{"id":6647,"date":"2026-02-22T21:17:22","date_gmt":"2026-02-22T21:17:22","guid":{"rendered":"https:\/\/izvestiyakbncran.ru\/?page_id=6647"},"modified":"2026-03-06T10:41:42","modified_gmt":"2026-03-06T10:41:42","slug":"28-1-1","status":"publish","type":"page","link":"https:\/\/izvestiyakbncran.ru\/index.php\/28-1-1\/","title":{"rendered":"28.1.1"},"content":{"rendered":"\n<h1 class=\"wp-block-heading has-foreground-color has-text-color has-link-color has-lora-font-family wp-elements-3ec41dba5966e5c41ee1e8302aad202c\" style=\"font-size:22px\"><strong>\u041c\u043e\u0434\u0435\u043b\u0438\u0440\u043e\u0432\u0430\u043d\u0438\u0435 \u043e\u043f\u0442\u0438\u043c\u0430\u043b\u044c\u043d\u043e\u0433\u043e \u0443\u0440\u043e\u0432\u043d\u044f \u0434\u0435\u043d\u0435\u0436\u043d\u044b\u0445 \u043f\u043e\u0442\u043e\u043a\u043e\u0432 \u0441 \u0438\u0441\u043f\u043e\u043b\u044c\u0437\u043e\u0432\u0430\u043d\u0438\u0435\u043c \u043c\u0435\u0442\u043e\u0434\u043e\u043b\u043e\u0433\u0438\u0438 Cash Flow at Risk (CFaR) \u0434\u043b\u044f \u0440\u043e\u0441\u0441\u0438\u0439\u0441\u043a\u0438\u0445 \u043a\u043e\u0440\u043f\u043e\u0440\u0430\u0446\u0438\u0439<\/strong><\/h1>\n\n\n\n<p class=\"has-foreground-color has-text-color has-link-color has-lora-font-family has-small-font-size wp-elements-25af173b180ce2aeda4687ef7d496108\" style=\"margin-top:0;margin-bottom:0;padding-top:0;padding-bottom:0\"><strong>\u041d. \u0410. \u0413\u0430\u0440\u0443\u043d\u043e\u0432, \u0414. \u0410. \u041c\u0430\u043a\u0441\u0438\u043c\u043e\u0432<\/strong><\/p>\n\n\n\n<p class=\"has-foreground-color has-text-color has-link-color has-lora-font-family has-small-font-size wp-elements-d51d7754a92a648abb7d04ae8768dffa\" style=\"margin-top:0;margin-bottom:0;padding-top:0;padding-bottom:0\"><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\" style=\"margin-top:var(--wp--preset--spacing--20);margin-bottom:0\"\/>\n\n\n\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-24a27e19 wp-block-group-is-layout-flex\" style=\"margin-top:0;margin-bottom:0;padding-top:0;padding-bottom:0\">\n<p class=\"has-text-color has-link-color has-lora-font-family has-extra-small-font-size wp-elements-9f3c3253df43e3976d939c0040b8a252\" style=\"color:#5b1919;text-decoration:underline\"><strong>\u0417\u0430\u0433\u0440\u0443\u0437\u0438\u0442\u044c \u043f\u043e\u043b\u043d\u044b\u0439 \u0442\u0435\u043a\u0441\u0442<\/strong><\/p>\n\n\n\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-9151b400 wp-block-group-is-layout-flex\" style=\"min-height:0px;margin-top:0;margin-bottom:0;padding-top:0;padding-bottom:0\">\n<div class=\"wp-block-buttons is-content-justification-left is-layout-flex wp-container-core-buttons-is-layout-15bf754d wp-block-buttons-is-layout-flex\" style=\"margin-top:0;margin-bottom:0;padding-top:0;padding-right:0;padding-bottom:0;padding-left:0\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-100 is-style-outline is-style-outline--1\"><a class=\"wp-block-button__link has-background-background-color has-text-color has-background has-link-color has-border-color has-small-font-size has-custom-font-size wp-element-button\" href=\"http:\/\/izvestiyakbncran.ru\/wp-content\/uploads\/2026\/03\/1-garunov-maksimov.pdf\" style=\"border-color:#5b1919;border-style:solid;border-width:2px;border-radius:8px;color:#5b1919;padding-top:0.4rem;padding-right:var(--wp--preset--spacing--40);padding-bottom:0.4rem;padding-left:var(--wp--preset--spacing--40)\">PDF<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:0px;width:0px\" aria-hidden=\"true\" class=\"wp-block-spacer wp-container-content-273e683f\"><\/div>\n<\/div>\n<\/div>\n\n\n\n<p class=\"has-foreground-color has-text-color has-link-color has-lora-font-family has-extra-small-font-size wp-elements-a9c3d7743302d8ac937e2fdf2d1bba3b\" style=\"margin-top:0;margin-bottom:0;line-height:1.4\"><strong><em>\u0410\u043d\u043d\u043e\u0442\u0430\u0446\u0438\u044f<\/em><\/strong>. \u0410\u043a\u0442\u0443\u0430\u043b\u044c\u043d\u043e\u0441\u0442\u044c \u0438\u0441\u0441\u043b\u0435\u0434\u043e\u0432\u0430\u043d\u0438\u044f \u043e\u0431\u0443\u0441\u043b\u043e\u0432\u043b\u0435\u043d\u0430 \u043d\u0435\u043e\u0431\u0445\u043e\u0434\u0438\u043c\u043e\u0441\u0442\u044c\u044e \u043f\u0440\u0438\u043c\u0435\u043d\u0435\u043d\u0438\u044f \u043f\u0435\u0440\u0435\u0434\u043e\u0432\u044b\u0445 \u043f\u0440\u043e\u0430\u043a\u0442\u0438\u0432\u043d\u044b\u0445 \u043c\u0435\u0442\u043e\u0434\u043e\u0432, \u0442\u0430\u043a\u0438\u0445 \u043a\u0430\u043a Cash Flow at Risk (CFaR), \u0434\u043b\u044f \u0443\u043f\u0440\u0430\u0432\u043b\u0435\u043d\u0438\u044f \u043b\u0438\u043a\u0432\u0438\u0434\u043d\u043e\u0441\u0442\u044c\u044e \u0438 \u043e\u0431\u043e\u0441\u043d\u043e\u0432\u0430\u043d\u0438\u044f \u0443\u043f\u0440\u0430\u0432\u043b\u0435\u043d\u0447\u0435\u0441\u043a\u0438\u0445 \u0440\u0435\u0448\u0435\u043d\u0438\u0439. \u0421\u0442\u0430\u0442\u044c\u044f \u043f\u043e\u0441\u0432\u044f\u0449\u0435\u043d\u0430 \u0440\u0435\u0448\u0435\u043d\u0438\u044e \u0437\u0430\u0434\u0430\u0447\u0438 \u043a\u043e\u043b\u0438\u0447\u0435\u0441\u0442\u0432\u0435\u043d\u043d\u043e\u0439 \u043e\u0446\u0435\u043d\u043a\u0438 \u0440\u0438\u0441\u043a\u043e\u0432 \u0434\u0435\u043d\u0435\u0436\u043d\u044b\u0445 \u043f\u043e\u0442\u043e\u043a\u043e\u0432 \u0440\u043e\u0441\u0441\u0438\u0439\u0441\u043a\u0438\u0445 \u0441\u044b\u0440\u044c\u0435\u0432\u044b\u0445 \u043a\u043e\u0440\u043f\u043e\u0440\u0430\u0446\u0438\u0439 \u0432 \u0443\u0441\u043b\u043e\u0432\u0438\u044f\u0445 \u043c\u0430\u043a\u0440\u043e\u044d\u043a\u043e\u043d\u043e\u043c\u0438\u0447\u0435\u0441\u043a\u043e\u0439 \u0432\u043e\u043b\u0430\u0442\u0438\u043b\u044c\u043d\u043e\u0441\u0442\u0438.<\/p>\n\n\n\n<p class=\"has-foreground-color has-text-color has-link-color has-lora-font-family has-extra-small-font-size wp-elements-6cfa4137dfc92b459f4fa98f9a231813\" style=\"margin-top:0;margin-bottom:0;line-height:1.4\"><\/p>\n\n\n\n<p class=\"has-foreground-color has-text-color has-link-color has-lora-font-family has-extra-small-font-size wp-elements-f2731a03821ef60b4de92d5681ebdf7d\" style=\"margin-top:0;margin-bottom:0;line-height:1.4\"><strong>\u0426\u0435\u043b\u044c \u0438\u0441\u0441\u043b\u0435\u0434\u043e\u0432\u0430\u043d\u0438\u044f<\/strong> \u2013 \u0440\u0430\u0437\u0440\u0430\u0431\u043e\u0442\u043a\u0430 \u0438 \u0430\u043f\u0440\u043e\u0431\u0430\u0446\u0438\u044f \u043f\u0440\u0430\u043a\u0442\u0438\u0447\u0435\u0441\u043a\u043e\u0433\u043e \u0430\u043b\u0433\u043e\u0440\u0438\u0442\u043c\u0430 \u043e\u0446\u0435\u043d\u043a\u0438 CFaR, \u0430\u0434\u0430\u043f\u0442\u0438\u0440\u043e\u0432\u0430\u043d\u043d\u043e\u0433\u043e \u043a \u0444\u0430\u043a\u0442\u043e\u0440\u043d\u043e\u0439 \u0441\u0442\u0440\u0443\u043a\u0442\u0443\u0440\u0435 \u0440\u0438\u0441\u043a\u0430 \u0440\u043e\u0441\u0441\u0438\u0439\u0441\u043a\u0438\u0445 \u043a\u043e\u0440\u043f\u043e\u0440\u0430\u0446\u0438\u0439.<\/p>\n\n\n\n<p class=\"has-foreground-color has-text-color has-link-color has-lora-font-family has-extra-small-font-size wp-elements-6cfa4137dfc92b459f4fa98f9a231813\" style=\"margin-top:0;margin-bottom:0;line-height:1.4\"><\/p>\n\n\n\n<p class=\"has-foreground-color has-text-color has-link-color has-lora-font-family has-extra-small-font-size wp-elements-1de70457e522ccdfa083117ccb3251d9\" style=\"margin-top:0;margin-bottom:0;line-height:1.4\"><strong>\u041c\u0435\u0442\u043e\u0434\u043e\u043b\u043e\u0433\u0438\u044f<\/strong> \u0432\u043a\u043b\u044e\u0447\u0430\u0435\u0442 \u043f\u043e\u0441\u0442\u0440\u043e\u0435\u043d\u0438\u0435 \u0440\u0435\u0433\u0440\u0435\u0441\u0441\u0438\u043e\u043d\u043d\u043e\u0439 \u043c\u043e\u0434\u0435\u043b\u0438, \u0441\u0432\u044f\u0437\u044b\u0432\u0430\u044e\u0449\u0435\u0439 \u0434\u0435\u043d\u0435\u0436\u043d\u044b\u0439 \u043f\u043e\u0442\u043e\u043a \u0441 \u043a\u043b\u044e\u0447\u0435\u0432\u044b\u043c\u0438 \u043c\u0430\u043a\u0440\u043e\u044d\u043a\u043e\u043d\u043e\u043c\u0438\u0447\u0435\u0441\u043a\u0438\u043c\u0438 \u043f\u0435\u0440\u0435\u043c\u0435\u043d\u043d\u044b\u043c\u0438, \u0438 \u043f\u043e\u0441\u043b\u0435\u0434\u0443\u044e\u0449\u0435\u0435 \u0432\u0435\u0440\u043e\u044f\u0442\u043d\u043e\u0441\u0442\u043d\u043e\u0435 \u043c\u043e\u0434\u0435\u043b\u0438\u0440\u043e\u0432\u0430\u043d\u0438\u0435.<\/p>\n\n\n\n<p class=\"has-foreground-color has-text-color has-link-color has-lora-font-family has-extra-small-font-size wp-elements-6cfa4137dfc92b459f4fa98f9a231813\" style=\"margin-top:0;margin-bottom:0;line-height:1.4\"><\/p>\n\n\n\n<p class=\"has-foreground-color has-text-color has-link-color has-lora-font-family has-extra-small-font-size wp-elements-23421c383854e7a463e3daa6ab4f8a21\" style=\"margin-top:0;margin-bottom:0;line-height:1.4\"><strong>\u0420\u0435\u0437\u0443\u043b\u044c\u0442\u0430\u0442\u044b<\/strong> \u0438\u0441\u0441\u043b\u0435\u0434\u043e\u0432\u0430\u043d\u0438\u044f \u043f\u043e\u043a\u0430\u0437\u044b\u0432\u0430\u044e\u0442, \u0447\u0442\u043e \u043f\u0440\u043e\u0433\u043d\u043e\u0437\u043d\u043e\u0435 \u0437\u043d\u0430\u0447\u0435\u043d\u0438\u0435 EBITDA \u043d\u0430 \u043f\u043b\u0430\u043d\u043e\u0432\u044b\u0439 \u043f\u0435\u0440\u0438\u043e\u0434 \u0441\u043e\u0441\u0442\u0430\u0432\u043b\u044f\u0435\u0442 \u043e\u043a\u043e\u043b\u043e 1600 \u043c\u043b\u0440\u0434 \u0440\u0443\u0431. \u0420\u0430\u0441\u0447\u0435\u0442\u044b \u043d\u0430 \u043e\u0441\u043d\u043e\u0432\u0435 \u0440\u0430\u0441\u043f\u0440\u0435\u0434\u0435\u043b\u0435\u043d\u0438\u044f \u0441\u043b\u0443\u0447\u0430\u0439\u043d\u043e\u0439 \u043e\u0448\u0438\u0431\u043a\u0438 \u043c\u043e\u0434\u0435\u043b\u0438 \u0434\u0435\u043c\u043e\u043d\u0441\u0442\u0440\u0438\u0440\u0443\u044e\u0442, \u0447\u0442\u043e \u0441 \u0432\u0435\u0440\u043e\u044f\u0442\u043d\u043e\u0441\u0442\u044c\u044e 5 % EBITDA \u043c\u043e\u0436\u0435\u0442 \u043e\u043a\u0430\u0437\u0430\u0442\u044c\u0441\u044f \u043d\u0438\u0436\u0435 \u043e\u0436\u0438\u0434\u0430\u0435\u043c\u043e\u0433\u043e \u0437\u043d\u0430\u0447\u0435\u043d\u0438\u044f \u043d\u0435 \u0431\u043e\u043b\u0435\u0435 \u0447\u0435\u043c \u043d\u0430 80 \u043c\u043b\u0440\u0434 \u0440\u0443\u0431., \u0447\u0442\u043e \u043a\u043e\u043b\u0438\u0447\u0435\u0441\u0442\u0432\u0435\u043d\u043d\u043e \u043e\u043f\u0440\u0435\u0434\u0435\u043b\u044f\u0435\u0442 \u043f\u043e\u043a\u0430\u0437\u0430\u0442\u0435\u043b\u044c CFaR. \u041d\u0430\u0443\u0447\u043d\u0430\u044f \u043d\u043e\u0432\u0438\u0437\u043d\u0430 \u0437\u0430\u043a\u043b\u044e\u0447\u0430\u0435\u0442\u0441\u044f \u0432 \u0440\u0430\u0437\u0440\u0430\u0431\u043e\u0442\u043a\u0435 \u0441\u0442\u0440\u0443\u043a\u0442\u0443\u0440\u043d\u043e\u0433\u043e \u0430\u043b\u0433\u043e\u0440\u0438\u0442\u043c\u0430, \u0438\u043d\u0442\u0435\u0433\u0440\u0438\u0440\u0443\u044e\u0449\u0435\u0433\u043e \u0440\u0435\u0433\u0440\u0435\u0441\u0441\u0438\u043e\u043d\u043d\u044b\u0439 \u0430\u043d\u0430\u043b\u0438\u0437 \u0438 \u043c\u0435\u0442\u043e\u0434\u043e\u043b\u043e\u0433\u0438\u044e CFaR \u0434\u043b\u044f \u0440\u043e\u0441\u0441\u0438\u0439\u0441\u043a\u0438\u0445 \u043a\u043e\u0440\u043f\u043e\u0440\u0430\u0446\u0438\u0439.<\/p>\n\n\n\n<p class=\"has-foreground-color has-text-color has-link-color has-lora-font-family has-extra-small-font-size wp-elements-6cfa4137dfc92b459f4fa98f9a231813\" style=\"margin-top:0;margin-bottom:0;line-height:1.4\"><\/p>\n\n\n\n<p class=\"has-foreground-color has-text-color has-link-color has-lora-font-family has-extra-small-font-size wp-elements-00b344bf87874e3861970a2fcbe513a5\" style=\"margin-top:0;margin-bottom:0;line-height:1.4\"><strong>\u0412\u044b\u0432\u043e\u0434\u044b<\/strong>. \u041f\u0440\u0430\u043a\u0442\u0438\u0447\u0435\u0441\u043a\u0430\u044f \u0437\u043d\u0430\u0447\u0438\u043c\u043e\u0441\u0442\u044c \u043f\u043e\u0434\u0442\u0432\u0435\u0440\u0436\u0434\u0430\u0435\u0442\u0441\u044f \u0442\u0435\u043c, \u0447\u0442\u043e \u0434\u0430\u043d\u043d\u044b\u0439 \u043f\u043e\u0434\u0445\u043e\u0434 \u043f\u0440\u0435\u0434\u043e\u0441\u0442\u0430\u0432\u043b\u044f\u0435\u0442 \u0444\u0438\u043d\u0430\u043d\u0441\u043e\u0432\u044b\u043c \u043c\u0435\u043d\u0435\u0434\u0436\u0435\u0440\u0430\u043c \u0438\u043d\u0441\u0442\u0440\u0443\u043c\u0435\u043d\u0442 \u0434\u043b\u044f \u0444\u043e\u0440\u043c\u0438\u0440\u043e\u0432\u0430\u043d\u0438\u044f \u0440\u0435\u0437\u0435\u0440\u0432\u043e\u0432 \u043b\u0438\u043a\u0432\u0438\u0434\u043d\u043e\u0441\u0442\u0438 \u0438 \u0440\u0430\u0437\u0440\u0430\u0431\u043e\u0442\u043a\u0438 \u0441\u0442\u0440\u0430\u0442\u0435\u0433\u0438\u0439 \u0445\u0435\u0434\u0436\u0438\u0440\u043e\u0432\u0430\u043d\u0438\u044f.<\/p>\n\n\n\n<p class=\"has-foreground-color has-text-color has-link-color has-lora-font-family has-extra-small-font-size wp-elements-6cfa4137dfc92b459f4fa98f9a231813\" style=\"margin-top:0;margin-bottom:0;line-height:1.4\"><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p class=\"has-foreground-color has-text-color has-link-color has-lora-font-family has-extra-small-font-size wp-elements-3df88a1865b227524904c292049c1186\" style=\"margin-top:0;margin-bottom:0;line-height:1.4\"><em><strong>\u041a\u043b\u044e\u0447\u0435\u0432\u044b\u0435 \u0441\u043b\u043e\u0432\u0430<\/strong>: <\/em>Cash Flow at Risk (CFaR), \u0443\u043f\u0440\u0430\u0432\u043b\u0435\u043d\u0438\u0435 \u0440\u0438\u0441\u043a\u0430\u043c\u0438, \u0434\u0435\u043d\u0435\u0436\u043d\u044b\u0435 \u043f\u043e\u0442\u043e\u043a\u0438, \u043c\u0430\u043a\u0440\u043e\u044d\u043a\u043e\u043d\u043e\u043c\u0438\u0447\u0435\u0441\u043a\u0430\u044f \u0432\u043e\u043b\u0430\u0442\u0438\u043b\u044c\u043d\u043e\u0441\u0442\u044c, \u0440\u0435\u0433\u0440\u0435\u0441\u0441\u0438\u043e\u043d\u043d\u0430\u044f \u043c\u043e\u0434\u0435\u043b\u044c, \u0441\u0442\u0440\u0435\u0441\u0441-\u0442\u0435\u0441\u0442\u0438\u0440\u043e\u0432\u0430\u043d\u0438\u0435, \u0440\u043e\u0441\u0441\u0438\u0439\u0441\u043a\u0438\u0435 \u043a\u043e\u0440\u043f\u043e\u0440\u0430\u0446\u0438\u0438, \u041f\u0410\u041e \u00ab\u041b\u0443\u043a\u043e\u0439\u043b\u00bb<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p class=\"has-foreground-color has-text-color has-link-color has-lora-font-family has-extra-small-font-size wp-elements-6cfa4137dfc92b459f4fa98f9a231813\" style=\"margin-top:0;margin-bottom:0;line-height:1.4\"><\/p>\n\n\n\n<p class=\"has-foreground-color has-text-color has-link-color has-lora-font-family wp-elements-7cd3cd7f79eb252e7f17d2e586531562\" style=\"margin-top:0;margin-bottom:0;font-size:12px;line-height:1.4\"><strong>\u0414\u043b\u044f \u0446\u0438\u0442\u0438\u0440\u043e\u0432\u0430\u043d\u0438\u044f.<\/strong> \u0413\u0430\u0440\u0443\u043d\u043e\u0432 \u041d. \u0410., \u041c\u0430\u043a\u0441\u0438\u043c\u043e\u0432 \u0414. \u0410. \u041c\u043e\u0434\u0435\u043b\u0438\u0440\u043e\u0432\u0430\u043d\u0438\u0435 \u043e\u043f\u0442\u0438\u043c\u0430\u043b\u044c\u043d\u043e\u0433\u043e \u0443\u0440\u043e\u0432\u043d\u044f \u0434\u0435\u043d\u0435\u0436\u043d\u044b\u0445 \u043f\u043e\u0442\u043e\u043a\u043e\u0432 \u0441 \u0438\u0441\u043f\u043e\u043b\u044c\u0437\u043e\u0432\u0430\u043d\u0438\u0435\u043c \u043c\u0435\u0442\u043e\u0434\u043e\u043b\u043e\u0433\u0438\u0438 Cash Flow at Risk (CFaR) \u0434\u043b\u044f \u0440\u043e\u0441\u0441\u0438\u0439\u0441\u043a\u0438\u0445 \u043a\u043e\u0440\u043f\u043e\u0440\u0430\u0446\u0438\u0439 \/\/ \u0418\u0437\u0432\u0435\u0441\u0442\u0438\u044f \u041a\u0430\u0431\u0430\u0440\u0434\u0438\u043d\u043e-\u0411\u0430\u043b\u043a\u0430\u0440\u0441\u043a\u043e\u0433\u043e \u043d\u0430\u0443\u0447\u043d\u043e\u0433\u043e \u0446\u0435\u043d\u0442\u0440\u0430 \u0420\u0410\u041d. 2026. \u0422. 28. \u2116 1. \u0421. 11\u201324. DOI: 10.35330\/1991-6639-2026-28-1-11-24<\/p>\n\n\n\n<p class=\"has-foreground-color has-text-color has-link-color has-lora-font-family wp-elements-8f50c26b3cf7553d4e64da7af5e89fd2\" style=\"margin-top:0;margin-bottom:0;font-size:12px;line-height:1.4\"><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p class=\"has-foreground-color has-text-color has-link-color has-lora-font-family wp-elements-b166ce9adbd34a75230dc18c043364ae\" style=\"margin-top:0;margin-bottom:0;font-size:12px\">\u00a9&nbsp;&nbsp; \u0413\u0430\u0440\u0443\u043d\u043e\u0432 \u041d. \u0410., \u041c\u0430\u043a\u0441\u0438\u043c\u043e\u0432 \u0414. \u0410., 2026<\/p>\n\n\n\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-28a18568 wp-block-group-is-layout-flex\" style=\"margin-top:var(--wp--preset--spacing--20);margin-bottom:var(--wp--preset--spacing--20);padding-top:0;padding-bottom:0\">\n<figure class=\"wp-block-image size-full is-style-default\"><img loading=\"lazy\" decoding=\"async\" width=\"80\" height=\"28\" src=\"https:\/\/izvestiyakbncran.ru\/wp-content\/uploads\/2026\/03\/image.png\" alt=\"\" class=\"wp-image-7229\"\/><\/figure>\n\n\n\n<p class=\"has-foreground-color has-text-color has-link-color has-lora-font-family wp-elements-1f1ff0e6e8a3dea326d9efac0b45796f\" style=\"margin-top:var(--wp--preset--spacing--20);margin-right:0;margin-bottom:0;margin-left:0;font-size:12px;line-height:1.4\">\u041a\u043e\u043d\u0442\u0435\u043d\u0442 \u0434\u043e\u0441\u0442\u0443\u043f\u0435\u043d \u043f\u043e\u0434 \u043b\u0438\u0446\u0435\u043d\u0437\u0438\u0435\u0439&nbsp;<a href=\"http:\/\/creativecommons.org\/licenses\/by\/4.0\/\" target=\"_blank\" rel=\"noreferrer noopener\">Creative Commons Attribution 4.0 License<\/a><\/p>\n<\/div>\n\n\n\n<details class=\"wp-block-details has-foreground-color has-text-color has-link-color has-lora-font-family has-extra-small-font-size wp-elements-3079097b8b03245e0c29dc22b6160db8 is-layout-flow wp-block-details-is-layout-flow\"><summary><strong>\u0418\u043d\u0444\u043e\u0440\u043c\u0430\u0446\u0438\u044f \u043e\u0431 \u0430\u0432\u0442\u043e\u0440\u0430\u0445<\/strong><\/summary>\n<p class=\"has-foreground-color has-text-color has-link-color wp-elements-173e991ac02f69ccf14526e3f6484249\"><strong>\u0413\u0430\u0440\u0443\u043d\u043e\u0432 \u041d\u0443\u0440\u043c\u0430\u0433\u043e\u043c\u0435\u0434 \u0410\u043b\u0438\u0445\u0430\u043d\u043e\u0432\u0438\u0447<\/strong>, \u0430\u0441\u043f\u0438\u0440\u0430\u043d\u0442 \u0431\u0430\u0437\u043e\u0432\u043e\u0439 \u043a\u0430\u0444\u0435\u0434\u0440\u044b \u0446\u0438\u0444\u0440\u043e\u0432\u043e\u0439 \u044d\u043a\u043e\u043d\u043e\u043c\u0438\u043a\u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0442\u0430 \u0440\u0430\u0437\u0432\u0438\u0442\u0438\u044f \u0438\u043d\u0444\u043e\u0440\u043c\u0430\u0446\u0438\u043e\u043d\u043d\u043e\u0433\u043e \u043e\u0431\u0449\u0435\u0441\u0442\u0432\u0430, \u0420\u043e\u0441\u0441\u0438\u0439\u0441\u043a\u0438\u0439 \u044d\u043a\u043e\u043d\u043e\u043c\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u0443\u043d\u0438\u0432\u0435\u0440\u0441\u0438\u0442\u0435\u0442 \u0438\u043c\u0435\u043d\u0438 \u0413. \u0412. \u041f\u043b\u0435\u0445\u0430\u043d\u043e\u0432\u0430;<br>115054, \u0420\u043e\u0441\u0441\u0438\u044f, \u041c\u043e\u0441\u043a\u0432\u0430, \u0421\u0442\u0440\u0435\u043c\u044f\u043d\u043d\u044b\u0439 \u043f\u0435\u0440\u0435\u0443\u043b\u043e\u043a, 36;<br>ngarunov@inbox.ru, ORCID: https:\/\/orcid.org\/0009-0007-0203-9899, SPIN-\u043a\u043e\u0434: 6489-4897 <\/p>\n\n\n\n<p class=\"has-foreground-color has-text-color has-link-color wp-elements-a99217a11cb5de7ad2c15ab83ccf5e83\" style=\"margin-top:var(--wp--preset--spacing--20);margin-bottom:var(--wp--preset--spacing--20)\"><strong>\u041c\u0430\u043a\u0441\u0438\u043c\u043e\u0432 \u0414\u0435\u043d\u0438\u0441 \u0410\u043b\u0435\u043a\u0441\u0435\u0435\u0432\u0438\u0447<\/strong>, \u0434-\u0440 \u044d\u043a\u043e\u043d. \u043d\u0430\u0443\u043a, \u043f\u0440\u043e\u0444\u0435\u0441\u0441\u043e\u0440, \u0420\u043e\u0441\u0441\u0438\u0439\u0441\u043a\u0438\u0439 \u044d\u043a\u043e\u043d\u043e\u043c\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u0443\u043d\u0438\u0432\u0435\u0440\u0441\u0438\u0442\u0435\u0442 \u0438\u043c\u0435\u043d\u0438 \u0413. \u0412. \u041f\u043b\u0435\u0445\u0430\u043d\u043e\u0432\u0430;<br>115054, \u0420\u043e\u0441\u0441\u0438\u044f, \u041c\u043e\u0441\u043a\u0432\u0430, \u0421\u0442\u0440\u0435\u043c\u044f\u043d\u043d\u044b\u0439 \u043f\u0435\u0440\u0435\u0443\u043b\u043e\u043a, 36;<br>Maksimov.DA@rea.ru, ORCID: https:\/\/orcid.org\/0000-0001-8316-8359, SPIN-\u043a\u043e\u0434: 6104-5875<\/p>\n\n\n\n<p class=\"has-foreground-color has-text-color has-link-color wp-elements-6fd2a265d78d8e9d07d63a56a0895fa0\"><\/p>\n<\/details>\n\n\n\n<details class=\"wp-block-details has-foreground-color has-text-color has-link-color has-lora-font-family wp-elements-0a90fbd5c32154a10e18fcb939246da3 is-layout-flow wp-block-details-is-layout-flow\" style=\"font-size:14px\"><summary><strong>\u0421\u043f\u0438\u0441\u043e\u043a \u043b\u0438\u0442\u0435\u0440\u0430\u0442\u0443\u0440\u044b<\/strong><\/summary>\n<ol class=\"wp-block-list\">\n<li class=\"has-foreground-color has-text-color has-link-color wp-elements-f2b80f481d5e5ae4b527843d3cce4b4e\"><em>\u0412\u043b\u0430\u0441\u043e\u0432 \u0414. \u0410.<\/em> \u0422\u0435\u043e\u0440\u0435\u0442\u0438\u043a\u043e-\u0438\u0433\u0440\u043e\u0432\u043e\u0435 \u043c\u043e\u0434\u0435\u043b\u0438\u0440\u043e\u0432\u0430\u043d\u0438\u0435 \u0432 \u043f\u0440\u0430\u043a\u0442\u0438\u043a\u0435 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u044f \u0440\u0435\u0448\u0435\u043d\u0438\u0439. \u041d\u0430\u0443\u0447\u043d\u044b\u0435 \u0438\u0441\u0441\u043b\u0435\u0434\u043e\u0432\u0430\u043d\u0438\u044f \u0438 \u0440\u0430\u0437\u0440\u0430\u0431\u043e\u0442\u043a\u0438 \/\/ \u042d\u043a\u043e\u043d\u043e\u043c\u0438\u043a\u0430. 2018. \u0422. 6. \u2116 6. \u0421. 59\u201363.<\/li>\n\n\n\n<li><em>\u0412\u044b\u0433\u043e\u0434\u0447\u0438\u043a\u043e\u0432\u0430 \u0418. \u042e., \u0412\u043e\u0440\u043e\u0442\u043d\u0438\u043a\u043e\u0432\u0430 \u0414. \u0412., \u0425\u0430\u043b\u0438\u043a\u043e\u0432 \u041c. \u0410.<\/em> \u041e\u0446\u0435\u043d\u043a\u0430 \u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0446\u0438\u043e\u043d\u043d\u043e\u0439 \u043f\u0440\u0438\u0432\u043b\u0435\u043a\u0430\u0442\u0435\u043b\u044c\u043d\u043e\u0441\u0442\u0438 \u043d\u0435\u0444\u0442\u0435\u0433\u0430\u0437\u043e\u0432\u044b\u0445 \u043a\u043e\u043c\u043f\u0430\u043d\u0438\u0439 \u0420\u043e\u0441\u0441\u0438\u0438 \/\/ \u042d\u043a\u043e\u043d\u043e\u043c\u0438\u043a\u0430 \u0441\u0442\u0440\u043e\u0438\u0442\u0435\u043b\u044c\u0441\u0442\u0432\u0430. 2025. \u2116 4. \u0421. 539\u2013541.<\/li>\n\n\n\n<li><em>\u0417\u0430\u043a\u0440\u0435\u0432\u0441\u043a\u0430\u044f \u0415. \u0410., \u0425\u0430\u0439\u043b\u043e\u0432\u0430 \u0415. \u0410.<\/em> \u0424\u043e\u0440\u043c\u0438\u0440\u043e\u0432\u0430\u043d\u0438\u0435 \u043e\u043f\u0442\u0438\u043c\u0430\u043b\u044c\u043d\u043e\u0439 \u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0446\u0438\u043e\u043d\u043d\u043e\u0439 \u0441\u0442\u0440\u0430\u0442\u0435\u0433\u0438\u0438 \u043f\u0440\u0435\u0434\u043f\u0440\u0438\u044f\u0442\u0438\u044f \/\/ \u0422\u0440\u0430\u043d\u0441\u043f\u043e\u0440\u0442\u043d\u043e\u0435 \u0434\u0435\u043b\u043e \u0420\u043e\u0441\u0441\u0438\u0438. 2017. \u2116 6. \u0421. 42\u201343.<\/li>\n\n\n\n<li><em>\u041b\u044f\u043b\u044c\u043a\u043e\u0432\u0430 \u0415. \u0415., \u0421\u0443\u043b\u0442\u0430\u043d\u0433\u0430\u0440\u0435\u0435\u0432 \u0418. \u0418<\/em>. \u041f\u043e\u0440\u0442\u0444\u0435\u043b\u044c\u043d\u043e\u0435 \u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0440\u043e\u0432\u0430\u043d\u0438\u0435 \u043d\u0430 \u0444\u0438\u043d\u0430\u043d\u0441\u043e\u0432\u043e\u043c \u0440\u044b\u043d\u043a\u0435 \u0420\u043e\u0441\u0441\u0438\u0438 \u0432 \u0441\u043e\u0432\u0440\u0435\u043c\u0435\u043d\u043d\u044b\u0445 \u0443\u0441\u043b\u043e\u0432\u0438\u044f\u0445 \/\/ \u0424\u0438\u043d\u0430\u043d\u0441\u043e\u0432\u044b\u0435 \u0440\u044b\u043d\u043a\u0438 \u0438 \u0431\u0430\u043d\u043a\u0438. 2023. \u211612.<\/li>\n\n\n\n<li><em>\u041c\u0430\u043a\u0430\u0440\u043e\u0432\u0430 \u041e. \u041d., \u041a\u043d\u044f\u0437\u0435\u0432 \u0410. \u0421., \u041c\u0430\u043a\u0430\u0440\u043e\u0432\u0430 \u042e. \u041d., \u041c\u0430\u0440\u0442\u044b\u043d\u0435\u043d\u043a\u043e \u041e. \u0412.<\/em> \u042d\u043a\u043e\u043d\u043e\u043c\u0438\u0447\u0435\u0441\u043a\u0438\u0435 \u043c\u0435\u0442\u043e\u0434\u044b \u043e\u0446\u0435\u043d\u043a\u0438 \u0444\u0438\u043d\u0430\u043d\u0441\u043e\u0432\u043e\u0433\u043e \u0441\u043e\u0441\u0442\u043e\u044f\u043d\u0438\u044f \u044d\u043a\u0441\u043f\u043e\u0440\u0442\u0435\u0440\u043e\u0432 \u0432 \u0441\u0438\u0441\u0442\u0435\u043c\u0435 \u0431\u044e\u0434\u0436\u0435\u0442\u043d\u043e\u0433\u043e \u0443\u043f\u0440\u0430\u0432\u043b\u0435\u043d\u0438\u044f \/\/ \u042d\u043a\u043e\u043d\u043e\u043c\u0438\u043a\u0430 \u0438 \u044d\u043a\u043e\u043b\u043e\u0433\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043c\u0435\u043d\u0435\u0434\u0436\u043c\u0435\u043d\u0442. 2022. \u21163.<\/li>\n\n\n\n<li><em>\u041c\u0435\u0446\u0433\u0435\u0440 \u0410. \u0410., \u0417\u0435\u043b\u0435\u043d\u0438\u043d \u0410. \u041e.<\/em> \u0423\u0447\u0435\u0442 \u0444\u0430\u043a\u0442\u043e\u0440\u0430 \u0440\u044b\u043d\u043e\u0447\u043d\u043e\u0439 \u043b\u0438\u043a\u0432\u0438\u0434\u043d\u043e\u0441\u0442\u0438 \u043f\u0440\u0438 \u0440\u0430\u0441\u0447\u0435\u0442\u0435 VaR \/\/ \u0412\u0435\u0441\u0442\u043d\u0438\u043a \u0413\u0443\u043c\u0430\u043d\u0438\u0442\u0430\u0440\u043d\u043e\u0433\u043e \u0443\u043d\u0438\u0432\u0435\u0440\u0441\u0438\u0442\u0435\u0442\u0430. 2025. \u0422. 13. \u2116 1. \u0421. 23\u201339. DOI: 10.35853\/vestnik.gu.2025.13-1.02<\/li>\n\n\n\n<li><em>\u0422\u0435\u043d\u044c\u043a\u043e\u0432\u0441\u043a\u0430\u044f \u041b. \u0418.<\/em> \u0412\u043e\u043b\u0430\u0442\u0438\u043b\u044c\u043d\u043e\u0441\u0442\u044c \u0434\u043e\u0445\u043e\u0434\u043d\u043e\u0441\u0442\u0438 \u0430\u043a\u0446\u0438\u0439 \u041f\u0410\u041e \u00ab\u041b\u0443\u043a\u043e\u0439\u043b\u00bb \u0432 \u0442\u0435\u0447\u0435\u043d\u0438\u0435 \u044d\u043a\u043e\u043d\u043e\u043c\u0438\u0447\u0435\u0441\u043a\u0438\u0445 \u043a\u0440\u0438\u0437\u0438\u0441\u043e\u0432 \/\/ \u0412\u0435\u0441\u0442\u043d\u0438\u043a \u042e\u0423\u0440\u0413\u0423. \u0421\u0435\u0440\u0438\u044f: \u042d\u043a\u043e\u043d\u043e\u043c\u0438\u043a\u0430 \u0438 \u043c\u0435\u043d\u0435\u0434\u0436\u043c\u0435\u043d\u0442. 2023. \u2116 3.<\/li>\n\n\n\n<li><em>\u0425\u0430\u043b\u0438\u043a\u043e\u0432 \u041c. \u0410., \u0420\u0435\u0448\u0443\u043b\u044c\u0441\u043a\u0430\u044f \u0415. \u041c., \u0412\u044b\u0433\u043e\u0434\u0447\u0438\u043a\u043e\u0432\u0430 \u0418. \u042e., \u041d\u0435\u0447\u0430\u0435\u0432 \u041e. \u041d.<\/em> \u041c\u043e\u0434\u0435\u043b\u0438\u0440\u043e\u0432\u0430\u043d\u0438\u0435 \u043f\u0440\u043e\u0438\u0437\u0432\u043e\u0434\u0441\u0442\u0432\u0435\u043d\u043d\u043e\u0439 \u0444\u0443\u043d\u043a\u0446\u0438\u0438 \u043e\u043f\u0435\u0440\u0430\u0446\u0438\u043e\u043d\u043d\u043e\u0433\u043e \u0441\u0435\u0433\u043c\u0435\u043d\u0442\u0430 \u043f\u0440\u0435\u0434\u043f\u0440\u0438\u044f\u0442\u0438\u044f \u043f\u043e \u0430\u0433\u0440\u0435\u0433\u0438\u0440\u043e\u0432\u0430\u043d\u043d\u044b\u043c \u0434\u0430\u043d\u043d\u044b\u043c \u043e \u0441\u043e\u0441\u0442\u0430\u0432\u0435 \u0440\u0430\u0431\u043e\u0447\u0438\u0445 \u0430\u043a\u0442\u0438\u0432\u043e\u0432 \/\/ \u0418\u043d\u043d\u043e\u0432\u0430\u0446\u0438\u0438 \u0438 \u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0446\u0438\u0438. 2024. \u2116 1. \u0421. 267\u2013269.<\/li>\n\n\n\n<li><em>\u042f\u043a\u0443\u043d\u0438\u0447\u0435\u0432\u0430 \u0410. \u0415.<\/em> \u0424\u0438\u043d\u0430\u043d\u0441\u043e\u0432\u0430\u044f \u0433\u0440\u0430\u043c\u043e\u0442\u043d\u043e\u0441\u0442\u044c \u0438 \u0444\u0438\u043d\u0430\u043d\u0441\u043e\u0432\u0430\u044f \u043e\u0442\u0447\u0435\u0442\u043d\u043e\u0441\u0442\u044c \u043a\u0430\u043a \u043f\u043e\u043c\u043e\u0449\u043d\u0438\u043a\u0438 \u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u043e\u0432 \u043f\u0440\u0438 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0438 \u0440\u0435\u0448\u0435\u043d\u0438\u0439 \/\/ \u0421\u043a\u0438\u0444. 2023. \u2116 4(80).<\/li>\n<\/ol>\n\n\n\n<p><\/p>\n<\/details>\n\n\n\n<details class=\"wp-block-details has-foreground-color has-text-color has-link-color has-lora-font-family has-extra-small-font-size wp-elements-37a2e1d706a99cf31e33f3c899893dc1 is-layout-flow wp-container-core-details-is-layout-22223934 wp-block-details-is-layout-flow\"><summary><strong>\u0424\u0438\u043d\u0430\u043d\u0441\u0438\u0440\u043e\u0432\u0430\u043d\u0438\u0435<\/strong><\/summary>\n<p>\u0418\u0441\u0441\u043b\u0435\u0434\u043e\u0432\u0430\u043d\u0438\u0435 \u043f\u0440\u043e\u0432\u0435\u0434\u0435\u043d\u043e \u0431\u0435\u0437 \u0441\u043f\u043e\u043d\u0441\u043e\u0440\u0441\u043a\u043e\u0439 \u043f\u043e\u0434\u0434\u0435\u0440\u0436\u043a\u0438.<\/p>\n<\/details>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u041c\u043e\u0434\u0435\u043b\u0438\u0440\u043e\u0432\u0430\u043d\u0438\u0435 \u043e\u043f\u0442\u0438\u043c\u0430\u043b\u044c\u043d\u043e\u0433\u043e \u0443\u0440\u043e\u0432\u043d\u044f \u0434\u0435\u043d\u0435\u0436\u043d\u044b\u0445 \u043f\u043e\u0442\u043e\u043a\u043e\u0432 \u0441 \u0438\u0441\u043f\u043e\u043b\u044c\u0437\u043e\u0432\u0430\u043d\u0438\u0435\u043c \u043c\u0435\u0442\u043e\u0434\u043e\u043b\u043e\u0433\u0438\u0438 Cash Flow at Risk (CFaR) \u0434\u043b\u044f \u0440\u043e\u0441\u0441\u0438\u0439\u0441\u043a\u0438\u0445 \u043a\u043e\u0440\u043f\u043e\u0440\u0430\u0446\u0438\u0439 \u041d. \u0410. \u0413\u0430\u0440\u0443\u043d\u043e\u0432, \u0414. \u0410. \u041c\u0430\u043a\u0441\u0438\u043c\u043e\u0432 \u0417\u0430\u0433\u0440\u0443\u0437\u0438\u0442\u044c \u043f\u043e\u043b\u043d\u044b\u0439 \u0442\u0435\u043a\u0441\u0442 \u0410\u043d\u043d\u043e\u0442\u0430\u0446\u0438\u044f. \u0410\u043a\u0442\u0443\u0430\u043b\u044c\u043d\u043e\u0441\u0442\u044c \u0438\u0441\u0441\u043b\u0435\u0434\u043e\u0432\u0430\u043d\u0438\u044f \u043e\u0431\u0443\u0441\u043b\u043e\u0432\u043b\u0435\u043d\u0430 \u043d\u0435\u043e\u0431\u0445\u043e\u0434\u0438\u043c\u043e\u0441\u0442\u044c\u044e \u043f\u0440\u0438\u043c\u0435\u043d\u0435\u043d\u0438\u044f \u043f\u0435\u0440\u0435\u0434\u043e\u0432\u044b\u0445 \u043f\u0440\u043e\u0430\u043a\u0442\u0438\u0432\u043d\u044b\u0445 \u043c\u0435\u0442\u043e\u0434\u043e\u0432, \u0442\u0430\u043a\u0438\u0445 \u043a\u0430\u043a Cash Flow at Risk (CFaR), \u0434\u043b\u044f \u0443\u043f\u0440\u0430\u0432\u043b\u0435\u043d\u0438\u044f \u043b\u0438\u043a\u0432\u0438\u0434\u043d\u043e\u0441\u0442\u044c\u044e \u0438 \u043e\u0431\u043e\u0441\u043d\u043e\u0432\u0430\u043d\u0438\u044f \u0443\u043f\u0440\u0430\u0432\u043b\u0435\u043d\u0447\u0435\u0441\u043a\u0438\u0445 \u0440\u0435\u0448\u0435\u043d\u0438\u0439. \u0421\u0442\u0430\u0442\u044c\u044f \u043f\u043e\u0441\u0432\u044f\u0449\u0435\u043d\u0430 \u0440\u0435\u0448\u0435\u043d\u0438\u044e \u0437\u0430\u0434\u0430\u0447\u0438 \u043a\u043e\u043b\u0438\u0447\u0435\u0441\u0442\u0432\u0435\u043d\u043d\u043e\u0439 \u043e\u0446\u0435\u043d\u043a\u0438 \u0440\u0438\u0441\u043a\u043e\u0432 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-6647","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is 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\u0426\u0415\u041d\u0422\u0420\u0410 \u0420\u0410\u041d\u00bb\" \/>\n<meta property=\"og:description\" content=\"\u041c\u043e\u0434\u0435\u043b\u0438\u0440\u043e\u0432\u0430\u043d\u0438\u0435 \u043e\u043f\u0442\u0438\u043c\u0430\u043b\u044c\u043d\u043e\u0433\u043e \u0443\u0440\u043e\u0432\u043d\u044f \u0434\u0435\u043d\u0435\u0436\u043d\u044b\u0445 \u043f\u043e\u0442\u043e\u043a\u043e\u0432 \u0441 \u0438\u0441\u043f\u043e\u043b\u044c\u0437\u043e\u0432\u0430\u043d\u0438\u0435\u043c \u043c\u0435\u0442\u043e\u0434\u043e\u043b\u043e\u0433\u0438\u0438 Cash Flow at Risk (CFaR) \u0434\u043b\u044f \u0440\u043e\u0441\u0441\u0438\u0439\u0441\u043a\u0438\u0445 \u043a\u043e\u0440\u043f\u043e\u0440\u0430\u0446\u0438\u0439 \u041d. \u0410. \u0413\u0430\u0440\u0443\u043d\u043e\u0432, \u0414. \u0410. \u041c\u0430\u043a\u0441\u0438\u043c\u043e\u0432 \u0417\u0430\u0433\u0440\u0443\u0437\u0438\u0442\u044c \u043f\u043e\u043b\u043d\u044b\u0439 \u0442\u0435\u043a\u0441\u0442 \u0410\u043d\u043d\u043e\u0442\u0430\u0446\u0438\u044f. \u0410\u043a\u0442\u0443\u0430\u043b\u044c\u043d\u043e\u0441\u0442\u044c \u0438\u0441\u0441\u043b\u0435\u0434\u043e\u0432\u0430\u043d\u0438\u044f \u043e\u0431\u0443\u0441\u043b\u043e\u0432\u043b\u0435\u043d\u0430 \u043d\u0435\u043e\u0431\u0445\u043e\u0434\u0438\u043c\u043e\u0441\u0442\u044c\u044e \u043f\u0440\u0438\u043c\u0435\u043d\u0435\u043d\u0438\u044f \u043f\u0435\u0440\u0435\u0434\u043e\u0432\u044b\u0445 \u043f\u0440\u043e\u0430\u043a\u0442\u0438\u0432\u043d\u044b\u0445 \u043c\u0435\u0442\u043e\u0434\u043e\u0432, \u0442\u0430\u043a\u0438\u0445 \u043a\u0430\u043a Cash Flow at Risk (CFaR), \u0434\u043b\u044f \u0443\u043f\u0440\u0430\u0432\u043b\u0435\u043d\u0438\u044f \u043b\u0438\u043a\u0432\u0438\u0434\u043d\u043e\u0441\u0442\u044c\u044e \u0438 \u043e\u0431\u043e\u0441\u043d\u043e\u0432\u0430\u043d\u0438\u044f \u0443\u043f\u0440\u0430\u0432\u043b\u0435\u043d\u0447\u0435\u0441\u043a\u0438\u0445 \u0440\u0435\u0448\u0435\u043d\u0438\u0439. \u0421\u0442\u0430\u0442\u044c\u044f \u043f\u043e\u0441\u0432\u044f\u0449\u0435\u043d\u0430 \u0440\u0435\u0448\u0435\u043d\u0438\u044e \u0437\u0430\u0434\u0430\u0447\u0438 \u043a\u043e\u043b\u0438\u0447\u0435\u0441\u0442\u0432\u0435\u043d\u043d\u043e\u0439 \u043e\u0446\u0435\u043d\u043a\u0438 \u0440\u0438\u0441\u043a\u043e\u0432 [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/izvestiyakbncran.ru\/index.php\/28-1-1\/\" \/>\n<meta property=\"og:site_name\" content=\"\u0418\u0417\u0412\u0415\u0421\u0422\u0418\u042f \u041a\u0410\u0411\u0410\u0420\u0414\u0418\u041d\u041e-\u0411\u0410\u041b\u041a\u0410\u0420\u0421\u041a\u041e\u0413\u041e \u041d\u0410\u0423\u0427\u041d\u041e\u0413\u041e \u0426\u0415\u041d\u0422\u0420\u0410 \u0420\u0410\u041d\u00bb\" \/>\n<meta property=\"article:modified_time\" content=\"2026-03-06T10:41:42+00:00\" \/>\n<meta property=\"og:image\" 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