ࡱ> `bjbjss.U2222222F???? @FRjADDDDDETE,IQKQKQKQKQKQKQ$ShLVboQi2HDDHHoQ22DDQfMfMfMHf2D2DIQfMHIQfMfMO22-PD^A "%?IO]PQ0RP,VLV-PV2-P0$FhFJfMF<G $F$F$FoQoQ\M $F$F$FRHHHHFFF$j$dFFFj$FFF222222 @>5:B <5@>?@8OB89 ?> C;CGH5=8N D8=0=A>2KE @57C;LB0B>2 #! 200633 1000@. !>45@60=85  TOC \o "1-3" \h \z \u  HYPERLINK \l "_Toc148717647" 2545=85  PAGEREF _Toc148717647 \h 3  HYPERLINK \l "_Toc148717648" 1. "5>@5B8G5A:0O G0ABL  PAGEREF _Toc148717648 \h 4  HYPERLINK \l "_Toc148717649" 1.1 =0G5=85 8 7040G8 0=0;870 D8=0=A>2KE @57C;LB0B>2  PAGEREF _Toc148717649 \h 4  HYPERLINK \l "_Toc148717650" 1.2 @81K;L :0: :>=5G=K9 D8=0=A>2K9 @57C;LB0B 45OB5;L=>AB8 ?@54?@8OB8O  PAGEREF _Toc148717650 \h 9  HYPERLINK \l "_Toc148717651" 1.3 !8AB5<0 ?>:070B5;59 @5=B015;L=>AB8 ?@54?@8OB8O  PAGEREF _Toc148717651 \h 19  HYPERLINK \l "_Toc148717652" 2.=0;8B8G5A:0O G0ABL  PAGEREF _Toc148717652 \h 23  HYPERLINK \l "_Toc148717653" 2.1 1I0O E0@0:B5@8AB8:0 ?@54?@8OB8O  ?8:>  PAGEREF _Toc148717653 \h 23  HYPERLINK \l "_Toc148717654" 2.2 =0;87 >@30=870F88 C?@02;5=8O  ?8:>  PAGEREF _Toc148717654 \h 27  HYPERLINK \l "_Toc148717655" 2.3 =0;87 C@>2=O 8 48=0<8:8 4>E>4>2 ?@54?@8OB8O  PAGEREF _Toc148717655 \h 33  HYPERLINK \l "_Toc148717656" 2.4 =0;87 C@>2=O 70B@0B ?@54?@8OB8O  PAGEREF _Toc148717656 \h 36  HYPERLINK \l "_Toc148717657" 2.5 =0;87 2;8O=8O D0:B>@>2 =0 C@>25=L 8 AC<<C 70B@0B  PAGEREF _Toc148717657 \h 39  HYPERLINK \l "_Toc148717658" 2.6 =0;87 C@>2=O 8 48=0<8:8 ?@81K;8  PAGEREF _Toc148717658 \h 42  HYPERLINK \l "_Toc148717659" 2.7 $0:B>@=K9 0=0;87 ?@81K;8  PAGEREF _Toc148717659 \h 46  HYPERLINK \l "_Toc148717660" 2.8 $0:B>@=K9 0=0;87 @5=B015;L=>AB8  PAGEREF _Toc148717660 \h 50  HYPERLINK \l "_Toc148717661" 2.9 =0;87 157C1KB>G=>AB8  PAGEREF _Toc148717661 \h 55  HYPERLINK \l "_Toc148717662" 0:;NG5=85  PAGEREF _Toc148717662 \h 59  HYPERLINK \l "_Toc148717663" 81;8>3@0D8O  PAGEREF _Toc148717663 \h 63  HYPERLINK \l "_Toc148717664" @8;>65=8O  PAGEREF _Toc148717664 \h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A2>59 ?@0:B8G5A:>9 45OB5;L=>AB8 >@30=870F8O 8AE>48B 87 B>3>, GB> :>=5G=K< @57C;LB0B>< 55 ?@54?@8=8<0B5;LA:>9 45OB5;L=>AB8 O2;O5BAO 4>AB865=85 =5>1E>48<>9 @5=B015;L=>AB8 ?@>4C:F88 (@01>B, CA;C3). 5=B015;L=>ABL ?@>406 >?@545;O5BAO >@30=870F859 :0: >B=>H5=85 ?@81K;8 >B @50;870F88 : >1J5<C @50;87>20==>9 ?@>4C:F88  EMBED Equation.3  345 R?@ - ?>:070B5;L @5=B015;L=>AB8 ?@>4C:F88 (B>20@>2); ?@ - ?>:070B5;L ?@81K;8 >B @50;870F88 ?@>4C:F88;  - ?>:070B5;L 2K@CG:8 >B @50;870F88 ?@>4C:F88 (70 2KG5B>< !, 0:F87>2 8 0=0;>38G=KE >1O70B5;L=KE ?;0B5659). 5=B015;L=>ABL 0:B82>2 >?@545;O5BAO 2 >@30=870F88 :0: >B=>H5=85 G8AB>9 ?@81K;8 70 >BG5B=K9 ?5@8>4 : AB>8<>AB8 0:B82>2 >@30=870F88 =0 :>=5F >BG5B=>3> ?5@8>40.  EMBED Equation.3  345 R0 - @5=B015;L=>ABL 0:B82>2; ' - G8AB0O ?@81K;L;  - AB>8<>ABL 0:B82>2. >:070B5;L @5=B015;L=>AB8 0:B82>2 ?>72>;O5B AC48BL > B><, =0A:>;L:> MDD5:B82=> 2 >@30=870F88 8A?>;L7CNBAO 8<CI5AB2> (>A=>2=>9 8 >1>@>B=K9 :0?8B0;) 8;8 25AL 8=25AB8@>20==K9 :0?8B0;. & & & & & & 2.3 =0;87 C@>2=O 8 48=0<8:8 4>E>4>2 ?@54?@8OB8O $8=0=A>2K9 @57C;LB0B 45OB5;L=>AB8 ?@54?@8OB8O 2K@0605BAO 2 87<5=5=88 25;8G8=K 53> A>1AB25==>3> :0?8B0;0 70 >BG5B=K9 ?5@8>4. !?>A>1=>ABL ?@54?@8OB8O >15A?5G8BL =5C:;>==K9 @>AB A>1AB25==>3> :0?8B0;0 <>65B 1KBL >F5=5=0 A8AB5<>9 ?>:070B5;59 D8=0=A>2KE @57C;LB0B>2. 1>1I5==> =081>;55 206=K5 ?>:070B5;8 D8=0=A>2KE @57C;LB0B>2 45OB5;L=>AB8 ?@54?@8OB8O ?@54AB02;5=K 2 D>@<5 ! 2 3>4>2>9 1CE30;B5@A:>9 >BG5B=>AB8. >:070B5;8 D8=0=A>2KE @57C;LB0B>2 (?@81K;8) E0@0:B5@87CNB 01A>;NB=CN MDD5:B82=>ABL E>7O9AB2>20=8O ?@54?@8OB8O ?> 2A5< =0?@02;5=8O< 53> 45OB5;L=>AB8: ?@>872>4AB25==>9, A1KB>2>9, A=0165=G5A:>9, D8=0=A>2>9 8 8=25AB8F8>==>9. =8 A>AB02;ONB >A=>2C M:>=><8G5A:>3> @0728B8O ?@54?@8OB8O 8 C:@5?;5=8O 53> D8=0=A>2KE >B=>H5=89 A> 2A5<8 CG0AB=8:0<8 :><<5@G5A:>3> 45;0 [3]. !=0G0;0 =07>25< >A=>2=K5 D8=0=A>2K5 @57C;LB0BK, >?@545;O5<K5 01A>;NB=K<8 25;8G8=0<8. K@CG:0 >B @50;870F88 (20;>2>9 4>E>4) - >1I89 D8=0=A>2K9 @57C;LB0B >B @50;870F88 ?@>4C:F88 (@01>B, CA;C3). !>3;0A=> @>AA89A:8< =>@<0B82=K< 4>:C<5=B0<, >= 2:;NG05B 2 A51O: 2K@CG:C (4>E>4K) >B @50;870F88 3>B>2>9 ?@>4C:F88, ?>;CD01@8:0B>2 A>1AB25==>3> ?@>872>4AB20; @01>B 8 CA;C3; AB@>8B5;L=KE, =0CG=>-8AA;54>20B5;LA:8E @01>B; B>20@>2, ?@8>1@5B5==KE 4;O ?>A;54CNI59 ?@>4068; CA;C3 ?> ?5@52>7:5 3@C7>2 8 ?0AA068@>2 =0 ?@54?@8OB8OE B@0=A?>@B0 8 B.4. =0;87 D8=0=A>2KE @57C;LB0B>2 F5;5A>>1@07=> =0G8=0BL A 8AA;54>20=8O 48=0<8:8 8 C@>2=O ?>;CG5==KE 4>E>4>2. @54AB028< 2 B01;8F5 2.1 48=0<8:C ?>;CG5==KE  ?8:> 4>E>4>2 70 2003-2005 3>4K =0 >A=>20=88 D>@< >BG5B=>AB8 2 @8;>65=8OE. "01;8F0 2.1 8=0<8:0 4>E>4>2  ?8:>, BKA.@C1 & & & & . 081>;LH89 @>AB 4>E>4>2 ?@>87>H5; 2 @57C;LB0B5 ?>;CG5=8O 4>E>4>2 >B >A=>2=>3> 2840 45OB5;L=>AB8 ?@54?@8OB8O  0 8<5==> >B >:070=8O B5;5:><<C=8:0F8>==KE CA;C3  275,4% 2 2004 3>4C ?> A@02=5=8N A 2003 3>4><, 8 125% 2 2005 3>4C ?> A@02=5=8N A 2004 3>4><, GB> >1JOA=O5BAO C25;8G5=85< G8A;0 :;85=B>2 =0H59 :><?0=88 8 70:;NG5=85 1>;LH53> :>;8G5AB20 4>3>2>@>2 =0 ?@54>AB02;5=85 B5;5:><<C=8:0F89, :0: A =0A5;5=85<, B0: 8 A N@848G5A:8<8 ;8F0<8. >6=> B0:65 >B@078BL AB@C:BC@C 4>E>4>2 2 >1I5< 8E >1J5<5, GB> ?@54AB028< 2 B01;. 2.2 "01;8F0 2.2 !B@C:BC@0 4>E>4>2  ?8:> & & & & .. 2.4 =0;87 C@>2=O 70B@0B ?@54?@8OB8O 5<0;>206=>5 7=0G5=85 2 45OB5;L=>AB8 ?@54?@8OB8O 83@0NB 70B@0BK, :>B>@K5 >:07K20NB 2;8O=85 =0 D>@<8@>20=85 ?@81K;8 ?@54?@8OB8O. 0B@0BK  MB> 2K@065==0O 2 45=56=>< 87<5@5=88 AB>8<>ABL :0:8E-;81> @5AC@A>2 (<0B5@80;L=KE, B@C4>2KE, D8=0=A>2KE), 8A?>;L7>20==KE =0 >15A?5G5=85 ?@>F5AA0 @0AH8@5==>3> 2>A?@>872>4AB20. ;O 1>;55 BI0B5;L=>3> 0=0;870 =5>1E>48<> >F5=8BL C@>25=L 70B@0B ?> ?@54?@8OB8N 70 0=0;878@C5<K9 ?5@8>4  2003- 2005 3>4K, GB> ?@54AB028< 2 B01;8F5 2.3 "01;8F0 2.3 8=0<8:0 @0AE>4>2  ?8:> & & & & .. 2.7 $0:B>@=K9 0=0;87 ?@81K;8 $0:B>@=K9 0=0;87  MB> <5B>48:0 :><?;5:A=>3> A8AB5<=>3> 87CG5=8O 8 87<5@5=8O 2>7459AB28O D0:B>@>2 =0 25;8G8=C @57C;LB0B82=KE ?>:070B5;59. 0 >A=>20=88 40==KE 0=0;870 48=0<8:8 ?@81K;8 >?@545;8< 2;8O=85 :064>3> D0:B>@0 =0 ?@81K;L >B @50;870F88.  40==>< A;CG05 2;8O=85 D0:B>@=KE ?>:070B5;59 =0 ?@81K;L (@57C;LB0B82=K9 ?>:070B5;L) <>6=> ?@54AB028BL 2 2845 A;54CNI59 <>45;8: '= - !- @ -#  +>4 -     + -  345 '  G8AB0O ?@81K;L;  - 2K@CG:0 (=5BB>) >B ?@>4068 B>20@>2, @01>B, CA;C3; ! - A515AB>8<>ABL ?@>40==KE B>20@>2, @01>B, CA;C3; >4  ?@>G85 >?5@0F8>==K5 4>E>4K; >@  ?@>G85 >?5@0F8>==K5 @0AE>4K;   2=5@50;870F8>==K5 4>E>4K;   - 2=5@50;870F8>==K5 @0AE>4K; ?  =0;>3 =0 ?@81K;L. 0: 8725AB=>, @07<5@ 2K@CG:8 >B @50;870F88 7028A8B >B B0:8E D0:B>@>2, :0: F5=0 @50;87C5<>9 ?@>4C:F88, C45;L=K9 25A :064>3> 2840 ?@>4C:F88 2 >1I5< >1J5<5 @50;870F88 8 :>;8G5AB2> @50;87C5<>9 ?@>4C:F88. 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"0:8< >1@07><, @>AB F5= A?>A>1AB2>20; C25;8G5=8N 2K@CG:8 =0 1644 BKA.@C1., 0 C25;8G5=85 >1J5<0 2K?CA:0 =0 22850 BKA.@C1. 0: A;54C5B 87 @0AG5B>2, 2K@CG:0 @0AB5B 2 >A=>2=>< 87-70 @>AB0 F5=. =0;>38G=> @0AAG8BK205BAO 2;8O=85 D0:B>@>2 =0 87<5=5=85 A515AB>8<>AB8 @50;87>20==>9 ?@>4C:F88, @01>B, CA;C3: !>1I=!1-!0=32897-9462=23435 BKA.@C1. & & & & & 2.9 =0;87 157C1KB>G=>AB8 ;NG52K<8 M;5<5=B0<8 0=0;870 157C1KB>G=>AB8 ?@>872>4AB20 2KABC?0NB <0@68=0;L=K9 4>E>4, ?>@>3 @5=B015;L=>AB8 (B>G:0 157C1KB>G=>AB8), ?@>872>4AB25==K9 ;525@846 8 <0@68=0;L=K9 70?0A ?@>G=>AB8. 0@68=0;L=K9 4>E>4  MB> @07=8F0 <564C 2K@CG:>9 ?@54?@8OB8O >B @50;870F88 ?@>4C:F88 (@01>B, CA;C3) 8 AC<<>9 ?5@5<5==KE 70B@0B. >@>3 @5=B015;L=>AB8 (B>G:0 157C1KB>G=>AB8)  MB> ?>:070B5;L, E0@0:B5@87CNI89 >1JQ< @50;870F88 ?@>4C:F88, ?@8 :>B>@>< 2K@CG:0 ?@54?@8OB8O >B @50;870F88 ?@>4C:F88 (@01>B, CA;C3) @02=0 2A5< 53> A>2>:C?=K< 70B@0B0<, B. 5. -B> B>B >1JQ< ?@>406, ?@8 :>B>@>< ?@54?@8OB85 =5 8<55B =8 ?@81K;8, =8 C1KB:0. @>872>4AB25==K9 ;525@846  MB> <5E0=87< C?@02;5=8O ?@81K;LN ?@54?@8OB8O 2 7028A8<>AB8 >B 87<5=5=8O >1J5<0 @50;870F88 ?@>4C:F88 (@01>B, CA;C3). 0@68=0;L=K9 70?0A ?@>G=>AB8  MB> ?@>F5=B=>5 >B:;>=5=85 D0:B8G5A:>9 2K@CG:8 >B @50;870F88 ?@>4C:F88 (@01>B, CA;C3) >B ?>@>3>2>9 2K@CG:8 (?>@>30 @5=B015;L=>AB8). >4 B>G:>9 157C1KB>G=>AB8 ?>=8<05BAO B0:0O 2K@CG:0 8 B0:>9 >1J5< ?@>872>4AB20 ?@54?@8OB8O, :>B>@K5 >15A?5G820NB ?>:@KB85 2A5E 53> 70B@0B 8 =C;52CN ?@81K;L, B.5. 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