.

Вибір стратегії інвестування підприємств: Автореф. дис… канд. екон. наук / Г.В. Строкович, Харк. держ. екон. ун-т. — Х., 1999. — 16 с. — укp.

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OA?E?ANUeEEE AeA?AEAAIEE AEIIII?*IEE OI?AA?NEOAO

OAeE 658. 14/7

NO?IEIAE* AAIIA A?OAE??AIA

AEA?? NO?AOAA?? ?IAANOOAAIIss I?AeI?E?INOA

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

Oa?e?a 1999

Aeena?oaoe??th ? ?oeiien.

?iaioa aeeiiaia o Oa?e?anueeiio aea?aeaaiiio aeiiii?/iiio oi?aa?neoao?,
I?i?noa?noai ina?oe Oe?a?ie.

Iaoeiaee ea??aiee eaiaeeaeao aeiiii?/ieo iaoe, aeioeaio

ssno?ainueea Ieaia Ieeiea?aia

Oa?e?anueeee aea?aeaaiee
aeiiii?/iee oi?aa?neoao,

aeioeaio eaoaae?e ?ioi?iaoe?eieo
nenoai

Io?oe?ei? iiiiaioe: aeieoi? aeiiii?/ieo iaoe, i?ioani?, aeaaeai?e

A?eiueiaa Aaeaioeia Ieeiea?aia

Oa?e?anueeee aea?aeaaiee aeiiii?/iee oi?aa?neoao,

caa. eaoaae?ith a?ciano oa i?aei?e?iieoeoaa

eaiaeeaeao aeiiii?/ieo iaoe, aeioeaio

Aeaaoy? Aiae??e Ieaaiae/

Oa?e?anueeee aea?aeaaiee
iie?oaoi?/iee oi?aa?neoao,

aeioeaio eaoaae?e aeiiii?/ii?
e?aa?iaoeee oa

ia?eaoeiaiaiai iaiaaeaeiaioo

I?ia?aeia onoaiiaa Oa?e?anueeee aea?aeaaiee oi?aa?neoao, eaoaae?a
o?iain?a oa e?aaeeoo, I?i?noa?noai ina?oe Oe?a?ie, i.
Oa?e?a.

Caoeno a?aeaoaeaoueny “29” ea?oiy 1999 ?. i _13aiaeei? ia can?aeaii?
niaoe?ae?ciaaii? a/aii? ?aaee, oeo? Ae 64. 055.01 o Oa?e?anueeiio
aea?aeaaiiio aeiiii?/iiio oi?aa?neoao? ca aae?anith: 310001, i.Oa?e?a,
i?. Eai?ia, 9-a.

C aeena?oaoe??th iiaeia iciaeiieoenue o a?ae?ioaoe? Oa?e?anueeiai
aea?aeaaiiai aeiiii?/iiai oi?aa?neoaoo ca aae?anith: 310001, i.Oa?e?a,
i?. Eai?ia, 9-a.

Aaoi?aoa?ao ?ic?neaiee “27” aa?aciy 1999 ?.

A/aiee nae?aoa?

niaoe?ae?ciaaii? a/aii? ?aaee
Aei?ii?ia I.N.

8

CAAAEUeIA OA?AEOA?ENOEEA ?IAIOE

Aeooaeuei?noue oaie. Ia no/aniiio aoai? ?iaanoeoe?eia aeoeai?noue a
Oe?a?i? ?noioii ciaioeeanue. Oea iaoiiaeaii oei, ui a ca’yceo c
i?eeiyooyi ?eieiai? nenoaie ainiiaea?thaaiiy ?ieue aea?aeaaieo
aeeaaeaiue a ?iaanooaaii? i?aei?e?inoa iino?eii nei?i/o?oueny. ?acii c
oei ia?ao?ae aei eiieo?aioini?iiiaeii? aeiiii?ee iaiiaeeeaee aac
caeo/aiiy ye a?o/eciyieo, oae ? ?iicaiieo ?iaanoeoe?eieo ?ano?n?a, ye?
ia?o ca ana iiaeii? iai?aaeyoenue a ?aaeuei? ia’?eoe, oiaoi
i?aei?e?inoaa. Ae?yeuei?noue i?aei?e?inoa iio?aao? ?aoe?iiaeueiiai
?iciiae?eo ye caeo/aieo, oae ? aeanieo eioo?a. Oiio i?eieea
?iaanoeoe?eieo ?ano?n?a caeaaeeoue ia o?eueee a?ae ni?eyoeeaiai
?iaanoeoe?eiiai ee?iaoo, yeee noai?th? aea?aeaaa oa i?aaie i?noeaaiai
naiia?yaeoaaiiy, aea e a?ae i?aei?e?inoaa, yea iiaeiii naiino?eii
?ic?iaeyoe i?ia?aie naiai iiaeaeueoiai ?icaeoeo, oiaoi ia? aeae?eeoe o
nai?io neeaae? no?aoaa?/i? oeaio?e ainiiaea?thaaiiy (NOeA), i?ae yeeie
ne?ae ?icoi?oe aeae?eueea no?oeoo?ieo iaeeieoeue i?aei?e?inoaa,
ia’?aeiaieo i?aai?caoe?eii-oaoiieia?/ieie ca’yceaie oa caaaeueiith
iaoith ooieoe?iioaaiiy, ?ic?iaeoe aeey eiaeiiai c ieo aeanio no?aoaa?th
?iaanooaaiiy. Oaeei /eiii, i?iaeaia aeai?o no?aoaa?? ?iaanooaaiiy
i?aei?e?inoaa ? aeooaeueiith ia o?eueee aeey ciai?oiueiai ?iaanoi?a, aea
e aeey iueiai naiiai c oi/ee ci?o iineeaiiy aeeiai?cio ?icaeoeo.

Oe?iea eiei ieoaiue, iia’ycaieo c aeine?aeaeaiiyie uiaei aeai?o
no?aoaa?? ?iaanooaaiiy, ciaeoei nai? a?aeia?aaeaiiy o i?aoeyo a?aeiieo
a?o/eciyieo ? caei?aeiiieo aeiiii?no?a: ?. Aeiooa, ?. Ainiooa,
?.A. Aeaiea, A. Ai?iaia, N. Oiiaeoa, A.A. ??aeeniaa, ?.A. Eiineoea ?
A.A. Einniaa, A. Ea?eioa, O. Eiiaa, Ae. Eeieaiaea, I. Ianna, A.?.
Noa?eiiaa, A.A. Oiiiniia, A. Aeae. No?ieeaiaea, A.Ae. Oaii?i.

?o ?iaioe iineoaeeee iaoiaeieia?/iith iniiaith aeeiiaiiy oeueiai
aeena?oaoe?eiiai aeine?aeaeaiiy. Iaeiae aaaaoi oai?aoe/ieo ? i?aeoe/ieo
ieoaiue uiaei aeai?o no?aoaa?? ?iaanooaaiiy i?aei?e?inoa oa eiai NOeA a
ia?ao?aeiee ia??iae ?ic?iaeai? ia aeinoaoiuei iiaii ? iio?aaothoue
iiaeaeueoiai ?icaeoeo, a a aeayeeo aeiaaeeao ooi/iaiiy.

Aeieea? iaiao?aei?noue ae??oaiiy oai?aoe/ieo ? iaoiaee/ieo ieoaiue, ui
noaaeyoueny aei iiiyooy ?iaanoeoe?eii? i?eaaaeeaino? ia’?eo?a
?iaanooaaiiy, ?? ioe?iee, iiaeeeaino? ia iniia? oe??? oa?aeoa?enoeee,
aea?aoe no?aoaa?th ?iaanooaaiiy i?aei?e?inoaa oa ?ic?iaeoe iaoai?ci
oi?ioaaiiy ii?ooaey ia’?eo?a ?iaanoeoe?eieo aeeaaeaiue. Iaaeinoaoi?
aeine?aeaeaiiy oeeo ieoaiue, ?o aeooaeuei?noue, oai?aoe/ia ? i?aeoe/ia
cia/aiiy coiiaeee aea?? oaie aeena?oaoe?eii? ?iaioe, ?? iaoo oa caaea/?.

Ia?aiee iai?yiie iaoeiaeo aeine?aeaeaiue ni?aiaaea? c ieaiaie iaoeiaiai
aeine?aeaeaiiy Oa?e?anueeiai aea?aeaaiiai aeiiii?/iiai oi?aa?neoaoo ca
oaiith “No?aoaa?y ae?yeueiino? i?aei?e?inoaa a oiiaao
?eieiaiai na?aaeiaeua” (? 01984007645) ca ni?euei?noth aeaiaio?a oa
i?ioean?a, ui aeine?aeaeothoueny.

Iaoa ? caaea/? aeine?aeaeaiiy. Iaoith aeena?oaoe?eiiai aeine?aeaeaiiy ?
?ic?iaea oai?aoe/ieo iieiaeaiue ? iaoiaee/ieo ?aeiiaiaeaoe?e uiaei
aeai?o no?aoaa?? ?iaanooaaiiy i?aei?e?inoa oa ?o NOeA ia iniia?
aecia/aiiy ??aiy ?iaanoeoe?eii? i?eaaaeeaino? e ??aiy ?eceeo
aioo??oiueiai oa ciai?oiueiai na?aaeiaeua ooieoe?iioaaiiy.

Aeey aeinyaiaiiy iinoaaeaii? iaoe aoei ae??oaii oae? caaea/?:

aeine?aeaeaii aeiiii?/io eaoaai??th “?iaanoeoe?eia i?eaaaeea?noue
noa’?eo?a i?aei?e?iieoeueei? ae?yeueiino?” oa i?iaiae?ciaaii ?nioth/?
iaoiaee ?? ioeiiee;

aea?aii aieiai? neeaaeia? aiae?co ?iaanoeoe?eii? i?eaaaeeainoi
i?aei?e?inoaa oa ia ?o iniia? ?ic?iaeaii nenoaio iieaciee?a
o?iainiai-aeiiii?/iiai aniaeoo eiai ae?yeueiino?;

?ic?iaeaii iaoiaee/i? ?aeiiaiaeaoe?? uiaei aecia/aiiy ??aiy ?eceeo
aioo??oiueiai oa ciai?oiueiai na?aaeiaeua ?iaanooaaiiy i?aei?e?inoaa;

?ic?iaeaii nenoaio aeueoa?iaoeaieo no?aoaa?e ?iaanooaaiiy i?aei?e?inoaa
oa eiai NOeA;

aeineiaeaeaii /eiieee aieeao ia i?ioean oi?ioaaiiy aoaeoeaiiai
?aaeueiiai iiaanoeoeieiiai ii?ooaey i?aei?e?inoaa oa ?ic?iaeaii
?aeiiaiaeaoei? uiaei oi?aaeiiiy iei.

I?aaeiao ? ia’?eo aeine?aeaeaiiy. I?aaeiaoii aeine?aeaeaiiy ? i?ioean
?aaeueiiai ?iaanooaaiiy i?aei?e?inoa oa ?o NOeA, iiaeeeaino? aieeao ia
aoaeoeai?noue eiai i?io?eaiiy. Ia’?eoii aeine?aeaeaiiy neoaeaoue
i?aei?e?inoaa Oe?a?ie iaoeiiaoae?aii? ? oa?/iai? aaeocae.

Caaaeueia iaoiaeeea aeine?aeaeaiiy. Oai?aoe/iith ? iaoiaeieia?/iith
iniiaith aeena?oaoe?? noaee iinoaiiae Aa?oiaii? ?aaee c ieoaiue
?aaoethaaiiy ?iaanoeoe?eii? ae?yeueiino? a Oe?a?i?, i?aoei a?o/eciyieo ?
caei?aeiiieo o/aieo-aeiiii?no?a.

O oiaei aeine?aeaeaiiy aoee aea/ai? ? aeei?enoai? noaoenoe/i? iaoa??aee
ia??iaee/ieo aeaeaiue ca 1992-1998 ?iee ? aeia?aeeiaa e?oa?aoo?a.

Aeieoiaioaeueiith aacith aeine?aeaeaiiy ? aeaii noaoenoe/ii? ca?oiino?
ca 1992-1996 ?iee ii i?aei?e?inoaao iaoeiiaoae?aii? oa oa?/iai? aaeocae
Oa?e?anueeiai ?aa?iio.

Aieiaieie iaoiaeaie aeine?aeaeaiiy aeena?oaoe?eii? ?iaioe ?
aeiiii?ei-iaoaiaoe/i? iaoiaee, iaoiaee aaaaoii??iiai noaoenoe/iiai
aiae?co, aenia?oi? iaoiaee, iaoiae aeeiaii/iiai i?ia?aioaaiiy ? oai??y
i?eeiyooy ?ioaiue. ?ic?aooiee aoee aeeiiai? ia ia?niiaeueiiio
eiii’thoa?? c aeei?enoaiiyi i?ia?aiiiai iaeaoa STATISTICA.

Iaoeiaa iiaecia ?acoeueoao?a, io?eiaieo iniaenoi aaoi?ii:

iaa?oioiaaia iaiao?aei?noue i?iaaaeaiiy eiiieaenii? nenoaiii? ioe?iee
?iaanoeoe?eii? i?eaaaeeaino? i?aei?e?inoa oa ?o no?aoaa?/ieo oeaio??a
ainiiaea?thaaiiy c o?aooaaiiyi o?iainiai-aeiiii?/iiai, oaoi?/iiai,
aaia?ao?/iiai, ?ano?niiai, i?aaiaiai, aeieia?/iiai, o?oaeiaiai,
i?aai?caoe?eiiai, eiia?oe?eiiai aniaeo?a, yea aeicaiey? i?aeaeueoe
ia’?eoeai?noue i?ioeano ?iaanooaaiiy;

cai?iiiiiaaii iiaee iaoiaee/iee i?aeo?ae aei noai?aiiy nenoaie
e?euee?nieo iieaciee?a ioe?iee ??aiy ?iaanoeoe?eii? i?eaaaeeaino?
i?aei?e?inoaa oa eiai no?aoaa?/ieo oeaio??a ainiiaea?thaaiiy, yeee
aaco?oueny ia aiae?c? noaio ?o o?iain?a oa iniiaieo oiiae?a, ia’?aeiaieo
ca aeiiiiiaith ?aeoeiaiaiai iieacieea;

aeiaaaeaii iaiao?aei?noue ioe?iee ??aiy iaaecia/aiino? aioo??oiueiai oa
ciai?oiueiai na?aaeiaeua i?aei?e?inoaa, a?aooaaiiy ae?? oaeeo iiaeo
aeiaeaoeiaeo /eiiee?a aeey oiia Oe?a?ie, ye a?aenooi?noue eiieo?aioe??
ia ?eieo iinoa/aeueiee?a ne?iaeie oa iaoa??ae?a, oaoi?ei-oaoiieia?/ia
caeaaei?noue a?ae noi?aeieo aaeocae, iayai?noue iiaeaoeiaeo oa ieoieo
i?euea;

?ic?iaeaii iaoiaeeeo iiaoaeiae nenoaie no?aoaa?e ?iaanooaaiiy
i?aei?e?inoaa ? aecia/aiiy iaea?eueo ae?eiai? c ieo ca aeiiiiiaith
iaa?oioiaaieo a ?iaio? e?eoa???a ?iaanoeoe?eii? i?eaaaeeaino? e ?eceeo
aioo??oiueiai oa ciai?oiueiai na?aaeiaeua;

iaa?oioiaaii iaiao?aei?noue canoinoaaiiy aeey oi?ioaaiiy aoaeoeaiiai
ii?ooaey ?aaeueieo ?iaanoeoe?e e?eoa??th iaenei?caoe?? i?eaooeiaino?
aeeaaeaiue i?e iaea?eueo aeinyaeiiio aeei?enoaii? ?iaanoeoe?eieo
?ano?n?a, ia eiai iniia? ?ic?iaeaii iaoai?ci aioo??oiueiai ?iciiae?eo
?iaanoeoe?eieo ?ano?n?a i?aei?e?inoaa.

I?aeoe/ia oe?ii?noue ?acoeueoao?a ?iaioe. I?aeoe/ia oe?ii?noue
?acoeueoao?a aeena?oaoe?eii? ?iaioe iieyaa? o iiaeeeaino? ?o
aeei?enoaiiy ye eiie?aoieo ?aeiiaiaeaoe?e uiaei aeai?o no?aoaa??
?iaanooaaiiy i?aei?e?inoaa oa eiai NOeA, ai?iaaaeaeaiiy yeeo aeicaieeoue
aeeiai?/ii oi?aaeyoe ?iaanoeoe?eieie i?ioeanaie ia i?aei?e?inoa?,
i?aeaeueoe ??aaiue ?o aoaeoeaiino? a no/anieo oiiaao o?ainoi?iaoe?eii?
aeiiii?ee Oe?a?ie. Canoinoaaiiy ?acoeueoao?a i?iaaaeaieo aeine?aeaeaiue
aeicaieeoue i?eaanoe o a?aeiia?aei?noue aei aeiia ?iaanoi??a ?nioth/ee
nooi?iue ?iaanoeoe?eii? i?eaaaeeaino? i?aei?e?inoa, ??aaiue ?eceeo ?o
?iaanooaaiiy. I?aeoe/ia cia/aiiy iathoue oae? iaoeiai-i?eeeaaei?
?ic?iaee: ioe?iea ??aiy ?iaanoeoe?eii? i?eaaaeeaino? ? ??aiy ?eceeo
?iaanooaaiiy i?aei?e?inoaa oa eiai NOeA, iaoiaeeea aeai?o no?aoaa??
?iaanooaaiiy, ?aeiiaiaeaoe?? c oi?ioaaiiy aoaeoeaiiai ii?ooaey ia’?eo?a
?aaeueieo ?iaanoeoe?eieo aeeaaeaiue.

Ai?iaaoe?y ?iaioe. Aieiai? aeniiaee oa iieiaeaiiy aeena?oaoe??
aeiiia?aeaeenue ? aoee noaaeai? ia i?aeia?iaeieo iaoeiai-i?aeoe/ieo
eiioa?aioe?yo iieiaeeo aeiiii?no?a (Oa?e?a 1996 ?.,1997 ?., 1998 ?.).
Iaoa??aee aeena?oaoe?? aeiiia?aeaeenue oaeiae ia i?aeeaoaae?aeueieo
nai?ia?ao Oa?e?anueeiai aea?aeaaiiai aeiiii?/iiai oi?aa?neoaoo.

Io?eiai? ?acoeueoaoe aoee ai?iaaaeaeai? a AO “Oa?o?ii” (i. Oa?e?a).

Ioae?eaoe??. Ca oaiith aeena?oaoe?? iioae?eiaaii 9 iaoeiaeo noaoae,
caaaeueiei ianyaii 1.6 oi.-ae?oe. a?e. Iniaenoi aaoi?o iaeaaeeoue 1.31
oi.-ae?oe. a?e.

No?oeoo?a ? ianya ?iaioe. Aeena?oaoe?y neeaaea?oueny c? anooio, o?ueio
?icae?e?a ? aeniiae?a. ?iaioa i?noeoue 143 noi??iee iaoeiiieniiai
oaenoo, 10 oaaeeoeue, 17 ?enoie?a, nienie e?oa?aoo?e c 147 iaeiaioaaiue
? 6 aeiaeaoe?a.

INIIAIEE CI?NO ?IAIOE

O aeena?oaoe?? aeine?aeaeaii i?ioean ?iaanooaaiiy i?aei?e?inoa oa ?o
NOeA a ia??iae ia?ao?aeii? aeiiii?ee.

O ia?oiio ?icae?e? “?icaeoie ?iaanoeoe?eieo i?ioean?a o ?eieia?e
aeiiii?oe? ia no/aniiio aoai?” ?icaeyioo? aeiiii?/ia nooi?noue ?
no/aniee ciino iiiyoue “?iaanoeoe??” oa “?iaanoeoe?eia i?eaaaeeainoue
i?aei?e?inoaa”. Iiaeaii eeaneo?eaoe?th ?iaanoeoe?e ca ?yaeii iciae;
?icaeyioo? i?aeoiaee aeiiii?no?a ??cieo oe?e aei iiiyoue “?iaanoeoe??”
oa “iiaanoeoeieia i?eaaaeeainoue”. I?iaiae?ciaaii i?ioean oi?ioaaiiy
?iaanoeoe?eii? no?aoaa?? ? /eiieee, ui aaciina?aaeiuei aieeaathoue ia
iueiai.

1. Aeo?ae Oe?a?ie c aeeaiei? aeiiii?/ii? e?ece iiaeeeaee o?eueee i?e
?aaeeeaeuei?e ci?i? ?iaanoeoe?eii? iieioeee aea?aeaae c iaoith ?? aieeao
ia iiaanoeoeieiee i?ioean ca aeiiiiiaith ?eieiaeo ?aaoeyoi??a, oaeeo ye:
iiaeaoeiaee ca ?aooiie cieaeaiiy iiaeaoe?a, iaaeaiiy iiaeaoeiaeo
i?euea, ii?i i?enei?aii? aii?oecaoe??, cae?eniaiiy ?? ?iaeaenaoe??;
oiiainiai-e?aaeeoiee ca ?aooiie ci?ie ?aca?aii? ii?ie, iia?aoe?e ia
oiiaeiaiio ?eieo, noaaie aaie?anueeeo i?ioeaioia; oeiiiaee ca ?aooiie
cieaeaiiy aa?oino? aia?aiiin??a ? o?ainii?oieo oa?eo?a; ieoiee ca
?aooiie cieaeaiiy ieoa. I?e oeueiio iaaecae/aeii aaaeeeaei ?
aeoea?caoe?y ia o?eueee aea?aeaaieo, aea ? ei?ii?aoeaieo, i?eaaoieo
?iaanoeoe?e. Aieiaiei ia’?eoii ?aaoethaaiiy aeaiiai i?ioeano ?
?iaanoeoe??.

?iaanoeoe?? yaeythoue niaith aeeaaeaiiy eai?oaeo c iaoith eiai
ianooiiiai ca?eueoaiiy aai aeinyaiaiiy nioe?aeueiiai aoaeoo. Aiie ?
aacith aeey canoinoaaiiy iioeo aa?o?nieo eaoaai??e a?ioae, o?iain?a,
e?aaeeoo, aeioiaeo (i?eaooeo), oe?i, ui a?aeaeaathoue a?aeoai?aiiy
iniiaieo oiiae?a ? ia?aiaeo eioo?a. Ne?ae cacia/eoe, ui aei 1991 ?.
iiiyooy “?iaanoeoe??” cai?iyeiny oa?i?iii “eai?oaeuei? aeeaaeaiiy”, ui
oa?aeoa?eco? ae?yeuei?noue caiiaiee?a (?iaanoi??a). Eai?oaeuei?
aeeaaeaiiy ?icaeyaeaeeny a aeaio aniaeoao: ye aeiiii?/ia eaoaai??y, ye
i?ioean, iia’ycaiee c oi?ioaaiiyi ?ano?n?a, ? ye nenoaia a?ioiaeo
aiaeiinei, iia’ycaieo ?c oi?ioaaiiyi aa?oino?, aaainiaaii? o
aeiaaino?ieiaiio ia??iae? a iniiai? oiiaee a?ae iiiaioo aeae?eaiiy
eioo?a aei iiiaioo ?oiueiai a?aeoeiaeoaaiiy. Iniiaiei ia’?eoii aea/aiiy
aenooiaee eai?oaeuei? aeeaaeaiiy ye i?ioean oi?ioaaiiy aa?oino?,
aaainiaaii? a ?icoe?aia a?aeoai?aiiy iniiaieo oiiae?a. A no/anieo oiiaao
eai?oaeuei? aeeaaeaiiy iiaeia ?icaeyaeaoe eeoa ye iaeio c oi?i
?iaanoeoe?e.

?iaanoeoe?? ia?aaeaa/athoue ye ei?ioeino?ieia?, oae ? aeiaaino?ieia?
aeeaaeaiiy oa iiaeooue cae?enithaaoenue a iniiai? e ia?aia? oiiaee.
?acii c oei eai?oaeuei? aeeaaeaiiy iiaeooue aooe o?eueee
aeiaaino?ieiaeie oa cae?enithaaoenue a iniiai? oiiaee. I?aaeiaoii
aeaiiai aeine?aeaeaiiy ? ?aaeuei? ?iaanoeoe??. I?ae ieie ?icoi??oueny
aeeaaeaiiy caniaia o ?aaeuei? aeoeae ye iaoa?iaeueii, oae ?
iaiaoa?iaeueii, oiaoi, ?ioeie neiaaie, aeeaaeaiiy caniaia o
ae?iaieoeoai.

2. ?iaanoeoe?eia ae?yeuei?noue ye ia’?eoeaia ?aei?noue i?ioean?a
aeeaaeaiiy ?ano?n?a ? iaea?aeaiiy i?eaooeo aai nioe?aeueiiai aoaeoo a
ia?niaeoea? iiaea cae?enithaaoeny ia iniia? ca?ao ?iaanoeoe?eiiai iiieoo
? i?iiiceoei?. Noa’?eoe ?iaanoeoe?eii? ae?yeueiino? ?aae?cothoue
?iaanoeoe?eiee iiieo ? i?iiiceoeith, anooiath/e o iaai? aeiiii?/i?
aca?iia?aeiineie ca aeiiiiiaith ?iaanoeoe?eiiai ?eieo.

No/aniee ?eiie ?iaanoeoe?e a Oe?a?i? oa?aeoa?eco?oueny aaeeeei iiieoii ?
iacia/iith i?iiiceoe??th. O ca’yceo c oeei ia?aae ?iaanoi?aie aeieea?
caaea/a aeai?o iaea?eueo i?eaaaeeaiai ia’?eoo ?iaanoeoe?eieo aeeaaeaiue,
yeee ne?ae cae?enithaaoe ia iniia? ii??aiyiiy iieaciee?a ?iaanoeoe?eii?
i?eaaaeeaino? eiaeiiai i?aei?e?inoaa. Ia’?eoaie ?iaanooaaiiy
aenooiathoue ye i?aei?e?inoaa, oae ? aeae?eai? a ?o neeaae? NOeA, aei
neeaaeo yeeo aoiaeyoue i?ae?icae?ee i?aei?e?inoaa, iia’ycai?
oaoiieia?/ii oa i?aai?caoe?eii, ii ai?eciioae? /e ii aa?oeeae?. ?o
ae?yeuei?noue yaey? niaith ?aeeiee eiiieaen ?ia?o, i?iaiae?coaaoe yeee
iiaeia ca aeiiiiiaith e?ioeaaeo iieaciee?a. Aacoth/enue ia aiae?c?
?nioth/eo aeoiie, aaoi? i?eeoia aei aeniiaeo, ui ?iaanoeoe?eia
i?eaaaeea?noue i?aei?e?inoaa oea oaea eiai oa?aeoa?enoeea, yea a?aoiao?
noia?a/eea? oeiei ?iaanoi?a: iaeneiaeueiee i?eaooie i?e iiiiiaeueiiio
?eceeo ia iaaiiio ia’?eo?.

3. I?ioean cae?eniaiiy ?iaanoeoe?eieo aeeaaeaiue caaaeaee iia’ycaiee ?c
aeiaaino?ieiaei a?aeaa?iaiiyi o?iainiaeo, iaoa??aeueieo oa ?ioeo
cania?a, oiio eiai iaiao?aeii cae?enithaaoe c o?aooaaiiyi aeayei?
ia?niaeoeae, yea iiaeiia i?noeoenue a ?ic?iaoe? no?aoaa??. I?e
oi?ioaaii? ?iaanoeoe?eii? no?aoaa?? ne?ae a?aoiaoaaoe iniiai? caaaeuei?
oe?e? aeiiii?/iiai ?icaeoeo i?aei?e?inoaa. Aiie iiaeooue aooe noi?iiaai?
o aeaeyae? caaacia/aiiy i?e?inoo eai?oaeo, ?inoo ??aiy i?eaooeiaino?
?iaanoeoe?e ? noie i?eaooeo a?ae ?iaanoeoe?eii? ae?yeueiino?, ci?ie
i?iii?oe?e o oi?iao ?aaeueiiai ? o?iainiaiai ?iaanooaaiiy i?aei?e?inoaa
oa eiai NOeA, ci?ie oaoiieia?/ii? ? a?aeoai?thaaeueii? no?oeoo?e
eai?oaeueieo aeeaaeaiue, ci?ie aaeocaai? ? ?aa?iiaeueii? ni?yiiaaiino?
?iaanoeoe?eieo i?ia?ai. Aeey ?iaanooaaiiy i?aei?e?inoa iiaeooue aooe
aeei?enoai? a?ae?aco aeae?eueea no?aoaa?e, oiio aeioe?eueii noi?ioaaoe
ii?ooaeue ?iaanoeoe?eieo no?aoaa?e, aeoiaey/e c yeiai ia iniia? ca?ao
?ioa?an?a ?iaanoi?a ? i?aei?e?inoaa oi?io?oueny inoaoi/ia no?aoaa?y eiai
?iaanooaaiiy.

?icoi?iiy nooiino? oaeeo eaoaai??e, ye “?iaanoeoe??” oa “?iaanoeoe?eia
i?eaaaeea?noue”, a oaeiae iniaeeainoae oi?ioaaiiy ?iaanoeoe?eii?
no?aoaa?? aeicaiey? aeyaeoe aeooaeuei? iai?yiee aeine?aeaeaiiy i?iaeaie
aeai?o no?aoaa?? ?iaanooaaiiy i?aei?e?inoa oa ?o NOeA a oiiaao
aeiiii?ee, ui o?ainoi?io?oueny. Aei oaeeo iai?yie?a iaeaaeeoue aiae?c ?o
?iaanoeoe?eii? i?eaaaeeaino? ? ??aiy ?eceeo eai?oaeiaeeaaeaiue.

A ae?oaiio ?icae?e? “Aiae?c ? ioe?iea ae?yeueiino? ia’?eo?a
?iaanoeoe?eieo aeeaaeaiue” aeine?aeaeaii oa ?ice?eoi oaeoi?e ?
oa?aeoa?enoeee, ui aieeaathoue ia i?eaaaeea?noue i?aei?e?inoa o i?ioean?
?iaanooaaiiy, a oaeiae iaa?oioiaaii nenoaio iieaciee?a e?euee?nii?
ioe?iee ??aiy ?o ?iaanoeoe?eii? i?eaaaeeaino?, yea i?iaaaeaia ia iniia?
eiiieaeniiai ii??aiyeueiiai aiae?co o?iainiai-aeiiii?/iiai noaio
i?aei?e?inoa iaoeiiaoae?aii? ? oa?/iai? aaeocae.

1. O ca’yceo c? ci?iith oi?i aeaniino?, eiia?oe?ae?caoe??th ?
ei?ii?aoecaoe??th i?aei?e?inoa, noai?aiiyi aeoe?iia?ieo oiaa?enoa,
eiioea?i?a, oieaeeia?a oa anioe?aoe?e aeieea? iaiao?aei?noue a
ia’?eoeai?e ioe?ioe? ?iaanoeoe?eii? i?eaaaeeaino? noa’?eo?a
ainiiaea?thaaiiy. Iaoith i?iaaaeaiiy oe??? ?iaioe ? aea/aiiy ?
aecia/aiiy ??aiy ?iaanoeoe?eii? i?eaaaeeaino? noa’?eo?a
ainiiaea?thaaiiy, aeyaeaiiy iaaeei?enoaieo ?aca?a?a ? anoaiiaeaiiy
eiie?aoieo oeyo?a oa caoiae?a uiaei iiaeaeueoiai oaeineiiaethaaiiy ?o
?iaioe, a cia/eoue, ? i?aeaeuaiiy ?iaanoeoe?eii? i?eaaaeeaino?.

Aeoiaey/e c oe?eueiai? ni?yiiaaiino? aeine?aeaeaiiy, ioe?ieo
?iaanoeoe?eii? i?eaaaeeaino? i?aei?e?inoaa (I) iaiao?aeii i?iaiaeeoe c
iiceoe?e nenoaiiiai i?aeoiaeo, caniiaaiiai ia ?aeiino? ? aca?iiae?? eiai
aniaeo?a, oaoi?/iiai (T), aaia?ao?/iiai (G), o?oaeiaiai (D),
i?aai?caoe?eiiai (O), aeieia?/iiai (E), ?ano?niiai (R),
o?iainiai-aeiiii?/iiai (S), i?aaiaiai (N), eiia?oe?eiiai (K), oiaoi:

I = F (T, G, D, O, E, R, S, N, K),

aea T, G, D, O, E, R, S, N, K aaeoi?e, ui neeaaeathoue a?aeiia?aei?
iaai?e iieaciee?a.

Canoinoaaiiy i?eioeei?a nenoaiiiai aiae?co aeicaiey? noi?ioethaaoe
iiiyooy “?iaanoeoe?eia i?eaaaeea?noue” ye eiiieaen /eiiee?a ?
oa?aeoa?enoee, ye? aieeaathoue ia noai ia’?eoa ainiiaea?thaaiiy, a c
iiceoe?e aeiiii?ei-iaoaiaoe/ieo iaoiae?a ye noeoii?noue iieaciee?a, ui
oa?aeoa?ecothoue aoaeoeai?noue ?iaioe i?aei?e?inoaa.

O ?aieao aeaiiai aeine?aeaeaiiy iaea?eueoee ?ioa?an ia? ?icaeyae
aioo??oi?o /eiiee?a, ui ? aecia/athoue i?aaeiaoio iaeanoue. C onueiai
eiiieaeno aioo??oi?o /eiiee?a, ye? oa?aeoa?ecothoue i?aei?e?inoai,
ia aeoieo aaoi?a, aa?oi i?eeiyoe o?, ui oa?aeoa?ecothoue
o?iainiai-aeiiii?/iee noai noa’?eoa ainiiaea?nueei? ae?yeueiino?,
i?aeeyaathoue e?euee?niiio aei??o ? ? iaea?eueo aeooaeueieie a oiiaao
?eieiai? aeiiii?ee.

2. Iieacieee ioe?iee ?iaanoeoe?eii? i?eaaaeeaino? i?aei?e?inoaa ca
o?iainiai-aeiiii?/iei aniaeoii iiaeeeai ?iciiae?eeoe ia aeae?eueea a?oi.
Aei ia?oi? a?oie ne?ae aeeth/eoe aiae?c aeioiaeiino?, aei ae?oai?
?aioaaaeueiino?, aei o?aouei? i?eaooeiaino?, aei /aoaa?oi?
e?ea?aeiino?, aei i’yoi? o?iainiai? no?eeino?, aei oinoi? noai
iniiaieo oiiae?a.

I?iaaaeai? aeine?aeaeaiiy noaoenoe/ieo aeaieo i?aei?e?inoa i.Oa?eiaa
iaoeiiaoae?aii? oa oa?/iai? aaeocae ca 1992-1996 ?iee i?e canoinoaaii?
iaoiaeo aieiaieo eiiiiiaio ? oaeoi?iiai aiae?co aeicaieeee aeae?eeoe
iniiai? oaeoi?e i?aeaeuaiiy ?iaanoeoe?eii? i?eaaaeeaino? i?aei?e?inoa:
aeey iaoeiiaoae?aii? aaeoc? no?aoaa?/ii? ? oaeoe/ii? ?aioaaaeueiino?,
oiiaeia?aeaea/?, a aeey i?aei?e?inoa oa?/iai? aaeoc? no?aoaa?/ii? ?
oaeoe/ii? ?aioaaaeueiino?. A ?acoeueoao? ?aa?an?eiiai aiae?co aoee
iaea?aeai? oae? ??aiyiiy ?aa?an?? ca oaeoi?aie:

aeey i?aei?e?inoa iaoeiiaoae?aii? aaeoc?:

BALPR=3,0367+0,017273*Factor1+0,944155*Factor2+0,0108062*Factor3,

aea BALPR noaiaea?oeciaaia cia/aiiy aaeainiaiai i?eaooeo i?aei?e?inoa
iaoeiiaoae?aii? aaeoc?;

Factor1 oaeoi? no?aoaa?/ii? ?aioaaaeueiino?, yeee aeeth/a? iieacieee
?aioaaaeueiino? aeaniiai eai?oaeo oa eiao?oe??io aeei?enoaiiy iniiaiiai
eai?oaeo;

Factor2 oaeoi? oaeoe/ii? ?aioaaaeueiino?, yeee aeeth/a? iieacieee
?aioaaaeueiino? ?aae?ciaaii? i?iaeoeoe?? oa aaeiaiai i?eaooeo i?iaeaae;

Factor3 oaeoi? oiiaeiica?i?iiy, ui aeeth/a? iieaciee oiiaeiica?i?iino?;

aeey i?aei?e?inoa oa?/iai? aaeoc?:

BALPR=1,684187+0,919968*Factor1+0,148991*Factor2,

aea BALPR noaiaea?oeciaaia cia/aiiy aaeainiaiai i?eaooeo i?aei?e?inoa
oa?/iai? aaeoc?;

Factor1 oaeoi? no?aoaa?/ii? ?aioaaaeueiino?, yeee aeeth/a? iieacieee
?aioaaaeueiino? ?aae?ciaaii? i?iaeoeoe?? oa ii?io i?aei?e?iieoeueeiai
aeioiaeo;

Factor2 oaeoi? oaeoe/ii? ?aioaaaeueiino?, yeee aeeth/a? iieacieee
aaniethoii? e?ea?aeiino? oa /enoi? ?aioaaaeueiino? i?aei?e?inoa.

I?aaenoaaeai? iiaeae? i?ieoee ia?aa??eo ia aaeaeaaoi?noue ca e?eoa??yie
O?oa?a, Nouethaeaioa oa Aea?a?ia-Oioniia. ?ic?iaeai? aaaaoioaeoi?i?
aeiiii?ei-iaoaiaoe/i? iiaeae? i?aeoaa?aeaeothoue ?nioth/o caeaaei?noue
aaeainiaiai i?eaooeo i?aei?e?inoaa a?ae /eiiee?a no?aoaa?/ii? ?
oaeoe/ii? ?aioaaaeueiino?. Ia iniia? io?eiaieo /eiiee?a aoa ?ic?aoiaaiee
?aeoeiaiaee iieaciee ?iaanoeoe?eii? i?eaaaeeaino? ii a?oi? i?aei?e?inoa,
ui aiae?cothoueny, cia/aiiy yeiai eieeaa?oueny a?ae 0 aei 1. Iaea?eueoee
?aeoeia ia? i?aei?e?inoai c i?i?iaeueiei cia/aiiyi ii??aiyeueii?
ioe?iee. Aeeiai?ea ?aeoeiaiaiai iieacieea ?iaanoeoe?eii? i?eaaaeeaino?
i?aei?e?inoa iaoeiiaoae?aii? oa oa?/iai? aaeocae ca ia??iae c 1992 ii
1996 ?iee i?aaenoaaeaia ia ?en.1. Aeine?aeaeaiiy iieacaee, ui ia
oaeeo i?aei?e?inoaao, ye AAO “OOC”, IAI “Aeaeo?iaaaeiao”,
AAO “Oa?aa?no”, AAO “Oe?aeaeo?iiao” niinoa??aa?oueny aeineoue no?eea
oaiaeaioe?y i?aeaeuaiiy ?aeoeiaiaiai iieacieea, ui aiai?eoue i?i
iinooiiaa cieaeaiiy ??aiy ?oiuei? ?iaanoeoe?eii? i?eaaaeeaino?. Oeae
oaeo iiyniy?oueny cieaeaiiyi ii?ie i?aei?e?iieoeueeiai i?eaooeo,
?aioaaaeueiino? ?aae?ciaaii? i?iaeoeoe??, /enoi? ?aioaaaeueiino?
i?aei?e?inoaa, /enoi? ?aioaaaeueiino? aeaniiai eai?oaeo, aaeiai?
i?eaooeiaino? i?iaeaaeo, oiaoi ciaioaiiyi ae?o/ee a?ae ?aae?caoe??
i?iaeoeoe??, a ioaea, ? cieaeaiiyi ?o i?eaooeo. Ia oaeeo i?aei?e?inoaao,
ye AAO “Oo?aiaoii”, AOCO “Oa?e?anueea a?nea?oia oaa?eea”, AOCO
“Oa?e?anueea eiiaeeoa?nueea oaa?eea”, CAO “AEe?eiia?iao” cia/aiiy
?aeoeiaiaiai iieacieea iaooeeueii iaaea?, ui na?ae/eoue i?i i?aeaeuaiiy
??aiy ?iaanoeoe?eii? i?eaaaeeaino?.

O o?aoueiio ?icae?e? “I?aai?caoe?ei? oa aeiiii?/i? aniaeoe i?ioeano
no?aoaa?/iiai ?iaanooaaiiy i?aei?e?inoa” iiaeai? iaoiaee/i?
?aeiiaiaeaoe?? uiaei ioe?iee ?eceeo ?iaanooaaiiy i?aei?e?inoaa,
?ic?iaeaia iaoiaeeea iiaoaeiae nenoaie no?aoaa?e ?iaanooaaiiy
i?aei?e?inoaa oa eiai i?ae?icae?e?a o aeaeyae? oaoiaoii? iao?eoe?,
cai?iiiiiaaiee iaoai?ci oi?ioaaiiy aoaeoeaiiai ii?ooaey ?aaeueieo
?iaanoeoe?eieo aeeaaeaiue i?aei?e?inoa.

1. ?iaanoeoe?eia i?eaaaeea?noue i?aei?e?inoa o?nii iia’ycaia c iiiyooyi
iaaecia/aiino?. Oiio aeieea? ia’?eoeaia iaiao?aei?noue a ?? ioe?ioe?, c
o?aooaaiiyi aieeao oaeoi??a aioo??oiueiai oa ciai?oiueiai na?aaeiaeua ia
i?ioean ?iaanooaaiiy. E?euee?nia oa?aeoa?enoeea ??aiy iaaecia/aiino?
iiaeiia ?icaeyaeaoeny ye ?ecee.

A i?ioean? aeine?aeaeaiiy aeyaeaii, ui c iiceoe?e nenoaiiiai i?aeoiaeo
?eceee iiaeia ?icae?eeoe ia aea? a?oie: iae?i- ? i?e?i??ai?. Oaeiae
iiaeia eeaneo?eoaaoe ?eceee c ?ioi? oi/ee ci?o, oiaoi i?iaanoe
iinoaae?eio ioe?ieo ?eceeo ?iaanooaaiiy. A i?ioean? ?iaanooaaiiy
aeae?eythoue oae? noaae??: i?aeaioia/a, aai aei?iaanoeoe?eia;
aoae?aaeueia (caaaeaiiy iaiao?aeieo aoaeeie?a ? nii?oaeaeaiue, caeoi?aey
? iiioaae onoaoeoaaiiy); ooieoe?iioaaiiy (caaa?oaiiy i?ioeano
?iaanooaaiiy e iaea?aeaiiy i?eaooeo). I?aaeiaoii aeaiiai aeine?aeaeaiiy
? aiae?c ? ioe?iea ?eceeo i?e?i??aiy ia aei?iaanoeoe?ei?e noaae??.

2. A aeena?oaoe?ei?e ?iaio? cai?iiiiiaaia iaoiaeeea ioe?iee ?eceeo
ciai?oiueiai oa aioo??oiueiai na?aaeiaeua, yea ia?aaeaa/a? canoinoaaiiy
aenia?oieo iaoiae?a c ?ic?aooieii e?euee?niiai iieacieea. Ca?aeii c
iaoiaeeeith ??aaiue ?eceeo aeeth/a? ?icaeyae oaeeo oaeoi??a:
aaeocaaa i?eiaeaaei?noue,

16

noaiiaeua i?aei?e?inoaa a aaeoc?; iaoa, oei ? oa?i?i ?iaanooaaiiy;
a?aenooi?noue eiieo?aioe?? ia ?eieo iinoa/aeueiee?a ne?iaeie oa
iaoa??ae?a; oaoi?ei-oaoiieia?/ia caeaaei?noue a?ae noi?aeieo aaeocae;
iayai?noue iiaeaoeiaeo ? ieoieo i?euea. ??aaiue ?eceeo ?iaanooaaiiy aoa
aecia/aiee aeey i?aei?e?inoa iaoeiiaoae?aii? oa oa?/iai? aaeocae, ca
yeeie ? ioe?ithaaany ??aaiue ?iaanoeoe?eii? i?eaaaeeaino?. ?ic?aoiaaiee
iieaciee ia’?eoeaii a?aeia?aaea? ??ciiiai?oi? ?eceee, i?eoaiaii?
eiaeiiio ia’?eoo ?iaanoeoe?eieo aeeaaeaiue oa aeicaiey? ?iaeoe
ii??aiyeueiee aiae?c ?eceeo ?iaanooaaiiy i?aei?e?inoa.

Na?aae i?iaiae?ciaaieo i?aei?e?inoa i?i?iaeueiei ??aiai ?eceeo
a?aecia/a?oueny CAO “AEe?eiia?iao”, a iaeneiaeueiei – AAO “OOC”.

3. Ia iniia? iaoiae?a ii?ooaeueiiai aiae?co ?ic?iaeaia nenoaia no?aoaa?e
?iaanooaaiiy i?aei?e?inoaa oa eiai i?ae?icae?e?a. Aiia ia?aaeaa/a?
aecia/aiiy e ?iciaaeoaaiiy no?aoaa?/ieo cii ?iaanooaaiiy (NC?), oiaoi
cae?eniaiiy naaiaiooaaiiy ?iaanoeoe?eiiai ?eieo; aecia/aiiy ?icoaooaaiiy
eiaeiiai ia’?eoa ?iaanooaaiiy a NC?; aea?? no?aoaa?? ?iaanooaaiiy aeey
eiaeii? NC?.

Nenoaia no?aoaa?e o aeaeyae? iao?eoe? oaoiaoiiai oeio iiaoaeiaaia ia
iniia? ?aeoeiaiaiai iieacieea ?iaanoeoe?eii? i?eaaaeeaino? i?aei?e?inoa
oa ??aiy ?eceeo eai?oaeiaeeaaeaiue ? i?aaenoaaeaia aeaa’youeia
oe?eueiaeie naaiaioaie.

Aeo?aei? aeai? aeey aea??o no?aoaa?? ?iaanooaaiiy ca i?aei?e?inoaaie,
ye? aeine?aeaeoaaeenue, iaaeai? a oaae.1.

Oaaeeoey 1

Aeo?aei? aeai? aeey aeai?o no?aoaa?? ?iaanooaaiiy

Iaeiaioaaiiy

i?aei?e?inoaa?aeoeiaiaee

iieaciee??aaiue ?eceeo ?iaanooaaiiyAAO “OOC” 10,8280,27AAO “OOC”
20,8280,33AAO “Oa?aa?no”0,8640,321IAI “Aeaeo?iaaaeiao”0,9940,287AAO
“Oe?aeaeo?iiao”0,9410,321AOCO “OAO”0,5070,284AOCO “OEO”0,4600,284CAO
“AEe?eiia?iao”0,3920,246I?ei?oea. 1.Iaoa ?iaanooaaiiy iioe?aiiy
ae?iaieoeoaa o?aeoi??a.

2. Iaoa ?iaanooaaiiy ai?iaaaeaeaiiy o ae?iaieoeoai iiaeo aeaeaoi?a.

Nenoaia no?aoaa?e ?iaanooaaiiy i?aei?e?inoa o aeaeyae? oaoiaoii?
iao?eoe? iiaeaia ia ?en. 2. Ca?aeii c i?iaaaeaieie aeine?aeaeaiiyie
oae? i?aei?e?inoaa, ye

AOCO “Oa?e?anueea eiiaeeoa?nueea oaa?eea”, AOCO “Oa?e?anueea a?nea?oia
oaa?eea” oa CAO “AEe?eiia?iao” ? iaea?eueo i??i?eoaoieie aeey
cae?eniaiiy ?iaanoeoe?eieo aeeaaeaiue; aei ieo iiaeooue aooe canoiniaai?
no?aoaa??, iaoith yeeo ? noai?aiiy aai i?aeo?eiea e?aee?oth/eo iiceoe?e
/e aeinyaiaiiy aeii?ioth/iai e?aee?oth/iai iieiaeaiiy.

4. A aeena?oaoe?? cai?iiiiiaaiee iaoai?ci oi?ioaaiiy aoaeoeaiiai
?aaeueiiai ?iaanoeoe?eiiai ii?ooaey ia iniia? nenoaie no?aoaa?e
?iaanooaaiiy i?aei?e?inoa oa ?o NOeA. Iniiaiei e?eoa???i oi?ioaaiiy
aoaeoeaiiai ?iaanoeoe?eiiai ii?ooaey ? iaeneiaeueia i?eaooeia?noue
?iaanoeoe?eieo aeeaaeaiue ca iaeeieoeth /ano i?e iaea?eueo aeinyaeiiio
aeei?enoaii? ?iaanoeoe?eieo ?ano?n?a. Aeey iioeiaeueiiai ?iciiae?eo
?iaanoeoe?eieo ?ano?n?a aoei aeei?enoaii ?aeo?aioia ni?aa?aeiioaiiy,
oiaoi e?eoa??e iioeiaeueiino? Aaeeiaia:

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aea wmetafile8? ????? ????????
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???u@th??????Sn i?eaooeia?noue ?iaanooaaiiy eioo?a a n ia’?eo?a;

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`A???&??yyyy?????Ayyy°yyy????????&??MathType??`?
???u@th??????A aeena?oaoe?? cai?iiiiiaaiee iaoai?ci oi?ioaaiiy
aoaeoeaiiai ii?ooaey ?aaeueieo ?iaanoeoe?eieo i?iaeo?a i?aei?e?inoa CAO
“AEe?eiia?iao”, AOCO “Oa?e?anueea eiiaeeoa?nueea oaa?eea”, ye? ca?aeii c
?ic?iaeaiith nenoaiith no?aoaaee o aeaeyae? iao?eoe? oaoiaoiiai oeio
iaeaaeaoue aei iaeiiai naaiaioa. Canoinoaaiiy cai?iiiiiaaiiai iaoai?cio
oi?ioaaiiy aoaeoeaiiai ii?ooaey ?iaanooaaiiy, yeee iiaea aooe
aeei?enoaiee ia ??ai? i?aei?e?inoa oa eiai NOeA, aeicaieeoue aeeiai?/ii
oi?aaeyoe i?ioeanii ?o ?icaeoeo c iaoith i?aeaeuaiiy aeiiii?/ii?
aoaeoeaiino? ainiiaea?thaaiiy.

AENIIAEE

1. A i?ioean? ?aaoeueiaaiiai aeoiaeo c e?ece i?iieneiaeo i?aei?e?inoa
iniaeeao aeooaeuei?noue iaea?aeo? i?iaeaia caeo/aiiy ? aeei?enoaiiy
?iaanoeoe?eieo ?ano?n?a. Ine?eueee ?iaanoeoe?eiee ?eiie Oe?a?ie iiee ui
ianoi?iiaaiee, ia?aae aioo??oi?ie oa ciai?oi?ie ?iaanoi?aie iinoa?
ieoaiiy aecia/aiiy iaea?eueo i?eaaaeeaeo ia’?eo?a ?aaeueieo
?iaanoeoe?eieo aeeaaeaiue.

2. Ia ?iaanoeoe?eio i?eaaaeea?noue i?aei?e?inoaa aieeaathoue
o?iainiai-aeiiii?/i?, oaoi?/i?, aaia?ao?/i?, o?oaeia?, aeieia?/i?,
?ano?ni? i?aaia?, eiia?oe?ei? oaeoi?e, iaeaaaeeea?oei na?aae yeeo ?
o?iainiai-aeiiii?/iee. Caniaaie aaaaoii??iiai noaoenoe/iiai aiae?co
aeiaaaeaii, ui aieiaieie oaeoi?aie, ye? oi?iothoue ?iaanoeoe?eio
i?eaaaeea?noue, ? no?aoaa?/ia ? oaeoe/ia ?aioaaaeuei?noue. E??i oiai,
aeey aioo??oi?o ?iaanoi??a i?aei?e?inoa iaoeiiaoae?aii? aaeoc?
aeooaeueiei ? oaeoi? i?aeaeuaiiy oiiaeia?aeaea/?.

3. Iineeaiith iaa?oioiaaiino? i?eeiyooy ??oaiue a iaeano? ?iaanooaaiiy
aoaea ni?eyoe aecia/aiiy ?eceeo aioo??oiueiai oa ciai?oiueiai
na?aaeiaeua, yea iiaeia ioe?ieoe ca aeiiiiiaith aenia?oieo iaoiae?a ia
iniia? e?euee?niiai iieacieea, ui a?aoiao? aeiaeaoeia? iai?yiee:
a?aenooi?noue eiieo?aioe?? ia ?eieo iinoa/aeueiee?a ne?iaeie oa
iaoa??ae?a, oaoi?ei-oaoiieia?/ia caeaaei?noue a?ae noi?aeieo aaeocae,
iayai?noue iiaeaoeiaeo ? ieoieo i?euea.

4. Aeey aeai?o no?aoaa?? ?iaanooaaiiy i?aei?e?inoaa a oiiaao ?eieiaiai
na?aaeiaeua aeioe?eueii canoiniaoaaoe ii?ooaeuei? iaoiaee. A ?iaio?
cai?iiiiiaaii iaoiaee/iee i?aeo?ae aei noai?aiiy nenoaie no?aoaa?e
?iaanooaaiiy, yeee aeicaiey? ia?aoe iioeiaeueio no?aoaa?th ?iaanooaaiiy
i?aei?e?inoaa oa eiai no?aoaa?/ieo oeaio??a ainiiaea?thaaiiy a
caeaaeiino? a?ae ??aiy ?iaanoeoe?eii? i?eaaaeeaino? ? ??aiy ?eceeo
eai?oaeiaeeaaeaiue.

5. Aeey ia’?eo?a ainiiaea?thaaiiy, ia’?aeiaieo ca iciaeith ni?eueiino?
no?aoaa??, cai?iiiiiaaii ?iaa??aioiee i?aeo?ae oi?ioaaiiy aoaeoeaiiai
?aaeueiiai ?iaanoeoe?eiiai ii?ooaey ca e?eoa???i iaeneiaeueii?
i?eaooeiaino? ?iaanoeoe?eieo aeeaaeaiue ca iaeeieoeth /ano i?e iaea?eueo
aeinyaeiiio aeei?enoaii? ?iaanoeoe?eieo ?ano?n?a, canoinoaaiiy yeiai
aeicaieeoue ae??aiyoe aeiiii?/iee ?icaeoie no?aoaa?/ieo oeaio??a
ainiiaea?thaaiiy i?aei?e?inoa, aeinyaoe iaiao?aeiiai ??aiy
neio?ii?caoe?? ?o ooieoe?iioaaiiy, i?aeaeueoe aeiiii?/io aoaeoeai?noue
ae?yeueiino? i?aei?e?inoa.

NIENIE IIOAE?EIAAIEO ?IA?O CA OAIITH AeENA?OAOe??

1. ssno?aineay A.I., No?ieiae/ A.A. Ioeaiea i?eaeaeaoaeueiinoe
eiaanoeoeeiiiuo i?iaeoia // Yeiiiieea e oi?aaeaiea. – 1997. – ? 4. – N.
13-14.

Iniaenoee aianie aaoi?a: cai?iiiiiaai? iniiai? iai?yiee ioe?iee
?iaanoeoe?eieo i?iaeo?a oa nenoaia iieaciee?a, ui ?o oa?aeoa?eco?.

2. No?ieiae/ A.A. Eiaanoeoeeiiiay no?aoaaey ?acaeoey i?aaei?eyoey //
Aecian Eioi?i. -1997. – ? 9. -N. 29-31.

3. No?ieiae/ A.A. Eiaanoeoeeiiiay i?eaeaeaoaeueiinoue i?aaei?eyoee
Oa?ueeianeiai ?aaeiia // Aecian Eioi?i. – 1998. – ? 5. – N.39-40.

4. ssno?aineay A.I., No?ieiae/ A.A. I?iaeaiu ioeaiee eiaanoeoeeiiiie
i?eaeaeaoaeueiinoe noauaeoia i?aaei?eieiaoaeueneie aeayoaeueiinoe // Na.
aeiee. “Nia?aiaiiua i?iaeaiu ?acaeoey i?iecaiaenoaa”. – Oa?ueeia: Oi?o
EOAe, 1996. – N. 180-181.

Iniaenoee aianie aaoi?a: ?icaeyiooee noeaia?iee i?aeo?ae i?e ioe?ioe?
?iaanoeoe?eii? i?eaaaeeaino? noa’?eo?a i?aei?e?iieoeueei? ae?yeueiino?.

5. ssno?aineay A.I., No?ieiae/ A.A. I?iaeaiu no?aoaaee eiaanoe?iaaiey
i?aaei?eyoee // Na.noaoae “Yooaeoeaiue iaiaaeaeiaio”. – Oa?ueeia: AI
“Aecian Eioi?i”, 1996. – N. 194-196.

Iniaenoee aianie aaoi?a: cai?iiiiiaaia noaia iiaoaeiae ?iaanoeoe?eiiai
ieaioaaiiy ? iiaeaeue oi?aae?iiy i?iaeoii.

6. ssno?aineay A.I., No?ieiae/ A.A. I?iaeaiu yooaeoeaiinoe aeiaeaiey
eiaanoeoeee. OAYO. Aeai. a AIOA Oe?aeiu EIEII io 17.07.96 ? 156?-96.

Iniaenoee aianie aaoi?a: cai?iiiiiaai? aoaie aeai?o ?iaanoeoe?eiiai
i?iaeoo ? ?icaeyioo? /eiieee, ye? aieeaathoue ia ?iaioo i?aei?e?inoaa.

7. ssno?aineay A.I., No?ieiae/ A.A. Eiaanoeoeeiiiay i?eaeaeaoaeueiinoue
iauaeoa i?eaaoecaoeee // Na. aeiee. “Nia?aiaiiua i?iaeaiu ?acaeoey
i?iecaiaenoaa”. – Oa?ueeia: AI: “Aecian Eioi?i”. – 1997. – N. 257-258.

Iniaenoee aianie aaoi?a: cai?iiiiiaaiee iaoiae ?ic?aooieo ?ioaa?aeueiiai
iieacieea.

8. No?ieiae/ A.A. Oi?ie?iaaiea yooaeoeaiiai ii?ooaey eiaanoeoeeii-iuo
iauaeoia // Aecian Eioi?i. – 1998. – ?20. – N. 49-50.

9. No?ieiae/ A.A. I?iaeaiu oi?ie?iaaiey ii?ooaey eiaanoeoeeiiiuo
aeiaeaiee // Ca. iaoeiaeo i?aoeue “I?ia?aneaii ?ano?nicaa?iaath/i
oaoiieiai? oa ?o aeiiiii/ia iaa?oioiaaiiinoue o iiaei?e?inoaao
oa?/oaaiiy. Aeiiii?/i? i?iaeaie oi?aiaei”. *. 2. – 1998. – N. 341-343.

No?ieiae/ A.A. Aea?? no?aoaa?? ?iaanooaaiiy i?aei?e?inoa. ?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 oa
i?aai?caoe?y ae?iaieoeoaa”. Oa?e?anueeee aea?aeaaiee aeiiii?/iee
oi?aa?neoao, Oa?e?a, 1999.

O aeena?oaoe?? aeine?aeaeaii oai?aoe/i? oa iaoiaee/i? i?iaeaie aeai?o
no?aoaa?? ?iaanooaaiiy i?aei?e?inoa oa ?o no?aoaa?/ieo oeaio??a
ainiiaea?thaaiiy (NOeA). ?ice?eoi ci?no eaoaai??e “?iaanoeoe??”,
“?iaanoeoe?eia i?eaaaeea?noue”, “?ecee ?iaanooaaiiy” a oiiaao aeiiii?ee,
ui o?ainoi?io?oueny. ?icaeyiooi oaeoi?e oa oa?aeoa?enoeee, ye?
aieeaathoue ia i?eaaaeea?noue i?aei?e?inoaa oa eiai NOeA a i?ioean?
?iaanooaaiiy. Iiaeaii iaoiaee/i? ?aeiiaiaeaoe?? uiaei aecia/aiiy ??aiy
?eceeo ciai?oiueiai oa aioo??oiueiai na?aaeiaeua ?o ?iaanooaaiiy.
?ic?iaeaii iaoiaeeeo iiaoaeiae nenoaie no?aoaa?e ?iaanooaaiiy
i?aei?e?inoaa oa eiai NOeA o aeaeyae? oaoiaoii? iao?eoe?, cai?iiiiiaaii
iaoai?ci oi?ioaaiiy aoaeoeaiiai ii?ooaey ?aaeueieo ?iaanoeoe?eieo
aeeaaeaiue.

Eeth/ia? neiaa: ?iaanoeoe?eia i?eaaaeea?noue, ?ecee ?iaanooaaiiy,
no?aoaa?/i? oeaio?e ainiiaea?thaaiiy, nenoaia no?aoaa?e, no?aoaa?/ia
ciia ?iaanooaaiiy, aoaeoeaiee ii?ooaeue ?aaeueieo ?iaanoeoe?e.

No?ieiae/ A.A. Auai? no?aoaaee eiaanoe?iaaiey i?aaei?eyoee. ?oeiienue.

Aeenna?oaoeey ia nieneaiea o/aiie noaiaie eaiaeeaeaoa yeiiiie/aneeo
iaoe ii niaoeeaeueiinoe 08.06.01 “Yeiiiieea i?aaei?eyoey e i?aaiecaoeey
i?iecaiaenoaa”. Oa?ueeianeee ainoaea?noaaiiue yeiiiie/aneee
oieaa?neoao, Oa?ueeia, 1999.

A aeenna?oaoeee enneaaeiaaiu oai?aoe/aneea e iaoiaee/aneea i?iaeaiu
auai?a no?aoaaee eiaanoe?iaaiey i?aaei?eyoee e eo no?aoaae/aneeo
oeaio?ia oicyenoaiaaiey (NOeO). ?ane?uoi yeiiiie/aneia niaea?aeaiea e
nia?aiaiiue niune eaoaai?ee “eiaanoeoeee”, “eiaanoeoeeiiiay
i?eaeaeaoaeueiinoue”, “?ene eiaanoe?iaaiey” a oneiaeyo
o?ainoi?ie?othuaeny yeiiiieee. ?anniio?aiu oaeoi?u e oa?aeoa?enoeee,
aeeythuea ia i?eaeaeaoaeueiinoue i?aaei?eyoey e aai NOeO a i?ioeanna
eiaanoe?iaaiey. I?aaenoaaeaiu iaoiaee/aneea ?aeiiaiaeaoeee ii
ii?aaeaeaieth o?iaiy ?enea aiaoiae e aioo?aiiae n?aaeu eo
eiaanoe?iaaiey. ?ac?aaioaia iaoiaeeea iino?iaiey nenoaiu no?aoaaee
eiaanoe?iaaiey i?aaei?eyoee e eo NOeO a aeaea oaoiaoiie iao?eoeu,
i?aaeeiaeai iaoaieci oi?ie?iaaiey yooaeoeaiiai ii?ooaey ?aaeueiuo
eiaanoeoeeiiiuo aeiaeaiee.

Eeth/aaua neiaa: eiaanoeoeeiiiay i?eaeaeaoaeueiinoue, ?ene
eiaanoe?iaaiey, no?aoaae/aneea oeaio?u oicyenoaiaaiey, nenoaia
no?aoaaee, no?aoaae/aneay ciia eiaanoe?iaaiey, yooaeoeaiue ii?ooaeue
?aaeueiuo eiaanoeoeee.

Strocovich A.V. A Nhoice of the Investment Strategy of Enterprises.
Manuscript.

Dissertation for the scientific degree of Candidate of Sciece
(Economics). Speciality 08.06.01 “Economy of Enterprises and
Organization of Production”. Kharkov State University of Economics,
Kharkov, 1999.

In the dissertation some theoretical and methodical problems of
choosing of investment strategy of the enterprises and their strategic
centres of managing (SCM) are investigated. The economic contents and
modern sense of the categories of “investment”, “investment
attractiveness”, “risk of investment” in conditions of transitive
economy is opened. The classification of the investments by a number of
features is submitted, the condition of modern investmens market is
analysed. The factors exerting direct influence on investment
attractivenessl of enterprises are considered. The process of investment
strategy formation of is analysed and the basic types of strategy are
submitted.

The approaches of the economists of different schools both to the
methods of evaluating enterprises investment attractiveness and to the
methods of evaluating projects investment attractiveness are
investigated. A complex system evalution of investment attractivenessl
is suggested; it includes such aspects as financial and economic,
technical, geographical, demographic, organizational, resource,
ecological and commercial. In the dissertation research the factors and
characteristics influencing attractiveness of the enterprise and its SCM
in process of investing are revealed. The work offers a new methodical
approach to developing quantitative indices system for evaluating the
level of their investment attractiveness as for financial and economic
aspect: a multidimensional statistical analysis was used for its
quantitative evaluation and methods of factor and regression analysis in
particular. As a result of regression analysis use in data processing
at machine-building and food industries enterprises the dependence of
the balance profit on the developed system of indices of financial and
economic aspect was revealed; these indices most fully describe the
level of investment attractiveness. The developed models are checked up
on adequacy by Fischer, Darbin-Watson criteria and on the basis of
regression factors importance analysis. On the basis of the check-up
carried out in dissertation research the conclusion was made that the
models for investment attractiveness to machine-building and food
branches are constructed correctly. The analysis of models has allowed
to reveal the basic directions of increasing objects investment
attractiveness; they are strategic and tactical profitability. At the
same time, it is the returs on assets that is topical for increasing
investment attractiveness of machine-building enterprises.

In conditions of uncertainty of external and internal environment of
functioning enterprises one should take into account risk of
investment, which can evaluated through expert methods on the basis of
a quantitative index. In the dissertation there have been developed
methodical recommendations for evaluating a risk level including the
analysis of a branch the enterprise belongs to, the position the latter
occupies in the branch the purposes of its investment, the type of
investment, the terms of investment, share of the market, monopoly of
suppliers of raw materials and stuff in the market, dependence on
adjacent branches and opportunity of granting tax privileges. The risk
level of investment is determined for the enterprises, which
participated in evaluating investment attractiveness. Designed index
objectively reflects various kinds of risks inherent to each object of
investment and allows to make the comparative analysis of an enterprises
investment risk.

In dissertation research for choosing the strategy of investment of the
enterprise and its SCM portfolio methods are used, on the basis of which
there has been developed investment strategy system; its use gives an
opportunity of choosing optimum strategy of investing an object
depending on the purposes of the investor, level of investment
attractiveness and risk level of investment.

In the dissertation the mechanism of formation of an effective real
investment portofolio is developed on the basis of investment strategy
system, the main criterion of forming it is maximal profitability of
investment for a time unit at most achievable use investment resources.

Key words: investment attractiveness, risk of investment, strategic
centres of managing, system of strategy, strategic zone of investment,
effective portofolio of real investments.

NO?IEIAE* AAIIA A?OAE??AIA

AEA?? NO?AOAA?? ?IAANOOAAIIss I?AeI?E?INOA

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

A?aeiia?aeaeueiee ca aeione
AEo?aaeueiaa ?.A.

I?aeienaii aei ae?oeo Oi?iao 60o84 1/16

Iai?? ionaoiee. A?aeae?oeiaaii ia ?ecia?ao?.

Ianya 1.0 oi.-ae?oe. a?e. Oe?aae 100 i?ei. Cai. ? Oe?ia
aeiaia??ia.

310002, OAeAAeOO, i.Oa?e?a, aoe. Iao?ianueeiai, 25

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