.

Механізм забезпечення діяльності інвестиційно-посередницьких організацій на фондовому ринку: Автореф. дис… канд. екон. наук / О.О. Аксьонова, НАН Ук

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2

Iaoe?iiaeueia aeaaeai?y iaoe Oe?a?ie

?inoeooo aeiiii?ee i?iieneiaino?

OAeE 336.763+681.3

Aenueiiiaa Ieaia Ieaenaiae??aia

IAOAI?CI CAAACIA*AIIss Ae?ssEUeIINO? ?IAANOEOe?EII-IINA?AAeIEOeUeEEO
I?AAI?CAOe?E IA OIIAeIAIIO ?EIEO

Niaoe?aeuei?noue 08.02.02. – Aeiiii?ea oa oi?aae?iiy iaoeiai-oaoi?/iei
i?ia?anii, ?iaanoeoe?ei? oa ?iiiaaoe?ei? i?ioeane

AAOI?AOA?AO

Aeena?oaoe?? ia caeiaoooy iaoeiaiai nooiaiy

eaiaeeaeaoa aeiiii?/ieo iaoe

Aeiiaoeuee – 1999

Aeena?oaoe?y ? ?oeiien

?iaioa aeeiiaia a Aeiiaoeueeiio aea?aeaaiiio oi?aa?neoao? aeiiii?ee ?
oi?a?ae? (i.Aeiiaoeuee), eaoaae?a eiii’thoa?ieo oaoiieia?e.

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

Ai?oai Aai?ai?i Iaoiiae/, ia?oee a?oeai?aceaeaio Aeiiaoeueeiai
aeoe?iia?iiai iaoeiai eiia?oe?eiiai oiaa?enoai

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

Aocueei ??eia ?iiai?aia, No?aeii-oe?a?inueeee aea?aeaaiee ?inoeooo
(i.Eoaainuee), caa?aeoaa/ea eaoaae?e i?aeia?iaeii? aeiiii?ee

Eaiaeeaeao aeiiii?/ieo iaoe noa?oee iaoeiaee ni?a?ia?oiee Uaae??i
Ieaenaiae? Ieeieaeiae/,

?inoeooo aeiiii?ee i?iieneiaino? IAI Oe?a?ie (i.Aeiiaoeuee), caa?aeoaa/
a?aeae?eo eiii’thoa?ecaoe?? oa ?ioi?iaoecaoe?? iaoeiai? ae?yeueiino?

I?ia?aeia i?aai?caoe?y – Aeiiaoeueea aea?aeaaia aeaaeai?y oi?aae?iiy
(i.Aeiiaoeuee), eaoaae?a caaaeueiiai oa aaei?i?no?aoeaiiai iaiaaeaeiaioo

Caoeno a?aeaoaeaoueny “24” a?oaeiy 1999 ?. i 1600 aiaeei? ia can?aeaii?
niaoe?ae?ciaaii? a/aii? ?aaee Ae 11.151.01 a ?inoeooo? aeiiii?ee
i?iieneiaino? IAI Oe?a?ie ca aae?anith: 340048, Aeiiaoeuee-48, aoe.
Oi?aa?neoaonueea, 77.

C aeena?oaoe??th iiaeia iciaeiieoeny o a?ae?ioaoe? ?inoeoooo aeiiii?ee
i?iieneiaino? IAI Oe?a?ie, 340048, Aeiiaoeuee-48, aoe. Oi?aa?neoaonueea,
77.

Aaoi?aoa?ao ?ic?neaiee 22 eenoiiaaea 1999?.

A/aiee nae?aoa?

niaoe?ae?ciaaii? a/aii? ?aaee Iieeiinueeee O.TH.Aeooaeuei?noue oaie.
Iiaoaeiaa ?eieiaeo a?aeiinei a Oe?a?i? i?ecaiaeeoue aei oiai, ui
eiieo?aioe?y ca ?eiee caooo i?iaeoeoe??, a yeo iinooiiai aeeth/athoueny
ae?iaie/i-o?iainia? nenoaie iaoa aea?aeaaa, noa? i?e/eiith iiooeo iiaeo
?aca?a?a i?aeaeuaiiy oaoi?ei-i?aai?caoe?eiiai ??aiy ae?iaieoeoaa oeyoii
?ic?iaee oa ?aae?caoe?? iiaiaaaaeaiue a oaoi?/i?e, i?aai?caoe?ei?e,
o?iainia?e ? iaoeiai-aeine?aeieoeuee?e noa??.

sse iieacaa ii??aiyeueiee aiae?c noaio ??cieo nioe?aeueii-aeiiii?/ieo
noa? Oe?a?ie, ia nueiaiaei?, eiee an? ainiiaea?/? no?oeoo?e
ia?aaeeaathoue aeeaieo e?eco, iaea?eueoa a?aenoaaaiiy niinoa??aa?oueny
ia o?iainiaiio ?eieo.

sseui aeoiaeeoe c oiai, ui i?aai?/iith neeaaeiaith o?iainiaiai ?eieo,
yaey?oueny oiiaeiaee ?eiie, a naia ?eiie oe?iieo iaia??a, oi
aeine?aeaeaiiy iniaeeainoae, ye? oa?aeoa?ecothoue aeione ? i?inoaaiiy
oe?iieo iaia??a, iaaoaa? aeinoaoiuei aenieo iaoeiai-i?aeoe/io
cia/ou?noue. Oiiaeiaee ?eiie yaey?oueny iaa?ae’?iiith neeaaeiaith
iaoe?iiaeueiiai aeiiii?/iiai iaoai?cio a?eueoino? e?a?i ? caeia?
i?ia?aeia iieiaeaiiy a aeiiii?oe? ?icaeiooeo aea?aeaa. Aeine?aeaeaiith
oe??? i?iaeaie i?enay/ai? iaoeia? i?aoe? a/aieo-aeiiii?no?a, oaeeo,
iai?eeeaae, ye ?iaea ?., I.Ieaen??aa, A.Aeueio?ia, ?.AEoeiaa,
A.Oi?eaiianueeiai, ss.I??e?ia, ?.Aeaiea, I.Aiio?, A.Eooe?eeia oa ?i.

Na?aae a/aieo-oao?aoe?a iaia? ?aeeii? oi/ee ci?o uiaei ioe?iee
no?aoaa?/ieo ieai?a, ni?yiiaaieo ia i?enei?aiiy oaii?a noaiiaeaiiy ?
iiaeaeueoiai ?icaeoeo oiiaeiaiai ?eieo Oe?a?ie. A?eueo oiai, iaeiie/aia
aaaaoi??/ia noaoenoeea aeaeaei ia caaaeaee aeicaiey? aeei?enoiaoaaoe
iiia?aaei?e aeina?ae aeey i?eiyooy i?aaeeueieo ??oaiue a iao? aei?.

?iaanoeoe?eia ae?yeuei?noue aoaeo?oueny ia ?iaanoeoe?ei?e iie?oeoe?,
cae?eniaiiy yei? a?aeaoaa?oueny, ia?o ca ana, c aeei?enoaiiyi aaciaeo
i?eioeei?a ? iai?yi?a, ae?iaeaieo oai???th ? i?aeoeeith ?iaanoeoe?eieo
aeeaaeaiue a iioe?aia noni?eueia ae?iaieoeoai. Oi?ioaaiiy oiiaeiaiai
?eieo caie?ea? iiyao a yeino? oiaa?a oe?iieo iaia??a, a ?aaoethaaii?
i?iiiceoe?? ? iiieoo yeeo aa?ooue o/anoue ?iaanoeoe?eii-iina?aaeieoeuee?
i?aai?caoe??. A?ae i?iaeoeoeaiino? ae?yeueiino? an?o o/aniee?a
oiiaeiaiai ?eieo acaaae? ? ?iaanoeoe?eii-iina?aaeieoeueeeo i?aai?caoe?e
cie?aia caeaaeeoue caaeainiaai?noue i?iiiceoe?? oa iiieoo oe?iieo
iaia??a. A naith /a?ao, ae?yeuei?noue oaeeo i?aai?caoe?e caaacia/o?oueny
iaaieie iaoai?ciaie, ni?eyth/eie i?aeaeuaiith aoaeoeaiino?
ooieoe?iioaaiiy ?eieo oe?iieo iaia??a, i?ia?aeiei c yeeo ? ?ioi?iaoe?eia
caaacia/aiiy. Cia/ou?noue naia oeueiai oaoiieia?/iiai iaoai?cio
coiiaeth?oueny oei, ui ?ioi?iaoe?y iaiao?aeia ia nueiaiaei? aeey
no/aniiai ?aaaoaaiiy ia ae?? an?eyeeo iaia?aaeaa/aieo i?ioean?a oa yaeu,
ye? a?aeaoaathoueny a iao?e e?a?i?, aeey ni?eeiaiiy iiaeo oaiaeaioe?e ?
ia’?eoeaieo aeiia iaoeiai-oaoi?/iiai i?ia?ano, ci?ie ieneaiiy ethaeae ?
o.?io.

sseui aeoiaeeoe c oiai, ui aoaeoeai?noue ae?yeueiino? ?iaanoeoe?eieo
?inoeooo?a aecia/a?oueny iayai?noth ?ioi?iaoe??, nenoaiith ciaiue,
oi?iue ? iaoa??aeueii-oaoi?/iith aacith, oi ?ioi?iaoe?th iiaeia
iinoaaeoe ia ia?oa i?noea ca cia/ouinoth, ine?eueee, /ei aeuee ??aaiue
io?eiaii? ?ioi?iaoe??, oei iaioa eiia??i?noue iiieeee ?, ye iane?aeie,
?eceeo o?iainiai? iia?aoe??.

Ca’ycie ?iaioe c iaoeiaeie i?ia?aiaie, ieaiaie, oaiaie. Aeena?oaoe?y
aeeiiaia ca?aeii c iaoeiai-aeine?aeieoeueeeie iai?yiaie ?iaioe
Aeiiaoeueeiai aea?aeaaiiai oi?aa?neoaoo aeiiii?ee ? oi?a?ae?, a naia c
oaiaie “?ic?iaea ?ioi?iaoe?eii? nenoaie AeAeE?” (1997 – 1999??.), a
oaeiae “?ic?iaea i?ia?aiiiai caaacaa/aiiy aeey o/aiaeo iio?aa” (1997
–2000??.)

Iaoa ? caaea/? aeine?aeaeaiiy. Iaoa aeena?oaoe?? iieyaa? a
iiaea?i?caoe?? iiaeae? ?ioi?iaoe?eiiai caaacia/aiiy
?iaanoeoe?eii-iina?aaeieoeueeeo i?aai?caoe?e, ni?yiiaaii? ia i?aeaeuaiiy
aoaeoeaiino? ?o ae?yeueiino? a oiiaao ia?aoiaeo Oe?a?ie aei ?eieiaeo
a?aeiinei.

Iniiaia ?aeay ?iaioe aeoiaeeoue c iaiao?aeiino? ?ic?iaee iaoai?ci?a
ai?iaaaeaeaiiy iaoeiaeo ?ic?iaie uiaei aeei?enoaiiy eiii’thoa?ieo
oaoiieia?e noiniaii caaacia/aiiy iaiao?aeiith ?ioi?iaoe??th on?o
o/aniee?a oiiaeiaiai ?eieo.

Aeinyaiaiiy iaoe oa ?aae?caoe?y ?aea?, yeo aoei iinoaaeaii ?
cai?iiiiiaaii, aeiaaaei ??oaiiy iecee iniiaieo caaea/, ye? aeeth/athoue:

nenoaiiee aiae?c nioe?aeueii-aeiiii?/ieo oiia noaiiaeaiiy oiiaeiaiai
?eieo Oe?a?ie;

aeyaeaiiy aeeiai?ee aaiethoe?eiiai ?icaeoeo ?ioi?iaoe?eieo oaoiieia?e ye
caniao oaeineiiaeaiiy ae?yeueiino? an?o o/aniee?a ?eieo oe?iieo iaia??a;

aecia/aiiy oaeoi??a, coiiaethth/eo i?noea ? cia/ou?noue ?ioi?iaoe?eiiai
caaacia/aiiy ?iaanoeoe?eii-iina?aaeieoeueeeo i?aai?caoe?e;

aecia/aiiy iaea?eueo i??i?eoaoieo aeae?a oe?iieo iaia??a a eiioaeno?
ni?aa?aeiioaiiy i?iiiceoe?? ? iiieoo;

aeyaeaiiy aeeiai?ee ci?ithaaiiy ianyao i?iaeaaeo a iicaa??aeaa?e
oiiaeia?e oi?aiaaeuei?e nenoai?;

aeiiii?/iee aiae?c ooieoe?iiaeueii-iia?aoe?eii? nenoaie ae?yeueiino?
noa’?eo?a oiiaeiaiai ?eieo;

ii??aiyeueiee aiae?c i?eioeei?a, iaoiae?a ? e?eoa???a ioe?iee
?ioi?iaoe?eiiai caaacia/aiiy ooieoe?iioaaiiy oe?a?inueeiai oiiaeiaiai
?eieo.

I?aaeiao oa ia’?eo aeine?aeaeaiiy. I?aaeiaoii iaoeiaiai aeine?aeaeaiiy ?
?ioi?iaoe?ei? oaoiieia?? ye neeaaeia? ?io?ano?oeoo?e oiiaeiaiai ?eieo c
iiceoe?e ?o ae?iaie/eo ooieoe?e.

Ia’?eoii aeena?oaoe?eiiai aeine?aeaeaiiy ? oiiaeiaee ?eiie Oe?a?ie.

Iaoiaeieia?y ? iaoiaeeea aeine?aeaeaiiy. Oai?aoe/iith iniiaith
aeine?aeaeaiue ? nenoaiiee i?aeo?ae aei i?ioean?a ? ia’?eo?a, ui
aeine?aeaeothoueny, oai?aoe/i? iieiaeaiiy eeanee?a aeiiii?/ii? iaoee ?
?iaioe no/anieo a/aieo-aeiiii?no?a, iaoeia? iieiaeaiiy oa aeina?ae ?o
canoinoaaiiy a aaeoc? noaiiaeaiiy ? ?icaeoeo oiiaeiaiai ?eieo oa
aaciina?aaeiuei ooieoe?iioaaiiy ?ioi?iaoe?eieo nenoai, a oaeiae
caeiiiaeaa/? oa ii?iaoeai? aeoe c ii?ooaii? i?iaeaie.

Iaoiaeieia?/iith iniiaith noaea noeoii?noue i?ioan?eieo ciaiue, ye?
yaeythoueny ia nueiaiaei? o?anoiiao?eieie, c oi/ee ci?o i?ia?aeieo
oao?aoe?a a noa?? aeine?aeaeaiiy ?eieo oe?iieo iaia??a, a oaeiae
?ioi?iaoe?eieo oaoiieia?e ? iiaeaethaaiiy.

A aeena?oaoe?? aeei?enoaii caaaeueiiiaoeia? iaoiaee i?ciaiiy: aiae?c ?
neioac; iaoeiaa aano?aeoe?y, oaoi?ei-aeiiii?/iee ? eia?/iee aiae?c;
iaoiaee iaoaiaoe/iiai iiaeaethaaiiy; eiioaio-aiae?c; iaoiaee
aeno?aiieyoe?eii? noaoenoeee; iaoiaee a?ao?/ii? ?ioa?i?aoaoe??;
ei?aeyoe?eii-noaoenoe/i? iaoiaee oa ?io?.

Aeaea?aeaie ia?aeiii? ?ioi?iaoe?? noaee aeai? noaoenoe/ii? ca?oiino? ?
aiae?oe/ieo iane?aeoaaiue ?acoeueoao?a ae?yeueiino? oiiaeiaeo ?eie?a,
iaoa??aee ia?aeiiiai iae?eo ?iaanoeoe?eii-iina?aaeieoeueeeo
i?aai?caoe?e.

Iaoeiaa iiaecia iaea?aeaieo ?acoeueoao?a. Ca ?acoeueoaoaie
aeine?aeaeaiue, ye? aoei i?iaaaeaii, iaea?aeaii ?yae iieiaeaiue, ui
aecia/athoueny iaoeiaith iiaeciith. Iniiai? c ieo oae?:

aecia/aii ? iaa?oioiaaii ia?aaaae aaoiiaoecaoe?? ae?yeueiino?
?iaanoeoe?eieo iina?aaeiee?a ii a?aeiioaiith aei i?iaeooaaiiy
?iaanoeoe?eieo nenoai, i?ia?aeiith c yeeo noaei iaaeaiiy iiaeeeaino?
cae?eniaiiy aiae?co aeeiai?ee ci?ithaaiiy eioe?iaee oe?iieo iaia??a a
??cieo oa?i?iiaeo ia??iaeao, a oaeiae aeyaeaiiy i?ia?aeieo /eiiee?a, ye?
aieeaathoue ia aa?o?noue oe?iieo iaia??a;

ia iniia? iieiaeaiue ia?eaoeiaiai? eiioeaioe?? oa c o?aooaaiiyi no/anieo
oiia a Oe?a?i? aecia/aii a?oie ei?enooaa/?a ca oeiii ?o aca?iiae?? c
aacith aeaieo oeyoii iicia/aiiy naaiaio?a ?eieo oe?iieo iaia??a;

iiaea?i?ciaaii no?oeoo?ii-i?aai?caoe?eio noaio nenoaie oi?aae?iiy
?iaanoeoe?eii-iina?aaeieoeueeeie i?aai?caoe?yie oeyoii oaeineiiaeaiiy
oaoiieia?/ieo iaoai?ci?a ?o ooieoe?iioaaiiy;

ia aac? iiaea?i?ciaaii? no?oeoo?e nenoaie oi?aae?iiy ?ic?iaeaii
no?oeoo?ii-eia?/io noaio i?aai?caoe?eii-ooieoe?iiaeueieo a?aeiioaiue a
?iaanoeoe?eii-iina?aaeieoeueeeo i?aai?caoe?yo neeaaeiaeie /anoeiaie yei?
? iaai? aeiee, aea iaaea?oueny iien iniiaieo ooieoe?e (iiaeoeae) oa
?ioi?iaoe?ei? aeoae, ui a?aeia?aaeathoue ooieoe?iiaeuei? a?aeiioaiiy
i?ae ie?aieie iiaeoeyie;

?ic?iaeaii iiaee i?aeo?ae aei i?iaeooaaiiy ?iaanoeoe?eieo nenoai, yeee
aaco?oueny ia aeei?enoaii? ? oaeineiiaeaii? no/anieo CASE oaoiieia?e
aee?aeoeaiiai oeio;

anoaiiaeaii iaea?eueo ae?eia? i?eioeeie ? e?eoa??? iiaoaeiae nenoaie
?ioi?iaoe?eiiai caaacia/aiiy ae?yeueiino? o/aniee?a oiiaeiaiai ?eieo
Oe?a?ie, i?ia?aeieie c yeeo ? ai?iaaaeaeaiiy ?aeeii? aea?aeaaii?
iie?oeee ia ?eieo oe?iieo iaia??a ? noai?aiiy eiiieaenii? ?ioi?iaoe?eii?
nenoaie;

?ic?iaeaii noaio aca?iica’yce?a i?ae ie?aieie ooieoe?iiaeueieie
?ioi?iaoe?eieie aeieaie, yea aaco?oueny ia i?eioeeiao iiaoaeiae
a?aee?eoi? eiii’thoa?ii? nenoaie, ui i?ecaaei aei oaeineiiaeaiiy
iaoai?cio caaacia/aiiy ae?yeueiino? ?iaanoeoe?eii-iina?aaeieoeueeeo
i?aai?caoe?e.

I?aeoe/ia cia/aiiy iaea?aeaieo ?acoeueoao?a. C?iaeai? a aeena?oaoe??
aeniiaee oa i?aeoe/i? ?aeiiaiaeaoe?? uiaei canoinoaaiiy iaaieo caoiae?a,
ni?yiiaaieo ia oaeineiiaeaiiy ?ioi?iaoe?eiiai caaacia/aiiy, aoee
?aae?ciaai? a iaoiaee/ieo aeieoiaioao, ye? oa?eoee a caaaeuei? i?ia?aie
?icaeoeo oaeeo i?aai?caoe?e, ye Aeiiaoeueea oiiaeiaa a??aea, Aeiiaoeueea
a?aeae?eaiiy oiiaeo aea?aeiaeia Oe?a?ie, Aeiiaoeueeee oeaio?
na?oeo?eaoe?eieo aoeoe?ii?a. Aaoi?ii ?ic?iaeaii aeaa iaoeiai-i?aeoe/ieo
iin?aieea, ye? aeei?enoiaothoueny a i?aeoeoe? ?iaioe, ni?yiiaaii? ia
i?aeaeuaiiy i?ioan?eiiai ??aiy oao?aoe?a oa neoaeaiaoe?a a??ae ?
oiiaeiaeo eiiiai?e.

E??i oiai, aeniiaee, noiniaii iaaiiai eiea i?iaeai, ?icaeyiooeo a oiae?
aeeiiaiiy aeena?oaoe?eii? ?iaioe, a oaeiae ?acoeueoaoe iaoeiaiai
aeine?aeaeaiiy, aoee ai?iaaaeaeai? ia ?yae? i?aei?e?inoa i?ae /an
aeeiiaiiy iaoeiai-aeine?aeieo ?ia?o:

“?ic?iaea ?ioi?iaoe?eii? nenoaie AeAeE?” (A-97-13);

“?ic?iaea i?ia?aiiiai caaacia/aiiy aeey o/aiaeo iio?aa”(A-97-14);

“Iioei?caoe?y ae?yeueiino? NI “?eiie” a oiiaao aeiiii?/ieo ia?aaoaeia a
Oe?a?i?” (a/o ? 656/98);

“?ic?iaea ?aeiiaiaeaoe?e uiaei aeoea?caoe?? ia?eaoeiaiai? ae?yeueiino?
oiaa?enoaa c iaiaaeaiith a?aeiia?aeaeuei?noth “Aeneethc?a” (a/o ?
652/98).

I?aenoieiaa cia/aiiy iaei ai?iaaaeaeaiiy ?ic?iaeaieo a aeena?oaoe??
i?iiiceoe?e uiaei ?ioi?iaoe?eiiai caaacia/aiiy
?iaanoeoe?eii-iina?aaeieoeueeeo i?aai?caoe?e a ae?yeuei?noue Cae?eoiai
?iaanoeoe?eiiai oiiaeiaiai Oeaio?o (C?O “Oeaio?”).

Ai?iaaoe?y ?acoeueoao?a aeena?oaoe??. Iniiai? iaoeia? iieiaeaiiy ?
i?aeoe/i? ?acoeueoaoe aeine?aeaeaiue ca oaiith aeena?oaoe??
aeiiia?aeaeenue ? iaaiai?thaaeenue ia i?aeia?iaei?e iaoeiai-iaoiaee/i?e
eiioa?aioe?? “No?eeee ?icaeoie e?a?i c ia?ao?aeiith aeiiii?eith”
(i.Aeiiaoeuee, 1998?.), Anaoe?a?inuee?e eiioa?aioe?? iieiaeeo iaoeiaoe?a
“?ioi?iaoe?ei? oaoiieia?? a iaooe? oa ina?o?” (i.*a?eane, 1997?), ia
nai?ia?? ?AI IAI Oe?a?ie “Yeiiii?ei-neooaoe?eiee aiae?c oiiaeiaiai ?eieo
Oe?a?ie” (i.Aeiiaoeuee, 1998?.), ia iaoeiai-i?aeoe/ieo eiioa?aioe?yo
AeAeOAO (i. Aeiiaoeuee, 1993 – 1997??.)

Ioae?eaoe??. Iniiai? iieiaeaiiy aeena?oaoe?? a?aeia?aaeaii a 18 iaoeiaeo
?iaioao, a /ene? yeeo 2 a?ioo?e, 1 o/aiaee iin?aiee, 3 iaoiaee/ieo
?aeiiaiaeaoe?e ? 12 noaoae. Caaaeueiee ianya ae?oeiaaieo ?ia?o 10,8
ae.a. Iniaenoi aaoi?o iaeaaeeoue 9,2 ae.a.

No?oeoo?a ? ianya ?iaioe. Aeena?oaoe?y neeaaea?oueny c anooio, o?ueio
?icae?e?a, aeniiaeo caaaeueiei ianyaii 164 noi??iie, i?noeoue o nia? 7
oaaeeoeue, ye? caiiaiththo 5 noi??iie, 34 ?enoie?a ianyaii 12 noi??iie,
6 aeiaeaoe?a ? nienie aeei?enoaii? e?oa?aoo?e ?c 106 aeaea?ae.

Iniiaiee ci?no aeena?oaoe??

?icae?e 1. ?iaanoeoe?eia ae?yeuei?noue a nenoai? nioe?aeueii-aeiiii?/ieo
ia?aaoaeia Iniaeeaino? ?eieiai? aeiiii?ee iio?aaothoue ci?ithaaiiy
oa?aeoa?o noni?eueiiai ae?iaieoeoaa: a?aeiioaiiy aeaniino?, no?oeoo?e ?
iaoai?cio ooieoe?iioaaiiy ainiiaea?/eo noa’?eo?a, oi?ie o?iainiaeo
ca’yce?a i?ae ieie, nooiai? caoe?eaaeaiino? an?o a ?acoeueoaoao
ainiiaea?/i? ae?yeueiino?. Oe? i?ia?aei? neeaaeia? ?eieiai?
o?ainoi?iaoe?? iio?aaothoue ia?aaoaeiae iaoiaeieia?? aeine?aeaeaiiy
e?aaeeoii-o?iainiaeo ?ano?n?a e?a?ie, iaoai?cio ?o ?iciiae?eo oa
ia?a?iciiae?eo.

A ?eieia?e aeiiii?oe? noai?th?oueny iaoai?ci ia?a?iciiae?eo a?ioiaeo
iaeiie/aiue – /a?ac oiiaeiaee ?eiie. Na?aae /eiiee?a, ye? ia?o ca ana
ni?eythoue oi?ioaaiith aeaiiai ?eieo, ne?ae iacaaoe ianooaaio
i?eaaoecaoe?th ia iniia? aeei?enoaiiy aeoe?iia?ieo oi?i aeaniino?.

Iacaaaeath/e ia neeaaei?noue o aca?iiae?? o/aniee?a oiiaeiaiai ?eieo,
iai?aaii??ii ?icaeyaeaoe ?o ae?yeuei?noue ye aeayeee oaioe/iee,
noeo?eiee i?ioean. I?ney i?iaaaeaiiy ?aoaeueiiai nenoaiiiai aiae?co oi?i
? cania?a aca?iiae??, ?nioth/eo ia oiiaeiaiio ?eieo Oe?a?ie ia
nueiaiaei?, ?ic?iaeaii noaio aca?iica’yceo ?ioi?iaoe?eii-?aaoethth/eo
no?oeoo? oiiaeiaiai ?eieo, yea i?aaenoaaeaia ia ?en. 1.

sse aeaeii c i?aaenoaaeaii? noaie, e?ioeaaei iaea?aeoaa/ai ? iniiaiei
aeaea?aeii oi?ioaaiiy an??? ?ioi?iaoe?? yaey?oueny I?i?noa?noai o?iain?a
Oe?a?ie. Oeae aeie o?nii aca?iiae?? c ia?oei ??aiai ?aaoethth/eo
no?oeoo? oiiaeiaiai ?eieo, yeee aeeth/a? a naaa Eii?n?th c oe?iieo
iaia??a ? oiiaeiaiio ?eieo, Oiiae aea?aeaaiiai iaeia ? Aioeiiiiiieueiee
eii?oao. Neeaaeath/? aeaiee ??aaiue aeiee yaeythoueny iaeii/anii ?
aeaea?aeaie ?ioi?iaoe??.

Io?eioth/e a?aeiiino? a?ae iia?aoi??a oiiaeiaiai ?eieo, ia?a?iaeyth/e
??, aiie ia?aaeathoue ?ioi?iaoe?th ia iec/ee ??aaiue – aeeiiaa/? ??ai?.
Oaeith ?ioi?iaoe??th aenooiathoue iaeace, iinoaiiae, ??oaiiy, ye?
?aaoeththoue oi?ie, aeaee oa oa?i?ie iaaeoiaeaeaiiy ca?oiino? o/aniee?a
oiiaeiaiai ?eieo, ?ioi?iaoe?eieo iia?aeiieaiue i?i naith ae?yeuei?noue.

I?i?noa?noai o?iain?a Oe?a?ie

Oiiae Aioeiiiiiieueiee Eii?n?y ii

aea?aeaaiiai iaeia eii?oao oe?iiei iaia?ai

? oiiaeiaiio ?eieo

Oeaio?e

i?eaaoecaoe?eieo A??ae?

aoeoe?ii?a

Naii?aaoethth/? i?aai?caoe??

o/aniee?a oiiaeiaiai ?eieo

?en. 1. Aca?iica’ycie ?ioi?iaoe?eii-?aaoethth/eo no?oeoo? oiiaeiaiai
?eieo

Ooieoe?iioaaiiy oiiaeiaiai ?eieo aecia/a?oueny ni?aa?aeiioaiiyi iiieoo,
i?iiiceoe?? oa c??aiiaaaeaii? oe?ie. sseui oaco i?i oa, ui aenooia? a
yeino? aeaea?aea ?iaanoeoe?eiiai eai?oaeo, ?icaeyaeaoe ye aeo?aeio, oi
eia?/ii aoaea i?eionoeoe, ui caa?aaeaiiy aecia/athoue ianya
iioaioe?aeueiiai iiieoo ia oiiaeiaiio ?eieo. Ca?aene, /ei aeua ??aaiue
aeeooy, oei a?eueoa /anoea aeioiae?a caa??aa?oueny ? oei a?eueoa, ii?yae
c ?ioeie oiiaaie, ethaee eoiothoue oe?ii? iaia?e.

I?iiiceoe?y oe?iieo iaia??a, aacoiiaii, aecia/a?oueny iiieoii. Aea ooo
aeiaea?oueny ua iaeia ianoaaeia. Oey i?iiiceoe?y iaioa a oeo e?a?iao,
aea aea?aeaaa aeoeai?oa ao?o/a?oueny a ae?iaieoeoai, ?iciiae?e oa iai?i.
Oae, a e?a?iao c ieaiiaith aeiiii?eith aiia i?aeoe/ii a?aenooiy. Oea
iiynith?oueny oei, ui, yeui i?aei?e?inoai, ia? aea?aeaaio aeani?noue,
io?eio? iaaeinoath/? eiio a?ioia? eiooe c aea?aeaaiiai ea?iaio, oi a
oeueiio aeiaaeeo aeioneaoe oe?ii? iaia?e eiio ia iio??aii.

Oiio o?eueee ia?aaoaeoaaaoe oe?a?inuee? aea?aeaai? aaiee ia eiia?oe?eiee
eaae (o?aaa a?aecia/eoe, ui oe? i?ioeane o ian a e?a?i? aaea
a?aeaoaathoueny), iiaeia iaaeaoe ?iioeueno ?icaeoeo oiiaeiaiai ?eieo.
Aacoiiaii, aeey oaeeo ooiaeaiaioaeueieo ci?ithaaiue iaiao?aei? ?iee,
ia?o, i?ae i?aei?e?inoaa, ao?aoeaoe cae/i? aeaea?aea aeiaaino?ieiaiai
o?iainoaaiiy, ii/iooue aeioneaoe oe?ii? iaia?e.

Aecia/ath/e /eiieee, ye? aieeaathoue ia ?icaeoie ? oaeineiiaeaiiy
?iaanoeoe?eii? ae?yeueiino? a oe?eiio ? oiiaeiaiai ?eieo, cie?aia,
a?eueo?noue oao?aoe?a c oeueiai i?eaiaeo a?aecia/athoue, ui
aoaeoeai?noue no/aniiai ?eieo oe?iieo iaia??a aaaaoi a /iio caeaaeeoue
a?ae nooiaith eiii’thoa??caoe?? ia iniia? oe?ieiai aeei?enoaiiy iiaeo
?ioi?iaoe?eieo oaoiieia?e oa e?i?e oaeaeiioi?eaoe?e – naia aiie
noai?ththoue oaoi?/i? ia?aaeoiiae aeey oi?ioaaiiy ?aeeiiai e?ea?aeiiai
iaoe?iiaeueiiai ?eieo ? aeoeaiiai aeeth/aiiy eiai a ?iaioo
i?aeia?iaeiiai ?eieo oe?iieo iaia??a.

Iaei??th c iiaeo ?io?ano?oeoo? oiiaeiaiai ?eieo Oe?a?ie iiaeiia noaoe
nenoaia ?ioi?iaoe?eiiai caaacia/aiiy. I?e oeueiio iniaeeao
aeooaeuei?noue iaaoaa? aea?? aoaeoeaieo oaoiieia?/ieo oa oaoi?/ieo
cania?a, iaiao?aeieo aeey i?aai?caoe?? iaea?aeaiiy oa ia?iaee
?ioi?iaoe??.

?icae?e 2. Ae?yeuei?noue ?iaanoeoe?eii-iina?aaeieoeueeeo i?aai?caoe?e a
eiioaeno? aca?iica’yceo c ?ioeie o/anieeaie ?eieo oe?iieo iaia??a
Oe?a?ie. ?eiie oe?iieo iaia??a – oea aeoaea neeaaeiee, aeeiai?/iee
?eiie, ae?? ia yeiio aei?noei ?aaoeththoueny aea?aeaaith ? iiaeii?
a?ae??ciyoueny aenieith nioe?aeueiith a?aeiia?aeaeuei?noth, uia ia
aeeeeeaoe o?iainiaeo iio?yn?iue.Iniaeeaith a?aei?ii?noth oeueiai ?eieo
yaey?oueny oa, ui a?i caniiao?oueny ia ?icaeioo?e ?io?ano?oeoo??,
neeaaeieo ?ioi?iaoe?eieo oaoiieia?yo ? aeo?aoi?iieo oaoi?/ieo caniaao.

I?iaaaeaiee a oiae? aeena?oaoe?eiiai aeine?aeaeaiiy nenoaiiee aiae?c
iieacaa, ui oa?aeoa?ieie iniaeeainoyie oiiaeiaiai ?eieo Oe?a?ie ?
aeeeth/ii aenie? ?eceee, ?ioeyoe?y, iie?oe/ia ? iae?iaeiiii?/ia
ianoaa?euei?noue, a?aenooi?noue ?ano?nii? aace ? iiaiioe?iii?
?io?ano?oeoo?e. E??i oiai, oeae ?eiie ia ia? ua nai?o aeciaieo e?aea??a,
ia ia? iinoa/aeueiee?a (ai?oaio?a), iina?aaeiee?a (?iaanoeoe?eieo
?inoeooo?a) ? oiaa??a (oe?iieo iaia??a), ye? a ei?enooaaeenue
noni?eueiith aeia??ith.

Ia nueiaiaei? a Oe?a?i? ?niothoue ??ci? anioe?aoe??, ye? ia’?aeiothoue
o/aniee?a oiiaeiaiai ?eieo, iaea?eueoeie c yeeo ? Oe?a?inueea
anioe?aoe?y oi?a?aoe?a oe?iieie iaia?aie, Oe?a?inueea anioe?aoe?y
aeia??aieo oiaa?enoa, ?iaanoeoe?ei? oiiaee ? eiiiai?? ? Oe?a?inueea
anioe?aoe?y ?iaanoeoe?eiiai a?ciano.

sse iieacaa i?iaaaeaiee a oiae? aeena?oaoe?eiiai aeine?aeaeaiiy
nenoaiiee aiae?c, iaei??th c iaeaaaeeea?oeo neeaaeiaeo iae?iaeiiii?/iiai
ioi/aiiy, yea iaaiei /eiii aieeaa? ia ?eiie oe?iieo iaia??a, ne?ae
iicia/eoe ?ioeyoe?th. ?? aenieee ??aaiue, a oei a?eueo a?ia??ioeyoe?y,
caeaoi? ii?ooeoe iaa?oue iae?icaeioo? oiiaeia? ?eiee.

Oe?ii? iaia?e ye oiaa? oa ?o ?iaeono??y, yea c ieie iia’ycaia, ia
i?ioyc? aaaaoueio ?ie?a ciaoiaeeoueny a noaae?? ?inoo. A cia/i?e nai?e
/anoei? ?eiie oe?iieo iaia??a – oea ?iiiaaoe?eiee ?eiie, yeee aeaiaeeoue
aei niiaeeaa/a ana iia? ? iia? aeaee i?iaeoeoe??.

Aei oa?aeoa?ieo iniaeeainoae oe?a?inueeiai oiiaeiaiai ?eieo ne?ae
a?aeianoe oie oaeo, ui 90% o?ainaeoe?e ia iueiio yaeythoueny o?, ye?
aeieeee ye ?acoeueoao i?eaaoecaoe?o i?ney i?iaaaeaiiy na?oeo?eaoe?eieo
aoeoe?ii?a.

Iacaaaeath/e ia aaeeeo e?euee?noue o?iainiaeo iina?aaeiee?a, ye?
cae?eniththoue iia?aoe?? c oe?iieie iaia?aie, neeaaeaiiy oaiae a iaaeao
i?aai?caoe?eii ioi?ieaiiai ?eieo, iaaeaieo a??aeaie, iaeaea ia
a?aeaoaa?oueny. Iicaa??aeiaee ?eiie i?aeoe/ii ia nueiaiaei? yaey?oueny
noeo?eiei, ia iueiio a?aenooi? aeaeo?iii? oi?aiaaeueii-?ioi?iaoe?ei?
nenoaie, a oaeiae a?aenooiy caeiiiaeaa/a aaca aeey ?o noai?aiiy.

Eiioeaioe??th ooieoe?iioaaiiy ? ?icaeoeo oiiaeiaiai ?eieo Oe?a?ie
i?eionea?oueny iicaa??aeiaa oi?a?aey oe?iieie iaia?aie, yea iiaea
cae?enithaaoeny c aeei?enoaiiyi oi?aiaaeueieo iaeaeai/ee?a oiaa?ieo
a??ae, aea oea ia icia/a?, ui oiaa?i? a??ae? iiaeooue noai?thaaoe
oiiaeia? a?aeae?ee ? onoaiiaethaaoe a??aeiaee eo?n ca oe?iieie iaia?aie.

Ia oe?a?inueeiio oiiaeiaiio ?eieo iicaa??aeiaa oi?aiaaeueia nenoaia
ia’?aeio? 134 eiiiai??, c yeeo 122 ca?a?no?iaai? a io?oe?eiiio ?a?no??,
? 80 iathoue aeinooi aei ?? ?ioi?iaoe?eieo ?ano?n?a.

I?iaaaeaia aeine?aeaeaiiy ooieoe?iioaaiiy iicaa??aeiai? oi?aiaaeueii?
nenoaie aeicaieeei ca aeiiiiiaith aeei?enoaiiy o?aiaeiaiai iaoiaeo
aecia/eoe caaaeueio oaiaeaioe?th ?icaeoeo oe??? nenoaie, aieiaiei
?acoeueooth/ei iieacieeii yei? noaa ianya i?iaeaaeo. I?aenoieiaei
oiiaea?aeii noaei aeyaeaiiy caaaeueii? oaiaeaioe?? ca?eueoaiiy oeueiai
iieacieea a oe?eiio, aea eiaeiee ?aa?ii e?a?ie, ia? iaiaeiaeiao ea?oeio,
e aeey aaaaoueio i?aai?caoe?e i?eoaiaiiee no?eaeiia?aciee oa?aeoa?
ci?ithaaiiy ianyao i?iaeaaeo oe?iieo iaia??a.

Aeey i?iaaaeaiiy nenoaiiiai ? ii??aiyeueiiai aiae?co ?ici???a ?
no?oeoo?e oe?a?inueeiai oiiaeiaiai ?eieo aoei acyoi aeaa aeaee oe?iieo
iaia??a:aea?aeaai? ? iaaea?aeaai? oe?ii? iaia?e.

Ca ?acoeueoaoii oaeiai aiae?co caa?oa? oaaao ia oie oaeo, ui aea?aeaai?
iaia?e yaeythoueny aeinoaoiuei iaae?eiei ?ino?oiaioii iiceee aeey
?iaanoi??a oiiaeiaiai ?eieo. Oae, iai?eeeaae ca ?aooiie ?aae?caoe??
iae?aaoe?e aioo??oiuei? iiceee oe?a?ineee o?yae a 1995?. io?eiaa 25,9
ie?ae. a?i. iaaian?eieo a?ioiaeo eioo?a, ye? aoee ni?yiiaai? ia
iiaaoaiiy aeao?oeeoo aea?aeaaiiai athaeaeaoo. Ui noino?oueny
iaaea?aeaaieo oe?iieo iaia??a, oi ca ?acoeueoaoaie nenoaiiiai
eiioaio-aiae?co aeyaeeinue, ui ca ia??iae c 1993 ii 1996??e a Oe?a?i?
aeiouaii oe?iieo iaia??a oeueiai aeaeo caaaeueiith iii?iaeueiith
aa?o?noth 105 ie?ae. a?i.

sse iieacaa ii??aiyeueiee aiae?c, i?iaaaeaiee a i?ioean?
aeena?oaoe?eiiai aeine?aeaeaiiy, a?eueoo /anoeo na?aae iaaea?aeaaieo
oe?iieo iaia??a caeiathoue aeoe??, ye? ? iaea?eueo aoaeoeaiei caniaii
caeo/aiiy aeiaeaoeiaeo a?ioiaeo eioo?a a aeiiii?eo e?a?ie.

Aeey iiaeeaoiai aea/aiiy ii?ooaiiai ieoaiiy aoei aeei?enoaii
aeaio/eiieeiaee aeenia?n?eiee aiae?c. A yeino? caeaaeii? ci?iii? aoa
acyoee iieaciee nooiaith aeioiaeiino? iae?aaoe?e ??cieo aeae?a,
iacaeaaeieie ci?iieie noaee ianya ?ici?uaiiy iae?aaoe?e oa ?iaeaen
?ioeyoe??.

I???iooth/enue ia F-?iciiae?e aeey eiia??ino? 1 – a = 0,95, aoee
c?iaeai? oae? oiiaeaiaee. Ine?eueee a on?o aeiaaeeao ca oa?i?iaie
iiaaoaiiy iae?aaoe?e (iacaaaeath/e ia ?o ??ciiaeae) F- a?aeiioaiiy iaioa
F- ?iciiae?eo, oi ye iane?aeie, ioeue-a?iioaca a?aeiinii aieeao aeaio
?icaeyiooeo /eiiee?a ia nooi?iue aeioiaeiino? ia a?aeeeaea?oueny. Ioaea
? iayai?noue aca?iiae?? i?ae ianyaii ?ici?uaiiy iae?aaoe?e ? ?ioaenii
?ioeyoe?? i?e ?o aieea? ia nooi?iue aeioiaeiino? a?ae oaeiai ?ici?uaiiy,
ye? a?ae??ciythoueny ca oa?i?iaie iiaaoaiiy.

A i?aeia?iaei?e i?aeoeoe? aeoaea oaeaeei i?aeaeuo?oueny ieoiia aaaa
oe?iieo iaia??a, ye? ?niothoue o?eueee a oi?i? caieno ca ?aooieaie a
eiii’thoa?ieo aacao aeaieo. Ana ?ioi?iaoe?eii-aiae?oe/ia caaacia/aiiy
caniiaaii ia aeei?enoaii? eiii’thoa?ieo nenoai. Ca?aene iaeiei c
iaeaaaeeea?oeo no?aoaa?/ieo iai?yi?a ?icaeoeo ?eieo oe?iieo iaia??a a
Oe?a?i? iiaeiia noaoe i???ioaoe?y ia noai?aiiy eiii’thoa??ciaaieo
o?iainiaeo i?iaeoeo?a, ia iiaeeaoaiiy ia?niiae?caoe?? ianeoaiaoaaiiy
ee??io?a, ia iiai?noth eiii’thoa?i? ?eiee oe?iieo iaia??a. Ia?aaeoiiaith
aeey noai?aiiy oaei? oe?einii? ia?aae? a Oe?a?i? aaea iathoue i?noea a
aeaeyae? aeaeo?iiii? nenoaie oi?a?a, ye? ai?iaaaeaeothoueny na?aae
a?iea?nueeeo no?oeoo?.

Aeey no/anii? iaoee oi?aae?iiy neeaaeieie nenoaiaie oa?aeoa?iee
no?oeoo?iee i?aeo?ae. Ca?aeii i?iaaaeaiiai a aeena?oaoe?? nenoaiiiai
aiae?co aoei anoaiiaeaii, ui ?iaanoeoe?eii-iina?aaeieoeuee? i?aai?caoe??
a Oe?a?i? iathoue iaaio no?oeoo?o oi?aae?iiy ? i?eioeeiia? ?ioi?iaoe?ei?
ca’ycee. Aeey oaeeo i?aai?caoe?e o?a?eoi??y ?ooo ?ioi?iaoe?? iiaeiia
aecia/aoeny niaoeeo?eith ?o ae?yeueiino?. Nenoaia iieaciee?a iiaeiia
caaacia/oaaoe iaiao?aeio iiaiioo iieno i?ioeano ooieoe?iioaaiiy
iia?aoe?eieo nenoai a ?iaanoeoe?eii-iina?aaeieoeueeeo i?aai?caoe?yo ?
aooe i?eaiaeiith aeey oi?aae?iiy.

Iniaeeaino? ?icaeoeo ?eieo oe?iieo iaia??a a Oe?a?i?, a oaeiae oa?aeoa?
ae?yeueiino? ?iaanoeoe?eii-iina?aaeieoeueeeo i?aai?caoe?e coiiaeththoue
aeioe?euei?noue iayaii? oi/ii? oa ia’?eoeaii? ?ioi?iaoe?eii? aace, yea,
a naith /a?ao, aecia/a?oueny eieii iia?aoe?eii? no?oeoo?e naieo
?iaanoeoe?eii-iina?aaeieoeueeeo i?aai?caoe?e.

Iaei??th c iaea?eueo ?noioieo iniaeeainoae
?iaanoeoe?eii-iina?aaeieoeueeeo i?aai?caoe?e a eiioaeno? i?iaeai
?ioi?iaoe?eiiai caaacia/aiiy yaey?oueny ia??iae aeinooio aei iaiao?aeieo
aeaieo. Oeae ia??iae oa?aeoa?eco?oueny oei, ui eiaeia i?aenenoaia
iaae?ey?oueny iaaieie ?ioi?iaoe?eieie ?ano?naie aeey aeinyaiaiiy oe?eae
ooieoe?iioaaiiy ia oeueiio ia??iae? ? i?aaii naiino?eiiai i?eeiyooy
??oaiue, oiaoi iaaiith aaoiiiii?noth. Aea ine?eueee
?iaanoeoe?eii-iina?aaeieoeuee? i?aai?caoe?? i?aeiaaeathoue i?ae aieea
ciai?oiueiai ?ioi?iaoe?eiiai na?aaeiaeua, oi ?o oaeoe/ia o?a?eoi??y
iio?aae a a?aeiiinoyo ia ni?aiaaea? c iai?/aiith, oiio aeieea?
iaiao?aei?noue a noai?aii? aaie?a iano?oeoo?iaaieo a?aeiiinoae.

Eiaeia caaaeaiiy -?ioi?iaoe?eiiai caaacia/aiiy iia?aoe??
?iaanoeoe?eii-iina?aaeieoeueei? i?aai?caoe?? iiaea aooe ae??oaii a
a?aeiia?aeiino? c aeae?eueeiia eieaeueieie e?eoa??yie iioeiaeueiino? ?
iaa?oue i?e iaeiiio eieaeueiiio e?eoa??? iioeiaeueiino? – ca ??cieie
iiaeaeyie, a?aoiaoth/eie iaai? ia?aiao?e ae??oo?iiai caaaeaiiy, ?
??cieie caniaaie.

?icae?e 3. Oeyoe oaeineiiaeaiiy iaoai?cio caaacia/aiiy ae?yeueiino?
?iaanoeoe?eii-iina?aaeieoeueeeo i?aai?caoe?e. Io?oe?eia ianoaiiaa ia
ia?ao?ae aei ?eieiaiai ainiiaea?noaa ?ieiee ioioiaeith?oueny c
aaceiio?ieuei?noth, a?aenooi?noth ieaia, noeo?ei?noth. Ca oeei e?e?oueny
iaaeiioe?iea oiai, ui iiaa eaeaoueny i?i ?aaoeueiaaiee ?eiie oe?iieo
iaia??a.

C o?aooaaiiyi ei?aeoe?iaee, yea a?aeaoaa?oueny ia iniia? aea/aiiy
eii’thieoo?e ?eieo ? ia?niaeoea ?icaeoeo ?eieo oe?iieo iaia??a,
?inoeoooe?iiaeuei? ?iaanoi?e aeaiiino?othoue iiaeeea?noue oaeiai
aeaiie?aoe/iai ieaioaaiiy. A ca’yceo c oeei aeioe?eueiei noa? aea/aiiy ?
aeei?enoaiiy aaaaoiai aeina?aeo ca?oa?aeieo ?iaanoeoe?eieo eiiiai?e,
nenoaie ?o ieaioaaiiy ia aac? ia?eaoeiaiai? ?ioi?iaoe??, ine?eueee
inoaiiy noa? ae?eiaei oaeoi?ii ?icaeoeo oiiaeiaiai ?eieo a oiiaao
ia?ao?aeii? aeiiii?ee Oe?a?ie.

Oaea ?ioi?iaoe?y iaiao?aeia ia nueiaiaei? aeey nai?/aniiai ?aaaoaaiiy ia
ae?? ??ciiiai?oieo iaia?aaeaa/aieo i?ioean?a ? yaeu, ye? a?aeaoaathoueny
a iao?e e?a?i?, aeey ni?eeiaiiy iiaeo oaiaeaioe?e ? ia’?eoeaieo aeiia
iaoeiai-oaoi?/iiai i?ia?ano, ci?ithaaiiy ieneaiiy ethaeae ? o.?i. ?acii
c oei iayai?noue oaei? ?ioi?iaoe?? ia o?eueee ia a?aei?iy?, aea e
iineeth? eiieo?aioi? canaaee i?aai?ciaaiiai ?eieo.I?ioe??/i?noue, yea
caea?oueny ia ia?oee iiaeyae, a ae?eniino? icia/a? eeoa oa, ui a iao?e
na?aeiiino? aeiee ua ia noi?ioaaeinue oyaeaiiy i?i oa, ui ?nio? ?eiie
?ioi?iaoe??, ca aeiiiiiaith yeiai no/aniee ia?eaoeia ni?ey? ?icaeoeo
oeea?e?ciaaieo oi?i eiieo?aioieo a?aeiioaiue i?ae o/anieeaie oiiaeiaiai
?eieo.

sse a?aeiii, o?iainia? ?iaanoeoe?? iia’ycaii c iaaiei ?eceeii a
aeiaaeeo iaaeiio?eiaiiy i/?eo?iiai aeioiaeo ? a aeiaaeeo ao?aoe
?iaanoo?iiai eai?oaeo.

Uia caiia?aoe oeueiai, iaiao?aeiee eaae?o?eiaaiee aiae?c eii’thieoo?e
?eieo o?iainiaeo aeoea?a, yeee aeicaieeoue ioe?ieoe iaae?ei?noue
ia?aaeaa/a?ieo aeeaae?a ? aea?aoe iioeiaeueiee aa??aio.

Aoaeoeai?noue aoaeue-yeeo ?iaanoeoe?e aecia/a?oueny ia i?aenoaa?
c?noaaeaiiy aoaeoo (aeioiaeo) ? aeo?ao. A yeino? aeo?ao i?e iaai?e
aoaeoeaiino? o?iainiaeo aeeaae?a aenooiathoue eiooe, ye? ?iaanoothoueny
a ??ci? oiiaeia? ?ino?oiaioe. A yeino? aoaeoo aai aeioiaeo aenooia?
??cieoey i?ae ?aaeueiith aa?o?noth ie?aieo oiiaeiaeo ?ino?oiaio?a oa
noiith eioo?a, ?iaanoiaaieo ia ?o io?eiaiiy.

Ioaea, i?eioeeiiaa oi?ioea aeey ?ic?aooiea aoaeoeaiino? ?iaanooaaiiy a
aoaeue-ye? ?ino?oiaioe ?eieo iiaea aooe iiaoaeiaaia oaeei /eiii:

aea Yo – aoaeoeai?noue eiaanooaaiiy a ?ino?oiaioe oiiaeiaiai ?eieo;

?No – ?aaeueia aa?o?noue ie?aieo oiiaeiaeo ?ino?oiaio?a;

Eo – noia eioo?a, ?iaanoiaaieo a ie?ai? oiiaeia? ?ino?oiaioe.

Iaeiei c i?ia?aeieo /eiiee?a, ye? oi?iotho ye?noue ? aoaeoeai?noue
no?aoaa?? ?inoeoooe?iiaeueieo ?iaanoi??a, ? ?ioi?iaoe?eia caaacia/aiiy –
iayai?noue o i?aai?caoe?? ??ciiiai?oii? aeiiii?ei-?ioi?iaoe?eii? aace,
yea ia i?inoi aeeth/a? a naaa a?aeiiino? ??ciiai iai?yio, a naia o?, ia
ye? ? iiieo ei?enooaa/?a. ?aeaaeueiith iiaeia aaaaeaoe neooaoe?th, i?e
ye?e caa??aa?oueny ??aiiaaaa i?ae ae?iaieoeoaii ?ioi?iaoe?? ? ??
niiaeeaaiiyi:

IG=IU ,

aea IG – ae?iaieoeoai ?ioi?iaoe??;

IU – niiaeeaaiiy ?ioi?iaoe??.

sse na?ae/aoue ?acoeueoaoe i?iaaaeaiiai iaoeiaiai aeine?aeaeaiiy,
iniiaiith i?iaeaiith /anoi noa? ia ianoa/a ?ioi?iaoe??, a ?? iaaeeeoie.
I?e ?icaeyae? eiie?aoii? aeiiii?/i? neooaoe?? ?? iaaaaaoi a?eueoa, i?ae
iiaea ni?eeiyoe ie?aia ethaeeia.

sseui ?ioi?iaoe?th, yea iaiao?aeia aeey ??oaiiy yeiainue eiie?aoiiai
ieoaiiy, iicia/eoe ye ?aeaaaioio, a ?ioi?iaoe?th, yea ni?eeia?oueny i?e
i?eiyoo? aeaiiai ??oaiiy ye i?eeiyoo aei oaaae, oi oa /anoea, yea ia?
a?aeiioaiiy aei ?icaeyaea?iiai ieoaiiy, iiaea aooe aecia/aia ye
aeei?enoaia ?ioi?iaoe?y. ?aeaaaioia ?ioi?iaoe?y, yea ia i?eeia?oueny aei
oaaae iicia/a?oueny ye ?ioi?iaoe?ei? ao?aoe. Ca aeiiiiiaith iaoaiaoe/ieo
neiaie?a, aoaeoeai?noue aeei?enoaiiy ?ioi?iaoe?? a ae?yeueiino?
?iaanoeoe?eii-iina?aaeieoeueeeo i?aai?caoe?e iiaeia i?aaenoaaeoe a
aeaeyae? oi?ioee:

aea A – aooaeoeai?noue aeei?enoaiiy ?ioi?iaoe??;

wmetafile8? ???????????????
???????????yyy????.????1?????????????
 `???&??yyyy?????Ay°y P???&?
?MathType??`????u?th??????1/4??I??Times New Roman Cyr?????-??
???2a@????R?p???u?th??????1/4??I??Times New Roman
Cyr??????-???????
???2`A???i?g????&??yyyy????????u??????1/4????”System????
-???????????? ???2A@????Y?c ???2??+? – ?aeaaaioia ?ioi?iaoe?eia
iaaeaiiy;

wmetafile8? ???????????????
???????????yyy????.????1?????????????
?????&??yyyy?????Ay°yA°???&??MathType??P – ?ioi?iaoe?ei?
ia?aoeiaee.

Ca?aene aeo?ea? oiiaea?ae a?aeiinii oiai, ui aoaeoeai?noue aeei?enoaiiy
?ioi?iaoe?? a ae?yeueiino? ?iaanoeoe?eii-iina?aaeieoeueeeo i?aai?caoe?e
aecia/a?oueny ca?eueoaiiyi /anoee ?aeaaaioii? ?ioi?iaoe??, ciaioaiiyi
/anoee ?ioi?iaoe?eieo aeo?ao ? caaaeaiiyi aei i?i?ioio, ii iiaeeeaino?,
?ioi?iaoe?eieo ia?aoeiae.

?aae?caoe?y oaeiai nenoaiii-eiiieaeniiai i?aeoiaeo aei i?iaeaie
i?aeaeuaiiy aoaeoeaiino? ae?yeueiino? ?iaanoeoe?eii-iina?aaeieoeueeeo
i?aai?caoe?e iiaea aooe aeinyaiooa ca ?aooiie noai?aiiy iiaeae?
?ioi?iaoe?eiiai caaacia/aiiy, yea e aoea ?ic?iaeaia a ?acoeueoao?
i?iaaaeaiiy aeena?oaoe?eiiai aeine?aeaeaiiy

I?e ?ic?iaoe? oaei? iiaeae? ia?o ca ana iaiaaaeenue caaacia/eoe
aio/e?noue ?ioi?iaoe?eii? nenoaie ii a?aeiioaiith aei ei?enooaa/a, uia
inoaiiueiio ia aeiaiaeeeiny ae?yoe o?eueee noai?i ia?aaeaa/aiei caniaii.
Aaeaea nenoaia iiaeiia aooe caeaoiith a?ae??ciyoe ei?enooaa/a ?
i?enoiniaoaaoeny aei iueiai. Aca?iiae?y ethaeeie c iaoeiith iiaeiia
iaaaaeoaaoe, ii iiaeeeaino?, ethaenueea ni?eeoaaiiy.

A?aoiaoth/e oie oaeo, ui ei?enooaa/? ?ioi?iaoe?? ia ?eieo oe?iieo
iaia??a – oea ia caaaeaee oao?aoe?, i?e ?ic?iaoe? iiaeae?
?ioi?iaoe?eiiai caaacia/aiiy aeoiaeeee c oiai, ui ??aaiue caaaeaiiy
iiaeiiee aooe c?icoi?eei an?i ?? ei?enooaa/ai.

No?oeoo?a oi?o?eiaaii? aaeaioeaii? iiaeae? ooieoe?iiaeueii? /anoeie
?iaanoeoe?eii? nenoaie, yea iaaaaeaia ia ?en.3, i?aaenoaaey? niaith
ocaaaeueiaio iiaeaeue ooieoe?iioaaiiy nenoaie, yea no?oeoo?ii
neeaaea?oueny c iaaieo aeie?a, aea iaaea?oueny iien iniiaieo ooieoe?e
(iiaeoeae). Eiaeiee c iiaeoeae a?aeia?aaea? i?aenenoaio, yea aeeiio?
iaai? ooieoe?? ? iiaea aooe aeaeiiiiciaaiith ia a?eueo aeaoaeuei?oiio
??ai?.

Aiae?c ?nioth/eo cania?a ? iaoiae?a i?iaeooaaiiy ?ioi?iaoe?eieo nenoai
aeicaieea ae?eoe aeniiaeo noiniaii oiai, ui a caeaaeiino? a?ae
niaoeeo?ee i?aaeiaoii? iaeano? ? oiia i?iaeooaaiiy nenoaia aai ie?ai? ??
aeiee iiaeooue aooe ?aae?ciaai? c aeei?enoaiiyi o?aaeeoe?eieo
aeai?eoi?/ieo iia, iaeao?a i?eeeaaeieo i?ia?ai caaaeueiiai i?ecia/aiiy
aai aeane?eioeaieo nenoai eiii’thoa?iiai (NASEnenoai), ooieoe?iiaeueieo
iaeao?a i?eeeaaeieo i?ia?ai aai aee?aeoeaieo CASE-nenoai. Neeaae
aeei?enoaieo cania?a a cia/i?e i??? coiiaeth? i?aoea?ii?noue,
aeiaaino?ieia?noue, aeo?aoe ia i?iaeooaaiiy, ooieoe?iioaaiiy ?
iiaeeo?eaoe?th ?iaanoeoe?eieo nenoai.

Iaeace

ee??io?a

aiae?oe/ia ?

eiinoeueoaoeaia ?ioi?iaoe?y

I?aaeea i?iaaaeaiiy oi?a?a

I?aenenoaia
oi?ie aeieoiaio?a ? cayaee

EE??IO

Caeiiiaeaanoai .

A?aeiiino? i?i

oaiaee

Iia?aoe?eia
?ioi?iaoe?eii-

i?aenenoaia
aeia?aeeiaa

oaiaee,
i?aenenoaia

eioe?iaee,

a??aeia?

eiio?aeoe

?ioi?iaoe?y i?i OeI,

a??ae?, noaoenoe/ia

?ioi?iaoe?y, niaoe?aeue-

Aaei?i?no?aoeaia
ia ?ioi?iaoe?y

i?aenenoaia

Iae?eiaa i?aenenoaia

I?aenenoaia

ca’yceo

( )

Oaeaeiioi?eaoe?ei?

caniae ca’yceo, oaeaoiie

iiaeaie

.

?en. 3. ?ioi?iaoe?eii-aaeaioeaia iiaeaeue ?iaanoeoe?eieo nenoai

Ia i?aenoaa? i?iaaaeaiiai aiae?co ?nioth/eo oaoiieia?e i?iaeooaaiiy
?ioi?iaoe?eieo nenoai cai?iiiiiaaii iiaee i?aeo?ae aei oaeiai aeaeo
i?iaeooaaiiy, caniiaaiee ia ?ic?iaoe? ? aeei?enoaii? no/anieo
CASE-oaoiieia?e aee?aeoeaiiai oeio. Ii??aiyeueiee aiae?c ?nioth/eo
CASE-cania?a iieacaa, ui a?eueo ia?aaaaeiei yaey?oueny aeei?enoaiiy
nenoai Design/IDEF (ICAM DEFinition) c o?aooaaiiyi ia?niaeoea ?o
?icaeoeo a iai?yi? i?aeaeuaiiy nooiai? ?ioaa?iaaiino? ? i?aeo?eiee ?ioeo
aoai?a aeeoo?aiai oeeeeo ?ioi?iaoe?eieo nenoai.

Aeniiaee

A aeena?oaoe?? aeine?aeaeaii eiiieaen i?iaeai, ye? iia’ycai? c
?ic?iaeith oeyo?a ? cania?a i?aeaeuaiiy ?ioi?iaoe?eiiai caaacia/aiiy
?iaanoeoe?eii-iina?aaeieoeueeeo i?aai?caoe?e ia oe?a?inueeiio oiiaeiaiio
?eieo a oiiaao nioe?aeueii-aeiiii?/ii? o?ainoi?iaoe?? iaoai?ci?a
ainiiaea?thaaiiy aea?aeaae. Aei iniiaieo aeniiae?a ? i?iiiceoe?e iiaeia
a?aeianoe oae?:

1. I?ia?aeiei /eiieeii, yeee caaacia/o? oi?ioaaiiy oiiaeiaiai ?eieo noa?
ia’?aeiaiiy eai?oae?a a oi?i? aeoe?iioaaiiy, yea coiiaeth? iiyao iiaeo
?eieiaeo no?oeoo?, oaeeo ye a??ae?, a?iea?nuee? eiiiai??, eiia?oe?ei?
aaiee ? o.?i.

2. Iaeiei c iai?yi?a, yeee ni?ey? ?icaeoeo a Oe?a?i? ?eieo oe?iieo
iaia??a, ? noai?aiiy iina?aaeieoeueeeo i?aai?caoe?e, ye? iiaeooue aooe
ye aea?aeaaieie, oae ? ae?yoe ia i?eioeeiao iiaiiai aini?ic?aooieo.

3. Aieiaiith i?aenoaaith aeey ?ioi?iaoe?eieo oaoiieia?e a ?iaanoeoe?ei?e
ae?yeueiino? iiaeiia noaoe nenoaia aca?iica’yceo niiaeeaa/a (io?eioaa/a)
c aeiiii?/iei ioi/aiiyi (ciai?oi? ? aioo??oi? ?ioi?iaoe?eia na?aaeiaeua)

4. Aeoe?? a Oe?a?i? yaeythoueny iaea?eueo iioe?aiei aeaeii oe?iieo
iaia??a.Ianyae ai?n?e aeoe?e iino?eii c?inoathoue ??aii, ye ? ?o /anoea
a caaaeueiiio ianyc? aeiouaieo oe?iieo iaia??a.

5. Aeei?enoaiiy eiii’thoa?ieo nenoai ia oiiaeiaiio ?eieo ni?ey?
noai?aiith ?aeeiiai ?ioi?iaoe?eiiai i?inoi?o oiiaeiaiai ?eieo.

6. Ai?iaaaeaeaiiy ?ic?iaeaii? ca IDEF – iaoiaeieia??th iiaeae?
aeicaieeoue ae??oeoe caaaeaiiy uiaei caaacia/aiiy eiiieaenii?
aaoiiaoecaoe?? ae?yeueiino? ?iaanoeoe?eii-iina?aaeieoeueeeo i?aai?caoe?e
ia oiiaeiaiio ?eieo ? noai?eoe iiaooi? eiioi?eaoe?ei? nenoaie, ye?
iaaeaaeooue iiaeeea?noue aeei?enoiaoaaoe neeaaei? ?eieia? oaoiieia??,
iia?aoeaii aca?iiae?yoe c aaieianueeeie caeeaaeaie, a??aeaie oa ?ioeie
?eieiaeie no?oeoo?aie.

Nienie iioae?eiaaieo aaoi?ii i?aoeue ca oaiith aeena?oaoe??

1. Aenaiiaa A.A. Yeiiiieei-neooaoeeiiiue aiaeec oiiaeiaiai ?uiea
Oe?aeiu. – Aeiiaoee: EYI IAI Oe?aeiu, 1998.- 54n.

2. Aenaiiaa A.A. Eiaanoeoeeiiiay aeayoaeueiinoue a nenoaia
nioeeaeueii-yeiii-ie/aneeo i?aia?aciaaiee Oe?aeiu.- Aeiiaoee: EYI IAI
Oe?aeiu, 1997.-48n.

3. Aenueiiiaa I.I. Nenoaia ?ioi?iaoe?eieo oaoiieia?e ye can?a
aaeineiiaeaiiy ?iaanoeoe?eii? ae?yeueiino? // Oi?a?aey ? ?eiie Oe?a?ie –
Aeiiaoeuee: AeAeE?, 1998.-N.200-203.

4. Aenaiiaa A.A. Iaoiaeeea eniieueciaaiey IEO a eiaanoeoeeiiiie
aeayoaeueiinoe no?oeoo?iuo iiae?acaeaeaiee oiiaeiaiai ?uiea Aeiiaanna //
Aeua ina?oa: noai oa iai?yiee ?aoi?ioaaiiy: Na.oac aeiiia?aeae.–
Aeiiaoeuee: AeAeE?, 1996.-N.98-99.

5. Aenueiiiaa I.I. Aeei?enoaiiy I?II a nenoaiao ei?ioei/aniiai
i?iaiicoaaiiy // Oi?a?aey ? ?eiie Oe?a?ie – Aeiiaoeuee: AeE? , 1993. –
N.84-85.

6. Aenaiiaa A.A. I?iaeaiu eiaanoeoeeiiiie aeayoaeueiinoe a Oe?aeia.//
Onoie/eaia ?acaeoea no?ai n ia?aoiaeiie yeiiiieeie.: Na. iao/.
aeieeaaeia. – Aeiiaoee: AeAEE, 1998.- N. 133-136.

7. Aenueiiiaa A.A. Iaoiaeieiaey oeiainiauo au/eneaiee a n?aaea EXCEL –
05 // Iaoiaee/ia ?iaioa a eiioaeno? iaoe?iiaeueii? aeui? ina?oe.: Na.
oac aeiiia?aeae. – Aeiiaoeuee: AeAeE?, 1997.- N.122-123.

8. Aenaiiaa A.A. I?eiaiaiea iioeiecaoeeiiiuo eino?oiaioia yeaeo?iiiuo
oaaeeoe i?e iiaeai?a ia?aiao?ia yeaeo?e/aneeo oeaiae //Iaoiaee/ia
?iaioa: “Iiaeyae a OO? noie?ooy”: Na. oac aeiiia?aeae.-Aeiiaoeuee:
AeAeE?, 1998.- N.149-150

9. Aenueiiiaa I.I. ?ioi?iaoe?ei? ia?aae? – ?o ?ano?ne oa iiaeeeaino?//
Oi?a?aey ? ?eiie Oe?a?ie. – Aeiiaoeuee: AeE?, 1994. –N.124-125.

10. Aenueiiiaa I.I. Nenoaie ee??eiao ia ?eieo oe?iieo iaia??a //
Oi?a?aey ? ?eiie Oe?a?ie. – Aeiiaoeuee: AeE?, 1995. –N.113-114.

11. Aenueiiiaa I.I. Ia?niaeoeae ?icaeoeo oiiaeiaiai ?eieo Oe?a?ie o
na?oe? ?ioi?iaoe?eieo oaoiieia?e //Oi?a?aey ? ?eiie Oe?a?ie. –
Aeiiaoeuee: AeAeE?, 1996. – N.150-152.

12. Aenueiiiaa I.I., Eoae?i A.I. Ieoaiiy ?ioi?iaoe?eii? i?aeo?eiee
oiiaeiaiai ?eieo Oe?a?ie (ia i?eeeaae? Aeiiaano) //Oi?a?aey ? ?eiie
Oe?a?ie. – Aeiiaoeuee: AeAeE?, 1996. –N.145-146. Iniaenoee aianie:
?ic?iaeaii ?aeiiaiaeaoe?? uiaei ai?iaaaeaeaiiy iaaieo ?ioi?iaoe?eieo
nenoai ia oiiaeiaiio ?eieo Aeiiaano.

13. Aenaiiaa A.A. Niaa?oainoaiaaiea eiaanoeoeeiiiie aeayoaeueiinoe /a?ac
nenoaio eioi?iaoeeiiiuo oaoiieiaee //I?aaei?eieiaoaeuenoai: i?iaeaiu e
?aoaiey. – Aeiiaoee: Eanneiiay, 1998. – N.103-108.

14. Oaeaaaaea A.A., Aenaiiaa A.A. ?acaeoea oe?aeineiai oiiaeiaiai ?uiea
a oneiaeyo ia?aoiaeiie yeiiiieee //I?aaei?eieiaoaeuenoai: i?iaeaiu e
?aoaiey. – Aeiiaoee: Eanneiiay, 1998. – N.87-91. Iniaenoee aianie:
i?iaaaeaii aiae?c iniiaieo iieaciee?a ?icaeoeo oe?a?inueeiai oiiaeiaiai
?eieo.

15. Aenueiiiaa I.I. I?i aeiiii?/iee iaoai?ci ?iaanoeoe?eii? iie?oeee
Oe?a?ie // Oi?a?aey ? ?eiie Oe?a?ie. – Aeiiaoeuee: AeAeE?, 1998. –
N.201-203

16. Aen?iiaa A.A., Aeueyeiiaiei E. Ooieoeeiiaeueiia iiaeaee?iaaiea
eiaanoeoeeiiiie aaeaioeaiie eiiiuethoa?iie nenoaiu //Iao. anaoe?. iao/.
eiioa?. “?ioi?iaoe?ei? oaoiieia?? a iaooe? ? ina?o?”.- *a?eane: *AeO
?i.Oiaeueieoeueeiai, 1997. –N.12-13

17. Aenaiiaa A.A., Iiaeieueneay A.N Eniieueciaaiea iaeaoa yeaeo?iiiuo
oaaeeoe EXCEL 5.0/7.0 aeey ia?aaioee o/aoii-yeiiiie/aneie eioi?iaoeee/
O/. iiniaea – Aeiiaoee: AeAEE, 1996.- 28n. Iniaenoee aianie: ?ic?iaeaii
iaoiaeeeo a?ao?/iiai aiae?co aeiiii?/ieo i?ioean?a, ye? i?eoaiaii?
oe?a?inueeiio oiiaeiaiio ?eieo.

18. Eoaeei A.I., E?a/eianeee A.A., Aenaiiaa A.A Caaea/e oi?aaeaiey
caianaie ii aeenoeeieeia “Yeiiiieei-iaoaiaoe/aneia iiaeaee?iaaiea”/
Iaoiae. ?aeii. – Aeiiaoee: AeAEE, 1997.–14n. Iniaenoee aianie:
i?iaaaeaii aiae?c o?iainiai? ae?yeueiino? i?aei?e?inoa oi?a?ae?.

19. Iaeaaooa A.A., Aenaiiaa A.A I?aeoe/aneea caaeaiey ii i?iaaaeaieth
eaai?aoi?iuo ?aaio ii aeenoeeieeia “A?I yeiiiienoa/Iaoiae.oeac.-
Aeiiaoee: AeAEE, 1998. – 36n. Iniaenoee aianie: i?iaaaeaii aiae?c
o?iainiaie ae?yeueiino? i?aei?e?inoa oi?a?ae?.

20. AEoeiaa E.A., Aenaiiaa A.A. Ia?eaoeia a oi?aaeiaieyo/ O/aaiia
iiniaea.- Aeiiaoee:1998.–34n. Iniaenoee aianie: ?ic?iaeaii oeyoe
ai?aaaeaeaiiy ia?ea-oeiaiai? eiioeaioe?? a iaa/aeueiee i?ioean i?e
i?aeaioiaee oao?aoe?a aeiiii?no?a.

Aiioaoe?y

Aenueiiiaa I.I. Iaoai?ci caaacia/aiiy ae?yeueiino?
?iaanoeoe?eii-iina?aaeieoeueeeo i?aai?caoe?e ia oiiaeiaiio ?eieo. –
?oeiien.

Aeena?oaoe?y o aeaeyae? ?oeiieno ia caeiaoooy iaoeiaiai nooiaiy
eaiaeeaeaoa aeiiii?/ieo iaoe ca niaoe?aeuei?noth 08.02.02 – Aeiiii?ea oa
oi?aae?iiy iaoeiai-oaoi?/iei i?ia?anii, ?iaanoeoe?ei? oa ?iiiaaoe?ei?
i?ioeane. – ?inoeooo aeiiii?ee i?iieneiaino? IAI Oe?a?ie, Aeiiaoeuee,
1999.

Aeena?oaoe?y i?noeoue oai?aoe/i? ocaaaeueiaiiy ? iia? iaoiaee/i?
i?aeoiaee a aaeoc? aeei?enoaiiy ?ioi?iaoe?eiiai caaacia/aiiy ye caniaa
i?aeaeuaiiy aoaeoeaiino? ae?yeueiino? ?iaanoeoe?eii-iina?aaeieoeueeeo
i?aai?caoe?e ia oiiaeiaiio ?eieo Oe?a?ie. I?iaaaeaii aeine?aeaeaiiy
noaio ?icaeoeo oe?a?inueeiai oiiaeiaiai ?eieo a oe?eiio ? aecia/aii
oa?aeoa?i? ?ene ae?yeueiino? ?iaanoeoe?eii-iina?aaeieoeueeeo
i?aai?caoe?e. Anoaiiaeaii iaea?eueo ae?eia? i?eioeeie ? e?eoa???
iiaoaeiae aoaeoeaii? ?ioi?iaoe?eii? nenoaie, ye? iiaeooue aooe
canoiniaai? ia ?eieo oe?iieo iaia??a a eiioaeno? ?iaanoeoe?eii? iie?oeee
aea?aeaae. ?ic?iaeaii ?ioi?iaoe?eii-aaeaioeaio iiaeaeue iaoai?cio
caaacia/aiiy ae?yeueiino? ?iaanoeoe?eii-iina?aaeieoeueeeo i?aai?caoe?e
ia oiiaeiaiio ?eieo Oe?a?ie.

Eeth/ia? neiaa: ?iaanoeoe?eii-iina?aaeieoeueea i?aai?caoe?y, oe?ii?
iaia?e, ?ioi?iaoe?ei? nenoaie, iaoai?ci caaacia/aiiy, aoaeoeai?noue,
oiiaeiaee ?eiie, aaeaioeaia iiaeaeue.

Annotation

Aksyonova H.A. Mechanism ensuring of investment-intermediary
organizations activity at the stork market.- Manuscript.

The thesis in question is written as manuscript and is presented for
economic sciences candidate degree speciality 08.02.02. – Economy and
management of scientific and technical progress, investment and
innovation processes .-

This thesis contains theoretic general conclusions and new methodic
approaches in the field of information al ensuring application as the
most effective way to rise activity of investment-intermediary
organizations at the Ukraine’s stock market. In the given thesis it has
been investigated state of development of the Ukrainian stock market in
a whole is and the characteristic features of investment-intermediary
organizations activity has been determined; as well as the most
effective principles and criteria of informational system formation
which can be used at the securities market in the context of state
investment policy has been established. The informational-adaptive
parttern of investment systems has been worked out.

Key words: investment-intermediary organization, the securities,
informational system, the mechanism of maintenance, effictivity, stock
market, adaptive model.

Aiioaoeey

Aenaiiaa A.A. Iaoaieci iaania/aiea aeayoaeueiinoe
eiaanoeoeeiiii-iin?aaeie/aneeo i?aaiecaoeee ia oiiaeiaii ?uiea. –
?oeiienue.

Aeenna?oaoeey a aeaea ?oeiiene ia nieneaiea o/aiie noaiaie eaiaeeaeaoa
yeiiiie/aneeo iaoe ii niaoeeaeueiinoe 08.02.02. – Yeiiiieea e oi?aaeaiea
iao/ii-oaoie/aneei i?ia?annii, eiaanoeoeeiiiua e eiiiaaoeeiiiua
i?ioeannu. – Einoeooo yeiiiieee i?iiuoeaiiinoe IAI Oe?aeiu, Aeiiaoee,
1999.

Aeaiiay aeenna?oaoeeiiiay ?aaioa i?aaenoaaeyao niaie ?acoeueoaou
iao/iiai enneaaeiaaiey, nouiinoue eioi?iai naiaeeony e iiaea?iecaoeee
iiaeaee eioi?iaoeeiiiiai iaania/aiey eiaanoeoeeiiii-iin?aaeie/aneeo
i?aiecaoeee, iai?aaeaiiie ia iiauoaiea yooaeoeaiinoe eo aeayoaeueiinoe a
oneiaeyo ia?aoiaea Oe?aeiu e ?uii/iui ioiioaieyi.

Aeenna?oaoeey niaea?aeeo oai?aoe/aneea iaiauaiey e iiaua iaoiaee/aneea
iiaeoiaeu a iaeanoe eniieueciaaiey eioi?iaoeeiiiiai iaania/aiey eae
n?aaenoaa iiauoaiey yooaeoeaiinoe aeayoaeueiinoe
eiaanoeoeeiiii-iin?aaeie/aneeo i?aaiecaoeee ia oiiaeiaii ?uiea Oe?aeiu.
Enneaaeiaaii ninoiyiea ?acaeoey oe?aeineiai oiiaeiaiai ?uiea a oeaeii e
ii?aaeaeaiu oa?aeoa?iua /a?ou aeayoaeueiinoe
eiaanoeoeeiiii-iin?aaeie/aneeo i?aaiecaoeee. Onoaiiaeaiu iaeaieaa
aeaenoaaiiua i?eioeeiu e e?eoa?ee iino?iaiey eioi?iaoeeiiiie nenoaiu,
eioi?ua iiaoo i?eiaiyoueny ia ?uiea oeaiiuo aoiaa a eiioaenoa
eiaanoeoeeiiiie iieeoeee ainoaea?noaa.

I?iaaaeai nenoaiiue aiaeec nioeeaeueii-yeiiiie/aneeo oneiaee noaiiaeaiey
oe?aeineiai oiiaeiaiai ?uiea, ii?aaeaeaiu iniiaiua no?aoaae/aneea
iai?aaeaiey ?acaeoey oe?aeineiai ?uiea oeaiiuo aoiaa iooai
eniieueciaaiey yeiiiieei-iaoaiaoe/aneeo e noaoenoe/aneeo iaoiaeia.

Ii?aaeaeaia nenoaia acaeiiaeaenoaey anao o/anoieeia oiiaeiaiai ?uiea e
iaicia/aii ianoi e ?ieue eiaanoeoeeiiiei- iin?aaeie/aneeo i?aaiecaoeee a
iauae nenoaia ooieoeeiie?iaaiey ?uiea oeaiiuo aoiaa. I?iaaaeai
yeiiiie/aneee aiaeec ooieoeeiiaeueii-iia?aoeeiiiie neneoaiu
aeayoaeueiinoe noauaeoia oiiaeiaiai ?uiea Oe?aeiu.

Iieacaia aeeiaieea yaiethoeeiiiiai ?acaeoey eioi?iaoeeiiiuo oaoiieiaee
eae niiniaa oniaa?oainoaiaaiey aeayoaeueiinoe anao o/anoieeia ?uiea
oeaiiuo aoiaa. Iaoneiaeaia iaiaoiaeeiinoue ?ac?aaioee iaoaiecia
iaania/aiey aeayoaeueiinoe eiaanoeoeeiiii-iin?aaeie/aneeo i?aaiecaoeee
iooai niaa?oainoaiaaiey eioi?iaoeeiiiuo oaoiieiaee. Ii?aaeaeaiu aaaeouea
oaeoi?u, iaoneaaeeaathuea ianoi e cia/eiinoue eioi?iaoeeiiiiai
iaania/aiey eiaanoeoeeiiii-iin?aaeie/aneeo i?aaiecaoeee. I?iaaaeai
n?aaieoaeueiue aiaeec i?eioeeiia, iaoiaeia e e?eoa?eaa ioeaiee
eioi?iaoeeiiiiai iaania/aiey ooieoeeiie?iaiaey oe?aeineiai oiiaeiaiai
?uiea.

Iainiiaaiu i?aeiouanoaa aaoiiaoecaoeee aeayoaeueiinoe
eiaanoeoeeiiii-iin?aaeie/aneeo i?aaiecaoeee ii ioiioaieth e
i?iaeoe?iaaieth eiaanoeoeeiiiuo nenoai, aaaeouei ec eioi?uo noaei
nicaeaiea aiciiaeiinoe niaa?oainoaiaaiey aiaeeca aeeiaieee eciaiaiey
eioe?iaee oeaiiuo aoiaa a ?acee/iuo a?aiaiiuo ia?eiaeao, a oaeaea
onoaiiaeaiea aaaeoueo oaeoi?ia, aeeythueo ia naaanoieiinoue oeaiiuo
aoiaa.

Ii?aaeaeaiu iaeaieaa i?ei?eoaoiua aeaeu oeaiiuo aoiaa a eiioaenoa
niioiioaiey ni?ina e i?aaeeiaeaiey. Iniiauaaynue ia iieiaeaieyo
ia?eaoeiaiaie eiioeaioeee, i?iaaaeaia naaiaioaoeey a?oii iieueciaaoaeae
ii oeiai eo acaeiiaeaenoaey n aacie aeaiiuo .

Eniieuecoy a?aoe/aneea iaoiaeu ia?aaioee noaoenoe/aneie eioi?iaoeee.
ii?aaeaeaia aeeiaieea eciaiaiey iauaia i?iaeaae ai aiaae?aeaaie oi?aiaie
nenoaia.

I?iaaaeai aiaeec nouanoaothueo oaoiieiaee i?iaeoe?iaaiey eioi?iaoeeiiiuo
nenoai, ia aaca eioi?iai aue ?ac?aaioai iiaue iiaeoiae e i?iaeoe?iaaieth
eiaanoeoeeiiiuo nenoai, iniiaaiiue ia ?ac?aaioea e eniieueciaaiee
nia?aiaiiuo oaoiieiaee aee?aeoeaiiai oeia.

?ac?aaioaia eioi?iaoeeiiii-aaeaioeaiay iiaeaeue eiaanoeoeeiiiuo nenoai,
aiaae?aiea eioi?ie a i?aeoeeo aeayoaeueiinoe
eiaanoeoeeiiii-iin?aaeie/aneeo i?aaiecaoeee nicaeano aeaaii?eyoiua
oneiaey aeey oiai. /oiau i?ineaaeeoue aeaeaeaiea eioi?iaoeeiiiuo iioieia
ii aeaoi ea/anoaaiiui oa?aeoa?enoeeai: iai?aaeaiiinoue e niaea?aeaiea, a
oaeaea iicaieeo iioeiece?iaaoue nai? e no?oeoo?ecaoeeth aiaoiae
eioi?iaoeee aeey aeaeueiaeoaai oi?ie?iaaiey aioo?aiiae eioi?iaoeeiiiie
aacu i?aaei?eyoey, eioi?ay nouanoaaiii aeeyao ia ?acoeueoaou
oicyenoaaiiie aeayoaeueiinoe, iaania/eaay i?e yoii iieiue caieiooue
oeeee oaoiieiaee io iinooieaiey eioi?iaoeee aei i?eiyoey eiie?aoiiai
oeiainiaiai ?aoaiey.

Eeth/aaua neiaa: eiaanoeoeeiiii-iin?aaeie/aneay i?aaiecaoeey, oeaiiua
aoiaae, eioi?iaoeeiiiua nenoaiu, iaoaieci iaania/aiey, yooaeoeaiinoue.
oiiaeiaue ?uiie, aaeaioeaiay iiaeaeue.

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