Munich Personal RePEc Archive

Munich Personal RePEc Archive

Governing of finance supply in Bulgarian farms

Bachev, Hrabrin

Institute of Agricultural Economics, Sofia

2003

Online at https://mpra.ub.uni-muenchen.de/99340/

MPRA Paper No. 99340, posted 01 Apr 2020 10:02 UTC

-

8S

I

VTLVILXEUJdEU I,I I4XHSNO - YOX€I4OdI] KIXJHI4IOSNX IO I4JXAvOdil I4HABJJIIOgOVOdil VH AI4HArgEdJou ¹⁴ OglSrog€I4odil ^{'vs3hr^d} 'v

99

I

^sVU-t

-gtrEl{gt oroHgl4lfou ^g vrvrudoogd vH I{IAIaIfgodu r4av:HvorcqJ 'vuarxltv{ 's

6V

I

^EVTLEY

-gwg€ oroHhI4HVJdo vH ngI4rxEUJdiIU ^w avlt;r4stvd'EHWlcvdv€'vaornry'[

SF

/

OTIJJEhVhIEI,Id[VgdU OIOHdVd

JV VH EHVdI,lII4Vgax oJogoXHVg NdLI IrVNTIHEIOU J6I48OXJI4d ^.UOATAg

.[

ffi

'^\7riY^i*5#i5u#:3",;:^[??1]i'""?Hil;iff Y'T;Itr#s#

-OXUAXOU Axdq.g 1VIHYVIIIS I4IIVSSVXO'I{dOIXY4p'vsodHI^iI4HVr3'y1 'aora.tHv'V L7

I

YLYHVdIJ vH HoIIVd

rl{H[vuvtodagac

^{B KI^IE€} vrvxSlfEVgt ^{ge vH

dvtvu

^{'vsauxvHK 'tr4}

ZZ

/

VSIJ.IfEJ -VXng€I4VEaU _I4 I,IIJOHXOhi€q.g

-

JE g AI,IIIAVEIAISc OIO)IOdYJIf9,9 ^{'souoU A}

ffi

OI / AI4IfEYENI -iI€ OJoxf,dvJfq.g g nOHVHI4@ 3 oIaHYgrVgvHc vn ruFivtI4HVJdo ^'sEmvg'X

T

/

OIAI4IEYAWSE B IrVII4IIVX ITI4HIrVNNOC .SEMI,II,{ .LI t--...-

j

vHxos^

Efrtrmraqrm

NO

I

JV WYO,{

I{I

^{7 V}

) I

I,[ H J g

J )

I T

I JI{g D S

^{Y OT f,Y JI\IS}

)

SJSIWONOJ{ TVVIJT1)IY)V ^rO

I\TOIJVDOSSV

NVIUVjT1{

NIWONOJT NVIYVtrgV ^TO TJNJIJSNI

ynNVWdOAHH V}NnuHHXTJOHuAVH

^VT

IIIJHuN

KN d Y

J

IT ^g,

g

TT

fl

JI4

J)

^{N W O H O}I I'I d Vd}

^J

^{V V}

^H

^{T OI q'}

)

Y}INWOHO}IN VH{Y{JV OA JAJNJ)HU

BIJOS,I,OOT,Ig

IIIATX

^qWNTOA

ruQo3

'€00UlS

IIIATX VHNIOJ

WVWW ^08r)HVUOn

OTOXCV1JVH

SSIWOAIOJf, MHIVAVdUAN

IVUtTffiNJH]V vxuwoHoxn

nH cT nT v4n o HA Jr HA HKOH O MUR A

l'-

Op.aHH3arllrn Ha cHadAnBaHeTo

c _$HHaHcH

B drnrapcmnTe _SepnrH

-CJ.".'. A-P XPAEPI4H EAIIIEB,

I,lucmumym no azpapHa uKoHoJvtttrca

_

_Cofiua

BTH;#1":rr4ryrrr4oH

anHaHKoHoMHxa (r,rxo - HoMLrKara Ha rpaH3aKrlr4oHHure pagxoan) a ,our_

Ha MeroAonoru.rr za pazlupaHe Ha pa3nurrHuTe

{opr"

3a opraHaaarJafl Ha arpapHara 4efisocr (E a ur e n, l SSey n

"*".arri. .otr"H

ce npaB.f,r ycnerrrHr{ _oI]r.rTH 3a aAanT4paHe _Ha Hefinu* iror"_

unrrr,r H Kbr\{ aHailn3a Ha arpapHoro SaHaucaiu"a

(T9p

3 u e n, lee5;

T.

p

;;;; ;

E

J;;;ii6oz1.

Cnope4 Ta3u-"Honai'

no."*u

Ha HKouoMuqec_

Kr4fl aHarm:, us6opbr Hjr erHa Hrru

rpyt, $opru

3a ynpaBJieHr{e Ha csa6A.rrBaHero

c

@r,rnau.c"..qa

ce onpeler.s _oT HHCTHTrItroHanHaTa cpeAa

_

_{cb_}

IrIecTByBaHero Ha qacrHH rrpaBa ntpxy afpapHH_

re pecypcr{, rpaBa _Ha AofoBap.sue, Ha

e$ei,iilr"a

cr4cTeMa 3a caHKrIr{oHHpaHe rr 3aruHTa Ha qacTHH_

re rrpaBa Lr KoHrpaKrr{, Apyrn Sopv ^{arrHuu ue@op_}

MaJTHH OrpaHr{qeHr{.s;.u

ot

paeuuu4emo ua mpau_

saKquoHHume LrecKH Bb3MoxH pasxodu y)

an

^epHar Ha HaJrr{qH}rre (ro npa?rra_r4BHH Sop ^r*a u ru' op.u ^_

Hr43arln_rr ua csa6A.rrBaHero c _QuHaHcll (E

i

ur.e n,

?99911 (DepnaepcKr4Je npe4npueMar{r4 _rrre pa3rxu_

g1",ut ^pa3Mepa Ha Sepnaara nocpeAcrBoM HsKaK_

aa

eopva

^Ha cHa6a_sBaHe

.

*urrrrirr-

a;;;;;*pr_

He Ha co6crseHr4 cpeIcTBa; pequlporrHo, _{cbBMec_}

THo HJrH 3aeMHo QnHaucnpane) canao u*o

,"

"*u

:,p,

:: Yl:I:_" ^r

^{p e4 H M c rB a r o o rH o ru e H r4 e n a A p y _}

rr4re eopnau na SuHaHcr4paHe H 3a pa3urupeHr4e 1r1 Sgnvara (vpe3 KoHrpaKr 3a .rnuOa"uur!-.r"

7?y:

I" !:

^{_lq yA, x o o n e p u p a H e, crr r.r B a H e, r p oA a x _}

oa Ha

rsn or

co6crnenocrra, BepTr,rKanHa HHTer_

parJtrs, rrHBecrr4paHe _r43BbH

Sepiaara). ^E@eriun_

Hunr p a3Mep (uxouovu.{ _{e c} ruie'.p

urrriirj iu

_O rp MaTa IIIe _ce onpe.{en.f,T oT CbBKynHr{Te pa3xoAH 3a y[paBJreur{e ua cna6g.rrBaHero

i 6r"a"cri,

^cia6_

A.rrBaHero cbc 3eMfi, cna6gxBaHero c TpyA, cna6- tr.rrBaHeTo C MaTepr4an:Hu a(TrrBrr r{ 3a MapKeTUHf

ua _@epvepcKa

lRoav*u^r.

CpurHrrreJrHu.sr _{pa3_}

Mep Ha rpaH3aKrlr4oHHlrre

paaiolu

_{rrle 3aBr4c' or:}

rroBeleHqecKHTe xapaKTep:]1IQTUKLI Ha afpapHure

areHTH (raro orpaHr4qena paquoHaJiHocr, _{TeHAeH_}

I\Us. 3A OfIOpTroHr43bM, AOBepr4e, r43fpaxAaHe _Ha penyrarlr4 fl), u oT Kprrru.{HHre xapaxrep vc,rLrKrr Ha Bc.sKa rpaH3axqux (npucBo.seMocr, _bnruq u$uu_

Hocr Ha aKTrlBlrre, HeonpeAexeHocr, _r4 vecrbra)

(Eg rr

^{e B,}

20006). ^{I ---}

I{e.nra Ha ra3n crarnfl e Aa ce u4eurueuqupar

10

I

^uKoHoMuKA

u

vnpABJrEHuE HA cEJrcRoTo crorrAHCTBo _s

I

²⁰⁰³

AoMr{_Hr.rparrruTe Sop rrx r a _e x H a Hc oBo cs a6Asna- ne n 6r.nrapcxnri _Seprrrr

,r'rr-..

oueHu TffxHaTa cpaBHr{Te,rua eSercrHBHocr. _I I:c-re:naHero ce 6a_

3WPA HA MIIKPOHKOHO}IIIqECNII .]AHHIT C'6PAH'E-O, MeHaAXepI,rre Ha oKoro 0.5o,o oT [a3apHo opl4eH_

Tl4paHvre Sepvu n crpaHarai.

Oopuu

sa cnadArrBaHe

c

_SnHauclr

@ep'crvKa

^{Ha HHrepro} upa*uresepvu nnx (Saurer u Tep:uen 2001).

Btmpewuo

fiuuaHcrrpaHe

-__9."o"rra ^Sopnru

.a

$""aHcnpaHero

Ha

rcia_

Hocrra sa 6urapc.Knre^Sepvn

ia "co6ci*irr.

cpeAcrnafr (ra6r.-

l). MHos""cr"oro

_{oT cera cb_}

rrlecrByBarqr{re @epvu B crpaHara ce pa3BHXa

cneA npriBaru3aq:asla na arpapHraTe pebypcu rE

p eop raHu3arJlr s,r a ^(u

nu l

uxn H4a a^

r, i1

"u. ^{rrp. _}

f,tH'"y::-- 9:lMepcKr{

^opraHu3

au^i _1rxdC,

/{JU/. VIHHIJNI4PAHETO H PA3BHTI{ETO HA TE3U HO-

i:..:lly*ypn

^6eure cnrp:aHo c orpoMHrl cnerlu_

QLTqHH 3a ,la.qeHara Sepva raHseciHrJwt4: o6v"re_

Hr4e B yrpaBneHprero _Hyr @epvara (npe*"urrri6r_

KarIH.s, HarpyrrBaHe u o6naflH-aHa onirr _{u r.u.), op_}

raHn3 aIIHoHHo p a3B HTr,re (uuutluup _{aHe, cb3AaBa_}

He, npecrpyKryp_Hpane), r43rpaxAaHe Ha peryra_

IJ}tfl H TbprOBCKa _rv{apKa, HaMUpaHe Ha rrOAxOAfi_

Iqa creunanr3arJr,

s trp.Karo

npaBr{xo He cb_

IqecrByBa BTopHqeH rra3ap sa

noro6"" ,rrr"o

.n._

uz0nvHu sa a-ale*ra O"pioa irrrnrro.rHu, HeMare_

puanuu) _aKrHBH. Korbrb

cneuru0ruG;;;;;;;;, :::Ill"lrre

^HapacrBa, rofaBa BsrperxHoro _H BbH_

rxHoro (pHHaHcHpaHe He ca arrepHarHBHH _{Sop_}

MLr u ^{| |} n ep _S e r rH o B 3 aHM o, u

r.

r"-J, ;'i .'

C;o*";

"

rerrHo npo4aN6ara _Ha co6crnenocr (equityrJ

"""

BbrperxHoro cua6ArBaHe e eAHHCTBeHO B}3MO)K_

lyr

^?rrH ra.SuHaHcr.rpaHe _Ha re3n aKTr4Brr (W i ^l_

liamS.Fn,

_1996).

,, _^ o-:l.^tl

I ^o_"- u, n rp a n c S ^o p M r.{p a ut }rr e c e y c n o B H.,r

Ha BT4COKA UHCTHTyTIHOHaIHa-, flagapH?,

u

^IIoBe-

reHr{ecxa HeolpereJreHocT, uoneqeio oT TpaAH_

TIHOHHT4Te afpapHH r{HBeCTUT\r4Lr cbrrlo TaKa ce oKa_

3axa B pexuM Ha Br.rcoxa cnequQrlr{Hocr _{litsupo_}

BeHr{ B 3eM.rrrarr). HavupaHero Ha He3aB ucarM na_

3apeH uHBecrurop 3a SuHaucupaHe Ha no4o6Hu aKrkrBw 6erue rasxrroqureJrHo

c*r.ro (pur^Jo"

_,u

HaMHpaHe Ha KpeAHrOp, ycvlrrr.q sa AoroBap.sHe Ha ycnoBurflTa _Ha 3aeMa, sarylure cBbp3a HLr

c

3a_

AOBOn.rIBaHe Ha II3HCKBaHvrflTa 3a r4IIOTeKa, 3a rIJIa_

tuaHe Ha cBpbx-Br4coKa _Jrr4xBa vJru ilpyfir .qonbJr_

Hr4TenHr4 nnaTexu)

ntu

Aopr4 Henr:voxHo. Karo pe3ynrar

or

roBa BbrperrrH-a, a He BbHruHa $ofrraa

: a Snnau ctrp a*e _{_Ha} Tp aH3 aKrIr{HTe, _n oArbp)KaHr{

or re3pr aKrHBr4, 6e nafi_e$exrranHa Sopnraia

;^_

Hay

opraHr43aqux (E a ru e a, 1997).

Apyra rpzrrnHa 3a AoMHHr4paHero Ha BTirpeu_

Hara @oprta ra

Suxanrrpur.ta

BlrcoKrrre rpaH_

3aKrIHoHHr4 pa3xo.qvr Ha n:nruSepMeHr{Te _{uHBec_}

TurlHH, B yc,ronHflTaHa uecra6vrHa cpera HHBec_

THuHHre

s

co6crseHara _$epnaa ce oKa3axa Hafr-

eQexr'aHara _Qopnaa

:a

HinoJr3BaHe Ha HaJrHr{HX-

le

_eHHaHcoBH pecypcrl. 3a ^ror_sNa

a

^Lraer

or

Ao_

MaKHHCTBaTa BbTperxHoTO r43[On3BaHe Ha npHIO_

6urnr e (or p e cr r4Tyr\HfrT a, p a3 np eAeneHH ero Hnr{

l-

I

I / ^n\e

^{I s} OsJ)HYaoJJ OJOlDas) ^VH snHrI'HYdaA

n

^VXnwoHQ{a -x,{Vodt

oil

^{oJoHI^l}

^€xrg

^('dV

u

,{ex-,{os 'oslcan

-enreuduVadu orex) nsnrve erewdaQ ^ee nunuQlttr -O[C rrHeduguserdO Osmedrts sits eluulturoesHl4

€soJ

Hesco'

Yttitenduoducxa e*hvlcr4norudouo

€HmHqs

Jo

ernl4nl4rcesHu

r':,u\n€c

ec eY nnr' -en (rnuxohl€lts ^{oHe src HHVo} orc err) yuurylae ^- K€ H

r-.b rodrsox

^Hemedrc.s rtrHHJredraY (urnreQ

""ori*eg

^{eu ru,(g}

^'rsafiodu

Hesxur nerngerceu) udeeeu'vt'ocHeiuQ ^naoxcrEd

onrnc

eu rufie6ruc

g

^'ucd,{ced naocHeHiaQ oJI'IHhI4IreH eH sHeserolr

-Ept Et HI.{h€H neanrxeQa-per ^otnc.c eqeg ^eueduc -ueunQ orosmedrs.s uwdeQ ernurretlcdamox ^eg

"aHesv,(dogo ^I'1 exurixur -eHg€rr€htoxodnm etnes,(srcetns.c ourrorprvosgnodu €sclfouou ^{0c eV} urrn '(rouonow) rcol ^{IHcHs€E €HmHts eHHedrsoH} -va

eir

'r,udetets ulnescuulf

r

^€H errnfie,(rvlc ^aelrr -oVoedr ec eV €e usnJxe uHr'uQnneuc-osou'{dr

T4HOOVOU eH ol4Halcsedu'( ^pr aneducHennQ €0 ^€se

-udut,

ac ovodum rcoHesrcgoc

(tc)

erensnJxor

-ox otneo org ^'uwdeQ eruureiVusuYHll ^€H ernfiuri -edr s entuxrarcotroH (ngernen1) nder.reed en ^prnnton -oxu €0 r€nflHorou ^uel

todro c

^r4rIH tcolturoVan

€XOOH8 t I'IsnIx€ ^{OHSOHCO €C} €sOI 'H'I ^{Ilt OIOSOH}

-orrh €0 €rcot ^t uuroged ?H oJoH€xds,You c'(unrou

-HX oruHrc€h ^ee xed,t6 oel€slcttnxertoV ^{ee enedx)} orosoHorh €H rcoH4etr ennuQulreuc

oHlrvl

Jq-) lrHeodc.gc €c oruo)I ^oHsIlJN? redndrertru uawted -e[oox

ueel

'esoHerh erusrer{vHsHYuH

ro

I'Ixsr

-ee eH ?r€t\tarcnc eodn

nlfrc,{

ee I4)Kerelru HHIror -radegtredll €H oH€soHco omag

ofitc

nanwvdau -oox awnHaBwtpoecnoda (ereuoHelrh mrlx ^orHH -ednrseudo)

ro

Jc€h eltrlroJ €H oJaH€srrorlo

'066I Varc uwdeQ

at

^ntnosvtloB

-oQOSOWDJ elr'OkrrrlnInl

8'I

^{OILIII9 €XUSTOIr ec €JeH}

-edrc s HnheH Lloor

og'(ruuese

'V,(dr soortoc ^otrnt -ee) ncd,{ced ornshulr€H oHslarx,(Vodu reserouel4 eV rconxohtcils eHosJcHll['e omog usllrx€ unded

-le

'ntta,(rdc.r ^oH orcoh -1eH

n

'(errufreeHresi{du

o/o'elueugJo ocJnos luaJOJJIp Eutsn uJoJ Jo u€d yo,eueducilenrlQ ^€H HnuHhorcu HHhHrIced nlneeslfou€L{ 'erunrduQ eu tvfii I ^AIqSI

I ^unHrgEI

L't t't ^{9'9 v'v z'z 0 B,B 8'6 |} II ^{9'9 /'B r t'9t} il ^{zz tL g'Lt 9'09 9'tB}

lelol

oxh -r438

0 0 9Z ^U 0 0 0 9Z 0 0 z'9 9L 0 9'Z t 0 9'Zt 9'29 9L

6 !€

Bt^J

-suoj

n'z v'z v'z 9'6 0 0 6t t8 B,' 9L'V v'Lz v'29 t't ^{I 6L 6t E't L 9'0t IB}

ujn I

-pan esU -adc

0 0 0 0 6'9 0 0 6'Z 9'tz B'l I 9'0e 9'02

I J

B.! ^L v'62 6'9 9'02 6'99 z'16

lt

-ELUS EY -rJE y!

t't

^{t'e z'Ll v'e 0 0 z'Ll 6'/e U 6'9 z'Lt l'29 B'o L z'Ll v'e t'0 t z'99 e'6/}

uJrel

ey\l

-dro

0 0 0 r't ^{L L'e 0} t't ! I'B ^{I, I.L L L,T} z'zz 9'99 L't ^{6'92 n'L LN,L} t'Bt 9'rB

-erad^!l -ooc EhIE -dau -ooy

0 0 0 0 6'Z 0 0 t/'9 ^{0z / 9'B} r'Ll 6'Ze e't ^{L 6'ZZ 0z} t'te 9'Bt t'f 6

pale -4st6 -oJun PHE -dradr -cnJa -daH ul

-iqO -uol

'dco.t -uqfl

-rnclua Pln

-r$et

L.tl

-jq6 -uo'j 'dcor -UqB

lua lJnc efn AvaI

uJ

-lq6 -u01' -dcor -uqu

lua -Jnc

etn -r{>taI

u]

-lq0 -uo'l 'dco.t -UqU

-rnclua eln -r$aI

tu

-rq0 -uol 'dcol -UqB

luo lJnc ern Axal

jq0ul uo'l cor UCB

-Jnclua eln -AvaI

IU

-rq6 -uol'

-dco.r .UqE

-rnclua ern -AvaI

ul -.rq6 -uol 'dcor -UqE

lua l.lnc

ETIl ,{>tat

L!

-lq0 -uol

'dco.r -UqU

-rnclua

Prn -r{>taI

ujJE edAllo

EIEW

-de0

EH u14I ISOAUl

uDtato3 dort,il.caeHn

'drratrvr{l

lsanut ^'D1ng dorru-cegxn mxcdelu+g

luPq uDra:o3 pvHe9 _EH -edrcaUx{h

lueq'01n9 evHe9 excdetu+g

'6otd 'te1u1 etlred..todu

'dexAuxayl

rOo:d qels

evrred:odu

exeexde[

'ue0ro ureS 'neenxe:do excdaurde6r

spuo uI 'sa^llEloH Huergudu

't4H14HUod

spunl uMo eercUadc

T4HOSTCaOC

satynllse ^{uura$uo1 pue} luallnc to acueull lo aclnos rcox4au egr,odcoluqu ⁿ Brefn^)tal eH asedncxexr$ BH t4hl4HhOI€11

WI HW OH O}I N ^VH A ^{VH O} H NA JH J)H H

nH cT HT yA _{nO HA JIHA nRO H OMAR A}

TI4BHI{, TbH KaTO Ca CBbp3aHpI C IO-BI{COKO OT na- 3apHoro (ruxnex rporleHr, AbpxaBnu 6osoBe ^H

r. n. ) ^{arrBpbrrl aHe Ha HHB e c rr4p aHHs.} c[erlr{aJru3r,r -

pau Kanura.rr. Hanrero [poyqBaHe cbnlo norBbp- AH, qe roJreMr{Te $epvru u Supvrare (xouro ^Karo rrpaBr4no QyHxrruoHr4par

c

rro-Bncora eQexrr.rB-

nocr) LrHBecrr4par B rro-ron.f,Ma creleH co6crseH KarrHTaJr

n

co6crseHn AbJrrocpoqHl{ Kanr4TaJroB-

roxeHnq 3a rroBr4ruaBaHe Ha rrpoAyKTr4BHocTTa.

Aopu Sepvure, Kouro HaMr{par rf.recHorr cpeAc- TBa

or

rrB'rnmHr4 [3TorrHuqn?r npaa.fiT Bbrpe[rHu HHBecrrlur4r4 B co6crneHr4 KparKocpor{Hu 14 r'brr- rocpoqHl{ aKTlrBI4

-

^{cborBerno 30% u l3o/o}

^or

^aH-

Kerr{paH}rre

or

Hac $epurE.

Brrpemnr4re H3Tor{HurIH sa SunaxcupaHe o6a- qe ca ofpaHr{r{eHr4 oT pa3Mepa Ha ,qoMaK}rHcK}rTe cnedr.snaHr{.s, cileqra$r,r.rHoro rbpceHe Ha Koone- paTHBHLTTe qJleHOBe, Bb3MOXHOCTT4Te 3a BbTperU-

Ho reHepupaHe Ha

[eqar6a

u.r.H. Tosa [ocraBq cepr4o3Hu orpaHnq etr4s,

:a

e$errr{BHoro ^pa3rxr{- pqBaHe na _Sepvr4Te rocpeAcrBoM BbrperuHo Su- HaHcr{pase.

Koraro

e seo6xoAr4Mo caMo ^{l5o/o u} 4I%o

or

HHTepBror4paHr{Te Sepvra ^ca B cbcTo.rrHue rrnuHaru

Hru

qecro" _{Aa HaMHpar BbHTTIHH cHa6-} AIITeJIu 3a rexHure reKyrrlrr r4 AbiTrocpo.trra Su- HaHcoBr{ Hy}rq}r. E4uHcrneHo roJreMr4Te _Seprr,ru r{Mar rro-roJrrM Aocrbrr 3a BbHrrrHo SnHaHcHpaHe Ha reKyurr4Te cr4 pa3xoAn Karo 81%

or

r.sx ^rfqec- toI| HaIr,r,rpar ueo6xoAldMrurre cpeAcrna. lloqrr4 rro- JIoBr{Hara

or

6urapcKr{Te _$epnaia ngo6qo He ^r.r3- rroJr3Bar Bbrper.rrHara _Qoprraa sa SraHaHcr4paHe Ha

Abnfocpor{Hure cI{ ^aKTIIBIa. Ocsen ToBa, HgKoH

Sepvn u3noJr3Bar lr Apyrr,r rpaH3aKrlvrn 3a Aa rror- Abpxar ocHoBHara cu Aefisocrr. ^Taxa Harrpr4Mep, 3a BcnrrKra aHKerr4paHr4 Sepnau rrQuxaHcr,rpaHero Ha Apyra $eprvrepcrca Aefisocrrr e ^{ocHoBHa rrpu-}

r{HHa 3a rrpoAax6ara

uru

_[aBaHero rroA HaeM Ha 3eMeAencKa 3eMs cneA 1990 r.

CneAonareJrHo, [oBeqero

Sepvn

^{ce HyxAaflT}

or

BbHrrnru (cveceHn) Lr3Tor{Hr.rqu 3a _.qa AorAbp-

xar

4efiuocrra cu. BucoKHTe rpaH3aKrrr4oHHu pa3- xoAr4 o6aqe orpaHr4rraBar r{nr{ AopH 6loxupar BbH-

rrrHoro SzuaHcnpaHe.

Karo

pe3ynrar

or

roBa ca xpoHr4rrHoTo HeAoLrHBecTHpaHe, ofpaHuqaBaHeTo Ha pacre)Ka Ha Sepvara, npuJraraHero Ha npu-

Mr{Tr4BHr4 TexHoJIorHr4, Heycrofiqusoro H3rroJr3Ba- He Ha npnpoAHrlre pecypcra (He6anaHcr{paHa KoM- rreHcarlr4s, Ha r{3BJreqeHr4s a3or, Soc$op

u

xanuit

or

rror{Bara; upo6JreMu cbc cer4r6oo6opora; 3a- MbpcsBaHe Ha BoAaTa, [or{BaTa r,r Bb3Ayxa; epo- 3vfl, Ha rroqBrrre

u r.u.)

HaMr4par rrrllpoKo pa3n- pocrBaHeHue cpe.q

6urapcxure

_Qeprran.

Ilasapna

_Sopna

rfMo6uruocrrarr na SuHaHcoBr4re pecypcH e 3HaqurerrHa

(Fu

r

ub

o t

h

and R i c h t e r, ^1998).

3a xpegnropa e MHoro TpyAHo (u cxrno) ga xoH- Tponr4pa AJrbxHr,rKa,

u la

cneAr{ Aanv 3aeMa ce r{3noJr3Ba eQexrunuo H

no

rrpeAHa3Ha.{eHrae. To- Ba e

or

oco6eHo roJrsMo 3HaqeHHe B 3eMeAeJrHe-

To, KbAeTo HHBecrr{rIraHTe ca cKpr{Tu (raponeuu) H cne.qoBareJrHo sesa6moraeMu c Hr{cK}r pa3xo-

All. OcseH ToBa rrnuguruara'r qacr

or

ocHoBHIITe arpapHI4 aKTI4BI4 ca npeKaneHorrnoAslrxHufr u JrHK- BHAHr{

-

HanpHMep.)KrrBOTHr4Te ¹⁴ peKOnTaTa MO-

rar

JrecHo Aa

6t4a,

KoHcyMr4paHH

uru

^6escneA-

Ho rIpoAaAeHH, MaruHHr4Te cafrga xorerarr ^pr t.H.

CreAosareJrHo, H3[oJr3BaHero Ha ocHoBHlrre ar-

papHr4 aKTUBH KaTO H[OTeKa 3a 3aXIHTa He BUHafr4 e npaKrr{qecKr{ Bb3MoxHo2. Or rpyra ^crpaHa, Qep- MepHTe HexeJraflT Aa npeAocTaB.rrT KaTo 3aJrof oc- HoBHlrre cH Hearpap:av aKTHBrr (nanpHvrep Kburr{, arrapraMenru)

rrfi

xaro HHBecruHrlnr.rre nrn _Sep- MepcrBoTo ca cBbp3aHH c BHcoK pr{cK.

Cre.q 1990

r.

ce ^[o.sBr4xa MHoro HoBpr areHTI{

or

ABere crpaHr{ ^Ha na3apa (6aHrn u $epr"repu) ^u [aprHbopnre o6uxHoBeHo He ce no3HaBar (Hrrraa HCTOpHfl Ha B3aprMOOTHOrrreHr4.sTa, AOBepLIeTO cneABa Aa ce r.r3rpaxAa). ParxoAr{re 3a rlbpBr.r KoH-

rpaKr MexAy HesHafiHH rra3apHu KoHrpareHTV ca MHOrO IO-B]ICOKLI OTKOJIKOTO 3a TpaH3aKUPIH ^C Brl'

COKa nOBTOp.treMOCT MeXAy eAHI4 LI CbUIII napT- Hbopr{ (rc4ero [orAbpxaHero Ha B3auMoorHorue- HLrflTa lrMa cnerrr{anHa HKoHoMrrqacra qeHuocr).

Karo

pe3ynrar Ha roBa, n rpauc$opMupaulr{re ce ycnoBns Ha Br4coKa HeonpeAeJreHocT, foJrsMa

u H Sop ^{rtaauproH H} a acr4M erp ^vr

s,

¹⁴ clrJrHr4 crrr MyJrI4

3a onoprroHucrHr{Ho noBeAeHr4e (6op6a 3a orle- JrqBaHe, perryrarru.rrra HrMa 3HaqeHHe), nasaprr ce npoBaxr4 Aa opraH ^u3r4p a eS exrnnHo rp aH3 aKrllrr{ ^- Te 3a cna6.qxnpHe c KpeAur B 3eMe.ueJruero (E a ^- ru e B, 19966)3.

Cartao eAHa rrera

or

$eprranTe H3rroJr3Bar rbp- roBcKa 6anxa sa Qunaucr4paHe Ha KparKocporrHll

aKTHBT{, Karo AeJrbr Ha Sepr"u{Te r{3non3Baxlu rra- 3apa

la

$uuaHcr4paHe Ha Abnrocpor{Hr4Te ^BJroxe-

H:as, e ABa rrarr{ rro-MaJrbx (ra6n. 1). Arpo-Qupr..ru- Te H foJreMr.rTe seprtan npnnafaT B no-foJrsMa cTe- rreH 3aeMHr{.s AoroBop ^3a reKyrro $unaricupaHe.

Tesu Qeplr" Morar no-4o6pe ^Aa orroBoprr Ha rra- 3apHHTel'rcpHrepuv 3a eSerrnnuocr r4 3Haqr,rrer- nu i,rguc(BaHus 3a 3anof. OcseH ToBa, Te nMar no- roJIeMr,I Bb3MOXHOCTT4 Aa nOKpr4qT eAHOKpaTHr4Te pa3xoAr4 3a HaMHpaHe Ha KpeAHrop H 3a AoroBa- psHe Ha ycnoBvsra Ha KpeAr{ra. r{yxgecrpaHHu-

re

6asxrE ca Bce

oue

HeaKTTIBHH Ha \a3apa ca KpaTKOCpOT{eH KpeAr4T.

Cauo perr4crpHpaHr,r r4 cpeAHopa3MepHu Sep- Mr4 lr3rroJr3Bar Abnrocpor{eH ^Kpe.qHT

or

6rnrapc-

ru

6aHxu. Ouenu4Ho KpeAr4Topr4Te HMar npeA[o-

r{vT aHVs, xrrnl _$ op MaJr H aTa op f aHr.r3 a rJklfl

,

^{r{r4 14 To}

3aAbJrxeHr4q MoraT [o-JrecHo Aa ce ocnopqT B cb- Aa ^B npoAbnxnrerHu rrepuoAn

or

BpeMe (e$ex-

TLTBHHr.

xuBor

Ha HHBecrlrqur4Te). BrrperuHllqr na3ap 3a AbnrocpoqeH ^{KpeAr{T H3rIrJro} ce 'fnpo- Barr.s" 3a MarrKr{re

$epvu. f,orevure

$epnau ^e'b-

ulo

He [peAnoqrrrar fr.rucrararr nalapua _Sopvra ra SuuaucupaHe ^Ha AbnrocpoqHara ev 4efinocr,

rrfi

xaro re HMar Aocrbn Ao [o-HKoHoMr{r{Hu Sop-

Mr4 3a BbHrrrHo $uHaHcupaHe. t{yx4ecrpaHHl,ITe 3evegelcrara 3eM.fl prrAKo ce npneMa Karo 3aJror or rbp-

roBcKr{Te 6anxn nopaAr{.iruncara Ha rrbnHlr npaBa Ha co6- crBeHocr (ao 1998) r.rJrr.r HrlcKoro rbpceHe Ha 3eMe.[ercKu 3eMI{.

Kanuranos (equity) na3ap cbrrlo ^He ce pa3BH B arpapHara c$epa, Koero cbr.uo ce o6.scirrsa c Br4coKHTe rpaH3aKulr- oHHra pa3xoAu 3a "pa3gerrHe na co6crBeHocrra or yn- paBneHr,rero" (Balrren, 2000s).

12

I

r4KoHoMuRA H vuzABJTEHHE HA cEtrcnoro crorrAHCTBo ^s

I

²⁰⁰³

e

I /

^{t00e I}

^I

OTJJHVAOJ) OJO)IJIITJ ^vH suHflI-ruVdII^

n

vYuwoHoYu

eH eH€dI{cHeHI4Q €0 HI^rdoQ HHhHITeH (nnreltedrc -xe) ear ^ol,rt€c rbs,(srcernd'c ^umdeQ eruxcde;rs'g ro rceh er€t\16

ltol

^{e0 ootttf ere sovere' rc} oNI4c l4s€0

essedrcosYa

es

Yu\tefiJj/lc ^s' EJ ¹⁴ dornvoox ^H3s -rcnnVe rel IH IarudeQ lEoer 'anesou omoH-'rr€Ho4 -ed s rerntrgeHc ^HemHqs HesnreHderffe eeKsrcem

oq ufia.to!lo storyaq+ f nunnndu n€aw wo

-HHesxcn Ev eH raxKrdeaoJro 0,,€rtrnflsad'fuHo)I _€H e:,:eltusedll..

oll

riroged'esedltcsenuQ-ee ^I4)H€9 uvcaordc.r' talneserouera'ultdeQ

eurxcderrtg ro

orohosou'osrot€soYer3'uwdeQ ^{Hcer a ucueunQ} c eneartr gelc ^es erunfiieosedr ^5d9ov e.srlrsuduf, r rcLsLrH€X5n (rrueoHen) tyusdeteu ^{ah '€s€h€Heo}

suosDal ^asary lo ^{auo ou alollqul}

EoxnH wDsho)ou aH oxHog oundwcaptrct(n ou awnhnucrczufil*

yo'euut'udlr ^{€HOVev NEe} dou

yo'uoseo: ^ua,rtE ol onp ocueuu JoJ secJnos lueJeJJIp

*r"nd"tttnnQ ^ue urluHhoreu unr'r'rreed HrrteseroucH

|UISN UIJEJ JO arurrudeQ eH

usd

rrBY

Z EIqEI z ^BTILm9EI

-t[c oH..

or€x

I4q.l 'oH€ducneHuQ oumns's ^3€ _:I'^t

OoQ

nt*o^n"s

oHoarcnnVa ^a rc'deeeu oh€go aJnllr -deQ ro rc€h €I IrLroJ e€ 'xHH>r"u-Y

l1t^ty:P::?,Ko

-xoI I ELvvHarnoHJooI ^IHg€s oHsllrxaQe redprr'fuad

;;;;

""ito"t,,

^{ur,{dv aH} € 'orlludeeeu ^an 'es€vx -dc.sr6u

€sol ^'rurraodu

^{uumeuc{ ee eH€rr€rx€o}

€0 rcor^luVoxgoSn ^€H €r€cul{Irr o

'tty-tg1i.?l"d

-coJrfrly

nr *"i*n"utou

^ndu _-orregoco ^'ewdoQ

;;;;

""

^{edogen et, e$vhr4du}

^e:'{d['

'rniraxrsvee uc orusocnennQ osrvudr

c

uxuesYHrilucn ^vt

(et

-rl{Hoxolcs ^eH

t*"#;a;i""1 ttt'"*ixeQe

^ee

^dtr

eaol '(7'riget)

,,eruYedx-es

rusorc'{ u

esxur ^ed -ooY-ueg,, ^a o"nh"cneunQ osnodcoJffc-V n osl''od _;o"rid"'iae er.rdoo eresdeeeu ^{eu edogEr4} €r eLeH -unudu ^rar.rdeQ aruneduroxH€

ro

oJehesou

3t

'emdaQ- eneduttuQucdeauV ovrrew-ou ^{H €x} -rf€r t s ruHexors ornHhodcoJrqV edurodfirox ^eV

t"rrn

^{Vx,&, e0} oHcalf-oll ^oJoHI I o oh 'a egur'ndu

nt*n"

nr,(d[''unneeprnerdo

ul{r

^HeoJ

rexdtVrou

eY e>tvt:,;ulfolr er€Hxrr ³ oneedtsc ^e I4rcehro €soJ .nmdeQ uHedr,rdrcurodes ^I4 HxIf€IN €H HI,IrII4ICesHu

"ir""bdcoJrc.v

reducneurlQ

oHlttlvedu

^LIxH€9

lou ^op

0 urq6uol

sahodcoluq.U

lolsaAul uOtetoS dorhrcaeHN

HAH

-edrcaUxI6

0 0 0 00t 00t ^00r

00t 00t ⁰ uoqs/oxtBdv

0 0 0 00t

0z 0

rurqOuol Har''odcoluqu

JOlsaAUl ueueOlng dorrucaeHfi Nxcde.iung

0 ^{U OB} 0z 0z

9L ⁰

0..

^{9Z 9Z 00t 0} yoqsTox.ledx

0 0 9'l.g ^{0 0 9'Zg} g'29 rurqbuol

xerlodco.iuqu

rueq ueue6lng exHE9 excde.:ucg

68.BE 0 /9'9 t /9'9 ^{t 99'9 ez'zL} t't I uotls/oxr-edx

0t 0t garrodcoluqU^uuqbuol

auluret6otd leuolleulalul ened:odu

eHE -odexAUxayrl

0 0 0t 0t ⁰

0 0 29'99 L9'99 ^{0 0} 00t yoqsToxr-edx

e'9t sarlodcoluq.E^u.r46uo1

eurutel0otd 'uJuJoAo9 enedtodu eHeexde[

0 0 0 e9'ez t I'ez ^9e'28

eB'92 ^{f 9'61} z'zt ^96'lZ f/'f0 ^{TL'OL 9't I} poqsToxr.edx

0 0t 0t sanodcotuqE^uu.r46uo1

uoqezrueOto

iaulel

'anqeledoo"J smheeNHe.ldo excdauldaQ 'eruedeuooy

0 0 0t ^0?

0l ^{9l 9e 09 9t}

f

09 0t uor.ls/oxled)l

0 0z 0t Har'odco:uqE^turqbuol

spuaul 'aA$ElaH

uuesrdu

'uxmHEo4

0l ^{0 0 0}

0 0 9Z q'/0 0 09 e'le Uor.ls/oxLed)

'uerenb lsag

JOUEe 8ilU -rrrrar,rdu-4eg

suolllpuoc pue sorslul lsoE

sneoucA

14 E8Xl4u

edgov-4eg

ra tlddns raqlo oN eHoqred

I ^){t4h

-eercoE tAdU eeAercernq.c

aH

pouad ased -ucxeHrQ en Eondag

aclnos

r14Hhore yl

uoilpell Ag eranr,luedl

ou

sacl^los roqlo nt(ucA ra:Adr eH aH

-ueercoUadg

slueuAed

'1ddAs oP NXAIPUU 14H

-uart,1Huc'uoU Bt/rsH

lUALllnsop lo lol ^E lo le'l

6n -herHawAYoU

ojoHt l eH ecuh u

aclotic ec;nos lo uoseal uley\ /xt4HholEN ex dogera ee esrnt,tdu PHEOHCO

: _{Sursn uuel Io ue}

YX NW O H O}I U ^V H A ^{VH O} H N A JU J) ^H N

UHCT I,IT yUH _{O HA JI} HA n RO H O MURA

rqxHara rbnrocpoqHa AefiHocr

-

^{BbrpeuHo (co6-}

crneHo) SunaucrEpaHe H ('rcno6o4eurr) ra3ap.

3a sHaqr4TeJrHa qacr

or

KparKocpor{HI4Te Anbx-

Hr4rIH Ha 6aHrure I'rpagutluxra'] cbrrlo nrpae 3Ha- qHTerHa _ponff .,,{rnrocpor{Hure KJr}reHTcKv B3av- MoorHorrre:r^:ns, c AaAeHa 6anxa ca cBbp3aHH c pa3- BHTr{ero Ha c[erlr4Sraueu 3a rrorAbpxaHero Ha B3a- rrMoorHorueHr{-fiTa KanHTaJr. Tona [oMara _Aa ce [peo.qoJree npo6neMa

c

un$opvaul{oHHara acv- Merpra{ (.4eQurrnr), Aa ce ^pa3Br.Ie AoBepHe MexAy rrapTHboplrTe, ofpaHHqaBa npe- H rIocT-KoHTpaK-

THkrs. o[oprroHH3]bM, H KaTo rlflno HaMaJIsBa rpaH- 3aKrrHoHHHTe pa3xoAl4 3a cna64ssane c _QraHancvt.

lloqru

l4o/o

or

noJI3BareJIuTe Ha KparKocpoqeH KpeAHT H rrOJrOBHHaTa OT AbnfOCpOtIHHTe Anbx(- Hl4rrrr ua 6rrrapcKa 6aHxa ilocoqBar, .Ie

re

^rrBI4-

varu'iittu ^{qecrort ca B} ca,crosHne _Aa HaMepqr BbH-

rxuo SraHaHcupaHe Koraro e seo6xoAnMo. Tosa o3HaqaBa, qe rpaH3aKrli.roHHr4Te pp3xo IV ^{3a na3ap-}

so

csa6ArBaHe

c

_$uuascu Ha non3Bailrure _Qep- MepH ca

orHoc"tatr*o

Hucxn4.

B ycronHfrTa Ha BHcoKa r4KoHoMrrqecKa u rroBe- AeHqecKa HeonpeAeJreHocr ce pa3BHBar H Apyfr4 cnequ$uuuu $opMr{ ^3a ynecH.f,BaHe Ha rpaH3aK- rri4r4re ea QrEuaucr4paHe qpe3 Aa,nr. Illnpoxo ce I43- rroJr3Ba cbBMecrHoro SuuaHcupaHe Ha ^r4HBecrH- qr4uTe c KpeAHT

or

6urapcKa 6asxa ^pr co6crsenla cpeAcrBa - cborBerHo oT 62o/o

or

rro3BareJrure Ha

AbnrocpoqeH ^KpeAr.rr

a

^eAHa

rpera or

^norpe6n-

TeJrr4Te Ha KparKocpoqeu KpeAr4T. Bcu.rru Anbx-

Hr4ur4 Ha qyxAecrpaHnu _6arixH 3aAbJrxr4TeJrHo

crSuuan ^ckrpar BJro)KeHr{ flTa c'bc co6crseHI4 cpe.q-

crBa. Tagu crerlr{anua (cveceHa) Sopva ira Su- HaHcr{paHe noBr4ruaBa crr4MynuTe ua $eprnrepl4Te

ra ^eQexudBHo r43rroJr3BaHe Ha rIHBecrI4III{ure, pa3- AeJrfl pr4cKa MelKAy 6aHxara 14 noJl3Barelrs., vr v'u-

Hr,IMI43Hpa o6qure pa3xoAr 3ayilpaBJIeHHe Ha Slr- HaHcoBoro csa6AsBaHe. O6urcHoneso co6crBeHu- Te cpeAcrBa ce H3rroJr3Bar aa $nuaHavpaHe ^Ha Qeprr,reHo-cnequSuqHu aKrl{nu

(:evx

u no.qo6pe- lar4fr

:r'a:evxra),

_AoKaro KpeAr4THr4qr pecypc ce HacoqBa

ra

SuuaHcl4paHe Ha no-yHnlepcantkr ^LI IuKBHAH:a aKT:nrLT

(ra reru

aKTuBI4 cbu-IecrByBa BTopr.rqeH rra3ap

u

6auxara cpaBHHTenHo JIecHo MOXe

IA

^{AV Bb3BbpHe} r{aCTI4t{HO BJIOXeHI4qra npH rrpoBan Ha r4HBecrI4I{IloHHnx npoexr).

KopenaqvrflTa MexAy co6crneso n 6asxono Sn-

IIAHCIdpaHe e HpICKa npH rIOn3BaTeJIHTe Ha KpaT- KocpoqeH KpeAI4T, KbAero 670/o

or

AnbxHHqHTe ua

(6rnrapcru)

6asxu ^He yqacrBar

c

^HacpelrlHo co6crneno Sr,rHancr{paHe.

Tyr

o6uKHoBeHo

"6t-

Aeulara peKonrarr ce u3uoJI3Ba Karo rapaHIIH-s Ha 3aeMHrr.f, KoHTpaKr. OcneH ToBa, 6asrnre ^L{3pI4t{-

HO r.r3r{cKsar rr3arynyBaHero Ha 3acrpaxonra ^(Ha [poAyKrIvtflTa] ilpoAyKTI{BHI{Te axrvlnu)rr

or

Kpe- lr4Tr4paHara _Seprnra.

llo

ro3u HaqI4H, BbrIpeKI4 He- xeJraHuero cr{, $eprnrepure ca npHHyreHI4 _{.ua IIJIa-} urar AolbJrHHTeJrHa ueHa za cua6d-flBaHe cbc 3ac- mpaxolKa

(or

na3apa aa pucx) 3a

la

^{noryqar He-}

o6xoArauns 6anroB KpeAI4T.

4 _{Hprro eAr.rH} or .qJIbxHLIqure Ha qyxgecrBpaHHl4Te 6aHru o6a.{e He rrocoqBa, qe e necHo HaMI,IpaHero sa seo6xoAl't- MH.{ KPCAHT.

Bupexu

rfrorqvororr paanvrne Ha rra3apa 3a arpapeH KpeAr.rr

or

Haqaroro Ha rpaHc$opMarru- qra, roBeqero

or

6urapcKHTe _Qepnara oule He H3- noJr3Bar fia3apa 3a opraHu3a\vs. Ha rffxHoro Sn- HaHcoBo cna6A.snaHe. B HqKou cnyqau na3apHara

$opva e npeKaneHo cKbrra

-

rrr.r3xnroquTeJlHo BI{- coxarr Jrr4xBa r.r Apyfu crpaHHqHH nJIarelKH; 3ary- 6a sa noABHXHocrra

(u

e$exrl{BHocrra) Ha ar- papHr.rre pecypcr npeAocTaBeHr4 KaTo 3anof ^rIoA 6asron KoHrpon. B apyru ^clryLrau, rla3apuara $op- Ma He e Bb3Moxsa

u:o6qo -

cuTyal\vrs, Ha JIHnc- BauI na3ap. Ero 3aulo Seprraeprare

rbpctT

H pa3- BlrBar uo-eQexrHBHI4 Hena3apHu (uacmuLt, mpLtc' mpaHu, xu1pudurz) SopuI,I ^3a BbHIxHo SuHaucu- paHe Ha cBosra Aefinocr.

Jf uqHu ^{B 3} auilo otttHo tue Hu.fl

IrlgnorssaHero Ha rrpoguktHu ^pr [p]rsrenurf Ka- TO BT,HrrInia CHa6AVT7ITV Ha KarrHTaI e qeCTO Cpe-

rraHo B ceJrcKure

o6usocrl{.

To 6erue oco6eso noilyn.flpHo B HaqaJroro Ha rpaHc$oprtaaqutra, Ko-

raro HeorrpeAeJreHocrra 6erne u3KrroqHTeJIHo BH- coKa r4 rrepcoHaJrHr4Te Bpb3KH !r AoBeplre (rrvexa- HH3bM:sr Ha ABycrpanara peryralluxrr) yupaBrlff- BatIIe rloBeqero

or

rrKoHoMuqecKuTe TpaH3aKIIHH B Haur{oHaJreH H AopH ^B TpaHcHarlnoHanen uarqa6 (E a ru e n, 1997).Tagu _Sopnaa 3a BbHrrrHo csa6Ag- BaHe BCe OXIe e OCHOBHa 3a forqMa r{aCT OT Hepe-

recrpupaHr4re

Sepvu

3a KparKocpor{Ho $unaH- cHpaHe,

u

3a HepefHcrpvpaHvre ¹⁴ cpeAHo pa3- MepHr4 Sepvrr.r 3a AbnrocporrHo $uHaHcupaHe

(ra6r.

1). 3a 3Haqr4rerHa qacr

or

$eprral4Te roBa e

eAr{HcrBeHara

$opva

^3a BbHrrrHo @unaHcl{paHe (ra6n. 2). Pa:xoAr4re 3a AoroBap.sHe I4 caHKIIHo- Hr{paHe Hp. KoHTpaKTr4Te ca ^H]/lQKkt, rr,it, KaTo HKo- HoMuqecx$re rpaH3aKqprut ce yrpaBnrBar or _"Ao6-

pHTe Harraepenr4s,tt 14 rr{qHo _AoBepue MexAy napT- Hbopr4Te (o6r.rruroaeHo r{acr

or

no-rrtnpoKrl rrpr4s,- TeJrcKr{ r4 poAHHHcKH B3arrMoorHoueHur). Hafi- qecro _He cbulecrByBa Soprnranno rl{caHe n peruc-

Tparlr4.s Ha AoroBoprare, ^r4JrH KaKBprro kt Aa e v3rrc- KBaHHs 3a 3anor. Marxo Bepo.srHu ca H KoHQnur- TH CBbp3AHvr Q r43rIbIIHeHr{e Ha KOHTpaKTI{Te, H aKO r4Ma raKi4Ba re JrecHo ce npeoAoJllBar 6es oco6e-

lrr4 ycvrlrkrfl vJrvr neo6xoAlrMocr

or

HaMeca Ha rpe-

ra

crpaHa

(clg

r4 Ap.). Ocnes roBa ^o6uxHoseHo ce rpunara "npe$epeHrrnarHa" ^(He pxgxo Hyne- na) nuxna u no rbBKaBH ycnoBnff Ha 3aeMa.

Brupexu

cpaBHr{TeJrHara

cu

eQexrHBHocr, 'tpoguuHcKo-rrpuqreJlcKararr Qoprraa He Moxe Aa

6rle

nepMaHeHrHa $oplaa ^sa SI,rHancoBo ocl{ry- p.sBaHe. CrulecrByBar ^t'

ectectseHll

orp aHr4Lre- lrtrs.tt Ha :etarvrrHuTe (6

eauaruu,

np eQep eHul4an ^-

un)

nrnurHl,I r,I3To.{HHITH

or ro3u

TI4rI.

,{oraro

roBeqero or Seprraure (68Vo), uol:nauln KparKoc- poqHo KpeAraTrapaHe t{pe3 _{Ta3v Qoprraa,} [ocoqBar qe

re

rrnuHafI,I _LUIH qecro'r _Hananpar B:bHIrrHI4 I43-

ToqHuurr Koraro ce HyxAaflT, Hktro eAHa Sepva

He xapaKrupu3rapa Karo noAo6no 3aAoBon.sBaHe- To Ha AbnrocpoqHure cn QuHaucoBH Hyx4ra. Oc-

BeH ToBa, Koraro tre$exrunHocrra na Seprr.laratl He e Kpr{Tepufi npu B3eMaHero Ha I4HBecrHIIHo- HHr,r pem eHHs, Hr4To eAHa $opr"ra ^He Moxe

la ^6t-

.qe ycrofiqvBa B AbnrocpoqeH ^rIJIaH. CreAoearer-

HO, Jrr4r{HI'ITe B3aUMOOTHOIIT9}j}jfl. UIe Ce i{3rIoJI3-

14

I

^{nKoHoMHKA H} ynpABtrEHuE HA cEtrcKoro :ToIIAHCTBI ⁵ I ²⁰⁰³

sI /

^{€00e I s} )SJJHVAOJS OJON)uIJ ^VH sl4gsltsvda^ ¹⁴ vxnwoUolln -orIJ '(ereuroxad en enesen,(rou c oH€d-4en ,,eu

-es,(u,furo,,) ouelns.dsec.s es Voudeu Helrornxrs.Y -odu

c

redneudervedex oc oHesoHxugo osJcHert

-oJc oroxclres

s

usl4rxe uHrtodcorirs.v

n

ugrrod -coxredx

s

erlll,ttll4 Lleslat\'(enea,{u,{xe0 oroHxrr

€€ r.rr4Eoxgoeu) I^t3€0 ?H oroHrsercoVed[ c nsHJ -)€ HHlreptderert eH oJeH€arYgeuc ^eaedv.ago rcoH -tns.cs eltdoQ vEeL'QOAZos e H e d e

I's

^{o m 3 g)}

,,oHefn€r[ oroHoxollrort ^e (ernnrosnx eH oHasJc -HraVa ouHehotlfxen c) I4surxe usttev'daJ€I I eH Ifar -vYgeHc seretreduo eH edogtw ee dorxeQ ^ueaou -co ^ulnrdeQ erunedurexse

ro

rceh emriroJ

€t

'QSSI'semeg)ua

-Hrx€ uuteudarsm ^€H ernroruVg€Hc

n

erunidaQ

,(vxen

ernxss.ds €H oplHolrsedu,( ee er.rdoQ ^€HesC

- rroileH ovo dnm e

'prne*rlrer ^do -ereHeeds.scoHt\il4 -eeg 'uufixeeHedr arusocueriuQ €H eHesrncar,( ee

u

ernwargodu €H eHesnrotrOedu eo nr'qdoQ uuc

-)r e Lru l\rox ^- o u 14 LesY ^Lad g o era urHo Je aruu de

dry

rnhntnunz

do

ountdestoHwnDtg

'rconuVox -goeH ndu aseducueunQ oHmHCLs edunren etr oH

-ber e eV orrov e0'dolnroesHn ^Vx,(n ro esednrnV -ndx enrdeQ es,{src,(mqc ^oH - oseducnelrHQ oHm -HrLs ee erudoQ estroxeed oxcnu ^o eH esor 'el^sods

orotnq.c

g

'(eriedncneHu$ roJoHosrcgocr ^or€x nrr'ou) e;u\teJ;ftel'r,{xotr es enrntdoQo ee H 'Jor

-€ 0'e ne fi e ds ec.s' e sxkrlt e H sH s o r c K us tYt'tdu ore 19 oHrforHho{Ifxe}I reseh,{rou eireducirenuQ €H ^er\l -doQ r4te:-

rescroil

oJI4o)I 'erultdaQ

u

oHgen,(rc e11 ;dorxac ruxcderudeQ ss.s nI4rIrJcesHI4 usned

-icevx,ft.

erugrxeduv

es

euHerseduf ee ^HHheH Hexor icqs rHHOsJcHHro e ^enrdHQ EHrcol,l

c

(d*n -Hes

rHuox)

enrruduVedu oroHrcorusc,c

u or[3[

org

'HnHeYxrft'

ro

Hl^loc laxcreVeruoc €H aHear{u,{x -€0 s0 vr4qahvHed:o oJnsoHox€c cc.c oHeedqsc Heu

-erc eHreJxheHo a a ndownwJasHn nssedrcaYx,{r'

ro

anedncnenraQ orosrxoduV

es

orel4Juso€d 'uwdeQ oruIfi -esrcerrf,

€t oxr€I{

es,(drc es rnfiedJerHl'{ ^€HIf?) -urdes unr I4eor eH oJeH€xdc.Vrou ^H oJeuJl4seed

'oHreresoVeir3'(eueducueHnQ oHmH<ts onnod -coJrrlttr uduwen oHsor

orrox

'eltdeQ esfsrcorn

-{c

eH

u)

nnnunoJcl4 nHmHq.s

ro

esedncrieunQ redulnteg eV augroJcq.S g €c rorcohr oh 't€gt'oc -ou udornJcesHH

uxcdelrtg

ro HH€xdc-Yrou arHd -endeQ Lo o 6

ro

oxlrett-og 'undrc,(vnu ornlnes -r{u,(xeia

ro

^{euadawdeQ eH} JSoI^lllJr4sp't, eressedr -cosVe eserergoodu 'esor Hxeduc.g '('dV H Hso>I

-lreg 'u:l^tevrdrlf,rxx) uxsodnur(d.l ^{cesel4g HI IaIT}

-or?n ruraredrc

€r€HHoIafiexilQxcdesutr Jo rc€h

or€x

resuseed

o)

^kr ucadersu (nxcdewdaQ au) HHmH<ts

ro

(unaur(xelt uttu) HHaVeVetc ec ul'rdraQ

ncor ovE'rd

ag

'(xedr,ugde novodes'{Vxew 'rntt -,(rnrcnn eHsexds"Y 'Vc.c 'dewudueu) euedrJ ^eL -edr ^Vedu erutnes n "dV uuu\tetutre"tdo undefic.V

'uxd€y',1 r4xcso:ds.r

'(reatc

rl,lHlroruaedu6

s

eur

-cer'tl, oxrdu ^daruIl dueu) oarc docHr deu ourew ^doQ eH avlne.ged earros€ou oJ€x lTz;-'avtlr^ah€H€

ot\lrr

-oJ

Jo

e (,,erentduQ-od:€r ^{oHaI^lI4)} -sun€eHneldo oaH€Hg en ewdoQ ereaoiroxec 'ened:,c er,(dv

rg

',,uxrJvc Joxeilrr rl4rrtgo Jo rc€h or€x ^HutrnedaQ -'iOtt 'du n usnerouu;HHasxur reser',(rou ^rlrudeQ

erulnegrogh6

'H'r

H Hdc.r'rHas JHtlorl( 'r(ex-,{os r{ Ilsfirx€ nnreudaJ€Ill c eHearVgeHc 'aH€sr(ur{xelt onrnedceH

-

^l,txgs.ds eJuHr€xvrdes

eH

elanarsed -u,{ es (n) douoroV xodum-ou Jo rc€h ^e enesrd,(r -r{co osocHeHnQ

e"

eltdoQ r4cer oHesoHxr4go

'runxfYodu excdenrdaQ en (ruurexdert) oHea,(u,(xEV eE HxIIOtrC UmOtrC.g Ianee dC.scoHI II{

-ees ,(modc

('u'r

^*r urceudeJ€lt onHLtsod,(c citc oH -eauYgeuc ororn,(xer ^eH aseducneuuQ) enelneru osocH€se rrs€JooVedu oHasoHlIHgo

(treaordtr

' ror€ slo g e de du) lr dorurce sHI,I ou4Hrcol.ll Ir?rHUex ueroged €H JI4JcoYen

nrroJ

^{s €3 eruwdo$ or€x}

gs.1 'udoJurcosHl4 arusnedrcsYx,ft' _{eE Vo00I} u or

-uxcderrtg

ec _%SZ e

rrV

^usor uu\rul-cosHu erl4H

-l,odcoxredx eg 'oseducseriuQ onmedrc.s H ^JXs -ercovedu

otnc.c'ultttoxors

Hc ornsnodcoJrs.V en oneducnennQ oIrgoVou utnesen,{rou 'umdeQ Hvhncs or' '€seYxdc-arou anesvarc0u or3m€H 'dosHrder Helrexurdea rHHesocodersneg

ro

ened -r4rcosHn (oox) oHmHqs ourxednY utrw (dn-p1oq)

rf€Jr4 lrex se dprr,utgl4no u 3 s eHe durc ^a a]il4 oVa H HLf H

'oirrfor€sovelr3'(euedurcesHn oHJcensq.J vrttt ',,Jor€e,, HxoohnmoHoxn €H eHemeeg 'lx€dJHox senodcorrs.tr) eHHersedu,t ee endoQ euar,trxeQe es€xrH eedn llserulnee ec eH er oxe 'nnftur,costttl orunrrlor{ssc l4rl'Isedues exvg ex otns.c ernltdeqr 'sor^rodro

e uere

(runuoufiHrcesHu)

rnurxedr

-Hox-Jcou s onHeVesou ouhnJcldsotrdouo Jo rilx -cttd x,{1 'rernYgenc ^HemHiLs mnol'Iseces

ro

^red

-ncueHraQ oc €Y r?Jol^t

lrr

^{eaYe er,} 'h€s,tu,{x (uaa -rcnr,rYe) sereVeduo oHhor

ro

unfiurcesHu ucer

€H rcor\ir4cr4see er€xocl4s uVudog

'('df _u

usdec -nox uftpVolrn I'I Hsox,{hHeltae €H remtroseprodu'oc

-or r r4 d""rrru eH roresrogededu 'oHHs

es rernv

-osenodu) r'ea,{u.{x

nevef

ee oHHoh€He oHagoco

ro

o oJrox '(Voxeuodu ,HOIIeI4rIouc* ooslcVogel4 -odu eH rHJorroHXoJ HrH osJceh?x ,,olllceufieuc,,) erx,{Yodu es rultexnQutreuc €sx€>I6H c llrieedc.sc ec oHosoHxtlgo I,IsHJx€

I{toI

'Lforl4coHgu

tlru

^ltes

-ords.r 'releslogededu sereYeduo Jo I{surxe 3r -nxcdewdeQ eri rcol,ttl,Icns€e €HHed.rcosva orceh -yeH Hru ('dY u exseJcoV es av{eds '€ltr,otl,lfteuex) essedrc,(sY krlrr4 o

€sol

^'(qOOOZ

's

e rrl e

g)

rHrt -v,{Vodu excdertdeQ eH r'es.{u,tx HomHqs neraYad -uo o rLrHemoHJooI IH€e s.ee r4uirurcesHu eruxcdelt -deQ eH rcoHhuQutreuc er€xocns

ro

rreVeduoV -edu ec rooH4ov erended.re eu onedracneHlrQ ee elnl

-doQ €HJOBh enr-'nQN[auc i{eeJ €H €Jruno{rosg

'nrudr.rQ eHHr rorroJ

ou

usVedc

en

erunftl4rceaHn

orrlelr

reducuesns udoruJcoaHn erussedrceVx,(pt'en -IfernheHe a'trnttoxorsor€ruu€x ernsnodcorrc.V eli eHedracuennQ oxvdu Htnesel'fro[' ^Hrn{ duQ -o d.te oJr4r^roiroJ eH erJce6'uIlfleeuserdo nsdenreed-on -yedc nnedudrcilred €H lreruil€x ^trHHJoged mduc

-nenraQ orl4ox'udotlllcosHn

uxcderrtg

ec

eruror

-u1geuc Jo orosrcHHeoHIAI

'(t

'r9e+) xtrew_ etno eos o dornrcesHl4 ^HemHita Jo esedilcseuuQ rea -en,,{non orHO)I 'r,rwdeQ ernvcde.l:rts"g eH

rr.ra['

tnhn ^d zautHn DHUDxn ^{ttt da}

g

'aneduc -uenuQ oxcdev'rdaQ ee ewdoQ ,€rresroeuc 'esEer -couil or€}I ^emoYc.g g pt '€srerHHlfftrov orev res

VX NW O H ON H ^{VH If V H O} N NA JH J)H H