Ƚɨɫɭɞɚɪɫɬɜɟɧɧɨɟ ɭɩɪɚɜɥɟɧɢɟ ɜ ɫɮɟɪɟ ɫɩɨɪɬɚ ɍɱɟɛɧɢɤ ɞɥɹ ɦɚɝɢɫɬɪɨɜ
ɜɵɫɬɭɩɚɸɬ ɜ ɤɚɱɟɫɬɜɟ ɚɜɬɨɦɚɬɢɱɟɫɤɢɯ ɫɬɚɛɢɥɢɡɚɬɨɪɨɜ ɫɩɨɪɬɢɜɧɵɯ ɪɢɫɤɨɜ
ɜɨɡɧɢɤɚɸɳɢɯ ɜ ɞɟɹɬɟɥɶɧɨɫɬɢ ɩɪɨɮɟɫɫɢɨɧɚɥɶɧɵɯ ɫɩɨɪɬɢɜɧɵɯ ɤɥɭɛɨɜ Ʉɪɨɦɟɬɨɝɨɬɚɤɚɹɩɨɞɞɟɪɠɤɚɩɪɨɮɟɫɫɢɨɧɚɥɶɧɨɝɨɫɩɨɪɬɚɹɜɥɹɟɬɫɹ
ɫɥɢɲɤɨɦ ɪɚɡɦɵɬɨɣ ɢ ɧɟɨɪɝɚɧɢɡɨɜɚɧɧɨɣ ȼ ɝɨɞɭ ɪɚɫɯɨɞɵ ɜ ɫɮɟɪɟ ɫɩɨɪɬɚ ɫɨɫɬɚɜɢɥɢ ɜɨ Ɏɪɚɧɰɢɢ ɩɨɱɬɢ ɦɥɪɞ ɟɜɪɨ ɢɡ ɤɨɬɨɪɵɯ ɛɵɥɨ ɩɪɟɞɨɫɬɚɜɥɟɧɨ ɦɟɫɬɧɵɦɢ ɨɪɝɚɧɚɦɢ ɩɭɛɥɢɱɧɨɣ ɜɥɚɫɬɢ ± ɝɨɫɭɞɚɪɫɬɜɟɧɧɵɦɢ ɨɪɝɚɧɚɦɢ ɛɨɥɟɟ ɜɵɫɨɤɨɝɨ ɭɪɨɜɧɹ ɧɚɫɟɥɟɧɢɟɦ ± ɨɫɬɚɥɶɧɨɟ±ɩɪɟɞɩɪɢɹɬɢɹɦɢɱɚɫɬɧɨɝɨɛɢɡɧɟɫɚɉɪɢɷɬɨɦɦɟɫɬɧɵɟɨɪɝɚɧɵ ɩɭɛɥɢɱɧɨɣ ɜɥɚɫɬɢ ɹɜɥɹɸɬɫɹ ɫɨɛɫɬɜɟɧɧɢɤɚɦɢ ɜ ɫɨɜɨɤɭɩɧɨɫɬɢ ɛɨɥɟɟ ɱɟɦɫɩɨɪɬɢɜɧɵɯ ɫɨɨɪɭɠɟɧɢɣ ȼɥɚɫɬɢ ɪɟɝɢɨɧɨɜ ɜ ɫɜɨɟɣ ɞɟɹɬɟɥɶɧɨɫɬɢ ɜ ɫɮɟɪɟ ɫɩɨɪɬɚ ɞɟɥɚɸɬ ɚɤɰɟɧɬ ɧɚ ɩɨɞɞɟɪɠɤɟ ɫɩɨɪɬɚ ɜɵɫɲɢɯ ɞɨɫɬɢɠɟɧɢɣ ɚ ɞɟɩɚɪɬɚɦɟɧɬɵ ± ɧɚ ɦɚɫɫɨɜɨɦ ɫɩɨɪɬɟ ɂɫɫɥɟɞɨɜɚɧɢɟ ɬɚɤɨɣ ɞɟɹɬɟɥɶɧɨɫɬɢ ɦɟɫɬɧɵɯ ɨɪɝɚɧɨɜ ɩɭɛɥɢɱɧɨɣ ɜɥɚɫɬɢ ɜ ɨɬɧɨɲɟɧɢɢ ɩɪɨɮɟɫɫɢɨɧɚɥɶɧɨɝɨ ɫɩɨɪɬɚ ɩɨɤɚɡɚɥɨ ɱɬɨ ɩɪɟɞɨɫɬɚɜɥɹɟɦɚɹ ɢɦɢ ɩɨɞɞɟɪɠɤɚ ɜ ɨɩɪɟɞɟɥɺɧɧɨɣ ɦɟɪɟ ɜɵɯɨɞɢɬ ɡɚ ɪɚɦɤɢ ɫɬɚɧɞɚɪɬɧɨɝɨ ɩɪɟɞɨɫɬɚɜɥɟɧɢɹ ɫɭɛɫɢɞɢɣ ɢ ɩɪɟɞɫɬɚɜɥɹɟɬ ɫɨɛɨɣ ɫɨɜɨɤɭɩɧɨɫɬɶ ɪɚɡɧɵɯ ɜɢɞɨɜ ɦɟɪ ɷɮɮɟɤɬɢɜɧɨɫɬɶ ɤɨɬɨɪɵɯ ɡɚɱɚɫɬɭɸ ɫɭɳɟɫɬɜɟɧɧɨ ɪɚɡɧɢɬɫɹ
Ɍɚɤɚɹ ɩɨɞɞɟɪɠɤɚ ɩɪɟɞɨɫɬɚɜɥɹɟɬɫɹ ɫɪɚɡɭ ɧɚ ɦɧɨɝɢɯ ɭɪɨɜɧɹɯ ɜ ɱɚɫɬɧɨɫɬɢ ɜ ɮɨɪɦɟ ɩɪɟɞɨɫɬɚɜɥɟɧɢɹ ɩɪɹɦɨɣ ɮɢɧɚɧɫɨɜɨɣ ɩɨɦɨɳɢ ɚ ɬɚɤɠɟ ɤɨɫɜɟɧɧɨɣɮɢɧɚɧɫɨɜɨɣɩɨɞɞɟɪɠɤɢɱɬɨɦɨɠɟɬɜɵɪɚɠɚɬɶɫɹɜɨɛɟɫɩɟɱɟɧɢɢ ɩɪɨɮɟɫɫɢɨɧɚɥɶɧɨɝɨ ɫɩɨɪɬɚ ɧɟɨɛɯɨɞɢɦɨɣ ɢɧɮɪɚɫɬɪɭɤɬɭɪɨɣ ɟɺ ɬɟɯɧɢɱɟɫɤɨɦ ɨɛɫɥɭɠɢɜɚɧɢɢ ɢ ɭɥɭɱɲɟɧɢɢ ɚ ɬɚɤɠɟ ɫɬɪɨɢɬɟɥɶɫɬɜɟ
Ⱦɟɣɫɬɜɭɸɳɟɟ ɮɪɚɧɰɭɡɫɤɨɟ ɡɚɤɨɧɨɞɚɬɟɥɶɫɬɜɨ ɨ ɫɩɨɪɬɟ ɩɨɡɜɨɥɹɟɬ ɩɪɟɞɨɫɬɚɜɥɹɬɶ ɫɭɛɜɟɧɰɢɢ ɫɩɨɪɬɢɜɧɵɦ ɤɥɭɛɚɦ ɢ ɨɛɴɟɞɢɧɟɧɢɹɦ ɬɨɥɶɤɨ ɞɥɹ ɜɵɩɨɥɧɟɧɢɹ ɡɚɞɚɱ ɢɥɢ ɨɫɭɳɟɫɬɜɥɟɧɢɹ ɞɟɹɬɟɥɶɧɨɫɬɢ ɤɨɬɨɪɚɹ ɩɪɟɞɫɬɚɜɥɹɟɬ ɨɛɳɟɫɬɜɟɧɧɵɣ ɢɧɬɟɪɟɫ ɚ ɩɪɨɮɟɫɫɢɨɧɚɥɶɧɵɟ ɤɥɭɛɵ ɜɩɪɚɜɟ ɩɨɥɭɱɚɬɶ ɮɢɧɚɧɫɢɪɨɜɚɧɢɟ ɨɬ ɦɟɫɬɧɵɯ ɨɪɝɚɧɨɜ ɩɭɛɥɢɱɧɨɣ ɜɥɚɫɬɢ ɬɨɥɶɤɨ ɥɢɲɶ ɜ ɪɚɦɤɚɯ ɡɚɤɥɸɱɚɟɦɵɯ ɦɟɠɞɭ ɧɢɦɢ ɞɨɝɨɜɨɪɨɜ ɢ ɞɥɹ ɪɟɲɟɧɢɹ ɡɚɤɪɵɬɨɝɨ ɩɟɪɟɱɧɹ ɡɚɞɚɱ ɤ ɤɨɬɨɪɵɦ ɨɬɧɨɫɹɬɫɹ ɧɚɩɪɢɦɟɪ ɩɨɞɝɨɬɨɜɤɚ ɩɪɢ ɨɩɪɟɞɟɥɺɧɧɵɯ ɭɫɥɨɜɢɹɯ ɫɩɨɪɬɫɦɟɧɨɜ ɪɟɚɥɢɡɚɰɢɹ ɦɟɪ ɧɚɩɪɚɜɥɟɧɧɵɯ ɧɚ ɨɛɟɫɩɟɱɟɧɢɟ ɛɟɡɨɩɚɫɧɨɫɬɢ ɢ ɩɪɟɞɨɬɜɪɚɳɟɧɢɟ ɧɚɫɢɥɢɹ ɜ ɫɩɨɪɬɟ
Ʉɪɨɦɟ ɬɨɝɨ ɬɚɤɚɹ ɩɪɟɞɨɫɬɚɜɥɹɟɦɚɹ ɦɟɫɬɧɵɦɢ ɨɪɝɚɧɚɦɢ ɩɭɛɥɢɱɧɨɣ ɜɥɚɫɬɢ ɩɨɞɞɟɪɠɤɚ ɹɜɥɹɟɬɫɹ ɧɟɞɨɨɰɟɧɺɧɧɨɣ ɢɡ ɡɚ ɨɬɫɭɬɫɬɜɢɹ ɭɱɺɬɚ ɪɚɫɯɨɞɨɜɜɷɬɨɣɫɮɟɪɟɜɰɟɥɨɦɚɬɚɤɠɟɟɺɜɨɡɞɟɣɫɬɜɢɟɧɟɨɩɪɟɞɟɥɟɧɨ
Savin M., Mazars S. 6SRUW SURIHVVLRQQHO HW FROOHFWLYLWpV WHUULWRULDOHV O¶KHXUH GHV WUDQVIHUWV" 5DSSRUW 0LVVLRQ FRPPXQH G¶LQIRUPDWLRQ VXU OH VSRUW SURIHVVLRQQHO KWWS ZZZ VHQDW IU QRWLFH UDSSRUW U QRWLFH KWPO! KWWS ZZZ VHQDW IU UDS U U SGI! ± S ± 3
Savin M., Mazars S. 6SRUW SURIHVVLRQQHO HW FROOHFWLYLWpV WHUULWRULDOHV O¶KHXUH GHV WUDQVIHUWV" 5DSSRUW 0LVVLRQ FRPPXQH G¶LQIRUPDWLRQ VXU OH VSRUW SURIHVVLRQQHO KWWS ZZZ VHQDW IU QRWLFH UDSSRUW U QRWLFH KWPO! KWWS ZZZ VHQDW IU UDS U U SGI! ± S ± 3
Ƚɨɫɭɞɚɪɫɬɜɟɧɧɨɟ ɭɩɪɚɜɥɟɧɢɟ ɜ ɫɮɟɪɟ ɫɩɨɪɬɚ ɍɱɟɛɧɢɤ ɞɥɹ ɦɚɝɢɫɬɪɨɜ
ɤɨɧɤɪɟɬɧɨ ɤɚɤ ɢ ɩɨɥɨɠɢɬɟɥɶɧɵɟ ɩɨɫɥɟɞɫɬɜɢɹ ɩɪɟɞɨɫɬɚɜɥɟɧɢɹ ɬɚɤɨɣ ɩɨɞɞɟɪɠɤɢ ɞɥɹ ɫɚɦɢɯ ɨɪɝɚɧɨɜ ɜɥɚɫɬɢ
Ɉɫɧɨɜɧɵɦ ɚɪɝɭɦɟɧɬɨɦ ɜ ɩɨɥɶɡɭ ɮɢɧɚɧɫɢɪɨɜɚɧɢɹ ɩɪɨɮɟɫɫɢɨɧɚɥɶɧɨɝɨ ɫɩɨɪɬɚ ɦɟɫɬɧɵɦɢ ɨɪɝɚɧɚɦɢ ɩɭɛɥɢɱɧɨɣ ɜɥɚɫɬɢ Ɏɪɚɧɰɢɢ ɹɜɥɹɟɬɫɹɭɬɜɟɪɠɞɟɧɢɟɨɬɨɦɱɬɨɩɪɨɮɟɫɫɢɨɧɚɥɶɧɵɣɫɩɨɪɬɫɩɨɫɨɛɫɬɜɭɟɬ ɭɥɭɱɲɟɧɢɸ ɢɦɢɞɠɚ ɦɭɧɢɰɢɩɚɥɶɧɨɝɨ ɨɛɪɚɡɨɜɚɧɢɹ
ɉɨ ɦɧɟɧɢɸ ɚɜɬɨɪɨɜ ɪɚɫɫɦɚɬɪɢɜɚɟɦɨɝɨ Ⱦɨɤɥɚɞɚ ɪɟɮɨɪɦɢɪɨɜɚɧɢɟ ɨɬɧɨɲɟɧɢɣ ɨɪɝɚɧɨɜ ɩɭɛɥɢɱɧɨɣ ɜɥɚɫɬɢ Ɏɪɚɧɰɢɢ ɫ ɫɭɛɴɟɤɬɚɦɢ ɩɪɨɮɟɫɫɢɨɧɚɥɶɧɨɝɨ ɫɩɨɪɬɚ ɞɨɥɠɧɨ ɨɫɧɨɜɵɜɚɬɶɫɹ ɧɚ ɩɪɢɧɰɢɩɚɯ ɷɮɮɟɤɬɢɜɧɨɫɬɢ ɞɟɣɫɬɜɟɧɧɨɫɬɢ ɷɤɨɧɨɦɢɱɧɨɫɬɢ ɢ ɩɪɟɞɜɚɪɢɬɟɥɶɧɨɣ ɨɰɟɧɤɢ ɚ ɜɫɟ ɤɪɭɩɧɵɟ ɢɧɢɰɢɚɬɢɜɵ ɨɪɝɚɧɨɜ ɜɥɚɫɬɢ ɜ ɞɚɧɧɨɣ ɫɮɟɪɟ ɞɨɥɠɧɵ ɩɨɞɥɟɠɚɬɶ ɩɪɟɞɜɚɪɢɬɟɥɶɧɨɦɭ ɨɛɫɭɠɞɟɧɢɸ ɫ ɧɚɫɟɥɟɧɢɟɦ
Ɉɞɧɢɦ ɢɡ ɨɫɧɨɜɧɵɯ ɚɪɝɭɦɟɧɬɨɜ ɜ ɩɨɥɶɡɭ ɢɡɦɟɧɟɧɢɹ ɫɭɳɟɫɬɜɭɸɳɟɣ
ɜɨ Ɏɪɚɧɰɢɢ ɦɨɞɟɥɢ ɮɢɧɚɧɫɢɪɨɜɚɧɢɹ ɩɪɨɮɟɫɫɢɨɧɚɥɶɧɨɝɨ ɫɩɨɪɬɚ ɹɜɥɹɟɬɫɹ ɬɚɤɠɟ ɬɨ ɱɬɨ ɩɟɪɟɞɚɱɚ ɢɫɩɨɥɶɡɭɟɦɨɣ ɫɩɨɪɬɢɜɧɨɣ ɢɧɮɪɚɫɬɪɭɤɬɭɪɵ ɫɩɨɪɬɢɜɧɵɦ ɤɥɭɛɚɦ ɤɨɬɨɪɵɟ ɩɨɥɭɱɚɬ ɜɨɡɦɨɠɧɨɫɬɶ ɨɫɭɳɟɫɬɜɥɹɬɶ ɭɩɪɚɜɥɟɧɢɟ ɬɚɤɨɣ ɢɧɮɪɚɫɬɪɭɤɬɭɪɨɣ ɢ ɟɺ ɷɤɫɩɥɭɚɬɚɰɢɸ ɫɚɦɨɫɬɨɹɬɟɥɶɧɨ ɫɦɨɠɟɬɫɩɨɫɨɛɫɬɜɨɜɚɬɶɪɚɫɲɢɪɟɧɢɸɢɯɷɤɨɧɨɦɢɱɟɫɤɢɯɜɨɡɦɨɠɧɨɫɬɟɣɬɚɤ ɤɚɤ ɤɨɝɞɚ ɜɫɟ ɩɪɚɜɚ ɧɚ ɫɩɨɪɬɢɜɧɵɣ ɨɛɴɟɤɬ ɩɪɢɧɚɞɥɟɠɚɬ ɨɞɧɨɦɭ ɫɭɛɴɟɤɬɭ ɨɩɬɢɦɢɡɚɰɢɹ ɞɟɹɬɟɥɶɧɨɫɬɢ ɫɬɚɧɨɜɢɬɫɹ ɛɨɥɟɟ ɩɪɨɫɬɨɣ ɢ ɩɨɹɜɥɹɟɬɫɹ ɜɨɡɦɨɠɧɨɫɬɶ ɞɢɜɟɪɫɢɮɢɰɢɪɨɜɚɬɶ ɪɚɫɯɨɞɵ ɛɨɥɟɟ ɫɜɨɛɨɞɧɨ ɗɬɨ ɩɨɡɜɨɥɹɟɬ ɫɩɨɪɬɢɜɧɨɦɭ ɤɥɭɛɭ ɫɧɢɠɚɬɶ ɫɜɨɸ ɡɚɜɢɫɢɦɨɫɬɶ ɨɬ ɜɨɥɚɬɢɥɶɧɵɯ ɪɟɫɭɪɫɨɜ ɚ ɬɚɤɠɟ ɭɜɟɥɢɱɢɜɚɬɶ ɫɜɨɢ ɨɫɧɨɜɧɵɟ ɦɚɬɟɪɢɚɥɶɧɵɟ ɚɤɬɢɜɵ
ɋɨɨɬɜɟɬɫɬɜɟɧɧɨ ɩɨ ɦɧɟɧɢɸ ɚɜɬɨɪɨɜ ɪɚɫɫɦɚɬɪɢɜɚɟɦɨɝɨ Ⱦɨɤɥɚɞɚ ɦɟɫɬɧɵɟ ɨɪɝɚɧɵ ɩɭɛɥɢɱɧɨɣ ɜɥɚɫɬɢ ɜ ɫɜɨɟɣ ɞɚɥɶɧɟɣɲɟɣ ɞɟɹɬɟɥɶɧɨɫɬɢ ɜ ɫɮɟɪɟ ɫɩɨɪɬɚ ɞɨɥɠɧɵ ɩɪɢɧɹɬɶ ɢ ɭɱɟɫɬɶ ɜɫɟ ɩɨɫɥɟɞɫɬɜɢɹ ɩɪɨɮɟɫɫɢɨɧɚɥɢɡɚɰɢɢ ɫɮɟɪɵ ɫɩɨɪɬɚ
ȼɨ Ɏɪɚɧɰɢɢ ɜ ɧɚɫɬɨɹɳɟɟ ɜɪɟɦɹ ɦɧɨɝɢɟ ɫɩɨɪɬɢɜɧɵɟ ɤɥɭɛɵ ɢɡɦɟɧɢɥɢ
ɧɚɩɪɚɜɥɟɧɢɹ ɫɜɨɟɣ ɞɟɹɬɟɥɶɧɨɫɬɢ ɚ ɬɚɤɠɟ ɫɟɪɶɺɡɧɨ ɢɡɦɟɧɢɥɢɫɶ ɢɫɬɨɱɧɢɤɢ
Savin M., Mazars S. 6SRUW SURIHVVLRQQHO HW FROOHFWLYLWpV WHUULWRULDOHV O¶KHXUH GHV WUDQVIHUWV" 5DSSRUW 0LVVLRQ FRPPXQH G¶LQIRUPDWLRQ VXU OH VSRUW SURIHVVLRQQHO KWWS ZZZ VHQDW IU QRWLFH UDSSRUW U QRWLFH KWPO! KWWS ZZZ VHQDW IU UDS U U SGI! ± S ± 3 ±
Savin M., Mazars S. 6SRUW SURIHVVLRQQHO HW FROOHFWLYLWpV WHUULWRULDOHV O¶KHXUH GHV WUDQVIHUWV" 5DSSRUW 0LVVLRQ FRPPXQH G¶LQIRUPDWLRQ VXU OH VSRUW SURIHVVLRQQHO KWWS ZZZ VHQDW IU QRWLFH UDSSRUW U QRWLFH KWPO! KWWS ZZZ VHQDW IU UDS U U SGI! ± S ± 3
Savin M., Mazars S. 6SRUW SURIHVVLRQQHO HW FROOHFWLYLWpV WHUULWRULDOHV O¶KHXUH GHV WUDQVIHUWV" 5DSSRUW 0LVVLRQ FRPPXQH G¶LQIRUPDWLRQ VXU OH VSRUW SURIHVVLRQQHO KWWS ZZZ VHQDW IU QRWLFH UDSSRUW U QRWLFH KWPO! KWWS ZZZ VHQDW IU UDS U U SGI! ± S ± 3
Savin M., Mazars S. 6SRUW SURIHVVLRQQHO HW FROOHFWLYLWpV WHUULWRULDOHV O¶KHXUH GHV WUDQVIHUWV" 5DSSRUW 0LVVLRQ FRPPXQH G¶LQIRUPDWLRQ VXU OH VSRUW SURIHVVLRQQHO KWWS ZZZ VHQDW IU QRWLFH UDSSRUW U QRWLFH KWPO! KWWS ZZZ VHQDW IU UDS U U SGI! ± S ± 3
Ƚɨɫɭɞɚɪɫɬɜɟɧɧɨɟ ɭɩɪɚɜɥɟɧɢɟ ɜ ɫɮɟɪɟ ɫɩɨɪɬɚ ɍɱɟɛɧɢɤ ɞɥɹ ɦɚɝɢɫɬɪɨɜ
ɩɨɥɭɱɚɟɦɵɯ ɢɦɢ ɞɨɯɨɞɨɜ Ɍɚɤɢɟ ɤɥɭɛɵ ɜɫɺ ɛɨɥɟɟ ɱɚɫɬɨ ɪɚɫɫɦɚɬɪɢɜɚɸɬ ɩɪɨɮɟɫɫɢɨɧɚɥɶɧɵɣ ɫɩɨɪɬ ɢɦɟɧɧɨ ɤɚɤ ɷɤɨɧɨɦɢɱɟɫɤɭɸ ɞɟɹɬɟɥɶɧɨɫɬɶ ɢ ɢɦɟɸɬ ɫɟɪɶɺɡɧɵɟ ɬɟɧɞɟɧɰɢɢ ɤ ɭɜɟɥɢɱɟɧɢɸ ɭɪɨɜɧɹ ɞɨɯɨɞɨɜ ɩɨɥɭɱɚɟɦɵɯ ɨɬ ɪɟɚɥɢɡɚɰɢɢ ɩɪɚɜ ɧɚ ɬɪɚɧɫɥɹɰɢɸ ɫɩɨɪɬɢɜɧɵɯ ɦɟɪɨɩɪɢɹɬɢɣ ɚ ɬɚɤɠɟ ɤ ɩɨɜɵɲɟɧɢɸ ɭɪɨɜɧɹ ɩɪɟɞɥɚɝɚɟɦɨɣ ɡɚɪɚɛɨɬɧɨɣ ɩɥɚɬɵ ɞɥɹ ɫɩɨɪɬɫɦɟɧɨɜ ɫ ɰɟɥɶɸ ɩɪɢɜɥɟɱɟɧɢɹ ɥɭɱɲɢɯ ɢɝɪɨɤɨɜ ɋɨɨɬɜɟɬɫɬɜɟɧɧɨ ɜ ɬɚɤɨɣ ɫɢɬɭɚɰɢɢ ɫɩɨɪɬɢɜɧɵɟ ɤɥɭɛɵ ɛɟɡɭɫɥɨɜɧɨ ɫɬɪɟɦɹɬɫɹ ɢɦɟɬɶ ɧɨɜɟɣɲɢɟ ɫɩɨɪɬɢɜɧɵɟ ɨɛɴɟɤɬɵ ɤɨɬɨɪɵɟ ɩɨɡɜɨɥɹɬ ɢɦ ɩɨɥɭɱɚɬɶ ɟɳɺ ɛɨɥɟɟ ɜɵɫɨɤɢɟ ɞɨɯɨɞɵ Ɍɚɤɢɦ ɨɛɪɚɡɨɦ ɜɫɺ ɛɨɥɟɟ ɡɚɞɟɣɫɬɜɭɹ ɪɚɡɜɥɟɤɚɬɟɥɶɧɵɣ ɚɫɩɟɤɬ ɫɩɨɪɬɚ ɢ ɢɧɬɟɝɪɢɪɭɹɫɶ ɜ ɪɵɧɨɱɧɵɟ ɨɬɧɨɲɟɧɢɹ ɩɪɨɮɟɫɫɢɨɧɚɥɶɧɵɣ ɫɩɨɪɬ ɛɨɥɟɟ ɧɢɤɚɤ ɧɟ ɦɨɠɟɬ ɫɱɢɬɚɬɶɫɹ ɨɛɵɱɧɨɣ ɫɮɟɪɨɣ ɤɨɦɩɟɬɟɧɰɢɢ ɦɟɫɬɧɵɯ ɨɪɝɚɧɨɜ ɩɭɛɥɢɱɧɨɣ ɜɥɚɫɬɢ
ɉɨɥɨɠɢɬɶ ɤɨɧɟɰ ɬɚɤɨɣ ɫɥɨɠɢɜɲɟɣɫɹ ɭɩɪɟɱɧɨɣ ɫɢɬɭɚɰɢɢ ɩɪɟɞɥɚɝɚɟɬɫɹ ɢ ɩɪɟɞɩɨɥɚɝɚɟɬɫɹ ɩɨɫɪɟɞɫɬɜɨɦ ɫɨɡɞɚɧɢɹ ɢ ɜɧɟɞɪɟɧɢɹ ɧɨɜɨɣ ɦɨɞɟɥɢ ɨɫɧɨɜɚɧɧɨɣ ɧɚ ɩɨɞɥɢɧɧɨɣ ɤɭɥɶɬɭɪɟ ɫɩɨɪɬɚ ɩɪɟɞɩɨɥɚɝɚɸɳɟɣ ɩɟɪɟɫɦɨɬɪ ɦɟɫɬɧɵɦɢ ɨɪɝɚɧɚɦɢ ɩɭɛɥɢɱɧɨɣ ɜɥɚɫɬɢ ɫɜɨɟɣ ɪɨɥɢ ɜ ɩɨɞɞɟɪɠɤɟ ɩɪɨɮɟɫɫɢɨɧɚɥɶɧɨɝɨ ɫɩɨɪɬɚ
Ⱦɚɧɧɚɹ ɧɨɜɚɹ ɦɨɞɟɥɶ ɛɭɞɟɬ ɨɫɧɨɜɵɜɚɬɶɫɹ ɧɚ ɫɥɟɞɭɸɳɢɯ ɤɥɸɱɟɜɵɯ
ɩɪɢɧɰɢɩɚɯ
± ɧɟɨɛɯɨɞɢɦɨɫɬɶ ɪɚɡɜɢɬɢɹ ɤɭɥɶɬɭɪɵ ɫɩɨɪɬɚ ± ɢɫɩɨɥɶɡɨɜɚɧɢɟ ɩɨɬɟɧɰɢɚɥɚ ɩɪɨɮɟɫɫɢɨɧɚɥɶɧɨɝɨ ɫɩɨɪɬɚ ɞɥɹ
ɨɛɟɫɩɟɱɟɧɢɹ ɞɢɧɚɦɢɤɢ ɦɟɫɬɧɨɝɨ ɷɤɨɧɨɦɢɱɟɫɤɨɝɨ ɪɚɡɜɢɬɢɹ ± ɧɟɢɡɛɟɠɧɨɟ ɩɪɟɤɪɚɳɟɧɢɟ ɮɢɧɚɧɫɢɪɨɜɚɧɢɟ ɩɪɨɮɟɫɫɢɨɧɚɥɶɧɨɝɨ
ɫɩɨɪɬɚ ɦɟɫɬɧɵɦɢ ɨɪɝɚɧɚɦɢ ɩɭɛɥɢɱɧɨɣ ɜɥɚɫɬɢ ± ɨɛɟɫɩɟɱɟɧɢɟ ɫɭɳɟɫɬɜɟɧɧɨɝɨ ɜɨɡɪɚɫɬɚɧɢɹ ɭɪɨɜɧɹ ɱɚɫɬɧɨɝɨ
ɢɧɜɟɫɬɢɪɨɜɚɧɢɹ ɜ ɫɮɟɪɭ ɩɪɨɮɟɫɫɢɨɧɚɥɶɧɨɝɨ ɫɩɨɪɬɚ
± ɜɨɡɥɨɠɟɧɢɟ ɧɚ ɩɪɨɮɟɫɫɢɨɧɚɥɶɧɵɣ ɫɩɨɪɬ ɢ ɢɫɩɨɥɧɟɧɢɟ ɢɦ ɜɚɠɧɨɣ ɨɛɹɡɚɧɧɨɫɬɢ ɩɨɢɫɤɚ ɫɩɨɫɨɛɨɜ ɨɫɬɚɜɚɬɶɫɹ ɩɨɩɭɥɹɪɧɵɦ
ɉɪɟɞɩɨɥɚɝɚɟɬɫɹ ɢɫɩɨɥɶɡɨɜɚɬɶ ɩɨɬɟɧɰɢɚɥ ɩɪɨɮɟɫɫɢɨɧɚɥɶɧɵɯ ɫɩɨɪɬɢɜɧɵɯ ɤɥɭɛɨɜ ɩɨɫɤɨɥɶɤɭ ɮɚɤɬ ɛɚɡɢɪɨɜɚɧɢɹ ɬɚɤɨɝɨ ɤɥɭɛɚ ɜ ɫɨɨɬɜɟɬɫɬɜɭɸɳɟɦ ɧɚɫɟɥɺɧɧɨɦ ɩɭɧɤɬɟ ɹɜɥɹɟɬɫɹ ɜɚɠɧɵɦ ɮɚɤɬɨɪɨɦ ɩɪɢɜɥɟɱɟɧɢɹ ɜ ɧɟɝɨ ɢɧɨɫɬɪɚɧɧɵɯ ɢɧɜɟɫɬɨɪɨɜ ɚ ɬɚɤɠɟ ɢɫɬɨɱɧɢɤɨɦ ɞɨɯɨɞɚ
Savin M., Mazars S. 6SRUW SURIHVVLRQQHO HW FROOHFWLYLWpV WHUULWRULDOHV O¶KHXUH GHV WUDQVIHUWV" 5DSSRUW 0LVVLRQ FRPPXQH G¶LQIRUPDWLRQ VXU OH VSRUW SURIHVVLRQQHO KWWS ZZZ VHQDW IU QRWLFH UDSSRUW U QRWLFH KWPO! KWWS ZZZ VHQDW IU UDS U U SGI! ± S ± 3
Savin M., Mazars S. 6SRUW SURIHVVLRQQHO HW FROOHFWLYLWpV WHUULWRULDOHV O¶KHXUH GHV WUDQVIHUWV" 5DSSRUW 0LVVLRQ FRPPXQH G¶LQIRUPDWLRQ VXU OH VSRUW SURIHVVLRQQHO KWWS ZZZ VHQDW IU QRWLFH UDSSRUW U QRWLFH KWPO! KWWS ZZZ VHQDW IU UDS U U SGI! ± S ± 3
Ƚɨɫɭɞɚɪɫɬɜɟɧɧɨɟ ɭɩɪɚɜɥɟɧɢɟ ɜ ɫɮɟɪɟ ɫɩɨɪɬɚ ɍɱɟɛɧɢɤ ɞɥɹ ɦɚɝɢɫɬɪɨɜ
ɞɥɹɧɚɫɟɥɺɧɧɨɝɨɩɭɧɤɬɚɜɫɜɹɡɢɫɩɪɢɜɥɟɱɟɧɢɟɦɜɧɟɝɨɩɨɬɨɤɚɡɪɢɬɟɥɟɣ ɫɩɨɪɬɢɜɧɵɯ ɦɟɪɨɩɪɢɹɬɢɣ
ɉɪɨɛɥɟɦɚ ɫɜɹɡɚɧɧɚɹ ɫ ɧɟɨɛɯɨɞɢɦɨɫɬɶɸ ɛɨɥɟɟ ɱɺɬɤɨɝɨ ɭɩɨɪɹɞɨɱɟɧɢɹ ɝɨɫɭɞɚɪɫɬɜɟɧɧɨɣ ɮɢɧɚɧɫɨɜɨɣ ɩɨɞɞɟɪɠɤɢ ɩɪɨɮɟɫɫɢɨɧɚɥɶɧɨɝɨ ɫɩɨɪɬɚ ɫɟɝɨɞɧɹ ɢɦɟɟɬ ɦɟɫɬɨ ɜ ɰɟɥɨɦ ɪɹɞɟ ɡɚɪɭɛɟɠɧɵɯ ɝɨɫɭɞɚɪɫɬɜ ɫɩɢɫɨɤ ɤɨɬɨɪɵɯ ɞɚɥɟɤɨ ɧɟ ɢɫɱɟɪɩɵɜɚɟɬɫɹ Ɏɪɚɧɰɢɟɣ ɢ ɋɒȺ ɨɩɵɬ ɤɨɬɨɪɵɯ ɛɵɥ ɩɨɤɚɡɚɧ ɜɵɲɟ Ɉɞɧɚɤɨ ɩɭɬɢ ɪɟɲɟɧɢɹ ɬɚɤɨɣ ɩɪɨɛɥɟɦɵ ɩɪɟɞɩɨɥɚɝɚɸɬɫɹ ɪɚɡɥɢɱɧɵɟ ȼ ɬɨ ɜɪɟɦɹ ɤɚɤ ɜ ɋɒȺ ɩɪɟɞɥɚɝɚɟɬɫɹ ɭɠɟɫɬɨɱɟɧɢɟ ɧɚɥɨɝɨɜɨɝɨ ɢ ɢɧɨɝɨ ɡɚɤɨɧɨɞɚɬɟɥɶɫɬɜɚ ɫ ɰɟɥɶɸ ɧɟɞɨɩɭɳɟɧɢɹ ɮɢɧɚɧɫɢɪɨɜɚɧɢɹ ɢɧɮɪɚɫɬɪɭɤɬɭɪɵɩɪɨɮɟɫɫɢɨɧɚɥɶɧɨɝɨɫɩɨɪɬɚɤɚɤɢɦ ɥɢɛɨɨɛɪɚɡɨɦɚɬɚɤɠɟ ɩɪɟɡɸɦɢɪɭɟɬɫɹ ɧɟɰɟɥɟɫɨɨɛɪɚɡɧɨɫɬɶ ɬɚɤɨɝɨ ɮɢɧɚɧɫɢɪɨɜɚɧɢɹ ɜɨ Ɏɪɚɧɰɢɢ ɩɪɟɞɩɨɥɚɝɚɟɬɫɹ ɢɫɩɨɥɶɡɨɜɚɧɢɟ ɷɤɨɧɨɦɢɱɟɫɤɨɝɨ ɩɨɬɟɧɰɢɚɥɚ ɩɪɨɮɟɫɫɢɨɧɚɥɶɧɨɝɨ ɫɩɨɪɬɚ ɜ ɩɭɛɥɢɱɧɵɯ ɜ ɬɨɦ ɱɢɫɥɟ ɫɨɰɢɚɥɶɧɵɯ ɰɟɥɹɯ ɚ ɬɚɤɠɟ ɪɟɚɥɢɡɚɰɢɹ ɫɯɟɦ ɩɨɡɜɨɥɹɸɳɢɯ ɪɚɡɜɢɜɚɬɶ ɢ ɩɪɨɮɟɫɫɢɨɧɚɥɶɧɵɣ ɫɩɨɪɬ ɬɚɤɠɟ
Savin M., Mazars S. 6SRUW SURIHVVLRQQHO HW FROOHFWLYLWpV WHUULWRULDOHV O¶KHXUH GHV WUDQVIHUWV" 5DSSRUW 0LVVLRQ FRPPXQH G¶LQIRUPDWLRQ VXU OH VSRUW SURIHVVLRQQHO KWWS ZZZ VHQDW IU QRWLFH UDSSRUW U QRWLFH KWPO! KWWS ZZZ VHQDW IU UDS U U SGI! ± S ± 3
Ƚɨɫɭɞɚɪɫɬɜɟɧɧɨɟ ɭɩɪɚɜɥɟɧɢɟ ɜ ɫɮɟɪɟ ɫɩɨɪɬɚ ɍɱɟɛɧɢɤ ɞɥɹ ɦɚɝɢɫɬɪɨɜ
ɉɪɚɜɨɜɵɟ ɜɨɡɦɨɠɧɨɫɬɢ ɦɨɬɢɜɵ ɭɫɥɨɜɢɹ ɢ ɩɪɟɞɟɥɵ ɮɢɧɚɧɫɨɜɨɣ ɩɨɞɞɟɪɠɤɢ ɝɨɫɭɞɚɪɫɬɜɨɦ ɩɪɨɮɟɫɫɢɨɧɚɥɶɧɨɝɨ ɫɩɨɪɬɚ
(ɉɨɧɤɢɧ ɂ.ȼ., Ɋɟɞɶɤɢɧɚ Ⱥ.ɂ.)
ȼɨɩɪɨɫ ɨ ɦɟɪɟ ɞɨɥɠɟɧɫɬɜɨɜɚɧɢɹ ɮɢɧɚɧɫɢɪɨɜɚɧɢɹ ɝɨɫɭɞɚɪɫɬɜɨɦ ɩɪɨɮɟɫɫɢɨɧɚɥɶɧɨɝɨ ɫɩɨɪɬɚ ɢ ɩɪɟɞɟɥɨɜ ɬɚɤɨɝɨ ɮɢɧɚɧɫɨɜɨɝɨ ɭɱɚɫɬɢɹ ɝɨɫɭɞɚɪɫɬɜɚ ɹɜɥɹɟɬɫɹ ɨɞɧɢɦ ɢɡ ɫɥɨɠɧɵɯ ɜ ɧɚɭɤɟ ɫɩɨɪɬɢɜɧɨɝɨ ɩɪɚɜɚ
ɋɨɝɥɚɫɧɨ ɱɚɫɬɢ ɫɬɚɬɶɢ Ɏɟɞɟɪɚɥɶɧɨɝɨ ɡɚɤɨɧɚ ɨɬ ʋ ɎɁ ɪɟɞ ɨɬ ©Ɉ ɮɢɡɢɱɟɫɤɨɣ ɤɭɥɶɬɭɪɟ ɢ ɫɩɨɪɬɟ ɜ ɊɨɫɫɢɣɫɤɨɣɎɟɞɟɪɚɰɢɢª ɜɜɟɞɟɧɚɎɟɞɟɪɚɥɶɧɵɦɡɚɤɨɧɨɦɨɬ ʋ ɎɁ ©ɜ ɫɥɭɱɚɟ ɩɪɟɞɨɫɬɚɜɥɟɧɢɹ ɜ ɫɨɨɬɜɟɬɫɬɜɢɢ ɫ ɛɸɞɠɟɬɧɵɦ ɡɚɤɨɧɨɞɚɬɟɥɶɫɬɜɨɦ Ɋɨɫɫɢɣɫɤɨɣ Ɏɟɞɟɪɚɰɢɢ ɩɪɨɮɟɫɫɢɨɧɚɥɶɧɵɦ ɫɩɨɪɬɢɜɧɵɦ ɤɥɭɛɚɦ ɛɸɞɠɟɬɧɵɯ ɚɫɫɢɝɧɨɜɚɧɢɣ ɜ ɮɨɪɦɟ ɫɭɛɫɢɞɢɣ ɬɚɤɢɟ ɫɭɛɫɢɞɢɢ ɧɟ ɦɨɝɭɬ ɪɚɫɯɨɞɨɜɚɬɶɫɹ ɧɚ ɨɩɥɚɬɭ ɭɫɥɭɝ ɫɩɨɪɬɢɜɧɵɯ ɚɝɟɧɬɨɜ ɩɪɟɞɨɫɬɚɜɥɟɧɢɟ ɤɨɦɩɟɧɫɚɰɢɣ ɢɥɢ ɚɧɚɥɨɝɢɱɧɵɯ ɜɵɩɥɚɬ ɜ ɫɜɹɡɢ ɫ ɞɨɫɪɨɱɧɵɦ ɩɪɟɤɪɚɳɟɧɢɟɦ ɬɪɭɞɨɜɵɯ ɞɨɝɨɜɨɪɨɜ ɫ ɩɪɨɮɟɫɫɢɨɧɚɥɶɧɵɦɢ ɫɩɨɪɬɫɦɟɧɚɦɢ ɢ ɬɪɟɧɟɪɚɦɢ ɨɫɭɳɟɫɬɜɥɹɸɳɢɦɢ ɞɟɹɬɟɥɶɧɨɫɬɶ ɜ ɨɛɥɚɫɬɢ ɩɪɨɮɟɫɫɢɨɧɚɥɶɧɨɝɨ ɫɩɨɪɬɚ ɚ ɬɚɤɠɟ ɧɚ ɜɵɩɥɚɬɵ ɞɪɭɝɢɦ ɩɪɨɮɟɫɫɢɨɧɚɥɶɧɵɦ ɫɩɨɪɬɢɜɧɵɦ ɤɥɭɛɚɦ ɫɜɹɡɚɧɧɵɟ ɫ ɩɟɪɟɯɨɞɨɦ ɫɩɨɪɬɫɦɟɧɨɜ ɉɪɢ ɩɪɢɧɹɬɢɢ ɪɟɲɟɧɢɹ ɨ ɩɪɟɞɨɫɬɚɜɥɟɧɢɢ ɩɪɨɮɟɫɫɢɨɧɚɥɶɧɨɦɭ ɫɩɨɪɬɢɜɧɨɦɭ ɤɥɭɛɭ ɛɸɞɠɟɬɧɵɯ ɚɫɫɢɝɧɨɜɚɧɢɣ ɜ ɮɨɪɦɟ ɫɭɛɫɢɞɢɣ ɞɨɥɠɧɵ ɛɵɬɶ ɨɩɪɟɞɟɥɟɧɵ ɭɫɥɨɜɢɹ ɢ ɩɨɪɹɞɨɤ ɢɯ ɪɚɫɯɨɞɨɜɚɧɢɹ ɩɪɨɮɟɫɫɢɨɧɚɥɶɧɵɦ ɫɩɨɪɬɢɜɧɵɦ ɤɥɭɛɨɦ ɧɚ ɰɟɥɢ ɨɩɥɚɬɵ ɬɪɭɞɚ ɫɩɨɪɬɫɦɟɧɨɜ ɬɪɟɧɟɪɨɜ ɢɧɵɯ ɫɩɟɰɢɚɥɢɫɬɨɜ ɨɩɪɟɞɟɥɺɧɧɵɯ ɜ ɫɨɨɬɜɟɬɫɬɜɢɢ ɫ ɩɭɧɤɬɨɦ ɫɬɚɬɶɢ ɫɨ ɫɬɚɬɶɺɣ ɢ ɱɚɫɬɶɸ ɫɬɚɬɶɢ ɧɚɫɬɨɹɳɟɝɨ Ɏɟɞɟɪɚɥɶɧɨɝɨ ɡɚɤɨɧɚª
ɋɭɳɟɫɬɜɟɧɧɵɣ ɢɧɬɟɪɟɫ ɩɪɟɞɫɬɚɜɥɹɟɬ ɬɚɤɠɟ ɡɚɪɭɛɟɠɧɵɣ ɨɩɵɬ ɩɨ ɪɚɫɫɦɚɬɪɢɜɚɟɦɨɦɭ ɤɪɭɝɭ ɜɨɩɪɨɫɨɜ
ȼ ɰɟɥɨɦ ɜ ɡɚɪɭɛɟɠɧɵɯ ɝɨɫɭɞɚɪɫɬɜɚɯ ɪɟɚɥɢɡɭɟɬɫɹ ɧɟɫɤɨɥɶɤɨ ɨɫɧɨɜɧɵɯ ɩɨɞɯɨɞɨɜ ɤ ɮɢɧɚɧɫɢɪɨɜɚɧɢɸ ɩɪɨɮɟɫɫɢɨɧɚɥɶɧɨɝɨ ɫɩɨɪɬɚ ɨɪɝɚɧɚɦɢ ɩɭɛɥɢɱɧɨɣ ɜɥɚɫɬɢ Ɂɚɤɨɧɨɞɚɬɟɥɶɫɬɜɨ ɨ ɫɩɨɪɬɟ ɰɟɥɨɝɨ ɪɹɞɚ ɡɚɪɭɛɟɠɧɵɯ ɝɨɫɭɞɚɪɫɬɜ ɫɨɞɟɪɠɢɬ ɨɬɞɟɥɶɧɵɟ ɩɪɹɦɵɟ ɝɚɪɚɧɬɢɢ ɮɢɧɚɧɫɢɪɨɜɚɧɢɹ ɩɪɨɮɟɫɫɢɨɧɚɥɶɧɨɝɨ ɫɩɨɪɬɚ ȼ ɞɪɭɝɢɯ ɝɨɫɭɞɚɪɫɬɜɚɯ ɬɚɤɢɟ ɝɚɪɚɧɬɢɢ ɡɚɤɪɟɩɥɟɧɵ ɨɩɨɫɪɟɞɨɜɚɧɧɨ ɢ ɤɨɫɜɟɧɧɨ
ɇɢɠɟ ɛɭɞɭɬ ɪɚɫɫɦɨɬɪɟɧɵ ɨɫɧɨɜɧɵɟ ɩɨɞɯɨɞɵ ɤ ɮɢɧɚɧɫɨɜɨɦɭ ɭɱɚɫɬɢɸ ɝɨɫɭɞɚɪɫɬɜɚ ɜ ɩɪɨɮɟɫɫɢɨɧɚɥɶɧɨɣ ɫɩɨɪɬɢɜɧɨɣ ɞɟɹɬɟɥɶɧɨɫɬɢ ɨɩɪɟɞɟɥɺɧɧɵɟ ɧɚ ɡɚɤɨɧɨɞɚɬɟɥɶɧɨɦ ɭɪɨɜɧɟ ɩɨɞɯɨɞɵ ɜ ɡɚɤɪɟɩɥɟɧɢɢ
Ɏɟɞɟɪɚɥɶɧɵɣ ɡɚɤɨɧ ɨɬ ʋ ɎɁ ©Ɉ ɮɢɡɢɱɟɫɤɨɣ ɤɭɥɶɬɭɪɟ ɢ ɫɩɨɪɬɟ ɜ Ɋɨɫɫɢɣɫɤɨɣ Ɏɟɞɟɪɚɰɢɢª ɋɨɛɪɚɧɢɟ ɡɚɤɨɧɨɞɚɬɟɥɶɫɬɜɚ Ɋɨɫɫɢɣɫɤɨɣ Ɏɟɞɟɪɚɰɢɢ ± ± ʋ ± ɋɬ ȼ ɪɟɞ ɨɬ ± ɋɉɋ ©Ƚɚɪɚɧɬª