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oa oiao apoci acoo aiay ioi o-pcoyc p popaxyax peaeoci aic oaa acoo aiay.

oauu pemaeocmi

p ayai opcoyc ia oai peaeoci:

Peaeic acoo aiay oay, a iaa (opa pyy) a ae ac aia.

oi peaeoci acx ae a ice poey peoeyc opcoya eo iy opyy popaxyi.

Peaeic ai oay, aci eeo o-pcoyc a ipca.

oi peaeoci poey peoeyc opc-oya i ay opyy:

Peaeic poai oay, y acy cao c- pyo y pyi peaiai. Hopao aac pe-aeic e ea 30%, yoax cooo oaooo cy - 15%.

e oa xapaepy eeic opca e i acoo aiay, a oocpoox pei a o.

3. oi iacoo cpoooci poey eoxio cpooya oc poai, opi oo paa a poeo a a epea op iporix pa.

ooa noai

p pooyai oci peaiai ci paxoya pie ii.

Pie i ocyc pyo ax oai.

1. Ii ypcy pui oo $.

2. Ii a ym,

3. Ii a npi amepiai umpamu.

4. Ii a apoimy namy.

5. Ii a onepaii umpamu

6. Ii a ocoi ou.

p pooyai ocri peaiai ci paxoya ci-ioe:

R(t)= P(t) - Z(t) + Z(t-1) - B,

e R(t) oc peaiai; P(t) oc poa; Z(t) aac a ie aoaoo epioy t-, Z(t-i) aac a oao aoaoo epioy t, B aoa oc pa p poay.

p pooyai oci peaiai paxoyc ao:

1) ac a y cepei ac i aie poa poyy i iaae y x;

2) apa aei cepei ac i iaae a oao oapy x.

3) poe poai o ay oay, poe i cy peaiai poac oao o ay iaae;

4) poe poai y pe oay, poe i cy peaiai poac oao pe. p oy a-yc cpo pey x, aa o i p poay pe y poeax, icpoa epo a x, epio-ic a;

5) poe poai aaco oay, poe i cy peaiai poac epeoao.

Bpyc ciioe:

RS=RF+RK+RA,

e: RS cya peaiai; RF peaiai o ay; RK pe-aiai pe; RA peaiai aaco.

Poaxo animaux umpam npoemy

i aia paa poyi pa, i ae-ey iooy peaiai poey, a opya ao ie ocox a oopox oi. o ec po cope ooo ipca, aiai pa poac a acoi y cay o, o po poe y paax ioo ie cayoo oy a paxyo oi ayex aioepi ao pa, oayai a paxyo pei epax cyci.

o cai "epeiecii ocie iooi poo" ayc pa, o'ai iooo aoo poey. o ax pa iocc ace popoa ieci-oo poey, a iec-a. a a pa e oy y: oaa ocy copoix opaiai, ocyai, aci ao a paxyo ayex oi pa a oa poi, o'ax iooo aoo poey, a ao yie cyyix oapi a ocy.

o cai "Kyi ei, iooa a oco eeo i" ayc pa, o'ai iooo eeo i o yia, a ao pa a pa ao pa pa opcya e, o e epeaeo poeo. cicoocoapcx poei o i cai ayc pa a pa pooo a poyo xyo, aae i poya aaopix acae, a ao aiai pa a oie ee.

o cai "yio, yii copy" ayc aic yie i copy, pax ie poey, ao pa opcya , a ao pa a oe yio, -a pa a poae ieepx oyiai, xi, cce oo- i eepoocaa a ix eeei poo ipacpyyp, ao x apic apic pa opcya a y poe.

o cax "Ma a oaa" ayc pa a yi, oa i ycoaaoe paoro ao eceoo y i aa pooo exoorioro oaa, ooioo cepicoo oaa, ieepx oyiai, cce ypai, epeaax pcpo, pacopx acoi, icpyey a ieap.

Ca "Aooi pacop, ei, oyoi eepoi, oi, eepoexaii pa a icpye" ic oy a ceiy aopai oa y ocox oi. ca a pa a pa, ooe acx ope, peo i oepiai eepoo-ocao exi, ix a aoaoaoo opaa iopai, iopaix cce, eeoi, i-pooi i pai, ioo oicoo oaa.

Ca "axc oooro cepeoa" epeaa aiai pa a iooy io ei, yio, pa a a oaa, o'ai axco oooo cepeoa. i pa orpyoyc y xoi eooioo aaiy poey.

o cai "Texooi" ayc apic exio oyeai, iei, "oy-xay", aei, popax poyi a ix o'i pocoo a ieeyao acoci ao apic pa opcya .

Ca "Haai pa" iopaa pa a ice poey i oeco.

o cai Cope oaii a opaiaia iic ayc pa a iooy i pecpai ycaox oei, pa o aopy a aa epcoay, aa a opey ecyaai oici, pa a ipe i 'o, aa a ocy ocyai oo.

o cai "pai poeo" oayc apaa y-paicoo epcoay poey, pa a pi a ypaici ocyai oo.

o cai "pa i epeaa exooi" ayc pa a aa o epeai exooi, poya a oiy exoori, poi oo.

o cai "eae poeya" ayc pa o eaoy poeya oaa a o'i yia, yaci eepax, ee epeoopi a yae ooopi a oca oaa, cpo i ..

o cai "Mape i ocaa" iopaac pa a peay, apay epcoay, aoo apeo i ocaa, aa poai i epi, cope epei yy, pyya aepiai yioo iiy i ..

o cai "aa ipca ecyaai" oayc pa a opo i oopai yiex poi, oa, poya, ycoaaoe a ay ecyaai o'a, pa a ayi ycoo api cpo i aepiai poa poo ipacpyyp, pa a ypa ay aoy a epio yia a ecyaaix poya.

o cai "Bpa a yc ix aepi" oayc aa a pecpai a oope ycy ix aepi, pyapci pa, pa o pop iopa eiea po yc, oaa ocy aeppaepa (opo i aepa, ic epeay a ooopo eieo) oo.

Popaxyo nompeu oopomux omax npoemy

o epe o popaxyy aye aiay, ci popaxya opey oopox oax poey (CK) i iiao eoxiy cyy oi oopoi (MC). Popaxyo CK opi ae iiao eoxix oopox oi y pooi a aepiai opi, a popaxyo MC aeee ocio aocpoooci o ayii cix i oox ai, acaepe oapo-aepiax ioce. MC popaxoyc a opyo:

MC == omoi pooi umpamu * u oopomy omi

(iicm i i amo aynii cupouu, amepiai, onemyux ma amo axoe upyu i npoay omoo npoyi) : 360

CK popaxoyc a opyo:

Hopamu anaci Hopaa

CK = MC + moapo-amepiaux + eimopca

iocme (TM) aopoamcm (H)

pi amepiai umpamu x u upouma

(iicm i amo aynii cupouu, amepiai,

= omemywc ma arno icimae omooi npoyi)

360

ucmu oc Cmpo noae eimopco npoai * aopoaocmi

=

360

Buu ee iacya .

y- poe opey epe iacy

Aai cpyyp acy yxaepcoo aacy, o xapaepy epea oi, e ocoi aciai epe iacya poey. Bo oic a ai : ac aia, epooie pyo, oo aia, epai cyci.

Bac aia a cay o i o acx oi.

Cay o cepy opyc capo aia, eoxi cope ipca. p oy ac ao yac ipca opy oo oy a aci iacoi ooci i poipi, ocaoy oa i ioci, apa o oo copc.

o acx oi (aopai o, peo o, o poy poa, peep o, cpaxoi peep oo) oy opyac e i cayoo oy

Hepooie pyo epeo iacya iic i acoo aiay i oy, o e e ioo, ye i pa o oo. Pie o pyy pac opao ypai ipca. pyo oe y peiecoa, oo ca epeo iacya poey, ae oe y cpoa i a ii ii: cay oai, iei, aroii ii.

oo aia xapaepyc , o a y oepy ei cpo. oo aia oic a aici pe, o i poay oiai ipc i acoo ayei o (peopcy aopoaic).

epai cyci e oy poac epeo iacya poey, o ai cyci epeaeo pie epax opai.

em

e poey oa oaa, epea iacya opa aiai ooi pa. e poey oe y yoe ic popaxyy aacy poox ooi.

Bpa a poe oy opac a paxyo ieci, pei ao ix opox oo'a.

Iec oic a aiai (peai), iacoi a peieci.

i aiao (peao) ieci poyi oco-apcy oepai, a epeaa pa yie, copy, ioo epyxooo aa, eaepiax ai, o ia aopai.

i iacoo ieci poyi ocoapcy oepai, a epeaa pa opopax pa, ix aepi, epai a ix iacox icpyei. iacoi ieci oic a pi a opei. pi i-eci epeaa ece oi ao aa cay o po oco oi a opopai paa, eioai ao po ocoo. opei ieci epeaa pa ix aepi, epai a ix iacox i-cpyei a o a py (a o yii ai ocax, o epey 50% aaoo ocy yex ai).

Peieci e aiaa ao iacoa ieci, icea a paxyo oxoy (pyy), oepaoo i iecix oepai.

Kpe oic a oocpooi (oa o pi) i opoocpooi (o ooo poy).

Ca "Baci o" oaa, o pa opac a paxyo poox, aepiax a eaepiax acoi, ax y ipca (oao aia).

Ca "ayei o" oaa, o iiiaop pey aya o ix iecopi px i ix oci xo aiax ao iacox ieci, a ao ay yc poa oirai ipc, ay o aoo yaci iecii ioci, i ope i ..

Ca "Kpe oepix ai" a oc epe-ayax oocpoox i opoocpoox pei ai a ice poey.

Ca "Hopaa peopca aopoaic" popaxoyc a ocoi oeiia iioci (i 1 o 2) i ope oopox oax a o opoocpoox pei ai.

Ca "epai cyci" oaa, o poe acoo i-acyc epaoo iceoo ei ao epax oaex oi.

Onmuiai cmpymypu animay peaiai npoemy

aye oro ioo epea iacya o'ae e paa: aioepa pea aya ie, aa poe a aai pe i .. aaa cya oi, y eoxio ca a opca eoo ocy iacya, aac io aiay.

ia acoo aiay popaxoyc y i ca -iei, o aia aioep, ao op pyy, y eoxio ca yaca ocoapcoo oapca, o oo copeo y iii i aioepoo opi.

ia aioepoo aiay (AK) popaxoyc a a opya:

pocx ai

AK = /+,

e pooe ae iey a e epio; poa ia poco ai; poooa e ppocy iei;

pieoax ai

AK = / ,

e icoa ie y poooy pai; poa ia pieoao ai

ia oooo aiay ae i oo pioi.

ia pei ai opi poea a pe.

ia oiai ipc (O) popaxoyc a opyo:

C * + (C - Cp) /

O = - *(1 - H),

(C+ Cp)/ 2

e C oiaa apic oiai; p poe o oiaix (y acax o); Cp oopoa (peaiaia) apic oiai; epi oepa oiai ( poax);

H caa oay a pyo (y acax o, o poe o oiaix ooaoyc).

ia peopco aopoaoci (ocaaa, oa-oi aiicpai, o oai i ..) ae i y. o aopoaic opaa, oo o'aa ooe aco ao, oa opi y. o oa epey caoe epi, o ia peopco aopoaoci opi pa cai a eoae.

ia epax cyci ao opi y, ae eaa oe pa ay a aa cyci.

Bapic aiay iacya poey e cepeoaea apic aiay o ooy epey iacya (WACC). oe paxoy op epe iacya:

1) pe ai;

2) ae iecopi y pieoai ai;

3) ae iecopi y poci ai;

4) peieci. Bioio o oo

WACC=Wd Kd Wp Kp Ws Ks We Ke,

e Kd poe a pe; Kp eoxia oxoic o p-ieoax aix; Ks eoxia oxoic o pocx aix; Ke eoxia oxoic o aepax iecix;

Wd, Wp, Ws, We aca ioioo epea ycoy oci ieci.

iacooo iepiy

poec ypai aa, cpoa a poca pyy, xapaepyc aeo "iepi", o epeai oaa "ai". poeoy aaii i payc aop, ia oo oe pec o poca coo pyy. iepi oic a po a iaco. Bpo iepi xapaepyc o a pyo aopi py i peaiai a pa a peaiai poi. iaco iepi xapaepy a pyo i aiay a peaiai poey 1 oay a pyo. iaco iepi e oeia oic a a pyo xo i ocy i cpyyp acoo a oooo aiay.

Aai iacooo iepiy oa a pie iacya ai a paxyo oox oi.

5. Poiu iacooo nay

iaco a ip, a popo poe, oa yaa peya poeoo aaiy, o epeya oo popoi.

iaco a popoc y ox -ipax: "e poey" i " poeo". e oaa, o oa iacooo ay popaxoyc e ypaxya poex oai, a i x ypaxya.

iaco a a ai ioco caocii poi (oyi):

a pyy;

oao a;

aac poox ooi;

poo yxaepcoo aacy;

popaxyo oai iioci peaeoci;

popaxyo oai eeoci poey.

a

a pyy popoc eo popaxyy oay a pyo ipc. Opi oo, a pyy eoxi popaxyy aooo, ooaoyaoo a coo pyy oai, i oo yy opcai popaxyi peaeoci

poey.

a pyy popaxoyc y ii ioioci i- aooaco, opea aoo "po ooaya pyy ipc".

Ca "oxo i peaiai oapi (poi, ocy)" a oxo cix i po, i ayc ayc peyai peaiai poey.

Ca "oxo i peaiai ix aepi" a ci oxo i oepai i aepa, pi oepai o x epoy ycy (poie) a oepai o x ocaooy oae (iiai).

Ca "oxo i cio ioci i y i iei" a aoai oxo y i iei, oepax i epeei, a ao y i poei, poi, ooi opo oo'a, i iox oepai. i epeea poyi px oci i cy'i ipo ioci, i e a caycy po oco (i볿, pecaa) iceaxoe a eaM pa, i copei i ic co iic ioio o aooa-ca io epa.

Ca "oxo ix epe i i oapeaiaix oe-pai" a aoai oxo, i e eo oepei cai. o oxoi i oapeaiaix oepai aea:

eoaa iacoa oooa;

oepe cpaxooo peepy;

ioya eaio eiopco aopoaoci;

ii oxo, epeaei aooaco.

Bao oxo a aay cyy oxoy i ycix i ioci, oepaoo pooi, aepiai a eaepiai opi.

3 aooo oxoy ac oao a oay apic, a ip i oao ix oci. x apoia aa popaxyy px pyox pa a cyy oo oay.

3 aooo oxoy ac ao pi iec a peieci.

Eici oxo e cya epee oxoi, oepax ipco i epo eici ai a ix opopax pa a oiao ax ai (pa).

o oa a oxo i cio ioci ipc i ie apaxoao, o ac aooo oxoy.

oamou na

oao a popoc eo popaxyy cix i oai i opi, i ipa a ca y xoi peaiai poey.

He aeeo aciai oai a opi.

1. aaoepai oa i op, cayai p yii-poay oapy

oamo a oay apmicm. Me popaxyy i ay oo-aya aeo aoo "po oao a oay apic". oao oe y e y iy poay a i popaxoyac o i poay, a a ip, ie o a ii op.

Auu ip ca y poeax o apoci y iycx iax, a o iopx oapax o (ayieo) apoci ypaxya a i opi.

Mumo i opu caa aac y poeoy cii-oei o o (ayieo) apoci oapy.

II. aaoepai oa i op, i o'ai apoio ao i iocc o aox pa:

ip a oo'oe coiae cmpaxya;

ip a oo'oe epae nece cmpaxya;

ip y o ice axoi no iiai acii

III. aaoepai oa i op, i e oai apoio ao i iocc o aox pa

Pemi namei epeioai ca

ip y epau ioaiu o caa i coo o-cy poai

ip a apye oouoo npupooo cepeoua epeioai ca

ip a cneiae uopucma npupoix pecypci e-peioai ca

ip a eooopoiyai poomu, uoaui a paxyo ep-aoo emy epeioai ca

oamo a npouce epeioai ca

IV. oao a pyo ipc aoa caa 30% o ooaoyaoo pyy.

V. Ii aaoepai oa a paxyo pyy ipc

oamo a epyxoe ao

ama (noamo) a e epeioai ca (ao pa "po ay a e")

ama a mopou namem epeioai ca

VI. oao a oxo ix oci popaxoyc a ceiao ao

VII. Micei oa a op

aac poox nomoi

aac poox ooi popaxoyc eo yaae cix oepeix popaxyi ocy poai, pa, oai, aye aiay. oo aa:

1) epea oi "yi ic" oaei aopoaoci;

2) aee eoxiy cyy oi oopoi a ei a;

3) yo cpyypy aiay poey;

4) ioya oa popaxyi eeoci poey.

aac poox ooi caac oy pox ocox i ioci: oepaio, iecio a iacoo.

Bpya i peaiai ocoo oo i oepaio ioci axoe poe y acy a a paxy i-pca.

iacoa iic o poey i pioai. pooi axoe i iacoo ioci o'ai peya, iaco ae, aa iei i poei, io i ..

poo yxamepcoo aacy

yxaepc aac pooyc a ie ooo poy poey, o oa yo a "yi ic", popaxya oa peaeoci ii-oci.

Meoa pooya acoaa a oii pyxy oi a ix ai i i aci. pooya icc a ocoi poooaoo pyxy cae apeoaoo aacy.

˳.

. .-, ,1997.

., .. .-, - ̔,1995.

.. .-, Ĕ,1995.

.. : .-: 㳿 , 1997.

.. .-, ,1996.

. ./ . ../- , Ȕ,1996.



 


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