Диссертация (1140840), страница 2
Текст из файла (страница 2)
AK%W+K+O(-%NLKI%L K++-&+XL&%M . '+*J&PW W"+&%NLKI+U%XLO%NLKI+U '+*L$&JY KL"#T(';A @:AB9NAA ?HANAOLB?@P BK;>?K>;R :BA=@B@Q9KAOLB?A= B@@KN@TLNAP:;A 7/#- :;LYGL <BLI@ BK@AK @:;LGLHAKVBJ < GLSANAMAA :BA=@B@Q9KAOLB?@I@BANG;@Q9. 'BA=@B@Q9KAOLB?AP BANG;@Q — BAQ:K@Q@?@Q:HL?B, :;A ?@K@;@Q<W9AQ@GLPBK<ALHAON@BKNR=,:BA=@H@IAOLB?A=A:BA=@:9K@H@IAOLB?A=N9;>TLNAP B :;@J<HLNAJQA B@Q9KAOLB?@P :9K@H@IAA @?9WR<9LK B>ZLBK<LNN>X;@HV < @B@ULNN@BKJ= S@;QA;@<9NAJ A GAN9QA?A KLHLBN@I@ NLG>I9 [86].'@:RK?A?@NML:K>9HAWA;@<9KV@B@ULNN@BKA:BA=@B@Q9KAOLB?A=B@@KN@TLNAP :;A /#- :;LG:;ANAQ9HABV <@ QN@IA= ;9U@K9= [28, 84, 88, 107].
';A[K@Q:BA=@B@Q9KAOLB?ALB@@KN@TLNAJ,<@WNA?9XZAL>U@HVNR=7/#-,K;9GAMA@NN@ ;9BBQ9K;A<9XK < :;LGLH9= G<>= @BN@<NR= :@G=@G@<: < ;9Q?9=:L;<@I@ N9:;9<HLNAJ K;9GAMA@NN@ AW>O9XK <HAJNAL :BA=AOLB?A= (HAON@BKNR=):9KKL;N@< N9 <@WNA?N@<LNAL A :;@IN@W /#-, 9 :;A <K@;@Q — ABBHLG>XK B<JWV?HANAOLB?A= :;@J<HLNAP W9U@HL<9NAJ B :BA=AOLB?AQ B@BK@JNALQ :9MALNK9 [36,82].& ABBHLG@<9NAJ= :L;<@I@ N9:;9<HLNAJ, <R:@HNLNNR= :;LAQ>ZLBK<LNN@ BAB:@HVW@<9NALQ :BA=@H@IAOLB?@P/:BA=@9N9HAKAOLB?@P :9;9GAIQR [61, 71, 72, 74,82], 9N9HAW B@@KN@TLNAP :BA=AOLB?A=/HAON@BKNR= N9;>TLNAP A BL;GLON@B@B>GABKR= W9U@HL<9NAP @BN@<R<9LKBJ N9 :;LW>Q:MAA :;LG>I@K@<9NN@BKAQL=9NAWQ@< :L;L?;R<9NAJ [8].
';A [K@Q @KGLHVNRL ?9KLI@;AA ;9BBK;@PBK<9HAON@BKA («?@;@N9;N9J», «IA:L;K@NAOLB?9J», HAON@BKA KA:9 «1», «D», A G;.);9BBQ9K;A<9XKBJ, :;LYGL <BLI@, ?9? S9?K@; ;AB?9 /#-. -@IH9BN@ ?@NML:MAA F.Dunbar (1945), @BN@<NRL :9KKL;NR «?@;@N9;N@P HAON@BKA» W9?HXO9XKBJ <10:@<RTLNN@P 9I;LBBA<N@BKA, ;9WG;9YAKLHVN@BKA, NLKL;:LHA<@BKA, BK;LQHLNAA ?HAGL;BK<> A B@BKJW9KLHVN@BKA [74, 75]. & G9HVNLPTLQ ?9;GA@H@IA ,. Friedman AR.Rosenman (1974) <RGLHAHA :@<LGLNOLB?AP KA: 1, =9;9?KL;NRP GHJ U@HVNR= B/#-(9QUAMA@WN@BKV,B@;L<N@<9KLHVN@BKV,@;ALNKA;@<9NN@BKVN9U@;VU>,9I;LBBA<N@BKV) [82].-HLG>LK K9?YL <RGLHAKV ABBHLG@<9NAL I@HH9NGB?@I@ :BA=@H@I9 J.Denollet(1998), < ?@K@;@Q 9<K@; BS@;Q>HA;@<9H GLSANAMAX HAON@BKN@I@ KA:9 D(distressed) ?9? :9K@IN@Q@NAON@I@ GHJ ?9;GA@H@IAOLB?A= (< K@Q OABHL U@HVNR= B/#-) :9MALNK@<.
';A G9NN@Q KA:L @UN9;>YA<9XKBJ K9?AL OL;KR, ?9? «NLI9KA<N9J<@WU>GAQ@BKV»(KLNGLNMAJAB:RKR<9KV@K;AM9KLHVNRL[Q@MAA),9K9?YL:@G9<HLNAL [Q@MAP, K;L<@YN@BKV A ;9WG;9YAKLHVN@BKV. '@ ;LW>HVK9K9Q ;9U@KR O.Smith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
29?, :@ G9NNRQ B@<;LQLNNR=ABBHLG@<9NAP [1, 2, 5, 65, 105, 110, 111], O9BK@K9 GL:;LBBA<NR= B@BK@JNAP B;LGA:9MALNK@< B /#-, N9=@GJZA=BJ < BK9MA@N9;L G@BKAI9LK 31%, 9 < 9QU>H9K@;N@P:;9?KA?L —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
39;JG> B :@G9<HLNN@BKVX < ?9;KANL K;L<@YNR=GL:;LBBAP :;L@UH9G9XK :BA=AOLB?AL, HAU@ B@Q9KAOLB?AL, B@:;@<@YG9XZALBJQ9BBA<NRQA B@Q9K@<LILK9KA<NRQA ;9BBK;@PBK<9QA, :;@J<HLNAJ K;L<@IA. & @GNA=BH>O9J= N9 :L;<@Q :H9NL — <N>K;LNNLL N9:;JYLNAL, AN@IG9 @Z>Z9LQ@L ?9?SAWAOLB?@L (<N>K;LNNJJ G;@YV), K@IG9 ?9? < G;>IA= — G@QANA;>XK K;L<@YNRL;>QAN9MAA, ;L9HAW>XZALBJ B@QNLNAJQA < <@WQ@YN@BKA :;ANJKAJ :;@BKLPTA=:@<BLGNL<NR= ;LTLNAP, NL><L;LNN@BKVX < :;9<AHVN@BKA B<@A= GLPBK<AP, ?9? <N9BK@JZLQ, K9? A < U>G>ZLQ.
& ?HANAOLB?@P ?9;KANL N@W@ILNNR= K;L<@YNR=GL:;LBBAP G@QANA;>LK ULB:@?@PBK<@ A BK;9= < @KN@TLNAA B@UBK<LNN@I@ WG@;@<VJ(@U@BK;LNAJ W9U@HL<9NAJ — :@<K@;N@I@ ANS9;?K9, 9NIAN@WN@I@ :;ABK>:9,:;@I;LBBA;@<9NAJB@BK@JNAJB@KL?@<),@:9BLNAJQAS>N?MA@NA;@<9NAJ,NL9GL?<9KN@BNAYLNAJULB:L;B:L?KA<N@BKA:LBBAQABKAOLB?9JK;>G@B:@B@UN@BKAHLOLNAJA@MLN?9ABQL;KA.B<@LI@B@MA9HVN@I@'9MALNKRO><BK<AKLHVNR ? Q9HLPTAQ :;@J<HLNAJQ B@Q9KAOLB?@I@ W9U@HL<9NAJ A B9QRLNLWN9OAKLHVNRL BAQ:K@QR ;LIABK;A;>XKBJ ?9? ?@;@N9;N9J ?9K9BK;@S9.
& ;JG>N@W@ILNNR= GL:;LBBAP Q@I>K N9UHXG9KVBJ A «Q9B?A;@<9NNRL GL:;LBBAA» [87],:;A ?@K@;R= @BN@<NRL B<@PBK<9 GL:;LBBAA Q9H@ <R;9YLNR (B@UBK<LNN@IA:@KAQAJ, AGL9K@;N9J A Q@K@;N9J W9K@;Q@YLNN@BKV, AGLA <ANR A G;.), 9 <LG>ZLL:@H@YLNAL < ?HANAOLB?@P ?9;KANL W9NAQ9XK ;9BBK;@PBK<9 NL9SSL?KA<N@I@;LIABK;9 (B@Q9K@<LILK9KA<NRL, NL<;9BKLNAOLB?AL N9;>TLNAJ) [87].2;L<@I9, K9?YL ?9? A GL:;LBBAJ, @MLNA<9LKBJ ?9? S9?K@; >=>GTLNAJ?HANAOLB?@I@ :;@IN@W9 B@Q9KAOLB?@I@ W9U@HL<9NAJ < MLH@Q [63].
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
';A@;AKLK < @UH9BKA ?HANAOLB?@PANKL;:;LK9MAA<@:;@B9@:BA=@B@Q9KAOLB?A=B@@KN@TLNAJ=:;A/#-:;AN9GHLYAK ABBHLG@<9NAJQ N@W@ILNNR= ;L9?MAP A A:@=@NG;AOLB?A= ;9W<AKAP [7,23, 31, 42, 45, 46, 49].'@ G9NNRQ &@HLHV #.1. (2009) N9AU@HLL KA:AONRL S@;QR A:@=@NG;AOLB?A=;9W<AKAP, S@;QA;>XZA=BJ < >BH@<AJ= ?9;GA9HVN@P :9K@H@IAA, [K@ NL<;@KAOLB?9J,B<L;=MLNN9J A Q9B?A;@<9NN9J A:@=@NG;AJ, 9 K9?YL ;9W<AKAL :@ KA:> «N@<@PYAWNA»; > NL?@K@;R= U@HVNR= AQLH9 QLBK@ 9UL;;9NKN9J A:@=@NG;AJ [7].)9W<AKAL :@ KA:> NL<;@KAOLB?@P A:@=@NG;AA ;L9HAW>LKBJ < U@HVTANBK<LBH>O9L< > :9MALNK@< B NL<;@:9KAOLB?@P ?@NBKAK>MALP < >BH@<AJ= ?@Q:LNB9MAA?9;GA@H@IAOLB?@I@W9U@HL<9NAJ@;I9NoNL<;@KAOLB?AQA(/#-)N9;>TLNAJQA,A=9;9?KL;AW>LKBJ>BAHA<9XZAQA;9WHAONRQA:;AWN9?ABL;GLON@-B@B>GABK@I@ W9U@HL<9NAJ: ?9;GA9HIAJ, >BAHLNN@L BL;GMLUALNAL A @Z>ZLNAL:L;LU@L< < ;9U@KL BL;GM9, ?@HLU9NAJ 9;KL;A9HVN@I@ G9<HLNAJ, OK@ NL;LG?@B@:;JYLN@ B >K;A;@<9NN@P A:@=@NG;AOLB?@P ;LSHL?BALP.)9W<AKAL :@ KA:> B<L;=MLNN@P A:@=@NG;AA N9UHXG9LKBJ > :9MALNK@< BB@Q9K@K@NALP A =9;9?KL;AW>LKBJ BANG;@Q@Q ;9MA@N9HAW9MAA KL;9:AA [21].#@HVNRL>BK9N9<HA<9XKYLBK?AP,<BLBK@;@NNAP;LIH9QLNK:@<BLGNL<N@PGLJKLHVN@BKA (;9B:@;JG@? GNJ, ;LYAQ BN9 A U@G;BK<@<9NAJ, GALK9).
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—2 I@G9 :@BHLQ9NASLBK9MAABL;GLON@-B@B>GABK@P:9K@H@IAA.'@QL;LBK9UAHAW9MAAB@Q9KAOLB?@I@ B@BK@JNAJ @UN9;>YA<9LKBJ KLNGLNMAJ ? BNAYLNAX K;L<@IA G@B>U?HANAOLB?@I@ >;@<NJ, NL @K;9Y9XZLI@BJ N9 :@<LGLNAA U@HVNR=.
';A J<HLNAJ=Q9B?A;@<9NN@P A:@=@NG;AA :9MALNKR >BK9N9<HA<9XK «:9;KNL;B?AL» @KN@TLNAJ BU@HLWNVX: B @GN@P BK@;@NR BHLG>XK <;9OLUNRQ ;L?@QLNG9MAJQ B ;LI>HJ;NRQ:;@<LGLNALQ NL@U=@GAQR= HLOLUNR= A :;@SAH9?KAOLB?A= QL;@:;AJKAP, B G;>I@P— =9;9?KL;LN :;L@G@HL<9XZAP BKAHV :@<LGLNAJ, NL @KHAO9XZAPBJ :@ N9I;>W?9Q@K @U;9W9 YAWNA G@ U@HLWNA — @NA :;@G@HY9XK ;9U@K9KV, B@=;9NJXK <U@HVTANBK<L BH>O9L< SAWAOLB?>X 9?KA<N@BKV.)9W<AKAL :@ KA:> «N@<@P YAWNA», NL @UN9;>YA<9XZLL ?9?A=-HAU@?@;;LHJMAP B <9;A9NK@Q B@Q9K@:L;ML:KA<N@P ?@NBKAK>MAA, S@;QA;>LKBJ :;A@BK;@P Q9NASLBK9MAA BL;GLON@-B@B>GABKR= W9U@HL<9NAP (@UTA;NRP @BK;RP /,,1.D).39S@NL:L;LNLBLNN@I@BK;LBB9:;@AB=@GAKB@Q9K@ILNN@:;@<@MA;@<9NNRP BG<AI < B9Q@B@WN9NAA, B@:;@<@YG9XZAPBJ «N9GH@Q@Q»YAWNLNN@P ?;A<@P A :@BHLG>XZAQ S@;QA;@<9NALQ «N@<@P» HAON@BKA BAWQLNLNALQ :;A@;AKLK@< A :;LGBK9<HLNAP @ BQRBHL URKAJ.
![](https://s.studizba.com/z.php?f=/templates/si/i/noavatar.png&w=100&h=100&t=1"){kind=avatar}
