Добавил:
ivanov666
Опубликованный материал нарушает ваши авторские права? Сообщите нам.
Вуз:
Предмет:
Файл:Организация и управление внешнеэкономической деятельностью. Курс лекций
.pdf
4 FD9FP9@ QF4C9, CBE?9 CBEF46>< FB64D4 <?< GE?G7<, Q>ECBDF-
81
H4>FBD H<A4AE<DG9F Q>ECBDF9D4 6 CD989?4I 70-90% CB?AB=
C9D6BA4K4?PAB= H4>FGDAB= J9AO.
4 K9F69DFB@ QF4C9 <@CBDF9D BEGM9EF6?S9F 100-CDBJ9AFAO=
C?4F9: <@CBDF-H4>FBDG, 4 FBF C9D9K<E?S9F CB?GK9AAGR EG@@G Q>ECBDFH4>FBDG. !4>BA9J, Q>ECBDF-H4>FBD C9D96B8<F Q>ECBDF9DG
A9CDBH<A4AE<DB64AAGR K4EFP FD95B64A<= (10-30%) ;4 6OK9FB@ EFB<@BEF<
H4>FBD<A7B6OI GE?G7.
E?< EDB>< C?4F9:4 A9 EB5?R84RFES, <@CBDF-H4>FBD A4CD46?S9F
<@CBDF9DG A4CB@<A4A<S-CD98GCD9:89A<S. E?< CBE?9 86GI-FD9I
A4CB@<A4A<= FD95B64A<S A9 BC?4K<64RFES, <@CBDF-H4>FBD CD<A<@49F
A9B5IB8<@O9 CD46B6O9 @9DO.
@CBDF-H4>FBD CD<A<@49F A4 E95S D<E>< <@CBDF9D4, CDB69DS9F 97B
C?4F9:9ECBEB5ABEFP < 74D4AF<DG9F Q>ECBDF-H4>FBDG BC?4FG
CBEF46?S9@B7B Q>ECBDF9DB@ FB64D4. E?< <@CBDF9D A9 BC?4K<649F FB64D,
<@CBDF-H4>FBD C?4F<F ;4 A97B.
1>ECBDF-H4>FBD CD<A<@49F A4 E95S D<E><, E6S;4AAO9 E CBEF46>B=
FB64D4 Q>ECBDF9DB@, < CD< A9B5IB8<@BEF< >D98<FG9F Q>ECBDF9D4, A9
8B:<84SEP CB?GK9A<S BC?4FO BF <@CBDF9D4 <?< <@CBDF-H4>FBD4.
#D9<@GM9EF6B 86GIH4>FBDAB7B H4>FBD<A74 ;4>?RK49FES 6 FB@, KFB
8?S >B@C4A<<, B5E?G:<64RM9= <@CBDF9D4, 8B?7B6O9 FD95B64A<S
S6?SRFES 6AGFD9AA<@<, 4 A9 6A9LA<@<, >4> 8?S H4>FBD<A7B6B= >B@C4A<<
Q>ECBDF9D4.
@9EF9 E F9@ BA 8BEF4FBKAB 7DB@B;8B> < CD98CB?4749F 6OEB><9
<;89D:>< EFBDBA.
*9?P CDS@B7B <@CBDFAB7B H4>FBD<A74 EBEFB<F 6 B59EC9K9A<<
C?4F9:9=. !I9@4 CDS@B7B <@CBDFAB7B H4>FBD<A74 EBEFB<F <;
E?98GRM<I QF4CB6:
1. 4CDBE ?<@<F4/B59EC9K9A<9 D<E>B6.
2. #BEF46>4/D4EEO?>4 H4>FGDO.
3. "C?4F4.
#DS@B= <@CBDFAO= H4>FBD<A7 <@99F E@OE? ?<LP 6 E?GK49
BEGM9EF6?9A<S Q>ECBDF4 6 B8AG <?< 869 EFD4AO. E?< Q>ECBDF9D <@99F
>BAFD479AFB6 6B @AB7<I EFD4A4I, FB ;4>?RK9A<9 B8AB7B EB7?4L9A<S E
H4>FBD<A7B6B= >B@C4A<9= E6B9= EFD4AO 5G89F 5B?99 G8B5AO@, K9@
5B?PL97B >B?<K9EF64 CDS@OI EB7?4L9A<= E H4>FBD<A7B6O@< >B@C4A<S@<
8DG7<I 7BEG84DEF6.
E?GK49 CDS@B7B <@CBDFAB7B H4>FBD<A74 H4>FBD-H<D@4 EFD4AO<@CBDF9D4 ;4>?RK49F EB7?4L9A<9 E Q>ECBDF9DB@ B C9D9GEFGC>9 9=
8B?7B6OI FD95B64A<= CB 84AAB= EFD4A9, BEGM9EF6?SS EFD4IB64A<9
>D98<FAB7B D<E>4, GK9F < <A>4EE<DB64A<9 FD95B64A<=, S6?SRM<IES 8?S
H4>FBD<A7B6B= >B@C4A<< 6AGFD9AA<@<. @9EF9 E F9@ >D98<FB64A<9

;47D4A<KAB7B Q>ECBDF9D4 6 <ABEFD4AAB= 8?S H4>FBD<A7B6B= >B@C4A<<
82
64?RF9 8BEF4FBKAB ;4FDG8A<F9?PAB, < GE?B6<9 B CD9864D<F9?PAB= BC?4F9
6EFD9K49FES 6 CB8B5AOI EB7?4L9A<SI KD9;6OK4=AB D98>B.
&4><@ B5D4;B@, CDS@B= <@CBDFAO= H4>FBD<A7 @B:9F CD98EF46?SFP
<AF9D9E 8?S H<D@, >BFBDO@ A9 AG:AB A9;4@98?<F9?PAB9 H<A4AE<DB64A<9
CB8 C9D9GEFGC?9AAO9 FD95B64A<S.
#D< CDS@B@ Q>ECBDFAB@ H4>FBD<A79 A9 FD95G9FES CB8>?RK9A<S
H4>FBD<A7B6B= H<D@O 6 EFD4A9 <@CBDF9D4. EAB6AO9 QF4CO CDS@B7B
Q>ECBDFAB7B H4>FBD<A74 6>?RK4RF:
1. 4CDBE ?<@<F4/B59EC9K9A<9 D<E>B6.
2. #BEF46>G/D4EEO?>G H4>FGDO.
3. (<A4AE<DB64A<9.
4. "C?4FG.
#D< QFB@ H4>FBD<A7B64S >B@C4A<S EF4?><649FES EB ;A4K<F9?PAO@<
FDG8ABEFS@< 6 BJ9A>9 >D98<FBECBEB5ABEF< <ABEFD4AAOI >?<9AFB6 <
<A>4EE<DB64A<S FD95B64A<=.
?S BJ9A>< D<E>4 <?< 8?S C9D9EFD4IB64A<S Q>ECBDF-H4>FBD @B:9F
CB8>?RK<FP B5M9EF6B CB EFD4IB64A<R >D98<FB6 6 EFD4A9 <@CBDF9D4 <?<
CB8EFD4IB64FP E95S 74D4AF<S@< EBBF69FEF6GRM9= 7BEG84DEF69AAB=
BD74A<;4J<<. #D< <ECB?P;B64A<< QFB7B 64D<4AF4 H4>FBD<A74 @B:AB
CB?GK<FP 6O7B8AO9 GE?B6<S H<A4AE<DB64A<S Q>ECBDFAOI CBEF46B> CD<
CB>DOF<< EB EFBDBAO 7BEG84DEF69AAB= EFD4IB6B= >B@C4A<<.
M9 B8<A F<C @9:8GA4DB8AB7B H4>FBD<A74 — «5Q>-FG-5Q>» —
H<A4AE<DB64A<9 FD95B64A<= >BAJ9DAB6 (K97B 6 C9D6OI FD9I @B89?SI A9
5O?B). $94?<;4J<S E89?>< CD< QFB= F9IAB?B7<< CBIB:4 A4 >B@5<A4J<R
86GIH4> - FBDAB= EI9@O < B5OKAB7B 6AGFD9AA97B H4>FBD<A74.
"EB59AABEFPR 6A9LA9FBD7B6B7B H4>FBD<A74 6 J9?B@ S6?S9FES 97B
6E9784 BF>DOFO= I4D4>F9D, 4 F4>:9 BFEGFEF6<9 CD464 D97D9EE4 6
BFABL9A<< Q>ECBDF9D4. #BE?98A99 B5GE?B6?9AB F9@, KFB BEAB6AB=
CD<K<AB= H4>FBD<A7B6B7B B5E?G:<64A<S Q>ECBDF9D4 6OEFGC49F B5OKAB
;4M<F4 Q>ECBDF9D4 BF >D98<FAB7B D<E>4. "5E?G:<64A<9 6E97B
FB64DBB5BDBF4, >BFBDB9 CD98GE@BFD9AB CD< BC9D4J<SI 6AGFD< EFD4AO,
6EFD9K49FES CD< H4>FBD<A7B6B@ B5E?G:<64A<< 6A9LA9FBD7B6OI BC9D4J<=
7BD4;8B D9:9. (4>FBD<A7B6O9 >B@C4A<< 6 5B?PL<AEF69 E?GK496
EC9J<4?<;<DGRFES A4 B5E?G:<64A<< DOA>4 B8AB= EFD4AO <?< DOA>4
BCD989?9AAB= CDB8G>J<<.
9:8GA4DB8AO= H4>FBD<A7 CB;6B?S9F <@CBDF9DG A4 CBEFBSAAB=
BEAB69 CB?GK4FP FB64D E BFEDBK>B= C?4F9:4 (B5OKAB 8B FD9I @9ESJ96).
"5S;4F9?PEF6B BC?4FO 6B;?4749FES A4 <@CBDF9D4 CBE?9 CD<9@>< FB64DAB=
CBEF46>< CB >4K9EF6G < >B?<K9EF6G. (4>FBD<A7 BF>DO649F GA<>4?PAO9
6B;@B:ABEF< 8?S CD98CD<SF<=, <@CBDF<DGRM<I FB64DO 6 $BEE<R,
S6?SSEP A9 K9@ <AO@, >4> FB64DAO@ >D98<FB@.

#D< CB?GK9A<< @9:8GA4DB8AB7B EF4FGE4 H4>FBD-H<D@O DBEE<=E><=
83
H4>FBD-54A> EF4AB6<FES 8?S <ABEFD4AAOI H4>FBD-H<D@ 74D4AFB@
59;BC4EABEF< < A489:ABEF< 5<;A9E4, 59DS A4 E95S B5S;4F9?PEF6B BC?4FO
<ABEFD4AAB= >B@C4A<< BF7DG:9AAB7B 6 $BEE<R FB64D4. D< <@CBDF9
FB64DB6 < GE?G7 6 BEE<R H4>FBD<A7B64S E89?>4 BEGM9EF6?S9FES 6
A9E>B?P>B QF4CB6.
4 C9D6B@ QF4C9 DBEE<=E><= <@CBDF9D < <ABEFD4AAO= Q>ECBDF9D
EB7?4EB6O64RF GE?B6<S D45BFO CB H4>FBD<A7G < ;4>?RK4RF >BAFD4>F.
4 6FBDB@ QF4C9 <ABEFD4AAO= Q>ECBDF9D, CB?GK<6 BF Q>ECBDFH4>FBD4 CB8F69D:89A<9 H4>FBD-54A>4 B A489:ABEF< DBEE<=E>B7B
<@CBDF9D4, BF7DG:49F FB64D <?< B>4;O649F GE?G7<.
4 FD9FP9@ QF4C9 <ABEFD4AAO= Q>ECBDF9D C9D9GEFGC49F EK9F4
H4>FBD- H<D@9. E?< <ABEFD4AAO= Q>ECBDF9D AG:849FES 6 CBCB?A9A<<
B5BDBFAOI ED98EF6, FB A4 K9F69DFB@ QF4C9 H4>FBD-H<D@4 464AEB@
BC?4K<649F Q>ECBDF9DG EFB<@BEFP FB64D4 <?< CD98BEF46?9AAOI GE?G7.
4 CSFB@ QF4C9 DBEE<=E><= <@CBDF9D CD< A4EFGC?9A<< EDB>4
C?4F9:4 BC?4K<649F EFB<@BEFP FB64D4 <?< B>4;4AAOI GE?G7.
4 L9EFB@ QF4C9 DBEE<=E><= H4>FBD-54A> CBE?9 CB?GK9A<S ED98EF6
BF <@CBDF9D4 C?4F<F <ABEFD4AAB= H4>FBD-H<D@9 (4 6 E?GK49 A9BC?4FO
<@CBDF9DB@ CD< A4EFGC?9A<< EDB>4 C?4F9:4 C?4F<F <; E6B<I ED98EF6).
"EAB6AO@< >?<9AF4@< CB H4>FBD<A7G S6?SRFES DBEE<=E><9
<@CBDF9DO, 6OAG:89AAO9 EB69DL4FP CD98BC?4FG, BF>DO64FP 4>>D98<F<6
<?< CD98BEF46?SFP C?4F9:AO9 74D4AF<< ;4 CBEF46?S9@O= FB64D <?<
B>4;O649@O9 GE?G7<. ?S F4><I <@CBDF9DB6 H4>FBD<A7 — ECBEB5
<;59:4FP 8BDB7BEFBSM97B >D98<FB64A<S < CB6OE<FP QHH9>F<6ABEFP
<ECB?P;B64A<S EB5EF69AAOI ED98EF6.
DG7<@ AB6O@ @9FB8B@ H<A4AE<DB64A<S, CB?GK<6L<@ 8BEF4FBKAB9
D4ECDBEFD4A9A<9 6 CD4>F<>9 6A9LA9Q>BAB@<K9E>B= 89SF9?PABEF<,
S6?S9FES HBDH9=F<A7. !4<5B?PL99 D4;6<F<9 HBDH9=F<A7 CB?GK<? 6
EFD4A4I, 789 BFABE<F9?PAB E?45B D4;6<FB 7BEG84DEF69AAB9 >D98<FB64A<9
Q>ECBDF4.
(BDH9=F<A7 — EC9J<H<K9E>4S HBD@4 >D98<FB64A<S FBD7B6OI
BC9D4J<=, ;4>?RK4RM4SES 6 CB>GC>9 G CDB846J4 69>E9?9=, 4>J9CFB64AAOI
CB>GC4F9?9@ QF<I FB64DB6.
A<J<4FBDB@ HBDH9=F<A7B6B= E89?>< @B:9F 5OFP >4> Q>ECBDF9D,
F4> < <@CBDF9D. +4M9 6E97B 6 QFB= DB?< 6OEFGC49F Q>ECBDF9D ?<5B 97B
GCB?AB@BK9AAO= 54A>. #BE>B?P>G 54A>G CD98EF46?SRFES 8?S
8<E>BAF<DB64A<S C9D96B8AO9 <?< CDBEFO9 69>E9?S, 6OC<E4AAO9
Q>ECBDF9DB@ < BC?4K<649@O9 9@G, S6?S9FES A9CBED98EF69AAO@
;4<AF9D9EB64AAO@ GK4EFA<>B@ E89?><. QFB= E6S;< 6B;A<>49F
A9B5IB8<@BEFP CDB6989A<S C9D97B6BDB6 <A<J<4FBD4 E89?>< HBDH9=F9DB@
A4 D4AA<I EF48<SI CB87BFB6>< >BAFD4>F4. B CB8C<E4A<S

6A9LA9FBD7B6B7B >BAFD4>F4 HBDH9=F9D @B:9F BCD989?<FP E6B<
84
FD95B64A<S 74D4AF<< <?< 464?R < CD<5?<;<F9?PAB G>4;4FP D4;@9D
8<E>BAF4. EIB8S D4;@9DB6 8<E>BAF4, Q>ECBDF9D BCD989?S9F J9AG
>BAFD4>F4. @9:8GA4DB8AB= CD4>F<>9 84?9>B A9 >4:8O= Q>ECBDF9D
6EFGC49F 6 C9D97B6BDO E HBDH9=F9DB@ A4 D4AA<I EF48<SI CB87BFB6><
>BAFD4>F4. D9;G?PF4F9 @4D:4 ;4 H<A4AE<DB64A<9, 6>?RK9AA4S <@ 6 J9AG
>BAFD4>F4, @B:9F 5OFP A9B5BEAB64AAB=.
#BE?9 FB7B >4> 8BEF<7AGF4 CD9864D<F9?PA4S 8B7B6BD9AABEFP B
E89?>9, HBDH9=F9D CBEO?49F 8B>G@9AFO E CD98?B:9A<9@ Q>ECBDF9DG,
>BFBDO= 8B?:9A C<EP@9AAB CB8F69D8<FP E6B9 EB7?4E<9. (BDH9=F9D F4>:9
BCD989?S9F 8B>G@9AFO, E >BFBDO@< 9@G A9B5IB8<@B B;A4>B@<FPES 8B
FB7B, >4> CD<EFGC<F > 8<E>BAF<DB64A<R 69>E9?9= (?<J9A;<S A4 Q>ECBDF
FB64D4 <AO9 G698B@<F9?PAO9 8B>G@9AFO). A4>B@EF6B E G>4;4AAB=
8B>G@9AF4J<9= 8B?:AB 84FP 9@G 6B;@B:ABEFP G598<FPES 6 FB@, KFB E89?>4
EB69DL<FES.
B784 CD98?B:9A<9 5G89F CD<ASFB Q>ECBDF9DB@, BA 8B?:9A
CB87BFB6<FP E9D<R C9D96B8AOI 69>E9?9= <?< CB8C<E4FP EB7?4L9A<9 B
CD<ASF<< CDBEFOI 69>E9?9= BF CB>GC4F9?S. !4 84AAB= EF48<< Q>ECBDF9D
8B?:9A F4>:9 CB?GK<FP 74D4AF<R <?< 464?P A4 E6B< 69>E9?S. DB@9 FB7B,
BA 89?49F A48C<EP A4 69>E9?SI: «59; CD464 D97D9EE4». &4><@ B5D4;B@,
5G8GF 7BFB6O 6E9 8B>G@9AFO, A4 BEAB69 >BFBDOI HBDH9=F9D @B:9F
CDB<;69EF< 8<E>BAF<DB64A<9, 84:9 9E?< BF7DG;>4 FB64DB6 H4>F<K9E>< 9M9
A9 CDB<;6989A4. @9:8GA4DB8AB= FBD7B6?9 Q>ECBDF9D CB?GK49F BF
<ABEFD4AAB7B CB>GC4F9?S C9D96B8AO9 <?< CDBEFO9 69>E9?S, BC?4F4
>BFBDOI 8B?:A4 5OFP CDB<;6989A4 6 CD98GE@BFD9AAO9 EDB><. 4A> 6
EFD4A9 <@CBDF9D4 ?<5B 464?<DG9F F4><9 B5BDBFAO9 8B>G@9AFO, ?<5B
74D4AF<DG9F <I <ECB?A9A<9. #BE>B?P>G HBDH9=F9D CB>GC49F 8B?7B6O9
B5S;4F9?PEF64 59; CD464 D97D9EE4, BA A9E9F 6E9 D<E>< 6B;@B:AB7B
A9C?4F9:4. #BQFB@G 9E?< 8B?:A<> A9 S6?S9FES C9D6B>?4EEAO@
;49@M<>B@, HBDH9=F9D 5G89F EFD9@<FPES CB?GK<FP BCD989?9AAB9
B59EC9K9A<9 — 6 HBD@9 464?S <?< 59;GE?B6AB= 74D4AF<< 54A>4. 4D4AF<S
54A>4 CD98BEF46?S9FES 6 HBD@9 EBBF69FEF6GRM97B C<EP@4, >BFBDB9
8B?:AB EB89D:4FP E?98GRM<9 D9>6<;<FO: >9@ 6O84AB, RD<8<K9E><=
48D9E 74D4AF4, AB@9D 74D4AF<=AB7B C<EP@4, B5N9>F 74D4AF<< (E89?>4, 84F4
CBEF46>< CDB8G>J<<, CDBJ9AFA4S EF46>4 < F.8.).
%GM9EF6G9F A9E>B?P>B 6<8B6 74D4AF<=, D4;?<K4RM<IES CB EG5N9>FG
74D4AF<=AB7B B5S;4F9?PEF64, CBDS8>G BHBD@?9A<S 74D4AF<<, <EFBKA<>G
ED98EF6, <ECB?P;G9@B@G 74D4AF<=AB7B C?4F9:4. >4K9EF69 EG5N9>F4
74D4AF<=AB7B B5S;4F9?PEF64 CD< E89?>4I «4-HBDH9» @B7GF 6OEFGC4FP
H<A4AEB6B GEFB=K<6O9 CD98CD<SF<S <?< EC9J<4?PAO9 GKD9:89A<S,
D4ECB?474RM<9 ED98EF64@<.

+4M9 6E97B F4><@< GKD9:89A<S@< S6?SRFES 54A><. DB@9 EA<:9A<S
85
D<E>B6 HBDH9=F9D4 74D4AF<< B59EC9K<64RF 5B?99 6OEB>GR ?<>6<8ABEFP
8<E>BAF<DB64AAOI 5G@47 A4 6FBD<KAB@ DOA>9. E?< CD98BEF46?S9FES
54A>B6E>4S 74D4AF<S, FB B5OKAB 99 6OEF46?SRF @9:8GA4DB8AO9 54A><,
<@9RM<9 CD98EF46<F9?PEF64 6 EFD4A9 <@CBDF9D4.
64?P — QFB 69>E9?PAB9 CBDGK<F9?PEF6B, 6 E<?G >BFBDB7B 464?<EF
CD<A<@49F BF69FEF69AABEFP ;4 6OCB?A9A<9 B5S;4F9?PEF6 >4>B7B-?<5B
B5S;4AAB7B CB 69>E9?R ?<J4. DB@9 CB8C<E< 464?P 8B?:9A EB89D:4FP
A48C<EP A4 69>E9?9 «per aval», 4 9E?< QFB C9D96B8AB= 69>E9?P, A4 A9@
8B?:AO 5OFP G>4;4AO F4>:9 H4@<?<S, <@S, BFK9EF6B 464?<EF4. #B
ED46A9A<R E 74D4AF<9= 464?P B5?4849F CD9<@GM9EF6B@, ;4>?RK4RM<@ES 6
FB@, KFB BA A9BF89?<@ BF 69>E9?S. DB@9 FB7B, BHBD@?9A<9 464?S
;A4K<F9?PAB CDBM9, K9@ BHBD@?9A<9 74D4AF<=AB7B C<EP@4.
4D4AF<=AO9 B5BDBFAO9 8B>G@9AFO GK<FO64RFES Q>ECBDF9DB@ 6
E6B9@ 54A>9 59; CD464 D97D9EE4 FD95B64A<=. 4A> Q>ECBDF9D4, F4><@
B5D4;B@, 89=EF6G9F >4> HBDH9=F9D. 1FB 6OF9>49F <; E4@B7B EB7?4L9A<S B
HBDH9=F<A79, >BFBDB9 B5OKAB ;4>?RK49FES ?<LP CBE?9 FB7B, >4>
8BEF<7AGF4 8B7B6BD9AABEFP @9:8G CDB846JB@ < 97B 54A>B@ B FB@, KFB
54A> 6OEFGC<F 6 >4K9EF69 HBDH9=F9D4, < @9:8G CB>GC4F9?9@ < 97B 54A>B@
B FB@, KFB 54A> 464?<DG9F 69>E9?S <?< CD98BEF46<F 74D4AF<R <I BC?4FO.
(BDH9=F9D BEB59AAB ;4<AF9D9EB64A 6 QHH9>F<6AB@ B59EC9K9A<<
CD<B5D9F49@B7B <@ B5BDBFAB7B 8B>G@9AF4. E?< F4><@ B59EC9K9A<9@
S6?S9FES 464?P, FB, A4CD<@9D, CB 4A7?<=E><@ ;4>BA4@ F4>B9 B5S;4F9?PEF6B
EK<F49FES 89=EF6<F9?PAO@ < 464?<EF >4> 74D4AF A9E9F F4>GR :9
BF69FEF69AABEFP, >4> < <A8BEE4AF 8B>G@9AF4.
E6S;< E BEGM9EF6?9A<9@ HBDH9=F<A7B6OI BC9D4J<= <@CBDF9D <
Q>ECBDF9D A9EGF EBBF69FEF6GRM<9 <;89D:><, S6?SRM<9ES C?4FB= ;4
74D4AF<R < >D98<FB64A<9.
;89D:>4@< <@CBDF9D4, GK4EF6GRM97B 6 HBDH9=F<A7B6B= BC9D4J<<,
S6?SRFES >B@<EE<BAAO9 6 CB?P;G 74D4AF4. "5OKAB >B@<EE<BAAO9
(>B@<EE<S) — QFB BCD989?9AAO= CDBJ9AF BF AB@<A4?PAB= EFB<@BEF<
74D4AF<DB64AAOI <?< 464?<DB64AAOI 69>E9?9=, S6?SRM<=ES B5N9>FB@
C9D97B6BDB6 @9:8G <@CBDF9DB@ < 74D4AFB@. F9I E?GK4SI, >B784
HBDH9=F9D A9 A4EF4<649F A4 74D4AF<<, BA @B:9F CBFD95B64FP BF
<@CBDF9D4 GC?4FO BCD989?9AAB= EG@@O 6 >4K9EF69 >B@C9AE4J<< ;4
8BCB?A<F9?PAO= D<E>.
B@<EE<S ;4 74D4AF<R B5OKAB 6OC?4K<649FES D4; 6 7B8 (6 A4K4?9
7B84). AB784 BA4 @B:9F 6OC?4K<64FPES 6 @B@9AF CB8C<E4A<S
74D4AF<=AB7B C<EP@4 <?< 464?<DB64A<S 69>E9?S. O649F F4>:9, KFB
>B@<EE<S D4EEK<FO649FES >4> CDBJ9AF BF AB@<A4?PAB= EFB<@BEF<
>4:8B7B 69>E9?S BF89?PAB < 6OC?4K<649FES CB <EF9K9A<< 97B EDB>4.

;89D:>< Q>ECBDF9D4 CB BD74A<;4J<< HBDH9=F<A7B6B7B
86
H<A4AE<DB64A<S E>?48O64RFES <; EF46>< 8<E>BAF4, >B@<EE<< ;4 BCJ<BA <
>B@<EE<< ;4 B5S;4F9?PEF6B.
%F46>4 8<E>BAF4 D4EEK<FO649FES A4 BEAB69 CDBJ9AFAB= EF46>< ;4
>D98<F, CD98BEF46?S9@B= A4 EDB>, D46AO= ED98A9@G EDB>G
8<E>BAF<DG9@OI 69>E9?9=. !4CD<@9D, 9E?< HBDH9=F9D 8<E>BAF<DG9F
69>E9?S, EDB> >BFBDOI <EF9>49F 6 <AF9D64?O, D46AO9 6 @9ESJ4@ 6 F9K9A<9
5 ?9F, FB ED98A<= EDB> 6E9I 69>E9?9= 5G89F D469A 23/4 7B84. QFB@ E?GK49
HBDH9=F9D 5G89F BEAB6O64FP E6B< D4EK9FO A4 CD964?<DGRM9=
CDBJ9AFAB= EF46>9, A4K<E?S9@B= A4 >D98<FO, 6O84AAO9 EDB>B@ 6 23/4 7B84.
'K<FO649FES, 9EF9EF69AAB, < FD9A8 CDBJ9AFAB= EF46><.
4F9@ HBDH9=F9DG AG:AB BCD989?<FP D4;@9D CD9@<<, 6;<@49@B= <@
E69DI EG@@O 8<E>BAF4. 'DB69AP CD9@<< BFD4:49F EF9C9AP D<E>B6,
>BFBDO@ CB869D749FES HBDH9=F9D. +4M9 6E97B BA< E6S;4AO E
CB?<F<K9E><@< FDG8ABEFS@< <?< CDB5?9@4@< FD4AEH9DF4, ;A4K<F9?PAB
D9:9 — E A9EBEFBSF9?PABEFPR 74D4AF4, CBE>B?P>G 74D4AF<R B5OKAB 59DGF
G C9D6B>?4EEAB7B <AEF<FGF4. E?< 74D4AFB@ 6OEFGC49F >DGCAO=
@9:8GA4DB8AO= 54A> <?< 7BEG84DEF69AAO= 54A>, CD9@<S 5G89F A9E>B?P>B
A<:9. ?S 5B?PL<AEF64 EFD4A 99 D4;@9D @B:9F >B?954FPES BF 0,5 8B 5%.
%?98GRM<= >B@CBA9AF CD9@<< E6S;4A E F9@, KFB HBDH9=F<A7B6B9
H<A4AE<DB64A<9 CD98BEF46?S9FES CB H<>E<DB64AAB= CDBJ9AFAB= EF46>9.
IBFS HBDH9=F9D @B:9F EB7?4EB64FP EDB>< CB?GK9AAOI <
CD98BEF46?9AAOI EEG8, CDBJ9AFAO= D<E> BEF49FES (6E9784 EGM9EF6G9F
D94?PA4S 6B;@B:ABEFP FB7B, KFB H<A4AE<DB64A<9 CB 6O7B8AB= EF46>9
@B:9F B>4;4FPES A98BEFGCAO@).
E?< 69>E9?S 6OD4:9AO 6 64?RF9, @4?B D4ECDBEFD4A9AAB= A4 DOA>9,
FB CD9@<S @B:9F 6>?RK4FP 6 E95S 9M9 B8<A >B@CBA9AF, 4 <@9AAB >B@<EE<BAAO9, E6S;4AAO9 E CDB6989A<9@ HBDH9=F9DB@ BC9D4J<< 64?RFAB7B
E6BC4.
"8AB= <; EBEF46?SRM<I CD9@<< S6?SRFES ED98EF64,
B59EC9K<64RM<9 HBDH9=F9DG CB>DOF<9 97B GCD46?9AK9E><I D4EIB8B6 A4
BD74A<;4J<R E89?>< (B5OKAB 0,5% BF EF46>< 8<E>BAF4). $4;@9D CD9@<<
5G89F A9E>B?P>B 6OL9, 9E?< HBDH9=F9D < Q>ECBDF9D 8B7B6BDSFES B
CB>GC>9 69>E9?9= K9D9; BCD989?9AAO= CDB@9:GFB> 6D9@9A< (A4CD<@9D,
K9D9; 1 @9ESJ <?< 5B?99).
DB@9 6OL9C9D9K<E?9AAOI <;89D:9>, 6>?RK49@OI 6 CD9@<R,
EGM9EF6GRF < 8DG7<9 ;4FD4FO. 1FB @B:9F 5OFP, A4CD<@9D, >B@<EE<S
(CD9@<S) ;4 BCJ<BA, CD98BEF46?9AAO= HBDH9=F9DG Q>ECBDF9DB@, < F4>
A4;O649@4S >B@<EE<S ;4 B5S;4F9?PEF6B (;4 A9CB?GK9AAGR K4EFP >D98<F4).
"5OKAB D4;@9D QFB= CBE?98A9= >B@<EE<< BCD989?S9FES 9:9@9ESKAB <?<
9:97B8AB 6 6<89 CDBJ9AF4 BF AB@<A4?PAB= EFB<@BEF< 69>E9?9= <
6;<@49FES 8B @B@9AF4 <I 8<E>BAF<DB64A<S. $4;@9D >B@<EE<< @B:9F

>B?954FPES BF 0,25 8B 1,5% 6 7B8. 4> CD46<?B, BC?4F4 EB69DL49FES 6
87
A4K4?9 >4:8B7B @9ESJ4.
AB7<9 HBDH9=F9DO 9:9@9ESKAB CG5?<>GRF >BF<DB6>< E6B<I
EF46B> 6 D4;?<KAOI EC9J<4?PAOI <;84A<SI.
& 7. %&$&3 $&!
!,!1"!" +%" 3&0!"%& #$#$3&3
1. #BASF<9 < K9DFO EFD4F97<K9E>B7B @4D>9F<A7B6B7B
C?4A<DB64A<S.
2. 1F4CO EFD4F97<K9E>B7B @4D>9F<A7B6B7B C?4A<DB64A<S.
1.#BASF<9 < K9DFO EFD4F97<K9E>B7B @4D>9F<A7B6B7B
C?4A<DB64A<S.
%FD4F97<K9E><= @4D>9F<A7 – QFB BD74A<;4J<S D4;ABB5D4;AOI
CDBJ9EEB6 6AGFD< CD98CD<SF<S < 6A9 97B, >BFBDO9 A4CD46?9AO A4
6OS6?9A<9, CDB7AB;<DB64A<9 < G8B6?9F6BD9A<9 CBFD95ABEF9= ?R89=, <
B59EC9K9A<9 A4 BEAB69 QFB7B GEFB=K<6B7B CB?B:9A<S CD98CD<SF<S, F4> <
ECBEB5ABEF< > HGA>J<BA<DB64A<R < D4;6<F<R 8?S 8BEF<:9A<S 97B
8B?7BEDBKAOI J9?9=.
%FD4F97<K9E>B9 C?4A<DB64A<9 <@99F FD< BF?<K<F9?PAO9 K9DFO:
¾ A9LASS BD<9AF4J<S. %FD4F97<K9E>B9 C?4A<DB64A<9
D4EE@4FD<649F F9A89AJ<< 6 L<DB>B@ 6A9LA9@ B>DG:9A<< (@4>DB <.
@<>DB), <;OE><64S CD< QFB@ AB6O9 6B;@B:ABEF< < CBF9AJ<4?PAO9 D<E><.
¾ AGFD9AASS BD<9AF4J<S. %FD4F97<K9E>B9 C?4A<DB64A<9 <EIB8<F
<; ED98EF6, >BFBDO@< D4ECB?4749F >B@C4A<S (H<A4AEO, EODP9,
K9?B69K9E><9 D9EGDEO, «ABG - I4G»), BFOE><64S 6 A<I E<?PAO9 < E?45O9
@B@9AFO.
¾ %FD4F97<K9E>B9 C?4A<DB64A<9 A4IB8<F 6OD4:9A<9 6 CBEF4AB6>9
8B?7BEDBKAOI J9?9= < EFD4F97<= A4 8?<F9?PAO= EDB>.
%FD4F97<K9E><= C?4A >B@C4A<< 849F BF69F A4 DS8 6BCDBEB6,
4>FG4?PAOI 8?S >B@C4A<< 6 J9?B@:
¾ A4 >4><9 DOA>< BD<9AF<DG9FES >B@C4A<S,
¾ >4><9 J9?< BA4 CD9E?98G9F,
¾ >4>B= >BA>GD9AFAB= EFD4F97<< E?98G9F CD<89D:<64FPES.
%FD4F97<K9E>B9 C?4A<DB64A<9 HGA>J<BA4?PAB= EH9DO @4D>9F<A74
CD<ASFB A4;O64FP EFD4F97<K9E><@ @4D>9F<A7B6O@ C?4A<DB64A<9@.
"AB B7D4A<K<649FES F9@< ;484K4@< EFD4F97<K9E>B7B C?4A<DB64A<S
>B@C4A<<, 6 >BFBDOI 64:A4S DB?P BF6B8<FES @4D>9F<A7G: EFD4F97<K9E><9
D9L9A<S, <@9RM<9 BFABL9A<9 > DOA>4@ E5OF4 ?<5B 6B;@B:ABEFS@ E5OF4.
"AB BF69K49F, F4><@ B5D4;B@, «6A9LA<@» ;4CDBE4@ EFD4F97<K9E>B7B <
%# - C?4A<DB64A<S.

2.#DBJ9EE EFD4F97<K9E>B7B @4D>9F<A7B6B7B C?4A<DB64A<S
88
6>?RK49F E?98GRM<9 QF4CO:
1. CD989?9A<9 F9>GM9= E<FG4J<< (@<EE<< < EB89D:4A<S
5<;A9E4). "FCD46AO@ @B@9AFB@ EFD4F97<K9E>B7B C?4A<DB64A<S S6?SRFES
AOA9LA<9 J9?< < D9;G?PF4FO, 4 F4>:9 AOA9LASS 89SF9?PABEFP CD<
EGM9EF6GRM9= BD74A<;4J<BAAB= EFDG>FGD9.
2. A4?<; 6AGFD9AA9= ED98O >B@C4A<<. "CD989?SRFES E<?PAO9 <
E?45O9 EFBDBAO >B@C4A<< <?< CDB8G>F4, 6 B5?4EF< H<A4AEB6, F9IA<>< <
F9IAB?B7<< CDB<;6B8EF64, 6B;@B:ABEF9= !"$ < F.8.
3. A4?<; 6A9LA9= ED98O. "A A4CD46?9A A4 F4><9 I4D4>F9D<EF<>< >4>
DOAB>, >BA>GD9AJ<S, @4>DBB>DG:9A<9, < G>4;O649F, >4><9 G >B@C4A<< 9EFP
6B;@B:ABEF< < >4><9 9= G7DB:4RF D<E><.
4.SWOT-4A4?<; < 6OS6?9A<9 EFD4F97<K9E><I D4;DO6B6. A4?<;
E<?PAOI < E?45OI EFBDBA, 6B;@B:ABEF9= < G7DB; 849F CD98EF46?9A<9 B
FB@, >4><9 J9?< S6?SRFES 8BEF<:<@O@<. A4?<; A9EBBF69FEF6<=
(EFD4F97<K9E>B7B D4;DO64) CB@B:9F G>4;4FP, KFB 7DB;<F >B@C4A<<, 9E?<
EF<?P < @9FB8O GCD46?9A<S BEF4AGFES CD9:A<@<.
5. BEF4AB6>4 J9?9=. 4><9 <; J9?9=, <EIB8S <; D9;G?PF4FB6,
BC<E4AAOI 6OL9 6<8B6 4A4?<;4 CD98EF46?SRFES D94?PAO@<.
6. 4;D45BF>4 4?PF9DA4F<6AOI EFD4F97<=. $4;D454FO64RFES
EFD4F97<<, A4CD46?9AAO9 A4 D94?<;4J<R J9?9=.
7. O5BD EFD4F97<<.
8. 4;D45BF>4 @4D>9F<A7B6B= EFD4F97<<. 4D>9F<A7B64S EFD4F97<S
BCD989?S9F, >4><@ B5D4;B@ EFD4F97<< >B@C4A<< < @B7GF 5OFP D94?<;B64AO
A4 GDB6A9 #$.
9. 4;D45BF>4 7B8B6B7B BC9D4J<BAAB7B C?4A4 @4D>9F<A74.
10. ИECB?A9A<9 C?4A4 < >BAFDB?P
BA<FBD<A7 D9;G?PF4FB6, 6 E?GK49 A9B5IB8<@BEF< —
>BDD9>F<DB6>4 C?4AB6.
1. "CD989?9A<9 F9>GM9= E<FG4J<< (@<EE<< < EB89D:4A<S
5<;A9E4).
!9BFN9@?9@B= K4EFPR C9D6B7B QF4C4 CDBJ9EE4 EFD4F97<K9E>B7B
C?4A<DB64A<S, E6S;4AAB7B E F9>GM9= E<FG4J<9=, S6?S9FES BCD989?9A<9
@<EE<<, >BFBD4S I4D4>F9D<;G9F EH9DG 89SF9?PABEF< >B@C4A<< A4
E?98GRM<9 7B8O.
<EE<S B5OKAB 6>?RK49F BCD989?9A<9:
• CBFD95ABEF9=, >BFBDO9 8B?:AO 5OFP G8B6?9F6BD9AO,
• DOA>B6 (7DGCC >?<9AFB6), A4 >BFBDO9 CD98EFB<F
BD<9AF<DB64FPES,
• F9IAB?B7<=, >BFBDO9 CD98EFB<F <ECB?P;B64FP.
"K96<8AB, KFB F9 >B@C4A<<, >BFBDO9 CDB<;6B8SF L<DB><=
4EEBDF<@9AF CDB8G>FB6, D94?<;G9@OI A4 @AB:9EF69 DOA>B6 (Unilever,

Philip Morris, Daimler Benz), CB@<@B B5M97B BCD989?9A<S @<EE<< 5<;A9E4
89
BEGM9EF6?SRF 9M9 < 99 89F4?<;4J<R CB A4CD46?9A<S@ 89SF9?PABEF<.
2. A4?<; 6A9LA9= < 6AGFD9AA9= ED98O < SWOT 4A4?<;.
A4?<; 6A9LA9= ED98O A4CD46?9A A4 <;GK9A<9 EBEFBSA<S <
F9A89AJ<= D4;6<F<S:
¾ ED98O, 6>?RK4RM9= CBFD95<F9?9= < CB>GC4F9?9=,
¾ >BA>GD9AFAB= ED98O,
¾ 89@B7D4H<K9E>B= ED98O,
¾ >G?PFGDAB= ED98O,
¾ Q>BAB@<K9E>B= ED98O,
¾ Q>B?B7<K9E>B= ED98O,
¾ F9IAB?B7<K9E>B= ED98O,
¾ CB?<F<K9E>B= < RD<8<K9E>B= ED98O,
¾ 79B7D4H<K9E>B= ED98O.
4D>9F<A7B64S 89SF9?PABEFP @B:9F 6 BCD989?9AAB= EF9C9A< 6?<SFP
A4 @<>DBED98G. !4 @4>DBED98G F4>B9 6?<SA<9 B>4;4FP A96B;@B:AB.
;@9A9A<S 6 @4>DBED989 ?<5B CD98BEF46?SRF 8?S >B@C4A<<
5?47BCD<SFAO9 6B;@B:ABEF<, ?<5B F4SF 8?S A99 G7DB;G.
B@C4A<S A9 6 EBEFBSA<< >BAFDB?<DB64FP <;@9A9A<S 6B 6A9LA9=
ED989, AB @B:9F @9ASFP E6BR @4D>9F<A7B6GR CB?<F<>G. #BQFB@G
A9B5IB8<@B E?98<FP ;4 <;@9A9A<S@<, CDB<EIB8SM<@< 6 @4>DBED989.
EFBKA<>4@< <AHBD@4J<< S6?SRFES 74;9FO, :GDA4?O, F9?96<89A<9,
BH<J<4?PAO9 EF4F<EF<K9E><9 84AAO9, @4F9D<4?O EC9J<4?PAOI
<EE?98B64A<= < F.8.
;@9A9A<S 6 @4>DBED989 $BEE<< ;4 CBE?98A<9 7B8O ;A4K<F9?PAO:
C9D9IB8 > 89@B>D4F<< 6 CB?<F<>9, EF45<?<;4J<S <AH?SJ<<, A4@9F<6L<=ES
Q>BAB@<K9E><= CB8N9@ — 6E9 QFB B5GE?B6<?B CBS6?9A<9 AB6OI
6B;@B:ABEF9= 6 5<;A9E9. E?98GRM<I C4D47D4H4I @O B5EG8<@ Q?9@9AFO
@4>DBED98O:
¾ 89@B7D4H<K9E>4S ED984,
¾ >G?PFGDA4S ED984,
¾ Q>BAB@<K9E>4S ED984,
¾ CD<DB8A4S ED984,
¾ F9IAB?B7<K9E>4S ED984,
¾ CB?<F<K9E>4S < CD46B64S ED984,
¾ 79B7D4H<K9E>4S ED984.
1 9@B7D4H<K9E>4S ED984.
$OA>< EBEFBSF <; ?R89=, CBQFB@G 89@B7D4H<K9E><9 <;@9A9A<S
A9CBED98EF69AAB 6?<SRF A4 @4D>9F<A7B6O9 6B;@B:ABEF<. QFB@
>BAF9>EF9 @O BF@9F<@ A9E>B?P>B 64:AOI 89@B7D4H<K9E><I <;@9A9A<=:
¾ E9 G69?<K<64RM99ES A4E9?9A<9 ;9@AB7B L4D4. 4:8O9 33
7B84 A4E9?9A<9 ;9@AB7B L4D4 G864<649FES CB K<E?9AABEF<. #B EGM9EF6G,

QFB B;A4K49F, KFB DOA>< FB:9 G864<64RFES 6 F9K9A<9 QFB7B C9D<B84.
90
%?98B64F9?PAB, @4D>9F<A7B6O9 6B;@B:ABEF< G69?<K<64RFES. "8A4>B,
CBE>B?P>G CB>GC4F9?PA4S ECBEB5ABEFP BK9AP @AB7<I ?R89= 6 @<D9
BEF49FES BK9AP A96OEB>B=, FB A4DS8G E AB6O@< 6B;@B:ABEFS@<, <@9RFES <
BCD989?9AAO9 BC4EABEF<: B5M9EF69AAO9 59ECBDS8><, 6B=AO < F.8.
¾ 4@98?9A<9 DBEF4 A4E9?9A<S 6 $BEE<<. #B8EK<F4AB, KFB
A4E9?9A<9 $BEE<< EBEF46?S9F 5B?99 145 @<??<BAB6 K9?B69>. &D< K9F69DF<
A4E9?9A<S :<69F 6 7BDB84I. &9@CO CD<DBEF4 A4E9?9A<S EBEF46?SRF @9A99
B8AB7B CDBJ9AF4. "K9AP E>BDB K<E?9AABEFP A4E9?9A<S 5G89F EB>D4M4FPES.
1FB A9<;59:AB CD<6989F > G@9APL9A<R >B?<K9EF64 CBFD95<F9?9=, 4,
E?98B64F9?PAB, > EB>D4M9A<R DOA>4. QF<I GE?B6<SI 6B;@B:ABEFPR 8?S
DBEF4 S6?S9FES EB;84A<9 AB6OI FB64DB6 < CB<E> AB6OI DOA>B6.
¾ ;@9A9A<9 EFDG>FGDO A4E9?9A<S. BEF<:9A<S 6 B5?4EF<
@98<J<AO < A<;><= GDB69AP DB:849@BEF< CD<69?< > FB@G, KFB A4E9?9A<9
$BEE<< EF4?B EF4D9FP. 1FB 5G89F <@9FP BMGF<@O9 CBE?98EF6<S 8?S
@4D>9F<A74, F4> >4> DOAB> 8?S @B?B89:</CB8DBEF>B6 5G89F EB>D4M4FPES, 6
FB 6D9@S >4> DOAB> 8?S CB:<?OI ?R89= 5G89F EFD9@<F9?PAB D4EF<. 1FB
EB;84EF AB6O9 6B;@B:ABEF< 8?S BCD989?9AAOI BFD4E?9=, F4> >4> I4D4>F9D
EB69DL9A<S CB>GCB> CB:<?O@< ?R8P@< ;A4K<F9?PAB BF?<K49FES BF FB7B,
>4> QFB 89?4RF @B?B8O9.
¾ ;@9ASRM99ES B5M9EF6B. %9@PS, FD48<J<BAAB EBEFBS6L4S <;
@G:4, :9AO < 86B<I 89F9=, ;A4K<F9?PAB <;@9A<?4EP. #D< B5M9@ DBEF9
K<E?4 E9@9= @9AS9FES <I EFDG>FGD4: ?R8< :9ASFES < ;46B8SF 89F9= 6 5B?99
CB;8A9@ 6B;D4EF9, E9@P< <@9RF @9APL9 89F9= <?< A9 <@9RF <I EB6E9@,
>B?<K9EF6B D4;6B8B6 G69?<K<649FES. D9;G?PF4F9 6?<SA<S A4;64AAOI
6OL9 CD<K<A CBS6?SRFES AB6O9 CB EBEF46G, E9@P<, EBEFBSM<9 <; B8AB7B
K9?B69>4, <; 86GI K9?B69>, A9CB?AO9 E9@P< (E B8A<@ DB8<F9?9@) <
«5G@9D4A7B6O9» E9@P< (789 89F< 6B;6D4M4RFES 6 E9@PR CBE?9 D4;6B84).
E9 QFB, >BA9KAB, 5G89F <@9FP BCD989?9AAO9 CBE?98EF6<S 8?S @4D>9F<A74.
!4CD<@9D, <;@9ASFES >B?<K9EF6B CDB8G>F4 6 GC4>B6>9, E4@4 GC4>B6>4, 4
F4>:9 B59EC9K9A<9 :<?P9@, 46FB@B5<?S@<, EF<D4?PAO@< @4L<A4@< < F.8.
¾ ;@9A9A<S 6 GDB6A9 B5D4;B64A<S A4E9?9A<S <, E?98B64F9?PAB,
<;@9A9A<S 6 EFDG>FGD9 D45BF4RM9= K4EF< A4E9?9A<S. $BEE<S ;4A<@49F
B8AB <; C9D6OI @9EF 6 @<D9 CB >B?<K9EF6G ?R89= E 6OEL<@ B5D4;B64A<9@.
(4>F<K9E>< B8A4 CSF4S 6E9I A4GKAOI >48DB6 @<D4 D45BF49F 6 $BEE<<. 1FB
B>4;O649F EC9J<H<K9E>B9 6B;89=EF6<9 A4 D4;6<F<9 BCD989?9AAOI DOA>B6
(CDBH9EE<BA4?PAO9 GE?G7<, B5GK9A<9, CGF9L9EF6<S < F.8.), 4 F4>:9 <@99F <
B5M99 ;A4K9A<9: A4CD<@9D, D4EF9F ECDBE A4 74;9FO, A4 6OEB>B9 >4K9EF6B
CDB8G>FB6, G69?<K<649FES FD95B64F9?PABEFP EB EFBDBAO CBFD95<F9?9=.
ES A9B5IB8<@4S <AHBD@4J<S B H4>FBD4I @4>DBED98O @B:9F
EB5<D4FPES < E<EF9@4F<;<DB64FPES 6 EC9J<4?PAOI HBD@4I.
Соседние файлы в предмете [НЕСОРТИРОВАННОЕ]
