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Анализ инвестиционной привлекательности предприятия

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2

Ieienoa?noai iauaai e i?ioanneiiaeueiiai ia?aciaaiey ?inneeneie
Oaaea?aoeee

ss?ineaaneee ainoaea?noaaiiue oieaa?neoao ei. I.A.Aeaieaeiaa

Eaoaae?a eioi?iaoeee e yeiiiie/aneiai aiaeeca

OAeE_______

Ooaa?aeaeath :__________

caa eaoaae?ie, i?ioanni?

O.A.Ieaoiaa

“__” ________ a.

EO?NIAAss ?AAIOA

Aiaeec eiaanoeoeeiiiie i?eaeaeaoaeueiinoe i?aaei?eyoey

ia iniiaa iieacaoaeae aeioiaeiinoe

?oeiaiaeeoaeue:

annenoaio Nie?iiaa A.I.

__________________

Nooaeaio a?oiiu AO-43

Aieeia A.A.

1999a.

Niaea?aeaiea

Aaaaeaiea 3

Aeaaa 1. Yeiiiie/aneea iniiau eiaanoe?iaaiey. 6

1.1 Oai?aoe/aneee aniaeou eiaanoe?iaaiey. 6

1.2. Iauea iaoiaee/aneea iiaeoiaeu e aiaeeco eiaanoeoeeiiiie
i?eaeaeaoaeueiinoe. 14

Aeaaa 2. AIAEEC E IAOIAeU OI?AAEAIEss IIEACAOAEssIE?AIOAAAEUeIINOE 18

2.1. Nenoaia iieacaoaeae ?aioaaaeueiinoe 18

2.2. Niiniau ?aaoee?iaaiey ?aioaaaeueiinoe nianoaaiiiai eaieoaea. 28

2.3. Iiiyoea oeiainiaiai ?u/aaa e aai i?eiaiaiea a oi?aaeaiee
?aioaaaeueiinoueth nianoaaiiuo n?aaenoa 33

2.4 ?an/ao eiyooeoeeaioa eiaanoeoeeiiiie i?eaeaeaoaeueiinoe. 40

Caeeth/aiea 44

Nienie eniieuecoaiuo enoi/ieeia 47

Aaaaeaiea

Aii?in i nio?aiiinoe naa?aaeaiee noiye a ?innee a iineaaeiaa
aeanyoeeaoea iniaaiii ino?i. Nio?aiiinoue ia oieueei a niunea
caueuaiiinoe io iaiaia, iioaiie/anoaa, ai?ianoaa, a nei?aa caueuaiiinoe
io eioeyoeee, eioi?ay n ia?aiaiiui oniaoii ia?a?anoaea ia?eiaee/anee a
aeia?eioeyoeeth. E?ecen 17 aaaonoa e iineaaeiaaaoay ca iei eioeyoeey,
aeioiaeeaoay aei 200 % a oa/aiea neaaeothuaai ianyoea, niiaa iinoaaeee
iiae aii?in yooaeoeaiinoue ?inneeneie yeiiiieee e, i?aaeaea anaai
niiniaia naa?aaeaiey iaeiieaiee. Iaanoeaiaiea, eioi?uo i?eaiaeeo e
nieaeaieth aeeciaiiiai o?iaiy ianaeaiey, oiaiueoaiey iio?aaeaiey e eae
neaaenoaea e iaaeaieth iauaai ni?ina ia aioo?aiiai ?uiea, /oi iaaaoeaii
io?aaeaaony ia anae yeiiiie/aneie nenoaia ?innee.

Iaai? n?aaenoa e niiniaia nio?aiaiey e i?eoiiiaeaiey naiaiaeiuo aeoeaia
ia aaeee. I?e yoii iaiaoiaeeii iiae/a?eiooue – oeeaeeeciaaiiuo niiniaia
(i?eia?aoaiea aeieea?ia e o?aiaiea eo iiae iiaeooeie y ia
?anniao?eaath). Naiuie ?ani?ino?aiaiiuie yaeythony, i?aaeaea anaai:
iiiauaiea aeaiaa ia n/ao a aaiea eee ae?oaii e?aaeeoiii o/?aaeaeaiee;
i?eia?aoaiea oeaiiuo aoiaa (aeoeee, iaeeaaoeee, aeaiiceoiua e
naa?aaaoaeueiua na?oeoeeaou); e?aaeeoiaaiea ae?ocae e ciaeiiuo;
oeiaine?iaaiea nianoaaiiiai aeciana. E?aaeeoiaaiea ciaeiiuo, a oaeaea
nianoaaiiiai aeciana o?aaoao ii?aaeaeaiiuo yeiiiie/aneeo e aeaaea
oaoie/aneeo e oaoiieiae/aneeo iiciaiee, eae o ciaeiiuo, oae e o naay. A
nayce n yoei eniieueciaaoue yoio niinia naa?aaeaiee i?e ionoonoaee yoeo
iiciaiee, /oi iaaethaeaaony o aieueoeinoaa ?inneyi, i/aiue aeaaea
?eneiaaiii, e iiyoiio ia ?aeiiaiaeoaony. Iiiauaiea aeaiaaeiuo n?aaenoa
ia n/ao a aaiea, iiaeaeoe, naiue i?inoie ii oi?ia e aieaa iaiaa
caueuaiiue io iioaiie/anoaa niinia ?aciauaiey eaieoaea. Ii aianoa n oai
yoi ia naiia aeioiaeiia aeiaeaiea aeaiaa e eae iieacuaaao i?aeoeea
iineaaeiaai aiaea ia naiia aaciianiia (aneaaenoaea inaiiaai aaieianeiai
e?ecena “ia ieaao” inoaeny, iiaeaeoe, oieueei “Naa?aaie” e oi oieueei
iioiio, /oi aai iaycaoaeuenoaa iiaee?aieaiu “ia/aoiui noaieii”). Oi aea
naiia eanaaony aeaiiceoiuo e naa?aaaoaeueiuo na?oeoeeaoia, eioi?ua ii
nouanoao yaeythony ?aciiaeaeiinoueth aaieianeeo aeeaaeia.
Ainoaea?noaaiiua oeaiiua aoiaae a oneiaeyo oaeoe/anee iaiie?uoiai
aeaoeoeeoa ainathaeaeaoa e eae neaaenoaea iaieaoaaeaniiniaiinoe
ainoaea?noaa, eioi?oth iii ia?eiaee/anee ainnoaiaaeeaaao ia/aoaieai
ie/ai ia iaania/aiiuo aeaiaa, iyaei aiai?y, ia aiooaao na?ueaciiai
aeiaa?ey (ia/aeueiue iiuo AEI).

Iaiaaeaaeiinoue ?aciauaiey aeoeaia a e?aaeeoiuo o/?aaeaeaieyo e a
ainoaea?noaaiiua oeaiiua aoiaae iauyniyaony, i?aaeaea anaai,
iaaeinoaoi/iie iaiaania/aiiinoueth o?aaiaaiee: anee a ia?aii neo/aa yoi
iaaeinoaoi/iay aaee/eia iaoa?eaeueiiai eiouanoaa aaiea, oi ai aoi?ii
i?iaeaiaoe/iinoue ia?auaiey acuneaiey ia ainoaea?noaaiiia eiouanoai.
Iiaeiaiue iaaeinoaoie i?aeoe/anee ionoonoaoao o ei?ii?aoeaiuo oeaiiuo
aoiaa: aeoeee e iaeeaaoeee. A aeaiiii neo/aa eiaaony a aeaeo, /oi o
eiiiaiee, a iniaaiiinoe o i?iiuoeaiiuo, iaee/ea ?aaeueiuo
(i?eiaaeeaaeaueo ia i?aaa nianoaaiiinoe) n?aaenoa, eioi?uie iiaoo auoue
iaania/aiiu iaycaoaeuenoaa iaeneiaeueii. A nayce n yoei eniieueciaaiea
yoeo aeaeia oeaiiuo aoiaa aeey naa?aaeaiey, y n/eoath, iaeaieaa
ia?niaeoeaiui.

Aeoeey – oeaiiay aoiaaa, niaea?aeauay ia oieueei i?aai ia iieo/aiea
aeeaeaeaiaeia e /anoe eiouanoaa i?e eeeaeaeaoeee i?aaei?eyoey, ii e
i?aai aeieaaie nianoaaiiinoe ia naii i?aaei?eyoea, /oi iicaieyao aa
aeaaeaeueoeo i?eieiaoue oi?aaeai/aneea ?aoaiey, o.a. ia ianneaii
iaaethaeaoue ca eniieueciaaieai naieo n?aaenoa ni noi?iiu, a i?eieiaoue
naiia aeayoaeueiia o/anoea a iai. Iaeeaaoeee eiiiaiee oioue e ia aeatho
i?aai ia oi?aaeaiea eiiiaieae, ii iaeaaeatho ia iaiueoei i?aeiouanoaii –
auoue iiaaoaiiuie ca n/ao eiouanoaa i?aaei?eyoey i?e eeeaeaeaoeee a
ia?aii/a?aaeiii ii?yaeea ia?aae aeoeeiia?aie.

Aeey oaea/iiai ?aciauaiey aeaiaaeiuo n?aaenoa a yoe oeaiiua aoiaae
iaiaoiaeeii i?aaeeueii ioeaieoue ia?niaeoeau i?aaei?eyoey, – o.a. aai
eiaanoeoeeiiioth i?eaeaeaoaeueiinoue. Eiaanoeoeeiiioth
i?eaeaeaoaeueiinoue, iiaeii ii?aaeaeeoue n?aaiaieai 2 iieacaoaeae. Yoi,
ai-ia?auo, naaiaeiyoiae noieiinoe aeoeee (iauyaeaiiay, ?uii/iay
noieiinoue). E, ai-aoi?uo, aa ?aaeueiie naaiaeiyoiae eee ii i?ioanoaee
ii?aaeaeaiiiai a?aiaie. A iiiyoea ?aaeueiie noieiinoe aeeth/aaony eae
noieiinoue eiouanoaa i?aaei?eyoey, oae e aeeneiioe?iaaiiue aeioiae.

A aeaiiie ?aaioa ?anniao?eaaaony eiaanoeoeeiiiay i?eaeaeaoaeueiinoue
i?aaei?eyoey n oi/ee c?aiey i?eaeaeaoaeueiinoe aeiaeaiey aeaiaaeiuo
n?aaenoa a aeoeee, oae eae i?e iaee/ee i?eaeaeaoaeueiinoe n yoie
noi?iiu, i?aaei?eyoea aoaeao i?eaeaeaoaeueii e aeey aeiaeaiey eo a
iaeeaaoeee aaoiiaoe/anee. Yoi naycaii n oai, /oi i?eaueue e
eeeaeaee?oaiia eiouanoai i?aaei?eyoey ia ?ani?aaeaeyaony iaaeaeo
aeoeeiia?aie aei iieaou anao noi?iiieo iaycaoaeuenoa.

A nayce n oai, /oi aeaiiay oaia yaeyaony aeinoaoi/ii oe?ieie e ia iiaeao
auoue ioaa/aia i?aaeaeaie yoie ?aaiou, aieiaiea aoaeao neiioeaio?e?iaaii
ia aaaeiaeoai o/anoea aiaeeca eiaanoeoeeiiiie i?eaeaeaoaeueiinoe
i?aaei?eyoey – ia ioeaiea iieacaoaeae ?aioaaaeueiinoe i?aaei?eyoey. Ana
inoaeueiua aii?inu aoaeoo ?anniao?eaaoueny eae niioonoaothuea e eeoue a
/anoe iaiaoiaeeiie aeey aeaiiiai.

Aeaaa 1. Yeiiiie/aneea iniiau eiaanoe?iaaiey.

1.1 Oai?aoe/aneee aniaeou eiaanoe?iaaiey.

Eaieoae, eae ecaanoii, iiaeii ii?aaeaeeoue eae oeaiiinoue, i?eiinyuoth
iioie aeioiaea. N yoie oi/ee c?aiey eaieoaeii iiaeii iacuaaoue e oeaiiua
aoiaae (aeoeee, iaeeaaoeee), e caieth, e i?iecaiaenoaaiiua oiiaeu
i?aaei?eyoey, o. a. noaiee, iai?oaeiaaiea e o. i. Iaeiaei yoi
ii?aaeaeaiea ia aeinoaoi/ii aunieii o?iaia aano?aeoeee. Iniiaiie
oa?aeoa?enoeeie eaieoaea aunooiaao iiiyoea /enoie i?iecaiaeeoaeueiinoe
eaieoaea – ?acieoea iaaeaeo noiiie iio?aaeoaeueneeo aeaa, i?iecaaaeaiiuo
i?e iiiiue eaieoaea e noiiie iio?aaeoaeueneeo aeaa, eioi?ie i?eoeinue
iiaea?oaiaaoue.

Eaoaai?ey /enoie i?iecaiaeeoaeueiinoe eaieoaea iiiiaaao iauynieoue oaeea
aaaeiua a yeiiiie/aneie oai?ee iiiyoey eae aeioiaeiinoue
eaieoaeiaeiaeaiee e ni?in ia eaieoae.

Noauaeoii ni?ina ia eaieoae yaeyaony aecian, i?aaei?eieiaoaee. Noauaeou
i?aaeeiaeaiey eaieoaea – yoi aeiiaoiea Ni?in ia eaieoae – yoi ni?in ia
eiaanoeoeeiiiua n?aaenoaa, a ia i?inoi ia aeaiueae. Eiaaea aiai?eony i
ni?ina ia eaieoae eae oaeoi? i?iecaiaenoaa, oi eiaaony a aeaeo ni?in ia
eiaanoeoeeiiiua n?aaenoaa, iaiaoiaeeiua aeey i?eia?aoaiey eaieoaea a
oece/aneie aai oi?ia (iaoeiu, iai?oaeiaaiea e o i.). Ae?oaeie neiaaie,
aaaeii ?acee/aoue oi?io, a eioi?ie i?aaenoieo ni?in ia eaieoae e
niaea?aeaiea yoiai ni?ina. *enoi aiaoia ni?in ia eaieoae i?aaenoaao eae
ni?in ia ii?aaeaeaiioth noiio aeaiaa. Ii ni?in ia aeaiueae eae aeaiueae
e ni?in ia eaieoae a aeaiaaeiie oi?ia – yoi ia iaeii e oi aea. Aecian
i?aaeuyaeyao ni?in ia eiaanoeoeeiiiua n?aaenoaa, o. a. aio o?aaoaony
ii?aaeaeaiiay aeaiaaeiay noiia aeey iieoiee i?iecaiaenoaaiiuo oiiaeia
(eaieoaea a oece/aneie oi?ia). Aeiiaoiea oicyenoaa (ianaeaiea) oiaea
i?aaeuyaeytho ni?in ia aeaiueae, ii i?e?iaea yoiai ni?ina eiay, iia ia
naycaia n i?aaei?eieiaoaeueneie aeayoaeueiinoueth.

Ni?in ia eaieoae iiaeii i?aaenoaaeoue a?aoe/anee a aeaea e?eaie,
eiathuae io?eoeaoaeueiue iaeeii:

MP

MP1

MP2

Dc

I1 I2 I

MP – I?aaeaeueiue i?iaeoeo eaieoaea.

I – Iauai eiaanoeoeeiiiuo n?aaenoa.

?en. 1 Ni?in ia eaieoae eae io?aaeaiea i?aaeaeueiie aeioiaeiinoe
eaieoaea.

Ec a?aoeea aeaeii, /oi ii ia?a ?inoa eiaanoeoeeiiiuo n?aaenoa nieaeaaony
i?aaeaeueiue i?iaeoeo eaieoaea. Neaaeiaaoaeueii, iu noaeeeaaainy n
caeiiii oauaathuae aeioiaeiinoe. Yoio caeii iiiiaaao iiiyoue aeeiaieeo
o?iaiy aeioiaea ia eaieoae, eee /enoie i?iecaiaeeoaeueiinoe eaieoaea.
I?e i?i/eo ?aaiuo oneiaeyo (o. a. iaeciaiiuo iauaiao eniieuecoaiuo
oaeoi?ia o?oaea e caiee) /enoay i?iecaiaeeoaeueiinoue eaieoaea, eee
anoanoaaiiay ii?ia i?ioeaioa, eee aeioiaea ia eaieoae (?anniao?eaaaiua
eaoaai?ee eniieuecothony eae neiiieiu) eiaao oaiaeaioeeth e iiieaeaieth
ii ia?a ?inoa eiaanoeoeeiiiuo n?aaenoa. Yoo caeiiiia?iinoue aeaaii
caiaoeee yeiiiienou i?ioeiai – A. Nieo, Ae. ?eea?aei, E. Ia?en, Ia?oaee
e iiiaea ae?oaea oai?aoeee. Yoi ciaao e aecian ia naiai iiuoa, /enoi
yiie?e/anee: /ai aieueoa ianooaau eaieoaeiaeiaeaiee a no?aia, oai
iaiueoa (i?e i?i/eo ?aaiuo oneiaeyo) ioaea/a io yoeo aeiaeaiee, eee
i?eaueueiinoue i?iecaiaenoaa. Aio ii/aio a aiaaouo eaieoaeaie
i?iiuoeaiii ?acaeouo no?aiao o?iaaiue aeioiaea ia eaieoae iiaeao
ieacaoueny ieaea, /ai a iaiaa ?acaeouo, ia oae ianuuaiiuo eaieoaeaie
no?aiao Eo?n yeiiiie/aneie oai?ee. iiae ?aae. *aio?eiie I.I., Ee?ia
1997..

E?iia iiieaeaoaeueiie oaiaeaioeee “anoanoaaiiie” ii?iu i?ioeaioa (o?iaiy
aeioiaea ia eaieoae) aaaeii iiae/a?eiooue, /oi i?e iea?aoeee eaieoaea
iaaeaeo ?acee/iuie io?aneyie i?iiuoeaiiinoe a oneiaeyo niaa?oaiiie
eiieo?aioeee yoa ii?ia eiaao oaiaeaioeeth e au?aaieaaieth.

Caia/aiea i?e i?i/eo ?aaiuo oneiaeyo ia neo/aeii. Oae, iiae
aicaeaenoaeai iao/ii-oaoie/aneiai i?ia?anna (ioe?uoea iiauo enoi/ieeia
yia?aee, ?ac?aaioea iiauo oaoiieiaee, ?iaeaeaiea iiauo iio?aaeoaeueneeo
oiaa?ia e o. i.) e?eaay ni?ina ia eaieoae iiaeao naeaeiooueny ai?aai

MP

MP1

MP2 Dc2

Dc1

I1 I2 I

MP – I?aaeaeueiue i?iaeoeo eaieoaea.

I – Iauai eiaanoeoeeiiiuo n?aaenoa.

?en. 2 I?aaeaeueiue i?iaeoeo eaieoaea.

Ia a?aoeea aeaeii, /oi iiae aeeyieai IOI naeaea e?eaie Dn1a iiaia
iieiaeaiea, o. a. Dc2, i?eaaaeao e oiio, /oi ?anoe?aiea eiaanoeoeeiiiiai
ni?ina aei o?iaiy I2 i?eaaaeao ia e nieaeaieth, a, iai?ioea, iiauoaieth
o?iaiy aeioiaea ia eaieoae: ?ino i?aaeaeueiiai i?iaeoeoa eaieoaea io
o?iaiy I?1 aei I?2.

Oaia?ue ia?aoeiny e aiaeeco i?aaeeiaeaiey eaieoaea eae oaeoi?a
i?iecaiaenoaa. Auoa ioia/aeinue, /oi noauaeoaie yoiai i?aaeeiaeaiey
yaeythony aeiiaoiea oicyenoaa. Ii yoi ia neaaeoao iiieiaoue a oii
niunea, /oi ianaeaiea i?aaeeaaaao aeciano noaiee, iaoeiu, iai?oaeiaaiea
a oece/aneii eo au?aaeaiee. Aeiiaoiea oicyenoaa i?aaeeaaatho
eiaanoeoeeiiiua n?aaenoaa, o.a. aeaiaaeiua noiiu, eioi?ua aecian
eniieuecoao aeey i?eia?aoaiey i?iecaiaenoaaiiuo oiiaeia. Ia aeaiiii
o?iaia aiaeeca aano?aae?oainy iiea io oiai oaeoa, /oi i?aaeeiaeaiea
eiaanoeoeeiiiuo n?aaenoa i?ienoiaeeo i?e iiiiue oeiainiauo iin?aaeieeia
(eiaanoeoeeiiiuo oiiaeia, eiiia?/aneeo aaieia e o. i.).

A?aoe/anee i?aaeeiaeaiea eaieoaea iiaeii i?aaenoaaeoue a aeaea e?eaie,
eiathuae iieiaeeoaeueiue iaeeii (?en. 3)

MIN

MIN2

MIN1

I1 I2 I

MIN – I?aaeaeueiay aeueoa?iaoeaiay noieiinoue eaieoaea.

I – Iauai eiaanoeoeee.

?en. 3.I?aaeeiaeaiea eaieoaea eae io?aaeaiea ecaea?aeae oiouaiiuo
aiciiaeiinoae.

Iieiaeeoaeueiue iaeeii e?eaie iauyniyaony nouiinoueth i?ioeaioa. Aaaeue
oa noauaeou, eioi?ua i?aaeeaaatho eaieoae, ioeacuaathony io
naiinoiyoaeueiiai aeueoa?iaoeaiiai aai i?eiaiaiey. Ae?oaeie neiaaie, /ai
aieueooth noiio eaieoaea au i?aaeeaaaaoa a nnoaeo, oai aieueoa aai
i?aaeaeueiay aeueoa?iaoeaiay noieiinoue, eee i?aaeaeueiua ecaea?aeee
oiouaiiuo aiciiaeiinoae (“marginal opportunity cost”). Oae, i?e I1
i?aaeaeueiua ecaea?aeee oiouaiiuo aiciiaeiinoae (IIN) ?aaiu aaee/eia
IIN1, i?e I2 aaee/eia yoeo ecaea?aeae ?aaia IIN2.

E, iaeiiaoe, iaiaoiaeeii niaaeeieoue aeaa a?aoeea aiaaeeii, o. a. ni?in
ia eaieoae e i?aaeeiaeaiea eaieoaea:

R Sc

A

R0

Dc

I0

I Dc = Sc I

R – O?iaaiue i?ioeaioa.

I – Eeiaanoeoeeiiiua n?aaenoaa (nnoaeiue eaieoae).

?en. 4. ?aaiiaanea ia ?uiea eaieoaea.

I?aaenoaaeaiiue ia ?en. 4 a?aoee iicaieyao iai iiiyoue eaoaai?eth
i?ioeaioa eae naiaia?acioth ?aaiiaanioth oeaio: a oi/ea ia?ana/aiey
e?eauo Dc e Sc onoaiaaeeaaaony ?aaiiaanea ia ?uiea eaieoaea, Dc = Sn. A
oi/ea A i?ienoiaeeo niaiaaeaiea i?aaeaeueiie aeioiaeiinoe eaieoaea e
i?aaeaeueiuo ecaea?aeae oiouaiiuo aiciiaeiinoae; ni?in ia nnoaeiue
eaieoae i?e yoii niaiaaeaao n aai i?aaeeiaeaieai.

Yeiiiie/aneay oai?ey iiae/a?eeaaao, /oi naaiaeiyoiea aeaaa ethaee
ioeaieaatho auoa aoaeoueo aeaa. Yoa iniaaiiinoue yeiiiie/aneiai
iiaaaeaiey noauaeoia ?uii/iiai oicyenoaa iieo/eea iacaaiea a?aiaiiiai
i?aaeii/oaiey. Aia?eeaineea yeiiiienou Y. Aeieai e Ae. Eeiaenae
ii?aaeaeytho yoo eaoaai?eth oae: “A?aiaiiia i?aaeii/oaiea – neeiiiinoue
oicyenoaaiiuo aaaioia i?e i?i/eo ?aaiuo oneiaeyo i?aaeii/anoue ?aaeueiue
oiaa? a ianoiyuee iiiaio, iaaeaee, aai iieo/aiea a iaeiai aoaeouai”
Aeieai Y., Eeiaenae Ae. ?uiie: iee?iyeiiiie/aneay iiaeaeue. N.-Ia.,
1997.

Oa aea oicyenoaaiiua aaaiou, eioi?ua iieo/atho aiciiaeiinoue
eniieueciaaoue naaiaeiy caaiiua n?aaenoaa, aeieaeiu caieaoeoue ca yoi
aeaaeaeueoeo eaieoaea. “I?ioeaio anoue oeaia, – ioia/aao I. Oaeia, –
eioi?oth ethaee ieaoyo ca oi, /oiau iieo/eoue ?ano?nu nae/an, aianoi
oiai, /oiau aeaeaoue aei oao ii?, iiea iie ca?aaioatho aeaiueae, ia
eioi?ua yoe ?ano?nu iiaeii eoieoue” Oaeia I. Yeiiiie/aneee ia?ac
iuoeaieyth I., 1995

O/ao oaeoi?a a?aiaie i?e ii?aaeaeaiee eaoaai?ee i?ioeaioa iiiiaaao
iiiyoue iiiaea ?aaeueiinoe ?uii/iie yeiiiieee. Oae, /ai
i?iaeieaeeoaeueiaa a?aiy n?i/iiai aeeaaea, oai auoa aeioiae ia yoio
aeeaae a aeaea auiea/eaaaiiai i?ioeaioa.

Noaaeie i?ioeaioa (ii?iie i?ioeaioa) iacuaaaony ioiioaiea aeioiaea ia
eaieoae, i?aaeinoaaeaiiiai a nnoaeo, e naiiio ?acia?o nnoaeaaiiai
eaieoaea, au?aaeaiiia a i?ioeaioao.

I?e ii?aaeaeaiee o?iaiy noaaee i?ioeaioa aaaeioth ?ieue ea?aao oaeoi?
?enea. Nai ?ene a ?uii/iii oicyenoaa naycai n iaii?aaeaeaiiinoueth eae
eiiaiaioiie /a?oie ?uii/iiai i?ioeanna. Au ?eneoaoa, i?aaeinoaaeyy
nnoaeo iaeiecaanoiie oe?ia eee ioaeaeueiiio eeoeo, /uea oeiainiaia
iieiaeaiea ia aeineiiaeueii ecaanoii. Au ?eneoaoa a i?eioeeia,
ioeeaaeuaay aiciiaeiinoue naaiaeiyoiaai ?anii?yaeaiey aeaiaaeiuie
?ano?naie (aaaeue a aoaeouai iiaoo eciaieoueny e iieeoe/aneee eeeiao a
no?aia, e iaeiaiaia caeiiiaeaoaeuenoai e, aiiaua, /aeiaae ia aa/ai).
Iiyoiio, /ai auoa ?ene i?e i?aaeinoaaeaiee nnoaeu, oai auoa aeieaeia
auoue noaaea i?ioeaioa.

?uii/iay noaaea i?ioeaioa ea?aao aaaeioth ?ieue i?e i?eiyoee
eiaanoeoeeiiiuo ?aoaiee. I?aaei?eieiaoaeue anaaaea n?aaieaaao
iaeeaeaaiue o?iaaiue aeioiaea ia eaieoae (iaeeaeaaioth ?aioaaaeueiinoue)
n oaeouae ?uii/iie noaaeie i?ioeaioa ii nnoaeai. Naie ii naaa
eiaanoeoeee iaeuecy n/eoaoue ?aioaaaeueiuie eee ia?aioaaaeueiuie, anee
ia i?eieiaoue ai aieiaiea noaaeo i?ioeaioa.

Iauaa i?aaeei oaeiai: eiaanoeoeee neaaeoao inouanoaeyoue, anee
iaeeaeaaiue o?iaaiue aeioiaea ia eaieoae ia ieaea eee ?aaai ?uii/iie
noaaea i?ioeaioa ii nnoaeai. Yoio i?eia? eeoiee ?ac aeieacuaaao
aeueoa?iaoeaiinoue yeiiiie/aneeo ?aoaiee a ?uii/iii oicyenoaa,
iaiaoiaeeiinoue iinoiyiiiai niiinoaaeaiey ?acee/iuo aa?eaioia
oicyenoaaiiuo ?aoaiee e auai? iioeiaeueiiai ec ieo. Oaeei ia?acii,
i?ioeaio auiieiyao aaaeiaeooth caaea/o yooaeoeaiiai ?ani?aaeaeaiey
?ano?nia a ?uii/iii oicyenoaa, auai? iaeaieaa aeioiaeiiai ec aiciiaeiuo
eiaanoeoeeiiiuo i?iaeoia.

N?aaiaiea o?iaiy aeioiaea ia eaieoae n i?ioeaioiie noaaeie – yoi iaeei
ec niiniaia iainiiaaiey yooaeoiinoe eiaanoeoeeiiiuo i?iaeoia. Ae?oaie
niinia, eiathuee ia?iiiia cia/aiea e eniieuecothueeny ia oieueei a noa?a
aeciana – yoi i?ioeaaeo?a aeeneiioe?iaaiey. Eaoaai?ey aeeneiioe?iaaiey
ia?ac?uaii naycaia n oaeoi?ii a?aiaie e oie ?ieueth, eioi?oth aiiaua
ea?aao a?aiy i?e ii?aaeaeaiee eaoaai?ee i?ioeaioa.

I?iaeaia aeeneiioe?iaaiey caeeth/aaony a oii, /oi i?e inouanoaeaiee
eiaanoeoeeiiiuo i?iaeoia (iieoiea iai?oaeiaaiey, no?ieoaeuenoai iiaiai
caaiaea, i?ieeaaeea aeaeaciie aei?iae e o. i.) iaiaoiaeeii niiinoaaeyoue
aaee/eio naaiaeiyoieo cao?ao e aoaeoueo aeioiaeia. Y. Aeieai e Ae.
Eeiaenae ii?aaeaeytho aeeneiioe?iaaiea eae “i?ioeaaeo?o au/eneaiey
naaiaeiyoiaai aiaeiaa noiiu, eioi?ay auiea/eaaaony /a?ac ii?aaeaeaiiue
n?ie i?e nouanoaothuae ii?ia i?ioeaioa”Aeieai Y., Eeiaenae Ae. ?uiie:
iee?iyeiiiie/aneay iiaeaeue. N.-Ia., 1997.

Oi?ioea aeeneiioe?iaaiey eiaao neaaeothuee aeae:

Vp = Vt / (1+r)t ( 1 )

aaea:

Vp – naaiaeiyoiyy noieiinoue aoaeouae noiiu aeaiaa,

Vt – aoaeouay noieiinoue naaiaeiyoiae noiiu aeaiaa,

t – eiee/anoai eao,

r – noaaea i?ioeaioa a aeanyoe/iuo ae?iayo.

Aeey iaeaa/aiey i?ioeaaeo?u aeeneiioe?iaaiey nouanoaotho niaoeeaeueiua
oaaeeoeu, eioi?ua iiiiaatho auno?i iiaen/eoaoue naaiaeiyoithth
noieiinoue aoaeoueo aeioiaeia e i?eiyoue i?aaeeueiia ?aoaiea.

I?e aiaeeca eaoaai?ee i?ioeaioa aaaeii ?acee/aoue iiieiaeueioth e
?aaeueioth i?ioeaioioth noaaeo. Iiieiaeueiay noaaea – yoi oaeouay
?uii/iay noaaea i?ioeaioa aac o/aoa oaiiia eioeyoeee. ?aaeueiay noaaea –
yoi iiieiaeueiay noaaea ca au/aoii iaeeaeaaiuo (i?aaeiieaaaaiuo) oaiiia
eioeyoeee.

Yoi ?acee/ea aaaeii o/eouaaoue i?e n?aaiaiee iaeeaeaaiiai o?iaiy
aeioiaea ia eaieoae (ii?iu i?eauee) e noaaee i?ioeaioa: n?aaiaiea
oeaeaniia?acii i?iaiaeeoue n ?aaeueiie, a ia iiieiaeueiie noaaeie. Yoe
aea caia/aiey ioiinyony e e i?ioeaaeo?a aeeneiioe?iaaiey.

Oaeei ia?acii i?ioeaio a ?uii/iii oicyenoaa aunooiaao eae oeaia
?aaiiaaney ia ?uiea eaieoaea – oaeoi?a i?iecaiaenoaa. I?ioeaio – yoi
oaeoi?iue aeioiae, eioi?ue iieo/aao nianoaaiiee eaieoaea. Aeey noauaeoa
i?aaeeiaeaiey eaieoaea i?ioeaio aunooiaao eae aeioiae; aeey noauaeoa
ni?ina ia eaieoae i?ioeaio aunooiaao eae ecaea?aeee, eioi?ua ianao
caaiuee eaieoaea.

1.2. Iauea iaoiaee/aneea iiaeoiaeu e aiaeeco eiaanoeoeeiiiie
i?eaeaeaoaeueiinoe.

Iaoiaeeea ioeaiee eiaanoeoeeiiiie i?eaeaeaoaeueiinoe a aeaiiie ?aaioa
iniiaaia ia niiniaao e i?eaiao oeiainiaiai aiaeeca. Ia?aae ia/aeii
?anniio?aiey aii?inia ioeaiee eiaanoeoeeiiiie i?eaeaeaoaeueiinoe
i?aaei?eyoey oi/o iaiai?eoueny ia eniieuecoaiuo a ?aaioa iiiyoeyo.
Eiaanoeoeeiiiay i?eaeaeaoaeueiinoue i?aaei?eyoey ioeaieaaaony a aeaea
n?aaiaiey ?aciuo ioeaiie iaeieo e oao aea iauaeoia, neaaeiaaoaeueii
ianooaa ?iee ia ea?aao: noieiinoue anaai i?aaei?eyoey, aeiey a aai
onoaaiii eaieoaea, aeoeey. Iiyoiio iiiyoey: eiaanoeoeeiiiay
i?eaeaeaoaeueiinoue i?aaei?eyoey, eiaanoeoeeiiiay i?eaeaeaoaeueiinoue
aeiee a onoaaiii eaieoaea, eiaanoeoeeiiiay i?eaeaeaoaeueiinoue aeoeee
aoaeoo eniieueciaaoueny, eae oiaeaeanoaaiiua e ia aoaeoo aeeyoue ia
nouanoai aii?ina.

Aeey ioeaiee eiaanoeoeeiiiie i?eaeaeaoaeueiinoe i?aaei?eyoey iaieioi au
auei eniieueciaaoue au/eneeoaeueioth i?ioeaaeo?o, aeathuoth
oi?iaeeciaaiiue, iaeiicia/iue ioaao. ss eiath a aeaeo: iaiaoiaeeii
eniieueciaaoue iieacaoaeue eee niaieoiiinoue iieacaoaeae, eioi?ua
aeaaaee au ia i?eaeeceoaeueioth ioeaieo yaeaiey, ia oa?aeoa? aai
eciaiaiey, a eiee/anoaaiii e oi/ii ioeaieaaee au aai. Aeey yoie oeaee y
i?aaeeaaath eniieueciaaoue eiyooeoeeaio – ioiineoaeueiue iieacaoaeue,
oa?aeoa?ecothuee noaiaiue ioeaiaiiinoe aeoeee: ioiioaiea ?aaeueiie
(aioo?aiiae) noieiinoe e ?uii/iie.

?aaeueiay noieiinoue

(aioo?aiiyy noieiinoue)

Eoo = ————————————— * 100 % ( 2 )

?uii/iay noieiinoue

?aaeueiay noieiinoue (aioo?aiiyy noieiinoue) – iauaeoeaiay ioeaiea
noieiinoe i?aaei?eyoey, eioi?ay ioeaieaaao iioaioeeae i?aaei?eyoey.
?uii/iay noieiinoue – noieiinoue, neiaeeaoayny ia naaiaeiyoiee iiiaio ia
?uiea. ?acee/ey a yoeo ioeaieao ninoiyo a oii, /oi ia?aay, ai-ia?auo,
iieacuaaao noieiinoue i?aaei?eyoey iacaaeneii io naaiaeiyoiae
eiiuthieoo?u ?uiea, a aoi?ay o/eouaaao aa, e ai-aoi?uo iia aeaenoaoao a
oa/aiea aieaa i?iaeieaeeoaeueiiai a?aiaie, a ?uii/iay ioeaiea iieacuaaao
noieiinoue ia eiie?aoioth aeaoo. Yoe ioeaiee i?e ii?aaeaeaiiuo oneiaeyo
iiaoo cia/eoaeueii ?acee/aoueny. Iai?eia?, i?e “ia?ane?o/aiiinoe”
i?iaeoeoeee e neaaeiaaoaeueii iaiieiii eniieueciaaiee iioaioeeaea
i?aaei?eyoey ?uii/iay noieiinoue aeoeee iiaeao nouanoaaiii ioee/aoueny
io eo ?aaeueiie noieiinoe, – o.a. oie, eioi?ay onoaiiaeoueny /a?ac
ii?aaeaeaiiia a?aiy, eiaaea i?aaei?eyoea aoaeao ?aaioaoue a iieioth
iiuiinoue.

?aaeueioth noieiinoue i?aaei?eyoey iiaeii ?acaeaeeoue ia o?e yeaiaioa:
?uii/ioth oeaio eiouanoaa, e?aaeeoi?neoth caaeieaeaiiinoue a oe?ieii
niunea e noiio aeeneiioe?iaaiiiai aeioiaea. I?e/ai ia?aay e o?aouey
neeaaeuaathony, a aoi?ay au/eoaaony. Aoi?ay e o?aouey ninoaaeythuea
caaenyo io ia?eiaea a?aiaie. I?e/ai /ai aieaa aeeeoaeai yoio ia?eiae,
oai aieaa i?eaeeceoaeueiae eo ioeaiea. Iiae ?uii/iie oeaiie eiouanoaa
i?aaei?eyoey iiieiaaony ?uii/iay noieiinoue iniiaiuo n?aaenoa,
iaiaoa?eaeueiuo aeoeaia, iaoa?eaeueiuo caiania e cao?ao, oeiainiauo
aeiaeaiee, aeaiaaeiuo n?aaenoa, aeaaeoi?neie caaeieaeaiiinoe. O/eouaay
oi, /oi yoa ioeaiea ioee/aaony io aaeainiaie, noieiinoue iniiaiuo
n?aaenoa e iaiaoa?eaeueiuo aeoeaia aeieaeia auoue aeaia ii oeaiai
aiciiaeiie ?aaeecaoeee, eioi?ua iau/ii ieaea aaeainiauo. O/aoiay
noieiinoue iaoa?eaeueiuo caiania e cao?ao ia cia/eoaeueii ioee/aaony io
?uii/iie, iiyoiio ei??aeoe?iaea ii yoie noaouea yaeyaony eceeoiae.
Aaee/eia oeiainiauo aeiaeaiee ei??aeoe?oaony n o/aoii iieo/aiey i?eauee
io ieo, a oaeaea eioeyoeee (ei??aeoe?iaea a iaa noi?iiu: oaaee/aiey e
oiaiueoaiey). Aaee/eia aeaiaaeiuo n?aaenoa e i?i/eo eeeaeaeiuo aeoeaia
inoaaony iaeciaiiie. Aeaaeoi?neay caaeieaeaiiinoue aeieaeia auoue oaeaea
oiaiueoaia ia aaee/eio aaciaaeaaeiie e iacia/eoaeueii oaaee/aia ia
aaee/eio ?aaeueiuo e iieo/aieth oo?aoiuo naieoeee.

Iiae aeeneiioe?iaaiiui aeioiaeii iiieiaaony /enoue aeeneiioe?iaaiiue
aeioiae (?ann/eoaiiue enoiaey ec aaee/eiu /enoie i?eauee).

Iiae o?aoueae ninoaaeythuae iiieiathony e?aoein?i/iua e?aaeeou e caeiu,
aeieain?i/iua e?aaeeou e caeiu, e?aaeeoi?neay caaeieaeaiiinoue. Ana
ion?i/aiiua auieaou (iiaaoaiea e?aaeeoia, iieaoa i?ioeaioia) oaeaea
aeeneiioe?othony.

I?eaaaeaiea aoaeoueo noii, eae a neo/aa iieo/aiey aeioiaea, oae e a
neo/aa iiaaoaiey e?aaeeoa i?iecaiaeeony n i?eiaiaieai aeeneiioa a
?acia?a n?aaeiaai aaieianeiai i?ioeaioa.

A aeaiiie ?aaioa ioeaiea eiaanoeoeeiiiie i?eaeaeaoaeueiinoe i?aaei?eyoey
i?iecaiaeeony ia iniiaa aoi?ie ninoaaeythuae eae iaeaieaa aeeythuae ia
?aaeueioth noieiinoue, a aeaaiia aieaa caaenyuae io ?acoeueoaoia
aeayoaeueiinoe i?aaei?eyoey. Aiaeec i?iecaiaeeony ia iniiaa iieacaoaeae
?aioaaaeueiinoe (aeioiaeiinoe). Aeey yoiai ii?aaeaeyaony a ia?aoth
i/a?aaeue ?an/aoiue ia?eiae enoiaey ec aeeeoaeueiinoe inouanoaeyaiuo
i?aaei?eyoeai i?iaeoia ia iniiaa aecian-ieaia. Iinea yoiai ii?aaeaeyaony
aaee/eia aaeaaiaeiie i?eauee i?aaei?eyoey e ?ann/eouaathony iieacaoaee
?aioaaaeueiinoe. Ii?aaeaeythony aaaeiaeoea acaeiinayce yoeo iieacaoaeae
(niioiioaiey eo /anoae, a oaeaea niioiioaiea naieo iieacaoaeae). Caoai n
iiiiuueth ?an/aoa ?aioaaaeueiinoe nianoaaiiiai eaieoaea e yooaeoa
oeiainiaiai ?u/aaa auyniyaony iaee/ea ?aca?aia ?inoa ?aioaaaeueiinoe e
aeaaony ioeaiea aiciiaeiinoe eniieueciaaiey yoeo ?aca?aia aeey ?inoa
i?eauee.

Aeaeaa aoaeouea aeioiaeu i?eaiaeyony e naaiaeiyoiae ioeaiea. Noieiinoue
eiouanoaa neeaaeuaaaony n i?eaaaeaiiuie aeioiaeaie, au/eoathony
i?eaaaeaiiua ?anoiaeu ii e?aaeeoai e iieo/aaony ?aaeueiay eee aioo?aiiyy
noieiinoue i?aaei?eyoey. I?e yoii aa iaiaoiaeeii nei??aeoe?iaaoue ia
aaee/eio ?enea aaie?ionoaa i?aaei?eyoey. Ei??aeoe?iaea i?iecaiaeeony
iooai oiiiaeaiey aioo?aiiae noieiinoe i?aaei?eyoey ia iieacaoaeue
ieaoaaeaniiniaiinoe ca io/aoiue ia?eiae. Yoa noieiinoue aeaeeony ia
naaiaeiyoithth ?uii/ioth (iauyaeaiioth, onoaaioth), oiiiaeaaony ia 100 %
e iieo/aaony eiaanoeoeeiiiay i?eaeaeaoaeueiinoue a i?ioeaioiii
au?aaeaiee.

Aeaaa 2. AIAEEC E IAOIAeU OI?AAEAIEss

IIEACAOAEssIE ?AIOAAAEUeIINOE

2.1. Nenoaia iieacaoaeae ?aioaaaeueiinoe

Ioiineoaeueiua iieacaoaee oeiainiauo ?acoeueoaoia ii iaoiaeeea ?an/aoa
yaeythony iieacaoaeyie yooaeoeaiinoe ?aciuo aeaeia. Iniiaiia eo
i?aeiouanoai caeeth/aaony a oii, /oi iie ia iiaeaa?aeaiu aeeyieth
eioeyoeee, oae eae yaeythony ioiineoaeueiuie aaee/eiaie. Ana
ioiineoaeueiua iieacaoaee oeiainiauo ?acoeueoaoia ioiinyony e i?yiui
iieacaoaeyi yooaeoeaiinoe ?ano?niiai eeai cao?aoiiai oeia. Iiyoiio,
iieiaeeoaeueiie oaiaeaioeeae eo eciaiaiey yaeyaony oaiaeaioeey e ?inoo.
A ea/anoaa yooaeoa ai anao iieacaoaeyo aunooiatho aaniethoiua iieacaoaee
oeiainiauo ?acoeueoaoia (aaeiaay, /enoay i?eaueue e eo ni noaaiua
yeaiaiou). A nayce n yoei ioiineoaeueiua iieacaoaee oeiainiauo
?acoeueoaoia eia/a iacuaatho iieacaoaeyie ?aioaaaeueiinoe (eiiaaea eo
eeanneoeoee?otho eae ?aciiaeaeiinoue iieacaoaeae aeaeiaie aeoeaiinoe).

?anniio?ei niaea?aeaiea yoeo iieacaoaeae e iaoiaeeeo eo ?an/aoa ii
a?oiiai iieacaoaeae ?aioaaaeueiinoe, eaaeaeay ec eioi?uo a naith
i/a?aaeue oa?aeoa?ecoao ioaeaeueiia iai?aaeaiea oicyenoaaiiie
aeayoaeueiinoe i?aaei?eyoey. Ana iieacaoaee ?aioaaaeueiinoe oneiaii
iiaeii iauaaeeieoue a o?e a?oiiu: ?aioaaaeueiinoue i?iaeoeoeee;
?aioaaaeueiinoue eiouanoaa; ?aioaaaeueiinoue eaieoaea.

I) ?aioaaaeueiinoue i?iaeoeoeee.

?aioaaaeueiinoue i?iaeaae (ii?ia i?eauee, ia?aea i?eauee, aeioiaeiinoue
i?iaeoeoeee) – R i?

R i? = I ?i o 100 / Q ?i ( 3 )

ssaeyaony iieacaoaeai yooaeoeaiinoe cao?aoiiai oeia e iieacuaaao,
neieueei a eaaeaeie aaeeieoea aeioiaea io ?aaeecaoeee caieiaao i?eaueue
?ann/eouaaaony ia iniiaa “Io/aoa i i?eaueyo e oauoeao” ?aioaaaeueiinoue
i?iaeoeoeee (?aioaaaeueiinoue cao?ao) R cao?

R cao? = I ?i o 100 / S ?i ( 4 )

ssaeyaony iieacaoaeai yooaeoeaiinoe cao?aoiiai oeia e io?aaeaao,
neieueei ia eaaeaeoth aaeeieoeo cao?ao i?eoiaeeony i?eauee e
?ann/eouaaaony ia iniiaa “Io/aoa i i?eaueyo e oauoeao”

?aioaaaeueiinoue i?iaeaae e ?aioaaaeueiinoue i?iaeoeoeee io?aaeaao iaeii
e oi aea yaeaiea: yooaeoeaiinoue ?aaeecaoeee. Iaeiaei iie
?ann/eouaathony ii ?aciui iaoiaeeeai. A oicyenoaaiiie i?aeoeea eiatho
i?eiaiaiea iaa iieacaoaey, iiyoiio i?e ioeaiea yooaeoeaiinoe ?aaeecaoeee
iaiaoiaeeii aieiaoaeueii ioeaieaaoue eo cia/aiey oae eae iieacaoaeue
?aioaaaeueiinoue i?iaeoeoeee anaaaea aeaao aieaa aunieia cia/aiea.

?aciiaeaeiinoueth iieacaoaey ?aioaaaeueiinoue i?iaeaae yaeyaony
?aioaaaeueiinoue eiaeeaeaeoaeueiay eee ?aioaaaeueiinoue eiie?aoiiai
ecaeaeey (?aaio, oneoa).

?aioaaaeueiinoue i?iaeoeoeee eiaeeaeaeoaeueiay (Ri)

Ri = I i o 100 / ?i = (?i – Si) o 100 / ?i ( 5 )

aaea ?i – oeaia i-ai ecaeaeey (ioioneiay, aeiaiai?iay a caaeneiinoe io
aeaea naeaeee);

Si – naaanoieiinoue ecaioiaeaiey aaeeieoeu i-ai ecaeaeey.

ssaeyaony iieacaoaeai yooaeoeaiinoe cao?aoiiai oeia e iieacuaaao aeieth
i?eauee a ninoaaa oeaiu aaeeieoeu ecaeaeey e ?ann/eouaaaony ia iniiaa
eaeueeoeyoeee, ?an/aoia oeaiu, aeaiiuo ia?ae/iiai o/aoa.

Eiyooeoeeaio /enoie au?o/ee (E / a.)

E /.a. = (I/ + A) / Q?i ( 6 )

aaea A – noiia aii?oecaoeee a ninoaaa naaanoieiinoe ?aaeeciaaiiie
i?iaeoeoeee, ii?aaeaeyaony ?an/aoiui iooai ii aiaeeoe/aneei aeaiiui e
n/aoai 20 “Iniiaiia i?iecaiaenoai” e 46 “?aaeecaoeey”.

Noiia /enoie i?eauee e aii?oecaoeeiiiuo io/eneaiee, aiciauathueo
noieiinoue iniiaiuo oiiaeia e iaiaoa?eaeueiuo aeoeaia, ia?acotho /enooth
au?o/eo. ssaeyaony iieacaoaeai yooaeoeaiinoe cao?aoiiai oeia e
io?aaeaao, eaeay /anoue au?o/ee io ?aaeecaoeee i?iaeoeoeee inoaaony a
aeaiaaeiie oi?ia a iai?ioa i?aaei?eyoey. *ai auoa E /.a. , oai aieueoa
noaiaiue iaania/aiey iaycaoaeuenoa i?aaei?eyoey ieaoaaeiuie n?aaenoaaie.
Aaaeai i?e i?iaiiciii aiaeeca ieaoaaeaniiniaiinoe.

2) ?aioaaaeueiinoue eiouanoaa

?aioaaaeueiinoue aeoeaia (?aioaaaeueiinoue eiouanoaa, aeiaeaiee a
i?aaei?eyoea) – R ei.:

R ei. = (I aae. (I/) ) o 100 / A aeo. c?. ( 7 )

Niaea?aeeo a naaa i?eciaee iieacaoaey yooaeoeaiinoe cao?aoiiai e
?ano?niiai oeia, oae eae a ninoaaa aeoeaia anoue aaaine?iaaiiua ?ano?nu
e cao?aou iio?aaeaiiuo ?ano?nia. Ii io?aaeaao aeioiaeiinoue eaaeaeie
aaeeieoeu noieiinoe aeoeaia. Iiaeao ?ann/eouaaoueny eae ii aaeiaie, oae
e ii /enoie i?eauee. A ia?aii neo/aa oa?aeoa?ecoao iauoth ioaea/o
aeoeaia (a?oooi-iieacaoaeue), ai aoi?ii – ?aaeueioth ioaea/o
(iaooi-iieacaoaeue). Enoi/ieeii eioi?iaoeee yaeyaony “Io/ao i i?eaueyo e
oauoeao” (ii /eneeoaeth) e “Aooaaeoa?neee aaeain” (ii ciaiaiaoaeth).

Neaaeothuea o?e iieacaoaey yaeythony iiaeeoeeaoeeyie iieacaoaey
?aioaaaeueiinoe eiouanoaa.

?aioaaaeueiinoue i?iecaiaenoaaiiuo oiiaeia (iauay ?aioaaaeueiinoue,
?aioaaaeueiinoue i?aaei?eyoey) – R iau.:

R iau. = (Iaae. (I/) ) o 100 / (F in.n? + Ii n?.). ( 8 )

ssaeyaony iieacaoaeai yooaeoeaiinoe ?ano?niiai oeia e io?aaeaao
yooaeoeaiinoue ooieoeeiie?iaaiey i?iecaiaenoaaiiuo oiiaeia i?aaei?eyoey.
?ann/eouaaaony n i?eaea/aieai aeaiiuo “Aooaaeoa?neiai aaeaina”,
“I?eeiaeaiey e aaeaino” (ciaiaiaoaeue ae?iae) e “Io/aoa i i?eaueyo e
oauoeao” (/eneeoaeue ae?iae).

?aioaaaeueiinoue oaeoueo aeoeaia – R oa :

Roa = (I aae. (I/) ) o 100 / Iaeo.n?. ( 9 )

ssaeyaony iieacaoaeai yooaeoeaiinoe ?ano?niiai oeia e io?aaeaao ioaea/o
eniieueciaaiey iai?ioiuo n?aaenoa i?aaei?eyoey. ?ann/eouaaaony ia iniiaa
aeaiiuo “Io/aoa i i?eaueyo e oauoeao” (/eneeoaeue ae?iae) e
“Aooaaeoa?neiai aaeaina” (ciaiaiaoaeue ae?iae).

?aioaaaeueiinoue oeiainiauo aeiaeaiee – Ro.a.:

Ro.a. = Io.a.o 100 / Oa.n?., ( 10 )

aaea Io.a. – aeeaeaeaiaeu ii oeaiiui aoiaaai, i?ioeaiou ca e?aaeeo
ae?oaei i?aaei?eyoeyi, aeioiaeu io o/anoey a ae?oaeo i?aaei?eyoeyo,
e?aaeeou ii aeeaaeai e o.i.;

Oa.n?. – n?aaeiee ca aiaeece?oaiue ia?eiae ?acia? oeiainiauo aeiaeaiee.
?ann/eouaaaony ia iniiaa “Io/aoa i i?eaueyo e oauoeao” (/eneeoaeue
ae?iae) e “Aooaaeoa?neiai aaeaina” (ciaiaiaoaeue ae?iae). ssaeyaony
iieacaoaeai yooaeoeaiinoe ?ano?niiai oeia, iaeiaei, i?e neooaoeee ia
aica?aoa aeiaeaiee iiaeao ?anniao?eaaoueny eae iieacaoaeue cao?aoiiai
oeia. Io?aaeaao yooaeoeaiinoue oeiainiaie aeayoaeueiinoe i?aaei?eyoey.
Niiinoaaeaiea n iieacaoaeyie ia?aie a?oiiu aeaao aiciiaeiinoue auai?a
iaeaieaa yooaeoeaiiai iai?aaeaiey yoeo aeiaeaiee. Iaeiaei, aunieia
cia/aiea iieacaoaey anaaaea nii?yaeaii n aunieei ?eneii oeiainiauo
aeiaeaiee.

3) ?aioaaaeueiinoue eaieoaea

?aioaaaeueiinoue nianoaaiiiai eaieoaea – Rn nia.:

Rn nia. = I/ o 100 / Nnia. n?. ( 11 )

ssaeyaony iieacaoaeai yooaeoeaiinoe ?ano?niiai oeia e io?aaeaao
yooaeoeaiinoue eniieueciaaiey nianoaaiiuo n?aaenoa i?aaei?eyoey. Oe?iei
eniieuecoaony a oeiainiaii iaiaaeaeiaioa i?e aiaeeca ?aioaaaeueiinoe
eiouanoaa e i?e oi?ie?iaaiee iieeoeee i?eaea/aiey caaiiuo n?aaenoa.

?aioaaaeueiinoue eiaanoeoeee (ia?iaiaioiiai eaieoaea, iinoiyiiiai e
aeieain?i/iiai oeiaine?iaaiey) – Reia.:

Reia. = (Iaae (I/) ) o 100 / (Nnia.n?. + AeECn?.), ( 12 )

aaea Nnia.n?. – n?aaeiyy ca aiaeece?oaiue ia?eiae aaee/eia nianoaaiiuo
n?aaenoa i?aaei?eyoey;

AeECn?. – n?aaeiyy ca aiaeece?oaiue ia?eiae aaee/eia i?eaea/aiiuo
aeieain?i/iuo caeiia e e?aaeeoia.

Iieacaoaeue yaeyaony iieacaoaeai yooaeoeaiinoe ?ano?niiai oeia. A
ca?oaaaeiie i?aeoeea oeiainiaiai aiaeeca eniieuecoaony aeey ioeaiee
“ianoa?noaa” oi?aaeaiey eiaanoeoeeyie. A ?inneeneie i?aeoeea eiae/iaa a
ea/anoaa yooaeoa eniieueciaaoue iieacaoaeue /enoie i?eauee, oae eae a
iae io?aaeaaony noaiaiue eniieueciaaiey i?aaei?eyoeai iaeiaiauo eueaio
i?e iai?aaeaiee nianoaaiiuo n?aaenoa e i?eaea/aiee aeieain?i/iuo
enoi/ieeia aeey oeiaine?iaaiey eaieoaeueiuo aeiaeaiee.

Aeey au/eneaiey ?aioaaaeueiinoe nianoaaiiiai eaieoaea n oeaeueth aa
aeaeueiaeoae yeno?aiieyoeee ia ?an/aoiue ia?eiae iaiaoiaeeii
ii?aaeaeeoue yoo ?aioaaaeueiinoue iaeneiaeueii oi/ii e i?e yoii
eneeth/eoue aeeyiea yieciaee/aneeo oaeoi?ia, eioi?ua eiaee ianoi a yoii
aiaeo e ia iiaoi?yony a aoaeouai. Aeey aeinoeaeaiey yoie oeaee
iaiaoiaeeii ?ann/eoaoue ianeieueei iieacaoaeae ?aioaaaeueiinoe ec ?aciuo
a?oii, oa?aeoa?ecothueo oeiainiaue ?acoeueoao n ?aciuo oi/ae c?aiey,
niioianoe eo iaaeaeo niaie, o. a. ?ann/eoaa ?aioaaaeueiinoue
nianoaaiiiai eaieoaea ia oieueei ii oi?ioea (11), ii e /a?ac ii?iaoeaiua
niioiioaiey ae?oaeo iieacaoaeae ?aioaaaeueiinoe n yoei. Ii?iaoeaiua
niioiioaiey iieacaoaeae ?aioaaaeueiinoe iiaoo auoue auaaaeaiu ec
niioiioaiey caaiiuo e nianoaaiiuo n?aaenoa, aaeiaie e /enoie i?eauee,
i?eauee io ?aaeecaoeee i?iaeoeoeee e aaeiaie i?eauee, o. a. oaeeo naycae
iieacaoaeae, eioi?ua oa?aeoa?iu aeey aeaiiiai i?aaei?eyoey. Yoe
niioiioaiey ii?aaeaeythony noauaeoii aiaeeca ia iniiaa aeaiiuo ca
i?aaeuaeouea ia?eiaeu. I?e yoii aeey yoeo ?an/aoia eniieuecothony ia ana
iieacaoaee ?aioaaaeueiinoe, a 1-2 ec eaaeaeie a?oiiu. Inoaeueiua
iieacaoaee iiaoo auoue eniieueciaaiu aeey aieaa oi/iiai e iieiiai
aiaeeca, ii a i?aaeaeao aeaiiie ?aaiou ia iiaoo auoue ?anniio?aiu.

Ec ia?aie a?oiiu iaeaieaa iiaeoiaeyuei aeey iaoeo au/eneaiee yaeyaony
?aioaaaeueiinoue i?iaeaae. Ii oa?aeoa?ecoao aeayoaeueiinoue n oi/ee
c?aiey yooaeoeaiinoe ?aaeecaoeee.

Ec aoi?ie a?oiiu iiaeii acyoue aeey aiaeeca aeaa iieacaoaey:
?aioaaaeueiinoue aeoeaia e ?aioaaaeueiinoue oaeoueo aeoeaia. I?e/ai
aoi?ie iieacaoaeue iiaeao aeaoue aieaa oi/ioth oa?aeoa?enoeeo, oae eae
oaeouea aeoeau iaiaa iiaeaa?aeaiu neo/aeiui eieaaaieyi e e oiio aea iie
ia io?aaeatho oauoee.

Ec o?aoueae a?oiiu aicueiai iaiin?aaenoaaiii ?aioaaaeueiinoue
nianoaaiiiai eaieoaea. Neaaeothuei yoaiii aiaeeca iieacaoaeae
?aioaaaeueiinoe aoaeao onoaiiaeaiea acaeiinaycae iaaeaeo ieie.
?anniio?ei iniiaiua ia?u iieacaoaeae, eioi?ua iai iaiaoiaeeii
niiinoaaeoue:

1) i?eaueue io ?aaeecaoeee i?iaeoeoeee e i?eaueue aaeiaay.

2) i?eaueue aaeiaay e i?eaueue /enoay.

3) aaee/eia eiouanoaa e oaeouea aeoeau.

4) nianoaaiiua n?aaenoaa e aaee/eia eiouanoaa.

5) oaeouea aeoeau e au?o/ea io ?aaeecaoeee.

A ia?aii neo/aa iai iaiaoiaeeii onoaiiaeoue aeieth i?eauee io
?aaeecaoeee i?iaeoeoeee (dI?i) a i?eauee aaeiaie. d = I?i / Iaae. Ai
aoi?ii neo/aa onoaiaaeeaaaony aeiey i?eauee /enoie ( d I/ ) a i?eauee
aaeiaie (a niioaaonoaee n ?inneeneei caeiiiaeaoaeuenoaii yoi niioiioaiea
ninoaaeyao 2/3 ) d = I/ / Iaae = 2/3. Aeaeaa auaiaeei niioiioaiea
oaeoueo aeoeaia e aaee/eiu eiouanoaa i?aaei?eyoey d = OA / Aaeo. Iinea
yoiai iaoiaeei aeieth nianoaaiiuo n?aaenoa. d = Cnia. / Aaeo. Caoai
onoaiaaeeaaai acaeiinaycue oaeoueo aeoeaia e au?o/ee io ?aaeecaoeee,
iaoiaeei eiyooeoeeaio a. a = OA / Q?i. Ia ia?aue acaeyae iiaeao
iieacaoueny, /oi yoe iieacaoaee iaei naycaiu iaaeaeo niaie. Iaeiaei ia
naiii aeaea iaaeaeo ieie oaniay naycue. Q?i eae i?aaeei caaeneo io
iauaia i?iecaiaenoaa, a iauai i?iecaiaenoaa iai?yioth caaeneo io
aaee/eiu iai?ioiuo n?aaenoa. Ana yoe niioiioaiey onoaiaaeeaathony ii
aeaiiui ca i?ioeua 2 – 3 aiaea, ia aeeth/ay io/aoiiai, oaeei ia?acii,
iie io?aaeatho neiaeeaoothny ia i?aaei?eyoee i?aeoeeo oicyenoaiaaiey.

?ann/eoaai yoe niioiioaiey ia iniiaa aeaiiuo i?aaei?eyoey III
“ss?aei?-Oa?iae”.

d I?i = I?i / Iaae

d I?i (97) = 1380 / 1049 = 1,32 d I?i (96) = 1605 / 1208 = 1,33

d I?i (95) = 1275 / 982 = 1,30 d I?i (n?.) = (1,32 + 1,33 + 1,30) / 3 =
1,317

d o.a. = OA / Aaeo.

d o.a. (97) = 6260 / 22203 = 0,28 d o.a. (96) = 5405 / 20619 = 0,26

d o.a. (95) = 5268 / 19697 = 0,27 d o.a. (n?.) = (0,28 + 0,26 + 0,27) /
3 = 0,270

d n.n. = Nnia / Aaeo.

d n.n. (97) = 16204 / 22203 = 0,73 d n.n. (96) = 14896 / 20619 = 0,72

d n.n. (95) = 13704 / 19697 = 0,69 d n.n. (n?.) = (0,73 + 0,72 + 0,69)
/ 3 = 0,713

a = OA / Q?i

a (97) = 6260 / 14587 = 0,43 a (96) = 5405 / 14021 = 0,39

a (95) = 5268 / 13704 = 0,38 a(n?.) = (0,43 + 0,39 + 0,38) / 3 = 0,400

Enoiaey ec yoeo niioiioaiee, iu auaiaeei iieacaoaeue ?aioaaaeueiinoe
nianoaaiiuo n?aaenoa ?aciuie niiniaaie ec iieacaoaeae ?aioaaaeueiinoe
i?iaeaae, aeoeaia, oaeoueo aeoeaia.

1) ?aioaaaeueiinoue nianoaaiiiai eaieoaea, ?ann/eoaiiay /a?ac
?aioaaaeueiinoue i?iaeaae

I?i = d I?i * Iaae. = 3/2 * d I?i * I/. (13)

Q?i = OA / a = Aaeo. * d o.a. / a (14)

3/2 * d I?i * I/. 3/2 * d I?i *d Nnia * a

Ri?iae. = I?i / Q?i. = ———————— =
—————————- * Rc.e. (15)

(d o.a./ d Nnia. )*Nnia d o.a.

2) ?aioaaaeueiinoue nianoaaiiiai eaieoaea, ?ann/eoaiiay /a?ac
?aioaaaeueiinoue aeoeaia

Iaae. 3/2 I/ 3 * d n.n. * I/.

R aeo. = ——— = —————- = ——————- = 3/2 * d
n.n. * Rc.e. (16)

Aaeo. Nnia./ d n.n. 2 * Nnia

3) ?aioaaaeueiinoue nianoaaiiiai eaieoaea, ?ann/eoaiiay /a?ac
?aioaaaeueiinoue oaeoueo aeoeaia.

Iaae. 3/2 * I/.

Roa = ——— = ——————– = 3 / 2 * dc.c. / d o.a. Rc.e.
(17)

OA d o.a / dc.c. * Nnia.

4) E nianoaaiii ?aioaaaeueiinoue nianoaaiiiai eaieoaea.

Rc.e. = I/ / Nnia. (18)

Enoiaey ec yoeo caaeneiinoae, ?ann/eouaathony 4 iieacaoaey Rn.e.,
eioi?ua ioee/athony ae?oa io ae?oaa:

I/.

1) R 0 c.e. = ———- (19)

Nnia.

R 0 c.e. = 1313 / 18810 = 6,98 %

3/2 * d I?i *d n.n. * a

2) R 1 c.e. = Ri?iae. / ——————————- (20)

d o.a.

R 1 c.e = (2460 / 15007) / ((3/2 * 1,317 * 0,713 * 0,400) / 0,270) =
7,85 %

Raeo.

3) R 2 c.e. = ———— (21)

3/2 * d n.n.

R 2 c.e. = (2020 / 27069) / (3/2 * 0,713) = 6,97 %

Ro.a.

4) R 3 c.e. = ————————- (22)

3 / 2 * dc.c. / d o.a.

R 3 c.e. = (2020 / 8031) / (3/2 * 0,713/0,270) = 6,34 %

Aeaeaa, n iiiiuueth n?aaeiaai a?eoiaoe/aneiai iaoiaeei naiaeiue
iieacaoaeue ?aioaaaeueiinoe nianoaaiiiai eaieoaea (R c.e.).

R 0 c.e + R 1 c.e + R 2 c.e + R 3 c.e

R c.e = ——————————————- (23)

4

R c.e = (6,98 + 7,85 + 6,97 + 6,34) / 4 = 7,035 %

Oaeei ia?acii, iieo/aai “i/euaiiue” io neo/aeiuo aeeyiee yoiai aiaea
iieacaoaeue ?aioaaaeueiinoe nianoaaiiiai eaieoaea, eioi?ue aoaeao
eniieueciaai a aeaeueiaeoeo ?an/aoao.

2.2. Niiniau ?aaoee?iaaiey ?aioaaaeueiinoe nianoaaiiiai eaieoaea.

Iaoiaeii ?anoe?aiey ia/aeueiie oaeoi?iie nenoaiu iieacaoaeue
?aioaaaeueiinoe nianoaaiiiai eaieoaea iiaeii i?aia?aciaaoue:

Rce = I/ o Q?i / (Q?i / Nnia) o 100 =

= (I/ o 100 / I?i) o (I?i / Nnia) = Ie o Eo?, ( 24 )

aaea Ie = I/ o 100 / Q?i – eiiia?/aneay ia?aea, iieacuaaao, eaeie
?acoeueoao yenieoaoaoeee eiaanoeoeee i?eoiaeeony ia eaaeaeue ?oaeue
iai?ioa, e au?aaeaaony a i?ioeaioao. Ia i?aeoeea i?eieiaaony
iaeneiaeueiia cia/aiea Ie -aei 30%, a ieieiaeueiia – 3-5%;

E o?. = Q?i / Nnia – eiyooeoeeaio o?ainoi?iaoeee. Iieacuaaao neieueei
?oaeae iai?ioa nieiaaony n eaaeaeiai ?oaey nianoaaiiuo n?aaenoa, o.a. a
eaeie iai?io o?ainoi?ie?oaony eaaeaeue ?oaeue aeiaeaiee.

?aaoee?iaaiea Rne naiaeeony e aicaeaenoaeth ia iaa aa ninoaaeythuea
eiiia?/aneoth ia?aeo e eiyooeoeeaio o?ainoi?iaoeee. A naith i/a?aaeue ia
eiiia?/aneoth ia?aeo aeeytho oeaiiaay iieeoeea i?aaei?eyoey, iauai
cao?ao, eo no?oeoo?a e iauai iai?ioa (i?e yeiiiiee ia iinoiyiiie /anoe
cao?ao) e o.ae. Eiyooeoeeaio o?ainoi?iaoeee neeaaeuaaaony iiae
aicaeaenoaeai io?aneaauo oneiaee, yeiiiie/aneie no?aoaaee naiiai
i?aaei?eyoey e iaee/ey “aanieaoiiai” eiouanoaa. Caaea/a iaiaaeaea?a
caeeth/aaony a iaoiaeaeaiee iioeiaeueiiai ni/aoaiey o?iaiae Ie e Eo?.

Eo?

Ciia I Ciia III

Aopt

Ciia IV A’ Ciia II

Ie

?en. 5 Caaeneiinoue ?aioaaaeueiinoe nianoaaiiiai eaieoaea io
eiiia?/aneie ia?aee e eiyooeoeeaioa o?ainoi?iaoeee

Oaeei ia?acii, caaea/ae ia aeaiiii yoaia aiaeeca yaeyaony iaoiaeaeaiea
iioeiaeueiiai niioiioaiey eiiia?/aneie ia?aee e eiyooeoeeaioa
o?ainoi?iaoeee n oeaeueth iaeneiecaoeee ?aioaaaeueiinoe nianoaaiiiai
eaieoaea. I?e yoii ooieoeey caaeneiinoe ?aioaaaeueiinoe nianoaaiiiai
eaieoaea io eiiia?/aneie ia?aee e eiyooeoeeaioa o?ainoi?iaoeee
Fr(Ie,Eo?) eiaao aeae: Fr(Ie,Eo?) = Ie * Eo?. , i?e yoii Eo?. ia?aoii
i?iii?oeeiiaeueii caaeneo io Ie., o.a. /ai auoa Ie., oai ieaea Eo?., e
iaiai?io. A?aoe/aneie eioa?i?aoaoeeae aeaiiie caaeneiinoe aoaeao
ieiuaaeue i?yiioaieueieea, ia?aciaaiiiai inyie eii?aeeiao e i?iaeoeeyie
oi/ee iaoiaeaeaiey i?aaei?eyoey ia a?aoeea ?aioaaaeueiinoe nianoaaiiiai
eaieoaea.

Aeey iaeneiecaoeee ooieoeee ?aioaaaeueiinoe iaiaoiaeeii onoaiiaeoue
niioiioaiea Ie e Eo?, eioi?ia eiaeeaeaeoaeueii o eaaeaeiai i?aaei?eyoey.
Niioiioaiea onoaiaaeeaaaony yiie?e/aneei iooai, ia iniiaa caaeneiinoe
iauaia ?aaeecaoeee i?iaeoeoeee io oeaiu (a?aoee ni?ina). I?e yoii
ooieoeey caaeneiinoe eiyooeoeeaioa o?ainoi?iaoeee io eiiia?/aneie
ia?aee FEo?.(Ie) i?e naiii oi?iuaiiii i?eaeeaeaiee auaeyaeeo neaaeothuei
ia?acii:

FEo?.(Ie) = a / (Ien + b) (25)

aaea

a – eiyooeoeeaio niioiioaiey

Ie – eiiia?/aneay ia?aea, au?aaeaiiay a i?ioeaioao

n – iinoiyiiay aaee/eia, oa?aeoa?ecothuay noaiaiue aeeyiey Ie ia Eo?

b – iinoiyiiay aaee/eia, oa?aeoa?ecothuay o?iaaiue naaanoieiinoe ia
aeaiiii i?aaei?eyoee

Aaee/eiu a, b, n io?aaeatho iniaaiiinoe oieueei aeaiiiai i?aaei?eyoey e
niioaaonoaaiii eiaeeaeaeoaeueiu.

Aeey iaoiaeaeaiey a, b, n ii i?aaei?eyoeth III “ss?aei?-Oa?iae”
iio?aaothony aeiiieieoaeueiua enneaaeiaaiey iiaeaeoe i?aauoathuea ii
iauaio aeaiioth ?aaioo. Iiyoiio, a oaeaea e iioiio, /oi oeaeueth aeaiiie
?aaiou ia yaeyaony ii?aaeaeaiea i?ioeaaeo?u iaoiaeaeaiey yoeo aaee/ei,
iie aoaeoo acyou oneiaii, enoiaey ec eo yeiiiie/aneiai niunea.

a = 160, b = 120, n = 2,

FEo?.(Ie) = 160 / (Ie2 + 120)

Fr(Ie,Eo?) = Ie * 160 / (Ie2 + 120)

Iaeaeai iaeneioi yoie ooieoeee:

(Ie * 160 / (Ie2 + 120))’ = (160Ie2 + 19200) – 320Ie2 = 19200 – 160 Ie2

19200 – 160 Ie2 = 0

160 Ie2 = 19200

Ie2 = 120

Ie = 10,95 %

Neaaeiaaoaeueii, Eo? = 160 / (10,952 + 120) = 0,68

Iaoiaeei Rneopt., Rneopt. = 0,68 * 10,95 = 7,665

Onoaiiaea aai, iaoiaeei iioeiaeueioth ?aioaaaeueiinoue nianoaaiiiai
eaieoaea (Rneopt.). Niiinoaaea aa n ?aioaaaeueiinoueth nianoaaiiiai
eaieoaea neiaeeaoaeny ia i?aaei?eyoee (R’ne) ii?aaeaeyai aaee/eio
?aca?aa.

?ac.1Rce = Rneopt. – R’ne (26)

?ac.1Rce = 7,665 – 7,035 = 0,63 %

aaea:

?ac.1Rce – ?aca?a, auyaeaiiue i?e iioeiecaoeee Ie e Eo?

Rneopt – ?aioaaaeueiinoue nianoaaiiiai eaieoaea i?e iioeiaeueiii
ni/aoaiee Ie e Eo?

R’ne – ?aioaaaeueiinoue nianoaaiiiai eaieoaea, neiaeeaoayny ia iiiaio
aiaeeca

Yoio ?aca?a yaeyaony iioaioeeaeueii aiciiaeiui e caaeneo io aiee
?oeiaiaenoaa, iiyoiio i?e aai i?eaaaeaiee e ?an/aoiie noiia aioo?aiiae
noieiinoe i?aaei?eyoey aai iaiaoiaeeii nei??aeoe?iaaoue ia aiciiaeiinoue
iiaiai nianoaaiieea aeeyoue ia oi?aaeai/aneea ?aoaiey. Yoa aiciiaeiinoue
a naith i/a?aaeue ii?aaeaeyaony aeieae aeoeeiia?iiai eaieoaea, eioi?ui
?aniieaaaao nianoaaiiee. Anee aeiey aeecea e 0 %, oi aeeyiea aeecei e
ioeth, anee aea aeieth aeecea e 50 %, oi aeeyiea aeecei e 100 %.
Neaaeiaaoaeueii, eiyooeoeeaio ei??aeoe?iaee ?aaai 2d, aaea d – aeiey
aeoeeiia?a a eaieoaea i?aaei?eyoey.

Oaeei ia?acii, aaee/eia ?aioaaaeueiinoe nianoaaiiiai eaieoaea,
eniieuecoaiiai i?e ?an/aoa i?eaaaeaiiie i?eauee ninoaaeo:

Rce = R’ne + 2d * ?ac.1Rce., aaea 0 0. Neaaeiaaoaeueii, anoaao caaea/a
iioeiecaoeee iauaiia e noieiinoe e?aaeeoiuo ?ano?nia, a oaeaea noaiaie
eo o/anoey a oeiaine?iaaiee aeayoaeueiinoe i?aaei?eyoey.

Ia?aueaaiea caaiiuo n?aaenoa aoaeao auaiaeiui aei oao ii?, iiea
aeeooa?aioeeae (Ae?) aoaeao eiaoue iieiaeeoaeueioth aaee/eio. Aaee/eia
aeeooa?aioeeaea iai?yioth caaeneo ianooaaa i?iecaiaenoaa. I?e/ai yoa
caaeneiinoue, ii anae aeaeeiinoe, iaeeiaeiay. I?e ia?aueaaiee iauaia
i?iecaiaenoaa, ai-ia?auo, nieaeaaony i?eaueue ia aaeeieoeo i?iaeoeoeee,
a ai- aoi?uo ?anoao ieaoiinoue e?aaeeoa. Oi/ea, a eioi?ie aeeooa?aioeeae
noaiiaeony ?aaiui ioeth, yaeyaony naiaai ?iaea oi/eie aacoauoi/iinoe.
Oaeei ia?acii, yoa oi/ea aoaeao ii?aaeaeyoue oeaeaniia?aciinoue
i?eaea/aiey caaiiuo n?aaenoa, eo aaee/eio e, neaaeiaaoaeueii,
niioiioaiea caaiiuo e nianoaaiiuo n?aaenoa. A?aoe/anee yoo caaeneiinoue
iiaeii i?aaenoaaeoue neaaeothuei ia?acii. (ni. ?enoiie 6)

% Y?,

N?NI

O1 F1

L1 L2

N?NI A

O2 F2

MPC

I O1 Oa O2 Ec/n

?en.6 I?aaeaeueiay iieaciinoue eaieoaea.

Ia ?enoiea i?aaenoaaeai a?aoee i?aaeaeueiie iieaciinoe eaieoaea (I?N).
Iieaciinoue au?aaeaaony a % ?aioaaaeueiinoe nianoaaiiiai eaieoaea e
caaeneo ia?aoii io aaee/eiu i?eaea/aiiuo n?aaenoa. Oaeei ia?acii,
nouanoaoao oi/ea A, a eioi?ie Ae? = 0. Iia e ii?aaeaeyao
iaoeaeaniia?aciinoue aeaeueiaeoaai i?eaea/aiey caaiiuo n?aaenoa.
A?aoe/aneie eioa?i?aoaoeeae YO? aoaeao ieiuaaeue caoo?eoiaaiiie ia
?enoiea oeao?u, auoa eeiee N?NI. Oi/ea A yaeyaony oi/eie iioeiaeueiiai
niioiioaiey caaiiuo e nianoaaiiuo n?aaenoa. Iinea aa iaoiaeaeaiey
ii?aaeaeyaony ?acieoea iaaeaeo iioeiaeueiie aaee/eiie YO? e neiaeeaoaeny
ia i?aaei?eyoee. Anee Y? > N?NI (iai?eia?, oi/ea F1),oi yoie ?aciinoueth
aoaeao ieiuaaeue oeao?u F1 L1A. Anee Y? < N?NI (iai?eia? oi/ea F2), oi yoie ?aciinoueth aoaeao ieiuaaeue oeao?u A L2F2 .Oaeei ia?acii, iu iaoiaeei ?aca?a ?inoa ?aioaaaeueiinoe nianoaaiiiai eaieoaea eeai ca n/ao oaaee/aiey aeiiieieoaeueiiai iieiaeeoaeueiiai YO?, eae a ia?aii neo/aa, eeai ca n/ao eneeth/aiey io?eooeaoaeueiiai YO? eae ai aoi?ii neo/aa.Oeaeueth ?an/aoia iioeiaeueiie aaee/eiu eiyooeoeeaioa caaiiuo n?aaenoa yaeyaony auyaeaiea iioaioeeaeueiiai ?aca?aa ?inoa ?aioaaaeueiinoe nianoaaiiiai eaieoaea, ia aaee/eio eioi?uo iia iiaeao auoue oaaee/aia e aoaeao eniieueciaaia a ?an/aoa aoaeoueo aeioiaeia.I?N = Ec/n * a / (Ec/n2 + b); (34)Fyo? = (Ec/n * a / Ec/n2 + b), Ec/n au?aaeai a i?ioeaioao, oaa 1 %,a = 3,3 * (930 + 260) / 30.5, b = 260Iaeaeai iaeneiaeueioth aaee/eio yooaeoa oeiainiaiai ?u/aaa.(Ec/n * a / Ec/n2 ) -> max, Ec/n = 16,12 %, ionthaea YO?max = 4,65

Rn nia.opt = Rei + YO? = 7,43 + 4,65 = 12,08

Rneopt = 2/3 Rn nia.opt = 2/3 * 12,08 = 8,05

?ac.1Rne = Rneopt – R’ne (35)

?ac.1Rne = Rneopt – R’ne = 8,05 – 6,98 = 1,07

O/eouaay oio oaeo, /oi aiciiaeiinoue ?inoa Rne ca n/ao auyaeaiiuo
?aca?aia yaeyaony iioaioeeaeueiie, oi iia iai?yioth caaeneo io aeiee
i?eia?aoaaiiai onoaaiiai eaieoaea (a ?acia?a 2d).

Oaeei ia?acii, o/eouaay ?aca?au, auyaeaiiua i?e ?anniio?aiee aeeyiey
eiiia?/aneie ia?aee e eiyooeoeeaioa o?ainoi?iaoeee ia ?aioaaaeueiinoue
nianoaaiiiai eaieoaea e aeeooa?aioeeaea e eiyooeoeeaioa caaiiuo n?aaenoa
ia ?aioaaaeueiinoue nianoaaiiiai eaieoaea, iieo/aai eiia/ioth oi?ioeo
?an/aoa ?aioaaaeueiinoe nianoaaiiiai eaieoaea, eniieuecoaioth a ?an/aoa
aioo?aiiae noieiinoe i?aaei?eyoey

Rne = R’ne + 2d * ?ac.1Rne + 2d * ?ac.2Rne = R’ne + 2d *(?ac.1Rne +
?ac.2Rne), (36)

aaea:

Rne. – ?aioaaaeueiinoue nianoaaiiiai eaieoaea, nei??aeoe?iaaiiay ia
?aca?au;

R’ne – ?aioaaaeueiinoue nianoaaiiiai eaieoaea a iiiaio aiaeeca;

?ac1, ?ac1 – ?aca?au, iiaeeecoaiua i?e iioeiaeueiii niioiioaiee
eiiia?/aneie ia?aee e eiyooeoeeaioa o?ainoi?iaoeee e caaiiuo n?aaenoa
niioaaonoaaiii.

d – aeiey i?eia?aoaaiiai eaieoaea i?aaei?eyoey; 0

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