Y3I>EK11ctoh pecnYI>U11kac11 ou11 ba ypta

MorHH 6o opH TpaHcnapeHTrHrH, HAarH ax,6opoT Ba x, o6oTrap TH HMH

MOJlH51 6O3OpH TpaHcnapeHTJl )l, )l, MOJlH51 6O3OpH Ba yHHHr 6apYa l\ YHJl H cp OJlH51 TyFpHcH)l,arH HHcp Mau,H51JlapHH (MabJl MOT Ba x,HcO 6OTJl H) OYHl\Jl , OwKOpaJl , aHHl\Jl , TyJlHl\Jl rH, y3 Bal\TH)l,a (6eJlrHJl H raH My)l,)l,aTJlap)l, ) 6epHJl Ba TyFpHJl H, yMyMaH OJlraH)l,a HHcpOpMau, OH wacpcpOcpJlHJlHrH TywyHHJl )l, . MabJl MOT Ba x,HcO6OTJl Jl HH Hx,THepHi1 (3apypaT acOcH)l, ) Ba Ma 6ypHi1 paBHw)l, TpaHcnapeHTJl Jl HHr MabJl M cHcp )l, )l, (5.1 Ba

2. 
   naparpacpJl a l\ aJl ) 6epHJl wH MyMKHH 6yJlraHJl MaB y)l,.
   

MOJlH51 6O3OpH TpaHcnapeHTJl HHHHr 6Ow Mal\ca)l, HHBecTOpJlapHHHr Xyl\ l\JlapHHH x,HMO51Jl w Ba l\ HHi1 MaHcpaaTJl pHHH x,aM)l,a pHcKJl HHH nacai1 HJl HHH TabMHHJl wra l\ paTHJl H 6yJl , y3 HYHra cHcpaTJlH OYH6 6epHJl Ma 6ypHi1 Ba Hx,THepHi1 6yJl HHcpOpMau,H51Jl p x,aM)l,a yJl ra l\ i1HJl l\OHyHHi1 cHcpaT TaJla6Jl H TH3HMHHH OJla)l, . TpaHcnapeHTJlHKHHHr 6Ow Ba3Hcp cH MOJlH51 6O3OpH)l, cO)l, 6yJl H MyMKHH 6yJl aH x,ap Typ)l, pHcKJlap, TOBJl aYHJlHKJl Ba l\ H6y3apJlHKJlapHH HHcpOpMau, 51Jl p TH3HMH Opl\aJl OJl)l, H OJl Ba nacai1 HpHw.
TpaHcnapeHTJl TypJl ycyJlJl Ba waKJlJlap)l,a aMaJlra OwHpHJl , yJl TapTH6Jl THpHw KOHu, u,H51Jl pH Ba MO)l,eJlJlapH)l,aH KeJl YHl\l\aH x,OJl)l, l\ HyHHi1 pHi1 x, aTJl p 6HJlaH 6eJl JlaHa)l, (9.1 naparpacp l\apaJl H).
TpaHcnapeHTJl ycyJlJl H Ba waKJlJl H MOJlH51 6O3OpHra OH)l, l\OHyHYHJl x, aTJl pH 6HJlaH 6eJlrHJl )l, .
VIHcpOpMau,H51HH OYH6 6epHw waKJlJl H TypJl 6yJl wH MyMKHH, MacaJl H, MOJlH51 6O3OpH l\ YHJl H TyFpHcH)l, H x,HcO6OTJl Ba HHcpOpMau,H51JlapHHHr cTaH)l, waKJlJl . yH)l,ai1 cTaH)l, waKJlJl )l, Ty3HJl Ba TyJl)l,HpHJl x,HcO6OT Ba HHcpOpMau,H51Jl p l\OHyHYHJl x, aTJl pHra MyBOcpHl\ 6eJl Jl aH cHcp )l, )l, , My)l,)l, Jlap)l, , x,a MJlap)l, Ba TapTH6)l, OYH6 6epHJl wH Ba Tal\)l, 3THJl TaJl 6 l\HJlHHa)l,H.
TpaHcnapeHTJlHJlHKHH TabMHHJl 6OpacH)l, a)l, HHcTpaTHB Ba aMOaTYHJl YOpa- Ta)l,6HpJl Hra acOcJl ycyJlJl l\yJlJl HJla)l, , 51bHH, HHcp au, 51 OYH6 6epHwJlHK MOc paBHw)l,
)l, BJl l\ HyHYHJl x, aTJl pH Ba aMOaTYHJl (y3HHH y3H TapTH6Jl BYH TawKHJlOTJl ) MebepJl acOcH)l, aMaJl OwHpHJla)l, . AMMO, 6y ycyJlJl HHr HYH)l, 3Hr ycTyBOpH Ba 3apypH a)l,MHHHcTpaTHB ycyJl x,HcO6Jl Ha)l,H, YyHKH aMOaTYHJlHK MebepJl pH )l, BJl l\ HyHJl Hra TyJlHl\ acOcJlaHa)l, .
Ai1 OH3KH, )l, HeHHHr 6apYa MaMJl KaTJl pH)l,a MaB y)l, 6yJl MOJlH51 (l\ TJl l\OFO3Jl )
6O3OpH TyFpHcH)l,arH l\OHyHJl H HKKH acOcHi1 KOMnOHeHTaHH y3 HYHra OJla)l, : TOBJl YHJlHKJlapHH

OJl)l, OJl	; HHcp Mau,H51 H OYH6 6epHwJl Ka l\ i1HJl	TaJla6Jl . X, p HKKaJl KOMnOHeHTa x,aM
HHBecTOpJl	r x,al\ Xyl\ l\JlapHHH x,HMO51Jl HHwHra	l\ paTHJl 6yJl , MOJlH51 6O3OpH

TapTH6JlawTHpHw TH3HMHHHHr 3Hr Myx, , 6HpJl H, ycTyBOp Ba3HcpacH x,HcO6Jl Ha)l, . yHHHr yYyH MOJlH51 6O3OpH)l,a HHBecTOpJl HHBecTHu, cp OJlH51 apaeHH)l,arH x,al\ Xyl\ l\Jl )l,aBJl TOMOHH)l, x,ap TOMOHJl l\OHyHHi1 KacpOJlaTJlaHa)l, Ba yJl 6y apaeHra aJl l\HJlHHHwH l\ JlJl - l\ BBaTJl HH6 paF6aTJlaHTHpHJla)l,H, yJlapHHHr HHBecTHu, MaBl\eH 6Owl\ l\ THawYHJl
l\ aH)l,a caJl Ol\Jl Ba 6apYa l\ awYHJl ra HHc6aTaH TaJl 6Jl pH ycTyBOp 6yJl H TabMHHJlaHa)l, . YMyMaH OJl aH)l,a, TapHnapeHTJlHJl cHcp HHBecTOp)l, TyJlHl\ x,HMO51Jl HraHJl x,HcHHH Ba cp JlJl KKa 3apypHi1 wapT wapOHTJl 51 Jl wHra KyMaKJlawa)l, . yH)l, TOBJlaMaYHJl Jl 6HJl 6OFJlHl\ pHcKJlap)l, cal\Jl TabMHHJlaw 6OpacH)l, BaKOJlaTJl )l, BJl TapTH6Jl HpHw OpraHJl H TOMOHH)l, Max,cyc l\ HyHHi1 MebepJlap ypHaTHJl aH (9.1 naparpacp l\ aJl ), MacaJl , l\ TJl l\ 3Jl HH MyOMaJl ra YHl\apHJlHwHHH “MaB y)l, cp Jl 6yi1 TeKwHpHw”, “MOBHi1 OcMOH l\OHyHH”, “acOcHi1 cTaH)l, TJl TynJl MH”, “)l, Kpeu, OH BaKOJlaTJlap”, “3MHccH51JlaHyBYH l\ MaTJl l\ FO3Jl cHcp H peryJl51 HB cTaH)l,apTJlapra MOc KeJlHwH”.
VIHcpOpMau, H wacpcpcpOcpJl TabMHHJlawra acOcJl TapTH6Jlaw THpHw KOHu,enu,H51 Hra 6HHOaH MOJlH51 6O3OpHHHHr 6apYa l\aTHawYHJl x,ap l\ H)l, i1 cpaOJlH51 Ba HaTH aJlapH cHcpaT
)l,apa acH)l,a OwKOpa l\HJl HHwH 3apyp.
Wy MyHOca6aT 6HJlaH 5.3 naparpacp)l, KeJlTHpHJl TpaHnapeHTJlHJl cHcpaT Me3OHHHH MOJlH51 6O3OpHHHHr 6apYa l\aTHawYHJl HHc6aTaH l\ JlJl MyMKHH, 51 l\ THawYHJlapHHHr TpaHcnapeHTJlHJl )l, pa acH (51 a)l,eKBaT HHcpOpMau, OH TpaHcnapeHTHJlHJl ) A(T)^I( yHHHr 6apYa Onepau,H51Jl pH Ba yJl ra OH)l, HHcp u,H51Jl pHHHr y3apO a)l,eKBaTJlHJlHrH (TyFpHJlHrH, aHHl\JlHrH, y3 Bal\TH)l,aJlHJlHrH, HwOHYJl Jl H) 6HJlaH 6eJl HJl a)l,H. MOc paBHw)l, 6y KpHTepHi1 (Me3OH) l\ i1H)l,
HcpO)l, Jl )l, :


min A(T)^I( = A^T (l\OHyH 6HJl H Ba MOJlH51 6O3OpH TOMOHH)l,aH ypHaTHJl
TapTH6)l, TaJl 6 l\HJlHHa)l,HraH HHcpOpMau,H51Jl p cOHH Ba cHcpaTH MHl\)l,OpH Kynai1 MacH) – A^P (l\ THawYH TOMOHH)l, H peaJl TabMHHJl 6epHJl HHcpOpMau,H51 cOHH Ba cHcpaTH MHl\)l,OpH Kynai1 MacH).


yH)l, HHcpOpMau,H51 r cHcpaT MHl\)l,OpH l\ THawYHHHHr MOJlH51 6O3OpH)l, rH HMH)l, HH TawKHJl 3TyBYH Ba x,OJl cHcpaTHHH 6eJlrHJlOBYH Hl\ O)l,Hi1 (MOJlH51BHi1), KOpnOpaTHB 6Owl\ pyBH, MOJlH51BHi1 HHcTpyMeHTJl H Ba 6Owl\ KypcaTKHYJl acOcH)l, 6ax, Jl wH MyMKHH 6yJl aH peHTHHrH Ba/eKH pei1 HHrH ep)l,aMH)l,a HcpO)l, Jl )l, . VIHcpOpMau,H51Jl cOHH 3ca l\ THawYH TOMOHH)l, H 6epHJl H Jl

6yJlraH x,HcO6OTJl	p Ba MabJlyMOTJl p MHl\)l,OpH)l,aH KeJlH6 YHl\a)l,H.
TabKH)l,Jl	OH3KH, yMyMaH OJl aH)l, , H)l, Jl x,OJlaT)l,	MaMJlaKaT)l, H HHBecTOpJl	r
cp JlJl Jl )l,	( ), 51 (5.2 naparpacp l\apaJl ):

min
= SV (HHBecTHu,H51 cHcpaTH)l,arH aMFapMa x,a MH Ba HHBecTHu, 51Jl p Jl BH)l,JlHJl Kynai1 MacH)
– PI (HHBecTHu,H51Jl pHHHr 6O3Op Hapx,H Ba Hl\ O)l,HeT yYyH 3apyp 6yJl HHBecTHu,H51Jl p x,a MH Kynai1 cH)


l\ YHJlapHHHr TpaHcnapeHTJl Jl )l, ra (A(T)^I( ) 3KBHBaJl HT 6yJla)l,H, 51 HH l\ THawYHJlapHHHr TpaHcnapeHTJlHJl H ol\OpH 6yJlraH)l,a, HHBecTHu, OH cp OJlJl HH x,aM ol\OpH 6yJl wHHH Ky3aTHw MyMKHH.
Arap 6yH)l, i1 TeHrJl TabMHHJlaHraH 6yJl , yH)l, MaMJl KaT MOJlH51 6O3OpH)l, rH HHBecTHu, OH Myx,HT a)l, aT paBHw)l, ol\ pH l\ BBaTra 3ra x, 6JlaHa)l, .
VIHcpOpMau,H51HH OYH6 6epHw apaeHH (HHcp Mau,H51 Hx,THepHwJl eKH Ma 6ypHi1 Tap3)l, OYH6 6epHJlHwH)l, H l\ TbHi1 Ha3ap) y3 HYHra l\ i1H)l, rH HHcpOpMau,H51 MaH6aJl pH Ba TypJl pHHH OJla)l,H⁶⁵: