{"id":5898,"date":"2025-09-19T01:17:39","date_gmt":"2025-09-18T23:17:39","guid":{"rendered":"https:\/\/tulipemedia.com\/?p=5898"},"modified":"2025-11-04T00:25:28","modified_gmt":"2025-11-03T23:25:28","slug":"cours-effet-de-levier-definition-explications-exemples","status":"publish","type":"post","link":"https:\/\/tulipemedia.com\/ar\/cours-effet-de-levier-definition-explications-exemples\/","title":{"rendered":"\u062f\u0648\u0631\u0629 \u0643\u0627\u0645\u0644\u0629 \u062d\u0648\u0644 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0641\u064a \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0645\u0624\u0633\u0633\u064a"},"content":{"rendered":"<p>\u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u062f\u0648\u0631\u0629 \u0627\u0644\u062c\u062f\u064a\u062f\u0629 \u0627\u0644\u0645\u0623\u062e\u0648\u0630\u0629 \u0645\u0646 <a href=\"https:\/\/tulipemedia.com\/ar\/cours-gestion-entreprise\/\">\u0627\u0644\u062f\u0644\u064a\u0644 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\u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629\" width=\"480\" height=\"309\" title=\"\" srcset=\"https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/07\/Bilan-comptable-categories.png 480w, https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/07\/Bilan-comptable-categories-300x193.png 300w, https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/07\/Bilan-comptable-categories-18x12.png 18w\" sizes=\"auto, (max-width: 480px) 100vw, 480px\" \/><figcaption id=\"caption-attachment-5794\" class=\"wp-caption-text\">\u0641\u0626\u0627\u062a \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629<\/figcaption><\/figure>\n<p>\u0648\u0623\u062e\u064a\u0631\u064b\u0627\u060c \u0648\u0643\u0645\u0627 \u0646\u0627\u0642\u0634\u0646\u0627 \u0641\u064a \u0627\u0644\u0641\u0635\u0648\u0644 \u0627\u0644\u0633\u0627\u0628\u0642\u0629\u060c \u0641\u0625\u0646 \u0645\u0635\u0644\u062d\u0629 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<strong>\u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629<\/strong> \u0644\u0644\u0634\u0631\u0643\u0629\u060c \u0644\u0623\u0646 \u0647\u0630\u0627 \u0627\u0644\u0645\u0641\u0647\u0648\u0645 \u0633\u0648\u0641 \u064a\u0633\u0645\u062d \u0644\u0646\u0627 \u0628\u0641\u0647\u0645 \u0643\u064a\u0641\u064a\u0629 \u062d\u0633\u0627\u0628 \u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629.<\/p>\n<p>\u0641\u064a \u0627\u0644\u0648\u0627\u0642\u0639\u060c \u062a\u0642\u064a\u0633 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0623\u062f\u0627\u0621 \u0627\u0644\u0634\u0631\u0643\u0629 \u0641\u064a \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0623\u0635\u0648\u0644\u0647\u0627 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 (\u0643\u0644 \u0645\u0627 \u064a\u064f\u0645\u0643\u0651\u0646\u0647\u0627 \u0645\u0646 \u0627\u0644\u0625\u0646\u062a\u0627\u062c \u0648\u0645\u0648\u0627\u0635\u0644\u0629 \u0646\u0634\u0627\u0637\u0647\u0627: \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062b\u0627\u0628\u062a\u0629 + \u0645\u062a\u0637\u0644\u0628\u0627\u062a \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644). \u0648\u0644\u0644\u062a\u0630\u0643\u064a\u0631\u060c \u062a\u0642\u064a\u0633 \u0645\u062a\u0637\u0644\u0628\u0627\u062a \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645\u0644 \u0645\u0627 \u062a\u062d\u062a\u0627\u062c\u0647 \u0627\u0644\u0634\u0631\u0643\u0629 \u0644\u062a\u0645\u0648\u064a\u0644 \u0623\u0635\u0648\u0644\u0647\u0627 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629 (\u0627\u0644\u0623\u0633\u0647\u0645 \u0648\u0645\u0633\u062a\u062d\u0642\u0627\u062a \u0627\u0644\u0639\u0645\u0644\u0627\u0621)\u060c \u0628\u0639\u062f \u062e\u0635\u0645 \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629 (\u0627\u0644\u062f\u064a\u0648\u0646 \u0642\u0635\u064a\u0631\u0629 \u0627\u0644\u0623\u062c\u0644 \u0627\u0644\u0645\u0645\u0646\u0648\u062d\u0629 \u0645\u0646 \u0627\u0644\u0628\u0646\u0648\u0643 \u0623\u0648 \u0627\u0644\u0645\u0648\u0631\u062f\u064a\u0646\u060c \u0639\u0644\u0649 \u0633\u0628\u064a\u0644 \u0627\u0644\u0645\u062b\u0627\u0644).<\/p>\n<p>\u0647\u0646\u0627\u0643 \u0635\u064a\u063a\u062a\u0627\u0646 \u062a\u062a\u0648\u0627\u0641\u0642\u0627\u0646 \u0645\u0639 \u0646\u0633\u0628\u0629 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629:<\/p>\n<h3>\u0627\u0644\u0646\u0633\u062e\u0629 \u0627\u0644\u0641\u0631\u0646\u0633\u064a\u0629 \u0645\u0646 ROCE<\/h3>\n<p style=\"text-align: center;\"><strong>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 = \u0627\u0644\u0623\u0631\u0628\u0627\u062d \u0642\u0628\u0644 \u0627\u0644\u0641\u0648\u0627\u0626\u062f \u0648\u0627\u0644\u0636\u0631\u0627\u0626\u0628 \u0648\u0627\u0644\u0625\u0647\u0644\u0627\u0643 \u0648\u0627\u0644\u0627\u0633\u062a\u0647\u0644\u0627\u0643 \u0623\u0648 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 + \u0627\u0644\u062f\u064a\u0648\u0646 \u0637\u0648\u064a\u0644\u0629 \u0627\u0644\u0623\u062c\u0644<\/strong><\/p>\n<p>\u062a\u0642\u064a\u0633 \u0647\u0630\u0647 \u0627\u0644\u0646\u0633\u0628\u0629 <strong>\u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0642\u0628\u0644 \u0627\u0644\u0636\u0631\u0627\u0626\u0628<\/strong>, \u0645\u0639 \u0645\u0631\u0627\u0639\u0627\u0629 \u0623\u0648 \u0639\u062f\u0645 \u0645\u0631\u0627\u0639\u0627\u0629 \u0627\u0644\u0627\u0633\u062a\u0647\u0644\u0627\u0643 \u0648\u0627\u0644\u0645\u062e\u0635\u0635\u0627\u062a. \u0641\u064a \u062d\u0633\u0627\u0628 \u0627\u0644\u0623\u0631\u0628\u0627\u062d \u0642\u0628\u0644 \u0627\u0644\u0641\u0648\u0627\u0626\u062f \u0648\u0627\u0644\u0636\u0631\u0627\u0626\u0628 \u0648\u0627\u0644\u0625\u0647\u0644\u0627\u0643 \u0648\u0627\u0644\u0627\u0633\u062a\u0647\u0644\u0627\u0643 (EBITDA)\u060c \u0644\u0627 \u064a\u064f\u0624\u062e\u0630 \u0627\u0644\u0627\u0633\u062a\u0647\u0644\u0627\u0643 \u0648\u0627\u0644\u0645\u062e\u0635\u0635\u0627\u062a \u0641\u064a \u0627\u0644\u0627\u0639\u062a\u0628\u0627\u0631\u060c \u0628\u064a\u0646\u0645\u0627 \u064a\u064f\u0624\u062e\u0630\u0627\u0646 \u0641\u064a \u0627\u0644\u0627\u0639\u062a\u0628\u0627\u0631 \u0641\u064a \u062d\u0633\u0627\u0628 \u0627\u0644\u0623\u0631\u0628\u0627\u062d \u0642\u0628\u0644 \u0627\u0644\u0641\u0648\u0627\u0626\u062f \u0648\u0627\u0644\u0636\u0631\u0627\u0626\u0628 (\u0623\u064a \u064a\u064f\u062e\u0635\u0645\u0627\u0646 \u0645\u0646 \u0637\u0631\u064a\u0642\u0629 \u0627\u0644\u062d\u0633\u0627\u0628 \u0644\u064a\u0639\u0643\u0633\u0627 \u0627\u0633\u062a\u0647\u0644\u0627\u0643 \u0628\u0639\u0636 \u0627\u0644\u0623\u0635\u0648\u0644 \u0648\u0627\u0644\u0623\u0645\u0648\u0627\u0644 \u0627\u0644\u0645\u062e\u0635\u0635\u0629 \u0644\u0644\u0645\u062e\u0627\u0637\u0631 \u0648\u0627\u0644\u062a\u0643\u0627\u0644\u064a\u0641 \u0627\u0644\u0645\u062d\u062a\u0645\u0644\u0629).<\/p>\n<h3>\u0627\u0644\u0646\u0633\u062e\u0629 \u0627\u0644\u062f\u0648\u0644\u064a\u0629 \u0645\u0646 ROCE: ROIC (\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631)<\/h3>\n<p style=\"text-align: center;\"><strong>\u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 = \u0635\u0627\u0641\u064a \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a \u0628\u0639\u062f \u0627\u0644\u0636\u0631\u064a\u0628\u0629 (NOPAT) \/ \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631<\/strong><\/p>\n<p>\u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u0635\u064a\u063a\u0629:<\/p>\n<ul>\n<li>\u064a\u0634\u064a\u0631 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0625\u0644\u0649 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0646\u0642\u062f\u064a \u0627\u0644\u0630\u064a \u064a\u0642\u062f\u0645\u0647 \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u0648\u0646 <strong>\u0648<\/strong> \u0635\u0627\u0641\u064a \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0645\u0627\u0644\u064a. \u0628\u0645\u0639\u0646\u0649 \u0622\u062e\u0631\u060c \u064a\u062c\u0645\u0639 \u0647\u0630\u0627 \u0645\u0648\u0627\u0631\u062f \u0637\u0648\u064a\u0644\u0629 \u0627\u0644\u0623\u062c\u0644.<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><strong>\u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 = \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 + \u0635\u0627\u0641\u064a \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0645\u0627\u0644\u064a<\/strong><\/p>\n<ul>\n<li>\u064a\u0634\u064a\u0631 \u0635\u0627\u0641\u064a \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a \u0628\u0639\u062f \u0627\u0644\u0636\u0631\u064a\u0628\u0629 (NAPOT) \u0625\u0644\u0649 \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a \u0645\u0637\u0631\u0648\u062d\u064b\u0627 \u0645\u0646\u0647 \u0627\u0644\u0636\u0631\u064a\u0628\u0629 \u0627\u0644\u0646\u0638\u0631\u064a\u0629 \u0639\u0644\u0649 \u0647\u0630\u0627 \u0627\u0644\u0631\u0628\u062d.<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><strong>\u0635\u0627\u0641\u064a \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a \u0628\u0639\u062f \u0627\u0644\u0636\u0631\u064a\u0628\u0629 = \u0635\u0627\u0641\u064a \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a \u2013 (\u0635\u0627\u0641\u064a \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a \u00d7 \u0627\u0644\u0636\u0631\u064a\u0628\u0629)<\/strong><\/p>\n<h3>\u0623\u0647\u0645\u064a\u0629 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629<\/h3>\n<p>\u064a\u0634\u064a\u0631 \u0643\u0644 \u0645\u0646 ROCE \u0648ROIC \u0625\u0644\u0649 \u0646\u0641\u0633 \u0627\u0644\u0641\u0643\u0631\u0629: \u0645\u0642\u062f\u0627\u0631 \u0645\u0627 \u062a\u0643\u0633\u0628\u0647 \u0627\u0644\u0634\u0631\u0643\u0629 \u0645\u0642\u0627\u0628\u0644 \u0643\u0644 \u064a\u0648\u0631\u0648 \u0645\u0646 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0641\u064a \u0623\u0646\u0634\u0637\u062a\u0647\u0627.<br \/>\n\u0641\u064a \u0643\u062b\u064a\u0631 \u0645\u0646 \u0627\u0644\u0623\u062d\u064a\u0627\u0646\u060c \u064a\u0633\u062a\u062e\u062f\u0645 \u0627\u0644\u0625\u0635\u062f\u0627\u0631 \u0627\u0644\u0641\u0631\u0646\u0633\u064a EBE \u0642\u0628\u0644 \u0627\u0644\u0636\u0631\u064a\u0628\u0629\u060c \u0641\u064a \u062d\u064a\u0646 \u064a\u0641\u0636\u0644 \u0627\u0644\u0625\u0635\u062f\u0627\u0631 \u0627\u0644\u0623\u0646\u062c\u0644\u0648\u0633\u0627\u0643\u0633\u0648\u0646\u064a NOPAT \u0628\u0639\u062f \u0627\u0644\u0636\u0631\u064a\u0628\u0629.<\/p>\n<p>\u062a\u0639\u0643\u0633 \u0647\u0630\u0647 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0627\u0644\u0643\u0641\u0627\u0621\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0644\u0644\u0634\u0631\u0643\u0629\u060c \u0628\u063a\u0636 \u0627\u0644\u0646\u0638\u0631 \u0639\u0646 \u0647\u064a\u0643\u0644 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 (\u0627\u0644\u062f\u064a\u0648\u0646 \u0645\u0642\u0627\u0628\u0644 \u0627\u0644\u0623\u0633\u0647\u0645).<\/p>\n<p>&quot;\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644&quot; (ROA)\u060c \u0648\u0627\u0644\u0630\u064a \u064a\u0633\u062a\u062e\u062f\u0645 \u0639\u0627\u062f\u0629 \u0641\u064a \u0627\u0644\u0623\u062f\u0628\u064a\u0627\u062a \u0627\u0644\u0623\u0646\u062c\u0644\u0648\u0633\u0627\u0643\u0633\u0648\u0646\u064a\u0629\u060c \u0647\u0648 \u0645\u0642\u064a\u0627\u0633 \u0645\u0645\u0627\u062b\u0644 \u0648\u0644\u0643\u0646 \u064a\u062a\u0645 \u062d\u0633\u0627\u0628\u0647 \u0628\u0637\u0631\u064a\u0642\u0629 \u0645\u062e\u062a\u0644\u0641\u0629 (\u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644 \u0645\u0642\u0633\u0648\u0645\u064b\u0627 \u0639\u0644\u0649 \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644).<\/p>\n<p>\u0628\u0627\u062e\u062a\u0635\u0627\u0631\u060c \u062a\u0642\u064a\u0633 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0639\u0645\u0648\u0645\u064b\u0627 \u0627\u0644\u0646\u0633\u0628\u0629 \u0628\u064a\u0646 \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a \u0627\u0644\u0630\u064a \u062a\u0645 \u0627\u0644\u062d\u0635\u0648\u0644 \u0639\u0644\u064a\u0647 \u0648\u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u062a\u064a \u062a\u0645 \u062d\u0634\u062f\u0647\u0627 \u0644\u0644\u062d\u0635\u0648\u0644 \u0639\u0644\u0649 \u0647\u0630\u0627 \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u060c \u062f\u0648\u0646 \u0627\u0644\u0633\u0639\u064a \u0625\u0644\u0649 \u0627\u0644\u062a\u0645\u064a\u064a\u0632 \u0628\u064a\u0646 \u0627\u0644\u0645\u0635\u0627\u062f\u0631 \u0627\u0644\u0645\u062e\u062a\u0644\u0641\u0629 \u0644\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u062a\u064a \u062a\u0645 \u062d\u0634\u062f\u0647\u0627.<\/p>\n<h2>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 (\u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0623\u0648 ROE)<\/h2>\n<p>\u0645\u0646 \u0627\u0644\u0645\u0641\u0627\u0647\u064a\u0645 \u0627\u0644\u0645\u0647\u0645\u0629 \u0627\u0644\u0623\u062e\u0631\u0649 \u0627\u0644\u062a\u064a \u064a\u062c\u0628 \u0645\u0631\u0627\u0639\u0627\u062a\u0647\u0627\u060c \u0648\u0627\u0644\u0645\u0631\u062a\u0628\u0637\u0629 \u0627\u0631\u062a\u0628\u0627\u0637\u064b\u0627 \u0648\u062b\u064a\u0642\u064b\u0627 \u0628\u0627\u0644\u0645\u0641\u0647\u0648\u0645 \u0627\u0644\u0633\u0627\u0628\u0642\u060c \u0645\u0641\u0647\u0648\u0645 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 (ROE \u0623\u0648 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629)\u060c \u0648\u0627\u0644\u062a\u064a \u062a\u0642\u064a\u0633 \u0628\u0628\u0633\u0627\u0637\u0629 \u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0634\u0631\u0643\u0629 \u0644\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646. \u0641\u0647\u064a \u062a\u0642\u064a\u0633 \u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644 \u0646\u0633\u0628\u0629\u064b \u0625\u0644\u0649 \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646 (\u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u0627\u0644\u0645\u0639\u0631\u0648\u0641\u0629)\u060c \u0648\u0644\u064a\u0633 \u0646\u0633\u0628\u0629\u064b \u0625\u0644\u0649 \u0625\u062c\u0645\u0627\u0644\u064a \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 (\u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 + \u0627\u0644\u062f\u064a\u0646).<\/p>\n<p>\u064a\u062a\u0645 \u062d\u0633\u0627\u0628 \u0647\u0630\u0647 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0639\u0644\u0649 \u0627\u0644\u0646\u062d\u0648 \u0627\u0644\u062a\u0627\u0644\u064a:<\/p>\n<p style=\"text-align: center;\"><strong>ROE = \u0635\u0627\u0641\u064a \u0627\u0644\u0631\u0628\u062d \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629.<\/strong><\/p>\n<p>\u0647\u0630\u0647 \u0627\u0644\u0646\u0633\u0628\u0629 \u0623\u0633\u0627\u0633\u064a\u0629 \u0644\u0623\u0646\u0647\u0627 \u0641\u064a \u0627\u0644\u0646\u0647\u0627\u064a\u0629, <strong>\u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u062a\u062a\u0639\u0644\u0642 \u0628\u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629<\/strong> : <strong>\u0648\u0647\u0630\u0627 \u0645\u0627 \u064a\u062a\u0645 \u062a\u0636\u062e\u064a\u0645\u0647 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\u064a\u0648\u0631\u0648.<\/p>\n<p>\u0644\u0646\u0641\u062a\u0631\u0636 \u0627\u0644\u0622\u0646 \u0623\u0646 \u0627\u0644\u0634\u0631\u0643\u0629 \u0627\u0642\u062a\u0631\u0636\u062a 100 \u064a\u0648\u0631\u0648 \u0625\u0636\u0627\u0641\u064a\u0629 \u0628\u0645\u0639\u062f\u0644 \u0641\u0627\u0626\u062f\u0629 10%. \u0647\u0630\u0627 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u062c\u062f\u064a\u062f \u064a\u064f\u0643\u0633\u0628\u0647\u0627 \u0623\u064a\u0636\u064b\u0627 15 \u064a\u0648\u0631\u0648 (100 \u064a\u0648\u0631\u0648 %). \u0648\u0644\u0643\u0646 \u0628\u0645\u0627 \u0623\u0646\u0647\u0627 \u0633\u062a\u062f\u0641\u0639 10 \u064a\u0648\u0631\u0648 \u0643\u0641\u0648\u0627\u0626\u062f \u0644\u0644\u0628\u0646\u0643\u060c \u0641\u0625\u0646 \u0635\u0627\u0641\u064a \u0627\u0644\u0631\u0628\u062d \u0645\u0646 \u0627\u0644\u062f\u064a\u0646 \u0647\u0648 5 \u064a\u0648\u0631\u0648.<\/p>\n<p>\u0648\u0647\u0643\u0630\u0627\u060c \u0628\u0641\u0636\u0644 \u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u0631\u0641\u0639 \u0627\u0644\u0645\u0627\u0644\u064a\u060c \u064a\u0633\u062a\u0641\u064a\u062f \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u0648\u0646 \u0645\u0646 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0625\u0636\u0627\u0641\u064a\u0629 \u0627\u0644\u0645\u0645\u0648\u0644\u0629 \u0628\u0627\u0644\u062f\u064a\u0648\u0646\u060c \u0644\u0623\u0646 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 (15 %) \u0623\u0639\u0644\u0649 \u0645\u0646 \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062f\u064a\u0648\u0646 (10 %).<\/p>\n<p>\u0647\u0646\u0627\u060c \u0627\u0644\u0623\u0631\u0628\u0627\u062d \u0627\u0644\u062a\u064a \u062a\u0645 \u0627\u0644\u062d\u0635\u0648\u0644 \u0639\u0644\u064a\u0647\u0627 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u0644\u062f\u064a\u0648\u0646 \u0623\u0643\u0628\u0631 \u0645\u0646 \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062f\u064a\u0648\u0646 (15 \u064a\u0648\u0631\u0648 \u0645\u0642\u0627\u0628\u0644 10 \u064a\u0648\u0631\u0648\u060c \u0623\u064a \u0645\u0643\u0633\u0628 \u0631\u0623\u0633\u0645\u0627\u0644\u064a \u0628\u0642\u064a\u0645\u0629 5 \u064a\u0648\u0631\u0648)\u060c \u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a \u0641\u0625\u0646 \u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0625\u064a\u062c\u0627\u0628\u064a \u0644\u062d\u0633\u0646 \u0627\u0644\u062d\u0638.<\/p>\n<p>\u0625\u0630\u0627 \u0642\u0627\u0631\u0646\u0627 \u0627\u0644\u0633\u064a\u0646\u0627\u0631\u064a\u0648\u0647\u064a\u0646\u060c \u0645\u0639 \u0627\u0644\u062f\u064a\u0648\u0646 \u0648\u0628\u062f\u0648\u0646\u0647\u0627\u060c \u0641\u0625\u0644\u064a\u0643 \u0645\u0627 \u064a\u0639\u0637\u064a\u0647:<\/p>\n<p><strong>\u062e\u0627\u0644\u064a\u0629 \u0645\u0646 \u0627\u0644\u062f\u064a\u0648\u0646:<\/strong><\/p>\n<ul>\n<li>\u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 = 100 \u064a\u0648\u0631\u0648<\/li>\n<li>\u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 = 100 \u064a\u0648\u0631\u0648<\/li>\n<li>\u0627\u0644\u0646\u062a\u064a\u062c\u0629 \u0627\u0644\u0635\u0627\u0641\u064a\u0629 = 15 \u064a\u0648\u0631\u0648<\/li>\n<li>\u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 = 15%<\/li>\n<li>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 (ROE) = 15 %<\/li>\n<\/ul>\n<p>\u0648\u0644\u0644\u0639\u0644\u0645 \u0641\u0625\u0646 \u0645\u0624\u0634\u0631 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u064a\u0642\u064a\u0633 \u0635\u0627\u0641\u064a \u0627\u0644\u0631\u0628\u062d \u0645\u0642\u0627\u0631\u0646\u0629 \u0628\u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629\u060c \u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a \u064a\u0642\u064a\u0633 \u0641\u064a \u0646\u0647\u0627\u064a\u0629 \u0627\u0644\u0645\u0637\u0627\u0641 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0644\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646.<\/p>\n<p>\u062a\u0642\u064a\u0633 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 &quot;\u0627\u0644\u0623\u062f\u0627\u0621&quot; \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0644\u0644\u0634\u0631\u0643\u0629 \u0643\u0643\u0644 (\u0648\u0644\u064a\u0633 \u0641\u0642\u0637 \u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646)\u060c \u0648\u064a\u062a\u0645 \u0627\u0644\u062d\u0635\u0648\u0644 \u0639\u0644\u064a\u0647\u0627 \u0643\u0645\u0627 \u0631\u0623\u064a\u0646\u0627 \u0645\u0646 \u0642\u0628\u0644 \u0639\u0646 \u0637\u0631\u064a\u0642 \u062a\u0642\u0633\u064a\u0645 \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a \u0628\u0639\u062f \u0627\u0644\u0636\u0631\u064a\u0628\u0629 (\u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a \u0627\u0644\u0623\u0631\u0628\u0627\u062d - \u0627\u0644\u0636\u0631\u0627\u0626\u0628) \u0639\u0644\u0649 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 (\u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 + \u0627\u0644\u062f\u064a\u0648\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u060c \u0623\u064a \u0643\u0644 \u0645\u0627 \u064a\u0645\u0648\u0644 \u0623\u062f\u0627\u0629 \u0627\u0644\u0625\u0646\u062a\u0627\u062c).<\/p>\n<p><strong>\u0645\u0639 100 \u064a\u0648\u0631\u0648 \u0645\u0646 \u0627\u0644\u062f\u064a\u0648\u0646:<\/strong><\/p>\n<ul>\n<li>\u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 = 100 \u064a\u0648\u0631\u0648<\/li>\n<li>\u0627\u0644\u062f\u064a\u0646 = 100 \u064a\u0648\u0631\u0648<\/li>\n<li>\u0633\u0639\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 = 10% \u0623\u0648 10 \u064a\u0648\u0631\u0648<\/li>\n<li>\u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 = 200 \u064a\u0648\u0631\u0648<\/li>\n<li>\u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 = 15%<\/li>\n<li>\u0635\u0627\u0641\u064a \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a \u0628\u0639\u062f \u0627\u0644\u0636\u0631\u064a\u0628\u0629 = 15% * 200 \u064a\u0648\u0631\u0648 = 30 \u064a\u0648\u0631\u0648<\/li>\n<li>\u0627\u0644\u0641\u0627\u0626\u062f\u0629 = -10 \u064a\u0648\u0631\u0648<\/li>\n<li>\u0627\u0644\u0646\u062a\u064a\u062c\u0629 \u0627\u0644\u0635\u0627\u0641\u064a\u0629 = 20 \u064a\u0648\u0631\u0648<\/li>\n<li>\u0644\u0630\u0627 ROE = 20 %<\/li>\n<\/ul>\n<p>\u064a\u0648\u0636\u062d \u0647\u0630\u0627 \u0627\u0644\u0645\u062b\u0627\u0644 \u0623\u0646 \u0627\u0644\u062f\u064a\u0648\u0646 \u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u0632\u064a\u062f \u0645\u0646 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629\u060c \u0648\u0644\u0643\u0646\u0647\u0627 \u062a\u0624\u062f\u064a \u0623\u064a\u0636\u0627\u064b \u0625\u0644\u0649 \u0632\u064a\u0627\u062f\u0629 \u0627\u0644\u0645\u062e\u0627\u0637\u0631: \u0625\u0630\u0627 \u0627\u0646\u062e\u0641\u0636 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0625\u0644\u0649 \u0645\u0627 \u062f\u0648\u0646 \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062f\u064a\u0648\u0646\u060c \u0641\u0625\u0646 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0633\u062a\u0635\u0628\u062d \u0633\u0644\u0628\u064a\u0629\u060c \u0648\u0647\u0648 \u0645\u0627 \u064a\u0642\u0648\u062f\u0646\u0627 \u0625\u0644\u0649 \u0627\u0644\u0645\u062b\u0627\u0644 \u0627\u0644\u062a\u0627\u0644\u064a.<\/p>\n<h3>\u0645\u062b\u0627\u0644 \u0639\u0644\u0649 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0633\u0644\u0628\u064a\u0629<\/h3>\n<p>\u0644\u0646\u062a\u062e\u064a\u0644 \u0646\u0641\u0633 \u0627\u0644\u0634\u0631\u0643\u0629\u060c \u0648\u0644\u0643\u0646 \u0647\u0630\u0647 \u0627\u0644\u0645\u0631\u0629 \u0645\u0639 \u0631\u0628\u062d\u064a\u0629 \u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0623\u0642\u0644\u060c \u0644\u0646\u0642\u0644 5 %.<\/p>\n<p><strong>\u062e\u0627\u0644\u064a\u0629 \u0645\u0646 \u0627\u0644\u062f\u064a\u0648\u0646:<\/strong><\/p>\n<ul>\n<li>\u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 = 100 \u064a\u0648\u0631\u0648<\/li>\n<li>\u0635\u0627\u0641\u064a \u0627\u0644\u0631\u0628\u062d \u0628\u0639\u062f \u0627\u0644\u0636\u0631\u064a\u0628\u0629 = 5 \u064a\u0648\u0631\u0648<\/li>\n<li>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 (ROE) = 5 %<\/li>\n<\/ul>\n<p><strong>\u0645\u0639 \u0627\u0644\u062f\u064a\u0648\u0646:<\/strong><\/p>\n<p>\u0642\u0631\u0631\u062a \u0627\u0644\u0634\u0631\u0643\u0629 \u0627\u0642\u062a\u0631\u0627\u0636 100 \u064a\u0648\u0631\u0648 \u0628\u0645\u0639\u062f\u0644 10 %.<\/p>\n<ul>\n<li>\u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 = 100 \u064a\u0648\u0631\u0648<\/li>\n<li>\u0627\u0644\u062f\u064a\u0646 = 100 \u064a\u0648\u0631\u0648<\/li>\n<li>\u0633\u0639\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 = 10% \u0623\u0648 10 \u064a\u0648\u0631\u0648<\/li>\n<li>\u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 = 200 \u064a\u0648\u0631\u0648<\/li>\n<li>\u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 = 5% \u0628\u062f\u0644\u0627\u064b \u0645\u0646 15% \u0641\u064a \u0627\u0644\u0645\u062b\u0627\u0644 \u0627\u0644\u0633\u0627\u0628\u0642.<\/li>\n<li>\u0635\u0627\u0641\u064a \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a \u0628\u0639\u062f \u0627\u0644\u0636\u0631\u064a\u0628\u0629 = 5% * 200 \u064a\u0648\u0631\u0648 = 10 \u064a\u0648\u0631\u0648<\/li>\n<li>\u0627\u0644\u0641\u0627\u0626\u062f\u0629 = -10 \u064a\u0648\u0631\u0648<\/li>\n<li>\u0627\u0644\u0646\u062a\u064a\u062c\u0629 \u0627\u0644\u0635\u0627\u0641\u064a\u0629 = 0 \u064a\u0648\u0631\u0648<\/li>\n<li>\u0644\u0630\u0627 ROE = 0 %<\/li>\n<\/ul>\n<p><strong>\u062e\u0627\u062a\u0645\u0629<\/strong><\/p>\n<p>\u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u062d\u0627\u0644\u0629\u060c \u0628\u0645\u0627 \u0623\u0646 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 (5 %) \u0623\u0642\u0644 \u0645\u0646 \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062f\u064a\u0646 (10 %)\u060c \u0641\u0625\u0646 \u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u064a\u0643\u0648\u0646 \u0633\u0644\u0628\u064a\u064b\u0627. \u0644\u0642\u062f \u062f\u0645\u0631 \u0627\u0644\u062f\u064a\u0646 \u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646\u060c \u0641\u0628\u064a\u0646\u0645\u0627 \u0643\u0627\u0646\u0648\u0627 \u0633\u064a\u0643\u0633\u0628\u0648\u0646 5 % \u0628\u062f\u0648\u0646 \u062f\u064a\u0648\u0646\u060c \u0641\u0625\u0646\u0647\u0645 \u064a\u0646\u062a\u0647\u064a \u0628\u0647\u0645 \u0627\u0644\u0623\u0645\u0631 \u0625\u0644\u0649 0 %.<\/p>\n<h2>\u062a\u0648\u0636\u064a\u062d \u0635\u064a\u063a\u0629 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629<\/h2>\n<p>\u0645\u0646 \u0623\u062c\u0644 \u0627\u0633\u062a\u064a\u0639\u0627\u0628 \u0627\u0644\u0645\u0646\u0637\u0642 \u0628\u0634\u0643\u0644 \u0643\u0627\u0645\u0644 \u0648\u0641\u0647\u0645 \u0635\u064a\u063a\u0629 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u060c \u0645\u0646 \u0627\u0644\u0645\u0647\u0645 \u062a\u0641\u0643\u064a\u0643 \u0627\u0644\u0635\u064a\u063a\u0629 \u0645\u0646 \u0623\u062c\u0644 \u0641\u0647\u0645 \u062a\u0641\u0627\u0635\u064a\u0644\u0647\u0627 \u0627\u0644\u062f\u0642\u064a\u0642\u0629.<\/p>\n<p>\u0643\u062a\u0630\u0643\u064a\u0631\u060c \u0627\u0644\u0635\u064a\u063a\u0629 \u0627\u0644\u0643\u0627\u0645\u0644\u0629 \u0644\u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u0631\u0641\u0639 \u0627\u0644\u0645\u0627\u0644\u064a \u0647\u064a \u0643\u0645\u0627 \u064a\u0644\u064a:<\/p>\n<p style=\"text-align: center;\"><strong>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 = \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 + (\u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 - \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062f\u064a\u0646) \u00d7 \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0645\u0627\u0644\u064a \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629<\/strong><\/p>\n<p>\u062a\u0633\u0645\u062d \u0644\u0643 \u0647\u0630\u0647 \u0627\u0644\u0635\u064a\u063a\u0629 \u0628\u0645\u0642\u0627\u0631\u0646\u0629 \u0633\u064a\u0646\u0627\u0631\u064a\u0648\u0647\u064a\u0646 \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u064a\u0646 \u0645\u062a\u0637\u0627\u0628\u0642\u064a\u0646\u060c \u0648\u0644\u0643\u0646 \u0645\u0639 \u062a\u0648\u0632\u064a\u0639 \u0645\u062e\u062a\u0644\u0641 \u0628\u064a\u0646 \u0627\u0644\u062f\u064a\u0648\u0646 \u0648\u0627\u0644\u0623\u0633\u0647\u0645.<\/p>\n<p>\u0648\u0644\u0625\u062b\u0628\u0627\u062a \u0647\u0630\u0647 \u0627\u0644\u0635\u064a\u063a\u0629\u060c \u0646\u0628\u062f\u0623 \u0645\u0631\u0629 \u0623\u062e\u0631\u0649 \u0645\u0646 \u0627\u0644\u0635\u064a\u063a\u0629 \u0627\u0644\u0628\u0633\u064a\u0637\u0629 \u0627\u0644\u062a\u064a \u0630\u0643\u0631\u0646\u0627\u0647\u0627 \u0641\u064a \u0628\u062f\u0627\u064a\u0629 \u0647\u0630\u0647 \u0627\u0644\u062f\u0648\u0631\u0629\u060c \u0648\u0647\u064a \u0627\u0644\u062a\u0627\u0644\u064a\u0629:<\/p>\n<p style=\"text-align: center;\"><strong>ROE = \u0635\u0627\u0641\u064a \u0627\u0644\u0631\u0628\u062d \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629.<\/strong><\/p>\n<p>\u0646\u0628\u062f\u0623 \u062f\u0627\u0626\u0645\u064b\u0627 \u0628\u0647\u0630\u0647 \u0627\u0644\u0635\u064a\u063a\u0629 \u0627\u0644\u0628\u0633\u064a\u0637\u0629. \u062a\u064f\u0639\u0631\u0651\u0641 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 (ROE) \u0628\u0623\u0646\u0647: <strong>\u0646\u0633\u0628\u0629 \u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644 \u0625\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629<\/strong> (ROE = \u0635\u0627\u0641\u064a \u0627\u0644\u062f\u062e\u0644 \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629). \u0647\u0630\u0627 \u0647\u0648 \u0627\u0644\u062a\u0639\u0631\u064a\u0641 \u0627\u0644\u0623\u0633\u0627\u0633\u064a \u0627\u0644\u0634\u0627\u0645\u0644 \u0627\u0644\u0630\u064a \u064a\u0646\u0637\u0628\u0642 \u0639\u0644\u0649 \u062c\u0645\u064a\u0639 \u0627\u0644\u062d\u0627\u0644\u0627\u062a.<\/p>\n<p>\u0648\u0644\u0643\u0646 \u0644\u0641\u0647\u0645 \u062f\u0648\u0631 \u0627\u0644\u062f\u064a\u0646 \u0628\u0634\u0643\u0644 \u0623\u0641\u0636\u0644\u060c \u0645\u0646 \u0627\u0644\u0645\u0647\u0645 \u062a\u0637\u0648\u064a\u0631 \u0647\u0630\u0647 \u0627\u0644\u0635\u064a\u063a\u0629 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0625\u062f\u062e\u0627\u0644 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 (ER) \u0644\u0644\u0623\u0635\u0644 \u0627\u0644\u0645\u0645\u0648\u0644 \u0648\u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062f\u064a\u0646. \u064a\u062a\u064a\u062d \u0647\u0630\u0627 \u0627\u0644\u062a\u0637\u0648\u064a\u0631 \u0627\u0644\u062d\u0635\u0648\u0644 \u0639\u0644\u0649 \u0645\u0627 \u064a\u0633\u0645\u0649 \u0628\u0635\u064a\u063a\u0629 &quot;\u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629&quot;\u060c \u0648\u0627\u0644\u062a\u064a \u062a\u064f\u0628\u0631\u0632 <strong>\u0643\u064a\u0641 \u064a\u0639\u0645\u0644 \u0627\u0644\u0641\u0631\u0642 \u0628\u064a\u0646 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0648\u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062f\u064a\u0646 \u0639\u0644\u0649 \u062a\u0636\u062e\u064a\u0645 (\u0623\u0648 \u062a\u0642\u0644\u064a\u0644) \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u0627\u0639\u062a\u0645\u0627\u062f\u064b\u0627 \u0639\u0644\u0649 \u0627\u0644\u0648\u0632\u0646 \u0627\u0644\u0646\u0633\u0628\u064a \u0644\u0644\u062f\u064a\u0646<\/strong> (\u0627\u0644\u062f\u064a\u0648\u0646\/\u0627\u0644\u0623\u0633\u0647\u0645).<\/p>\n<p>\u0625\u0646 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0645\u0646 \u0647\u0630\u0647 \u0627\u0644\u0635\u064a\u063a\u0629 \u0627\u0644\u0645\u062a\u0637\u0648\u0631\u0629 \u0644\u064a\u0633\u062a \u0627\u0633\u062a\u0628\u062f\u0627\u0644 \u0627\u0644\u0635\u064a\u063a\u0629 \u0627\u0644\u0628\u0633\u064a\u0637\u0629\u060c \u0628\u0644 <strong>\u062c\u0639\u0644 \u0627\u0644\u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u062f\u0642\u064a\u0642 \u0644\u0647\u064a\u0643\u0644 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0648\u0627\u0636\u062d\u064b\u0627<\/strong> : \u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a \u0641\u0625\u0646\u0647 \u064a\u0633\u0645\u062d <strong>\u0645\u0642\u0627\u0631\u0646\u0629 \u0628\u064a\u0646 \u0627\u0644\u0633\u064a\u0646\u0627\u0631\u064a\u0648\u0647\u064a\u0646 \u0628\u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0645\u062a\u0637\u0627\u0628\u0642<\/strong> \u0644\u0643\u0646 <strong>\u062a\u0648\u0632\u064a\u0639 \u0645\u062e\u062a\u0644\u0641 \u0628\u064a\u0646 \u0627\u0644\u0623\u0633\u0647\u0645 \u0648\u0627\u0644\u062f\u064a\u0648\u0646<\/strong>\u060c \u0648\u0631\u0624\u064a\u0629 <strong>\u0641\u064a \u0623\u064a \u0638\u0631\u0648\u0641 \u064a\u0624\u062f\u064a \u0627\u0644\u062f\u064a\u0646 \u0641\u0639\u0644\u064a\u064b\u0627 \u0625\u0644\u0649 \u062a\u062d\u0633\u064a\u0646 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0644\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646\u061f<\/strong>.<\/p>\n<p>\u0644\u0643\u0646 \u0643\u064a\u0641 \u0646\u0635\u0644 \u0625\u0644\u0649 \u0647\u0630\u0647 \u0627\u0644\u0635\u064a\u063a\u0629\u061f \u0647\u0630\u0627 \u0645\u0627 \u0633\u0646\u0631\u0627\u0647 \u0641\u0648\u0631\u064b\u0627.<\/p>\n<p>\u0648\u0644\u0644\u0642\u064a\u0627\u0645 \u0628\u0630\u0644\u0643\u060c \u0646\u0628\u062f\u0623 \u0645\u0646 \u0627\u0644\u0635\u064a\u063a\u0629 \u0627\u0644\u0628\u0633\u064a\u0637\u0629 \u0644\u0639\u0627\u0626\u062f \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629\u060c \u0648\u0627\u0644\u0630\u064a \u064a\u0633\u0645\u0649 \u0623\u064a\u0636\u064b\u0627 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u060c \u0648\u0639\u0627\u0626\u062f \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 (ROE):<\/p>\n<p style=\"text-align: center;\"><strong>ROE = \u0635\u0627\u0641\u064a \u0627\u0644\u0631\u0628\u062d \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629.<\/strong><\/p>\n<p>\u0648\u0627\u0644\u0622\u0646\u060c \u0646\u062d\u0646 \u0646\u0639\u0644\u0645 \u0623\u0646 \u0635\u0627\u0641\u064a \u0627\u0644\u0631\u0628\u062d \u0644\u064a\u0633 \u0633\u0648\u0649 \u0631\u0628\u062d \u0627\u0644\u062a\u0634\u063a\u064a\u0644 \u0645\u0637\u0631\u0648\u062d\u064b\u0627 \u0645\u0646\u0647 \u0627\u0644\u0636\u0631\u0627\u0626\u0628 \u0648\u0631\u0633\u0648\u0645 \u0627\u0644\u0641\u0627\u0626\u062f\u0629\u060c \u0648\u0647\u0648 \u0645\u0627 \u064a\u0639\u0627\u062f\u0644 \u0628\u0627\u0644\u062a\u0627\u0644\u064a \u0643\u062a\u0627\u0628\u0629:<\/p>\n<p style=\"text-align: center;\"><strong>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 = (\u0627\u0644\u0631\u0628\u062d \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a \u2013 ix D) \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629<\/strong><\/p>\n<p>\u062d\u064a\u062b i \u0647\u0648 \u0645\u0639\u062f\u0644 \u0627\u0644\u0641\u0627\u0626\u062f\u0629\u060c \u0648D \u0647\u0648 \u0645\u0628\u0644\u063a \u0627\u0644\u062f\u064a\u0646.<\/p>\n<p>\u0627\u0644\u0622\u0646\u060c \u0644\u0644\u0648\u0635\u0648\u0644 \u0625\u0644\u0649 \u0627\u0644\u0635\u064a\u063a\u0629 \u0627\u0644\u0646\u0647\u0627\u0626\u064a\u0629 \u0644\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u060c \u0639\u0644\u064a\u0646\u0627 \u062a\u0637\u0648\u064a\u0631 \u0627\u0644\u0635\u064a\u063a\u0629 \u0627\u0644\u0645\u0630\u0643\u0648\u0631\u0629 \u0623\u0639\u0644\u0627\u0647 \u0628\u062a\u0641\u0635\u064a\u0644 \u062d\u0633\u0627\u0628 \u0627\u0644\u062f\u062e\u0644 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a. \u0644\u0644\u0642\u064a\u0627\u0645 \u0628\u0630\u0644\u0643\u060c \u0646\u0628\u062f\u0623 \u0628\u0635\u064a\u063a\u0629 \u0623\u062e\u0631\u0649\u060c \u0648\u0647\u064a \u0635\u064a\u063a\u0629 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 (ER)\u060c \u0648\u0627\u0644\u062a\u064a \u0646\u062a\u0630\u0643\u0631 \u0623\u0646\u0647\u0627 \u062a\u0639\u0627\u062f\u0644:<\/p>\n<p style=\"text-align: center;\"><strong>RE = \u0635\u0627\u0641\u064a \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a \u0628\u0639\u062f \u0627\u0644\u0636\u0631\u064a\u0628\u0629 \/ (\u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 + \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 + \u062f)<\/strong><\/p>\n<p>\u0627\u0644\u0622\u0646 \u062f\u0639\u0648\u0646\u0627 \u0646\u0639\u0632\u0644 \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a \u0628\u0639\u062f \u0627\u0644\u0636\u0631\u064a\u0628\u0629:<\/p>\n<p style=\"text-align: center;\"><strong>\u0635\u0627\u0641\u064a \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a \u0628\u0639\u062f \u0627\u0644\u0636\u0631\u064a\u0628\u0629 = RE x (\u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 + D)<\/strong><\/p>\n<p>\u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a\u060c \u064a\u0645\u0643\u0646\u0646\u0627 \u0625\u062f\u0631\u0627\u062c \u0647\u0630\u0647 \u0627\u0644\u062a\u0641\u0627\u0635\u064a\u0644 \u0641\u064a \u0635\u064a\u063a\u0629 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629:<\/p>\n<p style=\"text-align: center;\"><strong>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 = \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 x (\u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 + \u062f) \u2013 ix \u062f \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629<\/strong><\/p>\n<p>\u0646\u062d\u0646 \u0646\u0637\u0648\u0631:<\/p>\n<p style=\"text-align: center;\"><strong>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 = RE x \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 + RE x D \u2013 ix D \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629<\/strong><\/p>\n<p>\u0646\u062d\u0646 \u0646\u0623\u062e\u0630 \u0627\u0644\u062f\u064a\u0646 \u0641\u064a \u0627\u0644\u0627\u0639\u062a\u0628\u0627\u0631:<\/p>\n<p style=\"text-align: center;\"><strong>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 = \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u00d7 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 + \u062f \u00d7 (\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u2013 i) \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629<\/strong><\/p>\n<p>\u062b\u0645 \u0646\u0642\u0648\u0645 \u0628\u062a\u0642\u0633\u064a\u0645 \u0627\u0644\u0643\u0633\u0631 \u0625\u0644\u0649 \u0639\u062f\u0629 \u0643\u0633\u0648\u0631 \u062c\u0632\u0626\u064a\u0629 \u0644\u0647\u0627 \u0646\u0641\u0633 \u0627\u0644\u0645\u0642\u0627\u0645 \u0645\u062b\u0644 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629:<\/p>\n<p style=\"text-align: center;\"><strong>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 = (RE x \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629) + (D x (RE \u2013 i) \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629)<\/strong><\/p>\n<p>\u0648\u0623\u062e\u064a\u0631\u064b\u0627\u060c \u0646\u0642\u0648\u0645 \u0628\u062a\u0628\u0633\u064a\u0637 \u0627\u0644\u0645\u0635\u0637\u0644\u062d \u0627\u0644\u0623\u0648\u0644 (\u0644\u0623\u0646 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 = 1)\u060c \u0648\u0646\u062d\u0635\u0644 \u0639\u0644\u0649 \u0627\u0644\u0635\u064a\u063a\u0629 \u0627\u0644\u0645\u0637\u0648\u0631\u0629 \u0644\u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629:<\/p>\n<p style=\"text-align: center;\"><strong>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 = RE + (RE \u2013 i) x D \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629<\/strong><\/p>\n<p>\u0648\u0647\u0648 \u0645\u0627 \u064a\u0639\u0627\u062f\u0644\u060c \u0628\u0627\u0644\u0644\u063a\u0629 \u0627\u0644\u0641\u0631\u0646\u0633\u064a\u0629 \u0627\u0644\u062c\u064a\u062f\u0629\u060c \u0645\u0627 \u064a\u0644\u064a:<\/p>\n<p style=\"text-align: center;\"><strong>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 = \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 + (\u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 - \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062f\u064a\u0646) \u00d7 \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0645\u0627\u0644\u064a \/ \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629<\/strong><\/p>\n<p>\u0648\u062a\u0633\u0645\u062d \u0644\u0646\u0627 \u0647\u0630\u0647 \u0627\u0644\u0635\u064a\u063a\u0629\u060c \u0643\u0645\u0627 \u0641\u064a \u0627\u0644\u0623\u0645\u062b\u0644\u0629 \u0627\u0644\u0648\u0627\u0631\u062f\u0629 \u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u0645\u0642\u0627\u0644\u0629\u060c \u0628\u0645\u0642\u0627\u0631\u0646\u0629 \u0639\u062f\u0629 \u0633\u064a\u0646\u0627\u0631\u064a\u0648\u0647\u0627\u062a \u0644\u0644\u062a\u0648\u0632\u064a\u0639 \u0628\u064a\u0646 \u0627\u0644\u062f\u064a\u0648\u0646 \u0648\u0627\u0644\u0623\u0633\u0647\u0645 \u0644\u0646\u0641\u0633 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631.<\/p>\n<h2>\u0627\u0644\u0627\u0633\u062a\u0646\u062a\u0627\u062c \u0628\u0634\u0623\u0646 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629<\/h2>\n<p>\u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0647\u064a \u0622\u0644\u064a\u0629 \u0642\u0648\u064a\u0629 \u0644\u0644\u0641\u0647\u0645 <strong>\u0643\u064a\u0641 \u064a\u0639\u0645\u0644 \u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u062f\u064a\u0648\u0646<\/strong> \u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u062a\u062d\u0648\u0644 <strong>\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629<\/strong>. \u0625\u0646\u0647 \u0644\u0627 \u064a\u063a\u064a\u0631 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0644\u0644\u0623\u0635\u0644 \u0646\u0641\u0633\u0647\u060c \u0628\u0644 \u064a\u0639\u0645\u0644 \u0643\u0640 <strong>\u0645\u0636\u062e\u0645 \u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646<\/strong> : \u064a\u062a\u062c\u0647 \u0627\u0644\u0633\u0639\u0631 \u0625\u0644\u0649 \u0627\u0644\u0623\u0639\u0644\u0649 \u0639\u0646\u062f\u0645\u0627 \u062a\u062a\u062c\u0627\u0648\u0632 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062f\u064a\u0648\u0646\u060c \u0648\u064a\u062a\u062c\u0647 \u0625\u0644\u0649 \u0627\u0644\u0623\u0633\u0641\u0644 \u0641\u064a \u0627\u0644\u062d\u0627\u0644\u0627\u062a \u0627\u0644\u0623\u062e\u0631\u0649.<\/p>\n<p>\u0641\u064a \u0627\u0644\u0645\u0645\u0627\u0631\u0633\u0629 \u0627\u0644\u0639\u0645\u0644\u064a\u0629\u060c \u0647\u0630\u0627 \u064a\u0639\u0646\u064a \u0623\u0646 <strong>\u064a\u0645\u0643\u0646 \u0623\u0646 \u064a\u0643\u0648\u0646 \u0627\u0644\u062f\u064a\u0646 \u0641\u0631\u0635\u0629 \u0639\u0638\u064a\u0645\u0629 \u0644\u0644\u0646\u0645\u0648<\/strong>\u060c \u0644\u0643\u0646 \u0623\u064a\u0636\u0627 <strong>\u062e\u0637\u0631 \u062d\u0642\u064a\u0642\u064a \u0625\u0630\u0627 \u062f\u062e\u0644\u062a \u0627\u0644\u0634\u0631\u0643\u0629 \u0641\u064a \u062f\u064a\u0648\u0646 \u0644\u0645\u0634\u0627\u0631\u064a\u0639 \u063a\u064a\u0631 \u0645\u0631\u0628\u062d\u0629 \u0623\u0648 \u063a\u064a\u0631 \u0645\u0624\u0643\u062f\u0629<\/strong>.<\/p>\n<p>\u0625\u0646 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0644\u064a\u0633\u062a \u062c\u064a\u062f\u0629 \u0648\u0644\u0627 \u0633\u064a\u0626\u0629 \u0641\u064a \u062d\u062f \u0630\u0627\u062a\u0647\u0627: \u0625\u0646\u0647\u0627 \u0623\u062f\u0627\u0629 \u062a\u0639\u062a\u0645\u062f \u0641\u0639\u0627\u0644\u064a\u062a\u0647\u0627 \u0639\u0644\u0649 \u0627\u0644\u0633\u064a\u0627\u0642 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u060c \u0648\u0645\u062a\u0627\u0646\u0629 \u0627\u0644\u0645\u0634\u0627\u0631\u064a\u0639 \u0627\u0644\u0645\u0645\u0648\u0644\u0629\u060c \u0648\u0642\u062f\u0631\u0629 \u0627\u0644\u0634\u0631\u0643\u0629 \u0639\u0644\u0649 \u0625\u062f\u0627\u0631\u0629 \u062f\u064a\u0648\u0646\u0647\u0627.<\/p>\n<p>\u0628\u0627\u062e\u062a\u0635\u0627\u0631\u060c \u062a\u0630\u0643\u0631 \u062b\u0644\u0627\u062b \u0623\u0641\u0643\u0627\u0631 \u0623\u0633\u0627\u0633\u064a\u0629:<\/p>\n<ul>\n<li>\u0648\u062a\u0638\u0644 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0647\u064a \u0646\u0642\u0637\u0629 \u0627\u0644\u0628\u062f\u0627\u064a\u0629: \u0641\u0628\u062f\u0648\u0646 \u0645\u0634\u0627\u0631\u064a\u0639 \u0645\u0631\u0628\u062d\u0629\u060c \u064a\u0635\u0628\u062d \u0627\u0644\u062f\u064a\u0646 \u0639\u062f\u064a\u0645 \u0627\u0644\u0641\u0627\u0626\u062f\u0629.<\/li>\n<li>\u064a\u0624\u062b\u0631 \u0627\u0644\u0631\u0641\u0639 \u0627\u0644\u0645\u0627\u0644\u064a \u0641\u0642\u0637 \u0639\u0644\u0649 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 (ROE)\u060c \u0648\u0627\u0644\u062a\u064a \u064a\u0634\u0627\u0631 \u0625\u0644\u064a\u0647\u0627 \u0647\u0646\u0627 \u0623\u064a\u0636\u064b\u0627 \u0628\u0627\u0633\u0645 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629\u060c \u0623\u064a \u0645\u0627 \u064a\u0643\u0633\u0628\u0647 \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u0648\u0646.<\/li>\n<li>\u0643\u0645\u0627 \u0647\u0648 \u0627\u0644\u062d\u0627\u0644 \u0645\u0639 \u0623\u064a \u0631\u0627\u0641\u0639\u0629\u060c \u064a\u0645\u0643\u0646\u0647\u0627 \u062a\u0636\u062e\u064a\u0645 \u062d\u0631\u0643\u0629 \u0625\u064a\u062c\u0627\u0628\u064a\u0629... \u0623\u0648 \u062a\u0641\u0627\u0642\u0645 \u0645\u0648\u0642\u0641 \u0633\u0644\u0628\u064a.<\/li>\n<\/ul>\n<p>\u0644\u0642\u062f \u0627\u0646\u062a\u0647\u062a \u0647\u0630\u0647 \u0627\u0644\u062f\u0648\u0631\u0629 \u0627\u0644\u0622\u0646\u060c \u0648\u0633\u0648\u0641 \u0646\u0631\u0627\u0643\u0645 \u0642\u0631\u064a\u0628\u064b\u0627 \u0641\u064a \u062f\u0648\u0631\u0627\u062a \u062a\u062f\u0631\u064a\u0628\u064a\u0629 \u062c\u062f\u064a\u062f\u0629 \u0641\u064a \u0627\u0644\u0625\u062f\u0627\u0631\u0629 \u0648\u0631\u064a\u0627\u062f\u0629 \u0627\u0644\u0623\u0639\u0645\u0627\u0644!<\/p>\n<p>\ud83d\udc49 \u0627\u0644\u0641\u0635\u0644 \u0627\u0644\u062a\u0627\u0644\u064a: <a href=\"https:\/\/tulipemedia.com\/ar\/ratio-dendettement-autonomie-financiere\/\">\u0646\u0633\u0628\u0629 \u0627\u0644\u062f\u064a\u0646 \u0648\u0627\u0644\u0627\u0633\u062a\u0642\u0644\u0627\u0644 \u0627\u0644\u0645\u0627\u0644\u064a<\/a>.<br \/>\n\ud83d\udcd6 <a href=\"https:\/\/tulipemedia.com\/ar\/cours-gestion-entreprise\/\">\u0627\u0644\u0639\u0648\u062f\u0629 \u0625\u0644\u0649 \u062c\u062f\u0648\u0644 \u0627\u0644\u0645\u062d\u062a\u0648\u064a\u0627\u062a<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Dans ce nouveau cours tir\u00e9 du Guide complet sur la gestion d\u2019entreprise, nous allons d\u00e9couvrir en quoi consiste l&rsquo;effet de levier, avec pour objectif de nous initier aux rouages de la comptabilit\u00e9 g\u00e9n\u00e9rale et de la gestion d\u2019entreprise. D\u00e9finition g\u00e9n\u00e9rale de l&rsquo;effet de levier L\u2019effet de levier d\u00e9signe l&rsquo;utilisation de l&rsquo;endettement pour augmenter la capacit\u00e9 [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":5908,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[171],"class_list":["post-5898","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-fondamentaux-de-la-gestion-dentreprise"],"_links":{"self":[{"href":"https:\/\/tulipemedia.com\/ar\/wp-json\/wp\/v2\/posts\/5898","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tulipemedia.com\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tulipemedia.com\/ar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tulipemedia.com\/ar\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/tulipemedia.com\/ar\/wp-json\/wp\/v2\/comments?post=5898"}],"version-history":[{"count":3,"href":"https:\/\/tulipemedia.com\/ar\/wp-json\/wp\/v2\/posts\/5898\/revisions"}],"predecessor-version":[{"id":6061,"href":"https:\/\/tulipemedia.com\/ar\/wp-json\/wp\/v2\/posts\/5898\/revisions\/6061"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tulipemedia.com\/ar\/wp-json\/wp\/v2\/media\/5908"}],"wp:attachment":[{"href":"https:\/\/tulipemedia.com\/ar\/wp-json\/wp\/v2\/media?parent=5898"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tulipemedia.com\/ar\/wp-json\/wp\/v2\/categories?post=5898"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tulipemedia.com\/ar\/wp-json\/wp\/v2\/tags?post=5898"}],"curies":[{"name":"\u0648\u0648\u0631\u062f\u0628\u0631\u064a\u0633","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}