два года фсфр: успехии провалы
два года фсфр: успехии провалы
два года фсфр: успехии провалы
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90 é·apple‡ÚÌ˚È ËÒıÓ‰ 92<br />
í‡ÏÓÊÌfl. çÓ‚‡fl ËÌˈˇÚË‚‡ Ú‡ÏÓÊÂÌÌ˚ı ÒÎÛÊ· ‡ÏÌËÒÚËappleÛÂÚ ·Óθ¯Û˛ ˜‡ÒÚ¸ ËÌÓχappleÓÍ,<br />
‚‚ÂÁÂÌÌ˚ı ÍÓÌÚapple‡·‡Ì‰ÓÈ. ᇠÓÒڇθÌ˚ ÌÂ΄‡Î¸Ì˚ ‡‚ÚÓ, Í‡Í Ô·ÌËappleÛÂÚÒfl, apple‡ÒÔ·ÚflÚÒfl<br />
ÔÓÒΉÌË ÔÓÍÛÔ‡ÚÂÎË.<br />
î‰Âapple‡Î¸Ì‡fl Ú‡ÏÓÊÂÌ̇fl ÒÎÛÊ·‡ ̇ÏÂappleÂ̇ ÒÓÍapple‡ÚËÚ¸ ÒÔËÒÓÍ ‡‚ÚÓÏÓ·ËÎÂÈ, apple‡Á˚ÒÍË‚‡-<br />
ÂÏ˚ı Á‡ ÌÂÛÔ·ÚÛ Ú‡ÏÓÊÂÌÌ˚ı Ô·ÚÂÊÂÈ, ·ÓΠ˜ÂÏ ‚ 8 apple‡Á. ç‡ 1 ÓÍÚfl·applefl 2005 „Ó‰‡ ÓÌ Ì‡-<br />
Ò˜ËÚ˚‚‡Î 8288 ÌÂÁ‡ÍÓÌÌÓ ‚‚ÂÁÂÌÌ˚ı ‡‚ÚÓÏÓ·ËÎÂÈ, ÔappleË ˝ÚÓÏ ÚÓθÍÓ ÔÓ ‚‚ÓÁÛ 1039 ËÁ ÌËı<br />
·˚ÎË Á‡‚‰ÂÌ˚ Û„ÓÎÓ‚Ì˚ ‰Â·. íÂÔÂapple¸ Ú‡ÏÓÊÂÌÌËÍË Ô·ÌËappleÛÂÚ ËÒÍβ˜ËÚ¸ ËÁ ÒÔËÒ͇ ‚ÒÂ<br />
ÓÒڇθÌ˚ ‡‚ÚÓ, Ë ÓÍÓÎÓ 7 Ú˚Ò. ‡‚Úӂ·‰ÂθˆÂ‚ ÒÏÓ„ÛÚ ÒÔÓÍÓÈÌÓ ÂÁ‰ËÚ¸ ̇ Ò‚ÓËı χ¯Ë-<br />
̇ı. èÓÒΠÒÓÍapple‡˘ÂÌËfl ˜ËÒ· apple‡Á˚ÒÍË‚‡Â-<br />
Ï˚ı ‡‚ÚÓÏÓ·ËÎÂÈ Ôapple‰ÒÚ‡‚ËÚÂÎË îíë<br />
̇ÏÂappleÂÌ˚ ‚Á˚Ò͇ڸ ÌÂÛÔ·˜ÂÌÌ˚ ڇÏÓ-<br />
ÊÂÌÌ˚ ҷÓapple˚ Ò ÚÂı, ˜¸Ë χ¯ËÌ˚ ‚Ò ¢Â<br />
·Û‰ÛÚ ˜ËÒÎËÚ¸Òfl ‚ ·‡Á ‰‡ÌÌ˚ı. ë ÌËı ·Û-<br />
‰ÛÚ ‚Á˚Ò͇Ì˚ Ô·ÚÂÊË ‚ÏÂÒÚÂ Ò ÔÂÌflÏË<br />
Ë ¯Úapple‡Ù‡ÏË. Ç ÚÓÏ ÒÎÛ˜‡Â, ÂÒÎË Ì‡ÈÚË<br />
„apple‡Ê‰‡Ì, ÔÂapple‚ÓÁË‚¯Ëı ˝ÚË ‡‚ÚÓÏÓ·ËÎË<br />
˜ÂappleÂÁ „apple‡ÌˈÛ, Ì ۉ‡ÒÚÒfl, Óڂ˜‡Ú¸ Á‡<br />
ÌËı ÔappleˉÂÚÒfl ÔÓÍÛÔ‡ÚÂβ ÌÂapple‡ÒÚ‡ÏÓÊÂÌ-<br />
ÌÓÈ Ï‡¯ËÌ˚. ä‡Í Ò˜ËÚ‡ÂÚ appleÛÍÓ‚Ó‰ÒÚ‚Ó Ú‡-<br />
ÏÓÊÂÌÌÓÈ ÒÎÛÊ·˚, ÔappleËÓ·appleÂÚ‡fl ÌÓ‚˚Â<br />
ÔappleÂÒÚËÊÌ˚ ËÌÓχappleÍË ÔÓ ˆÂÌ ÌËÊ apple˚-<br />
ÌÓ˜ÌÓÈ, ÔÓÍÛÔ‡ÚÂÎË ÒÍÓapple ‚ÒÂ„Ó Á̇ÎË<br />
ËÒÚËÌÌÛ˛ Ôapple˘ËÌÛ Á‡ÌËÊÂÌËfl ˆÂÌ˚.<br />
ÇÔappleÓ˜ÂÏ, ̉ӷappleÓÒÓ‚ÂÒÚÌÓÒÚ¸ ÔÓÍÛÔ‡ÚÂ-<br />
Îfl Ú‡ÏÓÊÂÌÌËÍ‡Ï ÔappleˉÂÚÒfl ‰Ó͇Á˚‚‡Ú¸<br />
‚ ÒÛ‰Â.<br />
èappleÓ‰ÓÎʇÂÚÒfl ·Óapple¸·‡ îíë Ë Ò Î„‡ÎËÁ‡-<br />
ˆËÂÈ ËÏÔÓappleÚ‡. ÇÒΉ Á‡ ÒÓÚÓ‚˚ÏË ÚÂÎÂ-<br />
ÙÓ̇ÏË Ë ·˚ÚÓ‚ÓÈ ÚÂıÌËÍÓÈ Ì‡Òڇ·<br />
Ó˜Âapple‰¸ Ë Á‡Ô˜‡ÒÚÂÈ ‰Îfl ËÌÓχappleÓÍ. í‡ÏÓ-<br />
ÊÂÌÌËÍË ÒÓ‚ÏÂÒÚÌÓ Ò ÓÙˈˇθÌ˚ÏË ËÏ-<br />
ÔÓappleÚÂapple‡ÏË ‡‚ÚÓÏÓ·ËÎÂÈ Ì‡ÏÂappleÂÌ˚ ÔappleÓ-<br />
‚ÂÒÚË applefl‰ ÏÂappleÓÔappleËflÚËÈ ‰Îfl ÔappleÂÒ˜ÂÌËfl<br />
ËÏÔÓappleÚ‡ Á‡Ô˜‡ÒÚÂÈ, ‚‚ÓÁËÏ˚ı ÔÓ Á‡ÌË-<br />
ÊÂÌÌÓÈ ÒÚÓËÏÓÒÚË. ùÚÓÚ apple˚ÌÓÍ ÒÓÒÚ‡‚ÎflÂÚ<br />
ÓÍÓÎÓ $2,5 ÏÎapple‰, Ôapple˘ÂÏ Ì‡ ‰Óβ ÓÙˈË-<br />
‡Î¸Ì˚ı ËÏÔÓappleÚÂappleÓ‚ Ë ÔappleÓËÁ‚Ó‰ËÚÂÎÂÈ<br />
ÔappleËıÓ‰ËÚÒfl ÚÓθÍÓ 28%, ÓÒڇθÌÓ – «ÒÂapple˚È»<br />
Ë «˜ÂappleÌ˚È» ËÏÔÓappleÚ. ë„ӉÌfl ÒÚÓË-<br />
ÏÓÒÚ¸ Á‡Ô˜‡ÒÚÂÈ Û ÓÙˈˇθÌ˚ı ‰ËÎÂappleÓ‚<br />
ÌÂapple‰ÍÓ ‚ ÌÂÒÍÓθÍÓ apple‡Á Ôapple‚˚¯‡ÂÚ Òapple‰-<br />
ÌÂapple˚ÌÓ˜ÌÛ˛. ëÓÍapple‡˘ÂÌË ‰ÓÎË ÌÂ΄‡Î¸-<br />
Ì˚ı Á‡Ô˜‡ÒÚÂÈ Ì‡ apple˚ÌÍ ۂÂ΢ËÚ ÒÔappleÓÒ Ì‡<br />
«·ÂÎ˚» Á‡Ô˜‡ÒÚË Ë ˆÂÌ˚ Û ÓÙˈˇθÌ˚ı<br />
‰ËÎÂappleÓ‚, Û‰‡appleË‚ ÔÓ ÔÓÚapple·ËÚÂβ. èÓÍÛÔ‡-<br />
ÚÂÎflÏ Ì ÓÒÚ‡ÌÂÚÒfl ÌË˜Â„Ó ËÌÓ„Ó, Í‡Í ÔÓ-<br />
ÍÛÔ‡Ú¸ ΄‡Î¸Ì˚Â, ÌÓ ‰ÓappleÓ„Ë Á‡Ô˜‡ÒÚË<br />
‰Îfl Ò‚ÓÂ„Ó ‡‚ÚÓ.<br />
«Финанс.» 20–26 марта 2006 № 11 (148)<br />
ëÔÓappleÚ ‰Îfl ‰Â·<br />
äìÑÄ ÇäãÄÑõÇÄíú ÑÖçúÉà?<br />
ã˛·ËÚÂθ èappleÓÙÂÒÒËÓ̇Î<br />
àêàçÄ óìÅÄêéÇÄ,<br />
„ÂÌÂapple‡Î¸Ì˚È ‰ËappleÂÍÚÓapple<br />
ÍÓÏÔ‡ÌËË «àÌÍapple‰-ËÌ-<br />
‚ÂÒÚ»:<br />
– ë„ӉÌfl ̇˷ÓΠ‚˚-<br />
„Ó‰Ì˚Ï ‚ÎÓÊÂÌËÂÏ<br />
Òapple‰ÒÚ‚ fl‚ÎflÂÚÒfl ̉‚Ë-<br />
ÊËÏÓÒÚ¸. èÓ ÓˆÂÌÍ‡Ï ˝ÍÒÔÂappleÚÓ‚, ‰ÓıÓ‰-<br />
ÌÓÒÚ¸ ‰‡ÌÌÓ„Ó apple˚Ì͇ ÓÊˉ‡ÂÚÒfl ‚ ˆÂÎÓÏ Ì‡<br />
ÛappleÓ‚Ì ÔappleÓ¯ÎÓ„Ó „Ó‰‡ – Ò‚˚¯Â 15–20% „Ó-<br />
‰Ó‚˚ı. íÂÍÛ˘ËÈ „Ó‰ ÓÁ̇ÏÂÌÛÂÚÒfl appleÓÒÚÓÏ<br />
ˆÂÌ Ë ‰ÂÙˈËÚÓÏ Ôapple‰ÎÓÊÂÌËÈ. ÑÎfl ˜‡ÒÚ-<br />
Ì˚ı ËÌ‚ÂÒÚÓappleÓ‚ ̇˷ÓΠÔappleË‚ÎÂ͇ÚÂθÌ˚-<br />
ÏË ÓÒÚ‡ÌÛÚÒfl ‚ÎÓÊÂÌËfl ‚ Ó·˙ÂÍÚ˚ ̉‚ËÊË-<br />
ÏÓÒÚË åÓÒÍ‚˚ Ë åÓÒÍÓ‚ÒÍÓÈ Ó·Î‡ÒÚË. lj¸<br />
ÏÂ̸¯Â ˜ÂÏ Á‡ ‰‚‡ ÏÂÒflˆ‡ – flÌ‚‡apple¸ Ë Ì‡˜‡-<br />
ÎÓ Ù‚apple‡Îfl 2006 „Ó‰‡ – Í‚‡‰apple‡ÚÌ˚È ÏÂÚapple<br />
„ÓÚÓ‚Ó„Ó ÊËθfl ‚ Òapple‰ÌÂÏ ÔÓ‰ÓappleÓʇΠ̇<br />
5,5%. ÑÂ̸„Ë, ËÌ‚ÂÒÚËappleÓ‚‡ÌÌ˚ ̇ ÒÚ‡‰ËË<br />
ÒÚappleÓËÚÂθÒÚ‚‡, ÔappleËÌÂÒÛÚ ·Óθ¯Û˛ ÔappleË·˚θ.<br />
èappleË ˝ÚÓÏ ÌÛÊÌÓ Ó·flÁ‡ÚÂθÌÓ Ó·apple‡˘‡Ú¸<br />
‚ÌËχÌË ̇ ÒappleÓÍË Ò‰‡˜Ë Ó·˙ÂÍÚÓ‚ Ë appleÂÔÛ-<br />
Ú‡ˆË˛ ÍÓÏÔ‡ÌËË-Á‡ÒÚappleÓÈ˘Ë͇, Ë̇˜Â ‚˚<br />
appleËÒÍÛÂÚ Ì ÚÓθÍÓ ÌË˜Â„Ó Ì Á‡apple‡·ÓÚ‡Ú¸, ÌÓ<br />
Ë ‚Ò ÔÓÚÂappleflÚ¸. ÇÓÁapple‡ÒÚ‡˛˘ÂÈ ÔÓÔÛÎflappleÌÓ-<br />
ÒÚ¸˛ ÔÓθÁÛ˛ÚÒfl ÁÂÏÂθÌ˚ ۘ‡ÒÚÍË ‚ ÒÚappleÓfl˘ËıÒfl<br />
ÍÓÚÚ‰ÊÌ˚ı ÔÓÒÂÎ͇ı, ÓÒÓ·ÂÌÌÓ<br />
‚ ‚ÓÒÚapple·ӂ‡ÌÌ˚ı Ë ÔappleÂÒÚËÊÌ˚ı ̇Ôapple‡‚ÎÂ-<br />
ÌËflı åÓÒÍÓ‚ÒÍÓÈ Ó·Î‡ÒÚË. ãË͂ˉÌÓÒÚ¸ Ú‡-<br />
ÍËı Û˜‡ÒÚÍÓ‚ ‚˚ÒÓ͇, ‡ ÒÚÓËÏÓÒÚ¸ Ó·˙ÂÍÚ‡<br />
ÔÓ ÏÂapple ÔappleÓ‰‚ËÊÂÌËfl ÒÚappleÓËÚÂθÒÚ‚‡ ÔÓÒÚÓflÌÌÓ<br />
‚ÓÁapple‡ÒÚ‡ÂÚ. é˜Â‚ˉÌ˚ ÔappleÂËÏÛ˘ÂÒÚ‚‡<br />
ËÏÂ˛Ú Û˜‡ÒÚÍË ·ÂÁ ÔÓ‰applefl‰‡ ̇ ÒÚappleÓËÚÂθÒÚ-<br />
‚Ó. äÛÔË‚, ‡ ˜ÂappleÂÁ ÌÂÍÓÚÓappleÓ ‚appleÂÏfl apple‡ÎË-<br />
ÁÓ‚‡‚ Ú‡ÍÓÈ Û˜‡ÒÚÓÍ, ÔÓÍÛÔ‡ÚÂθ ·ÂÁ ‰ÓÔÓÎ-<br />
ÌËÚÂθÌ˚ı ÛÒËÎËÈ Ë ‚ÎÓÊÂÌËÈ ÔÓÎÛ˜‡ÂÚ<br />
Ó˘ÛÚËÏÛ˛ ÔappleË·˚θ.<br />
ÄãàëÄ<br />
îêÖâçÑãàï,<br />
‡ÍÚappleËÒ‡:<br />
– ÑÂ̸„Ë ‚˚„Ó‰ÌÓ ‚Í·-<br />
‰˚‚‡Ú¸ ‚ Ò·fl – Ú‡ÍË ËÌ-<br />
‚ÂÒÚˈËË ‚Ò„‰‡ ‚ÂappleÌÛÚ-<br />
Òfl Ò ÔappleË·˚θ˛, ÂÒÎË ÌÂ<br />
χÚÂappleˇθÌÓÈ, ÚÓ ÏÓapple‡Î¸ÌÓÈ.<br />
85<br />
íÂÍÒÚ: å‡appleËfl äÌflÁ‚‡, ÙÓÚÓ: AP
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