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Финансовый менеджмент

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Eaeoeey ?1.

?anoiaeu i?aaei?eyoey. Nenoaia oeiainiauo aeiaeaiee e ieaoaaeae
i?aaei?eyoey.

Nenoaia oeiainiauo aeiaeaiee, eo aeaeu e oa?aeoa?enoeee.

Caaea/e oeiainiauo aeiaeaiee aeey ?acaeoey i?aaei?eieiaoaeueneie
aeayoaeueiinoe.

SYMBOL 192 \f “Zbats-PS” \s 20 A . Oeiainiaua ?ano?nu i?aaei?eyoey
eniieuecothony aeey iie?uoey oaeoueo ?anoiaeia e eiaanoeoeee.

Oaeouea ?anoiaeu – n?aaenoaa. iai?aaeyaiua ia iaania/aiea
i?iecaiaenoaaiiie aeayoaeueiinoe a oa/aiea aiaea. E iei ioiinyony:

i?eia?aoaiea nu?uey, iaoa?eaeia, eiiieaeoothueo, iieooaa?eeaoia,

iieaoa yia?aaoe/aneeo ?ano?nia,

ca?ieaoa.

Yoe cao?aou iie?uaathony ca n/ao au?o/ee io ?aaeecaoeee.

Oeiainiaua aeiaeaiey iiaeii i?aaenoaaeoue oae:

Oeiainiaua aeiaeaiey e ieaoaaee

?acaeoea i?aaei?eyoey Oeaiiua aoiaae Ia?aciaaiea aeaiaaeiuo
niaoeeaeueiuo oiiaeia Ieaoaaee a athaeaeao

1. iiiieiaiea iai?ioiuo n?aaenoa

2. iaiiaeaiea iai?oaeiaaiey e oaoiieiaee

3. eaieoaeueiia no?ieoaeuenoai

4. aeiaeaiey a IEIE? 1. oeiainiaua eiaanoeoeee a oeaiiua aoiaae

2. yienney oeaiiuo aoiaa e auieaoa aeeaeaeaiaeia 1. ?aca?aiue,
oeiainiaue e no?aoiaie oiiaeu

2. iiiu?eoaeueiue e nioeeaeueiue oiiaeu

3. aeaaioai?eoaeueiinoue e oai?/aneia eniieueciaaiea

Iaeaieaa neiaeiie e aieie noa?ie yaeyaony i?ia?aiia ?acaeoey
i?aaei?eyoey. N iaeiie noi?iiu ?uiie o?aaoao io i?aaei?eyoey iinoiyiiiai
auaeeaaiey, oniaa?oainoaiaaiey e aeaeaeaiey aia?aae, a n ae?oaie noi?iiu
yoe ?anoiaeu cia/eoaeueiu e ?eneiaaiiu. E?iia oiai o i?aaei?eyoey anoue
auai? – yoi iiaeao auoue iaiiaeaiea oaoiieiaee; iaiiaeaiea anni?oeiaioa
i?iaeoeoeee; iaiiaeaiea ia?ea iaoei, noaieia, iai?oaeiaaiey; ae?oaea
aeiaeaiey iiaoo auoue naycaiu n oaaee/aieai i?iecaiaenoaaiiuo ieiuaaeae
(iiaua oeaoa, neeaaeu, eaai?aoi?ee).

?acaeoea i?iecaiaenoaaiiuo ieiuaaeae /anoi naycaii n aiaae?aieai iiauo
eaeae, oaoiieiaee, iai?oaeiaaiey, ii aeey yoiai i?aaei?eyoea aeieaeii
aeiaeeoue n?aaenoaa eeai a niioaaonoaothuea iao/iua ?ac?aaioee, eeai a
i?eia?aoaiea iaoaioia ia i?aai iieueciaaiey eiathueony oaoiieiaee.

Ae?oaei aaaeiaeoei iai?aaeaieai a aeayoaeueiinoe i?aaei?eyoey yaeyaony
iiiieiaiea nianoaaiiuo iai?ioiuo n?aaenoa. I?aaei?eyoea ecia/aeueii
?ann/eouaaao noiio nianoaaiiuo iai?ioiuo n?aaenoa, ii i?aeoeea ?uii/iie
yeiiiieee iieacuaaao, /oi /anoi yoa noiia ia niioaaonoaoao iio?aaiinoyi
a nayce n eioeyoeeae, iaee/eai aieueoie aeaaeoi?neie caaeieaeaiiinoe,
oaaee/aieai auionea i?iaeoeoeee. A oaeeo neo/ayo i?aaei?eyoea aeieaeii
oaaee/eaaoue, iiiieiyoue nianoaaiiua iai?ioiua n?aaenoaa.

N iiyaeaieai oiiaeiauo ?uieia n iaeiie noi?iiu e i?eaaoecaoeeae e
aeoeeiie?iaaieai i?aaei?eyoee n ae?oaie aeiaeaiea n?aaenoa a oeaiiua
aoiaae noaei aanueia i?eaeaeaoaeueiui. iiiaea e?oiiua oe?iu aeeaaeuaatho
n?aaenoaa a oeaiiua aoiaa SYMBOL 240 \f “Zbats-PS” \s 12 ? ii?ooaee
oeaiiuo aoiaa SYMBOL 240 \f “Zbats-PS” \s 12 ? eeeaeaeiinoue e i?i/iia
oeiainiaia ninoiyiea.

Aeey nicaeaiey aeaaii?eyoiuo nioeeaeueiuo, ii?aeueiuo e oai?/aneeo
oneiaee i?aaei?eyoea iiaeao /anoue naieo n?aaenoa iai?aaeyoue ia
nicaeaiea ?aca?aiuo, no?aoiauo oiiaeia, a oaeaea aeeaaeuaaoue n?aaenoaa
ia no?ieoaeuenoai aeeeuey, naiaoi?eaa, eaaa?ae e o.i. aeey nio?oaeieeia.

Nthaea i?eiueatho ?anoiaeu, eioi?ua iaeuecy iacaaoue aeiaeaieyie, ii iie
iaycuaatho i?aaei?eyoea o?aoeoue /anoue naiae i?eauee, /oiau auiieieoue
iaycaoaeuenoaa ia?aae ainoaea?noaii – caieaoeoue iaeiae. Yoio aii?in
?anniao?eaaaony n iiceoeee iaeiaiaiai a?aiaie. iaeiaiaay nenoaia ?innee
ianiaa?oaiia e i?eiineo ii?aaeaeaiiue a?aae, caae?ay cia/eoaeueioth
/anoue aeioiaeia i?aaei?eyoey e noaeay oaeei ia?acii ?aiee nianoaaiiuo
aeiaeaiee.

SYMBOL 193 \f “Zbats-PS” \s 20 A . Aeey ethaie yeiiiieee aeaeaeaiea
aia?aae yaeyaony iaycaoaeueiui oneiaeai, oai aieaa yoi eanaaony ?uii/iie
yeiiiieee. Aeey ianoiyuaai ia?eiaea oa?aeoa?ii iinoiyiiia nieaeaiea
iauaia i?iecaiaenoaa i?iaeoeoeee.

1994 a. – nieaeaiea ia 40% ii n?aaiaieth n 1990 a.

1995 a. – 15%

1996 a. – 10%

1997 a. – ?inoa iao, ii niaae eii/eeny.

Oaoiieiae/aneee o?iaaiue iaoeo iniiaiuo oiiaeia i/aiue iecie. Oieueei
16% iaoei e iai?oaeiaaiey ioaa/atho ie?iaui noaiaea?oai. Yoi naycaii n
eiaanoeoeeiiiui e?ecenii: aeaiueae ia ?acaeoea i?iecaiaenoaa ieeoi ia
aeaao.

Ia neiaeeaoothny neooaoeeth aeeytho neaaeothuea oaeoi?u:

oeiainiaay aeanoaaeeecaoeey iniiaiiai /enea i?aaei?eyoee;

ionoonoaea iioeaaoeee ii aeiaeaieth n?aaenoa;

ionoonoaea aeaeie iaeiaiaie nenoaiu;

ionoonoaea ainoaea?noaaiiuo noaneaeee, eiaanoeoeee.

Aaaeiinoue e niaoeeoeea eiaanoeoeee:

Eiaanoeoeee anaaaea inouanoaeythony ?aaee i?eauee;

Eiaanoeoeee eiatho oe?ieoth noa?o i?eeiaeaiee;

Eiaanoeoeee anaaaea o?aaotho na?ueaciuo noieiinoiuo e a?aiaiiuo ioeaiie;

Eiaanoeoeee naeaeaoaeuenoaotho i i?i/iinoe i?aaei?eyoey, aeaaiiieo/ee,
i?aaeaeaeaiee;

Eiaanoeoeee o?aaotho /aoeiai ii?aaeaeaiey enoi/ieeia oeiaine?iaaiey;

Eiaanoeoeee o?aaotho iaee/ey aeueoa?iaoeaiuo ?aoaiee.

Eaeoeey ?2.

Oeiainiaia iaania/aiea, oi?ie?iaaiea e eniieueciaaiea iai?ioiuo
n?aaenoa.

Ninoaa iai?ioiuo n?aaenoa e iieeoeea oi?aaeaiey eie.

Ii?ie?iaea iai?ioiuo n?aaenoa.

Enoi/ieee oeiaine?iaaiey.

Iniaaiiinoe yooaeoeaiiai oi?aaeaiey iai?ioiuie n?aaenoaaie.

Eaeoeey ?3.

Oaeoi?eia eae iaoiae oeiainiaiai iaania/aiey i?aaei?eieiaoaeueneie
aeayoaeueiinoe.

Iiiyoea e cia/aiea oaeoi?eiaa.

Iaoaieci oaeoi?eiaiaiai ianeoaeeaaiey.

I?aaiaay iniiaa oaeoi?eiaiaiai ianeoaeeaaiey.

SYMBOL 192 \f “Zbats-PS” \s 20 A . A oeiainiaii iaiaaeaeiaioa, eioi?ue
?acaeaaaony a oneiaeyo ?uii/iie yeiiiieee, ia/eiatho iiyaeyoueny iiaua
oa?ieiu e iiiyoey. Iaeii ec ieo – oaeoi?eia. Aai nooue caeeth/aaony a
oii, /oi inouanoaeyaony aueoi ieaoaaeiuo o?aaiaaiee o iinoaaueeia
oiaa?a, oneoa, ?aaio e caoai ieacuaaaony oaeoi?eiaiaay oneoaa
i?iaeaaoeai. I?aaei?eyoea iiaeao eiaoue aaieianeee e?aaeeo aeey oiai,
/oiau iie?uoue oaeouea iaycaoaeuenoaa, ii anaaaea nouanoaoao ?ene, /oi
iii ia niiaeao iieo/eoue n?aaenoaa io iieoiaoaeae e ?ann/eoaoueny n
aaieii.

Oaeoi?eiaiaua eiiiaiee e Oaeoi?eiaiaua ioaeaeu aaiea i?ecaaiu
oiaiueoaoue oaeie ?ene e niinianoaiaaoue onoie/eaiio oeiainiaiio
iieiaeaieth oe?iu.

“Oaeoi?” (aiae.) – iin?aaeiee, iaeea?. N yoie oi/ee c?aiey oaeoi?eia –
iin?aaeie/aneay iia?aoeey ii aceiaieth aeieaia n aeieaeieeia eeeaioa
aaieii, eioi?ue ianeoaeeaaao iinoaaueeia oiaa?ia, oneoa, ?aaio.

I?aeiouanoaa oaeoi?eiaa aeey iinoaaueeia:

Ii iieo/aao 100% aa?aioeth ia iieo/aiea n?aaenoa ii anai ieaoaaeiui
n/aoai.

Aaie aa?ao ia naay ooieoeeth ia?aaaouaaoue ana n/aoa eeeaioa.

I?aaei?eyoea iaania/eaaaony aeaiaaeiuie n?aaenoaaie ca aeinoaoi/ii
ieceoth ieaoo.

SYMBOL 193 \f “Zbats-PS” \s 18 A . Iaoaieci oaeoi?eiaiaiai
ianeoaeeaaiey.

Oaeoi?eiaiaua ianeoaeeaaieai caieiathony eeai niaoeeaeueiua
Oaeoi?eiaiaua oe?iu, eioi?ua oanii naycaiu n aaieii, eeai niaoeeaeueiua
Oaeoi?eiaiaua ioaeaeu aaiea.

Iie ieacuaatho aeiiieieoaeueiua oneoae ii iinoaiiaea aooaaeoa?neiai
o/aoa, iiaeaioiaea aiaeeoe/aneie aeieoiaioaoeee.

A oaeoi?eiaiaii ianeoaeeaaiee o/anoaotho 3 noi?iiu:

oaeoi?eiaiaay oe?ia;

eeeaio (iinoaauee oiaa?a, oneoa, ?aaio);

oe?ia-iieoiaoaeue.

Iniiaiie i?eioeei oaeoi?eiaiaii iia?aoeee – oaeoi?eiaiaay oe?ia iieoiaao
o naieo eeeaioia eo ieaoaaeiua aeieoiaiou e a oa/aiea 2–3 aeiae
auiea/eaaao ei 70–90% noii ieaoaaeiuo aeieoiaioia.

Oaeoi?eiaiaay oneoaa iiaeao auoue ieacaia n a?eoii:

“aac oeiaine?iaaiey” – eeeaio iieo/aao noiio n/aoa-oaeoo?u i?e
ianooieaiee n?iea ieaoaaea;

“n oeiaine?iaaieai” – iaiaaeeaiiay iieaoa n/aoia.

Inouanoaeaieth oaeoi?eiaiaie naeaeee i?aaeoanoaoao na?ueaciay
aiaeeoe/aneay ?aaioa.

Iieo/ea cayaeo i?aaei?eyoey, oaeoi?eiaiaay oe?ia aieiaoaeueii eco/aao
oeiainiaia iieiaeaiea eeeaioa. Aiaeece?othony aooaaeoa?neea aaeainu ca 3
aiaea, ni?in ia i?iaeoeoeeth, noiiu iieo/aaiie i?eauee. Anee ana yoe
naaaeaiey oaeiaeaoai?ytho oaeoi?eiaiaoth oe?io, oi aeiaiai?
caeeth/aaony.

Ca oaeoi?eiaiaua oneoae aaie iieo/aao ii?aaeaeaiiue i?ioeaio. Iieaoa
oaeoi?eiaiauo oneoa ninoieo ec 2-o yeaiaioia:

iau/iua eiienneiiiua – i?ioeaio io iauaia naeaeee:

i?ioeaiou, eioi?ua aceiathony ca aein?i/ioth iieaoo.

NOA – ?iaeeia oaeoi?eiaa. A ?innee ii iiyaeeny a 1988a. (I?iino?ieaaie).
Naaiaeiy oaeoi?eiaiaua oneoae caieiatho i/aiue iaeaiueeee i?ioeaio
aaieianeeo oneoa.

I?aeiouanoaa oaeoi?eiaiauo oneoa eiatho e oe?iu, eioi?ua eo
inouanoaeytho. Yoi naycaii n oai, /oi, caeeth/ay aeiaiai?a, yoe oe?iu
?anoe?ytho naith eeeaioo?o, iieo/atho aeaiaaeiua n?aaenoaa ia naie
n/aoa, iieo/atho aiciiaeiinoue aeeyoue ia i?iecaiaenoaaiioth
aeayoaeueiinoue naieo eeeaioia, noaiiayony ia?oia?aie, iin?aaeieeaie
e?oiiuo oeiainiauo naeaeie naieo eeeaioia.

SYMBOL 194 \f “Zbats-PS” \s 18 A . Ioi?ieaiea oaeoi?eiaiauo naeaeie.

Iniiaa inouanoaeaiey oaeoi?eiaiauo iia?aoeee – aeiaiai? oaeoi?eiaa. Ii
iiaeao auoue ioe?uoui e cae?uoui.

Cae?uoue – aeiaiai? iieoiaoaee ia noaayony a ecaanoiinoue i iaee/ee
oaeoi?eiaiaiai aeiaiai?a.

Ioe?uoue aeiaiai? – ia ieaoaaeiuo n/aoao noaaeony iiiaoea i
oaeoi?eiaiaii ianeoaeeaaiee.

Aeaeu aeiaiai?ia:

Aeiaiai? i iieiii ianeoaeeaaiee. Caeeth/aaony ia aeeeoaeueiia a?aiy,
i?aaeoniao?eaaao 100% caueoo eeeaioa. Aaeeinoaaiiay iaycaiiinoue eeeaioa
– aanoe iieiue o/ao ieaoaaeiuo aeieoiaioia, eioi?ua ii ia?aaeaao
oaeoi?eiaiaie oe?ia.

Aeiaiai? i i?aaeaa?eoaeueiie iieaoa. Aeiiieieoaeueiia oneiaea –
aaoiiaoe/aneia oaaee/aiea iauaia e?aaeeoiaaiey eeeaioa ni noi?iiu
oaeoi?eiaiaie oe?iu a caaeneiinoe io oaaee/aiey iai?ioa oe?iu.

Nouanoaiaaiea oneoae i i?aaeaa?eoaeueiie iieaoa eeeaioa o?aaoao
ouaoaeueiuo iiaen/aoia e nieaeaiey ?enea SYMBOL 240 \f “Zbats-PS” \s 12
? 3 iiaeoiaea e ii?aaeaeaieth i?aaeaa?eoaeueiuo noii, eioi?ua iiaoo
auaeaaaoueny eeeaioo:

ii?aaeaeyaony iauee eeieo eaaeaeiio ieaoaeueueeo. Anee noiia
caaeieaeaiiinoe iieoiaoaey i?aauoaao yoio eeieo, oi aaie o?aaoao /oiau
ana noiiu ieaoaaeae, iinooiathueo a oaeoi?eiaiaoth oe?io, auee
ii?aaeaeaiu e o/oaiu, a ?acieoeo aeiiea/eaaao nai iinoaauee.

ii?aaeaeaiea aaeaiany/iuo eeieoia ioa?ocee.

no?aoiaaiea ii ioaeaeueiui naeaeeai (aaie ia?ano?aoiauaaaony).

I?e caeeth/aiee oaeoi?eiaiaiai aeiaiai?a aaie niaoeeaeueii iaiaa?eaaao
neaaeothuaa:

aaie ia ianao ioaaonoaaiiinoe ca iaauiieiaiea aeiaiai?iuo iaycaoaeuenoa
iinoaaueeii (eeeaioii).

eaaeaeue ec o/anoieeia aeiaiai?a aeieaeai o?aieoue eiiia?/aneoth oaeio.

I?aeiouanoaa oaeoi?eiaiaiai ianeoaeeaaiey: anee oe?ia-iieoiaoaeue ia
aioiaa iaiaaeeaiii iieaoeoue naie n/aoa, oi aaie iiaeao aeaoue ion?i/eo
ia 5–10 aeiae eee 3% neeaeeo.

Oaeoi?eiaiaay oe?ia ia oieueei naia ?aniieaaaao iaoe?iie eioi?iaoeeae i
naieo eeeaioao, i ae?oaeo e?aaeeoiuo o/?aaeaeaieyo, ii e iiaeao
i?aaeinoaaeyoue naiei eeeaioai oaeoth eioi?iaoeeth. Iai?eia?, anee o
eeeaioa iiyaeythony iiaua iieoiaoaee (iniaaiii, anee iie yaeythony
eiino?aiiie oe?iie), oi aaie iiaeao aeaoue ?aeiiaiaeaoeee, noieo ee
nio?oaeie/aoue n ieie.

Yooaeoeaiinoue oaeoi?eiaiauo oneoa ca ?oaaaeii i/aiue aaeeea, iie
oe?iei eniieuecothony (3/4 iauaia iinoaaie ninoiyo ia oaeoi?eiaiaii
ianeoaeeaaiee).

A ?innee nouanoaoao ?yae i?aaeoaeuenoaaiiuo e aaieianeeo aeieoiaioia,
?ac?aoathueo oaeoi?eiaiaua oneoae, iaicia/athueo iaoaieci aeiaiai?ia e
ii?aaeaeythueo oneiaey, ia eioi?uo aaiee eiatho i?aai caieiaoueny
oaeoi?eiaiaui ianeoaeeaaieai.

Nouanoaothuaa oeiainiaia iieiaeaiea ?inneeneee i?aaei?eyoee ia
iicaieyao oe?iei eniieueciaaoue yoo oi?io ianeoaeeaaiey. Ec
oaeoi?eiaiaiai ianeoaeeaaiey auoaeatho iiiai/eneaiiua i?aeiouanoaa ii
eniieueciaaieth iai?ioiuo n?aaenoa i?aaei?eyoey – oaaee/aiea
iai?a/eaaaiinoe, oiaiueoaiea e?ecena iaieaoaaeae, oeo/oaiea oeiainiaiai
ninoiyiey i?aaei?eyoey, oeo/oaiea eieaeaea, ?aceia nieaeaiea
aeaaeoi?neie, a cia/eo e e?aaeeoi?neie caaeieaeaiiinoae.

Eaeoeey ? 4.

?aaeueiua eiaanoeoeee a ?acaeoea i?iecaiaenoaa.

Iieeoeea iaiiaeaiey iniiaiuo oiiaeia.

Iieeoeea oi?aaeaiey eiaanoeoeeyie.

Ioeaiea eiaanoeoeeiiiuo i?iaeoia.

SYMBOL 192 \f “Zbats-PS” \s 20 A . Iniiaiua oiiaeu ninoaaeytho iniiao
iaoa?eaeueiiai i?iecaiaenoaa e aunooiatho eae n?aaenoaa o?oaea.

Iai?io iniiaiuo oiiaeia iiaeii i?aaenoaaeoue neaaeothuei ia?acii:

Aaiae a i?iecaiaenoai SYMBOL 240 \f “Zbats-PS” \s 12 ? o/anoea a
i?ioeanna i?iecaiaenoaa SYMBOL 240 \f “Zbats-PS” \s 12 ? eciin SYMBOL
240 \f “Zbats-PS” \s 12 ? auauoea

Caaea/a ethaiai i?aaei?eyoey – naiaa?aiaiii iaania/eoue ainnoaiiaeaiea
e ?acaeoea iniiaiuo oiiaeia. Yoiio iiaoo niinianoaiaaoue neaaeothuea
ia?ii?eyoey:

?an/ao noieiinoe iniiaiuo oiiaeia ii Eaae.; Eino.: Eainno..

?an/ao oaeeo iieacaoaeae, eae Eaua.; Eiaiiae..

?an/ao iieacaoaeae Eo.i.; Eo.a.; Eo.a.; SYMBOL 114 \f “SymbolProp BT”
\s 12 r .

Ecaanoii, /oi yeiiiie/aneee ?ino e eiaanoeoeeiiiay aeoeaiinoue oanii
naycaiu iaaeaeo niaie. Iiyoiio eiaanoeoeeiiiay aeayoaeueiinoue aeieaeia
iaoiaeeoueny a oeaio?a aieiaiey i?aaei?eyoey, io?anee, ?aaeiia, no?aiu.

*oi aea iu iiaeai neacaoue ia eiaanoeoeeiiiie aeayoaeueiinoe ?O, i?e
oneiaee, /oi iniiaiay /anoue i?iecaiaenoaaiiuo iniiaiuo oiiaeia eiaao
eciin 50-60% e aieaa.

Iaeei ec aeaaiuo iaaaoeaiuo ?acoeueoaoia yeiiiie/aneiai e?ecena –
oo?aoa cia/eoaeueiie /anoe oeiainiai-aini?iecaiaenoaaiiie aacu
eiaanoeoeeiiiiai ?acaeoey no?aiu.

Iiiaea i?aaei?eyoey naaiaeiy ia a ninoiyiee noi?ie?iaaoue iaiaoiaeeiua
?ano?nu ca n/ao i?eauee e aii?oecaoeee. Aio ii/aio a aeeaeaeoea aiaeu
ainoaea?noai aeieaeii i?iaiaeeoue aieaa aeoeaioth iieeoeeo a iaeanoe
athaeaeaoiuo noaneaeee a ?acaeoea i?iiuoeaiiiai iioaioeeaea.

Aei neo ii? ec athaeaeaoa auaeaeyeenue ieca?iua noiiu, eioi?ua
inoaaaeenue ia?aaeeciaaiiuie. Iaauaiey. /oi 1998 aiae noaiao ia?aeiiiui,
iiaoo iiyoue inoaoueny iaauaieyie, anee aeioiaeiay /anoue athaeaeaoa ia
aoaeao auiieiyoueny. Iiea aea iu iiaeai eiinoaoe?iaaoue, /oi ca
1991-1996 aiaeu i?iecaiaenoaaiiua eiaanoeoeee nie?aoeeenue a 5 ?ac.
I?iecaiaenoaaiiua iiuiinoe iaaeia?oaeaiu a neeo eciina e onoa?aaoae
oaoiieiaee.

Ii?in ?oeiaiaeeoaeae 600 i?iiuoeaiiuo i?aaei?eyoee a 1996 aiaeo
iieacae, /oi iaoaao i?ioeannai eiaanoe?iaaiey:

iaoaaoea nianoaaiiuo n?aaenoa 85%

aunieee i?ioeaio ca e?aaeeo 43%

aunieea oeaiu ia iai?oaeiaaiea 34%

o?oaeiinoe a iieo/aiee aeieain?i/iuo e?aaeeoia 25%

A no?oeoo?a aeiaeaiee ia ia?aia ianoi auoee eaieoaeueiue ?aiiio iaoei e
iai?oaeiaaiey. Ioa/anoaaiiay iaoeiino?ieoaeueiay i?iaeoeoeey auoaniyaony
n aioo?aiiaai ?uiea e caiaiyaony eiii?oiui iai?oaeiaaieai. A iniaaiii
e?eceniii iieiaeaiee iaoiaeyony oaeea io?anee, eae i?eai?ino?iaiea e
yeaeo?ioaoieea.

SYMBOL 193 \f “Zbats-PS” \s 18 A . Eiaanoeoeeiiiay aeayoaeueiinoue
i?aaei?eyoey i?aaenoaaeyao niaie eiiieaen ia?ii?eyoee ii iiaeaioiaea e
?aaeecaoeee i?iaeoa. Eiaanoeoeeiiiay iieeoeea i?aaeoniao?eaaao
neaaeothuaa:

Oi?ie?iaaiea ioaeaeueiuo iai?aaeaiee eiaanoeoeeiiiie aeayoaeueiinoe
i?aaei?eyoey.

Enneaaeiaaiea e o/ao oneiaee aiaoiae n?aaeu e eiiuthieoo?u
eiaanoeoeeiiiiai ?uiea.

Iiene ioaeaeueiuo iauaeoia eiaanoe?iaaiey e ioeaiea eo niioaaonoaey
eiaanoeoeeiiiie aeayoaeueiinoe i?aaei?eyoey A i?ioeanna ?aaeecaoeee
yoiai iai?aaeaiey ioae?athony aeey eco/aiey ioaeaeueiua eiaanoeoeeiiiua
i?iaeou: ?anniao?eaaaony aiciiaeiinoue i?eia?aoaiey ioaeaeueiuo aeoeaia
(oaoieee, oaoiieiaee e o.i.) aeey iaiiaeaiey ninoaaa aeaenoaothueo eo
aeaeia, i?iaiaeeony ouaoaeueiay yenia?oeca ioia?aiiuo i?iaeoia.

Iaania/aiea aunieie yooaeoeaiinoe eiaanoeoeee. Ioia?aiiua ia
i?aaeaa?eoaeueiii yoaia iauaeou eiaanoe?iaaiey aiaeece?othony n iiceoeee
eo yeiiiie/aneie yooaeoeaiinoe. I?e yoii aeey eaaeaeiai iauaeoa
eiaanoe?iaaiey eniieuecoaony eiie?aoiay iaoiaeeea ioeaiee yooaeoeaiinoe.
I?e i?i/eo ?aaiuo oneiaeyo ioae?athony oa iauaeou eiaanoe?iaaiey,
eioi?ua iaania/eaatho iaeaieueooth yooaeoeaiinoue.

Iaania/aiea ieieiecaoeee oeiainiauo ?eneia, naycaiiuo n eiaanoeoeeiiiie
aeayoaeueiinoueth. Ii ?acoeueoaoai ioeaiee i?iaiaeeony ?aiaee?iaaiea
ioaeaeueiuo iauaeoia eiaanoe?iaaiey ii o?iaith ?enea. E?iia oiai,
oeiaine?iaaiea ioaeaeueiuo eiaanoeoeeiiiuo i?iaeoia inouanoaeyaony /anoi
ca n/ao cia/eoaeueiiai i?eaea/aiey caaiiuo n?aaenoa, /oi iiaeao i?eaanoe
e nieaeaieth o?iaiy oeiainiaie onoie/eainoe i?aaei?eyoey.

Iaania/aiea eeeaeaeiinoe eiaanoeoeee. A i?ioeanna eiaanoe?iaaiey iiaoo
nouanoaaiii eciaieoueny oneiaey aiaoiae n?aaeu, no?aoaaey ?acaeoey
i?aaei?eyoey, eeai ii ioaeaeueiui iauaeoai eiaanoe?iaaiey ?acei nieceony
iaeeaeaaiay aeioiaeiinoue, iiauneony o?iaaiue ?anoiaeia e o.ae. Yoi
iio?aaoao i?eiyoey ?aoaiey i naiaa?aiaiiii auoiaea ec ioaeaeueiuo
eiaanoeoeeiiiuo i?ia?aii (iooai i?iaeaaee ioaeaeueiuo iauaeoia
eiaanoe?iaaiey). N yoie oeaeueth ii eaaeaeiio iauaeoo aeieaeia auoue
ioeaiaia aai eeeaeaeiinoue. Ii ?acoeueoaoai ioeaiee i?iaiaeeony
?aiaee?iaaiea ioaeaeueiuo eiaanoeoeeiiiuo i?iaeoia ii eo eeeaeaeiinoe.

Ii?aaeaeaiea iaiaoiaeeiiai iauaia eiaanoeoeeiiiuo ?ano?nia e
iioeiecaoeey no?oeoo?u eo enoi/ieeia.

Oi?ie?iaaiea e ioeaiea eiaanoeoeeiiiiai ii?ooaey i?aaei?eyoey. Caeanue
neaaeoao o/anoue, /oi aunieee o?iaaiue aeioiaeiinoe ioaeaeueiuo iauaeoia
eiaanoe?iaaiey ?aaeei nii?iaiaeaeaaony ieieiaeueiui o?iaiai ?enea e
aunieie noaiaiueth eeeaeaeiinoe. Iiyoiio i?e oi?ie?iaaiee
eiaanoeoeeiiiiai ii?ooaey iiaeao auoue eniieueciaai aa?anneaiue,
oia?aiiue e eiina?aaoeaiue iiaeoiaeu.

?aaeueiua aeiaeaiey iiaoo inouanoaeyoueny a neaaeothueo iniiaiuo
oi?iao:

i?eia?aoaiea eiouanoaaiiuo eiiieaenia;

iiaia no?ieoaeuenoai;

?aeiino?oeoeey;

iiaea?iecaoeey;

i?eia?aoaiea ioaeaeueiuo iauaeoia aiaiai?ioiuo aeoeaia.

N?aaee ia?a/eneaiiuo oi?i ?aaeueiuo eiaanoeoeee iaeaieaa ianooaaiuie
yaeythony ia?aua /aou?a. Iiaeaioiaea oaeeo i?iaeoia e ?aaeecaoeee
o?aaoao ?ac?aaioee aecian-ieaia.

I?e ioai?a eiaanoeoeeiiiuo i?iaeoia neaaeoao ?oeiaiaenoaiaaoueny
i?eioeeiaie:

I?eaueue io eiaanoeoeee aeieaeia auoue auoa, /ai i?eaueue io aeiaeaiee
n?aaenoa ia aaieianeee aeaiiceo.

?aioaaaeueiinoue eiaanoeoeee aeieaeia auoue auoa o?iaiy eioeyoeee.

?aioaaaeueiinoue aua?aiiiai i?iaeoa n o/aoii oaeoi?a a?aiaie aeieaeia
auoue auoa ?aioaaaeueiinoe aeueoa?iaoeaiuo i?iaeoia.

?aioaaaeueiinoue aeoeaia i?aaei?eyoey iinea inouanoaeaiey i?iaeoa
aeieaeia oaaee/eony e i?aauneoue o/aoioth noaaeo ii caaiiui n?aaenoaai.

?anniao?eaaaiue i?iaeo niioaaonoaoao aaia?aeueiie no?aoaae/aneie eeiee
i?aaei?eyoey n oi/ee c?aiey oi?ie?iaaiey anni?oeiaioiie no?oeoo?u
i?iecaiaenoaa, n?ieia ieoiaaiinoe, iaania/aiey oeiainiaie onoie/eainoe.

SYMBOL 194 \f “Zbats-PS” \s 18 A . Aeey ioeaiee iaeeaeaaiie
yooaeoeaiinoe eiaanoeoeeiiiuo i?iaeoia eniieuecothony iniiaiua
iieacaoaee:

*enoue i?eaaaeaiiue aeioiae (*IAe). Ii iicaieyao iieo/eoue iaeaieaa
iaiauaiioth oa?aeoa?enoeeo ?acoeueoaoa eiaanoe?iaaiey, o.a. aai eiia/iue
yooaeo a aaniethoiie noiia.

*IAe=AeI – EN, aaea

AeI – noiia /enoiai aeaiaaeiiai iioiea ca aanue ia?eiae yenieoaoaoeee
i?iaeoa;

EN – noiia eiaanoeoeeiiiuo n?aaenoa, iai?aaeyaiuo ia ?aaeecaoeeth
i?iaeoa.

Eniieuecoaiay aeeneiioiay noaaea i?e ?an/aoa AeI aeeooa?aioee?oaony n
o/aoii o?iaiy ?enea e eeeaeaeiinoe.

I?eia?: i?aaei?eyoea ?anniao?eaaao aecian-ieai aeaoo i?iaeoia A e A.

Iieacaoaee Eiaanoeoeeiiiua i?iaeou

A A

Iauai eiaanoe?oaiuo n?aaenoa, iei. ?oa. 7 000 6 700

Ia?eiae yenieoaoaoeee eiaanoeoeeiiiiai i?iaeoa, aiae 2 4

Noiia /enoiai aeaiaaeiiai iioiea, iei. ?oa. 10 000 11 000

1 aiae

2 aiae

3 aiae

4 aiae 6 000

4 000 2 000

3 000

3 000

3 000

Aeey aeeneiioe?iaaiey noii aeaiaaeiiai iioiea i?iaeoa A noaaea i?eiyoa
a ?acia?a 10%, a i?iaeoa A – 12,7% (a nayce n aieaa aeeeoaeueiui n?ieii
aai ?aaeecaoeee). N iiiiuueth noaaee aeeneiioe?iaaiey ioeaieaaaony
noieiinoue aeaiaa ai a?aiaie. Eiioeaioeey oaeie ioeaiee iniiaaia ia oii,
/oi noieiinoue aeaiaa n oa/aieai a?aiaie eciaiyaony n o/aoii ii?iu
i?eauee ia aeaiaaeiii ?uiea. A aeaiiii neo/aa iiae i?ioeaioii iiieiaaony
noiia aeioiaea io eniieueciaaiey aeaiaa ia aeaiaaeiii ?uiea. O/eouaay,
/oi oeiaine?iaaiea ioaeaeueiuo ia?ii?eyoee i?aaenoaaeyao aeiaieueii
aeeeoaeueiue ia?eiae, a i?aeoeea oeiainiaiai iaiaaeaeiaioa /anoi
i?eoiaeeony n?aaieaaoue noieiinoue aeaiaa i?e ia/aea oeiaine?iaaiey ni
noieiinoueth eo i?e aica?aoa a aeaea i?eauee e aii?oecaoeee. Ionthaea
iiiyoey aoaeouay e ianoiyuay noieiinoue aeaiaa.

Aoaeouay noieiinoue aeaiaa – noiia oeiaine?oaiuo a ianoiyuee iiiaio
aeaiaa, a eioi?oth iie i?aa?aoyony /a?ac ii?aaeaeaiiue ia?eiae a?aiaie n
o/aoii ii?aaeaeaiiie noaaee i?ioeaioa.

Ianoiyuay noieiinoue aeaiaa – noiia aoaeoueo aeaiaaeiuo aeoeaia,
i?eaaaeaiiuo n o/aoii ii?aaeaeaiiie noaaee i?ioeaioa (aeeneiioiie
noaaee) e ianoiyuaio ia?eiaeo. Oaeay neooaoeey aicieeaao a neo/ayo,
eiaaea iaiaoiaeeii ii?aaeaeeoue, neieueei aeaiaaeiuo n?aaenoa
iaiaoiaeeii aeiaeeoue a oo eee eioth aeaiaaeioth iia?aoeeth naaiaeiy,
/oiau iieo/eoue /a?ac ii?aaeaeaiiie a?aiy ca?aiaa iaoneiaeaiioth noiio.

?an/ao ianoiyuae noieiinoe /enoiai aeaiaaeiiai iioiea ii
eiaanoeoeeiiiui i?iaeoai.

Eiaanoeoeeiiiua i?iaeou

A A

Aoaeouay noieiinoue Aeeneiioiue iiiaeeoaeue i?e noaaea 10% Ianoiyuay
noieiinoue Aoaeouay noieiinoue Aeeneiioiue iiiaeeoaeue i?e noaaea 12,7%
Ianoiyuay noieiinoue

1 aiae 2 aiae 3 aiae 4 aiae 6 000

4 000

0,909

0,826 5 454

3 304 2 000

3 000

3 000

3 000 0,893

0,797

0,712

0,636 1 786

2 391

2 135

1 908

Eoiai 10 000

8 758 11 000

8 221

N o/aoii ?ann/eoaiiie ianoiyuae noieiinoe aeaiaaeiiai iioiea ii?aaeaeei
/enoue i?eaaaeaiiue aeioiae.

Ii i?iaeoo A ii ninoaaeo 8 758 – 7 000 = 1 758 iei. ?oa.

Ii i?iaeoo A ii ninoaaeo 8 221 – 6 700 = 1 521 iei. ?oa.

O.i. i?e n?aaiaiee aeaoo i?iaeoia aeaeii, /oi i?iaeo A aieaa
yooaeoeaai.

Eiaeaen aeioiaeiinoe (EAe) eee eiyooeoeeaio yooaeoeaiinoe eaieoaeueiuo
aeiaeaiee.

, aaea

AeI – /enoue aeaiaaeiue iioie a ianoiyuae noieiinoe;

EN – noiia aeiaeaiee a eiaanoeoeeiiiue i?iaeo.

I?eia?: eniieuecoy aeaiiua ii ?anniio?aiiui i?iaeoai A e A, iiaeii
?ann/eoaoue e aeioiaeiinoue.

I?iaeo A: EAe = 8 758 / 7 000 = 1,25.

I?iaeo A: EAe = 8 221 / 6 700 = 1,23.

N?ie (ia?eiae) ieoiaaiinoe (II). Yoio iieacaoaeue yaeyaony iaeiei ec
iaeaieaa ?ani?ino?aiaiiuo e iiiyoiuo iieacaoaeae ioeaiee yooaeoeaiinoe
eiaanoeoeee.

, aaea

EN – noiia eiaanoeoeeiiiuo n?aaenoa;

AeIi – n?aaeiyy noiia /enoiai aeaiaaeiiai iioiea a ia?eiaea
(i?eieiaaony ca iaeei aiae).

I?eia?:

I?iaeo A: II = 8 758 / 2 = 4 379 iei. ?oa.

I?iaeo A: II = 8 221 / 4 = 2 055 iei. ?oa.

N o/aoii n?aaeiaaiaeiaie noieiinoe aeaiaaeiiai iioiea ia?eiae
ieoiaaiinoe

I?iaeo A: 7 000 / 4 379 = 1,6 aiaea.

I?iaeo A: 6 700 / 2 055 = 3,3 aiaea.

Aioo?aiiyy ii?ia aeioiaea (AIAe).

, aaea

AeIii – noieiinoue /enoiai aeaiaaeiiai iioiea ii ?aaeueiiio
eiaanoeoeeiiiiio i?iaeoo;

E??i – ianoiyuay noieiinoue eiaanoeoeeiiiiai i?iaeoa.

Ii i?iaeoo A AIAe = 11,9%, ii i?iaeoo A – 5,2%.

Ana ?anniio?aiiua auoa iieacaoaee iaoiaeyony iaaeaeo niaie a oaniie
acaeiinayce, iiyoiio i?e ioeaiea yooaeoeaiinoe ?aaeueiuo eiaanoeoeee eo
neaaeoao ?anniao?eaaoue a eiiieaena. Ioia?aiiua a i?ioeanna
i?aaeaa?eoaeueiiai i?iniio?a aecian-ieaiia eiaanoeoeeiiiua i?iaeou
iiaeeaaeao aeaeueiaeoae ioeaiea.

N iiceoeee oeiainiaiai iaiaaeaeiaioa iniaoth ?ieue ea?aao ioeaiea e
n?aaiaiea eiaanoeoeeiiiuo i?iaeoia ii o?ai iniiaiui e?eoa?eyi:

o?iaaiue yooaeoeaiinoe;

o?iaaiue oeiainiauo ?eneia;

o?iaaiue eeeaeaeiinoe.

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