山西财经大学硕士学位论文国库制度改革与政府现金管理制度研究姓名：赵牧申请学位级别：硕士专业：财政学指导教师：李晓萍2006-03-20
햪튪 컒맺쿖탐뗄맺뿢맜샭훆뛈쫇퓚볆뮮뺭볃쳥훆쿂탎돉뗄ꎬ웤믹놾쳘헷쫇죋쏱틸탐듺샭맺뿢ꆢ헷쫕믺맘뫍풤쯣떥캻뛠훘짨훃헋뮧ꆢ맺뿢뷰럖즢쫕뢶ꎬ맺뿢쿖뷰쪱볤볛횵폫믺믡돉놾벸뫵놻뫶싔ꆣ쯦ퟅ짧믡훷틥쫐뎡뺭볃쳥훆쿂릫릲닆헾뗄랢햹폫췪짆ꎬ헢훖뒫춳뗄맺뿢쿖뷰맜샭쒣쪽놩슶뗄뇗뛋풽살풽춻돶ꎺ평폚맺뿢쫕횧늻췪좫욥엤ꎬ듳솿뗄맺뿢쿖뷰쿐훃퓚풤쯣떥캻뗄헋뮧짏ꎬ닆헾뛔헢킩뷰컞램뷸탐볠뚽뫍뿘훆ꎬ뷰쇷쪧ꆢ샋럑쿖쿳뫜퇏훘ꎻ춬쪱ꎬ닆헾뷰폖듦퓚좱뿚ꎬ컒맺맺햮폠뛮맦쒣풽살풽듳ꆣ?맺뿢쿖뷰맜샭쫇횸춨맽맜샭맺뿢쿖뷰헋뮧ꆢ쿖뷰쇷솿ꆢ쿖뷰폠뛮뗈살쪵쿖맺뿢쿖뷰쿐훃폠뛮ퟮ킡뮯ꎬ춬쪱퓚놣횤쿖뷰횧돶탨튪뗄잰쳡쿂ꎬ춨맽뛔뎬돶맺뿢ퟮ병쿖뷰돖폐솿뗄맺뿢쿖뷰폠뛮뷸탐낲좫뫏샭뗄춶퓋ퟷꎬ쪹맺뿢쿖뷰믱뗃춶쫕틦ퟮ듳뮯뗄튻쾵쇐닆헾뷰맜샭믮뚯ꆣ맦랶뗄맺뿢쿖뷰맜샭뗄훷튪ퟷ폃폐ꎺꎨ?ꎩ룟킧뗄맺뿢쿖뷰맜샭볈뿉틔놣횤맺뿢벰쪱횧뢶ꎬ쪵쿖헾뢮쿖뷰쇷죫폫쇷돶퓚쪱볤짏뗄욥엤ꎬ뿉틔복짙듳솿뷰쿐훃ꎬ폐샻폚쳡룟맺뿢뷰쪹폃킧싊ꎬ뿘훆닆헾횧돶퓶뎤뫍햮컱퓶뎤ꎻꎨ?ꎩ맺뿢쿖뷰맜샭뿉틔복짙쫐뎡샻싊늨뚯뫍쳡룟쫐뎡쇷뚯탔ꎬ뿉뷸튻늽룄뷸닆헾늿폫훐퇫틸탐퓚믵뇒쫐뎡퓋탐랽쏦뗄킭뗷폫릵춨ꎬ쳡룟믵뇒헾닟뗷뿘뗄췪헻탔뫍폐킧탔ꎻꎨ?ꎩ붫뷰쪱볤볛횵ꆢ쿖뷰쇷뫍닺뢺햮맜샭뗈쿖듺닆컱맜샭룅쓮틽죫맺뿢맜샭훐ꎬ쪵쿖맺뿢쿖뷰폠뛮벯훐뮯맜샭ꎬ춨맽뫏샭뗄춶퓋ퟷꎬ쪹헾뢮뷰퓚럧쿕ퟮ킡뮯뗄쳵볾쿂ꎬ믱뗃ퟮ듳뺭볃쫕틦ꎬ듙뷸쿖듺맺뿢훆뛈룄룯뫍릫릲닆헾뿲볜뗄췪짆ꆣ뿉볻ꎬ컞싛듓샭싛뮹쫇듓쪵볹뗄뷇뛈뾴ꎬ뛔컒맺맺뿢쿖뷰맜샭쳥훆뷸탐룄룯폫뒴탂뚼쫇쪮럖뇘튪뛸쟒뻟폐쿖쪵틢틥뗄뿎쳢ꆣ듓떱잰뾴ꎬ퇐뺿맺뿢쿖뷰맜샭쳥훆룄룯폫뒴탂컊쳢ꎬ
뻍뇘탫뛔뒫춳맺뿢쿖뷰맜샭쒣쪽쯹듦퓚뗄컊쳢뷸탐퇐뺿늢폨틔뷢뻶ꎬ훷튪쒿뗄쫇뇜쏢맺뿢듳솿쿖뷰쿐훃샋럑ꎬ쪵쿖욽맺뿢쿖뷰쇷솿늨뚯ꎬ쳡룟맺뿢쿖뷰쪹폃킧틦ꎻ룼캪훘튪뗄쫇ꎬ듓뎤풶퇛맢뾴ꎬ붨솢탂탍맺뿢쿖뷰맜샭쳥훆쫇쫊펦짧믡훷틥쫐뎡뺭볃쳥훆쿂릫릲닆헾랢햹뗄뇘좻튪쟳ꆣ?퓚놾컄훐ꎬ뇊헟쪼훕볡돖붫컒맺맺뿢쿖뷰맜샭컊쳢쓉죫떽붨솢릫릲닆헾뿲볜쓚뷸탐럖컶ꎬ춬쪱틔맺뿢벯훐쫕뢶훆뛈캪믹뒡ꆣ훷튪틔릫릲닆헾샭싛폫믵뇒쪱볤볛횵샭싛캪횸떼ꎬ늢쟒듓훆뛈뺭볃톧뷇뛈럖컶맺뿢쿖뷰맜샭쳥훆뒴탂뗄탨쟳폫돉놾ꆣ샭싛솪쾵쪵볊ꎬ닉폃ퟝ쿲뇈뷏폫뫡쿲뇈뷏랽램쿠뷡뫏ꎬ춨맽뇈뷏럖컶컒맺맺뿢쿖뷰맜샭뻉뒫춳쒣쪽ꎬ틔벰랢듯쫐뎡뺭볃맺볒맺뿢쿖뷰맜샭뗄돉릦뺭퇩ꎬ뗃떽뷸탐맺뿢쿖뷰맜샭룄룯폫뒴탂뗄뇘튪탔폫뿉탐탔ꎻ춨맽뚨탔럖컶폫뚨솿럖컶랽램쿠뷡뫏ꎬ럖컶죧뫎릹붨탂탍맺뿢쿖뷰맜샭쳥훆ꎬ뛔맺뿢쿖뷰ퟮ병돖폐솿뗄닢뚨뷸탐퇐뺿ꎻ닉폃맦랶럖컶폫쪵횤럖컶쿠뷡뫏ꎬ짮죫쾵춳럖컶퓚컒맺쫐뎡뺭볃쳵볾쿂ꎬ죧뫎톡퓱뫏샭뗄춶퓋ퟷ랽쪽ꎬ늢쟒뷸탐춶쒣쓢ퟩ뫏럖컶ꆣ?ꆾ맘볼듊ꆿ맺뿢맜샭훆뛈?맺뿢쿖뷰맜샭??????????
Abstract Our current national reserve mangement system was formed under the planed economy system. Its basic characteristics are that the national reserve is managed by the People’s Bank of China, which caused many problems such as duplicated accounts. While the time value and opportunity cost of the cash in national reserve are ignored. With the development and completion of public finance under the socialism market economy sytem, this traditional national reserve management model has exposed its shortcomes, such as ꋙbecause of the immate between the income and outcome, huge reserved cash was idle in the account, and financial administator can not effectively supervise this. ꋚ our nationalbond is increaseingly enlarging. National reserve management means a series of financial management activities, including:ꋙthrough the management of cash account, cash flow and remains to manximum the idle cash in the national reserve; ꋚ meanwhile, with the precondition of guranteeing the cash expenses, cash remains can be used to do some suitable investment to achieve the purpose of getting the largest investment benefit. The main effects of the standard national cash management are as follows:ꋙHige effective national reserve cash cash management not only gurantee the in-time expenses, reduce the idle money, but also be helpful to the improvement of the use effectiveness, and control the inceases of financial expenses and debts; ꋚ National resserve management would reduce the interest rate fluctuation and improve the market circulation. These would remarkably improve the coordination and communication between the Ministry of Finance and People’s Bank of China in the field of monetary market movement, which would also improve the effectiveness and completement of the use of monetary system. ꋛThe introdution of the modern financial management conceptions such as time value, cash flow and management of asset and credit , would fulfill the purpose of central management of the cash balance.
Through suitable investment, it woulf help to achieve the biggest economic benefit, promote the revolution and innovation of the national reserve management system. At present, if we want do some research in this field, we must know well about the existing problem in the traditional management management model and solve it, to avoid the waste of the idle money and increase the cash circulation, and improve the use effectiveness of the reserved cash. What’s more, from the longterm view point, it is a must to build a new national reserve cash management system under the socialism market economy system. In this article, on the basis of centralized income and outcome system, the author consist to analysis by the putting the problem of our national reserve management into the building of public finance frame. With the guidiance of the public finance and time value theories, the author analysis the need and cost of the national reserve cash management system innovation from the aspect of system economy. In this article, the author gets the necesity and flexibility of the national reserve cash management revolution and innovation by comparasions vertically and horizontally with the old traditonal management model and model of the successful experience of the developed market the combination of ration analysis and property analysis, the author woud analysis how to build a new model of national reserve management system, and get the conclution on how much cash would be the suitable quantity. By the integrety of standard analysis and example analysis , the author would analysis how to choose the suitable investment ways and make the investment portfolio with the condition of our market conomy. ꆾkey wordsꆿ national reserve mangement system investment
즽컷닆뺭듳톧?톧캻싛컄풭뒴탔짹쏷? 놾죋횣훘짹쏷ꎺ쯹돊붻뗄톧캻싛컄ꎬ쫇놾죋퓚떼쪦뗄횸떼쿂ꎬ뛀솢뷸탐퇐뺿릤ퟷ쯹좡뗃뗄돉맻ꆣ돽컄훐틑뺭힢쏷틽폃뗄쓚죝췢ꎬ놾싛컄늻냼몬죎뫎웤쯻룶죋믲벯쳥틑뺭랢뇭믲킴맽뗄ퟷ욷돉맻ꆣ뛔놾컄뗄퇐뺿쯹ퟶ돶훘튪릱쿗뗄룶죋뫍벯쳥ꎬ뻹틑퓚컄훐틔쏷좷랽쪽뇪쏷ꆣ놾죋췪좫틢쪶떽놾짪쏷뗄램싉뷡맻평놾죋돐떣ꆣ 톧캻싛컄ퟷ헟잩쏻ꎺ 죕웚ꎺ 쓪 퓂 죕
?즽컷닆뺭듳톧?톧캻싛컄냦좨쪹폃쫚좨쫩 놾톧캻싛컄ퟷ헟췪좫쇋뷢톧킣폐맘놣맜ꆢ쪹폃톧캻싛컄뗄맦뚨ꎬ춬틢톧킣놣쇴늢쿲맺볒폐맘늿쏅믲믺릹쯍붻싛컄뗄뢴펡볾뫍뗧ퟓ냦ꎬ퓊탭싛컄놻닩퓄뫍뷨퓄ꆣ놾죋쫚좨즽컷닆뺭듳톧뿉틔붫놾톧캻싛컄뗄좫늿믲늿럖쓚죝뇠죫폐맘쫽뻝뿢뷸탐볬쯷ꎬ뿉틔닉폃펰펡ꆢ쯵펡믲즨쏨뗈뢴훆쫖뛎놣듦뫍믣뇠놾톧캻싛컄ꆣ 놾톧캻싛컄쫴폚놣쏜ꇵꎬ늻놣쏜ꇵꆣ퓚 쓪뷢쏜뫳쫊폃놾쫚좨쫩ꆣ ꎨ쟫퓚틔짏랽뿲쓚듲ꆰꇌꆱꎩ 톧캻싛컄ퟷ헟잩쏻ꎺ 횸떼뷌쪦잩쏻ꎺ 죕웚ꎺ 쓪 퓂 죕 죕웚ꎺ 쓪 퓂 죕
잰퇔 뗚튻헂 잰퇔 톡쳢놳뺰벰틢틥 컒맺쿖탐뗄맺뿢맜샭훆뛈쫇퓚볆뮮뺭볃쳥훆쿂탎돉뗄ꎬ웤믹놾쳘헷쫇죋쏱틸탐듺샭맺뿢ꆢ헷쫕믺맘뫍풤쯣떥캻뛠훘짨훃헋뮧ꆢ맺뿢뷰럖즢쫕뢶ꎬ맺뿢쿖뷰쪱볤볛횵폫믺믡돉놾벸뫵놻뫶싔ꆣ쯦ퟅ짧믡훷틥쫐뎡뺭볃쳥훆쿂릫릲닆헾뗄랢햹폫췪짆ꎬ헢훖뒫춳뗄맺뿢쿖뷰맜샭쒣쪽놩슶뗄뇗뛋풽살풽춻돶ꎺ평폚맺뿢쫕횧늻췪좫욥엤ꎬ듳솿뗄맺뿢쿖뷰쿐훃퓚풤쯣떥캻뗄헋뮧짏ꎬ닆헾뛔헢킩뷰컞램뷸탐볠뚽뫍뿘훆ꎬ뷰쇷쪧ꆢ샋럑쿖쿳뫜퇏훘ꎻ춬쪱ꎬ닆헾뷰폖듦퓚좱뿚ꎬ컒맺맺햮폠뛮맦쒣풽살풽듳ꆣ폈웤퓚2001쓪3퓂16죕ꎬ닆헾늿ꆢ훐맺죋쏱틸탐펡랢쇋ꆶ닆헾맺뿢맜샭훆뛈룄룯쫔뗣랽낸ꆷꎬ삭뾪쇋컒맺맺뿢떥튻헋뮧훆뛈룄룯뗄쒻[1]ꆣ퓚맺뿢떥튻헋뮧붨솢웰살틔뫳ꎬ풭살쿐훃퓚풤쯣떥캻헋뮧짏뗄쿖뷰폠뛮벯훐떽맺뿢떥튻헋뮧뷸탐벯훐맜샭ꎬ횱뷓떼훂닆헾늿쏅퓚퇫탐뗄쿐훃폠뛮듳듳퓶볓ꆣ뻝폐맘볒풤닢ꎬ쒿잰컒맺맺뿢쿖뷰폠뛮폐㐰〰뛠틚풪ꋙꆣ춬쪱ꎬ컒맺뗄맺햮ꋚ랢탐맦쒣돊톸쯙엲헍첬쫆ꎬ맺햮랢탐솿㈰〲쓪캪㔶㜹틚풪ꎬ㈰〳쓪캪㘴〳⸵?틚풪ꎬ㈰〴쓪캪㜰㈲틚풪ꋛꎬ?〰?쓪풤쯣랢탐쫽캪㜰㈳⸴틚풪ꋜꆣ평듋뿉볻ꎬ컒맺쒿잰듦퓚룟뢺햮폫룟쿐훃뷰늢듦ힴ첬ꆣ닆헾퓚퇫탐펵폐늻뇘튪뗄듳뛮쿖뷰폠뛮ꎬ믡듸살뛠랽쏦뗄컊쳢ꎺꎨ1ꎩ뫶싔쇋쿖뷰뗄쪱볤볛횵ꎬ퓶볓쇋쿖뷰믺믡돉놾뫍헾뢮돉놾ꎬ복짙쇋닆헾샻폃맺뿢쿐훃쿖뷰뗄쫕틦ꎻꎨ2ꎩ퓶볓헾뢮럧쿕ꎬ폈웤쫇닺뢺햮늻욥엤랽쏦뗄럧쿕벰쿠맘뗄쫐뎡럧쿕ꎬ튻랽쏦듳솿뗄맺뿢쿖뷰쿐훃퓚틸탐헋뮧짏ꎬ쇭튻랽쏦헾뢮듳솿랢탐맺햮살쏖늹닆헾돠ퟖꆣ 맺뿢쿖뷰맜샭쫇횸춨맽맜샭맺뿢쿖뷰헋뮧ꆢ쿖뷰쇷솿ꆢ쿖뷰폠뛮뗈살쪵쿖맺뿢쿖뷰쿐훃폠뛮ퟮ킡뮯ꎬ춬쪱퓚놣횤쿖뷰횧돶탨튪뗄잰쳡쿂ꎬ춨맽뛔뎬돶맺뿢ퟮ병쿖뷰돖폐솿뗄맺뿢쿖뷰폠뛮뷸탐낲좫뫏샭뗄춶퓋ퟷꎬ쪹맺뿢쿖뷰믱뗃춶쫕틦ퟮ듳뮯뗄튻쾵쇐닆헾뷰맜샭믮뚯ꆣ맦랶뗄맺뿢쿖뷰맜샭뗄훷튪ퟷ폃폐ꎺꎨ1ꎩ룟킧뗄맺뿢쿖뷰맜샭볈뿉틔놣횤맺뿢벰쪱횧뢶ꎬ쪵쿖헾뢮쿖뷰쇷죫폫쇷돶퓚쪱볤짏뗄욥엤ꎬ뿉틔복짙듳솿뷰쿐훃ꎬ폐샻폚쳡룟맺뿢뷰쪹폃킧싊ꎬ뿘훆닆헾횧돶퓶뎤뫍햮컱퓶뎤ꎻꎨ2ꎩ맺뿢쿖뷰맜샭뿉틔복짙쫐뎡샻싊늨뚯뫍쳡룟쫐뎡쇷뚯탔ꎬ뿉뷸튻늽룄뷸닆헾늿폫훐퇫틸탐퓚믵뇒쫐뎡퓋탐랽쏦뗄킭뗷폫릵춨ꎬ쳡룟믵뇒헾 ꋙ 쫽뻝살풴폚ꎺ췸틗짌튵놨뗀ꎬ ꎬ2004-08-29 15:48:09 ꋚ 횸훐퇫닆헾랢탐뗄맺볒릫햮ꎬ냼삨쓚햮폫췢햮ꎬ웤훐냼삨듺뗘랽헾뢮랢탐뗄ꎨ틲캪뗘랽헾뢮쎻폐랢탐ퟔ탐랢햮좨ꎩ ꋛ 2002쓪ꆢ2003쓪폫2004쓪쫽뻝살풴폚ꆶ훐맺닆헾쓪본2004ꆷ ꋜ 쫽뻝살풴폚ꎺ훐뮪죋쏱릲뫍맺닆헾늿ꎬꆶ2005쓪훐퇫폫뗘랽풤쯣닝낸놨룦ꆷ[J]ꎬ훐맺닆헾ꎬ2005ꎨ4ꎩꎬ7ꆫ8 1
즽컷닆뺭듳톧쮶쪿톧캻싛컄 닟뗷뿘뗄췪헻탔뫍폐킧탔ꎻꎨ3ꎩ붫뷰쪱볤볛횵ꆢ쿖뷰쇷뫍닺뢺햮맜샭뗈쿖듺닆컱맜샭룅쓮틽죫맺뿢맜샭훐ꎬ쪵쿖맺뿢쿖뷰폠뛮벯훐뮯맜샭ꎬ춨맽뫏샭뗄춶퓋ퟷꎬ쪹헾뢮뷰퓚럧쿕ퟮ킡뮯뗄쳵볾쿂ꎬ믱뗃ퟮ듳뺭볃쫕틦ꎬ듙뷸쿖듺맺뿢훆뛈룄룯뫍릫릲닆헾뿲볜뗄췪짆ꆣ 뿉볻ꎬ컞싛듓샭싛뮹쫇듓쪵볹뗄뷇뛈뾴ꎬ뛔컒맺맺뿢쿖뷰맜샭쳥훆뷸탐룄룯폫뒴탂뚼쫇쪮럖뇘튪뛸쟒뻟폐쿖쪵틢틥뗄뿎쳢ꆣ듓떱잰뾴ꎬ퇐뺿맺뿢쿖뷰맜샭쳥훆룄룯폫뒴탂컊쳢ꎬ뻍뇘탫뛔뒫춳맺뿢쿖뷰맜샭쒣쪽쯹듦퓚뗄컊쳢뷸탐퇐뺿늢폨틔뷢뻶ꎬ훷튪쒿뗄쫇뇜쏢맺뿢듳솿쿖뷰쿐훃샋럑ꎬ쪵쿖욽맺뿢쿖뷰쇷솿늨뚯ꎬ쳡룟맺뿢쿖뷰쪹폃킧틦ꎻ룼캪훘튪뗄쫇ꎬ듓뎤풶퇛맢뾴ꎬ붨솢탂탍맺뿢쿖뷰맜샭쳥훆쫇쫊펦짧믡훷틥쫐뎡뺭볃쳥훆쿂릫릲닆헾랢햹뗄뇘좻튪쟳ꆣ 쿠맘룅쓮뷧뚨 a. 맺뿢쿖뷰맜샭 맺뿢쿖뷰ꋙ맜샭ꎬ횸춨맽맜샭맺뿢쿖뷰헋뮧ꆢ쿖뷰쇷솿ꆢ쿖뷰폠뛮뗈살쪵쿖맺뿢쿖뷰쿐훃폠뛮ퟮ킡뮯ꎬ춬쪱퓚놣횤쿖뷰횧돶탨튪뗄잰쳡쿂ꎬ춨맽낲좫뫏샭뗄춶퓋ퟷꎬ쪹맺뿢쿖뷰믱뗃춶쫕틦ퟮ듳뮯뗄튻쾵쇐닆헾뷰맜샭믮뚯ꆣ닆헾뷰뻍쫇헾뢮뷰ꎬ쒿잰톧쫵뷧뛔웤맜샭뗄퇐뺿훷튪폐솽훖쳡램ꎬ튻쫇맺뿢쿖뷰맜샭ꎬ뛾쫇헾뢮쿖뷰맜샭ꆣ웤쪵ꎬ늻싛쫇맺뿢쿖뷰맜샭ꎬ뮹쫇헾뢮쿖뷰맜샭ꎬ웤뛔쿳뚼쫇헾뢮뗄뿢듦쿖뷰ꆢ믮웚듦뿮뫍폫쿖뷰뗈볛뗄뛌웚쇷뚯뷰죚닺ꆣ틲듋ꎬ놾컄죏캪맺뿢쿖뷰맜샭폫헾뢮쿖뷰맜샭솽헟쫇쿠춬룅쓮ꎬ늻볓틔쟸뇰ꆣ b. 믽벫맺뿢쿖뷰맜샭 믽벫맺뿢쿖뷰맜샭쫇쿠뛔폚쿻벫쿖뷰맜샭쳡돶살뗄ꆣ놾컄죏캪컒맺뎤웚틔살쪵탐뗄쿖뷰맜샭랽쪽쫇튻훖쿻벫맜샭쒣쪽ꎬ틲캪퓚헢훖쒣쪽쿂ꎬ맺뿢뷰횻쓜쿐훃퓚풤쯣떥캻헋뮧짏ꆰ뗈듽ꆱ쪹폃ꎬ뫶쫓쇋믵뇒쪱볤볛횵폫쿖뷰믺믡돉놾ꎬ춬쪱퓶볓헾뢮뢺햮돉놾뫍뷰럧쿕ꆣ쿠랴ꎬ믽벫쿖뷰맜샭쒣쪽뻍쫇튪퓚좷놣쇋닆헾횧돶탨튪뗄잰쳡쿂ꎬ쪹맺뿢쿐훃쿖뷰폠뛮ퟮ킡뮯ꎬ춬쪱춨맽믽벫뗄춶퓋ퟷꎬ쪹맺뿢쿖뷰춶쫕틦ퟮ듳뮯뗄튻쾵쇐닆헾뷰맜샭믮뚯ꆣ c. 탂탍맺뿢쿖뷰맜샭쳥훆 탂탍맺뿢쿖뷰맜샭쳥훆쫇쿠뛔폚컒맺뒫춳뗄맺뿢쿖뷰맜샭쒣쪽쳡돶살뗄ꆣ뒫춳뗄맺뿢쿖뷰맜샭쒣쪽쫇볆뮮뺭볃쳥훆쿂탎돉뗄ꎬ맺뿢쿖뷰평룷풤쯣떥캻럖즢맜샭ꎬ늢캴탎돉맺뿢쿖뷰벯훐맜샭ꎬ맺뿢쿖뷰뗄쪹폃킧싊뗍ꆣ뛸놾컄쯹쳡돶뗄탂탍맺뿢쿖뷰맜샭쳥훆ꎬ늻뷶쫇룶탂뗄맜샭쒣쪽ꎬ룼훘튪뗄쫇튪듓훆뛈짏뒴탂ꎬ탎돉튻훖맦랶뗄맺뿢쿖뷰맜샭훆뛈ꆣ탂탍뗄맺뿢쿖뷰맜샭쳥훆훷튪내맺볊춨탐ퟷ램ꎬ훆뚨탂뗄맜샭훆뛈ꎬ뒴탂맜샭랽램ꎬ췪짆맜샭믺릹벰웤쿠 ꋙ맺뿢쿖뷰훷튪쫇횸뿢듦쿖뷰ꆢ믮웚듦뿮뫍폫쿖뷰뗈볛뗄뛌웚쇷뚯뷰죚닺ꆣ 2
잰퇔 맘뗄퓋탐믺훆뗈ꎬ쪵쿖쳡룟맺뿢쿖뷰쪹폃킧싊헢룶쒿뇪ꎬ듓뛸쪹컒맺뗄맺뿢쿖뷰맜샭쳥훆쫊뫏쫐뎡뺭볃쳥훆쿂릫릲닆헾뿲볜뗄튪쟳ꆣ 퇐뺿쿖ힴ 20쫀볍70쓪듺ꎬ쏀맺헾뢮벰웤릫릲ퟩ횯뾪쪼죏뿉믵뇒쪱볤볛횵뫍쿖뷰뗄믺믡돉놾ꎬ훰늽틢쪶떽뿉틔듓믵뇒쪱볤볛횵훐믱뗃샻틦ꎬ늢쟒틢쪶떽헾뢮ퟔ벺뷸탐춶룼뫃ꎬ솪냮헾뢮뻶뚨뾪햹맺뿢쿖뷰맜샭ꆣ춬쪱ꎬOECD맺볒돶쿖퇏훘닆헾톹솦뗄놳뺰쿂쳡돶ꎬ늢쪵볹쇋헾뢮믽벫쿖뷰맜샭ꆣ뺭맽30뛠쓪뗄랢햹ꎬ랢듯쫐뎡뺭볃틑뺭탎돉쇋튻쳗뇈뷏쾵춳ꆢ룟킧뗄쿖뷰맜샭쳥훆뫍쫐뎡뮯뗄맺뿢쿖뷰맜샭샭쓮ꆣ 좻뛸ꎬ믽벫뗄맺뿢쿖뷰맜샭퓚컒맺튻횱쎻폐뗃떽ퟣ릻뗄훘쫓ꎬ쿠맘뗄퇐뺿튲뇈뷏짙ꎬ뛸쟒듳뛠쫽쫇듓쒳룶랽쏦뷸탐퇐뺿ꆣ볖뾵ꆢ퇖삤폫훜톧량ꎨ2003ꎩ퓸뛔맺뿢쿖뷰맜샭뗄뚨틥뷸탐뷧뚨ꎬ죏캪맺뿢쿖뷰맜샭쫇횸퓚좷놣맺뿢쿖뷰횧돶탨튪뗄잰쳡쿂ꎬ쪹맺뿢쿖뷰쿐훃폠뛮ퟮ킡뮯ꎬ춶쫕틦ퟮ듳뮯뗄튻쾵쇐닆헾뷰맜샭믮뚯ꆣ늢쟒퇐뺿쇋맺뿢쿖뷰맜샭뗄쒿뇪ꆢퟷ폃ꎬ쳡돶튪붨솢좫쏦뗄쿖뷰쇷풤닢믺훆틔벰볓잿닆헾폫퇫탐볤뗄킭뗷엤뫏ꆣ췵펺뻽ꎨ2003ꎩ듓헾뢮쿖뷰맜샭폫맺뿢룄룯뷇뛈뷸탐퇐뺿ꎬ쳡돶쿖듺맺뿢쾵춳뗄뫋탄릦쓜뻍퓚폚쿖뷰맜샭ꎬ폈웤쫇쿖뷰폠뛮뗄벯훐뮯ꎬ솼뫃뗄쿖뷰맜샭쾵춳냼삨붨솢맺뿢떥튻헋뮧쳥쾵ꎬ뇜쏢맽뛈벯훐뫍맽뛈럖즢뗄맜샭쒣쪽ꎬ늢돤럖뾼싇뛔틸탐쾵춳뫍횧돶믺릹룄룯뿉쓜퓬돉뗄펰쿬ꆣ엋맺뾡ꎨ2004ꎩ뛔맺뿢쿖뷰맜샭쒣쪽뷸탐퇐뺿ꎬ죏캪맺뿢쿖뷰맜샭폐죽훖쒣쪽ꎬ벴훐퇫틸탐췪좫뺭샭맺뿢ꆢ맺뿢뷰듦죫짌튵틸탐ꆢ맺뿢뷰횱뷓뷸죫믵뇒쫐뎡뷸탐뛌웚춶ꆣ돌떤럥ꆢ퇮헕쓏ꎨ2004ꎩ쫗쿈럖컶쇋맺뿢쿖뷰맜샭폫믵뇒쫐뎡뗄맘쾵ꎬ틔벰컒맺믵뇒쫐뎡뗄랢햹쿖ힴꎬ쳡돶맺뿢쿖뷰맜샭펦폫믵뇒쫐뎡랢햹쿠쫊펦ꎬ룹뻝믵뇒쫐뎡랢햹뗄쪵볊쟩뿶ꎬ톡퓱뫏쫊뗄춶퓋ퟷ랽쪽ꆣ캤쪿루ꎨ2003ꎩ쫗쿈뷩짜쇋랢듯쫐뎡뺭볃맺볒죧뫎뷸탐맺뿢쿖뷰맜샭폫햮컱맜샭킭뗷엤뫏ꎬ쳡돶뷱뫳컒맺뾪햹맺뿢쿖뷰맜샭뗄벸뗣붨틩ꎬ훷튪쫇볲떥뷩짜쇋춨맽랢탐뛌웚맺햮폫맺뿢쿖뷰뗄죕뎣퓋ퟷ맜샭맺뿢쿖뷰ꆣ?ퟜ횮ꎬ쒿잰컒맺톧쫵뷧뛔맺뿢쿖뷰맜샭뗄퇐뺿벸뫵뚼쫇뷩짜탔럖컶ꎬ좱랦짮죫쾵춳뮯퇐뺿ꎬ짐캴탎돉맺뿢쿖뷰맜샭뗄췪헻샭싛쳥쾵ꎬ캴쓜쳡돶릫릲닆헾뿲볜쿂췪헻뗄맺뿢쿖뷰맜샭쳥훆뿲볜ꆣ놾컄쯹ퟶ뗄퇐뺿뻍쫇쾣췻쓜쏖늹헢룶퇐뺿뿕좱ꆣ 퇐뺿쒿뗄ꆢ랽램폫뷡릹닣듎 퇐뺿쒿뗄 헫뛔컒맺쿖탐뗄맺뿢쿖뷰맜샭랢햹쿖ힴꎬ듓샭싛럖컶ퟅ쫖ꎬ뷨본맺쓚췢쿠맘퇐뺿돉맻ꎬ짮죫쾵춳럖컶쿖탐쒣쪽뗄뇗뛋ꎬ뷸뛸듓랢햹릫릲닆헾뗄튪쟳돶랢ꎬ럖컶뷸탐맺뿢쿖뷰맜샭룄 3
즽컷닆뺭듳톧쮶쪿톧캻싛컄 룯폫뒴탂뗄뇘튪탔폫뿉탐탔ꎬ늢쳡돶릹붨탂탍맺뿢쿖뷰맜샭쳥훆뗄ퟜ쳥뿲볜벰쪵쪩랽낸ꆣ?퇐뺿랽램 퓚놾컄훐ꎬ뇊헟쪼훕볡돖붫컒맺맺뿢쿖뷰맜샭컊쳢쓉죫떽붨솢릫릲닆헾뿲볜쓚뷸탐럖컶ꎬ춬쪱틔맺뿢벯훐쫕뢶훆뛈캪믹뒡ꆣ훷튪틔릫릲닆헾샭싛폫믵뇒쪱볤볛횵샭싛캪횸떼ꎬ늢쟒듓훆뛈뺭볃톧뷇뛈럖컶맺뿢쿖뷰맜샭쳥훆뒴탂뗄탨쟳폫돉놾ꆣ샭싛솪쾵쪵볊ꎬ닉폃ퟝ쿲뇈뷏폫뫡쿲뇈뷏랽램쿠뷡뫏ꎬ춨맽뇈뷏럖컶컒맺맺뿢쿖뷰맜샭뻉뒫춳쒣쪽ꎬ틔벰랢듯쫐뎡뺭볃맺볒맺뿢쿖뷰맜샭뗄돉릦뺭퇩ꎬ뗃떽뷸탐맺뿢쿖뷰맜샭룄룯폫뒴탂뗄뇘튪탔폫뿉탐탔ꎻ춨맽뚨탔럖컶폫뚨솿럖컶랽램쿠뷡뫏ꎬ럖컶죧뫎릹붨탂탍맺뿢쿖뷰맜샭쳥훆ꎬ뛔맺뿢쿖뷰ퟮ병돖폐솿뗄닢뚨뷸탐퇐뺿ꎻ닉폃맦랶럖컶폫쪵횤럖컶쿠뷡뫏ꎬ짮죫쾵춳럖컶퓚컒맺쫐뎡뺭볃쳵볾쿂ꎬ죧뫎톡퓱뫏샭뗄춶퓋ퟷ랽쪽ꎬ늢쟒뷸탐춶쒣쓢ퟩ뫏럖컶ꆣ 뷡릹닣듎 놾컄뗄퇐뺿쮼슷뿲볜춼죧쿂ꎺ???잰퇔 ???룄룯뗄샭싛믹뒡 ??쿖뷰맜샭뗄훷쳥톡퓱ꆢ믺릹짨훃ꆢ?룄룯뗄뇘튪탔폫뿉탐탔쿖뷰쇷풤닢폫볠뿘뗈 ???맺뿢ퟮ병쿖뷰돖폐솿뗄닢뚨 탂탍맺?뿢쿖뷰맜샭쳥훆ퟜ쳥뿲볜 ??엤쳗룄룯 맺?뿢쿖뷰폠뛮뗄춶퓋ퟷ ?뷡싛 ?춼??ㄠ?놾컄퇐뺿쮼슷뿲볜춼? 4
잰퇔 룹뻝춼ꎨ???ꎩ뗄퇐뺿쮼슷ꎬ놾컄쓚죝럖캪냋헂살닻쫶ꎺ?뗚튻헂쫇떼퇔ꎬ훷튪뷩짜놾컄톡쳢놳뺰벰틢틥ꆢ쿠맘룅쓮뷧뚨ꆢ퇐뺿쿖ힴꆢ퇐뺿쒿뗄ꆢ랽램폫뷡릹닣듎ꆣ?뗚뛾헂쫇놾컄솢쳢뗄샭싛믹뒡ꎬ룃늿럖훷튪뷩짜쇋맺뿢쿖뷰맜샭뗄샭싛틀뻝폫쫐뎡뺭볃맺볒맺뿢쿖뷰맜샭뗄뺭퇩뷨본ꆣ?뗚죽헂믹폚샭싛믹뒡폫맺볊뷨본뗄믹뒡짏ꎬ뷡뫏컒맺맺뿢쿖뷰맜샭뗄쪵볊쟩뿶ꎬ럖컶컒맺맺뿢쿖뷰맜샭쳥훆룄룯폫뒴탂뗄뇘튪탔폫뿉탐탔ꆣ?뗚쯄헂ꆢ뗚컥헂폫뗚쇹헂쫇놾컄뗄뫋탄쓚죝ꎬ쳡돶쫊펦짧믡훷틥쫐뎡뺭볃쳥훆쿂릫릲닆헾랢햹튪쟳뗄탂탍맺뿢쿖뷰맜샭쳥훆뗄ퟜ쳥뿲볜ꎬ늢쾵춳닻쫶탂탍맺뿢쿖뷰맜샭쳥훆뗄훘튪쓚죝ꆣ헢죽헂쓚죝웤쪵쫇룶헻쳥ꎬ틲캪웤쫇놾컄뗄뫋탄쓚죝ꎬ욪럹맽듳ꎬ늢뾼싇떽놾컄룷헂뗄욪럹킭뗷컊쳢ꎬ쯹틔냑훘뗣쓚죝럖헂퇐뺿ꎬ헢퇹룼폐샻폚짮죫퇐뺿훘뗣컊쳢ꆣ뗚쯄헂훷튪럖컶컒맺맺뿢쿖뷰맜샭뗄훷쳥톡퓱ꎬ믺릹짨훃ꆢ쿖뷰쇷뿘훆ꎬ틔벰쿖뷰쇷뗄풤닢폫볠뿘뗈컊쳢ꎻ뗚컥헂쫇탂탍맺뿢쿖뷰맜샭쳥훆뗄훘튪쓚죝ꎬ놾컄닉폃뚨솿럖컶폫뚨탔럖컶쿠뷡뫏뗄랽램ꎬ짮죫퇐뺿닢뚨맺뿢ퟮ병쿖뷰돖폐솿뗄풭샭ꎬ틔벰닢뚨ퟮ병돖폐솿뗄뻟쳥랽램ꎻ뗚쇹헂쫇탂탍맺뿢쿖뷰맜샭쳥훆뗄뫋탄쓚죝ꎬ훷튪퇐뺿퓚컒맺쫐뎡뺭볃쳵볾쿂릫릲닆헾뿲볜랶캧쓚ꎬ죧뫎톡퓱뫏샭뗄춶퓋ퟷ랽쪽ꎬ쪹맺뿢쿖뷰폠뛮퓚좷놣낲좫탔ꆢ쇷뚯탔뗄잰쳡쿂ꎬ믱뗃ퟮ듳뮯뗄춶쫕틦ꆣ 뗚웟헂뛔맺뿢쿖뷰맜샭쳥훆룄룯뗄엤쳗컊쳢뷸탐퇐뺿ꎬ쳡돶붨솢탂탍맺뿢쿖뷰맜샭쳥훆뇘탫폐쿠맘뗄훆뛈쿠엤쳗ꆣ 뗚냋헂쫇놾컄뗄ퟜ뷡ꎬ쳡솶돶싛컄뗄뒴탂뗣벰탨튪뷸튻늽퇐뺿뗄컊쳢ꆣ? 5
즽컷닆뺭듳톧쮶쪿톧캻싛컄 뗚뛾헂 맺뿢쿖뷰맜샭쳥훆룄룯뗄샭싛믹뒡 맺뿢쿖뷰맜샭쳥훆룄룯뗄샭싛틀뻝 볓잿맺뿢쿖뷰맜샭쫇릫릲닆헾랢햹뗄놾훊튪쟳 릫릲닆헾쫇폫쫐뎡뺭볃릲듦뗄튻훖닆헾훆뛈ꎬ쳡룟닆헾뷰쪹폃킧싊쫇릫릲닆헾뗄놾훊튪쟳ꆣ릫릲닆헾뗄뫋탄횰쓜쫇쳡릩릫릲닺욷뫍싺ퟣ짧믡릫릲탨튪ꎬ맺뿢쿖뷰살ퟔ폚쓉쮰죋ꎬ쓉쮰죋쿲맺볒쓉쮰쫇캪쇋믱뗃릫릲닺욷뫍릫릲럾컱ꆣ쓉쮰죋폫헾뢮늿쏅횮볤듦퓚캯췐ꆪ듺샭맘쾵ꎬ쓉쮰죋ힷ쟳짧믡뢣샻ퟮ듳뮯ꎬ튪쟳쳡룟닆헾뷰킧싊ꆣ틲뛸ꎬ뺡뿉쓜쳡룟닆헾뷰킧싊쫇맺뿢뷰맜샭헟펦뺡뗄틥컱ꆣ 컒맺쒿잰뒦폚뺭볃쳥훆맬뷗뛎ꎬ뺭볃랢햹쮮욽뗍ꎬ뷰쿠뛔늻ퟣꎬ헾뢮쯹쓜돯벯뗄뷰폐쿞ꎬ뛸헾뢮쯹돐떣뗄룄룯폫랢햹죎컱폖뫜훘ꎬ횻폐춨맽볓잿맺뿢쿖뷰맜샭ꎬ쳡룟맺뿢뷰뗄쪹폃킧싊살뮺뷢뷰뷴헅폫뷰탨튪횮볤뗄쎬뛜ꆣ릫릲닆헾뿲볜쿂ꎬ맺뿢쿖뷰맜샭쳥훆뇘탫뷢뻶죧뫎폃쓉쮰죋ퟮ짙뗄잮쳡릩ퟮ싺틢뗄릫릲닺욷ꎬ뺡뿉쓜쪵쿖쓉쮰죋뷰킧틦ퟮ듳뮯ꎬ듓뛸ퟮ듳쿞뛈뗘럻뫏쓉쮰죋뗄샻틦ꆣ맺뿢뷰뗄쇷죫폫쇷돶벰웤쪹폃킧싊퓚뫜듳돌뛈짏좡뻶폚맺뿢맜샭훆뛈쫇럱뿆톧뫏샭ꎬ폐킧뗄맺뿢쿖뷰맜샭훆뛈쓜룼뫃뗘샭쮳닆헾쫕횧맘쾵ꎬ쳡룟닆헾뷰뗄쪹폃킧싊ꆣ 믵뇒뗄쪱볤볛횵쫇볓잿맺뿢쿖뷰맜샭뗄훘튪틀뻝 믵뇒뗄쪱볤볛횵ꎨTime Value of Moneyꎩ쫇컒맺랭틫틽죫뗄튻룶컷랽닆컱맜샭룅쓮ꎬ틠돆캪뷰뗄쪱볤볛횵ꎬ쫇횸믵뇒평폚쪱볤뗄췆틆뛸닺짺뗄믵뇒퓶횵ꆣ믵뇒뗄볛횵믡쫜떽쪱볤뗄펰쿬ꎬ뷱쳬뗄튻풪잮뿉폃살춶ꎬ늢풤웚믡믱뗃쫕죫ꎬ웤볛횵틲듋뛸퓶볓ꎻ쏷쳬뗄튻풪잮평폚퇓컳쇋춶벰풤웚닺짺쫕죫뗄쪱볤ꎬ웤볛횵뻍믡뗍폚뷱쳬뗄튻풪잮ꆣ[3] 믵뇒뗄쪱볤볛횵맛쓮늢늻쫇튻룶탂뗄샭싛ꆣ쾤쓡ꆤ믴쒬ꎨSidney Homerꎩ퓚ꆶ샻싊뗄샺쪷ꆷ튻쫩훐뻙샽쮵ꎬ볙죧붫1000쏀풪내8%뗄쓪샻싊춶ꎬ400쓪뫳ꎬ헢뇊잮붫뇤돉23ꇁ1024쏀풪ꆣ헢볲떥횱맛뗘쿔쪾쇋믵뇒퓚400쓪뫳붫쫇뺪죋뗄쫽놶퓶횵쇋ꆣ믵뇒캪쪲쎴믡닺짺퓶횵쓘ꎬ십뿋쮼믘듰쇋헢룶컊쳢ꆣ쯻퓚ꆶ놾싛ꆷ훐럖컶쇋뷨듻놾볒횮쯹틔믱뗃쇋믵뇒퓶횵ꎬ쫇틲캪쯻냑믵뇒뷨룸쇋닺튵놾볒늢ퟮ훕춶죫쇋짺닺뺭펪맽돌ꎬ뛸쯻쯹뗃떽뗄믵뇒퓶횵횻쫇짺닺뺭펪맽돌탂뒴퓬볛횵뗄튻늿럖ꆣퟜ뛸퇔횮ꎬ믵뇒뗄쪱볤볛횵살풴폚짺닺뺭펪ꆣ믵뇒죴늻춶죫짺닺뺭펪ꎬ횻쫇뒦폚쿐훃ힴ첬ꎬ췆동쿻럑뗄쪱볤퓙뎤ꎬ튲늻믡닺짺퓶횵ꆣ[4] 퓚뎤웚춶뻶닟훐ꎬ뾼싇믵뇒쪱볤볛횵뗄뚯첬럖컶랽램틑뺭뒦폚훷튪뗘캻ꆣ컞싛쫇럖컶춶쿮쒿쫇럱뿉탐ꎬ뮹쫇럖컶뇈뷏춶쿮쒿뺭볃짏뗄폅쇓ꎬ뚼탨튪붫춶쿮쒿뗄쿖뷰쇷돶솿 6
맺뿢ퟮ병쿖뷰돖폐솿뗄닢뚨 뫍쿖뷰쇷죫솿내쪱볤볛횵싊뮻쯣돉쿖횵ꎬ닅쓜ퟶ돶뷸튻늽뗄뺭볃움볛ꆣ뛔폚쿖뷰뗄돖폐솿뻶닟ꎬ듦퓚튻룶믺믡돉놾뗄볆쯣컊쳢ꆣ횻폐뾼싇믵뇒뗄쪱볤볛횵ꎬ헽좷뗘볆쯣믺믡돉놾ꎬ닅쓜헽좷뗘뷸탐뛌웚춶뻶닟ꆣ 믵뇒뗄쪱볤볛횵샭싛춬퇹쫊폃폚헾뢮쿖뷰맜샭ꆣ죎뫎헾뢮뚼펦돖폐돤ퟣ뗄쿖뷰ꎬ믲웤닺쓜퓚뷏뛌뗄쪱볤쓚뮻돉쿖뷰ꎬ틔싄탐웤횧뢶틥컱ꎬ틲뛸ꎬ맺뿢훐놣돖튻룶뫏샭쿖뷰돖폐솿쫇뇘탨뗄ꆣ쿖뷰놾짭뻍쫇튻훖풴ꎬ틲듋쯼폐돉놾ꎬ튲폐볛횵ꆣ뇈죧ꎬ뷨뿮탨튪횧뢶샻쾢ꎬ뛸붫쿖뷰듦죫틸탐퓲뿉틔믱뗃샻쾢ꆣ쇭췢ꎬ평폚쫜춨믵엲헍믲믣싊뇤뚯뗄펰쿬ꎬ쿖뷰뮹쏦쇙ퟅ뇡횵뗄럧쿕ꎨ샻싊럧쿕뫍믵뇒럧쿕ꎩꆣ평폚쿖뷰뻟폐쪱볤볛횵뫍믺믡돉놾ꎬ틲듋맺뿢쿖뷰ퟮ병돖폐솿펦룃뿆톧닢뚨ꎬ죧맻늻뷸탐뿆톧믽벫맜샭ꎬ죎평맺뿢쿖뷰뎬뛮쿐훃ꎬ뻍쫇뫶쫓쿖뷰뗄쪱볤볛횵ꎬ튪뢶돶쿖뷰믺믡돉놾ꆣ뎤웚틔살ꎬ컒맺맺뿢뷰맜샭쎻폐틔믵뇒뗄쪱볤볛횵샭싛캪횸떼ꎬ떼훂듳솿뗄뷰샋럑ꆣ틲듋ꎬ퓚맺뿢쿖뷰맜샭훐ꎬ펦룃믽벫뛔듽믵뇒쪱볤볛횵뫍쿖뷰뗄믺믡돉놾ꎬ뺡솿듓믵뇒뗄쪱볤볛횵훐믱뗃쫕틦ꆣ 맺뿢쿖뷰맜샭쳥훆룄룯쫇훆뛈뒴탂뗄탨튪 듷캬ꆤ럆쓡맘폚훆뛈뒴탂탨쟳뗄샭싛죏캪ꎺ내헕쿖폐낲업ꎬ컞램믱뗃잱퓚뗄샻틦ꎬ탐캪헟죏쪶떽ꎬ룄뇤쿖폐훆뛈낲업ꎬ쪹쫕죫럖엤뎯폐샻폚ퟔ벺늻샻폚쯻죋뗄랽쿲룄뇤ꎻ믲헟쓜릻쳡룟킧싊ꎬ닺짺탂뗄짺닺믺믡ꆣ[5] 폫뒫춳뗄맺뿢쿖뷰맜샭쒣쪽쿠뇈ꎬ붨솢탂탍맺뿢쿖뷰맜샭쳥훆쫇튻듎훆뛈짏뗄뒴탂ꆣ틲캪탂탍맺뿢쿖뷰맜샭훆뛈쿂맺뿢쿖뷰폠뛮벯훐폚맺뿢떥튻헋뮧맜샭ꎬ볓잿쇋뛔맺뿢쿖뷰쇷뗄풤닢폫볠뿘ꎬ쓜릻쳡잰닢뚨맺뿢ퟮ병쿖뷰돖폐솿ꎻ춬쪱춨맽뛔맺뿢쿖뷰폠뛮춶퓋ퟷ믱뗃쫕틦ꎬ뿉쳡룟뷰쪹폃킧싊ꎬ쪵쿖뒫춳쿖뷰맜샭쒣쪽쿂쯹늻쓜쪵쿖뗄탭뛠쫕틦ꆣ떫쫇ꎬ훆뛈뒴탂맽돌훐ꎬ늻뷶튪럖컶쿖듺맺뿢쿖뷰맜샭훆뛈뗄훆뛈폅풽탔ꎬ뮹튪럖컶뻶뚨맺뿢쿖뷰맜샭훆뛈룄룯릩룸뗄짨볆돉놾ꎬ맺뿢쿖뷰맜샭훆뛈룄룯돉놾뗄럖떣ꆢ횪쪶믽샛ꆢ릫훚틢쪶뗈ꆣ춬쪱ꎬ맺뿢쿖뷰맜샭훆뛈룄룯뒴탂튲튪힢틢떽폫웤쯻훆뛈룄룯엤쳗뷸탐뗄컊쳢ꆣ a. 맺뿢쿖뷰맜샭훆뛈룄룯뒴탂뗄릩룸럖컶 볆쯣믺췸싧탅쾢뗄랢햹쪹닆헾늿쏅폫틸탐ꆢ풤쯣떥캻횮볤뗄닆컱탅쾢뿉틔톸쯙뗄붻쇷ꎬ헢뻍캪쪵쪩컒맺맺뿢쿖뷰맜샭훆뛈룄룯ꎬ볓잿뛔맺뿢쿖뷰뗄쪵쪱볠뿘ꎬ쪵쿖떥튻헋뮧폫웤쯻헋뮧횮볤뗄떱쳬뷡쯣뒴퓬쇋쳵볾ꆣ헽쫇헢킩벼쫵뗄랢햹캪맺뿢훆뛈뗄솼뫃퓋탐쳡릩쇋폅훊뛸솮볛뗄럾컱횧독ꎬ쪹맺뿢쿖뷰맜샭훆뛈뒴탂뗄돉놾럑폃듳듳붵뗍ꆣ춬쪱ꎬ맺뿢떥튻헋뮧쳥쾵붨솢뫳ꎬ맺뿢쿖뷰폠뛮쪵쿖벯훐맜샭ꎬ듳듳쳡룟쇋닆헾뷰뗄쪹폃킧싊ꎬ캪맺뿢쿖뷰맜샭뗬뚨쇋믹뒡ꆣ b. 맺뿢쿖뷰맜샭훆뛈룄룯뒴탂뗄돉놾럖컶 죎뫎훆뛈뗄룄룯뚼탨튪돉놾ꎬ벴훆뛈뗄짨볆돉놾뫍쪵쪩돉놾ꎬ맺뿢쿖뷰맜샭훆뛈룄룯튲 7
즽컷닆뺭듳톧쮶쪿톧캻싛컄 늻샽췢ꆣ헢훷튪냼삨램싉ꆢ램맦훆뛈ꎬ탻뒫ꆢ맡뎹탂쳥훆쯹튪뫄럑뗄죋솦ꆢ컯솦ꆢ닆솦ꎬ캪쇋쪵쪩ꆢ횴탐탂뗄맺뿢쿖뷰맜샭훆뛈룄룯뛸뷸탐뗄죋풱엠통뗈ꆣ쯤좻헢킩랽쏦듦퓚돉놾ꎬ떫뛔폚맺뿢쿖뷰맜샭훆뛈룄룯살쮵ꎬ룄룯돉놾뗄뢺떣헟뫍룄룯쫕틦믱좡헟쫇춬튻훷쳥ꆪꆪ맺볒ꎬ쟒쫕틦듳폚돉놾ꆣ틲듋ꎬ룹뻝훆뛈룄룯뒴탂뗄샭싛ꎬ훆뛈뗄짨볆돉놾뫍쪵쪩돉놾늻믡펰쿬맺뿢쿖뷰맜샭훆뛈뗄뒴탂ꆣ 돉놾뗄럖떣퓚늻춬샻틦벯췅횮볤뗄럖늼쫇늻뻹뫢뗄ꎬ늢럇쯹폐뗄죋뚼쫜틦ꎬ맺뿢쿖뷰맜샭훆뛈뒴탂뛔헻룶맺볒살쮵쫇쫕틦듳폚돉놾뗄ꎬ떫폐킩죋뗄돉놾쫇듳폚쫕틦뗄ꆣ틲듋ꎬ헢훖훆뛈룄룯폖돆캪럇엁샛췐훆뛈룄룯[6]ꆣ쫜쯰뗄튻늿럖죋뻍믡닉좡룷훖탎쪽뫍쫖뛎살뗖훆헢훖훆뛈뒴탂ꎬ뺡솦캬뮤풭폐뗄샻틦룱뻖ꆣ헢퇹ꎬ훆뛈뒴탂뗄돉놾뇘붫퓶볓ꆣ뷢뻶헢튻컊쳢뗄랽램훷튪폐ꎺꎨ1ꎩ훰늽췆뷸룄룯ꎬ뺡솿복짙훆뛈뒴탂뗄ퟨ솦ꆣ쪵볹훐ꎬ컒맺쫗쿈톡퓱벸룶뗘랽뷸탐쫔뗣룄룯ꎬ퓚춬튻벶헾뢮훐톡퓱벸룶늿쏅췆탐룄룯쫔뗣ꎬ좻뫳퓙훰늽췆맣ꎻꎨ2ꎩ훆뚨쿠맘헾닟램쇮ꎬ췆탐룄룯ꎻꎨ3ꎩ힢틢랢믓릫훚틢쪶ꎨ냼삨샻틦벯췅돉풱ꎩ뗄믽벫ퟷ폃ꎬ듓맛쓮짏뷓쫜맺뿢쿖뷰맜샭룄룯폫뒴탂뻍쫇캪쇋맺볒뗄샻틦ꎬ쫇늻뿉ퟨ떲뗄ꆣ[7] ퟜ횮ꎬ맺뿢쿖뷰맜샭훆뛈룄룯폫뒴탂튪ퟶ떽헻쳥짨볆ꎬ쾵춳췆뷸ꎬ헢튲헽쫇릹붨탂탍맺뿢쿖뷰맜샭쳥훆훐펦볡돖뗄풭퓲ꎬ뛸쟒튪힢틢뫍웤쯼훆뛈횮볤킭뗷엤뫏ꆣ 맺뿢쿖뷰맜샭쳥훆룄룯뗄쿖쪵틀뻝ꆪꆪ맺췢뷨본 맺뿢쿖뷰맜샭횰쓜쫇퓚20쫀볍70쓪듺OECD맺볒돶쿖퇏훘닆헾톹솦뗄놳뺰쿂쳡돶살뗄ꎬ뫳살튻횱놻쫓캪헾뢮닆컱맜샭뗄튻룶맘볼틲쯘ꆣ뷼쓪살ꎬ램맺ꆢ쏀맺ꆢ펢맺뗈랢듯쫐뎡뺭볃맺볒튻횱뚼퓚퓋탐믽벫뗄헾뢮쿖뷰맜샭ꎬ뛸쟒쯻쏇틑뺭탎돉쇋튻쳗뇈뷏쾵춳뗄쿖뷰맜샭쳥훆[8]ꆣ웤믹놾쳘헷쫇ꎺ 킧싊뮯뗄쫕횧맜샭쳥쾵 a. 맺뿢떥튻헋뮧훆뛈쫇룟킧맺뿢쿖뷰맜샭뗄믹뒡 퓚랢듯뗄쫐뎡뺭볃맺볒ꎬ튻냣뚼붫헾뢮쫕횧벯훐폚튻볒틸탐헋뮧ꎬ벴맺뿢떥튻헋뮧ꎬ헢룶헋뮧튻냣뚼뾪퓚훐퇫틸탐ꆣ맺뿢떥튻헋뮧붫헾뢮룷늿쏅쯹폐뗄닆헾탔뷰뚼벯훐떽훐퇫틸탐ꎬ좡쿻룷풤쯣떥캻뛀솢뾪짨뗄풤쯣헋뮧ꎬ쪵쿖닆헾뷰뗄벯훐맩뿚맜샭뫍닆헾쫕횧뗄ꆰ쮫횱듯ꆱꆣ폫맺뿢떥튻헋뮧엤쳗쪹폃뗄쫇맺뿢럖샠헋뮧ꎬ폃틔볇슼헾뢮뷰뗄뇤뚯뫍뷰퓋폃ꎬ늢쿲헾뢮쳡릩쿠맘탅쾢ꎬ떱짦벰쪵볊늦뢶쪱ꎬ퓲춨맽맺뿢떥튻헋뮧살뒦샭ꆣ맺뿢떥튻헋뮧뗄짨솢뾼싇쇋맺뿢쿖뷰맜샭뗄튪쟳ꎬ웤훐튻룶훘튪뗄쒿뗄ꎬ뻍쫇죧뫎춨맽헋뮧탅쾢럖컶풤닢맺뿢뷰뇤뮯ꎬ뷸뛸내뺭볃풭퓲낲업쫕횧듮엤ꎬ틔쟳냑맺뿢쿖뷰폠뛮놣돖퓚ퟮ뗍쮮욽ꆣ퓚펢맺ꎬ펢룱삼틸탐쫇헾뢮뗄뾪뮧틸탐ꎬ웤훐맜샭헾뢮헋뮧뗄튻룶풭퓲뻍쫇뺡솿붫맺뿢듦뿮놣돖퓚ퟮ킡쿞뛈ꆣ[9] 8
맺뿢ퟮ병쿖뷰돖폐솿뗄닢뚨 b. 룟킧뗄닆헾쫕죫돌탲 쓉쮰죋쿲쮰쫕맜샭늿쏅짪놨ꎬ죴컞틬틩ꎬ쓉쮰죋쿲헷쮰믺맘믲죎뫎튻볒틸탐틔횧욱뗄탎쪽뷉쓉쮰뿮ꎬ횧욱춨맽틸탐쟥쯣쾵춳횱뷓짏뮮맺뿢떥튻헋뮧훐ꆣ죧틢듳샻훐퇫닆헾뗄쮰쫕헷맜돌탲쫇ꎺ쓉쮰죋쿈쿲횴쫕늿쏅짪놨쓉쮰ꎬ듽횴쫕늿쏅뫋뚨뷰뛮뫳ꎬ횱뷓떽짌튵틸탐뷉쓉쮰뿮ꆣ튻랽쏦ꎬ횴쫕늿쏅춨맽볆쯣믺쾵춳붫쓉쮰탅쾢짏놨맺뿢ꎬ평맺뿢볇슼쫕죫쫽솿뗈폐맘탅쾢ꎬ쇭튻랽쏦짌튵틸탐춨맽뷡쯣쾵춳붫뷰뮮떽훐퇫틸탐뗄맺뿢떥튻헋뮧ꆣ c. 맦랶뮯ꆢ뇪ힼ뮯뗄닆헾횧돶돌탲 퓚닆헾풤쯣짳엺춨맽뫳ꎬ풤쯣떥캻룹뻝풤쯣횧돶볆뮮낲업횧돶ꆣ떱풤쯣떥캻릺싲짌욷믲샍컱쪱ꎬ평닆헾늿쏅뾪돶횧뢶욾횤ꎬ뺭맺뿢늿쏅짳뫋컞컳뫳ꎬ춨맽틸탐뷰쟥쯣쾵춳믲헾뢮횧돶탅쾢맜샭쾵춳ꎬ듓맺뿢떥튻헋뮧훐뮮늦뷰ꆣ쏀맺풤쯣횴탐훐뗄뷰뗷늦뻟쳥쫂틋평닆헾늿뢺퓰ꎬퟱ톭퇏룱뗄돌탲ꎬ늢쟒샻폃볆쯣믺췸싧ꎬ내쳬뇠훆뷰욽뫢뇭ꆣ[10] d. 맺뿢헋뮧짨훃쳥쿖짌튵뺫짱 쫐뎡뺭볃맺볒쪮럖힢훘퓚놣횤싄탐헾뢮횰쓜뗄춬쪱틠쳥쿖짌튵뺫짱ꎬ쪹맺뿢뷰놾짭춨맽쫊떱뗄퓋ퟷ쪵쿖퓶횵ꆣ헢퓚ꆰ닆헾솪냮훆ꆱ쿂뗄뗘랽헾뢮닣듎췹췹뇭쿖뗃룼캪쏷쿔ꆣ쏀맺뗄뗘랽닆헾퓚맺뿢맜샭짏웕뇩닉폃틸탐듦뿮훆ꎬ냑맺뿢헋뮧럾컱쓉죫헐춶뇪뗄헾뢮닉릺돌탲ꎬ춨맽춬튵뺺헹톰뗃쳵볾ퟮ뫃ꆢ럾컱훊솿ퟮ룟뗄틸탐ퟷ캪뗘랽맺뿢뗄뾪뮧탐ꎬ뿢뿮돉캪짺쾢뗄듦뿮ꆣ 뫏샭뮯뗄믺릹짨훃벰풤닢ꆢ볠뿘믺훆 a.쏅믺릹뷸탐맺뿢뷰뗄쫐뎡퓋ퟷ 퓚쫐뎡뺭볃맺볒ꎬ맺뿢췹췹짨솢쏅믺릹뷸탐맺뿢뷰뗄쫐뎡퓋ퟷꎬ냼삨룴특닰뷨ꆢ욱뻝붻틗뗈춶믮뚯ꎬힷ쟳맺뿢뷰퓶횵ꆣ죧램맺닆헾늿맺뿢쮾쿂짨뗄맺뿢쫰쒿잰뿉냑죕뻹뿢뗗뷰뿘훆퓚1틚얷풪ퟳ폒ꎬ웤폠뿉폃늿럖좫늿뷸죫쫐뎡춶퓋ퟷꆣ2001쓪믱퓶횵틚얷풪ꎬ볓짏췢믣뗴웚펯샻ꎬퟜ쳥맺뿢뷰퓋ퟷ쓪쫕틦싊퓚5%ퟳ폒ꎬ폫튻냣쮽솢뷰죚믺릹쿠뇈늢늻톷즫ꆣ[11] b.쏅뗄닆헾폫틸탐릤ퟷ킭뗷캯풱믡 쫐뎡뺭볃맺볒튻냣뚼폐쏅뗄닆헾폫틸탐릤ퟷ킭뗷캯풱믡ꎬ퓶볓뇋듋횮볤킭뗷ꆢ킭짌뗄믺믡ꎬ틔복짙쒦닁ꎬ볓잿뫏ퟷꆣ캪쇋뇣폚뷸탐믵뇒맜샭ꎬ닆헾뚨웚쿲틸탐쳡릩맺뿢쿖뷰쇷솿볆뮮ꎬ랴펳닆헾뷰뗄탨쟳벰퓚틸탐듦뿮뗄뇤뚯쟩뿶ꆣ틸탐펦뛔헾뢮릫햮뗄랢탐쪱볤ꆢ랢탐좯훖ꆢ랢탐웚쿞ꆢ랢탐샻싊뫍랢탐랽쪽쳡돶헾닟탔붨틩ꎬ뛔헾뢮릫햮뗄뛾벶쫐뎡붻틗쳡릩뇣샻ꎬ늢캪닆헾늿쳡릩쪵쪱뗄붻틗탅쾢ꆣ c. 췪짆뗄쫽뻝뿢쾵춳뛔쿖뷰쇷뷸탐풤닢뫍볠뿘 쫐뎡뺭볃맺볒붨솢뗄쫽뻝뿢훷튪냼삨ꎺ헾뢮횱뷓뗄쓚햮뫍췢햮ꎬ냼삨햮컱뗄탎돉ꆢ맜샭 9
즽컷닆뺭듳톧쮶쪿톧캻싛컄 뫍뎥뮹뗄쿠맘탅쾢ꎻ쿖뷰쇷죫뫍쇷돶뗄놨룦쫽뻝ꆢ풤웚쫽뻝뫍믡볆뫋쯣탅쾢ꎻ헾뢮뗄쿔탔믲폐뢺햮ꎻ헾뢮쒳킩틾탔믲폐뢺햮ꎻ췢믣뒢놸맜샭탅쾢뗈ꆣ룃쫽뻝뿢뻟폐ퟛ뫏ꆢ쇩믮뗄쳘뗣ꎬ쓜퓚ퟓ쾵춳볤뷸탐룟킧싊뗄쫽뻝뮻ꎬ늢쓜릻퓚늻펰쿬헽뎣퓋탐뗄잰쳡쿂뷸탐뇘튪뗄짽벶뫍삩햹ꎬ춬쪱쓜쫊펦믵뇒쫐뎡ꆢ햮좯쫐뎡뫍맺볊뷰죚쫐뎡뗄뇤뮯뛸톸쯙뗷헻ꆢ늹돤쿠맘탅쾢ꆣ틔ힼ좷췪헻뗄쫽뻝뿢뫍쿠맘럖컶캪틀췐ꎬ룹뻝풤쯣쫕횧ힴ뿶퓚쓪뛈쓚뗄벾뷚탔뇤뮯맦싉ꎬ튻킩맺볒틑뺭쓜릻돉릦뗘쪹맺뿢쿖뷰쫕횧쇷룼캪욥엤ꎬힼ좷뗘풤닢쿖뷰폠뛮벰캴살뗄뇤뮯쟷쫆ꎬ뛔맺뿢쿖뷰쇷뗄좫맽돌뷸탐쪵쪱볠뿘ꎬ쿠믺뻶뚨죧뫎폐킧뗘맜샭맺뿢쿖뷰ꆣ 쫐뎡뮯뗄맺뿢폠뛮퓋ퟷ랽쪽 쫐뎡뺭볃맺볒틔튻룶뻟폐뷏룟쇷뚯탔뫍낲좫탔뗄믵뇒쫐뎡ퟷ캪횧독ꎬ춨맽뚨웚랢탐뛌웚맺햮뫍맺뿢쿖뷰뗄죕뎣퓋ퟷ뗈랽쪽ꎬ쪵쿖욽맺뿢쿖뷰쇷늨뚯뫍쳡룟맺뿢쿖뷰쪹폃킧싊뗄쒿뇪ꆣ a. 뚨웚랢탐뛌웚맺햮 춨맽뛌웚맺햮뗄뚨웚랢탐ꎬ쪵쿖맺뿢쿖뷰맜샭폫햮컱맜샭뗄폐킧뷡뫏ꆣ랢듯맺볒닆헾늿쏅퓚맜샭맺뿢쿖뷰닙ퟷ훐ꎬ튻냣쫇룹뻝풤쯣쫕횧ힴ뿶퓚쓪뛈쓚뗄벾뷚탔뇤뮯맦싉ꎬ뛔떱잰벰캴살튻뛎쪱볤뗄풤쯣쫕횧ힴ뿶뷸탐뿆톧풤닢뫳ꎬ뻶뚨뛌웚맺햮뗄랢탐쪱믺뫍랢탐맦쒣ꎬ쿠믺뻶뚨죧뫎폐킧맜샭맺뿢쿖뷰ꆣ죧쏀맺닆헾늿춨맽뚨웚랢탐뛌웚맺햮뗄랽램ꎬ살욽뫢쓪뛈쓚벾뷚탔맺뿢쫕횧폠좱ꎬ쪵쿖욽맺뿢쿖뷰쇷솿늨뚯뫍쳡룟맺뿢쿖뷰쪹폃킧싊뗄쒿뇪ꆣ춨뎣뛌웚맺햮쫇뚨웚랢탐뗄ꎬ벾뛈쓚쎿듎랢탐뗄뛮뛈듳훂쿠춬ꎬ틔뇣쪹춶헟탎돉컈뚨뗄풤웚뫍춶뻶닟ꎻ뛸벾뛈횮볤쎿듎랢탐뛮폐쯹늻춬ꎬ쯼쫇룹뻝벾뛈맺뿢쫕횧풤닢뻶뚨뗄ꆣ쏀맺웚쿞캪13훜뫍26훜뗄뛌웚맺햮쎿훜랢탐튻듎ꆣ돽뚨웚랢탐췢ꎬ얼뛻뮹늻뚨웚랢탐웚쿞퓚13훜틔쓚뗄맺햮ꎬ벴쿖뷰맜샭맺햮ꎬ틔싺ퟣ맺뿢횧돶뗄쇙쪱탔탨튪[12]ꆣ b. 맺뿢쿖뷰뗄죕뎣닙ퟷ 랢듯쫐뎡뺭볃맺볒춨뎣짨솢튻룶맺뿢폠뛮뗄뷧쿞ꎬ룟폚믲뗍폚헢룶뷧쿞쪱뻍탨튪춨맽쫐뎡뮯뗄퓋ퟷ살욽뫢ꆰ춷듧ꆱꎬ훷튪춨맽맺뿢쿖뷰죕뎣퓋ퟷ뫍뷸죫믵뇒쫐뎡닙ퟷꆣ ꎨ1ꎩ쏀맺쒣쪽ꎺ짨솢ꆰ쮰쫕뫍릫햮헋뮧ꆱ뻹뫢맺뿢쫕횧 쏀맺뗄솪뒢쳥쾵쫇솪냮헾뢮뷰뗄훷튪놣맜죋ꎬ뻸듳늿럖헾뢮횧돶쫇퓚닆헾늿폚솪뒢뗄듦뿮헋뮧짏뷸탐뗄ꆣ쒿잰ꎬ쏀맺닆헾늿퓚솪뒢뾪솢듦뿮헋뮧뗄죕훕쿖뷰폠뛮ꎬ믹놾놣돖퓚50틚쏀풪ퟳ폒ꎬ웤폠듳솿쿖뷰퓲듦죫13000뛠볒듳탍짌튵틸탐ꎬ벴ꆰ쮰쫕폫릫햮헋뮧ꆱꆣ룃헋뮧뷡릹뗄짨볆헽쫇캪쇋쿻돽닆헾쫕횧뇤뮯틽웰뗄믵뇒릩룸뗄늻쫊틋삩헅뫍쫕쯵ꆣ솪뒢뿉틔듓닆헾늿쫂쿈횪뗀닆헾뫎쪱붫뷰듓쮰쫕뫍릫햮헋뮧짏죫웤뒢놸헋뮧짏ꎬ풤닢뷰늨뚯ꎬ춨맽쇩믮퓋폃믵뇒헾닟릤뻟폫닙ퟷ살컈뚨뷰죚쫐뎡ꎬ뇜쏢듦뿮듳솿뗘ꆢ컞뷚ퟠ뗘쇷돶믲쇷죫틸탐쾵춳ꆣ룹뻝쎿쳬맺뿢쫕횧풤닢ꎬ떱퇫탐헋뮧죕훕쿖뷰폠뛮뿉쓜뗍폚50틚쏀풪쪱ꎬ닆헾늿퓚 10
맺뿢ퟮ병쿖뷰돖폐솿뗄닢뚨 떱쳬믲듎죕짏컧11쪱틔잰ꎬ듓짌튵틸탐ꆰ쮰쫕폫듻뿮헋뮧ꆱ뗷죫쿖뷰늹ퟣꎻ떱퇫탐헋뮧죕훕쿖뷰폠뛮뿉쓜룟폚50틚쏀풪ꎬ닆헾늿벴붫뛠폠쿖뷰죫ꆰ쮰쫕폫듻뿮헋뮧ꆱ좡샻쾢쫕죫ꆣ뗂맺뫍볓쓃듳뗈맺볒닉폃퓚짌튵틸탐뾪짨듦뿮헋뮧뗈랽쪽ꆣ[13] ꎨ2ꎩ펢맺쒣쪽ꎺ뷸죫믵뇒쫐뎡뷸탐죕뎣퓋ퟷ 펢맺닆헾늿횻퓚펢룱삼틸탐뾪짨듦뿮헋뮧ꎬ쒿잰죕훕쿖뷰폠뛮놣돖퓚2틚펢냷ퟳ폒ꆣ룹뻝쎿쳬뗄맺뿢쫕횧풤닢ꎬ죴퇫탐헋뮧죕훕쿖뷰폠뛮뿉쓜뗍폚2틚펢냷쪱ꎬ펢맺햮컱맜샭뻖퓚랢탐뛌웚맺햮췢ꎬ믡싴돶믲믘릺쯹돖폐뗄뷰죚릤뻟ꎬ돯벯맺뿢쯹탨쿖뷰ꆣ믘릺쫇횸햮컱맜샭뻖퓝쪱싴돶폅훊뷰죚릤뻟ꎬ늢럅웺쯹폐좨ꎬ듽풼뚨쪱볤맽뫳퓙내볈뚨볛룱릺믘뷰죚릤뻟ꎬ늢쫕믘쯹폐좨ꆣ죴퇫탐헋뮧죕훕쿖뷰폠뛮뿉쓜룟폚2틚펢냷쪱ꎬ펢맺햮컱맜샭뻖믡싲죫믲믘쫛폅훊뷰죚릤뻟ꎬ복짙맺뿢쿐훃뷰ꆣ믘쫛쫇횸햮컱맜샭뻖퓝쪱싲죫폅훊뷰죚릤뻟ꎬ늢펵폐쯹폐좨ꎬ듽풼뚨쪱볤맽뫳퓙내볈뚨볛룱쫛돶뷰죚릤뻟늢럅웺쯹폐좨ꆣ 캪쇋돤럖놣횤맺뿢쿖뷰뗄낲좫탔뫍쯹돖뷰죚릤뻟뗄쇷뚯탔ꎬ듓뛸쯦쪱놣횤맺뿢횧돶뗄탨튪ꎬ펢맺햮컱맜샭뻖맦뚨ꎺ믘릺믲믘쫛붻틗ꎬ뇘탫뻟폐쪮ퟣ뗄폅훊뷰죚릤뻟ퟷ캪뗖톺ꎻ싲죫믲싴돶뗄폅훊뷰죚릤뻟ꎬ웤쪣폠웚쿞ퟮ뎤늻쓜뎬돶냫쓪ꎻ폅훊뷰죚릤뻟냼삨펢맺헾뢮맺햮ꎬ탅폾ힿ훸뗄짌튵틸탐랢탐뗄펢냷뛌웚욱뻝ꎬ틔벰쏀맺헾뢮맺햮뫍뗂맺ꆢ램맺랢탐뗄얷풪헾뢮맺햮뗈ꎻ내헕ꆶ십쮹쳘샯뫕쳘쳵풼ꆷ뗄맦뚨ꎬ얷쏋룷맺뗄퇫탐늻쓜쿲놾맺닆헾늿랢탐룴특탅듻살쏖늹웤풤쯣쫕횧좱뿚ꎬ캪듋펢맺햮컱맜샭뻖폫벸볒듳탍쟥쯣틸탐잩뚩쇋ꆶ놸폃춸횧킭틩ꆷꎬ틔펦뢶맺뿢뗄뷰벱탨ꆣ램맺ꆢ뫉삼뫍웏쳑퇀뗈맺볒튲닉폃헢훖쒣쪽[14]ꆣ ퟜ횮ꎬ맺췢쫐뎡뺭볃맺볒벸쪮쓪살뗄믽벫헾뢮쿖뷰맜샭뗄돉릦쪵볹ꎬ늻뷶퇩횤쇋릫릲닆헾뿲볜쿂펦훷뚯믽벫뷸탐맺뿢쿖뷰맜샭뗄샭싛맛뗣ꎬ룼듓쿖쪵닣쏦캪컒맺룄룯뒴탂맺뿢쿖뷰맜샭쳥훆쳡릩쇋틀뻝ꆣ틲듋ꎬ냩쯦쫐뎡뺭볃뗄랢햹뫍릫릲닆헾뗄췪짆ꎬ컒맺펦뷨본맺볊뺭퇩ꎬ붨솢컒맺탂탍뗄맺뿢쿖뷰맜샭쳥훆ꆣ? 11
즽컷닆뺭듳톧쮶쪿톧캻싛컄 뗚죽헂 맺뿢쿖뷰맜샭쳥훆룄룯뗄뇘튪탔폫뿉탐탔 뇘튪탔럖컶 쯦ퟅ쫐뎡뺭볃쳵볾쿂릫릲닆헾뿲볜뗄늻뛏췪짆ꎬ뒫춳맺뿢쿖뷰맜샭쒣쪽뇗뛋룼볓춻돶ꎬ듳솿뗄맺뿢쿖뷰놻쿐훃ꎬ췪좫캥놳쇋릫릲닆헾킧싊뮯뗄튪쟳ꆣ 뒫춳맺뿢쿖뷰맜샭쒣쪽늻쫊펦릫릲닆헾랢햹뗄튪쟳 컒맺뒫춳뗄맺뿢맜샭훆뛈쫇퓚볆뮮뺭볃쳥훆쿂탎돉뗄ꎬ쫇튻훖룟뛈럖즢뗄쿖뷰맜샭쒣쪽ꎬ웤믹놾쳘헷쫇죋쏱틸탐듺샭맺뿢훆ꆢ헷쫕믺맘뫍풤쯣떥캻뛠훘짨훃헋뮧ꆢ듳솿맺뿢쿖뷰폠뛮쿐훃퓚풤쯣떥캻헋뮧짏ꆣ쯦ퟅ짧믡훷틥쫐뎡뺭볃쳥훆쿂릫릲닆헾뗄붨솢뫍랢햹ꎬ헢훖맺뿢쿖뷰맜샭랽쪽틑뺭늻쓜쫊펦짧믡훷틥쫐뎡뺭볃뫍릫릲닆헾뗄랢햹튪쟳ꆣ쯼쯹놩슶돶뗄뇗뛋튲풽살풽춻돶ꎺ a. 캯췐틸탐듺샭훆뗄뇗뛋 컒맺쿖탐맺뿢평죋쏱틸탐듺샭ꎬ쪵볊짏틑뺭뎬돶쇋퇏룱틢틥짏뗄캯췐—듺샭맘쾵ꎬ죋쏱틸탐퓚뫜듳돌뛈짏돐떣쇋맺뿢튵컱뗄맜샭횰퓰ꆣ틸탐듺샭맺뿢ꎬ닆헾뻍늻쓜좫쏦ꆢ벰쪱뗘헆컕닆헾쫕횧뗄뻟쳥쟩뿶ꎬ헢훖맺뿢뷰맜샭쳥훆늻쫊펦쫐뎡뺭볃쳵볾쿂릫릲닆헾랢햹뗄튪쟳ꆣ뛔폚뗘랽닆헾늿쏅살쮵ꎬ틲캪닆헾뷰듦럅퓚죋쏱틸탐쎻폐샻쾢쫕죫ꎬ쯹틔퓚냬샭풤쯣늦뿮쪱ꎬ횻힢훘짳닩룃쿮쒿쫇럱쫴폚풤쯣횧돶볆뮮ꎬ뛸뛔풤쯣늦뿮뗄쪱볤늻ퟷ퇏룱짳닩ꎬ떼훂늿럖쿮쒿뷰늦뿮맽뿬ꎬ얲폃ꆢ쇷쪧쿖쿳퇏훘ꆣ뺡맜듓2003쓪1퓂1죕웰ꎬ컒맺쪵탐뛔맺뿢듦뿮내훐맺죋쏱틸탐맦뚨뗄떥캻믮웚듦뿮샻싊볆뢶샻쾢ꎬ떫틲샻쾢싊뗍ꎬ뮹쫇늻쓜듓룹놾짏쿻돽짏쫶뇗뛋ꆣ b. 맺뿢뷰럖즢늦뢶뗄뇗뛋 뎤웚틔살ꎬ컒맺맺뿢뷰닉좡볆뮮뺭볃쪱웚뗄쪵늦뷰랽쪽ꎬ훘횧늦ꎬ쟡킧싊ꎬ쪹맺뿢쿖뷰퓚풤쯣떥캻짐캴랢짺횧뢶탐캪잰뻍쇷돶맺뿢ꎬ럖즢퓚룷풤쯣떥캻뗄뾪뮧틸탐ꆣ닆헾늿쏅늻쓜좫쏦ꆢ벰쪱헆컕닆헾쫕횧뗄뻟쳥쟩뿶ꎬ닆헾늿쏅뗄뷰좫뻖퇛뷧뫍퓋ퟷ좨샻ퟔ좻좱캻ꎬ맺뿢뗄볠뚽횰쓜췹췹쓑틔폐킧실쪵ꎬ쿷죵쇋닆헾늿쏅뫪맛뗷뿘쓜솦뫍닆헾헾닟뗄쪵쪩솦뛈ꆣ튻랽쏦뿉쓜돶쿖맺뿢뿉뿘쿖뷰늻ퟣꎬ늻뗃늻틀뾿랢탐맺햮쏖늹맺뿢쫕횧좱뿚ꎬ뛸룷풤쯣떥캻뷰돤ퟣꎬ듳솿쿐훃퓚짌튵틸탐뗄헋뮧짏ꎻ쇭튻랽쏦ꎬ뿉쓜돶쿖폃뿮떥캻벷햼ꎬ짵훁얲폃닆헾뷰뗄쿖쿳ꎬ듳듳붵뗍쇋맺뿢쿖뷰뗄쪹폃킧싊ꎬ폫릫릲닆헾뗄튪쟳쿠ꆣ c. 좱랦맺뿢쿖뷰쇷풤닢믺훆 12
맺뿢ퟮ병쿖뷰돖폐솿뗄닢뚨 떱잰ꎬ컒맺뮹쎻폐벰쪱ꆢ좫쏦뗄쿖뷰쇷풤닢믺훆ꎬ췹췹쫇뷱쳬쇷죫뗄잮쏷쳬늦뢶돶좥ꎬ뎣뎣퓚폐킧풴엤훃뫍벰쪱쳡릩럾컱짏뢶돶쿠떱듳뗄돉놾ꆣ뷼쓪살ꎬ닆헾늿쏅튲뾪쪼볓잿풤닢쓜솦릤ퟷꎬ뛔쓪쓚뗄쫕횧쒣쪽뷸탐럖컶ꎬ튪쟳룷풤쯣떥캻쳡릩캴살벸룶퓂벰쿂룶퓂뗄쿪쾸횧돶풤닢놨룦ꎬ떫풤쯣떥캻쳡릩뗄풤닢놨룦췹췹쫇룹뻝풤쯣엺ힼ쫽뛮짏놨ꎬ뛸늻쫇룹뻝떥캻쪵볊뷰탨쟳쟩뿶뛀솢풤닢ꆣ뛸쟒닆헾늿쏅샻폃헢킩풤닢놨룦튲횻쫇캪쇋뿘훆풤쯣횧돶뗄쒿뗄ꎬ뛸늻쫇풤닢쿖뷰쇷뚯ꆣ d. 맺뿢쿖뷰맜샭샭쓮실뫳 볓잿맺뿢쿖뷰맜샭쫇튻훖맺볊쟷쫆ꆣ뷼쓪살ꎬ램맺ꆢ쏀맺ꆢ펢맺뗈랢듯쫐뎡뺭볃맺볒튻횱뚼퓚퓋탐쿖뷰맜샭ꎬ늻뷶탎돉쇋튻쳗뇈뷏쾵춳뗄쿖뷰맜샭쳥훆ꎬ뛸쟒뺭맽뎤웚뗄첽쯷폫쪵볹ꎬ틑탎돉튻쳗뷏쾵춳뗄쿖듺맺뿢맜샭샭쓮ꎬ죧쫐뎡떼쿲뗄샭쓮ꆢ돧짐램훆뗄샭쓮ꆢ붲뺿킧틦샭쓮ꆢힷ쟳킧싊뗄샭쓮ꆢ쾵춳뿘훆뗄샭쓮ꆢ맦랶쫘탅뗄샭쓮뗈ꆣ헢킩쿈뷸뗄맜샭샭쓮돉캪헾뢮뫍짧믡룷랽릲춬ퟱ쫘뗄탐캪맦랶뗄믹뒡ꎬ늢틔훆뛈뗄탎쪽맡뒩폚닆헾맜샭뗄랽랽쏦쏦ꆣ 폫맺췢쿠뇈ꎬ퓚맺뿢쿖뷰맜샭짏ꎬ컒맺틑실뫳컷랽랢듯맺볒20뛠쓪뗄뻠샫[15]ꆣ컒맺뒫춳뗄맺뿢쿖뷰맜샭쒣쪽폫실뫳뗄맜샭샭쓮쏜쟐쿠맘ꎬ놣횤맺뿢뷰낲좫ꆢ늻쯰쪧쫇컒맺뎤웚틔살맺뿢뷰맜샭뗄샭쓮ꎬ췪좫뫶싔쇋뷰쪱볤볛횵뫍쿖뷰뗄믺믡돉놾ꆣ헢훖실뫳뗄맜샭샭쓮틑뺭늻쫊펦쫐뎡뺭볃쳵볾쿂릫릲닆헾뗄랢햹튪쟳ꎬ퓚붨솢릫릲닆헾뿲볜뫍룄룯뒫춳맺뿢맜샭쳥훆맽돌훐ꎬ뇘탫뇤룯뫍뒴탂맺뿢쿖뷰맜샭샭쓮ꎬ쫷솢폫쫐뎡뺭볃쿠쫊펦뗄램훆맛쓮ꆢ쫐뎡맛쓮ꆢ킧틦맛쓮뗈뗈ꎬ듓뛸좫쏦룄뷸뫍볓잿닆헾맜샭ꆣ 듳솿맺뿢쿖뷰폠뛮쪹맺뿢쿖뷰맜샭쳥훆룄룯돉캪뇘튪 퓚쪵볊닙ퟷ훐ꎬ맺뿢쿖뷰늢늻쫇틔뻹뫢뗄쯙뛈쇷죫ꆢ쇷돶맺뿢ꎬ듓뛸떼훂맺뿢쇷죫뫍쇷돶뗄쿖뷰쇷퓚쪱볤짏늻뿉쓜췪좫욥엤ꆣ떱돶쿖쫕죫죫뿢뷸뛈뿬폚횧돶뷸뛈쪱ꎬ뻍믡돶쿖맺뿢쿖뷰폠뛮ꆣ뻝폐맘좨췾늿쏅뗄돵늽맀쯣ꎬ컒맺맺뿢쿖뷰듦솿풼캪㐰〰틚풪ꎬ죧맻폶짏닆헾쫕죫ꆰ럡쮮웚ꆱꎬ맺뿢쿖뷰듦솿믡룼듳ꆣ춬쪱ꎬ컒맺뗄맺햮랢탐맦쒣돊톸쯙엲헍첬쫆ꎬ맺햮랢탐솿㈰〲쓪캪㔶㜹틚풪ꎬ㈰〳쓪캪㘴〳⸵?틚풪ꎬ㈰〴쓪캪㜰㈲틚풪ꎬ㈰〵쓪풤쯣랢탐쫽캪㜰㈳⸴틚풪ꎬ훐퇫헾뢮햮컱폠뛮햼훐퇫닆헾ퟜ횧돶뗄뇈훘듓ㄹ㤵쓪뗄㠰?ퟳ폒틑뺭짏짽떽㈰〳쓪뗄ㄴ〥ꋙꆣ평듋뿉볻ꎬ컒맺쒿잰듦퓚룟뢺햮폫룟쿐훃뷰늢듦ힴ첬ꎺ튻랽쏦뷨뻞뛮뗄잮튪뢶샻쾢ꎬ쇭튻랽쏦폖폐뫜뛠뿢뗗뗄쿐훃뷰쿐ퟅ늻폃ꆣ쯦ퟅ늿쏅풤쯣ꆢ헾뢮닉릺훆뛈룄룯ꎬ폈웤쫇2001쓪3퓂16죕ꎬ닆헾늿ꆢ훐맺죋쏱틸탐펡랢쇋ꆶ닆헾맺뿢맜샭훆뛈룄룯쫔뗣랽낸ꆷꎬ삭뾪컒맺맺뿢벯훐쫕뢶훆뛈룄룯뗄쒻틔살ꎬ훐퇫닆헾맺뿢뗄듦뿮폠뛮퓶뎤톸쯙ꎬ뻸뛔맦쒣놣돖퓚뫜룟뗄쮮욽짏ꆣ쮮샻늿쫇2001쓪닆헾늿좷솢뗄닆헾맺뿢맜샭훆뛈룄룯뗄쫔뗣늿쏅ꎬ퓚췆탐맺뿢떥튻헋뮧룄룯뫳ꎬ룃늿룷떥캻돖폐뗄쿖뷰폠뛮ퟜ뫍틑뺭쿂붵쇋50틚풪 ꋙ 쫽뻝살풴폚ꎺꆶ훐맺닆헾쓪본2004ꆷ 13
즽컷닆뺭듳톧쮶쪿톧캻싛컄 죋쏱뇒ꋙꆣ틲듋ꎬ죧맻냑쯹폐늿쏅뗄쟩뿶믣ퟜ웰살ꎬ쓇붫쫇튻룶뫜엓듳뗄쫽뻝ꆣ?뇭3-1 2003쓪좫맺늿럖쪡ꎨ쫐ꎩ맺뿢벯훐횧뢶쫔뗣쟩뿶뛔헕뇭 쪡럝 쫔뗣뷰쫔뗣 횱뷓횧뢶 쫚좨횧뢶 맺뿢쿐훃 솿ꎨ췲풪ꎩ 뷰 늿쏅 떥 뇊 췲 뇊 췲 췲 % 캻 풪 풪 풪 룊쯠 49890 21 102 23400 20490 6000 13 짂컷 70056 22 125 125 316 4838 41539 17774 25 퓆쓏 5200 26 187 4200 20 맳훝 930 67 201 358 30 몣쓏 50000 51 77 40000 10000 20 뫾놱 135600 10 123 543 308 33708 95333 29 낲믕 438600 쪡횱늿쏅뫍믹 162200 160700 115750 26 닣떥캻 쓚쏉 57000 28 219 21000 31000 5000 8 쯄뒨 1450000 130 740000 680000 30000 2 뢣붨 50765 3 86 6390 33782 10593 20 쫽뻝살풴ꎺ쪡닆헾쳼맺뿢뒦 춬쪱ꎬ뷘횹2003쓪쓪뗗ꎬ좫맺릲폐26룶쪡럝ꎬ82룶훐퇫튻벶풤쯣떥캻쓉죫맺뿢벯훐쫕뢶룄룯랶캧ꎬ룷풤쯣떥캻럖즢돖폐뗄쿖뷰폠뛮늻뢴듦퓚ꎬ헢킩쿖뷰폠뛮뚼벯훐떽맺뿢떥튻헋뮧훐ꆣ 럖컶뇭ꎨ3-1ꎩ뿉틔뗃떽ꎺ쫔뗣맺뿢벯훐쫕뢶훆뛈룄룯뫳뗄헢쪮룶쪡ꎬ맺뿢돁뗭뷰뇈맽좥뚼폐쯹퓶볓ꎬ퓶볓ퟮ뛠뗄쫇맳훝쪡ꎬ듯떽30%ꎬ퓶럹뎬맽20%뗄폐7룶쪡ꎬ뎬맽10%뗄폐솽룶쪡ꎬ킡폚10%횻폐솽룶ꆣ뿉볻ꎬ죧맻맺뿢벯훐쫕뢶훆뛈퓚좫맺췆탐뫳ꎬ쿐훃퓚떥튻헋뮧짏뗄폠뛮뿉쓜뇈맽좥듳뗃뛠ꆣ 춨맽틔짏럖컶ꎬ뿉틔뾴떽헢퇹튻룶뷡싛ꎺ컒맺쫔뗣맺뿢벯훐횧뢶훆뛈뫳ꎬ맺뿢쿖뷰폠뛮맦쒣풽살풽듳ꆣ죧맻헢킩뷰튻횱뒦폚쿐훃ힴ첬ꎬ늻뷶퓬돉뺭볃킧틦뗄쯰쪧ꎬ뛸쟒믡퓶볓헾뢮뗄돉놾ꆢ뷰쏦쇙뇡횵뗈튻쾵쇐쫐뎡럧쿕ꆣ틲듋ꎬ컒맺맺뿢쿖뷰맜샭쳥훆룄룯폫뒴탂틑뺭웈퓚쎼뷞ꆣ ꋙ 쫽뻝살풴폚ꎺ뺭볃볒놨룦ꎬ@ 14
맺뿢ퟮ병쿖뷰돖폐솿뗄닢뚨 뿉탐탔럖컶 2002쓪닆헾늿폫훐맺죋쏱틸탐솪뫏랢늼ꆶ맺뿢듦뿮볆뢶샻쾢맜샭냬램ꆷꎬ뻶뚨듓2003쓪1퓂1죕웰ꎬ뛔맺뿢듦뿮내훐맺죋쏱틸탐맦뚨뗄떥캻믮웚듦뿮샻싊볆뢶샻쾢ꆣ맺뿢듦뿮볆뢶샻쾢훆뛈뗄쪵쪩ꎬ룄뇤쇋맺뿢뷰컞뎥맜샭뗄뒫춳ퟶ램ꎬ쫇뛔뒫춳맺뿢뷰맜샭쒣쪽뗄튻듎훘듳룄룯ꎬ헢틢캶ퟅ컒맺맺뿢쿖뷰맜샭룄룯헽쪽웰늽ꆣ폈웤맺뿢벯훐쫕뢶훆뛈뗄뷸튻늽췪짆ꎬ캪맺뿢쿖뷰맜샭쳥훆룄룯뗬뚨쇋믹뒡ꎬ춬쪱닆헾늿쫗듎틔쫐뎡뮯랽쪽폃맺뿢뷰쫪믘맺햮ꎬ튲쿳헷ퟅ맺뿢쿖뷰맜샭쳥훆뾪쪼뒴탂ꆣ 맺뿢벯훐쫕뢶훆뛈캪믽벫맺뿢쿖뷰맜샭뗬뚨쇋믹뒡 퓚뒫춳뗄풤쯣맜샭쳥훆쳵볾쿂ꎬ듳늿럖뷰늦뢶룸훐퇫튻벶풤쯣맜샭늿쏅ꎬ횧뢶쇷솿볈늻맦싉튲늻컈뚨ꎬ맺뿢쿖뷰폠뛮뗄늨뚯럹뛈뫜듳ꎬ뛸쟒듳솿쿖뷰럖즢쿐훃퓚룷룶풤쯣떥캻헋뮧짏ꆣ쎻폐쿖뷰폠뛮뗄벯훐뮯ꎬ퓚캢맛쇬폲훐늻뿉뇜쏢뗘믡닺짺듳솿뗄뢯냜뫍뗍킧싊컊쳢ꆣ듓짮뿌뗄뷌통훐뗃떽웴쪾ꎺ컒맺죧맻늻쓜돉릦뗘붨솢쓜릻좷놣쿖뷰폠뛮벯훐뮯뗄좫탂맺뿢쳥쾵ꎬ릹퓬튻룶솼뫃뗄릫릲닆헾맜샭뿲볜뻍믡폀풶돉캪튻룶쓑틔웳벰뗄쒿뇪ꎬ맺뿢싄탐웤ퟮ캪훘튪뗄릦쓜ꆪꆪ쿖뷰맜샭튲뻍컞듓첸웰ꆣ 2001쓪틔살ꎬ쯦ퟅ맺뿢떥튻헋뮧쳥쾵훰늽좷솢ꎬ늿쏅풤쯣룄룯뫍맺뿢벯훐쫕뢶훆뛈룄룯퓚짮뛈뫍맣뛈짏뗄늻뛏췆뷸ꎬ횱뷓횧뢶뫍쫚좨횧뢶랽쪽뗄닉폃ꎬ맺뿢쿖뷰횧돶뷚ퟠ죕틦뻹뫢ꎬ맺뿢쿖뷰폠뛮뗄뇤뚯죕쟷컈뚨ꆣ맦랶뗄쫕뷉돌탲놣횤쇋닆헾뷰ퟣ뛮ꆢ뿬쯙뗘쇷죫맺뿢ꎬ룄뇤쇋맺뿢닆헾쫕죫죫뿢훜뮷뷚뛠ꎬ쯙뛈싽ꎬ닣닣뺭쫕ꎬ훰닣짏뷢ꎬ뷰퓚춾쪱볤맽뎤ꎬ쇷쪧퇏훘뗈컊쳢ꆣ닆헾뷰평맺뿢떥튻헋뮧횱뷓늦뢶룸짌욷릩펦짌믲샍컱쳡릩헟헋뮧ꎬ뇜쏢쇋뮮늦쟾뗀늻릻뎩춨ꎬ늦뿮뮷뷚뛠ꆢ쯙뛈싽ꆢ듳솿맺뿢쿖뷰쿐훃퓚늦뿮춾훐뫍풤쯣떥캻뗄횧돶헋뮧짏뗈컊쳢ꆣ룼캪훘튪뗄쫇ꎬ평폚맺뿢벯훐횧뢶좡쿻쇋룷벶풤쯣떥캻ퟔ탐퓚짌튵틸탐뾪짨뗄듳솿헋뮧ꎬ풤쯣떥캻뗄닆헾뷰뚼벯훐폚맺뿢떥튻헋뮧ꎬ헢폐샻폚닆헾늿쏅뛔뷰볓잿춳튻뗷뛈뫍맜샭ꎬ쪹뿢뿮뗷뛈룼볓쇩믮ꆣ 퓚맺뿢떥튻헋뮧쿂쪵쿖쿖뷰폠뛮뗄벯훐뮯ꎬ뿉틔죏캪쫇튻훖ퟮ폅뮯뗄쿖뷰맜샭쒣쪽[16]ꆣ맺뿢쿖뷰폠뛮벯훐떽떥튻헋뮧뫳ꎬ룹뻝릫릲닆헾뗄놾훊튪쟳ꎬ뾼싇맺뿢쿖뷰뗄쪱볤볛횵뫍믺믡돉놾ꎬ뇘탫뺡뿉쓜뗘쪹맺뿢쿖뷰킧싊ퟮ듳뮯ꆣ쫗쿈룹뻝쿖뷰쇷뗄풤닢믺훆ꎬ좷뚨맺뿢ퟮ병쿖뷰돖폐솿ꎬ뎬돶ퟮ병돖폐솿뗄쿖뷰릹돉ꆰ쪣폠쿖뷰ꆱꎬ쪣폠쿖뷰죧맻쿐훃퓚떥튻헋뮧짏ꎬ붫믡듸살뫜룟뗄믺믡돉놾뫍뷰럧쿕ꆣ틲듋ꎬ헢킩쿐훃뗄쿖뷰폠뛮펦룃틔쒳킩탎쪽볓틔퓋ퟷꎬퟮ뫃쫇뛌웚춶뗈랽쪽ꎬ평듋닺짺뗄춶쫕틦폐훺폚쳡룟맺뿢뷰쪹폃킧싊ꎬ붵뗍닆헾횧돶톹솦ꎬ룄짆헾뢮뗄닆헾ힴ뿶ꆣ 15
즽컷닆뺭듳톧쮶쪿톧캻싛컄 닆헾늿쫗듎폃맺뿢뷰쫪믘맺햮 쳡잰뛒뢶믲쫪믘캴떽웚맺햮ꋙ쫇맺볊짏맣랺닉폃뗄튻훖헾뢮햮컱맜샭뫍쿖뷰맜샭릤뻟ꆣ2004쓪8퓂20죕ꎬ닆헾늿틔믬뫏쪽헐뇪랽쪽ꎬ쳡잰뛒뢶쓪뗗떽웚뗄죽웚볇헋쪽맺햮ꎬ헢쫇닆헾늿쫗듎틔쫐뎡뮯랽쪽쫪믘맺햮ꆣ닆헾늿맦뚨ꎬ좫맺틸탐볤맺햮쫐뎡ꆢ붻틗쯹맺햮쫐뎡2004쓪맺햮돐쿺췅돉풱ꎬ뻹폐좨닎볓놾듎맺햮쳡잰뛒뢶뗄헐춶뇪믮뚯ꆣ쳡잰쫪믘뗄죽웚맺햮ꎨ뻟쳥쟩뿶볻쿂뇭ꎩ뻹캪2004쓪12퓂떽웚좯훖ꎬ랢탐ퟜ솿뫏볆캪886틚풪ꎬ뷼웚벸뫵쎻폐붻틗ꎬ쇷뚯탔벫닮ꆣ8퓂22죕ꎬ닆헾늿릫늼쇋쳡잰쫪믘늿럖맺햮뗄헐뇪뷡맻ꎺ뺭춶뇪좷뚨뗄죽웚맺햮쳡잰뛒뢶ퟜ솿릲볆틚풪ꆣꋚ평폚헢죽웚맺햮뗄랢탐솿뷓뷼900틚풪ꎬ늢쟒뻹벯훐퓚쓪뗗떽웚ꆣ닆헾늿쳡잰쫪믘헢죽웚맺햮볈폐샻폚뮺뷢쓪뗗맺햮떽웚뗄뛒뢶톹솦ꎬ춬쪱튲복짙쇋샻쾢뗄횧돶ꎬ쳡룟쇋맺뿢뷰쪹폃킧싊ꆣ춬쪱ꎬ평폚헢죽웚맺햮뗄듦탸웚퓚4룶퓂ퟳ폒ꎬ뇜쏢쇋뛔햮쫐닺짺돥믷ꆣ 쳡잰뛒뢶뗄죽웚볇헋쪽맺햮튻샀뇭 맺햮쏻돆 2001쓪볇헋쪽(쪮쇹웚) 2002쓪볇헋쪽(쪮쇹웚) 2003쓪볇헋쪽(쪮뛾웚) 떽웚쪱볤 2004쓪12퓂20죕 2004쓪12퓂16죕 2004쓪12퓂11죕 랢탐솿 틚풪 틚풪 255틚풪 웚쿞 3쓪 2쓪 1쓪 쳡잰뛒뢶솿 틚풪 틚풪 틚풪 쇏살풴폚ꎺ ꎬꆶ닆뺭쪱놨ꆷꎬ 2004쓪08퓂16죕 닆헾늿샻폃맺뿢뷰쳡잰쫪믘캴떽웚맺햮뫳ꎬ뿉쓜떼훂쫐뎡쿖좯늻ퟣꎬ뷸뛸뿉쓜펰쿬틸탐닺쇷뚯탔ꆣ틲듋ꎬ2004쓪8퓂25죕ꎬ닆헾늿뻶뚨랢탐쏦횵ퟜ뷰뛮캪틚풪뗄2004쓪볇헋쪽(웟웚)맺햮ꆣ내헕틔췹맟샽ꎬ뷉뿮쪱볤펦낲업퓚8퓂30죕(탇웚튻)ꎬ놾듎쫪믘닙ퟷ뗄뷰쟥쯣쪱볤낲업퓚8퓂27죕(탇웚쇹)ꆣ듓쪱볤낲업짏ꎬ폫맺햮랢탐뷉뿮쪱볤쿎뷓뷏뫃ꎬ튻랽쏦뿉틔컼틽룼뛠뗄춶헟닎폫쫪믘닙ퟷꎬ춬쪱튲폐샻폚퓶볓7쓪웚맺햮뗄뷰살풴ꎬ뇣폚춶헟뷸탐닺맜샭ꆣꋛ춬쪱ꎬ헫뛔맺햮쫐뎡쇷뚯탔늻ퟣ컊쳢ꎬ닆헾늿폚2004쓪11퓂3죕퓚좫맺틸탐볤맺햮쫐뎡뷸탐쇋2004쓪볇헋쪽(뻅웚)맺햮뗄랢탐헐춶뇪ꎬ놾웚맺햮쫇뛌웚맺햮ꎬ웚쿞횻폐죽룶퓂ꆣ듋뻙늻뷶뿉쳡룟맺뿢뷰쫕틦ꎬ늢뿉쳡룟뷰죚쫐뎡뗄쇷뚯탔ꆣ 웤쪵ꎬ닆헾늿듋듎맺햮닙ퟷ늢늻쫇얼좻ꆣ닆헾늿뢱늿뎤슥볌캰2003쓪쓪뗗퓸춸슶ꎬ튻훖탂뗄맺햮닙ퟷ랽쪽——맺뿢쿖뷰맜샭랽쪽헽퓚췆뷸ꎬ듋뻙늻뷶뿉쳡룟맺뿢뷰쫕틦ꎬ튲폐훺 ꋙ쳡잰쫪믘맺햮훷튪럖죽훖쟩뿶ꎺ튻쫇춨맽쫪믘뛾벶쫐뎡짏쇷뚯탔닮뗄맺햮ꎬ듙뷸믹ힼ샻싊맺햮뗄랢탐ꎬ룄짆뛾벶쫐뎡뗄쇷뚯탔ꎻ뛾쫇뿉틔욽뎥햮룟럥ꎬ복쟡랢탐헟쏦쇙뗄퓙죚럧쿕ꎻ죽쫇뿉틔돤럖샻폃쿐훃뗄뷰ꆢ쳞돽킡뛮맺햮뗈뗈ꆣ맺췢퓚쪵탐맺햮쳡잰뛒뢶쪱ꎬ웤뚨볛랽램춨뎣닉폃평맺햮튻벶ퟔ펪짌믲ퟶ쫐짌뷸탐뺺헹탔헐뇪뗄랽램뷸탐ꆣ ꋚ 짏몣횤좯놨ꎬ2004쓪8퓂12죕 ꋛ 쫀뷧짌튵움싛 죕웚ꎺ2004-08-12 10:37 16
맺뿢ퟮ병쿖뷰돖폐솿뗄닢뚨 폚믵뇒쫐뎡믹ힼ샻싊뗄탎돉ꎬ늢쳡룟뷰죚쫐뎡뗄쇷뚯탔ꆣ 뿉볻ꎬ닆헾늿듋듎틔쫐뎡뮯랽쪽쫪믘맺햮뗄쿳헷틢틥듳폚웤쪵볊틢틥ꆣ닆헾늿쫗듎샻폃맺뿢뷰틔쳡잰쫪믘뗄랽쪽뷩죫쫐뎡ꎬ쫇컒맺뷸탐믽벫맺뿢쿖뷰맜샭뗄돵늽뎢쫔ꎬ틢캶ퟅ맺뿢쿖뷰맜샭뾪쪼뷩죫쫐뎡ꆣ죧맻뷱뫳탎돉만뚨뗄퓋ퟷ믺훆ꎬ쓇쎴쳡잰뛒뢶맺햮뫜폐뿉쓜쿲쫐뎡뮯뗄퓋ퟷ랽쿲퇝뇤ꎬ춬쪱믡돉캪맺뿢쿖뷰맜샭뗄튻훖춶퓋ퟷ랽쪽ꆣퟜ횮ꎬ닆헾늿듋듎폃맺뿢쿖뷰폠뛮틔쫐뎡뮯랽쪽돉릦쫪믘맺햮ꎬ횤쏷컒맺릹붨탂탍맺뿢쿖뷰맜샭쳥훆ꎬ폐킧샻폃맺뿢쿖뷰폠뛮쫇뿉탐뗄ꆣ 17
즽컷닆뺭듳톧쮶쪿톧캻싛컄 뗚쯄헂 컒맺탂탍맺뿢쿖뷰맜샭쳥훆뗄ퟜ쳥뿲볜 떱잰ꎬ컒맺릹붨릫릲닆헾맜샭쳥훆뗄뫋탄쫇붨솢쿖듺맺뿢맜샭훆뛈ꆣ쿖듺맺뿢훆뛈뗄솽쿮훘튪릦쓜쫇좷놣뛔풤쯣횴탐맽돌뗄폐킧볠뿘뫍맺뿢쿖뷰풴뗄췗짆맜샭ꎬ뛸룟킧뗄쿖뷰맜샭쾵춳뛔볠뿘풤쯣횴탐웰ퟅ훘튪뗄횧돖탔ퟷ폃ꆣ틲듋ꎬ쿖듺맺뿢쾵춳뗄뫋탄릦쓜뻍쫇쿖뷰맜샭ꆣ맺뿢쿖뷰맜샭맽돌뾪쪼폚쓉쮰죋틔쿖뷰뷉쓉쮰쫕ꎬ뷡쫸폚쿖뷰풴쇷돶맺뿢뷸죫짌욷폫샍컱릩펦헟뗄헋뮧ꎬ헢튻맽돌냼몬쇋럡뢻뗄쓚죝[17]ꆣ뷨본맺볊뺭퇩ꎬ뷡뫏컒맺릫릲닆헾뿲볜쿂뗄맺뿢훆뛈폫헾닟ꎬ컒맺탂탍맺뿢쿖뷰맜샭뿲볜뗄돵늽짨쿫죧쿂ꎨ죧춼4-1쯹쪾ꎩꎺ 믵뇒헾닟A 쿖뷰맜샭훷쳥벰믺릹 햮컱맜샭ꋙ B 쿖뷰쇷맜샭 C 쿖뷰ퟮ병돖폐솿뗄닢뚨 믵뇒쫐뎡D 쿖뷰폠뛮뗄춶퓋ퟷ 맺햮쫐뎡 컒맺릫릲닆헾맜샭뿲볜쿂 맺뿢벯훐쫕뢶훆뛈 춼4-1 컒맺탂탍맺뿢쿖뷰맜샭뿲볜춼 듓춼ꎨ4-1ꎩ훐뿉틔뾴돶ꎬ탂탍맺뿢쿖뷰맜샭쳥훆훷튪냼삨ꎺ맺뿢쿖뷰맜샭뗄훷쳥벰믺릹짨훃ꆢ쿖뷰쇷뗄벯훐뮯맜샭ꆢ맺뿢쿖뷰풤닢폫ퟮ병돖폐솿뗄닢뚨ꆢ쿖뷰폠뛮뗄춶퓋ퟷ맜샭쯄룶랽쏦뗄쓚죝ꆣ릫릲닆헾뿲볜쿂맺뿢벯훐쫕뢶훆뛈쫇탂탍맺뿢쿖뷰맜샭뗄믹뒡ꎬ횻폐퓚뿆톧좷솢헋뮧쳥쾵ꎬ맦랶쫕죫ꆢ횧돶돌탲뫳ꎬ닅쓜뷸튻늽뿘훆맺뿢쿖뷰쇷ꆢ풤닢맺뿢쿖뷰폠뛮ꆢ닢뚨맺뿢쿖뷰ퟮ병돖폐솿ꆢ춶퓋ퟷ쿖뷰폠뛮뗈ꆣ춬쪱ꎬ맺뿢쿖뷰맜샭폫믵뇒헾닟ꆢ햮컱맜샭ꋙ쿠뮥솪쾵ꎬ쯹틔쮵컒맺믵뇒쫐뎡뫍맺햮쫐뎡뗄랢햹돌뛈횱뷓펰쿬맺뿢쿖뷰맜샭쳥훆뗄룄룯 ꋙ 놾컄훐훷튪횸맺볒햮컱맜샭ꎬ냼삨맺볒쓚햮폫췢햮 18
맺뿢ퟮ병쿖뷰돖폐솿뗄닢뚨 뷸뛈ꆣ 맺뿢쿖뷰맜샭뗄훷쳥톡퓱폫믺릹짨훃 맺뿢쿖뷰맜샭뗄훷튪쒿뗄쫇퓚놣횤닆헾뷰헽뎣늦뢶뫍낲좫뗄잰쳡쿂ꎬퟮ듳뿉쓜뗘쳡룟맺뿢쿖뷰뗄쪹폃킧싊ꆣ쓜럱듯떽룟킧쿖뷰맜샭뗄쒿뇪ꎬ뇘탫쏷좷쮭쫇맺뿢쿖뷰맜샭뗄좨솦훷쳥ꎬ틔벰죧뫎짨훃맺뿢쿖뷰뗄맜샭믺릹ꆣ 쏷좷닆헾늿쏅쫇맺뿢쿖뷰맜샭뗄훷쳥 퓚랢듯쫐뎡뺭볃맺볒ꎬ쿖뷰맜샭뗄훷쳥뫍훘탄퓚닆헾늿쏅ꆣ뛸컒맺맺뿢쳥쾵뗄훘탄튻횱퓚틸탐늿쏅ꎬ훐퇫틸탐뢺퓰맜샭풤쯣횴탐맽돌훐뗄쿖뷰펪퓋ꆣ죋쏱틸탐훰붥퓚뫜듳돌뛈짏돐떣쇋맺뿢튵컱뗄맜샭횰쓜ꎬ쪹맺뿢뗄볠뚽횰쓜탎춬탩짨[18]ꆣ퓚닆헾ꆢ틸탐쪵캪튻볒뗄볆뮮뺭볃쳥훆쿂ꎬ맺뿢쿖뷰맜샭뗄횰쓜평쮭살횴탐뿉틔늻ퟷ쏷좷뮮럖ꆣ떫쫇쯦ퟅ컒맺쫐뎡뺭볃쳥훆룄룯뗄늻뛏짮뮯ꎬ닆헾뫍틸탐뎹뗗럖볒ꎬ룷쮾웤횰ꆣ훐퇫틸탐뗄횰퓰튻냣쫇뢺퓰훆뚨믵뇒헾닟ꆢ맜샭믵뇒랢탐ꆢ췢믣뒢놸뗈ꆣ죴평훐퇫틸탐살맜샭맺뿢뷰ꎬ웤쒿뗄붫쫇맡뎹믵뇒헾닟ꎬ뗷뿘믹뒡믵뇒솿ꎬ쓇쎴헾뢮뷰퓋ퟷ믮뚯뫍훐퇫틸탐릫뾪쫐뎡튵컱뗄붻틗믮뚯붫늻뿉뇜쏢뗘랢짺믬쿽ꎬ짵훁뗖뒥ꎬ뛸ퟮ훕뿉쓜뗄뷡맻쫇컾짼닆헾샻틦ꎬ놣좫믵뇒헾닟ꆣ 폫틸탐늿쏅쿠뇈ꎬ닆헾늿쏅퓚헻룶풤쯣폫닆헾맜샭쫂컱훐뒦폚룼뫃뗄뗘캻ꎬ돐떣ퟅ룼뛠룼훘튪뗄퓰죎ꆣ닆헾늿쏅뗄훷튪뢺퓰쫇훆뚨닆헾헾닟ꆢ맜샭헾뢮뷰ꆢ헾뢮햮컱ꆢ맺폐닺뗈닆헾쫂컱ꆣꆶ훐뮪죋쏱릲뫍맺풤쯣램ꆷꎨ1995ꎩ뗚쇹헂뗚쯄쪮웟쳵맦뚨ꎺꆰ룷벶맺뿢뿢뿮뗄횧엤좨쫴폚놾벶헾뢮닆헾늿쏅ꆱꆣ맺볒뷰뿢쫇맺볒뗄닆헾뿢ꎬ쫇솥쫴폚뫍뷴쏜솪쾵풤쯣횴탐맽돌뗄맜샭믺릹ꎬ닆헾늿쏅뛔맺뿢뻟폐횱뷓뗄쇬떼좨뫍쪵쪩폐킧맜샭ꎬ쫇맺볒풤쯣풲싺쪵쿖뫍돤럖랢믓닆헾룷쿮횰쓜ퟷ폃뗄놣횤ꆣ닆헾늿쏅맜샭맺뿢쿖뷰뗄훷횼쫇퓚놣횤닆헾헽뎣뷰늦뢶뫍뷰낲좫뗄잰쳡쿂ꎬퟮ듳뿉쓜뗘쳡룟맺뿢뷰뗄쪹폃킧싊ꆣ틲듋맺뿢쿖뷰맜샭뗄좨솦훷쳥펦룃쫇닆헾ꆣ 떱좻ꎬ잿뗷닆헾ퟷ캪맺뿢쿖뷰맜샭뗄훷쳥ꎬ늢늻럱죏틸탐늿쏅퓚맺뿢쿖뷰맜샭쳥쾵훐뗄ퟷ폃ꆣ퓚탂탍맺뿢쿖뷰맜샭쳥훆쿂ꎬ틸탐늿쏅뗄ퟷ폃붫뗃떽룼뫃뗄랢믓ꎬ떫쯼뗄뷇즫쫇엤뷇뛸늻쫇훷뷇ꆣ 짨솢쏅뗄닆헾폫퇫탐킭뗷믺릹 맺뿢쿖뷰맜샭쫇닆헾헾닟폫믵뇒헾닟횮볤킭뗷엤뫏뗄훘튪쇬폲ꎬ맺뿢쿖뷰맜샭퓋ퟷ믡늻춬돌뛈뗘펰쿬떽믵뇒릩펦뫍쫐뎡샻싊ꎬ맺뿢쿖뷰맜샭뗄쒿뇪뫍돶랢뗣뻹폫믵뇒헾닟폐쯹늻춬ꆣ랢듯쫐뎡뺭볃맺볒튻냣뚼폐쏅뗄닆헾폫틸탐릤ퟷ킭뗷캯풱믡ꎬ퓶볓뇋듋횮볤킭뗷ꆢ킭짌뗄믺믡ꎬ틔복짙쒦닁ꎬ볓잿뫏ퟷꆣ틲듋ꎬ튪붨솢탂탍맺뿢쿖뷰맜샭쳥훆ꎬ놣횤뇋듋횮볤탅쾢뗄벰쪱릵춨ꎬ늢뒦샭죎뫎럖웧믲뿉쓜닺짺뗄헾닟컊쳢ꎬ닆헾늿폫훐맺죋쏱틸탐횮볤붨솢쏅뗄 19
즽컷닆뺭듳톧쮶쪿톧캻싛컄 킭뗷믺릹쫇럇뎣뇘튪뗄ꆣ 죋쏱틸탐쫇맺볒믺릹뗄ퟩ돉늿럖ꎬ폐틥컱폐퓰죎캪맺뿢쿖뷰맜샭뫍퓋ퟷ쳡릩랽뇣ꆣ듋췢ꎬ듓뷰뗄낲좫뷇뛈뾼싇ꎬ붫맺뿢떥튻헋뮧뾪짨퓚죋쏱틸탐ퟮ컈뚨ꎬ틲캪죋쏱틸탐늻춬폚짌튵틸탐ꎬ짌튵틸탐쫇ힷ쟳샻죳ퟮ듳뮯뗄펯샻탔믺릹ꆣ맺뿢듦뿮쫇죋쏱틸탐폃살뗷뿘짧믡믵뇒릩펦솿뫍믹뒡믵뇒뗄훘튪ퟩ돉늿럖ꆣ죋쏱틸탐춨맽헆컕맺뿢떥튻헋뮧짏맺뿢뷰뗄퓋ퟷ쟩뿶ꎬ폐샻폚헽좷퓋폃믵뇒헾닟ꎬ볓잿닆헾폫믵뇒뗄헾닟킭뗷ꎬ듙뷸뺭볃뗄컈뚨랢햹ꆣ퓚뷰맜샭짏펦틽뷸ꆰ쫐뎡ꆱ맜샭믺훆ꎬ벴죋쏱틸탐맜샭맺뿢헋뮧펦쫕쫖탸럑ꎬ맺뿢듦뿮폠뛮튲튪볆샻쾢ꆣ헢퇹볈폐샻폚쏷좷볆쯣죋쏱틸탐뗄돉놾킧틦ꎬ폖폐샻폚닆헾폫죋쏱틸탐횮볤뗄뫏ퟷꆣ 퓚뻟쳥닙ퟷ짏ꎬ닆헾늿폫훐맺죋쏱틸탐횮볤펦뻍럖릤듯돉튻훂ꎬ늢붨솢폐킧뗄췸싧탅쾢붻쇷욽첨ꎬ웤쓚죝훷튪냼삨ꎺ붨솢맺뿢믹놾헋뮧죕쿖뷰폠뛮뫍쿖뷰쇷샺쪷쫽뻝뿢ꎻ좷솢럖컶뫍풤닢쿖뷰쇷뗄춳튻랽램ꎻ붨솢맺뿢쿖뷰폠뛮뇤뚯쫽뻝뗄쎿훜뫍쎿죕탅쾢붻쇷뗄쪱볤뇭ꎻ뛔랢탐뛌웚맺햮ꆢ훐퇫틸탐욱뻝뷸탐폐킧릵춨폫쿎뷓뗈ꆣ 짨솢쏅뗄맺뿢쿖뷰맜샭믺릹 맺뿢쿖뷰맜샭뗄훷쳥캪닆헾늿쏅뫳ꎬ닆헾늿쏅죧뫎맜샭뫃맺뿢쿖뷰ꎬ쪹웤퓚놣횤헽뎣뗄뷰늦뢶뫍뷰낲좫뗄잰쳡쿂ꎬ쪹뷰뗃떽ퟮ듳퓶횵ꆣ퓚쫐뎡뺭볃맺볒ꎬ맺뿢췹췹짨솢쏅믺릹뷸탐맺뿢뷰뗄쫐뎡퓋ퟷꎬ냼삨룴특닰뷨ꆢ욱뻝붻틗뗈춶믮뚯ꎬힷ쟳맺뿢뷰퓶횵ꆣ맺뿢쿖뷰폠뛮뷸죫쫐뎡춶퓋ퟷꎬ뇘좻믡쏦쇙럧쿕ꆣ튪뇜쏢럧쿕ꎬ톡퓱뫏샭뗄춶릤뻟뫜훘튪ꎬ떫룼훘튪뗄쫇튪ퟩ붨튻룶뻟폐룟쮮욽뗄맺뿢쿖뷰맜샭믺릹ꆣ닆헾늿맺뿢늿쏅뢺퓰헾닟닣쏦릤ퟷꎬ맺뿢쫕뢶훐탄뢺퓰맺뿢튵컱뻟쳥닙ퟷ뗄횴탐ꆣ헢룶쏅뗄쿖뷰맜샭믺릹평맺뿢늿쏅횱뷓쇬떼ꎬ웤횰퓰쫇ꎺ튻쫇ힼ좷풤닢맺뿢쎿죕쿖뷰쇷솿ꎬ늢뛔쿖뷰쇷뷸탐쪵쪱볠뿘ꎻ뛾쫇캬돖맺뿢뷰헋뮧뗄욽뫢ꎬ틔놣횤맺뿢뷰헋뮧돖폐ퟣ릻뗄뷰폠뛮싺ퟣ헾뢮죕뎣횧뢶뷰뗄탨쟳뫍튻킩뇘튪뗄펦벱뒢듦ꎻ죽쫇볓잿탅쾢춳볆릤ퟷꎬ춨맽쏅벼쫵뫍랽램ꎬ붨솢ힼ좷벰쪱뗄죕쟥ꆢ톮쟥ꆢ퓂쟥ꆢ벾쟥훆뛈ꎬ캪닆헾뻶닟쳡릩닎뾼ꎻ쯄쫇틔볠뚽맜샭캪훷ꎬ캯췐뷰죚믺릹뷸탐뻟쳥춶닙ퟷꎬ춨맽룷훖햮좯ꆢ믹뷰뗄싲싴ꆢ룴특닰뷨ꆢ욱뻝붻틗뗈춶랽쪽ꎬ쪹맺뿢뷰놣횵ꆢ퓶횵ꆣ 맺뿢쿖뷰쇷맜샭 쿖뷰쇷맜샭쫇탂탍맺뿢쿖뷰맜샭쳥훆뗄훘튪쓚죝ꎬ훷튪냼삨벯훐뿘훆쿖뷰쇷죫뫍쿖뷰쇷돶ꎬ벴뺡뿉쓜볓쯙뷰죫뿢ꎬ퇓뮺뷰돶뿢ꎻ뛔쿖뷰쇷뗄풤닢ꆢ볠뿘폫뗧ퟓ뮯벯훐뫋쯣뗈컊쳢ꆣ쿖뷰쇷뗄룟킧맜샭캪맺뿢ퟮ병쿖뷰돖폐솿뗄닢뚨뗬뚨믹뒡ꆣ 볓잿쿖뷰쇷솿뿘훆 a. 쿖뷰쇷죫맜샭 20
맺뿢ퟮ병쿖뷰돖폐솿뗄닢뚨 맺뿢쿖뷰쇷죫뗄췗짆맜샭튪쟳틔뺡뿉쓜뛌뗄쪱볤뫍뺡뿉쓜킡뗄붻틗돉놾ꎬ붫쿖뷰쫕죫뷉죫맺뿢ꎬ뛸쟒쫕떽쿖뷰폫붫쿖뷰폃폚횧돶볆뮮횮볤뗄쪱볤볤룴펦떱뺡뿉쓜쯵뛌ꆣ헾뢮쫕죫펦떱톸쯙뷸탐뒦샭ꎬ늢폃폚룷훖횧돶ꆣ퓚쮰쫕맜샭늿쏅췪돉쮰쫕헷벯횮뫳ꎬ짏쫶냬릫쫒뗄탐헾ퟩ횯뇘탫뷓쫜짳닩ꎬ웤짨놸튲뇘탫쪵쿖쿖듺뮯ꆣ평폚틸탐늿쏅믹뒡짨쪩뷏캪쿈뷸ꎬ짌튵틸탐춨뎣쓜릻틔뇈쮰쫕냬릫쫒킧싊룼룟뗄랽쪽헷벯쫕죫ꆣ틲듋ꎬ쮰쫕늿쏅틔볇슼쓉쮰죋뗄쓉쮰쟩뿶캪훷ꎬ톡퓱짌튵틸탐뢺퓰헷벯쫕죫ꎬ떫헾뢮뇘탫뻍듋ퟶ돶룷훖낲업ꎬ듙뷸짌튵틸탐횮볤뗄뺺헹늢좷놣짌튵틸탐톸쯙붫헾뢮쫕죫죫헾뢮헋뮧훐ꆣ듋췢ꎬ춨맽쫕럑룸짌튵틸탐쳡릩놨돪ꎬ헢훖ퟶ램쿠뛔춸쏷ꎬ뮹뿉틔듙뷸짌튵틸탐퓚놨볛쪱뾪햹뺺헹ꆣ캪뇜쏢쿖뷰쫕죫퇓컳ꎬ닉좡잡떱뗄뒦랣훆뛈뛔쓉쮰죋뷸탐풼쫸ꎬ틔놣횤쿖뷰벰쪱쇷죫맺뿢헋뮧ꆣ b. 쿖뷰쇷돶맜샭 쿖뷰쇷돶맜샭훷튪쫇닉좡쫊떱듫쪩ꎬ퇓뮺쿖뷰쇷돶맺뿢ꆣ쿖뷰쇷돶솿뗄맜샭폫풤쯣횴탐낲업횱뷓쿠맘ꎬ틲듋뿘훆쿖뷰쇷돶뇈쿖뷰쇷죫룼볓삧쓑ꆣ뿘훆쿖뷰쇷돶뗄훷튪쒿뗄쫇좷놣퓚횧돶떽웚죕횮잰돖폐ퟣ릻뗄쿖뷰늢쪹붻틗돉놾ퟮ킡뮯ꎬ춬쪱놣돖쿖뷰쇷돶폫쇷죫벰닆헾풤쯣풼쫸횮볤뗄욥엤탔ꆣ튪ퟶ떽쿖뷰쇷돶솿폫닆헾풤쯣풼쫸쿠욥엤ꎬ쫗튪쳵볾쫇뇠뫃풤쯣ꎬ솼뫃뗘쪵쪩풤쯣ꆣ떫퓚쿖뷰풤쯣횴탐맽돌훐ꎬ뮹탨튪훆뚨쿖뷰볆뮮ꆢ뻹뫢쿖뷰쇷솿살맦랶쿖뷰쇷돶ꎬ럀횹쿖뷰쇷돶뫍쿖뷰쇷죫늨뚯맽듳ꆣ춬쪱ꎬ횧돶랽램펰쿬ퟅ쿖뷰쇷돶뗄붻틗돉놾ꆣ샽죧ꎬ틔뗧ퟓ틆횧뢶좡듺횧욱뫍쿖뷰뗄쿖듺뮯횧뢶쫖뛎ꎬ쪹뗃헾뢮뿉틔룼볓ힼ좷뗘볆뮮웤쿖뷰쇷솿ꎬ볲뮯탐헾폫믡볆돌탲ꎬ붵뗍붻틗돉놾ꎬ쳡룟쿖뷰쇷뚯탔ꆣ[19] 붨솢좫쏦뗄쿖뷰쇷풤닢믺훆 평폚맺뿢쿖뷰쇷쫜뛠훖틲쯘뗄펰쿬ꎬ뻟폐뷏듳뗄늻좷뚨탔ꎬ죧맻쎻폐쫂쿈풤닢ꎬ맺뿢ퟮ병쿖뷰돖폐솿뻍컞램뫏샭닢뚨ꎬ뷸뛸맺뿢쿖뷰폠뛮뗄맜샭닙ퟷ붫쓑틔싺ퟣ맺뿢쿖뷰쇷뗄쪵볊튪쟳ꆣ좫쏦ꆢ벰쪱ꆢힼ좷ꆢ뿆톧뗄맺뿢쿖뷰쇷풤닢쓜캪맺뿢쿖뷰맜샭쳡릩솿뮯뗄닙ퟷ쒿뇪ꎬ쫇맦랶쿖뷰맜샭뗄ퟮ믹놾튪쟳ꆣ틔풤닢럖컶캪믹뒡ꎬ뫏샭낲업맺뿢쫕횧ꎬ붵뗍맺뿢쿖뷰폠뛮뫍맺뿢쿖뷰맜샭돉놾쫇맺뿢쿖뷰맜샭뗄훘튪죎컱횮튻ꆣ 볓잿쿖뷰쇷솿뿘훆ꎬ닢뚨맺뿢쿖뷰ퟮ병돖폐솿ꎬ튪쟳붨솢좫쏦뗄쿖뷰쇷풤닢믺훆ꎺꎨ1ꎩ붨솢몭룇쇋뫪맛풤닢ꆢ풤쯣맦뮮벰풤쯣횴탐뗈짨쪩뗄춳튻뗄헾뢮닆헾맜샭탅쾢쾵춳ꎨGFMISꎩꎬ쳡룟뛔맺뿢쿖뷰퓂쫕횧쇷솿샺쪷쫽뻝뗄쫽솿뺭볃럖컶쓜솦ꎬ늢틔듋ퟷ캪룼뎤웚볤맺뿢쿖뷰풤닢뗄춶죫ꆣ퓚듋믹뒡짏ꎬ돤럖샻폃쿖듺뗧ퟓ벼쫵붨솢췪짆뗄쿖뷰쇷솿쫽뻝뿢ꎬ룃쫽뻝뿢펦냼삨쿖뷰쇷죫뫍쇷돶뗄놨룦쫽뻝ꆢ풤웚쫽뻝뫍믡볆뫋쯣탅쾢ꆢ헾뢮뗄쿔탔믲폐뢺햮ꆢ헾뢮쒳킩틾탔믲폐뢺햮ꎬ뛸쟒룃쫽뻝뿢튪뻟폐ퟛ뫏ꆢ쇩믮뗄쳘뗣ꎬ틔ힼ좷췪헻뗄쫽뻝뿢뫍쿠맘럖컶캪틀췐ꎬ뛔맺뿢쿖뷰쇷뷸탐풤닢ꎬ쪹쫕횧쇷룼캪욥엤ꎬ뛔맺뿢쿖뷰쇷뗄좫맽돌뷸탐쪵쪱볠뿘ꎬ폐킧뗘쳡룟맺뿢쿖뷰뗄쪹폃킧싊[20]ꆣꎨ2ꎩ맺뿢펦폫훐맺죋쏱틸탐ꆢ맺볒쮰컱ퟜ뻖벰웤쯻훷튪 21
즽컷닆뺭듳톧쮶쪿톧캻싛컄 뗄훐퇫튻벶풤쯣맜샭늿쏅붨솢솪쾵췸싧ꎬ맄샸룷풤쯣떥캻믽벫닎폫ꎬ룷풤쯣떥캻펦룹뻝놾떥캻쪵볊횧돶탨튪뫍헾뢮풤쯣맦뚨뷸탐쿖뷰쇷풤닢ꎬ늢쿲닆헾늿쏅놨룦ꆣ좷놣쫕죫ꆢ횧뢶쿠맘탅쾢뗄벰쪱릵춨ꎬ얬솦쳡룟맺뿢쿖뷰쫕횧쇷솿풤닢ힼ좷탔ꎬ캪믽벫뗄맺뿢쿖뷰맜샭뒴퓬쳵볾ꆣꎨ3ꎩ듳솦볓잿뛔맺뿢쿖뷰폠뛮폫뷡릹뗄쫽뻝럖컶ꆢ샺쪷뺭퇩ퟜ뷡틔벰캴살뇤뮯쟷쫆뫍쫽솿뮯퇐뺿ꎬ늢틔풤닢럖컶캪믹뒡ꎬ붨솢닙ퟷ탔잿ꆢힼ좷탔뫍ퟔ뚯뮯쮮욽룟뗄뚯첬럖컶쒣탍ꎬ뛔맺뿢쿖뷰쇷뷸탐뚯첬풤닢폫뿘훆ꆣퟜ뷡맺뿢쿖뷰폠뛮쯦룷훖틲쯘뇤뚯뗄맦싉ꎬ퇐뺿맺뿢듦뿮폠뛮뛔틸탐쳥쾵닺벰뢺햮뇤뮯닺짺뗄펰쿬ꎬ캪퇫탐뗄샻싊떼쿲뫍믵뇒헾닟쳡릩뻶닟틀뻝ꎬ늢튪룹뻝풤쯣뗄쫕횧맦쒣폫뷸뛈낲업ꎬ풤닢죕뫳헾뢮펦뛒뢶뗄쯹폐릫햮뗄놾뷰뫍샻쾢ꎬ틔벰캴살뗄쫕횧뇤뮯쟷쫆ꎬ듓뛸벰쪱닉좡뻹뫢맺뿢쫕횧뗄쿠펦헾닟듫쪩ꎬ횸떼맺뿢쿖뷰폠뛮뗄뫏샭퓋ퟷꆣ 붨솢퇏쏜뗄맺뿢쿖뷰쇷볠뿘믺훆 췪짆뗄볠뿘믺훆쫇쪵쿖맺뿢쿖뷰맦랶맜샭ꆢ폐탲퓋탐뗄믹놾놣헏ꆣ룟킧싊뗄쿖뷰볠뿘쾵춳붨솢퓚뗧ퟓ뮯뗄믡볆벯훐뫋쯣뫍췪짆뗄좫쏦맺뿢쿖뷰쇷풤닢믺훆뗄믹뒡짏ꆣ춨맽뗧ퟓ뮯췸싧붨짨ꎬ맺뿢쿖뷰맜샭믺릹뿉틔뛔맺뿢쿖뷰쇷뷸탐쪵볊쪱뗣뗄볠뿘ꎬ뇜쏢쿖뷰뗄쇷쪧샋럑ꎬ쳡룟쿖뷰쪹폃킧싊ꆣ퓚폐맘맺뿢쿖뷰뗄쪹폃ꆢ횧뢶뫍볠뚽맽돌훐룷늿쏅쯹뢺폐뗄좨샻뫍퓰죎뚼펦ퟷ쏷좷뗄맦뚨ꎬ늢폃솢램탎쪽훆뚨맦랶뗄볠맜돌탲ꎬ틔벰튻쾵쇐퇏샷뗄돍랣듫쪩ꎬ뛔짳엺ꆢ쫚좨ꆢ볇헋ꆢ늦뿮뗈뮷뷚짨솢닣닣퓰죎훆ꆣ춬쪱ꎬ퓚맺뿢쿖뷰뗄쪹폃ꆢ횧뢶뫍볠뚽맽돌훐짳볆늿쏅튪볓잿짳볆볠뚽ꆣ 붨솢쿖뷰쇷뗄뗧ퟓ뮯벯훐뫋쯣쾵춳 맺뿢떥튻헋뮧뗄퓋ퟷꆢ쿖뷰쫕횧맜샭ꆢ쿖뷰쇷맜샭폫풤닢뗈릤ퟷ쫇컞램뾿쫖릤닙ퟷ췪돉뗄ꎬ뇘탫붨솢뗧ퟓ뮯ꆢퟔ뚯뮯뗄맺뿢벯훐뫋쯣쾵춳ꆣ냩쯦ퟅ컒맺ꆰ뷰쮰ꆱꆢꆰ뷰닆ꆱ릤돌뗄붨짨ꎬ닆헾맺뿢탅쾢맜샭쾵춳튲펦룃훰늽췪짆ꎬ튪훰늽붨솢뻟폐틔쿂죽룶릦쓜뗄좫맺춳튻뗄맺뿢믡볆벯훐뫋쯣쾵춳ꎺꎨ1ꎩ뢺퓰좫맺춳튻뗄맺뿢믡볆뫋쯣쾵춳ꎬ믽벫뷸탐닆ꆢ쮰ꆢ뿢ꆢ탐횮볤뗄맺뿢튵컱볆쯣믺솪췸ꎬ쪵쿖쫽뻝뮥춨ꆢ탅쾢릲쿭ꆢ좫뻖뿘훆ꎬ볓뿬맺뿢믡볆벯훐뫋쯣뷸돌ꆣꎨ2ꎩ쪵쿖맺뿢믡볆벯훐뫋쯣뫳ꎬ벰쪱헆컕룷늿쏅뫍떥캻뗄닆컱ힴ뿶ꎬ폐샻폚볓잿쿖뷰쇷뗄맜샭ꆢ풤닢뫍볠뿘ꎬ복짙뢯냜뫍얲폃맺뿢뷰쿖쿳ꆣꎨ3ꎩ뻟폐잿듳뗄탅쾢쫕벯뫍뒦샭릦쓜ꎬ복짙헾뢮탐헾돉놾ꎬ쳡룟헾뢮쿖뷰쪹폃킧싊ꎬ캪닆헾맜샭ꆢ뫪맛뺭볃탎쫆럖컶뫍헾닟훆뚨쳡릩뻶닟틀뻝ꆣ[21] 22
맺뿢ퟮ병쿖뷰돖폐솿뗄닢뚨 뗚컥헂 맺뿢ퟮ병쿖뷰돖폐솿뗄닢뚨 맺뿢ퟮ병쿖뷰돖폐솿뗄닢뚨쫇컒맺탂탍맺뿢쿖뷰맜샭쳥훆뗄훘튪쓚죝ꆣ맺뿢ퟮ병쿖뷰돖폐솿쫇횸맺뿢쿖뷰퓚퇫탐떥튻헋뮧짏뗄ꆰ쒿뇪폠뛮ꆱꎬ쫇튻룶쫊뛈맦쒣뗄쿖뷰듦솿ꆣ놣돖헢룶ꆰ쒿뇪폠뛮ꆱꎬ벴맺뿢ퟮ병쿖뷰돖폐솿ꎬ볈쓜싺ퟣ헾뢮헽뎣뗄뷰탨튪ꎬ뇜쏢쿖뷰뛌좱뿉쓜듸살뗄쯰쪧ꎬ춬쪱폖늻즥쪧샻폃맺뿢쿖뷰폠뛮춶믱샻뗄뿉쓜탔ꆣ 퓚쪵볊릤ퟷ훐ꎬ맺뿢쿖뷰뗄쇷죫뫍쇷돶뺭뎣돶쿖늻욥엤뗄쟩뿶ꎬ맺뿢훐뿉쓜돶쿖돁뗭뷰ꎬ튲뿉쓜돶쿖뛌웚탔ꆢ벾뷚탔ꆢ쇙쪱탔뗄뷰늻ퟣꆣ틲듋닢뚨ퟮ병쿖뷰돖폐솿ꎬ쫗쿈탨튪ힼ좷ꆢ뿬쯙뗘쇋뷢컒맺맺뿢쿖뷰돖폐솿뗄믹놾ힴ뿶ꎨ냼삨샺쪷쫽뻝ꆢ쿖쪵맦쒣ꆢ캴살풤닢ꎩꎻ웤듎퓚좫쏦뗄쿖뷰쇷풤닢뫍볠뿘믺훆뗄믹뒡짏ꎬ듓뚨솿럖컶뷇뛈ꎬ톰헒닢뚨맺뿢ퟮ병쿖뷰돖폐솿뗄랽램ꆣ 컒맺맺뿢쿖뷰돖폐솿뗄믹놾ힴ뿶 퓚컒맺ꎬ쫜헾뢮닆헾닆컱훆뛈훆풼ꎬ킡솿믵뇒쿖뷰뫍듳솿맺뿢듦뿮릹돉쇋컒맺맺뿢쿖뷰뗄훷쳥ꆣ틲듋ꎬ춨맽럖컶맺뿢듦뿮폠뛮뗄맦쒣ꆢ늨뚯탔ꆢ살풴ퟩ돉뗈죽룶틲쯘ꎬ뿉틔뫢솿컒맺맺뿢쿖뷰돖폐솿뗄믹놾쟩뿶ꆣ 맺뿢듦뿮폠뛮돊늻뛏퓶뎤뗄쟷쫆 춨맽뛔1997-2003쓪좫맺닆헾퓚훐퇫틸탐뗄벾뛈쒩듦뿮폠뛮뗄쟷쫆럖컶ꎨ죧춼5-1쯹쪾ꎩꎬ컒맺맺뿢듦뿮폠뛮헻쳥짏돊늻뛏퓶뎤뗄첬쫆ꆣ웤훐ꎬ1997-2000뗄쯄쓪볤ꎬ맺뿢듦뿮폠뛮놣돖ퟅ뮺싽ꆢ욽컈퓶뎤ꎻ2001-2003뗄죽쓪볤ꎬ맺뿢듦뿮폠뛮퓶뎤톸쯙ꎬ늨뚯뷏듳ꎬ뻸뛔맦쒣놣돖퓚뷏룟뗄쮮욽짏ꎬ틲캪2001쓪뾪쪼쫔뗣맺뿢벯훐쫕죫훆뛈ꎬ듳솿맺뿢쿖뷰폠뛮듓풤쯣떥캻헋뮧틆떽맺뿢떥튻헋뮧짏ꆣ죧ꎬ2003쓪12퓂뗄맺뿢듦뿮폠뛮쿠떱폚2000쓪3퓂뗄놶ꎬ쿠떱폚1997쓪3퓂뗄놶ꆣ뻝쇏춳볆ꎬ2003쓪8퓂쒩뗄맺뿢듦뿮폠뛮ꎬ쿠떱폚2002쓪8퓂쒩뗄놶ꎬ쿠떱폚2001쓪8퓂쒩뗄놶ꎬ쿠떱폚2000쓪8퓂쒩뗄놶ꆣ 23
즽컷닆뺭듳톧쮶쪿톧캻싛컄 좫맺닆헾퓚훐퇫틸탐뗄듦뿮㜰〰㘰〰㔰〰㐰〰㌰〰㈰〰〰? 쇏살풴ꎺ훐맺죋쏱틸탐 춼5-1 1997-2003쓪좫맺닆헾퓚훐퇫틸탐뗄벾뛈쒩듦뿮폠뛮ퟟ쫆 맺뿢듦뿮폠뛮뗄늨뚯탔뷏듳 컒맺헾뢮뗄맺뿢듦뿮폠뛮쫜닆헾쫕횧벾뷚탔펰쿬뇈뷏쏷쿔ꎨ죧춼5-2쯹쪾ꎩꆣ듓춼5-2훐뿉틔뾴떽ꎬ훐퇫닆헾뗄맺뿢듦뿮폠뛮튻냣퓚1000-3600틚풪횮볤늨뚯ꎬ뗘랽닆헾뗄맺뿢듦뿮폠뛮튻냣퓚1800-3500틚풪횮볤늨뚯ꆣ훐퇫닆헾뗄맺뿢듦뿮폠뛮뗄늨뚯싔듳폚뗘랽닆헾뗄맺뿢듦뿮폠뛮뗄늨뚯ꎬ솽헟뗄늨뚯맦싉듦퓚쏷쿔뗄닮틬ꆣ 훐퇫닆헾퓚훐퇫틸탐뗄듦뿮?뗘랽닆헾퓚훐퇫틸탐뗄듦뿮㐰〰㌰〰㈰〰〰?? 쇏살풴ꎺ훐맺죋쏱틸탐 춼5-2 2002쓪1퓂-2003쓪12퓂좫맺닆헾맺뿢듦뿮폠뛮ퟟ쫆 듓떥룶쪡벶닆헾살뾴ꎬ쪡벶헾뢮뗄맺뿢듦뿮폠뛮뗄늨뚯탔룼쏷쿔ꎬ맦싉늻죝틗헆컕ꎨ죧 24 떥캻ꎺ틚떥캻ꎺ틚풪㈰〲쓪㇔?ㄹ㤷쓪㏔?ㄹ㤷쓪㛔?㈰〲쓪㋔?ㄹ㤷쓪㧔?㈰〲쓪㏔?ㄹ㤷쓪ㄲ퓂㈰〲쓪㓔?ㄹ㤸쓪㏔?㈰〲쓪㗔?ㄹ㤸쓪㛔?㈰〲쓪㛔?ㄹ㤸쓪㧔?㈰〲쓪㟔?ㄹ㤸쓪ㄲ퓂㈰〲쓪㣔?ㄹ㤹쓪㏔?ㄹ㤹쓪㛔?㈰〲쓪㧔?ㄹ㤹쓪㧔?㈰〲쓪퓂ㄹ㤹쓪ㄲ퓂㈰〲쓪ㄱ퓂㈰〰쓪㏔?㈰〲쓪ㄲ퓂㈰〰쓪㛔?㈰〳쓪㇔?㈰〰쓪㧔?㈰〳쓪㋔?㈰〰쓪ㄲ퓂㈰〳쓪㏔?㈰〱쓪㏔?㈰〳쓪㓔?㈰〱쓪㛔?㈰〱쓪㧔?㈰〳쓪㗔?㈰〱쓪ㄲ퓂㈰〳쓪㛔?㈰〲쓪㏔?㈰〳쓪㟔?㈰〲쓪㛔?㈰〳쓪㣔?㈰〲쓪㧔?㈰〳쓪㧔?㈰〲쓪ㄲ퓂㈰〳쓪퓂㈰〳쓪㏔?㈰〳쓪ㄱ퓂㈰〳쓪㛔?㈰〳쓪㧔?㈰〳쓪ㄲ퓂㈰〳쓪ㄲ퓂
맺뿢ퟮ병쿖뷰돖폐솿뗄닢뚨 춼5-3쯹쪾ꎩꎬ헢뇘좻룸쪡벶헾뢮뗄쿖뷰맜샭릤ퟷ듸살쓑뛈ꎬ춬쪱튲펰쿬닆헾늿뛔좫맺맺뿢쿖뷰쇷뗄춳튻풤닢폫맜샭ꆣ 쒳쪡놾벶맺뿢듦뿮퓂폠뛮럖늼춼㜰㘰㔰㐰㌰㈰?쇏살풴ꎺ쪡닆헾쳼맺뿢뒦 춼5-3 2002-2003쓪짂컷쪡놾벶맺뿢듦뿮폠뛮ퟟ쫆 맺뿢쿖뷰살풴훐뗄뢺햮뇈훘돊늻뛏짏짽쟷쫆 훐퇫헾뢮햮컱폠뛮햼훐퇫닆헾ퟜ횧돶뇈훘ㄶ?ㄴ?ㄲ??㠰㘰㐰㈰?ㄹ㤵ㄹ㤶ㄹ㤷ㄹ㤸ㄹ㤹㈰〰㈰〱㈰〲㈰〳 쇏살풴ꎺ훐맺닆헾쓪본2004쓪 춼5-4 1995-2003쓪훐퇫헾뢮햮컱폠뛮햼훐퇫닆헾ퟜ횧돶뗄뇈훘 맺햮쫇평맺볒탅폾ퟷ떣놣뗄햮컱쫕죫ꎬ뻟폐폐뎥탔ꆢퟔ풸탔ꆢ쇩믮탔뗈폅뗣ꎬ쫇돯벯닆헾쫕죫뗄훘튪쟾뗀ꆣ뎤웚틔살컒맺맺햮뗄랢탐웚쿞욫뎤ꎬ늻쫊펦쫐뎡뗄탨쟳ꎬ튲늻샻폚붵뗍닆헾돯돉놾ꆣ춬쪱ꎬ랢탐햮컱뗄웚쿞뎤ꆢ쫽뛮듳ꎬ컞틉튲믡볓듳맺뿢듦뿮폠뛮뗄맦쒣퓶뎤 25 떥캻ꎺ?떥캻ꎺ틚풪㈰〲쓪㇔?㈰〲쓪㋔?㈰〲쓪㏔?㈰〲쓪㓔?㈰〲쓪㗔?㈰〲쓪㛔?㈰〲쓪㟔?㈰〲쓪㣔?㈰〲쓪㧔?㈰〲쓪퓂㈰〲쓪ㄱ퓂㈰〲쓪ㄲ퓂㈰〳쓪㇔?㈰〳쓪㋔?㈰〳쓪㏔?㈰〳쓪㓔?㈰〳쓪㗔?㈰〳쓪㛔?㈰〳쓪㟔?㈰〳쓪㣔?㈰〳쓪㧔?㈰〳쓪퓂㈰〳쓪ㄱ퓂㈰〳쓪ㄲ퓂
즽컷닆뺭듳톧쮶쪿톧캻싛컄 폫늨뚯럹뛈ꆣ 춨맽럖컶훐퇫헾뢮햮컱폠뛮햼훐퇫닆헾놾벶횧돶폫늹훺뗘랽횧돶횮뫍뗄뇈훘ꎨ죧춼5-4쯹쪾ꎩ뿉횪ꎬ1995쓪틔살ꎬ룃뇈훘튻횱뒦폚늻뛏짏짽뗄맽돌횮훐ꆣ2003쓪훐퇫햮컱폠뛮햼훐퇫닆헾ퟜ횧돶뗄뇈훘쫇1998쓪뗄놶ꎬ쫇1995쓪뗄놶ꆣ쿔좻ꎬ캪돯벯뷰뛸뢶돶뗄돉놾튲뇘좻훰쓪볓듳ꆣ ퟜ횮ꎬ컒맺맺뿢쿖뷰돖폐솿뗄믹놾ힴ뿶뇭쏷ꎺ컒맺맺뿢쿖뷰폠뛮돊늻뛏짏짽쟷쫆ꎬ뛸쟒늨뚯탔뷏듳ꎬ맺뿢쿖뷰맜샭훐뫜짙뾼싇쿖뷰뗄쪱볤볛횵뫍믺믡돉놾ꎬ쿖뷰쿐훃샋럑쿖쿳뫜퇏훘ꆣ햮컱폠뛮햼쿖뷰풴뗄뇈훘튲퓚늻뛏퓶볓ꎬ떱맺뿢쿖뷰늻ퟣ쪱ꎬ춨뎣랢탐훐뎤웚맺햮돯ꎬ좱랦뛌웚맺햮랢탐믺훆ꎬ돉놾룟쟒쇩믮탔닮ꎬ뛔헾뢮햮컱맜샭헟뗄훘쫓늻릻ꎬ맺뿢뷰킧틦폐듽쳡룟ꆣ쓑맖닆헾늿슥볌캰뢱늿뎤퓸뛠듎횸돶ꎺꆰ듳솿뷰쇴퓚맺뿢ꎬ맺뿢뷰죧뫎뗷뛈쪹폃ꎿꆱ[22] 닢뚨맺뿢ퟮ병쿖뷰돖폐솿뗄믹놾풭샭 듓닆컱맜샭뷇뛈붲ꎬ볙짨맺뿢쎿쳬쫕죫R풪ꆢ횧돶P풪ꆢ죕훕돶쿖펯폠ꎨ?ꎾPꎩ쪱퓲폃폚춶믱샻ꎬ돶쿖돠ퟖꎨ?ꎼPꎩ쪱퓲듓믵뇒쫐뎡짏죚죫뷰ꎬ쓇쎴쪹돉놾ퟮ킡ꆢ쫕틦ퟮ듳뗄맺뿢ퟮ병쿖뷰돖폐솿펦룃쫇뛠짙쓘ꎿ듓쫽톧뷇뛈ꎬ헢룶컊쳢쓜릻볆쯣돶살ꆣ컒맺퓚맺뿢맜샭쪵볊닙ퟷ훐ꎬퟮ뎣폃뗄랽램쫇붫쳘뚨쳬쫽뗄ퟜ횧돶ퟷ캪맺뿢ퟮ병쿖뷰돖폐솿ꎬ좷쟐뗄쳬쫽좡뻶폚맺뿢쿖뷰맜샭죋풱룹뻝뺭퇩쯹ퟷ뗄에뛏ꆣ헢훖랽램퓚튻뚨뗄쪱웚웰떽쇋믽벫ퟷ폃ꎬ뛸쟒뛠쫽쟩뿶쿂뚼폐폃ꎬ떫틲캪횻쫇뺭퇩에뛏ꎬ쯹틔뺫좷탔늻룟ꆣ틲듋ꎬힼ좷뗘닢뚨맺뿢쿖뷰돖폐솿쫇룶뢴퓓뗄맽돌ꎬ탨튪튻뚨뗄믹놾풭샭ퟷ횸떼ꆣ 닆헾ퟷ캪맺뿢쿖뷰맜샭훷쳥ꎬ늻뻟놸ힷ쟳ퟮ듳펯샻뗄쓚퓚뚯믺ꎬ늻쓜틔샻죳ퟮ듳뮯캪쒿뇪ꆣ떫쫇헾뢮탐쪹횰쓜탨튪틔닆헾뷰캪컯훊믹뒡ꎬ튲탨튪움볛닆헾뷰뗄돉놾뫍킧틦ꆣ폈웤퓚릫릲닆헾뿲볜쿂ꎬ쳡룟닆헾뷰쪹폃킧싊쫇웤놾훊튪쟳ꎬ틲듋퓚죎뫎쪱볤뫍뗘뗣ꎬ맺뿢쿖뷰맜샭ힷ쟳돉놾ퟮ킡뮯쫇쪼훕헽좷뗄쒿뇪ꆣ틲듋ꎬ닢뚨맺뿢ퟮ병쿖뷰돖폐솿뗄맘볼ꎬ훷튪퓚폚뫏샭좷뚨돖폐쿖뷰뗄돉놾ꆣ 26
맺뿢ퟮ병쿖뷰돖폐솿뗄닢뚨 쿖뷰돖폐믺믡돉놾 뛌좱돉놾 믺믡돉놾쿟 뛌좱돉놾쿟 쿖뷰돖폐솿 쿖뷰돖폐솿 춼5-5 춼5-6 맜샭돉놾 돉놾 ퟜ돉놾쿟 뛌좱돉놾쿟 믺믡돉놾쿟 맜샭돉놾쿟 맜샭돉놾쿟 쿖뷰돖폐솿 ퟮ병돖폐솿 쿖뷰돖폐솿 춼5-7 춼5-8 돖폐쿖뷰뗄돉놾훷튪냼삨믺믡돉놾ꆢ뛌좱돉놾벰맜샭돉놾ꎬ맺뿢쿖뷰돖폐솿뗄좷뚨폫죽헟뻟폐쏜쟐뗄솪쾵ꆣ쿖뷰ퟷ캪헾뢮튻훖쳘쫢뗄닺탎쪽쫇폐듺볛뗄ꎬ헢훖듺볛뇣쫇웤럅웺춶뗄믺믡돉놾ꆣ쿖뷰돖폐솿풽듳ꎬ웤믺믡돉놾뻍풽듳ꎨ죧춼5-5쯹쪾ꎩꆣ컒맺쒿잰듳솿뗄맺뿢쿖뷰폠뛮쿐훃ꎬ헢쮵쏷럅웺춶믱샻뗄믺믡돉놾뗄듺볛쫇럇뎣듳뗄ꆣ뛌좱돉놾쫇횸헾뢮평폚좱랦뇘튪뗄쿖뷰닺ꎬ뛸늻쓜펦뢶뇘튪뗄뾪횧ꎬ뛸쪹헾뢮쏉쫜뗄쯰쪧ꆣ쿖뷰뗄뛌좱돉놾폫믺믡돉놾쿠랴ꎬ쿖뷰돖폐솿풽듳ꎬ웤뛌좱돉놾뻍풽킡ꎨ죧춼5-6쯹쪾ꎩꆣ쿖뷰맜샭돉놾쫇횸뛔헾뢮쯹펵폐뗄쿖뷰닺뷸탐맜샭뛸횧뢶뗄듺볛ꆣ맜샭돉놾튻냣쫇튻훖쿠뛔만뚨뗄럑폃ꎬ폫쿖뷰돖폐솿횮볤쎻폐쏷쿔뗄뇤뮯맘쾵ꎨ죧춼5-7쯹쪾ꎩꆣ듓돉놾ퟮ킡뮯뗄뷇뛈뾼싇ꎬퟮ병쿖뷰돖폐솿펦쫇ퟜ돉놾쿟뗄ퟮ뗍뗣쯹뛔펦뗄쿖뷰돖폐솿ꎨ죧춼5-8쯹쪾ꎩꆣ[23] 27
즽컷닆뺭듳톧쮶쪿톧캻싛컄 닢뚨맺뿢ퟮ병쿖뷰돖폐솿뗄랽램 ힼ좷ꆢ뿆톧뗘닢뚨맺뿢ퟮ병쿖뷰돖폐솿쫇룶뢴퓓뗄맽돌ꎬ늻쓜횻뾿믹놾풭샭ꎬ룼훘튪뗄쫇톰헒폐킧뗄쫽톧볆솿랽램ꆣ퓚믹놾풭샭횸떼쿂좷솢뗄쫽톧쒣탍쫇뛔뢴퓓쿖쪵컊쳢뗄돩쿳뫍볲뮯ꎬ죎뫎쒣탍볆쯣뗃돶뗄뷡맻튲늻쫇뻸뛔뺫좷ꎬ튲늻튻뚨췪좫럻뫏쪵볊탨튪ꎬ떫폐튻뚨뗄닎뾼볛횵ꆣ닢뚨맺뿢ퟮ병쿖뷰돖폐솿ퟮ훸쏻뗄쒣탍폐솽룶ꎬ튻룶쫇샭쿫쒣쪽쿂뗄볆솿쒣탍ꎬ벴Baumol쒣탍ꎬ쇭튻룶쫇쯦믺쒣쪽쿂뗄볆솿쒣탍ꎬ벴Miller-Orr쒣탍ꆣ헢솽룶쒣탍뚼쫇쫗쿈폃폚웳튵닆컱맜샭훐ꎬ쫇웳튵좷뚨쿖뷰ퟮ병돖폐솿뗄뎣폃랽램ꎬ폚20쫀볍70쓪듺뫳웚뾪쪼펦폃폚쏀맺솪냮헾뢮쿖뷰맜샭훐뗄ퟮ병쿖뷰돖폐솿뗄좷뚨ꆣ[24] 샭쿫쒣쪽쿂닢뚨맺뿢ퟮ병쿖뷰폐솿뗄Baumol쒣탍 Baumol쒣탍[25]쫇튻룶샭쿫ힴ첬쿂뗄볆솿쒣탍ꎬ룃쒣탍ퟮ퓧평쏀맺William Baumol뷌쫚폚1952쓪쳡돶ꆣBaumol쒣탍붨솢퓚쯄룶볙짨쳵볾쿂ꎺ튻쫇쿖뷰횧뢶퓚헻룶웚볤쓚쫇욽뻹럖늼뗄ꎻ뛾쫇폐볛횤좯뗄춶쫕틦싊쫇만뚨늻뇤뗄ꎻ죽쫇쎿듎쿖뷰폫폐볛횤좯횮볤뗄뮻럑폃쫇만뚨뗄ꎻ쯄쫇쿖뷰폫폐볛횤좯뿉틔ퟔ평뮻ꆣ룃쒣탍뗄ퟅ퇛뗣퓚폚쿖뷰뗄폐맘돉놾ퟮ뗍ꆣ퓚쿖뷰뗄폐맘돉놾훐ꎬ맜샭돉놾쿠뛔컈뚨ꎬ뛌좱돉놾뗄늻좷뚨탔첫룟쟒늻틗볆쯣ꎬ틲뛸룃쒣탍늻뾼싇짏쫶솽룶돉놾ꎬ횻뾼싇믺믡돉놾뫍뮻돉놾ꆣ춨맽좨뫢돖폐쿖뷰뗄돉놾뫍냑폐볛횤좯뮻캪쿖뷰뗄붻틗돉놾ꎬ톰쟳튻룶쪹쿖뷰뗄ퟜ돉놾ퟮ킡뗄쿖뷰돖폐솿ꆣ Baumol쒣탍춬퇹쫊폃폚맺뿢쿖뷰맜샭ꆣ쯹캽맺뿢쿖뷰맜샭뗄샭쿫쒣쪽ꎬ쫇횸맺뿢퓚튻뚨쪱웚뗄쿖뷰쫕횧뻹퓈ꆢ컈뚨ꎬ웤쿖뷰탨쟳솿뿉틔풤닢ꎬ뛌웚폐볛횤좯뿉쯦쪱뮻ꎬ늢횪뗀웤놨돪싊뫍쎿듎뮻뗄돉놾ꆣ퓚헢훖샭쿫쒣쪽쿂ꎬ맺뿢쫕떽쿖뷰뇣뿉틔릺죫폐볛횤좯믲듦퓚짌튵틸탐ꎬ탨튪쪱붫폐볛횤좯믲틸탐듦뿮뮻돉쿖뷰ꎬ맺뿢ퟮ병쿖뷰돖폐솿뗄닢뚨횻탨뾼싇쿖뷰돖폐뗄믺믡돉놾폫쿖뷰뮻돉놾횮볤뗄맘쾵ꎨ죧춼5-9쯹쪾ꎩꆣ 쿖뷰ퟜ돉놾쿟 쿖뷰돖폐믺믡돉놾 쿖뷰뮻돉놾 Qퟮ병돖폐솿 춼쿖뷰돖폐솿 5-9 28
맺뿢ퟮ병쿖뷰돖폐솿뗄닢뚨 춨맽춼ꎨ5-9ꎩ뿉틔뾴돶ꎬ맺뿢죧쿫볈놣횤헾뢮죕뎣뗄쿖뷰탨튪ꎬ폖쿫짙뢶듺볛ꎬ뻍뇘탫뒦샭뫃놣돖죕뎣쿖뷰돖폐솿폫횤좯뇤쿖뗄맘쾵ꎬ춼훐쯹쪾쿖뷰돖폐믺믡돉놾뫍뮻돉놾쿟쿠붻뗣쯹뛔펦뗄뫡훡짏뗄Q뗣ꎬ벴캪맺뿢ퟮ병쿖뷰돖폐솿ꆣ맺뿢ퟮ병쿖뷰돖폐솿뗄ퟜ돉놾볆쯣릫쪽ꎨ죧뇭5-1쯹쪾ꎩꆣ 릫쪽ꎨ5-1ꎩ뇭쏷ꎺퟮ병쿖뷰돖폐솿쫇붻틗돉놾ꆢ쓪붻틗솿뫍쓪샻쾢싊뗄몯쫽ꎬQ*폫EꆢS돉헽쿠맘맘쾵ꎬ폫K돉뢺쿠맘맘쾵ꎬ떫늻쫇쿟탔맘쾵ꆣ 뇭5-1샭쿫쒣쪽쿂뗄볆쯣릫쪽[23] 돉놾몯쫽ꎺSTC=EQQ+K 릫쪽ꎨ5-1ꎩ 2뛔릫쪽ꎨ5-1ꎩ쟳떼 튻뷗떼쫽캪쇣뗄뗣쫇랽돌뗄벫횵뗣 뿉쟳돶ퟮ병쿖뷰돖폐솿Q∗ ퟮ병쿖뷰돖폐솿Q∗2ES= 릫쪽ꎨ5-2ꎩ K 뇭(5-1)훐룷뇤솿뗄뷢쫍ꎺ TC뇭쪾쿖뷰돖폐뗄ퟜ돉놾 E뇭쪾쎿듎폐볛횤좯뗄뮻돉놾 S뇭쪾튻뚨쪱웚탨튪뗄쿖뷰ퟜ솿 Q뇭쪾튻뚨쪱웚뗄쿖뷰돖폐솿 K캪폐볛횤좯뗄샻쾢싊 S뇭쪾폐볛횤좯뗄뮻듎쫽ꎻ QSE뇭쪾튻뚨쪱웚폐볛횤좯뮻ퟜ돉놾 QQ캪쿖뷰뗄욽뻹돖폐솿 2KQ뇭쪾돖폐쿖뷰뗄믺믡돉놾 2 29
즽컷닆뺭듳톧쮶쪿톧캻싛컄 . 쯦믺쒣쪽쿂닢뚨맺뿢ퟮ병쿖뷰돖폐솿뗄Miller-Orr쒣탍 Miller-Orr쒣탍[27]ퟮ퓧평Miller Merton H.뫍Orr Daniel뷌쫚폚1966쓪쳡돶ꎬ룃쒣탍쫇믹폚튻뚨쪱웚쓚뗄쿖뷰쫕횧춳볆쇏횮짏뗄쒣탍ꎬ퓊탭죕뎣쿖뷰쇷솿룹뻝튻뚨뗄룅싊몯쫽뇤뮯ꆣ쏖늹쇋Baumol쒣탍뗄볙짨맽폚볲떥뮯ꎬ늻쫊폃폚쿖뷰쫕횧뺭뎣뇤뚯뗄쿖쪵쟩뿶뗄늻ퟣ횮뒦ꆣ틲듋룃쒣탍뛔맺뿢ퟮ병쿖뷰돖폐솿룼뻟폐쪵볊쪹폃볛횵ꆣ 퓚맺뿢쪵볊퓋탐훐ꎬ맺뿢퓚튻뚨쪱웚쓚뗄쿖뷰탨쟳솿쓑틔풤닢ꎬ맺뿢쫕횧늻컈뚨ꆣ퓚헢훖쟩뿶쿂ꎬ뿉틔룹뻝샺쪷쇏ꎬ볆쯣돶튻룶뿘훆랶캧ꎬ벴훆뚨튻룶뿢듦쿖뷰솿뗄짏쿂쿞ꆣ떱뿢듦쿖뷰듯떽뿘훆랶캧뗄짏쿞쪱ꎬ뿉붫쿖뷰폃폚춶ꎬ복짙쿖뷰돖폐솿ꎻ떱뿢듦쿖뷰뷓뷼뿘훆쿂쿞쪱ꎬ뇣튪쫛돶폐볛횤좯ꎬ뮻캪쿖뷰ꆣ 쿖뷰뿘훆랶캧짏쿂쿞뗄좷뚨ꎬ훷튪좡뻶폚쿖뷰뗄믺믡돉놾폫폐볛횤좯뗄뮻돉놾ꆣ볙짨H캪짏쿞ꎬL캪쿂쿞ꎬ웤뿘훆춼ꎨ죧춼5-10쯹쪾ꎩꆣ춼훐T1폫T2럖뇰뇭쪾늻춬쪱웚ꆣ떱T1쪱ꎬ쿖뷰돖폐솿듯떽H짏쿞쪱ꎬ펦붫쿖뷰릺죫ꎨH-Mꎩ뗄폐볛횤좯ꎬ쪹쿖뷰듦솿쿂붵ꎻ떱T2쪱ꎬ쿖뷰돖폐솿뗍폚L쿂쿞ꎬ펦쫛돶ꎨM-Lꎩ뗄폐볛횤좯ꎬ쪹쿖뷰듦솿짏짽ꆣ헢퇹ꎬ뇣쓜좷놣맺뿢ퟮ병쿖뷰돖폐솿놣돖퓚H뫍L뗄뿘훆랶캧쓚늨뚯ꆣ 쿖뷰듦솿 H 릺싲ꎨH-Mꎩ볛횵뗄폐볛횤좯 M 돶쫛ꎨM-Lꎩ볛횵뗄폐볛횤좯 L 0 T1 T2쪱볤 춼5-10 닆헾늿쏅뇘탫쫗쿈룹뻝샺쪷쇏닢쯣돶튻뚨쪱웚쓚맺뿢쿖뷰늨뚯뗄뇪ힼ닮Qꎬ좻뫳닅쓜볆쯣돶뿘훆랶캧쓚맺뿢쿖뷰뗄뫏샭돖폐솿ꆣ볆쯣릫쪽죧쿂ꎺ 30
맺뿢ퟮ병쿖뷰돖폐솿뗄닢뚨 뇭5-2 쯦믺쒣쪽쿂뗄볆쯣릫쪽ꋙ 3EQ2 ퟮ병쿖뷰돖폐솿 M=ꎨM-Lꎩ+L=3+L 릫쪽ꎨ5-3ꎩ 4K릫쪽훐ꎺ H캪쿖뷰듦솿짏쿞 H= 3M?2L M뇭쪾ퟮ병쿖뷰돖폐솿 E뇭쪾뮻폐볛횤좯뗄만뚨돉놾 Q2뇭쪾죕쿖뷰뺻쇷솿뗄랽닮 K뇭쪾돖폐쿖뷰뗄죕믺믡돉놾ꎨ횤좯죕쫕틦싊ꎩ L뇭쪾쿖뷰듦솿쿂쿞ꎬ튲뿉틔캪쇣 . 틔짏솽훖랽램뗄뇈뷏럖컶 Baumol쒣탍쫊폃폚맺뿢쿖뷰맜샭뗄샭쿫ힴ첬ꆣ떫퓚맺뿢쪵볹닙ퟷ훐ꎬ맺뿢쫕횧ퟜ쫇뒦폚늻뛏뇤뚯뗄ힴ첬ꎬ쿖뷰쫕횧늻뻹퓈ꆢ컈뚨ꎬ웤쿖뷰탨쟳솿쓑틔ힼ좷풤닢ꎬ뛌웚폐볛횤좯뮻뗄놨돪싊뫍뮻뗄돉놾튲뻟폐늻좷뚨탔ꎬ쯹틔퓚샭쿫쒣쪽쿂뗄볆쯣뷡맻ꎬ늻믡쪮럖뺫좷ꆣ떫뿉틔듋캪닎헕ꎬ뷡뫏뛔샺쪷쫽뻝뗄뺭퇩럖컶ꎬ헽좷췆뛏돶맺뿢ퟮ병쿖뷰돖폐솿ꆣ Miller-Orr쒣탍쏖늹쇋Baumol쒣탍뗄볙짨맽폚볲떥뮯ꎬ늻쫊폃폚쿖뷰쫕횧뺭뎣뇤뚯뗄쿖쪵쟩뿶뗄늻ퟣ횮뒦ꆣ떫폃쯦믺쒣쪽볆쯣뗄맺뿢ퟮ병쿖뷰돖폐솿뷏캪놣쫘ꎬ틲캪쯼쫇붨솢퓚맺뿢풤볆쿖뷰탨쟳ퟜ솿뫍캴살쿖뷰쫕횧쟩뿶늻뿉쓜풤닢뗄잰쳡쿂ꎬ맊듋랽램볆쯣뗄맺뿢ퟮ병쿖뷰돖폐솿튻냣튪뇈샭쿫쒣쪽쿂볆쯣뗄뷡맻듳튻킩ꆣ떫평폚헢튻쒣탍룼뷓뷼폚쿖쪵ힴ첬ꎬ틲듋웤볆쯣뷡맻룼뻟쪵볊닎뾼볛횵ꆣ 틲듋ꎬ춨맽틔짏솽훖랽램뗄뇈뷏럖컶뗃돶ꎬ쯦믺쒣쪽쿂뗄Miller-Orr쒣탍룼뷓뷼맺뿢퓋탐쪵볊쟩뿶ꆣ폈웤퓚컒맺맺뿢쿖뷰맜샭쳥훆붨솢뫍췪짆뗄돵웚ꎬ좫쏦뗄쿖뷰쇷폠뛮폫볠뿘쳥훆튲퓚훰붥췪짆뗄ힴ뿶쿂ꎬ쓑틔ힼ좷풤닢떽맺뿢쿖뷰ퟮ병돖폐솿ꆣퟮ뫃닉폃뇈뷏놣쫘뗄Miller-Orr쒣탍살닢뚨맺뿢쿖뷰ퟮ병돖폐솿ꎬ춬쪱룹뻝쪵볊뺭퇩ꎬ캧죆돵늽풤닢떽뗄맺뿢쿖뷰돖폐솿ꎬ맦뚨튻룶맺뿢쿖뷰ퟮ병돖폐솿뗄ퟮ룟쿞뛮폫ퟮ뗍쿞뛮ꎬ춨맽뫏샭뗄춶퓋ퟷꎬ쪹맺뿢쿖뷰폠뛮뺡뿉쓜놣돖ퟮ병돖폐솿ꎬ늻쓜뎬돶ퟮ룟쿞뛮폫ퟮ뗍쿞뛮ꆣ떱컒맺탂탍뗄맺뿢쿖뷰맜샭쳥훆랢햹췪짆뫳ꎬ쓜릻ퟶ떽ힼ좷풤닢폫볠뿘쿖뷰쇷뗄쟩뿶쿂ꎬ뿉닉폃Baumol쒣탍닢뚨맺뿢ퟮ병쿖뷰돖폐솿ꆣ ꋙ룃릫쪽쫇튻룶뺭퇩릫쪽ꎬ퓚뻟쳥펦폃횮잰펦룃룹뻝컒맺맺뿢쪵볊쟩뿶폨틔탞헽ꎻ믲틀뻝듋풭샭럖컶컒맺맺뿢쿖뷰늨뚯뗄뻟쳥맦싉ꎬퟜ뷡췆떼돶ퟔ벺뗄뺭퇩릫쪽ꆣ 31
즽컷닆뺭듳톧쮶쪿톧캻싛컄 . 맺뿢ퟮ병쿖뷰돖폐솿닢뚨뗄쪵샽 틲캪쯦믺쒣쪽쿂뗄맺뿢ퟮ병쿖뷰돖폐솿뗄닢뚨뷡맻룼뷓뷼폚쪵볊쟩뿶ꎬ폈웤퓚컒맺맺뿢쿖뷰맜샭쳥훆룄룯뗄돵웚ꎬ웤닢뚨랽램룼쫊뫏컈붡맺뿢쿖뷰맜샭헾닟쪵쪩뗄탨튪ꎬ쯹틔놾컄뷶폃Miller-Orr쒣탍살럖컶튻룶쪵샽ꎬ틔뇣룼뫃뗘뷢뻶컊쳢ꆣ볙짨맺뿢퓚쒳쓪10퓂럝춨맽풤닢뗃떽ꎬ맺뿢쎿죕뺻쿖뷰뗄뇪ힼ닮쫇10틚풪ꎬ볙짨떱쪱뿉풤닢뗄폐볛횤좯쓪샻싊캪6%ꎬ쎿듎폐볛횤좯뮻뗄돉놾캪틚풪ꎬ춨맽쿖뷰쇷폠뛮믺훆뗃떽ퟮ뗍쿖뷰뿘훆솿L캪20틚풪ꎬ쓇쎴춨맽Miller-Orr쒣탍뿉틔닢뚨맺뿢쿖뷰ퟮ병돖폐솿ꆣ 룹뻝릫쪽ꎨ5-3ꎩ뗃떽ꎺ ퟮ병쿖뷰돖폐솿 M =ꎨM-Lꎩ3EQ2+L=3+L 4K3××102 = 3ꎫ㈰㴠㌷⸵틚풪?4×÷365쿖뷰듦솿뿘훆짏쿞䠠㴠?ꇁ㌷⸵ꎭ?ꇁ㈰㴠㜲⸵틚풪 뷡맻럖컶ꎺ떱룃퓂맺뿢쿖뷰폠뛮붵떽20틚풪쪱ꎬ닆헾펦룃돶쫛틚풪ꎨꎭ㈰㴠ㄷ⸵ꎩ뗄폐볛횤좯ꎬ틔놣돖ퟮ병쿖뷰돖폐솿틚풪뗄쮮욽ꎻ떱룃퓂맺뿢쿖뷰폠뛮퓶볓떽틚풪쪱ꎬ닆헾붫폃맺뿢쿖뷰폠뛮릺싲35틚풪ꎨꎭ㌷⸵‽″?ꎩ뗄폐볛횤좯ꎬ믲헟톡퓱웤쯻뗄춶퓋ퟷ랽쪽ꎨ붫퓚뗚쇹헂훐ퟷ짮죫퇐뺿ꎩꎬ죔쪹맺뿢쿖뷰폠뛮놣돖㈸⸷?틚풪뗄쿖뷰ퟮ병돖폐솿쮮욽ꆣ 32
맺뿢쿖뷰폠뛮뗄춶퓋ퟷ랽쪽 뗚쇹헂 맺뿢쿖뷰폠뛮뗄춶퓋ퟷ랽쪽 맺뿢쿖뷰폠뛮뗄춶퓋ퟷ쫇컒맺탂탍맺뿢쿖뷰맜샭쳥훆뗄뫋탄쓚죝ꆣ맺뿢쿖뷰폠뛮뗄춶퓋ퟷ쫇횸ퟱ톭낲좫탔ꆢ쇷뚯탔ꆢ쫕틦탔죽듳믹놾풭퓲ꎬ춨맽뫏샭뗄춶퓋ퟷ랽쪽ꎬ쪹맺뿢쿖뷰춶쫕틦ퟮ듳뮯뗄튻쾵쇐믮뚯ꆣퟔ2003쓪1퓂1죕웰훐맺죋쏱틸탐뾪쪼뛔듦럅폚웤훐뗄맺뿢뷰횧뢶믮웚뒢탮샻쾢ꎨ%ꎩꋙꆣ죧맻떱잰맺뿢쿖뷰폠뛮내헕4000틚쯣ꎬ튻쓪닅폐틚샻쾢쫕죫ꆣ틲듋ꎬ뷶뷶냑쿖뷰폠뛮럅퓚죋쏱틸탐폃살짺쾢ꎬ쿔좻늻쫇ퟮ뫃뗄냬램ꆣ뷨본쫐뎡뺭볃맺볒맺뿢쿖뷰퓋ퟷ뗄뺭퇩ꎬ뷡뫏컒맺쪵볊쟩뿶ꎬ펦룃믽벫톰쟳맺뿢쿖뷰폠뛮룼뫃뗄놣횵ꆢ퓶횵랽쪽ꆣ 맺뿢쿖뷰폠뛮춶퓋ퟷ뗄틀뻝벰풭퓲 맺뿢쿖뷰폠뛮춶퓋ퟷ뗄훘튪틀뻝 맺뿢ퟮ병쿖뷰돖폐솿쫇맺뿢쿖뷰폠뛮춶퓋ퟷ뗄훘튪틀뻝ꆣ좷뚨맺뿢ퟮ병쿖뷰돖폐솿횮뫳ꎬ틔듋캪틀뻝ꎬퟶ돶쿠펦뗄춶퓋ퟷ뻶닟ꆣ뻟쳥닙ퟷ죧쿂쯹쪾ꎺ 1퓂돵폠뛮ꎺ ꎫꎤ1000000 1퓂쿖뷰쇷솿ꎺ 쇷죫 ꎫꎤ6000000 쇷돶 ꎭꎤ3000000 ퟮ병돖폐솿 †ꎭꎤ1000000 1퓂쒩뗄폠뛮ꎺ ꎫꎤ3000000 2퓂쿖뷰쇷솿ꎺ 쇷죫 ꎫꎤ1000000 쇷돶 ꎭꎤ3000000 ퟮ병돖폐솿 ††?ꎭꎤ?000000 2퓂쒩뗄폠뛮ꎺ ꎭꎤ1000000 3퓂쿖뷰쇷솿ꎺ 쇷죫 ꎫꎤ5000000 쇷돶 ꎭꎤ3000000 ꆭꆭ ꆭꆭ ꆭꆭ 맺뿢퓂쿖뷰폠좱뛮 = 퓂쒩쿖뷰폠뛮ꎭ퓂ퟮ병쿖뷰돖폐솿 =ꎨ퓂돵쿖뷰폠뛮ꎫ쿖뷰쇷죫ꎭ쿖뷰쇷돶ꎩ? ꋙ 2002쓪2퓂21죕ꎬ훐맺죋쏱틸탐뗷헻믮웚뒢탮샻쾢싊캪%ꎻ2004쓪10퓂29죕ꎬ폖튻듎뗷헻샻쾢싊ꎬ믮웚뒢탮샻쾢싊죔캪% 33
즽컷닆뺭듳톧쮶쪿톧캻싛컄 ?ꎭퟮ병쿖뷰돖폐솿 릫쪽ꎨ6-1ꎩ 듓릫쪽ꎨ6-1ꎩ뿉틔뗃떽ꎺ죧맻퓂쒩쿖뷰폠뛮듳폚퓂맺뿢ퟮ병쿖뷰돖폐솿ꎬ맺뿢퓂쿖뷰폠뛮캪헽ꎬ듋쪱펦톰헒뫏샭뗄랽쪽뷸탐춶ꎻ죧맻퓂쒩쿖뷰폠뛮킡폚퓂맺뿢ퟮ병쿖뷰돖폐솿ꎬ맺뿢퓂쿖뷰폠뛮캪뢺ꎬ듋쪱펦춨맽뷰퓋ퟷꎬ늹ퟣ펦폐뗄맺뿢ퟮ병쿖뷰돖폐솿ꆣ 듓쫐뎡뺭볃맺볒맺뿢쿖뷰맜샭뗄돉릦뺭퇩뾴ꎬ룟킧뗄맺뿢쿖뷰맜샭쳥쾵튪쟳맺뿢ퟮ병쿖뷰돖폐솿뺡뿉쓜뺫좷떽죕폠뛮ꆣ죧죰뗤틑뺭쪵쿖맺뿢떥튻헋뮧ퟮ병돖폐솿캪쇣ꎬ벴쪵쿖맺뿢쿖뷰쇣폠뛮맜샭ꆣ죰뗤쏅짨폐맺볒햮컱냬릫쫒ꎨSNDOꎩퟷ캪헾뢮닆컱뗄맜샭믺릹ꎬ뢺퓰헾뢮쿖뷰맜샭ꆣ캪쇋놣횤맺뿢떥튻헋뮧쎿죕뗄쇣폠뛮ꎬ맺볒햮컱냬릫쫒뇘탫ힼ좷풤닢헾뢮쎿죕뗄뷰탨튪솿뫍떥튻헋뮧쿖뷰쇷솿뗄뺻횵ꎬ뚨웚랢늼뛔헾뢮뷰탨튪솿뗄풤닢ꎺ죧쓪뛈풤닢뫍쾸뮯뇠훆뗄퓂뛈풤닢ꎬ뮹튪뇠훆폃폚쓚늿쿖뷰맜샭뗄쎿죕뷰풤닢ꆣ맺뿢떥튻헋뮧쎿쳬돶쿖뗄펯폠뫍돠ퟖ뚼춨맽맺볒햮컱냬릫쫒뷸탐쫐뎡퓋ퟷ살퓾욽ꆣ죧맻맺뿢횧돶듳폚쫕죫ꎬ떥튻헋뮧돶쿖돠ퟖꎬ맺볒햮컱냬릫쫒뻍랢탐맺햮ꎬ싺ퟣ헾뢮뷰탨튪ꎻ죧맻맺뿢쫕죫듳폚횧돶ꎬ떥튻헋뮧돶쿖펯폠ꎬ맺볒햮컱냬릫쫒붫뷰춶럅쫐뎡뷨듻돶좥ꆣ쎿쳬틸탐맘쏅쪱ꎬ맺뿢떥튻헋뮧뗄폠뛮뿘훆캪쇣ꎬ벴떥튻헋뮧쎻폐룴특춷듧뫍뿢뗗뷰ꆣ[28] 떫쫇ꎬ평폚컒맺맺뿢쿖뷰맜샭웰늽뷏췭ꎬ뛸쟒믵뇒쫐뎡틔벰맺뿢맜샭훆뛈뗈쳵볾뚼늻릻췪짆ꎬ맺뿢ퟮ병쿖뷰돖폐솿뺫좷떽죕폠뛮쓑뛈뷏듳ꆣ폈웤퓚컒맺탂탍맺뿢쿖뷰맜샭쳥훆붨솢뫍췪짆뗄돵웚ꎬ좫쏦뗄쿖뷰쇷폠뛮폫볠뿘쳥훆튲퓚훰붥췪짆뗄ힴ뿶쿂ꎬ쓑틔ힼ좷풤닢떽맺뿢쿖뷰ퟮ병돖폐솿ꆣ틲듋ꎬ퓚컒맺탂탍맺뿢쿖뷰맜샭쳥훆붨솢뫍췪짆뗄돵웚ꎬ펦룃닉좡컈붡뗄맺뿢쿖뷰춶퓋ퟷ냬램ꎬ쪹맺뿢쿖뷰폠뛮뺡뿉쓜놣돖ퟮ병돖폐솿쮮욽ꆣ 맺뿢쿖뷰폠뛮춶퓋ퟷ뗄믹놾풭퓲 튻냣뛸퇔ꎬ죎뫎뷰뗄퓋폃펦ퟛ뫏뾼싇뷰뗄킧틦탔ꆢ쇷뚯탔뫍낲좫탔ꎬ맺뿢쿖뷰튲늻샽췢ꆣ떫평폚룷샠뷰뗄탔훊ꆢ살풴늻춬ꎬ퓚맜샭뫍퓋폃늻춬샠뇰뗄뷰쪱ꎬ뛔폚뷰뗄쫕틦탔ꆢ쇷뚯탔뫍낲좫탔탨튪폐쯹닠훘ꆣ맺뿢쿖뷰쫴폚헾뢮탔훊뗄뷰ꎬ틲듋ꎬ쫗쿈튪놣횤낲좫탔ꎬ웤듎쫇쇷뚯탔ꎬ퓚놣횤낲좫탔폫쇷뚯탔뗄잰쳡쿂ꎬ쪹맺뿢쿖뷰뗄쫕틦풽뛠풽뫃ꆣ a. 낲좫탔풭퓲 맺뿢쿖뷰쫴폚헾뢮탔훊뗄뷰ꎬ훷튪살풴폚헾뢮쮰쫕뫍맺햮랢탐ꎬ웤ퟮ훕튪춶죫떽헾뢮풤쯣쿮쒿훐ꎬ벴맺뿢쿖뷰뗄살풴뫍ퟮ훕폃춾뚼쫇쇐죫떽맺볒풤쯣뗄ꎬ퇏룱내풤쯣볆뮮횴탐ꎬ맺뿢횻쫇맺볒풤쯣뗄횴탐믺릹ꆣ틲듋ꎬ퓚춶퓋ퟷ맺뿢쿖뷰폠뛮쪱ꎬ쫗튪뗄풭퓲쫇놣횤뷰뗄낲좫탔ꎬ벴퓚춶퓋ퟷ맺뿢쿖뷰폠뛮쪱튪뺡뿉쓜뗄맦뇜럧쿕ꎬ늻퓊탭랢짺놾뷰뗄쯰쪧ꆣ뻟쳥떽쿖뷰폠뛮뗄춶ퟩ뫏훐ꎬ펦룃뺡뿉쓜뗄볓훘낲좫탔뗄좨훘ꎬ퓚뇘튪쪱뫲뿉틔컾짼늿럖쫕틦탔ꆣ b. 쇷뚯탔풭퓲 34
맺뿢쿖뷰폠뛮뗄춶퓋ퟷ랽쪽 평폚맺뿢쿖뷰폠뛮쫇맺뿢쿖뷰쇷죫폫쇷돶쪱볤닮쯹탎돉뗄쇙쪱탔돁뗭뷰뛸늻쫇뎤웚뷰ꎬ쯹틔ꎬ퓚춶퓋ퟷ맺뿢쿖뷰폠뛮쪱펦돤럖놣횤뷰뗄쇷뚯탔ꎬ튪쟳틔늻펰쿬풤쯣늿쏅뗄헽뎣뷰탨튪캪춶퓋ퟷ뗄잰쳡ꎬ럱퓲ꎬ맺뿢쿖뷰폠뛮퓋ퟷ뻍돉쇋짡놾훰쒩ꆣ틲듋ꎬ퓚뻟쳥춶퓋ퟷ훐ꎬ뇘탫톡퓱쇷뚯탔잿뗄뷰죚릤뻟ퟷ캪춶뛔쿳ꎬ떱탨튪뷰횴탐풤쯣횧돶죎컱쪱쓜벰쪱뇤쿖쟒늻틽웰뷏듳뗄놾뷰쯰쪧ꆣ c. 킧틦탔풭퓲 쳡룟맺뿢쿖뷰쪹폃킧싊쫇릫릲닆헾뗄놾훊튪쟳ꎬ떫평폚맺뿢쿖뷰쫴폚헾뢮탔훊뗄뷰ꎬ틲듋횻폐퓚놣횤맺뿢쿖뷰낲좫탔뫍쇷뚯탔뗄잰쳡쿂ꎬ닅뿉틔뾼싇맺뿢쿖뷰뗄킧틦탔ꆣ퓚쪵볊톡퓱맺뿢쿖뷰폠뛮뗄춶퓋ퟷ랽쪽쪱ꎬ쫗쿈튪톡낲좫탔ퟮ뫃ꎬ쇷뚯탔잿뗄춶랽쪽ꎬ웤듎퓚춬뗈쳵볾쿂ꎬ톡퓱쓜릻쪹맺뿢쿖뷰폠뛮믱뗃ퟮ듳뮯쫕틦뗄춶랽쪽ꆣ 맺뿢쿖뷰폠뛮춶퓋ퟷ랽쪽뗄톡퓱 듓맺뿢쿖뷰맜샭맺볊뺭퇩뾴ꎬ맺뿢쿖뷰폠뛮뗄뻟쳥닙ퟷ쎻폐튻룶춳튻쒣쪽ꎬ룷맺춨뎣내헕맺쟩뫍쫐뎡쟩뿶ퟶ돶톡퓱ꆣ쒿잰ꎬ컒맺믵뇒쫐뎡뮹늻릻랢듯ꎬ맺뿢벯훐쫕뢶훆뛈뮹캴퓚좫맺랶캧쓚췆탐ꎬ닆헾풤쯣맜샭쳥쾵늻릻췪짆ꎬ헢킩훘튪뗄틲쯘떼훂쇋컒맺맺뿢쿖뷰퓋ퟷ랽쪽늻쓜췪좫헕냡맺췢뗄ퟶ램ꆣ뷨본맺볊뺭퇩ꎬ뷡뫏컒맺햮좯쫐뎡폫믵뇒쫐뎡랢햹뗄쪵볊쟩뿶ꎬퟱ톭낲좫탔뗚튻ꆢ쇷뚯탔뗚뛾ꆢ킧틦탔뗚죽뗄풭퓲ꎬ틔맺뿢ퟮ병쿖뷰돖폐솿캪틀뻝ꎬ믽벫첽쯷뫏샭뗄맺뿢쿖뷰폠뛮춶퓋ퟷ랽쪽ꆣ 맺뿢쿖뷰맜샭폫햮컱맜샭쿠뷡뫏 듓쫐뎡뺭볃맺볒뺭퇩뾴ꎬ맺뿢쿖뷰맜샭튻냣쫇폫헾뢮햮컱맜샭헾닟쿠뷡뫏뗄ꎬ폈웤쫇뛌웚맺햮쫐뎡뗄붨짨ꎬ룼쫇뗷뷚쇙쪱탔뷰폠좱뗄맘볼ꆣ틲듋ꎬ펦돤럖랢믓맺햮쫐뎡뷰죚뗷뿘뫍돯벯뷰뗄쮫훘릦쓜ꎬ쳡룟틸탐볤맺햮쫐뎡뗄쇷뚯탔ꎬ캪맺뿢쿖뷰맜샭뒴퓬튻룶솼뫃뗄쫐뎡뮷뺳ꆣ a. 뚨웚랢탐뛌웚맺햮 뛌웚맺햮뗄낲좫탔ꆢ쇷뚯탔뻣병ꎬ뛸쟒맺햮뗄쫕틦싊컈뚨ꎬ쫇맺뿢쿖뷰맜샭훘튪뛸쟒쇩믮뗄쫖뛎ꎬ쫇뷢뻶맺뿢쿖뷰맜샭컊쳢뗄믹놾릤뻟ꆣ춨맽랢탐뛌웚맺햮ꎬ늻뷶뿉틔뷢뻶헾뢮뛌웚뷰탨쟳ꎬ캪닆헾늿쇩믮뗄햮컱맜샭뫍맺뿢쿖뷰폠뛮맜샭쳡릩룟킧뗄쫖뛎ꎬ뛸쟒뫏샭뗄ꆢ뻟폐튻뚨맦쒣뗄뛌웚맺햮뮹폐샻폚맺햮쫐뎡뫍믵뇒쫐뎡뗄췪짆ꆣ틔쏀맺캪샽ꎬㄹ㤷쓪틔살솪냮풤쯣쫕횧ힴ뿶ꆰ돶뫵틢쇏ꆱ뗘뫃ꎬ쪹뗃맺뿢쿖뷰뷏캪돤풣ꎬ떼훂뛌웚햮좯랢탐쫽솿듳듳킡폚떽웚쫽솿ꆣ뛌웚햮좯폠뛮듓ㄹ㤶쓪쒩㜷㜴틚쏀풪붵떽ㄹ㤸쓪쒩㘴ㄱ틚쏀풪ꎬ햼좫늿뿉쇷춨햮좯폠뛮뗄뇈훘듓㈲?붵떽ㄹ?ꆣ뛔듋ꎬㄹ㤸쓪?퓂㈴죕ꎬ뿋쇖뛙헾뢮닆헾늿늿뎤훺샭룇쮹샕뻍풤쯣펯폠쪱웚뗄햮컱맜샭컊쳢퓚훚틩풺돯뿮캯풱믡ퟷ횤쪱쮵ꎺꆰ뛌웚햮좯복짙틑 35
즽컷닆뺭듳톧쮶쪿톧캻싛컄 쪹헾뢮햮좯쫐뎡쇷뚯탔쿂붵ꎬ뿉쇷춨햮좯욽뻹웚쿞훰늽뇤뎤ꎬ뎤웚살뾴헢믡첧룟햮컱돯돉놾ꎻ뛸쟒춨맽쎿훜랢탐튻듎뛌웚햮좯ꎬ컒쏇쓜룼폐킧룼쇩믮뗘맜샭뇤뮯늻뚨뗄맺뿢쿖뷰탨쟳ꆣ캪듋컒쏇뻶뚨복짙랢탐훐뎤웚햮좯ꎬ뛸늻퓙복짙랢탐뛌웚맺햮ꆣꆱㄹ㤹쓪뗗ꎬ뛌웚햮좯폠뛮퓶볓떽㜳㜱틚쏀풪ꎬ햼뿉쇷춨햮좯뗄㈲?ꆣ[29]뿉볻ꎬ퓚랢듯쫐뎡뺭볃맺볒ꎬ뛌웚맺햮쫇룟킧맺뿢쿖뷰맜샭뗄뫋탄쫖뛎ꆣ?뷨본맺볊뺭퇩ꎬ컒맺펦붨솢뚨웚ꆢ뻹뫢ꆢ맶뚯랢탐뛌웚맺햮믺훆ꎬ훰늽쳡룟뛌웚맺햮폠뛮햼좫늿뿉쇷춨맺햮폠뛮뗄뇈훘ꎬ훘뗣랢탐3퓂웚뫍6퓂웚맺햮ꎬ훰늽탎돉뛌웚맺햮뗄믹ힼ쫕틦싊ꎬퟮ훕좡듺튻쓪웚틸탐듦뿮샻싊ꆣ퓚랢탐뛌웚맺햮쪱ꎬ펦뾼싇훐퇫닆헾춷듧맜샭뗄탨튪ꎬ붫웤랢탐맦쒣폫맺뿢쫕횧뷡뫏웰살ꎬ퓚맺뿢쿖뷰뺻쇷죫퓂럝ꎬ벴듦퓚맺뿢쿖뷰폠뛮쪱ꎬ닆헾늿펦릺믘뛌웚맺햮ꎬ복짙뛌웚맺햮랢탐솿뫍뛌웚맺햮폠뛮ꎻ퓚맺뿢쿖뷰뺻쇷돶퓂럝ꎬ벴맺뿢쿖뷰듦퓚좱뿚쪱ꎬ춨맽랢탐뛌웚맺햮돯벯뷰ꎬ퓶볓뛌웚맺햮폠뛮ꆣ헢뻍퓚쪵볹짏튪쟳ꎬ뛌웚맺햮폠뛮뇘탫뻟폐쿠떱듳뗄맦쒣ꎬ틔뇣캪폐킧뗘맜샭맺뿢쿖뷰쇷솿쳡릩뷏듳뗄믘탽폠뗘ꎻ듓뎤웚살뾴ꎬ뛌웚맺햮돯돉놾ퟜ쫇뗍폚훐뎤웚맺햮ꎬ틲듋쪼훕놣돖쿠떱듳뗄뛌웚맺햮폠뛮ꎬ쓜쿔훸붵뗍헾뢮햮컱뗄ퟜ쳥돯돉놾ꆣ b. 뚨웚랢탐믲쳡잰쫪믘훐뎤웚맺햮 컒맺맺뿢뷰살풴훐뗄햮컱쫕죫늿럖훐ꎬ훐뎤웚맺햮햼뗄뇈훘맽룟ꆣ2004쓪ꎬ컒맺훐퇫닆헾풤쯣ퟜ쫕죫13819틚풪ꎬ맺햮랢탐ퟜ맦쒣캪7022틚풪ꎬ햼%ꎬꋙ웤훐훐뎤웚맺햮햼뻸듳뛠쫽ꆣ떱맺뿢쿖뷰뷏뛠쪱ꎬ듳솿쿖뷰믡돁뗭퓚훐퇫틸탐맺뿢헋뮧짏ꎬ퓬돉뷰쿐훃샋럑ꎻ떱맺뿢죫늻럳돶쪱ꎬ췹췹쫇뾿랢탐훐뎤웚맺햮폨틔늹ퟣꎬ돯돉놾뷏룟ꎬ뛸쟒쇩믮탔닮ꆣ 뚨웚랢탐훐뎤웚맺햮뛔맺뿢쿖뷰맜샭튲폐뫜훘튪뗄펰쿬ꆣ춨뎣퓚풤쯣쫕죫뷏뛠퓂럝랢탐훐뎤웚맺햮믡쪹맺뿢쿖뷰뷏뛠ꎬ늻샻폚맺뿢쿖뷰맜샭ꎻ퓚풤쯣쫕죫뷏짙퓂럝랢탐훐뎤웚맺햮퓲럇뎣폐샻폚맺뿢쿖뷰맜샭ꆣ폫듋춬쪱ꎬ훐뎤웚맺햮뗄랢탐쫽솿튲펦쯦풤쯣쫕횧ힴ뿶뗄뇤뮯ퟷ쿠펦뗷헻ꎺ떱풤쯣쫕횧ힴ뿶뛱뮯쪱ꎬ펦퓶볓훐뎤웚맺햮뗄웚쿞훖샠ꆢ랢탐듎쫽뫍랢탐쫽솿ꎻ랴횮퓲펦복짙ꆣ뮹뿉닉좡뚨웚듓뛾벶쫐뎡싲믘믲쳡잰쫪믘훐뎤웚맺햮뗄듫쪩ꎬ쯼볈뿉뇜쏢햮컱욽뻹웚쿞뇤뎤ꎬ복짙헾뢮햮컱폠뛮ꎬ폖쓜삩듳떱잰맺햮랢탐솿ꎬ늢쓜쳡룟맺햮쫐뎡쇷뚯탔ꆣ헢킩듫쪩볈뿉틔쏖늹풤쯣쫕횧닮뛮ꎬ폖폐샻폚쿖뷰맜샭뫍햮컱맜샭뗄킭뗷엤뫏ꆣ 쿖뷗뛎컒맺벱탨헒돶풤쯣쫕횧놾짭뗄퓂뛈뇤뮯맦싉ꎬ춬쪱뮹탨ퟶ뫃뛔뷱뫳튻뛎쪱볤풤쯣쫕횧뇤뮯뗄풤닢릤ퟷꆣ퓚맺햮욷훖짨볆짏ꎬ돽훘뗣랢탐3퓂웚ꆢ6퓂웚뫍1쓪웚맺햮췢ꎬ뮹펦뚨웚ꆢ뻹뫢뫍맶뚯랢탐2쓪ꆢ3쓪뫍5쓪뗄뿉짏쫐쇷춨뗄만뚨샻싊맺햮ꎬ퓚쫐뎡쳵볾돉쫬쪱뮹뿉뚨웚ꆢ뻹뫢늢맶뚯랢탐7쓪ꆢ10쓪ꆢ20쓪쓋훁30쓪웚맺햮ꎬ쪹쯼쏇돉캪쫐뎡짏맦쒣뷏듳뗄믹ힼ맺햮ꆣ헢볈폐샻폚훰늽탎돉튻쳵뷏캪췪헻폫뿉뾿뗄쫕틦싊쟺쿟ꎬ폖쓜캪뷱뫳뾪냬 ꋙ 쫽뻝살풴폚ꎺꆶ훐맺닆헾쓪본2004ꆷ 36
맺뿢쿖뷰폠뛮뗄춶퓋ퟷ랽쪽 틔믹ힼ맺햮ퟷ캪믹뒡닺뗄웚믵ꆢ웚좨뫍놾쾢닰샫뗈퇜짺닺욷쫐뎡뒴퓬쳵볾[30]ꆣ 맺뿢쿖뷰폠뛮뷸죫믵뇒쫐뎡퓋ퟷ 듓랢듯맺볒믵뇒쫐뎡뗄랢햹쟩뿶뾴ꎬ평폚웤붻틗욷훖럡뢻ꎬ닎폫훷쳥뛠퇹뮯ꎬ쫐뎡쇷뚯탔뫜잿ꎬ캪폐킧맜샭맺뿢쿖뷰쳡릩쇋뇘튪뗄잰쳡쳵볾ꆣ쒿잰ꎬ컒맺믵뇒쫐뎡짐뒦폚돵벶랢햹뷗뛎ꎬ뛔맺뿢쿖뷰뷸탐춶퓋ퟷ늻쓜췪좫쳗폃쏀맺쒣쪽믲펢맺쒣쪽ꆣ틲듋ꎬ뷡뫏컒맺믵뇒쫐뎡뫍맺햮쫐뎡랢햹뗄쿖ힴꎬ뿉틔닉좡쏀맺쒣쪽폫펢맺쒣쪽쿠뷡뫏뗄닙ퟷ랽램ꎬ벴퓚짌튵틸탐헋뮧듦뿮ꎬ춬쪱톰헒웤쯻춶퓶횵믺믡ꆣ a. 퓚짌튵틸탐뾪짨뚨웚듦뿮헋뮧 컒맺쪵탐맺뿢벯훐쫕뢶훆뛈룄룯뫳ꎬ뻞뛮뗄맺뿢쿖뷰폠뛮쿐훃폚죋쏱틸탐뗄떥튻헋뮧짏ꎬ캥놳쇋맺뿢쿖뷰맜샭뗄킧틦탔풭퓲ꆣ뷨본맺볊뺭퇩ꎬ죕놾ꆶ믡볆램ꆷ맦뚨ꎬ죕놾틸탐맜샭뗄맺뿢뷰캪맺볒듦뿮ꎬ죧틲놣맜늻떱퓬돉쯰쪧ꎬ튪틀쏱램뫍짌램폐맘맦뚨폨틔엢뎥ꎬ헢퇹ꎬ볈쓜듌벤훐퇫틸탐쳡룟뛔맺뿢듦뿮뗄쪹폃킧싊ꎬ폖쓜놣횤닆헾뷰놣횵ꆢ퓶횵ꆣ쏀맺닆헾늿퓚솪뒢뾪솢듦뿮헋뮧뗄죕훕쿖뷰폠뛮ꎬ믹놾놣돖퓚50틚쏀풪ퟳ폒ꎬ웤폠듳솿쿖뷰퓲듦죫13000뛠볒듳탍짌튵틸탐ꎬ벴ꆰ쮰쫕폫듻뿮헋뮧ꆱꎬ좡룼룟뗄샻쾢쫕죫ꆣ [32] 룹뻝컒맺믵뇒쫐뎡랢햹뗄쪵볊쟩뿶ꎬ닆헾늿뿉틔뾼싇퓚퇫탐뗄떥튻헋뮧짏놣쇴맺뿢ퟮ병쿖뷰돖폐솿ꎬ냑쪣폠뗄쿖뷰폠뛮듦죫짌튵틸탐ꆣ뿉틔춨맽뺺헹헐뇪뗄탎쪽ꎬ퓚틸탐튵훐톰헒쳵볾뫃ꆢ럾컱훊솿룟ꎬ샻쾢싊룟뗄벸볒듳탍짌튵틸탐ퟷ캪듦뿮뾪뮧탐ꆣ캪쇋놣횤맺뿢뷰뗄낲좫탔ꎬ튪쟳훐뇪뗄짌튵틸탐쳡릩ퟣ뛮ꆢ룟탅폃뗈벶뗄뷰죚릤뻟ퟷ캪떣놣ꆣ쿠뛔폚믮웚듦뿮ꎬ뚨웚듦뿮뿉틔믱뗃룼룟뗄샻쾢쫕죫ꋙꆣ틲듋ꎬ뿉틔붫듦럅폚짌튵틸탐뗄뇈뷏컈뚨뗄맺뿢쿖뷰폠뛮늿럖뮻캪뚨웚듦뿮ꎬ웤폠늿럖ퟷ캪믮웚듦뿮ꎬ듦뿮훖샠ꆢ웚쿞ꆢ쫽뛮뗈틀뻝맺뿢쿖뷰ힴ뿶벰쿖뷰쇷풤닢쟩뿶볓틔좷뚨ꎬ뇈죧ꎬ튻룶퓂믲죽룶퓂ꎬ틔벰튻쓪믲룼뎤쪱볤ꆣ룹뻝쎿쳬맺뿢쫕횧풤닢ꎬ떱퇫탐떥튻헋뮧죕훕쿖뷰폠뛮뿉쓜늻ퟣ맺뿢ퟮ병쿖뷰돖폐솿ퟮ뗍쿞뛮쪱ꎬ닆헾늿퓚떱쳬믲듎죕ꎬ듓짌튵틸탐뗄맺뿢듦뿮헋뮧뗷죫쿖뷰늹ퟣꎻ떱퇫탐헋뮧죕훕쿖뷰폠뛮뿉쓜룟폚맺뿢ퟮ병쿖뷰돖폐솿ퟮ룟쿞뛮쪱ꎬ닆헾늿벴붫뛠폠쿖뷰죫짌튵틸탐뗄맺뿢듦뿮헋뮧좡룼룟뗄샻쾢쫕죫ꎬ쳡룟맺뿢쿖뷰쪹폃킧싊ꆣ춬쪱ꎬ퓚믵뇒쫐뎡뫍맺햮쫐뎡늻릻췪짆쳵볾쿂ꎬ닆헾늿춨맽퓚짌튵틸탐뾪짨듦뿮헋뮧ꎬ뿉퓚튻뚨돌뛈짏복쟡뛔믵뇒쫐뎡뫍맺햮쫐뎡닺짺뗄톹솦ꆣ b. 퇫탐욱뻝 퇫탐욱뻝벴훐퇫틸탐욱뻝ꎬ쫇훐퇫틸탐캪뗷뷚짌튵틸탐뎬뛮ힼ놸뷰뛸쿲짌튵틸탐랢탐뗄뛌웚햮컱욾횤ꎬ웤쪵훊쫇훐퇫틸탐햮좯ꆣ횮쯹틔뷐ꆰ훐퇫틸탐욱뻝ꆱꎬ쫇캪쇋춻돶웤뛌웚탔 ꋙ 2004쓪10퓂29죕ꎬ퇫탐뗷헻샻싊뫳ꎬ뚨웚듦뿮뗄샻싊캪ꎺ죽퓂%ꎻ쇹퓂%ꎻ튻쓪% 37
즽컷닆뺭듳톧쮶쪿톧캻싛컄 쳘뗣ꋙꆣ듓탅폃뗈벶짏뾴ꎬ뿉쫓춬폚뛌웚맺햮ꆣ 평폚컒맺쒿잰좱짙뛌웚뗄믵뇒쫐뎡릤뻟ꎬ훚뛠믺릹춶헟횻쓜좥ힷ훰훐뎤웚햮좯ꎬ듸살햮좯쫐뎡뗄뎤웚샻싊럧쿕ꆣ퇫탐욱뻝뗄랢탐붫룄뇤믵뇒쫐뎡믹놾쎻폐뛌웚릤뻟뗄쿖ힴꎬ캪믺릹춶헟쇩믮뗷볁쫖훐뗄춷듧ꆢ복쟡뛌웚뷰톹솦쳡릩훘튪릤뻟ꆣ퇫탐2005쓪1퓂4죕랢늼뗄릫룦쿔쪾ꎬ돽뷚볙죕췢ꎬ릫뾪쫐뎡튵컱닙ퟷ쫒풭퓲짏뚨폚쎿훜뛾뫍훜쯄랢탐퇫탐욱뻝ꆣ웤훐1쓪웚퇫탐욱뻝붫만뚨폚쎿훜뛾랢탐ꎬ3룶퓂웚퇫탐욱뻝붫만뚨퓚쎿훜쯄랢탐ꆣ평듋뿉볻ꎬ퇫탐욱뻝뗄뚨웚랢탐ꎬ캪쫐뎡쳡릩쇋믹놾샻싊ꎬ쫇퓚뛌웚맺햮좱캻뗄놳뺰쿂늻뗃틑뛸캪횮뗄닺컯[31]ꆣTCL벯췅ퟔ2004쓪1퓂2죕뾪쪼ꎬ닉좡캯췐튻벶붻틗짌훐맺붨짨틸탐릺싲퇫탐욱뻝뗄랽쪽뷸탐죕뎣뷰춶퓋ퟷꎬ웤쪵볊쫕틦쟩뿶ꎨ볻뇭6-2ꎩꆣ 뇭6-2 TCL벯췅춶퇫탐욱뻝쏷쾸뇭 웚쿞ꎨ쳬ꎩ 쏦뛮ꎨ췲풪ꎩ 쪵볊쫕틦싊ꎨ%ꎩ 쪵볊쫕틦ꎨ췲풪ꎩ 36 15000 33 42 15000 42 20000 52 181 40000 492 181 40000 492 181 20000 248 84 30000 180 89 20000 112 85 5000 23 13 20000 14 46 10000 30 46 10000 29 56 50000 98 25000 165 뫏볆 320000 ꎨ볓좨ꎩ 1929 쇏살풴ꎺꎬꆶ훐맺횤좯놨ꆷꎬ.2004쓪6퓂28죕 듓뇭ꎨ6-2ꎩ뿉틔뾴돶ꎺTCL벯췅춶폚퇫탐욱뻝믱뗃쇋뇈뷏룟뗄쫕틦ꆣ춬쪱ꎬ퇫탐욱뻝췪좫럻뫏맺뿢쿖뷰퓋ퟷ뗄죽듳풭퓲ꎬ튻쫇낲좫탔ꎬ퇫탐욱뻝쫇틔훐퇫틸탐뗄탅폃ퟷ떣놣뗄폐 ꋙ 2003쓪4퓂22죕ꎬ훐맺죋쏱틸탐뾪쪼헽쪽춨맽릫뾪쫐뎡닙ퟷ랢탐훐퇫틸탐욱뻝ꎬ뫳뚨웚랢탐ꎬ훐퇫틸탐욱뻝웚쿞ퟮ뛌뗄3룶퓂ꎬퟮ뎤뗄튲횻폐1쓪ꎻ2004쓪12퓂9죕ꎬ퇫탐퓚릫뾪쫐뎡쫗뛈랢탐죽쓪웚퇫탐욱뻝ꎬ뒴쿂쇋퇫탐욱뻝뗄ퟮ뎤웚쿞ꆣ 38
맺뿢쿖뷰폠뛮뗄춶퓋ퟷ랽쪽 볛욱뻝ꎬ웤탅폃돌뛈늻죝훃틉ꎻ뛾쫇쇷뚯탔ꎬ퇫탐욱뻝뗄웚쿞틔뛌웚캪훷ꎬ뿉틔퓚틸탐볤햮좯쫐뎡짏쫐쇷춨ꎬ틸탐볤쫐뎡춶헟뻹뿉쿱춶웤쯼햮좯욷훖튻퇹닎폫퇫탐욱뻝뗄붻틗ꎻ죽쫇쫕틦탔ꎬ틔볛룱헐뇪뗄랽쪽쳹쿖랢탐ꎬ쫕틦싊좷뚨ꎬ뛸쟒룟폚틸탐춬웚듦뿮샻싊ꆣ틲듋ꎬ맺뿢쿖뷰폠뛮뿉틔톡퓱퇫탐욱뻝ퟷ캪퓋ퟷ랽쪽횮튻ꆣ 퇫탐욱뻝퓚틸탐볤쫐뎡랢탐ꎬ랢탐뗄뛔쿳쫇릫뾪쫐뎡튵컱튻벶붻틗짌ꎬ쒿잰릫뾪쫐뎡튵컱튻벶붻틗짌폐43볒ꆣꆶ릫뾪쫐뎡튵컱튻벶붻틗짌맜샭퓝탐맦뚨ꆷꎨ1997쓪3퓂29죕ꎩ뗚죽쳵맦뚨ꎺꆰ놾맦뚨쯹돆릫뾪쫐뎡튵컱튻벶붻틗짌쫇횸뺭훐맺죋쏱틸탐짳뚨뗄뻟폐횱뷓폫훐맺죋쏱틸탐뷸탐햮좯붻틗뗄짌튵틸탐ꆢ횤좯릫쮾뫍탅췐릫쮾ꆱꆣ틲듋닆헾늿쎻폐룱횱뷓닎폫퇫탐욱뻝붻틗ꎬ캨튻뗄냬램쫇캯췐쒳룶릫뾪쫐뎡튵컱튻벶붻틗짌ꎬ벴쒳룶탅폾뫃뗄듳탍짌튵틸탐캪듺샭죋ꎬ평웤듺샭맺뿢퓋ퟷ퇫탐욱뻝살뗷볁맺뿢쿖뷰폠뛮ꎬ떫듺샭탐뇘탫쳽듓닆헾늿맺뿢쿖뷰맜샭늿쏅뗄붻틗횸쇮ꆣ떱맺뿢떥튻헋뮧늻ퟣ맺뿢ퟮ병쿖뷰돖폐솿ퟮ뗍쿞뛮쪱ꎬ닆헾늿맺뿢쿖뷰맜샭늿쏅뿉횸쇮듺샭죋퓚틸탐볤쫐뎡짏싴돶돖폐뗄퇫탐욱뻝쿖좯틔믱뗃뷰뫍돖폐웚뗄샻쾢쫕죫ꎬ튲뿉틔춨맽믘릺벰쪱믱뗃뗍돉놾뗄뷰ꎬ듓뛸쓜릻퓚놣횤맺뿢쿖뷰탨쟳뗄잰쳡쿂믱뗃룼룟뗄샻쾢믘놨ꎻ떱맺뿢떥튻헋뮧룟폚맺뿢ퟮ병쿖뷰돖폐솿ퟮ룟쿞뛮쪱ꎬ뿉횸쇮듺샭죋퓚틸탐볤쫐뎡짏싲죫퇫탐욱뻝쿖좯틔복짙맺뿢쿖뷰쿐훃폠뛮ꎬ쳡룟뷰쪹폃킧싊ꆣ 퓚헢샯탨튪횸돶ꎺ맺볊짏튻냣닉폃뛌웚맺햮쫕틦싊ퟷ캪룃맺믹ힼ샻싊ꆣ듓뎤풶뾴ꎬ랢탐뛌웚맺햮살쳦듺퇫탐욱뻝ꎬ쪹돁뗭폚쫐뎡훐뗄맺햮쯹뛔펦뗄뷰쫕죫뿘훆퓚닆헾쫖샯ꎬ늢랢믓룼뛠뗄킧틦ꎬ닅쫇룼캪샭쿫뗄퓋ퟷ랽쪽ꎬ튲쫇믵뇒헾닟폫닆헾헾닟쏜쟐엤뫏뗄뇘좻ꋙꆣ틲듋ꎬ맺뿢쿖뷰닎폫퇫탐욱뻝쿖좯폫믘릺횻쫇쳘뚨쫐뎡뮷뺳쿂퓝쪱탔뗄퓋ퟷ랽쪽ꆣ c. 뛌웚뷨듻ꆪ닎폫좫맺틸탐볤춬튵닰뷨쫐뎡 춬튵닰뷨쫐뎡쫇뷰죚믺릹횮볤뷸탐뛌웚ꆢ쇙쪱탔춷듧뗷볁뗄쫐뎡ꎬ춬튵닰뷨샻싊튻냣룟폚듦뿮샻싊뛸뗍폚뛌웚듻뿮샻싊ꆣ듓랢듯맺볒맺뿢쿖뷰맜샭뗄뺭퇩살뾴ꎬ춬튵닰뷨늢늻쫇맺뿢쿖뷰폠뛮뗄훷튪춶랽쪽ꎬ춨뎣쯻쏇횻쫇붫캪럀랶뷴벱횧뢶럧쿕뛸쎿죕풤쇴뗄ퟮ뗍뿢뿮폠뛮폃폚룴특닰뷨ꎬ틔믱좡쫕틦ꆣ 듓쒿잰컒맺뗄쪵볊쟩뿶돶랢ꎬ컒맺뗄춬튵닰뷨쫐뎡폐1~7쳬뗄춷듧쫐뎡뫍120쳬틔쓚뗄뛌웚뷨듻쫐뎡ퟩ돉ꆣ춬튵닰뷨쫇컒맺믵뇒쫐뎡훐퓋탐쳵볾뫍뮷뺳뷏뫃뗄늿럖횮튻ꎬ낲좫탔룟ꎬ쇷뚯탔잿ꎬ붻틗돉풱탅폾뿉뾿ꎬ닙ퟷ벼쫵쳵볾폅솼ꆣ뛸쟒춬튵닰뷨뗄뷰훷튪쫇캪쇋뗷볁뷰폠좱ꆢ퓾욽춷듧ꎬ튻냣늻춶럅떽쪵볊뗄뺭펪훐ꎬ믹놾짏늻듦퓚캥풼럧쿕ꎬ놾뷰뫍샻쾢뚼폐놣횤[33]ꆣ틲듋ꎬ퓚믽벫맺뿢쿖뷰맜샭돵웚ꎬ평폚쫜떽맺뿢쿖뷰풤닢ힼ좷탔뗄훆풼ꎬ맺뿢쿖뷰폠뛮믡놣돖튻룶쫊떱뗄ꆢퟣ릻폃폚캴살튻뛎쪱볤횧뢶탨튪뗄쫽솿ꎬ죃웤훐뗄튻늿럖쿖뷰폠뛮뷸죫춬튵닰뷨쫐뎡ꎬ죔좻쫇튻훖뿉탐뗄톡퓱ꆣ ꋙ ꎬ짏몣횤좯놨ꎬ2005쓪1퓂5죕 39
즽컷닆뺭듳톧쮶쪿톧캻싛컄 뇭6-3 좫맺틸탐볤춬튵닰뷨쫐뎡붻틗웚쿞럖샠쟩뿶ꎨ2003ꎩ 웚쿞ꎨ쳬쫽ꎩ 1 7 20 30 60 90 120 붻틗솿ꎨ틚풪ꎩ ?좫맺틸탐볤춬튵닰뷨웚쿞럖샠붻틗쫽솿ㄶ〰?ㄴ〰?ㄲ〰?〰?㠰〰㘰〰㐰〰㈰〰???㈰㌰㘰㤰ㄲ?떥캻ꎺ쳬 쇏살풴ꎺ훐맺죋쏱틸탐췸햾ꎬ 춼6-1 좫맺틸탐볤춬튵닰뷨웚쿞럖샠붻틗쫽솿 듓춼ꎨ???ꎩ뿉틔뾴돶ꎬ춬튵닰뷨뗄웚쿞훷튪벯훐폚?쳬뫍?쳬ꎬ헢솽룶욷훖뗄붻틗솿럖뇰햼ퟜ붻틗솿뗄㘵?㔴?뫍㈸?㠹?ꎬ뫏볆햼ퟜ붻틗솿뗄㤴?㐳?ꆣ?맺뿢쿖뷰폠뛮닎폫좫맺틸탐볤춬튵닰뷨쫐뎡뗄뻟쳥퓋ퟷ랽쪽ꎺ닆헾늿쏅ퟷ캪맺뿢쿖뷰맜샭뗄훷쳥ꎬ뿉틔춨맽뺺헹헐뇪뗄탎쪽ꎬ퓚틸탐튵훐톰헒쳵볾뫃ꆢ럾컱훊솿룟ꎬ탅폾뫃뗄쒳볒듳탍짌튵틸탐ꎨ쒿잰ꎬ컒맺쯄듳맺폐짌튵틸탐탅폾틔벰쳵볾뚼럻뫏쳵볾ꎩퟷ캪듺샭탐ꎬ죃웤듺샭맺뿢닎폫좫맺틸탐볤뗄춬튵닰뷨쫐뎡ꎬ뗷볁맺뿢쿖뷰죕폠뛮ꆣ캪쇋놣횤맺뿢쿖뷰뗄돤럖쇷뚯탔ꎬ튻냣톡퓱?쳬닰뷨뫍룴특닰뷨캪훷ꆣ떱맺뿢떥튻헋뮧죕쿖뷰폠뛮늻ퟣ맺뿢ퟮ병쿖뷰돖폐솿ퟮ뗍쿞뛮쪱ꎬ뿉듓듺샭탐뗄맺뿢듦뿮헋뮧짏뗷죫ꎬ쪹맺뿢떥튻헋뮧놣돖ퟮ병돖폐솿ꆣ떱맺뿢떥튻헋뮧죕쿖뷰폠뛮룟폚맺뿢ퟮ병쿖뷰돖폐솿뗄ퟮ룟쿞뛮쪱ꎬ뿉횸쇮듺샭탐냑쿐훃뗄쿖뷰폠뛮닰뷨돶좥ꎬ복짙맺뿢쿖뷰쿐훃폠뛮ꎬ춬쪱믱뗃룼룟뗄샻쾢믘놨ꆣ 맺뿢쿖뷰폠뛮춶쒣쓢ퟩ뫏 춨맽틔짏럖컶뗃떽ꎬ퓚쒿잰믵뇒쫐뎡폫맺햮쫐뎡랢햹뗄쪵볊쟩뿶쿂ꎬ맺뿢쿖뷰폠뛮뿉틔톡퓱뗄퓋ퟷ랽쪽룷폐폅쫆ꆣ퓚쪵볊릤ퟷ훐ꎬ맺뿢쿖뷰폠뛮늻뿉쓜횻톡폃쒳튻훖춶랽쪽ꎬ튻 40 떥캻ꎺ틚풪
맺뿢쿖뷰폠뛮뗄춶퓋ퟷ랽쪽 냣쫇뷸탐튻뚨뗄춶ퟩ뫏ꎬ쪹춶럧쿕ퟮ킡뮯ꎬ춶쫕틦ퟮ듳뮯ꆣ 룹뻝놾컄쪵샽럖컶뗃떽ꎬ맺뿢퓚쒳쓪10퓂뿉틔쓃돶35틚풪맺뿢쿖뷰폠뛮뷸탐춶퓋ퟷꎬ쪹웤퓶횵ꆣ퓚헢샯ꎬ볙짨쇋솽훖뇈샽뗄춶ퟩ뫏ꎬ쮵쏷늻춬춶ퟩ뫏쯹듸살뗄쫕틦쟩뿶ꎨ볻뇭6-4ꎩꆣ춬쪱ꎬ춨맽폫맺뿢쿖뷰폠뛮믱뗃〮㜲?믮웚뒢탮샻싊쯹뗃ꎨ㌵ꇁ〮㜲?㴰⸲㔲틚풪ꎩ쿠뇈뷏ꎬ살쮵쏷맺뿢쿖뷰폠뛮춶퓋ퟷ뗄쫕틦폅쫆ꆣ 뇭6-4 맺뿢쿖뷰폠뛮솽훖춶ퟩ뫏쒣쓢뇈뷏 ퟩ뫏랽쪽 춶랽쪽 뇈훘ꎨ%ꎩ 쫽뛮ꎨ틚풪ꎩ 쫕틦싊ꎨ%ꎩ 쫕틦ꎨ틚풪ꎩ 맺햮 55 ㄹ⸲? ㈮? 〮㐶? 뚨웚듦뿮 30 ⸵ ㈮? 〮㈶㈵ 1 퇫탐욱뻝 ??㘲? ㈮? 〮?㘳 춬튵닰뷨 ??㘲? ㈮??〮?㘳 뫏볆 100 35 볓좨욽뻹㈮㐳 〮㠵〵 맺햮 45 ㄵ⸷??㈮? 〮㌷?? 뚨웚듦뿮 30 ⸵ ㈮? 〮㈶㈵ 2 퇫탐욱뻝 㐮㌷? ㈮? 〮??춬튵닰뷨 㐮㌷? ㈮??〮??뫏볆 100 35 볓좨욽뻹㈮㐳 〮㠵〵?뇭힢ꎺ볙짨틔짏룷훖춶릤뻟돖폐웚뻹캪튻쓪ꎻ짏뇭훐뗄쫕틦싊쫇룹뻝폐맘쇏췆쯣돶살뗄닎뾼쫕틦싊ꆣ?럖컶뇭ꎨ???ꎩ뗃떽ꎺ틲캪뚨웚듦뿮폫맺햮뿉틔믱뗃뷏룟뗄컈뚨쫕틦ꎬ뛸쟒퓚컒맺맺뿢쿖뷰맜샭쳥훆룄룯뗄돵웚뷗뛎ꎬ펦룃닉좡뇈뷏컈붡뗄춶ퟩ뫏ꎬ쯹틔퓚틔짏춶ퟩ뫏훐쪼훕쪹뚨웚듦뿮폫맺햮햼㜵?틔짏뇈훘ꎻ퇫탐욱뻝뫍춬튵닰뷨뚼폐뷏룟뗄쇷뚯탔뫍낲좫탔ꎬ쟒쫕틦싊뇈뷏컈뚨ꎬ떫헢솽헟늻쫇맺뿢쿖뷰맜샭뗄ퟮ샭쿫ꆢퟮ뎤뻃뗄춶랽쪽ꎬ틲캪퇫탐욱뻝ퟮ훕튪놻뛌웚맺햮쯹쳦듺ꎬ쯹틔횻쓜냑뷏킡뇈훘뗄맺뿢쿖뷰폠뛮춶폚뫳솽헟ꎻ뇭훐뗃떽욽뻹쫕틦캪??㠵?틚풪ꎬ쫇맺뿢쿖뷰폠뛮35틚풪믱뗃〮㜲?믮웚뒢탮샻쾢쯹뗃〮㈵?틚풪뗄??㌸놶?틲듋ꎬ믽벫뗄맺뿢쿖뷰폠뛮춶퓋ퟷ쫕틦폅쫆쪮럖쏷쿔ꆣ탨튪횸돶뗄쫇ꎬ짏쫶춶릤뻟뫍뇈샽늻쫇만뚨늻뇤뗄ꎬ쯦ퟅ컒맺쫐뎡뺭볃쳥훆쿂릫릲닆헾뿲볜뗄훰늽췪짆ꎬ믵뇒쫐뎡폫맺햮쫐뎡뗄랢햹폫돉쫬ꎬ맺뿢쿖뷰퓋ퟷ랽쪽믡룼볓럡뢻ꎬ웤뇈샽펦룃룹뻝쪵볊쟩뿶뷸탐럖엤ꆣ??? 41
즽컷닆뺭듳톧쮶쪿톧캻싛컄 뗚웟헂 맺뿢쿖뷰맜샭쳥훆뗄엤쳗룄룯 붨솢탂탍맺뿢쿖뷰맜샭쳥훆쫇쿖듺맺뿢맜샭훆뛈뗄뫋탄쓚죝ꎬ쫇튻쿮뢴퓓뗄쾵춳릤돌ꆣ맺뿢쿖뷰맜샭쳥훆뗄룄룯폫뒴탂ꎬ볈짦벰닆헾늿쏅쓚늿뗄맜샭쳥쾵ꎬ룼짦벰닆헾폫훐퇫틸탐뗄킭뗷벰닆헾헾닟폫믵뇒헾닟뗄킭뗷엤뫏맘쾵ꆣ틲듋ꎬ맺뿢쿖뷰맜샭쳥훆뗄룄룯폫뒴탂탨튪힢틢폫웤쯻훆뛈횮볤뗄킭뗷엤뫏ꎬ뻟쳥살쮵탨튪뷸튻늽짮뮯맺뿢벯훐쫕뢶훆뛈ꎬ탞뚩튻쾵쇐쿠맘램싉램맦ꎬ춬쪱튪쟳믵뇒쫐뎡ꎬ맺햮쫐뎡뷸튻늽랢햹폫췪짆뗈ꆣ 짮뮯맺뿢벯훐쫕뢶훆뛈뗄룄룯 맺뿢벯훐쫕뢶훆뛈쫇룟킧맺뿢쿖뷰맜샭뗄믹뒡ꎬ맺뿢벯훐쫕뢶훆뛈뗄룹놾쒿뗄퓚폚쪵쿖닆헾쫕횧뫍쿖뷰폠뛮뗄벯훐뮯맜샭ꆣ횻폐퓚뿆톧좷솢헋뮧쳥쾵ꎬ맦랶쫕죫ꆢ횧돶돌탲뫳ꎬ닅쓜ힼ좷풤닢뫍뿘훆맺뿢쿖뷰쇷ꆣ맺뿢떥튻헋뮧쪵쿖쇋맺뿢쿖뷰폠뛮벯훐뮯맜샭ꎬ쪹닆헾늿쏅닢뚨맺뿢ퟮ병쿖뷰돖폐솿ꆢ틔벰뷸탐폠뛮뗄춶퓋ퟷ돉캪뿉쓜ꆣ떫쫇ꎬ쒿잰컒맺맺뿢벯훐쫕뢶훆뛈뮹퓚쫔뗣뷗뛎ꎬ뷶쫇좫맺늿럖떥캻폫쪡쫐뾪쪼췆탐맺뿢떥튻헋뮧룄룯ꎬ뮹캴쓜쪵쿖좫맺맺뿢쿖뷰폠뛮벯훐폚떥튻헋뮧뗄쒿뇪ꎬ헢뻍훆풼쇋맺뿢쿖뷰맜샭룄룯뗄폐킧탔ꆣ틲듋ꎬ캪쇋뺡뿬붨솢컒맺탂탍뗄맺뿢쿖뷰맜샭쳥훆ꎬ뷢뻶룟폠뛮폫룟뢺햮늢듦뗄ힴ첬ꎬ쪹맺뿢쿖뷰퓚좷놣낲좫탔폫쇷뚯탔뗄잰쳡쿂믱뗃춶쫕틦ퟮ듳뮯ꎬ뇘탫뷸튻늽짮뮯컒맺맺뿢벯훐쫕뢶훆뛈ꆣ 붡좫ꆢ췪짆맺뿢쿖뷰맜샭뗄쿠맘램싉램맦 뷸탐맺뿢쿖뷰맜샭맜샭쳥훆룄룯폫뒴탂ꎬ냼삨뿆톧헋뮧쳥쾵맜샭ꆢ쿖뷰쇷맜샭폫풤닢ꆢퟮ병쿖뷰돖폐솿뗄닢뚨ꆢ쿖뷰폠뛮춶퓋ퟷ뗈뚼튪뷸탐훘듳룄룯ꆣ죧맻쎻폐쿠맘뗄램싉ꆢ램맦훆뛈볓틔풼쫸뫍놣헏ꎬ뫜쓑붨솢튻룶췪짆뗄맺뿢쿖뷰맜샭쳥훆ꆣ틲듋ꎬ웚췻맺볒뺡뿬돶첨붡좫ꆢ췪짆뗄맺뿢쿖뷰맜샭쿠맘램맦쳥쾵ꎬ캪맺뿢쿖뷰맜샭쳥훆룄룯쳡릩램싉놣헏ꆣ쿠펦뗘훘탂탞뚩ꆶ훐뮪죋쏱릲뫍맺풤쯣램ꆷꆢꆶ훐뮪죋쏱릲뫍맺맺볒뷰뿢쳵샽ꆷꆢꆶ닆헾ퟜ풤쯣믡볆훆뛈ꆷꎬ쿠펦훆뚨ꆶ맺뿢쿖뷰맜샭냬램ꆷꆢ틔벰ꆶ맺뿢쿖뷰폠뛮맜샭냬램ꆷ뗈ꆣ춬쪱ꎬ쿠펦뗄램맦쳥쾵펦룃뛔맺뿢쿖뷰폠뛮춶뗄욷훖ꆢ랽쿲ꆢ랶캧ꆢ쪱볤ꆢ맦쒣뗈랽쏦ퟶ돶퇏룱뗄맦뚨ꎬ틔샻폚맦랶퓋ퟷꎬ쟐쪵럀횹캥맦닙ퟷꎬ볡뻶뛅뻸캥램탐캪ꎬ듓룹놾짏놣횤맺뿢쿖뷰뗄벯훐맜샭ꆢ낲좫췪헻뫍쪹폃킧싊ퟮ듳뮯ꆣ? 42
맺뿢쿖뷰맜샭쳥훆뗄엤쳗룄룯 랢햹폫췪짆맺햮쫐뎡 컒맺뛌웚맺햮뗄뎤웚좱쪧ꎬ펰쿬쇋맺햮쫐뎡폫믵뇒쫐뎡뗄쇷뚯탔ꎬ늻샻폚맺뿢쿖뷰폠뛮뷸죫맺햮쫐뎡뷸탐폐킧춶퓋ퟷꆣ맺뿢쿖뷰맜샭폫헾뢮햮컱맜샭쿠킭뗷쫇쫐뎡뺭볃맺볒웕뇩ퟶ램ꎬ폈웤쫇뛌웚맺햮쫐뎡뗄붨짨ꎬ룼쫇뗷뷚쇙쪱탔뷰폠좱뗄맘볼ꆣ컒맺퓚1994-1996쓪죽쓪볤랢탐맽7듎뛌웚맺햮ꎬ퓸뛔떱쪱훐맺죋쏱틸탐뗄릫뾪쫐뎡닙ퟷ랢믓맽믽벫ퟷ폃ꆣ떫쫇ꎬ1997쓪틔뫳ꎬ컒맺쎻폐믲뫜짙랢탐뛌웚맺햮ꋙꆣ뛌웚맺햮뗄좱쪧퇏훘펰쿬떽맺뿢쿖뷰맜샭ꎺ튻랽쏦ꎬ늻샻폚컒맺믵뇒쫐뎡뗄랢햹ꎬ맺뿢뷰뗄뛌웚춶쫜떽퇏훘풼쫸ꎻ쇭튻랽쏦ꎬ늻샻룉닆헾늿쏅뷰폠좱뗄뗷볁ꎬ떱닆헾늿쏅돶쿖쇙쪱뷰뛌좱쪱ꎬ횻폐랢탐훐뎤웚맺햮살쏖늹ꎬ좱랦쇩믮쫖뛎ꆣ 뛌웚맺햮쫐뎡뗄붨짨쫇좫쏦랢햹맺햮쫐뎡뗄튻룶맘볼늽훨ꆣ쒿잰ꎬ컒맺뗄맺햮랢탐쪵탐쿞뛮맜샭ꎬ닆헾늿쎿쓪훆뚨뗄맺햮랢탐솿ꎬ뇘탫뿘훆퓚좫맺죋쏱듺뇭듳믡엺ힼ뗄랢탐뛮뛈횮쓚ꎬ벴ꆰ쓪뛈랢탐맦쒣맜샭ꆱ쒣쪽ꎬ헢훆풼쇋뛌웚맺햮욷훖뗄랢탐ꎬ탎돉훆뛈탔헏낭ꆣ죧맻컒맺뷨본듳늿럖OECD맺볒쯹쪵탐뗄맺햮폠뛮맜샭랢탐훆뛈ꎬ쪵탐ꆰ맺햮폠뛮맜샭ꆱ쒣쪽ꎬ벴맺햮랢탐뗄뗷뿘횸뇪쫇맺햮뗄듦솿ꎬ뛸럇뛮뛈뗄쿞훆ꆣ듓뿍맛짏쮵ꎬ맺햮폠뛮맜샭훆뛈뗄쪵탐붫믡듲춨뛌웚맺햮릩룸뗄쟾뗀ꎬ듙뷸뛌웚맺햮뗄랢탐솿퓶볓늢ퟮ훕쪵쿖맶뚯랢탐ꆣ틲듋ꎬ튪뺡뿬룄룯맺햮랢탐믺훆ꎬ랢탐뛌웚맺햮ꆣ닆헾늿펦쿲쫐뎡닎폫헟ꆢ춶죋벰웤쯻샻틦쿠맘랽랢늼맘폚뛌웚맺햮랢탐볆뮮뗄냗욤쫩ꎬ웤훐냼삨뛔붨틩뗄좯훖ꆢ뿉쓜뗄헐뇪죕돌낲업뫍헐뇪랽램ꆢ쟥쯣뷡쯣낲업ꆢ돐쿺췅ꎨ튻벶붻틗짌ꎩ틔벰잱퓚뗄춶죋췅쳥뗄릹돉ꆢ뛔맺햮듦솿뫍뇤뚯솿뗄잱퓚쫐뎡죝쓉쓜솦뗄움맀ꎬ틔벰죧뫎맜샭듓퇫탐욱뻝떽뛌웚맺햮랢탐뗄맽뛉뗈훮뛠랽쏦뗄쏨쫶ꆣ?틲듋ꎬ컞싛듓샭싛뮹쫇쪵볹뷇뛈럖컶ꎬ맺뿢쿖뷰맜샭뚼탨튪폫햮컱맜샭쿠뢨쿠돉ꆢ쏜쟐엤뫏ꆣ뷱뫳컒맺펦뺡뿬쪵탐맺햮폠뛮랢탐훆뛈ꎬ뷢뻶헾닟짏뗄헏낭ꎬ돤럖랢믓맺햮쫐뎡뷰죚뗷뿘뫍돯벯뷰뗄쮫훘릦쓜ꆣ뺡뿬붨솢뛌웚맺햮뗄뚨웚ꆢ뻹뫢ꆢ맶뚯뗄랢탐믺훆ꎬ뻟쳥쫽뛮룹뻝뷬쪱맺뿢쫕횧ힴ뿶좷뚨ꎬ볓잿맺뿢쿖뷰맜샭폫햮컱맜샭뗄킭뗷엤뫏ꆣ 랢햹폫췪짆믵뇒쫐뎡 맺뿢쿖뷰컞싛횱뷓뷸죫믵뇒쫐뎡ꎬ뮹쫇듦죫짌튵틸탐헋뮧뚼탨튪튻룶뻟폐뷏룟쇷뚯탔뫍낲좫탔뗄믵뇒쫐뎡ퟷ캪횧독ꆣ춬쪱ꎬ맺뿢쿖뷰듦솿듳킡틔벰쿖뷰폠뛮뗄춶퓋ퟷꎬ붫뛔믵뇒헾닟닺짺펰쿬ꆣ ꋙ내헕웚쿞뷡릹럖샠ꎬ뛌웚맺햮솿햼쯹폐랢탐맺햮뗄뇈훘ꎺ1995쓪ꎬ%ꎻ1996쓪ꎬ%ꎻ1997쓪-1999쓪죽쓪볤캴랢탐뛌웚맺햮ꎻ2000쓪ꎬ%ꎻ2001쓪ꎬ캴랢탐ꎻ2002쓪ꎬ%ꎻ2003쓪ꎻ%ꎨ쫽뻝살풴폚ꆶ훐맺닆헾쓪본2003ꆷ뗄쫽뻝볆쯣뗃떽ꎩꆣ 43
즽컷닆뺭듳톧쮶쪿톧캻싛컄 맺뿢듦뿮ퟷ캪훐퇫틸탐믹뒡믵뇒뗄훘튪ퟩ돉늿럖ꎬ웤쿖뷰쇷죫ꆢ쇷돶뛔좫짧믡뷰쇷솿뫍믵뇒릩펦솿폐ퟅ훘듳뗄펰쿬ꆣ떱맺뿢쿖뷰쫕죫킡폚횧돶쪱ꎬ닆헾뺻횧돶퓶볓ꎬ틽웰짧믡뷰쇷솿뗄퓶볓ꎬ듓뛸닺짺틸룹쯉뚯킧펦ꎻ랴횮떱맺뿢쿖뷰쫕죫듳폚횧돶쪱ꎬ틽웰짧믡뷰쇷솿뗄쿠펦복짙ꎬ듓뛸닺짺틸룹뷴쯵킧펦ꆣ틲듋ꎬ맺뿢쿖뷰맜샭뗄쪵쪩ꎬ쪹맺뿢쿖뷰퓚훐퇫틸탐폫짌튵틸탐횮볤훘탂럖엤ꎬ룸훐퇫틸탐뿘훆믹뒡믵뇒붫듸살탂뗄뇤쫽ꆣ폫듋춬쪱ꎬ맦랶뗄맺뿢쿖뷰맜샭쓜듙뷸믵뇒쫐뎡뗄랢햹ꎬ튻랽쏦뿉틔뗖쿻닆헾퓚퇫탐헋뮧짏뗄쿖뷰쇷죫뫍쇷돶ꎬ뷸뛸쿻돽믵뇒쫐뎡뛌웚쇷뚯탔뇤뚯뗄튻룶훷튪펰쿬틲쯘ꎬ횱뷓쿻돽쇋퇫탐쇷뚯탔풤닢훐뗄튻룶늻좷뚨틲쯘ꎬ퓚튻뚨돌뛈짏복짙믵뇒헾닟퓋탐훐뗄싩랳ꎬ붵뗍뛌웚샻싊뗄늨뚯탔뫍믵뇒쫐뎡뗄늻좷뚨탔ꎻ쇭튻랽쏦ꎬ맺뿢쿖뷰뷸죫믵뇒쫐뎡ꎬ뛔믵뇒쫐뎡붫닺짺뻞듳뗄닺욷탨쟳ꎬ뛔볓뿬뷰죚닺욷뫍붻틗릤뻟뗄뒴탂닺짺뻞듳뗄듙뷸ퟷ폃[34]ꆣ 랢듯돉쫬뗄믵뇒쫐뎡쫇뾪햹맺뿢쿖뷰맜샭뗄훘튪쳵볾ꆣ떫쫇ꎬ컒맺믵뇒쫐뎡짐뒦폚돵벶랢햹뷗뛎ꎬ쏷쿔훍뫳폚놾쫐뎡뗄랢햹ꎬ돊쿖늻킭뗷뗄쳘헷ꎬ붻틗욷훖뇈뷏짙ꎬ닎폫훷쳥뇈뷏떥뗷ꎨ훷튪쫇틸탐ꎩꎬ쫐뎡쇷뚯탔튲늻잿ꆣ맺뿢쿖뷰뷸죫믵뇒쫐뎡ꎬ붫듲웆믵뇒쫐뎡릩쟳뗄뛌웚욽뫢ꎬ떼훂믵뇒쫐뎡볛룱뗄늨뚯ꎬ뛔믵뇒쫐뎡닺짺뻞듳뗄돥믷ꆣ 틲듋ꎬ엤뫏맺뿢쿖뷰맜샭룄룯폫뒴탂ꎬ뇘탫훰늽붨솢튻룶뺺헹폐탲ꆢ욷훖럡뢻ꆢ춳튻룟킧뗄믵뇒쫐뎡ꎬ캪맺뿢쿖뷰맜샭퓋ퟷ쳡릩솼뫃뗄쫐뎡뮷뺳ꆣ쒿잰ꎬ컒맺믵뇒쫐뎡뗄췪짆튪틔삩듳쫐뎡죝솿ꆢ럡뢻붻틗욷훖ꆢ뒴탂붻틗릤뻟캪훘뗣ꎬ틔붨솢뎡췢쫐뎡캪훷ꎬ뎡쓚쫐뎡캪뢨ꎬ낲좫ꆢ룟킧ꆢ뾪럅뗄쫐뎡캪랢햹쒿뇪ꎬ캪맺뿢쿖뷰맜샭듮붨튻룶뫃뗄욽첨ꆣ춬쪱ꎬ훐퇫틸탐튪늻뛏뒴탂뷰죚욷훖ꎬ뗷뿘믹뒡믵뇒ꎬ늢캪맺뿢쿖뷰맜샭쳡릩럡뢻뗄돯싫ꎬ뷸튻늽듙뷸맺뿢쿖뷰맜샭폫믵뇒헾닟뗄킭뗷엤뫏ꆣ 44
뷡싛 뗚냋헂 뷡 싛 놾컄뗄뒴탂 맘폚컒맺맺뿢쿖뷰맜샭랽쏦뗄퇐뺿쫇튻룶햸탂뿎쳢ꎬ뛔맺뿢쿖뷰맜샭쳥훆뷸탐쾵춳럖컶벸뫵쫇뿕냗ꎬ놾컄퓚헢튻랽쏦뷸탐쇋돵늽뗄첽쯷ꆣ웤뒴탂횮뒦훷튪쫇ꎺ ꎨ1ꎩ듓샭싛룟뛈뛔맺뿢쿖뷰맜샭뷸탐쾵춳퇐뺿ꆣ쒿잰ꎬ컒맺톧쫵뷧뛔맺뿢쿖뷰맜샭뗄퇐뺿듳뛠춣쇴퓚컊쳢뗄탰쫶짏ꎬ캴쓜듓샭싛룟뛈뛔웤뷸탐쾵춳럖컶ꆣ놾컄뎢쫔탔뗘캪맺뿢쿖뷰맜샭톰쟳샭싛틀뻝ꎬ늢뛔웤뷸탐쾵춳럖컶ꎬ죏캪볓잿맺뿢쿖뷰맜샭쫇릫릲닆헾랢햹뗄놾훊튪쟳ꎬ믵뇒뗄쪱볤볛횵샭싛쫇뷸탐맺뿢쿖뷰맜샭뗄훘튪틀뻝ꎬ춬쪱듓훆뛈뺭볃톧뷇뛈ꎬ뛔맺뿢쿖뷰맜샭훆뛈뒴탂뷸탐쇋짮죫럖컶ꆣ ꎨ2ꎩ쳡돶컒맺탂탍맺뿢쿖뷰맜샭쳥훆뗄ퟜ쳥뿲볜ꆣ놾컄퓚샭싛횸떼쿂ꎬ뷨본맺볊뺭퇩ꎬ뷡뫏컒맺쪵볊쟩뿶ꎬ럖컶쇋컒맺맺뿢쿖뷰맜샭쳥훆룄룯폫뒴탂뗄뇘튪탔폫뿉쓜탔ꎬ뎢쫔탔뗘릹붨쇋퓚짧믡훷틥쫐뎡뺭볃쳥훆쿂ꎬ쫊뫏릫릲닆헾랢햹튪쟳뗄탂탍맺뿢쿖뷰맜샭쳥훆뗄ퟜ쳥뿲볜ꆣ뛔맺뿢쿖뷰헋뮧짨훃ꆢ맺뿢쿖뷰맜샭훷쳥톡퓱ꆢ믺릹짨훃ꆢ쿖뷰쇷풤닢폫볠뿘ꆢ맺뿢ퟮ병쿖뷰돖폐솿뗄닢뚨ꆢ맺뿢쿖뷰뗄춶퓋ퟷ랽쪽뗈뷸탐쇋좫쏦쾵춳뗄퇐뺿ꆣ ꎨ3ꎩ탂뗄퇐뺿쮼슷폫퇐뺿랽램ꆣ놾컄믹폚컒맺릫릲닆헾뿲볜쿂벯훐쫕뢶훆뛈뗄믹뒡짏ꎬ퇘ퟅ쿖뷰맜샭훷쳥톡퓱폫믺릹짨훃ꆪꆪ쿖뷰쇷맜샭ꆢ풤닢폫볠뿘ꆪꆪퟮ병쿖뷰돖폐솿뗄닢뚨ꆪꆪ쿖뷰폠뛮뗄춶퓋ퟷ헢퇹튻룶퇐뺿쮼슷ꎬ퇐뺿쒿뗄쫇죧뫎욽맺뿢쿖뷰쇷ꎬ쳡룟맺뿢쿖뷰쪹폃킧싊ꆣ춬쪱ꎬ듲웆맽좥뷶춣쇴퓚뚨탔럖컶믹뒡짏뗄뎣맦ꎬ닉폃뚨탔럖컶폫뚨솿럖컶쿠뷡뫏ꎬ닠훘폚뚨솿럖컶ꆣ닉폃뇈뷏럖컶램ꎬ뷨본쫐뎡뺭볃맺볒맺뿢쿖뷰맜샭뗄돉릦뺭퇩ꎬ틽죫낸샽ꎬ쒣쓢뇈뷏춶ퟩ뫏쫕틦폫맺뿢쿖뷰폠뛮틔%뗄샻쾢싊듦죫틸탐뗄쫕틦ꎬ뗃떽펦룃뷸탐믽벫맺뿢쿖뷰폠뛮춶퓋ퟷ뗄뷡싛ꆣ 퇐뺿햹췻 놾컄뛔컒맺맺뿢쿖뷰맜샭뗄퇐뺿풶늻쫇듋컊쳢뗄좫늿ꎬ뛸쟒컄훐틑뺭짦벰뗄럖컶뿉쓜캴뺡짮죫ꎬ짐탨튪뷸튻늽퇐뺿뗄컊쳢폐ꎺ ꎨ1ꎩ뛔쿖뷰쇷풤닢폫볠뿘랽쏦뗄퇐뺿ꎬ놾컄쳡떽펦룃붨솢튻룶좫맺탔뗄쫽뻝뿢탅쾢맜샭쾵춳뫍뚯첬뺭볃톧럖컶쒣탍ꎬ뛔쿖뷰폠뛮뷸탐ힼ좷풤닢ꆣ평폚쒿잰쪱볤폫췸싧쾵춳횪쪶폐쿞ꎬ놾컄횻ퟶ쇋뚨탔럖컶ꆣ틲듋ꎬ뻟쳥죧뫎붨솢튻룶좫맺탔뗄쫽뻝맜샭쾵춳뫍뚯첬뺭볃톧럖컶쒣탍짐탨튪뷸튻늽짮죫퇐뺿ꆣ 45
즽컷닆뺭듳톧쮶쪿톧캻싛컄 ꎨ2ꎩ맘폚맺뿢ퟮ병쿖뷰돖폐솿뗄닢뚨랽쏦뗄퇐뺿ꎬ놾컄뷡뫏뚨솿럖컶폫뚨탔럖컶뛔ퟮ병쿖뷰돖폐솿뗄닢뚨풭샭폫랽램ퟷ쇋쾵춳퇐뺿ꆣ떫평폚뛔룷랽쏦쇏ꎬ쳘뇰뛔맺뿢쫕횧죕폠뛮쫽뻝ꎬ뗘랽맺뿢폠뛮쫽뻝뗈쪵볹쇏헆컕폐쿞ꎬ놾컄횻ퟶ쇋맺뿢쿖뷰퓂ퟮ병돖폐솿쪵샽럖컶ꆣ돵늽짨쿫ꎬ죧맻맺뿢퓂폠뛮ꆢ죕폠뛮쫽뻝뇈뷏죝틗쫕벯쪱ꎬퟮ병쿖뷰돖폐솿뺫좷떽죕폠뛮쫇뷸튻늽퇐뺿뗄쒿뇪ꆣ ꎨ3ꎩ놾컄룹뻝쒿잰컒맺믵뇒쫐뎡ꆢ햮좯쫐뎡틔벰맺뿢맜샭훆뛈랢햹뗄쪵볊쟩뿶ꎬ뛔쿖뷰폠뛮퓋ퟷ랽쪽ퟶ쇋돵늽쳖싛ꆣ떫쫇ꎬ쯦ퟅ쫐뎡뺭볃뗄늻뛏랢햹ꎬ믵뇒쫐뎡ꆢ맺햮쫐뎡뗄뷸튻늽췪짆ꎬ탨튪뛔맺뿢쿖뷰폠뛮춶퓋ퟷ랽쪽뷸탐늻뛏뒴탂퇐뺿ꆣ뛸쟒ꎬ퓚맺뿢쿖뷰폠뛮춶죫믵뇒쫐뎡횮뫳ꎬ맺뿢쿖뷰맜샭폫믵뇒헾닟죧뫎킭뗷엤뫏ꎬ맺뿢쿖뷰맜샭폫햮컱맜샭죧뫎킭뗷랢햹ꎬ쫇뷱뫳퇐뺿뗄훘뗣ꆣ 헫뛔컄훐뗄늻ퟣꎬ틔벰뷸튻늽퇐뺿뗄컊쳢ꎬ뮹탨튪퓚틔뫳뗄톧쾰뫍쪵볹훐늻뛏룄뷸뫍삩돤ꆣ 46
훂킻 컒뗄쮶쪿싛컄뻍튪췪돉쇋ꎬ뇪횾ퟅ쮶쪿뷗뛎뗄톧쾰튲붫뷡쫸ꎬ믘맋죽쓪뗄톧쾰짺믮ꎬ룐뾮솼뛠ꆣ컒평훔뗘쿲닆헾쾵뗄룷캻샏쪦뫍춬톧뇭쪾짮짮뗄킻틢ꎬ룐킻쯻쏇룸폨컒뗄횸떼뫍냯훺ꎡ 쫗쿈ꎬ훔탄뗘룐킻컒뗄뛷쪦샮쿾욼뷌쫚ꎬ죽쓪살ꎬ샮샏쪦퓚톧쾰뫍짺믮짏뚼룸폨쇋컒컞캢늻훁뗄맘뮳ꎬ컒붫폀풶쏺볇헢짮뫱뗄쪦짺쟩뫍듈쒸냣뗄낮ꆣ퓚컒쮶쪿싛컄뗄킴ퟷ맽돌훐ꎬ듓싛컄뗄톡쳢떽싛컄쳥쾵뗄릹쮼ꆢ맛뗣뗄쳡솶폫냑컕ꆢ짵훁쒳킩폯뻤뗄뇭듯뚼쟣힢쇋쯽듳솿뗄탄톪ꆣ샮샏쪦훎톧퇏뷷ꆢ뺫틦쟳뺫뗄럧룱ꎬ샖맛뷸좡ꆢ뾪샊믭듯뗄욷룱ꎬ풨늩뗄횪쪶폫솼뫃뗄탞퇸뚼붫쪹컒훕짺쫜틦ꆣ춬쪱ꎬ룐킻첷붨솢샏쪦퓚컒뗄톧쾰뫍짺믮훐쳡릩뗄쒪듳냯훺ꎬ퓚헢샯훔탄뗄힣풸뛾캻샏쪦짭쳥붡뾵ꎬ췲쫂죧틢ꎡ 퓚닆듳뗄7쓪톧쾰뫍짺믮횮훐ꎬ탭뛠춬톧뫍샏쪦뚼룸폨컒컞쫽헦돏뗄냯훺ꎬ퓚듋튻늢룐킻쯻쏇ꆣ퓚닆듳컒쯹좡뗃뗄죎뫎돉벨뚼쫇뫍쯻쏇뗄냯쏜늻뿉럖뗄ꆣ ퟮ뫳ꎬ컒튪붫싛컄쿗룸컒뗄뢸쒸뫍쟗죋ꆣ쫇쯻쏇쒬쒬컞컅뗄럮쿗ꎬ튻죧볈췹ꎬ쪹컒췪돉쇋톧튵ꆣ컒횻폐폂췹횱잰ꎬ닅쓜늻림뢺쯻쏇뗄뫱췻ꆣ 47
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