ഈݚᆣಊࢌၞ෮৳ކ࣮࠹߃ֻ௹ज़ี ࠎႿሧЧԉቀྟ֥ᆣಊ܄ඳڄགࡓܵ ज़ีӵࢤֆ໊ תٚᆣಊ࣮෮ ज़ีቆӮჴ ਃდڂ ڈზૼ ീޣ઼ ज़ีླྀטದ ڰ ݽ ଽಸᅋေ ൗࡀ ୍սၛটđෛሢᆣಊ൧ӆݓ࠽߄aሱႮ߄ࣉӱ֥҂؎ࣉބᆣಊ܄ඳࣁವԷྍࠃ֥҂؎ࡆॹđൗࢸ۲ݓ௴ђࡆ఼ਔᆣಊ܄ඳ֥ڄགࡓܵbหљ൞ᄝϟਫaᣍऱ൙ࡱࠣᇝࣁವڄВᆭުđರЧ၂ᆣಊࠣཐۖϤڶ֩؟ࡅᆩࣁವࠏܒཌྷؿളࣜႏາࠏđ۷۲ݓ֥ᆣಊࡓܵ֒अࣉ၂҄ಪ്֞ਔᆣಊ܄ඳڄགࡓ֥ܵᇗေྟbݓᆣಊ܄ඳ֥ᆜุሧӁᇉਈࢠҵđሧӁࢲܒ҂ކđթᄝሢࢠն֥ੀྟڄགbၹՎđࡆ఼ሧЧԉቀྟࡓܵऎႵႭູᇗေ֥གྷൌၩၬbЧज़ี֥࣮ଢ֥൞ᄝࢹ۲ݓؓᆣಊ܄ඳሧЧԉቀྟ֥ܿקࣜဒ֥ൈđؓݓᆣಊ܄ඳ֥ሧЧԉቀྟܿקࣉྛൌᆣ࣮đᄝՎࠎԤഈิԛປݓགྷྛሧЧԉቀྟܿק֥ࡹၰđѩࢲކ ୍ၛট۱љᆣಊ܄ඳԛགྷ֥ࣜႏڄགđࣼೂޅܿٓᆃུ܄ඳ֥ྛູđЌᆣᆃུ܄ඳ࣪ሧЧඔऌބؓຓڵᅏ֩ඔऌ֥ᆇൌྟđՖطၛ࣪ሧЧູނྏ֥ڄགࡓุܵ༢ିႵིؿߨఃቔႨิԛࡹၰb ୍ ᄅ
ଢ ႄ ᆣಊ܄ඳሧЧԉቀྟܿק֥ݓ࠽ࣜဒ ݓ࠽ᆣࡓ߶ቆᆮބ۲ݓ ֹ
ؓᆣಊ܄ඳሧЧԉቀྟ֥ࠎЧܿק ݓ࠽ᆣࡓ߶ቆᆮ֥ܿק ૅݓᆣಊ܄ඳ֥ሧЧԉቀྟᇅ؇ ರЧᆣಊ܄ඳ֥ሧЧԉቀྟᇅ؇ ႇݓᆣಊ܄ඳ֥ሧЧԉቀྟᇅ؇ ݓຖֹᆣಊ܄ඳ֥ሧЧԉቀྟᇅ؇ ۲ݓčֹĎؓᆣಊڄག֥ሧЧ࠹ิਈ֥ܿק ࣪ሧЧم ሸކم ࠒଡم ࡥֆሧቆކم ݓᆣಊ܄ඳሧЧԉቀྟܿק֥ሹุٳ༅ ᇏݓᆣࡓ߶ؓݓଽᆣಊ܄ඳሧЧԉቀྟ֥ܿק ᇏૅᆣಊ܄ඳ֥ሧӁڵᅏሑঃ֥бࢠ ݓᆣಊ܄ඳሧЧԉቀྟܿקི֥ݔაࡎ ቋ֮࣪ሧЧေ ࣪ሧЧ֥࠹ෘ ປݓၛ࣪ሧЧູނྏ֥ᆣಊ܄ඳڄགࡓุܵ༢֥ᆟҦࡹၰ ປགྷྛ֥ؓᆣಊ܄ඳ֥ሧЧԉቀྟܿק ປᆣಊ܄ඳ֥مದᇍࢲܒაଽ॥ࠏᇅၛЌᅰᆣಊ܄ඳ࣪ሧЧඔऌ֥ᆇൌྟ ᆣಊ܄ඳࡹ৫ࠎႿሧЧԉቀྟ֥ڄགყࣞބҀቀࠏᇅ 1
ࠎႿሧЧԉቀྟ֥ᆣಊ܄ඳڄགࡓܵ 0 ႄ ൗࡀ ୍սၛটđෛሢᆣಊ൧ӆݓ࠽߄aሱႮ߄ࣉӱ֥҂؎ࣉބᆣಊ܄ඳࣁವԷྍࠃ֥҂؎ࡆॹđൗࢸ۲ݓ௴ђࡆ఼ਔᆣಊ܄ඳ֥ڄགࡓܵbหљ൞ᄝϟਫč#BSJOHTĎaᣍऱč0SBOHF $PVOUZĎ൙ࡱࠣᇝࣁವڄВᆭުđರЧ၂ᆣಊࠣཐۖϤڶ֩؟ࡅᆩࣁವࠏܒཌྷؿളࣜႏາࠏđ۷۲ݓ֥ᆣಊࡓܵ֒अࣉ၂҄ಪ്֞ਔᆣಊ܄ඳڄགࡓ֥ܵᇗေྟbՖ۲ݓ֥ൌुđૌؓᆣಊ܄ඳ֥ڄགࡓܵᇶေ൞ࠎႿؓᆣಊ܄ඳ֥ሧЧԉቀေđ࣪ሧЧ൞ఃᇏ၂ཛܱᆷѓb ݓᆣಊ܄ඳ֥ᆜุሧӁᇉਈࢠҵđሧӁࢲܒ҂ކđթᄝሢࢠն֥ੀྟڄགbၹՎđࡆ఼ሧЧԉቀྟࡓܵऎႵႭູᇗေ֥གྷൌၩၬbطᇏݓᆣࡓ߶ᇶ༜ഉڞਟބᇶ༜ᇹཬ࿒ᄝ ୍8ᄅ12ರईྛ֥ᆣಊ܄ඳܿٓؿᅚቖซ߶ഈ఼္טđေoࡹ৫ၛ࣪ሧЧູނྏ֥ڄགࡓܵބࡎุ༢pđoࣂުđ࣪ሧЧቔູҍༀڄག॥ᇅ֥ނྏᆷѓđࡼФᄀটᄀֹܼٗႋႨႿᆣಊ܄ඳ֥ڄག॥ᇅٚ૫pđᆃཁൕԛଢభࣉᆃཛ۽ቔ֥ᇗေྟb Ֆ࠻Ⴕᇅ؇টुđᇏݓᆣࡓ߶ ୍ ᄅ ರϯ֥҃uᆣಊ܄ඳ࣪ሧЧ࠹ෘܿᄵvࠣ ୍ ᄅ ರϯ֥҃uᆣಊ܄ඳܵϷمvनؓݓଽᆣಊ܄ඳ֥ሧЧԉቀྟቔԛਔཌྷႋܿקđఃނྏေ൞ᆣಊ܄ඳ࣪ሧЧ҂֤֮Ⴟఃؓຓڵᅏ֥Ϥٳᆭϖbཌྷܱܿקᄝڄགטᆜٚمaᅼ२бੱഡקބڄགሸކܵٚ૫ಯթᄝྸ؟ᆴ֤ڿࣉᆭԩbطđႮႿ҆ٳᆣಊ܄ඳمದᇍࢲܒބଽ॥ࠏᇅ֩ٚ૫թᄝಌཊđᄯӮਔᆃུ܄ඳࣜႏ҂ܿٓބ࣪ሧЧඔऌാᆇđ֤ࠎႿሧЧԉቀ֥ڄགࡓܵٚمི֥Ⴈߎ҂ିႵིؿߨb Чज़ี֥࣮ଢ֥൞ᄝࢹ۲ݓؓᆣಊ܄ඳሧЧԉቀྟ֥ܿקࣜဒ֥ൈđؓݓᆣಊ܄ඳ֥ሧЧԉቀྟܿקࣉྛൌᆣ࣮đᄝՎࠎԤഈิԛປݓགྷྛሧЧԉቀྟܿק֥ࡹၰđѩࢲކ ୍ၛট۱љᆣಊ܄ඳԛགྷ֥ࣜႏڄགđࣼೂޅܿٓᆃུ܄ඳ֥ྛູđЌᆣᆃུ܄ඳ࣪ሧЧඔऌބؓຓڵᅏ֩ඔऌ֥ᆇൌྟđՖطၛ࣪ሧЧູނྏ֥ڄགࡓุܵ༢ିႵིؿߨఃቔႨิԛࡹၰb 1
ࠎႿሧЧԉቀྟ֥ᆣಊ܄ඳڄགࡓܵ 1.ᆣಊ܄ඳሧЧԉቀྟܿק֥ݓ࠽ࣜဒ ؓᆣಊ܄ඳ֥ሧЧԉቀྟܿק֥ჰაϘೖغླྀၰᇏؓၿྛሧЧԉቀྟܿק֥ჰোරb۲ݓؓᆣಊ܄ඳ֥ሧЧԉቀྟܿקࠎЧॖၛٳູਆ۱҆ٳđ၂൞ࠎЧܿקđؽ൞ሧЧԉቀྟܿק֥ނྏᆷѓii࣪ሧЧ࠹ෘٚم֥ܿקbطᄝ࠹ෘ࣪ሧЧൈđླေؓᆣಊ܄ඳӻႵ֥۲োሧӁοఃੀྟބڄགหᆘ֥҂طο၂קб২࠹ࡎđଢ֥൞ေؓᆃུሧӁॖିթᄝ֥൧ӆڄགാބэགྷാѭڱ၂ק֥ሙСbᄝᆃ၂ׄഈđ۲ݓ֥ӫ໌҂࣐ཌྷđᆣࡓ߶ӫູᅼ२б২đࠧ࠹ෘ࣪ሧЧൈđሧӁοఃᅬ૫ࡎᆴࠇ൧ࡎ֥؟ഒб২ಒקđૅݓᆣࡓ߶ӫູ२ࡨčIBJSDVUĎб২đఃݓࡅᄵӫູڄག֥ሧЧ࠹čิ1PTJUJPO 3JTL 3FRVJSFNFOUĎб২đؽᆀ൞ᆷླေՖሧӁჰᆴᇏࡨಀ؟ഒđᆃაᇏݓᆣࡓ߶ᅼ२б২֥෮ᆷᆞཌྷّbЧ໓ᇏࡼ۴ऌླေطႨ҂ӫ໌bႮႿᆣಊ܄ඳӻႵ֥ሧӁᇶေ൞۲োᆣಊđၹՎđؓ۲োᆣಊڄག֥ሧЧ࠹ิб২ࠇ२ࡨб২֥ಒק൞ᇀܱᇗေ֥bૌᄝࢺകᆣಊ܄ඳ֥ሧЧԉቀྟܿק֥ݓ࠽ࣜဒൈࡼՖ۲ݓ ֹ
ؓᆣಊ܄ඳሧЧԉቀྟ֥ࠎЧܿקބؓᆣಊڄག֥ሧЧ࠹ิб২ਆٚ૫ࣉྛb ݓ࠽ᆣࡓ߶ቆᆮބ۲ݓ(ֹ)ؓᆣಊ܄ඳሧЧԉቀྟ֥ࠎЧܿק ݓ࠽ᆣࡓ߶ቆᆮ֥ܿק ູਔᆣಊ܄ඳ֥ڄགࡓܵބݓ࠽ᆣಊ൧ӆ֥ؿᅚđ ୍ݓ࠽ᆣࡓ߶ቆᆮ༯උ֥ඌჴ߶Ӯ৫֥ህ֥۽ቔቆđ๙ݖॉҳЇওૅݓaರЧaࡆଦնaႇݓaمݓ֩ ۱ඌჴ߶Ӯჴݓ֥ሧЧླ౦ঃđ֤ԛਔܱႿᆣಊ܄ඳሧЧԉቀྟٚ૫֥၂ུࢲંđѩႿ ୍־ࢌ۳ݓ࠽ᆣࡓ߶ቆᆮֻ֥ Ց୍߶đӮູݓ࠽ᆣࡓ߶ቆᆮܿٓᆣಊ܄ඳሧЧԉቀྟ֥ࠎЧܿٓbᆃུࢲંЇওğ č Ďᆣಊ܄ඳሧЧԉቀྟ֥ܴॿࡏ ݓ࠽ᆣࡓ߶ඌჴ߶ಪູؓႿᆣಊ܄ඳ֥ሧЧԉቀྟႋႵ၂۱၂֥ܴॿࡏđھॿࡏႋЇݣၛ༯ଽಸğ ¯ ᆣಊ܄ඳႋႵቀܔ֥ੀሧӁಀႋؓॖି૫ਢ֥ڄགാđၹՎఃੀྟބӊᅏି৯ႋղ֞၂קѓሙb ¯ᆣಊ܄ඳ෮ӻႵ֥Ⴕࡎᆣಊބഅժႋοᅶ൧ࡎ࠹ෘၛّ႘ఃᆇൌࡎ 2
ࠎႿሧЧԉቀྟ֥ᆣಊ܄ඳڄགࡓܵ ᆴđൈх૧൧ࡎѯ۳܄ඳջট࠹ാ ¯ࠎႿڄག֥ሧЧླႋݤۂᆣಊ܄ඳ֥෮Ⴕڄགđหљ൞ିડቀၛ༯ေğ BēࠎЧڄགԉቀྟေğॉਈᆣಊ܄ඳ෮Ⴕࣜႏࠃ֥ڄགđѩିّ႘مޙਈ֥ڄག Cēॉ੮ҍༀБіଽຓ֥ժڄགԉቀྟေğّ႘ᆣಊ܄ඳӻႵ۱љᆣಊ֥ࡎ۬ѯࠣส௹Ќᆴ֩ٚمڄགࡨഒ҆ٳ Dēࢌၞࢲෘڄགԉቀྟေğّ႘مࠣൈ੫ჿࠇэགྷ֥ڄག ૄ۱ᆣಊ܄ඳӻႵ֥ሧЧсྶӑݖၛഈཛေ֥ڄགԉቀྟሧЧᆭބb č ĎܱႿሧЧ֥קၬႋିّ႘۲ᇕڄག֥эหᆘbႵུݓࡅᄍྸࡼ҆ٳ߶࠹ཛଢೂՑࠩվॻବೆሧЧٓԐđႵུݓࡅ҂ᄍྸđൌ࠽ഈ္ّ႘ਔ҂ݓࡅࡓܵࢲܒᆭࡗ֥љb č Ďᆣಊ܄ඳ۲۱҂֥ြༀোႋഡ৫҂֥ቋ֮ሧЧԉቀྟေđႋх૧ࡼሧЧԉቀྟေഡ৫ݖۚđՖط႕ཙކ֥൧ӆࣩᆚb č Ďູਔ఼߄ሧЧԉቀྟ֥ܵđᆣಊ܄ඳႋЌᆣԉቀ֥҅࠺č෮Ⴕࢌၞaग़ྐ༏a܄ඳሧӁa൬ೆaٮ֩ଽಸĎaק௹ཟഈࠩࡓܵࠏܒ߸Б܄ඳҍༀࣜႏሑঃބሧЧԉቀྟ֥ᆳྛ౦ঃđൈࢤ൳ࡓܵࠏܱ֥ק௹Ұb Ⴎഈॖᆩݓ࠽ᆣࡓ߶ቆᆮܱႿᆣಊ܄ඳሧЧԉቀྟ֥ܿקᇶေཋႿܴྟaᆷ֝ྟ֥Ҫ૫đطൗࢸ۲ݓބֹ۴ऌሱദ౦ঃđՖົӻԉቀ֥ሱႵሧЧࠇ࣪ሧЧၛЌሧದބᅏಃದ০ၭ֥࢘؇ٳљᇅקਔ۷ູབྷ༥֥ᇅ؇đၛ༯ၛૅݓູᇗׄaሸކॉҳૅݓaರЧaႇݓaຖֹ֥֩ሧЧԉቀྟᇅ؇ѩࡆၛбࢠb ૅݓᆣಊ܄ඳ֥ሧЧԉቀྟᇅ؇ ܱႿૅݓᆣಊ܄ඳሧЧԉቀྟ֥ܿٓđቋᄪႿૅݓᆣಊࢌၞჴ 4&$
߶Ⴟ ୍ᆣಊࢌၞمᆭ3VMF D Ē ᇏܱႿ࣪ሧЧაڵᅏᆭбੱܿקđھܿקӫູoჰٚσpbٚσေᆣಊ܄ඳႏြֻ၂୍đሹڵᅏ҂ିӑݖ࣪ሧЧ֥ Пđֻؽ୍ఏሹڵᅏ҂ӑݖ࣪ሧЧ֥ ПbՖoჰٚσp ॖၛुԛđ4&$ؓሧЧԉቀྟ֥ࡓܵ൞oڵᅏႋႵቀܔۚੀྟ֥ሧӁቔູքЌpđᆣಊ܄ඳေ๙ݖڵᅏᄹࡆြༀཛଢđᄵсྶཌྷႋิۚః࣪ሧЧࣁحb 3
ࠎႿሧЧԉቀྟ֥ᆣಊ܄ඳڄགࡓܵ ჰٚσᇏ֥ނྏଽಸ൞Ⴕܱo࣪ሧЧp֥࠹ෘb࣪ሧЧ൞ᆷ࣪ሧӁᇏۚੀྟ֥҆ٳđ4&$ܱႿ࣪ሧЧ֥קၬ൞࣪ሧӁࡆഈ҆ٳՑࠩᅏđᄜࡨಀሧӁᇏ҂ି৫ࠧሇߐູགྷࣁࠇэགྷުࡼӁള၂קбੱാčೂܥקሧӁaႋ൬ᅫॻaႚႵ෮Ⴕಃ֥Ⴕࡎᆣಊބഅժ֩Ď֥ཛଢ२ࡨحčIBJSDVUTĎbႮႿૅݓᆣಊ܄ඳ֥ሧӁܒӮᇏđႚႵ෮Ⴕಃ֥ᆣಊժᅝऌਔቋն֥бᇗđၹՎᄝ࠹ෘ࣪ሧЧൈđ۲ᆣಊժ֥२ࡨح൞ቋᇗေ֥࠹ෘଽಸᆭ၂bֆ۱ժ֥२ࡨح֩Ⴟھժ൧ᆴӰႿཌྷႋ֥२ࡨб২đሹ२ࡨح֩۲Ⴕࡎᆣಊބഅժ֥ࡆಃन२ࡨб২ӰႿሧӁحbࡌഡ$ູ࣪ሧЧđ"ູሧӁđ-ູڵᅏđ)ູ۲ሧӁ֥ࡆಃन२ࡨб২đᄵ$ "č i)Ďi-bఃᇏ) AhAđ IູሧӁ"֥२ࡨб২đii∑ii൞Ⴎ4&$۴ऌ҂ժ֥ڄགหྟ൙༵ܿק֥b ᄝoჰٚσpԛᆭުđૅݓᆣಊࢌၞჴ߶ູਔࣉ၂఼҄߄ሧᆀЌჰᄵđႿ ୍Ⴛਸ਼ຓϯ҃ਔ၂۱oูսٚσpđھٚσေᆣಊ܄ඳ֥࣪ሧЧ҂֤֮ႿࢹٚჅحčᆣಊ܄ඳཟఃᅏༀದࠇग़ᆭႋ൬ॻཛĎ֥Ϥٳᆭؽđൈ҂֤֮Ⴟ ຣૅჭb ၛഈਆᇕٚσൌ࠽ഈ൞ؓᆣಊ܄ඳቋ֮࣪ሧЧ֥ܿקđᆣಊ܄ඳॖ࿊ᄴਆᇕٚσᇏ֥၂ᇕđཟᇶܵࠏܱണБbՖൌ࠽౦ঃुđႚႵࢠ؟෮Ⴕಃࢌၞᅫ֥նሧၿྛ၂ϮౠཟҐႨoูսٚσpđط၂ུᇶေՖ൙ࣜࡀြༀ֥ཬᆣಊ܄ඳສສҐႨoჰٚσpb Ԣਔડቀoჰٚσpࠇoูսٚσp֥ቋ֮࣪ሧЧေຓđ4&$ߎܿקđೂݔᆣಊ܄ඳૄژކі ෮ਙ֥܄ඳٳোᇏ֥၂ཛđᄵ֥ؓቋ֮࣪ሧЧေေᄜሔࡆཌྷႋ֥ඔحb 4
ࠎႿሧЧԉቀྟ֥ᆣಊ܄ඳڄགࡓܵ і ҂ো֥ಊഅቋ֮࣪ሧЧေᇏླሔࡆ֥ࣁح ቋ֮࣪ሧЧေ ܄ඳٳো ᇏླሔࡆ֥ࣁح ࣜࡀഅ 'JSNT UIBU DMFBS USBEFT PS ૅჭ DBSSZ DVTUPNFS BDDPVOUT
ሱႏഅč%FBMFS GJSNTĎ ૅჭ լކࢌၞഅč*OUSPEVDJOH GJSNTĎ ૅჭ ܋ࠎࣁཧ൲അč.VUVBM GVOE TFMMFSĎ ૅჭ ૅݓᆣಊࢌၞمᆭ3VMF D Ē ᇏؓಊഅ֥ሧЧԉቀྟߎႵ၂ུڸࡆ่ॻđሹุطđૅݓᆣಊࢌၞჴ߶č4&$ĎؓႿֆ۱ಊഅሧЧԉቀྟ֥ࠎЧჰᄵ൞ః࣪ሧЧсྶնႿ่২ᇏ෮Ⴕൡႋھಊഅ֥ቋ֮ሧЧေᇏ֥ቋնᆴb ෛሢᆣಊ൧ӆ֥҂؎ؿᅚဆэđૅݓᆣಊ܄ඳ֥ሧЧԉቀྟᇅ؇္ᄝ҂؎ປᆭᇏbૅݓᆣಊࢌၞჴ߶ၘॉ੮ࡼགྷᄝ֥ڄགࡓܵඌವೆჰႵ֥࣪ሧЧܿקđѩࣼཌྷܱၩؓᆣಊഅࣉྛਔሦ࿘đิԛਔଽ҆ڄགଆູࠎԤaၛ൙༵ӵ୶ଆൔູࠎԤ֩҂ٚൔᇅקሧЧԉቀྟ֥ܿٓҕॉྟᆷႄb ರЧᆣಊ܄ඳ֥ሧЧԉቀྟᇅ؇ ູਔᆇൌّ႘ᆣಊ܄ඳ֥ӊᅏି৯đರЧᆣಊᇶܵࠏܒࡼڄགܴବೆఃሱႵሧЧܿקđఃࠎЧေູğሱႵሧЧ ڄགྟሧӁ bھሱႵሧЧ֥ܿٓᇶေ൞ॉҳሧӁڵᅏіᇏ֥ሧӁaܢתಃၭཛଢၛࠣіଽຓࢌၞ॓ଢѩ२Ԣੀྟҵ֥ሧӁđطѩໃॉ੮ڵᅏཛଢbఃᇶေࡓܵ൞oંڵᅏࣁحႵ؟նđᆺေሧӁڵᅏіଽሧӁބіຓࢌၞཛଢႵ৫ࠧӊߎି৯ࠧॖpbᄝॉҳಊഅ֥ሧЧԉቀྟൈđໃࡼఃڵᅏ૫ਙೆॉਈđᆃᆞ൞ರЧაૅݓܱႿሧЧԉቀྟ֥ܿٓቋնҵၳb ႇݓᆣಊ܄ඳ֥ሧЧԉቀྟᇅ؇ ႇݓᆣಊࠣ௹ࠊܵჴ߶č4'"Ďಪູᆣಊഅ֥ሧЧԉቀྟᇶေุགྷᄝିડቀၛ༯҆ٳ֥ሧЧླđٳљູࠎЧေčQSJNBSZ SFRVJSFNFOUĎaࢌၞؓ 5
ࠎႿሧЧԉቀྟ֥ᆣಊ܄ඳڄགࡓܵ ൭ڄགေčDPVOUFSQBSUZ SJTL SFRVJSFNFOUĎބժڄགေčQPTJUJPO SJTL SFRVJSFNFOUĎbఃᇏժڄགေ൞ؓᆣಊ܄ඳ႕ཙቋն֥ڄགሧЧေb ୍đ4'"ϯ҃ਔࡹ৫ᄝ.BSLXJU[
֥ሧቆކંࠎԤᆭഈሧቆކمčQPSUGPMJP BQQSPBDIĎቔູᆣಊ܄ඳሱႵሧЧ֥ܵࠎЧٚمbႮႿھٚمؓሧቆކ؟ჭ߄෮Ӂള֥ڄགٳࣉྛਔԉٳॉ੮đطෛሢᆣಊো֥҂ڄགܙ္߶҂đၹՎФႇݓᇙ؟ಊഅܼٗҐႨb ݓຖֹᆣಊ܄ඳ֥ሧЧԉቀྟᇅ؇ ݓຖֹ֥ᆣಊᇶܵ֒अႿ ୍ϯ҃ਔᆣಊഅoሧЧԉቀᇅ؇pđھᇅ؇ᇶေҕᅶರЧଆൔࣉྛܒࡹđᄜ۴ऌఃሱദ֥ᆣಊြༀหྟࣉྛטᆜbఃࠎЧ܄ൔೂ༯ğ ሱႵሧЧԉቀбੱ ކ۬ሱႮሧЧ࣪حčֻ၂োሧЧ ֻؽোሧЧ २ࡨሧӁĎ ࣜႏڄགჿ֒ࣁحč൧ӆڄགჿ֒ࣁح ࢌၞڄགჿ֒ࣁح ࠎԤڄགჿ֒ࣁحĎ b ഈඍ܄ൔᇏٳሰཛଢo֥ሱႵሧЧ࣪حpაರЧଆൔᇏo֥ሱႵሧЧpোරđᇶေ൞ၛᆣಊ܄ඳሧӁڵᅏіᇏ֥ܢתಃၭཛଢູࠎԤđ२ԢሧӁཛଢᇏ٤ੀྟ֥ሧӁ෮֤bऎุطđֻ၂োሧЧ൞ၛሧӁڵᅏіᇏ֥ܢתಃၭູᇶđЇওܢЧaሧЧ܄ࠒaЌ႔Ⴥ֩ཛଢĠֻؽোሧЧၛໃൌགྷၭູᇶđЇওິჿാሙСaઙછാሙС֩ཛଢĠ२ࡨሧӁ൞ᆷэགྷྟ֥֮٤ੀྟሧӁđЇওყڱᅫॻaܥקሧӁaྙሧӁ֩ཛଢb طٳଛᇏ֥oڄགჿ֒ࣁحp֩Ⴟᆣಊ܄ඳၛܢЧࠇईᅏሧࣁđູႏြࠇሧଢ֥෮౼֤֥གྷࠊࠣ௹ࠊčݣࠊл൧ӆĎժ൧ᆴđӰႿ۴ऌ҂ժหྟಒ৫֥ڄག༢ඔ෮֤bຖ֥ሧЧࡓܵଆൔᇏᇶေॉ੮ၹӻႵժࡎ۬эջট֥൧ӆڄགaࢌၞؓ൭҂੫ჿջট֥ڄགބऎุᆳྛြༀҠቔᇏၹൿޭӁള֥ڄགb ຖֹ֥ሧЧԉቀྟܿٓᇶေ൞ᆌؓૄ၂ᇕ൧ӆaૄ၂۱ࢌၞؓའࠣࣜႏҠቔᇏॖିթᄝ֥ڄགࣉྛٝٓđطѩ٤Ⴎಊഅሱྛܙෘbᆃᇕᇅ؇֥ႪׄᄝႿ֒ಊഅሱദڄགܙି৯҂ቀࠇಌكႵི֥ڄགܵࠏᇅൈିᅳ֞၂ᇁ֥ᆳྛѓሙđᆜ۱ྛြࠎႿሧЧԉቀྟ֥ڄགࡓܵb֒ಖ္Ⴕ҂ቀֹ֥ٚđೂაಊ 6
ࠎႿሧЧԉቀྟ֥ᆣಊ܄ඳڄགࡓܵ അଽ҆ڄག॥ܵٚൔمӁള၂ᇁྟđᇅקሧЧԉቀбੱൈીႵॉ੮҂ڄགᆭࡗၹࢌܱ༢طӁള֥ڄགַཨ౦ঃၛࠣޭ൪ਔمੰڄགaੀྟڄག֩ಊഅ૫ਢ֥ఃڄགb ۲ݓčֹĎؓᆣಊڄག֥ሧЧ࠹ิਈ֥ܿק ೂഈ໓෮ඍđᆣಊ܄ඳೂޅົӻԉቀ֥ሧЧđఃނྏ໙ีടࠣ۲োڄག֥ሧЧ࠹ิb Ֆݓ࠽ٓຶᆣಊ܄ඳൌ࠽֥ᄎྛुđ෮ӻᆣಊժ֥൧ӆڄགčႮႿଖ၂ᆣಊժ֥൧ӆࡎ۬ѯࠇ০ੱѯطႄఏ֥ॖିാĎ൞ᆣಊ܄ඳ૫ਢ֥ᇶေڄགđطੀྟڄགᆺ൞൧ӆڄག֥၂۱ห২bູਔԉٳّ႘ਆᆀᆭࡗ֥ܱ༢đြଽ္ӈၛժڄགčQPTJUJPO SJTLĎٗᆷЇݣሧӁੀྟڄག֥൧ӆڄགbၹՎ႕ཙᆣಊ܄ඳሧЧԉቀྟቋն֥൞ᆣಊժڄག֥ሧЧ࠹ิ QPTJUJPO SJTL SFRVJSFNFOU
ࡥӫ133
bᆃॖၛՖݓ࠽ᆣࡓ߶ቆᆮoܱႿᆣಊժڄག֥ሧЧԉቀྟေpaૅݓo࣪ሧЧ࠹ෘᇏؓᆣಊժ֥२ࡨpaຖoሱႵሧЧԉቀྟбੱpᇏܱႿo൧ӆڄགჿ֒ࣁحp֥࠹ෘᇏॖၛ֤֞ᆣૼbႇݓᆣಊࠣ௹ࠊܵჴ߶č4'"Ď۷൞ૼಒᆣಊժڄགླ൞ᆣಊ܄ඳሧЧԉቀྟᇏቋᇗေ֥҆ٳb ଢభܱႿᆣಊժڄག֥ሧЧ࠹ิ֥࠹ෘٚمႵޓ؟đ༯໓ᇶေٳ༅ቋऎսіྟ֥ඹᇕٚمđٳљ൞ຖֹ֥࣪ሧЧمčOFU DBQJUBM BQQSPBDIĎaૅݓᆣಊࢌၞჴ߶č4&$Ďྛ֥ሸކمčDPNQSFIFOTJWF BQQSPBDIĎđϘೖغჴ߶ิԛѩᄝૐݓࡅൌྛ֥ࠒଡم CVJME CMPDL BQQSPBDI
ބႇݓᆣಊࠣ௹ࠊܵჴ߶č4'"ĎԌ֥ࡥֆሧቆކم UIF TJNQMJGJFE QPSUGPMJP BQQSPBDI
bᄝᆃඹᇕٚمᇏđᆣಊժڄག֥ሧЧ࠹ิनіൕູࢌၞ҅ࠇሧቆކરࡎᆴ֥၂קб২b ࣪ሧЧم ᆃᇕٚم൞၂ᇕቋࡥֆaቋᆰࢤ֥࠹ෘ࣪ሧЧڄགࡎᆴބཌྷႋሧЧ࠹ิ֥ٚمđᇶေᄝຖֹҐႨbఃࠎЧ൞ࡌഡ෮ႵᆣಊժनթᄝڄགླေሧЧ 7
ࠎႿሧЧԉቀྟ֥ᆣಊ܄ඳڄགࡓܵ ࠹ิ
ሹ֥ሧЧ࠹ิਈ֩Ⴟ҂ᆣಊժো֥ሧЧ࠹ิᆭބbࡌഡಊഅ֥ࢌၞ҅ᇏЇݣਔປಆڄགٳ֥ቓ؟ժčՎൈᆺഺ༯൧ӆڄགĎđ֒ሧЧေ ֥࠹ิൈđࣼॖٝᆸ൧ӆࡎ۬༯ࢆ ෮ջট֥ڄགാbႮႿᄝൌ࠽Ҡቔᇏđࢌၞ҅ᇏ֥ժѩ٤ປಆڄགٳ֥൧ӆժđ෮ၛႨ࣪ሧЧم࠹ෘԛট֥ሧЧ࠹ิਈѩ҂൞Ⴕིٝٓ൧ӆѯջট֥ാ֥ቋࡄਈb ሸކم ૅݓᆣಊࢌၞჴ߶ေၛՎٚمট࠹ิሧЧđᄝՎᇅ؇༯đᆣಊ܄ඳ֥133ཌྷ֒Ⴟ؟ժࡎᆴбᇗ֥ଖ၂หקб২ᄜࡆ၂҆ٳॢժࡎᆴбᇗᆭބbࡌഡ-a4ٳљູ؟ժބॢժሹࡎᆴᅝቆކરࡎᆴ֥бᇗđβّູ႘؟ॢժڄགַཨིݔ֥ҕඔđαູᆌؓժڄག֥ሧЧ࠹ิҕඔđᄵሸކم༯ժڄག֥ሧЧ࠹ิ133܄ൔູğ PPR=α\.BY -
4
.BY<.JO -
4
β.BY -
4
>^ cሸކمቔູ࠹ෘժڄགሧЧ࠹ิ133֥ԮٚمᄝૅݓaರЧaمݓaၩն০ބཐۖ֩؟۱ݓࡅބֹႋႨ؟୍đᆺ൞۲ݓؓሧЧ࠹ิ܄ൔᇏ֥ਆ۱ҕඔαaβ֥ഡקҵၳࢠնbؓႿժڄག֥ሧЧ࠹ิҕඔαđರЧູ aૅݓູ aمݓބၩն০ູ aཐູۖ҂֮Ⴟ bؓႿّ႘؟ॢժڄགַཨིݔ֥ҕඔβđૅݓູ đఃྸ؟ݓࡅᄵ҂Ⴭॉ੮b ႮႿሸކمીႵॉ੮ሧቆކ֥ڄགٳིݔđؓႿ؟ॢժ֥ڄགַཨ္ᆺॉ੮҆ٳࠇ҂ॉ੮đၹՎࡼቔູ၂۱๙ႨሙᄵႋႨႿ҂֥൧ӆߌ༯֥҂ሧቆކࠇ؟ॢժࢠູޙ֥౦ঃđᄵ҂ൡކđ߶ᄯӮሧЧ࠹ิਈ֥ۚܙb ࠒଡم ՎᇕٚمФૐิӐѩ൳֞ྛđھٚمᄝ࠹ෘժڄག֥ሧЧ࠹ิൈٳљၛࢌၞ҅࣪ᆴč؟ժ֥ࡎᆴࡨಀॢժࡎᆴ֥धؓᆴĎބરࡎᆴčč؟ժ֥ࡎᆴࡆഈॢժࡎᆴ֥धؓᆴĎ֥၂קб২ቔູ࠹ิ֥ࠎԤbࡌഡQູi 8
ࠎႿሧЧԉቀྟ֥ᆣಊ܄ඳڄགࡓܵ ࢌၞ҅ᇏJᆣಊ֥ӻႵࡎᆴa9ູࢌၞ҅રࡎᆴ֥ሧЧ࠹ิҕඔa:ູࢌၞ҅࣪ࡎᆴ֥ሧЧ࠹ิҕඔđᄵࠒଡم༯֥ሧЧ࠹ิ܄ൔູğ PPR=X+Yp bb∑iiഈൔᇏQູᆣಊJ֥ӻႵࡎᆴᅝࢌၞ҅રࡎᆴ֥бᇗbࠒଡمؓ133֥࠹iෘࡼࢌၞ҅࣪ࡎᆴॉ੮ᄝଽđൌ࠽ഈࣼ൞ॉ੮֞ਔࢌၞ҅ଽ؟ॢժ֥ڄགַཨ౦ঃđᆃ൞ࢠᆭሸކمࣉֹ֥҄ٚb ܱႿഈඍ܄ൔᇏ֥ҕඔ9ބ:ቋԚٳљഡקູ ބ đࠧ෮໌֥o pଆൔđުটޓ؟ࡓܵࠏܒิԛo pଆൔൡႨႿሧቆކࠢᇏ؇ࢠ֥ۚ۱љ܄ඳđؓႿႚႵնܿଆ؟ჭ߄ሧቆކ֥܄ඳটඪo pଆൔ۷ູൡކb ୍đૐᄝఃሧЧԉቀྟᆷႄčDBQJUBM BEFRVBDZ EJSFDUJWFđ$"%ĎᇏࠎЧಒ৫o pଆൔູ๙Ⴈѓሙb ࠒଡمᄝ࠹ෘڄག֥ሧЧ࠹ิൈॉ੮ਔ؟ॢժ֥ڄགַཨིႋđીႵॉ੮ሧቆކ؟ჭ߄ջট֥ڄགٳđၹՎႋႨՎٚمႵॖିᄯӮሧЧ࠹ิਈ֥ۚܙb ࡥֆሧቆކم ࡥֆሧቆކمඋႿଽ҆ڄགܵଆ֥၂ᇕđࡹ৫֥ંࠎԤ൞.BSLPXJU[
ܱႿᆣಊሧቆކڄག֥࠹ਈଆൔb .BSLPXJU[
ܱႿᆣಊሧቆކ֥ڄག࠹ෘ܄ൔೂ༯ğ 2σ=ωωσ
∑∑ijijij܄ൔč ĎᇏωaωٳљູሧቆކᇏሧᄝሧӁJބKഈ֥б২đσູijijሧӁJބK֥܋эၳඔb ႮႿ܄ൔč Ďླေնਈ֥ඔऌđൈᄝ࠹ෘ܋эၳඔൈ߶Ӂളܙ࠹༂ҵđູਔࡼՎ໙ีࡥ߄đႄೆ4IBQSQF
֥൧ӆଆđࡌഡᆣಊБԏᆺބ൧ӆֆ၂ၹሰႵܱb ܄ൔč Ďॖࡥ߄ູğ 22222σ=(ωβ)σ+ωσ
∑iim∑iεiii 9
ࠎႿሧЧԉቀྟ֥ᆣಊ܄ඳڄགࡓܵ 22܄ൔč Ďᇏσ൞൧ӆڄགٚҵđβᆣູಊJβ֥ᆴđσູᆣಊJ֥җҵmiεiэၳb ႮႿ܄ൔč Ďᄝ࠹ෘഈಯಖٳگᄖđႇݓᆣಊࡓܵ֒अ෮Ⴈ֥ࡥֆሧቆކم๙ݖࡌഡ၂۱ቆކᇏ෮Ⴕᆣಊ֥βᆴູ ބҗҵࢥཌྷđࡼ܄ൔč Ďࣉྛਔࣉ၂҄ࡥ߄ູğ 2222σ=σ+σω
mε∑ii22܄ൔč Ďᇏ֥σބσٳљູ၂קൈࡗࡗଽ൧ӆ൬ၭٚҵބ൧ӆ൬ၭmε2 σ֥җҵ
іൕᆣಊ܄ඳᄝھ௹ࡗଽ߶ᄥ൳֥ժڄགđၹՎࡥֆሧቆކم༯֥ڄགሧЧ࠹ิ܄ൔູğ 222PPR=2σ=2(σ+σω)
pmε∑iiཌྷؓႿሸކمބࠒଡمطđࡥֆሧቆކم֥ႪׄᄝႿԉٳॉ੮ਔሧቆކ֥؟ჭ߄႕ཙބ؟ॢժ֥ڄགַཨđ൞ႮႿھٚم֥ࡌഡభิ൞ᆣಊ൬ၭᆺა൧ӆֆ၂ၹሰႵܱaଖ၂ቆކᇏ෮Ⴕᆣಊ֥βᆴनູ aҗҵཌྷđᆃ߶ᄯӮሧЧ࠹ิ֥҂ቀb ႮႿഈඍඹᇕሧЧ࠹ิ֥ٚم۲ႵႪಌׄđ۲ݓᆣಊࡓܵ֒अԩႿሱദॉ੮၂ᆰޓྙӮ၂۱၂֥ၩބᆞಒ֥؎b؎၂ᇕሧЧ࠹ิ֥ٚم൞ڎႵིđᇶေुᄝھٚم༯࠹ෘ֤֥֞ሧЧ࠹ิਈაڄགնཬ൞ڎթᄝᆞཌྷܱྟb 2.ݓᆣಊ܄ඳሧЧԉቀྟܿק֥ሹุٳ༅ ᇏݓᆣࡓ߶ؓݓଽᆣಊ܄ඳሧЧԉቀྟ֥ܿק ᇏݓᆣࡓ߶ؓݓଽᆣಊ܄ඳሧЧԉቀྟ֥ܿקᇶေุགྷᄝuᆣಊ܄ඳܵϷمvčၛ༯ࡥӫuܵϷمvĎބuᆣಊ܄ඳ࣪ሧЧ࠹ෘܿᄵvčၛ༯ࡥӫu࠹ෘܿᄵvĎਆ۱مܿᇏbuܵϷمv֥ཌྷ่ܱॻܿקਔؓᆣಊ܄ඳቋ֥֮࣪ሧЧေđu࠹ෘܿᄵvᄵܿקਔ࣪ሧЧ֥ऎุ࠹ෘٚمb ۴ऌuܵϷمvֻ่đᆣಊ܄ඳ֥࣪ሧЧсྶൈડቀၛ༯ਆ่ေ 10
ࠎႿሧЧԉቀྟ֥ᆣಊ܄ඳڄགࡓܵ ğč Ďሸކোᆣಊ܄ඳ֥࣪ሧЧ҂֤֮ႿਆၡჭĠࣜࡀোᆣಊ܄ඳ֥࣪ሧЧ҂֤֮Ⴟਆతຣჭbč Ďᆣಊ܄ඳ࣪ሧЧ҂֤֮Ⴟఃؓຓڵᅏ֥Ϥٳᆭϖb ؓႿೂޅ࣪ሧЧ֥࠹ෘđu࠹ෘܿᄵv۳ԛਔऎุ֥ٚمb࣪ሧЧ֥࠹ෘॖၛٳູਆ۱҄ᇧb൮༵൞Ϝᆣಊ܄ඳሧӁڵᅏіᇏሧӁཛ༯֥۲োሧӁ۴ऌఃڄགหᆘބੀྟ֥҂طၛ҂֥б২ࣉྛᅼ२đሧӁ֥ڄགᄀཬaੀྟᄀۚđᅼ२б২္ᄀۚđّᆭၧಖb۲҂োљ֥ሧӁ֥བྷ༥ᅼ२б২ਙᄝі2-1ᇏbಖުđϜ۲ཛሧӁᅼ२ު֥ࣁحࣉྛކ࠹đᄜࡨಀھ܄ඳ֥ڵᅏሹحބࠇႵڵᅏđь֤֞ھ܄ඳ֥࣪ሧЧحb࠹ෘ࣪ሧЧൈᆭ෮ၛေؓ٤གྷࣁࠣགྷࣁ֩ࡎ֥ఃሧӁࣉྛᅼ२đଢ֥ᄝႿေᄝॉ੮֞ᆃུሧӁॖିթᄝ֥ႮႿ൧ӆڄགႄᇁ֥ാބэགྷാުđЌᆣᆣಊ܄ඳؓຓᅏༀ֥ቀحᆦڱđఃൌᇉ္ࣼ൞ေؓᆃུሧӁॖିթᄝ֥൧ӆڄགാބэགྷാѭڱ၂ק֥ሧЧ࠹ิb і2-1 uᆣಊ܄ඳ࣪ሧЧ࠹ෘܿᄵvᇏ҂োљሧӁ֥ᅼ२б২ ᅼ२ ᅼ२ ሧӁཛଢ б২ ሧӁཛଢ б২ གྷࣁࠣၿྛթॻ սؿྛᆣಊ ౢෘСڱࣁބࢌၞЌᆣࣁ սؑڱᅏಊ ሱႏᆣಊ ൳ກሧӁ ఃᇏğݓᅏ րሇؿྛٮႨ ܢௐބሧࠎࣁ րขٮႨ ॖሇߐᅏಊ րԩੀሧӁ࣪ാ ఃഈ൧ᆣಊ ၂୍ଽ֞௹֥Ӊ௹ᅏಊሧ ҷԛሧࣁ ఃᇏğݓᅏ ఃᇏğކ௹ଽ ఃᅏಊ Ⴧ௹ ఃੀሧӁ ઙೆْ൲ᆣಊ Ӊ௹ሧğ ఃᇏğໃჇ௹ ఃᇏğӉ௹ܢಃሧࠣࠎࣁሧ Ⴧ௹၂୍ၛଽ Ӊ௹ݓᅏሧ Ⴧ௹၂୍ᇀؽ୍ Ӊ௹ᅏಊሧ Ⴧ௹ؽ୍ၛഈ ఃᇏğᇏနఒြᅏಊ ႋ൬ॻཛ ֹٚఒြᅏಊ ఃᇏğ၂୍ၛଽ ఃӉ௹ᅏಊ ၂୍ᇀؽ୍ ܥקሧӁ࣪ᆴ ؽ୍ᇀ୍ ᄝࡹ۽ӱ ୍ၛഈ ྙሧӁࠣఃሧӁğ ႋ൬ܢ০ ఃᇏğྙሧӁ ႋ൬০༏ ࢌၞ༜໊ٮ ఃᇏğ၂୍ၛଽ Ӊ௹րขٮႨ ၂୍ᇀؽ୍ ఃӉ௹ሧӁ ؽ୍ၛഈ 11
ࠎႿሧЧԉቀྟ֥ᆣಊ܄ඳڄགࡓܵ Ϝᇏݓᆣࡓ߶ؓݓଽᆣಊ܄ඳ֥ሧЧԉቀܿקაఃݓࡅބֹᆣಊࡓ֥ܵ҆ཌྷܱܿקбࢠުॖၛؿགྷđᄝሹุॿࡏ္ࠧؓᆣಊ܄ඳ֥ቋ֮࣪ሧЧေٚ૫đᇏݓᆣࡓ߶֥ܿקॖၛुቔ൞ૅݓჰٚσބูսٚσ֥ᅼᇏđࠧؓ࣪ሧЧ֥धؓܿଆေაูսٚσཌྷරđؓ࣪ሧЧაؓຓڵᅏ֥бੱေᄵაჰٚσཌྷ࣍bطᄝ࣪ሧЧ֥ऎุ࠹ෘٚ૫đՖྙൔഈुđݓଽ֥ܿקაݓຖֹ֥࣪ሧЧمቋཌྷ࣍b൞đॉ੮֞ݓᆣಊ൧ӆ൞҂ॖၛછॢ֥đطᄝ҂ॖၛછॢൈđૅݓ֥ሸކمaૐ֥ࠒଡمބຖֹ֥࣪ሧЧمࣼႿཌྷđၹՎđՖᆃ۱ၩၬഈ္ॖၛඪđଢభݓଽ࣪ሧЧ֥࠹ෘٚمაᆃ۱ݓࡅބֹ֥ٚم൞ཌྷ֥࣍b ᇏૅᆣಊ܄ඳ֥ሧӁڵᅏሑঃ֥бࢠ Ֆ۲۱ݓࡅބֹؓᆣಊ܄ඳሧЧԉቀྟ֥ܿקॖၛु֞đ࣐ܵૌᆭࡗթᄝޓն҂đಏ൞ຶಡᆣಊ܄ඳ֥ሧӁaڵᅏࠇሧӁaڵᅏ֥ଖ၂҆ٳࣉྛ֥ĠၹՎđေؓݓᆣಊ܄ඳሧЧԉቀྟܿקࣉྛݓ࠽бࢠѩؓఃིݔࣉྛಆ૫ٳ༅đࣼсྶ൮༵ਔࢳݓᆣಊ܄ඳ֥ሧӁڵᅏሑঃࠣఃაݓຓᆣಊ܄ඳሧӁڵᅏሑঃ֥ҵၳb ࢩᇀ ୍୍ָđᇏݓ܋Ⴕᆣಊ܄ඳ ࡅđႮႿૌ҂ॖି൬ࠢ֞෮Ⴕᆣಊ܄ඳ֥ሧਘđၹՎđૌ֥࣮ၛ ୍ ᄅָభିܔࣉೆಆݓၿྛࡗြҷࢹ൧ӆ֥ ࡅᆣಊ܄ඳູဢЧࣉྛbᄝі ᇏđૌਙԛਔᆃ ࡅᆣಊ܄ඳᄝ ୍୍ָ֥ሧӁބڵᅏࢲܒ֥ሹุሑঃĠൈđႮႿݓᆣಊ܄ඳ֥ሧЧԉቀྟܿק֥ሹุॿࡏაૅݓቋཌྷරđطᄝ҂ॖၛછॢൈđݓଽ࣪ሧЧ֥࠹ෘٚمაૅݓ֥ሸކم္ն֥ҵၳđі ᇏ္ਙԛਔૅݓᆣಊ܄ඳᄝ ୍୍ָ֥ሧӁބڵᅏࢲܒđၛьႿбࢠb 12
ࠎႿሧЧԉቀྟ֥ᆣಊ܄ඳڄགࡓܵ і2-2ğᇏૅᆣಊ܄ඳ֥ሧӁڵᅏࢲܒбࢠ ૅݓᆣಊ܄ඳሧӁڵᅏࢲܒč1995୍Ď ᇏݓᆣಊ܄ඳሧӁڵᅏࢲܒč2002୍ĎሧӁčڵᅏĎোљ ᅝб ሧӁčڵᅏĎোљ ᅝбሧ Ӂ ሧ Ӂ གྷࣁࠣၿྛթॻ% གྷࣁࠣၿྛթॻ% ႋ൬ॻ% ౢෘСڱࣁބࢌၞЌᆣࣁ% ఃᇏğؓఃಊഅ֥ႋ൬ॻ% ҷԛሧࣁ% .93% ؓग़֥ႋ൬ॻ4 ઙೆْ൲ᆣಊ% .49%37% ఃႋ൬ॻ0 ႋ൬ॻཛ6. ઙೆْ൲ᆣಊ% ႋ൬ܢ০ބ০༏% ሱႏᆣಊ% սؿྛᆣಊބսؑڱᅏಊ% ఃᇏğ؋௹٤ᆟکᅏಊ% ൳ກሧӁ% ৳Ϲᆟکᅏಊ% ሱႏᆣಊ% ֹٚᆟکᅏಊ% ఃᇏğݓᅏ %% ܄ඳᅏಊ ሧࠎࣁ %.37% ܢௐ2 ܢௐ %.27% ః1 ॖሇߐᅏಊ %ໃഈ൧ࢌၞ֥ᆣಊ% ఃഈ൧ᆣಊ %ࢹೆᆣಊ% Ӊ௹ሧğ% ࠃ௹ᅏಊַ%(Collateral for demand notes) ఃᇏğӉ௹ܢಃሧ %ࢌၞ෮߶ჴٮ% Ӊ௹ݓᅏሧ %ؓݓຓٳᆦࠏܒčކሧࠏܒĎ֥ሧ% Ӊ௹ᅏಊሧ %ܥקሧӁ% ࢌၞ༜໊ٮ% ఃሧӁ% ܥקሧӁ% ఃሧӁ% ކ ࠹100% ކ ࠹100% ڵᅏࠣܢתಃၭ ڵᅏࠣܢתಃၭ ႋڱၿྛվॻ% ؋௹ࢹॻ% છԛ߭ܓᆣಊ% ҷೆሧࣁ% აࣜࡀြༀཌྷܱ֥ႋڱॻ% છԛ߭ܓᆣಊॻ% ఃᇏğؓఃಊഅ֥ႋڱॻ% ႋڱॻཛ% ؓग़֥ႋڱॻ% ႋڱ۽ሧބڞ০ٮ% 8% ؓఃࠏܒ֥ႋڱॻ ႋࢌඥࣁࠣڸࡆ% ఃႋڱॻ% սઙછᆣಊॻ% છॢᅏಊ%% սؿྛᆣಊބؑڱᅏಊॻ ႋؑڱᇏӉ௹ᅏಊ% ൳ກሧࣁ% Ցࠩᅏༀ% ఃੀڵᅏ% ܢתಃၭ% Ӊ௹ڵᅏ% ܢתಃၭ% ކ100% ࠹ ކ00% ࠹1 ሧਘটჷğૅݓ܄ඳটჷႿSecurities and Exchange Commission. Aggregated FOCUS report. ᇏݓ܄ඳඔऌႮቔᆀ۴ऌᇏݓࠊлຩ֥Ⴕܱሧਘᆜb Ֆі ᇏॖၛؿགྷđᇏૅᆣಊ܄ඳᄝሧӁڵᅏࢲܒٚ૫թᄝၛ༯ཁᇷҵၳğ č Ďૅݓᆣಊ܄ඳሧӁ֥ሹุੀྟေݺႿݓଽᆣಊ܄ඳbૅݓᆣಊ܄ඳ 13
ࠎႿሧЧԉቀྟ֥ᆣಊ܄ඳڄགࡓܵ ֥٤ੀሧӁčЇওໃഈ൧ࢌၞ֥ᆣಊaࢌၞ෮߶ჴٮaؓݓຓٳᆦࠏܒ֥ሧaܥקሧӁބఃሧӁĎᅝሹሧӁ֥бᇗູ đఃᇏੀྟቋҵ֥ܥקሧӁࣇູ Ġطݓଽᆣಊ܄ඳ֥٤ੀሧӁčЇওӉ௹ሧaࢌၞ༜໊ٮaܥקሧӁބఃሧӁĎᅝሹሧӁ֥бᇗۚղ čࠧ҂ॉ੮Ӊ௹ሧđھбᇗ္ۚղ ĎđఃᇏܥקሧӁູ Ġҵए٤ӈૼཁb č Ďૅݓᆣಊ܄ඳሧӁ֥νಆྟ္ေۚႿݓଽᆣಊ܄ඳbః၂۱ᇶေіགྷ൞ᄝචٚࢠऎॖбྟ֥ሱႏᆣಊሧӁཛᇏđૅݓ܄ඳ۷؟ӻႵڄགཌྷؓࢠ֥֮ᅏಊđఃӻႵ֥ܢௐᅝఃሱႏᆣಊ֥бᇗࣇູ Ġطݓଽᆣಊ܄ඳ֥ሱႏᆣಊᇏđܢௐᅝ֞ b֒ಖđᆃᇕ౦ঃ֥ԛགྷđᄝޓնӱ؇ഈაᇏૅਆݓሧЧ൧ӆᇏࣁವ۽ऎ֥ᇕࢲܒႵܱb č Ďૅݓᆣಊ܄ඳ֥ሧࣁᄎႨေбݓଽ܄ඳ۷ູԉٳbุགྷᄝሧӁࢲܒഈࣼ൞ૅݓᆣಊ܄ඳ֥གྷࣁࠣၿྛթॻᅝఃሹሧӁ֥бᇗࣇູ đطݓଽᆣಊ܄ඳ֥ᆃ၂бᇗۚղ bᆃᇶေ൞ၹູݓଽሧᆀઙೆᆣಊൈсྶಆحᆦڱ෮ླॻཛđѩݓଽᆣಊ܄ඳ҂ॖၛ୳Ⴈग़֥ࢌၞЌᆣࣁđᄝૅݓđሧᆀઙೆᆣಊൈॖၛׇࢌၞ֥b č Ďૅݓᆣಊ܄ඳ֥ڵᅏбੱބҍༀۗۆ༢ඔေཁᇷۚႿݓଽᆣಊ܄ඳbі ᇏ֥ඔऌཁൕđᄝ ୍୍ָđૅݓᆣಊ܄ඳ֥ڵᅏбੱູ đೂݔ҂ॉ੮Ցࠩᅏༀđڵᅏбੱ္ۚղ đܢתಃၭࡆՑࠩᅏༀაؓຓఃڵᅏᆭбູ ğ Ġطݓଽᆣಊ܄ඳᄝ ୍୍ָ֥ڵᅏбੱູ đܢתಃၭࡆაؓຓڵᅏᆭбࣇູ ğ b ݓᆣಊ܄ඳሧЧԉቀྟܿקི֥ݔაࡎ ᄝؓݓଽᆣಊ܄ඳሧӁaڵᅏ֥ࢲܒႵնᇁ֥ਔࢳުđૌॖၛٳ༅ݓଽᆣಊ܄ඳሧЧԉቀྟܿקི֥ݔđѩᄝՎࠎԤഈࢲކݓ࠽ࣜဒđؓఃࣉྛࡎb ቋ֮࣪ሧЧေ č1Ďݓଽᆣಊ܄ඳડቀቋ֮࣪ሧЧေ֥ሑঃ ೂభ໓෮ඍđݓଽᆣಊ܄ඳ෮ႚႵ֥ቋ֮࣪ሧЧсྶൈડቀਆཛေğ၂൞ሸކোᆣಊ܄ඳ֥࣪ሧЧ҂֤֮ႿਆၡჭĠࣜࡀোᆣಊ܄ඳ֥࣪ሧЧ҂֤֮Ⴟ 14
ࠎႿሧЧԉቀྟ֥ᆣಊ܄ඳڄགࡓܵ ਆతຣჭĠؽ൞ᆣಊ܄ඳ࣪ሧЧ҂֤֮Ⴟఃؓຓڵᅏčఃᇏ҂ЇওսઙછᆣಊॻĎ֥8%bؓଖ၂หק֥ᆣಊ܄ඳطčࠧ࣪ሧЧܿଆၘࠎЧಒקĎđؓఃြༀঔᅦఏཋᇅቔႨ֥ᇶေ൞ֻؽ่bі2-3ਙԛਔЧ໓෮࣮֥ဢЧᆣಊ܄ඳᄝ2002୍୍ָൈః࣪ሧЧაؓຓڵᅏ֥б২֥౦ঃb і ୍୍ָݓଽᆣಊ܄ඳડቀቋ֮࣪ሧЧေ֥ሑঃ ࣪ሧЧაؓຓڵᅏ֥бᆴ ቋۚᆴ% ቋ֮ᆴ% ࡆಃनᆴ% Ֆі ॖၛुԛđݓଽ҂֥ᆣಊ܄ඳࡗđః࣪ሧЧაؓຓڵᅏ֥б২ҵၳޓնđቋ֥֮ᆺႵ%đቋ֥ۚղ֞%b၂ུ܄ඳ࣪ሧӁაؓຓڵᅏ֥б২ᆭ෮ၛ߶หљۚđᇶေ൞ᆃུ܄ඳᄝ2001୍ࠇ2002୍ېېࣜݖնܿଆ֥ᄹሧঔܢđطᆃུ܄ඳ֥ြༀषຉି৯Ⴕཋ෮ᇁbі ߎіૼđᄝဢЧ܄ඳᇏđ෮Ⴕ܄ඳ࣪ሧӁაؓຓڵᅏ֥б২ିܔડቀᆣࡓ߶֥ေb č2Ďᇏૅᆣಊ܄ඳቋ֮࣪ሧЧေ֥ҵၳ ೂభ໓෮đᄝؓᆣಊ܄ඳሧЧԉቀေ֥ሹุॿࡏٚ૫đᇏݓᆣࡓ߶֥ܿקაૅݓᆣࡓ߶֥ჰٚσႵཌྷරྟđࠧؽᆀؓᆣಊ܄ඳቋ֥֮࣪ሧЧေ൞Ֆ࣪ሧЧაؓຓڵᅏ֥бੱေԛؿ֥bؽᆀႻႵ၂קҵၳđᆃᇶေіགྷᄝؓႨট࠹ෘቋ֮࣪ሧЧေ֥ؓຓڵᅏಪקٓຶ֥҂bႨ܄ൔіൕࣼ൞ğ ᇏݓᆣࡓ߶ܿק֥࠹ෘ܄ൔູğ ေ֥ቋ֮࣪ሧЧ=(ؓຓڵᅏሹح−սઙછᆣಊॻĎ×8% ૅݓᆣࡓ߶ܿק֥࠹ෘ܄ൔູğ ؓຓڵᅏሹح−ॖ२ࡨ֥ڵᅏေ֥ቋ֮࣪ሧЧ= 15ૅݓᆣࡓ߶ಪק֥ॖ२ࡨ֥ڵᅏЇও෮ႵႵቀܔַቓքЌ֥ᅏༀčೂછԛ߭ܓᆣಊॻĎބაၘѭڱ֥ӊᅏСڱࣁ֩ᆴ֥҆ٳᅏༀ֩၂ུཛଢbᆃбᇏݓᆣࡓ߶ܿק֥սઙછᆣಊॻ֥ٓຶေॺ၂ུb 15
ࠎႿሧЧԉቀྟ֥ᆣಊ܄ඳڄགࡓܵ ࣪ሧЧ֥࠹ෘ č Ď࠹ෘٚم ೂૌభ໓ᆷԛ֥đᄝݓଽᆣಊ൧ӆଢభ҂ॖၛછॢ֥౦ྙ༯đ࣪ሧЧمaሸކمaࠒଡمьbၹՎđݓଽ࣪ሧЧ࠹ෘٚم֥ݓ࠽бࢠൌ࠽္ࣼ൞აႇݓᆣಊࡓܵ֒अ෮Ⴈ֥ࡥֆሧቆކم֥бࢠb ཌྷؓႿ࣪ሧЧمđࡥֆሧቆކمᇶေ൞ॉ੮֞ਔಊഅ෮ӻႵ֥҂ᆣಊᆭࡗॖିթᄝ֥ڄགַཨི֥ݔđၹՎđᄝཌྷ౦ྙ༯đႨࡥֆሧቆކم࠹ෘ֥ڄག֥ሧЧ࠹ิб࣪ሧЧمཬčቀၛٝٓ൧ӆڄགĎđ္ࠧႨھٚم࠹ෘ֥࣪ሧЧбࢠۚđᆃဢđ۷Ⴕ০ႿಊഅሧЧࣁ֥ԉٳႋႨބఃြༀ֥षᅚb൞đࡥֆሧቆކم࠹ෘڄག֥ሧЧ࠹ิࠇ࣪ሧЧႵ၂۱ޓᇗေ֥భิđପࣼ൞ࡌഡಊഅ෮ӻ֥ᆣಊሧቆކᇏ෮Ⴕᆣಊ֥βᆴູ đ۲ᆣಊ൬ၭੱ֥җҵࢥཌྷbೂݔᆃ၂ࡌഡభิ҂Ӯ৫đᄵႨࡥֆሧቆކم࠹ෘ֥ڄག֥ሧЧ࠹ิ߶ᇗ҂ቀb ۴ऌתٚᆣಊ࣮෮ؓݓᆣಊ൧ӆڄགหᆘ֥၂ཛህี࣮ࢲݔुđࡥֆሧቆކمൡႨ֥భิ่ࡱᄝଢభ֥ᇏݓᆣಊ൧ӆߎჹໃ֤֞ડቀbі ބ ٳљਙԛਔ ୍֞ ୍ ୍ᇏݓଽᆣಊ൧ӆ۱ܢᇛ൬ၭੱ֥Beta༢ඔaѓሙҵၛࠣ۱ܢڄགᇏ༢ྟڄག෮ᅝб২b і2-4 ᇏݓᆣಊ൧ӆ۱ܢᇛ൬ၭੱ֥Beta༢ඔބѓሙҵ ୍ ٺ1997୍ 1998୍ 1999୍ 2000୍ 2001୍ नᆴ Beta༢ඔ ቋնᆴ ቋཬᆴ ۱ܢ൬नᆴ ၭੱ֥ቋնᆴ ѓሙҵ ቋཬᆴ ሧਘটჷğתٚᆣಊ࣮෮b 16
ࠎႿሧЧԉቀྟ֥ᆣಊ܄ඳڄགࡓܵ і2-5 ᇏݓᆣಊ൧ӆ۱ܢڄགᇏ༢ྟڄག෮ᅝб২֥ٳ҃౦ঃ ༢ڄག 1997୍ 1998୍ 1999୍ 2000୍ 2001୍ ᅝሹڄགб২ 0-10% % % % % % 20%-30% % % % % % 30%-50% % % % % % 50%-70% % % % % % % % % % % 70%ၛഈ ሧਘটჷğתٚᆣಊ࣮෮b Ֆі ॖၛुԛđݓଽᆣಊ൧ӆ۱ܢ֥Beta༢ඔބ൬ၭੱэ߄ٓຶ٤ӈնđطՖBeta༢ඔ֥नᆴॖၛुԛđն҆ٳ۱ܢ֥Beta༢ඔཁᇷ҂ູ1b۷ູᇗ֥൞đૌؿགྷđն҆ٳ۱ܢ֥Beta༢ඔ҂໗קđթᄝૼཁ֥ࢲܒэ߄bі ္іૼđԢ ୍ຓđః୍ٺ۱ܢ֥ڄགᇶေটჷႿ༢ڄགđೂ ୍đႵ ۱ܢđఃڄགᇏ༢ڄག֥бᇗӑݖ Ġᄜࡆഈ҂োљ֥ᆣಊೂܢௐაᅏಊ֥൬ၭੱࡗӯᆞཌྷܱྟđᆃ֤ࣼᆣಊቆކᇏ҂ᆣಊࡗڄགַཨི֥ݔ҂ૼཁb෮Ⴕᆃུඪૼđᄝݓଽ൧ӆଢభ֥౦ྙ༯đႨࡥֆሧቆކم࠹ෘ࣪ሧЧߎ൞ི֥đط࣪ሧЧم൞ཌྷؓࢠݺ֥၂ᇕٚمb č2Ďᆣಊࡎᆴ֥ಒק ᄝ࠹ෘ࣪ሧЧൈ߶ട֥ࠣ֞၂۱໙ี൞ೂޅಒקಊഅ෮ӻႵ֥ᆣಊ֥ࡎᆴb۴ऌݓ࠽ᆣࡓ߶ቆᆮ֥ေđᆣಊ܄ඳ෮ӻႵ֥Ⴕࡎᆣಊႋοᅶ൧ࡎ࠹ෘၛّ႘ఃᆇൌࡎᆴđఃݓࡅࠎЧ࿖ਔᆃ၂ܿקbᄝݓགྷྛ֥uᆣಊ܄ඳ࣪ሧЧ࠹ෘܿᄵvᇏđؓಊഅ෮ӻႵ֥ᆣಊ൞οᅶӮЧট࠹ෘఃࡎᆴ֥bᆃॖିაݓېषൌྛሧЧԉቀྟᇅ؇ܿקൈ֒ൈ֥൧ӆߌႵܱđෛሢൈࡗ֥၍ა൧ӆߌ֥э߄đᆃᇕοӮЧ࠹ෘᆣಊࡎᆴ֥р؊ьВԛটbః၂۱ᇶေіགྷ൞ಊഅ෮ӻᆣಊ֥ӮЧࡎჹ֮Ⴟ൧ӆࡎđၹՎ߶ᄯӮಊഅ෮ӻႵ֥࣪ሧЧ֥ۚܙbі2-6ᇏਙԛਔૌ෮࣮ဢЧಊഅᄝ2002୍୍ָ෮ӻ֥۲҂ো֥ᆣಊ֥ᅫ૫č႔০Ď౦ঃb 17
ࠎႿሧЧԉቀྟ֥ᆣಊ܄ඳڄགࡓܵ і2-6 2002୍୍ָಊഅӻႵ֥ᆣಊ֥ᅫ૫(႔০)౦ঃ ಊഅ ᆣಊোљ щݼ ܢௐ ሧࠎࣁ ᅏಊ i i 1 % % % % 6 % % % % % % i 8 %i % % % 10 % % % 11 %i % % % % 13 %i % %i % 15 %i % % % % 19 % % % % % % 21 %i i % % % i 23 % % i % % 25 %i % i % % 27 % % % % % % 29 % % % i 30 % % %i % 32 %i % i % % 34 %i % i 35 % % % % % 38 % % % % % % 40 % %i i 41 %i 42 %i % i %i 44 %i % 45 %i % % % % 48 % % % ᇿğႮႿໃ֤֞҆ٳಊഅ֥ཌྷႋඔऌđіᇏᆺਙԛਔ41ࡅಊഅ֥౦ঃb і2-6ᇏ֥ඔऌіૼđࢩᇀ2002୍୍ָđಊഅ෮ӻႵ֥ܢௐބࠎࣁնԛགྷਔ҂ӱ؇֥ᅫ૫đྸ؟ಊഅᇗbၛܢௐູ২đᄝіᇏਙԛ֥ 18
ࠎႿሧЧԉቀྟ֥ᆣಊ܄ඳڄགࡓܵ 41ࡅಊഅᇏđ10%ၛഈ֥Ⴕ22ࡅđఃᇏđ7ࡅᄝ20%ၛഈđ۱љಊഅ֥മᇀӑݖ40%bطđᆃߎ҂Їও၂ུಊഅ๙ݖ၂ུ൭؍čೂࡼ҆ٳᇗ֥ሱႏᆣಊሇູӉ௹ܢಃሧ֩Ďԩᅫ૫ުᄯӮ֥ඔऌാᆇbॖđၛሧӮЧ࠹ࡎ࠹ෘ߶ᄯӮ҆ٳಊഅ෮ӻ࣪ሧЧ֥ᇗۚܙb č3Ď৯ҩ൫ٚمაᆣಊ֥ᅼ२б২ Ⴈ࣪ሧЧم࠹ෘ࣪ሧЧൈ෮მ֥֞ਸ਼၂۱ᇗေ໙ี൞ࣼ൞ೂޅؓಊഅ෮ӻᆣಊಒק၂۱ሧЧ࠹ิб২ၛٝٓఃॖି૫ਢ֥ڄགാđ္ࣼ൞ೂޅಒק۲ᆣಊ֥ᅼ२б২bՖі ᇏᆩđགྷྛu֥࠹ෘܿᄵvᇏܿק֥ܢௐaࠎࣁaݓᅏaॖሇᅏބఃഈ൧ᆣಊ֥ᅼ२бੱٳљູ90%a90%a95%a90%ބ80%ĠࠧૌሧЧ࠹ิٳљູ10%a10%a5%a10%ބ20%bϜᆃུሧЧ࠹ิб২აі2-7ᇏਙԛ֥၂ུؿղݓࡅᆣಊࡓܵ҆ؓܢಃڄག֥ሧЧ࠹ิܿקࠣі2-8ਙԛ֥ૅݓᆣࡓ߶ؓᅏಊ֥२ࡨб২čఃݓࡅؓᅏಊ֥ܿק္აૅݓোරđཋႿږđЧ໓ીႵਙԛĎܿקؓᅶॖၛु֞đu࠹ෘܿᄵvᇏܿק֥ܢௐڄག֥ሧЧ࠹ิб২ေ֮Ⴟؿղݓࡅ֥ཌྷܱܿקđݓᅏڄག֥ሧЧ࠹ิб২აૅݓࠎЧཌྷ֒đૅݓᆣࡓ߶֥ܿק۷བྷ༑ུĠطؓႿ܄ඳᅏಊđૅݓᆣࡓ߶֥ܿק္٤ӈབྷ༥đ֥ؓ֩ࠩۚ܄ඳᅏಊđૅݓᆣࡓ߶ܿק֥२ࡨб২ေ֮၂ུđ֥֮ؓ֩ࠩ܄ඳᅏಊđૅݓᆣࡓ߶ܿק֥२ࡨб২ᄵေۚ၂ུb і2-7 ၂ུؿղݓࡅᆣಊࡓܵ҆ؓܢಃڄག֥ሧЧ࠹ิܿק ေ֥२ࡨč࠹ิĎб২ ܢௐ֥ੀྟหᆘ ႇݓ ರЧ ૅݓ ቋऎੀྟ% 10% *15%ࠇ40%ੀྟ၂Ϯ15%-18% 15% ᄝ25% 25%OTC൧ӆࢌၞ ࢌၞ൧ӆิ܂ࢌၞ100% 100% 100% *ૅݓᆣಊࡓܵ҆ٳܢௐੀྟ֥ѓሙ൞ھܢௐቓ൧അ֥؟ഒđႵਆ۱ၛഈ ቓ൧അ֥ܢௐФಪູऎႵݺ֥ੀྟđ२ࡨб২ູ15%đڎᄵູ40%b 19
ࠎႿሧЧԉቀྟ֥ᆣಊ܄ඳڄགࡓܵ і2-8 ૅݓᆣࡓ߶ؓᅏಊ२ࡨб২֥ܿק ૅݓᆟک ᆟک ܄ඳᅏಊ ᅏಊ֥ ࠏܒ
ؿྛࠇք ᄝᅏಊ֩ࠩٳোᇏ֥ఃᅏಊ ఃᅏಊ թ࿃௹ Ќ֥ᅏಊ భඹো٤ॖሇߐᅏಊ i ᄅ i ᄅ i ᄅ i ᄅ i ୍ i ୍ i ୍ i ୍ i ୍ i ୍ i ୍ i ୍ ୍ၛഈ *ఃᅏಊ1၂ϮЇওႵ3֞4۱ቓ൧അ֥ᅏಊ **ఃᅏಊ2၂ϮЇওႵ1֞2۱ቓ൧അ֥ᅏಊ ൞đ҂ᆣಊڄག֥ሧЧ࠹ิб২֥֮ۚေ۴ऌ۲ݓᆣಊ൧ӆ֥҂іགྷطקđط৯ҩ൫ٚمॖၛູሧЧ࠹ิб২֥ಒקิ܂၂ུҕॉb৯ҩ൫ٚمᇶေႨটޙਈڄགܵଆᄝ൧ӆԛགྷࠞ؊҂০౦ྙൈ֥ૹۋྟb৯ҩ൫م֥ऎุൌགྷٚൔႵྸ؟ᇕđೂࡥֆૹۋྟٳ༅čSimple sensitivity testĎa౦ࣟٳ༅čScenario analysisĎaቋնാمčMaximum loss approachĎaࠞ؊ࡎᆴંčExtreme value theoryĎ֩bЧ໓֥࣮ҐႨ౦ࣟٳ༅֥ࣥbఃࠎЧჰ൞۴ऌݖಀ൧ӆᄝԛགྷࠞ؊҂০֥౦ྙൈđ۲ಊഅ෮ӻႵ֥҂ᆣಊᄥ൳֥ൌ࠽ാটಒקሧЧ࠹ิб২bб২֥ಒקჰᄵູधն؟ඔಊഅିܔႋؓ൧ӆࠞ؊҂০֥౦ྙ༯෮ᄥ൳֥ാbई২طđ֒ݖಀ၂؍ൈ௹ଽčӫູ൧ӆ৯௹ࡗĎ൧ӆԛགྷ၂۱ࠞ؊҂২౦ྙൈđधն؟ඔಊഅ෮ӻܢௐᄝᆃ؍ൈࡗଽࡎ۬༯י֥ږ؇ᄝ10%ၛ༯đପહđಒקܢௐ֥ڄག֥ሧЧ࠹ิб২ູ10%൞бࢠކൡ֥b ᄝࣉྛ൧ӆ৯ҩ൫ൈđ൮༵ླေಒק൧ӆ৯௹ࡗbݓຓ֥໓ངᄝࣉྛ൧ӆ৯ҩ൫࣮ൈđ෮࿊౼֥൧ӆ৯௹ࡗ֥ൈࡗ؍бࢠ؋đ၂Ϯᄝ၂ᇛၛ༯đᆃᇶေ൞ؿղݓࡅ֥ᆣಊ൧ӆބᆣಊ܄ඳбࢠӮඃܿٓđᆣಊ܄ඳ֥࣪ሧЧ൞ૄರཟࡓܵࠏܱБС֥đ၂֊ᄝ൧ӆ৯௹ࡗႵᆣಊ܄ඳ֥࣪ሧЧ֮Ⴟمקေᄝޓ؋֥ܿקൈࡗଽ҂ିҀቀđᄵॖၛᄝဢޓ؋֥ൈࡗଽؓھᆣಊ܄ࣉྛౢෘၛЌग़ބაھ܄ඳႵြༀ৳༢֥ఃᅏಃದ֥০ၭbაӮඃ൧ӆཌྷ 20
ࠎႿሧЧԉቀྟ֥ᆣಊ܄ඳڄགࡓܵ бđݓଽ൧ӆᄝᆃ၂ׄഈթᄝਆٚ૫ҵၳğ၂൞֒ݓଽᆣಊ܄ඳ࣪ሧЧ҂ቀൈđေؓఃࣉྛౢෘѩ҂ಸၞđࠧࣉྛౢෘ္ေٮޓӉ֥ൈࡗĠؽ൞ݓଽᆣಊ൧ӆ֥ᄎྛหᆘ൞၂֊൫ӆࣉೆྦྷ൧đఃӻ࿃֥ൈࡗࣼ߶бࢠӉđطྦྷ൧ᇏྸ؟ܢௐ֥ੀྟޓҵđՎൈđಊഅေࡼ෮ӻᆣಊᄝ؋௹ଽԛౢ൞ޓ֥bᆃࣼၩሢᄝϜ৯ҩ൫ٚمႋႨႿݓଽಊഅൈđ෮࿊౼֥൧ӆ৯௹ࡗ֥ൈࡗ؍ေбࢠӉbႮႿېېݖಀ֥2002୍൞ݓଽᆣಊ൧ӆᇗ֥֮၂୍đ୍֒ഈᆣᆷඔބധᎪӮٺᆷඔ༯י֥ږ؇ᄝ17%ቐႷđಊഅӻႵ֥ሱႏᆣಊ္൳֞ն֥ാđᄜॉ੮֞ඔऌ֥ॖ֤ྟđЧ໓࿊౼֥൧ӆ৯௹ࡗູ2002୍ಆ୍b ۴ऌဢЧಊഅᄝ2002୍୍Ԛބ୍ଌ෮ӻႵ֥۲ᇕᆣಊ֥ӮЧa൧ᆴၛࠣૌ୍֒ൌགྷ֥ሱႏᆣಊ֥႔֩ඔऌđૌնุܙ࠹ԛਔႮႿ2002୍୍֥֒൧ӆ༯י۳۲۱ಊഅӻႵ֥ሱႏᆣಊջট֥ാbܙ࠹ࢲݔਙᄝі2-9ᇏb Ֆі2-7ᇏॖၛुԛđ۴ऌૌ֥ҩෘđᄝ2002୍đ41ࡅಊഅᇏႵ17ࡅ֥ሱႏܢௐႮႿ୍֒൧ӆ༯יطႄᇁ֥ാӑݖ10%đఃᇏ11ࡅӑݖ15%đቋ֥ۚ၂ࡅղ֞44%č҂ݖᆃࡅಊഅሱႏܢௐ֥ܿଆޓཬĎĠਸ਼ຓႵ10ࡅಊഅሱႏ֥ࠎࣁᆣಊႮႿ୍֒൧ӆ༯יطႄᇁ֥ാӑݖ10%đఃᇏ5ࡅӑݖ15%Ġ୍֒൧ӆ༯י෮֝ᇁ֥ಊഅሱႏᅏಊ֥ാᄵཬ֤؟đࠎЧᄝ8%ၛ༯bഈඍࢲݔၩሢᄝݓଽಊഅ֥ြༀঔᅦି৯֤֞ԉٳؿߨൈđགྷྛu࠹ෘܿᄵv෮ܿק֥ܢௐaࠎࣁᆣಊ֥ሧЧ࠹ิб২҂ቀၛЌᆣधն؟ඔಊഅିٝٓ൧ӆԛགྷࠞ؊҂২अ૫ൈ֥ڄགb֒ಖđն؟ඔಊഅࣜ൳ᇾਔ2001୍ၛট൧ӆӉ௹༯י֥ॉဒđᆃေ֤ၭႿଢభݓଽಊഅြༀঔᅦି৯ႵཋđሧЧࣁ֥ᄎႨѩ҂ԉٳb၂۱২ᆣ൞ೂі2-3ᆷԛ֥đဢЧಊഅ෮ӻ࣪ሧЧაؓຓڵᅏб২֥ࡆಃनᆴູ%đቋ္֥֮Ⴕ%đჹۚႿuܵϷمvᇏ8%֥ܿקb 21
ࠎႿሧЧԉቀྟ֥ᆣಊ܄ඳڄགࡓܵ і2-9 2002୍֥൧ӆ༯י۳۲۱ಊഅӻႵ֥ሱႏᆣಊջট֥ാܙ࠹ ಊഅ ᆣಊোљ щݼ ܢௐ ሧࠎࣁ ᅏಊ i 1 % % % % % 6 % % % % % % i i 8 % % % % 10 % % % %i % 12 % % % i i 13 % %i % 15 %i % % % % 19 % % % % % % i 21 %i % % % 23 %i % i %i 25 %i i % %i 27 % % % % % % 29 %i % % % % 31 %i % % % % 33 %i % %i % 35 % % % % % % 38 % % % %i % i 40 % % %i i 42 % % % i % % 44 % % % % % % 46 % % % % % % ᇿğႮႿໃ֤֞҆ٳಊഅ֥ཌྷႋඔऌđіᇏᆺਙԛਔ41ࡅಊഅ֥౦ঃ č4ĎಊഅࠢᇏӻႵଖ၂ᆣಊൈ֥ᅼ२б২ భ၂҆ٳษંᆣಊ֥ᅼ२б২ൈࡌקᆣಊ܄ඳӻႵ֥ᆣಊቆކ൞ٳ߄֥đ 22
ࠎႿሧЧԉቀྟ֥ᆣಊ܄ඳڄགࡓܵ ᄝൌ࠽ᇏႵུᆣಊ܄ඳ߶ࠢᇏӻႵଖ၂ᆣಊࠇ၂܄ඳؿྛ֥҂ᆣಊđѩӻႵᆃུᆣಊ֥ࡎᆴᅝ֞ః࣪ሧЧ֥ཌྷ֒б২đᆃᇕቓمᄏҟሢޓն֥ڄགbၹູ၂֊ھ܄ඳ֥ࠎЧ૫ࠇ൧ӆሧؿളᇗնэ߄طႄఏھ܄ඳ෮ؿྛᆣಊ֥ࡎ۬ؿളᇗնэ߄đᆣಊ܄ඳࣼॖି߶൳֞ᇁଁյࠌbၹՎđݓຓࡓܵ҆ؓᆣಊ܄ඳࠢᇏӻႵ၂܄ඳؿྛ֥ᆣಊൈ֥ሧЧ࠹ิႵ۷ৢ֥ܿקbೂႇݓބರЧܿקđ֒ᆣಊ܄ඳࠢᇏӻႵ၂܄ඳؿྛ֥ᆣಊ֥ࡎᆴղ֞ః࣪ੀሧӁ֥25%֞50%ൈđؓھ҆ٳᆣಊڄག֥ሧЧ࠹ิб২ູ50%đطӻႵ၂܄ඳؿྛ֥ᆣಊ֥ࡎᆴӑݖః࣪ੀሧӁ֥50%ൈđӑԛ҆ٳ֥ሧЧ࠹ิб২ູ100%bૅݓᆣࡓ߶္ܿקđ֒ᆣಊ܄ඳӻႵଖ۱ֆ၂ᆣಊ֥ࡎᆴӑݖః࣪ሧЧ֥10%ൈđӑԛ҆ٳ֥࠹ิб২ᄹࡆ15%b ᄝݓଽđགྷuྛ࠹ෘܿᄵvѩીႵؓಊഅӻܢࠢᇏൈ֥ᅼ२б২ቓህܿקđӻܢࠢᇏ֥ڄགಏၘԉٳВԛটb2003୍ၛটđЇওൗࡀᇏ฿aӄࣴള߄aϤ॓ူြaྷ۽॓֩ᄝଽ֥၂ܢௐ৵࿃ඔ฿יᇀיږཋᇅ௹ࡗݸੀྟ֥གྷའьቀၛඪૼᆃ၂ׄb 3.ປݓၛ࣪ሧЧູނྏ֥ᆣಊ܄ඳڄགࡓุܵ༢֥ᆟҦࡹၰ ૌಪູđေປݓၛ࣪ሧЧູނྏ֥ᆣಊ܄ඳڄགࡓุܵ༢ߎླေࡆ఼ၛ༯ࠫٚ૫֥۽ቔb ປགྷྛ֥ؓᆣಊ܄ඳ֥ሧЧԉቀྟܿק ࣐ܵՖ۴Чഈࢃđࡆ఼ᆣಊ܄ඳ֥ڄགܵ൞ژކᆣಊ܄ඳሱദބࡓܵࠏܱࠣః෮սі֥ग़֥܋০ၭ֥Ġ൞đႮႿචٚᇅקڄགܵծീൈ֥ԛؿׄѩ҂ཌྷđၹՎđචٚႵൈ္թᄝ০ၭԊbऎุ֞ؓᆣಊ܄ඳ֥ሧЧԉቀྟܿקطđࡓܵࠏܱᇅקބൌീᆃ၂ܿק֥ԛؿׄᄝႿٝٓᆣಊ܄ඳࣜႏ҂طӁࠇೞാӊᅏି৯ൈؓ൧ӆࠇᆜ۱ࣁವุ༢֥Ԋࠌđطᆣಊ܄ඳᄵ༐ຬሧЧࢲܒି֤֞ቋႪ߄ᇂbؓᆣಊ܄ඳሧЧԉቀྟ֥ေᄀۚđᆣಊ܄ඳؿള֚оࠇؓ 23
ࠎႿሧЧԉቀྟ֥ᆣಊ܄ඳڄགࡓܵ ग़ິჿ֥ॖିྟࣼᄀཬđᆣಊ܄ඳሧЧࣁ֥ᄎႨིੱބࣩᆚ৯္߶ཌྷႋࢆ֮bၹՎđೂޅିᄝԉٳЌᅰᆣಊ܄ඳग़০ၭ֥ൈႻି၂ུႪྮ֥ᆣಊ܄ඳ҂߶ၹՎطೞാࣩᆚ৯ࣼӮູປགྷྛሧЧԉቀྟܿק֥ܱbᄝࣜݖభ૫֥бࢠaٳ༅ުđૌؓປགྷྛ֥ሧЧԉቀྟܿקิԛೂ༯ࡹၰb č Ďᄝοؓຓڵᅏбੱ࠹ෘؓᆣಊ܄ඳ֥ቋ֮࣪ሧЧေൈđࢹૅݓ֥ჰٚσđᄍྸࡼପུႵቀܔַቓքЌ֥ᅏༀčೂછԛ߭ܓᆣಊॻaᇉࢹॻ֩Ďಆ҆Ֆሹڵᅏᇏ२ࡨđࠧࡼቋ֮࣪ሧЧေ֥࠹ෘ܄ൔႮჰট֥ ေ֥ቋ֮࣪ሧЧ=(ؓຓڵᅏሹح−սઙછᆣಊॻĎ×8% ྩڿູ ေ֥ቋ֮࣪ሧЧ=čؓຓڵᅏሹح−ႵቀܔַቔքЌ֥ᅏༀĎ×8% ૌࡹၰቔԛഈඍྩڿ֥ႮᄝႿᆃུᅏༀၘႵቀܔַ֥ቔքЌđ҂ླေၛ࣪ሧЧটቔࣉ၂҄ЌᅰbՖ ୍֥ඔऌुđ္ྸᆃ၂ྩڿ֥ၩၬ҂նđᄝࣜݖ ୍֥൧ӆࣉ၂҄༯יބu࠹ෘܿᄵvྩڿđࡆնؓಊഅӻႵᆣಊ֥२ࡨб২ުđཌྷྐ၂ུಊഅ֥࣪ሧЧࡼႵࢠնږ؇༯ࢆđՎൈૌοჰႵؓຓڵᅏ१ࣥ࠹ෘ֥࣪ሧЧაؓຓڵᅏб২߶ࢤ࣍ ָ֥ཌđᆃ҂০Ⴟᆃུ܄ඳหљ൞၂ུႪྮ܄ඳြༀ֥ຉᅚb č Ďᄝ࠹ෘಊഅ֥࣪ሧЧൈđႋေᆣಊ܄ඳοᅶ൧ࡎط҂൞ӮЧࡎ࠹ෘః෮ӻႵ֥Ⴕࡎᆣಊႋၛّ႘ᆣಊ֥ᆇൌࡎᆴđၹູೂૌᄝ ࢫᇏіૼ֥đଢభᆣಊ܄ඳӻႵ֥҆ٳႵࡎᆣಊ֥ӮЧࡎჹ֮Ⴟ൧ӆࡎđᆃ߶ᄯӮᆣಊ܄ඳ࣪ሧЧ֥ۚܙbਸ਼ຓđॉ੮֞ݓଽ൧ӆ֥ᄎྛႵห൹ྟđ္ॖၛҐ౼۷Ќ൯֥ٚمđࠧοᅶ൧ࡎაӮЧࡎං֥֮ჰᄵট࠹ࡎb č Ďࢆ֮ؓܢௐaࠎࣁᆣಊ֥ᅼ२б২č္ࠧᄹࡆ२ࡨб২ࠇሧЧ࠹ิĎđൈđေ۴ऌ҂ܢௐ֥ੀྟބڄགหᆘط۳ა҂֥ᅼ२б২bႿЧ໓ᄝ৯ҩ൫࣮ൈ෮࿊౼֥ဢЧીႵݤۂ෮Ⴕ܄ඳđٚمߎбࢠՙđఃࢲݔࣇऎႵ၂קҕॉၩၬđၹՎđؓ҂ڄགো֥ܢௐބࠎࣁᆣಊ֥ऎุᅼ२б২đߎࡹၰႵܱ҆ᄝࣉ၂࣮֥҄ࠎԤഈಒקb č Ďࢹݓຓࣜဒđؓᅏಊหљ൞ఒြᅏಊႋ۴ऌః௹ཋaؿྛದሧᇉࠣᅏಊ֥ሧ֩ࠩ֩ၹࣉྛ۷བྷ༥֥ٳোѩڮჍ҂֥ᅼ२б২ၛّ႘ః҂֥ڄགหᆘb ୍ၛটđݓఒြᅏಊ൧ӆ֤֞ࢠॹؿᅚđॖၛყđࡼট 24
ࠎႿሧЧԉቀྟ֥ᆣಊ܄ඳڄགࡓܵ ؿᅚ؇ߎ߶ࣉ၂҄ࡆॹđఒြᅏಊބݓᅏᄝಊഅሱႏᆣಊᇏ֥бᇗ߶ᇯ҄ᄹࡆbၹՎđؓᅏಊࣉྛ۷བྷ༥֥ٳো൞сေ֥b č Ďࢆ֮ؓᆣಊ܄ඳࠢᇏӻႵ၂܄ඳؿྛ֥ᆣಊ֥ᅼ२б২bႿᇏݓ֥ݓ౦đૌࡹၰؓᆣಊ܄ඳࠢᇏӻႵᆣಊ֥ྛູႋՖਆٚ૫ࡆၛಪקb၂൞ᆣಊ܄ඳӻႵ֥ଖ၂ᆣಊၘӑݖھᆣಊؿྛඔ֥၂קб২čೂ Ď֥Ġؽ൞ᆣಊ܄ඳӻႵ၂܄ඳؿྛ֥ᆣಊ֥ࡎᆴӑݖھᆣಊ܄ඳ࣪ሧЧ၂קб২čೂૅݓᆣࡓ߶ܿק֥ Ď֥bਆᇕ౦ྙ༯đؿྛದࠎЧ૫֥ᇗնэ߄߶ᆣಊ܄ඳ૫ਢޓնڄགbหљ൞ؓܿଆࢠཬ֥ᆣಊ܄ඳطđֻٝٓؽᇕ౦ྙ༯֥ڄག۷ູᇗေb ປᆣಊ܄ඳ֥مದᇍࢲܒაଽ॥ࠏᇅၛЌᅰᆣಊ܄ඳ࣪ሧЧඔऌ֥ᆇൌྟ ေ࣪ሧЧӮູᆣಊ܄ඳҍༀڄག॥ᇅ֥ނྏᆷѓđࣼсྶЌᆣᆣಊ܄ඳཟࡓܵ҆БС֥࣪ሧЧඔऌބఃؓຓڵᅏ֩ඔऌ൞ᆇൌሙಒ֥đᆃ൞ၛ࣪ሧЧູނྏ֥ᆣಊ܄ඳڄགࡓุܵ༢ିႵིؿߨቔႨ֥ࠎԤЌᆣbၹՎđсྶࣉ၂҄ປᆣಊ܄ඳ֥مದᇍࢲܒაଽ॥ࠏᇅbՖགྷൌ౦ঃुđᆃᇶေЇওၛ༯ࠫ۱ٚ૫ğ č1Ďܿٓնܢתหљ൞ႏಊഅնܢת֥ྛູ ᄝᆣಊ܄ඳ֥مದᇍࢲܒᇏđ൙߶ंނྏֹ໊đطնܢתႻᄝ൙߶ᇏఏሢ٤ӈᇗေ֥ቔႨbၹՎđປᆣಊ܄ඳ֥مದᇍࢲܒ൮༵൞ေܿٓնܢת֥ྛູbᆃ၂ٚ૫Їওնܢת࠻ေಪᆇ੫ྛܢתᄳđܱᇿ܄ඳᇍ౦ঃđਸ਼၂ٚ૫ൈ္൞۷ᇗေ֥൞ေ࣌նܢתࠣఃܱ৳ఒြ๙ݖაᆣಊ܄ඳ֥ြༀສটaሧࣁສটၛࠣఃܱ৳ࢌၞྛູ֩ཟնܢתࠣఃܱ৳ఒြࣉྛ০ၭൻෂđՖطݝᆣಊ܄ඳࠣఃᅏಃದ֥০ၭbႮႿ০ၭൻෂສສ๙ݖ၂ུႅз൭؍طӈӈ൞ິܿٚൔࣉྛđ෮ၛđ၂֊ᆃᇕྛູؿളđᆣಊ܄ඳ֥࣪ሧЧඔऌބؓຓڵᅏ֩ඔऌсಖാᆇbՖགྷൌ֥౦ঃुđ০ၭൻෂྛູ۷ಸၞᄝ၂ུնܢתູႏሧЧ֥ᆣಊ܄ඳᇏؿളđၹູႏሧЧ֥ᇯ০Чྟ۷఼b2003୍ؿള֥၂ࡅᆣಊ܄ඳሱ୳Ⴈग़ᅏಊđಖު๙ݖ߭ܓࠆ౼ሧࣁުሇ၍۳նܢת֥ܱ৳ఒြ 25
ࠎႿሧЧԉቀྟ֥ᆣಊ܄ඳڄགࡓܵ Ⴈ֥ྛູބਸ਼၂ࡅᆣಊ܄ඳ֥նܢת୳Ⴈᆣಊ܄ඳ֥ሧЧࣁູఃӊߎᅏༀ֥ྛູЧᇉഈ൞০ၭ֥ൻෂđطᆃਆࡅᆣಊ܄ඳ֥նܢת൞ႏሧЧbၹՎđࡹၰࡓܵ҆ؓᆣಊ܄ඳᇏႏሧЧྟᇉ֥նܢת֥ྛູቓԛህܿקbೂॖၛᄝႏఒြࣉೆᆣಊ܄ඳൈࣉྛ఼ᇅྟ֥ᇔࠞӻႵದބܱ৳ఒြᇅ؇đၛᅧఃگᄖ֥ܢಃࢲܒᇏᄏݤ֥ڄགđൈߎॖၛܿקႏఒြࣉೆᆣಊ܄ඳުđᆣಊ܄ඳ҂ॖၛھఒြࠣఃܱ৳ఒြؿളሧࣁބြༀສট֩bਸ਼ຓđູਔܿٓ൙߶ބնܢת֥ྛູđߎॖၛՖܝৣᆣಊ܄ඳܢಃࢲܒ؟ჭ߄aิۚ൙߶ᇏຓ҆൙֥бᇗ֩ٚཟࣉྛฐ෬b č2Ďࡆ఼ࡓ൙߶֥৫ྟđࡹ৫ຓ҆ࡓ൙ᇅ؇ ᄝᆣಊ܄ඳمದᇍࢲܒᇏఏᇗေቔႨ֥ਸ਼၂۱ࠏܒ൞ࡓ൙߶bࡓ൙߶ቔູ܄ඳ֥ࡓࠏܒđ၇ᅶ܄ඳᅣӱؓ൙߶ބࣜྛᆯಃ֥ࠃࣉྛࡓbଢభࡓ൙߶ᇶေႮܢתބᆯ۽սіο၂קб২ቆӮbՖݖಀ֥ൌुđࡓ൙߶֥ᆯିߎીႵ֤֞ԉٳؿߨbູਔࡆ఼ࡓ൙߶֥ᆯିb၂൞ေҐ౼ծീࡆ఼ࡓ൙߶֥৫ྟđᆃႋ֒Ֆҍᆟބದ൙ਆٚ૫ሢ൭đЌᆣҍᆟ֥৫đх૧ದ൙ᆭࡗ֥ཌྷఠ৵bؽ൞ေࡹ৫ຓ҆ࡓ൙ᇅ؇đࠧܝৣܢתսіa܄ඳᆯ۽սіၛຓ֥ࡓ൙ࣉೆࡓ൙߶đఃᇶေᆯᄳ൞ࡓ܄ඳ൙߶aࣜҪބఃࡓ൙൞ڎ࣐֞૨ၬༀđႵݝ܄ඳ০ၭ֥ྛູބິܿࣜႏྛູb č Ďປ܄ඳ֥ଽ҆॥ᇅࠏᇅ ᆃᇶေЇওປ߶࠹ᅫଢބ߶࠹࠺ࠣଽ҆ҍༀܵᇅđປСބ఼߄ଽ҆ബ࠹ᇅ؇đᆜ۱ബ࠹сྶ৫Ⴟ܄ඳ֥ఃြༀbࡆ఼ؓۚҪܵದჴބᇗေە໊ြༀದჴ֥ሧ۬ബҰބሧ۬ܵ֩b ᆣಊ܄ඳࡹ৫ࠎႿሧЧԉቀྟ֥ڄགყࣞބҀቀࠏᇅ ၛ࣪ሧЧູނྏ֥ᆣಊ܄ඳڄགࡓุܵ༢ቔႨ֥Ⴕིؿߨᄝ၂קӱ؇ഈߎႵঠႿᆣಊ܄ඳ֥ᇶކbၹՎđࡓܵ҆ေҐ౼ծീđᆣಊ܄ඳಪ്֞ሧЧԉቀྟܿקؓЌᅰఃࣜႏࠃ໗ק֥ࠞ؊ᇗေྟđൈေࠒࠞᆣಊ܄ඳ࣐ॹࡹ৫ఏࠎႿሧЧԉቀྟ֥ڄགყࣞބҀቀࠏᇅđѩᇯ҄ൌགྷᆣಊ܄ඳሱദ֥ڄགܵੀӱაࡓܵࠏܒ֥ڄགࡓܵᇅ؇֥Ⴕི༻ࢤđᆃဢҌିಊഅڄག֥ܵଢѓაࡓܵࠏܒ֥ଢѓႿ၂ᇁđՖطၛ࣪ሧЧູނྏ֥ᆣಊ܄ඳڄགࡓܵᇅ 26
ࠎႿሧЧԉቀྟ֥ᆣಊ܄ඳڄགࡓܵ ؇۷ູႵིb ҕॉ໓ངğ 1a ߲đᆣಊ܄ඳڄགࡓҩყࣞᆷѓุ༢ฐษđᇏݓᆣಊБđ1999୍7ᄅ19ರ 2a ߛӔđᆣಊ܄ඳڄགࡎࠣڄག֥࣮ܵაฐษđӉࡾᆣಊ࣮đ2003୍3ᄅ 3a დڂđڈზૼđᆣಊ܄ඳሸކڄག॥ᇅᆷѓุ༢čᆣࡓ߶ज़ีĎđ2000୍ 4a ศᭅԽđਾݽಖđݚຓಊഅ֥ሧЧაڄག࣮ܵđᆣಊ൧ӆ֝Бđ2003୍10ᄅ 5a ᆽ໓čຖĎđݓᆣಊြሧЧ࠹ิა৯ҩ൫đ1999୍ 6a ᅦᆒčຖĎđݓᆣಊഅሧЧԉቀྟᇅ؇đᆣಊࠣ௹ࠊܵđ1999୍ 7aInternational Organization of Securities Commissions,” Risk management and control guidance for securities firms and their supervisors”, A Report by the Technical Committee, Canada. 1998. 8aInternational Organization of Securities Commissions, ”Sound practice for the management of liquidity risk at securities firms”, A Report by the Technical Committee,2002. 9aDimson,Elroy, and Marsh,Paul, ”Capital requirements for securities firms”, Journal of Finance 50(3),821-851,1995. 10aDimson,Elroy, and Marsh,Paul, ”Stress tests of capital fuquirements”,Journal of Banking &Finance 21,1515-1546,1997. 11aClifford, and , ”Regulatory capital of financial institutions: A comparative analysis”, Financial Markets Research Center, Vanderbilt University,1997. 12aRichard,Herry, and Til,Schuermann, “Capital regulation for position risk in banks ,securities firms and insurance companies,(ed.),CapitalAdequacy:law,regulation,and implementation,Oxford Unversity Press 2003. 13aInternational Organization of Securities Commissions, ”Methodologies for determining minimum capital standards for internationally active securities firms which permits the use of models under prescribed conditions, A Report the Technical Committee,1998. 14aInternational Organization of Securities Commissions, ”Capital adequacy standards for securities firms”, An IOSCO public document,1989. 15aInternational Organization of Securities Commissions, “Comparative paper on capital adequacy standards”, A Report by the Emerging Markets Committee,1997. 16aBerger,.,, and ,”The role of capital in financial institutions”, Journal of Banking and Finance 19,393-430,1995. 17aCrouhy,M, ”The new 1998 regulatory framework for capital adequacy: standardized approach versus internal models”, CIBC working paper 97-3,1997. 18aBralver, Kuritzkes,A., ”Risk adjusted performance measurement in the trading room”, Journal of Applied Corporate Finance 6(3), 1993. 19aJorion,P., “Value-at-Risk:the new benchmark for controlling marker risk”,1997 20aKupiec,P., ”Techniques for verifying the accuracy of risk measurement models”, Journal of Derivatives 2,1995. 21aMeton,.,and Perold ,., ”Theory of risk capital in financial firms”, Journal of Applied Corporate Finance6(3),1993. 27
