Y3I>EK11ctoh pecnYI>U11kac11 ou11 ba ypta

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• 11 6. “MorHH 6o opH Ba KHMMaTrH Kono rap” 6yMHl yK B-MeToAHK KypcaTMarap

11 KcHHHr HoMH	MaMra- KaT	X,Hco6rarn c rH	KoMnaHHH rap coHH
11 ox,
CaHOaT 6yi1 J( J(:J1OT-	AK,	MyTaHOcH6 Ba3HJl TH- pHJl ypTa apHcpMeTHK	30	yHe)l,a Mawx, p (1884 i1HJl)l, 6yeH) HH)l, Kc. MHpHK 30 KOMnaHH51 aKu,H51Jl 6yi1 x,HcO6 TOnHJl )l,
KOMnO3HTJlH «B3!lbHJ JlGUT-»	AK,	MyTaHOcH6 Ba3HJl HJl- raH ypTa reO- MeTpHK	1695	X, O6Jlaw)l,a 6Hp KyH OJl)l, H KyH caB)l, cH HaTH aJl 6yi1 aKu,H51Jl p KypcH HwJlaTHJl )l,
S&P-500	AK,	MyTaHOcH6 Ba3HJl HJl- raH ypTa apHcp- MeTHK	500	X, O6Jlaw)l,a aKu,H51Jl pHHHr 1941-1943 i1HJlJlap x,OJlaTHH yYyH 6a3aBHi1 6ax,OcH 10-ra TeHr )l,e6 OJl
FT-30	yoK pHTa- HH51	MyTaHOcH6 Ba3HJl TH- pHJl ypTa reOMeTpHK	30	yoK pHTaHH51 3Hr l\ )l,HMHi1 HH)l, KcH 6yJl , 1935 i1HJl)l,aH 6OwJl YOn 3THJla)l,H.
FT-100 (FTSE-	yoK	MyTaHOcH6	100	X, O6Jlaw)l,a aKu,H51Jl pHHHr
100 – -	pHTa-	Ba3HJl HJl-		03.01.1984 i1HJl x,OJlaTH yYyH
100)	HH51	raH ypTa apHcp-		6a3aBHi1 6ax,OcH 1000-ra TeHr

		MeTHK		)l, 6 OJl H
Nikkei	51nOHH51	MyTaHOcH6 Ba3HJl TH- pHJl ypTa apHcpMeTHK	225	1950 i1HJl)l,aH 6yeH YOn 3TH- Jla)l,H. AKu,HJlap TOKHO 6Hp a- cHHHHr (T ) 1-YH ceKu,H51- cH)l, KOTHpOBKa)l, 6yJla)l,
T (TOPIX)	51nOHH51	MyTaHOcH6 Ba3HJl HJl- raH ypTa apHcp- MeTHK	1235	1968 i1HJl)l,aH 6yeH T 1-YH cceKu, 51)l, 6apYa aKu, 51Jl 6yi1 x,HcO6Jl Ha)l,H
DAX	repMa- HH51	MyTaHOcH6 Ba3HJl HJl- raH ypTa apHcp- MeTHK	30	X, O6Jlaw)l,a aKu,H51Jl pHHHr 1987 i1HJl x,OJl H yYyH 6a3aBHi1 6ax, 1000-ra TeHr )l, OJl raH

TabKH)l,Jl 3apypKH, pHBO Jl aH MaMJl KaTJl l\ MaTJl l\OFO3Jl H 6O3OpJl )l, l\yJlJl HJla)l, raH HH)l,eKcJl 6Hp 6HpJl H)l, ol\OpH)l, KeJl pHJl raH 6eJl Jl 6HJl cpapl\ l\HJlcaJlap)l, , yJl y3apO KyYJl KOppeJl51u, JlaHa)l, ⁸² . y 3ca yJl HHHr 6Hp 6HpJl H 6HJlaH KyYJl 6OFJlHl\JlHrH)l, H

)l,aJl Jl 6epa)l, .
AK, l\ TJl l\ FO3Jl 6O3OpH)l, l\ JlJl HHJla)l,HraH TypJl HH)l, KcJl HHHr y3apO KOppeJl51u,H51 KO3cpcpHu, HTH 3.2.2-YH a)l,BaJl)l,a KeJl HpHJl .


)/{GoeG!l 3.2.2.

11 rap	DJIA	S&P-500	NYSE	ASE
CaHOaT 6yi1HYa ypTaYa Oy OHc (DJIA) HH)l, KcH	1
KOM6HHau,H51JlawraH ypTaYa HH)l,eKc (S&P-500)	0,963	1
Hbo MOpK cpOH)l, 6Hp acH (NYSE) HH)l,	0,949	0,981	1
AMepHKa cpOH)l, 6Hp acH (ASE) HH)l, KcH	0,675	0,796	0,836	1

TypJl pHBO JlaHraH MaMJlaKaTJl l\ MaTJlH l\OFO3Jl 6O3OpJl )l, l\yJlJl HJla)l, raH acOcHi1 HH)l,eKcJlapHHHr KOppeJl51u,H51 KO3cpcpHu, HTHHH 6ax,OJl 3.2.3-YH a)l,BaJl)l,a KeJlTHpHJl .


)/{GoeG!l 3.2.3.

11 rap	DJIA	DAX-30	CAC-40	N-225
CaHOaT 6yi1HYa ypTaYa Oy OHc (DJIA) HH)l, KcH (AK, )	1
DAX-30 (repMaHH51)	0,560	1
CAC-40 (paHu,H51)	0,638	0,645	1
Nikkei-225 (N-225, 51nOHH51)	0,194	MabJlyMOT i1 l\	MabJlyMOT i1yl\	1

⁸² 3cJl TMa: HKKH napaMeTp KOppeJl51u,H51 KO3cpcpHu,HeHTH yJlapHHHr MHl\)l,OpJl pHHH y3rapHwH y3apO l\ H)l, i1 6OFJl HraHJl H
)l,apa acHHH KypcaTa)l,H. Arap napaMeTpJlap 6Hp x,HJl y3rapca, yH)l,a KOppeJl51u,H51 KO3cpcpHu,HeHTH 1 (6Hpra) TeHr 6yJla)l,H. Arap napaMeTpJlap l\apaMa l\apwH cpa3aJlap)l,a y3rapca, yH)l,a KOppeJl51u,H51 KO3cpcpHu,HeHTH -1 (MHHyc 6Hp) 6yJla)l,H. Arap napaMeTpJlap 6Hp 6HpH 6HJl H 6OFJlHl\ 6yJlMac)l, H y3apO 3pKHH y3rapca, yH)l, KOppeJl51u,H51 KO3cpcpHu,HeHTH 0 (HOJl ) TeHr 6yJla)l, .
POccH51 cpOH)l, 6O3OpH)l, l\ JlJl HHJla)l,HraH TypJl HH)l, KcJl HH 6Hp 6HpJl H 6HJlaH KyYJl KOppeJl51u,H51Jl HHwHHH 3.2.4- a)l, Jl)l, H KypHw MyMKHH. Yw6y a)l, Jl)l, H KypHHH6 TypH6)l, , POccH51 HH)l,eKcJl pHBO Jl aH MaMJl Jlap)l, l\yJlJl HJla)l, raH HH)l,eKcJl a l\ aH)l, KyYJl Ol\ KOppeJl51u,H51Jl raH.


)/{GoeG!l 3.2.4.

11 rap	PTC	ASP	AK&M	11HTep
PTC	1
ASP-General	0,992	1
AK&M	0,997	0,99	1
VI epcp yMyMJlawTHpHJl aH	0,992	0,995	0,995	1

X,O3Hp)l, MyMTO3 x,HcO6Jl HraH cpOH)l, HH)l, KcJl H 3.2.1-3.2.4 a)l,BaJlJl p)l,a KeJlTHpHJlraH MabJlyMOTJl ra acOcaH l\yi1 )l, Jl H KypcaTa)l, :

• 
  HH)l,eKcJl MHJlJlHi1 Ba ax, cpOH)l, 6O3OpJl )l, apaeHJl H O6beKTHB aKc 3TTHpMOl\)l, ;
  
• 
  HH)l, KcJl pHBO Jl cpOH)l, 6O3OpJl HHH 6Hp x,HJl l\ yHH51TJl 6yi1 BYH yMyMHi1 rJl 6aJl caB)l, Myx,HTH cHcp )l, HaMOeH 6yJl aHJl H)l, )l,aJlOJl 6epMOl\)l, . PHBO Jl MaMJl KaTJl cpOH)l, 6O3OpJl )l,HHaMHKacH Kyn x,OJlJl p)l,a 6apYa yYyH yMyMHi1 6yJlraH apaeHJl p)l,aH KeJl YHl\ )l, .
  

VIH)l,eKcJl pHHHr 6Hp 6HpJl 6HJl 6OFJlHl\Jl (KOOpeJl51u,H51 H) cpOH)l, 6O3OpJl HHHHr x,OJl ra 6OFJlHl\. MacaJl , cp H)l, 6O3OpJl HHHr x,OJl 6apl\ p 6yJl , yJl HHr HH)l,eKcJl ypTacH)l, KOppeJl51u, 51 MHl\)l, H O6Hi1 6yJla)l, , 51 6O3OpJlap)l, H apaeHJlap yx,waw Tap3)l, KeYa)l, . KpH3HcJl p (HHl\ O3Jl p) )l, BpH)l,a 3ca H O6Hi1 KOppeJl51u,H51 cal\JlaHH6 l\OJla)l,H. AMMO KpH3HcJl )l, H YHl\Hw )l, BpH)l,a 3ca HH)l, KcJl ypTacH)l,arH KOppeJl51u,H51 MaHcpHi1 MHl\)l,Opra 3ra 6yJla)l,H, 51 6yH)l, pHBO JlaHraH cpOH)l, 6O3OpJl KpH3Hc)l, pHBO Jl aH 6O3OpJl x,HcO6Hra YHl\a)l, .


11 6. I>o op HKTHcoAHeTHHHHr KoH H Ba KaTeropHHrapH
O3OpHHHr Hl\ O)l,HeT)l,arH acOcHi1 pOJl Hl\ HcO)l, T x,OJl HH “6apOMeTpH” 6yJlraHJl rH ca6a6Jl , 6O3Op x,a MH MaMJl Hl\ cO)l, Hr KanHTaJl 3au,H51 a 3KBHBaJl 6yJla)l, . eMaK, Hl\ cO)l, l\OHyHJl H Ba KaTerOpH51Jl 6O3Op)l, x, 3KBHBaJl paBHw)l, 6Hp)l, x, cypa)l, .
eMaK, OYHl\ Hl\ O)l, Ba OYHl\ 6O3Op TywyHYaJl H x,aM 3KBHBaJleHT 6yJl , 6O3Op Hl\ O)l, )l, raH yMyMHi1 TywyHYa l\ JlJl HHJla)l,H. yH)l, i1 3KBHBaJl HTJlHJl 6O3OpHHHr Ma3MyH MOx,H51 , TypJl pH, Mal\ca)l, Ba Ba3Hcp , MO)l,eJl , cp HKu,H51JlapH, TOBapJl H Ba l\ YHJl H cHcp , l\ YHJl HHHr cp OJlH51 wapOHTJl pH Ba MeXaHH3MJl pHHH Hl\THcO)l,Hi1 ycHw Ba pHBO Jl wra l\ paTHJl HJl , aKcHHYa, Hl\ O)l, HHr y3HHH 6O3Opra l\ paTHJl raHJl rH, 6yH)l, OMHJlJl pHH Hl\ O)l, Ba 6O3Opra 6Hp x,HJl TabcHp 3THwH, HaTH aJl p yMyMHi1 6yJl , yJl MyMTO3 MaKpOHl\THcO)l,Hi1 HH)l, aTOpJl 6yi1 6ax,OJl 6HJlaH 6eJlrHJl )l, . WyHHHr yYyH TOBapJlap 6yi1 6O3Op)l, TaJla6 Ba TaKJlHcp acOcH)l, waKJlJlaHa)l, raH O6beKTHB x,a M Ba 6ax,OJl 6O3Op Hl\ cO)l, HHHr peaJl x,OJl HH aKc 3TTHpa)l, .
YMyMaH OJl aH)l,a, 6O3Op Hl\ O)l, Hr (MaMJl aT Hl\ O)l, Ba yHHHr HYKH 6O3OpH) ol\OpH )l, pa a)l, TawKHJlJl wraHJlHrH yHHHr caMapaJl cp OJlH51 MeXaHH3MH 6HJlaH 6eJlrHJl )l, . y MeXaHH3M 6O3Op Hl\ O)l, l\OHyH Ba KaTerOpH51Jl HHHHr TyJlHl\ aMaJl l\HJlHwH HerH3H)l, Ba
)l,aBJl HHHr peryJl51 HB (a)l, HHcTpaTHB Ba HH)l, B Tap3)l, ) cHecaTH acOcH)l, 6O3OpHHHr 6apYa l\ YHJl HHH 6eBOcHTa HwTHpOKH HaTH aJl 6HJl 6eJl JlaHa)l, , )l,aBJl Ba Hl\ cO)l, cy6beKTJl H TOMOHH)l, 6HpraJlHK)l, x,apaKaTra KeJlTHpHJla)l, .
H3HHHrYa 6O3Op Hl\ HcO)l, TH)l,a l\ i1H)l,arH aMaJlHi1 l\OHyHJl p x, KM cypa)l, :

• 
  6O3Op)l, y3apO l\ l\ H HacpcHi1 MaHcpaaTJl 6HpJl rH Ba KypawH, HacpJl H Tal\cHMJl HH6 cal\Jl ;
  
• 
  6O3Op)l, nyJl Ba TOBapHHHr l\Hi1 TJl pHHH 3KBHBaJl HTJlHJlHrH, y3apO TpaHccpOpMau,H51 H, yJl pHHHr MHl\)l,Op y3rapHwJl p)l,aH cHcpaT y3rapHwJl pHra yTHwH Ba aKcHHYa;
  
• 
  6O3OpHi1 TaHJl HHw.
  

O3Op l\OHyHJl H )l, H)l, l\ i1H)l, rH KaTerOpH51Jl p HaMOeH 6yJl )l, :

• 
  TH3HMJlHJlHK (yMyMHi1Jl , aJlOx, )l,aJlHK, 51 JlHTJlHK, yHcyp Ba Ty3HJl ) Ba TapTH6Hi1Jl ;
  
• 
  OMHJl Ba BOl\eJlHK, yJl pHHHr y3apO ca6a6 Ol\ aTaH 6OFJlHl\Jl rH, TabcHpHHH yJl aMHi1Jl rH;
  
• 
  6O3Op Myx,HTH l\ BBaTH Ba HMKOHH51T;
  
• 
  3apypaT Ba TacO)l,Hcp;
  
• 
  MOx,H51 Ba x,O)l, ;
  
• 
  waKJl Ba Ma3MyH;
  
• 
  6ax,O Ba cpOi1)l, ;
  
• 
  TaJl Ba TaKJl cp (yJl HHr OHHi1 TeHrJl H, 6Hp 6HpH)l, My accaMJl raHJl rH Ba y3apO TabcHpH, )l,HHaMHK y3rapHw TeH)l,eHu, 51 H);
  

- pHcK Ba pecpJl	JlHJlHK;
- HHcpOpMaTHBJl	Ba TaBaKKaJlJl	.

Ai1 OH3KH, KeJlTHpHJlraH l\OHyH Ba KaTerOpH51Jl HHHr 6yH)l, i1 HOMJl HwH wapTJlH)l,Hp, 6ax, Ba MyHO3apaJlap acOcH)l, yJlap KeJl aK)l, KepaKJlH MHl\)l, p, waKJl Ba Ma3MyHra 3ra 6yJlHwH, y3rapHwH Ba OnTHMaJl Tycra KeJl Ta6HHi1)l, . yH)l, cp Jlcacp Ba Hl\ O)l,Hi1 Ha3apH51 cOx, Jl H OJlHMJl pHHHHr 6HpraJl )l, rH H O)l, i1 cp OJlH51 H 6el\ c KaTTa)l, .

11 6. “MorHH 6o opH Ba KHMMaTrH Kono rap” 6yMH'l yK B-MeToAHK KypcaTMarap

1. YMyMuU ma!la6!l

"MOJlH51 6O3OpH Ba l\ MMaTJl l\ Jl ” cp 340000-“ H3Hec Ba 6Owl\ yB” cOx,acHHHHr 6apYa 6aKaJl aT i1 aJl Jl )l, TarHwJlH aBJlaT TabJlHM cTaH)l,apTJl TaJla6Jl H, yl\ B pe a Ba yl\yB
)l, yp acOcH)l, yl\ HJla)l, . HH ypraHHw acOcH)l, :
TaJl :

• MorHH 6o opH Ba KHMMaTrH Kono rap 6yMH'l TaMepraprHKKa Moc aMoHaBHM TeHAeHu, , M aMMorapH Ba HcTHK6orrapHHH x,aMAa rapHHHr T pAorn 6HraH y apo aroKacHHH T rn HHrnH;

• 
  
  
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