Том 3

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' " = / ? $& C " E # / $?& 8> % " # " $& # &* C A& $ C A& , >/ 8 #C &* " % @= C # # C A& $ A& . & C# #%C & # $& # &* C A& &@ & " ? $"& &* > " #/: "8 E# # 8$ # / 8 ""> " " " # & &* % 8; #"$ - # " # & " E#&* 8 E ! ; %8 & $& / ! %- / "#" 8> E / 8 &* # ; $& " # " ! 8# # #$"" # / 8 ""> $" * $& # A& .

& #8# " " # # $% & , % 8 # C $ - C A& $ >/ # $& " # " ! 8#- # # / 8 ""> " C % # &* " # @ C C #@

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< > >8 E # 8, ! 8# # > # !#- " > > , # $Š & @ > " # ?- # "& >8 $ $# # 8. #8 #% # ? #/ & " - C #% # , "& " # / $#" C& ? # #%8 # " >, # & C## $#% " , $& # % /" >8# $"" 8# # "?> 8 $##, #, "& &* & E # !# "- A 8# " # $% & / [1] .

' " * $# $"" $ C #% ## $ $# #/ ?- "& & " &* #8# $# # 8#, C& >8# #% > & @ " :

1) % # # > > E #/ ""##; 2) $>E # !# " > #" $ $# #/ "& # > / A 8# #; 3) % # # - / ? *?> 8 8$# 8# # C$$8# 8$#/ % > " C8 > ; 4) ? *? % $& " ?" " # # C& ? # !#- "-A 8# " # #%#" , $" #CE# ""#/" @ A 8# % $"& # " * & [1] .

& 88 # # "&* "# " "& 8 " >" #8 - 8 ##, #, ?> " *" « $& », $ $# # 8 ? @- " $? % # & & # $" " =# $? " / # $# # # " / > [1]. $#- " > >E ! > ? "& @ &* " * #% # $"" - C #% ## &* " # $ $# # .

' #""& ## ""8 # " "$* # $# C- #% ## A!! # " * ? > $ $# # . ' " " ## " $"- & / &*@ ?>& $ % !# "-A 8# " # $%- & / # % ? 8$& " A!!# # & # A!! # " # $# C #% ## $ $# ## & 88 # # / "-

212

. < % &* 8 " ?>& > & , >? & % 8$# $"& $# $C A$ C #% ## " #C& " $" & > A $# & / # & E#& " $& # > & 88 # # > "& C.

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1. .>. " #% # $ $# #/: $"> $& # . D- C##, # # " > $8 , " # # "$# & # $? %- # 8. .: &*?# < ?E , 2002 .

213

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'" = 8 % # @= /" ## A C # " # > #? &*E #8 # & #% #@ %8 C $# " ?Š > $# "& ##, C $& # 8# # "$" 8. 8 8 %8 # ? "# # , " ? &* & A C "#- " 8> ""##, &@ @= / " &* % " ? C $ 8 =- " #. ' A 8 "& ! >/ % # " @ ?- #8 & $" # 8 # > $C % , $ $& C @=# ! 8#- # ? =# $" & #/ % ## " 8 &* / #- ! 8 ## # %8 > /" #/, $ $# #8 8> " # 8# $ - C > A& A C## # 8 = " # ( ).

'? " $8 =*@ 8 8 # " C $$ ## C ! # A "- $C % ?> #""& > ! >, @=# " @ . < # & # A "$ ? #8 &* 8, # %- E @= 8 A$ #""& # , $" &* $# % #8 8 A!!#- # & ## & $& # # $# # / (! # &*- /) " %# ? " $& # &* >/ % [1]. " $" # #" C C ! , " " = C #% 20 ! , ?>& $& 8 # "8 " # 8# #8 &* C C ! , @= " %#, > ? % &* & > ?> * $" " >8# & " # " > # " @ .

#". 1 $" & > $& > " %# #? & % #8> !- , @=# " @ $# % > "& # .

. 1. 1 ), ! OY +O % + F :

1 — " ; 3 — # $& # ; 4 — > $; 5 — ?Š 8> $ - ; 6 — $#8#% # D ; 7 — ?Š 8 % ; 8 — ?Š 8 8 ; 9 — C # # Y D; 12 — $&* >/ * C 8 / >; 13 — " ? " #8 " * A& A C##; 14 —$ ; 15 — " $ ; 16 — #$ $; 17 — ?Š 8 $?& # ; 18 — 8 C ; 19 — " " ; 20 — C#

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1. ( 1. . D #" # " " % / A 8# " # $% & /. .: D #" # , 1968.

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'$#% " / &* " # &@? C $ $# # &* 8 " % #8 # % &* > , $" &* &* $# $8 =# ? / "#&> " % " $#? >/ $. &* " * $ $# #8 " = " & *" ? % && # ? # % > $! "- "#/ # "$# &* " /. F ? $& & " " = " >8 A& 8- 8 " ? " #8 " # $##, ? , "& C, # A # C $ - & # $#?> $ $# # . & ? # & " " >8 #" # 8 & # 8 # &* > $? " /. '$" $& >& " " 8>8 " = " >8 E # ? # # ?- & [1—3].

\ &*@ / ? > & " #% # ? C & " C # # " " $" & 8 $ $& « ?&D$D /», %- ? $C 88> # # 8 #/ $ " E " #@# % ? / $& >.

&* " * / 8> ? "& " 8, $& "- 8 > "& # % &@ " " & ## / > >8 E # 8 "#" 8> $& > . E# * @ $?& 8 " "& , " "#" 8 C #% ## 8# # # $& > % E , = , $#& , " % .

'$"" ? > ?> $" & > # E > "& @=# % #:

-#% > /" @=# " ## C " Y "#" 8>$& > , " > $& # # 8> % &*" ""#/" / Y ##, /" @=# ?& " # # # $& > $" & ;

-$%# > " ? " # #"& # % ? / $& > " - 8 $& , ? # #/ #% % ? / $& > « ?&- D$D /», $ # " #/ % " = " @=# " .

< # " % #8 " * / ? > % &@ " %8 " # $# " C $#8 # % ? / 8 # # # " " $" & 8 $ $& # " ?&@ # C % &*"

"& # C $ $# # « ?&D$D /», # C#- 8# $ $# # 8#, % >8# " # &*" .

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1." . . F ? $& 2011. .: "8 , 2011. — 1056 ".

2./ . . > E # " &* >8# C # 8# ? # . .: "" # , D€, 2010. — 128 ".

3..J. F ? $& . €C & " # , & C > , $> "- $>. 12- #% ., $?. # $. .: "" # , D€, 2010. — 160 ".

215

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" # # &* " * $" & " ? / # #% #? & > "$ ! # # # &@? / 88 " / C #% ## [1].

?Š 8 # " # # & " "#" 8 #& ## % # , $ - & = 8 #% ## " &*@ 8 *E # % #% &* $ , " #C 8 " / &* / " #" .

\ &*@ #""& # & " % " " # "#" 8> #& ## % # , > & # " = " @=# $?& 8, ""8 # %8 " / % ## # " # # C $ $ 8 #% ## "#" 8> # $ - & # A 8# " / A!! # " # $ & " " # .

&* " * / 8> ? "& " 8, " 8 > "& # " ! * # !$>, 8 "& #% &*$ , $#" # " ?>" >8# 8$8#, " %# " 8 - # @ " " > C #% ## ?"& # # " = " @= / "#" 8> #& ##. F 8 " = " @= C ? # , A C A!!- # , $% % # &* " #%# * A " *@ " [2].

' ? $ % " = " @= / "#" 8> #& ## # $ - & $ $ 8 #% ## "#" 8> " #"$&*% # 8 $## > C % . €> "" # > ? #8> $# &* > # - =# % > # " # # >/ $, " " & C !# % ## $, $ #% "$" ? " # # A 8# " / A!! #- " # $ & 8 # " # $, % ? " 8 !# "#- # # C #% #-A 8# " #/ 8 #%8 % ## $.

% &* > % $% , ""8 >/ # " # # >/ $ & " A 8# " # A!! # >8, #% "$" ? >8, " / #- >8 C # >8 % /" # 8, %> @=#8 #? &*E # $, # !# " % 8>8.

$ & " $# & &* >8 # >C >8 & " C " # , " # &*" >" / "$# " # C "- = " & # .

# > >E #%& , ""8 >/ # " # # >/ $ "& 8 * % ##.

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2.# 0.0. " # ##. .: !-, 2007.

216

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'" = 8 A& A C # ""## $ $ #%8 #$# 8 #% ## # # && % ##. " # A " % " ?- = 8# / # / $? % # A& A C # " / "#" 8> ( D) %> 8 @ « 8 @ " *» (Smart Grid) [1].

F " ? > ?>& E % * # @=#/" ""## $& C## & C / $" ## ( <D) %> 8 / #! / $" ## (\<D). \<D ?& 8 # " # $#8 = " , - > & C $?# & > @ " $>E ## " # # " A& " ? # . $ " > % 8 $% *, ? $ \<D A!! # >8 &* # " #,

#A 8# " #. < # 8 A!! # >8 $ 8 " # *" &* $# % &* # @= 8 " # ## #! $ A& A C##,# $# ## A 8# " / >C > " / C #% ##. " " # " $# &* > % <D # \<D ?>& $ -% " > " #C $# $ #! >8 & C# 8.

< # A 8# " / A!! # " # & C $?# & ?>& "" # #%8 # #! $ A& A C## # C "- " & @=# — #! " # " / # #! $& $*. ' " #" > > & " #! ?>& % " !- 8# # C > % " = " @=# " > 8$#/. " A # > # > $ $# & & # 8 ?> $" > " > % " / 8$##, " / & C > # #! > &- C# , $ # " # # "" # > #!> $.

< # $ & C# 8 \<D " 88 > C > % > " / C #% ## " % # &* — $# 1,5 % . #! $ -A& A C## " #%# " 3,1 $/ ' · . % &* # @= % # #! "#&* % #"# #%8 # 8 # $* # > A&- A C#@. < " #, " A # " # $ " = " @=#8# " C " >8# # C # @=#8# 8$# 8#.

< #! >8 & C# 8 E " $?& 8> % 8, # $# % ## &* A / # ## A 8# " #/ A!! ? - % # &* >8, # C # "$>8.

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217

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" $& # " # #" # # 8 $#- " # % # #@ NPV $ # " & * $"$# >/ $ ?>- >8. < 8#8 NPV " #" # # # #" # >/ " $8 " # # " # #/, %> # $# &- &* " * $ & $# &* > # " . ' " %# " A #8 $ - " & # " $& # #? & $= C 8 & " " # #" # # & $ A C # .

#? & "$" >8# 8 8# " " #" #- # & @ " 8 # $# &* > # (CAPM), 8 "- % E / " #8 " # $# & (WACC) # 8 8 & # C $"- # (CCM). CAPM $#8 " & $& # 8> #" & C $ &* " ?" C $# & # &* 8$#- 8#, & @=#8#" . < # A 8 " !# "# # # " #- # > $ A C # % 8 > " " (" " & @ 5—10 %), C # ? #8 " # #"$&*% # C C 8 " " # #" . WACC " @ * $#8 #8 - ? &*E#8 $8, % 8>8 /" @=# $ $# # . <& 8 * " $# & $ $# # # & ?> * & - C #$>8 [1]. ? &*E# " $, % 8> "! A- C # #, >8 # # 8 & . < # A 8 #$# > & ""## "& # " #8 " * #" # $# & " " $"- /. "$&*% # WACC " # " %8 >8 $# ## "- @ ! 8 & $ $# #" , A # ? 8 C 8- $/, > #"& # — 8 #8. $#8 &* >8 & C # $ & " 8 CCM, $% " * #" # A C$, > & @ " " >8# & ? &*E# " $ - , # #" #, " % > " $& # 8 $8#, #" #, "- % > " % # # 8 # ! " >, #" # C #% &* # C #- > > # . $# #"$&*% ## 8 CCM ? #8 ? "$# * " C& " " * 8 #/ A "$ # #%? * " ?Š # #%8 ,$# 8 "& 8 " " # &@ " $& # &* > " > C #"$&*% # . 8 % ? > 8 ## $ $& #@ "- # #" # # 8 8 DD & $, % 8> "! A C # #.

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1. ! . ., ( . ., C . . " # # &*- " *. .: D, 2006.

218

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# #% &@ > 8 #%8 $>E # "$" ? " # " > 8# 8 — A & % # $#% " , . . $ $ & C#/ % ? 8 # # %$& # # " >.

D = " * $"" & % ## % &@ " " 8& ## ? "$# * # &* > $#% " 8$& @=# # & C#/ ""#/" # $#% # & /. % # $8 C " # * # & /, " - "$" ? " #, $& # A!! # A 8## #% ($#8 , % =# ). < >E # $ & % ## - A E # & " > & 8 # $8>E& " # " " #. ?=#/ * & % ## # "

" % E & % #- &* C $#" # " 8- $& " C " " / % . <- # &* ?>& $ " &- % ## $ 8 #% ## 8 " " C C#- , " " #& 15 %.

" C E #/ * > >8 #- " 8 8, >/ %$& # &&- &* > $ # 8 ?> * % > , & " $, =#/ " "

#8 = " , # 8 #%# 8> . D 8 % /" # $# # - * & % ## $" & #". 1.

& C ?> > # * A!! # " * $#8 8 C $ # C # * & % ##, ? #8 "" # * &@ 8 #%- ## " % . ' # ! 8 # / A 8# A & % # &*- , " C E #/ * A C # " # > " ? & 10 % $ # ?= C #"& (4141 E .).

< >E # & % ## & $% * # * &@ ""#/" # $ 8# / " #" # , $ $# # , %$ - E# " # % ? #, & > ? # * " # % > - # # 8 #% ##.

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1. ! . ., X+ ! >. ., $ >. . > & % ## $#%- " ? # # & C#/ "#" 8 " C# " C $& # A&- " / 8$# /. .: , 2010.

219

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C # " "&* % #8 = $& # A 8# "- "##, & "* " / " "! . ' " = 8 & A& A C- # " # "#" 8 # # # > 8 = " / ?- # , "& # " > A C "#" 8, ? &*E & C # # &* C ? # , " % ? C $#% " . <- ? > 8$# # ! 8# @ C # # $#8 # " = " @=# 8 # 8# # #"& " # $" & & ? "$# A!!- # " # ! # # # ?Š A& " C % /" [1].

\ &*@ #""& # & " > & # " " # $#8 8> 8 8# # $" & " 8 8 " " #@ ?Š A& " C % /" , " @ * " # " * ?- > "#" 8>.

'>" #/ $ #/ " # — A "& " # ? &*E / "$# !#- %# " C #% " A C ? # , % $"" A "$&- ## #%-% ? #8 " # " > =# # $# &* > 8 . "- E ? " * 8 > ? # #! A& A C#@, $8#8 " #8 " # # " # $#/ % & > " % ? $& ?"& # @= C # 8 C $" & .

# # 8# # $" & , $#8 8> Y, ?> % ?- > ? &*E 10 & % .

' % &* #""& # ?>& > & " " # #8 @=# " 8 # 8# # ? #8 / #"& " # $" & & #- " C ?"& # # # 8 > E 8 " " #@ A& " C % /" .

< # &* >/ % #"& > > $% &, " = " %8 " * $#8#% ## #"& " # $" & " " # 8 $%- & / " # A C " ? # , $# A 8 & 8# # ?- #8 &* !#%# " # $8 " 8 C ? # , # C #% # / " > # C# ! , # C# , $&- = * ?"& # # , #"& " * # $& " * " & # .

% ? > 8 8 &* $% & " * " A # ! >.

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1. ! J.1. D E " # C #% ## # $& # A C #- " #8# $ $# # 8# C# : #"…. . A 8. . % *, 1996.

220