Том 3

8. . 8 " , .; . +. . / " , .0. ., . (& ! " '. * )

	!

D $& # # — " * " C# " C $& # # , - " = " # " 8 8 # & C# 8, > $% & @ $& *$& " *@ ? = C [1].

D * % &@ " #""& ## E / " > C #% ## - # $ $& > A& 8 # &@ > $& " / # 8?#- # ## # & ! 8 # &* # > " # ? = C .

" 8 8# & $" # " # & " $#" &* >/ 8- , 8 # " # , # 8# " #/ PEST-%.

% " # , " # % # # # " / # >$& # &* > ? , $% & $#/ # ?= 8 > $ " / /" # " C " # . " 8 8# - C % 8 C ?> * 8 &* " #, # A "$> # - " # >$& # A$ " # . #"$&*% * & % &* " > # & " ? % . D = " #" C , #? & " >/ " #/ 8 % *" " 8>8 >C >8 & 8$##.

% " # % # # # " " 8 % * ? #- 8 " * #%8 # " C## $#% " & 8. # " — C 8- " * # % > C $# . % ? " " "? C @= C # " " ? "$C " # — A %8 " * % C& * ?- = 8$## # $ $ * $#8 = " .

% " # " # % # 8 # 8 $% 8 * &* 8 & /" # " # , # 8 > C # > A!!- , > $& C #% # >$& # C # # C "- # . ' 8 > 8 # >$& # " # $# ? & $? 8 % 8 C % *" &* >8# & / "# ## > .

#? & $"$# >8 # % &* # >8 & " 8$& " >/ $. $% 8 $# % C " # " # % # % > # # , ?=# , # "$#!# " # , $#" =# / ", $ $# #@.

0 +

1. >V ! #! . D $& # # & % ? # " C##. : %- &*" #/ 8 '#&* 8", 2010.

31

9. . 4* " , .; . . . , .0. . ( « ! »)

F # &* " * # ## "-" > C# ""##% >8 A& " ? # 8.

D& ? % # # "$/ # ! " > "-" " > " * % >8 ? % 8 "& $?& 8 $ " ? # $ - ?# & /. D % C # " * $# % % , " % # ? &*E# %$" $ $# >" #8 $8 — 20 %.

\ #% &* C $ & #? & "$> $?# & /"-" " > * >" , $# # >" / " ? "- #8 " # $#% " A C##.

#% &* > A& " ## # ## & > / Y " , $#& , & # &* 8 " " ##. " " ? &*E# " D $# " # #"$: 8 C# A& " # #%- " ? # " #C 80—90 %. ? " % 8 ? # " 8 " & E >8# #-A 8# " #8# $% & 8# # "" & # # " # &*" > % #/ [2].

%-% A 8## $ # > " " C %$ % " @ C # $" A& A C## $?# & 8: 5 " " # & 8

# 10 " %#8 /.

$# E# " $?& 8> A C " ? ## #% > $?#- & / ? @ E # "& @=# % :

•% # # "#" 8 A C " ? # #% > $?# & / # 8 *E # % #"#8 " # A C #" # A # / " % C % % $ ;

•& E # # " C " " # A C # " C % /" , " #- # &* > " $ # $>E # A 8# " / A!!- # " # "#" 8 A C " ? # ;

•8 *E # ?@ > #/ # " A C " ? # #% > $?# & / [1].

" / &*@ % # # "#" 8 A C " ? # #% > $ - ?# & / & " ? "$# A C# / # " % # "& #/ & " # &*-A 8# " C % # # & > / .

0 +

1.V+ . . C ? "$# // << . "#?# " , 2012.

2.(. ., .J. # # A C # A C "?- ## #% > / D // D . "#?# " , 2006.

32

31

— .0. ., #.!. 8 "— 1 +.!. % 3 7

. . " , .; . #. . " , .0. ., . (& ! " '. * )

' 8# / $# 8 #% # > #"& # & @ " #? & " ?#&* >8 #" # 8 $& # 8$#/. " = 8""## &* % $"" 8 "$#% " " > !- . ' "& # " 8 !# "# # # " 8$8 " # 8 #% #- > #"& # $& " *@ " @ " "$## " 8# $ $# #/, > , " @ *, & > ?> * % # " > % # ## $#%- " # #"$&*% ## 8 #% ## & ## " > ! .

> " " , $= @= " # !& # # " % " & @ $ $# # #"$&*% * 8 #% # > #"- & # = 8 % /" 8 ? . , " 88 8 #% # > #"& #/ " " ?= / 8 "" $ $# # # % ?- > " " #"$&*% " $>E # $& > $&- " 8 $" & , " # !#" # C# $#% " > # - $#% " > " >.

8 C , $ $# # & / 8 $&*% @ " " #8 $8 #"& * " @ 8 #% #@, & #"$&*% # 8- #% # > " " # #8 ? % 8 " . < # A 8 #"- $&*% # " > "$" ? #"& # 8 #% ## %> # E* * " ? " #8 " #, # $#?> # & C > #"& # , " #8 # " # # / # " #, "- 8 / ? " / "#" 8 / $"8 " % # /" / ! 8> % =# > # " # # > " " # !& ##.

'" A & " $# # / $& C " " # " > " " $ $# # , > " >" 8 # 8 &* C # !#- %# " C #% " , # " % C % $# & C# " / ? %$" " # & "& / &* C " A 8# #.

33

& E # A # $?& 8 ? #8 " E " * 8- #% ## " > " " $ "& @=#8 $& # 8:

-$" # * $ $# # 8 ? &*E $ $& ## # #-" A "$& ## ?Š " > " " # %8 " / #"- $&*% # " / 8 #% ##;

-? "$# * &* % & >8 #"$&*% # 8 8 #% # > #"& #/ $8 $& # 8 #% ## "$# &* > $%# > " ? "& # , % =#= @=# " " # !& ##, $# A 8 % & #"$&*% # 8 #% ## " & C >8# # " # #- >8# &*C 8#.

34

+. . " , .; . 8. . <' , . . ., . ( « ! »)

& C # " &* >8 & " $", & # * - > " " , ? $& # * 8 "#8 &* >/ # 8# #8 &* >/ #" . ' " = 8 " = " 8 " # " 8 & # # " # # / &* " #: $ $ #/; # " / &@ >; $ $> # " # # > ! ; & # C ? " # $%# >. > !# " > $ ?E# # % ? % & # " #- # &* C , # & " C # " , C >? " # " "- C## # " # # . < # $> # " # # > ! — $ >/ & ""##. #" # & "* " 26 #@& 1995 C. " $& # % < %# ƒ765 « $& # &* > 8 $ $>E #@ A!!- # " # # " # # / $ # # ""#/" / Y ##» [1].

< >8 Y &* / "& ?> $ !# " >8 > 8 $ " " #@1 $& 2012 C. E / " % C#" # $ 2000 $> ! , #? & $>8# #% > & @ " «$&* !# », «'€ — Y & 88 # #/», « / # & C — & 88 #- ##», « /!! /% — & 88 # ## # "$» # > - C# ( " " $ " #8 " # #" > # ). " * $, - # #? & $> ! " & 2012 C. " " & –13,79 %+25,76 % [2]. " # # > $%# > $" & @ " ? / ?- " # & > " C # >8 8# #8 &* >8 8 # C #- / " 88 / $& # &* C % C # & # " " ! 8 > [2]. # " # # C $%# $ " * E# & #/ % =#= % 8 " ## & ( $& 700 >". ?.). & >8 $#8 = " 8 # " # # C $%# & " $ -" , >E , 8 $ ?> 8 $%# . $#8 , ?" &@ € ( " ) 8,5 % $# & " 8 # 8 "

# 7 % — # 8 " , /!! /% ? ( " ) — 10 # 7 % "- " , € " > " # 6,35 %, $# %8 = ## "- 8 # 8 " ?& # 2,6 % — && D‡ . # "> " " 8, # & > > @ " #/ " — ? & 6 8 "- , #, 8 C , & ??# @ " .

0 +

1.?$% )& $& < > # " # # > ! . #8 "$ - $: // http://invest-pif.ru/($ " " #@ $&* 2012 C.)

2.(- . " # # > $%# > — % & " # 8 # #- >8# " >8# & 8# # < Y 8# // Y# " > #% " # . 2008.

35

8. . " , .; . 8. . " , . . (& ! " '. * )

<& # # # — # #% /E# A$ # " / $ - #, 8 > ? > " $#8 &* " C# # # $ - # # " 8 # # # &* > " ? " / C #- 8 C .

<& # # $% 8 C& ? #% # &* " # ," # # " = " > #" #/ ? C & " 8# " # # C #% #@ A!! # C $# # .

<& # # — $"", $% & @=#/ #? & # &* >$&- * # # 8 8 *E * #" ? > " = " @- =# E#? !# " / " # [1].

# & = &* $& # * " @ &* " * $ 8 " >8 $# # 8: A # %8 " * $& # * "- " " # &*" $& ## & , $8 *% 8 > $& % > # # $% #%? * % 8- #/ " 8.

<& # # " " # % ? # " / C #% # / ?= C $& # " % # 8 # 8 C ?Š 8 , C !# # " $ - # # , % ? # " / $C 88>, $& @= / ?Š 8, # > # $"& &* " * " = " & # # " # $, ? #8> & ! 8# # # " / C #% # / ?Š # C

# ? " C 8 # ? C & " / " # C #% ##. <& # # $% & A!! # "$& * ? 8 &-

8# C$$> "$# " , " @=# # " / $, # # * @ ? .

% ? $C 88> # ?= C $& # " / $# $# " " 8 $% & / # " C #" # $" #8 / E#?- #. ?=#/ $& # $C 88 # ? #8 8 &* !- 8# *. # $& # " @ ? $> $## " C 8 # >$& # # " / $#. ?=#/ $& # # C $C 88 $ 8 ? #8 " # 8 C *" # $"8 # *" " %# " 8 @=#8#" ?" &*" 8# # # >8# % &* 8#, $& >8# # " # $.

0 +

1. * J.J. # . # # $# . D<?.: <# , 2010.

36

#. . " , .; . #. . 9 / " , . . ., . ( « ! »)

'" = 8 "& # % # @= /" > / A 8# # $>E " &* # &* " * !# " C $& # # Š 8- & 8 / " # "#" 8> $& # $ $# # 8. Y# " $& #- # $8 C E * % # $>E # A!! # " # &* " # !# 8>, $#8#% ## ?#% "-$"" , "? & "# " # !# " > " " # $? " / C #% ##, ? "$# >" # - > $#8 = " . Y# " $& # # & ?> * C#? #8 # #- > * %8 > #%8 # E / " >.

Y# " $C %# # $ $& C $& " @ # - # " @ &* " *, $% & # * !# " > $"&- " # $# #8 8> E #/ # E # ! # $% 8 "- " & # " # ! # # # # % # # $ $# # ?- = 8. F # # #"$&*% # 8 $C %# # $% & " & * $& > ? & >8# # " #%# * $ $# #8 &*" # #" #.

'" /E C # " 8 !# " C $& # # >- "$ ?@ # # . €@ # # $% & $# #8 * $#&*- > # " 8 > $& " # E # $8 % ? # ?@- . $& " # E # & > $# #8 *" " % #- ! 8 ## ? & # ?@ . C#8 # " 8 8 8 " # # " 8 > " C# " C $& # (SWOT-%, 8 # > BCG, Shell, . " !! # . < # .) # "#" 8 "? & "#- > $% & / (DD<).

& $" # A!! # / "#" 8> !# " C $& # # ? #8 ""8 # * >E$#"& > # " 8 > 8$&- " , ""8 # * # % # $# ## $& " # E #/ &* . $#8 , 8 A!! # " 8 = * DD< # ?@ #- # , $% & $& * " / " ?@ # # , C$# >/ , # $" " 8 $" # ?@ , &@ @= C

" ? " C# " # # # # # >, % #8 % * $# # " C#- " $& # # . #8 ? % 8, $" # * "#" 8 8$& "- C $& # # , ? $% & * A!! # $& * &@- >8# $% & 8# &* " # 8$##.

0 +

1. ( #CW$ J.1., F C . . Y# " >/ 8 8 . D<?.: <# , 2011.

37

#. . , $. . 3 " , 3; . +. . * " , . . (& ! " '. * )

8 $& # !# " 8# " 8 > A 8# " # "&- # $ $& C C& ? #/ % !# " C " " # C #% ##, $% & @=#/ # * $& " * "# ## " $8 =*@ "- 8 > 8 #""& # .

F # % !# " C " " # C #% ##: $ * !#- " $& # C #% ## %# 8>/ $# , > # * - % > & E # !# " C " " # # ## % # # , "- 8 > # * # " # * # &* > & # , $ * « %- # » 8 " C #% ##.

!# " C " " # " > " > C$$ $ - % & /: # " #, !# " / " / # " #, & / # " #, ? &* " # [1]. ' % #"#8 " # % % "$* % ## $% & / 8 ?> * % /, ?= 8 # ? #8 %#- * " > $& # .

" >8# 8 8# % & @ " : C #% &* >/ ( % - #/), # &* >/, ! >/ % # " # &* >/. , "- & #@, ? &*E# " 8 # @ &* #% " !# "- C " " # C #% ##. < ?& 8 " " # ## # / 8- $& " / # !# " C " " # C #% ## & 8.

' " = 8 # "! 8 # ? C & " / " # "- "#/" # $ $# #/ " " ## " ? # 8# 8 > " !# " / " #, >" # ! 8 # .

" / $ 8 > " > !# " / - " # 8 & : # , $#8 # 8 #"& #/, $# #-" # $ ! 8 /, %8 " # $! ""# &* C " # [2]. ' # $&& &* " # $ 8 " 8 &- " * 8 #8 # % >8 "$" ? 8 # . < A 8 8 C# ""#/" # $ $# # #"$&*% @ DY $# ! 8# ## " #.

8 #% # # $C "$# &* > $C 88 & $ -""#/" # $ $# #/ 8 > " > $% $ - # ! 8# * " * $ DY .

0 +

1.% . . % % /" / &* " # $ $# # . # " :% # , 2011.

2.X$ .>. 8$& " >/ % % /" / &* " #. .: Y-, 2011.

38

. . "= , .; . .$. % " , . . ., . (& ! " '. * )

' /E#8# ! 8# / ? *?> ? % "- " $" ! 8& # # " " * $" & # # . ' A # "& # # ? 8 #%# > "#" 8 # #- "$" ? " # % 8=# — # C " # C — & " / - &* >8.

8 & $?& 8 , % # ? $# >? " #- C / "#" 8>, " % " ? #8 " *@ >? $& " # $ - C 88 C ? "$# (< ). D$# %# < % ? # #"- $&*% " #" &@ # &* & # C " # C , # " &* — A #$> 8 8 # " # # " #" # " # $>. €% " C $#8 # " # 8# ? , C #8 >/ ? # "#- " 8> # C " # C , C 8 >/ >? "#" 8> ? %8 .

D& 8 # *, " = " @ 8 C #"& > # " 8 > & ""#!# ## # ! 8 ## # " " @=# #8 8 > " # C : " #" # " # , # > / C $C 88# # , - "#-$# # >/ &C # 8, / > " #, C # " #/ &C # 8, 8 ? /E# " " / # C# . % A C > " $?& 8 , " % " $#8 # 8 " # C — % # # $C C #- # >? # > , " * & ""#!# # >? # $#% # " &* , >8 # . > # C % 8, ?> $ " ? >, >8 # ?>& % : $& %8 ,- " * % & "* ?> $& $# 8& 8>8# % 8=# 8#.

D& @= $?& 8 % &@ " 8, &@ # # " # &*- A 8# " # "& # " # 8 8 # 8 @ " . < A 8 " # C- > 8 ? #8 % ? > * >? #% #? & «" # » , $# # " # $* " ? > "#" 8> #, C - " E " , % ? > * @ 8 &*.

#8 ? % 8, A$ $# # , # # #"$&*% # " # C > "#" 8 ? #8 ? # * $#" &* #8 # $ - #"& > $?& 8>, $% #? & A!! # " = " & * # @ &* " * ? " # " .

0 +

1.! . . # >/ " # C # " 8 A!! # / # # "$" ? " # // Y# "> # # . 2011. ƒ16 (448).

2.' ! . . ""# # @ #" #@ // & % . •C. 30.03.2012. ƒ 101.

39

5. . ' =" , .; . . . # ", .0. ., . ( « ! »)

< — A 8 $ $# # , $% & " % # # &* > $, "& C # % &* . ' 8 >/ $ % , &@? C $ " * $& & # % E # .

' % &* % ? # $ 8 C $& # *" : $; "$" ?- " * $" & * "& C#; % &* >, # $"& " # # - 8 >. $& # $8# >$& " " $8 =*@ $#8 # # #- C ## & C# " # "C$$# > $"" $& # $8#, ?Š # > 5 C$$. # 5 C$$ $"" "& @=# : # # # # , $& # # , #"$& # , 8 # # C # $& # , % E # .

$& # $8# — A $#& # % #/, > , # "- 8 # 8 ? 8 $ & & # ? #/, $Š & 8> $. < #& # % #/ ? A!! # C$& # " " @=#8# $"" 8#. < "" — A ? % #8- " % > /" #/ # $#/, " = " & 8> & $& # %$& C $, % &* # "& C#. >/ $"" - #% " " #8# 8#, # " 8 8#, 8 8# # > 8#.

< ""> $ 8 % * "& @=# :

–$""> $& # $8, ? "$# @=# >$& # $ -# " C 8 # C " = " # .

–$"">, # # > $, > $& @ # "- % @ $ $.

8 A C , " = " @ :

–$""> # # # ##, > >$& @ " & $& # C $ # / ! %> " = " @= C $;

–$""> $& # # , > ? @ " & $& # ?=- C " # $;

–$""> #"$& # , ? #8> & >$& # ? , $ - & > $& $& # $8;

–$""> 8 # # C # $& # ;

–$""> % E # , ? #8> & % E # " /" #/ 8 A # C$$ $"" . F E # "$, C " #C- > $ # $#% , $ ? # 8 C ?> * " #C >, # #" %& ? #8 " * $.

40