a,';rt
/
+ Hnv
a) ilrzc,3rx [) l{rrc a) flton 13 tc,rt d) trrze
Puc.23.8. 3aeHcHrrocrs gHepferHqe-
cKH.\ (a) u 3KoHoMHqecKHX (6) ttora-
3are;-r€r"r f3C or orrterxlt FIfIV
PHc.23.9. 3aertcuvocrn 3Heprernqe-
crnx (a) H sKoHovHqecKHX (6) nor<a-
3are.refi 3aMeHqeNrbrx BaDHaHToB or
orMerKH Hny f3C
illbIX BapllallroB. CoeMecrHoe paccllorpeHHe o6elrx rpyrl[i xpHBbrx
iloKa3blBaeT, qro HaqHIJafl c HeKoTopofo npeAeJra noBbr[IeHl1fl or-
MerKrr Hny npHpocr 3HeprerHqecKoro a$$exra f 3C cHrrlxaercfl,
a KanHTaJroBJro)KeHHf H H3AepX(KH fHApOy3na BO3paCTatoT [rHTeH-
cHBrree, qeivr 3aLleHrreMofo BapHaHTa. ovennguo, B sToti 30He cHtr-
xaercfl 3KoHoNHqecKaq aQQexrlrBHocrb rroBbr[reHHfl orrueTKfi Hny.
Taxnv o6pasoivt, 3aAaqa Bbl6opa onrnp{aJrbHorl orilterKtr Hny cBo-
EHTCI K BbifB;leHlltO ee npeAerrlbHOfO 3HaqeHHfl, nOBbI[IeHIIe CBepX
KOTOpOft 3KOHOMHqeCKH r{eUe.teCOO6p aSHO.
floca eAoB are,'I bH ocrb p a c qer a no on p eAe,,'r eH r{rc onr H Nr a JIbHor-'r noA-
ftop Hor'r oT]leTHil :
I ) B FIar{eqeH}rc}r rtrana30He rr3}{erreHr.rr orr'reroK BepxHero 6se-
Qa :a;rarorcff HecKorlbr*nv{Lr BapuaHTaMH orMerox HllV;
2) Afiff KaxAoro BapHaHra onpeAexflrorcff ocHoBlrbre 3HeprerH-
qecKlie noKa3areiTII fipoeKrHpyeuoft f3C (ycranoureHHaff rvroulHocrb
H cpeAHeMHOroJrerrrflrr Bbrpa6orxa) n HX rtpHpaurerrHfl nptr noBbr.
tueHHr-r orMerKH Hny. Ec,rn f3C npoeKrHpyercff B KacKaAe, ro
SHepreTHqecKHe noKa3aTeJrH onpeAe"rrflroTcfl c yqeToM BJIHflHHf. npo.
eKrHpyeMoro rlrApoy3Jla Ha ApyrHe fAC KacKaAa. Ens KoMrrJreKc-
HblX rHApoy3r'IOB BOtrH03HepreTH(leCKHe paCt{eTbI BbIrlo.r'IHRIOTCfi'C yqe-
ToM Tpe6oBaHfifi BCex KoMnoHeI{ToB KoMrrJIeKca. flpyrue; cBs3aHHbre
c Hny napaMerpbr (yMO, /Vf!t) B 3rHX pacqerax .rrH6o opHeHrH-
poBot{Ho 3ararorcfl, nrr6o nu6uparoTCfl B pe3yJrbrare rexHHKo-3Ko-
HOMHqeCKOTO COnOCTaB,'IeitHH BapHaHTOB;
3) Arfl Kax(Aoro BapHaHra Hny onpeAeJrflForcfl 3KoHoMr(qecKue
[oKa3aTenH fHApoy3JIa - KanHTanoBJro]KeHHrr H rr3Aep]KXH H HX npH-
pau{eHHfl npH fioc.ileAoBareirbHoNr noBbrrueHHr{ Hny. B 3THX no-
Ka3arer,qx yqHTbrBarcTcfl TaKX(e r3MbHeHHfl KanHTaJtoBJIolKeHHft H
H3AeplKer( no ApyrHM f3c. KacKaAa, no JrHHHflrvr 3,'1€KTpOflepeAarrlr
H NOACTAHI{HflM. fIPNT NPOEKTHPoBaHHH KoMTIJIeKCHblx rH.qpoy3JloB
yqHTblBarcTcfl TaK)fie 3aTpaTbr no oTpacJreBbrlr H conyTcTByrou{HM
coopyx{errHflM;
4) coorBerc'r'BeHrro KaxiAoMy BapHarrry Hny onpeAeJrfftorcfl arrep-
leTllqecKHe H 3KOHOMHqeCKHe nOI{a3areJlH 3aMetrreNtbtx HflH AonoJI-
HnloulHX BaprrarrroB. Anfl KoIln.i'reKCHbrx rHApoy3JIoB onpe4eJrrercfl
446
p Hnt
,,TTC cyt'rMa 3arpaT rro saMeHflroruHM BapHaHTaM [,iln KaX(AO|O KOMTTO-
rier{Ta.
Bce 3KoHoMHqecKHe noKa3areJrn KaK tto Baprrar{TaM rHApoy3Jia,
TaK rr IIo 3aMeHfleMbr]r (unn Aono.rrFrfroultrM) eapnaHTaur onpeAe-
JIflrOrCfl c yqeroM Qaxropa BpeMerrH. llp" 3roil{ cJreAyer orMerHrb,qro no cpor(aM crpoHTeJrbcrBa H BBOAa MOTTHOCTefi Mofyr pa3rTH-qarbcfl r.lelKAy cooofi He roJrbKo BapHaHrb,r f3c H 3aMeHfleNlbre,
rro r{ BaplSxr?r f HApoy3Jra npH pa3rrbrx Hlly. Tar, no Mepe no-
Bbniler{Hrr Hny Bo3pacraror Bbrcora r{ A,'utHa ttoAfiopr{brx coopyxie-
nrrfi, qro Mox(er norpe6oBaTb yBeJTHqeHHfl o6u{ero cpoKa crpoHTeab-
crBa FHApoy3.,la; cBr3at-rHoe c noBL'rureHneM HllV yBexH(rehr[re ycra-
HoeneHi+oit ivlott{Hocrrt f3C Moxier npHBecrH K yAJrHHeHHro cpoKoB
eeicBoeHrrrr; fBe",'rHqeHHe o6teua BoAoxpaHHJ'rHUra (npn noBbrrIIeHur.r
FIny) IIox(er 6otru cBflsaHo co srraqrire.rrbHbry .vr,TrrHeFrurervr cpoKa
ero nepB_ofiaqa.tbHoro FIanoJi-reHrrri ri :alepxxoir npoenruoii aHepro-
orraqlt f3C; B orAeJlbublx Bapr{ar{rax Mox(er or,'rurqarbcrr Bo Bpe-
rileFrrr B.''rLrffHHe [rpoeKTHpyeMOfO BOAOXpaHHfltrua Ha 3HepfoorAa.{y
Apyrri.\ f 3C KacKaAa H r. A.i
5) eu6op orlruMa"rtbHoro 3HaqerJHfl orilrerKrr Hny. npog3BoArrrcr
no oJirorry Hs npHBe^teriHbrx e $ 23.1 ltpnrepliee:
a) no MHr{t{My}ry qeaesoir e1'urqnlr,' npe.dcrae,'rflrou{e.ft co6oft
cyr{}r apHbte npr{Beret{Frbre 3arparbr no 3riepfocrrcrer\.re,
3r.+min.
3arparlr no 3rreprocHcreMe
fAe 3.y; - 3aTparbl IIo rHApOy3,ly i; 3xacri - 3aTpaTbr rro
f3C KacKaAal 31on,-cyMMa sarpar no conyrcrByrorr{HM
rrrlf Ir rr r{epoflplrflTtrfi}1; 3qon; - 3arpaTbr no AorroJ.tilflroll{[1M
e_nlu:ci - uryi -T-
B oOu{eN{ c.,'Iyqae 61'lyr
3ru""i*X3*";*3ro,,;, (23.l8)
,{,pyf HM
cooPyx{e-
3neKrpo-
BapHafrry nH/]po-
(23. l e)
cTarrqlrflI{ CHCTe${bI, BKJIIOqaq 3aTpaTbt r{a TonnHBo;
6) no paBeHcrBy AonoJrHHTeJrbFrbrx 3arpar rro
y3.rra rr 3aMeHflelrnrit BapHaHT
AS.yi(i+r) \ A3ear,iri+r),
rAe A3earri(d*rl - nPHPau{eHHe npHBeAerrHbrX 3aTpaT. npH nepexoAe
or BapHaH'ra i K BapHaHry if l;
B) no paBeHcrBy QaxrnuecKoro cpoKa oKyffaeMocrr.r npHpau{errgrr
AOIIOJIHllreJfbHbtx KanHTaJloaroxeHlrrt Lt ero HopMaTlIBHoro 3HaqeHHfl
r;(i+r): : _ (23.20)'' (Hr,n(r+r) - Es^r) - (E"y(d+r)- Err,r) 
- -H'
llpu r{cflo",rb3oBaHHH ;rro6oro H3 KpHTepr{eB, yKa3aHHbrx Bnn. (a>-(B)>, pe3yJrbraTbr, pa3yMeeTCfl, AOJ',IXrrbr 6urru oAFrH H
Te xe. oxonqarerrurrrrrl nsr6op nolnopuofi orMeTIiH Ao,.rx(en 6srrr
ocyuecrBneH c' yqeToitl Bce.\ 3[rep rertlqecKHX sa XrOpoe. B orAeJrb-
Itbl.\ cJIyqaflx, llanprtMep npll treo6xoAtnvtocTH coxpaHefrr{fl Bbrurepac-
447