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Методи оцінки фінансово-господарських ситуацій в управлінні діяльністю підприємств: Автореф. дис… канд. екон. наук / Я.П. Квач, Одес. держ. екон. ун

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2

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

Iaenueeee aea?aeaaiee aeiiii?/iee oi?aa?neoao

OAeE 658.152

EAA* ss?INEAA IAO?IAE*

IAOIAeE IOe?IEE O?IAINIAI-AINIIAeA?NUeEEO NEOOAOe?E A OI?AAE?II?
Ae?ssEUeI?NOTH I?AeI?E?INOA

Niaoe?aeuei?noue: 08.06.02 – i?aei?e?iieoeoai, iaiaaeaeiaio oa ia?eaoeia

AAOI?AOA?AO

aeena?oaoe??? ia caeiaoooy iaoeiaiai nooiaiy eaiaeeaeaoa aeiiii?/ieo
iaoe

Iaeana 1999

Aeena?oaoe??th ? ?oeiien

?iaioa aeeiiaia a Iaeanueeiio aea?aeaaiiio aeiiii?/iiio oi?aa?neoao?
I?i?noa?noaa ina?oe Oe?a?ie (i. Iaeana)

iaoeiaee ea??aieeaeieoi? aeiiii?/ieo iaoe, i?ioani?, aeaaeai?e
*a?iyanueeee Ieaenaiae? Iaaeiae/, Iaeanueeee aea?aeaaiee aeiiii?/iee
oi?aa?neoao, caa?aeoaa/ eaoaae?ith o?iain?aiaoeiaee
eiinoeueoaioeaiaeeaeao aeiiii?/ieo iaoe ?oaeeinueea Ieaia
Aieiaeeie??aia, Iaeanueeee aea?aeaaiee aeiiii?/iee oi?aa?neoao, aeioeaio
eaoaae?e aaie?anueei? ni?aaeio?oe?ei? iiiiaioeaeieoi? aeiiii?/ieo iaoe,
i?ioani?, aeaaeai?e ?iaeaia?ii? aeaaeai?? iaoe Oe?a?ie Cieioa?ueia
Aiaoie?e Ieeieaeiae/, Oa?e?anueea a?aeae?eaiiy ?inoeoooo aeiiii?ee IAI
Oe?a?ie, aee?aeoi? (i. Oa?e?a)

eaiaeeaeao aeiiii?/ieo iaoe In?iia Aieiaeeie? Ieeieaeiae/, ?inoeooo
i?iaeai ?eieo ? aeiiii?ei-aeieia?/ieo aeine?aeaeaiue IAI Oe?a?ie,
noa?uee iaoeiaee ni?a?ia?oiee a?aeae?eo ?eieiaeo iaoai?ci?a oa
no?oeoo?i?ia?aeia onoaiiaaIaoe?iiaeueiee oi?aa?neoao ?i. O.Oaa/aiea,
eaoaae?a ?iiaaoe?eiiai iaiaaeaeiaioo oa i?aei?e?iieoeoaa, I?i?noa?noai
ina?oe Oe?a?ie (i. Ee?a)

Caoeno a?aeaoaeaoueny 14.05.99?. i 14 aiaeei? ia can?aeaii?
niaoe?ae?ciaaii? a/aii? ?aaee Ae.41.055.01 i?e Iaeanueeiio aea?aeaaiiio
aeiiii?/iiio oi?aa?neoao? ca aae?anith: 270100, i. Iaeana, aoe.
I?aia?aaeainueea, 8

C aeena?oaoe??th iiaeia iciaeiieoenue o a?ae?ioaoe? Iaeanueeiai
aea?aeaaiiai aeiiii?/iiai oi?aa?neoaoo.

Aaoi?aoa?ao ?ic?neaiee 5.04.99?.

A/aiee nae?aoa? Niaoe?ae?ciaaii? a/aii? ?aaee

e.a.i., aeioeaio
Ia?e?oai I.N.

1. Caaaeueia oa?aeoa?enoeea ?iaioe

Aeooaeuei?noue oaie aeine?aeaeaiiy. A nenoai? oi?aae?iiy ??ciiiai?oieie
aniaeoaie ae?yeueiino? aoaeue-yeiai i?aei?e?inoaa a no/anieo oiiaao
iaea?eueo neeaaeiith ? a?aeiia?aeaeueiith eaieith ? oi?aae?iiy
o?iainaie.

A e?a?iao c ?eieiaith aeiiii?eith i?eioeeie ? iaoiaee oeueiai oi?aae?iiy
ua a na?aaeei? aeaaaeoeyoiai noie?ooy noi?ioaaeeny a niaoe?ae?ciaaio
aaeocue ciaiue – o?iainiaee iaiaaeaeiaio.

A Oe?a?i? i?aeoeea o?iainiaiai iaiaaeaeiaioo iiee ui eeoa i?iaeaa? nia?
oeyo, c?oeioaoenue i?e oeueiio c ia’?eoeaieie aeiiii?/ieie o?oaeiiuaie
ia?ao?aeiiai ia??iaeo, iaaeineiiae?noth caeiiiaeaa/i? aace, iaaeinoaoi?i
??aiai i?aeaioiaee niaoe?ae?no?a a oiiaao ?eieo.

Aiae?c aieeao /ano ? iaaecia/aiino? aa?oino? iaeaooi?o aeo?ao ?
i?eaooe?a aeicaiey? ea??aieeai i?aei?e?inoa ? ?iaanoi?ai c?iaeoe
?aoe?iiaeueiee aeiiii?/iee aea?? ?c aeueoa?iaoeaieo aa??aio?a ae?e.
O?iaine a?ae?a?athoue aaaeeeao ?ieue a aaaaoueio aeaeao ainiiaea?nueei?
ae?yeueiino? i?aei?e?inoa, aieeath/e oaeiae ae?iaie/o, o?iainiai –
ainiiaea?nueeo ? ?iaanoeoe?eio.

Aeooaeuei?noue ia?aii? oaie aeine?aeaeaiiy iieyaa? a ia’?eoeai?e
iaiao?aeiino? ?ic?iaee ? i?iiiceoe?e iniiaieo i?eioeei?a ? iaoiaee/ieo
i?aeoiae?a aei aecia/aiiy aoaeoeaiino? o?iainiai? ae?yeueiino?
i?aei?e?inoa. Aieiaia caaaeaiiy ia no/aniiio aoai? – i?aeaeuaiiy
aoaeoeaiino? ae?yeueiino? i?aei?e?inoa a cia/i?e i??? iiaea aooe
ae??oaia oeyoii iiaiiai aeei?enoaiiy aeiiii?/iiai iioaioe?aeo an?o eiai
aeoea?a, aeai?o ia?niaeoeaieo iai?yie?a ?iaanoeoe?eii? ae?yeueiino? ?
oi?i ?iaanoeoe?e.

Nooo?aei aeaiaioii o?iainiaiai iaiaaeaeiaioo ? o?iainiaee aiae?c,
iaiao?aeiee aeey i?eeiyooy iaa?oioiaaieo ? iioeiaeueieo ??oaiue. Iiaeia
oaa?aei neacaoe, ui ye?noue i?eeiyoeo ??oaiue oe?eeii caeaaeeoue a?ae
yeino? aiae?oe/iiai iaa?oiooaaiiy.

A inoaii? ?iee ia eieaeeiaeo iieeoeyo c’yaeeinue /eiaei a?oioiaieo ?
aeooaeueieo aeaeaiue, i?enay/aieo o?iainiaiio iaiaaeaeiaioo, ui a
a?eueoino? ocaaaeueiththoue ca?oa?aeiee aeina?ae. Aaoi? aeena?oaoe?eii?
?iaioe aeio?eio?oueny aeoiee, ui iayai?noue oe?eaaeo ? i?ea?iaeueieo
aeaeaiue, ?ice?eaath/eo ??ciiiai?oi? aniaeoe o?iainiaiai iaiaaeaeiaioo ?
o?iainiaiai aiae?co, ia ciaioo? iiieoo ia niaoe?aeuei? oai?aoe/i? ?
iaoiaee/i? ?ic?iaee, aaeaioiaai? aei aeiiii?/ieo oiia ia?ao?aeiiai
ia??iaeo a Oe?a?i?.

E?eciaee noai a?o/eciyii? aeiiii?ee noai?ea ia?iaiaioi? o?iainia? no?ane
aeey i?aei?e?inoa a oi?i? caa?ice aaie?oonoaa. Oea aecia/eei
iaiao?aei?noue aea/aiiy ieoaiue oi?aae?iiy o?iainiaei ?eceeii ?
iaoai?ci?a aioee?eciaiai o?iainiaiai oi?aae?iiy. Iniiaia oaaaa a
i?ioean? aeena?oaoe?eiiai aeine?aeaeaiiy i?eae?eaia iaoai?cio caeo/aiiy
o?iainiaeo ?ano?n?a i?aei?e?inoa c ??ciiiai?oieie oi?iaie aeaniino? ?
?ic?iaee iaoiaeeee caeo/aiiy o?iainiaeo ?ano?n?a.

Ca’ycie ?iaioe c iaoeiaeie i?ia?aiaie, ieaiaie, oaiaie. ?iaioa
aeeiioaaeanue ia aac? oaiaoe/ieo ieai?a eaoaae? iaiaaeaeiaioo oa
o?iain?a Iaeanueeiai aea?aeaaiiai aeiiii?/iiai oi?aa?neoaoo oa
a?aeiia?aeii ?icae?eo “Aeooaeuei? i?iaeaie oi?ioaaiiy ?iaanoeoe?eiiai
iaiaaeaeiaioo” oaiaoe/iiai ieaio iaoeiai-aeine?aeieo ?ia?o IAeAO a
?ic??c? iniiaieo i??i?eoaoieo iai?yie?a, caiiaiee?a, i?ae?icae?e?a –
aeeiiaaoe?a ia 1997-1999??. Oa a?aeiia?aeii Eii?aeeiaoe?eiiai ieaio
I?i?noa?noaa ina?oe Oe?a?ie, caoaa?aeaeaiiai iaeacii IIO ?37 a?ae
13.02.97?.

I?aaeiao oa ia’?eo aeine?aeaeaiiy. I?aaeiaoii aeine?aeaeaiiy a ?iaio?
ia?ai? o?iainiai-ainiiaea?nuee? a?aeiioaiiy a i?ioean? ?aae?caoe??
no?aoaa?? ?icaeoeo i?aei?e?inoaa. No?aoaa?y ?icaeoeo i?aei?e?inoaa iiaea
aooe oni?oii ?aae?ciaaia ia eeoa i?e aeinoaoiueiio caaacia/aii? eiai
o?iainiaeie ?ano?naie. Oiio a ?iaio? aeine?aeaeothoueny ieoaiiy
oi?aae?iiy o?iainiaeie ?ano?naie, i?iaeaie i?eeiyooy ??oaiue a oiiaao
?eceeiai? ae?yeueiino? i?aei?e?inoa ? iaoiaee o?iainiaiai aiae?co
?aaeueieo ?iaanoeoe?eieo i?iaeo?a aeey oiai, uia ia aeiionoeoe e?eciaiai
o?iainiaiai noaio; caaacia/eoe aeiiii?/io aaciaeo i?aei?e?inoa.

Ia’?eo aeine?aeaiiy – i?aei?e?inoaa, ui i?aoeththoue ia oe?a?inueeiio
o?iainiaiio ?eieo ye o/anieee aeiaaino?ieiaeo ?iaanoeoe?eieo i?iaeo?a.

Aea?? aeey aeena?oaoe?eiiai aeine?aeaeaiiy naia oeueiai eiea ieoaiue
iaoiiaeaiee ?o aeooaeuei?noth, iaaeinoaoiueith ?ic?iaeith ?
a?aenooi?noth a?ae/eciyieo niaoe?aeueieo ?ia?o ca oe??th oaiaoeeith.

Iaoa ? caaaeaiiy aeine?aeaeaiiy. Iaoith aeena?oaoe?eii? ?iaioe ?
oai?aoe/ia aeine?aeaeaiiy o?iainiaiai iaiaaeaeiaioo ia i?aei?e?inoaao
??ciiiai?oieo oi?i aeaniino?, aea?? iaea?eueo aoaeoeaieo iaoiae?a
o?iainiaiai aiae?co, ?ic?iaea i?aeoe/ieo ?aeiiaiaeaoe?e aeey cieaeaiiy
o?iainiaiai ?eceeo a i?ioean? ?iaanoeoe?eii? ae?yeueiino? i?aei?e?inoa,
a oaeiae iaoiaeeee o?iainiaiai aiae?co.

O a?aeiia?aeiino? aei oe??? iaoe aaoi?ii aecia/ai? oae? caaaeaiiy
aeine?aeaeaiiy:

– aecia/eoe iniiai? i?iaeaie aiae?co o?iainiai-ainiiaea?nueei?
ae?yeueiino? i?aei?e?inoa ia no/aniiio aoai?;

– aeine?aeeoe no?oeoo?ii-ooieoe?iiaeueiee aniaeo oi?aae?iiy
o?iainiai-ainiiaea?nueeeie neooaoe?yie a ae?yeueiino? i?aei?e?inoaa;

– i?iaiae?coaaoe ooieoe?? o?iainiaiai iaiaaeiaioo ? aecia/eoe i?eioeeie
? iaoiaee o?iainiaiai aiae?co a?aeiinii ia?aieo ia’?eo?a aeine?aeaeaiiy;

– aeine?aeeoe iiaeeeaino? ? iaae? oi?aae?iiy o?iainiaei ?eceeii
i?aei?e?inoa;

– ?ic?iaeoe iaoiaee iaiaaeaiiy o?iainiaeo oa ?iaanoeoe?eieo ?ecee?a;

– i?iaiae?coaaoe noai ?iaanoeoe?eii? noa?e a Oe?a?i? ia no/aniiio aoai?;

– ?ic?iaeoe iaoiaeeeo o?iainiaiai aiae?co aeey ?aaeueieo ?iaanoeoe?eieo
i?iaeo?a.

Iaoiaeieia?y oa iaoiaeeea aeine?aeaeaiiy. Aeaea?aea ?ioi?iaoe??.
Iaoiaeieia?/iith iniiaith aeine?aeaeaiiy ? caaaeueia oai??y o?iain?a,
eeth/ia? iieiaeaiiy iaoe?iiaeueii? i?ia?aie ?eieiai? o?ainoi?iaoe??
aeiiii?ee a a?aeiioaii? ?iaanoeoe?eii? ae?yeueiino? i?aei?e?inoa.

Oai?aoe/iith iniiaith ? iaoa??aee ooiaeaiaioaeueieo iaoeiaeo
aeine?aeaeaiue o aaeoc? oai??? iaiaaeaeiaioo oa o?iainiaiai aiae?co,
i?aoe? a?o/eciyieo (Aeueio?i A.?, Aeaie ?.A, I??e?i A., Oa?aiao A.,
Aaeaaaiia ?.O,.Noiyiiaa I.N.) oa caei?aeiiieo a/aieo (E.O?oa?,
A.Aeae.Aeieai, ?iaa?o I. Oieo, E.?.Iaeeiiaee, Aeae.I.Eaein, ?.A.Oiaai oa
?i.) c aeine?aeii? oaiaoeee, caeiie, ii?iaoeai? aeoe, oaeiae iaoiaee/i?
iaoa??aee, ye? ?aaeaiaioothoue ?iaanoeoe?eio ae?yeuei?noue
ainiiaea?thth/eo noa’?eo?a ia oe?a?inueeiio ?eieo.

?ioi?iaoe?eio aaco aeena?oaoe?eii? ?iaioe neeaee caeiiiaeaa/? oa
ii?iaoeai? aeieoiaioe a?aeiinii ?aaoethaaiiy ainiiaea?/i? oa o?iainiai?
ae?yeueiino? i?aei?e?inoa.

A i?ioean? aeine?aeaeaiiy aaoi?ii ?aae?ciaaii nenoaiiee i?aeo?ae,
aeei?enoaii iaoiaee aiae?co ? neioaco, iaoiae aenia?oieo ioe?iie
o?iainiaiai ?eceeo.

Iaoeiaa iiaecia aeena?oaoe?? iieyaa? a ?ic?iaoe? iiaeo i?aeoiae?a
aea/aiiy ? aiae?co o?iainiai-ainiiaea?nueeeo neooaoe?e, ui aeieeathoue a
i?ioean? ?aaeueiiai ?iaanooaaiiy, ? oai?aoe/ieo iieiaeaiue ii
ai?iaaaeaeaiith o?iainiaiai iaiaaeaeaioo, a aeiiii?/i? i?ioeane, a
oaeiae iaoiaee/ieo ?aeiiaiaeaoe?e ii iaiaaeaiith o?iainiaiai ?eceeo
i?aei?e?inoa ? ioe?ioe? aoaeoeaiino? ?aaeueieo ?iaanoeoe?e.

Iaea?eueo nooo?a? iaoeia? ?acoeueoaoe iieyaathoue a ianooiiiio:

– ia i?aenoaa? oeeaaeaii? eeaneo?eaoe?? aecia/ai? aeanoaa?e?coth/?
oaeoi?e ciai?oi?o ? aioo??oi?o a?aeiioaiue i?aei?e?inoaa, ui
oa?aeoa?ecothoue o?iainiai-ainiiaea?nuee? neooaoe??;

– iaa?oioiaaii iaoiae R-aiae?co o?iainiai-ainiiaea?nueei? ae?yeueiino?,
a oaeiae cai?iiiiiaai? i?aeoiaee aei aiae?co oi?aae?iiy o?iainiaei
?eceeii i?aei?e?inoa c aeei?enoaiiyi iaoiaeo aioo??oiueiai no?aooaaiiy
o?iaini-aiai ?eceeo;

– ?ic?iaeaia nenoaia oa aeai?eoi aiae?co ? ioe?iee iiceeiaeo o?iainiaeo
eioo?a a iaaeao ?aaeueiiai ?iaanoeoe?eiiai i?iaeoo;

– i?iaiae?ciaaii ? cai?iiiiiaaii iia? i?aeoiaee uiaei
ia?aae?iaanoeoe?eiiai aiae?co ?iaanoeoeeeieo i?iaeo?a c o?aooaaiiyi
aioe?eceeiaeo aa??aio?a aeei?enoaiiy o?iainiaeo ?ano?n?a.

I?aeoe/ia oa oai?aoe/ia cia/aiiy iaea?aeaieo ?acoeueoao?a. Oai?aoe/ia
cia/ei?noue i?iaaaeaiiai aeine?aeaeaiiy iieyaa? a eiiieaeniiio,
nenoaiiiio aea/aii? o?aaeeoe?eieo ? iiaeo aniaeo?a o?iainiaiai aiae?co.
?acoeueoaoe i?iaaaeaiiai aeine?aeaeaiiy ?icoe?ythoue iaoeia? oyaeaiiy c
oaeeo ieoaiue, ye: o?iainiaee iaiaaeaeiaio ae?yeueiino? i?aei?e?inoa,
iaoai?ci aioee?eciaiai oi?aae?iiy o?iainiaei ?eceeii, no?aoia? ?
aiae?oe/i? iaoiaee iaiaaeaiiy ?eceeo, aoaeoeai?noue ?aaeueieo
?iaanoeoe?e.

I?aeoe/ia cia/ei?noue. Aeaoaeueia eeaneo?eaoe?y iaoiae?a ? oi?i
o?iainiaiai aiae?co c oa?aeoa?enoeeith ?o ia?aaaa ? iaaeie?e?a ia?
aaeeea cia/aiiy aeey aecia/aii? noaiaea?oecaoe?? o?iainiaiai aiae?co ia
no/aniiio aoai?. Aaciina?aaeiuei aaoi?ii iaa?oioiaaia iaiao?aei?noue
oi?ioaaiiy aioo??oi?o no?aoiaeo (?aca?aieo) oiiae?a aeey ciaioaiiy
o?iainiaiai ?eceeo, a oaeiae iaiao?aei?noue aeaoaeueiiai o?iainiaiai
aiae?co c a?aooaaiiyi aeeneiiooaaiiy iaeaooi?o a?ioiaeo iioie?a,
aecia/aiiy /enoiai ?acoeueoaoo ainiiaea?nueei? ae?yeueiino? ii i?iaeoo o
oi?i? ca?oo i?i i?eaooee ? caeoee (iiee ui iao?aaeeoe?eiiai ia iaoeo
i?aei?e?inoaao), ?ic?aooiie a?ioiaiai iioieo ii i?iaeoo – “Cash flow”.
Aeena?oaoe?eia aeine?aeaeaiiy aeiaaaeaia aei eiie?aoieo ?aeiiaiaeaoe?e ?
iaoiaee/ieo ?ic?iaie ii o?iainiaiio iaiaaeaeiaioo.

Aeniiaee ? iaoiaee/i? ?aeiiaiaeaoe??, ui i?noyoueny a aeena?oaoe??,
aae?aniaai? iioaioe?eiei ?iaanoi?ai (eiia?oe?eiei aaieai, ?iaanoeoe?eiei
eiiiai?yi ? oiiaeai, oieaeeiaiaei no?oeoo?ai, i?eaaoiei ?iaanoi?ai, ye
a?o/eciyiei, oae ? ca?oa?aeiei) ?, cae/aeii, o?iainiaei niaoe?ae?noai,
iaiaaeaea?ai i?aei?e?inoa ? ainiiaea?nueeeo noa’?eo?a aeey caeo/aiiy
?iaanoi??a ii aeaniei ?ic?iaeai ? ?ic?aooieai aoaeoeaiino? ? ieoiiino?
i?iaeoo.

Iniaenoee aianie caeiaoaa/a iieyaa? a oiio, ui iiaeaeueoee ?icaeoie
iaoai?cio ooieoe?iioaaiiy a?o/eciyieo i?aei?e?inoa iia’ycaii c
aecia/aiiyi aieeao /eiiee?a, ui aeanoaa?e?cothoue ?o ae?yeuei?noue a
oiiaao ia?ao?aeii? aeiiii?ee Oe?a?ie. Aaciina?aaeiuei aaoi?ii iiiaeaii
i?aeoiaee aei aecia/aiiy iniaeeainoae iai?yie?a o?iainiaiai aiae?co
?iaanoeoe?eii? ae?yeueiino? i?aei?e?inoa, ye? i?aoeththoue o
ianoaa?eueiiio na?aaeiaeu?. Aeyaeai? iiaeeeaino? ?aae?caoe?? nenoaie
aeiiii?/ii? aaciaee i?aei??inoa ca ?aooiie iaeneiaeueiiai cieaeaiiy
o?iainiaeo ?ecee?a.

Ai?iaaoe?y ?acoeueoao?a aeena?oaoe??. Iniiai? iieiaeaiiy oa aeniiaee
aeena?oaoe?? aoee aeeeaaeai? a aeiiia?aeyo oa aenooiao ia
iaoeiai-i?aeoe/ieo eiioa?aioe?yo IAeAO, a oaeiae ciaeoee a?aeia?aaeaiiy
a aaaaoueio iaa/aeueieo iin?aieeao c a?aeiia?aeii? oaiaoeee. Iaoa??aee
aeena?oaoe?? aeei?enoiaothoueny a iaa/aeueiiio i?ioean? c aeenoeeie?i
“O?iainiaee iaiaaeaeiaio” ? “O?iaine”, “Aeiiii?/iee ?ecee” a Iaeanueeiio
o?iainiai-aeiiii?/iiio eieaaeae? oa a IAeAO.

?ic?iaeaia iaoiaeeea aoea aeei?enoaia aeey i?iaaaeaiiy o?iainiaiai
aiae?co oa ioe?iee aoaeoeaiino? o?ueio ?iaanoeoe?eieo i?iaeo?a:
“O?iainoaaiiy ae?iaieoeoaa iaii?a. I?nueeIiecaaiae”, “O?iainoaaiiy
ae?iaieoeoaa aeeiaieueii? i?iaeoeoe??. Oe?a?inueei-I?iaoeueea NI
“Iaeaie”, “O?iainoaaiiy ae?iaie/iai iaeaaeiaiiy aeey ia?a?iaee
iaooii?iaeoeo?a. NI “Naeaieo-Oe?a?ia”.

Ioae?eaoe??. Ii iaoa??aeai aeena?oaoe?? iaae?oeiaaii 11 ?ia?o, ui
a?aeoai?ththoue iniiai? iieiaeaiiy aeena?oaoe??. ?o caaaeueiee ianya
46,8 ae.a., c yeeo iniaenoi aaoi?o iaeaaeeoue 7,25 ae. a.

No?oeoo?a, ianya oa ci?no ?iaioe. Aeena?oaoe?y neeaaea?oueny c? anooio,
o?ueio ?icae?e?a oa aeniiae?a iniiaiee ci?no ?iaioe aeeeaaeaiee ia 163
noi??ieao. ?iaioa i?noeoue 16 ?enoie?a, 18 oaaeeoeue, 52 oi?ioee, a
oaeiae nienie aeei?enoaii? e?oa?aoo?e c 115 iaeiaioaaiue ia 7 noi??ieao.

A ia?oiio ?icae?e? eiiieaenii ? iine?aeiaii ?icaeyaeathoueny i?iaeaie
oi?aae?iiy o?iainiai-ainiiaea?nueeeie neooaoe?yie ui aeieeathoue a
i?ioean? ae?yeueiino? i?aei?e?inoa.

O?iainiaa ae?yeuei?noue i?aei?e?inoaa a on?o ?? oi?iao iia’ycaia c
aaaaoi/enaeueiei ?eceeii, nooi?iue yeiai iineeth?oueny c ia?aoiaeii aei
?eieiai? aeiiii?ee. ?eceee, ui noi?iaiaeaeothoue oeth ae?yeuei?noue,
aeae?eythoueny a iniaeeao a?oio o?iainiaeo ?eceeea. I?iaeaie aecia/aiiy
? iaoiaee iaiaaeaiy o?iainiaeo ?eceeea aeine?aeaeothoueny a ae?oaiio
?icae?e?.

C iaoith caaacia/aiiy oi?aae?iiy iiceeiaeie o?iainiaeie ?ano?naie ?
caiia?aaiiy aaie?oonoaa i?aei?e?inoa a o?aoueiio ?icae?e? i?iaaaeaiee
aiae?c ?iaanoeoe?eiie noa?e a Oe?a?i?, ?ic?iaeaia iaoiaeeea o?iainiaiai
aiae?co ?aaeueieo ?iaano?oe?eieo i?iaeo?a ? cai?iiiiiaai? ?ic?aooiee c
o?ueio ?iaanoeoe?eieo i?iaeo?a aeine?aeaeaieo ainiiaea?nueeeo noa’?eo?a.

Iniiaiee ci?no aeena?oaoe?eii? ?iaioe

?icae?e 1. Aeine?aeaeaiiy ooieoe?e oi?aae?iiy o?iainiai-ainiiaea?nueeith
ae?yeuei?noth i?aei?e?inoa.

Oai?aoe/ia aeine?aeaeaiiy aeoeaioo? oaaao ia iaeiiio c naieo neaaeeo
i?noeue oai??? oi?aae?iiy, a naia – /?oe?noue iaa?oiooaaiiy
eia?ei-eiino?oeoeaii? iniiae ni?eueiino? ?ioa?an?a, ?aeiino? iaoe ? ae?e
an?o nooiai?a ? eaiie oi?aae?iiy. Aeey oeueiai i?eaiaeeoueny
oa?aeoa?enoeea nenoaie ciai?oi?o ? aioo??oi?o o?iainiaeo a?aeiioaiue
ainiiaea?nueeeo noa’?eo?a (?en.1).

?en.1. Nenoaia ciai?oi?o oa aioo??oi?o a?aeiioaiue ainiiaea?thth/iai
noa’?eoa

Ni?euei?noue iaoe ? ia iaoo aeoieo, i?ii?aeiith eaieith i?ae
ni?euei?noth ?ioa?an?a ? ae?e. Oiaoi, iaoa iiaeiia oi?ioethaaoe oiiae,
i?e yeeo ?ioa?ane aeoea?cothoue aeiiii?/io iiaaae?ieo, a iioeae
iaoiiaeththoue ae?yeuei?noue an?o ae?iaie/eo eaiie. Oaea iieiaeaiiy noa?
a??iei aeey iiaeae?, ui ooieoe?iio? ca noaiith: “ia?iaeia ainiiaea?noai
– i?aei?e?inoai”, aea a yeino? ia?aaeoiiae oi?ioaaiiy ni?eueiino?
?ioa?an?a i?eeia?oueny caa?aaeaiiy ? ?aoe?iiaeueia aeei?enoaiiy an?o
oi?i aeaniino?.

Aea/aiiy nenoaie o?iainiai-ainiiaea?nueeeo a?aeiioaiue aeicaiey?
iaea?eueo eia?/ii oyaeoe i?ioeane ina?oe, ?iciiae?eo ? aoaeoeaiiai
aeei?enoaiiy eioo?a, iaiao?aeieo aeey cae?eniaiiy eai?oaeueieo oa
iio?/ieo cao?ao a i?ioean? ?icoe?aiiai a?aeoai?aiiy.

A ca’yceo c oei, ui ?ano?ne aenooiathoue iaeii/anii a yeino? ia’?eoa ?
noa’?eoa oi?aae?iiy, ?i iaeiaeiai aeanoea? oae? iniiai? ooieoe??
oi?aae?iiy ae?iaieoeoaii, ye eii?aeeiaoe?y, i?aai?caoe?y, ieaioaaiiy,
iae?e, aiae?c ? eiio?ieue, noeioethaaiiy. I?ae oe?i eooii ci?o ooieoe??
oi?aae?iiy o?iainiaeie ?ano?naie a?aeia?aaeathoue na?aeiia aeei?enoaiiy
?iciiae?eue/i? ? noeioethth/i? ooieoe?e a oi?aae?ii?
o?iainiai-ainiiaea?nueeith ae?yeuei?noth. Aiie caaacia/otho: oe?eueiaa ?
ieaiiaa ooai?aiiy a?ioiaeo oiiae?a aeey ooieoe?iioaaiiy ainiiaea?nueeeo
ia’?eo?a ? ioe?ieo aeao?oeeoiino? o?iainiaeo ?ano?n?a; noai?aiiy oiia
aeey i?aei?e?iieoeueei? ae?yeueiino?. Ia i?aei?e?inoa? ooieoe??
oi?aae?iiy o?iainiaeie ?ano?naie i?iyaeythoueny a nenoai? o?iainiaiai
aiae?co (?en.2).

O?iainiai-ainiiaea?nueea neooaoe?y (OAN) i?aaenoaaey? niaith noeoii?noue
ianoaaei, ui a caaaeueiiio aeaeyae? a?aeaeaathoue aeiiii?/i? yaeua ?
i?ioeane. Oaea neooaoe?y oa?aeoa?eco?oueny iaaiei noaiii ea?oth/iai
ia’?eoa, ui iaoiiaeaia i?e/eiii-iane?aeeiaeie aioo??oi?ie ? ciai?oi?ie
ae?iaie/eie a?aeiineiaie. O?iainiai ainiiaea?nueea neooaoe?y naia ii
nia? ? ia’?eoeaiei yaeuai. Oi?ioaaiiy OAN a?aeaoaa?oueny i?ae aieeaii
nooiai?a oi?aae?iiy. Iniaeea?noth OAN ? ?? aaaaoiaa??aioi?noue,
oeiia?noue oa ?aaoey?ia iiaoi?thaai?noue. I?ioean oi?aae?iiy OAN ia
neooaoe?ei?e iniia? aoaeo?oueny ii ?aeei?e noai?, ui cai?iiiiiaaia
aaoi?ii.

Inoaii?i /anii aeineoue iioe?aiei noaee na?aaeiueinoaoenoe/i? ii??aiyiiy
o?iainiai-ainiiaea?nueeeo neooaoe?e ? ie?aieo ?o aeaiaio?a. Aeei?enoaiiy
iaoiae?a ioe?iee ? aecia/aiiy i??e ?icn?thaaiiy oaeoi??a oa iciae
aeicaiey? e?euee?nii aei??yoe nooiaiue aca?iiaieeao iciae, ui oi?iothoue
iaai? neooaoe??.

Aeae? aiae?cothoueny ooieoe?? ? i?eaiaeeoueny eeaneo?eaoe?y iaoiae?a
o?iainiaiai aiae?co, oi?ioeththoueny aeiiae aei caaacia/aiiy
aiae?oe/iino? ?ioi?iaoe?? ? a yeino? aaciaiai a ?aieao aeena?oaoe?eiiai
aeine?aeaeaiiy i?iiiio?oueny R-aiae?c.

Aiae?c o?iainiaeo iieaciee?a (R-aiae?c) aaco?oueny ia ?ic?aooieao
ni?aa?aeiioaiiy ??ciiiai?oieo aaniethoieo iieaciee?a i?ae niaith. Oeae
iaoiae o?iainiaiai aiae?co, ia iaoo aeoieo, iaea?eueo ia’?eoeaiee ?
aoaeoeaiee a no/anieo aeiiii?/ieo oiiaao, ? ia’?eoii aeine?aeaeaiiy
aeena?oaoe?eii? ?iaioe ? ?icaeyaeaaoueny a o?ao?e aeaa?.
Iaa?oioiaothoueny eiai ia?aaaae aeey o?iainiaiai aiae?co a oiiaao
aeiiii?/ii? ianoaa?eueiino? ia?ao?aeiiai ia??iaeo.

?en.2. Ooieoe?? o?iainiaiai iaiaaeaeiaioo.

?icae?e 2. Iaoiaee ioe?iee o?iainiai-ainiiaea?nueeeo neooaoe?e c
a?aooaaiiyi ?eceeo.

?eceee, ui noi?iaiaeaeothoue ainiiaea?nueeo ae?yeuei?noue, aeae?ey?ii a
iniaeeao a?oio o?iainiaeo ?ecee?a, ui a?ae?a?athoue iaea?eueo nooo?ao
?ieue a caaaeueiiio “ii?ooae? ?ecee?a” i?aei?e?inoaa. Nueiaiaei?
i?iaeaie aea/aiiy ? iiia?aaeaeaiiy o?iainiaeo ?ecee?a iaea?eueo
aeooaeuei?, oiio aiie ? noaee ia’?eoii aeine?aeaeaiiy aeena?oaoe?eii?
?iaioe.

Oaea ae?yeuei?noue i?aei?e?inoa aeeeeeaia iaiao?aei?noth aaeaioaoe?? aei
?eieiaiai na?aaeiaeua oa aeinyaiaiiy iaiaa?iaino? a nenoai? ?eieiaeo
a?aeiinei.

C i?aeaeuaiiyi ?eceeo iia’ycaia ?iaanoeoe?eia ae?yeuei?noue
i?aei?e?inoa, ieoaiiy ?iciiae?eo i?eaooeo oa ?ioeo o?iainiaeo ?ano?n?a
i?aei?e?inoaa. E??i oiai ?iaanoeoe?ei? i?ioeane ia?aaeaa/athoue
aeiaaino?ieia? i?ia?aie, ui oaeiae ca?eueoo? ??aaiue ?eceeo.
Aoaeoeai?noue i?aai?caoe?? oi?aae?iiy ?eceeii a aaaaoueio aeiaaeeao
aecia/a?oueny eeaneo?eaoe??th ?eceeo, a naia ?iciiae?eii ?ecee?a ia
a?oie ca iaaieie iciaeaie. A ?iaio? cai?iiiiiaaia eeaneo?eaoe?y ?eceeo
ca nooiaiai aeine?aeaeaiy: c oe?oiiaii? eeaneo?eaoe?? aeae?eythoueny
o?iainia? ?eceee; c eeaneo?eaoe?? o?iainiaeo ?eceeea aeae?eythoueny
?iaanoeoe?ei?.

A?aecia/aii, ui iniiaiith iaoith oi?aae?iiy o?iainiaeie ?eceeaie ?
i?i?i?caoe?y iia’ycaieo c ieie o?iainiaeo ao?ao. A ca’yceo c oeei
i?iiiio?ii ?ic?iaeoe ia i?aei?e?inoa? niaoe?aeueio iie?oeeo oi?aae?iiy
o?iainiaeie ?eceeaie. Aiae?c iiaeeeaeo o?iainiaeo ao?ao a caeaaeiino?
a?ae ??aiy ?eceeo iieacaa, ui iiaeeeaee ??aaiue ?eceeo o?iainiaiai
i?iaeoo iiaeiai ciaoiaeeoeny a oi/oe? aaccaeoeiaino?, aieeath/e
aac?eceeiao ciio i?iaeoo ? ciio iiaeeeaiai ?eceeo. sseui o?iainia?
iieacieee i?iaeoo ciaoiaeyoueny a cii? e?eoe/iiai ?eceeo, aai
eaoino?io?/iiai ?eceeo, oi a?ae oaeiai i?iaeoo e?aua a?aeiiaeoeny,
aeei?enoiaoth/e iaoiae caiia?aaiiy ?eceeo.

Ae?c iie?oeee oi?aae?iiy o?iainiaeie ?eceeaie aeicaieea aeae?eeoe oae?
iaoiaee ?o ioe?iee:

· ?aeaioeo?eaoe?y ie?aieo aeae?a o?iainiaeo ?ecee?a, iia’ycaieo c
ae?yeuei?noth i?aei?e?inoaa ;

· ioe?iea nooiaith a??ia?aeiino? ie?aieo o?iainiaeo ?ecee?a.
A??ia?aei?noue ie?aieo o?iainiaeo ?ecee?a i?aaenoaaey? niaith ioe?ieo
iiaeeeaino? ?o aeieeiaiiy. Oaea ioe?iea i?iaiaeeoueny ??cieie iaoiaeaie
(aeiiii?ei-noaoenoe/i?, ?ic?aooieiai-aiae?oe/i?, aiaeiaia? iaoiaee
ioe?iee, aenia?oi? iaoiaee ?ic?aooie?a);

· ioe?iea iiaeeeaeo o?iainiaeo ao?ao, iia’ycaieo c ie?aieie ?eceeaie.
Ianya iiaeeeaeo o?iainiaeo ao?ao aecia/a?oueny oa?aeoa?ii o?iainiaeo
iia?aoe?e, ianyaii caae?yieo a ieo aeoea?a (eai?oaeo) ? nooiaiai
eieeaaiiy i?eaooe?a i?e a?aeiia?aeieo ?i o?iainiaeo ?eceeao;

· anoaiiaeaiiy a?aie/iiai ??aiy ?ecee?a ii ie?aiei o?iainiaei
iia?aoe?yi;

· i?io?eaeoeea ie?aieo o?iainiaeo ?ecee?a cae?enith?oueny eeoa ii
ianenoaiaoe/iei ?eceeai a ?ic??c? ie?aieo iia?aoe?e;

· aioo??oi? no?aooaaiiy o?iainiaeo ?ecee?a;

· ciai?oi? no?aooaaiiy o?iainiaeo ?ecee?a.

A oiiaao ianoa/? o?iainiaeo ?ano?n?a ia a?o/eciyieo i?aei?e?inoaao ?
eaae?o?eiaaieo niaoe?ae?no?a-iaiaaeaea??a, a ?iaio? aeine?aeaeothoueny
aioo??oi? iaoiaee no?aooaaiiy o?iainiaeo ?ecee?a, ye? ia?aaeaa/athoue:

1. Oi?ioaaiiy ?aca?aiiai no?aoiaiai oiiaeo aaciina?aaeiuei ii eiaei?e
o?iainia?e (?iaanoeoe?ei?e) iia?aoe??;

2. I?iaaaeaiiy o?iainiaeo iia?aoe?e ii cieaeaiith ??aiy ?eceeo
(iia?aoe?? oaaeaeoaaiiy)

3. O?iainiaee aiae?c (R-aiae?c) ? ioe?iea ?iaanoeoe?eieo i?iaeo?a.

A ?iaio? iieacaii, ui naia oe?eani?yiiaaia oi?ioaaiiy ?aca?aiiai
(no?aoiaiai) oiiaeo iaea?eueo iiaii a?aeiia?aea? iao?
o?iainiai-aeiiii?/ii? ae?yeueiino? i?aei?e?inoaa.

I?iio?oueny oi?ioaaoe no?aoiaee oiiae ca ?aooiie eioo?a ?aca?aiiai
oiiaeo aai ca ?aooiie oei/aniai a?eueieo eioo?a (c i?eaooeo) c iaoith
aioo??oiueiai no?aooaaiiy (naiino?aooaaiiy) o?iainiaeo ?ecee?a.

Cae/aeii, cai?iiiiiaai? o?iainia? iia?aoe?? iiaeii? i?iaiaeeoeny ia
i?aei?e?inoaao a ?aieao ae?th/iai caeiiiaeaanoaa. Aeey oi?ioaaiiy
no?aoiaiai oiiaeo iaiao?aei? iaai? ?ic?aooiee, ye? aacothoueny ia
aeei?enoaii? oai??? eiia??iino? iaoiae?a iaoaiaoe/ii? noaoenoeee. Oe?
?ic?aooiee iathoue eiiieaeniee oa?aeoa? ? aieeaathoue ia aecia/aiiy
oa?eo?a (i?aaenoaaeaii a aeena?oaoe??).

Aaoi?ii cai?iiiiiaaii aeei?enoaoe iia?aoe?? oaaeaeoaaiiy a
ainiiaea?nuee?e i?aeoeoe? i?aei?e?inoa ye iaoiae aioo??oiueiai
no?aooaaiiy o?iainiaeo ?ecee?a. I?aeoe/ia aaeeaaiiy iia?aoe?e
oaaeaeoaaiiy aaaaea?ii aeioe?eueiei ia eeoa i?e caeeth/aii? eiio?aeo?a
ia iieoieo (i?iaeaae) aaethoe, aea e i?e caeeth/aii? o?iainiaeo
eiio?aeo?a ia iieoieo (i?iaeaae) oiaa?ii – iaoa??aeueieo oe?iiinoae,
aioiai? i?iaeoeoe??, ne?iaeie, iaoa??ae?a ? o.i. a oiae? ?aae?caoe??
?iaanoeoe?eiiai i?iaeoo.

Iaoiaeeea o?iainiaiai aiae?co ?iaanoeoe?eieo i?iaeo?a ?ic?iaeaia a
o?ao?e aeaa? aeena?oaoe??.

?icae?e 3. Iaoiaee ioe?iee o?iainiai? ae?yeueiino? i?aei?e?inoa.

Aaoi?ii caiiiiiiaaiee aeai?eoi aeai?o no?aoaa?? o?iainoaaiiy
i?aei?e?inoa (?en.3).

1 aoai

oae

_____________

oae

i?

2 aoai

oae
_____________

oae

i?

3 aoai

oae

_____________

?en. 3. Aeai?eoi aeai?o no?aoaa?? o?iainoaaiiy i?aei?e?inoaa

Aeani? o?iainia? ?ano?ne – naia i?e?iaeia aeey i?aei?e?inoaa aoaeue-yei?
noa?e ae?yeueiino? aeaea?aei a?ioiaeo ?ano?n?a. Aea aaaeeee e?eciaee
noai oe?a?inueei? aeiiii?ee ca inoaii? ?iee i?aeoe/ii a?aeo/ea
ea??aiee?a ua ae?th/eo i?aei?e?inoa ?ic?aoiaoaaoe ia oea aeaea?aei
?iaanoeoe?e. Oi?ioaaiiy caeo/aiiai eai?oaeo a iaaeao aea?aeaaii?
i?ia?aie i?eaaoecaoe?? oaeiae ia aeaei aeoiaeo c e?ece.

Oiio aaaaoi i?aei?e?inoa ciooai? ?iaeoe noaaeo ia ciai?oi? o?iainia?
aeeaaiiy. Oey i?iaeaia aeooaeueia, aea iiee ui a?aenooi? oaine ia
a?aeiiaeaiiy ae?iaieoeoaa ca ?aooiie ciai?oi?o ?iaanoeoe?e. Aaie?anueeee
e?aaeeo iaaecae/aeii aei?iaee, a ?iicaii? ?iaanoi?e ia iini?oathoue
aeeaaeaoe a?io? a ianoaa?eueio aeiiii?eo c iaaeineiiaeith caeiiiaeaa/ith
aacith. Iniiaia oi?ia caeo/aiiy ?iicaiieo ?iaanoeoe?e – aianee
ia?aceaeaio?a a oi?i? ?ooiiiai ? ia?ooiiiai iaeia (58.4% caaaeueiiai
ianyao) ? a?ioiaeo aeeaae?a (31.1%).

Iaoiaee/i? iniiae o?iainiai? ioe?iee neoaeaoue aacith aeey ?ic?aooieo
aoaeoeaiino? ?iaanoeoe?eieo ? iioi/ieo aeo?ao, iia’ycaieo c
?aae?caoe??th ae?iaie/eo i?iaeo?a, i???ioiaaieo ia aeei?enoaiiy a yeino?
iice/aieo eioo?a e?aaeeoe eiia?oe?eieo aaie?a, ?iaanoeoe?eieo eiiiai?e ?
caei?aeiiieo ?iaanoi??a. ?ic?iaeai? ia iniia? iaoiae?a o?iainiaiai
aiae?co, ui aeei?enoiaothoueny a na?oia?e i?aeoeoe? ii i?iaaaeaiith
oaoi?ei-aeiiii?/ieo iaa?oiooaaiue ? i?aeaioiaee a?cian-ieaio i?iaeoo (c
a?aooaaiiyi ?ic?iaeaii? THI?AeI iaoiaeeee), aeey oiia ainiiaea?nueei?
ae?yeueiino?, a oiio /ene? nenoaie iiiaeaoeoaaiiy a Oe?a?i? ? iiaeooue
aooe i??i?iaii aeey aaoiiaoecaoe?? oeeo ?ic?aooie?a ia AII. A i?ioean?
?ic?aooieo aeei?enoiaothoueny aeai? ii iioieo a?ioiaeo eioo?a, ca?o i?i
i?eaooee ? caeoee, ?ic?aooieiaee aaeain i?aei?e?inoaa.

Aeei?enoiaoth/e R-aiae?c o?iainiaeo i?iaeo?a ie i?eeoee aei aeniiaeo,
ui ?ic?iaeaia iaoiaeeea iiaea canoiniaoaaoenue ia?o ca ana aeey aiae?co
?iaanoeoe?eieo i?iaeo?a, iaoith yeeo ? o?iainoaaiiy ia?aiaeo eioo?a
i?aei?e?inoa, a ia ia?iuoaaiiy iniiaieo oiiae?a. Iaiao?aeii oaeiae
caa?iooe oaaao ia a??ia?aei?noue iaaeaii? ?ioi?iaoe?? aiae?oeeai,
ine?eueee i?e iaa??ia?aeiino? aeo?aeii? ?ioi?iaoe?? ?acoeueoaoe aiae?co
ao?a/athoue nain. Aiae?c ??ciiiai?oieo ?iaanoeoe?eieo i?iaeo?a ii
iai?aoeueiaai?e iaoiaeeoe? aeicaiey? c?iaeoe aeniiaie, ui ?aeeii?
oi?aa?naeueii? iaoiaeeee aeey ?iaanoeoe?eiiiai aiae?co iaia? ? aooe ia
iiaea, ine?eueee eiaeiee i?iaeo i?noeoue ?iaeea?aeoaeueio ?ioi?iaoe?th,
yea iiaeiia aooe a?aoiaaia ae?iaieeii.

Iieacieee, o?aaeeoe?ei? aeey o?iainiaiai aiae?co: i?iaeoeo?ai?noue
i?aoe?, oiiaeia?aeaea/a, oiiaeio?noe?noue, iai?ioi?noue iniiaieo eioo?a,
aaeainiaee ? /enoee i?eaooie, ?ic?aooieiaa ?aioaa?euei?noue ? o.ae.
aacoiiaii iathoue i?noea a aeiiii?/iiio ? o?iainiaiio aiae?c?. Aea ie
aaaaeaaii ?o aeae?eueea canoa??eeie c o??? i?inoi? i?e/eie, ui
nioe?ae?noe/ia aeiiii?ea aoea i??aioiaaia ia a?aenooi?noue aeaniino? ia
?acoeueoaoe o?iainiai? ae?yeueiino? i?aei?e?inoa c iaei??? noi?iie ? ia
i?aeoe/ii aaceiooiaia ? aaca?aeiia?aeaeueia ei?enooaaiiy aaea
ia?a?iciiae?eaieie a?ioiaeie ?ano?naie. Aiane?aeie oeueiai neeaeanue
nenoaia o?iainiaiai aiae?co, i??aioiaaia ia aioo??oi?e aiae?c ae?iaie/i?
ae?yeueiino? i?aei?e?inoa. ?ic?iaeaia a aeena?oaoe?ei?e ?iaio? iaoiaeeea
c aeoeaioii ia iniiai? iieacieee o?iainiai? ae?yeueiino? i?aei?e?inoa,
i?ecaaia caaeiaieueieoe iio?aae a aiae?oe/i?e ?ioi?iaoe?? ii i?iaeoo
?iaanoi?a aai ?ioiai e?aaeeoi?a. Aeaia iaoiaeeea iaeneiaeueii
aaeaioiaaia aei iieaciee?a aeiiiie/ii? ? o?iainiai? ae?yeueiino?, a
oaeiae aei iieaciee?a ca?oiino? iaoeo i?aei?e?inoa (?, a?aeiia?aeii, aei
eaae?o?eaoe?? a?/eciyieo niaoe?ae?no?a, ui caeiathoueny o?iainiaei
aiae?cii).

Aeey i?aenoieiai? ioe?iee aoaeoeaiino? i?iaeoo ? caaania/aiiy iiaa?iaiiy
iice/aieo eioo?a aecia/athoueny oae? iieacieee:

1. ?aioaa?euei?noue i?iaeoo ?ic?aoiao?oueny ii /enoiio i?eaooeo ii
a?aeiioaiith aei aeoea?a, aeoe?iia?iiai eai?oaeo, ia?oi/a?aiaeo
?iaanoeoe?e.

2. Eiao?oe?aio iie?eooy iiceeiaiai a?aenioea – iieaco? a ne?eueee ?ac?a
i?eaooie a?ae ?aae?caoe?? i?iaeoo ia?aaeuo? noio aeieao a?aenioe?a ii
e?aaeeoai ? ?ic?aoiao?oueny ye a?aeiioaiiy ae?iaie/iai iaeneiaeueiiai
i?eaooeo aei noie a?aenioe?a, ui aeiea/othoueny ca aeaiee ia??iae.

3. Ai?a ii a?aeiioaiith aei aeoe?iia?iiai eai?oaeo ?ic?aoiao?ony ye
a?aeiioaiiy noie iiceeiaeo eioo?a aei aeoe?iia?iiai eai?oaeo.

4. Ai?a ii a?aeiioaiith aei aeoeao – a?aeaeaa? aeieth aeoea?a, ui
o?iainothoueny iiceeiaeie eiooaie, ?ic?aoiao?oueny ye a?aeiioaiiy noie
iiceeiaeo eioo?a aei aeo?a?a.

5. Aeiey aaeiaiai i?eaooeo a ianyao ?aae?caoe?? (?aioaaaeuei?noue
i?eaooeo)-?ic?aoiao?oueny ye a?aeiioaiiy aaeiaiai i?eaooeo aei ianyao
?aae?caoe??).

6. Aeiey /enoiai i?eaooeo a ia’?i? ?aae?caoe?? ( /enoa ?aioaa?euei?noue
i?eaooeo) – ?ic?aoiao?oueny ye a?aeiioaiiy aaeiaiai i?eaooeo aei ianyao
?aae?caoe??.

7. *enoee i?eaaaeaiee i?eaooie – ?ic?aoiao?oueny ye ??cieoey
aeeneiioiaaii? noie /enoeo iinooiaiue ? ia?oi/a?aiaeo ?iaanoeoe?e.

8. Aioo??oiy ii?ia i?eaooeiaino? ? ?ic?aooieiaith noaaeith i?e ye?e
i?eaooie a?ae ?iaanoeoe?e aei??aith? aeo?aoai ? i?iaeo noa? ieoiiei.
?ic?aoiao?oueny c ??aiino? /enoi? iioi/ii? aa?oino? ioeth.

9. Ia??iae ieoiiino? – ia??iae i?ioyaii yeiai i?eaooie a?ae i?iaeoo
aeinyaa? cia/aiiy ia?oi/a?aiaeo ?iaanoeoe?e.

Aeniiaee oa ?aeiiaiaeaoe??

1. Aiae?c, i?iaaaeaiee a aeena?oaoe??, iieacaa, ui c ia?aoiaeii aei
?eieiai? aeiiii?ee nooo?ai c?inoa? ?ieue ? cia/aiiy oi?aae?inueeeo
??oaiue, ui i?eeiathoueny ia an?o ??aiyo, a iaeano? o?iain?a. Oea
iia’ycaii c oei, ui o?iaine ? aieiaiei aeiiiie/iei ?ino?oiaioii
ia?aoai?aiiy noni?eueieo a?aeiioaiue.

2. Aeine?aeaeaiiy aieeao i?iaaaeaii a no/anieo oiiaao
?inoeoooe?iiaeueieo ia?aoai?aiue a aeiiii?oe? iieacaei, ui oeaio?
oyae?iiy ia?aiineoueny ?c noa?e oi?aae?iiy ae?iaieoeoaii a noa?o
oi?aae?iiy o?iainaie. I?e oeueiio aaeeea cia/aiiy ia? aeaoaeueia
eeaneo?eaoe?y oi?i ? iaoiae?a, o?iainiaiai aiae?co, ui ? iaei??th c
ooieoe?e o?iainiaiai iaiaaeaeiaioo. Ia no/aniiio aoai? c?inoa?
cia/eienoue oeo noaae?e oi?aae?inueei? ae?yeueiino?, ia yeeo
cae?enith?oueny aiae?c oaiaeaioe?e ?icaeoeo ae?iaieoeoaa oa eiai
aoaeoeaiino?.

3. Aeine?aeaeaii, ui iaoiae o?iainiaiai aiae?co (R-aiae?c) iaea?eueo
ia’?eoeaiee ? aoaeoeaiee a no/anieo aeiiii?/ieo oiiaao ia?ao?aeiiai
ia??iaeo. Aiae?c o?iainiaeo iieaciee?a, ui aaco?oueny ia ?ic?aooieao
ni?aa?aeiioaiiy ??ciiiai?oieo aaniethoieo iieaciee?a i?ae niaith ?
ia’?eoii aeine?aeaeaiiy aeena?oaoe?eii? ?iaioe.

4. I?iaiae?ciaai? on? o?e caniae ae??aeaiiy ?ecee?a a iaiaaeaeiaio?:
caiia?aaiiy ?eceeo, oo?eiaiiy ? ia?aaea/a ?eceeo. A cii? e?eoe/iiai aai
eaoano?io?/iiai ?eceeo i?eeiyoiei ??oaiiyi ? eiai caiia?aaiiy. Aeey
ia?aaea/? ?eceeo ie i?aaenoaaeee ?ic?aooiee no?aoiaiai oa?eoo ?
iaoiaeeeo aenia?oii? ioe?iee o?iainiaiai ?acoeueoaoo. A aeiaaeeo
oo?eiaiiy ?eceeo aaoi?ii ?aeiiaiaeo?oueny oi?ioaaiiy no?aoiaiai
(?aca?aiiai) oiiaeo, o?iainia? iia?aoe?? oaaeaeoaaiiy ? iiaeeaeaiee
o?iainiaee aiae?c ?iaanoeoe?eiiai i?iaeoo.

5. Iiaea?oueny oa?aeoa?enoeea no/anii? ?iaanoeoe?eii? noa?e a Oe?a?i?.
Aeyaeai? iniaeeaino? ?iaanoeoe?eiiai aiae?co a aeai?? no?aoaa?? ?icaeoeo
i?aei?e?inoaa. A iiooeao ?iaanoi?a iaiaaeaea? ? ea??aiee i?aei?e?inoaa
iiaeii? a?aooaaoe aaeocaao ni?yiiaai?noue i?iaeoo, i?iaiae?coaaoe
no?oeoo?o aaea ?iaanoiaaieo eioo?a a oeth aaeocue, aecia/eoeny c
aeaea?aeaie o?iainoaaiiy i?iaeoo. Aeei?enoaiiy “aei?iaeo a?ioae” –
a?ae/eciyieo e?aaeeo?a a no/ani?e neooaoe?? noaiiaeoueny iaaeioe?eueiei
a ii??aiyii? c ?iicaiieie ?iaanoeoe?yie.

6. Iaoiaeeea ?ic?iaeaia ia iniia? iaoiae?a o?iainiaiai aiae?co, ui
aeei?enoiaothoueny a na?oia?e i?aeoeoe?, ii i?iaaaeaiith
oaoi?ei-aeiiii?/ieo iaa?oiooaaiue ? i?aeaioiaee a?cian-ieaio i?iaeoo c
a?aooaaiiyi oiia ainiiaea?nueei? ae?yeueiino?, a oiio /ene? nenoaie
iiiaeaoeoaaiiy a Oe?a?i? ? iiaea aooe canoiniaaia aeey aaoiiaoecaoe??
oeeo ?ic?aooie?a ia AII. A i?ioean? ?ic?aooieo aeei?enoiaothoueny aeai?
ii iioieo a?ioiaeo eioo?a, ca?o i?i i?eaooee ? ao?aoe (caeoee),
?ic?aooieiaee aaeain i?aei?e?inoaa.

7. Aeo?aei? iieacieee ii iaoiaeeoe? a?aeiia?aeathoue i?aeia?iaeiei
noaiaea?oai ? ia?aaeaa/athoue: aeeneiiooaaiiy a?ioiaeo iioie?a,
?ic?aooiie ??ciiiaieoieo iieaciee?a aoaeoeaiino? – /enoee i?eaaaeaiee
i?eaooie, aioo?aoith ii?io i?eaooeiaino?, ?iaeaen i?eaooeiaino?, ia??iae
ieoiiino? i?iaeoo. Iaoiaeeea aae?aniaaia iioaioe?eiei ?iaanoi?ai (ye
a?/eciyiei, oae ? caei?aeiiiei), a oaeiae o?iainiaei niaoe?ae?noai
i?aei?e?inoa, o??i aeey o?iainiaiai ieaioaaiiy eai?oaeuei?o aeeaaeaiue.

Ioae?eaoe?? ca oaiith aeena?oaoe??

1. Eaa/ ss. I., *a?ieoiaa N.Ae. I?aeoeeoi c eo?no “Aeiiii?/iee aiae?c”:
Iaoiaee/iee iin?aiee.- E., 1996., iniaenoee aianie – n.38 – 47

2. Eaa/ ss. I., Noaiaiiaa ?.A. Neeaaeaiiy a?cian-ieaio: Iaoiaee/iee
iin?aiee.- Iaeana: ?a?ioiec,1996., iniaenoee aianie – n.3 – 5

3. Eaa/ ss. I., *aio?iia ?.A., Iinoaoeueea O.E., I?iaiei I.A. O?iainiaee
iaiaaeaeiaio.: Iaa/aeueiee iin?aiee.- E.: Ciai?ooi?aaeaeaa, 1997.,
iniaenoee aianie – n.8-15, 54-71

4. Eaa/ ss. I., ??iaea?aa A.?. Aooaaeoa?nueeee iae?e: I?aeoe/iee
iin?aiee c eo?no.- Iaeana: ?a?ioiec,1997., iniaenoee aianie – n.16-23

5. Eaa/ ss. I., Aeaaauoe E.A. Ca??iee caaea/ c aooaaeoa?nueeiai iae?eo:
Iaa/aeueiee iin?aiee.- Iaeana: ?a?ioiec,1998., iniaenoee aianie –
n.10-15

6. Eaa/ ss. I., Iieioiaa E. A. O?iaine i?aei?e?inoa: i?aeoeeoi c eo?no.-
Iaeana: ?a?ioiec, 1998., iniaenoee aianie – n.13-21

7. Eaa/ ss. I., Noaiaiiaa ?. A., Oa?auaiei I. I. O?iaine i?aei?e?inoa:
iaoiaee/iee iin?aiee c eo?no.- Iaeana: ?a?ioiec, 1998., iniaenoee aianie
– n. 75-84

8. Eaa/ ss. I. I?iaeaie ia?niaeoeae aacia?a?aii? aeiiii?/ii? ina?oe //
Aeiiia?aeue ia ?anioae?eainuee?e eiioa?aioe?? I?io?io.- Iaeana,1997. –
n.9-11

9. Eaa/ ss. I. Oi?ioaaiiy no?aoiaiai oiiaeo ye iaoiae cieaeaiiy ?ecee?a
// Oace iaoeiai-i?aeoe/ii? eiioa?aioe??.- Iaeana, IAeAO -1997.- n.
142-148

10. Eaa/ ss. I. Iniaeeaino? no/aniiai noaio oa ?icaeoeo ?eieiaiai
na?aaeiaeua a Oe?a?i? // Oi?ioaaiiy ?eieiaeo a?aeiinei oa i?iaeaie ?o
a?aeia?aaeaiiy a eo?nao aeiiii?/ieo aeenoeeie?i.- Iaeana, IAeAO
-1997.-*.1 n. 154-157

11. Eaa/ ss. I. No/ani? iaoiaee o?iainiaiai aiae?co // A?niee
nioe?aeueii-aeiiii?/ieo aeine?aeaeaiue. Aeione 2.- Iaeana, IAeAO -1998.-
n. 137-141.

Aiioaoe?y

Eaa/ ss. I. Iaoiaee ioe?iee o?iainiai-ainiiaea?nueeeo neooaoe?e a
oi?aae?ii? ae?yeuei?noth i?aei?e?inoa. – ?oeiien.

Aeena?oaoe?y ia caeiaoooy iaoeiaiai nooiaiy eaiaeeaeaoa aeiiii?/ieo iaoe
ca niaoe?aeuei?noth 08.06. 02 – I?aei?e?iieoeoai, iaiaaeaeiaio oa
ia?eaoeia – Iaeanueeee aea?aeaaiee aeiiii?/iee oi?aa?neoao, Iaeana, 1998

Aeena?oaoe?y i?noeoue oai?aoe/i? aeine?aeaeaiiy aniaeo?a o?iainiaiai
iaiaaeaeiaioo, o?iainiaiai aiae?co, ?ecee-iaiaaeaeiaioo, a oaeiae
i?eeeaaei? ?acoeueoaoe, ui iieyaathoue a ?ic?iaoe? iaoiaeeee ioe?iee
aoaeoeaiino? ?iaanoeoe?eiiai i?iaeoo.

?acoeueoaoe aeine?aeaeaiiy iioae?eiaai? a 11 ?iaioao caaaeueiei ianyaii
46,8 ae.a. Cae?eniaia ai?iaaaeaeaiiy iaoiaeeee ia i?aei?e?inoaao ?
o??iao i. Iaeane. I?eaiaeyoueny aeai? i?i aoaeoeai?noue aeei?enoaiiy
iaoeiaeo ?ic?iaie aaoi?a.

Eeth/ia? neiaa: o?iainiai-ainiiaea?nueea neooaoe?y, o?iainiaee R-aiae?c,
i?aei?e?inoai, ?ecee-iaiaaeaeiaio, aioo??oi? iaoiaee cieaeaiiy ?eceeo,
?iicaii? ?iaanoeoe??, aeeneiiooaaiiy a?ioiaeo iioie?a, i?eaooeia?noue,
?aioaaaeuei?noue, ia??iae ieoiiino?.

14.2. Eaa/ ss. I. Iaoiaeu ioeaiee oeiainiai-oicyenoaaiiuo neooaoeee a
oi?aaeaiee aeayoaeueiinoueth i?aaei?eyoee. – ?oeiienue.

Aeenna?oaoeey ia nieneaiea o/?iie noaiaie eaiaeeaeaoa yeiiiie/aneeo iaoe
ii niaoeeaeueiinoe 08.06.02 – I?aaei?eieiaoaeuenoai, iaiaaeaeiaio e
ia?eaoeia – Iaeanneee ainoaea?noaaiiue yeiiiie/aneee oieaa?neoao,
Iaeanna, 1998

Aeenna?oaoeey niaea?aeeo oai?aoe/aneea enneaaeiaaiey aniaeoia
oeiainiaiai iaiaaeaeiaioa, oeiainiaiai aiaeeca, ?ene-iaiaaeaeiaioa, a
oaeaea i?eeeaaeiua ?acoeueoaou, eioi?ua caeeth/athony a ?ac?aaioea
iaoiaeeee ioeaiee yooaeoeaiinoe eiaanoeoeeiiiiai i?iaeoa (n aeoeaioii ia
eiino?aiiua eiaanoeoeee).

Aeooaeueiinoue aua?aiiie oaiu enneaaeiaaiey ninoieo a iauaeoeaiie
iaiaoiaeeiinoe ?ac?aaioee e i?aaeeiaeaiey iniiaiuo i?eioeeiia e
iaoiaee/aneeo iiaeoiaeia e ii?aaeaeaieth yooaeoeaiinoe oeiainiaie
aeayoaeueiinoe i?aaei?eyoee. Aeaaiay caaea/a nia?aiaiiiai yoaia –
iiauoaiea yooaeoeaiinoe aeayoaeueiinoe i?aaei?eyoey – a cia/eoaeueiie
ia?a iiaeao auoue ?aoaia ioo?i iieiiai eniieueciaaiey yeiiiie/aneiai
iioaioeeaea anao eiathueony aai aeoeaia, auai?a ia?niaeoeaiuo
iai?aaeaiee eiaanoeoeeiiiie aeayoaeueiinoe e oi?i eiaanoeoeee.

Nouanoaaiiui yeaiaioii oeiainiaiai iaiaaeaeiaioa yaeyaony oeiainiaue
aiaeec, iaiaoiaeeiue aeey i?eiyoey iainiiaaiiuo e iioeiaeueiuo ?aoaiee.
Iiaeii oa??aei aiai?eoue, /oi ea/anoai i?eieiaaiuo ?aoaiee oeaeeeii
caaeneo io ea/anoaa aiaeeoe/aneiai iainiiaaiey.

Iao/iay iiaecia ninoieo a ?ac?aaioea iiauo iiaeoiaeia eco/aiey e aiaeeca
oeiainiai-oicyenoaaiiuo neooaoeee, aicieeathueo a i?ioeanna ?aaeueiiai
eiaanoe?iaaiey, e oai?aoe/aneeo iieiaeaiee ii aiaae?aieth oeiainiaiai
iaiaaeaeiaioa a yeiiiie/aneea i?ioeannu, a oaeaea iaoiaee/aneeo
?aeiiaiaeaoeee ii ia?aie/aieth oeiainiauo ?eneia i?aaei?eyoee e ioeaiea
yooaeoeaiinoe ?aaeueiuo eiaanoeoeee.

Iaeaieaa nouanoaaiiua iao/iua ?acoeueoaou ninoiyo a neaaeothuai:

eeanneoeoee?iaaiu aeanoaaeeece?othuea oaeoi?u aiaoieo e aioo?aiieo
oeiainiauo ioiioaiee i?aaei?eyoey ia nia?aiaiiii yoaia;

ii?aaeaeaiu iaoiaeu eeanneoeeaoeee oaeoi?ia e i?eciaeia,
oa?aeoa?ecothueo oeiainiai-oicyenoaaiiua neooaoeee;

iainiiaaiu iaoiaeu oeiainiaiai aiaeeca, eniieuecoaiua a i?ioeanna
aeenna?oaoeeiiiiai enneaaeiaaiey;

i?aaeeiaeaiu iiaeoiaeu e aiaeeco oi?aaeaiey oeiainiauie ?eneaie
i?aaei?eyoee;

ec i?aaeeiaeaiiuo iaoiaeia nieaeaiey ?eneia iainiiaaii i?eiaiaiea
iaoiaea aioo?aiiaai no?aoiaaiey oeiainiauo ?eneia;

?ac?aaioai iaoaieci aiaeeca e ioeaiee ca?iiuo oeiainiauo n?aaenoa a
?aieao ?aaeueiiai eiaanoeoeeiiiiai i?iaeoa;

i?iaiaeece?iaaiu o?e ?acee/iuo eiaanoeoeeiiiuo i?iaeoa e i?aaeeiaeaiu
aioe?eneiaua aa?eaiou eniieueciaaiey oeiainiauo ?ano?nia ii i?iaeoai.

Iiae?iaiay eeanneoeeaoeey iaoiaeia e oi?i oeiainiaiai aiaeeca n
oa?aeoa?enoeeie eo i?aeiouanoa e iaaeinoaoeia eiaao aieueoia cia/aiea
aeey ii?aaeae?iiie noaiaea?oecaoeee oeiainiaiai aiaeeca ia nia?aiaiiii
yoaia. Iaiin?aaenoaaiii aaoi?ii iainiiaaia iaiaoiaeeiinoue oi?ie?iaaiey
aioo?aiieo no?aoiauo (?aca?aiuo) oiiaeia aeey nieaeaiey oeiainiauo
?eneia a oaeaea iaiaoiaeeiinoue aeineiiaeueiiai oeiainiaiai aiaeeca n
o/?oii aeeneiioe?iaaiey aoaeoueo aeaiaaeiuo iioieia, ii?aaeaeaiey
/enoiai ?acoeueoaoa oicyenoaaiiie aeayoaeueiinoe ii i?iaeoo a oi?ia
io/?oa i i?eaueyo e oauoeao (iiea iao?aaeeoeeiiiiai ia iaoeo
i?aaei?eyoeyo), ?an/?o aeaiaaeiiai iioiea ii i?iaeoo – “Cash flow”.
Aeenna?oaoeeiiiia enneaaeiaaiea aeiaaaeaii aei eiie?aoiuo ?aeiiaiaeaoeee
e iaoiaee/aneeo ?ac?aaioie ii oeiainiaiio iaiaaeaeiaioo.

Auaiaeu e iaoiaee/aneea ?aeiiaiaeaoeee, niaea?aeaueany a aeenna?oaoeee,
aae?aniaaiu iioaioeeaeueiui eiaanoi?ai e oeiainiaui niaoeeaeenoai,
iaiaaeaea?ai i?aaei?eyoee e oicyenoaothueo noauaeoia aeey i?eaea/aiey
eiaanoi?ia ii nianoaaiiui ?ac?aaioeai e ?an/?oai yooaeoeaiinoe e
ieoiaaiinoe i?iaeoa.

?acoeueoaou enneaaeiaaiey iioaeeeiaaiu a 11 ?aaioao iauei iau?iii 46,8
i.e. Inouanoaeaii aiaae?aiea i?aaeeaaaaiie iaoiaeeee ia ?yaea e?oiiuo
i?aaei?eyoee e oe?i a. Iaeannu. I?eaiaeyony aeaiiua ia yooaeoeaiinoe
eniieueciaaiey iao/iuo ?ac?aaioie aaoi?a.

Eeth/aaua neiaa: oeiainiai-oicyenoaaiiay neooaoeey, oeiainiaue R-aiaeec,
i?aaei?eyoea, ?ene-iaiaaeaeiaio, aioo?aiiea iaoiaeu nieaeaiey ?enea,
eiino?aiiua eiaanoeoeee, aeeneiioe?iaaiea aeaiaaeiuo iioieia,
i?eaueueiinoue, ?aioaaaeueiinoue, ia?eiae ieoiaaiinoe.

14.3. Kvatch Y.P. Methods of financial cases estimation in companies
management. – Manuscript.

The dissertation for obtaining a Scientific degree – candidate of
Economic Science on the speciality 08.06.02.- Business, Management and
Marketing.

Contain as theoretical research of some financial management and
analysis as applied results, such as method of investment project
estimation. Results of present work has been applied to numerous
companies in Odessa city.

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