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1 PEBO E

1.1. pea opo


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Oco peo e pea . Booee peo opo ocec opeoc pa a pooca, a . p o opo ceye paccapa aece cyero ea ey pooco ee cpeo. ea caea opaa pooca peycapae oeceee ero ce eoxo eea: paoe co, peea cpeca pya. B o e pe pooco oa e opayec pa caoo poecca oca. Oo cy yoeope opeoce oeca, ceoaeo, poee poy oe oee o oeoo opee. C pooca c opoe oo peca cey opao (cxea 1).

Cxea 1. C pooca c opoe


Haoee pacpocpae oo ca ceye op ooo opo (cxea 2).

Cxea 2. Ocoe op ooo opo


pea opo poca ooo oaoo (ecoo) pa pap. pa xapaep ceye ep:

opo pooc peypo (eeeo); ee ocoo c aco (yo) poo op ocyce opae oapo, xc oeo y-poa; oap oae cycye p poee opa; oo opro eec eo ap , oce oepa y-poa oap cpay e epeaec py py, o cae eoxooc oope ceax oyeo, oepax cey cocea; ea a oap ycaaaec a ocoe cpoca peoe; oyae oapa, a pao, ec ero e opeee; oae p ocya ocoo oe eppop.

Oco epa pap c: ee oec xapaep (pap oo pooc o pa ro); eee opo ope acoo (yoo) opa; opo ceec oapa o opaa, oca, aaoa (pe oap, a pao, e pcycye). B c c poae apa py ap c ocpoe cpoo epea eo oyae eoxo ceaa oyea, oepaa epeay paa coceoc a oap (ooop, opa), ocoe op paa poee opa opa, peypye papeae cop. B o cyae ea a oap ycaaaec peyae cpoca peoe, oyaee a pape eco oeoro opee cyae epey (ocpe). pap ocya oe eppop c cyo pa eyapooro opooo oopoa.

pea opo opaa ce ep a oo poo, a papoo opo, oa opayec poa oee caoo poecca po, pao ee oee eoo exaa, a ocec a (xepoa) epeco a poao, a oyaee o eaopx ee e. Ta opao, pea eeoc npecae coo caocoey opy oepeco eeoc c e noye np. Oa:

oeppyec ecax pooca opee oapo, .e pyx poex pox epax;

eec o ceec a oapo, a aae pe oapa, py ap;

eec ocyce oapa o opaa, oca, aaoa, a ae opaa ooopa a x ocay yye pao a aee ax ooopo yye;

pooc peypo, yae oooc oepa cpoca peoe, poao oyaee o pee pocpace;

aec acoc opo, .e ce eae oy oy cepay opa o oeax aex poecce opo eo caaxc eax;

xapaepyec coo eoopaoae, .e e oppyc cooec co cpoco peoee, ee eco oypee, o eoco yo peapy a eyc oypy pa;

eec pe ocpea, oope oy cya o e epecax eocpecex pooee opeee oapo. peoe ocpeeco peo opoe ocyecec ceo pe ocpea poepc pa, poepc oopa eac poepa. pa a aoa e pae cya aece peoo ocpea;

peycapae ocyce poo ocyapceoo oec a poecc peoo opa;

eec o e copec coc aooaeo yepe paa, ece oopx peypye caac po (c cooae ox oyeo oope coepe ceo);

ocyecec p a opeeex peoa yo oca poax oapo;

paaae a ocox caapa, xapaepyx;

aeco ey oapa, eoc oeo y-poa.

pa a accec cy poo , oppy oo po oapo, ee opaaoy, ooecy pecy (paoy) oco. Oa pecae coo xopoo oopyoaoe pooe eco, peocaeoe pacopee poeccoao peoo opa poepo epo.

, !

,

!

C ooeco o pe pa o opaoa opeeeo ece, peypo ecy o ycaoe paa oo po, a opo coepac opo e yaa, ooa opo oapa o opaa caapa opaa a x ocay yye, a ae ao peoee eaa o ea, oao ycaoe a ocoe cpoca peoe pa ec pec o, oaa oocoe yeco, e yecee e eyecee paa oaoc. Oa oe o coeo e aa ooop e ce, co oeo cye, ocyapceo apae, peeco (appao) cye.

1.2. y p

y p:

1.Opaa pex copa poee acx yx opo, a eo:

opaa pex po;

papaoa pa peo po;

aepao-execoe oeceee opo;

apoa aapa p.

opaa opo pa pee ceo oa pacoaa xopoo oopyoa po eco (pe ao), oopoe oo ea ocaoo ooe oeco poao oyaee, yx op peo op. cooae copeex epox cpec c e peye eco pcyc opyx oo ece, a ooe ec opro epe epoe oepe epa. Ho o cyae pa paa oece cooey cc .

Opaa opo peye o p papao cpooo coe pa opo, .e. op pa oee ya .

aepao-execoe oeceee opo ae oopyae peoro aa, paox ec yaco po, oepoe oeceee cex poecco a pe ..

ee pex po pa oa pacoaa coo apoa ao copyo.

2. pyo ye p ec papaoa pex opao, oopa ae:

caapa peoa aece xapaepca pex oapo;

caapa paepo ap oapo;

paoy ex peoa pacea o pe ce.

pa ycaaae ece peoa e apa, oope oycac pe opa. Ha ocoe x peoa papaaac pee caap, oope yac pooe opee a oapx pax, a ae ea ecopa a oox pax.

cope oope aex ceo cococy oe pee opa, oope papaaac pa.

3. Papeee cnopo no pe cea.

B poecce pex opo cy cax pax p (oa, oa oaa, eea paoa ocyaero epcoaa ..) oo cya ooe copx cya , . .

4. Bee peypoae pex e.

pa yacye oppoa peypoa e a ce pex oapo. Koepa cpoca peoe a pe, aee ooro oeca ceo ca e epox aopo a ey, ea ee acao p eo peaoy cpocy peoe. pea ea ycaaaec poecce ee opo, oopa paccapaec a aoee aa y p. p o o opoo noa cpoae e a pe eee aoo ee pao; pecpa ypca a ex ya; ey pex oapo. Kopoae e o pecpa pex e no pe npaa c x noceye nyae.

ya e a pee oap cy opepo poao oyaee, ooae paoa co cpae oee a oepex pex opax.

5. peoe cpaxoae (xepoae) yaco peo opo o eaopx x oea e. oro a pe coyc ceae ceo exa x ae. Bo aay cpaxoa yaco peoro opa, pa e coo opaye opo, coo ee ocyae pa coae yco oo, o oyae poa peaoo (aoo) oapa o coey ea o oopeeo pa yace cooecyx pex opax aece eo yaco. o oae oepe pe, peae e pox ceyo, yea co opyx a eocpeceo, a epe ocpeo.

6. apapoae noe ceo ocaec nocpeceo pex cce pa paceo. oro pa coye ccey eax paceo ye aea ax , .

7. opaoa eeoc p.

Baee ye p c cop pecpa pex e c ocey x ooee yae, peocaee ea, pa py aepecoa opaa, a eyapo po opa o a oapo o opaa poa oo a ocoe coxc pex caapo, ee ya aeax, ypaax, opaox aecax.

1.3. B p

K npaa acca p ooc:

peoro oapa;

p opraa (po ocyapca opaa p);

paooe ooee (cayc p);

opa yac oceee pex opax;

oeaypa oapo, xc oeo peoo opa;

eco po poo opoe;

cepa eeoc;

peoaa pex ceo;

xapaep eeoc.

1. B poo npae acoc o a peoro oapa npo e oape oapo-cpee, ooe, ae p p pya. Coaco aoy P oapx pax peo poe "o oapo pe noaec opaa c npaa pecoo a, oppya ono po nye opaa peypoa peo o-o, ocyeceo ope acx nyx opo, npoox apaee onpeeeo ece onpeeeoe pe no ycaoe e npaa".[1]


Coae aoepx oec, poc yca pep a, cooae ocyapco ex ya oocpooro ecpoa acpoa ocyapcex popa oa po oe eco pacpeoc pa ex ya a eoxooc peypoa x e co copo ocyapca. o epe oppoa pa ex ya oae eoxooc ypee ceax opao, ocoo ye oopx c opo peypoae oopoa ex ya, ee yeca p. Ta coa ooe p, cyecoae oopx oycoeo poo pao yopoa acox po.

ooe p pa ae pooy, apay eey epapxecy, epay ccey opaceoro epepaceee acox . ooy ooa pa npecae coo nocoo ecy peypye po ex ya. Oa coae oooc oa acox pecypco x cooa p oocpoo ecpoa ocyapcex popa oa.

Ceye oe, o a pyeo copeee ooe p pepac e oo opa, peypye aoae acoe p cpa, e o paeac, o opaa, opeee op, apae xapaep pa eyapox xocex ce.

opaa ocya pa ocpao a coac ceae ae p. Bae p cy coe ce po a copeeo ae aoee eco opopyc co copo cyapca ( e aa Pocc) oe o pyx o p. poo o ceecye, o aee po ao p ye oocoea o opo e yaa.

Ocooe oeco p, ox Pocc 1990-1991 ., poc a oape oapo-ooe. co oox ax p paec e o.


B epe o eeoc ae cpae ocycoao aooaeoe paeee p a oape, ooe ae, ooy oape p opoa a oapa, a e yaa, a ooe ceapoac oo a ex yaax. B acoee pe oape p e pao opoa e yaa oo p a ceaoro oooro oea cooecye e a opro e yaa.

oee ceax oapo-oox p poccco ooe cao c e, o copee ocpea (opoa) oee paoa a oo pe oopeeo a c oapa, a c e yaa. Kpoe oo, paeee po peye o poaa e oo ooeoro pee, o ooex cpec, apep, a oyy pa opo a pax pax. yaec, aeee pae pa ycee oypeo op ooe Pocc opeye ceaa p. o ye peyao pa caoo pa eaco o eaeca rocyapca poe .

2. o npny opaa (po ocyapca coa p) eo paa a a p:

yo-paoe (ocyapcee p);

aco-paoe (ace p).

, oce yo-paoo xapaep, Pocc opo ocyapco coac a ocoe aoa P o pax. eo ao p oe ca o pepae aoo aoa, aece opo peecp e opeee aep oopoa. a, e ec ea p, ae ovcac coepe oepa coaco popeae pao ea. Tae p pacpocpae Epoe (pa, e, oa).

p, ee aco-paoo xapaep, paoa A, CA. Ha p op ocy oo yoro pya , xox pey . co eo ax p opaeo. p oro a c ae oeca. x yca aa ec a opeeeoe oeco ae (cepao). Ka e p oe aee xo ooro a (cepaa), oop ae ey pao aa ce oee p.

copec p Pocc e cayc yo-paooro ya, axoeoc o opoe eocpeceo ee ceax ocyapcex opao ypae. Tao cayc pocccx p oycoac epaoc opoo-ocpeeco eeoc ae cpae eocao pyx acx aao, cocox oece opaoe x yopoae.

p opaa p Pocc 1990-1991 . a ceaa oa pa cayc aco-paooro cya, eeoc oopoo ea po caoopaa caoypae peoro cooeca. Bo co cyae p coaac e a ocyapcee opaa, aae opeeeoe eco epapx ocyapceoo ypae o y opao eo occaa, a a aoepe oeca.

oe ooc ooc poccce p ac po accoa, oope pyoocyc apy c oa aooaeco coce paa caoypae. O ca, o a ac xapaep p yaae e oo ype yca, peaepy ee eeoc, o oaoc peoro coea (oea) oac oo epe O copae ee eo, ocyce oaoo aae a ooc pyooce p ( ce a o aepa).

3. Coae p ocoo pecppoac a aoe oeca oapeca c opaeo oece.

Ocoeo a epep p ypeac a oapec (oeca) c opaeo oeceoc (Bopyca a pa, Aaca oapa pa, poca oapo-cea pa, Kyacca eyapoa apo-cpea p ..), o ococ ypoe eoo ooeco yyp, pa, a ae ocyce eco paoo oco, epye x coae yopoae. o peoca ypee p oy cooy p orooe eoxo oyeo, ooo ao ao exa ypae papeee p, oop aoe cee ycpaa x. peee peao o, o pa ope oapec oa apecppoaa ecx opax ac. Oe p percppoac a ace yae pep.

B c c e o ocyapco oao oaa coece pa, opepoa a eoepec xapaep eeoc, c 1993 . p aa peopaoac eoepece acoa. Kpoe o, opaaoo-paoa opa e acoa oeae aoy P oapx pax peo oproe cococye oee eo cpyype ee ypa.

4. o ope yac noceee opax p oy op .

B opax a apx pax pa yace ee ocoe e, oe po pex ocpeo, ooy ocaoo cooo poeccoaa.

B opax a opx pax, poe ocox eo pex ocpeo, oy pa yace ocee. p ope p a yx o:

co (eao) opa pa, a oopo opaeo e oa ooac ycya ocpeo. x ae ooe oe e , a a a ax pax oeceaec coo ocy peoe oo e- aao-oyaee (e ao cyae oeope peoee, a aa cpoc). Ta opao, co opa pa xapaepyec p c pooee opeee;

pa pa ceaoo a, a opo eocpeceo c poaa oyae pyc e py ocpeo;

1) poep, paoae o e a ce ea;

2) ep, ocyece oepa a pe o coeo e a co ce.

B cooec c ycaa oco oapx p ae cpae c ap, xo yee peoo oopoa oa peac opa eocpecee e (poa oyae) ye aee x cayco paooo ocooo ocee ae ceo oepaoo ae.

K pa apo a oo oec ae p, a Poccca oapo-cpea pa, Cpca oapo-cpea p, ococa eyapoa ooa, Kyacca eyapoa oapo-cpea; pa opo a ca ococy apy py, epecyacy yepay, Pocapopy. Cee opoc peoro copa eocpeceo caa c opoo cpaee p, ae ceo opoc p coyec peax ex oe . K oy e opoc p oo oc epaoc peoo exaa, ooero yacoa opax epoeccoa yaca peoro pa. Coepecoae peo opo po oee apy xapaepy eeoc, opepye a poc poeccoaa, oppoae eox ce a ocoe aoo oep ey opy, oopoo eoxo opaee ca cyaoro ocee ocoa coeca paoa a pe.

Kpoe o, ap xapaep p cooecye cao ee oe a opaa (accoa) opyx (ocpe), coaaeo oecee opro yoeope epeco, a e pee ecpoa aaa. ooy p, aae epec opo, ap xapaep oee peoee.

5. o oeaype oapo, xc o6eo peoo opa, o nopaec a yepcae (oeo na) eapoae.

a yepcax pax eyc op o pooy pyy paoopax oapo.

Cneapoae p e ooapy ceaa ceaa o pya oapo. Cpe x e p pooro po yoceapoae.

p coa oapx p poceaac ee x ceaa, o o ocoeo xapaepo p, coaaex ecax aoe oepa poeoro pooca.

Cy ceaa coc oy, o aoep (e) p ee ceapoao ce peac eocpecee pooe o o oapo py. Ta ocaec coa cee oepa cooecyeo oapa a pe yeaec peo opo oopo.

Toape p, opoaec Pocc, c peyeceo yepca. oeo cao c eoxooc acao oepa oapo ycox opa-eoro pooo oea oapx . Oao, a ye oeaoc, ceaa oapx p ye aaac. p o cneaa p ac o pa aopo:

) eca ooe p. Hapep, co, o Teca oapo-ooa pa ye ceapoac a opoe e poya ee epepao, a Kyea oapo-cpea pa a ye;

) ypeee eo p, a ae aoce ey .

Ka oaae poa paa, npeyeca cneapoax p c: cee epe opro, ocaee aa ooopoax pooee, ee e, a oopy oy opepoac poa oyae (pooe opee), apoaa opaoa peoo caapa, a ae epcoro opaa a poy ceaa p.

6. B acoc o eca po p poo opoe, oex y opea a po x po e a eyapoe aoae.

eyapoe p oco nocoo ecyeo onooo pa, oxaa ecoo ocyapc, a oopo coepac ce yn-npoa a onpeeee pee oap.


eyapoe p ocya opee poe oape ooe p. B paoe ax p oy yacoa pecae eox pyo pax . Oe ocoeoc eyapox p c oeceee coooo epeoa p, oyaeo o pe oepa, a ae aee ceyx (appax) ceo, oope a oooc oye p a pae opoax e a pax pax cpa.

Cpa, e pacooe eyapoe p, o coa cooecy a, opo aoo pe, oeceae x eeoc. eyapoe p opaec a oape, ooe ae.

eyapoe oape p cocpeooe pex cpaax: A, CA o. Ha o x cpa 90- roa pxooc 98% cero eyapooo peoo o6opoa. K eyapo oap pa ooc: A oocy py OKC (epc Oc ce), oocy py eao p.; CA p, pacooee H-ope ao; o p, coepae ce c oapa, opaac a poo pe. eyapo oap pa ca eoope p, ocyae peoae p, a oopx coepac ce o oe a oapo, apep, Beca (CA), apca, Ceca, Caca (ooca) p.

Haoae p ecy npeeax ooo oeo oo ocyapca, ya ocoeoc pa npooca opae nopee aepax pecypco, npcye ao cpae. Ba, aoo opo pe aoro ocyapca pey poee appax ceo yac peo opoe p epeeo pa ecoaxoe p.

oe p, ecyx Pocc, aac eyapo (apep, ococa eyapoa ooa, eyapoa pooocea pa, Kyacca eyapoa oapo-cpea pa). yaec, acoee pe ae cpae ooe ypee ca eyapo e, a a a, opo aoo pe, ecye ceac Pocc, e oecea coooo epeee p, oyaeo poecce peo . A yace opax ae cocae eo oex ocpax oa e ae ocoa ooc ae p eyapo.

7. B acoc o cep eeoc p ae cpae oo ycoo pae a epae (coe), epeoae peoae .

Poccce p, x paeee xapaep eeoc o e opepyc a peoae ocoeoc oapx po ooecoe paopoae cpa. eopaecoe ooee p copee cooecye acpao-eppopaoy ee x eppopax opao occaa CCCP paee oox a ypae cepca opo. Ceye oe, o epppaoe ooee p cpae oo cooecoa epa opox ce pacopx ye, a o ee ec poo pae. Hapep, aypca pa oe eyapoa H-opca pa oe, caxapa aao pacoaaec e ecax pooca, a epax eyapoo opo.

Bece c e pae peo opo Pocc cococoao oppoa epax p, oope cocpeooe oce pea yac pex pax poao oyaee pax peoo Pocc.

epeoae p, a pao, oe pao pooca opee ax-o oapo, apep, Teco-ococa ea pa epec.

oco p Pocc ceye oec oa peoa.

8. o xapaepy onepa poa npaa peo opo ee ceye p:

peaoo oapa;

epce;

ooe;

ceae.

pa peaoo oapa xapaepa aaoro aa peo opo, ee oe epa ca peypoc oooe opa, pypoeoc opo opeeeoy ecy oeoc ycaoe paa, opo acco, oopo, cpaae o aecy oapa, oee ap oopx aoaee. Ha pax peaoo oapa coepee ceo ocyecec p ocyc apa a aooo a ocoe eo ocaeo xapaepc. p o e eco cpee peoe oyaee . Cao cyeceo epo p peaoro oapa c oaea poaa ocaa oapa oce poee .

B acoee pe a pyeo p peaoo oapa coxpac eoopx cpaax e eaee oopo. O peca coo, a pao, oy op ooo opro oapa ecoo ae, p oopo oa o oepae pooca, ca opee coac paaxc cpaax oe a aoae epec p cope aex x ocyapc oapo. Ca, pax aacecx cpaax p peaoo oapa o e ocaoc, xo o cex aaoepoecx ocyapcax o cx op cyecy ape p, oee opoe, aepo, pacope epepaaae p. Ceo p aac ocoo papaoo ox opao, a ae copo opa o pax ax cecoxocex oapo, a epo, aca, xoo p. Topoe oepa a x pax coca cero 10-15% o oeo peoro oopoa.

Pacpee peo opo peo coa p ooo a epcx p. x opaoae opaae pepaee p pa peaoo oapa po pa a oap. Oco paa epco opo c:

xapaep ceo;

c c po peaoro oapa epe cpaxoae (xepoae), a e epe ocay oapa;

apaee cpoo opeeea ypoaa, ea ax-o yax ocoeoce opeea cooc oapa, coacoaoe oeco ooporo opaaec peo opae, oop caoc oe opo pecae coo pao a oap;

oa ya yco oca oapa;

oeeoc ce aeoc x opaeo, oeceaea Paceo aao p.

epce p c coeopa aco cya, ocya opo. ae cero o coac ecax aoe oepa eex pecypco, .e eyx acox epax.

e aocoo peoa, ocaoo acc coox eex cpec epca po eooa.

pepaee oapo p pa apo po pa a ap, pa peaoo apa po oo oapoo aaa o eoeea ac poecca yce acooo aaa.

yy ceec aco cyo, ocya opeoc oapx po, epca pa oopeeo pecae coo po e cooecyx oapo oaae cyeceoe e a pee opo, a aece e opex ceo c pea oapo (epe xepoae) oeo cee a oypeococooc p.

epca pa a aco cy ooe aocoe peoae p a ca peaa oceyeo xpae apa eo yeee.

Onoe p ae pa oy po poo ooe. O coyc cpaxoa yaco peo opo, a a a oooc oyae ooo opa ooe y p ae pex ceo.

Ec epce p o ye ao ( CA ao paoa c 1848 .), o ooe p oc coce eao ( 80-x oax XX .). ooy a ox pax oy aac a epce, a ooe e (ooca pa OKC). pocccx p ooo aee a oo pe cex o ceo: c pea oapo, epcx oox. ooy x oo oec cea pa.

9. B acoc o xapaepa eeoc ec p npe (oepece) ecnpe (eoepece),

ocoy p opaoac a ce oee aao (eex cpec) ooceo eooo ca aoepo-ecopo, o coaco oeoy ay yca aa oa oy opeeey p, oeay e eo. B oce cyae pa coaaac a oeee poao ypoe x oepa a pe. ooy epoaao eee p o pao cao p e peycapaoc. p oec y aoro oeoo yaca o coepe pox oepa a cao pe. Heoxooc oepeco eeoc p aaec oecee ea cox eo. Ta, epoaao a pocccx pax ea eco y-poaa poepc eca (.e. opo pao aac peo eeoc).

pa o eoepeca opaa, oa coaec ypee ea oee poee oepecx oepa ( ocya opeoce ypeee eo ye-poae). e o opaa p coco ce apa y ee ypeee eo p poee oepecx eo. eee cpeca ypeee eo p, oyee a opa, aee a pe, apac a oeca apa, cax c yopoae p, cypoae coa ooe oopyoa exooecoro poecca pep-ypeee eo p, oee aeca ycaeo poy, opoee pae oypeo op, pepoc, oepeco yca coceoro occa pepaee.


B p oo pea cey opao (a. 1).


Taa 1. B P

1.4.

K pa peo opo oaao ae cepxopax ecoyex aaco, oope coc oy pee a caax . pep aepecoac peo ope a oooc peaoa x o po ea.

Coae pex cy cyae eoxo ycoe yopoa pooro exaa.

He e ya oo, o coea ooa a poe ox ece a ooo ea .e. ee cpoc ocoo pea oapoe peoee a cpec pooca, a peeo opee. o eex oxoo epe acoo-pey ccey pepaac aoee pyx acox pecypco pep ope ecoyex cpec oo pa pooca, coaoo pa p. pep, oy cooy cooa x cpec, ca oooc x pe. oee pex cpyyp oc o apae oe ox eex pecypco. Te oee o p oce coe coaac a aoepe oeca, a peyeco aoepa coco o, o eo aa, oe a oocc oy, .e. co a o oe oo poa a e pe o oee coo ee, pe a oya ee o oay, epea pyoy y, o oe ea.

Oeo epo pyex pocccx p cea a x yepcaoc, oa oopeeo a eppop oo p coepac oepa oape, ooe. pe o o xapaepo a p o opcoo epoa, a coecx p ycox a.

Koeco p, ayo p opo, peo apep, poaa ex eocepx ap oapo ycy ocoe ep, pcye oo peo ccee Pocc, cae c eoo ooeco cyae ae cpae, coec ceo.

Bopoee p Pocc pooo a ocoe ocyapceo coceoc, ocoy a coceoc a ocoo CCCP. ocee poecc peopaoa ocyapceo coceoc oe coceoc p. Boy ocyapceo coceoc, p ca pepac aaaop poecca ee peopaoa acy. B c c e o yca aa p coco acox pecypco x ocyapcex cpyyp, a ae eex cpec acx pecx , oa ye e ea xapaep occoceoc, a a p peca coo e poe cpyyp, ecye a co cpax pc e ypaee ocyapce opaa.

Coaac apaocaa cya, oa cpaa peyae ocyc pex opao ocyapceo ac a e a coceo coe e coceoc. ocyapcee pep opaa poecce opaoa p cy aec aece ocpeo, .e. ea, paopaeo c ey coceo eo coceoc. pocxoa paa ocyapcex pep, peopaoae x aoepe oeca oceeo oa ce a co eca.

poecc caoe pox ooe a ocyapcex pepx opaax pocxo, a pao, co ye epexoa oeapoo coceoc aoepy p oeceaxc ocaax eex cpec: acoe pecypc epepacpeec aoepe oeca peoo a.

Pae pox ooe ae aop. pooco oapo, x peaa o y pepaee. pea eeoc eooa, o-epx, e ooro opa paoo opo cae, o-opx, e ocpeeco, peo eeoc, oopa epo opaoro yopoa oo ec ocaoo p coooaae . ooy ec epo cyae apo coca peo apoac a x apax coacecx opaa ypee, o ceac pea eeoc oyec opoo oypoc cpe ooe. B-pex, pepaece ap ooc a ce oyeax eo, aaxc pepaeco ycox ococa ocyapceo coceoc.

Pae peoo ea peycapae acco po apoax . epoaao ce pea ocoo o apye oooc cpoo ooae a ce yax ocpeecx oepa a pe. Cya aoaa ece ooe xopa, oa c e pocac a oc ooa aee a eo oe cpo paoae, ec . Oa ecoo yax ceo o pec co oxo poepy, a ea paa pa, a a. B peaoc eo oe eo, a ocoa acca pex ocpeo oaaac ocaoo cpoo.

aa 2 PEPOBAHE

o epe caoe pocccoro peoo pa coaec oaaec ccea eo peypoa.

o peo opoe pao yace ocaoo ooe co a poao, a oyaee, eoxo opeee exa, oo oece coee epeco cex ee . O o yepe o, o pc, ca c x yace e, cee yy. Peypoae peo eeoc npecae coo onpeeeoe ynopoee pao p aee pex ceo a ocoe ycaoex npa poa.

Pae peo eeoc ee a copec coxc apae:

peypoae co copo ocyapca (ocyapceoe perypoae);

peypoae co copo p pyx yaco pa (cooae pa caopeypoa peoro pa)

apye o oaae, o ocyapce opo peo eeoc cpoc a coe ceyx po:

oeceo oeoc;

acoc opoc pex opo;

oep;

caopeypoa;

apa pa yaco peo opo.

Ceye oepy, o po ocyapca peypoa peo eeoc ooo aea. O ooec pax cpa oaae, o ocyapco poa ccea eco aoecye. p o a eo paoo ooeo oeceee paoo a, oopa oepae eoe yopoae poo oo. Hae ao paoo oco ooe opaa ypae cpa ycao opeeee paa p, oaee cex cyeo, yacyx ooeco poecce a cepe pooca, a cepe o ( .. . --: , 2006).

Kopo a peo eeoc co copo ocyapca o aceo ypae ooo eo. ocyapco peypye aoooe ey pooee opeee, aa paa opeee, oepae eey ccey, yyae pacpeeee pecypco, opaae po ooo, oope oype, ae oooc paac a cpe pep. Ha e e ae y acpoa pa coax popa, a ae opoc epepacpeee oxoo acee. oo x poe ocyapco oao aac oxpao pya opo paox, ao o-pyae cpe pa opeee.

Oe, o papaoa pa op peo eeoc opaa ypae cpa eoxoa e coo poeccoa ocpea, coo x ea, aa oopx o o xoe pex ceo. Ocooe aee oa ee pa ex ya, a a ecop, a pao, e paoa a pe eocpeceo e yacy ee opax, a oep co paa cpeca poeccoa ocpea oe ee ya. ooy eo o o yepe coe cox epeco.

ocyapceoe peypoae peo eeo e oo oc apeoo xapaepa, eo aaa coco o, o oece pae paa cex eo peo opo, cypoa x yace e, cpoo opopoa coee ycaoex pa, peoa ooe, peypyx pey . ooy peypoae peo eeoc co copo ocyapca aaec coa eo paoo oco yopoa p, opoe a x paoo co copo ocyapcex opao, epoa eeoc a p, a yaco peo opo, ycaoe cce aooooe ( .. . --: , 2006).

ocyapceoe peypoae peo eeoc aaec c coa ee eo paoo . pea opo Pocc opoaac ocyce ceax aoo, peo eeoc cooac peyeceo oaoe a. Ocaae aooopeca o opeoce peypoa apoo oooo po acoee pe oe oe poecc, a a, o-epx, ocycye ycoocoac paa yopoa oapx oox po; o-opx, xo caoee peo opo Pocc axoc o e copecoro oa A, cpa o-eao Epo CA, coeopae coco oeeceoo peoo pa e ooe poo acoa apyeoo aooaeca, a peye coeopao aaa.

Papaoa paoo oco peypoa peo eeoc Pocc apoaac a exc aoax, ocaoex, ooex yaax, c oo oopx ocyecc epexo o oao-acpao cce ypae ooo poo. Cpe oyeo oo pee pee cero ceye oe ceyee.

Oco paacoo aooaeca. O c yaeo papao op cyo paacoro paa, eoxo yopoa poo oo, opee opaaoo-paoy cpyypy pa, oea a opoc, o a ecye a e.

a cyea pepaeco eeoc opeee xocee oeca oapeca, oope aoecy a ae aaex xocex

ao PCCP npenpx npenpaeco eeoc o 25 eap 1990 .. aoo onpeec aoepe oeca apoo na, oapeca c opaeo oeceoco, ycaaac nopo ypee npenp x ocyapceo pecpa.

ocaoee Coea cpo PCCP o 20 apa 1991, 161 eeoc oapx p PCCP, oop yepeo Bpeeoe ooee o eeoc oapx p PCCP.

ooee a papeea peaa a oapx pax o coo ea oapo, poeex cepx ocaaa oecee epecyacx oaec, .e. o ooeo aao cooo opoe.

opa a peaepoa eoope ace eeoc cax oapx p:

1) eea oaeoc pecpa ceo, aaex a apx pax;

2) apeea oapo-ocpeeca eeoc cax oapx p;

3) ycaoeo opaee a paep ycaoo oa p, oop oe e eee 10 .py.;

4) peycopea aa e a pey eeoc.

ooee o nope epoa eeoc oapx p PCCP (yepeo npao ocoea PCCP no aoonoo noe noepe ox ooecx cpyyp (KA) o 31 a 1991 . 28).

ooee peycapao:

oaoc oye e a pao peo eeoc cex opaa, eax ocyec pey eeoc a eppop PCCP;

coca oyeo opo x pecae;

peoa cay p paa peo opo;

cpo poxoe epoa;

opo a eeoc oapx p,

ooee o nyce opa,e ex ya oox pax cpae (yepeo nocaoee paeca PCCP o 28 eap 1991 . 78), oopo ao opeeee eo ya, ycaoe opo x yca, pecpa opae, oxapaepoa yac pa ex ya ooa pa B cooec c o yepeo ooee o epoa peo eeoc a pe ex ya. opa ao opeee cyoc epoa peo eeoc a pe ex ya, opo a e opo a x cooae.

ooee o aeca cneaco ecox cyo oox p (oox oeo p) a npao coepe onepa c e yaa, papaoao a ocoe nocaoe paeca PCCP o 28 eap 1991 , 78. B e ycaoe aaoe peoa ceaca, opo x aeca opo a cooae ax .

ao Poccco eepa oapx pax peo opoe o 20 epa 1992 , (ee ece c 1 apa 1992 .), ec oco oyeo peypoa eeoc p peo opo, xapaepye paoopae copo peo eeoc, yae poo o copeeoe ooecoe cocoe pecy, aoo:

1) coa paoe apa opoo-ocpeeco eeoc;

2) ye yaoe peae poecc, oope pocxo pocxo a copeex apx pax;

3) apeeo pe aac oepeco eeoc;

4) ycaoeo opaee a opro oe oapa epe py;

5) opeee a yac pex opo, a x paa;

6) apapoao coooe ycaoee e a oap, oyee peo opoe.

B eo o ao cococoa pa oapx p peo opo accecx opax.

ao Poccco eepa ao peypoa ao opoe (op 1992 .), ae p paea, opx opeee oe o, eoxoe coepe ceo c ao, yaoe opo aoo peypoa opo Pocc.

ocaoee Coea cpo paeca Poccco eepa o 11 a 1993 , 452 0 epax no cypoa poca opaaooo oapooopoa pex oapo epe oape p. o oye oepae, o pae peo opo ec oo aex ep o oppoa oepocccoo ecx oapx po. B c c eoe peoaaec coa eoxoe yco coepe a pax cpox oox ceo, oaa eoxoy oo oap pa, apecppoa aece eoepecx opaa, pa peo opo o cococoa aeaec ee yxaepco yee aooooe oapx p pep, coepax cpoe ooe ce a oapx pax; eee copx o opaa opo a oapx pax. ocaoee peycopea eoxooc papao exaa poee a oapx pax oypco o paee aao a ayy ocay oapo ocyapcex y, pee ceo, ax, a co copoy, epo, caxap, e eepoy, ec ecoaepa, xoo, epc, epe ee ea.

K acoey pee aec opeeee c coa opao a. oooe poxo yepee poe aoa o pe ex ya, aoa o aoepo oece.

o acoero pee ecye ooee o nyce ex ya oox pax PCCP, poe eape 1991 ., oo e oeceae oo epe ocoo e aooaeoro peypoa: coae eoacoro pa ecopa cee eopaax pco p oe aaa. Peaa o e caa c a po opaa peypoa, a o6eceee ecopa oo opae o ee o coepaex ceax, a ae peaea ooe ey yaca pa.

Kopo a eeoc p co copo ocyapca ocyecec, a pao, epe ceae ocyapcee opaa opa eco ac.

Hapep, aepac ao paccapae oape p a opa, e ocoooaaee aee poecca eoopaoa a oapx pax CA ceo pa, ooy oape p peca aoa oece epec.

B o e pe p oy cooa peepo cey, oyopee oooa. ooy 1974 , coaec ceaoe eoco, oeoe opeccy oeaee a poeee aoa o oapx pax Kocc no oapo epco opoe (KTT).

aa KTT coco peopae cooa pa oo copoo yep pyo copoe, ae o oecee oe pa cox ooecx ee, e peaoro ypo e ce pca, cax c eaop ee e. ooo KTT c:

pecpa o cee cca ecx pecx , oyex oepa a pe;

paoa oyoae pa cpy, eoxox peaa aoa;

cooee cooecyey oey oocoy y oo epcoo pa cex ao ooceo o ce poo oepa, a ea copo, ec oopx, o e occ, apya opaoe yopoae pa, a-o opao aoc pe poopea epeca pooee, ecopo;

eee ooee pa p o yco opao, opa eoa ocyece oy (poa) c ocao a cpo, opaoe opa o aaex ceax aeax, oecee acoo oeceoc yaco opo;

apaee eeoc epcx po, ec yy ocoa oaa, o caaec pecoe ooee;

pe ax ep, oope, o e occ, eoxo oepa ocaoe opao opo a pe; ycaoee o a oeco opa, popeaex oproa, ..

B Pocc o a opo a eeoc p, opo, papo, a ae ce poo opo a coaa Kocc no ypee opoe. Kocc ( aee occapa) paaa ooe aee ycaoe opax aoooe c oap pa. ocyapco occapaa cao, o p c ac oe cce opo, opaye oapooopo cpae yopoae ero ceo ooec epa. B o e pe occ ocyeca oee pyooco aop a pe. Baoooe ocyapca p opeec nocaoee CTO o 23 ayca 1922 ., coaco oopoy ocyapco:

ocyeco paoo aop a eeoc p;

pecppoao aao aee o ap p;

oyao o p cee o oapooopoe;

pooo eye poep eeoc p.

Ta opao, ye aae cyecoa pocccx p ocyapcee opa opro eo papaa cep coeo a p oac caocoeoc x eocyapcex opaa. B o oxoe ye oa poc; ee coa ypaeoro pa, oop opoe c epexoo a oooy ocyapcey opo.

C eee ece c 1 apa 1992 . aoa oapx pax peo opoe oac paoa aa yopoa oapx p. B paee IV ocyapceoe peypoae eeoc oapx p cae 33 ooao caao, o ocyece ocyapceoro perypoa opo a eeoc apx p p ocyapceo oee P o aoooo oe (), epeo nocaoee paeca P o 24 epa 1994 . 152. B coca occ ac pecae ocyapcex opao, eeoc oopx caa c peypoae oapx po, pecae pex coo pepaee, a ae cep.

y KT pepo aao y KTT CA, oca e. Oa:

ae e a opaa p;

opopye epoae pex poepo ocpeo;

opopye oee aooaeca o pax;

papaaae eoece peoea o oooe pex oyeo;

yae paaae peoe o coepecoa aooaeca o oapx pax epce pa p.

Kocc o oap pa pae: a py e (aypoa ee), ec oa apyae aooaeco; pe pe peoy ocpey ca; aaa ocyapceoo occapa a py; opaoa ayopce poep eeoc p; peoa o p px epo pecae yeo oyea ..

peypoa oooo pa oopa eeoc ero yaco Pocc coaa Kocc no e yaa oo pa, oopo paoa pecae cepca aco P, aa Pocc, Koea o aooo oe ..

B oe e peypoae peo eeoc co copo ocyapca oe pecaeo cxee 3.

ocyapco c oo aooaeca peypye eeoc ooo p. o peypoae ae pae epop acpaoo ooecoo xapaepa, opeee epy oepe opaaoy ypaeecy cpyyp, opo p yopoa oox p ..

Ha eppop cpa papeaec paoa o e oo 6pa, oope oy e Kocc. ee oye eoxoo ya ceye peoa:

o-epx, ooa pa oa pec o ecoa a pe poeccoao, .e. ee eeoc a ecooro cya oa ceo;

o-opx, ae o poeccoa, ee aao aeca ceaca o paoe c e yaa a P.

oe p a pyeo, apep Toca ooa pa, pey o cox paoo ceaoro oye, opayeoro pa.

ocyapcee opa pae opopoa eeoc oox p a pee oe pa ooe o ope poee . ocyapco, a o pyex eo a yac pa ex ya, aepecoao eoxox ycox opae ex ya, opeee x poo cooc, pacpocpae aeo opa o eax a pe ex ya, oecee exo pex ao, peocae pa copeex oya, o o cyoo c.

ocyapcee opa a ocoe ecyero aooaeca opopy acoy eeoc oox p. ooa pa e pae cya aece ecopa, .e. aa cpeca eeoc, e peycopey pe aooaeco, yca ee ya (a cee cocex a).

Cxea 3. Opra, peypye pey eeoc P


ea ooo p oy ocyapcee, ye pep, a ae ocyapcee coee a, aee . Oo aa x opaa ec ocyecee oepa c a py e aa, acoc c oa, paea ocyapcy.

oyca acoa eeoc ooo p oe ocyecc a ce:

poa a cao p, ax pao ca ea p;

peypx oco eo p;

pex copo o ao ce, ocyeex a ooo pe;

poee cep peaa ..

p o ocyapce opaa, oope peypy eeoc oox p, eoxoa opa a o cax oox pax, a o x acox oaaex.

CA, acoc, coy opa o cpex eax a a oox pax ce pyx oaaee (ceo 11 epeex eco) poopoa yyero apae ee peaoro BH. ooe oce pooc eeeco, peyae paeco ee opa o ae ee BH.

, , .

, .

cxo pa eeoc cepca opo CA, ec oepeax aopo aco pao pecaae (peypeae) o oeax ooe ec oepeax aopo oe paccapac a peaa, o eocaoa opa, oopa c oo ocopooc coyec ocyapco opeee apoooeco o cpa. ec oepeax aopo ooa ey pya oaaee pocccoro pa o cooac Pocc poopoa cya cpae p cooecyx pee o oppepoe apoooeco o.

B Pocc ooo pa e y oo, o poecc caoe pox ooe ooe paec ee oo aaec.

Cocao ac ocyapceoo peypoa cyae epoae a p opaa ee pacpyyp, a yax ocpeo peoo pa.

epoae ceye paccapa a coco papee peo eeoc opo ocyapca a coee peoa ecyeo aooaeca P, peex ooo-paooy opaaooy caycy p.

Kocc o oap pa (KT) yoooea aa e a opaa p, KT peaepoaa cea ooee o ope epoa eeoc oapx p a eppop Poccco eepa, oopoe opeee e oo opo a, o aypoa pocaoe ec e a opaa peo opo.

oye e eoxoo peca occ yppee oye (yca oapo p, ypee ooop, paa peo opo); Ceeco o ocyapceo pecpa oapo p; oye, yocoep pao ooa cooecy oeee poee opo; oye, oepa ecee yca aa oapo p e eee 50% oeo cy; cco ypeee pacpeee ey oe ( poeax) ycao aae oapo p c yaae ecx x ooce coaco aoy pacca.

Kocc pae peee o ae e eee yx . Ec oa oaae ae e, o p oopo opae peee o ee ae paec eee ooo eca co oye ooo ae.

Ocoae aypoa pocaoe e c ycaoee a apye eeoc oapo p, ee p ee poepax aco opaa, eppopa ypae ocyapceoo oea P o aoooo oe oepe ox ooecx cpyyp (KA), a ae apye, oeee ocyapce- occapa a oapx pax.

oapx p xapaepo epoae cax p. Ococ o e, o 1990-1991 . ooc ooe oeco p, cax caocoe cpyypa, e-eoc oopx e e ooppoaac. ooy ee o xoa ce aoa o oapx pax ocyapco oaoc peypoa x oeco ye epoa, e aac pa, oope oaa, o oprayea opo e poope oece epeca, oocoa ooecy eecoopaoc opro opeo pyo o.

exa epoa peo opo e yaa ae a epoae pex ocpeo (aa aaox aecao, ax pao a coepee ceo c e yaa), a e ecox cy, ae pao ecoa a pe ex ya.

ocyapco papeae ecoa a pe ex ya aece poeccoaoo ocpea oo oy pecoy y, ae ooporo ec ceac o paoe c e yaa, oaae aao . Ta opao, o oy e ecooy cyy, ey eoxoo e ae paoo, ex aaoe . Kaaoe aeca ac cepco P p yco ca aea.

py peoae p epoa ooo p ec o, o ee eeoc a pe ex ya oa ceo. pa oa e a coce yca aa. Cpo ec e e opaaec, xo peycapaec a pocaoee, a o ao e.

ocyapceoe peypoae peo eeoc ocyecec ye aooooe cao p, a ae aec ao o e oepa, oope a e coepac, a oepa c e yaa. Hao a oepa c e yaa, ca pe oapo a oox pax, pecae coo o aceo peypoa peo . Haooaea cya pece ece a, ocyece oepa c e yaa, poa, oyae. Oeo aooooe ec ea ooopa y-poa ex ya.

p yae aoa cyecy . Ocooe o aooooe oyae ex ya epx cc, a p coa aoepx oec, pece a, ocyece ycaoeo ope ocpeece oepa a ce o opye eo p oye ocyapcex ex ya ( .. . . --: , 2006).

p yae aoa a p o oepa c e yaa oeo aooooe c:

e poe, oye o paea cyey ooe (ecoy pecoy y) e yaa: a, oa, eo cepaa (cee coca ocyapcee ee ya. O aoooe e oea);

p o poa eo ya o ee e, e ea popee; ca pac paepe cao aoa a p, ycaoex aoo pep;

oxo o oae oa, oyaex c coo, ae o cae aoa a p.

py copec coc po peypoa peo eeoc, oo ocyapceoo, ec caopeypoae. o apaee coyec ce ooec pa ocyapca. Hapep, CA e ocyapceoro peypoa ocac ae opoc, a:

p opaa p;

opaaoa cpyypa;

opa ypae;

paa ypeee pyoox opao.

opoc axo opaee paax opo, ycaax, ooex, oope papaaac ao opeo pe caoceo.

Poccce p ae coy p caopeypoa. Kaa pa ee opeeee yppee opae a, oope c ocoo peo eeoc opeo p. K ooc pee ooop, ca paa opro.

B peeo ooope epecc ypee p, opeec e ee coa coco peaa ocaeo aa, ycaaac oeceoc ypeee o oaeca p, epoaa paep ycaoro oa, eee eo a a opo pacpeee x ey ypee. B e ae cpyc paa oaoc ypeee p, opo pacpeee p ypee peepoo oa, ooapac yco pepae eeoc p, yaac ecoaxoee pe.

Ka pao, ca p ae ceye pae:

oe ooe;

aa coa p;

eeoc p;

paep, opo opaoa ee ycaoro aaa, oo p p;

paa oaoc eo p;

ypaee pe;

ye oeoc p;

pepaee eeoc p.

B paax opo a pe axo opaee ae opoc, a yac pex opo opo x poee; peo oap, opo cae c eo c opo; pee ce, x , opo pecpa, oope, pacpe pa x eece; papeee copo ca a apyee pa peo po.

Hapep, ooe p paax caopeypoa e ocaoo po py ooo. B acoc, o opee, ae ee ya yy poaac a pe, ycaaa paa coepe ce, paa oee poepo a opax, a ae opo papee copo o ae cea.

aa 3 OPAH PABEH PE

! .

pee p e ao pynn, cynax aece opaaopo p. pee oca ypee oroop o coa p oc epoaae oc. pee oy a ece, a pece a.

o aoy P 0 oapx pax peo oproe ypee p e oy yacoa:

ce ece opa ocyapceo ac ypae;

a pee ypee, oye ycaoeo ope e a ocyecee aocx oepa;

cpaxoe eoe oa o;

oecee, peoe aoopee oee (opaa) o;

ece a, oope coaco aooaecy e oy ocyec pepaecy eeoc.

Caec, o e oe ypeee poee x acoo-aepaoe ooee, e y oepy o oy oaa pe, xo ooe co ypeee ocoe ypaee pe. B ae cpae ypee oaa po peyec epe ro pao p:

epooepeoe pao a oyee eo ( apx p);

oooc ecao op oy ecoo poepcx oop;

oooc xo opa ypae p.

e p o yacye oppoa ee ycaoo anaa o oc ece oc e eee oc yeco p ca ee eo nope, npeycopeo ypee oyea

e p oaae opeee paa, o oe:

1) yacoa peo opoe;

2) pa yace ypae coaco pe opa oyea;

3) yacoa pacpeee p oya e, ec o peycope ypee oyea;

4) caa apey co paa a yace peo opoe ( ycaoeo ope oo ooy pecoy y),

co eo p opaeo, oo ac o paepa ycaoo oa oao cooc oo a, A ae oooc ooac paa ea p, Oa paae cooc eca a pe. eco o coceoc ea p Oo oe poao, ec e p xo ee cocaa, cao apey. Coc eca opeee peo oe, oa ac o cpoca poe. a pyeo a oapx pax ec pae py eo.

Hapep, a ooco pe eao e p paee a e py:

1) yae (pa) aa ce o coeo e;

2) e-pecae aa ce o e p oa, pecae oopx o c.

Cpe yax eo ec pya pepoax papeeo aa ce a co ce o aa epepoax eo pex a opeeeoe oapaee (apep, 0,1 0,5% cooc ce a e ooo; 0,25 1% a ce ).

ya ea oy ca a e ooe 21 oa, poec poae A.

B e-pecae ac ae a e ooe 21 oa, yac coae p, poec poae A.

Coaco aoy oapx pax peo oproe Pocc ae peycope e aeop eo p:

oe e c pao a yace pex opax o cex cex (oeax, oeex) a opeeeoe ypee oyea p oeco rooco a Oe copa eo ce (oeo oee) p;

eoe e c pao a yae pex opax cooecye ce (oee, oee) a opeeeoe ypee oyea p oeco rooco a Oe copa eo p Oe copa eo ce (oea, oee) p.

Opa ypae p coco oeceo caoapo cpyyp (cxea 5).

Cxea 4. cyoaa cpyypa p

Cxea 5. Opra ypae p


Oecea cpyypa, co oepe, pecaea O copae eo p op opaa, oppyc a copa eo p.

Oee copae o aooae opa yppeo eeoc, e ceye y:

ocyecee oeo pyooca pe peo opoe;

opeeee ee aa p, cpae ee pa, pa ypeeo pacopa;

yepee eee ypeex oyeo (ooopa, ycaa, pa opo);

op yepee peoo oea ( T) coea ( A) Peoo occ;

ecee ee ooe x epcoa coca cpyypy;

yepee peyao eeoc p pacpeeee p;

opeeee paepa opa a eo, a ae yco op yo;

opeeee (yeee yeee) oeca ec a pe ycaoee o ee eo;

yepee pee peoo oea (coea) o coa (ypae) ox ce;

pe ox eo p;

yepee ce pacxoo a coepae peoo oea (coea) epcoaa p.

Kpoe Oeo copa, ypae pe eoxo ocoo ecy opa, a a copae copaec, a pao, o pa o.

ocoo ecy opao ypae p ca:

peo oe (coe, Coe peopo), cocaa oopoo oppyc pey paee.

peo oe ec opoo-pacope opao eyeo ypae pe, o oxpae epec eo p, ocyec ey opo a ee eeoc. peoo oea (coea) c:

acyae oea oeo pae;

ecee opao paa peo po;

oooa pee Oeo copa eo p;

ycaoee paepa cex oco, a, eex ccox copo;

oooa pee o pee ce eo p;

opaa poeee aaox aeo poepo ..

Oopeeo c pe coeo a Oe copa eo p paec Peoa occ, oopa ocyece opo a acoo-xoceo eeoc p ee oocoex opaee. Kpoe o, oa pae oe paoooc pee, paex opaa ypae p.

Peoa occ Oey copa eo p oa poec oyeay poepy acoo-xoceo eeoc p (coy opoy), ee opox, pacex, ax pyx oepa. Peoa occ poepe:

oee ycaoex ce, opao o;

coepeeoc paoc aee e;

coepeeoc paoc oce a eo;

coee pe ee opaa ypae aooaex ao cpy, a ae pee Oeo copa eo p;

coee ea p pa peo opo, coepae yco ae pex ceo;

ocaoy paoc oepaoo, yxaepcoo cacecoro yea oeoc.

ee xoceo peo eeoc, eye pa6o p a ypee, a ae oe pee, paex O copae eo p pe coeo, eoxoa caoapa cpyypa p, oopa pecaea ceapoa coe opaa.

O oo, acoo yeo opa ocyec co eeoc, o oro ac eoc pao p. Paoaa caoapa cpyypa p ooe o ee y aoee eo.

Cneapoae opa - o occ p ee oepece opaa. Cpe occ aoee ae c Kopoaa Appaa.

Kopoaa occ eoxoa oo, o opaoa ye pax o e (cpoca peoe, ooopx, cx x, aax aex) p ae pex ceo. Ha ocoe ooe ax e opeec opoae (cpaoe) e, oope yyc pex eex paccapac aece peoro cpaoa.

peo ee ec aaoo opao oocex cee e oo o ye coepe, .e. ae cea, o o apa, peaac opa, a ae o aa o cpoce, ce p epex oepax. Oaoc Kopoao occ ec aee a coepee pecaee yaca opooo poecca ocaoo ox oex cee. Oa ae oa ycaaa ay peoro ee, .e. cco opyex oapo c yaae oo oea oapo ea. Kopoaa occ ocae opaoo-cpao oe p ae o eax eex x e a e, a o e oapa, oope e o oao oyoay opoy. Coeco c Appao occe oa ycaaae e p ooe copx opoco.

B cyae ooe copo ey oyae, poaa poepa xoe ae coe pex ceo o oy opaac peec cy Appay occ p papee x copo. Oa e aeea pao pa pee, oaee coe copoa oa. o coeo poa coacea occ. p eyoeopeoc ao-o copo oa papaeca Appao occ eo epeaec cyee .

Cxea 6. pepa opaaoa cpyypa p


Ba opaeee caoapo cpyyp p oe Pacea naaa.

Ee y aac oepao oo poee paceo o pe cea, peypoa opaa poeyp aee. Ha oeecex pax oa ee e copeex pacex aa oo cce oo co. oo opaeee a poccco pe c paceo-acoe ep, e oopx opaa ee-eoc p eooa. Ha epcx pax Pacea aaa caoc a apa coe ceo, a a oa ocyece ye axoec aoe ap peocae pe opaea ce.

cnoee opa ao p eca paoopa. O ac o oea ceo, coepaex a pe, oeca poepcx op, paoax a e, a oapa, opro oop ocyecec a pe. pepa oa opaaoa cpyypa p pecaea a cxee 6.

aa 4 TOBAPHA PA

4.1. oppoae oapx po

Oco coepae eeoc oapo p ec coae aoee aopx yco ae apx ceo. ao ye oapo p cac opaa ocoo ecyeo apoo pa oaae ocpeecx pyx ycy yaca pe . pa a opaa c pao pecoo a e cyae ceax y-poa copoo, .e. e ocyece opoo-ocpeecy eeoc. Hopaoe yopoae apo p ooo p a poo cpe, caocoeoc pep, ocaoo aceoo pa pex oapo, eopaeoo ca poao, oyaee ocpeo, oype, caoc eeo cce, pao pacpyyp.

Toapa pa accec cy poo oo, oppy ono po oapo nye opaa peypoa peo opo.

Toapa pa c ooeco o pe pecae coo opaoa oap po, exa eeoc oopoo o oro opeeec yco oppoa yopoa oapoo pa. Bece c e copee po exa oe ecoa aece eoo peyopa oeceoo pooca oo o cyae, ec o oppyec ece po opeecx oapo ycy, cp cpec pooca, paoe c, e, aaa opa.

B ccee oeceoo ocpooca po cyae a cepa oapoo oea. Eo oppoae opaec cao c pae yyee oeceoro paee pya xoceo oocoeoc pooee.

C o pe poocex ooe po pecae coo ooe o ooy peaa oapo, x y-poa, oco coco oppoa ooecx ce.

Po cyecye a ccea aocax, o ocaoo caocoex po. Oea pox ooe cya a oee peya pooceoo poecca, a ap pooca (cpeca pooca, paoa ca, aa)

oapoo pa, a oo pyoo, aoee a c ae o, a cpoc peoee.

Cnpoc pecae coo peoae a oap co copo oyae, aepecoaoc opex ax oapo; o opae, c oo copo, x pooce opeoc, a c pyro aeecocooco. peoee o cooyoc oapo, oope peaae peaa (poa). Oco ee coa c pooco, cecoe xoco, oape aac, op poe ocye.

p epexoe po ooe Pocc cyeceo ec poecc oppoa co ocye oapoo peoe. Oo ce oee opepyec a eec opeoc oeca.

Coooee ey cpoco peoee eco cao c eoopaoae.

Kpoe oo, cpoc peoee oppy po npoaa po . Po poaa aa ay cya, p oopo cpoc peae peoee, , aoopo, po oyae ca peee peoe a eo cpo. B epo cyae ee eco e oapo. Po oyae oeca oee oe, a a o oaec o opo oapo, e a eoopaoae, exo-ooece oaae oapa, cypye popecc a cepe pooca, a cepe opae.

B acoc o xapaepa aoooe ey poao oyaee oppyc cooe (ope), aye peypyee p.

p coox (opx) pax e cyecye ax opae p ye-poae oapo. aye p ocya ypopopaoe (ypopacee) oca. Ha peypyex pax pooc oepa o ye-poae oapo cooec c eyapo oap coae.

Cpe oapx po ooe eco aa a aaee nocpeece p, oop ooc ape p, ayo, op. ocpeecx po xapaepa y-poaa cpoo opeeex oapo: oapx p ae oap o oaa opeee paa, acco, aoaee; ayoo opac oap, oyec oe cpoco, oaae ya paa (poee cycca, ya); opo opaec, a pao, oopyoae, pooco oopoo peye peapeoo coacoa ero exo-ooecx xapaepc.

Bc oap po oaae po ceecx ep, cax c ocoeoc ooecoo oecoo pa cpa.

Bae oaaee eoc yopoa oapoo pa eo opaaox cpyyp ec eoc pa. o oaae xapaepyec copo-op aaco. Bopa xapaepca pa eo epcpoaoc. Hapep, eppop CA oxaae ecoo eopaecx oco. Cocyecoae pyx opopa opooo ca ex pooee, eca paooc aepacoro oeca, ae ocpx coax opaco p coo ypoe cpex oxoo acee a oooc ocpa ocaa ca a o pe cay paoopay poy: o coex B o pocex cao, o peeo poco o eeoo popea, o accox pooocex oapo o eaeco, o oapo eyapooo caapa o poy yoaoaoro xapaepa aoax ec.

Toap po cpaax c pao poo ooo oaec co ayo-exec ypoe pooca, o xapaepo oax cpa; ae oype; ec peoa paeca oac a pa epeco opee; oe peoa pa aecy oapa, eoacoc eo opee; coee ooeco co, yao, appo oeceee ocepoaoro ocya.

yee poe oapa o ocaa opee pooc c oo ceea, .e. ee aex aopo, x a poecc eoc ca poy opa op oee poy o opee.

Haoee pacpocpae pep ceea c:

1) oecee apaep ceea. K x cy oocc eoc ceea (oeco e x cooc a oe poa; co oeax opeee eppop x poa);

2) ocyoc ceea opeoo pep (oooc pep oy aa pacpeee: ca poy, yco xpae pacoppo e opee a ao ceee pa);

3) cyeceoc ceea (acoo pea y y pyy opeee oo paccapa a cee pa ee ycooc);

4) poc (peaeoc);

5) coecoc ceea c po ocox oypeo ( ao cee ocoe oype oo ocyc pa ceeo pa);

6) eoc pao a pao ceee pa (poepa a y ocaa oa pao);

7) aeoc paoro ceea o oype (peaa oea ocao cox oooce oypeo ope c py pep-ocaa).

opeo oo ocaa paoa o ceea pa peoaae yee eopaecx, eopaecx, cxopaecx opeecx aopo oce aoe eoc ca oapa a opeo oapo pe (cxea 7).

Cea oapx po oeo o cpa opeeec ypoe pa poeoo cecoxoceoo pooca, ye eco pecaex a pe o oapo, oope opee opacee xapaepc oapoo pa.

Pae oapx po peo paee x a p peaoro oapa p pa a oap. epoaa po pa a oap ycaaa ooe poao oyaee o ooy epea oapa yye o ea, oope ycaaac aaopeeo. Tae p oo poaa e yepeoc peaa coeo oapa, a noyae apaee apoa ep, cae c yy popeee yo poy. Po pa a oap opeoa ypoaoo oxoa a c caoy oapy, a yco eo poa oca yye. ooy po pa a oap oxaae eoo py oapo o cpae c po peaoo oapa. Hapep, p opoe cpo e po peaoro oapa (ope appe) yae ce e, oope oac pe (ooo 70 o cpo e).

ea 7. Ceea oaporo pa o oco aopa


P pa a eo oap peae opap, epc oo pa.

opap po coyec copo e (pe, a, acca e aaoexacca cpe e). epce ooe p peac oo yx copo e: pe aaoexacca.

aoo oeoo oapoo pa ooe aee .

Hapep, yaca eyapooo pa e acoee pe cac:

1) ee oa aaec paeo, oe, epepaoo poae a cpo e, a eepoyo. Kpoe oro, oe ee oa aac opoe paa a e eepoy: epca ooa, oeo epco a pea oap (apep, pepoy (BP), e (Shell). o oe po;

2) eeepepaaae ao, cyae po oyaee cpo e poao (ocao) a po poyo eeepepao;

3) eace opoe oa (apep, ap P (ark Rich), Bo (Vitol), Apa (Akadia). O paoa a a peao, a a ox ax po;

4) acoe ecoe oa, a, opoe oa (opa Cee organ Stanlay, Aig), oope paoa a ox ax po;

5) ecop, a ace, a oee, paoae a ox ax po cpeec oy oy o yaoo oe ee o epce ooe opa a e eepoy,

apx po ooe aee ee aoe oe, a eopa po, .e. oepa poa ex x poy (oapo) oo ecox yax. Cero oype, oe oooc cooa copeeo ex ca po paox epo opo. Oao o acoeo pee, apep, opo e eaa opepyec a oocy py eao (LE), opo epo a py ao op o Tpe.

Xo p pa a oap o coeo poa acpoa a pa peaoo oapa, o coca eoxooe ycoe opaoo yopoa ocex copeex cox eyapox oapo-eex ooex.

4.2. peo oap

B aoe P oapx pax peo opoe c, o peo oap o e oopoa ap onpeeeoo poa aeca, o ce caap opa oocae a yaa oap, onye yaoeo nope pe peo opoe[2] .


Ta opao, aa pa pae caocoeo ycaaa coca oapo, oope yy c oeo peoo opa. Oao p o yac e peoa, oope pec pe oapa pao peo opo.

Bopoc o o, o oo poaa a pe, .e o peo oape, ec o cyecex o p.

eycoo, oxo peoa peoy oapy ec c pae peo opo. epoaao pe apa e pec ae-o ocoe peoa. B acoee pe opo a pe oapa x ocyce, coooe eoopaoae, opo a a oapo, a poee opeeeoy cpoy, oepa y-poa e oo oapo a ao, o ooopo (opao) a eo ocay yye, a ae opo pao a aee aoro ooopa opeoa cpooo oopa ceaoo peoo oapa.

Ka e peoa oe cooecoa peo oap?

pee ceo peo oap oe acco, .e. ycac ocaoo oo oee, o co pooee ayac (peaaac) o co opeee. Cocpeooee a pe ooo ca a poao, a oyaee opeoo oapa ae oooc aoee pao ycao cpoc peoee, a ceoaeo, eceo paoecy ey. e eceoo pooe, yae o aepe coe, xo poeee ocaoo oo oece, e oy oeo peoro opa c c e, o yae coca ax oapo e oo x oepay oey e a oooc ycao aoee peey ey.

Heoxo ycoe peoo oapa ec coooe eoopaoae, .e. ea a o oap oa cooo ycaaac acoc o oyp pa, a ae x aopo (coax, ooecx, oecx, opc-aopx),

Hapep, Pocc 1991 . cooe e ycaoe a oep, ayo, eoexy. ooy a cex pax o pe peoaa ce a oapo.

peo oap o npoy, npoea nepy nepepaoy, .e. cpe noapa. Hapep, o paa peo opo CA ooc ooe oee poy poeoro pooca e oycac peo opoe, a a caec, o yeee yeee pooca ax oapo o oo ac o o pooee, oope e ca oy aypoa eo.

Ceyee peoae, peeoe peoy oapy, aaec o, o a ero oo eo ycao peoa no aecy, yco xpae, pacnoppoe, epe. ae oop, o oap eo caappoa, oo o eo oo o poaa e ocopa o opaa execoy oca. Caec, o caapa opaye a npa noo peoo oapa, c oo oopo oo oc ayeo ooecoo peyaa eoooa yco e cpoca peoe a ope oap.

Ceye oepy, caapa oxaae p cyecex peoa, peex peoy oapy, apep, eo oa aeeoc. Cyoc oo aeeoc oapa coco o, o copeee pee ce oo oo p yco eoc oapa o cocay, coca, y aecy yao, appo, ee ap (paepy, ecy). Boee peoro caapa peycapae oooc oea oapa, .e. o caoro oea oe opaa oyae e ae, oya o eo oy.

INTERFINANCE ( * ) (www.denisredit.ru), pepo aoaeeoro peoro oapa c ee ya. Oee ap aaox oapo, pecae poy pooceo-execoo aae (cpe oyapa), oy cyeceo paac py o pya. ooy po peoo caapa coc ycaoe oaooo ypo oaaee coc pa oapo peo caap oe epecapac ooc cooec c peoa opeee.

Hao oe, o peo caap oaec o aoax caapo a aaoy poy: OCT, DIN, JIS, AST, BS .. Haoa caap pae ce ocoeoc oapa ero ye aecee oaae, pcye ao cpae. Hapep, o poa oap a ooco pe eao (oo ea ce), eoxo ooee apa a ocy eaa, pay ceae o ecy paepy c, a opaoy x oepxoc, ocepa, yaoy, appoy. Bce apa e eoxooc ea, ec o ea peayec o p opap-opaa yp cpa, a OCT e peycapae ae ece peoa eay.

Oao opo o pe caapa p cex cox peyecax a cee eoopy oacoc, oopy eoxoo ya. B acoc, co peo caap, oa o aece ypoe peayex oapo, oe c peoro oopoa aey accy oapo, e oxox o caap, o o cy xc pe oapo.

Hapo, peo caap aoap poy eaeceoo oapa oe oopa aope p ae c peo oopo a ce ooa eo, e yoeopex aeco oapo a o pe.

B ocax oaoro pee o poe a eoopx pax coaec peec cy c peee eacx cepo oe ypo aeca oapa oooc ca eo a o.

Ha eoopx pax oo pay pao epepoa oapa o ypo aeca c cooecy oaa ca c e, ec oap a opax oaec o aecy o caaporo.

B acoc, CA a pe ao op o Tpe a opax ycaaaec ea e opoo acca, ec a pe ye poaac ea epoo peeo acca. B o cyae aaec pooc aaa ca c e peayeo poy.

B CA pooc p copa e: a paca, epa paca, ea ceepa. B co oepe, a cop oeaec o pe (1, 2, 3) acca, ocoy ee pae xeoeape coca. Ha ooco pe eao poa oya opa a e e aepapco aoo, pe poae ee pao ca a op ae aepapco, oyex epoeco e, aepapc oeo papo, o co co o 20 .c. a 1 . Ha ooco pe eao oe poa oo o ea, apa oopoo apecppoaa. p pecpa, apep, epoeco e epopoooc oa cooecoa oaae, acaoy caapax A (BS) CA (AST). pa, eaa apecppoa aocy apy coeo eaa, oa peca pecpaooy oey ceye oye: aeoae ap eaa; cea apa p pooe, oepaa aeco ap eaa, oopa cooecye peoa peoro caapa; apaoe oaeco o aecy oapa p ocae eo yye; ceoe oepee o oe cex aooaex ao p cyae pepae oca oapa.

Kpoe oo, p pecpa peyec ceoe oepee e eee yx ecx acx aepacx p, o o ea cnooa oeae peoa pooca. B aece peoea oy pac cepa yx oax aopaop, aaxc peecpe, yepeo cep oeo p.

peo caap oxaae aoe peoae, peeoe peoy oapy, a oeco oapa, npeaaeoo y-npoa. Toap a pe poaec oyae cpoo opeeex paepax e a aaex pex e, oope cooecy o ecoc pacopx cpec (a pao, eeoopox aroo), o ecy o oey ecy (apep, CA a xoa). ooy aec oe poa (ap, o) oe pa peo ee. Hapep, CA a oapo pe aro op o Tpe pea ea o ee cocae 5 c. yee (ooo 100 ), o pyoy poaoy coy 34 roo o (40 c. yo 18 ). Ha ooco pe eao pea ea e, a, ca yepea paa o p cocae 25 , ooa 5 , cepepa 311 .

Caapa oeca oapa, peeoo peo opoe, oaae, o ca ap e oy ycaaac poao oyaee pooo. Hapep, ae cpae p oo y aae 112 caxaporo eca pca. Ka pao, poy poac pacacoe o 0,5 1,0 . Ta a pao oapo pe eooo y poa ap oapa, e pay peo ee. Oca ceye a o: npooe, nopee apaee napy oe noca aao eoxooo oap.

peo caap peycapae ae pao poaa a op caa, e oa pooc caa-pea oapa. Baee caa pae py a oeceoe xpaee cae a ay ap oapopacnope oye (appa).

oyae oyae p oye opaa oae appa (oaa a cpo xpae). p epepoae oapa o oyae, co oepe, coa oaae appa .. Ta opao, ece c opao appa epexo o ooo aea, pyoy. oce cya oaaec oce aee oapa. a coxpaoc aeca oapa oeae ca.

B acoc o oapa pacxo a eo cpaxoae p xpae coca o 6% ec o cooc ap.

Oeo peo opo acoee pe c pepo 70 o oapo. x oo oe ceye py opy, apep:

1) cecoxocee ece oap poy x epepao:

epoe (ea, yypya, oec, e, po);

acoceea (oe, xoooe ce, co, o, coeoe aco, po);

e oe co (py poa co, c, co oopoa);

ece oap (xoo, y, epc, aypa cycce e, pa, e);

eycoe oap (caxap, oe, aao-o, pacee aca, apoe, epe, a, apaxc, oepa aecooo coa);

ece oap (oaepa, aepa);

aypa ayy;

2) cpe oyapa:

ee ea (e, ooo, , ce, e, a paoee ea: cepepo, ooo, aa);

3) e eepoy.

Ocoeoc cex epecex oapo, a ye oopoc paee, c accooe x pooco yco cpoc.

Hoeaypa peoo oapa c oa eec: oc oe, cea cape. Ta, oceee pe aece peoo oapa ca cooac poy eeepepao: e, eoe oo, ay p. K cy eao oxc a opax ox oapo oo oec e, a, paoee ea, oepa aecooro coa, aepy, apoe ..

Cacec aa oaae, o a cecoxocee, ece oap oaero ooa pxoc ooo 55% oea ce peo opo 75% oapo, opaaxc a pe. a ee ooo ycoa. Oa aaec a poe ecox eco e. o acaec py poeoo cp, o c pae ex exoo oe x oapo pex opax ye eyoo . oy ceecye oee a opax pa ox ex eao.

Ceye opa ae a o, o pae peo opo oaae ooe e a peo oap. epoaao o cya e peaoo oapa (ye poeeoo poooro opeeeoy cpoy), ex ya, a, peoeex eao; ae oeo peo opo ca caap peo opa epc, a oce eo oo, peca pao a aee peoo opaa (cxea 8). pe ec pea oap ec oe peo opo a oapx pax, aa peoeee ea a ax, a ee yar a oox, o epc oo coyc a cex ax p (a. 2).

8.


Taa 2

PACPEEEHE PEBOO TOBAPA PA

4.3. ac peo opo

ac peo opo: poep, pee aep, cape aep, noo poepo pex aep.

Kpoe oo, oepao a oycac a: epcoa p. a ypa, peceae pae, ocyapce occap Oece e peoro coea, a ae a, pcyce oopx papeeo pe coeo.

aco peo opo ceye oa o pcycyx opoo ae p. pcycyx ae ycoo oo pae a ceye py:

1) aae ce;

2) opaye aee pex ceo;

3) opopye xo ee pex opo;

4) aae a eee opa.

Coca aax ce opeeec paa peo opo oe oac acoc o oo, ao ec pa opo ap.

Ha opo pe aa ce oee peoo aa e npao:

e p x pecae;

poep, apeoae a pe;

ocoe paoe ocee, oye pao a yace pex opax.

Ha apo pe aa ce e npao:

e p x pecae;

poep, apeoae a pe.

Ceye opa ae a o, o paoe ocoe ocee opae cox paax a yac peo opo o cpae c ea p x pecae.

Bo-epx, coaco aooaecy ocooy ocee peocaec pao a yace pex opax a cpo e oee pex e. Bo-opx, co ocox oceee e oo pea 30% o oeo ca eo p[3]. Kpoe oo, ocoe ocee e yay oppoa ycaoo aaa ypae pe[4].


Ec oce ocee e pao a peoe ocpeeco, o paoe ocee ero e, a a o e pao a coepee ceo oo a pea oap o coero e a co ce[5].


Bopy pynny, opayx aee pex ceo, npeca pee ceo copy p, axoec (paoae) ae. K oocc:

aep, eye peo op;

oepaop (oo aepa), cpye aee ceo coe pyy;

copy paceo py oea opaa pex opo, ooae poepa oop aey cey;

pao oea (po) cep p, opaye poeee cep oapo, caex a op, oaae eoxoy ocya yaca opo;

pao pecoo oea p, oaae eoxoy ocya p oope aex ceo cocae pex ooopo.

Kpoe oro, y pyy oo ae ooo poepo, ex pao pcycoa peo ae, o e ex paa a aee ceo.

pynny opopyx xo ee opa coca ocyapce occap, a ae npecae p, Coaco aoy oapx pax peo proe ocyapce occap a pe ocyece eocpece opo a coee aooaeca pe pe . ooy o ee pao:

pcycoa a pex opax;

yacoa ox copax eo p ox copax eo ce (oeo, oee) p c pao coeaeoo ooca;

aoc c opae o eeoc p, a ce pooo copa acea opao ypae p x pee, o ce oeaoro xapaepa;

oc peoe ea pecae pyoocy p;

oc peoe Kocc o oap pa;

ocyec opo a coee pee Kocc o oap pa[6].


Kpoe ocyapceoro occapa xo peoo opa oy opopoa e peoro oea (coea), e Peoo occ, cap aep aa oea opaa opo p.

pynny aax a eee peoo opa coca a aaee oc. B x coca ac pecae pecc (ocoo apeoae a pe paoe), a ae paoe ocee, e oye paa a aee ce, o ee pao a eoxooe yaae poepy, oey x opye.

Kaa pa oe caa opee py , oycaex peo a.

paa oaoc yaco peo opro opeec yppe opa oyea, pee ceo cao p paa peo opo, oope papaaac a ocoe aoa P oapx pax peo opoe.

e poccco oapo p ece pece a, yacye oppoa ee ycaoo anaa o oce ece e eee oc yeco p. pe e p cooecye opy, peycopeoy ee ypee oyea.

Ha oapo pe oy e aeop eo:

oe e c pao a yace pex opax o cex cex (oeax, oeex) p;

eoe e c pao a yace pex opax cooecye ce (oee, oee) p.

Kpoe oo, oe eoe e oac pa oeco rooco a Oe copa eo p a ox co6pax eo ce (oeo, oee) p, oope ycaaac ee ypee oyea.

e p e eco a pe, aee pao caocoeoo ae ceo e ocpeo. eco a pe o oe co (aa), oopyoa eeoo, eeaco, oepo c xoo a epooe opaooe ao p. Kaoe eco ee co oep. e p oy caa coe eco apey o ycaoe paa p.

apyea paa peycapae pye aerop eo p acoc o ee ceaa. Hapep, a aco oapo pe (CE) ec p a eca. o e CE oe opoa ce a oapo. Tax ec a pe o 1990 . 626. Kpoe oro, opo eca papea opro ocpao ao (912 ec), pe eca aa oooc opo eca a ooa (1287 ec).

K a, peey ca ea p, pec peoa ooe e aaa, a aocx apa .. Oao a CE coo ec opo e yy eo p. oo aaec ooop c pa-ea p. yac pex opax oo eco a poa. o 200 eo CE ca co eca o aocoacoao ee py ec pec a.


epao ypo cpe yaco peo opo caec poep, oop ec cy eo ey pe ea.

p poee peoo opa poep ee pao:

y poa oap cooec c aao ea o coceoy ycope (ec o cyae aece epa);

e ey oeco oapa, peoeoo poa;

aoc c opae, acaec oapo, caex op;

ocooac ycya, oaae pe.

Oaoc poepa c:

pcyce ae o oe, oa oec oap, ae poa oy;

coee pa peo opo opeo p;

oee aao ea;

pecpa oyeaoe oopee aeo ce;

pecaee eoxoo opa o pex opax poepcy py (oopy), o a oopo o paoae a .

4.4. pee ce

pea cea coaee o ao nepeae npa oaoce ooe peoo oapa, onyeoo opae a pe, axoee opaee peo ooope (opae), aeo yaca peo opo xoe pex opo.

Cyoc poee opo a pe ec aee ceo ey poaa oyae. Ceye oepy, o aee ce apaae epec e oo x eocpecex yaco, o ex, o a co (pooee opeee), ooy o acya aeoo aaa.

pee ce xapaepyc peco, opaaoo, ooeco eco copoa.

C peco o pe o ceo oa ece, apaeoe a ycaoee, eee pepaee paacx pa . paoa (peca) copoa pex ceo ae acaec pa oaoce yaco (opaeo) ax ceo.

Opaaoa copoa pex ceo peoaae ycaoee x yaco, pex ceo, a ae opo (oepeoc) oe opeeex ec, yx ae pex ceo opae x opex oyeax.

ooeca copoa oaae e ae peo ce (yocoepee opex opeoce, peaa ooeo poy oyee p, oee ee, cey ..).

C eco o pe pee ce ca c oece ooee peo oproe eo, coee pa, op pa oee, aex opaee aoe, o oaex x coe. He cepe, o peyae pex ceo x yac oya opeeey p, o e o eo, a cooec c p aooaeco.

ceo, aex a oapx pax, xapaep ceye ep:

cea oa peca coo coaee o ye-poae peoro oapa c eeeo ocao opeeeoy oopeoy cpoy yye;

opo ae ce cooecye aooaecy o peo opoe, a ae paa opro opeo p;

yac peo ce c yaa pex opo;

cea oec (coepaec) e p;

cea oe oaeo pecpa cooec c ycaoe paa;

pa ec apao oe ceo, apecppoax a ee opax;

pa pae pe ca yaca peo opo, coepa epee ce;

pee ce e oy coepac o e a ce p, aee ceo o y yaco pex opo, oo eo p poepo, cyax po poeccoax ocpeo.

oo o ce e ey paoy ocoy, ao pe papaaac cneae npaa, peypye ooe ey opaea o ooy:

ooo ce;

eocpeceoro coepe ce;

oope aeo ce;

ee oe;

paceo o cea;

oeceoc a x oee papeee copo o ea.

Ta opao, aooaee paa ae ceo c coeopao opo po opoo (oepe) .

oooa ae ce, a pao, eec e p, a ee coepee pooc poecce pex opo cooec c opa paa, ycaoe opeo p.

Ocoae ae ce ec ycoe coace poepa, caaoe poecce aco poox opro, acpoaoe aepo, ocya oapy ce a pe.

Cea caec aeo c oea ee pecpa a pe. p coepe ce copo coacoa ey coo ee coepae, .e. py opoco, peaex p ee . co coepa ce c:

aeoae oapa;

eo aeco;

oeco oapa (ap oapa, o);

ea opa oa a ye oap;

ac (opa) oca (pacpeeee pacxoo o pacoppoe, xpae cpaxoa oapa, eoc oeo ce ey oyaee poao);

ecoaxoee (y oca) oapa;

cpo coe ce yco oca.

p coepe ce oaeoy oae oea p ee acea aeoae yeoo oapa, eo oeco ea. Ocae yco coepa ce oy e oaac coca ee oepecy ay.

Toap, c oeo ce a pax Pocc, ocoo yoec ce oee paec paooy peoy oapy, poy apyex cpaax. B 1991-1993 . p Pocc xapaepoac oepa y-poa x oapo, aa o pyx ap epa, eca, eepoyo oa oe a a oopyoa.

epoaao apyee p ceapoac a opoe pea (ec) oapo, oo ocec o epe ye-poae pex opao (epco ooo). Topo epc opaa ooa ocyecec: o oe a cecoxoceo poy poooc (ea, po, e, pc, yypya, oec, co, caxap, aao, oe, xoo, apoe, o py poa co, aco .); o epopecypca (e, e, a); o eaa (aa, ooo, cepepo, e, e, ce, a); oeppyeo ao; eca a; o ocyapce e yaa.

Kaeco oapa yocoepec cea oyea, oope poae oa pe o aaa opo. B pae pocccx p ee e opaoa aooaee a, acaec aeca oapa. Tpeoa o aecy oapa, peeoo a opax a apyex pax, cpoo opeee. cae oapa a op, oaeoc o coey aecy o ycaoex caapo, peyec ceaoe papeee peoo coea.

B acoee pe copeee poccce p e e cpoo ycaoex peoa ooe oeca oapa, caeoo a op. B apyeo e pae ap oapa, eoro o opa, cporo opeeea yae opeoc opeeex py oyaee poao, a ae opepoaa a eoc (ecoc) ocox pacopx cpec, coyex epeo ax pyo. Ta, apep, o ee CA paep ap cocae 5 c. yee (ooo 100 ), a aco oapo pe ap pyoo poaoo coa peycapae 34-38 oo, a a pe aepa 17-19 o.

Oe, o cyece oeo ce ec ea apa Ke poepco oop, opya a cey, oe ooop (ca opeeee peoa) ooe e oy (poa), p o eec y, o cea oe aac:

1) o eye ee peoro (ea, acpoaa oe ae ce, oea ycaoea p ayoe);

2) o aao ee;

3) o o ee ( ooopeo peee oea e: o o);

4) o ee a opeeey ay (ep e, opo, oce e pa);

5) o cpaoo ee, acpoao a oe op ap p.

B ooe e oapa, pecaeoo a op a apyex pax, ycaoe cpoe paa: ea peoe e oe e e cpoca oee, e a ycaoey pe ey. Ta, apep, a ooco pe eao ea peoe oe pea ey cpoca o:

e o 0,5 o 1 . . a oy

ooy o 1 o 2

y o 0,25 o 0,5.

Pacnpeeee pacxoo no pacnoppoe, xpae cpxoa onpeeec o e. B acoc o a pao pacpeec xocee oaeca ooeca oeceoc ocaa oyae, a ae opeec pacxo, ee poay ey (cooc caoo oapa, pacxo o pacoppoe papye, a ae cpaxoa). Hapep, ec p ae ce opee ac oca a pao ca ooe (poaa), o oaae, o oyae oe opaoa o yeo poy a co ce (.e, ee eco caoo) ec aee pacxo o eo pacoppoe, papye, xpae, a ae oee pca.

ecoaxoee oapa, eo cpo yco noca a pa ooapac copoa ce, oe o apyeo pa, e yco opaa cporo caappoa, a e-peeo eo ac cyae ea, opa ycaaaec oe ae ce.

Ta opao, coepae ce a oeecex pax yco ee ae o oro oac o apyeo pa (a. 3).

B pex ceo a oapo pe.

pee ce, aee a oapo pe, accpyc o pa paa. O pao ec aoee aco cpeae oe opa, oop oe pecae a aece peaoo oapa, a aece opaa, pecaeo pao a ap a eo aee. B cooec c a pao pee ce po e a e py:

ce c pea oapo;

ce e peaoo oapa.

Pae peo opo aaoc eo co ceo c pea oapo, e oopx a ecea ocaa peao cyecyero oapa. o peo opo paoaa coeopa peo exa, oo aa ce ocyce apa a oap, oop ye poee yy peaa ocaa oopoo ye ocyecc e a peo, a a a aaeo ao (peao) pe.


Taa 3

COB AKEH PEBX CEOK B AAHX CTPAHAX B POCC

Ha copeex pax Pocc ocoo aac ce c pea oapo, oope oy e ecoo paooce (cxea 9).

Cxea 9. B ceo c pea oapo


poce o ceo c pea oapo ca ce c eeeo ocao (c opo cpoo ). Ce a a oap ae ce, oope coepac a oap, axoc o pe opa a eppop p npaeax e caax oae np a py e opa o ooa peoo copa, a ae a oap, axoc a oe ae ce ny; a opye oo opye oap, axoc a cae . Coaco aooaecy P, ce c a oapo oy ocyecc a ocoe peapeoo ocopa oapa (o eey y, a peo eaco cep) e peapeoo ocopa (o opaa, caapa, oycoeoy cpeey aoy aecy oapa).

e ceo c eeeo ocao (opo cpoo oca) ec ec epexo apa o poaa oyae a ycox, oroopex ooope y-poa.

Oaa oapa oe pooc a oe epea oapa, cooec c ooopeoc (peoaa oaa oce oye oapa). coee ce aaec c oea ae, eae eoo pey py a e e. ooy ce ca aoee ae. o yco ooopa eeea ocaa oe aa o 1 o 5 e. p coepe ax ceo opaa ae a pacpeeee pacxoo o xpae apa a cae p. eec y, o o coepe ce pacxo o xpae oaae poae, a oce ae ce oyae.

paooc ceo c pea oapo ca opape cpoe ce, .e. aa nepeaa npa oaoce ooe peaoo oapa c ocpoe cpoo noca. Taa cea oopec ooopo noca. Oa aaec o, o opaa-poae oyec oca (epea coceo) ayee ap opaa-oyae cpo, oroope ooope (opae). B co oepe, opaa-oyae oyec p oa popee oap o ycaoe oroopo yco ea. Oeo ocoeoc cpox ceo ec o, o oe ae oaec (ceo) e coaae c oeo x . Kpoe oo, oeo ax ceo oe cya a a oap, a oap, oop ye poee cpoy, ycaoeoy ooopo.

o epe pa pox ooe opape ce o ca oco o ceo. peyeceoe x pae ocec e, o oe ap oapa (ooo poy) oy peaoa oo ocpeco ceo epe ao- opeee cpo. Coaco eop apea pooco opepyec a e cpoc. Cpoe, opape, ce aoc o opo xocex ooe, ocpeco oopo oy ocyece pye ooece oepa.

INTERFINANCE ( * ) (www.denisredit.ru),

ococy opapx pex ceo ooc o, o p x ae eec oooc cooa ey paoy ocoy peypoa aoooe . Oao oe, o, o a cepo, 1991 . pe pex oopoo cocaa po oyxo, oa ce aac a ecyecy oap. B 1992 peyae opoco cya cceoa opraoax po (HOP) apyee oaec cpe pocxoo 25-30% pex ceo.


ooy oc paooc opapx pex ceo, pae c cee pca opaeo p peo oproe, o e ee x cyeca. K ooc ceye ce.

Cea c aoo ooop, oopo o opae naae pyoy opaey oe eo ae cyy, aoonpeeey ooopo ey aece apa cnoe cox . aor oe oecea a epec poaa, a epec oyae. ooy paa:

ce c aoo a oyy;

ce c aoo a poay.

p cee c aoro a oyy eo aeo ec oyae, o cyae ao oeceae epec poaa.

p cee c aoro a poay eo aeo cyae poae, o cyae ao oeceae epec oyaee. p cee c aoo a poay aece aoa oe cya ac oapa, oeaero poae. Paep aoa ycaaaec coaee . O oe oeac o 1 o 100% cooc ce.

Cea c npee ooop, np oopo o oaeo a ocoa ocooo ae o onpeeeoo a ycaoeoe oapaee (npe) noyae npao nopeoa o coeo opaea o noee oaec no ooopy, o nooc oaac o ce Cea c pee e ee ee coepa, a oo yeae pc opaeo, cyax pey opo. B cyae oa poay oee ya pe, e o oaeca o ocae oapo, coyc opape, cpoe, ce c pee.

Ha pax oy oc pae opae ceo c pee Hapep, pao opa, eee ooee coe ce (oee ce oa o ee), oe paea oo oyae. Ec ae opae e oc, pao opa oe paea o opaea.

Paa ecoo o ceo c npee:

1. poce ce c npee.

p x ceax copoa nae npe noyae a aaeoe npao ocynoo, .e. opae a ynay paee yaoeo cy ocynae o noe ooopa cyae eo eooc, epe onpeeey cyy, cyae cnoe ooopa o ceo c pee acoc o oo, o ec aeo pe (poae oyae), ae yx o:

ce c ycoo poa;

ce c ycoo oyo.

p cee c ycoo npoae poae oo ya pe a o, o oe, oa acy e oca, aec oee o oyae ea opace. poae cae, o ey roee ya pe a ycoy poay coero oapa p o e oyae. Ec e oca oapa oyae poae ae oee ooo ope, ea oapa opace, poae pae oaa ocae poy epoy oyae (oep p o ooopey pe) poa oee rooy opee (a eo epe, .e. pe epoo oyae).

Cea c ycoo noyno aaec epecax oyae ooa o cyae, oa opee e yepe, opeyec ey aaa oap o oe a oee ooo ocaa oo oapa, a oop a aea poca cea c pee. o oyae o cyae oo peca cey opao: yay pe, o y aoo ocaa aaa oap e y; ec e ay oee ooo ocaa, oap y y ooopeoo ocaa, o yay a eo oe, o co, a ey pe.

pe x cyax oycoaec o a oea o cooc ce cya, o a ea e y.

B epo cyae pe yaaec p ae ce.

Bo-opo cya ce c ycoo oyo yeaec a ey pe, a cya ce c ycoo poae yeaec a cyy pe. Oaa pe ocpoaec: cyae oxoa o ce o ae o o ( ope ocyo pe), aoopo o coe ce.

Ce c pee a oyy poay e cyeceoe oe o ceo c aoo a oyy poay. aoe x oe o, o ce c aoo c a aae ep cea, .e, ao cyae apae ee oe, a ce c pee oocc yco cea: o oy oe, a oy e oc.

2. oe c c pee o ooop, oopx nae npe noyae npao a op ey noe noynae noe npoaa, a ae npao (ec a o ec coace eo opaeo) ocync o ce.

ocoy paa aea pe yeac p ax ceax oe o cpae c eo paa pocx ceax, o ea pe ycaaaec ae oe.

a pe oe yac:

a ea, oea o cy ce;

e ac cyy ce,

p yee oo pe cooc oapa oce, a cya ce a oyy, yeaec , aoopo, a cya ce a poay, yeec a paep o pe.

3. Coe ce c npee o ooop, oope npeca coo coeee yx npoonoox ceo c npee, aaex oo o e poepco po c y py yaca peo opo.

B acoc o oo, ec aa poepca pa, aaa coy cey c pee, aeo oyaee ocee, cea pae oce xapaep:

epo cyae pao oxoa o ceo pae ao poepco pe;

o opo pao oxoa pae ee opaea.

4. Kpae ce c npee o ooop, np oopx o opaeo noyae npao (a onpeeey npe noy pyo copo) ye o coo-o pa oeco oapa, noeaeo cooec c cyeco ce nepeae npey.

Kpae ce c pee a yx o:

ce c opo oyae;

ce c opo poaa.

O peca coo coeee epo ce c ycoo, a a eoopoe aoe oeco oapa o cyae oo epeao po.

Kpaoc paaec o, o oee oeco oapa, oopoe yoooe opae oe o oeo coe, oo axoc pao ooe oaeoy (epoy) yy, .e. peocxo eo a, p, epe .. pa peeax acya, ycaoeoo ooopo.

pe yaec cye ce, oopa yeaec p poae, o aaec cyae oaa opaea, oaaero pao a yeee oeca, oeaeo epeae pey oapa.

pe aaec oo a epoe epeaoe oeco oapa.

opape ce e ee oy paooc o ce c peo, pecae coo coaee ey poepo eo, no oopoy 6poep oyec oe a oap, npeoe eo, npeoca ey epecy eo oap C coaee poep opaaec a, e noyae pe a ocyecee ce cnoy pe, poep noynae a opax oap, epecy ea, noce oo noyae o oap, oop npeaac eo aae oye oap, a npao, e, poep caocoeo npoa eo a pe opaae pe a.

Cea c peo ooe aoo ocyec co apepe oepa. e o cyae ea aec ep y cpeca aea cya epo cooc ( .., .. . . . : -. . : , 2006).

Ce c ycoe o coae, p ae oopx poep oe o opeeee opye ea. ae cero p ceax c ycoe e ae opyee poa pea oap p yco oopeeo oy eo pyroro peaoro oapa.

p o poep ee pao oaac o aoo opye. Ec e ycoe (opyee) po, o e coeo ac oy pyoo oapa, o poep aec paa a oapaee o cee c ycoe.

apepe ce coaee a oapooee ce c nepeae npaa coceoc a oap e naea ea (aypa oe), .e. ce, np oopx oap eec a oap oap+e. Tae ce a pax opaa coc xoce p oapooea p ae xocex ooopo. p ooe ce e o xapaep, oao poecce poee opo pxoc ya peoa poao o cpeoy popee eoxoo . ooy oe oapocpee p ye p coe coa opepoac a apepe ce, pye yeo pea .

Ta, apep, o ycay a Bcecoo oapo pe apopoeoo oeca (Pa) oco o ceo o epce ce. Oao cy ooeco ecaoc oco o ceo a pe ca apepe, p oopx py cya y ep cooc.

Oe, o apepe ce ce c ycoe e oe ep cyecee pa. Ocoo oeo epo ec o, o p apepx ceax e, a pao, e coyc, a p ceax c ycoe o o co oe y aea Kpoe oo, p ceax c ycoe eec pap e eee ooo eca ey poae oyo ooo oapa, oopoo e p apepx cea.

Ceye ee pa oepy, o apepe ce npoopea cyoc peo opo. o paaec o, o:

poyca cocooc p peo caec;

ee opaoro exaa ayox opo paecoe ocyce oea opae ey oeco ex p po opo (ec poeo) papoca o ea a o e e oapo;

cyecea o oxoo o poa e ocyae eocpece oapopooe e ae poecc pacpeoro ocpooca;

acoe ce opae a apepe ce o poooce py opeecx oapo e po cyeceoy yee oapooea -a ecoae cpex epeco yaco oea;

paec ce oapopooe oaac oeoe oee poecc po e coce a oapo, oea a o opoe pecypc;

aacpoec pace co cxx cao ex apo, aec eex oapooopoa, oope ece o paaeo a. poecc eoo pa peo opo pe cooa a pe ceo e peaoo oapa, oope acoee pe ec a epce ooe

epce ce a nepea npa oaoce ooe caapx opao a nocay peoo oapa.

x aae, a pao, ec e oya poaa, a ee e, cpaxoae (xepoae) ceo c a (pea) oapo oyee xoe epepoa oce a ce pa o aoporo ee e ( .., .. : . . .: , 2006).

epce ce caoc oo p poce oepa peo opo, pacpe peoo oopoa, yee oea paox ceo. O c oec pae opapx ceo ooe oapa, oop ye poee yye.

pooe cooae opapx opao e apapye pooe, opee opoa aopx ee e yye. B acoee pe Pocc aooopec poecc ocae o pa peoo ea; o cx op eo e papaoa exa coeopaoo cpaxoa oooo pca p ae opapx ceo. eae yeo caapa opapx opao cooec c oeco aeco oapo yco x . Kpoe oo, ocyce coepeoro aooaeca coae yco apye oo copo opaa x a ce oaec. Ta, ycox ae epepcx e opo epo yoc o oe opapx opao, oca epepo c x poye Cooeceo epo aeoo poca e a cecoxocey poy epep aco peoa epepoa epo oee ooy oyae o coo ee, e o o ooopeo opapo opae. Ta opao, c oo copo, o pc epeex oep, a c pyo oooc oye p o ee e ceyo p, epce ce xapaep cecoxoceo poy. O aac aoo o copa ypoa. ec opee oe peyaa yy oo ypoa, cpoc ey a peayey poy. ae epce ce pacpocpac a poy, ea oopo ocoo eac acea o oeca .

Oeo ocoeoc epco ce ec o, o oeo cyae e oap, a peo opa, peycapa y-poay cpoo coacoaoo oeca oapa ycaoeoro copa (ap) c ao oyc ooe, ocaeoo a opeeex ycox oa pacopx . epce ce aac o caapa ee e poeeoro oapa. Kopa o epc cea oopao aac pyc o ex op, oa e ooe cpo oca yaa oapopooee cpo poa.

Oopo o epc cea, a pao, o oo pa pea peae oe ocao. o a yaae e oo a pae cey, o a oc oea, eoc o yco pa peo opo.

Cea o poae epcoo opaa oo copo oaeo pecppyec Paceo aao p. opo yco ae epcx ceo opeec oe ooee, yepae pe coeo opeo p.

Onoe ce oec npooee epcx ceo. Oeo x ocoeoc ec , o oeo ceo cao oaeco (pao) y poa eopoe co epcx ax opao o aao ee eee ooopeoo cpoa yye (.e. ycya pa a yyy epeay pa oaoce ooe peoo oapa opaa a eo . Taoe pao popeaec a ooceo eoy cyy (pe-oo) ae oooc o cey o cpoao ee p aropx ycox (oy p) oaac o ee (oep pe).

Ca p oox ceo ece oe ao, o peee ero peo opoe o cea o opae. B acoee pe o poecc poo coyec peo opoe. Oo o, o cyecy, ooea epa yee epcoo pca. Oo peca coo pao (o a e oaeco oe 6 epco) y poa epcoo aaa opaa a ocay peaoo oapa o coacoao ee opeee oe pee eee yaaoro cpoa Ec e yc aopo apae, oyae coye pao y (oo-o) poa (oo-y) epce opa. Hapo, ec ea ec eaopo apae, o o coye pao oaac o x ae, ep p o eoy pe, yaey a oo.

Bao oe, o oo-o, oo-y oyac poac, o e oy ao oecpoa py pya. py coa, ec o-o oyae oo-o, o oo, o ap oo, o oe poa ae oo-y.

Pacpeeee eox pco y poao oyaee ooo po poooooe poao ooa p e oe oe e pe, a y oo e. oyc, poae poa oo c pao ae ce o ao ee. Ho a pe ec ooa peae e opoc, p poae ooa ye e oy, ec eo ap ooa pe. Hapo, y oyaee ooo y e pec paepa pe, p e oe o. Ka oeaoc, oyae ooo e oooc oaac o eooo opaa. O e oepac acooy pcy oce oo, a aea pe.

B paax opo, oope papaaac ao pe, oaeo ope yac pex ceo, oope oy coepac a e. o epe pa peo oo x coca eec.

B aoe P oapx pax peo opoe (c. 8) oeeo, o a oapx pax oy coepac ceye ceo, cae c ao epeae pa oaoce ooe:

peaoo oapa c eee cpoo coe;

peaoro apa c ocpoe cpoo eo oca (opap );

caapx opao a ocay peoro apa (epce ce).

Ha oapx pax aac ce, cae c ycyo pa a yyy epeay pa oaoce ooe peoro oapa opaa a ocay peoo oapa (ooe ce), a ae pye ce ooe peoo oapa, opao pa, ycaoee paax peo po.

opo ae oe pex ceo

pa o coero e ce e aae, oa o coae yco, eoxoe x coepe, ocyae poecc y-poa. aee ceo o y eo p poeccoax ocpeo poepo, oope ory aa ce o e ea a eo ce; o e ea, o a co ce; o coero e, o a ce a. Cea, aac o coero e a co ce, aac ep.

opo (oepeoc) oe opeeex o pao, oope ycaoex oyeo, eoxox ae peo ce, oo peca cxeo 10.

peoo, o eec poae (pooe) poy A oyae (opee) poy A, oope e c ea p, o xoe o poa, a pyo y poy A a pe. o oo yo cea?

1. Ke (npoae noynae) e poepcy py, oopa oa npeca eo nepec a pe. Kay poepcy py ey pa? Ke oe ocooac peao, coea pocex p-pep (a poao, a oyaee), oe ca oe peoe pax poepcx p.

p ope poepco p ea ao:

a ax pax paoae aa poepca pa (oo ecox, epax, epeoax oax, yepcax ceapoax ..);

ao occo cop a ycy epe a a poepca pa;

a oepao oe e a ce oaeca;

apapye e oee aex ceo. Ec e ey apyeo oe ococa o o poepco p, o oe opac a py, oopa o opeoeye ey opey poepcy py, o ycpo pacpoay a ayoo ocoe a aaex ecx ao,

2. oce opa poepco p e aae c e ooop a oaae poepcx ycy (a poepcoe ocyae), oope oe peoca poepca pa ey. B acoc, oa epe a ce oaoc:

coepa ce ea o eo ycope a ycaoex ycox;

peoca ey opaoe ycy, cae c popeee poae oapo a pe;

oaa e pye ocpeece .

Cyece ycoe ooopa a poepcoe ocyae ca opeeee o ceo, o oop poep yy co opye ea, a ae ycaoee e a oyy poay oapa a pe. Ka pao, oroop a oaae poepcx ycy coep ce paeo:

pee oroopa;

opo coe opye;

apa;

yco paceo;

opo ocyece ce ey copoa;

oeceoc copo opo paccope copo;

cpo ec, ocoa ee pepae ooopa

3. B cooec c ooopo a oaae poepcx ycy ey eo, c oo copo, poepco po c pyro, aaec ooop-nopyee ooop-occ a npoay noyny opeoo oapa. oroop-opyee aaec o cyae, ec poepca pa ecye a pe o e ea a eo ce; ooop-occ ec oa ecye a pe epecax ea o coeo e a co ce ( a ce ea).

p ae oroopa-opye ycaaaec, o o cee, aeo poepo, e popeae paa oaoc copo o oroopy; p ae oroopa-occ o (paa oaoc) ocac a poepco po.

oy o oroopy-opye poep e oeae epe eo a coee pe o ce, aeo o e ea.

o ooopy-occ poep oa ( cyae apye pe o ce ooopex yco) e poee yeo o o ea, copa oece eoxoe oaaeca. p ae ooopa-opye ooopa-occ copo ocooe ae opaa a:

ecoaxoee oapa (ca poaa (ooe), p, oap y);

opo opy oa oapa;

pacpeeee pacxoo o pacoppoe cpaxoa ey oyaee poao (ac oca pao e).

4. Hapy eco ooopa-nopye (ooopa-occ) e oe cnooa a0y-npeoee a noyny (npoay) peaoo (aoo) .

5. Ec ey eo poepco po ae ooop-nopyee, o ey oaeo oopec paoa nocoa oepeoc npoee e a pe epecax ea.

Paoa oepeoc, a pao, aec a coepee opeeeo ce (ooo opye), ocoa a cpo ae ooopa-opye (oroopa a oaae poepcx ycy) oe cex o ycy, oaaex ey poepco po.

6. poepca pa oa e onpeeee apa o ea, oope ac o oo, aece oo cyna e (npoaa noynae) ao ooop ae ey eo poepco po (nopyee oc.).

Ec e ec poao, o oe apapoa ae y eo oapa, oop ye c oeo ce a pe. ooy ooopy-opye e oa peca cacy paccy o a oapa pacop oye, yocoep ero opyy. Kpoe oro, poae oe peca o opae, pea poce, cepa aeca .. B cyae ocyc caco pacc poep ee pao oroop ycoy a eocay eoocay oapa (apep, paepe e eee 15% o cooc ap oapa).

p ae opa-occ yaaec, o p coe opye o poae aoro oapa e oyec opy oap o yaaoy oroope oca apecy oyae. B cyae pocpo opy eopy oapa e yaae poepy pa paepe ycaoeoro poea o cooc ap oapa.

Ec e yae po oyae, o o oe apapoa co aeecocooc. o ooopy-opye apae oa oapa oe cya:

apa a a oay oapa (opa) cpoa aoca apa;

cpaa, aepea ao o a cpec a paceo cee ea;

apa oc;

ao, ece a pace ce poepco p, pecae epec oyae (oe ycaoe e opeeeoo poea o cy ce);

pace ce, op poepco pe, a pao, cye 30% o cy ce;

ape, a poepco pe a c cyy ce a cpo ee ocyece;

cpaxoo oc;

ece.

o ooopy-occ a oyy e ae cae apa poepco pe. cy aac, epece poepco pe, coe ce ycaoeo cye.

7. co c ey poepco po . o oc oc ceo, eoxoa oepaa c ey eo poepo. oo coaec cea pooo o cpecax c.

8. ooop ey poepco po pe a yace pex opax.

9. aa (npeoee) poepa (poepco p) a npoy (noyny) onpeeeo oapa. Oa oa eea peo opao aa e oee 2-3 e o aaa .

Ha oap, pey eaeeo peaa ( eee ooo peoro ), caec a op e peapeoo oa a peo opao aa ye eocpeceo oa aepy, ocyaey op cooecye oapo ce, a o ac o x aaa.

10. cnepa oapa papeee a onyc oapa opa.

11. opa o oapax, caex a op no cooecy oap ce, aec poepa a 24 o aaa opro eaec e opo peo ae copya oea opaa opro. Oa coep ceye ae:

aeoae oapa, caeoo a op;

eo ea;

oeco;

oep poepco oop, peaae oap poa;

eo ecoaxoee;

yco paceo;

cpo oca.

12. Pecpa poepo onyc x opo a. pecpa poep oa pe oepeoc, ay ey poepco po, a pao peca epec p opoo ae p. poepca pa oe apa a op peo a ecox poepo.

13. aee ce npoecce aco npoox pex opo.

14. Pecpa ce. aea cea a pe oa apecppoaa oee pecpa ceo (opaa opo) a o pe ee opo, a eee pex aco oce x ooa. Cea caec aeo oce ee pecpa.

15. Oopee ce. pecy cy cea oyae oce ee oope, .e, cocae peoo ooopa (opaa). peo ooop oopec ocaec copoa 3 epax. Pecpaop pcaae ey oep (cooecy oepy pecpa ce), ca a cex epax a p paccaec a x peo ooop oe oope e ce p. B o cyae o oe oaeo pecpa oee pecpa ceo (opaa opo) 3-e cpo oce ae ceo. Oopea cea oe pacopya ope, ycaoeo paa peo .

16. opa poepo o aex ceax a pe.

17. Pecpa aex ceo poepco pe eec o py cnocoo (a apoax, e), o c noo aoapoao cce. e aex ceo pooc o opeee ea (ye epece cex aex x ceo) o oe pya oapo (epecc ce e, oopx ae e e ce).

18. Onaa occox pe. Paep occox ycaaaec ao pe oeo. Ka pao, poepca pa oaa epec pe paec e occoe eee 15 e ae ce.

C oa 1992 . o acoee pe poepce p eeapao epec eee aee oc aece occox a coepee ceo a pe.

19. Oe poepa (ee o aeo cee). Oe pecaec, a pao, 3-e cpo. K oey paac oye, oepae aee ce: p cpoo (opapo) cee ooop oca; p cee c eeeo ocao ooop y-poa.

20. Pace ea c poepco po. Ka pao, e 3-e cpo yaae poepy ooopeoe oapaee a coeoe opyee.

21. Opya (onpaa) npoaoo oapa noynae. o oye oea poepa e oa pcy coe ooopa y-poa .

22. Pace noynae c npoao.

4.5. Pace o pe cea

op paceo, peee ey opaea, ooo paoopa ca c cooae pax o aocx pex cpec aea. opo opa paceo .

ac ooopa cpec e acpoa y opy paceo, oopa aoe cee oeae x epeca. p o a ooae op op paceo oaae e e p aopo: coac a oe ae ooopa oypa pa, cee oep opaey o cee, coceoe acooe ooee, cya aeo ce p.

Ha copeex pocccx pax paec ce ce eyc c pea oapo, ooy pace a ocae oap ocyecc ey oyaee poao.

opo eax paceo peaepyec ooee o eax paceax Poccco eepa, papaoa epa ao Pocc cooec c aoo P 0 epao ae PԻ ee ece c 1 1992 , ao peea P 1005 ooex epax o opaa paceo ypee aeo c apoo xoce, a ae ca cpy epaoo aa Pocc.


Pace ey opaea pooc ocoo:

ae peoa-opye;

ae peoa;

apea;

ae opye;

ea;

ece.

p paceax nae peoa-nopye oca apae oyae pacee opyoe oye ( 11).

oyae opeee oooc oa, oope aee peoa-opye oc ea cae ocya eo a epece aeoao cy a ce ocaa.

oae ooc aco oa aeoe peoae-opyee oyae yeoe ocaa ope cpo, oope opeee ooope.

ooee o eax paceax P peycapaec pya cxea paceo ae peoa-opye, o oopo pacee oye 3 epax ece c opyo oyea opac a oyae, e epeac aey.

B eee 3 e ae oe o oa, oop aeoe peoae-opyee oc, o oaac o oa ooc aco, opa eee o oae c poee opyox oyeo, oope opaac ocay.

a opa paeeo yoa oyae, ocoy oa pooc oo oce opy oapa. B cyae, ec oye oap e cooecye o co a-o xapaepca, yaa ooope, o ee pao oaac o aea peoa.

poaa aeoe peoae-opyee ee a cyecex eocaa:

o-epx, o ocpa oye aea;

o-opx, oyae oe oaac o oa oapa oey paceo oaac eaeecoco.

Pace nae peoa o aoee peoea opa paceo p ocyece ocaoo pooex xocex ce ey apepa (cxea 12).

B o cyae aee oye epeac poao co a oce oopeeo c opyo oapa. y opy paceo peoeyec cooa oo oa, oa oca oapa yepe xopoe acoo ooe oyae.

oyae pae oaac o aea aex peoa, caex ey a oay, ec o peycopeo ooope. p o oyae oe yaa o oaa y ooopa, oepa oooc oaa. oope oaa oyae epeae co a aee o ycaoeo ope.

p eoye ycaoe cpo oaa o aea aex peoa o cac aeoa oea oae .

p paceax apea ae opyae ocyaey eo ay poec a ce cox cpec ccy, eopoax ae aea, oay oapo o ecy axoe oyae a ycox, peycopex aeo ae a caee apea. Ope apea aco a ce cocex cpec aco a ce pea aa e oycaec. Apea opa paceo pecaa cxee 13.

Cpo e apea ycaaaec ooope . Ba o apey pooc eee cpoa eo ec ae ocaa oo cye apea ac.

Ape oe op o oe eepay peaae pace oo c o . O e oe epeapecoa.

op apea oyae pecae o6cyaey , :

, ;

;

, ;

;

;

.

.

, , :

opya oapo a opeeee y aae;

pecaee oyeo, yocoepx aeco poy, ao o pee oapo oc x epe a oyae;

apeee acx a o apey;

coco pacoppo pya;

pecaee ay ocaa aa, yocoepeo acy oooc poy (p paceax o aco oooc), oc epe a oyae;

oea ocaa a oopyoa.

oyae eee 3 paox e oce oye oaex c apea oyeo, o oop a pooc e aea yoooeoo, pae oaac o oa peecpo ceo.

a oyae oce poep oocoaoc eo oaa o oa peecpa oa occao a cooecye cee oyae epao aey o apey cyy.

Apea opa paceo ee opeeee peyeca epe accoo. Ec o poaa a epeoopax ooe ey pa opy pacea, o e e cya ce, e oee peoea apea opa . poaa peyeca apeo op paceo aac, o-epx, o, o ee apa oa ao, op ape; o-opx, oye aea cpay oce opy oapa.

aeoe nopyee o opyee pep ocyaey eo ay o epece opeeeo cy co coeo cea a ce pyoo pep (cxea 14).

ae opye oy pooc pace a oyee oap, a ae peapey oay apo aacoe ae.

peapea oaa a ocaee o ooopy oap ooo pacpocpaea poo peea opa paceo poccco xoceo pae. Oa oa poay, ocoy paec ooc cpaxye eo o oox pco p coepe ce. B co oepe, oyae aco ae ye a ay opy paceo, e e oooc popec epecy ero oap pyo ece a pyx ycox.

Pace ea peaepyc ooee o eax, oopoe eeo ece c 1 apa 1992 .

e peae coo oye ycaoeo op, coepa ceoe opyee eoae aey poec ae eoepae yaao e eeo cy.

e a ceyx o: opep, eo, pe.

Opep e caec opeeeoy y c ooopo pay e ee.

eo e caec opeeeoy y c ooopo e pay.

peec e caec pee c ac pee.

peece opepe e oy epeaac ocpeco occaea. epeaa ocpeco occaea oe coepea oy pyoy y, oopoe ae, co oepe, oe epea e. eo e e oe epeae, a cee cya opae ca a yeco eoae.

occae a naea ee cy pacc o aey, poe cyae, oa y aea ec ecoo ao occae coepe oy ooo x.

occae oe e, ec e e pyoo aeoa a, oopoy epeaec e, ao, ec oo e yaao. occae a npee ee cy aooo occaea ( .., .. : . . .: , 2006).

epae ea c ao occaeo oe e aoy ac a ey, yaa e coe pyoo a, epea e ocpeco ooo aooro eoo occaea o ye pocoo pye.

eo occae, coepa ooopy e pay, oaae, o e aee epeae e oe.

eo occae e pepaae peec e opep . Tao e oe epeaac poc pyee, pao oye aea o ey pae oy ero epae ( .. . --: , 2006).

epae opepoo ea oe ye ac eo occaee aa oye, a acco a oepeoy a opyee opeeeoy y oy ae, coep ec, eoxoe oxpa ocyece pa o ey, peaoa pye ero paa. o o oe epeaa ao e pyroy y ye paoaoo occaea, ec peecye occaee e ooopeo ocpeee aee epea ea.

o, pacoaaee eo, oye o occaey, paccapaec a ao eoae, ec oo ocoae coe pao a epepo pe occaeo, ae oa oce occae ao, epye occae p o cac eaca.

occa oeae a ae (ece coapy oeceoc c eoaee, aaco, py occaa), a cee cya, oa ero occae cea c ooopo e oopoa a e, oaa, o o e ece oeceoc epe e a, oop e epea oce eo.

Oaa o ey a eppop P pooc eee 10 e o pee a.

Oa o oa ea oe oapao yocoepe o ae oe oe a ee oa c yaae a pecae ea oae.

eoae, occa aac oy peoa o a, oopoy opaac c co, oay:

cy eoaeoro ea;

6% oox co pee ea aey, a ae e paepe 1% o cy ea;

epe, cax c co.

Pace ea e opeeee peyeca epe py opa paceo, ocoy aec c cpeco oeoo aa.

pep p paceax ey coo a ocaey poy oy cooa ece. Bece o cocaeoe o ycaoeo aoo ope eycooe ceoe oooe eeoe oaeco, aoe oo copoo (eceeaee) pyo opoe (eceeepae) oaeoe epo .

Bece oy poc . poco ece peae coo ce oye, coepa pocoe e oycoeoe oaeco eceeae (oa) o yae opeeeo cy ee opeee cpo opeeeo ece eceeepae pyoy y o eo pay.

B o ecee yacy a a: eceeepae, oop ca po eycoo oyec ya o aoy ece, ep popeae (eceeepae), oopoy pae pao a oyee aea o ece.

epeoo ece (paa) o ce oye, coepa eyco pa eceeae aey o yae opeeeo cy ee opeee cpo opeeeo ece oyae pyoy y o eo pay. B oe o pocoo epeoo ecee yacy p a: eceeae (pacca), a ece; ep popeae ( eceeepae), oya ece c ecee pao peoa ae o ey; ae (pacca), oopoy eceeepae peaae poec ae.

Bece p ae epeae oe ooe epo copo, oaac ocpeco popee epoo ap, oopa aaaec a ey oopoy copoy ece ( .. . --: , 2006).

Bece ec eece cyae ocyc xo ooo eo peo. o peycopeo ooee o poco epeoo ecee.

K cy oaex peo oocc: yaae eca, ooaee , eca oa eo cocae. o eoxoo, o-epx, opeee eceoro cpoa (apep, ece, a cpoo o pee, oe pee e oee 12 ece co eo cocae), o-opx, poep eecocooc eceeae oe cocae ece ( .. . --: , 2006).

Bece oe coepa eey cyy, oopa ooaaec poc o pa. B cyae paoac ey cyo poc pa epo caec epa. Hae cpae eceo cy e oycac. Cpo aea oe ooae opeo ao.

Boo pae apa aae cpoa aea o ece. pee ceo o yaae opeo a aea: apep, oyc aa 1 epa 1995 ., ye yaa oeca e oce cocae ece, oa o ece oe oae.

o pee ece e pee ec e aea. o eyoo aea, ocoy ey yo ocoo e opeeey cyy ee, eoxoy oa ece.

oee yo aea ec ece c yaae cpoa aea o coo-o pee o pee ece, a a o ae oooc oooc aey. Bece oe oea oae o ecy eca paccaa (o epeooy ece), o e ece, e axoc eco eca eceeae (o pocoy ece), pyo ece, ooaeo ecee.

Bece oe oca coceopyo po pyoc ye. e oc e ceoo oaeca, py coa ece .

Boooc epea ece o ooro a pyoy eae ero cpeco aea, pe ocaoo yo.

epeaa ece o ooo a pyoy ocyecec ye nepeaoo nonc (occaea). o, epeaee ece o occaey, aaec occao o, oyaee ece o occaey, .

aea occpoaoro ece ce pao, oy poo ae, oaeca o ey paccaa oa c oea aea ece ( .. . --: , 2006).

peee ece aey oe poeeo o coe pe, aa co a oa oeo acye cpoa aea.

Bece caec enp ceyx cyax, ec:

o yaaoy apecy eooo oca aea;

ae yep ( ecx );

ae ecocoee;

a ecee yaao: e aeoa, e p;

oc o aee oaec aepyo.

p oae o aea eceeepae eo yoooe oe pe eoae ece oapay oopy o ecy axoe aea a cey e oce cee a aea o ece, o e oee 12 . ceyero oce oro cpoa . Hoapyc cocae a o ycaoeo ope o poece eaee eaee.

Ec poec coepe coepeeo, o acya ceye ocec:

) opa cya pae aa cyee pee o ca, ocoa a poecoax ecex;

) acyae oeceoc o pocoy ece acaee, a o epeooy acaee paccaa. Bce a, a cee occao, oecx epe coe oc coa e oopoa a e, c coapo oece epe eceeepaee.

coy ece pacea a ocaey poy, poa aec peoca oyae pe oapo ope, cococye ycope peaa oapo yee copoc e oopox cpec ( .. . --: , 2006).

4.6. Texa poee peoo

pooe peoae y, o ce coepac oo opeeeo ece peo ae. ooe aee paec paoy pacooe execoy ocae p. Caec, o o aeo cee opeee oe poox oepa y-poa, ey aax pacxoo oeo e oypeococooc p a op po.

Ocoe peoa pec peoy onepaooy ay, oopo poo pee op. Haoee a oo ca ceye:

1. peo a oe ocaoo ec. Ha apyex pax oepao a pacca a 2-3 c. eoe, pe aoy yacy peoo opa coac ce -.

2. Ha oce p pa opo eec cpay eco a oap. ae ceo o aoy x ooc oe a yaco oo ae, o oopoo e, e o aa. ooy eco, e aac ce, aaec peo o, oo pe oo.

peoe oo oo ycpoeo a opao, o coa pae oooc cex yaco opa. Bo oey a apyex pax oo pecae coo e ooc ayy pyoy apey c oac eco pa aeapo (apep, a pe a pe). Tao p ocpoe peoo oa ae oooc xopoo e yaco opa eyey, coepeeo yaa x pea p oe oapa, caeoro poa, eo e. B acoee pe y pocccx p oa e ceao ocpoex oee poee pex . aco oro cooac ocaoo ecee oepe-a.

3. B epe y pa oa eec oee, a oopo axoc cyae p, eye peo op pecppye ce e.

4. Ceyee peoae peoy ay aaec o, o ae o ceao oopyoae eca ex, o oy pao opoa a pe. O, a pao, aac eca aa poepo pacoaac o epepy aa. Tax a oe acac o 400-500.

5. oee eoxoo opa o poepo oepaoo ae oopyoao ceaoe opaooe ao. Ha apyex pax a ao ao aec opa e oo o ceax eax, apecppoax ao oe (e), o aaoa opa o oca oapa o p o py ap, oo a pa, a ae cee, oope oy o a ee e (o ooe, aacoax, opyax oapo, oecx cox ..). Hapep, a aco oapo pe a ao oo ye ce opa (a. 4).

6. peo a aoe peoe eco oopyoa exec cpeca (eeoo, eeaco c), a ae oepo c xoo a epooe ao p oepao c poepo c ea epcoao p.

7. Po c pe ao paeac oe paoo caoapoo aapaa p xpaa opa o pax.

8. B peo ae peycapac paoe eca pecaee opaox aec, epeax oepae .

B peo oe (e) opo eec cpoo onpeeeoe pe, oopoe aa peo cecce. O pao apyex p oaae, o o pe e oe ycaoeo pooo, oo oo ya ae p cooecyeo oapa pyx cpaax peex ocax. Ta, pe poee ceo c e e oo a pax CA A ycaoeo a opao, o ooae opo ooe coao c ee aao Ho-ope. poeae pe ae ceo, o cococye pocy pex oepa. oo p aco aa ceae coae.

Topo peo oe (e) ey poep e p, ec a pcycye. a pyeo pao oe oycac oo e poep, oope epa cooecye aaoe ca.

apyea paa oaae, o poep, pcycye peo ae, aa ce o a co ce ( CA x aa ec, a A epa), o eo ( CA poepa a oy, a A poepa).

Ocoa ac ceo aaec poepa a oy (poepa), oope paoa epecax eo eeo p. p o cyece oeo ec epeaa aao eo poepa, pcycy oe. Ke oe epeaa eo o eeoy apaee epe aao opa. Ca a aae ea ec ea.

poa paa paoaa a eoa ee peoo opa: nya opo (ce aac ye po, ypyex caa, oope oac pyo aa) opo e. Ceye oepy, opo eoo ee ooo opaeoe pacpocpaee, peyeceo cpaax ro-Bocoo A o.

p ae ceo oae cao pyo aa ooee py ooaae poay oyy. Hapep, ec ao opaea poepy, o o oaae, o o oyae, a ec o eo o poae. Koa poep py a ep opoao ooe, o aa oaae, acoo eo peoee e e ocee e, oopaeo a opaoo ao. Py a, oe epao epx, oaa co opaeo, oope poep oyae poae o peoeo ee. Taa ccea ae ceo eoxoa oee oo pao eyeo opa c c e, o peo ae oo copaec ooe oeco poepo-poao poepo-oyaee. Ha pocccx pax a ccea poee peoro opa oa e peec, ooy o a o oap, a pao, pxoc o poae o oyae. ooy peo a peaae oo, o cec poepa-poaa poepa-oyae a oooc ooop yco ce.

ya pea opo a pyeo ocoaa a npne ooo ayoa, oopoo eoxoo, o oyae oa ey cpoca, a poa oa ey peoe, Coaee peoe poaa oyae ec ocoae ae . Ocoeoc copeeo peo opo a pyeo p oo ce poao oyaee ec eoa paa ey ea peoe cpoca (0,1% ypo e). o oeae aee ceo, cococye pocy oea oopoa p, cae aae pacxo a eee oprox oepa

Kpoe oo, p peo ope, ocoeo CA, o e aooaea ca opaa paep oea e. ae oea e, ao ycaoee a cex pax pa, aac nyo. Hapep, CA epox o cocae 0,25 ea a 1 ye; 1 y xoa; oe caxapa 0,01 ea a 1 ao; e 1 e a 1 appe ..; A: a e 50 eco a 1 , a ca 25 eco a 1 .. acao oyce eee oea e, peee oopx ee pepae opro, ycaoe oo . Taa epa eoxoa peopae a a pe, oa ae pe opoa ye oe e poo oyp a e, cea oee yopoe pace, e oyc eopaax apoc. Ocoae ae ce ec ycoe coace poepa. apyea paa oaae, o oce caaoo ycoro coac a poep y e cpye oyy poay, co opao, ey, pe coepe ce a poepa-opaea coe ooe. o paa peo opo oce ooa opo cpoo ycaoeoe pe (apep, e oee ypa ceyero ) poep oeac ce opaa oo, o cea popea pecy cy. B oaoc paoo p ceax pex oeo xo opo a paoc ae ceo.

Ha apyex pax coyc ceae oepe cce pecpa ceo x ca opaox aax ax e p.

poypa peoro opa, coac a oapx oox pax Pocc, ee cey .

aep aae aeoae peoo oapa ero ey p ocye ao. poep poe epec oapy, oeoy aepo, ye oaca o py. poep, ca oap a poay, poep, po ey epec, ooapa ey coo ooee yco ce. p oce coac poep (poep-poae poep-oyae) oca ay, oopo ae oap, c oe ce. C oo oea cea caec . ocaa y copoa aa epeaec aepy, oop pecppye ee coepee coe oc a ae pocae pe ay . oce oro oepaop a pyy o opa o apecppoao cee a ax.

Ec oapy, oeoy aepo, pcycye e po epec, poep, a y o (poep-poae), ee pao e ey aeoo oapa coo o o peoy copa epe aepa. oo o oae pyy epeae opa aepy ceo e.

Ec o o o poec epec oee e o poepo, aep poo oypc op, a oopo aea ea oe eea p a:

ecox poepo-oyaee, oa pao coep cey oyae , o peo oy ey;

ecox poepo-poao, ec pao coep cey oyae o, o peaae aey ey.

poep, oce coac o coepe ce, y oey poeypy opa, oa apecppoa ee y aepa, oop epe ee pecpae oe a pyy yco coepe ce.

Ec poep, a o, poep, yoooe coep cey eco ae, oaaec o coepe pecpa ce a ycox, opeeex ae, o paceaec a oa o coepe ce a aex ycox, paec apyee pa opo aaaec pao.

Ec poep-poae oe oae o apa, oopo poe epec, e opeapoa ocycye a pyy, .

C e oe eoc yopoa p pec popa aoaa opaa poee pex opo. B acoee pe aoapoa ceye y:

cop pecpa ao, ocyax a op;

opo a paoc oope ao a cooece paa p;

cop pecpa ecx ao;

opaa c poepa c ea (poaa ecx ao);

oop cca ao, yoeopx aoy cpocy peoe;

oeceee oooc poee opo poepa ey cecc (epoe op);

opaooe oeceee poepcx p cy p (o a, xapaepcax, ycox oca, oae ee oapo; pecox opax, xoe po poxoe poepcx ao, oyeax, px pe coeo, pee pyooca p, ocyece oca pee oapa; ece ap, opa pax cy p, cpaox aepaax o peyaa apecppoax ceo, eeoc poepcx p, oeax aaex ceo, aax opax a pyx pax);

opaooe oeceee opo: coae cca oapo, caex a op; oopaee opa a ao (o ceax, eax, opoax, pyx ycox, x a e, pee pyooca p); pee peoro coea; peae oe o peo eeoc o pa epoa oapa; oepaoe ecee ee a; pe cpox ao; ce ao ocycyx poepo; caee ao a pye p; cpoae aa ce pee ee ae; oopee aex ceo (pecpa ce); opo aex ceo a cooece paa p; aa opa o paoc ce pee ee ae; epeaa peya po pye opaee p; pe cpox ao o poepo ee x eye op;

oppoae apxa ceo, a ae ao, e aex cpoca (peoe); aa apxx aepao; opaa ce o aa, ocy c pyx p.

4.7. poepc p peo eeoc

Coaco aoy P oapx pax peo opoe poepca eeoc oecea peoy nocpeecy aaec coepe pex ceo o e a ce ea; o e peoo nocpea a ce ea; o e ea a ce peoo nocpea.

Heoeeo ac p ceye ca poepcy py. Oa e xo cyypy p, Oao e poepcx p eooo opaoa pey opo.

poepca pa opeo p oe coaa a ocoe popee a (a) p. Baee a ee pao opaoa cocey poepcy py a pe ca apey pyo opaa coe pao a yace pex opax oya cooecy oxo ope apeo .

Opaa, oopa pecppyec a pe aece poepco p, oe e y opaaoo-paoy opy cooec c ecy aooaeco, apep, yaoe acoe pepe, oa op oapeca, aoepoe oeco.

poepca pa oe e e caocoeoro pecoro cayca, a cpyypo cocao ac aoo-o pep opaa.

Ec aee a p ec ocpeeca opaa, oa poco pecppyec aece poepco p ao p. Koa e ocpeeca eeoc e ec ocoo aoepa p, o o coae co poepcy py.

A p oy paea cpay eco cocea. B o cyae ae a opay coecy poepcy py c e:

peaa epe py eeoc peoo oapa;

oye ooeo p o poepco eeoc,

pee epcoa poepco p o a aooaee op, paa oaoc opeo p, eeoc opo o peoaa yacoa (ca, ooee o eeoc poepcx p, pee peoo oea (coea), a ae paa peo opo pye aooaee oye P), Pacopee coee opa ypae p e pae eac eeoc poepcx p poepo, coax paa peo opo, peoa pye opae oye ( .. . --: , 2006).

p pecpa poepco p a pe cyo pecpa e pcaac oep oepec o c c pe.

pecpa poepco p eoxoo peca:

aee aoepa, ypeeo poepcy py;

oapao aepee o ypeecx oyeo;

aepey o pee cooecyx opao ac o pecpa poepco p aece pecoo a. poepce p pecppyc ceao Peecpe poepcx p. oce pecpa poepca pa oyae cooecyee ceeo.

y poepco p c:

) peoe ocpeeco p ae ceo, .e. coepee o opye aaa x ceo a pe; y-poaa oapa, opao, oapooex oepa, ex ya (a oox oapo-oox pax p a cooecyero apoaoo aecaa);

) epeoe ocpeeco, .e. opaa ceo ey ea, y py;

) ocypoae eo o opoca peo apeoo eeoc, cop eoxoo oepeco opa;

) oyeaoe oopee aex ceo;

) pye y, e poopeae ecyey aooaecy opa aa cooecye p.

pea ycya poepco p, a pooe, a opee e ceye peyeca:

o-epx, aeo yeaec oe opox oepa e poca cocex apa a e;

o-opx, oec oooc pacoaa ycya cooapoaoo opooo epcoaa;

-pex, apa a ycy, cae c poeee opox oepa c yace poepco p, ccc paepe opeeeoo poea o x oea.

Ee oee aee pope poepce p a ooo pe, e e poeccoaoo ocpea eooo po .

coy ycy oooo poepa, e oya a o cnpaeo ee, .e. ee, oeae ceoey , e pea ycya cyax .

Ao oea cepee acee cooe eee cpeca pep a ex x eo, ooe poep cococy pa aoao oo.

Ha epo ae eeoc poepco p acpyec op ee pec ec o, a aee a ce noyaex oxoo o nocpeeco eeoc (oope opayc occox copo o cy coepaex ceo) na a pae apeoe ycy, oaaee ea.

a poepco p oaa ax e ycaaac ee aee pyooee acoc o ypo oxooc p.

Oaa a poepce ycy oo ycaaaec o coae ey po eo paepe opeeeoo poea acoc o cy ce (apep, e oe cya ce, e ee poe oce).

Kpye p peoaa oe occoe oce oya co oxo o peocae pax ycy: ooa c, ocypoa .,

ecy o opye ea, poepca pa aae cey o eo e. Ka pao, poepca pa e yacye paceax ey opaea ceax, a ee pace ce ocya occoe. Oao ooe apa oy poepco po oapa c oceye epepoae. B o cyae oa poo epce oepa, a ee oxo coco pa ey eo oy poa.

poepce p poep, paoae a pe, coepa ce cooec c paa peo opo; popea oya opa o cex ax poyo ycy, peaaex peaa a pe; oyc ycaoeo ope ycya epcoaa p, a cooae pox ao x pex oee, cpec c pyo opaaoo ( o ce ceo) ex; yacy paoe appao occ p.

aa 5 OHOBA PA

5.1. ooa pa oo po

oo po (po x ya) cce ooe yn-npo px acox ao oox eoce. oo po opaee a ep p. Tep "nep po ooc poae, epoy paee o yex ex ya c e oye acox pecypco ea, aee opx oy paeco, ee opa ac, pae pep, opaa .. B po oyaee a pe cya yae cyoae ecp, oce oc ocyapcee ypee, eoe ecoe o, ecoe a, paxoe oa, paoe oe oepecx ao, pa-oa ..

oce oo a ee ya ox yco paee a epo pe, o cao oeo epepoa. epepoaa ex ya ocyee a a aaeo opo pe.

Ka a epo, a a opo pax ee oro ye poa oy ex ya. a x e po e yaa a ooo pe.

ooa pa o opaoa, peypo yopy po x ya pyx cox cpyeo. C opaaoo-paoo pe ooa pa pa coo acooe ocpeecoe ypeee c peaepoa peo pao, e coepac poe ce ey poaa oyae oox eoe c yace pex ocpeo o oao apee paa. paa yaaac a pe (ca p), a ocyape aooaeco. Cy y, ooa pa a aoa ee epcoa coepa ceo c e yaa. Oa coae yco, oxoe x coepe, ocyae e, cae poa oyae, peoca oeee, ocyaoe appae ycy, execoe ocyae ce eoxooe o, cea oa .

C pe paooro ayca poo pae cyey p oox p, a eo:

1) yo-paoe;

2) ae;

3) ceae.

Ka no-np op ooa pa axo o oco ocyape op. ocyapco yaye cocae pa peo opo opopye x oee, oeceae paoopo a pe o pe opo (aay p oo o), aaae pex aepo opae x o pa .. yo-paoo ooo p pacpopae, apep, epa .

ooe p a ace on coa ope aoepx . Tae p acoo caoce opaa peo po. Bce e a pe coepa cooe c ey cpae aooaeo, apyee opoo peoaae opeeey paoy . ocyapo e ep a ce ax apa o oecee cao peo po ce pca pox ceo. o xapaepe A CA.

Ec ooe p coa a aoepe oea, o p o e eee 50% x aaa pae ocyapcy, o ooc ny ceax . Bo ae ax p c ope pe opa. Te e eee peo occap ocyec aop a peo eeo oao peppye pee ypc. ooe p yopy Ap, eap e.

B ae cpae cooc c ecy aooaeco ooe p coac a ape aoepe oea o e e eee 3 eo. ea p oy oo ee aoep.

B acee pe pe acae ooo 200 oox p. B pe pa cyeye co aoaa opec coac ccea p, opeea xapaep yopoa peo ce cpa eo ec ao opeo p acoc.

Paa ooepece oepece pee . B cyae oopeco peo cce acoo opyee ooee aa oa pa, pacooea acoo epe cpa, a ocae ooe p e eoe aee. Ee pepo c pea ccea A, e aecye yapoa ooca ooa pa, a ce poae p, ee aeco caooeo, pcoee e. ooepeca oe xapaepa ae pa o.

B ycox noepeco cce oo ao ooo p cpae oy yopoa ee eco pyx p, apep Apa, epa Kaae.

B CA pae peo po peo aoe coeopao peo cce, opy e c oo yepeoc oe ooepeco, oepeco oe. B cpae p eooopoo ocoe H-opco ooo p peoae pee cy e pepac ee pao, a coxpa co caooeoc yco yopy peeax .

ooa pa cyae o peyopo acooro pa. Ocoa po p aaec ocya e acox ccyx aao: aaa oeppy aa, c oo copo; pey acpy ocyapco pae xoee pyyp c pyo.

P ooo p ooe pa opeee pee cero cee paocyapce coceo, a oee oe aoepo coeoc pooce aooro aoaoo poya. Kpoe o, po p ac o ypo pa pa ex ya eo ( .. . --: , 2006).

K o y ooo p oc ceye:

oa oepa coox eex aao aoe ocpeco poa ex ya;

peae acpoae ocyapa x xocex opaa ocpeco oy x ex ya;

oeceee cooo ypo o oe ee ya.

ooa pa ooe oece oepa cpoca peoe ex ya, x caacpoaoc a ocoe peoo eoopaoa, peao paaeo ypoe eo yopoa aoepoo aaa.

5.2. ee ya a peo oap

ea yaa cooecy opao oop oye, e p oex peo paa yecee (ooe) ooe ey copoa, noepa npao (y) a aoe-o yeco eey cy. B aco o ex x yco, opeex oooc peaa x pa, yca pae ex ya ( .. . --: , 2006).

Paac eee ecoe (aae) ee ya, opaaec coeeo a eeo pe pe aao.

ee e y o oepece acoe ece: aoce ae; paocpoe oepece ya, pyee pep opopa; paocpoe cepeaee eoe cepa, pyee aa pax o; aaece ece, pyee e paeca a cpo o ooo oa. aa ocoeo x ya coc o, o oy oopeeo co y ee (.e. p ea), c pye paocpooro epoa aaa c e . , aa, ocyecc peeax po-aoco .

K co e yaa oocc a, paocpoe oocpoe oa npaeca, ecx opao ac, ao npoex opnopa, oonepao, coe cepa, noe (aae no eoc). ooeca po ecox ex ya coc coa pyx aao acpoa pooa ye ayy ex aao . ecoe ee ya, co oepe, ory oo oe oaeca. pooe oox oex oaec, pe, acoe cpye e yaa oporo opa o ocoo ocpeecy po p coepe ceo c ep (oo e) e yaa.

oee ee ya oepa pao x aea a o peao .

Oeo epo cex oox oaec c opaoc (oe aa opaae aey o cee opeeeoro cpoa) cpoa oxo. K oo e yara occ pae oa, cepa, .

Ka eee, a ecoe ee ya acoc o opa oepe pa aea ex ya p coepe c oepa e a:

ee ya a pee, poco pee opx oao peaa oepe pa aee (ca oocc a oa a pee, poce cace ceeca (appa), oocae a pe, peece e p.);

ee ee ya, paa epaee opx oepa a a ocoe e aea, aeceoo y ya, a ac cooeye re pecpa ex ya, eyec e; aeop ex ya ooc pee ceo ee a, oa cepa;

opepe ee ya, paa epaee opx oepa a pee x ya, a ae cooeyx epeaox ace (apep, ece)

ee ya o eey y cocoy x yca opae a ocoe, opx acao ocooe yeceoe pao peoae, cnooaee, oepae ooee paa, peoa yco. Xapaep peaee cooaex ex yar e yo, a pao eo aey a epoec oxo e poea ea. ae ec ocoa yaa (a oa) c eo, yo ae cero ae a pe. Bcooaee ee ya opaac a pe eaco o x ocoo eo ya.

B aco o xapaepa oepa ceo, cpaxc a yco ex ya, a ae e x yca o opae a oepece y, ocyae poecc apooopa opeeee yecee e (ece, e, oocae, cace aooe ceea, aae p.), ooe, ope, co oep, ec a ya, opaaec a ooo pe, ya, ee o epeo . epe epeo po poxo ocoa poaa oa ocyapex ao a ex p, e ex pee . Bepea po e yara ocyecec ocpco x eeox oa, a ae epe epo epeo po, a ce ceae oepe eeoyaoe . B cpaax c pa oo po oe epex ceo o oro (opo ec) pa pea pee . Oao e ceecye o ao aoc peoo pa, ocy oo a oce peae ce ocoe oa ao cpa.

Aapy peoa, oop oe cooecoa peo oap, eo yec , o ee ya c accec pe oapo. K oco xapaepca ex ya cye oe x accooc, caapoc aoaeeoc. ee ya oo oee pyc po co aoepx oec, pep, opaa .. B oe x oa acca, opaaac a pe, e ocao . Cooee poax ex ya peoa apaepa, peycpe ey aooaeco, eae x aoaee aap peeax opeex py o ex ya. Ocoo a oceco, opoe xapaepye o ee ya pe apo oe pyx ex ya, e eeo ao a (oa) ooo yca py,a ae o, o peca opeeey o aoepo (oaoo) oe.

ee ya, opaaec a ooo pe, oaa ee o coo, a eo e e a ya, a pao, o noco a. ooa pa cocoa oece eo ay oepa cpoca poe ex ya, opa ooe ycao e a x, peao paae ooecy cya.

Ha ooo pe opaac aeo e ce ee ya, a ope, pa apy c e ece oeeoc a x a .

Pacpeee oeo poa o cepa pa a peaeo a cxee 15.

5.3. ac peoo pa, acoe ocpe

peo po, a ye oeaoc, c coao ac eoco ce oooo pa. By ooopa oepa c oo eo oopao y, ope ory oc pa yaa pa ex ya, p peae oo a ey cepay . B acoc o xapaepa ooecoro oee cyea pa ex ya oy e, ecop acoe nocpe.

Oxapaepye oee opoo ex yaco pa ex ya, aa c eo, ocy o ep xo a po, peaa poae cocee ee ya.

e x ya ec ocyapco e epaoo ecoo opaa ac (ynpae) pecoe o (npenpe, ypeee, opaa, ona), nycaee (pyee) ee ya ecyee oaeca no nepe aea ex ya. B cooec c ecy aooaeco P ea oy ocyapee opa, opa eco apa, pp e pece a (a coece opae pp), apeppoae a eppp PԷ Hepee ycoe oyca ea a oo po e yapcea pecpa eo paooro cayca. opo ocyapceo pepa opeee aoo 0 pep pepaeco eeoc, ooee o aoepx oecax py aooae aa P.

ecop pecoe ecoe o, npopeaee ee ya o coeo e a co ce. B cooec c poccc aooaeo aece ecpo oy cya e o oeecee pece ece a, o . ecp opae a:

yae (ace a);

opopae (pep, opaa, ypee ..);

cyoae (oee).

Cpe epecex y eopo aoee peaeo eo ec pya yoax ( .. . --: , 2006).

B aece cyoax eopo oy cya pae acoe cy: ecoe o, cpaxoe oa, -. C oo cpo, o pea eee cpa cox e, c pyo aey ac peex cpc e yepa epeco cox e ecpy pae ooe eoc.

B aee cyoaoo ecpa a pe ex ya oy oa peecoo pa, pee co, a ae oocee ecoe ohl ecoe o, yca coee a poaa x acee, aa cpa, oyaee o poa cocex a, ee ya ocyapca pyx npep o e oa, .e. oppy coce ope ex ya. oxo eooro oa ac o, acoo eo eo ypae oppy eco ope oeppy . oxo o a apy ac e cooyoo oxoa ecooo oa, .e, oxo oce op cex pacxoo oa yo, cax c eco pco, pacpeee aee eo aea a eooo oa.

e, eop, a pao, po xo caoceo a oo po. ae ceo o pea oo poeccoax ocpo.

Pocccoe aooaeo aee ocooro ocpa a ooo pe yepae eo cy pecoe o, coaoe o oycaeo aoo PCCP pepx pepaeco eeoc opaaoo-paoo ope ocyeee eeoc c e yaa a cey eco cy oe ocyec co ocpeecy eeoc a pe ex ya aece:

acooo poepa;

eooo ocyaa;

ecoo oa.

Kpoe ro, a pe ex ya a poeccoae ocpe oy ya oepece a.

Pae ecoe cy o opeee ocpeece y, peycopee ey aooaeco.

c poep a pe ex ya oe y p oye poae ex ya a ce o opye ea a ocoa -.

eco ocy ceax c e yaa e yaye, a oaae ea ocyaoe ycy o opoca yca opae ex 6ya.

Cep eeoc ecoo ona oee po: oa opaye yc ex ya a apa o x paee oy pex ; aae cpeca ee ya, popea x o coeo e a co . eoe oa oppy co pecypc oo a c coex cpec, a co coee ee ya o paea o cpe pecx . eco oa apeeo poaa cocee ee ya acee, o o pae ey oaa poepce ocyaoe .

eeoc oepecx ao aece poeccoaoo ocpea a pe ex ya peypye aoo P " aax aoco ''. Kop epee ycy oepa c e yaa, op ocyee aocoe ypeee, peycope eo yao.

o eco cy oe ecoa a pe ex ya a poeccoa ocpe oo a ocoa e, ao ey ope ocyapceo pepa.

ooe co ecox yo oppy poy papyypy oooo pa, eoeco a opo e ae ooa pa. ao peo po e yaa cy a yao pex eo. B ooo ee, y oa aea peo ae e eo, ce aecoa p cropo poae, oyae, ocpe. B pex e pax yay a opao .

B coo c poccc aooaeo ea ooo p, e pao yacoa pex oepax, oy ecoe y, a ae ocyapee coee opa, ocoo aae opx e ocyeee oepa c e .

Opa a ooo pe ory ocyecc o ee ea.

B pex opax, oo poepo epo, acy ee aep, y opoo xo cop ao, x ooee, acc, poa ex ya oee x ypca.

Cyecye ecoo apa aoe poao oyae c ocpea: o ocpe co oyae, npa; poae opaae ooy, oyae pyo ocpey e oa ocpa pea a pe ..

5.4. Cyoc peo ce a ooo pe

pee e c paoopa, a aoce oepa c oo eo, o ce e o ooo ooce. Cea c yaa cac ec aco onepa c e ya, paee a aoee, npepaee eee x npa oaoce ooe ex ya. B aco o coepa c e oy pee paa o coeye ooope (y-poaa, occ, ea ..). o ce no opoe ce, aee , . , , .

.

Kaa pa caooeo onpee peae ae . , . . , , :

ce c eo e yaa o coepac ceo ope, a, coepae ce, oa xpa y ce oye, oepae x aee eee yaoeoo cpoa, o epoy peoa pe x yoooe copya aoox cy acox opao.

paa opraa peoo poecca a ooo pe paccopea cxee 16.

ep a oopee pecpa ao a oyy (1A 3A) poay ex ya (1 3).

Bpo a eee ao peo p (4A; 4) x coee p ae eo poecce peoo pa (5-6).

Tp a pecpa peo ce a pe pace o cea (7, 8, 9A 9).

pee e acoc o pca x oe ec a accoe cpoe (cxea 17).

5.5. B ao a coepee pex ceo

Copee ecop ee oooc a cae paoopae opye coey pocpy o a ceo c e yaa, opyc a pe. a oa o aaye, o poecce peoro opa.

pa, oope ope , o opea cpy ea epe oepa, nocyna ecy opo.

ay (aa) oe oop oe ecoe pecoe o (e), aee ooop c poepo, oop peca a aa a p. Oao aa ce, e o pea apa oa popax ex . Ta apa c: peaee poepy pocoo ece a y cyy e; epecee a ce poepa cy paepe opeeeoo poea cy ce, opa ec aoo oe cooaa poepo, ec e e o co oaea; ope poepy eyeo cea (c pao pacope) a cyy, coay opeee poe cy ceo, opyaex poepy eee . Oao ca e cpeco pacea e aoca apa, coepaa eycooe oaeo aa oa ce eo aoeoc o epoy peoa poepa. Taa opa paceo e oea acoe pecypc oopoa poepa e ea acao pae pe coep ce p aea.

B cooe c ecy opa oyea poeccoa yac pa ex ya, ocyece poepcy oc p coepe ceo c e yaa o opye ea, oy oaac pea opye a oyy ax-o ex ya, ec e yepeocr, e oa ey.

p poae ex ya e oopeeo apa poepy a ay-poee c opyee o x poae, a ca ee ya, paaee poa, coxpay paccy, aepey pyooee a yxaepo. Coxpaa pacca coep oaeo a ee ya o epoy peoa poepy pyy y, eey oepeo poepa. poep e pae opye a poay ex yar, ec ocyye apa o, e oaae .

Texa epa pex ao eca paoopaa. oo ocooac ycya ypepa, opa aaoe co aepey eepay o oe, oca eec eeac; ocooac aocoacoa oye, epa epoecy cy ao o eeoy c oepo c. ecp oe opy poepy e oo y e e ee ya aoee peoeoro c e pe ea, o ooop ae yco, p oopx oa cococ ea. oy ec a oe coepa eoxoy opa ope pao poepa, aaero . aa oa coepa cee n pyn ya.

Bo-epx, cye onpe aaa, yaa ooee ea ceax a oyae paa (aa peoee), acpoa oep ooopa, o poepa, eo ya, aeoae. Ec poep oy ore aa, o oe oopeeo oya o ee ya poaa pye oo .

Bo-opx, eoxoo yaa eco ex ya, .e. onpee o6e a. B c c cyiecye accae p-ao o paac a a, opx yaa o (lot rond), .e. nap ex ya, ac ee ceo (oo co a eo (odd lot) oe oeo a, eee ceo, apep, eee 100 a), pa a oyy ecaapo ap ex ya. Kopea ea oa, npaea a pe, aaec acoo opoo o.

B pex, ao ae oe onpeee cpo ee cnoe: eyee aceae p, epeoc cpoo, yco poe x cpoo ce (accoa ca co, cpoa cea opap; oo-o, ).

o pee ec a o accpy a coepae pa:

ey e;

e cy o oea coe paa ee cpoa (good till canclted GTC) op pa;

a oe op (opening order) ap (close order) p.

a, oeae coe eee , a ae ce pa, opx e yaa cpo, poo pae ca e B e o ex ope a oca ce o ex op, oa o e coe oee. Oo poep opaae cpo aoro paa o 13, 60 90 e, a ae cpaa coeo ea, eae o po cpo pa a oe ap o ee peo p oe pe paoeo , o ye e eee cero paoero o ap po, acoo oo yco . pa a oe op oe oe eee ecox y oce op p e ccey peoo pa o opeeoo, poo cpoaoo aca.

B-epx, a ycoe ao a ec ypoe .

pa accpy o y:

po pa (arker order);

pa, opae yco (liit order);

o-aa (stop orde).

eo pao opaa opey pae ea a ooo pe.

Ec e opya poepy y poa opeeoe oeco ex ya o eyey pooy ypcy, y pa opeee ee yar a cpoay cyy o ycope poepa o peoca pao poepy ecoa paax opeeo e cy, oa op ex ya, x oeco, apaee ce, ey a ycopee poepa, poep ee pao pa ey c pa , coaeo, o ay ay a . Ec e xoe y ee ya c eco e, .e, ye aa eee eoo epoa, o eya ea e e cyece apo, a aa coep po npa.

poep o cyae ocapae oy ayy ooy ey. Bce pa, e ocycy e, cac . Ke, e paocpoe e ea oy oxo o epepa ex ya, ycaaa eoo , .e. ey, no oopo oa cococ cea, ec poep e coe noy yy. B cyae o paae poepy y ee ya o cpoaoy ypcy e poa ee ya o cpoaoy ypcy e. Tpyo oa, ae aa yy coc cpay e o p a py, oy o aocc y aao.

pa, coepa con-aa, oo oao po e yara ea, a o x ea xo opeeeoo epaa. K aoy pey e peae o cyae, ec eae, poep poaa ero a, o o ex op, oa ea c o yaoeoo o-aae peea, c e copae yo ae . Hap, ec ea a pae, a ecp ea pope ee ya, eo poep oyae x o oe, oa ypc eo ya coaae c -eo, a opo e poc ocao x oyy.

Ocoeoc c-aaa e oooc eo cooa xpoa o ep (yo) copae "yao p. Oo pa pao c e yaa a e noyn ee ya np cao coo ypce, a npoaa np cao o. C oo c-aaa (, a eo ee aa, opoooo opye) e ycaaae co, pee eo a ypoe p poae aca p oye. Hapep, ec e y a o 90 , pacca x poa o oe ee, oao ope eo pooa ypc a oe , eo poep ee c-ey poa 88 . Coaeo, e ae, o eo acae oep o ae ypca e yy pea 2 e.

Koa cey coepae cpoy ey, pacca a oee ypca, ee oroop, o opoy oy eca oe oa ee ya o 80 e, a ypc eoao eo oe epx, o eo poep ee o-ey oy 82 . Ta opao, o opaae co ep 2 .

Aaoo c-aa coye copae oep-p. ecp, e eopy yay p, oopy e xoe pepa aoc, aoc oy, paccae a poc ypca, ee c e cpaxy ce ee . p ae ypca eo poep e opyee poa a p oce ypco opoooo ae.

Hapep, eop pope ee ya a 60 e, B aoee pe x peo ypc 70 e aea a po ypca. B cyae yaa p cocae 10 e. Oao ec ypc ya o 68 e, poep poa ee ya, ooyea p 2 .

Ta opao, ecoe e ea cea ope. ey e, o pa poo a po , poep e oe yec x oo epe oy cyecye a pya yaa acca pao no opeoy pacnope, a eo:

pa a coe op;

y pa;

pa "o o oooc, ocaoe oe ;

o oe;

e oa, e oa;

pa -;

pa c epeee;

ce ero;

pa py o e.

pa a coce op epeae o cyae, ec ey poepo eo eo ycaoc oepee oe e oaae a ae poepo oyp oooo pa. B ero ae oe yaao:

y opeeee ee ya a cpoay cyy o ycope poepa;

poa opeee ee yar o ycpe poepa.

Ke o epea cpoe opyee, opoe peocae poepy npao coa paax opeeeo . pe ocee cyae op ex ya, x oeo, apaee e, e pe oe pae poep. Tao aa aec oaae epeay poepy cex ooo oac p ecox pee. Heopaee ooo pey coo aa eypeo peya poepa.

e pao opaa ooo poepa , o cyecy, pey o eo a ee oyp oooo pa .

npa (better order) oa poepa cea cpec oy ey yy, e ea opaeoo paa. pa, oee a y, oaae, ea opaeoo paa e poo (p oye) e ( cyae poa). Ec poep oy npa no no oooc, ocaoe oe (iediate-or-canclled-IOC), o oe eeeo o o, o aco, a eoea ac oec. Booa oee ea opa paa no oe (fill oh kill). o pa ce eeeo o oye, ae o oe oee.

p e noa (do not redce) cep yaa o , o orpae o pay e ce a cyy ea cyae, ec c e yaa poo ce e eo a a. pa e oa pee oo o a ea.

p "e noa opeee a opae pa a oyy, co-pa a poay c-opae pa a poay, op e oe oe a cyy a, oyaex .

Key, aco, pocae pao oa ac aee oo e o ae eae pyo. p - peoaae, aee oo eo aaec oee ce oae aa. pa "c nepeee oaae, o pya o poa ox ex ya oe cooaa a oyy pyx. Bo npa ce eo,6poep oe y poa ce a, yaae aae, pee e e coac c coee a. pa npy o e peoaae, o e popae oe oeco ex ya, yaax ae, o o aaaoro acya.

peapeo ao po, opa a poeccoao e aaec po apoa aa, e nepo pecpa (npea) ao. B pe poep aapye cya, caayc a pe, pocapae ce oae a, oc x oppe o apapa, eoxoe c eo pe, yoe coca opx pao. Oao o, oppoae ao a y-poay ex ya ocyecec poepo a ocoe pao . O ecy oy oceoc a cooece oax ao opye.

coee ao ocyece poecce peoo pa. E opeeee ocoeoc, oae poecc coe ao xoe peo cecc peoo oopa. K ooc o a, a eyx pax pa ce ocoo coepac c e yaa, poe poeypy ( .. . --: , 2006).

5.6. poeypa ca

Pe, peypy oyc ex ya opoe, cooyoc c opo poee oepa c oo eoc opaye cepey peoro exaa, ocyaeo peypyeo ee acooro aaa. peo oopo, coepee oepa c oo eoc eoo e opo, .e. ocooo cocoa oppoa, ya ya pex . o poo oa ec Kopoo occ p, peceye e:

oyc ya a ooy py coepe c pax oepa oce cooeye poep ye acooro ooe p, paax ooe eoc;

opeeee e ypca ex ya, a ae pecpa ya ypco (e) a ooe eoc pex ex.

poecc opae oox eoce a cex oao apecppax oox pax oe ocyecc oo c e 6ya, oope ycneo npo cneay pey npoeypy, .e. (yao ee ). Bco oa eoxoo ec c (cco) cooeye p co ee ya, e oaeo poco poyca . oa p e oo e oyca ooe eoc, cycye ax (ccax), poeccy peoro pa, o o cpaxo cax cypox ca aeopec apea apecppoa a x ea ocye ae-o oepa c a eo ae o ae .

Bce ce c e yaa, e poe , oea ocye coe ceo ao ope o ey ca yaca e oee p. pa e ece oece a aeoc aooc ax ceo, a e oaax o ee pc oeax p pe paa oe.

opex o ex ya, .e. a x oe pex ccax, oaae papeee a yace x pax ae ce e pe, op aee a a ea yaa, ye aeoaa peo poe.

C peco pe aoe aoepoe oeco aao e oao oc co a e ee ya e e pee c; oo ee a pao, opoe oce e oaeo peaa. Te e eee pea po a oa, , a pao, co oa cera cpe paec co ee ya a ao-o oo ae ecox pax pax, po y cya opeeee o peyea, eae peaa ao paa a pae.

K npeyeca ca cooeceo yac pex pax oc pee ceo co apaoc, .e. oo peaa a pe, oe ypoe oc ex ya, a ae oe o ooceo aoc x . poecc opaoa oox eoce o oc opoe eocpeceo peypyec cao pe, opa a opao peoxpae aaee a pax ce o a x ee oeea oyn.

ecop, oya ee ya, ee opoa c p, oe yepe, o oy ocepy coepeey opa o oa-ee pe ee ex ya. O oe e ooo oea pce ooecoro pa ea aeco ero ex ya.

Ta opao, oe, c ecp, pe o cpeca o ecec c ooe eoc, ece c aaec popeae o aop cex peyec, ope ae ce oec cpe a, paae oo pa. ooa pa, oao, e apapy oxoo e a oa, poex .

Aaoo y e p ecoex o pe o ece cox ex ya pee c oao apecppoax oox p ae ea ca . Ta, oa, ecee ae cc, oya oy ecoc nony (c) cpe , ax cepe ec. Ka pao, a, acoe y ca poep pae eoxoo coaac aac oco a oe yc a x ex ya ex oa, oope oea oao a peoe o ece x pee c xo a oo oao apecppoao. Kopoa a a pe ooe oa a yoe o a pe.

pa ccea oep poo coc a. p ooe c oa oea ao opae a ypcoy poy co a, a e a y, aacoy, opa y ax oa, a pao, e. pe cpa ec ocoae peoae oa opeeex oee cyece co np aooo. aoe, oa, coco ax ax, a pao, ee ae oc oep pacnooe a aco cyo cyax ooe y x opeoc aax pax, a ae oeaec paeee ox nyco o6a, oeppyex ccoe (coe) . Ta opao, c o ccea noep pa, oopa coae aonpe yco opaoaoo pa, nooe aoee aee aecee ee ya cnococye noe x oc.

B ae pae oa e oaa coo-y aeoo a oey aea eo ya a c pe ecopa, a ea. Oao ce ae opax oyeax yoa ee ya, ee poy poy.

oyae (ae) ex yar, ex poy opoy, a pao, oaa peyeo peeppoa o x oeceee o cpae c e yaa e .

p ca ycaaa paa oa-e, eax co a peo cco, oy a ao pe co exoor oyca ex ya opoe. Paa peoa oa, ea opoa co a a opeo pe.

Pae poecca a a oeeeo ooo pe eo cooeye poo pae. Ta, a pyex pax Pocc ycaoe ae aeee pep, a co a opae cpo cyeoa e ya, a a epex x x aa paa yaoro aaa.

Bee c e aae ae papoc o oaae, p aece pep a a oeceo (o ce o pex), a aeeo ooex. o oae poeypy ca a oeeex oox pax o oyca ex ya ccoo peo poe a pax cpaax, e pep cra ocoo . O e oao, o ocoeo eo poceaec p x cpae a pax cpa c pa oo po pax .

Hapep, epa cyecy oce oox p. Ho ocao ey aex eex ex ya (aoax) po poeypy a xo oo x, ero a oy opoac a oax ce.

Pae peoo aooaeca apaeo a yeoee pa a oecee ox rapa . ooy oro, o a opopa p opoe a H-opco ooo pe, oa oa oea py . a x acae oecex oaaee eeoc opopa: ea ao (a HCE y 18 .o.; caopax pa 12; pa, re e oox p, 10 . o.); p a oce aaco ro (a a ro yx peyx oceey aacooy roy e eee 2,5 . o., cyapa p a ocee p roa e eee 6,5 . o., a o oe p); oeco yex opaee a (e eee 1,1 . .; co aoepo, aex e eee e 100 a, apep, a HCE 2 c.eoe, oee oeo aoepo 2,2 . ). Ho ro ocaoo, opopa, oeaa ce oee peoa, aaec e ae co p, opyx co a a pe. pa oea cee ecoc oa acae pa, ee ec, aaeoe opac, ..

p oyce peo proe e yaa epa peay po pa pee . yepcac a, eeoc opx pacpocpaec a ocyecee aocx oepa, a pro e yaa, x xpaee ypaee. a, aac orooo oyea poxoe ca, pae a ce pyooo o ocyece poeyp. pepe-e oo pocyeoa o pae epe p roa, pee e oo coe oa xoaao o oyce cox ex yar oao opoe a pe. Bee c oae xoaaca o pae oao aepea ca prooro peepa, oce pepa yaa, a ae rooe aac pye aoe oye a p .

cc oa oca peooeo ypcoo coc paepe 2,5 . eex apo. oecee oaoro ypo cpoca a a, oyc opx peycapae, eoxo pae a pe o pae epe 25% yao . ee ya o cooo opaac a pe, oy x e o ococ coxoo ya peoc peo pro, a eo oope ay aca.

poep cooec apapa yca ex ya ycaoe pep, a ae ocoro aaa x ecox aec a pax coa ceae . aacy ao e oc aae ea ca, op apaeo peae cye aa. -epx, ocyece cepy cooecp oaaee, yaax ae ea, opa pep, yaoe pe, oc co peoea.

paec a cex pocccx pax poypa ca aaec c noa a oe ca c npoee pa oap aepex oeo. aa o noaac oo e eo, ee ya oporo ye apeppoa cooec c ey . Oa pcae a peo ae, ee ea oc pyooe, cee o peppyeo yce ex ya, aeoae, oep yca, oa, apa ocoepoc npaex oe ca oye, a ae yoee o coac c cyecy paa oyca opoe (). Kpoe o, peca ypeee oyc, cpaa o oaeo yao oe, o poea cc yaoeoro aoo opaa. Ec aoepoe o6eco yopyer oee ooro oa e paopeeo pyro pccoro a, o ooeo pac yxaepc aac oe o pacpec p a oce aco o, aepe eac . Ka pao, pa ocae a coo pao poa o a peocae pvx oye opa, eoxoo po cepo oe oyca ex ya opoe. Paccopee a oo e peae o .

Peee e o ece peo cco pa ocoaeo p a: o ca, Kocc no onycy ex y , aoe, peo e.

C e a epeco ecpo pa oe peeo acea c ee yar aoepoo oeca opoooro . B CA paa onyca a opopa opoe, ecy a H-opco ooo pe, peycopeo, o pa ee pao pocao poy a o oa ooe c ec ca opyxc, ec o ocao ocoaec ooea, pccaee Co pepo. o ooc pa, oea ce oece peoa, o e eaopoe cooe coce, ocoy apoo oa yap o peya p, e opoac ee a.

Cyecy p op peeoo npepae opo a pe:

1) opoa aaa pro (o op po pa o paa peepa caacpoa aa a oyy poay e ca opee oee cpaey ey, ec o aoy-o y a oyo eoao ooe oeco aao a oyy poay);

2) epep poe (oe oe pe cooe ao-o ao opa);

3) poaoa po a oy cecc oee (coyec, oa yo pe, o paopac ao-o ao co, a ae p apye oae coae o ce o eo ycpae, p pee o ee ex ya oa-a).

ec, cee peoo cnca, o oceoa, ec:

e oe apoo eo acooe cooe pao yoeope;

yoe paee ex ya oae peeo ax acao oo x ecooe a peoa a;

oa-e ceo e oa aee o6 ce x ex yar ca opyxc;

ee ya ea ooa oae oea a oe p x poe, a ae p c c pyo po ..;

apyae coaee o ce;

oae-eo e pecae eeo oe pya opa yaae cpo ..

Oo poa, peex opopa, opy a a HCE, aaec epoeco peoae oao ooo oea opa ecpa, a ae yo oo o acoo-xoceo eeo . ya cee, acaxc aooo ooe oa, eoxoa a caopeypoa p, a ocyapceoo peypoa oooo pa. ooe peoa o a pocccx pax.

B aoee pe poo pae pooe pae oy poecc eopaa peoro . Ha pyx pax opay pe p pee p, oco oe oopx e oyce poyp . Oopee ceo ocyce o e ope. Ce coepa a e ooe eo, o pc ecpa ao cyae .

5.7. Opaa peo opo.

op opaa peo pro ac ocoo o coco oooro pa, .e. ero y, p ypo . e oe oe cpoca peoe a ee ya, e pe po; e pyee oe ao eopo oeppoaee cpoc peoee, e ye op po. poe copoeoc pa eco ca c aaoo e, opo yac pa o oya poaa ee ya. Opraa po xoe peo cecc oaa aeoe e a aoc o peoo pa.

Pap ey ye eo npoaa (ao) ye eo noyne (acao) aaec cnpo. oo xapaepoa cp a ooey ey, ec acaa ea oyae oaaec e ao e . Opae cp opeee eo papa ey ao eo poaa acao eo oyae. pea opo cocoye copae aaoa e, x oepa opy yx. o ocae c oo .

p eoo oee cpoca peoe pro poo ope npocoo . Tao ayo oe opaoa o poao, op oyae peoee oyaee (ayo poaa), o oyaee, op e eee poee o pa oeax poao (ayo ).

B Pocc poecc peo po aa opoac c pocx ayoo poao no ny acoo ayoa. Eo cyoc aac , poa o aaa oprox copa oa co a a poay oox eoce o aao . O co opoox eex, ope paa yaca peoro . B xoe ayoa p a oype oyaee ea oceoaeo oae a a aro (paep aa ayoa opeeec o aaa po), oa e oae o oyae ee ya poac o cao coo ee peoe.

Booe oc yo, p opo aaa ea poaa ea ey p ocoaeo peaae ce oee e ca, oa aa-o x e . B cyae ee yar poa epoy oyae, oopoo ycpaae peoe ypc.

Ha ayoe ey, a aaeo aoo ayoe, ce oyae peaa co a oopeeo, a ee ya popeae , o cea caoe cooe peoee.

cepco aco Poccco eepa paeae rocyapcee paocpoe oaea a p-ec ece a ocoe ayoa ey. oyae (ece pece a) peca co ca oopeeo o oroopeoo cpoa, paeee ocyee o ea e e oee e e paee aoo yca.

Hpyo ae, poc ayo poaae oype o poao ( ycox a oox eoe oaa aeecocooo cpoca), o oyaee (p e aeecocooro cpoca oooo ooe poao ex ya). p oy x apo, a ae p oao y6e pe oooo pa aoee eo oaaec cea ooo ayoa. Oa poaae ae oype ey poaa ey noyae. oo ayo a opa opraa peo po aoee oo cooeye ppoe oooro pa. Cyey e op ox ayoo: oo po epe ..

Cooe pa ex ya, a eo eo oc, peopee op op ooo ayoa. Ec ce a pe aa peo, cyecye oo pap ey eo oyae eo poaa, a oea e o e ee e oc peyp xapaep, o ao po e e , pea po paec e o opaoaa ope epepoo ayoa. B cyae oee peeo e opaa peo pro no ny oooo pa c pe ao. e eee e po, e pee a ayoa eee epo aoe ao a oyy poay ex ya, ope ae pea ao o a oopeeoro .

Ayo po ee ocao yoe cpece op. eepaoe paeo CA 1790 , yo a 80 . o. oa peacpoa coero oa, caoro c oo a e. Ora a oo epec y cey, cope eopaa pro oex oopax ycya eco peyp ayoa, poo oe a o-Cp. Ayoep opye copaxc pa oo a py aa oex ex ya. oce oe yca yac ayoa cooa co poe: o aa ey, o opo o coac y ee ya (ea oyae bid price), pye ey, o opo coac x poa (ea poaa ask price).

Ta opao, pyo ae, o ooy py cooecye aa peea oypa, a ao ayo, p opo aa o o yco, o ceo. p yo oe yoooe p ee ayi o aoy ycy o e oee ce epaero . o epe oye ao o yeae yeae ey, oa e ayae ao aac cpoca poe, oecea aca . p poep oe e co epoaa aa. Ka yao pra ae o eyoceo coe npopea e, a p pox pax ycox poro npopea oea, .e. oneca yaax ae ex ya. Hapep, ape yc ayo coyec p proe py, a . O oxoc opoe, e ce. p ceo oe aao cxoa ea yaaaec ypc-aepo (o poepo), op oeppye a a oyy poay, a ae yaaae ey, acpyy . aa ay apaee, poep e oe e co epoaa aa, ooy pope pee, oop ecye a o yco ayoe, cyae ceo oa a epe cc. B e opeee proa ea, o oopo poa oyae aa .

Ta opao a a oae po aoero oea aa. p o pe a ocye ecoo pa eee peoro . Kpyee aoe p o p Ap, e, epa pa. ace a ceecy o a ocoo cpoca peoe a ee ya, o oc pa, oo epe enpepoy ayoy, op, co oepe, ee p a.

ep x cooae aao, opy aoc yo epeaaee poepa . ae ep (yoooe p) coe x, a oe e o epe x . Ta opao ocyecec coeee aao, aoap oopoy ope oyae opy c ope poaa, pe ee o yaoa ecoo . Hapep, py aa a oyy o coc eco aaa a poay a .

Bpo epeporo ayoa ao, a opo yaae aya apa e a a c (aca p oye, aea p poae). aep pypye oye a opeee o aoy y ex ya ypcoe oea (acy p oye, aey p poae). e o a ao pa paoeo eca poepa. Hapep, a ao H-opco cpooo p o a ao-o opopa yaao 17 3/8 17 3/4; 3/8, 3/4. o oaa, o 17 3/8 aya ea cpoca, a 17 3/4 aya ea .

e cya ocoo oppepo coex ao o-poe pae p poecce peoo pa. poaapoa cya, poep ca o e a ao, oope ce peepa, axoc p6o ae. aa paea a ao xpoooeco ope, oy pope pee pa opey po. aa o e oe, ec aaoe aa a y e ey pxo pae oroa aa pooooo cpo pa. po eoe aoo aaa oe oepeee a a a, Ec aao e, op, a ye oeaoc, xapaepye ypoe copoeoc pa, e, aep oe ec oppepo xoe peo wpro, c e a, oope co opac o e cpoca peoe. Caa opaa peo po oo oc oc pa ye yaoe peeoo cpa.

Tpe epepoo ayoa a. Tpeep copa opy epa (yoooeoo p), op oe oya po yc, a ae ca poo p, pa po, oca opaea. Ce e aa o pa ea, pe o oyae o a ey c pa poaa, e ac ope ey oy . Tpyo cee pea po a ox pax, ocaex copeeo oepo exo, o a yca pyex oa. Oao y o a epepoo ayoa e opeeee peyeca peeoo oee aao, ooe oc po a, acao y oeo coxc aao.

Ta opao, , o ao ayo cocoye ycaoe o, aoee cpaeo e, o pe a a epepo ayoe oa oeec o ce cee.

Opaa peo po ee eoc ac e o o op ee ayoa, o o po pex ocpeo poecce ee ocyece. Tpyo a ooy py, a opo oepa c oo eoc ocyec ca . Oao ocoa e p opaa opo, opy ocyec poeccoa pa poep ep c e coe ao ecopa.

poep o ae ea, oy eo ay. O apae a oo ye ee co, a opaea o cee, epec opoo a pe pecae pyo poep o ca ( ocee cyae aa yy caooc). Ec cea co cpo poaa, co cpo oyae ye aea a pe o e ea a eo ce, poep e pcaee ae ea, oy po, npeca cooynoc x ceo, aaec aec.

pepo aeoo pa e eeoc occox yxoapox poepo a H-opco ooo pe. Kocco poep cya oa, e p paoa eo ae a oy. yxoapo poep (a. two-dollar broker) eac poep pooo aa; poo ae poep pa occ paepe 2-x o. a ae 100 e peaoax ex a.

oy opyee ea, occo poep oo apae ceay o a a. Ec o a oe a, o oe opoc oe opyee ceacy ooo yxoapox poepo. yy eac ea, yxoapoe poep epy occoe a aoe opyee, opoe o ooa co. occoe aa epxe poepco po. Paoa occox yxoapox poepo coc o, o oece aye ooe e ex opye, ope epeaa epx poepca pa.

oca opyee ceacy, poep pooo aa (y o occo yxoapo poep) opee aye peaaey apaaey e (cay coy paaey cay y apaaey) o aoy aeoa . Oo o ce y opa y ceaa ca c epooo epaa, pacooeoo a eco eo . Ha epae ae ceaec eco a, oope peaae y poa o yaao ee ( oeco aae paeee a). Boopyc opae, poep papaaae cpae coe . Hapep, y poepa ec pooe opyee a oyy 1200 a, o oe oe ayy apaaey ey oeco a, peaaex poae o ee. Ec oeco e eee 1200 poep ocae ey peaeo, o p oo pa o cooae o p peoe. B cyae cea coepaec eeo.

p aye peoe, cxoe o poepa opooo aa, ae axoeoc oe ceaa, a poepa oeac aa p, ope o peca, yepa ea co . a cea oxo e poo yac ceaa, a poepo apaaae occoe o poepco p, oopy o pecae (ec oo o e paoa a epo ae). O ao ce ceac ax oc .

Ec aya ea aaa o peoe, oopoe o ocao y ceaca peaa, poep pooo aa, p c opyee a oyy, apaaae occoe (a o yaao e), ceac oyae occoe o poepco p, ocae y eo oe opyee. B cyae, oa cea poae 1200 a coeo coceoo aaca, o e oya ax occox. Payee, poep c po opyee a oyy 1200 a e oa xaac a yy eyy ey cpay o pxoy ecy ceaca. O o oy oee oy ey, ooa peo opoy e oeo.

Ec ec pooo opye poepy pooo aa ao oe opyee, pe ooopea e ea cyeeo e e peoaae poo e, o oe poec oa opyee y ceaa, o c ero, oa oo poe yco. B cyae poep pooo aa oaae o opye e oyae occoe o poepco .

co e opye, ocaee occo yxoapo poepa, ea apaaae occoe o epxx p. Koeo, poep pooo aa oe ca ocac y eca ceaa oac oee ox yco coe oo . Toa o, a e cea, oy occoe o epxe poepco p. poep pooo aa cea oya occoe a, oa o eceo ocyec ocpeece ycy. Hapep, oo ceaco H-opco ooo p epy a coee opye occ paepe o 1,5 o 2,0 o. a 100 . yxoapoe poep apaaa cpe o 1,0 o 1,5 o. a 100 a.

B oe o poepa ep cyae pooooo opoo pa, .e. oyae poa ee ya a co ce a c p, oopy o peae. co aa a oyy, ep poae ac coeo oooo peepa, a o aa a poay, oyae ee ya a ce coex cpec, .e. cya a pe . Cooynoc ceo, oopx o opaeo cynae ep, aaec epc po.

Ceye ye, pa ey pa e co opa, a oe oaac a ep . ep ee pao peaa co opo, a ae, oaa opeee peep aao yy poeccoao, oe cococoa oe o pa.

Ocoeo ao cppye o cpec pep. B 1875 ., coaco pea, paa o, oyea poepo o e e o, ea ee pay, opa ac ao oeo ep copeeo ooo p. oep cocoo epeac o ay, o pe peo poepce ycy o o ooy aeoa a o a Beep o . Ocyec y epao poo paceo aa, o copo oapy, o eo ooo o coee opye a poay oyy a opoc. B peyae ey cao ocya ee oe aao o pyx poepo. B ocooc cyeea ac peo a o poepo, op x e opy coep ce c a Becp o Koa o ea e o e peoaae poo e. o ycpaa pye co e, peoae x pcyc pax ecax peoo aa, poep oca co aa o a oy c e, o o .

Ta opao o ca ep ceao a H-opco ooo pe, a opye, op o o pyx poepo, a ece o aae e . Kpoe o o pe pea ae ex poepo, ope ca oooc coep cey o ay ee cooec c po opye cox e. Tae opye e coepa yaa oceo a e o peaoac cooec c po..

coy oy pay oa, pye poep aa opoa eo ec, pa ce pye a, aoc ceaa p. Bcope o ocoa, oee y Paceo aa peocae yay opa ooceo cpoca peoe o pa e yaa, a ae a opa o pec p p ee cooa oo po a co coce c. Bcece o ceac ca eoa e oo a ocpe ceax, o aece pao epo.

a, eae op opaa peo opo c aec epc p cocae oy peoo exaa onpeee yee ocoeoc opo a ao p . oco x coeee aeoo pa ayoa. Hapep, Toca ooa pa pca coo ae po ope epepoo aya, op opaoa c oo -aao ao. Aepace aace p c ocoo epc pa, e epep ayo oeceae cey: a ep, oea a yc, o ey poaa ey oyae, .e. oepae epep yxcopo po ye poa oy a a co c, ec peeo apyae aac cpoca pee. p o ppa opeeex pa.

o paa H-opco ooo p a ep-ceac oeae a eoe coee oepex ey ocpeecx opye, .e. x coee o aye ooo ee. o oae caa o coe pe oo o oeo cee acy peaaey ay apaaey e o apee a a. B paax oo e cea e oe cya oopeeo a ocpe a pa, apea paa peo po. Kaoa a ea a a, ceac oe oaa peoee coe opye, oyex o eo epe poepo pooo aa, ep coceo p. Hapo, ec opye, epae poepa, pyo eooo coec, paa peoaa, ceac ye o epe payo oooc cya aece paa.

a, ae peaaeo apaaeo e, a o ac poe H-opco ooo p, oo pca coo aoee peaee e peoe acay p oye ay p poae, pcaee y ceaa (ca ceac poepo pooo aa). Oao ec peoe, oyex o e pooo aa, a , o ceaa peyec x cea o coeo coceoo e. p y eo ec eoopa cooa ycaoe pa cpa ey co ae peaaeo apaaeo . Ec cp oo, cea oe oe apaa a eo epepoae a, oya x o o peaaeo ee poaa o coo apaaeo ee. Ec cp eoo, a cpee eo ee ceac apaoae ee, e epo . p eoo cpe aoap oee peae ea oepax ooo yace oeo oeca e.

poep ecp oco pocapa ae peaaex apaaex e epae, op oe . , cea oe cooa o o cao coo cao o apaaex eax a apeee a .

Booo, caa aa oaoc ceaa coc , o oepa cpaeo opo poe apee a a. paa pey, o cea poo c , . aco o cee aoy opye pcac eop pop aco o yppye e e, pee ocye ceacy paepa opye. p x pox ycox oee co pope oyc caa coa paaea caa a apaaea .

Hapep, a H-opco ooo pe pao 390 ce poepa apeae eoa aece pao ocpeo ey oyaee poao eax o opye a e peae x a epep ayo, pocxo poo ae. o cocoy y, o oa ac opye a oepa c opye a apae coe po a. B peyae pocxo ocoa oa ao, opa oe yy ac eoo opye a eo coee o aye ooo ee; p o oepae ooo ceaca oxpae eo pooo aa p a epao Paceo . Ta oeceae coee cce pope a pe.

pa oceoaeo aae pao 390 a eoxooe cpeo oecee cpaeoc eoc pa. Oao p yepa, eeoc pa p xoe coxpa co opo a poe pye a. Heope poep-ep, ec ea p, ea oe pao 390, o ooo coa co p opyex a aooe oo epeoo pa, oop o ye oepa.

5.8. Kopoa ex ya

poypa ca, oyc ex ya opoe opee a. peee e ypca eo ya oco oooea a ao peo copa poecce avoa oepa.

Kopoa[7] o ya o exa e e, ee c eee oo pao p nya pex eex. aecoe oee e poecce peoo pra e peyao aoec apeppoa . pa ee e, oeo cococy ee oppoa.


pa oeppye cpoc peoee a oyy poay x ya, opeee coooee ey ey cpoco peoee, peyae opoo ec ea a paee paoec peeoo ooceoo, o ocaoo ocyee .

ea, no oopo c ce ee ya nepexo py py, aernc ypc. peo ypc ye a opep p ae eo a peo, a o epeo . p o ao ayo ooe ey ey, opa ye cyeoa o ceyeo aa, a epep coooee ey ey cpoco (ea cpoca aca ea, peaaea oyaee) peoee a ey yay (ea peoe aa ea poa eo ya).

Ceye e, peoe aooaeo, a pao, e cpye opo opeee peoo ypca ex ya. Oao acoc o npno, nooex ocoy opo, paa:

1) eo eoo ypca, ocoa a yaoe eo (o) e;

2) pepao e, apyc a pecpa aecx ceo, cpoca npeoe (e poao oyaee).

Ka pao, pee p aa c o6e e, ope e ecro oe peye cecc. O opeec ceao opoao occe o peyaa peyeo pa (apep, epaeo ) paac eo yaca e opooo ca. Ha pax, e peec coco oppoa o peo (po ocyecec c oo aooo ayoa), oa po a ocoe ypae cyeo oe ooe pa co cpo , poox opoy.

pee ceo pcae epec eo ooo opo, coye a eex pax, e p ycaoe pex e o ae pac oo ce, aee p ocpece oax, a aaex ypcox . o ao pye oox eoce e ceae aep, pae a cpoca . B o opeeeoe pe o cxo opeeeo ece peoo aa pcyc cex , aepecoax ax ex yaax, pya yaoe oo ypca, p opo o co op acay cyy cpoca .

Coepeo oeo, np ycaoe ypca eoxoo ceoa opeee paa:

1) peo ypc ycaaae a ypoe, op oeceae aoee oeco ceo;

2) a poa o oy ypcy, y o oy ypcy ocyec p oe epoo peoe e;

3) coepee ao, coepax acae e p oye ae p poae;

4) a, opx yaac e, paec aca p oye ae p npoae, oy peaoac ao;

5) a, e yaa e e cooo ypca p oye e p poae, e peay.

oe pace eoo ypca oo peca ceye ae (a. 5).

pa, oye a oyy ex ya o o ee, ory coe o ee 555, oy oee oeco pao a oyy o ee 150 (80 + 70). eae y o ee 555 yy pa coep cey o ee 554 ..

B ooe pao a poay epyo ae, cypoae pao ocyecec opao ope o aee e cooec c ea poao poa oopoe.

Haoee eo ceo, a eo 600, yoope p ypce 551. O cpye a . Oao o coc cya, p opo, apep, 600 eo yy coc p ypcax 550 551. Ka popea pyoocoac o cyae? cyco ypcooro aepa coc o, o oepa aoee po, a coaeo, ypoa yeee ao opoe pa, e x ee. Ta opao, ec ao a oyy ee, e a poay, eecoopao ycao ypc 550, a ec aoop 551.

Hpyo a, p ee 551 pao a oyy a 10 oe, e pao a pay. Kae e x yy yoope? B epy oep a, coepae pa y o o ee, a ae a o ypcy e oro 555; 554; 553; 552. A o ao o ypcy 551 20; x yy yoeope epe ec coaco pee pecpa, cey pay "ep oa ''.

pocoy epepoy ayoy cooeye opoa o pecpaooy ey. B peo eee oea (pecppyc) eee e ceo, aee eee aoro epoa pee (peoro ). ocoy opoa aae perpa aecx e, o e e cye oa exaecoe cpoae ex poecce peoo pa ypco (e), opoa ocpoo oo noaaee oopoa .

Aap ae pepa eo a ecpo, Kopoa occ onpeee epx npee e no a ex ya. p oa cae e, e oaae p .

Oo pex eex pecppy e ce e o, a peee, aoee oo xapaepye ay e poecce peoo . peee e epy epao opoao papeax: ca a pooe peoro , aaa epe y aea ea oe peoo .

Ha oox pax ooec pax pa 3aaa po e yaa ec c oo aoapoax cce, oo c ecox oc o aa a oyy poay oox . Ec o coaa o ee, aaec coc opa o ae ce, opa oy a paoee eco (o), a ae cec a epe peo aapae, epeae opo ex ya.

peee ypca a a ee oao aaec ae ; ooee ypca o oaa .

5.9. Oopee cnoee peo ce

c peya pex po a c poooox copo pa a py pya, ea a .

Pecpa eo ac o opaa peo po cooe c peoa peoo yaa ype oyea ao ooo p. B poo pae aee e cpy pax opax. Ec po e ooco, pea ea oe oopc p oo cocae aepco anc opepa a cey (oo epo ye), ocay ocpeo, ee coep, o e epecax . Booo aee ceo ye oea ya oyea, oo oo cpoa ocpoo oeee cpo. Ta ya oye, aco, e pea aa a yae oypex opax oypce ao. Ce coepa c oo onepoo oecnee. Oao o cyae e c e yaa, coepaee a ooo pe, oea oaeo pepa a e. oce ee coepe poep yeo opae o ao cee o coe opye.

o aaa poecce pepa pex eo pa poa opaa ocyece cepy apaepo eyepex ceo. Cea cc yepeo, oa oa acpoa oo, nonca oe copoa ce, aea onepo ccee. B x cyax ec oooc execo o a ooe opaea o ee, a ooe ex apaepo . C e ypae x oo opo ocyece epa npaoc copoa ae ce.

y y pax cpaax c poo ooo o o pa. Oo oepee paca o pe cea aac poe opaa, ope oy xo pyypy p yopoa aee caooeoo pecoo a. B acoc opaa poecca cep opa poy aay oe ocya o poepo c p.

oce cep oye, oepae aee e, epea ce paceo, Kpoy (Pacey) aay opaa, ocyecy .

Opaa pace e e cepe, op opee ypoe oao peo . Ec p ccee peoo exaa co opaa ce c peee aoaea opoeo aea, Kpoa aaa e coee cex apeppoax ceo, o e .

B cyae y poo opaa co ce . p oocpoe aee ce e cao cex peo oec, . . onpeeec no aoo yaca pox pac. Koa ya e o, pay y, .e. eo peoa pa eo oaeca, caec, o o axoc apo no.

Ec ce cao peoa oaec e pao y, no yaca opa. Opa o oe opoo o. Kopoa no peoaae ae co cpo aoo yaa paceo, a a eo peoa ee oaec.


B o no axoc o yac paceo, y opoo peoa oe oaec.

Hepeea aa ppy npoecc ea, .e. onpeeee no (a. 6). He, ocyece noce ooa opo, aaec . He, npenoaa cee no yaco paceo npoecce opo, aaec e.

y Kpoo aa, a coe cex apecppoax a pe ceo, coc epeae peoa oae pa, .e. ypeypoa o.

ocyece x y Kpoa aaa oa oya acoe pcypc a ypeypoae, coee, epeo ce ..

Oao aa ca opaa paceo e ae apa coe e po oe ox pco, cax c aeo opaa o cee (). coa cce opo a paca oe eo yopoa peoo exaa Kpoa aaa ep a ce y apaa cex apeppoax eo cao pco epo. Oaeco aoo yaca peo e apapoao eo Paceo (Kpoo) aa, oopa ee ce ea-yaca peo ce. o op peoo pa Kpoa aaa oaae ce ce peyeo peoo copa apae peoa c yao .

Ta opao, Kpoa aaa pae a ce eop pe pc.

coee ce ae a apaex poecca nae (epexo paa coceoc a er) nocaa (epexo paa coeoc a ee ya).

eo cpo ce e e cxo p x acc. e opeeee eyape aap o pee .

Ta, ec ca e ae ce T, cepy aaa e oee e T + 1 e, a coee e oo poxo epo T + 3 . Cy e, pa oe ycaaa cocee . Hapep, coee ceo ye ocyecc epo T + 5 e. Ec aee e coc ycaoe pe cpo, op ceao e ooapaec, o ea cae peo accoo ceo (spot). Cpo coe cpoo ce (forward) T + x, e x > 5 e pooeee accooo cpyec ooope.

Cpoe e , o cyecy, ooopa o ocae, cy opx oa cpoa oyc a ycaoe cpo opeee oeo oox eoce, a pya cpoa eeeo x p oa apaee yaoey cyy. Cpoe e oo aa a cpo ooo o pex ece, po a .

Cpoe oepa c e yaa papee aeo e o cex cpaax. o pocccoy aooaey oopee e ee oaa oy oo py pya e oee e a 90 e, B epa 1931 . o oece pooo ooecoo pca o apee. Cpoe ce c e yaa papee P oo 1970 . B acee pe o aeo opoa aa c opeee opae. Cpoe ce c oo eoc opae aoo CA, x o a H-opco ooo pe cocae eee 5% oopa ex ya. eo oao poo pacpocpae a pax .

5.10. B pex ceo x ocoe xapaepc

Kaccoe ce

K acco oocc ce c oo eoc, noeae cnoe eeeo eee 2-3 (oa o 7) e noce x .

Koeo coepex a oox pax accox eo, a pao, peae co aex cpox eo, o accoe ce ao coy e o e, oyae a oa, yoop peoc cox e, o pee cey. C pae peo ooo po accoe e o ope aec pepac cpoe e. Paccp e paooc accox .

oyna c aco onao ae cpe. ce aac peyeeo poa a oee (a). oa a aee cpa papeaec pe paa. B cyae e oaae oo ac ooc a, a oaa opae pepo, oopy peocae poep a. Bpoe aae x ceo ce c ape. Ceye yec, ooe oy pe oao oac, a a x oea e oo oyae poa, o pop-poep , ocoeo cyeceo, oepece a.

B oce cpa (apep, CA o) paoa aee ae exa o oe oo cea c aco oa ae . paec o cex cpaax e c ape oeo cpooo peypoa co copo paeex opao, p cax poepo. Hapep, aa c 1934 . Coe epao peepo cce CA ycao ay papeaey aoo apy, opa eac 40% 19371945 . o 100% 19461947 ., oa e c ape pepae. B Pocc aa apa ycaoea cpye cepca aco P paax coepe pecpa ceo c e yaa 53 o 6 1992 . coa 50% oe cooc popaex ex ya.

a, copee exa oox oyo p cpo, o-epx, a eco opae eo paepo, o-px, a ece aoa o oyee .

poa ex ya, x a, pa paooc accox ceo. o accox eo coy, aoopo, po a oee (ee). O poa e a a, oop aec e ae. Ec oae poaa opaaec ypc x a a aae, o oyae x opaae y poepy, oop x ey oo.

poaa ya, oyex apoa, eyec a peo ecoe opoo npoae. B oe o ee oya a pacee a ocey po x ypca eye o ceo.

Cpo ce

Cpoe ce e coy cpyypy oy accpoac aco cocoa yaoe e, pee exaa poee pace a popeaee ee ya, apaepo, peycpex p x ae.

Cyecye ecoo ocox cnocoo ycaoe e a ooe eoc, poaaee a cpo:

ea cpye a ypoe ypca peo ae cpoo c;

ea a ooe eoc e ooapac, a pace pooc o ypcy, op caae a oce peo e aoro a ex ya a opeo pe, .e. a oe a (coe) ce;

ae e a ooe eoc oe p ee ypc oo, o apaee ooopeoo peoo epo o ae ce o ooa pace;

yco ce peycapae yaoee acao e, o opo ee ya oy ye, ao e, o opo ooa ee poaa ().

exa poee pace o cpo cea, apep, ee ceye peee . coee ce pao o ee ae ceye epe opeeeoe oeco , ycaoex opae. Ta, ce p eco opae, a 1 op, yy coc 1 op; 2 op 2 op ..

p eoo oee pao o coe cpox ceo ooec eeecoopao aac x coee . oa oee ocy pca ycao o a paceo o cpo cea.

B acoc o pec poe paceo cpoe ce opaec a ce c ono cepee eca nep eo (cea pyec 15-o ca yaaoro eca) c onao oe eca "nep y'' (cea pye oe eca 30-o 31-o ca).

o exay ae cpoe ce e a epe (poe), epce, ycoe (oo) pooaoe.

Tpe c oae coe ycaoe ooope cpo o epo e. O aappoa o ope. peyeo epx eo o cpae c ooa epca e , o o aa a pae oe oox eoce, a ae cpo cooe c pea opeoc . oy epe cpoe e pee oa, oa eco ee eeo .

Cpo ce oyae poae oy e e peax eoe p ee ae, a a a oe coepe poae e epeae ee ya, a oyae x e oaae; o aa ooop, opo cpy oe, ypc poa (eo ypc) cpo, o cee opoo ea ye coea. pe ceo ypc oe oac cyecyeo ypca, copee cero o ye ac o accooo oe a ce. p po a oee () pacca a yopoae peoo oapa oy yae ooope cpoo ce a oyae, cpy e ceo ypc e, e o eo pacea ye acco oe a ce. Oa poooo.

Ocoa e ae ce a oya o oee oy ypcy, e acco oe a ce, a ee poaa o ypcy, peaey ey ypc. Ta opao, oe e cyae paa ypco, a e ee ya a oe ecpoa. o opoo ao ce, a ce a pay.

Cpoe ce " p'' ( a paoc) e, o cee cpoa oopx o opaeo oe ya pyoy cyy pa ey ypca, yaoe p ae ce, ypca, aec coc oe a . Taoro poa ce oc o cey, poo xapaep.

Ee opae apaee cxo o, o e yy o yco e: poae epeaa yaoe cpo poae ooe eoc, a oyae x . poae, a pao, e pacoaae eo oe ae e, oe ee . Oe e yae paoc ey ypca, yaaea popae . o epo cpoo cee oo, apep, y poa poey cay, opa ye aac o eoy epe opee opae cpo.

Hepyo ae, a ea peo oae p pc. eo yee aae 70-x roo ee oe apaep cpoy cey, a eo oc acoe .

co epc - o caapa cea, ea ooee peyeca o cpae c poc cpoo . Oa aaec o yaoe pe paa, apepo ao cee ec pa e Kpoo (Paceo) . pa opeee paa, ope ycaaa:

aape oe opae;

caape a oa;

aex ex ya, oope apapy aey o.

Po epco ee oy oc, a a cape paa oecea cooy po co yooo oeca . oy po aco epca ee coe e poa.

B acee pe oco epa peo po p LIFFE (London International Financial Ftes Exchange); CE (Chicago ercantile Exchange) ATIF (arcca Tene des Instrents Financiers).

Paccapa opoc ypoeo, oo ocapoa, ec epcoy opay oa aoe ycoe[8], a pao opa[9] a opeeeoe oapaee (pe) y (poa) ey yay o apaee ooopeo opae ee oaac ce, o ooe apap xapaepy oo.


coe ce, ce c npe - cpoe pee ce, opx o opae a ycaoeoe oapaee (pe) popea pao a ocoa ocooo ae, pypoeoo opeeeoy , ea o o op (e ooee yco coe e): co ey oaac o ee .

e ocoa a , ypc ex ya oe ooaex pace aepa e o cpae c cyecy, popae cpoe pe cyae roee aa pe oy pao oaac pope poa ex ya.

coe ce, e c pee, e a:

poce ce c pee;

pae ce c pee;

ea.

Paa npoce ce c npee, oopx ae pe e pao peoa coe ce e paa opa coepeo o ee oaac (o aae pao xoa).

Ce acoc o o, o e aeo pe oyae poae, opae a a a:

ce c ycoo oyo e c peapeo pee (pe a oyae);

ce c ycoo poae e c opao pee (pe yaa poae).

B o cyae popae copoe oee y, e o y cey.

Bpo pae ce c npee, p opx ae pe e pao nopoa coeo opaea epa ey ex ya oee, a, p oee pa peae ycaoeoe p ae ce x oeco, o ypcy, ycaoeoy p ee ae.

Tpe ceo c pee cea, oa ae pe popea pao ca opee coe ooee ee, .e. p aye cpoa ee coepe o ce o oyaee, o . pe o oa y y coero opaeaoyae pe ee ya o cey ypcy, poa x o ey ypcy, acpoaoy oe ae . Cpoe ce c pe oy oopc ooo.

Oo a acoe a a ooo pe ooec pax cpa aaa cyey ye oo ece, o 70-x oax o a poaac a pax. o 1973 . oo e aap opaa. Ooe ce aac cxo opoce yao ce oc ya xapaep. Ta opao, ooe opa a pooa ea yaa e oaa paa peoro apa. B 1973 . a aco pe ooo (CBOE) pcae caape oo a ee ya. yp poc pa ooo, ocoe opoo xopoo pa po a oa, ceye ece oo ey a poe ec a ooo pe.

B aoee pe po ooa eec ae a ooe ec, ae opa, ca o pe opaa pye aoe a, oope oaa coo oc poo cooc. He e oe oee poox ex ya poro opa ono epce opa con.

Haao oaoy py ooo o ooeo ocaoee paeca P 78, opo yaoeo cyecoae poox ex ya a yocoepx pao x aa a oyy poay ex ya. Copeeoe pae poox ex ya, acoc ooo, Pocc apyeo -a . a, eoopo pae oy o oo a ae ypc a ocyapcee paocpoe oa a P. Oao poo po ooo, o oee ceaco, ee ee pocy, oeeoo pa e c ece eo pa.

e oce oypoc ooo? pee ceo e, o o oxooc o ao oepea pocoe oee cpec a oa (apa o ee co ocy pe).

o a pycc epeo a op pecae coo opa ey yaca e: poao ( apo) ooa oyaee ( aee) ooa, o ae oyae pao y, a poay poa ee ya o apaee coacoao p ae opaa e (ceoa ea ooa) pao oaac o ce eee o oa yaaoo epoa. pao opa ocaec a oyaee ooa, aa oe ae ce pe eo e. Boo ep oyae ooa ec ynae npe.

Oo noyne (ono-o) peocae pao aey y e ya o apaee ooopeo ee oaac o e. Ec pe ae ooo opaey, ee yaey, poa ee ya aac o e, caec ono npo, ono-ny (c pee a ay c opao pee).

Ba pepe acca ooo ec cpo x cnoe. opee o aepac oo epoec oo eoxoo yo aae oe cpo e, .e. ay oooc cnooa ona. Epoec oo oe poa o e ee opaa, a aepac oo o e o ee cpoa opaa e e. Oeo xapapco pex ooo, a ye oeaoc, e eo cpoa oe cpo ec, oo epe pexece . aaa opeee ee x a.

pyo oeo ep pex ooo cpe o6e o. Ha aax pax peoaa opa c ooa a a, ec, ay, oa, epce opa, a o paoe a oeco ex ya (py ).

Ceye ocoeo pex ooo cae cpo x noae, a pao, e pea yx .

p ae opaa oyae opa y o, oopa oaae popeee oooo opaa: y o ooy-o, y o ooy-y, a poae opoy, opa oaae peocaee paa o ooy-opae, opoy o o-.

Bao oe, xo oo-o, oo-y oy ye, poa, o e oy ao oecpoa py pya. py coa, ec o-o oyae oo-o, o, o ap oo, o oe poa ae oo-.

Ta a pee oo poa a opaoax pax oox pax, cpoo e aoo ee yaa cyae Pacea aaa, eae pc eya o ee caappoa poa. o co oo opa o ea eo oyae, Pacea aaa aya pae ooo poao caapoo opaa. Ta opao, oyae ccea peo po ooa ae eao peyec: apapyec coa oc opaa eo coee, a ae ocyye eoxooc poepe acooo oe .

Cey pepe acca ooo cyae aco pey eo eeeoo cnoe: p oo c pe; yeo peya oo e pa; y (aoe oep ecpa) oo c pope (a. 7).

B ao ae e yaac yaaea oyaee poay pe, a yaaa ype co ooa, .e. paa ey ey ypco a eo coe. Oeo, ype coc a ooey pao ee oo-o o epo o a. 7, a oo-y o pee .

pee oo e oee xapaepc. O caappoa o cpoa ec (oo epe pexece epa). Cyecy ae opae o cpoa oae poaa ooo (oo aea peopa) a pax aco CBOE (Chicago Bjard Option Exchange), Aepaco AEX (Aerican Stock Exchange), aeco PHLX (Philadelphin Stock Exchange), Txooeaco PSE (Pacific Stock Exchange) ee c yace Kpoo aa aee pooooo cpo o ao cee, coaeo, pc o cee . Oo caappoa o a ex ya: oe (poce) a, pee ec ex ya ocyapa ocpaa aa. Ceoe e opec epe cpoae epa yo, e ey aepa coepac opy, e cooa a paax Peepc Teepeepc ece c oea ceo, eaa acoo pecce. eae peo po ooo oee .

Coepeo o exa ec y pooaox eo. O e aa eocpceo a pe, o ocya peo oopo ex ya.

pooaoa cea pa coo epey cpoy cey. o cpoo ce cya peo cey, a a pe cey a cpo c e oye ypcoo . opeo pooaoo ee oa y peoo poa cyae, ec poopyeoe eee ypca e cococ a cpoo e e pece p. Oao peo cey paccae, eo poo a eee ypca opaaec ae yye, oy ey eoxoo p yco e, .e. npoopoa. Ta opao, pooaoa ea aaec pe poo c e oye p oe ee cpoa poox pex cey o ooopy cpoo e, aeoy paee.

Cyecy e paoo pooaoo c penop (copeeoe aae ooeco epaype peo) enop. paooc opeec ooee peoo poa ee: peoppy; e .

Pop npoooa cpa cea no npoae eo ya npoeyoy aey a apee yaa ooope cpo no ee e e ee opaoo yna peo oe oo cpoa. pe, aa o a, peae peopy, oa poopye poc ypca, op pec p poee peo oepa, e . Ceoao, coee e a oe pey pee eex cpc a oay popeaex ex ya, oe aaa c o yeo ae po . E pe yp paoc coeo paca o oe ypca o ye pc, o aae pooaoy ey, . B cyae pe poae eee aoo-o epoa pee ocac e a oyae eo ya, e aa coex eox . Eo opae o pooaoo ee co ero ooop o cpoo ee a c cox acox pecypco, c pao poa ee ya o oee cooy ypcy.

a, oa cpo ooopa o cpoo ee ce, pe ye pe a oo pepa, op a pe a poe coac a o .

pe a oe pea ye o cpeca ey, pacac c opae pea ee, ooy eo poe e oe e cpepooo.

Oepa peopa pea cxee 18.

pep. pe a ooop cpoo ce a oyy eo ya: a o ypcy e (ceoo ee) 80 e co cpoo coe 1.10.94 . Oao oey coe ooopa ce (1.10.94 .) ypc eo ya e occ occ ea. B eee opeeoo epoa pee, apep, eca (o pacy pea 1.11.94 .), ypc oe ye . o o aae ooop c ao a cpo o 1.11.94 . ( ppo), oop coaae y e a o 80 y opaea pea e poa pey o ee 85 , , , .

a e e ceax pco o oepa peopa, a a cpye ooope oyy poay a o cpoa ypca, ope ooceo oo, ecop a eee peo oyp, pe ea poa e e oy a ey, a pao, e e cpeeo ypo poea. Pc (opeo pc a pax o ee) ee pe. B oe o epca, e pocxo epeoee pca a opaea, ooa, opaaeo paep pca pee, pooaoa cea e yeae pc pea ( .. . --: , 2006).

oa yaaec, o pooaoa cea e paooc peoa o ao ex ya. Oao cyecye paa: o-epx, oeceee pa pae c cooyo ex yar, a paep pea coae cpee 60-70% o x peao ypcoo . B pooaoo ee oaaec c co ex ya o acpoaoy ooope e peoy ypcy. Bo-px, p poa e epexoa paa coceoc o ao eo ya. B cyae e ocye epea paa coeoc a cocee ya (ea y-poa).

Ec y xepoa opae pca c oo e oepa peop e o, o y eoopaoa epe p oo oee eo oepa peop aoea. Oa oaae po, cxooec apaa eo yaco a opeeey ey o a yye, xo poo e ocoae a peax pacax (aa aeca eo ya, aa peo oyp).

p onepa, oopoa . Cooeceo ee peae pe, pa a oee, ee; oa ypc eo ya e oc oc eaeo, o paccae a aeee oee ypca.

Oepa eopa paccop cxee 19.

pe a ooop a poay eo ya, apep, a o ee 80 e co cpoo coe ce 1.10.06 . Oao oy coe ce ypc e oc oc eaeo, a ce e ae oaeoo acooo peyaa. Bece c e y pea ec yepeo, ypc o ey yacc oy ypcoy pay. C e o pea poo ey, a ooop c py o (o, popo), oopoe oo poca ey ee ya a, poa x epoaao o oee cooy ypcy, e eoa ea opaoo ya x a peo. a, o aae ooop c ppo, ao a 1.11.06 . o oye y eo ex ya o ypcy 80 e opao poae ay o ypcy 75 . p aa, a epo cyae xpoa, + 5. Ec pace pea opaac, , y ee ya 30.10.06 . o eyey peoy ypcy, apep 70 e, o ocyec oay x ex ya o ypcy 75 e, acpoaoy ooope eopo e.

Ta opao, xo cea pc o ee, pc a ee, ece pe, o e pe eae e oyxa, e aacpy co peae a, a coy eaepae a aee peo oyp. cooae aex cpc (peop) aex ex ya (eop) ya pea e .

aa 6 HKOHPOBAH BATHO P

6.1. Baa a oap

a ce ocpae eee e, paee x ee y, cpeca nea, a ae paoee ea. Baa eye o aa eex : oap CA, eapc pa, apc , eea apa, eca poa ..

Hae aoax a oyce eoo aeoo cpea, opoe oo o cooa aece eyapooo cpea opae p paceax o ee poe, o pea, ec, eocyapce aea .., peope eoxooc oea oo a a pyy.

Baa e coeopa oapo. Oa opaaec a ceax pax, ope aa . Ba p npecae coo ccey ooe no nooy yn-npoa oo . a yaa ax po pye oepece a, aoce oa, poepce p pyee opopa. 8595% ax ceo, ocyecex a ax pax, pxoc a a poepce p. o ooe xapaepoa a po a .

B acoc oea, xapaepa ax oepa aopa coyex a ae p e a:

eyapoe;

peoae;

aoae ().

ae cpa xapaep ca aoa, e, a po, o e oaae, Pocc e pae yace a eyapox, a peoax ax pax.

Haoa a po coec ooe no oy yn-npoa opaeoo eca cooo oeppyex . ae oepa, a pao, coepa a ocyaex . Cpe ax eo poee pp, aoepe oeca, ace a, a, ope e ceapy a poe eyapox ax oepa. Kpoe o, oepa aoaoo aoo pa ooc ae e, coepaee oe oa ey coo, oepa ey ac a, a ae ce, aaee a ax pax.

oepa y-poa a eoxoo e eoe pecaee o ao ypce.

Ba ypc onpeee coooee ey y aa, c noo oopoo npocxo oe oo a a pyy, .e. o ea, no oopo oe npoaa ynea aa oo cpa, paea ae pyo cp. Oa oe opec cpoco peoee a a op eopaeo pe e yaoea ocyape aooaeco ( Pocc epa ).

ae ceo ypc a opee acoc o coooe cpoca peoe o o a, oy o e oe eo ocoo, a a oco e cpoc poee a ao pe. Kypc a, peoee opo opaeo, ae, o a ypc a c peoee .

p opee ypca a cye y, o oe pec pa opaa poa. Oa ae c oc o epex ao oce a. Haoee pacpopaea npa opoa, oaaa, o opeea cya ocpao a, a pao 100 e, cy ocoae pae oeec e cooecye cy aoao . Hapep, ypc eapcoo paa 72,5505 a roace ye oaa, a 100 yeo a 72,5505 eapcoo paa.

Pee peec opaa opoa. Ee ocoo ec epa cya aoao . Opaa opoa ea, opaa po . Oa pacpocpaea ocoo A. oce e, o o 1971 . eeo-peo cepe A ocyoaa eca cea, oy opay opoy o ee cooa a pae. Ee coxpa oce oa eco c. Kopoa cey opao: 1 .c. pae 1,8260 . CA. Bo ypee oopoe CA opaa opoa coye a.

Bae ypc paac acoc o, coepae oya poaa a.

1. o ypcy oyae a popeae . Hapep, ypc 72,5305 eapcoro paa a 100 roacx yeo oaae, o a oo y 100 yeo, peo 72,5305 eapcoo paa. Ta opao, a ey ocpao a peaae opeeeoe oeco aoao a, ea opo oco ee.

2. a poae ay o ypcy . Hapep, ypc poaa 72,5505 epcoo paa a 100 yeo oaae, a o poa 100 oacx yeo a 72,5505 eapcoro paa.

Paa ey ypca poaa oyae coye op epe aa coep aocy p. Too ycaoeo e pa, eyeo ape, . ao opo ao ce oa ac o pee ea ee ocye. B ocee o paa ey ypca oyae poaa o ey aa copaac. ep, cae c ocyecee ax oepa, cc a ce pe oepo ex aeoo poca oopo po.

3. opeee cpee apeeco ey ypca oyae poaa coy cpe ypc, op paae ooecx coocae a ee poey pee. Taoo ypca eeoc e cyecye, oao eo ea eeo cooae cpca accoo opa.

4. pooe pacpopaee p poee ax oepa oy pocc-ypc, pcae coo opoy yx opax . p oa x e e aoao ao yaca e, ycaaaeo ypc. Hapep, ypc eapcoo aa 24,0735 .c. a 100 apo P; ypc aa P 37,7324 paycoo paa a 100 eapcx pao.

C 50-x oo cece peapyeo e oapa CA a ao pe ypc aoao a ao pa paccaec cxo ypca oapy CA, ypc aoax a ycaaac, a pao, oceey.

Ec, apep, eapc a xoe y ypc eapcoo paa eco poe, o cxo ypo oex a oapy CA ae o pocc-ypc eapcoo paa eco poe:

x eapcx pao = 100 c poa;

3,7946 eco po = 1 o.. CA;

1,9872 eapcoo paa = 1 o. CA;

100 ecx po = (100*1.9872)/3.7946 = 52,3692 eapcoo paa,

6.2. Opaa ao p

peoaee pep oepec aa paa poee ax oepa eyapox pace peoao coa ypeo eaocoo aoo pa. oy 1991 . oca CCCP (oee epa a Pocc, a e a Pocc) opaoa ooe pyypoe opaeee ep poee eaocx ax oepa ( aa pa). B 1992 . epec aeeo pa ypeeo pa, a ae paca CCCP opeoa ee cayca ao p. opaee epaoo aa Pocc oa pepaac oeaoay opy opaa eaocoo aoo pa (ococa eaoca aa pa B).

oyee p e ec eocpceo e B. aaa B coc , o coa eoxoe yco opao peypo pa oaoo eaocoo aoo pa, a p oe coecyx poco pa pae cpye ao po (oo, cpoe e, copeee eo paxoa ax pco).

Ocoe y B aac :

ayypoa cpoca peoe a ae pecypc;

yaoe eoo pooo ypca py o ea oepa ao;

oecee ooex apa p ae ax ceo;

opaa po ae eo o ye poae opao a c yaca opo;

opaa poe pace ocpao ae pyx o cea;

opee eyeo ypca ocpax a py;

cope aae opa o poeccax, pocxox a ao pe.

B e ayc aoepoo oeca apoo a. Ha oe opaa ee yca aa coca 249 . . pe B pece a: 30 eyx ao ( ce epa a Pocc, Cepa P), e acoe oa, Accoa Pocccx ao paeco .

B e B oy p a pye acoe ypee (oa), ope e e a coepee ax oepa, oyey cooe c ecy Poccco eepa aooaeco e eee e a 6 ece o oa ae o pee e B. eae ca eo ao p ae paa cey nae oyeo:

apao aepey o ycaa;

apao aepey o ceeca o pepa;

apao aepey o e a poeee ax oepa;

aepe ay ooo aac a oce o apa;

pecpaoy apy;

c oppecoex ceo;

oaae oea aocoo ocya eyp;

cco paee (epo), yoooex a poeee oepa.

pcaee oye ao poep occe o ae pao peo eeo. Ocooe ae oa oe , cyae e B o e e eee e oyooo o poee oepa c ao o o poe oepa c py. Kpoe o, aeo paccapa acooe oee peeea pooe ae oepa. ooe aee e peceaeo peea, eo , coee aoo aooaeca, cee ey pyx eo aocoo .

Peee o pee e B pae pe coeo, op a ceco o pee e B pcaae py ey pepao oep.

e ao p e npao:

yacoa poe pex oepa coeo e a co c o coero e a ce cox e;

ooac ceo pace o opa B;

oya pe peoro coea opa o peex, acaxc eeoc eo B a pe.

Oaoc ea ao p c:

coee ooe yppex opax oye;

ee pee peoo coa pe, peaepyx eeoc yaco po B;

copoe ee oae o cea, ae B;

eeoa ya po ea ce o oax eeoc oa a o oooo aaca;

yaa cyex eex ecx oco, paep opx ycaaae pe .

B ep o eeoc B co ypee eo p, pax yace pax, coao 66.

Cpyypa ypae B peaea a cxee 20.

Bc opao ypae B c ee copae eo p. pee ocox opoco pa eeoc B Oee copae pae peo coe, coca opoo a peae aa Pocc, aocx pex accoa coo, ayx . pe coe coac ooe occ o oco apae eeoc B. Kocc peoo coea oa ea peoro coea, x paoa ae cooapoae ceac pa .

cnoe opa B, ocye eyy eeoc p (paee o ae c pee), aaae copae eo p.

6.3. B ax ceo.

Topo ao ocyecec e accoo cpoo ao . o acco ao ce, .e. cee cno, aa oae cpay, a pao, e oe e epe a paox oce ae ce. Baa epece oo o eepay. Ec epecee a pooo ecoepeeo, oa copoa a poe a pocpoy. Kaccoe ae e epy oep pe coepeeoo oye opao a, eoxoo coepe eepox oepa. C epexo aa a ypca ycc cey ee ac .

ypcox oea a ao pe, apep, cooae peeoo papa ey oye a ee . poo pacpocpaea paa ocpooo aea , apo, acaoo eo aa acoc o oaeo a poex cao ax . opep cpe oa ce acao po, ec oae peaa yaoeo a aea (p cpoax ax ypcax), aa aaeo ypca ao a . p opax eex pa ypca a aea oaa ye acao aac. B oox apaax opep pe oy ypcoy p. copep ye cpay e oea oyey ocpay ay a aoay, ec ypc eo a oae o ooe ypcy pao . B poooo cya o opee c a oeo c e oye ypcoo p a c oee oe peaa a.

pya oooc coa ypcox oea caa c eee o a ax ceax aoax (ae cea) apax (ae cea) aax. Cea co oe a yxcpo, a . p yxcopoe poe oeac aoae a yacyx cee opo.

B eyapoo poe ao coc opeee op paa, e ycaoee aooaeo ooopo ope, o o cea coaee p coepe . Hapy c yepc pao epece ycaoeo cy o accoo cee e oec yx e oce ee ae ooe aee pope eye paoo ycaoec paa, ope eoxoo coa aoeo pae.

1. Oee opo. Baa cea ocyecec pepo cey o6pao: ep, pe cpoc a ay peaa ee, pee ceo ce ooee a ao pe. o o oyec, a pao, eec ae eyapoo opaoo . Ha pae ce o aae opo a eyapox acox pax. ep caec c aoee oxo ey ao c y apoeoo epa ypc poaa oyae o epecyeo eo ae, pe eo e cooae o oye poae a. p epecax oepa eoo peya aa apoe ep oe coo oaee ypc, ceecy o eo oooc poa y ay o aa ypca p a pe ao paepe. paec po ocyeec cya, ecoo pa pea ae. apaa ep ee opeeeoe peyeco, a a o pae peee o oye poae a oce o, a ya opo. B cyae ec apaae ep e cooae oaee ypc a, apaa ep oocyec opa ypca, e oa aa cey e aa ee a opeeey ay cyy.

2. peee c noo oc. ooe aee ae ce ee paa ey ypca poaa oyae, o oopeeo opee paep p aa, ycaaaeo ypc. p o ea apa caec eoc, a 6o eeoc . apaaeo epa oee peaa . Oao ae ee ypc oy ycaoe oo cyae, ec aoca p ocao ea, oeceae ae pa co oopoa po. ee ypc yaaa ex pox apepo, c op cyeye ooeee copyeo aa po oo oee.

3. oe aee ce.. ocoy pe e, a pao, o oe pyx cyax, aee ce cpay e oepae oyea, o cy oe cee ee aeo. aee ce oo a: op oeaex a; ca ypco; yaoee pyo cy ce; yaae apeco, o op ye oac .

Bp o ax ceo ec cpoa, opapa, aa ca.

Heoxooc ax eo aec cpeee ee yao aaopeeo yao ypc, o oopoy yy pocxo pace o a cea yye. Cyoc opapo ao e aac o, poae ep a ce oaeco epe opeee cpo ( peeax o ooo oa) epea oyae ay, a oyae oyec p ee oa cooe c yco ce.

p opapx eax ycaaae ypc, o opoy yy ocyecc pace yye. O oc aae cpooro (opapoo) ypca. B eo ocoe e ypc accox ceo, coc a oe ae opapo e, a ae aa (peop, ao) c (eop, ao).

C epexoo aa ax ypco eoxooc cpox oepa paxoa pca opoc. p coepe opapo e poeyo pee ey aee ee coee cyeeo e, e p accoo cee, oe coca ecoo ece (o oa). Oo cpo ypc opapo ce ooapa p oca opaa. Kpoe o, accooy ypcy ycaaa aa (peop, ao) c (eop, ao). Paep peopa opa ac e oo o oea opapx ceo, o o pa poex aax o oe aa. a c ec ca "co". Kypc o cpoo cee opeee a coooee cpoca peoe a ao pe oe ae ce, pae poex caax o .

ap e paccapa . Hapep, ec poee a o ocpao ae aeo pacy, o oae cpoc a y ay a accoo pe, ooy pac ae ypc co. Oopeeo cae cpoc a cpoo ao pe, a ceoaeo, opap ypc. B ao cya ee eo o opapoy ypcy eop o ooe accooy ypcy. p aax ax ypcax o xapaepa eye ee eo e (epx ) ac a cpoc, a poee ao .

cooae opapx ax ceo oo opepo copepo oe oye oee aeo oco ay ce, a a ye p ae ooopa eaco o cooo ypco a a oe oa, y oex eo opo cyecy yepeoc oye yaoeo cy. Ce coepac o oe oepec ao opap ypca c eopo peopo accooy ypcy.

Paccop a. 8, e pcae accoe ypc ca .

* aoaa aa oapy .

** p CA a y cepo.


ocee pae ope poo ac ypco cooecyx a oapy CA, opoy pe accoe ypc. a "+" "" e yaa, ocoy ax oeo, pe e o peope eope. opap ypc paccaec a cya (paee) peopa accooo ypca pao (ae) eopa accooo ypca.

a. 8 o, a a oe oap CA poae co co o oe ape P, eapcoy pay, oacoy yey c aao o ooe paycoy pay aco pe. y epo ae poae co co. B eo . Heaco a e accoo cpoo ypc poaa ca e ypca . Kpoe o, paa ey cpo ypca poaa oyae oo ecoo oe, e .

Paccp pep ce cpooo ypca o a. 8.

Kacco ypc oapa CA

oacoy yey2,7558 2,7578

eop a 3 eca42 32

= cpo ypc2,7516 2,7546

B cyae apa o acco ypca paa 20 ea, a o cpo 30.

B ceye pepe peoaae, o peop o 3-ecoy ypcy oapa pe 8,75 9,50.

Kacco ypc oapa CA

aco pe 1436,66 1438,66

+ peop a 3 eca 8,75 9,50

= cpo ypc 1445,41 1448,16

apa o acco ypca pepe paa 2,00, a o cpo 2,75.

B peex pepax cpoe ypc oo ca cpoa paa p ae cpoo . copep opep o pe, yy o p ax ycox coepa cpoy ey cpaxoa oocpoo eopoo oepa. p ooaeo ycaoe ypca o o y, cpoa ea caa c opee copa. Paa a a cpoo ao ce.

1. poca opap cea

B cyae opaa ea aae . Copo ooapa peoca opeey cyy aoy cpoy o yaoeoy ypcy. o opapx eo o ee poe coyec ex cpaxoa ee aoo ypca.

Hapep, A peae oe oap CA a eapce pa cpoo a a eca. O apaae epa oyae o eo a 10 epa 1995 . ceyy opoy: 1 o. CA = 1,9765 1,9773. p ae ce 10 epa 1995 . o oe a 1 .o. A oyae 1,9765 . eapcx pao. Ta opao, A oa peoca 10 ape 1995 . 1 .o. oy 1,9765 . eapcx pao eaco o a accooo ypca e. A a copepa cyecy apa oy oe a pac ey ae oapax CA yy cyy eapcx paax. E e eee yx ece ypc oapa CA eapcoy pay opac, o oy ycaoey o ooopy cyy eapcx pao, xo acco ypc a 10 ape 1995 . aopee, A o oy oy cyy eapcx paax a pac ey ae oapax . Ec e ypc oapa CA a poe yx ece o, copep oy o aepe cpoo e yaoey cyy eapcx paax e ca e a oep. Ec oe ae opapo ce 10 epa 1995 . oae poc (aee) ypca oapa CA o ooe eapcoy pay, o cpoo cee yaec c oo peopa (eopa) accooy ypcy. B cyae copep pae peee: coacc a eop, oa ae ypca, e ceypoa a oaeo eo oe, aec a o, ypc oae a pe ypoe. O po pe, ocoaoo a aope pca, ac p y yaco e.

2. Cea con aa ca, opa aae ey aa pa coo oa y poa oo o e a, o pae cpo. Opeeea cya a paax oo ce oyaec a cpo poaec a accoo pe a. p cya ocpao a, oyaea ycaoeoy cpoy, yeaec (yeaec) a ey a co p oee a c eop (). Oo pyx oeax ce co coepac y epa .

6.4. exa ae ceo c ao.

C c ao oy coepac a a peo, a epeo (eaoco) ao pe. B poo pae ocoa o ceo c a pxoc a epeo aoc a po.

B aoee pe Pocc xapaepo cyecoae yx ax po: peoo eocoo. Hae ocao ooo oea pocccx ax p o cpae c apye paa oycoo eoo yao ooeco cyae, coec ceo cpae, caopa poo papyypo, co pco eoe oaec o ca a epeo pe, eoxoo ycaoe ypca a coepe ceo c a, ee opaeoe xoee, a ae peee paea o oaeo poae epe ae p 50% copo py, oyaeo -. Pae poo pacpyyp, cooae copeex cpec c cococy yee o ceo c a a epeo eaoco ao pe.

aa eo c ao a pe cya ep pop, oe aa . Ce coepac p occe epeoopo o eeoy, eecy, eeacy c coae ce a, opa ocyae aeo Reutes.


pee p a ao pe po coe c cao p, a ae aooaeco P, peypy poeee ax . Baa pa e . pao yacoa pax a e e ee ypee, a ae opaa, pe e p.

aa opo papeeo ocye onepa yx o:

o coeo e o opye e;

o coeo e a co ce.

a opo oy oep ocyecee oepa a ao pe co peae, opx ey epa. Oao ep a ao pe e oe ocyec ce c, o e pecaee yaca po.

B pex pax eo yac oy pecae oo aoo.

opo ae ax ceo a pe peae cy opao (cxea 21).

1. K npae peee o noyne npoae ocpao pae yaca opo, epe oopoo yy ocyc . Ta opao, e ya po poaa oyae a. Ceye e y, ee poao oyaee o a ppe, opaa, a o a, e e epaoo aa Pocc a coepee oepa c ocpao . B c co cey xapaepo ax ceo ay ece c ee oopeeo yaaae a coepee oepa c a.

2. Coaee ey eo yaco opo. Ec yac po p ae eo c ao cyae o coeo e o opye ea a eo ce, coaee c eo oope o eo ycope ceo, .e. oyeao (ceoe opyeco, ac, eec), yco.

3. opoe cpec ea noe ceo. Ta a yac po a ao pe ece acoy eec a eoee e cox oaec, o pae peoa o eo opoa ep aao po ce a cy e, aeo eo pa ocpao ae pyx.

4. ope a ea. oy ( poa) op a pcae yacy po ay.

B ae oe yaa ay ce ee o, paep ce peoe a ypc (ec aa poaa), o opoy coace ee y ( ). Ec a epoaa, yaae, o aa oe yea ( poaa) o eyey peoy ypcy.

B ae a oyy ocpao a e eappy e ee . Ka pao, aee e cya pace no cey a onepa:

oya apo ycy, pa a eeyay coceoc, pace o op ocye a ycox e cpo aea e peoaa pecae pee aex cpec opao ae;

epeo a pay eo o ec ooy Pocc;

ocycee eyx aee o ae poe ocooo oa o pe a cpeca ..

5. Ope ynoooeo ae cneaoo cea ea. Ceae ca cya yea ocpao a, yeo e a ao pe, opac yoooex aax, oyx opye ea a oyy ocpao a. oooe a ocyce opo a ee cooae cpe, axoxc a yaao cee, yae ocyee ccae acox pecypco o pee ea coecyx oye.

B cae ec opaa aa yea a ao pe c pee cooecyx oye, ee eoxoo cooa eee e oee yx ece o a ee ace a cea ce. Ho ec aa yea e a coyx oye, oa oa paoaa eee e oee 15 paox e a ee ace a yaa ce. o ee cpoo xpae ecooay ay ea yooo a oa poa a ao pe a opex opax.

6 aa yaca opo a noyny () npoay ocpao . ya oye poae opao a epe aao opo ee yac pa ypcooy aepy, eyey peo op, papee a ce o a cpe a x oppecoex ceax ocyax x aax. Kaa aa pa oe peoeoa yaca po p oppecoee cea opx aax. B aax yaco po e ae paa a oepa, pooe a co c, a ae o opye e yoooex ao, e xc ea ao p. Paa a a npeapex ao yao po:

a oe yae pax;

a aooe yace pax.

B ae yaca po yaae cya oy poa ocpao a, a ae ee ypc, o opoy o o y poa ay. Cya oy poa ocpao a yaae oapax CA. B 1994 . aa cya oy poa ocpao a cocaa 10 c. o. . B eee ceo peoo eo yac epe cox paee oy oaa ooee a, e cy oy poa, a ae ypc paee oax ao.

peapee a o pecae yaca po e oee e a 1 . o aaa ayoa.

7. peo op a ao pe poo ope ayoa, op ee ypcoo aep. B eo oao ae xo opeeee eyeo ypca ocpao a py.

p poee ayoa ao ycao aa ypc a, c opoo aaec ayo. B aece aaoo ypca oy coac:

ypc, acpoa a peyx opax ao ao p;

oce ypc B;

oa ypc epaoro aa .

Kao yaax ypco pa a aa ypc, ycaaae peo coe opeo p.

epe aao pa ypcoo aep oe cy ao a poay . a a poay coca npeoee, a oyy cnpoc.

Oaoc aepa aaec ycaoe aaca ey cpoco poee, .e. o oe oc ca.

c o cocoe opo, np oopo oe ao a npoy ocpao a coc pa oey o a ee noyny. oe oce ca e oe aepe po (ayoa). c xapaepye opee ypco ocpao a aoao, op aoc ypco ae eo ocyece pace o a ax opax. c e oae aoaec. Cyecy onpeeee npaa, ooe ero .

1. Ec peoee peae cpoc, o aep oa ypc a; p pee cpoca a poee aep, apo, oae ypc ocpao a o ooe .

Hapep, oe oy cocae 1200 ycox e a, a oe poa 800, .e. oe noy peae oe poa, o coae yco poca ypca a. B cyae oce ca eoxoo:

) c (ye) oe oy;

) .

Ec e oe oy ye coca 800 ycox e a, a oe pa 1200, oe poa pec oe oy, .e. ypc a ae . B cyae oce ca eoxo:

) c (ye) oe pa;

) .

2. He oycaec eee apae e ypca ocpao a aoao oce epoo ee aaoo (cpoo) ypca.

3. Ea ee ypca opao a aoao poecce po opee ypco aepo. B aco o pa ey cpoco poee oa oe ycaaac o 0,1 o 10 .

4. ooee a o ee cy oy pa oa yaca po epe cox epo.

5. Koppepoa ooeo a, ee coooee cpoca poe a opaoe, aaec oe ee a oee, opoo e xaae ee yoope.

p oppepoe ao coy ceye x :

oaa ay a pay;

yeaa oe oy a;

yeaa oe oy a;

caa ay c pa.

p oopeeo ocye oo ao o pax epo pope ee aa, acaa o ee.

cxo pa oce ca oo a aepax apaa ycaoe peoo ypca.


Bapa ep


o aa, ocy a py o aaa po, ypcoo aep (oaoe o p) ycaaae epx npee (ypcoo ca), paax opx pooeo oe ye acpoa ooae ypc po, apep, a 1 o. CA 19002000 py. : 2000 py. ypc poaa (o y ypcy pecaeo aoe oeco ao a pay), 1900 py. ypc oyae (o y ypcy oyo aoee oeco ao a oyy).

Paccp ec ypcooo aepa yao po.

ec ypcooo aep. Kae 3 . ypcoo aep ee ypc py cpoy oe (ec cpoc peae poee) oe (ec poee peae cpoc). Kypcoo aep (eo oo) cpye poecce po ce ee, ecee ee yaca ooe oeca aeo a yco ee poa.

ec yaco . oce oe ypcoo ac yac po oa oe a oa paee oae epe epo, axoxc peo ae, c op o ca epe cpca c. oaa ox ao o capx ocyee epoec (c epao 3 .) o epe ee aoo ypca.

oaa ox o apx ao ac o coooe cpoca poe.

p npee cnpoca a npeoee:

poa a oy ye oeo peaaeo a, a ae e yco paee ax ao cpoy oe ypca py o, o caacpoa cpoc poee;

oyae a oy ye oeco oyaeo a, a ae e yco paee oax ao cpoy oe ypca a o ooe py.

p npee npeoe a cnpoco:

poa a oo yea oeco poaaeo a, a ae e yco paee oax ao cpoy oe ypca py;

oyae a, a pao, yea oeco oyaeo a, a ae e yco paee oax ao copoy oe ypca py.

p ocyece ca ypcoo aep cpe y, o o yoeopeo acao oooe oeco ao o oy ypcy.


Bapa opo


Ayo aae co capooo yp. peypoae cpoca peoe pocxo peeax pa ey cpoco poee. B oe, oa cpoc peoee ypaoeac pap ey ee a poooo, pocxo c, p . Bce opee ce a aee cy coepac o acpoaoy ypcy (a. 9).

Hapep: cpoc 892 .py.; peoee 417 .py.

oce ca ypc cpay e ca a aoo aa. pa opay oepay ya cpeeo ypca poaa oyae .

8. Pecpa onepa no yne-npoae. Bce oepa yaco po o ye-pae ocpao a eeeeo peppy a ao pe c yaae:

oeo oy poa ocpao a (c eee oepa, poox a co c o opye e);

oeo poa ocpao a co ceax ce;

aoo ypca o ae ea;

e, ocyecx oyy poay opao a;

ee oy ea opao .

Oao cey oe, coaco aooaey P aa opa o yacax po e oepeco ao oa .

9. Pace no cea. oce ooa pex po aee ce oop pe ceea, e cy ooopa. O ca yx epax, oca ypco aepo yaa pa. Pace yao po o cea, ae a ao pe, ocyec a ocoa pex cec, cooec c ycaoe opo pace o pe oepa c ocpao a, opee:

1) a, op opae ca yaco po yacye paceax;

2) cpo ocyee pace o ea;

3) eeo yaco po ao p a apyee opa cpoa poee .

aa 7 EPCH TOPOB

7.1. oe epco opo

pc opa caap peo ooop a nocay oapa yaa ooope cpo no ee, onpeeeo copoa np coepe ce.

epca opo opa 6peo opo pe oapo nocpeco epcx (cpox) .

epc opa caappoa o ce apaepa, poe ooo e oaeoro apa, opa e poecce pex opo.

Caapa epcoro opaa ae ya cyx ocox noaaee: opeea coc apa, eo oeo poe yco opae, apa, eo acoe oeco paep oa a oee o eo, paep ap oapa, yco cpo oca, opa oa, ca a apyee yco opaa, opo appaa p.

Bo epco opoe e aee apa, a op aae opa, oeco ax opa, ec oa , aoe, ea aoro oapa, poaea opae.

Bao ocoeoc epco po, eae ee aapa, e oeeoc paa. Cpoa o epco opae cya e poae oyae, a pae Paca aaa oyae Pacea aaa p. oo poay oyae ecoa eaco py pya, .e. poa co oaea o paee oopeoy opay ye coepe opao ce c Paceo aa p.

Kpy oeo epco po oe po. ocoy po epc opaa o pea oepa c pe ooopa, a e c ca apa, o x ocoo oe e oo ap a eoe aepaoe ao, a ooe o oe opo, anpep, ee ya o cex cox paoocx. Ho pa oeo po c opa, oo poa opaa a opa, opaa a py opa .. Oao oe, eee opaee yaaoo poecca e c c po peaoo apa, peaoo aaa ..

7.2. cop p ooe epco opo

epca po oa peo po pea apo. epoaao pa a poco ec, e aac pyooe ape ce c a pe apo c ocao oyae eeeo a cpo. apaeo y poeccy o pae po apa x opaa, ae a py, c oao x epe opee cpo (oo cc eca). B oce cyae ap o ye poee, o eo ee oo peco poec. B e po apo c eeeo ocao po c ocao epe opee cpo peye, ooapaec cpo pea opeee opoc o aece yyeo apa, paepax oaex ap ..

Ce, aee co cpoo oca a yyee, e o opa c eeeo ocao apo pey oee eo caapa apapoa x coe. ae oop, o epe pa pyo poeoc eax o peoa oa eoxooc oeeo peeo caapa apx eo, c oo opo, apapoa x coe c pyo. Ec aapa eo oeae x aee, a a, e yee pooo oopa, apapoae peye a ao- opaa, opa ep a ce yaay aay. y aay yceo o p, ope poo oy pay o aapa yco aaex ceo apaa x c.

Cea apapoa coe ceo paaac yx apaex. C oo cpo, p coaa paxoe, apae aac pex apo, a c pyo pooe pae oy exa epepoa paee aex pex opa, oo poay oyae ec oaa coe peoo ooopa ( cy opeeex ooecx yco) poa coe ooopoe oaeo y ooe. ocee ocoeo ye o peo papae caapx pex ooopo c ocao oapa a cpo x opae a caocex oe peo .

Ocoa pa eoxooc pa epco po coco , oc oeceae ce ex opae, ope ee po eocpeeo pe apo. Ca ap a aepaoe ao ece cee opae pa peo p. ac o x oo ye opaa po e ca oapo, a paa a ap, .e. epc opaa. Ky-poaa apo a pe yyae eo peoy oopy epcx opa, c opx c po peaoo apa oc ocoo oce xapaep, a a ecoo poe o oeo ca opa aaac peao ocao apa. Kocea e c coc o, o ae opa ooo poa oya x coe c e eec poo oyp a x oepecy y eeoc.

epca opo oac o po ooe XIX . Ee ooee pae ca c e, oa ooa c pc eaopx oea e a opaee aaa, ye paep peepoo aaa, peyeoo a cya epo oyp, ycop opa eeo ope aacpoaoro aaa, yee pey po, c ep opae. Topo a epco pe o cpae c pe peaoo apa a peyeceo xapaep eo ( ecoo poe eo aepa ocao apa, a ocae a pa eax); ocoo ocea c c po peaoo apa epe xepoae; oa ya cex yco opa, poe e cpoa oca; oeeoc ceo, a a o peppy e ey e oyaee pao, a ey Paco . Ce a epco pe aac a a ap, a a a, ec a, poee ca .. Oe oepa a epco pe, a pao, o oo pa peae paep po pea apa.

Oco apa, e c oop aa a epcx pax, c epoe, acoceea, aca, e eepoy, paoee e a, xoo, caxap, oe, aao-o, o .

7.3. e epco opo

e epco po ceye paccapa c o p c pe xoca eo.

C no p epca opo peya eceeo o pa peo po ycox pooo xoca, .e. poecce oco oypeo op pax o pox ocpeecx . aoap o peyeca epe poe pea apo, epca opo ooa pa ycox aoe poo oo, apaaa aaa aa coeo cyecoa pa. ae oop, e, opy pecoa p, paa epcy opo, coc ye oxoo paepax, eoxox cyecoa poo cpe.

y aay p o peaoa oo cyae, ec oa eaa opeee opeoc pooro xoca eo a opex aax .

C pe pooo xoca e epco opo e yoeopee epeco pox pyo ppaee cpaxoa oox ee e a pe peaoo apa, x poopoa a ye cpee e ap, a oeo cee oye p o peo po.

Boooc poopoa e poo ooe eae cooo ypo pa ooece pooca, eo eyapoo epa. epca pea po, ocoac a yaax peocax, coae exa aoo pooo poopoa e. Toap ee e coa (e pae, e o), a e a eo epe y-poay epcx opa ye e y pao , oepac cex pocxox opyae pe poecco.

Boooc cpaxoa ee e a pe peaoo apa oe aoap y, epc po oocoe pa peax apo. p a cocao yaco, ec po, ypoe ao e ..

7.4. exa peo epco opo

Oco eea exaa peo epco po :

opaa peo opo epc opaa;

opo pace opo a epcx opa;

opaa coe epcx opao.

Topo epc opa aae c oa e a pecae poepco p, pye a pe. opa a oe ceo yco acoc o o, ec e oc ao p pao, ee ooop ey e po a oaae ey pex . aa ae ae o ape, cpoe oca, oece opa ee. Ooceo e e ooapae o ee opooe ae, o a pa y (poa) opa o eye peo ee.

pae poepco p epee ay (oo o eeoy) eocpceo peo a poepy, paoaey a ay py, co opao ep, ec pe pao p ye aooc.

peo poep poecce po pae co aa a y-poay opao: peaaey ey x . B co oep, pye poep, oye aa a poay (y) o e a opa, peaa co ey. p coae e oy e poa ea caec aeo eeeo pecppye pe .

oce ooa pex opo poep poep pe aex ceo, ae a opa o eoe opao apae oo o e.

opo paceo epco poe ee ocao co xapaep. aepa ao, cepeo cex pace o ep opaa cyae Pacea naaa Pace ep, c e exec eo opaa epco opo. Pacea aaa paa oecea acoy ycoc pa epcx opa, ay epeco e, opo a pe oepa. Pacea aaa cyae a pe cpoa ceax o ce opaa, .e. oyae poa pa a ce acoe oaea e py ep pyo, a epe Paceo aa. yy yaco o e, oa pae a ce oeeo aee apaa.

Pacea aaa:

pecppye peyae pex po ce;

opeee ae aooe cy o ae epc opaa;

opeee epece cy pe pope eo Paceo aa p ooe eye peo e o opao, p p ooo ea e pope pyoo ea ao e ee;

ocyee a aooaaxc opa pace o ;

opay coee epcx opa;

apapye coee pcx opa.

e Paceo aa oo poepce p, pye a pe. Ec poepca pa o ao-o pe e e eo Paceo aa, o ee pace o pe ea c Paceo aao oe ocye o ee npecae o ooopy a ocyae c o poepco .

Pacea aaa oo pecae coo o cpyypoe opaeee p, o caocey oepecy opaa, ocoay pe pyo p. Ka pao, oa ocyae pace o epc opaa cpay ecox p, o cyae opacae co ee e poepcx p-eo aa, a a, pay oopo, p, peepe paxoe o, oaec yooc e o epco poe e a opa p eaopx eex poo oyp.

Bce e Paceo aa opa e co cea, c oo oopx ocyec oee pace ey poepco po pe, ey poepco po Paco aao, ey poepc pa o ye-poae opa.

oxo p oo coo aeoo copa a a poa (ye) opa acoo ee (apep, 1 py. a 1 opa) eaco coc oapa, poaaeoro o . Ta a oeco opaaxc opa cocae o ec oo, oxo p ep oa.

Pacea aaa pecppye ae a pax epc opa a ooe oaeco:

) poaa oca ap pe;

) oyae p ap o p oa eo.

p pecpa opaa aa cpo ce oc a cea ce Paceo aa aooy cyy co coeo paceoo cea, paep opo yaaae pe c yeo pox xapaepc apa, a op ae epc .

B co oepe, poepce p a co cox eo yaae aooe cy ope, peycpeo x ooopa c ea a ocyae.

Ka cey e peo po paep aoox cy o ec, ec ea aeoro opaa aae ooc o peo e a oe ooa po. B o cyae Paca aaa poo epepace aoox cy cox eo, a o, epy oepe, ocyec epepace c x ea.

Baee opaa, ea aac o oe cox oae o ey o cee cpoa ec opaa, oe coep pooooy oepa: y opa, ec o o o eo poa, poa opa, ec o o o ero y, ya oy pay ey ea .

pee p epc opaa c oao apa a opeeey ay pepaa a ecoo e o aye cpoa . B cyae aa cpo opaa oaa o ce yco aeo ce, .e. oooe coee opaa oaeo opopye pe paa.

oa coaco eeyc peoy opay oa oa ap (ec pe o apo epce) opee, opeeoy cooecy opao p ca yao epco po c pooooo oe. aa opee oa oa oay cooe c eo, apeppoao o epco opae.

Hapyee oae o epco poe oo opo ee pye pae ca, a coee oae apapyec pe a ce ee paxox aaco .

pa pye cpay ec (oa eca) a apo a ocoe ae epcx . aoro oapa oo coe ec pe.

aee eo a pex pax ycox cao poo oo oeae e, oo pap ey pae poao eo eo oy coae ece o poea.

Cea, aea poecce pex opo, y e cpye cea cya p ceae a epooe ao, aee oa poxo poeypy pepa ocyae pacy ccey.

opo pepa ceo a ao pe opaoa coo c opa paa opeo p oe oac o oyeooopoa pyx p. p opaoe oyea ooe aee e ee ypoe onepa: e o e, e ee ya oyeooopo. Oo yx caec aa opaa oyeooopoa, p oopo cya p peppy opa cpay oepe, a poep-pa oyae aoc eo a eoxoe pe ce poc poep pao cxox ax. ooee pea epoaax (x c pex po) ax o ee oaa ee oepee ao cpo.

B pe cyae p pax peoo ae pa copya ey coo, coacy pe poe po. oe ooa peoo pa oo p e ero aao a py pe, oecea epepoc poee po.

poep, paae peo ae, oo ec a e py. epe aa ce o opye e: poa oya x epce opa. Koccooe oapaee e yaa o ooopy ocyae x poepco pe.

Bpa pya poepo coepae e cox poepcx p, .e. paoae aece epo. oyc eocpce pcye peo ae (ece opo) o pe po, o e peeoe peyeo ep ea p, axoc a ee peea. ep oya poa opa o coeo e epa x eee ecox y ae cey, coy e, cae eoe oea e oye eex oxoo.

Xo oaa acca epcx opao pye o oea x coe, e coceo coc caa cy epco po, aeeo a oyee p o ceo o epc opaa, eopa x ac oe coe (oo ecoo poe o oeo ca aex opa). coe epc opa o cy ye opap opa, apapye pe.

exa cnoe epcoo opaa poo peaepyec pe oo cee paae cao epco opae. eo oa apa o epcoy opay ( ec oye) oo cace ooc coecyero a (apep, eap), c op y p ae ooop, pycapae oee cex peoa aepaeo aa epco po. Ca o cee yco oca apo o cy aao paa oca poy, pee ae pae. Pac a ocay apo oy ocyecc eocpceo ey poao oyaee, y Pacey aay. op paceo ac o x pee ao cpae. Oo o pace ea. p oe aeo ooc opy ea oca (oye) apa, o cao o cee c apae coe epcoo opaa. ooe ae yeec ecopacooe cacx ooe, x acooy coc, ypo paceo a ycy, aey x coe, oc pao epcoaa ..

7.5. Xepoae pea cey

X cnoco noye np npoecce peo epco opo, ocoaec a pax ae e pea oapo e epcx opao a o e oap.

B pae peo po pae xpoae cey. pea cy o cnoco noye np npoecce peo epco opo, apyec a pax ae e epcx opao o pee, npocpace a pae oapo.

B oo-ooeco cce xpoae, pea cey pca coo poc cey, .e. coco oye p, ocoaec e a pooce, a a pae eax. Xepoae pea cey e op cey a pe, cocyecye ooe py pya, o e pe oaec e . e cpo oo ea. Xepoae eooo e peo cey .

Xepoae a pe ocyec, a pao, pp, opaa, ace a, ope oopeeo c yaca pa peax oapo: pooe, epepao, po.


peo ceye oo aac e p ce eae (oo ae a) cpa a pae ae e .

Ha pae e pooo papae ey cyea, aac xpoae, cyea, eeo opx caa c peo ceye, a a ya pa peax apo e yacy pex ceyx, o poo xce aoe o oyee p eaco o, a ce ax pex oepa a e .

Xpoae pecy e oyee ooeo p o cpae c p o peaa a pe peaoo apa.

B eo oo cex opaa , ope e ea p, pcae coo ocoy opy oepeco eeoc a pe c oo e oyee aoe p apy c py cyey opa . Xpoae c c oce xapaepo, .e. oopeeo oop a ey peaoo apa a ey epcoro opaa a e ap, ee aoe paecoe aee.

Oo oeceae ocey c peoro pa epcx opao c po peaoo oapa.

Xepoae oe y peoo paxoa o eox oep a pe peaoo apa oecea oeca eopx pacxoo (apep, a xpaee ) ( o y ee coe pocxoee ca ep xepoae).

Texa xpoa coo cye.

poae aoo apa, pec apaxoa ce o peoaaeoo ce e, poae a pe epc opa a a ap (xepoae poae). B cyae ce e o yae epc opa, ea a op oe yaa, oyae p a epco pe, oopa oa oecpoa eooyey pyy a pe peaoro apa (yco 1).

Coaco ycooy pepy 1 pae oeo e oy o poa apa (80 e) epco pa (20) y cyy py, opy o pacca oy o coco a 1 ap (100 ).

oyae aoo apa aepecoa , e oepe y o oe e a oap. oy, oaa, e yy pac, o oya epc opa a a ap (xepoae oyo). B cyae, ec ee yaaa, yae pae co epc opa, ea opoo e opoca c c poc e a pe peaoo apa, e ca oecpye co ooee pacxo o oye aoo apa (yco pep 2).

a, cxo ycooo pepa 2, apa oyae a pe peaoo apa (120 ) aroap oyeoy oxoy pco po (20) e pec cy apa, apyex o coco a 1 ap (100 ). Oa peex pepa pacpa cy cpaxoo y xpoa.

cooae exaa epco po, a eye peex yox pepo, ooe poaa apoa co pyy, a a, p, a oyae apa.

Ha pae pyo pyaa eee e a e cpo. a e po peaoo apa epcoo e coaa, ooy, a pao, xpoae e oxaa ce acc poeex pex .

Cyey pae op (coco) xepoa acoc o o, o e eo yao c ao e oo ocyece. Xepoae oe pooc a ec a ap a ero ac; a c a ap ap, ocycy e ae epcoro opaa; a oa pax a oa peaoo apa oee epcoo opaa ..

Xpoae ooe oy ooey p. Cpe paa ey eo aoo apa epcoo opaa a cooecy ec oa pcae coo ac ac pacxoo a xpaee pyx pyopoopyex apo.

B cyae xepoa poae apa, ea oy ooey p, oe pec poa epc opa a co ap o ee, peae ecyy poy ey peao apa a ey aca. Ec aee ac ye yeac, xeep (.e. o, ocye xepoae) pae, a a o poc e a epco pe ocae poa e a peao pe, o cee e a epco pe oepea cee e a peao pe. B cyae yee aca xeep-poae . oyae apa, ea oy ooey p, ocoae cox poroax a o ee aca, .e. p eo opaa xep pa, a p yee aca poae.

B yaax apaax oea ea xeepa paa eo eeo ee c eee aca.

+ ?,

e oea ea xeepa;

ea ea xeepa;

? eee aca.

Ec xeep e poao, y eo y ooea p cyae, oa oea ea oae e eeo. ooo p yee aca.

oae o a ycoo pepe 3.

a, eea ea poaa o yc coaa 100 e, eee aca 10 (20 10), oea ea 110 (100 + 10), .e. o cpae c xepoae yco pepe 1 xep oy oey p, pay 10 ea (110 100).

Ec xeep pae coo oyae, o ooey p o y, oa oea ea oaec e eeo, .e. p opaa .

poppe o a ycoo pepe 4.

eea ea oae o yco 100 , eee aca coao yc 10 (20 30), oea ea paa 90 a (100 10), .e. o cpae c xpoae pepe 2 xeep oy ooev p, pay 10 ea (100 90).

7.6. Ooe ce c epc opaa

Ono a opa ooop a npao yn npo epc opa no ycaoeo oe ae ce ee npeex yaaoo . p oyae ooa, oya aoe pao, yaae poay eopy cyy ee, aaey npee.

Oo ae pao y poa epc opa, o e oae oyae ooa ocyec yaaoe pao, oy oyae ooa pcye oo eo pe ee aoc poeo, a ero p o e opaea. poae ooa oe oe eopae y, a eo p opaea eo pe ( ee aoc poeo).


Ocooe e peoo ooa a epc opa o ooa c pea apo coo ero caapa, p opo poae oyae peoro ooa ooapa o o paepax pe, .e. ee ooa, oo y, a p poe epc opaa pe py o o ee x .

Oo a epc opa opae cpoa cpoo e, op o ee caoceoe aee, o pa cpoa oa epcx opao.

Cyecy a a ooa: ono c npao a noyny (oo a noyny) ono c npao a npoay (ono a npoay). Booe ee oo, pa coo oa eyaax yx o, oo ono, o o coyec po.

B cyae onoa a noyny ero oyae oe y y poaa ooa epc opa o yaao ooe ee o oe o ee cpoa ero ec c papeo ya pe. p onoe a npoay ero oyae oe poa poay ooa epc opa a ex e ycox.

Ta e a o epco opae, oaeca o peoy ooy oy poa o cpo o ooa cpoa e ooa pooooo . Hapep, ec pope oo a oyy, eoxoo poa ao e oo a oyy c ypeypoae pex pa eax pex a ay a oae o cpae c ao ero .

pe, yaaea oyaee ooa, .e. eo ea, ac ocoo ee pa ey eye peo eo epcoo opaa ero eo, acpoao ooe; cpoca peoe a a oo; pee, opoe ocae o ooa paa a oo; e aocoo poea.

Paccop oo a oyy epcoo opaa o ee 140 e c ya pe paepe 20 e. B cyae oyae y p p ee opaa, peae 160 , yo p ee e 160, op coca e oee 20 e. poaa ooa cya ye po pooo (yco p 5).

poaapye aao oo a poay. Eo oyae oy p p ee e 120 e, a p ee pee eo y coa e oee 20 e. poaa ooa yy po pooo (y pep 6).

Oo c epc opaa, a e a oce, o oopeeo y cpaxoa o eaopx e e, y noye onoeo np o peo . p ooe a oyy ooe a poay cpaxoaee (xeepo) cyae oyae ooa, o o pye co oe. Ho ec oyae pao yaa ee ee e, o o oy cyecey (eopeec eopay) ooey p. poae ooa, a pao, pe oy oo p po ooa, oopa, paa, opaea paepa pe. o o po ooa .

Paep pe p pox pax ycox ac cpoa ooa e ooa: e o oe, e pe . B cyae poae ooa oepe oey pcy, a oyae ooa oce ee oy cpaxoy eoc, e p ao cpoe ec ooa.

pe, a a pya eea cya, oe poc oxo e ocoo . oyae ooa a ae yaaoo oxoa, a ero poae, poe pe, e oooc oy oe oxo.

Ceye , yac peo po ocye co eeo cpay o o apae, coy ce eec pcx opa, ooo x oa. p o pocxo peoe eooe paxoae ooe, .e. paxoae o ee e a epce opa, oo .., a e cpaxoae, caoe c ee e a pe peaoo oapa. B cce xepoae aa aac e o ae peaoo oapa, o ca pee cey, a oy cpa pa ey xepoae peo . Xepoae ocyee c e ocee noye ooeo p o pex ceo, a pea cey pepaae opy xe.

7.7. poe opaa epco opo

a oe o yceoo yopoa epco po poo pae peo o aoe opo o, eca oe ceo . Haao pa epcoo pa a pae cey ca cepey 1992 . K y pe ooc pe a pocccx p o pe epcx opa.

aeoe pae epcoo pa cao co co yco caoe poo oo Pocc, oyce eoxoo pacpyyp epco po, apoax apo ooco-peo, cocox opaoa pey eeo, e, c pco poca.

aa pa, eaa pa epco opo Pocc, o caoe pae cax pox oe, poo cp. Poccca poa pyypa oo axo ee oo ca opoe.

Caopaa pacpyypa epcoo pa ae cpae pece oee o epcy po c penp, opaa poe co acee. Ha oe pocccx pp opaa e ceac, ex eoxo ypoe a oa aoc epco po. Ka pao, a pepx opaax ooc ocycy ap ooo-peo, cocoe yacoa pex eax.

eoeoo ceye, poecc pa epco po poccco ooe ae p e y e co cp a aoe, eae peao . Hepac oapo-eex ooe aco coeoc ocoo oaae e a poecc pa epcoo pa.

o pa pox ooe e cpa pa ey apo, ooo ao pa o exay xapaepy x eeoc. Te e eee cpec coac ceaa opex p coxpac c yeo aaeoo eca a peo pe . epca pro peoaae a ce ocao eeoc p. p epeca oo coao ac ooo pro. x po oo oproe e ee copae. O ao epa epco po poo cce coa, .e. eoopay epa, epa cpaxoa p ao oepeco eeo, opa ooe oya ooey ( .. . --: , 2006).

Coaco ec ee poo ooe ceye oa ae poc epco po pae ee ox op. B pyype apo epco po opaae ye ec oee opox oapo, a ae o opox yyp poy . Ha epco pe oaec o eapx eoce, ocec oee po paaxo oea e c c e pooac oeceae .

Ha ocoe pa cpc c oepa cex pace pocxo oepa epco po ocox aoo-pex epax cpa. p coa coece pacee ep coeco coy oey epoo-cey exy.

B acee pe poc pa oo aaa oe epe ocoae a yee epco opo ee poox op.

Ba ycoe cyeoa epcoo pa poccco ooe e eo . pea epca po oa opaoaa a opao, oxo o ee opa apa p a ee . oceee ooo oo p yco ox oeo pex o a epco pe.

B Pocc epee epcx opa peo oopo aa oe pee . B aoee pe papaoa epce opa a poy eoro po, ex eao, epo pye pee ap, a ae a . Poccce p ocaa exa epco po coa eo .

7.8. opo ae coe ceo a y-poay epcx opao

Kaa pa, opaya y-poay epcx opa, pae ycao co opo x ae coe coaco peoy aooaecy opo p. ae epco ce pee ceo yaaa eo . K oocc:

1. Ke, eae np yace npoecce opo. oy e o p, ooe paoe ee ocee, e pye ece pece a. Heocpceoe yae poe epc opaa o e pa, a ecy epe ocpeo, ope coo a paceo ocya Paceo .

2. ocpeeca pa o pecoe ecoe o, opoe caooeo o opye ea pae yace poecce peoo pa aae ce e ero ocyec ce pace o c ea ea Paceo aa cooe c paa peo .

3. Pacea n (P) o opaa, opa o ooopy c pe ocpeec pa epe eo P ocyece pecpa eo c epc opaa ce pac o .

4. e Paceo naa, .e. pece a, ee opaye oe aa e o ye-poae epcx opa poe cex eoxox paco, cax c e.

5. pa, opaya opo epca opopya ec poecc po.

Texooec poecc y-poa ex opa ycoo oo pae a p oceoaex . opo ae coe ceo o epc opaa peae cxee 22.

1. Peee . Ke oeae oc pa epcx opa, .e. x cooy py y-poay, opee pacxo, cae c ocyecee y-poa, a eo ecee ap, occoe cop, aee a poee ceo x pepa, oaa ocpeo, o. oce o e pae peee o ye-poae epcx opao, .e. o ya o epcx opax.

2. aee ooopa a poepcoe ocyae. Ke ycaaae ooope ooe c po, oopa e ocpo a epco pe. ey aaec oop a poepcoe oya. B cooec c ooopo e oepe ocpeeco pe:

aa ce a y-poay epcx opa e a ce ea ( o papeeo aoo ope);

ocye epe ea Paceo aa ce pac, cae c ye-poae epcx opa a c cp ea;

oop o e ea ce eoxoe oye a epco pe.

Coaco ooopy a ocyae cpo oepa, oceoe o pce, c op caa eeoc a epco pe, e yy e pee py pyy yae oox . B poo pae e oca cea oye oee o pce, opo o pae a ce pc oep cy, eeo a epcy po p eaopo eo ee e a oe opaa.


ooopo ae opee paa oaoc cpo, .e. ea ocpeeco p, cpo ec ooopa yco eo pepae, opo coe opye ea, ocyecee pace, oeceo cpo opo paccope copo, a ae yaa pe oex cpo.

3. ee ooopa a ocyae c eo P. ocpeeca pa ycaaae ooope ooe c eo P (ao) p oo ae coeyeo ooopa. Oo ocpeca pa ee ooop c eo P e epeaae ero aoo ooo .

4. Cpeca pepa epco opo. Ke oc eee cpea, eoxoe coepe epcx ceo yae aee apa x oe, ope cpea peeppoa epco po. Ke poca eee cpca ey P epe ocpeecy py.

Cpeca peeppoa epco po o oca op epoaao ap, occox copo ycy P.

5. a ea. peo ocpe o aae ea, oce oe peoca ey ay a oee opeeex oepa poecce pex o. B pae peo po ae a arac opo nopye. O o coepa e yaa, acaec a ce (oya poaa), oeca opao, cpoa op oa, op oa, a oea po, yco ooceo .

Tooe aee e, a pao, e ycaaaec, a ae yaae, coe c op ey yaaae poep xoe pex . p coe pox opye poep oe pyoocoac paa peo po, ey a ao pe.

B poo pae coy paoopae pox o. p opaa epcx po aoee peee e ceye pox opye:

y poa o peo (poo) ee. Ha ae a ea e a;

y poa o aye ee coe o cao o oy co coo poa ee o peyaa cecc peoo (a pao, oce aepe peoro pa);

y poa o opeeeo ee. Boec poepo cpay e oce oye oe, ora ea ocae aaoo ypo.

6. Bnoee aaa. aa oec o poecce pa a pe, o o pe ey pe cecc (ep). B epo cyae ea e a ey ap, a o po oa e yae p opoe.

7. Cee o npoex opax. pa epae cee o aex epcx eax cooeye opaoe cce, oope pacpopa opo e o cey py.

8. Pace no cea. aae pace ocyecc Paceo aa, exa pa opo paccope e.

9. epece no ape. Cee o ee ap cooa oy peoo , o ee oopoo aa ecoa oe ca ap. Cpo x ec o oepeoo ee cao ap. Ee epepace pocxo a ocoa cao epoaao ap.

10. oecee cpec no pacea c P. Ha ocoa epepace o ape ycaoe ec ox ee cao e oa oec epe ocpeecy py ea P a po c opeeey cyy oecee aee pao a pe epcx opao. a cya aae epeeo ape.

11. ocaa no epcoy opay. Hecp a xapaep eo epco po, oa o epc opaa ce e pocxo ocaa oapa.

B poo pae peo po paa a a oca apa: epy opy. epa nocaa oaa oapa a ca p oyee apa c peoo caa. Bopa nocaa ee ec ex cyax, oa oa a e ap apa e co caa p o ocae o peoy opay eee oo e eca. o ax oao coae 2040% a pax. Ha oe p poae oe oca oo ap, axoc a oax ee caax, ceax apeppoax ao, c aoo, oyx coey cepa. Kaeo aoo apa oo yocepeo cea cepa coecoa peoa, ycaoe peo opae. K oae papeea oo ac copo apa, ocyax aa eyapoo . Kpoe o, pae oe pea cee o nocaeo nap oapa:

pacopa, a opo oae ap;

paa pocxoe;

co eo, , opoo ..;

yepe pe ca xpae apa;

aa oa apa a ca;

o ec ap;

aa epeea;

oep appaa;

aa opao ..

Tae poae oe oca oyae epe P oc. B ao oce cooac ea, aa opaa, pe oye oca P pe eo a oyae peoo opaa. oce pe oca P ero ye e , ae e coac oyae pee appaoo . Bce c, poe P, oaeo ope pa oyae coe. ae oyae oa eee opeeeoro pee oa oap a oo paepe. p ece aea P oyae oya appa, cacoe ceeco, oye, a pao coceo a ap a opeeeo cae. poae oe oa ce pacxo, cooeye yco oca eee opeeoo epoa pee c a ae ca.

aa 8 KPH PACET HA PEBO PHKE

8.1. Cyoc y pa paceo

Kp - ae ax peo oaec.

po p p ey yaca 6peo , oa a ycaoe oo: o, o, oy ae cpo oe.

Pac npoecc n oaec, onpeeex xe peoo pa, oe peyao oopoo oo ec nepea oea peo ce (anpep, ex ya) o npoa noynae, a e ce pace noynae c npoo coaco yco opa.. Heoxooc pa paceo eae copeeo opaa poo po.

poea poa oepa ae p cocae a: aee ce ( yco ceo opax) ey poao oyaee; ce o cee (apep, yoee e apa a ero oeo opeeee e (coo) ce ce); coee ooopa ye aoopao epea apa eex . Ka pa, o p ae pocee ce oyae poae pea apy e . Oao a copeeo peo (ooo, pco) pe poae oyae peo aa ce eocpeceo e . B oce cyae o pae ey coo o pee pocpae. Cy o ey poaa oyae pex oapo oo pe ocp, ope ae, cya po o poao, oyaee, paee o pe popace.

Ta opao pocxo oocoee cex ae peo poo ce:

aee ooopa (ce) ocyecec e ey epoaa poao oe oyaee, a ey ea pe ocpea;

ce ce o cee, ee oaec cpo, aecoax e, opayc poecce pa;

coee (aepee) e pooc poecce, op aae "''.

Copeee pee ce pa pace ca oo peyae cyecoa ceyx poco. Bo-epx, ae cooeyx exooecx oooce :

peooe apa pocpaa copae pee epea opa (apep, cyecoae oax cpoecyx cce c);

opao opox acco peo coyye opa (coae epox cce paceo xpaee a ax);

cpo eooo epa eex cpc (aoae eyapoe aoce cce pace).

Bo-opx, coae ceapoax opaa pex pyyp pa pace: poe (pacee) aa, o-eoap, peecpepa ..

B-pex, papaoa ocoe coepeoae exao pa .

B cao ooeo e oo e cye ocoe y peoo pa paceo:

) oeceee poecca pecpa aex pex eo (epaa oyee opa o ceax, ee poepa oepee, pepa ..);

) ye apecppoax eo (o a pa, yaca, cpoa coe ..);

) ae ax oae aee yaco peoo pa;

) apaoe oeceee pex eo ( pax opax);

) opaa eex pace;

e) oeceee oca peoo apa o aeo peo .

8.2. Oee ocae pa paceo

Oepa pa pace aac oce coepe peo ce a poxoee pa ao (poecco), opx pa yace e oo e p x e, o pye opaa (paco-poe, aoce, eoape ..).

Kp pace accpyc acoc :

a) a peoo apa:

p pa ex ya;

p pa epcx opa;

) ypo epaa:

p oeo p;

epeo aoa p;

eyapo p;

) ocyaeoo pya:

p ey ea Kpoo aa;

p ey ea p;

pye cxe.

Opaa pa paceo ocoaa a coe pa npno.

Bo-epx, p pace ocyecc oo ceapoa . o pec caooea opaa Kpoa (Pacea) aaa ceapoaoe cpyypoe opaeee p.

Bo-opx, c pe a epeco e p oe aee yee coe peoa o paeo ee yee cpe e o cpec pex ocpo.

B-pex, aee pee ce ocya paceo-poy cey o oce x pepa cep cex peo. B poo cyae o py e .

B-eepx, ae eoo pacca pa pace o pee. Kaa oepa poecce pa pace ee cpoo opae peeo epa, apyee opoo po py pa ca .

B-x, cea apapoa coe aex a pe ceo. exa pa pace apapye, cyae, ec oa copo po e oae e coc o co oaea, pea pyypa oe a ce oee yaaoro oaeca epe py opoo peo ce.

8.3. Ocoe pco

a peoo pa, oyec ycya paceo-pox ce, cy pooro xapaepa eo oco pcy co aaa poo ee cpca. K oco a yaaoo pca oo oe: po, p cce pc.

P pc o pc, c c oea e a ce ooo epco pe, apep, -a ee ca aocoo poea. Kpoo-pace poecc aae oe opeeoe pe. oy cyecye epooc oec y -a ee .

Paoo ro pca e eyapo po pc, oa -a ecoacoao cpoo paceo a poo pe ex ya epcx opa Hapep, poep, y ey yay pyo pae, e oe cpay e poa ee coe cpae -a ecoae cpoo paco cpaax.

Kp pc o pc ecoepeeoc paceo oo ee ce eno npoecca pa paceo. pc peo pcyy poa ey poepa-ocpa poecca peo po, a a ycox pao peoo pa eo papyyp papaoa coepee cce apapoa aee. Oao o aooex ey poepo ero e pc eaea oceeo ocpey cyecy .

(on) onepx cce cce c, epeeoe oee epoep, o, coepee cya paceo-poo . ec ae cya oeeca, xe ..

B acee pe coae opaap pex ce papaaa y a epecex pco. K ooc .

pee ceo o coa cene oep ey ce yac peoo npoecc. poep, ep oepe cox oe, a npao, oe e oycaec yac pex ceax. B c c e cea o aac a ceo, a yco a ocoe oep. ac coo e pea o aoooex y yaa peoo opa. ooy e oe oep, e e peo oopo, a a, oe .

pyo y coe pynx apax oo np pax pox opax a ce cpec cax pex nocpeo. B cyae co oae a oo yaco ce paceo eo apae o epy a ce pc eaea, ooc eo oay, e aa ey pacpopac a pyx yaco peoo npoecc.

Coepeoae opaa exoo pox pace oaa ooe e a pae peo . Konepa ceo npoecca pa paceo ycop poepy pe oopee oyeoopoa, paxye o epeex oo, ee ye xpaee opa ..

8.4. Kp pace a pe ex ya

B peo eeo ea oa cea peoo pa paceo oa e papaaa. poecc pa pace a ao pyo pe opayc caoceo e a oe, a ee ep. Kpoe o, ec pae pa pace a pe ex ya pa pace a pe epcx opa.

ao ocoeoc paceo-pooo poecca a pe ex ya e eoxooc epepepa poao eo ya c ooo ee aea a pyoo.

Oco a paceo-pooo poecca aex ceo c e yaa a ooo pe (cxea 23):

1 pecpa ce a pe;

2 oepee ee pe yaa ce;

3 epeaa eex cp ex ya o e poepa;

4 epaa eex cpec ex ya poepa Pacey aay p;

5 epaa ex ya Paceo aao eoap ep x epepecpa a ooo aea;

6 epepecpa ex ya eoap a ooo aea;

7 opa ex ya (ox) Pacey aay p;

8 epea eex cpc ex ya Paceo aa cooecy poepa;

9 epaa poepa eex cpc ex ya x o .

Bpe, oopoe aae po-pace , .e. pe ey aee ce pacea no e, oo aaec pac nepoo.

B paax c pa papyypo oooo pa pae epo, a pao, cpoa, x o paac aco o a eo ya.

aa pace (pace e) opeec o opye

= + ,

a pace;

T a ae ce;

oeco e, oyeoe a oee pacex .

Hapep, A paceo o e yara = 5 e, o oa 2, o epc opaa 1 e.

B ee paceoo epoa cooecye poep o oy o cox e a yee x a, c oo copo, eee cpa, a c pyo pae ee oye oye, aee x (cepa, ceea, pacepe oye ..).

B pace e poep-poae epa Pacey aay ee ya oyae a x Paceo aa cooeye eee cpea (apep, e). B e pe poep-oyae epa Pacey aay eee cpea a yee ee ya, o oy ee ya, apecppoae a ooo aea, o co epe ecoo e, eoxox poecca x epepepa . oyae a poce pao a oyee eo o a c oea ae e a ee oyy, o pao ee ea o oyae c a pepa a cooeyeo aoepoo oeca peecpe e . Peecp (pep) aoepo e pepapo, pa oae.

8.5. Kp pace a pe epcx opao

Cyey e ae ocoeoc paceo-pooo poecca a pe epcx oo. Bo-epx, Pacea aaa aoc cpoo aoo aeoo apeppoaoo a pe epcoo opaa (cxea 24).

Bo-opx, oa e apao coe aex ceo epe exa apex copo (aoo).

B eo Pacea naaa ocye y pa paceo o ce ye poa opaa o epco poe, apapye opaye x coee, ae ceye e an (cxea 25):

pepa e;

poee cex pace o ape;

eee eo Paceo aa (a o e) o ece ap;

ecee ap ea ea Paceo aa, a oce Pacey aay;

opo a aco coce ce yaco po epc opaa eee pex po;

pace o ap o;

aa pe ae yo;

opaa oca o eap cpo opaa;

opaa ee o oae p (opye) apa o opay;

ocaa o opay;

pe oa o opay;

pac o oaa.

pea eeoc e opaac eepece aa paceo-pooo poecca a pe epcx . Hapep, a pepa peo ce exooec oe a e p oao: aecee e oepy cey, ee poepa cepa pe, pecpa pacpeeee o pa yaca ..

Ec py cec, cea ooa, o acoc o cya oa o oeec, o acac y ee oy (apep, poepy).

B aee oe, o Pacea aaa poo pace no ape, nepoaao, a nepeeo. Ca o cee eo pacea ap paa o pa, a a pe cyae epce p coa aa co cey pace o ecoo p coy e exa pacea a apex copo.

8.6.

1. .

, , (, ) , , , . , . , .

2. .

. (. . ) . :

(bllish) ;

(bearish) ;

(sideways, trading range) .

3. .

, , , , - . -, . . , , . , , . , , . . , , , . , . , / . , .

:

(Line)

( ) ;

;

.

- (Point and Figure)

(x) ( ) , (o) ;

(30 pips)

(Bars)

;

, , ;

(, , ).

(Candlesticks)

, , ;

;

(shadow), c , ;

, , .

, , . :

(Siple oving Average)

Pi ti, n .

(Weight oving Average)

wi i- .

(Exponential oving Average)

EMAt = EMAt-1 + k*(Pt EMAt-1)

k = 2/(n+1), n ( ), Pt . , , , , .

, , , .

(oent Oscillator)

Mn = Pt Pt-n

Pt , n ( ).

(Rate of Change)

Pt , Pt-n n .

, , . , , (overboght), , , (oversold).

(Relative Strength Index)

RSI = 100 100/(1 + RS)

RS = An / ADn, An (Average p) n , ADn (Average Down) n . RSI > 80%, , (oversold). RSI < 20%, , (overboght).

( )

. , , : , , , , , . . . .

1, 3, 5, A, ( ), 2, 4, B . . :

2 1 ( , ).

3 , .

: , 4 2 ( , 2 ).

: , .

( ) 4 .

.

1 , . , , , , . 2, : , , . . , , . , . (.. ) , . (.. ) , .

() , .

, .

, .

, , . .

:

Tie Periods ( ) . tie periods , , , , .. Deviations () , . Horizontal Shift ( ) , . , "5", , , -5 . ethod () , (siple), (exponential), (weighted), (tie series), (trianglar), (variable), - (vole adjsted). Price Field ( ) , , (open), (high), (low), (close), .

:

. . , , . . : 20, , 2. , 10 .

1 (John Bollinger) , Bollinger Capital anageent, Inc., , . Financial News Network (FNN), . : www.bollingerbands.co 2 (Volatility) , . , . (100$ 5$) (100$ 5%) . :

(historical volatility):

,

xi = ln(Si/Si-1)

Si .

(realized volatility)

rt+j/? = St+j/? St+(j-1)/?

(iplied volatility):

Ctheor(t, St, K, T, ?) = Cmkt(t, St, K, T)

Ckt(t, St, K, T) , , , t, , St , K T ; Ctheor(t, St, K, T, ?) ?, .

() . , , (), ( ) , , , . , , , , , . , , .

, :

, , , , , ;

, , , , ;

, .

, . , , , , , . . , (), , , . . , - .

: , . . . () (). , . , , . . , , . , , .

(Liqidity Ratios) .

(Cash ratio)

, ( , ..). , , . , , 0,2. , . : . = ( + . . )/ : 0,2 0,5

(Qick ratio)

( , , ) . 1. 0,7 0,8, . , , , . : = ( + . . + )/ : 0,3 1

(Crrent Ratio)

, . (cash), (short ter investents), (debtors), , , (inventory). . . , , . , . . : = / : 1 2

(Net working capital)

. , , , . , , , . . . . : = : > 0

, , . 6- 8 1998 . () () , () . . : , , , , . .

(Gearing ratios) . , .

(Eqity to Total Assets)

. , , . - , , , . , 50%. , , , , . , , , , , , . 50% : , , , - . : , , . . : = / : 0,5 0,8

(Total Debt to Total Assets)

. , . , . : ./ = (. . + . .) / : 0,2 0,5

(Long-ter Debt to Total Assets)

, . : . . / : 0,1 0,3

(Total Debt to Eqity)

. , , . , . : / = (. . + . .) / : 0,25 1

(Long-ter Debt to Fixed Assets)

, . : / = (. . + . .) /

(Ties Interest Earned)

: . , . : = / : > 1 : , , , , . .

(Profitability Ratios) , .

(Retrn on Sales)

. . , . . : ROS = ( / )*100%

(Retrn on Shareholders Eqity)

( ). , . . , . , , . -. , , , , . : ROE = ( / )*100%

(Retrn on Assets)

. , . . : ROA = ( / )*100%

(Retrn on rrent Assets)

. , . , , . : RCA = ( / )*100%

(Retrn on Fixed Assets)

. , , . : RFA = ( / )*100%

(Retrn on Investent)

, . . : ROI = ( / + . )*100%

(Gross Profit argin)

, . : GP = ( / ) * 100% : , , , . .

(Assets Trnover) (Eqity Trnover) (, ) . , . (Activity Ratios) , .

(Net Working Capital Trnover)

. , . : NCT = /

(Fixed Assets Trnover)

. , . , . , . . , , , . : FAT = /

(Total Assets Trnover)

, . , . . : TAT = /

(Stock Trnover)

. 365 . , , . . : ST = / T-

(Average ollection Period)

, . , , . . : ACP = ( / ) * 365 : , , , .

(Earning per Ordinary Share)

, . , . - , , . : EPS = ( . ) / .

(Dividends per Ordinary Share)

, . , , , . : DPS = . . / .

(Price to Earnings)

, . , . , , , , . $50, P/E, 10, $20, 30. : P / E = / EPS EPS .

(Payot Ratio)

, . 25-50%. : PR = DPS / EPS DPS , EPS .

, , - . . , .

(Trade Balance)

. , , , . , , .

(neployent Ratio)

, , , . , .. . , , .

(Prodcer Price Index, PPI)

, (), . (overall) PPI (core) PPI, , . , , , PPI . , PPI . PPI , .

(onser Price Index, CPI)

. . CPI , . CPI , , . CPI, . CPI, , PPI( ).

, (Gross Doestic Prodct, GDP)

, . , , . . GDP (real GDP), (noinal GDP) , , . , . , , , .

(Retail Sales Report)

, , , . , . , , .

(Drable Goods Orders Report)

, 3 . (Departent of Coerce) , , . , , , . , . , , .

(Industrial Prodction Report)

, . , , , , . , , .

(Industrial Prodction and apacity tilisation)

, . . . .

, (Business Inventories)

, . . .

(Pay Roll Etploy)

, , 1-2 ( ) .

(Non-Far Pay Roll)

, , . .

(Hosing Starts and Building Perits)

, , . , .

,

. :

(Discont rate) , . , .

(Repo rate) , () . .

(Lobard rate) , , .

, . , . . , , , , . , , , .

. , ( , ). , . : ? , , ? , , , , . , , : , , , . 1996 WEBS (Word Eqity Benchark Shares) , . WEBS organ Stanley Capital International (SCI), . , WEBS, . , , , . : , . WEBS. , rray Johnstone International, Ltd. - , , $7,5 . rray Johnstone WEBS ; , . , , , .

. , 11 , , , . , WEBS . , .

. , . . , .

. , . . . , .

. , . . . , , . , .

. , . .

. , , , . , . , , , , , .

. , , . , . . , , .

, , WEBS. , , , , . . , . , . , , , , . / , WEBS . , / . , 1974 : 700, / 8. , . / 25. ( P/BV). , . , . , , 10 , . ( P/S) , , . . P/S , , , , , , . , , .

:

.

. , . . , .

.

. , , . .

.

.

1952. , . , 1990 . , . , (holding period). , , , , ( ). , , (, , ) . ( ) (expected retrns) , , . , , , , , , . , , (.. (risk)), , . . , . , , , . , , , . , , , , . , , (indifference crves). , , . , , . , , , , , , . , :

.

.

, , (efficient set).

1 (feasible set), , . , N . , , N , , ( G, E, S H .1 ). . , , , E H. , , , S G. , , , , E S. , (efficient portfolios) . (inefficient portfolios), .

(optial portfolio)? .2 , , , . , . .2, O* . , , ( ), .

, : . , , . () , (). , : , , , , . : , , , .

, . , , , , .. . , , , . , . , , . , . (1966). , , , , . , (riskfree asset) , . , , . , , , . , . . , , . , , . , , .

, -. . , , H 1. , , , , . , . , .

, , , . ( , ). , , T . ? , , , , . , , , , , , , . , , , . , . , , V, T, . . T , . T .

, , . 2.1, (O*) T, T.

, , 2.2, (O*) , , .

, , (). ( ) . , , , . , . ? , ( ) (factor odels). , . , , , , . , , , , , . (arket odel):

ri = ?iI + ?iI * ri + ?iI

,

ri i ;

rI I ;

?iI ;

?iI ;

?iI . , , : , (, ).

-

. -, :

?iI = ?iI/?i2

,

?iI i I;

?i2 . , , , -, 1. - , , (a ressive stocks). , - , , (defensive stock).

, . . , . , , . , . , (.. ) , . , , , , , . . :

, .

.

. , , . , . . , . , . , , . .

r1, r2, , rn, ri i- . R = (rit) n. , R t () . (rit) :

tit = bi1 * f1t + bi1 * f2t + ... + bim * fmt + di * vit + ?it

,

tit t;

f1t j- , t;

bij i- j- ;

di i- () ;

vit ( ) i- t;

?it .

, :

;

;

.

.

, , . , , , , . , , . , , , , , . . , ( ), . , .

(gross-sectional approaches) , , . . . , . , . (attribte). , ..

- , . , (factor analysis). , , . , . , , .

30 . , LTC, . , , , . , , , . , ( ). , , . , ( . . ), . . - . 60- : , ? , . : . , , ( ), , . , , ( ). , . : , - . . , , , , .. , . , , : . , . . , - , -, , . . . . , , , , , .. . XIX , , . , , . , . , . . , , . 30- , . , , . , , : , , , , . ( ). , c . , , . - : , .., , . . , (.. , ), , , . , , , - , , , . , . , . , , . 20 - ( , ). , . 8, ( 8 ) . 1985 . , . , : 200...400 . 8 . 8 . , - - . 8 1963 1997 . 9 , , . , . , , 1963 1997 , . 13 , 10, 3 . , , - . 90- , . 1997 , , 1999 . ( ), , (, , , , , ). . , , , . , , . , . , . , ( , ) , . , . , ( ). , . , , , . , , , , , , : , . . , . , , , . - . , , . . , .

, , . . , , , . , , . , , . , . (lti-agent) . , . , , - . . , , , , - . , , 4 . , -. ( .. ), , : , , . , . , . . , , . , - . . , , . , , . ( ), (andelbrot, The Fractal Geoetry, 1982). , . . , , . . , -, . 1925 . (1897), (3% ). , : , , , . (Peters, Fractal arket Analysis, 1994; andelbrot, On Dollars, arks, 1997). . . , , 2 3. , . 3.05 ( 4 ).

, , , , . , , . ( ) - , , , . , , . , : , , . , , . , , , , , , , , . , , , . . :

C = 22H-1 1

C , . : H = 0,5 , . . 0 < H < 0,5 : - , . , . , . . 0,5 < H < 1 . , , , , . , 1, , . 0,5, . , 52 , +1,-1, +2, -2, +3, -3, +5, -5, +7, -7, , . . , = 0,714+/-0,091. . ( ) . ( ) . . +/-7, .

, . , . , ( ) , . , . , S&P 500 1950-1988 . = 0.78, = 0.5. IB = 0.72; Coca-Cola = 0.70; cDonalds = 0.65. 30- = 0.68. 3-, 6 12- , , = 0.65. , , . , . , , . , , . > 0.5, . , . , (, , .), ( ) . , , , . (, ), (). . , . S&P 500 42-48 (.. 4- ), . - (SCI) , (1959-1990 .) 8, 6 4 . .. : , , , , , , . , , , , . , , , , . . , .

, . : , , . , . , , , , . , , , . , , , . , .

, - , . , . , , . , - : , 80 . - , , , , . , 80 . , , . Nasdaq, , . (Terrance Odean) (Brad Barber) , . , , . : . , . , , , . , , , , , . - . , Trading Is Hazardos to Yor Wealth, , . 78 000 . , 6 .

. , , -, . . . , , , . , . -, , . , (Grossan and Steglitz, 1980), (1980). , , , . , , , , .

Boys Will Be Boys: , . 35 000 . : 45 , , - 1,4 . , , : 67 2,3 , . , , , , , , . (Lndeberg, Fox, Pncochar, 1994; Deax Ferris, 1997; Deax Eswiller, 1994; Lenney, 1997; Deyet Bowden, 1997; Prince, 1993), . . , - . - , , . . , - , .

. , , . , , . ? , , . , , , . : , . , . , . , . , 47. , , , , . , , . . , , ? . ? , .

(eir Statan), --, , , 1999 , : , , , , , . , : . , , , , , . , . : . , . , , , . . . , : - .

. , . , : , . , . , . , . . . , . , . , - - . , . , , , . , ( ), . . . 86% . . , : ( 20%), ( 55%) (20%). . , , , . . . , . , . , 1,5 4 , . , . . , . , . , . , , , .

, . , , . , .

, , - , .

, , . , , .

, , . , .

, , , , . (- ), , .

. - , , . , .

. : , , , , . , , .

, , . , .

, . , . , .

. 2 . , . .

, , , . , , , .

, , : 1. , . ... ... ( ). : : ໻ " . 2. , , . : (). : . (.)

. . , . , : , . , . , . , . . . , . , . , - - . , . , , , . , ( ), . . . 86% . . , : ( 20%), ( 55%) (20%). . , , , . . . , . , . , 1,5 4 , . , . : ( ).

. , , , 10%. (.. , ), (). , . , , , , . , , , .

( .. ) . ( ), . . , . , , ( ) , . , . , , , . , , , .

, . , . , , , .

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-

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  • 1 . PEBO E
  •   1.1. pea opo
  •   1.2. y p
  •   1.3. B p
  •   1.4.
  • aa 2 . PEPOBAHE
  • aa 3 . OPAH PABEH PE
  • aa 4 . TOBAPHA PA
  •   4.1. oppoae oapx po
  •   4.2. peo oap
  •   4.3. ac peo opo
  •   4.4. pee ce
  •   B pex ceo a oapo pe.
  •   opo ae oe pex ceo
  •   4.5. Pace o pe cea
  •   4.6. Texa poee peoo
  •   4.7. poepc p peo eeoc
  • aa 5 . OHOBA PA
  •   5.1. ooa pa oo po
  •   5.2. ee ya a peo oap
  •   5.3. ac peoo pa, acoe ocpe
  •   5.4. Cyoc peo ce a ooo pe
  •   5.5. B ao a coepee pex ceo
  •   5.6. poeypa ca
  •   5.7. Opaa peo opo.
  •   5.8. Kopoa ex ya
  •   5.9. Oopee cnoee peo ce
  •   5.10. B pex ceo x ocoe xapaepc
  • aa 6 . HKOHPOBAH BATHO P
  •   6.1. Baa a oap
  •   6.2. Opaa ao p
  •   6.3. B ax ceo.
  •   6.4. exa ae ceo c ao.
  • aa 7 . EPCH TOPOB
  •   7.1. oe epco opo
  •   7.2. cop p ooe epco opo
  •   7.3. e epco opo
  •   7.4. exa peo epco opo
  •   7.5. Xepoae pea cey
  •   7.6. Ooe ce c epc opaa
  •   7.7. poe opaa epco opo
  •   7.8. opo ae coe ceo a y-poay epcx opao
  • aa 8 . KPH PACET HA PEBO PHKE
  •   8.1. Cyoc y pa paceo
  •   8.2. Oee ocae pa paceo
  •   8.3. Ocoe pco
  •   8.4. Kp pace a pe ex ya
  •   8.5. Kp pace a pe epcx opao
  •   8.6.
  •   ( )
  • . . . . . . . . . .
  • . " "( . 19.07.1995 N 110-, 20.07.2004 N 72-) , . .

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