II. ORGANIZACJE KOMERCYJNE I NIEKOMERCYJNE W GOSPODARCE RYNKOWEJ
A. Joanna Poziemska* 35$:,'Ê2:$,'(17<),.$&-$5<=<.$ '=,$Ê$/12Ý&,*2632'$5&=(-'(7(50,1$17 32=<&-,.21.85(1&<-1(-35=('6,%,2567:$ =%5$1ä<75$1632572:(- ,'(17,7<2)(&2120,&$/$&7,9,7<5,6.$67+( &21',7,212)&203(7,7,9(326,7,21,17+( 75$163257%5$1&+ 6XPPDU\
Because of a lot of changes in the global market there are appeared new threats. They have the effects on the activity of firms. To secure safety and continuity the businessmen have to undertake the new effort to achieve the purposes.
$GHTXDWHSXUSRVHVDQGVWUDWHJLHVPDNHSRVVLEOHHIIHFWLYHSURYLGLQJIRU FOLHQWVtQHHGVE\FUHDWHTXDQWLW\RISURGXFWVDQGVHUYLFHVDQGLQFRQVHTXHQFHV build the offer which will be accept by cooperators as better than the other ones one the same market. It is not easy task so at first the risk should be iden-tified because we can fight and win only with good known occurrence.
,WLVRIFRXUVHWKHWUXHIRUDOORUJDQL]DWLRQ SURILWDQGQRQSURILW DOVR IRUWUDQVSRUWILUPVZKLFKPHHWVSHFLILFULVNVDQGZRUNRQWKHYHU\G\QDPLF developing market.
8ZDJLZVWÌSQH
)DNW ÔH U\]\NR QDV RWDF]D L WRZDU]\V]\ NDÔGHM G]LDÊDOQRÎFL F]ÊRZLHND U¿ZQLHÔG]LDÊDOQRÎFLJRVSRGDUF]HMZ\GDMHVLÖRF]\ZLVW\-HGQDNXÎZLDGDPLD QLHVRELHMDNLHU\]\NRSRFLÌJD]DVREÌSRGMÖWHSU]H]QDVG]LDÊDQLHQLHMHVWMXÔ WDNLHRF]\ZLVWHLSURVWH=ZÊDV]F]DÔHSRGHMPXMHP\FRUD]WRQRZH]DGDQLD Z\]ZDQLDLSU]HGVLÖZ]LÖFLD$NLHG\FRÎURELVLÖSRUD]SLHUZV]\WRZDU]\V]\
WHPXEUDNZLHG]\FRGRPRÔOLZ\FKVNXWN¿ZWDNLHJRG]LDÊDQLDF]\OL]ZLÌ]DQH MHVWWR]QLHSHZQRÎFLÌ5¿ZQLHÔZ¿ZF]DVNLHG\SRGHMPXMHP\SHZQHSU]HG VLÖZ]LÖFLDSRUD]NROHMQ\DOHZ]PLHQLRQ\FKZDUXQNDFK DWHSRGGDQHVÌEH] XVWDQQHMHZROXFML QLHZLHP\MDNLHSRMDZLÌVLÖHIHNW\QDV]\FKVWDUDØ1LHNW¿ UHPRÔHP\SU]HZLG]LHÐ]H]QDQ\PSUDZGRSRGRELHØVWZHPLQQHGRP\ÎODP\ VLÖÔHPRJÌVLÖSRMDZLÐDOHMHV]F]HLQQHVÌGODQDVFDÊNRZLW\P]DVNRF]HQLHP $SRQLHZDÔNDÔGHG]LDÊDQLHSRGMÖWH]RVWDÊRZRNUHÎORQ\PFHOXPRÔHVLÖRND ]DÐLÔQLH]RVWDQLHRQRVLÌJQLÖW\]SRZRGXQLHSU]HZLG]LDQ\FKSU]H]QDVNRQ VHNZHQFML'ODWHJRWDNZDÔQHMHVWF]HUSDQLH]ZÊDVQ\FKLFXG]\FKGRÎZLDGF]HØ ZUR]SR]QDZDQLXU\]\ND %XGRZDQLHSU]HZDJLNRQNXUHQF\MQHM =ZLÖNV]DMÌFDVLÖZVS¿ÊSUDFDJRVSRGDUF]DSRPLÖG]\NUDMDPLWZRU]H QLH REV]DU¿Z ZVS¿OQHJR KDQGOX ]PQLHMV]DQLH SDØVWZRZHM RFKURQ\ GOD SR V]F]HJ¿OQ\FK U\QN¿Z XVWDZRGDZVWZR DQW\PRQRSRORZH L DQW\GXPSLQJRZH VSRZRGRZDÊRÔHSU]HGVLÖELRUVWZDPXV]ÌFRUD]LQWHQV\ZQLHMZDOF]\Ð]LQQ\PL RVZRMHSR]\FMHNRQNXUHQF\MQH 0RÔQDSU]\MÌÐ]D0+DIIHUHPÔHPLDUÌSR]\FMLNRQNXUHQF\MQHMSU]HGVLÖ ELRUVWZDMHVWMHJRXG]LDÊZU\QNXRUD]RVLÌJQLÖWDV\WXDFMDILQDQVRZD>+DIIHU V @:JWHMGHILQLFMLSU]HGVLÖELRUVWZRSRVLDGDW\POHSV]ÌSR]\FMÖNRQ NXUHQF\MQÌZVWRVXQNXGRU\QNRZ\FKU\ZDOLLPPDZLÖNV]\XG]LDÊZU\QNX RUD]MHJRV\WXDFMDILQDQVRZDMHVWOHSV]DQLÔSR]RVWDÊ\FKJUDF]\U\QNRZ\FK
3U]HGVLÖELRUVWZR RVLÌJD SU]HZDJÖ NRQNXUHQF\MQÌ ZWHG\ JG\ MHJR RIHUWD MHVWF]ÖÎFLHMZ\ELHUDQDLNXSRZDQDSU]H]NOLHQW¿ZQLÔRIHUW\LQQ\FKILUPQD W\PVDP\PU\QNX7\PVDP\P]ZLÖNV]RQ\SR]LRPVSU]HGDÔ\]DSHZQLDZLÖN V]\XG]LDÊZU\QNX]DÎRVLÌJDQHG]LÖNLWHPXSU]\FKRG\SRSUDZLDMÌV\WXDFMÖ ILQDQVRZÌILUP\
6WDQ NRQNXUHQFML Z GDQ\P VHNWRU]H ]DOHÔ\ RG SLÖFLX SRGVWDZRZ\FK VLÊ JURÒED QRZ\FK ZHMÎÐ JURÒED VXEVW\WXF\MQ\FK Z\URE¿Z OXE XVÊXJ VLÊD SU]H WDUJRZD NOLHQW¿Z VLÊD SU]HWDUJRZD GRVWDZF¿Z U\ZDOL]DFMD R SR]\FMÖ ZÎU¿G REHFQ\FKNRQNXUHQW¿Z5HQWRZQRÎÐGDQHJRVHNWRUDZ\]QDF]DQDMSRWÖÔQLHMV]D VLÊD&HOHPRV¿EEXGXMÌF\FKVWUDWHJLÖILUP\MHVWZ\V]XNDQLHZVHNWRU]HSR]\ FML]NW¿UHMRUJDQL]DFMDEÖG]LHPRJÊDQDMOHSLHMVLÖEURQLÐDOERQDMOHSLHMRGG]LD Ê\ZDÐQDZ\PLHQLRQHVLÊ\1DOHÔ\SDPLÖWDÐÔHVLÊ\WHG]LDÊDMÌQDZV]\VWNLFK NRQNXUHQW¿Z VWÌG LVWRWQH MHVW ]UR]XPLHQLH SU]\F]\Q Z\VWÖSRZDQLD L SR]\FML G]LDÊDMÌF\FKVLÊ:LHG]DRXNU\W\FKÒU¿GÊDFKQDFLVN¿ZNRQNXUHQF\MQ\FKVWD QRZLSRGVWDZÖVWUDWHJLF]QHJRSODQXG]LDÊDQLD3RGRNRQDQLXRFHQ\VLÊQDOHÔ\ ]QDOHÒÐVLOQHLVÊDEHVWURQ\ILUP\F]\OLMHMSR]\FMÖZREHFSU]\F]\QEÖGÌF\FK SRGVWDZÌNDÔGHM]G]LDÊDMÌF\FKVLÊ>3RUWHUVLQ@
-HGQDN]GRE\FLHVWDÊHMSU]HZDJLNRQNXUHQF\MQHMZ\PDJDRGSU]HGVLÖELRU VWZDGRVWDUF]DQLDNOLHQWRPFRUD]Z\ÔV]HMSRVWU]HJDQHMZDUWRÎFLXÔ\WNRZHMSR MDNQDMQLÔV]HMSRVWU]HJDQHMFHQLH>)DXONQHU%RZPDQ V@%RZLHPQDM F]ÖÎFLHMVWRVRZDQ\ZF]HÎQLHMPRGHONRQNXUHQFMLF]\VWRFHQRZHMSU]HVWDÊVSHÊ QLDÐVZRMH]DGDQLHLPXVLDÊUR]ZLQÌÐVLÖPRGHONRQNXUHQFMLSR]DFHQRZHMF]\OL RSDUWHMRMDNRÎÐSURGXNWX UR]XPLDQHMMDNRVSHÊQLDQLHRF]HNLZDØNOLHQW¿ZFR GRRIHUW\ :HGÊXJ0(3RUWHUDGRSRGVWDZRZ\FKLQVWUXPHQW¿ZNRQNXURZDQLD QDOHÔ\]DOLF]\ÐFHQÖLMDNRÎÐRIHUW\U\QNRZHM>3RUWHUV@0+DIIHU UR]ZLMDWRSRGHMÎFLHLZ\PLHQLDSRQDGWR>+DIIHU V@ p RGPLHQQRÎÐRIHURZDQ\FKSURGXNW¿Z p HODVW\F]QRÎÐGRVWRVRZ\ZDQLDSURGXNW¿ZGRSRWU]HERGELRUF¿Z p F]ÖVWV]HRGLQQ\FKZSURZDG]DQLHQRZ\FKSURGXNW¿ZQDU\QHN p GRVWÖSQRÎÐSURGXNW¿Z p UHNODPÖLSURPRFMÖVSU]HGDÔ\ p ]DNUHVXVÊXJSU]HGLSRVSU]HGDÔQ\FK p UR]EXG]DQLH NUHRZDQLH SRWU]HE :DUWR]DXZDÔ\ÐÔHQDMF]ÖÎFLHMVWRVRZDQ\PLQVWUXPHQWHPNRQNXUHQFMLQDGDO MHVWFHQDQDVWÖSQLHMDNRÎÐSURGXNW¿ZLZDUXQNLSÊDWQRÎFL>+DIIHU V@
2UJDQL]DFMD MHVW Z VWDQLH RVLÌJQÌÐ OHSV]H Z\QLNL QLÔ NRQNXUHQFL W\ONR Z¿ZF]DVMHÎOLSRWUDILZ\U¿ÔQLDÐVLÖZWUZDÊ\VSRV¿E1LH]DOHÔQLHRGZ\EUD QHJRLQVWUXPHQWXRGJÊ¿ZQHJR]DÊRÔRQHJRFHOX F]\EÖG]LHWRQLÔV]DFHQD]D WÖVDPÌMDNRÎÐZ\ÔV]DMDNRÎÐSRWHMVDPHMOXEQLÔV]HMFHQLHZLÖNV]DRGPLHQ QRÎÐHODVW\F]QRÎÐF]\GRVWÖSQRÎÐSURGXNW¿Z SU]HGVLÖELRUVWZRPXVLE\ÐNRQ NXUHQF\MQH SU]HGH ZV]\VWNLP SRG Z]JOÖGHP NRV]W¿Z 5R]XPLDQ\FK EDUG]R V]HURNRQLHW\ONRMDNREH]SRÎUHGQLHNRV]W\SURGXNFMLF]\Z\NRQDQLDXVÊXJL DOHZV]\VWNLHNRV]W\SRÎUHGQLHSURZDG]ÌFHGRNRØFRZHJRHIHNWXMDNLPMHVW RIHUWDGODNOLHQWD :ÎZLHFLHQLHSHZQRÎFLJG]LHUH]XOWDW\G]LDÊDØQLHVÌ]QDQH MHG\QLHQLH NW¿UHGRSU]HZLG]HQLD]SHZQ\PSUDZGRSRGRELHØVWZHP DRWRF]HQLH]PLHQLD VLÖEDUG]RV]\ENRMHV]F]HEDUG]LHM]ZLÖNV]DMÌFU\]\NRG]LDÊDQLDEDUG]RZDÔ QHL]DUD]HPVWRVXQNRZRZ\VRNLHRND]XMÌVLÖNRV]W\U\]\ND UR]XPLDQHMDNR NRV]W\NW¿U\FKRUJDQL]DFMDQLHSRQLRVÊDE\JG\E\IXQNFMRQRZDÊDZ SHZQ\P ÎURGRZLVNX >:LOOLDPV6PLWK<RXQJV@ .RU]\ßFL]LGHQW\ILNDFMLU\]\NDZZDUXQNDFKNRQNXUHQFML 3U]\MPXMÌFÔHU\]\NRWRSRWHQFMDOQD]PLHQQRÎÐ]GDU]HØ>:LOOLDPV6PLWK <RXQJV@QDOHÔ\X]QDÐÔHNDÔGHG]LDÊDQLHMDNLH]RVWDQLHSRGMÖWH ZLÌÔHVLÖ]U\]\NLHP=DGDQLHPNLHURZQLFWZDSU]HGVLÖELRUVWZDSRZLQQRE\Ð SU]HGHZV]\VWNLPRNUHÎOHQLHMDNLHQHJDW\ZQHLSR]\W\ZQHNRQVHNZHQFMHQLR VÌ]DVREÌSRV]F]HJ¿OQHSU]HGVLÖZ]LÖFLD=DU¿ZQRFRGRU\]\NDF]\VWHJR F]\OL
WDNLHJRJG]LHNRQVHNZHQFMÌ]GDU]HQLDMHVWVWUDWDDSU]HFLZLHØVWZHPMHVWQLH ]DMÎFLH]GDU]HQLDLEUDNVWUDW\ MDNLU\]\NDVSHNXODF\MQHJR F]\OLWDNLHJRJG]LH ZHIHNFLHPRÔHSRMDZLÐVLÖ]\VNMHÎOL]DMG]LHRNUHÎORQH]GDU]HQLHOXEVWUDWDq MHÎOL]DMG]LH]GDU]HQLHSU]HFLZQH ,GHQW\ILNDFMDU\]\NDMHVWSURFHVHPV\VWHPDW\F]QHJRLQLHXVWDQQHJRUR]SR ]QDZDQLDW\S¿ZU\]\NDLQLHSHZQRÎFL]NW¿U\PLPRÔQDVLÖVSRWNDÐZRUJDQL ]DFML&HOHPW\FKG]LDÊDØMHVWJURPDG]HQLHLQIRUPDFMLQDWHPDWÒU¿GHÊU\]\ND ]DJURÔHØF]\QQLN¿ZU\]\NDQLHEH]SLHF]HØVWZLSRGDWQRÎFLQDVWUDW\ÑU¿GÊD U\]\NDWRHOHPHQW\NW¿UHPRJÌSURZDG]LÐGRSR]\W\ZQ\FKOXEQHJDW\ZQ\FK VNXWN¿Z
,VWQLHMH ZLHOH VSRVRE¿Z NODV\ILNDFML U\]\ND =H Z]JOÖGX QD RWRF]HQLH ]NW¿UHJRSRFKRG]LÒU¿GÊRZ\U¿ÔQLDVLÖ>:LOOLDPV6PLWK<RXQJ@ p U\]\NRÎURGRZLVNDQDWXUDOQHJRqQLH]UR]XPLHQLHZSHÊQLSUDZU]ÌG]Ì F\FKSU]\URGÌRUD]Z]DMHPQ\PRGG]LDÊ\ZDQLHPOXG]LLÎURGRZLVNDWR JÊ¿ZQHÒU¿GÊRWHJRURG]DMXU\]\ND p U\]\NRÎURGRZLVNDVSRÊHF]QHJRqVWUXNWXU\VSRÊHF]QHLQVW\WXFMHUHOD FMHMHÊÌF]ÌFHL]DFKRG]ÌFHZQLFK]PLDQ\WRNROHMQHÒU¿GÊRU\]\ND p U\]\NRÎURGRZLVNDSROLW\F]QHJRqV\VWHP\SROLW\F]QHSDUWLH OXELQQH
LQVW\WXFMH GÌÔÌFH GR ZÊDG]\ L MÌ VSUDZXMÌFH L SURZDG]RQD SU]H] QLH SROLW\NDJRVSRGDUF]DLVSRÊHF]QDPRJÌZSÊ\ZDÐQDZDUXQNLIXQNFMR QRZDQLDRUJDQL]DFML
p U\]\NR ÎURGRZLVND SUDZQHJR q ]PLDQ\ Z SU]HSLVDFK SUDZQ\FK F]\ VWDQGDUGDFK SRVWÖSRZDQLD VÖG]LRZVNLHJR PRJÌ E\Ð LQQ\P URG]DMHP U\]\NDQDSRW\NDQ\PSU]H]SU]HGVLÖELRUVWZD p U\]\NRÎURGRZLVNDG]LDÊDOQRÎFLRSHUDF\MQHMqSURFHV\LSURFHGXU\ZRU JDQL]DFMLVÌEDUG]RZDÔQ\PÒU¿GÊHPU\]\NDJG\ÔWRÎURGRZLVNRRSH UDF\MQHWZRU]\SURGXNWOXEXVÊXJÖ p U\]\NRÎURGRZLVNDHNRQRPLF]QHJRq]DU¿ZQRÎURGRZLVNRPDNURHNR QRPLF]QH LQIODFMDSR]LRPEH]URERFLDVWRS\SURFHQWRZH MDNLPLNUR HNRQRPLF]QH FHQ\ÎURGN¿ZSURGXNFMLZLHONRÎÐSRS\WXSURFHGXU\RU JDQL]DF\MQHNRQNXUHQW¿Z PRJÌE\ÐGODSU]HGVLÖELRUVWZD]DJURÔHQLHP OXEV]DQVÌ p U\]\NRÎURGRZLVNDSR]QDZF]HJRqQDMWUXGQLHMV]HGR]LGHQW\ILNRZDQLD SRQLHZDÔZ\QLND]QLHGRVNRQDÊRÎFL EUDNXZLHG]\DEVROXWQHMLRELHN W\ZL]PX RVRE\RGSRZLHG]LDOQHM]DLGHQW\ILNDFMÖU\]\NDZRUJDQL]D FML 3U]HGVLÖELRUVWZRNW¿UHQLHSRWUDILSUDZLGÊRZR]LGHQW\ILNRZDÐU\]\NDMD NLHQLRVÌ]DSODQRZDQHLSRGHMPRZDQHG]LDÊDQLDQLHPRÔHRVLÌJQÌÐSU]HZDJL NRQNXUHQF\MQHM 3U]HGHZV]\VWNLPEUDNÎZLDGRPRÎFLFRGR]DJURÔHØXQLHPRÔOLZLD]DSR ELHJDQLHOXELQQHZF]HÎQLHMV]H]PQLHMV]DQLHVNXWN¿ZZ\VWÌSLHQLDRNUHÎORQ\FK
U\]\N:NRQVHNZHQFMLMHÎOLGDQHU\]\NRVLÖ]UHDOL]XMHWRRUJDQL]DFMDSRQRVL Z\ÔV]HNRV]W\FRXQLHPRÔOLZLDVNXWHF]QHNRQNXURZDQLH8]P\VÊRZLHQLHVR ELHSU]H]NLHURZQLFWZRILUP\MDNLHNRQVHNZHQFMHPRJÌQDSRWNDÐSRV]F]HJ¿O QH G]LDÊDQLD L WR QD HWDSLH LFK SODQRZDQLD PRÔH VNÊRQLÐ ]DU]ÌG]DMÌF\FK GR QLHSRGHMPRZDQLD RNUHÎORQHJR G]LDÊDQLD OXE WDNLHJR ]RUJDQL]RZDQLD SURFHVX SURGXNF\MQHJROXEXVÊXJRZHJRDE\PLQLPDOL]RZDÐSUDZGRSRGRELHØVWZRZ\ VWÌSLHQLDSRV]F]HJ¿OQ\FKU\]\N1LHVWHW\MHGQDNF]ÖVWRPRÔQDVSRWNDÐVLÖ]V\ WXDFMÌ JG\ NLHURZQLFWZR ILUP\ VNXSLD VLÖ Z\ÊÌF]QLH QD PRÔOLZ\FK ]\VNDFK ]G]LDÊDOQRÎFL]DNÊDGDSU]HFLÖWQ\SR]LRPNRV]W¿Z QLHXZ]JOÖGQLDMÌFLFK]U¿Ô QLFRZDQLD DGR]DJURÔHØ]DOLF]DW\ONRWHNW¿UHVÌRF]\ZLVWHGREU]H]QDQH QLH SRGHMPXMÌF Z\VLÊNX ZF]HÎQLHMV]HJR ]LGHQW\ILNRZDQLD QRZ\FK SRWHQFMDO Q\FKU\]\NNW¿UHSRMDZLDMÌVLÖZUD]]UR]V]HU]DQLHPG]LDÊDOQRÎFL]PLDQDPL RWRF]HQLD]PLDQDPLZVDPHMRUJDQL]DFML 3U]HGVLÖELRUVWZRPRÔHU¿ZQLHÔÒOH]LGHQW\ILNRZDÐ]DJUDÔDMÌFHPXU\]\ NRFRPRÔHE\ÐQDZHWJRUV]ÌV\WXDFMÌQLÔEUDNUR]H]QDQLD%RZLHPRUJDQL ]DFMDSRQRVLZWHG\NRV]W\U\]\NDDOHQLHWHJRNW¿UH]DJUDÔDMHMQDMEDUG]LHM :NRQVHNZHQFMLSRQLHVLRQHZ\GDWNLQDXQLNDQLHUHGXNFMÖOXEWUDQVIHUU\]\ND QSXEH]SLHF]HQLH QLHSU]\QRV]ÌVSRG]LHZDQ\FKHIHNW¿Z]DÎQLHUR]SR]QDQH U\]\NDQDGDO]DJUDÔDMÌSU]HGVLÖELRUVWZX7DNZLÖFU]HF]\ZLVWHNRV]W\U\]\ND SRQRV]RQHVÌSRGZ¿MQLH=QDF]ÌFRWRUHGXNXMHV]DQVHRUJDQL]DFMLGRX]\VNDQLD SU]HZDJLNRQNXUHQF\MQHMQDU\QNX 3RQDGWREUDNUR]H]QDQLDFRGRU\]\NDVSHNXODF\MQHJRNW¿UHSU]HGVLÖELRU VWZRE\ÐPRÔHFKFLDÊRE\RGNU\ÐLSRGMÌÐPRÔHE\ÐSRZDÔQÌVWUDWÌZ\QLNDMÌFÌ ]]DQLHFKDQLDG]LDÊDQLD:LHOHG]LDÊDØMHVWGODILUPEDUG]LHMRSÊDFDOQ\FKQLÔ WHNW¿UHSRGHMPXMÌ-HGQDNPLPRSRVLDGDQLDSRWU]HEQ\FK]DVRE¿ZSU]HGVLÖ ELRUVWZDQLHLGHQW\ILNXMÌFPRÔOLZRÎFLWUDFÌPRÔOLZRÎÐ]GRE\FLDOXEXWU]\PD QLDRGSRZLHGQLHMSR]\FMLQDU\QNX %ÊÖGQLHUR]SR]QDQHU\]\NRVSHNXODF\MQHEÖG]LHZLÌ]DÊRVLÖ]SRGMÖFLHP G]LDÊDØU\]\NRZQ\FK OXEJG]LH]DU]ÌG]DQLHU\]\NLHPMHVWNRV]WRZQH ]DÎ]D QLHFKDQLHPDNW\ZQRÎFLZREV]DUDFKPQLHMU\]\NRZQ\FK OXEWDØV]\FKZRE VÊXG]HU\]\ND 7RU¿ZQLHÔQLHSRWU]HEQLHSRGQRVLNRV]W\G]LDÊDOQRÎFL &KRÐPRÔHVLÖZ\GDZDÐÔHLVWQLHMHZ\VRNDÎZLDGRPRÎÐFRGRLVWQLHQLDU\ ]\NDLNRQLHF]QRÎFL]DU]ÌG]DQLDQLPRND]XMHVLÖÔHQLHZLHOHILUPVWRVXMHQDFR G]LHØV\VWHPRZÌLGHQW\ILNDFMÖU\]\ND
, WDN QDMF]ÖÎFLHM SU]HGVLÖELRUVWZD XEH]SLHF]DMÌ VLÖ RG RJQLD L NUD G]LHÔ\]ZÊDPDQLHP =DÎQDGDOEDUG]RPDÊRXEH]SLHF]DVLÖRGRGSR ZLHG]LDOQRÎFLF\ZLOQHM 2&]W\WXÊXSURZDG]HQLDG]LDÊDOQRÎFLJRVSRGDUF]HMq 2&SUDFRGDZF\F]ÊRQN¿Z]DU]ÌGXq2&]DSURGXNWqL2&]D V]NRG\ZÎURGRZLVNXRUD]SU]HUZ\ZG]LDÊDOQRÎFLJRVSRGDUF]HM %XVLQHVV ,QWHUXSWLRQq%, q>%RUGD0.ZLHFLHØ,V @
:SUDZG]LH XEH]SLHF]HQLH QLH MHVW MHG\QÌ VWUDWHJLÌ SRVWÖSRZDQLD ] U\]\ NLHP DOH U\]\NR RGSRZLHG]LDOQRÎFL F\ZLOQHM MHVW XZDÔDQH ]D WUXGQH GR ]D U]ÌG]DQLDPHWRGDPLSR]DXEH]SLHF]HQLRZ\PLL]DOLF]DQHGRW]ZU\]\NRVWU\FK ZLHONRÎÐ HZHQWXDOQHM V]NRG\ QLH ]DOHÔ\ ERZLHP Z ÔDGHQ VSRV¿E RG PDMÌW NXXEH]SLHF]RQHJRDZLÖFZ\VRNRÎÐVWUDW\MHVWZÊDÎFLZHQLHRJUDQLF]RQD =DÎ VWUDW\SRÎUHGQLHVSRZRGRZDQHV]NRGÌPDMÌWNRZÌ L]ZLÌ]DQD]W\PXWUDWD]\ VNX ZZLHOXSU]\SDGNDFKE\ZDMÌSU]\F]\QÌXSDGNXILUP\3RZ\ÔV]HGDQHSR ND]XMÌÔHQLHZLHOXSU]HGVLÖELRUF¿Z]GDMHVRELHVSUDZÖ]JURÔÌF\FKLPU\]\N 6SHF\ILNDEUDQå\WUDQVSRUWRZHM 7UDQVSRUWGURJRZ\JHQHUXMHZ3ROVFHRN3.%LQDOHÔ\GRQDMZDÔ QLHMV]\FK G]LHG]LQ JRVSRGDUNL SRQLHZDÔ Z GXÔ\P VWRSQLX GHF\GXMH R WHP SLHLPRÔOLZRÎFLDFKMHMUR]ZRMXDNRV]W\XVÊXJWUDQVSRUWRZ\FKPDMÌ]QDF]ÌF\ ZSÊ\ZQDFHQ\SU]HZRÔRQ\FKSURGXNW¿Z -HVWWRU¿ZQLHÔREHFQLHMHGQD]QDMEDUG]LHMUR]ZLMDMÌF\FKVLÖEUDQÔ ZOD WDFK OLF]ED ]DUHMHVWURZDQ\FK VDPRFKRG¿Z FLÖÔDURZ\FK Z]URVÊD RSRQDGZ]URVWOLF]E\SU]HZLH]LRQ\FKÊDGXQN¿ZZ\QRVLURF]QLH]DÎ G\QDPLNDZ]URVWXUXFKXSRMD]G¿ZFLÖÔDURZ\FKZRVWDWQLFKODWDFKZ\QRVL >ZZZVWOSO@ 7DNG\QDPLF]Q\UR]Z¿MWHMZ\VRFHLVWRWQHMJDÊÖ]LJRVSRGDUNLJHQHUXMHMHG QDN]ZLÖNV]RQHU\]\NDZ\SDGN¿Z ZLÖFHMVDPRFKRG¿ZQDGURJDFKEH]MHG QRF]HVQHJR]ZLÖNV]DQLDMDNRÎFLGU¿JZLÖFHMÊDGXQN¿ZGRSU]HZLH]LHQLDEH] ZVS¿ÊPLHUQHJRZ]URVWX]DWUXGQLHQLD $SU]HFLHÔWUDQVSRUWZLÌÔHVLÖU¿ZQLHÔ ]GRGDWNRZ\PL]DJURÔHQLDPLZ\QLNDMÌF\PL]HVSHF\ILNLG]LDÊDQLDF]\OL]ZLÌ ]DQ\PL]SU]HPLHV]F]DQLHPSURGXNW¿ZSU]HZRÔHQLHPLFKQDGXÔHRGOHJÊRÎFL LZ]ZLÌ]NX]W\P]SU]HFKRZ\ZDQLHPÉDGXQNLPRJÌVLÖWHÔXV]NRG]LÐSRG F]DV]DLUR]ÊDGXQNXSU]HGÊXÔRQHJRSRVWRMX Z\ZRÊDQHJRQSDZDULÌSRMD] GX
=JRGQLH ] RERZLÌ]XMÌF\P SUDZHP SU]HZRÒQLN RGSRZLDGD ZREHF ]OHFH QLRGDZF\ ]D QLHZ\NRQDQLH OXE QLHQDOHÔ\WH Z\NRQDQLH XPRZ\ SU]HZR]RZHM >3UDZRSU]HZR]RZHDUW@2EHFQLHQDU\QNXIXQNFMRQXMHXEH]SLHF]HQLHRG SRZLHG]LDOQRÎFLF\ZLOQHMSU]HZRÒQLND 2&3 NW¿UH]]DÊRÔHQLDSRZLQQR]D SHZQLDÐXEH]SLHF]RQHPXEH]SLHF]HØVWZRZ\NRQ\ZDQLDG]LDÊDOQRÎFLEH]SR QRV]HQLDU\]\NDRGSRZLHG]LDOQRÎFL]DV]NRG\QDSRZVWDQLHNW¿U\FKQLHPLDÊ ZSÊ\ZXLNW¿U\PQLHP¿JÊ]DSRELHF3RQDGWRSRZLQQRJZDUDQWRZDÐU¿ZQLHÔ EH]SLHF]HØVWZR]OHFHQLRGDZF\EH]QDUDÔDQLDJRQDU\]\NRVWUDWZ\QLNDMÌF\FK ]G]LDÊDØSU]HZRÒQLND -HGQDNcDQDOL]DZDUXQN¿ZXEH]SLHF]HQLD2&3SR]ZDODQDVWZLHUG]HQLHÔH RIHURZDQHSU]H]SROVNLHWRZDU]\VWZDWHJRW\SXXEH]SLHF]HQLDRJUDQLF]DMÌVLÖQDM F]ÖÎFLHMGRSU]HMPRZDQLDU\]\ND]DV]NRG\U]HF]RZHSRZVWDÊHZSU]HV\ÊFHLWR
WHÔQLHZSHÊQ\P]DNUHVLHo>:DOGHQGRUIHU&KV@:JDXWRUDF\WRZDQH JRDUW\NXÊX]DNUHVXEH]SLHF]HQLD2&3RUD]MHJRSRV]F]HJ¿OQHUHJXODFMHÎZLDG F]ÌRQLH]QDMRPRÎFLSRWU]HESU]HZRÒQLN¿ZSU]H]WRZDU]\VWZDRUD]RVÊDERÎFLVLÊ\ SU]HELFLD ÎURGRZLVND WUDQVSRUWRZHJR 1DOHÔ\ MHGQDN SRGNUHÎOLÐ ÔH WR U¿ZQLHÔ EUDNÎZLDGRPRÎFLSRV]F]HJ¿OQ\FKSU]HZRÒQLN¿ZFRGRSRWU]HE\]DZDUFLDRGSR ZLHGQLHJRXEH]SLHF]HQLDGRF]DVXZ\GDU]HQLDVLÖV]NRG\MHVWSU]\F]\QÌREHFQHJR VWDQXU]HF]\'XÔHERZLHP]DSRWU]HERZDQLHQDRNUHÎORQ\SURGXNWXEH]SLHF]H QLRZ\SRZRGXMÌFH]PQLHMV]HQLHQHJDW\ZQHMVHOHNFMLU\]\ND]ZLÖNV]HQLHSU]\SL VXVNÊDGNLLZNRQVHNZHQFML]PQLHMV]HQLHZVNDÒQLNDV]NRGRZRÎFLGDQHJRU\]\ND PRJÊRE\VNXWNRZDÐ]DRIHURZDQLHPSRWU]HEQHJRXEH]SLHF]HQLD
'R ]DJURÔHØ ]D NW¿UH SU]HZRÒQLN RGSRZLDGD D NW¿U\FK QLH PRÔH OXE MHVW WR EDUG]R U]DGNR RIHURZDQH XEH]SLHF]\Ð QDOHÔÌ PLÖG]\ LQQ\PL RGSR ZLHG]LDOQRÎÐ]DGRNXPHQW\SU]HZR]XEÊÌGZSRERU]H]DOLF]HQLDQDVWÖSVWZR QLHZ\NRQDQLDSROHFHØVNXWNLSRPLQLÖFLD]DSLVXZGRNXPHQFLHSU]HZR]X]D QLHGEDQLHSU]\Z\ERU]HRVRE\WU]HFLHMZLQDXP\ÎOQDLUDÔÌFHQLHGEDOVWZRSUD FRZQLN¿ZLSRGZ\NRQDZF¿Z 'RU]DGNRLGHQW\ILNRZDQHJRZRGSRZLHGQLPF]DVLHU\]\ND]NW¿U\PMHG QDNVSRW\NDMÌVLÖSROVNLHSU]HGVLÖELRUVWZD ZW\PLWUDQVSRUWRZH QDOHÔ\U\]\ NR ]ÊHJR GRERUX RUD] XWUDWD Z\NZDOLILNRZDQ\FK L VXPLHQQ\FK SUDFRZQLN¿Z OXEZVS¿ÊSUDFRZQLN¿Z&]ÖVWRQLHSRÎZLÖFDVLÖQDOHÔ\WHMXZDJLSURFHVRPUH NUXWDFML SUDFRZQLN¿Z ]ZÊDV]F]D Z V\WXDFML ]QDF]QLH ]ZLÖNV]RQHM HPLJUDFML ]DURENRZHM3RGREQLHG]LHMHVLÖ]HVNXWHF]Q\PPRW\ZRZDQLHPMXÔ]DWUXGQLR Q\FK:LHOHILUPSU]\]Z\F]DMRQ\FKSU]H]ODWDGRV\WXDFMLZ\VRNLHJREH]URER FLDQLHXPLHVLÖRGQDOHÒÐZQRZHMV\WXDFMLNLHG\WRSUDFRZQLF\F]ÖVWRG\NWXMÌ ZDUXQNLZVS¿ÊSUDF\ 3U]\LGHQW\ILNRZDQLXU\]\NDEDUG]RZDÔQHMHVWÎZLHÔHLQRZDWRUVNLHSR GHMÎFLHNW¿UHXZ]JOÖGQLQLHW\ONRU\]\ND]NW¿U\PLRUJDQL]DFMDMXÔPLDÊDGR F]\QLHQLD DOH U¿ZQLHÔ LQQH Z\QLNDMÌFH ] G\QDPLF]Q\FK ]PLDQ ÎURGRZLVND ZNW¿U\FKSU]HGVLÖELRUVWZRIXQNFMRQXMH 8ZDJLNRÎFRZH 3RQLHZDÔRSR]\FMLNRQNXUHQF\MQHMVWDQRZLVLÊDU\QNRZDLILQDQVRZDILUP XWU]\P\ZDQLHLSRSUDZLDQLHVZRMHMSR]\FMLNRQNXUHQF\MQHMVWDQRZLZDÔQ\FHO VWUDWHJLF]Q\ .LHURZQLFWZRILUP\IRUPXÊXMHVWUDWHJLÖMHMG]LDÊDQLD UR]XPLDQÌMDNRRSLV PHWRGLÎURGN¿ZNW¿UHZLQQ\E\ÐXÔ\WHGRUHDOL]DFMLSRVWDZLRQ\FKFHO¿Z ,VW QLHMHZLHOHPHWRGEXGRZDQLDVNXWHF]Q\FKVWUDWHJLL2SLHUDMÌVLÖRQHRDQDOL]Ö V\WXDFMLZHZQÖWU]QHML]HZQÖWU]QHMILUP\1DW\PHWDSLHQLHPRÔH]DEUDNQÌÐ RGSRZLHG]LQDS\WDQLH]MDNLPU\]\NLHPZLÌÔHVLÖEXGRZDQDVWUDWHJLDRUD] SRV]F]HJ¿OQHMHMHOHPHQW\LWRQDNDÔG\PHWDSLH
:WHQVSRV¿ESU]HGVLÖELRUVWZRPRÔHREQLÔ\ÐNRV]W\G]LDÊDQLD]PQLHMV]\Ð NRV]W\VWUDW]DJZDUDQWRZDÐNRQWUDKHQWRPZ\ÔV]ÌMDNRÎÐ EREH]SLHF]QÌ VZR LFKXVÊXJF]\SURGXNW¿Z:WHMV\WXDFMLLGHQW\ILNDFMDU\]\NDMHVWZDUXQNLHP NRQLHF]Q\P FKRÐ QLHZ\VWDUF]DMÌF\P GR RVLÌJQLÖFLD L XWU]\PDQLD SU]HZDJL NRQNXUHQF\MQHM
/LWHUDWXUD
%RUGD0.ZLHFLHØ,$QDOL]DZ\NRU]\VWDQLDXEH]SLHF]HJRVSRGDU-F]\FKZ]DU]cG]DQLXU\]\NLHPSU]HGVL§ELRUVWZc:LDGRPRÎFL8EH]SLH F]HQLRZHoQU
)DXONQHU ' %RZPDQ & 6WUDWHJLH NRQNXUHQFML *HEHWKQHU 6ND :DUV]DZD +DIIHU0,QVWUXPHQW\NRQNXURZDQLD>Z @6WDQNLHZLF]0- UHG %X-GRZDQLHSRWHQFMDãXNRQNXUHQF\MQR¢FLSU]HGVL§ELRUVWZD712L.'RP 2UJDQL]DWRUD7RUXØ 3RUWHU0(3RUWHURNRQNXUHQFML3:(:DUV]DZD 3UDZRSU]HZR]RZH8VWDZD]GQLDOLVWRSDGD U]SÕ|QLHMV]\PL zmianamiWHNVWMHGQROLW\ ']8]U1USR]
:DOGHQGRUIHU &K 8EH]SLHF]\é SU]HZR|QLND c:LDGRPRÎFL 8EH]SLH F]HQLRZHoQU
:LOOLDPV -U &$ 6PLWK 0/ <RXQJ 3& =DU]cG]DQLH U\]\NLHP a ubezpieczenia3:1:DUV]DZD
