{"id":188367,"date":"2026-06-03T18:25:33","date_gmt":"2026-06-03T18:25:33","guid":{"rendered":"https:\/\/arongroups.co\/?p=188367"},"modified":"2026-06-03T18:31:31","modified_gmt":"2026-06-03T18:31:31","slug":"multi-factor-models-in-finance","status":"publish","type":"post","link":"https:\/\/arongroups.co\/ar\/market-analysis\/multi-factor-models-in-finance\/","title":{"rendered":"\u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0641\u064a \u0627\u0644\u062a\u0645\u0648\u064a\u0644: \u062a\u0633\u0639\u064a\u0631 \u0627\u0644\u0623\u0635\u0648\u0644 \u0648\u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0648\u0627\u0644\u0635\u064a\u063a \u0648\u0627\u0644\u0623\u0645\u062b\u0644\u0629 \u0627\u0644\u0648\u0627\u0642\u0639\u064a\u0629"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"188367\" class=\"elementor elementor-188367\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0b2ba47 e-flex e-con-boxed e-con e-parent\" data-id=\"0b2ba47\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e91a2a9 elementor-widget elementor-widget-text-editor\" data-id=\"e91a2a9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400\">\u062a\u0634\u0631\u062d \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0623\u0635\u0648\u0644 \u0648\u062a\u062a\u0646\u0628\u0623 \u0628\u0647\u0627 \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0639\u062f\u0629 \u0645\u062d\u0631\u0643\u0627\u062a \u0644\u0644\u0645\u062e\u0627\u0637\u0631\u060c \u0628\u062f\u0644\u0627\u064b 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elementor-widget-ucaddon_blog_key_takeaway\" data-id=\"fdca603\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"ucaddon_blog_key_takeaway.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n<!-- start Blog Key Takeaway -->\n\n<!-- Key Takeaways widget-->\n<div>\n  <!-- Key Takeaways Widget -->\n  <div class=\"key_takeaways_widget\">\n    <div class=\"title_wrapper\">\n      <img decoding=\"async\" src=\"https:\/\/cdn.arongroups.co\/uploads\/2024\/12\/bookmark-2.svg\" alt=\"bookmark\" class=\"icon\">\n      <div class=\"title_txt\">Key Takeaways<\/div>\n    <\/div>\n    <div class=\"content_wrapper\">\n      <ul><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">\u062a\u0633\u0627\u0639\u062f \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0639\u0644\u0649 \u0641\u0635\u0644 \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0625\u0644\u0649 \u0639\u0627\u0626\u062f \u0627\u0644\u0633\u0648\u0642\u060c \u0648\u0639\u0644\u0627\u0648\u0627\u062a \u0627\u0644\u0639\u0648\u0627\u0645\u0644\u060c \u0648\u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0645\u062a\u0628\u0642\u064a\u0629.<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">\u064a\u0642\u0644\u0644 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0645\u062a\u0639\u062f\u062f \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u062c\u064a\u062f \u201c\u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0645\u062c\u0647\u0648\u0644\u0629\u201d \u0645\u0646 \u062e\u0644\u0627\u0644 \u062e\u0641\u0636 \u0627\u0644\u0639\u0627\u0626\u062f \u063a\u064a\u0631 \u0627\u0644\u0645\u0641\u0633\u0631 (\u062d\u062f \u0627\u0644\u062e\u0637\u0623).<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">\u062a\u064f\u0639\u062f \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0645\u0641\u064a\u062f\u0629 \u0641\u064a \u0628\u0646\u0627\u0621 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0644\u0623\u0646\u0647\u0627 \u062a\u0646\u0648\u0639 \u0639\u0628\u0631 \u0645\u0635\u0627\u062f\u0631 \u0627\u0644\u0645\u062e\u0627\u0637\u0631\u060c \u0644\u0627 \u0639\u0628\u0631 \u0627\u0644\u0623\u0635\u0648\u0644 \u0641\u0642\u0637.<\/span><\/li><\/ul>\n    <\/div>\n  <\/div>\n<\/div>\n<!-- end Blog Key Takeaway -->\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-20dee86 elementor-widget elementor-widget-text-editor\" data-id=\"20dee86\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h2><b>\u0645\u0627 \u0647\u064a \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0641\u064a \u0627\u0644\u062a\u0645\u0648\u064a\u0644\u061f<\/b><\/h2><p><span style=\"font-weight: 400\">\u0648\u0641\u0642\u064b\u0627 \u0644\u0640<\/span><a href=\"https:\/\/www.investopedia.com\/\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400\">Investopedia<\/span><\/a><span style=\"font-weight: 400\">\u060c \u0641\u0625\u0646 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0645\u062a\u0639\u062f\u062f \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0647\u0648 \u0646\u0645\u0648\u0630\u062c \u0645\u0627\u0644\u064a \u064a\u0634\u0631\u062d \u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0623\u0635\u0648\u0644 \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0639\u062f\u0629 \u0639\u0648\u0627\u0645\u0644 \u0645\u062e\u0627\u0637\u0631. \u0641\u0628\u062f\u0644\u064b\u0627 \u0645\u0646 \u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0639\u0644\u0649 \u0645\u0635\u062f\u0631 \u0648\u0627\u062d\u062f \u0644\u0644\u0645\u062e\u0627\u0637\u0631\u060c 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style=\"font-weight: 400\">\u062a\u0634\u0631\u062d \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0628\u062f\u0642\u0629 \u0623\u0643\u0628\u0631<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u062a\u0644\u062a\u0642\u0637 \u0645\u0635\u0627\u062f\u0631 \u0645\u062e\u062a\u0644\u0641\u0629 \u0644\u0644\u0645\u062e\u0627\u0637\u0631<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u062a\u0642\u0644\u0644 \u0627\u0644\u0639\u0627\u0626\u062f \u063a\u064a\u0631 \u0627\u0644\u0645\u0641\u0633\u0631 (\u062d\u062f \u0627\u0644\u062e\u0637\u0623)<\/span><\/li><\/ul><h3><b>\u0644\u0645\u0627\u0630\u0627 \u062a\u062a\u0641\u0627\u0639\u0644 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0645\u0639 \u0639\u062f\u0629 \u0639\u0648\u0627\u0645\u0644 \u0645\u062e\u0627\u0637\u0631\u061f<\/b><\/h3><p><span style=\"font-weight: 400\">\u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0645\u0639\u0642\u062f\u0629. \u0641\u0627\u0644\u0623\u0633\u0639\u0627\u0631 \u062a\u062a\u0641\u0627\u0639\u0644 \u0645\u0639:<\/span><\/p><ul><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u062a\u063a\u064a\u0631\u0627\u062a \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u0627\u0644\u062a\u0636\u062e\u0645<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u062d\u062c\u0645 \u0627\u0644\u0634\u0631\u0643\u0629<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u0646\u0645\u0637 \u0627\u0644\u0642\u064a\u0645\u0629 \u0645\u0642\u0627\u0628\u0644 \u0627\u0644\u0646\u0645\u0648<\/span><\/li><li><span style=\"font-weight: 400\"> 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\u0627\u0644\u0633\u0644\u0648\u0643.<\/span><\/p><p><span style=\"font-weight: 400\">\u064a\u0645\u0643\u0646\u0643 \u062a\u062e\u064a\u0644 \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0645\u062b\u0644 \u0645\u062e\u0637\u0637 \u0645\u062a\u0639\u062f\u062f \u0627\u0644\u0637\u0628\u0642\u0627\u062a:<\/span><span style=\"font-weight: 400\"><br \/><\/span><span style=\"font-weight: 400\"> \u0639\u0627\u0626\u062f \u0627\u0644\u0633\u0648\u0642 \u0641\u064a \u0627\u0644\u0642\u0627\u0639\u062f\u0629\u060c \u062b\u0645 \u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u0646\u0645\u0637 \u0648\u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0641\u0648\u0642\u0647\u060c \u062b\u0645 \u0627\u0644\u0636\u0648\u0636\u0627\u0621 \u0627\u0644\u062e\u0627\u0635\u0629 \u0628\u0627\u0644\u0623\u0635\u0644 \u0641\u064a \u0627\u0644\u0646\u0647\u0627\u064a\u0629.<\/span><\/p><p><span style=\"font-weight: 400\">\u0644\u0647\u0630\u0627 \u0627\u0644\u0633\u0628\u0628 \u062a\u064f\u0633\u062a\u062e\u062f\u0645 \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0639\u0644\u0649 \u0646\u0637\u0627\u0642 \u0648\u0627\u0633\u0639 \u0641\u064a \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u062d\u062f\u064a\u062b.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3216b9d elementor-widget elementor-widget-text-editor\" data-id=\"3216b9d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h2><b>\u062f\u0648\u0631 \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0641\u064a \u062a\u0633\u0639\u064a\u0631 \u0627\u0644\u0623\u0635\u0648\u0644<\/b><\/h2><p><span style=\"font-weight: 400\">\u064a\u064f\u062d\u0633\u0646 \u0627\u0644\u0646\u0645\u0648\u0630\u062c 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\u0627\u0644\u0645\u0631\u062a\u0641\u0639\u0629\u060c \u0645\u062b\u0644 \u0627\u0646\u062e\u0641\u0627\u0636 \u0646\u0633\u0628 \u0627\u0644\u0633\u0639\u0631 \u0625\u0644\u0649 \u0627\u0644\u0623\u0631\u0628\u0627\u062d\u060c \u0623\u0648 \u0627\u0644\u0623\u0633\u0647\u0645 \u0630\u0627\u062a \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u0633\u0648\u0642\u064a\u0629 \u0627\u0644\u0623\u0635\u063a\u0631\u060c \u063a\u0627\u0644\u0628\u064b\u0627 \u0645\u0627 \u062a\u0645\u062a\u0644\u0643 \u0639\u0648\u0627\u0626\u062f \u0645\u062a\u0648\u0642\u0639\u0629 \u0623\u0639\u0644\u0649 \u0644\u0623\u0646\u0647\u0627 \u062a\u064f\u0639\u062f \u0623\u0643\u062b\u0631 \u062e\u0637\u0648\u0631\u0629.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a775442 elementor-widget elementor-widget-image\" data-id=\"a775442\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"534\" src=\"https:\/\/cdn.arongroups.co\/uploads\/2026\/06\/CAMP-1024x534.webp\" class=\"attachment-large size-large wp-image-188372\" alt=\"camp\" srcset=\"https:\/\/cdn.arongroups.co\/uploads\/2026\/06\/CAMP-1024x534.webp 1024w, https:\/\/cdn.arongroups.co\/uploads\/2026\/06\/CAMP-300x156.webp 300w, https:\/\/cdn.arongroups.co\/uploads\/2026\/06\/CAMP-768x401.webp 768w, https:\/\/cdn.arongroups.co\/uploads\/2026\/06\/CAMP-1536x801.webp 1536w, https:\/\/cdn.arongroups.co\/uploads\/2026\/06\/CAMP.webp 1894w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-66d4c41 elementor-widget elementor-widget-text-editor\" data-id=\"66d4c41\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400\">\u0633: \u0644\u0645\u0627\u0630\u0627 \u062a\u0642\u062f\u0645 \u0623\u0633\u0647\u0645 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0635\u063a\u064a\u0631\u0629 \u0639\u0627\u062f\u0629\u064b \u0639\u0648\u0627\u0626\u062f \u0623\u0639\u0644\u0649\u061f<\/span><span style=\"font-weight: 400\"><br \/><\/span><span style=\"font-weight: 400\"> \u062c: \u062a\u064f\u0639\u062f \u0623\u0633\u0647\u0645 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0635\u063a\u064a\u0631\u0629 \u0623\u0643\u062b\u0631 \u062e\u0637\u0648\u0631\u0629 \u0645\u0646 \u0623\u0633\u0647\u0645 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0643\u0628\u064a\u0631\u0629\u060c \u0644\u0630\u0644\u0643 \u064a\u0637\u0644\u0628 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0648\u0646 \u0639\u0627\u0626\u062f\u064b\u0627 \u0623\u0639\u0644\u0649 \u0645\u0642\u0627\u0628\u0644 \u062a\u062d\u0645\u0644 \u0647\u0630\u0627 \u0627\u0644\u062e\u0637\u0631. \u062a\u0644\u062a\u0642\u0637 \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0647\u0630\u0627 \u0627\u0644\u062e\u0637\u0631 \u0648\u064a\u0645\u0643\u0646\u0647\u0627 \u0627\u0644\u062a\u0646\u0628\u0624 \u0628\u0639\u0648\u0627\u0626\u062f \u0623\u0639\u0644\u0649 \u0644\u0644\u0623\u0633\u0647\u0645 \u0627\u0644\u0635\u063a\u064a\u0631\u0629 \u0628\u0645\u0631\u0648\u0631 \u0627\u0644\u0648\u0642\u062a.<\/span><\/p><p><span style=\"font-weight: 400\">\u00a0<\/span><\/p><h3><b>\u0645\u0642\u062f\u0645\u0629 \u0625\u0644\u0649 \u0639\u0644\u0627\u0648\u0627\u062a \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0641\u064a \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644<\/b><\/h3><p><span style=\"font-weight: 400\">\u0641\u064a \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0645\u062a\u0639\u062f\u062f \u0627\u0644\u0639\u0648\u0627\u0645\u0644\u060c \u062a\u0645\u062b\u0644 \u0639\u0644\u0627\u0648\u0629 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0625\u0636\u0627\u0641\u064a \u0627\u0644\u0630\u064a \u064a\u0637\u0644\u0628\u0647 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0648\u0646 \u0645\u0642\u0627\u0628\u0644 \u062a\u062d\u0645\u0644 \u0646\u0648\u0639 \u0645\u062d\u062f\u062f \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631. \u0648\u0644\u0643\u0644 \u0639\u0627\u0645\u0644\u060c \u0645\u062b\u0644 \u0627\u0644\u0633\u0648\u0642 \u0623\u0648 \u0627\u0644\u062d\u062c\u0645 (\u0635\u063a\u064a\u0631 \u0645\u0642\u0627\u0628\u0644 \u0643\u0628\u064a\u0631) \u0623\u0648 \u0627\u0644\u0642\u064a\u0645\u0629 \u0645\u0642\u0627\u0628\u0644 \u0627\u0644\u0646\u0645\u0648\u060c \u0639\u0644\u0627\u0648\u062a\u0647 \u0627\u0644\u062e\u0627\u0635\u0629\u060c \u0648\u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u062e\u062a\u0644\u0641 \u0647\u0630\u0647 \u0627\u0644\u0639\u0644\u0627\u0648\u0627\u062a \u0628\u064a\u0646 \u0627\u0644\u0623\u0635\u0648\u0644.<\/span><\/p><p><span style=\"font-weight: 400\">\u064a\u0642\u062f\u0651\u0631 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0645\u062a\u0648\u0642\u0639 \u0644\u0644\u0623\u0635\u0644 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u0644\u062c\u0645\u0639 \u0628\u064a\u0646 \u0627\u0644\u062a\u0639\u0631\u0636 \u0644\u0644\u0639\u0627\u0645\u0644 \u0648\u0639\u0644\u0627\u0648\u0627\u062a \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0639\u0648\u0627\u0645\u0644.<\/span><span style=\"font-weight: 400\"><br \/><\/span><span style=\"font-weight: 400\"> \u0645\u062b\u0627\u0644: \u0625\u0630\u0627 \u0643\u0627\u0646\u062a \u0639\u0644\u0627\u0648\u0629 \u0627\u0644\u062d\u062c\u0645 4% \u0648\u0643\u0627\u0646 \u0627\u0644\u0633\u0647\u0645 \u064a\u062a\u0645\u062a\u0639 \u0628\u062a\u0639\u0631\u0636 \u0642\u0648\u064a \u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0635\u063a\u064a\u0631\u0629\u060c \u0641\u0625\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u064a\u062a\u0648\u0642\u0639\u0648\u0646 \u0639\u0627\u0626\u062f\u064b\u0627 \u0625\u0636\u0627\u0641\u064a\u064b\u0627 \u064a\u0642\u0627\u0631\u0628 4% \u0645\u0646 \u0647\u0630\u0627 \u0627\u0644\u0639\u0627\u0645\u0644.<\/span><\/p><p><span style=\"font-weight: 400\">\u062a\u064f\u0639\u062f \u0639\u0644\u0627\u0648\u0627\u062a \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0645\u0647\u0645\u0629 \u0644\u0623\u0646\u0647\u0627 \u062a\u062e\u0628\u0631\u0643 \u0645\u0627 \u0625\u0630\u0627 \u0643\u0627\u0646 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0630\u064a \u062a\u062a\u0648\u0642\u0639\u0647 \u062a\u0639\u0648\u064a\u0636\u064b\u0627 \u0639\u0627\u062f\u0644\u0627\u064b \u0639\u0646 \u0627\u0644\u062e\u0637\u0631 \u0627\u0644\u0630\u064a \u062a\u062a\u062d\u0645\u0644\u0647.<\/span><\/p><h2><b>\u00a0<\/b><\/h2><h2><b>CAPM \u0645\u0642\u0627\u0628\u0644 \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644<\/b><\/h2><p><span style=\"font-weight: 400\">\u064a\u064f\u0639\u062f \u0646\u0645\u0648\u0630\u062c \u062a\u0633\u0639\u064a\u0631 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0631\u0623\u0633\u0645\u0627\u0644\u064a\u0629 (CAPM) \u0646\u0642\u0637\u0629 \u0627\u0644\u0628\u062f\u0627\u064a\u0629 \u0627\u0644\u0643\u0644\u0627\u0633\u064a\u0643\u064a\u0629 \u0641\u064a \u062a\u0633\u0639\u064a\u0631 \u0627\u0644\u0623\u0635\u0648\u0644. \u0648\u0647\u0648 \u064a\u0642\u062f\u0645 \u0641\u0643\u0631\u0629 \u0648\u0627\u0636\u062d\u0629: \u0627\u0644\u062e\u0637\u0631 \u0627\u0644\u0648\u062d\u064a\u062f \u0627\u0644\u0630\u064a \u064a\u0646\u0628\u063a\u064a \u0623\u0646 \u064a\u062d\u0635\u0644 \u0639\u0644\u0649 \u0639\u0627\u0626\u062f \u0625\u0636\u0627\u0641\u064a \u0647\u0648 \u062e\u0637\u0631 \u0627\u0644\u0633\u0648\u0642\u060c \u0644\u0623\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0623\u062e\u0631\u0649 \u064a\u0645\u0643\u0646 \u062a\u0646\u0648\u064a\u0639\u0647\u0627. \u0648\u062a\u0628\u0646\u064a \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0639\u0644\u0649 \u0647\u0630\u0647 \u0627\u0644\u0641\u0643\u0631\u0629 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u0644\u0627\u0639\u062a\u0631\u0627\u0641 \u0628\u0627\u0644\u062d\u0642\u064a\u0642\u0629 \u0627\u0644\u0648\u0627\u0636\u062d\u0629 \u0627\u0644\u062a\u064a \u064a\u062a\u062c\u0627\u0647\u0644\u0647\u0627 CAPM: \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u062a\u0633\u0639\u0651\u0631 \u0623\u0643\u062b\u0631 \u0645\u0646 \u0646\u0648\u0639 \u0648\u0627\u062d\u062f \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631.<\/span><\/p><h3><b>\u0646\u0638\u0631\u0629 \u0639\u0627\u0645\u0629 \u0639\u0644\u0649 CAPM \u0648\u0627\u0641\u062a\u0631\u0627\u0636\u0627\u062a\u0647<\/b><\/h3><p><span style=\"font-weight: 400\">CAPM \u0647\u0648 \u0646\u0645\u0648\u0630\u062c \u0623\u062d\u0627\u062f\u064a \u0627\u0644\u0639\u0627\u0645\u0644 \u0644\u062a\u0633\u0639\u064a\u0631 \u0627\u0644\u0623\u0635\u0648\u0644 \u064a\u0642\u062f\u0651\u0631 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0645\u062a\u0648\u0642\u0639 \u0644\u0644\u0623\u0635\u0644 \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0645\u062f\u062e\u0644\u064a\u0646 \u0641\u0642\u0637:<\/span><\/p><ul><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u0645\u0639\u062f\u0644 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u062e\u0627\u0644\u064a \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631\u060c \u0648<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u062a\u0639\u0631\u0636 \u0627\u0644\u0623\u0635\u0644 \u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0633\u0648\u0642 (\u0628\u064a\u062a\u0627).<\/span><\/li><\/ul><p><span style=\"font-weight: 400\">\u0628\u0639\u0628\u0627\u0631\u0629 \u0628\u0633\u064a\u0637\u0629\u060c \u064a\u0642\u0648\u0644 CAPM \u0625\u0646:<\/span><\/p><ul><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u0625\u0630\u0627 \u062a\u062d\u0631\u0643 \u0627\u0644\u0633\u0647\u0645 \u0623\u0643\u062b\u0631 \u0645\u0646 \u0627\u0644\u0633\u0648\u0642\u060c \u0623\u064a \u0643\u0627\u0646 \u0644\u062f\u064a\u0647 \u0628\u064a\u062a\u0627 \u0645\u0631\u062a\u0641\u0639\u0629\u060c \u0641\u0625\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u064a\u0637\u0644\u0628\u0648\u0646 \u0639\u0627\u0626\u062f\u064b\u0627 \u0645\u062a\u0648\u0642\u0639\u064b\u0627 \u0623\u0639\u0644\u0649.<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u0625\u0630\u0627 \u062a\u062d\u0631\u0643 \u0623\u0642\u0644 \u0645\u0646 \u0627\u0644\u0633\u0648\u0642\u060c \u0623\u064a \u0643\u0627\u0646 \u0644\u062f\u064a\u0647 \u0628\u064a\u062a\u0627 \u0645\u0646\u062e\u0641\u0636\u0629\u060c \u0641\u064a\u0646\u0628\u063a\u064a \u0623\u0646 \u064a\u0643\u0648\u0646 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0645\u062a\u0648\u0642\u0639 \u0623\u0642\u0644.<\/span><\/li><\/ul><p><span style=\"font-weight: 400\">\u064a\u064f\u0639\u062f CAPM \u0645\u0641\u064a\u062f\u064b\u0627 \u0643\u0646\u0642\u0637\u0629 \u0623\u0633\u0627\u0633\u060c \u0644\u0643\u0646\u0647 \u063a\u0627\u0644\u0628\u064b\u0627 \u0634\u062f\u064a\u062f \u0627\u0644\u062a\u0628\u0633\u064a\u0637 \u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0644\u0633\u0644\u0648\u0643 \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0641\u064a \u0627\u0644\u0639\u0627\u0644\u0645 \u0627\u0644\u062d\u0642\u064a\u0642\u064a.<\/span><\/p><p><span style=\"font-weight: 400\">\u00a0<\/span><\/p><h4><b>\u0645\u0639\u0627\u062f\u0644\u0629 CAPM<\/b><\/h4><p><span style=\"font-weight: 400\">\u0648\u0641\u0642\u064b\u0627 \u0644\u0640<\/span><a href=\"https:\/\/www.wallstreetprep.com\/\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400\">WallStreetPrep<\/span><\/a><span style=\"font-weight: 400\">\u060c \u0641\u0625\u0646 \u0635\u064a\u063a\u0629 CAPM \u0647\u064a:<\/span><\/p><p><span style=\"font-weight: 400\">Ke = rf + \u03b2 (rm &#8211; rf)<\/span><\/p><p><span style=\"font-weight: 400\">\u00a0<\/span><\/p><ul><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">Kf: \u062a\u0643\u0644\u0641\u0629 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 (\u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0645\u062a\u0648\u0642\u0639 \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0644)<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">rf: \u0645\u0639\u062f\u0644 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u062e\u0627\u0644\u064a \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 (\u0639\u0627\u0626\u062f \u0623\u0635\u0644 \u062e\u0627\u0644\u064d \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0645\u062b\u0644 \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0627\u0644\u062d\u0643\u0648\u0645\u064a\u0629)<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u03b2: \u0628\u064a\u062a\u0627 \u0627\u0644\u0623\u0635\u0644 (\u0645\u0642\u064a\u0627\u0633 \u064a\u0648\u0636\u062d \u0645\u0642\u062f\u0627\u0631 \u062a\u062d\u0631\u0643 \u0639\u0627\u0626\u062f \u0627\u0644\u0623\u0635\u0644 \u0645\u0642\u0627\u0631\u0646\u0629 \u0628\u0627\u0644\u0633\u0648\u0642)<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">rm: \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0645\u062a\u0648\u0642\u0639 \u0644\u0644\u0633\u0648\u0642<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">(rm-rf): \u0639\u0644\u0627\u0648\u0629 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0633\u0648\u0642 (\u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0625\u0636\u0627\u0641\u064a \u0627\u0644\u0645\u062a\u0648\u0642\u0639 \u0645\u0646 \u0627\u0644\u0633\u0648\u0642 \u0641\u0648\u0642 \u0645\u0639\u062f\u0644 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u062e\u0627\u0644\u064a \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631)<\/span><\/li><\/ul><p><span style=\"font-weight: 400\">\u0627\u0644\u0641\u0643\u0631\u0629 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629 \u0647\u064a \u0623\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u064a\u0637\u0644\u0628\u0648\u0646 \u0639\u0627\u0626\u062f\u064b\u0627 \u0623\u0639\u0644\u0649 \u0645\u0642\u0627\u0628\u0644 \u062a\u062d\u0645\u0644 \u0645\u062e\u0627\u0637\u0631 \u0623\u0643\u0628\u0631\u060c \u0643\u0645\u0627 \u064a\u0646\u0639\u0643\u0633 \u0630\u0644\u0643 \u0641\u064a \u0628\u064a\u062a\u0627 \u0627\u0644\u0623\u0635\u0644.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-04d5ef9 elementor-widget elementor-widget-image\" data-id=\"04d5ef9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1024\" height=\"534\" src=\"https:\/\/cdn.arongroups.co\/uploads\/2026\/06\/CAMP-1-1024x534.webp\" class=\"attachment-large size-large wp-image-188375\" alt=\"camp - 1\" srcset=\"https:\/\/cdn.arongroups.co\/uploads\/2026\/06\/CAMP-1-1024x534.webp 1024w, https:\/\/cdn.arongroups.co\/uploads\/2026\/06\/CAMP-1-300x156.webp 300w, https:\/\/cdn.arongroups.co\/uploads\/2026\/06\/CAMP-1-768x401.webp 768w, https:\/\/cdn.arongroups.co\/uploads\/2026\/06\/CAMP-1-1536x801.webp 1536w, https:\/\/cdn.arongroups.co\/uploads\/2026\/06\/CAMP-1.webp 1894w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5ff900a elementor-widget elementor-widget-text-editor\" data-id=\"5ff900a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400\">\u0645\u062b\u0627\u0644:<\/span><span style=\"font-weight: 400\"><br \/><\/span><span style=\"font-weight: 400\"> \u0625\u0630\u0627 \u0643\u0627\u0646 \u0645\u0639\u062f\u0644 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u062e\u0627\u0644\u064a \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 (rf) \u064a\u0633\u0627\u0648\u064a 3%\u060c \u0648\u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0645\u062a\u0648\u0642\u0639 \u0644\u0644\u0633\u0648\u0642 (rm) \u064a\u0633\u0627\u0648\u064a 8%\u060c \u0648\u0628\u064a\u062a\u0627 \u0627\u0644\u0633\u0647\u0645 (\u03b2) \u062a\u0633\u0627\u0648\u064a 1.5\u060c \u0641\u0625\u0646 \u062a\u0643\u0644\u0641\u0629 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 (Ke) \u0633\u062a\u0643\u0648\u0646:<\/span><\/p><p><span style=\"font-weight: 400\">Ke = 3% + 1.5 \u00d7 (8% &#8211; 3%)<\/span><\/p><p><span style=\"font-weight: 400\">Ke = 3% + 1.5 \u00d7 5% = 3% + 7.5% = 10.5%<\/span><\/p><p><span style=\"font-weight: 400\">\u0647\u0630\u0627 \u064a\u0639\u0646\u064a \u0623\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u064a\u062a\u0648\u0642\u0639\u0648\u0646 \u0639\u0627\u0626\u062f\u064b\u0627 \u0642\u062f\u0631\u0647 10.5% \u0639\u0644\u0649 \u0647\u0630\u0627 \u0627\u0644\u0623\u0635\u0644 \u062a\u0639\u0648\u064a\u0636\u064b\u0627 \u0639\u0646 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0633\u0648\u0642.<\/span><\/p><p><span style=\"font-weight: 400\">\u00a0<\/span><\/p><h3><b>\u0642\u064a\u0648\u062f CAPM \u0641\u064a \u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629<\/b><\/h3><p><span style=\"font-weight: 400\">\u0631\u063a\u0645 \u0623\u0646 CAPM \u064a\u0642\u062f\u0645 \u0625\u0637\u0627\u0631\u064b\u0627 \u0628\u0633\u064a\u0637\u064b\u0627 \u0648\u0623\u0646\u064a\u0642\u064b\u0627\u060c \u0641\u0625\u0646 \u0642\u0627\u0628\u0644\u064a\u062a\u0647 \u0644\u0644\u062a\u0637\u0628\u064a\u0642 \u0641\u064a \u0627\u0644\u0648\u0627\u0642\u0639 \u063a\u0627\u0644\u0628\u064b\u0627 \u0645\u0627 \u062a\u0643\u0648\u0646 \u0645\u062d\u062f\u0648\u062f\u0629. \u0648\u0645\u0646 \u0623\u0628\u0631\u0632 \u0627\u0644\u0627\u0646\u062a\u0642\u0627\u062f\u0627\u062a \u0627\u0644\u0645\u0648\u062c\u0647\u0629 \u0625\u0644\u064a\u0647 \u0627\u0641\u062a\u0631\u0627\u0636\u0647 \u0623\u0646 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0633\u0648\u0642 \u0648\u062d\u062f\u0647\u0627 \u062a\u0624\u062b\u0631 \u0641\u064a \u0639\u0627\u0626\u062f \u0627\u0644\u0623\u0635\u0644. \u0641\u064a \u0627\u0644\u0648\u0627\u0642\u0639\u060c \u064a\u0645\u0643\u0646 \u0644\u0639\u0648\u0627\u0645\u0644 \u0623\u062e\u0631\u0649 \u0645\u062b\u0644 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0648\u0627\u0644\u062a\u0636\u062e\u0645 \u0648\u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062e\u0627\u0635\u0629 \u0628\u0627\u0644\u0634\u0631\u0643\u0629 \u0623\u0646 \u062a\u0644\u0639\u0628 \u062f\u0648\u0631\u064b\u0627 \u0645\u0647\u0645\u064b\u0627 \u0623\u064a\u0636\u064b\u0627. \u0641\u0639\u0644\u0649 \u0633\u0628\u064a\u0644 \u0627\u0644\u0645\u062b\u0627\u0644\u060c \u0642\u062f \u064a\u0631\u062a\u0641\u0639 \u0633\u0639\u0631 \u0633\u0647\u0645 \u0628\u0633\u0628\u0628 \u062a\u063a\u064a\u0631\u0627\u062a \u0645\u0648\u0627\u062a\u064a\u0629 \u0641\u064a \u0638\u0631\u0648\u0641 \u0627\u0644\u0635\u0646\u0627\u0639\u0629\u060c \u0648\u0644\u064a\u0633 \u0641\u0642\u0637 \u0628\u0633\u0628\u0628 \u062a\u062d\u0631\u0643\u0627\u062a \u0627\u0644\u0633\u0648\u0642 \u0643\u0643\u0644.<\/span><\/p><p><span style=\"font-weight: 400\">\u0645\u062b\u0627\u0644:<\/span><span style=\"font-weight: 400\"><br \/><\/span><span style=\"font-weight: 400\"> \u062e\u0644\u0627\u0644 \u0647\u0628\u0648\u0637 \u0627\u0644\u0633\u0648\u0642\u060c \u0642\u062f \u064a\u062a\u0641\u0648\u0642 \u0633\u0647\u0645 \u062a\u0642\u0646\u064a \u0639\u0644\u0649 \u0627\u0644\u0633\u0648\u0642 \u0625\u0630\u0627 \u0643\u0627\u0646\u062a \u0623\u0631\u0628\u0627\u062d\u0647 \u0642\u0648\u064a\u0629\u060c \u0644\u0643\u0646 CAPM \u0644\u0646 \u064a\u0644\u062a\u0642\u0637 \u0647\u0630\u0647 \u0627\u0644\u0638\u0627\u0647\u0631\u0629.<\/span><\/p><p><span style=\"font-weight: 400\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400\">\u00a0<\/span><\/p><h3><b>\u0644\u0645\u0627\u0630\u0627 \u062a\u062a\u0641\u0648\u0642 \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0639\u0644\u0649 CAPM\u061f<\/b><\/h3><p><span style=\"font-weight: 400\">\u062a\u062a\u0641\u0648\u0642 \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0639\u0644\u0649 CAPM \u0644\u0623\u0646\u0647\u0627 \u062a\u0623\u062e\u0630 \u0641\u064a \u0627\u0644\u062d\u0633\u0628\u0627\u0646 \u0646\u0637\u0627\u0642\u064b\u0627 \u0623\u0648\u0633\u0639 \u0645\u0646 \u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u0645\u062e\u0627\u0637\u0631. \u0641\u0647\u064a \u062a\u0631\u0627\u0639\u064a \u0639\u0648\u0627\u0645\u0644 \u0645\u062b\u0644 \u062d\u062c\u0645 \u0627\u0644\u0634\u0631\u0643\u0629\u060c \u0648\u0627\u0644\u062a\u0639\u0631\u0636 \u0644\u0644\u0635\u0646\u0627\u0639\u0629\u060c \u0648\u0627\u0644\u0645\u062a\u063a\u064a\u0631\u0627\u062a \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0627\u0644\u0643\u0644\u064a\u0629\u060c \u0628\u0645\u0627 \u0641\u064a \u0630\u0644\u0643 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0648\u0627\u0644\u062a\u0636\u062e\u0645. \u0648\u0645\u0646 \u062e\u0644\u0627\u0644 \u0625\u062f\u062e\u0627\u0644 \u0639\u062f\u0629 \u0639\u0648\u0627\u0645\u0644\u060c \u062a\u0642\u062f\u0645 \u0647\u0630\u0647 \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u062a\u0648\u0642\u0639\u0627\u062a \u0623\u062f\u0642 \u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0623\u0635\u0644\u060c \u062e\u0627\u0635\u0629 \u0641\u064a \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0639\u0642\u062f\u0629 \u0648\u0627\u0644\u062f\u064a\u0646\u0627\u0645\u064a\u0643\u064a\u0629.<\/span><\/p><p><span style=\"font-weight: 400\">\u00a0<\/span><\/p><h3><b>\u0644\u0645\u0627\u0630\u0627 \u0644\u0627 \u064a\u0632\u0627\u0644 CAPM \u064a\u064f\u0633\u062a\u062e\u062f\u0645 \u0643\u0646\u0645\u0648\u0630\u062c \u0623\u0633\u0627\u0633\u061f<\/b><\/h3><p><span style=\"font-weight: 400\">\u0631\u063a\u0645 \u0642\u064a\u0648\u062f\u0647\u060c \u064a\u0628\u0642\u0649 CAPM \u0645\u0641\u0647\u0648\u0645\u064b\u0627 \u062a\u0623\u0633\u064a\u0633\u064a\u064b\u0627 \u0641\u064a \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0628\u0633\u0628\u0628 \u0628\u0633\u0627\u0637\u062a\u0647 \u0648\u0623\u0647\u0645\u064a\u062a\u0647 \u0627\u0644\u062a\u0627\u0631\u064a\u062e\u064a\u0629. \u0641\u0647\u0648 \u064a\u0645\u062b\u0644 \u0646\u0642\u0637\u0629 \u0628\u062f\u0627\u064a\u0629 \u0633\u0647\u0644\u0629 \u0644\u0641\u0647\u0645 \u0627\u0644\u0639\u0644\u0627\u0642\u0629 \u0628\u064a\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0648\u0627\u0644\u0639\u0627\u0626\u062f\u060c \u0648\u063a\u0627\u0644\u0628\u064b\u0627 \u0645\u0627 \u064a\u064f\u0633\u062a\u062e\u062f\u0645 \u0645\u0639\u064a\u0627\u0631\u064b\u0627 \u0644\u0645\u0642\u0627\u0631\u0646\u0629 \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0627\u0644\u0623\u062e\u0631\u0649.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2394205 elementor-widget elementor-widget-shortcode\" data-id=\"2394205\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-shortcode\">\n<table id=\"tablepress-685\" class=\"tablepress tablepress-id-685\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\">\u0627\u0644\u0645\u064a\u0632\u0629<\/th><th class=\"column-2\">CAPM (\u0646\u0645\u0648\u0630\u062c \u0623\u062d\u0627\u062f\u064a \u0627\u0644\u0639\u0627\u0645\u0644)<br \/>\n<br \/>\n<\/th><th class=\"column-3\">\u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644<br \/>\n<br \/>\n<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">\u0627\u0644\u0645\u062d\u0631\u0643 \u0627\u0644\u0623\u0633\u0627\u0633\u064a<br \/>\n<br \/>\n<\/td><td class=\"column-2\">\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0633\u0648\u0642 (\u0628\u064a\u062a\u0627) \u0641\u0642\u0637.<br \/>\n<br \/>\n<\/td><td class=\"column-3\">\u0639\u062f\u0629 \u0645\u062d\u0631\u0643\u0627\u062a\u060c \u0645\u062b\u0644 \u0627\u0644\u062d\u062c\u0645 \u0648\u0627\u0644\u0642\u064a\u0645\u0629 \u0648\u0627\u0644\u0632\u062e\u0645 \u0648\u0627\u0644\u062a\u0636\u062e\u0645 \u0648\u063a\u064a\u0631\u0647\u0627.<br \/>\n<br \/>\n<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">\u0627\u0644\u0627\u0641\u062a\u0631\u0627\u0636<\/td><td class=\"column-2\">\u064a\u0645\u0643\u0646 \u062a\u0646\u0648\u064a\u0639 \u062c\u0645\u064a\u0639 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0623\u062e\u0631\u0649.<br \/>\n<br \/>\n<\/td><td class=\"column-3\">\u0645\u062e\u0627\u0637\u0631 \u0645\u062d\u062f\u062f\u0629 (\u0639\u0648\u0627\u0645\u0644) \u062a\u062d\u0642\u0642 \u0639\u0644\u0627\u0648\u0627\u062a \u0645\u062d\u062f\u062f\u0629.<br \/>\n<br \/>\n<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">\u0627\u0644\u062f\u0642\u0629<\/td><td class=\"column-2\">\u0623\u0642\u0644\u060c \u0625\u0630 \u063a\u0627\u0644\u0628\u064b\u0627 \u0645\u0627 \u064a\u062a\u0631\u0643 \u062e\u0637\u0623 \u063a\u064a\u0631 \u0645\u0641\u0633\u0631 \u0645\u0631\u062a\u0641\u0639\u064b\u0627.<br \/>\n<br \/>\n<\/td><td class=\"column-3\">\u0623\u0639\u0644\u0649\u060c \u0625\u0630 \u064a\u0642\u0644\u0644 \u062d\u062f \u0627\u0644\u062e\u0637\u0623 \u0623\u0648 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0645\u062a\u0628\u0642\u064a.<br \/>\n<br \/>\n<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">\u0627\u0644\u062a\u0639\u0642\u064a\u062f<\/td><td class=\"column-2\">\u0645\u0646\u062e\u0641\u0636\u060c \u0635\u064a\u063a\u0629 \u0628\u0633\u064a\u0637\u0629.<br \/>\n<br \/>\n<\/td><td class=\"column-3\">\u0645\u0631\u062a\u0641\u0639\u060c \u064a\u062a\u0637\u0644\u0628 \u0628\u064a\u0627\u0646\u0627\u062a \u0648\u0627\u0633\u0639\u0629 \u0648\u062a\u062d\u0644\u064a\u0644 \u0627\u0646\u062d\u062f\u0627\u0631.<br \/>\n<br \/>\n<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">\u0623\u0641\u0636\u0644 \u0627\u0633\u062a\u062e\u062f\u0627\u0645<br \/>\n<br \/>\n<\/td><td class=\"column-2\">\u0627\u0644\u0645\u0642\u0627\u0631\u0646\u0629 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629 \u0648\u0627\u0644\u062a\u0642\u062f\u064a\u0631\u0627\u062a \u0627\u0644\u062a\u0642\u0631\u064a\u0628\u064a\u0629.<br \/>\n<br \/>\n<\/td><td class=\"column-3\">\u0628\u0646\u0627\u0621 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0648\u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0648\u062a\u0648\u0644\u064a\u062f \u0627\u0644\u0623\u0644\u0641\u0627.<br \/>\n<br \/>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-685 from cache --><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-b7639a2 e-flex e-con-boxed e-con e-parent\" data-id=\"b7639a2\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6dc8c4b elementor-widget elementor-widget-ucaddon_blog_yellow_box\" data-id=\"6dc8c4b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"ucaddon_blog_yellow_box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n<!-- start Blog Yellow Box -->\n\n<!-- Yellow content box -->\n<div class=\"yellow_content_box\">\n  <img decoding=\"async\" src=\"https:\/\/cdn.arongroups.co\/uploads\/2024\/12\/sms-star.svg\" alt=\"sms-star\">\n  <p>\n    <p><span style=\"font-weight: 400\">\u00a0\u0642\u062f \u064a\u0633\u062a\u062e\u062f\u0645 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0648\u0646 CAPM \u0644\u0644\u062d\u0635\u0648\u0644 \u0639\u0644\u0649 \u0641\u0647\u0645 \u0639\u0627\u0645 \u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0633\u0648\u0642 \u0642\u0628\u0644 \u0627\u0644\u0627\u0646\u062a\u0642\u0627\u0644 \u0625\u0644\u0649 \u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0623\u0643\u062b\u0631 \u062a\u0639\u0642\u064a\u062f\u064b\u0627 \u062a\u0631\u0627\u0639\u064a \u0637\u0628\u0642\u0627\u062a \u0625\u0636\u0627\u0641\u064a\u0629 \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631.<\/span><\/p>\n  <\/p>\n<\/div>\n<!-- end Blog Yellow Box -->\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7eeef14 elementor-widget elementor-widget-text-editor\" data-id=\"7eeef14\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h2><b>\u0627\u0644\u0647\u064a\u0643\u0644 \u0627\u0644\u0631\u064a\u0627\u0636\u064a \u0644\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644<\/b><\/h2><p><span style=\"font-weight: 400\">\u062a\u0633\u062a\u062e\u062f\u0645 \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0625\u0637\u0627\u0631\u064b\u0627 \u0631\u064a\u0627\u0636\u064a\u064b\u0627 \u0644\u0634\u0631\u062d \u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0623\u0635\u0648\u0644 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0645\u0631\u0627\u0639\u0627\u0629 \u0639\u062f\u0629 \u0639\u0648\u0627\u0645\u0644. \u0641\u064a\u0645\u0627 \u064a\u0644\u064a \u0634\u0631\u062d \u0644\u0644\u0647\u064a\u0643\u0644 \u0627\u0644\u0639\u0627\u0645 \u0648\u062f\u0648\u0631 \u0643\u0644 \u0639\u0627\u0645\u0644\u060c \u0625\u0644\u0649 \u062c\u0627\u0646\u0628 \u0641\u0647\u0645 \u062a\u062d\u0645\u064a\u0644\u0627\u062a \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0648\u0623\u062e\u0637\u0627\u0621 \u0627\u0644\u0646\u0645\u0648\u0630\u062c.<\/span><\/p><p><span style=\"font-weight: 400\">\u00a0<\/span><\/p><h3><b>\u0627\u0644\u0647\u064a\u0643\u0644 \u0627\u0644\u0639\u0627\u0645 \u0644\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644<\/b><\/h3><p><span style=\"font-weight: 400\">\u064a\u064f\u0645\u062b\u0651\u0644 \u0627\u0644\u0647\u064a\u0643\u0644 \u0627\u0644\u0639\u0627\u0645 \u0644\u0644\u0646\u0645\u0648\u0630\u062c \u0645\u062a\u0639\u062f\u062f \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0639\u0644\u0649 \u0627\u0644\u0646\u062d\u0648 \u0627\u0644\u062a\u0627\u0644\u064a:<\/span><\/p><p><span style=\"font-weight: 400\">Ri = \u03b1 + \u03b21F1 + \u03b22F2 + &#8230; + \u03b2nFn + \u03b5<\/span><\/p><p><span style=\"font-weight: 400\">\u062d\u064a\u062b:<\/span><\/p><ul><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">Ri = \u0639\u0627\u0626\u062f \u0627\u0644\u0623\u0635\u0644<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u03b1 = \u0627\u0644\u062d\u062f \u0627\u0644\u062b\u0627\u0628\u062a \u0623\u0648 \u0627\u0644\u0642\u0627\u0637\u0639 (\u0648\u064a\u064f\u0641\u0633\u0631 \u063a\u0627\u0644\u0628\u064b\u0627 \u0639\u0644\u0649 \u0623\u0646\u0647 \u0639\u0627\u0626\u062f \u0627\u0644\u0623\u0635\u0644 \u0639\u0646\u062f\u0645\u0627 \u062a\u0643\u0648\u0646 \u062c\u0645\u064a\u0639 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0635\u0641\u0631\u064b\u0627)<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u03b21\u060c \u03b22\u060c &#8230;\u060c \u03b2n = \u062a\u062d\u0645\u064a\u0644\u0627\u062a \u0627\u0644\u0639\u0648\u0627\u0645\u0644\u060c \u0648\u062a\u0645\u062b\u0644 \u062d\u0633\u0627\u0633\u064a\u0629 \u0627\u0644\u0623\u0635\u0644 \u0644\u0643\u0644 \u0639\u0627\u0645\u0644<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">F1\u060c F2\u060c &#8230;\u060c Fn = \u0627\u0644\u0639\u0648\u0627\u0645\u0644\u060c \u0645\u062b\u0644 \u0639\u0627\u0626\u062f \u0627\u0644\u0633\u0648\u0642 \u0648\u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0648\u062d\u062c\u0645 \u0627\u0644\u0634\u0631\u0643\u0629 \u0648\u063a\u064a\u0631\u0647\u0627<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u03b5 = \u062d\u062f \u0627\u0644\u062e\u0637\u0623 (\u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0645\u062a\u0628\u0642\u064a \u063a\u064a\u0631 \u0627\u0644\u0645\u0641\u0633\u0631 \u0628\u0627\u0644\u0639\u0648\u0627\u0645\u0644)<\/span><\/li><\/ul><p><span style=\"font-weight: 400\">\u064a\u0633\u0645\u062d \u0647\u0630\u0627 \u0627\u0644\u0647\u064a\u0643\u0644 \u0628\u0627\u0644\u062a\u0639\u0628\u064a\u0631 \u0639\u0646 \u0639\u0627\u0626\u062f \u0627\u0644\u0623\u0635\u0644 \u0643\u0645\u0632\u064a\u062c \u062e\u0637\u064a \u0645\u0646 \u0639\u062f\u0629 \u0639\u0648\u0627\u0645\u0644\u060c \u0625\u0636\u0627\u0641\u0629 \u0625\u0644\u0649 \u062d\u062f \u062e\u0637\u0623 \u064a\u0645\u062b\u0644 \u0627\u0644\u062c\u0632\u0621 \u0645\u0646 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0630\u064a \u0644\u0627 \u064a\u0645\u0643\u0646 \u062a\u0641\u0633\u064a\u0631\u0647 \u0628\u0627\u0644\u0639\u0648\u0627\u0645\u0644.<\/span><\/p><p><span style=\"font-weight: 400\">\u00a0<\/span><\/p><h3><b>\u062f\u0648\u0631 \u0643\u0644 \u0639\u0627\u0645\u0644 \u0641\u064a \u0627\u0644\u0639\u0648\u0627\u0626\u062f<\/b><\/h3><p><span style=\"font-weight: 400\">\u0641\u064a \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0645\u062a\u0639\u062f\u062f \u0627\u0644\u0639\u0648\u0627\u0645\u0644\u060c \u064a\u0624\u062f\u064a \u0643\u0644 \u0639\u0627\u0645\u0644 \u062f\u0648\u0631\u064b\u0627 \u0645\u062d\u062f\u062f\u064b\u0627 \u0641\u064a \u062a\u0641\u0633\u064a\u0631 \u0639\u0627\u0626\u062f \u0627\u0644\u0623\u0635\u0644. \u0639\u0644\u0649 \u0633\u0628\u064a\u0644 \u0627\u0644\u0645\u062b\u0627\u0644:<\/span><\/p><ul><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u0639\u0627\u0645\u0644 \u0627\u0644\u0633\u0648\u0642: \u063a\u0627\u0644\u0628\u064b\u0627 \u0645\u0627 \u064a\u0642\u0648\u062f \u0639\u0627\u0626\u062f \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0639\u0627\u0645\u060c \u0645\u062b\u0644 S&amp;P 500\u060c \u062c\u0632\u0621\u064b\u0627 \u0643\u0628\u064a\u0631\u064b\u0627 \u0645\u0646 \u0639\u0648\u0627\u0626\u062f \u0645\u0639\u0638\u0645 \u0627\u0644\u0623\u0635\u0648\u0644.<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u0639\u0627\u0645\u0644 \u0627\u0644\u062d\u062c\u0645 (SMB): \u062a\u0645\u064a\u0644 \u0623\u0633\u0647\u0645 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0635\u063a\u064a\u0631\u0629 \u0625\u0644\u0649 \u062a\u062d\u0642\u064a\u0642 \u0639\u0648\u0627\u0626\u062f \u0645\u062a\u0648\u0642\u0639\u0629 \u0623\u0639\u0644\u0649 \u0645\u0642\u0627\u0631\u0646\u0629 \u0628\u0623\u0633\u0647\u0645 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0643\u0628\u064a\u0631\u0629.<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u0639\u0627\u0645\u0644 \u0627\u0644\u0642\u064a\u0645\u0629 (HML): \u062a\u0645\u064a\u0644 \u0627\u0644\u0623\u0633\u0647\u0645 \u0630\u0627\u062a \u0646\u0633\u0628 \u0627\u0644\u0633\u0639\u0631 \u0625\u0644\u0649 \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u062f\u0641\u062a\u0631\u064a\u0629 \u0627\u0644\u0645\u0646\u062e\u0641\u0636\u0629 (\u0623\u0633\u0647\u0645 \u0627\u0644\u0642\u064a\u0645\u0629) \u0625\u0644\u0649 \u0627\u0644\u062a\u0641\u0648\u0642 \u0639\u0644\u0649 \u0627\u0644\u0623\u0633\u0647\u0645 \u0630\u0627\u062a \u0627\u0644\u0646\u0633\u0628 \u0627\u0644\u0645\u0631\u062a\u0641\u0639\u0629 (\u0623\u0633\u0647\u0645 \u0627\u0644\u0646\u0645\u0648).<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u0639\u0648\u0627\u0645\u0644 \u0623\u062e\u0631\u0649: \u0628\u062d\u0633\u0628 \u0627\u0644\u0646\u0645\u0648\u0630\u062c\u060c \u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u0634\u0645\u0644 \u0647\u0630\u0647 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0623\u0648 \u0627\u0644\u062a\u0636\u062e\u0645 \u0623\u0648 \u062e\u0635\u0627\u0626\u0635 \u062e\u0627\u0635\u0629 \u0628\u0627\u0644\u0634\u0631\u0643\u0629 \u0645\u062b\u0644 \u0646\u0645\u0648 \u0627\u0644\u0623\u0631\u0628\u0627\u062d.<\/span><\/li><\/ul><p><span style=\"font-weight: 400\">\u00a0<\/span><\/p><h3><b>\u0641\u0647\u0645 \u062a\u062d\u0645\u064a\u0644\u0627\u062a \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0648\u0623\u062e\u0637\u0627\u0621 \u0627\u0644\u0646\u0645\u0648\u0630\u062c<\/b><\/h3><p><span style=\"font-weight: 400\">\u062a\u0634\u064a\u0631 \u062a\u062d\u0645\u064a\u0644\u0627\u062a \u0627\u0644\u0639\u0648\u0627\u0645\u0644\u060c \u0623\u0648 \u0645\u0639\u0627\u0645\u0644\u0627\u062a \u03b2\u060c \u0625\u0644\u0649 \u0645\u062f\u0649 \u062a\u0623\u062b\u064a\u0631 \u0643\u0644 \u0639\u0627\u0645\u0644 \u0641\u064a \u0639\u0627\u0626\u062f \u0627\u0644\u0623\u0635\u0644. \u0648\u0643\u0644\u0645\u0627 \u0632\u0627\u062f\u062a \u0642\u064a\u0645\u0629 \u03b2 \u0644\u0639\u0627\u0645\u0644 \u0645\u0639\u064a\u0646\u060c \u0632\u0627\u062f\u062a \u062d\u0633\u0627\u0633\u064a\u0629 \u0627\u0644\u0623\u0635\u0644 \u0644\u0630\u0644\u0643 \u0627\u0644\u0639\u0627\u0645\u0644. \u0639\u0644\u0649 \u0633\u0628\u064a\u0644 \u0627\u0644\u0645\u062b\u0627\u0644\u060c \u0625\u0630\u0627 \u0643\u0627\u0646\u062a \u0642\u064a\u0645\u0629 \u03b21 \u0644\u0639\u0627\u0645\u0644 \u0627\u0644\u0633\u0648\u0642 \u062a\u0633\u0627\u0648\u064a 1.2\u060c \u0641\u0647\u0630\u0627 \u064a\u0639\u0646\u064a \u0623\u0646 \u0639\u0627\u0626\u062f \u0627\u0644\u0623\u0635\u0644 \u064a\u062a\u063a\u064a\u0631 \u0639\u0627\u062f\u0629\u064b \u0628\u0646\u0633\u0628\u0629 1.2 \u0636\u0639\u0641 \u062a\u063a\u064a\u0631 \u0627\u0644\u0633\u0648\u0642.<\/span><\/p><p><span style=\"font-weight: 400\">\u0639\u0644\u0649 \u0633\u0628\u064a\u0644 \u0627\u0644\u0645\u062b\u0627\u0644\u060c \u062a\u0634\u064a\u0631 \u0642\u064a\u0645\u0629 \u03b21 \u0627\u0644\u0645\u0631\u062a\u0641\u0639\u0629 \u0644\u0639\u0627\u0645\u0644 \u0627\u0644\u0633\u0648\u0642 \u0625\u0644\u0649 \u0623\u0646 \u0627\u0644\u0623\u0635\u0644 \u064a\u062a\u062d\u0631\u0643 \u0628\u0627\u0631\u062a\u0628\u0627\u0637 \u0648\u062b\u064a\u0642 \u0645\u0639 \u0627\u0644\u0633\u0648\u0642 \u0643\u0643\u0644.<\/span><\/p><p><span style=\"font-weight: 400\">\u064a\u0645\u062b\u0644 \u062d\u062f \u0627\u0644\u062e\u0637\u0623 (\u03b5) \u0627\u0644\u062c\u0632\u0621 \u0645\u0646 \u0639\u0627\u0626\u062f \u0627\u0644\u0623\u0635\u0644 \u0627\u0644\u0630\u064a \u0644\u0627 \u064a\u0645\u0643\u0646 \u062a\u0641\u0633\u064a\u0631\u0647 \u0628\u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u0645\u0648\u062c\u0648\u062f\u0629 \u0641\u064a \u0627\u0644\u0646\u0645\u0648\u0630\u062c. \u0648\u0642\u062f \u064a\u0634\u0645\u0644 \u0630\u0644\u0643 \u0645\u062e\u0627\u0637\u0631 \u063a\u064a\u0631 \u0646\u0638\u0627\u0645\u064a\u0629\u060c \u0623\u0648 \u0623\u062d\u062f\u0627\u062b\u064b\u0627 \u062e\u0627\u0635\u0629 \u0628\u0627\u0644\u0634\u0631\u0643\u0629\u060c \u0623\u0648 \u0639\u0648\u0627\u0645\u0644 \u063a\u064a\u0631 \u0645\u062f\u0631\u062c\u0629 \u0641\u064a \u0627\u0644\u0646\u0645\u0648\u0630\u062c.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fa71f3d elementor-widget elementor-widget-ucaddon_blog_yellow_box\" data-id=\"fa71f3d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"ucaddon_blog_yellow_box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n<!-- start Blog Yellow Box -->\n\n<!-- Yellow content box -->\n<div class=\"yellow_content_box\">\n  <img decoding=\"async\" src=\"https:\/\/cdn.arongroups.co\/uploads\/2024\/12\/sms-star.svg\" alt=\"sms-star\">\n  <p>\n    <p><span style=\"font-weight: 400\">\u00a0\u0647\u062f\u0641 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0645\u062a\u0639\u062f\u062f \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0647\u0648 \u062a\u0642\u0644\u064a\u0644 \u062d\u062f \u0627\u0644\u062e\u0637\u0623 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u062e\u062a\u064a\u0627\u0631 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u0623\u0643\u062b\u0631 \u0635\u0644\u0629 \u0628\u0639\u0646\u0627\u064a\u0629.<\/span><\/p>\n  <\/p>\n<\/div>\n<!-- end Blog Yellow Box -->\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-31e2c96 elementor-widget elementor-widget-text-editor\" data-id=\"31e2c96\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400\">\u0645\u062b\u0627\u0644:<\/span><span style=\"font-weight: 400\"><br \/><\/span><span style=\"font-weight: 400\"> \u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0644\u0633\u0647\u0645 \u0645\u0627\u060c \u0625\u0630\u0627 \u0627\u0631\u062a\u0641\u0639 \u0639\u0627\u0626\u062f \u0627\u0644\u0633\u0648\u0642 (F1) \u0628\u0646\u0633\u0628\u0629 5% \u0648\u0643\u0627\u0646 \u0644\u0644\u0633\u0647\u0645 \u03b21 \u062a\u0633\u0627\u0648\u064a 1.2\u060c \u0641\u0625\u0646 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0645\u062a\u0648\u0642\u0639 \u0645\u0646 \u0639\u0627\u0645\u0644 \u0627\u0644\u0633\u0648\u0642 \u0633\u064a\u0643\u0648\u0646 1.2 \u00d7 5% = 6%.<\/span><\/p><p><span style=\"font-weight: 400\">\u0625\u0630\u0627 \u0623\u0633\u0647\u0645\u062a \u0639\u0648\u0627\u0645\u0644 \u0623\u062e\u0631\u0649 \u0628\u0646\u0633\u0628\u0629 \u0625\u0636\u0627\u0641\u064a\u0629 \u0642\u062f\u0631\u0647\u0627 3% \u0648\u0643\u0627\u0646 \u0647\u0646\u0627\u0643 \u0639\u0627\u0626\u062f \u063a\u064a\u0631 \u0645\u0641\u0633\u0631 \u0628\u0646\u0633\u0628\u0629 1%\u060c \u0641\u0625\u0646 \u062d\u062f \u0627\u0644\u062e\u0637\u0623 \u0641\u064a \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0633\u064a\u0643\u0648\u0646 1%.<\/span><\/p><p><span style=\"font-weight: 400\">\u00a0<\/span><\/p><h2><b>\u0623\u0646\u0648\u0627\u0639 \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0641\u064a \u0627\u0644\u062a\u0645\u0648\u064a\u0644<\/b><\/h2><p><span style=\"font-weight: 400\">\u0648\u0641\u0642\u064b\u0627 \u0644\u0640<\/span><a href=\"https:\/\/www.cfainstitute.org\/\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400\">CFA<\/span><\/a><span style=\"font-weight: 400\">\u060c \u062a\u0623\u062a\u064a \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0641\u064a \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0628\u0623\u0634\u0643\u0627\u0644 \u0645\u062e\u062a\u0644\u0641\u0629\u060c \u0648\u064a\u062e\u062f\u0645 \u0643\u0644 \u0645\u0646\u0647\u0627 \u0623\u063a\u0631\u0627\u0636\u064b\u0627 \u0645\u062e\u062a\u0644\u0641\u0629 \u0641\u064a \u062a\u0633\u0639\u064a\u0631 \u0627\u0644\u0623\u0635\u0648\u0644 \u0648\u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u062e\u0627\u0637\u0631.<\/span><\/p><p><span style=\"font-weight: 400\">\u0623\u0646\u0648\u0627\u0639 \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0647\u064a \u0643\u0645\u0627 \u064a\u0644\u064a:<\/span><\/p><p><span style=\"font-weight: 400\">\u0623\u064f\u0636\u064a\u0641 \u0647\u0630\u0627 \u0627\u0644\u062c\u062f\u0648\u0644 \u0644\u0632\u064a\u0627\u062f\u0629 \u0627\u0644\u0641\u0647\u0645.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e6a31aa elementor-widget elementor-widget-shortcode\" data-id=\"e6a31aa\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-shortcode\">\n<table id=\"tablepress-686\" class=\"tablepress tablepress-id-686\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\">\u0646\u0648\u0639 \u0627\u0644\u0646\u0645\u0648\u0630\u062c<br \/>\n<br \/>\n<\/th><th class=\"column-2\">\u0645\u062d\u0648\u0631 \u0627\u0644\u062a\u0631\u0643\u064a\u0632<br \/>\n<br \/>\n<\/th><th class=\"column-3\">\u0627\u0644\u0645\u062f\u062e\u0644\u0627\u062a \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629<br \/>\n<br \/>\n<\/th><th class=\"column-4\">\u0645\u062b\u0627\u0644 \u0645\u0639\u0631\u0648\u0641<br \/>\n<br \/>\n<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0643\u0644\u064a<br \/>\n<br \/>\n<\/td><td class=\"column-2\">\u0642\u0648\u0649 \u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u062e\u0627\u0631\u062c\u064a\u0629.<br \/>\n<br \/>\n<\/td><td class=\"column-3\">\u0627\u0644\u0646\u0627\u062a\u062c \u0627\u0644\u0645\u062d\u0644\u064a \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a\u060c \u0627\u0644\u062a\u0636\u062e\u0645\u060c \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629\u060c \u0627\u0644\u0628\u0637\u0627\u0644\u0629.<br \/>\n<br \/>\n<\/td><td class=\"column-4\">\u0646\u0645\u0648\u0630\u062c Chen \u0648Roll \u0648Ross: \u064a\u0631\u0628\u0637 \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0628\u0627\u0644\u0625\u0646\u062a\u0627\u062c \u0627\u0644\u0635\u0646\u0627\u0639\u064a \u0648\u0645\u0646\u062d\u0646\u0649 \u0627\u0644\u0639\u0627\u0626\u062f.<br \/>\n<br \/>\n<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">\u0623\u0633\u0627\u0633\u064a<\/td><td class=\"column-2\">\u062e\u0635\u0627\u0626\u0635 \u062e\u0627\u0635\u0629 \u0628\u0627\u0644\u0634\u0631\u0643\u0629.<br \/>\n<br \/>\n<\/td><td class=\"column-3\">\u0646\u0633\u0628\u0629 \u0627\u0644\u0633\u0639\u0631 \u0625\u0644\u0649 \u0627\u0644\u0623\u0631\u0628\u0627\u062d\u060c \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u0633\u0648\u0642\u064a\u0629\u060c \u0627\u0644\u062f\u064a\u0646 \u0625\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629\u060c \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u062f\u0641\u062a\u0631\u064a\u0629.<br \/>\n<br \/>\n<\/td><td class=\"column-4\">\u0646\u0645\u0648\u0630\u062c Fama-French \u062b\u0644\u0627\u062b\u064a \u0627\u0644\u0639\u0648\u0627\u0645\u0644: \u064a\u0634\u0631\u062d \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u0644\u0633\u0648\u0642 \u0648\u0627\u0644\u062d\u062c\u0645 (SMB) \u0648\u0627\u0644\u0642\u064a\u0645\u0629 (HML).<br \/>\n<br \/>\n<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">\u0625\u062d\u0635\u0627\u0626\u064a<\/td><td class=\"column-2\">\u0623\u0646\u0645\u0627\u0637 \u0631\u064a\u0627\u0636\u064a\u0629.<br \/>\n<br \/>\n<\/td><td class=\"column-3\">\u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u062a\u0627\u0631\u064a\u062e\u064a\u0629\u060c \u0645\u0646 \u062f\u0648\u0646 \u0627\u0644\u062d\u0627\u062c\u0629 \u0625\u0644\u0649 \u0646\u0638\u0631\u064a\u0629 \u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629.<br \/>\n<br \/>\n<\/td><td class=\"column-4\">\u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0645\u0643\u0648\u0646\u0627\u062a \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629 (PCA): \u064a\u062d\u062f\u062f \u0627\u0644\u0627\u0631\u062a\u0628\u0627\u0637\u0627\u062a \u0627\u0644\u062e\u0641\u064a\u0629 \u0645\u0646 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0641\u0642\u0637.<br \/>\n<br \/>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-686 from cache --><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-f0aa568 e-flex e-con-boxed e-con e-parent\" data-id=\"f0aa568\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c9f5a6d elementor-widget elementor-widget-text-editor\" data-id=\"c9f5a6d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h3><b>\u0646\u0645\u0627\u0630\u062c \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0627\u0644\u0643\u0644\u064a\u0629<\/b><\/h3><p><span style=\"font-weight: 400\">\u0641\u064a \u0646\u0645\u0627\u0630\u062c \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0627\u0644\u0643\u0644\u064a\u0629\u060c \u064a\u0646\u0635\u0628 \u0627\u0644\u062a\u0631\u0643\u064a\u0632 \u0639\u0644\u0649 \u0627\u0644\u0645\u062a\u063a\u064a\u0631\u0627\u062a \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0627\u0644\u062a\u064a \u062a\u0624\u062b\u0631 \u0641\u064a \u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0623\u0635\u0648\u0644. \u0648\u0642\u062f \u062a\u0634\u0645\u0644 \u0647\u0630\u0647 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0646\u0645\u0648 \u0627\u0644\u0646\u0627\u062a\u062c \u0627\u0644\u0645\u062d\u0644\u064a \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a\u060c \u0648\u0627\u0644\u062a\u0636\u062e\u0645\u060c \u0648\u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629\u060c \u0648\u0645\u0639\u062f\u0644\u0627\u062a \u0627\u0644\u0628\u0637\u0627\u0644\u0629.<\/span><\/p><p><span style=\"font-weight: 400\">\u0645\u0646 \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0627\u0644\u0643\u0644\u064a\u0629 \u0627\u0644\u0634\u0627\u0626\u0639\u0629 \u0646\u0645\u0648\u0630\u062c Chen \u0648Roll \u0648Ross \u0644\u0639\u0627\u0645 1986\u060c \u0627\u0644\u0630\u064a \u064a\u0633\u062a\u062e\u062f\u0645 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u062a\u0627\u0644\u064a\u0629:<\/span><\/p><p><span style=\"font-weight: 400\">Ri = \u03b1 + \u03b21 * (Inflation) + \u03b22 * (Interest Rates) + \u03b23 * (Industrial Production) + \u03b24 * (Yield Curve) + \u03b25 * (Market Return)<\/span><\/p><p><span style=\"font-weight: 400\">\u062d\u064a\u062b:<\/span><\/p><ul><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">Ri = \u0639\u0627\u0626\u062f \u0627\u0644\u0623\u0635\u0644<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u03b1 = \u0627\u0644\u062d\u062f \u0627\u0644\u062b\u0627\u0628\u062a<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u03b21\u060c \u03b22\u060c \u03b23\u060c \u03b24\u060c \u03b25 = \u062d\u0633\u0627\u0633\u064a\u0629 \u0627\u0644\u0623\u0635\u0644 \u0644\u0643\u0644 \u0639\u0627\u0645\u0644 \u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0643\u0644\u064a<\/span><\/li><\/ul><p><span style=\"font-weight: 400\">\u064a\u0633\u0627\u0639\u062f \u0647\u0630\u0627 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0639\u0644\u0649 \u0641\u0647\u0645 \u0643\u064a\u0641 \u064a\u0645\u0643\u0646 \u0644\u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629\u060c \u0645\u062b\u0644 \u062a\u063a\u064a\u0631\u0627\u062a \u0627\u0644\u062a\u0636\u062e\u0645 \u0623\u0648 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629\u060c \u0623\u0646 \u062a\u0624\u062b\u0631 \u0641\u064a \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0623\u0635\u0648\u0644.<\/span><\/p><p><span style=\"font-weight: 400\">\u00a0<\/span><\/p><h3><b>\u0646\u0645\u0627\u0630\u062c \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629<\/b><\/h3><p><span style=\"font-weight: 400\">\u062a\u0631\u0643\u0632 \u0646\u0645\u0627\u0630\u062c \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629 \u0639\u0644\u0649 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u062e\u0627\u0635\u0629 \u0628\u0627\u0644\u0634\u0631\u0643\u0627\u062a\u060c \u0645\u062b\u0644 \u0646\u0633\u0628 \u0627\u0644\u0633\u0639\u0631 \u0625\u0644\u0649 \u0627\u0644\u0623\u0631\u0628\u0627\u062d (P\/E)\u060c \u0648\u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u0633\u0648\u0642\u064a\u0629\u060c \u0648\u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u060c \u0644\u0644\u062a\u0646\u0628\u0624 \u0628\u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0623\u0635\u0648\u0644.<\/span><\/p><p><span style=\"font-weight: 400\">\u062a\u0633\u0627\u0639\u062f \u0647\u0630\u0647 \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0639\u0644\u0649 \u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u062c\u0648\u0647\u0631\u064a\u0629 \u0644\u0644\u0634\u0631\u0643\u0629 \u0648\u0623\u062f\u0627\u0621 \u0633\u0647\u0645\u0647\u0627.<\/span><\/p><p><span style=\"font-weight: 400\">\u0639\u0644\u0649 \u0633\u0628\u064a\u0644 \u0627\u0644\u0645\u062b\u0627\u0644\u060c \u063a\u0627\u0644\u0628\u064b\u0627 \u0645\u0627 \u062a\u062a\u0641\u0648\u0642 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0630\u0627\u062a \u0646\u0645\u0648 \u0627\u0644\u0623\u0631\u0628\u0627\u062d \u0627\u0644\u0645\u0631\u062a\u0641\u0639 \u0623\u0648 \u0627\u0644\u062f\u064a\u0648\u0646 \u0627\u0644\u0645\u0646\u062e\u0641\u0636\u0629 \u0639\u0644\u0649 \u063a\u064a\u0631\u0647\u0627 \u0628\u0645\u0631\u0648\u0631 \u0627\u0644\u0648\u0642\u062a.<\/span><\/p><p><span style=\"font-weight: 400\">\u064a\u064f\u0639\u062f \u0646\u0645\u0648\u0630\u062c Fama-French \u0646\u0645\u0648\u0630\u062c\u064b\u0627 \u0645\u0639\u0631\u0648\u0641\u064b\u0627 \u0645\u0646 \u0646\u0645\u0627\u0630\u062c \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629\u060c \u0648\u0644\u0647 \u0646\u0633\u062e\u062a\u0627\u0646:<\/span><\/p><h4><b>1.<\/b><span style=\"font-weight: 400\"> \u00a0 \u00a0 <\/span><b>\u0646\u0645\u0648\u0630\u062c Fama-French \u062b\u0644\u0627\u062b\u064a \u0627\u0644\u0639\u0648\u0627\u0645\u0644<\/b><\/h4><p><span style=\"font-weight: 400\">\u064a\u0636\u064a\u0641 \u0646\u0645\u0648\u0630\u062c Fama-French \u062b\u0644\u0627\u062b\u064a \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0639\u0627\u0645\u0644\u064a \u0627\u0644\u062d\u062c\u0645 \u0648\u0627\u0644\u0642\u064a\u0645\u0629 \u0625\u0644\u0649 \u0646\u0645\u0648\u0630\u062c CAPM \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a \u0644\u0634\u0631\u062d \u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0623\u0635\u0648\u0644. \u0648\u064a\u0634\u064a\u0631 \u0625\u0644\u0649 \u0623\u0646 \u0623\u0633\u0647\u0645 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0635\u063a\u064a\u0631\u0629 \u062a\u0645\u064a\u0644 \u0625\u0644\u0649 \u0627\u0644\u062a\u0641\u0648\u0642 \u0639\u0644\u0649 \u0623\u0633\u0647\u0645 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0643\u0628\u064a\u0631\u0629\u060c \u0648\u0623\u0646 \u0623\u0633\u0647\u0645 \u0627\u0644\u0642\u064a\u0645\u0629\u060c \u0623\u064a \u0627\u0644\u0623\u0633\u0647\u0645 \u0630\u0627\u062a \u0646\u0633\u0628 \u0627\u0644\u0633\u0639\u0631 \u0625\u0644\u0649 \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u062f\u0641\u062a\u0631\u064a\u0629 \u0627\u0644\u0645\u0646\u062e\u0641\u0636\u0629\u060c \u062a\u062a\u0641\u0648\u0642 \u0639\u0644\u0649 \u0623\u0633\u0647\u0645 \u0627\u0644\u0646\u0645\u0648 \u0630\u0627\u062a \u0627\u0644\u0646\u0633\u0628 \u0627\u0644\u0645\u0631\u062a\u0641\u0639\u0629.<\/span><\/p><p><span style=\"font-weight: 400\">\u0635\u064a\u063a\u0629 \u0646\u0645\u0648\u0630\u062c Fama-French \u062b\u0644\u0627\u062b\u064a \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0647\u064a:<\/span><\/p><p><span style=\"font-weight: 400\">Ri = rf + \u03b21 (rm &#8211; rf) + \u03b22 (SMB) + \u03b23 (HML)<\/span><\/p><p><span style=\"font-weight: 400\">\u062d\u064a\u062b:<\/span><\/p><ul><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">Ri = \u0639\u0627\u0626\u062f \u0627\u0644\u0623\u0635\u0644<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">rf = \u0645\u0639\u062f\u0644 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u062e\u0627\u0644\u064a \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u03b21 = \u062d\u0633\u0627\u0633\u064a\u0629 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0633\u0648\u0642 (\u0627\u0644\u062a\u0639\u0631\u0636 \u0644\u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0633\u0648\u0642)<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u03b22 = \u0627\u0644\u062d\u0633\u0627\u0633\u064a\u0629 \u0644\u0639\u0627\u0645\u0644 SMB (\u0627\u0644\u0635\u063a\u064a\u0631 \u0646\u0627\u0642\u0635 \u0627\u0644\u0643\u0628\u064a\u0631\u060c \u0639\u0627\u0645\u0644 \u0627\u0644\u062d\u062c\u0645)<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u03b23 = \u0627\u0644\u062d\u0633\u0627\u0633\u064a\u0629 \u0644\u0639\u0627\u0645\u0644 HML (\u0627\u0644\u0645\u0631\u062a\u0641\u0639 \u0646\u0627\u0642\u0635 \u0627\u0644\u0645\u0646\u062e\u0641\u0636\u060c \u0639\u0627\u0645\u0644 \u0627\u0644\u0642\u064a\u0645\u0629)<\/span><\/li><\/ul><p><span style=\"font-weight: 400\">\u00a0<\/span><\/p><h4><b>2.<\/b><span style=\"font-weight: 400\"> \u00a0 \u00a0 <\/span><b>\u0646\u0645\u0648\u0630\u062c Fama-French \u062e\u0645\u0627\u0633\u064a \u0627\u0644\u0639\u0648\u0627\u0645\u0644<\/b><\/h4><p><span style=\"font-weight: 400\">\u064a\u0648\u0633\u0651\u0639 \u0646\u0645\u0648\u0630\u062c Fama-French \u062e\u0645\u0627\u0633\u064a \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u062b\u0644\u0627\u062b\u064a \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0628\u0625\u0636\u0627\u0641\u0629:<\/span><\/p><ul><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">RMW (\u0627\u0644\u0642\u0648\u064a \u0646\u0627\u0642\u0635 \u0627\u0644\u0636\u0639\u064a\u0641): \u0627\u0644\u0641\u0631\u0642 \u0641\u064a \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0628\u064a\u0646 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0630\u0627\u062a \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u0642\u0648\u064a \u0648\u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0630\u0627\u062a \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u0636\u0639\u064a\u0641.<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">CMA (\u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0646\u0627\u0642\u0635 \u0627\u0644\u0639\u062f\u0648\u0627\u0646\u064a): \u0627\u0644\u0641\u0631\u0642 \u0641\u064a \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0628\u064a\u0646 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0630\u0627\u062a \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u0645\u062d\u0627\u0641\u0638\u0629 \u0648\u062a\u0644\u0643 \u0630\u0627\u062a \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0627\u0644\u0639\u062f\u0648\u0627\u0646\u064a\u0629.<\/span><\/li><\/ul><p><span style=\"font-weight: 400\">\u0635\u064a\u063a\u0629 \u0646\u0645\u0648\u0630\u062c Fama-French \u062e\u0645\u0627\u0633\u064a \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0647\u064a:<\/span><\/p><p><span style=\"font-weight: 400\">Ri = rf + \u03b21 (rm &#8211; rf) + \u03b22 (SMB) + \u03b23 (HML) + \u03b24 (RMW) + \u03b25 (CMA)<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f87fdf8 elementor-widget elementor-widget-text-editor\" data-id=\"f87fdf8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h3><b>\u0646\u0645\u0627\u0630\u062c \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u0625\u062d\u0635\u0627\u0626\u064a\u0629<\/b><\/h3><p><span style=\"font-weight: 400\">\u062a\u0633\u062a\u062e\u062f\u0645 \u0646\u0645\u0627\u0630\u062c \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u0625\u062d\u0635\u0627\u0626\u064a\u0629 \u062a\u0642\u0646\u064a\u0627\u062a \u0625\u062d\u0635\u0627\u0626\u064a\u0629 \u0644\u062a\u062d\u062f\u064a\u062f \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u062e\u0641\u064a\u0629 \u0627\u0644\u062a\u064a \u062a\u0624\u062b\u0631 \u0641\u064a \u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0623\u0635\u0648\u0644. \u0648\u0644\u0627 \u062a\u0639\u062a\u0645\u062f \u0647\u0630\u0647 \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0639\u0627\u062f\u0629 \u0639\u0644\u0649 \u0639\u0648\u0627\u0645\u0644 \u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0623\u0648 \u062e\u0627\u0635\u0629 \u0628\u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0645\u062d\u062f\u062f\u0629 \u0645\u0633\u0628\u0642\u064b\u0627\u060c \u0628\u0644 \u062a\u0633\u062a\u062e\u062f\u0645 \u0623\u0633\u0627\u0644\u064a\u0628 \u0645\u062b\u0644 \u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0645\u0643\u0648\u0646\u0627\u062a \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629 (PCA) \u0623\u0648 \u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0644\u0627\u0643\u062a\u0634\u0627\u0641 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u062a\u064a \u062a\u0642\u0648\u062f \u062a\u062d\u0631\u0643\u0627\u062a \u0627\u0644\u0623\u0633\u0639\u0627\u0631.<\/span><\/p><p><span style=\"font-weight: 400\">\u0627\u0644\u0635\u064a\u063a\u0629 \u0627\u0644\u0639\u0627\u0645\u0629 \u0644\u0646\u0645\u0648\u0630\u062c \u0639\u0627\u0645\u0644 \u0625\u062d\u0635\u0627\u0626\u064a \u0647\u064a:<\/span><\/p><p><span style=\"font-weight: 400\">Ri = \u03b1 + \u03a3 (\u03b2i * Fi) + \u03b5<\/span><\/p><p><span style=\"font-weight: 400\">\u062d\u064a\u062b:<\/span><\/p><ul><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">Ri = \u0639\u0627\u0626\u062f \u0627\u0644\u0623\u0635\u0644<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u03b1 = \u0627\u0644\u062d\u062f \u0627\u0644\u062b\u0627\u0628\u062a<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u03b2i = \u0627\u0644\u062d\u0633\u0627\u0633\u064a\u0629 \u0644\u0643\u0644 \u0639\u0627\u0645\u0644 \u0645\u062d\u062f\u062f<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">Fi = \u0627\u0644\u0639\u0627\u0645\u0644 i (\u0645\u0643\u0648\u0646 \u0625\u062d\u0635\u0627\u0626\u064a \u064a\u0642\u0648\u062f \u0627\u0644\u0639\u0627\u0626\u062f)<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u03b5 = \u062d\u062f \u0627\u0644\u062e\u0637\u0623 (\u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0645\u062a\u0628\u0642\u064a \u063a\u064a\u0631 \u0627\u0644\u0645\u0641\u0633\u0631 \u0628\u0627\u0644\u0639\u0648\u0627\u0645\u0644)<\/span><\/li><\/ul><p><span style=\"font-weight: 400\">\u064a\u0633\u0645\u062d \u0647\u0630\u0627 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0644\u0644\u0645\u062d\u0644\u0644\u064a\u0646 \u0628\u0627\u0643\u062a\u0634\u0627\u0641 \u0627\u0644\u0623\u0646\u0645\u0627\u0637 \u0648\u0627\u0644\u0627\u0631\u062a\u0628\u0627\u0637\u0627\u062a \u0641\u064a \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u062a\u0627\u0631\u064a\u062e\u064a\u0629 \u0648\u0627\u0633\u062a\u062e\u062f\u0627\u0645\u0647\u0627 \u0644\u0644\u062a\u0646\u0628\u0624 \u0628\u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0623\u0635\u0648\u0644.<\/span><\/p><p><span style=\"font-weight: 400\">\u00a0<\/span><\/p><h2><b>\u0645\u062b\u0627\u0644 \u0628\u0633\u064a\u0637 \u0639\u0644\u0649 \u0646\u0645\u0648\u0630\u062c \u0645\u062a\u0639\u062f\u062f \u0627\u0644\u0639\u0648\u0627\u0645\u0644<\/b><\/h2><p><span style=\"font-weight: 400\">\u0644\u0641\u0647\u0645 \u0637\u0631\u064a\u0642\u0629 \u0639\u0645\u0644 \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0628\u0634\u0643\u0644 \u0623\u0641\u0636\u0644\u060c \u0644\u0646\u0646\u0638\u0631 \u0625\u0644\u0649 \u0645\u062b\u0627\u0644 \u0645\u0641\u0627\u0647\u064a\u0645\u064a \u0628\u0633\u064a\u0637 \u0644\u0634\u0631\u062d \u0623\u062f\u0627\u0626\u0647\u0627 \u0648\u062a\u0641\u0633\u064a\u0631 \u0645\u062e\u0631\u062c\u0627\u062a\u0647\u0627 \u0648\u0645\u0642\u0627\u0631\u0646\u062a\u0647\u0627 \u0628\u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629 \u0623\u062d\u0627\u062f\u064a\u0629 \u0627\u0644\u0639\u0627\u0645\u0644.<\/span><\/p><p><span style=\"font-weight: 400\">\u00a0<\/span><\/p><h3><b>\u0645\u062b\u0627\u0644 \u0645\u0641\u0627\u0647\u064a\u0645\u064a \u0644\u0634\u0631\u062d \u0623\u062f\u0627\u0621 \u0627\u0644\u0646\u0645\u0648\u0630\u062c<\/b><\/h3><p><span style=\"font-weight: 400\">\u0644\u0646\u0623\u062e\u0630 \u0633\u0647\u0645\u064b\u0627 \u0648\u0646\u0633\u062a\u062e\u062f\u0645 \u0646\u0645\u0648\u0630\u062c\u064b\u0627 \u0645\u062a\u0639\u062f\u062f \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0628\u0633\u064a\u0637\u064b\u0627 \u0644\u0634\u0631\u062d \u0639\u0627\u0626\u062f\u0647. \u0627\u0641\u062a\u0631\u0636 \u0623\u0646 \u0639\u0627\u0626\u062f \u0627\u0644\u0633\u0647\u0645 \u064a\u062a\u0623\u062b\u0631 \u0628\u062b\u0644\u0627\u062b\u0629 \u0639\u0648\u0627\u0645\u0644:<\/span><\/p><ol><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0633\u0648\u0642 (rm &#8211; rf)<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">\u0627\u0644\u062d\u062c\u0645 (SMB)<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">\u0627\u0644\u0642\u064a\u0645\u0629 (HML)<\/span><\/li><\/ol><p><span style=\"font-weight: 400\">\u0641\u064a \u0647\u0630\u0627 \u0627\u0644\u0645\u062b\u0627\u0644\u060c \u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u0628\u062f\u0648 \u0635\u064a\u063a\u0629 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0643\u0645\u0627 \u064a\u0644\u064a:<\/span><\/p><p><span style=\"font-weight: 400\">Ri = \u03b1 + \u03b21(rm &#8211; rf) + \u03b22(SMB) + \u03b23(HML) + \u03b5<\/span><\/p><p><span style=\"font-weight: 400\">\u0648\u0627\u0644\u0622\u0646\u060c \u0644\u0646\u0641\u062a\u0631\u0636 \u0627\u0644\u0642\u064a\u0645 \u0627\u0644\u062a\u0627\u0644\u064a\u0629:<\/span><\/p><ul><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u0639\u0644\u0627\u0648\u0629 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0633\u0648\u0642 (rm &#8211; rf) \u062a\u0633\u0627\u0648\u064a 5%.<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u0639\u0627\u0645\u0644 \u0627\u0644\u062d\u062c\u0645 (SMB) \u064a\u0633\u0627\u0648\u064a 2%.<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u0639\u0627\u0645\u0644 \u0627\u0644\u0642\u064a\u0645\u0629 (HML) \u064a\u0633\u0627\u0648\u064a 3%.<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u0642\u064a\u0645 \u03b2 \u0627\u0644\u062e\u0627\u0635\u0629 \u0628\u0627\u0644\u0633\u0647\u0645 \u0644\u0643\u0644 \u0639\u0627\u0645\u0644 \u0647\u064a:<\/span><\/li><\/ul><p><span style=\"font-weight: 400\">o<\/span><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u03b21 = 1.2 (\u0627\u0644\u0633\u0648\u0642)<\/span><\/p><p><span style=\"font-weight: 400\">o<\/span><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u03b22 = 0.8 (\u0627\u0644\u062d\u062c\u0645)<\/span><\/p><p><span style=\"font-weight: 400\">o<\/span><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u03b23 = 1.5 (\u0627\u0644\u0642\u064a\u0645\u0629)<\/span><\/p><p><span style=\"font-weight: 400\">\u0633\u064a\u062a\u0645 \u062d\u0633\u0627\u0628 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0645\u062a\u0648\u0642\u0639 \u0644\u0644\u0633\u0647\u0645 \u0639\u0644\u0649 \u0627\u0644\u0646\u062d\u0648 \u0627\u0644\u062a\u0627\u0644\u064a:<\/span><\/p><p><span style=\"font-weight: 400\">Ri = \u03b1 + (1.2 * 5%) + (0.8 * 2%) + (1.5 * 3%)<\/span><\/p><p><span style=\"font-weight: 400\">Ri = \u03b1 + 6% + 1.6% + 4.5%<\/span><\/p><p><span style=\"font-weight: 400\">\u0625\u0630\u0627 \u0643\u0627\u0646 \u0627\u0644\u062d\u062f \u0627\u0644\u062b\u0627\u0628\u062a (\u03b1) \u064a\u0633\u0627\u0648\u064a 2%\u060c \u0641\u0625\u0646 \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0645\u062a\u0648\u0642\u0639 \u0644\u0644\u0633\u0647\u0645 \u0647\u0648:<\/span><\/p><p><span style=\"font-weight: 400\">Ri = 2% + 6% + 1.6% + 4.5% = 14.1%<\/span><\/p><p><span style=\"font-weight: 400\">\u0648\u0628\u0630\u0644\u0643\u060c \u064a\u064f\u062a\u0648\u0642\u0639 \u0623\u0646 \u064a\u0628\u0644\u063a \u0639\u0627\u0626\u062f \u0627\u0644\u0633\u0647\u0645 14.1%\u060c \u0645\u0639 \u0645\u0631\u0627\u0639\u0627\u0629 \u062a\u0639\u0631\u0636\u0647 \u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u0633\u0648\u0642 \u0648\u0627\u0644\u062d\u062c\u0645 \u0648\u0627\u0644\u0642\u064a\u0645\u0629.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5909e0d elementor-widget elementor-widget-text-editor\" data-id=\"5909e0d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h3><b>\u062a\u0641\u0633\u064a\u0631 \u0645\u062e\u0631\u062c\u0627\u062a \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0628\u0628\u0633\u0627\u0637\u0629<\/b><\/h3><p><span style=\"font-weight: 400\">\u0644\u062a\u0641\u0633\u064a\u0631 \u0645\u062e\u0631\u062c\u0627\u062a \u0647\u0630\u0627 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0645\u062a\u0639\u062f\u062f \u0627\u0644\u0639\u0648\u0627\u0645\u0644:<\/span><\/p><ul><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u03b21 (\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0633\u0648\u0642): \u064a\u062a\u062d\u0631\u0643 \u0627\u0644\u0633\u0647\u0645 \u0628\u0645\u0642\u062f\u0627\u0631 1.2 \u0636\u0639\u0641 \u062d\u0631\u0643\u0629 \u0627\u0644\u0633\u0648\u0642. \u0625\u0630\u0627 \u0627\u0631\u062a\u0641\u0639 \u0627\u0644\u0633\u0648\u0642 \u0628\u0646\u0633\u0628\u0629 5%\u060c \u0641\u0645\u0646 \u0627\u0644\u0645\u062a\u0648\u0642\u0639 \u0623\u0646 \u064a\u0631\u062a\u0641\u0639 \u0627\u0644\u0633\u0647\u0645 \u0628\u0646\u0633\u0628\u0629 6%.<\/span><\/li><li><b><\/b><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u03b22 (\u0627\u0644\u062d\u062c\u0645): \u0644\u062f\u0649 \u0627\u0644\u0633\u0647\u0645 \u062d\u0633\u0627\u0633\u064a\u0629 \u0623\u0642\u0644 \u0644\u0639\u0627\u0645\u0644 \u0627\u0644\u062d\u062c\u0645\u060c \u0644\u0643\u0646\u0647 \u0644\u0627 \u064a\u0632\u0627\u0644 \u064a\u0633\u062a\u0641\u064a\u062f \u0645\u0646 \u0639\u0644\u0627\u0648\u0629 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0635\u063a\u064a\u0631\u0629\u060c \u0645\u0627 \u064a\u0636\u064a\u0641 1.6% \u0625\u0644\u0649 \u0639\u0627\u0626\u062f\u0647.<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u03b23 (\u0627\u0644\u0642\u064a\u0645\u0629): \u0627\u0644\u0633\u0647\u0645 \u0623\u0643\u062b\u0631 \u062d\u0633\u0627\u0633\u064a\u0629 \u0644\u0639\u0627\u0645\u0644 \u0627\u0644\u0642\u064a\u0645\u0629\u060c \u0645\u0627 \u064a\u0636\u064a\u0641 4.5% \u0625\u0644\u0649 \u0639\u0627\u0626\u062f\u0647.<\/span><\/li><\/ul><p><span style=\"font-weight: 400\">\u064a\u0645\u062b\u0644 \u062d\u062f \u0627\u0644\u062e\u0637\u0623 (\u03b5) \u0623\u064a \u062c\u0632\u0621 \u063a\u064a\u0631 \u0645\u0641\u0633\u0631 \u0645\u0646 \u0627\u0644\u0639\u0627\u0626\u062f.<\/span><\/p><p><span style=\"font-weight: 400\">\u00a0<\/span><\/p><h3><b>\u0645\u0642\u0627\u0631\u0646\u0629 \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0623\u062d\u0627\u062f\u064a\u0629 \u0627\u0644\u0639\u0627\u0645\u0644 \u0648\u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644<\/b><\/h3><p><span style=\"font-weight: 400\">\u064a\u0646\u0638\u0631 \u0646\u0645\u0648\u0630\u062c <\/span><a href=\"https:\/\/www.investopedia.com\/terms\/c\/capm.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">CAPM<\/span><\/a><span style=\"font-weight: 400\"> \u0625\u0644\u0649 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0633\u0648\u0642 \u0641\u0642\u0637 \u0648\u064a\u062d\u0633\u0628 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0646\u062d\u0648 \u0627\u0644\u062a\u0627\u0644\u064a:<\/span><\/p><p><span style=\"font-weight: 400\">Ri = rf + \u03b21(rm &#8211; rf)<\/span><\/p><p><span style=\"font-weight: 400\">\u0639\u0646\u062f\u0645\u0627 \u062a\u0643\u0648\u0646 \u03b21 = 1.2 \u0648\u062a\u0643\u0648\u0646 \u0639\u0644\u0627\u0648\u0629 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0633\u0648\u0642 5%:<\/span><\/p><p><span style=\"font-weight: 400\">CAPM: Ri = rf + 6%<\/span><\/p><p><span style=\"font-weight: 400\">\u0641\u064a \u0627\u0644\u0645\u0642\u0627\u0628\u0644\u060c \u064a\u0623\u062e\u0630 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0645\u062a\u0639\u062f\u062f \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u0633\u0648\u0642 \u0648\u0627\u0644\u062d\u062c\u0645 \u0648\u0627\u0644\u0642\u064a\u0645\u0629 \u0641\u064a \u0627\u0644\u062d\u0633\u0628\u0627\u0646\u060c \u0648\u064a\u0642\u062f\u0645 \u0639\u0627\u0626\u062f\u064b\u0627 \u0642\u062f\u0631\u0647 14.1%. \u0648\u064a\u0648\u0641\u0631 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0645\u062a\u0639\u062f\u062f \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0631\u0624\u064a\u0629 \u0623\u0643\u062b\u0631 \u0634\u0645\u0648\u0644\u064b\u0627 \u0644\u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0623\u0635\u0648\u0644\u060c \u0628\u064a\u0646\u0645\u0627 \u064a\u0631\u0643\u0632 CAPM \u0639\u0644\u0649 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0633\u0648\u0642 \u0641\u0642\u0637 \u0648\u064a\u062a\u062c\u0627\u0647\u0644 \u0639\u0648\u0627\u0645\u0644 \u0645\u062b\u0644 \u0627\u0644\u062d\u062c\u0645 \u0648\u0627\u0644\u0642\u064a\u0645\u0629.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8b2a9e5 elementor-widget elementor-widget-text-editor\" data-id=\"8b2a9e5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h2><b>\u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0641\u064a \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u062d\u0627\u0641\u0638<\/b><\/h2><p><span style=\"font-weight: 400\">\u062a\u0633\u0627\u0639\u062f \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0645\u062f\u064a\u0631\u064a \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0639\u0644\u0649 \u0641\u0647\u0645 \u0645\u0635\u062f\u0631 \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0648\u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0641\u0639\u0644\u064a\u064b\u0627. \u0641\u0628\u062f\u0644\u064b\u0627 \u0645\u0646 \u0627\u0644\u0646\u0638\u0631 \u0625\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0641\u0642\u0637\u060c \u062a\u062d\u0644\u0644 \u0647\u0630\u0647 \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0627\u0644\u062a\u0639\u0631\u0636\u0627\u062a \u0644\u0644\u0639\u0648\u0627\u0645\u0644 \u0645\u062b\u0644 \u0627\u0644\u0633\u0648\u0642 \u0648\u0627\u0644\u0642\u064a\u0645\u0629 \u0648\u0627\u0644\u062d\u062c\u0645 \u0648\u0627\u0644\u0632\u062e\u0645 \u0648\u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629. \u0648\u0647\u0630\u0627 \u0627\u0644\u0646\u0647\u062c \u064a\u062c\u0639\u0644 \u0642\u0631\u0627\u0631\u0627\u062a \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0623\u0643\u062b\u0631 \u0634\u0641\u0627\u0641\u064a\u0629 \u0648\u0642\u0627\u0628\u0644\u064a\u0629 \u0644\u0644\u062a\u062d\u0643\u0645.<\/span><\/p><p><span style=\"font-weight: 400\">\u0627\u0633\u062a\u062e\u062f\u0645 \u0627\u0644\u062a\u0647\u062c\u0626\u0629 \u0627\u0644\u0628\u0631\u064a\u0637\u0627\u0646\u064a\u0629 \u0644\u0644\u0643\u0644\u0645\u0627\u062a.<\/span><\/p><h3><b>\u0642\u064a\u0627\u0633 \u0627\u0644\u062a\u0639\u0631\u0636\u0627\u062a \u0644\u0644\u0639\u0648\u0627\u0645\u0644 (\u062a\u0634\u062e\u064a\u0635 \u0627\u0644\u0645\u062d\u0641\u0638\u0629)<\/b><\/h3><p><span style=\"font-weight: 400\">\u0627\u0644\u062e\u0637\u0648\u0629 \u0627\u0644\u0623\u0648\u0644\u0649 \u0641\u064a \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0642\u0627\u0626\u0645\u0629 \u0639\u0644\u0649 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0647\u064a \u0627\u0644\u062a\u0634\u062e\u064a\u0635. \u062a\u0642\u064a\u0633 \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0645\u062f\u0649 \u062d\u0633\u0627\u0633\u064a\u0629 \u0643\u0644 \u0623\u0635\u0644\u060c \u0648\u0643\u0630\u0644\u0643 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0643\u0643\u0644\u060c \u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0645\u062e\u062a\u0644\u0641\u0629.<\/span><\/p><p><span style=\"font-weight: 400\">\u0639\u0644\u0649 \u0633\u0628\u064a\u0644 \u0627\u0644\u0645\u062b\u0627\u0644\u060c \u0642\u062f \u062a\u0628\u062f\u0648 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0645\u062a\u0646\u0648\u0639\u0629 \u0639\u0628\u0631 \u0623\u0633\u0647\u0645 \u0643\u062b\u064a\u0631\u0629\u060c \u0644\u0643\u0646\u0647\u0627 \u0644\u0627 \u062a\u0632\u0627\u0644 \u062a\u0645\u062a\u0644\u0643:<\/span><\/p><ul><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u062a\u0639\u0631\u0636\u064b\u0627 \u0645\u0631\u062a\u0641\u0639\u064b\u0627 \u0644\u0623\u0633\u0647\u0645 \u0627\u0644\u0646\u0645\u0648<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u062d\u0633\u0627\u0633\u064a\u0629 \u0642\u0648\u064a\u0629 \u0644\u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u062a\u0631\u0643\u0632\u064b\u0627 \u062e\u0641\u064a\u064b\u0627 \u0641\u064a \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0633\u0648\u0642<\/span><\/li><\/ul><p><span style=\"font-weight: 400\">\u062a\u0643\u0634\u0641 \u062a\u0634\u062e\u064a\u0635\u0627\u062a \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0647\u0630\u0647 \u0627\u0644\u062a\u0639\u0631\u0636\u0627\u062a \u0627\u0644\u062e\u0641\u064a\u0629 \u0648\u062a\u0648\u0636\u062d \u0645\u0627 \u0627\u0644\u0630\u064a \u064a\u0642\u0648\u062f \u0623\u062f\u0627\u0621 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0641\u0639\u0644\u064a\u064b\u0627.<\/span><\/p><h3><b>\u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u0644\u062a\u062d\u0643\u0645 \u0641\u064a \u0627\u0644\u062a\u0639\u0631\u0636 \u0644\u0644\u0639\u0648\u0627\u0645\u0644<\/b><\/h3><p><span style=\"font-weight: 400\">\u0628\u0645\u062c\u0631\u062f \u062a\u062d\u062f\u064a\u062f \u0627\u0644\u062a\u0639\u0631\u0636\u0627\u062a \u0644\u0644\u0639\u0648\u0627\u0645\u0644\u060c \u064a\u0633\u062a\u0637\u064a\u0639 \u0627\u0644\u0645\u062f\u064a\u0631\u0648\u0646 \u0627\u0644\u062a\u062d\u0643\u0645 \u0641\u064a \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0628\u0646\u0634\u0627\u0637. \u0641\u0628\u062f\u0644\u064b\u0627 \u0645\u0646 \u0628\u064a\u0639 \u0645\u0631\u0627\u0643\u0632 \u0643\u0627\u0645\u0644\u0629\u060c \u064a\u0645\u0643\u0646\u0647\u0645 \u062a\u0639\u062f\u064a\u0644 \u0627\u0644\u062a\u0639\u0631\u0636 \u0639\u0644\u0649 \u0645\u0633\u062a\u0648\u0649 \u0627\u0644\u0639\u0627\u0645\u0644.<\/span><\/p><p><span style=\"font-weight: 400\">\u062a\u0634\u0645\u0644 \u0627\u0644\u0625\u062c\u0631\u0627\u0621\u0627\u062a \u0627\u0644\u0634\u0627\u0626\u0639\u0629:<\/span><\/p><ul><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u062e\u0641\u0636 \u0628\u064a\u062a\u0627 \u0627\u0644\u0633\u0648\u0642 \u062e\u0644\u0627\u0644 \u0641\u062a\u0631\u0627\u062a \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0645\u0631\u062a\u0641\u0639\u0629<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u062a\u0642\u0644\u064a\u0644 \u0627\u0644\u062a\u0639\u0631\u0636 \u0644\u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0639\u0646\u062f\u0645\u0627 \u062a\u0643\u0648\u0646 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0645\u062a\u0642\u0644\u0628\u0629<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u0627\u0644\u062a\u062d\u0648\u0637 \u0645\u0646 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u063a\u064a\u0631 \u0627\u0644\u0645\u0631\u063a\u0648\u0628\u0629 \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0645\u0634\u062a\u0642\u0627\u062a \u0623\u0648 \u0627\u0644\u0645\u0631\u0627\u0643\u0632 \u0627\u0644\u0645\u0642\u0627\u0628\u0644\u0629<\/span><\/li><\/ul><p><span style=\"font-weight: 400\">\u064a\u0633\u0645\u062d \u0647\u0630\u0627 \u0627\u0644\u0646\u0647\u062c \u0628\u0625\u062f\u0627\u0631\u0629 \u0645\u062e\u0627\u0637\u0631 \u0623\u0643\u062b\u0631 \u062f\u0642\u0629 \u0645\u0646 \u0627\u0644\u0637\u0631\u0642 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629 \u0627\u0644\u062a\u064a \u062a\u0631\u0643\u0632 \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0641\u0642\u0637.<\/span><\/p><h3><b>\u0627\u0644\u062a\u0646\u0648\u064a\u0639 \u0627\u0644\u0642\u0627\u0626\u0645 \u0639\u0644\u0649 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 (\u062a\u062c\u0646\u0628 \u0627\u0644\u062a\u0631\u0643\u064a\u0632 \u0627\u0644\u062e\u0641\u064a)<\/b><\/h3><p><span style=\"font-weight: 400\">\u064a\u0639\u0646\u064a \u0627\u0644\u062a\u0646\u0648\u064a\u0639 \u0627\u0644\u062d\u0642\u064a\u0642\u064a \u062a\u0648\u0632\u064a\u0639 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0639\u0628\u0631 \u0639\u0644\u0627\u0648\u0627\u062a \u0639\u0648\u0627\u0645\u0644 \u0645\u062e\u062a\u0644\u0641\u0629\u060c \u0648\u0644\u064a\u0633 \u0645\u062c\u0631\u062f \u0627\u0645\u062a\u0644\u0627\u0643 \u0639\u062f\u062f \u0643\u0628\u064a\u0631 \u0645\u0646 \u0627\u0644\u0623\u0635\u0648\u0644.<\/span><\/p><p><span style=\"font-weight: 400\">\u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u062d\u062a\u0648\u064a \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0639\u0644\u0649 \u0639\u0634\u0631\u0627\u062a \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0648\u062a\u0638\u0644 \u0645\u0639\u0631\u0636\u0629 \u0628\u0634\u0643\u0644 \u0645\u0641\u0631\u0637 \u0644\u0639\u0627\u0645\u0644 \u0648\u0627\u062d\u062f\u060c \u0645\u062b\u0644 \u0627\u0644\u0646\u0645\u0648 \u0623\u0648 \u0627\u0644\u0632\u062e\u0645. \u062a\u0633\u0627\u0639\u062f \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u0645\u062f\u064a\u0631\u064a\u0646 \u0639\u0644\u0649:<\/span><\/p><ul><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u0645\u0648\u0627\u0632\u0646\u0629 \u0627\u0644\u062a\u0639\u0631\u0636 \u0628\u064a\u0646 \u0627\u0644\u0642\u064a\u0645\u0629 \u0648\u0627\u0644\u0646\u0645\u0648<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u0627\u0644\u062c\u0645\u0639 \u0628\u064a\u0646 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u062f\u0641\u0627\u0639\u064a\u0629 \u0648\u0627\u0644\u062f\u0648\u0631\u064a\u0629<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u062a\u0642\u0644\u064a\u0644 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u0631\u0643\u064a\u0632 \u0627\u0644\u062e\u0641\u064a<\/span><\/li><\/ul><p><span style=\"font-weight: 400\">\u064a\u0624\u062f\u064a \u0630\u0644\u0643 \u0625\u0644\u0649 \u0639\u0648\u0627\u0626\u062f \u0623\u0641\u0636\u0644 \u0645\u0639\u062f\u0644\u0629 \u062d\u0633\u0628 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0628\u0645\u0631\u0648\u0631 \u0627\u0644\u0648\u0642\u062a.<\/span><\/p><h2><b>\u062a\u062d\u0633\u064a\u0646 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0642\u0627\u0626\u0645 \u0639\u0644\u0649 \u0627\u0644\u0639\u0648\u0627\u0645\u0644<\/b><\/h2><p><span style=\"font-weight: 400\">\u064a\u062d\u0633\u0646 \u0627\u0644\u062a\u062d\u0633\u064a\u0646 \u0627\u0644\u0642\u0627\u0626\u0645 \u0639\u0644\u0649 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0628\u0646\u0627\u0621 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a \u0645\u0646 \u062e\u0644\u0627\u0644 \u062a\u062d\u0633\u064a\u0646 \u0627\u0644\u062a\u0639\u0631\u0636\u0627\u062a \u0644\u0644\u0639\u0648\u0627\u0645\u0644 \u0628\u062f\u0644\u064b\u0627 \u0645\u0646 \u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0641\u0642\u0637 \u0639\u0644\u0649 \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0648\u0627\u0644\u0627\u0631\u062a\u0628\u0627\u0637\u0627\u062a \u0627\u0644\u062a\u0627\u0631\u064a\u062e\u064a\u0629. \u0648\u0627\u0644\u0647\u062f\u0641 \u0647\u0648 \u0628\u0646\u0627\u0621 \u0645\u062d\u0627\u0641\u0638 \u062a\u0628\u0642\u0649 \u0645\u0633\u062a\u0642\u0631\u0629 \u0639\u0628\u0631 \u0623\u0646\u0638\u0645\u0629 \u0633\u0648\u0642 \u0645\u062e\u062a\u0644\u0641\u0629.<\/span><\/p><h3><b>\u062a\u062d\u062f\u064a\u062f \u0623\u0647\u062f\u0627\u0641 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0648\u062d\u0633\u0627\u0628 \u0627\u0644\u0623\u0648\u0632\u0627\u0646<\/b><\/h3><p><span style=\"font-weight: 400\">\u0641\u064a \u0627\u0644\u062a\u062d\u0633\u064a\u0646 \u0627\u0644\u0642\u0627\u0626\u0645 \u0639\u0644\u0649 \u0627\u0644\u0639\u0648\u0627\u0645\u0644\u060c \u064a\u062d\u062f\u062f \u0627\u0644\u0645\u062f\u064a\u0631\u0648\u0646 \u0627\u0644\u062a\u0639\u0631\u0636\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u0647\u062f\u0641\u0629 \u0644\u0644\u0639\u0648\u0627\u0645\u0644\u060c \u0645\u062b\u0644 \u0628\u064a\u062a\u0627 \u0633\u0648\u0642 \u0645\u062d\u0627\u064a\u062f\u0629\u060c \u0648\u062a\u0639\u0631\u0636 \u0625\u064a\u062c\u0627\u0628\u064a \u0644\u0644\u0642\u064a\u0645\u0629\u060c \u0648\u062d\u0633\u0627\u0633\u064a\u0629 \u0645\u0646\u062e\u0641\u0636\u0629 \u0644\u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629. \u062b\u0645 \u062a\u064f\u062d\u0633\u0628 \u0623\u0648\u0632\u0627\u0646 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0644\u0645\u0637\u0627\u0628\u0642\u0629 \u0647\u0630\u0647 \u0627\u0644\u0623\u0647\u062f\u0627\u0641 \u0642\u062f\u0631 \u0627\u0644\u0625\u0645\u0643\u0627\u0646.<\/span><\/p><h3><b>\u0627\u0644\u062a\u062d\u0633\u064a\u0646 \u0627\u0644\u0642\u0627\u0626\u0645 \u0639\u0644\u0649 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0645\u0642\u0627\u0628\u0644 \u062a\u062d\u0633\u064a\u0646 \u0627\u0644\u0645\u062a\u0648\u0633\u0637 \u0648\u0627\u0644\u062a\u0628\u0627\u064a\u0646<\/b><\/h3><p><span style=\"font-weight: 400\">\u064a\u0639\u062a\u0645\u062f \u062a\u062d\u0633\u064a\u0646 \u0627\u0644\u0645\u062a\u0648\u0633\u0637 \u0648\u0627\u0644\u062a\u0628\u0627\u064a\u0646 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a \u0639\u0644\u0649 \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0648\u0627\u0644\u0627\u0631\u062a\u0628\u0627\u0637\u0627\u062a \u0627\u0644\u062a\u0627\u0631\u064a\u062e\u064a\u0629\u060c \u0627\u0644\u062a\u064a \u063a\u0627\u0644\u0628\u064b\u0627 \u0645\u0627 \u062a\u0643\u0648\u0646 \u063a\u064a\u0631 \u0645\u0633\u062a\u0642\u0631\u0629 \u0648\u0645\u0644\u064a\u0626\u0629 \u0628\u0627\u0644\u0636\u0648\u0636\u0627\u0621. \u0623\u0645\u0627 \u0627\u0644\u062a\u062d\u0633\u064a\u0646 \u0627\u0644\u0642\u0627\u0626\u0645 \u0639\u0644\u0649 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0641\u064a\u0631\u0643\u0632 \u0639\u0644\u0649 \u0627\u0644\u0645\u062d\u0631\u0643\u0627\u062a \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0644\u0644\u0645\u062e\u0627\u0637\u0631 \u0648\u0627\u0644\u0639\u0648\u0627\u0626\u062f.<\/span><\/p><p><span style=\"font-weight: 400\">\u0648\u0646\u062a\u064a\u062c\u0629 \u0644\u0630\u0644\u0643\u060c \u062a\u0643\u0648\u0646 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0642\u0627\u0626\u0645\u0629 \u0639\u0644\u0649 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0639\u0627\u062f\u0629\u064b:<\/span><\/p><ul><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u0623\u0643\u062b\u0631 \u0645\u062a\u0627\u0646\u0629 \u0639\u0628\u0631 \u062f\u0648\u0631\u0627\u062a \u0627\u0644\u0633\u0648\u0642<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u0623\u0633\u0647\u0644 \u0641\u064a \u0627\u0644\u0634\u0631\u062d \u0648\u0627\u0644\u0645\u0631\u0627\u0642\u0628\u0629<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u0623\u0642\u0644 \u062d\u0633\u0627\u0633\u064a\u0629 \u0644\u0623\u062e\u0637\u0627\u0621 \u0627\u0644\u062a\u0642\u062f\u064a\u0631<\/span><\/li><\/ul><p><span style=\"font-weight: 400\">\u0648\u0647\u0630\u0627 \u064a\u062c\u0639\u0644 \u0627\u0644\u062a\u062d\u0633\u064a\u0646 \u0627\u0644\u0642\u0627\u0626\u0645 \u0639\u0644\u0649 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0623\u0643\u062b\u0631 \u0645\u0644\u0627\u0621\u0645\u0629 \u0644\u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0645\u0647\u0646\u064a\u0629 \u0637\u0648\u064a\u0644\u0629 \u0627\u0644\u0623\u062c\u0644.<\/span><\/p><p><span style=\"font-weight: 400\">\u00a0<\/span><\/p><h3><b>\u062c\u062f\u0648\u0644 \u0645\u0644\u062e\u0635 (\u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0648\u062a\u062d\u0633\u064a\u0646 \u0627\u0644\u0639\u0648\u0627\u0645\u0644)<\/b><\/h3>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f08cd9c elementor-widget elementor-widget-shortcode\" data-id=\"f08cd9c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-shortcode\">\n<table id=\"tablepress-687\" class=\"tablepress tablepress-id-687\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\">\u0627\u0644\u0645\u0648\u0636\u0648\u0639<\/th><th class=\"column-2\">\u0645\u0627 \u0627\u0644\u0630\u064a \u064a\u0641\u0639\u0644\u0647\u061f<br \/>\n<br \/>\n<\/th><th class=\"column-3\">\u0644\u0645\u0627\u0630\u0627 \u064a\u0633\u0627\u0639\u062f\u061f<br \/>\n<br \/>\n<\/th><th class=\"column-4\">\u0645\u062b\u0627\u0644 \u0639\u0645\u0644\u064a<br \/>\n<br \/>\n<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">\u062a\u0634\u062e\u064a\u0635 \u0627\u0644\u0639\u0648\u0627\u0645\u0644<br \/>\n<br \/>\n<\/td><td class=\"column-2\">\u064a\u0642\u064a\u0633 \u062a\u0639\u0631\u0636 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0644\u0644\u0639\u0648\u0627\u0645\u0644 (\u0628\u064a\u062a\u0627)<br \/>\n<br \/>\n<\/td><td class=\"column-3\">\u064a\u0643\u0634\u0641 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u0631\u0643\u064a\u0632 \u0627\u0644\u062e\u0641\u064a\u0629<br \/>\n<br \/>\n<\/td><td class=\"column-4\">\u0645\u062d\u0641\u0638\u0629 \u062a\u0636\u0645 30 \u0633\u0647\u0645\u064b\u0627 \u0644\u0643\u0646\u0647\u0627 \u0644\u0627 \u062a\u0632\u0627\u0644 \u201c\u0643\u0644\u0647\u0627 \u0646\u0645\u0648\u201d.<br \/>\n<br \/>\n<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">\u0627\u0644\u062a\u062d\u0643\u0645 \u0641\u064a \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0639\u0648\u0627\u0645\u0644<br \/>\n<br \/>\n<\/td><td class=\"column-2\">\u064a\u0639\u062f\u0644 \u0627\u0644\u062a\u0639\u0631\u0636 \u0639\u0628\u0631 \u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u0645\u0648\u0627\u0632\u0646\u0629 \u0623\u0648 \u0627\u0644\u062a\u062d\u0648\u0637 \u0623\u0648 \u0627\u0644\u0645\u0631\u0627\u0643\u0632 \u0627\u0644\u0645\u0642\u0627\u0628\u0644\u0629<br \/>\n<br \/>\n<\/td><td class=\"column-3\">\u064a\u062e\u0641\u0636 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0645\u0646 \u0645\u0635\u062f\u0631\u0647\u0627<br \/>\n<br \/>\n<\/td><td class=\"column-4\">\u062e\u0641\u0636 \u0627\u0644\u062d\u0633\u0627\u0633\u064a\u0629 \u0644\u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0639\u0646\u062f \u0627\u0631\u062a\u0641\u0627\u0639 \u062a\u0642\u0644\u0628\u0647\u0627<br \/>\n<br \/>\n<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">\u062a\u0646\u0648\u064a\u0639 \u0627\u0644\u0639\u0648\u0627\u0645\u0644<br \/>\n<br \/>\n<\/td><td class=\"column-2\">\u064a\u0648\u0632\u0639 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0639\u0628\u0631 \u0639\u0644\u0627\u0648\u0627\u062a \u0639\u0648\u0627\u0645\u0644 \u0645\u062e\u062a\u0644\u0641\u0629<br \/>\n<br \/>\n<\/td><td class=\"column-3\">\u064a\u062d\u0633\u0646 \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0645\u0639\u062f\u0644\u0629 \u062d\u0633\u0628 \u0627\u0644\u0645\u062e\u0627\u0637\u0631<br \/>\n<br \/>\n<\/td><td class=\"column-4\">\u0627\u0644\u062c\u0645\u0639 \u0628\u064a\u0646 \u0627\u0644\u0642\u064a\u0645\u0629 \u0648\u0627\u0644\u062c\u0648\u062f\u0629 \u0648\u0627\u0644\u062a\u0642\u0644\u0628 \u0627\u0644\u0645\u0646\u062e\u0641\u0636 \u0628\u062f\u0644 \u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0639\u0644\u0649 \u0627\u0644\u0632\u062e\u0645 \u0641\u0642\u0637<br \/>\n<br \/>\n<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">\u0627\u0644\u062a\u062d\u0633\u064a\u0646 \u0627\u0644\u0642\u0627\u0626\u0645 \u0639\u0644\u0649 \u0627\u0644\u0639\u0648\u0627\u0645\u0644<br \/>\n<br \/>\n<\/td><td class=\"column-2\">\u064a\u062d\u062f\u062f \u062a\u0639\u0631\u0636\u0627\u062a \u0645\u0633\u062a\u0647\u062f\u0641\u0629 \u0644\u0644\u0639\u0648\u0627\u0645\u0644 \u0648\u064a\u062d\u0633\u0628 \u0627\u0644\u0623\u0648\u0632\u0627\u0646<br \/>\n<br \/>\n<\/td><td class=\"column-3\">\u064a\u0646\u0634\u0626 \u0645\u062d\u0627\u0641\u0638 \u0645\u0633\u062a\u0642\u0631\u0629 \u0648\u0642\u0627\u0628\u0644\u0629 \u0644\u0644\u062a\u0641\u0633\u064a\u0631<br \/>\n<br \/>\n<\/td><td class=\"column-4\">\u0628\u064a\u062a\u0627 \u0645\u0633\u062a\u0647\u062f\u0641\u0629 \u062a\u0642\u0627\u0631\u0628 1\u060c \u0645\u064a\u0644 \u0644\u0644\u0642\u064a\u0645\u0629\u060c \u0648\u062a\u0639\u0631\u0636 \u0645\u0646\u062e\u0641\u0636 \u0644\u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629<br \/>\n<br \/>\n<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">\u0627\u0644\u0645\u062a\u0648\u0633\u0637 \u0648\u0627\u0644\u062a\u0628\u0627\u064a\u0646 (\u062a\u0642\u0644\u064a\u062f\u064a)<br \/>\n<br \/>\n<\/td><td class=\"column-2\">\u064a\u062d\u0633\u0646 \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0648\u0627\u0644\u0627\u0631\u062a\u0628\u0627\u0637\u0627\u062a \u0627\u0644\u062a\u0627\u0631\u064a\u062e\u064a\u0629<br \/>\n<br \/>\n<\/td><td class=\"column-3\">\u0642\u062f \u064a\u0643\u0648\u0646 \u063a\u064a\u0631 \u0645\u0633\u062a\u0642\u0631 \u0628\u0633\u0628\u0628 \u0627\u0644\u0645\u062f\u062e\u0644\u0627\u062a \u0627\u0644\u0645\u0644\u064a\u0626\u0629 \u0628\u0627\u0644\u0636\u0648\u0636\u0627\u0621<br \/>\n<br \/>\n<\/td><td class=\"column-4\">\u062a\u062a\u063a\u064a\u0631 \u0627\u0644\u0623\u0648\u0632\u0627\u0646 \u0628\u0639\u0646\u0641 \u0639\u0646\u062f\u0645\u0627 \u062a\u062a\u063a\u064a\u0631 \u0627\u0644\u0627\u0631\u062a\u0628\u0627\u0637\u0627\u062a<br \/>\n<br \/>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-687 from cache --><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6f454e1 e-flex e-con-boxed e-con e-parent\" data-id=\"6f454e1\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-fce4c60 elementor-widget elementor-widget-text-editor\" data-id=\"fce4c60\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u00a0<\/p><p><span style=\"font-weight: 400\">\u00a0<\/span><\/p><h2><b>\u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0641\u064a \u0627\u062e\u062a\u064a\u0627\u0631 \u0627\u0644\u0623\u0633\u0647\u0645<\/b><\/h2><p><span style=\"font-weight: 400\">\u062a\u064f\u0633\u062a\u062e\u062f\u0645 \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0639\u0644\u0649 \u0646\u0637\u0627\u0642 \u0648\u0627\u0633\u0639 \u0641\u064a \u0627\u062e\u062a\u064a\u0627\u0631 \u0627\u0644\u0623\u0633\u0647\u0645 \u0644\u062a\u062d\u062f\u064a\u062f \u0627\u0644\u0623\u0633\u0647\u0645 \u0630\u0627\u062a \u0625\u0645\u0643\u0627\u0646\u0627\u062a \u0639\u0627\u0626\u062f \u0623\u0641\u0636\u0644 \u0645\u0639\u062f\u0644\u0629 \u062d\u0633\u0628 \u0627\u0644\u0645\u062e\u0627\u0637\u0631. \u0648\u064a\u062d\u0638\u0649 \u0647\u0630\u0627 \u0627\u0644\u0646\u0647\u062c \u0628\u0634\u0639\u0628\u064a\u0629 \u062e\u0627\u0635\u0629 \u0641\u064a \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u0645\u0646\u0647\u062c\u064a \u0648\u0627\u0644\u0643\u0645\u064a\u060c \u062d\u064a\u062b \u062a\u0643\u0648\u0646 \u0627\u0644\u0642\u0631\u0627\u0631\u0627\u062a \u0642\u0627\u0626\u0645\u0629 \u0639\u0644\u0649 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0648\u0627\u0644\u0642\u0648\u0627\u0639\u062f.<\/span><\/p><p><span style=\"font-weight: 400\">\u00a0<\/span><\/p><h3><b>\u0627\u0644\u0645\u0646\u0637\u0642 \u0648\u0631\u0627\u0621 \u0646\u0645\u0627\u0630\u062c \u0627\u062e\u062a\u064a\u0627\u0631 \u0627\u0644\u0623\u0633\u0647\u0645 \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644<\/b><\/h3><p><span style=\"font-weight: 400\">\u0627\u0644\u0645\u0646\u0637\u0642 \u0627\u0644\u0623\u0633\u0627\u0633\u064a \u0644\u0627\u062e\u062a\u064a\u0627\u0631 \u0627\u0644\u0623\u0633\u0647\u0645 \u0645\u062a\u0639\u062f\u062f \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0628\u0633\u064a\u0637:<\/span><\/p><p><span style=\"font-weight: 400\">\u0627\u0644\u0623\u0633\u0647\u0645 \u0627\u0644\u062a\u064a \u062a\u062d\u0642\u0642 \u062f\u0631\u062c\u0627\u062a \u062c\u064a\u062f\u0629 \u0641\u064a \u0639\u062f\u0629 \u0639\u0648\u0627\u0645\u0644 \u0645\u062b\u0628\u062a\u0629 \u062a\u0645\u064a\u0644 \u0625\u0644\u0649 \u0627\u0644\u062a\u0641\u0648\u0642 \u0628\u0645\u0631\u0648\u0631 \u0627\u0644\u0648\u0642\u062a.<\/span><\/p><p><span style=\"font-weight: 400\">\u064a\u0645\u062b\u0644 \u0643\u0644 \u0639\u0627\u0645\u0644 \u0645\u0635\u062f\u0631\u064b\u0627 \u0644\u0644\u0639\u0627\u0626\u062f \u0623\u0648 \u0627\u0644\u0645\u062e\u0627\u0637\u0631\u060c \u0645\u062b\u0644 \u0627\u0644\u0642\u064a\u0645\u0629 \u0623\u0648 \u0627\u0644\u0632\u062e\u0645 \u0623\u0648 \u0627\u0644\u062d\u062c\u0645 \u0623\u0648 \u0627\u0644\u062c\u0648\u062f\u0629.<\/span><\/p><p><span style=\"font-weight: 400\">\u0639\u0644\u0649 \u0633\u0628\u064a\u0644 \u0627\u0644\u0645\u062b\u0627\u0644\u060c \u0642\u062f \u064a\u0643\u0648\u0646 \u0627\u0644\u0633\u0647\u0645 \u062c\u0630\u0627\u0628\u064b\u0627 \u0644\u0623\u0646\u0647:<\/span><\/p><ul><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u0631\u062e\u064a\u0635 (\u0639\u0627\u0645\u0644 \u0627\u0644\u0642\u064a\u0645\u0629)<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u064a\u0638\u0647\u0631 \u0623\u062f\u0627\u0621\u064b \u062d\u062f\u064a\u062b\u064b\u0627 \u0642\u0648\u064a\u064b\u0627 (\u0639\u0627\u0645\u0644 \u0627\u0644\u0632\u062e\u0645)<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u0645\u0633\u062a\u0642\u0631 \u0645\u0627\u0644\u064a\u064b\u0627 (\u0639\u0627\u0645\u0644 \u0627\u0644\u062c\u0648\u062f\u0629)<\/span><\/li><\/ul><h3><b>\u062f\u0645\u062c \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0644\u0625\u0646\u0634\u0627\u0621 \u0625\u0634\u0627\u0631\u0627\u062a \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629<\/b><\/h3><p><span style=\"font-weight: 400\">\u062a\u064f\u0646\u0634\u0623 \u0625\u0634\u0627\u0631\u0627\u062a \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0645\u0646 \u062e\u0644\u0627\u0644 \u062f\u0645\u062c \u062f\u0631\u062c\u0627\u062a \u0639\u0648\u0627\u0645\u0644 \u0645\u062a\u0639\u062f\u062f\u0629 \u0641\u064a \u062f\u0631\u062c\u0629 \u0646\u0647\u0627\u0626\u064a\u0629 \u0648\u0627\u062d\u062f\u0629. \u0648\u0639\u0627\u062f\u0629 \u0645\u0627 \u064a\u062a\u0645 \u062a\u0648\u062d\u064a\u062f \u0643\u0644 \u0639\u0627\u0645\u0644 \u0648\u062a\u0631\u062c\u064a\u062d\u0647.<\/span><\/p><p><span style=\"font-weight: 400\">\u0645\u062b\u0627\u0644 \u0628\u0633\u064a\u0637:<\/span><\/p><ul><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u062f\u0631\u062c\u0629 \u0627\u0644\u0642\u064a\u0645\u0629 = 70<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u062f\u0631\u062c\u0629 \u0627\u0644\u0632\u062e\u0645 = 60<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u062f\u0631\u062c\u0629 \u0627\u0644\u062c\u0648\u062f\u0629 = 80<\/span><\/li><\/ul><p><span style=\"font-weight: 400\">\u0625\u0630\u0627 \u0643\u0627\u0646\u062a \u062c\u0645\u064a\u0639 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0645\u062a\u0633\u0627\u0648\u064a\u0629 \u0627\u0644\u0648\u0632\u0646\u060c \u0641\u0625\u0646 \u0627\u0644\u062f\u0631\u062c\u0629 \u0627\u0644\u0645\u062c\u0645\u0639\u0629 \u0647\u064a:<\/span><\/p><p><span style=\"font-weight: 400\">(70 + 60 + 80) \/ 3 = 70<\/span><\/p><p><span style=\"font-weight: 400\">\u062a\u064f\u062e\u062a\u0627\u0631 \u0627\u0644\u0623\u0633\u0647\u0645 \u0630\u0627\u062a \u0627\u0644\u062f\u0631\u062c\u0627\u062a \u0627\u0644\u0645\u062c\u0645\u0639\u0629 \u0627\u0644\u0623\u0639\u0644\u0649 \u0644\u0644\u0645\u062d\u0641\u0638\u0629.<\/span><\/p><p><span style=\"font-weight: 400\">\u062a\u0633\u0627\u0639\u062f \u0647\u0630\u0647 \u0627\u0644\u0637\u0631\u064a\u0642\u0629 \u0639\u0644\u0649 \u062a\u062c\u0646\u0628 \u0627\u0644\u0625\u0634\u0627\u0631\u0627\u062a \u0627\u0644\u0643\u0627\u0630\u0628\u0629 \u0627\u0644\u062a\u064a \u0642\u062f \u062a\u0638\u0647\u0631 \u0639\u0646\u062f \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0639\u0627\u0645\u0644 \u0648\u0627\u062d\u062f \u0641\u0642\u0637.<\/span><\/p><p><span style=\"font-weight: 400\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400\">\u0633: \u0644\u0645\u0627\u0630\u0627 \u0644\u0627 \u0646\u0633\u062a\u062e\u062f\u0645 \u0639\u0627\u0645\u0644\u064b\u0627 \u0642\u0648\u064a\u064b\u0627 \u0648\u0627\u062d\u062f\u064b\u0627 \u0641\u0642\u0637\u061f<\/span><\/p><p><span style=\"font-weight: 400\">\u062c: \u064a\u0645\u0643\u0646 \u0644\u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u0641\u0631\u062f\u064a\u0629 \u0623\u0646 \u062a\u062a\u0631\u0627\u062c\u0639 \u0641\u064a \u0627\u0644\u0623\u062f\u0627\u0621 \u0644\u0641\u062a\u0631\u0627\u062a \u0637\u0648\u064a\u0644\u0629. \u0648\u064a\u0624\u062f\u064a \u062f\u0645\u062c \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0625\u0644\u0649 \u062a\u062d\u0633\u064a\u0646 \u0627\u0644\u0627\u062a\u0633\u0627\u0642.<\/span><\/p><p><span style=\"font-weight: 400\">\u00a0<\/span><\/p><h3><b>\u0627\u0644\u062f\u0648\u0631 \u0641\u064a \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u0643\u0645\u064a<\/b><\/h3><p><span style=\"font-weight: 400\">\u064a\u064f\u0639\u062f \u0627\u062e\u062a\u064a\u0627\u0631 \u0627\u0644\u0623\u0633\u0647\u0645 \u0645\u062a\u0639\u062f\u062f \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0645\u0643\u0648\u0646\u064b\u0627 \u0623\u0633\u0627\u0633\u064a\u064b\u0627 \u0641\u064a \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0627\u0644\u0643\u0645\u064a\u0629. \u0648\u062a\u0639\u062a\u0645\u062f \u0647\u0630\u0647 \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0639\u0644\u0649 \u0627\u0644\u0642\u0648\u0627\u0639\u062f \u0648\u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0648\u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0628\u062f\u0644\u064b\u0627 \u0645\u0646 \u0627\u0644\u062d\u0643\u0645 \u0627\u0644\u0634\u062e\u0635\u064a.<\/span><\/p><p><span style=\"font-weight: 400\">\u0641\u064a \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u0643\u0645\u064a:<\/span><\/p><ul><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u062a\u064f\u062e\u062a\u0628\u0631 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u062a\u0627\u0631\u064a\u062e\u064a\u064b\u0627<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u062a\u064f\u0646\u0634\u0623 \u0627\u0644\u0625\u0634\u0627\u0631\u0627\u062a \u062a\u0644\u0642\u0627\u0626\u064a\u064b\u0627<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u062a\u064f\u0639\u0627\u062f \u0645\u0648\u0627\u0632\u0646\u0629 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0628\u0627\u0646\u062a\u0638\u0627\u0645<\/span><\/li><\/ul><p><span style=\"font-weight: 400\">\u062a\u062a\u064a\u062d \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0644\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0627\u0644\u0643\u0645\u064a\u0629 \u0623\u0646 \u062a\u0643\u0648\u0646 \u0642\u0627\u0628\u0644\u0629 \u0644\u0644\u062a\u0648\u0633\u0639 \u0648\u0642\u0627\u0628\u0644\u0629 \u0644\u0644\u062a\u0643\u0631\u0627\u0631 \u0648\u062e\u0627\u0644\u064a\u0629 \u0645\u0646 \u0627\u0644\u0639\u0627\u0637\u0641\u0629.<\/span><\/p><p><span style=\"font-weight: 400\">\u0644\u0647\u0630\u0627 \u0627\u0644\u0633\u0628\u0628 \u062a\u064f\u0628\u0646\u0649 \u0643\u062b\u064a\u0631 \u0645\u0646 \u0635\u0646\u0627\u062f\u064a\u0642 ETF \u0648\u0635\u0646\u0627\u062f\u064a\u0642 \u0627\u0644\u062a\u062d\u0648\u0637 \u0648\u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0627\u0644\u062e\u0648\u0627\u0631\u0632\u0645\u064a\u0629 \u0639\u0644\u0649 \u0646\u0645\u0627\u0630\u062c \u0627\u062e\u062a\u064a\u0627\u0631 \u0627\u0644\u0623\u0633\u0647\u0645 \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644.<\/span><\/p><p><span style=\"font-weight: 400\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e01934e elementor-widget elementor-widget-image\" data-id=\"e01934e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/cdn.arongroups.co\/uploads\/2026\/06\/multifactor-models-1024x683.jpg\" class=\"attachment-large size-large wp-image-188386\" alt=\"multi factor models\" srcset=\"https:\/\/cdn.arongroups.co\/uploads\/2026\/06\/multifactor-models-1024x683.jpg 1024w, https:\/\/cdn.arongroups.co\/uploads\/2026\/06\/multifactor-models-300x200.jpg 300w, https:\/\/cdn.arongroups.co\/uploads\/2026\/06\/multifactor-models-768x512.jpg 768w, https:\/\/cdn.arongroups.co\/uploads\/2026\/06\/multifactor-models.jpg 1536w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-59d27c8 elementor-widget elementor-widget-text-editor\" data-id=\"59d27c8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h2><b>\u062a\u0637\u0628\u064a\u0642 \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 Python \u0623\u0648 Excel<\/b><\/h2><p><span style=\"font-weight: 400\">\u064a\u064f\u0639\u062f \u062a\u0637\u0628\u064a\u0642 \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0636\u0631\u0648\u0631\u064a\u064b\u0627 \u0644\u062a\u062d\u0644\u064a\u0644 \u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0623\u0635\u0648\u0644 \u0648\u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629. \u0648\u0631\u063a\u0645 \u0623\u0646 Python \u0648Excel \u064a\u0645\u0643\u0646 \u0627\u0633\u062a\u062e\u062f\u0627\u0645\u0647\u0645\u0627 \u0644\u0628\u0646\u0627\u0621 \u0647\u0630\u0647 \u0627\u0644\u0646\u0645\u0627\u0630\u062c\u060c \u0641\u0625\u0646 \u0627\u062e\u062a\u064a\u0627\u0631 \u0627\u0644\u0623\u062f\u0627\u0629 \u064a\u0639\u062a\u0645\u062f \u0639\u0644\u0649 \u0627\u0644\u062a\u0639\u0642\u064a\u062f \u0648\u0627\u0644\u062d\u062c\u0645 \u0648\u0645\u0633\u062a\u0648\u0649 \u0627\u0644\u0623\u062a\u0645\u062a\u0629 \u0627\u0644\u0645\u0637\u0644\u0648\u0628.<\/span><\/p><p><span style=\"font-weight: 400\">\u0641\u064a\u0645\u0627 \u064a\u0644\u064a \u062e\u0637\u0648\u0627\u062a \u0627\u0644\u062a\u0637\u0628\u064a\u0642\u060c \u0648\u0627\u0644\u0641\u0631\u0648\u0642 \u0628\u064a\u0646 Python \u0648Excel\u060c \u0648\u0623\u0647\u0645\u064a\u0629 \u062c\u0648\u062f\u0629 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0648\u0627\u0644\u062a\u0648\u0642\u064a\u062a \u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u0639\u0645\u0644\u064a\u0629.<\/span><\/p><p><span style=\"font-weight: 400\">\u00a0<\/span><\/p><h3><b>\u062e\u0637\u0648\u0627\u062a \u062a\u0637\u0628\u064a\u0642 \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644<\/b><\/h3><ul><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u062c\u0645\u0639 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a: \u0627\u062c\u0645\u0639 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u062a\u0627\u0631\u064a\u062e\u064a\u0629 \u0644\u0644\u0639\u0648\u0627\u0645\u0644\u060c \u0645\u062b\u0644 \u0639\u0627\u0626\u062f \u0627\u0644\u0633\u0648\u0642 \u0648\u0627\u0644\u062d\u062c\u0645 \u0648\u0627\u0644\u0642\u064a\u0645\u0629\u060c \u0648\u0643\u0630\u0644\u0643 \u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0623\u0635\u0648\u0644. \u064a\u0645\u0643\u0646 \u0627\u0644\u062d\u0635\u0648\u0644 \u0639\u0644\u0649 \u0647\u0630\u0647 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0645\u0646 \u0642\u0648\u0627\u0639\u062f \u0628\u064a\u0627\u0646\u0627\u062a \u0645\u0627\u0644\u064a\u0629 \u0645\u062b\u0644 <\/span><a href=\"https:\/\/professional.bloomberg.com\/products\/bloomberg-terminal\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">Bloomberg Terminal<\/span><\/a><span style=\"font-weight: 400\"> \u0648<\/span><a href=\"https:\/\/finance.yahoo.com\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">Yahoo Finance<\/span><\/a><span style=\"font-weight: 400\"> \u0623\u0648 \u0645\u0646 \u0645\u062c\u0645\u0648\u0639\u0627\u062a \u0628\u064a\u0627\u0646\u0627\u062a \u0645\u062a\u0627\u062d\u0629 \u0644\u0644\u062c\u0645\u0647\u0648\u0631.<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u0627\u062e\u062a\u064a\u0627\u0631 \u0627\u0644\u0639\u0648\u0627\u0645\u0644: \u0627\u062e\u062a\u0631 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u062a\u064a \u062a\u0639\u062a\u0642\u062f \u0623\u0646\u0647\u0627 \u0633\u062a\u0641\u0633\u0631 \u0639\u0627\u0626\u062f \u0627\u0644\u0623\u0635\u0644\u060c \u0645\u062b\u0644 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0633\u0648\u0642 \u0648\u0627\u0644\u062d\u062c\u0645 \u0648\u0627\u0644\u0642\u064a\u0645\u0629 \u0648\u0627\u0644\u0632\u062e\u0645.<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u062d\u0633\u0627\u0628 \u0627\u0644\u062a\u0639\u0631\u0636\u0627\u062a \u0644\u0644\u0639\u0648\u0627\u0645\u0644: \u0627\u0633\u062a\u062e\u062f\u0645 \u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0627\u0646\u062d\u062f\u0627\u0631 \u0644\u062d\u0633\u0627\u0628 \u062a\u062d\u0645\u064a\u0644\u0627\u062a \u0627\u0644\u0639\u0648\u0627\u0645\u0644 (\u0645\u0639\u0627\u0645\u0644\u0627\u062a \u03b2).<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u062f\u0645\u062c \u0627\u0644\u0639\u0648\u0627\u0645\u0644: \u0628\u0639\u062f \u0627\u0644\u062d\u0635\u0648\u0644 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400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u0627\u0644\u0623\u062a\u0645\u062a\u0629: \u064a\u0645\u0643\u0646 \u0623\u062a\u0645\u062a\u0629 \u0633\u0643\u0631\u0628\u062a\u0627\u062a Python \u0644\u062c\u0644\u0628 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0627\u0644\u062d\u0642\u064a\u0642\u064a \u0648\u0627\u0644\u0627\u062e\u062a\u0628\u0627\u0631 \u0627\u0644\u062e\u0644\u0641\u064a\u060c \u0645\u0627 \u064a\u062c\u0639\u0644\u0647\u0627 \u0645\u0646\u0627\u0633\u0628\u0629 \u0644\u0644\u062a\u0637\u0628\u064a\u0642\u0627\u062a \u0627\u0644\u0623\u0643\u062b\u0631 \u062a\u0642\u062f\u0645\u064b\u0627.<\/span><\/p><ul><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">Excel:<\/span><\/li><\/ul><p><span style=\"font-weight: 400\">o<\/span><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u0633\u0647\u0648\u0644\u0629 \u0627\u0644\u0627\u0633\u062a\u062e\u062f\u0627\u0645: \u064a\u064f\u0633\u062a\u062e\u062f\u0645 Excel \u0639\u0644\u0649 \u0646\u0637\u0627\u0642 \u0648\u0627\u0633\u0639 \u0628\u0633\u0628\u0628 \u0628\u0633\u0627\u0637\u062a\u0647 \u0648\u0633\u0647\u0648\u0644\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645\u0647\u060c \u0645\u0645\u0627 \u064a\u062c\u0639\u0644\u0647 \u0645\u0646\u0627\u0633\u0628\u064b\u0627 \u0644\u0644\u0646\u0645\u0627\u0630\u062c \u0627\u0644\u0623\u0642\u0644 \u062a\u0639\u0642\u064a\u062f\u064b\u0627 \u0648\u0645\u062c\u0645\u0648\u0639\u0627\u062a \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0623\u0635\u063a\u0631.<\/span><\/p><p><span style=\"font-weight: 400\">o<\/span><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u0642\u0627\u0628\u0644\u064a\u0629 \u062a\u0648\u0633\u0639 \u0645\u062d\u062f\u0648\u062f\u0629: \u0631\u063a\u0645 \u0623\u0646 Excel \u064a\u0648\u0641\u0631 \u0648\u0638\u0627\u0626\u0641 \u0623\u0633\u0627\u0633\u064a\u0629 \u0644\u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0627\u0646\u062d\u062f\u0627\u0631 \u0648\u0645\u0639\u0627\u0644\u062c\u0629 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a\u060c \u0641\u0625\u0646\u0647 \u064a\u0648\u0627\u062c\u0647 \u0635\u0639\u0648\u0628\u0629 \u0645\u0639 \u0645\u062c\u0645\u0648\u0639\u0627\u062a \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0643\u0628\u064a\u0631\u0629 \u0648\u0627\u0644\u0623\u062a\u0645\u062a\u0629.<\/span><\/p><p><span style=\"font-weight: 400\">o<\/span><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u0627\u0644\u062a\u062d\u062f\u064a\u062b\u0627\u062a \u0627\u0644\u064a\u062f\u0648\u064a\u0629: \u064a\u062a\u0637\u0644\u0628 \u062c\u0645\u0639 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0648\u062a\u062d\u062f\u064a\u062b \u0627\u0644\u0646\u0645\u0627\u0630\u062c 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https:\/\/cdn.arongroups.co\/uploads\/2026\/06\/multifactor-models-1-768x216.jpg 768w, https:\/\/cdn.arongroups.co\/uploads\/2026\/06\/multifactor-models-1.jpg 1235w\" sizes=\"(max-width: 1024px) 100vw, 1024px\">\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fa1f509 elementor-widget elementor-widget-text-editor\" data-id=\"fa1f509\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400\">\u0645\u062a\u0649 \u062a\u0633\u062a\u062e\u062f\u0645 \u0643\u0644 \u0623\u062f\u0627\u0629:<\/span><\/p><ul><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u0627\u0633\u062a\u062e\u062f\u0645 Python \u0644\u0644\u0646\u0645\u0627\u0630\u062c \u0627\u0644\u0642\u0627\u0628\u0644\u0629 \u0644\u0644\u062a\u0648\u0633\u0639 \u0648\u0627\u0644\u0645\u0624\u062a\u0645\u062a\u0629 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400\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400\">\u00a0<\/span><\/p><h2><b>\u0642\u064a\u0648\u062f \u0648\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644<\/b><\/h2><p><span style=\"font-weight: 400\">\u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0642\u0648\u064a\u0629\u060c \u0644\u0643\u0646\u0647\u0627 \u0644\u064a\u0633\u062a \u0633\u062d\u0631\u064a\u0629. \u064a\u0633\u064a\u0621 \u0643\u062b\u064a\u0631 \u0645\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0627\u0633\u062a\u062e\u062f\u0627\u0645\u0647\u0627 \u0639\u0646\u062f\u0645\u0627 \u064a\u062a\u0639\u0627\u0645\u0644\u0648\u0646 \u0645\u0639\u0647\u0627 \u0643\u0636\u0645\u0627\u0646\u0627\u062a \u0628\u062f\u0644\u064b\u0627 \u0645\u0646 \u0623\u062f\u0648\u0627\u062a. \u0648\u0641\u0647\u0645 \u0642\u064a\u0648\u062f\u0647\u0627 \u0623\u0645\u0631 \u0628\u0627\u0644\u063a \u0627\u0644\u0623\u0647\u0645\u064a\u0629 \u0625\u0630\u0627 \u0643\u0646\u062a \u062a\u0631\u064a\u062f \u0627\u0633\u062a\u062e\u062f\u0627\u0645\u0647\u0627 \u0628\u0627\u062d\u062a\u0631\u0627\u0641 \u0648\u062a\u062c\u0646\u0628 \u0627\u0644\u062b\u0642\u0629 \u0627\u0644\u0632\u0627\u0626\u0641\u0629.<\/span><\/p><p><span style=\"font-weight: 400\">\u00a0<\/span><\/p><h3><b>\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0625\u0641\u0631\u0627\u0637 \u0641\u064a \u0627\u0644\u0645\u0644\u0627\u0621\u0645\u0629 \u0639\u0646\u062f \u0627\u062e\u062a\u064a\u0627\u0631 \u0627\u0644\u0639\u0648\u0627\u0645\u0644<\/b><\/h3><p><span style=\"font-weight: 400\">\u062a\u062d\u062f\u062b \u0627\u0644\u0645\u0628\u0627\u0644\u063a\u0629 \u0641\u064a \u0627\u0644\u0645\u0644\u0627\u0621\u0645\u0629 \u0639\u0646\u062f\u0645\u0627 \u064a\u064f\u062f\u0631\u0651\u0628 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0644\u064a\u062a\u0648\u0627\u0641\u0642 \u062a\u0645\u0627\u0645\u064b\u0627 \u0645\u0639 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0633\u0627\u0628\u0642\u0629 \u0644\u0643\u0646\u0647 \u064a\u0641\u0634\u0644 \u0641\u064a \u0627\u0644\u062a\u0639\u0645\u064a\u0645 \u0639\u0644\u0649 \u0628\u064a\u0627\u0646\u0627\u062a \u062c\u062f\u064a\u062f\u0629. \u0648\u064a\u062d\u062f\u062b \u0630\u0644\u0643 \u063a\u0627\u0644\u0628\u064b\u0627 \u0639\u0646\u062f \u0625\u0636\u0627\u0641\u0629 \u0639\u0648\u0627\u0645\u0644 \u0643\u062b\u064a\u0631\u0629 \u062c\u062f\u064b\u0627 \u0623\u0648 \u0627\u062e\u062a\u064a\u0627\u0631 \u0639\u0648\u0627\u0645\u0644 \u0644\u0645\u062c\u0631\u062f \u0623\u0646\u0647\u0627 \u0646\u062c\u062d\u062a \u062a\u0627\u0631\u064a\u062e\u064a\u064b\u0627.<\/span><\/p><p><span style=\"font-weight: 400\">\u0645\u062b\u0627\u0644:<\/span><span style=\"font-weight: 400\"><br \/><\/span><span style=\"font-weight: 400\"> \u0642\u062f \u064a\u0628\u062f\u0648 \u0646\u0645\u0648\u0630\u062c \u064a\u062d\u062a\u0648\u064a \u0639\u0644\u0649 10 \u0639\u0648\u0627\u0645\u0644 \u0645\u0645\u062a\u0627\u0632\u064b\u0627 \u0641\u064a \u0627\u0644\u0627\u062e\u062a\u0628\u0627\u0631\u0627\u062a \u0627\u0644\u062e\u0644\u0641\u064a\u0629\u060c \u0644\u0643\u0646 \u0628\u0645\u062c\u0631\u062f \u062a\u063a\u064a\u0631 \u0638\u0631\u0648\u0641 \u0627\u0644\u0633\u0648\u0642 \u064a\u062a\u0648\u0642\u0641 \u0645\u0639\u0638\u0645 \u0647\u0630\u0647 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0639\u0646 \u0627\u0644\u0639\u0645\u0644. \u0648\u0627\u0644\u0646\u062a\u064a\u062c\u0629 \u0647\u064a \u0623\u062f\u0627\u0621 \u062a\u0627\u0631\u064a\u062e\u064a \u0642\u0648\u064a \u0648\u0646\u062a\u0627\u0626\u062c \u0648\u0627\u0642\u0639\u064a\u0629 \u0636\u0639\u064a\u0641\u0629.<\/span><\/p><p><span style=\"font-weight: 400\">\u00a0<\/span><\/p><h3><b>\u0639\u062f\u0645 \u0627\u0633\u062a\u0642\u0631\u0627\u0631 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0628\u0645\u0631\u0648\u0631 \u0627\u0644\u0648\u0642\u062a<\/b><\/h3><p><span style=\"font-weight: 400\">\u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0644\u064a\u0633\u062a \u0645\u0633\u062a\u0642\u0631\u0629 \u0625\u0644\u0649 \u0627\u0644\u0623\u0628\u062f. \u0641\u0642\u062f \u064a\u0639\u0645\u0644 \u0639\u0627\u0645\u0644 \u0645\u0639\u064a\u0646 \u062c\u064a\u062f\u064b\u0627 \u0641\u064a \u0639\u0642\u062f \u0645\u0627 \u062b\u0645 \u064a\u062a\u0631\u0627\u062c\u0639 \u0623\u062f\u0627\u0624\u0647 \u0623\u0648 \u064a\u062e\u062a\u0641\u064a \u0641\u064a \u0639\u0642\u062f \u0622\u062e\u0631.<\/span><\/p><p><span style=\"font-weight: 400\">\u0639\u0644\u0649 \u0633\u0628\u064a\u0644 \u0627\u0644\u0645\u062b\u0627\u0644:<\/span><\/p><ul><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u0642\u062f \u062a\u062a\u0631\u0627\u062c\u0639 \u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u0642\u064a\u0645\u0629 \u062e\u0644\u0627\u0644 \u0623\u0633\u0648\u0627\u0642 \u0637\u0648\u064a\u0644\u0629 \u062a\u0642\u0648\u062f\u0647\u0627 \u0623\u0633\u0647\u0645 \u0627\u0644\u0646\u0645\u0648.<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u0642\u062f \u062a\u0641\u0634\u0644 \u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u0632\u062e\u0645 \u0623\u062b\u0646\u0627\u0621 \u0627\u0644\u0627\u0646\u0639\u0643\u0627\u0633\u0627\u062a \u0627\u0644\u062d\u0627\u062f\u0629 \u0641\u064a \u0627\u0644\u0633\u0648\u0642.<\/span><\/li><\/ul><p><span style=\"font-weight: 400\">\u062a\u062a\u063a\u064a\u0631 \u0627\u0644\u0623\u0646\u0638\u0645\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629\u060c \u0648\u062a\u062a\u0628\u062f\u0644 \u0633\u064a\u0627\u0633\u0627\u062a \u0627\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629\u060c \u0648\u064a\u062a\u0637\u0648\u0631 \u0633\u0644\u0648\u0643 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646. \u0644\u0630\u0644\u0643 \u064a\u062c\u0628 \u0645\u0631\u0627\u062c\u0639\u0629 \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0648\u062a\u062d\u062f\u064a\u062b\u0647\u0627\u060c \u0644\u0627 \u0625\u0639\u0627\u062f\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645\u0647\u0627 \u0628\u0634\u0643\u0644 \u0623\u0639\u0645\u0649.<\/span><\/p><p><span style=\"font-weight: 400\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400\">\u00a0<\/span><\/p><h3><b>\u0627\u062e\u062a\u0644\u0627\u0641 \u0627\u0644\u0623\u062f\u0627\u0621 \u0628\u064a\u0646 \u0627\u0644\u0623\u0633\u0648\u0627\u0642<\/b><\/h3><p><span style=\"font-weight: 400\">\u0627\u0644\u0639\u0627\u0645\u0644 \u0627\u0644\u0630\u064a \u064a\u0639\u0645\u0644 \u0641\u064a \u0633\u0648\u0642 \u0645\u0639\u064a\u0646 \u0642\u062f \u064a\u0641\u0634\u0644 \u0641\u064a \u0633\u0648\u0642 \u0622\u062e\u0631.<\/span><\/p><p><span style=\"font-weight: 400\">\u0623\u0645\u062b\u0644\u0629:<\/span><\/p><ul><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u062a\u0639\u0645\u0644 \u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u062d\u062c\u0645 \u0648\u0627\u0644\u0642\u064a\u0645\u0629 \u062c\u064a\u062f\u064b\u0627 \u0641\u064a \u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0623\u0633\u0647\u0645 \u0627\u0644\u0645\u062a\u0642\u062f\u0645\u0629\u060c \u0644\u0643\u0646\u0647\u0627 \u0642\u062f \u062a\u062a\u0635\u0631\u0641 \u0628\u0634\u0643\u0644 \u0645\u062e\u062a\u0644\u0641 \u0641\u064a \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0646\u0627\u0634\u0626\u0629.<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u063a\u0627\u0644\u0628\u064b\u0627 \u0645\u0627 \u062a\u062a\u0641\u0627\u0639\u0644 \u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629 \u0645\u0639 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0648\u0627\u0644\u0645\u0639\u0646\u0648\u064a\u0627\u062a \u0623\u0643\u062b\u0631 \u0645\u0646 \u062a\u0641\u0627\u0639\u0644\u0647\u0627 \u0645\u0639 \u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629.<\/span><\/li><\/ul><p><span style=\"font-weight: 400\">\u064a\u062c\u0628 \u0623\u0646 \u062a\u0643\u0648\u0646 \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0645\u062e\u0635\u0635\u0629 \u0644\u0644\u0633\u0648\u0642. \u0625\u0646 \u0646\u0633\u062e \u0646\u0645\u0648\u0630\u062c \u0645\u0646 \u0627\u0644\u0623\u0633\u0647\u0645 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0629 \u0648\u0644\u0635\u0642\u0647 \u0641\u064a \u0627\u0644\u0641\u0648\u0631\u0643\u0633 \u0623\u0648 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629 \u0646\u0647\u062c \u0643\u0633\u0648\u0644 \u0648\u0645\u062d\u0641\u0648\u0641 \u0628\u0627\u0644\u0645\u062e\u0627\u0637\u0631.<\/span><\/p><p><span style=\"font-weight: 400\">\u00a0<\/span><\/p><h3><b>\u0644\u0645\u0627\u0630\u0627 \u0644\u0627 \u062a\u0636\u0645\u0646 \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u0623\u0631\u0628\u0627\u062d\u061f<\/b><\/h3><p><span style=\"font-weight: 400\">\u062a\u0634\u0631\u062d \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0645\u062a\u0648\u0642\u0639\u0629\u060c \u0644\u0627 \u0627\u0644\u0646\u062a\u0627\u0626\u062c \u0627\u0644\u0645\u0636\u0645\u0648\u0646\u0629. \u0641\u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u062a\u062a\u0623\u062b\u0631 \u0628\u0640:<\/span><\/p><ul><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u0623\u062d\u062f\u0627\u062b \u0627\u0644\u0628\u062c\u0639\u0629 \u0627\u0644\u0633\u0648\u062f\u0627\u0621<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u0635\u062f\u0645\u0627\u062a \u0627\u0644\u0633\u064a\u0627\u0633\u0627\u062a<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u0627\u0644\u062a\u062d\u064a\u0632\u0627\u062a \u0627\u0644\u0633\u0644\u0648\u0643\u064a\u0629<\/span><\/li><\/ul><p><span style=\"font-weight: 400\">\u062d\u062a\u0649 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0645\u0635\u0645\u0645 \u062c\u064a\u062f\u064b\u0627 \u064a\u0645\u0643\u0646 \u0623\u0646 \u064a\u062a\u0631\u0627\u062c\u0639 \u0623\u062f\u0627\u0624\u0647 \u0644\u0641\u062a\u0631\u0627\u062a \u0637\u0648\u064a\u0644\u0629. \u0647\u0630\u0627 \u0644\u0627 \u064a\u0639\u0646\u064a \u0623\u0646 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0645\u0639\u0637\u0644\u060c \u0628\u0644 \u064a\u0639\u0646\u064a \u0623\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0644\u0627 \u062a\u0632\u0627\u0644 \u0645\u0648\u062c\u0648\u062f\u0629.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8b6ab36 elementor-widget elementor-widget-ucaddon_blog_yellow_box\" data-id=\"8b6ab36\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"ucaddon_blog_yellow_box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n<!-- start Blog Yellow Box -->\n\n<!-- Yellow content box -->\n<div class=\"yellow_content_box\">\n  <img decoding=\"async\" src=\"https:\/\/cdn.arongroups.co\/uploads\/2024\/12\/sms-star.svg\" alt=\"sms-star\">\n  <p>\n    <p><span style=\"font-weight: 400\">\u062a\u062d\u0633\u0646 \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0639\u0645\u0644\u064a\u0629 \u0627\u062a\u062e\u0627\u0630 \u0627\u0644\u0642\u0631\u0627\u0631\u060c \u0644\u0627 \u0627\u0644\u064a\u0642\u064a\u0646. \u0625\u0630\u0627 \u0643\u0646\u062a \u062a\u062a\u0648\u0642\u0639 \u0623\u0631\u0628\u0627\u062d\u064b\u0627 \u0645\u0636\u0645\u0648\u0646\u0629\u060c \u0641\u0623\u0646\u062a \u062a\u0633\u062a\u062e\u062f\u0645 \u0627\u0644\u0623\u062f\u0627\u0629 \u0627\u0644\u062e\u0627\u0637\u0626\u0629.<\/span><\/p>\n  <\/p>\n<\/div>\n<!-- end Blog Yellow Box -->\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-faa7ed3 elementor-widget elementor-widget-text-editor\" data-id=\"faa7ed3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h2><b>\u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0641\u064a \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0648\u0627\u0644\u0639\u0648\u0627\u0626\u062f \u062a\u062d\u062a \u0638\u0631\u0648\u0641 \u0633\u0648\u0642 \u0645\u062e\u062a\u0644\u0641\u0629<\/b><\/h2><p><span style=\"font-weight: 400\">\u0644\u0627 \u062a\u062a\u0635\u0631\u0641 \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0628\u0627\u0644\u0637\u0631\u064a\u0642\u0629 \u0646\u0641\u0633\u0647\u0627 \u0641\u064a \u0643\u0644 \u0646\u0638\u0627\u0645 \u0633\u0648\u0642. \u0625\u0630\u0627 \u062a\u062c\u0627\u0647\u0644\u062a \u0638\u0631\u0648\u0641 \u0627\u0644\u0633\u0648\u0642\u060c \u0641\u0642\u062f \u062a\u0628\u062f\u0648 \u0646\u062a\u0627\u0626\u062c \u0646\u0645\u0648\u0630\u062c\u0643 \u201c\u062e\u0627\u0637\u0626\u0629\u201d \u062d\u062a\u0649 \u0639\u0646\u062f\u0645\u0627 \u062a\u0643\u0648\u0646 \u0627\u0644\u0631\u064a\u0627\u0636\u064a\u0627\u062a \u0633\u0644\u064a\u0645\u0629. \u0627\u0644\u0645\u0634\u0643\u0644\u0629 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629 \u0647\u064a \u0623\u0646 \u0639\u0644\u0627\u0648\u0627\u062a \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u062a\u0639\u062a\u0645\u062f \u0639\u0644\u0649 \u0646\u0638\u0627\u0645 \u0627\u0644\u0633\u0648\u0642.<\/span><\/p><p><span style=\"font-weight: 400\">\u00a0<\/span><\/p><h3><b>\u0627\u0644\u0623\u062f\u0627\u0621 \u0641\u064a \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0635\u0627\u0639\u062f\u0629 \u0645\u0642\u0627\u0628\u0644 \u0627\u0644\u0647\u0627\u0628\u0637\u0629<\/b><\/h3><p><span style=\"font-weight: 400\">\u0641\u064a \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0635\u0627\u0639\u062f\u0629\u060c \u063a\u0627\u0644\u0628\u064b\u0627 \u0645\u0627 \u062a\u0647\u064a\u0645\u0646 \u0639\u0648\u0627\u0645\u0644 \u062a\u0642\u0628\u0644 \u0627\u0644\u0645\u062e\u0627\u0637\u0631:<\/span><\/p><ul><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u064a\u0645\u0643\u0646 \u0623\u0646 \u064a\u0643\u0648\u0646 \u0623\u062f\u0627\u0621 \u0627\u0644\u0632\u062e\u0645 \u062c\u064a\u062f\u064b\u0627 \u0644\u0623\u0646 \u0627\u0644\u0627\u062a\u062c\u0627\u0647\u0627\u062a \u062a\u0633\u062a\u0645\u0631.<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u064a\u0645\u0643\u0646 \u0644\u0644\u0646\u0645\u0648 \u0623\u0646 \u064a\u062a\u0641\u0648\u0642 \u0639\u0644\u0649 \u0627\u0644\u0642\u064a\u0645\u0629 \u0639\u0646\u062f\u0645\u0627 \u062a\u0643\u0648\u0646 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0642\u0648\u064a\u0629.<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u0642\u062f \u062a\u062a\u0641\u0648\u0642 \u0623\u0633\u0647\u0645 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0635\u063a\u064a\u0631\u0629 (SMB) \u0625\u0630\u0627 \u0643\u0627\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0648\u0646 \u064a\u0633\u0639\u0648\u0646 \u0625\u0644\u0649 \u0645\u062e\u0627\u0637\u0631 \u0623\u0639\u0644\u0649.<\/span><\/li><\/ul><p><span style=\"font-weight: 400\">\u0641\u064a \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0647\u0627\u0628\u0637\u0629\u060c \u063a\u0627\u0644\u0628\u064b\u0627 \u0645\u0627 \u064a\u063a\u064a\u0631 \u0627\u0644\u0633\u0644\u0648\u0643 \u0627\u0644\u062f\u0641\u0627\u0639\u064a \u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0639\u0648\u0627\u0645\u0644:<\/span><\/p><ul><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u062a\u0645\u064a\u0644 \u0627\u0644\u062c\u0648\u062f\u0629\u060c \u0645\u062b\u0644 \u0627\u0646\u062e\u0641\u0627\u0636 \u0627\u0644\u062f\u064a\u0648\u0646 \u0648\u0627\u0633\u062a\u0642\u0631\u0627\u0631 \u0627\u0644\u0623\u0631\u0628\u0627\u062d\u060c \u0625\u0644\u0649 \u0627\u0644\u0635\u0645\u0648\u062f \u0628\u0634\u0643\u0644 \u0623\u0641\u0636\u0644.<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u0642\u062f \u062a\u062a\u0641\u0648\u0642 \u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u062a\u0642\u0644\u0628 \u0627\u0644\u0645\u0646\u062e\u0641\u0636 \u0644\u0623\u0646\u0647\u0627 \u062a\u062e\u0633\u0631 \u0623\u0642\u0644.<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u0642\u062f \u062a\u0633\u0627\u0639\u062f \u0627\u0644\u0642\u064a\u0645\u0629 \u0623\u0648 \u0644\u0627 \u062a\u0633\u0627\u0639\u062f\u061b \u0641\u0641\u064a \u0645\u0631\u0627\u062d\u0644 \u0627\u0644\u0639\u0632\u0648\u0641 \u0627\u0644\u0639\u0645\u064a\u0642 \u0639\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0642\u062f \u062a\u0628\u0642\u0649 \u0627\u0644\u0623\u0633\u0647\u0645 \u0627\u0644\u0631\u062e\u064a\u0635\u0629 \u0631\u062e\u064a\u0635\u0629.<\/span><\/li><\/ul><p><span style=\"font-weight: 400\">\u00a0<\/span><\/p><h3><b>\u0627\u0644\u0622\u062b\u0627\u0631 \u0623\u062b\u0646\u0627\u0621 \u062a\u0642\u0644\u0628\u0627\u062a \u0627\u0644\u0633\u0648\u0642 \u0623\u0648 \u0627\u0644\u0623\u0632\u0645\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0629<\/b><\/h3><p><span style=\"font-weight: 400\">\u062e\u0644\u0627\u0644 \u0627\u0644\u0623\u0632\u0645\u0627\u062a\u060c \u062a\u0646\u0647\u0627\u0631 \u0627\u0644\u0639\u0644\u0627\u0642\u0627\u062a. \u062a\u0631\u062a\u0641\u0639 \u0627\u0644\u0627\u0631\u062a\u0628\u0627\u0637\u0627\u062a\u060c \u0648\u062a\u062c\u0641 \u0627\u0644\u0633\u064a\u0648\u0644\u0629\u060c \u0648\u062a\u0635\u0628\u062d \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0623\u0642\u0644 \u0627\u0633\u062a\u0642\u0631\u0627\u0631\u064b\u0627. \u0647\u0646\u0627\u0643 \u0645\u0634\u0643\u0644\u062a\u0627\u0646 \u0634\u0627\u0626\u0639\u062a\u0627\u0646:<\/span><\/p><ul><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u0627\u0632\u062f\u062d\u0627\u0645 \u0627\u0644\u0639\u0648\u0627\u0645\u0644: \u064a\u062d\u062a\u0641\u0638 \u0639\u062f\u062f \u0643\u0628\u064a\u0631 \u0645\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0628\u0635\u0641\u0642\u0627\u062a \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0646\u0641\u0633\u0647\u0627\u060c \u0645\u0645\u0627 \u064a\u0624\u062f\u064a \u0625\u0644\u0649 \u0628\u064a\u0639 \u0642\u0633\u0631\u064a.<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400\">\u062a\u062d\u0648\u0644\u0627\u062a \u0633\u0631\u064a\u0639\u0629 \u0641\u064a \u0627\u0644\u0646\u0638\u0627\u0645: \u0639\u0627\u0645\u0644 \u0627\u0644\u0623\u0645\u0633 \u0627\u0644\u0631\u0627\u0628\u062d \u064a\u0635\u0628\u062d \u0639\u0627\u0645\u0644 \u0627\u0644\u063a\u062f \u0627\u0644\u062e\u0627\u0633\u0631.<\/span><\/li><\/ul><p><span style=\"font-weight: 400\">\u0645\u062b\u0627\u0644:<\/span><span style=\"font-weight: 400\"><br \/><\/span><span style=\"font-weight: 400\"> \u0642\u062f \u062a\u0646\u0647\u0627\u0631 \u0645\u062d\u0641\u0638\u0629 \u0632\u062e\u0645 \u062e\u0644\u0627\u0644 \u0623\u0633\u0628\u0648\u0639 \u201c\u0627\u0646\u0639\u0643\u0627\u0633 \u0627\u0644\u0627\u062a\u062c\u0627\u0647\u201d \u0644\u0623\u0646 \u0627\u0644\u0631\u0627\u0628\u062d\u064a\u0646 \u064a\u062a\u062d\u0648\u0644\u0648\u0646 \u0628\u0633\u0631\u0639\u0629 \u0625\u0644\u0649 \u062e\u0627\u0633\u0631\u064a\u0646.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-25a162a elementor-widget elementor-widget-ucaddon_blog_yellow_box\" data-id=\"25a162a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"ucaddon_blog_yellow_box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n<!-- start Blog Yellow Box -->\n\n<!-- Yellow content box -->\n<div class=\"yellow_content_box\">\n  <img decoding=\"async\" src=\"https:\/\/cdn.arongroups.co\/uploads\/2024\/12\/sms-star.svg\" alt=\"sms-star\">\n  <p>\n    <p><span style=\"font-weight: 400\">\u0641\u064a \u0627\u0644\u0623\u0632\u0645\u0627\u062a\u060c \u063a\u0627\u0644\u0628\u064b\u0627 \u0645\u0627 \u064a\u0643\u0628\u0631 \u062d\u062f \u0627\u0644\u062e\u0637\u0623 (\u03b5) \u0641\u064a \u0646\u0645\u0648\u0630\u062c\u0643. \u0648\u0647\u0630\u0627 \u064a\u0639\u0646\u064a \u0623\u0646 \u062c\u0632\u0621\u064b\u0627 \u0623\u0643\u0628\u0631 \u0645\u0646 \u0627\u0644\u0639\u0627\u0626\u062f \u064a\u0635\u0628\u062d \u063a\u064a\u0631 \u0645\u0641\u0633\u0631\u060c \u0644\u0630\u0644\u0643 \u064a\u0646\u0628\u063a\u064a \u0623\u0646 \u062a\u0646\u062e\u0641\u0636 \u0627\u0644\u062b\u0642\u0629.<\/span><\/p>\n  <\/p>\n<\/div>\n<!-- end Blog Yellow Box -->\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ab0860e elementor-widget elementor-widget-text-editor\" data-id=\"ab0860e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h3><b>\u0645\u0642\u0627\u0631\u0646\u0629 \u0641\u0639\u0627\u0644\u064a\u0629 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0641\u064a \u0627\u0644\u062a\u0642\u0644\u0628 \u0627\u0644\u0645\u0631\u062a\u0641\u0639 \u0648\u0627\u0644\u0645\u0646\u062e\u0641\u0636<\/b><\/h3><p><span style=\"font-weight: 400\">\u0641\u064a \u0628\u064a\u0626\u0627\u062a \u0627\u0644\u062a\u0642\u0644\u0628 \u0627\u0644\u0645\u0646\u062e\u0641\u0636:<\/span><\/p><ul><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u062a\u0645\u064a\u0644 \u0625\u0634\u0627\u0631\u0627\u062a \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0625\u0644\u0649 \u0623\u0646 \u062a\u0643\u0648\u0646 \u0623\u0648\u0636\u062d.<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u062a\u0633\u062a\u0645\u0631 \u0627\u0644\u0627\u062a\u062c\u0627\u0647\u0627\u062a \u0644\u0641\u062a\u0631\u0629 \u0623\u0637\u0648\u0644.<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u063a\u0627\u0644\u0628\u064b\u0627 \u0645\u0627 \u062a\u064f\u0638\u0647\u0631 \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u062a\u0633\u0627\u0642\u064b\u0627 \u0623\u0642\u0648\u0649.<\/span><\/li><\/ul><p><span style=\"font-weight: 400\">\u0641\u064a \u0628\u064a\u0626\u0627\u062a \u0627\u0644\u062a\u0642\u0644\u0628 \u0627\u0644\u0645\u0631\u062a\u0641\u0639:<\/span><\/p><ul><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u062a\u0632\u062f\u0627\u062f \u0627\u0644\u0636\u0648\u0636\u0627\u0621.<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u062a\u0635\u0628\u062d \u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u063a\u064a\u0631 \u0645\u0633\u062a\u0642\u0631\u0629.<\/span><\/li><\/ul><p><span style=\"font-weight: 400\">\u25cf<\/span><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u064a\u0635\u0628\u062d \u0627\u0644\u062a\u0646\u0628\u0624 \u0628\u0627\u0644\u0623\u062f\u0627\u0621 \u0642\u0635\u064a\u0631 \u0627\u0644\u0623\u062c\u0644 \u0623\u0635\u0639\u0628.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a62cc25 elementor-widget elementor-widget-ucaddon_blog_yellow_box\" data-id=\"a62cc25\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"ucaddon_blog_yellow_box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n<!-- start Blog Yellow Box -->\n\n<!-- Yellow content box -->\n<div class=\"yellow_content_box\">\n  <img decoding=\"async\" src=\"https:\/\/cdn.arongroups.co\/uploads\/2024\/12\/sms-star.svg\" alt=\"sms-star\">\n  <p>\n    <p><span style=\"font-weight: 400\">\u00a0\u0625\u0630\u0627 \u0627\u0631\u062a\u0641\u0639 \u0627\u0644\u062a\u0642\u0644\u0628 \u0628\u0642\u0648\u0629\u060c \u062e\u0641\u0651\u0636 \u0627\u0644\u0631\u0627\u0641\u0639\u0629\u060c \u0648\u0648\u0633\u0651\u0639 \u062d\u062f\u0648\u062f \u0627\u0644\u0645\u062e\u0627\u0637\u0631\u060c \u0648\u0627\u0639\u062a\u0645\u062f \u0623\u0643\u062b\u0631 \u0639\u0644\u0649 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u0645\u062a\u064a\u0646\u0629 \u0645\u062b\u0644 \u0627\u0644\u062c\u0648\u062f\u0629 \u0648\u0627\u0644\u062a\u0642\u0644\u0628 \u0627\u0644\u0645\u0646\u062e\u0641\u0636 \u0628\u062f\u0644 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u0647\u0634\u0629 \u0645\u062b\u0644 \u0627\u0644\u0632\u062e\u0645 \u0627\u0644\u0628\u062d\u062a.<\/span><\/p>\n  <\/p>\n<\/div>\n<!-- end Blog Yellow Box -->\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7e8924f elementor-widget elementor-widget-text-editor\" data-id=\"7e8924f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h2><b>\u0623\u0641\u0636\u0644 \u0627\u0644\u0645\u0645\u0627\u0631\u0633\u0627\u062a \u0644\u0644\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0645\u0647\u0646\u064a \u0644\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644<\/b><\/h2><p><span style=\"font-weight: 400\">\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0628\u0627\u062d\u062a\u0631\u0627\u0641 \u064a\u0639\u0646\u064a \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0645\u0639\u0647\u0627 \u0643\u0623\u062f\u0648\u0627\u062a \u0642\u0631\u0627\u0631 \u0645\u0646\u0638\u0645\u0629\u060c \u0644\u0627 \u0643\u0622\u0644\u0627\u062a \u062a\u0646\u0628\u0624. \u0648\u0627\u0644\u0641\u0631\u0642 \u0628\u064a\u0646 \u0627\u0644\u0647\u0648\u0627\u0629 \u0648\u0627\u0644\u0645\u062d\u062a\u0631\u0641\u064a\u0646 \u0644\u064a\u0633 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0646\u0641\u0633\u0647\u060c \u0628\u0644 \u0637\u0631\u064a\u0642\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645\u0647 \u0648\u0627\u062e\u062a\u0628\u0627\u0631\u0647 \u0648\u0627\u0644\u062a\u062d\u0643\u0645 \u0641\u064a\u0647.<\/span><\/p><p><span style=\"font-weight: 400\">\u00a0<\/span><\/p><h3><b>\u0627\u062e\u062a\u064a\u0627\u0631 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0628\u0646\u0627\u0621\u064b \u0639\u0644\u0649 \u0627\u0644\u0623\u062f\u0644\u0629<\/b><\/h3><p><span style=\"font-weight: 400\">\u0627\u062e\u062a\u0631 \u0639\u0648\u0627\u0645\u0644 \u0645\u062f\u0639\u0648\u0645\u0629 \u0628\u0623\u0628\u062d\u0627\u062b \u0623\u0643\u0627\u062f\u064a\u0645\u064a\u0629 \u0648\u0623\u062f\u0644\u0629 \u062a\u062c\u0631\u064a\u0628\u064a\u0629 \u0637\u0648\u064a\u0644\u0629 \u0627\u0644\u0623\u062c\u0644\u060c \u0644\u0627 \u0628\u0639\u0648\u0627\u0626\u062f \u062d\u062f\u064a\u062b\u0629 \u0623\u0648 \u0636\u062c\u0629 \u0645\u0624\u0642\u062a\u0629. \u064a\u0646\u0628\u063a\u064a \u0644\u0644\u0639\u0627\u0645\u0644 \u0623\u0646:<\/span><\/p><ul><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u064a\u0639\u0645\u0644 \u0639\u0628\u0631 \u0641\u062a\u0631\u0627\u062a \u0632\u0645\u0646\u064a\u0629 \u0637\u0648\u064a\u0644\u0629<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u064a\u0643\u0648\u0646 \u0642\u0627\u0628\u0644\u064b\u0627 \u0644\u0644\u062a\u0641\u0633\u064a\u0631 \u0627\u0642\u062a\u0635\u0627\u062f\u064a\u064b\u0627<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u064a\u0635\u0645\u062f \u0639\u0628\u0631 \u062f\u0648\u0631\u0627\u062a \u0633\u0648\u0642 \u0645\u062e\u062a\u0644\u0641\u0629<\/span><\/li><\/ul><p><span style=\"font-weight: 400\">\u0625\u0630\u0627 \u0643\u0646\u062a \u0644\u0627 \u062a\u0633\u062a\u0637\u064a\u0639 \u0634\u0631\u062d \u0644\u0645\u0627\u0630\u0627 \u064a\u0646\u0628\u063a\u064a \u0644\u0639\u0627\u0645\u0644 \u0645\u0627 \u0623\u0646 \u064a\u062d\u0642\u0642 \u0639\u0644\u0627\u0648\u0629\u060c \u0641\u0631\u0628\u0645\u0627 \u0644\u0627 \u064a\u0646\u0628\u063a\u064a \u0627\u0633\u062a\u062e\u062f\u0627\u0645\u0647.<\/span><\/p><p><span style=\"font-weight: 400\">\u00a0<\/span><\/p><h3><b>\u0627\u0644\u0627\u062e\u062a\u0628\u0627\u0631 \u062e\u0627\u0631\u062c \u0627\u0644\u0639\u064a\u0646\u0629<\/b><\/h3><p><span style=\"font-weight: 400\">\u0644\u0627 \u062a\u062b\u0642 \u0623\u0628\u062f\u064b\u0627 \u0641\u064a \u0646\u0645\u0648\u0630\u062c \u0627\u062e\u062a\u064f\u0628\u0631 \u0641\u0642\u0637 \u0639\u0644\u0649 \u0628\u064a\u0627\u0646\u0627\u062a \u062a\u0627\u0631\u064a\u062e\u064a\u0629 \u062f\u0627\u062e\u0644 \u0627\u0644\u0639\u064a\u0646\u0629. \u0627\u0633\u062a\u062e\u062f\u0645 \u062f\u0627\u0626\u0645\u064b\u0627 \u0627\u0644\u0627\u062e\u062a\u0628\u0627\u0631 \u062e\u0627\u0631\u062c \u0627\u0644\u0639\u064a\u0646\u0629 \u0644\u0645\u0639\u0631\u0641\u0629 \u0643\u064a\u0641 \u064a\u0639\u0645\u0644 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0639\u0644\u0649 \u0628\u064a\u0627\u0646\u0627\u062a \u0644\u0645 \u064a\u0631\u0647\u0627 \u0645\u0646 \u0642\u0628\u0644.<\/span><\/p><p><span style=\"font-weight: 400\">\u0645\u062b\u0627\u0644:<\/span><\/p><ul><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u0627\u0628\u0646\u0650 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0628\u064a\u0627\u0646\u0627\u062a 2000\u20132015<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u0627\u062e\u062a\u0628\u0631\u0647 \u0639\u0644\u0649 \u0628\u064a\u0627\u0646\u0627\u062a 2016\u20132024<\/span><\/li><\/ul><p><span style=\"font-weight: 400\">\u0625\u0630\u0627 \u0627\u0646\u0647\u0627\u0631 \u0627\u0644\u0623\u062f\u0627\u0621 \u062e\u0627\u0631\u062c \u0627\u0644\u0639\u064a\u0646\u0629\u060c \u0641\u0647\u0630\u0627 \u064a\u0639\u0646\u064a \u0623\u0646 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0643\u0627\u0646 \u0645\u0641\u0631\u0637 \u0627\u0644\u0645\u0644\u0627\u0621\u0645\u0629.<\/span><\/p><p><span style=\"font-weight: 400\">\u00a0<\/span><\/p><h3><b>\u062f\u0645\u062c \u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0645\u0639 \u0627\u0644\u062d\u0643\u0645 \u0627\u0644\u0628\u0634\u0631\u064a<\/b><\/h3><p><span style=\"font-weight: 400\">\u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0644\u0627 \u062a\u0641\u0647\u0645 \u0627\u0644\u0633\u064a\u0627\u0642. \u0627\u0644\u0628\u0634\u0631 \u064a\u0641\u0647\u0645\u0648\u0646.<\/span><\/p><p><span style=\"font-weight: 400\">\u064a\u0646\u0628\u063a\u064a \u062a\u0639\u062f\u064a\u0644 \u0646\u0645\u0627\u0630\u062c \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0639\u0646\u062f\u0645\u0627:<\/span><\/p><ul><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u062a\u062a\u063a\u064a\u0631 \u0623\u0646\u0638\u0645\u0629 \u0627\u0644\u0633\u0648\u0642<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u062a\u0642\u0639 \u0623\u062d\u062f\u0627\u062b \u0647\u064a\u0643\u0644\u064a\u0629 \u0645\u062b\u0644 \u0635\u062f\u0645\u0627\u062a \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0623\u0648 \u0627\u0644\u062a\u0646\u0638\u064a\u0645\u0627\u062a \u0623\u0648 \u0627\u0644\u0623\u0632\u0645\u0627\u062a<\/span><\/li><li><span style=\"font-weight: 400\"> \u00a0 <\/span> <span style=\"font-weight: 400\">\u062a\u062a\u062f\u0647\u0648\u0631 \u062c\u0648\u062f\u0629 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a<\/span><\/li><\/ul><p><span style=\"font-weight: 400\">\u0627\u0633\u062a\u062e\u062f\u0645 \u0627\u0644\u062d\u0643\u0645 \u0644\u062a\u062c\u0627\u0648\u0632 \u0627\u0644\u062a\u0639\u0631\u0636 \u0623\u0648 \u062a\u0642\u0644\u064a\u0635\u0647\u060c \u0644\u0627 \u0644\u0644\u062a\u062f\u062e\u0644 \u0639\u0634\u0648\u0627\u0626\u064a\u064b\u0627.<\/span><\/p><p><span style=\"font-weight: 400\">\u00a0<\/span><\/p><h3><b>\u062c\u062f\u0648\u0644: \u0623\u0641\u0636\u0644 \u0627\u0644\u0645\u0645\u0627\u0631\u0633\u0627\u062a \u0644\u0644\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0645\u0647\u0646\u064a \u0644\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644<\/b><\/h3>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-759bbee elementor-widget elementor-widget-shortcode\" data-id=\"759bbee\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-shortcode\">\n<table id=\"tablepress-688\" class=\"tablepress tablepress-id-688\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\">\u0623\u0641\u0636\u0644 \u0645\u0645\u0627\u0631\u0633\u0629<br \/>\n<br \/>\n<\/th><th class=\"column-2\">\u0645\u0627 \u0627\u0644\u0630\u064a \u064a\u0646\u0628\u063a\u064a \u0641\u0639\u0644\u0647\u061f<br \/>\n<br \/>\n<\/th><th class=\"column-3\">\u0644\u0645\u0627\u0630\u0627 \u064a\u0647\u0645\u061f<br \/>\n<br \/>\n<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">\u0627\u062e\u062a\u064a\u0627\u0631 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0628\u0646\u0627\u0621\u064b \u0639\u0644\u0649 \u0627\u0644\u0623\u062f\u0644\u0629<br \/>\n<br \/>\n<\/td><td class=\"column-2\">\u0627\u0633\u062a\u062e\u062f\u0645 \u0639\u0648\u0627\u0645\u0644 \u0645\u062f\u0639\u0648\u0645\u0629 \u0628\u0623\u0628\u062d\u0627\u062b \u0642\u0648\u064a\u0629 \u0648\u062a\u0627\u0631\u064a\u062e \u0637\u0648\u064a\u0644 \u0648\u0633\u0628\u0628 \u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0648\u0627\u0636\u062d<br \/>\n<br \/>\n<\/td><td class=\"column-3\">\u064a\u0645\u0646\u0639 \u0645\u0637\u0627\u0631\u062f\u0629 \u0627\u0644\u0636\u062c\u0629 \u0648\u064a\u0642\u0644\u0644 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u0636\u0639\u064a\u0641\u0629 \u0623\u0648 \u0627\u0644\u0632\u0627\u0626\u0641\u0629<br \/>\n<br \/>\n<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">\u0627\u0644\u0627\u062e\u062a\u0628\u0627\u0631 \u062e\u0627\u0631\u062c \u0627\u0644\u0639\u064a\u0646\u0629<br \/>\n<br \/>\n<\/td><td class=\"column-2\">\u0627\u0628\u0646\u0650 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0639\u0644\u0649 \u0641\u062a\u0631\u0629 \u0648\u0627\u062e\u062a\u0628\u0631\u0647 \u0639\u0644\u0649 \u0641\u062a\u0631\u0629 \u0645\u062e\u062a\u0644\u0641\u0629 \u063a\u064a\u0631 \u0645\u0631\u0626\u064a\u0629\u060c \u0645\u062b\u0644 \u0627\u0644\u062a\u062f\u0631\u064a\u0628 \u0639\u0644\u0649 2000\u20132015 \u0648\u0627\u0644\u0627\u062e\u062a\u0628\u0627\u0631 \u0639\u0644\u0649 2016\u20132024<br \/>\n<br \/>\n<\/td><td class=\"column-3\">\u064a\u0643\u0634\u0641 \u0627\u0644\u0625\u0641\u0631\u0627\u0637 \u0641\u064a \u0627\u0644\u0645\u0644\u0627\u0621\u0645\u0629 \u0648\u064a\u064f\u0638\u0647\u0631 \u0627\u0644\u0645\u062a\u0627\u0646\u0629 \u0641\u064a \u0627\u0644\u0639\u0627\u0644\u0645 \u0627\u0644\u062d\u0642\u064a\u0642\u064a<br \/>\n<br \/>\n<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">\u0627\u0644\u062f\u0645\u062c \u0645\u0639 \u0627\u0644\u062d\u0643\u0645 \u0627\u0644\u0628\u0634\u0631\u064a<br \/>\n<br \/>\n<\/td><td class=\"column-2\">\u0639\u062f\u0651\u0644 \u0627\u0644\u062a\u0639\u0631\u0636\u0627\u062a \u0639\u0646\u062f\u0645\u0627 \u062a\u062a\u063a\u064a\u0631 \u0627\u0644\u0623\u0646\u0638\u0645\u0629 \u0623\u0648 \u062a\u0642\u0639 \u0627\u0644\u0623\u0632\u0645\u0627\u062a \u0623\u0648 \u062a\u0646\u062e\u0641\u0636 \u062c\u0648\u062f\u0629 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a<br \/>\n<br \/>\n<\/td><td class=\"column-3\">\u0627\u0644\u0646\u0645\u0627\u0630\u062c \u062a\u0641\u0648\u0651\u062a \u0627\u0644\u0633\u064a\u0627\u0642\u061b \u0648\u0627\u0644\u062d\u0643\u0645 \u064a\u0645\u0646\u0639 \u0627\u0644\u0623\u062e\u0637\u0627\u0621 \u0627\u0644\u0639\u0645\u064a\u0627\u0621<br \/>\n<br \/>\n<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0643\u0623\u062f\u0648\u0627\u062a \u0642\u0631\u0627\u0631<br \/>\n<br \/>\n<\/td><td class=\"column-2\">\u0627\u0633\u062a\u062e\u062f\u0645 \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0644\u0644\u062a\u0631\u062a\u064a\u0628 \u0648\u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u062a\u0639\u0631\u0636 \u0648\u0627\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u0627\u0644\u0627\u062a\u0633\u0627\u0642\u060c \u0644\u0627 \u201c\u0644\u0644\u062a\u0646\u0628\u0624 \u0627\u0644\u0645\u062b\u0627\u0644\u064a\u201d<br \/>\n<br \/>\n<\/td><td class=\"column-3\">\u064a\u062d\u0627\u0641\u0638 \u0639\u0644\u0649 \u062a\u0648\u0642\u0639\u0627\u062a \u0648\u0627\u0642\u0639\u064a\u0629 \u0648\u064a\u062d\u0633\u0646 \u062c\u0648\u062f\u0629 \u0627\u0644\u0642\u0631\u0627\u0631<br \/>\n<br \/>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-688 from cache --><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-0d9c620 e-flex e-con-boxed e-con e-parent\" data-id=\"0d9c620\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-99e42d1 elementor-widget elementor-widget-text-editor\" data-id=\"99e42d1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h2><b>\u0627\u0644\u062e\u0644\u0627\u0635\u0629<\/b><\/h2><p><span style=\"font-weight: 400\">\u062a\u0645\u0646\u062d \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0635\u0648\u0631\u0629 \u0623\u0648\u0636\u062d \u0639\u0646 \u0633\u0628\u0628 \u062a\u062d\u0631\u0643 \u0627\u0644\u0623\u0635\u0648\u0644 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0631\u0628\u0637 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\u0631\u062f\u064a\u0626\u0629\u060c \u0623\u0648 \u0628\u0627\u0644\u063a\u062a \u0641\u064a \u0645\u0644\u0627\u0621\u0645\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644\u060c \u0623\u0648 \u062a\u062c\u0627\u0647\u0644\u062a \u062a\u063a\u064a\u0631 \u0623\u0646\u0638\u0645\u0629 \u0627\u0644\u0633\u0648\u0642. \u0639\u0646\u062f \u0627\u0633\u062a\u062e\u062f\u0627\u0645\u0647\u0627 \u0628\u0634\u0643\u0644 \u0635\u062d\u064a\u062d\u060c \u0645\u0639 \u0627\u0644\u0627\u062e\u062a\u0628\u0627\u0631 \u0648\u0627\u0644\u0627\u0646\u0636\u0628\u0627\u0637\u060c \u0641\u0625\u0646\u0647\u0627 \u062a\u062d\u0633\u0646 \u0627\u0644\u0642\u0631\u0627\u0631\u0627\u062a. \u0623\u0645\u0627 \u0627\u0633\u062a\u062e\u062f\u0627\u0645\u0647\u0627 \u0628\u0634\u0643\u0644 \u0623\u0639\u0645\u0649 \u0641\u064a\u0646\u062a\u062c \u0623\u062e\u0637\u0627\u0621 \u0648\u0627\u062b\u0642\u0629.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>\u062a\u0634\u0631\u062d \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0623\u0635\u0648\u0644 \u0648\u062a\u062a\u0646\u0628\u0623 \u0628\u0647\u0627 \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0639\u062f\u0629 \u0645\u062d\u0631\u0643\u0627\u062a \u0644\u0644\u0645\u062e\u0627\u0637\u0631\u060c \u0628\u062f\u0644\u0627\u064b \u0645\u0646 \u0639\u0627\u0645\u0644 \u0648\u0627\u062d\u062f \u0641\u0642\u0637 \u0643\u0645\u0627 \u0641\u064a \u0646\u0645\u0648\u0630\u062c CAPM. \u0648\u062a\u0634\u0645\u0644 \u0647\u0630\u0647 \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u0645\u062a\u063a\u064a\u0631\u0627\u062a \u0633\u0648\u0642\u064a\u0629 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