ࡱ> `bjbjss.[& !T&;!$$$$$n6%$Z%:::::::$F=h?b:in%$$n%n%:$$`;(((n%$$:(n%:((8-:$! #  &-9}:Tv;0;A9@'@(-:-:@A:<n%n%(n%n%n%n%n%::(n%n%n%;n%n%n%n%&&&Dj&&&j&&&  5AB@C:BC@870F8O ?@54?@8OB8O 2 CA;>28OE =5 ?;0B565A?>A>1=>AB8 ?5@5E>4=>3> ?5@8>408?;><#12020052000!AK;:0  HYPERLINK "http://www.wiseowl.ru/works/DIP000179.doc" http://www.wiseowl.ru/works/DIP000179.doc >>@48=0BK: M;5:B@>==0O ?>GB0 acher@wiseowl.ru Icq 170552870, B5;5D>= 89168119086. www.wiseowl.ru !>45@60=85  TOC \o "1-3" \h \z \t "03>;>2>: 4;1"  HYPERLINK \l "_Toc95200656" 2545=85  PAGEREF _Toc95200656 \h 3  HYPERLINK \l "_Toc95200657" ;0201.803=>AB8:0 D8=0=A>2>-M:>=><8G5A:>3> A>AB>O=8O ?@54?@8OB8O  CA02B>  PAGEREF _Toc95200657 \h 6  HYPERLINK \l "_Toc95200658" 1.1. "5E=8:>-M:>=><8G5A:0O E0@0:B5@8AB8:0 45OB5;L=>AB8  CA02B>  PAGEREF _Toc95200658 \h 14  HYPERLINK \l "_Toc95200659" 1.2. =0;87 <5B>4>2 ?@>3=>78@>20=8O :@878A=>9 A8BC0F88 =0 ?@54?@8OB88 A 8A?>;L7>20=85< D8=0=A>2KE 8=48:0B>@>2 8 >F5=:0 2>7<>6=>AB8 10=:@>BAB20  PAGEREF _Toc95200659 \h 16  HYPERLINK \l "_Toc95200660" 1.3. F5=:0 ?;0B565A?>A>1=>AB8 8 D8=0=A>2>-M:>=><8G5A:>9 CAB>9G82>AB8 ?@54?@8OB8O  CA02B>  PAGEREF _Toc95200660 \h 30  HYPERLINK \l "_Toc95200661" 1.4. =0;87 2>7<>6=>AB59 D8=0=A>2>3> >74>@>2;5=8O ?@54?@8OB8O  PAGEREF _Toc95200661 \h 50  HYPERLINK \l "_Toc95200662" 1.5. K1>@ =0?@02;5=89 ?> @5AB@C:BC@870F88 ?@54?@8OB8O  PAGEREF _Toc95200662 \h 58  HYPERLINK \l "_Toc95200663" ;0202.#?@02;5=85 =5A>AB>OB5;L=K<8 ?@54?@8OB8O<8 2 CA;>28OE ?5@5E>4=>9 M:>=><8:8 =0 ?@8<5@5  CA02B>  PAGEREF _Toc95200663 \h 62  HYPERLINK \l "_Toc95200664" 2.1. 5B>48:0 @5AB@C:BC@870F88 =5?;0B565A?>A>1=>3> ?@54?@8OB8O  PAGEREF _Toc95200664 \h 62  HYPERLINK \l "_Toc95200665" 2.2. 07@01>B:0 8=25AB8F8>==>9 ?@>3@0<<K 4;O 2K2>40 ?@54?@8OB8O 87 :@878A0  PAGEREF _Toc95200665 \h 64  HYPERLINK \l "_Toc95200666" 2.3. @30=870F8>==>5 8 :04@>2>5 >15A?5G5=85 D8=0=A>2>-M:>=><8G5A:>9 CAB>9G82>AB8 ?@54?@8OB8O  PAGEREF _Toc95200666 \h 75  HYPERLINK \l "_Toc95200667" 2.4. !>25@H5=AB2>20=85 C?@02;5=8O @8A:0<8 =0 ?@54?@8OB88  PAGEREF _Toc95200667 \h 80  HYPERLINK \l "_Toc95200668" 2.5. !>740=85 040?B82=>9 :><0=4K <5=5465@>2 2 ?@>F5AA5 @5AB@C:BC@870F88 ?@54?@8OB8O  PAGEREF _Toc95200668 \h 98  HYPERLINK \l "_Toc95200669" 2.6. -DD5:B82=>ABL ?@8=OBKE <5@ ?> 2KE>4C ?@54?@8OB8O 87 :@878A=KE A8BC0F89  PAGEREF _Toc95200669 \h 105  HYPERLINK \l "_Toc95200670" 0:;NG5=85  PAGEREF _Toc95200670 \h 109  HYPERLINK \l "_Toc95200671" !?8A>: 8A?>;L7>20==>9 ;8B5@0BC@K  PAGEREF _Toc95200671 \h 116  HYPERLINK \l "_Toc95200672" @8;>65=8O  PAGEREF _Toc95200672 \h 120  2545=85 :BC0;L=>ABL ?@>1;5<K  HYPERLINK "http://www.lawenergy.ru/corp/" @5AB@C:BC@870F88 ?@54?@8OB89 2 CA;>28OE =5?;0B565A?>A>1=>AB8 ?@54?@8OB89 >1CA;>2;5=0 =5A:>;L:8<8 ?@8G8=0<8, 3;02=K<8 87 :>B>@KE O2;ONBAO ?5@5E>4 >AA88 : @K=>G=>9 M:>=><8G5A:>9 A8AB5<5, D8=0=A>20O =5CAB>9G82>ABL ?@54?@8OB89, ?>2KH5=85 D8=0=A>2KE @8A:>2 ?@54?@8OB89 2 CA;>28OE @K=>G=>9 M:>=><8:8, @0728B85 :>=:C@5=B=>9 1>@L1K <564C :><?0=8O<8 8 3@C??0<8 :><?0=89 2 @07;8G=KE A53<5=B0E @K=:0, 1>@L10 70 ?5@545; A>1AB25==>AB8 8 @O4 3;C1>:8E D8=0=A>2>  M:>=><8G5A:8E :@878A>2, ?>AB83H8E @>AA89A:CN M:>=><8:C 70 ?>A;54=85 45AOBL ;5B. 0 A53>4=OH=89 45=L =081>;55 >AB@> AB>8B ?@>1;5<0 2>7=8:=>25=8O D8=0=A>2>9 =5CAB>9G82>AB8 ?@54?@8OB89 >A=>2=K<8 ?@8G8=0<8, :>B>@>9 O2;ONBAO: 5 2K3>4=>5 8 =5CAB>9G82>5 ?>;>65=85 ?@54?@8OB8O =0 B>@3>2>< @K=:5; ?@>872>4AB2>, 2K?CA:, ?@>406C 4>@>3>9, =5 ?>;L7CNI59AO A?@>A>< ?@>4C:F88; 2KA>:0O AB5?5=L 7028A8<>AB8 >B 2=5H=8E :@548B>@>2 8 8=25AB>@>2; =0;8G85 =5?;0B565A?>A>1=>AB8 4518B>@>2; =5 MDD5:B82=>ABL E>7O9AB25==KE 8 D8=0=A>2KE >?5@0F89 8 B.?. @54<5B>< 8AA;54>20=8O O2;O5BAO @5AB@C:BC@870F8O ?@54?@8OB8O 2 CA;>28OE =5?;0B565A?>A>1=>AB8. 1J5:B>< 8AA;54>20=8O 2KABC?05B ?@54?@8OB85  CA02B>, 70=8<0NI55AO >?B>2>9 8 @>7=8G=>9 B>@3>2;59 02B><>18;59 8 :><?;5:BCNI8E 02B> 70?G0AB59. &5;L 8AA;54>20=8O 48?;><=>9 @01>BK: 0AA<>B@5BL ?@>F5AA @5AB@C:BC@870F88 ?@54?@8OB8O 2 F5;>< 2 CA;>28OE =5?;0B565A?>A>1=>AB8 ?@54?@8OB8O; >A>1>5 2=8<0=85 C45;8BL A8AB5<=><C ?>4E>4C : ?>=8<0=8N ?@>F5AA0 @5AB@C:BC@870F88 8 2708<>A2O78 A>AB02;ONI8E 53> G0AB59: =5?;0B565A?>A>1=>AB8, =5C4>2;5B2>@8B5;L=>9 D8=0=A>2>9 CAB>9G82>AB8, :@548B>@A:>9 704>;65==>AB8; 2KO28BL 2>7<>6=>AB8 8 ?@>25AB8 @5AB@C:BC@870F8N A ?@8<5=5=85< <5@>?@8OB89 ?> 2KE>4C ?@54?@8OB8O 87 =5?;0B565A?>A>1=>3> A>AB>O=8O. &5;L >?@545;8;0 ?>AB0=>2:C 7040G, :>B>@K5 @5H0;8AL 2 40==>9 @01>B5: 0AA<>B@5=85 B5E=8:>-M:>=><8G5A:>9 E0@0:B5@8AB8:8  CA02B> =0;87 <5B>4>2 ?@>3=>78@>20=8O :@878A=>9 A8BC0F88 =0 ?@54?@8OB88 A 8A?>;L7>20=85< D8=0=A>2KE 8=48:0B>@>2 8 >F5=:0 2>7<>6=>AB8 10=:@>BAB20 F5=:0 ?;0B565A?>A>1=>AB8 8 D8=0=A>2>-M:>=><8G5A:>9 CAB>9G82>AB8 ?@54?@8OB8O =0;87 2>7<>6=>AB59 D8=0=A>2>3> >74>@>2;5=8O ?@54?@8OB8O K1>@ =0?@02;5=89 ?> @5AB@C:BC@870F88 ?@54?@8OB8O =0;87 <5B>48:8 @5AB@C:BC@870F88 =5?;0B565A?>A>1=>3> ?@54?@8OB8O 07@01>B:0 8=25AB8F8>==>9 ?@>3@0<<K 4;O 2K2>40 ?@54?@8OB8O 87 :@878A0 @30=870F8>==>5 8 :04@>2>5 >15A?5G5=85 D8=0=A>2>-M:>=><8G5A:>9 CAB>9G82>AB8 ?@54?@8OB8O 2 CA;>28OE :@878A0 !>25@H5=AB2>20=85 C?@02;5=8O @8A:0<8 =0 ?@54?@8OB88 !>740=85 040?B82=>9 :><0=4K <5=5465@>2 2 ?@>F5AA5 @5AB@C:BC@870F88 ?@54?@8OB8O -DD5:B82=>ABL ?@8=OBKE <5@ ?> 2KE>4C ?@54?@8OB8O 87 :@878A=KE A8BC0F89 !B5?5=L =0CG=>9 @07@01>B0==>AB8 ?@>1;5<K. !>8A:0B5;5< 48?;><=>3> ?@>5:B0 87CG5= H8@>:89 :@C3 @01>B A;54CNI8E >B5G5AB25==KE 8 70@C156=KE 02B>@>2, 2:;NG0O <>=>3@0D88 8 AB0BL8: Altman E.I., @<AB@>=3 ., Beaver W.H., 1@NB8=0 . !., .. 0=4C@8= . ., 0@8=>2 .., 0@8F:89 . ., @O7=>20 .., >20;52 .., >@>B:>20 -., >H:8= .., 8 4@. -B> ?>72>;O5B CB25@640BL, GB> 40==0O ?@>1;5<0 4;O >AA89A:>9 M:>=><8:8 ?5@5E>4=>3> ?5@8>40 O2;O5BAO 0:BC0;L=>9. <5NI89AO >?C1;8:>20==K9 <0B5@80; ?> MB>9 ?@>1;5<5 @0AA<0B@820;AO 70 ?>A;54=85 3>4K 8 53> <>6=> CA;>2=> @0745;8BL =0 =5A:>;L:> 3@C??. @0:B8G5A:0O 7=0G8<>ABL 40==>9 @01>BK A>AB>8B 2 B><, GB> A>45@60I89AO 2 =59 0=0;87 A>AB020 8 AB@C:BC@K <5E0=87<0 @5AB@C:BC@870F88 <>65B 1KBL 8A?>;L7>20= 4;O 40;L=59H8E =0CG=KE @07@01>B>: 2 AD5@5 0=B8:@878A=>3> C?@02;5=8O ?@54?@8OB85<.  B0:65 2K2>4K 8AA;54>20=8O <>3CB ?@54AB02;OBL 8=B5@5A 4;O 8AA;54C5<>3> ?@54?@8OB8O ?> 2KE>4C 87 A>AB>O=8O =5?;0B565A?>A>1=>AB8 8 10=:@>BAB20. !B@C:BC@0 48?;><=>9 @01>BK A>AB>8B 87: 2545=8O; 2CE 3;02: 803=>AB8:0 D8=0=A>2>-M:>=><8G5A:>3> A>AB>O=8O ?@54?@8OB8O  CA02B> #?@02;5=85 =5A>AB>OB5;L=K<8 ?@54?@8OB8O<8 2 CA;>28OE ?5@5E>4=>9 M:>=><8:8 =0 ?@8<5@5  CA02B>. 0:;NG5=8O 8 !?8A:0 8A?>;L7>20==>9 ;8B5@0BC@K, 0 B0:65 2:;NG05B B01;8FK 8 AE5<K ?> B5<5 48?;><0. 01>B0 ?>4;568B 70I8B5 =0 :0D54@5 =B8:@878A=>5 C?@02;5=85. 0:;NG5=85 8?;><=0O @01>B0 ?>A2OI5=0 2>?@>AC @5AB@C:BC@870F88 ?@54?@8OB88 2 CA;>28OE =5?;0B565A?>A>1=>AB8. K;0 4>AB83=CB0 ?>AB02;5==0O 2 48?;><=>9 @01>B5 F5;L, 0 8<5==>: ?@>2545=85 2A5AB>@>==8E B5>@5B8G5A:8E 8 ?@0:B8G5A:8E 8AA;54>20=89 2 >1;0AB8 @5AB@C:BC@870F88 2 CA;>28OE =5?;0B565A?>A>1=>AB8 =0 B>@3>2>< ?@54?@8OB88, 0=0;87 ACI5AB2CNI53> ?>;>65=8O 45; =0  CA02B> >B=>A8B5;L=> 4803=>AB8:8 D8=0=A>2>-M:>=><8G5A:>3> A>AB>O=8O ?@54?@8OB8O 8 C?@02;5=8O 8< 2 CA;>28OE ?5@5E>4=>9 M:>=><8:8. "0:65 1K;8 @07@01>B0=K 2A5AB>@>==85 <5@>?@8OB8O ?> ?@>2545=8N @5AB@C:BC@870F88 ?@54?@8OB8O 8 2KE>40 53> 87 :@878A=>3> A>AB>O=8O. >42545< >A=>2=K5 8B>38 ?@>45;0==>9 @01>BK 8 A45;05< 2K2>4K. 5@20O G0ABL 48?;><=>9 @01>BK ?>A2OI5=0 4803=>AB8:5 D8=0=A>2>-M:>=><8G5A:>3> A>AB>O=8O ?@54?@8OB8O  CA02B>. 45AL 1K;8 @0AA<>B@5=K B5>@5B8G5A:85 0A?5:BK ?>=OB8O @5AB@C:BC@870F88 ?@54?@8OB8O >A=>2=K5 ?@>1;5<K 55 ?@>2545=8O 8 ?CB8 @5H5=8O. "0:65 @0AA<>B@5=0 B5E=8:>-M:>=><8G5A:0O E0@0:B5@8AB8:0 45OB5;L=>AB8  CA02B>, >1J5:B0 48?;><=>9 @01>BK. >;=>5 =08<5=>20=85 0=0;878@C5<>3> ?@54?@8OB8O  1I5AB2> A >3@0=8G5==>9 >B25BAB25==>ABLN CAA:>5 2B><>18;L=>5 1I5AB2>. @30=870F8>==>-?@02>20O D>@<0 ?@54?@8OB8O >1I5AB2> A >3@0=8G5==>9 >B25BAB25==>ABLN.  A>>B25BAB288 A CG@548B5;L=K<8 4>:C<5=B0<8, ?@54?@8OB85 <>65B >ACI5AB2;OBL A;54CNI85 284K 45OB5;L=>AB8: @>7=8G=>  >?B>20O B>@3>2;O 02B><>18;O<8 >B5G5AB25==>3> 8 8<?>@B=>3> ?@>872>4AB20; B>@3>2;O 8 ?>A@54=8G5A:85 CA;C38 ?@8 :C?;5-?@>465 :><?;5:BCNI8E 8 02B> 70?G0AB59 02B><>18;59 70@C156=>3> 8 >B5G5AB25==>3> ?@>872>4AB20; ?>A@54=8G5A:85 CA;C38 ?@8 :C?;5-?@>465 02B><>18;59 8<?>@B=>3> ?@>872>4AB20. 1I0O G8A;5==>ABL @01>B=8:>2, =0 <><5=B =0?8A0=8O 48?;><=>9 @01>BK, A>AB02;O5B 340 G5;>25:, A A>2<5AB8B5;O<8. >;8G5AB2> B>@3>2KE <5AB-5. 1I0O ?;>I04L ?@54?@8OB8O A>AB02;O5B 1250 :2. <., 87 :>B>@KE B>@3>2K5 ?;>I048 70=8<0NB 450 :2. <. '0ABL ?;>I0459 A40QBAO 2 0@5=4C. A=>2=K<8 ?>B@518B5;O<8 O2;ONBAO: :@C?=59H85 02B>A0;>=K >AB>:8=>-;040, -;5:A-?>;NA 8 <=>385 4@C385 ?> >?B>2K< 70:C?:0<.  B0:65 @>7=8G=K5 ?>:C?0B5;8. A=>2=K<8 ?>AB02I8:0<8:  "5E@5AC@A,  ><02B>B>@,  ""!"   ",   8 4@C385. $0:B>@0<8 CA?5E0  CAA:>5 2B><>18;L=>5 1I5AB2> O2;ONBAO: 5AB:89 :>=B@>;L 70 :0G5AB2>< ?@>4C:F88; &5=>20O :>=:C@5=B>A?>A>1=>ABL; 0G5AB25==K9 ?5@A>=0; 8 2KA>:89 C@>25=L A5@28A0.  B5G5=85 ?>A;54=8E =5A:>;L:8E ;5B @01>BK 8AA;54C5<>5 ?@54?@8OB85 ?>AB>O==> 2:;04K20;> 45=56=K5 A@54AB20 2 87CG5=85 ?>B@518B5;LA:>3> @K=:0, D8=0=A8@>20;> ?@>2545=85 @5:;0<=>9 :><?0=88 ?> ?@>42865=8N ?@54?@8OB8O =0 @K=:5, => 70 ?>A;54=85 2 3>40 D8=0=A>2>5 A>AB>O=85 ?@54?@8OB8O AB0;> CEC4H0BAO, 2 @57C;LB0B5 >=> =0E>48BAO =0 40==K9 <><5=B 2 :@878A=>< A>AB>O=88. !@02=8B5;L=K9 0=0;87 >AA89A:>3> 8 70@C156=>3> >?KB0 <5B>4>2 ?@>3=>78@>20=8O :@878A=>9 A8BC0F88 =0 ?@54?@8OB88 A 8A?>;L7>20=85< D8=0=A>2KE 8=48:0B>@>2 8 >F5=:8 2>7<>6=>AB8 10=:@>BAB20, ?>:070;, GB> 2 CA;>28OE ?5@5E>4=>9 M:>=><8:8 ?@54?@8OB8O< F5;5A>>1@07=> ?@8<5=OBL 040?B8@>20==K5 D8=0=A>2K5 8=48:0B>@K 8<5==> : >AA89A:8< CA;>28O<. 4=8< 87 B0:8E <5B>4>2 ?@>3=>78@>20=8O :@878A=KE A8BC0F89 8 >F5=:8 10=:@>BAB20 O2;O5BAO <5B>4 Z  AG5B0 -. ;LB<0=0. 0AG5B 8 0=0;87 ?>;CG5==>3> @57C;LB0B0 ?> 40==><C <5B>4C 4;O  CA02B> ?>:070;, GB> Z <1,81, B0:8< >1@07>< <>6=> A45;0BL 2K2>4, GB> 25@>OB=>ABL 10=:@>BAB20 ?@54?@8OB8O >G5=L 25;8:0. 45AL 65 1K;0 ?@>2545=0 :><?;5:A=0O >F5=:0 ?;0B565A?>A>1=>AB8 8 D8=0=A>2>-M:>=><8G5A:>9 CAB>9G82>AB8 ?@54?@8OB8O  CA02B>. ! 0=0;87>< 70 2003-2004 33. B0:8E ?>:070B5;59 :0:: D8=0=A>2K5 @57C;LB0BK 45OB5;L=>AB8, >F5=:0 8<CI5AB20 ?@54?@8OB8O, 0=0;87 D8=0=A>2>9 CAB>9G82>AB8, ;8:284=>AB8 8 ?;0B565A?>A>1=>AB8 ?@54?@8OB8O, ?@8 ?><>I8 :>MDD8F85=B>2 ;8:284=>AB8 8 ?;0B565A?>A>1=>AB8, @5=B015;L=>AB8. =0;87 1K; ?@>2545= ?> 40==K< D8=0=A>2>9 >BG5B=>AB8  CA02B>, 0 8<5==>: $>@<0 ! 1. 0;0=A ?@54?@8OB8O; $>@<0 ! 2 BG5B > ?@81K;OE 8 C1KB:0E; $>@<0 ! 5. @8;>65=85 : 1CE30;B5@A:><C 10;0=AC (@074. 4 8 5). 0 >A=>20=88 0=0;870 D8=0=A>2>9 CAB>9G82>AB8 8 ?;0B565A?>A>1=>AB8  CA02B>, <>6=> A45;0BL A;54CNI85 2K2>4K: 50;L=>5 D8=0=A>2>5 A>AB>O=85 ?@54?@8OB8O, E0@0:B5@87CNI55AO A5@L57=K< D8=0=A>2K< :@878A><. @878A >E20B8; ?@0:B8G5A:8 2A5 AD5@K 45OB5;L=>AB8 ?@54?@8OB8O. !B018;870F8O ?>;>65=8O =0 ?@54?@8OB88, 0 B0:65 2>7<>6=>ABL 40;L=59H53> 53> @0728B8O ?@54AB02;ONBAO B@C4=>2K?>;=8<K<8 2 A8;C :@878A0, ?@8G8=0<8 8 ?>A;54AB28O<8 :>B>@>3> O2;ONBAO: ?>AB>O==K9 A?04 >1J5<>2 ?@>406, BO65;59H55 D8=0=A>2>5 ?>;>65=85 ?@54?@8OB8O, :@09=5 =87:>5 8A?>;L7>20=85 ?@>872>4AB25==KE <>I=>AB59, =5C4>2;5B2>@8B5;L=>5 <0B5@80;L=>-B5E=8G5A:>5 A=0165=85, =54>AB0B>G=0O :>=:C@5=B>A?>A>1=>ABL @50;87C5<>9 ?@>4C:F88, >BACBAB285 2>7<>6=>AB8 22545=8O <0AA>2>3> 8A?>;L7>20=8O =0CG=>-B5E=8G5A:8E 4>AB865=89 8 @5AC@A>A15@530NI8E B5E=>;>389, A>:@0I5=85 G8A;5==>AB8  8 @01>G8E, 1>;LH>9 C45;L=K9 25A >1>@C4>20=8O, >BA;C682H53> A2>9 A@>: 8 4@C385 >G5284=K5 ?@8G8=K. # ?@54?@8OB8O, =0E>4OI53>AO 2 B0:>< :@878A5, ?@0:B8G5A:8 >BACBAB2CNB 2>7<>6=>AB8 4;O =>@<0;L=>9 45OB5;L=>AB8, @50;870F88TV T X Z \ v x z   Ժ̱ԪԦsjshlSmHnHuhXhlS0JmHnHu$jhXhlS0JUmHnHu h)1hlSjh)1hlSUhlS h@ hCHhLhCH0JjIhCHU hCHhCHjhCHUhCHhECJaJmH sH hCHhCHCJhCHCJaJhCHhCHCJaJ% v x z t J$gdCH$ % `gdCH$ % `gdCH$gdCH$a$gdCHgdlSFfR$$d$If`a$gdCH " 2 4 6 h j l n p r t v x R V X źӏņlź[ӏNjhXhlS0JU jhlSUmHnHu2j\hXhlS>*B*UmHnHphuhlSmHnHuhlSCJmHnHu jhlSUmHnHujhlSUmHnHuhlSmHnHuhXhlS0JmHnHu$jhXhlS0JUmHnHu2jfhXhlS>*B*UmHnHphu ^ ` b  <>@DFHJLNHJL~ǽDzǽǽǓǽǽ'j>hXhlS>*B*UphjhlSU'jHhXhlS>*B*UphjhlSUjhlSU hlS hlSCJjhXhlS0JU'jRhXhlS>*B*UphhlShXhlS0J/~FHJ|~68:lnptvxz|ɱɒt$jhXhlS0JUmHnHuj hlSU'j* hXhlS>*B*Uphj hlSU'j4 hXhlS>*B*UphhlShXhlS0J hlSCJjhXhlS0JU hlSjhlSUjhlSU+z(Hf`dv"!@""\##,$$ & F -^`gdlS$gdlS  `gdlS$gdCH$ % `gdCH$ % `gdCH$gdCH|~ λ񰡰xokoWxoQoL hlS hlSCJ'j hXhlS>*B*UphhlShXhlS0JjhXhlS0JUhlSCJmHnHu j hlSUmHnHujhlSUmHnHuhlSmHnHu$jhXhlS0JUmHnHu2j hXhlS>*B*UmHnHphuhlSmHnHuhXhlS0JmHnHu &(*,46"$&(*,bdʲʓj}hlSU'jhXhlS>*B*Uphj hlSU'j hXhlS>*B*UphhlShXhlS0J hlSCJjhXhlS0JUj hlSU hlSjhlSU0dfhpr VXZ\df:<>BDFHJL"$VXʵձ՝ʒձ~sj_hlSU'jhXhlS>*B*UphjihlSU'jhXhlS>*B*UphhlSjshlSUjhlSU hlS hlSCJhXhlS0JjhXhlS0JU'jhXhlS>*B*Uph-XZ`bdfhj:<>@˽˽od˽J˽2jhXhlS>*B*UmHnHphuhlSCJmHnHu jUhlSUmHnHujhlSUmHnHuhlSmHnHu2jhXhlS>*B*UmHnHphuhlSmHnHuhXhlS0JmHnHu$jhXhlS0JUmHnHu hlSCJjhXhlS0JU hlSjhlSUPRTZ\^`bd·©©u·jfbRjhfVhlSB*UphhlShpAjh)1hlSU jAhlSUmHnHu2jhXhlS>*B*UmHnHphuhlSmHnHuhXhlS0JmHnHuhlSCJmHnHu$jhXhlS0JUmHnHu jKhlSUmHnHujhlSUmHnHuhlSmHnHu46<"@"$$$$b%%&&((((***+"+>+@+v+z+~,,---h..//b1222þѸѲѫѤѫѫѫѫѫъ}sfѲhqZkhlSB*aJphhlSB*aJphh!hlSB*aJphhNnhlSB*aJphhvhlSB*aJph hlShlS hihlS hlSNH hlSCJ hlS5 hlS6] hBhlShlShfVhlS0J>*B*phjhfVhlSB*UphhfVhlSB*ph(,$$b%&&'L)V**^+t,---j../600b11$ & F ^`gdlS$ & F e^`gdlSgdlS$gdlS$ & F -^`gdlS2222222222233333 33*383X3t3333333333344466|7~788:8888&9(9P9T9f9h9j99::;Ѻʹʹʹʹʹͭ͠͠ hJ8hlS h^]hlShihlSmH sH hlSmH sH  hlS5 hihlS hlSNHhlSB*aJphh^hlSaJhlSh^hlSB*aJphhfhlSaJ hlSaJhT"hlSaJhlSaJmH sH 514578@9T9j99:;<<<@rAVBZC4D,EE 1$`gdP}r$gdP}r $`gdP}r Sdh`SgdP}rgdP}r $`gdlS & F ^`gdlS$gdlS:;<;<<`=d=>?.???????@AAARBCCJFLFFFLLL(M*MRRTTTTTUUVDV\VtVVtWWWbX hvhP}r hZ{hP}r h`hP}r hhP}rhP}rmH sH  h_hhP}r h]rhP}r%h]rhP}rB*CJOJQJaJph hP}rNH hihP}r h^]hP}rh`whP}rCJaJhyhP}rCJ hP}rCJhP}rhlS hlSNH0EFNG^HH JKHL*MMM:NNpQTUxVxW$gdP}r$ & F -h^`gdP}r $`gdP}r$gdP}r$1$]`gdP}r $1$`gdP}r$ & F $1$^`gdP}r 1$`gdP}rbXX,Z.ZjZpZZZZZ8[:[\\\]]``aabbpcc`JN*.øøø̢̯̭{t{ h&!hP}rh&!hP}raJ hP}raJhI3hP}raJ hJfhP}rhP}rCJaJhhP}rCJaJUhyhP}rCJhe#hP}rCJNHhe#hP}rCJ hP}rCJ he#hP}r hP}rhP}r hMhP}r h hP}r hVYNhP}rhP}r h&hP}r+xWY:[\\bڑN,.ZpgdP}r`gdP}r $`gdP}r Sdh`SgdP}r dh`gdP}r$gdP}r, D8=0=A>2KE 8 :><<5@G5A:8E >?5@0F89, >1=>2;5=8O >1>@C4>20=8O 8 B5E=8:8, 2=54@5=8O 8==>20F89. =0;87 2>7<>6=>AB59 D8=0=A>2>3> >74>@>2;5=8O ?>:070;, GB> 2KE>4 87 :@878A0 C  CA02B> 2A5 65 5ABL. ! MB>9 F5;LN @C:>2>4AB2C ?@54?@8OB8O 1K;> ?@54;>65=> ?@>25AB8 0=0;87 2=5H=59 8 2=CB@5==59 A@54K ?@54?@8OB8O.  @07@01>B0BL 187=5A ?;0= D8=0=A>2>3> >74>@>2;5=8O ?@54?@8OB8O A ?@54;>65=85< :>=:@5B=KE <5@>?@8OB89. 040G0, :>B>@KE 1C45B >?@545;8BL >A=>2=K5 =0?@02;5=8O @01>B 8 >68405<CN >1ICN MDD5:B82=>ABL. F5=820O D8=0=A>2>5 A>AB>O=85 ?@54?@8OB8O  CA02B>, <>6=> A45;0BL 2K2>4 > B><, GB> 2 =0H5< A;CG05 F5;5A>>1@07=> 2K1@0BL =0?@02;5=85 @5AB@C:BC@870F88, A2O70==>5 A =0ABC?0B5;L=>9 B0:B8:>9. A=>20==>9 =0 D8=0=A>2>9 <5B>48:5 @5AB@C:BC@870F88. =0;878@CO D8=0=A>2>-M:>=><8G5A:>5 A>AB>O=85 ?@54?@8OB85 F5;5A>>1@07=> 2K1@0BL 8 ?@>25AB8 A;54CNI85 <5@>?@8OB8O =0ABC?0B5;L=>9 B0:B8:8, >A=>20==K5 =0 <5B>45 D8=0=A>2>9 @5AB@C:BC@870F88: 1.><?;5:A=0O 4803=>AB8:0 ?@>1;5< D8@<K 8 ?@8G8=, 2K7202H8E MB8 ?@>1;5<K; 2.=0;87 A>2@5<5==>9 ?>78F88 :><?0=88 =0 @K=:5, 2K@01>B:0 20@80=B>2 AB@0B5388 @0728B8O; 3. 07@01>B:0 8=25AB8F8>==>9 ?@>3@0<<K 4;O 2K2>40 ?@54?@8OB8O 87 :@878A0; 4. @30=870F8>==>5 8 :04@>2>5 >15A?5G5=85 D8=0=A>2>-M:>=><8G5A:>9 CAB>9G82>AB8 ?@54?@8OB8O; 5. 07@01>B:0 <5@>?@8OB89 ?> A>25@H5=AB2>20=8N C?@02;5=85< @8A:0<8 =0 ?@54?@8OB88; 6.!>740=85 040?B82=>9 :><0=4K <5=5465@>2 2 ?@>F5AA5 @5AB@C:BC@870F88 ?@54?@8OB8O. 7.F5=:0 MDD5:B82=>AB8 ?@54;>65==KE <5@>?@8OB89. @>254O 4803=>AB8:C D8=0=A>2>-M:>=><8G5A:>3> A>AB>O=8O ?@54?@8OB8O  CA02B>, 1K;8 ?@>2545=K 2KH5C:070==K5 <5@>?@8OB8O ?> C?@02;5=8N =5A>AB>OB5;L=K< ?@54?@8OB85< 2 CA;>28OE ?5@5E>4=>9 M:>=><8:8, A >F5=:>9 8E MDD5:B82=>AB8. B0:, A45;05<, A>>B25BAB2CNI85 2K2>4K: 1.=0;87 A>2@5<5==>9 ?>78F88 D8@<K  CA02B> =0 @K=:5 ?>:070;, GB> =081>;55 MDD5:B82=K< =0?@02;5=85< 4;O ?@>2545=8O @5AB@C:BC@870F88 8 2KE>4C ?@54?@8OB8O 87 :@878A0 O2;O5BAO =0ABC?0B5;L=0O B0:B8:0 2 2845 ?@>2545=8O $8=0=A>2>9 @5AB@C:BC@870F88. A?>;L7>20=85 <5B>40 D8=0=A>2>9 @5AB@C:BC@870F88 ?>72>;8;> 4>18BLAO MDD5:B82=KE @57C;LB0B>2 2 >1;0AB8: ?>2KH5=8O ;8:284=>AB8 ?@54?@8OB8O; A>25@H5=AB2>20=85 AB@C:BC@K :0?8B0;0; ?@82;5G5=8O D>@< 705<=KE A@54AB2 =0 @0728B85 ?@54?@8OB8O; A>25@H5=AB2>20=8O <5E0=87<0 C?@02;5=8O 8 ?>2KH5=8O :>=:C@5=B>A?>A>1=>AB8; A>25@H5=AB2>20=8O A8AB5<K <>B820F88; C65AB>G5=8O :>=B@>;O 70 @0AE>4>20=85< 45=56=KE A@54AB2; 22545=8O <0@:5B8=3>2>3> C?@02;5=8O. -DD5:B82=>ABL 8=25AB8F8>==>3> ?@>5:B0 ?> >?B>2>-@>7=8G=>9 @50;870F88 >B5G5AB25==KE <0@>: 02B><>18;59 =0  CA02B>, >?@545;O;AO A ?><>ILN 8=B53@0;L=>3> M:>=><8G5A:>3> MDD5:B0. F5=820O M:>=><8G5A:89 MDD5:B ?> 8=25AB8F8>==><C ?@>5:BC <>6=> A:070BL, GB> >= E0@0:B5@87C5BAO 2KA>:8<8 ?>:070B5;O<8 @5=B015;L=>AB8: @5=B015;L=>ABL 8=25AB8F89 A>AB028B - 26,13%, @5=B015;L=>ABL ?@>406  4 %, =45:A 4>E>4=>AB8 ?> ?@>5:BC  10,06 8 D8=0=A>2>9 ?@>G=>AB8 55 % A ?5@2>3> 3>40 53> >ACI5AB2;5=8O. !@>: >:C?05<>AB8 ?@>5:B0 A>AB028B 10-11 <5AOF52. @>5:B ?> >@30=870F8>==><C 8 :04@>2><C >15A?5G5=8N D8=0=A>2>-M:>=><8G5A:>9 CAB>9G82>AB8 ?@54?@8OB8O, B0:65 E0@0:B5@87C5BAO 2KA>:>9 MDD5:B82=>ABLN. ! F5;LN >15A?5G5=8O D8=0=A>2>-M:>=><8G5A:>9 CAB>9G82>AB8 ?@54?@8OB8O  CA02B> 1K;8 @07@01>B0=K @5:><5=40F88 ?> A>25@H5=AB2>20=8N A8AB5<K 0=B8:@878A=>3> C?@02;5=8O @8A:0<8, =0 >A=>25 A>740=8O >B45;0 C?@02;5=8O @8A:0<8, :>B>@K9 @01>B05B =0 >A=>20=88 ?@>3@0<<K F5;52KE <5@>?@8OB89 ?> C?@02;5=8N @8A:><. 07@01>B:0 <5@>?@8OB89 ?> A>25@H5=AB2>20=8N C?@02;5=85< @8A:0<8 =0 ?@54?@8OB88. 0==>5 <5@>?@8OB85 >A=>20=> =0 2=54@5=88 =0 ?@54?@8OB88  CA02B> ?@>3@0<<K F5;52KE <5@>?@8OB89 (&) ?> C?@02;5=8N @8A:><. -DD5:B82=>ABL @07@01>B:8 & <>65B 1KBL >F5=5=0 A?>A>1><, >A=>20==>< =0 A>?>AB02;5=88 A D8=0=A>2K<8 2>7<>6=>ABO<8 D8@<K 7=0G5=89 <0:A8<0;L=> 2>7<>6=>3>, =081>;55 25@>OB=>3> 8 >68405<>3> C1KB:>2 4> 8 ?>A;5 2=54@5=8O &. !>?>AB02;5=85 1K;> ?@>2545=> =0 >A=>25 @0AG5B0 :>MDD8F85=B0 D8=0=A>2KE 2>7<>6=>AB59 D8@<K ?> ?>:@KB8N C1KB:0. > 2=54@5=8O & D8@<0  CA02B> =5 <>3;0 1K ?>30A8BL =081>;55 25@>OB=K9 C1KB>:, B0: :0: :>MDD8F85=B A>AB028; 0,18, <0:A8<0;L=> 2>7<>6=K9 0,45 8 >68405<K9 C1KB>: 0,09 1>;LH5 =C;O, GB> >7=0G05B D8@<0 8A?KBK20;0 B@C4=>AB8 ?> 8E ?>:@KB8N. !8BC0F8O ?5@5<5=8;0AL ?>A;5 2=54@5=8O &: =081>;55 25@>OB=K9 A>AB028; -0,09, MB> >7=0G05B, GB> C D8@<K 5ABL D8=0=A>2K5 2>7<>6=>AB8 ?> ?>:@KB8N 40==>3> 2840 C1KB:0, <0:A8<0;L=> 2>7<>6=K9 A>AB028; 0,14 1>;LH5 =C;O, GB> >7=0G05B D8@<0 8A?KBK205B B@C4=>AB8 ?> ?>:@KB8N MB> 28;0 C1KB:0, >68405<K9 C1KB>: A>AB028; 0, GB> A2845B5;LAB2C5B > B><, GB> C D8@<K 5ABL D8=0=A>2K5 2>7<>6=>AB8 ?> ?>:@KB8N 40==>3> 2840 C1KB:0. "0:8< >1@07><, <>6=> A:070BL, GB> 2=54@5=85 & >1;0405B 4>AB0B>G=> 2KA>:>9 MDD5:B82=>ABLN, => D8@<5 =C6=> ?>4C<0BL > B><, :0: 8 :0:8< >1@07><, =09B8 A@54AB20 4;O ?>:@KB8O <0:A8<0;L=> 2>7<>6=>3> C1KB:0. !>740=85 040?B82=>9 :><0=4K <5=5465@>2 2 ?@>F5AA5 @5AB@C:BC@870F88 ?@54?@8OB8O. "0:65 E0@0:B5@87C5BAO 1>;LH>9 MDD5:B82=>ABLN. -B> <5@>?@8OB85 ?>72>;8;0 @C:>2>4AB2C ?@54?@8OB8O  CA02B> 4>18BLAO 3;02=>9 F5;8 ?@>25AB8 <5@>?@8OB8O ?> @5AB@C:BC@870F88 A <0:A8<0;L=>9 MDD5:B82=>ABLN. "0:8< >1@07><, <>6=> A45;0BL 2K2>4, GB> @5AB@C:BC@870F88 ?@54?@8OB8O ?@>H;0 CA?5H=> 8 4>AB0B>G=> MDD5:B82=>. !?8A>: 8A?>;L7>20==>9 ;8B5@0BC@K @0640=A:89 :>45:A >AA89A:>9 $545@0F88. '0ABL ?5@20O, 2B>@0O, B@5BLO .: " 5;18, 74-2> @>A?5:B, 20041 ;. 4 ?.1. $545@0;L=K9 0:>= ! 144  $ >B 08.07.1998 3. (2 @540:F88 >B 21.03.2002 3.)  @5AB@C:BC@870F88 :@548B=KE >@30=870F89 >AB0=>2;5=85 @028B5;LAB20 $ ! 498 >B 20 <0O 1994 3>40  =5:>B>@KE <5@0E ?> @50;870F88 70:>=>40B5;LAB20 > =5A>AB>OB5;L=>AB8 (10=:@>BAB25) ?@54?@8OB89. >AB0=>2;5=85 @028B5;LAB20 $ >B 03.09.1999 3. (2 @54. >B 29.09.2003 3.) N 1002  ?>@O4:5 8 A@>:0E ?@>2545=8O @5AB@C:BC@870F88 :@548B>@A:>9 704>;65==>AB8 N@848G5A:8E ;8F ?> =0;>30< 8 A1>@0<, 0 B0:65 704>;65==>AB8 ?> =0G8A;5==K< ?5=O< 8 HB@0D0< ?5@54 D545@0;L=K< 1N465B><. >AB0=>2;5=85 @028B5;LAB20 $ >B 08.06.2001 3. (2 @54. >B 29.09.2003 3.) N 458  ?>@O4:5 8 CA;>28OE ?@>2545=8O @5AB@C:BC@870F88 ?@>A@>G5==>9 704>;65==>AB8 (>A=>2=>3> 4>;30 8 ?@>F5=B>2, ?5=59 8 HB@0D>2) A5;LA:>E>7O9AB25==KE ?@54?@8OB89 8 >@30=870F89 ?> D545@0;L=K< =0;>30< 8 A1>@0<, 0 B0:65 ?> AB@0E>2K< 27=>A0< 2 1N465BK 3>AC40@AB25==KE 2=51N465B=KE D>=4>2. >AB0=>2;5=85 @028B5;LAB20 $ >B 01.10.2001 3. (2 @54. >B 29.09.2003 3.) N 699  ?>@O4:5 8 CA;>28OE ?@>2545=8O @5AB@C:BC@870F88 704>;65==>AB8 ?> AB@0E>2K< 27=>A0< 2 3>AC40@AB25==K5 A>F80;L=K5 2=51N465B=K5 D>=4K, =0G8A;5==K< ?5=O< 8 HB@0D0<, 8<5NI8<AO C >@30=870F89 ?> A>AB>O=8N =0 1 O=20@O 2001 3.. >AB0=>2;5=85 @028B5;LAB20 $ >B 17.07.2003 3. N 435  ?>@O4:5 8 CA;>28OE ?@>2545=8O 2 2003 3>4C @5AB@C:BC@870F88 8 A?8A0=8O 704>;65==>AB8 N@848G5A:8E ;8F, AC1J5:B>2 >AA89A:>9 $545@0F88 8 <C=8F8?0;L=KE >1@07>20=89 ?> ?@82;5G5==K< >AA89A:>9 $545@0F859 F5;52K< 8=>AB@0==K< :@548B0< (708<AB2>20=8O<) 8 :@548B0< (AAC40<) 2 8=>AB@0==>9 20;NB5, ?@54>AB02;5==K< 70 AG5B A@54AB2 D545@0;L=>3> 1N465B0. >AB0=>2;5=85 @028B5;LAB20 $ >B 23.10.2002 3. N 768 1 87<5=5=88 A@>:0 ?>40G8 70O2;5=89 > ?@54>AB02;5=88 ?@020 =0 @5AB@C:BC@870F8N 704>;65==>AB8 =5:>B>@KE N@848G5A:8E ;8F. @8;>65=85 ! 2 : @0A?>@O65=8N $#() >B 5.12.1994 ! 98-@ 5B>48G5A:85 @5:><5=40F88 ?> A>AB02;5=8N ?;0=>2 D8=0=A>2>3> >74>@>2;5=8O. 1@NB8=0 . !., @0G52 . . =0;87 D8=0=A>2>-M:>=><8G5A:>9 45OB5;L=>AB8 ?@54?@8OB8O: #G51=>-?@0:B8G5A:>5 ?>A>185. - 2-5 874., 8A?@. - .; 74-2> 5;> 8 A5@28A, 2003. - A.256. Altman E.I. Financial Rations. Discriminent Analysis, and the Prediction of Corporate Bankruptcy.//Journal of Finance, September 1968 Altman E.I., Haldeman R.G., Narayanan P. Zeta Analysis: A New Model to Identify Bankruptcy Risk of Corporation.//Journal of Banking and Finance, June 1977 @<AB@>=3 . A=>2K <5=546<5=B0. 0: AB0BL ;CGH8< @C:>2>48B5;5<. >AB>2-=0->=C: $5=8:A, 1998A. 196. 0=4C@8= . ., 0@8F:89 . . @>1;5<K C?@02;5=8O =5A>AB>OB5;L=K<8 ?@54?@8OB8O<8 2 CA;>28OE ?5@5E>4=>9 M:>=><8:8.  .: 0C:0 8 M:>=><8:0, 1999.  A.164 0@8=>2 .. =B8:@878A=>5 C?@02;5=85: #G51. ?>A>185.  .:  $   !!, 2002.  A.520 Beaver W.H. Financial Rations and Predictions of Failure.//Empirical Research in Accounting Selected Studies, Supplement to Journal of Accounting Research, 1996. >30G52 .$. @><KH;5==>ABL >AA88: 0=B8:@878A=K5 AB@0B5388 ?@54?@8OB89. - !1.: 740B5;LA:89 4>< >2@CA, 20033.A.318. @83E5= .., 0?5=A:8 . $8=0=A>2K9 <5=546<5=B: >;=K9 :C@A.  2-E B./5@. A 0=3;.  !1.: -:>=><8G5A:0O H:>;0, 20023. A.512. @0=0BC@>2 .. -:>=><8G5A:89 @8A: 8 <5B>4K 53> >?@545;5=8O. /  :=. -:>=><8:0 A2O78. #G51=8: 4;O #>2. >4 @54. @;>20 .., >B0?>2>9  !8=L:> .., 45AA0, #!, 2003. !.512. @83>@L52 ... @>1;5<K >?@545;5=8O ?;0B565A?>A>1=>AB8 ?@54?@8OB8O// >=AC;LB0=B, ! 23, 2002. !. 84-88 @83>@L52 ... 5=B015;L=>ABL ?@54?@8OB8O 8 ?@>1;5<K A>25@H5=AB2>20=8O >BG5B=>AB8// >=AC;LB0=B, ! 21, 2002. !. 83-88. =B8:@878A=K9 <5=546<5=B./>4 @54. ?@>D. @O7=>2>9 ..- .: AA>F80F8O 02B>@>2 8 8740B5;59  "  . 740B5;LAB2> -!. 2001.  A.318. 09F520 .. =B8:@878A=K9 <5=546<5=B 2 @>AA89A:>9 D8@<5.//20;L. (!818@A:0O D8=0=A>20O H:>;0).  2002.  ! 11-12. >20;52 .., >;:>20 .. =0;87 E>7O9AB25==>9 45OB5;L=>AB8 ?@54?@8OB8O. #G51=8:. - .:  " 5;18, 20023 A. 312. >20;Q2 .. 2545=85 2 D8=0=A>2K9 <5=546<5=B.  .: $8=0=AK 8 AB0B8AB8:0, 2002.A.318. >20;52 .. =0;87 D8=0=A>2>3> A>AB>O=8O ?@54?@8OB8O. 740B5;LAB2>:  HYPERLINK "http://www.ozon.ru/context/detail/id/858344/" \o "740B5;LAB2>" &5=B@ M:>=><8:8 8 <0@:5B8=30, 2004 3.A.286. $8=0=AK ?@54?@8OB89: #G51=8: 4;O 2C7>2/.. >;G8=0, .. >;O:, .. 02;>20 8 4@. >4 @54. .. >;G8=>9.  2-5 874., ?5@5@01. 8 4>?.- .: .=8B8. - 0=0. 2002.- A.318. =B8:@878A=>5 C?@02;5=85: #G51=8: (>4 @540:F859 -.. >@>B:>20) - .: $ -, 2002 A. 44-48. >H:8= .. 8 4@. =B8:@878A=>5 C?@02;5=85:17-<>4C;L=O ?@>3@0<<0 4;O <5=5465@>2  #?@02;5=85 @0728B85< >@30=870F88 . >4C;L11.-N:$ -,2000.- A.512. @N:>2 .$., 3>@>28G .. =0;87 <5B>48: ?@>3=>78@>20=8O :@878A=>9 A8BC0F88 :><<5@G5A:8E >@30=870F89 A 8A?>;L7>20=85< D8=0=A>2KE 8=48:0B>@>2.  HYPERLINK "http://www.dis.ru/manag/" 5=546<5=B 2 >AA88 8 70 @C156>< !2 / 2001.A. 21-28. =B8:@878A=>5 C?@02;5=85. #G51=>5 ?>A>185 4;O B5E=8G5A:8E 2C7>2/?>4 @54. 8=0520 .!. 8 0=03CH8=0 ..  .: @8>@, 2003. A.421. >@40A>2 ... -:>=><8:0 ?@54?@8OB8O: CG51=>5 ?>A>185. -.: 74-2> #, 20033.-A.80 !025;L52 ... ><C 2K3>4=0 @5AB@C:BC@870F8O ?@54?@8OB8O. 075B0 K=>:: ! 44 >B 2645:01@O 200433. @><KH;5==>ABL >AA88: =B8:@878A=K5 AB@0B5388 ?@54?@8OB89/ ?>4 @54. !5@35520 .., !1., >@2CA, 20023.A.256. !B0=8A;02G8: .. =0;87 D8=0=A>2>3> A>AB>O=8O =5?;0B565A?>A>1=KE ?@54?@8OB89. 740B5;LAB2>:  HYPERLINK "http://www.ozon.ru/context/detail/id/856626/" \o "740B5;LAB2>" AL-89, 2004 3. A. 176. $8=0=A>2K9 <5=546<5=B: B5>@8O 8 ?@0:B8:0. #G51=8: ?>4 @54. !B>O=>2>9 .!.  .: 5@A?5:B820, 2002.A.318. 5?8= .. 518B>@A:0O 704>;65==>ABL: 0=0;87 8 C?@02;5=85/>=AC;LB0=B, ! 18, 2002. !. 62-65 K10:>2 !. 5AB@C:BC@870F8O ?@54?@8OB89: =5:>B>@K5 ?@>1;5<K ?@02>2>3> @53C;8@>20=8O. ><?0=8O -=5@38O @020 .http://www.lawenergy.ru/restr/ $54>B>20 .. 0: >F5=8BL D8=0=A>2CN CAB>9G82>ABL ?@54?@8OB8O.//$8=0=AK. -2002. -! 6.A. 12-15. '09:>2A:0O ., 0B:>2 .  HYPERLINK "http://www.intel-sintes.ru/Magazin/index2.htm" \t "_new"  !>740=85 0=B8:@878A=>9 :><0=4K  #?@02;5=85 ?5@A>=0;><.- 20033.- ! 3. A. 18-21. @8;>65=8O 0XZlp X x|ơX68Nhl¦`df$&˹˫}h ?hP}raJhbBhP}raJhO!hP}r6 hP}r@ h<3<hP}r h;hP}r h&hP}r hGhP}rh>hP}raJhI3hP}raJ hP}raJh hP}raJhP}rCJaJmH sH hP}rCJaJ hihP}rhP}r h^]hP}r0pv TĞ r8^ĦfnXVnƸ & FgdTgdT $S`SgdP}r $`gdP}r$gdP}r$ & F ^`gdP}r&(*PT`dJNR­HJL~ֱ̱"BRVXln LN겮h|hT@aJh|hTaJmH sH h|hTB*aJphh|hTaJhT h>hP}r h&!hP}rhq7YhP}raJhyr hP}raJ hP}raJhbBhP}raJh ?hP}raJhP}rh@+hP}raJh hP}raJ0Ƹ6 LPJ<6n\nTBp $ & FgdT & FgdTNPHJ:<46TBz|NPRFzoeh|hT\aJh|hT@aJ h* hT0J>*B*aJphh* hTB*aJph"jh* hTB*UaJphh|hTB*aJphhhTB*aJphh zhTaJ hTNHh zhTaJmH sH h|hTaJmH sH h|hTaJhT hTaJ!<>~rv&XZfhj ݼvivXviRRR hTaJ h* hT0J>*B*aJphh* hTB*aJph"jh* hTB*UaJphh|hTB*aJph#h|hT0J5B*\aJphh|hT0J5aJh|hTaJh|hTB*\aJph#h* hT0J>*B*\aJphh* hTB*\aJph%jh* hTB*U\aJphV&^2VXnprtvxz|~gdlSgdTgdT $ & FgdT "$68TVnpоhP}rhlShTh|hTaJhTB*phjhnhTB*UphhnhTB*ph hT\aJhnhT\aJhnhTB*aJph"jhnhTB*UaJph hnhTgdlS ,1h. A!"R#n$n% P$$If!vh5555h55P5#v#v#v#vh#v#vP#v:V  F6,534pFkd$$If֞Y ""$ F634apFDyK *http://www.wiseowl.ru/works/DIP000179.docyK Thttp://www.wiseowl.ru/works/DIP000179.doc{DyK  _Toc95200656{DyK  _Toc95200656{DyK  _Toc95200657{DyK  _Toc95200657{DyK  _Toc95200658{DyK  _Toc95200658{DyK  _Toc95200659{DyK  _Toc95200659{DyK  _Toc95200660{DyK  _Toc95200660{DyK  _Toc95200661{DyK  _Toc95200661{DyK  _Toc95200662{DyK  _Toc95200662{DyK  _Toc95200663{DyK  _Toc95200663{DyK  _Toc95200664{DyK  _Toc95200664{DyK  _Toc95200665{DyK  _Toc95200665{DyK  _Toc95200666{DyK  _Toc95200666{DyK  _Toc95200667{DyK  _Toc95200667{DyK  _Toc95200668{DyK  _Toc95200668{DyK  _Toc95200669{DyK  _Toc95200669{DyK  _Toc95200670{DyK  _Toc95200670{DyK  _Toc95200671{DyK  _Toc95200671{DyK  _Toc95200672{DyK  _Toc95200672Z@Z lS1KG=K9$$dh`a$CJ_HaJmHsHtHJ@J lS 03>;>2>: 4$<@& 5\aJBA@B A=>2=>9 H@8DB 0170F0Xi@X 1KG=0O B01;8F04 l4a .k. 5B A?8A:08>@8 lS0720=85$a$5\4@4 lS 3;02;5=85 1V@VlS 3;02;5=85 2 % ` mHnHu:U@!: lS 8?5@AAK;:0 >*B*phNC@2N P}rA=>2=>9 B5:AB A >BABC?><ZOBZ P}rNormal1$dd1$`a$_HhmHsHtHNOQN T bigcolor1#5CJ$OJQJ\^JaJ$o(ph[RY]afglm;<=HKF=i3 0 2 ; d RDh+o:5{jyycr|+T/ { !!$""""#N#$ &&<''()*l*J- ../0i11 2X223Y33o44556C6}666$7H77^99$;;A=>>?@mAyBBCC%D8EFG]I JJGKKhLLjMMgNN]OPyPPyQQcRRzS$TT*UVVVUWWXXMYY:ZZZZZZZZZZ[[[[[[[[[ [ [ [ [ [[[[[[0 0 0 0 0 0 0 0 000000000000000000000008002 02  02  02  02  02  02 02 02 02  02  02  02 02  02  02  02  02  02  02  02  02  02  0 2  0 2 02 02 02 02 02 02 02 02  02  02 02 02 80000000000 0 0 000000 0 0 000000000000000000000000000 0 0 0 0 0 0 00000000000080 0yB 0yB 0yB 0yB 0yB 0yB 0yB 0yB 0yB 0 yB 0 yB 0 yB 0 yB 0 yB 0yB 0yB 0yB 0yB 0yB 0yB 0yB 0yB 0yB 0yB 0yB 0yB 0yB 0yB 0yB 0yB 0yB 0yB 0 yB 0!yB 0"yB 0#yB 0$yB 0%yB 0&yB 0'yB0800000000000000000000000000RY]afglm;<[j00ej00ej00ej00ej00 j00 j00 @0 0h00 0 00w ~|dX2:;bX&N 25679:;<=>@BDtvxy{,$1ExWpƸ38?ACEuwz|4tHpq+FHIKj%@CDFe7:;=\Hcfgis  - , 0 1 3 R ^ y } ~   ) - . 0 Q } RLSiSUUV!XnXuXSZZZ[X X%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕ̕XX4XXX _Toc95200656 _Toc95200670 _Toc95200671 _Toc952006722 yBZ[: BZ[gk,:_efghizj&k&GKKKgLMfN[gk;  ""i$r$*#-67;;;<>>>>?.J0JMMMMOOOOUUVV[Rgkm=H2 ; Dh5"#o445C666$7H7yBB^CCLL PPnPyPPPWQyQQQ6RcRT$TU*UUVWWXXDYMYYYZ[[gk[N0 _Toc95200659>0 _Toc95200658> 0 _Toc95200657>0 _Toc95200656NE*http://www.wiseowl.ru/works/DIP000179.doc0  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}Root Entry FO## Data ~1Table8@WordDocument.SummaryInformation(DocumentSummaryInformation8CompObjq  F Microsoft Office Word MSWordDocWord.Document.89q