10

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

E?th/eia A?oae?e Ieaaiae/

OAeE [001.895+330.322]:656.2

?AA?IIAEUeII-AAEOCAA? ANIAEOE OI?AAE?IIss ?IAANOEOe?EIEIE OA
?IIIAAOe?EIEIE I?IOeANAIE

(ia i?eeeaae? cae?cie/iiai o?ainii?oo)

Niaoe?aeuei?noue 08.02.02 – Aeiiii?ea oa oi?aae?iiy iaoeiai-oaoi?/iei
i?ia?anii, ?iaanoeoe?ei? oa ?iiiaaoe?ei? i?ioeane

Aaoi?aoa?ao aeena?oaoe?? ia caeiaoooy iaoeiaiainooiaiy eaiaeeaeaoa
aeiiii?/ieo iaoe

NOIE – 1998

Aeena?oaoe??th ? ?oeiien

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

Iaoeiaee ea??aiee – eaiaeeaeao aeiiii?/ieo iaoe Aeoo/aiei Ieaa
Ieeieaeiae/, Oe?a?inueea aeaaeai?y aaie?anueei? ni?aae, aeioeaio
eaoaae?e aeiiii?ee oa oaoiieia?? ae?iaieoeoaa

Io?oe?ei? iiiiaioe – aeieoi? aeiiii?/ieo iaoe Caaei?iaeiee A?eai??e
Aaneeueiae/, Oa?e?anueeee aea?aeaaiee oi?aa?neoao, i?ioani? eaoaae?e
aeiiii?/ii? oai??? oa aeiiii?/ieo iaoiae?a oi?aae?iiy

eaiaeeaeao aeiiii?/ieo iaoe *eaeia Eaa Iao?iae/, ia/aeueiee oi?aae?iiy
c ieoaiue aeiiii?ee oa oe?iiai? iie?oeee Noinueei? iaeanii? aea?aeaaii?
aaei?i?no?aoe??

I?ia?aeia onoaiiaa Noinueeee aea?aeaaiee oi?aa?neoao I?i?noa?noaa ina?oe
Oe?a?ie, i. Noie

Caoeno a?aeaoaeaoueny «___» ____________ 1998 ?ieo i _____ aiaeei? ia
can?aeaii? niaoe?ae?ciaaii? a/aii? ?aaee Ae 55.081.01 Oe?a?inueei?
aeaaeai?? aaie?anueei? ni?aae ca aae?anith: i. Noie, aoe. Niai?ia, 39,
aoae. 204.

C aeena?oaoe??th iiaeia iciaeiieoeny o a?ae?ioaoe? Oe?a?inueei?
aeaaeai?? aaie?anueei? ni?aae, i. Noie, aoe. Niai?ia, 39.

Aaoi?aoa?ao ?ic?neaiee __________________

A/aiee nae?aoa? niaoe?ae?ciaaii?a/aii? ?aaee A.A. Eiaaeaiei

CAAAEUeIA OA?AEOA?ENOEEA ?IAIOE

Aeooaeuei?noue oaie aeine?aeaeaiiy

Ia nueiaiaei?oi?e aeaiue a Oe?a?i? 64 % noia?iiai aaioaaeiiai?ioo ? 61 %
ianaaee?iiai?ioo i?eiaaea? ia cae?cie/iee o?ainii?o. Aoaeo/e aaciaith
aaeoccth ia?iaeiiai ainiiaea?noaa ? no?aoaa?/iith eaieith ?aeeii?
o?ainii?oii? nenoaie aea?aeaae, cae?cie/iee o?ainii?o iiaiith i??ith
aei?iaiao? ia nia? an? iane?aeee aeiiii?/ii? e?ece. Iacaaaeath/e ia
iiooaeio iaoa??aeueii-oaoi?/io aaco, ?aioaaaeuei?noue ia?aaacaiue
ciaioeeany c 30 % o 1990 ?. aei 2,5 % o 1997 ?. Caeoee a?ae
ianaaee?nueeeo ia?aaacaiue o 1996 ?. neeaee 930 iei. a?i. ??cei
caaino?eeeny ? iaaoee iiai? niaoeeo?ee i?iaeaie o?iainoaaiiy aaeoc?.
Oaiie a?aeiiaeaiiy iniiaieo oiiae?a ca inoaii? ?iee cieceeeny a 10
?ac?a. Iio?aao? aaeineiiaeaiiy oa?eoia iie?oeea ? nenoaia oi?aae?iiy
o?ainii?oieie iioieaie.

Cae?cie/iiai o?ainii?oo, iniaeeai eiai ianeoaiaoth/i? ?io?ano?oeoo?e,
oi?eioeeny oaeiae i?iaeaie ?icaea?aeaaeaiiy aeaniino? ? i?eaaoecaoe??,
oi?iaaaeaeaiiy ?eieiaeo i?eioeei?a iae?eo, ieaioaaiiy ? ?iciiae?eo
?acoeueoao?a ainiiaea?nueei? ae?yeueiino?.

Oaeaeea aeaoeaio?ae?caoe?y nenoaie oi?aae?iiy ? ?icaeoie ?eieiaeo
iaoai?ci?a ia o?ainii?o? aeyaeee iai?eaeaoi?noue noa?eo iaoiae?a ioe?iee
aoaeoeaiino? oi?aae?inueeeo ??oaiue, iia’ycaieo c iioei?caoe??th
o?iainiaeo iioie?a, ?iaanooaaiiyi iaiaaeaieo ?ano?n?a, ?iiiaaoe?eiith
ae?yeuei?noth.

sse ? ne?aeoaaei i/?eoaaoe, i?yia caiice/aiiy ca?oa?aeiiai aeina?aeo
oi?aae?iiy nioe?aeueii-aeiiii?/ieie i?ioeanaie ia o?ainii?o? a ?eieiaeo
oiiaao oa eiai ia?aianaiiy a oe?a?inueeo i?aeoeeo iiceoeaieo
?acoeueoao?a ia aeaei. A oie aea /an, oe?eeii i/aaeaeii, ui a?o/eciyi?
?ic?iaee a aaeoc? oai??? oi?aae?iiy, o?iainiaiai aiae?co e ioe?iee
aoaeoeaiino? eai?oaeueieo aeeaaeaiue o nai?o iniiaao ia a??oa
caei?aeiiieo ? ia noia?a/aoue caaaeueiiaeciaiei o na?oia?e i?aeoeoe?
i?eioeeiai oa i?aeoiaeai. ?nio? eeoa iaiao?aei?noue e?ea?aeaoe?? aeayeeo
iaiaaeaiue, iia’ycaieo ?c oeaio?ae?caoe??th ieaioaaiiy e oi?aae?iiy, ?
aaeaioaoe?? iayaiiai aeina?aeo aei iiaeo oiia.

Oaeei /eiii, aeooaeuei?noue oaie aeena?oaoe?eiiai aeine?aeaeaiiy
iaoiiaeaia iaiao?aei?noth:

Ё eiiieaeniiai aiae?co no/anieo i?iaeai ? ia?niaeoea ?icaeoeo aaeoc? a
oiiaao oi?ioaaiiy ?eieiaeo a?aeiinei;

? ?icaeoeo iaoiaee/ieo iniia ? i?aeoe/ii? aace aeey ai?iaaaeaeaiiy
i?ia?aneaieo iaoiae?a oi?aae?iiy cae?cie/iei o?ainii?oii c o?aooaaiiyi
a?o/eciyiiai e ca?oa?aeiiai aeina?aeo;

? oaeineiiaeaiiy iaoiaeieia?? ? iaoiae?a ioe?iee aeiiii?/ii?
aoaeoeaiino? ?iaanoeoe?eii? ae?yeueiino? ia iniia? o?aooaaiiy niaoeeo?ee
cae?cie/iiai o?ainii?oo, oaeoi??a ?eceeo ? iaaecia/aiino?,
nioe?aeueii-aeieia?/ieo oaeoi??a;

? oi?ioaaiiy i?aai?caoe?eii-iaoiaee/ii? oa oaoi?ei-aeiiii?/ii? aace aeey
i?aeaeuaiiy aeinoia??iino? ? oi/iino? o?iainiai-aeiiii?/ieo ?ic?aooie?a.

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

Oaia aeena?oaoe?eiiai aeine?aeaeaiiy ni?aiaaea? c iai?yieaie
aea?aeathaeaeaoieo, ?aa?iiaeueieo ? aaeocaaeo iaoeiai-oaoi?/ieo i?ia?ai,
cie?aia «Noaia ?icaeoeo oa ?ici?uaiiy cae?cie/iiai o?ainii?oo Oe?a?ie
aei 2000 ?. c o?aooaaiiyi iiaeaeueoi? ia?niaeoeae» (1994 ?.),
«Oaeineiiaeaiiy oaoi?/ieo oa oaoiieia?/ieo ia?aiao??a ianaaee?nueeeo
i?eei?aeiiieo noaioe?e I?aaeaiii? cae?cieoe?» (? Ae? 0197U003559),
«Aea?aeaaia ?aaoethaaiiy ?eieiaeo a?aeiinei a Oe?a?i?» (Ae??A ? 01008714
?), «?ic?iaea eiioeaioe?? aecia/aiiy ?iaanoeoe?eii? i?eaaaeeaino?
i?aei?e?inoa Noinueei? iaeano?» (caiiaeaiiy Noinueei? iaeanii?
aea?aeaaei?i?no?aoe??, 1998 ?.).

Iaoeia? ?acoeueoaoe, oai?aoe/i? iieiaeaiiy oa aeniiaee aeine?aeaeaiiy,
ui cai?iiiiiaai? aaoi?ii, aoee aeei?enoai? i?e:

? ?ic?iaoe? a?cian-ieaio ?iaanoeoe?eiiai i?iaeoo ?icaeoeo
aaaiiiaoae?aii? aace ia E?aiai/ooeueeiio aaaiiiaoae?aiiio caaiae? ?
oaoi?ei-aeiiii?/iiai ia??oiooaaiiy i?iaeoo aeaeo?eo?eaoe?? ae?eueieoe?
Ethaioei – Iieoaaa I?aaeaiii? cae?cieoe?;

? i?aeaioiaoe? i?iiiceoe?e uiaei oaeineiiaeaiiy iaoiae?a aenia?oii?
ioe?iee iaeia i?aei?e?inoa i?ae /an i?eaaoecaoe?? ca?aeii c Oaiaeith i?i
ni?eueio ae?yeuei?noue i?ae Oe?a?inueeith aeaaeai??th aaie?anueei?
ni?aae oa Oiiaeii aea?aeiaeia Oe?a?ie ? 163 a?ae 25.03.98 ?.;

? aeeiiaii? aini?ic?aooieiai? oaie ia caiiaeaiiy Noinueeiai ae?iaie/iai
i?aei?e?inoaa cae?cie/iiai o?ainii?oo «Aenia?oia ioe?iea aa?oino? iaeia
oa aecia/aiiy ?ici???a i?aiaeii? ieaoe» (aeiaia?? ? 123 a?ae 21.11.97
?.).

Iaoa??aee aeena?oaoe?eii? ?iaioe ai?iaaaeaeai? oaeiae o iaa/aeuei? eo?ne
Oe?a?inueei? aeaaeai?? aaie?anueei? ni?aae (aeenoeeie?ie «Iniiae
a?ciano», «O?iaine i?aei?e?inoa», «Aenia?oeca e ioe?iea iaeia,
iaiaoa??aeueieo aeoea?a oa a?ciano»).

Iaoa ? caaea/? aeine?aeaeaiiy

Iaoith aeine?aeaeaiiy ? oaeineiiaeaiiy oai?aoe/ieo ? i?aeoe/ieo iniia
oi?aae?iiy cae?cie/iei o?ainii?oii o no/anieo oiiaao, ?ic?iaea iaoiae?a
ioe?iee aeiiii?/ii? aoaeoeaiino? ?iaanoeoe?eii? oa ?iiiaaoe?eii?
ae?yeueiino? c o?aooaaiiyi aioo??oiueiaaeocaaeo, iicaaaeocaaeo ?
?aa?iiaeueieo oaeoi??a, a oaeiae iaoeiai iaa?oioiaaieo ?aeiiaiaeaoe?e
uiaei ?o aeei?enoaiiy a ia?iaeiiio ainiiaea?noa? i?e aeai?? aa??aio?a
ainiiaea?nueeiai ?icaeoeo.

A?aeiia?aeii aei iinoaaeaii? iaoe aecia/ai? ianooii? caaea/?
aeine?aeaeaiiy:

? anoaiiaeoe ?ieue ? i?noea cae?cie/iiai o?ainii?oo ia no/aniiio aoai?
?eieiaeo ?aoi?i, i?iaeaie oa ia?niaeoeae eiai ?icaeoeo;

? aea/eoe a?o/eciyiee ? ca?oa?aeiee aeina?ae iiaoaeiae iioeiaeueieo
nenoai oi?aae?iiy aaeoccth c oi/ee ci?o iiaeeeaino? eiai canoinoaaiiy a
Oe?a?i?;

? i?iaiae?coaaoe ?nioth/? i?aeoiaee aei ioe?iee aeiiii?/ii?
aeioe?eueiino? ?iaanoeoe?e c o?aooaaiiyi iniaeeainoae ia’?eoa
aeine?aeaeaiiy oa ianooiii? ?ioaa?aoe?? niaoeeo?/ieo aeaiaio?a ?
iieaciee?a o iaoiaee/ia caaacia/aiiy, ui ?ic?iaey?oueny;

? ianoaaeeoe aieea oaeoi??a /ano, ?eceeo ? iaaecia/aiino?, a oaeiae
aoaeo?a o noi?aeieo aaeocyo ia aoaeoeai?noue ooieoe?iioaaiiy
o?ainii?oieo nenoai;

? ?ic?iaeoe iaoiaee ioe?iee ? ieaioaaiiy iioeiaeueiiai ?ici??o aeo?ao o
?icaeoie cae?cie/iiai o?ainii?oo a oiiaao iaiaaeaiino? o?iainiaeo
?ano?n?a;

? ?ic?iaeoe e iaa?oiooaaoe eiie?aoi? ?aeiiaiaeaoe?? uiaei oaeineiiaeaiiy
oi?aae?iiy ?iaanoeoe?eieie oa ?iiiaaoe?eieie i?ioeanaie ia cae?cie/iiio
o?ainii?o?.

Iaoeiaa iiaecia io?eiaieo ?acoeueoao?a

Iaoeiaa iiaecia aeena?oaoe?eiiai aeine?aeaeaiiy iieyaa? o ianooiiiio:

? nenoaiaoeciaai? oa eeaneo?eiaai? iniiai? i?iaeaie ?icaeoeo
cae?cie/iiai o?ainii?oo, ?ice?eoa ?o i?e?iaea oa iaa?oioiaai? eeth/ia?
iai?yiee iiaeieaiiy aeiiii?/ii? e?ece;

? ooi/iai? oa aeiiiaiai? oai?aoe/i? iieiaeaiiy i?i ?ieue oa i?noea
ie?aieo iieaciee?a ? oaeoi??a aeiiii?/ii? aoaeoeaiino? i?e ae??oaii?
iioei?caoe?eieo caaea/ ia cae?cie/iiio o?ainii?o?;

? oia?oa ?ic?iaeaia iaoiaeeea ioe?iee e ieaioaaiiy ?ici??o ?iaanoeoe?e o
?icaeoie cae?cie/iiai o?ainii?oo ia iniia? ii?iaoeaii-ia?aiao?e/iiai
i?aeoiaeo;

? ?ic?iaeai? i?eioeeie ? iaoiaee o?aooaaiiy aieeao
?aa?iiaeueii-aaeocaaeo ? aeieiai-aeiiii?/ieo oaeoi??a ia aoaeoeai?noue
?iaanoeoe?eieo i?iaeo?a;

? oaeineiiaeaii iaoiaeeeo ioe?iee aeiiii?/ii? aoaeoeaiino?
ooieoe?iioaaiiy cae?cie/ieo ia’?eo?a c o?aooaaiiyi o?ainii?oieo ?ecee?a;

? ?ic?iaeai? iaoiaee/i? i?aeoiaee aei aenia?oii? ioe?iee ?eieiai?
aa?oino? ?io?ano?oeoo?e cae?cie/iiai ainiiaea?noaa.

I?aeoe/ia cia/aiiy io?eiaieo ?acoeueoao?a

I?aeoe/ia oe?ii?noue aeine?aeaeaiiy iieyaa? a oiio, ui iaaaaeai? a
?iaio? aeiiiaiaiiy e ooi/iaiiy iaoiaee/ieo iniia ioe?iee aeiiii?/ii?
aoaeoeaiino? ?iaanoeoe?e oa ?iiiaaoe?e aeicaieythoue i?aeaeueoe
aeinoia??i?noue ? oi/i?noue ioe?iie, ui canoiniaothoueny aeey i?eeiyooy
ainiiaea?nueeeo oa oi?aae?inueeeo ??oaiue o aaeoc? ?icaeoeo cae?cie/iiai
o?ainii?oo ? eiai aca?iiae?? ?c noi?aeieie naeoi?aie aeiiii?ee.

O ?iaio? cai?iiiiiaai? eiie?aoi? iaoiaee/i? ?aeiiaiaeaoe?? uiaei ioe?iee
i?i?iaeueieo ?ici???a ?iaanoeoe?e o aoae?aieoeoai, ?aeiino?oeoe?th ?
oaoi?/ia ia?aica?i?iiy aaeoc?, o?aooaaiiy aieeao ?aa?iiaeueii-aaeocaaeo
? aeieia?/ieo oaeoi??a ia iieacieee aoaeoeaiino?, i?aeoiaee aei
i?iaiicoaaiiy a?ioiaeo iioie?a oa iaa?oiooaaiiy noaaie eai?oae?caoe??
(aeeneiiooaaiiy).

?acoeueoaoe aeine?aeaeaiiy iiaeooue aeei?enoiaoaaoeny i?e ae??oaii?
oaeeo caaea/ ye: aecia/aiiy i??i?eoaoieo iai?yie?a ?icaeoeo aaeoc?,
?aiaeoaaiiy ?iaanoeoe?eieo i?iaeo?a, ioe?iea aeiiii?/ii? aoaeoeaiino?
aeaeo?eo?eaoe?? o?ainii?oo ? eiioaeia?ecaoe?? ia?aaacaiue, noai?aiiy
o?ainii?oieo ei?eaei??a ? nenoaie ci?oaieo eiio?aeea?ieo ia?aaacaiue,
?icaeoeo aaaiiiaoae?aii? aace ? o.ae.

Iniaenoee aianie caeiaoaa/a

Iniaenoi caeiaoaa/ai aoee io?eiai? ianooii? ?acoeueoaoe aeine?aeaeaiiy:

? nenoaiaoeciaai? e?eoa??? ? oaeoi?e i?aeaeuaiiy aoaeoeaiino? ?iaioe
cae?cie/iiai o?ainii?oo ia iniia? noai?aiiy nenoaie iioeiaeueiiai
oi?aae?iiy ?iaanoeoe?eieie oa ?iiiaaoe?eieie i?ioeanaie;

? oai?aoe/ii iaa?oioiaaia iaiao?aei?noue aaeaioaoe?? caaaeueiiaeciaieo
iaoiae?a ioe?iee aoaeoeaiino? ?iaanoeoe?eieo ??oaiue aei
oaoi?ei-aeiiii?/ieo, oaoiieia?/ieo, o?iainiaeo, ?aa?iiaeueieo oa ?ioeo
iniaeeainoae cae?cie/iiai o?ainii?oo;

? ?ic?iaeai? oai?aoe/i? ? iaoiaee/i? i?aeoiaee aei ioe?iee ?ici???a
?iaanoeoe?e o ??ci? iai?yiee ?icaeoeo cae?cie/iiai ainiiaea?noaa ia aac?
ii?iaoea?a ieoiieo eai?oaeueieo aeeaaeaiue;

? oaeineiiaeai? iaoiaee aecia/aiiy noaaie eai?oae?caoe?? ?
aeeneiiooaaiiy a?ioiaeo iioie?a o caeaaeiino? a?ae iieaciee?a
o?ainii?oiiai ?eceeo, a oaeiae i?aeoiaee aei i?iaiicoaaiiy iieaciee?a
i?eaooeiaino?;

? oaeineiiaeai? iaoiaee aenia?oii? ioe?iee ?eieiai? aa?oino? ia’?eo?a
o?ainii?oii? ?io?ano?oeoo?e;

? i?iaaaeaii ?ic?aooiee o?iainiaeo iieaciee?a ?aaeueieo i?iaeo?a
?icaeoeo aaaiiiaoae?aii? aace oa aeaeo?eo?eaoe?? ae?eueieoe? I?aaeaiii?
cae?cieoe?.

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

Iniiai? iieiaeaiiy ? aeniiaee aeena?oaoe?eii? ?iaioe aeiiia?aeaeeny
aaoi?ii ? iaaiai?thaaeeny ia iaoeiaeo, oaoi?/ieo oa i?aeoe/ieo
eiioa?aioe?yo, cie?aia: ae?oa?e I?aeia?iaei?e iaoeiai-oaoi?/i?e
eiioa?aioe?? «Aeooaeuei? i?iaeaie ?icaeoeo cae?cie/iiai o?ainii?oo»
(aa?anaiue 1996 ?., Iineaa); ia?o?e Anaoe?a?inuee?e iaoeiai-i?aeoe/i?e
eiioa?aioe?? «Oai??y ? i?aeoeea i?eaaoecaoe?? oa ioe?iee iaeia:
o?ainoi?iaoe?y na?oiaiai aeina?aeo» (aeiaoaiue 1997 ?., Noie);
/aoaa?oiio eiia?an? «Aoaeoeai?noue ?aoi?ioaaiiy oe?a?inueei? aeiiii?ee»
(o?aaaiue 1998 ?., Ee?a); I?aeia?iaei?e iaoeiai-i?aeoe/i?e eiioa?aioe??
«Aeiiii?/ia iie?oeea ? ni?a?ia?oieoeoai ?aa?ii?a Oe?a?ie oa ?in??:
i?iaeaie ? ia?niaeoeae» (o?aaaiue 1998 ?., Noie).

Iaoa??aee aeine?aeaeaiue aeieeaaeaeeny ia eiioa?aioe??
i?ioani?nueei-aeeeaaeaoeueeiai neeaaeo, ni?a?ia?oiee?a, ani??aio?a,
caeiaoaa/?a ? nooaeaio?a Oe?a?inueei? aeaaeai?? aaie?anueei? ni?aae
(ea?oaiue 1998, Noie). Iniiaia /anoeia io?eiaieo aaoi?ii ?acoeueoao?a
aeine?aeaeaiiy iioae?eiaaia oaeiae o iaoeiaeo aeaeaiiyo.

Iaoeia? ioae?eaoe??

?acoeueoaoe aeine?aeaeaiiy iioae?eiaai? a 6 iaoeiaeo i?aoeyo caaaeueiei
ianyaii 5,6 ae?oeiaaieo a?eoo?a, c yeeo iniaenoi aaoi?o iaeaaeaoue 4,2
ae?oeiaaieo a?eoo?a.

No?oeoo?a ? ci?no ?iaioe

Aeena?oaoe?y neeaaea?oueny c anooio, o?ueio aeaa, aeniiae?a, nieneo
aeei?enoaieo aeaea?ae ? o?ueio aeiaeaoe?a.

Iiaiee ianya aeena?oaoe?? neeaaea? 179 noi??iie iniiaiiai oaenoo ? 5
aeiaeaoe?a. ?iaioa i?noeoue 19 oaaeeoeue, 6 ?ethno?aoe?e. Ia?ae?e
aeei?enoaieo aeaea?ae ia?aoiao? 146 iaeiaioaaiue.

O anooi? iaa?oioiao?oueny aeooaeuei?noue oaie aeine?aeaeaiiy,
oi?ioeththoueny iaoa, iniiai? caaea/?, i?aaeiao ? ia’?eo aeine?aeaeaiiy,
oa?aeoa?eco?oueny iaoeiaa iiaecia ? i?aeoe/ia oe?ii?noue io?eiaieo
?acoeueoao?a, ?o ai?iaaoe?y.

O ia?oiio ?icae?e? — «Oai?aoe/i? iniiae oi?aae?iiy ?iaanoeoe?eieie oa
?iiiaaoe?eieie i?ioeanaie ia o?ainii?o? a oiiaao ia?ao?aeii? aeiiii?ee»
— ?icaeyiooi no/ani? i?iaeaie ? ia?niaeoeae ?icaeoeo cae?cie/iiai
o?ainii?oo a oiiaao ia?ao?aeiiai ia??iaeo ? oeyoe iiaeieaiiy aeiiii?/ii?
e?ece. Ia iniia? a?o/eciyiiai oa ca?oa?aeiiai aeina?aeo aeeiiaiee aiae?c
iaoiaeieia?/ieo i?eioeei?a oi?ioaaiiy iioeiaeueii? nenoaie oi?aae?iiy
?iaanoeoe?eiith ae?yeuei?noth ia o?ainii?o?. O /ene? oaeoi??a, ui
aecia/athoue no/anio aoaeoeai?noue o?ainii?oieo nenoai, aeaoaeueii
?icaeyioo? oaeoi?e /ano, ?eceeo ? iaaecia/aiino?, aeieia?/i? oaeoi?e.

O ae?oaiio ?icae?e? — «Iaoiaee/ia caaacia/aiiy ioe?iee aoaeoeaiino?
?iaanoeoe?eii? ae?yeueiino? ia cae?cie/iiio o?ainii?o?» —
nenoaiaoeciaai? oa aaeineiiaeai? c o?aooaaiiyi aaeocaai? niaoeeo?ee
i?eioeeie ? iaoiaee ioe?iee aeiiii?/ii? aoaeoeaiino? eai?oaeueieo
aeeaaeaiue. Ia iniia? ?nioth/eo iaoiaee/ieo ?ic?iaie ? aeanieo
aeine?aeaeaiue cai?iiiiiaaia iaoiaeeea ioe?iee ?ici??o ?iaanoeoe?e o
?icaeoie cae?cie/iiai o?ainii?oo a oiiaao iaiaaeaiino? o?iainiaeo
?ano?n?a, a oaeiae iaoiaeeea ioe?iee aoaeoeaiino? aeei?enoaiiy
o?ainii?oii? ?io?ano?oeoo?e. ?ic?iaeaii iaoiaee o?aooaaiiy
?aa?iiaeueii-aaeocaaeo iniaeeainoae oi?aae?iiy ?iaanoeoe?eieie ?ano?naie
cae?cie/iiai o?ainii?oo.

O?ao?e ?icae?e — «I?eeeaaei? ieoaiiy i?aeaeuaiiy aoaeoeaiino? oi?aae?iiy
cae?cie/iei o?ainii?oii» — i?enay/aiee eiie?aoiei iai?yieai i?aeoe/iiai
canoinoaaiiy iaoiaee/ieo ?ic?iaie, ui iaaaaeai? o iiia?aaei?o ?icae?eao.
Cie?aia, ?ethno?othoueny i?aeoiaee aei aenia?oii? ioe?iee ?eieiai?
aa?oino? ia’?eo?a o?ainii?oii? ?io?ano?oeoo?e. Iaaaaeai? ?acoeueoaoe
?ic?aooie?a aoaeoeaiino? ?aaeueieo ?iaanoeoe?eieo i?iaeo?a noai?aiiy
aaaiiiaoae?aiiai ae?iaieoeoaa oa aeaeo?eo?eaoe?? cae?cie/ii?
ae?eueieoe?.

O aeniiaeao iaaiaeyoueny ocaaaeueiai? ?acoeueoaoe i?iaaaeaieo
aeine?aeaeaiue, ia i?aenoaa? yeeo aeathoueny a?aeiia?aei? ?aeiiaiaeaoe??
uiaei ?o i?aeoe/iiai canoinoaaiiy, a oaeiae iiaeeea? iai?yiee
iiaeaeueoeo iaoeiai-aeine?aeieo ?ia?o o aaeoc? oi?aae?iiy cae?cie/iei
o?ainii?oii.

Aeiaeaoee i?noyoue aeiiii?aeio oeeo?iao ?ioi?iaoe?th, oaaee/i? aeai?,
i?ii?aei? iaoaiaoe/i? ?ic?aooiee oa ?ioee ?ethno?aoeaiee iaoa??ae.

INIIAIEE CI?NO AeENA?OAOe??

Aeine?aeaeoth/e no/aniee noai, i?iaeaie oa ia?niaeoeae ?icaeoeo
cae?cie/iiai o?ainii?oo Oe?a?ie, iaiao?aeii eiinoaooaaoe, ui
iacaaaeath/e ia ?icaeiaio ?io?ano?oeoo?o ? iiooaeiee ae?iaie/ee
iioaioe?ae, o?iainiai-aeiiii?/iee ? oaoi?/iee noai aaeoc? ia nueiaiaei?
aeineoue aaaeeee. Aeey iiaeieaiiy e?eciaeo yaeu iaiao?aei? cia/i?
?iaanoeoe?? a oaoi?/ia ia?aica?i?iiy, ?aeiino?oeoe?th ? iiaea?i?caoe?th
iniiaieo oiiae?a. A?aoiaoth/e aeao?oeeo aea?aeaaieo o?iainiaeo ?ano?n?a
? iaiiaeeea?noue ?iaanooaaiiy a?aeoai?thaaeueieo i?ioean?a ca ?aooiie
aeanieo eioo?a, ia ii?yaeeo aeaiiiio noi?oue aeaa aeooaeueieo ieoaiiy:
i?aeaeuaiiy aoaeoeaiino? aeei?enoaiiy iayaieo iaiaaeaieo ?ano?n?a aaeoc?
? noai?aiiy oiia aeey caeo/aiiy iiceeiaiai eai?oaeo, ianaiia?aae eioo?a
ca?oa?aeieo ?iaanoi??a.

?noioiei oaeoi?ii i?aeaeuaiiy ?aioaaaeueiino? cae?cieoeue ? ca?eueoaiiy
ianya?a a?ociianaaee?iia?aaacaiue ? oaeineiiaeaiiy oa?eoii? iie?oeee. C
iaeiiai aieo, oa?eoe iiaeii? caaacia/oaaoe naiiieoii?noue aaeoc? ia
??ai?, aeinoaoiueiio aeey ?icoe?aiiai a?aeoai?aiiy ainiiaea?nueei?
ae?yeueiino?, c ?ioiai aieo, iiaeii? a?aeiia?aeaoe ?aaeueiiio
ieao?aeiiio aaeaino, yeee neeaany o ia?iaeiiio ainiiaea?noa?. Ca?ac
oa?eoia iie?oeea ?aaoeth?oueny ca ?ioeyoe?eiei i?eioeeiii, ui ia
a?aeiia?aea? ?ioa?anai aaeoc? ? niiaeeaa/?a o?ainii?oieo iineoa.

Iaeiei c aoaeoeaieo aeaiaio?a oi?aae?iiy o?ainii?oiith aaeoccth ?
iioeiaeueiee ?iciiae?e a?ociianaaee?nueeeo iioie?a i?ae aeueoa?iaoeaieie
aeaeaie o?ainii?oo. Ca inoaii? ?iee a ?icaeiaieo e?a?iao iai?oeeany
oaiaeaioe?y aei ciaioaiiy /anoee cae?cie/iiai o?ainii?oo a noia?iiio
ianyc? ia?aaacaiue. Iaeiae a Oe?a?i? a neeo ??cieo i?e/ei
niinoa??aa?oueny cai?ioia oaiaeaioe?y – ieoiia aaaa cae?cie/iiai
o?ainii?oo ca ia??iae 1990-1996 ?. c?inea ia 7,5 %. Ia iao iiaeyae, oey
oaiaeaioe?y ia? oei/aniaee oa?aeoa? ? ia iiaeiia aeeeeeaoe iaaei??iee
iioei?ci uiaei ia?niaeoea ?icaeoeo aaeoc?.

Aei ?ioeo nooo?aeo oaeoi??a i?aeaeuaiiy aoaeoeaiino? ?iaioe cae?cie/iiai
o?ainii?oo ? eiai ?iaanoeoe?eii? i?eaaaeeaino? iaeaaeaoue: noai?aiiy
niaoe?aeueieo o?ainii?oieo ei?eaei??a, ye? caaacia/othoue iiaeeea?noue
ci?oaieo eiio?aeea?ieo ia?aaacaiue ? neeaaeathoue ni?eyoeea? oiiae aeey
caeo/aiiy o?aiceoieo aaioaae?a; aeaeo?eo?eaoe?y aei??a, eiioaeia?ecaoe?y
aaioaaeiia?aaacaiue, ?icaeoie aeanii? aaaiii- ? eieiiioeaiaoae?aii? aace
? o.ae.

Oe?eeii i/aaeaeii, ui aac iioei?caoe?? nenoaie oi?aae?iiy cae?cie/iei
o?ainii?oii iiaeieaiiy aeiiii?/ii? e?ece iaiiaeeeai. C o?aooaaiiyi
no/anii? niaoeeo?ee e oiia ooieoe?iioaaiiy cae?cieoeue, o ?iaio?
iieacaii, ui ioe?iea aoaeoeaiino? oi?aae?inueeeo ??oaiue a
?iaanoeoe?ei?e noa?? iiaeiia cae?enithaaoeny ia iniia?
caaaeueiiiaoiaeieia?/ieo i?eioeei?a iiaoaeiae iioeiaeueieo nenoai
oi?aae?iiy. Iaeaaaeeea?oeie c ieo ?: nenoaii?noue, eiiieaeni?noue,
ia?iaeiiainiiaea?nueeee i?aeo?ae, oe?eueiaee oa?aeoa? oi?aae?iiy,
iaiaaeai?noue ?ano?n?a, iiaiaeaeai?noue oa ???a?o?/i?noue oe?eae,
iioeiaeuei?noue aeueoa?iaoea, iae?e nooiaiy no?oeoo?iaaiino? caaea/,
aeeiai?/i?noue ? ea?iaai?noue nenoaie ? o.ae.

I?e aecia/aii? aeioe?eueiino? ?iaanoeoe?e iiaeia aeae?eeoe, i?eiaeii?,
aeaa oeie ??oaiue. Ia?oee oei iieyaa? o aeai?? aeueoa?iaoeae aai
a?aeiia? a?ae ia?, ae?oaee oei – o aecia/aii? i??i?eoaoieo iai?yie?a
?iaanooaaiiy ? ?aiaeoaaii? iia’ycaieo c iei oi?aae?inueeeo ??oaiue.

Naia ?aiaeoaaiith i?iaeo?a ? ??oaiue o oiae? ?o eiieo?niiai a?aeai?o
i?eae?ey?oueny iaeia c aaaeeeaeo i?noeue o i?aeaeuaii? aoaeoeaiino?
?iaanoeoe?eii? ae?yeueiino? ia o?ainii?o?. O i?aeoeoe? oi?aae?iiy
?iaanoeoe?eieie i?iaeoaie ?aiaeoaaiiy iaiao?aeii o aeaio neooaoe?yo:
eiee cae?enith?oueny aea?? i?ae aca?iiaeeeth/ieie iaoiaeaie aeinyaiaiiy
iaoe ? o aeiaaeeo iaiaaeaiino? ?ano?n?a, iio??aieo aeey ?? aeinyaiaiiy.
Inoaiiy neooaoe?y ? a?eueo oa?aeoa?ii? aeey no/aniiai ?icaeoeo
cae?cie/iiai o?ainii?oo a Oe?a?i?.

Nenoaiaoecaoe?y e?oa?aoo?ieo aeaea?ae aeicaiey? cai?iiiioaaoe caaaeueio
eeaneo?eaoe?eio noaio e?eoa???a ? oaeoi??a eiieo?niiai a?aeai?o
?iaanoeoe?eieo i?iaeo?a ca ?acoeueoaoaie ?o ?aiaeoaaiiy (aeea. ?en. 1).

Aiae?oe/ia /anoeia aeine?aeaeaiiy aoaea iaiiaiith, yeui a?eueo
aeaoaeueii ia coieieoeny ia aea/aii? oaeoi??a, ui aieeaathoue ia
aoaeoeai?noue ooieoe?iioaaiiy cae?cieoeue a oiiaao aeiiii?/ii? e?ece.
Iaiao?aei?noue oaeoi?iiai aiae?co aoaeoeaiino? o?ainii?oieo nenoai
aecia/a?oueny ia o?eueee noa’?eoeaieie i?aenoaaaie ? a?aenooi?noth
aeina?aeo oi?aae?iiy a e?eciaeo oiiaao, aea e ia’?eoeaieie aeiiii?/ieie
caeiiaie, iia’ycaieie c iaiaaeai?noth ? iaieio/ei iiaei?iae/aiiyi
?ano?n?a.

Aiae?c oaeoi??a, ui aecia/athoue aoaeoeai?noue ooieoe?iioaaiiy
cae?cie/iiai o?ainii?oo, – caaea/a, yeo iaiiaeeeai ?ica’ycaoe o ?aieao
ie?aiiai aeine?aeaeaiiy. Oiio a ?iaio? ?icaeyiooa eeoa aocueea a?oia
oaeoi??a, ye?, ia iaoo aeoieo, iaeaaeaoue aei iaea?eueo «?eieiaeo» ?
eio?? a ieioe? ?iee i?aeoe/ii ia a?aoiaoaaeeny i?e ieaioaaii? ?icaeoeo
aaeoc?. Ia?o ca ana, oea oae? oaeoi?e ye oaeoi? /ano, oaeoi? ?eceeo ?
iaaecia/aiino?.

Iniiaia i?e/eia iaiao?aeiino? o?aooaaiiy oaeoi?a /ano – oea ia??ai?noue
iioi/ii? oa iaeaooiuei? aa?oino? a?ioiai? iaeeieoe?. Aeania iaoai?ci
iae?eo oaeoi?a /ano caaaeueiia?aeiiee. C oi/ee ci?o ioe?iee aoaeoeaiino?
?icaeoeo cae?cie/iiai o?ainii?oo, aea oeae oaeoi?, ianaiia?aae, iiaeiai
a?aoiaoaaoeny i?e ?ic?aooieao o?iainiaeo iieaciee?a i?iaeo?a,
i?iaeaii?noue ieoaiiy iieyaa? a iaa?oiooaaii? ?ici???a noaaie
aeeneiiooaaiiy i/?eoaaieo a?ioiaeo iioie?a.

Iaea?eueo iioe?aiei niiniaii anoaiiaeaiiy noaaie aeeneiiooaaiiy a oiiaao
iaaecia/aiino? ? iaoiae eoioeyoeaii? iiaoaeiae, eiee aei aac?eceeiai?
noaaee i?eaooeiaino? ?iaanoeoe?e aeiaeathoueny iii?aaee ia on? aeaee
?ecee?a, ?ioeyoe?eia i/?eoaaiiy, ??aaiue e?ea?aeiino? aeoea?a,
iaiaaeaeiaio ? o.ae.

4

22

Oaeei /eiii, o?aooaaiiy oaeoi?a /ano aaciina?aaeiuei iia’ycaia c
o?aooaaiiyi oaeoi??a ?eceeo ? iaaecia/aiino?, ye? cia/iith i??ith
aecia/athoue i?eaaaeea?noue cae?cieoeue ? aeey iioaioe?eiiai ee??ioa, ui
ei?enoo?oueny o?ainii?oieie iineoaaie, ? aeey iioaioe?eiiai ?iaanoi?a. O
oeueiio ?icoi?ii? cae?cie/iee o?ainii?o na?aae ?ioeo eiieo?aioieo
aa??aio?a ia?aaacaiue ia? iaea?eueoee ?aeoeia. ?aiaeoaaiiy ??cieo aeae?a
o?ainii?oo ca noeoii?noth ?eieiaeo e?eoa???a (oaeaee?noue ?ooo,
iaae?ei?noue aeinoaaee, ??aaiue aeo?ao, ani?oeiaio ? e?euee?noue
aaioaae?a, aeinooii?noue ?eie?a), na?ae/eoue, ui na?aaei?e ?aeoeia
cae?cie/iiai o?ainii?oo aei??aith? 18 aae?a (aeey ii??aiyiiy,
aaoiiia?eueiee – 16 aae?a, aiaeiee oa iia?o?yiee – 13 aae?a).

Ioaea, i?e na?aaeiueinoaoenoe/i?e iaaeaaaoe? ia o?ainii?oiee ?ecee a
e?a?iao NIAe ia ??ai? 3-5 % ?ecee aeey cae?cie/iiai o?ainii?oo neeaaea?
2,5-4,2 %, ui ? o?aaa a?aoiaoaaoe i?e eoioeyoeai?e iiaoaeia? noaaie
aeeneiioo.

O ca?oa?aei?e i?aeoeoe? ioe?iea aoaeoeaiino? ?iaanoeoe?eieo i?iaeo?a
aecia/a?oueny /ioe?ia iaoiaeaie: ii /eno?e i?eaaaeai?e aa?oino? (NPV),
oa?i?io ieoiiino? ?iaanoeoe?e (PP), aioo??oi?e ii?i? i?eaooeiaino? (IRR)
oa ?iaeaeno ?aioaaaeueiino? (PI). O caaaeueiiio aeaeyae? e?eoa???i
aeioe?eueiino? ?iaanoeoe?e ? ia?aaeuaiiy ?acoeueoao?a iaae aaainiaaiei
eai?oaeii, i?eaaaeaieie aei iaeiiai iiiaioo /ano.

Aacnoii?aii, ui cacia/ai? iaoiaee iiaeii? a?aoeny ca iniiao ??oaiiy
aaaaoueio iioei?caoe?eieo oa ii??aiyeueieo caaea/ i?e oaeineiiaeaii?
nenoaie oi?aae?iiy cae?cie/iei o?ainii?oii. Iaeiae, i?e oeueiio
iaiao?aeii a?aoiaoaaoe nioe?aeueii-aeiiii?/io neooaoe?th a Oe?a?i?,
iniaeeaino? ia’?eoa ? i?aaeiaoa ioe?iee. O i?ioeeaaeiiio aeiaaeeo
i/?eoaai? iieacieee aoaeoeaiino? i?iaeoo iiaeooue aeyaeoeny ieae/a
oaeoe/ieo.

Aeey i?aeaeuaiiy iaae?eiino? ? aeinoia??iino? ?ic?aooie?a oaia??oiuei?
aa?oino? iaeaooi?o a?ioiaeo iioie?a ae?iaie/?, o?iainia?, o?ainii?oi? oa
?io? ?eceee i?iiiio?oueny a?aoiaoaaoe ia a neeaae? noaaie aeeneiiooaaiiy
o aeaeyae? i?aeaeuoth/eo iii?aaie, ye oea ia?aaeaa/aii iaoiaeii
eoioeyoeaii? iiaoaeiae, a ca?aeii c ieae/aiaaaaeaiith oi?ioeith:

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00007f0000, ( 1 )

aea PV – oaia??oiy aa?o?noue o?iainiaeo iioie?a;

Ft – iaeaooi? o?iainia? iioiee, ui i/?eothoueny a t-io ?ioe?;

r1, r2,…,rn – ?iia??i?noue ?ecee?a n-ai aeaeo, iia’ycaieo ?c
cae?eniaiiyi ?aaeueiiai ?iaanooaaiiy;

i – i/euaia a?ae ?ecee?a noaaea i?eaooeiaino?.

Cai?iiiiiaaia oi?ioea ? eeth/iaith i?e o?aooaaii? ?ioeo oaeoi??a, ui
aieeaathoue ia aoaeoeai?noue ?iaanoeoe?eii? ae?yeueiino?, cie?aia
?ecee?a, iia’ycaieo c aieeaii ia iaaeieeoi? na?aaeiaeua.

Iaeaaaeeea?oith caaea/ath i?aeaeuaiiy aoaeoeaiino? oi?aae?iiy
?iaanoeoe?eiith ae?yeuei?noth ia o?ainii?o? a oiiaao iaiaaeaiino?
o?iainiaeo ?ano?n?a yaey?oueny oaeineiiaeaiiy iaoiaee/ieo i?aeoiae?a aei
ioe?iee ? ieaioaaiiy ?ici??o eai?oaeueieo aeeaaeaiue, iaiao?aeieo aeey
cae?eniaiiy iiaiai aoae?aieoeoaa, oaoi?/iiai ia?aica?i?iiy ?
iiaea?i?caoe?? ae?iaie/i? ?io?ano?oeoo?e cae?cieoeue. sse iieaco?
aeina?ae no/aniiai ?iaanoeoe?eiiai i?iaeooaaiiy, iaoiaee aecia/aiiy
?ici???a, no?oeoo?e ? /a?aiaino? inai?iiy eai?oaeueieo aeeaaeaiue, ui
canoiniaothoueny ia o?ainii?o?, iaoiiaeththoue aeieeiaiiy i?ioe??/ i?ae
?aaeueieie iiaeeeainoyie o?iainoaaiiy ?iaanoeoe?eieo i?ia?ai, iio?aaaie
aaeoc? a iiaiaaaaeaiiyo oa aoaeoeai?noth eai?oaeueieo aeeaaeaiue.

O ?iaio? cai?iiiiiaaiee ii?iaoeaii-ia?aiao?e/iee iaoiae ioe?iee ?ici??o
?iaanoeoe?e, caniiaaiee ia iieacieeao ieoiieo eai?oaeueieo aeeaaeaiue ia
caaacia/aiiy iaeeie/iiai i?e?inoo iiooaeiino? aai ca?eueoaiiy ianya?a
ae?iaieoeoaa i?iaeoeoe??, ?iaio oa iineoa i?ae /an iiaiai aoae?aieoeoaa,
?aeiino?oeoe??, iiaea?i?caoe?? aai ?icoe?aiiy o?ainii?oieo i?aei?e?inoa.
Ei?eaoaaiiy aaciaeo ii?iaoea?a eai?oaeueieo aeeaaeaiue i?iaiaeeoueny ia
iniia? ?aa?iiaeueii-aaeocaaiai aiae?co oaoi?/ieo, oaoiieia?/ieo,
i?iaeoieo, nioe?aeueii-aeiiii?/ieo oa ?ioeo oaeoi??a, ye? a?ae??ciythoue
aa?o?noue cae?eniaiiy caoiae?a o eiie?aoieo oiiaao a?ae
na?aaeiueinoaoenoe/ieo aaciaeo iieaciee?a.

O caaaeueiiio aeiaaeeo oi?ioea aeey ioe?iee i?i?iaeueiiai ?ici??o
eai?oaeueieo aeeaaeaiue, iaiao?aeieo aeey i?iaeoiiai ??oaiiy (E), ia?
aeaeyae:

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000b0200000000050000000c02a005a0181200000026060f001a00ffffffff0000100000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, ( 2 )

aea I – i?e??no (aaaaeaiiy a ae?th) ae?iaie/i? iiooaeiino?
i?aei?e?inoaa, ae?aaeaii? a oa?aeoa?ieo iaeeieoeyo aei??o, o ?acoeueoao?
oaoi?/iiai ia?aica?i?iiy, ?aeiino?oeoe??, ?icoe?aiiy aai iiaiai
aoae?aieoeoaa;

Ea – eiao?oe??io, ui neoaeeoue aeey ia?aaaaeaiiy eai?oaeueieo aeeaaeaiue
aaciaiai ia??iaeo a no/aniee aeiea?iaee aea?aaeaio;

E?io – ?ioaa?aeueiee iii?aai/iee eiao?oe??io, ui a?aoiao? ia?aiao?e/i?
iniaeeaino? i?iaeoo;
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 – ieoii? eai?oaeuei?
aeeaaeaiiy ?-ai i?ecia/aiiy ia iaeeieoeth i?e?inoo (aaaaeaiiy a ae?th)
iiooaeiino? i?aei?e?inoaa a eiooi?enieo oe?iao aaciaiai ia??iaeo, e?a. a
?ic?aooieo ia oa?aeoa?io iaeeieoeth iiooaeiino?;
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 – ?aa?iiaeueia iii?aaea aeey
?-ai aeaiaioa oaoiieia?/ii? no?oeoo?e eai?oaeueieo aeeaaeaiue.

Cai?iiiiiaaia iaoiaeeea aeicaiey? ioe?ithaaoe eai?oaeuei? aeeaaeaiiy ia
aoae?aieoeoai iiaeo iaeiieie?eieo cae?cieoeue, aeiaeaoeiaeo aieiaieo
iooae, aeaeo?eo?eaoe?th ?nioth/eo aei??a, nii?oaeaeaiiy cae?cie/ieo
iino?a, aoae?aieoeoai ianaaee?nueeeo aiecae?a, ?icaeoie aeaiaio?a
?io?ano?oeoo?e cae?cieoeue o oe?eiio, oaieiaici-, aaaiii- oa
eiioaeia?iaoaeoaaiiy.

Ieoii? eai?oaeuei? aeeaaeaiiy o oi?ioe? (1) ae?aaeai? a eiooi?enieo
oe?iao 1984 ?ieo ? i?ecia/aeeny aeey ieaioaaiiy eai?oaeueiiai
aoae?aieoeoaa a aaeoc? ia ia??iae aei 2000 ?ieo. A?aoiaoth/e
oaoi?ei-aeiiii?/io i?ia?aneai?noue oeeo iieaciee?a, aiie oe?eeii
iiaeooue aeei?enoiaoaaoeny aeey no/aniiai ?iaanoeoe?eiiai i?iaeooaaiiy.
Iaeiae aeey oeueiai iio??aai iaoai?ci ioe?iee ?o a?aeiiaii? aa?oino? o
no/anieo nioe?aeueii-aeiiii?/ieo oiiaao. Iaei?ino?oee niin?a i?eaaaeaiiy
aaciaeo aeo?ao aei iioi/ieo oe?i – oea ?iaeaenaoe?y a?aeiia?aeiiai
aeaiaioa oaoiieia?/ii? no?oeoo?e eai?oaeueieo aeeaaeaiue i?iii?oe?eii
c?inoaiith eiooi?enii? aa?oino? aoae?aieoeoaa.

Aea o ca’yceo c iiaeaeueoith aeaaaeueaaoe??th a?eai?, io?eiai? a oaeee
niin?a cia/aiiy ao?aoyoue naith i?ia?aneai?noue ? iacaeaaei?noue a?ae
oaeoi?a /ano, ine?eueee aoaeooue a?aeiia?aeaoe ?aaeuei?e aeiiii?/i?e
neooaoe?? eeoa a yeeenue aeene?aoiee ia??iae. Onoiooe oeae iaaeie?e
iiaeeeai oeyoii ia?aaaaeaiiy ieoiieo eai?oaeueieo aeeaaeaiue, ae?aaeaieo
o iaoe?iiaeueieo a?ioiaeo iaeeieoeyo, o aaethoiee aea?aaeaio. Oi?ioea
aeey ?ic?aooieo eiao?oe??ioa Ea ii j-io iai?yieo eai?oaeueieo aeeaaeaiue
ia? aeae:
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, ( 3 )

aea EAe – io?oe?eiee eo?n aeiea?a NOA ia aeaoo i?eaaaeaiiy aeo?ao;

ij – ieoiia aaaa ?-ai aeaiaioa oaoiieia?/ii? no?oeoo?e eai?oaeueieo
aeeaaeaiue j-ai iai?yieo ?iaanooaaiiy;

Iij – eiao?oe??io ?iaeaenaoe?? aa?oino? ?-ai aeaiaioa eai?oaeueieo
aeeaaeaiue j-ai iai?yieo ?iaanooaaiiy ia aeaoo i?eaaaeaiiy aeo?ao.

?ic?aoiaai? iaie eiao?oe??ioe Ea aeey aeayeeo iai?yie?a cae?cie/iiai
aoae?aieoeoaa noaiii ia ia?oa i?a??//y 1998 ?ieo iaaaaeai? a oaaeeoe? 1.

Oaaeeoey 1

Cia/aiiy eiao?oe??io?a Ea aeey aeayeeo iai?yie?a cae?cie/iiai
aoae?aieoeoaa

Iai?yiie aoae?aieoeoaaEaIai?yiie aoae?aieoeoaaEaOaieiaiciaoaeoaaiiy:Iia?
cae?cieoe? a oe?eiio1,25oaoi?/ia ia?aica?i?iiy0,34Aeiaeaoeia?
ioo?1,22?aeiino?oeoe?y0,36Ianaaee?nuee? aiecaee1,53?icoe?aiiy
iiooaeiinoae0,37Iinoiaoaeoaaiiy1,17iiaa
aoae?aieoeoai0,40Aeaeo?eo?eaoe?y1,21?ioaa?aeuei? iii?aai/i? eiao?oe??ioe
(E?io) caeaaeaoue a?ae aaaaoueio oaoiieia?/ieo oa oaoi?ei-aeiiii?/ieo
oaeoi??a ? ?ic?aoiaothoueny ca aii??e/ieie oi?ioeaie. Noaia caaaeueii?
eeaneo?eaoe?? oa oa?oioaaiiy oeeo oaeoi??a iaaaaeaia ia ?en. 2.

Iaiao?aei?noue o?aooaaiiy ?aa?iiaeueieo oaeoi??a i?e ioe?ioe?
aoaeoeaiino? ?iaanoeoe?e aecia/a?oueny ??ciith aa?o?noth
aoae?aaeueii-iiioaaeieo ?ia?o, onoaoeoaaiiy e ?ioeo aeo?ao ii iaeanoyo
Oe?a?ie. Noaoenoe/i? aeai? na?ae/aoue, ui oe? a?aei?iiino? iiaeooue
aeinyaaoe 100 % ? a?eueoa, ui, i?e?iaeii, iiaeiii a?aoiaoaaoeny a oiae?
?iaanoeoe?eiiai i?iaeooaaiiy ia o?ainii?o?.

O ?iaio? i?iiiio?oueny ianooiiee iiaeaiaioiee iae?e ?aa?iiaeueieo
iii?aaie:

E?aa = Ee(1Iia + 2Ici + 3Iii + 4Ii + 5Iii), ( 4 )

aea Ee – oe?iiaa iii?aaea, ui a?aoiao? oiiae cae?eniaiiy aoae?aieoeoaa;

I – ?aa?iiaeuei? ?iaeaene, ui a?aoiaothoue aa?o?nio no?oeoo?o
eai?oaeueieo aeeaaeaiue («ia» — iaoa??aeuei? aeo?aoe, «ci» — ca?ia?oia
ieaoa, «ii» — aeo?aoe ia aenieoaoaoe?th iaoai?ci?a ? iaoei, «i» —
iaeeaaei? aeo?aoe, «ii» — ieaiia? iaa?iiaaeaeaiiy);

– ieoiia aaaa a?aeiia?aeiiai aa?o?niiai aeaiaioa eai?oaeueieo
aeeaaeaiue.

?ic?aooiee na?ae/aoue, ui i?i?iaeueia cia/aiiy ?aa?iiaeueiiai
iii?aai/iiai eiao?oe??ioa aeinyaa?oueny a ??aiainuee?e iaeano? – 0,78,
iaeneiaeueia a *a?i?aaoeuee?e – 1,08.

O oiae? ?iaanoeoe?eiiai i?iaeooaaiiy aeoaea /anoi aeieea? iaiao?aei?noue
i?iaiicoaaiiy iiceoeaieo a?ioiaeo iioie?a (i?eaooeo aai aeioiaeo). Oeae
aeae ?ic?aooie?a iia’ycaiee ?c aenieei nooiaiai iaaecia/aiino?. sse
i?aaeei, o oaeeo aeiaaeeao canoiniaothoueny iaoiaee ?ao?iniaeoeaiiai
aiae?co ? e?aieiai? aai ?ioa?aaeueii? aeno?aiieyoe?? io?eiaieo aeaieo.

No/ania nioe?aeueii-aeiiii?/ia neooaoe?y a Oe?a?i?, ? cie?aia, ia
o?ainii?o?, ia ni?ey? canoinoaaiith aeno?aiieyoe?eiiai iaoiaeo
i?iaiicoaaiiy, ine?eueee iieacieee aoaeoeaiino? ?iaioe aaeocae
ia?iaeiiai ainiiaea?noaa a inoaii? ?iee ia a?aeiia?aeathoue ?o
iioaioe?eiei iiaeeeainoyi. Aiaeii/an, aeey ?iaanoi?a aaaeeeaa ia
no?eueee iioi/ia (caieaeaia) i?eaooeia?noue, ne?eueee oa, yeo i?a ae
i?eiineoe ia’?eo o iaeaooiueiio o aeiaaeeo onoiaiiy i?e/ei, ui
ia?aoeiaeaeothoue ?? iaea?aeaiith. Oaea iinoaiiaea ieoaiiy aeoiaeeoue ?c
i?eioeeio e?auiai ? iaea?eueo aoaeoeaiiai aeei?enoaiiy iaoa??aeueieo
aeoea?a oa aeueoa?iaoeaiino? ?iaanoeoe?e. I???ioiaiei e?eoa???i
aoaeoeaiino? ?iaioe aaeoc? a oeueiio aeiaaeeo iiaeooue aooe aeiiii?/i?
iieacieee, ye? a?aeiia?aeathoue ia??iaeo a?aeiinii noaa?eueiiai ?
aace?eciaiai ?icaeoeo aeiiii?ee Oe?a?ie a 1985-1990 ?ieao. Aeey aeoiaeo
c aeiiii?/ii? e?ece iaiao?aeii, ye i?i?ioi, aeinyaoe o? iieacieee
?icaeoeo, ui aoee ao?a/ai? ia ?oaaae? 80-90-o ?ie?a.

I?aeoeea iieaco?, ui aeey ?ic?aooieo iioaioe?eii? i?eaooeiaino?
i?aei?e?inoaa aai aaeoc? iiaeooue aeei?enoiaoaaoeny iieacieee
na?aaeiueiaaeocaai? ?aioaaaeueiino? iniiaieo cania?a o cacia/aieo ?ieao,
a oaeiae aeiey i?eaooeo o aaeiaiio aeioiae? a?ae ?aae?caoe??
i?iaeoeoe??, ?ia?o ? iineoa ii aeaeao niaoe?ae?caoe?? ? i?io?eth
ae?yeueiino? ia’?eo?a o noaa?eueieo aeiiii?/ieo oiiaao.

Ia i?aenoaa? aiae?co noaoenoe/ieo aeaieo ? ioae?eaoe?e aoea io?eiaia
aii??e/ia caeaaei?noue aeey ioe?iee ?ao?iniaeoeaii? ?aioaaaeueiino?
iniiaieo oiiae?a cae?cie/iiai o?ainii?oo (??), yea iiaea
aeei?enoiaoaaoeny a yeino? ?iaeeeaoeaiiai iieacieea i?e i?iaiicoaaii?
i?eaooeiaino? aaeoc? a oe?eiio, eiie?aoiiai i?aei?e?inoaa aai i?iaeoo.
Caeaaei?noue ia? aeae:

wmetafile80100090000039d010000020015000000000005000000090200000000040000
0002010100050000000102ffffff00040000002e01180005000000310201000000050000
000b0200000000050000000c02000320151200000026060f001a00ffffffff0000100000
00c0ffffffafffffffe0140000af0200000b00000026060f000c004d6174685479706500
00600015000000fb0280fe0000000000009001000000000402001054696d6573204e6577
20526f6d616e00007e040000002d01000008000000320a77016213020000003833080000
00320a77010913010000002c0008000000320a77014a1201000000300008000000320a77
01f61101000000200008000000320a7701cb0b02000000333908000000320a77016c0b01
0000002c0008000000320a7701cb0a01000000310015000000fb0240fe00000000000090
01000000000402001054696d6573204e657720526f6d616e00007e040000002d01010004
000000f001000009000000320a4002e904030000003036360008000000320a4002790401
0000002c0008000000320a4002a00301000000300010000000fb0280fe00000000000090
01000000020002001053796d626f6c0002040000002d01000004000000f0010100080000
00320a77013011010000002d0010000000fb0240fe000000000000900100000002000200
1053796d626f6c0002040000002d01010004000000f001000008000000320a4002c50d01
000000d70008000000320a4002d00701000000d70008000000320a40024f02010000003d
0015000000fb0240fe0000000000009001010000cc0402001054696d6573204e65772052
6f6d616e00cc7e040000002d01000004000000f001010008000000320a4002670e020000
00d4ce08000000320a4002950802000000c7cf08000000320a4002470001000000d00015
000000fb0280fe0000000000009001010000cc0402001054696d6573204e657720526f6d
616e00cc7e040000002d01010004000000f001000008000000320ab002490101000000b3
000a00000026060f000a00ffffffff01000000000010000000fb021000070000000000bc
02000000cc0102022253797374656d00cc040000002d01000004000000f0010100030000
000000000a, ( 5 )

aea CI – na?aaeiueii?ny/ia ca?ia?oia ieaoa i?aoe?aiee?a o?ainii?oiiai
i?aei?e?inoaa a 1985-1990 ??., e?a.;

OI – oiiaeiica?i?i?noue i?aoe?, ?ic?aoiaaia ye a?aeiioaiiy iiaii?
aaeainiai? aa?oino? iniiaieo cania?a i?aei?e?inoaa a eiooi?enieo oe?iao
1984 ?. aei na?aaeiueinieni/ii? /enaeueiino? i?aoethth/eo, oen.
e?a.//ie.

?ai?oa caaaeoaaeiny, ui nooo?aei oaeoi?ii aeioe?eueiino? ?iaanoeoe?e,
yeee o aeaiee /an i?aeoe/ii ia a?aoiao?oueny a ?ic?aooieao, yaeythoueny
aeieia?/i? aeo?aoe ? ?acoeueoaoe. *ano?o ca ana, aiie iaaaoeaii
aieeaathoue ia aoaeoeai?noue ?iaanoeoe?eieo i?iaeo?a, ca?eueooth/e ?o
aeo?aoio /anoeio ? cieaeoth/e i?eaooeiao.

Iaeiae o ?yae? aeiaaee?a aeiaeaoeiaee iae?e aeieia?/ieo aeo?ao i?e
ioe?ioe? ii??aiyeueii? aoaeoeaiino? ??oaiue iaoiiaeth? iie?ioaiiy
o?iainiaeo iieaciee?a i?iaeo?a ca ?aooiie ciaioaiiy ?ici??o aeiiii?/ieo
caeoe?a, ye? caiiae?ththoueny iaaeieeoiueiio na?aaeiaeuo (iai?eeeaae,
i?e cai?i? aeecaeueii? oyae ia aeaeo?e/io).

Aeieiai-aeiiii?/i? caeoee ia cae?cie/iiio o?ainii?o?, a iniiaiiio,
oi?iothoueny ca ?aooiie caa?oaeiaiiy aoiinoa?e aeeeaeaie c iaeeaieo
onoaiiaie eieiiioea?a, caa?oaeiaiiy ? cani?/aiiy caiaeueieo ?ano?n?a ia
noaioe?yo, i?eeiaeueii-a?aei?aai/ieo iooyo, i?ae /an ia?aaacaiiy
aaioaae?a. A?aeiia?aeii aei iaoeo ?ic?aooie?a, na?aaei?e ?ici?? caeoe?a
ii aeaeao aaioaaeieo ia?aaacaiue aei??aith?: eai’yia aoa?eey – 300,
iaooii?iaeoeoe – 2,8, oeaiaio – 306, i?ia?aeuei? aeia?eaa – 125
aeie./oen. o. Na?aaei? caeoee aea?aeaa? a ?ic?aooieo ia iaeei
ianaaee?nueeee iioya ioe?iththoueny a 675, aaioaaeiee iioya – 1250,
iaiaa?iaee – 1690 aeie. NOA

?eceee, iia’ycai? c caa?oaeiaiiyi iaaeieeoiueiai na?aaeiaeua, oaeiae
yaeythoueny aaaeeeaei iieacieeii aoaeoeaiino? ?iaanoeoe?eieo i?iaeo?a. O
yeino? no?aoiai? iiae?? o oeueiio aeiaaeeo ne?ae ?icaeyaeaoe
iaaeoiaeaeaiiy o aeiae?eey io?oth/eo ? oiene/ieo ?a/iaei o aeiaaeeo
iiaeeeai? aaa??? /e eaoano?ioe.

Oi?ioeo aeey ?ic?aooieo NPV c o?aooaaiiyi aeieiai-aeiiii?/ieo oaeoi??a
iiaeia i?aaenoaaeoe a ianooiiiio aeae?:

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00c0ffffffbeffffffa02600007e0500000b00000026060f000c004d6174685479706500
00400109000000fa02000010000000000000002200040000002d010000050000001402d0
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00320a1902711f010000002b0008000000320a1902411a010000002b0008000000320a19
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00540008000000320a5905a00501000000740008000000320a3704041901000000740008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, ( 6 )

aea *It – /enoee i?eaooie a?ae ?aae?caoe?? i?iaeoo a t-io ?ioe?, yeee
?ic?aoiao?oueny aac o?aooaaiiy aeieia?/ieo oaeoi??a;

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000b0200000000050000000c02600220021200000026060f001a00ffffffff0000100000
00c0ffffffb7ffffffe0010000170200000b00000026060f000c004d6174685479706500
00600015000000fb0280fe0000000000009001010000000402001054696d6573204e6577
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00fb0240fe0000000000009001010000020002001053796d626f6c0002040000002d0101
0004000000f001000008000000320aa00147000100000062000a00000026060f000a00ff
ffffff01000000000010000000fb021000070000000000bc02000000cc01020222537973
74656d00cc040000002d01000004000000f00101000300000000000000 – iii?aaea ia
?eceee, iia’ycai? ?c cae?eniaiiyi ?aaeueiiai ?iaanooaaiiy;
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 – aii?oecaoe?ei? a?ae?aooaaiiy ia ?aiiaaoe?th iniiaieo
oiiae?a, o oiio /ene? i?e?iaeiioi?iiiiai i?ecia/aiiy, o t-io ?ioe?;

wmetafile8010009000003b2000000020015000000000005000000090200000000040000
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000b0200000000050000000c02600260021200000026060f001a00ffffffff0000100000
00c0ffffffb7ffffff20020000170200000b00000026060f000c004d6174685479706500
00600015000000fb0280fe0000000000009001010000000402001054696d6573204e6577
20526f6d616e00007e040000002d01000008000000320a10029c01010000007400150000
00fb0240fe0000000000009001010000cc0402001054696d6573204e657720526f6d616e
00cc7e040000002d01010004000000f001000008000000320aa0014e0001000000cf000a
00000026060f000a00ffffffff01000000000010000000fb021000070000000000bc0200
0000cc0102022253797374656d00cc040000002d01000004000000f00101000300000000
0000e44700 – ieaoaae? ca caa?oaeiaiiy iaaeieeoiueiai na?aaeiaeua a t-io
?ioe?;
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 – aac?eceeiaa noaaea a?aenioeo;

EAt – eiiiainaoe?y caeoe?a aea?aeaa?, th?eaee/iei ? o?ce/iei iniaai, ui
aeieeathoue o iane?aeie aaa??eiiai caa?oaeiaiiy a t-io ?ioe?;

OAt – noia iaeeaaeaieo oo?ao?a ca aaa??eia caa?oaeiaiiy;

Oat – ?iia??iee ?ici?? naiicaiiae?yii? aeiiii?/ii? oeiaee o?ainii?oiiio
i?aei?e?inoao aai aeanieeo aaioaae?a, yea aeieea? aiane?aeie aaa??? o
t-io ?ioe?.

wmetafile8010009000003ad000000020015000000000005000000090200000000040000
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00c0ffffffb7ffffffc0010000170200000b00000026060f000c004d6174685479706500
00600015000000fb0280fe0000000000009001010000000402001054696d6573204e6577
20526f6d616e0000b3040000002d01000008000000320a10024201010000007400100000
00fb0240fe0000000000009001010000020002001053796d626f6c0002040000002d0101
0004000000f001000008000000320aa0010f000100000061000a00000026060f000a00ff
ffffff01000000000010000000fb021000070000000000bc02000000cc01020222537973
74656d00cc040000002d01000004000000f00101000300000000000001 –
?iia??i?noue aaa??? c aeieia?/ieie iane?aeeaie.

Iaiaeiaaaeia cia/aiiy o ni?aa? caeo/aiiy ?iicaiieo ?iaanoeoe?e,
oaeineiiaeaiiy oi?i aeaniino? ? ?icaeoeo i?aiaeieo a?aeiinei ia
o?ainii?o? ia? aeinoia??ia ioe?iea iaea?eueo a??ia?aeii? ?eieiai?
aa?oino? ia’?eo?a cae?cie/iiai ainiiaea?noaa.

Cai?iiiiiaaia a aeena?oaoe?ei?e ?iaio? iaoiaeeea caniiaaia ia aeaio
caaaeueiiaeciaieo o i?aeoeoe? aenia?oii? ioe?iee i?aeoiaeao: aeo?aoiiio
? i?eaooeiaiio. O ca’yceo c a?aenooi?noth aiaeia?a ?eieiaeo ioe?iie ii
a?eueoino? ia’?eo?a o?ainii?oii? ?io?ano?oeoo?e (ca aeiyoeii ianeaii?
/anoeie iniiaieo oiiae?a), ii??aiyeueiee iaoiae ioe?iee ia cae?cie/iiio
o?ainii?o? ia? iaiaaeaio noa?o canoinoaaiiy.

O ?aieao aeo?aoiiai i?aeoiaeo ioe?iea ?eieiai? aa?oino? ia’?eo?a
cae?enith?oueny iaoiaeaie caeeoeiai? a?aeiiaii? aa?oino? oa /enoi?
aa?oino? cai?uaiiy. Iniaeeaa oaaaa a iaoiaeeoe? i?eae?ey?oueny
aecia/aiith o?ce/iiai oa ii?aeueii-ooieoe?iiaeueiiai ciino cae?cie/ieo
eie?e. I?eaooeiaee i?aeo?ae ?aae?co?oueny o aeaeyae? iaoiaeo i?yii?
eai?oae?caoe?? aio?oaoieo a?ioiaeo iioie?a. I?iaiicoaaiiy inoaii?o, a
oaeiae iaa?oiooaaiiy ?ici???a noaaie eai?oae?caoe?? iiaea
cae?enithaaoeny a?aeiia?aeii aei aeuaiaaaaeaieo ?aeiiaiaeaoe?e.

O ca’yceo c aenieei o?ce/iei ciinii ia?eo ianaaee?nueeeo aaaii?a a
inoaii? ?iee iaaoea ae?ae aino?iai oa?aeoa?o i?iaeaia cae?cie/iiai
ianeoaiaoaaiiy ianaeaiiy Oe?a?ie ? e?a?i NIAe. Aeey ii?iaeueiiai
caaacia/aiiy ianaaee?nueeeo ia?aaacaiue a Oe?a?i? iaiao?aeii iaoe 11300
ianaaee?nueeeo aaaii?a. Oaeoe/ii «Oe?cae?cieoey» ia? 9800 aaaii?a, ?c
yeeo o 1500 i?ino?i/aiee oa?i?i aenieoaoaoe??. Ui??/ii
a?aei?aoeueiaothoue na?e ?ano?n ? i?aeeyaathoue nienaiith aeecueei 300
aaaii?a.

Iaeiei ?c iaee?aueo aa??aio?a ae??oaiiy i?iaeaie ? ?icaeoie aeanii?
aaaiiiaoae?aii? aace. Ca oaoi?ei-aeiiii?/ieie oa oaoiieia?/ieie
iiaeeeainoyie ae?iaieoeoai ianaaee?nueeeo aaaii?a iiaea aooe
iaeaaiaeaeaii ia E?aiai/ooeueeiio AO «Aaaiiiaoae?aiee caaiae».
?ic?aooiee na?ae/aoue, ui i???ioiaia aa?o?noue i?iaeoo neeaaeaoeia 60
iei. aeie. NOA. I?e oeueiio iioeiaeueiei aa??aioii ?iciiae?eo
?iaanoeoe?e i?ae aeaea?aeaie o?iainoaaiiy ?: eiooe ca?oa?aeieo
?iaanoi??a – 35 %, aea?aeathaeaeao – 5 %, aea?aeaaiee e?aaeeo – 15 %,
aeani? eiooe i?aei?e?inoaa – 5 %, «Oe?cae?cieoey» – 40 %.

Caaaeuei? o?iainia? iieacieee i?iaeoo ca ia?aiei aa??aioii o?iainoaaiiy
i?e noaaoe? ii aaethoiiio e?aaeeoo 10 % ??/ieo ? aea?aeaaiiio e?aaeeoo
20 % ??/ieo neeaaeathoue: NPV – 45 iei. aeie., IRR – 22 % ??/ieo,
?aioaaaeuei?noue i?iaeaae?a – 13 %.

Aeeeaaeai? aeua iaoiaee/i? i?eioeeie ? i?aeoiaee aoee oaeiae ai?iaiaai?
i?e ioe?ioe? aeiiii?/ii? aoaeoeaiino? aeaeo?eo?eaoe?? cae?cie/ii?
ae?eueieoe? Ethaioei – Iieoaaa I?aaeaiii? cae?cieoe?.

Aeoiaey/e c iniiaieo oaoi?/ieo ? oaoiieia?/ieo oiia i?iaeooaaiiy,
caaaeueiee ?ici?? ?iaanoeoe?e, iaiao?aeieo aeey ?aae?caoe?? i?iaeoo, o
oe?iao I eaa?oaeo 1998 ?. aecia/aiee o 308 iei. a?i., o oiio /ene?:
aoae?aaeueii-iiioaaei? ?iaioe – 0,65 iei. a?i., onoaoeoaaiiy – 28 iei.
a?i., ?io? aeo?aoe – 280 iei. a?i. O neeaae? noia?ieo eai?oaeueieo
aeeaaeaiue aeae?eai? aeo?aoe ia i?aeaioiaeo oa?eoi???, aoae?aieoeoai
caieyiiai iieioia, aaeanoiaiai oa?o, iooae, aoaeeie?a ? nii?oae
ae?iaie/iai i?ecia/aiiy ? o.ae.

I?e aecia/aii? ??/ieo aenieoaoaoe?eieo aeo?ao a?aoiaoaaeeny aeo?aoe ii
i?ia?ao iioya?a on?o eaoaai??e, a oaeiae aeo?aoe, iia’ycai? c
aeiaeaoeiaei i?inoi?i aaioaaeieo ? ianaaee?nueeeo iioya?a i?e
caa?aaeaii? oaieiaicii? oyae. E??i oiai, i?e oaieiaici?e oyc? a?aoiaaia
aa?o?noue aeiaeaoeiaeo ianaaee?i-aiaeei o ca’yceo ?c ci?iith eieiiioea?a
? ??cieoeath o oaeaeeinoyo ?ooo.

Aoaeoeai?noue ?iaanoeoe?e a aeaeo?eo?eaoe?th ae?eueieoe? aecia/aeany ia
iniia? oa?i?io ieoiiino? aeo?ao, a oaeiae o ii??aiyii? c oaieiaiciith
oyaith. ??/i? aenieoaoaoe?ei? aeo?aoe i?e oaieiaici?e oyc? o oe?iao I
eaa?oaeo 1998 ?. noaiiaeyoue 63 iei. a?i., i?e aeaeo?iaici?e oyc? – 29
iei. a?i. Oa?i?i ieoiiino? ?iaanoeoe?e a aeaeo?eo?eaoe?th ae?eueieoe?
aecia/aiee o ?ici??? 6,1 ?ieo, ui na?ae/eoue i?i aoaeoeai?noue i?iaeoo.

AENIIAEE

?acoeueoaoe aeena?oaoe?eiiai aeine?aeaeaiiy aeicaieythoue c?iaeoe
ianooii? aeniiaee:

? iacaaaeath/e ia aeiiii?/io e?eco e ia’?eoeaia iia??oaiiy
oaoi?ei-aeiiii?/ieo iieaciee?a, cae?cie/iee o?ainii?o i?iaeiaaeo? a?aoe
iaeaaaeeea?oo ?ieue o ia?iaeiiio ainiiaea?noa? Oe?a?ie ye iniiaiee can?a
eiioi?eaoe?e oa caaacia/aiiy a?ociianaaee?iia?aaacaiue;

? aeey iiaeieaiiy e?eciaeo yaeu aaeocue a?ae/oaa? aino?o iio?aao a
?iaanoeoe?yo, oaeineiiaeaii? nenoaie oi?aae?iiy ? ai?iaaaeaeaii?
i?ia?aneaieo oaoiieia?e oa iaoiae?a ianeoaiaoaaiiy;

? iaeaaaeeea?oiai caaea/ath i?aeaeuaiiy aoaeoeaiino? ?iaioe cae?cie/iiai
o?ainii?oo a no/anieo oiiaao ? ?aoe?iiaeueia aeei?enoaiiy iaiaaeaieo
o?iainiaeo ?ano?n?a ? iiooe aeiaeaoeiaeo ?aca?a?a iaea?aeaiiy i?eaooeo;

? a?o/eciyia ? ca?oa?aeia oai??y aioee?eciaiai oi?aae?iiy i?ney
iaiao?aeii? aaeaioaoe?? aei aeiiii?ei-i?aaiaeo oiia Oe?a?ie oe?eeii
i?eaeaoia aeey ??oaiiy i?aeoe/ieo caaea/ ia cae?cie/iiio o?ainii?o?;

? i?aeaeuaiiy oi/iino? ? aeinoia??iino? aecia/aiiy aeiiii?/ii?
aoaeoeaiino? ?iaanoeoe?eieo i?iaeo?a ia aac? caaaeueiiaeciaieo iaoiae?a
iiaeeeai o?eueee ca ?aooiie aeeth/aiiy a ?ic?aooiee aeiaeaoeiaeo
oaeoi??a (/ano, ?eceeo, iaaecia/aiino?, ?aa?iiaeueieo, aeieia?/ieo);

? cai?iiiiiaai? a aeena?oaoe?? iaoiaee ioe?iee ? ieaioaaiiy aeo?ao o
?icaeoie o?ainii?oii? ?io?ano?oeoo?e c o?aooaaiiyi
?aa?iiaeueii-aaeocaai? niaoeeo?ee, ioe?iee ?eieiai? aa?oino? ia’?eo?a
cae?cie/iiai ainiiaea?noaa a?aee?eaathoue oe?ie? iiaeeeaino? aeey
iioei?caoe?? /a?aiaino? eai?oaeueieo aeeaaeaiue, ?aiaeoaaiiy i?iaeo?a ca
nooiaiai ?o i?ia?aneaiino?, ? a e?ioeaaiio i?aenoieo, i?aeaeuaiiy
aoaeoeaiino? ?iaioe aaeoc?;

? iiaeaeueo? aeine?aeaeaiiy ?iaanoeoe?eieo i?ioean?a ia cae?cie/iiio
o?ainii?o? aeioe?eueii ?icaeaaoe o iai?yieo aeaoae?caoe?? iaoiaee/ieo
iniia o?aooaaiiy iai?yieo iicao?ainii?oieo aoaeo?a, iiaeeaeaiiy
i?aeoiae?a aei ioe?iee ie?aieo neeaaeiaeo aeo?ao ? ?acoeueoao?a,
oi?ioaaiiy ?ioi?iaoe?eiiai aaieo aeaieo, caniiaaiiai ia ?eieiaeo
i?eioeeiao o?iainiaiai iae?eo ? aaaeaiiy ainiiaea?noaa.

NIENIE IIOAE?EIAAIEO I?AOeUe

1. E?th/eia A.I. Oi?aaeaiea eiaanoeoeeiiiie aeayoaeueiinoueth ia
aeaeaciiaei?iaeiii o?ainii?oa. – Noiu: «Eieoeeaoeaa», 1998. – 64 n.

2. Naiaiaiei A.A., E?th/eia A.I. Ioeaiea iauaeoia aeaeaciiaei?iaeiiai
o?ainii?oa // Oai?aoe/aneea e i?aeoe/aneea aii?inu yenia?oiie ioeaiee. –
Noiu: «Eieoeeaoeaa», 1998. – N. 113-124. (Iniaenoi aaoi?a 0,45 ae.a.).

3. E?th/eia A.I. Naiiaeieeiaa A.A. Iaoiaeu ioeaiee yeiiiie/aneie
yooaeoeaiinoe eiaanoeoeee // A?niee Oe?a?inueei? aeaaeai?? aaie?anueei?
ni?aae. – 1997. – ? 3. – N. 40-42. (Iniaenoi aaoi?a 0,15 ae.a.).

4. Naiaiaiei A.A., E?th/eia A.I. E aii?ino ia yenia?oiie ioeaiea
iauaeoia aeaeaciiaei?iaeiiai o?ainii?oa // A?niee Oe?a?inueei? aeaaeai??
aaie?anueei? ni?aae. – 1997. – ? 3. – N. 63-70. (Iniaenoi aaoi?a 0,50
ae.a.).

5. E?th/eia A.I, Ei?io/aiei Ae.A., Iiaeeueiue A.A. Aeeneiioe?iaaiea eae
iniiaiie yeaiaio ioeaiee eaieoaeueiuo aeoeaia // A?niee Oe?a?inueei?
aeaaeai?? aaie?anueei? ni?aae. – 1998. – ? 4. – N. 28-32. (Iniaenoi
aaoi?a 0,18 ae.a.).

6. E?th/eia A.I. Aiaeec yeiiiie/aneeo i?aaeiinueie oi?ie?iaaiey ?uiea
eiino?aiiuo eiaanoeoeee a Oe?aeia // Aeooaeueiua i?iaeaiu i?eaaoecaoeee
e ioeaiee eiouanoaa. Nai?iee iao/iuo o?oaeia. – Noiu: EEOe OAAAe, 1997.
– N. 156-159.

AIIOAOe?ss

E?th/eia A.I. ?aa?iiaeueii-aaeocaa? aniaeoe oi?aae?iiy ?iaanoeoe?eieie
oa ?iiiaaoe?eieie i?ioeanaie (ia i?eeeaae? cae?cie/iiai o?ainii?oo). –
?oeiien.

Aeena?oaoe?y ia caeiaoooy iaoeiaiai nooiaiy eaiaeeaeaoa aeiiii?/ieo iaoe
ca niaoe?aeuei?noth 08.02.02 – Aeiiii?ea oa oi?aae?iiy iaoeiai-oaoi?/iei
i?ia?anii, ?iaanoeoe?ei? oa ?iiiaaoe?ei? i?ioeane. – Oe?a?inueea
aeaaeai?y aaie?anueei? ni?aae, Noie, 1998.

A aeena?oaoe?? i?iaaaeaiee eiiieaeniee aiae?c no/aniiai noaio ?
ia?niaeoea ?icaeoeo cae?cie/iiai o?ainii?oo Oe?a?ie, aecia/ai? iniiai?
iai?yiee i?aeaeuaiiy aoaeoeaiino? eiai ooieoe?iioaaiiy a oiiaao
ia?ao?aeii? aeiiii?ee. Nenoaiaoeciaai? oa eeaneo?eiaai? e?eoa???,
i?eioeeie ? iaoiaee iioeiaeueiiai oi?aae?iiy o?ainii?oieie nenoaiaie.
Aeae?eai? eeth/ia? oaeoi?e, ui aieeaathoue ia aoaeoeai?noue
?iaanoeoe?eieo ? ?iiiaaoe?eieo i?ioean?a ia o?ainii?o?. Cai?iiiiiaai?
i?aeoiaee aei aaeineiiaeaiiy iaoiae?a ioe?iee ?iaanoeoe?eii?
i?eaaaeeaino? i?iaeo?a ia iniia? o?aooaaiiy oaeoi??a /ano, ?eceeo ?
iaaecia/aiino?, a oaeiae ioe?iee ?ici???a eai?oaeueieo aeeaaeaiue o
?icaeoie aeaiaio?a o?ainii?oii? ?io?ano?oeoo?e c o?aooaaiiyi
?aa?iiaeueii-aaeocaaeo iniaeeainoae. ?ic?iaeai? ?aeiiaiaeaoe?? uiaei
aeei?enoaiiy io?eiaieo ?acoeueoao?a i?e ioe?ioe? ?eieiai? aa?oino?
ia’?eo?a cae?cie/iiai o?ainii?oo, aoaeoeaiino? aeaeo?eo?eaoe?? aei??a ?
?icaeoeo aaaiiiaoae?aii? aace.

Eeth/ia? neiaa: cae?cie/iee o?ainii?o, ?iaanoeoe?eia ae?yeuei?noue,
aeiiii?/ia aoaeoeai?noue, iioei?caoe?y oi?aae?iiy, ieaioaaiiy
eai?oaeueieo aeeaaeaiue, ?aiaeoaaiiy ?iaanoeoe?eieo i?iaeo?a.

AIIIOAOeEss

E?th/eia A.I. ?aaeiiaeueii-io?aneaaua aniaeou oi?aaeaiey
eiaanoeoeeiiiuie e eiiiaaoeeiiiuie i?ioeannaie (ia i?eia?a
aeaeaciiaei?iaeiiai o?ainii?oa). — ?oeiienue.

Aeenna?oaoeey ia nieneaiea o/aiie noaiaie eaiaeeaeaoa yeiiiie/aneeo iaoe
ca niaoeeaeueiinoueth 08.02.02 — Yeiiiieea e oi?aaeaiea
iao/ii-oaoie/aneei i?ia?annii, eiaanoeoeeiiiua e eiiiaaoeeiiiua
i?ioeannu. — Oe?aeineay aeaaeaiey aaieianeiai aeaea, Noiu, 1998.

A aeenna?oaoeee auiieiai eiiieaeniue aiaeec nia?aiaiiiai ninoiyiey e
ia?niaeoea ?acaeoey aeaeaciiaei?iaeiiai o?ainii?oa Oe?aeiu, ii?aaeaeaiu
iniiaiua iai?aaeaiey iiauoaiey yooaeoeaiinoe aai ooieoeeiie?iaaiey a
oneiaeyo ia?aoiaeiie yeiiiieee. Nenoaiaoece?iaaiu e eeanneoeoee?iaaiu
e?eoa?ee, i?eioeeiu e iaoiaeu iioeiaeueiiai oi?aaeaiey o?ainii?oiuie
nenoaiaie. Auaeaeaiu eeth/aaua oaeoi?u, aeeythuea ia yooaeoeaiinoue
eiaanoeoeeiiiuo e eiiiaaoeeiiiuo i?ioeannia ia o?ainii?oa. I?aaeeiaeaiu
iiaeoiaeu e oniaa?oainoaiaaieth iaoiaeia ioeaiee eiaanoeoeeiiiie
i?eaeaeaoaeueiinoe i?iaeoia ia iniiaa o/aoa oaeoi?ia a?aiaie, ?enea e
iaii?aaeaeaiiinoe, a oaeaea ioeaiee ?acia?ia eaieoaeueiuo aeiaeaiee a
?acaeoea yeaiaioia o?ainii?oiie eio?ano?oeoo?u n o/aoii
?aaeiiaeueii-io?aneaauo iniaaiiinoae. ?ac?aaioaiu ?aeiiaiaeaoeee ii
eniieueciaaieth iieo/aiiuo ?acoeueoaoia i?e ioeaiea ?uii/iie noieiinoe
iauaeoia aeaeaciiaei?iaeiiai o?ainii?oa, yooaeoeaiinoe yeaeo?eoeeaoeee
aei?ia e ?acaeoey aaaiiino?ieoaeueiie aacu.

Eeth/aaua neiaa: aeaeaciiaei?iaeiue o?ainii?o, eiaanoeoeeiiiay
aeayoaeueiinoue, yeiiiie/aneay yooaeoeaiinoue, iioeiecaoeey oi?aaeaiey,
ieaie?iaaiea eaieoaeueiuo aeiaeaiee, ?aiaee?iaaiea eiaanoeoeeiiiuo
i?iaeoia.

SUMMARY

Kryuchkov V.O. Regional and branch aspects of the investment and
innovation processes management (on the example of the railway
transport). – Manuscript.

Thesis for a candidate’s degree by speciality 08.08.02 – Economics and
management of the science and technical progress, investment and
innovation processes. – Ukrainian Academy of Banking, Sumy, 1998.

The complex analysis of the modern situation and of the prospects of the
Ukrainian railway transport development is carried out; the main
directions of the increase in the effectiveness of its functioning in
the transition period conditions are determined. The criteria,
principles and methods of the optimal management of the transport
systems are systematized and classified. The key factors which have an
influence on the investment and innovation processes on the transport
are carried out. The approaches to the improvement of the estimation
methods of the investment attractiveness project are proposed with
accounting of temporal, risk and uncertainty’ factors and on the base of
the estimation of the investment in the transport infrastructure
elements development with accounting of the regional and branch
peculiarities. The recommendations for the obtained results using in the
estimation of the market value of the railway transport objects, in the
estimation of the effectiveness of the track electrification and of the
carriage-building are worked out.

Key words: railway transport, investment activity, economic
effectiveness, management optimization, investment planning, ranking of
the investment projects.

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