2

OA?E?ANUeEEE AeA?AEAAIEE IIE?OAOI?*IEE OI?AA?NEOAO

Ianeae Ieueaa ?aai?aia

OAeE 334.75 (477)

OAeINEIIAEAIIss IAOIAe?A Oe?IIOOAI?AIIss

IA I?IIENEIAO I?IAeOEOe?TH A OIIAAO

EIEEAAIUe ?EIEIAI? EII’THIEOO?E

Niaoe?aeuei?noue 08.07.01 — aeiiii?ea i?iieneiaino?

Aaoi?aoa?ao

aeena?oaoe?? ia caeiaoooy iaoeiaiai nooiaiy

eaiaeeaeaoa aeiiii?/ieo iaoe

Oa?e?a — 1999

Aeena?oaoe??th ? ?oeiien

?iaioa aeeiiaia o E?aiai/ooeueeiio aea?aeaaiiio iie?oaoi?/iiio
?inoeooo?,

I?i?noa?noaa ina?oe Oe?a?ie, i. E?aiai/oe

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

Ia?a?aa Iao?i A?eai?iae/,

Oa?e?anueeee aea?aeaaiee iie?oaoi?/iee oi?aa?neoao,

caa. eaoaae?ith i?aai?caoe?? ae?iaieoeoaa oa oi?aae?iiy

ia?niiaeii

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

I?eia Iao?i A?eaae?eiae/,

Oa?e?anueeee aea?aeaaiee aeiiii?/iee oi?aa?neoao,

caa. eaoaae?ith aeiiii?ee oa ia?eaoeiao;

eaiaeeaeao aeiiii?/ieo iaoe, i?ioani? OAeIO

Iiai??eia Ieeiea ?aaiiae/,

Oa?e?anueeee aea?aeaaiee iie?oaoi?/iee oi?aa?neoao,

aeaeai aeiiii?ei-i?aaiaiai oaeoeueoaoo

I?ia?aeia onoaiiaa Oa?e?anueeee aea?aeaaiee oi?aa?neoao,

eaoaae?a aeiiii?ee oa iaiaaeaeiaioo,

I?iina?oe Oe?a?ie, i. Oa?e?a

Caoeno a?aeaoaeaoueny “12” _____03_____ 199__9_ ?. i __13___aiaeei?
ia can?aeaii? niaoe?ae?ciaaii? a/aii? ?aaee E 64.050.02 o
Oa?e?anueeiio aea?aeaaiiio iie?oaoi?/iiio oi?aa?neoao? ca aae?anith :
310002, i.Oa?e?a-2, aoe.O?oica, 21

C aeena?oaoe??th iiaeia iciaeiieoeny o a?ae?ioaoe? Oa?e?anueeiai
aea?aeaaiiai

iie?oaoi?/iiai oi?aa?neoaoo

Aaoi?aoa?ao ?ic?neaiee “__11_” _____02_______ 199_9__ ?ieo

A/aiee nae?aoa?

niaoe?ae?ciaaii? a/aii? ?aaee Aaa?enue I.I.

CAAAEUeIA OA?AEOA?ENOEEA ?IAIOE

Aeooaeuei?noue oaie aeine?aeaeaiiy. A?eueo?noue e?a?i eieeoiueiai N?N?
? an??? nioe?ae?noe/ii? ni?aae?oaeiino? ia ia?eoea aeiiii?/ia e?eca, ?
eiaeia e?a?ia c?iaeea ?noioiee aianie o ?icaeoie noaa?e?caoe?eii?
iie?oeee oa i?aeoeee. Iaea?eueo iieaciaei ? aeina?ae e?a?i Aaeo?? ?
eieeoiuei? THaineaa??. Naia oe? e?a?ie aoaeoeaii ai?iaaaeaeoaaee
aioe?ioeyoe?eio iie?oeeo, noaa?e?coaaee aeanio a?ioiao iaeeieoeth,
i?iaiaeeee iine?aeiaio e?aa?ae?caoe?th oe?i ? no?oeoo?ieo ia?aoai?aiue.
Oiio aaea ca aeaa ?iee oe? e?a?ie ia?aeoee a?ae no??ieiai iaae?iiy (a
1991-1992 ??.- iaea?eueo a?ae/ooia iaae?iiy aaeiaiai aioo??oiueiai
i?iaeoeoo) aei noaa?eueiiai iiaeaaaeaiiy aeiiii?ee (a 1994-1995 ??. —
aaeaeiny cao?enoaaoe ?aaeueia aeiiii?/ia c?inoaiiy, yea i?iaeiaaeo?oueny
? ca?ac). Anoaiiaeaiiy noaa?eueiiai ??aiy oe?i ? iecueeiai ??aiy
?ioeyoe?? — iaioa i?ae 30 % a ??e — aoei aaciaith oiiaith a?ae?iaeaeaiiy
aeiiii?ee.

Ii/aoeiaa noaiiaeua Oe?a?ie ia aoei iaea??oei, iaeiae, iaiine?aeiai?noue
aeiiii?/ieo ia?aoai?aiue, ?o iaaeinoaoiy iaoeiaa iaa?oioiaai?noue ia
aeicaieeee iiai?noth ia?aai?ioe e?ecia? yaeua. ?acii c oei, noaa?eueii
iecueeee ??aaiue ?ioeyoe?? a iao?e e?a?i? inoaii?i /anii (a 1996 ?. — 40
%, a 1997 ?. — 10%, a ia?o?e iieiaei? 1998 ?. — 6 %, a c?inoaiiy iioiaeo
oe?i ia ia?aaeuo? 5%), iiaea neoaeeoe aaaiiei a?aoiaioii ia ei?enoue
noaa?e?caoe??, iiaeaaaeaiiy eii’thieoo?e oiaa?ieo ?eie?a, ?icaeoeo
eiieo?aioii? ai?ioueae. Ana oea noaaeoue ia?aae a?o/eciyiith
aeiiii?/iith iaoeith iia? i?iaeaie.

Aeey oe?a?inueeeo i?aei?e?inoa, ui caeiathoue aeoeaio iiceoe?th ia
aioo??oiueiio ? ciai?oiueiio ?eieao i?eeoia /an inai?iiy aeoeaii?,
ianooiaeueii? oaeoeee oe?iiooai?aiiy, yea a?aoiao? an? eiieo?aioi?
ia?aaaae a?o/eciyii? i?iaeoeoe??. Oe?iiaa oaeoeea ? no?aoaa?y
i?aei?e?inoaa iiaeiia caaacia/eoe aeinoaoi?e ??aaiue oe?iiai? no?eeino?
oe?a?inueeeo oiaa??a ia ciai?oiueiio ? aioo??oiueiio ?eieao ua ia
noaae?? ?ic?iaee ia?eaoeiaiaeo i?ia?ai, caiia?aoe eiia?oe?ei?e iaaaea/?,
a iaai?e i??? aa?aiooaaoe aaccaeoeia?noue ae?iaieoeoaa oa caooo
i?iaeoeoe??.

Ieoaiiy oe?iiooai?aiiy ia i?iieneiao i?iaeoeoe?th a oiiaao ?icaeoeo
?eieiaeo a?aeiinei i?eaa?oathoue aei naaa oaaao a?aeiieo a/aieo.
Iaoeia?e a?iiaaenueeino? aeia?a a?aeii? ?iaioe ca?oa?aeieo ? a?o/eciyieo
aeiiii?no?a TH.A.Ai?icae?ia, A.A.Aa?aneiaiea, A.A.Aea?ya?ia,
A.E.Aeeeaiy, A.A.?neiiaa, O.I.E?aoeia, ?.A.E?ineoey, A.I.Ei??ia,
A.I.Eiiiiaiea, A.N.I?i/eiiaa, N.I.I?e?o?ia, A.A.Iiaiaeeeiaa, A.?.Ioi?ia,
A.I.?thi?ia, ?.E.Nae?iaeaiiaa, A.A.Neaiiaa, A.I.O?iio??aa,
A.I.Oeaoeoe?ia, TH.I.*aaioa?y, I. I.*oaaeiaa, I.A.*oia/aiea,
A.?.sseiae?aa oa ?i., o /e?o ?iaioao ?ice?eo? ??ci? oai?aoe/i? ?
i?eeeaaei? ieoaiiy oe?iiooai?aiiy a oiiaao ia?ao?aeii? aeiiii?ee. ?acii
c oei, ?yae i?iaeai aeiaaathoue iiaeaeueoiai ae??oaiiy.

Iaaia iiaeaaaeaiiy eii’thieoo?e oiaa?ieo ?eie?a Oe?a?ie, ?icaeoie
eiieo?aioiiai na?aaeiaeua aeiaaathoue ?ic?iaee a?aeiia?aeieo oe?iiaeo
??oaiue. Iaoeiaa iaa?oiooaaiiy ??aiy oe?i a iaia’yceiaiio ii?yaeeo
iiaeiii a?aoiaoaaoe ia?aaaae ? iai??e niiaeeaa/?a, nooi?iue ?o
/ooeeaino? aei ??aiy oe?ie. ??aaiue eiieo?aioini?iiiaeiino? oiaa?o,
nooi?iue eiai a?aeiia?aeiino? aei aeiia niiaeeaa/?a iiaeii? aooe
iieeaaeai? a iniiao iaoiaee/ieo i?aeoiae?a aei aecia/aiiy oe?ie a
no/anieo oiiaao. ?nioth/? iaoiaee oe?iiooai?aiiy iaaeinoaoiuei
a?aoiaothoue iiaeeea? ?ioeyoe?ei? i/?eoaaiiy. Oea ae noino?oueny ?
ieoaiue oe?iiaiai ?eceeo oa eiai iiaeeeaeo iane?aee?a. Aeooaeueiith
i?iaeaiith no/anii? aeiiii?ee Oe?a?ie ? aaeineiiaeaiiy iaoiae?a
oe?iiooai?aiiy ia iaoeiai-oaoi?/io i?iaeoeoe?th. I?iaeaie ?icaeoeo ?eieo
iaoeiai-oaoi?/ii? i?iaeoeoe?? i?yii iia’ycai? c ieoaiiyie oe?iiooai?aiiy
ia ia?, ui ?iaeoue aeaio noa?o aeine?aeaeaiue iaaecae/aeii aaaeeeaith.

Iniaeeaiai cia/aiiy cacia/ai? i?iaeaie iaaoaathoue a oiiaao eieeaaiue
?eieiai? eii’thieoo?e, ?icaeoeo eiieo?aioe?? ? eiieo?aioii? ai?ioueae
oiaa?iae?iaiee?a ca oaaao ? i?eoeeuei?noue niiaeeaa/a. Iaiao?aei?noue
iiaeeaeaiiy oai?aoe/ieo ? iaoiaeieia?/ieo iniia aaeineiiaeaiiy
oe?iiooai?aiiy a oiiaao eieeaaiue ?eieiai? eii’thieoo?e iaoiiaeee aea??
aaoi?ii oaie, aecia/eee iai?yi aeine?aeaeaiiy, noi?ioaaee no?oeoo?o
?iaioe.

Ca’ycie ?iaioe c iaoeiaeie i?ia?aiaie, ieaiaie, oaiaie. Aeena?oaoe?y
aeeiiaia a ?aieao aea?aeaaii? iaoeiai-oaoi?/ii? i?ia?aie 07.02.
“Aeiiii?/i? i?iaeaie ?icaoaeiae aea?aeaaiino? a Oe?a?i?”, a oaeiae
ca?aeii c oaiith oieaeeiaiai? eiiiai?? “AaoiE?AC” — “?ic?iaea oaoi?/ii?
aeieoiaioaoe?? ia i?aeaioiaeo aei ae?iaieoeoaa aaoiiia?ey-naiineeaea
E?AC — 6130N4 aeey ia?aaicie n?euenueeiainiiaea?nueeeo i?iaeoeo?a”
(iaeac ii caaiaeo ? 45 a?ae 25.02.1997?.); ca?aeii c ieaiii
E?aiai/ooeueeiai aeeiieiio i?i noai?aiiy niaoe?aeueii? aeiiii?/ii? ciie
(Iinoaiiaa Eaa?iaoo I?i?no??a Oe?a?ie a?ae 14.03.1994?., ??oaiiy
aeeiieiio i. E?aiai/oea ? 1436 a?ae 19.12.1996?.).

Iaoith ?iaioe ? aiae?c ? oaeineiiaeaiiy iaoiae?a oe?iiooai?aiiy a oiiaao
eieeaaiue ?eieiai? eii’thieoo?e, noaiiaeaiiy ? ?icaeoie eiieo?aioii?
ai?ioueae. Aeey aeinyaiaiiy oe??? iaoe aoee iinoaaeai? oa ae??oai? oae?
caaea/?:

n i?iaaaeaiiy oai?aoe/iiai aiae?co oe?ie ye aeiiii?/ii? eaoaai???
?eieiai? aeiiii?ee c iaoith aeyaeaiiy ? iaa?oiooaaiiy iniiaieo iai?yi?a
oaeineiiaeaiiy oai??? oa iaoiae?a oe?iiooai?aiiy ia i?iaeoeoe?th
ae?iaie/i-oaoi?/iiai i?ecia/aiiy;

n ?icaeoie iaoiae?a anoaiiaeaiiy oe?i ia i?iieneia? oiaa?e c o?aooaaiiyi
??aiy ?o eiieo?aioini?iiiaeiino?;

n oaeineiiaeaiiy iaoiae?a oe?iiooai?aiiy ia iaoeiai-oaoi?/io
i?iaeoeoe?th;

n aaaaeaiiy ? iaa?oiooaaiiy iiiyooy oe?iiai? no?eeino? oiaa?o ia ?eieo ?
aeine?aeaeaiiy eiai iniiaieo /eiiee?a;

n ?ic?iaea iaoiae?a iae?eo ?ioeyoe?eiiai i/?eoaaiiy i?e anoaiiaeaii?
oe?i;

n ?ic?iaea iaoiaee/ieo ?aeiiaiaeaoe?e uiaei iae?eo oe?iiaiai ?eceeo.

I?aaeiao ? ia’?eo aeine?aeaeaiiy. I?aaeiaoii aeaii? ?iaioe ? aeyaeaiiy
iniiaieo caeiiii??iinoae oe?iiooai?aiiy ia i?iieneia? oiaa?e a oiiaao
?eieiai? aeiiii?ee, oai?aoe/ieo ? i?aeoe/ieo aniaeo?a i?ioeano
oi?ioaaiiy oe?i. Ia’?eoii aeine?aeaeaiiy ? ae?yeuei?noue i?iieneiaeo
i?aei?e?inoa Oe?a?ie a noa?? oe?iiooai?aiiy ia oiaa?iiio ?eieo ? ?eieo
iaoeiai-oaoi?/ii? i?iaeoeoe??.

Caaaeueia iaoiaeeea aeine?aeaeaiiy. Oai?aoe/iith ? iaoiaeieia?/iith
aacith aeine?aeaeaiiy ? iaoeia? ?ic?iaee a?o/eciyieo ? ca?oa?aeieo
aeiiii?no?a o noa?? oe?iiooai?aiiy, niaoe?aeueia aeiiii?/ia e?oa?aoo?a,
caeiiiaeaa/? ? ii?iaoeai? aeoe Oe?a?ie, iaoa??aee iaoeiaeo eiioa?aioe?e
? neiiic?oi?a, aeai? iia?aoeaiiai iae?eo ? noaoenoe/ii? ca?oiino?. I?e
ae??oaii? iinoaaeaieo caaea/ aeei?enoiaoaaeeny i?eioeeie nenoaiiiai
aiae?co, aeiiii?ei-iaoaiaoe/i? iaoiaee.

Iaoeiaa iiaecia ?acoeueoao?a ?iaioe iieyaa? a ianooiiiio:

n oaeineiiaeaia iaoiaeeea aecia/aiiy oe?i ia i?iieneia? oiaa?e c
o?aooaaiiyi ??aiy ?o eiieo?aioini?iiiaeiino?;

n cai?iiiiiaaiee iaoiae aecia/aiiy ??aiy eiieo?aioini?iiiaeiino? oiaa??a
ia aac? ooieoe?? aaaeaiino?;

n ?ic?iaeai? iaoiaee/i? ?aeiiaiaeaoe?? uiaei ?icaeoeo oe?iiooai?aiiy ia
iaoeiai-oaoi?/io i?iaeoeoe?th;

n aaaaeaii iiiyooy oe?iiai? no?eeino? oiaa?o ia ?eieo ? ?ic?iaeaia
iaoiaeeea ?? aecia/aiiy;

n cai?iiiiiaai? iaoiaee iae?eo oe?iiaiai ?eceeo, ?ioeyoe?eiiai
i/?eoaaiiy ? ?ioa?aae?a oe?iiai? aaeaeoaeino? niiaeeaa/?a i?e
anoaiiaeaii? oe?i ia i?iieneia? oiaa?e.

I?aeoe/ia oe?ii?noue aeena?oaoe?eii? ?iaioe iieyaa? a oiio, ui
aeei?enoaiiy ?? iniiaieo iieiaeaiue a aeiiii?/i?e ae?yeueiino?
i?aei?e?inoa aoaea ni?eyoe iie?ioaiith oe?iiai? ?iaioe, i?aeaeueoue
oi/i?noue ? aeinoia??i?noue oe?i, ui anoaiiaeththoueny. Cai?iiiiiaai? a
aeena?oaoe?? ?ic?iaee ? i?aeoe/i? ?aeiiaiaeaoe?? iiaeooue aooe
aeei?enoai? ia i?aei?e?inoaao ??cieo oi?i aeaniino? c iaoith
caaacia/aiiy oe?iiai? no?eeino? ae?iaeaieo oiaa??a ia ?eieo ?
ca?eueoaiiy aoaeoeaiino? eiia?oe?eii? ae?yeueiino?. ?acoeueoaoe
aeena?oaoe?eiiai aeine?aeaeaiiy io?eiaee ai?iaaaeaeaiiy ia ?yae?
i?aei?e?inoa E?aiai/ooeueeiai ?aa?iio, cie?aia, ia E?aiai/ooeueeiio
aaoiiia?eueiiio caaiae? (aeo ai?iaaaeaeaiiy a?ae 15 aa?aniy 1998?.), a
iaoeiai-oaoi?/iiio oeaio?? “?ioi?iaoe?ei? nenoaie” (aeo ai?iaaaeaeaiiy
a?ae 2 /a?aiy 1998?.), ia E?aiai/ooeueeiio caaiae? eie?n (aeo
ai?iaaaeaeaiiy a?ae 10 na?iiy 1998?.).

Iniaenoee aianie caeiaoaa/a. I?iaaaeaii e?eoe/iee aiae?c oai?aoe/ieo
iniia oe?iiooai?aiiy a no/anieo oiiaao ? aecia/ai? iniiai? iai?yie ?o
oaeineiiaeaiiy; aeyaeai? ? i?iaiae?ciaai? iniiai? /eiieee, ui
aieeaathoue ia ??aaiue oe?i; ?ic?iaeai? iaoiaee/i? iniiae anoaiiaeaiiy
oe?i ia i?iieneia? oiaa?e ? iaoeiai-oaoi?/io i?iaeoeoe?th a oiiaao
eiieo?aioe??; cai?iiiiiaaia iaoiaeeea ioe?iee ??aiy
eiieo?aioini?iiiaeiino? oiaa?o ? eiai iae?e a oe?iia?e ?iaio?; aaaaeaii
iiiyooy oe?iiai? no?eeino? oiaa?o ia ?eieo ? cai?iiiiiaaia iaoiaeeea ??
ioe?iee c o?aooaaiiyi oe?iiaiai ?eceeo, ?ioeyoe?eiiai i/?eoaaiiy ?
?ioa?aae?a oe?iiai? aaeaeoaeino? niiaeeaa/?a.

Ai?iaaoe?y ?acoeueoao?a ?iaioe. Iniiai? iieiaeaiiy ? ?acoeueoaoe
aeena?oaoe?eii? ?iaioe aeiiia?aeaeeny ? aoee noaaeai? ia
iaoeiai-i?aeoe/ieo eiioa?aioe?yo i?ioani?nueei-aeeeaaeaoeueeiai neeaaeo
E?aiai/ooeueeiai aea?aeaaiiai iie?oaoi?/iiai ?inoeoooo (i. E?aiai/oe,
1995-1998 ??.), ia ?aa?iiaeuei?e iaoeiai-oaoi?/i?e eiioa?aioe??
“I?iaeaie noai?aiiy iiaeo iaoei oa oaoiieia?e” (i. E?aiai/oe, 1996 ?.),
ia i?aeia?iaei?e iaoeiai-oaoi?/i?e eiioa?aioe?? “Oi?aae?iiy o?oaeiaeie
?ano?naie: i?iaeaie ? ia?niaeoeae ?icaeoeo” (i. Oiaeueieoeueeee, 1997
?.), ia i?aeia?iaei?e iaoeiai-i?aeoe/i?e eiioa?aioe?? “Aeine?aeaeaiiy ?
iioei?caoe?y aeiiii?/ieo i?ioean?a» (i. Oa?e?a, 1998 ?.), ia
i?aeia?iaei?e iaoeiai-i?aeoe/i?e eiioa?aioe?? “Aeiiii?/ia ioe?iea
eiieo?aioini?iiiaeiino? i?iaeoeoe?? (iineoa)» (i. Oa?e?a, 1998 ?.).

Ioae?eaoe??. Iniiai? ?acoeueoaoe aeena?oaoe?eii? ?iaioe ciaeoee nai?
a?aeia?aaeaiiy a 12 ae?oeiaaieo ?iaioao aaoi?a caaaeueiei ianyaii 2,7
oiia.ae.a. Iniaenoi aaoi?o iaeaaeeoue 2,1 oiia.ae.a.

No?oeoo?a oa ianya aeena?oaoe??. ?iaioa neeaaea?oueny c anooio, o?ueio
?icae?e?a, aeniiae?a ? nieneo aeei?enoaii? e?oa?aoo?e. Aeena?oaoe?y
i?noeoue 195 noi??iie iaoeiiieniiai oaenoo, a oiio /ene?: 25 oaaeeoeue,
12 iaethie?a, a?ae?ia?ao?th c 207 iaeiaioaaiue.

INIIAIEE CI?NO ?IAIOE

O anooi? iaa?oioiaaia aeooaeuei?noue ia?aii? oaie, aecia/ai? iaoa oa
caaea/? aeena?oaoe??, ia’?eo oa caaaeueia iaoiaeeea i?iaaaeaiiy
aeine?aeaeaiiy, ?ice?eoa iaoeiaa iiaecia io?eiaieo ?acoeueoao?a, ?o
oai?aoe/ia oa i?aeoe/ia cia/aiiy.

O ?icae?e? 1 “No/aniee noai oai??? ? iaoiae?a oe?iiooai?aiiy a
i?iieneiaino?” i?iaaaeaii e?eoe/iee aiae?c oai?aoe/ieo aniaeo?a ?
iaoiae?a oe?iiooai?aiiy, aecia/aii iniiai? iai?yie eiai oaeineiiaeaiiy,
aeeiiaii aeine?aeaeaiiy oe?ie ye aeiiii?/ii? eaoaai??? ?eieiai?
aeiiii?ee, c?iaeaii aiae?c i?noey ? ?ie? oe?iiai? iie?oeee a ?icaeoeo
a?o/eciyii? aeiiii?ee a oiiaao eieeaaiue ?eieiai? eii’thieoo?e.

Aiae?c oai??? oa i?aeoeee anoaiiaeaiiy oe?i aeicaieea aeyaeoe, ui
ei??iia a?aei?ii?noue ?eieiaiai oe?iiooai?aiiy a?ae oeaio?ae?ciaaiiai
iieyaa? a oiio, ui ?aaeueiee i?ioean oi?ioaaiiy oe?i a?aeaoaa?oueny ia a
noa?? ae?iaieoeoaa, ia ia i?aei?e?inoa?, a ia?aaaaeii a noa??
?aae?caoe?? i?iaeoeoe?? i?aei?e?inoaa, i?ae aieeaii iiieoo ?
i?iiiceoe??. Oe?ia oiaa?o ? eiai ei?eni?noue i?ioiaeyoue ia?aa??eo
?eieii, aea inoaoi/ii ? oi?iothoueny. Oiio ?aaeeeaeueiei /eiii
ci?iththoueny oyaeaiiy i?i aa?o?noue oiaa?o ? oe?ie, ye aeiiii?/ieo
eaoaai??e ?eieo. Ine?eueee o?eueee ia ?eieo a?aeaoaa?oueny aeciaiiy
i?iaeoeo?a ye oiaa??a, ?o aa?o?noue io?eio? aeciaiiy niiaeeaa/?a /a?ac
iaoai?ci oe?i. Oey i?eioeeiiaa a?aei?ii?noue ?eieiaiai oe?iiooai?aiiy
aei inoaiiueiai /ano cia/iith i??ith ?aii?oaaeany o a?o/eciyi?e
aeiiii?/i?e iaooe? ? i?aeoeoe? oe?iiooai?aiiy. Oeueiio ni?eythoue ia
iiaeieai? aein? ?noioi? ia?aaeuaiiy iiieoo iaae i?iiiceoe??th aeayeeo
oiaa??a ? iiiiiie?ci ae?iaiee?a. I/aaeaeii, ui oaea i?aeoeea yaii
noia?a/eoue oai??? ?eieiai? aeiiii?ee, ca?aeii c yeith oe?ie ia oiaa?e
iiaeii? aecia/aoeny ?o aeanieeaie. O?eueee oiae? iiaeia iiaeieaoe
a?ae/oaeaiiy oiaa?iae?iaiee?a a?ae ?acoeueoao?a ?o i?aoe?. Aea?aeaaa ae,
caeaaeii a?ae neooaoe??, yea neeaeany, iiaea ?aaoethaaoe oe?ie o?eueee
ia iaiaaeaia eiei oiaa??a. Ia an? ?io? oiaa?e aea?aeaaa aecia/a? eeoa
caaaeuei? i?aaeea ? i?eioeeie oe?iiooai?aiiy, oieeath/e anoaiiaeaiiy
eiie?aoieo oe?i ia oiaa?e ??cieo ae?iaiee?a.

E?eoe/iee aiae?c ?nioth/eo iaoiae?a oe?iiooai?aiiy a i?iieneiaino?
Oe?a?ie iieacaa, ui aiie iio?aaothoue oaeineiiaeaiiy ? ?icaeoeo. ?
oaeiae iaiao?aei?noue a?aoiaoaaoe i?e oi?ioaaii? oe?i ia i?iieneia?
oiaa?e ??aaiue ?o eiieo?aioini?iiiaeiino? ia ?eieo aai eiai naaiaio?,
aea i?aaenoaaeai? oe?a?inuee? oiaa?e. I?aeoeea anoaiiaeaiiy oe?i, ye
i?aaeei, ?aii?o? oeae iaeaaaeeea?oee i?eioeei oe?iiooai?aiiy a oiiaao
?eieiai? aeiiii?ee. Iaoiaee oe?iiooai?aiiy, caniiaai? ia eiieo?aioe??,
iano?eii aeiaaathoue naiai ?icaeoeo ? oaeineiiaeaiiy.

Iniaeeai? oaaae aeiaaa? aei naaa iaoeiai-oaoi?/ia caaacia/aiiy
i?iieneiaiai ae?iaieoeoaa. Iiyaa iaoeiai? i?iaeoeoe?? ia ?eieo ye oiaa?o
a?ae?aco ae noaaeoue a oeaio? oaaae ?yae i?iaeai, na?aae yeeo ia ia?oiio
i?noe? — oe?iiooai?aiiy ia iaoeiai-oaoi?/i? i?iaeoeoe ? iineoae. Ii
noo?, oai?aoe/i? i??eoaaiiy i?i aa?o?noue ? ?? aaee/eio iia’ycai? c
iaiao?aei?noth iaa?oiooaaoe oe?io iaoeiaiai oiaa?o, ine?eueee naia
oe?ia, a ia aa?o?noue oe?eaaeoue c?aooith o/aniee?a iai?io
iaoeiai-oaoi?/ieie aeinyaiaiiyie. Oiio aeo?aoiee i?aeo?ae aei
oe?iiooai?aiiy ia iaoeiao i?iaeoeoe?th, yeee ia?aaaaea? a iao?e e?a?i?,
iano?eii iio?aao? a?aeiia?aeii? ei?aeoe??.

O ?icae?e? 2 “?icaeoie iaoiae?a oe?iiooai?aiiy a oiiaao eieeaaiue
?eieiai? eii’thieoo?e” ?ic?iaeaii iniiai? iai?yie oaeineiiaeaiiy
oe?iiooai?aiiy a i?iieneiaino? Oe?a?ie. Ia oe?e iniia? cai?iiiiiaaii
iaoiaee/i? iieiaeaiiy uiaei aecia/aiiy oe?i ia i?iieneia? oiaa?e c
o?aooaaiiyi ??aiy ?o eiieo?aioini?iiiaeiino?, aeeiiaii iaa?oiooaaiiy
??aiy oe?i ia iaoeiai-oaoi?/i? ?ic?iaee.

Aeeeaaeai? aeua iineeee eyaee a iniiao iaoiaeeee oe?iiooai?aiiy c
o?aooaaiiyi ??aiy eiieo?aioini?iiiaeiino? oaoi?ee, ui aiae?co?oueny. A
iniia? iaoiaeeee — ia?aiao?e/ia aeiiii?ei-iaoaiaoe/ia iiaeaeue, a yeo
aoiaeeoue ye iaeaaaeeea?oee iieaciee — /eiiee eiieo?aioini?iiiaeiino?
ae?iao.

Iiaeaeue oe?ie cai?iiiiiaaiiai i?iieneiaiai ae?iao aeeth/a? aeaa
??aiyiiy, ye? aeiiiaiththoue iaeia iaeiiai.

Ia?oa ??aiyiiy a?aeia?aaea? iiaeaeue aecia/aiiy oe?ie iiaiai ae?iao,
??aaiue eiieo?aioini?iiiaeiino? yeiai ia?aaeuo? i?eeiyoee na?oiaee
??aaiue eiieo?aioini?iiiaeiino? ae?ia?a aeaiiai eeano (Iei ?na?.na?o):

Oei = Oena?.na?o o (Iei / ?na?.na?o )?na? o Ie /
ln (1 + Ie) (1)

Ae?oaa ??aiyiiy a?aeia?aaea? iiaeaeue aecia/aiiy oe?ie iiaiai ae?iao,
??aaiue eiieo?aioini?iiiaeiino? yeiai ieae/ee, i?ae i?eeiyoee na?oiaee
??aaiue eiieo?aioini?iiiaeiino? ae?ia?a aeaiiai eeano (Iei ?na?.na?o) :

Oei = Oena?.na?o o (Iei / ?na?.na?o )?na? o ln (1
+ Ie) / Ie, (2)

aea Oena?.na?o — oe?ia ae?ia?a, ??aaiue eiieo?aioini?iiiaeiino? yeeo
a?aeiia?aea? a oeae /an na?oiaiio ??aith; Iei , ?na?.na?o — ??aaiue
eiieo?aioini?iiiaeiino? iiaiai ae?iao ? ae?iao, ui a?aeiia?aea?
caaaeueiii?eeiyoei noaiaea?oai ii aeaiiio aeaeo i?iaeoeoe??; Ie = Iei
— ?na?.na?o — aeey iiaeae? (1) ? Ie = Ina?.na?o — ?ei — aeey iiaeae?
(2); ?na? — na?aaei?e ?eieiaee ??aaiue ?aioaaaeueiino? ae?iao (oae
caaiee ??aaiue ni?aaaaeeeaiai i?eaooeo ia ae??a), a.i.

sseui ??aaiue eiieo?aioini?iiiaeiino? ae?iao oi/ii a?aeiia?aea?
na?aaeiueina?oiaiio ??aith, oi a oeueiio aeiaaeeo ?ic?aooiie oe?ie ia
i?iaiaeeoueny — aiia oi/ii a?aeiia?aea? na?aaeiuei?eieia?e aaee/ei?
Oena?.na?o , yea anoaiiaeeany ia aeaiiio ?eieo a oeae /an. A?aecia/eii
aaaeeea?noue inoaiiueiai aeniiaeo, ine?eueee iiaeae? (1) ? (2) /enoi
iaoaiaoe/ii ia i?eaeaoi? aei ?ic?aooie?a oe?ie i?e ??aiino? ??ai?a
eiieo?aioini?iiiaeiino? (Iei = ?na?.na?o) — o oeueiio aeiaaeeo eiaa?eoi
iaeeieoe? aei??aith? ioeth, ? iiaeae?, ui aiae?cothoueny, ao?a/athoue
aeiiii?/ia cia/aiiy.

Iniiaiei aeaiaioii i?iiiiiaaii? iiaeae? oe?iiooai?aiiy ia i?iieneia?
ae?iae ? ??aaiue eiieo?aioini?iiiaeiino? ae?iao, ?ic?aooiie ?
iaa?oiooaaiiy yeiai iaiao?aeii i?iaiaeeoe c iniaeeaith ?aoaeuei?noth.

C iaoith ioe?iee ??aiy eiieo?aioini?iiiaeiino? i?iaeoeoe??, yea aaea
ae?iaey?oueny aai i?iiiio?oueny aei aeioneo ia iaai?e oa?eoi???,
?ic?iaeaii iaoiae aeni?an aiae?co, yeee iiaeia aeei?enoaoe ye neeaaeiao
/anoeio ?iaioe ii oe?iiooai?aiith i?iaeoeoe?? a oe?ieiio ae?aiacii? oiia
i?e ii??aiyii iaaaeeeiio ianyc? ii/aoeiaeo aeaieo. Iai?eeeaae, aeey
aeine?aeaeoaaieo iaie aaioaaeieo aaoiiia?e?a aeo?aeia ?ioi?iaoe?y aeey
ioe?iee ??aiy eiieo?aioini?iiiaeiino? iiaea iaiaaeoaaoeny aeaieie
oaae.1, a ye?e i?eeiyo? oae? iicia/aiiy: — aaioaaeii?aeeiii?noue, o; —
iaea?eueoa oaeaee?noue, ei/aiae; — ia’?i eociaa, i3; — iiooaei?noue
aeaeaoia, e.n.; — aeecaei oa a?aiiii?ea, aaee.

Oaaeeoey 1

A?oioaaiiy ia?aiao??a ae?ia?a-eiieo?aio?a aeey aecia/aiiy ??aiy
eiieo?aioini?iiiaeiino?

Aaoiiia?eueIa?aiao?e
aaoiiia?e?aiiaeaeueoeo?E?AC-65055A1690103002IAC-5516A168810,53003EaiAC-6
520N2090123203O?aeAC-330.30Ae22,885123064IVECO-260.30IA16,690113055Nooue
i?iiiiiaaii? iaoiaeeee. A no/anieo oiiaao i?iaeoeoe?y ia?aoai?th?oueny a
nenoaio ianeoaiaoaaiiy iaaii? iio?aae. Iai?eeeaae, i?iaea?oueny ia
i?inoi aaioaaeiee aaoiiia?eue, a aaioaaeiee aaoiiia?eue c a?aeiia?aeiei
o??iiaei na?a?nii, ?i?aeaeai o??ie, ui eiai ae?iaey?, ?nioth/ith
(?icaaeoaeaiith aai ia?icaaeoaeaiith) aai ia?nioth/ith ae?ea?nueeith
ia?aaeath, anoaiiaeaiei eiiieaenii ?aeeaiiiai noi?iaiaeaeaiiy oiui.
Oiio, aeey aecia/aiiy iiaeeeainoae i?iaeaaeo aeaiiai aaioaaeiiai
aaoiiia?ey iaiao?aeii aiae?coaaoe eiieo?aioini?iiiaei?noue i?iaeoeoe??
ye nenoaie ianeoaiaoaaiiy iio?aae ? ?icaeyaeaoe iieacieee yeino? oaei?
nenoaie a ???a?o?? oe?iiinoae, aecia/aii? aaciina?aaeiuei niiaeeaa/ai.
Ei?eniee aoaeo a?ae niiaeeaaiiy aai aenieoaoaoe?? ? aiiiii?oiei
a?aeia?aaeaiiyi iieaciee?a yeino? aeaii? i?iaeoeoe??. I?e oeueiio
iaiao?aeii ?icaeyaeaoe an? iieacieee yeino?, na?aae yeeo — iieacieee
i?ecia/aiiy, iaae?eiino?, oaoiieia?/iino?, a?aiiii?/iino?, aaciaee, a
oaeiae anoaoe/i?, aeiiii?/i? oa ?i. ?ic?aooiie ??aiy
eiieo?aioini?iiiaeiino? i?iaiaeeoueny ia o?eueee c o?aooaaiiyi
iaeaaaeeea?oeo oaoi?/ieo ? aeo?aoieo ia?aiao??a ae?iao, aea ii?yae c
ieie aeei?enoiaothoueny ? nooi ?eieia? iieacieee, ye?, ye i?aaeei, ia
aeeth/athoueny aeiiii?noaie a ?ic?aooiee aecia/aiiy ??aiy
eiieo?aioini?iiiaeiino? ae?ia?a. Oea — iieacieee ?i?aeaeo, oi?aiai?
ia?ee, aeecaeio, ioiieaiiy ?eieo ia?aaeath caooo, aoaeoeaiino? ?aeeaiii?
no?aoaa??, a?aeiia?aeiino? niiaeea/eo aeanoeainoae caieoai niiaeeaa/?a
oa ?i.

I?iiiiiaaiee iaoiae ioe?iee ??aiy eiieo?aioini?iiiaeiino?, aeicaiey?
aeineoue i?inoi ? iai/ii ciaeoe e?euee?ni? ioe?iee ??aiy
eiieo?aioini?iiiaeiino? ??cieo ia’?eo?a ii an?e noeoiiino? ia?aiao??a,
ui ?icaeyaeathoueny, a oaeiae aio/ei ?aaaoaaoe ia iaa?oue iacia/i? ci?ie
aoaeue-yei? c ieo. I?ioeaaeo?a ciaoiaeaeaiiy oaeeo ioe?iie aeeth/a? a
naaa o?e aoaie:

a) aea?? e?eoa???a (ia?aiao??a) ioe?iee ia’?eoa (ae?iao, ui
aeine?aeaeo?oueny, iineoae ? oiui);

a) io?eiaiiy ioe?iie ??ai?a ie?aieo ia?aiao??a eiie?aoiiai ia’?eoa
aeine?aeaeaiiy;

a) ia’?aeiaiiy io?eiaieo ioe?iie a iaeei ocaaaeueiaiee iieaciee, ui
oa?aeoa?eco? ??aaiue eiieo?aioini?iiiaeiino? aeine?aeaeoaaiiai ia’?eoa.

Iaoiae, caniiaaiee ia aeei?enoaii? ooieoe?? aaaeaiino? f:

f = 1 / wmetafile8? ??#???????????
???????????yyy????.????1?????? ???????
@`???&??yyyy?????Ayyyµyyy ??o?? ???&? ?MathType??@?
???u?????????»????-?????gn????K?? ???u??
???????»????-????S?????Oae????-?????Oi????S?L???
S?L???S????u`y??????aea o — caaaeaiee ia?aiao? ooieoe??; a —
iniiaa iaoo?aeueiiai eiaa?eoia.

Oey ooieoe?y aecia/aia a ?ioa?aae? 0….1 ? aeei?enoiao?oueny ye
aac?ici??ia oeaea, iacaaia oeaeith aaaeaiino?, aeey ioe?iee ??ai?a
ia?aiao??a ia’?eo?a, ui ii??aiththoueny (ae?ia?a, iineoa). Ca
aeiiiiiaith oeaee aaaeaiino? ioe?iththoueny ia?aiao?e ia’?eo?a aai
ae?ia?a c oi/ee ci?o ?o i?eaeaoiino? aei aeei?enoaiiy aai aaaeaiino? o
a?aeiioaii? aei yeiai-iaaoaeue i?aeoe/iiai canoinoaaiiy. Eiaeiiio
oaeoe/iiio ??aith aaaeaiino? iaaea?oueny eiie?aoia aeiiii?/ia cia/aiiy,
iia’ycaia c ??aiai eiieo?aioini?iiiaeiino? (??aiai yeino?)
aeine?aeaeoaaiiai ia’?eoa aai ae?iao. I?e/iio, cia/aiiy ooieoe??
aaaeaiino?, ??aia 0,00 a?aeiia?aea? iiai?noth iai?eeiyoiiio ??aith
ia?aiao?a, i?e cia/aii? yeiai ae??a iai?eaeaoiee aei aeeiiaiiy
iinoaaeaieo ia?aae iei caaea/. Cia/aiiy ooieoe?? aaaeaiino?, ??aia 1,00
a?aeiia?aea? iiai?noth i?eeiyoiiio ??aith ia?aiao?a, iiaeaeueoa
iie?ioaiiy yeiai iaaeioe?eueia aai iaiiaeeeaa. I?ii?aei? cia/aiiy
ooieoe?? aaaeaiino? ? ?o aeiiii?/ia oa?aeoa?enoeea iaaaaeai? a oaaeeoe?
2.

Oaaeeoey 2

A?aeiia?aei?noue cia/aiue ooieoe?? aaaeaiino? ??aith

eiieo?aioini?iiiaeiino? aeine?aeaeoaaiiai ia’?eoa

Cia/aiiy ooieoe??

aaaeaiino?Oa?aeoa?enoeea yeino? ia’?eoa aai ae?iao1,00A?aeiia?aea?
e?auiio ??aith yeino?, iie?ioaiiy yeiai ia ia? naino aai
iaiiaeeeaa1,00…0,80A?aei?iia ye?noue, a?aeiia?aeii aei e?aueo na?oiaeo
c?ace?a0,80…0,63Oi?ioa ye?noue, ??aaiue yei? aeua, i?ae
na?aaeiueina?oiaee0,63Na?aaei?e ??aaiue yeino? ae?ia?a-aiaeia?a,
i?aaenoaaeaieo ia aeaiiio oiaa?iiio ?eieo0,63…0,37Caaeia?eueia ye?noue
ae?ia?a, ui ia?aaeuo? i?i?iaeueii aeiionoeiee ??aaiue, aea iio?aao?
iie?ioaiiy 0,37I?i?iaeueii aeiionoeiee ??aaiue yeino? (a?aeiia?aea?
a?aie/iiio ??aith ?aioaaaeueiino? ae?iao)0,37…0,20Iiaaia ye?noue
i?iaeoeoe?? ia a?aeiia?aea? iinoaaeaiei caaaeaiiyi (caeoeiaa
ae?iaieoeoai)0,00Aaniethoii iai?eionoeia ye?noue C iaoith caaacia/aiiy
iiaeeeaino? aeei?enoaiiy ooieoe?? aaaeaiino? aeey ioe?iee ia?aiao??a
??cii? ?ici??iino? ? ii?yaeeo, i?iaiaeeoueny i?eaaaeaiiy ia?aiao??a
ae?iao Pi aei cia/aiue caaaeaiiai ia?aiao?a o ooieoe?? aaaeaiino? f. C
oe??th iaoith ca a?aeiieie cia/aiiyie o ? ? ia a?aieoeyo ?ioa?aae?a
ooieoe?? aaaeaiino? aoaeo?oueny ai?ieneioth/a ooieoe?y ? aecia/athoueny
?? ia?aiao?e (eiao?oe??ioe).

I?ioeaaeo?a ciaoiaeaeaiiy ioe?iee ??aiy ia?aiao?a ae?iao ca oeaeith
(ooieoe??) aaaeaiino? f aeeth/a? a naaa aoaie:

a) aecia/aiiy cia/aiue caaaeaiiai ia?aiao?a o, ye? a?aeiia?aeathoue
aoceiaei oi/eai oeaee aaaeaiino?;

a) ?ic?aooiie cia/aiue ia?aiao?a ? aeey a?aeiia?aeieo ?ioa?aae?a oeaee
aaaeaiino? f, ca?aeii c oiiaaie (e?eoa??yie), ye? iaaaaeai? a oaaeeoe?;

o) aecia/aiiy eiao?oe??io?a ai?ieneiaoe?? ca aeaiei o ? ?;

a) ia/eneaiiy cia/aiiy o aeey eiie?aoiiai cia/aiiy ia?aiao?a, ui
ioe?ith?oueny ? ca ai?ieneioth/eie oi?ioeaie;

ae) aecia/aiiy cia/aiiy ooieoe?? aaaeaiino? f aeey ia?aiao?a, ui
ioe?ith?oueny.

Iath/e ioe?iee ??ai?a ie?aieo ia?aiao??a ae?iao, ?ic?aoiao?ii ??aaiue
eiieo?aioini?iiiaeiino? anueiai ae?iao ca aeiiiiiaith ocaaaeueiaii?
ooieoe?? aaaeaiino? F:

F = (f 11 o f2 2 o … o fii o … o f n n) 1/n ,

aea fi — cia/aiiy ooieoe?? aaaeaiino? aeey i-ai ia?aiao?a ae?iao; i —
aaaii?noue i-ai ia?aiao?a ae?iao; n — e?euee?noue ia?aiao??a ae?iao.

Ii??aithth/e cia/aiiy F ??cieo eiieo?oth/eo ae?ia?a, aecia/a?ii oaea c
ieo, yeiio i?eoaiaiia iaee?aua noeoii?noue niiaeea/eo aeanoeainoae.
Oeueiio ae?iao ? aoaea a?aeiia?aeaoe iaea?eueoa cia/aiiy ocaaaeueiaii?
ooieoe?? aaaeaiino?. Io?eiai? ?acoeueoaoe aeei?enoiaothoueny a iiaeaeyo
oe?ie (1) ? (2) aeey a?aeiia?aeieo ?ic?aooie?a. ?acoeueoaoe oaeiai
aeine?aeaeaiiy aaioaaeieo aaoiiia?e?a iaaaaeaii iaie a oaae.3 (oeo?e
ae?ia?a a?aeiia?aeathoue i?eeiyoei a oaae.1).

Oaaeeoey 3

Iniiai? aeiiii?/i? iieacieee ii??aithaaieo aaoiiia?e?a

IieacieeeNa?aaei? ?eieia? cia/aiiyCia/aiiy iieaciee?a
ae?ia?a-aiaeia?aAANAeA?ioaa?aeueiee ??aaiue eiieo?aioini?iiiaeiino?,
a.i.

0,63

0,48

0,57

0,66

0,71

0,71?ic?aooieiaa oe?ia, o.i.7480045400578006840095000106300Na?aaeiy
nia?aa?o?noue, o.i.680004935054500616008410094100I?eaooie ia iaeei
aaoiiia?eue, o.i.6800-3950330068001090012200?aioaaaeuei?noue ae?iao,
%10Caeoee6111313 I?iaaaeaia aeine?aeaeaiiy no/aniiai noaio oai??? ?
iaoiae?a oe?iiooai?aiiy ia iaoeiai-oaoi?/io i?iaeoeoe?th aeicaieeei
aeyaeoe aea? iniiai? iiaeae? oe?i. Ia?oa iiaeaeue ia?aaeaa/a? oi?ioaaiiy
oe?ie ia iniia? iae?eo aeanieo aeo?ao ?ic?iaieea ? ii?iaoeaiiai
(ni?aaaaeeeaiai) i?eaooeo. Ae?oaa iiaeaeue oe?ie caniiaaia ia iae?eo
ia?aaeaa/oaaiiai aoaeoo a?ae ai?iaaaeaeaiiy iaoeiai? ?ic?iaee a i?aeoeeo
?iaioe eiie?aoiiai niiaeeaa/a. Oe? aeai? aeicaieeee aaoi?o c?iaeoe
aeniiaie i?i oa, ui oe?ia ia iaoeiai-oaoi?/io i?iaeoeoe?th iiaea
oi?ioaaoeny aeaiia iniiaieie oeyoaie, ye? a eiiieaen? anoaiiaeththoue ??
iaae?.

Ieaeiy iaaea aecia/a?oueny c oi/ee ci?o i?i?iaeueii? ei?eniino? aeey
?ic?iaieea, i?e ye?e a?i ni?iiiaeiee iie?eoe nai? aeo?aoe ? io?eiaoe
i?eaooie a aeinoaoiueiio ?ici??? aeey noeioethaaiiy i?aoe? aeeiiaaoe?a ?
caaacia/aiiy ?icaeoeo iaoeiai? i?aai?caoe??. Aa?oiy iaaea icia/a? oaeee
??aaiue caoe?eaaeaiino?, ia?aaeuaiiy yeiai iaaea?aeia aeey caiiaieea.

A?eueo?noue ?nioth/eo iiaeaeae oe?ie ia iaoeiao i?iaeoeoe?th, ui
a?aeia?aaeathoue ?? ieaeith iaaeo Oei, ye i?aaeei, aacothoueny ia
aeo?aoiiio i?aeoiae?, ui, i?e?iaeii, ia iiaea noeioethaaoe ?iaioe ii
aeeiiaiith i??i?eoaoieo oai, cie?aia oaeeo, ui iathoue aea?aeaaia
cia/aiiy. Oaeiae i?aeoe/ii iiai?noth ia noeioeththoueny ye?ni? iieacieee
IAe?.

Aeey onoiaiiy cacia/aieo iaaeie?e?a i?e aecia/aii? ieaeiuei? iaae?
oe?ie ca aeiiiiiaith aeo?aoieo iaoiae?a i?iiiio?oueny ci?ieoe iaoiaeeeo
?ic?aooieo i?eaooeo. O iaoeo i?iiiceoe?yo ii?iaoeaio aaee/eio i?eaooeo
i?iiiio?oueny aecia/aoe ca aeiiiiiaith ii?iaoeao ?aioaaaeueiino? ii
nia?aa?oino? ?i, yeee ?ic?aoiao?oueny oaeei /eiii:

?i = ?a + ?e, (3)

aea ?a — neeaaeiaa /anoeia ii?iaoeao ?aioaaaeueiino? iaoeiai?
i?iaeoeoe??, ?ic?aoiaaia o a?aeiia?aeiino? aei iaoe?iiaeueii?
aaaeeeaino? ?ic?iaee (aea?aeaaia caiiaeaiiy, eiio?aeo c eiie?aoiei
caiiaieeii, ?i?oe?aoeaia ?iaioa); ?e — neeaaeiaa /anoeia ii?iaoeao
?aioaaaeueiino?, ui caeaaeeoue a?ae ye?nieo iieaciee?a ?ic?iaee aai
i?iaeoeoe??, ui aeionea?oueny c ?? aeei?enoaiiyi.

Cia/aiiy neeaaeiaeo /anoei, ui i?iiiiothoueny ?i, ?ic?aoiaai? ia iniia?
aenia?oieo ioe?iie aeey ??cieo aeae?a IAeAeE?, i?aaenoaaeai? iaie a
oaae. 4, aea ia?aaeaa/ai? o?e ??ai? yeino?: E-1 — ia?aaeuaiiy na?oiaiai
??aiy; E-2 — a?aeiia?aei?noue na?oiaiio ??aith; E-3 — ieae/a na?oiaiai,
aea aeua a?o/eciyiiai ??aiy. Oaeiae ia?aaeaa/ai? o?e ??ai?
iaoe?iiaeueii? cia/ouino? iaoeiai? i?iaeoeoe??: IC-1 — aea?aeaaia
caiiaeaiiy; IC-2 — ?iaioe ca eiio?aeoii c eiie?aoiei caiiaieeii; IC-3 —
?i?oe?aoeai? ?iaioe.

Oaaeeoey 4

Neeaaeia? ii?iaoeao ?aioaaaeueiino? iaoeiai-oaoi?/ii? i?iaeoeoe??

Aeae iaoeiai? i?iaeoeoe??Ii?iaoea ??aiy yeino?Ii?iaoea iaoe?iiaeueii?
cia/ouino?E-1E-2E-3IC-1IC-2IC-3Ooiaeaiaioaeuei?
IAe?1,00,70,30,30,20,1Iiooeia?
aeine?aeaeaiiy0,90,60,250,250,150,1I?eeeaaei?
aeine?aeaeaiiy0,80,550,20,20,10,05?ic?iaee0,80,50,20,20,10,05 Aa?oith
iaaeo oe?ie iaoeiai? i?iaeoeoe?? anoaiiaeoe cia/ii aaae/a. Iaiao?aeiee
?aoaeueiee aiae?c ??cieo aeueoa?iaoeaieo ae?e niiaeeaa/a ? ?ic?iaieea,
ni?yiiaaieo ia aeinyaiaiiy iaeiiai ? oiai ae ?acoeueoaoo. Ia iao
iiaeyae, ye oea iieacaii ia ?en.1, aa?oiueith iaaeath oe?ie aeey
i?iaeaaoey (?ic?iaieea) aoaea iaeiaioa c eiai ioe?iie: a) i?e??no
i?eaooeo (aeiiii??) iieoioey aiane?aeie canoinoaaiiy iaoeiaiai i?iaeoeoo
— Aii2; a) aa?oino? i?eaeaaiiy iei aiaeia?/ii? oaoiieia?? o ?ioiai
iinoa/aeueieea — Oeae?2; a) aeo?ao naiino?eii? ?ic?iaee aiaeia?/iiai
iaoeiaiai i?iaeoeoo niiaeeaa/ai — ?nai2.

Oeaea oeai iio?aaeoaey
Oeaea oeai nicaeaoaey

iao/iiai i?iaeoeoa
iao/iiai i?iaeoeoa

(iieoiaoaey)
(i?iaeaaoea)

Oeaa?o2 =

Yii2

= min Oeae?2

Enai2

Oeaa?o1 =

Enai1
IA?EAOEIAIAIA IIEA

OeAIIAIE IIEEOEEE

Oeae?1
IA IAO*IUE OIAA?

= min

Yii1

Eia?oo

Iioeac

Oeieaei2 =

= i?yiua ecaea?aeee

nicaeaiey e ia?aaea/e

iao/iiai i?iaeoeoa

?en. 1 . Oi?ie?iaaiea oeaiu ia iao/ioth i?iaeoeoeeth

Aeey iieoioey aa?oiueith iaaeath oe?ie iaoeiaiai i?iaeoeoo aoaea
iaeiaioa c eiai ioe?iie oeeo iieaciee?a. Aiie /ano?oa ca ana
?ic?aoiaothoueny iei

a cai?ioi?e iine?aeiaiino?: a) aeanieo aeo?ao niiaeeaa/a ia ?ic?iaeo
i?iaeoeoo-aiaeiaa aai iao?ae iaoaio?a e?oeaic?a?a — ?nai1;a) aa?oino?
aiaeia?/ii? ?ic?iaee o ?ac? i?eaeaaiiy ?? o ?ioiai iinoa/aeueieea —
Oeae?1; a) i?e?inoo i?eaooeo aai aeiiii?? ca ?aooiie i?eaeaaiiy ?ic?iaee
o e?oeaic?a?a — Aii1; a) iiaea ?icaeyaeaoeny oaeiae aa??aio
?ioaeaeooaeueiiai i??aonoaa (aeo?aoe ii?ooaiiy i?aa ia iaoaioe,
aaoi?nuee? i?aaa, i?iieneia? c?acee, iio-oao oiui) — ?ii?oo; ae) ia
aeeeth/aia ? a?aeiiaa a?ae i?eaeaaiiy aai ?ic?iaee aeaii? i?iaeoeoe?? ?
aea?? ?ioiai oeyoo iiaea?i?caoe?? ae?iaieoeoaa, ui ia?aaeaa/a? ioe?ieo
noi?ia?aeieo oaeiio ??oaiith aeiiii?/ieo ao?ao — Ia?aei.

Iio??aii i?aee?aneeoe, ui iaa?oue ni?aiaaeath/? iieacieee aoaeooue
ioe?ithaaoeny ii ??ciiio i?iaeaaoeai ? iieoioeai. A?eueoa oiai, ?aaeueia
oe?ia ciaoiaeeoeiaoueny a i?ii?aeeo i?ae ieaeiueith iaaeath oe?ie
i?iaeaaoey ? aa?oiueith iaaeath oe?ie iieoioey, yea ? neeaaea?
ia?eaoeiaiaa iiea oe?iiai? iie?oeee ia iaoeiao i?iaeoeoe?th, oiaoi
iiaeeeaino? ia?aaiai?iiai ?ano?no.

A ?icae?e? 3 “Oi?ioaaiiy ? ioe?iea oe?iiai? no?eeino? oiaa?o ia ?eieo”
i?iaaaeaii eeaneo?eaoe?th ? aeine?aeaeaiiy iniiaieo /eiiee?a oe?iiai?
no?eeino? oiaa?o ia ?eieo, ?ic?iaeaii iaoiaeeeo ioe?iee ?? ??aiy, a
oaeiae aeine?aeaeaii aieea ia aeaiee iieaciee /eiiee?a ?ioeyoe?eiiai
i/?eoaaiiy oa ?ioa?aae?a oe?iiai? aaeaeoaeino? niiaeeaa/?a, ?ic?iaeaii
iaoiaee/i? i?aeoiaee aei ioe?iee ? iaa?oiooaaiiy ??aiy oe?iiaiai ?eceeo.

Iiiyooy oe?iiai? no?eeino? oiaa?o ia ?eieo, ui i?iiiio?oueny iaie,
oa?aeoa?eco? noaa?euei?noue i?e aeai?e oe?i? ?eieiaiai noaiiaeua oiaa?o
a iaaiee ia??iae /ano ? a ei?ioeino?ieia?e ia?niaeoea?. I?e oeueiio
iiaeii? aooe a?aoiaai? ia?aaaae ? iiaeeeaino? niiaeeaa/?a, ?o
/ooeea?noue aei ??aiy oe?ie, aeiiii?/i? iieacieee ?iaioe
i?aei?e?inoa-ae?iaiee?a (aeo?aoe ia ae?iaieoeoai, ciaia’ycaiiy ia?aae
athaeaeaoii, caaaioaaeaiiy ae?iaie/eo iiooaeiinoae), a oaeiae aeaye?
iaea?eueo ?noioi? iiaeeea? ci?ie iieaciee?a iae?ina?aaeiaeua
(?ioeyoe?ei? i/?eoaaiiy, iiaeaoee, cai?e, ieoi, i?ioaeoe?ii?ci). C
o?aooaaiiyi anueiai neacaiiai aeua, aeiiii?ei-iaoaiaoe/ia iiaeaeue
aecia/aiiy oe?iiai? no?eeino? oiaa?o ia ?eieo i?iiiio?oueny iaie o
oaeiio aeaeyae?:

Ooei = Ni?oei (1 + ) (1 — ) (1 — Roei) / Ne?oei (4)

aea Ooei — cia/aiiy oe?iiai? no?eeino? oiaa?o, ui aiae?co?oueny ia ?eieo
ii oe?i? Oei; Ni?oei — i?iaiic ianyao caooo oiaa?o ii oe?i? Oei,
neeaaeaiee c o?aooaaiiyi iai???a ? iiaeeeainoae niiaeeaa/?a; ( —
eiao?oe??io /ooeeaino? niiaeeaa/?a aei oe?i (eiao?oe??io oe?iiai?
aaeaeoaeino?); ( — eiao?oe??io, ui a?aoiao? ?ioeyoe?ei? i/?eoaaiiy;
Roei — ??aaiue oe?iiaiai ?eceeo, ui aecia/a? ?iia??i?noue caeoe?a i?e
anoaiiaeaii? ia oiaa? oe?ie, ui aiae?co?oueny Oei; Ne?oei — e?eoe/iee
ianya caooo aeaiiai oiaa?o, i?e yeiio i?i?iaeueia iaoa i?aei?e?inoaa
aaaaea?oueny aeinyaiooith. Iaioee aea ianya i?iaeaaeo oiaa?o Ne?oei i?e
oe?i? Oei aeoiaeeoue ca iaae? oe?iiai? no?eeino? oiaa?o ia ?eieo.

Ciia oe?iiai? no?eeino? oiaa?o ia ?eieo aecia/a?oueny ia??ai?noth:
Ooei 1. I?e Ooei 1 oiaa? ii oe?i? Oei ia? ia ?eieo ianoaa?eueia
noaiiaeua, ? ae?iaiee iiaea a aoaeue-yeee iiiaio /ano caciaoe
iaoa??aeueieo ao?ao, iia’ycaieo c ae?iaieoeoaii ? caooii aeaiiai ae?iao.
I?eiaeii? eiia??i?noue oeeo ao?ao aeineoue aaeeea.

Aiaeia?/i? ?ic?aooiee ?aeiiaiaeo?oueny i?iaiaeeoe aeey ??cieo oe?i ia
oiaa?, ui aiae?co?oueny — Oe1, Oe2, Oe3 … Oei. O ?acoeueoao? iiaeia
io?eiaoe a?aeiia?aeiee ?yae cia/aiue eiao?oe??ioa oe?iiai? no?eeino?
Ooei, ca aeiiiiiaith yeeo iiaeia iaa?oiooaaoe iaea?eueo i?eeiyoio oe?io
ia aeaiiio ?eieo, yea ? aecia/eoue e?au? oiiae aeey
i?aei?e?inoaa-ae?iaieea. Oe? oiiae aoaeooue a?aeiia?aeaoe oe?i? c
iaeneiaeueiei eiao?oe??ioii oe?iiai? no?eeino? Ooei max.

Aaoi?ii i?iaiaeeeiny aeine?aeaeaiiy aeeiai?ee iiaeeeaeo ianya?a caooo
aaoiiia?ey E?AC-6510 i?e anoaiiaeaii? ??cieo oe?i ia iueiai (oaae.5).
Aeine?aeaeaiiy ioe?iie iniiaieo niiaeeaa/?a i?iaiaeeeiny ca aeiiiiiaith
aeaeiia?iaoe?eiiai aiae?co, a oiae? yeiai ii??aithaaeeny iniiai?
niiaeea/? aeanoeaino? aaoiiia?e?a E?AC-6510, EaiAC-55111 ? IAC-5516, ui
? iaeaeeae/eie ae?iaaie-aiaeiaaie. Niiaeeaa/?a aaoiiia?ey E?AC-6510
iaea?eueoa i?eaaaeththoue oae? eiai niiaeea/? aeanoeaino?, ye
iaae?ei?noue a aenieoaoaoe?? (?ano?n — 800 oen. ei., iai?aoethaaiiy ia
a?aeeac — 80 oen. ei.), a oaeiae iaeei c iniiaieo aenieoaoaoe?eieo
iieaciee?a — ia’?i ieaooi?ie — 12 i3).

Oaaeeoey 5

I?iaiic ianya?a caooo aaoiiia?e?a E?AC-6510 i?e ??cieo oe?iao

Oe?ia

(Oei), a?i.I?noe?noue ?eieo

(Ai), oo.Eiia??i?noue caooo

(Eiia?? Noei), %I?iaiic ianya?a caooo

(Ni?oei), oo.50 0006381517,25A1 o Eiia?? Noe1 = 1100855 0006381510,80A2
o Eiia?? Noe2 = 689260 000638157,65A3 o Eiia?? Noe3 = 48819 Cia/aiiy
e?eoe/ieo ianya?a caooo oiaa?o Ni?oei caeaaeeoue a?ae oiai, yeo
i?i?iaeueio iaoo noaaeoue ia?aae niaith i?aei?e?inoai. A oae?e
iinoaiiaoe? a aeena?oaoe?? ?icaeyaeathoueny o?e iniiaieo aeiaaeee, eiee
i?aei?e?inoai iiaea anoaiiaethaaoe ??ci? aeiiae aei e?eoe/iiai ianyao
caooo ae?iao, ui aiae?co?oueny, i?e aeai?e oe?i? ia iueiai.

1. Caaacia/aiiy oiia iiaa?iaiiy an?o aeo?ao, iia’ycaieo c ae?iaieoeoaii
? caooii aeaiiai ae?iao.

2. Caaacia/aiiy i?aei?e?inoao ii?iaeueiiai i?eaooeo.

3. Caaacia/aiiy aoaeue-yei? (iaa?oue iaaaeeei?) noie aeey iie?eooy
oiiaii-iino?eieo aeo?ao.

Iaa?oiooaaiiy cia/aiiy eiao?oe??ioa oe?iiai? aaeaeoaeino? a
aeena?oaoe?? aeeiioaaeiny ia iniia? aeine?aeaeaiiy ??cieo /eiiee?a, ye?
iiaeooue i?e iayaiino? a?aeiia?aeieo ia?aaeoiia noai?thaaoe
(?icoe?thaaoe) ae?aiacii oe?iiai? aaeaeoaeino? niiaeeaa/?a.

Ioe?ieo eiao?oe??ioa, ui a?aoiao? ?ioeyoe?eia i/?eoaaiiy,
?aeiiaiaeo?oueny i?iaanoe ca oaeith noaiith:

a) ooi/iththoueny eiie?aoi? iieacieee aeeiai?ee oe?i, ui i?aeeyaathoue
ioe?ioe? oa i?iaiicoaaiith, a oaeiae ooi/ith?oueny ia??iae /ano
i?iaiicoaaiiy;

a) aioo?oueny ?ioi?iaoe?y ? aiae?cothoueny ii/aoeia? aeai? ca ieioeee
ia??iae ye ca iieacieeaie i?iaiico, ui i?noyoueny a eiai aeniiaeao, oae
? ca /eiieeaie ? oiiaaie, ui aieeaathoue ia e?ioeaa? iieacieee;

a) aeyaeythoueny iniiai? /eiieee ? oiiae, ye? aieeaaoeiooue ia oaiie
?ioeyoe??, a oaeiae ioe?ith?oueny ??aaiue ?o e?euee?niiai aieeao;

a) ?ic?aoiao?oueny oaii ?ioeyoe?? ia ia??iae, ui i?iaiico?oueny.

Aeey a?eueoi? iaa?oioiaaiino? ??oaiue, ui i?eeiathoueny, iiaeeeaee
aaaaoiaa??aioiee iaoiae aecia/aiiy oaii?a ?ioeyoe??, oiaoi i?iaaaeaiiy
ioe?iee ?ioeyoe?eiiai i/?eoaaiiy ca o?ueiia a??ia?aeieie noeaia??yie
?icaeoeo aeiiii?/ii? neooaoe?? a iaeaooiueiio: iaea?eueo ni?eyoeeaiio,
iioeiaeueiiio ? iaio ni?eyoeeaiio. Ca iaoeie ?ic?aooieaie, ?iaeaen
c?inoaiiy oe?i ia i?iieneia? oiaa?e, coiiaeaiee ?ioeyoe?eieie
i?ioeanaie, a 1999 ?ioe? aoaea ia ??ai? 1,05…1,08, a aeey niiaeea/eo
oiaa??a — ia ??ai? 1,06…1,10.

O aeena?oaoe?? ?ic?iaeaii i?aeo?ae aei iaa?oiooaaiiy ??aiy oe?iiaiai
?eceeo Roei, ui aecia/a? eiia??i?noue iiaeeeaeo caeoe?a i?e
anoaiiaeaii? ia oiaa? oe?ie, ui aiae?co?oueny (Oei). A?i caniiaaiee ia
aeei?enoaii? iniiaieo iieiaeaiue oai??? eiia??iino? oa iaoaiaoe/ii?
noaoenoeee. Oi/i?oa eaaeo/e, a eiioaeno? caaea/?, ui ae??oo?oueny,
cia/aiiy Roei aecia/a? ia eiia??i?noue iayaiino? iaoa??aeueieo ao?ao o
ae?iaieea ye oaeeo, a ?o iiina?aaeeiaaio aaee/eio o ?ac? iaaeinyaiaiiy
i?aei?e?inoaii ??aiy i?iaiiciiai caooo i?iaeoeoe?? i?e aeai?e oe?i? —
Ni?oei. O oeueiio aeiaaeeo, ia iao iiaeyae, oe?eeii iaa?oioiaaii
aeei?enoaoe i?eioeei ?icoiii? oiaaiaiino? aai ?icoiiiai ?eceeo a
i?aei?e?iieoeuee?e ae?yeueiino?, yeee icia/a?, ui a i?eeiyoo? ??oaiiy
ea?othoueny oaeei ni?aa?aeiioaiiyi ?iia??iinoae cae?eniaiiy ?
iacae?eniaiiy iiae??, i?e yeiio i?eaeecii aea? o?aoeie oain?a ni?eythoue
oni?oo ? iaeia o?aoeia oain?a eiio ia ni?ey?. Aeaiee i?eioeei iaaiith
i??ith a?aeia?aaea? a?aeiia a na?oiaiio a?cian? “i?aaeei 70/30″ Eaaecoie
Oaoa?n?. Iani?eyoeeaa iaeia o?aoeia oain?a ? noeioeyoi?ii aeey ?icaeyaeo
? aaeeaaiiy caoiae?a uiaei ?o onoiaiiy.

AENIIAEE

1. An? oe?iiooai?thth/? /eiieee ?aeiiaiaeo?oueny ?icae?eeoe ia o?e
iniiai? a?oie: /eiieee iae?i??aiy, i?e?i??aiy ? ai?ciaee/iiai aieeao.

2. Iniiaiei i?eioeeiii oe?iiai? iie?oeee i?aei?e?inoaa a oiiaao ?eieo ?
eiiieaeniee i?aeo?ae, yeee iia’yco? iaoo ae?yeueiino? i?aei?e?inoaa,
?ano?ne ? ae?iaie/? iiaeeeaino? c aeiiaaie ?eieiaiai iiieoo, na?aae yeeo
iaeaaaeeea?oei ? ??aaiue eiieo?aioini?iiiaeiino?.

3. Oaeineiiaeaiiy oe?iiooai?aiiy ia i?iaeoeoe?th ae?iaie/i-oaoi?/iiai
i?ecia/aiiy aeeth/a? a naaa ?ic?iaeo iaoiae?a anoaiiaeaiiy oe?i c
o?aooaaiiyi ??aiy eiieo?aioini?iiiaeiino? ae?iao i?e aeinyaiaii?, c
iaeiiai aieo, iaeneiaeueii? i??e caaeiaieaiiy iio?aa niiaeeaa/?a ?, c
?ioiai aieo, caaacia/aiiy aeinyaiaiiy eiia?oe?eii? iaoe ae?iaiee?a.

4. ?ic?iaeai? iaie iaoiaee/i? ?aeiiaiaeaoe?? uiaei aaeineiiaeaiiy
oe?iiooai?aiiy ia iaoeiai-oaoi?/io i?iaeoeoe?th ia?aaeaa/athoue
iaa?oiooaaiiy ieaeiuei? ? aa?oiuei? iaae oe?ie ye c oi/ee ci?o
niiaeeaa/a, oae ? c oi/ee ci?o ?ic?iaieea (i?iaeaaoey). A ?acoeueoao?
aecia/a?oueny ia?eaoeiaiaee i?ino?? oe?iiai? iie?oeee ?ic?iaieea
(aeanieea) iaoeiai-oaoi?/ieo aeinyaiaiue.

5. C iaoith i?aeaeuaiiy aeiiii?/iiai iaa?oiooaaiiy oe?i ia i?iaeoeoe?th
? cieaeaiiy ??aiy eiia?oe?eiiai ?eceeo i?iiiio?oueny aeei?enoaoe iiiyooy
oe?iiai? no?eeino? oiaa?o ia ?eieo, ui a?aeia?aaea? eiia??i?noue
i?aaeeueiiai anoaiiaeaiiy oe?i, i?e yeeo aeinyaa?oueny iniiaia
eiia?oe?eia iaoa i?aei?e?inoaa.

6. I?e ioe?ioe? oe?iiaiai ?eceeo iio??aii aeoiaeeoe c eiai
eiia??iinoii? oa?aeoa?enoeee, aeey iaa?oiooaaiiy yei? iio??aii
aeei?enoiaoaaoe aia?ao oai??? eiia??iinoae ? iaoaiaoe/ii? noaoenoeee.

NIENIE IIOAE?EIAAIEO I?AOeUe CA OAIITH AeENA?OAOe??

1. Ianeae I.E. Auai? iaoiaea oeaiiia?aciaaiey a oneiaeyo ia?aoiaeiiai
ia?eiaea // ?aa?iiaeuei? ia?niaeoeae.- 1998.- ?2 (3).- N. 55-56.

2. Ia?a?aa I.A., Ianeae I.E. Iaoiaeeea ?uii/iiai oeaiiia?aciaaiey ia
iniiaa o?iaiy eiieo?aioiniiniaiinoe i?iiuoeaiiuo ecaeaeee // Ia?eaoeia e
?aeeaia.- 1998.- ?9-10 (25-26).- N. 48-50.

Aaoi?ii ?ic?iaeai? iiaeae? oe?iiooai?aiiy oa i?iaaaeaia ?o ai?iaaoe?y.

3. Ianeae I.E. Oeaiiaay iieeoeea E?aiai/oaneiai eieaniiai caaiaea a
nia?aiaiiuo oneiaeyo ia?aoiaea e ?uii/iui ioiioaieyi // Aanoiee Oa?uee.
ainoaea?noaaiiiai iieeoaoi. oi-oa.- Aui.19.- *.3.- Oa?ueeia : OAIO,
1998.- N.37-40.

4. Ia?a?aa I.A., Ianeae I.E. Ioeaiea eiiia?/aneiai ?enea i?e
onoaiiaeaiee oeai // Aanoiee Oa?uee. ainoaea?noaaiiiai iieeoaoi. oi-oa.-
Aui.19.- *.2.- Oa?ueeia : OAIO, 1998.- N.126-133.

Aaoi?ii cai?iiiiiaai? e?eoa??? ioe?iee eiia?oe?eiiai ?eceeo.

5. Ianeae I.E. Iniaaiiinoe onoaiiaeaiey oeai ia iao/ii-oaoie/aneoth
i?iaeoeoeeth // Aecian-eioi?i.- 1998.- ?20 (240).- N. 55-57.

6. Ianeae I.E. Iaoiaeu oi?aaeaiey a oneiaeyo ?uii/iie yeiiiieee //
Ca??iee iaoeiaeo i?aoeue E?aiai/. o?e?? Oa?e. iie?oaoi.oi-oo. -*.2.-
E?aiai/oe,1995.-N.69-73.

7. Ianeae I.E. Iaoiaee/aneea aniaeou niaa?oainoaiaaiey iaoiaeia
oi?aaeaiey // Iao/iua o?oaeu E?aiai/. ainoae. iieeoaoi. ei-oa.- Aui.2.-
*.3.- E?aiai/oa, 1997.- N.66-71.

8. E?aa/aiei TH.E., Ianeae I.E. No?aoaae/aneia oi?aaeaiea a oneiaeyo
?uii/iuo ioiioaiee // Iaoa??aee iaoeiai-oaoi?/ii? eiioa?aioe??.-
E?aiai/oe : EO OAeIO, 1994.- N.40.

Aaoi?ii iaa?oioiaai? no?aoaa?/i? /eiieee aoaeoeaiiai iaiaaeaeiaioo.

9. Ianeae I.E. Eciaiaiea ?iee oi?aaeaiey // Iao/iua o?oaeu
iao/ii-oaoie/aneie eiioa?aioeee “I?iaeaiu nicaeaiey iiauo iaoei e
oaoiieiaee”.- E?aiai/oa : EO OAIO, 1996.- N.188.

10. Oiiaiei I.I., Ianeae I.?. Aeine?aeaeaiiy oa?aeoa?o oa oi?i aeyaeaiiy
iioeaaoe?? ia i?aei?e?inoaao i?iieneiaiai ?aa?iio//Ca??iee aeiiia?aeae
i?aeia?iaeii? iaoeiai-i?aeoe/ii? eiioa?aioe?? “Oi?aae?iiy o?oaeiaeie
?ano?naie: i?iaeaie ? ia?niaeoeae ?icaeoeo”.- *.1.- Oiaeueieoeeee : OOI,
1997.- N.115-116.

Aaoi?o iaeaaeeoue ?ic?iaea iioeaaoe?eiiai iaoai?cio ?iaioe c?
niiaeeaa/aie.

AIIOAOe??

Ianeae I.?. Oaeineiiaeaiiy iaoiae?a oe?iiooai?aiiy ia i?iieneiao
i?iaeoeoe?th a oiiaao eieeaaiue ?eieiai? eii’thieoo?e. — ?oeiien.

Aeena?oaoe?y ia caeiaoooy iaoeiaiai nooiaiy eaiaeeaeaoa aeiiii?/ieo
iaoe ca niaoe?aeuei?noth 08.07.01 — aeiiii?ea i?iieneiaino?.
Oa?e?anueeee aea?aeaaiee iie?oaoi?/iee oi?aa?neoao, Oa?e?a, 1999.

?icaeyaeathoueny i?iaeaie oe?iiooai?aiiy ia i?iaeoeoe?th i?iieneiaino?.
Aeeiiaii aiae?c oai?aoe/ieo oa i?aeoe/ieo aniaeo?a i?ioeano oi?ioaaiiy
oe?i, oaeineiiaeaii eeaneo?eaoe?th oaeoi??a oe?iiooai?aiiy.
Cai?iiiiiaaii iaoiaeeeo anoaiiaeaiiy oe?i ia i?iieneia? ae?iae ia iniia?
??aiy ?o eiieo?aioini?iiiaeiino?. ?ic?iaeaii iiaeaeue ioe?iee ??aiy
eiieo?aioini?iiiaeiino? i?iieneiaeo ae?ia?a c aeei?enoaiiyi ooieoe??
aaaeaiino?. Iaaeaii iaoiaee/i? ?aeiiaiaeaoe?? uiaei aaeineiiaeaiiy
oe?iiooai?aiiy ia i?iaeoeoe?th iaoeiaiai oa?aeoa?o. Aaaaeaii iiiyooy
oe?iiai? no?eeino? oiaa?o ia ?eieo oa cai?iiiiiaaii iaoiaeeeo ??
aecia/aiiy.

Eeth/ia? neiaa: oe?ia, aa?o?noue, oaeoi?e oe?iiooai?aiiy,
eiieo?aioini?iiiaei?noue, ?ioeyoe?y, oe?iiaee ?ecee, oe?iiaa no?ee?noue,
iiieo, i?iiiceoe?y, aaccaeoeia?noue.

Ianeae I.E. Niaa?oainoaiaaiea iaoiaeia oeaiiia?aciaaiey ia
i?iiuoeaiioth i?iaeoeoeeth a oneiaeyo eieaaaiee ?uii/iie eiiuthieoo?u. —
?oeiienue.

Aeenna?oaoeey ia nieneaiea iao/iie noaiaie eaiaeeaeaoa yeiiiie/aneeo
iaoe ii niaoeeaeueiinoe 08.07.01 — yeiiiieea i?iiuoeaiiinoe.
Oa?ueeianeee ainoaea?noaaiiue iieeoaoie/aneee oieaa?neoao, Oa?ueeia,
1999.

?anniao?eaathony i?iaeaiu oeaiiia?aciaaiey ia i?iaeoeoeeth
i?iiuoeaiiinoe.

I?iaaaeai e?eoe/aneee aiaeec oai?aoe/aneeo aniaeoia e iaoiaeia
oeaiiia?aciaaiey. ?anniio?aiu iniiaiua iiaeoiaeu e i?ioeanno
onoaiiaeaiey oeaiu: cao?aoiia oeaiiia?aciaaiea,
ii?iaoeaii-ia?aiao?e/aneia e oeaiiinoii-?uii/iia. Auiieiaii
enneaaeiaaiea oeaiu eae yeiiiie/aneie eaoaai?ee ?uii/iie yeiiiieee.
I?iaaaeai aiaeec ianoa e ?iee oeaiiaie iieeoeee a ?acaeoee ioa/anoaaiiie
yeiiiieee a oneiaeyo eieaaaiee ?uii/iie eiiuthieoo?u.

Auyaeaiu ei?aiiua ioee/ey ?uii/iiai oeaiiia?aciaaiey io ieaiiaiai,
eioi?ua ninoiyo a oii, /oi ?aaeueiue i?ioeann oi?ie?iaaiey oeai
i?ienoiaeeo ia a noa?a i?iecaiaenoaa, ia ia i?aaei?eyoee, a a noa?a
?aaeecaoeee i?aaei?eyoey, o.a. ia ?uiea, iiae aicaeaenoaeai ni?ina e
i?aaeeiaeaiey, oiaa?ii-aeaiaaeiuo ioiioaiee.

Enneaaeiaaia iieiay eeanneoeeaoeey ooieoeee oeaiu, aeeth/athuay a naay:
o/aoiay eee ecia?eoaeueiay, ?ani?aaeaeeoaeueiay, noeioee?othuay,
aaeaine?othuay ni?in e i?aaeeiaeaiea, n?aaenoai ?aoeeiiaeueiiai
?aciauaiey i?iecaiaenoaa, eaaeaeay ec eioi?uo aeiiieiaia ?yaeii
aniiiiaaoaeueiuo ooieoeee.

?ane?uou o?e iniiaiua oaeoi?u i?aaenoaaeaiey i noieiinoe oiaa?a,
ii?aaeaeythuea aaee/eio oeaiu ia i?iiuoeaiiua oiaa?u: iaiin?aaenoaaiiiai
ecaioiaeoaey i?iaeoeoeee; iaiin?aaenoaaiiiai iio?aaeoaey i?iaeoeoeee;
ainoaea?noaaiiuo i?aaiia, inouanoaeythueo ?aaoee?iaaiea e eii?aeeiaoeeth
oeai a no?aia niaeanii nouanoaothuaai caeiiiaeaoaeuenoaa.

I?iaaaeaiiue aiaeec ia?eaoeiaiaie e, a /anoiinoe, oeaiiaie iieeoeee a
aaoiiiaeeueiie i?iiuoeaiiinoe iicaieyao naeaeaoue auaiae i aiciiaeiinoe
oniaoiie ?aaeecaoeee ia?niaeoeaiuo iiaeaeae a?ociaeeia a aoaeouai i?e
auiieiaiee ?yaea oneiaee, aeaaiuie ec eioi?uo yaeythony neaaeothuea:
niaa?oainoaiaaiea iio?aaeoaeueneeo naienoa ecaeaeee, ieiaeioai?iay
?aaioa eiino?oeoi?neeo e oaoiieiae/aneeo iiae?acaeaeaiee; i?aaeeueii
aua?aiiay e a aeinoaoi/iie noaiaie iainiiaaiiay e a?aoiaioe?iaaiiay
oeaiiaay iieeoeea; aieaa aa?anneaiay iieeoeea a iaeanoe i?iaeaeaeaiey
oiaa?a ia ?uiie.

Iainiiaaiu iniiaiua iai?aaeaiey niaa?oainoaiaaiey oeaiiia?aciaaiey a
i?iiuoeaiiinoe Oe?aeiu, eioi?ua naaaeaiu e neaaeothuei iinueeai: aiaeec,
o/ao e i?iaiice?iaaiea ninoiyiey iae?iyeiiiie/aneie n?aaeu, a eioi?ie
iaoiaeyony noauaeou oeaiiaie ?aaiou; ?acaeoea iaoiaeia o/aoa cao?ao,
iao/iiai iainiiaaiey ieaeiae a?aieoeu oeaiu, ca i?aaeaeaie eioi?ie
ianooiaao oauoi/iia i?iecaiaenoai; ?ac?aaioea iaoiaeia iainiiaaiey
oeaiu, iaoeaeaiiuo ia iieo/aiea iaeneiaeueiie eee aeinoaoi/iie
(ii?iaeueiie) i?eauee; o/ao oaeoi?ia, naycaiiuo n aeayoaeueiinoueth
eiieo?e?othueo i?aaei?eyoee; ii?aaeaeaiea noaiaie o/anoey ainoaea?noaa a
i?ioeanna oeaiiia?aciaaiey.

I?aaeeiaeaia iaoiaeeea ii?aaeaeaiey oeai ia i?iiuoeaiiua oiaa?u. A
iniiaa iaoiaeeee — ia?aiao?e/aneay yeiiiieei-iaoaiaoe/aneay iiaeaeue, a
eioi?oth aoiaeeo iieacaoaeue eiieo?aioiniiniaiinoe ecaeaeey eae iaeei ec
aaaeiaeoee oaeoi?ia. Aeaiiay iiaeaeue ioeaiee o?iaiy
eiieo?aioiniiniaiinoe i?iiuoeaiiuo oiaa?ia ?ac?aaioaia n eniieueciaaieai
ooieoeee aeaeaoaeueiinoe.

I?iaaaeaii enneaaeiaaiea nia?aiaiiiai ninoiyiey oai?ee e iaoiaeia
oeaiiia?aciaaiey ia iao/ii-oaoie/aneoth i?iaeoeoeeth. I?aaeeiaeaia
iaoiaeeea ii niaa?oainoaiaaieth oeaiiia?aciaaiey ia iao/ii-oaoie/aneea
?ac?aaioee, eioi?ay i?aaeiieaaaao iainiiaaiea ieaeiae e aa?oiae a?aieoe
oeaiu eae n oi/ee c?aiey iio?aaeoaey, oae e n oi/ee c?aiey ?ac?aaio/eea
(i?iaeaaoea), /oi e ii?aaeaeyao ia?eaoeiaiaia i?ino?ainoai oeaiiaie
iieeoeee.

Aaaaeaii iiiyoea oeaiiaie onoie/eainoe oiaa?a ia ?uiea, aeeth/athuaa a
naay oa?aeoa?enoeeo noaaeeueiinoe iieiaeaiey aeaiiiai oiaa?a ia
eiie?aoiii ?uiea a oa/aiee ii?aaeaeaiiiai ia?eiaea a?aiaie a
eiieo?aioiii ie?oaeaiee. I?iaiaeece?iaaiu iniiaiua oaeoi?u oeaiiaie
onoie/eainoe oiaa?a ia ?uiea e i?iaaaeaia eo eeanneoeeaoeey, auaeaeaiu
o?e aieueoea a?oiiu: oaeoi?u iae?in?aaeu, eioi?ua iicaieytho iieo/eoue
aieaa iieiia i?aaenoaaeaiea i neeaaeuaathueony oaiaeaioeeyo ?acaeoey
aiaoiae n?aaeu i?aaiecaoeee aeey ?aoaiey aii?inia oeaiiia?aciaaiey;
oaeoi?u iee?in?aaeu, eioi?ua iicaieytho iaeaieaa iieii o/anoue ana
eiathueany a ?anii?yaeaiee i?aaei?eyoey ?ano?nu e aeiaeoueny eo
iioeiaeueiiai eniieueciaaiey; oaeoi?u yieciaee/aneiai aicaeaenoaey, o/ao
eioi?uo iicaieyao a ii?aaeaeaiiie ia?a iaaciianeoue i?aaei?eyoey io
aiciiaeiuo iineaaenoaee iai?aaeioa?aoeiiai oa?aeoa?a e ieieiece?iaaoue
niioonoaothuea ei yeiiiie/aneea iioa?e.

I?iaiaeece?iaaii e iainiiaaii i?eiaiaiea eiyooeoeeaioia oeaiiaiai
aac?acee/ey iieoiaoaeae e oeaiai, ?anniio?aiu iniiaiua oaeoi?u,
nicaeathuea yooaeo oeaiiaiai aac?acee/ey.

Au?aaioaiu iaoiaeu o/aoa eioeyoeeiiiiai iaeeaeaiey i?e onoaiiaeaiee
oeai ia i?iiuoeaiiua oiaa?u e ?ac?aaioaia no?oeoo?ii-eiae/aneay noaia
ioeaiee eioeyoeeiiiiai iaeeaeaiey.

Naeaeaii iainiiaaiea o?iaiy oeaiiaiai ?enea, ii?aaeaeythuaai
aa?iyoiinoue aiciiaeiuo oauoeia i?e onoaiiaeaiee oeaiu ia aiaeece?oaiue
oiaa?, n iiiiuueth i?eaea/aiey aiia?aoa oai?ee aa?iyoiinoae e
iaoaiaoe/aneie noaoen-oeee.

Eeth/aaua neiaa : oeaia, noieiinoue, oaeoi?u oeaiiia?aciaaiey,
eiieo?aioiniiniaiinoue, eioeyoeey, oeaiiaie ?ene, oeaiiaay
onoie/eainoue, ni?in, i?aaeeiaeaiea, aacoauoi/iinoue.

Maslak O.I. Improvement of methods of pricing on industry production
under the conditions of market conjuncture fluctuation. — Manuscript.

Dissertation to confer the candidat’s degree on economics with a major
in economics of industry (08.07.01). Kharkiv Polytechnic State
University, Kharkiv, 1999.

The problems of pricing on industry production are examined. The
analyse of theoretical and practical aspects of price forming has been
carried out, the classification of factors of pricing has been improved.

The method for the price — fixing of industry production on the basis
of their competitiveness has been suggested. The model of evaluation of
competitiveness of industry production on the basis of desire function
has been developed. Method recommendations on the improvement of pricing
on scientific production have been given. The notion of the price
stableness of a product on the market has been introduced and the method
of its definition has been suggested.

Key words : price, cost, factors of price formation, competitiveness,
inflation, price risk, price fixity, demand, supply, breakeven result.

AeEss CAI?OIE

I?aeienaii aei ae?oeo . Oi?iao 60o90 / 16. Iai??
ae?oea?nueeee ? 1.

Ianya 1,0 oi.ae?.a?e. Oe?aae 100 i?ei. Cai.

Iaae?oeiaaii o aeaeaaieoeoa? EAeI?.

315314, i. E?aiai/oe, aoe. Ia?oio?aaiaaa, 20, EAeI?.

Похожие записи