ꆶ닆쎳뺭볃ꆷ2002쓪뗚1웚ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ럧쿕춶헟폫럧쿕춶웳튵볤뗄벤샸풼쫸믺훆돵첽Ξ믆킢커(훐쓏닆뺭헾램듳톧뺭볃톧풺ꆡ430064)ꆡꆡ튻ꆢ컊쳢뗄쳡돶퓚춶탐캪훐쯹뇭쿖돶살뗄탅쾢늻뛔돆틔벰평듋튪뷢뻶뗄벤샸풼쫸컊쳢쫇럇뎣춻돶뗄,퓚럧쿕웳튵훐,췢늿춶헟(outsider)쏦쇙뗄탅쾢늻뛔돆컊쳢뫍벤샸컊쳢룼캪퇏훘ꆣ캪쇋뷢뻶탅쾢늻뛔돆듸살뗄쓦쿲톡퓱ꆢ뗀뗂럧쿕틔벰듮뇣뎵탐캪,춶헟튻냣냑춶캯췐룸튻룶떥뛀뗄훐뷩믺릹,벴럧쿕춶웳튵(럧쿕춶볒)ꆣ헢퇹돶쿖쇋쮫훘뗄캯췐듺샭맘쾵(춼1)ꆣ럧쿕춶뗄쪵볊퓋ퟷ뇭쏷,퓚헢쮫훘뗄캯췐듺샭맘쾵훐,럧쿕춶뚼뷏뫃뗘뷢뻶쇋웤훐뗄벤샸풼쫸컊쳢ꆣ놾컄벴럖컶퓚폐쿞뫏믯훆훐춶헟폫럧쿕춶웳튵(럧쿕춶볒)횮볤뗄벤샸춼1ꆡ럧쿕춶훐뗄쮫훘캯췐듺샭맘쾵풼쫸믺훆ꆣ뛾ꆢ춶헟폫럧쿕춶웳튵볤뗄룷훖벤샸풼쫸믺훆11즸톡믺훆ꆣ춶헟퓚춨맽럧쿕춶믺훆뷸탐춶,쫗쿈뗄컊쳢쫇춶헟ퟷ캪폐쿞뫏믯죋톡퓱ꆰ뫃뗄ꆱ웕춨뫏믯죋(럧쿕춶볒),춨맽뫏믯훆탎쪽탎돉뫏믯릫쮾(럧쿕춶웳튵)ꆣ퓚쫐뎡훐,ꆰ뫃뗄ꆱ웕춨뫏믯죋춨뎣뿚놮뷏뫃,헢뻍쫇ퟮ돵뗄튻룶즸톡믺훆,벴탅폾믺훆ꆣꆰ뫃뗄ꆱ럧쿕놾볒뗄탅폾믺훆랴펳퓚벸룶랽쏦:(1)쓜릻컼틽ퟣ릻뗄믺릹춶헟돶살ퟩ붨럧쿕춶릫쮾ꆣ(2)쓜컼틽튻킩룟쮮욽뗄횰튵뺭샭죋볓죫럧쿕웳튵,듓뛸쪹럧쿕웳튵폐튻횧룼폐솦뗄맜샭닣뛓컩ꆣ(3)쓜컼틽ꆰ뫃뗄ꆱ릩펦짌,쪹릩펦짌쓜틔룼뗍뗄볛룱ꆢ룼뫃뗄뢶뿮쳵볾뫍룼뛠뗄쎳틗탅폃살횧돖럧쿕웳튵ꆣ(4)쓜컼틽뿍뮧뫍럖쿺짌,틲캪쯻쏇쿠탅룃웳튵뗄닺욷뫍럾컱룼뫃ꆢ룼폐뺺헹솦ꆣ(5)쓜릻컼틽튻쇷뗄횤좯돐쿺짌,붵뗍랢탐돉놾,컼틽럖컶쪦뗄룺ퟙ,컼틽믹뷰뺭샭뗄뷩죫,좷놣믺릹춶헟뎤웚돖폐럧쿕놾볒쯹횧돖뗄웳튵뗄막욱ꆣ(6)퓚웳튵뗄쫛ꆢ늢릺짏냯훺럧쿕웳튵헒떽뫏쫊뗄춶헟믲쫕릺볦늢릫쮾,쪹럧쿕웳튵폐룼뫃뗄랢햹ꆣ춶헟튪헒떽ꆰ뫃뗄ꆱ럧쿕춶볒,췹췹튪퓄뛁내횤좯볠맜늿쏅맦뚨럧쿕춶볒쳡릩뗄닄쇏,뺭뎣볬닩춶볒쏇뗄횤쏷컄볾ꆣ헢킩뗷닩퇐뺿뚼쫇뛔잱퓚춶볒뗄돵늽즸톡ꆣ춬쪱,럧쿕춶볒쳡릩뗄맜샭뷡릹튲쓜냯훺잱퓚춶죋뇦쏷ꆰ뫃뗄ꆱ뫍ꆰ늻뫃뗄ꆱ럧쿕춶볒ꆣ튻냣뗘ꆰ뫃뗄ꆱ럧쿕춶볒뇈ꆰ늻뫃뗄ꆱ럧쿕춶볒룼틗뷓쫜춶헟뗄맜샭닎폫ꆣ21뫏믯웵풼ꆣ퓚벤샸샭싛훐,죧맻붻틗쮫랽놣폐돖탸뗄솪쾵뫍샻몦맘쾵,쓇쎴뫏춬(웵풼)Ξ놾컄쫇뫾놱쪡뷌폽쳼짧믡뿆톧퇐뺿ꆰ쪮컥ꆱ맦뮮쿮쒿ꆰ뫾놱룟탂벼쫵랢햹뗄닆헾뷰죚헾닟퇐뺿ꆱ(쿮쒿뇠뫅2001d080)뗄늿럖돉맻ꆣ38
훆뛈놻죏캪쫇뷢뻶뢴퓓ꆢ퇓탸뗄붻틗튻훖뷏뫃뗄훆뛈낲업ꆣ퓚춶헟폫럧쿕춶믺릹횮볤뗄헢훖뢴퓓ꆢ퇓탸뗄붻틗훐,뫏춬훆뛈뛔뷢뻶붻틗훐뗄벤샸폫풼쫸컊쳢튲웰떽쇋뫜뫃뗄ퟷ폃ꆣ춶헟뻶뚨폫톡뚨뗄럧쿕춶볒뷸탐뫏ퟷ,뚼믡폐쏷좷뗄뫏믯웵풼ꆣ퓚뫏믯웵풼훐,튻냣맦뚨뗄훷튪쓚죝폐:램싉뷡릹ꆢ뷰릹돉ꆢ뺭볃쫙쏼ꆢ뷢즢볆뮮ꆢ놨돪ꆢ럖엤ꆢ놨룦뫍믡볆헾닟ꆢ쳘쫢샻틦돥춻ꆢ쳘뇰맋컊캯풱믡ꆣ듋샠뫏춬쫇뗤탍뗄뛠쿮쳵뿮웵풼,쓜뷏뫃쿞훆믲업돽ꆰ믺믡훷틥탐캪ꆱ,헢샠뫏춬맦뚨쇋붻틗뗄뛠훖뿉쓜탔,쪹쓦쿲톡퓱뗄뿉쓜탔복짙ꆣ춬쪱헢샠뫏춬튲쫇뛔뫏춬쮫랽ퟔ훷탐캪뗄튻훖풼쫸,웤훐뗄뛠쿮쳵뿮웳춼뺡뿉쓜좫쏦뗘풤볻룷훖틢췢쟩뿶,늢맦뚨퓚룷훖쟩뿶쿂쮫랽뗄탐캪,듓뛸쿞훆떥랽쏦뗄ퟔ평탐캪,뇜쏢믲복짙뗀뗂럧쿕ꆣ31뫏믯돶믺훆ꆣ춨뎣쟩뿶쿂,춶헟뢺퓰쳡릩럧쿕춶쯹탨훷튪뷰,튻냣햼떽ퟜ맦쒣뗄99%,늢쟒돐떣폐쿞퓰죎,떫웕춨뫏믯죋튲튪킡뇈샽돶,춨뎣캪1%,늢쟒튪돐떣컞쿞퓰죎ꆣ헢튻랽쏦쫇램싉짏탎돉뫏믯훆뗄튪쟳,쇭튻랽쏦튲쫇튻훖쮫랽뗄풼쫸믺훆ꆣ죧맻춶헟캥놳춶돐억,뻍믡뛔폫뫏믯죋퓧웚춶쿠맘뗄닺좨뇈샽뫍쯻쏇뎷돶틑춶죫뷰뗄쓜솦쪩볓퇏샷뗄돍랣ꆣ돍랣뗄훖샠폐뛠훖,뎣볻뗄쫇퓚뫏믯뫏춬훐맦뚨쎻쫕춶헟퓚뫏믯맘쾵훐튻냫뗄뷰뫍쎻쫕웤풭쿭폐뗄튻냫샻죳ꆣ죧맻웕춨뫏믯죋캥놳춶돐억,춶헟폐좨뎷돶뷰,튲뿉틔퓚춶훐늻쳡릩뷗뛎탔뗄돶뛮ꆣ춬쪱,웕춨뫏믯죋돐떣컞쿞퓰죎,쯤좻퓚춨뎣쟩뿶쿂럧쿕춶믺릹늻믡랢짺뷨햮탐캪,늻믡돶쿖늻뗖햮쟩탎,떫컞쿞퓰죎뮹쫇뛔웕춨뫏믯죋튻룶뫜뫃뗄풼쫸ꆣ퓙헟,웕춨뫏믯죋뗄탅폾튲듳쫜펰쿬,쪹웤뷱뫏퓙듎돯벯럧쿕춶믹뷰뗄뿉쓜탔붵뗍ꆣ41쳘쫢뗄놨돪뫍럖엤믺훆ꆣ놨돪쳥쾵퓚킭뗷웕춨뫏믯죋폫춶헟샻틦맘쾵랽쏦랢믓ퟅ훘튪ퟷ폃ꆣ럧쿕춶맜샭릫쮾틲캪웤맜샭쎿룶폐쿞릫쮾뗄춶뛸믱뗃솽룶놨돪살풴ꆣ쯻쏇뿉틔뗃떽튻뚨맜샭럑,듋췢,쯻쏇뮹뿉틔뗃떽쎿쿮믹뷰쫙쏼웚쓚튻뚨뇈샽뗄샻죳,벴쯹캽뗄ꆰ뢽듸샻쾢ꆱ믲ꆰ뢽듸샻죳ꆱꆣ맜샭럑튻냣틔쯹맜샭믹뷰춶ퟜ뛮뗄튻뚨냙럖뇈쫕좡ꆣ캪쇋뷸튻늽벤샸웕춨뫏믯죋캪춶헟뗄샻틦릤ퟷ,헢훖믺훆뷼살폖폐쇋뷸튻늽뗄룄짆ꆣ(1)쪹맜샭럑폫웕춨뫏믯죋뗄릤ퟷ쿠솪쾵ꆣ퓚뫏믯돵웚뫍훐웚,웕춨뫏믯죋릤ퟷ랱쎦,틲듋맜샭럑싊뷏룟;퓚뫏믯뫳웚웕춨뫏믯죋뗄닎폫돌뛈쿂붵,틲듋맜샭럑싊쿂붵;뫏믯릫쮾훕횹뫳퓲늻퓙횧뢶맜샭럑ꆣ헢퇹,캪쇋쓜쮳샻쒼벯쿂튻싖믹뷰,웕춨뫏믯죋뻍뇘탫뺡뿬맩뮹춶헟뗄춶놾ꆣ(2)맜샭럑싊뗄좷뚨춨뎣틔쯹쪵볊춶죫뗄뷰솿캪볆쯣믹뒡,뛸늻쫇돐억뗄쫽쒿ꆣ헢퇹맜샭럑싊ퟔ좻뷏뗍,헢뻍맄샸웕춨뫏믯죋뺡뿉쓜냑뷰춶럅돶좥,틔컼쫕춶헟뗄뷰볌탸춶죫;춬쪱튲복죵쇋웕춨뫏믯죋돯벯룼뛠뗄뎬맽춶쓜솦뗄뷰뗄쟣쿲,틲캪돐억맽뛠뗄뷰늢쎻폐룼뛠뗄맜샭럑ꆣ(3)맜샭럑싊뗄좷뚨뮹튪뾼싇뫏믯릫쮾닺뗄쫐뎡볛횵,뛸늻뷶뷶쫇믹폚춶뗄돵쪼놾ꆣ헢훖랽쪽듙쪹웕춨뫏믯죋횻폐뾿쳡룟춶볛횵살퓶볓ퟔ짭뗄쫕죫ꆣ(4)퓚뫏믯릫쮾훐,ퟮ듳뗄춶헟췹췹떥뛀폫웕춨뫏믯죋뷸탐맜샭럑싊첸에ꆣ틲캪ퟮ듳뗄춶헟뗄뷰솿듳,쿠뛔뷚풼쇋웕춨뫏믯죋뗄돯돉놾,틲뛸쓜듓ퟮ듳뗄춶헟뒦쯹뗃떽뗄맜샭럑튲뷏뗍ꆣ헢좴튻랽쏦복짙쇋웕춨뫏믯죋뗄돯돉놾,튲맄샸웕춨뫏믯죋ퟮ듳쿞뛈뗘춨맽춶럅뷰뷸뛸짽횵뛸퓶볓맜샭럑뗄얬솦ꆣ뢽듸샻죳쫇웕춨뫏믯죋뛔뫏믯릫쮾뗄샻죳럖엤,튻냣만뚨캪릫쮾뺻쫕틦뗄20%ꆣ퇐뺿뇭쏷,횻튪럧쿕춶믹뷰쎿쓪뢴뫏믘놨싊(냼삨맜샭럑싊뫍뢽듸샻죳)쫇헽뗄,웕춨뫏믯죋뢽듸샻죳뗄냙럖뇈퓶뎤뻍믡뎬맽뫏ퟷ릫쮾ퟜ볛횵뗄냙럖뇈퓶뎤싊ꆣ룼뷸튻늽,폐죋냑웕춨뫏믯죋뗄맜샭좨뾴ퟷ쫇캪쪹럧쿕춶릫쮾쿭폐믹놾럧쿕춶믹뷰볛횵퓶뎤뛮뗄20%뗄톡퓱좨ꆣ톡퓱좨뗄쪵볊볛룱쫇틔믹뷰맦쒣캪믹뒡뗄,톡퓱좨뗄쫙쏼뻍쫇믹뷰뗄쫙쏼ꆣ믹폚볲떥뗄Black-Scholes39
쒣탍뗄쫽톧럖컶쿔쪾,럧쿕춶뫏풼퓚힢죫뷰잰뗄볛횵뿉룟듯믹뷰돵쪼ퟜ볛횵뗄10%ꆣꋙ헢쮵쏷,럧쿕풽듳,뫏풼뗄볛횵튲풽듳,뛸쟒퓚폐킩쟩뿶쿂,웕춨뫏믯죋뷸탐뢺뺻쿖횵춶,웤톡퓱좨볛횵뗄퓶볓뛮튲믡뎬맽웤닺좨뗄쯰쪧뛮ꆣ헢볈쫇뛔웕춨뫏믯죋뗄튻훖벤샸,춬쪱뛔춶헟튲쫇폐샻뗄ꆣ떫헢훖벤샸좴죝틗퓬돉웕춨뫏믯죋뗄맽뛈춶뗄뿉쓜탔ꆣ퓚럧쿕춶믺훆훐쓜뷏뫃뗘뷢뻶쇋헢룶컊쳢ꆣ51폐쿞웚쿞훆뛈ꆣ듳뛠쫽뗄믹뷰뗄쫙쏼쫇10쓪,죴튪퇓뎤믹뷰쫙쏼,퓲튪쟳뛠쫽춶헟튻뚨돌뛈뗄춬틢,횻폐짙쫽뗄믹뷰뗄쫙쏼뗄퇓뎤뿉평웕춨뫏믯죋좷뚨ꆣ죧맻튪퇓뎤,ퟮ뎣볻뗄퇓뎤웚쫇3쓪,ퟮ뛠퓙퓶볓1쓪ꆣ믹뷰램싉듦퓚뗄캴웚,쯹폐뗄쿖뷰뫍횤좯뚼튪럖엉늢뷸탐ퟮ뫳뗄믡볆뫋쯣ꆣ폐쿞뗄쫙쏼,쪹웕춨뫏믯죋늻뿉쓜폀풶놣듦춶헟뗄뷰,뻍쫇쮵,춶헟펵폐쿲춬튻룶럧쿕춶볒맜샭뗄믹뷰늻퓙춶뗄좨솦ꆣ웕춨뫏믯죋늻틔춶헟뗄샻틦캪훘,뇣컞램뗃떽쪹폃웤믹뷰뗄좨솦,헢뻍뿉틔퓚튻뚨돌뛈짏럀횹럧쿕춶믹뷰뗄맜샭헟ퟶ돶폐쯰쯻쏇샻틦뗄뻶뚨ꆣ퓚헢튻뗣짏,폐쿞뫏믯훆뇈릲춬믹뷰뫍릫쮾훆(컞쿞짺쏼)폐뫜듳뗄늻춬ꆣ61볠쫓훆뛈ꆣ퓚폐쿞뫏믯릫쮾훐,뚼헽쪽믲럇헽쪽뗘짨폐맋컊캯풱믡,웤훐뚼폐춶헟뗄듺뇭,폐뗄캯풱믡짵훁좫늿쫇춶헟ꆣ헢킩맋컊캯풱믡샠쯆뒫춳뗄뚭쫂믡,뛔럧쿕춶뗄퓋펪뷸탐볠뚽뫍맜샭ꆣ쯤좻퓚램싉짏춶헟뗄좨샻평뫏믯릫쮾뗄램싉쳘탔쯹쿞훆,떫헢훖볠뚽뫍맜샭뇭쿖캪샻폃퓚쒳킩쫂컱짏뗄춶욱좨뎷뮻쒳룶웕춨뫏믯죋믲퓚뫏믯릫쮾훕횹죕웚잰쳡잰훕횹뫏믯맘쾵ꆣ헢튲쪹뗃웕춨뫏믯죋뇘탫훒쪵뗘캪춶헟뗄샻틦릤ퟷꆣ71놨룦훆뛈ꆣ퓚폐쿞뫏믯훆훐,춶헟췹췹튪쟳웕춨뫏믯죋쳡릩쫜릫쮾볛횵뫍춶뷸햹,웤훐냼삨웕춨뫏믯죋벰톡뚨뗄쫜릫쮾뗄맜샭췅뛓뗄쓪뛈믡틩놨룦ꆣ튻냣튪쟳틔춶헋쏦볛횵ퟷ캪믹뒡뷸탐놨룦,뛸늻쫇틔돉놾캪믹뒡뷸탐놨룦ꆣ헢뻍튪쟳웕춨뫏믯죋얬솦쳡룟춶뗄볛횵,뛸늻쫇볲떥뗘뺡뿬춶럅뷰ꆣ81춶ퟩ뫏뗄쿠뮥럖샫훆뛈ꆣ룹뻝헢튻훆뛈,쎿튻쿮뫏믯릫쮾뗄춶쫇럖뇰뷸탐뗄ꆣ헢퇹뇣폚뫍웤쯻뫏믯릫쮾뗄믘놨뷸탐뛔뇈,뇈뷏죝틗뾴돶쫇럱평폚웕춨뫏믯죋컞램뿘훆뗄풭틲뛸쪹춶믘놨맽뗍,늢뿉횤쏷춶믘놨싊뗍쫇럱돶폚췢늿풭틲,죧뺭볃톭뮷훜웚믲헟릫뾪짏쫐쫐뎡뫍릺늢쫐뎡뮷뺳뇤뮯ꆣ죧맻늻붫춶ퟩ뫏뷸탐럖샫,쫕죫붫쫇랢짺퓚늻춬짌튵훜웚뫍늻춬쫐뎡쳵볾쿂룷훖춶뗄믘놨뗄믬뫏뷡맻,헢퇹뻍컞램에뛏웕춨뫏믯죋뗄얬솦돌뛈ꆣ91맜샭횧돶뫍춶믹뷰뗄럖샫훆뛈ꆣ퓚튻룶폐쿞뫏믯릫쮾훐,맜샭럑쫇퓚뫏믯킭틩훐떥뛀쳡돶뗄ꆣ헢퇹춶믹뷰훐쓜폃폚뺭샭죋킽뷰뫍뷲쳹뗄쫽솿쫇폐쿞뗄ꆣ헢퇹튻훖횧돶뗄춸쏷뮯뿉틔쪹늻춬뫏믯웳튵횮볤뗄뛔뇈룼볓죝틗ꆣ폐뗄뫏믯릫쮾늢늻쳡잰횧뢶맜샭럑,뛸쫇뫍춶헟쎿쓪킭짌좷뚨풤쯣뾪횧ꆣ헢훖낲업룼폐떯탔,늢놣듦쇋쳡잰낲업맜샭럑뗄뛠쫽폅뗣:평춶헟뿘훆뫍룼볓릫뾪ꆣ101쒳킩튵컱쿞훆뗄훆뛈ꆣ퓚폐쿞뫏믯훆뛈훐,폐킩튵컱쫇놻쿞훆뗄ꆣ(1)뢺햮튵컱뗄뷻횹ꆣ캪돤럖놣헏춶뗄뷰낲좫,웕춨뫏믯죋늻뗃캪뫏믯릫쮾뻙햮ꆣ(2)웕춨뫏믯죋뗄ퟔ컒튵컱뗄쿞훆ꆣ헢냼삨웕춨뫏믯죋캪쇋닺짺럑폃뛸붫뷰춶폚쯻쏇ퟔ벺뗄ퟓ릫쮾ꆢ캪쇋퓶볓릫쮾뗄볛횵뛸춶폚쯻쏇맜샭뗄웤쯻릫쮾ꆢ샻폃룶죋뷰폫뫏믯뷰뛔ퟮ폐컼틽솦뗄춶뷸탐솪뫏춶,틔벰웕춨뫏믯죋뷓쫜쫜릫쮾막좨뗈ꆣ(3)쿖폐뷰뛔잰튻믹뷰춶뗄쿞훆ꆣ춶헟튻냣쿞훆쿂튻웚믹뷰춶죫떽평춬튻웕춨뫏믯죋맜샭뗄잰튻믹뷰뗄막욱ꆣ(4)쿂튻믹뷰돯벯뗄쿞훆ꆣ폐뗄춶헟튪쟳,퓚뛔쫜릫쮾뗄춶죫늻ퟣ쿖폐믹뷰50%횮잰웕춨뫏믯죋늻뗃뷸탐탂믹ꋙ쓟헽뚫뗈:ꆶ럧쿕춶샋뎱ꆷ,맢쏷죕놨돶냦짧1999쓪냦ꆣ40
뷰뗄쒼벯ꆣ헢뻍놣횤웕춨뫏믯죋탄폚틑듦퓚믹뷰뗄춶뫍퓋폃ꆣ죽ꆢ웕춨뫏믯죋듺샭돉놾뗄붵뗍웕춨뫏믯죋퓚뷸탐럧쿕놾뗄펪퓋맽돌훐,돽쇋얬솦캪춶헟뗄샻틦릤ퟷ췢,뮹뿉틔춨맽쮰쫕뗄폅믝틔벰맜샭뛠룶믹뷰뗄랽램살얬솦붵뗍뺭펪럑폃듓뛸퓶볓ퟔ벺뗄쫕틦ꆣ뻍쮰쫕뛸퇔:(1)뫏믯릫쮾샻죳늻폃뷉쓉뫏믯맘쾵뗄쮰뿮ꆣ춶헟뫍웕춨뫏믯죋퓚룷ퟔ뗄쮰떥짏놨룦쪵쿖뗄샻죳뫍쯰쪧ꆣ(2)럖엤뗄막욱뗄돖폐죋늻뇘십짏뷉쓉쿠펦뗄쮰뿮ꆣ헢퇹,춶헟퓚뗃떽쫜릫쮾뗄막욱쪱뿉떽막욱쫛돶뫳닅좷죏쫕죫(믲쯰쪧)ꆣ(3)럧쿕춶볒뗃떽뗄릫쮾뗄뢽듸샻죳늻믡돉캪펦쓉쮰쫕죫,쯻쏇횻폐퓚믹놾막좨쪵쿖쫕죫믲쯰쪧쪱닅놨룦펦쓉쮰쫕죫ꆣ뛔폚맜샭뛠룶믹뷰뛔웕춨뫏믯죋뗄쪵볊킧맻퓲뿉폃맦쒣뺭볃ꆢ랶캧뺭볃뫍톧쾰쟺쿟킧펦살뷢쫍ꆣ쫗쿈,죧맻쯦ퟅ맦쒣뗄퓶볓,닺욷믲럾컱뗄짺닺뫍럖엤뗄떥캻돉놾붵뗍,퓲듦퓚맦쒣뺭볃ꆣ퓚럧쿕춶ퟩ횯훐,짺닺뫍럖엤냼삨돯벯뷰ꆢ톰헒뫍짨볆뫏춬ꆢ맜샭춶뫍럖엤쫕죫ꆣ죧맻춬쪱닺짺뛠룶닺욷믲럾컱쪱(죧춬쪱맜샭뛠룶믹뷰),떥캻돉놾뻍믡붵뗍ꆣ헢샯퓲듦퓚랶캧뺭볃ꆣ죧맻쯦ퟅ쪱볤뫍샛볆쫽솿뗄퓶볓,맽돌뗄떥캻돉놾붵뗍,퓲듦퓚톧쾰쟺쿟킧펦ꆣ웤듎,뛔폚맦쒣뺭볃,럧쿕놾뗄뻸뛔맦쒣삩듳,떥캻돉놾뿉쓜믡쿂붵ꆣ헢쪱틲캪듦퓚탭뛠만뚨돉놾,냼삨뺭펪럑폃풤쯣훐뗄쿮쒿죧랿ퟢꆢ탅쾢럑ꆢ믡볆뫍쒳킩램싉럑폃ꆣ랶캧뺭볃튲뿉쓜믡닺짺,헢쫇틲캪뛠룶럧쿕춶믹뷰뗄맜샭럑폃늻폫웤ퟜ뛮돉쿟탔맘쾵ꆣ퓙듎,맘폚톧쾰쟺쿟킧펦,럧쿕춶릫쮾쫇폐폃뗄샭싛횪쪶뗄놦뿢ꆣ떱럧쿕춶볒벰웤뢨훺죋풱쓜릻쫬솷뗘뇋듋릵춨믲뫍웤쯻풴살풴죧램싉쫂컱쯹ꆢ믡볆쫂컱쯹ꆢ춶틸탐ꆢ죋솦맜샭릫쮾튲쫬솷붻쇷쪱,쯻쏇믡듓톧쾰쟺쿟킧펦훐듳듳쫕틦ꆣ럧쿕춶릫쮾붫믱뗃폐뺭볃볛횵뗄쏻짹ꆣퟮ훕뗄킧맻쫇쪹릫쮾쯦쪱볤쇷쫅뫍뺭퇩뗄믽샛뇤뗃룼폐킧싊ꆣ쯦ퟅ쪱볤뗄췆틆,럧쿕춶릫쮾폐뒴솢뛠쿮믹뷰뗄뚯솦ꆣ쯹폐뗄믹뷰뚼평춬퇹뗄럧쿕춶볒맜샭ꆣ헢퇹뿉틔듯떽솽룶쒿뗄:(1)놣돖럧쿕춶맜샭릫쮾뗄췪헻탔뫍솬탸탔,춬쪱,튲붫믽샛뗄뺭퇩놣듦쿂살ꆣ(2)맜샭뛠쿮믹뷰샻폃쇋맦쒣믲랶캧뺭볃ꆣ쯦ퟅ럧쿕춶맜샭릫쮾맦쒣(믲맜샭뗄믹뷰쫽쒿)뗄퓶듳떥캻돉놾믡붵뗍,뺡맜춶헟뫍웕춨뫏믯죋늻튻뚨믡뛔릫쮾뗄ퟮ폅맦쒣뫍뷡릹듯돉튻훂틢볻ꆣ뛔폚웕춨뫏믯죋뗄헢훖붵뗍뺭펪럑폃뗄뚯믺,춶헟퓲쫇춨맽쿞훆럧쿕춶뫏믯맘쾵뗄짺쏼웚살뷸탐킭뗷뗄ꆣ웕춨뫏믯죋뫍춶헟샻틦쯦쪱볤뗄췆틆폐닺짺럖웧뗄뿉쓜탔ꆣ죧맻럧쿕춶볒뗄뻶뚨늻럻뫏춶헟뗄ퟮ병샻틦,쯻쏇뻍늻쓜뚯폃믹뷰ꆣ죎뫎톧쾰쟺쿟ꆢ맦쒣뫍랶캧뺭볃뚼컞듓첸웰ꆣ퓚헢훖ퟩ횯탎쪽훐,쓜릻쫕믘뷰횧돖뗄쓜솦쫇킭뗷듺샭죋뫍캯췐죋샻틦뗄ퟮ뫃냬램,춬쪱틲맦쒣믲랶캧뺭볃뫍톧쾰쟺쿟킧펦뗃떽쇋볓잿ꆣ훷튪닎뾼컄쿗:11돉쮼캣:ꆶ뿆벼럧쿕춶싛컄벯ꆷ,쏱훷폫붨짨돶냦짧1997쓪냦ꆣ21쓟헽뚫:ꆶ럧쿕춶샋뎱ꆷ,맢쏷죕놨돶냦짧1999냦ꆣ31쪢솢뻼:ꆶ럧쿕춶닙ퟷꆢ믺훆폫닟싔ꆷ,짏몣풶뚫돶냦짧1999쓪냦ꆣ41헅쫷훐:ꆶ듓캯췐듺샭맘쾵뷇뛈럖컶쏀맺럧쿕놾뗄ퟩ횯뷡릹ꆷ,ꆶ쫀뷧뺭볃ꆷ1999쓪뗚5웚ꆣ51쳯맺잿:ꆶ벤샸ꆢ탅쾢벰뺭볃믺훆짨볆샭싛ꆷ,ꆶ쿖듺뺭볃톧잰퇘쳢ꆷ(뗚튻벭),짌컱펡쫩망1989쓪냦ꆣ61훜믝훐:ꆶ뺭볃벤샸뫍뺭볃룄룯ꆷ,ꆶ쿖듺뺭볃톧잰퇘쳢ꆷ(뗚뛾벭),짌컱펡쫩망1993쓪냦ꆣ41
