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Управление финансами

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Aaaaeaiea.

Iaeia ec oa?aeoa?iuo /a?o yeiiiie/aneeo ioiioaiee –
i?aaiaoeci o/anoieeia. Ethaay oeaiiinoue iaoa?eaeueiiai eee
iaiaoa?eaeueiiai oa?aeoa?a, oeao?e?othuay a i?ioeanna oaeeo ioiioaiee,
i?aaenoaaeyao eioa?an eeoue a oii neo/aa, anee iaeaaeaiea ath
niinianoaoao aeinoeaeaieth eaeeo-oi oeaeae, i?aaeaea anaai
yeiiiie/aneiai oa?aeoa?a.

Iniiaa aeaeiaie aeoeaiinoe – ia?aueaaiea yeiiiie/aneiai iioaioeeaea
i?aaei?eyoey. Aeeaaeuaay eaieoae a eaeie-eeai eiaanoeoeeiiiue i?iaeo,
i?aaei?eieiaoaeue iieaaaao /a?ac eaeia-oi a?aiy ia oieueei aicianoeoue
iouaiiue a iai?io eaieoae, ii e iieo/eoue ii?aaeaeaiioth i?eaueue.
Ioeaiea yoie i?eauee, o.a. ?aoaiea aeeeaiiu- auaiaeai eee iao aeaiiue
i?iaeo, aace?oaony ia i?iaiicao aoaeoueo iinooieaiee io eiaanoeoeee.

Ethaia eiaanoeoeeiiiia ?aoaiea iniiauaaaony ia: a) ioeaiea
nianoaaiiiai oeiainiaiai ninoiyiey e oeaeaniia?aciinoe o/anoey a
eiaanoeoeeiiiie aeayoaeueiinoe; a) ioeaiea ?acia?a eiaanoeoeee e
enoi/ieeia oeiaine?iaaiey; a) ioeaiea aoaeoueo iinooieaiee io
?aaeecaoeee i?iaeoa.

Eiioeaioeey i?aaei?eieiaoaeueneiai e oeiainiaiai ?enea ninoieo a
oii, /oi ia?niaeoeaiia ?aoaiea oeiainiaiai oa?aeoa?a eiaao
noioanoe/aneoth i?e?iaeo, yaeyynue, neaaeiaaoaeueii, noauaeoeaiui, a
noaiaiue aai iauaeoeaiinoe caaeneo io ?aciuo oaeoi?ia, aeeth/ay
oi/iinoue i?iaiice?oaiie aeeiaieee aeaiaaeiiai iioiea, oeaiu enoi/ieeia
n?aaenoa, aiciiaeiinoe eo iieo/aiey e ae?. A iniiaa oaeeo ioeaiie eaaeao
noaoenoe/aneea aeaiiua.

Oeiainiaue iaiaaeaea? iinoiyiii noaeeeaaaony n i?iaeaiie auai?a
enoi/ieeia oeiaine?iaaiey. Iniaaiiinoue i?iaeaiu ninoieo aua a oii, /oi
ianeoaeeaaiea oiai eee eiiai enoi/ieea iaoiaeeony i?aaei?eyoeth
iaiaeeiaeiai. Eaaeaeue enoi/iee oeiaine?iaaiey eiaao naith oeaio, i?e/ai
yoa oeaia iiaeao eiaoue noioanoe/aneoth i?e?iaeo.

?aoaiey oeiainiaiai oa?aeoa?a oi/iu ianoieueei, ianeieueei oi?ioa e
iauaeoeaia eioi?iaoeeiiiay aaca. O?iaaiue iauaeoeaiinoe caaeneo io oiai,
a eaeie noaiaie ?uiie eaieoaeia niioaaonoaoao yooaeoeaiiio ?uieo.

Oeiainu i?aaenoaaeytho niaie niaieoiiinoue aeaiaaeiuo ioiioaiee,
aicieeathueo a i?ioeanna nicaeaiey oiiaeia aeaiaaeiuo n?aaenoa o
oicyenoaothueo noauaeoia e ainoaea?noaa e eniieueciaaiey eo ia oeaee
aini?iecaiaenoaa, noeioee?iaaiey e oaeiaeaoai?aiey nioeeaeueiuo ioaeae
iauanoaa. Auaeaeytho o?e iniiaiua noaaeee iioeanna iauanoaaiiiai
aini?iecaiaenoaa: i?iecaiaenoai, ?ani?aaeaeaiea e iio?aaeaiea.
Iaeanoueth aicieeiiaaiey e ooieoeeiie?iaaiey oeiainia yaeyaony aoi?ay
noaaeey aini?iecaiaenoaaiiiai i?ioeanna, eiaaea i?ienoiaeeo
?ani?aaeaeaiea noieiinoe i?iecaaaeaiiiai iauanoaaiiiai i?iaeoeoa. Eiaiii
ia yoie noaaeee iiyaeythony oeiainiaua ioiioaiey, naycaiiua n
oi?ie?iaaieai aeaiaaeiuo aeioiaeia e iaeiieaiee, i?eieiathueo
niaoeeoe/aneoth oi?io oeiainiauo ?ano?nia. Iioaioeeaeueii oeiainiaua
?ano?nu ia?acothony ia noaaeee i?iecaiaenoaa, eiaaea ia?acoaony iiaay
noieiinoue e inouanoaeyaony ia?aiin noa?ie. Iaeiaei ?aaeueiia
oi?ie?iaaiea oeiainiauo ?ano?nia ia/eiaaony oieueei ia noaaeee
?ani?aaeaeaiey, eiaaea noieiinoue ?aaeeciaaia.

A iauae niaieoiiinoe oeiainiauo ioiioaiee auaeaeytho o?e e?oiiua
acaeiinaycaiiua noa?u: oeiainu oicyenoaothueo noa’aeoia, co?aoiaaiea,
ainoaea?noaaiiua oeiainu. A caaeneiinoe io oa?aeoa?a aeayoaeueiinoe
noa’aeoia aioo?e eaaeaeie ec yoeo noa? iiaeii auaeaeeoue ?acee/iua
caaiuey. Eaaeaeia caaii auiieiyao naie caaea/e, eiaao nianoaaiioth
i?aaiecaoeeiiioth no?oeoo?o oeiainiaiai aiia?aoa, iaeiaei a niaieoiiinoe
iie ia?acotho oeiainiaoth nenoaio ainoaea?noaa.

Acaeiiaeaenoaea iaaeaeo caaiueyie oeiainiaie nnenoaiu
inouanoaeyaony i?e iin?aaeie/anoaa o/?aaeaeaiee aaieianeie nenoaiu,
ea?athueo iniai aaaeioth ?ieue a ioiioaiee ooieoeeiie?iaaiey oeiainia
i?aaei?eyoee.

I?ioeann ooieoeeiie?iaaiey ethaiai i?aaei?eyoey iineo oeeeee/aneee
oa?aeoa?. A i?aaeaeao iaeiiai oeeeea inouanoaeythony: i?eaea/aiea
iaiaoiaeeiuo ?ano?nia, niaaeeiaiea eo a i?iecaiaenoaaiiii i?ioeanna,
?aaeecaoeey i?iecaaaeaiiie i?iaeoeoeee e iieo/aiea eiia/iuo oeiainiauo
?acoeueoaoia. A oneiaeyo ?uii/iie yeiiiieee i?ienoiaeeo niauaiea
i?ei?eoaoia a ia’aeoao e oeaeaauo onoaiiaeao nenoaiu oi?aaeaiey ia’aeoii
oicyenoaiaaiey. Oe?oiiaiiuie e ioi?ineoaeueii naiinoiyoaeueiuie
yeiiiie/aneeie ia’aeoaie, ninoaaeythueie noa?o i?eeiaeaiey iaueo
ooieoeee oi?aaeaiey, yaeythony oeiainiaua ?ano?nu, o?oaeiaua ?ano?nu,
n?aaenoaa e i?aaeiaou o?oaea.

OEIAINIAUA ?ANO?NU E EAIEOAE.

NOUIINOUe E NINOAA OEIAINIAUO ?ANO?NIA E EAIEOAE

Oeiainiaua ?ano?nu oicyenoaothuaai noauaeoa i?aaenoaaeytho

niaie aeaiaaeiua n?aaenoaa, eiathueany a aai ?anii?yaeaiee. Oeiai-

niaua ?ano?nu iai?aaeythony ia ?acaeoea i?iecaiaenoaa, niaea?aea-

iea e ?acaeoea iauaeoia iai?iecaiaenoaaiiie noa?u, iio?aaeaiea,

a oaeaea iiaoo inoaaaoueny a ?aca?aa. Oeiainiaua ?ano?nu, eniieueco-

aiua ia ?acaeoea i?iecaiaenoaaiii-oi?aiaiai i?ioeanna, i?aaenoaaey-

tho niaie eaieoae a aai aeaiaaeiie oi?ia. Oaeei ia?acii, eaieoae –

– yoi /anoue oeiainiauo ?ano?nia (1).

Eaieoae – yoi noieiinoue, i?eiinyuay i?eaaai/ioth noieiinoue.

Oieueei aeiaeaiea eaieoaea a oicyenoaaiioth aeayoaeueiinoue, aai eiaan-

oe?iaaiea nicaeatho i?eaueue. Anaiauay oi?ioea eaieoaea (1):

Ae – O – Ae , (1.1)

aaea Ae – aeaiaaeiua n?aaenoaa, aaaine?iaaiiua eiaanoi?ii;

O – oiaa? (eoieaiiua n?aaenoaa i?iecaiaenoaa, ?aai/ay neea e

ae?oaea yeaiaiou i?iecaiaenoaa);

Ae – aeaiaaeiua n?aaenoaa, iieo/aiiua eiaanoi?ii io i?iaeaaee

i?iaeoeoeee e aeeth/athuea a naay ?aaeeciaaiiue i?eaaai/iue

i?iaeoeo (i?eaaai/ioth noieiinoue);

(Ae – Ae) – i?eaaai/iue i?iaeoeo (aeioiae eiaanoi?a);

(Ae – O) – au?o/ea io i?iaeaaee i?iaeoeoeee;

(Ae – O) – cao?aou eiaanoi?a ia iieoieo oiaa?a.

A i?eaaaeaiiie auoa iia?aoeee Ae – O – Ae aeaiaaeiua n?aaenoaa
(Ae),

aeeaaeuaaaiua a i?iecaiaenoaaiii-oi?aiaue i?ioeann, ia cao?a/eaa-

thony ieii/aoaeueii, a eeoue aaaine?othony, e iinea caaa?oaiey e?oai-

iai?ioa iie aica?auathony aeeaae/eeo (eiaanoi?o) n aeiiieieoaeueiui

aeioiaeii (Ae ). Eaieoae aeieaeai iinoiyiii niaa?oaoue e?oaiiai?io

(1):

Ae – O – Ae – m (1.2)

aaea m – aeioiae (i?eaueue) eiaanoi?a.

*ai aieueoa ca aiae aoaeao niaa?oaii iai?ioia eaieoaea, oai

aieueoa o eiaanoi?a aoaeao aiaeiaay i?eaueue.

A no?oeoo?o eaieoaea aoiaeyo aeaiaaeiua n?aaenoaa, aeiaeaiiua

a iniiaiua oiiaeu, iaiaoa?eaeueiua aeoeau, iai?ioiua oiiaeu,

oiiaeu ia?auaiey.

Iniiaiua oiiaeu i?aaenoaaeytho niaie n?aaenoaa o?oaea (caeaiea,

iai?oaeiaaiea, o?ainii?o e o.ae.), eioi?ua iiiaie?aoii eniieue-

cotho a oicyenoaaiiii i?ioeanna, ia eciaiyy i?e yoii naith aaua-

noaaiii-iaoo?aeueioth oi?io. E iniiaiui n?aaenoaai ioiinyony

n?aaenoaa o?oaea noieiinoueth nauoa 500 oun. ?oa. (n 1 ethey 1994 a)

ca aaeeieoeo e n?ieii neoaeau aieaa iaeiiai aiaea. Aeiioneaaony aaea-

aiaeiay ei??aeoe?iaea oeacaiiiai eeieoa (500 oun.?oa.) ii nin-

oiyieth ia 1 yiaa?y ia aiaeiaie eiaeaen eioeyoeee. Noieiinoue

iniiaiuo oiiaeia, ca eneeth/aieai caiaeueiuo o/anoeia, /anoyie,

ii ia?a ec eciina, ia?aiineony ia noieiinoue i?iaeoeoeee (oneoae)

e aica?auaaony a i?ioeanna aa ?aaeecaoeee. Yoio i?ioeann iacuaa-

aony aii?oecaoeeae. Aeaiaaeiua noiiu, niioaaonoaothuea niaoe-

aaieth iniiaiuo n?aaenoa, iaeaieeaathony a aii?oecaoeeiiiii oiiaea.

Aii?oecaoeeiiiue oiiae, eee aeaiaaeiue oiiae aiciauaiey, iaoiaeeo-

ny a iinoiyiiii aeaeaeaiee.

Aeaiaaeiua n?aaenoaa, aaaine?iaaiiua ia i?eia?aoaiea iniia-

iuo oiiaeia, iacuaathony iniiaiuie n?aaenoaaie (iniiaiie eaie-

oae). Neaaeoao ioiaoeoue, /oi aeiaeaiey aeaiaaeiuo n?aaenoa a oii-

aeu inouanoaeythony aaainii, iiyoiio iiiyoea aeiaeaiiuo n?aaenoa

aaeaeaaoii iiiyoeth aaaine?iaaiiuo n?aaenoa.

Iaiaoa?eaeueiua aeoeau i?aaenoaaeytho niaie aeiaeaiea aeaiaae-

iuo n?aaenoa i?aaei?eyoey (aai cao?aou) a iaiaoa?eaeueiua iauae-

ou, eniieuecoaiua a oa/aiea aeieain?i/iiai ia?eiaea a oicyenoaai-

iie aeayoaeueiinoe e i?eiinyuea aeioiae. Oaeei ia?acii, iaiaoa?e-

aeueiua aeoeau – yoi noieiinoue iauaeoia i?iiuoeaiiie e ei-

oaeeaeooaeueiie nianoaaiiinoe e eiuo eiouanoaaiiuo i?aa.

Iaiaoa?eaeueiua aeoeau ii oa?aeoa?o i?eiaiaiey iioiaee ia in-

iiaiua n?aaenoaa. Iie eniieuecothony aeeeoaeueiia a?aiy, i?eiinyo

i?eaueue e n oa/aieai a?aiaie aieueoay /anoue ec ieo oa?yao naith

noieiinoue. Iniaaiiinoueth iaiaoa?eaeueiuo aeoeaia yaeyaony io-

noonoaea iaoa?eaeueii-aauanoaaiiie no?oeoo?u, neiaeiinoue ii-

?aaeaeaiey noieiinoe, iayniinoue i?e onoaiiaeaiee i?eauee io

eo i?eiaiaiey.

Iai?ioiua oiiaeu ii aauanoaaiiiio niaea?aeaieth i?aaenoaa-

eytho niaie caianu nu?uey, iieooaa?eeaoia, oiieeaa, oa?o, ?anoiaeu

aoaeoueo ia?eiaeia, iaeioeaiiua e auno?ieciaoeaathueany i?aaeia-

ou. Iaeioeaiiua e auno?ieciaoeaathueany i?aaeiaou – yoi n?aae-

noaa o?oaea noieiinoueth aei 100 oun.?oa. (n 1 ethey 1993 a.) e

500 oun.?oa. (i?eia?aoaiiuo iinea 1 yiaa?y 1994 a.) ca aaeeieoeo

e (eee) ni n?ieii neoaeau iaiaa iaeiiai aiaea. Oicyenoaothuei

noauaeoai i?aaeinoaaeaii i?aai naiei onoaiaaeeaaoue noieiinoue

n?aaenoa o?oaea, ioiineiuo e iaeioeaiiui e auno?ieciaoeaath-

ueiny i?aaeiaoai, o.a. ieaeiyy a?aieoea – ii oniio?aieth oicye-

noaothuaai noauaeoa, aa?oiyy a?aieoea – 500 oun. ?oa. Iai?ioiua

i?iecaiaenoaaiiua oiiaeu i?eieiatho iaeiie?aoiia o/anoea a

i?iecaiaenoaaiii-oi?aiaii i?ioeanna, eciaiyy i?e yoii naith aa-

uanoaaiii-iaoo?aeueioth oi?io. Eo noieiinoue iieiinoueth ia?a-

iineony ia aiiaue i?iecaaaeaiiue i?iaeoeo. Iniiaiia iacia/aiea

iai?ioiuo oiiaeia caeeth/aaony a iaania/aiee iai?a?uaiinoe e

?eoie/iinoe i?iecaiaenoaa.

Oiiaeu ia?auaiey naycaiu n ianeoaeeaaieai i?ioeanna ia?aua-

iey oiaa?ia. Iie aeeth/atho i?iecaaaeaiioth, ii ia?aaeeciaaiioth

i?iaeoeoeeth, caianu oiaa?ia, aeaiaaeiua n?aaenoaa a eanna e a ?an-

/aoao e ae?. Ii oa?aeoa?o o/anoey a i?iecaiaenoaaiii-oi?aiaii

i?ioeanna iai?ioiua n?aaenoaa e oiiaeu ia?auaiey oanii acaeii-

naycaiu e iinoiyiii ia?aoiaeyo ec noa?u i?iecaiaenoaa a noa?o

ia?auaiey e iaiai?io, o.a. ec iaeieo oiiaeia ia?aoiaeyo a ae?oaea.

Iiyoiio iie o/eouaathony eae aaeeiua iai?ioiua n?aaenoaa. Aea-

iaaeiua n?aaenoaa, aeiaeaiiua a iai?ioiua i?iecaiaenoaaiiua

oiiaeu e oiiaeu ia?auaiey, i?aaenoaaeytho niaie iai?ioiua

n?aaenoaa (iai?ioiue eaieoae).

E?oaiiai?io iai?ioiuo n?aaenoa i?ienoiaeeo ii oi?ioea (1):

Ae – O… I… O – Ae , (1.3),

aaea Ae – aeaiaaeiua n?aaenoaa, aaaine?oaiua oicyenoaothuei

noauaeoii;

O – n?aaenoaa i?iecaiaenoaa;

I – i?iecaiaenoai;

O – aioiaay i?iaeoeoeey;

Ae – aeaiaaeiua n?aaenoaa, iieo/aiiua io i?iaeaaee i?iaeoeoeee

e aeeth/athuea a naay ?aaeeciaaiiue i?eaaai/iue i?iaeoeo.

Oi/ee (…) icia/atho, /oi ia?auaiea n?aaenoa i?a?aaii, ii i?i-

oeann eo e?oaiiai?ioa i?iaeieaeaaony a noa?a i?iecaiaenoaa.

Onoaaiue eaieoae i?aaenoaaeyao niaie noiiu aeeaaeia o/?a-

aeeoaeae oicyenoaothuaai noauaeoa aeey iaania/aiey aai aeecia-

aeayoaeueiinoe. Aaee/eia onoaaiiai eaieoaea niioaaonoaoao

noiia, caoeene?iaaiiie a o/?aaeeoaeueiuo aeieoiaioao, e yaeyaony

iaeciaiiie. Oaaee/aiea eee oiaiueoaiea onoaaiiai eaieoaea ii-

aeao i?iecaiaeeoueny a onoaiiaeaiiii ii?yaeea (iai?eia?, ii ?aoa-

ieth iauaai nia?aiey) oieueei iinea ia?a?aaeno?aoeee oicyenoaoth-

uaai noauaeoa. A ea/anoaa aeeaaeia a onoaaiue eaieoae iiaoo

auoue aianaiu: caeaiey, nii?oaeaiey, iai?oaeiaaiea, ae?oaea iaoa?e-

aeueiua oeaiiinoe, oeaiiua aoiaae, i?aaa iieueciaaiey caieae,

aiaeie e ae?oaeie i?e?iaeiuie ?ano?naie, caeaieyie, nii?oaeaieyie,

iai?oaeiaaieai, eiua eiouanoaaiiua i?aaa (a oii /enea ia ei-

oaeeaeooaeueioth nianoaaiiinoue: “iio-oao”, i?aai ia eniieueciaa-

iea ecia?aoaiee e o.ae.), aeaiaaeiua n?aaenoaa a ?oaeyo e aaethoa.

Noieiinoue aeeaaeia ioeaieaaaony a ?oaeyo niaianoiui ?aoaieai

o/anoieeia oicyenoaothueo noauaeoia e ninoaaeyao eo aeiee a

onoaaiii eaieoaea.

A oeiainiaie aeayoaeueiinoe oicyenoaothuaai noauaeoa ?ac-

ee/athony aeoeau e ianneau. Aeoeau oicyenoaothuaai noauaeoa –

– yoi niaieoiiinoue eiouanoaaiiuo i?aa, i?eiaaeeaaeaueo aio.

A ninoaa aeoeaia oicyenoaothuaai noauaeoa aoiaeyo iniiaiua

n?aaenoaa, iaiaoa?eaeueiua aeoeau, iai?ioiua n?aaenoaa. Aeoeau

ca au/aoii aeieaia (?an/aou n e?aaeeoi?aie, caaiiua n?aaenoaa,

aeioiaeu aoaeoueo ia?eiaeia) i?aaenoaaeytho /enoua aeoeau. Ian-

neau oicyenoaothuaai noauaeoa – yoi niaieoiiinoue aai aeieaia

e iaycaoaeuenoa, ninoiyueo ec caaiiuo e i?eaea/aiiuo n?aaenoa,

aeeth/ay e?aaeeoi?neoth caaeieaeaiiinoue. E ianneaai ia ioiinyony

aeioaoeee, noaaaioeee, nianoaaiiua n?aaenoaa e ae?oaea enoi/ieee.

Oaeei ia?acii, iiaeii naeaeaoue auaiae, /oi oeiainiaua ?ano?nu

oicyenoaothuaai noauaeoa – yoi aeaiaaeiua n?aaenoaa, eioi?uie

ii ?aniieaaaao aeey naieo nianoaaiiuo ioaeae.

Eaieoae – /anoue oeiainiauo ?ano?nia.

Eaieoae ninoieo ec aeaiaaeiuo oiiaeia: iniiaiuo n?aaenoa,

iaiaoa?eaeueiuo aeoeaia, iai?ioiuo n?aaenoa (?en. ).

ENOI*IEEE OEIAINIAUO ?ANO?NIA.

Oeiainiaua ?ano?nu ia?acothony ca n/ao oeaeiai ?yaea enoi/ie-

eia. Ii oi?ia i?aaa nianoaaiiinoe ?acee/athony aeaa a?oiiu en-

oi/ieeia: nianoaaiiua aeaiaaeiua n?aaenoaa e /oaeea. Enoi/ieeaie

oeiainiauo ?ano?nia yaeythony: i?eaueue; aii?oecaoeeiiiua io-

/eneaiey; n?aaenoaa, iieo/aiiua io i?iaeaaee oeaiiuo aoiaa; iaaaua

e eiua aciinu th?eaee/aneeo e oece/aneeo eeoe; e?aaeeo e caeiu;

n?aaenoaa io ?aaeecaoeee caeiaiaiai naeaeaoaeuenoaa, no?aoiaiai

iieena e ae?oaea iinooieaiey aeaiaaeiuo n?aaenoa (iiaea?oaiaaiey,

aeaaioai?eoaeueiua aciinu e o.i.). Ninoaa enoi/ieeia oeiaini-

auo ?ano?nia e iai?aaeaiey eo eniieueciaaiey i?eaaaeaiu a oaae.1.1.

Nenoaia i?eaueae e aeioiaeia ninoieo ec i?eauee io ?aaeeca-

oeee i?iaeoeoeee, i?eauee io i?i/ae ?aaeecaoeee, aeioiaeia ii aia?aa-

eecaoeeiiiui iia?aoeeyi (ca au/aoii aeioiaeia ii yoei iia?aoeeyi),

aaeainiaie (aaeiaie) i?eauee, /enoie i?eauee. E?iia oiai, i?e-

aueue aeaeeony ia iaeaaaaioth iaeiaii e ia iaeaaaaioth iaeiaii

(?en.2). I?eaueue io ?aaeecaoeee i?iaeoeoeee (oiaa?ia, ?aaio,oneoa)

i?aaenoaaeyao niaie ?acieoeo iaaeaeo au?o/eie io ?aaeecaoeee i?i-

aeoeoeee aac iaeiaa ia aeiaaaeaiioth noieiinoue, aeoeecia, yenii?o-

iuo oa?eoia (aeey yenii?oiie au?o/ee) e cao?aoaie ia i?iecaiae-

noai e ?aaeecaoeeth, aeeth/aaiuie a naaanoieiinoue i?iaeoeoeee.

Naaanoieiinoue i?iaeoeoeee (?aaio,oneoa) – noieiinoiay ioeaiea

eniieuecoaiuo a i?ioeanna i?iecaiaenoaa i?iaeoeoeee i?e?iaeiuo ?a-

no?nia, nu?uey, iaoa?eaeia, oiieeaa, yia?aee, iniiaiuo oiiaeia,

o?oaeiauo ?ano?nia, a oaeaea ae?oaeo cao?ao ia aa i?iecaiaenoai e

?aaeecaoeeth. Cao?aou, aoiaeyuea a naaanoieiinoue, ii yeiiiie/an-

eiio niaea?aeaieth iiaeii na?oiie?iaaoue ii neaaeothuei yeaiaioai

(1):

iaoa?eaeueiua cao?aou (ca au/aoii noieiinoe aica?aoiuo

iooiaeia);

cao?aou ia iieaoo o?oaea;

io/eneaiey ia nioeeaeueiua ioaeaeu;

aii?oecaoeey iniiaiuo oiiaeia;

i?i/ea cao?aou.

I?eaueue io i?i/ae ?aaeecaoeee – yoi i?eaueue, iieo/aiiay io

?aaeecaoeee iniiaiuo oiiaeia e ae?oaiai eiouanoaa oicyenoaothuaai

noauaeoa, iooiaeia, iaiaoa?eaeueiuo aeoeaia e o.i. I?eaueue io

i?i/ae ?aaeecaoeee ii?aaeaeyaony eae ?acieoea iaaeaeo au?o/eie io

?aaeecaoeee e cao?aoaie ia yoo ?aaeecaoeeth.

Aeioiaeu io aia?aaeecaoeeiiiuo iia?aoeee aeeth/atho (1):

aeioiaeu, iieo/aiiua io aeieaaiai o/anoey a aeayoaeueiinoe ae?oaeo

oicyenoaothueo noauaeoia, aeeaeaeaiaeu ii aeoeeyi, aeioiaeu ii iaee-

aaoeeyi e ae?oaei oeaiiui aoiaaai, i?eiaaeeaaeauei oicyenoaothuaio

noauaeoo; iinooieaiey io naea/e eiouanoaa a a?aiaeo;

aeioiaeu io aeiioeaiee i?iecaiaenoaaiiuo caiania e aioiaie i?i-

aeoeoeee;

i?enoaeaeaiiua eee i?eciaiiua aeieaeieeii oo?aou, iaie, iaon-

oieee, ae?oaea aeaeu naieoeee ca ia?ooaiea oneiaee oicyenoaaiiuo

aeiaiai?ia, a oaeaea aeioiaeu io aiciauaiey i?e/eiaiiuo oauoeia;

iieiaeeoaeueiua eo?niaua ?acieoeu ii aaethoiui n/aoai, a oaeaea

iia?aoeeyi a eiino?aiiuo aaethoao;

ae?oaea aeioiaeu io iia?aoeee, iaiin?aaenoaaiii ia naycaiiuo n

i?iecaiaenoaii e ?aaeecaoeeae i?iaeoeoeee.

E ?anoiaeai ia aia?aaeecaoeeiiiua iia?aoeee ioiinyony (1):

cao?aou ii aiioee?iaaiiui i?iecaiaenoaaiiui caeacai, a

oaeaea cao?aou ia i?iecaiaenoai, ia aeaaoaa i?iaeoeoeee;

?anoiaeu ia niaea?aeaiea caeiina?ae?iaaiiuo i?iecaiaenoaaiiuo

iiuiinoae e iauaeoia (e?iia cao?ao, aiciauaaiuo ca n/ao

ae?oaeo enoi/ieeia);

iioa?e io ooeaiee i?iecaiaenoaaiiuo caiania e aioiaie i?i-

aeoeoeee;

oauoee ii iia?aoeeyi n oa?ie;

oauoee io nienaiey aeaaeoi?neie caaeieaeaiiinoe, ii eioi-

?ie n?ie eneiaie aeaaiinoe enoae, e ae?oaeo aeieaia, ia?aaeueiuo

aeey acuneaiey;

iaeiiiaine?oaiua iioa?e io noeoeeiuo aaaenoaee;

oauoee io oeuaiee, aeiiaieee eioi?uo ii ?aoaieth noaea

ia onoaiiaeaiu;

io?eoeaoaeueiua eo?niaua ?acieoeu ii aaethoiui n/aoai, a

oaeaea iia?aoeeyi a eiino?aiiie aaethoa e iaeioi?ua ae?oaea

?anoiaeu.

Aaeainiaay i?eaueue i?aaenoaaeyao niaie noiio i?eaueae

io ?aaeecaoeee i?iaeoeoeee, io i?ioeae ?aaeecaoeee e aeioiaeia ii

aia?aaeecaoeeiiiui iia?aoeeyi ca au/aoii ?anoiaeia ii iei.

Noaaea iaeiaa ia i?eaueue a 1993 a. ninoaaeyea 32%, n 1994 a. –

– io 35 (38) aei 43%. I?e yoii neaaeoao eiaoue a aeaeo, /oi aeioiaeu

io aeieaaiai o/anoey a ae?oaeo oicyenoaothueo noauaeoao e aei-

oiaeu ii oeaiiui aoiaaai iaeaaathony iaeiaii ii noaaea 15%.

Iiyoiio yoe aeioiaeu iaaei auaeaeeoue ec iaeaaaaiie i?eauee a

ioaeaeueioth a?oiio. Iniaaiiinoe ?ani?aaeaeaiey i?eauee ?aciuo

oicyenoaothueo noauaeoia iieacaiu ia neaaeothuae noaia.

(?en.3).

Neaaeoao eiaoue a aeaeo, /oi a niioaaonoaee n Oeacii I?ace-

aeaioa ?innee io 30.12.1991 a. “I oi?ie?iaaiee ?anioaeeeai-

neiai aaethoiiai ?aca?aa ?O a 1992 a.” i?aaei?eyoey iaycaiu

/anoue aaethoiie au?o/ee i?iaeaaaoue a ?anioaeeeaineee aaethoiue

?aca?a.

Oicyenoaothuee noauaeo eiaao aeaa aaethoiuo n/aoa: o?ai-

ceoiue e oaeouee. Aaethoiay au?o/ea io yenii?oe?iaaiey

oiaa?ia ca/eneyaony nia/aea ia o?aiceoiue aaethoiue n/ao

oicyenoaothuaai noauaeoa. Oicyenoaothuea noauaeou iacaae-

neii io oi?i nianoaaiiinoe iaycaiu i?iaeaoue 50% aaethoiie

au?o/ee io yenii?oa oiaa?ia /a?ac oiieiiii/aiiua aaiea (6).

Aaethoiay au?o/ea, inoaaoayny iinea iaycaoaeueiie i?iaeaaee,

ia?a/eneyaony n o?aiceoiiai aaethoiiai n/aoa oicyenoaoth-

uaai noauaeoa ia aai oaeouee aaethoiue n/ao. Ana ieaoaaee

n oaeoueo aaeainiauo aaethoiuo n/aoia i?iecaiaeyony aai-

eii a i?aaeaeao inoaoea n?aaenoa ia n/aoa. ?oeiaiaeeoaee

i?aaei?eyoee, eiathueo aaethoiua n/aoa a aaiea, ianoo io-

aaonoaaiiinoue ca ?aoeeiiaeueiia e yooaeoeaiia eniieueciaa-

iea aaethoiuo n?aaenoa, a oaeaea ca naiaa?aiaiiia e i?aaeeue-

iia i?eiaiaiea ii?iaoeaia onoaiiaeaiiuo io/eneaiee

(6).

Aaethoa, i?eia?aoaiiay ia aioo?aiiai aaethoiii ?uiea

(iieo/aiiay io i?iaeaaee oiaa?ia, oneoa, eoieaiiay e o.i.),

n?aco ca/eneyaony ia oaeouee aaethoiue n/ao. N?aaenoaa

ia oaeouai aaethoiii n/aoa oicyenoaothuaai noauaeoa ia-

?acotho aai aaethoiue oiiae (?en.4).

?aca?aiue oiiae nicaeaaony oicyenoaothueie noauaeoaie

ia neo/ae i?ae?auaiey eo aeayoaeueiinoe aeey iie?uoey e?a-

aeeoi?neie caaeieaeaiiinoe.Ia?aciaaiea ?aca?aiiai oiiaea

yaeyaony iaycaoaeueiui aeey aeoeeiia?iiai iauanoaa, eii-

ia?aoeaa, i?aaei?eyoey n eiino?aiiuie eiaanoeoeeyie. Io-

/eneaiey a ?aca?aiue oiiae e ae?oaea aiaeiae/iua ii iacia-

/aieth oiiaeu i?iecaiaeyony aei aeinoeaeaiey ?acia?ia yoeo

oiiaeia, onoaiiaeaiiuo o/?aaeeoaeueiuie aeieoiaioaie, ii ia

aieaa 25% onoaaiiai eaieoaea, a aeey aeoeeiia?iiai iauano-

aa – ia iaiaa 10%. I?e yoii noiia io/eneaiee a oeacaiiua

oiiaeu ia aeieaeia i?aauoaoue 50% iaeaaaaiie iaeiaii i?e-

auee.

Oiiae iaeiieaiey i?aaenoaaeyao niaie enoi/iee n?aaenoa

oicyenoaothuaai noauaeoa, aeeoioee?othuee i?eaueue e ae?o-

aea enoi/ieee aeey nicaeaiey iiaiai eiouanoaa, i?eia?aoa-

iey iniiaiuo oiiaeia, iai?ioiuo n?aaenoa e o.i. Oiiae ia-

eiieaiey iieacuaaao ?ino eiouanoaaiiiai ninoiyiey

oicyenoaothuaai noauaeoa, oaaee/aiea nianoaaiiuo aai

n?aaenoa. Aianoa n oai iia?aoeee ii i?eia?aoaieth e nicaea-

ieth iiaiai eiouanoaa oicyenoaothuaai noauaeoa ia cao-

?aaeaatho oiiae iaeiieaiey.

Oiiae iio?aaeaiey yaeyaony enoi/ieeii n?aaenoa oicye-

noaothuaai noauaeoa, ca?aca?ae?iaaiiue aeey inouanoaea-

iey ia?ii?eyoee ii nioeeaeueiiio ?acaeoeth (e?iia eaieoaeue-

iuo aeiaeaiee) e iaoa?eaeueiiio iiiu?aieth eieeaeoeaa.

Aii?oecaoeeiiiua io/eneaiey yaeythony onoie/eaui en-

oi/ieeii oeiainiauo ?ano?nia. Aii?oecaoeeiiiua io/en-

eaiey i?iecaiaeyony oieueei aei iieiiai ia?aiina aaeainiaie

noieiinoe oiiaeia ia naaanoieiinoue i?iaeoeoeee (?aaio,

oneoa) e ecaea?aeee ia?auaiey. Aii?oecaoeeiiiua io/eneaiey

iiaoo ia/eneyoueny ?aaiiia?iui eee onei?aiiui iaoiaeaie.

A ?inneeneie Oaaea?aoeee i?eiaiyaony aeaaiui ia?acii ?aa-

iiia?iue iaoiae ia/eneaiey aii?oecaoeee. I?e ?aaiiia?iii

iaoiaea aii?oecaoeey ia/eneyaony ii aaeeiui ii?iai aii?-

oecaoeee, onoaiiaeaiiui a i?ioeaioao e ia?aiia/aeueiie noi-

eiinoe iniiaiuo n?aaenoa. Ii?iu aii?oecaoeee iiaoo ei?-

?aeoe?iaaoueny a caaeneiinoe io ioeeiiaiee io ii?iaoea-

iuo oneiaee eniieueciaaiey iniiaiuo n?aaenoa. Aaee/eia yoeo

eiyooeoeeaioia i?eaaaeaia a nai?ieeao ii?i aii?oecaoeee.

Oeiainiaua ?ano?nu i?eiaiythony i?aaei?eyoeai aeey

oeiaine?iaaiey oaeoueo ?anoiaeia e eiaanoeoeee. Eiaanoe-

oeee i?aaenoaaeytho niaie eniieueciaaiea oeiainiauo ?ano?-

nia a oi?ia aeieain?i/iuo aeiaeaiee eaieoaea (eaieoaei-

aeiaeaiee). Eiaanoeoeee inouanoaeytho th?eaee/aneea eee oece/aneea eeoea

EIAANOEOeEE.

Eiaanoeoeee auaatho ?eneiaua (aai/o?iua), i?yiua,

ii?ooaeueiua, aiioeoao.

Aai/o?iue eaieoae – yoi oa?iei, i?eiaiyaiue aeey

iaicia/aiey ?eneiaaiiiai eaieoaeiaeiaeaiey. Aai/o?iue

eaieoae i?aaenoaaeyao niaie eiaanoeoeee a oi?ia auionea

iiauo aeoeee, i?iecaiaeeiua a iiauo noa?ao aeayoaeueiinoe,

naycaiiuo n aieueoei ?eneii. Aai/o?iue eaieoae eiaanoe-

?oaony a ia naycaiiua iaaeaeo niaie i?iaeou a ?an/aoa ia

auno?oth ieoiaaiinoue aeiaeaiiuo n?aaenoa. Eaieoaeiaeiaea-

iey, eae i?aaeei, inouanoaeythony iooai i?eia?aoaiey /an-

oe aeoeee i?aaei?eyoey-eeeaioa eee i?aaeinoaaeaiey aio

nnoae, a oii /enea n i?aaii eiiaa?nee yoeo nnoae a aeoeee. ?en-

eiaia aeiaeaiea eaieoaea iaoneiaeaii iaiaoiaeeiinoueth oe-

iaine?iaaiey iaeeeo eiiiaaoeeiiiuo oe?i a iaeanoyo iiauo

oaoiieiaee. ?eneiaue eaieoae ni/aoaao a naaa ?acee/iua

oi?iu i?eeiaeaiey eaieoaea: nnoaeiiai, aeoeeiia?iiai, i?aae-

i?eieiaoaeueneiai. Ii aunooiaao iin?aaeieeii a o/?aaee-

oaeuenoaa noa?oiauo iaoeiaieeo oe?i, iacuaaaiuo aai-

/o?ii.

I?yiua eiaanoeoeee – aeiaeaiey a onoaaiue eaieoae oicye-

noaothuaai noauaeoa n oeaeueth ecaea/aiey aeioiaea e iieo/aiey

i?aa ia o/anoea a oi?aaeaiee aeaiiui oicyenoaothuei noauae-

oii.

Ii?ooaeueiua eiaanoeoeee naycaiu n oi?ie?iaaieai

ii?ooaey e i?aaenoaaeytho niaie i?eia?aoaiea oeaiiuo

aoiaa e ae?oaeo aeoeaia. Ii?ooaeue – niaieoiiinoue nia?aiiuo

aiaaeeii ?acee/iuo eiaanoeoeeiiiuo oeaiiinoae, neoaeaueo

eino?oiaioii aeey aeinoeaeaiey eiie?aoiie eiaanoeoeeiiiie

oeaee aeeaae/eea. A ii?ooaeue iiaoo aoiaeeoue oeaiiua aoiaae

iaeiiai oeia (aeoeee) eee ?acee/iua eiaanoeoeeiiiua oeaiiin-

oe (aeoeee, iaeeaaoeee, naa?aaaoaeueiua e aeaiiceoiua na?oe-

oeeaou, caeiaiaua naeaeaoaeuenoaa, no?aoiaie iieen e ae?.).

I?eioeeiaie oi?ie?iaaiey eiaanoeoeeiiiiai ii?ooaey

yaeythony aaciianiinoue e aeioiaeiinoue aeiaeaiee, eo ?ino,

eeeaeaeiinoue aeiaeaiee. ?anniio?ei aieaa iiae?iaii iiiy-

oea eeeaeaeiinoe. Iiae eeeaeaeiinoueth ethaiai oeiainiaiai

?ano?na iiieiaaony niiniaiinoue aai o/anoaiaaoue a iaiaae-

eaiiii i?eia?aoaiee oiaa?a (?aaio, oneoa). Eeeaeaeiinoue

eiaanoeoeeiiiuo oeaiiinoae – yoi eo niiniaiinoue auno?i e

aac iioa?ue a oeaia i?aa?auaoueny a iaee/iua aeaiueae.

?anniao?eaay aii?in i nicaeaiee ii?ooaey, eiaanoi?

aeieaeai ii?aaeaeeoue aeey naay ia?aiao?u, eioi?uie ii aoaeao

?oeiaiaenoaiaaoueny:

1) aua?aoue iioeiaeueiue oei ii?ooaey. Aiciiaeiu aeaa

oeia ii?ooaey: a) ii?ooaeue, i?eaioe?iaaiiue ia i?aeio-

uanoaaiiia iieo/aiea aeioiaea ca n/ao i?ioeaioia e aeeae-

aeaiaeia; a) ii?ooaeue, iai?aaeaiiue ia i?aeiouanoaaiiue

i?e?ino eo?niaie noieiinoe aoiaeyueo a iaai eiaanoeoee-

iiiuo oeaiiinoae;

2) ioeaieoue i?eaieaiia aeey naay ni/aoaiea ?enea e aeioi-

aea ii?ooaey e niioaaonoaaiii ii?aaeaeeoue oaeaeueiue aan

ii?ooaey oeaiiuo aoiaa n ?acee/iuie o?iaiyie ?enoa e

aeioiaea.

OEIAINIAUA EINO?OIAIOU

AEOeEE

Oeiainu-iaeei ec aaaeiaeoeo eino?oiaioia n iiiiuueth eioi?iai
inouanoaeyaony aicaeaenoaea ia yeiiiieeo oicyenoaothuaai noauaeoa

Iiae oa?ieiii “oeiainiaua eino?oiaiou ”iiieiathony ?acee/iua oi?iu
e?aoein?i/iiai e aeieain?i/iiai eiaanoe?iaaiey,oi?aiaey eioi?uie
inouanoaeyaony ia oeiainiauo ?uieao.

E iei ioiinyony aeaiaaeiua n?aaenoaa,oeaiiua aoiaae,iioeeiiu,oi?aa?aeiua
e oueth/a?niua eiio?aeou,naiiu e oae.

Oeaiiua aoiaae-yoi aeaiaaeiua aeieoiaiou,oaeinoiaa?ythuea i?aaa
nianoaaiiinoe eee caeia aeaaeaeueoea aeieoiaioa ii ioiioaieth e
eeoeo,auionoeaoaio oaeie aeieoiaioe ianouaio ii iaio iaycaoaeuenoaa.Ec
eiathueo oiaeaeaiea ia oa??eoi?ee ?innee oeaiiuo aoiaa auaeaeytho
neaaeothuea:aeoeee,aeieaiaua oeaiiua aoiaae,oueth/a?nu,eiiia?/aneea
aoiaae(/aee,eiiinaiaiou,caeeaaeiua,caeiaiaua naeaeaoaeuenoaa e ae?oaea).

A niioaaonoaee n caeiiiaeaoaeuenoaii ia oa??eoi?ee ?O ia?auathony
neaaeothuea aeaeu oeaiiuo aoiaa:

-aeoeee aeoeeiia?iuo iauanoa- ethaua oeaiiua aoiaae, oaeinoiaa?ythuea
i?aai eo aeaaeaeueoea ia aeieth a nianoaaiiuo n?aaenoaao iauanoaa e
iieo/aiea aeioiaea io aai aeayoaeueiinoe;

-iaeeaaoeee-ethaua oeaiiua aoiaae,oaeinoiaa?ythuea ioiioaiey caeia
iaaeaeo eo aeaaeaeueoeai e eeoeii,auionoeaoei aeieoiaio;

-ainoaea?noaaiiua aeieaiaua iaycaoaeuenoaa-ethaua oeaiiua
aoiaae,oaeinoiaa?ythuea ioiioaiey caeia ,a eioi?uo aeieaeieeii aunooiaao
ainoaea?noai,i?aaiu ainoaea?noaaiiie aeanoe eee oi?aaeaiey;

-i?iecaiaeiua oeaiiua aoiaae-ethaua oeaiiua aoiaae,oaeinoiaa?ythuea
i?aai eo aeaaeaeueoea ia iieoieo eee i?iaeaaeo oeacaiiuo auoa oeaiiuo
aoiaa.

Aeoeee-oeiainiaua aeiaeaiey a nianoaaiiue eaieoae i?aaei?eyoey n
oeaeueth iieo/aiey aeiiieieoaeueiiai aeioiaea,ceeaaeuaathuaainy ec noiiu
aeeaeaeaiaea e i?e?inoa eaieoaea,aeiaeaiiiai a aeoeee, aneaaenoaea
?inoa eo oeaiu.Aeoeey naeaeaoaeuenoaoao ia o/anoee aa aeaaeaeueoea a
nianoaaiiii eaieoaea i?aaei?eyoey.

Aeoeee auioneathony oieueei iaainoaea?noaaiiuie eiiiaieyiee a ioee/ea io
iaeeaaoeee e ae?oaeo aeieaauo aoiaa ia eiatho onoaiiaeaiiiai n?iea
ia?auaiey.

Iieoiea aeoeee nii?iaiaeaeaaony aeey eiaanoi?a i?eia?aoaieai ?yaea
eiouanoaaiiuo e eiuo i?aa:

-i?aaiia niioaaonoaothuoth aeieth a aeoeeiia?iii eaieoaea eiiiaiee e
inoaoie aeoeaia i?e aa eeeaeaeaoeee;

-i?aai ia i?iii?oeeiiaeueioth /anoue a oi?ia aeeaeaeaiaeia;

-i?aai ia o/anoea a oi?aaeaiee eiiiaieae,eae i?aaeei,iin?aaenoaii
aieiniaaiey ia nia?aiee aeoeeiia?ia i?e auai?a aai eniieieoaeueiuo
i?aaiia e i?eiyoee no?aoaae/aneeo iai?aaeaiee aeayoaeueiinoe eiiiaiee;

-i?aai i?iaeaaee eee onooiee aeoeee aa aeaaeaeueoeai eaeiio-eeai
ae?oaiio eeoeo;

-i?aai ia iieo/aiea eioi?iaoeee i aeayoaeueiinoe eiiiaiee,aeaaiui
ia?acii oie,eioi?ay i?aaenoaaeaia a ioaeeeoaiii aiaeiaii io/aoa.

Iiieiae aeoeee iiaeao auoue ?acee/iui. A aieueoeinoaa no?ai
eiiiaiee i?aaeii/eoatho auioneaoue aeoeee iaaieueoie iiieiaeueiie
noieiinoe.Yoi aucaaii aeaoiy ianoiyoaeuenoaaie.
Ai-ia?auo,aeoeey,eiathuay iaiueooth ia?eoeaoaeueioth noieiinoue,eae
i?aaeei,ioee/aaony aieueoae eeeaeaeiinoueth. Ai-aoi?uo,iiiaea oiiaeiaua
ae?aee a ea/anoaa iaycaoaeueiiai o?aaiaaiey e eiiiaieyi,aeaeathuei
iieo/eoue ae?aeaaoth eioe?iaeo naieo oeaiiuo aoiaa,auaeaeaatho
o?aaiaaiea”aeinoaoi/iie iaoe?iinoe ?uiea aeaiiuo aoiaa”,iiae?acoiaaay
iiae yoei aiciiaeiinoue naiaiaeiie iieoiee aeoeee iiiaeie eiaanoi?aie.Ii
?inneeneiio caeiiiaeaoaeuenoao iiieiaeueiay noieiinoue aeoeee ia iiaeao
auoue iaiaa 10 ouny/ ?oa.

?acee/atho neaaeothuea iniiaiua aeaeu aeoeee: eiaiiua e ia
i?aaeuyaeoaey;iaueiiaaiiua e i?eaeeaae?iaaiua.

Eiaiiua aeoeee caienuaathony a niaoeeaeueiue aeo?iae ?aaeno?aoeee,
eioi?ue aaaeaony a aeoeeiia?iii iauanoaa. A iai niaea?aeaony aeaiiua i
eaaeaeie eiaiiie aeoeee,a?aiaie aa i?eia?aoaiey, eiee/anoaa oaeeo aeoeee
o ioaeaeueiuo aeoeeiia?ia. Aeaeaeaiea eiaiiuo aeoeee iiaeeaaeeo
iaycaoaeueiie ?aaeno?aoeee, e?iia oiai, ia?aaea/a aeoeee ae?oaiio
aeaaeaeueoeo o?aaoao iioa?eaeueiiai ioi?ieaiey. *oi eanaaony aeoeee ia
i?aaeuyaeoaey, oi a aeo?iaea ?aaeno?aoeee oeene?oaony eeoue iauaa eo
eiee/anoai.

Iaueiiaaiiay aeoeey aeaao i?aai ia iieo/aiea ieaaathuaai aeioiaea,
o.a.

aeioiaea,caaenyuaai io ?acoeueoaoia aeayoaeueiinoe iauanoaa, a oae aea
i?aai ia o/anoea a oi?aaeaiee (iaeia aeoeey-iaeei aiein). ?ani?aaeaeaiea
/enoie i?eauee n?aaee aea?aeaoaeae iaueiiaaiiuo aeoeee inouanoaeyaony
iinea auieaou aeeaeaeaiaeia ii i?eaeeaae?iaaiiui aeoeeyi e iiiieiaiey
?aca?aia, i?aaeoniio?aiiuo o/?aaeeoaeueiuie aeieoiaioaie e ?aoaieai
nia?aiey aeoeeiia?ia.

Aeaaeaeaoe i?eaeeaae?iaaiiie aeoeee eiaao i?aeiouanoaaiiia i?aai ia
iieo/aiea aeeaeaeaiaeia a oi?ia aa?aioe?iaaiiiai oeene?iaaiiiai
iioeaioa, a oaeaea ia aeieth a inoaoea aeoeaia i?e eeeaeaeaoeee
iauanoaa. Aeeaeaeaiaeu ii oaeei aeoeeyi aeieaeiu auiea/eaaoueny
iacaaeneii io ?acoeueoaoia aeayoaeueiinoe iauanoaa e aei eo
?ani?aaeaeaiey iaaeaeo aea?aeaoaeyie iaueiiaaiiuo aeoeee. Oai naiui
iaoneiaeeaaaony ioiineoaeueii iaiueoay ?eneiaaiiinoue i?eaeeaae?iaaiiuo
aeoeee; iaeiia?aiaiii yoi io?aaeaaony e ia aaee/eia aeeaeaeaiaeia,
o?iaaiue eioi?uo a n?aaeiai, eae i?aaeei, aieaa ieceee ii n?aaiaieth n
o?iaiai aeeaeaeaiaeia, auiea/eaaaiuo ii iaueiiaaiiui aeoeeyi. E?iia
oiai, i?eaeeaae?iaaiiay aeoeey ia aeaao i?aai ia o/anoea a oi?aaeaiee
iauanoaii, anee eiia ia i?aaeoniio?aii onoaaiuie aeieoiaioaie.

A ie?iaie i?aeoeea ecaanoiu ?acee/iua aeaeu i?eaeeaae?iaaiiuo
aeoeee:

eoioeyoeaiua, iiaeeaaeauea aueoio a i?aaeoniio?aiiia a?aiy,
eiiaa?oe?oaiua, n ieaaathuae noaaeie aeeaeaeaiaea.

?acee/atho ianeieueei ioeaiie aeoeee: iiieiaeueiay,?uii/iay,
aaeainiaay.

Iiieiaeueiay oeaia-yoi oeaia, iaia/aoaiiay ia aeaiea aeoeee.

Oeaia,ii eioi?ie aeoeey iiaeao iieoiaoueny e i?iaeaaaoueny ia
?uiea,iacuaaaony ?uii/iie oeaiie, eee eo?niaie noieiinoueth. Yoa oeaia
yaeyaony ii?aaeaeythuae aeey eiaanoi?a e caaeneo io iiiaeo oaeoi?ia:
oaeouae eiiuthieoo?u ?uiea, io?aneaaie i?eiaaeeaaeiinoe iauanoaa,
auiea/eaaaiiai aeeaeaeaiaea, nnoaeiiai i?ioeaioa e ae?. Aaeainiaay
noieiinoue aeoeee ?ann/eouaaaony ii aeaiiui oeiainiaiai io/aoa iauanoaa
eae noieiinoue /enouo aeoeaia (?acieoea iaaeaeo aeoeaaie e
iaycaoaeuenoaaie iauanoaa ia?aae o?aoueeie eeoeaie), aeaeaiiay ia iauaa
/enei iaueiiaaiiuo aeoeee, iaoiaeyueony a ia?auaiee. Iia iieacuaaao
aaee/eio nianoaaiiiai eaieoaea, i?eoiaeyuaainy ia iaeio aeoeeth.

Aeey oeaeae aooaaeoa?neiai o/aoa e io/aoiinoe i?eiaiyaony ioeaiea
aeoeee a noiia oaeoe/aneeo cao?ao ia eo i?eia?aoaiea, aeeth/athueo
iieoiioth noieiinoue e aeiiieieoaeueiua ?anoiaeu, naycaiiua n
i?eia?aoaieai aeoeee. Iieoiiay noieiinoue neaaaaony ec iiieiaeueiie
oeaiu e noiiu i?aiee, oiea/aiiie yieoaioo, eee neeaeee, i?aaeinoaaeaiiie
yieoaioii.

AeIEAIAUA OeAIIUA AOIAAE

Aeieaiaua oeaiiua aoiaae i?aaenoaaeytho niaie iaycaoaeuenoaa,
?aciauaiiua yieoaioaie ia oiiaeiaii ?uiea aeey caeinoaiaaiey aeaiaaeiuo
n?aaenoa, iaiaoiaeeiuo aeey ?aoaiey oaeoueo e ia?niaeoeaiuo caaea/.

Iaeaieaa ?ani?ino?aiaiiie oi?iie aeieaiauo iaycaoaeuenoa yaeyaony
iaeeaaoeey. Yoi oeaiiay aoiaaa, oaeinoiaa?ythuay aianaiea aa
aeaaeaeueoeai aeaiaaeiuo n?aaenoa e iiaeoaa?aeaeathuay iaycaoaeuenoai
aicianoeoue aio iiieiaeueioth noieiinoue yoie oeaiiie aoiaae a
i?aaeoniio?aiiue a iae n?ie n oieaoie oeene?iaaiiiai i?ioeaioa, anee
eiia ia i?aaeoniio?aii oneiaeyie auionea. Iaeeaaoeee auioneathony
eiaiiua e ia i?aaeuyaeoaey(eoiiiiua), i?ioeaioiua eee aani?ioeaioiua
(oeaeaaua iiae oiaa?u e oneoae), naiaiaeii ia?auathueany eee n
ia?aie/aiiui e?oaii ia?auaiey. I?eiaaeeaaeiinoue eiaiiie iaeeaaoeee
eiie?aoiiio aeaaeaeueoeo, a oaeaea aa ia?aaea/a eee io/oaeaeaiea ae?oaei
niiniaii iiaeeaaeao ?aaeno?aoeee. Aeaaeaeueoeu eiaiiuo iaeeaaoeee
iieo/atho na?oeoeeao-aeieoiaio, naeaeaoaeuenoaothuee i i?aaa eeoea ia
iaeaaeaiea oeacaiiuie a iai aeieaiauie iaycaoaeuenoaaie. Niaoeeaeueiue
o/ao iaeeaaoeee ia i?aaeuyaeoaey ia aaaeaony.

?acee/atho iaeeaaoeee aioo?aiieo anoaea?noaaiiuo e ianoiuo caeiia e
iaeeaaoeee oicyenoaothuaai noauaeoa; ia?aua auioneathony oieueei ia
i?aaeuyaeoaey, aoi?ua iiaoo yieoe?iaaoueny eae eiaiiua, oae e ia
i?aaeuyaeoaey.

A ioee/ea io aeoeee iaeeaaoeee oicyenoaothueo noauaeoia ia aeatho eo
aeaaeaeueoeai i?aaa ia o/anoea a oi?aaeaiee aeoeeiia?iui iauanoaii, ii
oai ia iaiaa i?eaeaeaoaeueiui n?aaenoaii aeiaeaiey a?aiaiii naiaiaeiuo
n?aaenoa. Yoi iaoneiaeeaaaony ianeieueeeie ianoiyoaeuenoaaie. Ai-ia?auo,
a ioee/ea io aeoeee iaeeaaoeee i?eiinyo aa?aioe?iaaiiue aeioiae.
Ai-aoi?uo, iaeeaaoeee i?eiaaeeaaeao e a?oiia eaaei?aaeecoaiuo aeoeaia e
i?e iaiaoiaeeiinoe eaaei i?aa?auathony a iaee/iua aeaiaaeiua n?aaenoaa.
A-o?aoueeo, auieaoa i?ioeaioia ii iaeeaaoeeyi aeoeeiia?iiai iauanoaa
i?iecaiaeeony a ia?aii/a?aaeiii ii?yaeea, o.a. aei ia/eneaiey
aeeaeaeaiaeia ii aeoeeyi; a neo/aa eeeaeaeaoeee iauanoaa aea?aeaoaee
iaeeaaoeee oaeaea eiatho i?aeiouanoaaiiia i?aai ia?aae aeoeeiia?aie.
A-/aoaa?ouo, eiaanoe?iaaiea n?aaenoa a ainoaea?noaaiiua iaeeaaoeee aeaao
ii?aaeaeaiiua iaeiaiaua eueaiou.

Aeioiae ii i?ioeaioiui iaeeaaoeeyi auiea/eaaaony iooai iieaou
eoiiiia e iaeeaaoeeyi. Auieaoa iiaeao inouanoaeyoueny aaeaaiaeii eeai
aaeeiia?aiaiii i?e iiaaoaiee caeia iooai ia/eneaiey i?ioeaioia e
iiieiaeueiie noieiinoe. Ii iaeeaaoeeyi oeaeaauo caeiia i?ioeaiou ia
auiea/eaathony, a aa aeaaeaeaoe iieo/ao i?aai ia i?eia?aoiiea
niioaaonoaothueo oiaa?ia eee oneoa, iiae eioi?ua auiouaiu caeiu.

Iaeaieaa iaaeaaeiuie yaeythony ainoaea?noaaiiua oeaiiua aoiaae.

Iniiaiay i?e/eia auionea oeaiiuo aoiaa ainoaea?noaii- aeaeaiea
iaeioeyoeeiiiiai iie?uoey aeaoeoeeoa iaoeeiiaeueiiai athaeaeaoa.

A ianiyuaa a?aiy ?ani?ino?aiythony ainoaea?noaaiiua e?aoein?i/iua
iaycaoaeuenoaa(AEI), ainoaea?noaaiiua aeieain?i/iua iaycaoaeuenoaa
(AAeI), eacia/aeneea iaycaoaeuenoaa(EI), e iaeeaaoeee aioo?aiiaai
aaethoiiai caeia.

Iaeaieaa yooaeoeaiuie, iaaeaaeiuie e eeeaeaeiuie eino?oiaioaie
yaeythony o?ao- e oanoeiany/iua AEI, yoi iiaeoaa?aeaeaaony e aeeiaieeie
eo i?iaeaae. Anee ia ia?aii aoeoeeiia 18 iay 1993 aiaea auei ?aciauaii
iaeeaaoeee ia noiio 885 iei. ?oa., oi ?aciauaiiue iauai 26-ai auionea 21
aeae. 1994 aiaea ninoaaee 1.7 ie?ae. ?oa., oi anoue i?iecioei aieaa /ai
iieooi?a ouny/ae?aoiia oaaee/aiea ianooaaia ?uiea. *oi eanaaony
aoi?e/iuo oi?aia, oi eo iauai oaaee/eeny n 50 iei. ?oa. ii iiieiaeo aei
25-30 ie?ae. ?oa. ca iaeio oi?aiaoth nanneth.

?uiie AAeI aei ianoiyuaai a?aiaie inoaaony naiui iacaia/eoaeueiui
ii iauaio naeaeie naaiaioii ?uiea ainoaea?noaaiiuo aoiaa, ia
ieacuaathuei nouanoaaiiiai aeeyiey ia oeiainiaue ?uiie a oeaeii.

Eacia/aeneea iaycaoaeuenoaa eae iiaue oeiainiaue eino?oiaio
iiyaeeenue ia ?uiea ainoaea?noaaiiuo oeaiiuo aoiaa a 1994 aiaeo. Yoe
oeaiiua aoiaae yieoe?othony Ieienoa?noaii oeiainia ?O e eniieuecothony a
ea/anoaa n?aaenoaa iieaou ii oaeouae caaeieaeaiiinoe oaaea?aeueiiai
athaeaeaoa ia?aae i?aaei?eyoeyie e io?aneyie. A naith i/a?aaeue,
i?aaei?eyoey, iieo/eaoea EI a ea/anoaa ia?auo aea?aeaoaeae, iiaoo
?anieaoeoueny eie ni naieie e?aaeeoi?aie ec oao io?aneae , eioi?ua
ii?aaeaeaiu a aeiaiai?a Ieienoa?noaa oeiainia e aaiea-aeaiiceoa?ey,
ianeoaeeaathuaai yoio auione. Ana auionee EI ia?auathony a oa/aiea 365
aeiae, ii eo iiaaoaiea i?ienoiaeeo oieueei iinea i?ioiaeaeaiey eie
iaiaoiaeeiiai /enea eiaeinnaiaioia (io iaeiiai aei iyoe a caaeneiinoe io
na?ee auionea). Aeioiaeiinoue EI ii?aaeaeaia yieoaioii a 40% aiaeiauo.
Ia eiiaoe 1995 aiaea iauee iauai auionea yoeo oeaiiuo aoiaa ninoaaee 20
o?ei. ?oa. Aoi?e/iue ?uiie yoeo oeaiiuo aoiaa iaoiaeeony a noaaeee
oi?ie?iaaiey.

Iaeeaaoeee aioo?aiiaai aaethoiiai caeia Aiaoyeiiiiaaiea iiyaeeenue
14 iay 1993 aiaea , eiaaea AYA auaeae eo i?aaei?eyoeyi,eiaaoei
ei??aniiiaeaioneea n/aoa, n?ieii ia 1,3,6,10 e 15 eao. Iauee iauai caeia
ninoaaee 7885 iei. aeiee.(iyoue o?aioae: 1-e-266; 2-e-1518; 3-e-1307;
4-e- 2627; 5-e-2167); iiieiae iaeeeaaoeee-1,10 e 100 oun. aeiee.
Aaeaaiaeiue aeioiae auiea/eaaaony a ?acia?a 3%. Aoi?e/iue ?uiie yoeo
aoiaa oaeaea ?acaeo ioiineoaeueii neaai aaeaeo eo iaaunieie aeioiaeiinoe
– iaeneiaeueiay aeioiaeiinoue i?e iaeioi?uo iia?aoeeyo n ieie aeinoeaaao
30%. Aianoa n oai yoe oeaiiua aoiaae eiatho iaeii aanueia auaiaeiia
ioee/ea- iie eioe?othony ia ie?iauo oiiaeiauo ?uieao.

Cieioie na?oeoeeao yaeyeny naiie aei?iaie oeaiiie aoiaaie a ?innee
a 1995 aiaeo. Yoi iaeeaaoeey iiieiaeii 10 ea cieioa i?iau 0.9999

Aai iiieiae ii?aaeaeyeny oeaiie cieioa (aoi?ie aeiaaiie oeeneia
i?aaeuaeouaai aeiy ia Eiiaeiineie ae?aea) e eo?nii aeieea?a. Cieioie
na?oeoeeao aue yieoe?iaai Ieienoa?noaii oeiainia 27 naioya?y 1993 aiaea
e ?aciauaeny n?aaee oiieiiii/aiiuo eiiia?/aneeo aaieia n?ieii ia 1 aiae;
iauai yiennee ninoaaee 100 oiii cieioa, i?e/ai auea ?aciauaia
iacia/eoaeueiay /anoue yiennee. Oiieiiii/aiiua aaiee iaaeaeyeenue i?aaii
ia?ai?iaeaaee na?oeoeeaoia oeaeeeii, eee iiaee ?acaeaeeoue eo ia iaeeea
/anoe, i?e/ai ieieiaeueiay ae?iaiay /anoue ia iiaea auoue iaiaa 100 a.
cieoa. I?oeaiou ii Cieioiio na?oeoeeaoo auiea/eaaeenue aaeaeaa?oaeueii;
iie ia iaeaaaeenue iaeiaii ia i?eaueue, ia aeioiae aaieia e iiaeioiaeiui
iaeiaii, iineieueeo Cieioie naoeoeeao yaeyaony ainoaea?noaaiiie oeaiiie
aoiaaie. Aaee/eia auieaou ?ann/eouaaeanue eae 1/4 noaaee LIBOR + 0.75 %
io iiieiaea, eioi?ue ii?aaeaeyeny oeaiie cieioa ia Eiiaeiineie ae?aea ia
ia?aia /enei ianyoea, neaaeothuaai ca i?ioaaeoei eaa?oaeii, e oaeouai
(ia aeaoo auieaou) eo?nii aeieea?a.

Iaeiie ec ?aciiaeaeiinoae iaeeaaoeee n eiaeaene?oaiie iiieiaeueiie
noieiinoueth yaeythony aeeeeuiua na?oeoeeaou, oaeinoiaa?ythuea i?aai eo
nianoaaiieea ia i?eia?aoaiea eaa?oe?u i?e oneiaee i?eia?aoaiey iaeaoa
aeeeeuiuo na?oeoeeaoia, iieo/aiea io yieoaioa ii ia?aiio o?aaiaaieth
eiaeaene?iaaiiie iiieiaeueiie noieiinoe aeeeeuiiai na?oeoeeaoa.

Iiieiae na?oeoeeaoa onoaiaaeeaaaony a aaeaieoeao iauae ieiuaaee
aeeeuey(ii ia iaiaa 0.1 ea.i.), a oaeaea a aai aeaiaaeiii yeaeaaeaioa.
A ea/anoaa yieoaioia iiaoo aunooiaoue aaiee, e?aaeeoiua o/?aaeaeaiey,
oiaa?iua e oiiaeiaua ae?aee.

Aeaiiceoiue na?oeoeeao i?aaenoaaeyao niaie ienueiaiiia
naeaeaoaeuenoai e?aaeeoiiai o/?aaeaeaiey (aaiea-yieoaioa) i
aeaiiie?iaaiee aeaiaaeiuo n?aaenoa, oaeinoiaa?ythuaa i?aai aeaaeaeueoea
ia iieo/aiea ii enoa/aiee onoaiiaeaiiiai n?iea noiiu aeaiiceoa e
i?ioeaioia ii iaio. Nouanoaotho neaaeothuea aeaeu na?oeoeeaoia: eiaiiua
e ia i?aaeuyaeoaey; aei aino?aaiaaiey e n?i/iua (n?ie ia?auaiey ii
n?i/iui na?oeoeeaoai ia?aie/ai, eae i?aaeei, iaeiei aiaeii); na?eeiua e
auiouaiiua a ?aciaii ii?yaeea. Aeaiiceoiua na?oeoeeaou i?aaeiacia/aiu
aeaaiui ia?acii aeey oicyenoaothueo noauaeoia. I?eaeaeaoaeueiinoue
na?oeoeeaoa ninoieo a oii, /oi ii iiaeao auoue ia?aaeai iaeiei
aeaaeaeueoeai ae?oaiio, a oeaia aai ia iiiaio ia?aaea/e caaeneo io
aieinoe aoi?e/iiai ?uiea, n?iea iiaaoaiey na?oeoeeaoa e oaeouae
i?ioeaioiie noaaee ii oeiainiaui eino?oiaioai oiai aea eeanna.

Naa?aaaoaeueiue na?oeoeeaoaaiea eiaao oio aea iaoaieci aeaenoaey,
eae e aeaiiceoiue na?oeoeeao, ii i?aaeiacia/ai aeey oece/aneeo eeoe.
Na?oeoeeao iiaeao auaeaaaoueny ia ii?aaeaeaiiue n?ie eee aei
aino?aaiaaiey. A neo/aa aein?i/iiai aica?aoa n?aaenoa ii n?i/iiio
na?oeoeeaoo ii eieoeeaoeaa aai aeaaeaeueoea auiea/eaaaony iiieaeaiiue
i?ioeaio, aaee/eia eioi?iai oeacuaaaony a aeiaiai?a, caeeth/aaiii i?e
aciina aeaiaa ia o?aiaiea.

Aaenaeue i?aaenoaaeyao niaie aaconeiaiia ienueiaiiia aeieaiaia
iaycaoaeuenoai aaenaeaaeaoaey oieaoeoue i?e ianooieaiee n?iea
iaicia/aiioth a aaenaea aeaiaaeioth noiio aeaaeaeueoeo aaenaey
(aaenaeaaea?aeaoaeth). Eae aeieaiaia aeaiaaeiia iaycaoaeuenoai aaenaeue
eiaao /aou?a nouanoaaiiua iniaaiiinoe:

-aano?aeoiinoue, caeeth/athuothny a oii, /oi aicieeioa eae ?acoeueoao
ii?aaeaeaiiie naeaeee, aaenaeue io iaa iainiaeyaony e nouanoaoao eae
naiinoiyoaeueiue aeieoiaio;

-aannii?iinoue, ninoiyuoth a oii, /oi aaenaeaaea?aeaoaeue naiaiaeai io
aic?aaeaiee, eioi?ua iiaoo auoue auaeaeioou ii ioiioaieth e ae?oaei
o/anoieeai aaenaeueiiai aeiaiai?a;

-i?aai i?ioanoa, iicaieythuaa aaenaeaaea?aeaoaeth a neo/aa, anee
aeieaeiee ia iiea/eaaao aaenaeue, niaa?oeoue i?ioano, o.a ia neaaeothuee
aeaiue iinea enoa/aiey aeaou ieaoaaea ioeoeeaeueii oaeinoiaa?eoue oaeo
ioeaca io iieaou a iioa?eaeueiie eiioi?a ii ianoo iaoiaeaeaiey
ieaoaeueueea;

-nieeaea?ioth ioaaonoaaiiinoue, ninoiyuoth a oii, /oi i?e naiaa?aiaiiii
niaa?oaieei?ioanoa aaenaeaaea?aeaoaeue eiaao i?aai i?aaeuyaeoue ene ei
anai eeoeai, naycaiiui n ia?auaieai yoiai aaenaey, e e eaaeaeiio ec ieo
a ioaeaeueiinoe, ia aoaeo/e i?eioaeaeaiiui i?e yoii niaethaeaoue
iineaaeiaaoaeueiinoue, a eioi?ie iie iaycaeenue.

IOeAIEA OeAIIUO AOIAA E I?EIssOEA ?AOAIEE II OEIAINIAUI EIAANOEOeEssI

OOIAeAIAIOAEUeIUE AIAEEC EIAANOEOeEIIIIE NEOOAOeEE

Aeey oiai, /oiau ec anaai iiiaiia?acey aiciiaeiuo iai?aaeaiee aeiaeaiey
n?aaenoa a ?acee/iua aeaeu oiiaeiauo eino?oiaioia aua?aoue oa, eioi?ua
yaeythony iaeaieaa yooaeoeaiuie n oi/ee c?aiey eiaanoeoeeiiiuo oeaeae,
iaiaoiaeeii ianoiyoaeueii eo i?iaiaeece?iaaoue. Iaeei ec
?ani?ino?aiaiiuo iaoiaeia aiaeeca ?uiea oeaiiuo aoiaa e aai naaiaioia –
oae iacuaaaiue ooiaeaiaioaeueiue aiaeec.

Iieiue ooiaeaiaioaeueiue aiaeec i?iaiaeeony ia o?ao o?iaiyo.
Ia?aiia/aeueii a aai ?aieao ?anniao?eaaaony ninoiyiea yeiiiieee
oiiaeiaiai ?uiea a oeaeii. Yoi iicaieyao auynieoue, ianeieueei iauay
neooaoeey aeaaii?eyoia aeey eiaanoe?iaaiey e aeaao aiciiaeiinoue
ii?aaeaeeoue iniiaiua oaeoi?u, aeaoa?ieie?othuea oeacaiioth neooaoeeth.
Iinea eco/aiey eii’thieoo?u a oeaeii inouanoaeyaony aiaeec ioaeaeueiuo
noa? ?uiea oeaiiuo aoiaa a oeaeyo auyaeaiey oao ec ieo, eioi?ua a
neiaeeaoeony iauayeiiiie/aneeo oneiaeyo iaeaieaa aeaaii?eyoiu aeey
iiiauaiey n?aaenoa n oi/ee c?aiey aua?aiiuo eiaanoeoeeiiiuo oeaeae e
i?ei?eoaoia. I?e yoii ?anniao?eaaaony ninoiyiea io?aneae e iiaeio?aneae
yeiiiieee, i?aaenoaaeaiiuo ia oiiaeiaii ?uiea. Auyaeaiea iaeaieaa
i?aaeii/oeoaeueiuo iai?aaeaiee ?aciauaiey n?aaenoa nicaeaao iniiao aeey
auai?a a eo ?aieao eiie?aoiuo aeaeia oeaiiuo aoiaa, eiaanoeoeee a
eioi?ua iaania/eee au iaeaieaa iieiia auiieiaiea eiaanoeoeeiiiuo caaea/.
Iiyoiio ia o?aoueai o?iaia aiaeeca iiae?iaii inaauaaony ninoiyiea
ioaeaeueiuo oe?i e eiiiaiee, /uee aeieaaua eee aeieaiaua oiiaeiaua
eino?oiaiou ia?auathony ia ?uiea. Yoi aeaao aiciiaeiinoue ?aoeoue aii?in
i oii, eaeea oeaiiua aoiaae yaeythony i?eaeaeaoaeueiuie, a eaeea ec oao,
eioi?ua oaea i?eia?aoaiu, iaiaoiaeeii i?iaeaoue.

Eco/aiea iauae yeiiiie/aneie neooaoeee ia ia?aii yoaia aiaeeca
iniiaaii ia ?anniio?aiee iieacaoaeae, oa?aeoa?ecothueo aeeiaieeo
i?iecaiaenoaa, o?iaaiue yeiiiie/aneie aeoeaiinoe, iio?aaeaiea e
iaeiieaiea, ?acaeoinoue eioeyoeeiiiuo i?ioeannia, oeiainiaia ninoiyiea
ainoaea?noaa. I?e yoii i?aaei?eieiathony iiiuoee onoaiiaeoue eiie?aoiua
iaoaieciu aicaeaenoaey ia iieiaeaiea aeae a yeiiiieea aaaeiaeoeo
iieeoe/aneeo e nioeeaeueiuo niauoee. Auyaeaiea oaeoi?ia,
aeaoa?ieie?othueo oicyenoaaiioth neooaoeeth a oeaeii e iaiin?aaenoaaiii
io?aaeathueony ia oiiaeiaii ?uiea, iicaieyao ii?aaeaeeoue iauea oneiaey,
ia oiia eioi?uo i?eaeaony i?iaiaeeoue eiaanoeoeeiiioth iieeoeeo e
iino?ieoue i?iaiicu ioiineoaeueii ia?niaeoea eo eciaiaiey. Iineieueeo
iae?iyeiiiie/aneay ianoaiiaea yaeyaony i?aaeiaoii i?enoaeueiiai aieiaiey
ni noi?iiu oe?ieeo e?oaia yeiiiienoia, i?e i?iaaaeaiee aa
ooiaeaiaioaeueiiai aiaeeca eiaaony aiciiaeiinoue iie?aoueny ia
aeinoaoi/ii aeoaieea i?i?aaioee e auaiaeu, eioi?ua aeaeathony aaaeoueie
yenia?oaie a aeaiiie iaeanoe.

Iauayeiiiie/aneay neooaoeey io?aaeaao ninoiyiea a aieueoeinoaa noa?
oicyenoaa, iaeiaei eaaeaeay ec yoeo noa? iiae/eiyaony ia oieueei iauei,
ii e naiei /anoiui, aioo?aiiei caeiiiia?iinoyi, e, niioaaonoaaiii,
auaiaeu, naeaeaiiua ia iae?io?iaia, ioaeaeathony ii ioiioaieth e iei a
eiie?aoecaoeee e ei??aeoe?iaea. Aeaaea anee aiaeec ianoaiiaee a oeaeii
iieacuaaao, /oi iia iaaeaaii?eyoia aeey eiaanoe?iaaiey, yoi ioithaeue ia
icia/aao, /oi iaeuecy iaeoe io?anee, eoaea iiaeii auei au n aieueoie
auaiaeie iiiauaoue aeaiueae.

Iau/ii ?acaeoea io?aneae iiae/eiyaony ii?aaeaeaiiui
caeiiiia?iinoyi. Ia/aeueiua yoaiu eo noaiiaeaiey, naycaiiua n iiae’aiii
e auno?ui iiauoaieai aeioiaeiinoe, iinoaiaiii niaiythony aieaa eee iaiaa
i?iaeieaeeoaeueiuie ia?eiaeaie ioiineoaeueii onoie/eaiai ?acaeoey. N
oa/aieai a?aiaie a ?yaea io?aneae iiaeao iaiaoeoueny noaaiaoeey, a
iaeioi?ua ec ieo i?inoi ioie?atho. A eaaeaeue aeaiiue iiiaio i?e
i?iaaaeaiee aiaeeca noa?athony auyaeoue io?aneue, eioi?ay iaoiaeeony ia
iiae’aia e a ?aieao onoaiiaeaiiuo eiaanoeoeeiiiuo i?ei?eoaoia aeaao
eo/oea ii n?aaiaieth n inoaeueiuie aiciiaeiinoe eo/oaai ?aiauaiey
n?aaenoa.

Aeey io?aneaaiai yoaii ooiaeaiaioaeueiiai aiaeeca aieueoia cia/aiea
eiaao iaee/ea i?eieiaaiie aeinoaoi/ii oe?ieei e?oaii noa’aeoia /aoeie
eeanneoeeaoeee io?aneae e iiaeio?aneae, io?aaeathueo eo oaoie/aneea
iniaaiiinoe. Iiyoiio a oneiaeyo iaoae n?aiu, aaea a iineaaeiaa a?aiy
?ac?ooeeanue i?aaeiyy io?aneaaay no?oeoo?a, i?aaeaea anaai iaiaoiaeeii
/aoei ii?aaeaeeoue, n eaeei e?oaii i?aaei?eyoee eee oe?i naycai aiaeec,
iao ee a eo /enea oao, eio?ua aieaa oeaeaniia?acii auei au i?e/eneeoue e
ae?oaei io?aneyi, e ia auiaee ee ec ?an/eouaaaiiai ia?a/iy eiiiaiee,
ioiinyueany ii naiei oaoiieiae/aneei iniaaiiinoyi e aiaeece?oaiie
io?anee.

Aeey oeaeae aiaeeca i?eiaiytho oneiaiia ?acaeaeaiea anao io?aneae
ia o?e iniiaiuo oeia: onoie/eaua, oeeeee/aneea e ?anoouea.

Onoie/eaua io?anee ioee/athony aunieie noaaeeueiinoueth naiaai
?acaeoey e a iaiueoae noaiaie, /ai ae?oaea, iiaeaeathony aicaeaenoaeth
ni noi?iiu iae?iyeiiiie/aneie neooaoeee. Eiaanoeoeee, inouanoaeyaiua a
oeaiiua aoiaae eiiiaiee, ioiinyueony e onoie/eaui io?aneyi, iau/ii
ioee/athony aunieie iaaeaaeiinoueth, ieceei o?iaiai ?enea, ii a oi aea
a?aiy ioiineoaeueii iaiueoae aeioiaeiinoueth.

Iieacaoaee aeayoaeueiinoe oae iacuaaaiuo oeeeee/aneeo io?aneae
oanii naycaiu n oai, a eaeie oaca iaoiaeeony o?iaaiue aeaeiaie
aeoeaiinoe. E iei ioiinyony i?aaeaea anaai io?anee, i?aaei?eyoey eioi?uo
i?iecaiaeyo n?aaenoaa o?oaea e oiaa?u aeeeoaeueiiai iieueciaaiey. A
ia?eiaeu yeiiiie/aneiai niaaea, oooaeoaiey neooaoeee n e?aaeeoaie,
aaeeiie?othuae eioeyoeee nie?auathony aiciiaeiinoe i?iecaiaeeoaeae
i?eia?aoaoue n?aaenoaa o?oaea, ?aaii eae e aiciiaeiinoue iieoiee
ianaeaieai aei?iaeo oiaa?ia, /oi nieaeaao iio?aaiinoue a i?iaeoeoeee
oeacaiiuo io?aneae e i?eaiaeeo e nai?a/eaaieth eo i?ia?aii. A oneiaeyo
iiae’aia ia/eiaao ?aaeeciauaaoueny ioeiaeaiiue aei eo/oeo a?aiai
iio?aaeoaeueneee e i?iecaiaeeoaeueiue ni?in e aeayoaeueiinoue
oeeeee/aneeo io?aneae aeoeaece?oaony. Iiyoiio ?ene e ?acoeueoaoeaiinoue
eiaanoeoeee a aeoeee i?aaei?eyoee, ioiinyueony e yoei io?aneyi,
nouanoaaiii caaeneo io ninoiyiey aeaeiaie aeoeaiinoe.

?anoouea io?anee ioee/athony aunieeie oaiiaie ?acaeoey ii
n?aaiaieth n aeeiaieeie aaeiaiai iauanoaaiiiai i?iaeoeoa. A eo /enei
aoiaeyo io?anee, eioi?ua iaoiaeyony ia ia/aeueiuo yoaiao naiaai
noaiiaeaiey, a oae aea o?aaeeoeeiiiua io?anee, ia?aaeeaathuea ia?eiaeu
aic?iaeaeaiey a ?acoeueoaoa aiaae?aiey iiauo oaoiieiaee, auionea
iao?aaeeoeeiiiuo aeaeia i?iaeoeoeee eee eciaiaiey a no?oeoo?a ni?ina.
Iau/ii i?aaei?eyoey yoeo io?aneae no?aiyoueny aeeaaeuaaoue eae iiaeii
aieueoa n?aaenoa a ?acaeoea i?iecaiaenoaa, /oi noaeaao aiciiaeiinoe
auieaou aeeaeaeaiaeia ii aeoeeyi. A oi aea a?aiy iioaioeeae oaeeo
eiiiaiee auno?i ?anoao, /oi i?eaiaeeo e auno?iio ?inoo oeai ia
auioneaaiua eie oeaiiua aoiaae. Iiiauaiea n?aaenoa a niioaaonoaothuoth
noa?o oeiainiaiai ?uiea ioee/aaony aunieie noaiaiueth ?enea e a oi aea
a?aiy iioaioeeaeueiie aiciiaeiinoueth iieo/aiey a ei?ioeia a?aiy
cia/eoaeueiiai i?e?inoa eaieoaea.

A oiaea io?aneaaiai aiaeeca inouanoaeyaony niiinoaaeaiea
iieacaoaeae, io?aaeathueo aeeiaieeo i?iecaiaenoaa, ia’aiu ?aaeecaoeee,
aaee/eio oiaa?iuo e nu?ueaauo caiania, o?iaaiue oeai e ca?aaioiie ieaou,
i?eauee, iaeiieaiee eae a ?ac?aca io?aneae, oae e a n?aaiaiee n
aiaeiae/iuie iieacaoaeyie a oeaeii ii iaoeeiiaeueiiio oicyenoao. I?e
yoii a no?aiao n ?acaeoie yeiiiieeie aiaeeoeee iie?athony ia
noaiaea?oiua eiaeaenu, oa?aeoa?ecothuea iieiaeaiea aeae a ?acee/iuo
io?aneyo.

Iinea oiai, eae ii?aaeaeaiu iaeaieaa iiaeoiaeyuea io?anee aeey
iiiauaiey n?aaenoa, ec anaai iiiaiia?acey aoiaeyueo a ieo eiiiaiee iaaei
aua?aoue oa, /uee oeaiiua aoiaae iicaieytho ?aaeeciaaoue iinoaaeaiiua
eiaanoeoeeiiiua oeaee.

Iaeiei ec eeth/aauo oaeoi?ia, aeeythueo ia noieiinoue oeaiiuo aoiaa
eaeie-eeai eiiiaiee, yaeythony aa oaeouaa oeiainiai – oicyenoaaiiia
iieiaeaiea e ia?niaeoeau ?acaeoey. Iiyoiio ooiaeaiaioaeueiue aiaeec ia
aai caaa?oathuae noaaeee eiioeaio?e?oaony i?aaeaea anaai ia eco/aiee
iieiaeaiey aeae o yieoaioa. A ea/anoaa iniiaiuo enoi/ieeia eioi?iaoeee
aeey yoiai eniieuecothony:

– aeaiiua aiaeiauo e eaa?oaeueiuo io/aoia i aeayoaeueiinoe eiiiaiee;

– iaoa?eaeu, eioi?ua eiiiaiey ioaeeeoao i naaa;

– naaaeaiey, niiauaaiua a ioaee/iuo aunooieaieyo ?oeiaiaenoaa
aeoeeiia?iiai iauanoaa;

– aeaiiua, iinooiathuea ii eaiaeai yeaeo?iiiuo eioi?iaoeeiiiuo nenoai;

– ?acoeueoaou enneaaeiaaiee, auiieiaiiuo niaoeeaeece?iaaiiuie
i?aaiecaoeeyie e ae?oaeie o/anoieeaie oiiaeiaii ?uiea.

Eiie?aoiay noaia aiaeeca ?acoeueoaoia oeiainiai oicyenoaaiiie
aeayoaeueiinoe aeoeeiia?iuo iauanoa i?aaeii?aaeaeyaony: iieiioie
eiathuaeny eioi?iaoeee, iniaaiiinoyie aeaenoaothuae a oie eee eiie
no?aia nenoaiu o/aoa e io/aoiinoe, io?aneaaie niaoeeoeeaoeee, caaea/aie
enneaaeiaaiey e iaeioi?uie ae?oaeie ianoiyoaeuenoaaie. Ia i?eeiaeaiee
i?aaenoaaeaia a naiii iauai aeaea iaoiaeeea en/eneaiey eeth/aauo
iieacaoaeae, eioi?ua iiaoo ii?aaeaeyoueny a ?acoeueoaoa oaeiai aiaeeca.

Ia ia?aii yoaia aiaeeca iieiaeaiey aeae a eiiiaiee iau/ii
ioeaieaatho aa oaeouaa oeiainiaia ninoiyiea e ia?niaeoeau eciaiaiey aai
a aeieain?i/iii ieaia.

Oeacaiiua a i?eeiaeaiee iieacaoaee niiinoaaeythony n
aiaeiae/iuie iieacaoaeyie o ae?oaeo eiiiaiee, ioiinyueony e oiio aea
naeoi?o ?uiea, a oae aea ni n?aaeieie iieacaoaeyie a oeaeii ii
iaoeeiiaeueiie yeiiiieea. Nouanoaotho ii?aaeaeaiiua iauai?eciaiiua
i?aaenoaaeaiey ioiineoaeueii ii?iaeueiie aaee/eiu iaeioi?uo aaaeiaeoeo
iieacaoaeae. Iai?eia?, oaeouaa oeiainiaia iieiaeaiea oe?iu iiaeao auoue
i?eciaii oaeiaeaoai?eoaeueiui a neo/aa, anee noiia aa iai?ioiuo n?aaenoa
i?eia?ii a aeaa ?aca i?aauoaao noiio oaeoueo ianneaia.

Iinea ii?aaeaeaiey niiniaiinoe eiiiaiee auiieiyoue oaeouea
iaycaoaeuenoaa iau/ii ?anniao?eaatho aa oeiainiaia ninoiyiea n o/aoii
aeieain?i/iuo oaeoi?ia.

Eiiiaiey iiaeao i?eaeaeaoue eaieoae o?aiy iniiaiuie niiniaaie:
/a?ac auione aeoeee, /a?ac iieo/aiea e?aaeeoa a ?acee/iie oi?ia e /a?ac
eniieueciaaiea aeioiaeia. Aeey en/eneaiey iauaai ?acia?a iiaeeeciaaiiiai
eiiiaieae eaieoaea eniieuecotho iieacaoaeue eaieoaeecaoeee, eioi?ue
/eneaiii ?aaai noiia aeieain?i/iie caaeieaeaiiinoe e aeoeeiia?iiai
eaieoaea.Iineaaeiee neeaaeuaaaony ec iiieiaeueiie noieiinoe iaueiiaaiuo
e i?eaaeeae?iaaiiuo aeoeee, yieneiiiiai aeioiaea, noieiinoe aeoeee,
i?eia?aoaiiuo naiie eiiiaieae, e ia?ani?aaeaeaiiie i?eauee, iai?aaeaiiie
ia oaaee/aiea aeoeeiia?iiai eaieoaea.

Ioiioaiea iaeiiai ec yeaiaioia iieacaoaey eaieoaeecaoeee
(noieiinoe auiouaiiuo a ia?auaiea iaeeaaoeee, iaueiiaaiiuo aeoeee,
i?eaeeaae?iaaiiuo aeoeee) e iauae aai aaee/eia iicaieyao en/eneeoue
eiyooeoeaiou eaieoaeecaoeee, oa?aeoa?ecothuea noaiaiue i?eaea/aiey
oe?iie oao eee eiuo nianoaaiiuo e caaiiuo enoi/ieeia aeey oi?ie?iaaiey
naieo ?ano?nia. Eiiiaiey, i?eaeaeathuay eaieoae oieueei /a?ac auione
iaueiiaaiiuo aeoeee, eiaao eiina?aaoeaioth no?oeoo?o eaieoaea. Oa aea
oe?iu, eioi?ua cia/eoaeueioth /anoue naieo ianneaia oi?ie?otho ca n/ao
caaiiuo n?aaenoa, iaeaaeatho niaeoeyoeaiie no?oeoo?ie eaieoaea. O?iaaiue
aeieain?i/iie caaeieaeaiiinoe, i?aauoathuae 30-35 %, eae i?aaeei,
ioeaieaaaony eae ?eneiaaiiue.

Ia aoi?ii yoaia aiaeeca oeiainiai – oicyenoaaiiie
aeayoaeueiinoeeiiiaiee ?anniao?eaatho iieacaoaee yooaeoeaiinoe eo
?aaiou. Aeey yoiai en/eneythony o?iaie ?aioaaeeueiinoe eae ii ioiioaieth
e aeoeai oe?iu, oae e ii ioiioaieth e ia’aio ?aaeeciaaiiie i?iaeoeoeee e
ieacaiiuo oneoa.

Ia o?aoueae noaaeee aiaeeca aieaa aeoaiei eco/aaony no?oeoo?a
eaieoaea oe?iu. A /anoiinoe, iiaeao auoue onoaiiaeaii niioiioaiea
iaaeaeo aaee/eiie eaieoaea, i?eiaaeeaaeauaai aeoeeiia?ai, e iauae noiiie
aeoeaia eiiiaiee.

Iaeiiaoe, ia caeeth/eoaeueiii, /aoaa?oii yoaia aiaeeca
i?iecaiaeeony ioeaiea iioaioeeaea aeoeee. Aeey yoie oeaee
onoaiaaeeaaaony nenoaia iieacaoaeae, io?aaeathueo ea/anoai oeaiie
aoiaae: noiia aeeaeaeaiaeia, i?eoiaeyueony ia iaeio iaueiiaaiioth
aeoeeth; niioiioaiea iaaeaeo oeaiie aeoeee e aa aeioiaeiinoueth;
niioiioaiea iaaeaeo aooaaeoa?neie e ?uii/iie oeaiie aeoeee; niioiioaiea
iaaeaeo aeeaeaeaiaeae eaeioiaeiinoueth aeoeee. A oiaea aiaeeca
i?iecaiaeeony niiinoaaeaiea cia/aiee yoeo iieacaoaeae n aeaiiuie ii
ae?oaei oe?iai, a oae aea n eo aaee/eiaie, neiaeeaoeieny a i?ioeua
aiaeu. I?e ioeaiea ?acoeueoaoia niiinoaaeaiee eniieuecotho iaoa?eaeu
i?aaeoanoaothueo noaaeee aiaeeca, iicaieythuea ia’ynieoue neiaeeaoothny
neooaoeeth.

I?e aiaeeca aeieaiauo eino?oiaioia, oeaiu ia eioi?ua
i?aaeii?aaeaeythony ia oieueei iieiaeaieyie aeae o eo yieoaioia, ii e
ninoiyieai nnoaeiiai ?uiea, iiiaea aiaeeoeee eniieuecotho ?ac?aaioee
?aeoeiaiauo oe?i. A NOA iaeaieaa eniieuecoaiuie yaeythony ?aeoeiae
eiiiaiee Standart &Poor’s e Moody’s. Iie aeatho ioeaiee aieueoiio /eneo
iaeeaaoeee e eiuo e?aaeeoiuo oiiaeiauo oeaiiinoae. A ?innee
eniieuecothoy ?aeoeiae AE&M.

E?aaeeoiua ?aeoeiae eniieuecothony eae iaeaieaa eiiieaeniue,
niiinoaaeiue, eaaei ia?aaeaaaaiue e iaeiicia/iue niinia au?aaeaiey
i?aaenoaaeaiee i ea/anoaa aeieaiaie oiiaeiaie aoiaae. E?aaeeoiua
?aeoeiae:

– au?aaeatho noaiaiue ?enea, naycaiiiai n aeieaiauie oeaiiuie aoiaaaie;

– oa?aeoa?ecotho eeeaeaeiinoue e?aaeeoiuo oiiaeiauo eino?oiaioia;

– neoaeao iniiaie niiinoaaeaiey ?aciuo aeaeia aeieaiauo aoiaa;

– iiaoo ?anniao?eaaoueny eae iaeei ec oaeoi?ia, aeeythueo ia nieiinoue
oeaiiuo aoiaa, eai eciaiaiea ?aeoeiaaiau/ii i?eaiaeeo e eciaiaieth
i?aaenoaaeaiee i aeieaiaii eino?oiaioa oe?ieiai e?oaa o/anoieeia
oiiaeiaiai ?uiea;

– iicaieytho i?iaa?eoue auaiaeu, naeaeaiiua a ?acoeueoaoa nianoaaiiiai
aiaeeca.

?ENE,AeIOIAe E AeIOIAeIINOUe

?ene e aeioiae ?anniao?eaathony eae aeaa acaeiinaycaiiua eaoaai?ee. Iie
iiaoo auoue annioeee?iaaiu eae n eaeei-eeai ioaeaeueiui aeaeii aeoeaa,
oae e n eo eiiaeiaoeeae(a aeaeueiaeoai iiae aeoeaaie aoaeoo iiieiaoueny
oeiainiaua eino?oiaiou).

Nouanoaotho ?acee/iua ii?aaeaeaiey iiiyoey “?ene”. Oae, a
iaeaieaa iauai aeaea iiae ?eneii iiieiatho aa?iyoiinoue aicieeiiaaiey
oauoeia eee iaaeiiieo/aiey aeioiaeia ii n?aaiaieth n i?iaiice?oaiui
aa?eaioii. Iiaeii noi?ioee?iaaoue e aieaa aeaoaeece?iaaiiua iiaeoiaeu e
ii?aaeaeaieth yoiai iiiyoey. A /anoiinoe, ?ene iiaeao auoue ii?aaeaeai
eae o?iaaiue ii?aaeaeaiiie oeiainiaie iioa?e, au?aaeathuaeny:

-a aiciiaeiinoe ia aeinoe/ue iinoaaeaiiie oeaee

-iaii?aaeaeaiiinoe i?iaiice?oaiiai ?acoeueoaoa

-noauaeoeaiinoe ioeaiee i?iaiice?oaiiai ?acoeueoaoa.

Aeoeau, n eioi?uie annioeee?oaony ioiineoaeueii aieueoie ?acia?
aiciiaeiuo iioa?ue, ?anniao?eaathony eae aieaa ?eneiaua. Aiciiaeia e
ae?oaay eioa?i?eoaoeey ?enea- eae noaiaiue aa?eaaaeueiinoe aeioiaea,
eioi?ue iiaeao auoue iieo/ai aeaaiaea?y aeaaeaieth aeaiiui aeaeii
aeoeaa. Oae, ainoaea?noaaiiua oeaiiua aoiaae iaeaaeatho
ioiineoaeueiiiaaieueoei ?eneii, iineieueeo aa?eaoeey aeioiaea ii iei
i?aeoe/anee ?aaia ioeth. Iai?ioea, iaueiiaaiiay aeoeey ethaie eiiiaiee
i?aaenoaaeyao niaie cia/eoaeueii aieaa ?eneiaue aeoea, iineieueeo
aeioiae ii oaeiai ?iaea aeoeeyi iiaeao iuooeii aa?uee?iaaoue.

Aeioiae, iaania/eaaaiue eaeei-eeai aeoeaii, ninoieo ec aeaoo
yeaiaioia: aeioiaea io eciaiaiey noieiinoe aeoeaa e aeioiaea io
iieo/aiiuo aeeaeaeaiaeia. Aeioiae, en/aneaiiue a iioeaioao e
ia?aiia/aeueiie noieiinoe aeoeaa, iacuaaaony aeioiaeiinoueth aeaiiiai
aeoeaa eee ii?iie aeioiaea.

?ene, annioeee?oaiue n ioaeaeueiui aeoeaii.

Niaa?oaiii i/aaeaeii, /oi ?ene yaeyaony aa?iyoiinoiie ioeaieie,
neaaeiaaoaeueii, aai eiee/anoaaiiia ecia?aiea ia iiaeao auoue
iaeiicia/iui e i?aaeii?aaeaeaiiui. A caaeneiinoe io oiai, eaey iaoiaeeea
en/eneaiey ?enea i?eiaiyaony, aaee/eia aai iiaeao iaiyoueny. Ecaanoiu
aeaa iaoiaeeee ioeaiee ?enea:

-aiaeec /oanoaeoaeueiinoe eiiuthieoo?u;

-aiaeec aa?iyoiinoiiai ?ani?aaeaeaiey aeioiaeiinoe;

Nouiinoue iaaie iaoiaeeee caeeth/aaony a en/eneaiee ?aoiaoa
aa?eaoeee aeioiaeiinoe aeoeaa ( R ) enoiaey ec ianneienoe/aneie ( Aea )
e iioeienoe/aneie ( Aei ) aa ioeaiie, eioi?ue e ?anniao?eaaaony eae
ia?a ?enea, annioeee?oaiiai n aeaiiui aeoeaii:

R = Aei – Aei

Nouiinoue aoi?ie iaoiaeeee caeeth/aaony a iino?iaiee aa?iyoiiai
?ani?aaeaeaiey cia/aiee aeioiaeiinoe e en/eneaiee noaiaea?oiiai
ioeeiiaiey io n?aaeiae aeioiaeiinoe eiyooeoeaioa aa?eaoeee, eioi?ue e
?anniao?eaaaony eae noaiaiue ?enea, annioeee?oaiiai n aeaiiui aeoeaii.
Oaeei ia?acii, /ai auoa eiyooeoeaio aa?eaoeee, oai aieaa ?eneiaaiui
yaeyaony aeaiiue aeae aeoeaa. Iniiaiua i?ioeaaeo?u yoie iaoiaeeee
ninoiyo a neaaeothuai:

– aeaeathony i?iaiiciua ioeaiee cia/aiee aeioiaeiinoe ( Ei ) e
aa?iyoiinoae eo inouanoaeaiey ( ?i );

– ?ann/eouaaaony iaeaieaa aa?iyoiay aeioiaeiinoue ( Ea ) ii oi?ioea

-?ann/eouaaaony noaiaea?oiia ioeeiiaiea ( In ) ii oi?ioea

– ?ann/eouaaaony eiyooeoeaio aa?eaoeee ( V ) ii oi?ioea

?ene, annioeee?oaiue n aeaiiui aeoeaii, eae i?aaeei, ?anniao?eaatho
ai a?aiaie. I/aaeaeii, /ai aeaeueoa ai?eciio ieaie?iaaiey, oai o?oaeiaa
i?aaeneacaoue aeioiaeiinoue aeoeaa, o.a. ?aciao aa?eaoeee aeioiaeiinoe,
?aaii eae e eiyooeoeaio aa?eaoeee, oaaee/eaaaony. Oaeei ia?acii, n
oa/aieai a?aiaie, ?ene naycaiiue n aeaiiui aeoeaii, aic?anoaao. Ionthaea
iiaeii naeaeaoue auaiae: /ai aieaa aeieaia?aiaiiui yaeyaony aeae aeoeaa,
oai aieaa ii ?eneiaai, oai aieueoay aa?eaoeey aeioiaeiinoe n iei
naycaia.

?ene eiaanoeoeeiiiiai ii?ooaey.

?ene, annioeee?oaiue n eaeei-oi eiie?aoiui aeoeaii, ia iiaeao
?anniao?eaaoueny eciee?iaaiii. Ethaay iiaay eiaanoeoeey aeieaeia
aiaeece?iaaoueny n iiceoeee aa aeeyiey ia eciaiaiea aeioiaeiinoe e ?enea
eiaanoeoeeiiiiai ii?ooaey a oeaeii. Iineieueeo ana oeiainiaua
eiaanoeoeee ?acee/athony ii o?iaith aeioiaeiinoe e ?enea, eo aiciiaeiua
ni/aoaiey a ii?ooaea on?aaeiytho yoe eiee/anoaaiiuaoa?aeoa?enoeee, a a
neo/aa iioeiaeueiiai eo ni/aoaiey iiaeii aeiaeoueny cia/eoaeueiiai
nieaeaiey ?enea oeeiainiaiai ii?ooaey.

I?EIOeEIU OI?IE?IAAIEss II?OOAEss EIAANOEOeEE

I?eioeeiaie oi?ie?iaaiey eiaanoeoeeiiiiai ii?ooaey

yaeythony aaciianiinoue e aeioiaeiinoue aeiaeaiee, eo ?ino,
eeeaeaeiinoue aeiaeaiee.

Oniao eiaanoeoeee a iniiaiii caaeneo io i?aaeeueiiai ?ani?aaeaeaiey
n?aaenoa ii oeiai aeoeaia. I?iaaaeaiiua iaaethaeaiey iieacaee, /oi
i?eaueue ii?aaeaeyaony:

– ia 94% auai?ii oeia eniieuecoaiuo eiaanoeoeeiiiuo eino?oiaioia (
aeoeee e?oiiuo eiiiaiee, e?aoein?i/iua eacia/aeneea aaenaey,
aeieain?i/iua iaeeaaoeee e ae?. );

– ia 4% auai?ii eiie?aoiuo aoiaa aeaiiiai oeia;

– ia 2% ioeaieie iiiaioa caeoiee oeaiiuo aoiaa.

Aeaiiue oaiiiai iauyniyaony oai, /oi aoiaae iaeiia oeia neeueii
ei??aee?otho, o.a. anee eaey-oi io?aneue eniuouaaao niaae, oi oauoie
eiaanoi?a ia i/aiue caaeneo io oiai, i?aiaeaaeatho ee a aai ii?ooaea
aoiaae oie eee eiie eiiiaiee.

Ai-aoi?uo, ?ene eiaanoeoeee a ii?aaeaeaiiue oei aoiaa ii?aaeaeyaony
aa?iyoiinoueth ioeeiiaiey i?eauee io iaeeaeaaiiai cia/aiey.
I?iaiice?oaiia cia/aiea i?eauee iiaeii ii?aaeaeeoue ia iniiaa ia?aaioee
noaoenoe/aneeo aeaiiuo i aeeiaieea i?eauee io eiaanoeoeee a yoe aoiaae a
i?ioeii, a ?ene – eae n?aaeiaeaaae?aoe/aneia ioeeiiaiea io iaeeaeaaiie
i?eauee.

A-o?aoueeo, iauay aeioiaeiinoue e ?ene eiaanoeoeeiiiiai ii?ooaey
iiaoo iaiyoueny iooai aa?uee?iaaiey aai no?oeoo?ie. Nouanoaotho
?acee/iua i?ia?aiiu, iicaieythuea eiino?oe?iaaoue aeaeaaioth i?iii?oeeth
aeoeaia ?acee/iuo oeiia, iai?eia? ieieiece?othuoth ?ene i?e caaeaiiii
o?iaia iaeeaeaaiie i?eauee eee iaeneiece?othuoth i?eaueue i?e caaeaiiii
o?iaia ?enea.

A-/aoaa?ouo, ana ioeaiee, eniieuecoaiua i?e ninoaaeaiee
eiaanoeoeeiiiia ii?ooaey, iinyo aa?iyoiinoiue oa?aeoa?. Eiino?oe?iaaiea
ii?ooaey a niioaaonoaee n o?aaiaaieyie eeanne/aneie oai?ee aiciiaeii
eeoue i?e iaee/ee ?yaea oaeoi?ia: noi?ie?iaaaoaainy ?uiea oeaiiuo aoiaa,
ii?aaeaeaiiiai ia?eiaea aai ooieoeeiie?iaaiey, noaoenoeee ?uiea e ae?.

Oi?ie?iaaiea eiaanoeoeeiiiiai ii?ooaey inouanoaeyaony a ianeieueei
yoaiia:

– oi?ioee?iaaiea oeaeae aai nicaeaiey e ii?aaeaeaiea eo i?ei?eoaoiinoe,
caaeaiea o?iaiy ?enea, ieieiaeueiie i?eauee, ioeeiiaiey io iaeeaeaaiie
i?eauee e o.i.;

– auai? oeiainiaie eiiiaiee;

– auai? aaiea, eioi?ue aoaeao aanoe eiaanoeoeeiiiueu n/ao.

Acaeiinaycue ?enea e aeioiaeiinoe

Ethaia i?aaei?eyoea iiaeao ?anniao?eaaoueny eae niaieoiiinoue
iaeioi?uo aeoeaia ( iaoa?eaeueiuo e oeiainiauo ), iaoiaeyueony a
ii?aaeaeaiiii ni/aoaiee. Aeaaeaiea ethaui ec yoeo aeoeaia naycaii n
ii?aaeaeaiiui ?eneii a ieaia aicaeaenoaey yoiai aeoeaa ia aaee/eio
iauaai aeioiaea i?aaei?eyoey. Oi aea naiia a iieiii iauaia ioiineony e
ii?ooaeyi oeaiiuo aoiaa, i?e/ai noaiaiue ?enea eciaiyaony ia?aoii
i?iii?oeeiiaeueii eiee/anoao aeeth/aiiuo a ii?ooaeue neo/aeiui ia?acii
aeaeia oeaiiuo aoiaa.

( ?en N )

?ene

ii?ooaey

aeeaa?neoeoee?iaaiiue

?ene

iauee iaaeeaa?ne?iaaiiue

?ene ?ene

5 10 15 20 25 /enei oeiainiauo

eino?oiaioia a ii?ooaea

Iauee ?ene ii?ooaey ninoieo ec aeaoo /anoae:

– aeeaa?neoeoee?iaaiiue ( ianenoaiaoe/aneee ) ?ene, o.a. ?ene, eioi?ue
iiaeao auoue yeeieie?iaai ca n/ao aeeaa?neoeeaoeee;

– iaaeeaa?neoeoee?iaaiiue ( nenoaiaoe/aneee ) ?ene, eioi?ue iaeuecy
oiaiueoeoue ca n/ao eciaiaiey no?oeoo?u ii?ooaey.

Enneaaeiaaiey iieacaee, /oi anee ii?ooaeue ninoieo ec 10 – 20
?acee/iuo aeaeia oeaiiuo aoiaa, aeeth/aiiuo n iiiiuueth neo/aeiie
auai?ee ec eiathuaainy ia ?uiea oeaiiuo aoiaa iaai?a, oi
ianenoaiaoe/aneee ?ene iiaeao auoue naaaeai e ieieioio (yoi iieacaii ia
?en. ). Oaeei ia?acii, yoio ?ene iiaeaeaaony yeeieie?iaaieth aeiaieueii
ianeiaeiuie iaoiaeaie, iiyoiio iniiaiia aieiaiea neaaeoao oaeaeyoue
aiciiaeiiio oiaiueoaieth nenoaiaoe/aneiai ?enea.

Nouanoaoao “ ii?ooaeueiay oai?ey ” – oai?ey oeiainiauo eiaanoeoeee,
a ?aieao eioi?ie n iiiiuueth noaoenoe/aneeo iaoiaeia inouanaeythony
iaeaieaa auaiaeiia ?ani?aaeaeaiea ?enea ii?ooaey oeaiiuo aoiaa e ioeaiea
i?eauee. Yoa oai?ey ninoieo ec /aou?ao iniiaiuo yeaiaioia:

– ioeaiea aeoeaia

– eiaanoeoeeiiiua ?aoaiey

– iioeiecaoeey ii?ooaey

– ioeaiea ?acoeueoaoia.

Nenoaiaoe/aneee ?ene a ?aieao yoie iiaeaee ecia?yaony n iiiiuueth b
– eiyooeoeaioia. Eaaeaeue aeae oeaiiie aoiaae eiaao nianoaaiiue b –
eiyooeoeaio, i?aaenoaaeythuee niaie eiaeaen aeioiaeiinoe aeaiiiai aeoeaa
ii ioiioaieth e aeioiaeiinoe ?uiea oeaiiuo aoiaa a oeaeii. Cia/aiea
iieacaoaey ?ann/eouaaaony ii noaoenoe/aneei aeaiiui aeey eaaeaeie
eiiiaiee, eioe?othuae naie aoiaae ia ae?aea.

Aeiionoei, eiaaony niaieoiiinoue iieacaoaeae aeioiaeiinoe ii a?oiia
eiiiaiee ca ?yae ia?eiaeia ( Rij ), aaea Rij – iieacaoaeue aeioiaeiinoe
i – e eiiiaiee ( i=1,2,…,k) a j – i ia?eiaea ( j = 1,2,…,n ),
oiaaea iauay oi?ioea ?ann/aoa b – eiyooeoeaioa aeey i?iecaieueiie i – e
eiiiaiee eiaao aeae:

bi = Cov ( Ri, Rm ) / Var ( Rm )

aaea

Cov ( Ri, Rm ) = ( Rij – Ri )( Rmj – Rm )

Var ( Rm ) = ( Rmj – Rm )^2

Rmj = 1/k Rij aeioiaeiinoue a n?aaeiai ia ?uiea

oeaiiuo aoiaa a j – i ia?eiaea;

Rm = 1/n Rmj aeioiaeiinoue a n?aaeiai ia ?uiea

oeaiiuo aoiaa ca ana ia?eiaeu;

Ri = 1/n Rij aeioiaeiinoue oeaiiuo aoiaa i – e eiiiaiee

a n?aaeiai ca ana ia?eiaeu.

A oeaeii ii ?uieo oeaiiuo aoiaa b – eiyooeoeaio ?aaai aaeaieoea;
aeey ioaeaeueiuo eiiiaiee ii eieaaeaony ieiei aaeaieoeu, i?e/ai
aieueoeinoai b- eiyooeoeaioia iaoiaeeony a eioa?aaea io 0.5 aei 0.2.
Eioa?i?eoaoeey b – eiyooeoeaioa aeey aeoeee eiie?aoiie eiiiaiee
caeeth/aaony a neaaeothuai:

b = 1 icia/aao, /oi oeaiiua aoiaae aeaiiie eiiiaiee eiatho n?aaeithth
noaiaiue ?enea, neiaeeaoothny ia ?uiea a oeaeii;

b iaiueoa 1 icia/aao, /oi oeaiiua aoiaae aeaiiie eiiiaiee iaiaa
?eneiaaiu, /ai a n?aaeiai ia ?uiea;

b aieueoa 1 icia/aao, /oi oeaiiua aoiaae aeaiiie eiiiaiee aieaa
?eneiaaiiu, /ai a n?aaeiai ia ?uiea;

oaaee/aiea b – eiyooeoeaioa a aeeiaieea icia/aao, /oi aeiaeaiea a
oeaiiua aoiaae aeaiiie eiiiaiee noaiiaeony aieaa ?eneiaaiiui.

A ii?ooaeueiie oai?ee ?ac?aaioaia iiaeaeue oaycee nenoaiaoe/aneiai
?enea e aeioiaeiinoe oeaiiuo aoiaa ( Capital Asset Pricing Model – CAPM
)/

Yoa iiaeaeue eiaao neaaeothuee aeae:

Re = Rf + b ( Rm – Rf )

aaea Re – iaeeaeaaiay aeioiaeiinoue aeoeee aeaiiie eiiiaiee;

Rf – aeioiaeiinoue aac?eneiauo oeaiiuo aoiaa

Rm- aeioiaeiinoue a n?aaeiai ia ?uiea oeaiiuo aoiaa a oaeouai
ia?eiaea

b – aaoa-eiyooeoeaio.

Iieacaoaeue ( Rm – Rf ) eiaao aiieia iaaeyaeioth eioa?i?eoaoeeth,
i?aaenoaaeyy niaie ?uii/ioth i?aieth ca ?ene aeiaeaiy naiaai eaieoaea ia
a aac?eneiaua ainoaea?noaaiiua oeaiiua aoiaae, a a ?eneiaaiiua oeaiiua
aoiaae. Aiieiae/ii iieacaoaeue ( Re – Rf ) i?aaenoaaeyao niaie i?aieth
ca ?ene aeiaeaiey eaieoaea a oeaiiua aoiaae eiaiii aeaiiiai
i?aaei?eyoey. Iiaeaeue NA?I icia/aao, /oi i?aiey ca ?ene aeiaeaiey a
oeaiiua aoiaae aeaiiiai i?aaei?eyoey i?yii i?iii?oeeiiaeueia ?uii/iie
i?aiee ca ?ene.

Aaaeiui naienoaii iiaeaee NA?I yaeyaony aa eeiaeiinoue ioiineoaeueii
noaiaie ?enea. Yoi aeaao aiciiaeiinoue ii?aaeaeyoue b – eiyooeoeaio
ii?ooaey eae n?aaeiaacaaoaiioth b – eiyooeoeaioia, aoiaeyueo a ii?ooaeue
oeiainiauo aeoeaia.

bn = bi di

aaea bi – cia/aiea b – eiyooeoeaioa i – ai aeoeaa a ii?ooaea

bn – cia/aiea b – eiyooeoeaioa a ii?ooaea

di – aeiey i – ai aeoeaa a ii?ooaea

n – /enei ?acee/iuo oeiainiauo aeoeaia a ii?ooaea.

Eeieth ?uiea oeaiiuo aoiaa iiaeii eniieueciaaoue aeey
n?aaiaieoaeueiiai aiaeeca ii?ooaeueiuo eiaanoeoeee. Eae neaaeoao ec
iiaeaee NA?I, eaaeaeiio ii?ooaeth niioaaonoaoao oi/ea a eaaae?aioa ia
?en. . Aiciiaeiu o?e aa?eaioa ?aniieiaeaiey yoie oi/ee: ia eeiee ?uiea
oeaiiuo aoiaa, ieaea eee auoa yoie eeiee. A ia?aii neo/aa ii?ooaeue
iacuaaaony yooaeoeaiui, ai aoi?ii – iayooaeoeaiui, a o?aoueai –
naa?oyooaeoeaiui.

Re,%

nenoaiaoe/aneee

?ene (b-eiyooeoeaio

IOeAIEA IAEEAAOeEE

Ioeaiea iaeeaaoeee n ioeaaui eoiiiii.

Yoi naiue i?inoie neo/ae. Iineieueeo aeaiaaeiua iinooieaiey ii aiaeai,
ca eneeth/aieai iineaaeiaai, aiaea ?aaiu ioeth, oi?ioea eiaao aeae:

PV = CF / ( 1 + r )^n = CF * FM2 ( r,n ),

aaea PV – noieiinoue iaeeaaoeee n iiceoeee eiaanoi?a

CF – noiia, auiea/eaaaiay i?e iiaaoaiee iaeeaaoeee

n – /enei eao, ii enoa/aiee eioi?uo i?iecieaeao iiaaoaiea iaeeaaoeee

FM2 – aeeneiioe?othuee iiiaeeoaeue, FM2=

Ioeaiea aann?i/iuo iaeeaaoeee

Aann?i/iay iaeeaaoeey i?aaeoniao?eaaao iaii?aaeaeaiii aeieaoth auieaoo
aeioiaea a onoaiiaeaiiii ?acia?a CF eee ii ieaaathuae i?ioeaioiie
noaaea.

Iiyoiio

PV = CF / r,

aaea r – i?eaieaiay ii?ia aeioiaea.

Ioeaiea iaeeaaoeee n iinoiyiiui aeioiaeii.

Aeaiaaeiue iioie a yoii neo/aa neeaaeuaaaony ec iaeeiaeiauo ii aiaeai
iinooieaiee ( N ) e ia?eoeaoaeueiie noieiinoe iaeeaaoeee ( F ),
auiea/eaaaiie a iiiaio iiaaoaiey.

Oaeei ia?acii,

aaea PV – oaeouay ?uii/iay oeaia iaeeaaoeee

FM4 =

Ii?ia aeioiaea iaeeaaoeee

YTM =

Aeinoieinoaii iieacaoaey YTM yaeyaony aiciiaeiinoue eniieueciaaiey aai a
n?aaieoaeueiii aiaeeca i?e auai?a aa?eaioia eiaanoe?iaaiey a oa eee eiua
iaeeaaoeee.

Oaeouay aeioiaeiinoue iaeeaaoeee.

A oeiainiaii aiaeeca eniieuecoaony iieacaoaeue oaeouae aeioiaeiinoe,
iiae eioi?ui iiieiaaony ioiioaiea aeioiaea, iieo/aaiiai aaeaaiaeii ii
eoiiiiie noaaea, e oaeoe/aneei cao?aoai ia i?eia?aoaiea iaeeaaoeee:

?N =

aaea ?N – oaeouay aeioiaeiinoue, %

N – iiieiaeueiay noieiinoue iaeeaaoeee

PV – oaeouay ?uii/iay noieiinoue iaeeaaoeee

rc – eoiiiiay noaaea, %.

IOeAIEA AEOeEE.

Ioeaiea aeoeee n ?aaiiia?ii aic?anoathueie aeeaeaeaiaeaiie.

I?aaeiieaaaaony, /oi aaciaay aaee/eia aeeaeaeaiaea ?aaia N; aaeaaiaeii
iia oaaee/eaaaony n oaiiii i?e?inoa g. Oiaaea oi?ioea eiaao aeae:

PV =

Yoa iiaeaeue iacuaaaony iiaeaeueth Ai?aeiia.

Ioeaiea aeoeee n eciaiythueiny oaiiii i?e?inoa.

Ec i?aaeuaeouae oi?ioeu aeaeii, /oi oaeouay oeaia iaueiiaaiiie aeoeee
i/aiue /oanoaeoaeueia e ia?aiao?o g – aeaaea iacia/eoaeueiia aai
eciaiaiea iiaeao nouanoaaiii iiaeeyoue ia oeaio. Iiyoiio a ?aan/aoao
eiiaaea iuoathony ?acaeoue eioa?aae i?iaiice?iaaiey ia iiaeuioa?aaeu,
eaaeaeue ec eioi?uo oa?aeoa?ecoaony nianoaaiiui oaiiii i?e?inoa g. Oae,
anee auaeaeeoue aeaa iiaeuioa?aaea n oaiiaie i?e?inoa g e ?
niioaaonoaaiii, oi oi?ioea aoaeao eiaoue aeae:

PV = Co

aaea Ni – aeeaeaeaiae, auiea/aiiue a aaceniue iiiaio a?aiaie

Ce – i?iaiic aeeaeaeaiaea a e- i ia?eiaea

g – i?iaiic oaiia i?e?inoa aeeaeaeaiaea a ia?aua e-
iiaeia?eiaeia

? – i?iaiic oaiia i?e?inoa aeeaeaeaiaeia a iineaaeothuea
ia?eiaeu.

Aeaaiay neiaeiinoue yoie iiaeaee ninoieo a auaeaeaiee iiaeia?eiaeia,
i?iaiice?iaaiee oaiiia i?e?inoa e eiyooeoeaioia aeeneiioe?iaaiey aeey
eaaeaeiai iiaeia?eiaea.

EIAeEEAOI?U IA ?UIEA OeAIIUO AOIAA

Ai anao no?aiao n ?acaeoui ?uieii oeaiiuo aoiaa aeey ii?aaeaeaiey iauae
oaiaeaioeee a eciaiaiee eo?nia aeoeee i?eiaiythony niaoeeaeueiua
eiaeeeaoi?u – oiiaeiaua eiaeaenu. Iaeaieaa ecaanoiuie ec ieo yaeythony:
a NOA – eiaeaen Aeio-Aeaeiina e eiaeaen Noaiaea?ae yiae Io? ( Standard
and Poor’s 500 stock Price Index ); a Aaeeeia?eoaiee – eiaeaenu OOONE (
Financial Times Stock Indices, “footsie” ); a ssiiiee – Ieeeae; a
Eaiaaea – eiaeaen Oi?iioneie oiiaeiaie ae?aee.

?nneeneee ?uiie oeaiiuo aoiaa aua iaoiaeeony a noaaeee noaiiaeaiey. Oai
ia iaiaa yenia?oaie eioi?iaoeeiiii – aiaeeoe/aneiai aaainoaa ” Aiaeec,
eiinoeueoaoeey e ia?eaoeia “ ( AE&I )?ac?aaioaia iaoiaeeea ?ann/aoa
eiaeaenia, nooue eioi?ie ninoieo a neaaeothuai:

?ann/eouaathony o?e eiaeaena: aaieianeee, i?iiuoeaiiue e naiaeiue. A
aaieianeee eenoeia aeeth/athony iaeaieaa e?oiiua ?inneeneea aaiee; a
nienie i?iiuoeaiiuo eiiiaiee auee aeeth/aiu 24 i?aaei?eyoey, oaeea eae
CEE, ”O?aeiao” e ae?. Naiaeiue eiaeaen ?ann/eouaaaony ii 35 iiceoeeyi –
eiiiaiee aeaoo i?aaeuaeoueo nieneia iethn ?yae i?aaei?eyoee ae?oaeo
io?aneae. Aaciaay aeaoa, n eioi?ie ia/eiaaony io/ao, – 1 naioya?y 1993
aiaea. A niiiao ii?aaeaeaiey eiaeaenia iieiaeaia iaoiaeeea eiiiaiee “
Noaiaea?ae yiae Io? “. A ?an/aoa ii?aaeaeyaony eciaiaiea oeaiu aeoeee ii
n?aaiaieth n aaciaie aeaoie e acaaoeaaaony ia aeieth ?uii/iie noieiinoe
anao aeoeee aianaiiiai a eenoeia yieoaioa. Oaeei ia?acii, eiaeaen
oa?aeoa?ecoao eciaiaiea n?aaeiae oeaiu aeoeee. Aeaiiua ia eciaiaiee
eiaeaenia AE&I ioaeeeothony a n?aaenoaao ianniaie eioi?iaoeee.

I?EIssOEA ?AOAIEE II EIAANOEOeEIIIUI I?IAEOAI.

?AC?AAIOEA AA?EAIOIA EIAANOEOeEIIIUO I?IAEOIA

Ana i?aaei?eyoey a oie eee eiie noaiaie naycaiu n eiaanoeoeeiiiie
aeayoaeueiinoueth. I?eiyoea ?aoaiee ii eiaanoeoeeiiiui i?iaeoai
ineiaeiyaony ?acee/iuie oaeoi?aie: aeae eiaanoeoeee, noieiinoue
eiaanoeoeeiiiiai i?iaeoa, iiiaeanoaaiiinoue aeinooiiuo i?iaeoia,
ia?aie/aiiinoue oeiainiauo ?ano?nia, aeinooiiuo aeey eiaanoe?iaaiey,
?ene, naycaiiue n i?eiyoeai oiai eee eiiai ?aoaiey.

I?e/eiu, iaoneiaeeaathuea iaiaoiaeeiinoue eiaanoeoeee, iiaoo auoue
?acee/iu, iaeiaei a oeaeii eo iiaeii iiae?acaeaeeoue ia o?e aeaea:
iaiiaeaiea eiathuaeny iaoa?eaeueii-oaoie/aneie aacu, ia?aueaaiea iauaiia
i?iecaiaenoaaiiie aeayoaeueiinoe, inaiaiea iiauo aeaeia aeayoaeueiinoe.
Noaiaiue ioaaonoaaiiinoe ca i?eiyoea eiaanoeoeeiiiiai i?iaeoa a ?aieao
oiai eee eiiai iai?aaeaiey ?acee/ia. Oae, anee ?a/ue eaeao i caiauaiee
eiathueony i?iecaiaenoaaiiuo iiuiinoae, ?aoaiea iiaeao auoue i?eiyoi
aeinoaoi/ii aacaieaciaiii, iineieueeo ?oeiaiaenoai i?aaei?eyoey ynii
i?aaenoaaeyao naaa, a eaeii iauaia e n eaeeie oa?aeoa?enoeeaie
iaiaoiaeeiu iiaua iniiaiua n?aaenoaa. Caaea/a ineiaeiyaony, anee ?a/ue
eaeao ia eiaanoeoeeyo, naycaiiuo n ?anoe?aieai iniiaiie aeayoaeueiinoe,
iineieueeo a yoii neo/aa iaiaoiaeeii o/anoue ?yae iiauo oaeoi?ia:
aiciiaeiinoue eciaiaiey iieiaeaiey oe?iu ia ?uiea oiaa?ia, aeinooiiinoue
aeiiieieoaeueiuo iauaiia iaoa?eaeueiuo, o?oaeiauo e oeiainiauo ?ano?nia,
aiciiaeiinoue inaiaiey iiauo ?uieia e o.ae.

I/aaeaeii,/oi aaaeiui yaeyaony aii?in i ?acia?a i?aaeiieaaaaiuo
eiaanoeoeee. Oae, o?iaaiue ioaaonoaaiiinoe, naycaiiie n i?eiyoeai
i?iaeoia noieiinoueth 100 oun.$ e 1 iei.$ ?acee/ai. Iiyoiio aeieaeia
auoue ?acee/ia e aeoaeia aiaeeoe/aneie i?i?aaioee yeiiiie/aneie noi?iiu
i?iaeoa, eioi?ay i?aaeoanoaoao i?eiyoeth ?aoaiey. E?iia oiai, ai iiiaeo
oe?iao noaiiaeony iauaeaiiie i?aeoeea aeeooa?aioeeaoeee i?aaa i?eiyoey
?aoaiee eiaanoeoeeiiiiai oa?aeoa?a, o.a. ia?aie/eaaaony iaeneiaeueiay
aaee/eia eiaanoeoeee, a a?ieao eioi?ie oio eee eiie ?oeiaiaeeoaeue
iiaeao i?eieiaoue naiinoiyoaeueiua ?aoaiey.

Ia?aaeei ?aoaiey aeieaeiu i?eieiaoueny a oneiaeyo, eiaaea eiaaony
?yae aeueoa?iaoeaiuo eee acaeiii iacaaeneiuo i?iaeoia. A yoii neo/aa
iaiaoiaeeii naeaeaoue auai? iaeiiai eee ianeieueeeo i?iaeoia,
iniiauaaynue ia eaeeo-oi e?eoa?eyo. I/aaeaeii, /oi eaeeo-oi e?eoa?eaa
iiaeao auoue ianeieueei, a aa?iyoiinoue oiai, /oi eaeie-oi iaeei i?iaeo
aoaeao i?aaeii/oeoaeueiaa ae?oaeo ii anai e?eoa?eyi, eae i?aaeei,
cia/eoaeueii iaiueoa aaeaieoeu.

A oneiaeyo ?uii/iie yeiiiieee aiciiaeiinoae aeey eiaanoe?iaaiey
aeinoaoi/ii iiiai. Aianoa n oai ethaia i?aaei?eyoea eiaao ia?aie/aiiua
oeiainiaua ?ano?nu, aeinooiiua aeey eiaanoe?iaaiey. Iiyoiio anoaao
caaea/a iioeiecaoeee eiaanoeoeeiiiiai ii?ooaey.

Aanueia nouanoaaiai oaeoi? ?enea. Eiaanoeoeeiiiay aeayoaeueiinoue
anaaaea inouanoaeyaony a oneiaeyo iaii?aaeaeaiiinoe, noaiaiue eioi?ie
iiaeao nouanoaaiii aa?uee?iaaoue. Oae, a iiiaio i?eia?aoaiey iiauo
iniiaiuo n?aaenoa ieeiaaea iaeuecy oi/ii i?aaeneacaoue yeiiiie/aneee
yooaeo yoie iia?aoeee. Iiyoiio ?aoaiey ia?aaeei i?eieiathony ia
eiooeoeaiie iniiaa.

I?eiyoea ?aoaiee eiaanoeoeeiiiiai oa?aeoa?a, eae e ethaie ae?oaie
aeae oi?aaeai/aneie aeayoaeueiinoe, iniiauaaaony ia eniieueciaaiee
?acee/iuo oi?iaeeciaaiiuo e iaoi?iaeeciaaiiuo iaoiaeia. Noaiaiue eo
ni/aoaiey ii?aaeaeyaony ?aciuie ianoiyoaeuenoaaie, a oii /enea e oai ec
ieo, ianeieueei iaiaaeaea? ciaeii n eiathueiny aiia?aoii, i?eiaieiui a
oii eee eiii eiie?aoiii neo/aa. A ioa/anoaaiiie e ca?oaaaeiie i?aeoeea
ecaanoai oeaeue ?yae oi?iaeeciaaiiuo iaoiaeia, ?an/aou n iiiiuueth
eioi?uo iiaoo neoaeeoue iniiaie aeey i?eiyoey ?aoaiee a iaeanoe
eiaanoeoeeiiiie iieeoeee. Eaeiai-oi oieaa?naeueiiai iaoiaea,
i?eaiaeiiaiaeey anao neo/aaa aeecie, ia nouanoaoao. Aa?iyoii, oi?aaeaiea
ana aea a aieueoae noaiaie yaeyaony eneonnoaii, /ai iaoeie. Oai ia
iaiaa, eiay iaeioi?ua ioeaiee, iieo/aiiua oi?iaeeciaaiiuie iaoiaeaie,
ionoue aeaaea a ecaanoiie noaiaie oneiaiua, eaa/a i?eieiaoue
ieii/aoaeueiua ?aoaiey.

IAOIAeU IOeAIEE EIAANOEOeEIIIUO I?IAEOIA.

A iniiaa i?ioeann i?eiyoey oi?aaeai/aneeo ?aoaiee eiaanoeoeeiiiiai
oa?aeoa?a eaaeao ioeaiea e n?aaiaiea iauaia i?aaeiieaaaaiuo eiaanoeoeee
e aoaeothueo aeaiaaeiuo iinooieaiee. Iineieueeo n?aaieaaaiua iieacaoaee
ioiinyony e ?acee/iui iiiaioai a?aiaie, eeth/aaie i?iaeaiie caeanue
yaeyaony i?iaeaia eo niiinoaaeiinoe. Ioiineoueny e iae iiaeii ii-?aciiio
a caaeneiinoe io nouanoaothueo iauaeoeaiuo e noauaeoeaiuo oneiaee: oaiia
eioeyoeee, ?acia?a eiaanoeoeee e aaia?e?oaiuo iinooieaiee, ai?eciioa
i?iaiice?iaaiey, o?iaiy eaaeeoeeaoeee aiaeeoeeia e o.ae.

Iaoiaeu, eniieuecoaiua a aiaeeca eiaanoeoeeiiiie aeayoaeueiinoe,
iiaeii iiae?acaeaeeoue ia aeaa a?oiiu: a) iniiaaiiua ia
aeeneiioe?iaaiiuo ioeaieao; a) iniiaaiiua ia o/aoiuo ioeaieao.

Aeeneiioe?iaaiea eaieoaea e aeioiae

Oeiainiaua ?ano?nu, iaoa?eaeueioth iniiao eioi?uo

ninoaaeytho aeaiueae, eiatho a?aiaiioth oeaiiinoue. A?aiai-

iay oeaiiinoue oeiainiauo ?ano?nia iiaeao ?anniao?eaaoueny

a aeaoo aniaeoao. Ia?aue aniaeo naycai n iieoiaoaeueiie nii-

niaiinoueth aeaiaa. Aoi?ie aniaeo naycai n ia?auaieai aea-

iaaeiuo n?aaenoa eae eaieoaea e iieo/aieai aeioiaeia io yoiai

iai?ioa. Aeaiueae eae iiaeii auno?aa aeieaeiu aeaeaoue iiaua

aeaiueae.

Aeeneiioe?iaaiea aeioiaeia – i?eaaaeaiea aeioiaea e iiiaioo

aeiaeaiey eaieoaea. Aeey ii?aaeaeaiey ia?auaiiiai eaieoaea

e aeiiieieoaeueiiai aeioiaea n o/aoii aeeneiioe?iaaiey en-

iieuecothony neaaeothuea oi?ioeu (1):

E = E (1 + n) , (1.4.)

aaea E – ?acia? aeiaeaiey eaieoaea e eiioeo t-ai ia?eiaea

a?aiaie n iiiaioa aeeaaea ia?aiia/aeueiie noiiu,?oa.;

E – oaeouay ioeaiea ?acia?a aeiaeaiiiai eaieoaea, o.a.

n iiceoeee enoiaeiiai ia?eiaea, eiaaea aeaeaaony ia?aiia-

/aeueiue aeeaae, ?oa.;

n – eiyooeoeeaio aeeneiioe?iaaiey (o.a. ii?ia aeioiae-

iinoe, eee i?ioeaioiay noaaea), aeiee aaeeieoeu;

t – oaeoi? a?aiaie (/enei eao eee eiee/anoai iai?ioia

eaieoaea).

Ae = E (1 + n) – E,

aaea Ae – aeiiieieoaeueiue aeioiae, ?oa.

Aeeneiioe?iaaiea aeioiaea i?eiaiyaony aeey ioeaiee aoaeoueo

aeaiaaeiuo iinooieaiee (i?eaueue, i?ioeaiou, aeeaeaeaiaeu) n

iiceoeee oaeouaai iiiaioa. Eiaanoi?, naeaeaa aeiaeaiea ea-

ieoaea, ?oeiaiaenoaoaony neaaeothueie iieiaeaieyie. Ai-ia?-

auo, i?ienoiaeeo iinoiyiiia iaanoeaiaiea aeaiaa; ai-aoi?uo,

aeaeaoaeueii ia?eiaee/aneia iinooieaiea aeioiaea ia eaieoae,

i?e/ai a ?acia?a ia ieaea ii?aaeaeaiiiai ieieioia. Eiaanoi?

aeieaeai ioeaieoue, eaeie aeioiae ii iieo/eo a aoaeouai e eaeoth

iaeneiaeueii aiciiaeioth noiio oeiainiauo ?ano?nia aeiion-

oeii aeiaeeoue a aeaiiia aeaei enoiaey ec i?iaiice?oaiiai o?ia-

iy aeioiaeiinoe. Yoa ioeaiea i?iecaiaeeony ii oi?ioea (1):

E = _______ (1.5)

(1 + n)

Iaoiae ?an/aoa /enoiai i?eaaaeaiiiai yooaeoa.

Yoio iaoiae iniiaai ia niiinoaaeaiee aaee/eiu enoiaeiie eiaanoeoeee
( IC ) n iauae noiiie aeeneiioe?iaaiiuo /enouo aeaiaaeiuo iinooieaiee,
aaia?e?oaiuo ath a oa/aiea i?iaiice?oaiiai n?iea. Iineieueeo i?eoie
aeaiaaeiuo n?aaenoa ?ani?aaeaeai ai a?aiaie, ii aeeneiioe?oaony n
iiiiuueth eiyooeoeaioa r , onoaiaaeeaaaiiai aiaeeoeeii naiinoiyoaeueii
enoiaey ec aaeaaiaeiiai i?ioeaioa aica?aoa, eioi?ue ii oi/ao eee iiaeao
eiaoue ia eiaanoe?oaiue ei eaieoae.

Aeiionoei, aeaeaaony i?iaiic, /oi eiaanoeoeey ( IC ) aoaeao
aaia?e?iaaoue a oa/aiea n eao, aiaeiaua aeioiaeu a ?acia?a ?1,
?2,…,?n. Iauay iaeiieaiiay aaee/eia aeeneiioe?iaaiiuo aeioiaeia ( PV )
e /enoue i?eaaaeaiiue yooaeo

( NPV ) niioaaonoaaiii ?an/eouaathony ii oi?ioeai:

PV =

NPV =

I/aaeaeii, /oi anee: NPV > 0, oi i?iaeo neaaeoao i?eiyoue;

NPV 1, oi i?iaeo neaaeoao i?eiyoue;

PI IC.

Iieacaoaeue n?iea ieoiaaiinoe eiaanoeoeee i/aiue i?ino a ?an/aoao,
aianoa n oai ii eiaao ?yae iaaeinoaoeia, eioi?ua iaiaoiaeeii o/eouaaoue
a aiaeeca.

Ai- ia?auo, ii ia o/eouaaao aeeyiea aeioiaeia iineaaeieo
ia?eiaeia. Ai- aoi?uo, iineieueeo yoiae iaoiae iniiaai ia
iaaeeneiioe?iaaiiuo ioeaieao, ii ia aeaeaao ?acee/ey iaaeaeo i?iaeoaie n
iaeeiaeiaie noiiie eoioeyoeaiuo aeioiaeia, ii ?acee/iui ?ani?aaeaeaiei
eo ii aiaeai.

Nouanoaoao ?yae neooaoeee, i?e eioi?uo i?eiaiaiea iaoiaea,
iniiaaiiiai ia ?an/aoa n?iea ieoiaaiinoe cao?ao, iiaeao auoue
oeaeaniia?aciui. A /anoiinoe, yoi neooaoeey, eiaaea ?oeiaiaenoai
i?aaei?eyoey a aieueoae noaiaie icaai/aii ?aoaieai i?iaeaiu
eeeaeaeiinoe, a ia i?eaueueiinoe i?iaeoa – aeaaiia, /oiau eiaanoeoeee
ieoieeenue eae iiaeii nei?aa. Iaoiae oaeaea oi?io a neooaoeee, eiaaea
eiaanoeoeee nii?yaeaiu n aunieie noaiaiueth ?enea, iiyoiio /ai ei?i/a
n?ie ieoiaaiinoe, oai iaiaa ?eneiaaiiui yaeyaony i?iaeo. Oaeay neooaoeey
oa?aeoa?ia aeey io?aneae eee aeaeia aeayoaeueiinoe, eioi?ui i?enoua
aieueoay aa?iyoiinoue aeinoaoi/ii auno?uo oaoiieiae/aneeo eciaiaiee.

Iaoiae ?an/aoa eiyooeoeaioa yooaeoeaiinoe eiaanoeoeee

Yoio iaoiae eiaao aeaa oa?aeoa?iua /a?ou: ii ia i?aaeiieaaaao
aeeneiioe?iaaiey iieacaoaeae aeioiaea; aeioiae oa?aeoa?ecoaony
iieacaoaeai /enoie i?eauee PN ( aaeainiaay i?eaueue ca au/aoii
io/eneaiee a athaeaeao ). Aeai?eoi ?an/aoa eneeth/eoaeueii i?ino, /oi e
i?aaeii?aaeaeyao oe?ieia eniieueciaaiea yoiai iieacaoaey ia i?aeoeea:
eiyooeoeaio yooaeoeaiinoe eiaanoeoeee ( ARR ) ?an/eouaaaony aeaeaieai
n?aaeiaaiaeiaie i?eauee PN ia n?aaeithth aaee/eio eiaanoeoeee (
eiyooeoeaio aa?aony a i?ioeaioao ). N?aaeiyy aaee/eia eiaanoeoeee
iaoiaeeony aeaeaieai enoiaeiie noiiu eaieoaeueiuo aeiaeaiee ia aeaa,
anee i?aaeiieaaaaony, /oi ii enoa/aiee n?iea ?aaeecaoeee aiaeece?oaiiai
i?iaeoa ana eaieoaeueiua cao?aou aoaeoo nienaiu; anee aeiioneaaony
iaee/ea inoaoi/iie noieiinoe (RV), oi aa ioeaiea aeieaeia auoue
eneeth/aia.

ARR = _____PN______

1/2 ( IC – RV )

Aeaiiue iieacaoaeue n?aaieaaaony n eiyooeoeaioii ?aioiaaeueiinoe
aaaine?iaaiiiai eaieoaea, ?ann/eouaaaiiai aeaeaieai iauae /enoie i?eauee
i?aaei?eyoey ia iauoth noiio n?aaenoa, aaaine?iaaiiuo a aai
aeayoaeueiinoue ( eoia n?aaeiaai aaeaina iaooi ).

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