Управление инновационными проектами и их коммерциализация. Учебное пособие
.pdf3. & %&" / &$ / % " "!&$" /
&9EFB6O9 @4F9D<4?O <ECB?P;GRFES >4> F9>GM<= < 6OIB8AB= >BAFDB?P ;A4A<= B5GK4RM<IES, CB A4CD46?9A<R CB87BFB6>< 08.03.01 %FDB<- F9?PEF6B 6E9I HBD@ B5GK9A<S.
"EAB6A4S ;484K4 F9EF<DB64A<S 3 QFB B5N9>F<6AB9 BCD989?9A<9 ;A4- A<= B5GK49@B7B A4 BEAB69 CD98EF46?9A<S CD98@9FAB= B5?4EF< 6 6<89 EB6B- >GCABEF< 6BCDBEB6 (;484K). "EAB6AB= CB8IB8 > F9EF<DB64A<R ;A4A<=, G@9- A<= EFG89AFB6 3 QFB F9EF<DB64A<9 >D<F9D<96, ;484K4 >BFBDB7B 4 BCD989- ?<FP H4>F<K9E><= GDB69AP ;A4A<=, G@9A<= (CB F9@9, D4;89?G, >GDEG), G8B- 6?9F6BDSRM<= CD<ASFO@ >D<F9D<S@.
&9EFB6O9 @4F9D<4?O 6>?RK4RF A9E>B?P>B F<CB6 (6<8B6) 6BCDBEB6, 4 <@9AAB:
-64D<4F<6AO9 6BCDBEO;
-6BCDBEO A4 EBBF69FEF6<9;
-6BCDBEO E D4;69DAGFO@ BF69FB@;
-6BCDBEO E >D4F><@< BF69F4@<;
-6BCDBEO A4 6OK<E?9A<9.
FB7B6O= >BAFDB?P BEGM9EF6?S9FES 6B 6D9@S ;4>?RK<F9?PAB7B CB6FBD9A<S GK95AB7B @4F9D<4?4 E J9?PR E<EF9@4F<;4J<< < B5B5M9A<S 6 >BAJ9 GK95AB7B E9@9EFD4, 4 F4>F<>9 6 CDBJ9EE9 E84K< < C9D9E84K< ;4K9F4 CB 8<EJ<C?<A9.
<A<@4?PAB9 >B?<K9EF6B 64D<4AFB6 BF69FB6 3 K9FOD9. B?<K9EF6B 6BCDBEB6 6 F9EF9 60 LFG>. D9@S F9EF<DB64A<S 60 @<AGF.
&9EFB6O9 ;484A<S CB 8<EJ<C?<A9 6OCB?A9AO 6 6<89 >B@CPRF9DAB7B F9EF<DB64A<S A4 C?4FHBD@9 1 ' "!2.
#@8<5@=O9 B5AB>2O9 <0B5@80;:
1. D9;G?PF4F9 <AAB64J<BAAB= 89SF9?PABEF< DB:84RFES:
AB6O9 <89<, AB6O9 < GEB69DL9AEF6B64AAO9 CDB8G>FO; AB6O9 <?< GEB69DL9AEF6B64AAO9 F9IAB?B7<K9E><9 CDBJ9EEO;
CBS6?SRFES AB6O9 HBD@O BD74A<;4J<< < GCD46?9A<S D4;?<KAO@< EH9D4@< Q>BAB@<>< < 99 EFDG>FGD4@<;
6E9 6OL9C9D9K<E?9AAB9.
2. 4>B9 RD<8<K9E>B9 CBASF<9 6B;A<>49F 6 D9;G?PF4F9 EB;84A<S <A-
AB64J<<:
<AF9??9>FG4?PA4S EB5EF69AABEFP; K4EFA4S EB5EF69AABEFP; CDB@OL?9AA4S EB5EF69AABEFP; 6E9 6OL9C9D9K<E?9AAB9.
61
3.?RK96B= QF4C <AAB64J<BAAB= 89SF9?PABEF< 6 D9;G?PF4F9 >BFBDB7B CDB<EIB8<F 6B;@9M9A<9 ;4FD4F D4;D45BFK<>4 (<?< 6?489?PJ4) <AAB64J<- BAAB7B CDB8G>F4 < CB?GK9A<9 <@ CD<5O?< BF E6B9= 89SF9?PABEF< 3 QFB:
>B@@9DJ<4?<;4J<S <AAB64J<<;
6B6?9K9A<9 <AF9??9>FG4?PAB= EB5EF69AABEF< 6 IB;S=EF69AAO= B5BDBF; CDBJ9EE >B@@9DJ<4?<;4J<< <AAB64J<BAAB7B CDB8G>F4;
6E9 6OL9C9D9K<E?9AAB9.
4.#B6989A<9, A4CD46?9AAB9 A4 D94?<;4J<R EBFDG8A<>4@< AB6OI <89=, CDB8G>FB6, CDBJ9EEB6, CDBJ98GD, >BFBDO9 @B7GF 5OFP CD<@9A9AO 8?S BCF<@<;4J<< D45BFO 6 D4@>4I BCD989?9AAB= 8B?:ABEF<, 7DGCCO <?< BD74- A<;4J<< 6 J9?B@, QFB:
>D94F<6ABEFP;
<AAB64J<BAABEFP;
<AAB64J<BAAO9 >B@C9F9AJ<< C9DEBA4?4; 6E9 6OL9C9D9K<E?9AAB9.
5."CD989?<F9 CBE?98B64F9?PABEFP QF4CB6 CB87BFB6>< CD9;9AF4J<< <AAB64J<BAAB7B CDB9>F4:
!B@9D QF4C4 |
1F4C |
|
#B85BD @4F9D<4?B6 |
|
#BEF4AB6>4 < HBD@G?<DB64A<9 J9?< |
|
"CD989?9A<9 >?RK96OI @B@9AFB6 6 EB89D:4A<< F9>EF4, |
|
6O89?<FP <I |
|
O5BD HBD@ BFK9FABEF< CB CDB6989A<R CD9;9AF4J<< |
|
OEFD4<64A<9 ?B7<K9E>B= J9CBK>< CD98EF46?9A<S |
|
O5BD ED98EF6 < CD<9@B6 8?S ?GKL97B 8BA9E9A<S |
|
<AHBD@4J<< |
6.O5D4FP F9D@<A 8?S >BFBDB7B 84AB BCD989?9A<9: «6?489?9J <AAB64J<BAAB7B CDB9>F4 < 5G8GM<= CBFD95<F9?P 97B D9;G?PF4FB6»:
>BBD8<A4J<BAAO= EB69F; DG>B6B8<F9?P CDB9>F4; <A<J<4FBD CDB9>F4; ;4>4;K<> CDB9>F4.
7.O5D4FP F9D@<A 8?S >BFBDB7B 84AB BCD989?9A<9: «>B??9>F<6AO= BD74A, >BFBDO= 6O5<D49F <AAB64J<BAAO9 CDB9>FO 8?S D94?<;4J<<, GF69D- :849F C?4AO D45BF < <I <;@9A9A<S, A4;A4K49F >GD4FBD4 < GF69D:849F DG>B- 6B8<F9?S CDB9>F4»
>BBD8<A4J<BAAO= EB69F; >GD4FBD CDB9>F4;
>B@4A84 GCD46?9A<S CDB9>FB@; DG>B6B8<F9?P CDB9>F4.
62
8.O5D4FP F9D@<A, 8?S >BFBDB7B 84AB BCD989?9A<9: «BEGM9EF6?S-
9F H<A4AE<DB64A<9 <AAB64J<BAAB7B CDB9>F4 ;4 EK9F E6B<I <?< CD<6?9- K9AAOI ED98EF6»
<A69EFBD CDB9>F4; DG>B6B8<F9?P CDB9>F4; <A<J<4FBD CDB9>F4; ;4>4;K<> CDB9>F4.
9.O5D4FP F9D@<A 8?S >BFBDB7B 84AB BCD989?9A<9: «GK4EFA<>< >B@4A8O <AAB64J<BAAB7B CDB9>F4, CD<A<@4RM<9 GK4EF<9 6 GCD46?9A<< CDB9>FB@»:
>BBD8<A4J<BAAO= EB69F; >B@4A84 CDB9>F4;
>B@4A84 GCD46?9A<S CDB9>FB@; CBFD95<F9?< CDB8G>F4 CDB9>F4.
10.469DL9A<9 <AAB64J<BAAB7B CDB9>F4 3 QFB EF48<S CDBJ9EE4 GCD46?9A<S CDB9>FB@, 6>?RK4RM4S CDBJ9EEO:
HBD@<DB64A<S >BAJ9CJ<< CDB9>F4; HBD@<DB64A<S E6B8AB7B C?4A4 CDB9>F4;
BEGM9EF6?9A<S 6E9I ;4C?4A<DB64AAOI CDB9>FAOI D45BF;
66B84 6 Q>EC?G4F4J<R < CD<ASF<S CDB9>F4 ;4>4;K<>B@, 8B>G@9AF<DB64A<S < 4A4?<;4 BCOF4 D94?<;4J<< CDB9>F4.
11.A<J<4J<S <AAB64J<BAAB7B CDB9>F4 3 QFB EF48<S CDBJ9EE4 GCD46?9A<S CDB9>FB@, D9;G?PF4FB@ >BFBDB= S6?S9FES:
E4A>J<BA<DB64A<9 A4K4?4 CDB9>F4; GF69D:89A<9 E6B8AB7B C?4A4; B>BAK4A<9 CDB9>FAOI D45BF;
4DI<6<DB64A<9 CDB9>FAB= 8B>G@9AF4J<< < <;6?9K9AAO9 GDB><.
12.AAB64J<BAAO9 CDB9>FO BF?<K4RFES &
6OEB>B= EF9C9APR A9BCD989?9AABEF< < D<E>B6;
J9?PR CDB9>F4 S6?S9FES CB?GK9A<9 CD<5O?< A4 6?B:9AAO9 ED98EF64; A9B5IB8<@BEFPR <ECB?P;B64FP HGA>J<BA4?PAO9 BD74A<;4J<BAAO9
EFDG>FGDO;
5B?PL<@ B5N9@B@ CDB9>FAB= 8B>G@9AF4J<<
13. ?RK96B9 CD9<@GM9EF6B GCD46?9A<S <AAB64J<BAAO@< CDB9>F4@<:
Q>BAB@<S 6D9@9A< < D9EGDEB6 A4 D94?<;4J<R CDB9>F4 ;4 EK9F CD<@9- A9A<S QHH9>F<6AOI @9FB8B6, F9IAB?B7<= < <AEFDG@9AFB6 GCD46?9A<S;
6B;@B:ABEFP E CB@BMPR <AEFDG@9AFB6 C?4A<DB64A<S E@B89?<DB64FP 89F4?PAB < HBD@4?<;B64FP D94?<;4J<R CDB9>F4;
6B;@B:ABEFP BEGM9EF6<FP B5N9>F<6AGR BJ9A>G Q>BAB@<K9E>B= QHH9>F<6ABEF< <A69EF<J<BAAB7B CDB9>F4;
HBD@<DB64A<9 QHH9>F<6AB= >B@4A8O CB D94?<;4J<< CBEF46?9AAB= J9?<.
63
14. BAJ9CJ<S <AAB64J<BAAB7B CDB9>F4:
B5S;4F9?PAB EB89D:<F BC<E4A<9 J9?9= CDB9>F4, 97B BEAB6AOI C4D4- @9FDB6 GF69D:849FES 6 ;469DL9A<< H4;O <A<J<4J<< CDB9>F4;
B5S;4F9?PAB EB89D:<F E6B8AO= >4?9A84DAO= C?4A CDB9>FAOI D45BF; B5S;4F9?PAB 8B?:A4 5OFP BHBD@?9A4 6 6<89 C4ECBDF4 CDB9>F4; B5S;4F9?PAB 8B?:A4 EB89D:4FP >BAJ9CJ<< CB GCD46?9A<R >B@@GA<-
>4J<S@<, CBEF46>4@< < >BAFD4>F4@<.
15.9FB8 >D<F<K9E>B7B CGF< <ECB?P;G9FES 8?S: BCF<@<;4J<< (EB>D4M9A<S) EDB>B6 D94?<;4J<< CDB9>F4; C?4A<DB64A<S D<E>B6 CDB9>F4;
C?4A<DB64A<S @9DBCD<SF<= CB 6OIB8G <; >D<F<K9E><I E<FG4J<=; BCD989?9A<S CDB8B?:<F9?PABEF< 6OCB?A9A<S BF89?PAOI D45BF.
16.9FB8 BE6B9AAB7B B5N9@4 CB;6B?S9F:
BCD989?<FP BFEF464A<9/BC9D9:9A<9 IB84 D94?<;4J<< D45BF CB 7D4H<- >G < C9D9D4EIB8/Q>BAB@<R 5R8:9F4 CDB9>F4;
BCF<@<;<DB64FP EDB>< 6OCB?A9A<S CDB9>F4;
BCD989?<FP CDB8B?:<F9?PABEFP BF89?PAOI D45BF CDB9>F4; BE6B<FP @4>E<@4?PAO= B5N9@ 5R8:9FAOI ED98EF6.
17.(4>FBDO, >BFBDO@< I4D4>F9D<;GRFES CDB9>FAO9 D<E>< < A4 BEAB69 >BFBDOI HBD@<DG9FES C?4A GCD46?9A<S D<E>4@<:
69DBSFABEFP A4EFGC?9A<S D<E>B6B7B EB5OF<S; GDB69AP <AH?SJ<<;
>BA>GD9AFA4S ED984; D97<BA4?PAB9 ;4>BAB84F9?PEF6B.
18.%F46>4 8<E>BAF<DB64A<S 3 QFB:
9:97B8A4S EF46>4 8BIB8ABEF<, >BFBD4S @B7?4 5O 5OFP CB?GK9A4 6 A4EFBSM<= @B@9AF BF 4A4?B7<KAOI <A69EF<J<=;
EF46>4 54A>B6E>B7B >D98<F4;
EF46>4 D9H<A4AE<DB64A<S;
GDB69AP E><8B> 6B 6D9@S D4ECDB84:<
19. +FB <; A<:9 C9D9K<E?9AAB7B A9 S6?S9FES 6<8B@ BD74A<;4J<BAAB=
EFDG>FGDO GCD46?9A<S <AAB64J<BAAO@ CDB9>FB@: HGA>J<BA4?PA4S;
@4FD<KA4S;
EFD4F97<K9E>4S;
CDB9>FA4S.
64
20. $<E> <AAB64J<BAAB= 89SF9?PABEF< 3 QFB:
69DBSFABEFP A98BEF<:9A<S ;4C?4A<DB64AAOI F9IA<K9E><I C4D4@9FDB6 6 IB89 >BAEFDG>FBDE><I < F9IAB?B7<K9E><I D4;D45BFB> 6 HBD@9 CBF9D< B:<849@B7B 8BIB84 6 E<FG4J<SI A9BCD989?9AABEF<;
69DBSFABEFP 6B;A<>AB69A<S A95?47BCD<SFAOI CB?<F<K9E><I CBE?98EF6<= 6 HBD@9 CBF9D< B:<849@B7B 8BIB84 6 E<FG4J<SI A9BCD989?9AABEF<;
69DBSFABEFP 6B;A<>AB69A<S A95?47BCD<SFAOI EBJ<4?PAOI CBE?98EF6<= 6 HBD@9 CBF9D< B:<849@B7B 8BIB84 6 E<FG4J<SI A9BCD989?9AABEF<;
69DBSFABEFP 6B;A<>AB69A<S A95?47BCD<SFAOI Q>B?B7<K9E><I CBE?98EF6<= 6 HBD@9 CBF9D< B:<849@B7B 8BIB84 6 E<FG4J<SI A9BCD989?9AABEF<.
21. O59D<F9 BCD989?9A<9 « <;A9AAO= J<>? CDB9>F4»:
A45BD CBE?98B64F9?PAOI H4;, >B?<K9EF6B < EBEF46 >BFBDOI BCD989- ?S9FES CBFD95ABEFS@< GCD46?9A<S CDB9>FB@ BD74A<;4J<9= <?< BD74A<;4J<- S@<, GK4EF6GRM<@< 6 CDB9>F9;
FBKAB9 < CB?AB9 D4EC<E4A<9 CDB9>F4 E GK9FB@ D45BF, <I 8?<F9?P- ABEF9=, A9B5IB8<@OI D9EGDEB6, >BFBDB9 E?G:<F BEAB6B= 8?S <ECB?A9- A<S CDB9>F4;
EF48<S D94?<;4J<< CDB9>F4, @9:8G @B@9AFB@ B5BEAB64A<S <A69EF<- J<= < @B@9AFB@, >B784 BA< B>GC<?<EP;
EF48<S CDB9>F<DB64A<S CDB9>F4, CDB@9:GFB> @9:8G @B@9AFB@ CB?G- K9A<S ;484A<S BF ;4>4;K<>4 < @B@9AFB@ E84K< CDB9>F4 ;4>4;K<>G.
22.O5D4FP F9D@<A, 8?S >BFBDB7B 84AB BCD989?9A<9: «6?489?9J CDB-
9>F4 < 5G8GM<= CBFD95<F9?P 97B D9;G?PF4FB6»: >BBD8<A4J<BAAO= EB69F;
DG>B6B8<F9?P CDB9>F4; <A<J<4FBD CDB9>F4; ;4>4;K<> CDB9>F4.
23.O5D4FP F9D@<A 8?S >BFBDB7B 84AB BCD989?9A<9: «>B??9>F<6AO= BD74A, >BFBDO= 6O5<D49F CDB9>FO 8?S D94?<;4J<<, GF69D:849F C?4AO D45BF
<<I <;@9A9A<S, A4;A4K49F >GD4FBD4 < GF69D:849F DG>B6B8<F9?S CDB9>F4» >BBD8<A4J<BAAO= EB69F;
>GD4FBD CDB9>F4;
>B@4A84 GCD46?9A<S CDB9>FB@; DG>B6B8<F9?P CDB9>F4.
24.O5D4FP F9D@<A 8?S >BFBDB7B 84AB BCD989?9A<9: «BEGM9EF6?S9F H<A4AE<DB64A<9 CDB9>F4 ;4 EK9F E6B<I <?< CD<6?9K9AAOI ED98EF6»
<A69EFBD CDB9>F4; DG>B6B8<F9?P CDB9>F4; <A<J<4FBD CDB9>F4; ;4>4;K<> CDB9>F4.
65
25.O5D4FP F9D@<A, 8?S >BFBDB7B 84AB BCD989?9A<9: «GK4EFA<>< >B-
@4A8O CDB9>F4, CD<A<@4RM<9 GK4EF<9 6 GCD46?9A<< CDB9>FB@»: >BBD8<A4J<BAAO= EB69F;
>B@4A84 CDB9>F4;
>B@4A84 GCD46?9A<S CDB9>FB@; CBFD95<F9?< CDB8G>F4 CDB9>F4.
26.<47D4@@4 4AF4 3 QFB:
7BD<;BAF4?PA4S ?<A9=A4S 8<47D4@@4, A4 >BFBDB= D45BFO CDB9>F4 CD98EF46?SRFES CDBFS:9AAO@< 6B 6D9@9A< BFD9;>4@<, I4D4>F9D<;GRM<- @<ES 6D9@9AAO@< < 8DG7<@< C4D4@9FD4@<;
8B>G@9AF, GEF4A46?<64RM<= BEAB6AO9 D9EGDEAO9 B7D4A<K9A<S CDB9>F4; 7D4H<K9E>B9 <;B5D4:9A<9 <9D4DI<K9E>B= EFDG>FGDO 6E9I D45BF CDB9>F4; 89D96B D9EGDEB6 CDB9>F4 BD74A<;4J<BAA4S EFDG>FGD4 >B@4A8O CDB9>F4.
27. ?S K97B CD98A4;A4K9A @9FB8 >D<F<K9E>B7B CGF<?
8?S BCD989?9A<S EDB>B6 6OCB?A9A<S A9>BFBDOI CDBJ9EEB6 CDB9>F4; 8?S BCD989?9A<S 6B;@B:AOI D<E>B6;
8?S BCF<@<;4J<< 6 EFBDBAG EB>D4M9A<S EDB>B6 D94?<;4J<< CDB9>F4; 8?S BCD989?9A<S 5R8:9F4 CDB9>F4.
28. 469DL4RM4S EF48<S C?4A<DB64A<S CD98@9FAB= B5?4EF< CDB9>F4:
4A4?<; F9>GM97B EBEFBSA<S < GFBKA9A<9@ J9?9= < D9;G?PF4FB6 CDB9>- F4 GFBKA9A<9 BEAB6AOI I4D4>F9D<EF<> CDB9>F4;
4A4?<; < >BDD9>F<DB6>4 B7D4A<K9A<= < 8BCGM9A<=, CD<ASFOI A4 EF4- 8<< <A<J<4J<< CDB9>F4;
6O5BD >D<F9D<96 BJ9A>< CDB@9:GFBKAOI < B>BAK4F9?PAOI D9;G?PF4FB6 EB;84A<S CDB9>F4;
CBEFDB9A<9 EFDG>FGDAB= 89>B@CB;<J<< CD98@9FAB= B5?4EF< CDB9>F4.
29.469DL9A<9 CDB9>F4 3 QFB EF48<S CDBJ9EE4 GCD46?9A<S CDB9>FB@, 6>?RK4RM4S CDBJ9EEO:
HBD@<DB64A<S >BAJ9CJ<< CDB9>F4; HBD@<DB64A<S E6B8AB7B C?4A4 CDB9>F4;
BEGM9EF6?9A<S 6E9I ;4C?4A<DB64AAOI CDB9>FAOI D45BF;
66B84 6 Q>EC?G4F4J<R < CD<ASF<S CDB9>F4 ;4>4;K<>B@, 8B>G@9AF<DB64A<S < 4A4?<;4 BCOF4 D94?<;4J<< CDB9>F4.
30.A<J<4J<S CDB9>F4 3 QFB EF48<S CDBJ9EE4 GCD46?9A<S CDB9>FB@, D9;G?PF4FB@ >BFBDB= S6?S9FES:
E4A>J<BA<DB64A<9 A4K4?4 CDB9>F4; GF69D:89A<9 E6B8AB7B C?4A4; B>BAK4A<9 CDB9>FAOI D45BF;
4DI<6<DB64A<9 CDB9>FAB= 8B>G@9AF4J<< < <;6?9K9AAO9 GDB><.
66
31. AAB64J<BAAO9 CDB9>FO BF?<K4RFES &
6OEB>B= EF9C9APR A9BCD989?9AABEF< < D<E>B6;
J9?PR CDB9>F4 S6?S9FES CB?GK9A<9 CD<5O?< A4 6?B:9AAO9 ED98EF64; A9B5IB8<@BEFPR <ECB?P;B64FP HGA>J<BA4?PAO9 BD74A<;4J<BAAO9
EFDG>FGDO;
5B?PL<@ B5N9@B@ CDB9>FAB= 8B>G@9AF4J<<.
32. 4?9A84DAO= C?4A 3 QFB:
8B>G@9AF, GEF4A46?<64RM<= CB?AO= C9D9K9AP D45BF CDB9>F4, <I 6;4<- @BE6S;P, CBE?98B64F9?PABEFP < EDB>< 6OCB?A9A<S, CDB8B?:<F9?PABEF<, 4 F4>- :9 <ECB?A<F9?9= < D9EGDEO, A9B5IB8<@O9 8?S 6OCB?A9A<S D45BF CDB9>F4;
E9F964S 8<47D4@@4;
C?4A CB EB;84A<R >4?9A84DS;
8B>G@9AF, GEF4A46?<64RM<= BEAB6AO9 D9EGDEAO9 B7D4A<K9A<S CDB9>F4.
33. ?RK96B9 CD9<@GM9EF6B GCD46?9A<S CDB9>F4@<:
Q>BAB@<S 6D9@9A< < D9EGDEB6 A4 D94?<;4J<R CDB9>F4 ;4 EK9F CD<@9- A9A<S QHH9>F<6AOI @9FB8B6, F9IAB?B7<= < <AEFDG@9AFB6 GCD46?9A<S;
6B;@B:ABEFP E CB@BMPR <AEFDG@9AFB6 C?4A<DB64A<S E@B89?<DB64FP 89F4?PAB < HBD@4?<;B64FP D94?<;4J<R CDB9>F4;
6B;@B:ABEFP BEGM9EF6<FP B5N9>F<6AGR BJ9A>G Q>BAB@<K9E>B= QHH9>F<6ABEF< <A69EF<J<BAAB7B CDB9>F4;
HBD@<DB64A<9 QHH9>F<6AB= >B@4A8O CB D94?<;4J<< CBEF46?9AAB= J9?<.
34. BAJ9CJ<S CDB9>F4:
B5S;4F9?PAB EB89D:<F BC<E4A<9 J9?9= CDB9>F4, 97B BEAB6AOI C4D4- @9FDB6 GF69D:849FES 6 ;469DL9A<< H4;O <A<J<4J<< CDB9>F4;
B5S;4F9?PAB EB89D:<F E6B8AO= >4?9A84DAO= C?4A CDB9>FAOI D45BF; B5S;4F9?PAB 8B?:A4 5OFP BHBD@?9A4 6 6<89 C4ECBDF4 CDB9>F4; B5S;4F9?PAB 8B?:A4 EB89D:4FP >BAJ9CJ<< CB GCD46?9A<R >B@@GA<-
>4J<S@<, CBEF46>4@< < >BAFD4>F4@<.
35.9FB8 >D<F<K9E>B7B CGF< <ECB?P;G9FES 8?S: BCF<@<;4J<< (EB>D4M9A<S) EDB>B6 D94?<;4J<< CDB9>F4; C?4A<DB64A<S D<E>B6 CDB9>F4;
C?4A<DB64A<S @9DBCD<SF<= CB 6OIB8G <; >D<F<K9E><I E<FG4J<=; BCD989?9A<S CDB8B?:<F9?PABEF< 6OCB?A9A<S BF89?PAOI D45BF.
36.9FB8 BE6B9AAB7B B5N9@4 CB;6B?S9F:
BCD989?<FP BFEF464A<9/BC9D9:9A<9 IB84 D94?<;4J<< D45BF CB 7D4H<- >G < C9D9D4EIB8/Q>BAB@<R 5R8:9F4 CDB9>F4;
BCF<@<;<DB64FP EDB>< 6OCB?A9A<S CDB9>F4;
BCD989?<FP CDB8B?:<F9?PABEFP BF89?PAOI D45BF CDB9>F4; BE6B<FP @4>E<@4?PAO= B5N9@ 5R8:9FAOI ED98EF6.
67
37.!4 EF48<< D4;D45BF>< CDB9>F4: D4EIB8G9FES 9-15% D9EGDEB6 CDB9>F4; D4EIB8G9FES 35-60% D9EGDEB6 CDB9>F4; D4EIB8G9FES 65-80% D9EGDEB6 CDB9>F4;
D9EGDEO CDB9>F4 A9 D4EIB8GRFES.
38.!9CBED98EF69AAB9 <A<J<<DB64A<9 CDB9>F4 6>?RK49F 6 E95S: CD<ASF<9 D9L9A<S B A4K4?9 CDB9>F4, BCD989?9A<9 < A4;A4K9A<9
GCD46?SRM97B CDB9>FB@;
CD<ASF<9 D9L9A<S B5 B59EC9K9A<< D9EGDE4@< 6OCB?A9A<S C9D6B= H4;O CDB9>F4 < 4A4?<; CDB5?9@O < CBFD95ABEF< 6 CDB9>F9;
E5BD <EIB8AOI 84AAOI < BD74A<;4J<S, >BAFDB?P 6OCB?A9A<S D45BF;
GF69D:89A<9 B>BAK4F9?PAB7B E6B8AB7B C?4A4 GCD46?9A<S CDB9>FB@.
39. ">DG:9A<9 CDB9>F4 3 QFB &
ED984 CDB9>F4, CBDB:84RM4S EB6B>GCABEFP 6AGFD9AA<I <?< 6A9LA<I E<?, >BFBDO9 ECBEB5EF6GRF <?< @9L4RF 8BEF<:9A<R J9?< CDB9>F4;
EB6B>GCABEFP CDB9>FAOI D45BF, CDB8G>FB6 < GE?G7, CDB<;6B8EF6B >B- FBDOI 8B?:AB 5OFP B59EC9K9AB 6 D4@>4I BEGM9EF6?S9@B7B CDB9>F4;
7DGCC4 Q?9@9AFB6 (6>?RK4RM<I >4> ?R89=, F4> < F9IA<K9E><9 Q?9- @9AFO), BD74A<;B64AAOI F4><@ B5D4;B@, KFB BA< 6 EBEFBSA<< 89=EF6B64FP >4> 98<AB9 J9?B9 6 J9?SI 8BEF<:9A<S CBEF46?9AAOI C9D98 A<@< J9?9=;
@9EFBCB?B:9A<9 D94?<;4J<< CDB9>F4 < 5?<;?9:4M<9 D4=BAO.
40."D74A<;4J<S < BEGM9EF6?9A<9 >BAFDB?S >4K9EF64 6 CDB9>F9 6>?RK49F:
>BAFDB?P >4K9EF64 6 CDB9>F9 < HBD@<DB64A<9 BFK9FB6 8?S BJ9A>< 6OCB?A9A<S >4K9EF64;
CDBJ9EE CDB69D>< EBBF69FEF6<S <@9RM<IES D9;G?PF4FB6 >BAFDB?S >4K9EF64 EGM9EF6GRM<@ FD95B64A<S@;
HBD@<DB64A<9 EC<E>4 BF>?BA9A<=;
BCD989?9A<9 A9B5IB8<@OI >BDD9>F<DGRM<I 89=EF6<= CB B59EC9K9- A<R >4K9EF64 6 CDB9>F9.
41.#?4A<DB64A<9 CDB9>F4 3 QFB:
A9CD9DO6AO= CDBJ9EE BCD989?9A<S A4<?GKL97B ECBEB54 89=EF6<= 8?S 8BEF<:9A<S CBEF46?9AAOI J9?9= CDB9>F4 E GK9FB@ E>?48O64RM9=ES B5EF4AB6><;
A9CD9DO6AO= CDBJ9EE BCD989?9A<S J9?9= CDB9>F4 E GK9FB@ E>?48O64RM9=ES B5EF4AB6><;
D4;B6B9 @9DBCD<SF<9 CB EB;84A<R E6B8AB7B C?4A4 CDB9>F4;
QFB EF48<S CDBJ9EE4 GCD46?9A<S CDB9>FB@, D9;G?PF4FB@ >BFBDB= S6- ?S9FES E4A>J<BA<DB64A<9 A4K4?4 CDB9>F4.
68
42. #D98@9FA4S B5?4EFP CDB9>F4:
EB6B>GCABEFP CDB9>FAOI D45BF, CDB8G>FB6 < GE?G7, CDB<;6B8EF6B >B- FBDOI 8B?:AB 5OFP B59EC9K9AB 6 D4@>4I BEGM9EF6?S9@B7B CDB9>F4;
D9;G?PF4FO CDB9>F4; @9EFBCB?B:9A<9 CDB9>FAB7B BH<E4;
7DGCC4 Q?9@9AFB6 (6>?RK4RM<I >4> ?R89=, F4> < F9IA<K9E><9 Q?9@9AFO), BD74A<;B64AAOI F4><@ B5D4;B@, KFB BA< 6 EBEFBSA<< 89=EF6B64FP >4> 98<AB9 J9?B9 6 J9?SI 8BEF<:9A<S CBEF46?9AAOI C9D98 A<@< J9?9=.
43.#D< E9F96B@ C?4A<DB64A<< CDB9>F4 Q?9@9AF «EB5OF<9» I4D4>- F9D<;G9FES:
AB@9DB@, D4AA<@ < CB;8A<@ EDB>B@; 8?<F9?PABEFPR < D9;9D64@<; ;484K9= < J9?PR;
CD<5O?PR < G5OF>4@<.
44.#DB9>F 3 QFB &
<A:9A9DA4S, F9IA<K9E>4S, BD74A<;4J<BAAB-CD46B64S 8B>G@9AF4J<S
CB D94?<;4J<< ;4C?4A<DB64AAB7B @9DBCD<SF<S;
B7D4A<K9AAB9 CB 6D9@9A<, J9?9A4CD46?9AAB9 <;@9A9A<9 BF89?PAB= E<EF9@O E GEF4AB6?9AAO@< FD95B64A<S@< > >4K9EF6G D9;G?PF4FB6, E B7D4- A<K9A<S@< D4EIB8B64A<S ED98EF6 < EB EC9J<H<K9E>B= BD74A<;4J<9=;
7DGCC4 Q?9@9AFB6 (6>?RK4RM<I >4> ?R89=, F4> < F9IA<K9E><9 Q?9@9AFO), BD74A<;B64AAOI F4><@ B5D4;B@, KFB BA< 6 EBEFBSA<< 89=EF6B64FP >4> 98<AB9 J9?B9 6 J9?SI 8BEF<:9A<S CBEF46?9AAOI C9D98 A<@< J9?9=;
EB6B>GCABEFP D45BF, CDB8G>FB6 < GE?G7, CDB<;6B8EF6B >BFBDOI 8B?:AB 5OFP B59EC9K9AB E J9?PR 8BEF<:9A<S CBEF46?9AAB= J9?<.
45. #DB9>F BF?<K49FES BF CDBJ9EEAB= 89SF9?PABEF< F9@, KFB:
CDB9>F S6?S9FES A9CD9DO6AB= 89SF9?PABEFPR, 4 CDBJ9EE 3 98<ABD4;B- 6O@ @9DBCD<SF<9@;
CDB9>F CB889D:<649F A9<;@9AABEFP BD74A<;4J<<, 4 CDBJ9EEO ECBEB5EF6GRF 99 <;@9A9A<R;
CDBJ9EEO 6 BD74A<;4J<< J<>?<KAO, BA< CB6FBDSRFES, 4 CDB9>F 3 GA<>4?9A, BA 6E9784 <@99F 84FG A4K4?4 < B>BAK4A<S;
CDBJ9EEO 6 BD74A<;4J<< D97?4@9AF<DGRFES 8B>G@9AF4?PAB, CDB9>FO A9 FD95GRF 8B>G@9AF4?PAB7B BHBD@?9A<S.
69
46. #DB9>FAO= BH<E QFB:
CB8D4;89?9A<9, >BFBDB9 CB@B749F 3 B5?97K49F CDBJ9EE 48@<A<EFD4- F<6AB7B GCD46?9A<S CDB9>F4@<;
CB8D4;89?9A<9, >BFBDB9 CB@B749F 3 B5?97K49F CDBJ9EE CB87BFB6>< CDB<;6B8EF64;
CB8D4;89?9A<9, >BFBDB9 CB@B749F 3 B5?97K49F CDBJ9EE B5D45BF>< <A- HBD@4J<< 6 CDB9>F9;
CB8D4;89?9A<9, >BFBDB9 CB@B749F 3 BD74A<;B64FP IB;S=EF69AAB9 B5- E?G:<64A<9 CDB9>F4.
47.$94?<;4J<S CDB9>F4 3 QFB EF48<S CDBJ9EE4 GCD46?9A<S CDB9>FB@, D9;G?PF4FB@ >BFBDB= S6?S9FES:
E4A>J<BA<DB64A<9 A4K4?4 CDB9>F4; GF69D:89A<9 E6B8AB7B C?4A4;
BEGM9EF6?9A<9 CDB9>FAOI D45BF < 8BEF<:9A<9 CDB9>FAOI J9?9=; 4DI<6<DB64A<9 CDB9>FAB= 8B>G@9AF4J<< < <;6?9K9AAO9 GDB><.
48.$<E> CD< BEGM9EF6?9A<< CDB9>F4:
69DBSFABEFP 6B;A<>AB69A<S A95?47BCD<SFAOI H<A4AEB6OI CBE?98EF6<= 6 HBD@9 CBF9D< B:<849@B7B 8BIB84 6 E<FG4J<SI A9BCD989?9AABEF< 97B BEGM9EF6?9A<S;
69DBSFABEFP 6B;A<>AB69A<S A95?47BCD<SFAOI CB?<F<K9E><I CBE?98EF6<= 6 HBD@9 CBF9D< B:<849@B7B 8BIB84 6 E<FG4J<SI A9BCD989?9AABEF< 97B BEGM9EF6?9A<S;
69DBSFABEFP 6B;A<>AB69A<S A95?47BCD<SFAOI EBJ<4?PAOI CBE?98EF6<= 6 HBD@9 CBF9D< B:<849@B7B 8BIB84 6 E<FG4J<SI A9BCD989?9AABEF< 97B BEGM9EF6?9A<S;
69DBSFABEFP 6B;A<>AB69A<S A95?47BCD<SFAOI Q>B?B7<K9E><I CBE?98EF6<= 6 HBD@9 CBF9D< B:<849@B7B 8BIB84 6 E<FG4J<SI A9BCD989?9AABEF< 97B BEGM9EF6?9A<S.
49. %9F96B= 7D4H<> CDB9>F4 CD98A4;A4K9A 8?S:
GCD46?9A<S ;4FD4F4@< 6D9@9A< A4 6OCB?A9A<9 >B@C?9>E4 D45BF CDB9>F4; GCD46?9A<S @4F9D<4?PAO@< ;4FD4F4@<;
GCD46?9A<S >BAH?<>F4@< CDB9>FAB= >B@4A8O; GCD46?9A<S D<E>4@<.
50. %FDG>FGDA4S 89>B@CB;<J<S D45BF (%$) CDB9>F4 3 QFB:
7D4H<K9E>B9 <;B5D4:9A<9 <9D4DI<K9E>B= EFDG>FGDO 6E9I D45BF CDB9>F4; A4CD46?9A<S < BEAB6AO9 CD<AJ<CO BEGM9EF6?9A<S CDB9>F4;
89D96B D9EGDEB6 CDB9>F4;
BD74A<;4J<BAA4S EFDG>FGD4 >B@4A8O CDB9>F4.
70
