ส০ࠎԤބൌ২Кࣘᇏ௹ሧڛༀᇏྏ
ሧڛༀᇏྏzᆯିᆷ֝ग़ሧđग़ሧࣁ҂؎ӮӉzಆ໊࣮ٚa۱ྟ߄ٚσaਬएڛༀzሧڛༀြༀੀӱሧޡܴࣜ࠶അ܂ླඌٳ༅ࢌၞ࠹߃ڛༀ
ᇶေଽಸ•ֻ၂ࢫส০֥ࠎЧۀ•ֻؽࢫส০֥ᇕোބٚم•ֻࢫส০֥ٳ༅ٚمބᇿၩေׄ•ֻඹࢫส০֥Ⴕཋྟ
ֻ၂ࢫส০֥ࠎЧۀ•ส০֥קၬ•ส০აֆшࢌၞ֥љ•ส০֥Ⴊಌׄ•ส০֥ቔႨ
ส০֥קၬ•ส০đ္ࢡࡎҵࢌၞčSpread trading)bᆷઙೆࠇᆀછԛଖᇕ௹ࠊކჿ֥ൈđછԛࠇᆀઙೆཌྷܱ֥ਸ਼၂ᇕކჿđѩᄝଖ۱ൈࡗൈࡼਆᇕކჿҝ֥ࢌၞٚൔb•ؓའğᇕ҂ࢌ۩ᄅٺaཌྷܱ৳֥ਆᇕa҂൧ӆ֥োഅb•০ჷሱࡎҵ֥Ⴕ০эđაधؓࡎ۬ඣܱ༢҂նb
ส০֥קၬ11ᄅა1ᄅ৵ࡎҵ300010029000ࡎҵ2800-1002700-2002600-3002500-4002400-5002300ࡎ۬-6002200-70021002000-800
ส০აֆшࢌၞ֥љઙછਆ۱ކჿสЌᆀส০ᆀՖࡎҵѯᇏକ০ࠏᆀઙછֆ۱ކჿՖࡎ۬ѯᇏକ০
ส০֥Ⴊׄ•۷֥֮ѯੱ•Ⴕཋ֥ڄག•۷֥֮ڄག•ؓᅨי๔֥Ќ•۷Ⴕ་ႄ৯֥൬ၭ/ڄགбੱ•ࡎҵбࡎ۬۷ಸၞყҩ
ส০֥Ⴊׄ•۷֥֮ѯੱ ᄅնࡎ۬ᅨיږѓሙҵ=42
ส০֥Ⴊׄ•۷֥֮ѯੱ ᄅնࡎ۬ᅨיږѓሙҵ=38
ส০֥Ⴊׄ•۷֥֮ѯੱ ᄅა ᄅࡎҵ֥эږ؇ ѓሙҵ=16 ѯੱ༯ࢆਔ60%Ć
ส০֥Ⴊׄ•Ⴕཋ֥ڄགส০ࢌၞ൞ື၂֥ऎႵႵཋڄག֥௹ࠊࢌၞٚൔ
ส০֥Ⴊׄ•۷֥֮ڄག1aሧቆކંіૼđႮਆ۱ປಆڵཌྷܱ֥ሧӁܒӮ֥ሧቆކቋնӱ؇ֹࢆ֮ਔቆކڄགb2aส০൞ൈઙછਆ۱ۚ؇ཌྷܱ֥௹ࠊކჿđ္ࣼ൞ܒᄯਔ၂۱Ⴎਆ۱ࠫެປಆڵཌྷܱ֥ሧӁܒӮ֥ሧቆކđھቆކ֥ڄགሱಖննࢆ֮ਔb3aส০ᆀႋھᇿၩđႵུࡎҵ֥ѯྟбֆшժ֥ߎۚbೂğބ฿ࢋ
ส০֥Ⴊׄ•ؓᅨי๔֥Ќ1aؿ൙ࡱ¹ᅨčיĎ๔¹مӮࢌ¹ാҙᇗ2aطࡎҵສສэ҂նđೂݔؿളാđ္бֆшཬ֤؟3aᇿၩ఼ڄག
ส০֥Ⴊׄ•۷Ⴕ་ႄ৯֥൬ၭ/ڄགбੱ1aෙಖส০൬ၭੱ҂൞ޓۚđӮۿੱۚđᆃ൞Ⴎࡎҵ֥Ⴕཋ֥ڄགa۷֥֮ڄགၛࠣ۷֥֮ѯੱหྟջট֥ݺԩb2aऎႵ൬ၭ໗קa֮ڄག֥หׄđ෮ၛऎႵ۷་ႄದ֥൬ၭ/ڄགбੱđՖط۷ൡၒնሧࣁ֥ᄎቔb3aส০ᆀࣼཞ၂۱đᄝનન௹ݚᇏđ“᭜Ёཌྷᆚđ֤০”đӻႵֆшժ֥؟ॢචٚࠗਛᆚؠݖӱᇏđส০ᆀສສॖၛᄴࠏࢺೆđࠆ০b
ส০֥Ⴊׄ•ࡎҵбࡎ۬۷ಸၞყҩ1a௹ࠊࡎ۬Ⴕࢠն֥ѯੱສສ҂ಸၞყҩb2aส০ࢌၞყҩໃট܂ܱ༢э߄ႄఏ֥ࡎҵ֥э߄b3aყҩࡎҵ֥э߄đᄵ҂сॉ੮෮Ⴕ႕ཙ܂ܱ༢֥ၹb4aᆺླܱᇿ۲ކჿؓཌྷ֥܂ܱ༢э߄ّႋ֥ҵၳྟđᆃᇕҵၳྟथקਔࡎҵэ֥ٚཟބږ؇b
ส০֥ಌׄ•మᄝ൬ၭ൳ཋᇅ•धݺ֥ส০ࠏ߶ޓഒَԛགྷ•ส০္Ⴕڄག
ส০֥ಌׄ•మᄝ൬ၭ൳ཋᇅ1a္ྸྸ؟ದಪູส০ࢌၞ֥ቋնಌׄ൞మᄝ֥൬ၭ൳ཋᇅb2a֒ಖđಒൌೂՎđཋᇅਔࢌၞᇏ֥ڄགđ္߶ཋᇅ֥మᄝ൬ၭb3a҂ݖđቋᇔ൞ڎ࿊ᄴส০ࢌၞđߎ֤ಃޙส০֥ᇭ؟ႪׄބႵཋ֥మᄝ൬ၭb
ส০֥ಌׄ•धݺ֥ส০ࠏ߶ޓഒَԛགྷ1aส০ࠏ߶֥؟ܪđა൧ӆ֥Ⴕིӱ؇ૡ్ཌྷܱb2a൧ӆི֥ੱᄀ֮đส০ࠏ߶ᄀ؟Ġ൧ӆི֥ੱᄀۚđส০ࠏ߶ᄀഒb3aݓଽ௹൧đႵིӱ؇ߎ҂ۚđ۲۱௹ࠊᇕૄ୍߶թᄝࠫՑࢠݺ֥ส০ࠏ߶b҂ݖđཌྷؓႿֆшն൝đૄ୍֥ส০ࠏ߶္ෘ؟֥ਔb
ส০֥ಌׄ•ส০္Ⴕڄག1aڄགჷሱğࡎ۬ொҵ࿃հ༯ಀb2a؋௹ଽđ“఼ᆀޚ఼đᆀޚ”b3aࠪॢڄག
ส০֥ቔႨ•ቔႨğ౷֥ࡎ۬߫گ֞ᆞӈඣ1aႵᇹႿࡎ۬ؿགྷۿି֥Ⴕིؿߨส০ᆀ࿙ᅳ҂ᆞӈ֥ࡎܱ۬༢đೆ൧࣯ᆞbส০ष۲ᇕࡎܱ۬༢Ⴟᆞӈđ՜ࣉ൧ӆ܄ࡎ֥۬ྙӮb2aႵᇹႿ൧ӆੀྟ֥ิۚ߁࠴ބࡨᆑ࠴֥ቔႨᄹնਔ௹ࠊ൧ӆ֥ࢌၞਈđิۚਔ௹ࠊࢌၞ֥ࠃᄁӱ؇đ՜ࣉਔࢌၞ֥ੀӎ߄ބࡎ֥۬ྟ߄
ֻؽࢫส০֥ᇕোބٚم൧ส০ྦྷ൧ส০ॴ௹ส০ส০֥ٳোכൔส০ॴഅส০ཌྷܱഅࡗ֥ส০ჰਘაӮࡗ֥ส০ॴ൧ส০௹གྷส০
ॴ௹ส০•ॴ௹ส০൞ᆷᄝ၂൧ӆൈઙೆaછԛᇕഅ҂ࢌ۩ᄅٺ֥௹ࠊކჿđၛ௹ᄝႵ০ൈࠏൈࡼᆃਆ۱ࢌ۩ᄅٺ҂֥ކჿؓԊҝࠆ০b•൞ቋ௴ђ֥၂ᇕส০•ॖٳູğ൧ส০aྦྷ൧ส০ބכൔส০•҂ࢌ۩ᄅٺ௹ࠊࡎ۬ᆭࡗթᄝ၂ק֥ܱ৳đط႕ཙᆃᇕࡎܱ۬༢ቋն֥൞ӻႵӮЧčCarrying Charge)
ॴ௹ส০•ӻႵӮЧӻႵӮЧ=ҝԥٮ+০༏+ᄖٮૣ֥၂۱ᄅ֥ӻႵӮЧ*30+14200*5%*1/12=77ჭ/ؕ
ॴ௹ส০•൧ส০1aؓ၂Ϯഅđࣼ൞ઙೆ࣍ᄅ௹ࠊކჿ֥ൈછԛჹᄅ௹ࠊކჿbೂğնaყ௹܂۳҂ቀđླཌྷؓຫഹđᄵ߶֝ᇁ࣍௹ᄅٺކჿࡎ֥۬ഈശږ؇նႿჹ௹ᄅٺކჿđࠇᆀ࣍௹ᄅٺކჿࡎ֥۬༯ࢆږ؇ཬႿჹ௹ᄅٺކჿbࡥطᆭđၹყ௹఼࣍ჹđطቓ൧ส০b2aؓࣁඋđҠቔٚཟཌྷّbೂğߛࣁaϢၿ
ॴ௹ส০•ॴ௹ส০֥ѯੱ০ส൧(b)ࡎҵ֥ܱ༢
ॴ௹ส০•൧ส০ൌ২5ᄅ30ರઙೆ1൭7ᄅછԛ1൭9ᄅࡎҵğğ31020ğ29150-1870ჭ/ؕჭ/ؕ6ᄅ24ರછԛ1൭7ᄅઙೆ1൭9ᄅࡎҵğğ34820ğ32830-1990ჭ/ؕჭ/ؕส০ࢲݔࠆ০3800ჭ3680ჭ/ؕ/ؕ࣪ࠆ০ğ5č3800-3680Ď=600ჭ
ॴ௹ส০•൧ส০֥หׄ1aᆞཟ൧ӆğാႵཋaࠆ০మ৯ऍն2aّཟ൧ӆğാбࢠႵཋaࠆ০మ৯ऍն
ॴ௹ส০•ᆞཟ൧ӆቓ൧ส০֥ൌ২ߛնઙ9ᄅ છ11ᄅ " " " " ჭ ؕ
ॴ௹ส০" ა" ࡎҵ10065ࡎҵ." 0611&34-08&334* Ⴗᇠ
-10032-2001-3000ჭ ؕ
ॴ௹ส০•ᆞཟ൧ӆቓ൧ส০֥ൌ২ ઙ7ᄅછ9ᄅ $V $V $V $V $V $V ჭ ؕ
ॴ௹ส০$V ა$V ࡎҵ-30054-9003ࡎҵ-1500." 2611&3-08&334* Ⴗᇠ
-21001-27000ჭ ؕ
ॴ௹ส০•ྦྷ൧ส০1aؓ၂Ϯഅđࣼ൞ઙೆჹᄅ௹ࠊކჿ֥ൈછԛ࣍ᄅ௹ࠊކჿbೂğնaყ௹གྷࠊ܂۳ԉቀđླ҂ຫđᄵ߶֝ᇁ࣍௹ᄅٺކჿࡎ֥۬༯יږ؇նႿჹ௹ᄅٺކჿđࠇᆀ࣍௹ᄅٺކჿࡎ֥۬ഈശږ؇ཬႿჹ௹ᄅٺކჿbࡥطᆭđၹყ௹࣍ჹ఼đطቓྦྷ൧ส০b2aؓࣁඋđҠቔٚཟཌྷّbೂğߛࣁaϢၿ
ॴ௹ส০ྦྷ൧ส০
ॴ௹ส০•఼ચྦྷ൧ส০ൌ২5ᄅ24ರઙೆ1൭1ᄅછԛ1൭11ࡎҵğ఼ચğᄅ఼ચğ301678ჭ/ؕ1648ჭ/ؕ6ᄅ24ರછԛ1൭1ᄅઙೆ1൭11ࡎҵğ఼ચğᄅ఼ચğ541760ჭ/ؕ1706ჭ/ؕჭ/ส০ࢲݔࠆ০82ჭ/58ؕؕ࣪ࠆ০ğ10č82-58Ď=240ჭ
ॴ௹ส০Ws ა8T ࡎҵࡎҵ." &-08&33034* Ⴗᇠ
ӆ15ࣉӆჭ ؕ
ॴ௹ส০•כൔส০1aႮਆ۱ٚཟཌྷّa܋ཚंᇏࢌ۩ᄅٺކჿ֥ॴ௹ส০ቆӮb2aส০ᆀಪູᇏࡗࢌ۩ᄅٺ֥௹ࠊކჿࡎ۬აਆகࢌ۩ᄅٺކჿࡎ۬ᆭࡗ֥ཌྷܱܱ༢ࡼ߶ԛགྷҵၳb
ॴ௹ส০•כൔส০൞ਆ۱ॴ௹ส০֥Ҁޙ֥ቆކđॖၛඪ൞“ส০֥ส০”đఃหׄ൞ğ1aൌᇉഈ൞ᇕഅॴࢌ۩ᄅٺ֥ส০ࠃ2aႮਆ۱ٚཟཌྷّ֥ส০ቆӮđ၂۱છॢส০ބ၂۱ઙॢส০3aඔਈഈđंᇏᄅٺކჿ֩Ⴟਆகᄅٺކჿᆭބ4aсྶൈ༯ղ۱ઙॢ/છॢ/ઙॢ֥ᆷđѩൈؓԊ
ॴഅส০•קၬğᆷ০Ⴈਆᇕ҂֥aཌྷܱ৳֥അᆭࡗ֥௹ࠊކჿࡎ۬ҵၳࣉྛส০b•ٳোğ1aཌྷܱഅࡗ֥ส০ཬચ/ზ/੨2aჰਘაӮࡗ֥ส০ն/௨
ॴഅส০•ཌྷܱഅࡗ֥ส০ൌ২ğཬચ/ზनॖቔൊࡆ۽ࠣਘđކჿႵശࢆ֥൝b
ॴഅส০84 ა$ ࡎҵ55065005450440033502ࡎҵ." 611&33001-08&334* Ⴗᇠ
2500ჭ ؕ
ॴഅส০•ჰਘაӮࡗส০•קၬğᆷ০Ⴈჰҋਘഅა֥ᇅӮᆭࡗ֥ࡎܱ۬༢ࣉྛส০b•ൌ২ğնაఃਆᇕᇅӮ——Ⴒބ௨ᆭࡗ֥ส০b•100%ն=-17%č19%ĎႲ+80%௨+3%č1%Ďݻ•100%նܓࣉࡎ۬+ࡆ۽ٮႨ+০=17%č19%ĎႲཧ൲ࡎ۬+80%௨ཧ൲ࡎ۬1aնิႲส০2aّཟնิႲส০
ॴഅส০•նิႲส০1aնࡆ۽അᄝ൧ӆࡎܱ۬༢ࠎЧᆞӈൈࣉྛĠ2aଢ֥൞ٝᆸնࡎ۬ಖഈᅨđࠇႲa௨ࡎ۬ಖ༯יႄఏാđࠇാࢆᇀቋ֮Ġ3aቓمğઙն௹ࠊ֥ൈછႲބ௨௹ࠊđӻႵᇀܓೆնࠇᆀࡼӮቋᇔཧ൲
ॴഅส০•ّཟնิႲส০1aնࡆ۽അᄝ൧ӆࡎܱ۬༢ّӈൈࣉྛđೂնࡎ۬అۚĠ2aቓمğછն௹ࠊ֥ൈઙႲބ௨௹ࠊđѩൈ෪ࡨളӁđࡨഒ௨ބႲ֥܂ႋਈđᆀᆭࡗ֥ࡎҵࡼ߶Ⴟᆞӈđ௹൧႔০ႵᇹႿҀགྷࠊ
ॴഅส০" ა. ࡎҵ55065005ࡎҵ." 611&34504-08&334* Ⴗᇠ
4003350230012500ჭ ؕ
ॴ൧ส০•קၬğᆷᄝଖ۱ࢌၞ෮ઙೆčࠇછԛĎଖ၂ࢌ۩ᄅٺ֥ଖᇕഅކჿൈđᄝਸ਼၂۱ࢌၞ෮છԛčࠇઙೆĎ၂ࢌ۩ᄅٺ֥ᇕഅކჿ
ॴ൧ส০•4)'&ཌྷؓᄅ௹ކჿა-.&ᄅ௹ކჿčದлĎࡎҵ 4)'& -.&
ॴ൧ส০•ᇿၩ൙ཛ1aᄎൻٮႨ2aࢌ۩֥ࠩҵၳ3aࢌၞֆ໊ა߸ੱѯ4aЌᆣࣁބႛࣁӮЧ
௹གྷส০•קၬğᆷଖᇕ௹ࠊކჿđ֒௹ࠊ൧ӆაགྷࠊ൧ӆᄝࡎ۬ԛགྷၳӈҵၳđࢌၞᆀࣼ߶০Ⴈਆ۱൧ӆઙ֮છۚđՖط෪ཬؽᆀ֥ҵၳ•ᇿၩğ1aࢌ۩ᆜӮЧ2aᄎൻٮႨ3aܱႿؿௐ4aᇉӮЧ5aೆ९ӮЧ6aҝԥӮЧ
ֻࢫส০֥ٳ༅ٚمބᇿၩေׄ၂aส০֥ٳ༅ٚمؽaส০֥ᇿၩေׄ
ส০֥ٳ༅ٚم1aіٳ༅م2a࠱ࢫྟٳ༅م3aཌྷ௹ࡗ܂ٳ༅م
ส০֥ٳ༅ٚم•іٳ༅مkཌඌٳ༅——ಒק൧aྦྷ൧aᆑ֕൧Ĥჹ௹ࡎ۬౷ཌ——ᆞཟߎ൞ّཟĤࡎܱ۬༢ᆞӈڎĤൎࡎҵ࠹——ۚࡎބ֮ࡎᄝଧĤࡎҵඌٳ༅——ᇏ؋௹֥൝ĤູહĤ
ส০֥ٳ༅ٚم•࠱ࢫྟٳ༅مࡎҵӈ߶ཁൕԛ࠱ࢫྟ֥ܱ༢ೆ൧భቓࡱ൙ğ1aсྶ߭ිٳ༅؟୍భ֥ࡎ۬ሧਘބࡎҵэ౦ঃĠ2aٳ༅གྷᄝ֥܂ܱ༢3a࣮ٳ༅ݖಀ֥൧ӆྛູ൞ڎൡႨႿགྷᄝମᇀໃট୍ࠫ
ส০֥ٳ༅ٚم•৵ٳ༅ൌ২ࡎҵٳ҃----S03აS05֥ࡎҵ300Series: S0305Sample 1 1151250Observations 1151Mean . Dev. -Bera -300-200-1000100200
ส০֥ٳ༅ٚم•৵ٳ༅ൌ২і1 ࡎҵनᆴ୍֥؇э߄іčֆ໊ğჭ/ؕĎन2001୍2000୍1999୍1998୍1997୍1996୍नᆴࡎҵ
ส০֥ٳ༅ٚم•৵ٳ༅ൌ২і2 ৵ࡎҵ֥࠱ࢫིႋіčֆ໊ğჭ/ؕĎन1ᄅ2ᄅ3ᄅ4ᄅ5ᄅ6ᄅ7ᄅ8ᄅ9ᄅ10ᄅ11ᄅ12ᄅࡎҵS030591 62 11 ---19 52 54 73 90 97 101 95 S050754 48 63 88 65 ---35 40 48 55 55 46 10S070955 55 64 76 75 74 ---60 67 58 57 6 S0911-32 -30 -34 -20 -33 -52 -84 -103 -140 ----75 -43
ส০֥ٳ༅ٚم•৵ٳ༅ൌ২৵ࡎҵ֥࠱ࢫིႋ ᄅ ᄅ ᄅ ᄅ ᄅ ᄅ ᄅ ᄅ ᄅ ᄅ ᄅ ᄅ 4 4 4 4
ส০֥ٳ༅ٚم•৵ٳ༅ൌ২ࡎҵა௹ࡎ֥ܱ༢ဢЧ௹ཌྷܱ༢ඔ
ส০֥ٳ༅ٚم•ཌྷ௹ࡗ܂ٳ༅مൌ২ğౚੀۋؓ҂ᄅٺ֥ն֥႕ཙA401აA405ඌٳ༅." 50611&32-08&334* -1000
ྍચഈ൧ส০֥ٳ༅ٚم࣍ჹ఼છ࣍ઙჹ•ཌྷ௹ࡗ܂ٳ༅مൌ২ğ൬ࠆ࠱ࢫؓ҂ᄅٺ఼֥ચ֥႕ཙࡎҵঔնWs ა8T ࡎҵࡎҵ." &-08&33034* Ⴗᇠ
ჭ ؕ
ส০֥ᇿၩေׄ•༯ֆࢌၞൈေᆩ֡ࡎҵ֥ሑ•сྶࡔӻൈࣉԛ•҂ିၹູ֮ڄགطቓӑحส০•҂ေᄝଓള൧ӆഈቔส০ࢌၞ•҂ေႨส০টЌၘ֥ֆшժ•ᇿၩส০֥ႛࣁᆦԛ
ֻඹࢫส০֥Ⴕཋྟ1aಌك࣍රู֥ս2aᄮၻࢌၞᆀڄག3aส০֥ൈࡗॴ؇4aࠪॢڄག5aࢌၞӮЧ
ಌك࣍රู֥սzScholesč1972Ďಪູđିڎູଖᇕ࠻ק֥ᆣಊᅳ֞ປಆཌྷࠇ࣍රู֥սđ൞ส০ྛູିڎؿߨቔႨ֥ܱ෮ᄝzؓႿॴ௹ส০طđ֥ቔႨؿߨ֥ࢠݺzॴഅส০ބॴ൧ส০֥ቔႨཁ֤ັུzॴഅส০ބॴ൧ӆส০၂Ϯбॴ௹ส০֥ڄགնđ֒ಖđమᄝ֥০္նb
ᄮၻࢌၞᆀڄག•ᄝᄮၻࢌၞଆᇏđሧᆀФ߃ٳູྟส০ᆀބᄮၻࢌၞᆀਆোđభᆀᅧࢠປಆ֥ࠎԤྐ༏Ġުᆀᄵ۴ऌაࠎԤࡎᆴܱ֥ᄮၻྐ༏ࣉྛࢌၞb•ᄮၻࢌၞᆀສສ߶ၹູᆣಊࡎ֥۬ഈᅨطݖٳুܴđՖطࣉ၂҄ۚࡎ۬Ġဢֹđૌ߶ႮႿᆣಊࡎ֥۬༯יطݖٳИܴđՖطࣉ၂҄յࡎ۬bᆃᇕႮႿᄮၻࢌၞᆀྏэ߄֝ᇁؓᆞӈሑ۷ჹொྙӮ֥ڄགđૌӫᆭູᄮၻࢌၞᆀڄགb
ᄮၻࢌၞᆀڄག•ޅᄝ؋௹ࣉྛส০֥ส০ᆀсྶӵ൳ᆃᇕڄགb•ᄮၻࢌၞᆀڄག߶֤ྟส০ᆀ֥ྛູؿളэၳbૌॖି߶“ྟֹ”ޭ൪ؓࠎԤྐ༏֥ٳ༅đط൞ሇཟყҩᄮၻࢌၞᆀ֥ྛູđ֤ҠቔٚཟაᄮၻࢌၞᆀཌྷđՖطࡎ֥۬ᅨיࡆbՖᆃ۱ၩၬഈࢃđྟส০ᆀᄝ၂קӱ؇ഈሇ߄ູᄮၻࢌၞᆀđՖطࡆնਔᆣಊࡎ֥۬ѯѩཤ൧ӆིੱb•ส০ᆀ֥ᆃᇕྛູౠཟ൞֝ᇁส০Ⴕཋྟ֥ᇶေჰၹb
ส০֥ൈࡗॴ؇•ส০֥ൈࡗॴ؇൞ส০ᆀླေॉ੮֥ᇗေၹb•؋௹ଽđࡎ۬ொҵႵࣉ၂҄౷֥ڄགb•ؓႿࣉྛ؋௹ส০֥ส০ᆀটඪđ֒ૌ૫֥ؓࢌၞؓ൭൞ᄮၻࢌၞᆀൈđᆃᇕڄག൞ቋᇶေ֥đၹູğᄝᄮၻࢌၞᆀ֥ྏ߫گ֞ᆞӈඣభđૌߎॖିࣉ၂҄ሼࠞ؊b
ส০֥ൈࡗॴ؇•ೂݔส০ᆀॉ੮֥ൈࡗॴ؇ӉႿᄮၻࢌၞᆀؓᆣಊु؟ࠇुॢ֥ӻ࿃ൈࡗđࣼ߶ᄝࡎ۬ொҵӑԛᆞӈٓຶൈࣉྛส০đၹູૌಒྐࡎ۬ொҵ߶֤࣯֞ᆞb•ᄮၻࢌၞᆀӮູส০֥ᇗေᅰθᆺؿളᄝ༯ඍ౦ঃ༯ğส০ᆀॉ੮໙ี֥ൈࡗॴ؇ཬႿ֩Ⴟᄮၻࢌၞᆀհ༂ܙࡎ֥ӻ࿃ൈࡗb•၂Ϯطđส০ᆀॉ੮໙ี֥ൈࡗॴ؇ᄀӉđૌ֥ࢌၞᄀᇶđ൧ӆ္ࣼᄀႵིੱb
ࠪॢڄག
ࢌၞӮЧ•ᄝ௹൧ส০ᇏđࢌၞӮЧЇওઙછ௹ࠊކჿ֥ႛࣁ•ೂݔടࠣൌࢌ۩đߎླေᆦڱࢌ۩൭࿃ٮb•Վຓđೂݔઙછಌكੀྟ֥ކჿđၹࢠն֥ઙછࡎҵطᆦڱ֥ཌྷܱӮЧॖି߶٤ӈնđؓส০ᆀ֥ཋᇅ္٤ӈૼཁb•ࡅࢌၞ෮ؓส০ࢌၞߎીႵႪ߲൭࿃ٮđႵൈީࢌၞӮЧ߶٤ӈۚđࠧส০ӮۿਔđࢌၞӮЧ္߶ᅝส০০֥ཌྷ֒նбᇗđ২ೂ֥ॴ௹ส০b
[ڸ]ሧࣁ֥ܵܞׅۀੱଆఃᇏTAູࢌၞႪ൝đࠧӉ௹֥ࠆ০ۀੱࡨಀ֥ۀੱđCUູࠧࡼሧሧЧҷӮࠫ֩ٳ֥ඔਈb
20%ࢌၞႪ൝ӆᆭۀੱ ӆ ۀੱ ሧࣁб২
5%ࢌၞႪ൝ӆᆭۀੱ ӆ ۀੱ ሧࣁб২
і၂҂ሧࣁб২༯ӆᆭۀੱӆۀੱ
ӆۀੱ
ሧࣁб২ ሧࣁб২ ʹ易ា势ʹ易ា势ʹ易ា势ʹ易ា势 ࢲંğҝ໊॥ᇅၹದطၳđۚ൭ष϶ҝđ֮൭ष1/8ҝĆ
྆྆նࡅĆ
