ízení majetku a správa kritickęch aktiv: Teoretická vęchodiska

Transkript

ízení majetku a správa kritickęch aktiv: Teoretická vęchodiska
TRENDY EKONOMIKY A MANAGEMENTU / TRENDS ECONOMICS AND MANAGEMENT
!"#$!% &'(#)*+% '% ,-./0'% *.1)12*324% '*)105% 6#7.#)12*/% 0324781,*'9% -:#4;#8%
<#,*=47%).4+%'%-.'*)12*=%-7+>1)!
?$)#.-.1,#% @,,#)% A'$'B#&#$)5% 64#7.#)12';% C',1,9% D"#24% &'.*#)% 70#.01#E%
'$8%-.'2)12';%'--;12')17$,
F#).%G787&*'9%H'$'%I;<70/9%J1:!%I:!>
@C,).'2)
F+.-7,#%7K%)4#%'.)12;# !"#$%&' %( )*' +#),-.' ,& )% +/+.0&' 1+,/ (+-)& +2%") )*' 3/)'#$#,&' 4&&') 5+/+6'7
1'/) 83459 ,/ 3/)'#$#,&' :'&%"#-' !.+//,/6 &0&)'1&; 345 1'+/& )*' <*%.' .,(' %$),1+. 1+/+6'1'/)
%( )*' $*0&,-+. +&&')& %( +/ %#6+/,=+),%/ )% 1+>,1,=' ?+."'; @) -%?'#& &"-* )*,/6& +& )*' A'&,6/B -%/7
&)#"-),%/B -%11,&&,%/,/6B %$'#+),%/&B 1+,/)'/+/-' +/A A'-%11,&&,%/,/6C#'$.+-'1'/) %( $.+/)B 'D",$7
1'/) +/A (+-,.,),'&; E*' 345 ("/-),%/+.,)0 ,/ 3:! &0&)'1& ,& ?'#0 ,1$%#)+/); F%1$'),),?' $#'&&"#'&
(%#-' %#6+/,=+),%/& )% 1,/,1,=' +&&') )%)+. -%&) %( %</'#&*,$ +/A &)#'+1.,/' )*',# +&&') 1+/+6'1'/)
%$'#+),%/&;
G21#$)1L2%'1& E*' 1+,/ &-,'/),G- +,1 ,& )% #'?'+. )*+) )*' 3/)'#$#,&' 4&&') 5+/+6'1'/) ("/-),%/+.,7
)0 ,& )*' ,1$%#)+/) $+#) %( 3:! &0&)'1& ,/ %#6+/,&+),%/& <*,-* +#' (%-"&'A %/ )*' H'#?,-' I,('-0-.'
5+/+6'1'/) +/A 1+/+6,/6 %( )*' %$),1+. 2+.+/-' 2')<''/ 1+>,1,=,/6 J?'#+.. 4&&') !#%A"-),?,)0 +/A
1,/,1,=,/6 E%)+. F%&) %( J</'#&*,$;
A#)4787;7BMN&#)478, E*' K'0 )% '&)+2.,&*,/6 +$$#%$#,+)' #'&'+#-* 1')*%A%.%60C1')*%A& ,/ )*' +#'+
,& +/ "/A'#&)+/A,/6 %( )*' 1'+/,/6 +/A &,6/,G-+/-' %( )*' &%7-+..'A 5')*%A%.%6,-+. E#,+/6".+),%/
<*,-* ,& )*' -%12,/+),%/ %( + D"+.,)+),?' +& <'.. +& + D"+/),)+),?' 1')*%A%.%6,-+. +$$#%+-* +& + ("..7
?+."'A +.)'#/+),?' )% %)*'# #'&'+#-*; @) ,& A'-,A'A.0 ,1$%&&,2.' )% A% <,)*%") "&,/6 + D"+.,)+),?' 1')*%A
<*,-* *+& 2''/ -%/G#1'A /%) %/.0 20 <'..7#'/%</'A #'&'+#-*'#&L ,/?'&),6+),%/&B 2") +.&% 20 )*%&' %(
F'/)'# (%# ,/M'&),6+),%/& ,/)% @/(%#1+),%/ H0&)'1& ,)&'.(;
O1$81$B,%E*' 1%&) ,1$%#)+/) G/A,/6& +#' )*' /'< ,/(%#1+),%/ ,/ )*,& +#'+; @) ,& #'+..0 $%&&,2.' )% '(7
('-),?'.0 "&' )*' 3:! &0&)'1& <,)* 345 ("/-),%/+.,)0 ,/ %#6+/,&+),%/& )*+) %$'#+)' ,/ 1+/0 &'-)%#&B
(%# '>+1$.'N +")%1%),?'B +,#-#+() ,/A"&)#0B 1,.,)+#0 ,/A"&)#0B '/6,/''#,/6B 1')+.<%#K,/6 ,/A"&)#0B 1,7
/,/6 ,/A"&)#0B #'$+,# ,/A"&)#0B (%%A +/A 2'?'#+6' ,/A"&)#0B -*'1,-+. +/A (+#1+-'"),-+. ,/A"&)#0B "),.,)0B
*'+.)*-+#'B (+-,.,)0 1+/+6'1'/)B .%6,&),-& +/A )#+/&$%#)+),%/B *%"&,/6 &)%-K +A1,/,&)#+),%/;
D7$2;+,17$,%E*' 1+,/ -%/-."&,%/ %( )*' +#),-.' ,& )*' 2+&,- #'?,'< %( )*' %(('# %( )*' F='-* 1+#K') <,)*
3:! +/A 345 +$$.,-+),%/&; E*' +#),-.' &*%<& )*' $#+-),-+. +$$.,-+),%/& ,/ )<% -+&' &)"A,'& <*,-* A'7
&-#,2' )*' 345 ("/-),%/+.,)0 "&,/6;
I#M%E7.8,5%3/)'#$#,&' 4&&') 5+/+6'1'/)B 3/)'#$#,&' :'&%"#-' !.+//,/6B E%)+. F%&)& %( J</'#&*,$B
H'#?,-' I,('-0-.' 5+/+6'1'/
J?P%D;',,1L2')17$5 5OP
Q%RS%Q
!"#$%&'&(&"$)*!&+,&-&'!*./0&'&(&#./10 &+,
TRENDY EKONOMIKY A MANAGEMENTU / TRENDS ECONOMICS AND MANAGEMENT
U078
Q'Q,-* ?0"Z,)'./%&),; M /'$%&.'A/S R+AU /+&+='/S
345 =.'$VS #%=*%A%?+-S $#%-'& ?.+&)/SKY [,
&$#X?-Y %A$%?UA/W-* =+ K#,),-KX +K),?+;
M0"Z,)S 345 Q' AY.'Z,)T =?.XV)U $#% $%A7
/,K0 = %2.+&), )UZKT*% $#Y10&."; !#X?U )0)% %#7
6+/,=+-' /+K"$"QS + $%"ZS?+QS [S1 AX. &.%Z,)UQVS
+ /XK.+A/UQVS ?W#%2/S =+RS='/SB + $#%)% Q' $#%
/U =-'.+ =X&+A/S RSA,) Q'Q,-* '('K),?/S ?0"Z,)S;
!%K"A /'/S )+)% $%A/,K%?X +6'/A+ &$#+?%?X/+
-'/)#X./UB $+K [+&)% A%-*X=S K /'$R'&/T1" ,/7
(%#1%?X/S % &K")'[/T1 $#%?%=" =+RS='/SB &)#%QY
+ ?W#%2/S-* .,/'K; dY&.'AK'1 Q' /'&$#X?/T
[+&%?T #%=?#Z'/S $#'?'/),?/S-* $#%*.SA'KB
/'?*%A/T $%"Z,)S $%&)"$Y jA#Z20B V$+)/T ?0"Z,)S
.,A&KT*% $%)'/-,X." +$%A; !%A%2/X &,)"+-' &' ?07
&K0)"Q' )+KT ? A+.VS-* %A?U)?S-*B K)'#X ?0Z+A"QS
/+&+='/S /XK.+A/T + V$,[K%?T )'-*/,K0; 345
&' $#%)% "$.+)]"Q' , ? A%$#+?/S-* + .%6,&),-KW-*
%#6+/,=+-S-*B /'1%-/,-S-*B +#1XAUB " '/'#6'),-7
KW-* &$%.'[/%&)S [, &'#?,&/S-* %#6+/,=+-S &$#+7
?"QS-S-* +#'X.0 2"A%? +$%A;
l+&+='/S 345 &0&)T1" ? $%A&)+)U =/+7
1'/X =.'$V'/S $T[' % )'-*/,-K%" ,/(#+&)#"K)"#"
$%A/,K"B K)'#X $R,/XVS $#%K+=+)'./T 1UR,)'./T
$RS/%&0 ? )U-*)% %2.+&)'-*N
m H/,Z%?X/S /XK.+AY n )WKX &' ='Q1T/+
%2.+&), &K.+A%?T*% *%&$%AXR&)?SB /'2%o
345 1YZ' /+$%1%-, &/,Z%?+) ?'.,K%&)
&K.+A%?W-* =X&%2; dX.' &%"?,&S &' =?WV'/S1
Z,?%)/%&), /XK.+A/W-* &)#%Q/S-* =+RS='/SB
/'2%o )+K K.'&+QS /XK.+A0 /+ [+&%?%" Q'A7
/%)K" Q'*% $#%?%="; H/,Z"QS &' )+KT $RS1T
/XK.+A0 /+ jA#Z2"B $#%)%Z' 345 "1%Z/S
,A'/),GK%?+) =+RS='/S & ?0&%K%" $%#"-*%7
?%&)S + '.,1,/%?+) )+K )%)% pj=KT 1S&)%q
? $#%?%="; ^ j&$%#X1 A%-*X=S ? $'#&%/X./S
%2.+&),B $R, &$%)R'2U '/'#6,S +)A; rK"V'/%&),
"Z,?+)'.&KW-* %#6+/,=+-S *%?%RS % j&$%#X-*
$%*02"QS-S-* &' %A _` A% s` t -'.K%?W-*
/XK.+AY /+ jA#Z2" + &$#X?" +K),?;
m !#%A"K),?,)+ ?W#%20 n =?0V"Q' &' ASK0
%A&)#+]%?X/S ?W$+AKY &)#%QY + =+RS='/S
+ =.'$V%?X/S ?W#%2/S-* $#%-'&Y;
m !#%A"K),?,)+ jA#Z20 n =?0V"Q' &' ASK0
=.'$V%?X/S %#6+/,=+-' $#X-'B &/,Z%?X/S
$#%&)%QY $#+-%?/SKY jA#Z20 + %1'=%?X/S
Q'Q,-* $R'&[+&%?T $#X-'B &/,Z%?X/S $%AS."
/X&.'A/T jA#Z20u + /+%$+KN =?0V%?X/S $%7
AS." $#'?'/),?/S + $.X/%?+/T jA#Z20;
m !%A$%#+ #%=*%A%?X/S n =.'$V"Q' &'B /'2%o
345 1YZ' =+Q,&),) $R'&/T + A')+,./S ,/7
(%#1+-' % K+ZAT1 =+RS='/SB Q'*% ?0"Z,)SB
*%A/%)UB /XK.+A'-*B %$#+?X-*B $#%&)%QS-*
apod.
!%Q'1 3/)'#$#,&' 4&&') 5+/+6'1'/)
83459 /'$+)RS ? %2.+&), $%A/,K%?T ,/(%#1+),K0
K )U1 /'Q(#'K?'/)%?+/UQVS1; HK#W?X &' ?V+K $%A
/S1 ?'.1, AY.'Z,)X ("/K[/S &%"[X&) ,/(%#1+[/S*%
&0&)T1" %2&+*"QS-S /X&)#%Q' $#% &$#X?" 1+Q')K"B
?W#%2/S-* + A+.VS-* AY.'Z,)W-* $%A/,K%?W-*
=+RS='/S;
\"/K[/S $%A$%#+ 345 ? ,/(%#1+[/S1
&0&)T1" "1%Z]"Q' &.'A%?+) ?V'-*/0 /XK.+7
A0 + +K),?,)0 &$%Q'/T & K#,),-KW1, *1%)/W1,
=A#%Q, %#6+/,=+-'; M /X&.'A"QS-S1 )'>)" ?X&
&'=/X1S1' &' =XK.+A/S1, ?.+&)/%&)1, 345
+$.,K+-S + "KXZ'1' )+KT Q'Q,-* ?0"Z,)S ? $#+>,B
+ )% /+ $RSK.+A'-* A?%" 3:! &0&)T1YB Q'Q,-*Z
1%Z/%&), ? )T)% %2.+&), ? #X1-, ?W=K"1" F'/)#+
$#% ?W=K"1 ,/(%#1+[/S-* &0&)T1Y 8FM@H9 Q&1'
$%A#%2/U +/+.0=%?+., 8^.[%?XB _``aB ^.[%?XB
H%A%1K+B _``a9;
E'>) Q&1' A%$./,., $R'*.'A'1 *.+?/S-*
345 R'V'/S A%&)"$/W-* /+ ['&KT1 )#*" K%/7
(#%/)%?+/W-* & +K)"X./S1 ?W=K"1'1 +6'/)"#0
b+#)/'# 85,K.%?,-B _``a9;
E'%#'),-KX ?W-*%A,&K+ $#% #'+.,=+-, + *%A7
/%-'/S 345 $#%A"K)Y ?0-*X='QS Q'A/+K = 2%*+7
)W-* $#+K),-KW-* =K"V'/%&)S FM@HB Q'A/+K = A.%"7
*%A%2T*% &)"A,+ )U-*)% %A2%#/W-* $#+1'/YN
M%RSV'K 8Oaac9B d+?'/$%#) 8Oaae9B f['] 8_``O9B
5%./X# 8_``O9B g+&. 8_``_9B I+"A%/ + I+"A%/
8_``h9B I,'2&)"-K'. 8_``e9B !+#K'# 8_``e9B !%"#B
bX.+ + i'A,?X 8_``a9B g+.='# + H-*%#/ 8_`OO9B
E+66&B H+6' + J&+/+ 8_`OO9;
T%G-./0'%*.1)12*324%'*)10%'%&V:1)#;$=%-:!$7,M
5+Q')'K + =+RS='/S %#6+/,=+-' 1%*%" 2W)
'?,A%?X/0 1/%*+ =$Y&%20 /+ #Y=/W-* 1S&)'-*
$%A/,K%?T +6'/A0; J2?0K.' .=' jA+Q' % 1+Q')K"
=S&K+) ?' G/+/[/S1 %AAU.'/S 8,/?'&),[/S 1+Q')'K
/'2% =+RS='/S ? $#%/XQ1"9; @/(%#1+-' % $#?-S-*
[, AS.'-* /+$R; ?W#%2/S*% =+RS='/S 1%*%" 2W)
&%"[X&)S &K.+A%?W-* $%.%Z'K /'2% $%.%Z'K
jA#Z20; 3/)'#$#,&' 4&&') 5+/+6'1'/) A%KXZ'
&$%Q,) "?'A'/T $%*.'A0 /+ 1+Q')'K + =+RS='/S A%
Q'A/%*% -'.K" + "1%Z]"Q' )+K K%1$.'>/U RSA,)
)0)% =A#%Q'; \"/K-,%/+.,)" 345 $%&K0)"QS 2"k
?.+&)/S 1%A".0 3:! &0&)T1"B /'2% &$'-,+.,=%7
?+/T 345 +$.,K+-';
M'A'/S G#10 =S&KX $%RS='/S1 345 +$.,7
K+-' K%/)#%." ?0"Z,)S 1+Q')K" ? #X1-, -'.T*%
$%A/,K"B 1YZ' &.'A%?+) /XK.+A0 /+ Q'*% $#%?%=B
%A$,&0B 1YZ' RSA,) Q'*% jA#Z2" +$%A; !%1%-S &0&7
)T1" 345 A%&X*/' &/SZ'/S -'.K%?W-* /XK.+AY
/+ $#%?%= ?V'-* $%A/,K%?W-* =+RS='/S + =?WV'/S
Q%RT%Q
!"#$%&'&(&"$)*!&+,&-&'!*./0&'&(&#./10 &+,
TRENDY EKONOMIKY A MANAGEMENTU / TRENDS ECONOMICS AND MANAGEMENT
^ /'1UR,)'./W1 $RS/%&Y1 =+?'A'/S 345
$+)RS =?WV'/S $%)'/-,X." $#% =S&KX?X/S =+KX='KB
?0VVS &$%K%Q'/%&) =+1U&)/+/-Y + & /S &$%7
Q'/X /,ZVS v"K)"+-'; r?0V"Q' &' )+KT j#%?']
2'=$'[/%&), $#X-'B j&$UV/UQ, + #0-*.'Q, .='
$#%?T&) $%)R'2/T +"A,)0 ?' &$%.'[/%&), 8H%A%7
1K+B ^.[%?XB _`O`9;
W%F:#4;#8%?@A%:#X#$!%87,)+-$324%$'%<#,*=&%
).4+
M #%-' _``a $"2.,K%?+.+ +6'/)"#+ b+#)/'#
=+)S1 $%&.'A/S p5+6,-KW K?+A#+/)q 8J2#X='K O9
+ +/+.W=" &%()<+#%?W-* R'V'/S $#% 345 ?' &?T
&)"A,, 345 (%# 5+/"(+-)"#,/6; d% K?+A#+/)"
.SA#Y b+#)/'# %$U) =+R+A,. R'V'/S &$%.'[/%&)S
@g5 + @/(%#B 20o )+)% R'V'/SB Q+K b+#)/'#
"$%=%#]"Q'B Q&%" ?0"ZS?X/+ &$SV' 1,1% ?W#%2/S
&'K)%#; r+)S1-% *%A/%-'/S @/(%#" &' %$#%), #%K"
_``c + _``e ? $%A&)+)U /'=1U/,.%B @g5 ? )%1)%
1'=,#%[/S1 &#%?/X/S 1S#/U =)#X-S ?' p&-*%$/%7
&), #'+.,=+-'q;
WYT%P!8:1%,0V)70=47%1%<#,*=47%?@A%).4+
345 R'V'/S @g5 5+>,1% 4&&') 5+7
/+6'1'/) $%-*X=S = +K?,=,-' &$%.'[/%&), 5:J
H%()<+#'B K)'#%" @g5 "&K")'[/,.+ ? #%-' _``h;
b+#)/'# ?0&.%?,. %2+?"B Z' $% =+K%1$%/%?X/S
)T)% +K?,=,-' A% $#%A"K)%?T*% $%#)(%.,+ @g5B
&' 1YZ' &/SZ,) v'>,2,.,)+ $RS&)"$" K =XK+=/SKY1;
@g5 5+>,1% 4&&') 5+/+6'1'/) Q' AX.' *%A7
/%-'/ Q+K% ?'.1, A#+*W &0&)T1B K)'#W +.' ?'
&#%?/X/S & K%/K"#'/)0 $%&K0)"Q' &K")'[/U K%17
$.'>/S ("/K-,%/+.,)" $#% RS='/S Z,?%)/S*% -0K."
K#,),-KW-* +K),?; !#%)% &' $%AS?'Q1'B -% 1YZ'
&?W1 "Z,?+)'.Y1 /+2SA/%");
345 R'V'/S &$%.'[/%&), @g5 =+*#/"Q' V'&)
=XK.+A/S-* ("/K[/S-* 1%A".Y "1%Z]"QS-S-*
+$.,K%?+) /'Q?*%A/UQVS $%&)"$0 &$#X?0 +K),? +
&."Z'2; w'A/%).,?T 1%A".0 , A+)+2X=%?T &)#"K7
)"#0 .=' Q'A/%A"V' $R,=$Y&%2%?+) A.' $%)R'2
"Z,?+)'.Y; E, 1+QS K A,&$%=,-, )+KT ?WK%//W 6#+7
G-KW /X&)#%Q $#% )?%#2" <%#Kv%<; @g5 5+>,1%
4&&') 5+/+6'1'/) Q' $R,$#+?'/ $#% ,/)'6#+-,
&' &?U)%?W1, 3:! R'V'/S1, %A J#+-.' + H4!B
$#%$%Q'/S /+ %&)+)/S +$.,K+-' .=' =+Q,&),) )+KT;
w'*% <'2%?X $.+)(%#1+ Q' =+.%Z'/+ /+ &)+/A+#7
A" w_33 + +#-*,)'K)"R' ?0"ZS?+QS-S $#%6#+1%?T
K%1$%/'/)0 8HJ49B K)'#T &' &/+A/% ,/)'6#"QS
A% &)X?+QS-S-* ,/(%#1+[/S-* &0&)T1Y; @/(%#7
;
rA#%QN 5,K.%?,-B _``a
ZC./"#*%T 5+6,-KW K?+A#+/) 345 (%# 5+/"(+-)"#,/6 _``a
Q%RW%Q
!"#$%&'&(&"$)*!&+,&-&'!*./0&'&(&#./10 &+,
TRENDY EKONOMIKY A MANAGEMENTU / TRENDS ECONOMICS AND MANAGEMENT
1+-' % +K),?'-* )'A0 /'/S )R'2+ "A#Z%?+) /+ ?S-'
1S&)'-*B ?V' .=' &0/-*#%/,=%?+) ? #X1-, Q'A/%*%
,/)'6#%?+/T*% R'V'/S;
4&&') 1+/+6'1'/) =+-*0-"Q' ?V'-*/0
AY.'Z,)T $%A#%2/T ,/(%#1+-' % 1+Q')K"; fZ,7
?+)'., )+K "1%Z/S =S&K+) $R'*.'A % )%1B KA' &'
A+/W 1+Q')'K /+-*X=SB K%1" Q' $R,AU.'/ [, Q+KT
%$#+?0 &' /+ /U1 $#%?XAU.0; r+*#/"Q' )+KT
?V'-*/0 AY.'Z,)T G/+/[/S jA+Q' % K+ZAT 1+Q')7
K%?T $%.%Z-'B + )% Q+K +K)"X./SB )+K *,&)%#,-KT;
x%#K 1+/+6'1'/) $%&K0)"Q' RS='/S $#+-%?/S-*
$%&)"$Y + jA#Z2%?W-* $#+-SB +o "Z $.X/%?+/W-*
[, /'$.X/%?+/W-*; r+*#/"Q' K%1$.'>/S $#%-'&B
/+ Q'*%Z =+[X)K" Q' ?0)?%R'/S $%Z+A+?KY /+
$#+-%?/S ?WK%/; dX.' /X&.'A"Q' )?%#2+ $#+-%?7
/S-* $RSK+=Y + =X=/+1 (+K),-K0 #'+.,=%?+/T*%
$#+-%?/S*% ?WK%/"B Q'*%Z &%"[X&)S Q&%" , jA+Q'
% $%"Z,)T1 1+)'#,X."B /X&)#%QS-* + ['#$+/W-*
/XK.+A'-*; x%#K 1+/+6'1'/) Q' /'AS./%"
&%"[X&)S %$),1+.,=+-' &$#X?0 + RS='/S 1+Q'K)";
H'#?,-' 1+/+6'1'/) &.%"ZS K A%A#Z%?X/S
&1."?/S-* $%A1S/'K; w'*% $%A&)+)%" Q' A'G7
/%?X/S HI4 n A%*%A0 % j#%?/, $%&K0)%?+/W-*
&."Z'2B 1UR'/S + $%#%?/X?X/S $./U/S &."Z'2
& $R'A$%K.+A0B [S1Z .=' %$),1+.,=%?+) /'Q'/
=+Q,Vo%?X/S &'#?,&" ?' ?=)+*" K RS='/S K#,),-KW-*
+K),?B +.' , -*%A $%A/,K" Q+K% -'.K";
F%/)#+-) 1+/+6'1'/) =+Q,Vo"Q' &$#X?"
&1."?B -%Z 1%*%" 2W) ? $RS$+AU RS='/S +K),?
/+$R; &1.%"?0 K"$/SB .'+&,/6%?TB A%A+?+)'.&KTB
&'#?,&/SB =X#"[/SB $#+-%?/S +)A; E0)% &1.%"?0
$+K 1%*%" 2W) $#%$%Q'/0 & HI4; I=' = /,-*
)+KT "#[%?+) -'/" $#X-'; H%"[X&)S )T)% ("/K7
-,%/+.,)0 Q' )=?; +")%1+),-KX /%),GK+-'B ASK0 /SZ
.=' $R'A'QS) /'A%A#Z'/S &1.%"?0 + =+2#X/,) )+K
$'/+.,=+-S1 + $%K")X1; ^/,*%?/+ &1."?/S-*
$%A1S/'KB K)'#%" .=' ASK )T)% +$.,K+-, ?0)?%R,)B
$+K "1%Z/S K%/=,&)'/)/S $%"ZS?X/S &)+/A+#A/S-*
$R'A$,&YB + )% ? #X1-, -'.T %#6+/,=+-';
5+)'#,+.& 1+/+6'1'/) Q' "#['/ K' &$#X?U
1+)'#,X.Y + )'A0 %$),1+.,=+-, &K.+A%?W-* =X&%2
/+ 1,/,1X./S 1/%Z&)?S )+KB +20 /'20.% %*#%Z'/%
("/6%?X/S $%A/,K"; !#%-"#'1'/) 1+/+6'1'/)
=+Q,Vo"Q' $#%$%Q'/S &$#X?0 /XK"$Y A% -'.T*%
$%A/,K%?T*% &0&)T1"; f1%Z]"Q' )+K +")%1+7
),=%?+) /XK"$/S $%Z+A+?K0 + &/,Z%?+) $#+-/%&)
-'.T*% $#%-'&" /+ 1,/,1"1;
M y'&KT #'$"2.,-' A%AX?X R'V'/S @g5 5+>,7
1% 4&&') 5+/+6'1'/) &$%.'[/%&) @dH H-*''#;
345 R'V'/S &$%.'[/%&), @/(%# Q' -'/%?U
A%&)"$/UQVSB /'Z @g5B -%Z %-'/S $R'A'?VS1
&)R'A/U ?'.KT $#Y10&.%?T $%A/,K0; ^ Q'*% &,.7
/W1 &)#X/KX1 $+)RS AX.' &-*%$/%&) ,/)'6#+-'
& ?'.KW1 $%[)'1 3:! &0&)T1Y; !%K"A QA'
% ?W#%2/S $%A/,K0B @/(%# 1X ?' &#%?/X/S & @g5
?W*%A" ? )%1B Z' Q'*% =XK+=/,-KX =XK.+A/+ %2&+7
*"Q' A+.'K% ?S-' )+K%?W-* %#6+/,=+-SB 20o 345
R'V'/S " /,-*B $%A%2/U Q+K% @g5B #%?/UZ [+&)%
/'/+&+="Q' 7 ='Q1T/+ $+K ? y: + /+ H.%?'/&K";
b+#)/'# AX.' "$%=%#]"Q'B Z' j&$UV/%" #'+.,=+-,
345 $#%Q'K)Y 1YZ' %?.,?/,) &)X.' $#%2S*+QS-S
#'%#6+/,=+-' &$%.'[/%&), @/(%# + Z' Q'QS %2-*%A/S
+ $#%A"K)%?X &)#+)'6,' ? Q'A/%).,?W-* #'6,%/'-*
/'1"&S ?ZA0 $#,%#,)/U $%A$%#%?+) $#X?U %2.+&)
345;
@/(%# 345 3/)'#$#,&' 3A,),%/ $R'A&)+?"Q'
1%A'#/S R'V'/S $#% RS='/S K#,),-KW-* +K),? & $./U
<'2%?%" +#-*,)'K)"#%"; ^#%1U Q'A/%A"-*T*% +
,/)",),?/S*% %?.XAX/S <' <'2%?T1 $#%&)R'ASB /+7
2S=S #%?/UZ &-*%$/%&) &/+A/T ,/)'6#+-' & A+.VS1,
+$.,K+-'1,; w' )%),Z $%&)+?'/ /+ %)'?R'/W-* &)+/7
A+#A'-* z5I + w+?+_33; H0&)T1 20. $Y?%A/U
?0?SQ'/ Q+K% $%1Y-K+ $#% RS='/S jA#Z20B $#%)%
Q' )+KT ? )T)% %2.+&), ?'.1, &,./WB +o "Z QA' % Q'*%
("/K-,%/+.,)"B K%/G6"#%?+)'./%&) [, 1%Z/%&) "$7
#+?,) /+ 1S#" $%A.' $%)R'2 K%/K#T)/S*% %A?U)?S
[, "Z,?+)'.';
^#%1U &)+/A+#A/S ("/K-,%/+.,)0 $#% RS='/S
1+Q')K"B jA#Z20B /XK"$"B =X&%2 /+ &K.+AUB
#%=$%[)YB &)#"K)"#%?X/S $#%Q'K)Y + <%#Kv%< %27
&+*"Q' 345 R'V'/S &$%.'[/%&), @/(%# , /UK)'#X
%#,6,/X./S ?.+&)/%&),; ^ /,1 $+)RS /+$R; )=?; 5'&7
&'/6'#B +$.,K+-'B K)'#X #%='&S.X =$#X?0 % =1U/X-*
? =X=/+1'-* "Z,?+)'.Y1; @/(%# 345 33 $%A7
$%#"Q' )+KT 1%2,./S =+RS='/S $#%&)R'A/,-)?S1
#%=&X*.T*% $#%6#+1%?+)'./T*% #%=*#+/S; f1%Z7
]"Q' $R'/%& jA+QY 1%2,./S1, , %A$%Q'/W1,
=+RS='/S1,;
H%"[X&)S &0&)T1" Q&%" #%?/UZ )=?; K%1'#[/S
&."Z20; E0 Q&%" "#['/0 %#6+/,=+-S1B K)'#T $%&K07
)"QS jA#Z2" Q+K% &."Z2" %&)+)/S1 $%A/,KY1;
^%1'#[/S &."Z20 "1%Z]"QS A'G/%?+) ?'VK'#T
-*+#+K)'#,&),K0 &1."?/S*% ?=)+*" 1'=, $%&K07
)%?+)'.'1 + K.,'/)'1B ?[')/U -'/%?T K+.K".+-';
^ R'V'/S @/(%# 345 33 .=' $%RSA,) V,#%K%"
VKX." A%$.]K%?W-* +$.,K+-SB =+ ?V'-*/0 &)%QS =+ )%
=1S/,) /X&)#%Q $#% #'$%#),/6 + +/+.W=" K.S[%?W-*
1')#,KB $#'A,K-, ?WK%/%&)/S-* $#%2.T1Y + "#[%7
?X/S $#'?'/),?/S-* %$+)R'A/S $#% %A$%?SA+QS-S
?WK%/ =+RS='/S; !R,K%"$,) #%?/UZ 1YZ')' , K%/7
)+K)/S -'/)#"1B K)'#T &*#%1+Zk"Q' + -'/)#+.,="Q'
ZXA%&), % jA#Z2" %A #Y=/W-* K.,'/)Y + $%&K0)"Q'
K%1$.'>/S ,/(%#1+-' $%)R'2/T K ?0RS='/S ?V'-*
$%Z+A+?KY;
M #%-' _`OO 20.% R'V'/S @/(%# ,/%?%?X/%
? )U-*)% %2.+&)'-*N
m !.+)(%#1+ $#% 6#+G-KT #%=?#*%?X/S + $.X7
/%?X/SB K)'#X $%&K0)"Q' 6#+G-KT $#%-'&0
Q%R[%Q
!"#$%&'&(&"$)*!&+,&-&'!*./0&'&(&#./10 &+,
TRENDY EKONOMIKY A MANAGEMENTU / TRENDS ECONOMICS AND MANAGEMENT
"#['/T K $.X/%?X/S =A#%QY & $%K#%[,.W1
G.)#%?X/S1 )WA'//S-* #%=?#*YB $R'*.'A7
/W-* &)+?%?W-* ,/A,KX)%#Y + A#+67+/A7A#%$
("/K-S "1%Z]"QS-S-* $.X/%?+[Y1 '('K),?7
/UQVS &)+/%?'/S + %A.+AU/S $#+-%?/S-*
#%=?#*Y;
m 4")%1+),=%?+/X $%A$%#+ $#%-'&Y K A%&+7
Z'/S $RS=/,?T*% '/'#6'),-KT*% #+),/6"
2"A%? + =+RS='/S "1%Z]"QS-S &/,Z%?+) +A7
1,/,&)#+),?/S /XK.+A0 + $R,)%1 K%/),/"X./U
=.'$V%?+) $#%6#+10 "A#Z,)'./%&), 83/'#60
H)+#9;
m H$#X?+ ?%=%?T*% $+#K" + A%$#+?0 n /%?T
)'-*/,K0 RS='/S jA#Z20 + $#+-%?/S-* [,/7
/%&)S $%&K0)"QS %#6+/,=+-S1 ?U)VS v'>,7
2,.,)" K '('K),?/UQVS #'+.,=+-, $#'?'/),?/S
+ K+1$+]%?T jA#Z20 ?%=,A'. + A+.VS*% A%7
$#+?/S*% 1+Q')K";
m !R,A+/X &)+/A+#A/S K%/'K),?,)+ 1'=, +$7
.,K+-'1, 345 + @/(%# 3:! & -S.'1 #'A"K%7
?+) ,/)'6#+[/S /XK.+A0B + A+.VS K%/'K),?,)+
$#% $RS&)"$ K =+RS='/S1 $%&K0)"QS-S1 A+)+
? #'X./T1 [+&' K $%A$%R' $#'A,K),?/S-*
jA#Z2%?W-* $#%6#+1Y "1%Z]"QS-S-* &/,Z%7
?+) /XK.+A0 /+ '/'#6,,;
m @/(#+&)#"K)"#/S 1+Q')'K n A%A+)'[/X $%A7
$%#+ $#% #Y=/T 1+$%?T &."Z20 3H:@ ?'7
A%"-S K' =?WV'/S "Z,?+)'.&KT $#%A"K),?,7
)0B .'$VS1" $R'*.'A" % 1+Q')K" + j&$%#X1
/XK.+AY /+ @E;
M y'&KT #'$"2.,-' A%AX?X R'V'/S @/(%# 345
33 &$%.'[/%&) @/&'K% 8H%A%1K+B _``e9;
l+ #%=AS. %A J#+-.' + H4! Q' ,/)'6#+-'
I+<&%/ 5s 3/)'#$#,&' 4&&') 5+/+6'1'/)
& K%/K"#'/[/S1, 3:! +$.,K+-'1, $#+K),-K0
%?UR'/+ /+ R+AU $#%Q'K)YB + )% , ? #X1-, '?#%$7
&KT*% )#*"; M y: Q' ?V+K $%=,-' )%*%)% R'V'/S
&)'Q/U &.+2XB Q+K% ? $RS$+AU -'.T*% +$.,K+[/S*%
2+.SK" 5s; w,Z ? #%-' _``c "?'A. I+<&%/ /+ )#*
{",-KH)'$ 3/)'#$#,&' 4&&') 5+/+6'1'/) 7 +$7
.,K+-, "#['/%" $%A/,KY1 $%Z+A"QS-S1 #0-*.%"
,1$.'1'/)+-, 345 R'V'/S + #0-*.%" /X?#+)/%&)
,/?'&),-'; I+<&%/ {",-KH)'$ 345 1X +Z a` t
$#%-'&Y $R'A/+&)+?'/% /+ =XK.+AU %2%#%?W-*
=K"V'/%&)S = 1/%*+ ?W#%2/S-* + A+.VS-* ?'#),KX.;
M #%-' _`OO 20.+ &$%.'[/%&) I+<&%/ %A7
K%"$'/+ @/(%# b.%2+. H%."),%/&;
^ A+.VS1 345 R'V'/S1B K)'#X Q&%" A%&)"$7
/X /+ ['&KT1 )#*" + K)'#X b+#)/'# =+R+A,. A%
$%&.'A/S*% &'61'/)" n &$'-,+.,=%?+/W-*B #'&$;
%K#+Q%?W-* *#X[Y 7 $+)RS J#+-.' wd 3A<+#A& 3/7
)'#$#,&'J/' 345 + @\H 4$.,K+-'; J2U +$.,K+-'
Q&%" ?*%A/T $#% /+&+='/S ?' &)R'A/U ?'.KW-*
?W#%2/S-* $%A/,-S-*B + )% ='Q1T/+ Q+K% &%"[X&)
?.+&)/S*% 3:! 2+.SK"; M y: 1X A%2#T #'('#'/-'
? )T)% %2.+&), $R'A'?VS1 @\H;
[%G#.01,%'%^8.>C'%-.7%1$)#.$!%'%#_)#.$!%-7):#Q
CM%-78$1*`
WYW% ]';X!% 03"$'&$/% ?@A% :#X#$!% $'% <#,*=&%
).4+
d% K+)'6%#,' ?,=,%/XRY 8& /,ZVS &-*%$/%&)S
#'+.,=%?+)'./%&), /'Z .SAR, )#*"9 $+)RS /+ ['&KT1
)#*" A%&)"$/X R'V'/S H4! 345 + J#+-.' 37g"&,7
/'&& H",)' 345; H4! 345 Q' K.+&,GK%?X/ Q+K%
("/K[/U ?0&$U.T R'V'/SB ?*%A/T $#% -'.%" R+A"
$#Y10&.%?W-* $%A/,KY; w'*% *.+?/S &.+2,/%" Q'
Q'*% )T1U ?W*#+A/S /+&+=%?X/S & +$.,K+-'1, H4!
+ 1,/,1X./S $#+K),-KT =K"V'/%&), & $#%$%Q'/S1
/+ K%/K"#'/[/S 3:! R'V'/S; !%=,),?+ J#+-.'
37g"&,/'&& H",)' 345 &$%[S?+QS $R'A'?VS1 ?
A%2#W-* =XK+=/,-KW-* #'('#'/-S-*B $%"Z,)'./%&),
+ &,./T ("/K[/%&), $#% RS='/S $#%Q'K)Y; H.+2,/+ Q'
$%A%2/X Q+K% " H4!; J#+-.' R'V'/S /'20.% ,/7
)'6#%?X/% & K%/K"#'/[/S1, 3:! &0&)T10B 20o
)'%#'),-K0 Q'Q .=' $#%$%Q,) /+ Q+K%"K%.,? +$.,K+-,;
M &'61'/)" ?0=0?+)'.Y /'A%V.% 1'=,#%[/U
K ZXA/W1 =1U/X1; J?.XAX Q'Q &$%.'[/%&) I+<7
&%/ H%()<+#'B Q'QSZ &-*%$/%&), #'+.,=+-' 345
*%A/%)S b+#)/'# /+ j#%?/, @/(%# + @g5;
|S='/S 1+Q')K" + jA#Z20 2W?X /'%A10&7
.,)'./%" &%"[X&)S ?0&$U.W-* &?U)%?W-* 3:!
&0&)T1Y; f )"='1&KW-* $#%A"K)Y )%1" 2W?X
&$SV' /+%$+KB &0&)T1 {@ ?V+K $R'A&)+?"Q' Q'A/"
= ?WQ,1'K; w'*% 3/)'#$#,&' 4&&') 5+/+6'1'/) Q'
&%"&)R'AU/ A% A?%" 1%A".Y n 3?,A'/-' 1+Q')K"
+ H'#?,& } ~A#Z2+;
!#?/U Q1'/%?+/W 1%A". &.%"ZS K ?'A'/S
=XK.+A/S '?,A'/-' 1+Q')K" )+KB +20 $RS&."V/W1
$#+-%?/SKY1 =+Q,&),. $R'*.'A % *%A/%)U 1+Q')K"B
%A$,&'-* + %&%2X-*B K)'#T QS1 A,&$%/"QS; 5%A".
"1%Z]"Q' =+=/+1'/+) )+KT A%A+?+)'.'B ?W#%2-'B
$#%/+QS1+)'.'B /XQ'1-'B ?=XQ'1/T ?+=20 1'=,
'?,A'/[/S1, K+#)+1, + A+.VSB $#% G#1" ?W=/+17
/T jA+Q';
5%A". H'#?,& } ~A#Z2+ =+Q,Vo"Q' K%1$.')/S
$R'*.'A % &'#?,&/S + %$#+?X#'/&KT [,//%&),; w'
"#['/ $#% )R, )0$0 %#6+/,=+-S; H$%.'[/%&)'1B
K)'#T &, /'-*X?+QS %$#+?%?+) &?X =+RS='/SB $%&K07
)"Q' #0-*.W $R'*.'A $#Y2U*" %$#+?B $%#%?/X?X/S
$.X/%?+/W-* + &K")'[/W-* /XK.+AYB &.'A%?X/S
/+$.X/%?+/T jA#Z20 ?.+&)/S-* =+RS='/SB %2Q'A7
/X?X/S &'#?,&/S-* &."Z'2B &1."?/S =+Q,V)U/S jA#Z7
20 + $RS&."V/T &)+),&),K0;
!#% %$#+?X#'/&KT G#10 =+Q,Vo"Q' )'/)%
1%A". $R'A'?VS1 $R'*.'A &1."?/S jA#Z20 $#%?X7
AU/T Q,/W1 %#6+/,=+-S1; dX.' "1%Z]"Q' &.'A%7
Q%R\%Q
!"#$%&'&(&"$)*!&+,&-&'!*./0&'&(&#./10 &+,
TRENDY EKONOMIKY A MANAGEMENTU / TRENDS ECONOMICS AND MANAGEMENT
rA#%QN H%A%1K+B ^.[%?XB _``a
ZC./"#*%W 5%A". H'#?,& } ~A#Z2+ &0&)T1" {@ = $%*.'A" &'#?,&/S %#6+/,=+-'
?+) &'#?,&/S $.X/0B =X&+*0 + $RS&."V/T /XK.+A0
/+ =XK.+AU ?WK+=Y [,//%&), + &$%)R'2%?+/T*%
1+)'#,X."; M /'$%&.'A/S R+AU $%A$%#"Q' RS='/S
%2Q'A/X?K%?T*% -0K." $#% #'+.,=+-, &'#?,&/S-*
=X&+*Y;
!%&.'A/S )0$ $R'A&)+?"QS $%A/,K0B K)'#T
=+2'=$'["QS &'#?,& K' &?W1 ?.+&)/S1 ?W#%2KY1
+ =X#%?'] $%)R'2"QS RSA,) jA#Z2" &?W-* &)#%QY
+ =+RS='/S; ^#%1U Q,Z "?'A'/W-* ("/K-S Q' $#% )0)%
%#6+/,=+-' K A,&$%=,-, &.'A%?X/S %A&)X?'K &)#%QY
+ =+RS='/SB $%A$%#+ ?0"ZS?X/S ?.+&)/S-* &)+/7
A+#A,=%?+/W-* &'#?,&/S-* $%&)"$YB +")%1+),-KX
)?%#2+ &'#?,&/S-* =X&+*Y /+ =XK.+AU $R'A'$&+/T
jA#Z20 /'2% $R,Q+)T (+K)"#0 + #%=&X*.T $R'*.'A0
$%A.' /'Q#Y=/UQVS-* *.'A,&'K 8=XK+=/S-,B $RS[,/0
%$#+?0B &$%)R'2%?+/W 1+)'#,X.B $#%?'A'/T $#X-'
+)A;9;
\% !"#$!%^8.>CM%('*7%"/*;'8%-.7%0MC+870/$!%
?bF%,M,)=&+
r#%A &$%.'[/%&), @\H Q' j=-' &$%Q'/ & Q'7
QS1 $#?/S1 V?TA&KW1 =XK+=/SK'1B Q+A'#7
/%" '.'K)#X#/%" g+#&'2-K; E+ &' Q,Z ? e`;
.')'-* #%=*%A.+ $#% +")%1+),=+-, RS='/S &?W-*
$#%-'&Y $#%&)R'A/,-)?S1 &%()<+#" @\H ~A#Z2+B
$R'A-*YA-' A/'V/S-* @\H 4$.,K+-S; w'*% jK%.'1
20.% =+2'=$'[,) /X#%[/%" jA#Z2" ? )T)% ,/&),)"-,
+ =+QS1+?%&)S Q'B Z' )+)% +$.,K+-' =A' 2UZS A%A/'&;
5%A". @\H ~A#Z2+B K)'#W Q' &+1%=R'Q1U
&%"[X&)S , /'Q/%?UQVS ?'#=' &0&)T1" @\H 4$7
.,K+-'B A%KXZ' $%&),*/%") ?V'-*/0 %2.+&), =+*7
#/"QS-S =X#"[/S + $%=X#"[/S %$#+?0B $#'?'/),?/S
$#%*.SAK0 + jA#Z2" + )+KT #'K.+1+-'; H%"[X&)S
)T)% K%1$%/')0 Q' ("/K-,%/+.,)+ $#% 3/)'#$#,&'
4&&') 5+/+6'1'/) n K%1$.'>/S RS='/S Z,?%)/S*%
-0K." + jA#Z20 1+Q')K"B &)#%QYB =+RS='/SB 2"A%?
+)A; 8J2#X='K _9;
^%1$%/'/)%" @\H ~A#Z2+ .=' $%K#W) &'#?,&
$%&K0)%?+/W K $#%A+/W1 ?W#%2KY1 , K%1$.')7
/S RS='/S ?.+&)/S-* K#,),-KW-* +K),?; M0"ZS?+QS Q,
#%?/UZ &$%.'[/%&),B Q'Q,-*Z *.+?/S1 $R'A1U)'1
$%A/,KX/S Q' $%&K0)%?X/S &'#?,&" Q+K% )+K%?T*%;
@\H 4$.,K+-' "1S )+KT #'+6%?+) /+ $%Z+A+?K0
=XK+=/SKYB $R,Q+)T $#%&)R'A/,-)?S1 K%/)+K)/S*%
-'/)#+; rXK+=/SK $R,)%1 /'1"&S 2W) '?,A%?X/
? &0&)T1"B -%Z Q' 2UZ/W1 Q'?'1 " &$%.'[/%&)SB
K)'#T $%&K0)"QS &'#?,& K ?.+&)/S1 ?W#%2KY1B
$#%AX?+/W1 +.' $#%&)R'A/,-)?S1 %2-*%A/S-*
$+#)/'#Y; dY.'Z,)X Q' )%),Z #0-*.X #'+K-'B +Z
/X&.'A/U &' R'VS '?,A'/-' + ?0RS='/S $%Z+A+?K"B
jA+Q' % =XK+=/SK%?,B )0$" %$#+?0 + (+K)"#+-,;
\YT%F.'270$!%7C(#8$/0*'
@\H ~A#Z2+ =+*#/"Q' )+KT $.X/%?X/S $'#,7
%A,-KW-* [,//%&)S /+ =XK.+AU K+.'/AXR' 8)WA/UB
1U&S[/U +)A;9 /'2% "AX.%&)SB $RS$+A/U $%A.'
Q%Ra%Q
!"#$%&'&(&"$)*!&+,&-&'!*./0&'&(&#./10 &+,
TRENDY EKONOMIKY A MANAGEMENTU / TRENDS ECONOMICS AND MANAGEMENT
1UR'/S 8/+$R; " .,&"B KA' Q' &)+/%?'/+ K%/)#%.+
"#[,)T [X&), $% A'G/%?+/T1 $%[)" *%A,/ $#%?%7
="9; E0)% &'#?,&/S [,//%&), 6'/'#"QS )=?; $#+-%?/S
%2Q'A/X?K0B K' K)'#W1 &' $R,R+="QS %A2%#/%&),B
1+)'#,X.0 [, $%Z+A+?K0 /+ /U + &+1%=R'Q1U )+KT
1=A%?T /XK.+A0; ^ $.X/" Q&%" $+K /+?X=X/0
#%=$%[)0 + &-*?+.%?X/S; f /+.T*+?W-* %$#+? &'
#%=$%[)0 %2?0K.' /'AU.+QS + '?,A"QS &' '>7$%&)
/+ =XK.+AU &'#?,&/S-* &1."?; 3>,&)"Q' , 1%2,./S
$#+-%?/S %2Q'A/X?K+B KA' .=' *.XV'/S % %$#+?U
$#%?XAU) $RS1% ? )'#T/";
!#+-%?/S %2Q'A/X?K+ Q' $%"ZS?X/+ )+KT
" /')0$,-KW-* &'#?,&/S-* &."Z'2B K)'#T 1U/S
A%A+?+)'.&K%7%A2U#+)'.&KW ?=)+*; w'A/X &' % %#7
6+/,=+-' $%&K0)"QS-S &."Z20 $R, /XK"$"B =+ K)'#W
A%&)+/%" =+$.+-'/%B + $#%AX?+QS-S &."Z20B =+ /UZ
/+%$+K $.+)S;
!RSK.+A'1 1%*%" 2W) =$#+-%?+)'.T K%7
1"/X./S*% /'2% /'2'=$'[/T*% %A$+A"; |'VS
&?%= %A$+A" 8?&)"$9B =+ K)'#W A%&)+/%" $.+)2"B
+ A%AX?+QS Q'Q /+ &K.XAK" 8?W&)"$9B KA' /+%$+K
$.+)S %/,; !#+-%?/S %2Q'A/X?K+ 1X A?U (X=';
M $RS$#+?U &' $#%?XAS $R'A2UZ/X K+.K"7
.+-' & "#[,)%" 1S#%" $R'&/%&),; g"k &' /XK.+A0
"#[S [,&)W1 %A*+A'1B /'2% &' #%?/%" =$R'&]"QS
/+ =XK.+AU %A2%#/%&)SB $%[)" $#+-%?/SKYB A%20
$#X-'B $%"Z,)S 1+)'#,X.Y + &."Z'2; M A+.VS (X=, &'
&.'A"QS &K")'[/T /XK.+A0B K+$+-,)0 Q'A/%).,?W-*
$#+-%?/SKY + %AAU.'/S; !%1%-S b+/))%?+ 6#+("
.=' &.'A%?+) A+/%" %2Q'A/X?K" + $#%?XAU) K%#'K7
-' )+KB +20 /'A%-*X='.% K $R'K#%['/S K+$+-,);
!#+-%?/S %2Q'A/X?K" .=' ?0)?XR') )+KT /+
K+ZA%" = K%1$%/'/) ?W#%2K" + ASK0 &)#%1%?T
&)#"K)"R' -'.T*% G/X./S*% ?W#%2K" Q' 1%Z/T
?0*%A/%),) /XK.+A0 + ?W/%&0B + )% ? #X1-, .,7
2%?%./T*% "=." &)#"K)"#0; dSK0 )%1" &' =S&K+QS
rA#%QN ^.[%?XB _``a
ZC./"#*%[ |S='/S jA#Z20 ? 3:! &0&)T1" @\H 4$.,K+-'
?W=/+1/X G/+/[/S A+)+B /+$R; K%.,K &)X. &'#?,&
=+ A'G/%?+/T %2A%2SB %2.+&)B =XK+=/SK+ +$%A;
!R, )?%#2U &)+/A+#A/S $#+-%?/S %2Q'A/X?K0 8'K7
?,?+.'/) )'-*/%.%6,-KT*% $%&)"$"9 &' 1%*%"
$%"ZS) )=?; &)+/A+#A/S $#X-'B =+*#/"QS-S Q'A/%)7
.,?T %A2%#/%&), %A$%?SA+QS-S )'-*/%.%6,-KT1"
$%&)"$" + $%"Z,)T 1+)'#,X.0 =+&' K"&%?/SK";
$#%2.T1 )0)% K%1$%/'/)0 A%*.'A+) A.' ?W#%27
/S-* [S&'.B V+#ZS + =Q,&),)B KA' &' $#X?U /+-*X=S;
rX#%?'] .=' =Q,&),)B KA' 20. ?W#%2'K $#%AX/ + -S7
.'/U %&.%?,) 1+Q,)'.' ?%=Y K 2'=$.+)/T /X*#+AU
/'2% %$#+?U; M %2.+&), &'#?,&" Q' $+K 1%Z/%
&)'Q/W1 =$Y&%2'1 &.'A%?+) =X$YQ[K0B /X*#+A/S
AS.0; E%*%)% ?0"ZS?X /+$R; A%A+?+)'. ['#$+-S-*
&)+/,-B &$%.'[/%&) 4d4HE7H0&)'1&;
MU)V,/U =XK+=/SKY Q' $#%)% A%$%#"[%?X/%B
+20 /+K"$%?+/T 1+)'#,X.0 '?,A%?+., ? V+#ZS-*;
!RSK.+A'1 1YZ' 2W) &$%.'[/%&) g%/+)#+/&B
K)'#X ?0#X2S Z'.'=/,[/S A?%QK%.S; w' %A2U#+)'.'1
K%/),&.,)KY 8%-'.X#'/&KW $%.%)%?+#9B KA' 1"&S
&.'A%?+) /UK%.,K ?W=/+1/W-* "K+=+)'.Y 8[S&.%
\YW%d-V)$/%874;#8')#;$7,)
M' ?W#%2U , &'#?,&" *#+QS K.S[%?%" #%., ,/7
(%#1+-' % ?0#%2'/W-* AS.'-* + Q'Q,-* $R'&/T
,A'/),GK+-,B -%Z Q' AY.'Z,)T $#% +")%1%2,.%?W
$#Y10&. , A+.VS $#Y10&.%?X %A?U)?S; d%QA'7.,
/+$R; K -*02U /+ "#[,)T ?W#%2/S AX?-' 2#=AB /'/S
Q%Rc%Q
!"#$%&'&(&"$)*!&+,&-&'!*./0&'&(&#./10 &+,
TRENDY EKONOMIKY A MANAGEMENTU / TRENDS ECONOMICS AND MANAGEMENT
)+?20B -*'1,-KT &.%Z'/S )+?20 ? Q'A/%).,?W-*
A%AX?KX-* +)$;9;
!R'&/U '?,A"Q'B A% K)'#W-* K%. [, A?%QK%.S
20. 1+)'#,X. $%"Z,) + K)'#T1" =XK+=/SK%?, 20.
?W#%2'K /X&.'A/U A%AX/; ^ $R'&/T ,A'/),G K+-,
?W#%2K" + /+ /U1 $#%?'A'/W-* [,//%&)S &.%"ZS
?' ?W#%2U %A*.+V%?X/S K+ZAT %$'#+-' $%1%-S
[X#%?W-* K€AY; H/S1+[' [X#%?W-* K€AY Q&%"
2'=A#X)%?T + %/7.,/' $#%$%Q,)'./T & @\H 4$7
.,K+-'1,; H0&)T1 RS='/S $R'& [X#%?T K€A0 2UZS
_ *%A,/B + )% = AY?%A" /'$R')#Z,)T ?W#%20B
$R,['1Z K+ZAW ?W$+A'K Q' $R'&/U =+=/+1'/X/;
MW=/+1/%" ?.+&)/%&)S 1%A"." @\H ~A#Z2+
Q' 1%Z/%&) ?#X),) K %$#+?U $%"=' [X&) ?W#%2K";
l'?0*%?"QS-S K%1$%/'/)+ &' ?#X)S /+ &K.+AB $%)T
&' %$#+?SB #'$+&"Q' /'2% ?0R+AS; J$#+?'/%" [X&)
.=' '?,A%?+) Q+K% /X*#+A/S AS. + AX.' Q'Q /+2SA7
/%") K $#%A'Q, =+ =.%1K%?%" -'/"; !#% $R'&/T
&.'A%?X/S K%1$%/'/) Q' A%2#T /+&)+?,) '?,A'/-,
?W#%2/S-* [S&'. Q,Z ?' ?W#%2U + /+ =XK.+AU )%*%
+")%1+),-K0 ?06'/'#%?+) &)#"K)"#" ?W#%2K"
/'2% Q, #"[/U ?0)?%R,); l+$R; ?W#%2-' .%K%1%7
),? '?,A"Q' #0-*.%1U#B K)'#W Q' 1%Z/% ? $RS$+AU
$%#"-*0 A%A+) & Q,/W1 ?W#%2/S1 [S&.'1; M+A/W
K"& &' $R,Q1' =$U)B %$#+?S + 1YZ' &' $%"ZS) " Q,/T
.%K%1%),?0; M &0&)T1" $+K .=' ?0&.'A%?+) -'.%"
*,&)%#,, Q'*% $%"Z,)S;
J2#X='K s =/X=%#]"Q' /+&)+?'/S +$.,K+-'
@\H ~A#Z2+B K)'#T /+ =XK.+AU K+.'/AXR' 6'/'7
#"Q' $#+-%?/S %2Q'A/X?K0 $#% jA#Z2" =+RS='/S;
l+&)+?'/S $+#+1')#" K+.'/AXR' &' /+-*X=S
? .'?T1 A%./S1 #%*"; !+#+1')# "#["Q'B Z' %A
a; 1U&S-' #%K" _``c &' K+ZAW #%K $% A?+/X-),
1U&S-S-* 2"A' 6'/'#%?+) $#+-%?/S %2Q'A/X?K+
$#% $#'?'/),?/S jA#Z2" =+RS='/S ``ssas \#T=K+
"/,?'#=X./S;
/")/%&), "A#Z%?X/S ?0&%KT*% &)+?" =X&%2 Q+K%
/X#+=/SK" $#%), 1%Z/W1 ?W$+AKY1 ?W#%20;
!#?/S1 K#%K'1 =.'$V"QS-S1 RS='/S K#,),-7
KW-* +K),? Q' ,/)'6#+-' =A#%QY ? ,/(%#1+[/S1
&0&)T1" $#% 1%/,)%#,/6 1+Q')K"B =X&%2 /X*#+A7
/S-* AS.Y + &/,Z%?X/S Q'Q,-* &)+?" + "A#Z'/S $#%7
?%="&-*%$/%&), &)#%Q%?T*% $+#K"; ^%/&%.,A+-'
=A#%QY 2'#' ? j?+*" G/+/[/S /X#%[/%&) jA#Z20
+ $R'A$%K.XAX =+?XAU/S =XK.+A/S-* "K+=+)'.YB
K)'#T )'/)% +&$'K) =%*.'A]"QS 8/X?#+)/%&) ,/?'&7
),-B 1=A%?T /XK.+A0 /+ #'+.,=+-, jA#Z20 +$%A;9;
3>,&)"QS7., ?' &$%.'[/%&), $.X/0 $#% #'+.,=+-,
$#'?'/),?/S jA#Z20 + )+ Q'B Q+K% &%"[X&) -'.%7
$%A/,K%?T &)#+)'6,' &0&)'1+),-K0 RS='/+ + ?07
*%A/%-%?X/+ 8/+$R; +/+.0=%?X/S1 ?W?%Q' A%20
1'=, Q'A/%).,?W1, $%#"-*+1,9B $+K .=' $R,&)%"$,)
K (X=, %$),1+.,=+-'; r+?XAS &' )=?; $#'A,K),?/S
jA#Z2+; M ,/(%#1+[/S1 &0&)T1" &' &*#%1+Zk"QS
*,&)%#,-KT jA+Q' )+KB +20 20.% 1%Z/T %A*+A%7
?+) [+& =X?+A /+ &)#%Q%?T1 $+#K" + Q'Q,-* A%$+A
/+ -'.K%?%" ?WK%//%&) %#6+/,=+-'; E+K)% .='
?W#+=/U =.'$V,) RS='/S #,=,K + A%&X*/%") =.'$V'/S
^!@ 8^'0 !'#(%#1+/-' @/A,-+)%#&9;
@/%?+-' + =+?XAU/S /%?W-* ("/K[/%&)S A%
,/(%#1+[/S*% &0&)T1" Q' ?#-*%./%" (X=S ?W?%Q'
345; !#%-'&0 RS='/S jA#Z20 .=' A%$./,) % A+.VS
%2.+&),B $R,['1Z K%1$.'>/S 345 $+K 1YZ' %27
&+*%?+) RS='/S 1+Q')K"B jA#Z20 8$#%*.SA'KB ,/&7
$'K-S9B &K.+A%?W-* =X&%2 /X*#+A/S-* AS.YB /XK"$
?[')/U &'#?,&/S-* &."Z'2 + $#%Q'K)Y =+ j['.'1
?0)?%R,) Q'A'/ &%"?,&.W -'.'K &' &$'-,G-KW1
=A#%Q'1B -'/%" + [+&%?W1, j.%*+1,B #%=$%[)0
?[')/U +/+.W=0 /XK.+AY; @/%?+-' 1%*%" A+.'
&$%[S?+) ? %#,'/)+-, 345B /+$R; /+ &.'A%?X/S
'/'#6'),-KT &$%)R'20;
d/0V.
a%]1,*+,#
ƒ.+?/S1 -S.'1 [.X/K" 20.% $%"KX=+) /+ )%B
Z' 3/)'#$#,&' 4&&') 5+/+6'1'/) $R'A&)+?"Q'
AY.'Z,)%" &%"[X&) ,/(%#1+[/S-* &0&)T1Y ? %#6+/7
,=+-S-*B K)'#T Q&%" =+1UR'/0 /+ RS='/S Z,?%)/S*%
-0K." &'#?,&/S-* &."Z'2 + $%)R'2"QS ?0?+Z%?+)
=?0V%?X/S $#%A"K),?,)0 ?W#%20 + jA#Z20B + =X7
#%?'] &/,Z%?+) -'.K%?T /XK.+A0 /+ ?.+&)/,-)?S;
y.X/'K $R,/XVS /%?T ,/(%#1+-' % 1%Z/%&)'-*
345 +$.,K+-SB *%A/%)S K.S[%?T $#%A"K)0 A%&)"$7
/T /+ &?U)%?T1 , ['&KT1 )#*"B + $#%&)R'A/,)?S1
A?%" $RS$+A%?W-* &)"A,S +/+.0="Q' ?0"Z,)S 3:!
&0&)T1Y ? %2.+&), RS='/S + &$#X?0 K#,),-KW-* +K7
),?;
M' ?WV' "?'A'/T1 )'>)" Q&1' "?'R'Q/,.,
&%"*#/ /%?W-* $%=/+)KY % ?0"Z,)S ,/(%#1+[/S-*
&0&)T1Y ? %2.+&), &$#X?0 1+Q')K" + K#,),-KW-*
+K),?B + )% = *.'A,&K+ 1%Z/%&)S Q'Q,-* $%RS='/S
/+ ['&KT1 )#*" , "$.+)/,)'./%&), ? $%A/,K%7
?T $#+>,; 345 R'V'/S $%&K0)"QS -'.%" VKX."
1%Z/%&)S &$#X?0 K#,),-KW-* +K),? %A =XK.+A/S
j#%?/U jA#Z20 +Z $% K%1$.'>/S "$.+)]%?X/S -'7
.%$%A/,K%?T &)#+)'6,' ?' ?V'-* %2.+&)'-* 345;
f1%Z]"QS %#6+/,=+-S1 %A$%")+) &' %A p%$'#+7
),?/S*% $RS&)"$"‚B K)'#W &$%[S?X ? #'+K-S-* /+ Q,Z
?=/,K.T $#%2.'10 8/+$R; &)#%Q%?W/1 $+#K'19 +
$R'A&)+?"Q' =/+[/T #,=,K% ? #'+.,=+-, %A&)X?'K [,
Q%Re%Q
!"#$%&'&(&"$)*!&+,&-&'!*./0&'&(&#./10 &+,
TRENDY EKONOMIKY A MANAGEMENTU / TRENDS ECONOMICS AND MANAGEMENT
P1)#.')+.'
g+.='#B b;B H-*%#/B F; 8_`OO9; !!"#$%&'&(")"'#$*+,$
-'*,&!#,./#.,&'0&("'$1$2'",(3"$.'4$5&!!",; O&) 'A,7
),%/; H$#,/6'#7M'#.+6B g'#.,/ ƒ',A'.2'#6;
g+&.B w; 8_``_9; 674'3/789$3'*7,)&:';$!<!#9)<; b#+A+
!"2.,&*,/6B !#+*+;
d+?'/$%#)B E; ƒ; 8Oaae9; !")),/6 )*' 3/)'#$#,&' ,/)%
3/)'#$#,&' H0&)'1; =&,8&,4$ >.!3'"!!$ ?"83"@; w".07
4"6"&)B OaaeB /%; sB $$; O_O7OsO
^.[%?XB ƒ; 8_``a9; -AB$ C03/&D"E$ B8F#78G$ 2?6$ !<!#9)H$/#",G$.4I8I$#,"'4<; FM@H;-= …J/.,/'†B …\'2#"+#0
__B _`OO†B *))$NCC<<<;-?,&;-=;
^.[%?XB ƒ;B H%A%1K+B !; 8_``a9; J-E$B<!#9)$!$#"DK'707(3D/7.$/7'D"CD;$!8F#789$L,78'F; FM@H;-= …J/.,/'†B
…\'2#"+#0 _B _`OO†B *))$NCC<<<;-?,&;-=;
I+"A%/B ^; F;B I+"A%/B w; !; 8_``h9; %&'&(")"'#$
-'*7,)&#37'$ B<!#")! 8a)* 'A,),%/9; !'+#&%/ !#'/),-'
ƒ+..B l'< w'#&'0;
I,'2&)"-K'.B ^ 8_``e9; B 6$ 2'#",C,3!"$ !!"#$ %&'&(")"'#; b+.,.'% !#'&&B g%//;
5,K.%?,-B d; 8_``a9; 5+6,- {"+A#+/) (%# 345 (%#
5+/"(+-)"#,/6; M&,#'",$ -'4.!#,<$ ?"!"&,DK$ N7#"$
b``OhaaO;
5%./X#B r; 8_``O9; 2*"/#38'7!#$3'*7,)&:';DK$!<!#9)O.
b#+A+ !"2.,&*,/6B !#+*+;
!+#K'#B !; 8_``e9; PK"$QRRS1QRTU$57,04$V.#077/$*7,$
2'#",C,3!"$ !!"#$ %&'&(")"'#$ B<!#")!; @-%/ b#%"$
@/)'#/+),%/+.;
!%"#B w;B bX.+B I;B i'A,?XB r; 8_``a9; 674'3/78I$ 3'*7,)&#3/&; _; $R'$#+-%?+/T + +K)"+.,=%?+/T ?0AX/S;
b#+A+ !"2.,&*,/6B !#+*+;
H%A%1K+B !; 8_``e9; B7*#@&,78I$ W"X"';$ C,7$ !C,I8.$
)&Y"#/.$&$W;Z"';$/,3#3D/GDK$&/#38; FM@H;-= …J/.,/'†B
…5+#-* _`B _`OO†B *))$NCC<<<;-?,&;-=;
H%A%1K+;B !;B ^.[%?XB ƒ; 8_`O`9; -'*7,)&:';$!<!#9)<$
8$ C74'3/789$ C,&[3; _; +K)"+.,=%?+/T + #%=VSR'/T ?07
AX/S; F%1$")'# !#'&&B g#/%;
E+66&B :;B H+6'B !;B J&+/+B 5; ') +.; 8_`OO9; PK"$
% \-%V$%&'&(",]!$M.34"$#7$>.!3'"!!$6",*7,)&'D"$
%&'&(")"'#; E; J‡ƒ+/.%/B :'+.,+2,.,)0<'2;-%1B
fH4;
f[']B !; 8_``O9; %"#,3/<$ 8$ 3'*7,)&#3D"; b#+A+ !"27
.,&*,/6B !#+*+;
M%RSV'KB w; 8Oaac9; B#,&#"(3D/9$ W;Z"';$ 3'*7,)&:';K7$
!<!#9).$ &$ !<!#9)78I$ 3'#"(,&D"; 5+/+6'1'/) !#'&&B
!#+*+;
@+)47.%g,h%27$)'2)%g,h
872Y%i$BY%F#).%G787&*'9%F4Y]Y9%Aj@
i$BY%H'$'%I;<70/9%F4Y]Y%
i$BY%J1:!%I:!>9%F4Y]Y%
M0&%KT "['/S )'-*/,-KT ? g#/U
\+K".)+ $%A/,K+)'.&KXB ~&)+? ,/(%#1+),K0
^%.'Q/S _a`hC
hO_ `` g#/%B y'&KX #'$"2.,K+
371+,.N &%A%1K+„(21;?")2#;-=
K.-%?+„(21;?")2#;-=
K#,=„(21;?")2#;-=
]7.+<#$7%.#8'*215 sO;s;_`OO
b#2#$"70/$75 OP;OO;_`OO
G240/;#$7%*%-+C;1*70/$!5%s`;OO;_`OO
Q%Rf%Q
!"#$%&'&(&"$)*!&+,&-&'!*./0&'&(&#./10 &+,

Podobné dokumenty

zde ke stažení

zde ke stažení S l c z s k Ý v o d o h o s p o d á ř s | i i s l ' a z e k ( d á l e . j e nS V l I S ) r , . z n i l izl a k l a d a t c I s k o Lsi l t t I o l t l c l ul l a t | S t a \ L l i I c t č l c n s k...

Více

Žárovky GE se vyvinuly z první praktické elektrické žárovky na světě

Žárovky GE se vyvinuly z první praktické elektrické žárovky na světě [W]. K odhadu spotřeby energie (kWh), násobit watty x doba provozu a dělit 1000

Více

(19) United States Jun. 27, 2013

(19) United States Jun. 27, 2013 mpo mopu moup om omwb m po om pom omp mop oum mp o umo mpo mu mop mop pm ou mo poum muo m op muo uomp mou p m pomu m op umo p omp om mo? mop muop om pom oupm oupm opmu mo mop om om om omp om p omp ...

Více

ECOTRON

ECOTRON dřívější nebo stávající dohody, příslibu nebo právního vztahu ani takovou dohodu, příslib nebo právní vztah nemění. Všechny závazky firmy SIPOS Aktorik vyplývají z platné kupní smlouvy, která obsah...

Více

Aktuální podmínky příjmu britských TV stanic Sky

Aktuální podmínky příjmu britských TV stanic Sky provozovatele bez nároku na náhradu ! Výše měsíčních plateb je pouze orientační a může se měnit s souvislosti s pohybem kuru koruny a vývojem cené politiky společnosti Sky !

Více

Nízkoprahy pod lupou 2012 - Oblastní charita Rumburk

Nízkoprahy pod lupou 2012 - Oblastní charita Rumburk Individuální plánování je realizováno prostřednictvím jednotlivých plánů a jejich revizí Individuální plánování je proces, který zahrnuje nejen uzavírání jednotlivých plánů, ale i poskytování služe...

Více

党中央、国务院调整鞍钢集团公司主要领导

党中央、国务院调整鞍钢集团公司主要领导 ×¹5 S@f}®Ž×5 ¼ˆIl‘× 5 O’Þ“ „5 $%If5œŒ‹^L ¨|SIJ3;”6¾5 WV9m3yzl‘)•/ bd–L a/ꗘ3™š"5 Ž17D`M›_Fèé9 m¢ü3-ÍÏÐ^ ¢WŽ 13ôœy‘5 DžUöæ ®¨ƒŸ‹LÅ ¨IJKýèé  ¡O3QB¢k9mW£5 ¤¥¦§^ ›´IJKý;] fBƒ¨I^L ¥¥©ªƒ5 «

Více