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21 2012 74 (1392)



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21 2012 74 (1392)

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: 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 
,

Standard & Poors Fitch Ratings 2 
Moodys Investors Service,
) :
( ,

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

Standard & Poors Fitch Ratings 2
Moodys Investors Service, 
( ( ): 514, 515, 516, 517, 518, 519;
( ,
, 4,
( ),
() 1 
,

Standard & Poors Fitch Ratings 2 

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).

() , 
() ,
,

Standard & Poors Fitch Ratings 2 
Moodys Investors Service, 
, 
() ()
.

8817

1 ()

(
) , 8817,
1,5.

8818

1 ()

(
) , ,

, ,
, 

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

8819

1 ()

Moodys Investors Service, 


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

Standard & Poors Fitch Ratings 2
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. 


, :


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2 
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74 (1392) 21 2012


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2.3 .
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, 1,3.
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( 8944), 

:
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63

21 2012 74 (1392)

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(K):

74 (1392) 21 2012

65

21 2012 74 (1392)

3

3 2012 139



1.
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385, ( ) 
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4 2011 372 
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22 2011 21445 ( 4 2011 43), 
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28 2010 1078/, 
25 2011 20295, 9 2011 22527, 1 2012
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66

74 (1392) 21 2012

, () 
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4. , 
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( 52601). , 
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0,02
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8. , , 
( 3 (4) 7 ).
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2.6 2.6.5 2.6
;

67

21 2012 74 (1392)

H , , 
2.6.1 2.6 ;
Hfx 8 ,
.
9. , ,
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1,3. , 
IV 2.3.4 2.3 
1,5, 1,3 .
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2.3.12.3.3 2.3
() 1 
, 
Standard & Poors Fitch Ratings 2 
Moodys Investors Service, , 
1,5.
, , , 
, 8846,
0,05.
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68

74 (1392) 21 2012

4

3 2012 139


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69

21 2012 74 (1392)

5

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74 (1392) 21 2012

6

3 2012 139


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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