.

Управління прибутком і дивідендна політика на підприємствах колективної форми власності в умовах переходу до ринкової економіки: Автореф. дис… канд.

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I?i?noa?noai ina?oe Oe?a?ie

Oaoiieia?/iee oi?aa?neoao Iiae?eey

IANOA?IAA NA?OEAIA AANEE?AIA

OAeE 658.155.2

OI?AAE?IIss I?EAOOEII ? AeEA?AeAIAeIA IIE?OEEA

IA I?AeI?E?INOAAO EIEAEOEAII? OI?IE AEANIINO?

A OIIAAO IA?AOIAeO AeI ?EIEIAI? AEIIII?EE

Niaoe?aeuei?noue 08.06.01 – Aeiiii?ea i?aei?e?inoaa oa

i?aai?caoe?y ae?iaieoeoaa

Aaoi?aoa?ao aeena?oaoe?? ia caeiaoooy iaoeiaiai nooiaiy

eaiaeeaeaoa aeiiii?/ieo iaoe

Oiaeueieoeueeee – 1998

Aeena?oaoe??th ? ?oeiien

?iaioa aeeiiaia ia eaoaae?? aeiiii?ee oa iaiaaeaeiaioo Oaoiieia?/iiai
oi?aa?neoaoo Iiae?eey I?i?noa?noaa ina?oe Oe?a?ie.

Iaoeiaee ea??aiee– aeieoi? aeiiii?/ieo iaoe, i?ioani?

I?eia Ie?aa? Ieaen?eiae/,

Oaoiieia?/iee oi?aa?neoao Iiae?eey,

caa?aeoaa/ eaoaae?ith aeiiii?ee oa iaiaaeaeiaioo

Io?oe?ei? iiiiaioe – aeieoi? aeiiii?/ieo iaoe, i?ioani?

Iao?iae/ Einei Ieoaeeiae/,

Aea?aeaaiee oaoi?/iee oi?aa?neoao “Euea?anueea

iie?oaoi?ea”, caa?aeoaa/ eaoaae?ith aeiiii?ee

i?aei?e?inoaa oa iaiaaeaeiaioo

– eaiaeeaeao aeiiii?/ieo iaoe, aeioeaio

Ao?ee Na?a?e Aioiiiae/,

Oaoiieia?/iee oi?aa?neoao Iiae?eey,

eaoaae?a aeiiii?ee oa iaiaaeaeiaioo

I?ia?aeia onoaiiaa – N?ioa?iiieuenueeee aea?aeaaiee oi?aa?neoao

I?i?noa?noaa ina?oe Oe?a?ie,

eaoaae?a iaiaaeaeiaioo oa ia?eaoeiao,

i. N?ioa?iiieue.

Caoeno a?aeaoaeaoueny “_25_”a?oaeiy 1998 ?ieo i 14 aiae. ia can?aeaii?
a/aii? ?aaee E 70.052.01 Oaoiieia?/iiai oi?aa?neoaoo Iiae?eey
I?i?noa?noaa ina?oe Oe?a?ie ca aae?anith: 280016, i. Oiaeueieoeueeee,
aoe. ?inoeooonueea,11, 3-e ei?ion, cae can?aeaiue.

C aeena?oaoe??th iiaeia iciaeiieoenue o a?ae?ioaoe? Oaoiieia?/iiai
oi?aa?neoaoo Iiae?eey.

Aaoi?aoa?ao ?ic?neaiee “24 ”eenoiiaaea 1998 ?ieo.

A/aiee nae?aoa?

niaoe?ae?ciaaii? a/aii? ?aaee,

eaiaeeaeao aeiiii?/ieo iaoe, aeioeaio A.I.
Ieaeiee

CAAAEUeIA OA?AEOA?ENOEEA AeENA?OAOe?EII? ?IAIOE

Aeooaeuei?noue oaie aeine?aeaeaiiy. I?eaaoecaoe?ei? i?ioeane a Oe?a?i? ?
iiyaa iiai? nenoaie aa?oeeaeueii-ai?eciioaeueieo ca’yce?a aeiiii?/ii?
ae?yeueiino? i?aei?e?inoa i?eaaee aei iaiao?aeiino? ae??oaiiy iiaeo ca
nai?th aeiiii?/iith nooi?noth ainiiaea?nueeeo i?iaeai. Iaeiith c ieo ?
oi?aae?iiy i?eaooeii i?aei?e?inoa. Nenoaia oi?aae?iiy i?eaooeii aeeth/a?
a naaa eiiieaen ooieoe?iiaeueieo caaaeaiue, iniiaiei c yeeo ? ?iciiae?e
i?eaooeo. Iniaeeai aino?i i?iaeaia ?iciiae?eo i?eaooeo iinoa? ia?aae
iiaeie ca nai?th aeiiii?ei-?aeaieia?/iith nooi?noth i?aei?e?inoaaie
eieaeoeaii? oi?ie aeaniino?. Ca na?ae/aiiyie niaoe?ae?no?a ia?aaaaeia
a?eueo?noue i?aei?e?inoa Oe?a?ie no?aaeaea? /a?ac a?aenooi?nue ?eieiai?
i???ioaoe??. Noaiiaeua oneeaaeith?oueny e oei, ui ooieoe?iioaaiiy
i?aei?e?inoa eieaeoeaii? oi?ie aeaniino? e aein? ia i?aee??ieaia
iaa?oioiaaiith ii?iaoeaiith aacith. Aaciina?aaei? ae aeei?enoaiiy
aeina?aeo e?a?i c ?icaeiaiith aeiiii?eith ia ?eiie Oe?a?ie iaiiaeeeaa
/a?ac iai?aeaioiaeai?noue a?o/eciyieo oiia ?icaeoeo ?eieiaeo a?aeiinei.

I?iaeaia oi?aae?iiy i?eaooeii ia i?aei?e?inoaao c eieaeoeaiith oi?iith
aeaniino? aeine?aeaeoaaeanue a i?aoeyo aaaaoueio ca?oa?aeieo oa
a?o/eciyieo aeiiii?no?a (A??aoaia TH., Oieoa ?., Oaeoa?oa A., Aiaa/iaa
N., Noiyiiai? I., Aeaiea ?., Eiaaeueiaa A., I?eiaa I., Ioaeaeueiaia ?.,
Nooi?i?ii? A.). Iaeiae, oe? aeine?aeaeaiiy i?enay/ai? a iniiaiiio
i?iaeai? ?iciiae?eo i?eaooeo ? aeea?aeaiaeii? iie?oeee a aeoe?iia?ieo
oiaa?enoaao a?aee?eoiai oeio. Iaaeinoaoiuei iiaii aena?oeai? ieoaiiy
oi?aae?iiy i?eaooeii ia i?aei?e?inoaao aeaniino? i?aoe?aiee?a, i?aeoe/ii
ia aeine?aeaeoaaeanue nenoaia oi?aae?iiy i?eaooeii a ?ioeo
ainiiaea?nueeeo oiaa?enoaao, cie?aia a aeoe?iia?ieo oiaa?enoaao
cae?eoiai oeio.

Iaaeinoaoiy ?ic?iaeai?noue ia?a?aoiaaieo i?iaeai o no/ani?e a?o/eciyi?e
aeiiii?/i?e e?oa?aoo?? iaoiiaeea aea?? oaie aeena?oaoe?eii? ?iaioe,
iaoo, caaaeaiiy, no?oeoo?o ? aieiai? iai?yiee aeine?aeaeaiiy.

Ca’ycie ?iaioe c iaoeiaeie i?ia?aiaie, ieaiaie, oaiaie.

Aeena?oaoe?eia ?iaioa aeeiiaia o a?aeiia?aeiino? c oaiaoe/iei ieaiii
iaoeiai-aeine?aeieo ?ia?o Oaoiieia?/iiai oi?aa?neoaoo Iiae?eey a iaaeao
oaie “Aeine?aeaeaiiy i?iaeai oi?aae?iiy iae?i- oa i?e?iaeiiii?/ieie
i?ioeanaie a oiiaao noaiiaeaiiy ?eieiaeo a?aeiinei”.

Iaoa ? caaaeaiiy aeine?aeaeaiiy. Iaoith aeena?oaoe?eii? ?iaioe ?
?ic?iaea iaoiaeieia?/ii? iniiae aeai?o iioeiaeueii? ?iciiae?eue/i?
(aeea?aeaiaeii?) iie?oeee ia i?aei?e?inoaao eieaeoeaii? oi?ie aeaniino?,
aaeaioiaaii? aei niaoeeo?/ieo oiia oe?a?inueei? aeiiii?ee.

?aae?caoe?y iinoaaeaii? iaoe iaoiiaeth? ae??oaiiy ianooiiiai eiiieaeno
caaaeaiue:

· ocaaaeueieoe aeina?ae nenoai oi?aae?iiy i?eaooeii a e?a?iao, a yeeo
eieaeoeaia aeani?noue iaaoea cia/iiai iioe?aiiy ia i?ioyc? o?eaaeiai
ia??iaeo;

· aecia/eoe aeiiii?/io nooi?noue ? cia/aiiy nenoaie oi?aae?iiy i?eaooeii
ia i?aei?e?inoaao eieaeoeaii? oi?ie aeaniino? o a?o/eciyieo oiiaao;

· oai?aoe/ii iaa?oiooaaoe iiiyooy “aeea?aeaiaee” ? “aeea?aeaiaeia
iie?oeea”, ?ice?eoe ?o i?noea ? cia/aiiy a nenoai? aeiiii?/ieo
eaoaai??e;

· i?iaanoe aiae?c oaeoi??a, ui aieeaathoue ia ?iciiae?eue/o iie?oeeo
i?aei?e?inoa eieaeoeaii? oi?ie aeaniino? a Oe?a?i?;

· aecia/eoe niaoeeo?/i? iniaeeaino? ?iciiae?eo i?eaooeo a caeaaeiino?
a?ae i?aai?caoe?eii-i?aaiai? oi?ie noa’?eoa eieaeoeaii? aeaniino?;

· ?ic?iaeoe eiie?aoi? i?iiiceoe?? uiaei ?iciiae?eo i?eaooeo ?
aeea?aeaiaeii? iie?oeee ia i?aei?e?inoaao eieaeoeaii? oi?ie aeaniino?,
aaeaioiaai? aei a?o/eciyieo oiia.

Iaoeiaa iiaecia iaea?aeaieo ?acoeueoao?a iieyaa? o iinoaiiaoe?,
oai?aoe/iiio iaa?oiooaaii? oa i?aeoe/iiio ae??oaii? eiiieaeno ieoaiue,
iia’ycaieo c oi?aae?iiyi i?eaooeii ia i?aei?e?inoaao eieaeoeaii? oi?ie
aeaniino? a oiiaao Oe?a?ie.

Iaoeiaeie ?acoeueoaoaie aeena?oaoe?eii? ?iaioe ?:

· ocaaaeueiaii aeina?ae oi?aae?iiy i?eaooeii ia i?aei?e?inoaao
eieaeoeaii? oi?ie aeaniino? a aeiiii?/ii ?icaeiooeo e?a?iao oa
nenoaiaoeciaaii i?iiiceoe?? a?o/eciyieo aeiiii?no?a;

· ooi/iaii ci?no aeea?aeaiaeii? iie?oeee ye eiiieaeniiai i?aeoiaeo aei
?iciiae?eo i?eaooeo, ui caeeoa?oueny a ?icii?yaeaeaii? i?aei?e?inoa
eieaeoeaii? oi?ie aeaniino?;

· i?iaiae?ciaaii iniiai? oaeoi?e, ui aieeaathoue ia ?iciiae?eue/o
(aeea?aeaiaeio) iie?oeeo i?aei?e?inoaa eieaeoeaii? oi?ie aeaniino? a
oiiaao Oe?a?ie;

· aecia/aii niaoeeo?eo ?iciiae?eue/i? (aeea?aeaiaeii?) iie?oeee a
caeaaeiino? a?ae i?aai?caoe?eii-i?aaiai? oi?ie ainiiaea?nueeiai noa’?eoa
eieaeoeaii? aeaniino?;

· aecia/aii i??i?eoaoi?noue ?iciiae?eo i?eaooeo i?aei?e?inoa aeaniino?
i?aoe?aiee?a c oi/ee ci?o ?nioth/i? nenoaie iiiaeaoeoaaiiy;

· ?ic?iaeaii iaoiaeeeo ?iciiae?eo /enoiai i?eaooeo i?aei?e?inoa
aeaniino? i?aoe?aiee?a oa aeoe?iia?ieo oiaa?enoa cae?eoiai oeio, yea
aeicaiey? caaeiaieueieoe ?ioa?ane ??cieo a?oi i?aoe?aiee?a;

I?aeoe/ia cia/aiiy iaea?aeaieo ?acoeueoao?a iieyaa? a oiio, ui ia iniia?
aea/aiiy ?nioth/eo aeine?aeaeaiue oa aiae?co oaeoi??a, ui aieeaathoue ia
nenoaio oi?aae?iiy i?eaooeii o niaoeeo?/ieo oiiaao oe?a?inueei?
aeiiii?ee, aaoi?ii ?ic?iaeaii ?aeiiaiaeaoe??, ye? iiaeooue
canoiniaoaaoenue ia i?aei?e?inoaao aeaniino? i?aoe?aiee?a i?e i?eeiyoo?
??oaiue i?i ?iciiae?e oi? /anoeie i?eaooeo, yea caeeoa?oueny o
?icii?yaeaeaii? i?aei?e?inoaa. Cai?iiiiiaaia iaoiaeeea ?iciiae?eo
/enoiai i?eaooeo ia i?aei?e?inoaao aeaniino? i?aoe?aiee?a oa cae?eoeo
aeoe?iia?ieo oiaa?enoaao c i?ia?aiiei caaacia/aiiyi ?icaeyiooa oa
ai?iaiaaia o CAO “Aaeaeueaaen” (i. Ioea/aai Caea?iaonueei? iae.), ?
ai?iaaaeaeaia o i?aeoeeo ?iaioe EI “Oaiea?” (i. Ioea/aai Caea?iaonueei?
iae.).

Iniaenoee aianie caeiaoaa/a. An? aeeeaaeai? a aeena?oaoe?ei?e ?iaio?
iieiaeaiiy ?ic?iaeai? aaoi?ii iniaenoi.

Ai?iaaoe?y ?acoeueoao?a aeine?aeaeaiiy. Iniiai? iieiaeaiiy oa aeniiaee
aeena?oaoe?eiiai aeine?aeaeaiiy aeiiia?aeaeenue ia iaoeiai-i?aeoe/ieo
eiioa?aioe?yo:

– i?aeia?iaei?e iaoeiai-i?aeoe/i?e eiioa?aioe?? “Oi?aae?iiy o?oaeiaeie
?ano?naie: i?iaeaie ? ia?niaeoeae ?icaeoeo” (i. Oiaeueieoeueeee, 1997
?.);

– i?aeia?iaei?e iaoeiai-i?aeoe/i?e eiioa?aioe??, i?enay/ai?e 25-??//th
?iaeaia?ii-aeiiii?/iiai oaeoeueoaoo Oaoiieia?/iiai oi?aa?neoaoo Iiae?eey
(i. Oiaeueieoeueeee, 1998 ?.).

Ioae?eaoe??. Ca ?acoeueoaoaie aeeiiaiiai aeine?aeaeaiiy iioae?eiaaii 6
?ia?o caaaeueiei ianyaii 1,7 ae?oeiaaieo a?eoo?a.

Ianya ? no?oeoo?a aeena?oaoe??. Aeena?oaoe?eia ?iaioa neeaaea?oueny c
anooio, /ioe?ueio ?icae?e?a, o oiio /ene? 12 oaaeeoeue ? 9 ?enoie?a,
aeniiae?a, nieneo aeei?enoaieo aeaea?ae, yeee ioiieth? 157 iaeiaioaaiue,
3 aeiaeaoe?a. Iniiaiee ci?no ?iaioe aeeeaaeaiee ia 165 noi??ieao.

INIIAIEE CI?NO AeENA?OAOe?EII? ?IAIOE

O ia?oiio ?icae?e? “Oi?aae?iiy i?eaooeii ye neeaaeiaee aeaiaio aeiiii?ee
i?aei?e?inoaa eieaeoeaii? oi?ie aeaniino?” aecia/a?oueny, ui oi?aae?iiy
i?eaooeii i?aei?e?inoaa eieaeoeaii? oi?ie aeaniino? ia?aaeaa/a? aea??
iaoiaeeee iioeiaeueiiai ?iciiae?eo, yeee caaeiaieueiya ae
caaaeueiiae?iaie/? ?ioa?ane i?aei?e?inoaa o ii?aeiaii? c ?ioa?anaie
ni?aaeaniee?a. Ia a?aei?io a?ae o?aaeeoe?eiiai oeoia/aiiy, ca?aeii yeiai
aeea?aeaiaeia iie?oeea — oea noeoii?noue i?eioeei?a ? iaoiae?a aeieaoe
aeea?aeaiae?a o a?aeiia?aeiino? ?c caaaeueiiaeiiii?/iith no?aoaa??th oa
oe?eyie oaeoe/iiai ieaioaaiiy aeoe?iia?iiai oiaa?enoaa, aaoi? i?iiiio?
?icaeyaeaoe aeea?aeaiaeio iie?oeeo o a?eueo oe?ieiio aniaeo?: ye
?iciiae?e i?eaooeo ui caeeoa?oueny o ?icii?yaeaeaii? i?aei?e?inoaa
eieaeoeaii? oi?ie aeaniino? aeey aeieaoe aeea?aeaiae?a, oae ? ia ?io?
oe?e?. A oaeiio aniaeo? ?iciiae?eue/a (aeea?aeaiaeia) iie?oeea aenooia?
neeaaeiaith /anoeiith i?ioeano i?eeiyooy ??oaiue o noa?? aeai?o aeaea?ae
o?iainoaaiiy ae?iaie/i? ae?yeueiino? o ii?aeiaii? c aeaeaaoaaiiyi
eieaeoeaii? aeaniino?. Aeania aeea?aeaiaee i?iiiio?oueny aecia/aoe ye
aeio?ae o a?ioia?e aai ?io?e oi?i?, yeee io?eiothoue aeanieee eai?oaeo
i?aei?e?inoaa eieaeoeaii? oi?ie aeaniino? i?iii?oe?eii ?o /anooe? o
eai?oae? c i?eaooeo i?aei?e?inoaa aai niaoe?aeueieo oiiae?a, noai?aieo
ca ?aooiie i?eaooeo ieioeeo ?ie?a.

I?eioeeiiaa noaia ?iciiae?eo i?eaooeo ia i?aei?e?inoaao eieaeoeaii?
oi?ie aeaniino? i?eaaaeaia ia ?en.1. “Naeoi? aeine?aeaeaiiy” aecia/a?
i?aaeiao aeena?oaoe?eii? ?iaioe.

A?o/eciyia eiioeaioe?y ?iciiae?eue/i? (aeea?aeaiaeii?) iie?oeee iiaeiia
aacoaaoenue ia aea/aii? aeina?aeo e?a?i, aea eieaeoeaia aeani?noue
iaaoea iioe?aiiy ye a e?euee?niiio, oae ? a ye?niiio aei???, ? oa
aaeaioaoe?? eiai aei aeiiii?/ieo oiia Oe?a?ie. Iaiao?aeii a?aei?oeoe, ui
aeiaeia c o?ueio iniiaieo eiioeaioe?e aeea?aeaiaeii? iie?oeee (I.
I?eea?a oa O. Iiae?eueyi?, I. Ai?aeiia oa Aeae. E?ioia?a, a oaeiae
oai??y iiaeaoeiaeo ia?aaaa) ia aea? /?oei? a?aeiia?ae? uiaei
i?aaeeueiino? oiai /e ?ioiai aa??aioo aeea?aeaiaeii? iie?oeee, oiio ia
i?aeoeoe? eiaeiiio i?aei?e?inoao ne?ae i?eeiaoe naiino?eia ??oaiiy,
aeoiaey/e ia?aaeon?i c i?eoaiaiieo eiio iniaeeainoae oa ciai?oi?o
/eiiee?a, ye? /anoi aaaeei oi?iae?coaaoe. I?e oeueiio aoaeue-yeee
ia?aiee aa??aio iiaeiai a?aeiia?aeaoe aeaii aca?iiiia’ycaiei oe?eyi:

a) iaenei?caoe?? noeoiiiai aeioiaeo ?iaanoi??a (niea/aieo aeea?aeaiae?a
oa i?e?inoo eo?niai? aa?oino? aeoe?e );

a) aeinoaoiueiio o?iainoaaiith ae?yeueiino? i?aei?e?inoaa.

Ia i?aei?e?inoaao eieaeoeaii? oi?ie aeaniino? iaiao?aeii ia?aaeaa/eoe
o/anoue i?aoe?aiee?a o i?eaooeao, yea ? iaio ?aaeeeaeueiith oi?iith
aeaeaaoaaiiy aeaniino?

Aaoi?ii i?iaiae?ciaaii oai?aoe/i? ?ic?iaee noiniaii ?iciiae?eo i?eaooeo
ia i?aei?e?inoaao eieaeoeaii? oi?ie aeaniino? a?o/eciyii? iaoeiai?
oeiee, ye? oiiaii iiaeia ?icae?eeoe ia aea? a?oie. Ia?oa —
?aeiiaiaeaoe?? ii aecia/aiith iai?yie?a aoaeoeaiiai aeei?enoaiiy
i?eaooeo a aeoe?iia?ieo oiaa?enoaao. Ae?oaa a?oia i???ioo? ia aea??
aa??aioo ?iciiae?eo, yeee caaeiaieueiea ae ?ioa?ane ni?aaeaniee?a ia
i?aei?e?inoaao aeaniino? i?aoe?aiee?a.

O ae?oaiio ?icae?e? aeena?oaoe?eii? ?iaioe “Aeine?aeaeaiiy aeiiii?/ieo
oaeoi??a, ui aieeaathoue ia ?iciiae?eue/o iie?oeeo i?aei?e?inoaa”
aaoi?ii i?iaaaeaii ??ciioaeoi?iee aiae?c nenoaie oi?aae?iiy i?eaooeii ia
i?aei?e?inoa? eieaeoeaii? oi?ie aeaniino?. Aecia/aii, ui eiiieaeniee
i?aeo?ae c o?aooaaiiyi oaeoi??a aieeao aeicaieeoue eiaeiiio
i?aei?e?inoao i?ae?eoe aei nenoaie oi?aae?iiy i?eaooeii, nie?ath/enue ia
eiie?aoi? iieacieee, ye? oa?aeoa?ecothoue eiai ae?yeuei?noue ? ioi/oth/a
aeiiii?/ia na?aaeiaeua.

Aaoi?ii i?iaiae?ciaaii, ye aieeaa? ia ?iciiae?eue/o (aeea?aeaiaeio)
iie?oeeo noaae?y aeeoo?aiai oeeeeo i?aei?e?inoaa oa noai ?eieiai?
eii’thieoo?e, aeinoaoi?noue aeanieo ?aca?a?a i?aei?e?inoaa,
aeinooii?noue caeo/aiiy eioo?a ia o?iainiaiio ?eieo, iiaeaoeiaa
iie?oeea, o?iainia? iieacieee i?aei?e?inoaa.

Aaaeeeaeie aeey i?ioeano ?icoe?aiiai a?aeoai?aiiy ? oaeoi?e, ui
ia’?aeiai? ?iaanoeoe?eiith ni?yiiaai?noth ae?yeueiino? i?aei?e?inoaa,
ine?eueee aieeaathoue ia ?iciiae?eue/o iie?oeeo c oi/ee ci?o aecia/aiiy
i??i?eoaoiino? oiiae?a iaa?iiaaeaeaiiy ? niiaeeaaiiy. Aeaeaeiaeyaeia
?iciiae?eue/a iie?oeea iiaeiia ia?aaeaa/aoe iiaeeea?noue aeoioeyoe??
eioo?a aeey cae?eniaiiy ?iaanoeoe?e ? caaacia/aiiy ?icoe?aiiai
a?aeoai?aiiy aeaniiai ae?iaieoeoaa. I?ioa aiae?c aieeao icia/aii? a?oie
oaeoi??a ia ?iciiae?eue/o (aeea?aeaiaeio) iie?oeeo eiie?aoiiai
i?aei?e?inoaa a oiiaao Oe?a?ie oneeaaeiaiee /a?ac cai?oaiiy
?iaanoeoe?eii? aeoeaiino? ia iae?i??ai?.

Aeinoaoi?noue ?aca?a?a aeanieo o?iainiaeo ?ano?n?a, noi?iiaaieo o
iiia?aaeiueiio ia??iae?, aea? ciiao ni?yiiaoaaoe ia aeieaoo
aeea?aeaiae?a ii??aiyii a?eueoo /anoeio /enoiai i?eaooeo, ? oei naiei
i?aeiyoe i?eaaaeea?noue aeoe?e i?aei?e?inoaa a i/ao oi? /anoeie
ii?ooaeueieo ?iaanoi??a, yea i???ioiaaia ia iioi/ia niiaeeaaiiy.
Iniiaiith /anoeiith ?iaanoeoe?eieo ?aca?a?a i?aei?e?inoaa iiaeiai aoa
noaoe aii?oecaoe?eiee oiiae, aea a no/anieo oiiaao aii?oecaoe?y ia
a?ae?a?a? ?ie? o?iainiaiai aeaeaoia a?aeoai?thaaeueiiai i?ioeano.
I?e/eiaie ao?aoe aii?oecaoe?eiei oiiaeii ooieoe?? a?aeoai?aiiy ?
?ioeyoe?y, yea iinooiiai ciaoe?ithaaea iaa?iiaaeaeai? eiooe
i?aei?e?inoa, a iaoe?eueiaa aeei?enoaiiy aii?oecaoe?eiiai oiiaeo oa
iai?iaeoiai? ii?iaoeai? iieiaeaiiy noiniaii aii?oecaoe?eieo
a?ae?aooaaiue ni?e/eieee niia?eueiaiiy i?ioean?a aeoioethaaiiy eioo?a ia
a?aeoai?aiiy oa ?aiiaaoe?th.

Caeo/aiiy eioo?a ia o?iainiaiio ?eieo aeicaiey? i?aei?e?inoao aeey
?icaeoeo ae?iaie/i? ae?yeueiino? aeei?enoiaoaaoe eiooe, io?eiai? cciai?,
ni?yiiaoth/e caeeoie i?eaooeo ia niiaeeaaiiy (aeea?aeaiaee,
i?ai?thaaiiy, ?io? iaoa??aeuei? aeieaoe). I?ioa o ca’yceo c iecueeei
??aiai ieaoini?iiiaeiino? ? o?iainiai? noaa?eueiino? i?aei?e?inoaa
iiaeeea?noue caeo/aiiy aeiaeaoeiaeo eioo?a ia o?iainiaiio ?eieo
iaiaaeaia. ?iciiae?eue/a (aeea?aeaiaeia) iie?oeea ca oeeo oiia iiaeiia
ia?aaeaa/aoe iaia’yceia?noue aeoioeyoe?? iaeneioio eioo?a ? oi?ioaaiiy
a?aeiia?aeieo ?aca?a?a aeey i?aeo?eiee o?iainiai? noaa?eueiino?
i?aei?e?inoaa. Aieiaiith iaoith i?aei?e?inoaa ia? noaoe iie?auaiiy
o?iainiai? no?oeoo?e ca ?aooiie ia?iciiae?eaiiai i?eaooeo, caaacia/aiiy
aeinoaoiueiai ??aiy e?ea?aeiino?, caa?aaeaiiy iiceeiaiai iioaioe?aeo.

Iaeiei c aaaeeeaeo aeaea?ae oi?ioaaiiy ?iaanoeoe?eieo eioo?a
i?aei?e?inoaa iiaeiii noaoe aeiaaino?ieiaa e?aaeeooaaiiy. Aea,
caaaeath/e ia ia’?eoeai? oiiae e?eciaiai noaio aeiiii?ee, a Oe?a?i?
i?aeoe/ii i?eieiaii na?aaeiuei- oa aeiaaino?ieiaa e?aaeeooaaiiy,
a?aenooi? ?iaanoeoe?ei? e?aaeeoe. Iaaoaeoeaii aeei?enoiaothoueny ?
ei?ioeino?ieia? e?aaeeoe.

Aeea?aeaiaeia iie?oeea eiie?aoiiai i?aei?e?inoaa iiaeiia i???iooaaoenue
ia i??i?eoaoe ??cieo a?oi ianaeaiiy ? ieaioaaoenue oaeei /eiii, uia
ni?eyoe aeoioeyoe?? a?ioiaeo caiuaaeaeaiue ianaeaiiy oeyoii caaacia/aiiy
a?aeiia?aeii? a?aeaea/? ye o aeaeyae? aeea?aeaiae?a, oae ? c?inoaiiy
eai?oaeo. Oni?oia ae??oaiiy oe??? i?iaeaie a oiiaao Oe?a?ie oneeaaeiaia
/a?ac ia?icaeioo?noue ?io?ano?oeoo?e oiiaeiaiai ?eieo, iaai? iane?aeee
iai?iaeoiaiiai i?iaaaeaiiy i?eaaoecaoe?? oa i?ae??aaio aeia??o a?iiaaeyi
aei iuaaeii? ni?aae o aoae-yeiio i?iya?.

??aaiue iiiaeaoeoaaiiy aeea?aeaiae?a a no/anieo oiiaao aenooia? iniiaiei
oaeoi?ii, yeee aieeaa? ia ?iciiae?eue/o (aeea?aeaiaeio) iie?oeeo
i?aei?e?inoaa. Aea iaaecia/ai?noue ? iaiine?aeiai?noue ii?iaoeaieo
aeo?a, ui ?aaeaiaioothoue noa?o ?iciiae?eo i?eaooeo i?aei?e?inoa
eieaeoeaii? oi?ie aeaniino? i?eaaee aei ?ica?aeiinoae o aecia/aii? ye
ia’?eoa iiiaeaoeoaaiiy, oae ? naii? i?ioeaaeo?e ia?aooaaiiy iiaeaoeo.
I?eeiyoee Caeiiii Oe?a?ie “I?i iiiaeaoeoaaiiy i?eaooeo i?aei?e?inoa”
a?ae 22.05.97 ?. ii?yaeie iiiaeaoeoaaiiy aeea?aeaiae?a, ii-ia?oa,
oneeaaeiaiee iaoaiaoe/ii, ii-ae?oaa, ia c?icoi?eee c oi/ee ci?o
aeiiii?/iiai ieneaiiy: a?aeiiaa a?ae iiaea?eiiai iiiaeaoeoaaiiy
aeea?aeaiae?a (? aeea?aeaiaee, ? ia?iciiae?eaiee i?eaooie
iiiaeaoeiaothoueny ca iaeiith noaaeith 30%) cieaeo? iioeaaoe?th
ii?ooaeueieo ?iaanoi??a aei iaeiie/aiiy eai?oaeo ? ni?ey? “i?i?aeaiith”
i?eaooeo. Oiio ieoaiiy iiiaeaoeoaaiiy aeea?aeaiae?a iio?aao?
aeiii?aoethaaiiy c aieo caeiiioai?/eo i?aai?a.

O o?aoueiio ?icae?e? “Eieaeoeaia aeani?noue ye ae?aciee a?aeiinei c
i?eaiaeo ?iciiae?eo i?eaooeo” ?icaeyaeathoueny i?aai?caoe?eii-i?aaia?
ieoaiiy ooieoe?iioaaiiy i?aei?e?inoa eieaeoeaii? oi?ie aeaniino? oa
iniaeeaino? ?iciiae?eo i?eaooeo a caeaaeiino? a?ae
i?aai?caoe?eii-i?aaiai? oi?ie ainiiaea?thaaiiy.

Aaoi?ii i?iaiae?ciaaii aeioe?euei?noue noai?aiiy ? aoaeoeai?noue
ooieoe?iioaaiiy ??cieo i?aai?caoe?eii-i?aaiaeo oi?i ainiiaea?thaaiiy c
eieaeoeaiith aeani?noth. A?aei?/aii, ui aeoe?iia?ia oi?ia aeaniino?, ca
ioe?ieaie cia/ii? e?eueeino? aeiiii?no?a, aaaaea?oueny iaea?eueo
aeeoo?caeaoiith. Oea coiiaeaii ?? ia?aaaaaie, iniiaieie c yeeo ?
i?enoiniaai?noue aei aoaeue-yeiai aeaeo ae?yeueiino? o an?o naeoi?ao
aeiiii?ee; iiaeeea?noue caeo/aiiy aei ?iaanooaaiiy i?aei?e?iieoeueei?
ae?yeueiino? oe?ieeo aa?noa ianaeaiiy, iiaeeea?noue iia?e?caoe??
eai?oaeo ia o?iainiaiio ?eieo oa iaiaaeaia a?aeiia?aeaeuei?noue ii
ai?aao i?aei?e?inoaa.

I?aei?e?inoaa aeaniino? i?aoe?aiee?a (eieaeoeai? i?aei?e?inoaa),
oaiaeaioe?y aei iioe?aiiy yeeo niinoa??aa?oueny o aaaaoueio e?a?iao, ?
oe?eeii i?eaeaoiith i?aai?caoe?eii-i?aaiaith oi?iith aeey o?ainoi?iaoe??
aea?aeaaii? aeaniino? ia a?o/eciyiiio a?oio?. Ona?aeiieaiiy i?e/aoiino?
aei i?eaeaniaiiy aeiaeaoeiaiai i?iaeoeoo i?aeooiaoo? i?aoe?aiee?a aei
i?aeaeuaiiy i?iaeoeoeaiino? i?aoe?. Ie??i oiai, noai?aiiy iiae?aieo
i?aei?e?inoa ? iaeiaio aie?niei oeyoii ia?aaea/? “ia?iaeii?” aeaniino?
aaciina?aaei?i ae?iaieeai.

Iiee ui ?aii aiai?eoe i?i niaoeeo?/i? ia?aaaae aai iaaeie?ee
aeoe?iia?ieo oiaa?enoa cae?eoiai oeio, aea ?o iiioey?i?noue o e?a?iao c
?icaeiaiith ?eieiaith aeiiii?eith aeiaaea aaccaia?a/io aeeoo?caeaoi?noue
? aoaeoeai?noue iiae?aii? oi?ie ainiiaea?thaaiiy.

A?o/eciyia i?aeoeea ainiiaea?thaaiiy ua ia iaaoea aeinoaoiueiai
aeina?aeo, yeee ae aeicaieea i?iaiae?coaaoe aoaeoeai?noue ae?yeueiino?
oaeeo i?aai?caoe?eii-i?aaiaeo oi?i, ye oiaa?enoai c iaiaaeaiith
a?aeiia?aeaeuei?noth, oiaa?enoai c aeiaeaoeiaith a?aeiia?aeaeuei?noth,
iiaia oiaa?enoai, eiiaiaeeoia oiaa?enoai, ae?iaie/ee eiiia?aoea. Ia
inoaiith ?ieue a oeueiio a?ae?a?a? eaeii?/i?noue a?aeiia?aeii?
ii?iaoeaii? aace.

?iciiae?eue/a (aeea?aeaiaeia) iie?oeea ia i?aei?e?inoaao eieaeoeaii?
oi?ie aeaniino? iiaeiia aoaeoaaoenue c o?aooaaiiyi oa?aeoa?o
aca?iia?aeiinei i?ae noa’?eoaie ainiiaea?thaaiiy c oi/ee ci?o i?aaa
aeaniino?. Aeina?ae ooieoe?iioaaiiy ??cieo aeae?a i?aei?e?inoa c
aeani?noth i?aoe?aiee?a o ?eieia?e aeiiii?oe? aeicaiey? i?iaiae?coaaoe
?nioth/? noaie ?iciiae?eo aeiaeaoeiaiai i?iaeoeoo ? ia ?o iniia?
?ic?iaeoe caaaeuei? ?aeiiaiaeaoe?? uiaei ?iciiae?eo i?eaooeo ?
aeea?aeaiaeii? iie?oeee.

O a?aee?eoiio aeoe?iia?iiio oiaa?enoa? i?eaooie i?ae ni?aaeanieeaie
iiaeiai ?iciiae?eyoenue i?iii?oe?eii aianai?e /anooe? (e?eueeino?
aeoe?e). Ia ?nio? ?aeeii? aeoiee, yeo naia /anoeio i?eaooeo ?iciiae?eyoe
i?ae aeoe?iia?aie, a yeo caeeoaoe o aeaeyae? ia?iciiae?eaiiai i?eaooeo
ia ?icaeoie ae?iaieoeoaa. Eiaeia i?aei?e?inoai iiaeiii i?aeoiaeeoe aei
ae??oaiiy oeueiai ieoaiiy c o?aooaaiiyi ciai?oi?o ? aioo??oi?o /eiiee?a,
ui aieeaathoue ia eiai ainiiaea?nueeo ae?yeuei?noue.

I?e ?iciiae?e? i?eaooeo a aeoe?iia?ieo oiaa?enoaao cae?eoiai oeio
iaiao?aeii i?iaiae?coaaoe noaoon ?iaanoi??a ii a?aeiioaiith aei
i?aei?e?inoaa. sseui a?eueo?noue aeoe?iia??a – noi?iii? ?iaanoi?e,
i?eaooie ne?ae ?iciiae?eyoe i?iii?oe?eii aeeaaeaiiio eai?oaeo, yeui ae
aeoe?iia?e – ia?aaaaeii i?aoe?aieee i?aei?e?inoaa, noaia ?iciiae?eo
i?eaooeo aiaeia?/ia noai? ?iciiae?eo ia i?aei?e?inoaao aeaniino?
i?aoe?aiee?a. I?e oeueiio iaiao?aeii ia?aaeaa/eoe iiaeeea?noue iaiaa?o
iiaaae?iee o aca?iia?aeiineiao c iioaioe?eieie ?iaanoi?aie.

I?aei?e?inoaa aeaniino? i?aoe?aiee?a oa?aeoa?ecothoueny iaea?eueoith
??ciiiai?oi?noth noai ? iaoiae?a ?iciiae?eo i?eaooeo oa aeea?aeaiaeii?
iie?oeee. ?iciiae?e i?eaooeo iiaea a?aeaoaaoenue i?iii?oe?eii
aeeaaeaiiio eai?oaeo, i?iii?oe?eii o?oaeiaiio aeeaaeo, aai a?aoiaoaaoe
iaeaeaa oaeoi?e. Iaea?eueo aoaeoeaiith i?aaenoaaey?oueny ci?oaia noaia
?iciiae?eo i?eaooeo.

A oiaa?enoaao c iaiaaeaiith ? aeiaeaoeiaith a?aeiia?aeaeuei?noth noaia
?iciiae?eo i?eaooeo iae?a?oueny c o?aooaaiiyi niaoeeo?ee eiie?aoiiai
i?aei?e?inoaa a caeaaeiino? a?ae i?aaia?aeiinei o/aniee?a.

I?eaooee iiaiiai oiaa?enoaa, ye i?aaeei, ?iciiae?eythoueny i?ae
o/anieeaie i?iii?oe?eii ?o /anoeai o aeieueiaiio eai?oae?. I?ioa,
iiaeeeaee e ?ioee ii?yaeie oaeiai ?iciiae?eo.

O eiiaiaeeoieo oiaa?enoaao iaoiiaeth?oueny i?aai i?eueaiai? o/ano? o
i?eaooeao aeeaaeiee?a (eiiaiaeeoeno?a). A oeueiio ?icoi?ii? noaoon
eiiaiaeeoeno?a aiaeia?/iee noaoono aeaniee?a i?ea?eaeiaaieo aeoe?e
aeoe?iia?iiai oiaa?enoaa.

O ae?iaie/eo eiiia?aoeaao iaea?eueo iioeiaeueiei i?aaenoaaey?oueny
?iciiae?e aeioiaeo i?ae /eaiaie eiiia?aoeao i?iii?oe?eii o?oaeiaiio
aeeaaeo.

Cai?iiiiiaai? noaie ?iciiae?eo i?eaooeo iio?aaothoue iiaeaeueoiai
aiae?co ? ia?aa??ee ia aoaeoeai?noue aeei?enoaiiy a ?aaeuei?e
aeiiii?/i?e i?aeoeoe?. Iaiao?aeii ia?aaeyiooe e a?o/eciyia
caeiiiaeaanoai, yea ?aaoeth? ae?yeuei?noue oi? /e ?ioi?
i?aai?caoe?eii-i?aaiai? oi?ie eieaeoeaii? aeaniino?.

O /aoaa?oiio ?icae?e? “Iaoiaeieia?/ia aaca ?iciiae?eue/i? iie?oeee
i?aei?e?inoa eieaeoeaii? oi?ie aeaniino?” ?icaeyiooi i??i?eoaoi?noue
?iciiae?eo i?eaooeo ia i?aei?e?inoaao aeaniino? i?aoe?aiee?a oa
cai?iiiiiaaii iaoiaeeeo ?iciiae?eo i?eaooeo i?ae i?aoe?aieeaie c
o?aooaaiiyi ?o o?oaeiaiai aeeaaeo oa ?iaeea?aeoaeueii? /anoee aeaniino?
o eai?oae? i?aei?e?inoaa.

Aiae?c i??i?eoaoiino? ?iciiae?eo i?eaooeo cae?eniaiee ca i?eiouaiiyi, ui
aeea?aeaiaee i?aeiaaeathoue i?ae iiaea?eia iiiaeaoeoaaiiy o neeaae?
aeioiaeo o?ce/ieo in?a.

Ia aaeath/enue aei i?ii?aeieo aeeeaaeie, iaaaaeaii caaaeaio oaaeeoeth
aecia/aiiy i??i?eoaoiino? iai?yie?a ?iciiae?eo i?eaooeo (oaae.1)

Oaaeeoey 1

Aecia/aiiy i??i?eoaoiino? iai?yie?a ?iciiae?eo i?eaooeo ia
i?aei?e?inoaao eieaeoeaii? oi?ie aeaniino?

Iai?yiee ?iciiae?eoI??i?eoao-i?noue ?iciiae?eoOi?ioea ?ic?aooieo aoaeoo
(ao?ao) a?ae ci?ie o aa??aio? ?iciiae?eo, yeee i?eeiyoee ca
aaciaee?iaanoeoe?? aai aeea?aeaiaee?iaanoeoe???=-AekaeeaCa?ia?oia ieaoa
aai ?iaanoeoe???iaanoeoe???=Ca(ka-ka)+C ka-C1,4250,7Ca?ia?oia ieaoa aai
aeea?aeaiaeeAeea?aeaiaee?=Ca(ka-ka)+C ka-C1,4250,7(1-kaeea)I?ai?? aai
aeea?aeaiaeeAeea?aeaiaee?=Ca(ka-ka)+C ka-C1,425(1- kaeea)? – aoaeo
(ao?aoe) ii??aiyii c aaciaei aa??aioii;

Ae – ci?ia ?ici??o aeea?aeaiae?a ii??aiyii c aaciaei aa??aioii;

Ca – ca?ia?oia ieaoa a aaciaiio aa??aio?;

C – ci?ia ca?ia?oii? ieaoe ii??aiyii c aaciaei aa??aioii;

kaeea – eiao?oe??io iiiaeaoeoaaiiy aeea?aeaiae?a;

ka,ka – na?aaei?e i?eaooeiaee iiaeaoie a?aeiia?aeii a aaciaiio ?
aeueoa?iaoeaiiio aa??aioao.

Aiae?c iieacaa, ui c iiaeeeaeo iai?yie?a ?iciiae?eo i?eaooeo iaea?eueo
aea?aeiei aa??aioii, c oi/ee ci?o iineaaeaiiy iiaeaoeiaiai i?ano, ?
aeeaaeaiiy i?eaooeo a ?iaanoeoe??. Aea aeey oiai, uia i?aoethaaea
aeani?noue, aeea?aeaiaee aeioe?eueii ia?aoiaoaaoe, i?ioa /anoeio ?o
?a?iaanooaaoe o ?icaeoie ae?iaieoeoaa.

sseui ii??aiyoe iai?yiee noai?aiiy oiiae?a niiaeeaaiiy (aeea?aeaiaee,
ca?ieaoa, i?ai??) c oi/ee ci?o iniaeeainoae iie?oeee iiiaeaoeoaaiiy ?
ia?aooaaiue ia an? a?ioia? aeieaoe i?aoe?aieeai, oi iaea?eueo aea?aeiith
? aeieaoa aeea?aeaiae?a i?aoe?aieeai. I?aeaeuaiiy ca?ieaoe ca ?aooiie
ciaioaiiy aeieao aeea?aeaiae?a ? aeioe?eueiei eeoa i?e aeoaea iecueeiio
?? ??ai?. I?ai?aeuei? aeieaoe c i?eaooeo — iaeiaio aoaeoeaiee aa??aio
eiai aeei?enoaiiy. Oiio aaaeaii ?o acaaae? ia aeiea/oaaoe, a aeey
iaeiaieo i?aoe?aiee?a a?eueo aea?aeiei ? aaeaeaaoia ca?eueoaiiy
ca?ieaoe, aai aeieaoa iaoa??aeueii? aeiiiiiae o iaiiiaeaoeiaaieo
?ici??ao.

Ne?ae a?aecia/eoe, ui i??i?eoaoe iiaeooue ci?ieoeny i?e ci?iao a
iie?oeoe? iiiaeaoeoaaiiy.

I?e aecia/aii? i??i?eoaoiino? iai?yie?a ?iciiae?eo iaiao?aeii
a?aoiaoaaoe ia eeoa aieea iiaeaoeiai? iie?oeee, aea e ?ioa?ane ??cieo
a?oi i?aoe?aiee?a-ni?aaeaniee?a, ine?eueee ia i?aei?e?inoaao aeaniino?
i?aoe?aiee?a iiaa i?aeoe/ii eaea i?i ?iciiae?e i?eaooeo i?ae o?oaeii ?
eai?oaeii. E?eoa???i o?oaeiaiai aeeaaeo i?aoe?aieea aenooia? ?ici??
ca?ia?oii? ieaoe, io?eiaii? ca ??e. Iai?aoethth/? /eaie eieaeoeao, ye ?
i?aoe?aieee, /ee aeeaae o aeani?noue i?aei?e?inoaa cia/ii ia?aaeuo?
na?aaei?e ii i?aei?e?inoao ??aaiue, caoe?eaaeai? a oiio, uia a?eueoee
aeio?ae i?eiinea eai?oae. I?aoe?aieee, na?aaeiy ca?ieaoa yeeo aaeaeaaoia
na?aaei?e /anooe? o aeaniino? i?aei?e?inoaa, ?iaeeoa?aioi? aei aeai?o
aa??aioo ?iciiae?eue/i? iie?oeee. O oie aea /an /eaie eieaeoeao, /anoea
eai?oaeo yeeo o caaaeuei?e aa?oino? i?aei?e?inoaa iacia/ia, aoaeooue
iaaeaaaoe ia?aaaao oaeiio aa??aioo ?iciiae?eo, i?e yeiio ?o noeoiiee
aeio?ae caeaaeeoue a?ae ??aiy iieaoe i?aoe? o a?eueo?e i???, i?ae a?ae
?ici??o aeeaaeo o aeani?noue i?aei?e?inoaa.

Cai?iiiiiaaia iaoiaeeea ?iciiae?eo /enoiai i?eaooeo i?aei?e?inoaa
aeicaiey? iiaeieaoe noia?a/eea?noue ?ioa?an?a i?aoe?aiee?a c ??ciith
aeieath o/ano? o eai?oae? i?aei?e?inoaa oa ??ciei o?oaeiaei aeeaaeii. Ia
?iciiae?e i?eaooeo aieeaa? ye ?ici?? ia?aoiaaii? ca?ia?oii? ieaoe
i?aoe?aieea, oae ? ?ici?? eiai ?iaeea?aeoaeueii? /anoee aeaniino? o
eai?oae? i?aei?e?inoaa. Eiaeai c oaeoi??a (ca?ia?oia ieaoa, ?ici??
?iaeea?aeoaeueii? /anoee aeaniino?) aieeaa? ia ?iciiae?e a o?e i???, yea
a?aeiia?aea? ?ioa?anai an?o /eai?a eieaeoeao.

I??eeii aieeao aenooia? oae caaiee i?ioeaio oiiaiiai aieeao ?ici??o
oaeoi?a ia ?iciiae?e i?eaooeo. Iai?eeeaae, yeui i?eeiyoe noeoiiee aieea
aeacaieo oaeoi??a ca iaeeieoeth (100%), oi i?e ?iciiae?e?, a yeiio ?
o?oaeiaee aeeaae, ? aeeaae eai?oaeo a?aoiaothoueny ??aiii?aaii, i?ioeaio
oiiaiiai aieeao ye ?ici??o ca?ia?oii? ieaoe, oae ? ?ici??o
?iaeea?aeoaeueii? /anoee noaiiaeoeia 50%. A oaaeeoe? 2 caaaeaii
oa?aeoa?enoeee i?aoe?aiee?a (Z – ca?ieaoa, io?eiaia ca ??e, E – ?ici??
?iaeea?aeoaeueii? /anoee aeaniino?, Zna? oa Ena? – na?aaei?e ??aaiue
ca?ieaoe ? ?iaeea?aeoaeueii? /anoee aeaniino? ii i?aei?e?inoao
a?aeiia?aeii), ye? iaaeathoue ia?aaaao oiio /e ?ioiio aa??aioo
?iciiae?eo.

Ocaiaeaeaiiy ?ioa?an?a aeacaieo a?oi i?aoe?aiee?a a?aeaoaa?oueny
ianooiiei /eiii: i?eaooie iiae?ey?oueny ia /anoeie, eiaeia c yeeo
?iciiae?eyoeiaoueny ca iaeiei c ia?aieo aa??aio?a ?iciiae?eo i?ae an?ia
/eaiaie o?oaeiaiai eieaeoeao. ?ici?? eiaeii? /anoeie anoaiiaeth?oueny o
a?aeiia?aeiino? aei ieoiii? aaae a?oie i?aoe?aiee?a, ui iaaeathoue
ia?aaaao aeaiiio aa??aioo ?iciiae?eo.

Oaaeeoey 2

? aa??aioo ?iciiae?eoAa??aio ?iciiae?eo i?eaooeoIieacieee ii a?oiao
i?aoe?aiee?a, ui iaaeathoue ia?aaaao aeaiiio aa??aioo ?iciiae?eo1%Z=50%;
%K=50%Z=Zna?, E=Ena?

ZZna?, EEna?

ZZna?, EEna? 2%Z=67%; %K=33%ZZna?, EEna?

ZZna?, EEna? 3%Z=90%; %K=10%

(%Z=80%; %K=20%)ZZna?, EEna?

4%Z=10%; %K=90%

(%Z=20%; %K=80%)ZZna?, EEna?

5%Z=33%; %K=67%ZZna?, EEna?

ZZna?, EEna?

Ieae/a iaaaaeaia iaoaiaoe/ia i?ioeaaeo?a ?iciiae?eo i?eaooeo .

Aeo?aei? aeai?, ye? iaiao?aei? aeey ?ic?aooieo:

P – i?eaooie, ui i?aeeyaa? ?iciiae?eo;

N – e?euee?noue i?aoe?aiee?a i?aei?e?inoaa, i?ae yeeie ?iciiae?ey?oueny
i?eaooie;

i – ii?yaeeiaee iiia? i?aoe?aieea;

Zi – ca?ia?oia ieaoa, ui ia?aoiaaia i-oiio i?aoe?aieeia? ca ??e;

Ki – ?iaeea?aeoaeueia aeani?noue i-oiai i?aoe?aieea ia ii/aoie ?ieo;

Iine?aeiai?noue ?ic?aooieo

1. ?ic?aoiao?oueny na?aaeiy ii i?aei?e?inoao ca?ia?oia ieaoa ye na?aaeiy
a?eoiaoe/ia ca?ieao i?aoe?aiee?a, wmetafile8? ??›????????????
???????????yyy????.????1?????????????
?????&??yyyy?????Ay·y@·???&??MathType??
????u????????????-?????Q?@????Q?$???u?th??????2.
Aiaeia?/ii ?ic?aoiao?oueny na?aaei?e ii i?aei?e?inoao ?ici??
?iaeea?aeoaeueii? /anoee aeaniino? i?aoe?aieea o eai?oae? i?aei?e?inoaa,
wmetafile8? ??›????????????
???????????yyy????.????1?????????????
? ???&??yyyy?????Ay·y`·???&??MathType??
????u????????????-?????Q?@????Q?H???u?th??????3.
Iae?athoueny a?aieoe? Z oa E a?aeiia?aeii, o iaaeao yeeo ca?ia?oia ieaoa
? ?ici?? ?iaeea?aeoaeueii? /anoee aeaniino? aaaaeathoueny na?aaei?ie ii
i?aei?e?inoao: Zna?=wmetafile8? ??®????????????
???????????yyy????.????1??????????????
???&??yyyy?????Ay·ya·???&??MathType??
????u????????????-?????Q?@????Q?$???u?th??????4.
I?aoe?aieee i?aei?e?inoaa eeaneo?eothoueny ca iciaeith ?ici??o /anoee
aeaniino? (?iaeea?aeoaeueia aeani?noue ieae/a, ia ??ai?, aeua
na?aaeiuei? ii i?aei?e?inoao ) oa ia?aoiaaii? ca ??e ca?ia?oii? ieaoe
(ca?ieaoa ieae/a, ia ??ai?, aeua na?aaeiuei? ii i?aei?e?inoao);

5. Ia i?aenoaa? io?eiaii? eeaneo?eaoe?? aecia/a?oueny e?euee?noue
aa??aio?a ?iciiae?eo i?eaooeo a caeaaeiino? a?ae ?ioa?an?a a?oi
i?aoe?aiee?a (iaaeaaaoe ia?aaaao ?iciiae?eo i?eaooeo, i?e yeiio a
a?eueo?e i??? a?aoiao?oueny ?ici?? ca?ia?oii? ieaoe /e, iaaiaee, ?ici??
/anoee aeaniino? o eai?oae? i?aei?e?inoaa); e?euee?noue aa??aio?a
?iciiae?eo – n, ?iaeaen aa??aioo ?iciiae?eo – j;

6. Aecia/a?oueny e?euee?noue i?aoe?aiee?a Nj, ui iaaeathoue ia?aaaao
j-oiio aa??aioo ?iciiae?eo wmetafile8? ?????????????
???????????yyy????.????1?????????????
`@???&??yyyy?????Ay?y????&?
?MathType??P????u????????????-?????T?°???T?c???u?th??????
7. Aecia/a?oueny ieoiia aaaa aeaii? a?oie i?aoe?aiee?a o caaaeuei?e
e?eueeino? i?aoe?aiee?a ia i?aei?e?inoa?, j:

wmetafile8? ?????????????
???????????yyy????.????1?????????????
?A???&??yyyy?????AyAy?A???&?
?MathType??A????u????????????-?????8. Aecia/a?oueny /anoeia
i?eaooeo, ui ?iciiae?ey?oueny ca j-oei aa??aioii ?iciiae?eo Pj :

wmetafile8? ??&???????????
???????????yyy????.????1?????????????
`A???&??yyyy?????Ay¬y????&??MathType??p????u?th??????9.
Aecia/a?oueny ni?aa?aeiioaiiy aaaiiino? ca?ia?oii? ieaoe oa ?ici??o
/anoee aeaniino? a ?iciiae?e? i?eaooeo ca j-oei aa??aioii ?iciiae?eo j
:

wmetafile8? ??U???????????
???????????yyy????.????1?????????????
A????&??yyyy?????Ay¦y@f???&?
?MathType??????u????????????-?????]/???]???]>???]_???u?th??????

aea %Ej – i?ioeaio oiiaiiai aieeao ?ici??o ?iaeea?aeoaeueii? /anoee ia
?iciiae?e i?eaooeo ca j-oei aa??aioii ?iciiae?eo; %Zj – i?ioeaio
oiiaiiai aieeao ?ici??o ca?ia?oii? ieaoe ia ?iciiae?e i?eaooeo ca j-oei
aa??aioii ?iciiae?eo;

10. ?ic?aoiao?oueny eiao?oe??io i?eaaaeaiiy ?ici??o /anoee
?iaeea?aeoaeueii? aeaniino? aei ii??aiyeueiiai ?c ?ici??ii ca?ieaoe
aeaeyaeo ca j-oei aa??aioii ?iciiae?eo kj:

wmetafile8? ??+???????????
???????????yyy????.????1??????????????`
???&??yyyy?????Ay?y ????&?
?MathType??????u????????????-?????yk???y>???u?th??????

11. ?ic?aoiao?oueny i?eaaaeaia ?iaeea?aeoaeueia aeani?noue ?-oiai
i?aoe?aieea ca j-oei aa??aioii ?iciiae?eo Eij:

wmetafile8? ??1???????????
???????????yyy????.????1?????????????`@
???&??yyyy?????Ay¬y? ???&??MathType??p????u?th??????12.
?ic?aoiao?oueny noeoiiee aeeaae (o?oaeiaee aeeaae oa i?eaaaeaiee
aeeaae eai?oaeo) ?-oiai i?aoe?aieea ca j-oei aa??aioii ?iciiae?eo Aij :

wmetafile8? ?????????????
???????????yyy????.????1?????????????` 
???&??yyyy?????Ay¬y` ???&??MathType??p????u?th??????

13. ?ic?aoiao?oueny noia aeeaae?a i?aoe?aiee?a ca j-oei aa??aioii
?iciiae?eo i?eaooeo An o i j:

wmetafile8? ??e???????????
???????????yyy????.????1?????????????
A???&??yyyy?????Ay¤y?Ae???&??MathType???????u

14. ?ic?aoiao?oueny i?eaooie, ui i?eiaaea? ia iaeeieoeth noeoiiiai
aeeaaeo ca j-oei aa??aioii ?iciiae?eo pj :

wmetafile8? ??)???????????
???????????yyy????.????1?????????????
 ????&??yyyy?????AyµyAU???&?
?MathType??????u????????????-?????=AE???=a???u?th?????
?

15. Aecia/a?oueny ?ici?? i?eaooeo, ui i?eiaaea? aei ?iciiae?eo ia ?-oiai
i?aoe?aieea ca j-oei aa??aioii ?iciiae?eo ?ij:

wmetafile8? ??2???????????
???????????yyy????.????1?????????????`?
???&??yyyy?????Ay¬yA???&??MathType??p????u?th??????

16. ?ic?aoiao?oueny i?eaooie, ui i?eiaaea? ia ?-oiai i?aoe?aieea:

wmetafile8? ??s???????????
???????????yyy????.????1?????????????
????&??yyyy?????Ay»y@U???&??MathType??a????u?th??????

Iiae?aiee i?aeo?ae caaacia/o? oaeee ?iciiae?e i?eaooeo, yeee iaea?eueo
ni?aaaaeeeai caaeiaieueiy? ?ioa?ane i?aoe?aiee?a-ni?aaeaniee?a c ??cieie
iieacieeaie iaeiiai? oa o?oaeiai? aeeoa?aioe?aoe??.

Ne?ae a?aei?oeoe, ui ?ic?iaeaia iaoiaeeea iiaea aooe aeei?enoaia a
aeoe?iia?ieo oiaa?enoaao cae?eoiai oeio ca oiiae, ui ia?aaaaeia
a?eueo?noue oo?eioaa/?a aeoe?e iia’ycaia c i?aei?e?inoaii o?oaeiaeie
a?aeiineiaie.

AENIIAEE

1. I?ioean oi?aae?iiy i?eaooeii i?aei?e?inoaa, neeaaeiaith /anoeiith
yeiai ? aeea?aeaiaeia iie?oeea, ia?aaeaa/a? aea?? iioeiaeueiiai
?iciiae?eo, yeee caaeiaieueiya ae caaaeueiiae?iaie/? ?ioa?ane
i?aei?e?inoaa o ii?aeiaii? c ?ioa?anaie ni?aaeaniee?a. Iaeiei c
iaoiaeieia?/ieo i?aeoiae?a aei ae??oaiiy oeueiai ieoaiiy ia? noaoe
ocaaaeueiaiiy ?nioth/iai aeina?aeo c aaeaioaoe??th eiai aei a?o/eciyieo
oiia. Ia i?aeoeoe? eiaeia i?aei?e?inoai iiaeiii i?ae?eoe aei oe???
i?iaeaie, aeoiaey/e c i?eoaiaiieo eiio iniaeeainoae oa aieeao ciai?oi?o
oaeoi??a.

2. I?eeiyooy ??oaiue noiniaii ?iciiae?eo i?eaooeo iiaeiii
i???iooaaoenue ia ia’?eoeai? /eiieee nueiaiaeaiiy. E?eca, ui ioiieea
noa?o ainiiaea?nueei? ae?yeueiino?, ?iaanooaaiiy, e?aaeeooaaiiy, ? c
yei? aei neo i?? ia iiaea aeeoe aeiiii?ea Oe?a?ie, ni?e/eiy?
iaiao?aei?noue ae?iaeaiiy oaei? iie?oeee ?iciiae?eo i?eaooeo, yea
aeicaieeea a i?aei?e?inoao iaeneioi coneeue ni?yioaaoe ia i?aeo?eieo
??aiy ieaoini?iiiaeiino?. Aeaeaeiaeyaeia ?iciiae?eue/a iie?oeea, e??i
?ioiai, iiaeiia ia?aaeaa/aoe iiaeeea?noue aeoioeyoe?? eioo?a aeey
caaacia/aiiy aeaea?ae ?icoe?aiiai a?aeoai?aiiy aeaniiai ae?iaieoeoaa.

3. Iniiaiei oaeoi?ii, yeee aecia/a? aoaeue-yeee ainiiaea?nueeee i?ioean,
? ii?iaoeaii-caeiiiaeaa/a aaca. Iaaecia/ai?noue ? iaiine?aeiai?noue
ii?iaoeaieo aeo?a, ui ?aaeaiaioothoue noa?o ?iciiae?eo i?eaooeo
i?aei?e?inoa eieaeoeaii? oi?ie aeaniino?, iio?aaothoue oaaae c aieo
caeiiioai?/eo i?aai?a. Iaiao?aeii ia?aaeyiooe i?ioeaaeo?o iiiaeaoeoaaiiy
aeea?aeaiae?a, ae??oeoe ieoaiiy noiniaii iiiaeaoeoaaiiy iaeia
i?aei?e?inoaa. Iaaei?a/ii a?aeiiaeyoenue a?ae iiaea?eiiai iiiaeaoeoaaiiy
aeea?aeaiae?a, ine?eueee iaeiaeiaa noaaea iiaeaoeo aeey aeea?aeaiae?a ?
ia?iciiae?eaiiai i?eaooeo cieaeo? noeioee aei iaa?iiaaeaeaiiy eai?oaeo.

4. Oaeoe/iee ?ici?? i?eaooeo oa ??aaiue ?aioaaaeueiino? aeaniiai
eai?oaeo aenooiathoue ye aieiaiee e?eoa??e aeioe?eueiino? aeieaoe
aeea?aeaiae?a. A oiiaao aino?i? aeiiii?/ii? e?ece, aenieiio ??ai?
iaieaoaae?a oa caai?aiaaiino? ii aeieao? ca?ia?oii? ieaoe,
ianoaa?eueiino? iaoe?iiaeueii? aaethoe aeieaoa aeea?aeaiae?a aeioe?eueia
eeoa ca oiiae e?aeiuei? iaiao?aeiino?.

5. Ooiaeaiaioii, ia yeiio a?oioothoueny aca?iia?aeiineie i?ae noa’?eoaie
i?aei?e?iieoeueei? ae?yeueiino? ? i?aai aeaniino?, oiio iaiao?aeii
neiioeaio?oaaoe oaaao ia iiooeo oeyo?a iiaeieaiiy aeaoi?iaoe??
i?eaeaniaiiy — iniiaii? ia?aiiie ia oeyoo ainiiaea?nueeeo ?aoi?i.
Caeiiiaeaa/i cae??ieaia i?aai aieiae?iiy oa ?icii?yaeaeaiiy caniaaie
ae?iaieoeoaa ? i?eaooeii iiaeiii ciaeoe i?aeoe/io ?aae?caoe??th aeey
a?o/eciyiiai ae?iaieea.

6. ?iciiae?eue/a (aeea?aeaiaeia) iie?oeea ia i?aei?e?inoaao eieaeoeaii?
oi?ie aeaniino? iiaeiia aoaeoaaoenue c o?aooaaiiyi oa?aeoa?o
aca?iia?aeiinei i?ae noa’?eoaie ainiiaea?thaaiiy c oi/ee ci?o i?aaa
aeaniino?. Aeina?ae ooieoe?iioaaiiy ??cieo aeae?a i?aei?e?inoa c
aeani?noth i?aoe?aiee?a o ?eieia?e aeiiii?oe? aeicaiey? i?iaiae?coaaoe
?nioth/? noaie ?iciiae?eo aeiaeaoeiaiai i?iaeoeoo ? ia ?o iniia?
?ic?iaeoe caaaeuei? ?aeiiaiaeaoe?? uiaei ?iciiae?eo i?eaooeo ?
aeea?aeaiaeii? iie?oeee.

7. Ia iniia? ocaaaeueiaiiy oa aea/aiiy ye a?o/eciyiiai, oae ?
ca?oa?aeiiai aeina?aeo cai?iiiiiaaii iaoiaeeeo ?iciiae?eo i?eaooeo, ui
caeeoa?oueny a ?icii?yaeaeaii? i?aei?e?inoaa, yea aeicaiey? iiaeieaoe
noia?a/eea?noue ?ioa?an?a i?aoe?aiee?a c ??ciith aeieath o/ano? o
eai?oae? i?aei?e?inoaa oa ??ciei o?oaeiaei aeeaaeii.

Nienie iioae?eiaaieo i?aoeue ca oaiith aeine?aeaeaiiy

1. Ianoa?iaa N.A. Aeea?aeaiaeia iie?oeea o ?iciiae?e? i?eaooeo
i?aei?e?inoa eieaeoeaii? oi?ie aeaniino?// A?niee Oaoiieia?/iiai
oi?aa?neoaoo Iiae?eey. Na??y 2. Aeiiii?/i? iaoee. – 1997. – ?1.
–N.117-121.

2. Ianoa?iaa N.A. Iaoiaeeea ?iciiae?eo i?eaooeo ia i?aei?e?inoaao
aeaniino? i?aoe?aiee?a// A?niee Oaoiieia?/iiai oi?aa?neoaoo Iiae?eey.
Aeiiii?/i? iaoee. – 1998. – ?3. –N.38-42.

3. Ianoa?iaa N.A., I?eia I.I. I?iaeaia i?enaiaiey i?eaaai/iiai i?iaeoeoa
ia i?aaei?eyoeyo eieeaeoeaiie oi?iu nianoaaiiinoe// I?iaeaie i?aoe?,
aeiiii?ee oa iiaeaethaaiiy, ca??iee iaoeiaeo i?aoeue, /anoeia 1: –
Oiaeueieoeueeee, IAI “Aa??ea” OIA,1998. – ?2. –N.173-175. Iniaenoee
aianie: i?iiiceoe?? uiaei ?iciiae?eo i?eaooeo ia i?aei?e?inoaao c
??ciith i?aai?caoe?eii-i?aaiaith oi?iith eieaeoeaii? aeaniino?.

4. Ianoa?iaa N.A. Eiioeaioe?y aeea?aeaiaeii? iie?oeee a oiiaao Oe?a?ie//
I?iaeaiu eaaeie e oaenoeeueiie i?iiuoeaiiinoe Oe?aeiu. – 1998. – ?1.
–N.7-9.

5. Ianoa?iaa N.A. Iniaaiiinoe ?ani?aaeaeeoaeueiie iieeoeee ia
i?aaei?eyoeyo eieeaeoeaiie oi?iu nianoaaiiinoe// Oi?aaeaiea o?oaeiauie
?ano?naie: i?iaeaiu e ia?niaeoeau ?acaeoey. Iaaeaeoia?. iao/i.-i?aeo.
eiioa?aioeey. * I, a. Oiaeueieoeeee,1997. –N.80-82.

6. Ianoa?iaa N.A. Aei ieoaiiy i?i aeea?aeaiaeio iie?oeeo i?aei?e?inoaa//
Eaaea i?iieneia?noue. Iaoeia? i?aoe? iieiaeeo a/aieo oa nooaeaio?a.
*anoeia 4, i.Ee?a, 1998. – N.80-81.

AIIOAOe?ss

Ianoa?iaa N.A. Oi?aae?iiy i?eaooeii ? aeea?aeaiaeia iie?oeea ia
i?aei?e?inoaao eieaeoeaii? oi?ie aeaniino? a oiiaao ia?aoiaeo aei
?eieiai? aeiiii?ee. — ?oeiien.

Aeena?oaoe?y ia caeiaoooy iaoeiaiai nooiaiy eaiaeeaeaoa aeiiii?/ieo iaoe
ca niaoe?aeuei?noth 08.06.01 — Aeiiii?ea i?aei?e?inoaa ? i?aai?caoe?y
ae?iaieoeoaa. Oaoiieia?/iee oi?aa?neoao Iiae?eey, Oiaeueieoeueeee, 1998.

Aeena?oaoe?y i?enay/aia ieoaiiyi oi?aae?iiy i?eaooeo ? aeea?aeaiaeii?
iie?oeee ia i?aei?e?inoaao eieaeoeaii? oi?ie aeaniino? a oiiaao Oe?a?ie.
Ia iniia? i?iaaaeaiiai oaeoi?iiai aiae?co ae?iaeaii ?aeiiaiaeaoe??
noiniaii oi?aae?iiy i?eaooeii ia i?aei?e?inoaao c ??ciith
i?aai?caoe?eii-i?aaiaith oi?iith eieaeoeaii? aeaniino? oa cai?iiiiiaaii
iaoiaeeeo ?iciiae?eo i?eaooeo aeey i?aei?e?inoa aeaniino? i?aoe?aiee?a
oa aeoe?iia?ieo oiaa?enoa cae?eoiai oeio.

Eeth/ia? neiaa: ?iciiae?e i?eaooeo, aeea?aeaiaeia iie?oeea, eieaeoeaia
aeani?noue, cae?eoa aeoe?iia?ia oiaa?enoai, i?aei?e?inoai aeaniino?
i?aoe?aiee?a.

AIIIOAOeEss

Ianoa?iaa N.A. Oi?aaeaiea i?eaueueth e aeeaeaeaiaeiay iieeoeea ia
i?aaei?eyoeyo eieeaeoeaiie oi?iu nianoaaiiinoe a oneiaeyo ia?aoiaea e
?uii/iie yeiiiieea. — ?oeiienue.

Aeenna?oaoeey ia nieneaiea iao/iie noaiaie eaiaeeaeaoa yeiiiie/aneeo
iaoe ii niaoeeaeueiinoe 08.06.01 — Yeiiiieea i?aaei?eyoey e i?aaiecaoeey
i?iecaiaenoaa. Oaoiieiae/aneee oieaa?neoao Iiaeieuey, Oiaeueieoeeee,
1998.

Aeenna?oaoeey iinayuaia aii?inai oi?aaeaiey i?eaueueth e aeeaeaeaiaeiie
iieeoeee ia i?aaei?eyoeyo eieeaeoeaiie oi?iu nianoaaiiinoe a oneiaeyo
Oe?aeiu. Ia iniiaa i?iaaaeaiiiai oaeoi?iiai aiaeeca ?ac?aaioaiu
?aeiiaiaeaoeee ii oi?aaeaieth i?eaueueth ia i?aaei?eyoeyo n ?aciie
i?aaiecaoeeiiii-i?aaiaie oi?iie eieeaeoeaiie nianoaaiiinoe e
i?aaeeiaeaia iaoiaeeea ?ani?aaeaeaiey i?eauee aeey i?aaei?eyoee
nianoaaiiinoe ?aaioieeia e aeoeeiia?iuo iauanoa cae?uoiai oeia.

Eeth/aaua neiaa: ?ani?aaeaeaiea i?eauee, aeeaeaeaiaeiay iieeoeea,
eieeaeoeaiay nianoaaiiinoue, cae?uoia aeoeeiia?iia iauanoai,
i?aaei?eyoea nianoaaiiinoe ?aaioieeia.

SUMMARY

Nesterova S.V. Profit Management and Dividend Policy on Enterprises with
Collective Ownership under Conditions of Transmission to the Market
Economy.

Thesis on competition of a scientific degree of the candidate of
economic sciences on specialty 08.06.01 — Economy of Enterprise and
Organization of Production. Technological University of Podillia,
Khmelnitskiy, 1998.

Dissertation is dedicated to the questions of profit management and
dividend policy on enterprises with collective ownership under Ukrainian
conditions. Under conducted factorial analysis the recommendations about
profit management on the enterprises with different legal status of
collective ownership are worked out and the methods of profit
distribution for employee stock ownership enterprises and private
limited companies are suggested.

Key words: profit, dividend policy, collective ownership, private
limited companies, employee stock ownership enterprises.

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