.

Анализ рынка банковских векселей

Язык: русский
Формат: курсова
Тип документа: Word Doc
0 1519
Скачать документ

36

IEIENOA?NOAI NAEUeNEIAI OICssENOAA E I?IAeIAIEUeNOAEss ?INNEENEIE
OAAeA?AOeEE

AeAIA?OAIAIO II ?UAIEIANOAO

IO?IAINEEE AINOAeA?NOAAIIUE OAOIE*ANEEE OIEAA?NEOAO

Eaoaae?a oeiainia

EO?NIAAss ?AAIOA

OAIA: “Aiaeec ?uiea aaieianeeo aaenaeae”

Aeenoeeieeia: “?uiie oeaiiuo aoiaa”

Niaoeeaeueiinoue: “Oeiainu e e?aaeeo”

Nooaeaioa IV-iai eo?na, a?oiiu IeI-451

O?enoioi?iaa Aeaenaiae?a Ao?ueaae/a

?oeiaiaeeoaeue: Ia?eoeiaa Ieueaa Ieeieaaaia

Io?iaine 1999

IO?IAINEEE AINOAeA?NOAAIIE OAOIE*ANEEE OIEAA?NEOAO

OEIAINIAUE OAEOEUeOAO

Eaoaae?a oeiainia

CAAeAIEA

ia auiieiaiea eo?niaie ?aaiou

1. Nooaeaio: O?enoioi?ia Aeaenaiae? Ao?ueaae/

2.?oeiaiaeeoaeue:Ia?eoeiaa

3. Oaia ?aaiou: ?an/ao e caiieiaiea oi?i iaeiaiauo aeaeea?aoeee ii
iniiaiui aeaeai iaeiaia i?eiaieoaeueii e th?eaee/aneiio eeoeo

4. Aeenoeeieeia: “Iaeiae e iaeiaiiaeiaeaiea”

Oaia, aa?eaio ooaa?aeaeaiu ia canaaeaiee eaoaae?u i?ioieie ?_ io_ 1999
aiaea.

5. Aeiiieieoaeueiua enoiaeiua aeaiiua

____________________________________________________________

____________________________________________________________

____________________________________________________________

____________________________________________________________

7. Aeaoa i?aaenoaaeaiey nooaeaioii caeii/aiiie eo?niaie ?aaiou

____________________________________________________________

?oeiaiaeeoaeue:
_________________________

iiaeienue, aeaoa

Nooaeaio:
_________________________

Niaea?aeaiea .

Aaaaeaiea
………………………………………………………………
…………..4

1) Enoi?ey aicieeiiaaiey
aaenaey………………………………………8

2) Oai?aoe/aneia
iienaiea………………………………………………..10

3) Iino?iaiea ?aeoeiaa aaieianeeo aaenaeae………………………17

4) Ei?ii?aoeaiua aaenaey a n?aaiaiee n aaieianeeie

aaenaeyie………………………………………………………
…………………22

5) Ninoiyiea ?uiea aaieianeeo aaenaeae a ia?oa 1999 aiaea….25

6) Aiaeec ?aaiou Naa?aaiea n
aaenaeyie……………………………26

7) Aaenaeueiua iia?aoeee a
aaiea…………………………………………28

Caeeth/aiea…………………………………………………….
………………..35

Nienie eniieuecoaiie
eeoa?aoo?u………………………………………37

Naeoi? aaieianeeo aaenaeae

Aaaaeaiea.

Iinea e?aoa ?uiea AEI e iioa?e i?aeoe/anee anao n?aaenoa,
eiaanoe?iaaiiuo a ainaoiaae, iiiaea iia?aoi?u ia?aianee naie iia?aoeee a
naeoi? aaenaeae aaieia e eiiiaiee, naiaa?aiaiii iiaaoathueo naie
iaycaoaeuenoaa. Iaeii ec i?aeiouanoa aaieianeeo aaenaeae, eae yoi ia
ia?aaeienaeueii, eo aieaa ieceay, ii n?aaiaieth n AEI, eeeaeaeiinoue.
I?aeiouanoai yoiai oaeoi?a a iieiie ia?a i?iyaeyeinue a ia?eiaeu
cia/eoaeueiie aeanoaaeeecaoeee oeiainiaiai ?uiea ?innee e ?aceiai
iaaeaiey/?inoa oeai AEI. A oaeie neooaoeee eiaanoi?, i?eaioe?othueeny ia
ainaoiaae, ia eiae aiciiaeiinoe i?aaei?eieiaoue neieue-ieaoaeue
iia?aoeaiuo e iniciaiiuo aeaenoaee ia ?uiea, oae eae oeaiu ioe?uoey
oi?aia cia/eoaeueii ioee/aeenue io oeai cae?uoey i?aaeuaeouaai aeiy.
Iniaaiii ino?i yoi i?iyaeyaony iinea i?ioiaeaeaiey eioi?iaoeeiiiuo
niiauaiee i eaeeo-eeai cia/eoaeueiuo iieeoeei-yeiiiie/aneeo niauoeyo
eeai i?e aeanoaaeeecaoeee ie?iauo oeiainiauo ?uieia.

Eiaanoi? aea, oi?ie?othuee ii?ooaeue ec aaenaeae, a oaeie neooaoeee
eiaao aiciiaeiinoue eoieoue/i?iaeaoue aoiaae i?aeoe/anee ii
noa?ui aeioiaeiinoyi, aac aieueoeo iioa?ue a oeaia. Yoi
iauyniyaony oai, /oi eioi?iaoeey ia aaenaeueiii ?uiea ?ani?ino?aiyaony
aeiaieueii iaaeeaiii e ia?aaiiia?ii, ?acee/iu noauaeoeaiua
ioeaiee oeaiiinoe aaenaeae, iaaeaaeiinoe e eeeaeaeiinoe
?acee/iuo aaenaeaaeaoaeae, ioaeaeueiua iia?aoi?u ia oniaaatho aaeaeaaoii
?aaae?iaaoue ia i?ienoiaeyuea niauoey, /oi aucuaaao
cia/eoaeueiue ?aca?in eioe?iaie. E?iia oiai, aieueooth a?oiio iia?aoi?ia
ninoaaeytho i?iiuoeaiiua eiiiaiee, eioi?ua ca/anooth ia aeaaeatho
iia?aoeaiie eioi?iaoeeae i ninoiyiee oeiainiaiai ?uiea, a i?eia?aoatho
aaenaey aeey i?iaaaeaiey acaeii?an/aoia e i?eaioe?othony oieueei ia
aaee/eio aeeneiioa. A iieiie ia?a ana i?aeiouanoaa aaieianeeo aaenaeae
i?iyaeeenue iinea 17 aaaonoa. Ianiio?y ia oi, /oi aeioiaeiinoe iaeaieaa
eeeaeaeiuo e iaaeaaeiuo aoiaa (Naa?aaiea ?innee e ?yaea ae?oaeo) e
iiaeieiaeenue aei 400% aiaeiauo, a aieueoeinoai aaenaeaaeaoaeae
ioeacaeinue io iiaaoaiey naieo aaenaeae, oai ia iaiaa aaenaeueiue ?uiie
i?iaeieaeae ooieoeeiie?iaaoue, aeaaay noieue iaiaoiaeeiua a e?eceniie
neooaoeee enoi/ieee ?oaeaaie eeeaeaeiinoe. Aaenaey aeaaea aaniethoii
ia?aaioiniiniaiuo aaieia (Eiia?eae, OIEI) noieee ieiei 30%, aieaa
aeecianiiniaiuo – i?eia?ii 50%. ?uiie aea AEI, e niaeaeaieth,
iieiinoueth i?ae?aoee naia nouanoaiaaiea, ia?aaiai?u i aai
?ano?oeoo?ecaoeee aaaeoony ii/oe 4 ianyoea e aieaa 10-15% io noieiinoe
ii?ooaey ainiaeeaaoeee eiaanoi?u a?yae ee iieo/ao a iaic?eiii aoaeouai.
Iiiuoee ainnoaiiaeoue ?uiie ainaoiaa, i?aaei?eieiaaiua Aaieii ?innee,
yieoe?iaaaoaai IA? (iaeeaaoeee Aaiea ?innee), a?yae ee iiaeii i?eciaoue
iniaaiii oaea/iuie. Aei neo ii? eeeaeaeiinoue iaeeaaoeee Aaiea ?innee
inoaaeyao aeaeaoue aieueoaai (iauaiu aaeaaeiaaiuo naeaeie ninoaaeytho io
30 aei 100 iei. ?oaeae), a aeioiaeiinoe i?e iuiaoiae ianoaaeeueiie
neooaoeee yaii iecee. Iiyoiio iniiaiie ni?in ia ?oaeaaua aeieaiaua
iaycaoaeuenoaa auieaneeaaaony a naeoi? aaieianeeo aaenaeae, naiaa?aiaiii
iiaaoaaiuo aeaiueaaie. Neeaaeuaaaony niaa?oaiii ia?aaeienaeueiay aeey
?innee neooaoeey, eiaaea eeeaeaeiinoue aaenaeueiiai ?uiea auoa, /ai
?uiea, a iauaiu oi?aiaee ei?ii?aoeaiuie iaycaoaeuenoaaie (eioi?uie
yaeythony e aaenaey) i?aauoatho iauaiu ?uiea ainaoiaa. Yoi aucuaaao
onoie/eaue ?ino ni?ina ia aeioiaeiua aaenaey aaieia, iaeaaeathueo
i?eaieaiui niioiioaieai iaaeaaeiinoue / eeeaeaeiinoue, i?aaeeiaeaiea aea
aaenaeae iineaaeiaa a?aiy ia?aie/aii. Aeaey aieaa-iaiaa onoie/eaue ?ino
oeai aoiaa, eo aeaaeaeueoeu ia niaoao n i?iaeaaeae, oai aieaa, /oi
aeueoa?iaoeaiuo aiciiaeiinoae eiaanoeoeee a ianoiyuee iiiaio iao.

A ionoonoaea ?acaeoiai e iiiaia?aiiiai oeiainiaiai ?uiea, ?ac?ooaiiiai
?aoaieyie io 17 aaaonoa, aaeeinoaaiiuie oaeoi?aie,
ieacuaathueie aeeyiea ia aeioiaeiinoue aaenaeueiiai ?uiea,
yaeyaony aaethoiue eo?n, e, a cia/eoaeueii iaiueoae noaiaie, aaee/eia
n?aaenoa ia ei?n/aoao aaieia. Oae, noaaeeueiinoue eo?na
iaoeeiiaeueiie aaethou nicaeaao cia/eoaeueiue ni?in ia ?oaeaaua
aeieaiaua eino?oiaiou, i?aaeaea anaai aaenaey, aiaeiae/ii e aeeyiea
oaaee/aiey inoaoeia ia ei?n/aoao.

A ianoiyuee iiiaio iiaeii neacaoue, /oi ia ?uiea aaieianeeo aaenaeae
oneiaii noi?ie?iaaeinue o?e a?oiiu yieoaioia, iaeaaeathueo
aeeceeie o?iaiyie eeeaeaeiinoyie. E ia?aie a?oiia ioiinyony
aaenaey Naa?aaiea ?innee, eeeaeaeiinoue eioi?uo iaeneiaeueia, a
aeioiaeiinoe, iaiai?io, naiua ieceea n?aaee ae?oaeo a?oii aaenaeae.
Aeaiiua aoiaae, a iniiaiii, eniieuecothony ia eae
eiaanoeoeeiiiue aeieaiaie eino?oiaio, i?eiinyuee oeene?iaaiiue
aeioiae, a eae n?aaenoai ieaoaaea, o.a., ii nooe, auiieiytho ooieoeee
?an/aoiiai eino?oiaioa. Iiyoiio aeioiaeiinoe aaenaeae NA ?O
ioiineoaeueii noaaeeueiu (a iiya?a iie aea?aeaeenue ia o?iaia
55-65% aiaeiauo, ni. a?aoee) e eeoue iaiaiiiai i?aauoatho aeioiaeiinoe
iaeeaaoeee Aaiea ?innee.

Aoi?ay a?oiia aeeth/aao aaenaey “Aaci?iiaaiea” e ?AI “Aaci?ii”,
iaeaaeathueo, ia acaeyae aieueoeinoaa iia?aoi?ia aaenaeueiiai
?uiea, iioeiaeueiui niioiioaieai eeeaeaeiinoue/ aeioiaeiinoue
i?e i?eaieaiii o?iaia ?enea. Aaenaey ?AI “Aaci?ii”, oioy oi?iaeueii e ia
iiaoo auoue ioianaiu e aaieianeei, ana aea o?aaeeoeeiiii
?anniao?eaathony n yoie oi/ee c?aiey, oae eae yieoaio
naiaa?aiaiii e ioieooaeueii iiaaoaao naie iaycaoaeuenoaa aeaiaaeiuie
n?aaenoaaie, /oi iiaeaaeythuaa aieueoeinoai ae?oaeo i?iiuoeaiiuo
i?aaei?eyoee ia i?aeoeeoao. Aeioiaeiinoe yoie a?oiiu aaenaeae
oi?ie?othony iiae aeeyieai ?uii/iuo oaeoi?ia, oaeeo, ae aaeain ni?ina e
i?aaeeiaeaiey, neooaoeey ia aaethoiii ?uiea, ni?in ia ?oaeaaua aeieaiaua
eino?oiaiou e o.i. I?e/ai ia?auaao ia naay aieiaiea nea/ie
aeioiaeiinoae ia aaenaey n iiaaoaieai n?aco iinea Iiaiai aiaea,
/oi naeaeaoaeuenoaoao i neeueiuo iianaieyo ?aceie
aeaaaeueaaoeee ?oaey a yoi a?aiy.

E o?aoueae a?oiia ioiinyony aaenaey, eeeaeaeiinoue eioi?uo iaauniea,
iauaiu, ia?auathueany ia ?uiea, aanueia iaeu, iiyoiio eo
aeeyiea ia ninoiyiea aaenaeueiiai ?uiea a oeaeii ieieiaeueii.
Oaeeie aoiaaaie yaeythony aaenaey Niaei -, AOOA – e Aeueoa – aaieia,
aeioiaeiinoe eioi?uo, i?aaeaea anaai, ii?aaeaeythony o/aoiie
iieeoeeie naieo yieoaioia, aein?i/ii iiaaoathueo nianoaaiiua
iaycaoaeuenoaa. Iaeiaei ?aaeueii ia ?uiea ia?auaaony i/aiue
iaei aaenaeae yoeo yieoaioia, ii/oe ana iie iiaaoathony aei eiioea aiaea
e iiyaeaiea cia/eoaeueiuo iauaiia niiniaii na?ueacii eciaieoue
oeaiiaoth eiiuthieoo?o; noieue aea cia/eoaeueii iaiyaony
aeioiaeiinoue e i?e eciaiaiee noaaie aein?i/iiai o/aoa.

Aeaeueiaeoaa aeaeaeaiea aeioiaeiinoae ?uiea ?oaeaauo eino?oiaioia aoaeao
iieiinoueth caaenaoue io niauoee ia aaethoiii ?uiea. Anee
Oeaio?iaaieo oaeanony naeoue iaeae ia aaethoiii ?uiea, oi
aeioiaeiinoe aoaeoo noaaeeueiu, a i?ioeaiii aea neo/aa na?in ?oaeaauo
eino?oiaioia noaiao i?aiaeaaeathuae oaiaeaioeeae.

Ec enoi?ee

A ?innee aaenaeue ia/ae eniieueciaaoueny n 16 iay 1729 aiaea n
iioaeeeiaaiey Aaenaeueiiai Onoaaa, ni/eiaiiiai “?aaee oiai, /oi a
Aa?iiaeneeo iaeanoyo auiuoeaiii, aianoi ia?aaico aeaiaa ec ai?iaea a
ai?iae, a iniai ec iaeiiai aeaaeaiey a ae?oaia, aeaiueae ia?aaiceoue
/a?ac ienueia, iacuaaaiua Aaenaeyie, eioi?ua io iaeiiai e ae?oaiio
aeathony, eee iinueathony e oa aeaenoaeoaeueiinoue, ni/eoathony eae ia/a
caaiiiai ienueia, e i?eaieaony oae, eae iaee/iua aeaiueae”. Neaaeothuea
aaenaeueiua Onoaau auee i?eiyou a 1832 e 1902 aa. e yaeyeenue niaoaieai
aaenaeueiiai i?aaa Aa?iaineiai e O?aioeocneiai, cia/eoaeueii iaeeaea
aaenaeueiia ia?auaiea a?innee.

Aia?aua a 1910 aiaeo a Aaaaa ninoiyeanue eiioa?aioeey aeey au?aaioee
ii?i aaeeiiia?aciiai aaenaeueiiai i?aaa. Ia iae aue i?iaeaioiaeai
i?iaeo Iauaai Onoaaa i aaenaea, ii Eiiaaioeey ia iauaaeeiaiee
aaenaeueiiai caeiiiaeaoaeuenoaa auea ninoaaeaia e iiaeienaia
i?aaenoaaeoaeyie 26 ainoaea?noa, a oii /neea e ?innee, oieueei ia
iiaoi?iie eiioa?aioeee 1912 aiaea. Ia?aay ie?iaay aieia iiiaoaea iiiuoea
iauaaeeiaiey aaenaeueiiai i?aaa a ie?iaii ianooaaa. A aeaeueiaeoai a
oiaea eiieo?aioeee a Aa?iia aeaoo oeiia aaenaeueiuo onoaia – ?iiaineiai
(O?aioeocneiai) Code de commerce e Aa?iaineiai (Allgemeine Deutsche
Wechelordnung) iineaaeiee eaa a iniiao Aaeeiiia?aciiai aaenaeueiiai
caeiia, i?eiyoiai AEaiaaneie aaenaeueiie eiioa?aioeeae a 1930 aiaeo. A
iae i?eiyee o/anoea nauoa o?eaeoeaoe no?ai e iia au?aaioaea o?e
aaenaeueiua Eiiaaioeee:

1. Eiiaaioeeth onoaiaaeeaathuoth Aaeeiiia?aciue caeii i ia?aaiaeiii
e i?inoii aaenaea.

2. Eiiaaioeeth i ?ac?aoaiee iaeioi?uo eieeecee caeiiia i
ia?aaiaeiii e i?inoii aaenaeyo.

3. Eiiaaioeeth i aa?aiaii nai?a a ioiioaiee ia?aaiaeiiai e i?inoiai
aaenaey.

A ?acoeueoaoa i?eiyouo iinea yoiai aaenaeueiuo caeiiia a ie?iaii
niiauanoaa noi?ie?iaaeenue aeaa nenoaiu aaenaeueiiai i?aaa:

1. Eiioeiaioaeueiay nenoaia, a iaa aioea iiaeaaeythuay /anoue no?ai
Aa?iiu, Acee e Ao?eee. Yoi no?aiu, aaenaeueiia caeiiiaeaoaeuenoai
eioi?uo aace?oaony ia AEaiaaneii AAC.

2. Aiaei-Aia?eeaineay nenoaia – Aiaeey, Aano?aeey, Aaia, Ec?aeeue,
Eiaeey, E?eaiaeey, Eaiaaea,

Eaiey, Eieoiaey, Iiaay Caeaiaeey, Ieaa?ey, Iaeenoai, Noaeai, NOA,
Oaicaiey, Oaaiaea, Oeeeiieiu, O?e-Eaiea, THA?, ssiaeea – no?aiu,
aaenaeueiia caeiiiaeaoaeuenoai eioi?uo aace?oaony ia Aiaeeeneii
caeiia i ia?aaiaeiuo aaenaeyo 1882 aiaea (Bills of Exhange Akt – BEA).

Aii?in i niiniaao aeaeueiaeoae oieoeeaoeee ii?i aaenaeueiiai i?aaa
aeieaia a?aiy aue i?aaeiaoii ianoaeaeaiey Eiiennee III ii i?aao
iaaeaeoia?iaeiie oi?aiaee. ?acoeueoaoii yoiai yaeeanue au?aaioea
Eiiaaioeee III i iaaeaeoia?iaeiuo ia?aaiaeiuo aaenaeyo e
iaaeaeoia?iaeiuo i?inouo aaenaeyo. A 1988 aiaeo ?aciethoeeae
Aaia?aeueiie Annaiaeae III N 43-165 Eiiaaioeey auea iaeia?aia e
ioe?uoa aeey iiaeienaiey e i?eniaaeeiaiey. Anai ainoaea?noaai aue
aae?aniaai i?ecua ?anniio?aoue aii?in i naiai o/anoee a Eiiaaioeee.
Ii ca aiaeu nouanoaiaaiey aa iiaeienaee eeoue: Eaiaaea, Aaeiay,
NNN?, NOA e Iaeneea, a ?aoeoeoee?iaaee oieueei Aaeiay e Iaeneea. Ii aeey
oiai, /oiau Eiiaaioeey anooieea a neeo iaiaoiaeeii aeanyoue
?aoeoeeaoeee. Iiyoiio ia?niaeoea aeey aeeaeaeoaai aa anooieaiey a
neeo aanueia iaiiiai. Iaeiaei yoa eiiaaioeey aeiaieueii eioa?ania n
oi/ee c?aiey iiaeoiaea e ?aoaieth i?iaeaiu oieoeeaoeee aaenaeueiiai
i?aaa. A iae i?aaeoniio?aii nicaeaiea niaoeeaeueiuo i?inouo e
ia?aaiaeiuo aaenaeae, oiio?aaeyaiuo oieueei aeey iaaeaeoia?iaeiuo
?an/aoia. A oi aea a?aiy ec iieiaeaiey Eiiaaioeee ia auoaeaao, /oi
aeaenoaea iaoeeiiaeueiuo ii?i aaenaeueiiai i?aaa a iaaeaeoia?iaeiuo
?a/aoao aoaeao i?ae?auaii. Yooaeo io aeaiiie eiiaaioeee iiaeii
iaeeaeaoue eeoue a aeinoaoi/ii ioaeaeaiiii aoaeouai iinea oiai, eae
iaaeaeoia?iaeiue aaenaeue aeieaaeao naie i?aeiouanoaa.

Oai?ey

Aaenaeue – yoi iaiaania/aiiia ienueiaiiia iaauaiea aeieaeieea auieaoeoue
e?aaeeoi?o aeiea a iacia/aiiue n?ie, oeacaiiue a aaenaea. Aaeeinoaaiiie
aa?aioeae ieaoaaeae yaeyaony oeiainiaay iaaeaaeiinoue yieoaioa. Aaenaeue

yaeyaony iauaeoii eoiee-i?iaeaaee, e aai oeaia iaiyaony a caaeneiinoe io
eciaiaiey o/aoiie i?ioeaioiie noaaee e inoaaoaainy n?iea aei ieaoaaea ii
aaenaeth. Ia aaenaea oeacuaaaony n?ie ieaoaaea, ianoi ieaoaaea,
iaeiaiiaaiea oiai, eiio eee ii i?eeaco eiai ieaoaae aeieaeai auoue
niaa?oai, oeacaiu aeaoa e ianoi ninoaaeaiey aaenaey, eiaaony iiaeienue
eeoea, auaeaaoaai aeieoiaio. I?inoie aaenaeue – yoi ie/ai ia
iaoneiaeaiiia aannii?iia iaauaiea aeieaeieea oieaoeoue ii?aaeaeaiioth
noiio ii enoa/aiee n?iea aaenaey. Ia?aaiaeiie aaenaeue eee o?aooa
(ienueiaiiue i?eeac e?aaeeoi?a caaiueeo oieaoeoue ii?aaeaeaiioth noiio
aeaiaa o?aoueaio eeoeo (?aieoaioo). Auienuaaaony e iiaeienuaaaony
e?aaeeoi?ii (o?annaioii)) – yoi ienueiaiiia i?aaeeiaeaiea oieaoeoue
ii?aaeaeaiioth noiio. Auaea/a ia?aaiaeiiai aaenaey iacuaaaony
o?anne?iaaieai. Eeoei, eioi?ia auienuaaao o?aooo – o?annaio, eeoei, ia

eioi?ia auaeai aaenaeue e eioi?ia aeieaeii i?iecaanoe ii iaio ieaoaae –
o?annao, eeoei, a iieueco, ia eiy eioi?iai o?annao aeieaeai i?iecaanoe
ieaoaae – ?aieoaio.

Eacia/aeneea aaenaey auioneathony ainoaea?noaii aeey iie?uoey naieo
?anoiaeia. Iie yaeythony

e?aoein?i/iuie oeaiiuie aoiaaaie e oe?iei eniieuecothony eae n?aaenoai
ieaoaaea. Eacia/aeneea aaenaey nouanoaotho oieueei a eieaeiie oi?ia
caiene e eiaanoi?u ia eiatho ia ?oeao na?oeoeeaoia.

Oa?aeoa?iie aeayoaeueiinoueth aaieia yaeyaony o/ao aaenaeae (O/ao –
i?ioeann ia/eneaiey e oaea?aeaiey i?ioeaioia aia?aae. O/ao aaieianeee –
niinia ii?aaeaeaiey nia?aiaiiie aaee/eiu ii i?inoie o/aoiie noaaea.

O/aoiay noaaea – noaaea i?ioeaioia i?e ia/eneaiee e oaea?aeaiee
i?ioeaioia ec noiiu e?aaeeoa a ia/aea n?iea iia?aoeee). Aeaaeaeaoe
aaenaey iiaeao ia aeaeaoue ianooieaiey n?iea ieaoaaea ii aaenaeth, a
i?iaeaoue aaenaeue aaieo, o.a. o/anoue aaenaeue. Oaia?ue oaea aaie
aoaeao o?aieoue aaenaeue e i?e ianooieaiee iacia/aiiiai n?iea i?aaeuyaeo
aai e ieaoaaeo. Ca naith oneoao aaie oaea?aeeo n i?iaeaaoea aaenaey
o/aoioth i?ioeaioioth noaaeo.

Aaenaey oa?aeoa?ecothony neaaeothueie ia?aiao?aie:

FV – iiieiaeueiie noieiinoueth;

T – n?ieii aei ieaoaaea;

dt – aeeneiioiie eee o/aoiie i?ioeaioiie noaaeie;

St – oaeouae ?uii/iie oeaiie;

Vt – oaeouae noieiinoueth;

Yt – aeioiaeiinoueth.

Iiaua auionee aaenaeae inouanoaeythony ia ?aaoey?iuo aaeaiaaeaeueiuo
aoeoeeiiao, ia eioi?uo onoaiaaeeaaaony ia/aeueiay aeeneiioiay
i?ioeaioiay noaaea aaenaey. A oa/aiea ia?eiaea nieaeathueony i?ioeaioiuo
noaaie

?uii/iay noieiinoue aaenaey ?anoao, a i?e aic?anoaiee i?ioeaioiuo noaaie
– iaaeaao. Eciaiaiea i?ioeaioiie noaaee ia eiaao ieeaeiai cia/aiey aeey
eiaanoi?a, eioi?ue niae?aaony aea?aeaoue aaenaeue aei ianooieaiey n?iea
ieaoaaea.

Aaieianeee aaenaeue – yoi aaenaeue yieoe?oaiue aaieii, iaeiinoi?iiiaa
ie/ai ia iaoneiaeaiiia iaycaoaeuenoaa aaiea iieaoeoue iaicia/aiiiio a
i?i eeoeo eee ii i?eeaco ii?aaeae?iioth aeaiaaeioth noiio a
onoaiiaeaiiue n?ie.

Oaeouay noieiinoue aaenaey ?ann/eouaaaony ii oi?ioea:

dt T -t

Vt = FV ( )

100 Taiae

a aeioiaeiinoue ii oi?ioea :

FV – Vt 365 365

Yt = 100% =

Vt T – t (Taiae/dt)- (T-t/100)

aeioiaeiinoue io iia?aoeee eoiee-i?iaeaaee aaenaeae ii?aaeaeyaony ii
oi?ioea:

S2 – S1 Taiae

Yield =

S1 tc

Iie?aynue ia oi?ioeu iiaeii i?eaanoe neaaeothuee i?eia? . I?aaeiieiaeei,
/oi o?aooa auaeaia ia 10 ouny/ ?oaeae n oieaoie 17.11.98. Aeaaeaeaoe
aeieoiaioa o/ae aai a aaiea 23.09.98. O/aoiay noaaea ?aaia 8% aiaeiauo.
FV = 10000; Taiae = 360; T-t = 55; dt = 8;

Neaaeiaaoaeueii Yt (aeioiaeiinoue)=8,21%; Vt (oaeouay noieiinoue
aaenaey) = 9877,778. Yoo noiio iieo/eo aeaaeaeaoe aaenaey i?e aai o/?oa.
Ionthaea iiaeii naeaeaoue auaiae, /oi aaie iieo/eo i?eaueue, i?e
oneiaee anee nio?aieo aeaiiue aaenaeue aei 17.11.98, oi anoue aei n?iea
aai iieaou, a ?acia?a 10000 – 9877,778 = 122,222

I?eioeei aaenaeueiiai e?aaeeoa caeeth/aaony a oii, /oi i?aaei?eyoea
nnoaeicaaiuee ?aniea/eaaaony n e?aaeeoi?ii ia ?aaeueiuie aeaiaaeiuie
n?aaenoaaie, a aaieianeeie iaycaoaeuenoaaie caieaoeoue a ii?aaeaeaiiue
n?ie, ioi?ieaiiuie a aeaea aaenaeae. Iniiaiia i?aeiouanoai aaenaeueiiai
e?aaeeoiaaiey aeey i?aaei?eyoee caeeth/aaony, i?aaeaea anaai a ieceie
noieiinoe iiiieiaiey iai?ioiuo n?aaenoa (ieceie i?ioeaioiie noaaeie
ii e?aaeeoo 7-15%) e iauyniyaony oai, /oi aaieo ia o?aaoaony
ioaeaeaoue aeaiaaeiua n?aaenoaa ia aeeeoaeueiue n?ie aeey inouanoaeaiey
iia?aoeee. E?iia oiai, i?e eniieueciaaiee aaieianeeo aaenaeae
ioiaaeaao iaiaoiaeeiinoue o?aaiaaiey i?aaeiieaou ca iinoaaeo
i?iaeoeoeee eee ieacaiey oneoa e iaeiia?aiaiii i?iecaiaeeony “?anoeaea”
iaieaoaaeae iaaeaeo i?aaei?eyoeyie n ieieiaeueiuie a?aiaiiuie e
o?oaeiauie cao?aoaie. Nnoaeicaaiuee, iieo/ay e?aaeeo a aeaea
aaieianeeo aaenaeae eniieuecoao eo a aeaeueiaeoai a ea/anoaa
ieaoaaeiiai n?aaenoaa n oeaeueth iiaaoaiey e?aaeeoi?neie caaeieaeaiiinoe
e nieaeaiey naaanoieiinoe i?iaeoeoeee ii noaouea i?iecaaaeaiiuo
cao?ao. Aai e?aaeeoi?, i?eiya aaenaeue a n/ao iiaaoaiey oaeouae eee
i?in?i/aiiie caaeieaeaiiinoe, iieo/aao aaieianeoth aa?aioeth iieaou
ii?aaeaeaiiie noiiu a ii?aaeaeaiiue n?ie. E?iia yoiai, a neo/aa
ino?ie iaoaaoee aeaiaaeiuo n?aaenoa aaenaeaaea?aeaoaeue, iiaeao, ia
aeiaeeaeaynue n?iea iieaou aaenaey, aein?i/ii o/anoue aai n aeeneiioii a
aaiea-yieoaioa (eee i?iaeaoue aai ia aoi?e/iii ?uiea) eeai iiae
caeia aaenaey iieo/eoue eiiia?/aneee e?aaeeo. Iaeiaei iaeaieaa
oeaeaniia?aciui i?aaeinoaaeyaony aeaeueiaeoaa eniieueciaaiea aaenaey
a ?an/aoao, o.a. iiaaoaiey nianoaaiiie oaeouae eee i?in?i/aiiie
e?aaeeoi?neie caaeieaeaiiinoe. Iiyoiio i?e iiaeaioiaea aaenaeueiiai
e?aaeeoa nnoaeicaaiueeo ioaeii ii?aaeaeeoue ia?a/aiue i?aaei?eyoee,
?an/aou n eioi?uie aiciiaeii inouanoaeyoue aaenaeyie,
i?aaeiieaaaaiua noiiu e n?iee iiaaoaiey aaenaeae.

Ii i?eciaeo “Yieoaio” aaenaey ?inneeneie Oaaea?aoeee iiaeii oneiaii
?acaeaeeoue ia ainoaea?noaaiiua, /anoiua e ioieoeeiaeueiua.

E ainoaea?noaaiiui aaenaeyi ioiinyony aeieaiaua iaycaoaeuenoaa,
auioneaaiua i?aaeoaeuenoaii ?O i?e iin?aaeie/anoaa Oeaio?aeueiiai
Aaiea ?innee eee Ieienoa?noaa oeiainia. Ia?auie a naioya?a 1994
aiaea iiyaeeenue eacia/aeneea iaycaoaeuenoaa (EI). A ia?eiae eo
?anoeaaoa, iauee iaoiaeyueeny a ia?auaiee iauai EI aeinoeaae 10-15%
noiia?iie eaieoaeecaoeee ?uiea AEI, IOC, a noiia acaeiica/aoia
iaaeaeo athaeaeaoii e i?aaei?eyoeyie ninoaaeyea iyooth /anoue
iaeiaiauo iinooieaiee a oaaea?aeueiue athaeaeao. Iiae aeaaeaieai
Iaaeaeoia?iaeiiai aaethoiiai oiiaea n yiaa?y 1996 aiaea Ieioei
i?ae?aoee auione EI. Ia niaio ei auee auiouaiu eacia/aeneea
iaeiaiaua inaiaiaeaeaiey (EII), ii iiae aeaaeaieai oiai aea IAO auaea/a
EII a ethea 1996 aiaea auea i?ae?auaia, e a ianoiyuaa a?aiy
ia?auaiea yoeo aoiaa iinoaiaiii caoooaao, aneaaenoaea /aai iie ia
i?aaenoaaeytho eioa?ana aeey eiino?aiiiai eiaanoi?a. Aua iaeiei aeaeii
ainoaea?noaaiiuo aeieaiauo iaycaoaeuenoa yaeythony aaenaey Ieienoa?noaa
oeiainia ?O na?ee “AIE” e “EaiAC”. Enoi/ieeii aicieeiiaaiey
caaeieaeaiiinoe ii ia?aie na?ee aaenaeae noae aa?ii?iiuoeaiiue eiiieaen,
eioi?ue iieo/ae oeaio?aeeciaaiiua e?aaeeou a 1992-1994 aa. I?aaei?eyoey
AIE a oneiaeyo eioeyoeee ia niiaee iaania/eoue yooaeoeaiia
eniieueciaaiea caaiiuo ?ano?nia e a iieiie ia?a aica?aoeoue e?aaeeou.
Aneaaenoaea yoiai iino?aaeaee eiiia?/aneea aaiee, inouanoaeyaoea
e?aaeeoiaaiea AIE ca n/ao oeaio?aeeciaaiiuo e?aaeeoia. Iiieiaeueii noiia
i?in?i/aiiie caaeieaeaiiinoe i?aaei?eyoee AIE eiiia?/aneei aaieai
ieacaeanue ?aaiie ianeieueeei o?eeeeiiai ?oaeae. Acaiai yoiai Ieioei ?O
auaeae oeacaiui aaieai i?inoua aaenaey ia niioaaonoaothuoth noiio n
o/aoii iaeiieaiiuo i?ioeaioia. Oaeei ia?acii, aaiee iieo/eee iiaua
ainoaea?noaaiiua oeaiiua aoiaae aunieie iaaeaaeiinoe. Iie eiatho
neaaeothuea ioee/eoaeueiua /a?ou (oa?aeoa?enoeee):

a n?ie ia?auaiey 10 eao, n 1 naioya?y 1995 a. ii 31 aaaonoa 2005 a.;

a n?ie iiaaoaiey — ?aaiuie aeieyie a oa/aiea 8 eao, i?e/ai ia?aay na?ey
(AII-1) auea

iiaaoaia 31 aaaonoa 1998 aiaea, iineaaeiyy (AIE-8) 31 aaaonoa 2005
aiaea;

a aaenaey iiieiaeueiua, aac ia/eneaiey i?ioeaioia aiaeiauo;

a iiieiaeueiay noiia aaenaey, e?aoiay 10 iei.?oa.;

a oi?ia auionea aeieoiaioa?iay, aoiaaeiay, ia aeaiea i?inoiai aaenaey.

Ii iiaieth niaoeeaeenoia IAI “EE Aa??aeue” (a. Iineaa), aaenaey na?ee
“AIE” (iniaaiii ia?aie na?ee) iiaoo i?aaenoaaeoue ianiiiaiiue
eioa?an aeey ca?oaaaeiiai eiaanoi?a, oae eae iiieii iaaeaaeiinoe iie
iaeaaeatho aunieie aeioiaeiinoueth. Iia?aoeee n ieie iiaoo i?eianoe aei
80% aiaeiauo. Oi aea naiia iiaeii neacaoue i aaenaeyo na?ee “EaiAC”,
eioi?ua auee auiouaiu n oeaeueth iiaeaea?aeee no?oeoo?iie
ia?ano?ieee ?acaeoey i?aaei?eyoee aeoeeiia?iiai iauanoaa “EaiAC”. Yoe
aaenaey, i?aaaea, cia/eoaeueii iaiaa eeeaeaeiu, /ai aaenaey na?ee
“AIE”, ii aeaiiia ianoiyoaeuenoai ai iiiaii eiiiaine?oaony aeeceei
n?ieii iiaaoaiey (oaa?aeue-ai?aeue 1999 a.).

*anoiua aaenaey yieoe?othony eiiia?/aneeie aaieaie e i?iiuoeaiiuie
i?aaei?eyoeyie. I?e?iaea yoeo aaenaeae ?acee/ia.

Aaieianeea aaenaey ii nooe yaeythony aeaiaaeiuie (o.a. iaania/aiu
aeaiaaeiuie n?aaenoaaie). Iauai, iaoiaeyueony nae/an a ia?auaiee
aaieianeeo aaenaeae, i?aauoaao 30 o?ei.?oa. E a neiaeeaoaeny
yeiiiie/aneie neooaoeee iaeaieaa i?aaeii/oeoaeueiuie aeey ?an/aoia
yaeythony eiaiii aaieianeea aaenaey. Eo eeeaeaeiinoue iaania/eaaaony
?yaeii ia?, i?eiyouo Oeaio?aeueiui aaieii ?O. Aei ieoya?y 1996 aiaea
ii?iaoeaiia ?aaoee?iaaiea iia?aoeee eiiia?/aneeo aaieia n aaenaeyie
iineei iiin?aaeiaaiiue oa?aeoa? /a?ac eiyooeoeeaiou aeinoaoi/iinoe
nianoaaiiiai eaieoaea e naiaeiua iieacaoaee eeeaeaeiinoe aaeaina aaiea.
A ianoiyuaa a?aiy ia?yaeo n ieie a /enei yeiiiie/aneeo ii?iaoeaia,
iaycaoaeueiuo e eniieiaieth eiiia?/aneeie aaieaie aaaaeai iieacaoaeue (I
13- eino?oeoeey ?1 OeA ?O), oa?aeoa?ecothuee aeiionoeiia niioiioaiea
nianoaaiiiai eaieoaea aaiea e auiouaiiuo aeieaiauo iaycaoaeuenoa a oi?ia
aaenaeae, o?iaaiue eioi?iai ii?aaeaeai a ?acia?a, ia i?aauoathuai
100%, ia/eiay n ia?oa 1997 aiaea.

Aeioiaeiinoue aaenaeae iau/ii ii?aaeaeyaony ioiineoaeueii aeioiaeiinoe
AEI. Aeey ioeaiee aaniethoiuo aaee/ei aeioiaeiinoe aaenaeae
?acee/iuo a?oii aa?aony /enei n?aaeiaacaaoaiiie aeioiaeiinoe AEI ia
aeaiiue iiiaio a?aiaie. ?aaeueiua eioe?iaee aaenaeae, eiia/ii,
ioee/athony io on?aaeiaiiuo. Io?aaeaiiue a iae iiaeoiae
Oeaio?aeueiiai aaiea ?O e aaenaeyi eiiia?/aneeo aaieia icia/aao
i?yiia ?aaoee?iaaiea no?oeoo?u aaieianeeo ianneaia e ia aiieia
o/eouaaao oa?aeoa? iia?aoeee aaiea n nianoaaiiuie aaenaeyie. A ianoiyuaa
a?aiy ianeieueei aeanyoeia aaieia inouanoaeytho aaenaeueiia
e?aaeeoiaaiea ?acee/iuo ainoaea?noaaiiuo i?ia?aii iiae aa?aioee Ieioeia
?O. Aicieeathuaa i?e yoii o aaieia aaenaeueiua iaycaoaeuenoaa oaeaea
iiiaaeatho iiae aeaenoaea oaea iacaaiiiai ii?iaoeaa I 13. Oaeei ia?acii
n iaeiie noi?iiu, ainoaea?noai a eeoea iaeiiai ainoaea?noaaiiiai i?aaia
i?aaeinoaaeyao aa?aioee ii naiei iaycaoaeuenoaai. N ae?oaie — a eeoea
ae?oaiai ainoaea?noaaiiiai i?aaia onoaiaaeeaaao, ii nouanoao, i?aaeaeu
oaeeo iaycaoaeuenoa. Oi anoue ainoaea?noai ioioii iieuecoaony oneoaaie
eiiia?/aneeo aaieia i?e ?aoaiee i?iaeaiu athaeaeaoiie caaeieaeaiiinoe,
ii a oi aea a?aiy ineiaeiyao eo aeayoaeueiinoue. Caiaoiia aeeyiea iiaue
ii?yaeie ?aaoee?iaaiey ieaaeao e ia oaeia iai?aaeaiea aaieianeie
aeayoaeueiinoe, eae auione aaieaie nianoaaiiuo aaenaeae n oeaeueth
inouanoaeaiey eo eeeaioaie ?an/aoia ni cia/eoaeueiui eiee/anoaii
o/anoieeia, iicaieythueo o?aaoee?iaaoue acaeiiua iaieaoaaee iaaeaeo
i?aaei?eyoeyie, ianoiuie athaeaeaoaie, iaineiiiuie e aei?iaeiuie
oiiaeaie. Neiaeeaoayny iauay yeiiiie/aneay neooaoeey aeaeaao
i?aaiecaoeeth noai acaeiiuo ?an/aoia i?aaei?eyoee aaenaeyie aaieia
iaeiei ec ia?niaeoeaiuo iai?aaeaiee ?aaiou. Aianoa n oai, neaaeoao
i?eciaoue, /oi ia?yaeo n eiathueieny nii?iuie aii?inaie, aaenaey aaieia
n o/aoii aeaeiaie i?aeoeee a iaeaieueoae noaiaie niioaaonoaotho
iieiaeaieyi AEaiaaneie Eiiaaioeee e eiatho a iaeaieaa io?aaioaiioth
nenoaio ?aaoee?iaaiey.

Iino?iaiea ?aeoeiaa aaenaeae

O/eouaay iaaeaeoia?iaeiue iiuo a ?innee ?ac?aaioaia iaoiaeeea iino?iaiey
?aeoeiaa aaenaeae n o/aoii ?inneeneeo iniaaiiinoae. A /anoiinoe
iiieii eeeaeaeiinoe, iaiaaeaeiaioa, ?aioaaaeueiinoe e o.ae.
o/eouaathony iiaiey yenia?oia e eioe?iaee iia?aoi?ia, aunoaaeythueo
cayaee a aaca aeaiiuo. Noauaeoeaiay eioi?iaoeey i?aaenoaaeyaony ia
oieueei i?eaieaiie, ii e niaa?oaiii iaiaoiaeeiie a iaoeo oneiaeyo,
eiaaea aeaiiua oeiainiaie io/aoiinoe ia anaaaea io?aaeatho ?aaeueiia
iieiaeaiea aauae. Naiaeiue ?aeoeia aaenaeae aeeth/aao:

a yenia?oiue ?aeoeia aaenaeae, eioi?ue oi?ie?oaony ii ?acoeueoaoai
ii?ina niaoeeaeenoia

oiiaeiaiai ?uiea;

a ?aeoeia iaaeaaeiinoe aaenaeae, oi?ie?oaiue ia iniiaa oeiainiaie
io/aoiinoe n o/aoii ?yaea

a aeiiieieoaeueiuo iieacaoaeae;

a ?aeoeia ?uii/iie eiiuthieoo?u, eioi?ue ?ann/eouaaaony ia iniiaa
eioe?iaee aacu aeaiiuo.

Yenia?oiue ?aeoeia ninoaaeyaony ia iniiaa iiaiee niaoeeaeenoia
?acee/iuo eiiiaiee, aeoeaii ?aaioathueo ia ?uiea aaenaeae. Ioeaieaathony
aaenaey ii e?eoa?eyi eeeaeaeiinoe, ieaoaaeaniiniaiinoe yieoaioia e
naiaa?aiaiiinoe iiaaoaiey.

A IV eaa?oaea 1996 aiaea oaeie ii?in aue i?iaaaeai n?aaee aieaa /ai
200 i?ioo/anoieeia aaenaeueiiai ?uiea. A ?acoeueoaoa eeaea?ii ii
iieacaoaeth eeeaeaeiinoe aaenaeae aue i?eciai “Naa?aaie ?O”, a ii
iieacaoaeth ieaoaaeaniiniaiinoe — “IIAENEIaaie”. Ec i?iiuoeaiiuo
i?aaei?eyoee eo/oei aaenaaeaoaeai auei iacaaii AI “Naaa?noaeue”. Aoi?oth
e o?aoueth iiceoeee a yenia?oiii ?aeoeiaa i?aaei?eyoee caieiatho
“EOEiee” e “Aaci?ii”. Ia iniiaaiee ?aeoeiaa, i?eaaaeaiiiai ia/aeueieeii
oi?aaeaiey aeieaiauo iaycaoaeuenoa AEA IOE, aanue niaeo? aaieianeeo
aaenaeae iiaeii oneiaii ?acaeaeeoue ia ianeieueei a?oii (oae iacuaaaiuo
“yoaeiiia”).

Ia?aue yoaeii– “A?oiia aunoae iaaeaaeiinoe”. E yoie a?oiia iiaeii
ioianoe aaenaey “IIAENEIaaiea”, “Naa?aaiea” e aaiea “Iaiaoai”. Iie
ii iaaeaaeiinoe e eeeaeaeiinoe i?aeoe/anee niioaaonoaiaaee
ainoaea?noaaiiui oeaiiui aoiaaai, iiyoiio e ia oaeeaeoaeueii, /oi
aeioiaeiinoue yoeo aaenaeae ?aaia aeioiaeiinoe ii AEI + 5%. I?e yoii
iia?aoi?u ?uiea, aaeaeo aunieiai ?aeoeiaa iacaaiiuo aaieia, ia
aeaeatho ?acee/ee iaaeaeo “aa?aioe?iaaiiuie” e “iaaa?aioe?iaaiiuie”
aaenaeyie.

Aoi?ie yoaeii — “A?oiia e?oiiuo aaieia”. E yoie a?oiia iiaeii ioianoe
aaenaey aaieia “?inneeneee e?aaeeo”, “Eieiiaaie”, “Aic?iaeaeaiea” e
iaeioi?ua ae?oaea. A yoie a?oiia ioaeaaony i?aaeii/oaiea aaenaeyi,
eiathuei aa?aioeth Ieioeia. Oaeea aaenaey eiatho i?eaeeceoaeueioth
aeioiaeiinoue AEI + 10-15%. Iia?aoi?o aeey ecaea/aiey iaeneiaeueiie
i?eauee aaaeii aia?aiy ioeaieoue iiiaio aoiaeaeaiey aaenaey a
aeaiioth a?oiio (iiea o iaai nio?aiyaony aunieay aeioiaeiinoue), oae
eae ii ia?a i?eia?aoaiey iiioey?iinoe aeioiaeiinoue oaeiai aaenaey
auno?i i?eaeeaeaaony e n?aaeiae aeioiaeiinoe anae a?oiiu.

O?aoee yoaeii — “A?oiia iaiaa ecaanoiuo aaieia”. E yoie a?oiia ioianee
aaenaey oaeeo aaieia, eae “Iaoaeeeiaanoaaie”, “?inoaaie”, “Iineianeee
iaoeeiiaeueiue aaie” e iaeioi?ua ae?oaea. E?iia oiai, nthaea iiaeii
ioianoe aaenaey, auiouaiiua aeey e?aaeeoiaaiey ainoaea?noaaiiuo (a
ia?aothi/a?aaeue iai?iiiuo) i?ia?aii. Oi?iaeueii oaeea aaenaey ia
aa?aioe?iaaiu Ieioeiii ?O, ii iineieueeo iacaaiiua i?ia?aiiu iaoiaeyony
iiae iao?iiaaeai ?inneeneiai i?aaeoaeuenoaa, oi o/anoieee ?uiea
ni?aaaaeeeai iiae?acoiaaatho iaee/ea o yoeo aaenaeae ainoaea?noaaiiuo
aa?aioee. A yoie a?oiia aa?iyoiay aeioiaeiinoue aaenaeae – AEI +
20-35%.

*aoaa?oue yoaeii — “Eiua aaenaey”. E yoie a?oiia iiaeii ioianoe
aaenaey aaieia ia ec ia?aie aeanyoee, ia eiathueo ainoaea?noaaiiuo
aa?aioee. Oaeea aaenaey iieuecothony cia/eoaeueii iaiueoei ni?inii o
eiaanoi?ia.

A ?aeoeiaa iaaeaaeiinoe ioeaieaaaony niiniaiinoue i?aaei?eyoey
?anieaoeoueny ii aaenaeth a oeacaiiue n?ie. Aeey iino?iaiey ?aeoeiaa
eniieuecoaony eioi?iaoeey ec aooaaeoa?neiai aaeaina e io/aoa i
oeiainiauo ?acoeueoaoao ca iineaaeiee caaa?oaiiue aiae (eaa?oae). Aeey
?an/aoa e ioeaiee aeiiieieoaeueiuo iieacaoaeae eniieuecoaony
iaoeiainiaay eioi?iaoeey, i?aaeinoaaeaiiay i?aaei?eyoeai (aieaou,
iaoa?eaeu nia?aiey aeoeeiia?ia, e oae aeaeaa), aeaiiua AinEiinoaoa,
niiauaiey n?aaenoa ianniaie eioi?iaoeee. I?e iino?iaiee ?aeoeiaa
iaaeaaeiinoe ?acee/iua iieacaoaee, aeeythuea ia ieaoaaeaniiniaiinoue
i?aaei?eyoey, ?acaeaathony ia iyoue a?oii:

1. Iieacaoaee eeeaeaeiinoe aeoeaia

2. Iieacaoaee yooaeoeaiinoe oi?aaeaiey

3. Iieacaoaee aeaeiaie aeoeaiinoe

4. Iieacaoaee ?aioaaaeueiinoe

5. Aeiiieieoaeueiua iieacaoaee.

I?aaei?eyoey aeeth/athony a nienie yieoaioia aaenaeae e aeey ieo
i?iecaiaeeony ?an/ao ?aeoeiaa oieueei a oii neo/aa, anee iiaeii
?ann/eoaoue iieacaoaee ii ia?aui /aou?ai a?oiiai. Aeiiieieoaeueiua
iieacaoaee ?ann/eouaathony i?e iaee/ee iaiaoiaeeiie eioi?iaoeee e
eniieuecothony aeey ei??aeoeee iieo/aiiuo ?acoeueoaoia. A ianoiyuaa
a?aiy ?aeoeiae i?iiuoeaiiuo i?aaei?eyoee iaoiaeyony a noaaeee
?ac?aaioee. Aeey ninoaaeaiey ?aeoeiaa ?uii/iie eiiuthieoo?u
eniieuecothony on?aaeiaiiua iieacaoaee ?uii/iie eiiuthieoo?u,
?ann/eoaiiua ia iniiaa eioe?iaie aacu aeaiiuo. A ea/anoaa iniiaiiai
iieacaoaey aa?aony n?aaeiaa /enei cayaie ia iieoieo (i?iaeaaeo),
i?aaeoanoaothuea aeaoa ?an/aoa ?aeoeiaa.

Eiaanoeoeeiiiay i?eaeaeaoaeueiinoue aaenaey – yoi, iiaeao auoue, naiue
ceiaiaeiaaiue ia naaiaeiyoiee aeaiue aii?in. Ioeaieaay ninoiyiea e
ia?niaeoeau ?uiea ?inneeneeo aaenaeae a naaoa eo eiaanoeoeeiiiie
i?eaeaeaoaeueiinoe, iiaeii auneacaoue neaaeothuaa niia?aaeaiey.

Ca iineaaeiea aeaa aiaea i?iecioee cia/eoaeueiua ia?aiaiu a oii naeoi?a
oeiainiaiai ?uiea, eioi?ue caieiatho aaenaey ?inneeneeo aaieia e
i?aaei?eyoee. Ec iaeieeeaeaeiiai oeiainiaiai eino?oiaioa, i?eaiaeiiai
eeoue aeey ia?aie/aiiiai aioo?aiiaai eniieueciaaiey, aaenaeue noaiiaeony
oeaiiie aoiaaie, i?aaenoaaeythuae ianiiiaiiue eioa?an, ia oieueei aeey
oe?ieiai e?oaa ?inneeneeo eiaanoi?ia, ii e aeey iaaeaeoia?iaeiiai
eiaanoeoeeiiiiai niiauanoaa. Iauaa ?acaeoea oiiaeiaiai ?uiea a no?aia,
nii?iaiaeaeathuaa i?ioeann ?aoi?ie?iaaiey ?inneeneie yeiiiieee, aucaaei
?ino aeoeaiinoe aaieia, i?iiuoeaiiuo i?aaei?eyoee a auionea e
eniieueciaaiee aaenaeae, iauai yiennee eioi?uo oaaee/eeny iiiaie?aoii.
Aianoa n oai, ianiio?y ia ioiineoaeueii aunieoth aeioiaeiinoue aaenaey a
ni/aoaiee n iaaeaaeiinoueth e eeeaeaeiinoueth iiiaeo eaoaai?ee aaenaeae,
ca?oaaaeiua eiaanoi?u eniieuecotho yoio oeiainiaue eino?oiaio iiea ia
aeinoaoi/ii aeoeaii. Ii iiaieth niaoeeaeenoia, yoi yaeaiea a?aiaiiia e
oaea a aeeaeaeoai aoaeouai aaenaeueiue ?uiie ?innee iiaeao iuooeoue
i?eoie ca?oaaaeiiai eaieoaea. A iieueco aeaiiiai auaiaea aiai?eo
ianeieueei oaeoi?ia. Ai-ia?auo, i?aaiaua ii?iu, ?aaoee?othuea ia?auaiea
aaenaey a ?innee, a iniiaiii niioaaonaotho iaaeaeoia?iaeiui e i?eciatho
aeaaainoai iineaaeieo. Ai-aoi?uo, ?enee, naycaiiua n eniieueciaaieai
cia/eoaeueiie /anoe ia?auathueony ia aoi?e/iii ?uiea aaenaeae,
ieieiece?iaaiu i?aaeinoaaeaiiuie i?aaeoaeuenoaaiiuie aa?aioeyie.
Iaeioi?ua eaoaai?ee aaenaeae ii iieacaoaeyi iaaeaaeiinoe e eeeaeaeiinoe
niioaaonoaotho ainoaea?noaaiiui oeaiiui aoiaaai. Aeoeaii ?acaeaaaony
eio?anooeoo?a aaenaeueiiai ?uiea, iiauoaaony aai i?ic?a/iinoue, o?iaaiue
oneoa i?aaeinoaaeyaiuo ioaeaeueiuie eiiiaieyie niioaaonoaoao
iauai?eiyoui ii?iai. E?iia oiai, niaa?oainoaiaaieth ?uiea aaenaeae
niinianoaoao aeoeaece?iaaaoaany eniieueciaaiea noauaeoaie
oicyenoaiaaiey aeaiiiai oeiainiaiai eino?oiaioa aeey acaeiie?aaeeoiaaiey
e acaeiica/aoia, oiaiueoaiey iaaaoeaiuo iineaaenoaee e?ecena
iaieaoaaeae. Aianoa n oai a ianoiyuaa a?aiy aeinoaoi/ii o?oaeii
ioeaieoue aieinoue aaenaeueiiai ?uiea, iiyoiio iaeaieueoaai oniaoa
aeiauethony oa eiaanoi?u, eioi?ua i?eaeoo ia ?uiie a /enea ia?auo. N
yoie oi/ee c?aiey oaeouaa a?aiy yaeyaony iioeiaeueiui, aeey
aoiaeaeaiey eiino?aiiiai eiaanoi?a a ?uiie.

Ei?ii?aoeaiua aaenaey a n?aaiaiee n aaieianeeie aaenaeyie

I?e iiiiue ei?ii?aoeaiuo aaenaeae i?aaei?eyoey ioi?ieytho ?acee/iua
e?aaeeoiua iaycaoaeuenoaa: iiea/eaatho eoieaiiue oiaa? eee
i?aaeinoaaeaiiua oneoae ia oneiaeyo eiiia?/aneiai e?aaeeoa,
aica?auaao iieo/aiioth nnoaeo, i?aaenoaaeytho e?aaeeo e oae aeaeaa.
Ei?ii?aoeaiua aaenaey, oaeaea eae e aaieianeea, iiaeii oneiaii
?acaeaeeoue ia ianeieueei yoaeiiia eee a?oii:

Ia?aay — aaenaey “Blue Chips”. A yoo a?oiio aoiaeyo aaenaey eo/oeo
?inneeneeo ei?ii?aoeee, oae iacuaaaiua “aieoaua oeoee”, aeoeee
eioi?uo caieiatho cia/eoaeueiue naeoi? oiiaeiaiai ?uiea. Yoi,
iai?eia?, ?AI “Aaci?ii”, AI “*a?iiai?iaooue”, AI “No?aooiaooaaac”, AI
“Naaa?noaeue”, iaooyiay eiiiaiey “EOEiee”. E iei iiaeii aeiaaaeoue
iaooyioth eiiiaieth “Neaeaiei”, Eiiiaieth “Aeiacu ?innee – Naoa”,
eioi?ua yaeythony eeaea?aie a naieo io?aneyo e aeeo?aoii i?iecaiaeyo
auieaou ii naiei aaenaeyi. Aeioiaeiinoue aaenaeae yoie a?oiiu aeioiaeeo
aei 70% aiaeiauo i?e aeinoaoi/ii aunieie iaaeaaeiinoe e eeeaeaeiinoe.

Aoi?ay — “yia?aaoe/aneea” e “aeaeaciiaei?iaeiua” aaenaey. Aaenaey
aeaeaciiaei?iaeiuo e yia?aaoe/aneeo eiiiaiee iieuecothony
aeinoaoi/iui ni?inii ia ?inneeneii ?uiea. Iie a ii?aaeaeaiiie ia?a
iaaeaaeiu e eeeaeaeiu. Iaeiaei eniieuecothony iie oieueei eae n?aaenoaa
acaeii?an/aoia iaaeaeo oicyenoaothueie noauaeoaie. Yieoaiou aeaiiuo
aaenaeae ia noieueei iiea/eaatho eo aeaiaaeiuie n?aaenoaaie,
neieueei ca/eouaatho a iieaoo iinoaaeyaiie yeaeo?iyia?aee e
inouanoaeyaiuo aeaeaciiaei?iaeiuo ia?aaicie. Yoi canoaaeyao ioiineoueny
e iei n inoi?iaeiinoueth, a eaaeaeii eiie?aoiii neo/aa ii?aaeaeyoue
noaiaiue iaaeaaeiinoe yieoaioa a ?anniao?eaaaiue io?acie a?aiaie.
Aeey eiaanoi?ia aeaiiua aoiaae yaeythony auniei?eneiaaiiuie.

O?aouey — eiua aaenaey. Yoi aaenaey eiuo io?aneae (iai?eia?,
iaoeiino?iaiey) e ioieoeeiaeueiua aaenaey (n aaaaeaieai iiaiai
Oaaea?aeueiiai caeiia iineaaeiea i?ae?aoyo naia nouanoaiaaiea). Iie
yaeythony iaiaa eeeaeaeiuie e iaaeaaeiuie, /ai “yia?aaoe/aneea” e
“aeaeaciiaei?iaeiua” aaenaey, e iiyoiio iaiaa eioa?aniu ca?oaaaeiiio
eiaanoi?o.

Oi/ea c?aiey AEA IOE i aeaeaiee /anoiuo aaenaeae ia a?oiiu, a iniaaiii
?ani?aaeaeaiea i?ioo/anoieeia ?uiea aaenaeae ii yoei a?oiiai
inouanoaeyaony naieie i?ioo/anoieeaie ii-?aciiio. Anee aaieianeea
aaenaey, eo auione e ia?auaiea a eaeie-oi ia?a ?aaoee?othony
ainoaea?noaii, oi yoiai iaeuecy neacaoue i ei?ii?aoeaiuo aaenaeyo,
i?aaeiacia/aiiuo, eae i?aaeei, aeey iiiieiaiey nianoaaiiuo iai?ioiuo
n?aaenoa i?aaei?eyoee a oneiaeyo aeaoeoeeoa aeaiaaeiie iannu. Iaeiaei
aaenaey ia iaeaaeatho naienoaii aaconeiaiinoe iaycaoaeuenoa ii iei.
Yoiio niinianoaoao ia?ac?aa?ioaiiinoue i?ioeaaeo?u ii?ioanoiaaiey
aaenaeae e ianniaia ia?ooaiea aaenaeueiiai caeiiiaeaoaeuenoaa. A
ianoiyuaa a?aiy i?aeoe/anee ie iaeii ?inneeneia i?aaei?eyoea,
auioneathuaa aaenaey, ia i?iecaiaeeo eo iiaaoaiea a niioaaonoaee n
iieiaeaieai aaenaeueiiai i?aaa. A ea/anoaa iiaaoaiey aaenaeae
i?aaeeaaathony oneoae eee iinoaaea i?iaeoeoeee. Oaeei ia?acii, ia?auaiea
ei?ii?aoeaiuo aaenaeae a ianoiyuaa a?aiy iaoiaeeony i?aeoe/anee aia
aaenaeueiiai caeiiiaeaoaeuenoaa, oae eae i?aaeea ia?auaiey eiie?aoiuo
aaenaeae e oneiaey eo iiaaoaiey onoaiaaeeaathony eneeth/eoaeueii
aaenaeaaeaoaeai. E?iia oiai, a oneiaeyo ionoonoaey ?aaoee?iaaiey
eiee/anoaaiiuo ia?aiao?ia iieo/eea ?ani?ino?aiaiea i?aeoeea auionea
aaenaeae i?aaei?eyoeyie iiae i?in?i/aiioth aeaaeoi?neoth
caaeieaeaiiinoue, iaiaania/aiiuo aaenaeae. ?acoeueoaoii noaei
ia?aiieiaiea ?uiea ?aciiia?aciuie aaenaeyie, nieaeaiea eeeaeaeiinoe,
iaaeaiea ?uii/iie oeaiu aaenaey, eioi?ay ii ei?ii?aoeaiui aaenaeyi
iai?yioth naycaia n aiciiaeiinoueth eo eniieueciaaiey a ?an/aoiuo noaiao
o?aaoee?iaaiey acaeiiie caaeieaeaiiinoe. Ii naiae nooe ei?ii?aoeaiua
aaenaey noaee ioi?ieaieai oiaa?iiai aa?oa?a. Neaaeoao ioiaoeoue, /oi
?an/aou ei?ii?aoeaiuie aaenaeyie aaaeoo e ia?anoaieth caaeieaeaiiinoe
i?aaei?eyoee ia?aae athaeaeaoii. Anee aeaiueae ia iiyaeythony ie a
i?ioeanna ?an/aoia, ie a eiioea aaenaeueiie oeaii/ee, oi ieaoeoue iaeiae
ia/ai. Anoanoaaiii, ana yoi ia iiaeao ono?aeaaoue ainoaea?noai, e
i?aaei?eyoey ?eneotho iiianoue iiae aeanoeea naieoeee n aai noi?iiu. Ii
iiaieth niaoeeaeenoia aaenaeueiiai ?uiea, aeey oiai, /oiau aaenaeue
caiye iiaeiaathuaa ianoi a no?oeoo?a ei?ii?aoeaiuo oeiainia e noae
yeaiaioii, eioi?ue aianao naie iiceoeaiue aeeaae a ?acaeoea ?inneeneie
yeiiiieee, iaiaoiaeeii nei?aeoaa oi?ie?iaaiea e ?aaeecaoeey aaeeiie
ainoaea?noaaiiie iieeoeee ii ioiioaieth e i?aaiecaoeee aaenaeueiiai
ia?auaiey.

Ninoiyiea ?uiea aaieianeeo aaenaeae a ia?oa 1999 aiaea.

Iaaeaey (n 22.03.99 ii 26.03.99aa.) aeey ?uiea aaenaeae
eiaanoeoeeiiiiai oa?aeoa?a oa?aeoa?eciaaeanue i?iaeieaeaieai
iaaeaaaeueaai o?aiaea. I?aaeeiaeaiey cia/eoaeueii i?aauoaee ni?in.
AEaeaiea iinei?aa ecaaaeoueny io ?oaeaauo aeoeaia aiieia caeiiiia?ii:
aeieea? i?iaeieaeee inaiaiea iiauo aunio, i?iuoiuaay ioiaoeo 28 ?oa. ca
$. E oiio aea ?aceia ineiaeiaiea iieeoe/aneie neooaoeee, naycaiiie n
aiaiiui eiioeeeoii a THaineaaee, iaii?aaeaeaiiinoue n iieo/aieai
e?aaeeoa, aic?inoea oaiiu ?oaeaaie yiennee e oiaiueoaiea cieioiaaethoiuo
?aca?aia ineoieiae/anee aeaayo ia o/anoieeia aaenaeueiiai ?uiea,
canoaaeyy eo na?anuaaoue aoiaae. Iieoiaoue aea iiae ieceea aeioiaeiinoe
ieeoi ia niaoeo. Aeioiaeiinoue ii aeaeueiei aaenaeyi Aaci?iia i?aauoaao
70% aiaeiauo, ii aeeaeiei aaenaeyi ni n?ieii iiaaoaiey ia aieaa 3-o
ianyoeaa aeioiaeiinoe iaoiaeyony o ioiaoee 50% aiaeiauo. Oaeaea
eioe?othony aaenaey Aaci?iiaaiea. Aeioiaeiinoe Niaeia iaoiaeyony o
ioiaoee 55% aiaeiauo. A ea/anoaa ?an/aoiuo aaenaeae eae iau/ii
eniieuecothony aaenaey Naa?aaiea ii i?aaeuyaeaieth. Eo oeaia eieaaeaony
io 99.2% aei 100%. Ia ?uiea ei?ii?aoeaiuo aaenaeae i?iaeieaeathony
i?ioeannu nie?auaiey eeeaeaeiinoe. Ii aaenaeyi Naaa?noaee oiaa?iie na?ee
?aaeueiua oeaiu naeaeie ia o?iaia 28-29% io iiieiaea, ni?inii
iieuecothony aaenaey IIE, oeaiu ii eioi?ui ia o?iaia 57-58%, iaeiaei
i?aaeeiaeaiee i/aiue iaei. Ii iaooyiui aaenaeyi iauaiu oaeaea iaaaeeee.
Eo oeaiu eieaaethony a ?aeiia 51%. Aaenaey Neaiaooe
eioe?othony a ?aeiia 34%. ?uiie aaieianeeo aeieaia iiaeii ioiaoeoue eae
iaiaeii?iaeiue a naieo i?ioeannao. Oae anee ii NAN-AA?I ioia/aaony
aunieay aeoeaiinoue o/anoieeia ?uiea: oeaiu naeaeie eioe?iaaeenue ia
o?iaia 67-68%, – oi ii aaenaeyi Iinaecianaaiea, Iaiaoaia ?uiie
aeinoaoi/ii oceee. Ii Iinaecianaaieo i?iaeaiu naycaiu n eiienneae naiiai
aaiea, aceiaaiie i?e ia?aaiaea ia n/aoa caaiueeia aaiea (30% io noiiu
ia?aaiaea). Ii Iaiaoaio i?aaeeiaeaiey ia i?iaeaaeo i?enoonoaotho a
iniiaiii n o?aiceoiuo n/aoia, ia?aciaaiiuo i?e cae?uoee iaeieo oeeeaeia
e ia?aaiaea aeaiaa eeeaioia a ae?oaea oeeeaeu. Yoi cia/eoaeueii
?anoyaeaaao i?ioeann ia?aaiaea aeaiaa ai a?aiaie. Oeaiu naeaeie
eieaaethony a ?aeiia 37-38%. Ii ?inneeneiio E?aaeeoo neooaoeey iiea
iaeciaiia. Oeaiu iaoiaeyony a ei?eaei?a 35-37%.

Aiaeec ?aaiou Naa?aaiea n aaenaeyie

A Naa?aaiea ?innee aeeoioee?oaony ieiei 70% anao aeeaaeia ianaeaiey,
ianeoaeeaaaony 425 ouny/ n/aoia i?aaei?eyoee e i?aaiecaoeee, ia eioi?uo
nin?aaeioi/aiu 5% io iauae noiiu n?aaenoa ia n/aoao th?eaee/aneeo eeoe a
eiiia?/aneeo aaieao no?aiu.

Naa?aaie yieoe?iaae naie aaenaey. A ia?auaiee iaoiaeyony i?inoua,
ia?aaiaeiua, i?ioeaioiua ?oaeaaua e aaethoiua aaenaey aaiea aeey
th?eaee/aneeo eeoe. Aaie inouanoaeyao aaenaeueiia e?aaeeoiaaiea
th?eaee/aneeo eeoe, ia aeaaii i?enooiee e ?aciauaieth aeeneiioiuo
aaenaeae.

Aaenaeue Naa?aaiea ?innee – yoi, a ia?aoth i/a?aaeue, ?an/aoiue
eino?oiaio, iicaieythuee onei?eoue ?an/aou iaaeaeo eiio?aaaioaie. E?iia
oiai, aaenaeue yoi n?aaenoai naa?aaeaiey, iicaieythuaa i?eoiiiaeeoue
naiaiaeiua n?aaenoaa th?eaee/aneiai eeoea. Aai i?eaeaeaoaeueiinoue
iauyniyaony iaaeaaeiinoueth e noaaeeueiinoueth aaiea, a oaeaea iaee/eai
aai ?acaaoaeaiiie naoe, iicaieythuae iieaoeoue oeaiioth aoiaao a ethaii
?aaeiia ?innee.

Ia yoii naeaeaoaeuenoaotho aic?anoathuea iauaiu ?aaeecaoeee aaenaeae
aaiea ii Iineianeiio ?aaeiio: (ie?ae. ?oa. – niioaaonoaaiii):

Ia 01.01.95 – 3,6

Ia 01.01.96 – 93,4

Ia 01.06.96 – 879,5

Ia 01.01.98 – 1265,2

Ia 01.05.99 – 2000,4

I?inoie aaenaeue Naa?aaiea auiouai a ia?auaiea a ai?aea 1994 aiaea.
Aeioiaeu ii iaio oi?ie?othony ca n/ao i?ioeaioia, ia/eneyaiuo ia
aaenaeueioth noiio. N?iee ieaoaaea: ii i?aaeuyaeaiee, ia ii?aaeaeaiiue
aeaiue. Aeiioneaaony e aein?i/iay iieaoa. I?ioeaioiay noaaea
onoaiaaeeaaaony a caaeneiinoe io iiieiaea aaenaey e aai n?iea ia?auaiey.
Aaenaey ioi?ieythony ia ethaoth noiio, ieieiaeueiue n?ie ia?auaiey
i?ioeaioiiai aaenaey -7 aeiae. I?e eniieueciaaiee aai a ea/anoaa ?an/aoa
n?ie ia?auaiey iiaeao ninoaaeoue e 1-3 aeiy, ii a aeaiiii neo/aa ii
aoaeao aani?ioeaioiui. ?aaeecaoeeth e iieaoo inouanoaeytho ana
ioaeaeaiey Naa?aaiea ?innee. A Iineaa yoeie iia?aoeeyie caieiathony 54
ioaeaeaiey aaiea – ioaeaeu ianeoaeeaaiey th?eaee/aneeo eeoe e
iiae?acaeaeaiey Iineianeiai aaiea (oeaio?aeueiia, eiiia?/aneia e
aaethoiia oi?aaeaiey). Aaenaeue auaeaaony ia iniiaaiee aeiaiai?a,
caeeth/aiiiai iaaeaeo o/?aaeaeaieai Naa?aaiea e ?aieoaioii (ia?aui
aaenaeaaea?aeaoaeai, i?eia?aoaoaeai aaenaey), iinea ca/eneaiey
aaenaeueiie noiiu ia n/ao aaiea. Auaeaiiue aaenaeue iiaeao auoue
ia?aaeai ae?oaiio th?eaee/aneiio eeoeo iooai ioi?ieaiey eiaeinnaiaioa.
Ia?aaeaoi/iay iaaeienue ioi?ieyaony ia anth noiio aaenaey (/anoe/iue
eiaeinnaiaio iaaeaenoaeoaeai). Eiee/anoai ia?aaeaoi/iuo iaaeienae ia
ia?aie/aii. Iieaoa oeaiiie aoiaae inouanoaeyaony oieueei aaciaee/iui
iooai. Ia?a/eneaiea n?aaenoa ia n/ao aaenaeaaea?aeaoaey inouanoaeyaony a
oa/aiea o?ao aeiae n iiiaioa ia?aaea/e oeaiiie aoiaae e iieaoa a
o/?aaeaeaiea aaiea. I?e i?aaeuyaeaiee aaenaey e iieaoa a onoaiiaeaiiue
n?ie aai aeaaeaeueoeo ia?yaeo n aaenaeueiie noiiie ia?a/eneythony
ia/eneaiiua i?ioeaiou a niioaaonoaee n caeeth/aiiui aeiaiai?ii. I?e
n?i/iii i?aaeuyaeaiee aeioiae ia/eneyaony ii iiieaeaiiie i?ioeaioiie
noaaea, niioaaonoaothuae noaaea Naa?aaiea ii aeeaaeai aei aino?aaiaaiey
(10 % aiaeiauo). I?inoie aaenaeue yaeyaony ?an/aoiui eino?oiaioii.
N?aaeiaa eiee/anoai eiaeinnaiaioia ii aeieaiaiio iaycaoaeuenoao aaiea
ninoaaeyao 1-2, ii auaatho neo/ae, eiaaea eiee/anoai ia?aaeaoi/iuo
iaaeienae ninoaaeyao 5-7, iaeneioi – 22. Yoe oeaiiua aoiaae iieoiatho
eae th?eaee/aneea eeoea, iaoiaeyueany ia ianeoaeeaaiee a o/?aaeaeaieyo
Naa?aaiea, oae e noi?iiiea i?aaiecaoeee, caeioa?aniaaiiua a onei?aiee
?an/aoia n eiio?aaaioaie a ?innee. Aeaiiue oei aaenaeae auaiaeii
i?eiaiyoue aeey ?an/aoia n iineaaeothuei iieo/aieai i?eauee.

Aaenaeueiua iia?aoeee a aaiea.

I/aaeaeii, /oi eniieuecoy aaenaey a naiae aeayoaeueiinoe aaie iieo/aao
ia iaeoth auaiaeo.

Ai-ia?auo, e?aaeeooy eeeaioia aaenaeyie aaie ia auiy/eaaao aeaiaaeiua
n?aaenoaa, oai naiui oaaee/eaaao naith eeeaeaeiinoue. I?e yoii noieo
ioiaoeoue, /oi aaenaeue – yoi i?inoia e ie/ai ia iaoneiaeaiiia iaauaiea
(aeey i?inoiai aaenaey) eee i?aaeeiaeaiea, oeacaiea (aeey ia?aaiaeiiai
aaenaey) oieaoeoue ii?aaeaeaiioth noiio aeaiaa e ia o?aaoao aieueoeo
cao?ao aeey auionea.

Ai-aoi?uo, aaie iiaeao aueoieoue (o/anoue) aaenaeue yieoe?oaiue ae?oaei
aaieii ?aiueoa n?iea aai iiaaoaiey oaea?aeeaay oai naiui /anoue
noieiinoe aaenaey. Aaie, a naith i/a?aaeue, i?e iaiaoiaeeiinoe iiaeao
ia?aaeaoue aaenaeue oeaio?aeueiiio aaieo no?aiu (ia?ao/anoue aaenaeue).
A yoii neo/aa oaea oeaio?aeueiue aaie oaea?aeeo /anoue noieiinoe
aaenaey, eioi?ay aoaeao iacuaaoueny ioeoeeaeueiie o/aoiie noaaeie (iia
iau/ii ianeieueei ieaea o/aoiuo noaaie eiiia?/aneeo aaieia, eioi?ua
iiaoo ?acee/aoueny a caaeneiinoe io a?aiaie, inoathuaainy aei n?iea
iieaou iaycaoaeuenoaa, noaiaie iaaeaaeiinoe, iaania/aiiinoe o/eouaaaiiai
aaenaey). O/?oiue i?ioeaio (o/aoiay noaaea) – i?ioeaio, aceiaaiue
aaieaie i?e o/aoa aaenaeae, o.a. i?e iieoiea eo aaieii aei ianooieaiey
n?iea ieaoaaea. I?e o/aoa aaenaeae aaie auiea/eaaao i?aaeuyaeoaeth
aaenaey aai iiieiaeueioth noieiinoue ca au/aoii neeaeee (aeeneiioa),
niioaaonoaothuae ieaoa ca aaieianeee e?aaeeo. I?aai o?aaiaaiey aeaiaa ii
aaenaeth ia?aoiaeeo e aaieo, eioi?ue eeai aeaeao enoa/aiey n?iea e
iieo/aao n aaenaeaaeaoaey noiio, oeacaiioth ia aaenaea, eeai
ia?ai?iaeaao (oaeaea ni neeaeeie) aaenaeue ia aeaiaaeiii ?uiea. Anee
?aaeecaoeey aaenaey ia ?uiea cao?oaeiaia, /anoiue aaie iiaeao, eae
oaea aiai?eeinue, ia?ao/anoue aaenaeue a oeaio?aeueiii ainoaea?noaaiiii
aaiea n oieaoie ca yoo iia?aoeeth onoaiiaeaiiie aaieii ioeoeeaeueiie
o/aoiie i?ioeaioiie noaaee. Ioeoeeaeueiay o/aoiay noaaea eniieuecoaony
aeey ?aaoee?iaaiey anae no?oeoo?u i?ioeaioiuo noaaie ia aeaiaaeiii
?uiea no?aiu e neoaeeo iaeiei ec aaaeiuo eino?oiaioia yeiiiieee, a
/anoiinoe, e iiauoaieth ioeoeeaeueiiai o/?oiiai i?ioeaioa i?eaaaatho
aeey ai?ueau n eioeyoeeae, e iiieaeaieth – aeey noeioee?iaaiey
eaieoaeiaeiaeaiee a yeiiiieeo.

Oaeaeueiue aan o/aoa aaenaeae a aaieianeeo iia?aoeeyo nie?auaaony
ii

n?aaiaieth n oaeaeueiui aanii nnoae e eiaanoeoeee a ainoaea?noaaiiua
iaeeaaoeee. I?ienoiaeyo eciaiaiey e a no?oeoo?a o/aoa aaenaeae ca n/ao
iiauoaiey aeiee o/aoa eacia/aeneeo aaenaeae, eioi?ua eniieuecothony
aeey oeiaine?iaaiey ainoaea?noaaiiuo ?anoiaeia ia aiaiiua oeaee e
iie?uoea athaeaeaoiuo aeaoeoeeoia.

A-o?aoueeo aaie iiaeao eieanne?iaaoue aaenaey, oi anoue aaie ii
ii?o/aieth eeeaioa iieo/aao i?e/eoathueany iineaaeiaio aeaiaaeiua noiiu
ia iniiaaiee aeaiaaeii-oiaa?iuo eee ?an/aoiuo aeieoiaioia, iieo/ay i?e
yoii eiienneiiiia aiciaa?aaeaeaiea.

Ia?yaeo n auaea/ae e iieaoie aaenaeae o/?aaeaeaiey Naa?aaiea
inouanoaeytho n ieie neaaeothuea iia?aoeee;

– o?aiaiea aaenaeae;

– i?iaaaeaiea aanieaoiuo eiinoeueoaoeee ii ii?yaeeo ia?auaiey aaenaeae
aaiea;

– e?aaeeoiaaiea th?eaee/aneeo eeoe iiae caeia i?inouo aaenaeae aaiea.

Eoae, ?anniio?ei iiae?iaiaa iaeioi?ua iia?aoeee aaiea n aaenaeyie.

1.Aaenaeueiia e?aaeeoiaaiea Naa?aaiea ?innee

O/?aaeaeaiey Naa?aaiea i?aaeinoaaeytho e?aoein?i/iua (aei 6 ianyoeaa)
aaenaeueiua e?aaeeou th?eaee/aneei eeoeai ethaie oi?iu nianoaaiiinoe,
i?aaeoniio?aiiie caeiiiaeaoaeuenoaii ?O.

I?e ioi?ieaiee aaenaeueiiai e?aaeeoa caeeth/aaony e?aaeeoiue aeiaiai?,
niaeanii eioi?iio caaiuee iieo/aao i?inoua aaenaey Naa?aaiea ni n?ieii
iiaaoaiey ia ?aiaa oeene?iaaiiie aeaou.

Aaenaeue eeai iaeao aaenaeae auienuaaaony ia noiio i?aaeinoaaeyaiiai
e?aaeeoa. I?e yoii aaenaey iiaoo auienuaaoueny n ?aciuie n?ieaie
ieaoaaea iiae eiie?aoiua iioiee ieaoaaeae th?eaee/aneiai eeoea.

A oii neo/aa, eiaaea n?ie aaenaeueiiai e?aaeeoa niioaaonoaoao n?ieo
ia?auaiey aaenaeae, i?ioeaioiay noaaea ii e?aaeeoo ninoaaeyao 40-50%
aiaeiauo.

I?e cia/eoaeueiii ?ac?uaa iaaeaeo n?ieii auaea/e e?aaeeoa e n?ieii
iiaaoaiey aaenaeae i?ioeaioiay noaaea ii e?aaeeoo iiaeao auoue ieaea.

Ii?yaeie iieo/aiey aaenaeueiiai e?aaeeoa aiaeiae/ai ii?yaeeo iieo/aiey
iau/iiai e?aaeeoa. Oi anoue eeeaio ioi?ieyao cayaeo ia iieo/aiea
e?aaeeoa e i?aaenoaaeyao iaeao neaaeothueo aeieoiaioia:

– iioa?eaeueii caaa?aiiua o/?aaeeoaeueiua e ?aaeno?aoeeiiiua aeieoiaiou;

– aooaaeoa?neoth io/aoiinoue (aaeain n i?eeiaeaieyie) ca aeaa io/aoiuo
ia?eiaea;

– oaoieei-yeiiiie/aneia iainiiaaiea e?aaeeoa e ae?.

A ianoiyuaa a?aiy Iineianeee aaie inouanoaeyao aaenaeueiia e?aaeeoiaaiea
i?ia?aii i?aaeoaeuenoaa ?innee e Iineau (oeiaine?iaaiea a niioaaonoaee n
iinoaiiaeaieai i?aaeoaeuenoaa ?O io 07.02.96 a. N 135 “I ia?ao ii
noaaeeecaoeee yeiiiie/aneiai iieiaeaiey aa?ii?iiuoeaiiiai eiiieaena ?O”,
oeiaine?iaaiea i?iaaaeaiey ?aaio ii ?aeiino?oeoeee Iineianeie
eieueoeaaie aei?iae e ae?.).

I?e auaea/a aaenaeueiiai e?aaeeoa ii?aaeaeaiiiio th?eaee/aneiio eeoeo
e?oa iieueciaaoaeae aaenaeae cia/eoaeueii ?anoe?yaony. Aeaaeaeueoeaie
oaeeo aaenaeae yaeythony i?aaei?eyoey, i?aaiecaoeee, aaiee, oeiainiaua
eiiiaiee ?innee.

?aaeecaoeey aeeneiioiuo aaenaeae aaiea ia/iaony n aaaonoa-naioya?y
iuiaoiaai aiaea. Eioa?an e yoei oeaiiui aoiaaai a iniiaiii i?iyaeytho
th?eaee/aneea eeoea, eiathuea iaeiaiaua eueaiou eeai ?aaioathuea n
ieieiaeueiie i?eaueueth. Eo i?eia?aoaiea inaiaiaeaeaao eeeaioa io iaeiaa
n aeioiaea (15%).

I?aaeiieiaeei i?aaiecaoeey eiiiaiey EIIEOYE (caieiathuayny
i?iecaiaenoaii iaooai?iaeoeoia) i?aaeeiaeeea nauoiaie eiiiaiee
?INIIOOI?A aieueooth ia?oeth naiaai oiaa?a (ia noiio 300 000 ?oaeae).
?INIIOOI?A ia aeaeay oioneaoue auaiaeioth naeaeeo, ia?auaaony a aaie n
i?inueaie auaeaoue aio e?aaeeo. I?e iaee/ee anao iaiaoiaeeiuo
aeieoiaioia aaie i?aaeeaaaao auienaoue i?ioeaioiue aaenaeue ia noiio
e?aaeeoa, oi anoue 300 000 ?oaeae ni n?ieii iiaaoaiey 3 ianyoea. Ii
iaycaoaeueiui oneiaeai yaeyaony oi, /oi e?aaeeo auaeaiiue iiae 72%
aiaeiauo (eee 6% a ianyoe). Ionoue aeioiae ii aaenaeth ninoaaeyao 30%
aiaeiauo. ?INIIOOI?A i?eieiaao aaenaeue e ?aniea/eaaaony n EIIEOYE ca
i?aaeinoaaeaiioth i?iaeoeoeeth. ?aaeecoy ai?th/a niaci/iua iaoa?eaeu, a
oa/aiee 2-o ianyoeaa, ?INIIOOI?A iieo/aao aeaiaaeiua n?aaenoaa e
?aniea/eaaaony ii e?aaeeoo ioaeaaay aaieo oaea 336 000 ?oaeae. EIIEOYE
iiaeao eeai ?anieaoeony aaenaeai n iinoaaueeaie, eeai aeiaea?aeeo aai
aei eiioea n?iea aai iiaaoaiey, /oi iicaieeo iieo/eoue aio 300 000 +
22500 (i?ioeaiou ii aaenaeth). A yoi neo/aa aaie iieo/eo aeioiae a
aeaea ?acieoeu 36 000 – 22500 = 13500 ?oaeae. Ii yoi ia aaeeinoaaiiay
auaiaea eioi?oth iieo/eo aaie. N iiiiuueth aaenaeae ii aunaiaiaeaeaao
aeaiaaeiua n?aaenoaa, eioi?ua iiaeao eniieueciaaoue n oeaeueth iieo/aiey
aeiiieieoaeueiie i?eauee. Iai?eia? ia aaethoiii ?aiea, ?uiea AEI eee
e?aaeeooy ae?oaeo eeeaioia. I?aaeiieiaeei , /oi ca yoi a?aiy (iiea
aaenaeue iaoiaeeeny ia ?oeao) aaie iieo/ee au? 11500 ?oaeae, oiaaea
aeioiae aaiea i?e yoie iia?aoeee ninoaaeo 25000 ?oaeae. Aeaeaeaiea
aaenaey i?e aaieianeii e?aaeeoiaaiee i?aaenoaaeaiu a noaia ?1.

Ae a i ue a e

ae a
a ae

a a
a a

i e
e i

ue n
n ue

a a
a a

e e
e e

ue
ue

ae a i ue a e
a a e n a e ue

o i a a ?
o i a a ?

(noaia ?1)

2) O/?o aaenaeae.

O/?o aaenaey i?aaenoaaeyao niaie iieoieo aaieii eee
niaoeeaeece?iaaiiuie e?aaeeoiuie o/?aaeaeaieyie aaenaeae aei enoa/aiey
eo n?iea. I?e o/?oa aaenaeae aaie aein?i/ii oiea/eaaao aea?aeaoaeth
noiio, ia eioi?oth auienai aaenaeue, ca au/aoii i?ioeaioa, ?acia?
eioi?iai ii?aaeaeyaony ia aaca nouanoaothuaai i?ioeaioa ia nnoaeiue
eaieoae a caaeneiinoe io ea/anoaa e n?iea aaenaey. Aaiee i?eieiatho e
o/aoo oieueei oae iacuaaaiua ia?aieeanniua aaenaey, o.a. aaenaey,
niaea?aeauea iaycaoaeuenoaa nieeaeiuo oe?i, ieaoaaeaniiniaiinoue
eioi?uo ia aucuaaao niiiaiee. Aaenaey n aa?aioeae e?oiiuo aaieia
o/eouaathony ii aieaa ieceei noaaeai i?ioeaioa, /ai aaenaey oi?aiauo e
i?iiuoeaiiuo oe?i, ia eiathueo aaieianeie aa?aioee (aaieianeiai
aaaey). Aaenaey n iaycaoaeuenoaaie iaeeeo e neaauo a oeiainiaii
ioiioaiee oe?i aaieaie ia i?eieiathony aeey o/aoa eee o/eouaathony ii
eiaeeaeaeoaeueiui, neeueii caauoaiiui noaaeai i?ioeaioa.

Neaaeiaaoaeueii i?e iieoiea aaenaey aaieii (/oi iacuaaaony o/?oiui
e?aaeeoii) aaie caieaoeo auaoaio aeaaeaeueoeo aaenaey ia anth noiio,
oeacaiioth a iai, a ca au/aoii oae iacuaaaiie o/aoiie noaaee
(aeeneiioa), o.a. i?ioeaioia, ii eioi?ui aaie “o/eouaaao” (iieoiaao)
aaenaeue. Aeey ?an/aoa o/aoiie noiiu i?eiaiyaony neaaeothuay oi?ioea:

E O I

N =

360 100

aaea N – noiia aeeneiioa;

E – noiia aaenaey;

T – eiee/anoai aeiae aei n?iea ieaoaaea;

I – o/aoiay noaaea aaiea.

I?aaeiieiaeei, /oi Naa?aaie i?eia?aoaao aaenaeue ia noiio 100 000
?oaeae, eioi?ue aue auiouai Aaci?iiaaieii. Aeaoa iiaaoaiey aaenaey
ianooieo /a?ac 105 aeiae. O/aoiay noaaea Naa?aaiea ninoaaeyao 44,5%.

Iie?aynue ia auoaoeacaiioth oi?ioeo iiaeii ?ann/eoaoue noiio aeeneiioa:

Aeeneiio = 100000*105*44,5 / 360*100 = 12 979 ?oaeae.

Neaaeiaaoaeueii aaie o/eouaay aeaiiue aaenaeue ca 105 aeiae aei aai
iiaaoaiey iieo/eo aeioiae a ?acia?a 12979 ?oaeae.

Caeeth/aiea

A i?ioeanna iaienaiey eo?niaiai i?iaeoa iiith auee eco/aiu iniiaiua
oaiaeaioeee ?acaeoey ia ?uiea aaieianeeo aaenaeae ?innee, auee auyaeaiu
iieiaeeoaeueiua e io?eoeaoaeueiua noi?iiu i?e ia?auaiee aaenaeae. E
iieiaeeoaeueiui iiaeii ioianoe oi, /oi n iiiiuueth aaenaeae a aeaiiie,
e?eceniie aeey iaoae yeiiiieee neooaoeee, eiaaea ia oaaoaao aeaiaaeiie
iaee/iinoe , i?aaei?eyoey eiatho aiciiaeiinoue ?aniea/eaaoueny ni naieie
e?aaeeoi?aie (ca iinoaaeyaiia nu?ue? e oiaa?u). A yoi cia/eo iie iiaoo
aanoe ii?iaeueioth oeiainiai-oicyenoaaiioth aeayoaeueiinoue. N iiiiuueth
aaenaeae onei?ythony oiaa?ii-aeaiaaeiua ioiioaiey. Io?eoeaoaeueiie
noi?iiie yaeyaony oi, /oi ?an/?ou aaenaeyie aaaeoo e ia?anoaieth
caaeieaeaiiinoe i?aaei?eyoee ia?aae athaeaeaoii. Anee aeaiueae ia
iiyaeythony ie a i?ioeanna ?an/aoia, ie a eiioea aaenaeueiie oeaii/ee,
oi ieaoeoue iaeiae ia/ai. Anoanoaaiii, ana yoi ia iiaeao ono?aeaaoue
ainoaea?noai, e i?aaei?eyoey ?eneotho iiianoue iiae aeanoeea naieoeee n
aai noi?iiu. Ii iiaieth niaoeeaeenoia aaenaeueiiai ?uiea, aeey oiai,
/oiau aaenaeue caiye iiaeiaathuaa ianoi a no?oeoo?a oeiainia e noae
yeaiaioii, eioi?ue aianao naie iiceoeaiue aeeaae a ?acaeoea ?inneeneie
yeiiiieee, iaiaoiaeeii nei?aeoaa oi?ie?iaaiea e ?aaeecaoeey aaeeiie
ainoaea?noaaiiie iieeoeee ii ioiioaieth e i?aaiecaoeee aaenaeueiiai
ia?auaiey.

Oae aea iiith auee auyaeaiu iaeioi?ua i?iaeaiu ia aaenaeueiii ?uiea. Oae
iai?eia? iaeiie ec ianouiuo i?iaeai aaenaeueiiai ?uiea ?innee yaeyaony
aai iaaeinoaoi/iia eioi?iaoeeiiiia iaania/aiea. Iniciaaay iio?aaiinoue
o/anoieeia ?uiea a enoiaeiuo aeaiiuo, niaoeeaeenou i?enooieee e
nai?o e ia?aaioea eioi?iaoeee i ninoiyiee aaenaeueiie oi?aiaee.

Auea iieo/aia eioi?iaoeey i aaieianeeo iia?aoeeyo n aaenaeyie e
i?eaaaeaiu iaeioi?ua i?eia?u oaeeo iia?aoeee.

http://www.cfin.ru/management/tusrif/content.shtml

Нашли опечатку? Выделите и нажмите CTRL+Enter

Похожие документы
Обсуждение
    Заказать реферат
    UkrReferat.com. Всі права захищені. 2000-2019