Проблеми активізації іноземних інвестицій в Україну, Детальна інформація

Проблеми активізації іноземних інвестицій в Україну
Тип документу: Курсова
Сторінок: 1
Предмет: Економіка
Автор: фелікс
Розмір: 30.1
Скачувань: 627
РПаЎ±б>юя =?юяяя:;<яяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяямҐБq`"рї†bjbjqPqP8И::_©…яяяяяя¤° ° ° .Ю $ѕYѕYѕY8цYTJZDЋf(љ[љ[°[°[°[°[°[°[СbУbУbУbd7clЈdlf¶ghjаf9°[°[°[°[°[f°[°[Hfооо°[j°[°[Сbо°[СbооVИ]Ќm^°[Ћ[  ПыtЖѕYjU^ Ќ^D^f0Ћfa^ юj„jюjm^юjm^ °[°[о°[°[°[°[°[ffо°[°[°[Ћf°[°[°[°[¤)є3&є3яяяя 0FV>=0;L=89 C=V25@A8B5B -/!, / 0D54@0 5:>=<VG=>W B5>@WWKC@A>20 @>1>B0C@A>20 @>1>B0@>1;5<0 45DVF8BC 1N465BC 2 ?5@5EV4=8E :@0W=0E 8:>=02: 0@0IV9 .. , ,  :C@A. 0C:>289 :5@V2=8:: :.5.=., 4>F. !=V6:> ..<.8W2. 1999@ ;0=. !B>@. ABC?& & & & & & & & & & & & & & & & & & & & & & & & & & & & & .....3 N465B=89 45DVF8B, ?@8G8=8 9>3> 28=8:=5==O 0) A:;04>2V 45DVF8BC 1N465BC& & & & & .& & & & & & & & & & & & & .....4 1) ?@>1;5<8 >1G8A;5==O 45DVF8BC 1N465BC& & & & & & & & ..& & & ..& .4 2) 2?;82 =0 45DVF8B 1N465BC <0:@>5:>=><VG=8E ?>:07=8:V2& & & & & ....6?;82 45DVF8BC 1N465BC =0 5:>=><V:C :@0W=8& & & & & & & & & ............10N465B=89 45DVF8B V ?5@5EV4=V :@0W=8:0) 5:>=><VG=0 :@870 2 ?5@5EV4=8E :@0W=0E V 45DVF8B 1N465BC& & & .& .....16 1) 1N465B=89 45DVF8B V :@870 2 >AVW& & & & & & & & & & & & & .& . .....188@VH5==O ?@>1;5<8 45DVF8BC 1N465BC 2 ?5@5EV4=8E :@0W=0E.& ................21 8A=>2>:& & & & & & & & & & & & & & & & & & & & & & & & & ... ............23!?8A>: 28:>@8AB0=>W ;VB5@0BC@8& & & & & ..& & & & & & & & & ..& . ......24 ABC?.VA;O @>720;C 04O=AL:>3> !>N7C 2 !EV4=V9 2@>?V ?>G0;8AO 3;>10;L=V 5:>=><VG=V B0 ?>;VB8G=V 7<V=8. 5@54 :>;8H=V<8 A>FV0;VAB8G=8<8 :@0W=0<8 ?>AB0;> G8<0;> ?@>1;5< 5:>=><VG=>3>, ?>;VB8G=>3> B0 A>FV0;L=>3> E0@0:B5@C. !>FV0;VAB8G=0 A8AB5<0 3>A?>40@N20==O =5 28?@0240;0 A?>4V20=L, V :>;8H=V A>FV0;VAB8G=V 45@6028 ?>G0;8 ?5@5E>48B8 4> @8=:>2>W 5:>=><V:8. ;5 28O28;>AO, I> F59 ?5@5EV4 =5 B0: ;53:> 74V9A=8B8. 465 7<V=8B8 70 :>@>B:89 ?5@V>4 CAN A8AB5<C 2 :@0W=V 4>A8BL 206:>. 091V;LH A<V;828<8 B0 ?>A;V4>2=8<8 2 @5D>@<C20==V ACA?V;LAB20 28O28;8AL :@0W=8 @810;B8:8, 0 B0B>6 '5EVO, !;>20GG8=0, >;LI0 B0 #3>@I8=0. =HV 6 :@0W=8 7VB:=C;8AO 7 157;VGGN ?@>1;5<, O:V 2>=8 =5 ?>A?VH0;8 28@VHC20B8. 4=VTN 7 B0:8E ?@>1;5< AB02 1N465B.  A>FV0;VAB8G=8E 5:>=><V:0E 45@6020 <0;0 4>A8BL 25;8:89 @V25=L 1N465B=>3> =020=B065==O, >A:V;L:8 A0<5 2>=0 @>7?>4V;O;0 ?>2=VABN 2AV @5AC@A8, 2 B><C G8A;V V DV=0=A>2V. ;5 ?@8 ?5@5E>4V 4> @8=:>2>W 5:>=><V:8 4>E>48 2 1N465B @V7:> A:>@>B8;8AO 2 B>9 G0A, O: 2840B:8 70;8H8;8AO <0965 =0 B><C A0<><C @V2=V, 01> 9 71V;LH8;8AL. &5 A?@8G8=8;> @V7:5 71V;LH5==O 1N465B=>3> 45DVF8BC V 701>@3>20=>ABV 45@602 ?> @V7=8< 28?;0B0<. >A;01;5==O 45@602=>3> :>=B@>;N =04 5:>=><V:>N B0 E@>=VG=0 45@602=0 701>@3>20=VABL ?5@54 3@><04O=0<8 A?@8G8=8;8, :@V< ?>;VB8G=>W B0 A>FV0;L=>W :@878, I5 9 5:>=><VG=89 E0>A W A8BC0FVN ?>2=>W 1572V4?>2V40;L=>ABV ?5@54 45@602>N. B65, ?>AB0;> ?8B0==O: O: ?@>2>48B8 1N465B=C @5D>@<C, G8 ?>B@V1=> A:>@>GC20B8 45DVF8B 1N465BC, 0465 2V= A?@8OT 5:>=><VG=><C 7@>AB0==N :@0W=8 (2 ?@>F5AV A?04C).  O:I> A:>@>GC20B8, B> O: 28@VH8B8 A>FV0;L=V B0 ?>;VB8G=V ?@>1;5<8, O:V 28=8:=CBL ?@8 A:>@>G5==V 45@602=>W A>FV0;L=>W 4>?><>38 =0A5;5==N.  V=H>3> 1>:C, A>FV0;L=V ?@>3@0<8 265 =5 28:>=CNBLAO  G5@57 1@0: :>HBV2 2 1N465BV. B65, 45@6020< ?>B@V1=> 1C;> @>7V1@0B8AO, O: A0<5 2?;8=5 1N465B=89 45DVF8B =0 5:>=><VG=V ?@>F5A8 V O: 9>3> ?>B@V1=> 7<V=8B8 4;O ?>:@0I5==O A8BC0FVW. V7=V :@0W=8 ?VH;8 @V7=8< H;OE0<8, ?@>2>4OG8 4>A;V48 =0 A2>WE 5:>=><V:0E, V <8 B5?5@ <>65<> =0 WE ?@8:;04V ?>10G8B8, O:89 V7 >1@0=8E H;OEV2 1C2 =09:@0I89. 1. N465B=89 45DVF8B, ?@8G8=8 9>3> 28=8:=5==O.0) >73;O=5<> 45DVF8B 1N465BC 7 5:>=><VG=>W B>G:8 7>@C. N465B <0T A2>N 4>E>4=C G0AB8=C (BC, I> 45@6020 =0:>?8GCT) V 2840B:>2C (BC, O:C 45@6020 B@0B8BL).> 2840B:V2 1N465BC =0;560BL 45@602=V 70:C?V2;V, A?;0B0 45@602=8E 1>@3V2, 45@602=V V=25AB8FVW, DV=0=AC20==O 45@602=>3> C?@02;V==O, 2840B:8 =0 <V6=0@>4=C 4VO;L=VABL 45@6028 (2 B><C G8A;V =0 @V7=V <V6=0@>4=V D>=48 V >@30=V70FVW), =0 =0C:>2V 4>A;V465==O, =0 >1>@>=C B0 >E@>=C 74>@>2 O, =0 >A2VBC B0 V=HV 1N465B=V CAB0=>28, A>FV0;L=V B@0=AD5@B8, AC1A84VW B0 V=HV 28?;0B8, I> @>1;OBLAO 45@602>N. !N48 6 =0;560BL 2840B:8 7 FV;L>28E D>=4V2 (=0?@. @575@2=89 D>=4 01V=5BC V=VAB@V2 #:@0W=8), O:V, O: ?@028;>, >1G8A;NNBLAO >:@5<>. >E>4=0 G0AB8=0 2 >A=>2=><C A:;040TBLAO 7 ?>40B:>28E =04E>465=L (2V4 ?>40B:V2 (2 #:@0W=V: =0 ?@81CB>:, =0 4>E>48 7 DV78G=8E >AV1, =0 4>40=C 20@BVABL, =0 7>2=VH=L>5:>=><VG=C 4VO;L=VABL, 0:F87=89 71V@ B0 V=HV ?>40B:>2V =04E>465==O)), 0 B0:>6 7 45@602=8E ?>78: B0 FV;L>28E D>=4V2. >7<V@8 :>6=>3> V7 F8E ?C=:BV2 70;560BL 2V4 1030BL>E <0:@>5:>=><VG=8E D0:B>@V2.  45DVF8B 1N465BC >1G8A;NTBLAO, O: @V7=8FO <V6 4>E>4=>N G0AB8=>N 1N465BC B0 2840B:>2>N. 1N465B=><C 45DVF8BV B0:>6 @>74V;ONBL 9>3> AB@C:BC@=C B0 F8:;VG=C G0AB8=8. !B@C:BC@=89 1N465B=89 45DVF8B ?>:07CT, O:8< <0T 1CB8 45DVF8B, O:I> 5:>=><V:0 DC=:FV>=CT 70 ?>B5=FV9=>3> >1AO3C 28@>1=8FB20. V= 28=8:0T 2=0A;V4>: 1N465B=>W ?>;VB8:8 C@O4C. &8:;VG=89 45DVF8B 1N465BC 287=0G0TBLAO 2?;82>< 4V;>2>3> F8:;C =0 1N465B (?V4 G0A A?04C 01> ?V4=5A5==O), V =5 70;568BL 2V4 4V9 C@O4C. V= 287=0G0TBLAO B0: 720=8<8 02B><0B8G=8<8 AB01V;V70B>@0<8, O:V ?@8 ?V4=5A5==V 5:>=><V:8 7<5=HCNBL 1N465B=89 45DVF8B (G5@57 71V;LH5==O 1078 >?>40B:C20==O V 7<5=H5==O A>FV0;L=8E 28B@0B - G5@57 7<5=H5==O :V;L:>ABV 157@>1VB=8E B0 ?>:@0I5==O @V2=O 68BBO), 0 ?@8 A?04V  71V;LHCNBL (7<5=H5==O 1078 >?>40B:C20==O, V.B.4.) 1) 5O:V 5:>=><VAB8 2060NBL, I> 1N465B=89 45DVF8B, @>7@0E>20=89 70 ACG0A=>N <5B>48:>N, =5 T 4>AB0B=L> =04V9=8< :@8B5@VT< 4;O >FV=:8 1N465B=>-?>40B:>2>W ?>;VB8:8 45@6028. 5@602=89 1N465B=89 45DVF8B ?>28=5= B>G=> 2V41820B8 7<V=8 2 7030;L=8E @>7<V@0E 45@602=>W 701>@3>20=>ABV. &59 ?@8=F8? =0A?@024V =5;53:> 28:>=0B8, >A:V;L:8 VA=CT :V;L:0 ?@>1;5<, I> CA:;04=NNBL >FV=:C 1N465B=>3> 45DVF8BC./: ?@028;>, ?@8 >1G8A;5==V 1N465B=>3> 45DVF8BC =5 @>18BLAO ?>?@02:0 =0 V=D;OFVN,B>1B> 2V= 28<V@NTBLAO 2 =><V=0;L=8E ?>:07=8:0E.  A?V22V4=>H5==O <V6 @50;L=8< B0 =><V=0;L=8< ?>:07=8:0<8 1N465B=>3> 45DVF8BC: BDr=BDn-D*(, 45 D-45@602=89 1>@3, (-B5<? V=D;OFVW. &5 >7=0G0T, I> 9>3> 4V9A=0 25;8G8=0 7028H5=0 =0 D*(, I> ?@872>48BL 4> 7=0G=8E =5B>G=>AB59 2 >FV=FV 45DVF8BC.=H0 ?@>1;5<0 ?>;O30T 2 B><C, I> 45O:V D0EV2FV 22060NBL, I> C 45@6028, O: V 2 ?V4?@8T<AB2, ?>B@V1=> @0EC20B8 45DVF8B, O: @V7=8FN <V6 CAV<0 0:B820<8 V ?0A820<8 (1N465BC20==O :0?VB0;C). ">1B> 2 0:B828 45@6028 ?>B@V1=> 2:;NG8B8 2A5, G8< 157?>A5@54=L> 2>;>4VT 45@6020 (2:;NG0NG8 V :0?VB0;L=V 0:B828). @8 ?>4V1=><C @>7@0EC=:C 1N465B=89 45DVF8B 7<5=H8BLAO. 28G09=>, B>4V ?>B@V1=> 7<V=8B8 ?>2=VABN 25AL @>7@0EC=>: 1N465B=>3> 45DVF8BC. "CB VA=CNBL 45O:V CA:;04=5==O, =0?@8:;04, =57@>7C<V;>, G8 ?>B@V1=> 2@0E>2C20B8 H>A59=V 4>@>38 4> 0:B82V2 45@6028. &59 <5B>4 4C65 206:> 28:>@8AB0B8 =0 ?@0:B8FV, >A:V;L:8 4>A8BL BO6:> >1G8A;8B8 :0?VB0;L=V 0:B828 45@6028.)5 >4=5 CA:;04=5==O  :207VDVA:0;L=V 1N465B=V 28B@0B8 (=52@0E>20=V 7>1>2 O70==O).  420 2848 B0:8E 28B@0B: 7>1>2 O70==O 45@6028 ?> 2840B:0E (2V4:;045=V 2 G0AV 1N465B=V 7>1>2 O70==O, O:V =5 2@0E>2CNBLAO 2 ?>B>G=><C ?5@V>4V, 01> 7>1>2 O70==O, I> 28=8:0NBL 70 ?52=8E C<>2), B0 :207VAC1A84VW F5=B@0;L=>3> 10=:C (4VO;L=VABL F5=B@0;L=>3> 10=:C, ?>2 O70=0 7 DV=0=A>2>-1N465B=>N ?>;VB8:>N C@O4C, I> =8< DV=0=ACTBLAO: AB01V;V70FVO 20;NB=>3> :C@AC, F5=B@0;V7>20=V :@548B8 5:>=><VFV, @5DV=0=AC20==O ?V;L3>28E :@548B=8E ?@>3@0< B>I>). @>7C<V;>, I> =52@0EC20==O F8E ?>:07=8:V2 7028ICT 4V9A=5 7=0G5==O 45DVF8BC 1N465BC.5O:V 5:>=><VAB8 22060NBL, I> FV ?@>1;5<8 2 >1G8A;5==V =0ABV;L:8 206;82V, I> ACG0A=0 <5B>48:0 >1G8A;5==O 1N465B=>3> 45DVF8BC =5 <>65 ?>:070B8 @50;L=89 AB0= 1N465BC 2 45@602V. 28G09=>, CAV 5:>=><VG=V ?>:07=8:8 =5 T 4>A:>=0;8<8. "><C, :@V< 7=0G5==O 45DVF8BC 1N465BC ?>B@V1=> 4;O >FV=:8 1N465B=>W ?>;VB8:8 2@0E>2C208 I5 9 V=HV ?>:07=8:8. 2) A:V;L:8 1N465B=89 45DVF8B 70;568BL, :@V< 1N465B=>W ?>;VB8:8 C@O4C, 2V4 1030BL>E <0:@>5:>=><VG=8E D0:B>@V2, B> @V7=V 5:>=><VG=V ?@>F5A8 <0NBL =0 =L>3> A2V9 2?;82. >73;O=5<> =09206;82VHV 7 =8E.# ?@0:B8FV 1030BL>E :@0W=, >A>1;82> @>728=5=8E, 28O2;OTBLAO B0:89 72 O7>:: ?@8 7@>AB0==V 7030;L=>3> @V2=O @50;L=>3> ?@>4C:BC 2V41C20TBLAO 71V;LH5==O 45@602=8E 28B@0B, ?@8 G><C, >AB0==V 71V;LHCNBLAO 28?5@5460NG8<8 B5<?0<8 (70:>= 03=5@0). 8?5@5460NG5 7@>AB0==O 45@602=8E 28B@0B ?>@V2=O=> V7 7@>AB0==O< 4>E>4C ?>OA=NTBLAO B8<, I> 45@602=V ?>A;C38, O:V 28<030NBL 45@602=8E 70:C?V25;L, T 28A>:>O:VA=8< B>20@><. "><C 5;0AB8G=VABL ?>?8BC 70 4>E>4>< =0 FV ?>A;C38, T>1, V 3@0=8G=V 28B@0B8 1V;LHV 70 3@0=8G=89 4>E>4. @0:B8:0 :@0W= ?5@5EV4=>W 5:>=><V:8 A2V4G8BL, I> ?@8 7=865==V 7030;L=>3> @V2=O 4>E>4C, 0 >B65 V @V2=O 68BBO 3@><04O=, 45@6020 <0T 1@0B8 =0 A515 DC=:FVW A>FV0;L=>3> 70E8ABC G0AB8=8 =0A5;5==O, V ?@8 FL><C 45@602=V 28B@0B8 71V;LHCNBLAO. 04V==O 28@>1=8FB20 7<5=HCT 107C >?>40B:C20==O V 71V;LHCT 28B@0B8 7 1N465BC =0 ?@>3@0<8 A>FV0;L=>W ?V4B@8<:8, >A:V;L:8 2 C<>20E ?04V==O 7030;L=>3> @V2=O 4>E>4V2 B0 48D5@5=FV0FVW @V7=8E 25@AB2 ACA?V;LAB20 70 4>E>40<8 4540;V 1V;LH0 G0AB8=0 =0A5;5==O ?>B@51CT 45@602=>W 4>?><>38, B>1B> ?@5B5=4CT =0 A>FV0;L=V B@0=AD5@B8 (4>?><>38 <0;>70157?5G5=8<, ?5@5AB0@V;8<, E2>@8<, ?5=AVW, 4>?><>38 ?> 157@>1VBBN). ">1B> 2E>4OBL 2 4VN 02B><0B8G=V AB01V;V70B>@8 - 71V;LHCTBLAO F8:;VG=89 1N465B=89 45DVF8B. 0?@8:;04, =091V;LH89 AB@81>: G0AB:8 45@670:C?V25;L 2 #:@0W=V 2V41C2AO C 1994 @>FV (7 25,2 % 2V4  C 1993-<C, 4> 39,2% ), :>;8 <02 <VAF5 =091V;LH89 A?04 @50;L=>3>  (E>G0 2 7030;L=><C B0:0 70:>=><V@=VABL =5 ?@>A;V4:>2CTBLAO). @8 G><C, 45@6020 =V:>;8 =5 2AB830T :><?5AC20B8 2B@0B8 =0A5;5==O 2V4 ?04V==O 4>E>4V2 A>FV0;L=>N 4>?><>3>N 7 @V7=8E ?@8G8=, 7>:@5<0, G5@57 V=D;OFVN. 28G09=>, V7 71V;LH5==O< :V;L:>ABV 157@>1VB=8E 71V;LH5==O 45@628B@0B 7@>AB0T. ;5 C ?>AB@04O=AL:8E :@0W=0E 240TBLAO C=8:0B8 71V;LH5==O B0:8E 28B@0B G5@57 ?@8E>20=5 157@>1VBBO, B>1B> :>;8 ?@0FV2=8:V2 =5 72V;L=ONBL ?>2=VABN 7 @>1>B8, 0 2>=8 ?@0FNNBL <5=H5, V A?04 28@>1=8FB20 =5 AC?@>2>46CTBLAO 2V4?>2V4=8< 72V;L=5==O< ?@0FV2=8:V2. 0?@8:;04, 70 1993-1997@@. @50;L=89  2 #:@0W=V A:>@>B82AO =0 48%, 0 :V;L:VABL 709=OB8E A:>@>B8;0AO ;8H5 =0 20% (7 17740 B8A. G>;. 4> 14320 B8A. G>;.) !;V4 B0:>6 725@=CB8 C203C =0 BV=L>2C V B0: 720=C 2V@BC0;L=C 5:>=><V:C, I> <0T <VAF5 2 ?5@5EV4=8E :@0W=0E. V@BC0;L=0 5:>=><V:0  F5 >A>1;82>ABV D0:B8G=>3> DC=:FV>=C20==O 5:>=><V:8  2V4 715@565==O ABV9:>W 701>@3>20=>ABV ?> ?;0B560< 4> =53@>H>28E D>@< @>7@0EC=:C, 7 @V7=8<8 D>@<0<8 V V=AB@C<5=B0<8 >?;0B8 V @V7=8<8 FV=0<8. 0?@8:;04, 4>A8BL G0AB> D0:B8G=0 FV=0, 70 O:>N B>20@ ?@>40TBLAO ?>:C?FN T 7=0G=> =86G>N 70 >3>;>H5=C 2 4>:C<5=B0E, =0 >A=>2V O:>W @>7@0E>20=> ?@81CB>:, >1G8A;5=> ?>40B:8 V 70@>1VB=C ?;0BC. 1>, =0?@8:;04, ?@0FV2=8: ?>3>46CTBLAO ?@0FN20B8 70 <5=HC ?;0B=N, =V6 >3>;>H5=>, ;8H5 1 70;8H8B8AO =0 @>1>G><C <VAFV. A5 F5, 728G09=>, 2?;820T =0 D0:B8G=89 , 0 >B65 V =0 ?>40B:>2C 107C. 5?@028;L=0 >FV=:0 G8 =52@0EC20==O B0:>W G0AB8=8 5:>=><V:8 <>65 7028IC20B8 ?@>3=>7>20=V 4>E>48 4> 1N465BC, V 2>=8 =5 1C4CBL 2V4?>2V40B8 4V9A=>ABV. @>HV 7 1N465BC B0:>6 28B@0G0NBL =0 A?;0BC 45@602=8E 1>@3V2, I> 7 O28;8AO 70 ?>?5@54=V @>:8. 5@602=89 1>@3 T >4=8< V7 465@5; 2V4H:>4C20==O 45DVF8BC 1N465BC. A=CT B0:0 D>@<C;0 270T<>72 O7:C <V6 45DVF8B>< 1N465BC, 45@602=8< 1>@3>< B0 ?@>F5=B>< 7V A?;0B8 1>@3V2:( Gn -T n ) - i*Dn-1 = Dn - Dn-145: Dn B0 Dn-1 - 45@602=89 1>@3 ?>B>G=>3> B0 ?>?5@54=L>3> @>:V2; i*Dn-1 - A?;0B0 ?@>F5=BV2 70 1>@30<8 ?>?5@54=L>3> ?5@V>4C; ( Gn -T n ) - A0;L4> 45@602=>3> 1N465BC (1N465B=89 45DVF8B). FVTW D>@<C;8 284=>, I> 71V;LH5==O A0;L4> 45@602=>3> 1N465BC 71V;LHCT 45@602=89 1>@3, 0 A?;0B0 ?@>F5=BV2 70 1>@3>< 71V;LHCT 45DVF8B 1N465BC. B65, 7 :>6=8< =0ABC?=8< ?5@V>4>< 2V41C20TBLAO ;0=FN3>20 @50:FVO V V45 71V;LH5==O 45DVF8BC 1N465BC: (Go - To)( => Do ( => i*Do ( => (G1-T1)(/:I> 45@6020 <0T 7>2=VH=V9 1>@3, B> :C@A =0FV>=0;L=>W 20;NB8 T G8==8:>< 2?;82C =0 25;8G8=C 28B@0B V7 A?;0B8 45@602=>3> 1>@3C, >A:V;L:8 7<5=H5==O :C@AC =0FV>=0;L=>W 20;NB8 ?@8 B><C 6 A0<><C ?@>F5=BV 7 A?;0B8 7>2=VH=L>3> 1>@3C 28<030B8<5 1V;LH8E 28B@0B =0 9>3> >1A;C3>2C20==O C 2VBG87=O=V9 20;NBV.?;82 7<V=8 :C@AC =0FV>=0;L=>W 20;NB8 =0 45DVF8B 1N465BC <>65 2V41C20B8AO V 2 V=H89 A?>AV1. >:@5<0, :C@A <>65 2?;820B8 =0 25;8G8=C =04E>465=L 4> 1N465BC. A:V;L:8 7@>AB0==O :C@AC AB0T ?@8G8=>N >1<565==O 5:A?>@B=8E <>6;82>AB59 :@0W=8, F5 <>65 A:>@>B8B8 =04E>465==O 2 1N465B 2V4 >?>40B:C20==O 5:A?>@BC. > B>3> 6 7@>AB0==O :C@AC (01> 9>3> AB01V;V70FVO ?VA;O ?04V==O) <>65 >1<568B8 7@>AB0==O FV=, I> A:>@>B8BL =04E>465==O 4> 1N465BC 2 BV9 G0AB8=V, I> AB>ACTBLAO =5?@O<8E ?>40B:V2, O:V, O: 2V4><>, 70;560BL 2V4 >1AO3V2 @50;V70FVW, 0 >B65, V 2V4 @V2=O FV=. ;5 BCB <>65 B0:>6 1CB8 V ?>78B82=89 2?;82 =0 45DVF8B 1N465BC, >A:V;L:8 :C@A A?@8OT 2=CB@VH=V9 AB01V;V70FVW, =0@>IC20==N >1AO3V2 28@>1=8FB20, AC:C?=8E 4>E>4V2, V, B0:8< G8=><, - 71V;LH5==N 1078 ?@O<>3> >?>40B:C20===O. 0C2068<> B0:>6, I> 45@6020 =5 702648 <>65 A:5@>2C20B8 1N465B=C ?>;VB8:C C ?>B@V1=><C @CA;V. 0?@8:;04, ?@8 7<5=H5==V A>FV0;L=8E 28B@0B 2>=0 <>65 =0HB>2E=CB8AO =0 A>FV0;L=V ?@>B5AB8. "0:>6 71V;LH5==O ?>40B:C =5 702648 ?@872>48BL 4> 71V;LH5==O ?>40B:>28E =04E>465=L. A:V;L:8 VA=CT ?52=0 <560 >?>40B:C20==O (F5 V;NAB@CT :@820 0D5@0). @8 71V;LH5==V ?>40B:>2>W AB02:8 28I5 FVTW <56V, 4>E>48 2 1N465B A:>@>GCNBLAO (G5@57 7<5=H5==O >1AO3V2 28@>1=8FB20 - G5@57 =5?>A8;L=V ?>40B:8, ?5@5EV4 G0AB8=8 5:>=><V:8 2  BV=L , CE8;5==O 2V4 ?>40B:C). 0:A8<0;L=89 @V25=L ?>40B:>28E =04E>465=L 70;568BL 2V4 AB@C:BC@8 5:>=><V:8 B0 45@6028 (2 D545@0B82=8E 45@6020E 2V= <5=H89, =V6 2 C=VB0@=8E - G5@57 A:;04=C, 1030B>@V2=52C A8AB5<C >?>40B:C20==O), 2V4 @V2=O @>728B:C 5:>=><V:8 B0 2V4 5D5:B82=>ABV :>=B@>;N 70 718@0==O< ?>40B:V2. "0:, 2 #:@0W=V F59 ?>:07=8: - ?@81;87=> 40%1, 2 T2@>?59AL:8E :@0V=0E - 45I> 1V;LH89, 0 2 >AVW - 1V;O 35%2.0 1N465B=89 45DVF8B <>65 B0:>6 2?;820B8 AB@C:BC@0 ?>40B:V2, B>1B> A?V22V4=>H5==O <V6 ?@O<8<8 V =5?@O<8<8 ?>40B:0<8. "0:, 2 #:@0W=V B0 V=H8E :@0W=0E 7 ?5@5EV4=>N 5:>=><V:>N ?@8 71V;LH5==V G0AB:8 =5?@O<8E ?>40B:V2, ?>40B:>2V 4>E>48 45@6028 71V;LHCNBLAO.0 7=0G5==O 45DVF8BC 1N465BC <>6CBL B0:>6 2?;820B8 ?@>?>78FVO 3@>H59 B0 V=D;OFVO. 5@6020 <>65  28?CAB8B8 3@>HV 4;O B>3>, I>1 ?@>DV=0=AC20B8 1N465B=89 45DVF8B, V F5 B0:>6 <>65 71V;LH8B8 @V25=L FV=, I> AB2>@8BL  V=D;OFV9=89 ?>40B>: , B>1B> DV=0=AC20==O 45DVF8BC 1N465BC 70 @0EC=>: V=D;OFVW. B65, <8 10G8<>, I> 7=0G5==O 45DVF8BC 1N465BC 70;568BL 2V4 1030BL>E D0:B>@V2 5:>=><V:8 B0 5:>=><VG=>W ?>;VB8:8 45@6028. 2. ?;82 45DVF8BC 1N465BC =0 5:>=><V:C :@0W=8.5@6020 <>65 2?;820B8 =0 @>728B>: 5:>=><V:8 G5@57 1N465B. 0?@8:;04, O:I> 5:>=><V:0 7=0E>48BLAO 2 ?@>F5AV A?04C, 45@6020 70AB>A>2CT AB8<C;NNGC DV=0=A>2C ?>;VB8:C - 71V;LHCT 45@602=V 2840B:8 01> 7<5=HCT ?>40B:8, I> 70 5D5:B>< <C;LB8?;V:0B>@0, <0T @>7H8@8B8 . 02?0:8, ?@8 4>AO3=5==V 5:>=><V:8 ?>B5=FV9=>3> @V2=O, V :>;8 VA=CT 703@>70 V=D;OFVW, 45@6020 70AB>A>2CT ?@>B8;56=V 70E>48, O:V 7<5=HCNBL 45DVF8B B0 . N465B=C ?>;VB8:C B0:>6 <>6=0 ?>4V;8B8 =0 B@8 2848, AB>A>2=> 1N465B=>3> 45DVF8BC: ?>?C;VABAL:0 - 71V;LH5==O 45@602=8E 7>1>2 O70=L ?@8 V3=>@C20==V DV=0=A>28E >1<565=L (=0@>IC20==O 45@602=>3> 7>1>2 O70==O 70 @0EC=>: V=D;OFV9=8E 4>E>4V2); A>FV0;VAB8G=0 - 71V;LH5==O 45@602=8E 2840B:V2, I> AC?@>2>46CTBLAO 2V4?>2V4=8< 71V;LH5==O< ?>40B:V2; ;V15@0;L=0 ?>;VB8:0 - 7=865==O @V2=O 45@602=8E 7>1>2 O70=L 2 5:>=><VFV. >73;O=5<> 2?;82 AB8<C;NNG>W 1N465B=>W ?>;VB8:8 =0 5:>=><V:C.  :>@>B:>AB@>:>2><C ?5@V>4V, :>;8 7 1V;LHCTBLAO G, B> 71V;LHC5BLAO V Y(=C+I+G(+NX, B>1B> 71V;LHCTBLAO @V25=L 28@>1=8FB20. "0:>6, O:I> 7<5=H8B8 @V25=L ?>40B:V2, F5 A?@8OB8<5 71V;LH5==N A?>682G8E 28B@0B, I> 71V;LH8BL AC:C?=89 ?>?8B, 0 >B65, AB8<C;N20B8<5 7@>AB0==O 28@>1=8FB20. ;5, 2 :>@>B:>AB@>:>:>2><C ?5@V>4V, ?@8 71V;LH5==V A?>6820==O (01> 45@602=8E 28B@0B), 7<5=H8BLAO @V25=L =0FV>=0;L=8E 70>I0465=L, I> 2 A2>N G5@3C 71V;LH8BL ?@>F5=B=C AB02:C, V 2V4?>2V4=> 7<5=H8BL V=25AB8FVW 2 4>23>AB@>:>2><C ?5@V>4V, 2=0A;V4>: G>3> @V25=L 28@>1=8FB20 2?045. 1V;LH5==O ?@>F5=B=>W AB02:8 B0:>6 71V;LH8BL ?>?8B =5@57845=BV2 =0 V=25AB8FVW, I> 71V;LH8BL :C@A =0FV>=0;L=>W 20;NB8 V 7<5=H8BL G8AB89 5:A?>@B :@0W=8: Y(?)=C(()+I(+G(()+NX(.  2=0A;V4>: 71V;LH5==O ?>?8BC =0 B>20@8 2 4>23>AB@>:>2><C ?5@V>4V <>65 71V;LH8B8AL @V25=L FV=.">1B>, I5 =52V4><>, G8 2V41C45BLAO A?04 , G8 9>3> ?V49><. ;5, 2 :@0W=V, 45 VA=CT 25;8:0 G0AB8=0 =528:>@8AB0=8E @5AC@AV2, B0:0 ?>;VB8:0 <>65 ?@8=5AB8 CA?VE, 70 @0EC=>: 71V;LH5==O V=25AB8FV9 V @>7H8@5==O 28@>1=8FB20 2=0A;V4>: 71V;LH5==O AC:C?=>3> ?>?8BC.  ?>AB@04O=AL:8E :@0W=0E B0:0 B5=45=FVO 2 7030;L=><C =5 ?@>A;V4:>2CTBLAO, 0;5, <>6;82>, F5 ?>2 O70=> 7 B8<, I> 2 =8E 715@V302AO 28A>:89 @V25=L ?>G0B:>2>3> 45DVF8BC 1N465BC ?VA;O ?5@5E>4C 2V4 ?;0=>2>W 5:>=><V:8, 0 B0:>6 G5@57 B5, I> 5:>=><V:0 2 =8E 7=0E>48BLAO 2 E0>B8G=><C AB0=V, 2 70AB>W, 2=0A;V4>: @>7@82C 3>A?>40@AL:8E 72 O7:V2 V =5 @503CT =0 71V;LH5==O ?>?8BC 71V;LH5==O< @V2=O 28@>1=8FB20, B0:>6 G5@57 7=0G=C G0AB:C BV=L>2>3> A5:B>@C 2 5:>=><VFV. %>G0, O: <8 <>65<> ?>10G8B8 7 B01;8FV 1, ?@8 7=0G=><C 71V;LH5==V 45DVF8BC 1N465BC 2 #:@0W=V 2 1997, 2V41C2AO =09<5=H89 A?04 @50;L=>3> ."01;8FO1. !?V22V4=>H5==O  V 45DVF8BC 1N465BC 2 #:@0W=V.>:07=8:81994@.1995@.1996@.1997@. 50;L=89  (2 <;@4. @C1. (1990))60.355.952.652.35DVF8B 1N465BC (% 4> )10.57.94.67.1 50;L=89 45DVF8B 1N465BC7.624.152.353.565@5;>: :>=><V:0 #:@0W=8, !9,1998, AB.19.A=CT I5 >4=0 B>G:0 7>@C =0 2?;82 45DVF8BC 1N465BC (?@8 7<5=H5==V ?>40B:C) =0 @V25=L AC:C?=8E 28B@0B, I> =07820TBLAO @V:0@4V0=AL:>N. >=0 107CTBLAO =0 C<>2V, I> C@O4 7<5=HCT 2 40=89 <><5=B ?>40B:8 =0 25;8G8=C (( 7 B8<, I>1 ?V7=VH5 ?V4=OB8 WE =0 25;8G8=C (((1+r), I>1 @>7@0EC20B8AO 7 45@602=8< 1>@3><. 0 FVTN B>G:>N 7>@C, A?>6820G =5 7<V=8BL A2V9 @V25=L A?>6820==O, >A:V;L:8 @>7@0E>2CT =0 B5, I> B5?5@VH=T 71V;LH5==O 9>3> 4>E>4C >7=0G05 9>3> 1V;LH 7=0G=5 7<5=H5==O 2 <091CB=L><C, V B><C 2V= ?@>AB> ?5@52>48B8<5 >B@8<0=89 =04;8H>: C 70>I0465==O, 7 B8<, I>1 ?V7=VH5  ?>25@=CB8 9>3> 45@602V. 0 B0:8E C<>2 ?@>AB> 7<5=HCNBLAO 45@602=V 70>I0465==O V 71V;LHCNBLAO ?@820B=V, 0 7030;L=89 @V25=L 70>I0465=L =5 7<V=8BLAO, 0 >B65 70;8H8BLAO =57<V==>N ?@>F5=B=0 AB02:0 B0 V=25AB8FVW. G5284=>, I> 9 ?>?8B A?>6820GV2, 0 >B65 V AC:C?=89 ?>?8B 70;8H8BLAO =57<V==8<. 02@O4 G8 B0:0 B5>@VO <>65 AB>AC20B8AO ?5@5EV4=8E 5:>=><V:, >A:V;L:8 2 =8E V 157 B>3> VA=CT B5=45=FVO 71V;LH5==O ?>40B:V2 4;O 72545==O 1N465B=>3> 10;0=AC, 0 B0:>6 V=D;OFVO, O:0 =5 70>E>GCT 71V;LH5==O 70>I0465=L (?@8=09<=V 2 =0FV>=0;L=V9 20;NBV). )5 >4=8< ?>78B82=8< =0A;V4:>< 71V;LH5==O 45@602=8E 28B@0B, 0 >B65 V 1N465B=>3> 45DVF8BC, T ?>:@0I5==O A>FV0;L=8E C<>2 2 :@0W=V, :>;8 45@6020 28B@0G0T 3@>HV =0 ?@>3@0<8 A>FV0;L=>W 4>?><>38 B8<, EB> WW ?>B@51CT.4=0 7 =091V;LH8E ?@>1;5<, 4> O:8E A?@8G8=OT 45DVF8B 1N465BC, F5 9>3> DV=0=AC20==O. >;8 2 1N465B =04E>48BL <5=H5 3@>H59, =V6 28B@0G0TBLAO, 45@6020 ?>28==0 7=09B8 3@>HV, I>1 ?@>DV=0=AC20B8 FN @V7=8FN. A=CT :V;L:0 <5B>4V2 DV=0=AC20==O 45DVF8BC. E <>6=0 C<>2=> ?>4V;8B8 =0 V=D;OFV9=V B0 =5V=D;OFV9=V. > =5V=D;OFV9=8E =0;560BL 45@602=V 70?>78G5==O, 0 B0:>6 B@0=AD5@B8 (B>1B> 1572V4?;0B=0 4>?><>30 45@602V). > V=D;OFV9=>3> DV=0=AC20=O =0;568BL A5=L9>@06 B0 71V;LH5==O ?@>?>78FVW 3@>H59. "0:V <5B>48 =07820NBLAO V=D;OFV9=8<8 B><C, I> 2 1V;LH>ABV 28?04:V2 ?@872>4OBL 4> V=D;OFVW (B>4V, :>;8 71V;LH5==O ?@>?>78FVW 3@>H59 =5 AC?@>2@46CTBLAO 2V4?>2V4=8< 71V;LH5==O< @V2=O 28@>1=8FB20). @8 FL><C 28=8:0T B0: 720=89 V=D;OFV9=89 ?>40B>:, I> 4>@V2=NT: "V=D=((M/P), 45 /   @50;L=V 3@>H>2V 70;8H:8 =0A5;5==O, ( - B5<? V=D;OFVW. ;5 V=D;OFV9=5 DV=0=AC20==O 5D5:B82=5, ?>:8 7@>AB0==O B5<?C V=D;OFVW 28?5@5460T A:>@>G5==O 3@>H>28E 70?0AV2 =0A5;5==O (>A:V;L:8 ?@8 28A>:V9 V=D;OFVW =0A5;5==O =0<030TBLAO ?>71CB8AO 3@>H>28E 70?0AV2).  V=H><C 28?04:C, FV;:>< >G5284=>, I> V=D;OFV9=89 ?>40B>: 7<5=HC20B8<5BLAO, V 2V4?>2V4=> 45DVF8B 1N465BC 71V;LH8BLAO. =D;OFVO B0:>6 7<5=HCT @50;L=C 20@BVABL 1>@3C, 2 B><C G8A;V V 45@602=>3>. !5=L9>@06  F5 <>=>?>;L=5 ?@02> 45@6028 28?CA:0B8 3@>HV. &V :>HB8 2>=0 <>65 28:>@8AB0B8 =0 DV=0=AC20==O 1>@3C (2=CB@VH=L>3>) 01> 45DVF8BC 1N465BC. &V;:>< 7@>7C<V;>, I> B0:V 2848 DV=0=AC20==O ?@872>4OBL 4> 45AB01V;V70FVW 5:>=><V:8 2=0A;V4>: @>7:@CG5==O V=D;OFV9=8E ?@>F5AV2. !0<5 F5 V 2V41C20;>AO 2 :@0W=0E ! =0 ?>G0B:C V 2 A5@548=V 90-E @@. =HV <5B>48 =0;560BL 4> =5V=D;OFV9=8E, E>G0 70 ?52=8E C<>2 V 2>=8 <>6CBL A?@8G8=8B8 7@>AB0==O @V2=O FV=. "0 9 2>=8 <0NBL A2>W =530B82=V AB>@>=8.>A8BL =5157?5G=8< 4;O 5:>=><V:8 T DV=0=AC20==O 45DVF8BC 1N65BC 70 4>?><>3>N 70?>78G5=L (2=CB@VH=VE V 7>2=VH=VE), B>1B> 28?CA:C 45@602=8E >1;V30FV9 (40;V-). @8 FL><C 28=8:0T :V;L:0 ?@>1;5<, =0 O:V C@O40< ?>B@V1=> 725@=CB8 C203C.5@H0 ?@>1;5<0  ?@>1;5<0 ?>30H5==O 45@602=>3> 1>@3C. A:V;L:8 45@602V ?>B@V1=> ?>25@B0B8 1>@3 7 2V4A>B:0<8, 2>=0 ?>28==0 7=09B8 465@5;> <091CB=VE 4>E>4V2, O:5 7<>65 ?@>DV=0=AC20B8 1>@3.  V=H><C 28?04:C F59 1>@3 1C45 >1BO6C20B8 <091CB=V ?>:>;V==O. # 28?04:C ?>ABV9=>3> 7@>AB0==O 45@602=>3> 1>@3C, 2V= <>65 4>AO3B8 B0:8E, @>7<V@V2, I> 45@6020 1C45 =5 2 7<>7V 7 =8< @>7@0EC20B8AL. "><C 45@6020 =5 ?@>AB> <0T 28B@0G0B8 3@>HV =0 A>FV0;L=5 70157?5G5==O, 0 2>=0 ?>28==0 @>18B8 V=25AB8FVW, O:V 2 <091CB=L><C <>6CBL W9 ?@8=5AB8 ?@81CB>:. "><C, O:I> @VG=5 7@>AB0==O 45@602=>3> 1>@3C 28I5 70 ?@81CB:>2VABL 2V4 45@602=8E :0?VB0;>2:;045=L, 45@6020 =5 7<>65 @>7@0EC20B8AO 7V A2>W<8 1>@30<8 70 4>?><>3>N ?@81CB:V2 2V4 V=25AB8FV9 V 7<CH5=0 1C45 70AB>A>2C20B8 V=HV <5B>48 DV=0=AC20==O. !0<5 B0:0 A8BC0FVO 2 ?5@5EV4=8E :@0W=0E, 45 45DVF8B 1N465BC 7 A0<>3> ?>G0B:C ?5@528IC202 @V25=L 45@602=8E V=25AB8FV9, 0 ?@>F5=B=V AB02:8 70 45@602=8< 1>@3>< ?5@528ICNBL 2V4A>B:8 2V4 B0:8E V=25AB8FV9, V F5 7<CHCT @>18B8 ?>2B>@=V ?>78:8, I>1 @>7@0EC20B8AO 7 1>@30<8, V VA=CT 703@>70 AB2>@5==O DV=0=A>28E ?V@0<V4.@C30 ?@>1;5<0, F5 :>@>:B:>AB@>:>289 =0A;V4>: 45@602=>3> 1>@3C - 5D5:B 28BVA=5==O :0?VB0;C, I> A?@8G8=OTBLAO 2=CB@VH=V<8 70?>78G5==O<8 45@6028. &5 2V41C20TBLAO B><C, I> 45@602=V FV==V ?0?5@8 <0NBL 1V;LHV 2V4A>B:>2V AB02:8 =V6 V=HV :@548B8 V T <5=H @878:>28<8, 0 B0:>6 B><C, I> =0 >FV=:C WE @878:C ?>B@V1=> <5=H5 7CA8;L B0 :>HBV2. "><C 7=0G=0 G0AB8=0 10=:V2AL:8E :>HBV2 2:;040TBLAO =5 2 @>728B>: 5:>=><V:8, 0 2 , V >B65, 4;O @5HB8 5:>=><V:8 70;8H0TBLAO <5=H5 :@548B=8E @5AC@AV2. &5 ?@872>48BL, :@V< <>6;82>3> A?04C 28@1=8FB20 G5@57 =54>AB0B=N 70;CG5=VABL @5AC@AV2, 4> 7<5=H5==O ?@>?>78FVW DV=0=A>28E :>HBV2 V 71V;LH5==O :>=:C@5=FVW 70 WE >B@8<0==O, V >B65, 71V;LH5==O 2V4A>B:>2>W AB02:8 2 5:>=><VFV, I> 7=>2C 6 B0:8 =030B82=> 2?;8=5 =0 5:>=><VG=¦Ом" J N P Z Ш  "zР°а,<>°ЪрHАдш#`#f#~,’,љ,¬,ѕ,Ф,.*.Z/”/њ1 1B6тиЮЦСЖ»®Ю褙¤™Ћ¤Ћ¤Ћ¤Ћ¤ѓЋ¤Ћ¤¤Ћ¤™Ћ¤ѓ¤ѓ¤ѓ¤ѓ¤ѓ¤Ћ¤hІ~ЖmH"sH"hІ~Ж6ЃCJmH"sH"hІ~Ж5ЃCJmH"sH"hІ~Ж5ЃCJ mH"sH"hІ~ЖCJmH"sH"hІ~Ж5Ѓ6ЃCJ$mH"sH"hІ~Ж5ЃCJ$mH"sH"hІ~Ж5ЃCJ(mH"sH" hІ~Ж5ЃhІ~ЖOJQJhІ~ЖCJ$mH"sH"hІ~ЖCJ mH"sH"hІ~ЖCJ OJQJmH"sH".6pr¦ЁЄ¬®°ОмШШШШШШШґґґґШђ#$d%d&d'dNЖяOЖяPЖяQЖя#$d%d&d'dNЖяOЖяPЖяQЖя&$$d%d&d'dNЖяOЖяPЖяQЖяa$ѕЂИ…†эээм" N P R T V X Z в ’”0 Ш Ъ Ь Ю Ыґґґґґґґђђђђђґґґ#$d%d&d'dNЖяOЖяPЖяQЖя&$$d%d&d'dNЖяOЖяPЖяQЖяa$#$d%d&d'dNЖяOЖяPЖяQЖяЮ а в д ж и к м о р т    ШШШШШШґ‰‰‰ШШ
The online video editor trusted by teams to make professional video in minutes