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Ba peaJl HHBecTHu,H51JlapH ycHwH cypbaTJl HHHr KOppeJl51u, 51 KO3cpcpHu, TJl H MaKcHMaJl l\Hi1 a (51 6Hpra) 51l\ 6yJl , yMJla)l, : repMaHH51)l, 0.90, u,H51)l, 0.87, 51 OHH51)l, 0.81, VI JlH51)l, 0.78, AK,W)l,a 0.77, KaHa)l,a)l,a 0.72, yoK pHTaHH51)l,a 0.63.
PHBO Jl raH MaMJl aTJlap rypyx,H 6yi1 peaJl 51VIMHHHr 6Hp cp ycHwH peaJl HHBecTHu,H51Jl pHH 2.8 cp 3ra ypTaYa OpTHwHHH TaJla6 l\HJlraH, yMJla)l,aH: yoK pHTaHH51)l,a 3.7%, repMaHH51)l, 2.9%, u,H51)l, 2.7%, VITaJlH51)l, 2.4%, KaHa)l,a)l,a 2.3%, AK,W)l, 2.2%, 51 OHH51)l, 1.8%.
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MaMJl KaTJl p 6yi1 peaJl 51VIM ycHwHHHHr ypTaYa cypbaTJl pH 4.1 cp HH TawKHJl 3TraH. 0x,HprH 15 i1 Jl HYH)l, aBBaJlrH 30 i1 Jl)l, 4.7 cpOH3ra HHc6aTaH 2.8 cpOH3ra nacai1 . 1991-2006 i1 JlJl )l, )l, G7 rypyx,H MaMJlaKaTJl HHHHr 6apYacH)l, Ba KynYHJl pHBO JlaHaeTraH )l,aBJl Jlap)l, aBBaJl 30 i1HJlJl )l, Bpra HHc6aTaH peaJl 51VIM OpTHwH i1HJlJl cypbaTJl pH nacai1 Ky3aTHw MyMKHH.
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KaHa)l,a)l, 5.4%, repMaHH51)l,a 6.3%, paHu,H51)l, 8.3%, yoK pHTaHH51)l, 9.1%. Ai1 OH3KH, 1990
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10
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)l,aJl Jl 6epa)l, Ba KanHTaJl H HOOnTHMaJl (caMapacH3) HwJlaTHJl ra OJlH6 KeJlap)l, . HaTH a)l, 6O3Op cy6beKTJl pH yYyH HHBecTHu,H51 l\HJlHw BapHaHTJl pH KaM 6yJlraHJl rH MyHOca6aTH 6HJlaH yJlap)l,

³ 3pHaH)l, )l,e COTO. CeKpeT KanHTaJl . nOYeMy KanHTaJl M TOp ecTByeT Ha 3ana)l, H TepnHT nOpa eHHe BO BceM OcTaJlbHOM MHpe./nep. c aHrJl.-M.: 0JlHMn H3Hec, 2001.-272 c.

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waKJlJl Hpa)l,H. 51 , MOJlH51 6O3OpH Myx,HTHHHHr l\ BBaT nOTeHu,HaJl )l, pa acH – 6Ow (HHTerpaJl) x,Occa cHcp )l, – MOJlH51 6O3OpHHHHr caHa6 yTHJlraH x,OccaJl )l, MHl\)l, pH 6HJl 6eJl JlaHa)l, Ba 6ax,OJlaHa)l, .
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WyH)l, i1 l\HJlH6, ol\OpH)l, HJl HHHr 6apYacH MOJlH51 6O3OpHHHHr Ma3MyHH Ba x, cycH51TJl pHHH HcpO)l, Jlai1)l,H.

Mo!l 6o1opu11u11 u mucoOui!mOazu aXaMuRmu aa yp11

MOJlH51 6O3OpHHHHr 6O3Op MyHOca6aTJl pH TH3HMH)l, rH ax,aMH51 yHH TOMOHH)l,aH l\ i1H)l, rH
l\yJlai1 wapOHTJl H TabMHHJl HwH 6HJl 6OFJlHl\ acOcHi1 Ba3HcpaJl acOcH)l, 6eJl JlaHa)l, :

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  Hl\ O)l, Hr peaJl ceKTOpHra HHBecTHu,HOH MOJlH51 pecypcJl caMapaJlH aJl l\HJlHHHwH;
  
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  Hl\ O)l, Hr x,OJl aHHl\ 6O3Op HH)l, aTOpJl ep)l,aMH)l,a 6ax,OJl ;
  
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  HHcpJl51u,H51 cypbaTJl (TeMnJl H) Ba BaJl KypcJl y3rapHwHra OnepaTHB TabcHp KypcaTHJl ;
  
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  ax, H rJlO6aJlJl yBH apaeHJlapHra MHJlJlHi1 Hl\ )l, H HHTerpaJlJl yBH.
  

MOJlH51 6O3OpHHH MaMJl aTHHHr yMyMHi1 6O3OpH Myx,HTH)l,arH ypHHHH 1.1.1-YH pacM)l,
KypcaTHJl aHH)l, Hcp )l,aJl MyMKHH. YHa)l, MOc paBHw)l, Tawl\ ai1Jl Ma 6HJl KypcaJl Jl aH o3a I - yMyMHi1 6O3Op Myx,HTHHH (cp 3O cHHH), II-YH Ba III-YH – o3aJl l\ l\ Ba ypTa y3Ol\ My)l,)l, TJl 6Hp a)l,aH Taw l\apH MOJlH51 HHcTpyMeHTJl pH 6O3OpJl Myx, , IV-YH Ba V-YH o3aJl l\ l\ Ba ypTa y3Ol\ My)l,)l, TJl 6Hp a)l,aH Tawl\apH l\ TJl l\OFO3Jlap 6O3Op Jl Myx,HTHHH, VI-YH o3a (51)l,pOBHi1 cp 3O) cpOH)l, 6Hp acH Myx,HTHHH HcpO)l, Jlai1)l,H.
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PacM 1.1.1. MOJl 51 6O3OpHHH MaMJl KaTHHHr yMyMHi1 6O3OpH Myx,HTH)l,arH ypHHHH HcpO)l, JlOBYH MO)l, Jl.

Yw6y MO)l, Jl (1.1.1-YH pacM) MOJlH51 6O3OpHHHHr yMyMHi1 6O3Op Myx,HTH)l,a Oi1Jl ypHHHH

51l\l\OJl HcpO)l,aJl raH x,OJl)l, , yHH Hl\ O)l,HeT)l,a MapKa3Hi1 ypHHra 3raJl rHHH aHrJl Ta)l,H. 4yHKH MOJlH51 6O3OpH Opl\aJl Hl\ O)l, r 6apYa cy6beKTJl pH y3apO 6OFJl raH 6yJl , yJl HHHr x,ap 6HpH y3HHHHr MaHcpaaTH Mal\ca)l,H)l,a MOJlH51BHi1 HHcTpyMeHTJl p ep)l,aMH)l,a Hl\ O)l ,Hi1 Xyl\ l\Hi1 MyHOca6aTJl H aMaJlra OwHpa)l, .
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MabJl MKH, MaMJl KaT)l,a Tai1 p Max,cyJlOTJl (x,H3MaTJl pHHHr) yMyMHi1 TaKJlHcpH (Y)
x,apa aTJl KOMnOHeHTJl H Opl\aJl TOnHJl H MyMKHH, 51 H Y=C+I+X-M+TR. Yw6y Hcp )l,a)l,

⁴ 3pHaH)l, )l,e COTO. CeKpeT KanHTaJl . nOYeMy KanHTaJl M TOp ecTByeT Ha 3ana)l, H TepnHT nOpa eHHe BO BceM OcTaJlbHOM MHpe./nep.c aHrJl.-M.: 0JlHMn H3Hec, 2001.-cc.3-270; WOXab3aMHi1 W.W. 0cHOBI TeOpHH H npaKTHKa 3KOHOMHKH npHBaTH3au,HH.-T.: VI6H CHHO, 2004.-cc.3-850.

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HaTH a)l,a, l\ i1H)l,arH HcpO)l, Jl pHH OJl MyMKHH: Y-A=S-I Ba S-I=CAB.
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)l,Hc6aJl H Tawl\ )l,Hc6aJl 6HJl 6OFJlHl\Jl HH 6HJl)l, a)l, . VIKaJl )l,Hc6aJl x,aM aMFapMaJl
Ba HHBecTHu,H51Jlap ypTacH)l, )l,Hc6aJl a OJlH6 KeJla)l, , )l, , yJlap Hl\ cO)l,Hi1 ycHwHHHr acOcHi1 OMHJlJl )l, x,HcO6JlaHa)l, ⁵. yH)l, 3ca MOJlH51 6O3OpHHHHr l\ l\ Ba y3Ol\ My)l,)l, TJl Hl\ O)l,Hi1 ycHwHH TabMHHJl )l, pOJl 6el\Hec)l, . 4yHKH ai1 aH MOJlH51 6O3OpH ep)l, )l, aMFapMaJl waKJlJlaHa)l, (aKKyMyJl51u,H51JlaHa)l, ) Ba yJl caMapaJlH HHBecTHu,H51Jlapra TpaHcp Mau,H51JlaHa)l, (ai1Jl a)l, ).
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caMapaJlH (3cpcp ) Tal\	Jl Ba l\ai1 Tal\	Jl	cp HKu,H51 HH aMaJlra OwHpa)l, Ba Hl\	)l,
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