Ходаківська В.П. Ринок фінансових послуг
.pdf6#:!=.' 0,* 7')5*&9 6*,2/.!..5 2'>' *,5:B.'/", " :
0,*&)1"'>' "179, ) D&D ’ % !-% $ " , " " D&D;
,."!)0#:B.'>' "179, ) D&D ’ / ! % ", " " D&D " " " , - ( ;
6#&)1"'>' "179, ) D&D ’ / ! , " " D&D" " % .
('=! $9"1 /")'&'01( #$' $!6/")'&'01(. ")'&'012 / ! % , % " , $ $% D&D / !/ ! . D&D " ( ". !6/")'&'012 D&D - / ! $% .
('=! $9"1 *10!)/1+,&'0#.'>' , .!*10!)/1+,&'0#.'>' 01*9.
00#=#%"B/5 *10!)/1+,&'0#.1(, ) $ / " " ":
! ! " D&D ) / 10 % !" ;
" ! , ) ! D&D ! , !( %, 5 %! " , " " ) / 40 % $ -D&D;
" ( 80 % ! D&D ! ( ( , ) - , /" " , , - , ) % !-" % % " .
$%&$%'() !)* ! +()-*!)* /$!; — " ", $ &'& ! .
&*B&*$ -# C "#-%"C# C / / ! - ! ! . @ % % % " % $" " , " ( ) $" " ) / 25 %.
$% % % " / !( ( , , ( " , ) % !-" % % " , ’/ " , $ ! .
'*$)* ! +()-*!)* /$!; — , ( %, & ! - & & ! .
$C&-C "#-%"C# C / / $ / ! " " ( " " ) - % .
$ % % , "" / " , ) ’ " / .
$" % % / , % % % -! . Y $ % % $/ ! - % " ".
7)#0:,..5 #&"10#(1 6*,2/.<% &'(7#.,5 6 97)#0:,..5 #&"10#(1. '(7#.,%< 6 97)#0- :,..5 #&"10#(1 ('=! $9"1 <)1*18.# '/'$#, E' /"0')<%"B/5 0,*7'0,*.' *' 6#&'.'*#0/"0# &)#?.1. #/" *!)=#01 0 /"#"9".'(9 +'.*, (,"#:,) &'(7#.,? 6 97)#0:,..5 #&"10#(1
.! ('=! 7!)!01E90#"1 10 %.
&!=$*; . P " / ! " " (- ! , $ $ " .
P " %" / " " " ( ! - ; / " " $ " " ( ! .
!/@ .7 — , ( ' ! $, -! .
51
P " % / ! ! ! , " / % , " / ! $" " % / $ . P " / ! /" , ! -K . P " " /( ), %" ! %"" " " % , " "
" , " ! % ! " ) " . M'$9&;"C#" &*9$#"7$%"G. $ % % / !
( ! %, $ ! " , $ ( "$ " -, , " $", !( ! % .
B$&!7 4 '2("! — ! % ! &, , !$ ) $ - ; $ ' .
M % ! ! % / ! , " , ! -$, , ! " .
@ " % % ! $! %- " " ( " ) % %.
* " ( ") % " ! " , - " " , " , 18 , $" .
:#>'*,2., ')>#.,6#3,? ('=9"B 9"0')<0#"1/5 9 "#&1; ')>#.,6#3,2.'-7)#0'01; +')(#;: $! % ; % % ; % ; ( %( , " , ) ).
M % ’ $ !, ! %, " ! ! !. *% " ! " " ! -
( ’ " ) " % .
# "C#" / . @ ( ! , - , /" , % % . % -" ! $ ( ( , !" % ! " , " .
? % (? #) ! . & - % $ " $!, ) ’ % $, %-, $%, / ( " " ! % % !. M !( % % ! $/ ! " % " $".
% % / " % -! " , !, " / ! ( , ) ! /" " " ! " , - % " $, ( , ( " , " , %" ! /" ! ! , ’ " , ( .
!" )!/# ; — - , ( ! & -!$ , $.
"#$# &-" ,&!B$#"G. " % " !($%, 3—6 "$). + " ! ( ( " - ! ", .
# " , $ $! $ ! $", ! ’. " % " % ( % $ $ " " , % -
" " .
&7 H,&-&-&J$;#" $&%"$%"G — ,. ! / $ -
52
" ! ! % " (90 % ),.
" " $ -) ! % " " "- % ) ! $ ) ! . > / ! - " " , " " (" . * " $ -) " ! $.
K$ " , "$ ’/ — $!-— ! /" " , $! . , -! $, ! ,$.
@ $! " " .
'=:10,/"B *:5 &'=.'>' '&)!('>' &)!*1"')# '7!)#"10.' )'6(,/"1"1 0,:B., &'A"1 9 7)1$9"&'0, #&"101, # *:5 7'618#:B.1 — '7!)#"10.' ('$,:,690#"1 *'*#"&'0, &'A"1, .!'$- ;,*., *:5 01),A!..5 01)'$.181; 81 /7'=1081; 6#0*#.B, 7)1 3B'(9 '7!)#"10.' 7'0!).9"1 ?; .# 7'8#"&'0, 7'613,?. @ ! !- " ! ( , ( « ! % », $! ! -" " , ( ! . • " "! ’ . ( ( %" ;.
D @ 6 8 6’7 E @ 8 E- , J @ 8 8 D 8 E . > " / ! - " 81..1(1:
) $! $ $ ! ( -( " , " % ");
) % $ - $ ) % / , ) $ % % !, " !. > % - % ;
) " ! $ $! , " " $ ( , " "/ , " " % ! $ ( ( .
$ / ! $! $ ( , " ! ! ( .$" " %, " , ! " ( " " ! $ ( ( ,! ! " $! " .
# 6 8 @ 6 8 6’7 E , D D 8 7 @ . > / " " ( %! ! , ! ";
6 E @ 8 D 8 , 6 8 6 8 - , @ E F 8 , D F @ - 8 F , 8 6 . > - " ", ) " ! " ! $ ! !) ! " , %.
+ D - @ 8 , @ 6 6 . > , " ,, % " $, $ ", % " ’/ " ) . # -! , ’ $" " / ! (
53
" : %, " %, % , %-" %, /" ) . % % " ", $" $" !( % ( % , " !( " - " .
! ’/ ( / ’/ " ! " ( /" " ( ), , $ -" , !( , , , ( " .! " ) ( ) ! " (/" . > " ", ) ) / % !( " " - % " , ! $ ! , ! - " " , $ " .
&! " " , $" -! :
1.. ! % !( - " (" ! , " " ! " " " ).
2.M&A. + " "— ( ! " . * " " 2005
.25 % % M&A, 2006 . ! ! !( 38 %.
3.& $ , ) ( " ) " % ! ! % ! . &•A 1999 . $ I /"-P$-M % , ) / I-& . A $-X , % * 1948 . ( . 65).: % ", ( % " (# , D )." ! $ , ) ! ! %.
4.# $( ! $ " / . &!- , % " ( " " , « " " » « $» "40 " .
+$, $" " / ! ( 10 % ( " , 50 % " / ! ! 70 % - / ! " " % % .
/ $!" .
# " ! " % / ("- " ! !( ! !), ! " , ) ! ! / . !( " " / % ! " ", ) " ! / . + / " ", " - " , , $" " " , ! " " " . ' -" , $%, ! " «24/7» — 7 ! 24. & " " " - " " " $ . + / -, ( % " — " ! " / % % - " .
54
!"
1. ! 7!" @ .8 ("!.9A(: 3 7$3:
1) ! , ! ; 2) ;
3) # , - , " ;
4) ! $.
2. 3)'+ /08 + " 7#!" 7 9(: )2 ! 0.' 1 1!@!"’31 3/' (!" .' (" ?
1) ! " ;
2) ! "; 3) ! " $;
4) ! ! .
3. H! ( )0 7'$0. :) 7 3$: (: .' )% 2 '+ # #0. "?
1) - ( !,
) # ( ! ), ! ;
2) |
- # - |
" , , ; |
|
3) |
# ( , ) , |
; |
|
4) |
! $. |
4.' / A #. "! 1 ).'(0 )2 ! 0. 0 (!" .' ("! "'#% ) (' )2 ; #.07’3" ') ?
1) ;
2) .
5., ') /' *! 7!"!&! .' )% A:
1)’$ ;
2), , ! " ;
3), , " ;
4)! " .
6. ! 7!" @ .8 ("!.9A(: 3 7$3:
1)! , ! ;
2);
3) # ,
, " ;
4)! $.
7.0.8 " )!/ 3 1 2 '+ # #0. " ( *! 7!"!&! .' )% # 7#!.37)!" :
1) = " * E ! ;
2) / F E ! ;
3) E ! ;
4) / F E ! E ! .
8.H! ( )0 70..4(' &?
1) - ( !, ) # ( ! ), ! ;
2) - # -" , , ;
3) # ( , ) ,;
4) , -
" , ,, , ".
9. !$!"% ( ,$0 " 0.8 " !; )!/ ; 1 2 '+ # #0. " ( *! 7!"!&! .' )% #.'1 , A ( 1"$: 3A:
1)= * E ! E ! ;
2)/ F E ! E ! ;
55
3)E ! = * E ! ;
4)! $.
10. ! 7!" ! !@' #.!*0 4 '+ %, ') " .' )% 2 '+ # #0. " 1 #!.%?0 3 "'/!& ,' !&! 1 )! !7 " (" 0 %(: " 7#!" 7$: (::
1);
2)" ;
3)" ;
4)" .
!" II
11.F .
12.= .
13.< " !.
14.< " .
15.F ".
16.= " " .
17./ .
18.= .
19.% "- .
20.* E ! .
21.@ $ $.
22. = " ! ! $ " !.
23.& . % " .
24.B ! *. V .
25.! W. Q .
26.< ! " .
27.X " ! .
28.= " - .
29.E . < .
30.= .
31.@ ! — -
.
32.< " ! .
33. % " . * " -
! # !.
34.@ E ! ! .
35.& " E ! .
36. / , !! . % .
37. |
" ! - |
. |
|
38. |
= $ " ! . |
39. |
< , " : , , - |
. |
|
40. |
Y " ’$ ! " |
".
!$'*, ! '& %A $K '2''A #.*.C'.1. * #$0+".!.1. ".'* .%/ ' '& *0 2'*$!
+ ! ! B 1
I . 2, 5, 7, 9, 3
II . 15, 18, 27, 33, 40
+ ! ! B 2
I . 1, 4, 6, 10, 8
II . 11, 17, 21, 28, 31
56
+ ! ! B 3
I . 3, 7, 4, 9, 2
II . 12, 20, 29, 34, 37
+ ! ! B 4
I . 7, 6, 10, 1, 5
II . 19, 23, 26, 30, 35
+ ! ! B 5
I . 2, 3, 4, 8, 9
II . 21, 34, 25, 28, 38
+ ! ! B 6
I . 6, 10, 1, 5, 7
II . 18, 22, 26, 30, 38
+ ! ! B 7
I . 7, 5, 2, 9, 3
II . 16, 21, 24, 27, 40
+ ! ! B 8
I . 2, 7, 4, 9, 3
II . 20, 24, 28, 32, 36
+ ! ! B 9
I . 1, 4, 6, 10, 8
II . 25, 12, 16, 20, 34
+ ! ! B 10
I . 3, 5, 7, 9, 10
II . 22, 15, 18, 27, 33
+ ! ! B 11
I . 1, 4, 6, 10, 8
II . 32, 11,24, 14, 17
+ ! ! B 12
I . 2, 5, 7, 9, 3
II . 13, 15, 18, 27, 33
+ ! ! B 13
I . 1, 4, 6, 10, 8
II . 11, 21, 24, 28, 32
+ ! ! B 14
I . 3, 7, 4, 9, 2
II . 12, 20, 25, 29, 31
+ ! ! B 15
I . 7, 6, 10, 1, 5
II . 19, 23, 26, 30, 35
: 50, 2, 100, 109, 115, 132, 144, 146, 208, 237, 242, 243
57
Òåìà 3
<
1. .
2. # ! % & .
3.! D % ! & -.
4.! D % ! -.
5.*$ ’' & .
6.>$ ’' & -.
7.? !$ .
8.? % & : .
$ ( ! % % " !-% / !! , $ !", ! " ( ( ( - " , , ", %" ( ) .$ % - , ’ .
! % / ! % , % "-’ ! . > " % " $"$ ! ) ! . + !) / "$! "$ " , ), ) " .
1.
0D 8 — $ $ — ’/ - /" ! ! , " ! % ! !, $ .
— $ , / $ - ! / , - " ". ! , , " , -" , $ , " , $! % $, % " ( $ , - $" " ! / .
0.8 " 0 .0&%$9" 3 .' ) " * !"'+ #!$%& — !$ % & ! ( & ! ! & !% ! ! ( .
" — , " / -$ ( % .
@ — ’/ , -" $ ( $ -" ! " " " , ) % ! -, )
58
/ -. * " ! " ! $ , " ! " - " ".
# 7 @ — " , " , ( " , " !-’ " ’ -, ) % ! , ,$! % %, / ! ( !-% " " " % ( " " " ".
0 — ! % % $.
2. <
&0 ; *<$-#&9& * 9+'0-$##6 /"#$# &-&9& * #,+ - ,*$G#" E:
/ ;
$ ;
" -
;
" " " ) $ - " " ! ;
$ " % -$;
" $" " ;" "
;! ;
/ % ! % % .
*<$-# * 9+'0-$##6 ;"6'(#& " 7 #$;$##6 /"#$# &-) B& '+9 7;"C #0E ( 6 D'6)&!:
/ !;
"- ! ;
! ;
" " " ;
( .
+=’E, ; *<$-#&9& * 9+'0-$##6 /"#$# &-&9& * #,+:
) ! — ? ! " " ( ?M );
) — " /( @> # );
) ( ! — ! " - " $ . * " -B 292/2003 04.04.2003 ., / " ( @ # );
A " ! % " .
! % / !* « »,( "- , ) ! ! !" " .
! ! $ ! / ! - " , ! ( " ) , $" ( " — " " " " .
#=!:5(1 .!7)5('>' 0")98#..5 *!)=#01 9 )1.'& +,.#./'01; 7'/:9> %:
, / !, , -;
59
( " % , ) / $ - ;
( ! "$ , " — % " - , -" %;
, ( ! , ) / "" /" "-" " .
A " ! % " , ? ! % , ", " -( % ! ! ! $ -" ! " " !, -$ ".
, ) % ! , "’ , ) ! " , /$ " ! - " !- , / "’ ; " ! " % , - ! " .
I , ) % / ," , ! $! ( , ) % !, " $ , - ! ! .
? ! % , "" " -/ ! ’ ($( " . * ! " $! ! " "$ . ( , "- ! $ , ’ - " , ) % ! .
3. <
0 — ! % % $. % / ! " " -$ , % / ! " ". + " $" -" % ( ( %-!- ( ! ! .
* " B 292/2003 04.04.2003 . «" », ! - " " $ " ,$ ", / "
( @ # ).
#&-# ! 7$-;$##6! &*9$#+ E:
/ ;
;
% " - " " % ;
$ ( " "-
( " ;
! !, % ) % ;
" ;
/ % ! % % .
@ # " / " / % " - " : ! ; ! $! % -
60