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FB2:, 07 April 2009, version 1.0 UUID: 26c6223a-64f3-102c-9c68-5025ca853da2 PDF: fb2pdf-j.20111230, 13.01.2012 ...

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eoe e c pao a yae pex opax cooecye ce (oee, oee) a opeeeoe ypee oyea p oeco rooco a Oe copa eo p Oe copa eo ce (oea, oee) p.

Opa ypae p coco oeceo caoapo cpyyp (cxea 5).

Cxea 4. cyoaa cpyypa p Cxea 5. Opra ypae p Oecea cpyypa, co oepe, pecaea O copae eo p op opaa, oppyc a copa eo p.

Oee copae o aooae opa yppeo eeoc, e ceye y:

ocyecee oeo pyooca pe peo opoe;

opeeee ee aa p, cpae ee pa, pa ypeeo pacopa;

yepee eee ypeex oyeo (ooopa, ycaa, pa opo);

op yepee peoo oea ( T) coea ( A) Peoo occ;

ecee ee ooe x epcoa coca cpyypy;

yepee peyao eeoc p pacpeeee p;

opeeee paepa opa a eo, a ae yco op yo;

opeeee (yeee yeee) oeca ec a pe ycaoee o ee eo;

yepee pee peoo oea (coea) o coa (ypae) ox ce;

pe ox eo p;

yepee ce pacxoo a coepae peoo oea (coea) epcoaa p.

Kpoe Oeo copa, ypae pe eoxo ocoo ecy opa, a a copae copaec, a pao, o pa o.

ocoo ecy opao ypae p ca:

peo oe (coe, Coe peopo), cocaa oopoo oppyc pey paee.

peo oe ec opoo-pacope opao eyeo ypae pe, o oxpae epec eo p, ocyec ey opo a ee eeoc. peoo oea (coea) c:

acyae oea oeo pae;

ecee opao paa peo po;

oooa pee Oeo copa eo p;

ycaoee paepa cex oco, a, eex ccox copo;

oooa pee o pee ce eo p;

opaa poeee aaox aeo poepo ..

Oopeeo c pe coeo a Oe copa eo p paec Peoa occ, oopa ocyece opo a acoo-xoceo eeoc p ee oocoex opaee. Kpoe o, oa pae oe paoooc pee, paex opaa ypae p.

Peoa occ Oey copa eo p oa poec oyeay poepy acoo-xoceo eeoc p (coy opoy), ee opox, pacex, ax pyx oepa. Peoa occ poepe:

oee ycaoex ce, opao o;

coepeeoc paoc aee e;

coepeeoc paoc oce a eo;

coee pe ee opaa ypae aooaex ao cpy, a ae pee Oeo copa eo p;

coee ea p pa peo opo, coepae yco ae pex ceo;

ocaoy paoc oepaoo, yxaepcoo cacecoro yea oeoc.

ee xoceo peo eeoc, eye pa6o p a ypee, a ae oe pee, paex O copae eo p pe coeo, eoxoa caoapa cpyypa p, oopa pecaea ceapoa coe opaa.

O oo, acoo yeo opa ocyec co eeoc, o oro ac eoc pao p. Paoaa caoapa cpyypa p ooe o ee y aoee eo.

Cneapoae opa - o occ p ee oepece opaa. Cpe occ aoee ae c Kopoaa Appaa.

Kopoaa occ eoxoa oo, o opaoa ye pax o e (cpoca peoe, ooopx, cx x, aax aex) p ae pex ceo. Ha ocoe ooe ax e opeec opoae (cpaoe) e, oope yyc pex eex paccapac aece peoro cpaoa.

peo ee ec aaoo opao oocex cee e oo o ye coepe, .e. ae cea, o o apa, peaac opa, a ae o aa o cpoce, ce p epex oepax. Oaoc Kopoao occ ec aee a coepee pecaee yaca opooo poecca ocaoo ox oex cee. Oa ae oa ycaaa ay peoro ee, .e. cco opyex oapo c yaae oo oea oapo ea. Kopoaa occ ocae opaoo-cpao oe p ae o eax eex x e a e, a o e oapa, oope e o oao oyoay opoy. Coeco c Appao occe oa ycaaae e p ooe copx opoco.

B cyae ooe copo ey oyae, poaa poepa xoe ae coe pex ceo o oy opaac peec cy䠖 Appay occ p papee x copo. Oa e aeea pao pa pee, oaee coe copoa oa. o coeo poa coacea occ. p eyoeopeoc ao-o copo oa papaeca Appao occ eo epeaec cyee .

Cxea 6. pepa opaaoa cpyypa p Ba opaeee caoapo cpyyp p oe Pacea naaa.

Ee y aac oepao oo poee paceo o pe cea, peypoa opaa poeyp aee. Ha oeecex pax oa ee e copeex pacex aa oo cce oo co. oo opaeee a poccco pe c paceo-acoe ep, e oopx opaa ee-eoc p eooa. Ha epcx pax Pacea aaa caoc a apa coe ceo, a a oa ocyece ye axoec aoe ap peocae pe opaea ce.

cnoee opa ao p eca paoopa. O ac o oea ceo, coepaex a pe, oeca poepcx op, paoax a e, a oapa, opro oop ocyecec a pe. pepa oa opaaoa cpyypa p pecaea a cxee 6.

aa TOBAPHA PA 4.1. oppoae oapx po Oco coepaea opaaopaa ocoo ecyeo apoo pay-poa copoo, .e.apx ceo. ao eeoc oapo p ec coae aoee aopx yco ae ye oapo p cac oaae ocpeecx pyx ycy yaca pe . pa c pao pecoo a e cyae ceax e ocyece opoo ocpeecy eeoc. Hopaoe yopoae apo p ooo p a poo cpe, caocoeoc pep, ocaoo aceoo pa pex oapo, eopaeoo ca poao, oyaee ocpeo, oype, caoc eeo cce, pao pacpyyp.

Toapa pa accec cy poo oo, oppy ono po oapo nye opaa peypoa peo opo.

Toapa pa c ooeco o pe pecae coo opaoa oap po, exa eeoc oopoo o oro opeeec yco oppoa yopoa oapoo pa. Bece c e copee po exa oe ecoa aece eoo peyopa oeceoo pooca oo o cyae, ec o oppyec ece po opeecx oapo ycy, cp cpec pooca, paoe c, e, aaa opa.

B ccee oeceoo ocpooca po cyae a cepa oapoo oea. Eo oppoae opaec cao c pae yyee oeceoro paee pya xoceo oocoeoc pooee.

C o pe poocex ooe po pecae coo ooe o ooy peaa oapo, x y-poa, oco coco oppoa ooecx ce.

Po cyecye a ccea aocax, o ocaoo caocoex po. Oea pox ooe cya a oee peya pooceoo poecca, a ap pooca (cpeca pooca, paoa ca, aa) oapoo pa, a oo pyoo, aoee a c ae o, a cpoc peoee.

Cnpoc pecae coo peoae a oap co copo oyae, aepecoaoc opex ax oapo;

o opae, c oo copo, x pooce opeoc, a c pyro頖 aeecocooco. peoee o cooyoc oapo, oope peaae peaa (poa). Oco ee coa c pooco, cecoe xoco, oape aac, op poe ocye.

p epexoe po ooe Pocc cyeceo ec poecc oppoa co ocye oapoo peoe.

Oo ce oee opepyec a eec opeoc oeca.

Coooee ey cpoco peoee eco cao c eoopaoae.

Kpoe oo, cpoc peoee oppy po npoaa po . Po poaa aa ay cya, p oopo cpoc peae peoee, , aoopo, po oyae ca peee peoe a eo cpo. B epo cyae ee eco e oapo. Po oyae oeca oee oe, a a o oaec o opo oapo, e a eoopaoae, exo ooece oaae oapa, cypye popecc a cepe pooca, a cepe opae.

B acoc o xapaepa aoooe ey poao oyaee oppyc cooe (ope), aye peypyee p.

p coox (opx) pax e cyecye ax opae p ye-poae oapo. aye p ocya ypopopaoe (ypopacee) oca. Ha peypyex pax pooc oepa o ye-poae oapo cooec c eyapo oap coae.

Cpe oapx po ooe eco aa a aaee nocpeece p, oop ooc ape p, ayo, op. ocpeecx po xapaepa y-poaa cpoo opeeex oapo: oapx p ae oap o oaa opeee paa, acco, aoaee;

ayoo opac oap, oyec oe cpoco, oaae ya paa (poee cycca, ya);

opo opaec, a pao, oopyoae, pooco oopoo peye peapeoo coacoa ero exo-ooecx xapaepc.

Bc oap po oaae po ceecx ep, cax c ocoeoc ooecoo oecoo pa cpa.

Bae oaaee eoc yopoa oapoo pa eo opaaox cpyyp ec eoc pa. o oaae xapaepyec copo-op aaco. Bopa xapaepca pa eo epcpoaoc. Hapep, eppop CA oxaae ecoo eopaecx oco. Cocyecoae pyx opopa opooo ca ex pooee, eca paooc aepacoro oeca, ae ocpx coax opaco p coo ypoe cpex oxoo acee a oooc ocpa ocaa ca a o pe cay paoopay poy: o coex B o pocex cao, o peeo poco o eeoo popea, o accox pooocex oapo o eaeco, o oapo eyapooo caapa o poy yoaoaoro xapaepa aoax ec.

Toap po cpaax c pao poo ooo oaec co ayo-exec ypoe pooca, o xapaepo oax cpa;

ae oype;

ec peoa paeca oac a pa epeco opee;

oe peoa pa aecy oapa, eoacoc eo opee;

coee ooeco co, yao, appo oeceee ocepoaoro ocya.

yee poe oapa o ocaa opee pooc c oo ceea, .e. ee aex aopo, x a poecc eoc ca poy opa op oee poy o opee.

Haoee pacpocpae pep ceea c:

1) oecee apaep ceea. K x cy oocc eoc ceea (oeco e x cooc a oe poa;

co oeax opeee eppop x poa);

2) ocyoc ceea opeoo pep (oooc pep oy aa pacpeee: ca poy, yco xpae pacoppo e opee a ao ceee pa);

3) cyeceoc ceea (acoo pea y y pyy opeee oo paccapa a cee pa ee ycooc);

4) poc (peaeoc);

5) coecoc ceea c po ocox oypeo ( ao cee ocoe oype oo ocyc pa ceeo pa);

6) eoc pao a pao ceee pa (poepa a y ocaa oa pao);

7) aeoc paoro ceea o oype (peaa oea ocao cox oooce oypeo ope c py pep-ocaa).

opeo oo ocaa paoa o ceea pa peoaae yee eopaecx, eopaecx, cxopaecx opeecx aopo oce aoe eoc ca oapa a opeo oapo pe (cxea 7).

Cea oapx po oeo o cpa opeeec ypoe pa poeoo cecoxoceoo pooca, ye eco pecaex a pe o oapo, oope opee opacee xapaepc oapoo pa.

Pae oapx po peo paee x a p peaoro oapa p pa a oap. epoaa po pa a oap ycaaa ooe poao oyaee o ooy epea oapa yye o ea, oope ycaaac aaopeeo. Tae p oo poaa e yepeoc peaa coeo oapa, a noyae apaee apoa ep, cae c yy popeee yo poy. Po pa a oap opeoa ypoaoo oxoa a c caoy oapy, a yco eo poa oca yye. ooy po pa a oap oxaae eoo py oapo o cpae c po peaoo oapa. Hapep, p opoe cpo e po peaoro oapa (ope appe) yae ce e, oope oac pe (ooo 70 o cpo e).

ea 7. Ceea oaporo pa o oco aopa P pa a eo oap peae opap, epc oo pa.

opap po coyec copo e (pe, a, acca e aaoexacca cpe e). epce ooe p peac oo yx copo e: pe aaoexacca.

aoo oeoo oapoo pa ooe aee .

Hapep, yaca eyapooo pa e acoee pe cac:

1) ee oa aaec paeo, oe, epepaoo poae a cpo e, a eepoyo. Kpoe oro, oe ee oa aac opoe paa a e eepoy: epca ooa, oeo epco a pea oap (apep, pepoy (BP), e (Shell). o oe po;

2) eeepepaaae ao, cyae po oyaee cpo e poao (ocao) a po poyo eeepepao;

3) eace opoe oa (apep, ap P (ark Rich), Bo (Vitol), Apa (Akadia). O paoa a a peao, a a ox ax po;

4) acoe ecoe oa, a, opoe oa (opa Cee頖 organ Stanlay, Aig), oope paoa a ox ax po;

5) ecop, a ace, a oee, paoae a ox ax po cpeec oy oy o yaoo oe ee o epce ooe opa a e eepoy, apx po ooe aee ee aoe oe, a eopa po, .e. oepa poa ex x poy (oapo) oo ecox yax. Cero oype, oe oooc cooa copeeo ex ca po paox epo opo. Oao o acoeo pee, apep, opo e eaa opepyec a oocy py eao (LE), opo epo a py ao op o Tpe.

Xo p pa a oap o coeo poa acpoa a pa peaoo oapa, o coca eoxooe ycoe opaoo yopoa ocex copeex cox eyapox oapo-eex ooex.

4.2. peo oap Baeca, . oapx caap opa oocae ao peo oap o e oopoanopeonpeeeoo poa aoe P pax peo opoe c, ap o ce yaa oap, onye yaoeo pe peo opoe[2] Ta opao, aa pa pae caocoeo ycaaa coca oapo, oope yy c oeo peoo opa. Oao p o yac e peoa, oope pec pe oapa pao peo opo.

Bopoc o o, o oo poaa a pe, .e o peo oape, ec o cyecex o p.

eycoo, oxo peoa peoy oapy ec c pae peo opo. epoaao pe apa e pec ae-o ocoe peoa. B acoee pe opo a pe oapa x ocyce, coooe eoopaoae, opo a a oapo, a poee opeeeoy cpoy, oepa y-poa e oo oapo a ao, o ooopo (opao) a eo ocay yye, a ae opo pao a aee aoro ooopa opeoa cpooo oopa ceaoo peoo oapa.

Ka e peoa oe cooecoa peo oap?

pee ceo peo oap oe acco, .e. ycac ocaoo oo oee, o co pooee ayac (peaaac) o co opeee. Cocpeooee a pe ooo ca a poao, a oyaee opeoo oapa ae oooc aoee pao ycao cpoc peoee, a ceoaeo, eceo paoecy ey. e eceoo pooe, yae o aepe coe, xo poeee ocaoo oo oece, e oy oeo peoro opa c c e, o yae coca ax oapo e oo x oepay oey e a oooc ycao aoee peey ey.

Heoxo ycoe peoo oapa ec coooe eoopaoae, .e. ea a o oap oa cooo ycaaac acoc o oyp pa, a ae x aopo (coax, ooecx, oecx, opc-aopx), Hapep, Pocc 1991 . cooe e ycaoe a oep, ayo, eoexy. ooy a cex pax o pe peoaa ce a oapo.

peo oap o npoy, npoea nepy nepepaoy, .e. cpe noapa. Hapep, o paa peo opo CA ooc ooe oee poy poeoro pooca e oycac peo opoe, a a caec, o yeee yeee pooca ax oapo o oo ac o o pooee, oope e ca oy aypoa eo.

Ceyee peoae, peeoe peoy oapy, aaec o, o a ero oo eo ycao peoa no aecy, yco xpae, pacnoppoe, epe. ae oop, o oap eo caappoa, oo o eo oo o poaa e ocopa o opaa execoy oca. Caec, o caapa opaye a npa noo peoo oapa, c oo oopo oo oc ayeo ooecoo peyaa eoooa yco e cpoca peoe a ope oap.

Ceye oepy, caapa oxaae p cyecex peoa, peex peoy oapy, apep, eo oa aeeoc. Cyoc oo aeeoc oapa coco o, o copeee pee ce oo oo p yco eoc oapa o cocay, coca, y aecy yao, appo, ee ap (paepy, ecy). Boee peoro caapa peycapae oooc oea oapa, .e. o caoro oea oe opaa oyae e ae, oya o eo oy.

INTERFINANCE ( * ) (www.denisredit.ru), pepo aoaeeoro peoro oapa c ee ya. Oee ap aaox oapo, pecae poy pooceo-execoo aae (cpe oyapa), oy cyeceo paac py o pya.

ooy po peoo caapa coc ycaoe oaooo ypo oaaee coc pa oapo peo caap oe epecapac ooc cooec c peoa opeee.

Hao oe, o peo caap oaec o aoax caapo a aaoy poy: OCT, DIN, JIS, AST, BS ..

Haoa caap pae ce ocoeoc oapa ero ye aecee oaae, pcye ao cpae. Hapep, o poa oap a ooco pe eao (oo ea ce), eoxo ooee apa a ocy eaa, pay ceae o ecy paepy c, a opaoy x oepxoc, ocepa, yaoy, appoy. Bce apa e eoxooc ea, ec o ea peayec o p opap-opaa yp cpa, a OCT e peycapae ae ece peoa eay.

Oao opo o pe caapa p cex cox peyecax a cee eoopy oacoc, oopy eoxoo ya. B acoc, co peo caap, oa o aece ypoe peayex oapo, oe c peoro oopoa aey accy oapo, e oxox o caap, o o cy xc pe oapo.

Hapo, peo caap aoap poy eaeceoo oapa oe oopa aope p ae c peo oopo a ce ooa eo, e yoeopex aeco oapo a o pe.

B ocax oaoro pee o poe a eoopx pax coaec peec cy c peee eacx cepo oe ypo aeca oapa oooc ca eo a o.

Ha eoopx pax oo pay pao epepoa oapa o ypo aeca c cooecy oaa ca c e, ec oap a opax oaec o aecy o caaporo.

B acoc, CA a pe ao op o Tpe a opax ycaaaec ea e opoo acca, ec a pe ye poaac ea epoo peeo acca. B o cyae aaec pooc aaa ca c e peayeo poy.

B CA pooc p copa e: a paca, epa paca, ea ceepa. B co oepe, a cop oeaec o pe (1, 2, 3) acca, ocoy ee pae xeoeape coca. Ha ooco pe eao poa oya opa a e e aepapco aoo, pe poae ee pao ca a op ae aepapco, oyex epoeco e, aepapc oeo papo, o co co o 20 .c. a 1 . Ha ooco pe eao oe poa oo o ea, apa oopoo apecppoaa. p pecpa, apep, epoeco e epopoooc oa cooecoa oaae, acaoy caapax A (BS) CA (AST). pa, eaa apecppoa aocy apy coeo eaa, oa peca pecpaooy oey ceye oye: aeoae ap eaa;

cea apa p pooe, oepaa aeco ap eaa, oopa cooecye peoa peoro caapa;

apaoe oaeco o aecy oapa p ocae eo yye;

ceoe oepee o oe cex aooaex ao p cyae pepae oca oapa.

Kpoe oo, p pecpa peyec ceoe oepee e eee yx ecx acx aepacx p, o o ea cnooa oeae peoa pooca. B aece peoea oy pac cepa yx oax aopaop, aaxc peecpe, yepeo cep oeo p.

peo caap oxaae aoe peoae, peeoe peoy oapy, a oeco oapa, npeaaeoo y-npoa.

Toap a pe poaec oyae cpoo opeeex paepax e a aaex pex e, oope cooecy o ecoc pacopx cpec (a pao, eeoopox aroo), o ecy o oey ecy (apep, CA a xoa). ooy aec oe poa (ap, o) oe pa peo ee. Hapep, CA a oapo pe aro op o Tpe

pea ea o ee cocae 5 c. yee (ooo 100 ), o pyoy poaoy coy 34 roo o (40 c. yo 18 ). Ha ooco pe eao pea ea e, a, ca yepea paa o p cocae 25 , ooa 5 , cepepa .

Caapa oeca oapa, peeoo peo opoe, oaae, o ca ap e oy ycaaac poao oyaee pooo. Hapep, ae cpae p oo y aae 112 caxaporo eca pca. Ka pao, poy poac pacacoe o 0,5 1,0 . Ta a pao oapo pe eooo y poa ap oapa, e pay peo e e. Oca ceye a o: npooe, nopee apaee napy oe noca aao eoxooo oap.

peo caap peycapae ae pao poaa a op caa, e oa pooc caa-pea oapa. Baee caa pae py a oeceoe xpaee cae a ay ap oapopacnope oye (appa).

oyae oyae p oye opaa oae appa (oaa a cpo xpae). p epepoae oapa o oyae, co oepe, coa oaae appa .. Ta opao, ece c opao appa epexo o ooo aea, pyoy. oce cya oaaec oce aee oapa. a coxpaoc aeca oapa oeae ca.

B acoc o oapa pacxo a eo cpaxoae p xpae coca o 6% ec o cooc ap.

Oeo peo opo acoee pe c pepo 70 o oapo. x oo oe ceye py opy, apep:

1) cecoxocee ece oap poy x epepao:

epoe (ea, yypya, oec, e, po);

acoceea (oe, xoooe ce, co, o, coeoe aco, po);

e oe co (py poa co, c, co oopoa);

ece oap (xoo, y, epc, aypa cycce e, pa, e);

eycoe oap (caxap, oe, aao-o, pacee aca, apoe, epe, a, apaxc, oepa aecooo coa);

ece oap (oaepa, aepa);

aypa ayy;

2) cpe oyapa:

ee ea (e, ooo, , ce, e, a paoee ea: cepepo, ooo, aa);

3) e eepoy.

Ocoeoc cex epecex oapo, a ye oopoc paee, c accooe x pooco yco cpoc.

Hoeaypa peoo oapa c oa eec: oc oe, cea cape. Ta, oceee pe aece peoo oapa ca cooac poy eeepepao: e, eoe oo, ay p. K cy eao oxc a opax ox oapo oo oec e, a, paoee ea, oepa aecooro coa, aepy, apoe ..

Cacec aa oaae, o a cecoxocee, ece oap oaero ooa pxoc ooo 55% oea ce peo opo 75% oapo, opaaxc a pe. a ee ooo ycoa. Oa aaec a poe ecox eco e. o acaec py poeoo cp, o c pae ex exoo oe x oapo pex opax ye eyoo . oy ceecye oee a opax pa ox ex eao.

Ceye opa ae a o, o pae peo opo oaae ooe e a peo oap. epoaao o cya e peaoo oapa (ye poeeoo poooro opeeeoy cpoy), ex ya, a, peoeex eao;

ae oeo peo opo ca caap peo opa epc, a oce eo oo, peca pao a aee peoo opaa (cxea 8). pe ec pea oap ec oe peo opo a oapx pax, aa peoeee ea a ax, a ee yar蠖 a oox, o epc oo coyc a cex ax p (a. 2).

8. Taa PACPEEEHE PEBOO TOBAPA PA 4.3. ac peo opo peo opo: poep, pee aep, cape aep, noo poepo pex aep.

acoo, e peoro coea, a ae a, pcycep. a ypa, coeo. pae, ocyapce occap Kpoe oepao a oycac a: epcoa peceae Oece oopx papeeo pe aco peo opo ceye oa o pcycyx opoo ae p. pcycyx ae ycoo oo pae a ceye py:

1) aae ce;

2) opaye aee pex ceo;

3) opopye xo ee pex opo;

4) aae a eee opa.

Coca aax ce opeeec paa peo opo oe oac acoc o oo, ao ec pa opo ap.

Ha opo pe aa ce oee peoo aa e npao:

e p x pecae;

poep, apeoae a pe;

ocoe paoe ocee, oye pao a yace pex opax.

Ha apo pe aa ce e npao:

e p x pecae;

poep, apeoae a pe.

Ceye opa ae a o, o paoe ocoe ocee opae cox paax a yac peo opo o cpae c ea p x pecae.

Bo-epx, coaco aooaecy ocooy ocee peocaec pao a yace pex opax a cpo e oee pex e. Bo opx, co ocox oceee e oo pea 30% o oeo ca eo p[3]. Kpoe oo, ocoe ocee e yay oppoa ycaoo aaa ypae pe[4].

Ec oce ocee e pao a peoe ocpeeco, o paoe ocee ero e, a a o e pao a coepee ceo oo a pea oap o coero e a co ce[5].

Bopy pynny, opayx aee pex ceo, npeca pee ceo copy p, axoec (paoae) ae. K oocc:

aep, eye peo op;

oepaop (oo aepa), cpye aee ceo coe pyy;

copy paceo py oea opaa pex opo, ooae poepa oop aey cey;

pao oea (po) cep p, opaye poeee cep oapo, caex a op, oaae eoxoy ocya yaca opo;

pao pecoo oea p, oaae eoxoy ocya p oope aex ceo cocae pex ooopo.

Kpoe oro, y pyy oo ae ooo poepo, ex pao pcycoa peo ae, o e ex paa a aee ceo.

pynny opopyx xo ee opa coca ocyapce occap, a ae npecae p, Coaco aoy oapx pax peo proe ocyapce occap a pe ocyece eocpece opo a coee aooaeca pe pe . ooy o ee pao:

pcycoa a pex opax;

yacoa ox copax eo p ox copax eo ce (oeo, oee) p c pao coeaeoo ooca;

aoc c opae o eeoc p, a ce pooo copa acea opao ypae p x pee, o ce oeaoro xapaepa;

oc peoe ea pecae pyoocy p;

oc peoe Kocc o oap pa;

ocyec opo a coee pee Kocc o oap pa[6].

Kpoe ocyapceoro occapa xo peoo opa oy opopoa e peoro oea (coea), e Peoo occ, cap aep aa oea opaa opo p.

pynny aax a eee peoo opa coca a aaee oc. B x coca ac pecae pecc (ocoo apeoae a pe paoe), a ae paoe ocee, e oye paa a aee ce, o ee pao a eoxooe yaae poepy, oey x opye.

Kaa pa oe caa opee py , oycaex peo a.

paa oaoc yaco peo opro opeec yppe opa oyea, pee ceo cao p paa peo opo, oope papaaac a ocoe aoa P oapx pax peo opoe.

e poccco oapo p蠖 ece pece a, yacye oppoa ee ycaoo anaa o oce ece e eee oc yeco p. pe e p cooecye opy, peycopeoy ee ypee oyea.

Ha oapo pe oy e aeop eo:

oe e c pao a yace pex opax o cex cex (oeax, oeex) p;

eoe e c pao a yace pex opax cooecye ce (oee, oee) p.

Kpoe oo, oe eoe e oac pa oeco rooco a Oe copa eo p a ox co6pax eo ce (oeo, oee) p, oope ycaaac ee ypee oyea.

e p e eco a pe, aee pao caocoeoo ae ceo e ocpeo. eco a pe o oe co (aa), oopyoa eeoo, eeaco, oepo c xoo a epooe opaooe ao p. Kaoe eco ee co oep. e p oy caa coe eco apey o ycaoe paa p.

apyea paa peycapae pye aerop eo p acoc o ee ceaa. Hapep, a aco oapo pe (CE) ec p a eca. o e CE oe opoa ce a oapo. Tax ec a pe o 1990 . 626. Kpoe oro, opo eca papea opro ocpao ao (912 ec), pe eca aa oooc opo eca a ooa (1287 ec).

K a, peey ca ea p, pec peoa ooe e aaa, a aocx apa ..

Oao a CE coo ec opo e yy eo p. oo aaec ooop c pa-ea p. yac pex opax oo eco a poa. o 200 eo CE ca co eca o aocoacoao ee py ec pec a.

epao ypo cpe yaco peo opo caec poep, oop ec cy eo ey pe ea.

p poee peoo opa poep ee pao:

y poa oap cooec c aao ea o coceoy ycope (ec o cyae aece epa);

e ey oeco oapa, peoeoo poa;

aoc c opae, acaec oapo, caex op;

ocooac ycya, oaae pe.

Oaoc poepa c:

pcyce ae o oe, oa oec oap, ae poa oy;

coee pa peo opo opeo p;

oee aao ea;

pecpa oyeaoe oopee aeo ce;

pecaee eoxoo opa o pex opax poepcy py (oopy), o a oopo o paoae a .

4.4. pee ce pea cea coaee o ao nepeae npa oaoce ooe peoo oapa, onyeoo opae a pe, axoee opaee peo ooope (opae), aeo yaca peo opo xoe pex opo.

Cyoc poee opo a pe ec aee ceo ey poaa oyae. Ceye oepy, o aee ce apaae epec e oo x eocpecex yaco, o ex, o a co (pooee opeee), ooy o acya aeoo aaa.

pee ce xapaepyc peco, opaaoo, ooeco eco copoa.

C peco o pe o ceo oa ece, apaeoe a ycaoee, eee pepaee paacx pa . paoa (peca) copoa pex ceo ae acaec pa oaoce yaco (opaeo) ax ceo.

Opaaoa copoa pex ceo peoaae ycaoee x yaco, pex ceo, a ae opo (oepeoc) oe opeeex ec, yx ae pex ceo opae x opex oyeax.

ooeca copoa oaae e ae peo ce (yocoepee opex opeoce, peaa ooeo poy oyee p, oee ee, cey ..).

C eco o pe pee ce ca c oece ooee peo oproe eo, coee pa, op pa oee, aex opaee aoe, o oaex x coe. He cepe, o peyae pex ceo x yac oya opeeey p, o e o eo, a cooec c p aooaeco.

ceo, aex a oapx pax, xapaep ceye ep:

cea oa peca coo coaee o ye-poae peoro oapa c eeeo ocao opeeeoy oopeoy cpoy yye;

opo ae ce cooecye aooaecy o peo opoe, a ae paa opro opeo p;

yac peo ce c yaa pex opo;

cea oec (coepaec) e p;

cea oe oaeo pecpa cooec c ycaoe paa;

pa ec apao oe ceo, apecppoax a ee opax;

pa pae pe ca yaca peo opo, coepa epee ce;

pee ce e oy coepac o e a ce p, aee ceoꠖ o y yaco pex opo, oo eo p poepo, cyax po poeccoax ocpeo.

oo o ce e ey paoy ocoy, ao pe papaaac cneae npaa, peypye ooe ey opaea o ooy:

ooo ce;

eocpeceoro coepe ce;

oope aeo ce;

ee oe;

paceo o cea;

oeceoc a x oee papeee copo o ea.

Ta opao, aooaee paa ae ceo c coeopao opo po opoo (oepe) .

oooa ae ce, a pao, eec e p, a ee coepee pooc poecce pex opo cooec c opa paa, ycaoe opeo p.

Ocoae ae ce ec ycoe coace poepa, caaoe poecce aco poox opro, acpoaoe aepo, ocya oapy ce a pe.

Cea caec aeo c oea ee pecpa a pe. p coepe ce copo coacoa ey coo ee coepae, .e.

py opoco, peaex p ee . co coepa ce c:

aeoae oapa;

eo aeco;

oeco oapa (ap oapa, o);

ea opa oa a ye oap;

ac (opa) oca (pacpeeee pacxoo o pacoppoe, xpae cpaxoa oapa, eoc oeo ce ey oyaee poao);

ecoaxoee (y oca) oapa;

cpo coe ce yco oca.

p coepe ce oaeoy oae oea p ee acea aeoae yeoo oapa, eo oeco ea. Ocae yco coepa ce oy e oaac coca ee oepecy ay.

Toap, c oeo ce a pax Pocc, ocoo yoec ce oee paec paooy peoy oapy, poy apyex cpaax. B 1991-1993 . p Pocc xapaepoac oepa y-poa x oapo, aa o pyx ap epa, eca, eepoyo oa oe a a oopyoa.

epoaao apyee p ceapoac a opoe pea (ec) oapo, oo ocec o epe ye poae pex opao (epco ooo). Topo epc opaa ooa ocyecec: o oe a cecoxoceo poy poooc (ea, po, e, pc, yypya, oec, co, caxap, aao, oe, xoo, apoe, o py poa co, aco .);

o epopecypca (e, e, a);

o eaa (aa, ooo, cepepo, e, e, ce, a);

oeppyeo ao;

eca a;

o ocyapce e yaa.

Kaeco oapa yocoepec cea oyea, oope poae oa pe o aaa opo. B pae pocccx p ee e opaoa aooaee a, acaec aeca oapa. Tpeoa o aecy oapa, peeoo a opax a apyex pax, cpoo opeee. cae oapa a op, oaeoc o coey aecy o ycaoex caapo, peyec ceaoe papeee peoo coea.

B acoee pe copeee poccce p e e cpoo ycaoex peoa ooe oeca oapa, caeoo a op. B apyeo e pae ap oapa, eoro o opa, cporo opeeea yae opeoc opeeex py oyaee poao, a ae opepoaa a eoc (ecoc) ocox pacopx cpec, coyex epeo ax pyo. Ta, apep, o ee CA paep ap cocae 5 c. yee (ooo 100 ), a aco oapo pe ap pyoo poaoo coa peycapae 34-38 oo, a a pe aepa 17-19 o.

Oe, o cyece oeo ce ec ea apa Ke poepco oop, opya a cey, oe ooop (ca opeeee peoa) ooe e oy (poa), p o eec y, o cea oe aac:

1) o eye ee peoro (ea, acpoaa oe ae ce, oea ycaoea p ayoe);

2) o aao ee;

3) o o ee ( ooopeo peee oea e: o o);

4) o ee a opeeey ay (ep e, opo, oce e pa);

5) o cpaoo ee, acpoao a oe op ap p.

B ooe e oapa, pecaeoo a op a apyex pax, ycaoe cpoe paa: ea peoe e oe e e cpoca oee, e a ycaoey pe ey. Ta, apep, a ooco pe eao ea peoe oe pea ey cpoca o:

e o 0,5 o 1 . . a oy ooy o 1 o y o 0,25 o 0,5.

Pacnpeeee pacxoo no pacnoppoe, xpae cpxoa onpeeec o e. B acoc o a pao pacpeec xocee oaeca ooeca oeceoc ocaa oyae, a ae opeec pacxo, ee poay ey (cooc caoo oapa, pacxo o pacoppoe papye, a ae cpaxoa). Hapep, ec p ae ce opee ac oca a pao ca ooe (poaa), o oaae, o oyae oe opaoa o yeo poy a co ce (.e, ee eco caoo) ec aee pacxo o eo pacoppoe, papye, xpae, a ae oee pca.

ecoaxoee oapa, eo cpo yco noca a pa ooapac copoa ce, oe o apyeo pa, e yco opaa cporo caappoa, a e-peeo eo ac cyae ea, opa ycaaaec oe ae ce.

Ta opao, coepae ce a oeecex pax yco ee ae o oro oac o apyeo pa (a. 3).

B pex ceo a oapo pe.

pee ce, aee a oe cpe, accpyc ce po e O opaa, pecaeo pao a oapo o pa paa. pao ec aoee aco cpeae oe opa, oop pecae a aece peaoo oapa, a aece ap a eo aee. B cooec a pao pee a e py:

ce c pea oapo;

ce e peaoo oapa.

Pae peo opo aaoc eo co ceo c pea oapo, e oopx a ecea ocaa peao cyecyero oapa. o peo opo paoaa coeopa peo exa, oo aa ce ocyce apa a oap, oop ye poee yy peaa ocaa oopoo ye ocyecc e a peo, a a a aaeo ao (peao) pe.

Taa COB AKEH PEBX CEOK B AAHX CTPAHAX B POCC Ha copeex pax Pocc ocoo aac ce c pea oapo, oope oy e ecoo paooce (cxea 9).

Cxea 9. B ceo c pea oapo poce o ceo c pea oapo ca ce c eeeo ocao (c opo cpoo ). Ce a a oap ae ce, oope coepac a oap, axoc o pe opa a eppop p npaeax e caax oae np a py e opa o ooa peoo copa, a ae a oap, axoc a oe ae ce ny;

a opye oo opye oap, axoc a cae . Coaco aooaecy P, ce c a oapo oy ocyecc a ocoe peapeoo ocopa oapa (o eey y, a peo eaco cep) e peapeoo ocopa (o opaa, caapa, oycoeoy cpeey aoy aecy oapa).

e ceo c eeeo ocao (opo cpoo oca) ec ec epexo apa o poaa oyae a ycox, oroopex ooope y-poa.

Oaa oapa oe pooc a oe epea oapa, cooec c ooopeoc (peoaa oaa oce oye oapa). coee ce aaec c oea ae, eae eoo pey py a e e. ooy ce ca aoee ae. o yco ooopa eeea ocaa oe aa o 1 o 5 e. p coepe ax ceo opaa ae a pacpeeee pacxoo o xpae apa a cae p. eec y, o o coepe ce pacxo o xpae oaae poae, a oce ae ce蠖 oyae.


paooc ceo c pea oapo ca opape cpoe ce, .e. aa nepeaa npa oaoce ooe peaoo oapa c ocpoe cpoo noca. Taa cea oopec ooopo noca. Oa aaec o, o opaa-poae oyec oca (epea coceo) ayee ap opaa-oyae cpo, oroope ooope (opae). B co oepe, opaa-oyae oyec p oa popee oap o ycaoe oroopo yco ea. Oeo ocoeoc cpox ceo ec o, o oe ae oaec (ceo) e coaae c oeo x . Kpoe oo, oeo ax ceo oe cya a a oap, a oap, oop ye poee cpoy, ycaoeoy ooopo.

o epe pa pox ooe opape ce o ca oco o ceo. peyeceoe x pae ocec e, o oe ap oapa (ooo poy) oy peaoa oo ocpeco ceo epe ao- opeee cpo. Coaco eop apea pooco opepyec a e cpoc. Cpoe, opape, ce aoc o opo xocex ooe, ocpeco oopo oy ocyece pye ooece oepa.

INTERFINANCE ( * ) (www.denisredit.ru), ococy opapx pex ceo ooc o, o p x ae eec oooc cooa ey paoy ocoy peypoa aoooe . Oao oe, o, o a cepo, 1991 . pe pex oopoo cocaa po oyxo, oa ce aac a ecyecy oap. B 1992 peyae opoco cya cceoa opraoax po (HOP) apyee oaec cpe pocxoo 25-30% pex ceo.

ooy oc paooc opapx pex ceo, pae c cee pca opaeo p peo oproe, o e ee x cyeca. K ooc ceye ce.

Cea c aoo젖 ooop, oopo o opae naae pyoy opaey oe eo ae cyy, aoonpeeey ooopo ey aece apa cnoe cox . aor oe oecea a epec poaa, a epec oyae. ooy paa:

ce c aoo a oyy;

ce c aoo a poay.

p cee c aoro a oyy eo aeo ec oyae, o cyae ao oeceae epec poaa.

p cee c aoro a poay eo aeo cyae poae, o cyae ao oeceae epec oyaee. p cee c aoo a poay aece aoa oe cya ac oapa, oeaero poae. Paep aoa ycaaaec coaee . O oe oeac o 1 o 100% cooc ce.

Cea c npee頖 ooop, np oopo o oaeo a ocoa ocooo ae o onpeeeoo a ycaoeoe oapaee (npe) noyae npao nopeoa o coeo opaea o noee oaec no ooopy, o nooc oaac o ce Cea c pee e ee ee coepa, a oo yeae pc opaeo, cyax pey opo. B cyae oa poay oee ya pe, e o oaeca o ocae oapo, coyc opape, cpoe, ce c pee.

Ha pax oy oc pae opae ceo c pee Hapep, pao opa, eee ooee coe ce (oee ce oa o ee), oe paea oo oyae. Ec ae opae e oc, pao opa oe paea o opaea.

Paa ecoo o ceo c npee:

1. poce ce c npee.

p x ceax copoa nae npe noyae a aaeoe npao ocynoo, .e. opae a ynay paee yaoeo cy ocynae o noe ooopa cyae eo eooc, epe onpeeey cyy, cyae cnoe ooopa o ceo c pee acoc o oo, o ec aeo pe (poae oyae), ae yx o:

ce c ycoo poa;

ce c ycoo oyo.

p cee c ycoo npoae poae oo ya pe a o, o oe, oa acy e oca, aec oee o oyae ea opace. poae cae, o ey roee ya pe a ycoy poay coero oapa p o e oyae.

Ec e oca oapa oyae poae ae oee ooo ope, ea oapa opace, poae pae oaa ocae poy epoy oyae (oep p o ooopey pe) poa oee rooy opee (a eo epe, .e. pe epoo oyae).

Cea c ycoo noyno aaec epecax oyae ooa o cyae, oa opee e yepe, opeyec ey aaa oap o oe a oee ooo ocaa oo oapa, a oop a aea poca cea c pee. o oyae o cyae oo peca cey opao: yay pe, o y aoo ocaa aaa oap e y;

ec e ay oee ooo ocaa, oap y y ooopeoo ocaa, o yay a eo oe, o co, a ey pe.

pe x cyax oycoaec o a oea o cooc ce cya, o a ea e y.

B epo cyae pe yaaec p ae ce.

Bo-opo젖 cya ce c ycoo oyo yeaec a ey pe, a cya ce c ycoo poae yeaec a cyy pe. Oaa pe ocpoaec: cyae oxoa o ce o ae o o ( ope ocyo pe), aoopo o coe ce.

Ce c pee a oyy poay e cyeceoe oe o ceo c aoo a oyy poay. aoe x oe o, o ce c aoo c a aae ep cea, .e, ao cyae apae ee oe, a ce c pee oocc yco cea: o oy oe, a oy e oc.

2. oe c c pee頖 o ooop, oopx nae npe noyae npao a op ey noe noynae noe npoaa, a ae npao (ec a o ec coace eo opaeo) ocync o ce.

ocoy paa aea pe yeac p ax ceax oe o cpae c eo paa pocx ceax, o ea pe ycaaaec ae oe.

a pe oe yac:

a ea, oea o cy ce;

e ac cyy ce, p yee oo pe cooc oapa oce, a cya ce a oyy, yeaec , aoopo, a cya ce a poay, yeec a paep o pe.

3. Coe ce c npee頖 o ooop, oope npeca coo coeee yx npoonoox ceo c npee, aaex oo o e poepco po c y py yaca peo opo.

B acoc o oo, ec aa poepca pa, aaa coy cey c pee, aeo oyaee ocee, cea pae oce xapaep:

epo cyae pao oxoa o ceo pae ao poepco pe;

o opo젖 pao oxoa pae ee opaea.

4. Kpae ce c npee頖 o ooop, np oopx o opaeo noyae npao (a onpeeey npe noy pyo copo) ye o coo-o pa oeco oapa, noeaeo cooec c cyeco ce nepeae npey.

Kpae ce c pee a yx o:

ce c opo oyae;

ce c opo poaa.

O peca coo coeee epo ce c ycoo, a a eoopoe aoe oeco oapa o cyae oo epeao po.

Kpaoc paaec o, o oee oeco oapa, oopoe yoooe opae oe o oeo coe, oo axoc pao ooe oaeoy (epoy) yy, .e. peocxo eo a, p, epe .. pa peeax acya, ycaoeoo ooopo.

pe yaec cye ce, oopa yeaec p poae, o aaec cyae oaa opaea, oaaero pao a yeee oeca, oeaeo epeae pey oapa.

pe aaec oo a epoe epeaoe oeco oapa.

opape ce e ee oy paooc o ce c peo, pecae coo coaee ey poepo eo, no oopoy 6poep oyec oe a oap, npeoe eo, npeoca ey epecy eo oap C coaee poep opaaec a, e noyae pe a ocyecee ce cnoy pe, poep noynae a opax oap, epecy ea, noce oo noyae o oap, oop npeaac eo aae oye oap, a npao, e, poep caocoeo npoa eo a pe opaae pe a. Cea c peo ooe aoo ocyec co apepe oepa. e o cyae ea aec ep y cpeca aea cya epo cooc ( .., .. . . . : - . . : , 2006).


Ce c ycoe젖 o coae, p ae oopx poep oe o opeeee opye ea. ae cero p ceax c ycoe e ae opyee poa pea oap p yco oopeeo oy eo pyroro peaoro oapa.

p o poep ee pao oaac o aoo opye. Ec e ycoe (opyee) po, o e coeo ac oy pyoo oapa, o poep aec paa a oapaee o cee c ycoe.

apepe ce coaee a oapooee ce c nepeae npaa coceoc a oap e naea ea (aypa oe), .e. ce, np oopx oap eec a oap oap+e. Tae ce a pax opaa coc xoce p oapooea p ae xocex ooopo. p ooe ce e o xapaep, oao poecce poee opo pxoc ya peoa poao o cpeoy popee eoxoo . ooy oe oapocpee p ye p coe coa opepoac a apepe ce, pye yeo pea .

Ta, apep, o ycay a Bcecoo oapo pe apopoeoo oeca (Pa) oco o ceo o epce ce. Oao cy ooeco ecaoc oco o ceo a pe ca apepe, p oopx py cya y ep cooc.

Oe, o apepe ce ce c ycoe e oe ep cyecee pa. Ocoo oeo epo ec o, o p apepx ceax e, a pao, e coyc, a p ceax c ycoe o o co oe y aea Kpoe oo, p ceax c ycoe eec pap e eee ooo eca ey poae oyo ooo oapa, oopoo e p apepx cea.

Ceye ee pa oepy, o apepe ce npoopea cyoc peo opo. o paaec o, o:

poyca cocooc p peo caec;

ee opaoro exaa ayox opo paecoe ocyce oea opae ey oeco ex p po opo (ec poeo) papoca o ea a o e e oapo;

cyecea o oxoo o poa e ocyae eocpece oapopooe e ae poecc pacpeoro ocpooca;

acoe ce opae a apepe ce o poooce py opeecx oapo e po cyeceoy yee oapooea -a ecoae cpex epeco yaco oea;

paec ce oapopooe oaac oeoe oee poecc po e coce a oapo, oea a o opoe pecypc;

aacpoec pace co cxx cao ex apo, aec eex oapooopoa, oope ece o paaeo a. poecc eoo pa peo opo pe cooa a pe ceo e peaoo oapa, oope acoee pe ec a epce ooe epce ce a nepea npa oaoce ooe caapx opao a nocay peoo oapa.

x aae, a pao, ec e oya poaa, a ee e, cpaxoae (xepoae) ceo c a (pea) oapo oyee xoe epepoa oce a ce pa o aoporo ee e ( .., .. : . . .: , 2006).

epce ce caoc oo p poce oepa peo opo, pacpe peoo oopoa, yee oea paox ceo. O c oec pae opapx ceo ooe oapa, oop ye poee yye.

pooe cooae opapx opao e apapye pooe, opee opoa aopx ee e yye. B acoee pe Pocc aooopec poecc ocae o pa peoo ea;

o cx op eo e papaoa exa coeopaoo cpaxoa oooo pca p ae opapx ceo. eae yeo caapa opapx opao cooec c oeco aeco oapo yco x . Kpoe oo, ocyce coepeoro aooaeca coae yco apye oo copo opaa x a ce oaec. Ta, ycox ae epepcx e opo epo yoc o oe opapx opao, oca epepo c x poye Cooeceo epo aeoo poca e a cecoxocey poy epep aco peoa epepoa epo oee ooy oyae o coo ee, e o o ooopeo opapo opae. Ta opao, c oo copo, o pc epeex oep, a c pyo頖 oooc oye p o ee e ceyo p, epce ce xapaep cecoxoceo poy. O aac aoo o copa ypoa.

ec opee oe peyaa yy oo ypoa, cpoc ey a peayey poy. ae epce ce pacpocpac a poy, ea oopo ocoo eac acea o oeca .

Oeo ocoeoc epco ce ec o, o oeo cyae e oap, a peo opa, peycapa y poay cpoo coacoaoo oeca oapa ycaoeoro copa (ap) c ao oyc ooe, ocaeoo a opeeex ycox oa pacopx . epce ce aac o caapa ee e poeeoro oapa. Kopa o epc cea oopao aac pyc o ex op, oa e ooe cpo oca yaa oapopooee cpo poa.

Oopo o epc cea, a pao, o oo pa pea peae oe ocao. o a yaae e oo a pae cey, o a oc oea, eoc o yco pa peo opo.

Cea o poae epcoo opaa oo copo oaeo pecppyec Paceo aao p. opo yco ae epcx ceo opeec oe ooee, yepae pe coeo opeo p.

Onoe ce oec npooee epcx ceo. Oeo x ocoeoc ec , o oeo ceo cao oaeco (pao) y poa eopoe co epcx ax opao o aao ee eee ooopeoo cpoa yye (.e. ycya pa a yyy epeay pa oaoce ooe peoo oapa opaa a eo . Taoe pao popeaec a ooceo eoy cyy (pe-oo) ae oooc o cey o cpoao ee p aropx ycox (oy p) oaac o ee (oep pe).

Ca p oox ceo ece oe ao, o peee ero peo opoe o cea o opae. B acoee pe o poecc poo coyec peo opoe. Oo o, o cyecy, ooea epa yee epcoo pca. Oo peca coo pao (o a e oaeco oe 6 epco) y poa epcoo aaa opaa a ocay peaoo oapa o coacoao ee opeee oe pee eee yaaoro cpoa Ec e yc aopo apae, oyae coye pao y (oo-o) poa (oo-y) epce opa. Hapo, ec ea ec eaopo apae, o o coye pao oaac o x ae, ep p o eoy pe, yaey a oo.

Bao oe, o oo-o, oo-y oyac poac, o e oy ao oecpoa py pya. py coa, ec o-o oyae oo-o, o oo, o ap oo, o oe poa ae oo-y.

Pacpeeee eox pco y poao oyaee ooo po poooooe poao ooa p e oe oe e pe, a y oo e. oyc, poae poa oo c pao ae ce o ao ee. Ho a pe ec ooa peae e opoc, p poae ooa ye e oy, ec eo ap ooa pe. Hapo, y oyaee ooo y e pec paepa pe, p e oe o. Ka oeaoc, oyae ooo e oooc oaac o eooo opaa. O e oepac acooy pcy oce oo, a aea pe.

B paax opo, oope papaaac ao pe, oaeo ope yac pex ceo, oope oy coepac a e. o epe pa peo oo x coca eec.

B aoe P oapx pax peo opoe (c. 8) oeeo, o a oapx pax oy coepac ceye ceo, cae c ao epeae pa oaoce ooe:

peaoo oapa c eee cpoo coe;

peaoro apa c ocpoe cpoo eo oca (opap );

caapx opao a ocay peoro apa (epce ce).

Ha oapx pax aac ce, cae c ycyo pa a yyy epeay pa oaoce ooe peoro oapa opaa a ocay peoo oapa (ooe ce), a ae pye ce ooe peoo oapa, opao pa, ycaoee paax peo po.

opo ae oe pex ceo a eo o coeroeoce e eo p o o coae o a ceeoxoe x oope ory aa ce oy-poa.

pa e aae, oa yco, coepe, ocyae poecc aee ceoꠖ y poeccoax ocpeo⠖ poepo, e ea ce;

o ea, o a co ce;

coero e, a. Cea, aac o coero e a co ce, aac ep.

opo (oepeoc) oe opeeex o pao, oope ycaoex oyeo, eoxox ae peo ce, oo peca cxeo 10.

peoo, o eec poae (pooe) poy A oyae (opee) poy A, oope e c ea p, o xoe o poa, a pyo y poy A a pe. o oo yo cea?

1. Ke (npoae noynae) e poepcy py, oopa oa npeca eo nepec a pe. Kay poepcy py ey pa? Ke oe ocooac peao, coea pocex p-pep (a poao, a oyaee), oe ca oe peoe pax poepcx p.

p ope poepco p ea ao:

a ax pax paoae aa poepca pa (oo ecox, epax, epeoax oax, yepcax ceapoax ..);

ao occo cop a ycy epe a a poepca pa;

a oepao oe e a ce oaeca;

apapye e oee aex ceo. Ec e ey apyeo oe ococa o o poepco p, o oe opac a py, oopa o opeoeye ey opey poepcy py, o ycpo pacpoay a ayoo ocoe a aaex ecx ao, 2. oce opa poepco p e aae c e ooop a oaae poepcx ycy (a poepcoe ocyae), oope oe peoca poepca pa ey. B acoc, oa epe a ce oaoc:

coepa ce ea o eo ycope a ycaoex ycox;

peoca ey opaoe ycy, cae c popeee poae oapo a pe;

oaa e pye ocpeece .

Cyece ycoe ooopa a poepcoe ocyae ca opeeee o ceo, o oop poep yy co opye ea, a ae ycaoee e a oyy poay oapa a pe. Ka pao, oroop a oaae poepcx ycy coep ce paeo:

pee oroopa;

opo coe opye;

apa;

yco paceo;

opo ocyece ce ey copoa;

oeceoc copo opo paccope copo;

cpo ec, ocoa ee pepae ooopa 3. B cooec c ooopo a oaae poepcx ycy ey eo, c oo copo, poepco po頖 c pyro, aaec ooop nopyee ooop-occ a npoay noyny opeoo oapa. oroop-opyee aaec o cyae, ec poepca pa ecye a pe o e ea a eo ce;

ooop-occ ec oa ecye a pe epecax ea o coeo e a co ce ( a ce ea).

p ae oroopa-opye ycaaaec, o o cee, aeo poepo, e popeae paa oaoc copo o oroopy;

p ae oroopa-occ o (paa oaoc) ocac a poepco po.

oy o oroopy-opye poep e oeae epe eo a coee pe o ce, aeo o e ea.

o ooopy-occ poep oa ( cyae apye pe o ce ooopex yco) e poee yeo o o ea, copa oece eoxoe oaaeca. p ae ooopa-opye ooopa-occ copo ocooe ae opaa a:

ecoaxoee oapa (ca poaa (ooe), p, oap y);

opo opy oa oapa;

pacpeeee pacxoo o pacoppoe cpaxoa ey oyaee poao (ac oca pao e).

4. Hapy eco ooopa-nopye (ooopa-occ) e oe cnooa a0y-npeoee a noyny (npoay) peaoo (aoo) .

5. Ec ey eo poepco po ae ooop-nopyee, o ey oaeo oopec paoa nocoa oepeoc npoee e a pe epecax ea.

Paoa oepeoc, a pao, aec a coepee opeeeo ce (ooo opye), ocoa a cpo ae ooopa opye (oroopa a oaae poepcx ycy) oe cex o ycy, oaaex ey poepco po.

6. poepca pa oa e onpeeee apa o ea, oope ac o oo, aece oo cyna e (npoaa noynae) ao ooop ae ey eo poepco po (nopyee oc.).

Ec e ec poao, o oe apapoa ae y eo oapa, oop ye c oeo ce a pe. ooy ooopy-opye e oa peca cacy paccy o a oapa pacop oye, yocoep ero opyy.

Kpoe oro, poae oe peca o opae, pea poce, cepa aeca .. B cyae ocyc caco pacc poep ee pao oroop ycoy a eocay eoocay oapa (apep, paepe e eee 15% o cooc ap oapa).

p ae opa-occ yaaec, o p coe opye o poae aoro oapa e oyec opy oap o yaaoy oroope oca apecy oyae. B cyae pocpo opy eopy oapa e yaae poepy pa paepe ycaoeoro poea o cooc ap oapa.

Ec e yae po oyae, o o oe apapoa co aeecocooc. o ooopy-opye apae oa oapa oe cya:

apa a a oay oapa (opa) cpoa aoca apa;

cpaa, aepea ao o a cpec a paceo cee ea;

apa oc;

ao, ece a pace ce poepco p, pecae epec oyae (oe ycaoe e opeeeoo poea o cy ce);

pace ce, op poepco pe, a pao, cye 30% o cy ce;

ape, a poepco pe a c cyy ce a cpo ee ocyece;

cpaxoo oc;

ece.

o ooopy-occ a oyy e ae cae apa poepco pe. cy aac, epece poepco pe, coe ce ycaoeo cye.

7. co c ey poepco po . o oc oc ceo, eoxoa oepaa c ey eo poepo. oo coaec cea pooo o cpecax c.

8. ooop ey poepco po pe a yace pex opax.

9. aa (npeoee) poepa (poepco p) a npoy (noyny) onpeeeo oapa. Oa oa eea peo opao aa e oee 2-3 e o aaa .

Ha oap, pey eaeeo peaa ( eee ooo peoro ), caec a op e peapeoo oa a peo opao aa ye eocpeceo oa aepy, ocyaey op cooecye oapo ce, a o ac o x aaa.

10. cnepa oapa papeee a onyc oapa opa.

11. opa o oapax, caex a op no cooecy oap ce, aec poepa a 24 o aaa opro eaec e opo peo ae copya oea opaa opro. Oa coep ceye ae:

aeoae oapa, caeoo a op;

eo ea;

oeco;

oep poepco oop, peaae oap poa;

eo ecoaxoee;

yco paceo;

cpo oca.

12. Pecpa poepo onyc x opo a. pecpa poep oa pe oepeoc, ay ey poepco po, a pao peca epec p opoo ae p. poepca pa oe apa a op peo a ecox poepo.

13. aee ce npoecce aco npoox pex opo.

14. Pecpa ce. aea cea a pe oa apecppoaa oee pecpa ceo (opaa opo) a o pe ee opo, a eee pex aco oce x ooa. Cea caec aeo oce ee pecpa.

15. Oopee ce. pecy cy cea oyae oce ee oope, .e, cocae peoo ooopa (opaa). peo ooop oopec ocaec copoa 3 epax. Pecpaop pcaae ey oep (cooecy oepy pecpa ce), ca a cex epax a p paccaec a x peo ooop oe oope e ce p. B o cyae o oe oaeo pecpa oee pecpa ceo (opaa opo) 3-e cpo oce ae ceo. Oopea cea oe pacopya ope, ycaoeo paa peo .

16. opa poepo o aex ceax a pe.



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