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5.1. pebe hekc

ec opee oo, o yac peoo opa o oy eoxoy opa o , o pocxo a . ooy epoaao ec o opaoy y. Opaa apaee e pex opoo epx , o oaa ee, oope pae peo po, copoc x . Haoee opeeex ax o coco pex eco, ooo cooa x aece pooa: cea oo a aaoy cya poo o ee eca, oopoe eocppoaoc pae, oe oopc acoee pe.

C pae oooo pa cooae eca caoc ooyoa. ec cyae a oe opo, apep aece aooo oapa, a oop papaaaec epc opa. , . p o o:

o-epx, cya opepo oopa ex ya ope, opee apae poop ecpoa;

o-opx, copaa epce pacxo p pee a accoo ypae opee, oa coyec eo ecoo oa.

ec oy opace, peoa, co oa. O oy cooac a o pe: oapo, ao, ooo. Xo ceye oepy, o o oa ooo pe o cx op a o pe e aoee pacpocpaee.

Coe aae ec oya o e coae eo aa opaox aec, oope x pacca yy. Ta, apep, ec oy-oca ca ec ca pe pox eco, co aae oa apy oy, aey oa oy-oc, oop 1884 , CA aa pacca cpe oaae o ee ypcoo cooc a oaa pyex o pe poex . Paccapa ppoy aoo eca c execo o pe, pxoc ocapoa, o o cpeee co, a e ec. Heapo oco epeo aoo oaae poea cpe .

pee cpee o eee eeee cpeepoe e oex p. Hapo, ec o ceo co, eoe coocoo, apep oapooo, pae pyx e- epe, pee cpee pee ec a ocox a oaaee a pe ex ya. Hecop a , o ocoa a cpee, a eca cpe ea a paoo cca a opeeey ay, caec, o pee ec ee, yoee pepeeaee, e pee cpee.

pacea pex cpex coyc a eoa eo cpee apeeco eo cpee . p eoe cpee apeeco e a cex eo, xox oaae, a oe ap opo caac cya ec a oeco cocax oye cpee e. Kaa a ee oao ec e acoc o paepa oa oeca opae.

Ha oeeceo pe aoee ecoe oa HK Ko, PAO EC, A0 ocepo, Poceeo, A0 Hopc e. O coca aey ac aaa oooo pa pe-ee eco, yax pea aca pa a opeoo ea, po y, o ec pa paec ec eepecex oa. B c c peee cpex, cpyype opx oaooe eco oeeo cao co, cao cao oa ope, oe peca opeee epec. Ka ye yoaoc, o aoy eoy o cx op paccac ec ceeca oy-oc accece pee cpee.

Ec coyec eo eoepeco cpee, o ocyecec yoee e a, cocax ec. o poee ae eaec ope - cee, e co a ece. p o ae e paec o ae paa oeax opo a pax oa. a eo pacea ooe aeab cocae e eoxooc ee a. O peec p pacee yx ecx apo: FT-30 A The Value lie Coposite Aveage . oce ap oocc aeop cpex pecae coo cpe eoepecy poee ppoca ypco 1695 a. pee ec e p pax o o pex cpex.

Bo-epx, p ocpoe eco peec ccea ycooo ea. ao eo ya oe aae ec, ae ceo ec o ao eo ya oe oee poa a peo pe. Ha poccco pe ex ya aea ac a e opaaec a o pe cooae aece eca poo aaa oa oe peoca opeoy ecopy e coce ocoepy opa o e e. Oao poo pae pex eco a eo eca oype, a a o yae e pax ex ya poopoao aecoy x ooe a pe.

Booo ae cooae pax eco oa oae pao cyaoo opa oo peoo aa. Ta, ecoe oe oooo eca ypaa Koepca a 1 ap 1995 , ay pacea eca ao a oao, a eo 100 c. py. Ta opao, ec pae cooc oeecoo ecooo ope, p oppoa oopoo ce cpeca paoepo pacpeee ey xo eo a.

Bo-opx, ec e peeo epo cpae. O ec cocpypoa a opao, o eyee cocoe pa cpaae c coce pa ac epo, pye ocyec oey o cpae c pey epoo.

Hapep, ceeca oox eco AK& cooo, acooo, poeoo aece acoo p 1993 ., oa 1 cep o aa paccac aee pex eco p pa ee. opya pacea o cyae ee cey :

 

 

e J- ec a - ay;

eya poa ea (ea a - ay);

0 co a opae a - ay;

poa ea a ac epo;

0- co a opae ac epo;

J acoe aee eca (1,10,100,1000).

Ec p pacee eca cpaee pocxo c peecy epoo, o opya pae cey :

 

e -1 eya poa ea peecy epo;

0-1 co a opae peecy epo;

J-1- ec peecyeo epoa.

Ta opao, p paceo ocoa a cooece cyapo aaa cocax aaoo ee o acoo, o peyeo epoa, K aoee ec eca, paccae o aoy eoy, oo oec ceeco eco S&P co ec H-opco ooo p, FT-100.

B-pex, ec pecae aoee yox eax epe, e cpee. Xo ec ao epo paec a ey, ey, a pao, pcaaec oee yooe aee 10, 100 1000. Ta, aoa cooc accecoo cpeeapeecoo eeoo eca FT-100 acee pe epec o coco a 3 ap 1984 paa 1000.

o oe p ocpoe eco , payeec, pae ec ocpypyc opaoy. Bao, acoo oo o o aop opaae po acoo ea ecpcpaca apa, aeaa copeeoy coco oooo pa, caaec y ecopa. o e oce oepe ac o yea aopo, -x a aeceoe ocpypoae eco. K ooc: paepoc op, pecaeoc, epecop op, pe pac eca.

Paepoc op. Bopa oa aa ocaoo e pecaee o yaeo ceope peoo pa. Ooee ope y papaoo eco paoe. B poo pae oo c ec a c opaeo opo, a c eca pecaeo. Ta, apep, oya ec oy-oca ae a o 15 oa, a Bcep ec oxaae a oee e 2500 o 84 cpa.

B poccco pae p pacee eco ooee op paoe. ec cce PTC a a cex oa, pox c. pacea eco epaca o eeaooy ocy opac oa, oe o epepao oopx pee ycaoe oe pooca oo oeca. ypa Koca paccae ec o 17 papoa poe oa.

O ec pocccoo pa x a pa-100 pece 100 ooex a cax pyx o poo aaa . x a, e xox cco, e peae 3\% aaa cc. ooa paepoc op ae eca oy apy cceye ceopa oooo pa, oao oe oaac eyoo aoo ecopo, ceapyxc a paoe c oe pa a opac.

ooy peaaec ec o pye poccc oa HK Ko, PAO EC, Cypyeea, aceea, Peeo.

cooae ao paepoc op ee a ooe copo, a eoca. a ococo ec o, o pac ax eco cpee eee. Ho ooo pacee oe a oa, e p oee pyo paepoc op.

pecaeoc. ec oe a ce ceopa cceeoo pa o e pe oo o, o o pecae.

Paccop, apep, ec eeeea eoo cpecc ec py K-2 aoc K-2 poe. O ex ya pooc o py: 15 aoee opyex ya (pax aoee oeco ao a oyy-poay o poecc oax yaco epeoo pa) ceope a aao oepeo apaa p oaeo yco x epepoo pcyc cc 30 aoee opyex eee peyeo apaa. oo ox opeeeo cee opaa a yo pe, ee ypco a oopo cao cao c yaea ocoa e ypc. B o cyae ec ae pecaee o e ypcoo cooc ao opyex a, a e o o o ceee pa eo. ooa eoa ocpoe eco ae ocoae oaa, o ec oe pe paocpox cey oepa.

Ha a , paeca peaa aoo pa caa c ycaoee opeeex pepe .

C o e poaapye eoy pacea eca PK (BC) a eyy ay (IdBCi). O paccaec a ooee eye cpeeeoepeco poo aaa a (BCi), ex c pacea eca, cpeeeoepeco poo aaa ex e a a ay aaa pacea eca (BCo) yoeoe a aee eca a cxoy ay (IdBCo).

Haaa aa ee eca 15.08.96 . cxooe aee eca 100. Bopa oa ocyecec a ocoe ca. ooy cco oa, opo o ooe a oopx coyc pacea eca, e ec cpoo cpoa. Ocoae e c pacea eca PK ec oee ceyx yco:

oa ec peeo Poccco eepa ee poa aaa o ooe a peae 100 o. CA, cocae oee 0,5\% cyapo aaa ceo pa, paccao o opoooy cy PA Pocecoca;

ooee a aoo ea eeeo opyc oepaopa epeoo pa opopax ex ya; cp pa ypca a oa ae ax PA Pocecoca ee oee pex ece.

Pe ca ocyecec o pa ec cepo occe cocae aao PK, eacx cepo oooo pa. p ocyc opoo o ooe a aoo ea eee oo ee o e coepc ce; p pee oo cpoa e aoaec caec ca. Ha aay ay ee eca peee cepo occ c o eo 27 oa.

Co pep oopa ee aeco Ce-pecc:

oa aaa 110 . o. CA;

ea cop e eee 3 e;

epepa aa ypca a e eee 14 e;

ae opaoaoo opoo pa;

e pee P..

epecop op. ec yac epoecx oppepoax . Ec, apep, ec peaae pecae opeeeoo pya aoee x a, o coca op ye ocoo ec. ooy peypo epecapaec coca eo cooec c aa pep.

opo ce ee ox eo coca op p pacee eco ycaaaec papaoa. Hapep, p pacee eca o eoy oo cpee apeeco aea eo ope, a ae ye ocoa ca a pocxo a ocoe ceaoo oea eoaopa.*

*eoaop oe, ya eee a pe a, oope ca c oce aopa aeo ox a py.

 

pep pacea peo cpee eoaopa (a. 5.1)

 

Bpe pacea eca. ec oe paccac c opeeeo epooc:

a aao aoo eca (a opeeey ay);

eeo ycaoeoy pee (ec Ce-pecc paccac eeeo 14 aca ococoo pee), o oa opoo cecc (ec cce PTC);

peao pee (Bcep ec epecaec cpay e oce ae oepeo ce).

ec, opoao, e c c py eca, e pecae ocooo epeca. O e e, o paccac a opeeey ay cooyoc peca opeeey apy. ooy a ocoe eco cpoc pa, apa, oope yyc cpecax accoo opa.

Pace eca oo cec eco aa:

peape (op eo, oop eo, oeax pep papaoo);

pace e a, aaaex ec;

pace caoo eca.


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