139 И PDF

1
21 2012 74 (1392)

13 2012
26104
3 2012
139

10 2002 86
( ) (
, 2002, 28, . 2790; 2003, 2, . 157; 52, . 5032; 2004, 27,
. 2711; 31, . 3233; 2005, 25, . 2426; 30, . 3101; 2006, 19, . 2061; 25, . 2648;
2007, 1, . 9, . 10; 10, . 1151; 18, . 2117; 2008, 42, . 4696, . 4699; 44,
. 4982; 52, . 6229, . 6231; 2009, 1, . 25; 29, . 3629; 48, . 5731; 2010, 45,
. 5756; 2011, 7, . 907; 27, . 3873, 43, . 5973, 48, . 6728),
( 3
1996 17) (
, 1990, 27, . 357; , 1996, 6,
. 492; 1998, 31, . 3829; 1999, 28, . 3459, . 3469; 2001, 26, . 2586; 33, . 3424;
2002, 12, . 1093; 2003, 27, . 2700; 50, . 4855; 52, . 5033, . 5037; 2004, 27,
. 2711; 31, . 3233; 2005, 1, . 18, . 45; 30, . 3117; 2006, 6, . 636; 19,
. 2061; 31, . 3439; 52, . 5497; 2007, 1, . 9; 22, . 2563; 31, . 4011; 41,
. 4845; 45, . 5425; 50, . 6238; 2008, 10, . 895; 15, . 1447; 2009, 1, . 23;
9, . 1043; 18, . 2153; 23, . 2776; 30, . 3739; 48, . 5731; 52, . 6428; 2010,
8, . 775; 19, . 2291; 27, . 3432; 30, . 4012; 31, . 4193; 47, . 6028; 2011,
7, . 905, 27, . 3873, . 3880; 29, . 4291, 48, . 6730; 49, . 7069; 50,
. 7351; 2012, 27, . 3588, 31, . 4333)
( 30 2012
23) ()
,
.
1.
1.1.
( ):
();
;
;
;
, ,
();
;
() ()
.
1.2. , 10
2002 86 ( ), :
()
, ,
; , ;
;
.
1.3.

, ,
,
.
:
74 (1392) 21 2012
() ,
() ,
, , (
) , ( )
;
() ,
() ,
() ,
( ) , ( )
.
2. () (H1)
2.1. () (H1) (
1) ()
() ,
, . 1
() , .
1 :
,
(
, ,
);
;

;
;
.
1 :
1 = 100%,
i (i i) + 8807 + 8847 + 8852 8855 + 8957 + +
+ + 8992 +10 +
( ):
() ,
10 2003 215
() ,
17 2003 4269, 17 2006 8091, 7 2007 9072,
26 2007 9910, 20 2007 10778, 12 2008 12840, 19
2008 12905, 29 2009 14161, 11 2009 15538, 18
2012 24217 ( 20 2003 15, 26 2006
41, 14 2007 14, 2 2007 44, 26 2007 71,
17 2008 73, 24 2008 74, 8 2009 40, 16
2009 72, 25 2012 27) ( 215);
Kpi i , 2.3 ;
Ai i . , 2.6
, (i i) *i i
( ()
i ), () ;
i
, i (
, *i);
,
, 2 , 8810;

, , 3 ,
8811;
,
3 2009 346 ,
17 2009
15697, 19 2012 24957 ( 28 2009 77,
1 2012 43) ( 346), 8942;
21 2012 74 (1392)
, 1 2013
14 2007 313
,
6 2007 10638, 16 2009 15623, 20
2010 19271, 25 2011 20858, 18 2012 24224 (
12 2007 68, 28 2009 77, 24 2010 71,
1 2011 30, 25 2012 27) ( 313),
1 2013 28 2012
387 ,
9 2012 25783
( 21 2012 66) (
387), 8812;
( 8809, 8814, 8816,
8818, 8820, 8822, 8824, 8826, 8828, 8830, 8832, 8834, 8836, 8838 8856).
()
.
:
, IIII V 2.3.12.3.3
2.3.5 2.3 ,
() , 8806, 8846, 8851, 8861, 8862, 8863;
, ()
2.2.6 2.2 5.2 215;
, IV 2.3.4 2.3
( , ,
);
()

;
()
, (
,
()
) 1 2013 (, )
,
, ()
( ),
( ) ,
13 2008 2008
,
29 2008 11772 ( 4 2008 28) (
8859, 8860, 8861, 8862, 8864, 8865).

() .
2.2. 1
10 .
2.3. 1
:
2.3.1. I

( )
( ),
, , 8962 ........................ 0
,
( ) 30210 ................................................................................................................... 0
,
, 8969 ....................................................................... 0
,
( )
, , ,
, , ,
() , 8912 ...... 0
74 (1392) 21 2012
, , 30202 30204 ............. 0

, ,
8900 ................................................................................................................................... 0
(
(), , ,
,
26 2004 254
, ,
26 2004 5774,
20 2006 7728, 27 2006 8676, 10 2007 10660, 23
2008 10968, 22 2008 11724, 22 2008 11730, 30
2008 11903, 29 2009 13219, 20 2009 13414, 21
2009 15772, 24 2009 15811, 17 2012 25204 (
7 2004 28, 4 2006 26, 15 2007 1,
17 2007 69, 31 2008 4, 28 2008 25, 4
2008 28, 9 2008 36, 4 2009 7, 4 2009
15, 28 2009 77, 22 2012 50) (
254), ,
, ,
, ,
, ( ),
,
, )
() , ,
, .
( ) (
) ( )
2.3.8 , 8973 ..................................................................................... 0
, ,
14 2008 31 2009 , ,
,
3 13 2008
173
( , 2008, 42, . 4698; 2009, 29,
. 3605; 48, . 5729; 52, . 6437; 2010, 8, . 776; 21, . 2539; 31, . 4175),
8805 ................................................................................................................................... 0

() ,
, ,
8902 ................................................................................................................................... 0

() ,
,
, 80 ()
, 8974 ...................................................................................................... 0
()
,
,
()
, (
), 0, 1 (
(
) / /
), ,
,
8901 ................................................................................................................................... 0
()
, (, )
, 0, 1,
,
(, )
21 2012 74 (1392)
,
() ,
,
0, 1, 80 ()
, 8917 ................................................................................................................. 0
()
( ,
, )
( ( ,
, ),
, , ,
, , ,
, , ,
);
() , (,
) , (
) ,
, 80
() , 8976 ........................................ 0
()
, () () ( )
,
() ,
, 8945 ........................................................................................................... 0
2.3.2. II

( )

() ,
, 8904 .................................................... 20

() ,
,

, 80 (
) , 8913 ........................................................................ 20

() ,
() (
) 90 , 8964 ............................ 20
:
) ( ,
, ,
):

7 2011 7 (
, 2011, 7, . 904; 48, . 6728; 49, . 7040, . 7061)
( ) ()
(
, ) (
, ,
8846);
(
);
) , ,
, , ,
, ,
;
) ,
, ,
;
74 (1392) 21 2012
) ()
, : ,
, (
,
, 8846), ,
;
) , 8941 ................................................... 20
()
, 2,
,
, 8903 .................................... 20
()
, (, )
, 2, ,

(, )
, (
) ,
, 2,
8975 ................................................................................................................................. 20
()
, ,
Standard & Poors Fitch Ratings Moodys Investors
Service ( ), ,
0, 1, 8953 ....................................................................... 20
()
, (, ),
() ( ),
() ,
, () ,
0, 1, 8959 .................................................................................................. 20
()
( ,
, ,
); (
) , (,
) ,
, 80 ()
, 8977 ......................................................................................... 20
()
, () ,
,
,
22 2011 964
(
, 2011, 48, . 6936) (
964),
,
, 8871 .......................................................................................... 20
2.3.3. III

( )
()
() ,
,
, ,
,
()
. ( )
() ( )
2.3.8 , 8960 .......................................... 50
21 2012 74 (1392)
()
, () ,
()
() , ,
, ,
, ,
, ,
() , ()
,
,
,
964,
, ,
8966 ................................................................................................................................. 50
()
,
,
, , 8923 ........................ 50
()
, 3,
,
, 8932 .................................... 50
()
, (, )
, 3, ,
(
, ) ,
()
,
, 3, 8985 .................. 50
()
, ,
, ,
0 1, ,
2, 8954 .............................................................................. 50
()
, (, ),
() ( ),
( ) ,
, () ,
0 1, (
) , 2, 8946 ....................... 50
()
,
, 17 1995
147 ( ,
1995, 34, . 3426; 2001, 33, . 3429; 2002, 1, . 2; 2003, 2, . 168; 13, . 1181;
2004, 27, . 2711; 2006, 1, . 10; 19, . 2063; 2007, 1, . 21; 43, . 5084; 46,
. 5557; 2008, 52, . 6236; 2011, 29, . 4281; 30, . 4590, . 4596; 50, . 7343; 2012,
26, . 3446), 2
,
4 2004 1009
( ,
2004, 32, . 3313; 48, . 4768; 49, . 4888; 50, . 5019; 2005, 4, . 256; 35,
. 3590; 37, . 3739; 51, . 5515; 2006, 6, . 672; 9, . 986; 11, . 1164; 14,
. 1510; 18, . 1978; 19, . 2071; 24, . 2586; 26, . 2819; 42, . 4351; 48,
. 5013; 49, . 5191; 2007, 1, . 208; 5, . 634; 7, . 859, . 860, . 861, . 863;
8, . 976; 9, . 1062; 13, . 1532, . 1533, . 1534, . 1535, . 1536, . 1537, . 1538;
18, . 2185, . 2188, . 2189, . 2190; 19, . 2341; 23, . 2747; 26, . 3165; 27,
. 3254; 31, . 4018; 32, . 4125; 33, . 4186, . 4187, . 4188; 34, . 4209; 36,
. 4364; 38, . 4510; 43, . 5173, . 5175; 45, . 5463; 48, . 5950, . 5953, . 5954,
74 (1392) 21 2012
. 5955; 49, . 6131; 50, . 6254; 52, . 6428; 53, . 6551, . 6552; 2008, 8,
. 701; 9, . 821, . 822, . 826; 10, . 908; 15, . 1525, . 1526, . 1528; 16,
. 1674; 17, . 1819; 18, . 2004; 22, . 2540, . 2543; 24, . 2835, . 2836, . 2837;
28, . 3362; 29, . 3475; 40, . 4518, . 4521; 51, . 6137; 52, . 6365; 2009,
10, . 1200; 11, . 1276; 12, . 1406, . 1408, . 1409; 19, . 2299; 24, . 2921;
35, . 4223; 38, . 4457; 45, . 5321, . 5322; 52, . 6537; 2010, 14, . 1630;
15, . 1776; 17, . 2056, . 2057; 20, . 2431, 24, . 3018; 25, . 3126; 26,
. 3330; 40, . 5044, . 5045, . 5047; 43, . 5483; 45, . 5770; 2011, 18, . 2598;
21, . 2929; 23, . 3299; 29, . 4423; 36. . 5126; 37, . 5201; 43, . 6023,
. 6030; 46, . 6476; 2012, 1, . 32, . 33; 8, . 991; 13, . 1491; 17, . 1916;
21, . 2628, . 2629; 22, . 2755; 23, . 2993; 24, . 3139; 28, . 3883; 33,
. 4630; 43, . 5812; 45, . 6206;
(www.pravo.gov.ru), 22 2012 ) (
), ,
10 2012 2861
, ,
26 2012 25541 (
4 2012 59) ( ),
8801 ................................................................................................................................. 50
2.3.4. IV

( )
............................................................................................. 100
IV ( )
, :
( ) , IIII
V ;
: 105, 10605, 109, 30208, 30302, 30304, 30306, 40111,
50905, 52601, 60601, 60602, 60603, 60805, 609 (), 61401, 61403, 70606...70616, 70706...70716,
70802;
, : 8806, 8808, 8813, 8815, 8817, 8819, 8821, 8823,
8825, 8827, 8829, 8831, 8833, 8835, 8837, 8846, 8851, 8858, 8863, 8869, 8934, 8936, 8943, 8947,
8948 ( , 8924), 8949, 8956, 8970, 8971, 8981.
IV :
, 8870,
, 2.6 ;
IV , 8857.
2.3.5. V

( )
()
, ,
7, ,
,
, 8980 ................................... 150
2.3.6. IIII ( )
, , , ()
() .
IIII
()
.
2.3.7.
( ) () () ,

, ,
( ).
, 1 ( ,
IV ),

254 20 2006 283
,
21 2012 74 (1392)
25 2006 7741,
2 2007 9739, 6 2007 10639, 10 2008 12260, 5
2009 14477, 17 2009 15670, 24 2011 20837, 21
2011 22714 ( 4 2006 26, 11 2007
39, 17 2007 69, 17 2008 49, 12 2009
47, 28 2009 77, 1 2011 30, 28 2011 74)
( 283).
2.3.8. ( )
() ( )
()
.
()
,
() ( ) 102, 10601, 10602,
30109, 30111, 30122, 30123, 30220, 30222, 30223, 30227, 30230, 30231, 30232, 30411, 30412,
30414, 30415, 30601, 30603, 30604, 30606, 312...317, 32901, 40101, 40105, 40106, 40116, 402,
40301...40307, 40312, 40314, 404...408, 409, 410...423, 425...440, 47401, 47403, 47405, 47407,
47412, 47414, 47416, 47418, 47419, 47422, 520...524, 52602, 60305, 60307, 60311, 60313, 60322,
,
() ,
1 ( ),
20319, 20320, 325, 40311, 459, 47427, 50121, 50221, 50621, 50721
( )
30208, 50905.
1
1, (
) (III ).
1
1, ()
(III ) ,
() ,
.
()
(IIIV ).
,
.

,
.
()
()

.
2.3.9.
,
, ,
, ,
,
, 2.3.14 .
2.3.10. ,
,
,
, ,
, ,
, 2.3.11 2.3.13
. .
2.3.11. ()
,
, , ( ), ,
, , , 2.3.12.3.3 ,
IIII , ( )
10
74 (1392) 21 2012
, ,
,
(, ).
,
IIII
:
, ( ),
, , ,
, ;
, ,
.
2.3.12. ()
,
, , IIII
, , 2.3.11 .
2.3.13. ()
,
, ( ), ,
, , 2.3.12.3.3 , IIII
:
( ), ,
( (
) () ()
), () ( ), ,
);
( ), ,

(), () (
), , .
2.3.14. ()
,
, 2.3.12.3.3 ,
IIII :
( );

, ;
()
();
,
, 1.2 17 2011
2732
, ,
12 2011
22544, 1 2012 25070 ( 19 2011 71,
8 2012 44) ( 2732).
2.3.15. ()
, ,
, ( ), , IIII
, ,
, ()
() .
2.3.16. ()
,
, 2.3.12.3.3
, IIII , , ,
, ()
, .
2.3.17. ()
,
, I ,
,
21 2012 74 (1392)
11
,
.
2.3.18. ()
, (),
, 6.2.2 6.2
254, I , ,
()
.
2.3.19.
() , ,
( ), , , ,
()
, ,
()
.
2.3.20. , ,
(, , )
, ()
2.2.6 2.2 4.6 215.
2.3.21. , ,

( , 2.3.20
), .
, ,
, ()
, ,
()
283,
501, 502, 506, 507 2.2 2.5 10
16 2012 385
, ,
3 2012 25350, 15
2012 25670 ( 25 2012 5657, 24
2012 62) ( 385).
2.3.22. ( 4
) 5 .
2.3.23. ()
(),

, , 10 20
2004 117
( , 2004, 34, . 3532; 2006, 6,
. 636; 2007, 50, . 6237; 2008, 30, . 3616; 2009, 48, . 5731; 2011, 27, . 3879;
48, . 6728; 2012, 26, . 3443), 8973.
(),
( ),
16 1998 102
( ) ( , 1998,
29, . 3400; 2001, 46, . 4308; 2002, 7, . 629; 52, . 5135; 2004, 6, . 406; 27,
. 2711; 45, . 4377; 2005, 1, . 40, . 42; 2006, 50, . 5279; 52, . 5498; 2007,
27, . 3213; 50, . 6237; 2008, 20, . 2251; 52, . 6219; 2009, 1, . 14; 29,
. 3603; 2010, 25, . 3070; 2011, 27, . 3879, . 3880; 50, . 7347) (
), ( ),
,
,
.
2.3.24. , ,
47408 ,
,
(
), ,
12
74 (1392) 21 2012
, ,
()
,

()
.
2.3.25. ()
,
, 7,
V ,
IV .
2.3.26.

254 283.
, IV ,
, ,
.
, 8957,
,
, .
1, IV 8855, 8856 8857,
,
, .
, , ,
, IV
( 1),
.
, , ,
IV ,
IIII ,
, .
2.3.27. , , 9
3 , ,
, ,
(
). ,
,
,
.
( , )
,
, ,
,
.
( , )
,
,
.
( , )
,
,
.
2.3.28. ,
, (
, ), ,
, :

, ;

.
21 2012 74 (1392)
13
, ,

, ,
,
, 2.3
. , ,
,
( ,
) , .
, ,
( ,
),
313 ( 1 2013
387),
, 2.3
.
, ,
, ,
, .
,
, ,
, , 2.6.1 2.6
,
.
, ,
254
283.
,
, ,
, ,

, , .
2.4. 1
()
,
(), ()
( ) , 2.3
2.6 ,
2.6.1 2.6 .

(
) .
2.5. ()

() ,
, 2.3 2.6
, ,
,
. 1
0409813
( ) 0409135
,
12 2009 2332 ,

, 16
2009 15615, 18 2010 17590, 22 2010 19313, 20
2011 21060, 16 2011 22650, 10 2012 24863, 20
2012 25499 ( 25 2009 7576, 25
2010 35, 28 2010 72, 28 2011 34, 23
2011 73, 19 2012 41, 26 2012 58) (
2332).
14
74 (1392) 21 2012
1 2014
() ,
, 2.6
, ,

.
2.6. ()
, 2.6.1 3
, 2.6.2
, 1
,
. , 2.5
,
() , 2.6.1 3
.
2.6.1. (
() ), ,
51.3 51.5 22 1996 39
( , 1996, 17, . 1918, . 1998, 48,
. 5857; 2001, 33, . 3424; 2002, 52, . 5141; 2004, 27, . 2711; 31, . 3225; 2005,
11, . 900; 25, . 2426; 2006, 1, . 5; 2, . 172; 17, . 1780; 31, . 3437; 43,
. 4412; 2007, 1, . 45; 18, . 2117; 22, . 2563; 41, . 4845; 50, . 6247, . 6249;
2008, 44, . 4982; 52, . 6221; 2009, 1, . 28; 18, . 2154; 23, . 2770; 29,
. 3642; 48, . 5731; 52, . 6428; 2010, 17, . 1988; 31, . 4193; 41, . 5193;
2011, 7, . 905; 23, . 3262; 27, . 3873, . 3880; 29, . 4291; 48, . 6728; 49,
. 7040; 50, . 7357; 2012, 25, . 3269; 31, . 4334) 1 41
26 2002 127 () (
, 2002, 43, . 4190; 2004, 35, . 3607; 2005, 1,
. 18, . 46; 44, . 4471; 2006, 30, . 3292; 52, . 5497; 2007, 7, . 834; 18,
. 2117; 30, . 3754; 41, . 4845; 49, . 6079; 2008, 30, . 3616; 49, . 5748;
2009, 1, . 4, . 14; 18, . 2153; 29, . 3632; 51, . 6160; 52, . 6450; 2010, 17,
. 1988; 31, . 4188, . 4196; 2011, 1, . 41; 7, . 905; 19, . 2708; 27, . 3880;
29, . 4301; 30, . 4576; 48, . 6728; 49, . 7024, . 7040, . 7061, . 7068; 50,
. 7351, . 7357; 2012, 31, . 4333),
, ,
, ( ) (
), () ()
()
(
),

( , ),
, 2.6.2 ,
:
* = max (0,[(() () + (i Hi) + (fx fx)]),
*
() , 1
() 2.3.12.3.5 2.3
;

()
,
; / ()
,
( , (
) )
;
/ ()
;
;
15
21 2012 74 (1392)
Ei
, .

, ;
Hi , ;
Efx , ;
Hfx 8 ,
.
( )
()
( ) (10).

,

Standard & Poors
Fitch Ratings / Moodys
Investors Service
/ 3
+ / 13
+ / 13
,

(
)
1
1 5
5
1
1 5
5
(
2.6.2 ).
,
30
() 50 (
), ,
7 .
(),
,
()
,
.
,

,

,
2.3.1 2.3

0,5
1,0
2,0
4,0
4,0
8,0
1,0
2,0
3,0
6,0
6,0
12,0
15,0

15,0
50,0
(), ,
100 .
,
:
= ai Hi,
ai ;
Hi , .
2.6.1.1. (T),
, () ,
(10)
() c
:
16
74 (1392) 21 2012
i = 10{[NR + (T 1)]/10}1/2,
i ;
NR ()
. ,
NR ;
, NR .
;
10 .

:

()

()

()

()

()
2.6.1.2. (i) ()
()
,
, ,
, ,
, ,
, 0, 1,
( ) 90
:
(),
, ()
, ,
, , ,
0, 1 ;
;

;
,
, ;
;
()
,
, .
2.6.2. , 3
, :
,
;

, ,
24 2008 318 ,

,
26 2008 11751, 23 2010 16687, 1 2011 20919,
22 2012 23310 ( 6 2008 2930, 31
2010 18, 16 2011 32, 2 2012 12) (
);
( ,
, ) ,
, ,
, ,

Standard & Poors Fitch Ratings Ba3
21 2012 74 (1392)
17
Moodys Investors Service, ,

;
, 2.3.1 2.3 ;
( ), ,
BBB
Standard & Poors Fitch Ratings Baa3
Moodys Investors Service;
, 30 () 50 (
), , 7
;
, ;
, ,
(, ,
15 2005
124 () ,
,
5 2005
6889, 26 2007 9703, 6 2007 10636, 18 2012 24222
( 19 2005 44, 4 2007 38, 17
2007 69, 25 2012 27);
(), 6.2.2 6.2
254.

() ,
(), , (),
, ,
, 1.2 2732.
2.6.3. , (
() ) ,
( ()
)

.
2.6.4. ()
() ,
(), () , ()
, ,
() (), (
) , () (), ()
, .
2.6.5. (
() ) (
)
( () )
.
2.6.6. ()
( ()
) 1
() 2.3.12.3.5 2.3 .

,
, , 1
2.3
.
, 1
() 2.3.1
2.3.3, 2.3.5 2.3 , 1,5.
(
,
), , 1,3
1.
18
74 (1392) 21 2012
3.
3.1. ,
,
,
, , , ()

, , .
3.2. (2) ()

()
,
( )
, , 3.6 .
(2) :
2 = 100% > 15%,

0,5 *
, ,
, ()
, ()
,
, , , ,
0, 1, ,
, .
30210, 30235 8909,
8910, 8921, 8962, 8967, 8969, 8972;
() , ()
.
: 30130126, 30220, 30222, 30223,
(3022730228), 30230, 30231, 30232, 30236, 30411, 30412, 30414, 30420, 30421, 30601, 30604,
30606, 31201, 31210, 31213, 31214, 31301, 31302, 31310, 31401, 31402, 31410, 31501, 31502,
31601, 31602, 317, 318, 32901, 40101, 40105, 40106, (4010840109), (4011040111), 40116,
402, 40301, 40302, (4031240313), 404, 405, 406, 407, 408, 40903, 40905, (4090740908), 40909,
40910, 40912, 40913, 41001, 41101, 41201, 41301, 41401, 41501, 41601, 41701, 41801, 41901,
42001, 42101, 42201, 42301, 42309, 42501, 42601, 42609, 42701, 42801, 42901, 43001, 43101,
43201, 43301, 43401, 43501, 43601, 43701, 43801, 43901, 44001, 47403, 47405, 47407, 47416,
47418, 47422, 476, 52301, 52401, 52402, 52403, 52404, 52405, 52406, 60301, 60305, 60307, 60309,
60311, 60313, 60322, 8872, 8905, 8916, 8927, 8933, 8937, 8940,
8990, 8853, 8906, 8911, 8914, 8955, 8994.
8872

;
*
( ) , ,
3.6 ( 8922).
2
15 .
3.3. (3) ()
30
(
)
30 ,
( )
30 ,
, 3.6 .
(3) :
3 = 100% > 50%,

0,5 *
, ,
, () 30 , ()
21 2012 74 (1392)
19
30
.
( ) ( ):
30233, 31903 ( , 8921), 31904, 32003 ( ,
8910), 32004, 32103 ( , 8910), 32104, 32203
( , 8910 8989), 32204, 32303
( , 8910 8989), 32304, 44101,
44102, 44103, 44202, 44203, 44204, 44302, 44303, 44304, 44402, 44403, 44404, 44503, 44603,
44703, 44803, 44903, 45003, 45103, 45203, 45303, 45403, 45502, 45601, 45701, 46002, 46102,
46202, 46302, 46402, 46502, 46602, 46702, 46802, 46902, 47002, 47102, 47202, 47302, 51201,
51202, 51301, 51302, 8848, 8849, 8908, 8950, 8984, 8989, 8995,
8938, 8987;
() , ()
,
()
30 . (
): 30109, 30111, 30116, 30117, 30122, 30123, 30220, 30222, 30223,
(3022730228), 30230, 30231, 30232, 30236, 30411, 30412, 30414, 30420, 30421, 30601, 30604,
30606, 31201, 31202, 31203, 31210, 31213, 31214, 31215, 31216, 31301, 31302, 31303, 31304,
31310, 31401, 31402, 31403, 31404, 31410, 31501, 31502, 31503, 31504, 31601, 31602, 31603,
31604, 317, 318, 32901, 40101, 40105, 40106, (4010840109), (4011040111), 40116, 402, 40301,
40302, (4031240313), 404, 405, 406, 407, 408, 40903, 40905, (4090740908), 40909, 40910,
40911 ( ,
), 40912, 40913, 41001, 41002, 41101, 41102, 41201, 41202, 41301, 41302, 41401, 41402,
41501, 41502, 41601, 41602, 41701, 41702, 41801, 41802, 41901, 41902, 42001, 42002, 42101,
42102, 42201, 42202, 42301, 42302, 42309, 42310, 42501, 42502, 42601, 42602, 42609, 42610,
42701, 42702, 42801, 42802, 42901, 42902, 43001, 43002, 43101, 43102, 43201, 43202, 43301,
43302, 43401, 43402, 43501, 43502, 43601, 43602, 43701, 43702, 43801, 43802, 43901, 43902,
44001, 44002, 47403, 47405, 47407, 47416, 47418, 47422, 476, 52001, 52101, 52201, 52301, 52302,
52401, 52402, 52403, 52404, 52405, 52406, 60301, 60305, 60307, 60309, 60311, 60313, 60322
, 8933, 8872, 8905, 8907, 8916, 8927,
8928, 8933, 8939, 8940, 8990, 8991, 8993, 8854, 8906,
8911, 8938, 8965, 8994, 8999.
8872 30

;
*
( )
30 , ,
3.6 ( 8930).
3
50 .
3.4. () ()
3.2 3.3 ,
,
254 283 I
II .
2 3
254 283.
, ,

254
283 ,
.
I II
,

254
283. ,
, ,
.
20
74 (1392) 21 2012
, ,
385,
.
3.5. (4) ()

365 366 , ()
() 365
366 ,
365
( ),
, 3.6 .
(4) :
4 = 100% < 120%,

+ + 0,5 *
365
366 , ,
, , 365
366 ,
254
283 ( 8996 8850);
() , ,
(, )
, () ,

365 366 ( 8918 8997 8873).
, 8873,

365 366
, , 8872;
*
365
( ), ,
, 3.6 ( 8978).
4
120 .
3.6. *, *, *
( ) ,
8922, 8930, 8978, 1 ,

0,1%

.
*, *, * 18 ,
.
* *1 ... *i ... *18,
n
*i = *(i, j)
, i = 1, 2 ... 18;
j=1
n , *i
;
18
*(i, j) = min {(i, j) , z}, z = 0,1% (1/18 i);

i=1
,
i ;
(i, j) j i, j = 1, 2 ... n.
*, * ,
* .
21 2012 74 (1392)
21
(
) 2, 3 4 *, *, *.

, ,
.
2, 3 4 *, *, *
.
2, 3 4
0409813 ( )
0409135
, 2332.

,
*, *, *.
0409101
, 2332.
4.
(6)
4.1.
(6) ()

() .
(6) :
6 = 100% < 25%,
,
,

254 283.
4.2. 6 :
(), , ,
, , ,
, ,
()
2.2.6 2 215;
,
2 ;

, 3 ;

, ,
2 ;
,
() ,
()
;
,
, ;
,
, ,
, 4.4 6
;
, ,
, , 6
;
, ,
,
22
74 (1392) 21 2012
, .
, 4.4
;

,
() .
,
,
() , ()
( ) 1.3 () 10.3
,
;
,
() ,
, ,
,
.
4.3. 6 ,
, ,
, , . 6

.
4.4. 6 ,

.
(
),
( ).
( ), I
254 () 283,
6 .
1 ,
2.3 2.6 , 6
, ,
,
,
283
.
6

() 6 .
4.5. 6 :
,
, ,
8846 ;
,
() ,
, ,
, ,
.
4.6. 6 ,
64
( ) .

105 106 (
, 1994, 32, . 3301).

, ( )
, (
), , ,
,
21 2012 74 (1392)
23
( ).
, 4
.
6 , :
,
4 ;
,
;
, ( )
,
.
6
()
( )
, ,
,
.
4.7. ,
,
6
() 2.3.12.3.4 2.3
8807, 8847 8852. ,
, ().
,
,
, V 2.3.5 2.3, 9
2 8 3 , 6
100 .
,
, 8846,
6 100 .
6
,
( ,
, ), () (),
() , () ,
, () , ,
, ,
2.6 .
4.8. 6
,
4.6
215.
4.9. 6
, .
4.10. 6 47408
,
,
( ),
,
, ,
() ,

()
.
4.11. 6 ,
.
4.12. 6
25 .
24
74 (1392) 21 2012
5. (7)
5.1. (7) (
)

() . (7)
:
i
7 =
100% < 800%,
i i
(
) 254
283, ,
2.3 ( 8998).
i ,
4 .
5.2. 65
( ) ,
,
() .
5.3. 7
800 .
6. , ,
() (9.1)
6.1. , ,
() (9.1), ()
()
, ,
() () .
, ,
() (9.1), :
i
9.1 =
100% < 50%,
Kpai i ,
,
(), 5
( ) ,

254 283,
,
2.3 ( 8926). i
() , 4
. ,
() , 9.1 .
6.2. 9.1
50 .
7. (10.1)
7.1. (10.1) (
) ,
,
.
7.2. 10.1
() .
(10.1) :
i
10.1 =
100% < 3%,
21 2012 74 (1392)
25
Kpi i ,
,
, ,

254 283,
,
2.3 . Ki
, 4 , 8925.
, ,
10.1 .
7.3. 10.1
3 .
8. ()
() (12)
8.1. ()
() (12) ()
()
, () ,
() . ()
() (12)
:
i
12 =
100% < 25%,
i i ()
. i
8919, 8963, 8920, 8982.
8.2. 12 () ,
,
, ,
() 2.2.6 2.2 215,
, 5
( () ),
() .
8.3. 12
25 .
9.
9.1.
.

.
9.2.
, ,
0409135

0409118 ,
2332.
1.3
(), , ,
0409135 0409118
.
9.3. ()
, ,
()
0409135
0409118 ,
0409101
0409134 ().
26
74 (1392) 21 2012

16 2003
242
, 27 2004
5489, 22 2004 6222, 20 2009 13547 (
4 2004 7, 31 2004 74, 1 2009 21).
,

().
()

() , ,
() ,
.
9.4. (),
,
(), ()
, 0409135

0409118 ,
, .
9.5. ,
, (
).
10.
,
10.1.
:
, 0409101
, 0409134 (
), 0409135
0409118 ,
2332;
, (
) 73 10 2002 86
( );
, ()
, ,
() () 0409101
, 0409134
(), 0409135
0409118
;

, 12 2 ,
;

, 10 3 ,
.
10.2. () :
, ,
;
, ( ),

;
10
.
10.3. , ,
1.3
, (
27
21 2012 74 (1392)
() )
( )
() 1.3 ,
(), 1
.
0409637
, ,

,
, ,
,
.
10.4.

30 .
11.
11.1.
(
) , 11.2 ,
,
.

,
() .

10.4 .
11.2. , ,
,
:
;
();

, ;
()
() ,
;
;

()
.
11.3.
.
( )
, 11.2 ,
, , ,

, ,
, .

.
,
,
.
,
, .
12.
12.1.
1 2013 .
28
74 (1392) 21 2012
12.2. :
16 2004 110
, 6
2004 5529 ( 11 2004 11);
13 2004 1489
16 2004 110 ,
27 2004
5997 ( 8 2004 53);
18 2005 1549
16 2004 110 ,
14 2005
6391 ( 13 2005 19);
6 2005 1592
16 2004 110 ,
28 2005 6833
( 10 2005 40);
29 2005 1599
16 2004 110 ,
19 2005
6926 ( 31 2005 46);
20 2006 1672
16 2004 110 ,
25 2006
7740 ( 4 2006 26);
14 2007 1838
16 2004 110 ,
5 2007 9755
( 11 2007 39);
13 2007 1905
16 2004 110 ,
10 2007
10659 ( 17 2007 69);
31 2008 1991
16 2004 110 ,
14 2008
11535 ( 30 2008 19);
18 2008 2030
1 16 2004 110
, 30
2008 11907 ( 9 2008 36);
12 2009 2185
16 2004 110 ,
17 2009
13522 ( 25 2009 20);
6 2009 2195
16 2004 110 ,
23 2009
13572 ( 1 2009 21);
27 2009 2205
16 2004 110 ,
22 2009
13807 ( 29 2009 25);
26 2009 2254
16 2004 110 ,
5 2009
14464 ( 12 2009 47);
3 2009 2324
16 2004 110 ,
16 2009
15612 ( 28 2009 77);
29
21 2012 74 (1392)
8 2010 2513
16 2004 110 ,
30 2010
19076 ( 8 2010 66);
20 2011 2613
16 2004 110 ,
24 2011 20852
( 1 2011 30);
28 2012 2808
16 2004 110 ,
18 2012 24225
( 25 2012 27).

..
30
74 (1392) 21 2012
1

3 2012 139

(
) ,
,
17 1995 147 ,
2 ,
,
( ( ): 445450, 452, 47427, 464469,
471, 47408 ( , 47408
), 47423,
478, 47901, 50107, 50118, (5012150120), 50208, 50218, (5022150220), 50308,
50318, 515).
8801
1 ()
, ,
14 2008 31 2009 , ,

, 3
13 2008 173
( (
): 320, 322, 32401).
8805
1 ()
(
) (), ,
,
(
( ): 455, 457, 458, 47427, 47801),
:

;

( ) ,
;
()
70 ;
( ()
) (
) 3,0.
( () )
( )
;

31
;

254;
50 .
8806
1 ()
(
) ,
8807
1 ()
31
21 2012 74 (1392)
(
) ,
() 31 2011 (
() ( ) ()
1
,

Standard & Poors Fitch Ratings 2
Moodys Investors Service,
),
, 4
30 2004 218 (
, 2005, 1, . 44; 30, . 3121; 2007, 31,
. 4011; 2011, 15, . 2038; 27, . 3880; 29, . 4291; 49, . 7067),

( ( ): 443, 444, 445, 446, 447, 448, 449, 450,
451, 452, 453, 454, 455, 456, 457, 458 ( 45801 45802),
459 ( 45901 45902), 462, 463, 464, 465, 466, 467, 468,
469, 470, 471, 472, 473, 47427, 478 ( 47803).
:
, ,
;
, ,
, ,

, ,
20 2009
1226 ( , 2009, 35,
. 4288; 45, . 5392; 47, . 5682; 52, . 6632; 2010, 4, . 431; 11,
. 1232; 12, . 1396; 17, . 2128; 18, . 2271; 25, . 3201, . 3202,
. 3203; 30, . 4126; 37, . 4675; 42, . 5440, . 5441; 49, . 6549;
50, . 6765; 2011, 14, . 1975, . 1976, . 1977; 15, . 2167; 28,
. 4242; 40, . 5580; 41, . 5782; 50, . 7414; 2012, 1, . 225; 4,
. 509; 6, . 754, . 776; 11, . 1339; 17, . 2107; 19, . 2490; 25,
. 3426; 30, . 4295; 31, . 4410; 38, . 5198; 44, . 6069) (
);
,
()

;
(
) , 8859, 8860.
8808
1 ()
, ,
8808, 1,1.
8809
1 ()

, , 2
.
8810
1 ()

, , 3
.
8811
1 ()
,
313 ( 1 2013
387).
8812
1 ()
,
, ,
8806, 0,7.
32
74 (1392) 21 2012
(
) , ( ,
() ()
1
,

) :
( ,

, ,
, ,
);
,
( ,
);
,
;
;
()
( , ()
,
, 50 ,
()

);

,
, , ,
, (
, :
,
25
1999 39
, (
, 1999, 9, . 1096; 2000, 2, . 143; 2004,
35, . 3607; 2006, 6, . 636; 52, . 5498; 2007, 31, . 4012; 2010, 25,
. 3070; 30, . 4015; 2011, 30, . 4563, . 4596; 50, . 7351; 51,
. 7448) ( ),

,
, ,

,
21 2005 115 (
, 2005, 30, . 3126; 2007, 46, . 5557;
50, . 6245; 2008, 27, . 3126; 2009, 29, . 3582, . 3601; 2010, 27,
. 3436; 2011, 30, . 4594; 49, . 7015; 50, . 7359; 2012, 18, . 2130),
( )
, 100 ) ( ( ): 443, 444, 445,
446, 447, 448, 449, 450, 451, 452, 453, 454, 455, 456, 457, 458 (
45801 45802), 459 ( 45901 45902), 462,
463, 464, 465, 466, 467, 468, 469, 470, 471, 472, 473, 47427, 478).

() :
, ,
;
, ,
;
,
()
8813
1 ()
33
21 2012 74 (1392)
(
) ,
,
8813, 1,5.
8814
1 ()
:
( ,
, ()
H1
,

( ( ): 514, 515, 516, 517, 518, 519;
( ,
, 4,
( ),
() 1
,

8815
1 ()

;
, , ,
, ,
, 12
10
,
, 100 ,

()
( ),
. ( )

;

( ),
( ) (
) .
(
) ;
, ( ),
, ( ) 0,1
() , 5 ;
, () ,
()
, ,
,
Standard &
Poors Fitch Ratings, 2
Moodys Investors Service, ;
,
,
30 2004 214

(
, 2005, 1, . 40; 2006, 30, . 3287; 43,
. 4412; 2008, 30, . 3616; 2009, 29, . 3584; 2010, 25, . 3070; 2011,
49, . 7015, . 7040; 2012, 29, . 3998) (
),
50 , 8833.
34
74 (1392) 21 2012
,
() ,
8815, 1,5.
8816
1 ()
(
) ,
,
13 2007 108
,
()
( ),
3 2007
10598, 25 2009 13432, 25 2012 25728 (
, 2007,
50; 2009, 11; 31 2012 ), ( (
): 456, 45816, 45916, 473, 47408, 47427, 478).

() ,
() ,
,

,
() ()
.
8817
1 ()
(
) , 8817,
1,5.
8818
1 ()
(
) , ,

, ,
,

( ), ( ( ): 451, 456, 45811, 45816, 45911,
45916, 470, 473, 47427, 478).
8819
1 ()

) ( ( ): 50106, 50107, 50108, 50109,
50110, 50118, (5012150120), 50207, 50208, 50209, 50210, 50211, 50218, (50221
50220), 50307, 50308, 50309, 50310, 50311, 50318);
,
(
, ,
4, (
), ()
1
,

Moodys Investors Service), ( ( ): 50108, 50109, 50110,
50118, (5012150120), 50209, 50210, 50211, 50218, (5022150220), 50309, 50310,
50311, 50318);
()
(
) , 2.3.24
2.3 ,
,
( ( ) 47408).
35
21 2012 74 (1392)
(
) , ,
8819, 1,5.
8820
1 ()
()
, ,
50 , ()
5 ,
, 6.2
6.3 254, ,
,

( ( ): 455, 457, 45815, 45817, 45915, 45917, 47427, 478).
8821
1 ()
,
8821, 1,5.
8822
1 ()
, ,
( ( ): 47901, 50606, 50607, 50608,
50618, (5062150620), 50706, 50707, 50708, 50718, (5072150720).
8823
1 ()
, ,
, 8823,
1,5.
8824
1 ()
() ( ,
, ),
20 ,
,
() , () ()
(
() ( ( ): 47408, 50606, 50607, 50608, 50618,
(5062150620), 50706, 50707, 50708, 50718, (5072150720), 60202, 60203,
60204).
8825
1 ()
() ,
8825, 1,5.
8826
1 ()
(
), ,
, 5
( ( ): (604
60601, 60602, 60603).
8827
1 ()
( )
, ,
8827, 1,5.
8828
1 ()
,

, ,
254,
( (
) 61011).
8829
1 ()
, 8829,
1,5.
8830
1 ()
(
) ,
, ,
8863 ( ( ): 455, 457, 45815, 45817, 45915, 45917, 47427, 478).
8831
1 ()
36
74 (1392) 21 2012
,
8831, 1,5.
8832
1 ()
(
) , ,
50 , 6.2
254, ,
, 50 ( ( ):
455, 457, 45815, 45817, 45915, 45917, 47427, 478)
:
,
,
20 (
) ;
()
80
.

80
90 ,
,

,
10
,
Standard & Poors
Fitch Ratings, Moodys Investors Service,

50
, 50
, 50
,
Standard & Poors
Fitch Ratings, Moodys Inves
tors Service, .
10

90 .
8833
1 ()
,
8833, 1,5.
8834
1 ()
( ),
,

,
( )
, ( (
): 60312, 60701, 60705).
8835
1 ()
, 8835,
1,5.
8836
1 ()

( ( ): 471, 60202, 60204).
8837
1 ()
, 8837,
1,5.
8838
1 ()
:
,
,
8846
1 ()
37
21 2012 74 (1392)
, 8846,
:
20 ,
, ,
,
:
5 ,
, ,

1000 .
8847
1 ()
:
) ( ,
, ,
)
, ,
, ;
;
) ,
,
, , ,

30
,
( ( ): 30413, 30416,
30417, 30424, 47404 ( 8909).

3.4 .
8848
3 ()

30 :

;
()
( ( ): 47410, 47431).
8849
3 ()
() 365
366 ,

( ) (
).
3.4 ,
:
)
() ,
( );
) (
) ,
;
) ( )
, :
8850
4 ()
,
,
,

,
;
()
,
( ( ):
30424, 30425, 30602, 47404, 47408).
38
74 (1392) 21 2012
(
) , ,
, 8846
( ( ): 30425).
8851
1 ()
, 8851,
1000 .
8852
1 ()

, ,
,
,
( ( ): 31501, 31502, 31601, 31602, 31702, 31703, 31704, 31802,
31803, 31804, 32901, 42309, 42609, 42701, 42801, 42901, 43001, 43101, 43201,
43301, 43401, 43501, 43601, 43701, 43801, 43901, 44001, 476).

, ,
.
8853
2 ()

, ,
,
, (
( ): 31501, 31502, 31503, 31504, 31601, 31602, 31603, 31604, 31702,
31703, 31704, 31802, 31803, 31804, 32901, 42309, 42310, 42609, 42610, 42701,
42702, 42801, 42802, 42901, 42902, 43001, 43002, 43101, 43102, 43201, 43202,
43301, 43302, 43401, 43402, 43501, 43502, 43601, 43602, 43701, 43702, 43801,
43802, 43901, 43902, 44001, 44002, 476).

, ,
.
8854
3 ()
1
, IV , ,

(
: 1,3 1,5 ( ); 1,1, 1,3
1,5 ( ), :
8855
1 ()

,
Stan
dard & Poors Fitch Ratings 2
Moodys Investors Service, ;
, ,
() .
1,3 (i i)
i=1
8856 8857
:
Ai i ,
;
Pi
,
i ;
Ri i
( );
pri
i ( );
n ,
;
39
21 2012 74 (1392)
8856
1 ()
8857
1 ()
8858
1 ()
qi ( 1,3
), i .

1,1, .
,
,
,
:
1,5 ()
n
1,5 [(i + Ri Pi pri) (qi 1)]

i=1
1,1 1,5 ( )
n
[(i + Ri Pi pri) (1,5qi 1,9)]
i=1
1,3 1,5 ( )
n
1,5 [(i + Ri Pi pri) (qi 2)]

i=1
1,1, 1,3 1,5 ( )

n
[(i + Ri Pi pri) (1,5qi 3,4)]
i=1
1,1 1,3
n
1,1 (i + Ri Pi pri)
i=1
IV ,
, ,

:
1,5 (); 1,1 1,5
n
[(i + Ri) (qi 1)]
i=1
1,3 1,5 ( ); 1,1, 1,3 1,5 ( )
n
[i (qi 1) + PRi (qi 2)]
i=1
1,1 1,3
n
(i + PRi)
i=1
(
) ,
1 2013 ,
25
( ( ): 455, 457, 45815, 45817, 45915, 45917, 47427,
478).

()
, :
8808 35 ;
8956 35 ;
8813, 8821, 8833 45
.
40
74 (1392) 21 2012
,
8858, 1,1 ,
25 35
.
8859
1 ()
,
8858, 1,4 ,
35 45
.
8860
1 ()
,
8858, 1,7 ,
45 60
.
8861
1 ()
,
8858, 2,0 ,
60 .
8862
1 ()
(
) ,
1 2013 ,
20
( ( ): 455, 457, 45815, 45817, 45915, 45917, 47427, 478).
8863
1 ()
,
8863, 1,7 ,
20 25
.
8864
1 ()
,
8863, 2,0 ,
25 .
8865
1 ()
(
) ,
2.6
() IV .
8869
1 ()

() , 8869,
2.6 .
8870
1 ()
(
) , () ,
,
,
964,
,

( ( ): 20311, 20312, 20315, 20316, 320, 321, 322, 323, 443,
444, 445, 446, 447, 448, 449, 450, 451, 452, 453, 454, 456, 462,
463, 464, 465, 466, 467, 468, 469, 470, 471, 472, 473, 47427, 478,
47901, 50106, 50107, 50118, (5012150120), 50207, 50208, 50218, (5022150220),
50307, 50308, 50318, 51401...51407, 51501...51507, 51601...51607, 51701...51707,
51801...51807, 51901...51907).
8871
1 ()
30
,
, ( )

( ) ()
8872
H2 ()
3 ()
41
21 2012 74 (1392)
365 366
,
, (
)
( )
( ( ): 30219, 30415, 30422, 30423, 31207, 31220,
31221, 31222, 31308, 31309, 31408, 31409, 31508, 31509, 31608, 31609, 41006,
41007, 41106, 41107, 41206, 41207, 41306, 41307, 41406, 41407, 41506, 41507,
41606, 41607, 41706, 41707, 41806, 41807, 41906, 41907, 42006, 42007, 42106,
42107, 42206, 42207, 42306, 42307, 42314, 42315, 42506, 42507, 42606, 42607,
42614, 42615, 42706, 42707, 42806, 42807, 42906, 42907, 43006, 43007, 43106,
43107, 43206, 43207, 43306, 43307, 43406, 43407, 43506, 43507, 43606, 43607,
43706, 43707, 43806, 43807, 43906, 43907, 44006, 44007, 52005, 52006, 52105,
52106, 52205, 52206, 52306, 52307).
8873
4 ()
,
( ( ): 47901, 50116, 50118, (5012150120), 50214, 50218,
(5022150220), 50313, 50318).
8900
1 ()
(
) ,
0, 1, ,

( ( ): 30211, 40308, 47427, 47901,
50108, 50109, 50110, 50118, (5012150120), 50209, 50210, 50211, 50218, (50221
50220), 50309, 50310, 50311, 50318, 51601...51607, 51801...51807, 51901...51907).
8901
1 ()

()
, ,
( ( ): 441, 460, 47427,
47802, 47803, 47901, 50104, 50118, (5012150120), 50205, 50218, (5022150220),
50305, 50318, 51201...51207).
8902
1 ()
(
) ,
2, ,

( ( ): 30211, 40308, 47427, 47901, 50108,
50109, 50110, 50118, (5012150120), 50209, 50210, 50211, 50218, (5022150220),
50309, 50310, 50311, 50318, 51601...51607, 51801...51807, 51901...51907).
8903
1 ()

()
, (
( ): 442, 461, 47427, 47802, 47803, 47901, 50105, 50118, (50121
50120), 50206, 50218, (5022150220), 50306, 50318, 51301...51307).
8904
1 ()
5 ,
30 ,
8905
H2 ()
3 ()
,
( ), ,
30
( ( ) 20309, 20310, 20313, 20314, 41003...41007,
41103...41107, 41203...41207, 41303...41307, 41403... 41407, 41503...41507,
41603...41607, 41703...41707, 41803...41807, 41903... 41907, 42003...42007,
42103...42107, 42203...42207, 42303...42307, 42311... 42315, 42503...42507,
42603...42607, 42611...42615, 42703...42707, 42803... 42807, 42903...42907,
43003...43007, 43103...43107, 43203...43207, 43303... 43307, 43403...43407,
43503...43507, 43603...43607, 43703...43707, 43803... 43807, 43903...43907,
44003...44007, 52002...52006, 52102...52106, 52202... 52206, 52303...52307).
42
74 (1392) 21 2012
1 ,
()
( ( ):
31201, 31210, 31213, 31214, 31301, 31302, 31310, 31401, 31402, 31410).
8906
H2 (),
3 ()
5 ,
30 ,
( ,
,
0, 1), , ,

()
( ( ): 31204...31207, 31212, 31217...31221, 31305...31309,
31405...31409, 31505...31509, 31605...31609, 41003...41007, 41103...41107,
41203...41207, 41303...41307, 41403...41407, 41503...41507, 41603...41607,
41703...41707, 41803...41807, 41903...41907, 42003...42007, 42103...42107,
42203...42207, 42503...42507, 42703...42707, 42803...42807, 42903...42907,
43003...43007, 43103...43107, 43203...43207, 43303...43307, 43403...43407,
43503...43507, 43603...43607, 43703...43707, 43803...43807, 43903...43907,
44003...44007).
8907
3 ()
,
, 2 ,
10 ,

, (
8910) ( ( ): 30427, 32001, 32010, 32101,
32110, 32201, 32301).
, ,
2 ,
(
8910) ( ( ): 30427, 32002, 32102, 32202, 32302).

3.4 .
8908
3 ()
:
) ( ,
, ,
) ,
,
, ; ;
) ,
,
, , ,

, (
( ): 30413, 30416, 30417, 30424, 47404).
8909
2 ()
3 ()
(
, ,
0, 1), , ,

()
( ( ): 312, 313, 314, 31503...31509, 31603...31609,
41002...41007, 41102...41107, 41202...41207, 41302...41307, 41402...41407,
41502...41507, 41602...41607, 41702...41707, 41802...41807, 41902...41907,
42002...42007, 42102...42107, 42202...42207, 42502...42507, 42702...42707,
42802...42807, 42902...42907, 43002...43007, 43102...43107, 43202...43207,
43302...43307, 43402...43407, 43502...43507, 43602...43607, 43702...43707,
43802...43807, 43902...43907, 44002...44007).
43
21 2012 74 (1392)
, 0, 1,
,
,
, , ,
,
283, 254
I :
) , ,
, ,
, (
,
,
) 10 ,

( (
): 30427, 32001, 32002, 32010, 32101, 32102, 32110, 32201, 32202, 32301,
32302 () ( ): 32003, 32103, 32203, 32303,
,
).
) ( 10
),

1 ,
,
, ,
,
( ): 32201, 32202, 32301, 32302 () ( ):
32203, 32303,
);
) , ,
,
,
( ( ): 30110, 30114, 30119, 30221).

3.4 .
8910
2 ()
3 ()
,
()
47404 ( ( ) 47405).
8911
2 ()
3 ()
,
,
, ,
, ,
, (
) ( ( ): 30102, 30221, 30224, 319; 30104,
30106 (
), 30125 (
, ), 30417,
30419, 32902, 47408 ( ,
47408
), 47427, 50118, (5012150120), 50218, (50221
50220), 50318).
8912
H1 (A)

() ,

,

8913
H1 (A)

3.4 .
44
74 (1392) 21 2012
,
1 ( 8994) ( ( ):
30411, 30412, 30414, 30420, 30421, 32901, 47403, 47405, 47407, 47422, 60301,
60305, 60307, 60309, 60311, 60313, 60322).
8914
2 ()
, (),
()
,
( ( ) 60320).
8916
2 (),
3 ()
(
) , (,
) ,
0, 1, ,
(,
) ,
(
) ,
,
0, 1, 80 ()
( ( ): 20311, 20312, 20315, 20316,
320, 321, 322, 323, 442, 443, 444, 445, 446, 447, 448, 449, 450,
451, 452, 453, 454, 456, 462, 463, 464, 465, 466, 467, 468, 469,
470, 471, 472, 473, 47427, 478, 47901, 50106, 50107, 50109, 50110, 50118,
(5012150120), 50207, 50208, 50210, 50211, 50218, (5022150220), 50307, 50308,
50310, 50311, 50318, 51401...51407, 51501...51507, 51701...51707, 51801...51807,
51901...51907).
8917
H1 ()
( 8933)
, ,
(, )
, ()
,
( ( ): 30219, 30415, 30422, 30423, 31207,
31220, 31221, 31222, 31308, 31309, 31408, 31409, 31508, 31509, 31608, 31609,
41006, 41007, 41106, 41107, 41206, 41207, 41306, 41307, 41406, 41407, 41506,
41507, 41606, 41607, 41706, 41707, 41806, 41807, 41906, 41907, 42006, 42007,
42106, 42107, 42206, 42207, 42306, 42307, 42314, 42315, 42506, 42507, 42606,
42607, 42614, 42615, 42706, 42707, 42806, 42807, 42906, 42907, 43006, 43007,
43106, 43107, 43206, 43207, 43306, 43307, 43406, 43407, 43506, 43507, 43606,
43607, 43706, 43707, 43806, 43807, 43906, 43907, 44006, 44007, 52005, 52006,
52105, 52106, 52205, 52206, 52306, 52307).
8918
4 ()
, , 8.2
. ()

() ( ( ): 50706, 50707, 50708, 50718, (50721
50720), 60202, 60203, 60204.
8919
12 ( i)
() ,
,

, ,
,
8920
12 ( i)
80 (
) ( ( ): 320, 321, 322, 323, 443,
444, 445, 446, 447, 448, 449, 450, 451, 452, 453, 454, 456, 462,
463, 464, 465, 466, 467, 468, 469, 470, 471, 472, 473, 47427, 478,
47901, 50106, 50107, 50118, (5012150120), 50207, 50208, 50218, (5022150220),
50307, 50308, 50318, 51401...51407, 51501...51507, 51601...51607, 51701...51707,
51801...51807, 51901...51907).
45
21 2012 74 (1392)
,
,
,
, (
( ): 30102, 30221, 31901, 31902, 31903, 32902 (
),
30104, 30106 (
), 30125 (
, ), 30224).

3.4 .
8921
2 ()
3 ()

( ) ,
, 3.6 ( ( ):
40101, 40105, 40106, 40116, 402, 40301, 40302, 404, 405, 406, 407, 408, 41001,
41101, 41201, 41301, 41401, 41501, 41601, 41701, 41801, 41901, 42001, 42101,
42201, 42301, 42309, 42501, 42601, 42609, 42701, 42801, 42901, 43001, 43101,
43201, 43301, 43401, 43501, 43601, 43701, 43801, 43901, 44001).
8922
2 (*)
(
) ,
,
,
,
( ( ): 20311, 20312, 20315, 20316, 320, 321, 322, 323, 443,
444, 445, 446, 447, 448, 449, 450, 451, 452, 453, 454, 456, 462,
463, 464, 465, 466, 467, 468, 469, 470, 471, 472, 473, 47427, 478,
47901, 50118, (5012150120), 50218, (5022150220), 50318, 51401...51407,
51501...51507, 51601...51607, 51701...51707, 51801...51807, 51901...51907).
8923
H1 (A)
,
254, 283, ,
,
, (
) , ,
( 6, 9.1, 10.1), 8948.
8924
H1 (A)
,
,
, ,

254
283, ,
4 .
8925
10.1
( i)
,
,
(),
5 ()
,
283
254,
, 2.3
.
8926
9.1 ( Kpai)
,

( ( ): 40901, 40902).
8927
H2 ()
3 ()
( ,
H12).
46
74 (1392) 21 2012

30 ( ( ):
40901, 40902).

30 ,
,
47410, 47431 ( ( ): 40901, 40902).
8928
3 ()

( )
30 , ,
3.6 ( ( ): 40101,
40105, 40106, 40116, 402, 40301, 40302, 404, 405, 406, 407, 408, 410, 411, 412,
413, 414, 415, 416, 417, 418, 419, 420, 421, 422, 423, 425, 426, 427, 428, 429, 430,
431, 432, 433, 434, 435, 436, 437, 438, 439, 440).
8930
3 (*)
(
) ,
3, ,

( ( ): 30211, 40308, 47427, 47901, 50108,
50109, 50110, 50118, (5012150120), 50209, 50210, 50211, 50218, (5022150220),
50309, 50310, 50311, 50318, 51601...51607, 51801...51807, 51901...51907).
8932
H1 (A)
20 , ,
, ,
, ,
( : 41002...41007, 41102...41107, 41202...41207,
41302...41307, 41402...41407, 41502...41507, 41602...41607, 41702...41707,
41802...41807, 41902...41907, 42002...42007, 42102...42107, 42202...42207,
42302...42307, 42310...42315, 42502...42507, 42602...42607, 42610...42615,
42702...42707, 42802...42807, 42902...42907, 43002...43007, 43102...43107,
43202...43207, 43302...43307, 43402...43407, 43502...43507, 43602...43607,
43702...43707, 43802...43807, 43902...43907, 44002...44007).
8933
H2 ()
3 ()
(),
, ,
,
2.2.6 2 4.6 4
215 .
8934
H1 ()
( ),
( ( ) 604).
8936
H1 (A)

,
,
, ()
( ( ): 31501, 31502, 31601, 31602, 317, 318, 32901, 42309, 42609,
42701, 42801, 42901, 43001, 43101, 43201, 43301, 43401, 43501, 43601, 43701,
43801, 43901, 44001 () ( ): 31503, 31603, 42702, 42802,
42902, 43002, 43102, 43202, 43302, 43402, 43502, 43602, 43702, 43802, 43902,
44002,
).
8937
2 ()
()

30 ,
( , 8910 8950),
, , ()
( , () ,
( ( ): 30110, 30114, 30118, 30119,
8938
3 (, )
47
21 2012 74 (1392)
30
,
,
, ()
( ( ): 315, 316, 317, 318, 32901, 4230942315,
4260942615, 427, 428, 429, 430, 431, 432, 433, 434, 435, 436, 437, 438, 439, 440).
8939
3 ()

( ( ): 47411 47426),
( ( ) 52501), ,
, 3.6
26 1998 39 ,
,
23
1998 1565, 26 1999 1688, 11 2007 10675
( 6 1998 5354, 4
1999 7, 17 2007 69) (
39).
8940
2 ()
3 ()
:
) ( ,
, ,
):
, ,
( ,
, 8846)
;
) , ,
,
, , ,
,
;
) ,
, ,
;
) ()
, :
, ,
(
, ,
8941
H1 (A)
32001...32009, 32010, 32101...32109, 32110, 32201...32209, 32301...32309,

, ( ): 30109, 30111, 30116,
30117, 31301...31310, 31401...31410, 31501...31509, 31601...31609).

,
30 .
,

.
( ,
) (
, )
.

.

, (
). ,
,
,
.
48
74 (1392) 21 2012
,
346.
8942
1 ()
,
2.2.2 2.2.5 2 215:
) ,
() ( ( ) 60323);
) ,
(), ( ( )
52503).
8943
H1 (A)
,
( ( ) 91315),
,
,
( ( ):
42502...42507).
8944
(
) , () ()
( ) ,
(
) , ( (
): 20311, 20312, 20315, 20316, 320, 321, 322, 323, 442, 443, 444,
445, 446, 447, 448, 449, 450, 451, 452, 453, 454, 455, 456, 457,
461, 462, 463, 464, 465, 466, 467, 468, 469, 470, 471, 472, 473,
47408, 47427, 478, 47901, 51201...51207, 51301...51307, 51401...51407,
51501...51507, 51601...51607, 51701...51707, 51801...51807, 51901...51907).
8945
1 ()
(
) , (,
), ()
( ), ( )
,
, () ,
0 1, (
) , 2
( ( ): 20311, 20312, 20315, 20316, 320, 321, 322, 323, 442,
443, 444, 445, 446, 447, 448, 449, 450, 451, 452, 453, 454, 455,
456, 457, 461, 462, 463, 464, 465, 466, 467, 468, 469, 470, 471,
472, 473, 47427, 478, 47901, 50106, 50107, 50109, 50110, 50118, (50121
50120), 50207, 50208, 50210, 50211, 50218, (5022150220), 50307, 50308, 50310,
50311, 50318, 51401...51407, 51501...51507, 51701...51707, 51801...51807,
51901...51907).
8946
1 ()
() 30110 30114,

.
8947
1 ()
()
, , 6, 9.1
H10.1.
8948
H1 (A)
,
254, 283 (
8949
H1 (A)
8846); ;
;
)
( ( ): 30110, 30215, 30233, 30413, 30416, 30418, 30424, 30425,
30602, 322, 47404, 47408).
49
21 2012 74 (1392)

, ,
2 , ,
,
, ,

,
, (
8910) ( ( ): 30110, 30114, 30118, 30119, 30221).

3.4 .
8950
3 ()
(
) ,
,
, , 0, 1 (
( ): 20316, 30114, 30119, 30221, 30233, 30427, 30602, 321, 323,
47408 ( , 47408,
),
47423, 47427, 478, 47901, 50109, 50118, (5012150120), 50210, 50218, (50221
50220), 50310, 50318, 50607, 50618, (5062150620), 50707, 50718, (50721
50720), 51801...51807).
8953
H1 ()
(
) ,
,
, , 0 1,
,
2 ( ( ): 20316, 30114, 30119, 30221, 30233, 30427, 30602,
321, 323, 47408 ( ,
47408,
), 47423, 47427, 478, 47901, 50109, 50118, (5012150120), 50210, 50218,
(5022150220), 50310, 50318, 51801...51807).
8954
H1 (A)
,
()
(, ),
,
( )
( ( ):
52301, 52406).
8955
2 ()
,
,
.
,

, ( , ..),
, ,
.
:
;
()
, 5
( ) , ;
.

IIII .
8956
H1 ()
,
( ), ).
50
74 (1392) 21 2012
,
8956, ,
1,3.
,
IV 2.3.4 2.3
1,5,
1,3 .
8957
H1 ()
(
) , (,
), ()
( ), ()
,
, () ,
0, 1 ( ( ): 20311, 20312, 20315, 20316, 320, 321, 322,
323, 442, 443, 444, 445, 446, 447, 448, 449, 450, 451, 452, 453,
454, 455, 456, 457, 461, 462, 463, 464, 465, 466, 467, 468, 469,
470, 471, 472, 473, 47427, 478, 47901, 50106, 50107, 50109, 50110, 50118,
(5012150120), 50207, 50208, 50210, 50211, 50218, (5022150220), 50307, 50308,
50310, 50311, 50318, 51401...51407, 51501...51507, 51701...51707, 51801...51807,
51901...51907).
8959
H1 ()
()
()
, ,
,
, ,

()
( ( ): 441, 442, 460, 461, 47427, 47802, 47803,
47901, 50104, 50105, 50116, 50118, (5012150120), 50205, 50206, 50214, 50218,
(5022150220), 50305, 50306, 50313, 50318, 51201...51207, 51301...51307).
8960
1 ()
( ),
, (
( ): 202, 20302, 20305).
8962
1 ()
2 ()
3 ()
() () ,
H12, ,

,
254 (
( ): 47408, 47901).
8963
12 ( i)

() ,
90 ( ( ):
30110 ( , 8947), 30221, 30233,
30427, 30602, 32001...32005, 32010, 32201...32205, 47408 (
47408
), 47423, 47427, 478, 47901, 50106, 50118,
(5012150120), 50207, 50218, (5022150220), 50307, 50318, 51401...51403).
8964
H1 (A)
,
(),
8965
3 ()
, V
8860, 8861, 8862, 8864, 8865,
.
(
) .
51
21 2012 74 (1392)
(
) , () ,
()
()
, , ,
,
, ,
, ,
(
) , () ,
,

,
964,
,
( ( ): 20311, 20312, 20315, 20316,
320, 321, 322, 323, 443, 444, 445, 446, 447, 448, 449, 450, 451,
452, 453, 454, 456, 462, 463, 464, 465, 466, 467, 468, 469, 470,
471, 472, 473, 47427, 478, 47901, 50106, 50107, 50118, (5012150120), 50207,
50208, 50218, (5022150220), 50307, 50308, 50318, 51401...51407, 51501...51507,
51601...51607, 51701...51707, 51801...51807, 51901...51907).
8966
H1 ()

()
,

254 283,
I II
254 283,
( 47427), , (
) 3.5
39 ( ).
8967
2 ()
3 ()
,
( ( ) 47423).
8969
1 ()
2 ()
3 ()
30 ,
474 ( 47402, 47408, 47423, 47427),
603 ( 60312, 60314, 60315, 60323, 60337, 60339, 60341, 60343),

.
8970
H1 ()
,
215,
: 604 ( 8936), 607 (
, 8981), 61002, 61008, 61009, 61011,
606,
,
, 60311 ,
60313
.
8971
8971
604 ( 8936), 607 (
8971
H1 ()
, (,
), ,
30 ,
( )
, 30
( ( ): 52301, 52406).
52
74 (1392) 21 2012

,
, 0, 1,
( ),
,
, ()
() ,
()

283 ( ( ): 50104, 50108, 50109, 50116, (5012150120),
50205, 50209, 50210, 50214, (5022150220).

3.4 .
,
1 ,
() ,
.
, , ,
,

( ( ) 91314).
,
, , ,

()
( ( ): 50118, (5012150120), 50218, (5022150220).

,
, ,

() ( ( ): 32201, 32202,
32301, 32302, 32902, 4600147301 () ( ): 32203, 32303,
4600247302,
).
8972
2 ()
3 ()

() ,
,
, ( ( ): 320,
321, 322, 323, 442, 443, 444, 445, 446, 447, 448, 449, 450, 451,
452, 453, 454, 455, 456, 462, 463, 464, 465, 466, 467, 468, 469,
470, 471, 472, 473, 47427, 478, 47901, 50105, 50106, 50107, 50118, (50121
50120), 50206, 50207, 50208, 50218, (5022150220), 50306, 50307, 50308, 50318,
51201...51207, 51301...51307, 51401...51407, 51501...51507, 51601...51607,
51701...51707, 51801...51807, 51901...51907).
8973
1 ()

() ,

,
, , 80
() ( ( ): 320,
321, 322, 323, 442, 443, 444, 445, 446, 447, 448, 449, 450, 451,
452, 453, 454, 455, 456, 457, 461, 462, 463, 464, 465, 466, 467,
468, 469, 470, 471, 472, 473, 47427, 478, 47901, 50118, (5012150120),
8974
1 ()
, 8981), 61002, 61008, 61009, 61011,

606,
,
, 60311 ,
60313
.
53
21 2012 74 (1392)
(
) , (,
) ,
2, ,
(,
) ,
(
) ,
,
2 ( ( ): 20311, 20312, 20315, 20316, 320,
321, 322, 323, 442, 443, 444, 445, 446, 447, 448, 449, 450, 451,
452, 453, 454, 462, 463, 464, 465, 466, 467, 468, 469, 470, 471,
472, 473, 47427, 478, 47901, 50106, 50107, 50109, 50110, 50118, (50121
50120), 50207, 50208, 50210, 50211, 50218, (5022150220), 50307, 50308, 50310,
50311, 50318, 51401...51407, 51501...51507, 51701...51707, 51801...51807,
51901...51907).
8975
1 ()
()
(
, , )
( (
, ,
), ,
, ,
, ,
, , ,
, );
() ,
(, )
, ( )
,
, 80
() ( ( ):
20311, 20312, 20315, 20316, 30114, 30119, 30427, 320, 321, 322, 323, 441,
442, 443, 444, 445, 446, 447, 448, 449, 450, 451, 452, 453, 454, 456,
462, 463, 464, 465, 466, 467, 468, 469, 470, 471, 472, 473, 47427,
478, 47901, 50106, 50107, 50109, 50110, 50118, (5012150120), 50207, 50208,
50210, 50211, 50218, (5022150220), 50307, 50308, 50310, 50311, 50318,
51401...51407, 51501...51507, 51701...51707, 51801...51807, 51901...51907).
8976
1 ()
()
( ,
,
, );
() ,
()
,
, 80 ()
( ( ): 20315, 20316, 30114, 30119, 30427, 320, 321, 322,
323, 441, 442, 443, 444, 445, 446, 447, 448, 449, 450, 451, 452, 453,
454, 456, 462, 463, 464, 465, 466, 467, 468, 469, 470, 471, 472, 473,
47427, 478, 47901, 50106, 50107, 50109, 50110, 50118, (5012150120), 50207,
50208, 50210, 50211, 50218, (5022150220), 50307, 50308, 50310, 50311, 50318,
51401...51407, 51501...51507, 51701...51707, 51801...51807, 51901...51907).
8977
1 ()

365
( ), ,
3.7 ( ( ): 40101,
8978
4 (*)
50218, (5022150220), 50318, 51201...51207, 51301...51307, 51401...51407,

51501...51507, 51601...51607, 51701...51707, 51801...51807, 51901...51907).
54
74 (1392) 21 2012
(
) , ,
, 7, ,

,
( ( ): 20316, 20318, 20320, 30114,
30119, 30211, 30221, 30233, 30602, 321, 323, 32402, 32502, 40308, 40310, 40311,
456, 457, 45816, 45817, 45916, 45917, 473, 47408 ( ,
47408,
), 47423, 47427, 478, 47901, 50108,
50109, 50110, 50118, (5012150120), 50209, 50210, 50211, 50218, (5022150220),
50309, 50310, 50311, 50318, 50607, 50618, (5062150620), 50707, 50718, (50721
50720), 51601...51609, 51701...51709, 51801...51809, 51901...51909).
8980
1 ()
IV :
) 10601 ( ,
() 3.1
215), 30228, 40109;
) , ,

( ( ): 50104...50116, (5012150120), 5020550214, (50221
50220), 5030550313, 5060550608, (5062150620), 5070550708);
) ()
( ( ) 60701).
, ,
IIII V .
8981
1 ()
, ,
8.2 , ( ):
50719, 60206.
8982
H12 (i)
30

, 8989,

,

(
, ,
,
254) ( ( ): 50104...50110, 50116,
(5012150120), 50205...50211, 50214, (5022150220), 50605, 50606, (50621
50620), 50705, 50706, (5072150720).
, ,
, 0, 1,
,

, .
, ,
, ,

( ( ) 91314).
8984
3 ()
(
) , (,
) ,
3, ,
8985
H1 (A)
40105, 40106, 40116, 402, 40301, 40302, 404, 405, 406, 407, 408, 410, 411, 412,
413, 414, 415, 416, 417, 418, 419, 420, 421, 422, 423, 425, 426, 427, 428, 429, 430,
431, 432, 433, 434, 435, 436, 437, 438, 439, 440 ( ),
.
55
21 2012 74 (1392)

, ,
,
, , ,
( ( ): 322, 323, 32902, 460473).
,
,
.
8987
3 ()
30 .

3.4 ,
,
:
) , ( (
): 20311, 20312, 20315, 20316);
) , ( ( ):
31905...31909, 32005...32009, 32105...32109, 32205...32209, 32305...32309,
32902) ( 8921);
) ,
( ( ): 30202, 30204, 30211);
) , ( ( ):
30427, 40308, 44104...44108, 44205...44209, 44305...44309, 44405...44409,
44504...44508, 44604...44608, 44704...44708, 44804...44808, 44904...44908,
45004...45008, 45104...45108, 45204...45208, 45304...45308, 45404...45408, 45410,
45503...45507, 45510, 45602...45606, 45702...45706, 45709, 46003...46007,
46103...46107, 46203...46207, 46303...46307, 46403...46407, 46503...46507,
46603...46607, 46703...46707, 46803...46807, 46903...46907, 47003...47007,
47103...47107, 47203...47207, 47303...47307, 47701, 47801, 47802, 47803,
, 8850).
, 30 ,

(), ,
8989;
) ( ( ): 30602, 474
( 47404 ( , 8848, 8909), 47423 (
, 8969), 47427), 603 ( 60315);
) :
, (
) (
8972) ( ( ): 50105...50110, 5020650211,
50305...50311. , ()
, ,
()

283, ,
;
,
0, 1 ( ( ) 50309);
8989
3 ()
(,
) ,
(
) ,
,
3 ( ( ): 20311, 20312, 20315, 20316, 320, 321,
322, 323, 442, 443, 444, 445, 446, 447, 448, 449, 450, 451, 452,
453, 454, 456, 462, 463, 464, 465, 466, 467, 468, 469, 470, 471,
472, 473, 47427, 478, 47901, 50106, 50107, 50109, 50110, 50118, (50121
50120), 50207, 50208, 50210, 50211, 50218, (5022150220), 50307, 50308, 50310,
50311, 50318, 51401...51407, 51501...51507, 51701...51707, 51801...51807,
51901...51907).
56
74 (1392) 21 2012
1
,
0, 1, , 8976 8977 (
( ) 50310);
,
0, 1 ( ( ) 50311);

( ( ): 50105, 50206, 50306);

( ( ): (5012150120), (5022150220);
, , () , () :

;

, 0, 1;
, 0, 1;
, ,
,
( ( ): 51203...51207, 51303...51307,
51401...51407, 51501...51507, 51603...51607, 51703...51707, 51803...51807,
51901...51907);
( ( ): 50605, 50606,
(5062150620), 50705, 50706, (5072150720) (
,
,
,
), :
,
()
,
() , ()
;
) ,
,
, ,
(
8972
) ( ( ): 322, 323 (
8910), 45410, 45510, 45709, 460...473);
)
10
, 30
( ( ): 32001 (
8908 8910), 32101 ( 8908
8910), 44201, 44301, 44401, 44501, 44601, 44701, 44801, 44901, 45001, 45101, 45201,
45301, 45401, 45509, 45608, 45708, 47001, 47101, 47201, 47301);
) (
10 ),

( ( ): 46001, 46101, 46201, 46301, 46401,
46501, 46601, 46701, 46801, 46901);
) , ,
, ,
,
( 8972),
, ,
, , (
,
,
8910),
30

( ( ) 91314);
57
21 2012 74 (1392)
,
( ( ): 20309, 20310,
20313, 20314).
8990
2 ()
3 ()
30
:
) ( ( ):
20309, 20310, 20313, 20314);
) ,
30 ( ( ):
31204...31207, 31217...31222, 31301, 31305...31309, 31401, 31405...31409,
31505...31509, 31605...31609);
) , ,
( ( ): 52002...52006, 52102...52106,
52202...52206, 52303...52307),
( ( ) 52501 (
, 8940);
) ( ,
8940), ( ( ) 47411, 47426),
, 3.6
39;
) ( ( ) 60806);
) , ( ( ):
41003...41007, 41103...41107, 41203...41207, 41303...41307, 41403...41407,
41503...41507, 41603...41607, 41703...41707, 41803...41807, 41903...41907,
8991
3 ()
) ()
,

254 283,
I II
254 283,
( 47427), ,
() 3.5
39 (
) ( 8967);
) ,
, 30
( 30 ),
(
30 ), 30
( ),

, ()
( ( ) 47901);
) ,
, , ,
,
(
8972) ( ( ): 50118, (5012150120), 50218, (5022150220),
50318, 50618, 50718, (5062150620), (5072150720);

,
, ,
(
8972) ( ( ): 322, 323, 32902,
460473);
) ,
,
30 , ()
,
( 8972).
58
74 (1392) 21 2012
,
5 283.
8992
H1 (A)
() , ( ( ) 91315).
()
30
() (
) , ()
,
() (
() ).
8993
3 ()
, 30 ( (
): 30411, 30412, 30414, 30420, 30421, 32901, 47403, 47405, 47407,
47422, 60301, 60305, 60307, 60309, 60311, 60313, 60322 ( ,
,
60322).
8994
2 ()
3 ()
,
8976 8977, , 0, 1,
() ,
,
()
283, (
() ),
, 0, 1, ,
, () , ()
,
0, 1, 8972 8989 (
( ): 50109, 50110, (5012150120), 50210, 50211, (5022150220),
51601, 51602, 51701, 51702, 51801, 51802).
8995
3 ()
,
365 366 , ,
,
, , 365
366 ( ( ): 30427, 31908, 31909, 32008, 32009,
32108, 32109, 32208, 32209, 32308, 32309, 32401, 32402, 44107, 44108, 44208,
44209, 44308, 44309, 44408, 44409, 44507, 44508, 44607, 44608, 44707, 44708,
44807, 44808, 44907, 44908, 45007, 45008, 45107, 45108, 45207, 45208, 45307,
45308, 45407, 45408, 45410, 45506, 45507, 45510, 45605, 45606, 45705, 45706,
45709, 458 ( ,
365 366 ), 46006, 46007, 46106, 46107, 46206,
46207, 46306, 46307, 46406, 46407, 46506, 46507, 46606, 46607, 46706, 46707,
46806, 46807, 46906, 46907, 47006, 47007, 47106, 47107, 47206, 47207, 47306,
47307, 47402, 47701, 47801, 47802, 47803,
, 8913, 8923, 8945 ( ,
), 8966, 8973, 8974),
( ( ) 30215),
( ) ( ( ): 30418,
30419, 30425).
:
( ( ): 51206...51209, 51306...51309,
51406...51409, 51506...51509, 51606...51609, 51706...51709, 51806...51809,
51906...51909);
8996
4 ()
42003...42007, 42103...42107, 42203...42207, 42303...42307, 42311...42315,

42503...42507, 42603... 42607, 42611...42615, 42703...42707, 42803...42807,
42903...42907, 43003...43007, 43103...43107, 43203...43207, 43303...43307,
43403...43407, 43503...43507, 43603...43607, 43703...43707, 43803...43807,
43903...43907, 44003...44007) ( , 8933).
59
21 2012 74 (1392)
365
366 :
) ( ( ): 20309,
20310, 20313, 20314);
) ,
,
;
) ,
.
8997
4 ()
,
, ,
2.3 .
8998
7 ( i)

30 , ()

( 8906) ( (
): 312, 313, 314).
8999
3 ()
, (
)
( ), 365
366 ( ( ): 47408, 47423);
,
,
, 365 366 (
( ): 32208, 32209, 32308, 32309, 46006, 46007, 46106, 46107, 46206,
46207, 46306, 46307, 46406, 46407, 46506, 46507, 46606, 46607, 46706, 46707,
46806, 46807, 46906, 46907, 47006, 47007, 47106, 47107, 47206, 47207, 47306,
47307);
365
366 ( ( ): 20311, 20312, 20315, 20316,
20317, 20318).
,
( ( ) 47901).

254 283.
() ,
, 6, 9.1 10.1
, () .
1, 2, 3 ( )
, ();
1, 2, 3, 4 ( )
, , .
1. (),
, 6.
1.1. , ,
6, ():
1 = 1 0,25 1 , (1 0,25 1) > 0. (1 0,25 1) < 0, 1
,
0,25 6 25% () ;
1 () ,
215
, , (
) , ,
,
, ,
254 283.
60
74 (1392) 21 2012
, ,
6, () ( 2 A3).
1.2. (
), , 6, ():
= 1 + 2 + A3
2. (),
, 9.1.
= (1 + 2 + 3 0,5 1) > 0,
0,5 9.1 50% () .
(1 + 2 + 3 0,5 1) < 0, .
3. (),
, 6 9.1.
* = m {, }.
4. ,
, 6.
4.1. ,
, 6 ( 1, 2, 3, 4), ,
1.1 ().
4.2. ,
, 6, :
= 1 + 2 + 3 + 4
5. ,
, H10.1.
= 1 + 2 + 3 + 4 0,03 1, ,
(1 + 2 + 3 + 4 0,03 1) > 0,
0,03 H10.1 3% () .
(1 + 2 + 3 + 4 0,03 1) < 0, .
6. ,
, 6 H10.1.
* = max {, }.
7. () ,
, 6, 9.1 10.1.
8948 () : = * + *.
61
21 2012 74 (1392)
2

3 2012 139

1.

, :

;

.

.

2
(
)

,
3
283,
,
9

,
.
2.

:

1,0;

0,5;

0,2;

0.
3.
, ,
47,
47 ,

( 4,
5, 6,
7 )

.
4.
:
,
()

, ()
() ,

()
()

, ,

() (
)
;
()

;
().
(
), ;

;
;
,

;

( )
,
( );

.
5.
:

;

, ,
,
;

,
;
,
,
, 365
366 ;

,
62

.
,

,
;

,

,
()

,
,
,
365 366 ;

.
6.
:

()

, ;

,
,
, ;

(

);

;

,

,
()

,
,
,
365 366 ;
,
,
, 365
366 ,
.
7.
:

(),

;

;

,
74 (1392) 21 2012

,
()

, ,

,
.
8.
(
)

,

.

.
9.

2.3 .
,
,
.
(
2.3 )

,
,
,
(),
(
), .

,
2.3

.
1

(
,
),
2.3.12.3.4 2.3
, 1,3.
10.
()

1 ( 2.1 ).
11. ,

( 8944),

:
)
(
),
;
63
21 2012 74 (1392)
) ,
,

, ,
,
.
,
,

,
( ,
0409135

)

:

,
(
);
,

;

;

(
);

( , )
(),
()

0409135

.
12.

,
:

____________ .
2
1.
2. ()

3. ()
4.
5.
6.
7.
8.
1.
2.

3.
4. ,

()
5.
1.
2. ,

()
3. K

4.
2.3
5
6
64
1
2
1.
2.
3. ,

( )
4.
(K):
74 (1392) 21 2012
65
21 2012 74 (1392)
3

3 2012 139

1.
:
, ,
385, ( )
( );
, ,
4 2011 372
,
22 2011 21445 ( 4 2011 43),
, () (
).
2.
:
( ),
;
(
(
) );
3. ( ) :
3.1.
, 5 , .
,
.
3.2.
.
, .
3.3.
,
.
, .
3.4. ,
,
() .
:
: ) ()
, ,
.
; )
() ; ) (
) , ,
;
;
,
7.7
,
28 2010 1078/,
25 2011 20295, 9 2011 22527, 1 2012
24428 ( , 2011, 18;
14 2011 , 6 2012 ).
,

, ,
.
66
74 (1392) 21 2012
, ()
, .
,
.
4. ,
, ,
( 52601). ,
, ( ) .
,
,
, ,
, .
5.
, () ,
, .
,
.
,
() , (),
() .
6. ( )
.
7. ,
,
, :

1
1 5
5

0,02
0,03
0,04
0,01
0,05
0,075
0,005
0,005
0,015

0,06
0,08
0,1
0,07
0,07
0,08

0,1
0,12
0,15
( () )
( (
) ).
.
, ,
, .
7.1. ,
, :
= 0,4 + 0,6 ,
,
;
,
( 7 );
,
, (),
, , ():
= .
, .
8. , ,
( 3 (4) 7 ).
8.1. , ,
, :
+ (1 H fx),
() , 2.6.2
2.6 2.6.5 2.6
;
67
21 2012 74 (1392)
H , ,
2.6.1 2.6 ;
Hfx 8 ,
.
9. , ,
2.3 .
, , .
( 2.3 )
, ,
, , ,
, ,
(), (), .
1
( ,
), 2.3.12.3.4 2.3 ,
1,3. ,
IV 2.3.4 2.3
1,5, 1,3 .
, ,
2.3.12.3.3 2.3
() 1
,
Moodys Investors Service, ,
1,5.
, , ,
, 8846,
0,05.
10. , 8.1 ,
, ,
, 2.6.2 2.6 ,
1,5 .
, , ,
( ,
), 1,3 1.
11. () 1
( 2.1 ).
12. ,
:

____________ .
1

,

,

(K)
2.3
68
74 (1392) 21 2012
4

3 2012 139

,
,

(),
:
1.

(, ) ( ),
(
)
,
(
), ,
, :

;

,
;

(
)
, , ,

( )

,
;

,
( ),
( );

,
,

(
, ,
),
.
2.
,
( )
,
( )
(
) ( )
:

(
)

,

;

()
,
,
.
3.
,

( )

,

( ), ()
, (
):
()

,

,
,
;

, , ,

,
,

.

, :

;

,

.
69
21 2012 74 (1392)
5

3 2012 139

1.

:
1.1.

,
,
;
,
,
, ;
(
)
,
.
1.2.

,

;
,
,

( ),
;

,
;
,

, ,
;

,
;

,
.
1.3.

,
;
,
(),
,
.
70
74 (1392) 21 2012
6

3 2012 139

(6) ,

1 ,
2.3 2.6 ,
6
,

, ,
,
,
.
1.
, ,
6 :
1
2.3 :
,
, ,
,
6
,

385, ,
4.4 ;
,
,
(
,
,
), 6
,
385.
,

,
,
6 ,
4.4
,
;
1
2.6 :
,
, ,
,
6
,
2.6.1 2.6
, 4.4
;
,
,
(
,
,
)
6 ,

385. ,

,
, 6
,
4.4
,
.
2.
, ,
6 :
1
2.3 :
,
, ,
,
6
;
,
,
6 ,

,

,
254;
1
2.6 :
,
, ,
,
6 ,
2.6.1
2.6 ;
,
,
6

,

,
254.
71
21 2012 74 (1392)
7

3 2012 139

1. ASX 100 ()
2. S&P/Toronto Stock Exchange 60 Index ()
3. Shenzhen Stock Exchange Component Stock Index ()
4. 40 ()
5. DAX 30 ()
6. NIKKEI 225 ()
7. KOSPI 100 ( )
8. FTSE 100 ()
9. Dow Jones Industrial Average ()
74 (1392)
21 2012
:
..
..
:
.. , .. , .. , .. ,
.. , .. , .. , ..
c ..

107016, , . , 12
: http://www.cbr.ru
. 771-43-73, 623-83-77, e-mail: mvg@cbr.ru
,
. 77-47238
, 1994 .
:
119021, , -, 4
. 974-76-64, 637-45-60, www.1prime.ru, e-mail: sales01@1prime.ru

125080, , ., 46/1
, 2012

139 И PDF

Загружено:

Сведения о документе

Оригинальное название

Авторское право

Доступные форматы

Поделиться этим документом

Поделиться или встроить документ

Параметры публикации

Этот документ был вам полезен?

Это неприемлемый материал?

Авторское право:

Доступные форматы

139 И PDF

Загружено:

Авторское право:

Доступные форматы

1

, , 30202 30204 ............. 0

Moodys Investors Service, ,

2 = 100% > 15%,

3 = 100% > 50%,

4 = 100% < 120%,

*(i, j) = min {(i, j) , z}, z = 0,1% (1/18 i);

6 = 100% < 25%,

Moodys Investors Service,

1,5 [(i + Ri Pi pri) (qi 1)]

[(i + Ri Pi pri) (1,5qi 1,9)]

1,5 [(i + Ri Pi pri) (qi 2)]

1,1, 1,3 1,5 ( )

[(i + Ri Pi pri) (1,5qi 3,4)]

[(i + Ri) (qi 1)]

[i (qi 1) + PRi (qi 2)]

32001...32009, 32010, 32101...32109, 32110, 32201...32209, 32301...32309,

, 8981), 61002, 61008, 61009, 61011,

50218, (5022150220), 50318, 51201...51207, 51301...51307, 51401...51407,

42003...42007, 42103...42107, 42203...42207, 42303...42307, 42311...42315,

Вам также может понравиться

139 И PDF

Загружено:

Сведения о документе

Оригинальное название

Авторское право

Доступные форматы

Поделиться этим документом

Поделиться или встроить документ

Параметры публикации

Этот документ был вам полезен?

Это неприемлемый материал?

Авторское право:

Доступные форматы

139 И PDF

Загружено:

Авторское право:

Доступные форматы

1

, , 30202 30204 ............. 0

Moodys Investors Service, , 

2 = 100% > 15%,

3 = 100% > 50%,

4 = 100% < 120%,

*(i, j) = min {(i, j) , z}, z = 0,1% (1/18 i);

6 = 100% < 25%,

Moodys Investors Service, 

1,5 [(i + Ri Pi pri) (qi 1)]

[(i + Ri Pi pri) (1,5qi 1,9)]

1,5 [(i + Ri Pi pri) (qi 2)]

1,1, 1,3 1,5 ( )

[(i + Ri Pi pri) (1,5qi 3,4)]

[(i + Ri) (qi 1)]

[i (qi 1) + PRi (qi 2)]

32001...32009, 32010, 32101...32109, 32110, 32201...32209, 32301...32309, 

, 8981), 61002, 61008, 61009, 61011,

50218, (5022150220), 50318, 51201...51207, 51301...51307, 51401...51407,

42003...42007, 42103...42107, 42203...42207, 42303...42307, 42311...42315,

Вам также может понравиться

Moodys Investors Service, ,

Moodys Investors Service,

32001...32009, 32010, 32101...32109, 32110, 32201...32209, 32301...32309,