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Ɉɧ ɩɨɤɚɡɵɜɚɟɬ ɧɚ ɫɤɨɥɶɤɨ ɩɪɨɰɟɧɬɨɜ ɦɨɠɟɬ ɫɧɢɡɢɬɶɫɹ ɨɛɴɟɦ
ɪɟɚɥɢɡɚɰɢɢ ɩɪɢ ɤɨɬɨɪɨɦ ɨɪɝɚɧɢɡɚɰɢɹ ɢɡɛɟɠɢɬ ɭɛɵɬɤɚ
Ɉɩɪɟɞɟɥɹɟɬɫɹ
x ɜɞɟɧɟɠɧɨɦɜɵɪɚɠɟɧɢɢ
ȼɌ
Ɂɉ
ɞ
ɬɛ
=
ȼ
100%
x ɜɧɚɬɭɪɚɥɶɧɨɦɜɵɪɚɠɟɧɢɢ
Ɋ
Ɍ
ɧ
Ɂɉ
=
ɞ
ɬɛ
Ɋ
ɧ
100% ,
ɝɞɟ
Ɋ
– ɨɛɴɟɦɪɟɚɥɢɡɚɰɢɢɜɧɚɬɭɪɚɥɶɧɨɦɜɵɪɚɠɟɧɢɢ
ɧ
6.3. ɋɨɞɟɪɠɚɧɢɟɢɜɢɞɵɞɨɯɨɞɨɜɤɨɪɩɨɪɚɰɢɢ
ɋɨɝɥɚɫɧɨ ɉȻɍ ɞɨɯɨɞɚɦɢ ɨɪɝɚɧɢɡɚɰɢɢ ɩɪɢɡɧɚɟɬɫɹ
ɭɜɟɥɢɱɟɧɢɟ ɷɤɨɧɨɦɢɱɟɫɤɢɯ ɜɵɝɨɞ ɜ ɪɟɡɭɥɶɬɚɬɟ ɩɨɫɬɭɩɥɟɧɢɹ
ɚɤɬɢɜɨɜ ɞɟɧɟɠɧɵɯ ɫɪɟɞɫɬɜ ɢɧɨɝɨ ɢɦɭɳɟɫɬɜɚ ɢ ɢɥɢ ɩɨɝɚɲɟɧɢɹ
ɨɛɹɡɚɬɟɥɶɫɬɜ ɩɪɢɜɨɞɹɳɟɟ ɤ ɭɜɟɥɢɱɟɧɢɸ ɤɚɩɢɬɚɥɚ ɷɬɨɣ
ɨɪɝɚɧɢɡɚɰɢɢ ɡɚ ɢɫɤɥɸɱɟɧɢɟɦ ɜɤɥɚɞɨɜ ɭɱɚɫɬɧɢɤɨɜ ɫɨɛɫɬɜɟɧɧɢɤɨɜ
ɢɦɭɳɟɫɬɜɚ
Ⱦɨɯɨɞɵɨɪɝɚɧɢɡɚɰɢɢɜ ɡɚɜɢɫɢɦɨɫɬɢɨɬɢɯ ɯɚɪɚɤɬɟɪɚɭɫɥɨɜɢɹ
ɩɨɥɭɱɟɧɢɹ ɢ ɧɚɩɪɚɜɥɟɧɢɣ ɞɟɹɬɟɥɶɧɨɫɬɢ ɨɪɝɚɧɢɡɚɰɢɢ
ɩɨɞɪɚɡɞɟɥɹɸɬɫɹɧɚ
ɚɞɨɯɨɞɵɨɬɨɛɵɱɧɵɯɜɢɞɨɜɞɟɹɬɟɥɶɧɨɫɬɢ
ɛɩɪɨɱɢɟɞɨɯɨɞɵ
ɇɟɩɪɢɡɧɚɸɬɫɹɞɨɯɨɞɚɦɢ ɨɪɝɚɧɢɡɚɰɢɢɩɨɫɬɭɩɥɟɧɢɹɨɬɞɪɭɝɢɯ
ɸɪɢɞɢɱɟɫɤɢɯɢɮɢɡɢɱɟɫɤɢɯɥɢɰ
x ɫɭɦɦɧɚɥɨɝɚɧɚɞɨɛɚɜɥɟɧɧɭɸɫɬɨɢɦɨɫɬɶɚɤɰɢɡɨɜɧɚɥɨɝɚ
ɫ ɩɪɨɞɚɠ ɷɤɫɩɨɪɬɧɵɯ ɩɨɲɥɢɧ ɢ ɢɧɵɯ ɚɧɚɥɨɝɢɱɧɵɯ
ɨɛɹɡɚɬɟɥɶɧɵɯɩɥɚɬɟɠɟɣ
x ɩɨɞɨɝɨɜɨɪɚɦɤɨɦɢɫɫɢɢɚɝɟɧɬɫɤɢɦɢɢɧɵɦɚɧɚɥɨɝɢɱɧɵɦ
ɞɨɝɨɜɨɪɚɦɜɩɨɥɶɡɭɤɨɦɢɬɟɧɬɚɩɪɢɧɰɢɩɚɥɚɢɬɩ
x ɜ ɩɨɪɹɞɤɟ ɩɪɟɞɜɚɪɢɬɟɥɶɧɨɣ ɨɩɥɚɬɵ ɩɪɨɞɭɤɰɢɢɬɨɜɚɪɨɜ
ɪɚɛɨɬɭɫɥɭɝ
x ɚɜɚɧɫɨɜɜɫɱɟɬɨɩɥɚɬɵɩɪɨɞɭɤɰɢɢɬɨɜɚɪɨɜɪɚɛɨɬɭɫɥɭɝ
x ɡɚɞɚɬɤɚ
x ɜ ɡɚɥɨɝ ɟɫɥɢ ɞɨɝɨɜɨɪɨɦ ɩɪɟɞɭɫɦɨɬɪɟɧɚ ɩɟɪɟɞɚɱɚ
ɡɚɥɨɠɟɧɧɨɝɨɢɦɭɳɟɫɬɜɚɡɚɥɨɝɨɞɟɪɠɚɬɟɥɸ
121
x ɜ ɩɨɝɚɲɟɧɢɟ ɤɪɟɞɢɬɚ ɡɚɣɦɚ ɩɪɟɞɨɫɬɚɜɥɟɧɧɨɝɨ
ɡɚɟɦɳɢɤɭ
Ⱦɨɯɨɞɚɦɢ ɨɬ ɨɛɵɱɧɵɯ ɜɢɞɨɜ ɞɟɹɬɟɥɶɧɨɫɬɢ ɹɜɥɹɟɬɫɹ
ɜɵɪɭɱɤɚɨɬɩɪɨɞɚɠɢɩɪɨɞɭɤɰɢɢɢɬɨɜɚɪɨɜɩɨɫɬɭɩɥɟɧɢɹɫɜɹɡɚɧɧɵɟ
ɫɜɵɩɨɥɧɟɧɢɟɦɪɚɛɨɬɨɤɚɡɚɧɢɟɦɭɫɥɭɝɜɵɪɭɱɤɚ
ɉɪɨɱɢɦɢɞɨɯɨɞɚɦɢ ɹɜɥɹɸɬɫɹ
x ɩɨɫɬɭɩɥɟɧɢɹ ɫɜɹɡɚɧɧɵɟ ɫ ɩɪɟɞɨɫɬɚɜɥɟɧɢɟɦ ɡɚ ɩɥɚɬɭ ɜɨ
ɜɪɟɦɟɧɧɨɟɩɨɥɶɡɨɜɚɧɢɟɚɤɬɢɜɨɜɨɪɝɚɧɢɡɚɰɢɢ
x ɩɨɫɬɭɩɥɟɧɢɹ ɫɜɹɡɚɧɧɵɟ ɫ ɩɪɟɞɨɫɬɚɜɥɟɧɢɟɦ ɡɚ ɩɥɚɬɭ ɩɪɚɜ
ɜɨɡɧɢɤɚɸɳɢɯ ɢɡ ɩɚɬɟɧɬɨɜ ɧɚ ɢɡɨɛɪɟɬɟɧɢɹ ɩɪɨɦɵɲɥɟɧɧɵɟ
ɨɛɪɚɡɰɵɢɞɪɭɝɢɯɜɢɞɨɜɢɧɬɟɥɥɟɤɬɭɚɥɶɧɨɣɫɨɛɫɬɜɟɧɧɨɫɬɢ
x ɩɨɫɬɭɩɥɟɧɢɹ ɫɜɹɡɚɧɧɵɟ ɫ ɭɱɚɫɬɢɟɦ ɜ ɭɫɬɚɜɧɵɯ ɤɚɩɢɬɚɥɚɯ
ɞɪɭɝɢɯɨɪɝɚɧɢɡɚɰɢɣ
x ɩɪɢɛɵɥɶ ɩɨɥɭɱɟɧɧɚɹ ɨɪɝɚɧɢɡɚɰɢɟɣ ɜ ɪɟɡɭɥɶɬɚɬɟ ɫɨɜɦɟɫɬɧɨɣ
ɞɟɹɬɟɥɶɧɨɫɬɢɩɨɞɨɝɨɜɨɪɭɩɪɨɫɬɨɝɨɬɨɜɚɪɢɳɟɫɬɜɚ
x ɩɨɫɬɭɩɥɟɧɢɹ ɨɬ ɩɪɨɞɚɠɢ ɨɫɧɨɜɧɵɯ ɫɪɟɞɫɬɜ ɢ ɢɧɵɯ ɚɤɬɢɜɨɜ
ɨɬɥɢɱɧɵɯɨɬɞɟɧɟɠɧɵɯɫɪɟɞɫɬɜɤɪɨɦɟɢɧɨɫɬɪɚɧɧɨɣɜɚɥɸɬɵ),
ɩɪɨɞɭɤɰɢɢɬɨɜɚɪɨɜ
x ɩɪɨɰɟɧɬɵ ɩɨɥɭɱɟɧɧɵɟ ɡɚ ɩɪɟɞɨɫɬɚɜɥɟɧɢɟ ɜ ɩɨɥɶɡɨɜɚɧɢɟ
ɞɟɧɟɠɧɵɯ ɫɪɟɞɫɬɜ ɨɪɝɚɧɢɡɚɰɢɢ ɚ ɬɚɤɠɟ ɩɪɨɰɟɧɬɵ ɡɚ
ɢɫɩɨɥɶɡɨɜɚɧɢɟ ɛɚɧɤɨɦ ɞɟɧɟɠɧɵɯ ɫɪɟɞɫɬɜ ɧɚɯɨɞɹɳɢɯɫɹ ɧɚ
ɫɱɟɬɟɨɪɝɚɧɢɡɚɰɢɢɜɷɬɨɦɛɚɧɤɟ
x ɲɬɪɚɮɵɩɟɧɢɧɟɭɫɬɨɣɤɢɡɚɧɚɪɭɲɟɧɢɟɭɫɥɨɜɢɣ ɞɨɝɨɜɨɪɨɜ
x ɚɤɬɢɜɵ ɩɨɥɭɱɟɧɧɵɟ ɛɟɡɜɨɡɦɟɡɞɧɨ ɜ ɬɨɦ ɱɢɫɥɟ ɩɨ ɞɨɝɨɜɨɪɭ
ɞɚɪɟɧɢɹ
x ɩɨɫɬɭɩɥɟɧɢɹ ɜ ɜɨɡɦɟɳɟɧɢɟ ɩɪɢɱɢɧɟɧɧɵɯ ɨɪɝɚɧɢɡɚɰɢɢ
ɭɛɵɬɤɨɜ
x ɩɪɢɛɵɥɶɩɪɨɲɥɵɯɥɟɬɜɵɹɜɥɟɧɧɚɹɜɨɬɱɟɬɧɨɦɝɨɞɭ
x ɫɭɦɦɵ ɤɪɟɞɢɬɨɪɫɤɨɣ ɢ ɞɟɩɨɧɟɧɬɫɤɨɣ ɡɚɞɨɥɠɟɧɧɨɫɬɢ ɩɨ
ɤɨɬɨɪɵɦɢɫɬɟɤɫɪɨɤɢɫɤɨɜɨɣɞɚɜɧɨɫɬɢ
x ɤɭɪɫɨɜɵɟɪɚɡɧɢɰɵ
x ɫɭɦɦɚɞɨɨɰɟɧɤɢɚɤɬɢɜɨɜ
x ɩɪɨɱɢɟɞɨɯɨɞɵ
ɇɚ ɜɵɪɭɱɤɭ ɤɨɪɩɨɪɚɰɢɢ ɨɤɚɡɵɜɚɟɬ ɜɥɢɹɧɢɟ ɪɹɞ ɮɚɤɬɨɪɨɜ
ɨɫɧɨɜɧɵɟɢɡɤɨɬɨɪɵɯɩɪɟɞɫɬɚɜɥɟɧɵɧɚɪɢɫ.
122
Ɏɚɤɬɨɪɵɜɥɢɹɸɳɢɟɧɚɜɵɪɭɱɤɭ
ȼɧɭɬɪɟɧɧɢɟɮɚɤɬɨɪɵ
ɇɚɫɬɚɞɢɢ
ɪɟɚɥɢɡɚɰɢɢ
ɩɪɨɞɭɤɰɢɢ
ɪɚɛɨɬɭɫɥɭɝ
x Ɉɛɴɟɦ
ɩɪɨɢɡɜɨɞɫɬɜɚ
x ɫɬɪɭɤɬɭɪɚ
ɩɪɨɢɡɜɨɞɫɬɜɚ
x ɤɚɱɟɫɬɜɨ
ɩɪɨɞɭɤɰɢɢ
x ɚɫɫɨɪɬɢɦɟɧɬ
ɩɪɨɞɭɤɰɢɢɢ
ɩɪ
ɇɚɫɬɚɞɢɢ
ɩɪɨɢɡɜɨɞɫɬɜɚ
x ɇɚɪɭɲɟɧɢɟ
ɞɨɝɨɜɨɪɧɵɯ
ɨɛɹɡɚɬɟɥɶɫɬɜ
ɩɨɫɬɚɜɳɢɤɨɜ
x ɧɟɞɨɫɬɚɬɤɢɜ
ɪɚɛɨɬɟ
ɬɪɚɧɫɩɨɪɬɚ
x ɧɟɫɜɨɟɜɪɟɦɟɧɧɚɹ
ɨɩɥɚɬɚɩɪɨɞɭɤɰɢɢ
ɩɨɤɭɩɚɬɟɥɹɦɢ
x ɭɪɨɜɟɧɶɰɟɧɢɩɪ
ȼɧɟɲɧɢɟ ɮɚɤɬɨɪɵ
x Ɋɢɬɦɢɱɧɨɫɬɶ
ɨɬɝɪɭɡɤɢ
x ɫɨɛɥɸɞɟɧɢɟ
ɞɨɝɨɜɨɪɧɵɯ
ɨɛɹɡɚɬɟɥɶɫɬɜ
x ɩɪɢɦɟɧɹɟɦɵɟ
ɮɨɪɦɵɪɚɫɱɟɬɨɜ
x ɨɪɝɚɧɢɡɚɰɢɹ
ɩɪɨɰɟɫɫɚɫɛɵɬɚɢ
ɩɪɨɞɜɢɠɟɧɢɹ
ɩɪɨɞɭɤɰɢɢ
x ɰɟɧɨɜɚɹɩɨɥɢɬɢɤɚɢ
ɩɪ
ɊɢɫɎɚɤɬɨɪɵɜɥɢɹɸɳɢɟɧɚɜɵɪɭɱɤɭɤɨɪɩɨɪɚɰɢɢ
ɉɥɚɧɢɪɨɜɚɧɢɟɜɵɪɭɱɤɢɧɟɨɛɯɨɞɢɦɨ ɞɥɹɷɮɮɟɤɬɢɜɧɨɣɪɚɛɨɬɵ
ɤɨɪɩɨɪɚɰɢɢȾɥɹɷɬɨɝɨɩɪɢɦɟɧɹɸɬɪɹɞɦɟɬɨɞɨɜ
1. Ɇɟɬɨɞ ɩɪɹɦɨɝɨ ɫɱɟɬɚ ɉɪɢɦɟɧɹɟɬɫɹ ɩɪɢ ɧɟɛɨɥɶɲɨɦ
ɚɫɫɨɪɬɢɦɟɧɬɟ ɜɵɩɭɫɤɚɟɦɨɣ ɩɪɨɞɭɤɰɢɢ ɢ ɩɪɟɞɩɨɥɨɠɟɧɢɢ ɱɬɨ ɜɫɹ
ɩɪɨɞɭɤɰɢɹɛɭɞɟɬɪɟɚɥɢɡɨɜɚɧɚ
ȼ Ɋήɐ,
ɝɞɟ
ȼ– ɜɵɪɭɱɤɚ
Ɋ– ɨɛɴɟɦɪɟɚɥɢɡɭɟɦɨɣɩɪɨɞɭɤɰɢɢɜɧɚɬɭɪɚɥɶɧɨɦɜɵɪɚɠɟɧɢɢ
ɐ– ɰɟɧɚɟɞɢɧɢɰɵɪɟɚɥɢɡɭɟɦɨɣɩɪɨɞɭɤɰɢɢ
2. Ɋɚɫɱɟɬɧɵɣ ɦɟɬɨɞ Ɉɩɪɟɞɟɥɟɧɢɟ ɩɥɚɧɨɜɨɣ ɜɵɪɭɱɤɢ
ɜɵɪɭɱɤɚ ɨɩɪɟɞɟɥɹɟɬɫɹ ɜ ɦɨɦɟɧɬ ɪɟɚɥɢɡɚɰɢɢ ɩɪɨɞɭɤɰɢɢ ɢ
123
ɭɫɬɚɧɚɜɥɢɜɚɟɬɫɹ ɩɨ ɦɨɦɟɧɬɭ ɨɩɥɚɬɵ ɤɚɫɫɨɜɵɣ ɦɟɬɨɞ ɢɥɢ ɩɨ
ɦɨɦɟɧɬɭɨɬɝɪɭɡɤɢɦɟɬɨɞɧɚɱɢɫɥɟɧɢɹ
Ʉɚɫɫɨɜɵɣ ɦɟɬɨɞ ɩɪɢɦɟɧɹɟɬɫɹ ɩɪɢ ɭɫɥɨɜɢɢ ɱɬɨ ɫɪɟɞɧɟɟ
ɡɧɚɱɟɧɢɟ ɜɵɪɭɱɤɢ ɤɨɪɩɨɪɚɰɢɢ ɨɬ ɪɟɚɥɢɡɚɰɢɢ ɩɪɨɞɭɤɰɢɢ ɪɚɛɨɬ
ɭɫɥɭɝ ɡɚ ɩɪɟɞɵɞɭɳɢɟ ɱɟɬɵɪɟ ɤɜɚɪɬɚɥɚ ɛɟɡ ɭɱɟɬɚ ɧɚɥɨɝɚ ɧɚ
ɞɨɛɚɜɥɟɧɧɭɸ ɫɬɨɢɦɨɫɬɶ ɧɟ ɩɪɟɜɵɫɢɥɚ ɦɥɧ ɪɭɛ ɡɚ ɤɚɠɞɵɣ
ɤɜɚɪɬɚɥ ȼ ɞɚɧɧɨɦ ɫɥɭɱɚɟ ɦɨɦɟɧɬɨɦ ɪɟɚɥɢɡɚɰɢɢ ɫɱɢɬɚɟɬɫɹ ɮɚɤɬ
ɩɨɫɬɭɩɥɟɧɢɹ ɞɟɧɟɠɧɵɯ ɫɪɟɞɫɬɜ ɨɬ ɩɨɤɭɩɚɬɟɥɹ ɧɚ ɪɚɫɱɟɬɧɵɣ ɫɱɟɬ
ɩɪɨɞɚɜɰɚ
ȼɟɥɢɱɢɧɚɜɵɪɭɱɤɢɩɨɮɨɪɦɭɥɟ
ȼ ɌοɈ
+ οɈ2+ οɈ
1
,
3
ɝɞɟ
Ɍ – ɬɨɜɚɪɧɚɹ ɩɪɨɞɭɤɰɢɹ ɩɪɟɞɩɨɥɚɝɚɟɦɚɹ ɤ ɜɵɩɭɫɤɭ ɜ
ɩɥɚɧɢɪɭɟɦɨɦɩɟɪɢɨɞɟ
οɈ
– ɢɡɦɟɧɟɧɢɟɨɫɬɚɬɤɨɜɝɨɬɨɜɨɣɩɪɨɞɭɤɰɢɢɧɚɫɤɥɚɞɟ
1
– ɢɡɦɟɧɟɧɢɟ ɨɫɬɚɬɤɨɜ ɬɨɜɚɪɨɜ ɨɬɝɪɭɠɟɧɧɵɯ ɧɚ ɤɨɧɟɰ
οɈ
2
ɩɥɚɧɢɪɭɟɦɨɝɨɩɟɪɢɨɞɚ
οɈ
– ɢɡɦɟɧɟɧɢɟ ɨɫɬɚɬɤɨɜ ɬɨɜɚɪɨɜ ɨɬɝɪɭɠɟɧɧɵɯ ɧɟ
3
ɨɩɥɚɱɟɧɧɵɯɜɫɪɨɤɩɨɤɭɩɚɬɟɥɹɦɢ
ɉɪɢ ɦɟɬɨɞɟ ɧɚɱɢɫɥɟɧɢɹ ɦɨɦɟɧɬɨɦ ɪɟɚɥɢɡɚɰɢɢ ɩɪɨɞɭɤɰɢɢ
ɫɱɢɬɚɟɬɫɹ ɮɚɤɬ ɨɬɝɪɭɡɤɢ ɝɨɬɨɜɨɣ ɩɪɨɞɭɤɰɢɢ ɢ ɩɪɟɞɴɹɜɥɟɧɢɟ
ɪɚɫɱɟɬɧɵɯɞɨɤɭɦɟɧɬɨɜɩɨɤɭɩɚɬɟɥɸ
ȼɟɥɢɱɢɧɚɜɵɪɭɱɤɢɩɨɮɨɪɦɭɥɟ
ȼ Ɍ οɈ
+ οɈ
1
2
3. Ɇɟɬɨɞ ɩɨɪɨɝɚ ɪɟɧɬɚɛɟɥɶɧɨɫɬɢ Ɉɩɪɟɞɟɥɹɟɬɫɹ
ɦɢɧɢɦɚɥɶɧɵɣ ɤɪɢɬɢɱɟɫɤɢɣ ɨɛɴɟɦ ɪɟɚɥɢɡɚɰɢɢ ɩɪɨɞɭɤɰɢɢ
ɩɨɤɪɵɜɚɸɳɢɣ ɡɚɬɪɚɬɵ ɧɚ ɟɟ ɩɪɨɢɡɜɨɞɫɬɜɨ ɢ ɪɟɚɥɢɡɚɰɢɸ
Ɇɢɧɢɦɚɥɶɧɵɣ ɨɛɴɟɦ ɪɟɚɥɢɡɚɰɢɢ ɜ ɧɚɬɭɪɚɥɶɧɨɦ ɜɵɪɚɠɟɧɢɢ
ɪɚɫɫɱɢɬɵɜɚɟɬɫɹɤɚɤɬɨɱɤɚɛɟɡɭɛɵɬɨɱɧɨɫɬɢɁɚɬɟɦɨɧɩɟɪɟɜɨɞɢɬɶɫɹɜ
ɫɬɨɢɦɨɫɬɧɵɟɩɨɤɚɡɚɬɟɥɢ
6.4. ɉɪɢɛɵɥɶ ɤɨɪɩɨɪɚɰɢɢ ɩɨɧɹɬɢɟ ɜɢɞɵ ɢ ɚɥɝɨɪɢɬɦ
ɨɩɪɟɞɟɥɟɧɢɹ
ɉɪɢɛɵɥɶ ɤɨɪɩɨɪɚɰɢɢ – ɷɬɨ ɮɢɧɚɧɫɨɜɵɣ ɪɟɡɭɥɶɬɚɬ
ɩɪɟɞɩɪɢɧɢɦɚɬɟɥɶɫɤɨɣ ɞɟɹɬɟɥɶɧɨɫɬɢ Ɉɧɚ ɹɜɥɹɟɬɫɹ ɧɚɢɛɨɥɟɟ
ɩɨɥɧɵɦ ɩɨɤɚɡɚɬɟɥɟɦ ɨɬɪɚɠɚɸɳɢɣ ɷɮɮɟɤɬɢɜɧɨɫɬɶ ɩɪɨɢɡɜɨɞɫɬɜɚ
ɨɛɴɟɦɢɤɚɱɟɫɬɜɨɩɪɨɢɡɜɟɞɟɧɧɨɣɩɪɨɞɭɤɰɢɢ
124
ɋɭɳɟɫɬɜɭɟɬ ɞɜɚɩɨɧɹɬɢɹ ɩɪɢɛɵɥɢ ɷɤɨɧɨɦɢɱɟɫɤɚɹɩɪɢɛɵɥɢɢ
ɛɭɯɝɚɥɬɟɪɫɤɚɹ ɩɪɢɛɵɥɶ Ȼɭɯɝɚɥɬɟɪɫɤɚɹ ɩɪɢɛɵɥɶ – ɷɬɨ ɪɚɡɧɢɰɚ
ɦɟɠɞɭɞɨɯɨɞɚɦɢɢɪɚɫɯɨɞɚɦɢɡɚɨɬɱɟɬɧɵɣɩɟɪɢɨɞ
ɗɤɨɧɨɦɢɱɟɫɤɚɹ ɩɪɢɛɵɥɶ ȿɊ – ɷɬɨ ɪɟɡɭɥɶɬɚɬ ɪɚɛɨɬɵ
ɤɚɩɢɬɚɥɚ ɬɟ ɩɪɢɛɵɥɶ ɡɚ ɦɢɧɭɫɨɦ ɪɚɫɯɨɞɨɜ ɧɟɨɛɯɨɞɢɦɵɯ ɞɥɹ
ɨɛɫɥɭɠɢɜɚɧɢɹ ɜɫɟɝɨ ɤɚɩɢɬɚɥɚ ɤɚɤ ɫɨɛɫɬɜɟɧɧɨɝɨ ɬɚɤ ɢ ɡɚɟɦɧɨɝɨ
Ⱦɚɧɧɵɣ ɩɨɤɚɡɚɬɟɥɶ ɷɬɨ ɦɟɪɚ ɫɬɟɩɟɧɢ ɭɜɟɥɢɱɟɧɢɹ ɫɬɨɢɦɨɫɬɢ
ɢɧɜɟɫɬɢɰɢɣ ɚɤɰɢɨɧɟɪɨɜ ȿɟ ɪɚɫɫɱɢɬɵɜɚɸɬ ɤɨɪɩɨɪɚɰɢɢ
ɭɱɚɫɬɜɭɸɳɢɟɜɥɢɫɬɢɧɝɟ
ȿɊ = I (ROIC – WACC) ,
ɝɞɟ:
I – ɢɧɜɟɫɬɢɰɢɨɧɧɵɣɤɚɩɢɬɚɥ
ROIC – ɪɟɧɬɚɛɟɥɶɧɨɫɬɶɢɧɜɟɫɬɢɰɢɨɧɧɨɝɨɤɚɩɢɬɚɥɚ
WACC – ɫɪɟɞɧɟɜɡɜɟɲɟɧɧɚɹɫɬɨɢɦɨɫɬɶɤɚɩɢɬɚɥɚ
ɗɤɨɧɨɦɢɱɟɫɤɚɹ ɩɪɢɛɵɥɶ ɫɜɹɡɧɚ ɫ ɜɟɥɢɱɢɧɨɣ
ɢɧɜɟɫɬɢɪɨɜɚɧɧɨɝɨɤɚɩɢɬɚɥɚ ɢɥɢɪɚɡɦɟɪɨɦ ɤɨɦɩɚɧɢɢɢ ɦɨɠɟɬ ɛɵɬɶ
ɨɩɪɟɞɟɥɟɧɚɩɨɮɨɪɦɭɥɟ
EP = NOPLAT – ɉɥɚɬɚɡɚɤɚɩɢɬɚɥ NOPLAT – I WACC ,
ɝɞɟ
NOPLAT – ɩɨɫɥɟɧɚɥɨɝɨɜɚɹ ɩɪɢɛɵɥɶ ɨɬ ɨɫɧɨɜɧɨɣ
ɞɟɹɬɟɥɶɧɨɫɬɢ
ɉɪɢɦɟɪ
Ʉɨɪɩɨɪɚɰɢɹ ɏ ɢɧɜɟɫɬɢɪɨɜɚɥɚ ɦɥɧ ɪɭɛ ɪɟɧɬɚɛɟɥɶɧɨɫɬɶ
ɢɧɜɟɫɬɢɰɢɨɧɧɨɝɨ ɤɚɩɢɬɚɥɚ ɫɨɫɬɚɜɥɹɟɬ ɚ ɫɪɟɞɧɟɜɡɜɟɲɟɧɧɵɟ
ɡɚɬɪɚɬɵɧɚɤɚɩɢɬɚɥ– 8%.
ɈɩɪɟɞɟɥɢɬɶɊɚɡɦɟɪɷɤɨɧɨɦɢɱɟɫɤɨɣɩɪɢɛɵɥɢɤɨɪɩɨɪɚɰɢɢɏ
Ɋɟɲɟɧɢɟɷɤɨɧɨɦɢɱɟɫɤɚɹɩɪɢɛɵɥɶɫɨɫɬɚɜɢɬ
ȿɊ = 50 000 000 (0,15 – 0,08) = 3 500 ɪɭɛ
Ɉɬɜɟɬ Ɋɚɡɦɟɪ ɷɤɨɧɨɦɢɱɟɫɤɨɣ ɩɪɢɛɵɥɢ ɤɨɪɩɨɪɚɰɢɢ ɏ
ɫɨɫɬɚɜɢɬɦɥɧɪɭɛ
ɉɪɢɦɟɪ
Ʉɨɪɩɨɪɚɰɢɹɏ ɢɧɜɟɫɬɢɪɨɜɚɥɚɦɥɧɪɭɛɧɚɞɥɢɬɟɥɶɧɵɣɫɪɨɤ
ɪɟɧɬɚɛɟɥɶɧɨɫɬɶ ɢɧɜɟɫɬɢɰɢɨɧɧɨɝɨ ɤɚɩɢɬɚɥɚ ɫɨɫɬɚɜɥɹɟɬ ɚ
ɫɪɟɞɧɟɜɡɜɟɲɟɧɧɵɟɡɚɬɪɚɬɵɧɚɤɚɩɢɬɚɥ– 7%.
Ɉɩɪɟɞɟɥɢɬɶɋɬɨɢɦɨɫɬɶɤɨɪɩɨɪɚɰɢɢɏ
Ɋɟɲɟɧɢɟɋɬɨɢɦɨɫɬɶɤɨɪɩɨɪɚɰɢɢɫɨɫɬɚɜɢɬ
ȿɊ = 30 000 000 +
30 000 00001007
007
= 30 000 000 + 12 857 143 =
= 42 857 ɪɭɛ
125
Ɉɬɜɟɬ ɋɬɨɢɦɨɫɬɶ ɤɨɪɩɨɪɚɰɢɢ ɏ ɫ ɭɱɟɬɨɦ ɜɥɨɠɟɧɧɵɯ
ɢɧɜɟɫɬɢɰɢɣɫɨɫɬɚɜɥɹɟɬ42 857 ɪɭɛ
Ɍɚɤɢɦ ɨɛɪɚɡɨɦ ɢɫɩɨɥɶɡɨɜɚɧɢɟ ɦɨɞɟɥɢ ɷɤɨɧɨɦɢɱɟɫɤɨɣ
ɩɪɢɛɵɥɢ ɩɨɡɜɨɥɹɟɬ ɩɪɨɜɨɞɢɬɶ ɨɰɟɧɤɭ ɫɬɨɢɦɨɫɬɢ ɤɨɪɩɨɪɚɰɢɢ ɞɥɹ
ɩɨɬɟɧɰɢɚɥɶɧɵɯɢɧɜɟɫɬɨɪɨɜ
ɋɯɟɦɚ ɮɨɪɦɢɪɨɜɚɧɢɹ ɤɨɧɟɱɧɨɝɨ ɮɢɧɚɧɫɨɜɨɝɨ ɪɟɡɭɥɶɬɚɬɚ
ɩɪɟɞɫɬɚɜɥɟɧɚ ɧɚ ɪɢɫ Ⱦɚɧɧɚɹ ɫɯɟɦɚ ɨɬɪɚɠɚɟɬ ɩɨɪɹɞɨɤ
ɮɨɪɦɢɪɨɜɚɧɢɹ ɜɚɠɧɟɣɲɢɯ ɚɧɚɥɢɬɢɱɟɫɤɢɯ ɩɨɤɚɡɚɬɟɥɟɣ
ɯɚɪɚɤɬɟɪɢɡɭɸɳɢɯɮɢɧɚɧɫɨɜɵɟɪɟɡɭɥɶɬɚɬɵɞɟɹɬɟɥɶɧɨɫɬɢ
ȼɵɪɭɱɤɚɨɬɩɪɨɞɚɠ
ɋɟɛɟɫɬɨɢɦɨɫɬɶɩɪɨɞɚɧɧɨɣɩɪɨɞɭɤɰɢɢ
ȼɚɥɨɜɚɹɩɪɢɛɵɥɶ
ɍɩɪɚɜɥɟɧɱɟɫɤɢɟ
ɪɚɫɯɨɞɵ
Ɋɟɡɭɥɶɬɚɬɨɬɩɪɨɞɚɠ
ɨɩɟɪɚɰɢɨɧɧɚɹɩɪɢɛɵɥɶ
ɉɪɨɱɢɟɞɨɯɨɞɵɢɪɚɫɯɨɞɵ
ɉɪɢɛɵɥɶɞɨɜɵɱɟɬɚɧɚɥɨɝɨɜ
ɇɚɥɨɝɧɚɩɪɢɛɵɥɶ
ɑɢɫɬɚɹɩɪɢɛɵɥɶ
Ʉɨɦɦɟɪɱɟɫɤɢɟ
Ɋɢɫɋɯɟɦɚɮɨɪɦɢɪɨɜɚɧɢɹɤɨɧɟɱɧɨɝɨɮɢɧɚɧɫɨɜɨɝɨ
ɪɟɡɭɥɶɬɚɬɚ
126
ɪɚɫɯɨɞɵ
ȼɵɞɟɥɹɸɬɫɥɟɞɭɸɳɢɟɩɨɤɚɡɚɬɟɥɢ
ȼɚɥɨɜɚɹɩɪɢɛɵɥɶ ȼɵɪɭɱɤɚ– ɋɟɛɟɫɬɨɢɦɨɫɬɶ
Ⱦɚɧɧɵɣ ɩɨɤɚɡɚɬɟɥɶ ɩɨɤɚɡɵɜɚɟɬ ɜɟɥɢɱɢɧɭ ɜɤɥɚɞɚ ɜ ɨɛɳɭɸ
ɩɪɢɛɵɥɶ ɨɬɞɟɥɶɧɵɯ ɫɟɝɦɟɧɬɨɜ ɛɢɡɧɟɫɚ ɢ ɹɜɥɹɟɬɫɹ ɨɫɧɨɜɨɣ ɞɥɹ
ɨɰɟɧɤɢɷɮɮɟɤɬɢɜɧɨɫɬɢɨɬɞɟɥɶɧɵɯɫɟɝɦɟɧɬɨɜ
Ɋɟɡɭɥɶɬɚɬɨɬɩɪɨɞɚɠɨɫɧɨɜɧɚɹɞɟɹɬɟɥɶɧɨɫɬɶ
ȼɚɥɨɜɚɹɩɪɢɛɵɥɶ– Ʉɨɦɦɟɪɱɟɫɤɢɟɪɚɫɯɨɞɵ– ɍɩɪɚɜɥɟɧɱɟɫɤɢɟ
ɪɚɫɯɨɞɵ
Ⱦɚɧɧɵɣ ɩɨɤɚɡɚɬɟɥɶ ɯɚɪɚɤɬɟɪɢɡɭɟɬ ɨɬ ɨɫɧɨɜɧɨɣ ɞɟɹɬɟɥɶɧɨɫɬɢ
ɨɪɝɚɧɢɡɚɰɢɢ ɫɜɹɡɚɧɧɨɣ ɫ ɩɪɨɞɚɠɟɣ ɩɪɨɞɭɤɰɢɢ ɢɥɢ ɨɤɚɡɚɧɢɟɦ
ɭɫɥɭɝɗɬɨɫɬɚɛɢɥɶɧɵɣɪɟɡɭɥɶɬɚɬɨɬɨɩɟɪɚɰɢɣɨɪɝɚɧɢɡɚɰɢɢ
ɉɪɢɛɵɥɶɞɨɧɚɥɨɝɨɨɛɥɨɠɟɧɢɹ
ɊɟɡɭɥɶɬɚɬɨɬɨɫɧɨɜɧɨɣɞɟɹɬɟɥɶɧɨɫɬɢȾɨɯɨɞɵɨɬɭɱɚɫɬɢɹɜ
ɞɪɭɝɢɯɨɪɝɚɧɢɡɚɰɢɹɯɉɪɨɰɟɧɬɵɤɩɨɥɭɱɟɧɢɸ– ɉɪɨɰɟɧɬɵɤ
ɭɩɥɚɬɟ
ɉɪɨɱɢɟɞɨɯɨɞɵ– ɉɪɨɱɢɟɪɚɫɯɨɞɵ
Ʉɞɨɯɨɞɚɦɨɬɭɱɚɫɬɢɹɜɞɪɭɝɢɯɨɪɝɚɧɢɡɚɰɢɹɯɨɬɧɨɫɹɬɫɹ
x ɞɢɜɢɞɟɧɞɵ
x ɫɬɨɢɦɨɫɬɶ ɢɦɭɳɟɫɬɜɚ ɩɨɥɭɱɟɧɧɨɝɨ ɩɪɢ ɜɵɯɨɞɟ ɢɡ
ɨɛɳɟɫɬɜɚɢɥɢɩɪɢɥɢɤɜɢɞɚɰɢɢɨɪɝɚɧɢɡɚɰɢɢ
Ʉɩɪɨɰɟɧɬɚɦɤɩɨɥɭɱɟɧɢɸɨɬɧɨɫɹɬɫɹ
x ɩɪɨɰɟɧɬɵɩɨɜɵɞɚɧɧɵɦɟɸɡɚɣɦɚɦ
x ɩɪɨɰɟɧɬɵɢɞɢɫɤɨɧɬɩɨɰɟɧɧɵɦɛɭɦɚɝɚɦ
x ɩɪɨɰɟɧɬɵ ɩɨ ɤɨɦɦɟɪɱɟɫɤɢɦ ɤɪɟɞɢɬɚɦ ɩɪɟɞɨɫɬɚɜɥɟɧɧɵɯ
ɩɭɬɟɦ ɩɟɪɟɱɢɫɥɟɧɢɹ ɚɜɚɧɫɚ ɩɪɟɞɜɚɪɢɬɟɥɶɧɨɣ ɨɩɥɚɬɵ
ɡɚɞɚɬɤɚ
x ɩɪɨɰɟɧɬɵ ɜɵɩɥɚɱɢɜɚɟɦɵɟ ɛɚɧɤɨɦ ɡɚ ɢɫɩɨɥɶɡɨɜɚɧɢɟ
ɞɟɧɟɠɧɵɦɢ ɫɪɟɞɫɬɜɚɦɢ ɧɚɯɨɞɹɳɢɦɢɫɹ ɧɚ ɪɚɫɱɟɬɧɨɦ
ɫɱɟɬɟɨɪɝɚɧɢɡɚɰɢɢ
ɑɢɫɬɚɹɩɪɢɛɵɥɶ ɉɪɢɛɵɥɶɞɨɧɚɥɨɝɨɨɛɥɨɠɟɧɢɹ– ɇɚɥɨɝɧɚ
ɩɪɢɛɵɥɶ
Ɋɟɢɧɜɟɫɬɢɪɨɜɚɧɧɚɹɢɥɢɧɟɪɚɫɩɪɟɞɟɥɟɧɧɚɹɩɪɢɛɵɥɶ ɑɢɫɬɚɹ
ɩɪɢɛɵɥɶ– Ⱦɢɜɢɞɟɧɞɵɢɢɧɵɟɜɵɩɥɚɬɵ
Ⱦɚɧɧɵɣɩɨɤɚɡɚɬɟɥɶɹɜɥɹɟɬɫɹɨɫɧɨɜɨɣɞɥɹɨɰɟɧɤɢɜɨɡɦɨɠɧɨɫɬɢ
ɫɚɦɨɮɢɧɚɧɫɢɪɨɜɚɧɢɹɨɪɝɚɧɢɡɚɰɢɢ
ȼɡɚɢɦɨɫɜɹɡɶɧɚɡɜɚɧɧɵɯɩɨɤɚɡɚɬɟɥɟɣɩɪɟɞɫɬɚɜɥɟɧɚɧɚɪɢɫ.
127
ɎɂɇȺɇɋɈȼɕɃɊȿɁɍɅɖɌȺɌɁȺɉȿɊɂɈȾ
Ɋɟɡɭɥɶɬɚɬɨɬɨɛɵɱɧɨɣ
ɞɟɹɬɟɥɶɧɨɫɬɢ
Ⱦɨɯɨɞɵɨɬɨɛɵɱɧɨɣ
ɞɟɹɬɟɥɶɧɨɫɬɢ ɜɵɪɭɱɤɚɨɬ
ɩɪɨɞɚɠɢɩɪɨɞɭɤɰɢɢ
ɬɨɜɚɪɨɜɪɚɛɨɬɭɫɥɭɝ
ɦɢɧɭɫ
Ɋɚɫɯɨɞɵɨɬɨɛɵɱɧɨɣ
ɞɟɹɬɟɥɶɧɨɫɬɢ
ɫɟɛɟɫɬɨɢɦɨɫɬɶɩɪɨɞɭɤɰɢɢ
ɤɨɦɦɟɪɱɟɫɤɢɟɪɚɫɯɨɞɵ
ɭɩɪɚɜɥɟɧɱɟɫɤɢɟɪɚɫɯɨɞɵ
Ⱦɨɯɨɞɵɢɪɚɫɯɨɞɵɨɬɩɪɨɱɢɯ
ɨɩɟɪɚɰɢɣ
ɉɪɨɱɢɟɞɨɯɨɞɵɩɪɨɰɟɧɬɵ
ɩɨɥɭɱɟɧɧɵɟɞɨɯɨɞɵɨɬɭɱɚɫɬɢɹ
ɜɞɪɭɝɢɯɩɪɟɞɩɪɢɹɬɢɹɯɢɧɵɟ
ɞɨɯɨɞɵɨɬɧɨɫɹɳɢɟɫɹɤɨɛɵɱɧɨɣ
ɞɟɹɬɟɥɶɧɨɫɬɢ
ɦɢɧɭɫ
ɉɪɨɱɢɟɪɚɫɯɨɞɵɩɪɨɰɟɧɬɵ
ɭɩɥɚɱɟɧɧɵɟɢɧɵɟɪɚɫɯɨɞɵɧɟ
ɨɬɧɨɫɹɳɢɟɫɹɤɨɛɵɱɧɨɣ
ɞɟɹɬɟɥɶɧɨɫɬɢ
Ɋɢɫɗɥɟɦɟɧɬɵɮɨɪɦɢɪɨɜɚɧɢɹɮɢɧɚɧɫɨɜɨɝɨɪɟɡɭɥɶɬɚɬɚ
ȼɦɟɠɞɭɧɚɪɨɞɧɨɣɩɪɚɤɬɢɤɟɷɮɮɟɤɬɢɜɧɨɫɬɶɞɟɹɬɟɥɶɧɨɫɬɢ
ɤɨɪɩɨɪɚɰɢɢɨɩɪɟɞɟɥɹɟɬɫɹɫɢɫɩɨɥɶɡɨɜɚɧɢɟɦɫɥɟɞɭɸɳɢɯ
ɩɨɤɚɡɚɬɟɥɟɣɩɪɢɛɵɥɢ
1. ȼɚɥɨɜɚɹɩɪɢɛɵɥɶ– GP, gross profit.
2. Ɉɩɟɪɚɰɢɨɧɧɚɹɩɪɢɛɵɥɶɞɨɜɵɱɟɬɚɢɡɧɨɫɚɨɫɧɨɜɧɵɯɫɪɟɞɫɬɜ
ɢ ɚɦɨɪɬɢɡɚɰɢɢɧɟɦɚɬɟɪɢɚɥɶɧɵɯɚɤɬɢɜɨɜ (OIBDA, operating
income de fore depreciation and amortization). ɉɨɤɚɡɚɬɟɥɶ
ɢɫɤɥɸɱɚɟɬ ɜɥɢɹɧɢɟ ɧɚ ɩɪɢɛɵɥɶ ɜɧɟɪɟɚɥɢɡɚɰɢɨɧɧɵɯ
ɞɨɯɨɞɨɜ ɢ ɪɚɫɯɨɞɨɜ əɜɥɹɟɬɫɹ ɧɚɞɟɠɧɵɦ ɩɨɤɚɡɚɬɟɥɟɦ
ɫɬɨɢɦɨɫɬɢɤɨɪɩɨɪɚɰɢɢ
OIBDA = ɉ
ȺɇɆȺɈɋ,
ɨ
ɝɞɟ
ɉ
– ɨɩɟɪɚɰɢɨɧɧɚɹɩɪɢɛɵɥɶ
ɨ
Ⱥ
– ɚɦɨɪɬɢɡɚɰɢɹɧɟɦɚɬɟɪɢɚɥɶɧɵɯɚɤɬɢɜɨɜ
ɇɆ
– ɚɦɨɪɬɢɡɚɰɢɹɨɫɧɨɜɧɵɯɫɪɟɞɫɬɜ
Ⱥ
Ɉɋ
3. ɉɪɢɛɵɥɶ ɞɨ ɜɵɩɥɚɬɵ ɩɪɨɰɟɧɬɨɜ, ɧɚɥɨɝɨɜ ɢ ɚɦɨɪɬɢɡɚɰɢɢ
(EBITDA, Earnings before interest, taxes, depreciation and
amortization). ɉɨɤɚɡɵɜɚɟɬ ɩɪɢɛɵɥɶ ɤɨɪɩɨɪɚɰɢɢ ɢɫɤɥɸɱɚɹ
ɩɪɨɰɟɧɬɨɜ ɭɩɥɚɱɟɧɧɵɯ ɩɨ ɡɚɟɦɧɵɦ ɫɪɟɞɫɬɜɚɦ ɧɚɥɨɝɨɜɵɯ
ɫɬɚɜɨɤɢɚɦɨɪɬɢɡɚɰɢɨɧɧɨɣɩɨɥɢɬɢɤɢɨɪɝɚɧɢɡɚɰɢɢ
128
EBITDA ɉȾɇ+ %ɍȺɇɆȺɈɋ,
ɝɞɟ
ɉ
– ɉɪɢɛɵɥɶɭɛɵɬɨɤɞɨɧɚɥɨɝɨɨɛɥɨɠɟɧɢɹ
Ⱦɇ
%
- ɉɪɨɰɟɧɬɵɤɭɩɥɚɬɟ
ɍ
4. Ɉɩɟɪɚɰɢɨɧɧɚɹ ɩɪɢɛɵɥɶ ɢɥɢ ɩɪɢɛɵɥɶ ɞɨ ɜɵɱɟɬɚ ɧɚɥɨɝɨɜ ɢ
ɩɪɨɰɟɧɬɨɜȿȼIɌ, Earnings before interest and taxes).
ȿȼIɌ Ⱦɨɯɨɞɵ– Ɉɩɟɪɚɰɢɨɧɧɵɟɪɚɫɯɨɞɵ
5. Ȼɚɥɚɧɫɨɜɚɹ ɩɪɢɛɵɥɶ ɢɥɢ ɩɪɢɛɵɥɶ ɞɨ ɧɚɥɨɝɨɨɛɥɨɠɟɧɢɹ
(EBT, earnings before tax)
(%7 Ⱦɨɯɨɞɵ– Ɋɚɫɯɨɞɵɧɟɜɤɥɸɱɚɹɧɚɥɨɝɢ
6. ɑɢɫɬɚɹ ɨɩɟɪɚɰɢɨɧɧɚɹ ɩɪɢɛɵɥɶ (NOPLAT, net operating profit
less adjusted taxes)
NOPLAT = EBIT (1 – t ) ,
ɝɞɟ
t–ɫɬɚɜɤɚɧɚɥɨɝɚɧɚɩɪɢɛɵɥɶ
7. ɑɢɫɬɚɹɩɪɢɛɵɥɶ(NP, net profit)
ɉɪɢ ɪɟɚɥɢɡɚɰɢɢ ɤɪɭɩɧɵɯ ɩɪɨɟɤɬɨɜ ɰɟɥɟɫɨɨɛɪɚɡɧɨ ɩɪɨɜɨɞɢɬɶ
ɨɰɟɧɤɭ ɷɮɮɟɤɬɢɜɧɨɫɬɢɪɚɡɦɟɳɟɧɧɵɯɢɧɜɟɫɬɢɰɢɣ
ɉɨɤɚɡɚɬɟɥɢ ɷɮɮɟɤɬɢɜɧɨɫɬɢ ɜɥɨɠɟɧɢɹ ɤɚɩɢɬɚɥɚ – ɷɬɨ
ɨɛɨɛɳɚɸɳɢɟɩɨɤɚɡɚɬɟɥɢ– ɢɧɞɢɤɚɬɨɪɵ– ɷɬɨɤɥɸɱɟɜɵɟɩɨɤɚɡɚɬɟɥɢ
ɷɮɮɟɤɬɢɜɧɨɫɬɢɞɟɹɬɟɥɶɧɨɫɬɢ Ɋɚɫɫɦɨɬɪɢɦɩɨɤɚɡɚɬɟɥɢ
1. Ɋɟɧɬɚɛɟɥɶɧɨɫɬɶ ɚɤɬɢɜɨɜ (ROA ɢɥɢ ROTA)–ɨɧ
ɯɚɪɚɤɬɟɪɢɡɭɟɬ ɨɬɞɚɱɭ ɤɚɠɞɨɝɨ ɪɭɛɥɹ ɜɥɨɠɟɧɧɨɝɨ ɜ ɚɤɬɢɜ
ɩɪɟɞɩɪɢɹɬɢɹ
ROA =
ɋɪɟɞɧɹɹɜɟɥɢɱɢɧɚɚɤɬɢɜɨɜ
ɉɪɢɛɵɥɶ
ɯ
ɢɥɢ
ROA ɈɛɨɪɚɱɢɜɚɟɦɨɫɬɶɚɤɬɢɜɨɜɯɊɟɧɬɚɛɟɥɶɧɨɫɬɶɩɪɨɞɚɠ
ɢɥɢ
ɉɪɢɛɵɥɶ
ɋɪɟɞɧɹɹɜɟɥɢɱɢɧɚɚɤɬɢɜɨɜ
=
ɋɪɟɞɧɹɹɜɟɥɢɱɢɧɚɚɤɬɢɜɨɜ
ȼɵɪɭɱɤɚ
ɉɪɢɛɵɥɶ
ɯ
ȼɵɪɭɱɤɚ
2. Ɋɟɧɬɚɛɟɥɶɧɨɫɬɶ ɢɧɜɟɫɬɢɰɢɣ (ROI)–ɩɨɤɚɡɚɬɟɥɶ ɨɰɟɧɤɢ
ɷɮɮɟɤɬɢɜɧɨɫɬɢɢɧɜɟɫɬɢɰɢɣȾɥɹɪɚɫɱɟɬɚɢɫɩɨɥɶɡɭɟɬɫɹɮɨɪɦɭɥɚ
ROI =
ɯ
3. Ɋɟɧɬɚɛɟɥɶɧɨɫɬɶɢɫɩɨɥɶɡɭɟɦɨɝɨɤɚɩɢɬɚɥɚ (ROCE):
129
ROCE =
ȺɤɬɢɜɵɄɪɚɬɤɨɫɪɨɱɧɵɟɨɛɹɡɚɬɟɥɶɫɬɜɚ
ɯ
4. Ɋɟɧɬɚɛɟɥɶɧɨɫɬɶɫɨɛɫɬɜɟɧɧɨɝɨɤɚɩɢɬɚɥɚ (ROE):
ROE =
ɑɢɫɬɚɹɩɪɢɛɵɥɶ
ɋɨɛɫɬɜɟɧɧɵɣɤɚɩɢɬɚɥ
ɯ
ɢɥɢ
ROE =
ɉɪɢɛɵɥɶ
ȼɵɪɭɱɤɚ
ȼɵɪɭɱɤɚ
ɯ
Ⱥɤɬɢɜɵ
ɯ
Ⱥɤɬɢɜɵ
ɋɨɛɫɬɜɟɧɧɵɣɤɚɩɢɬɚɥ
100%
ȼɨɩɪɨɫɵɢɡɚɞɚɧɢɹɞɥɹɫɚɦɨɤɨɧɬɪɨɥɹ
1. ȼɵɞɟɥɢɬɟ ɨɬɥɢɱɢɹ ɜ ɩɨɧɹɬɢɹɯ ©ɪɚɫɯɨɞɵª ©ɡɚɬɪɚɬɵª
©ɢɡɞɟɪɠɤɢª
2. ɑɬɨɨɬɧɨɫɢɬɫɹɤɪɚɫɯɨɞɚɦɤɨɪɩɨɪɚɰɢɢ"
3. ɑɬɨɨɬɧɨɫɢɬɫɹɤɞɨɯɨɞɚɦɤɨɪɩɨɪɚɰɢɢ"
4. ɉɪɢɜɟɞɢɬɟ ɨɩɪɟɞɟɥɟɧɢɟ ɫɟɛɟɫɬɨɢɦɨɫɬɢ ɩɪɨɞɭɤɰɢɢ ɪɚɛɨɬ
ɭɫɥɭɝ
5. Ⱦɨɤɚɠɢɬɟ ɧɟɨɛɯɨɞɢɦɨɫɬɶ ɤɚɥɶɤɭɥɢɪɨɜɚɧɢɹ ɫɟɛɟɫɬɨɢɦɨɫɬɢ
ɩɪɨɞɭɤɰɢɢɜɤɨɪɩɨɪɚɰɢɢ
6. ȼ ɱɟɦ ɫɨɫɬɨɢɬɪɨɥɶ ɮɢɧɚɧɫɨɜɨɝɨɦɟɧɟɞɠɟɪɚɜ ɭɜɟɥɢɱɟɧɢɢ
ɞɨɯɨɞɨɜɤɨɪɩɨɪɚɰɢɢ"
7. ɉɨɹɫɧɢɬɟ ɩɨɱɟɦɭ ɩɪɢɛɵɥɶ ɢɫɩɨɥɶɡɭɟɬɫɹ ɤɚɤ ɤɪɢɬɟɪɢɣ
ɷɮɮɟɤɬɢɜɧɨɫɬɢɞɟɹɬɟɥɶɧɨɫɬɢɤɨɪɩɨɪɚɰɢɢ"
Ɂɚɞɚɧɢɹɞɥɹɫɚɦɨɫɬɨɹɬɟɥɶɧɨɣɪɚɛɨɬɵ
Ɂɚɞɚɱɚ
ɍɫɬɚɧɨɜɢɬɟɫɨɨɬɜɟɬɫɬɜɢɟ
ʋɩɩ Ʉɥɚɫɫɢɮɢɤɚɰɢɹɪɚɫɯɨɞɨɜ ʋɩɩ ȼɢɞɵɪɚɫɯɨɞɨɜ
1 ȼɡɚɜɢɫɢɦɨɫɬɢɨɬ
ɜɡɚɢɦɨɫɜɹɡɢɫɢɡɦɟɧɟɧɢɟɦ
ɨɛɴɟɦɚɩɪɨɢɡɜɨɞɫɬɜɚ
2 Ɉɬɯɚɪɚɤɬɟɪɚɭɫɥɨɜɢɣ
ɨɫɭɳɟɫɬɜɥɟɧɢɹ
ɞɟɹɬɟɥɶɧɨɫɬɢ
3 ɉɨɫɬɟɩɟɧɢɨɬɧɟɫɟɧɢɹɧɚ
ɫɟɛɟɫɬɨɢɦɨɫɬɶ
4 ɉɨɷɤɨɧɨɦɢɱɟɫɤɨɦɭ
ɫɨɞɟɪɠɚɧɢɸ
5 ɉɨɷɤɨɧɨɦɢɱɟɫɤɢɦ
ɷɥɟɦɟɧɬɚɦ
Ⱥ Ɋɚɫɯɨɞɵɩɨɨɛɵɱɧɵɦɜɢɞɚɦ
ɞɟɹɬɟɥɶɧɨɫɬɢɢɩɪɨɱɢɟ
ɪɚɫɯɨɞɵ
Ȼ ɉɪɹɦɵɟɢɤɨɫɜɟɧɧɵɟ
ȼ ɉɨɫɬɨɹɧɧɵɟɢɩɟɪɟɦɟɧɧɵɟ
Ƚ Ɇɚɬɟɪɢɚɥɶɧɵɟɡɚɬɪɚɬɵ
Ɂɚɬɪɚɬɵɧɚɨɩɥɚɬɭɬɪɭɞɚ
ɋɬɪɚɯɨɜɵɟɜɡɧɨɫɵ
Ⱥɦɨɪɬɢɡɚɰɢɹ
ɉɪɨɱɢɟɡɚɬɪɚɬɵ
Ⱦ əɜɧɵɟɢɧɟɹɜɧɵɟ
130
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