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Фондовий ринок як фактор підприємницького середовища в умовах перехідної економіки: Автореф. дис… канд. екон. наук / Нгуєн Мінь Дик, Донец. держ. ун

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7

I?I?NOA?NOAI INA?OE OE?A?IE

AeIIAOeUeEEE AeA?AEAAIEE OI?AA?NEOAO

AEIIII?EE ? OI?A?AE?

IAO?I I?IUe AeEE

OAeE 336.76 (043.3)

OIIAeIAEE ?EIIE ssE OAEOI?

I?AeI?E?IIEOeUeEIAI NA?AAeIAEUA A

OIIAAO IA?AO?AeII? AEIIII?EE

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

AeIIAOeUeE – 1999

Aeena?oaoe??th ? ?oeiien.

?iaioa aeeiiaia a Aeiiaoeueeiio aea?aeaaiiio oi?aa?neoao? aeiiii?ee ?
oi?a?ae? I?i?noa?noaa ina?oe Oe?a?ie

Iaoeiaee ea??aiee – aeieoi? aeiiii?/ieo iaoe, i?ioani? Ni?iea ?ai?
A?eoi?iae/, Aeiiaoeueeee aea?aeaaiee oi?aa?neoao aeiiii?ee ? oi?a?ae?,
?aeoi?

Io?oe?ei? iiiiaioe: – aeieoi? aeiiii?/ieo iaoe, i?ioani? Naiaiia
Aiaoie?e A?eai?iae/, Aeiiaoeueeee aea?aeaaiee oi?aa?neoao, caa?aeoaa/
eaoaae?e aeiiii?/ii? oai???

– eaiaeeaeao aeiiii?/ieo iaoe, noa?oee iaoeiaee ni?a?ia?oiee Eyoaiei
A’y/aneaa ?aaiiae/, ?inoeooo aeiiii?ee i?iieneiaino? IAI Oe?a?ie,
caa?aeoaa/ naeoi?o a?aeae?eo i?iaeai ea?oaaiiy ae?iaieoeoaii

I?ia?aeia i?aai?caoe?y: Ee?anueeee aea?aeaaiee oi?aiai-aeiiii?/iee
oi?aa?neoao I?i?noa?noaa ina?oe Oe?a?ie, i. Ee?a

Caoeno a?aeaoaeaoueny “26” n?/iy 2000 ?. a 14-00 aiaeei ia can?aeaii?
niaoe?ae?ciaaii? a/aii? ?aaee E11.055.01 o Aeiiaoeueeiio aea?aeaaiiio
oi?aa?neoao? aeiiii?ee ? oi?a?ae? ca aae?anith: 83050, i. Aeiiaoeuee,
aoe. Ui?na, 31.

C aeena?oaoe??th iiaeia iciaeiieoeny o a?ae?ioaoe? Aeiiaoeueeiai
aea?aeaaiiai oi?aa?neoaoo aeiiii?ee ? oi?a?ae? ca aae?anith: 83017, i.
Aeiiaoeuee, a. Oaa/aiea, 30.

Aaoi?aoa?ao ?ic?neaiee “26”a?oaeiy 1999 ?.

A/aiee nae?aoa?

niaoe?ae?ciaaii? a/aii? ?aaee
Aeiia?aaeiaa I. A.

CAAAEUeIA OA?AEOA?ENOEEA ?IAIOE

Aeooaeuei?noue oaie aeine?aeaeaiiy. Aeey iinonioe?ae?noe/ieo e?a?i
i?iaeaia oiiaeiaiai ?eieo noaea iaei??th c iaea?eueo aeooaeueieo. Aeania
eaaeo/e – oea i?iaeaia oi?ioaaiiy ? ooieoe?iioaaiiy ?eieo i?aai?ciaaiiai
eai?oaeo.

I?aeoeee ae??ooaaiiy iiae?aii? i?iaeaie a ian oaeoe/ii iaia?.
Ia?aianaiiy o iinonioe?ae?noe/i? e?a?ie aaaaoiai aeina?aeo cao?aeieo
e?a?i iao?aiey? ia o?oaeiiu? niaoeeo?/ieo oiia, yeeo oe? e?a?ie ia
ciaee. Oiio aaaeeeai aeine?aeaeoaaoe ieoaiiy i?i oa, ye c’?aeiaoe
caaaeuei? caeiiii??iino? oi?ioaaiiy ? ooieoe?iioaaiiy oiiaeiaeo ?eie?a c
iniaeeainoyie noaiiaeaiiy ?eieo oe?iieo iaia??a o e?a?iao c ia?ao?aeiei
oeiii aeiiii?ee.

Aeine?aeaeaiiy ia? ye oai?aoe/ia cia/aiiy, ine?eueee aea/aiiy oe???
i?iaeaie o?eueee ii/aeiny, oae ? i?aeoe/ia, oiio ui a eiai iniiao
caeeaaeaia aeiiii?ea eiie?aoii? e?a?ie – A’?oiaio. A?aenooi?noue a
e?a?i? ?eieo oe?iieo iaia??a ? iaei??th c aieiaieo i?e/ei, ye?
aaeueiothoue i?ioean iia?e?caoe?? eai?oaeo aeey ?icaeoeo ?eieiai?
aeiiii?ee. C iaeiiai aieo, nenoaia a?ioiai-e?aaeeoieo a?aeiinei a oiiaao
aei?noei oeaio?ae?ciaaii? ieaiiai? aeiiii?ee aaea ia iiaea caaacia/eoe
?nioth/o iio?aao o eai?oae? aeey ?icaeoeo ae?iaieoeoaa. C ?ioiai aieo,
a?aenooi?noue oiiaeiaiai ?eieo iaiaaeo? i?ioean i?eaaoecaoe?? ia?iaeiiai
ainiiaea?noaa, niia?eueith? cae?eniaiiy aeoe?iioaaiiy
aea?aei?aei?e?inoa, a oaeiae ?icaeoie aeoe?iia?ieo oiaa?enoa ? aeiiii?ee
a oe?eiio. Oiio canioaaiiy ?eieo oe?iieo iaia??a o A’?oiai? yaey? niaith
iaieio/ee i?ioean.

Oiiaeiaiai ?eieo ia aoei a ?noi??? aeiiii?/iiai ?icaeoeo A’?oiaio, ?
nueiaiaei? a’?oiainueeee ia?iae ua iiaaii ciaeiiee c eiai iniiaieie
iiiyooyie e aeaiaioaie. Oiio iinoa? ca iaiao?aeia aeine?aeaeoaaoe
nooi?noue ? iniaeeaino? ooieoe?iioaaiiy ?eieo oe?iieo iaia??a, cae?aoe e
ocaaaeueithaaoe ia?aeiiee aeina?ae anoaiiaeaiiy oiiaeiaiai ?eieo o
e?a?iao iinonioe?ae?cio, o Eeoa?, a oaeiae i?aeoeeo eiai i?aai?caoe?? o
e?a?iao Ac??, ui ?icaeaathoueny. Iiaoaeiaa a’?oiainueeiai oiiaeiaiai
?eieo – oea ia’?eoeaia iio?aaa iaoe?iiaeueii? aeiiii?ee.

Aaeeeee aianie o ?icaeoie eeane/ieo oai?aoe/ieo oyaeaiue i?i
i?aei?e?iieoeoai o noa?? o?iainiaeo a?aeiinei ? oiiaeiaiai ?eieo,
cie?aia, c?iaeee cao?aei? a/ai? aeiiii?noe A. A. Aa?na, A. N. A?aaee?,
TH. O. A?eao?i, Ae. Aeaea, ?. A. Eeoai, ?. Ia?oii, A. A. Ii?aai, A. A.
Oiian, ?. Aeae. Ouethec, O. O. Oa?i, I. Oiec.

Na?aae a/aieo aeiiii?no?a NIAe ? Oe?a?ie ?noioiee aianie o ?ic?iaeo
i?iaeaie noaiiaeaiiy ? ?icaeoeo ?eieo oe?iieo iaia??a aianee Aeaen??a I.
TH.; Aeueio?i A. ?.; Aeaie ?. I.; Ai?icae?i I. TH.; Aieiaei A. O.;
Aieueoeaa?a I. A.; Aeyaoy?ueiaa I. ?.; AEoeia ?. O.; Eaiaeeinueea I. I.;
Eieanieeia A. ?.; Eyoaiei A. ?.; I??e?i ss. I.; Iicaiaee I. I.; Ionaoia
A. O.; Ineieuenueeee A. A.; Ni?iea ?. A.; Oi?eaiianueeee A.N.

No/aniee aoai oi?ioaaiiy oiiaeiaiai ?eieo A’?oiaio a oiiaao ia?ao?aeiiai
ia??iaeo a?aeia?aaeo?oueny o ?iaioao a’?oiainueeeo a/aieo Ea Oeoai Iaea;
Iao?i Aai Eoai; Iao?i *aiue Ao?.

O aeena?oaoe?? aeine?aeaeoaai? i?iaeai? ? i?aeoeea aeiiii?/ii? ?aoi?ie,
i?iaaaeaii? o A’?oiai? i?ae ea??aieoeoaii eiioi?noe/ii? ia?o?? ?
a’?oiaineiai o?yaeo.

Ca’ycie ?iaioe c iaoeiaeie i?ia?aiaie, ieaiaie, oaiaie. Aeena?oaoe?eia
?iaioa aeeiiaia a?aeiia?aeii aei caaaeueiiai ieaio iaoeiai-aeine?aeii?
?iaioe Aeiiaoeueeiai aea?aeaaiiai oi?aa?neoaoo aeiiii?ee ? oi?a?ae? a
?aieao aeeiiaiiy aea?aeathaeaeaoii? oaie A-96-1 “Nioe?aeueii-aeiiii?/i?
i?iaeaie oi?ioaaiiy ?eieo a Oe?a?i?” (01.01.1996 – 30.12.1998).

Oe?eue ? caaea/? aeine?aeaeaiiy iieyaathoue o c’ynoaaii? nooiino? ?
caeiiii??iinoae oi?ioaaiiy oiiaeiaiai ?eieo ye oaeoi?a
i?aei?e?iieoeueeiai na?aaeiaeua, aecia/aii? ia’?eoeaieo ia?aaeoiia
noaiiaeaiiy oaeiai ?eieo a e?a?iao iinonioe?ae?cio ? aeyaeaii?
iniaeeainoae noai?aiiy ?eieo oe?iieo iaia??a o A’?oiai?.

A?aeiia?aeii aei oe??? oe?e? o aeena?oaoe?? aoee iinoaaeai? ? ae??oai?
oae? caaea/?:

aea/aiiy nooiino? oiiaeiaiai ?eieo, eiai no?oeoo?e, ?ie? e iiaeaeae;

aea/aiiy ?noi??? aeieeiaiiy ? ooieoe?iioaaiiy iaea?eueo ?icaeiooeo
oiiaeiaeo ?eie?a na?oo, a oaeiae aiae?c iniaeeainoae ? aeina?aeo
a?aeoai?aiiy ?eieo oe?iieo iaia??a a e?a?iao c ia?ao?aeiei oeiii
aeiiii?ee;

aiae?c iniaeeainoae ia?ao?aeii? aeiiii?ee A’?oiaio;

?ice?eooy caeiiii??iinoae oi?ioaaiiy ?eieo oe?iieo iaia??a o ia??iae
ia?aoiaeo aei ?eieiai? aeiiii?ee o A’?oiai?;

aecia/aiiy iiaeae? noai?aiiy oiiaeiaiai ?eieo A’?oiaio a ia??iae
ia?aoiaeo aei ?eieiai? aeiiii?ee;

?ic?iaea ii/aoeiaeo caoiae?a uiaei oi?ioaaiiy ?eieo oe?iieo iaia??a, ui
?aeiiaiaeothoueny a’?oiainueeiio o?yaeo.

Iaoiaeieia?y ? iaoiaee aeine?aeaeaiiy. Aeeeaaeai? o aeena?oaoe??
aeniiaee aacothoueny ia iaoiaeieia?/ieo iieiaeaiiyo aeiiii?/ii? oai??? a
noa?? ?ooo eai?oaeo ? ci?ie eiai ooieoe?iiaeueieo oi?i, no?oeoo?e ?
iaoai?cio oiiaeiaiai ?eieo. O aeena?oaoe?? aeei?enoiaoaaeeny
aeine?aeaeaiiy ? aeniiaee caei?aeiiieo e oe?a?inueeeo a/aieo i?i
?icaeoie o?iainiai? ?io?ano?oeoo?e a oiiaao ?eieiaeo o?ainoi?iaoe?e.

Io?eiai? aeena?oaioii ?acoeueoaoe a?oioothoueny ia i?eioeeiao
iaoa??ae?noe/ii? ae?aeaeoeee, ye caaaeueiiio iaoiae? i?ciaiiy
aeiiii?/iiai aeeooy noni?euenoaa. Aei ia’?eoa aeine?aeaeaiiy
canoiniaaiee nenoaiiee i?aeo?ae.

I?e aiae?c? aaiethoe?? na?oiaiai oiiaeiaiai ?eieo ? aecia/aii?
caeiiii??iinoae iaoe?iiaeueiiai ?eieo aaoi? ei?enoo?oueny iaoiaeii
?aeiino? ?noi?e/iiai ? eia?/iiai. Ii?yae c oeei aeey ae??oaiiy
iinoaaeaieo o aeena?oaoe?? caaaeaiue aeei?enoiaoaaeeny iaoiaee eia?/iiai
ocaaaeueiaiiy, aeiiii?ei-noaoenoe/i?, ii??aiyeueiiai aiae?co ?
i?iaiicieo ioe?iie.

A ?iaio? aiae?coaaeeny ? aeacoaaeeny caeiiiaeaa/? ? ii?iaoeai? aeoe
Oe?a?ie, ?in??, Nioe?ae?noe/ii? ?anioae?ee A’?oiai (N?A).

I?aaeiaoii aeine?aeaeaiiy ? i?ioean oi?ioaaiiy iaea?eueo ?icaeiooeo
oiiaeiaeo ?eie?a na?oo, ?oi? a?aeoai?aiiy a e?a?iao iinonioe?ae?cio, o
Eeoa?, a oaeiae o e?a?iao I?aaeaiii-no?aeii? Ac??.

Ia’?eoii aeine?aeaeaiiy noaea aeiiii?ea iiai?iiiai A’?oiaio (1978-1998
??.), oiiae e iniaeeaino? iiaoaeiae iaoe?iiaeueiiai oiiaeiaiai ?eieo.

Iaoeiaa iiaecia io?eiaieo ?acoeueoao?a iieyaa? o oiio, ui a ?iaio?
ae??oaii ?yae iaaeinoaoiuei ?ic?iaeaieo oai?aoe/ieo oa i?aeoe/ieo
i?iaeai oi?ioaaiiy oiiaeiaiai ?eieo. Aaoi?ii iaea?aeaii ianooii? iaoeia?
?acoeueoaoe:

c?iaeaiee aeniiaie i?i ia’?eoeaio iaieio/?noue iiyae oiiaeiaiai ?eieo ye
i?iaeoeoo oi?ioaaiiy ? ?icaeoeo i?aei?e?iieoeueeiai na?aaeiaeua o
e?a?iao c ia?ao?aeiei oeiii aeiiii?ee;

aeiaaaeaia ?nioaaiiy caaaeueieo caeiiii??iinoae noaiiaeaiiy ?
?icaeoeo oiiaeiaiai ?eieo aeey e?a?i c ia?ao?aeiei oeiii aeiiii?ee;

aeyaeaii iniaeeaino? cae?eniaiiy aeiiii?/ii? ?aoi?ie o
A’?oiai?, nenoaiaoeciaai? ? noi?ioeueiaai? oai?aoe/i? e i?aeoe/i?
ia?aaeoiiae noai?aiiy iaoe?iiaeueiiai oiiaeiaiai ?eieo;

iieacaia no?aoaa?y oa ?ic?iaeaii eiiieaen caoiae?a uiaei
noai?aiiy oiiaeiaiai ?eieo A’?oiaio, iienaii oe?eue, iiaeaeue ?
no?oeoo?o eiai ?icaeoeo;

?ic?iaeaii i?iaeo canioaaiiy eiiiai?? ii oe?iiei iaia?ai, ui ?
caniiaieeii ? /eaiii oiiaeiai? a??ae? o A’?oiai?;

aecia/aii ?ieue ? i?noea nenoaie eiia?oe?eieo aaie?a ia
ii/aoeiaiio aoai? noai?aiiy ? ?icaeoeo ?eieo oe?iieo iaia??a o A’?oiai?;

noi?ioeueiaaia i?iiiceoe?y ? iiaeai? ?aeiiaiaeaoe?? uiaei
noai?aiiy A’?oiainueei? oaeaeiioi?eaoe?eii? oiiaeiai? nenoaie (AOON);

cai?iiiiiaaii aaoi?nueea o?aeooaaiiy noai?aiiy A’?oiainueei?
anioe?aoe?? ?iaanoeoe?eieo aeeea??a (VASD), ?ic?iaeaiee i?iaeo ??
oi?aae?inueei? no?oeoo?e.

I?aeoe/ia cia/aiiy io?eiaieo ?acoeueoao?a neeaaea?oueny c oiai, ui aiie
ni?yiiaai? ia ??oaiiy aeooaeueieo oai?aoe/ieo ? i?aeoe/ieo i?iaeai
noai?aiiy oiiaeiaiai ?eieo A’?oiaio, a oaeiae iiaeooue aooe aeei?enoai?
a i?ioean? noaiiaeaiiy e ?icaeoeo ?eieo oe?iieo iaia??a o e?a?iao
iinonioe?ae?cio a ia??iae ia?aoiaeo aei ?eieiaeo a?aeiinei.
Ai?iaaaeaeaiiy iieiaeaiue aeena?oaoe?? aeicaieeoue ?icaeiooe no/anio
oai??th i?aei?e?iieoeoaa a noa?? oiiaeiaiai ?eieo o ia??iae ia?aoiaeo
aei ?eieiai? iiaeae? ainiiaea?thaaiiy ? aeiiiiiaea ?? cae?eniaiith ia
i?aeoeoe?, i?enei?eoue i?ioean i?eaaoecaoe??, i?aeaeueoue aoaeoeai?noue
eai?oaeiaeeaaeaiue o ia?iaeia ainiiaea?noai ? o.?i.

Io?eiai? aeniiaee ? ?aeiiaiaeaoe?? iiaeooue aooe aeei?enoai? o i?ioean?
aeeeaaeaiiy aeiiii?/ii? oai???, iniia no/aniiai i?aei?e?iieoeoaa ?
iaiaaeaeiaioo, a??aeiai? ni?aae o aeueo iaa/aeueieo caeeaaeao.

Noi?ioeueiaai? o aeena?oaoe?? i?iiiceoe?? ? ?aeiiaiaeaoe?? ?icaeyioo? e
i?eeiyo? aei ai?iaaaeaeaiiy Aaieii ciai?oiuei? oi?a?ae? A’?oiaio, yeee ?
i?ae?icae?eii Oeaio?aeueiiai aaieo A’?oiaio, c iaoith aaeineiiaeaiiy
eiai ?iaioe ia ?eieo oe?iieo iaia??a. Aaoi?ii io?eiaia a?aeiia?aeia
aeia?aeea a?ae aeaiiai aaieo i?i aeei?enoaiiy ?acoeueoao?a eiai
aeena?oaoe??.

I?eaaoia i?aei?e?inoai “Oaeai”, ui i?aoeth? ia o?iainiaiio ?eieo ye
Oe?a?ie, oae ? A’?oiaio, a?aeiia?aeiei aeieoiaioii na?ae/eoue, ui
?ic?iaee aeena?oaioa iiaeooue aooe aeei?enoai? i?e i?aai?caoe?? ai?n??
oe?iieo iaia??a o??ie, o oi?ioaaii? ii?ooaey oe?iieo iaia??a ee??io?a.

Ai?iaaoe?y ?acoeueoao?a aeena?oaoe??. Iniiai? ?acoeueoaoe
aeine?aeaeaiiy, aeniiaee, ?aeiiaiaeaoe?? ? i?iiiceoe?? aeiiia?aeaeenue ?
aoee noaaeai? ia 4-o ui??/ieo iaoeiaeo eiioa?aioe?yo
i?ioani?nueei-aeeeaaeaoeueeiai neeaaeo Aeiiaoeueeiai aea?aeaaiiai
oi?aa?neoaoo aeiiii?ee ? oi?a?ae? ca i?aenoieaie iaoeiai? ?iaioe a
1996-1999 ?ieao.

?acoeueoaoe aeena?oaoe?? oaeiae aeiiia?aeaeenue ia iaoeiai-i?aeoe/ieo
eiioa?aioe?yo:

“Noaeee ?icaeoie e?a?i c ia?ao?aeiith aeiiii?eith”.
I?aeia?iaeia iaoeiai-iaoiaee/ia eiioa?aioe?y 14 o?aaiy 1998. –
Aeiiaoeuee, 1998.

“Nioe?aeuei? i??i?eoaoe o o?aiceoi?e aeiiii?oe?”.
I?aeia?iaeia iaoeiai-i?aeoe/ia eiioa?aioe?y 20 o?aaiy 1999 ?ieo. –
Oa?e?a, 1999.

“Aeiiii?ea noaeiai ?icaeoeo: iiaeyae o XXI noie?ooy”.
Anaoe?a?inueea iaoeiai–i?aeoe/ia eiioa?aioe?y 7 – 8 aeiaoiy 1999 ?ieo. –
Aeiiaoeuee, 1999.

Ioae?eaoe??. Iniiai? iieiaeaiiy e ?acoeueoaoe aeena?oaoe?eii? ?iaioe
iioae?eiaaii a aeanyoe iaoeiaeo i?aoeyo caaaeueiei ianyaii 3,77
ae?.a?e. Iniaenoi aaoi?o iaeaaeeoue 3,3 ae?.a?e.

No?oeoo?a ?iaioe. Aeena?oaoe?y neeaaea?oueny c anooio, o?ueio ?icae?e?a,
aeaa’youeio i?ae?icae?e?a, aeniiae?a, nieneo aeei?enoaieo aeaea?ae ?
aeaio aeiaeaoe?a. Ci?no aeena?oaoe?? aeeeaaeaii ia 158 noi??ieao
iaoeiiieniiai oaenoo, ?iaioa ?ethno?iaaia 21 ?enoieii, i?noeoue 16
oaaeeoeue. Ia?ae?e e?oa?aoo?ieo aeaea?ae ia?aoiao? 121 iaeiaioaaiiy.

INIIAIEE CI?NO AeENA?OAOe??

A anooi? aeeeaaeaia aeooaeuei?noue ia?aii? oaie aeine?aeaeaiiy, noai ??
iaoeiai? ?ic?iaeaiino?, aecia/ai? oe?eue, caaaeaiiy, ia’?eo ?
iaoiaeieia?/i? iniiae aeine?aeaeaiiy, a oaeiae aeacaia iaoeiaa iiaecia,
i?aeoe/ia cia/aiiy, ai?iaaoe?y ? no?oeoo?a ?iaioe.

O ia?oiio ?icae?e? “Caeiiii??iino? oi?ioaaiiy oiiaeiaiai ?eieo a oiiaao
ia?aoiaeo aei ?eieiai? aeiiii?ee” aaoi? aiae?co? aaiacen oa ?noi??th
?icaeoeo iaea?eueo ?icaeiooeo oiiaeiaeo ?eie?a na?oo, aeine?aeaeo?
nooi?noue ? ?ieue oiiaeiaeo no?oeoo? ye iaa?ae’?iieo neeaaeiaeo
i?aei?e?iieoeueeiai na?aaeiaeua. Cie?aia, oiiaeiaee ?eiie
?icaeyaea?oueny ye /anoeia ?aeeii? noeoiiino? o?iainiaeo a?aeiinei,
neeaaeiaee eiiiiiaio o?iainiaiai ?eieo.

Noi?ioeueiaaii aaoi?nueea aecia/aiiy nooiino? oiiaeiaiai ?eieo ye
nenoaie aeiiii?/ieo a?aeiinei, ui neeaaeathoueny ia’?eoeaii i?ae eiai
o/anieeaie c i?eaiaeo aeioneo, ?aae?caoe?? e aeieaoe i?eaooeo, a oaeiae
iiaaoaiiy iii?iaeo oe?iieo iaia??a. Aieiaiei i?aaeiaoii iia?aoe?e ia
oiiaeiaiio ?eieo, aiane?aeie ?nioaaiiy iio?aae a eai?oae?, ? oe?ii?
iaia?e. Oiio aaoi? aaaaea?, ui iiiyooy “oiiaeiaee ?eiie” ? “?eiie
oe?iieo iaia??a” acaaae? ca?aathoueny. I?e oeueiio ?eiie oe?iieo iaia??a
(?OeI) ? iaeii/anii naaiaioii ye a?ioiaiai ?eieo, oae ? ?eieo eai?oae?a.
Oaeee i?aeo?ae aeicaiey? aecia/eoe iiceoe?th oiiaeiaiai ?eieo, ye
/anoeie o?iainiaiai (?en. 1).

?en. 1 Iaeao no?oeoo?e o?iainiaiai ?eieo

Ooieoe?iioaaiiy oiiaeiaiai ?eieo caaacia/o? o ?eieia?e aeiiii?oe?
iia?e?caoe?th, aeoioeyoe?th ? ia?ai?uaiiy oei/aniai a?eueieo eioo?a
ianaeaiiy ? i?aei?e?iieoeueeeo no?oeoo? c iaei??? noa?e aeiiii?ee a
?ioo, c iaei??? aaeoc? ae?iaieoeoaa a ?ioo. Oaea ooieoe?iiaeueia
i?ecia/aiiy oiiaeiaiai ?eieo caa??aa?oueny e a aeiiii?oe?
iinonioe?ae?noe/ieo e?a?i, ui cae?eniththoue ?eieia? o?ainoi?iaoe??.

I?iaaaeaiee aiae?c iieaco?, ui noi?iiaaia no?oeoo?a oiiaeiaiai ?eieo
i?ioyaii noie?oue ia caciaea ?noioieo ci?i. No?oeoo?a oiiaeiaiai ?eieo
iiaeaia ia?aeiiei ? aoi?eiiei ?eieaie oe?iieo iaia??a, i?e oeueiio
noai?aiiy ia?aeiiiai aenooia? ia’?eoeaiith ia?aaeoiiaith ooieoe?iioaaiiy
aoi?eiiiai ?eieo. ?noi?e/iee aeina?ae na?ae/eoue, ui oi?ioaaiiy
iiaiioe?iii? no?oeoo?e oiiaeiaiai ?eieo caeiaei ia iaeia noie?ooy, o
no/anieo oiiaao oeae i?ioean i?enei?th?oueny o aeanyoee ?ac?a.

O iinonioe?ae?noe/ieo e?a?iao, ui cae?eniththoue ?eieia? ?aoi?ie,
a?aecia/athoueny oae? caaaeuei? caeiiii??iino? i?e oi?ioaaii? oiiaeiaiai
?eieo:

ye i?aaeei, oeae i?ioean a?aeaoaa?oueny a oiiaao aeiiii?/ii?
e?ece, a?ia??ioeyoe??, ciaioaiiy ?aaeueieo i?eaooe?a ianaeaiiy,
iecueeith ?iaanoeoe?eii? aeoeaiino?;

a?aecia/a?oueny a?aenooi?noue i?aeoe/iiai aeina?aeo
aeei?enoaiiy oe?iieo iaia??a, ia?icaeiai?noue aeaiaio?a ?io?ano?oeoo?e,
iecueeee nooi?iue caoeuaiino? ? aaciaee ?iaanoi??a, o?iainia? neaiaeaee
? aaie?oonoaa, ia?a o?eoeaieo oe?iieo iaia??a, aeeaiea iaaeia??a cia/ii?
/anoeie ianaeaiiy aei oiiaeiaiai ?eieo ?, oei naiei, ?noioia
oiia?eueiaiiy oaii?a eiai noaiiaeaiiy ? ?icaeoeo.

A?aeoai?aiiy ?eieo oe?iieo iaia??a iaiao?aeii ye aeey iia?e?caoe??
eai?oaeo, oae ? aeey cae?eniaiiy i?eaaoecaoe?? ia?iaeiiai ainiiaea?noaa
o an?o e?a?iao, ye? ?aoi?iothoueny i?e ia?aoiae? aei ?eieo. Oi?ioaaiiy
niaoe?aeueieo aea?aeaaieo neoaea aeey ?aaoethaaiiy ?eieo i?eionea?, ia
aeoieo aeena?oaioa, ?ic?iaeo ? canoinoaaiiy oiiaeiaeo noaiaea?o?a
ea?oaaiiy e i?aai?caoe?? c o?aooaaiiyi na?oiaiai aeina?aeo. Aaoi?
aeiaiaeeoue i?i i?e?ieai?noue aeina?aeo iinonioe?ae?noe/ieo e?a?i, a
oaeiae Eeoath, uiaei i?aeoeee noai?aiiy iaoe?iiaeueii? iiaeae?
oiiaeiaiai ?eieo A’?oiaio.

A ae?oaiio ?icae?e? “Iaiao?aei?noue noaiiaeaiiy oiiaeiaiai ?eieo o
A’?oiai?” aeine?aeaeai? noni?eueii-aeiiii?/i? oiiae ? ?acoeueoaoe
?ai?aai?caoe?? aeiiii?ee A’?oiaio a iiai?iiee ia??iae oa ca ?iee
cae?eniaiiy ?eieiaeo ?aoi?i (1976 – 1998 ??.). Aiae?c na?ae/eoue, ui
cae?eniaiiy iiaeae? oeaio?ae?ciaaii-ieaiiai? aeiiii?ee i?ecaaei e?a?io
aei aeeaiei? aeiiii?/ii? e?ece.

Ianoa/a eai?oaeo aeey ?icaeoeo aeiiii?ee A’?oiaio aeeeeeaia ye
ciai?oi?ie, oae ? aioo??oi?ie i?e/eiaie: o?eaaeith a?eiith ? ??
iane?aeeaie, iecueeei ??aiai i?eaooe?a ianaeaiiy, ianiaei aac?ia?ooyi,
aaaaeaiiyi aeiiii?/iiai aiaa?ai, iaaoaeoeaiith iiaeaeeth
ainiiaea?thaaiiy.

Aeey iia?e?caoe?? eai?oaeo aei inoaiiueiai /ano aeei?enoiaoaaeeny
ia?aaaaeii iai?aai?ciaai?, noeo?ei? oi?ie: e?aaeeoi? i?aai?caoe??,
noai?ai? o?ce/ieie iniaaie iaeaaaeueii, aac a?aeiia?aeii? ?a?no?aoe?? ?
eiio?ieth; iacaeiiia i?enai?iiy iniaenoeo caiuaaeaeaiue a?iiaaeyi oeyoii
o?iainiaeo i??ai?ae, oao?aenoa ? iaiaio, ye ianiaeo yaeu. A?aenooi?noue
i?eaaaeeaiai ?iaanoeoe?eiiai ee?iaoo, a oaeiae i?aai?ciaaiiai ?
?aaoeueiaaiiai oiiaeiaiai ?eieo aeeeth/aee iiaeeeaino? i?eoyaiaiiy
?iicaiieo ?iaanoeoe?e o e?a?io.

Aeine?aeaeoaaii ?icaeoie aaaaoioeeaaeiino? aeiiii?ee – ci?ia a?aeiioaiue
aeaniino?, ui noai?th? ia?aaeoiiae aei ?icaeoeo ?eieiai? aeiiii?ee
(aeea. ?en. 2).

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?en. 2 Aeeiai?ea ?iciiae?eo i?iieneiaeo i?aei?e?inoa i?ae naeoi?aie
aeiiii?ee

Aaoi?ii aeiaaaeaiee ia’?eoeaiee oa?aeoa? ia?aaeoiia noaiiaeaiiy
oiiaeiaiai ?eieo o A’?oiai?, aea/ai? oiiae e iniaeeaino? eiai iiaoaeiae.

Ia oe?e iniia? aeena?oaioii iaaeathoueny /eiieee, ui caaacia/othoue
cae?eniaiiy iinoaaeaii? oe?e?:

aeinyaiaiiy iae?iaeiiii?/ii? noaa?e?caoe??;

caaacia/aiiy i?aaiai? oa ?ioi?iaoe?eii? aace;

ciaioaiiy nooiaiy ?eceeo ? ca?eueoaiiy caoeuaiino?
?iaanoi??a;

cae?eniaiiy iaa/aiiy i?ioan?iiaeueieo eaae??a oeyoii
aoc?anueei? i?aeaioiaee, i?iaaaeaiiyi iaoeiai-iaoiaee/ieo nai?ia??a,
iaaeaiiyi noaaeoaaiiy ca ei?aeiiii;

i?iaaaeaiiy ai?n?e aea?aeaaieo iicee, aeione eacia/aenueeeo
/ae?a Oeaio?aeueiei aaieii A’?oiaio;

aeaea/a aeicaieaiue ? e?oeaic?e ia ai?n?eio oa
iina?aaeieoeueeo ae?yeuei?noue eiia?oe?eiei, ?iaanoeoe?eiei aaieai,
i?aei?e?iieoeueeei no?oeoo?ai oa aea?aei?aei?e?inoaai;

i?iaaaeaiiy aenia?eiaioaeueiiai aeoe?iioaaiiy
aea?aei?aei?e?inoa oa ?iciianthaeaeaiiy eiai aeina?aeo.

O o?aoueiio ?icae?e? “I?aai?caoe?eii-aeiiii?/i? caoiaee iiaoaeiae
iaoe?iiaeueii? iiaeae? oiiaeiaiai ?eieo” ia iniia? neooaoe?eiiai aiae?co
aeena?oaio eiinoaoo?, ui a oiiaao ia?ao?aeii? aeiiii?ee ia?aeiiee
oiiaeiaee ?eiie A’?oiaio o?eueee ca?iaeaeo?oueny. I?i oea na?ae/aoue
iacia/i? ianyae i?iaaaeaieo ai?n?e aea?aeaaieo iicee. Ei?ii?aoeai?
iaia?e, o oiio /ene? aeoe?? e iae?aaoe??, aeioneathoueny aeoe?iia?ieie
oiaa?enoaaie, ye? iathoue iacia/iee noaoooiee eai?oae. Iaaaeee? ?ici??e
aeoe?iia?ieo oiaa?enoa ia aeicaieythoue ?i a?aoe cia/io ?ieue a
aeiiii?oe?. Oae, noeoiiee aeoe?iia?iee eai?oae o A’?oiai? nueiaiaei?
noaiiaeoue o?eueee a?ey 100 iei. aeie. NOA (ia 1 aa?aniy 1998 ?.), aai
1550 ie?ae. aeiia?a. sseui ?icaeyaeaoe oeth noio a eiioaeno? ianya?a
eai?oaeiaeeaaeaiue on?o iaaea?aeaaieo no?oeoo?, oi oea aoaea aeaeyaeaoe
oaeei /eiii:

Oaaeeoey 1

Eai?oaeiaeeaaeaiiy iaaea?aeaaieo i?aei?e?inoa (ie?ae. aeiia?a)

Aeaee i?aei?e?inoa?iee19911992199319961997I?eaaoi?
i?aei?e?inoaa11540113520902500O??ie c iaiaaeaiith
a?aeiia?aeaeuei?noth251212272338824237Aeoe?iia?i?
oiaa?enoaa3056689010711244Caaaeueia noia eai?oaeiaeeaaeaiue
iaaea?aei?aei?e?inoa662318474870437981

Aeionee oe?iieo iaia??a, ye? cae?eniththoueny, ua iaaeinoaoiuei
??ciiiai?oi? ca aeaeaie. Na?aae ieo ia?aaaaeathoue iae?aaoe??
aea?aeaaieo iicee, o oiio /ene? ei?ioeino?ieia? ? na?aaeiueino?ieia?
iae?aaoe??. Ia ae?oaiio i?noe? eaeooue ei?ii?aoeai? iae?aaoe??. Aeoe??
iiaeai? ai?n?yie ia?oeo aeione?a, ui aoee cae?eniai? o?eueee c iaoith
caniiaieoeoaa aeoe?iia?ieo oiaa?enoa.

Ocaaaeueiaiiy io?eiaieo aeaieo aeicaiey? aeena?oaioo noaa?aeaeoaaoe, ui
noai?aiiy ? ?icaeoie ia?aeiiiai ?eieo oe?iieo iaia??a A’?oiaio iiaeiii
eoe oeyoii aenia?eiaioaeueiiai aeoe?iioaaiiy aea?aei?aei?e?inoa,
?icoe?aiiy io?eiaiiai iiceoeaiiai aeina?aeo; cae?enithaaoeny ia iniia?
?icaeoeo a?ioiaiai ?eieo ? eiai ?inoeooo?a, ui, o naith /a?ao, aoaea
caaacia/oaaoe ?aaeueio aioo??oith ?iaanoeoe?eio aaco.

O aeena?oaoe?? i?iaaaeaiee aiae?c no?aoaa?? ? oaeoeee i?aai?caoe??
aoi?eiiiai ?eieo oe?iieo iaia??a, ye a??aeiaiai, oae ? iicaa??aeiaiai.

A’?oiainueea aea?aeaaa noai?th? ?inoeoooe aoi?eiiiai ?eieo oe?iieo
iaia??a: caeia?oueny i?aeaioiaeith a?aee?eooy oiiaeiaeo a??ae; iaa/aiiyi
oaoiaeo eaae??a; ?ic?iaeith ? anoaiiaeaiiyi ii?iaoeaieo aeiia aeey
o/aniee?a a??aeiai? oi?a?ae? (i?iaeaaoe?a, iieoioe?a, iina?aaeiee?a);
i?eeiathoueny ?aaeaiaioe i?iaaaeaiiy a??aeiaiai oi?ao (nan?e,
?a?no?aoe?e, ?ic?aooie?a).

Ia iniia? aea/aiiy na?oiaiai aeina?aeo e aaeaioaoe?? eiai aei
a?o/eciyieo oiia o aeena?oaoe?? iiaeaiee aaoi?nueeee i?iaeo i?ano?oeoo?e
ea?oaaiiy o?iainiaith eiiiai??th ii ?iaio? c oe?iieie iaia?aie,
cai?iiiiiaaia oaoiieia?/ia noaia ae?yeueiino? oa ?? iiceoe?y ia
oiiaeiaiio ?eieo (aeea. ?en. 3).

I?iaaaeaia a aeena?oaoe?? aeine?aeaeaiiy aeicaiey? noaa?aeaeoaaoe, ui a
oiiaao ia?aoiaeo A’?oiaio aei ?eieiai? aeiiii?ee oiiaeiaa a??aea iiaeiia
iaoe ioae?/iee noaoon, oiaoi caniiaoaaoeny aea?aeaaith. Aeena?oaio
oi?ioeth? aeiiae aei ina?oiueiai oeaico /eai?a oiiaeiai? a??ae?: aeua
aeiiii?/ia, o oiio /ene? aaie?anueea ? o?iainiaa, a oaeiae th?eaee/ia
ina?oa. I?iiiio?oueny, ui aei neeaaeo aee?aeoe?? oiiaeiai? a??ae?
ciaia’ycaie ooiaeeoe:

/eai Aea?aeaaii? eii?n?? c aeoe?iioaaiiy aea?aei?aei?e?inoa;

/eai Aea?aeaaii? eii?n?? c oe?iieo iaia??a;

/eai Aea?aeaaii? eii?n?? c ea?oaaiiy eai?oaeaie ? aea?aeiaeiii;

aeai?i? /eaie (2-3 ) ?c /enea caniiaiee?a oiiaeiai? a??ae?;

i?aaenoaaieee (2-3) aaeeeeo aeoe?iia?ieo oiaa?enoa, aeoe?? yeeo
eioe?othoueny ia oiiaeia?e a??ae?.

Nii/aoeo onoaaiee eai?oae a??ae? oi?io?oueny ca ?aooiie aea?aeaaieo
eai?oaeiaeeaaeaiue. O ia?niaeoea? ieaio?oueny ci?ia ?? noaoooo oeyoii
aeoe?iioaaiiy. Ia?aaeaa/a?oueny i?eueaiaee ?aaeei aeey i?eaaoieo /eai?a
uiaei o/ano? o caniiaieoeoa? oiiaeiai? a??ae?.

Aacoth/enue ia i?eioeei? i?i?i?caoe?? i?ae?icae?e?a oiiaeiai? a??ae?, o
aeena?oaoe?? ?aeiiaiaeiaaia iiaeaeue ?? i?ano?oeoo?e.

C iaeyaeo ia ?aaeueio ?ii?noue aoi?eiiiai ?eieo oe?iieo iaia??a
A’?oiaio, aaoi? ?aaeeoue noai?aiiy oiiaeiaeo a??ae a e?a?i? a e?eueeino?
i’yoe, o oiio /ene? nii/aoeo a i?noao – Oaii? ? Oi Oe Iei?.

?icaeoie iicaa??aeiaiai ?eieo i?eionea? iayai?noue oe?iei? ia?aae?
eiiiai?e (ia iaioa 500) ii ?iaio? c oe?iieie iaia?aie. Aiie iiaeii?
ciaoiaeeoeny i?aeoe/ii a eiaeiiio ?aeii? oa oeaio?aeueieo i?noao e?a?ie.
Aeey ?oiuei? aoaeoeaii? ?iaioe iaaeoi iaiao?aeii noai?aiiy
oaeaeiioi?eaoe?eii? oiiaeiai? nenoaie (AOON). Oaea nenoaia aoaea ni?eyoe
iia?e?caoe?? a?eueieo eioo?a ianaeaiiy ? i?aei?e?inoa, iinoa/aoe ?i
iaiao?aeio ?iaanoeoe?eio ?ioi?iaoe?th, caaacia/oaaoe eiio?ieue i?e
oeeaaeaii? oaiae ? aeeiiaii? ?ic?aooie?a.

Oaea nenoaia iiaea noaoe iniiaith noai?aiiy o e?a?i? ee??eiaiaiai oa
aeaiiceoa?iiai ianeoaiaoaaiiy ianaeaiiy a?aeiia?aeii aei i?aeia?iaeieo
noaiaea?o?a, i?e yei? ia?a oe?iieo iaia??a aoaea cae?enithaaoeny ca
no/anieie oaoiieia?yie.

?en. 3 Oaoiieia?/ia noaia ae?yeueiino? ? iiceoe?? eiiiai?? c oe?iieo
iaia??a ia oiiaeiaiio ?eieo

Aiaeii/an ?icaeoie iicaa??aeiaiai ?eieo iio?aao? noai?aiiy i?aai?caoe?e,
ui naii?aaoeththoueny (N?), ye? aeiiiaiththoue ea?oaaiiy oiiaeiaiai
?eieo ii?yae ?c aea?aeaaiei aieeaii. Aeey oiia A’?oiaio, ia aeoieo
aeena?oaioa, oea iiaea aooe aeia?ia?eueia ia’?aeiaiiy iina?aaeiee?a –
A’?oiainueea anioe?aoe?y ?iaanoeoe?eieo aeeea??a (VASD). Oea
iai?eaooeiaa ei?ii?aoe?y ? ?? /eaiaie ? eiiiai?? ii oe?iiei iaia?ai,
oiiaeia? a??ae?, aeeea?e ? a?iea?e. I?e ?? noai?aii? iiaea aooe
aeei?enoaiee iaoe?iiaeueiee aeina?ae NOA, ssiii??, ?in??. O aeena?oaoe??
iaaiaeyoueny iniiai? ia?aiao?e ?? noai?aiiy, oaoiieia?y ooieoe?iioaaiiy.
I?aai?caoe?eia no?oeoo?a ea?oaaiiy VASD iiaeaia ia ?en. 4.

?AAeA EA?OTH*EO

Aeeiiaa/ee eii?oao ea?o?

iioi/iith ae?yeuei?noth VASD

Eii?oao c TH?eaee/iee ?ioi?iaoe?eii-
Eii?oao

eiio?ieth oa a?a?o?aaeiee oi?aiaaeueia iica-
?icaeoeo

oa iaaeyaeo eii?oao a??aeaaa nenoaia
oiiaeiaiai

(oaeaeiiioi?ea-
?eieo

oe?eia nenoaia)

Eii?oao c ?iaanoeoe?eieo

eiiiai?e oa ae?yeueiino? O?iainiaee eii?oao

ai?oaio?a

?en. 4 I?iaeo i?aai?caoe?eii? no?oeoo?e oi?aae?iiy A’?oiainueei?
anioe?aoe?? ?iaanoeoe?eieo aeeea??a (VASD)

AENIIAEE

I?iaaaeaia a aeena?oaoe?? aeine?aeaeaiiy aeicaiey? c?iaeoe oai?aoe/i?
aeniiaee ? i?aeoe/i? i?iiiceoe??.

1. A oiiaao ia?aoiaeo aei ?eieiai? aeiiii?ee ia’?eoeaii neeaaeathoueny
caaaeuei? caeiiii??iino? oi?ioaaiiy oiiaeiaiai ?eieo. Oiiaeiaee ?eiie
aenooia? iaa?ae’?iiith /anoeiith i?aei?e?iieoeueeiai na?aaeiaeua,
caaacia/o? iiaeeea?noue ?aae?caoe?? ?inoeoooo i?eaaoii? aeaniino?. Oiio,
a ia??iae ia?aoiaeo aei ?eieiai? aeiiii?ee, eiai noai?aiiy ?
ooieoe?iioaaiiy ia’?eoeaii iaiao?aeii.

2. No?oeoo?a oiiaeiaiai ?eieo iiaeaia ia?aeiiei ? aoi?eiiei ?eieaie
oe?iieo iaia??a, i?e oeueiio noai?aiiy ia?aeiiiai aenooia? ia’?eoeaiith
ia?aaeoiiaith ooieoe?iioaaiiy aoi?eiiiai ?eieo. ?noi?e/iee aeina?ae
na?ae/eoue, ui oi?ioaaiiy iiaiioe?iii? no?oeoo?e oiiaeiaiai ?eieo caeia?
ia iaeia noie?ooy. O no/anieo oiiaao oeae oeyo aoa i?ieaeaiee o e?a?iao
iinonioe?ae?cio i?eaeecii ca iaeia aeanyoee?ooy, o e?a?iao
i?aaeaiii-no?aeii? Ac??, ui ?icaeaathoueny, a?i caeiya a?eueoa 10 ?ie?a.
A oe?eiio oea aaaeeee, aie?niee i?ioean ye aeey ianaeaiiy, oae ? aeey
aeiiii?ee.

3. Aeione oe?iieo iaia??a ? iia?aoe?? c ieie iiaeii? cae?enithaaoeny o
a?aeiia?aeiino? aei i?aeia?iaeieo noaiaea?o?a ? ?aaeaiaio?a. Oea
caaacia/o? iaeneiaeueia iaaeeaeaiiy aei na?oiai? i?aeoeee oiiaeiaeo
iia?aoe?e, ?iaeoue iaoe?iiaeuei? oiiaeia? ?eiee e?ea?aeieie oa
iia?eueieie, aeicaiey? caiia?aoe e?ece ?eieo oe?iieo iaia??a, oieeiooe
eiai ?oei?aieo iane?aee?a (ye, iai?eeeaae, oea aoei o ?in?? a 1990 ?. oa
o 1997 ?.; o Ei?a? a 1965 ?.). O?aaeeoe?eii noaiiaeaiiy ?eieo oe?iieo
iaia??a ii/eia?oueny c aeioneo aea?aeaaieo iae?aaoe?e. Iaaeae?
cae?enith?oueny ianiaa ai?n?y ei?ii?aoeaieo iaia??a (aeoe?e, iae?aaoe?e,
aaenae?a ? o.?i.). Aeina?ae ?icaeiooeo cao?aeieo e?a?i i?aeoaa?aeaeo?
oeth iine?aeiai?noue, a i?aeoeea no/anieo ia?aoai?aiue
(no?aeii?a?iiaenuee? e?a?ie, NIAe, Iaeneea, A?acee?y, Eeoae, A’?oiai)
iiaoi?th? ??.

4. Ia’?eoeaia iaiao?aei?noue oi?ioaaiiy oiiaeiaiai ?eieo A’?oiaio ia?
aeiiii?/i? ia?aaeoiiae, ui neeaeeny a aeiiii?oe? e?a?ie i?ioyaii
inoaii?o aeaaaeoeyoe ?ie?a. A?aoiaoth/e iie?oe/i?, aeaiia?ao?/i? ?
nioe?aeueii-aeiiii?/i? iniaeeaino? aeiiii?ee A’?oiaio, o?aaa cacia/eoe,
ui ?? ?eieiaa iiaeaeue noai?th?oueny iaoiaeii “iinooiiai? oa?ai??”.
Aiaeii/an ia?iaeiiio ainiiaea?noao e?a?ie aeanoea? iciaee ? oaiaeaioe??
ia?ao?aeieo aeiiii?e, ye? ia?aiaaathoue iane?aeee
oeaio?ae?ciaaii-ieaiiai? iiaeae? ainiiaea?thaaiiy. Noaiiaeaiiy ?eieiaeo
a?aeiinei iio?aao? noai?aiiy ye o?iainiaiai ?eieo a oe?eiio, oae ?
oiiaeiaiai, cie?aia. Oi?ioaaiiy aaaaoioeeaaeii? aeiiii?ee i?eionea?
iayai?noue iaoai?cio ia?aeeao eai?oae?a, ?oiueiai ?aoe?iiaeueiiai
ia?ai?uaiiy oa aeei?enoaiiy. ?ino?oiaioii ?aae?caoe?? oeueiai iaoai?cio
neoaeeoue oiiaeiaee ?eiie ? eiai ?inoeoooe.

5. ?nioth/ee o A’?oiai? aeao?oeeo eai?oaeo oiia?eueith? i?ioean
?iaeono??ae?caoe??, no?eio? ?icaeoie n?euenueeiai ainiiaea?noaa,
aaeueio? nei?i/aiiy aac?ia?ooy ? i?aeaeuaiiy ??aiy aeeooy ianaeaiiy.
A?euei? eiooe ianaeaiiy, o?ce/ieo ? th?eaee/ieo in?a, ui iinooiiai
c’yaeythoueny, iiaeii? iaea?aeaoe iiaeeea?noue iia?e?caoe?? ?o o oe?ii?
iaia?e /a?ac iaoai?ci oiiaeiaiai ?eieo. C iaeyaeo ia iaiaaeai?noue
aioo??oi?o aeaea?ae o?iainoaaiiy ?icaeoeo ia?iaeiiai ainiiaea?noaa,
a’?oiainueeee o?yae cae?enith? iie?oeeo aeoeaiiai i?eoyaiaiiy ?iicaiieo
?iaanoi??a, ?ic?iaey? aeey oeueiai iaiao?aeio ii?iaoeaii-i?aaiao aaco,
noai?th? oiiae aeey anoaiiaeaiiy i?eaaaeeaiai ?iaanoeoe?eiiai ee?iaoo a
e?a?i?. Uiaei iaoeo ?ic?aooie?a, aeey oni?oiiai ?icaeoeo ?eieiai?
?aoi?ie o A’?oiai? a iaeaeeae/iio iaeaooiueiio aoaeooue iio??ai?
?iicaii? ?iaanoeoe?? ia noio a?eueoa 20 ie?ae. aeiea??a NOA.

6. I?e ?ic?iaoe? i?aai?caoe?eii-aeiiii?/ieo caoiae?a iiaoaeiae
iaoe?iiaeueii? iiaeae? oiiaeiaiai ?eieo aa?oi a?aoiaoaaoe ?aaeuei?
ianoaaeie, ye? neeaeeny o noni?euenoa?. Ocaaaeueiaiiy na?oiaiai
aeina?aeo e o?aooaaiiy noi?iiaaieo oiia o a’?oiainuee?e aeiiii?oe?
aeicaiey? ?aeiiaiaeoaaoe ci?oaio iiaeaeue oiiaeiaiai ?eieo, yea
iaea?eueo ?aae?co? iaoe?iiaeueiee iioaioe?ae oe??? noa?e aeiiii?ee.

7. Iaa?ae’?iiith oiiaith oni?oo ?eieiaeo ?aoi?i o A’?oiai? ?
o/anoue o oeeo i?ioeanao aea?aeaae. Ianiaa aeoe?iioaaiiy
aea?aei?aei?e?inoa ? ia o?eueee ia?aaeoiiaith, aea e aaaeeeaei /eiieeii
aeey i?enei?aiiy i?ioeano noai?aiiy ?eieo oe?iieo iaia??a o A’?oiai?.
Aea?aeaaa iiaeiia ia o?eueee eiio?iethaaoe, aea e i?aai?ciaoaaoe,
?aaoethaaoe e aa?aiooaaoe o?ae cae?enithaaieo ia oiiaeiaiio ?eieo
iia?aoe?e, noai?thaaoe i?aaia? oa ?io?ano?oeoo?i? ?inoeoooe. Noai?aiiy
i?aai?ciaaiiai e aoaeoeaiiai oiiaeiaiai ?eieo A’?oiaio i?eionea?
iayai?noue i?ioan?eii i?aeaioiaeaiiai eaae?iaiai iioaioe?aeo, ?icaeiaii?
?io?ano?oeoo?e, ?ioi?iaoe?eiiai caaacia/aiiy o/aniee?a oiiaeiaeo
iia?aoe?e, iiaeeeaino? ?ici?uaiiy iaoe?iiaeueieo oe?iieo iaia??a ia
na?oiaeo oiiaeiaeo ?eieao.

8. I?e oi?ioaaii? oiiaeiaiai ?eieo A’?oiaio cai?iiiiiaai?: aaoi?nueeee
i?iaeo i?ano?oeoo?e o?iainiai? eiiiai?? c oe?iieo iaia??a; iiaeaeue
iiaoaeiae ? ooieoe?iioaaiiy oiiaeiai? a??ae?; ?ic?aooiie e?eueeino?
oiiaeiaeo a??ae, ui aei iio?aae o ieo a’?oiainueei? aeiiii?ee oa
oa?eoi??aeuei? oeaio?e ?oiueiai ?icoaooaaiiy; noai?aiiy A’?oiainueei?
oaeaeiioi?eaoe?eii? oiiaeiai? nenoaie (AOON), i?eioeeie ? iaoai?ci ??
ooieoe?iioaaiiy; i?aai?caoe?th A’?oiainueei? anioe?aoe?? ?iaanoeoe?eieo
aeeea??a (VASD), c o?aooaaiiyi oi?ioaaiiy ?? oi?aae?inueei? no?oeoo?e.

NIENIE IIOAE?EIAAIEO AAOI?II I?AOeUe CA OAIITH AeENA?OAOe??

1. Iao?i I?iue Aeee. Aeoe?iioaaiiy aea?aei?aei?e?inoa ? noai?aiiy
oiiaeiaiai ?eieo o A’?oiai?. // Oi?a?aey ? ?eiie Oe?a?ie: Oaiaoe/iee
ca??iee iaoeiaeo i?aoeue c i?iaeai oi?a?ae? ? a?iiaaenueeiai oa?/oaaiiy.
Aeiiaoeuee: OIA “E?O?N”. – 1999. – ? 8. – N. 104-108. – 0,3 ae?oe. a?e.

2. Iao?i I?iue Aeee. ??aaiue aeeooy ye nioe?aeueiee ?ano?n i?iaeiaaeaiiy
?eieiaeo ?aoi?i A’?oiaio. // Nioe?aeuei? i??i?eoaoe a o?aiceoi?e
aeiiii?oe?. – Oa?e?a: O?AI. – 1999. – N. 177-182. – 0,35 ae?oe. a?e.

3. Iao?i I?iue Aeee. ?icaeoie a?ioiaiai ?eieo – ia?aaeoiiaa noai?aiiy
oiiaeiaiai ?eieo A’?oiaio a oiiaao aeiiii?ee, ui o?ainoi?io?oueny. //
Aeiiii?ea noaeiai ?icaeoeo: iiaeyae a XXI noie?ooy. Oaiaoe/iee ca??iee
iaoeiaeo i?aoeue. – Aeiiaoeuee: Aeiiaoeueeee aea?aeaaiee oi?aa?neoao
aeiiii?ee ? oi?a?ae?. – 1999. – ? 9. – N. 164-171. – 0,5 ae?oe. a?e.

4. Iaoai Ieiue Aeue. ?acaeoea aiaoieo ioiioaiee – oaeoi? noeioee?iaaiey
yeiiiie/aneiai ?inoa ai Aueaoiaia // Aecian-eioi?i. – 1999. – ? 15-16. –
N. 75-80. – 0,8 ae?oe. a?e.

5. Iaoai Ieiue Aeue. I?iaeaia eaieoaeiaeiaeaiee a ia?eiae ia?aoiaea e
?uii/iie yeiiiieea ai Aueaoiaia. // A?niee Aeiiaoeueeiai oi?aa?neoaoo,
na??y A. “Aeiiii?ea ? i?aai”.- 1999. – ? 3. – N. 91-100. – 0,8 ae?oe.
a?e.

6. Iao?i I?iue Aeee. I?iaeaie noaiiaeaiiy oiiaeiaiai ?eieo o A’?oiai?.
// Oi?a?aey ? ?eiie Oe?a?ie: Oaiaoe/iee ca??iee iaoeiaeo i?aoeue c
i?iaeai oi?a?ae? ? a?iiaaenueeiai oa?/oaaiiy. – Aeiiaoeuee: II “A?OA”,
1996. – N. 107-109. – 0,12 ae?oe. a?e.

7. Iao?i I?iue Aeee. Ia?oi?yaei? caoiaee uiaei noai?aiiy oiiaeiaiai
?eieo o A’?oiai?. // Oi?a?aey ? ?eiie Oe?a?ie: Oaiaoe/iee ca??iee
iaoeiaeo i?aoeue c i?iaeai oi?a?ae? ? a?iiaaenueeiai oa?/oaaiiy. –
Aeiiaoeuee: OIA “Eea?aeue”, 1997. – N. 108-109. – 0,1 ae?oe. a?e.

8. Ai?iaeaie?ia I. ?., Iao?i I?iue Aeee. Noaiiaeaiiy ? ?icaeoie
oiiaeiaiai ?eieo a Oe?a?i?. // Oi?a?aey ? ?eiie Oe?a?ie: Oaiaoe/iee
ca??iee iaoeiaeo i?aoeue c i?iaeai oi?a?ae? ? a?iiaaenueeiai oa?/oaaiiy.
– Aeiiaoeuee: II “A?OA”, 1996. – N. 52-53. – 0,12 ae?oe. a?e.

Iniaenoee aianie caeiaoaa/a – 0,06 ae?oe. a?e. (c?iaeaii ii??aiyeueiee
aiae?c aeina?aeo iiaoaeiae oiiaeiaiai ?eieo o e?a?iao iinonioe?ae?cio).

9. Iaoai Ieiue Aeue, Iieiineee A.I. ?ino eiino?aiiuo eiaanoeoeee ai
Aueaoiaia e aai i?e/eiu. // I?eaei?i?ianueeee iaoeiaee a?niee. –
Aeiiii?ea. – 1998. – ? 68 (135). – N. 54-58. – 0,35 ae?oe. a?e.

Iniaenoee aianie caeiaoaa/a – 0,17 ae?oe. a?e. (iaa?oioiaaii aiae?c
aeeiai?ee ?iicaiieo ?iaanoeoe?e o A’?oiai?).

10. Iaoai Ieiue Aeue, *eiue O.O. Ouiia, Iieiineee A.I. Iniaaiiinoe
ia?aoiaeiie yeiiiieee Aueaoiaia. // I?eaei?i?ianueeee iaoeiaee a?niee. –
Aeiiii?ea. – 1998. – ? 68 (135). – N. 67-71. – 0,33 ae?oe. a?e.

Iniaenoee aianie caeiaoaa/a – 0,1 ae?oe. a?e. (aeine?aeaeaii iniaeeaino?
noai?aiiy oiiaeiaiai ?eieo a oiiaao ia?ao?aeii? aeiiii?ee).

AIIOAOe?ss

Iao?i I?iue Aeee. Oiiaeiaee ?eiie ye oaeoi? i?aei?e?iieoeueeiai
na?aaeiaeua a oiiaao ia?ao?aeii? aeiiii?ee. – ?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. – Aeiiaoeueeee aea?aeaaiee oi?aa?neoao aeiiii?ee ? oi?a?ae?,
Aeiiaoeuee, 1999.

Aeena?oaoe?y i?enay/aia aecia/aiith nooiino? oiiaeiaiai ?eieo ?
aeyaeaiith caeiiii??iinoae eiai oi?ioaaiiy ia aoai? ia?aoiaeo aei
?eieiai? iiaeae? ainiiaea?thaaiiy. Aaoi?ii aeiaaaeaiee ia’?eoeaiee
oa?aeoa? ia?aaeoiia oa oei?ciaai? ?ene noaiiaeaiiy oiiaeiaiai ?eieo a
e?a?iao iinonioe?ae?cio, a Eeoa?, a oaeiae aeine?aeaeai? oiiae e
iniaeeaino? noai?aiiy ?eieo oe?iieo iaia??a o A’?oiai?.

?ic?iaeai? oa cai?iiiiiaai? i?aai?caoe?eii-aeiiii?/i? caoiaee iiaoaeiae
iaoe?iiaeueii? iiaeae? oiiaeiaiai ?eieo A’?oiaio, aecia/aia ?ieue
aea?aeaae o eiai ?aaoethaaii?. I?aaenoaaeaia aaoi?nueea o?aeooaaiiy
i?ano?oeoo?e eiiiai?? ii oe?iiei iaia?ai e oiiaeiai? a??ae?, c?iaeai?
i?iiiceoe?? ii noai?aiith A’?oiainueei? oaeaeiioi?eaoe?eii? oiiaeiai?
nenoaie (AOON) oa A’?oiainueei? anioe?aoe?? ?iaanoeoe?eieo aeeea??a
(VASD).

Eeth/ia? neiaa: oe?iiee iai??, oiiaeiaee ?eiie, no?oeoo?a ?eieo oe?iieo
iaia??a, oiiaeiaa a??aea.

ANNOTATION

Nguyen Minh Duc. The Stock market as the factor of enterprise
environment in conditions of transitional economy. – Manuscript.

Thesis for a candidate’s degree of the economics science by speciality
08.06.02 – entrepreneurship, management and marketing. – The Donetsk
State University of Economics and Trade, Donetsk, 1999.

Dissertation is destined for determination of the Stock market essence
and for revelation of regularities of its foundation during the
transition towards market model of activity. The author proved the
objective type of preconditions and typified the features of Stock
market formation in the post-socialism countries, in China, and also he
examined the conditions and peculiarities of Vietnam securities market
formation.

He worked out and proposed economical organizational measures of
construction of Vietnam national Stock market model, he determined the
state role of its regulations, too. The author’s interpretations of
structure company specialized in securities and Stock Exchange are
given. He made the propositions of formation of Vietnam
telecommunication Stock System (V.T.S.S.) and of Vietnam Association of
investment dealers (V.A.I.D.).

Key words: securities, Stock market, structure of securities market,
Stock Exchange.

AIIIOAOeEss

Iaoai Ieiue Aeue. Oiiaeiaue ?uiie eae oaeoi? i?aaei?eieiaoaeueneie
n?aaeu a oneiaeyo ia?aoiaeiie yeiiiieee. – ?oeiienue.

Aeenna?oaoeey ia nieneaiea o/aiie noaiaie eaiaeeaeaoa yeiiiie/aneeo iaoe
ii niaoeeaeueiinoe 08.06.02 – i?aaei?eieiaoaeuenoai, iaiaaeaeiaio e
ia?eaoeia. – Aeiiaoeeee ainoaea?noaaiiue oieaa?neoao yeiiiieee e
oi?aiaee, Aeiiaoee, 1999.

Aeenna?oaoeey iinayuaia enneaaeiaaieth nouiinoe oiiaeiaiai ?uiea,
auyaeaieth e nenoaiaoecaoeee caeiiiia?iinoae aai noaiiaeaiey a no?aiao,
inouanoaeythueo ei?aiiua ?uii/iua i?aia?aciaaiey. A aeenna?oaoeee
i?eaaaeai n?aaieoaeueiue aiaeec oneiaee e iniaaiiinoae oi?ie?iaaiey
yeaiaioia no?oeoo?u ?uiea oeaiiuo aoiaa a no?aiao iinonioeeaeecia, a
oaeaea Eeoay e Aueaoiaia.

A aeenna?oaoeeiiiie ?aaioa i?ineaaeeaaaony aaiacen ie?iaiai oiiaeiaiai
?uiea, ?anniao?eaathony i?aaeiinueee oi?ie?iaaiey e ii?aaeaeythony
iniiaiua yoaiu aai enoi?ee. Ia?yaeo n enoi?e/aneei iiaeoiaeii eco/aiu
nia?aiaiiua oaiaeaioeee ?acaeoey oiiaeiaiai i?ino?ainoaa a no?aiao n
?acaeouie ?uii/iuie ioiioaieyie.

A ?aaioa i?iaiaeece?iaaiu oneiaey e ?acoeueoaou ?ai?aaiecaoeee yeiiiieee
Aueaoiaia a iineaaiaiiue ia?eiae e ca aiaeu ?uii/iuo ?aoi?i (1976-1998
a.a.). A enneaaeiaaiee ioia/aaony neiaeiue oa?aeoa? o?ainoi?iaoeeiiiuo
i?ioeannia aeey no?aiu n ieceei o?iaiai aeioiaeia e aeecie ianaeaiey,
aunieie aac?aaioeoeae e eioeyoeeae, ionoonoaeai eiaanoeoeeiiiuo
enoi/ieeia, eae aiaoieo, oae e aioo?aiieo. Aianoa n oai inouanoaeaiea
iieeoeee “iinoaiaiiie oa?aiee” a i?iaaaeaiee ?uii/iuo ?aoi?i iicaieeei
Aueaoiaio ia?aiia/aeueii iaania/eoue ieieiaeueiue o?iaaiue iauanoaaiiuo
iio?aaiinoae, a iinea niyoey yeiiiie/aneiai yiaa?ai aeiaeoueny ?inoa
i?iiuoeaiiiai i?iecaiaenoaa aei 14,9 % aiaeiauo, oaaee/aiey aioo?aiiaai
oiaa?iiai?ioa, eioaa?aoeee no?aiu a iaaeaeoia?iaeiue yeiiiie/aneee nithc
“ASEAN”.

A aeenna?oaoeee iainiiaaii iieiaeaiea ia iauaeoeaiie iaiaoiaeeiinoe
nicaeaiey iaoeeiiaeueiiai ?uiea oeaiiuo aoiaa. ?ac?aaioaiu e
i?aaeeiaeaiu i?aaiecaoeeiiii-yeiiiie/aneea ia?ii?eyoey iino?iaiey
iiaeaee oiiaeiaiai ?uiea Aueaoiaia, ii?aaeaeaia ?ieue ainoaea?noaa a aai
?aaoee?iaaiee.

. A aeenna?oaoeee i?iaiaeece?iaai i?ioeann aeoeeiie?iaaiey
aini?aaei?eyoee e aeaiu ?aeiiaiaeaoeee ii aai onei?aieth. Aeey
oi?ie?iaaiey nia?aiaiiie eio?ano?oeoo?u oiiaeiaiai ?uiea aeenna?oaio
i?aaeeaaaao nicaeaiea oaeeo yeaiaioia, eae Aueaoiaineay
oaeaeiiioieeaoeeiiiay oiiaeiaay nenoaia (AOON), Aueaoiaineay
annioeeaoeey eiaanoeoeeiiiuo aeeea?ia (VASD). A ?aaioa niaea?aeeony
aaoi?neay o?aeoiaea aa?eaioia i?ano?oeoo?u oi?aaeaiey eiiiaieae ii
oeaiiui aoiaaai e oiiaeiaie ae?aeae. Ioaeaeueiua ?acoeueoaou
aeenna?oaoeee iaoee i?aeoe/aneia i?eiaiaiea a ?aaioa eiiia?/aneiai aaiea
e i?aaei?eieiaoaeueneeo no?oeoo? ia oiiaeiaii ?uiea Aueaoiaia.

Eeth/aaua neiaa: oeaiiay aoiaaa, oiiaeiaue ?uiie, oiiaeiaay ae?aea.

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