
Ɋɭɫɫɤɢɣ
- 5 -
ȿɫɥɢɨɛɧɚɪɭɠɟɧɨɫɨɞɟɪɠɚɧɢɟ'ROE\9LVLRQɜɦɟɧɸ
Ɋɟɠɢɦɢɡɨɛɪɚɠɟɧɢɹ
ɛɭɞɭɬɞɨɫɬɭɩɧɵɬɪɢɩɪɟɞɨ
-
ɩɪɟɞɟɥɟɧɧɵɯɪɟɠɢɦɚɢɡɨɛɪɚɠɟɧɢɹ
'ROE\9LVLRQ
ɹɪɤɢɣ
'ROE\9LVLRQɬɟɦɧɵɣ
ɢ
'ROE\9LVLRQɠɢɜɨɣ
.
ȼɫɟ ɨɧɢ ɩɨɡɜɨɥɹɸɬ ɩɨɥɶɡɨɜɚɬɟɥɸ ɜɨɫɩɪɢɧɢɦɚɬɶ
ɤɨɧɬɟɧɬ ɜ ɬɨɦ ɜɢɞɟ ɩɟɪɜɨɧɚɱɚɥɶɧɨ ɩɪɟɞɧɚɡɧɚ
-
ɱɟɧɧɵɣɞɥɹɪɚɡɥɢɱɧɵɯɭɫɥɨɜɢɣɨɫɜɟɳɟɧɢɹɑɬɨɛɵ
ɢɡɦɟɧɢɬɶɧɚɫɬɪɨɣɤɭ
Ɋɟɠɢɦɚɢɡɨɛɪɚɠɟɧɢɹ
ɧɚɠɦɢ
-
ɬɟɤɧɨɩɤɭ
0HQX
ɜɨɜɪɟɦɹɩɪɨɫɦɨɬɪɚɫɨɞɟɪɠɢɦɨɝɨ
'ROE\9LVLRQɢɩɟɪɟɣɞɢɬɟɜɦɟɧɸ
ɂɡɨɛɪɚɠɟɧɢɟ
ɉɪɢ
ɩɪɨɫɦɨɬɪɟ'ROE\9LVLRQ&RQWHQWɱɟɪɟɡɩɪɢɥɨɠɟɧɢɟ
ɤɪɨɦɟ<RX7XEH1HWÀL[ɢ0XOWL0HGLD3OD\HUɜɵɧɟ
ɫɦɨɠɟɬɟɩɨɥɭɱɢɬɶɞɨɫɬɭɩɤɦɟɧɸ
ɂɡɨɛɪɚɠɟɧɢɟ
ɢ
ɭɫɬɚɧɨɜɢɬɶ
Ɋɟɠɢɦɢɡɨɛɪɚɠɟɧɢɹ
.
ɋɬɚɧɞɚɪɬɧɚɹɭɫɬɚɧɨɜɤɚ
ɢɤɪɟɩɥɟɧɢɟɧɚɫɬɟɧɭ
Ɇɨɧɬɚɠɞɟɦɨɧɬɚɠɩɨɞɫɬɚɜɤɢ
ɉɨɞɝɨɬɨɜɤɚ
ɂɡɜɥɟɤɢɬɟɩɨɞɫɬɚɜɤɭɢɢɡɭɩɚɤɨɜɤɢɢɩɨɦɟɫɬɢɬɟ
ɬɟɥɟɜɢɡɨɪɧɚɪɚɛɨɱɢɣɫɬɨɥɷɤɪɚɧɨɦɜɧɢɡɧɚɱɢɫɬɭɸ
ɢɦɹɝɤɭɸɬɤɚɧɶɨɞɟɹɥɨɢɬɞ
ɂɫɩɨɥɶɡɭɣɬɟ ɩɥɨɫɤɢɣ ɢ ɩɪɨɱɧɵɣ ɫɬɨɥ ɤɨɬɨɪɵɣ
ɛɨɥɶɲɟɱɟɦɬɟɥɟɜɢɡɨɪ
ɇɟɭɞɟɪɠɢɜɚɣɬɟɬɟɥɟɜɢɡɨɪɡɚɷɤɪɚɧ
ɋɨɛɥɸɞɚɣɬɟɨɫɬɨɪɨɠɧɨɫɬɶɱɬɨɛɵɧɟɩɨɰɚɪɚɩɚɬɶ
ɢɧɟɩɨɥɨɦɚɬɶɬɟɥɟɜɢɡɨɪ
Ɇɨɧɬɚɠɩɨɞɫɬɚɜɤɢ
ɍɫɬɚɧɨɜɢɬɟɩɨɞɫɬɚɜɤɭɜɦɟɫɬɨɞɥɹɤɪɟɩɥɟɧɢɹ
ɧɚɡɚɞɧɟɣɩɚɧɟɥɢɬɟɥɟɜɢɡɨɪɚ
ȼɫɬɚɜɶɬɟ ɩɨɫɬɚɜɥɹɟɦɵɟ ɛɨɥɬɵ ɢ ɚɤɤɭɪɚɬɧɨ
ɡɚɬɹɧɢɬɟɢɯɩɨɤɚɩɨɞɫɬɚɜɤɚɢɧɟɛɭɞɟɬɭɬ
ɡɚɤɪɟɩɥɟɧɚɵɞɨɥɠɧɵɦɨɛɪɚɡɨɦ
ɋɧɹɬɢɟɩɨɞɫɬɚɜɤɢɫɬɟɥɟɜɢɡɨɪɚ
ɋɧɢɦɚɣɬɟ ɩɨɞɫɬɚɜɤɭ ɫɥɟɞɭɸɳɢɦ ɫɩɨɫɨɛɨɦ ɩɪɢ
ɢɫɩɨɥɶɡɨɜɚɧɢɢɤɪɨɧɲɬɟɣɧɚɞɥɹɦɨɧɬɚɠɚɧɚɫɬɟɧɭ
ɢɥɢɩɨɜɬɨɪɧɨɦɭɩɚɤɨɜɵɜɚɧɢɢɬɟɥɟɜɢɡɨɪɚ
ɉɨɦɟɫɬɢɬɟɬɟɥɟɜɢɡɨɪɧɚɪɚɛɨɱɢɣɫɬɨɥɷɤɪɚɧɨɦ
ɜɧɢɡ ɧɚ ɱɢɫɬɭɸ ɢ ɦɹɝɤɭɸ ɬɤɚɧɶ ɉɪɢ ɷɬɨɦ
ɩɨɞɫɬɚɜɤɚɢ ɞɨɥɠɧɚɵ ɫɜɢɫɚɬɶ ɡɚ ɤɪɚɣ ɷɬɨɣ
ɩɨɜɟɪɯɧɨɫɬɢ
ɍɞɚɥɢɬɟɜɢɧɬɵɮɢɤɫɢɪɭɸɳɢɟɩɨɞɫɬɚɜɤɭɢ
ɋɧɢɦɢɬɟɩɨɞɫɬɚɜɤɭɢ
ȼ ɫɥɭɱɚɟ ɢɫɩɨɥɶɡɨɜɚɧɢɹ ɤɪɨɧɲɬɟɣɧɚ ɞɥɹ
ɧɚɫɬɟɧɧɨɝɨɤɪɟɩɥɟɧɢɹ
ȼɚɲ ɬɟɥɟɜɢɡɨɪ ɬɚɤɠɟ ɝɨɬɨɜ ɤ ɷɤɫɩɥɭɚɬɚɰɢɢ
ɫ ɢɫɩɨɥɶɡɨɜɚɧɢɟɦ ɧɚɫɬɟɧɧɨɝɨ ɤɪɨɧɲɬɟɣɧɚ
ɫɨɜɦɟɫɬɢɦɨɝɨɫɤɪɟɩɥɟɧɢɟɦ9(6$Ɉɧɧɟɜɯɨɞɢɬɜ
ɤɨɦɩɥɟɤɬɩɨɫɬɚɜɤɢɜɦɟɫɬɟɫɜɚɲɢɦɬɟɥɟɜɢɡɨɪɨɦ
ɨɛɪɚɬɢɬɟɫɶɤɦɟɫɬɧɨɦɭɞɢɥɟɪɭɞɥɹɩɪɢɨɛɪɟɬɟɧɢɹ
ɪɟɤɨɦɟɧɞɭɟɦɨɝɨ ɤɪɨɧɲɬɟɣɧɚ ɞɥɹ ɧɚɫɬɟɧɧɨɝɨ
ɤɪɟɩɥɟɧɢɹ
Ɋɚɡɦɟɪɵ ɨɬɜɟɪɫɬɢɣ ɢ ɢɡɦɟɪɟɧɢɹ ɞɥɹ ɭɫɬɚɧɨɜɤɢ
ɧɚɫɬɟɧɧɨɝɨɤɪɨɧɲɬɟɣɧɚ
ɊȺɁɆȿɊɕȾɅəɇȺɋɌȿɇɇɈȽɈɄɊȿɉɅȿɇɂə
9(6$
ˀ̛̥̖̬̼̭̭̯̖̌̚
-
̨̛̥̼̯̖̬̭̯̜̏
;̥̥Ϳ
ˌ
H
200
200
ˀ̨̨̥̖̬̼̣̯̌̍̏̚
ʪ̛̣̦̌;yͿ
̛̥̦͘;̥̥Ϳ
10
̡̥̭̌͘;̥̥Ϳ
13
ˀ̖̽̍̌̚;zͿ
M6
ɉɨɞɤɥɸɱɟɧɢɟɚɧɬɟɧɧɵ
ɉɨɞɤɥɸɱɢɬɟ ɲɬɟɩɫɟɥɶ ɚɧɬɟɧɧɵ ɢɥɢ ɤɚɛɟɥɶɧɨɝɨ
ɬɟɥɟɜɢɞɟɧɢɹ ɤ ɝɧɟɡɞɭ ɞɥɹ ɚɧɬɟɧɧɵ 6$7(//,7(
,1387 $17 ɧɚɯɨɞɹɳɟɦɭɫɹ ɧɚ ɡɚɞɧɟɣ ɩɚɧɟɥɢ
ɬɟɥɟɜɢɡɨɪɚɢɥɢɝɧɟɡɞɨɞɥɹɫɩɭɬɧɢɤɨɜɨɣɚɧɬɟɧɧɵ
6$7(//,7(,1387/1%ɧɚɯɨɞɹɳɟɦɭɫɹɧɚɡɚɞɧɟɣ
ɩɚɧɟɥɢɬɟɥɟɜɢɡɨɪɚ
Ʌɟɜɚɹɩɚɧɟɥɶɬɟɥɟɜɢɡɨɪɚ
$17
Ɂɚɞɧɹɹɩɚɧɟɥɶɬɟɥɟɜɢɡɨɪɚ
/1%
ȿɫɥɢ ɜɵ ɯɨɬɢɬɟ ɩɨɞɤɥɸɱɢɬɶ ɭɫɬɪɨɣɫɬɜɨ ɤ
ɬɟɥɟɜɢɡɨɪɭ ɭɛɟɞɢɬɟɫɶ ɱɬɨ ɢ ɬɟɥɟɜɢɡɨɪ ɢ
ɭ ɫ ɬ ɪ ɨ ɣ ɫ ɬ ɜ ɨ ɜ ɵ ɤ ɥ ɸ ɱ ɟ ɧ ɵ ɩ ɪ ɟ ɠ ɞ ɟ ɱ ɟ ɦ
ɭɫɬɚɧɚɜɥɢɜɚɬɶɫɨɟɞɢɧɟɧɢɟɉɨɫɥɟɡɚɜɟɪɲɟɧɢɹ
ɩɨɞɤɥɸɱɟɧɢɹ ɜɵ ɦɨɠɟɬɟ ɜɤɥɸɱɢɬɶ ɨɛɚ ɭɫɬɪɨɣɫɬɜɚ ɢ
ɢɫɩɨɥɶɡɨɜɚɬɶɢɯ
Ɋɭɫɫɤɢɣ
- 6 -
Ⱦɪɭɝɢɟɋɨɟɞɢɧɟɧɢɹ
ȿɫɥɢɜɵɯɨɬɢɬɟɩɨɞɤɥɸɱɢɬɶɭɫɬɪɨɣɫɬɜɨɤɬɟɥɟɜɢɡɨɪɭɭɛɟɞɢɬɟɫɶɱɬɨɢɬɟɥɟɜɢɡɨɪɢɭɫɬɪɨɣɫɬɜɨɜɵɤɥɸɱɟɧɵ
ɩɪɟɠɞɟɱɟɦɭɫɬɚɧɚɜɥɢɜɚɬɶɫɨɟɞɢɧɟɧɢɟɉɨɫɥɟɡɚɜɟɪɲɟɧɢɹɩɨɞɤɥɸɱɟɧɢɹɜɵɦɨɠɟɬɟɜɤɥɸɱɢɬɶɨɛɚɭɫɬɪɨɣɫɬɜɚ
ɢɢɫɩɨɥɶɡɨɜɚɬɶɢɯ
Ɋɚɡɴɟɦ
Ɍɢɩ
ɉɪɨɜɨɞɚ
ɍɫɬɪɨɣɫɬɜɨ
+'0,
Ɋɚɡɴɟɦ
ɫɡɚɞɢɢ
ɫɛɨɤɭ
63',)
Ɋɚɡɴɟɦ
63',)
ɨɩɬɢɱɟɫɤɢɣ
ɜɵɯɨɞ
ɫɡɚɞɢ
ɇȺɍɒɇɂɄɂ
Ɋɚɡɴɟɦɞɥɹ
ɧɚɭɲɧɢɤɨɜ
ɫɡɚɞɢ
Ɋɚɡɴɟɦ
86%
ɫɛɨɤɭ
Ɋɚɡɴɟɦ
&,
ɫɛɨɤɭ
CAM
module
/$1
(WKHUQHW
Ɋɚɡɴɟɦ
ɫɡɚɞɢ
Ʉɚɛɟɥɶ/$1(WKHUQHW
ɉɪɢ ɢɫɩɨɥɶɡɨɜɚɧɢɢ ɤɨɦɩɥɟɤɬɚ
ɞɥɹ ɧɚɫɬɟɧɧɨɝɨ ɤɪɟɩɥɟɧɢɹ ɞɥɹ
ɩɪɢɨɛɪɟɬɟɧɢɹ ɤɨɦɩɥɟɤɬɚ ɨɛɪɚ
-
ɬɢɬɟɫɶɤɦɟɫɬɧɨɦɭɞɢɥɟɪɭɟɫɥɢ
ɨɧ ɧɟ ɩɪɢɥɚɝɚɟɬɫɹ ɩɟɪɟɞ ɧɚɱɚ
-
ɥɨɦɦɨɧɬɚɠɚɧɚɫɬɟɧɭɪɟɤɨɦɟɧ
-
ɞɭɟɬɫɹ ɩɨɞɤɥɸɱɢɬɶ ɜɫɟ ɤɚɛɟɥɢ
ɜ ɡɚɞɧɸɸ ɩɚɧɟɥɶ ɬɟɥɟɜɢɡɨɪɚ _
ȼɫɬɚɜɤɚɢɥɢɭɞɚɥɟɧɢɟɦɨɞɭɥɹ&,
ɨɫɭɳɟɫɬɜɥɹɟɬɫɹ ɬɨɥɶɤɨ ɟɫɥɢ
ɬɟɥɟɜɢɡɨɪ ȼɕɄɅɘɑȿɇ Ⱦɥɹ ɩɨ
-
ɥɭɱɟɧɢɹ ɩɨɞɪɨɛɧɨɣ ɢɧɮɨɪɦɚɰɢɢ
ɨ ɧɚɫɬɪɨɣɤɚɯ ɨɡɧɚɤɨɦɶɬɟɫɶ ɫ
ɪɭɤɨɜɨɞɫɬɜɨɦɩɨɦɨɞɭɥɸȼɯɨɞɵ
86%ɧɚɬɟɥɟɜɢɡɨɪɟɩɨɞɞɟɪɠɢɜɚ
-
ɸɬɭɫɬɪɨɣɫɬɜɚɞɨɦȺɉɨɞ
-
ɤɥɸɱɟɧɢɟ ɭɫɬɪɨɣɫɬɜ ɡɧɚɱɟɧɢɟ
ɬɨɤɚ ɜ ɤɨɬɨɪɵɯ ɜɵɲɟ ɦȺ
ɦɨɠɟɬɩɪɢɜɟɫɬɢɤɩɨɜɪɟɠɞɟɧɢɸ
ɬɟɥɟɜɢɡɨɪɚ ɉɪɢ ɩɨɞɤɥɸɱɟɧɢɢ
ɨɛɨɪɭɞɨɜɚɧɢɹ ɫ ɩɨɦɨɳɶɸ ɤɚɛɟ
-
ɥɹ +'0, ɤ ɬɟɥɟɜɢɡɨɪɭ ɱɬɨɛɵ
ɝɚɪɚɧɬɢɪɨɜɚɬɶ ɞɨɫɬɚɬɨɱɧɭɸ
ɡɚɳɢɬɭ ɨɬ ɩɚɪɚɡɢɬɧɨɝɨ ɢɡɥɭ
-
ɱɟɧɢɹɢɛɟɫɩɟɪɟɛɨɣɧɭɸɩɟɪɟɞɚɱɭ
ɫɢɝɧɚɥɨɜ ɜɵɫɨɤɨɣ ɱɟɬɤɨɫɬɢ
ɬɚɤɢɯɤɚɤ.ɤɨɧɬɟɧɬɜɵɞɨɥɠɧɵ
ɢɫɩɨɥɶɡɨɜɚɬɶɜɵɫɨɤɨɫɤɨɪɨɫɬɧɨɣ
ɷɤɪɚɧɢɪɨɜɚɧɧɵɣ ɤɚɛɟɥɶ +'0,
ɜɵɫɨɤɨɝɨɤɥɚɫɫɚɫɮɟɪɪɢɬɚɦɢ