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Формування механізму управління оборотним капіталом підприємства (на прикладі підприємств будівельної галузі): Автореф. дис… канд. екон. наук / Т.В.

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Oa?e?anueea aea?aeaaia aeaaeai?y i?nueeiai ainiiaea?noaa

OAeE 658.153.2:336.6:624:338.93:658.15

Iiiio Oaoyia Aaea???aia

OI?IOAAIIss IAOAI?CIO OI?AAE?IIss IAI?IOIEI EAI?OAEII I?AeI?E?INOAA

(IA I?EEEAAe? I?AeI?E?INOA AOAe?AAEUeII? AAEOC?)

Niaoe?aeuei?noue 08.07.03 – “Aeiiii?ea aoae?aieoeoaa”

Aaoi?aoa?ao aeena?oaoe??

ia caeiaoooy iaoeiaiai nooiaiy eaiaeeaeaoa aeiiii?/ieo iaoe

Oa?e?a – 1999

Aeena?oaoe??th ? ?oeiien.

?iaioa aeeiiaia a Oa?e?anuee?e aea?aeaai?e aeaaeai?? i?nueeiai
ainiiaea?noaa.

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

Nieiaeia Ieaenaiae? Aaneeueiae/

Oa?e?anueea aea?aeaaia aeaaeai?y

i?nueeiai ainiiaea?noaa, caa?aeoaa/ eaoaae?ith

aeiiii?ee aoae?aaeueiiai i?aei?e?inoaa

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

Iaai?eia Ieaenaiae? Naiaiiae/

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

aoae?aieoeoaa oa a?o?oaeoo?e, caa?aeoaa/ eaoaae?ith

aeiiii?ee

eaiaeeaeao aeiiii?/ieo iaoe, i?ioani?

Aeiey Aieiaeeie? Oeiio?eiae/

Oa?e?anueea aea?aeaaia aeaaeai?y

i?nueeiai ainiiaea?noaa, i?ioani? eaoaae?e

aooaaeoa?nueeiai iae?eo ? aoaeeoo

I?ia?aeia onoaiiaa – Oa?e?anueeee aea?aeaaiee aeiiii?/iee

oi?aa?neoao, eaoaae?a aeiiii?ee i?aei?e?inoaa

oa iaiaaeaeiaioo.

I?i?noa?noai ina?oe Oe?a?ie, i. Oa?e?a.

Caoeno a?aeaoaeaoueny “23” /a?aiy 1999 ?ieo i 14 aiaeei? ia can?aeaii?
niaoe?ae?ciaaii? a/aii? ?aaee, oeo? E 64.089.01 o Oa?e?anuee?e
aea?aeaai?e aeaaeai?? i?nueeiai ainiiaea?noaa ca aae?anith:

310 002, i. Oa?e?a, aoe. ?aaiethoe??, 12.

C aeena?oaoe??th iiaeia iciaeiieoenue o a?ae?ioaoe? Oa?e?anueei?
aea?aeaaii? aeaaeai?? i?nueeiai ainiiaea?noaa ca aae?anith:

310 002, i. Oa?e?a, aoe. ?aaiethoe??, 12.

Aaoi?aoa?ao ?ic?neaiee “21” o?aaiy 1999 ?ieo.

A/aiee nae?aoa?

niaoe?ae?ciaaii? a/aii? ?aaee
Eaethe I.?.

22

CAAAEUeIA OA?AEOA?ENOEEA ?IAIOE

Aeooaeuei?noue oaie. O no/aniiio aeiaae?ciaaiiio aeiiii?/iiio ?
noni?eueiiio aeeoo? a oiiaao ?aoi?ioaaiiy aeiiii?ee Oe?a?ie iathoue aooe
/?oei ie?aneai? e iaoeiai iaa?oioiaai? eiioo?e oa i??i?eoaoe iiai?
aeiiii?/ii? iie?oeee i?aei?e?inoa, ni?yiiaaii? ia caaacia/aiiy
aeiiii?/iiai c?inoaiiy e?a?ie. Ia?o ca ana, nueiaiaei?oi? ?ic?iaee
i?e?iaeiiii?/iiai ??aiy iiaeii? cae?enithaaoenue c o?aooaaiiyi
ooiaeaiaioaeueieo iaaeaaiue no/anii? na?oiai? aeiiii?/ii? aeoiee,
i?ia?aeiei iai?yieii yei? ? aaiethoe?eia oai??y aeiiii?/iiai c?inoaiiy.
Nie?ath/enue ia iniiai? iieiaeaiiy oe??? oai???, neiae ia?o ca ana
aiaecia/eoe, ui aeey aieueoinoi iiaei?e?inoa aoae?aaeueii? aaeoc?
Oe?a?ie noaiaea?oii oi?aaeiinueei, oaoiieiai/ii, iiaanoeoeieii oa
o?iainia? iia?aoei? c aaeeeei iai?oaeaiiyi i?aeo?eiothoue aeaeeaaiiy ia
aioo??oiueiio ?eieo i ia caaacia/othoue aeinoaoiie ?iaaiue
eiieo?aioini?iiiaeiino? ia na?oiaiio ?eieo aoae?aaeueieo iineoa. ?acii c
oeei, ?aaeicaoeiy iiooeo, iai?aaeaiiai ia oaeineiiaeaiiy aai
?aaeeeaeuei? ci?ie aioo??oi?o iaoai?ci?a oi?aae?iiy, oaoiieia?e,
aeaea?ae iinoa/aiiy, ia?eaoeiao, oiui iio?aao? cia/ieo aeo?ao,
noi?iaiaeaeo?oueny aaeeeei ?eceeii, a aieiaia, ? aaaeeicaeienithaaiith
/a?ac aiaenooiinoue iaiaoiaeieo oiiainiaeo ?ano?nia. Aiane?aeie oeueiai
ia?aoai?aiiy iaoe?iiaeueii? aeiiii?ee a iai?yieo a?ae ia?ao?aeii? aei
?eieiai? ia?aaeeaie, aea ?oo?eiith neeith aeiiii?/iiai c?inoaiiy
aenooia? ?iiiaaoe?eia ae?yeuei?noue, cae?enith?oueny aeoaea iia?eueii.

I?aoethth/e a iiaeo oiiaao noaiiaeaiiy ?eieo ? ?eieiaeo a?aeiinei a
Oe?a?i?, aoae?aaeuei? i?aei?e?inoaa naiino?eii ?aaoeththoue an?
aioo??oi? aniaeoe o?iainiai? ae?yeueiino?, i?enoiniaoth/enue aei
iae?iaeiiii?/iiai na?aaeiaeua. Cia/iee ianya o?iainiaeo ?ano?n?a, ui
?iaanoothoueny a iai?ioiee eai?oae, eiai i?ia?aeia ?ieue o i?enei?aii?
iai?ioo anueiai eai?oaeo ? caaacia/aii? aacia?a?aiino? i?ioean?a
ae?iaieoeoaa ? ?aae?caoe?? i?iaeoeoe??, aecia/athoue ia?oi/a?aia?noue ?
neeaaei?noue caaaeaiue i?eeiyooy ??oaiue c oi?aae?iiy iai?ioiei
eai?oaeii.

Na?aae no/anieo a/aieo, ye? c?iaeee aaaiiee aianie o ?icaeoie
oai?aoe/ieo oa i?aeoe/ieo ieoaiue c oi?aae?iiy iai?ioiei eai?oaeii,
ne?ae a?aecia/eoe oe?a?inueeiai I.I. Aeaiea, ?in?enueeeo ?.N.Noiyiiao,
?.A. Aeeiao, A.A. Eiaaeueiaa, i?aaenoaaiee?a aiaei-aia?eeainueei? oeiee
O. Iaianna, Ae.Caeoeiaa, E. O?aeca?a, A. I?i?inoiia, Aeae. Oi?ia, I.
O?eea, O. Na?oi??na, E. Oaeea, *. Oaee?, o?aioeocnueei? – I. Iaiue?, O.
aea Aa?iea, I. Aoeueia, A. Eieanna.

I?ioeane e?oaiiai?ioo oa iai?ioo caniaia o aaeoci “Aoaeiaieoeoai”
aeinoaoiuei aeineiaeaeaii a i?aoeyo oaeeo a/aieo-aeiiiiinoia /ania
ieaiiai? aeiiii?ee, ye N.A. Aa?iaieueoe, A.I. Ai?iai, A.A. Ai/a?ia,
A.N.Aeoiaeoeaa, I.A. AEiaie?aa, I.N. Einioeeai, I.O. Eaiiaeon, Ae.N.
Iieyeia, E.O. Ii?thuaiei, I.I.Iia?aaiye, I.A. Iiaeiin, N.A. *a?ieoeia,
A.I. Uo? oa iio?. Aeinyaiooi niieueiinoue iiaeyaeia c oaeeo ei?iiieo
ieoaiue oai?i?, ye caaaeueia noaia ?ooo eaiioaeueii? aa?oinoi, ciino
aeiiiii/ieo eaoaai?ie “ae?iaie/i oiiaee”, “iniiaii oiiaee”, “iai?ioii
oiiaee” oa “oiiaee iaiao”.

?acii c oei, a no/aniie iaooei ia ae?iaeaii ?aeeieo iaoiaeieiai/ieo
iiaeoiaeia o o?aeooaaiii eaoaai?i? iai?ioiiai eaiioaeo, ia anoaiiaeaii
/?oeeo iaae eiai niiaaiaeiioaiiy c iioeie aeiiiii/ieie eaoaai?iyie, ia
aeinoaoiuei aeineiaeaeaii caeiiiii?iinoi eiai ?ooo. Aeineoue iioe?aiei
aeey aio/eciyii? ? aeayeith i??ith aeey ca?oa?aeii? aeiiiii/ii? aeoiee ?
ioioiaeiaiiy eaoaai?ie “iai?ioiee eaiioae” i “iai?ioii caniae”.

A oiiaao ?aoi?ioaaiiy aeiiii?ee oa e?ece ia?ao?aeiiai ia??iaeo a Oe?a?i?
oi?aae?iiy iai?ioiei eai?oaeii iaaoaa? iniaeeai? aeooaeueiino? ua e
oiio, ui iai?ioiee eai?oae neeaaea? a?eueo i?ae 80% anueiai eai?oaeo
i?aei?e?inoaa ? yaey? niaith iaea?eueo iia?eueio /anoeio o?iainiaeo
?ano?n?a. A?aoiaoth/e oa, ui iaoith i?aei?e?iieoeueei? ae?yeueiino?
eiaeiiai noa’?eoa ainiiaea?thaaiiy ? io?eiaiiy i?eaooeo, iaiao?aeii
a?eueo ?aoaeueii e eaae?o?eiaaii i?aeoiaeeoe aei oi?aae?iiy iai?ioiei
eai?oaeii i?aei?e?inoa c iaoith iaenei?caoe?? eiai iai?ioiino? oa
ca?eueoaiiy aaia?iaaiiai iei i?eaooeo. Aeey oeueiai o?aaa ia?o ca ana
aeaoaeueii aea/aoe e aiae?coaaoe ye aioo??oi?, oae ? ciai?oi? oaeoi?e,
aeeiai?eo, oaiaeaioe??, iieacieee aoaeoeaiino? aai, ei?iooa eaaeo/e,
ana, ui oei /e ?ioei /eiii aieeaa? ia aaee/eio iai?ioiiai eai?oaeo aeey
oiai, uia caaacia/eoe eiai aoaeoeaia aeei?enoaiiy.

Ae?th/a nueiaiaei? i?aeoeea ainiiaea?thaaiiy oa?aeoa?eco?oueny
a?aenooi?noth caaaeueiii?eeiyoeo ? ae?eiaeo iaoai?ci?a oi?aae?iiy
iai?ioiei eai?oaeii, iaa?aeiia?aei?noth ?ioi?iaoe?eii? aace i?aei?e?inoa
iio?aaai no/aniino?.

C iaeyaeo ia oiiae, ui neeaeeny, iiooe eiaeiiai aoae?aaeueiiai
iiaei?e?inoaa iiaeiai aooe iai?aaeaiee, a ia?oo /a?ao, ia noai?aiiy
aoaeoeaieo iaoaiiciia oi?aaeiiiy oiiainiaeie ?ano?naie c iaoith
iaenei?caoe?? eiioeaaeo ?acoeueoaoia ae?iaie/i-ainiiaea?nueei?
aeiyeueiinoi, ui caaacia/eee a ca?eueoaiiy ?iaanoeoe?eieo iiaeeeainoae
oa iaa?iiaaeaeaiiy ?iiiaaoe?eiiai iioaioe?aeo aaeoc?.

Aeieeiaiiy i?iaeaiii? neooaoe?? oa iaae??oai?noue iacaaieo aeua ieoaiue
? coiiaeee iaiao?aei?noue i?iaaaeaiiy oeueiai aeine?aeaeaiiy oa aea??
oaie aeena?oaoe?eii? ?iaioe.

Ca’ycie ?iaioe c iaoeiaeie i?ia?aiaie, ieaiaie, oaiaie. Ia?aiee o
aeena?oaoe?ei?e ?iaio? iai?yiie aeine?aeaeaiiy ca’ycaiee c
aea?aeathaeaeaoiith oaiith “Ia?ao?ae i?iaeoii-aoae?aaeueiiai eiiieaeno
ia ?eieia? oiiae”, ui ?ic?iaey?oueny eaoaae?ith aeiiii?ee aoae?aaeueiiai
i?aei?e?inoaa Oa?e?anueei? aea?aeaaii? aeaaeai?? i?nueeiai
ainiiaea?noaa.

I?aaeiao ? ia’?eo aeine?aeaeaiiy. I?aaeiaoii aeine?aeaeaiiy ? iai?ioiee
eai?oae i?aei?e?inoaa. Ia’?eoii aeine?aeaeaiiy ia?aii ia iae?i??ai? –
aaeocue “Aoae?aieoeoai” Oe?a?ie, ia i?e?i??ai? – aoae?aaeuei?
i?aei?e?inoaa Oa?e?anueei? oa Iieoaanueei? iaeanoae.

Iaoa oa caaaeaiiy aeine?aeaeaiiy. Iaoith aeena?oaoe?eiiai aeine?aeaeaiiy
? ?ic?iaea oai?aoe/ieo oa iaoiaeieia?/ieo iieiaeaiue uiaei oi?ioaaiiy ?
ooieoe?iioaaiiy iaoai?cio oi?aae?iiy iai?ioiei eai?oaeii i?aei?e?inoaa
a oiiaao aaiethoe?? ia?aaeeai aeiiii?/iiai c?inoaiiy.

Aeey aeinyaiaiiy iinoaaeaii? iaoe a aeena?oaoe?? ae??oai? oae?
caaaeaiiy:

– ia canaaeao aea/aiiy aaiethoe?? aeiiii?/ieo eaoaai??e “iai?ioiee
eai?oae” ? “iai?ioi? caniae” a iaaeao ia?aaeeai aeiiii?/iiai c?inoaiiy,
c o?aooaaiiyi iio?aa /ano oa i?aeia?iaeiiai aeina?aeo cae?eniaii iaoeiaa
aecia/aiiy iai?ioiiai eai?oaeo, ?ice?eoi eiai ci?no, aaaii?noue oa iaae?
ni?a?nioaaiiy c ?ioeie aeiiii?/ieie eaoaai??yie;

– aeine?aeaeai? ?nioth/? eeaneo?eaoe?? aeae?a iai?ioiiai eai?oaeo;

– e?eoe/ii i?iaiae?ciaaii ?nioth/? iiaeae? ?ic?aooieo ??cieo aeae?a
iai?ioiiai eai?oaeo;

– cae?eniaii nenoaiaoecaoe?th aioo??oi?o ? ciai?oi?o oaeoi??a, ui
aieeaathoue ia oi?ioaaiiy, aeei?enoaiiy oa ooieoe?iioaaiiy iai?ioiiai
eai?oaeo;

– noi?iiaaii eiiieaenio nenoaio iieaciee?a ioe?iee aoaeoeaiino?
aeei?enoaiiy iai?ioiiai eai?oaeo;

– aeine?aeaeaii no?oeoo?o aeaiaio?a iai?ioiiai eai?oaeo, aeaea?aea eiai
o?iainoaaiiy, iieacieee aoaeoeaiino? aeei?enoaiiy ia ??ai? aoae?aaeueii?
aaeoc? Oe?a?ie oa ia i?e?i??ai?;

– anoaiiaeaii i?e/eiii-iane?aeeiaee ca’ycie i?ioean?a ia?ao?aeiiai
ia??iaeo ? iai?ioiiai eai?oaeo;

– ?ic?iaeaii eiioeaioe?th iaoai?cio oi?aae?iiy iai?ioiei eai?oaeii ca
a?ioiaeie iioieaie;

– ia iniia? ae?iaie/i-eiia?oe?eiiai oeeeeo noai?aii iiaeaeue a?ioiaeo
iioie?a i?aei?e?inoaa;

– cai?iiiiiaaii nenoaio e?eoa???a ioe?iee aoaeoeaiino? oi?aae?iiy
iai?ioiei eai?oaeii i?aei?e?inoaa;

– cai?iiiiiaaii iaoiaeeeo i?iaeooaaiiy a?ioiaeo iioie?a i?aei?e?inoaa oa
cae?eniaii ?? ai?iaaoe?th;

– ca aea?aiei oe?eueiaei ia?aiao?ii ? ia aac? ni?iaeoiaaieo a?ioiaeo
iioie?a iiaoaeiaaii iiaeaeue oi?aae?iiy iai?ioiei eai?oaeii
i?aei?e?inoaa ca a?ioiaeie iioieaie;

– noi?iiaaii i?eioeeiia? noaie oi?aae?iiy aeaa?oi?nueeith
caai?aiaai?noth, caianaie oiaa?ii- iaoa??aeueieo oe?iiinoae, a?ioiaeie
eiooaie, e?aaeeoi?nueeith caai?aiaai?noth.

Iaoiaeieia?y ? iaoiaeeea aeine?aeaeaiiy. Oai?aoe/iith oa
iaoiaeieia?/iith iniiaith aeena?oaoe?? noaee: ocaaaeueiai? oai?aoe/i?
iieiaeaiiy aeiiii?/ii? iaoee, caeiiiaeaa/? aeoe Aa?oiaii? ?aaee Oe?a?ie,
oeace I?aceaeaioa Oe?a?ie, iinoaiiae Eaa?iaoo I?i?no??a Oe?a?ie,
ioae?eaoe?? i?ane, iaoeia? i?aoe? a?o/eciyieo ? ca?oa?aeieo
a/aieo-aeiiii?no?a.

Aeei?enoaia ?ioi?iaoe?y i?i ?acoeueoaoe ae?yeueiino? i?aei?e?inoa
aoae?aaeueii? aaeoc? Oe?a?ie, i?iaaaeaia eia?/ia ocaaaeueiaiiy
aea??eiaeo ia?eaoeiaiaeo ianoaaeaiue.

I?e ae??oaii? iinoaaeaieo o aeena?oaoe?? caaaeaiue canoiniaoaaeenue
nenoaiiee i?aeo?ae, noaoenoe/i? iaoiaee, aeiiii?/iee aiae?c.

Iaoeiaa iiaecia ?acoeueoao?a, io?eiaieo iniaenoi caeiaoaa/ai:

– a?aoiaoth/e neeaaei?noue, aaaaoianiaeoi?noue ? cia/iith i??ith iiaee
oa?aeoa? i?iaeaie iaoiaeieia?? a?ae?iaeaeaiiy aeiiii?/ii? eaoaai???
“iai?ioiee eai?oae”, nenoaiaoeciaaii ? ?icoe?aii eaoaai??eiee aia?ao
a?o/eciyii? aeiiii?/ii? iaoee;

– ae?noaea iiaeaeueoee ?icaeoie eeaneo?eaoe?y iai?ioiiai eai?oaeo ca
??cieie eiai aeaeaie;

– oaeineiiaeaii iiaeaeue ?ic?aooieo aeaniiai iai?ioiiai eai?oaeo;

– aeey aiae?co iai?ioiiai eai?oaeo oa i?ioean?a ia?ao?aeiiai ia??iaeo
cai?iiiiiaaia ???a?o?/ia noaia no?oeoo?iiai aca?iica’yceo oaeoi??a
ciai?oiueiai na?aaeiaeua oa i?aei?e?inoa aoae?aaeueiiai eiiieaeno,

– aeyaeai? e nenoaiaoeciaai? oaeoi?e, ui aieeaathoue ia oi?ioaaiiy,
aeei?enoaiiy oa ooieoe?iioaaiiy iai?ioiiai eai?oaeo;

– cai?iiiiiaaia iiaeaeue ?ic?aooieo a?ioiaeo iioie?a i?aei?e?inoaa;

– aia?oa noi?iiaaii iaoai?ci oi?aae?iiy iai?ioiei eai?oaeii
i?aei?e?inoaa ca a?ioiaeie iioieaie;

– cai?iiiiiaaii nenoaio e?eoa???a ioe?iee aoaeoeaiino? i?eeiyooy ??oaiue
c oi?aae?iiy iai?ioiei eai?oaeii i?aei?e?inoaa.

I?aeoe/ia cia/aiiy iaea?aeaieo ?acoeueoao?a. Noi?iiaaiee iaoai?ci
oi?aae?iiy iai?ioiei eai?oaeii ca a?ioiaeie iioieaie caaacia/o?
oe?eueiaee nenoaiiee i?aeo?ae aei i?eeiyooy iioeiaeueieo oi?aae?inueeeo
??oaiue, a?aeoai?th? ?aaeueiee aeiiii?/iee noai i?aei?e?inoaa.
Aeena?oaoe?eia aeine?aeaeaiiy i?noeoue eiie?aoi? aeniiaee e i?iiiceoe??
uiaei oi?aae?iiy ??cieie aeaeaie iai?ioiiai eai?oaeo, ui caaacia/othoue
aoaeoeai?noue oi?ioaaiiy, aeei?enoaiiy oa ooieoe?iioaaiiy iai?ioiiai
eai?oaeo c iaoith ?ioaneo?eaoe?? i?ioeano e?oaiiai?ioo oa iaenei?caoe??
aeia?iaooo aeaniee?a eai?oaeo.

I?aeoe/ia oe?ii?noue caeiaooeo ?acoeueoao?a i?aeoaa?aeaeo?oueny ?o
ai?iaaaeaeaiiyi o i?aeoe/io ae?yeuei?noue aoae?aaeueieo i?aei?e?inoa.

Iniiai? iaoeiai-iaoiaeieia?/i? iieiaeaiiy oa ?ioi?iaoe?eii-aiae?oe/ia
aaca iiaeooue aooe aeei?enoai? a iaa/aeueiiio i?ioean? i?e aea/aii?
eo?n?a “Aeiiii?ea aoae?aieoeoaa”, “O?iainiaee iaiaaeaeiaio”.

Ai?iaaoe?y ?acoeueoao?a aeena?oaoe??. ?acoeueoaoe aeine?aeaeaiue,
aeeeaaeaieo o aeena?oaoe??, ii?eethaeiaii? ia eiioa?aioe?yo
“I?aei?e?iieoeoai oa ?aoi?ie a ?in??” (N.-Iaoa?ao?a, 1997), “A?cian oa
aeiiii?/iee ?icaeoie o Oeaio?aeuei?e ? No?aei?e ?a?ii?” (A?ii, *anueea
?anioae?ea, 1998), “Aeiiii?ea oaoiieia?/ieo oa ?inoeoooe?iiaeueieo ci?i”
(No?anao?a, O?aioe?y, 1998), “?icaeoie eiioi?noe/ieo ? iinoeiioi?noe/ieo
noni?euenoa” (Iaeueao?i, Aano?ae?y, 1998), “Aeine?aeaeaiiy oa
iioei?caoe?y aeiiii?/ieo i?ioean?a” (Oa?e?a, 1998), “?ioaa?aoe?y Oe?a?ie
o na?oiaa ni?aoiaa?enoai” (Ee?a, 1998); Aaniyieo nai?ia?ao iieiaeeo
a/aieo-aeiiii?no?a “Oi?aae?iiy i?aei?e?inoaii: iia? i?aeoiaee aei
ae??oaiiy i?iaeai” (N.-Iaoa?ao?a, 1998); iaoeiaeo eiioa?aioe?yo
i?ioani?nueei-aeeeaaeaoeueeiai neeaaeo, ni?a?ia?oiee?a oa ani??aio?a
Oa?e?anueei? aea?aeaaii? aeaaeai?? i?nueeiai ainiiaea?noaa a 1996, 1998
??. O ?aieao ani??aionueei? i?aeaioiaee ca i?ia?aiith ?N “Iaa/aiiy oa
iia?euei?noue iieiaeeo aeine?aeiee?a” cae?eniaia i?acaioaoe?y
aeena?oaoe?? (No?anao?a, O?aioe?y, 1998).

Ioae?eaoe??. Ca ?acoeueoaoaie i?iaaaeaieo aeine?aeaeaiue iioae?eiaaii 9
iaoeiaeo noaoae oa 8 oac aeiiia?aeae ia i?aeia?iaeieo iaoeiaeo
eiioa?aioe?yo ? nai?ia?ao caaaeueiei ianyaii 3,04 oiiai.-ae?oe. a?eo?a.
Iniaenoi aaoi?o iaeaaeeoue 2,87 oiiai.-ae?oe. a?eoo?a.

No?oeoo?a ? ianya ?iaioe. Aeena?oaoe?y neeaaea?oueny ?c anooio, o?ueio
?icae?e?a, aeniiae?a, nieneo aeei?enoaieo aeaea?ae c 230 iaeiaioaaiue.
?iaioa i?noeoue 150 noi??iie iaoeiiieniiai oaenoo, 15 ?enoie?a, 12
oaaeeoeue, 5 aeiaeaoe?a.

INIIAIEE CI?NO ?IAIOE

O anooi? iaa?oioiaaii aeooaeuei?noue oaie aeena?oaoe??, ioa?aeoa?eciaaii
nooi?iue ?? ?ic?iaee, noi?ioeueiaaii iaoo ? caaaeaiiy aeine?aeaeaiiy,
?ice?eoi iaoeiao iiaecio e i?aeoe/io oe?ii?noue io?eiaieo ?acoeueoao?a ?
aeniiae?a.

O ia?oiio ?icae?e? – “Iniiai? oai?aoe/i? oa iaoiaeieia?/i? iieiaeaiiy c
oi?aae?iiy iai?ioiei eai?oaeii” – c oi/ee ci?o iio?aa /ano ia iniia?
aea/aiiy a ?noi?e/iiio aniaeo? aaiethoe?? aeiiii?/ieo eaoaai??e
“iai?ioiee eai?oae” oa “iai?ioi? caniae”, a oaeiae caiice/aiiy
?aoe?iiaeueieo caeiaooe?a cao?aeieo aeiiii?/ieo oe?e nenoaiaoeciaaii ?
?icoe?aii eaoaai??eiee aia?ao a?o/eciyii? aeiiii?/ii? iaoee.

1. No/ania aeiiii?/ia iaoea oa?aeoa?eco?oueny a?aenooi?noth ?aeeieo
iaoiaeieia?/ieo i?aeoiae?a o o?aeooaaii? eaoaai??? iai?ioiiai eai?oaeo,
caeiiii??iinoae eiai ?ooo, iaae ?nioaaiiy ? ni?aa?aeiioaiiy c ?ioeie
aeiiii?/ieie eaoaai??yie (iai?ioi? caniae, iai?ioi? oiiaee, oiiaee
ia?ao, oiui). Oea i?aeoaa?aeaeo?oueny ??ciiiai?oi?noth ?nioth/eo
e?oa?aoo?ieo aeaea?ae, ui aeicaieeee ?ice?eoe aeieeiaiiy oa aaiethoe?th
?icaeoeo aeiiii?/ieo eaoaai??e “iai?ioiee eai?oae” oa “iai?ioi? caniae”.
Neioac i?iaiae?ciaaieo a ?noi?e/iiio, /aniaiio e i?inoi?iaiio aniaeoao
eiioeaioe?e aeicaieea aeaoe aecia/aiiy oeeo aeiiii?/ieo eaoaai??e.

Ia aeoieo aaoi?a, i?ae iai?ioiei eai?oaeii ne?ae ?icoi?oe o?iainia?
?ano?ne, ui ?iaanoothoueny a eiaeiiio ae?iaie/i-eiia?oe?eiiio oeeee?
aeey noai?aiiy ae?iaie/eo iai?ioieo oiiae?a ? eoi?ae? ?iai/i? neee, ye?
a i?ioean? e?oaiiai?ioo iino?eii ia?aoiaeyoue c iaei??? ooieoe?iiaeueii?
oi?ie a ?ioo, noai?thth/e i?e oeueiio oiiaee ia?ao, ? ye?
a?aeoeiaeiaothoueny o a?ioia?e oi?i? a e?ioe? eiaeiiai oeeeeo
e?oaiiai?ioo, caaacia/oth/e oeei naiei ii?yae c iniiaiei eai?oaeii
aacia?a?ai?noue i?ioeano ae?iaieoeoaa e ?aae?caoe?? i?iaeoeoe??.
A?aecia/aii aeeiai?/i?noue, aenieee iioaioe?ae no?oeoo?ii?
o?ainoi?iaoe?? ? aio/e?noue oe??? aeiiii?/ii? eaoaai???.

Iai?ioi? caniae aecia/athoueny ye aeiiii?/ia eaoaai??y, ui aenooia?
iia?aoe?eiith oa?aeoa?enoeeith iai?ioiiai eai?oaeo, oa?aeoa?eco?
?ano?niee iioaioe?ae i?aei?e?inoaa ia iaaio aeaoo ? ? eiie?aoiei
aei??ieeii iai?ioiiai eai?oaeo c iaoith cae?eniaiiy e?euee?niiai
aiae?co.

2. Neeaaei?noue, aaaaoianiaeoi?noue ? oi?eaeueia iniaeea?noue iai?ioiiai
eai?oaeo iaeii/anii ?nioaaoe a ??cieo aeaeao coiiaeee aeioe?euei?noue
eiai eeaneo?eaoe?? ca iciaeaie, ui caaacia/othoue ?aei?noue
ni?a?nioaaiiy ??cieo eiai aeae?a o i?ioean? e?oaiiai?ioo (aeea. oaae.1).

3. Iiaia ?ice?eooy nooiino? iai?ioiiai eai?oaeo iia’ycaia c
iaiao?aei?noth aeei?enoaiiy iiaeaeae ?ic?aooieo ??cieo eiai aeae?a.
Iaeiae o no/ani?e aeiiii?/i?e e?oa?aoo?? a?aenooi? ?aeei? iaoiaeieia?/i?
i?aeoiaee aei ?ic?aooieo ??cieo aeae?a iai?ioiiai eai?oaeo. Aaoi?ii
ocaaaeueiaii ?nioth/? iiaeae? ?ic?aooieo ? oaeineiiaeaii iiaeaeue
?ic?aooieo aeaniiai iai?ioiiai eai?oaeo i?aei?e?inoaa.

4. Oi?ioaaiiy iaoai?cio oi?aae?iiy iai?ioiei eai?oaeii iio?aao? aea/aiiy
aeanoeainoae eiai aeaiaio?a. Iaoiaeii aiae?oe/iiai aeine?aeaeaiiy oa
oeyoii aeaoaeueii? aeeoa?aioe?aoe?? iai?ioiiai eai?oaeo ia aeaiaioe
cai?iiiiiaaia aaaaoiaaeoi?ia nenoaia eeaneo?eaoe?? ca oaeeie
aeanoeainoyie, ye e?ea?aei?noue, iai?ioi?noue, nooi?iue ?eceeo ao?aoe,
caeaoi?noue aaia?oaaoe i?eaooie. Iieacaia ?o ??ciiiai?aaeai?noue iaa?oue
o ?aieao iaeiiai aeaiaioa, ui ia?aaeaa/a? noai?aiiy aaeaeaaoiiai
iaoai?cio oi?aae?iiy oe??th iaaeoi neeaaeiith nenoaiith.

Oaaeeoey 1 – Eeaneo?eaoe?y iai?ioiiai eai?oaeo i?aei?e?inoaa

Eeaneo?eaoe?ei? iciaeeAeaee iai?ioiiai eai?oaeoIaneoaiaoaaiiy noa?
e?oaiiai?ioo eai?oaeoIai?ioiee eai?oae noa?e ia?ao

Iai?ioiee eai?oae noa?e ae?iaieoeoaaOoieoe?iiaeuei? oi?ie noaae?e
e?oaiiai?ioo eai?oaeoA?ioiaa ooieoe?iiaeueia oi?ia iai?ioiiai eai?oaeo

Ae?iaie/a ooieoe?iiaeueia oi?ia iai?ioiiai eai?oaeo

Oiaa?ia ooieoe?iiaeueia oi?ia iai?ioiiai eai?oaeoNeeaae aeaiaio?a
oi?ioaaiiyAaeiaee iai?ioiee eai?oae

*enoee iai?ioiee eai?oae

O?iainiai-aenieoaoaoe?ei? iio?aaeAeaea?aea o?iainoaaiiyAeaniee iai?ioiee
eai?oae

Iiceeiaee iai?ioiee eai?oaeIniaeeaino? ieaioaaiiy oa i?eioeeie
i?aai?caoe??Ii?iiaaiee iai?ioiee eai?oae

Iaii?iiaaiee iai?ioiee eai?oaeIniaeeaino? ?iaanooaaiiy iai?ioieo
aeoea?aIino?eiiai aeei?enoaiiy

I?ieeaiai aeei?enoaiiyAeaee ae?yeueiino? i?aei?e?inoaaIai?ioiee eai?oae,
ui ianeoaiao? iia?aoe?eio ae?yeuei?noue

Iai?ioiee eai?oae, ui ianeoaiao? o?iainiao ae?yeuei?noue

Iai?ioiee eai?oae, ui ianeoaiao? ?iaanoeoe?eio ae?yeuei?noueNeeaae
aeaiaio?a, a ye? ?iaanoo?oueny iai?ioiee eai?oaeOiaa?ii-iaoa??aeuei?
oe?iiino?

?ic?aooiee c aeaa?oi?aie

A?ioia? eiooe

?ioee iai?ioiee eai?oae1. Ooieoe?iioaaiiy iai?ioiiai eai?oaeo
i?aei?e?inoaa cae?enith?oueny a oiiaao neeaaeii? aca?iiae?? eiiieaeno
ciai?oi?o e aioo??oi?o oaeoi??a, ui iiynith?oueny aaaaoia?aii?noth ye
naii? oe??? aeiiii?/ii? eaoaai???, oae ? neeaaei?noth o?aiceoe?eieo
i?ioean?a ia?ao?aeiiai ia??iaeo. Aeey aiae?co iai?ioiiai eai?oaeo ?
i?ioean?a ia?ao?aeiiai ia??iaeo cai?iiiiiaaia ???a?o?/ia noaia
no?oeoo?iiai aca?iica’yceo oaeoi??a ciai?oiueiai na?aaeiaeua ?
i?aei?e?inoa aoae?aaeueiiai eiiieaeno, ui aeeth/a? oae? ??ai?: na?oiaa
aeiiii?ea; iaoe?iiaeueia aeiiii?ea; aaeocue “Aoae?aieoeoai” Oe?a?ie;
i?aei?e?inoaa aoae?aaeueii? aaeoc?.

2. Oeyoii aiae?co ?nioth/eo aeine?aeaeaiue aeiiii?/ii? iie?oeee
i?aei?e?inoa ca ia??iae ia?aoiaeo aei ?eieiaeo a?aeiinei ? aieeao ia ia?
iae?iaeiiii?/iiai na?aaeiaeua aeyaeai? e nenoaiaoeciaai? oaeoi?e aai
i?e/eie, ui aecia/athoue oa?aeoa? ooieoe?iioaaiiy, oi?ioaaiiy oa
aeei?enoaiiy iai?ioiiai eai?oaeo i?aei?e?inoaa (aeea. oaae.2).

3. Iioeiaeueia oi?aae?iiy iai?ioiei eai?oaeii ia?aaeaa/a? iaiao?aei?noue
i?eae?eyoe iniaeeao oaaao aiae?co iieaciee?a aoaeoeaiino? eiai
aeei?enoaiiy. A?aenooi?noue iaei??? oi/ee ci?o uiaei neeaaeo ? ye?niiai
ci?noo oeeo iieaciee?a cia/ii oneeaaeith? ia’?eoeai?noue aiae?oe/ieo
ioe?iie, a oei naiei oneeaaeith?oueny ? i?eeiyooy oi?aae?inueeeo
??oaiue. Aaoi?ii aeei?enoai? iieacieee iai?ioiino?, ui aeathoue ioe?ieo
aoaeoeaiino? aeei?enoaiiy iai?ioiiai eai?oaeo ca oaeoi?ii /ano, ?
iieacieee, ui ioe?iththoue i?eaooeia?noue aeei?enoaiiy iai?ioiiai
eai?oaeo. Iniaeeao oaaao i?eae?eaii o?eaaeino? iia?aoe?eiiai e
o?iainiaiai oeeeeo i?aei?e?inoa.

O ae?oaiio ?icae?e? – “Aeine?aeaeaiiy no?oeoo?ieo ci?i oa aoaeoeaiino?
aeei?enoaiiy iai?ioiiai eai?oaeo a ia?ao?aeiee ia??iae” – ?icaeyiooi
no/aniee noai ? o?ainoi?iaoe?th i?aei?e?inoa aoae?aaeueii? aaeoc?
Oe?a?ie, no?oeoo?i? oaiaeaioe?? oa aoaeoeai?noue aeei?enoaiiy iai?ioiiai
eai?oaeo ia aaeocaaiio e ia i?e?i??aiyo, anoaiiaeaii
i?e/eiii-iane?aeeiaee ca’ycie aeiiii?/ieo i?ioean?a ia?ao?aeiiai
ia??iaeo ? iai?ioiiai eai?oaeo, c?iaeaii aeniiaee uiaei ia?oi/a?aiaino?
ae??oaiiy i?iaeaie oi?ioaaiiy aaeaeaaoiiai iei?oiueiio noaiia?
aoae?aaeueii? aaeoc? iaoai?cio oi?aae?iiy iai?ioiei eai?oaeii, iniaeeai
ii oaeeo eiai aeaiaioao, ye aeaa?oi?nueea oa e?aaeeoi?nueea
caai?aiaaiino?.

1. Ia no/aniiio aoai? aeiiii?/iiai ?aoi?ioaaiiy c o?aooaaiiyi
ooi/ithth/iai ci?noo iiiyooy “aoae?aaeueiee eiiieaen” oa aeiei??iieo
ia?aoai?aiue a aaeoc? aeyaeai? oaiaeaioe?? iai?ioiiai eai?oaeo
a?aee?eoi? aeeiai?/ii? nenoaie “Aoae?aieoeoai”. ?nio? no?eea oaiaeaioe?y
aei c?inoaiiy aeaa?oi?nueei? oa e?aaeeoi?nueei? caai?aiaaiino?,
ca?eueoaiiy caian?a oiaa?ii-iaoa??aeueieo oe?iiinoae ? ciaioaiiy ieoiii?
aaae aaie?anueeeo e?aaeeo?a. Aeaaeae? a?eueoa i?aei?e?inoa noathoue
caeoeiaeie, cieaeothoueny ianyae aoae?aieoeoaa, aeeiiothoueny
iai?io?euei? aeey iniiaii? ae?yeueiino? ?iaioe, iia??oeeeny iieacieee
aoaeoeaiino? aeei?enoaiiy iai?ioiiai eai?oaeo. Aeyaeaii, ui a oiiaao
?ioeyoe?? ?iaeaenaoe?? iniiaieo oiiae?a, ui ia?aaoey?ii cae?enithaaeenue
o?yaeii, cia/ii aeaoi?ioaaee no?oeoo?o eai?oaeo.

1. Oaaeeoey 2 – Nenoaia oaeoi??a, ui aieeaathoue ia oi?ioaaiiy,
aeei?enoaiiy oa ooieoe?iioaaiiy iai?ioiiai eai?oaeo

Aiae?oe/i? ??ai?Iaeiaioaaiiy
i?ioean?aOi?ioaaiiyAeei?enoaiiyOoieoe?iioaaiiyNa?oiaa aeiiii?eaI??i?eoao
iaaeiaoe?iiaeueieo aaei?i?no?aoeaieo no?oeoo? (IA??, IAO, III oiui)

I??i?eoao i?aeia?iaeiiai caeiiiaeaanoaa iaae aioo??oiueiaea?aeaaiei

Oaoiieia?/iee i?ia?an ye aeii?ioth/ee oaeoi? aeiiii?/iiai ?inoo

E?aa?ae?caoe?y ?eie?a. Eii’thieoo?a ciai?oiueiai o?iainiaiai ?eieo

??aaiue ?ioeyoe??. Eo?ne eiiaa?oiaaieo aaetho.Iaoe?iiaeueia
aeiiii?eaNoai ?icaeoeo iaoe?iiaeueii? aeiiii?ee

?ioeyoe?y

Iaaeineiiae?noue caeiiiaeaanoaa

Eii’thieoo?a aioo??oiueiai o?iainiaiai ?eieo

??aaiue iiiaeaoeoaaiiy i?eaooeo

Noai ?icaeoeo iaoe?iiaeueii? aeiiii?ee

?ioeyoe?y

Iaaeineiiae?noue caeiiiaeaanoaa

Iie?oeea ?iaeaenaoe?? iniiaieo oiiae?a

Iaaeineiiae?noue nenoaie ii?ioaaiiy iai?ioieo cania?a

A?aenooi?noue iaoai?cio iiiiaiaiiy iai?ioieo eioo?a

Ci?ia iiieoo, i?iiiceoe??, oe?i ia oiaa?eNoai ?icaeoeo iaoe?iiaeueii?
aeiiii?ee

?ioeyoe?y

Iaaeineiiae?noue caeiiiaeaanoaa

Eii’thieoo?a aioo??oiueiai o?iainiaiai ?eieo

Iaaeineiiae?noue o?iainiai? ?io?ano?oeoo?e

C?inoaiiy aca?iii? caai?aiaaiino? i?aei?e?inoa

C?inoaiiy o?iueiaiai naeoi?o aeiiii?ee Oe?a?ie

A?aenooi?noue ae??caeaoii? i?ioeaaeo?e aaie?oonoaa

Nienaiiy oa ?ano?oeoo?ecaoe?y ai?a?aAaeocue “Aoae?aieoeoai” Oe?a?ieNoai
aca?iiae?? ?eie?a o?iainiaeo ?ano?n?a oa aoae?aaeueieo
iineoaIaaeineiiae?noue aaeocaai? nenoaie ii?ioaaiiy iai?ioieo
cania?a?icaeoie iai?io?eueieo aeae?a ae?yeueiino?I?aei?e?inoaa
aoae?aaeueii? aaeoc?A?aenooi?noue iaoai?cio oi?aae?iiy o?iainiaeie
?ano?naie i?aei?e?inoaa

Noaa?euei?noue ?aae?caoe?? i?iaeoeoe??

No?oeoo?a iai?ioieo aeoea?a i?aei?e?inoaa

Oaiie ?icaeoeo i?aei?e?inoaa

??aaiue ?aioaaaeueiino? i?aei?e?inoaa

I?eoeeuei?noue i?aei?e?inoaa aei i?aeoiae?a o?iainoaaiiy

A?aeiioaiiy iiceeiaeaaoey aei i?aei?e?inoaaCi?ie iiieoo, i?iiiceoe?? ?
oe?i ia i?iaeoeoe?th i?aei?e?inoaa

I??a ?eceeo

Noai ?ic?aooie?a ?c caiiaieeaie

A?aenooi?noue no/aniiai iaiaaeaeiaioo

Iaoeea?e?ciaaii-?eieiaa aeiiii?/ia iie?oeea i?aei?e?inoa1. I?iaaaeaiee
aiae?c iieaciee?a i?eaooeiaino? ia i?e?i??ai? i?ioyaii 1992-1997 ??.
aeicaieea aeyaeoe iayai?noue o?aiaeo ? ?ic?iaeoe iie?iii?aeuei? iiaeae?
iieaciee?a ?aioaaaeueiino? i?aei?e?inoa. Aeey aiae?co aecia/aii o?e
aoaie ia?aoiaeo Oe?a?ie aei ?eieo: “aoai ne?iiai no?eaea a noeo?th
?eieo” (n?/aiue 1992 ?. – eeiaiue 1994 ?.), aoai noai?aiiy eiiieaeno
iniia nenoaiieo ?aoi?i (eeiaiue 1994 ?. – eeiaiue 1996 ?.), aoai
eiioe?eoo “aea?aeaaa i?aeaeuo? iiaeaoee – i?aei?e?inoai ooiaeeoue a
o?iue” (eeiaiue 1996 ?. – i?iaeiaaeo?oueny a iao /an). Iaea?aeai? e?i??
o?aiaeo aeicaieeee anoaiiaeoe, ui ia ia?oiio aoai? ia?aoiaeo
aoae?aaeueieo i?aei?e?inoa aei ?eieo a?aeaoeeny ia?aoai?aiiy ?oei?aiiai
oa?aeoa?o, ui aoei aeeeeeaii oaeoi?aie iae?iaeiiii?/iiai na?aaeiaeua:
iaiine?aeiai?noth ?iaeaenaoe?e iniiaieo oiiae?a, a?aenooi?noth iaoai?cio
ia?aoiaeo aeaniino? /a?ac ae??caeaoio i?ioeaaeo?o aaie?oonoaa,
e?aa?ae?caoe??th oe?i, o.i. Ca ?acoeueoaoaie aiaeico iae?iaeiiiii/iiai
na?aaeiaeua aoaeiaaeueieo iiaei?e?inoa ca ?iaiyie “naioiaa aeiiiiiea” oa
“iaoeiiiaeueia aeiiiiiea” aeyaeaii, ui:

– i?ioyaii ia?iiaeo ia?aoiaeo aei ?eieiaeo aiaeiinei cia/ii iiai?oeeeny
iae?iaeiiiii/ii oiiae aeey aeiiiii/ii? aeiyeueiinoi iiaei?e?inoa, ui a
naith /a?ao ni?e/eieei iaaeinoaoiie ?iaaiue ocaiaeaeaiinoi aoaeiaieoeoaa
Oe?a?ie ci ciiiaie o iae?iaeiiiii/iiio na?aaeiaeui,

– ia?aiao?e ?eieia, ui oi?iothoueny a Oe?a?ii oa, iniaeeai oiiainiaiai,
iiee ui aieueoith ii?ith ? ?acoeueoaoaie ciaiioiio, a ia aioo?ioiio
i?ioeania.

2. Ii??aiyiiy ?icaeyiooeo iieaciee?a ia i?e?i??ai? ca ia??iae c 1990 ii
1997 ??. iieacaei ia iiieaeaiiy (ca Eiiae?aoue?aei) iai?aaeaiiy ?o ci?i,
ui na?ae/eoue i?i iia??oaiiy ca?ao ianoaaei ia iae?i??ai?. On?
iaea?aeai? ?acoeueoaoe aeaiiino?othoue iiaoi?aiiy ia i?e?i??ai?
aaeocaaeo no?oeoo?ieo oaiaeaioe?e oa na?ae/aoue i?i ia?aaaao
iae?iaeiiii?/ieo oaeoi??a aieeao ia i?ioeane oi?ioaaiiy, aeei?enoaiiy oa
ooieoe?iioaaiiy iai?ioiiai eai?oaeo i?aei?e?inoa.

Iaiineiaeiaiinoue aeiiiii/ieo ia?aoai?aiue eaoaeicoaaea ?yae iaaaoeaieo
i?ioeania, ui ioiieee iiaei?e?inoaa Oe?a?ie. Ianaiia?aae, oea
?icai?oaiiy e?ece iaieaoaaeia ? iia’ycaiee c oeei niaae ae?iaieoeoaa.
Aeyaey?oueny no?eea oaiaeaioe?y aei c?inoaiiy aeaa?oi?nueei? oa
e?aaeeoi?nueei? caai?aiaaiino?, ca?eueoaiiy caian?a
oiaa?ii-iaoa??aeueieo oe?iiinoae oa caeeoe?a aioiai? i?iaeoeoe??, ana
a?eueoa i?aei?e?inoa noathoue caeoeiaeie. Caaaeueiith iniaeea?noth
aeiiiii/ii? iieioeee iiaei?e?inoa, ui ciooaii i?enoiniaoaaoenue aei
aeeiaii/iiai iae?iaeiiiii/iiai na?aaeiaeua, noaei ?o iaiaaaiiy
caeienithaaoe ia?aoie cia/ii? /anoeie eaiioaeo aei oiiueiai? aeiiiiiee

Oeyoii aiae?co, aeae?eaii e?eueea iaea?eueo oa?aeoa?ieo i?iaeai,
ae??oaiiy yeeo aeiaaa? oe?eani?yiiaaieo ae?e, iaei??th c yeeo ?
oi?ioaaiiy iaoai?cio oi?aae?iiy iai?ioiei eai?oaeii, aaeaeaaoiiai
nueiaiaei?oiueiio noaiia? aoae?aaeueieo i?aei?e?inoa.

O o?aoueiio ?icae?e? – “Oi?ioaaiiy iaoai?cio oi?aae?iiy iai?ioiei
eai?oaeii i?aei?e?inoaa ca a?ioiaeie iioieaie” – noi?ioeueiaaii
eiioeaiooaeuei? i?aeoiaee aei oi?ioaaiiy iaoai?cio oi?aae?iiy iai?ioiei
eai?oaeii, cai?iiiiiaaii iaoiaeeeo ?ic?aooieo a?ioiaiai iioieo a?ae
iia?aoe?eii? ae?yeueiino?, cae?eniaii iiaeaethaaiiy iaoai?cio oi?aae?iiy
iai?ioiei eai?oaeii ca a?ioiaeie iioieaie.

1. Aacoth/enue ia iniiaieo i?eioeeiao iiaeaethaaiiy, iaoai?ci oi?aae?iiy
iai?ioiei eai?oaeii ?icaeyaea?oueny ye nenoaia oi?aae?iiy ca oe?eueiaei
ia?aiao?ii, ui neeaaea?oueny c oaeeo ooieoe?iiaeueieo aeie?a: ea?oth/iai
oeaio?o, ia’?eoa ? i?ioeano, ye? i?aeeyaathoue oi?aae?iith, eaiae?a
i?yiiai oa cai?ioiiai ca’yceo ? aoaeo?oueny ia oaeeo ooiaeaiaioaeueieo
aeaiaioao: i?eioeeiao, oe?eyo, ooieoe?yo ? iaoiaeao oi?aae?iiy. A oiiaao
ia?ao?aeiiai ia??iaeo c?inoaiiy ??ciiiai?oiino? noai?a cao?thth/eo
aieea?a, ui ae?thoue ia ia’?eo oi?aae?iiy (iai?ioiee eai?oae), coiiaeee
iaiao?aei?noue ca?eueoaiiy /enea noai?a ?aaoethth/eo aieea?a.

2. Aea?? oe?eueiaiai ia?aiao?a (Y*) cae?eniaii o o?ueio aniaeoao:
i?eaooie, iai?ioi?noue oa a?ioia? iioiee. O ?acoeueoao?, c iaoith
iaenei?caoe?? aeia?iaooo aeaniee?a eai?oaeo i?aei?e?inoaa, ye oe?eueiaee
ia?aiao? ia?aii /enoee i?eaooie i?aei?e?inoaa, eiiaa?oiaaiee aei
a?ioiai? iniiae (*Iia), a ?ic?aooieo ia iaeeieoeth aeeaaeaiiai aeaniiai
iai?ioiiai eai?oaeo (AIE).

3. I?n??th iaoai?cio oi?aae?iiy iai?ioiei eai?oaeii ? iaenei?caoe?y
oe?eueiaiai ia?aiao?a. O?eueee ca oiia iayaiino? e c?inoaiiy cacia/aiiai
i?eaooeo iai?ioiee eai?oae (IE) i?aei?e?inoaa caaacia/eoue iioeiaeuei?
oiiae aeey aacia?a?aiiai cae?eniaiiy ?icoe?aiiai a?aeoai?thaaeueiiai
oeeeeo ? iaea?aeaiiy iaee?aueo ?acoeueoao?a i?e i?i?iaeueieo
aeeaaeaiiyo. Aeoiaey/e ?c noi?ioeueiaaii? i?n??, anoaiiaeai? oe?e?
ieae/eo ??ai?a, a naia: i?aeo?eiaiiy ieaoini?iiiaeiino? i?aei?e?inoaa;
aecia/aiiy ianyao e no?oeoo?e iai?ioieo aeoea?a i?aei?e?inoaa;
caaacia/aiiy i?ioeaaeo?e cai?o a?ioiaeo ?ano?n?a a?ae iieoioe?a ?
aeaa?oi??a; iioei?caoe?y ?iaanoeoe?e ia noai?aiiy ae?iaie/iai caiano;
caaacia/aiiy i?enei?aiiy iai?ioiino? iai?ioiiai eai?oaeo; oi?ioaaiiy
iioeiaeueii? no?oeoo?e aeaea?ae o?iainoaaiiy iai?ioiiai eai?oaeo;
caaacia/aiiy i?eaooeiaino? i?aei?e?inoaa; eii?aeeiaoe?y i?eeiyooy
??oaiue, ui aieeaathoue ia ?oo a?ioiaeo iioie?a.

4. ?icaeyaeath/e e?eoa???, ye e?euee?ni? iiaeae? ye?nieo oe?eae oa o
a?aeiia?aeiino? c noi?iiaaieie oe?eyie iaoai?cio oi?aae?iiy iai?ioiei
eai?oaeii, cai?iiiiiaaia nenoaia e?eoa???a ioe?iee aoaeoeaiino? ??cieo
aeueoa?iaoeaieo iaoiae?a oi?aae?iiy.

5. Iaoai?ci oi?aae?iiy iai?ioiei eai?oaeii iiaoaeiaaiee ia aac?
?ic?iaeaii? ia iniia? ae?iaie/i-eiia?oe?eiiai oeeeeo iiaeae? a?ioiaeo
iioie?a i?aei?e?inoaa.

6. C iaoith noai?aiiy ?ioi?iaoe?eii? aace, ui a?aeiia?aea? ?aaeueiei
a?ioiaei iaaeoiaeaeaiiyi oa aeieaoai i?aei?e?inoaa, cai?iiiiiaaia
iaoiaeeea i?iaeooaaiiy a?ioiaiai iioieo a?ae iia?aoe?eii? ae?yeueiino?.
Cae?eniaia ai?iaaoe?y oe??? iaoiaeeee ia aeine?aeaeaieo aoae?aaeueieo
i?aei?e?inoaao. Iaea?aeai? ?acoeueoaoe iai/ii a?aeaeaathoue noai e?ece
iaieaoaae?a ? aeicaieythoue cae?enithaaoe oi?aae?iiy iai?ioiei eai?oaeii
c o?aooaaiiyi ?aaeueiiai ?ooo a?ioiaeo eioo?a i?aei?e?inoa.

7. Ca aea?aiei oe?eueiaei ia?aiao?ii ? ia aac? ni?iaeoiaaieo a?ioiaeo
iioie?a iiaoaeiaaia iiaeaeue oi?aae?iiy iai?ioiei eai?oaeii
i?aei?e?inoaa ca a?ioiaeie iioieaie (AI). I?e oeueiio, aaciina?aaeiueiio
oi?aae?iith i?aeeyaathoue a?ioia? iioiee, ui i?yii ca’ycai? c iai?ioiei
eai?oaeii, a naia: a?ioiaee iio?e a?ae iieoioe?a (AIiieoioe?a), a?ioiaee
iio?e iinoa/aeueieeai (AIiinoa/aeueieeai), a?ioiaee iio?e ia aeieaoo
ca?ia?oii? ieaoe (AI ia aeieaoo ci), a?ioiaee iio?e e?aaeeoi?ai
(AIe?aaeeoi?ai). ?aooa a?ioiaeo iioie?a caaacia/o? aeiaeaoeiao
?ioi?iaoe?eio aaco aeey i?eeiyooy oi?aae?inueeeo ??oaiue, aea? ciiao
ioe?ieoe, yeei /eiii ia iai?ioiee eai?oae aieeaa? aeieaoa iiaeaoe?a
(AIiiaeaoe.), aii?oecaoe?eia iie?oeea (A), aeieaoa aeea?aeaiae?a
(AIaeoe-i) oa ?io? iia?aoe?ei? aeo?aoe (AI?io.iia?.).

Coi?iiaaii i?eioeeiiao noaio oi?aae?iiy aeaa?oi?nueeith caai?aiaai?noth.
I?e oeueiio, aeaa?oi?nueea caai?aiaai?noue ee??io?a ?icaeyaea?oueny ye
aaci?ioeaioia iiceea iieoioeyi (caiiaieeai), a yeo i?aei?e?inoai
cae?enith? ?iaanooaaiiy iai?ioiiai eai?oaeo. Oiio, cai?iiiiiaaii
oi?aae?iiy aeaa?oi?nueeith caai?aiaai?noth cae?enithaaoe ca oaeeie
iai?yieaie: iioei?caoe?y ?iaanooaaiiy iai?ioiiai eai?oaeo a
aeaa?oi?nueeo caai?aiaai?noue, aecia/aiiy oiia oiaa?iiai e?aaeeoo oa
oi?ioaaiiy noaiaea?o?a e?aaeeooaaiiy. Ooieoe?y eiio?ieth cai?iiiiiaaiiai
iaoai?cio i?e oi?aae?ii? aeaa?oi?nueeith caai?aiaai?noth ?aae?ciaaia
oeyoii ioe?iee ?aaeueiiai noaio ?ic?aooie?a c aeaa?oi?aie ia
i?aei?e?inoa? ca ?ioi?iaoe??th cai?ioiiai ca’yceo i?i noai ia’?eoa
oi?aae?iiy. Aeey oeueiai canoiniaai? oaaee/iee ? a?ao?/iee niiniae
ioe?iee, iaaaaeai? i?eeeaaee ?o aeei?enoaiiy.

8. I?e ?iaanooaaii? iai?ioiiai eai?oaeo a caiane oiaa?ii-iaoa??aeueieo
oe?iiinoae aecia/aii iniiai? i?iaeaie, ye? iaiao?aeii i?e oeueiio
a?aoiaoaaoe, iioeaaoe?th i?aeo?eiee caian?a, aeo?aoe ia ?o noai?aiiy.
Iaaaaeaia iaea?eueo iioe?aia a e?a?iao c ?icaeiooith ?eieiaith
aeiiii?eith iiaeaeue iaeaeiiiii?oiai ianyao caiiaeaiue (EOQ), ca yeith
iioei?cothoueny i?iii?oe?? i?ae noiaie aeo?ao ia i?aai?caoe?th
caiiaeaiiy ? ia caa??aaiiy caian?a c iaoith i?i?i?caoe?? ?o noeoiii?
noie. Aeacaii iaaeie?ee oe??? iiaeae?. Iaaaaeaii oi?ioeo, ca yeith ne?ae
?ic?aoiaoaaoe oaia??oith aa?o?noue ?iaanoeoe?e a caiane. Eiio?ieueia
ooieoe?y iaoai?cio i?e oi?aae?ii? caianaie ?aae?ciaaia ca aeiiiiiaith
iao?eoe? caian?a.

9. Iaaaaeaii i?eioeeiia? noaie oi?aae?iiy a?ioiaeie eiooaie oa
e?aaeeoi?nueeith caai?aiaai?noth i?aei?e?inoaa.

AENIIAEE

?acoeueoaoe aeine?aeaeaiue, aeeeaaeaieo o aeena?oaoe??, aeicaieythoue
c?iaeoe oae? aeniiaee:

1. Iaa?oioiaaii iaiao?aei?noue oi?ioaaiiy iaoai?cio oi?aae?iiy iai?ioiei
eai?oaeii i?aei?e?inoaa c o?aooaaiiyi i?aeoe/ii? ae?yeueiino?
aoae?aaeueieo i?aei?e?inoa a oiiaao aeeaiei? ? anaioiiethth/i?
o?ainoi?iaoe?? iaoe?iiaeueii? aeiiii?ee.

2. Oeyoii c’ynoaaiiy aaiaceno aeiiii?/ieo eaoaai??e “iai?ioiee eai?oae”
? “iai?ioi? caniae” a iaaeao ia?aaeeai aeiiii?/iiai c?inoaiiy oa aa?o/e
aei oaaae iia? ?aae?? aeiiii?/iiai aeeooy a Oe?a?i? ? iia?oi?
oaiaeaioe?? ?icaeoeo ia?aaeiaeo e?a?i na?oo noi?ioeueiaaii ? ?ice?eoi ?o
aeiiii?/iee ci?no.

3. Ae?noaea iiaeaeueoee ?icaeoie eeaneo?eaoe?y iai?ioiiai eai?oaeo ca
iciaeaie, ui caaacia/othoue ?aei?noue ni?a?nioaaiiy ??cieo eiai aeae?a o
i?ioean? e?oaiiai?ioo, cai?iiiiiaaii aaaaoiaaeoi?io nenoaio
eeaneo?eaoe?? iai?ioiiai eai?oaeo c iaoith i?eeiyooy oi?aae?inueeeo
??oaiue.

4. Ocaaaeueiaii iniiai? iaoiaeieia?/i? i?aeoiaee aei ?ic?aooieo ??cieo
aeae?a iai?ioiiai eai?oaeo, oaeineiiaeaii iiaeaeue ?ic?aooieo aeaniiai
iai?ioiiai eai?oaeo i?aei?e?inoaa.

5. Cai?iiiiiaaii ???a?o?/io noaio no?oeoo?iiai aca?iica’yceo oaeoi??a
ciai?oiueiai na?aaeiaeua ? i?aei?e?inoa aoae?aaeueiiai eiiieaeno, ui
aeicaiey? aeine?aeeoe e nenoaiaoecoaaoe oaeoi?e iae?iaeiiii?/iiai
na?aaeiaeua oa i?e?i??aiy, ye? aecia/athoue oa?aeoa? ooieoe?iioaaiiy,
oi?ioaaiiy oa aeei?enoaiiy iai?ioiiai eai?oaeo i?aei?e?inoaa,
iaa?oiooaaoe oi?aae?inuee? caniae aieeao.

6. Ia iniia? ae?iaie/i-eiia?oe?eiiai oeeeeo i?aei?e?inoaa iiaoaeiaaii
iiaeaeue a?ioiaeo iioie?a, ca yeith noi?iiaaii iaoai?ci oi?aae?iiy
iai?ioiei eai?oaeii i?aei?e?inoaa.

7. ?ic?iaeaii nenoaio e?eoa???a ioe?iee aoaeoeaiino? ??cieo
aeueoa?iaoeaieo iaoiae?a oi?aae?iiy.

8. Cai?iiiiiaaii iaoiaeeeo i?iaeooaaiiy a?ioiaiai iioieo a?ae
iia?aoe?eii? ae?yeueiino?.

9. Noi?iiaaii i?eioeeiia? noaie oi?aae?iiy aeaa?oi?nueeith
caai?aiaai?noth, caianaie oiaa?ii-iaoa??aeueieo oe?iiinoae, a?ioiaeie
eiooaie, e?aaeeoi?nueeith caai?aiaai?noth, a ?aieao yeeo cae?eniaii
iinoaiiaeo i?ioan?eieo caaaeaiue c iaoith iiaeaeueoiai noai?aiiy
iioei?caoe?eieo iiaeaeae oi?aae?iiy.

NIENIE ?IAIO, IIOAEIEIAAIEO AAOI?II CA OAIITH AeENA?OAOeI?

1. Iiiio O.A. Aaiethoe?eia aeiiii?ea oa iaaaeuei? i?iaeaie ia?ao?aeiiai
ia??iaeo a Oe?a?i? // “Iioaa?aoe?y Oe?a?ie o na?oiaa ni?aoiaa?enoai”:
Iaoa??aee iaoeiai-i?aeoe/ii? eiio. – E.:Caae?oaa, 1999. – N. 201-208.

2. Iiiio O.A. I iaiaoiaeeiinoe o/aoa aeaiaaeiuo iioieia aeey i?eiyoey
yooaeoeaiuo oi?aaeai/aneeo ?aoaiee // Aanoiee Oa?ueeianeiai
ainoaea?noaaiiiai iieeoaoie/aneiai oieaa?neoaoa. Aui. 19, ? 1.
Enneaaeiaaiea e iioeiecaoeey yeiiiie/aneeo i?ioeannia. *anoue 1. – N.19
– 22.

3. Iiiio O.A. Iniaaiiinoe iieeoeee oi?aaeaiey iai?ioiui eaieoaeii a
Oe?aeia a ia?aoiaeiue ia?eiae // Eiiioi. oic-ai ai?iaeia. Iao/.-oaoi.
na. – 1998. – Aui.16. – N.190 – 193.

4. Iiiio O.A. Iai?ioiue eaieoae eae naiinoiyoaeueiay yeiiiie/aneay
eaoaai?ey // Eiiioiae. oic-ai ai?iaeia. – 1998. – Aui.16. – N.168 – 171.

5. Momot T.V. Innovation Policy of Ukrainian Enterprises: the Financial
Aspects // ETIC’98 Doctoral Conference. Proceedings. Vol.2. Poster
presentations – Strasbourg (France), 1998. – P. 1 – 25.

6. Momot T.V. Circulating Capital and the Profits of the Enterprises in
Ukraine: Problems of Management under Transition // Proc. Sixth Annual
International Conf. “Business and Economic Development in Central and
Eastern Europe”. – Brno (Czech Republic). – 1998. – P. 178 – 184

7. Soloviev O.V., Momot T.V. Financial Position of Enterprises and
Development of Privatisation in Ukraine: some problems and expectations
// Ca. iao/. o?oaeia Oa?eianueeiai iinoeoooo aiciano i iaiaaeaeiaioo. –
1998. – ?4. – N. 10-11.

8. Soloviev O.V., Momot T.V. Ukrainian Enterprises and their Economic
Policy during Post-Privatization Period // Proc. Sixth Annual
International Conf. “Business and Economic Development in Central and
Eastern Europe”. – Brno (Czech Republic), 1998. – P. 185 – 194

9. Iiiio O.A., Nieiaueaa A.A. I?iecaiaenoaaiii-eiiia?/aneee oeeee eae
eiioaeno oi?aaeaiey iai?ioiui eaieoaeii // Eiiioi. oic-ai ai?iaeia.
Iao/.-oaoi. na. – 1997. – Aui.7 – N. 90-92.

10. Iiiio O.A. Oi?aaeaiea i?aaei?eyoeai a Oe?aeia: io i?aaei?eyoee
niaaoneiai oeia – e oe?ia, eiio?iee?oaiie iaiaaeaea?aie // Oac. aeiee.
Aanaiieo naieia?ia iieiaeuo o/aiuo-yeiiiienoia’98: *.3 “Oi?aaeaiea
i?aaei?eyoeai: iiaua iiaeoiaeu e ?aoaieth i?iaeai”. – NIa.: Ecae-ai
N.-Iaoa?ao?aneiai oi-oa. – 1998. – N. 42 – 43.

11. Iiiio O.A. Ooieoeeiie?iaaiea yeiiiie/aneiai iaoaiecia
acaeiiaeaenoaey ?uieia oeiainiauo ?ano?nia e no?ieoaeueiuo oneoa a
nia?aiaiiuo oneiaeyo // Oac. aeiee. O?aoueae iaaeaeoia?. eiio.
nooaeaioia e anie?aioia ei. E.A. Eaioi?iae/a “I?aaei?eieiaoaeuenoai e
?aoi?iu a ?innee”. – O. 3. – NIa. Ecae-ai N.-Iaoa?aoaneiai oi-oa.– 1997.
– N. 26 – 27.

12. Momot T.V. Contemporary Issues of the Circulating Capital // XXIX
iao/.-oaoi. eiio. i?aiiaeaaaoaeae, anie?aioia e nio?oaeieeia Oa?uee.
ain. aeaae. ai?. oic-aa: Oac. aeiee. – Oa?ueeia: OAAAO, 1998. – N.
94-95.

13. Nieiaueaa A.A., Iiiio O.A. E oi?ie?iaaieth iaoaiecia oi?aaeaiey
iai?ioiui eaieoaeii // XXVIII iao/ii-oaoi. eiio. i?aiiaeaaaoaeae,
anie?aioia e nio?oaeieeia Oa?uee. ain. aeaae. ai?. oic-aa: Oac. aeiee. –
Oa?ueeia: OAAAO, 1996. – N. 31.

14. Soloviev O.V., Momot T.V. Ukrainian Enterprise and their Economic
Policy during Post-Privatization Period: Old Problems, New Challenges
(Research Methods) // Abstracts of the AASCPCS/ANZSA International Conf.
on Communist and Post-Communist Societies. – Melbourne (Australia). –
1998. – P. 75 (InterNet: )

15. Soloviev O.V., Momot T.V. Management by Circulating Capital on
Ukrainian Enterprises Today: Actual Problems under Crisis of Transition
// Abstracts of the AASCPCS/ANZSA International Conf. on Communist and
Post-Communist Societies. – Melbourne (Australia). – 1998. – P. 76
(InterNet: )

16. Pavlenko V.N., Momot T.V., Golub L.N. Banks and Nredit in Ukraine.
// XLVI iao/. eiio. i?ioanni?ia, i?aiiaeaaaoaeae, iao/iuo nio?oaeieeia,
anie?aioia e nooaeaioia Iieoaaneiai eiae.-no?ieoaeueiiai einoeoooa.
*anoue 1. – Iieoaaa: IieENE, 1994. – N. 11.

17. AEo/eiaa A.A., Iaaeia A.E., Iiiio O.A. Iioeiecaoeey iai?ioiuo
n?aaenoa no?ieoaeueiiai i?aaei?eyoey // XXVIII iao/ii-oaoi. eiio.
i?aiiaeaaaoaeae, anie?aioia e nio?oaeieeia Oa?uee. ain. aeaae. ai?.
oic-aa: Oac. aeiee. – Oa?ueeia: OAAAO, 1996. – N. 32.

Iiiio O.A. Oi?ioaaiiy iaoai?cio oi?aae?iiy iai?ioiei eai?oaeii
i?aei?e?inoaa (ia i?eeeaae? i?aei?e?inoa aoae?aaeueii? aaeoc?). –
?oeiien.

Aeena?oaoe?y ia caeiaoooy iaoeiaiai nooiaiy eaiaeeaeaoa aeiiii?/ieo iaoe
ca niaoe?aeuei?noth 08.07.03 – “Aeiiii?ea aoae?aieoeoaa”. – Oa?e?anueea
aea?aeaaia aeaaeai?y i?nueeiai ainiiaea?noaa, Oa?e?a, 1999.

Aeena?oaoe?y i?noeoue oai?aoe/i? oa iaoiaeieia?/i? iieiaeaiiy oi?ioaaiiy
? ooieoe?iioaaiiy iaoai?cio oi?aae?iiy iai?ioiei eai?oaeii,
aeine?aeaeaiiy no?oeoo?ieo ci?i oa aoaeoeaiino? aeei?enoaiiy iai?ioiiai
eai?oaeo a ia?ao?aeiee ia??iae ia ??ai? aoae?aaeueii? aaeoc? Oe?a?ie ?
ia i?e?i??ai?, oi?ioaaiiy oa iaa?oiooaaiiy ae?? iaoai?cio oi?aae?iiy
iai?ioiei eai?oaeii i?aei?e?inoaa ca a?ioiaeie iioieaie.

Aeine?aeaeaii aaiethoe?th aeiiii?/ieo eaoaai??e “iai?ioiee eai?oae ”
”iai?ioi? caniae” a iaaeao ia?aaeeai aeiiii?/iiai c?inoaiiy, ?ic?iaeaii
eiioeaioe?th ae??oaiiy aeine?aeaeoaaii? i?iaeaie, cai?iiiiiaaii nenoaio
iieaciee?a ioe?iee aoaeoeaiino? ??oaiue c oi?aae?iiy iai?ioiei
eai?oaeii, aecia/aii i?aeoiaee uiaei iiaeaethaaiiy iioeiaeueieo
o?iainiai-aeiiii?/ieo ??oaiue c o?aooaaiiyi ae?? /eiiee?a
iae?iaeiiii?/iiai na?aaeiaeua oa i?e?i??aiy. Cai?iiiiiaaii iaoiaeeeo
i?iaeooaaiiy a?ioiaeo iioie?a i?aei?e?inoaa.

Eeth/ia? neiaa: iai?ioiee eai?oae, iai?ioi? caniae, a?ioia? iioiee,
iaoai?ci oi?aae?iiy iai?ioiei eai?oaeii, aeaa?oi?nueea caai?aiaai?noue,
e?aaeeoi?nueea caai?aiaai?noue, oiaa?ii-iaoa??aeuei? oe?iiino?, a?ioia?
eiooe, oi?aae?iiy.

Momot T.V. Forming the Mechanism of Management of Circulating Capital of
Enterprise (on the example of enterprises of the construction
industry) – Manuscript.

This dissertation submitted for a Candidate of Sciences (Economics),
speciality 08.07.03. – Economics of Construction. – Kharkiv State
Academy of Municipal Economy, Kharkiv, 1999.

The dissertation contains theoretical and methodological propositions on
forming and functioning of the mechanism of management of circulating
capital, investigations of structural changes and efficiency of
circulating capital using during the transition period both on the level
of construction branch of Ukraine and on the micro-level, forming and
substantiation of action of circulating capital management mechanism of
an enterprise correspondingly to its cash flows.

The evolution of economic concepts like “circulating capital” and
“current assets” in the context of paradigms of economic growth are
investigated, the conception of solving the problem under investigation
is developed, the system of indicators for evaluation of decision-making
efficiency on circulating capital management is proposed, the approaches
to modeling of optimum financial and economic decisions taking into
account effects of macroeconomic environment and micro-level factors are
defined. The technique of calculation of enterprise cash flows is
proposed.

Key words: Circulating capital, current assets, cash flows, mechanism of
management of circulating capital, receivables, payables, inventories,
cash

Aeiiiaiaiiy (ca?aeii Iaeaco AAE Oe?a?ie ? 486 a?ae 14.10.98 ?.)

Iiiio O.A. Oi?ie?iaaiea iaoaiecia oi?aaeaiey iai?ioiui eaieoaeii
i?aaei?eyoey (ia i?eia?a i?aaei?eyoee no?ieoaeueiie io?anee). –
?oeiienue.

Aeenna?oaoeey ia nieneaiea o/aiie noaiaie eaiaeeaeaoa yeiiiie/aneeo iaoe
ii niaoeeaeueiinoe 08.07.03 – “Yeiiiieea no?ieoaeuenoaa” – Oa?ueeianeay
ainoaea?noaaiiay aeaaeaiey ai?iaeneiai oicyenoaa, Oa?ueeia, 1999.

Aeenna?oaoeey niaea?aeeo oai?aoe/aneea e iaoiaeieiae/aneea iieiaeaiey ii
oi?aaeaieth iai?ioiui eaieoaeii, enneaaeiaaiey no?oeoo?iuo eciaiaiee e
yooaeoeaiinoe eniieueciaaiey iai?ioiiai eaieoaea ia o?iaia no?ieoaeueiie
io?anee Oe?aeiu e ia iee?io?iaia a oneiaeyo ia?aoiaeiiai ia?eiaea,
oi?ie?iaaiea e iainiiaaiea aeaenoaey iaoaiecia oi?aaeaiey iai?ioiui
eaieoaeii i?aaei?eyoey ii aeaiaaeiui iioieai.

A ?aieao niaiu ia?aaeeai yeiiiie/aneiai ?inoa eco/aia yaiethoeey
yeiiiie/aneeo eaoaai?ee “iai?ioiue eaieoae” e “iai?ioiua n?aaenoaa”, ia
iniiaaiee /aai e n o/aoii o?aaiaaiee nia?aiaiiinoe noi?ioee?iaaiu eo
ii?aaeaeaiey e ?ane?uo eo niune.

Aeaia eeanneoeeaoeey iai?ioiiai eaieoaea ii i?eciaeai, iaania/eaathuei
aaeeinoai ninouanoaiaaiey ?aciuo aai aeaeia a i?ioeanna e?oaiiai?ioa,
i?aaeeiaeaia iiiaiaaeoi?iay nenoaia eeanneoeeaoeee iai?ioiiai eaieoaea n
oeaeueth i?eiyoey oi?aaeai/aneeo ?aoaiee.

Iaiauaiu iniiaiua iaoiaeieiae/aneea iiaeoiaeu e ?an/aoo ?aciuo aeaeia
iai?ioiiai eaieoaea e oniaa?oainoaiaaia iiaeaeue ?an/aoa nianoaaiiiai
iai?ioiiai eaieoaea, i?aaeeiaeaia nenoaia iieacaoaeae ioeaiee
yooaeoeaiinoe eniieueciaaiey iai?ioiiai eaieoaea i?aaei?eyoey.

I?aaeeiaeaia ea?a?oe/aneay noaia no?oeoo?iie acaeiinayce oaeoi?ia
aiaoiae n?aaeu e i?aaei?eyoee no?ieoaeueiiai eiiieaena, /oi aeaei
aiciiaeiinoue enneaaeiaaoue e nenoaiaoece?iaaoue oaeoi?u
iae?iyeiiiie/aneie n?aaeu e iee?io?iaiy, ii?aaeaeythuea oa?aeoa?
ooieoeeiie?iaaiey, oi?ie?iaaiey e eniieueciaaiey iai?ioiiai eaieoaea
i?aaei?eyoey, iainiiaaoue oi?aaeai/aneea niiniau aeeyiey.

Enneaaeiaaia aeeiaieea no?oeoo?u yeaiaioia iai?ioiiai eaieoaea,
enoi/ieeia aai oi?ie?iaaiey, iieacaoaeae yooaeoeaiinoe eniieueciaaiey ia
o?iaia no?ieoaeueiie io?anee Oe?aeiu e ia o?iaia ?yaea no?ieoaeueiuo
i?aaei?eyoee Oa?ueeianeie e Iieoaaneie iaeanoae. Iieacaii nouanoaiaaiea
onoie/eauo oaiaeaioeee ?inoa aeaaeoi?neie e e?aaeeoi?neie
caaeieaeaiiinoe, oaaee/aiey caiania oiaa?ii-iaoa?eaeueiuo oeaiiinoae,
oiaiueoaiey oaeaeueiiai aana aaieianeeo e?aaeeoia i?e cia/eoaeueiii
oooaeoaiee iieacaoaeae yooaeoeaiinoe eniieueciaaiey iai?ioiiai eaieoaea.
Auyaeaii, /oi a oneiaeyo eioeyoeee ia?aaoey?ii inouanoaeyaiua
eiaeaenaoeee iniiaiuo oiiaeia cia/eoaeueii aeaoi?ie?iaaee no?oeoo?o
eaieoaea.

Onoaiiaeaia i?e/eiii-neaaenoaaiiay naycue i?ioeannia ia?aoiaeiiai
ia?eiaea e oi?ie?iaaiey, eniieueciaaiey e ooieoeeiie?iaaiey iai?ioiiai
eaieoaea no?ieoaeueiuo i?aaei?eyoee. Iieo/aiiua eeiee o?aiaeia
iieacaoaeae i?eaueueiinoe ca ia?eiae ia?aoiaea e ?uii/iui ioiioaieyi
iieacaee i?aiaeaaeaiea aeeyiey oaeoi?ia iae?iyeiiiie/aneie n?aaeu,
n?aaee eioi?uo i?aaeaea anaai neaaeoao auaeaeeoue:
iaiineaaeiaaoaeueiinoue eiaeaenaoeee iniiaiuo oiiaeia, ionoonoaea
iaoaiecia ia?aoiaea nianoaaiiinoe /a?ac i?ioeaaeo?o aaie?ionoaa,
eeaa?aeecaoeey oeai e o.i. Ana iieo/aiiua ?acoeueoaou ia iee?io?iaia
i?iaeaiiino?e?iaaee iiaoi?aiea io?aneaauo oaiaeaioeee.

?ac?aaioaiu eiioeaiooaeueiua iiaeoiaeu e oi?ie?iaaiey iaoaiecia
oi?aaeaiey iai?ioiui eaieoaeii e ii?aaeaeaiu iiaeoiaeu e iiaeaee?iaaieth
iioeiaeueiuo oeiainiai-yeiiiie/aneeo ?aoaiee.

I?aaeeiaeaia nenoaia e?eoa?eaa ioeaiee yooaeoeaiinoe i?eiyoey
aeueoa?iaoeaiuo ?aoaiee ii oi?aaeaieth iai?ioiui eaieoaeii.

Ia iniiaa i?iecaiaenoaaiii-eiiia?/aneiai oeeeea ?ac?aaioaia iiaeaeue
aeaiaaeiuo iioieia i?aaei?eyoey. N o/aoii iniaaiiinoae no?ieoaeueiie
io?anee i?aaeeiaeaia iaoiaeeea i?iaeoe?iaaiey aeaiaaeiiai iioiea io
iia?aoeeiiiie aeayoaeueiinoe, ?acoeueoaou ai?iaaoeee eioi?ie iaaeyaeii
io?aaeatho ninoiyiea e?ecena iaieaoaaeae e aeatho aiciiaeiinoue
oi?aaeyoue iai?ioiui eaieoaeii n o/aoii ?aaeueiiai aeaeaeaiey aeaiaaeiuo
n?aaenoa i?aaei?eyoey.

Ii aua?aiiiio oeaeaaiio ia?aiao?o e ia iniiaa ni?iaeoe?iaaiiuo
aeaiaaeiuo iioieia iino?iaia iiaeaeue oi?aaeaiey iai?ioiui eaieoaeii
i?aaei?eyoey ii aeaiaaeiui iioieai.

Noi?ioee?iaaiu i?eioeeieaeueiua noaiu oi?aaeaiey aeaaeoi?neie
caaeieaeaiiinoueth, caianaie oiaa?ii-iaoa?eaeueiuo oeaiiinoae,
aeaiaaeiuie n?aaenoaaie, e?aaeeoi?neie caaeieaeaiiinoueth, a ?aieao
eioi?uo inouanoaeaia iinoaiiaea i?ioanneiiaeueiuo caaea/ n oeaeueth
aeaeueiaeoaai oi?ie?iaaiey iioeiecaoeeiiiuo iiaeaeae oi?aaeaiey.

Eeth/aaua neiaa: iai?ioiue eaieoae, iai?ioiua n?aaenoaa, aeaiaaeiua
n?aaenoaa, iaoaieci oi?aaeaiey iai?ioiui eaieoaeii, aeaaeoi?neay
caaeieaeaiiinoue, e?aaeeoi?neay caaeieaeaiiinoue, oiaa?ii-iaoa?eaeueiua
oeaiiinoe, aeaiaaeiua n?aaenoaa, oi?aaeaiea.

Iiiio Oaoyia Aaea???aia

OI?IOAAIIss IAOAI?CIO OI?AAE?IIss IAI?IOIEI EAI?OAEII I?AeI?E?INOAA

(IA I?EEEAAe? I?AeI?E?INOA AOAe?AAEUeII? AAEOC?)

Niaoe?aeuei?noue 08.07.03 – “Aeiiii?ea aoae?aieoeoaa”

Aaoi?aoa?ao aeena?oaoe??

ia caeiaoooy iaoeiaiai nooiaiy eaiaeeaeaoa aeiiii?/ieo iaoe

A?aeiia?aeaeueiee ca aeione

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

Iai?? ae?oea?nueeee ?1. Ae?oe ionaoiee. Ianya 1.0 oi.-ae?oe. a?e.

Oe?aae 100 i?ei. Cai. ? Aaceiooiaii

OAeAIA, 310002, Oa?e?a, aoe. ?aaiethoe??, 12

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