ࡱ> 5@bjbj22. XXE.VEVEVEVEFl.RizGIIIIPnIQ$mQhhhhhhh$kRpmbh]Q3OPQQhII iQTQTQTQIIhQTQhQT&QTwT=`TaInG c݂/VEAS`a"i0Ri`m;Tm(a..ma$QQQTQQQQQhh..<ED;T..E!>45@60=85  TOC \o "1-3" \h \z \u \t "03>;>2>: 4;1"  HYPERLINK \l "_Toc99337498" 2545=85  PAGEREF _Toc99337498 \h 3  HYPERLINK \l "_Toc99337499" 1. 1I0O E0@0:B5@8AB8:0 45OB5;L=>AB8  2@>@0- =BC@  PAGEREF _Toc99337499 \h 8  HYPERLINK \l "_Toc99337500" 1.1 @0B:0O E0@0:B5@8AB8:0 45OB5;L=>AB8  2@>@0-=BC@  PAGEREF _Toc99337500 \h 8  HYPERLINK \l "_Toc99337501" 1.2 @30=870F8O C?@02;5=8O D8@<>9  PAGEREF _Toc99337501 \h 9  HYPERLINK \l "_Toc99337502" 1.3 =0;87 :>=:C@5=B>2 8 ?>B@518B5;59 :><?0=88  PAGEREF _Toc99337502 \h 11  HYPERLINK \l "_Toc99337503" K2>4K ?> 1 3;025  PAGEREF _Toc99337503 \h 15  HYPERLINK \l "_Toc99337504" 2. 07@01>B:0 AB@0B5388 @0728B8O  2@>@0-=BC@  PAGEREF _Toc99337504 \h 17  HYPERLINK \l "_Toc99337505" 2.1 SWOT-0=0;87 D8@<K 8 ?>8A: MDD5:B82=>9 AB@0B5388  PAGEREF _Toc99337505 \h 17  HYPERLINK \l "_Toc99337506" 2.2 >@BD5;L=K9 0=0;87  2@>@0-=BC@ (<0B@8F0 ?@82;5:0B5;L=>ABL @K=:0 - :>=:C@5=B>A?>A>1=>ABL)  PAGEREF _Toc99337506 \h 26  HYPERLINK \l "_Toc99337507" 2.3 !B@0B538O ?@54?@8OB8O 8 <5@>?@8OB8O ?> 55 @50;870F88  PAGEREF _Toc99337507 \h 30  HYPERLINK \l "_Toc99337508" K2>4K ?> 2 3;025  PAGEREF _Toc99337508 \h 35  HYPERLINK \l "_Toc99337509" 0:;NG5=85  PAGEREF _Toc99337509 \h 37  HYPERLINK \l "_Toc99337510" !?8A>: 8A?>;L7>20==>9 ;8B5@0BC@K  PAGEREF _Toc99337510 \h 39  HYPERLINK \l "_Toc99337511" @8;>65=8O  PAGEREF _Toc99337511 \h 41  2545=85 N10O D8@<0 4>;6=0 A<>B@5BL 2 1C4CI55 8 @07@010BK20BL 4>;3>A@>G=CN AB@0B538N, :>B>@0O 1K ?>72>;O;0 CG8BK20BL ?>AB>O==> 87<5=ONI85AO CA;>28O 2=5H=53> >:@C65=8O. !B@0B538G5A:>5 ?;0=8@>20=85  MB> ?@>F5AA D>@<8@>20=8O <8AA88 8 F5;59 >@30=870F88, 2K1>@0 A?5F8D8G5A:8E AB@0B5389 4;O >?@545;5=8O 8 ?>CG5=8O =5>1E>48<KE @5AC@A>2 8 8E @0A?@545;5=8O A F5;LN >15A?5G5=8O MDD5:B82=>9 @01>BK >@30=870F88 2 1C4CI5<. !B@0B538G5A:>5 ?;0=8@>20=85 O2;O5BAO 8=AB@C<5=B>< 2 ?@8=OB88 C?@02;5=G5A:8E @5H5=89. A=>2=>9 7040G59  >15A?5G5=85 =>2>22545=89 8 >@30=870F8>==KE 87<5=5=89 2 4>AB0B>G=>< >1J5<5 4;O 045:20B=>9 @50:F88 =0 87<5=5=8O 2> 2=5H=59 A@545. "0:>5 ?;0=8@>20=85 =5 7025@H05BAO =5<54;5==K< 459AB285<, >4=0:> A 53> ?><>ILN CAB0=02;820NBAO >1I85 =0?@02;5=8O ?@54?@8OB8O, A;54>20=85 :>B>@K< >15A?5G8B @>AB 8 C:@5?;5=85 ?>78F89. !B@0B538O @07@010BK205BAO A F5;LN @50;870F88 <8AA88 8 F5;59 >@30=870F88, ?>72>;O5B ;CGH5 ?>=8<0BL AB@C:BC@C <0@:5B8=3>2KE 8AA;54>20=89, ?@>F5AA 87CG5=8O >B@518B5;59, ?;0=8@>20=8O ?@>4C:F88, 55 ?@>42865=8O =0 @K=>: 8 ?;0=8@>20=85 F5=>>1@07>20=8O. 0@:5B8=3>20O AB@0B538O >15A?5G8205B :064><C AB@C:BC@=><C ?>4@0745;5=8N =0 ?@54?@8OB88 G5B:85 F5;8, :>B>@K5 C2O7K20NBAO A >1I8<8 7040G0<8 ?@54?@8OB8O. !B8<C;8@C5B :>>@48=0F8N CA8;89 ?>4@0745;5=89 2 @07;8G=KE =0?@02;5=8OE. 0AB02;O5B ?@54?@8OB85 >F5=820BL A2>8 A8;L=K5 8 A;01K5 AB>@>=K A B>G:8 7@5=8O :>=:C@5=B>2, 2>7<>6=>AB59 8 C3@>7 2 >:@C60NI59 A@545. ?@545;O5B 0;LB5@=0B82=K5 459AB28O 8;8 :><18=0F8N 8E, :>B>@K5 4>;6=0 ?@54?@8=OBL >@30=870F8O. !>7405B >A=>2C 4;O @0A?@545;5=8O @5AC@A>2.  A0<>< >1I5< 2845  AB@0B538O  MB> 35=5@0;L=>5 =0?@02;5=85 459AB28O >@30=870F88, A;54>20=85 :>B>@><C 2 4>;3>A@>G=>9 ?5@A?5:B825 4>;6=> ?@825AB8 55 : F5;8. "0:>5 ?>=8<0=85 AB@0B5388 A?@0254;82> B>;L:> ?@8 @0AA<>B@5=88 =0 25@E=5< C@>2=5 C?@02;5=8O >@30=870F88. ;O 1>;55 =87:>3> C@>2=O 2 85@0@E88 AB@0B538O 25@E=53> C@>2=O ?@52@0I05BAO 2 F5;L, E>BO 4;O 1>;55 2KA>:>3> C@>2=O >=0 O2;O;0AL A@54AB2><. "0:, =0?@8<5@, AB@0B5388 ?>2545=8O =0 @K=:5, @07@01>B0==K5 4;O D8@<K 2 F5;><, 4;O <0@:5B8=3>2>9 A;C61K MB>9 D8@<K 2KABC?0NB 2 2845 F5;52KE CAB0=>2>:. @8 >?@545;5=88 AB@0B5388 D8@<K @C:>2>4AB2> AB0;:8205BAO A B@5<O >A=>2=K<8 2>?@>A0<8, A2O70==K<8 A ?>;>65=85< D8@<K =0 @K=:5: -:0:>9 187=5A ?@5:@0B8BL; -:0:>9 187=5A ?@>4>;68BL; -2 :0:>9 187=5A ?5@59B8. -B> 7=0G8B, GB> AB@0B538O :>=F5=B@8@C5B 2=8<0=85 8 A2O70=0 A B5<: -GB> >@30=870F8O 45;05B 8 G53> =5 45;05B; -GB> 1>;55 206=> 8 GB> <5=55 206=> 2 >ACI5AB2;O5<>9 2 >@30=870F88 45OB5;L=>AB8. @54?@8OB8N =5>1E>48<> 1C45B 87<5=8BL AB@0B538N, 5A;8 2 @57C;LB0B5 ?@>254Q==>3> :><?;5:A=>3> 0=0;870 45OB5;L=>AB8 ?@54?@8OB8O 8 2=5H=8E 2>7<>6=>AB59 8 C3@>7 1C45B 2KO2;5=>, GB>: 4>;389 G0A D8@<0 =5 ?>;CG05B C4>2;5B2>@8B5;L=KE @57C;LB0B>2 ?> >1J5<0 @50;870F88 8 ?@81K;8; D8@<K-:>=:C@5=BK @57:> 87<5=8;8 A2>8 AB@0B5388; 87<5=8;8AL 2=5H=85 D0:B>@K 45OB5;L=>AB8 D8@<K; >B:@K;8AL ?5@A?5:B82K C25;8G5=8O ?@81K;8; =0<5B8;8AL B5=45=F88 87<5=5=89 2> 2:CA0E ?>:C?0B5;59; 8A?>;=5==K5 ?@54K4CI85 AB@0B538G5A:85 7040G8; ?>O2;5=85 =>2>3> B>20@0; ;O B>3> GB>1K =5 ?>B5@OBL 7040==>3> =0?@02;5=8O 2 ?>2A54=52=>9 @01>B5, =5>1E>48<K 4>;3>A@>G=K5 ?;0=K, CG8BK20NI85 2A5 87<5=5=8O 2=5H=8E D0:B>@>2, 8 2KO2;ONI85 2A5 B5 H0=AK, :>B>@K5 ?@8 ?><>I8 8<5NI8EAO A@54AB2 8 A 4>AB0B>G=>9 @5=B015;L=>ABLN <>3CB 1KBL 8A?>;L7>20=K. !>AB02=>9 G0ABLN B0:8E ?;0=>2 - AB@0B538G5A:>5 ?;0=8@>20=85, :>B>@>5: 040QB =0?@02;5=85 4;O 45OB5;L=>AB8 ?@54?@8OB8O. >72>;O5B ;CGH5 ?>=8<0BL AB@C:BC@C <0@:5B8=3>2KE 8AA;54>20=89, ?@>F5AAK 87CG5=8O >B@518B5;59, ?;0=8@>20=8O ?@>4C:F88, 55 ?@>42865=8O =0 @K=>: 8 ?;0=8@>20=85 F5=>>1@07>20=8O. 15A?5G8205B :064><C AB@C:BC@=><C ?>4@0745;5=8N =0 ?@54?@8OB88 G5B:85 F5;8, :>B>@K5 C2O7K20NBAO A >1I8<8 7040G0<8 ?@54?@8OB8O. !B8<C;8@C5B :>>@48=0F8N CA8;89 ?>4@0745;5=89 2 @07;8G=KE =0?@02;5=8OE. 0AB02;O5B ?@54?@8OB85 >F5=820BL A2>8 A8;L=K5 8 A;01K5 AB>@>=K A B>G:8 7@5=8O :>=:C@5=B>2, 2>7<>6=>AB59 8 C3@>7 2 >:@C60NI59 A@545. ?@545;O5B 0;LB5@=0B82=K5 459AB28O 8;8 :><18=0F8N 8E, :>B>@K5 4>;6=0 ?@54?@8=OBL >@30=870F8O. @>F5AA AB@0B538G5A:>3> ?;0=8@>20=8O ?@54AB02;O5B A>1>9 A;54CNI85 459AB28O: 0) >?@545;5=85 7040G, F5;59 ?@54?@8OB8O. 1) >?@545;5=85 AB@0B538G5A:8E E>7O9AB25==KE 548=8F (!%). 2) CAB0=>2;5=85 F5;59 <0@:5B8=30. 3) :><?;5:A=K9 0=0;87 A8BC0F88 4;O :064>3> !% (0=0;87 >:@C60NI59 A@54K <0@:5B8=30, 0=0;87 45OB5;L=>AB8 ?@54?@8OB8O). 4) @07@01>B:0 AB@0B5388 <0@:5B8=30. 5) @50;870F8O B0:B8:8 <0@:5B8=30. "0:>9 ?@>F5AA ?@8<5=8< :0: 4;O 1>;LH8E, B0: 8 4;O A@54=8E 8 <0;KE ?@54?@8OB89, ?@>872>4OI8E ?@>4C:F8N 8;8 >:07K20NI8E CA;C38, => ?@8 MB>< :064K9 MB0? AB@0B538G5A:>3> ?;0=8@>20=8O 8<55B A?5F8D8:C 4;O >B45;L=KE B8?>2 ?@54?@8OB89. 1>A=>20=85 AB@0B538G5A:8E >@85=B8@>2 E>7O9AB25==>9 45OB5;L=>AB8 O2;O5BAO =0G0;L=K< MB0?>< AB@0B538G5A:>3> ?;0=8@>20=8O. "0: :0: CA?5E ?@54?@8OB8O 2 7=0G8B5;L=>9 <5@5 7028A8B >B B>3>, =0A:>;L:> C40G=> >=> 8A?>;L7C5B >?B8<0;L=CN AB@0B538N. >4 ?>=OB85< AB@0B538O <0@:5B8=30 ?>=8<0NB 45B0;L=K9 2A5>1I89 ?;0= 4>AB865=8O <0@:5B8=3>2KE F5;59. ;LB5@=0B82=KE AB@0B5389 <0@:5B8=30 <>65B 1KBL <=>3>, => 3;02=>5 - 2K1@0BL =081>;55 C40G=CN 87 =8E 4;O :064>3> @K=:0 8 :064>3> B>20@0, B> 5ABL AB@0B538N, :>B>@0O 1K >B25G0;0 B@51>20=8O< 4>AB865=8O <0@:5B8=3>2KE F5;59 ;O @5H5=8O 3;02=KE 7040G A8BC0F88  2KO2;5=8O, 0=0;870 8 ?@54AB02;5=8O AB@0B538G5A:8E D0:B>@>2 8 2708<>A2O759  @07@01>B0=K @07;8G=K5 8=AB@C<5=BK (?@8;>65=851). 0) SWOT-0=0;87; 1) 0=0;87 portfolio- (?>@BD5;L=K9 0=0;87) ?@54AB02;O5B A>1>9 <5B>48:C, A ?><>ILN :>B>@>9 <>6=> =03;O4=> ?@54AB028BL AB@0B538G5A:85 H0=AK 8 ?@>1;5<K D8@<K 8;8, 2 1>;55 >1I5< 2845, ?>B5=F80; CA?5E0, 2 7028A8<>AB8 >B 206=KE AB@0B538G5A:8E D0:B>@>2 (<0B@8F0 @>AB0 @K=>G=>9 4>;8 ()). 2) 0=0;87 ?> A8AB5<5 ga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swot  0=0;870 (0=0;87 A@54K); 0 >A=>20=88 ?@>254Q==>3> swot-0=0;870 1K;8 2KO2;5=K =081>;55 A8;L=K5 8 A;01K5 AB>@>=K ?@54?@8OB8O 2@>@0-=BC@, 2>7<>6=>AB8 8 C3@>7K, :>B>@K5 <>3CB 2>7=8:=CBL 2> 2=5H=59 A@545, 0 B0:65 2708<>A2O7L <564C =8<8. 57C;LB0BK 0=0;870 C:07K20NB =0 B>, GB> ?@54?@8OB85 <>65B ?@8=OBL 70 >A=>2>?>;030NI55 =0?@02;5=85 AB@0B538N @0AH8@5=8O, >4=0:> =5>1E>48<>: 2KO28BL 2>7<>6=K5 D8=0=A>2K5 @57C;LB0BK, nprt    < > °°pZpBZpZ °.j{hyhwvCJUaJmHnHu+jhyhwvCJUaJmHnHu"hyhwvCJaJmHnHu:jhyhwv>*B*CJUaJmHnHphuhyhwvCJaJmHnHu#hyhwv0JCJaJmHnHu,jhyhwv0JCJUaJmHnHuhyhwv5CJ\aJ#jhyhwv5CJU\aJ hwv5\ 4 VJLgdwv gdwv  $ dhgdwv $ dh^gdwv $ dhgdwv $ dh^gdwv$a$gdwvgdwvn> @ B F H . 0 2 4 : ˹i˩˹K7&hyhwv0JCJ\aJmHnHu:jhyhwv>*B*CJUaJmHnHphu.jqhyhwvCJUaJmHnHu+jhyhwvCJUaJmHnHu"hyhwvCJaJmHnHuhyhwvCJaJmHnHu#hyhwv0JCJaJmHnHu,jhyhwv0JCJUaJmHnHu:jhyhwv>*B*CJUaJmHnHphu: < $ & ( * 0 2 l n p ˵˝˵h˵P˵.j]hyhwvCJUaJmHnHu:jhyhwv>*B*CJUaJmHnHphu,jhyhwv0JCJUaJmHnHu.jghyhwvCJUaJmHnHu+jhyhwvCJUaJmHnHu"hyhwvCJaJmHnHu#hyhwv0JCJaJmHnHuhyhwvCJaJmHnHu J L N & ݿݖhJݖ:jhyhwv>*B*CJUaJmHnHphu.jShyhwvCJUaJmHnHu+jhyhwvCJUaJmHnHu"hyhwvCJaJmHnHu,jhyhwv0JCJUaJmHnHu:jhyhwv>*B*CJUaJmHnHphu#hyhwv0JCJaJmHnHuhyhwvCJaJmHnHu& ( * . 0 2 4 6 8 n p r t x z  "XZҩiQҩ.j?hyhwvCJUaJmHnHu:jhyhwv>*B*CJUaJmHnHphu#hyhwv0JCJaJmHnHuhyhwvCJaJmHnHu,jhyhwv0JCJUaJmHnHu"hyhwvCJaJmHnHu+jhyhwvCJUaJmHnHu.jIhyhwvCJUaJmHnHuZ\^df  BDFHNPn˹i˩˹K˹:jhyhwv>*B*CJUaJmHnHphu.j5hyhwvCJUaJmHnHu+jhyhwvCJUaJmHnHu"hyhwvCJaJmHnHuhyhwvCJaJmHnHu#hyhwv0JCJaJmHnHu,jhyhwv0JCJUaJmHnHu:jhyhwv>*B*CJUaJmHnHphunHJLPRTVXZ <>@̶̶̞wwYw̶A.j! hyhwvCJUaJmHnHu:jhyhwv>*B*CJUaJmHnHphuhyhwvCJaJmHnHu,jhyhwv0JCJUaJmHnHu.j+hyhwvCJUaJmHnHu+jhyhwvCJUaJmHnHu"hyhwvCJaJmHnHu#hyhwv0JCJaJmHnHuhwv0JCJaJmHnHu@DFHJLN*,.0DFHiK:j hyhwv>*B*CJUaJmHnHphu.j hyhwvCJUaJmHnHu:j hyhwv>*B*CJUaJmHnHphu#hyhwv0JCJaJmHnHuhyhwvCJaJmHnHu,jhyhwv0JCJUaJmHnHu+jhyhwvCJUaJmHnHu"hyhwvCJaJmHnHuHz|~  >@BFHJLNPiQ.j hyhwvCJUaJmHnHu:j hyhwv>*B*CJUaJmHnHphu#hyhwv0JCJaJmHnHuhyhwvCJaJmHnHu,jhyhwv0JCJUaJmHnHu+jhyhwvCJUaJmHnHu.j hyhwvCJUaJmHnHu"hyhwvCJaJmHnHu@$˹yiYRKER*B*CJUaJmHnHphu@(bR* v$r%%% &&&'()*^** +$ & Fdha$gdwvgdwv $dha$gdwvgdwv $`a$gdwv$dh`a$gdwv$dh`a$gdwv$&8:vxR* v$&'(((6,8,T.V./1122j344488j9l9::::8=:====>,>>>8?:?@@6B̾ܲȨܞܞܞhwvCJmH sH jhwv0JUjhwv0JCJUhwvB*NHphhwvhwvB*phhwvCJNH hwvCJhwv5NH\ hwv5\jhwv0J5U\> +|++-X..0112j34X4456J66:$dh`a$gdwv$ & Fdha$gdwvgdwv$ & Fdh[$\$a$gdwv$dh`a$gdwv$ & Fdha$gdwv:<=>T@@AHBBE FhFFFGH I2II$ & Fdha$gdwv$dh`a$gdwv$dh`a$gdwv $dha$gdwv$dh`a$gdwv$dh[$\$`a$gdwv6BBBBpCtCEE@FBFfFhFG GGGIIBKLL L&LxLLLLLMM(N*NxN|NNNN,O.OxQQxxxxyzyzz{{||}},~XZ:hwv5OJQJ\^JhwvOJQJ^JU hwvNHhwv5CJ\hwvmH sH hwvCJNHhwvCJmH"sH"hwvCJaJhwvhwvCJmHnHu hwvCJhwvCJmH sH ;I"JnJKvLxLzL|L~LLLLLLLLLLLLM$dh`a$gdwv$dh`a$gdwvgdwv $dha$gdwv$hdh^ha$gdwv$ & Fdha$gdwvMxNbPxQQtxxzy z,~~:gdwv$hdh^ha$gdwv$ & Fdha$gdwv  hU`gdwv  hgdwv h^h`gdwv & Fgdwv$dh`a$gdwv$dh`a$gdwvgdwv?5@5A<>B@5BL 2>7<>6=>ABL C45@60=8O A0<KE 25@=KE :;85=B>2, 3.C;CGH8BL :0G5AB2> >1A;C6820=8O, 4.225AB8 381:CN A8AB5<C A:84>:, ?>2KA8BL C@>25=L :20;8D8:0F88 ?5@A>=0;0 8 725=L52 C?@02;5=8O. 2.?>@BD5;L=K9 0=0;87 (<0B@8F0 ?@82;5:0B5;L=>ABL @K=:0 - :>=:C@5=B>A?>A>1=>ABL). @8 ?>AB@>5=88 <0B@8FK ?@82;5:0B5;L=>ABL @K=:0 - :>=:C@5=B>A?>A>1=>ABL, 1K;> 2KO2;5=>, GB> 2A5 CA;C38 ?@54?@8OB8O 2@>@0-=BC@ >B;8G05BAO 4>AB0B>G=>9 :>=:C@5=B>A?>A>1=>ABLN 8 ?@54?@8OB85 @01>B05B 2 2KA>:> ?@82;5:0B5;L=KE >B@0A;OE (@K=:0E). >MB><C =0 >A=>20=88 ?@>254Q==>3> 0=0;870 A@54K <>6=> A45;0BL 2K2>4 > =5>1E>48<>AB8 ?@8=OB8O ?@54?@8OB85< AB@0B5388 03@5AA82=>3> @>AB0.  :0G5AB25 AB@0B538G5A:>9 F5;8 ?@54?@8OB8O O ?@54;030N ?@8=OBL A;54CNICN F5;L - C25;8G8BL 4>;N @K=:0 =0 5% 4> :>=F0 2005 3>40. 0 ?@0:B8:5 AB@0B538O @>AB0 ?@54?@8OB8O 1C45B ?@54AB02;OBLAO 2 2845 ?@>E>645=8O G5@54K MB0?>2: ?@>=8:=>25=85 =0 =>2K9 @K=>: (>?@545;5=85 =>2KE 1>;55 ?@82;5:0B5;L=KE @K=:>2, 8E 2E>4=KE 10@L5@>2, >F5=:0 @8A:>2); @0728B85 8<5NI53>AO 8 =>2>3> @K=:0 (?>AB5?5==>5 C25;8G5=85 >1JQ<0 ?@>872>4AB20 CA;C3) 8 @07@01>B:0 CA;C3, @0AH8@ONI8E 0AA>@B8<5=B=CN 3@C??C CA;C3. !?8A>: 8A?>;L7>20==>9 ;8B5@0BC@K =A>DD . !B@0B538G5A:>5 C?@02;5=85. .: -:>=><8:0, 2001 A. 318. :C;8G .., 5<G5=:> .. A=>2K <0@:5B8=30. - 2-5 874., 8A?@. - =.: KH.H:., 2003. A. 286. <1;5@ ". @0:B8G5A:89 <0@:5B8=3.  !1.: 8B5@, 2001.A. 318. 09A<0= . !B@0B538O <5=546<5=B0: 10 H03>2 : CA?5EC; !B@0B538O <5=546<5=B0: 5 D0:B>@>2 CA?5E0: 5@. A =5<. - .:   =B5@M:A?5@B , -:>=><8:0, 1995. - 344A >@O52 .. 0@:5B8=3: !;>20@L-A?@02>G=8:. - .: 8<@, 2002. A. 512. >;C1:>2 .. 0@:5B8=3 :0: :>=F5?F8O @K=>G=>3> C?@02;5=8O // 0@:5B8=3 2 >AA88 8 70 @C156><. 2004. ! 2 (16). !. 95-113. D@5<>2 . !. !B@0B538O 187=5A0. >=F5?F88 8 <5B>4K ?;0=8@>20=8O / #G51=>5 ?>A>185.  .: 740B5;LAB2> "$8=?@5AA", 2003 A. 256. 52>@:>2 .., >=8= .., C:LO=>2 .., (0;8<>20 ".., @30=870F8O <0@:5B8=3>2>9 45OB5;L=>AB8 =0 ?@54?@8OB88 (2 >@30=870F88): ?@0:B8G5A:85 @5:><5=40F88.  .:=D@0-, 2003. A. 344. 0@:5B8=3: #G51=8: / >4 @54. .. ><0=>20, .... >@;N3>2, !.. @0A8;L=8:>2 8 4@. - .: 0=:8 8 18@68, .", 2003. - 560A. >B;5@ $. A=>2K <0@:5B8=30.  .: @>3@5AA, 2001A. 512. 8B5@ . 8:A>=. #?@02;5=85 <0@:5B8=3><.  .: 8=><, 1998 A. 318. #?@02;5=85 >@30=870F859: #G51=8: / >4 @54. . . >@H=520, . . C<O=F52>9, . . !0;><0B8=0.  2-5 874., ?5@5@01.  4>?.  .: $ -, 2002. A.318. #B:8= -.. #?@02;5=85 D8@<>9. - .: :0;8A, 2003. - 516A. %@CF:89 .., >@=5520 .. !>2@5<5==K9 <0@:5B8=3: =0AB>;L=0O :=830 ?> 8AA;54>20=8N @K=:0: #G51=>5 ?>A>185. - 2-5 874., ?5@5@01.  4>?. - .: $8=0=AK 8 AB0B8AB8:0, 2001. A. 256. $54L:> .., $54L:> .. A=>2K <0@:5B8=30: 100 M:70<5=0F8>==KE >B25B>2. - >AB>2 =/: 740B5;LA:89 F5=B@  0@" , 2004. A. 318. -20=A ., 5@<0= . 0@:5B8=3-.: -:>=><8:0, 2001A. 256. @8;>65=8O @8;>65=85 1 5B>4K 8 B5E=>;>388 AB@0B538G5A:>3> <5=546<5=B0  84 @01>B (>?5@0F89, 459AB289)5B>4K, ?>4E>4K, B5E=>;>388 !8BC0F8>==K9 0=0;87 0:@>>:@C65=85 >@30=870F88: " M:>=><8:0 8 ?>;8B8:0 " B5E=>;>38O 8 M:>;>38O " ?@02>2>5 >15A?5G5=85 " 45<>3@0D8O, >1I5AB2>" >17>@K, 8=D>@<0F8>==K5 >1>1I5=8O, ?@>5:BK, >BG5BK, 181;8>3@0D8G5A:85 A?@02:8, AB0B8AB8G5A:85 @5D5@0BK " :018=5B=K5 8AA;54>20=8O, @07=>>1@07=K5 <5B>4K A53<5=B0F88, A1>@0 40==KE, 0=0;870 8 AB0B8AB8G5A:>9 >F5=:8 " PEST-0=0;87 5?>A@54AB25==>5 >:@C65=85(2=5H=85 A2O78, AC1J5:BK @K=:0): " 70:07G8:8 " ?>A@54=8:8 " :>=:C@5=BK " 2=5H=85 2;8O=8O " >1I5AB25==>ABL " ?>AB02I8:8 " 0=0;87 @K=>G=>9 ?>78F88, >B=>H5=8O : B>@3>2>9 <0@:5 8 ?@5AB860 >@30=870F88 " 0=0;87 :>=:C@5=F88 8 ?@>G8E 2;8O=89 (:018=5B=K5 8AA;54>20=8O 8 =5?>A@54AB25==K5 =01;N45=8O) !>1AB25==> >@30=870F8O: " @57C;LB0BK @50;870F88 F5;59 ?@>H;>9 AB@0B5388 " >F5=:0 A>AB>O=8O <0@:5B8=3>2>9 A>2>:C?=>AB8 " 2>7<>6=>AB8, @5AC@AK " <0@:5B8=3>20O 8=D@0AB@C:BC@0" A@02=8B5;L=K9 0=0;87 "F5;8  ?;0=  D0:B  >?B8<870F8O  >B:;>=5=8O" " ?@8G8==K9 0=0;87, ?8@0<840;L=0O AB@C:BC@0 " 0=0;87, 10;;L=0O >F5=:0 2>7<>6=>AB59 8 A?>A>1=>AB59 " 8=D>@<0F8>==0O A;C610, 1CE30;B5@A:89 8 >?5@0B82=K9 CG5B >=D@>=B0F8>==K9 0=0;87(>@30=870F8O  :>=:C@5=F8O): 845=B8D8:0F8O A;01KE 8 A8;L=KE AB>@>= =0 >A=>25 >F5=:8 2>7<>6=>AB59 A ?><>ILN 8=AB@C<5=B0@8O <0@:5B8=3>2>9 A>2>:C?=>AB8 " 0=0;87 SWOT " <5B>4K A@02=8B5;L=>3> 0=0;870 5B0;L=K9 0=0;87 ?0@0<5B@>2 <0@:5B8=3>2>9 A>2>:C?=>AB8: " 0=0;87 ?>78F89 AB@0B538G5A:8E 548=8F 2 >1;0AB8 @K=>G=KE F5= " 0=0;87 ?@>F5AA0 ?@>406 ?@>4C:F88, 70B@0B 8 ?@81K;8 2 B5G5=85 687=5==>3> F8:;0 8745;8O " 0=0;87 4>;8 B>@3>2KE @0AE>4>2 " 0=0;87 F8:;0 "?@>4C:F8O  @K=>: -B>20@>>1>@>B  ?@81K;L  70B@0BK" " 0=0;87 ?>@BD5;O 70:07>2 (?> <5B>48:5 Boston Consulting Group, Mc Kinsey, A>G5B0=85 0=0;870 ?>@BD5;O 8 ?>ABC?;5=8O 45=56=KE A@54AB2) " :;0AA8D8:0F8O ?@>4C:F88 ?> .@0:5@C " <5B>4 0=0;870 A1KB0 2 B5G5=85 687=5==>3> F8:;0 8745;89 " !-0=0;87, >?B8<C< 0@5B> !8=B57: >?@545;5=85 0:BC0;L=KE ?@>1;5<=KE >1;0AB59, C7:8E <5AB, >3@0=8G5=89, H0=A>2, >?0A=>AB59, @8A:>2 " ?@8G8==K9 0=0;87 " 0=0;87 SWOT, 0=0;87 ?>@BD5;O 70:07>2 @>3=>7K 8 ?@54A:070=8O " 48=0<8:0 >:@C65=8O >@30=870F88 " 48=0<8:0 ?0@0<5B@>2 @K=:0 " 48=0<8:0 ?0@0<5B@>2 >@30=870F88 " AF5=0@89 @0728B8O " =>@<0B82=K9 <5B>4 " 0=0;87 2@5<5==KE @O4>2, M:AB@0?>;OF8O B5=45=F89, 0=0;87 :@8B8G5A:8E A2O759 " >?5@0F8>==K5 8AA;54>20=8O, 8<8B0F8>==K5 <>45;8 " <5B>4K M:A?5@B=KE >F5=>: 5;LD8, <>73>2>9 0B0:8 8 4@. ;0=8@>20=85 F5;59 " <8AA8O >@30=870F88, 55 845=B8D8:0F8O, ?CBL @0728B8O " 2K1>@ F5;52>3> @K=:0 (A53<5=B>2 8 ;>:0;L=KE @K=:>2) " ?@>D8;8@>20=85 ?@54;>65=89 " F5;52K5 ?@8>@8B5BK, F5;52K5 B@05:B>@88 " <0AHB01K F5;59 (B5E=8:>-M:>=><8G5A:0O >F5=:0, MDD5:B82=>ABL A CG5B>< 2@5<5==KE 8 ?@>AB@0=AB25==KE ?0@0<5B@>2) " ?>@BD5;L 70:07>2 (?;0=) " SWOT (?;0=) " <>45;8 ?@8=OB8O @5H5=89, <5B>4K >F5=:8 20@80=B>2 " >?5@0F8>==K5 8AA;54>20=8O, <>45;8@>20=85 " 0=0;87 @8A:0 " <5B>4K B2>@G5A:>3> <KH;5=8O ?@8 AB>8<>AB=>< 0=0;875 " <5B>4K M:A?5@B=KE >F5=>: ;0= AB@0B538G5A:8E >?5@0F89 " 2K45;5=85 AB@0B538G5A:8E ?@54?@8=8<0B5;LA:8E ?>4@0745;5=89 " B8?>20O AB@0B538O @>AB0, :>=:C@5=B=0O AB@0B538O " AB@0B538G5A:85 >?5@0F88 A ?><>ILN 8=AB@C<5=B0@8O <0@:5B8=3>2>9 A>2>:C?=>AB8 " D>@<C;8@>20=85 AB@0B538G5A:8E 20@80=B>2 " 845=B8D8:0F8O 8 >F5=:0 ?>B5=F80;L=> C7;>2KE ?@>1;5< 8 @8A:>2 " :>@@5:F8O =0 >A=>25 >1@0B=>9 A2O78 " ?>@BD5;L 70:07>2 (?;0=) " SWOT (?;0=) " >?5@0F8>==K5 8AA;54>20=8O, <>45;8@>20=85 " <5B>4K B5>@88 70?0A>2, B5>@88 <0AA>2>3> >1A;C6820=8O (>G5@5459) " <5B>4K A5B52>3> 0=0;870 " 0=0;87 @8A:0 " <5B>4 <>73>2>9 0B0:8, ?@>G85 <5B>4K AB>8<>AB=>3> 0=0;870 " <5B>4K M:A?5@B=KE >F5=>:  @8;>65=85 2.@30=870F8>==0O AB@C:BC@0  "2@>@0-=BC@"         @8;>65=85 3.BG5B > ?@81K;OE 8 C1KB:0E  "2@>@0-=BC@" 70 ?5@8>4 A 01.01.04 ?> 01.10.2004 33. 08<5=>20=85 ?>:070B5;O>401.01.200401.04.200401.07.200401.10.2004123456I. >E>4K 8 @0AE>4K ?> >1KG=K< 2840< 45OB5;L=>AB8K@CG:0 >B ?@>4068 B>20@>2 70 <8=CA>< =0;>30 =0 4>102;5==CN AB>8<>ABL102 264 2473 918 8185 447 6257 052 453!515AB>8<>ABL ?@>40==KE B>20@>2, ?@>4C:F88201 603 7182 884 7773 991 5765 253 5180;>20O ?@81K;L29660 5291 034 0411 456 0491 798 935><<5@G5A:85 @0AE>4K306701 0491 6382 409#?@02;5=G5A:85 @0AE>4K40@81K;L >B ?@>406 (C1KB>:)50659 8591 032 9921 454 4111 796 526II. ?5@0F8>==K5 4>E>4K 8 @0AE>4K@>F5=BK : ?>;CG5=8N6090163326771@>F5=BK : C?;0B570>E>4K >B CG0AB8O 2 4@C38E >@30=870F8OE804@>G85 >?5@0F8>==K5 4>E>4K90688 267849 9401 281 0591 786 688@>G85 >?5@0F8>==K5 @0AE>4K100741 538948 6481 439 7752 004 180III. =5@50;870F8>==K5 4>E>4K 8 @0AE>4K=5@50;870F8>==K5 4>E>4K120115 801199 830350 107473 941=5@50;870F8>==K5 @0AE>4K13042 848189 042279 165282 860@81K;L (C1KB>:) 4> =0;>3>>1;>65=8O140679 631945 2351 366 9631 770 8900;>3 =0 ?@81K;L 8 8=K5 0=0;>38G=K5 >1O70B5;L=K5 ?;0B568150115 226204 935223 707229 507@81K;L (C1KB>:) >B >1KG=>9 45OB5;L=>AB8160564 405740 3001 143 2561 541 383IV. '@572KG09=K5 4>E>4K 8 @0AE>4K'@572KG09=K5 4>E>4K170'@572KG09=K5 @0AE>4K180'8AB0O ?@81K;L (=5@0A?@545;5==0O ?@81K;L >BG5B=>3> 3>40 (C1KB>:))190564 405740 3001 143 2561 541 383  D@5<>2 . !. !B@0B538O 187=5A0. >=F5?F88 8 <5B>4K ?;0=8@>20=8O / #G51=>5 ?>A>185.  .: 740B5;LAB2> "$8=?@5AA", 2003. A. 56-58.  #?@02;5=85 >@30=870F859: #G51=8: / >4 @54. . . >@H=520, . . C<O=F52>9, . . !0;><0B8=0.  2-5 874., ?5@5@01.  4>?.  .: $ -, 2002. A. 67-71  'C1... C@A ;5:F89 ?> 48AF8?;8=5/ !B@0B538G5A:89 <5=546<5=B // http://www.cfin.ru/bandurin/diplom/ 'C1... C@A ;5:F89 ?> 48AF8?;8=5/ !B@0B538G5A:89 <5=546<5=B // http://www.cfin.ru/bandurin/diplom/ 8@5:B>@ CE30;B5@8O (2 3;02=>< >D8A5) 0<5AB8B5;L 48@5:B>@0 0@:5B8=3>2K9 >B5; 5=5465@K BC@8AB8G5A:8E =0?@02;5=89 B45; @5:;0<K 8 ?80@ B45; @07@01>B:8 BC@8AB8G5A:8E =0?@02;5=89 :x, :gdwv$a$gdwvgdwv$ & F dha$gdwv$ & Fdha$gdwv :ΎFHJLƏ$&@lpԘ.*,ޢ DFJbdȽ౥ѝьььььтzтzтzrk hwv5\hfhwv5h;hwv6h;hwv6\ hwv6]hG hwv6]hG hwv\h[hwv5CJ\jhwv0JCJUh[hwvCJaJhwv5CJ\hwvh8hwvCJaJ hwvCJhKahwvCJaJmH sH hKahwvCJaJ)ŽĎƎȎʎ̎ΎLď $Ifgd%gdwv$a$gdwvďƏ*Z~~~~~~~~~ $Ifgd%xkdt $$If-0E$  0634-ab ,Fb~ȓ>~~~~~~~~~ $Ifgd%xkd$$If-0E$  0634-ab >@rԕ2b0n~~~~~~~~~ $Ifgd%xkd$$If-0E$  0634-ab npژ̙,~~~~ $Ifgd%xkdr$$If-0E$  0634-ab,.Лp~~~~~~~~~ $Ifgd%xkd$$If-0E$  0634-ab ~~~ $Ifgd%xkd$$If-0E$  0634-ab,pDD~~~~~~~~~ $Ifgd%xkdp$$If-0E$  0634-ab NL.dBbЦ~~~~~~~~~~~~~ $Ifgd%xkd$$If-0E$  0634-ab F§(ƨ<Pp~~~~~~~~~~~~~ $Ifgd%xkd$$If-0E$  0634-abp "$&(*,.02468~yyyyyyyyyyygdwvxkdn$$If-0E$  0634-ab $Ifgd%8:<>@BDFHJ¬ĬʬЬڬެ  E$gdwvgdwvgdwv$gdwvgdwv¬ĬȬʬάЬجڬܬެ "68LN޸檙ubububub$hwv5CJOJPJQJ\^JaJ hwv5CJOJQJ\^JaJ$hwv5CJOJPJQJ\^JaJ hwv5CJOJQJ\^JaJ hwvPJh)0hwv5'jhwvB*CJUmHnHphu#jhwvB*UmHnHphuhwvB*phhwv hfhwvhwv5OJQJ\^JaJ# "8NPTX\Wkd$$Ifֈ2L#'''m'm''!64a $$Ifa$gd% $Ifgd% NPRTVXZ\^`bdfhj̮ήЮҮԮ֮خڮܮޮnptvįƯȯ"$68JL^`rtvҰ԰ "ƶƶƶƶƶƶƶƶƶƶƶƶƶƶƶƶƶƶƶƶƶƶƶƶƶƶhwvCJOJPJQJ^JaJhwvCJOJQJ^JaJ$hwv5CJOJPJQJ\^JaJ hwv5CJOJQJ\^JaJhwvCJaJH\`dhjήҮ֮ڮޮ`WWWWWW $Ifgd%kd$$Ifֈ2L#######!64a $$Ifa$gd% pvƯlcWWWWW $$Ifa$gd% $Ifgd%kd$$Iftֈ2L#######!64aƯȯ$8L`tlcWWWWW $$Ifa$gd% $Ifgd%kd$$Ifֈ2L######!64atv԰lcWWWWW $$Ifa$gd% $Ifgd%kd$$Iftֈ2L######!64a".:FlcWWWWW $$Ifa$gd% $Ifgd%kd$$Iftֈ2L######!64a",.8:DFHtvz|~±ıȱʱرڱZ\^`bdfhjlnpr²ɶ$hwv5CJOJPJQJ\^JaJ hwv5CJOJQJ\^JaJhwvCJaJhwvCJOJPJQJ^JaJhwvCJOJQJ^JaJHFHv|lcWcccc $$Ifa$gd% $Ifgd%kd$$Iftֈ2L######!64aıʱڱlcWWWWW $$Ifa$gd% $Ifgd%kd$$Iftֈ2L######!64a\`dhlplcccccc $Ifgd%kd$$Iftֈ2L######!64aprlcWWWWW $$Ifa$gd% $Ifgd%kd$$Iftֈ2L######!64a²lcWcccc $$Ifa$gd% $Ifgd%kd$$Iftֈ2L######!64aNTX\`dlcWcccW $$Ifa$gd% $Ifgd%kd$$Iftֈ2L######!64aLNRTVXZ\^`bdf³Գֳ"$*,:<JL^`rtvĴƴȴʴ̴δдҴԴִشڴܴ $&46DFTVXɶ$hwv5CJOJPJQJ\^JaJ hwv5CJOJQJ\^JaJhwvCJaJhwvCJOJPJQJ^JaJhwvCJOJQJ^JaJHdf³ֳlcWWWWW $$Ifa$gd% $Ifgd%kd$$Iftֈ2L######!64a$,<L`tlcWWWWW $$Ifa$gd% $Ifgd%kd $$Iftֈ2L######!64atvƴʴδҴִڴlcccccc $Ifgd%kd!$$Iftֈ2L######!64aڴܴ&6FVlcWWWWW $$Ifa$gd% $Ifgd%kd"$$Iftֈ2L#######!64aVXµҵlcWWWWW $$Ifa$gd% $Ifgd%kdp#$$Iftֈ2L#######!64aµеҵԵ"$24BDVXjln޶&(*z|ʷ̷η "$&(NPVXZ\^`bdfhjɶ$hwv5CJOJPJQJ\^JaJ hwv5CJOJQJ\^JaJhwvCJaJhwvCJOJQJ^JaJhwvCJOJPJQJ^JaJHҵԵ$4DXllcWWWWW $$Ifa$gd% $Ifgd%kda$$$Iftֈ2L#######!64aln(lcWWWWW $$Ifa$gd% $Ifgd%kdR%$$Iftֈ2L#######!64a(*|̷lcWWWWW $$Ifa$gd% $Ifgd%kdC&$$Ifֈ2L######!64a̷η"&lcccccc $Ifgd%kd<'$$Iftֈ2L######!64a&(PX\`dhlcWcccc $$Ifa$gd% $Ifgd%kd5($$Iftֈ2L######!64ahjlcWcccc $$Ifa$gd% $Ifgd%kd.)$$Iftֈ2L######!64a028:HJXZlnrz̻λT\ɶɶɶɶڲxqxqdhfhwv0JmH sH  hfhwvjhfhwv0JU hwvCJh%dhwvmH sH  h%dhwvjhwv0JUhwvhwvmH sH hwv$hwv5CJOJPJQJ\^JaJ hwv5CJOJQJ\^JaJhwvCJaJhwvCJOJQJ^JaJhwvCJOJPJQJ^JaJ'2:JZnlcWWWWW $$Ifa$gd% $Ifgd%kd'*$$Iftֈ2L######!64a̻jllYWRRJJR$a$gdwvgdwv$ dh`a$gdwvkd +$$Ifֈ2L######!64a\bhjrtxz"*068@BFHXZfhjlnĽ޽Űś䛁}h%hwvKHaJhwvKHNH hwvKHh)hwv h)hwv0J>*B*CJph(h)hwv0J>*B*CJmH phsH h)hwvB*CJph"jh)hwv0JB*Uph hwvCJhfhwv0JmH sH hfhwv0J,ln½Ľ "jlgdwvgdwvgdwvhwvhwvmH sH ,1h. A!"R#n$n% {DyK  _Toc99337498{DyK  _Toc99337498{DyK  _Toc99337499{DyK  _Toc99337499{DyK  _Toc99337500{DyK  _Toc99337500{DyK  _Toc99337501{DyK  _Toc99337501{DyK  _Toc99337502{DyK  _Toc99337502{DyK  _Toc99337503{DyK  _Toc99337503{DyK  _Toc99337504{DyK  _Toc99337504{DyK  _Toc99337505{DyK  _Toc99337505{DyK  _Toc99337506{DyK  _Toc99337506{DyK  _Toc99337507{DyK  _Toc99337507{DyK  _Toc99337508{DyK  _Toc99337508{DyK  _Toc99337509{DyK  _Toc99337509{DyK  _Toc99337510{DyK  _Toc99337510{DyK  _Toc99337511{DyK  _Toc99337511$$If!vh55#v#v:V -06,5 / 34-$$If!vh55#v#v:V -06,5 / 34-$$If!vh55#v#v:V -06,5 / 34-$$If!vh55#v#v:V -06,5 / 34-$$If!vh55#v#v:V -06,5 / 34-$$If!vh55#v#v:V -06,5 / 34-$$If!vh55#v#v:V -06,5 / 34-$$If!vh55#v#v:V -06,5 / 34-$$If!vh55#v#v:V -06,5 / 34-$$If!vh55#v#v:V -06,5 / 34-$$If!vh5F55m5m55#vF#v#vm#v#v:V !6,555m559/ /  / 4 a$$If!vh5F55m5m55#vF#v#vm#v#v:V !6,59/  / / / / 4 a$$If!vh5F55m5m55#vF#v#vm#v#v:V t!6,59/ /  /  / / / 4 a$$If!vh5F55m5m55#vF#v#vm#v#v:V !6,559/ /  / / / / 4 a$$If!vh5F55m5m55#vF#v#vm#v#v:V t!6,559/ /  / / / / 4 a$$If!vh5F55m5m55#vF#v#vm#v#v:V t!6,559/ /  / / / / 4 a$$If!vh5F55m5m55#vF#v#vm#v#v:V t!6,559/ /  / / / / 4 a$$If!vh5F55m5m55#vF#v#vm#v#v:V t!6,559/ /  / / / / 4 a$$If!vh5F55m5m55#vF#v#vm#v#v:V t!6,559/ /  / / / / 4 a$$If!vh5F55m5m55#vF#v#vm#v#v:V t!6,559/ /  / / / / 4 a$$If!vh5F55m5m55#vF#v#vm#v#v:V t!6,559/ /  / / / / 4 a$$If!vh5F55m5m55#vF#v#vm#v#v:V t!6,559/ /  / / / / 4 a$$If!vh5F55m5m55#vF#v#vm#v#v:V t!6,559/ /  / / / / 4 a$$If!vh5F55m5m55#vF#v#vm#v#v:V t!6,559/ /  / / / / 4 a$$If!vh5F55m5m55#vF#v#vm#v#v:V t!6,559/ /  / / / / 4 a$$If!vh5F55m5m55#vF#v#vm#v#v:V t!6,59/ /  / / / / 4 a$$If!vh5F55m5m55#vF#v#vm#v#v:V t!6,59/ /  / / / / 4 a$$If!vh5F55m5m55#vF#v#vm#v#v:V t!6,59/ /  / / / / 4 a$$If!vh5F55m5m55#vF#v#vm#v#v:V t!6,59/ /  / / / / 4 a$$If!vh5F55m5m55#vF#v#vm#v#v:V !6,559/ /  / / / / 4 a$$If!vh5F55m5m55#vF#v#vm#v#v:V t!6,559/ /  / / / / 4 a$$If!vh5F55m5m55#vF#v#vm#v#v:V t!6,559/ /  / / / / 4 a$$If!vh5F55m5m55#vF#v#vm#v#v:V t!6,559/ /  / / / / 4 a$$If!vh5F55m5m55#vF#v#vm#v#v:V t!6,559/ /  / / / / 4 a$$If!vh5F55m5m55#vF#v#vm#v#v:V !6,559/ / / / / 4 aB@B wv1KG=K9CJ_HaJmHsHtHX@X wv 03>;>2>: 3$$dh@&a$5B*CJaJphD@D wv 03>;>2>: 8 <@&6]R @R wv 03>;>2>: 9 <@&CJOJQJ^JaJBA@B A=>2=>9 H@8DB 0170F0Xi@X 1KG=0O B01;8F04 l4a .k. 5B A?8A:0pC@p wvA=>2=>9 B5:AB A >BABC?><$7dh`7a$ B* CJphtS@t wvA=>2=>9 B5:AB A >BABC?>< 3 dh` 5CJaJjR@j wvA=>2=>9 B5:AB A >BABC?>< 2$dh`a$CJPB@"P wvA=>2=>9 B5:AB$ hdha$CJ2&@12 wv =0: A=>A:8H*D^@BD wv 1KG=K9 (251)dd[$\$<@R< wv "5:AB A=>A:8CJaJ:U@a: wv 8?5@AAK;:0 >*B*phD>@rD wv0720=85$dh`a$CJ0O0 wv Hyperlink>*B*<@< wv 3;02;5=85 3 ^4@4 wv 3;02;5=85 1<@< wv 3;02;5=85 2 ^J @J wv86=89 :>;>=B8BC;  E$*OB* wvdd[$\$TOT wv@0B:89 >1@0B=K9 04@5A CJKHaJ*0aH" +EZaH +EZaH  uG+D1 )  ;Hrt/Y,] W,g%G~Y *]$L4MyN !7!!;"<"=">"?"@"A"B"C"D"E"F"G"H"T"U""<#1$$$%B%%%'Z((`)a)))!*_**@++:,,n---..n//'0(0)0*05060708090:0;0<0=0>0?0@0A0B0C0D0E0F0G0H0I0J0K0L00000001+1C1Z11/2>2?2{2222222%333333454}44455R5555556t66647778;8<8888889:9]9r999:@:A:U:::: ;|;;;;<<M<i<j<<<<H=s====>/>r>>>>>>>>>>>>>>>????????? ? ?E?F?G?J?M?R?T?V?Y?Z?\?^?_?`???????@ @ @@@@@@@@L@N@P@R@T@V@W@@@@@@@@@@A AAA A0A3A;AEAOAYAZAoArAvA|AAAAAAAAAAAAAAAAAABBBBBBB3B6B9B=BABEBFBXB[B]B_BaBcBdBBBBBBBBBBBBBBBBBC CCC CHCJCLCNCPCRCSClCpCxCCCCCCCCCCCCCCCDDDDUDYDaDiDqDyDzDDDDDDDDDDDDDDD EEEEEEE/E3E5E7E9E;E : & Zn@H$6BN"\),-./0123469anpv} +:IM:ď>n,p8\ƯtFpdtڴVҵl(̷&hl*578:;`bcdefghijklmoqrstuwxyz{|~+ 78Wa|~Uprsu&ADEGfy   .c~ %()+J#>ABDcaH X%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕ̕8@b(  V  # " V  # " H  #   H  #   V  # " V  # " H  #   VB   C D"VB   C D"HB   C DHB   C D VB   C D"VB  C D"HB @ C D B S  ?G?H?J?K?M?N?O?P?R?T?V?W?Z?\?aH( td(%"t t  d t  Gt  .t ^tGGt|Atp{t`t <`<t 8#t, t _Toc99337498 _Toc99337509 _Toc99337510 _Toc99337511H"a)*0bHR")40bH@BC!!""">#B#w#{#-,1,//[7a7b7l7m7r7t7v7w7}7778)8":(:EF"FGGGGGGG!G"G*G+G1GvGzG}GGGGGGGGGGG+H/HbH;WBC**,,-- ..// 00X2Z2355577<884DLDEQFUFGbHEGbHAnna Chernenkov$6A7H#r(9x$(ic"<1ET|X rS? oҭhh^h`)h^`.h^`.hpLp^p`L.h@ @ ^@ `.h^`.hL^`L.h^`.h^`.hPLP^P`L.h^`.^`.pLp^p`L.@ @ ^@ `.^`.L^`L.^`.^`.PLP^P`L.h^`.hee^e`.h5 L5 ^5 `L.h^`.h^`.hL^`L.huu^u`.hEE^E`.hL^`L.h^`.h^`.hpLp^p`L.h@ @ ^@ `.h^`.hL^`L.h^`.h^`.hPLP^P`L. hh^h`OJQJo(-h ^`OJQJo(h ^`OJQJo(oh pp^p`OJQJo(h @ @ ^@ `OJQJo(h ^`OJQJo(oh ^`OJQJo(h ^`OJQJo(h ^`OJQJo(oh PP^P`OJQJo(v$7(? oT|X9xic"wv%)<":,}.0000Z1>2?2233545555547;8<8888]9@:A:|;i<j<=>>`??????@ @ @@@@@@@@L@N@P@R@T@V@W@@@@@@@@@@A AAA A0A3A;AEAOAYAZAoArAvA|AAAAAAAAAAAAAAAAAABBBBBBB3B6B9B=BABEBFBXB[B]B_BaBcBdBBBBBBBBBBBBBBBBBC CCC CHCJCLCNCPCRCSClCpCxCCCCCCCCCCCCCCCDDDDUDYDaDiDqDyDzDDDDDDDDDDDDDDD EEEEEEE/E3E5E7E9E;ExUnknownGz Times New Roman5Symbol3& z ArialOz Times New Roman CYRI& ??Arial Unicode MS?5 z Courier New;Wingdings"qhfຓfe D;#~e D;#~Yn24EE3QH(?wvAnna ChernenkoAnna Chernenko(       Oh+'0d   , 8DLT\ssAnna Chernenkonna Normal.dotnAnna Chernenko3naMicrosoft Word 10.0@@60{/@@$Ȃ/e D;՜.+,D՜.+,4 hp  HOME3~#EA    8@ _PID_HLINKSAdT<P _Toc99337511<J _Toc99337510=D _Toc99337509=> _Toc99337508=8 _Toc99337507=2 _Toc99337506=, _Toc99337505=& _Toc99337504=  _Toc99337503= _Toc99337502= _Toc99337501= _Toc993375004 _Toc993374994 _Toc99337498  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~Root Entry FS݂/Data  ,1TablemWordDocument. SummaryInformation(DocumentSummaryInformation8CompObjj  F Microsoft Word MSWordDocWord.Document.89q