ࡱ> `bjbjss.(Je ( Z)Z)Z)8)l)<;hF*0,0,0,0,0,-DZ-$;!;!;!;!;!;!;$D=h?bE;QX.0,0,X.X.E;0,0,;111X.0,0,;1X.;11V9@:0,:* yoZ).: :d;0;:x@0@:@:$~-"-1--~-~-~-E;E;1X~-~-~-;X.X.X.X. !>45@60=85  TOC \o "1-3" \h \z \t "03>;>2>: 4;1"  HYPERLINK \l "_Toc125280678" 2545=85  PAGEREF _Toc125280678 \h 3  HYPERLINK \l "_Toc125280679" 1. A=>2=K5 0A?5:BK C?@02;5=8O 8=25AB8F8O<8 2 D8=0=A>2>< <5=546<5=B5  PAGEREF _Toc125280679 \h 5  HYPERLINK \l "_Toc125280680" 1.1.@>8AE>645=85, >A=>2=K5 ?>=OB8O, ACI=>ABL 8 284K 8=25AB8F89, 8E :;0AA8D8:0F8O  PAGEREF _Toc125280680 \h 5  HYPERLINK \l "_Toc125280681" 1.2.>@<0B82=>-?@02>20O 1070 8=25AB8@>20=8O 2 >AA88  PAGEREF _Toc125280681 \h 10  HYPERLINK \l "_Toc125280682" 1.3.!CI=>ABL C?@02;5=8O 8=25AB8F8O<8 2 AD5@5 D8=0=A>2>3> <5=546<5=B0  PAGEREF _Toc125280682 \h 11  HYPERLINK \l "_Toc125280683" 2. =25AB8F8>==0O ?>;8B8:0 8 >F5=:0 MDD5:B82=>AB8 8=25AB8F8>==>9 45OB5;L=>AB8  PAGEREF _Toc125280683 \h 17  HYPERLINK \l "_Toc125280684" 2.1.A=>2=K5 ?>=OB8O 8=25AB8F8>==>9 ?>;8B8:8  PAGEREF _Toc125280684 \h 17  HYPERLINK \l "_Toc125280685" 2.2."5>@8O ?>@BD5;O 8 <>45;8 >F5=:8 4>E>4=>AB8 D8=0=A>2KE 0:B82>2  PAGEREF _Toc125280685 \h 19  HYPERLINK \l "_Toc125280686" 2.2.1.>=OB85 8 B5>@8O 8=25AB8F8>==>3> ?>@BD5;O: ?@8=F8?K 8 MB0?K 53> D>@<8@>20=8O  PAGEREF _Toc125280686 \h 20  HYPERLINK \l "_Toc125280687" 2.2.2.%0@0:B5@8AB8:0 <>45;59 >F5=:8 4>E>4=>AB8 D8=0=A>2KE 0:B82>2  PAGEREF _Toc125280687 \h 24  HYPERLINK \l "_Toc125280688" 2.3.?@545;5=85 MDD5:B82=>AB8 8=25AB8F8>==>9 45OB5;L=>AB8 2 AD5@5 D8=0=A>2>3> <5=546<5=B0  PAGEREF _Toc125280688 \h 26  HYPERLINK \l "_Toc125280689" 0:;NG5=85  PAGEREF _Toc125280689 \h 30  HYPERLINK \l "_Toc125280690" !?8A>: 8A?>;L7>20==>9 ;8B5@0BC@K  PAGEREF _Toc125280690 \h 32  2545=85 5OB5;L=>ABL ;N1>9 D8@<K B0: 8;8 8=0G5 A2O70=0 A 2;>65=85< @5AC@A>2 2 @07;8G=K5 284K 0:B82>2, ?@8>1@5B5=85 :>B>@KE =5>1E>48<> 4;O >ACI5AB2;5=8O >A=>2=>9 45OB5;L=>AB8 MB>9 D8@<K. > 4;O C25;8G5=8O C@>2=O @5=B015;L=>AB8 D8@<0 B0:65 <>65B 2:;04K20BL 2@5<5==> A2>1>4=K5 @5AC@AK 2 @07;8G=K5 284K 0:B82>2, ?@8=>AOI8E 4>E>4, => =5 CG0AB2CNI8E 2 >A=>2=>9 45OB5;L=>AB8. "0:0O 45OB5;L=>ABL D8@<K =07K205BAO 8=25AB8F8>==>9, 0 B0:0O 45OB5;L=>ABL :;0AA8D8F8@C5BAO :0: C?@02;5=85 8=25AB8F8O<8. @>F5AA 8=25AB8@>20=8O 83@05B 206=CN @>;L 2 M:>=><8:5 ;N1>9 AB@0=K. =25AB8@>20=85 2 7=0G8B5;L=>9 AB5?5=8 >?@545;O5B M:>=><8G5A:89 @>AB 3>AC40@AB20, 70=OB>ABL =0A5;5=8O 8 A>AB02;O5B ACI5AB25==K9 M;5<5=B 107K, =0 :>B>@>9 >A=>2K205BAO M:>=><8G5A:>5 @0728B85 >1I5AB20. >MB><C ?@>1;5<0, A2O70==0O A MDD5:B82=K< C?@02;5=85< 8=25AB8F8O<8 :@09=5 0:BC0;L=0, >A>15==> 2 =0AB>OI55 2@5<O, 2 A2O78 A C:@C?=5=85< AC1J5:B>2 @K=>G=KE >B=>H5=89 8 ?5@545;0 A>1AB25==>AB8. =25AB8F88 A53>4=O ?@54AB02;ONB A>1>9 ?@8<5=5=85 D8=0=A>2KE @5AC@A>2 2 D>@<5 4>;3>A@>G=KE 2;>65=89 :0?8B0;0 (:0?8B0;>2;>65=89). ACI5AB2;5=85 8=25AB8F89 ?@>BO65==K9 2> 2@5<5=8 ?@>F5AA. >MB><C 4;O =081>;55 MDD5:B82=>3> ?@8<5=5=8O D8=0=A>2KE @5AC@A>2 ?@54?@8OB85 D>@<8@C5B A2>N 8=25AB8F8>==CN ?>;8B8:C. =25AB8F8>==0O ?>;8B8:0 ?@54AB02;O5B A>1>9 >1I55 @C:>2>4AB2> 4;O 459AB289 8 ?@8=OB8O @5H5=89, :>B>@>5 >1;53G05B 4>AB865=85 F5;59 ?@54?@8OB8O. <5==> A ?><>ILN 8=25AB8F8>==>9 ?>;8B8:8 ?@54?@8OB85 @50;87C5B A2>8 2>7<>6=>AB8 : ?@542>AE8I5=8N 4>;3>A@>G=KE B5=45=F89 M:>=><8G5A:>3> @0728B8O 8 040?B0F88 : =8<. 1J5:B>< :C@A>2>9 @01>BK O2;ONBAO: 8=25AB8F88. @54<5B><: C?@02;5=85 8 8=25AB8F8>==0O ?>;8B8:0. "0:8< >1@07><, F5;LN :C@A>2>9 @01>BK O2;O5BAO :><?;5:A=>5 87CG5=85 C?@02;5=8O 8=25AB8F8O<8 8 8=25AB8F8>==>9 ?>;8B8:8 2 @0<:0E D8=0=A>2>3> <5=546<5=B0.  A>>B25BAB288 A ?>AB02;5==>9 F5;LN 2 @01>B5 @5H5=K A;54CNI85 7040G8: 0AA<>B@5=> ?@>8AE>645=85, >A=>2=K5 ?>=OB8O, ACI=>ABL 8 284K 8=25AB8F89, 8E :;0AA8D8:0F8O; >@<0B82=>  ?@020O 1070 8=25AB8@>20=8O 2 >AA88; !CI=>ABL C?@02;5=8O 8=25AB8F8O<8 2 AD5@5 D8=0=A>2>3> <5=546<5=B0; 0=K >A=>2=K5 ?>=OB8O 8=25AB8F8>==>9 ?>;8B8:8; 0AA<>B@5=K B5>@8O ?>@BD5;O 8 <>45;8 >F5=:8 4>E>4=>AB8 D8=0=A>2KE 0:B82>2; ?@545;5=0 MDD5:B82=>ABL 8=25AB8F8>==>9 45OB5;L=>AB8 2 AD5@5 D8=0=A>2>3> <5=546<5=B0  :0G5AB25 <5B>4>;>38G5A:>9 >A=>2K 2 @01>B5 8A?>;L7>20=0 ;8B5@0BC@0 >B5G5AB25==KE 8 70@C156=KE 02B>@>2 ?> B5<5 :C@A>2>9 @01>BK. !B@C:BC@0 @01>BK A>AB>8B 87: 22545=8O, 42CE 3;02, 70:;NG5=8O, A?8A:0 8A?>;L7>20==>9 ;8B5@0BC@K. 01>B0 ?>4;568B 70I8B5 =0 :0D54@5 & & . A=>2=K5 0A?5:BK C?@02;5=8O 8=25AB8F8O<8 2 D8=0=A>2>< <5=546<5=B5 @>8AE>645=85, >A=>2=K5 ?>=OB8O, ACI=>ABL 8 284K 8=25AB8F89, 8E :;0AA8D8:0F8O >=OB85 8=25AB8F8O ?@>87>H;> >B ;0B8=A:>3> investire - >1;0G0BL.  M?>EC D5>40;87<0 8=25AB8BC@>9 =07K20;AO 22>4 20AA0;0 2> 2;045=85 D5>4><. -B8< 65 A;>2>< >1>7=0G0;>AL =07=0G5=85 5?8A:>?>2, ?>;CG02H8E ?@8 MB>< 2 C?@02;5=85 F5@:>2=K5 75<;8 A 8E =0A5;5=85< 8 ?@02> AC40 =04 =8<8. 2545=85 2 4>;6=>ABL A>?@>2>640;>AL A>>B25BAB2CNI59 F5@5<>=859 >1;0G5=8O 8 =045;5=8O ?>;=><>G8O<8. =25AB8BC@0 4020;0 2>7<>6=>ABL 8=25AB8B>@C (8;8, 3>2>@O A>2@5<5==K< O7K:><, 8=25AB>@C) =5 B>;L:> ?@8>1I0BL : A515 =>2K5 B5@@8B>@88 4;O ?>;CG5=8O 4>ABC?0 : 8E @5AC@A0<, => 8 CG0AB2>20BL 2 C?@02;5=88 MB8<8 B5@@8B>@8O<8 G5@57 >1;5G5==KE ?>;=><>G8O<8 AB02;5==8:>2 A F5;LN =0A0645=8O A2>59 845>;>388. >A;54=OO, A >4=>9 AB>@>=K, >?@024K20;0 8=B5=A82=CN M:A?;C0B0F8N =0A5;5=8O B5@@8B>@89 8 ?>72>;O;0 C25;8G820BL ?>;CG05<K9 A MB8E B5@@8B>@89 4>E>4, 0 A 4@C3>9 AB>@>=K, 2KABC?0;0 2 :0G5AB25 @072820NI53> D0:B>@0. ! B5G5=85< 2@5<5=8 A;>2> 8=25AB8F8O ?>?>;=8;>AL F5;K< @O4>< =>2KE 7=0G5=89 8 AB0;> C?>B@51;OBLAO 2 @07;8G=KE AD5@0E 45OB5;L=>AB8, 0 >4=> 87 7=0G5=89 (4>;3>A@>G=>5 2;>65=85 :0?8B0;0 2 :0:>5-;81> ?@54?@8OB85) 2 A8;C <0AA>2>AB8 AB0;> >1I5C?>B@518B5;L=K<. <5==> A B0:8< 7=0G5=85< (C65 :0: A >A=>2=K<) MB> A;>2> 8 ?>O28;>AL 2 =0H5< O7K:5, >?@545;OO A<KA; 8 7=0G5=85 >AB0;L=KE >4=>:>@5==KE A;>2.  A0<>< >1I5< 2845 8=25AB8F88 ?@54AB02;ONB A>1>9 4>;3>A@>G=K5 2;>65=8O A@54AB2 2 @07;8G=K5 >B@0A;8 M:>=><8:8 A F5;LN ?>;CG5=8O ?@81K;8. #A;>2=0O 3@0=8F0, @0745;ONI0O B5:CI85 8 8=25AB8F8>==K5 70B@0BK - >48= 3>4. =25AB8F88 >15A?5G820NB 48=0<8G=>5 @0728B85 ?@54?@8OB8O 8 ?>72>;ONB @5H0BL A;54CNI85 7040G8: 1.@0AH8@5=85 A>1AB25==>9 ?@54?@8=8<0B5;LA:>9 45OB5;L=>AB8 70 AGQB =0:>?;5=8O D8=0=A>2KE 8 <0B5@80;L=KE @5AC@A>2; 2. ?@8>1@5B5=8O =>2KE ?@54?@8OB89; 3. 4825@A8D8:0F8O 2A;54AB285 >A2>5=8O =>2KE >1;0AB59 187=5A0. !C1J5:B>< 8=25AB8F89 O2;O5BAO ?@54?@8OB85 (>@30=870F8O), 8A?>;L7CNI55 8=25AB8F88. -B> ?@54?@8OB85 =07K205BAO 5IQ @5F8?85=B><. !C1J5:B>< 8=25AB8F89 2 AB@>8B5;L=>9 AD5@5 O2;O5BAO A0<0 AB@>8B5;L=0O >@30=870F8O, 8A?>;L7CNI0O 40==K5 2;>65=8O (8=25AB8F88). !CI5AB2CNB A;54CNI85 >1J5:BK 8=25AB8F89: AB@>OI85AO, @5:>=AB@C8@C5<K5 8;8 @0AH8@O5<K5 ?@54?@8OB8O, 740=8O, AB@>8B5;LAB2> A>>@C65=89 (>A=>2=KE D>=4>2), ?@54=07=0G5==K5 4;O ?@>872>4AB20 =>2KE ?@>4C:B>2 8 CA;C3; :><?;5:AK AB@>OI8EAO 8;8 @5:>=AB@C8@C5<KE >1J5:B>2, >@85=B8@>20==KE =0 @5H5=85 >4=>9 7040G8 (?@>3@0<<K).  MB>< A;CG05 ?>4 >1J5:B>< 8=25AB8@>20=8O ?>4@07C<5205BAO: ?@>3@0<<0 D545@0;L=>3>, @538>=0;L=>3> 8;8 8=>3> C@>2=O; ?@>872>4AB2> =>2KE 8745;89 (CA;C3) =0 8<5NI8EAO ?@>872>4AB25==KE ?;>I04OE 2 @0<:0E 459AB2CNI8E ?@>872>4AB2 8 >@30=870F89. =25AB8F88 <>3CB >E20BK20BL :0: ?>;=K9 =0CG=> - B5E=8G5A:89 8 ?@>872>4AB25==K9 F8:; A>740=8O ?@>4C:F88 (@5AC@A0, CA;C38), B0: 8 53> M;5<5=BK (AB0488): =0CG=K5 8AA;54>20=8O, ?@>5:B=>-:>=AB@C:B>@A:85 @01>BK, @0AH8@5=85 8;8 @5:>=AB@C:F8O 459AB2CNI53> ?@>872>4AB20, >@30=870F8O =>2>3> ?@>872>4AB20 8;8 2K?CA: =>2>9 ?@>4C:F88, @5F8:;8=3, CB8;870F8O 8 B.4. 1J5:BK 8=25AB8F89 @07;8G0NBAO ?>: <0AHB010< ?@>5:B0; =0?@02;5==>AB8 ?@>5:B0 (:><<5@G5A:0O, A>F80;L=0O, A2O70==0O A 3>AC40@AB25==K<8 8=B5@5A0<8 8 B.4.); E0@0:B5@C 8 A>45@60=8N 8=25AB8F8>==>3> F8:;0; E0@0:B5@C 8 AB5?5=8 CG0AB8O 3>AC40@AB20 (3>AC40@AB25==K5 :0?8B0;>2;>65=8O, ?0:5B 0:F89, =0;>3>2K5 ;L3>BK, 30@0=B88, 8=K5 D>@<K CG0AB8O); MDD5:B82=>AB8 8A?>;L7>20=8O 2;>65==KE A@54AB2. =25AB8F8>==K9 ?@>F5AA >1;0405B 2A5<8 ?@87=0:0<8 A8AB5<K: 2 =5< 2A5340 ?@8ACBAB2C5B AC1J5:B (8=25AB>@), >1J5:B (>1J5:B 8=25AB8F89), A2O7L <564C =8<8 (8=25AB8@>20=85 A F5;LN ?>;CG5=8O 8=25AB8F8>==>3> 4>E>40) 8 A@540, 2 :>B>@>9 >=8 ACI5AB2CNB (8=25AB8F8>==0O A@540). @8 MB>< A2O7L 2KABC?05B A8AB5<>>1@07CNI8< D0:B>@><, ?>A:>;L:C >1J548=O5B 2A5 >AB0;L=K5 M;5<5=BK 2 >4=> F5;>5. !8AB5<=K9 ?>4E>4 ?>72>;O5B 8AG5@?K20NI5 >?8A0BL ACI=>ABL 8=25AB8F8>==>3> ?@>F5AA0 8 40BL 459AB25==K5 >?@545;5=8O >A=>2=KE ?>=OB89 @8A.1. & & & .. !CI=>ABL C?@02;5=8O 8=25AB8F8O<8 2 AD5@5 D8=0=A>2>3> <5=546<5=B0 @5645 @0AA<>B@5BL ACI=>ABL C?@02;5=8O 8=25AB8F8O<8 @0AA<>B@8< >A=>2=K5 >?@545;5=8O 8 A>AB02;ONI85 AD5@K D8=0=A>2>3> <5=546<5=B0. $8=0=A>2K9 <5=546<5=B - MB> C?@02;5=85, :>B>@>5 ?@54?>;0305B @07@01>B:C <5B>4>2, :>B>@K5 2K18@05B ?@54?@8OB85 4;O 4>AB865=8O >?@545;5==KE F5;59, :>=5G=>9 87 :>B>@KE O2;O5BAO >15A?5G5=85 ?@>G=>3> 8 CAB>9G82>3> D8=0=A>2>3> A>AB>O=8O. $8=0=A>2K9 <5=546<5=B 8<55B F5;LN 0:B82=>5 8 @0F8>=0;L=>5 C?@02;5=85 D8=0=A0<8 ?@54?@8OB8O. = 2>7459AB2C5B =0 2A5 AB>@>=K 53> 45OB5;L=>AB8, B0: :0: 2K1>@ :@8B5@852 4;O ?@8=OB8O ?@028;L=KE D8=0=A>2KE @5H5=89 2K7K205B =5>1E>48<>ABL 87<5=5=8O 2> <=>38E AD5@0E DC=:F8>=8@>20=8O ?@54?@8OB8O. $8=0=A>2K9 <5=546<5=B ?>=OB85 H8@>:>5, 8 :064K9 02B>@ >?@545;O5B 53> ?>-A2>5<C. !B>O=>20 .!. $8=0=A>2K9 <5=546<5=B =0C:0 C?@02;5=8O D8=0=A0<8 ?@54?@8OB8O, =0?@02;5==0O =0 4>AB865=85 53> AB@0B538G5A:8E 8 B0:B8G5A:8E F5;59. @59=8=0 .. $8=0=A>2K9 <5=546<5=B =0C:0 >1 C?@02;5=88 >B=>H5=8O<8, D>@<8@CNI8<8AO 2 ?@>F5AA5 ?@>872>4AB20. !B>O=>20 . !., (B5@= . .$8=0=A>2K9 <5=546<5=B MB> =0C:0 > :@8B5@8OE ?@8=OB8O 206=59H8E D8=0=A>2KE @5H5=89. ?@545;5=8O >B5G5AB25==KE 02B>@>2 >B;8G0NBAO >B >1I5?@8=OBKE <8@>2KE. <5@8:0=A:85 8 70?04=>52@>?59A:85 M:>=><8ABK >?@545;ONB D8=0=A>2K9 <5=546<5=B :0: C?@02;5=85 D8=0=A0<8 D8@<K, 8<5NI55 3;02=>9 A2>59 F5;52>9 DC=:F859 <0:A8<870F8N :C@A0 0:F89, G8AB>9 ?@81K;8 =0 0:F8N, C@>2=O 482845=4>2 8 B.4. fhjl  : < > @ D F shNh2jhS`hb>*B*UmHnHphuhbCJmHnHu j}hbUmHnHujhbUmHnHuhbmHnHu2jhS`hb>*B*UmHnHphuhbmHnHuh5[ehb0JmHnHu$jh5[ehb0JUmHnHujhb5UaJ hb5aJhhb5aJ 4 $ 8 Z<FvV"6gdb$ `a$gdb  $ ^`gdb $ ^`gdb $ ^`gdb $ ^`gdb$a$gdbĹ       H J L N ( * , . 0 2 4 6 8 p r t v  ·©©u·©[©2jhS`hb>*B*UmHnHphu jqhbUmHnHu2jhS`hb>*B*UmHnHphuhbmHnHuh5[ehb0JmHnHuhbCJmHnHu$jh5[ehb0JUmHnHu jwhbUmHnHujhbUmHnHuhbmHnHu#    " $ & ( ` b d f * , . 2 4 6 8 : < t v x z ~ L·©©u·©[©2jhS`hb>*B*UmHnHphu jehbUmHnHu2jhS`hb>*B*UmHnHphuhbmHnHuh5[ehb0JmHnHuhbCJmHnHu$jh5[ehb0JUmHnHuhbmHnHujhbUmHnHu jkhbUmHnHu"LNPTVXZ\^.0268:<>@xz|~8·©©u·©[©2jhS`hb>*B*UmHnHphu jYhbUmHnHu2jhS`hb>*B*UmHnHphuhbmHnHuh5[ehb0JmHnHuhbCJmHnHu$jh5[ehb0JUmHnHuhbmHnHujhbUmHnHu j_hbUmHnHu 8:<@BDFHJ024hjlprtvxz:<>r·©©u·©[©2jhS`hb>*B*UmHnHphu jMhbUmHnHu2jhS`hb>*B*UmHnHphuhbmHnHuh5[ehb0JmHnHuhbCJmHnHu$jh5[ehb0JUmHnHuhbmHnHujhbUmHnHu jShbUmHnHu rtvz|~tvxH·©©u·©[©2j hS`hb>*B*UmHnHphu jA hbUmHnHu2j hS`hb>*B*UmHnHphuhbmHnHuh5[ehb0JmHnHuhbCJmHnHu$jh5[ehb0JUmHnHuhbmHnHujhbUmHnHu jG hbUmHnHu HJLPRTVXZ "!!!!""$$·©©u·ib^W^W^W^W hN!hbhb hb5aJjhb5UaJ j5 hbUmHnHu2j hS`hb>*B*UmHnHphuhbmHnHuh5[ehb0JmHnHuhbCJmHnHu$jh5[ehb0JUmHnHuhbmHnHujhbUmHnHu j; hbUmHnHu 6 V!!"L##$$v%%l&'((&).))$$ xxM^x`Ma$gdb$ & F ^`gdb$gdb$$$$r%v%%%%%%%&&~&&&&&&&&'''P(T($)&)N*******F4H4J4L4\5^5b555555r88t99=ùhNhb6h1@ohb6 hAhb hthb hbCJhhbCJ hhbjhb0JU hShbhN!hbB*phhbB*ph!hb0J>*B*mHnHphu hN!hbhb hbhb4)N**:1L4b5677r8t9n::R; <===>A EI & F e^`gdb & F ^`gdbgdb$ & F 0^`0a$gdb==?? @"@@@TAVAD D EH IIIJJJJJJKzL|LXO\O^O`OzP|P~PPVQXQZQ\Q4R6R8R:RTTrvttuւ؂~΃҃<> hChb hCHhb hShbhfOhb6 hyUhbhw~~hb6Ujhb0JU h/3hbhbB*phhthbB*phhb hAhb=IIIJ|L`OP\Q:RTxttv,{<}t~h̀܂v҃>*ĈЈgdbgdbgdbgdb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arkowitz) 8 8;LO<0 (0@?0 (W. Sharpe). !CBL B5>@88 A>AB>8B 2 B><, GB>, :0: ?@028;>, A>2>:C?=K9 C@>25=L @8A:0 <>65B 1KBL A=865= 70 AG5B >1J548=5=8O @8A:>2KE 0:B82>2 (MB> 8=25AB8F8>==K5 ?@>5:BK 8 F5==K5 1C<038) 2 ?>@BD5;8. A=>2=0O ?@8G8=0 B0:>3> A=865=8O @8A:0 70:;NG05BAO 2 >BACBAB288 ?@O<>9 DC=:F8>=0;L=>9 A2O78 <564C 7=0G5=8O<8 4>E>4=>AB8 ?> 1>;LH8=AB2C @07;8G=KE 284>2 0:B82>2. "0:8< >1@07><, 8=25AB8F8>==K9 ?>@BD5;L, F5;5=0?@02;5==> D>@<8@C5BAO 87 A>2>:C?=>AB8 D8=0=A>2KE 8=AB@C<5=B>2, 8=25AB8F8>==KE ?@>5:B>2, ?@54=07=0G5==KE 4;O >ACI5AB2;5=8O 8=25AB8@>20=8O 2 A>>B25BAB288 A @07@01>B0==>9 8=25AB8F8>==>9 ?>;8B8:>9. !@02=820O :>=F5?F88 4>E>4=>AB8 8 >F5=:8 D8=0=A>2KE 0:B82>2  " 8! , <>6=> >B<5B8BL, GB> B5>@8O 0@18B@06=>3> F5=>>1@07>20=8O <>65B 1KBL ?@54AB02;5=0 2 <=>3>?5@8>4=>< 20@80=B5, 2 =59 =5 ?@54?>;0305BAO 2 :0G5AB25 >1O70B5;L=>3> CA;>28O ACI5AB2>20=85 D8=0=A>2>3> 8=AB@C<5=B0 A 157@8A:>2>9 4>E>4=>ABLN 8 4;O 55 ?@8<5=5=8O =5 =C6=> 8AG8A;OBL A@54=5>68405<>5 7=0G5=85 4>E>40 >B F5==KE 1C<03 8 53> 20@80F8N. ! 4@C3>9 AB>@>=K, !  ?@54AB02;O5B A>1>9 <>45;L >?@545;5=8O 2A59 A8AB5<K @02=>25A=KE F5= >1@0I0NI8EAO =0 @K=:5 F5==KE 1C<03, 2 B> 2@5<O :0: " >1JOA=O5B D>@<8@>20=85 @02=>25A=>9 F5=K =0 >B45;L=CN, 2=>2L ?>O2;ONICNAO =0 @K=:5 0:F8N.  70:;NG5=88 @01>BK 1K;0 @0AA<>B@5=0 MDD5:B82=>ABL 8=25AB8F89 2 AD5@5 D8=0=A>2>3> <5=546<5=B0, :>B>@0O E0@0:B5@87C5BAO A8AB5<>9 ?>:070B5;59, >B@060NI8E A>>B=>H5=85 70B@0B 8 @57C;LB0B>2 ?@8<5=8B5;L=> : 8=B5@5A0< 53> CG0AB=8:>2. !?8A>: 8A?>;L7>20==>9 ;8B5@0BC@K 5B>48G5A:85 @5:><5=40F88 ?> >F5=:5 MDD5:B82=>AB8 8=25AB8F8>==KE ?@>5:B>2 (B>@0O @540:F8O). D8F80;L=>5 8740=85. - ., 2000. - 423 A. #B2.  ?> AB@>8B5;LAB2C, 0@E8B5:BC@5 8 68;8I=>9 ?>;8B8:5, -2> M:>=><8:8 $. -2> D8=0=A>2 $. ;0=: .. A=>2K 8=25AB8F8>==>3> <5=546<5=B0. ".1. - 2-5 874., ?5@5@01. 8 4>?. - .: -;L30, 8:0-&5=B@, 2004. - 672 A. >30B8= ..., (20=40@ .. F5=:0 MDD5:B82=>AB8 187=5A0 8 8=25AB8F89: #G51. ?>A>185 4;O 2C7>2. - .: $8=0=AK, .=8B8-40=0, 2001..A.254. 0E@8= . ., 5H8B>9 . !., =25AB8F88 2005 3. 87=5AA>DB, 2005 3.A.176. 8;5=A:89 .., 82H8F .., @;>20 . ., !<>;O= !. F5=:0 MDD5:B82=>AB8 8=25AB8F8>==KE ?@>5:B>2., . 2001  A.248. ;L8=0 .. @30=870F8O 8 D8=0=A8@>20=85 8=25AB8F89: #G51=>5 ?>A>185.  !K:BK2:0@, 2002.A.318. @59=8=0 ..$8=0=A>2K9 <5=546<5=B: #G51=>5 ?>A>185. 740B5;LAB2> : !.2001.A.400. KB=52 .. >45;L >F5=:8 D8=0=A>2KE 0:B82>2 (CAPM). =B5@=5B-8740=85: www.Gaap.ru 0H:8= . !B0BLO !CI=>ABL 8=25AB8F8>==>3> ?@>F5AA0. 0B5@80;K ?>43>B>28;8  8 "-:>=><8:0 8 687=L".20053.!12. 8@>=>2 .., 0<54;8=0 .., 0@8:>20 ..$8=0=A>2K9 <5=546<5=B. 740B5;LAB2>: "-".200533.A.189. O70=>2 . "5>@88 ?>@BD5;L=>3> 8=25AB8@>20=8O 8 8E ?@8<5=5=85 2 CA;>28OE @>AA89A:>3> @K=:0 // K=>: F5==KE 1C<03  2003.  !2.  !.  59-63. !0<A>=>2 .$. $8=0=A>2K9 <5=546<5=B.  .: $8=0=AK, 2001 .- A.256. !;5?=520 "., /@:8= . =25AB8F88. #G51=>5 ?>A>185. 740B5;LAB2>: =D@0-. >4 8740=8O: 20033. A.176. 6>@6 !>@>A ";E8<8O D8=0=A>2", ., =D@0-, 1996. !B>O=>20 .!. $8=0=A>2K9 <5=546<5=B: B5>@8O 8 ?@0:B8:0. 5-5 874.20043. c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www.web-invest.ru  $8=0=A>20O 3@C??0 Web-invest. www.akm.ru  =D>@<0F8>==>5 035=BAB2> AK&M.  0H:8= . !B0BLO !CI=>ABL 8=25AB8F8>==>3> ?@>F5AA0. 0B5@80;K ?>43>B>28;8  8 "-:>=><8:0 8 687=L".20053.!12.  !B>O=>20 .!. $8=0=A>2K9 <5=546<5=B: B5>@8O 8 ?@0:B8:0. 5-5 874.20043. c.38.  @59=8=0 ..$8=0=A>2K9 <5=546<5=B: #G51=>5 ?>A>185.740B5;LAB2> : !.2001.A.31.  !B>O=>20 .!., (B5@= .. $8=0=A>2K9 <5=546<5=B 4;O ?@0:B8:>2.  .: 5@A?5:B820, 1998.  A.23.  0H:8= . !B0BLO !CI=>ABL 8=25AB8F8>==>3> ?@>F5AA0. 0B5@80;K ?>43>B>28;8  8 "-:>=><8:0 8 687=L".20053.!12.  0H:8= . !B0BLO !CI=>ABL 8=25AB8F8>==>3> ?@>F5AA0. 0B5@80;K ?>43>B>28;8  8 "-:>=><8:0 8 687=L".20053.!12.     ΏؑP Ξvxz$έ$ & F ^`gdbgdb`gdb$gdb $`gdbȊr~ʏ̏Ώ$P~vxxƫثګ̭έ68t 󒌅{{rrehhbaJmH sH hsQhbaJhhb;aJ hJhb hbaJhhbaJ ha)hb hb6\h-;hb6\hfOhb6 hb6hw~~hb6 hChbjhb0JU hShbh*hbCJaJhbCJaJhbhP`qhb6'έvаp:>Fh¹ĹPgdb$dd@&[$\$a$gdbgdb$gdb$ & F ^`gdb .:<ΰаpԲֲ8:D  "&PVXdෞ͌hhbH*aJhsQhbaJh(hbaJ0h(hb0J5B*CJOJQJ^JaJphhhb0JB*aJph h@1hbhbh/3hbaJ hbaJhhb\aJhhbaJhhbaJmH sH 3¹Ĺƹڹ2HNPRTҼ*ٻ{wowowowjhUhhCh(\ hCh(jhCh(0JUhGh(\ hGh( h h(jh(0JUh(#hth(5B*CJ$\aJ$phhGh(CJ\aJhGh(CJaJ!jhGh(0JCJUaJhb hahb+gdbhbhjhU,1h. A!"R#n$n% }DyK _Toc125280678}DyK _Toc125280678}DyK _Toc125280679}DyK _Toc125280679}DyK _Toc125280680}DyK _Toc125280680}DyK _Toc125280681}DyK _Toc125280681}DyK _Toc125280682}DyK _Toc125280682}DyK _Toc125280683}DyK _Toc125280683}DyK _Toc125280684}DyK _Toc125280684}DyK _Toc125280685}DyK _Toc125280685}DyK _Toc125280686}DyK _Toc125280686}DyK _Toc125280687}DyK _Toc125280687}DyK _Toc125280688}DyK _Toc125280688}DyK _Toc125280689}DyK _Toc125280689}DyK _Toc125280690}DyK _Toc125280690T`T b1KG=K9$$`a$CJ_HaJmHsHtH\@\ b 03>;>2>: 1 <@&5CJ KH OJQJ\^JaJ Z@Z b 03>;>2>: 2 <@&56OJQJ\]^JaJ\`\ b 03>;>2>: 4!$$$<@&`a$ 5\aJBA@B A=>2=>9 H@8DB 0170F0XiX 1KG=0O B01;8F04 l4a .k. 5B A?8A:0<`< b 3;02;5=85 3 ^4`4 b 3;02;5=85 1<`< b 3;02;5=85 2 ^:U`!: b 8?5@AAK;:0 >*B*phN`2N b "5:AB A=>A:8$$`a$CJaJ2&`A2 b =0: A=>A:8H*NoQN b tit_book1#5CJOJQJ\^JaJo(ph%@O#=$$%.$5Lv|dgL  -#@+}H  x  Hy6 m'j&]97d| S!>"#@$$%F&''(*+,,-.///00[1111I223?4-5267n89:V;<=@AA#A BB CXCC-DDDFEE;F~FFGeGGDHHiIII&J'J(JJJJJBKKLLLLLLLLLLLL000000000000000800000000000 0 0 0 0 0 000000000000000000 0 0 00 0 0000000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 00.0/0/0/0/0/80/0101010101010101010101010101010180/ 0A 0A 0A 0A 0A 0A 0A 0A 0A 0 A 0 A 0 A 0 A 0 A 0A 0A 0A 0A 0A 0A 0A 0A@0h00@0@0@0@0@0@0@0@0t00d@0h00E@0h00E@0h00E@0h00Eh00xE -#@+}H  x  Hy6 m'j&]97d| S!>"#@$$%F&''(*+,,-.///00[1111I223?4-5267n89:V;<=@AA#A BB CXCC-DDDFEE;F~FFGeGGDHHiIII&J'J(JJJJBKKLL000000000000000800000000000 0 0 0 0 0 000000000000000000 0 0 00 0 0000000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 00.0/0/0/0/0/80/0101010101010101010101010101010180/ 0A 0A 0A 0A 0A 0A 0A 0A 0A 0 A 0 A 0 A 0 A 0 A 0A  0A 0A 0A 0A 0A 0A 0A@0 00j00Qj00Q @0 @0 @0j00 00d   L8rH$= +./012357acdf6)Iέ,468`be- 34T^z|}&y 2z '*+-M| !#C:=>@` %()+KmL X%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕ̕ _Toc125280678 _Toc125280679 _Toc125280680 _Toc125280682 _Toc125280683 _Toc125280684 _Toc125280689 _Toc125280690 ./1AL& /./1"ALvoDtwoD4CJCL:CPCLC*urn:schemas-microsoft-com:office:smarttagsmetricconverter  2005 3 ProductIDAAAAFFGG(JK0KLLLLLLLLLLLLLK g SUqyS!="(}*,,00\11T2b23 3:L;==??&@'@AAAAAABBBBCCnDpDDDGGQIRIII(J*J0J#K%KKKL LLLLLLLLLLLLLL ;d///11A#AA BbDDDDEEFFOGeGHH(JLLLLLLLLLLLLL(JLLLLLLLLLLLLL*%Fu&mUJwzlLfhRh ^`hH.h ee^e`hH.h 5 L5 ^5 `LhH.h ^`hH.h ^`hH.h L^`LhH.h uu^u`hH.h EE^E`hH.h L^`LhH.h ^`hH.h ee^e`hH.h 5 L5 ^5 `LhH.h ^`hH.h ^`hH.h L^`LhH.h uu^u`hH.h EE^E`hH.h L^`LhH.h^`OJQJo(hHh ee^e`o(hH.h5 5 ^5 `OJQJo(hHh^`OJQJo(hHh^`OJQJ^Jo(hHoh^`OJQJo(hHhuu^u`OJQJo(hHhEE^E`OJQJ^Jo(hHoh^`OJQJo(hH&mUlLf*%F(b  '1A(JJLL ] @FF\ FFL F&L rUnknownGz Times New Roman5Symbol3& z Arial5& zaTahoma;Wingdings?5 z Courier New"1hCFHF ?% ?%Yn4JJ@HX?b2Anna ChernenkoAnna Chernenko   Oh+'0h  $ 0 <HPX`Anna Chernenko Normal.dotAnna Chernenko3Microsoft Office Word@Ik@Œn@ ]lo ?՜.+,D՜.+,4 hp  HOME%J   \ 8@ _PID_HLINKSAN:J_Toc125280690:D_Toc125280689:>_Toc125280688:8_Toc125280687:2_Toc125280686:,_Toc125280685:&_Toc125280684: _Toc125280683:_Toc125280682:_Toc125280681:_Toc125280680:_Toc125280679:_Toc125280678  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefgijklmnoqrstuvwxyz{|}~Root Entry F yoData h1Tablep&@WordDocument.SummaryInformation(DocumentSummaryInformation8CompObjq  F Microsoft Office Word MSWordDocWord.Document.89q