iaea?aeaieo ?acoeueoao?a iieyaa? o oaeeo
iieiaeaiiyo:
ae?noaei iiaeaeueoee ?icaeoie oai?aoe/ia iaa?oiooaaiiy aca?iica’yceo
aaciaeo no?aoaa?e ?icaeoeo ? oei?a ?iaanoeoe?eii? no?aoaa??
i?aei?e?inoa;
oaeineiiaeaii iaa?oiooaaiiy ??oaiue uiaei aeioe?eueiino? no?aoaa?/ieo
?iaanoeoe?e ia iniia? ii?aeiaiiy iaoiaeieia?? oi?ioaaiiy iioeiaeueieo
?iaanoeoe?eii-o?iainiaeo i?ia?ai, eiioeaioe?? ?iaanoeoe?eii? aa?oino?
i?aei?e?inoaa, oaeoi?ieo iiaeaeae no?aoaa?/iiai ?icaeoeo;
aia?oa ?ic?iaeaia iiaeaeue no?aoaa?/iiai ?iaanooaaiiy ae?iaie/i?
oieaeeiaiai? eiiiai?? c o?aooaaiiyi ?ici???a eiio?ieueiiai iaeaoo
aeoe?e, aeai?o oi?i o?iainoaaiiy, aoaeoeaiino? ?iaanoeoe?e,
neia?aaoe/iiai aoaeoo ae?yeueiino? oieaeeiao;
oaeineiiaeaii oi?ioaaiiy oe?eueiai? ooieoe?? no?aoaa?/iiai ?icaeoeo
ae?iaie/i? oieaeeiaiai? eiiiai?? ia iniia? ?iaeaeno ci?ie aa?oino?
oieaeeiao;
aia?oa ?ic?iaeaii iieaciee “iaiaaeoaaeueiee /eiiee oi?ioaaiiy ieaio
no?aoaa?/ieo ?iaanoeoe?e aieiaiiai i?aei?e?inoaa ae?iaie/i?
oieaeeiaiai? eiiiai??”, yeee aeicaiey? iaa?oiooaaoe ieai no?aoaa?/ieo
?iaanoeoe?e ae?iaie/iai oieaeeiao;
oaeineiiaeaii iaoiaeeee ioe?iee ?iaanoeoe?eii? aa?oino? iaeao?a aeoe?e
aei/??i?o i?aei?e?inoa oieaeeiao ia iniia? aeeth/aiiy o ?ic?aooiee
aaee/eie neia?aaoe/iiai aoaeoo a?ae aa?oeeaeueii? ?ioaa?aoe??;
aia?oa ?ic?iaeaii aeai?eoi ?iciiae?eo ?iaanoeoe?eieo ?ano?n?a
aieiaiiai i?aei?e?inoaa aeey aeinyaiaiiy iaoe no?aoaa?/iiai
?iaanooaaiiy oieaeeiao ca?aeii i?eioeei?a o?iainiaiai e?aa?eaeaeo;
.
I?aeoe/ia cia/aiiy iaea?aeaieo ?acoeueoao?a.
Cai?iiiiiaai? iaoiaee/i? iieiaeaiiy aeicaieythoue:
i?iaiaeeoe ?iciiae?e ?iaanoeoe?eieo ?ano?n?a aieiaiiai i?aei?e?inoaa
oieaeeiao i?ae i?eaeaaiiyi iaaiiai ?ici??o iaeaoo aeoe?e oa
aeeaaeaiiyi o ai?aia? ciaia’ycaiiy aei/??i?o i?aei?e?inoa;
iae?aoe iioeiaeuei? aeaea?aea o?iainoaaiiy aeo?ao ?iaanoeoe?eieo
i?iaeo?a aei/??i?o i?aei?e?inoa ca?aeii no?aoaa?/ieo ieai?a oieaeeiao;
oi?ioaaoe ieaie no?aoaa?/ieo ?iaanoeoe?e oieaeeiao ia i?aenoaa?
ioe?iee i?iaeo?a aa?oeeaeueii? ?ioaa?aoe?? o nenoai? caaeaieo
no?aoaa?/ieo oe?eae.
Ai?iaaaeaeaiiiy ?acoeueoao?a aeine?aeaeaiiy a?aeaoeiny o oaeeo
i?aai?caoe?yo (cana?ae/othoueny aeoaie i?i ?aae?caoe?th iaoeiaeo
aeine?aeaeaiue):
aeey aeoe?iia?ii? noaeiiieaaii? eiiiai?? “Oe???/oeio” i?iaaaeaia ioe?iea
i?iaeo?a aa?oeeaeueii? ?ioaa?aoe?? eiiiai?? “Oe???/oeio” ? i?aei?e?inoa
“Ieeiea?anueeee ??/eiaee ii?o”, “Oa?niinueeee ??/eiaee ii?o”,
“Aei?i?iiao?ianueeee ??/eiaee ii?o”,”*a?eanueeee ??/eiaee ii?o” o 1998
?ioe?; cae?eniaii iaa?oiooaaiiy ? oi?ioaaiiy ieaio no?aoaa?/ieo
?iaanoeoe?e eiiiai?? “Oe???/oeio” ia 1998 ??e c o?aooaaiiyi
ai?iaaaeaeaiiy ?iaanoeoe?eii?, o?iainiai? no?aoaa?? eiiiai?? ? ia?aii?
no?aoaa?? ?icaeoeo ia 1998-2000 ?.?.;
aeey aea?aeaaiiai i?aei?e?inoaa “Oe?a?inueea ?iiiaaoe?eia
o?iainiai-e?ceiaiaa eiiiai?y” cae?eniaii aea?? oi?i o?iainoaaiiy
?iiiaaoe?eieo i?iaeo?a i?aei?e?inoa “Ao/ainueeee caaiae neeiae?ia?a”,
“OOE-IAO”, “Iaae?y”;
iieiaeaiiy iaoiaee/ieo ?ic?iaie canoiniaai? a eo?n? “i?iaeoiee aiae?c”
eaoaae?e no?aoaa?? i?aei?e?inoa Ee?anueeiai iaoe?iiaeueiiai aeiiii?/iiai
oi?aa?neoaoo.
Ai?iaaoe?y ?acoeueoao?a aeena?oaoe??.
Iniiai? aeniiaee oa iieiaeaiiy aeena?oaoe?? aeiiia?aeaeeny e io?eiaee
noaaeaiiy ia iaoeiai-iaoiaee/iiio nai?ia?? eaoaae?e no?aoaa??
i?aei?e?inoa Ee?anueeiai iaoe?iiaeueiiai aeiiii?/iiai oi?aa?neoaoo, ia
iaoeiai-i?aeoe/i?e eiioa?aioe?? “Ia?eaoeia: oai??y ? i?aeoeea”
Ee?anueeiai iaoe?iiaeueiiai aeiiii?/iiai oi?aa?neoaoo.
Ioae?eaoe??.
?acoeueoaoe aeine?aeaeaiiy iioae?eiaaii o 4 iaoeiaeo ?iaioao
(iaeia ?iaioa o ni?aaaoi?noa?) caaaeueiei ianyaii 1.4 ae?.a?e.
No?oeoo?a oa ianya ?iaioe.
Aeena?oaoe?y neeaaea?oueny ?c anooio, o?ueio ?icae?e?a (9
i?ae?icae?e?a), aeniiae?a, nieneo aeei?enoaieo aeaea?ae (98
iaeiaioaaiue), ia?aoiao? 154 noi??iie ae?oeiaaiiai oaenoo, 15
?ethno?aoe?e (?enoie?a), 28 oaaeeoeue (iniiaiiai oaenoo), 48 oi?ioe, ia?
aeaa aeiaeaoee.
INIIAIEE CI?NO AeENA?OAOe?EII? ?IAIOE
O aeena?oaoe?ei?e ?iaio? iinoaaeai? ? ae??oai? i?iaeaii? ieoaiiy
iaoiaee/iiai caaacia/aiiy i?eeiyooy ?iaanoeoe?eieo ??oaiue ca?aeii c?
no?aoaa??th ?icaeoeo i?aei?e?inoaa.
O ?icae?e? 1 – “?iaanoeoe?eia ae?yeuei?noue ? ?? ?ieue o ooieoe?iioaaii?
i?aei?e?inoaa”- ?ice?eo? oai?aoe/i? aniaeoe ?iaanooaaiiy ia iae?i-,
i?e?i??aiyo, aecia/aii eiei ieoaiue, ui ? aeooaeueieie oa i?iaeaiieie o
noa?? ?iaanoeoe?e.
Oai?aoe/i? iniiae ?iaanoeoe?eii? ae?yeueiino? noa’?eo?a ainiiaea?thaaiiy
?icaeyioo? o eiioaeno? aieeao i?ioeano ?iaanooaaiiy ia ?icaeoie
iaoe?iiaeueii? aeiiii?ee (i?ae?icae?e 1.1 – “?iaanoeoe?ei? i?ioeane :
nooi?nia oa?aeoa?enoeea ? i?noea a nenoai? ainiiaea?thaaiiy”). Aeey
aeyaeaiiy i?noey, yea caeiathoue ?iaanoeoe?ei? i?ioeane o
ooieoe?iioaaii? ?eieiai? aeiiii?ee, aeei?enoaia caaaeueiia?aeiia a
aeiiii?/i?e oai??? iiaeaeue e?oaiia?ao aeioiae?a ? i?iaeoeo?a. Ia
iniia? ?icaeyaeo oe??? iiaeae? c?iaeaii aeniiaie, ui aaaeeeao ?ieue o
?iaanoeoe?eiiio i?ioean? a?ae?a?athoue no?aoaa?/i? ?iaanoeoe??, ye?
ia?aaeaa/athoue aeeaaeaiiy o ia? aai aeoe?? i?aei?e?inoa c iaoith
io?eiaiiy eiio?ieth iaae ?oiueith ae?yeuei?noth ? iiaeeeaino? aecia/aiiy
no?aoaa?? ?icaeoeo.
O aeena?oaoe?ei?e ?iaio? iaa?oioiaai? i??i?eoaoi? oe?e? aeey ie?aieo
noa’?eo?a ?iaanoeoe?eii? ae?yeueiino? (no?aoaa?/iee, ?inoeoooe?eiee,
?iaeea?aeoaeueiee ?iaanoi?e, e?aaeeoi?), ui ia? cia/aiiy i?e ?ic?iaoe?
iaoiaeieia?? ioe?iee ? i?eeiyooy ?iaanoeoe?eieo ??oaiue (oaae.1).
Oaaeeoey 1
I??i?eoaoi? oe?e? noa’?eo?a ?iaanoeoe?eii?
ae?yeueiino?
?iaanoeoe?ei? oe?e?
Aeaee
?iaanoi??a
Iaae?ei?noue
Aeioiaei?noue
E?ea?aei?noueIo?eiaiiy eiio?ieth iaae ae?yeuei?noth i?aei?e?inoaa
No?aoaa?/iee + * +
+?inoeoooe?eiee + + + E?aaeeoi?
+?iaeea?aeoaeueiee + + +
* A?aei?oea i?i a?aeiia?aei?noue
Ia iniia? aeine?aeaeaiiy oaeoi??a ?icaeoeo ?iaanoeoe?eii? ae?yeueiino?
(?ici?? noaaee iiceeiaiai i?ioeaioo, i/?eoaaia ii?ia /enoiai i?eaooeo,
ia?aaeaa/oaai? oaiie ?ioeyoe??, ni?aa?aeiioaiiy niiaeeaaiiy ?
caiuaaeaeaiiy oa ?io?), ?o aieeao ia ?iaanoeoe?eio aeoeai?noue
i?aei?e?inoa ( i?ae?icae?e 1.2 – “?iaanoeoe?eia na?aaeiaeua ?
aeiiii?/ia iiaaae?iea i?aei?e?inoa”) c?iaeaii aeniiaie, ui o?aooaaiiy
oaeoi??a ?iaanoeoe?eiiai na?aaeiaeua aeicaiey? iaa?oioiaoaaoe
?iaanoeoe?eio iiaaae?ieo i?aei?e?inoaa, cae?enithaaoe ?iaanoeoe?eio
no?aoaa?th ?icaeoeo.
O na?oia?e ? a?o/eciyi?e e?oa?aoo?? o aaeoc? ?iaanooaaiiy
aeoeaioo?oueny oaaaa ia i?iaeai? iiaoaeiae ?iaanoeoe?eii? no?aoaa?? a
caeaaeiino? a?ae iai?yieo no?aoaa?/iiai ?icaeoeo. Oiio aeeth/aiiy
ioe?iee ?iaanoeoe?e o nenoaio no?aoaa?/iiai ieaioaaiiy i?aei?e?inoaa ?
aeooaeueiei aeey a?o/eciyii? i?aeoeee a?aeai?o ?iaanoeoe?eieo
i?iaeo?a a oiiaao noaiiaeaiiy ?eieiaeo a?aeiinei (i?ae?icae?e 1.3 –
“Oai?aoe/i? iniiae oi?ioaaiiy ?iaanoeoe?eii? no?aoaa?? i?aei?e?inoa”).
?iaanoeoe?eia caaacia/aiiy no?aoaa?/iiai ?icaeoeo i?aei?e?inoa iio?aao?
noai?aiiy iaoiaeieia?? iaa?oiooaaiiy ?iaanoeoe?e o eiioaeno?
ocaiaeaeaiino? ?iaanooaaiiy ? no?aoaa?/ieo oe?eae i?aai?caoe??.
Aeyaeaia caeaaei?noue aeai?o ?iaanoeoe?eieo no?aoaa?e (aa?aneaiiai
?icaeoeo, iii??iiai c?inoaiiy, no?eiaiiy niaaeo, aeoeaiiai
ia?ai?io?ethaaiiy) a?ae aaciaeo no?aoaa?e ?icaeoeo. A?aecia/a?oueny, ui
?aae?caoe?y aaciai? no?aoaa?? c?inoaiiy a?oioo?oueny ia aiae?c?
iiaeeeainoae aioo??oiueiai ?inoo, ?ioaa?aoe?eiiai ?inoo (aa?oeeaeueia,
ai?eciioaeueia ?ioaa?aoe??), eiiaeiia?aoiiai ?inoo
(aeeaa?neo?eaoe?y). ?iaeoueny aeniiaie, ui, yeui ia?oee iai?yiie
no?aoaa?? c?inoaiiy (aioo??oi?e ?ino) oa?aeoa?eco?oueny ?aaeueieie
?iaanoeoe?yie, oi ae?oaee ? o?ao?e – no?aoaa?/ieie ?iaanoeoe?yie,
iniaeea?noue yeeo iieyaa? o ii?aeiaii? aeanoeainoae ?aaeueiiai ?
o?iainiaiai ?iaanooaaiiy. No?aoaa?/i? ?iaanoeoe?? aeey aeinyaiaiiy
?ioaa?aoe?eiiai ? eiiaeiia?aoiiai ?inoo ? nooo?aei caniaii
ai?iaaaeaeaiiy ?ioa?an?a ae?iaie/eo ? o?iainiaeo oieaeeia?a,
eiioea?i?a, ei?ii?aoe?e, o?iainiai-i?iieneiaeo a?oi.
Ianooiiei e?ieii aeena?oaoe?eiiai aeine?aeaeaiiy ? aena?oeaiiy ?
aiae?c ?nioth/eo iaoiae?a ioe?iee ?iaanoeoe?e, aeyaeaiiy iiaeeeainoae
?o aeei?enoaiiy i?e no?aoaa?/iiio ieaioaaii? i?aei?e?inoaa
(?icae?e 2 -“Iaoiaee/iee ?ino?oiaioa??e ioe?iee ?iaanoeoe?e:
i?ecia/aiiy ? noa?a canoinoaaiiy”).
Ooiaeaiaioaeueia iaoiaeieia?/ia cia/aiiy aeey iaa?oiooaaiiy nenoaie
?iaanoeoe?eieo i?iaeo?a (?iaanoeoe?eii? i?ia?aie) ia? iioei?caoe?y
?iaanoeoe?eiiai ii?ooaey, yea iieyaa? o ?ic?iaoe? iaoiaea ?ic?aooieo
oi/ee ??aiiaaae ?iaanoeoe?eieo ? o?iainiaeo iiaeeeainoae i?aei?e?inoaa
(i?ae?icae?e 2.1 -“Iaoiaee/i? i?aeoiaee aei oi?ioaaiiy iioeiaeueii?
?iaanoeoe?eii-o?iainiai? i?ia?aie i?aei?e?inoaa”).
Aiae?c iaoiaee/ieo i?aeoiae?a uiaei oi?ioaaiiy ?iaanoeoe?eieo i?ia?ai
iieaco?, ui iaai? iniaeeaino? iathoue iaoiaeeee ioe?iee
?ianoeoe?eii-o?iainiaeo i?ia?ai no?aoaa?/ieo ?iaanoi??a, ye?
cae?eniththoue ?aae?caoe?th ?iaanoeoe?eieo i?iaeo?a oeyoii ?iaanooaaiiy
o eiio?ieuei? iaeaoe aeoe?e ? ai?aia? ciaia’ycaiiy i?ae?e?inoa.
Niaoeeo?ea ioe?iee e i?eeiyooy ??oaiue a?aeiinii no?aoaa?/ieo
?iaanoeoe?e a?oioo?oueny ia ?icaeyae? eaioethaa “?iaanoi? –
i?aei?e?inoai (ia’?eo ?iaanoeoe?e) – ?iaanoeoe?eiee i?iaeo”. O ca’yceo c
oeei, iaoeiaee ?ioa?an noaiiaeoue iaoiaeeea ioe?iee oa aeai?o
?iaanoeoe?eieo i?iaeo?a o ?aieao no?aoaa?/iiai ?iaanooaaiiy, yea
ia?aaeaa/a? aeei?enoaiiy nooiaiaaiai aiae?co (iine?aeiaia i?iaaaeaiiy
iae?iaeiiii?/iiai, aaeocaaiai aiae?co, ioe?iee i?aei?e?inoaa oa eiai
?iaanoeoe?eieo i?iaeo?a). Acaaae?, oaeee i?aeo?ae ? eiia?iaoe??th
ooiaeaiaioaeueiiai aiae?co oe?iieo iaia??a ? aeaiaio?a i?iaeoiiai
aiae?co.
Aeey ioe?iee ?iaanoeoe?eieo ??oaiue cae?enith?oueny aea?? oe?eueiai?
ooieoe??, e?eoa???a (iaiaaeoaaeueieo /eiiee?a) o caeaaeiino? a?ae oe?eae
oa ?ioa?an?a ?iaanoi?a, ui iiaeiii ciaeoe a?aeia?aaeaiiy o
a?aeiia?aeiiio iaoiaee/iiio aia?ao?. sse oe?eueiaa ooieoe?y
(no?aoaa?/ia oe?eue) a/aieie o aaeoc? ?iaanooaaiiy ?icaeyaea?oueny
aa?o?noue i?aei?e?inoaa (aeoe?e). Oea, o naith /a?ao, aeiaaa?
aeine?aeaeaiiy ??ciiiai?oieo iaoiae?a ioe?iee aa?oino? i?aei?e?inoaa e
iaa?oiooaaiiy aeai?o iaaiiai ?? aeaeo (aioo??oiy, ?eieiaa,
e?ea?aeaoe?eia, ?iaanoeoe?eia, aaeainiaa aa?oino? oiui) (i?ae?icae?e 2.2
– “Iniaeeaino? iaoiae?a ioe?iee aa?oino? i?aei?e?inoaa (aeoe?e)? ?o
aeei?enoaiiy a ?iaanoeoe?eiiio aiae?c?”).
Aoei anoaiiaeaii, ui ooieoe?iioaaiiy oieaeeia?a oa ?ioeo aeae?a
ia’?aeiaiue iia’ycaia c i?eeiyooyi ??oaiue uiaei ?iaanooaaiiy /e
aeac?iaanooaaiiy, ?ioaa?aoe?? /e a?aeie?aieaiiy ae?eiaeo iaeeieoeue
(i?aei?e?inoa – i?ae?icae?e?a) ia i?aenoaa? ioe?iee aa?oino?
i?aei?e?inoa (aeoe?e). Ni?aa?aeiioaiiy ??cieo aeae?a ioe?iee aa?oino?
i?ae?icae?e?a (aioo??oiy, ?eieiaa oa e?ea?aeaoe?eia aa?oino?)
aeicaieythoue iaa?oioiaoaaoe ?iaanoeoe?eio iie?oeeo oieaeeiao ?
a?aeiia?aei? no?oeoo?i? c?ooaiiy o ?ic??c? eiai ae?eiaeo iaeeieoeue.
Aeine?aeaeaiiy aeyaeei, ui ioe?iea aa?oino? ia’?aeiaiue iiaeiii
aacoaaoeny ia aecia/aii? aaee/eie neia?aaoe/iiai aoaeoo (??cieoey
?eieiai? aa?oino? i?aei?e?inoaa-ia’?aeiaiiy ? noia?ii? aaee/eie ?eieiaeo
aa?oinoae no?oeoo?ieo i?ae?icae?e?a ia’?aeiaiiy). Iayai?noue neia?a?cio,
oiaoi, iiceoeaiiai cia/aiiy neia?aaoe/iiai aoaeoo, na?ae/eoue i?i
aeiiii?/io aeioe?euei?noue ? aeeoo?caeaoi?noue ?nioth/i? no?oeoo?e, o
aeiaaeeo io?eiaiiy iaaaoeaiiai cia/aiiy – aeieea? iio?aaa o
?ano?oeoo?ecaoe?? ia’?aeiaiiy.
I?e i?eeiyoo? ?iaanoeoe?eiiai ??oaiiy iaiao?aeiei ? ocaiaeaeaiiy
no?aoaa?/ieo oe?eae ? ia?aiao??a ?iaanoeoe?eieo i?iaeo?a. Aeey
ae??oaiiy oe??? i?iaeaie o ?iaio? i?iiiio?oueny aiae?oe/ia ioe?iea
iiaeaeae no?aoaa?/iiai ?icaeoeo i?aei?e?inoaa (i?ae?icae?e 2.3 –
“No?aoaa?/ia ieaioaaiiy ? iiaeaethaaiiy ?iaanoeoe?eii? ae?yeueiino?
i?aei?e?inoa”). Aeiiii?ei-iaoaiaoe/ia iiaeaethaaiiy aeicaiey? aecia/eoe
caeaaei?noue aeeiai?ee oe?eueiaeo iieaciee?a, ui oa?aeoa?ecothoue
no?aoaa?/i? oe?e? ae?yeueiino? i?aei?e?inoaa, a?ae ci?i
iieaciee?a-oaeoi??a, ui a?aeia?aaeothoue ooieoe?iiaeuei? no?aoaa??.
Aoei aecia/aii, ui ca aeiiiiiaith iiaeaeae no?aoaa?/iiai ?icaeoeo
iiaeia aeeiioaaoe oaeoi?iee aiae?c oa i?iaiaeeoe a?aea??
?iaanoeoe?eieo i?iaeo?a a?aeiia?aeii aei no?aoaa?/iiai ieaio.
O ?icae?e? 3 “Oaeineiiaeaiiy ieaioaaiiy no?aoaa?/ieo ?iaanoeoe?e
ae?iaie/i? oieaeeiaiai? eiiiai??” iaaiaeyoueny aaoi?nuee? iaoiaee/i?
?ic?iaee, ye? aeicaieythoue i?iaiaeeoe eiiieaenia iaa?oiooaaiiy
aeioe?eueiino? no?aoaa?/ieo ?iaanoeoe?e (i?eaeaaiiy eiio?ieueieo
iaeao?a aeoe?e), cie?aia, i?iaeo?a aa?oeeaeueii? ?ioaa?aoe?? ae?iaie/i?
oieaeeiaiai? eiiiai?? (AOE).
C iaoith aecia/aiiy iaai?o ii/aoeiaeo oiia (aeo?aeieo ia?aiao??a) ?
aeai?o nenoaie iieaciee?a no?aoaa?/ieo ?iaanoeoe?e AOE aoea iiaoaeiaaia
iiaeaeue ?iaanoeoe?eii-o?iainiai? ae?yeueiino? ? iiaeaeue
no?aoaa?/iiai ?iaanooaaiiy AOE (i?ae?icae?e 3.1 – “Iiaeaethaaiiy
no?aoaa?/ieo ?iaanoeoe?e ae?iaie/i? oieaeeiaiai? eiiiai?? o nenoai?
no?aoaa?/iiai ieaioaaiiy”).
sse oe?eueiao ooieoe?th ae?yeueiino? AOE i?iiiio?oueny canoiniaoaaoe
iieaciee aioo??oiuei? aa?oino? oieaeeiao (aa?oino? aeoe?iia?iiai
eai?oaeo).
Ia aeoieo aaoi?a , oi?ioaaiiy no?aoaa?/ii? oe?e? AOE ia?aaeaa/a?
aecia/aiiy ?iaeaeno oe?eueiai? ooieoe??, ui aenooia? e?eoa???i
iioeiaeueiino? ooieoe?iioaaiiy aieiaiiai i?aei?e?inoaa .
?iaeaen oe?eueiai? ooieoe?? AOE – iieaciee ci?ie aaee/eie aioo??oiuei?
aa?oino? oieaeeiao a ?ic?aooieo ia iaeio i?inoo ?iaiio aeoe?th aieiaiiai
i?aei?e?inoaa i?ae aieeaii ?aae?caoe?? ?iaanoeoe?eii?, o?iainiai?
no?aoaa?? aieiaiiai i?aei?e?inoaa (?aoe).
E?eoa??e iioeiaeueiino? ooieoe?iioaaiiy AOE – oea iaenei?caoe?y cia/aiiy
?iaeaeno oe?eueiai? ooieoe?? AOE o ieaiiaiio ia??iae? ca oiiae aeeiiaiiy
oaeeo iaiaaeaiue:
a) o?aooaaiiy iaiao?aeii? ?aioaaaeueiino? aeoe?iia?iiai eai?oaeo (
aeei?enoiao?oueny ye noaaea aeeneiioo i?e ?ic?aooieo aioo??oiuei?
aa?oino? AOE );
a) ia?aaeuaiiy aioo??oiuei? aa?oino? AOE ca eiai e?ea?aeaoe?eio
aa?o?noue (oaea iaiaaeaiiy aeaco? ia aeioe?euei?noue ?aae?caoe??
no?aoaa?? ?icaeoeo AOE ye aeueoa?iaoeae no?aoaa?? e?ea?aeaoe?? e
i?eieiaiiy ae?yeueiino?);
a) a?aenooi?noue iciae aaie?oonoaa ia ii/aoie ieaiiaiai ia??iaeo
(ia?aaeuaiiy cia/aiiy eiao?oe??ioa e?ea?aeiino? aieiaiiai i?aei?e?inoaa
eiai e?eoe/iiai cia/aiiy).
Aaee/eio aioo??oiuei? aa?oino? AOE c o?aooaaiiyi ai?iaaaeaeaiiy
?iaanoeoe?eii?, o?iainiai? no?aoaa?? aieiaiiai i?aei?e?inoaa o ieaiiaiio
ia??iae? (Aaoe1) i?iiiio?oueny aecia/aoe ca oi?ioeith (1):
Aaoe1 = Aaoe 0+ *OA?o ,
(1)
aea *OA?o – /enoa oaia??oiy aa?o?noue ?iaanoeoe?eii? ae?yeueiino?
aieiaiiai i?aei?e?inoaa AOE o ieaiiaiio ia??iae?.
Ioaea, ca aeiiiiiaith e?eoa??y iioeiaeueiino? ooieoe?iioaaiiy,
iaaaaeaieo iaiaaeaiue ? oi?ioee (1) iiaeia aeine?aeaeoaaoe aieea
?aae?caoe?? ?iaanoeoe?eii? no?aoaa?? AOE ia aeinyaiaiiy no?aoaa?/ieo
oe?eae oa i?iaiaeeoe a?aea?? iaaieo iai?yie?a ?iaanoeoe?eii?
ae?yeueiino?.
C iaoith oi?ioaaiiy ieaio no?aoaa?/ieo ?iaanoeoe?e aieiaiiai
i?aei?e?inoaa AOE o a?aeiia?aeiino? c? no?aoaa?/ieie oe?eyie e
iai?yieaie ooieoe?iioaaiiy ia i?iaiiciee ia??iae aoea ?ic?iaeaia oi?ioea
(2):
T T
(CF2t – I2t)Kot > (I1t – CF1t)Kot ,
(2)
t=1 t=1
aea CF2t – a?ioia? iioiee e e?ea?aeaoe?eia aa?o?noue aeoea?a
a?ae ?aae?caoe?? ieaio no?aoaa?/ieo ?iaanoeoe?e o ia??iae? t;
I2t – ianya no?aoaa?/ieo ?iaanoeoe?e aieiaiiai
i?aei?e?inoaa o ia??iae? t;
Eot – eiao?oe??io aeeneiiooaaiiy o ia??iae? t , a ?ic?aooieao yeiai
canoiniao?oueny noaaea aeeneiioo, ui aecia/a?oueny ye aa?o?noue
o?iainiaeo ?ano?n?a, ye? caeo/athoueny aeey iie?eooy ?iaanoeoe?eieo
iio?aa.
CF1t – a?ioia? iioiee e e?ea?aeaoe?eia aa?o?noue aeoea?a
a?ae ?aae?caoe?? ieaio ?iaanooaaiiy ?icaeoeo ae?iaieoeoaa aieiaiiai
i?aei?e?inoaa o ia??iae? t;
I1t – ianya ?iaanoeoe?e o ?icaeoie ae?iaieoeoaa aieiaiiai
i?aei?e?inoaa o ia??iae? t;
T – /aniaee ai?eciio neeaaeaiiy ieaio (i?iaiico);
t – iiia? ?ieo ?ic?aooieiaiai (ieaiiaiai) ia??iaeo;
E?aa /anoeia oi?ioee (2) oa?aeoa?eco? ?ic?aooieiao aoaeoeai?noue
no?aoaa?/ieo ?iaanoeoe?e aieiaiiai i?aei?e?inoaa AOE o ieaiiaiio
ia??iae?.
I?aaa /anoeia oi?ioee (2) yaey? ieaeith a?aieoeth iaiao?aeii?
aoaeoeaiino? noeoiiino? i?iaeo?a no?aoaa?/ieo ?iaanoeoe?e aieiaiiai
i?aei?e?inoaa o ieaiiaiio ia??iae? (iieaciee, ui aenooia?
iaiaaeoaaeueiei /eiieeii oi?ioaaiiy ieaio no?aoaa?/ieo ?iaanoeoe?e).
Aeeiiaiiy oiiae ia??aiino? (2) aeaco? ia aeioe?euei?noue ?aae?caoe??
ieaio no?aoaa?/ieo ?iaanoeoe?e aieiaiiai i?aei?e?inoaa AOE.
Iiaoaeiaa iiaeae? no?aoaa?/ieo ?iaanoeoe?e AOE ? aeyaeaiiy ?o
i?noey a ae?yeueiino? AOE aeicaieeee aecia/eoe iaoiaee/i? canaaee
ioe?iee no?aoaa?/ieo ?iaanoeoe?e oieaeeiao i?e ?aae?caoe?? no?aoaa??
aa?oeeaeueii? ?ioaa?aoe?? (o?iainiaee aniaeo) (i?ae?icae?e 3.2
“Iaoiaeeea ioe?iee no?aoaa?/ieo ?iaanoeoe?e ae?iaie/i? oieaeeiaiai?
eiiiai?? i?e ?aae?caoe?? no?aoaa?? aa?oeeaeueii? ?ioaa?aoe??: o?iainiaee
aniaeo”).
Iniiai? iieiaeaiiy cacia/aii? aeua ioe?iee ia?aaeaa/athoue:
1) aecia/aiiy ?iaanoeoe?eii? i?eaaaeeaino? ??ciiai ?ici??o iaeao?a
aeoe?e iioaioe?eieo aei/??i?o i?aei?e?inoa, ?ici??o iaeaoo aeoe?e,
ui ? aeinoaoi?i aeey io?eiaiiy eiio?ieueieo ooieoe?e;
2) iaa?oiooaaiiy oa aea?? oi?i o?iainoaaiiy ni?eueieo ?iaanoeoe?eieo
i?iaeo?a iioaioe?eieo aei/??i?o i?aei?e?inoa;
3) ioe?ieo aa?oino? iaeaoo aeoe?e iioaioe?eiiai aei/??iueiai
i?aei?e?inoaa, ui iae?a?oueny aeey i?eaeaaiiy;
4) aecia/aiiy noeoiiino? no?aoaa?/ieo ?iaanoeoe?e ia i?aenoaa?
canoinoaaiiy e?eoa??y-iieacieea iaiaaeoaaeueiiai /eiieea oi?ioaaiiy
ieaio no?aoaa?/ieo ?iaanoeoe?e (oi?ioea(2)).
Aecia/aiiy ?ici??o iaeaoo aeoe?e, aeinoaoiueiai aeey io?eiaiiy
eiio?ieueieo ooieoe?e, a?oioo?oueny ia ?icaeyae? a?aeiinei
aeaniino? ca?aeii c iieiaeaiiyie onoaiia/iai aeiaiai?o oa noaoooo,
?ici?uaiiy aeoe?e na?aae aeoe?iia??a e ioe?iee ni?aa?aeiioaiiy i?ae
??cieie aeaea?aeaie (oi?iaie) o?iainoaaiiy ni?eueieo ?iaanoeoe?eieo
i?iaeo?a.
Ia aeoieo aaoi?a, iie?oeea o?iainoaaiiy ni?eueieo ?iaanoeoe?eieo
i?iaeo?a ? aea?? iioeiaeueii? noaie ?iciiae?eo eioo?a ca ??cieie
aeaea?aeaie (aea?? oi?i o?iainoaaiiy) aaaeeea? aeey oo?eiaiiy
iaae?eiino? oa e?aaeeoini?iiiaeiino? iioaioe?eiiai aei/??iueiai
i?aei?e?inoaa, aeinyaiaiiy eiio?ieth iaae ae?yeuei?noth i?aei?e?inoaa.
A ?iaio? cai?iiiiiaaii cae?enithaaoe aea?? aeaea?ae o?iainoaaiiy c
o?aooaaiiyi:
a) caaaeueii? aa?oino? i?iaeoo (AI);
a) aa?oino? i?iaeoo, ui o?iaino?oueny ca ?aooiie eioo?a aieiaiiai
i?aei?e?inoaa (Ae);
a) ?ici??o noaoooiiai oiiaeo iioaioe?eiiai aei/??iueiai i?aei?e?inoaa
aei ii/aoeo o?iainoaaiiy (NO);
a) aa?oino? aeanieo cania?a iioaioe?eiiai aei/??iueiai i?aei?e?inoaa ca
aaeainii ia iiiaio ?iaanooaaiiy (A);
ae) aa?oino? iiceeiaeo cania?a iioaioe?eiiai aei/??iueiai i?aei?e?inoaa
ca aaeainii ia iiiaio ?iaanooaaiiy (EC);
a) aa?oino? aeoea?a iioaioe?eiiai aei/??iueiai i?aei?e?inoaa ca aaeainii
ia iiiaio ?iaanooaaiiy (A).
Caaaeueia aa?o?noue i?iaeoo aei??aith? noi? ?iaanoeoe?eieo eioo?a
aieiaiiai i?aei?e?inoaa (Ae) oa eioo?a iioaioe?eiiai aei/??iueiai
i?aei?e?inoaa (EI).
I?eionea?oueny, ui aieiaia i?aei?e?inoai iiaea ia?aoe oi?ie ?iaanooaaiiy
ye o aeaniee eai?oae iioaioe?eiiai aei/??iueiai i?aei?e?inoaa (aeoe??
aeiaeaoeiai? ai?n??; E – ianya ?iaanoeoe?e a aeoe??), oae ? a ai?aia?
ciaia’ycaiiy (iae?aaoe??, iiceee; I – ianya ?iaanoeoe?e o ai?aiao
caai?aiaai?noue).
Iaiaaeaiiy, ye? caaeathoueny aieiaiei i?aei?e?inoaii:
1) i?i?iaeueiee ?ici?? iaeaoo aeoe?e aa?o?noth Emin, ui noaiiaeoue
/anoeo noaoooiiai oiiaeo Bmin;
2) iaeneiaeueiee ?ici?? ai?aiai? neeaaeiai? o aaeain? iioaioe?eiiai
aei/??iueiai i?aei?e?inoaa aa?o?noth Imax, ui a?aeiia?aea? e?eoe/iiio
cia/aiith eiao?oe??ioa aaoiiii?? Ea.
Iine?aeiai?noue aeyaeaiiy ianya?a ?iaanoeoe?e a aeoe?? oa o ai?aia?
ciaia’ycaiiy cia?aaeaii ia ?en.1.
Ianooiiei e?ieii iaoiaeeee ioe?iee no?aoaa?/ieo ?iaanoeoe?e i?e
aa?oeeaeuei?e ?ioaa?aoe?? ? aecia/aiiy ?aaeueii? aa?oino? ia?aiiai
iaeaoo aeoe?e ? ii??aiyiiy c ai?n?eiith oe?iith (aa?o?noth i?iaeaaeo).
?ic?aooiie ?aaeueii? aa?oino? aeoe?e i?iiiio?oueny i?iaiaeeoe ?c
canoinoaaiiyi eiioeaioe?? oa iaoiaeo ioe?iee ?iaanoeoe?eii? aa?oino?
i?aei?e?inoaa e c o?aooaaiiyi aaee/eie neia?aaoe/iiai aoaeoo a?ae
?ioaa?aoe??.
Caaa?oaeueiei aoaiii iaoiaeeee ? oi?ioaaiiy ieaio no?aoaa?/ieo
?iaanoeoe?e AOE, oaoiieia?y neeaaeaiiy yeiai cia?aaeaia ia ?en.2.
Ai?iaaoe?th ?ic?iaeaieo iaoiaee/ieo iieiaeaiue aeeiiaii ia i?eeeaae?
?iaanoeoe?eii? ae?yeueiino? (i?iaeo?a aa?oeeaeueii? ?ioaa?aoe??)
i?aei?e?inoa noae-
1.Iaiao?aeiee ianya 2.Aaeainia? aeai?
iioaioe?eiiai
o?iainoaaiiy aieiaiei aei/??iueiai
i?aei?e?inoaa oa
i?aei?e?inoaii
ia?aiao?e i?iaeoo
Ae
NO,A,EC,A,AI
3.E?eoa??? no?aoaa?/iiai
?iaanooaaiiy
Amin,Ea
4.?ic?aooiie iaiaaeaieo (a?aie/ieo)
?ici???a aeoe?iia?iiai oa ai?aiaiai
o?iainoaaiiy
Emin,Imax
5.Aecia/aiiy ianyao ?iaanoeoe?e a aeoe?? oa
ai?aia?
ciaia’ycaiiy
E,I
?en.1.Noaia iaa?oiooaaiiy ianya?a ? aeaea?ae o?iainoaaiiy ni?eueieo
?iaanoeoe?eieo i?iaeo?a
iiieaaii? eiiiai?? “Oe???/oeio” (i?ae?icae?e 3.3 “Iaa?oiooaaiiy
no?a-oaa?/ieo ?iaanoeoe?e noaeiiieaaii? eiiiai?? “Oe???/oeio””).
Ca aeiiiiiaith ?ic?iaeaieo iaoiaee/ieo iieiaeaiue aeeiiaii oi?ioaaiiy
ieaio no?aoaa?/ieo ?iaanoeoe?e eiiiai?? “Oe???/oeio” c ?icaeyaeii e
ioe?ieith i?iaeo?a aa?oeeaeueii? ?ioaa?aoe?? eiiiai?? ? ??/eiaeo ii?o?a
i?no Ieeiea?a, Aei?i?iiao?ianuee, Oa?nii ? *a?eane. Cie?aia,
cai?iiiiiaaiee aeai?eoi aeai?o oi?i o?iainoaaiiy ni?eueieo
?iaanoeoe?eieo i?iaeo?a ? ?ic?aooieia? aeai? uiaei ?iaanoeoe?eii?
aa?oino? aeoe?e ii?o?a aeicaieeee aecia/eoe ?ici??e eiio?ieueieo iaeao?a
aeoe?e, i?eeiyoe ??oaiiy a?aeiinii o?iainoaaiiy i?iaeo?a (oaae.2).
Oaaeeoey 2
Caaaeai? iieacieee ioe?iee i?iaeo?a aa?oeeaeueii? ?ioaa?aoe?? ANE
“Oe???/oeio” ? i?aei?e?inoa “Ieeiea?anueeee ??/eiaee ii?o”,”Oa?niinueeee
??/eiaee ii?o”,“Aei?i?iiao?ianueeee ??/eiaee ii?o”, “*a?eanueeee
??/eiaee ii?o”
(oen.a?i.)
? i/iIaeiaioaaiiy iieaciee?aIeeiea?a-nueeee ??/eiaee ii?oOa?niinueeee
??/eiaee ii?oAei?i?iiao-?ianueeee ??/eiaee ii?o*a?eanueeee ??/eiaee ii?o
1 2 3 4 5
61Aa?o?noue i?iaeo?a22004100340025002Eiooe ANE
“Oe???/oeio”1955256029001360I?iaeiaaeaiiy oaae.21234563Eiooe
ii?o?a255154050011404Noaoooiee oiiae
(iii?iae aeoe?? – 0,00035)73,1115,6132,356,85Aeani?
caniae24421,629300,533174,618143,66Iiceeia?
caniae1168,35415,61508,221300,47Aeoeae25589,934716,134682,839444,08Ai?n?
eia oe?ia aeoe??0,01950,00780,00490,00659I?i?iaeueiee ?ici?? iaeaoo
aeoe?e, %2626415110Iaeneiaeueiee ?ici?? ai?aiai? neeaaeiai?,
%5030505011?iaanoeoe?? a aeoe??1425,34905,161287,12136012Iaaeaiiy
e?aaeeo?a529,661654,841612,88-13?iaanoeoe?eia aa?o?noue iaeaoo
aeoe?e1804,46939,971444,77709,4214?iaanoeoe?eia aa?o?noue
aeoe??0,024690,00810,00550,004215A?aei?oea i?i noaaeaiiy (+) aai
a?aeoeeaiiy (-) no?aoaa?/ieo ?iaanoeoe?e+++-
Ioaea, aaoi?ii aoee aecia/ai? ianyae ?iaanoeoe?e noaeiiieaaii? eiiiai??
“Oe???/oeio” a aeoe?? oa ai?aia? ciaia’ycaiiy ii?o?a i?no Ieeiea?a,
Oa?nii, Aei?i?iiao?ianuee, ui a?aeiia?aeathoue e?eoa??yi iaae?eiino?
ooieoe?iioaaiiy oa iao? anoaiiaeaiiy eiio?ieth iaae ae?yeuei?noth
i?aei?e?inoa. Iaeii/anii ae??oo?oueny caaea/a iiaoaeiae
aa?oeeaeueii?ioaa?iaaieo ca’yce?a ? iie?eooy aeo?ao ?iaanoeoe?eieo
i?iaeo?a ii?o?a.
I?e ?aae?caoe?? no?aoaa?? aa?oeeaeueii? ?ioaa?aoe?? noaeiiieaaii?
eiiiai?? “Oe???/oeio” aoea aeyaeaia aaee/eia neia?aaoe/iiai aoaeoo a?ae
ai?iaaaeaeaiiy ni?eueieo ?iaanoeoe?eieo i?iaeo?a c “Ieeiea?anueeei
??/eiaei ii?oii”, ui i?aeoaa?aeeei iaiao?aei?noue aeeth/aiiy oeueiai
niaoeeo?/iiai iieacieea o ?ic?aooiie ?aaeueii? aa?oino? aeoe?e i?e
no?aoaa?/iiio ?iaanooaaii?. Ca aeiiiiiaith ?ic?iaeaiiai iieacieea
“iaiaaeoaaeueiee /eiiee oi?ioaaiiy ieaio no?aoaa?/ieo ?iaanoeoe?e”
cae?eniaii iaa?oiooaaiiy ieaio no?aoaa?/ieo ?iaanoeoe?e eiiiai??
“Oe???/oeio” ia 1998 ??e c a?aeiia?aeiith ioe?ieith ?iaanoeoe?eieo
i?iaeo?a ??/eiaeo ii?o?a i?no Ieeiea?a, Oa?nii, Aei?i?iiao?ianuee,
*a?eane oa o?aooaaiiyi ia?aii? no?aoaa?? ?icaeoeo.
2.?ic?aooiie aoaeoeaiino?
3.?ic?aooiie aoaeoeaiino?
3.Iaiaaeoaaeueiee /eiiee oi?ioaaiiy ieaio
no?aoaa?/ieo ?iaanoeoe?e
T
T
(CF2t – I2t)Kot >
(I1t – CF1t)Kot
t=1
t=1
4.Aeeiiaiiy
oiiae ia??aiino?
i?
oae
5.Ieai no?aoaa?/ieo ?iaanoeoe?e
caoaa?aeaeo?oueny
6.?iaanoeoe?? o aei/??i? i?aei?e?inoaa
aeciathoueny oaeeie,ui ia a?aeiia?aeathoue
ia?ai?e ?iaanoeoe?eii? no?aoaa?? AOE
7.Ia?aaeyae ieaio ?iaanoeoe?e:
a) o aieiaia i?aei?e?inoai;
a) o aei/??i? i?aei?e?inoaa
?en.2.Oaoiieia?y oi?ioaaiiy ieaio no?aoaa?/ieo ?iaanoeoe?e AOE
AENIIAEE
?acoeueoaoe, io?eiai? aaoi?ii i?e ae??oaii? i?iaeaie oaeineiiaeaiiy
ieaioaaiiy no?aoaa?/ieo ?iaanoeoe?e aieiaiiai i?aei?e?inoaa e
?iaanoeoe?eieo i?iaeo?a aei/??i?o i?aei?e?inoa ae?iaie/i? oieaeeiaiai?
eiiiai??, aeicaieeee c?iaeoe oae? iniiai? aeniiaee:
1. Iaoeiai iaa?oioiaaia ieaioaaiiy no?aoaa?/ieo ?iaanoeoe?e aeioe?eueii
cae?enithaaoe oeyoii oi?ioaaiiy oe?eueiai? ooieoe?? oa a?aeiia?aeii?
nenoaie iaiaaeaiue no?aoaa?/iiai ?icaeoeo, aeei?enoaiiy iieacieea
“iaiaaeoaaeueiee /eiiee oi?ioaaiiy ieaio no?aoaa?/ieo ?iaanoeoe?e
ae?iaie/i? oieaeeiaiai? eiiiai??”.
2. sse oe?eueiaa ooieoe?y no?aoaa?/iiai ?icaeoeo ae?iaie/i? oieaeeiaiai?
eiiiai?? i?iiiio?oueny ?iaeaen ci?ie aa?oino? aieiaiiai i?aei?e?inoaa ca
ieaiiaee ia??iae i?ae aieeaii ai?iaaaeaeaiiy ?iaanoeoe?eii? no?aoaa??
aieiaiiai i?aei?e?inoaa, cie?aia, iie?oeee no?aoaa?/iiai ?iaanooaaiiy.
3. Aeei?enoaiiy ?ic?iaeaiiai aeai?eoio aeai?o oi?i o?iainoaaiiy
?iaanoeoe?eieo i?iaeo?a aei/??i?o i?aei?e?inoa ca o/anoth aieiaiiai
i?aei?e?inoaa aeicaiey? iaa?oiooaaoe aeioe?euei?noue no?aoaa?/ieo
?iaanoeoe?e ca oiiae io?eiaiiy iaiao?aeiiai ?ici??o iaeaoo aeoe?e ?
aeinyaiaiiy iaiao?aeiiai ??aiy iaae?eiino? ooieoe?iioaaiiy ia’?eoo
?iaanoeoe?e.
4. I?e i?iaaaeaii? ioe?iee aa?oino? eiio?ieueiiai iaeaoo aeoe?e
aeioe?eueii canoiniaoaaoe eiioeaioe?th ?iaanoeoe?eii? aa?oino?, ui
aeicaiey? a?aoiaoaaoe aoaeoeai?noue ni?eueieo ?iaanoeoe?eieo i?iaeo?a.
5. I?e ?ic?aooieo ?iaanoeoe?eii? aa?oino? iaeaoo aeoe?e iaiao?aeiei ?
aeyaeaiiy neia?aaoe/iiai aoaeoo, ui io?eiothoue i?aei?e?inoaa oieaeeiao
a ?acoeueoao? ?ioaa?aoe??.
6. Iaa?oioiaai?noue ?ic?iaeaieo iaoiaee/ieo iieiaeaiue
i?aeoaa?aeaeo?oueny ai?iaaoe??th ia i?eeeaae? ?iaanoeoe?eii?
ae?yeueiino? noaeiiieaaii? eiiiai?? “Oe???/oeio” ? ?? no?oeoo?ieo
i?ae?icae?e?a (??/eiaeo ii?o?a).
7. Cai?iiiiiaaia iaoiaeeea ioe?iee no?aoaa?/ieo ?iaanoeoe?e ae?iaie/i?
oieaeeiaiai? eiiiai?? i?e ?aae?caoe?? no?aoaa?? aa?oeeaeueii?
?ioaa?aoe?? (o?iainiaee aniaeo) aeicaiey? i?eeiaoe ??oaiiy uiaei
?ano?oeoo?ecaoe?? oieaeeia?a.
NIENIE IIOAE?EIAAIEO I?AOeUe
1. Aoaeiee I.Ae. Iniaeeaino? aecia/aiiy ?iaanoeoe?eii? i?eaaaeeaino?
aeoe?e i?eaaoeciaaieo i?aei?e?inoa // I?eaei?i?ianueeee iaoeiaee
a?niee.-1998.-? 31.-n.20-28.
2. Aoaeiee I.Ae. Iaoiaee/i? i?aeoiaee aei ioe?iee iaae?eiino? oa
e?ea?aeiino? aeoe?e i?e ?iaanoeoe?ei?e ae?yeueiino? // Aeiiii?ea oa
i?aei?e?iieoeoai : Ca??iee iaoeiaeo i?aoeue. EIAO. 1998. n.97-102.
3. Aoaeiee I.Ae. ?iaanoeoe?ei? aniaeoe ?ano?oeoo?ecaoe?? i?aei?e?inoa //
I?iaeaie oi?ioaaiiy ?eieiai? aeiiii?ee. Ca??iee iaoeiaeo i?aoeue.
EIAO. 1998. n.82-87.
4. Aieiyinueea A.A., Aoaeiee I.Ae. Iniaeeaino? i?eeiyooy ??oaiue
no?aoaa?/iei ?iaanoi?ii o i?neyi?eaaoecaoe?eiee ia??iae // I?iaeaie
i?aeaeuaiiy aoaeoeaiino? aiaeiiai o?ainii?oo. Ca??iee iaoeiaeo i?aoeue.
IAeIA. 1998. n.23-30.
Iniaenoee aianie caeiaoaa/a iieyaa? o iiaoaeia? aeai?eoio aeai?o oi?i
o?iainoaaiiy ?iaanoeoe?eieo i?iaeo?a i?e no?aoaa?/iiio ?iaanooaaii?.
AIIOAOe??
Aoaeiee I.Ae. I?eeiyooy ?iaanoeoe?eieo ??oaiue i?e ?aae?caoe?? no?aoaa??
aa?oeeaeueii? ?ioaa?aoe??: iaoiaee/i? aniaeoe.-?oeiien.
Aeena?oaoe?y ia caeiaoooy iaoeiaiai nooiaiy eaiaeeaeaoa aeiiii?/ieo iaoe
ca niaoe?aeuei?noth 08.06.01 – aeiiii?ea i?aei?e?inoaa ? i?aai?caoe?y
ae?iaieoeoaa.- Ee?anueeee iaoe?iiaeueiee aeiiii?/iee oi?aa?neoao,
Ee?a, 1999.
Aeine?aeaeaiiy i?enay/aii ieoaiiyi iaoiaee/iiai caaacia/aiiy
iaa?oiooaaiiy ?iaanoeoe?e o a?aeiia?aeiino? c ia?aiith no?aoaa??th
?icaeoeo i?aei?e?inoaa. Cai?iiiiiaaii iiaeaeue no?aoaa?/iiai
?iaanooaaiiy ae?iaie/i? oieaeeiaiai? eiiiai??. Anoaiiaeaii, ui ia
i?aenoaa? ?ic?iaeaiiai iieacieea “iaiaaeoaaeueiee /eiiee oi?ioaaiiy
ieaio no?aoaa?/ieo ?iaanoeoe?e aieiaiiai i?aei?e?inoaa” iiaeia
i?iaiaeeoe aea?? noeoiiino? i?iaeo?a no?aoaa?/ieo ?iaanoeoe?e
(aa?oeeaeueii? ?ioaa?aoe??). ?ic?iaeaii iaoiaeeeo ioe?iee no?aoaa?/ieo
?iaanoeoe?e ae?iaie/i? oieaeeiaiai? eiiiai?? i?e ?aae?caoe?? no?aoaa??
aa?oeeaeueii? ?ioaa?aoe?? (o?iainiaee aniaeo) aeicaiey? iaa?oioiaoaaoe
??oaiiy uiaei ?ioaa?aoe?? c iaeii/aniei ooaaeaiiyi aai a?aeoeeaiiyi
ni?eueieo ?iaanoeoe?eieo i?iaeo?a. Aeyaeaii, ui ioe?iea ?iaanoeoe?eii?
aa?oino? iaeao?a aeoe?e i?e aa?oeeaeuei?e ?ioaa?aoe?? iiaeiia
a?aoiaoaaoe aaee/eio neia?aaoe/iiai aoaeoo. Cai?iiiiiaai? iaoiaee/i?
iieiaeaiiy aeena?oaoe?? ai?iaiaai? ia i?eeeaae? ?iaanoeoe?eii?
ae?yeueiino? i?aei?e?inoa noaeiiieaaii? eiiiai?? “Oe???/oeio”, ui aeaei
iiaeeea?noue c?iaeoe aeniiaie i?i ?o i?aeoe/io oe?ii?noue.
Eeth/ia? neiaa: iaoiaeeea, no?aoaa?y, no?aoaa?/i? ?iaanoeoe??,
aa?oeeaeueia ?ioaa?aoe?y, oieaeeia, neia?aaoe/iee aoaeo.
Aoaeiee A.Ae. I?eiyoea eiaanoeoeeiiiuo ?aoaiee i?e ?aaeecaoeee
no?aoaaee aa?oeeaeueiie eioaa?aoeee: iaoiaee/aneea aniaeou.-?oeiienue.
Aeenna?oaoeey ia nieneaiea o/aiie noaiaie eaiaeeaeaoa yeiiiie/aneeo iaoe
ii niaoeeaeueiinoe 08.06.01- yeiiiieea i?aaei?eyoey e i?aaiecaoeey
i?iecaiaenoaa.- Eeaaneee iaoeeiiaeueiue yeiiiie/aneee oieaa?neoao, Eeaa,
1999.
Enneaaeiaaiea iinayuaii aii?inai iaoiaee/aneiai iaania/aiey iainiiaaiey
eiaanoeoeee a niioaaonoaee n aua?aiiie no?aoaaeae ?acaeoey i?aaei?eyoey.
Iinoaaeaia e ?aoaia i?iaeaia niaeaniaaiey eioa?ania o/anoieeia
no?aoaae/aneiai eiaanoe?iaaiey e enneaaeiaaiey iaoaiecia eo ?aaeecaoeee.
Onoaiiaeaii, /oi ?aoaiea aeaiiie i?iaeaiu naiaeeony e eiiieaeniiio o/aoo
oaeeo aniaeoia: oi?ie?iaaiey no?aoaaee ?acaeoey e i?iaaaeaiey
eiaanoeoeeiiiie no?aoaaee oieaeeiaiaie eiiiaiee (noauaeoa no?aoaae/aneeo
eiaanoeoeee), ii?aaeaeaiey neia?aaoe/aneiai yooaeoa io inouanoaeaiey
aa?oeeaeueiie eioaa?aoeee i?aaei?eyoee oieaeeiaa. I?aaeeiaeaia iiaeaeue
no?aoaae/aneiai eiaanoe?iaaiey i?iecaiaenoaaiiie oieaeeiaiaie eiiiaiee.
Aeoeaioe?oaony aieiaiea ia oii, /oi iao/ii iainiiaaiiia ieaie?iaaiea
no?aoaae/aneeo eiaanoeoeee oeaeaniia?acii inouanoaeyoue i?e iiiiue
oi?ie?iaaiey oeaeaaie ooieoeee e niioaaonoaothuae nenoaiu ia?aie/aiee
no?aoaae/aneiai ?acaeoey. Onoaiiaeaii, /oi ia iniiaa ?ac?aaioaiiiai
iieacaoaey “ia?aie/eoaeueiue oaeoi? oi?ie?iaaiey ieaia no?aoaae/aneeo
eiaanoeoeee aieiaiiai i?aaei?eyoey” aiciiaeai auai? niaieoiiinoe
i?iaeoia no?aoaae/aneeo eiaanoeoeee (i?iaeoia aa?oeeaeueiie
eioaa?aoeee). Enneaaeiaaiea iieacaei, /oi yooaeoeaiinoue no?aoaae/aneeo
eiaanoeoeee i?iecaiaenoaaiiie oieaeeiaiaie eiiiaiee caaeneo io
yooaeoeaiinoe eiaanoeoeee eiiiaiee a ?acaeoea i?iecaiaenoaa aieiaiiai
i?aaei?eyoey. O/ao yoiai oaeoi?a iiiia ?aoeoue caaea/o eii?aeeiaoeee
aeaiiuo iai?aaeaiee eiaanoeoeeiiiie aeayoaeueiinoe eiiiaiee a nenoaia
no?aoaae/aneeo ieaiia. Iiaeaee?iaaiea no?aoaae/aneeo eiaanoeoeee
i?iecaiaenoaaiiie oieaeeiaiaie eiiiaiee iicaieeei niaeaniauaaoue oaeea
eiaanoeoeee n eiaanoeoeeiiiie no?aoaaeae, iauae no?aoaaeae ?acaeoey, /oi
iiauoaao iainiiaaiiinoue i?eiyoey eiaanoeoeeiiiuo ?aoaiee. A ea/anoaa
oeaeaaie ooieoeee no?aoaae/aneiai ?acaeoey i?iecaiaenoaaiiie
oieaeeiaiaie eiiiaiee i?aaeeiaeai eiaeaen eciaiaiey aioo?aiiae noieiinoe
aieiaiiai i?aaei?eyoey a ieaiiaii ia?eiaea iiae aicaeaenoaeai
?aaeecaoeee eiaanoeoeeiiiie no?aoaaee e, a /anoiinoe, iieeoeee
no?aoaae/aneiai eiaanoe?iaaiey. ?ac?aaioai e?eoa?ee iioeiaeueiinoe
ooieoeeiie?iaaiey i?iecaiaenoaaiiiai oieaeeiaa, eioi?ue i?aaenoaaeyao
niaie iaeneiecaoeeth cia/aiey eiaeaena oeaeaaie ooieoeee a ieaiiaii
ia?eiaea n o/aoii: ia?aie/aiey iaiaoiaeeiie ?aioaaaeueiinoe
aeoeeiia?iiai eaieoaea (eniieuecoaony a aeaea noaaee aeeneiioa i?e
?an/aoa aioo?aiiae noieiinoe oieaeeiaa), oeaeaniia?aciinoe ?aaeecaoeee
no?aoaaee ?acaeoey eae aeueoa?iaoeau no?aoaaee eeeaeaeaoeee
(i?aaeiieaaaaony i?aauoaiea aioo?aiiae noieiinoe oieaeeiaa cia/aiey aai
eeeaeaeaoeeiiiie noieiinoe), ?enea aaie?ionoaa (i?aaeiieaaaaony, /oi
cia/aiea eiyooeoeeaioa eeeaeaeiinoe aeieaeii i?aauoaoue aai e?eoe/aneia
cia/aiea). A ?aaioa i?aaeeiaeaia iaoiaeeea ioeaiee no?aoaae/aneeo
eiaanoeoeee i?iecaiaenoaaiiie oieaeeiaiaie eiiiaiee i?e ?aaeecaoeee
no?aoaaee aa?oeeaeueiie eioaa?aoeee (oeiainiaue aniaeo), eioi?ay
iicaieyao iainiiauaaoue ?aoaiey aa?oeeaeueiie eioaa?aoeee e i?eieiaoue
(ioeeiiyoue) niaianoiua eiaanoeoeeiiiua i?iaeou. Iniiaiua iieiaeaiey
iaoiaeeee naiaeyony e ii?aaeaeaieth eiaanoeoeeiiiie i?eaeaeaoaeueiinoe
iaeaoia aeoeee iioaioeeaeueiuo aei/a?ieo i?aaei?eyoee, iainiiaaieth e
auai?o oi?i oeiaine?iaaiey niaianoiuo eiaanoeoeeiiiuo i?iaeoia (n
o/anoeai aieiaiiai i?aaei?eyoey), ioeaiea noieiinoe iaeaoa aeoeee
iauaeoa eiaanoe?iaaiey, ii?aaeaeaieth ieaia no?aoaae/aneeo eiaanoeoeee
i?iecaiaenoaaiiie oieaeeiaiaie eiiiaiee a nenoaia caaeaiiuo
no?aoaae/aneeo oeaeae. Ii?aaeaeaiea aaee/eiu eiio?ieueiiai iaeaoa aeoeee
i?aaeeaaaaony inouanoaeyoue ia iniiaa ?anniio?aiey: ioiioaiee
nianoaaiiinoe ii aeaiiui o/?aaeeoaeueiiai aeiaiai?a, onoaaa, ?aciauaiey
aeoeee; ioeaiee niioiioaiey iaaeaeo ?aciuie oi?iaie oeiaine?iaaiey
niaianoiuo eiaanoeoeeiiiuo i?iaeoia. ?ac?aaioai aeai?eoi auai?a oi?i
oeiaine?iaaiey eiaanoeoeeiiiuo i?iaeoia aei/a?ieo i?aaei?eyoee i?e
o/anoee aieiaiiai i?aaei?eyoey. I?e iiiiue aeaiiiai aeai?eoia aiciiaeii
iainiiaaiea oeaeaniia?aciinoe no?aoaae/aneeo eiaanoeoeee n o/aoii
?acia?a iaeaoa aeoeee e o?iaiy iaaeaaeiinoe ooieoeeiie?iaaiey iauaeoa
eiaanoeoeee. A ?aaioa oniaa?oainoaiaaia iaoiaeeea ioeaiee noieiinoe
eiio?ieueiiai iaeaoa aeoeee ia iniiaa eniieueciaaiey eiioeaioeee
eiaanoeoeeiiiie noieiinoe, eioi?ay iicaieyao i?eieiaoue ai aieiaiea
yooaeoeaiinoue niaianoiuo eiaanoeoeeiiiuo i?iaeoia. Onoaiiaeaii, /oi
ioeaiea eiaanoeoeeiiiie noieiinoe iaeaoia aeoeee i?e aa?oeeaeueiie
eioaa?aoeee aeieaeia o/eouaaoue aaee/eio neia?aaoe/aneiai yooaeoa. Yoi
iiaeoaa?aeaeaaony i?iaaaeaiiuie i?aeoe/aneeie ?an/aoaie –
neia?aaoe/aneee yooaeo i?iyaeeny a ?acoeueoaoa ?aaeecaoeee niaianoiuo
eiaanoeoeeiiiuo i?iaeoia noaeioiaeiie eiiiaiee “Oe??a/oeio” e
i?aaei?eyoey “Ieeieaaaneee ?a/iie ii?o”. I?aaeeiaeaiiua iaoiaee/aneea
iieiaeaiey ai?iae?iaaiu ia i?eia?a eiaanoeoeeiiiie aeayoaeueiinoe
i?aaei?eyoee noaeioiaeiie eiiiaiee “Oe??a/oeio”, /oi iicaieeei naeaeaoue
auaiae i eo i?aeoe/aneie oeaiiinoe.
Eeth/aaua neiaa: iaoiaeeea, no?aoaaey, no?aoaae/aneea eiaanoeoeee,
aa?oeeaeueiay eioaa?aoeey, oieaeeia, neia?aaoe/aneee yooaeo.
Budnyk A. Methodical aspects of making investment decisions for the
strategy of vertical integration.- Manuscript.
Thesis for a candidate’s degree by speciality 08.06.01 economics of
enterprise and production organization.- Kyiv National Economic
University, Kyiv, 1999.
The dissertation is devoted to the methodical aspects of substantiation
of the investments according to the strategy. There is the model of
direct investments of production holding company. There is established
that the index “limit factor of forming of the direct investment plan”
makes possible to select the direct investments projects (projects of
vertical integration). The method of direct investments evaluation of
production holding company makes possible to substantiate desicions of
vertical integration and to choose joint investments projects. There is
established that an evaluation of share holdings investment value
includes synergy effect for vertical integration. Approbation of the
methodical elaborations has proved its practical significanse (on the
base of investment activity of the shipping company “Ukrrichflot” and
its subdivisions).
Key words: method, strategy, direct investments, vertical
integration, holding, synergy effect.
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