9),1$162:($63(.7<=$5='=$1,$25*$1,=$&-$0, Anna Kaczmarczyk* Krzysztof Kaczmarczyk** 2&(1$:<.25=<67$1,$$.7<:¤: PRZEDSI%,2567:$+$1'/2:(*2 :Ý:,(7/(635$:2='$Í FINANSOWYCH $66(66,1*7+(86(2) $66(762)$75$',1*&203$1< ,17+(/,*+72) ),1$1&,$/67$7(0(176 6XPPDU\
Financial statements are the basic source of information on the situation and results of the operation of a business entity within a given period. The fi-QDQFLDOUHVXOWLHWKHGLIIHUHQFHEHWZHHQWKHWRWDOLQFRPHDQGWKHWRWDOFRVW LVDPHDVXUHZKLFKLVLPSRUWDQWIRUDVVHVVLQJWKHFRPSDQ\tVRSHUDWLRQLQD financial statement. It is largely determined by deductible expenses which show WKHFRPSDQ\tVSUXGHQWILQDQFLDOPDQDJHPHQW3UXGHQFHPHDQVPDQDJLQJDS-SURSULDWHO\WKHFRPSDQ\tVDVVHWVZKLFKDUHXVHGWRJHQHUDWHLQFRPH(IIHFWLYH management of resources should be based on a reliable analysis of the use of assets according to defined criteria by calculating selected ratios. To have a full picture it is important to perform a comparable analysis which compares GLIIHUHQWSHULRGVZKLOHSD\LQJDWWHQWLRQWRFKDQJLQJPDUNHWFRQGLWLRQVWRGUDZ conclusions and then to adopt appropriate methods of effective management of FRPSDQ\tVDVVHWVLQRUGHUWRPD[LPL]HLWVSURGXFWLRQSRWHQWLDO
This paper aims at emphasizing the importance of analyzing the use of as-VHWVDQGSRVVLELOLWLHVRIXVLQJLWWRHQVXUHFRPSDQ\tVHIIHFWLYHRSHUDWLRQ
PJU$NDGHPLL(NRQRPLF]QHMZ.UDNRZLH&5). PJU$NDGHPLL(NRQRPLF]QHMZ.UDNRZLH&5).
8ZDJLZVWÌSQH 3RGVWDZRZ\PÒU¿GÊHPLQIRUPDFMLQDWHPDWV\WXDFMLRUD]UH]XOWDW¿ZG]LD ÊDOQRÎFLMHGQRVWNLJRVSRGDUF]HMZGDQ\PRNUHVLHVÌVSUDZR]GDQLDILQDQVRZH ,VWRWQ\PPLHUQLNLHPGODRFHQ\G]LDÊDOQRÎFLSU]HGVLÖELRUVWZDZVSUDZR]GDQLX ILQDQVRZ\PMHVWZ\QLNILQDQVRZ\F]\OLU¿ÔQLFDPLÖG]\JOREDOQÌVXPÌSU]\ FKRG¿ZDFDÊNRZLWÌVXPÌNRV]W¿Z:GXÔHMPLHU]HQDZLHONRÎÐZ\QLNXILQDQ VRZHJRPDZSÊ\ZZLHONRÎÐNRV]W¿ZX]\VNDQLDSU]\FKRG¿ZNW¿UHVÌHIHNWHP JRVSRGDUQRÎFLSU]HGVLÖELRUVWZD*RVSRGDUQRÎÐSU]HMDZLDVLÖZRGSRZLHGQLP ]DU]ÌG]DQLXPDMÌWNLHPSU]HGVLÖELRUVWZDqDNW\ZDPLEÖGÌF\PLZMHJRSRVLD GDQLX NW¿UH ]RVWDQÌ Z\NRU]\VWDQH GR X]\VNDQLD SU]\FKRG¿Z 6NXWHF]QH ]D U]ÌG]DQLH ]DVREDPL SRZLQQR RSLHUDÐ VLÖ QD U]HWHOQHM DQDOL]LH Z\NRU]\VWDQLD SRV]F]HJ¿OQ\FK DNW\Z¿Z ZHGÊXJ Z\EUDQ\FK NU\WHUL¿Z SRSU]H] REOLF]HQLH Z\EUDQ\FKZVNDÒQLN¿Z'ODSHÊQHJRREUD]XZDÔQDMHVWDQDOL]DSRU¿ZQDZF]D SRU¿ZQ\ZDOQ\FK]HVREÌRNUHV¿Z]XZ]JOÖGQLHQLHP]PLHQLDMÌF\FKVLÖZDUXQ N¿Z QD U\QNX Z\FLÌJQLÖFLH ZQLRVN¿Z D QDVWÖSQLH SU]\MÖFLH RGSRZLHGQLFK PHWRGHIHNW\ZQHJR]DJRVSRGDURZDQLDPDMÌWNXSU]HGVLÖELRUVWZDZFHOXPDN V\PDOQHJRZ\NRU]\VWDQLDMHJRPRÔOLZRÎFLSURGXNF\MQ\FK &HOHPRSUDFRZDQLDMHVWSRGNUHÎOHQLH]QDF]HQLDDQDOL]\PDMÌWNXRUD]PRÔ OLZRÎFL MHM Z\NRU]\VWDQLD GOD HIHNW\ZQHJR IXQNFMRQRZDQLD SU]HGVLÖELRUVWZD KDQGORZHJR ,VWRWDLURG]DMHVSUDZR]GDÎILQDQVRZ\FK 6SUDZR]GDQLHILQDQVRZHMHVWXSRU]ÌGNRZDQ\P]ELRUHPOLF]ENW¿UHREUD ]XMÌV\WXDFMÖPDMÌWNRZÌLILQDQVRZÌMHGQRVWNLJRVSRGDUF]HMRUD]UH]XOWDW\MHM G]LDÊDOQRÎFLZSHZQ\PRNUHVLH3RGVWDZÖVSRU]ÌG]HQLDVSUDZR]GDQLDILQDQVR ZHJRVWDQRZLÌNVLÖJLUDFKXQNRZHMHGQRVWNLJRVSRGDUF]HM,VWRWÌSU]\VSRU]Ì G]DQLXVSUDZR]GDQLDILQDQVRZHJRMHVWWRÔHPXVLE\ÐRQRVSRU]ÌG]RQHZMÖ ]\NX SROVNLP RUD] ZDOXFLH SROVNLHM 6SUDZR]GDQLH SRZLQQR E\Ð RSUDFRZDQH QLHS¿ÒQLHMQLÔZFLÌJXWU]HFKPLHVLÖF\RGGQLDELODQVRZHJR>:LQLDUVND V@c6SUDZR]GDQLHILQDQVRZHVSRU]ÌG]DVLÖQDG]LHØ]DPNQLÖFLDNVLÌJUD FKXQNRZ\FKdRUD]QDLQQ\G]LHØELODQVRZ\VWRVXMÌFRGSRZLHGQLR]DVDG\ Z\FHQ\DNW\Z¿ZLSDV\Z¿ZRUD]XVWDODQLDZ\QLNXILQDQVRZHJRdo>8VWD ZD]GQLDZU]HÎQLDUDUWXVW@5\VXQHNLOXVWUXMHSRV]F]HJ¿OQH VNÊDGQLNLNW¿UHZFKRG]ÌZVNÊDGVSUDZR]GDQLDILQDQVRZHJR ,QIRUPDFMHXMÖWHZVSUDZR]GDQLDFKILQDQVRZ\FKSRZLQQ\E\Ð>*RV VL@
p U]HWHOQH VSUDZR]GDQLD ILQDQVRZH SRZLQQ\ VSHÊQLDÐ VZRMH IXQNFMH Z]DNUHVLHGRVWDUF]DQLDLQIRUPDFMLXÔ\WHF]Q\FKZSRGHMPRZDQLXGH F\]ML
p ]UR]XPLDÊHLVWRWQH]SXQNWXZLG]HQLDWHMFHFK\MHVWGRVWDUF]HQLHLQIRU PDFMLZQDMSURVWV]HMIRUPLHSRGDMÌFHZHQWXDOQHZ\MDÎQLHQLDWDNDE\ LQIRUPDFMDE\ÊD]UR]XPLDÊDGODXÔ\WNRZQLN¿Z Rysunek 1.6SUDZR]GDQLHILQDQVRZH ÑU¿GÊR2SUDFRZDQLHZÊDVQHQDSRGVWDZLH8VWDZD]GQLDZU]HÎQLDURUDFKXQNR ZRÎFL']8QUSR]]H]PDUW
p ZLDU\JRGQHqLQIRUPDFMH]DZDUWHZVSUDZR]GDQLXSRZLQQ\E\ÐZLD U\JRGQH]SXQNWXZLG]HQLDXÔ\WNRZQLN¿Z p NRPSOHWQHqLQIRUPDFMH]DZDUWHZVSUDZR]GDQLDFKILQDQVRZ\FKSR ZLQQ\ ]DSHZQLDÐ FDÊRÎFLRZ\ REUD] G]LDÊDOQRÎFL HNRQRPLF]QHM SRG PLRWXJRVSRGDUF]HJR p RELHNW\ZQHqGDQH]DZDUWHZVSUDZR]GDQLDFKILQDQVRZ\FKSRZLQQ\ E\ÐZROQHRGFHORZHMVWURQQLF]RÎFLZVWRVXQNXGRMDNLHMÎJUXS\RG ELRUF¿Z p DNWXDOQHqLQIRUPDFMHVÌXÔ\WHF]Q\PLW\ONRZWHG\JG\]RVWDQÌGR VWDUF]RQHZRGSRZLHGQLPF]DVLH p SRU¿ZQ\ZDOQHqLQIRUPDFMHILQDQVRZHSRZLQQ\SR]ZDODÐQDSRU¿Z Q\ZDQLHSU]\SRGHMPRZDQLXGHF\]MLFRZ\PDJDVS¿MQRÎFL]DVDGUD FKXQNRZRÎFL 6SUDZR]GDQLHILQDQVRZHMHVWZLÖFXSRU]ÌGNRZDQ\PSU]HGVWDZLHQLHPV\ WXDFML ILQDQVRZHM MHGQRVWNL JRVSRGDUF]HM RUD] SU]HSURZDG]RQ\FK SU]H] QLÌ WUDQVDNFML ,VWRWÌ VSUDZR]GDØ ILQDQVRZ\FK R RJ¿OQ\P SU]H]QDF]HQLX MHVW GR VWDUF]DQLH LQIRUPDFML QD WHPDW V\WXDFML ILQDQVRZHM Z\QLN¿Z G]LDÊDOQRÎFL LSU]HSÊ\Z¿ZÎURGN¿ZSLHQLÖÔQ\FKMHGQRVWNLNW¿UHVÌXÔ\WHF]QHGODV]HURNLH JRNUÖJXXÔ\WNRZQLN¿ZSU]\SRGHMPRZDQLXSU]H]QLFKGHF\]MLJRVSRGDUF]\FK 3RQDGWRVSUDZR]GDQLHILQDQVRZHXND]XMHZ\QLNL]DU]ÌG]DQLDSU]H]NLHURZQLF WZRSRZLHU]RQ\PLPX]DVREDPL6SUDZR]GDQLHILQDQVRZHGRVWDUF]DLQIRUPD FMLNW¿UHVÌQLH]EÖGQHGR]DU]ÌG]DQLDILUPÌ'RQDMLVWRWQLHMV]\FKHOHPHQW¿Z ]SXQNWXZLG]HQLDSR]\VNDQLDLQIRUPDFMLGODFHO¿Z]DU]ÌG]DQLDLQLHW\ONRQD OHÔÌLQIRUPDFMHR>5R]SRU]ÌG]HQLH.RPLVML:(1U~@ p DNW\ZDFK p ]RERZLÌ]DQLDFK p NDSLWDOHZÊDVQ\P p SU]\FKRGDFKLNRV]WDFKZUD]]]\VNDPLLVWUDWDPL p SU]HSÊ\ZDFKÎURGN¿ZSLHQLÖÔQ\FK
5\VXQHN ]DZLHUD ]DOHÔQRÎFL ]DFKRG]ÌFH SRPLÖG]\ SRV]F]HJ¿OQ\PL VSUDZR]GDQLDPLILQDQVRZ\PL
%LODQVMHVWHOHPHQWHPVSUDZR]GDQLDILQDQVRZHJRRGXÔHMSRMHPQRÎFLLQ IRUPDF\MQHM=DZLHUDRQVNÊDGQLNLPDMÌWNXZHGÊXJVWUXNWXU\RUD]ÒU¿GÊDIL QDQVRZDQLDW\FKVNÊDGQLN¿Z=HZ]JOÖGXQDGXÔÌSRMHPQRÎÐLQIRUPDFMLEL ODQV XZDÔD VLÖ ]D SRGVWDZRZH ÒU¿GÊR SR]ZDODMÌFH GRNRQDÐ RFHQ\ V\WXDFML PDMÌWNRZRILQDQVRZHMMHGQRVWNL>ÍQLHÔHNV@
Rysunek 2. 3RZLÌ]DQLDVSUDZR]GDØILQDQVRZ\FK ÑU¿GÊR2SUDFRZDQLHZÊDVQHQDSRGVWDZLH:*RV6SUDZR]GDZF]RÎÐLUHZL]MDILQDQVRZD &]ÖÎÐ3UHVVSXEOLFD:DUV]DZDV:*RV6SUDZR]GDZF]RÎÐLUHZL]MDILQDQVR ZD&]ÖÎÐ3UHVVSXEOLFD:DUV]DZDVRUD]SUDFD]ELRURZDSRGUHG(ÍQLHÔHN :SURZDG]HQLHGRUDFKXQNRZRÎFL)XQGDFMD5R]ZRMX5DFKXQNRZRÎFLZ3ROVFH:DUV]DZD V %LODQVVWDQRZLVWDWRG\QDPLF]QÌF]ÖÎÐVSUDZR]GDQLDILQDQVRZHJRRUD]MHVW JÊ¿ZQ\PÒU¿GÊHPLQIRUPDFMLRV\WXDFMLILQDQVRZHMGDQHJRSRGPLRWX6\WXDFMD
ILQDQVRZDMHVWX]DOHÔQLRQDRGNRQWURORZDQ\FKSU]H]MHGQRVWNÖ]DVRE¿ZHNR QRPLF]Q\FKMHMVWUXNWXU\ILQDQVRZHMSÊ\QQRÎFLLZ\SÊDFDOQRÎFLRUD]]GROQR ÎFLGRVWRVRZDQLDVLÖGR]PLDQZÎURGRZLVNXZNW¿U\PSURZDG]LG]LDÊDOQRÎÐ >*LHUXV]VL@
,VWRWÌ UDFKXQNX ]\VN¿Z L VWUDW MHVW SU]HFLZVWDZLHQLH SU]\FKRGRP L ]\ VNRP QDG]Z\F]DMQ\P ] U¿ÔQ\FK URG]DM¿Z G]LDÊDOQRÎFL ZVS¿ÊPLHUQ\FK GR QLFKNRV]W¿ZLVWUDWQDG]Z\F]DMQ\FKX]\VNXMÌFZHIHNFLHZ\QLNILQDQVRZ\ ]\VNOXEVWUDWÖEUXWWRNW¿U\SRVNRU\JRZDQLXRRERZLÌ]NRZH]PQLHMV]HQLD Z\QLNXEUXWWRQSSRGDWHNGRFKRGRZ\SR]ZDODQDZ\OLF]HQLHNZRW\Z\QL NXQHWWR]DGDQ\RNUHV>ÍQLHÔHNV@ 3UDZLGÊRZHXVWDOHQLHZ\QLNXILQDQVRZHJRZLÌÔHVLÖ]XVWDOHQLHPZ\VR NRÎFLSRQLHVLRQ\FKZRNUHVLHREMÖW\PVSUDZR]GDQLHPNRV]W¿Z:EDGDQ\P RNUHVLHVSUDZR]GDZF]\PQDVWÖSXMHFHORZH]XÔ\ZDQLHVLÖU¿ÔQ\FK]DVRE¿Z SU]HGVLÖELRUVWZD SU]\F]\QLDMÌF VLÖ GR ]PQLHMV]HQLD NRU]\ÎFL HNRQRPLF] Q\FK =XÔ\FLH SRV]F]HJ¿OQ\FK ]DVRE¿Z PDWHULDÊ PDV]\Q\ XU]ÌG]HQLD EXG\QNLSUDFRZQLF\PRÔHP\]PLHU]\Ð]DSRPRFÌQDWXUDOQ\FKMHGQRVWHN PLDU\ NLORJUDP\ V]WXNL JRG]LQ\ SUDF\ -HGQDN DE\ E\ÊR PRÔOLZH ]VX PRZDQLHLSRU¿ZQDQLH]XÔ\FLDU¿ÔQ\FK]DVRE¿Z]RVLÌJQLÖW\PLHIHNWDPL QLH]EÖGQHMHVWZ\UDÔHQLHW\FKPLDUZMHGQ\PZVS¿OQ\PPLHUQLNXMDNLP MHVWSLHQLÌG]
5DFKXQHNSU]HSÊ\Z¿ZSLHQLÖÔQ\FKWR]HVWDZLHQLHZSÊ\Z¿ZLZ\GDWN¿Z ÎURGN¿Z SLHQLÖÔQ\FK >:LQLDUVND V @ 5DFKXQHN SU]HSÊ\Z¿Z SLH QLÖÔQ\FKGRVWDUF]DXÔ\WNRZQLNRZLLQIRUPDFMLQLH]EÖGQHMZRFHQLHSÊ\QQRÎFL LZ\SÊDFDOQRÎFLMHGQRVWNL6WDQRZLRQQDWXUDOQHX]XSHÊQLHQLHLQIRUPDFMLPH PRULDÊRZHM]DZDUWHMZSRGVWDZRZ\FKVSUDZR]GDQLDFKILQDQVRZ\FKELODQVLH RUD]UDFKXQNX]\VN¿ZLVWUDW5DFKXQHNSU]HSÊ\Z¿ZSLHQLÖÔQ\FKMHVWZ\PD JDQ\GODMHGQRVWHNNW¿UHSRGOHJDMÌRERZLÌ]NRZLEDGDQLDSU]H]ELHJÊHJRUH ZLGHQWD>ÍQLHÔHNV@ 5DFKXQHNSU]HSÊ\Z¿ZSLHQLÖÔQ\FKVSRU]ÌG]DVLÖ]DELHÔÌF\RNUHVVSUD ZR]GDZF]\ L DQDORJLF]Q\ RNUHV VSUDZR]GDZF]\ SRSU]HGQLHJR URNX REURWR ZHJR>8VWDZD]GQLDZU]HÎQLDUDUWEXVWL@ :UDFKXQNXSU]HSÊ\Z¿ZSLHQLÖÔQ\FKQDOHÔ\XZ]JOÖGQLÐZV]\VWNLHZSÊ\ Z\LZ\GDWNL]G]LDÊDOQRÎFLRSHUDF\MQHMLQZHVW\F\MQHMLILQDQVRZHMMHGQRVWNL ]Z\MÌWNLHPZSÊ\Z¿ZLZ\GDWN¿ZEÖGÌF\FKUH]XOWDWHP]DNXSXOXEVSU]HGD Ô\ÎURGN¿ZSLHQLÖÔQ\FK>8VWDZD]GQLDZU]HÎQLDUDUWEXVW@ 3RG]LDÊQDG]LDÊDOQRÎFLRSHUDF\MQÌLQZHVW\F\MQÌLILQDQVRZÌVWRVRZDQ\ ZVSUDZR]GDQLX]SU]HSÊ\Z¿ZÎURGN¿ZSLHQLÖÔQ\FKQLHSRNU\ZDVLÖ]SR G]LDÊHPQDG]LDÊDOQRÎÐRSHUDF\MQÌLQZHVW\F\MQÌPDMÌWHNWUZDÊ\LILQDQVRZÌ NDSLWDÊVWDÊ\SU]\MÖW\PZELODQVLHRUD]UDFKXQNX]\VN¿ZLVWUDW>%LXOHW\Q LQIRUPDF\MQ\V@
:VNDãQLNLZ\NRU]\VWDQHGREDGDQLDZ\NRU]\VWDQLD DNW\ZÀZSU]HGVLÌELRUVWZD
:ÊDÎFLZH L SHÊQH Z\NRU]\VWDQLH DQDOLW\F]QHM IXQNFML UDFKXQNRZRÎFL SR SU]H]SRÊÌF]HQLHDQDOL]\ILQDQVRZHMLUDFKXQNRZRÎFLU]XWXMHZLVWRWQ\VSRV¿E QD VSUDZQRÎÐ IXQNFMRQRZDQLD V\VWHPX LQIRUPDF\MQR q GHF\]\MQHJR $QDOL]D ILQDQVRZDPDGXÔH]QDF]HQLHLV]HURNLH]DVWRVRZDQLHGODRFHQ\HNRQRPLF]QHM SU]HGVLÖELRUVWZDGODWHJRWHÔVWDQRZLRG]ZLHUFLHGOHQLHZSRZLÌ]DQLDFK]DFKR G]ÌF\FKSRPLÖG]\HOHPHQWDPLUDFKXQNXHNRQRPLF]QHJRQDV]F]HEOXSRGPLR WXJRVSRGDUF]HJR &KDUDNWHU\VW\F]QÌFHFKÌDQDOL]\ILQDQVRZHMZZDUXQNDFKU\QNRZ\FKMHVW EH]SRÎUHGQLHZ\NRU]\VWDQLHMHMUH]XOWDW¿ZZ]DU]ÌG]DQLXSRVLDGDQ\PPDMÌW NLHP SU]HGVLÖELRUVWZD RUD] ]ZLÖNV]DQLX HIHNW\ZQRÎFL WHJR Z\NRU]\VWDQLD (NVSRQXMHVLÖZQLHMV]F]HJ¿OQLHF]\QQLNLNW¿UHG\QDPL]XMÌG]LDÊDOQRÎÐJR VSRGDUF]Ì RUD] SURFHV SRPQDÔDQLD NDSLWDÊ¿Z Z\NRU]\VWXMÌF GR WHJR RGSR ZLHGQLR WZRU]RQH Z UDFKXQNRZRÎFL LQIRUPDFMH R PDMÌWNX NDSLWDÊDFK NRV] WDFKZ\QLNDFKLSU]HSÊ\ZDFKSLHQLÖÔQ\FK>0LFKHUGDVq@
*HQHUDOQLHPRÔQDZ\U¿ÔQLÐGZLHPHWRG\DQDOL]\VSUDZR]GDØILQDQVRZ\FK p DQDOL]ÖG\QDPLF]QÌ
p DQDOL]ÖVWDW\F]QÌ
$QDOL]D G\QDPLF]QD SROHJD QD XVWDOHQLX MDN ]PLHQLDÊ\ VLÖ SRV]F]HJ¿O QH VNÊDGQLNL VSUDZR]GDØ ILQDQVRZ\FK Z NROHMQ\FK DQDOL]RZDQ\FK RNUHVDFK :SU]\SDGNXDQDOL]\G\QDPLF]QHMDQDOL]XMHVLÖGZDOXEZLÖFHMRNUHV¿ZZ]D OHÔQRÎFLRGSRWU]HE\-DNRSRGVWDZÖSU]\MPXMHVLÖRNUHVQDMZF]HÎQLHMV]\OXE RNUHVSRSU]HGQL$QDOL]ÖG\QDPLF]QÌSU]HSURZDG]DVLÖ]DU¿ZQRGODVNÊDGQL N¿ZELODQVXUDFKXQNX]\VN¿ZLVWUDWMDNLUDFKXQNXSU]HSÊ\Z¿ZSLHQLÖÔQ\FK
$QDOL]DVWUXNWXU\SROHJDQDRNUHÎOHQLXXG]LDÊXSRV]F]HJ¿OQ\FKVNÊDGQLN¿Z VSUDZR]GDQLD ILQDQVRZHJR Z ZLHONRÎFL NW¿UÌ SU]\MPXMH VLÖ ]D SXQNW RGQLH VLHQLD.ROHMQ\PHWDSHPEDGDQLDMHVWRNUHÎOHQLH]PLDQVWUXNWXU\ZSRV]F]H J¿OQ\FK RNUHVDFK : SU]\SDGNX ELODQVX DQDOL]XMH VLÖ XG]LDÊ SRV]F]HJ¿OQ\FK VNÊDGQLN¿ZZVXPLHELODQVRZHMMDNU¿ZQLHÔEDUG]LHMV]F]HJ¿ÊRZHNDWHJRULH QSXG]LDÊNU¿WNRLGÊXJRRNUHVRZ\FK]RERZLÌ]DØRJ¿ÊHPZ]DOHÔQRÎFLRG SRWU]HEGDQHMMHGQRVWNLJRVSRGDUF]HM=NROHLDQDOL]DVWUXNWXU\UDFKXQNX]\ VN¿Z L VWUDW QDMF]ÖÎFLHM GRNRQ\ZDQD MHVW SU]H] XVWDOHQLH XG]LDÊX SRV]F]HJ¿O Q\FKNDWHJRULLSU]\FKRG¿ZLNRV]W¿ZZSU]\FKRGDFK]HVSU]HGDÔ\FRSR]ZDOD GRNRQDÐ]\VNRZQRÎFLVSU]HGDÔ\ 1DWRPLDVWZSU]\SDGNXSU]HSÊ\Z¿ZSLHQLÖÔQ\FKDQDOL]DVWUXNWXU\SROHJD QDDQDOL]LHJÊ¿ZQ\FKÒU¿GHÊÎURGN¿ZSLHQLÖÔQ\FKRUD]NLHUXQN¿ZLFKZ\NR U]\VWDQLD:W\PFHOXSU]HSÊ\Z\G]LHOLVLÖQDGRGDWQLHLXMHPQHDQDVWÖSQLH GODNDÔGHM]W\FKGZ¿FKNDWHJRULLREOLF]DVLÖXG]LDÊSRV]F]HJ¿OQ\FKVNÊDGQL N¿ZZVXPLHSU]HSÊ\Z¿Z^)LOXWRZVNLVq@
2FHQDV\WXDFMLILQDQVRZHMSRGPLRWXSRZLQQDE\ÐSRV]HU]RQDRZV]HONLH HOHPHQW\NW¿UHPRJÌZ\ZLHUDÐZSÊ\ZQDMHMG]LDÊDOQRÎÐDNW¿UHQLH]QDMGX MÌRG]ZLHUFLHGOHQLDZVSUDZR]GDQLDFK6]F]HJ¿OQLHLVWRWQHMHVWGODZV]HONLHJR URG]DMX]RERZLÌ]DØSR]DELODQVRZ\FKWDNLFKMDNSÊDWQRÎÐ]W\WXÊXOHDVLQJXF]\ XG]LHORQHSU]H]VS¿ÊNÖSRUÖF]HQLDEÌGÒ]RERZLÌ]DQLDZHNVORZH'DQHQDWHQ WHPDWPRÔQD]QDOHÒÐZLQIRUPDFMLGRGDWNRZHM 5\VXQHN]DZLHUDZ\EUDQHZVNDÒQLNLZHGÊXJRNUHÎORQ\FKNDWHJRULLVSR V¿ELFKOLF]HQLDRUD]FKDUDNWHU\VW\NÖ Rysunek 3.&KDUDNWHU\VW\NDZ\EUDQ\FKZVNDÒQLN¿ZILQDQVRZ\FK 1U 1D]ZDZVNDÒQLND :]¿U 2SLV :VNDÒQLNLUHQWRZQRÎFL 5HQWRZQRÎÐ PDMÌWNX RJ¿ÊHP52$ ]\VNQHWWR 0DMÌWHNDNW\ZD RJ¿ÊHP ,QIRUPXMHRHIHNW\ZQRÎFLZ\NRU]\VWDQLDPD MÌWNXFDÊRÎFL]DVRE¿ZSU]HGVLÖELRUVWZDF]\OL LOH]\VNXQHWWRSU]\QRVLNDÔGD]ÊRW¿ZND]DDQ JDÔRZDQDZILQDQVRZDQLHPDMÌWNX 'ÒZLJQLD ILQDQVRZD 5HQWRZQRÎÐNDSLWDÊX ZÊDVQHJR 6NRU\JRZDQD UHQWRZQRÎÐPDMÌWNX ,QIRUPXMHRHIHNW\ZQRÎFLZ\NRU]\VWDQLDNDSL WDÊ¿ZREF\FK-HÔHOLGÒZLJQLDILQDQVRZDMHVW GRGDWQLDR]QDF]DWRÔHSU]HGVLÖELRUVWZR]DUD ELDQD]DFLÌJDQLXNUHG\W¿ZL]RERZLÌ]DØ-HÎOL GÒZLJQLDMHVWXMHPQD]DFLÌJDQLHNUHG\W¿Z SU]\QRVLVWUDWÖ :VNDÒQLNLURWDFMLDNW\Z¿Z 5RWDFMDQDOHÔQRÎFL 3U]\FKRG\]H VSU]HGDÔ\ 3U]HFLÖWQ\VWDQ QDOHÔQRÎFL 2NUHÎODLOHUD]\ZFLÌJXURNXSU]HGVLÖELRUVWZR RGWZDU]DVWDQVZRLFKQDOHÔQRÎFL=DGRZDODMÌ F\SR]LRPWHJRZVNDÒQLNDSRZLQLHQRVF\ORZDÐ ZSU]HG]LDOH-HÔHOLZDUWRÎÐZVNDÒQL NDVSDGDSRQLÔHMR]QDF]DWRÔHSU]HGVLÖ ELRUVWZRNUHG\WXMHVZRLFKNOLHQW¿ZFRZLÌÔH VLÖ]GÊXJLP]DPURÔHQLHPÎURGN¿ZSLHQLÖÔ Q\FKZQDOHÔQRÎFLDFK 5RWDFMD]DSDV¿Z VSU]HGDÔQHWWR SU]HFLÖWQ\VWDQ ]DSDV¿Z 1LVNLSR]LRPZVNDÒQLNDURWDFML]DSDV¿Z ZVND]XMHQDQDGPLHUQHOXE]EÖGQH]DSDV\ XWU]\P\ZDQHSU]H]SU]HGVLÖELRUVWZR:]URVW ZVNDÒQLNDURWDFML]DSDV¿ZR]QDF]DÔH]DSD V\Z\VWDUF]DMÌQDFRUD]PQLHMV]ÌOLF]EÖGQL VSU]HGDÔ\ 5RWDFMDDNW\Z¿Z SU]\FKRG\]H VSU]HGDÔ\ :DUWRÎÐDNW\Z¿Z :VNDÒQLNURWDFMLDNW\Z¿ZLQIRUPXMHRNZRFLH VSU]HGDÔ\RVLÌJQLÖWHM]MHGQRVWNLDNW\Z¿Z]H ]ÊRW¿ZNL]DLQZHVWRZDQHMZDNW\ZD=HZ]JOÖ GXQDEUDNZDUWRÎFLPRGHORZHMRFHQLHSRGOHJD QLHZDUWRÎÐZVNDÒQLNDOHF]MHG\QLHWHQGHQFMD ZF]DVLH.RU]\VWQ\MHVWZ]URVWOXESU]\QDM PQLHMXWU]\PDQLHZVNDÒQLNDQDZ]JOÖGQLH VWDÊ\PSR]LRPLH,PEDUG]LHMQDNÊDGRFKÊRQQD EUDQÔDW\PSR]LRPZVNDÒQLNDMHVWQLÔV]\
1U 1D]ZDZVNDÒQLND :]¿U 2SLV :VNDÒQLNL]DGÊXÔHQLD :VNDÒQLN ]DGÊXÔHQLD RJ¿OQHJR ]RERZLÌ]DQLDRJ¿ÊHP PDMÌWHNDNW\ZD RJ¿ÊHP ,QIRUPXMHRVWRSQLX]DGÊXÔHQLDMHGQRVWNL WMREFLÌÔHQLXPDMÌWNX]RERZLÌ]DQLDPL,P ZVNDÒQLNMHVWPQLHMV]\W\PPQLHMV]\MHVW XG]LDÊNDSLWDÊ¿ZREF\FKZILQDQVRZDQLXPD MÌWNX :VNDÒQLN ILQDQVRZDQLD PDMÌWNXNDSLWDÊHP ZÊDVQ\P NDSLWDÊZÊDVQ\ PDMÌWHNDNW\ZD RJ¿ÊHP ,QIRUPXMHRVWRSQLXSRNU\FLDPDMÌWNXILUP\ NDSLWDÊHPZÊDVQ\P,PZVNDÒQLNEDUG]LHM ]EOLÔDVLÖGRMHGQRÎFLW\PSRGVWDZ\ILQDQVRZH G]LDÊDOQRÎFLVÌVWDELOQLHMV]H:VNDÒQLNQDOHÔ\ UR]SDWU\ZDÐ]LQQ\PLZVNDÒQLNDPLVWUXNWXU\ ILQDQVRZDQLD 5HODFMD]RERZLÌ]DØ GRNDSLWDÊ¿Z ZÊDVQ\FK ]RERZLÌ]DQLDRJ¿ÊHP NDSLWDÊZÊDVQ\ 3UH]HQWXMHSURSRUFMHSRPLÖG]\]DGÊXÔHQLHPD NDSLWDÊDPLZÊDVQ\PL :VNDÒQLNc]ÊRWHMoUHJXÊ\ELODQVRZHM NDSLWDÊ\VWDÊH DNW\ZDWUZDÊH ,QIRUPXMHRVWRSQLXSRNU\FLDPDMÌWNXWUZDÊHJR NDSLWDÊDPLVWDÊ\PLNDSLWDÊ\ZÊDVQH]RER ZLÌ]DQLDGÊXJRWHUPLQRZH$E\c]ÊRWDoUHJXÊD ELODQVRZD]RVWDÊD]DFKRZDQDZVNDÒQLNPXVL E\ÐU¿ZQ\OXEZLÖNV]\RG :VNDÒQLNLJRVSRGDURZDQLD]DVREDPL :VNDÒQLN Z\GDMQRÎFL SUDF\QDMHGQHJR ]DWUXGQLRQHJR =\VN]HVSU]HGDÔ\ 3U]HFLÖWQDOLF]ED ]DWUXGQLRQ\FKZ SU]HOLF]HQLXQDSHÊQH HWDW\ ,QIRUPXMHRZ\VRNRÎFL]\VNXJHQHURZDQHJR SU]H]MHGQHJRSUDFRZQLND :VNDÒQLN SURGXNW\ZQRÎFL SUDF\ 3U]\FKRG\QHWWR]H VSU]HGDÔ\WRZDU¿ZL PDWHULDÊ¿Z .RV]W\SUDF\ ,QIRUPXMHRSR]LRPLHZDUWRÎFLVSU]HGDÔ\MDND SU]\SDGDQD3/1Z\GDQ\QDSRNU\FLH NRV]W¿ZSUDF\F]\OLNRV]W¿ZIXQNFMRQRZDQLD VLÊ\URERF]HMZSU]HGVLÖELRUVWZLHQDNÊDG¿Z SRQLHVLRQ\FKQDSUDFRZQLN¿Z :VNDÒQLN SURGXNW\ZQRÎFL ÎURGN¿ZWUZDÊ\FK 3U]\FKRG\QHWWR]H VSU]HGDÔ\WRZDU¿ZL PDWHULDÊ¿Z 3U]HFLÖWQ\VWDQ ÎURGN¿ZWUZDÊ\FK EUXWWR 3RND]XMHLOHUD]\SU]\FKRG\]HVSU]HGDÔ\ WRZDU¿ZLPDWHULDÊ¿ZVÌZ\ÔV]HRGÎURGN¿Z ]DDQJDÔRZDQ\FKZLFKJHQHURZDQLH :VNDÒQLNVWRSQLD VILQDQVRZDQLD SU]\URVWX U]HF]RZ\FK DNW\Z¿ZWUZDÊ\FK ]QDGZ\ÔNL ILQDQVRZHM =\VNQHWWR DPRUW\]DFMD 3U]\URVWU]HF]RZ\FK DNW\Z¿ZWUZDÊ\FK ,QIRUPXMHRVWRSQLXSRNU\FLDSU]\URVWXU]HF]R Z\FKDNW\Z¿ZWUZDÊ\FK]ZÊDVQ\FKZ\JRVSR GDURZDQ\FKÎURGN¿Z
1U 1D]ZDZVNDÒQLND :]¿U 2SLV :VNDÒQLNVWRSQLD VILQDQVRZDQLD SU]\URVWXDNW\Z¿Z ]QDGZ\ÔNL ILQDQVRZHM =\VNQHWWR DPRUW\]DFMD 3U]\URVWDNW\Z¿Z RJ¿ÊHP ,QIRUPXMHRVWRSQLXSRNU\FLDSU]\URVWXDNW\ Z¿ZRJ¿ÊHP]ZÊDVQ\FKZ\JRVSRGDURZDQ\FK ÎURGN¿Z ÑU¿GÊR2SUDFRZDQLHZÊDVQHQDSRGVWDZLH,QWHUSUHWDFMDVSUDZR]GDØILQDQVRZ\FKZÖ]ÊR ZH ZVNDÒQLNL DQDOL]\ VSUDZR]GDQLD ILQDQVRZHJR 'RUDGFD =HVS¿Ê 'RUDGF¿Z )LQDQVR ZR.VLÖJRZ\FK*UXSD),1$166(59,6KWWSZZZEL]QHVSDUWQHUSOLQGH[SKS"LG 7)(GXNDFMDKWWSZZZWISOYLHZSKS"DUW 3RUWDOHGXNDFMLNDSLWDÊRZHMKWWSZZZ JLHOGDWUDXJXWWQHWIXQGDPHQWDOBSKS=%RGLH5&0HUWRQ)LQDQVH3:(:DUV]D ZDV3UDFD]ELRURZDSRGUHG(:DOLØVNLHM38UEDQND5DFKXQNRZRÎÐ]DU]ÌG F]D )XQGDFMD UR]ZRMX UDFKXQNRZRÎFL Z 3ROVFH É¿GÒ V 3UDFD ]ELRURZD SRG UHG$)LOXWRZVNLHJR$QDOL]DLNRQWURODILQDQVRZDZSUDNW\FH:LHG]DLSUDNW\ND:DU V]DZDV 'ODRFHQ\Z\NRU]\VWDQLDDNW\Z¿ZZSU]HGVLÖELRUVWZLHKDQGORZ\PSRVÊX ÔÌZVNDÒQLNL]DZDUWHQDU\VXQNX $QDOL]DZ\EUDQ\FKZVNDãQLNÀZVSÀËNLKDQGORZHM 2ELHNWHPEDGDØSUDF\MHVWVS¿ÊND]RJUDQLF]RQÌRGSRZLHG]LDOQRÎFLÌ6S¿Ê NDMHVWSRGPLRWHP]XG]LDÊHPNDSLWDÊX]DJUDQLF]QHJR%DGDQ\SRGPLRWSRZVWDÊ ZPDMXURNXMHVWZLÖFVWRVXQNRZRPÊRGÌILUPÌ'ODFHO¿ZEDGDQLDRUD] EH]SLHF]HØVWZDEDGDQHJRRELHNWXQLH]RVWDMHSRGDQDQD]ZD%DGDQ\SRGPLRW SURZDG]L KDQGHO KXUWRZ\ ÎZLHÔ\PL RZRFDPL RUD] ZDU]\ZDPL SRVLDGD WU]\ RGG]LDÊ\.UDN¿Z:DUV]DZD3U]HP\ÎO2GG]LDÊ\WHVÌSRÊRÔRQHZVWUDWHJLF] Q\FKPLHMVFDFK,RGG]LDÊ.UDN¿ZNW¿U\SHÊQLU¿ZQLHÔIXQNFMÖFHQWUDOLMHGQRVW NLMHVWSRÊRÔRQ\ZSREOLÔXcJLHÊG\oRZRFRZRqZDU]\ZQHM,,RGG]LDÊHPMHVW RGG]LDÊ3U]HP\ÎONW¿UHJRSRÊRÔHQLHEOLVNRJUDQLF\MHVWVWUDWHJLF]Q\PRGQLH VLHQLHPFKDUDNWHUXLIXQNFMLWHJRRGG]LDÊXSRQLHZDÔMHJR]DGDQLHPMHVWHNV SRUWGRNUDM¿ZOHÔÌF\FK]DZVFKRGQLÌJUDQLFÌ,,,RGG]LDÊWR:DUV]DZDNW¿UH JRVLHG]LEDMHVWSRÊRÔRQDQDWHUHQLHJLHÊG\q%521,6=(RGG]LDÊWHQSRVLDGD GZDPDJD]\Q\WUDG\F\MQ\qGRKDQGOX]KXUWRZQLNDPLRUD]PDJD]\QVLHFLR Z\NW¿U\]RVWDÊVWZRU]RQ\ZWU]HFLPNZDUWDOHURNXZFHOXSRV]HU]HQLD ZVS¿ÊSUDF\]VLHFLDPLKLSHUPDUNHW¿ZGRVWRVRZDQLDVLÖGRQRUPLZ\PDJDØ VWDZLDQ\FKSU]H]VLHFL2VRE\WZRU]ÌFHLXSRZDÔQLRQHSU]H]]DU]ÌGGRSURZD G]HQLDRUD]]DU]ÌG]DQLDILUPÌZ3ROVFHWRRVRE\NW¿UHPDMÌZLHOROHWQLHGR ÎZLDGF]HQLHZWHMEUDQÔ\)LUPD]DWUXGQLDÊÌF]QLHRV¿EVWDQQD ]F]HJRZ.UDNRZLHMHVWRV¿E3U]HP\ÎOXRVRE\DZ:DUV]DZLH $QDOL]DSR]LRPDELODQVXEDGDQHJRSRGPLRWXQDU\VXQNXSRND]XMHÒU¿GÊD ILQDQVRZDQLDDNW\Z¿Z$NW\ZDWUZDÊHSRZLQQ\E\ÐZFDÊRÎFLILQDQVRZDQHSU]H] NDSLWDÊZÊDVQ\qLWDNWHÔMHVWZREXEDGDQ\FKRNUHVDFK'RGDWNRZRNDSLWDÊZÊD
VQ\SRZLQLHQE\ÐQDW\OHZ\VRNLDE\P¿JÊSR]DDNW\ZDPLWUZDÊ\PLILQDQVRZDÐ F]ÖÎÐDNW\Z¿ZREURWRZ\FKqWDNMDNWRMHVWGODREXEDGDQ\FKRNUHV¿Z
-HGQDNGODGRNRQDQLDGRNÊDGQLHMV]HMRJ¿OQHMDQDOL]\ILQDQVRZRqHNRQRPLF] QHMSU]HGVLÖELRUVWZDQLH]EÖGQDMHVWDQDOL]DZVNDÒQLNRZD7DEHOD]DZLHUD]HVWD ZLHQLH Z\EUDQ\FK QD SRWU]HE\ DQDOL]\ ZVNDÒQLN¿Z LFK Z\VRNRÎÐ Z EDGDQ\FK ODWDFKLRGFK\OHQLHRUD]SURFHQWRZÌU¿ÔQLFÖ3LHUZV]DJUXSDZVNDÒQL N¿ZWRZVNDÒQLNLURWDFML:VNDÒQLNURWDFMLQDOHÔQRÎFLZEDGDQHMVS¿ÊFHXWU]\PXMH VLÖRGGRZUqSR]LRPWHJRZVNDÒQLNDMHVWSUDZLGÊRZ\GODEUDQÔ\ XVÊXJRZHM1LVNLSR]LRPWHJRZVNDÒQLNDSRQLÔHMR]QDF]DÊE\ÔHSU]HGVLÖELRU VWZRNUHG\WXMHVZRLFKNOLHQW¿Z:VNDÒQLNURWDFML]DSDV¿ZZ]U¿VÊRZURNX ZVWRVXQNXGRSRSU]HGQLHJRURNXREUDFKXQNRZHJRqFRR]QDF]DÔH]DSD V\Z\VWDUF]DMÌQDFRUD]PQLHMV]ÌOLF]EÖGQLVSU]HGDÔ\0DWRSR]\W\ZQHDVSHN W\SRQLHZDÔWRZDU\NW¿U\PLKDQGOXMHILUPDWRÎZLHÔHRZRFHLZDU]\ZDL]E\W GÊXJLHLFKPDJD]\QRZDQLHSURZDG]LGRXWUDW\LFKZDUWRÎFL1DWRPLDVWMHÎOLFKR G]LRZVNDÒQLNURWDFMLDNW\Z¿ZZVWRVXQNXGRURNXSRSU]HGQLHJRZURNX Z]U¿VÊRLXWU]\PXMHWHQGHQFMÖZ]URVWRZÌ .ROHMQÌJUXSÖVWDQRZLÌZVNDÒQLNL]DGÊXÔHQLD:VNDÒQLNRJ¿OQHJR]DGÊX ÔHQLDZEDGDQ\PSU]HGVLÖELRUVWZLHXWU]\PXMHVLÖSRQLÔHMLZURNXVSD GDRMHVWWRSUDZLGÊRZ\SR]LRPÎZLDGF]\RW\PÔHILUPDPDQLHZLHONL XG]LDÊNDSLWDÊ¿ZREF\FKZILQDQVRZDQLXPDMÌWNX Rysunek 4.6WUXNWXUDSR]LRPDELODQVXVS¿ÊNL)UXWDV]DODWDL ÑU¿GÊR2SUDFRZDQLHZÊDVQHQDSRGVWDZLHELODQVXVS¿ÊNLKDQGOXKXUWRZHJR]DODWD L
=NROHLZVNDÒQLNILQDQVRZDQLDPDMÌWNXNDSLWDÊHPZÊDVQ\PLVWRWQLHZ]U¿VÊ ZURNXERRLZ\QRVLFRR]QDF]D]QDF]QÌSRSUDZÖZVWRVXQ NXGRURNX3R]LRPWHJRZVNDÒQLNDSRZLQLHQE\ÐEOLVNLZ¿ZF]DVR]QD F]DWRÔHSRGVWDZ\ILQDQVRZHVÌVWDELOQLHMV]H1DWRPLDVWUHODFMD]RERZLÌ]DØ GRNDSLWDÊ¿ZZÊDVQ\FKZURNXZ\QLRVÊD]NROHLZREQLÔ\ÊDVLÖ RLZ\QLRVÊDFRR]QDF]DÔHVWRSLHØ]DDQJDÔRZDQLDNDSLWDÊXREFHJR XOHJÊREQLÔHQLXQDU]HF]NDSLWDÊXZÊDVQHJR Tabela 1.3R]LRPSRV]F]HJ¿OQ\FKZVNDÒQLN¿ZZVS¿ÊFHKDQGOXKXUWRZHJR]D URNL :VNDÒQLN 2GFK\OHQLH 5¿ÔQLFDZ 5RWDFMDQDOHÔQRÎFL 5RWDFMD]DSDV¿Z 5RWDFMDDNW\Z¿Z :VNDÒQLNL]DGÊXÔHQLD :VNDÒQLN]DGÊXÔHQLDRJ¿OQHJR :VNDÒQLNILQDQVRZDQLDPDMÌWNXND SLWDÊHPZÊDVQ\P 5HODFMD]RERZLÌ]DØGRNDSLWDÊ¿Z ZÊDVQ\FK :VNDÒQLNLJRVSRGDURZDQLD]DVREDPL :VNDÒQLNZ\GDMQRÎFLSUDF\QDMHGQH JR]DWUXGQLRQHJR W\V 3/1RV W\V 3/1RV W\V 3/1RV :VNDÒQLNSURGXNW\ZQRÎFLSUDF\ :VNDÒQLNSURGXNW\ZQRÎFLÎURGN¿Z WUZDÊ\FK :VNDÒQLNVWRSQLDVILQDQVRZDQLD SU]\URVWXU]HF]RZ\FKDNW\Z¿ZWUZD Ê\FK]QDGZ\ÔNLILQDQVRZHM :VNDÒQLNVWRSQLDVILQDQVRZDQLD SU]\URVWXU]HF]RZ\FKDNW\Z¿ZWUZD Ê\FK]QDGZ\ÔNLILQDQVRZHM
ÑU¿GÊR 2SUDFRZDQLH ZÊDVQH QD SRGVWDZLH ELODQVX RUD] UDFKXQNX ]\VN¿Z L VWUDW EDGDQHM VS¿ÊNL]DURNL 1DVWÖSQLHSRSU]H]DQDOL]ÖZVNDÒQLNRZÌRNUHÎORQRUHQWRZQRÎÐVSU]HGDÔ\ NW¿UDZURNXZ\QLRVÊDDZURNXZ]URVÊDRLZ\QLRVÊD ,VWRWQ\PHOHPHQWHPDQDOL]\NW¿U\QLHUR]HUZDOQLH]DZDUW\MHVWZWHPDFLH DUW\NXÊXMHVWJRVSRGDURZDQLH]DVREDPL3RSU]HSURZDG]HQLXDQDOL]\ZVNDÒ QLNRZHM QDOHÔ\ ]DXZDÔ\Ð LÔ ZVNDÒQLN Z\GDMQRÎFL SUDF\ QD MHGQHJR ]DWUXG
QLRQHJRZURNXSRGZRLÊVLÖZVWRVXQNXGRURNXLRVLÌJQÌÊSR]LRP W\V3/1SU]\F]\PZVNDÒQLNSURGXNW\ZQRÎFLSUDF\VSDGÊRGR SR]LRPX:VNDÒQLNSURGXNW\ZQRÎFLÎURGN¿ZWUZDÊ\FKZ]U¿VÊRGR SR]LRPXZURNX:VNDÒQLNVWRSQLDVILQDQVRZDQLDSU]\URVWXU]H F]RZ\FKDNW\Z¿ZWUZDÊ\FK]QDGZ\ÔNLELODQVRZHMZ]U¿VÊRQDWRPLDVW ZVNDÒQLNVWRSQLDVILQDQVRZDQLDSU]\URVWXDNW\Z¿ZRJ¿ÊHP]QDGZ\ÔNLELODQ VRZHMRGQRWRZDÊ]PLDQÖGRGDWQLÌQDSR]LRPLH
5HDVXPXMÌF EDGDQD VS¿ÊND SRPLPR NU¿WNLHJR VWDÔX QD U\QNX RVLÌ JD EDUG]R GREUH Z\QLNL HIHNW\ZQHJR Z\NRU]\VWDQLD SRVLDGDQ\FK DNW\Z¿Z qZ]URVW]\VNXQHWWRRZURNXGRPOQ3/1:GXÔHMPLHU]H RVLÌJQLÖW\]\VNZURNXMHVWZ\QLNLHPZ\NRU]\VWDQLDDQDOL]\ILQDQVRZHM GR]DU]ÌG]DQLDSRVLDGDQ\PL]DVREDPL6S¿ÊNDDQDOL]XMÌFZ\VRNRÎÐVWUXNWXUÖ NRV]W¿ZRUD]Z\EUDQHZVNDÒQLNLMHVWZVWDQLHV]\ENRUHDJRZDÐLSU]HFLZG]LD ÊDÐ SRZVWDZDQLX QLHZ\NRU]\VWDQ\FK EÌGÒ QLH Z SHÊQL Z\NRU]\VWDQ\FK PRF\ SURGXNF\MQ\FKDFR]DW\PLG]LHVSDGNRZLZ\QLNXILQDQVRZHJRMHGQRVWNLLJH QHURZDQLX]EÖGQ\FKNRV]W¿ZSRSU]H]WZRU]HQLHQRUPLUHJXÊ5¿ZQLHÔLVWRWQ\ XG]LDÊZ]DU]ÌG]DQLXNRV]WDPLPDNRU]\VWDQLH]LQVWUXPHQW¿Z]DEH]SLHF]DMÌ F\FKRNUHÎORQHU\]\ND$QDOL]DILQDQVRZDPDIXQGDPHQWDOQH]QDF]HQLHZED GDQ\PSU]HGVLÖELRUVWZLH 8ZDJLNRÎFRZH $QDOL]DZ\NRU]\VWDQLDPDMÌWNXSU]HGVLÖELRUVWZDMHVWMHGQ\P] LVWRW QLHMV]\FKHOHPHQW¿ZDQDOL]\ILQDQVRZHM-HGQDNSRZLÌ]DQLHSR]LRPXDNW\Z¿Z ] ZLHONRÎFLÌ VSU]HGDÔ\ NRV]W ZÊDVQ\ VSU]HGDÔ\ ZDUWRÎÐ VSU]HGDQ\FK WRZD U¿Z VWUXNWXUÌ NRV]W¿Z VSUDZLD ÔH DQDOL]D GDMH ZV]HFKVWURQQH PRÔOLZRÎFL Z]DNUHVLHSRSUDZ\JRVSRGDUQRÎFLSU]HGVLÖELRUVWZD
3RQDGWREH]SRÎUHGQLHZ\NRU]\VWDQLHDQDOL]\Z\NRU]\VWDQLDDNW\Z¿ZRUD] MHMUH]XOWDW¿ZSU]H]NDGUÖ]DU]ÌG]DMÌFÌSR]ZDODVSUDZQLH]DU]ÌG]DÐSRVLDGD Q\P PDMÌWNLHP FR XPRÔOLZLD ZF]HVQH Z\NU\ZDQLH QLHSUDZLGÊRZRÎFL RUD] GDMHPRÔOLZRÎÐWZRU]HQLDSURFHGXUPDMÌF\FKQDFHOXRJUDQLF]DQLH]EÖGQ\FK ]DVRE¿ZDFR]DW\PLG]LHQLHSRWU]HEQ\FKNRV]W¿Z :SUDF\]RVWDÊ\W\ONR]DV\JQDOL]RZDQHPRÔOLZRÎFLZ\QLNDMÌFH]DQDOL]\ DNW\Z¿ZSU]HGVLÖELRUVWZDRUD]VSRVREXLFKDEVRUSFML,PEDUG]LHMV]F]HJ¿ÊRZD DQDOL]DW\PZ\QLNLVÌEDUG]LHMPLDURGDMQLHDFR]DW\PLG]LHGRNÊDGQLHMPRÔ QDRFHQLÐ]PLDQ\]DFKRG]ÌFHZSR]LRPLH]DVRE¿ZSU]HGVLÖELRUVWZDNW¿UHVÌ QLHRG]RZQ\PHOHPHQWHPIXQNFMRQRZDQLDMHGQRVWNL
/LWHUDWXUD %LXOHW\QLQIRUPDF\MQ\GODVãXEHNRQRPLF]QRxILQDQVRZ\FKQU %RGLH=0HUWRQ5&Finanse3:(:DUV]DZD *LHUXV]%3RGU§F]QLNVDPRG]LHOQHMQDXNLNVL§JRZDQLD2ÎURGHN'R UDG]WZDL'RVNRQDOHQLD.DGU*GDØVN *RV:6SUDZR]GDZF]R¢éLUHZL]MDILQDQVRZD&]ÖÎÐL3UHVVSX EOLFD:DUV]DZD 0LFKHUGD % 5DFKXQHN NRV]WÕZ L Z\QLNÕZ MHGQRVWHN JRVSRGDUF]\FK
Z ¢ZLHWOH ]QRZHOL]RZDQHJR SUDZD R UDFKXQNRZR¢FL :\GDZQLFWZR
$NDGHPLL(NRQRPLF]QHMZ.UDNRZLH.UDN¿Z 3UDFD]ELRURZDSRGUHG$)LOXWRZVNLHJR$QDOL]DLNRQWURODILQDQVR-wa w praktyce:LHG]DLSUDNW\ND:DUV]DZD 3UDFD]ELRURZDSRGUHG(ÍQLHÔHN:SURZDG]HQLHGRUDFKXQNRZR¢FL )XQGDFMD5R]ZRMX5DFKXQNRZR¢FLZ3ROVFH:DUV]DZD 3UDFD]ELRURZDSRGUHG(:DOLØVNLHM38UEDQND5DFKXQNRZR¢é]D-U]cGF]D)XQGDFMDUR]ZRMXUDFKXQNRZRÎFLZ3ROVFHÉ¿GÒ 3UDFD]ELRURZDSRGUHG.:LQLDUVNLHM3RGVWDZ\UDFKXQNRZR¢FL'RP Z\GDZQLF]\$%&:DUV]DZD 5R]SRU]ÌG]HQLH.RPLVML:(1U]GQLDZU]HÎQLD U SU]\MPXMÌFH RNUHÎORQH PLÖG]\QDURGRZH VWDQGDUG\ UDFKXQNRZRÎFL ]JRGQLH]UR]SRU]ÌG]HQLHP:(QU3DUODPHQWX(XURSHM VNLHJRL5DG\0653UH]HQWDFMDVSUDZR]GDØILQDQVRZ\FK 8VWDZD]GQLDZU]HÎQLDURUDFKXQNRZRÎFL']8QU SR]]S¿ÒQ]P :LQLDUVND..RQWURODILQDQVRZRNVL§JRZDZSUDNW\FH2ÎURGHN'R UDG]WZDL'RVNRQDOHQLD.DGU6S]RR*GDØVN