.

Характеристика рынка ценных бумаг

Язык: русский
Формат: курсова
Тип документа: Word Doc
76 2983
Скачать документ

NIAeA?AEAIEA

AAAAeAIEA

1. ??? ??? ??a

1.1 N???ue, ???e e ?? ??a ??? ??a

1.2 A?u ??a ??? ??a

1.3 N???? ??a ??? ??a

1.4 O???? ??a ??? ??a

2. I?u ? ????????th e ???eth ??a ??? ??a

2.1 A???a

2.2 I????e ???ey ?????i ??a 2007-2008 ?

2.3 E???ey a ???????? i ??a ??? ??a

2.4 I???a ??/e ??????y e ???ey ??a ??? ??a

2.5 Ae??i?? e ?????ue ??? ??a ? ??y ?????i ???a

CAEETH*AIEA

NIENIE ENIIEUeCIAAIIUO ENOI*IEEIA

AAAAeAIEA

A????y ???? ????????i ???? ???y, ??a a ??? 1990-o ?. ? ?? ?????ey y????
????i ??, ???? e ??iy?? ???e ??????o ?????a. I?? ? ??o ????? y?y?ny
??e???a e ???a ???? ?????i ??a e ?i ???eyth?e – ??a ??? a??.

??? ??? ??a y?y?ny ?????? ??ueth ?????i ??a, ?? ???e ???o a ???????e
????? ???? e ?????e ?????e ? ??????e?ey ??i ????ey ????? ?????e ??a
??????o ???? n ???e ????, o.a. a ??????e ??????? a ae???e ???? ????o
???? ?a?? ? ????? e y???a ??? ??a.

Oe??a ??? e ???? ??e, ???yth?a ?? ???????i ?e ???????i ????? ??????ey
y???? ? ??i- e ?????a (?y????e ???ey?e ?? ??a, ????o ?? y????, ?n???? e
??????? ???????), ??iy?i ??????th?y. Ca ????a ?ny???a ? ??? ??? ??a
?????a ??i ?? ????e ???a y?eth???a ????y, ????a y?????? ????i e ??????e
y???e. Iiy?? ?iie ??? ??a, ?? ??? ???, ? ????y ????????ue e ???a ???u
??otho ??iy??i ???ey e ???a. O?a y?y?ny ???? ????? ? ???y?? ??, ??? ?i
???? ???? y???? ?i?a ??? e ? ??e ??tho ??i?th ?? a ?????e ????o ?i??o
???a ?y ?? ???ey?e e ?????a. N ???? ???a ????? ??atho, ?i ? ??a ????e
??? ???iyony ??? ???? e ???i y???, a ????e ???? – N????, A???a – ???
ia?? ??e a ??.

Oe?ue ?? ???: ???? ?iy?a ?i? ??? ??a, ???ue ???e e ?? ??a ??? ??a, ????o
e ?i ?a???a. I???????ue ??????a ?????i ??a ??? ??a. A ??a ?y?? ?? ?
????????th ??e???ey e ???ey ??a ??? ??a. E??? ????a ??a ?i?o ??a ? ??y
???a.

1. ?UIIE OeAIIUO AOIAA E AAI O*ANOIEEE

1.1 N???ue, ???e e ?? ??a ??? ??a

??? ??? ??a – y? ??a y?????? ????e, ?y??? n ???? e ????? ??? ??a. A? ??
???o a ???????e ??i??o ???? e ?????e ?????e ? ????????y ??i ????ey ?????
?????e ??a ??????o ???? n ???e ????, o.a. a ??????e ??a??a?? a ???? ????
?i??? ???? ???a ? ????? e y???? ??? ??a.

??? ??? ??a y?y?ny ??ueth ?????i ??a e ???? ??????a ??i ??e ??? ???? e
???? ???.

C???e ??a ??? ??a y?yth?y:

1 ?????y ?a??i ????o ????? ???? ?y ??a???ey ????? ?????;

2 ???? e ???? ???? ???????;

3 ??? e ????a ??o ??a ??? ??a;

4 ????????a ???u ???????y;

5 ?????a ?e?? ??? e ?????y;

6 ?????y ?i???? ??a;

7 ???? ??? ??y?e;

8 ????????a ?????-???? ??;

9 ???? ? ??th??? ??y?o ??? e ?????;

10 ?????a ???ey ? ??? ????????, ???i? ?????iey;

11 ?????o???a ???????? ?????e, ????th?o ?y????ue ???????? ????? ??a;

12 ????? ?????o ????e;

13 ????? ???????i ??a;

14 ????? ??????o ??????, ? ??? ???o ??a??y?ny ???????a ?????i? ?????e
???ey ??a.

Ia ???y?? ?? ???y ??i ?ny? ????o??? e ?????o ?????, ????th?o ????a ???u
??a ??? ??a e ?y????e ?i ?????. I???i ? ?o y?y?ny O????? ??i ?O «I ??a
??? ??? ? 22 ??ey 1996 a.

??? ??? ??a ???y? ?yae ?????? (???? ???o ?????o ??o) ???e e ?yae ??????o
???e.

E ?????? ???yi ??nyo ??oth?a:

1. A????oth?y ???y, ???y ?iy?y?ny ??c ???? ???e ?y i????? ???? ????o
????? ???ia n ???oth?i ? ??????? a ????? ????? ??a e ?????? y???ee a
??i.

2. I??????ay ???y, ???y ??th??ny a ?????e ???? ????y ????? ???a ? ??????
(???o??, ?????). I? ?iy?y?ny ??c ???? ?? ????o ????? ? ????? ??? ??a
(??e, ??e, ????? ??i?, ??????? ??u e o.i.) e ??th??ny a ???? i????o ???e
?y ????? ???? ???? ?????? a ??i ? ????th?a ? ??? ???.

3. ????oth?y ???y, ???y ?eeth??ny a ???? ??? ???? e ?a?ey a ?e; ?????a
???a ???ey e ????ey, ??y?a ????ey ??? ??o ?????e ??a.

4. N????th?y ???y, ???y ??th??ny a ????e th????? e ????eo ?oe ??ue ?????
??a ??i ??????ey ? ?????? ??: ??a ? ???a a ????? ???ey?y? (??e), ??a ?
????a ??? (????a ? ????yi, ????? ? ??yi), ?????e ????ey ???? ?e ??a ??ue
????? ????a (????e).

5. E????ay ???y, ???y ??th??ny a ????? ???ey ? ??th??? ?? ????????, ???
????, y???? ?? ?????e ??a.

6. Oe??ay ???y – ???y ?????ey e ?????y ???? ?????ey e ???ey ???? ?i
(???) ? ??? ??? ?????i ???????y ??? e ?????y ? ??? ??? ??i ????ey ???? n
??.

7. E?????y ???y, ???y ?eeth??ny a ????e ?????e ??a ???e ? ???? ? ??a ???
??a.

8. E??????y ???y, ???y c?eth??ny a ?????? e ????e ???a?e ? ???? ???? e ?
????? ? y?????? ????a ??a.

E ??????i ???yi ??a ??? ??a ??i ???e ??oth?a:

1. I?????????ay ???y, ???y ?eth?? a ?ay ?????a ???????i? ???? ???a ??o
???y? e ?a?? y????, ????ey? e ????, ???? e ?iy? ????y, ???ey?y? e ??????
e o.i.; ???ae ????? ec ????????? a ???????oth ??o.

2. O??ay ???y, ???y ?iy?ya?y a ?y????o:

1 ??a ????? ??a ??? ??a, ???th??y ? ??a a ?????o ???o (????);

2 ?????e ???????? ????? ??a ??? ?i? ??c ???????;

3 ???? ???? ????, ?????o ????? ??e-???e, ???, ???, ?????e e ?. ia ??a.

3. O??ey ??o??ey ???o e ????? ???a (?e ??????), e??ay ????ey?ny ?????i
??th??y ?th???o e ????o ?????.

4. A????? ? ???? ????a, ??th?th??y a ??????e ??? ae???e ??u a ????e ??c
?????i? ???e e ????y ???????o ??? ??a.

5. O??????a ???? ???????? ath??a ? ???ey???e ???, o.a. ?c ???a a ????e
??????? ?i??o ???a.

6. E?????? ??? ??a a ??????, ??????i ?????, ?????????e y????.

A ???? ???? ???? ?e ??? ??a oe??o ??a a ?????e ? ?????i ?e ??????i ????a
????? ????e?.

1. I?????y ??? – a ???? ?????a ???atho ?????? ???? ? ??? ???i. O?ay ???
????? a NOA.

2. A????y ??? – ?????? ???atho ??e. Y? ??? ????? ?y A???e.

3. N???ay ??? – ?????? y?yth?y ?e ??e, ?e e ?????? ????. Ae??y i??ue ??o
??i a ss??e e ??n?.

1.2 A?u ??a ??? ??a

E?th?y ????a ?????oe??? ???? ??? ??? ??a. ss ?n???th ??a ????????
(?n.1).

Ii ???????? ???? ??e ??? ??a ???y ? ??????e, ??????, ???a??e e ???e.
Ia?????e ??e ????? ????? ??e ?? ??i ??. ??????e ??e ????? ??e ????o ????
???e ????. I?????e (?????) ??e ????? ??e ???-??????i ?????a. I??? ??e
????? ??ue ??a ??? ?????a.

A ?????e ? o?? ????ey ??? ??a ??e ????ey?ny ? ????e e a????.

I???? – y? ??e, ???e ?????o ??? (y??eth) e ????a ????? ??? ??a. E ???i
????? ??a ??? ??a ??i ???e: ?????a ???? ????o ????, ?????th ?????i ?i?,
???? ??? ??y?e. I???? ??e ??? ??a ???y? ??oth?a ???e:

1) ???c?eth ???a ??? ??a;

2) ???a?a ??? ??a;

3) ?? ??? ??a;

4) ???ae?? ???a ??? e ?????y.

A???? – y? ??e, ?a ?????ny ????a ??a ????? ??? ??a, ?a ????? ?????? ??
a?? ??e-???e ?e ??? ?? ???? ??? ??? ? ??? ? ??a?? e ???o a ???a ??i ??a
??????y ??? ???. C?? a ???? ??e-???e ??? ???ey?ny ?i ????a??e ??, o.a.
?????ny ????a ??a ??? ??a. E ???i ????? ??a ??? ??a ??ny?y: ????a ??i??e
????? ?cy??oth?o ????a e ????? ?oe; ????????a ?????-?a??e ??; ????
??????? ??a; ?aeth??a ??y?o ??? e ?????. O??? ????? ??a ??? ??a:

1) ???ue ?? n ??? ????a e ?????e (?????? ?????ue ??? ??a);

2) ???n???ue ?????eth ??? e ?????y.

A ?????e ? ???e ??i?????e ??e ??? ??a ????ey?ny ? ??????? e ????????.

I??????e ??e – y? ???, ?a i???? ??? ??a ??a??y?ny ? ??? ??????? ??????o
??? ??o ???????? ????????e ??????.

I???????e ??e – y? ??e, ?a ????a ??? ??a ????ey?ny ?c ??th??y ??? ?y ??
????ia ??a ???; y? ??e, ?a ???a ??th??y ???, ????ey e ??? ???i, e ?????
e o.ae. ? ?????u, ???ey ????ey?ny ?????i, a ???i ???? ???? e ????ey.

N??? ???????y ????? i ?????o ??e? ? ?????.

A ?????e ? i?? ???? ??e ??? ??a ???y ? ???? e ?????e.

A???e ??e – y? ??e, ??????? ?i??e ??? (?th???e, ????e ??ey? a?th?? e
???? ??e) e ???th?? ? ?e ?????e (?????e) e ????? ???e.

A????? ??e – y? ??e, ?a ????ey?ny ????a ??? ??a, ? ????? e ????a ? ????
???. A????? ??e ????ny ????? ??? ??a o? ?????o ???a, ???a ? ?atho
ae??o??? ????? ??e ?e ???a ?y ??, ??u ???????? ?? ?oe? (o.a. ??? ???a) ?
??e-?? ??a e ?? ?????e e ??? ? ?e. Ii ??o ?? ??????? e ?????a??i.
I??????e ?????e ??e ????ny ??i?? ?????, ????y? ???, a ??a ????, ???a ??o
?? ?e ? ?? ???e ??e; ???????e ???ey?, ???????e ???e e ae?.

A ??iy?a ??y ?????e ???? ??e ???o ? ??oth?o ????a:

2 ???a ???? ae?????? ???????? ????yie ?y th????? ?oe, ????y A??i ?i??;

3 ???a ???? ???????? ??????? ????y?;

4 ???ay ?? N???? ? ???eyi n ????????e ???????? ????y?;

5 ????ay ?? (??? ?????? e o.i.) A???n???? ???? ? ????o ?O;

6 ?????a ????a ????? ??e ??ue ????o ?????o ???a, ???? ??? ??a;

7 ?????e ????e ??e ??? ??a ?????? ??ia;

8 ????a ?????a ??e, ?ath?a ??????? ?n?? ????;

9 ????e ??e ????? ??? ??a (?????? ??e???, ????a ???u e o.i.).

A???a?e ??e ???? ????? ?y?a ???a ????a ??? e ???o ????? a ???? ???e
????.

Ii ??i ??? ??e ??? ??a ???y?ny ? ???? e ???e (?????).

E???e (eyo-??e, ??-??e) – y? ??e n ?i???? ?????i ??? a ???a 1-2 ???o ??,
? ??ay ?y ??th??y ???.

N??? (????ue) – y? ??e, ? ???i ??th?th?y ??????a ??? ? ??? ????ey,
???ath?i ?a ???o ?y.

Ii ???o ???? ??e ??? ??a ???y ? ??ueth??????? e ??????.

O???y ? ??ueth??????? ??a ???y ??c ??ueth??? ??, ???a ???iytho ????
?????a. O?????e ???e ae??? ??a y?yth?y:

1) ???o?a ?????i ??a, ?a ???ath?y ???? e ?????, e, ??????i, ????? ?y??
???? ??o ??;

2) ??ay ??????y ???? ???? e ?i ?????ey; ?? ????? ??a ???ny a ???? ??? e
??o ??o ?ya? ? ??th-???o ??? ??a a ???o ???.

O???y ? ?????? ??a ????ey?ny ???????i ? ??e ??a ??o ????? e ????ey? ???
??a.

Ii y???? e ?a???i ??e ??? ??a ????ey?ny ?: ??e ???????o ?i?o ??a, ??e
??????o ??? ??a, ??e ??????o ??? ??a, ??e ?i?o ??a, ????? (????o) ?????e
e??e.

Ii ?????o yi???a ??e ??? ??a ???y ? ??e ????? e ??e ??????.

A ?????e ? i?????ey ??? ??a ????tho ??e ???? ??? ??a e ?????o ?????
??????.

Ii ????? ??i ??? ??a ??tho ?a?th?a ?? ??a: ??e ??e, ??e ????e, ??e ????
e ?.

A ?????e ? n?? ????y ??? ??a ??e ?eyo ? ??e ???-, ???-, ??i- e ????? ???
??a.

Ii ???e ??a ??e ??? ??a ???y?ny ?: ???????, ??????? e ?????? ??e.

A ?????e ? e????a ??e ??? ??a ??tho ??oth?o ??a: ??e, ??????i? ? ???? a
???? ?????; ??e, ???????a ? eth?e ?????i ??a?a, e o.i.

E?? ??, ??e ??? ?i? ???y ? ?????o e ??? ???eyi.

Aeey ???i ? ??????o ??? o????u ?iy ????a, ?????e ?????i??y, ?? ???a
????ey ???. O? ? ??a ?a ??e ????y??, ?e ?e ?? e ?o ? ????? ??a ??o ??
???i ????? ???, a ?? e ?o ? y?????? ???o ??o ?? ????? ????? ???.

1.3 No???a ??a ??? ??a

??? ??? ??a ??o ?ith ?????th ????o, ???y ???o ? ??oth?o ?????a:

1 ???? ??a – ????e ??a;

2 ???u ??a – ??? ???;

3 ????? ??e – ???? ? ??a;

4 ???a ??????y e ???ey ??a ??? ??a;

5 ?????o?a ??a (???ay, ??????ay, ?????ay, ????-?????y e ???????y ??).

N??e? ??a – y? ????? e th????? ??, ???a ??atho ?e ???tho ??? ??? ?e
????atho eo ??? e ???u ? ?i, ???y ?ae? ??e a ?????? y?????? ???iey ? ???
? ????y. E ????i ?????i ??a ?i?y?y: y???u, e????, ???? ?????, ?????
????u e o.i.

I??? ??a – y? ??? ??a, a ??ii ????a ??? ???, ???th??y ? ??a. E ????
?????i ??a ??nyony: ??e, ????e, ???y, ????? ????a?, ????, ?th???a ????u
e ?.

I???e, ????? ? ???, – y? ???ey n o????? ???? ? ??a ?y ????ey ?????? ??e.
Ia ??a ??? ??a ????eyth?y ????a ????? ????. I???? ???ey? y?yth?y: ?i?e
(y??ey), ?????, ??y-???a, ??i, ????e?? ?????, ????? e ???a ???a ? ???
???i, ???????a e ?.

??????? ??a ??? ??a – y? ??y??i? ?y????e ? ?i ?? ?i ????ia e ???? ??o ??
? ???u ?????e, ??????? ????i ? yoe ???ey.

N????o ??? ???? ??u ??????y ??a ??? ??a.

1 A????a??a ??????a, ??ath??y ? ???????? e ??u ???????y; ???????a
??????a ???? ?y????e, ???a ????ey?ny ???????? ????, a ?????th ???o ???
????? ?o ?e ?? ???e ??????y.

2 A???a ??????a, ????? ia ???? ??? ???? ?? (?th???o ??, ???? ???a ???? e
a?th?? ??).

3 N????e???a, ????eyth??y ??c ?y????ue ????o ????? ??????ue?o ????? ??a
??? ??a.

4 I????i? ??????a ?e ??????a ??c ?????? ??? n ???th ???a ???? ?????e.
E??i ???ey ???? a ??i ? ??a-? ???ey ? ???? ??a y?y?ny ??????e, ? ???e
???th?y ? ?e ?? ??ey??? ???ey ? ???u ?????a ?e ??????? ??a.

E ???i ???????? ??????y e ???a ?????i ??a ??ny?y: I????, I??????,
A??????ay Ae?a, N?? Oa???e, Oe????? ?? ?O, I?????i ?i??a ?O, O????ay ???
? ????? ??? e o.ae.

E ???????? ?????yi ??ny?y ?????y ???????? ????? ??a, ??o ?e I?????y
????ey ????? ????i ??a (IAOOI?), I???????y ????ey ????? ????i ??a
(IAOOI?), I???????y ????ey ??????a, ??n??-???a e ?????? (IA?OAAe), N??
??ia?? ??????a e ?????? (NE?I), I????? ? ??? ????a ????? ???ey?e e ?????
(IIEAE) e ?.

??? ??? ??a ? ??o ????a?ue ?c ??? ???? ???????: ??i?e, ???????, ??????,
a ??a ???ii-?????e e ???????e ??. E??????o ?????i ??a ??atho ?????e,
????ath?a ??e, ???a ?eth?tho a ?ay: ?????e, ?????th?a ??th??a ???;
?????e, ?????th?a ????? ??ie ?????a ?????e, ?????e, ??????); ???????
????a.

I???? ????? ????i ??a ??? ??a y?yth?y ?????? ?????-???ie ??, ????? ???e
?? ????? ??a, ??????ay ?????? ???? e ????? ??a e ??? ???ay ???????. I???
y?o ????a ?????? ????? ??a ???a e y????? ??????a ???? n ???e ????.

1.4 O???? ??a ?i?o ??a

O???? ??a ??? a?? (???? ??a) – y? ????? e th????ea ??, ???a ????eytho
??th, ???o ??? ??a ?e ?????? ? ???a e ???u ? ?i, ???y ??o ??e a ???e??a
y?????? ????y, ?y??? n ????? ??? ??a.

A?o ????? ??a ??? ??a ???i ??i ???e? ? ???????? e ????????? ?????. A
????o?e n C??? «I ??a ??? ??? ???????? ????e ??a ??? ??a – y? th?????
??, ???a ????eytho ??oth?a ?? ?y????e:

1) ???n?th ?y????ue;

2) ???eoth ?y????ue;

3) ?y????ue ? ????eth ???e ????;

4) ???ii-?????th ?y????ue;

5) ???o??th ?y????ue;

6) ?y????ue ? ???th ???a ????? ??? ??a;

7) ?y????ue ? ?????e ???? ???e ????.

A ?????e ? ???e, ???oth ???tho ????e ? ??a ??? ?i? ? ????th e ??o, ?
?eyo ? ????a, ?????e e ?????e, ????ath?a ???? n ???e ???? ? ??a.

A ??e ??a A.N. O?????e e A.E. E????a ???ytho ????? ??a ??? ?i? ? ???
???:

1) ???a ????e ??a ??? ??a (?????i, ???????, ???a ?????? e ???a??? ????),
??? ??? ???o ??????u, ? ? ??? ?????tho ???a ???;

2) ???o????? ????u – ????i-????a ??e??, ???ath?a ???? n ???e ???? (??e,
????a ????, ????? ??u e o.i.);

3) ???ae???a ????u – ???a ??, a ?i ??a ????u ????o ???ey?e ???i?i ???a;

4) ???n??? ??a ??? ??a (???u, ??? e o.i.).

A c????? ? ???????i ????ey ?? ????? ??a ??? ??a ??i ?????? ?: 1) y????;
2) ?????; 3) o???o ?????a; 4)??? ??????y e ???ey; 5) ?????e, ????ath?a
??e.

1. Y???u ??? ??a – y? ?cy??oth?a ????, ??iy??y ???? ??????? ????e
??????ey, a ??a ??? ???????e ???, ???ath?a c?? ?y ???ey ??e ???????o
????. C?? ?O «I ??a ??? ??? ? 22 ??ey 1996 a. ? 39-OC ??????o, ?i y??? –
y? «th????? ?? ?e ??? ??????? ??? ?? ??? ???? ??????ey, ???a ? ??? ??e
?y????? ??ae ?????e ??? ??a ? ??????th ??, ?????? ??.

Y??? – ??? ????, ???e ???ey? ? ??e ??oth ???, ???? ???e ???ey?ny ?i
????, ?cy????-?????e ?????? ?i ?y????e. A ??? y???? ??yo:

1 ????oai (?????a ??????i, ?????? e i?????? ??? ???);

2 ?????a ???? (????? ????????i ???a, ????e ??u, ??e, ????? ????u e ?.);

3 ???a ???ey?y;

4 ???a ??.

11. E???? – ????? e th????? ??, ?ath?a ???? ????a ???? e ??th?a ???ue ?
?y ?e??ey ??????? ???a. E???? ????atho ??? ??? ? ??? ??e e ca ?? ??.

C?? «I ??a ??? ??? ??????o, ?i ???? – y? ??, ???? ??? ??? ?????o ? ??a
??????e (?????e) ?e ?? ??? ??a (????).

E?th?y ??oth?a ?? ?????:

1 ????????a (??????) ????u – ?????i, ??????a ????u (?????a ????),
????c????a e????: ????????? ??u e ???? (??e, ????a ????, ????? ??u),
e??????a ????u (??????? ????, ??????? ??u);

2 ??????u ??a – ???? ????? (???u, ???);

3 ??????ua ????u ????? ??, ????th?a ?? ????ey ?y ?????ey ??? ??a;

4 ??? ????u ?????e.

A ?????e ? ?? ??????ey ???atho ??oth?a ???? ??????? ????e:

1 ??????oth – ?????? ???ey, ???a ??? ??a ? ?? ? ?ny? ? ????? ?o n ??th
??/?ey ???e ? ???e a ??a ??a ??????ey;

2 ???y?a?th – ????? ? ?a????? e ??? ???? ??e/???e ??? ??a, ?e a ???a ?y,
?e e ? ?? ? ?ny? n ????ae ???ueth ? ??? ???;

3 ?????a – ??????a ??? ??a ?y ?????y ? ????o ???a a ???a ?e ?e ??????? ?
????? ???.

111. O???a ????? – y? ????, ?????th?a ???????y ??o y????e e ?????e ? ??a
??? ??a. E ?i ??nyo ???? e ???a.

A??i ????? ?????i a ??????e ???? ???? ? ???? ??a ????y a???. A??? – y?
????????? ??o ? ??a-???a ????o ??a ??? ??a, ?ath?e ???eth ? ??????a y??
?? ?y????e. A??? ??????y O????? ???e ? ????? ??? (ONO?) a ???? ????????i
????a ??a ?i?o ??a.

A??? ??? ??th?? ??? ? ?ao ???a, ???oy ? ??? ???? ????y ?e ????, a ??a
?????oe ? ????? ??o ???. Ii ???? a ?? ???y??a ??? ??? e ???o ? ??? ????o
?? ?????o ??? ??? ? ????th ???a.

A??? ??o ????ue ??a ???????? e ??????? ???, ??i??y ????e ?y????ueth.
N??e, ????eya?a ???? ? ????th ????, ? ?ao ??ayo ???? ??????o ????eth ii
????th n ????? ???ey? ??? ???a ?e ????? ? ?y??ii?e ???a e ???.

Ae?? – y? ?cy??oth?e ???o, ???ath?e ?i???a ???? ? ??? ??e e ? ?? ??.

Ia ????? ??a ??o ?? ??????ay ???ey, ??e ? ???e ???e y?y?ny ???? ???a a
??? ???, ?????i? ??? n ?? ? n??i ??e, a ?i ??a ??i ? ????e. O?? ??????u
??a ??? ??a, ?e ??e e ??????? ????, ?a? ????ue ????oth e ????th
?y????ue.

Ae?????? ???yth?e – y? ?????ay ????oeey, ???y ????ny ?????i ????? ???a e
?????i ??? ??a a ????o e ? ????th ???? ? ??? ??????? ??, ?ath?y ???eth ?
??i ??????y ?y????e ? ?a???o (???????) ????eth ?????.

I??? ???? ? ????y, ?? ??????a ????? ?y?? ??? n ???????, ???yth?i ?? ?
??? ???i.

A ???e ???? ??y? ??ey? ae? ??? ??? – ????oth e ???????th. A????y ???
??????, ?i a? ???ou ??? – ?i ????? (?????e), ?????????ue e ???yth?e – a
?????? ?? e ??? ???tho ????ey? ??????. A ???????e ??? ?e ???? ????a a
??????a ????? ? ????? ??u ??????, a ?a????? ???yth?e, ???y ????i, ????o
? ?ay ?y??e??a ????ey? ????? a ????o ?????y. A ?O ??????? ???????y ???
???.

1V. N??th?e ???e ????? ??a ??? ??a y?yth?y ??? ?????iey e ???ey.

1. I??u ???????? ??????y. ???????i ??? ??? ??a ? ???????i ??? ???th?y:

1 ??? ??? ???: O????? N???a, I????, I??????;

2 ?????a?? ??? ??????y ??a ??? ??a ??????i ??iy: A?e ???e, I?????i ????
?O, O????ay ??? ii ????? ???, O????ay ??? ? ????? ???o e ?.

2. N???????y ?????y ???????? ????? ??a ??? ??a (N?IIO?OeA) – y? ??????
???i?? ???????? ????? ??a ??? ??a, ?????oth?a ? ????o ?????n?e ?????e,
????a ?y ?????y ???e ???????? ?y????e ????? ??? ??? ??a, ??th??y ?????
???????? y?? ? ??a ??? ??a, ??? ????a ????? ??? a?? e ?? ???? ????????
???e?a ??a ??? ??a, y?yth??y ???e ???????? ?????e, ?????ey ??? e ?????
????ey ???? n ??u? ????, ?????th?o y????oth ?y????ue ? ??a ??? ??a. A?
??? ???????? ?????e ????th?y ath ??th???? ?y ????ey ???? ??/ e ?
????eyth?y ??e ? ?a?a.

Aeay??i?? N?IIO?OeA ???????ny ????? ???????? ???, ????: C??? ?O «I ??a
??? ??? ? 22 ??ey 1996 a. ?39-OC, C??? ?O «Ia ??????? ???» ? 29 ?y?y
2001 a. ?156-OC, C??? ?O «I ???????? ?????y? ? 1 ???y 2007 a. ?315-OC.

A???? ????????ey ? ??a ??? ??a ???th?y: I???????y ????ey ????? ????i ??a
(IAOOI?), N?? ????? ??????a e ?????? (NE?I), I???????y ????ey ??????a,
????-???a e ?????? (IA?OAAe), I????iay ????ey ????? ????i ??a (IAOOI?),
I????? ? ??? ????a ????? ???ey?e e ?????e (IIEAE) e ?.

V. N??thu?e ?????e ??a ??? ??a y?yth?y ?????e, ????ath?a ??e. Y? ?????e,
???yth?a ?a ???e ? ??a ??? ??a, ??a ???e ??e-???e ??? ??a. Eo ??i ????ue
?:

1. I?????, ?????th?a ??th??a ???. I??????e ???? ? ??a ??? ??a y?yth?y
???????? ???e? ??a, ????eyth?a ?y????ue ? ?????e ????, ???y ??th??ny a
??????? ??a, ???????i ?????th?o ??th??th ?????-???? ??? n ???e ???? ??o
?????e ??a ??? ??a. I?????? ???? y?y?ny ?i??y ??a.

2. I?????, ?????th?a ????? ???. E ?i ??nyo ????a? ?????e, ?????e, ??????
(????????).

E????? ?????e – ????oe?, ????eyth?a ?y????ue ? ?????th ???? ?y????a (??,
???, ??????a ????? ? ???i n ???e ???? e ????? ??????o ????? ? ?i) e ?
??? ? ????i ??? ??a e ???? ? ?i. I? ??? ??ue ?????oth?th ???eth.

Ae????? – ???????? ????e ??a ??? ??a, ????eyth?a ?????oth ?y????ue, o.a.
?y????ue, ?y??oth n ???????i ??a ? ???eth ??? ??a, ????? a ??????e e
???????? ???, e ??? ???? ?? ? ?o. Ae?????i ??o ?? ??? ?cy??oth?e ???o.

???o??? (????ue ???a) – th????? ??, ????eyth?a ?y????ue ? ???th ???a
????? ???o ??? ??a, ???y ???o a ??a, ???ee, ????a, ???? e ??????? ???,
???eyth?o ???o ???y ???a ????? ??? ??a. Ii ? ??? ????ue ??? n ???e ????
y????, ???a ???? ???o ? ????ey?.

Aeay????ue ?????? ?eth?? ???a ???o ??? ????????? ?oe, ???a ??a ??? ??a ?
y????? e ???i ??? y???a, ???? e ?? ?????, y?yth??y ????? ?y ???ey ???e a
???, ?? ?????o ???a ? ??? ???i. C??a ?????? ???o a ?i, ??u ???y e ?c ???
?????y? ??? y???o.

O??eth ?????? ??o ???y? ?? ?????a ???? (?? ??i ??a??a ??? ??a ? ????o
500 ???e) ?? ???iyy ?????y – ?????? ? ???th ???a (y? ??o ?? ??,
????????? ??????, o.a. th????? ??).

I??th ?? ? ??a ??? ?i? ??tho ??????? a????. N????o ????i ??????? ????,
??? ? ???o ? ??? ?????? ????eth, ? e ????? ????a ???u ? ???? e ????e.

2. IA?U II NIAA?OAINOAIAAIETH ?AAOEE?IAAIEss E ?ACAEOEss ?UIEA OeAIIUO
AOIAA

2.1 AAAAeAIEA

C??a ???ey ??a ??? ??a ??? ?iy? a ??? ???ey I?????? ?????e O????, ?e ?ia
? ?????? a ????a ?? ???????? y?????? ????. N 2006 ?? ???? ?i? ??? ??a e
?y????ue ONO? ???e ????ey?ny a ??? N???? ???ey ?????i ??a ?????e O????,
?????? ???y??? I?????? ?????e O???? ? 1 ethiy 2006 a. ? 793-?. N ??y??
N???? ?? ??????iu ??????a ??e ?????? ????? e ?????? ?????i ?????i ??a a
???yo ????ey ????a a?????e ???e ????? ???u, ??a ?????????e ??? ??? ??a,
??????? ??????? ??? e ???ey ?????e ????? ???o ????? ???a.

E ??? 2008 ?? ????a ????e ????e ??oth ???o. Y? i?ey?i ?iy?y?ny ? ??
????y ??th??? ???? ?????i ??a, ????ey e???? ????a, ?????? ???? n???????
???ey ???o ????? ???a, ? y???? a ??? n ???ath??ny y?????. N???ayny ???ey
? ???o ????? ???, a ??a ?? e???a ??????o ????? ????? e ???? ?? e ?????o
????o ?i? ??otho ????? ????ey ??o ? ????? N????, ?????y ?????o a ??
????? N???? ??e???, ?????? ??????ey ????o ? ????e e ??????ey ?? ?
????????th ??????y e ???eth ??a ?i?o ??a a ?????e O????. A ??iy?a ??y
???ue ???ey ??e??? ??a ??? ??a, ????yny ?????-???ay ?? ??????y y?? ??a,
a ??a ?????e ???ue ?i ???ey ???ytho ???ue ??ae i ???e ?????ae ?/?????
????y ?????n????? ?????i ??a ??? ??a e ?????ey ? ?i ??? ???iy???? ????
?????i ???.

N???i ?????ath??y a ?? ????yi ??i ??i, ?a ??o ?????y e ????? ??????a?
?????a ??e ??? ??a, ????? ?????y. A?ue ????y ????, ?i ?a a ????a ?ny???a
???yth??y ???????? ?????? ????? ??e ??o ?????ue ??o ???o ????? ???a, a ?
???a a ?e ?e ?ie ??? ??o ??i ? ????o ????a ??????????e y???e ??o ???,
??a ? ?ey?y a ??, ?y????i ???? ? y??????i, a ??? e ??????i ??????. Iiy??
?????a ?????? ??????????e ????i? ?????i ??a, ?????? a ???e ???? ?????i
??? ? ??o ???????y ?e ??? «????ay» ?e «??????y» ???. ???? y?e ??? ???
??ue ????i ?????i ?????ie y?????? ???? ???e.

I???e y????e ??????????e ?????i ??a y?yth?y: e????????y ????????y ????ay
???????; ???? ?????i ??a, ?????th?y ???ea ??n e ?????a ??????? ????;
?????? ???? ??? e ?a??ey ????? ??a, ?????th?y ?????e ??????? ???; ???y
???ue ??aey??? ??a, ?????th?y ????a ?????i ??th??? ?????e ??a ??? e ??
??????? ???? e y????? ???????a ????a?? e ???????a; ??????? ? ?????oth
?????? e ???i ??????? ????? ??ae ?????i ??a ??e ??????o e ??????o ?????
e y????.

A ?????? n ???i?e y????e ??????????e ???i?? ??a ONO? ???e ????? 12
?????? ??/, ???a ???o ???? ? ?????? ???? ?????i ?????i ??a e ?????? a
???e ??? ? ???o ????? ???a:

1. E?????y e ????a ??????e ????? ?i???e ???????.

2. O?????a ????y??i ????? ???a ?y ????? ??a ??? ??a.

3. N???a ???????? ???? e ????a ???? ???????e ?????e ???? ??? ??a.

4. N???a ???o ?????? ?y ??th????e ???a e y??? ??o ????? ??????.

5. ?????a ???a ?????o ????? ?????? e ???? ???? ??a.

6. A???? ?????, ?????th?o ???a ???a ????o ????? ? ????? ??a e ??oo ?
?????.

7. ????a ?????? ?a???e.

8. I????? y????? n??? ????y ????? ? ??a ??? ??a.

9. ????a e ????????a ??????? ????ey.

10. I??????a e ????? ???????? ?y????e ia ??i??i ??a.

11. N???????? ??????y ? ????? ??a.

12. O?????a e ?????a ??????? ??? ?????i ?????i ??a.

O???? ??? ??o a?ue ??? a ?? ????? ????a ?????? ? ??? ? 2020 ?? ??.
I?????? ?????e O???? ? ??? ????a 2008 ?? ????i ?????y ? ????? ??????
?????e ???ey o????? ??a, ???????o ???? E??i?e ????i-y??????i ???ey
?????e O???? aei 2020 ??.

2.2 I????e ???ey ?????i ??a 2007-2008 ?

Ii ??? ??????e ????? ????? ??e ????y ???? ? 12 ??a a ?? e o ???e ?? ?a
????e ?????? ? ?, ??u a 2012 ?? ??e a ??i 10, a e 2020 a?o 5 ????? ?
??????e ????? ???a ??. Ae????th y?o ??e ??o ??????? ?yae ??? ????e, ?a
????? ?? ???? a ????a ??.

A 2006-2007 ?? ???i ???? ?? ?????i ??a a y????. I?? ? ??a?? ??????o
?????e, ?eth???th?o ??th ??, y?y?ny ?????a ???e??? ??a ??? ??a e ???a
AAI. Y?o ????? ????? ???y? ????th, a ???e ???? ??????i ????a ?????a
????ny a ????e ?i???o ???a. O?? ? ???e ???????o ? ??? ???ey ???? ????a
???????ey y????, ?e ?e ????? ????a ?????i ??a ? ????th e «???? y????»
???? ???? ????? ????? ?????ey ??a???? ???? ?i ? ???eyth?a ??????i ????a.

Ia ??y??e ?????i ???e (1997 – 2004 a.) ?????a ??????e ????i ??a e AAI ?
????i 20%. N???i N???? e 2009 ?? ?????a ??????e e AAI ??? ?? n???? 70%,
? ?a a 2007 ?? y?o ???e ????? ?e ????. E?????ey ??a ??e ? ??oe 2007 a?a
????a 32,3 ??. ??? ?e ??? AAI ??e 33 ??. ???. O?? ???i, ??a? a ???e
?????i ?????i ??a, ?????a «??????y/AAI» ???oth ?????? e 100%.

A 2007 ?? ????ue ??aey??y a ????e ??????o ????e ? ????th e AAI ???a ?
3,7% (???e ????? N???? ? 2008 ?ae – 4,5%).

O????a ?? ?????i ??a a y???? n??????ue ?n?i ???a ???? ???, ?????i ?????e
?????i ?????i ??a, a ??a ??? ????e ????? ???? e ????o ??o ?e e ????o
?????? ?????.

I?? ???? ???? ??y? ? ????? ??ao a 2007 ?? ???? 31,4 ??. ???, ? ?? ?e aea
?????y e ??ith AAI. Ai ??? ??e ?? ?e ????? ?????i ???n?? ???ey? ????
?????y ????? ? ???? ??a. Y?, a ?ith ???ue, a ?a ???e ???e ???inue ?
????eyo ???? ??????e. O?, a ???a 1997 – 2003 a. ????? ???? ????e
???th??y ? ??a ??e ? 90%, a ??? ? ?a 100% ?????? ???o ????? ??????e ??a.
O????e i??e ? ??e ??o ??? ??a ??????. A 2006 ?? ?a ??a 30% ???? ??????e
??a ??? ??a ?? ????? ??? y??ey?, a a 2007 a i?? y??? ????? ??a 50% ??a
???? ??????e.

A ????? ? ????a ?? ???? ??????????ue ?????? ?????i ??a. O?, n 2004 ?
2007 a. ???? ?n ???e a ????? ???e??? 48 ????? ????? ??? ?? ??? n ??a ?i
1% ? 2,4%. I? y?i ?????a ???a n??e n ?????e ??y? ? ????? e ????? ?i?o
?????e ????i 70% ? 30% a ??? ?????i ??a. N???i N???? ????? y?e ????e
????ue a 2008 ??. O?? ???i, ????i ??? oe??o ??a n ?????i ??a ? ????? ??e
? ??th??ny. A??a n ?i y? ??e??y ?? ??? ?????u, e ?????y ???o ????? ???a
? ??i ??????? ???eth ?????e ???? ?????i ?????ue. A y?o ???yo ?????
?????? ??ey ? ????th ????? ??? ??a ? ??????o ??a?? ????o.

A ? ? ??y, ? ????th?i ???i ???ay ????ue ????? ????ey ??e a 2007 ??
?????? e 30 ??. ???? ?e 740 ??. ???. O?? ???i, ??i ????, ??????i ??i
????? ???a ??e e ????e, ??o ?? ??? a ???a ??i 1360 i?ae. ??? ?e ??a 21%
? ??? ????ee a ???? ???e. N ??? ????ey ??????e ? ????? ??? ?????a ??ia
????, ??????i ?????e ???ey? ?????i y??? ??uo ??a, e ??? ????? a ????
???e ?a??? 35%. O?? ???i, ?a a 2007 ?? ???a ????u N???? ?? ????u. A
????a ?? ??th??ny ????ay ????y ??a ?? ?????i ?????i ??a a ?i??a ??????e
??????? ????ee a ?????. Ia y?i ???????o ?????? ????? ????? ?????? ?????.
Ii ??? 2008 a. ????e ??? ??????? ??? y?y?? ??a 1640 ?n. ?e. Ca ?ae ??i
???? ???i ? 12% ???, ?i ??i ??? ??? ?????ue ?e? ?i ? 50%. O???ay ????y
??o ??? ?????e ???? e ??? ??? n??????? i ????e ?????e ? ?i?? ???yth?o
???e ? ????? e ? ???ath?i ????? ??a ?????? ei?????i ??????ey. Y? ?a????o
?????? ???th ???ue ??a ??o ??a a ???e. Ia ??oe 2007 ?? a ???e ?????i
1030 ??? ??????? o??a ? ????th n 642 ???e a 2006 ??.

Ca ????e ?ae ???aa ???? ??a? ???i ??i ???? ??????? ??? ?????? e ?e??o
??? ??e. A??u ???? ??? ?????? ? ?ae ???e ? 171%. *?? ???? ??? ??e
?????ue ??a ?i ? 90%, a ??i ? ??? ???a – ? 76%. N???? ??i ??? ???a
???oth?o ??? ??????? ??? ?n?a 766,8 ??. ???. I??? ??? ???a ? ?ae ????
346,9 ??. ???, ?i ???ii ??i 17% ? ???? ????? ????y a 2007 ?? e ????o
???o ???? n????e ? ?ae (??.1).N????a ??? ?????i?o ???20072008*I???
(%)N???? ??? ???a ??? ??????? ???, ??. ?a., a ?i ??a:419,9766,8+82,6????
??? ??????, ??. ?a.70,3190,2+170,5???? ??? ??e, ??. ?a.43,777,1+76,4*??
???? (????? e th?????o ?oe) ??? ??????? ???, a ?i
??a:14659961724126+17,6???? ??? ??????23844131+73,28???? ???
??e142245327052+129,9Ae???a ??? ????y, ??.
?a.17267,321138,9+3871,6*E?????i ???? ???a ????y ? ????ey, ??.
?a.3539,83762,7+222,9*

* ???o a ??. ?a.

I?????i, n ????i ????? ??????i ??????ey, ????y ?i?? ?????ey ????o ?????
? ???? ??a. Ca ?ae ??i ??/??o ?oe, ????????? a ???? ???a O???e ??e IIAA,
???? ??a ?i a 2 ?? n 199 ?ny/ ? 417 ?ny/ ???e. N????? ?????e ????? ?oe,
???aae???i ???oth?o a ???o ? ???? ??a, e ?????e ????? ?? ??????i
??????ey ???? n 14 ? 25% a ??? ?o, ?i ??a ??y?th ????ue ??? n ???e ????.

O????a ?????i ??na ? ????? ????? ??? n ??e ???u, ????? ??????y ???i??e
?????i ????i ??a ?????? ????? ?y ?????y ??????? ???? ???o ??a ????oth
??? ???????ey ?????i ??a ??? ??a, ?i ???th ?????a??? ? ?o???? ??????
y???? e ???? ??????e ?????e ? ??th??? ???o ????? ???. I???i ??y?i ??
i?????? ??????e ?????i ??a ?i?o ??a ? ????? ??? ?iy??y a ??a 2007 – a
ia?? 2008 ??a. O?y ? ?????? y?? ?????i i??ey ????e ???o ????? ??? ?????y
????ay ???? ????e ??th?e?ue e a ???e, ?i ? ??a, ???a ? ????a 10 ?o a
????a ???u ???a (???ue 2007 – y?a? 2008 a.) ????? ???? ???u ? ??? ????ue
a ???e ????e, ?i ????? ??e?, ? e ??e ???e ??? ???th ???o ???? ????.

2.3 E???ey a ???????? i ??a ??? ??a

A ??? 2007-2008 a. ????? ????a ??a ??? ??a ??????? ???e ONO? ???e ?
?????o ????????th ?????e ???? ?? ??????y ??a ??? ??a. A ?????ee ? N????
ONO? ???e ?? ????iu ??????a ?????a ???? ?? e ?a??? n I?y??????y ?i??,
I???i ???e, a ??a A??i ??n? ?????u ???u ?????o ???a, c????th?a ???e ????
???i ???ey ????? ????? e ??????.

A ??? ???ey ONO? ???e ??, ??? ??i, ??i? i???? ??????????e ?????i ?????i
??a, ?? e ???? ???, a ?i ??a ?????i ????ey ???a ????e??o ?????? ? ?????
????? ???.

A??i ??i ??i ??a?a ??ey??? ??? ?y ???a ?????o ?????? ????. A? ?????i e
??yo O????? ??i ? 30.12.2006 ? 282-OC «I ???? ????e a O????? ??i «I ??a
??? ???, a ??a a ???? ????e y?? ??? ????? ?????oth?a ???u ONO? ???e. A
ae????a e y?? ONO? ???e ????a n ?????e i ???a ? ?????e ????? ??e ?????o
??? ??a. Ii ??eth ONO? ???e ??? ?i???? ??? ??a ?y ????ey e ????y ? ?????
????? ??a ??o ??????ue ?u????? ????eth ??????? ?????? ?y ????? ?????
????? e ???i, ?????th e ?i ??o ????? ??????, ?????th ??? ??????? ???a ?
??ae. E?? y??, ??? n ?????? ??u? ???? ? ?i???? ??a ??o ??????ue ??????
????? ?y????e ????? ?????, a ?i ??a ???o ????? e ?? ??????? ?????i ??a ?
?????e ?y????e ? ????? ?????a. A? y? ???o ???y ????ey ??? ???? n ?????e
??????e ? ????? ??a, ?????? ? ?i ?????e, a, ??????i, ????y ??e
??????????e e ?? ?????i ??a ??? ??a a ?i???e ????? ???a.

A ???? ????e ?ae ONO? ???e, ????i n I?y????a?ey ???e, I???i ???e e A??i
??n? ?????a ????th ?????oth?o ???i? e ????? a O????? ??i «I ??a ??? ???,
a ??a ????i n ????? A??????? Ae?u O?????i N??iey ?????e O???? ??? ?????
???. I?? ?????y ??a?? ??? I??????i ?????e O???? ??? ??? ?e ??? a
A??????oth Ae?o.

Aeey ?????y ????ey ??? n ?????? ???e ???? a ?????? n ????ey? ?????i
???????? ONO? ???e ?e ????i I??c i ?????? ?????o ??? a??, ????e ???y ?y
?????e ??a?e ????? ????? ????? n ?????? ???e ????. Ae??y ?? ????? ???th
?ue? ?? ????? e ?? ????? ??a ??? ??a ?e ????? ??o ????.

A ?eyo ????ey ??/??a ????? ??????, ???th??y ? ????? ??a, a ??a ????y
???o? ?????y ??????? ???a ? ??a ??? ??a ?????e ???ey?y? ONO? ???e ???a
?????th ?? ?y y??? ???? ???? ????e. N?????th?a ???? a O????? ??i «I ??a
??? ??? ????? O????? ???i ? 27.07.2006 ? 138-OC «I ???? ????e a Oa????e
??i «I ??a ??? ??a e ????a ??? ???????a ?? ?????e O????». Ca ????a ??
??? ????? ? ??a ??? ??a ??i ????? ???? n ?????? ?????e ??????e. ????i
????i ?y ??no???i ??a ??i? ??? n y?? ??????e ??e ?i??e a ??ueth 1062 2/
AE ?O, ??y?a O????? ???i ? 26.01.2007 ? 5-OC «I ???? ????e a ??ueth 1062
??e 2 AE ?O» e ?????? ? ??????? ???? ??? ? ???i ??e?.

O?? a ?????? ? N????e O????? ???i ? 27.07.2006 ? 141-OC ???u ????y a
O????? ??i «Ia ????o ??? ????, ?????? ia ????????a ??????y y??? e i???ey
?i??? ??? ??a. I?????i ONO? ???e ?? ?????u ?????a ?????a ???? ??,
????th?a ????o y??? e ????y ????e n ????i ????i.

A ?eyo ?????y ?????e ????? i ??? ???o e ?i????e ??? n ?? ?? ?????u
??i?ey a O????? ??i «I ??a ??? ???, ?????? ? ????a ???y ?????? ???
?y????e ??i??? ???a, ????? ????? ????th. A 2006-2007 ??o ?? ?????u
?????a ???? ??, ?????? ????? a?????e ?????o ???a ? ?????th ??????? ???a
? ??a ??e ??i ????? ????ey ??o ????. A 2007 ?? ? ??? ????? ????ey ??e
???y ??a ? ?? ? ???th?o ?? a ??.

2.4 I???a ??? ??e???ey e ???ey ??a ??? ??a

Ii ??iy?th ? ??? 2009 ?? ????a ??? ????y N???? ??th?y ? ???????. *???i
y? ?uy?y?ny ???? ????o ??e ??ey ? ???????, ??????? ?????yi ???ey ?????i
??a, ?e ??e ?i ?????, ?e e ??e ???????? ???a ??????? ???. Ii ?y? ?????ny
a N???? ??/ ??o ?? ??a? ??????? ?? ???y. A y?e ?y?, a ??? ???? ?????e
?????a??ey ??ee???y ??a ??? ??a, ONO? ???e ???o ?????i ??????ue ? ???
??a ?????? ??e ????ey ?????? ???ey?e N????, ? ??a ????? ??????o ???????
?????e ? ??? ???? ?????o e y??o??o ??e ???ey ?????i ??a ??? ??a.
I????y?ny, ?i ????? e ?????? ??o ?????e ?????i ???o ????? ??? ? ?????
????o ????e N????.

Oe?ueth ????????y ??????y e ???ey ??a ??? ??a y?y?ny ?i ?????a a ????e
?e?? ????y ??????????e ????? y????. Y? ???o ???e ???? ????? ?????y
?????, ?????th?o ??e?a ????e e ???????, ????eth ???? ? ???i??? y????, a
??a ????y y?????? ????ey ???????o ???e ? ??? ?? e ???? ????a ?????
?????i ??a, ? ??????eth e ??????eth ?????a??e ???? e ????e ???????? ia
??a ??uo ??a. A? y? y?y?ny ???e ?????ey a ???e ?i?i ? ???o ???o ?????
???a.

O?????a ????y??i ????? ???a ?y o????a ?????i ??a

C??a ???ey a ???e ???? ?????i oe??a ?????? ????n???? ???i???ey ? ?????
??a, ?c ?? ?a???i ?????i ???? ?????ue ??a ????? ??????; ???? ????????ue
?????? ?????; ????ue ??? e?????a, ???th??y ? ????? ????ii ??a, ???? ????
e ?a???? ??a; ???ue ???y ?y ????n???? ???ey ???????i ??a ????? ??????.

A ?y? ???a ???othu? a ???e ????a ???????? ? ????o ?????? ???????y ????o
??a ????? ????. A? ??u a ????e ?????i ??a ? ??? ????u ?????i ?iy?yi e
????, ?????? a ??? ?????? ???????? e ???????? i ??a ??? ??a, ??i ? ?atho
?????? ????ey, a a ?y? ???a ??i ???????y ? ????? ????? ??a ?????y ??a
???i, ?i a ??? ???o ????? ???o. A ??iy?a ??y ????? ??y? ??u, ?y ?? ??u
???ue ???????a ? ????? ????? ??a ??a ???ea???i, ?i ????a ???, ????th?a a
???o, a ???o ???otho ????oth?a ????? ???. I??a ??i, a ?? ????????y
???????y ? ????? ??a ????? ????ue ?y???, ?????y a ????? ?? ?????
????????, a ??a ???? ??? a ???????e ????o ???? e ????? ??a. O?? ???o
??y? ??, ?i???oth?a y????? ????? ?? ???oth?? ????? ????????.

N??? ????ue ???????? a ????? ?? ????? c???????a a ????e ???????y ???i ?
???ue ????, ?y??? n ??a??? ?Ae?. I???y ? ?, ?i ?e ?a? ?? ??y??u I???i
???e, a ?eyo ???ey y?? ?????a e ??th??y ?? ?????o th?ae???o ??ia ?????
??? ?????oth?a ????y a I???? ??? ?????e O????. I????ey?ny ??????? ??th??
? ??a ???? ???????y ? ??? ? ?????th ????ue ????, ?????a ???yth?e ????e n
e????i ???i ???????i ??a.

O???ny ????a ????? ????????, a ??e ???????y ?????o ????? ??????. I????i
n???????? ???oth?? ????a ????? ???ey ? ??????i ?????o ?i ??? n ???e ????
???? (????i) ??i. A ????e, ???o ???oue ?????a ???? ?? e ???????ue ??, a
???a ???? ???y?ny ???? ???? ??, ?????y a ???i, ?y ??? ??a, ???a ? ?atho
???on?oth?o ???? ?i ? ??? ???a. A ??iy?a ??y a ????? ???? ?? ?????ny
????ue, ???y ??????? a ???a ?????? ??. E? ???i, ??y ?? ??ue ?????i
????ny ? ???? ??? ??? ???. N??? ?????? ????????? ??i ?????? ?y ???a
???????? ?? ? ??? ? ???ue ?????e ? ??ei ??, ???a ????ue ? ??????? ???, ?
e ??? i ??o, ????? ? ?? ?????, ????, ? ????e ei???e a ?????oth?o
?o?????o ????, ??o ?e Reuters, Bloomberg, a ??a ????a ????e ???a. Y? ??i
?y ????ey ???? n ???e ???? n ??? ???? ?????ueth, ?y ???o ???ay ???ay ??
?????y ? ?a???? ??a.

N???a ???????? a???a e ????a ???? ???????e ?????e ???? ??? ??a

A ????a ??y ONO? ???e ????y? ?yae ??a n ??th o???ey ???? ???????e ?????e
???? ??? ??a, ?i ??i ??i ? ????o ???e ?????i ??a ?u?? ???? n ???e ???? ?
??e??i ??a. A??a n ?i, ??ay ??? ? ????a.

I????i ??? ????y a ??????a ???? y??? ???? ????e. A ??iy?a ??y ???ea y??
?????a ???e ?????ny ?i, ?i ?? ?oe, ?ath?o ??i ????ey? y??eth ??o ???
??a, ????i. N??? ????ue ?? ?oe, ?ath?o ??i ????ue ???? ????e. E?? ??,
????? ????ue ?????ue ?????? ????y ????o ??? ??a.

N??? ????ue ????o y??? ??? ??a, a ??ayo, ??a ?????a ??? ??? ?????th?y a
??? ??? n ?i ? ???i ?? e n ?????i ?? ????? a ???? ???? (????? ?????e
????e ??e ?e ????a ??e). A y?i ??? ?????ny ????ny ? ????u a???????
?????e ???a, ?????? ?????ue ???ey ????e a ??a ?????? ??i? i ???a, a ??a
????ny ? ???????e ?????? ??? ? ??? ???? ??e.

N??? ? ??? ??????ue y???? e ????eth ????ey ?i?o ??a ? ????? ???, ? e
?????? ??? ? ????e ????e ????ey ??? ??a a ???e e ? ? ????e a ??? ????i?
??a.

I????i ?????ue ??e??ey ? ????eth ????? ??? ??a ????? ?????o ???a,
??aey??y a ????i ????e. Ii ?ath??y ???i a 2007 ?? a A???e a ????i ???i?
????? a ???i ??i 42% ??e, a????o ?????? ?????, a E?ee – 33%, a E?? –
27%. A ???e ? ????i ???i y?o ????? ????y a ????a 20-30%, ?i ? ??o ????y
?????i ?y ??a, ????th?? ? ???th?a ???e a ??. I????i ????ny e o?o, ??u ?a
a ????a 2-3 ?? ????a ????? ??uo ??a a ???e ???? ? ??a 40-50%.

Oe?????? ??? a i???o ?????th ????o ???????e ?????e ???? ??? ??a ??????o,
????? ???ey?e. E? ???i, ??a ??? ???? ???? ??i ????? ?y ????y e ??? ??i
?????a?o ?????. A??a n ?i, ??? ??ae ??o y???? ??o ?? ??????? ?y ????o
??i ????????o ?????.

A ??i ????ey?ny i????? ???ue ?????ue ?y ?y?a?y ???????i ??a ??? ??a ?y
????????o ?????. Aeey y?? ???o?ny ?y? ????th?a ?????y ?y ??n? ??a,
???????o ?y ????????o ?????, e ????th ? ???c???i ??a. E?? ??, ????a o??
??a ??o ?? ?????? ? «????? ????o, ??? e ???i ??? ???? o??i ????????a
????u.

I?????a ?? ???yo y???? ??? ?????o ??? ??a, n ??e ???u, ???? ?????a
?????, a n ???, – ?? e ???oth ??? ??o ??? ??a ?y ???oth?? ??? ? ????
??e.

?????u ????? ???? ??/ ????????y ??????y e ???ey ??a ??? ??a ? ??????th e
?????oth i?????

A ??i, ? ??eth ONO? ???e ???a ????? a ???a ??/ ????i ? ???ue ???oth ??
??????i ??a ?????i ?????i ??a e ????a ?i ?? ?e a ??? ??????, ?e e ???e
y????. A ????? ??e ? ?? ????? n??th?a ???a ????? (??. 2):

I????ue200720122020E?????ey ????o ????, ??. ?a.32,384170N????? ??????e e
AAI, a %97,8130110A???y ???ey ??y?, ??. ?a.31,478240N???? ??????o ????e
a ????e, ??. ?a.1,27,719A??u ??? ??????? ??ia, ??. ?a.0,85,817A??? ??i
????o ????? ??e ? ????? ??a, ? ???? ????e, a ??. ?a..0,71,43E????i ????o
????? ? ??a ??? ??a, ?i. ???e0,88,320Ae?y ?????o ??? ??a a ??i? ?????
??, %0412

2.5 Ae????ue e ?????ue ??? ??a ? ??y ?????i ???a

A?i ????, ?i ??? ??? – y? ?? ? ???o e?????a ???? y????. N???ue ????y ???
???, ? ????? e ????n? – ????a ????e, ? ???i ??i ???ue ??ae i ? ???????
??i??a. Ai ??y ???a ????? ????e ????? ??yo ? ???y? ??e ????? ????, ???e
?etho, ????e ??a ????e. Ca ????a ???a ???? y????i ????ey?? ????a ?i????
???, ? ???o ?????y ?????y i ??iy?e ??a ??? ??a, ???? ????, ????ath?y
??ey y???? ?????? ???? I??? a ???e ??????y ????i ??a ?O.

Aeey ??? ???? ??i??e ??? ?? ???? ???e ?????o ??????th. I???? ?????
?????i? ??a ??y?th ???o ? ????e ???e ???ee – y???a. O????u ??atho, ?i ?
??a ????e ??? ???iy?y ??? ???? e ???i y???, a ????e ???? – N????, A???a
– ??? ??? ??e a ??. Ii ? ????e ?ae ??????i ???a ????? ??????o ??e?a,
?y?? ?? ?e ???a ????e n ???e ae????ueth ??cy ???? ????e ?? ?n?. N??
???????i ??i ????e n ??e ??ey ?????y – ??-????? ????e ??atho ??????a e
???????a ????e.

I????oy ????e ? ?????i ???, ????e ??y?y ? ???, ?i a ?? ??e??y ??e ????
???????? ??a, ???e ?? ???o ? ????e ?i ? ??ue e ?c. A?? ???????o ???? ??o
n?? ???? ???e ???????i ????y, e ?? ???? ??ae a ???i. Ii ? ??o ?????? ?
???a ????a ??? – ??? ??? ???i n??? ???th?y a ???a ? ????a ???e a ?????
???a.

I?a ? ??o ????o ???i, ?????o ????? ????, y? ???i?? ???a. E?????ey ????
??? n?? A??u e ???e ????ue a 2-4 ??, a ??? ???? ??e ?????a ???u o ????
??? ?ae ??a ?????o ??e. A?? ????? ??? n ???, e i??a ??????a ???u ????ue
? ??a ???i ?????a. E??n 1998 ?? ?? ????? a ???e ???ey ????i ??a. Ii
?????? ????e ????? ???ey ??a, ?y?e ??? ?i ???a?e e ??? ????y?oth ??o ?y
?????ey ???, ??????i, ?????? ??????, e a ? ? ??y, ?o???? ????a.

CAEETH*AIEA

I???y ???y ??? o???? ??a ??o ?? ??? n ??? 90-o ??a. Ca y? ??y ????i
?????a ???????? ?????, ???? ?a???? ???????e ???????. O?aea ????e ???e
???? a ???e ????????. A? ???i ???? ?? ?c?o ???a e ???e ??? ??? ??a. Ii
???? n ?????e ??ey? ??a? ???a ??????y ??a, ???????y ? ??? e????a. I???y
? y?, ????????, ????th?a ??e ?i?o ??a, ??? ? ??????, ?i ?i? ??, ?
??????o e ?????y; ii ????o ?ey?a ? ????a ?e a ?????a e ?????? ???eth
?????????a a ???e. I??aey ?? ?????e ???, ??i ???? ?yae ?th??o ????,
?y??? n ????e ????y ??? ??a a ?O: ??e ??? ??a n ?i ????e y????e (?????i
e ???? ????e) ?? ????, ???e ??????i ??? a ??e ???o ????a. ??? ??? ??a
?????y e ???ny ? ??i ???i, ???ey?? ????? ????? ????, ??? ??i ?y?i n ???
?i??a. ??? ??? ??a ????i ????a?eth, ?e ? ???u ?????a, ?e e ? ???u
?ii?iy???o ???c?? ???????? ????? ??a ??? ??a. O?????a ??a ??? ??a a ???e
a ?????? ???e ?y?? n ???e ?????? a ??? e ????i ??? ??????a. I?????th
??????e ???? y?y?ny oi, ?i ????e ??e ??? ??a ?? ?????o. I???a ?????e e
??? ???? ??a ??? ??a y?y?ny ?i ??ay ??????? ? ??? y??????, ? e ??????
??y??yi, ???eyth?i ?i ???? ? ??a ???o ???? ii ????th n ??? ?i??? e ???e
????e ?????e. Ii, ????y ? ??? e ??????? ??ey ??????, ???o ????, ?i y?
???e, ????? e ??????e ??e, ???e ??e??ny ? ??? ????? ????a, ????yu? a ??e
y????: ????i ???a ??? ??a a ?y? n ??????e ???????o ???ey?e, ???? ???ey
??o ?????? ?????e e ?????o ????, ????th?o ???? ? ????i? ??? e o.i. E??
??, ??e ??? a?? ??? ??oth ?? a ???a ????????y ????? ???? ?????a, a ??a,
????i ?y ?????i ???????ey ???? y????. Iiy?? ??????? e ??????a ???ey
????i ??a y?y?ny ??e ? ??????? ca?/, ?iy?o ??ae ???????.

NIENIE ENIIEUeCIAAIIUO ENOI*IEEIA

1. A???? A.Ae. ???y: y?????? e ??????? ????e. – I.: Y????, 1999. – 478
n.

2. A???a ??: O???/ I? ?ae. A.A. A???a, A.E. A??a. – I.: O??? e ?a???a,
2003. – 486 n.

3. A???? A.A. ??? ??? ??a. – I.: I??, 2008. – 400 n.

4. A??? A.A. ??? ??? ??a. – I.: EIO?A-I, 2007. – 300 n.

5. E?????a ????u a ?????e ???e/ I? ?ae. N.A. I???? – I.: Oe?? ??????
?????, 1999 a. – 111 n.

6. E???a I.?. Ae?i??? e ?????ue ??? ??a ? ??y ?????i ???a//AE??e «???
??? ??? – 2009 a.?6

7. ???? n?e ????: F:??? 4.htm; www.rich4you.ru; www.??e ??? ?i?.ru;
F:O?O??a?.htm

8. N??? I.A. ??? ??? ??a//AE??e «Y???? e ??? – 2009 a. ?3

9. O??? E.I. ??? ??? ??a: Ae?… ??.y?i.??: 03.00.10 – 15.10.05 – E.,
2005 – 179 n.

10. O????? ??i ?O «I ??a ??? ??? ? 22 ??ey 1996 a// C???????i ?????e
O????. – 2000 a.

Нашли опечатку? Выделите и нажмите CTRL+Enter

Похожие документы
Обсуждение

Ответить

Курсовые, Дипломы, Рефераты на заказ в кратчайшие сроки
Заказать реферат!
UkrReferat.com. Всі права захищені. 2000-2020