Y3I>EK11ctoh pecnYI>U11kac11 ou11 ba ypta

S = I (yw6y 6aJl a pHO51 l\HJl HraH)l, yMyMHi1 TaJl Ba TaKJl cp ypTacH)l, TeHrJlHKKa 3pHwHJla)l,H, 51bHH S=Y–A–X=I, 6yH)l,a A=C+G – a6cOp6u,H51; Y-A – HYKH aMFapMaJlap; X – MaHcpHi1
HwOpaJl Tawl\ aMFapMaJl ), MV = PT.
Yw6y TeHrJl MaJl p 6HJlaH HcpO)l, )l, H MaKpOHl\THcO)l,Hi1 MyBO3aHaT MOJlH51 6O3OpH x,OJl H)l, y3 aKcHHH TOna)l,H, 51 HH 6O3Op Hl\ O)l, Hr x,OJl 3KBHBaJl HT Tap3)l, aKc 3Ta)l,H. Owl\ Ya l\HJlH6 ai1 H)l, , MOJlH51 6O3OpH Hl\ O)l, Hr “3rH3 aHaJlOrH” cHcp TH)l,a HaMOeH 6yJla)l,H. WyHHHr yYyH MOJlH51 6O3OpH Hl\THcO)l, THHHr “6apOMeTpH)l,Hp”.
Ai1THJlraHJl p acOcH)l, MOJlH51 6O3OpH)l, ra MyBO3aHaTHH rHnOTeTHK Tap3)l, l\ i1H)l, rH MyBO3aHaT TeHrJlaMacH 6HJl Hcp )l,aJl MyMKHH: SV = PT. yH)l, : T – MOJlH51 HHcTpyMeHTJl pH 6yi1 Ty3HJl wapTHOMaJlap x,a MH (6y 3ca HHBecTHu,H51Jlap x,a MHra TeHr), 51 T = I; S – MOJlH51 Hi1 HHcTpyMeHTJl yYyH TaKJl cp l\HJl HraH aMFapMaJlap x,a MH; V – HHBecTHu,H51 l\HJl aH aMFapMaJl H cpOi1)l, (3apap) 6HJlaH l\ i1 Te3JlHrH (Bal\T OpaJl , Jl BH)l,JlHJl H); P – MOJlH51BHi1 HHcTpyMeHTJl p 6yi1 Ty3HJl H wapTHOMa Jl pHHHr (6HTHwyBJl pHHHr) 6O3Op Hapx,H.
eMaK, T = I 3KaHJl HHH x,HcO6ra OJl aH x,OJl)l, MOJlH51 6O3OpHHHHr MyBO3aHaT TeHrJl cHHH l\ i1H)l,arHYa HcpO)l,aJlaw MyMKHH:

SV = PI		(1)
VIJlMHi1 Hyl\ H Ha3ap)l,aH (1) TeHrJl	HH nyJl	MHl\)l,OpHi1 Ha3apH51 Hra yXwaw MOJlH51

HHcTpyMeHTJl pHHHHr (l\ MaTJl l\OFO3Jl pHHHr eKH HHBecTHu,H51 Jl pHHHr) MHl\)l,OpHi1 Ha3apH51cH )l, 6 cpapa3 l\HJl MyMKHH.

⁵ 0nIT pa3BHTH51 cp HcOBOi1 H cp Jl HOi1 cHcTeMI H npHBJl eHH51 np51 IX HHOcTpaHHIX HHBecTHu,Hi1 B BOcTOYHOi1 A3HH: ypOKH H peKOMeH)l, u, . C6OpHHK Tpy)l,OB MOJl yYeHIX TpywHH 3., My3acp pOB ., e)l, OBa E., Ii1 H6aeBa r.-AJl TI, 2001.-cc.74.

MabJlyMKH, S = I TeHrJl K 6o)l, cOJlHl\ cHecaTH acOcH)l, , MV = PT TeHrJl 3ca Kpe)l, nyJl (MOHeTap) cHecaTH acOcH)l, aMaJl OwHpHJla)l, . yH)l, S+ +M+S KypHHHwH)l, H )l, i1 6OFJlHl\Jl K yw6y cHecaTJl HHHr 3KBHBaJl TJl Jl HH 6HJl)l,Hpa)l, . y 3ca (1) TeHrJl aHH Mal\ca)l, a MyBOcpHl\ 3KaHJl aHrJl )l, . 4yHKH HKKaJl cHecaT x,aM 6apl\apOp Hl\ O)l,Hi1 ycHwHH TabMHHJl w Mal\ca)l,H)l, peaJl Hl\ O)l, yYyH HwJlaraHJlHrH (i1yHaJlTHpHJlraH JlHrH) yYyH, yJl HHHr yi1 yHJl BH Ba OnTHMaJl 6aJl Hra 3pHwHw (1) TeHrJl )l, H KypHHH6 TypH6)l, H, MOJlH51 6O3OpH Opl\aJl aMaJlra OwHpHJl Ta6HHi1)l,Hp. Yw6y x,OJl 1.1.2-YH pacM)l,a KypHw MyMKHH.

PacM 1.1.2. MOJlH51BHi1 Ol\HMJl H MOJlH51 6O3OpH Opl\aJl x,apaKaTH MO)l, Jl .


yH)l,a (1.1.2-YH pacM) M – MOJlH51 6O3OpH; – MapKa3Hi1 6aHK; X – X,yKyMaT; YX – yi1
x,y aJl Jl H; – cp MaJl p; U1 - U4 – , X, YX Ba MaJl pHHHr MOJlH51 6O3OpH (M ) 6HJlaH 6OFJlaHa)l, aH JlOKaJl u,HKJlJl . Yw6y u, KJlJl Opl\aJl MOc paBHw)l, MOJlH51 i1 Ol\ Jl x,apaKaTH MOJlH51 6O3OpH l\ YHJl H TOMOHH)l, aMaJl OwHpHJla)l, . yH)l, X,yKyMaT Ba Yi1 x,y aJlHKJl , X,yKyMaT Ba pMaJl ypTacH)l, 6OFJlaHHw “)l, Ma)l, cOJlHl\” ai1Jl MacH Tawl\ u,HKJlJl 6yi1 Ya TawKHJlJlawraH.
1.1.2-YH pacM)l, H MO)l,eJl)l, x,ap 6Hp u, KJl MabJl Mal\ca)l, acOcH)l, x,apaKaT l\HJla)l, Ba 6Hp 6HpH 6HJlaH 6eBOcHTa Ba (eKH) 6HJlBOcHTa 6OFJlHl\ 6yJl , yJl HHHr Te3JlHrH Ba x,a MH 6O3Op KOHboHKTypacHra 6OFJlHl\.
eMaK, MO)l,eJl)l,aH KypHHH6 TypH6)l, H, MOJlH51 6O3OpH Hl\ O)l,HeT)l,a MapKa3Hi1 ypHHra 3ra, Hl\ O)l, Hr 6apYa cy6beKTJl pH yHHHr KOHboHKTypacHra 6OFJlHl\ x,OJl)l, y3apO 6OFJlHl\JlHK Ba TabcHp)l,a cp OJlH51 opHTa)l,HJl . MOJlH51 6O3OpH y3HHHHr l\ l\ Ba ypTa (y3Ol\) My)l,)l, TJl HHcTpyMeHTJl pH ( yMJla)l,aH l\ TJl l\ FO3Jl p) ep)l,aMH)l,a Hl\ O)l, cy6beKTJl pHHH HHBecTHu,H51 6HJl TabMHHJl i1)l, , pecypcJl H yJlapHHHr ypTacH)l, caMapaJl Tal\ Jlai1)l, Ba l\ai1Ta Tal\ Jl i1)l, .
TabKH)l,Jlaw OH3KH, l\ MMaTJl l\OFO3Jl p MOJlH51BHi1 pecypcJlap x,apaKaTH HHHr 6Hp l\ MHHH l\aMpai1)l, . K, MaTJlH l\OFO3Jl )l, Tawl\ MOJlH51 6O3OpH)l, ccy)l, Ba Kpe)l,HTJlap, cy6cH)l,H51 Ba
cy6BeHu, 51Jl , cyFypTa BOcHTaJl Ba BaJloTaJl MyOMaJla)l, 6yJla)l, . YJl Hr x,ap 6HpH y3Hra MOc u, KJl)l, Ba MOJlH51 6O3OpH cerMeHTJlapH)l, caMapaJlH x,apaKaT l\HJla)l, . yH)l, l\ MaTJl l\ FO3Jl Ba yJl HHHr peaJl 6a3HcH MHl\)l,OpJl KynHHYa 6Hp 6HpJl pHra MOc KeJl Jl H x,aM)l,a yJl HH 6O3Op)l, 6Hp 6HpHra l\ paMa l\ pwH i1yHaJlHw)l, x,apaKaT l\HJlHwH MyMKHHJl l\ MaTJl l\OFO3Jl p 6O3OpHHHHr x, cycH51 x,HcO6Jl Ha)l,H.
yH)l,ai1 x,apaKaT 6O3Op KOHboHKTypacH x,OJl ra (KypcaTKHYJl ra) 6OFJlHl\Jl K)l, 1.1.3-YH pacM)l, MO)l,eJl)l, KypcaTHJl aHH)l, aMaJl OwHpHJla)l, . yH)l, (1.1.3-YH pacM): K, – l\Hcl\ My)l,)l, TJl MOHeTH3au,H51Jl wraH MOJlH51 BHi1 aKTHBJl (l\ TJl l\ FO3Jlap)l,aH Tawl\apH) 6O3OpH; YMA

• 
  ypTa Ba y3Ol\ My)l,)l,aTJlH MOHeTH3au,H51JlawraH MOJlH51BHi1 aKTHBJlap 6O3OpH; K,MK, – K,MA ra MOc l\Hcl\ My)l,)l, Jl l\ MaTJl l\OFO3Jl Hr 6Hp a)l, Tawl\ 6O3OpH; YMK, – YMA ra MOc ypTa Ba y3Ol\ My)l,)l, TJl l\ TJl l\OFO3Jl r 6Hp a)l, H Tawl\apH 6O3OpH; – l\ MaTJl l\OFO3Jl pHHHr 6Hp a 6O3OpH; 'b – l\HMMaTJlH l\OFO3Jlap 6O3OpHHHHr KOMnJleKc KypcaTKHYH (yw6y KypcaTKHY MOc paBHw)l, 6Hp aBHi1 Ba 6Hp a)l, Tawl\ l\ Jl l\OFO3Jl 6O3OpJl HH)l,eKcJl b1, b2, b3 Opl\aJl HcpO)l, Jl )l, , 51 HH 'b=f(b1,b2,b3)); R – K, Ba YMA )l, HpacH)l, waKJlJlaHa)l, raH cp H3 cTaBKaJl r1, r2 Opl\aJl HcpO)l,aJl Ha)l, aH KOMnJl KypcaTKHY, 51 R = f(r1, r2); S – MOJlH51BHi1 HHcTpyMeHT Jl pra HHBecTHu,H51 Tap3H)l,a MOJlH51 6O3OpH Opl\aJl i1yHaJlTHpHJlraH aMFapMaJl .
  

PacM 1.1.3. MOJlH51 6O3OpH)l, KOHbHKTypara 6OFJlHl\ Tap3)l, HHBecTHu,H51Jl H caMapaJl Tal\ Jl HHwH Ba l\ i1 Tal\ HMJl wHHHHr Ty3HJlMaBHi1 O3Op MO)l, Jl .
MOJlH51 6O3OpH)l, aMFapMaJl Ol\ MHHHHr (S) x,apaKaTH i1yHaJlHwH cpOH3 cTaBKa (R) Ba HH)l,
('b) KypcaTKHYJl ra 6OFJlHl\ x,OJl)l, waKJlJlaHa)l, , 51 H S = f(R, 'b). 51 l\ i1 6Hp KypcaTKHY
aMFapMara 3ra 6yJl aH HHBecTOp yYyH MaHcp TJl 6yJl , HHBecTOp y3 Ma6Jl Jl HH ywa KypcaTKHY 6HJl 6eJl Jl aH MOJlH51 6O3OpH cerMeHTH Opl\aJl Hl\ )l, r caMapaJlH cOx,acHra l\ i1yHaJlTHpa)l, . yH)l, Hl\ O)l, cy6beKTJl pH ypTacH)l,a HHBecTHu,H51Jl p yYyH pal\O6aTJl KyYJl Kypaw KeTa)l,H.
TabKH)l,Jlaw OH3KH, yw6y pal\ Jl Kypaw)l,a HHcpJl51u,H51 )l, pa acH KaTTa pOJl yi1Hai1)l,H. Arap, HHcpJl51u, 51 )l, ol\ pH 6yJl (rHnepHHcpJl51u,H51)l, ) HHBecTOpJl y3 pecypcJl HH K, Ba K,MK,

18
TOMOH i1 HaJl Hpa)l,H, aKc x,OJl)l, 3ca (HHcpJl51u,H51 r nacT )l, pa acH)l,a, nyJl l\ )l, JlHJlHrH)l,a) HHBecTHu,H51Jl p YMA Ba YMK, TOMOH x,apaKaT l\HJl )l, .

Yw6y l\ yHH51 1.1.4-YH pacM)l, KypcaTHJl H MO)l,eJl ep)l,aMH)l,a 51l\l\OJl HcpO)l,aJl w MyMKHH.
yH)l, : I – 51Jl HHBecTHu,H51Jlap; S – aMFapMaJlap; M – nyJl MaccacH; T – Ty3HJl aH wapTHOMaJlapHHHr yMyMHi1 x,a MH, yH)l, l\ i1 )l,arHJlapHH l\a6yJl l\ Jl MyMKHH: T=Y (Y – yMyMHi1 TaKJlHcp, 51 51VIM (Y), Y=C+G+I+X – MaKpOHl\ cO)l,Hi1 )l,apa a)l, yMyMHi1 TaJl Ba yMyMHi1 TaKJl cp 6aJl HH Hcp )l,aJlai1)l, aH acOcHi1 TeHrJl , C – HcTebMOJl; G – )l,aBJl HHHr OpHi1 x,apa aTJl H; X – cOcp 3KcnOpT; TeHrJl HHHr 6HpHHYH l\ MH yMyMHi1 TaJla6HH HcpO)l ,aJl i1)l, – 51VIMHH nHpaBap)l,H capcpJlai1)l,HraH yHcypJl i1HFHH)l, H); V – nyJl ai1Jl HHw Te3JlHrH; P – 6O3Op Hapx,H; P3=nC – peaJl KanHTaJlHH HwJl YHl\ w cOx,acH (nC) Opl\aJl 51 BYH peaJl Hl\ cO)l, ceKTOpH (P3); K – Kpe)l,HT nyJl cHecaTH)l, l\ yBYH HHcTHTyTJl ; H – 6o)l, cOJlHl\ cHecaTH)l, HwTHpOK 3TyBYH HHcTHTyTJl ; nYK – l\Hcl\ My)l,)l, Jl KanHTaJlJlap 6O3OpH)l, )l,apOMa)l,Jl )l, KypcaTKHYH; nY – ypTa Ba y3Ol\ My)l,)l,aTJl KanHTaJlJl 6O3OpJlapH)l, )l, OMa)l,Jl )l, KypcaTKHYH; nY VI – ypTa Ba y3Ol\ My)l,)l, Jl HHBecTHu,H51Jlap )l, KypcaTKHYH; nYKM – l\Hcl\ My)l,)l, TJl nyJl )l, KypcaTKHYH; IS-LM – Hl\ HcO)l,Hi1 cp OJlJl HHHr TyJll\HHcHMOH y3rapHwHHH Tax,JlHJl l\HJlHwra ep)l,aM 6epyBYH HHBecTHu, OH aMFapMaJlap Ba Jl BH)l, nyJl MO)l, Jl ; HwJl YHl\apHw cp HKu,H51cH Ba HcTebMOJl cp HKu,H51cH)l,aH H6OpaT CO!l MO)l,eJlH (Hl\THcO)l,Hi1 ycHwHH Tax,JlHJl l\HJlHwra ep)l,aM 6epa)l,H); PU nC – HwJl YHl\apHw cOx, cHra (nC) x,H3MaT KypcaTyBYH ypTa Ba y3Ol\ My)l,)l, TJl l\ TJl l\OFO3Jl p 6O3OpH; PBU – BaJl Ta 6a3HcJl l\Hcl\a My)l,)l,aTJl l\HMMaTJlH l\OFO3Jl p 6O3OpH.

IS-LM MoAerH ^{Coro MoAerH}

C=Y(1-S)

YMAI> Ba