Y3I>EK11ctoh pecnYI>U11kac11 ou11 ba ypta

I( MYooGm!l rjJOT-o!l nOpmrjJe!l!lGpU x,aM ol\OpH JlHKBHJlHJlHK )l,apa acHra 3ra 6yJlH6, yJlap TapKH6Hra nyJl 6O3OpH)l, MyOMaJl )l, 6yJlyBYH l\ cl\a My)l,)l, Jl l\ MaTJl l\ FO3Jl KHpa)l, .
yH)l, i1 nOpTcpeJlJl l\Hcl\ My)l,)l, Jl)l,H )l, BJlaT ( yMJla)l, H MyHHu, aJl) l\ 3Jl H)l, H TawKHJl TOnraH 6yJl , yH)l, yJlap cOJlHl\Jlap)l, O3O)l, l\HJl H x,HcO6JlaHa)l, . WyHHcH l\H3Hl\ , )l,aBJl l\Hcl\ My)l,)l, TJl KynOHcH3 l\OFO3Jl nOpTcpeJl ycHw nOpTcpeJl x,HcO6Jl )l, , YyHKH yJlap 6yi1
)l, Ma)l, Kypc Tacp ByTH 6yi1HYa x, cHJl 6yJla)l, .
VI THu,H51 l\HJl Mal\ca)l, 6OFJlHl\ x,OJl)l,a nOpTcpeJlJlap TapKH6H KOHBepTHpJl H l\ 3Jl )l, H (KOHBepTHpJl H: O6JlHrau, 51Jl HMTHe3Jl aKu,H51Jl )l, H) H6OpaT 6yJlca, yH)l, 6yH)l,ai1 nOpTcpeJlJl p MOc paBHw)l, KOHBepTHpJl yBYH nOpTcpeJlJl p )l,ei1 Jl )l, . Jl x,HcO6JlaHraH "6yl\ Jl ” 6O3OpH)l,a 6yH)l, i1 TapKH6 l\ wHMYa )l, pOMa)l, OJl HMKOHHHH 6epa)l,H. yH)l,ai1 Typ)l,arH nOpTcpeJlJlapra 6eJl JlaHraH )l, Ma)l,Jl ypTa Ba y3Ol\ My)l,)l,aTJl HHBecTHu, 51Jlap nOpTcpeJlJlapH x, KHpa)l,H.
nOpTcp Jl HHc6aTaH pHcK OMHJl – MabJl M nOpTcpeJl cTHu, apaeH 6HJl 6OFJl l\ 6yJl H HeTTO nyJl Ol\ Hr y3rapyBYaHJl .
nOpTcp Jl)l , rH l\ TJl l\ 3Jl 6ax,OcHHHHr y3rapHwHra OJl KeJlyBYH l\ i1 )l , yY ca6a6HH KypcaTHw MyMKHH:

1. 
   3MHTeHTHHHr Kpe)l,HT 6ax,OcH Ba yH)l, KyTaJla)l, H l\ai1 HOpMacH 51 wHJlaHa)l, eKH eMOHJl a)l, .
   
2. 
   Arap 6O3Op napaMeTpJlapH (KyTHJl TraH l\ai1THM HOpMacH Ba Kpe)l, 6ax, ) y3rapMac l\ Jl , Jl O6Jl au, 51Jlap 6yi1 Ya Ma 6ypH51TJlap H pOcH My)l,)l, 51l\ Jlawca, yH)l, l\ FO3Jl (arap yJlapHHHr Hapx,Jl H paF6aT eKH )l, )l, H)l, 6yJl ) Hapx,H y3rapH6 Typa)l, (eKH ol\OpHra caKpai1)l, eKH nacTra Tywa)l, ).
   
3. 
   KyTHJl aH l\ i1 HOpMacH y3rapa)l,H, 6y 3ca y3rapMac KynOHJl HHcTpyMeHTJl Hapx,HHH KOppeKTHpOBKa l\HJl OJl KeJla)l, .
   

Ai1 OH3KH, 8.4.2 pacM)l, KeJl HpHJlraH 6Owl\ nOpTcpeJl TypJl yJl KHpraH HHBecTHu, aKTHBJl Ba yJlapHH 3MHTeHTJl TypJl , x,Occa Ba XycycH51TJl x,aM)l, HHBecTOpJl ra 6epa)l, H l\ yHHi1 Xyl\yl\ Ba HMKOHH51 Jl p 6HJl H 6eJlrHJlaHa)l,H.
IOl\OpH)l, KeJlTHpHJl H nOpTcpeJlJl TypJl H Ma3MyHH)l, yJlapHH cHcp Hyl\ Ha3apH)l, waKJlJl HwHHHr TaMOi1HJlJl pHHH H)l, l\HJl l\ i1 3Mac.

Caao!l!lap

165

1. 
   K, Jl l\OFO3Jl nOpTcpeJl HHMa?
   
2. 
   nOpTcpeJlJl HH l\ H)l, i1 TypJl pHHH 6HJlacH3?
   

Tonmupu !l

1. 
   nOpTcpeJlJlap TyFpHcH)l, 3Jl H npe3eHTau,H51 Tai1epJl r.
   
2. 
   TepMHHJl p Jl FaTHHH Ty3HHr.
   

5. 11HBecTHu, nopT rnaKrraHTHpHrn acocrapH

nOpTcp JlJl HHBecTOpJl p y3 nOpTcpeJlJl waKJlJl HpHw)l, OJl)l, )l, H 3x,THMOJlHi1 paBHw)l, MabJlyM pHcKJlap )l, a acH)l,a pe aJl THpHJlraH )l, Ma)l, MHl\)l, pHHH OJl Mal\ca)l, Ky3Jlai1)l,HJl (8.4 naparpacp l\apaJl ). yH)l, yJl y3 Ma6JlaFJl pHHH Oi1Jl YOFH)l, l\ i1 )l, rH HwJl aMaJlra OwHpa)l,HJl :

• 
  HHBecTHu,H51Jl p nOpTcpeJl waKJlJlaHTHpHw yYyH KepaKJl HHBecTH u, H aKTHBJl HH (O6beKTJl HH) TaHJl ;
  
• 
  x,ap 6Hp MOJlH51BHi1 HHcTpyMeHTra (l\ TJl l\ ) i1yHaJlTHpH Jl )l, H nyJl Ma6JlaFJl x, aHHl\Jl ;
  
• 
  MOJlH51 6O3OpHHH Tax,JlHJl l\ Jl Ba nOpTcpeJlHH waKJlJl HTHpHw cTpaTerH51 6eJlrHJl .
  

nOpTcpeJl H waKJlJl THpHw – l\ MaTJl l\ FO3Jl 6O3OpH x,OJl ra x,OJl TabcHpYaH 6yJl aH aKTHBJl rypyx, H TaHJl apaeHH. yH)l, nOpTcpeJl HHBecTOpJl l\yi1 )l, H acOcHi1 TaMOi1HJlJl a pHO51 l\HJla)l,HJl :

• 
  l\ TJl l\OFO3Jl 6O3OpHHHHr x,O3HprH ( OpHi1 Bal\T)l,arH) x,OJl aHHl\ 6eJlrHJlaw)l, l\ , nOpTcpeJl x, MHHH aHHl\Jlaw)l, y3Ol\ My)l,)l,aTJl HcTHl\6OJl Ky3Jlaw;
  
• 
  aKTHBJl HHHr i1 naKeTJl waKJlJlaHTHpHw)l, (nOpTcpeJl TynJl w)l, ) nOpTcpeJlJlH HHBecTOpHHHr cp OJlH51 l\HMMaTJl l\OFO3Jl p 6O3OpHra TabcHp KypcaTHwHHH Ha3ap)l, TyTHw;
  

- cHecHi1, Hl\THcO)l,Hi1 Ba MOJlH51BHi1 HHcpOpMau,H51 3ra 6yJlHwJl K MyBacpcpal\H51THHHr acOcHi1
OMHJl .
8.4 naparpacp)l, HHBecTHu, 51Jlap nOpTcpeJlJlapHHH cHcp 6ax,OcH Hyl\TaH Ha3apH)l, (MHl\)l,OpHi1 6yJl 6ax,OcH) waKJlJlaHTHpHw yYyH ep)l, M 6epa)l, H TaMOi1HJlJl (51 , cHcpaTHi1 Hx,aTJl Ta51 BYHJl HHH) KypH6 YHl\)l, . nOpTcpeJl waKJlJl YOFH)l, MyaMMOHHHr cHcpaT 6eJlrHJlap)l, H KaM ax,aMH51Jl 6yJl MHl\)l,OpHi1 TOMOHJl HHH KypHw Mal\ca)l, MyBOcpHl\. Wy MyHOca6aT 6HJl nOpTcpeJlJl MHl\)l,OpHi1 cHcp Hyl\ Ha3apH)l,aH HHBecTOp yYyH l\ i1H)l, caBOJl ypHHJl : “nOpTcp Jl)l, HeYa )l, l\ TJl l\ 3 6yJlHwH 3apyp?”
VI THu, Tax,Jl Jl Ha3apH51 H TabKH)l,Jlai1)l, , O)l,)l,Hi1 )l,HBepcHcpHKa u,H51Jl acOcH 6yJl “Tyx,yMJlapHH 6Hp caBaTra l\ i1 aHr” TaMOi1HJl HHBecTHu, Ma6JlaFJl TapMOl\Jl Ba KOMnaHH51Jl ypacH)l, caMapaJl Tal\ Jl HwH TaMOi1 JlH)l, x, l\ Ya eMOH 3Mac. yH)l, Tawl\apH, nOpTcpeJl)l, rH aKTHBJlap cOHHHH caKKH3)l, H OpTHFH nOpTcpeJl pHcKHHH ce3HJl Jl nacai1THpa)l, . PHcK )l,apa acHHH MaKcHMaJl KaMai1THpHw MyMKHH, arap nOpTcpeJl a 10-15 OpaJlHFH)l, rH cOHH KHpHTHJl aH 6yJl . nOpTcpeJl TapKH6HHH 6yH)l, H OpTTHpHw Mal\ca)l, MyBOcpHl\ 3Mac (YyHKH HHBecTOpJl p yYyH l\Hi1 HJl K TyF)l,HpyBYH OpTHl\Ya )l, pcHcpHKau,H51 3cpcpeKTH By y)l, KeJla)l,H, 51 nOpTcpeJl 6Owl\ Hw y)l, MypaKKa6Jl KeTa)l, , Tax,JlHJl Ba OpHi1 MOHHTOpHHr x,apa aTJl OpTa)l,H, caMapaJl HHBecTHu, l\ pOp l\ yJl l\HJl l\Hi1HHJlawa)l, ).
nOpcpeJl waKJl THpHw)l, l\yi1 )l, HwJlap KeTMa KeTJl rH 6a apHJla)l, :

1. 
   K, i1H)l, rHJl Tax,JlHJl l\HJl )l, cTJl H MOHHTOpHHrH yTKa3HJla)l,H (TyJlHl\ MOHHTOpHHr TapTH6H 8.6-YH naparpacp)l,a KeHrpOl\ KeJl HJl H):
   

• 
  l\ MMaTJl l\OFO3Jl 6O3OpH, yHHHr cerMeHTJl pH Ba HH)l,HKaTOpJl H;
  
• 
  3MHTeHTJl HHr MOJlH51 i1 Hl\ O)l,Hi1 KypcaTKHYJl H;
  
• 
  l\ MaTJl l\OFO3Jl r HHBecTHu, OH cHcpaT KypcaTKHYJl pH.
  

2. 
   acTJla6KH MOHHTOpHHr (Tax,JlHJlHi1 Ky3aTHw) HaTH aJl H acOcH)l, l\ i1HJl HHBecTHu, OH Mal\ca)l, a (MacaJlaH, ol\ pH )l, OMa)l, OJlHw) MOc KeJlyBYH nOpTcpeJl HHr 6OwJlaHFHY TapKH6H yYyH KaM
   

)l, raH)l,a aKu,H51Jl p Ba O6JlHrau,H51 Jl pHHHr HKKH naKeTHHH 6eJlrHJl 6 OJl .

3. 
   Pe aJl THpHJl aH HHBecTHu,HOH Ma6Jl Jl H TaHJl OJl aH naKeTJlapra HHBecTHu,HOH Mal\ca)l, 3pHwHwHH TabMHHJlOBYH )l, pcHcpHKau,H51 TaMOi1HJl acOcH)l, Tal\cHMJl w. yHHHr yYyH l\ i1H)l,a KeJlTHpHJlraH MHcOJl)l, H cpOi1)l,aJlaHHw MyMKHH.
   

3 l\HJlai1Jl , 6O3Op)l,a HKKH cp MaHHHr aKu,H51Jl p Ba/eKH O6JlHra u, 51Jl pH MaB y)l,.
HpMaJl p)l, H 6Hp ( 1) l\ ew HypH)l, H x,HMO51Jl Ky3Oi1HaKJl HwJl YHl\apa)l,H, HKKHHYHcH ( 2) 3ca eMFHp)l, cal\Jl H cO516OHJl YHl\apa)l,H. nyJl Ma6JlaFJl pHHHHr TeHr HKKHra 6yJlH6, x,ap 6Hp cp pMa aKu,H51JlapH/O6JlHrau,H51Jl a MyTaHOcH6 MHl\)l,OpJlap)l, i1yHaJl pHw MyMKHH. 8.5.1 a)l,BaJl)l, aMaJlra OwHpHJl H Onepau,H51Jl HaTH aJlapH KeJl HpHJlraH.