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INCLUDEPICTURE "http://www.i-u.ru/biblio/archive/ekonomihteskoe_upravlenie_bisnesom/image/clip_image040_0000.jpg" \* MERGEFORMATINET  !?@>A 8A. 3 !>G5B0=85 F5= 8 A?@>A0 B>20@>2 ?>4 459AB285< @07;8G=KE D0:B>@>2 @54?>;>68<, GB> :@820O A?@>A0 =0 :>=:@5B=K9 B>20@ 8<55B >@18BC 0 0 8 B>G:C @02=>25A8O A?@>A0 8 ?@54;>65=8O A :>>@48=0B>9 & 0  ! 0 . >?CAB8< 40;55, GB> ?>4 2;8O=85< @>AB0 4>E>4>2 ?>B@518B5;59 8;8 ?>2KH5=8O :0G5AB20 B>20@0 (0 B0:65 2>7<>6=>3> 87<5=5=8O F5= =0 2708<>70<5=O5<K5 8;8 2708<>4>?>;=O5<K5 B>20@K) B>G:0 @02=>25A8O ?5@5<5AB8BAO =0 4@C3CN >@18BC (=0?@8<5@, >@18BC 1 1 8;8 >@18BC 2 2). ">340 F5=0 @02=>25A8O =0 B>20@ 87<5=8BAO 8 1C45B 8<5BL :>>@48=0BC & 1  C 0 . @8 MB>< A?@>A =0 B>20@ =5 87<5=8BAO 8 A>AB028B C 0 . > D8@<K, ?@>872>4OI85 MB>B B>20@, <>3CB ?>9B8 4@C38< ?CB5<  >AB028BL F5=C @02=>25A8O =0 ?@56=5< C@>2=5, B.5. =0 C@>2=5 & 0 . ">340 8< ?@845BAO 87<5=8BL >1J5< ?>AB02:8 40==>3> B>20@0 =0 @K=>: A B0:8< @0AG5B><, GB>1K C4>2;5B2>@8BL 87<5=82H59AO A?@>A.  MB> 1C45B A?@>A =0 C@>2=5 C 1 8;8 C 2 . "0:8< >1@07><, ?>7=0=8O 2 >1;0AB8 M;0AB8G=>AB8 A?@>A0 8 ?@54;>65=8O B>20@>2 ?>72>;ONB D8@<0< 1>;55 B>G=> ?;0=8@>20BL A2>N E>7O9AB25==CN 45OB5;L=>ABL, ?@8=8<0BL >1>A=>20==K5 ?;0=>2>-C?@02;5=G5A:85 @5H5=8O[2]. & & .. 2. @8<5@ @0AG5B0 :>MDD8F85=B0 M;0AB8G=>AB8 A?@>A0 =0 ?@8<5@5  A:>@  A:>@ 2 ?5@2>< 2@5<5==>< 8=B5@20;5 ?> A@02=5=8N A 1078A=K< ?5@8>4>< ?@>4020;> B>20@ ?> F5=5 =0 3% 4>@>65 ( d = 1,03), @50;87>20;> ?@>4C:F88  =0 7% 1>;LH5 ( b = 1,07). @8 MB>< 4>E>4 ?>B@518B5;59 2>7@>A =0 2% ( = 1,02), 2A5 :>=:C@5=B=K5 D8@<K A=878;8 ?>AB02:8 A2>8E B>20@>2 =0 5% (0 = 0,95), C45;L=K9 25A D8@<K 2 >1I59 B>20@=>9 <0AA5 @K=:0 A>AB02;O; 30% ( U D = 0,3). "5 65 ?>:070B5;8 ?@54?@8OB8O 2> 2B>@>< 2@5<5==>< 8=B5@20;5 ?@8=O;8 A;54CNI85 7=0G5=8O: d = 1,05; b = 1,08;  = 1,06; 0 = 0,98; U D = 0,3. 0 >A=>25 8<5NI59AO 8=D>@<0F88 ?> 42C< 2@5<5==K< 8=B5@20;0< <>6=> A>AB028BL ?> ?@54?@8OB8N 420 C@02=5=8O, ?>4AB0282 7=0G5=8O ?0@0<5B@>2 2 D>@<C;C 1 + K MF (1 - d) + K M4 ( - 1) - (1 - U D) - b U D = 0. ">340 1 +  MF (1 -1,03) +  M4 (1,02 -1) - 0,7 x 0,95 - 0,3 x 1,08 = 0; 1 +  MF (1 -1,05) +  M4 (1,06 -1) - 0,7 x 0,98 - 0,3 x 1,08 = 0. @>254O ?@>AB59H85 0;351@08G5A:85 ?@5>1@07>20=8O 2 >1>8E C@02=5=8OE, >:>=G0B5;L=> ?>;CG8<: - 0,03 K MF + 0,02 K M4 = - 0,014; -0,05 K MF +0,06 K M4 = 0,01. 5H82 A>2<5AB=> >10 C@02=5=8O, >?@545;8< 7=0G5=8O 8A:><KE :>MDD8F85=B>2 M;0AB8G=>AB8: K MF = 1,30; K M4 = 1,25. "5?5@L, 8<5O 8=D>@<0F8N > :>MDD8F85=B0E M;0AB8G=>AB8 A?@>A0 B>20@0 ?> F5=5 8 > 4>E>40E ?>B@518B5;59, <>6=> CAB0=>28BL F5=C B>20@0 =0 =>2K9 ?;0=>2K9 ?5@8>4. ;O MB>3> =04> 7=0BL 87<5=5=8O 4>E>40 ?>B@518B5;59 8 ?>AB02:8 B>20@>2 :>=:C@5=B0<8. & & & & & 0 >A=>25 8<5NI59AO 8=D>@<0F88, :>B>@CN D8@<0 4>;6=0 A>1@0BL 8 2 40;L=59H5< 8A?>;L7>20BL 4;O =5>1E>48<KE @0AG5B>2, A>AB028< A8AB5<C C@02=5=89 2 A>>B25BAB288 A D>@<C;>9 1 + K MF (1 - d) + K M4 ( - 1) - (1 - U D) - b U D = 0 4;O :064>3> 2@5<5==>3> 8=B5@20;0. 1 +  MF (1 - 1,03) +  M4 (1,02 - 1) - (1- U D ) x 0,95 - U D x 1,07 = 0; 1 +  MF (1 - 1,05) +  M4 (1,06 - 1) - (1- U D ) x 0,98 - U D x 1,08 = 0; 1 +  MF (1 - 1,06) +  M4 (1,015 -1) - (1- U D ) x 0,894 - U D x 1,05 = 0; 5H5=85 A8AB5<K C@02=5=89 405B A;54CNI85 @57C;LB0BK:  MF = 1,30; K M4 = 1,25; U D = 0,3. 0:;NG5=85 -;0AB8G=>ABL A?@>A0 <>65B >?@545;OBLAO =5 B>;L:> ?> 40==K< AB0B8AB8G5A:>3> CG5B0, => 8 =0 >A=>25 >?@>A>2 ?>B@518B5;59. 064K9 :>=:@5B=K9 ?>B@518B5;L =5 2A5340 2 A>AB>O=88 >B25B8BL, A:>;L:> >= :C?8B B>20@0 ?> F5=5, 2 B>G=>AB8 @02=>9 @, 70B> 5<C <>65B 1KBL ?>=OB=K< 2>?@>A, A:>;L:> >= :C?8B B>20@0 ?> F5=5 =865 @. 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