훐췢춣없훆뛈뇈뷏퇐뺿 뿎쳢퇐뺿풱ꎺ믆놾튢 ㈰〳⸱〮㌰ 짮횤ퟛ퇐ퟖ뗚0078뫅
훐췢춣없훆뛈뇈뷏퇐뺿 쓚 죝 햪 튪 1ꎮ횤좯춣없쫇횸횤좯붻틗뗄퓝쪱훐뛏ꆣ놻춣없횤좯뿉틔쫇막욱뫍햮좯ꎬ튲뿉틔쫇웤쯻퇜짺뷰죚닺욷ꆣ춣없늻뷶쓜뛔떥튻횤좯쪵쪩ꎬ뮹쓜뛔횤좯ퟩ뫏ꆢ짵훁횤좯쫐뎡쯹폐붻틗뗄횤좯쪵쪩ꆣ춣없볈뿉평랢탐죋쳡돶춣없짪쟫ꆢ붻틗쯹짳엺춨맽뫳쪵쪩ꎬ튲뿉평붻틗쯹ퟔ탐뻶뚨쪵쪩ꎬ춬쪱횤좯볠뚽맜샭늿쏅튲폐좨횸쇮춣없ꆣ쒿잰ꎬ벸뫵쯹폐뗄횤좯쫐뎡뚼폐맘폚횤좯춣없뗄낲업ꎬ웤훷튪쒿뗄쫇캪쇋죃춶헟퓚춣없웚볤믱뗃돤럖뛔돆뗄탅쾢ꎬ캬뮤쫐뎡뗄룟킧ꆢ춸쏷뫍폐탲ꆣ 2ꎮ놾놨룦춨맽뛔뇈럖컶ꎬ랢쿖컒맺뺳쓚쫐뎡뗄춣없맦퓲폫뺳췢훷튪쫐뎡쿠뇈ꎬ뻟폐틔쿂늻춬횮뒦ꎺ ꎨ1ꎩ뺳췢횤좯쫐뎡쯹ퟱ톭뗄춣없샭쓮쫇쪵훊훘폚탎쪽ꎬ횻폐볛룱쏴룐탅쾢닅믡떼훂춣없ꆣ탅쾢쫇럱뻟폐볛룱쏴룐탔평랢탐죋뷸탐에뛏ꎬ죴랢탐죋컞램좷뚨ꎬ춨뎣믡쿲웤놣볶죋뫍ퟶ쫐짌톯ꆣ죴랢탐죋죏캪쓢랢늼뗄탅쾢늻쫇볛룱쏴룐탅쾢ꎬ랢탐죋뻍늻탨쿲붻틗쯹랢돶춣없짪쟫ꆣ뛸컒맺뺳쓚쫐뎡퓚쒿잰뗄춣없훆뛈쿂ꎬ횻튪듯떽맦뚨뗄튪쟳뻍뇘탫춣없ꎬ뛔랢탐죋뗄탅쾢늢캴뷸탐쪵훊탔에뛏ꎬ떼훂춣없뗄탎쪽훘폚춣없뗄쪵볊킧맻ꆣ ꎨ2ꎩ듓춣없뗄샠탍살뾴ꎬ뺳쓚쫐뎡튪풶뛠폚뺳췢쫐뎡ꆣ뺳췢쫐뎡뗄춣없샠탍뿉틔룅삨캪ퟔ훷뻶뚨춣없뫍ퟔ뚯춣없솽샠ꎬ떫컞싛쫇ퟔ훷뻶뚨춣없뮹쫇ퟔ뚯춣없ꎬ쪵훊짏뚼쫴폚뺯쪾탔춣없뗄랶돫ꎻ뛸뺳쓚쫐뎡뗄춣없샠탍늻뷶냼삨뺯쪾탔춣없ꎬ뮹냼삨샽탐춣없ꆣ쇭췢ꎬ뺳췢 1
훐췢춣없훆뛈뇈뷏퇐뺿 쫐뎡횻믡뛔퓚붻틗쪱볤쓚릫늼뗄볛룱쏴룐탅쾢뷸탐춣없ꎬ뛸뺳쓚쫐뎡쪵쪩뗄춣없듳뛠쫇뛔퓚럇붻틗쪱볤릫늼탅쾢뗄샽탐춣없ꎬ헽쫇틲캪냼몬쇋샽탐춣없ꎬ떼훂컒맺뺳쓚쫐뎡뗄춣없듎쫽튪풶풶뛠폚뺳췢쫐뎡뗄춣없듎쫽ꆣ ꎨ3ꎩ듓춣없뗄쪱볤뎤뛌살뾴ꎬ컒맺뺳쓚쫐뎡뗄춣없쪱볤튪뎤폚뺳췢쫐뎡뗄춣없쪱볤ꆣ뺳췢쫐뎡죏캪펦뺡솿쯵뛌춣없뗄쪱볤틔놣돖붻틗뗄솬탸탔ꎬ틲듋춣없뗄쪱볤뚼뷏뛌ꎻ뺳쓚쫐뎡샽탐춣없뗄쪱볤뚼쫇1룶킡쪱ꎬ뛸웤쯻폐맘탅쾢랢늼뗄춣없벸뫵뚼튪쟳퓚랢탐죋랢늼탅쾢릫룦죕뾪쫐1룶킡쪱뫳뢴없ꆣ ꎨ4ꎩ뺳췢쫐뎡웕뇩죏캪ꎬ뛔폚랢탐죋틲늻쓜벰쪱랢늼탅쾢뛸짪쟫뗄춣없ꎬ뺡맜탅쾢퓚맦뚨뗄춣없웚쿞쓚짐캴랢늼ꎬ떫캪쇋놣돖쫐뎡뗄쇷뚯탔ꎬ붻틗죔탨볌탸뷸탐ꆣ틲듋뺳췢쫐뎡뗄짏쫐맦퓲뚼쏷좷맦뚨쇋잿훆뢴없듫쪩ꎻ뛸뺳쓚쫐뎡돽뛔훘듳쫕릺ꆢ돶쫛닺믲막좨ꆢ햮컱훘ퟩ훐뗄쳘뚨쟩뿶쿂뿉틔쪵쪩잿훆뢴없틔췢ꎬ뛔웤쯻샠탍뗄춣없뚼캴맦뚨잿훆뢴없듫쪩ꆣ ꎨ5ꎩ캪쇋럀횹틲쫐뎡벱뻧쿂뗸뛸떼훂뇀엌ꎬ뺳췢튻킩쫐뎡짨훃쇋쫐뎡뛏슷웷ꎻ뛸뺳쓚쫐뎡쒿잰뮹쎻폐럀횹헻룶쫐뎡톸쯙쿂뗸뗄쫐뎡뛏슷웷ꆣ 3ꎮ춨맽뛔뺳쓚췢횤좯쫐뎡춣없맦퓲뗄뇈뷏럖컶ꎬ놾놨룦뛔뷸튻늽탞룄췪짆컒맺춣없훆뛈쳡돶죧쿂쿠맘헾닟붨틩ꎺ ꎨ1ꎩ좡쿻틲붻틗죕릫늼뚨웚놨룦ꆢ쇙쪱놨룦ꎨ틲뺯쪾탔춣없뾯뗇뗄쇙쪱놨룦돽췢ꎩꆢ헙뾪막뚫듳믡ꆢ틔벰뾯뗇막뚫듳믡뻶틩릫룦뗄 2
훐췢춣없훆뛈뇈뷏퇐뺿 샽탐춣없ꆣ좡쿻샽탐춣없뫳ꎬ퓚탐쟩뷒쪾훐ퟶ쏅뗄탅쾢랢늼뇪볇ꎬ틔쳡탑춶헟힢틢틑랢늼뗄탅쾢ꎻ ꎨ2ꎩ뛔랢탐죋틲늻쓜벰쪱랢늼탅쾢뛸짪쟫뗄춣없붨솢잿훆탔뢴없듫쪩ꎻ ꎨ3ꎩ붨솢춻랢탔쫂볾떼훂춣쫐뗄펦벱랽낸ꎻ ꎨ4ꎩ짨훃럀횹쫐뎡톸쯙쿂뗸뗄쫐뎡뛏슷웷ꎻ ꎨ5ꎩ뇤춣없샭쓮ꆢ럅쯉춣없맜훆ꎻ ꎨ6ꎩ붨솢춣없뫏ퟷ킭뗷믺훆ꎬ틔놣횤춬늽춣없뗄폐킧쪵쪩ꆣ 3
훐췢춣없훆뛈뇈뷏퇐뺿 A Comparative Research on Trading Halt Rules between Domestic and Overseas Markets Abstract 1. A trading halt is a temporary interruption in the trading of a security. Trading halts may be implemented on equities, bonds and derivative products. Trading halts apply to groups of securities and even entire markets as well as individual securities. A request for a trading halt must be made to the Exchange by the issuer, and can only be implemented upon the authorization of the Exchange. A trading halt may also be imposed at the discretion of the Exchange. Besides, the regulator has the authority to direct a trading halt. At present, the main purposes of almost all arrangements for a trading halt on every securities market is to ensure investors get sufficiently symmetric information and to keep an efficient, transparent and orderly market. 2. The report finds after comparisons and analysis that the main differences between the trading halt rules of our domestic markets and those of overseas markets are as follows: (1) The trading halt concept followed by the overseas markets is ‘substance over form’, and only price-sensitive information would lead to a trading halt. The issuer judges the price-sensitivity of the information. If don’t think the proposed announcement is price-sensitive the issuer need not address a request for a 4
훐췢춣없훆뛈뇈뷏퇐뺿 suspension to the Exchange. In contrast, under the trading halt regulations of our domestic market a halt must be imposed as long as the relevant provisions are satisfied. However, the information to be released by the issuer is not judged by the substance, which results in the form of a halt being weightier than its effects. (2) With regard to the types of trading halts, the types on domestic markets are fairly more than those on overseas markets. Trading halts can generally divided into two main categories, discretionary and automatic on overseas markets, but both these two are substantially within the category of warning halts. Whereas, domestic markets embrace not only warning halts but routine ones. Otherwise, overseas markets generally impose trading halts only for announcing price-sensitive information during trading sessions, while domestic markets implement trading halts mostly for announcements during non-trading sessions. It is the routine halts adopted by domestic markets that result in the times of trading halts on domestic markets far more than those on overseas markets. (3) In respect of the duration of trading halts, the duration on our domestic markets is usually longer than that on overseas markets. In the interest of a fair and continuous market, a suspension period is required to be kept as short as is reasonably possible. By 5
훐췢춣없훆뛈뇈뷏퇐뺿 contrast, on domestic markets the duration of routine trading halts is one hour, and other trading halts in connection with disseminating information are virtually restored one hour after the opening of the morning session on the day when the issuer publishes the announcement. (4) It is generally held on overseas markets that failure by an issuer to make an announcement within the pre-set duration of a trading halt may result in a restoration of dealings without an announcement by the issuer in the interest of the market liquidity. Therefore, their listing rules specifically regulate compulsory restoration measures. In contrary to overseas markets such measures are not set forth in a domestic market’s rules except under the circumstances of material takeover, selling assets or equity and debt reconstruction. (5) Many overseas markets have pre-determined circuit breakers that halt trading in the entire market when the market drops precipitously. Domestic markets do not have such circuit breakers to prevent a market breakdown. 3. On the basis of the comparison of the trading halt rules home and abroad, this report put forward the following suggestions and approaches as to modifying the trading halt rules in our country: (1) Cancel the routine trading halts for publishing periodic reports, 6
훐췢춣없훆뛈뇈뷏퇐뺿 temporary reports (except for those involving in warning trading halts), holding General Meeting, and announcing results of General Meeting. A mark specially displayed for releasing announcements when disclosing price information other than trading halts be used to remind investors of the information. (2) Set forth compulsory restoration measures in response to failure by the issuer to make timely announcement. (3) Establish a contingency planning to facilitate the recovery from a major market disruption. (4) Pre-determine circuit breakers to prevent a precipitous market decline. (5) Transform the concept of trading halt, and release the regulation over trading halts. (6) Establish coordination mechanisms of trading halts to ensure the effective implementation of parallel trading halts. 7
훐췢춣없훆뛈뇈뷏퇐뺿 쒿 슼 튻ꆢ틽퇔..................................................................................................................................9 뛾ꆢ춣없뗄쒿뗄뫍뺭볃킧맻...............................................................................10 ꎨ튻ꎩ춣없뗄쒿뗄.......................................................................................................10 ꎨ뛾ꎩ폐맘춣없뺭볃킧맻뗄퇐뺿컄쿗ퟛ쫶..............................................11 죽ꆢ뺳췢쫐뎡춣없훆뛈룅싛...............................................................................13 ꎨ튻ꎩ횤좯춣없뗄훷튪샠탍................................................................................13 ꎨ뛾ꎩ춣없좨쿞뮮럖.................................................................................................16 ꎨ죽ꎩ뛠쯹짏쫐횤좯뫍퇜짺뷰죚닺욷뗄춣없.........................................17 쯄ꆢ훐췢춣없훆뛈뇈뷏럖컶...............................................................................20 ꎨ튻ꎩ훐췢춣없훆뛈릲탔럖컶...........................................................................21 ꎨ뛾ꎩ훐췢춣없훆뛈닮틬럖컶...........................................................................22 컥ꆢ컒맺춣없훆뛈룄룯쮼슷짨볆...................................................................31 ꎨ튻ꎩ뛌웚룄룯랽낸.................................................................................................31 ꎨ뛾ꎩ훐웚룄룯랽낸.................................................................................................32 ꎨ죽ꎩ뎤웚룄룯랽낸.................................................................................................33 뢽슼 뺳췢쫐뎡춣없맦퓲뷩짜.........................................................................35 훷튪닎뾼컄쿗....................................................................................................................46 뫳 볇......................................................................................................................................48 8
훐췢춣없훆뛈뇈뷏퇐뺿 튻ꆢ틽퇔 횤좯볠맜뗄튻룶뫋탄쒿뇪쫇좷놣횤좯쫐뎡뗄릫헽ꆢ룟킧뫍춸쏷ꎬ춣없뻍쫇캪쇋쪵쿖헢튻쒿뇪뛸닉좡뗄훘튪듫쪩ꆣ ꋙ춣없쫇횸횤좯붻틗뗄퓝쪱훐뛏ꆣ춣없춨뎣퓚랢탐죋늻쓜솢벴랢늼탅쾢믲횤좯붻틗틬뎣늨뚯쪱쪵쪩ꆣ놻쪵쪩춣없뗄횤좯뿉틔쫇막욱뫍햮좯ꎬ튲뿉틔쫇웤쯻퇜짺뷰죚닺욷ꆣ춣없늻뷶쓜뛔떥튻횤좯쪵쪩ꎬ뮹쓜뛔횤좯ퟩ뫏ꆢ짵훁헻룶횤좯쫐뎡쯹폐붻틗뗄횤좯쪵쪩ꆣ 춣없짦벰뗄컊쳢훷튪폐ꎺ캪뫎튪쪵쪩춣없ꎿ쓄킩훷쳥폐좨뛔횤좯쪵쪩춣없ꎿ춣없폐쓄킩뻟쳥뗄샠탍ꎿ죧맻쒳튻횤좯놻춣없ꎬ룃횤좯뗄퇜짺닺욷쫇럱튲탨튪놻춣없ꎿ뛔폚퓚뛠룶쫐뎡짏쫐뗄횤좯ꎬ죧맻룃횤좯퓚쒳튻쫐뎡놻춣없ꎬ퓲웤쫇럱탨튪퓚쇭튻쫐뎡놻춣없ꎿ죧뫎퓚뛠룶쫐뎡횮볤붨솢폐맘춣없쫂틋뗄킭뗷뫏ퟷ믺훆ꎬ틔퓶잿춣없뗄킧맻뫍쿻돽춬쪱퓚뛠룶쫐뎡춶쒳튻횤좯뗄잱퓚춶럧쿕ꎿ 놾놨룦쫗쿈뛔춣없뗄쒿뗄뫍뺭볃킧맻뷸탐럖컶ꎻ좻뫳짮죫뇈뷏럖컶쇋컒맺뺳쓚췢횤좯쫐뎡춣없맦퓲뗄틬춬ꎻퟮ뫳헫뛔컒맺뺳쓚횤좯쫐뎡쿖탐춣없맦퓲뗄좱쿝ꎬ뛔뷸튻늽탞룄췪짆컒맺뺳쓚쫐뎡뗄춣없맦퓲쳡돶쇋쿠맘헾닟붨틩ꆣ ꋙ 쒿잰ꎬ폐킩뺳췢횤좯붻틗쯹ꎨ죧얦풼횤좯붻틗쯹ꆢ뛠싗뛠횤좯붻틗쯹뫍냄듳샻퇇횤좯붻틗쯹ꎩ뛔ꆰsuspensionꆱ뫍ꆰtrading haltsꆱ뢳폨쇋늻춬뗄몬틥ꎬꆰsuspensionꆱ횸퓝춣짏쫐ꎬꆰtrading haltsꆱ횸퓝춣붻틗ꆣ떫튲폐횤좯붻틗쯹ꎨ죧싗뛘횤좯붻틗쯹ꆢ탂볓웂횤좯붻틗쯹뫍쿣룛솪뫏붻틗쯹ꎩ뗄짏쫐맦퓲뛔ꆰsuspensionꆱ뫍ꆰtrading haltsꆱ퓲쎻폐쏷좷뗄쟸럖ꎬꆰsuspensionꆱ냼삨뛌웚뗄춣없뫍뷏뎤쪱볤뗄퓝춣짏쫐ꆣ놾놨룦쯹횸뗄춣없폫쏀맺ꆢ볓쓃듳뫍냄듳샻퇇뗈맺볒뗄춣없룅쓮ꎨtrading haltsꎩ쿠춬ꆣ 9
훐췢춣없훆뛈뇈뷏퇐뺿 뛾ꆢ춣없뗄쒿뗄뫍뺭볃킧맻 ꎨ튻ꎩ춣없뗄쒿뗄 벸뫵쯹폐뗄횤좯쫐뎡뚼폐맘폚횤좯춣없뗄낲업ꎬ짨볆횤좯춣없뗄쒿뗄뿉틔맩쓉캪틔쿂죽뗣ꎺ 1ꎮ쳡룟쫐뎡춸쏷뛈 쫐뎡춸쏷뛈퓚뫜듳돌뛈짏좡뻶폚쫐뎡뗄탅쾢쫇럱돤럖랢늼ꆣ죧맻쫐뎡탅쾢늻돤럖ꎬ횤좯붻틗붫퓚늻횪쟩뗄쟩뿶쿂뷸탐ꎬ횤좯뗄쫐뎡볛룱뻍늻쓜랴펳랢탐죋뗄헦쪵뺭펪튵벨뫍닆컱ힴ뿶ꎬ뷸뛸펰쿬떽횤좯쫐뎡뗄풴엤훃릦쓜뗄폐킧랢믓ꆣ 캪쇋퓶잿쫐뎡뗄춸쏷뛈ꎬ횤좯볠맜늿쏅튪쟳랢탐죋뗄맜샭떱뻖붫웤횪쾤뗄탅쾢뺡뿬엻슶ꎬ틔뇣춶헟뷸탐뫏샭뻶닟ꆣ죧맻쎽쳥돶쿖랢탐죋캴엻슶뗄쫐뎡뒫컅ꎬ믲헟랢탐죋캴싄탐짏쫐맦퓲쯹튪쟳뗄돖탸탅쾢엻슶틥컱ꎬ쫐뎡뗄춸쏷뛈뻍믡틲탅쾢엻슶늻돤럖뛸쿂붵ꆣ퓚헢훖쟩뿶쿂ꎬ뛔룃릫쮾짏쫐붻틗뗄횤좯쪵쪩춣없ꎬ튪쟳랢탐죋퓚춣없웚볤뻍쫐뎡뒫컅ퟷ돶돎쟥쮵쏷믲뻍캴엻슶쫂쿮뷸탐돤럖엻슶ꎬ컞틉쫇쳡룟쫐뎡춸쏷뛈뗄튻룶폐킧듫쪩ꆣ 2ꎮ놣뮤춶헟 릫욽뗄횤좯쫐뎡뗄튻룶훘튪뇪횾뻍쫇쫐뎡늻듦퓚늻뛔돆탅쾢ꆣ죧맻쫐뎡듦퓚늻뛔돆탅쾢ꎬ듋쪱뗄쫐뎡볛룱뻍늻쫇퓚릫욽붻틗뗄믹뒡짏탎돉뗄ퟮ폅볛룱ꎬ틲캪ퟮ폅뗄쫐뎡볛룱늻펦룃죃튻늿럖춶헟틲탅쾢폅쫆뛸쫜틦ꎬ뛸죃쇭튻늿럖춶헟틲탅쾢쇓쫆뛸쫜쯰ꆣ춣없뗄튻룶훘 10
훐췢춣없훆뛈뇈뷏퇐뺿 튪쒿뗄뻍쫇뺡뿉쓜뗘쿻돽탅쾢늻뛔돆ꎬ놣뮤춶헟뗄샻틦ꆣ 죧맻탅쾢쫇퓚럇붻틗쪱볤릫늼ꎬ뿉틔뫏샭췆뛏춶헟튻냣쓜퓚뾪쫐잰믱횪룃탅쾢ꎻ떫죧맻탅쾢쫇퓚붻틗쪱볤릫늼ꎬ쟒룃탅쾢믡뛔횤좯볛룱닺짺훘듳펰쿬ꎬ쓇쎴탅쾢뗄랢늼붫떼훂쫐뎡볛룱뗄쮲볤뻧쇒늨ꋙ뚯ꎬ튻늿럖춶헟뫜뿉쓜퓚늻횪쟩뗄쟩뿶쿂틲붻틗뛸쫜쯰ꆣ헢쫇틲캪탅쾢뗄뒫뗝탨튪쪱볤ꎬ뛸춶헟믱좡탅쾢뗄쟾뗀늢늻췪좫쿠춬ꎬ컞램놣횤춶헟쓜퓚춬튻쪱볤뗃떽탅쾢ꆣ퓚헢훖쟩뿶쿂ꎬ뛔횤좯쪵쪩춣없ꎬ뿉틔쪹춶헟폐ퟣ릻뗄쪱볤믱쾤탅쾢ꎬ늢럖컶룃탅쾢뛔횤좯볛룱뿉쓜닺짺뗄펰쿬ꎬ듓뛸퓚탅쾢췪헻뗄쟩뿶쿂ퟷ돶샭탔춶뻶닟ꆣ 3ꎮ캬뮤쫐뎡뗄폐탲퓋탐 쫐뎡퓚쒳킩쪱뫲뿉쓜틲쒳킩풭틲뛸돶쿖릩쟳쪧뫢ꎬ쫐뎡릩쟳뗄퇏훘쪧뫢붫떼훂횤좯볛룱뗄벱뻧늨뚯ꎬ쪹쫐뎡뒦폚컞탲ힴ첬ꎬ헢훖쟩뿶퓚쎻폐ퟶ쫐짌훆뛈뗄횤좯쫐뎡짏뇭쿖폈캪쏷쿔ꎻ쫐뎡튲뿉쓜퓚쒳킩쪱뫲틲컞램풤웚뗄춻랢쫂볾뛸톸쯙쿂듬ꎬ짵훁뇀삣ꆣ퓚헢킩쟩뿶쿂ꎬ뛔릩쟳퇏훘쪧뫢뗄횤좯믲뛔헻룶횤좯쫐뎡쪵쪩춣없ꎬ뿉쪹쫐뎡퓚돤럖컼쫕탅쾢뗄믹뒡짏훘탂듯떽뻹뫢ꎬ듓뛸뺡뿬믖뢴쫐뎡뗄폐탲퓋탐ꆣ ꎨ뛾ꎩ폐맘춣없뺭볃킧맻뗄퇐뺿컄쿗ퟛ쫶 맺췢탭뛠톧헟뛔횤좯춣없뗄뺭볃킧맻뷸탐쇋짮죫퇐뺿ꎬ떫뗃돶뗄뷡싛쫇뛠랽쏦뗄ꎬ늢캴탎돉튻훂뗄뷡싛ꆣ Harrisꎨ1998ꎩ퇐뺿쇋뛏슷웷ꎨcircuit breakersꎩ뛔쫐뎡뗄펰쿬ꎬ ꋙ 늻횪쟩춶헟뫜뿉쓜틔룟폚헽뎣볛룱뗄쫐뎡볛룱싲뷸횤좯ꎬ뛸틔뗍폚헽뎣볛룱뗄쫐뎡볛룱싴돶횤좯ꆣ 11
훐췢춣없훆뛈뇈뷏퇐뺿 웤뷡싛쫇퓚쫐뎡랢짺벫뛋늨뚯웚볤ꎬ복싽볛룱뇤뚯뛔듳뛠쫽쫐뎡닎폫헟쫇폐샻뗄ꎻGreenwald 폫 Steinꎨ1991ꎩ뫍Kodres 폫 O’Brianꎨ1994ꎩ뗄퇐뺿뷡싛쫇춣없뿉틔쳡릩춶헟퓚붻틗잰믱횪룼뛠탅쾢뗄믺믡ꎬ듓뛸폐샻폚춶뻶닟ꎻ뛸Subrahmanyamꎨ1994ꎩ뗄퇐뺿퓲죏캪춣없퇓뎤쇋볛룱컼쫕탅쾢뗄쪱볤ꎬ볛룱탎돉맽돌믡평폚춣없뛸놻퇓동ꎬ춬쪱평폚탅쾢쎻폐춨맽붻틗뒫뗝쪹뗃볛룱뗄늻좷뚨탔퓶볓ꎬ퓚횤좯뢴없쪱뛌퓝뗄늨뚯믡룼뻧쇒ꆣ 평폚탨튪붫춣없뫳뗄쫐뎡횸뇪폫볙죴캴쪵쪩춣없뗄쫐뎡횸뇪쿠뇈뷏ꎬ뛸쟒뫜쓑듓춣없뫳뗄볛룱늨뚯훐쳞돽웤쯻틲쯘뛔볛룱늨뚯뗄펰쿬ꎬ틲뛸뛔춣없킧맻뗄쪵횤퇐뺿듦퓚훮뛠삧쓑ꆣLeeꆢReady뫍Seguin (1994)퇐뺿쇋얦풼횤좯붻틗쫐뎡떥횻횤좯춣없뛔웤돉붻솿뫍볛룱늨뚯뗄펰쿬ꆣ쯻쏇퓚퇐뺿훐붫춣없뛔횤좯뗄펰쿬폫룃횻횤좯퓚캴춣없쟩뿶쿂폐샠쯆볛룱쳘탔뗄웚볤뗄쫐뎡뇭쿖쿠뇈뷏ꆣ쯻쏇랢쿖ꎬ춣없뫳춷죽쳬뗄돉붻솿뫍볛룱늨뚯뇈캴춣없쟩뿶쿂튪듳뗃뛠ꎻChristieꆢCorwin 뫍 Harris (2002)퇐뺿쇋쓉쮹듯뿋ꎨNasdaqꎩ쫐뎡짏폫랢늼쿻쾢폐맘뗄춣없뛔볛룱뫍돉붻솿뗄펰쿬ꎬ쯻쏇랢쿖ꎬ폫춣없쿠솪쾵뗄늻좷뚨탔퓚뢴없쪱늢캴쿻돽ꎬ뢴없뫳뗄볛룱늨뚯탔룼듳ꆣ 듓틔짏컄쿗ퟛ쫶뿉틔뾴돶ꎬ춣없볈폐믽벫ퟷ폃ꎬ튲폐뢺쏦펰쿬ꎬ폐맘춣없킧맻뗄쪵횤퇐뺿뷡싛뮹늻쓜뛔춣없뗄맣랺퓋폃쳡릩잿폐솦뗄횧돖탔횤뻝ꆣ 12
훐췢춣없훆뛈뇈뷏퇐뺿 죽ꆢ뺳췢쫐뎡춣없훆뛈룅싛 ꎨ튻ꎩ횤좯춣없뗄훷튪샠탍 내헕횤좯볠맜늿쏅믲횤좯붻틗쯹쫇럱쓜훷뚯뛔춣없닉좡탐뚯ꎬ뺳췢쫐뎡붫춣없뮮럖캪ퟔ훷뻶뚨춣없ꎨDiscretionary Trading Haltsꎩ뫍ퟔꋙ뚯춣없ꎨAutomatic Trading Haltsꎩ솽듳샠ꆣퟔ훷뻶뚨춣없쫇횸평횤좯볠맜늿쏅믲횤좯붻틗쯹뗄췪좫훷뚯탐캪뛸쪹횤좯퓝춣붻틗ꎻퟔ뚯춣없쫇횸퓚뒥벰쫂쿈짨뚨뗄닎쫽랧횵쪱횤좯붻틗쾵춳ퟔ뚯웴뚯뗄횤좯춣없ꆣퟔ훷뻶뚨춣없뫍ퟔ뚯춣없뚼뿉뛔떥튻횤좯ꆢ횤좯ퟩ뫏뫍헻룶쫐뎡쪵쪩ꆣퟔ훷뻶뚨춣없뗄쪱볤뎤뛌좡뻶폚춣없쒿뗄ꎬퟔ뚯춣없뗄웚쿞퓲춨뎣튪뇈ퟔ훷뻶뚨춣없뗄웚쿞뛌튻킩ꆣ 1ꎮퟔ훷뻶뚨춣없 ퟔ훷뻶뚨춣없춨뎣퓚풤웚랢탐죋벴붫랢늼훘듳탅쾢ꆢ뮳틉폐컨뇗믲닙ퟝ쫐뎡탐캪ꆢ랢탐죋캴쓜ퟱ쫘짏쫐맦퓲믲싄탐돖탸엻슶틥컱ꆢ틔벰펦뛔럇뎣쫂볾쪱쪹폃ꎬ훷튪냼삨틔쿂쯄훖샠탍ꎺ ꎨ1ꎩ헽뎣탅쾢랢늼떼훂뗄춣없 쪵쪩춣없뗄튻룶뎣볻풭틲쫇캪쇋죃랢탐죋폐쪱볤랢늼훘듳탅쾢ꎬ늢쳡탑춶헟볛룱쏴룐탅쾢붫믡믲헽퓚랢늼ꆣ헢샠춣없뿉틔죃쫐뎡돤럖컼쫕헢튻훘듳탅쾢ꎬ늢틔폐탲뗄랽쪽붫횮쳥쿖폚횤좯볛룱횮훐ꆣ춣없뗄웚쿞평쪵쪩춣없뗄훷쳥뻶뚨ꎬ튻냣뛸퇔ꎬ춣없튪튻횱돖탸떽룃훷 ꋙ 얦풼횤좯붻틗쯹퓲붫춣없뮮럖캪램뚨춣없뫍럇램뚨춣없ꎬ램뚨춣없쫇평폚듦퓚캴놻횤쪵뗄쿻쾢믲캴놻엻슶뗄쿻쾢뛸춣횹붻틗ꎬ럇램뚨춣없쫇평폚퇏훘뗄릩쟳쪧뫢뛸춣횹붻틗ꆣ쪵볊짏헢솽훖럖샠랽램쫇쿠춬뗄ꎬ횻늻맽쏻돆늻춬뛸틑ꆣ 13
훐췢춣없훆뛈뇈뷏퇐뺿 쳥죏캪볛룱쏴룐탅쾢틑뺭퓚쫐뎡맣캪쇷뒫ꆣ듋췢ꎬ퓚랢탐죋헫뛔쫐뎡뒫컅랢늼돎쟥릫룦쪱튲뿉쓜쪵쪩춣없ꆣ ꎨ2ꎩ틲탩볙엻슶뫍쫐뎡닙ퟝ떼훂뗄춣없 떱횤좯뗄붻틗쫜떽컨뇗믲닙ퟝ쫐뎡탐캪뗄펰쿬쪱ꎬ횤좯볠맜늿쏅믲횤좯붻틗쯹뿉쓜붫웤춣없ꎬ뗤탍뗄컨뇗탐캪냼삨닆컱놨룦뗄훘듳듭놨믲슩놨ꆣ듋췢ꎬ떱쒳튻횤좯뗄틬뎣붻틗풤쪾뿉쓜폐닙ퟝ쫐뎡믲쓚쒻붻틗믮뚯쪱ꎬ횤좯볠맜늿쏅믲횤좯붻틗쯹튲믡뛔룃횤좯춣없ꆣ ꋙꎨ3ꎩ캴쓜ퟱ쫘짏쫐맦퓲떼훂뗄춣없 죧맻랢탐죋캴쓜ퟱ쫘짏쫐맦퓲ꎨ죧랢탐죋캴쓜내맦뚨엻슶닆컱놨룦ꎬ믲캴쓜싄탐돖탸엻슶틥컱ꎬ믲캴쓜듯떽ퟮ뗍막볛쮮욽ꆢퟮ짙막뚫쫽솿ꆢ믲ퟮ뗍쫐횵튪쟳ꎩꎬ횤좯붻틗쯹뿉쓜붫웤횤좯춣없ꎬ튲뿉쓜붫웤횤좯퓝춣짏쫐ꆣ ꎨ4ꎩ쫐뎡맘뇕 퓚춻랢쫂볾떼훂뗄뷴벱쟩뿶쿂ꎬ캪쇋ퟨ횹헻룶횤좯쫐뎡볛룱뗄뿬쯙쿂뗸뛸뿉쓜틽랢뗄쫐뎡뇀삣ꎬ횤좯볠맜늿쏅폐좨붫붻틗쯹쓚췢붻틗뗄쯹폐횤좯춣없ꎬ죧2001쓪ꆰꆱ뿖닀쾮믷쫂볾횮뫳뗄쯄쳬샯ꎬ쏀맺뗄훷튪횤좯쫐뎡좫늿맘뇕ꆣ평폚퓚헢랽쏦좱랦뿉릩뷨본뗄돉릦뺭퇩ꎬ춬쪱퓚풤닢춻랢쫂볾랽쏦튲듦퓚뫜뛠삧쓑ꎬ틲듋횻폐벫짙쫽맺볒뗄횤좯볠맜늿쏅쏷좷맦뚨쇋뿉틔맘뇕쫐뎡뗄뻟쳥쟩탎뫍쫂쿮ꎬ틔벰퓚뷴벱쟩뿶쿂펦ퟱ톭뗄펦벱돌탲ꆣ듋췢ꎬ돽횤좯볠맜늿쏅폐좨솦맘뇕쫐 ꋙ 뺡맜헢샠횤좯춣없뗄쳵볾춨뎣쫇쫂쿈좷뚨뗄ꎨ벴ퟱ쫘짏쫐맦퓲쫇짏쫐뗄잰쳡쳵볾ꎩꎬ떫죔붫웤뾴ퟷ쫇ퟔ훷뻶뚨춣없ꆣ헢쫇틲캪ꎬ퓚랢탐죋캴쓜ퟱ쫘짏쫐맦퓲쪱ꎬ쫐뎡볠맜떱뻖붫움맀뻟쳥쟩뿶ꎬ뻶뚨쫇럱붫웤횤좯춣없ꆣ 14
훐췢춣없훆뛈뇈뷏퇐뺿 ꋙ뎡횮췢ꎬ쒳킩횤좯붻틗쯹ퟔ짭튲폐뛀솢뗄좨솦퓝춣쫐뎡퓋ퟷꆣ 2ꎮퟔ뚯춣없 ퟔ뚯춣없춨뎣퓚쒳튻횤좯볛룱믲헻룶쫐뎡뻧쇒늨뚯캣벰쫐뎡훈탲쪱쪹폃ꎬ훷튪냼삨틔쿂솽훖샠탍ꎺ ꎨ1ꎩ붻틗틬뎣늨뚯춣없 떱쒳횤좯뗄쫐뎡릩쟳퇏훘쪧뫢ꎬ웤볛룱뫍돉붻솿틬뎣늨뚯쟒듯떽쫂쿈좷뚨뗄쿞훆쳵볾쪱ꎬ횤좯붻틗쯹뗄붻틗쾵춳붫ퟔ뚯뛔룃횤좯횴탐춣없ꆣ듋샠춣없뗄훷튪쒿뗄폐솽뗣ꎺ튻쫇퓚랢탐죋뗄볛룱쏴룐탅쾢떼훂횤좯볛룱돶쿖뻧쇒늨뚯쪱웴뚯춣없ꎬ뿉틔쪹춶헟폐믺믡뛔횤좯뗄볛횵훘탂뷸탐움맀ꎬ듓뛸샭탔뗘ퟷ돶춶뻶닟ꎻ뛾쫇춣없뿉틔뺯쪾춶헟뫍쫐뎡볠맜헟룃횤좯듦퓚늻뻹뫢놨엌ꆣ 쯤좻붻틗틬뎣늨뚯춣없폫헇뗸럹쿞훆뚼쓜복뮺횤좯볛룱뗄뻧쇒늨뚯ꎬ웰떽컈뚨쫐뎡뗄ퟷ폃ꎬ떫솽헟퓚쿞훆쳵볾뗄짨뚨뫍뛔횤좯붻틗뗄펰쿬랽쏦좴듦퓚훘듳쟸뇰ꎬ붻틗틬뎣늨뚯춣없뗄쿞훆쳵볾뛔볛룱뫍돉붻솿뗄뇤뚯럹뛈뚼ퟷ쇋쿞뚨ꎬ뛸헇뗸럹쿞훆횻쿞뚨쇋볛룱뗄뇤뚯럹뛈ꎻ쇭췢ꎬ퓚붻틗틬뎣늨뚯춣없웚볤ꎬ놻춣없횤좯뗄붻틗놻퓝춣ꎬ뛸퓚듯떽헇뗸럹쿞훆쪱ꎬ룃횤좯뗄붻틗믮뚯죔쓜뷸탐ꎬ횻늻맽붻틗뗄볛룱늻쓜뎬돶헇뗸럹뗄쿞훆ꆣ ꎨ2ꎩ쫐뎡뛏슷웷 쫐뎡뛏슷웷ꎨCircuit breakersꎩꎬ쫇횸떱닎뾼횸쫽뎬맽풤뚨뗄웴뚯 ꋙ 죧얦풼횤좯붻틗쯹퓚웤51뫅맦퓲훐뻍쇐뻙쇋뿉쓜떼훂쫐뎡맘뇕뗄ꆰ럇뎣쟩뿶ꆱꎺ쪵볊듦퓚믲뿉쓜랢짺뗄놩솦췾킲ꆢ뛱쇓뗄웸뫲쳵볾ꆢ쏱훚즧싒ꆢ뿖닀믮뚯ꆢ햽헹ꆢ믲붻틗쯹쪹폃뗄짨놸퓢쫜쯰뮵믲훐뛏ꆣ 15
훐췢춣없훆뛈뇈뷏퇐뺿 쮮욽쪱붻틗쾵춳ퟔ뚯붫헻룶쫐뎡춣없ꆣ뛏슷웷횻퓚쫐뎡쏍쇒쿂뗸쪱닅폨쪹폃ꎬ웤쒿뗄쫇캪쇋죃쫐뎡닎폫헟폐믺믡좥움맀쫐뎡쿂뗸웚볤뗄쫐뎡ힴ뿶뫍잱퓚뗄쾵춳럧쿕ꆣ뛏슷웷튻냣쎿벾뛈룼탂튻듎ꆣ횤좯붻틗쯹춨뎣훆뚨뛠훘뛏슷웷ꎬ틔뇣떱쫐뎡쿂뗸튻뚨돌뛈쪱뇕쫐튻뛎쪱볤ꎬ퓚쫐뎡뷸튻늽쿂뗸쪱뇕쫐룼뎤쪱볤ꆣ춣쫐뗄웚쿞좡뻶폚쫐뎡쿂뗸뗄돌뛈뫍뛏슷웷웴뚯뗄쪱볤ꎬ쫐뎡쿂뗸뇈샽풽듳춣없쪱볤풽뎤ꎻ뛏슷웷뗄웴뚯쪱볤풽뾿뷼쫕엌쪱볤ꎬ떱죕붻틗뻍풽늻뿉쓜믖뢴ꆣ 쯤좻뛏슷웷폫ퟔ훷뻶뚨춣없훐뗄쫐뎡맘뇕뚼쫇뛔헻룶듳엌쪵쪩뗄춣없ꎬ떫솽헟쫇폐쟸뇰뗄ꎬ뛏슷웷쫇퓚듳엌닎뾼횸쫽쿂뗸뒥벰풤뚨뗄랧횵쪱ꎬ평횤좯붻틗쯹뗄붻틗쾵춳ퟔ뚯횴탐ꎬ뛸쫐뎡맘뇕퓲쫇평횤좯볠맜늿쏅믲횤좯붻틗쯹룹뻝춻랢쫂볾뗄퇏훘돌뛈살뻶뚨ꎻ쇭췢ꎬ쫐뎡맘뇕뗄춣없웚쿞튻냣튪뎤폚뛏슷웷뗄춣없웚쿞ꆣ ꎨ뛾ꎩ춣없좨쿞뮮럖 쯤좻랢탐죋퓚죏캪벴붫릫늼뗄탅쾢쫴폚볛룱쏴룐탅쾢쪱ꎬ뿉틔쿲횤좯붻틗쯹쳡돶튪쟳춣없뗄짪쟫ꎬ떫횻폐횤좯볠맜늿쏅뫍횤좯붻틗쯹닅폐좨뛔횤좯쪵쪩춣없ꆣ튻냣살쮵ꎬퟔ뚯춣없뗄쪵쪩훷쳥쫇횤좯붻틗쯹ꎬ뛸ퟔ훷뻶뚨춣없퓲평횤좯붻틗쯹ꆢ횤좯볠맜늿쏅믲솽헟솪뫏뻶뚨ꆣ 1ꎮ횤좯볠맜늿쏅 횤좯볠맜늿쏅춨뎣퓚폐횤뻝뇭쏷쫐뎡듦퓚컨뇗믲닙ퟝ탐캪ꆢ믲헟탅쾢엻슶늻돤럖뗄쟩뿶쿂쪵쪩춣없ꆣ헢샠춣없ꎬ폫횤좯붻틗쯹쪵쪩뗄춣없쿠뇈ꎬ튻냣웚쿞뷏뎤ꆣ듋췢ꎬ죴랢짺훘듳뗄춻랢쫂볾ꎬ횤좯볠맜 16
훐췢춣없훆뛈뇈뷏퇐뺿 늿쏅튲폐좨솦붫헻룶쫐뎡맘뇕ꆣ 2ꎮ횤좯붻틗쯹 횤좯붻틗쯹퓚죏캪쫐뎡뗄릫욽탔뫍춶헟뗄샻틦쫜떽쯰몦쪱폐좨닉좡춣없듫쪩ꎬ떫탨붫쪵쪩뗄춣없뫍쿠맘샭평벰쪱춨횪룸횤좯볠맜늿쏅ꆣ춨뎣ꎬ뺳췢횤좯붻틗쯹폐좨퓚쿂쇐쟩뿶쿂쪵쪩춣없ꎺ랢늼볛룱쏴룐탅쾢ꎻ랢탐죋캴쓜ퟱ쫘짏쫐맦퓲ꎻ돶쿖늻뻹뫢놨엌ꎻ쫐뎡듯떽뛏슷웷뗄풤뚨쳵볾ꎻ듦퓚컨뇗뫍닙ퟝ쫐뎡탐캪ꎻ랢짺훘듳뗄춻랢쫂볾뗈ꆣ ꎨ죽ꎩ뛠쯹짏쫐횤좯뫍퇜짺뷰죚닺욷뗄춣없 쯦ퟅ좫쟲횤좯쫐뎡뗄튻쳥뮯ꎬ퓚뛠볒횤좯붻틗쯹춬쪱짏쫐붻틗뗄횤좯쫽솿쿔훸퓶뎤ꎬ춬쪱횤좯뗄퇜짺뷰죚닺욷뗄쫽솿튲퓚늻뛏퓶뎤ꆣ뛠쯹짏쫐횤좯뫍퇜짺뷰죚닺욷뗄춣없뛔횤좯볠맜늿쏅쳡돶쇋탂뗄볠맜컊쳢ꆣ 1ꎮ뛠쯹짏쫐횤좯뗄춣없 뛠쯹짏쫐횤좯ꎨmulti-listed securitiesꎩ쫇횸퓚뛠룶횤좯붻틗쯹춬쪱짏쫐붻틗뗄횤좯ꎬ쯼냼삨솽훖쟩뿶ꎺ튻쫇춬쪱퓚튻룶맺볒뺳쓚뗄뛠볒횤좯붻틗쯹짏쫐붻틗ꎻ뛾쫇춬쪱퓚튻룶맺볒뗄뺳쓚췢뛠볒횤좯붻틗쯹짏쫐붻틗ꆣ뛠쯹짏쫐횤좯쯹틽랢뗄컊쳢훷튪쫇ꎺ죧맻룃횤좯퓚쒳룶횤좯붻틗쯹놻춣없ꎬ룃횤좯짏쫐붻틗뗄웤쯻횤좯붻틗쯹쫇럱튲탨튪뛔룃횤좯쪵쪩춣없ꎬ벴춬늽춣없ꎨparallel trading haltꎩꎿ 죧맻쒳횤좯퓚쒳튻쫐뎡놻춣없ꎬ좴쓜퓚쇭튻쫐뎡붻틗ꎬ룃횤좯뗄싲싴믮뚯뿉쓜듓춣없쫐뎡쇷쿲붻틗쫐뎡ꎬ헢쿔좻믡쿷죵춣없뗄쪵볊킧 17
훐췢춣없훆뛈뇈뷏퇐뺿 맻ꎻ듋췢ꎬ평폚늻쓜벰쪱믱뗃룃횤좯틑퓚웤쯻쫐뎡놻춣없뗄쿠맘탅쾢ꎬꋙ볌탸붻틗쫐뎡뗄춶헟붫쏦쇙뻞듳뗄춶럧쿕ꆣ틲듋ꎬ뛔뛠쯹짏쫐횤좯쪵쪩춬늽춣없쫇뫜폐뇘튪뗄ꆣ떫쫇럱뇘탫쪵쪩춬늽춣없ꎬ퓲훷튪좡뻶폚틔쿂죽룶랽쏦뗄틲쯘ꆣ ꎨ1ꎩ탅쾢뒫능킧싊 춬늽춣없뗄쪵쪩폫럱ꎬ퓚뫜듳돌뛈짏쫜떽탅쾢뒫능킧싊뗄펰쿬ꆣ춣없뗄쿠맘탅쾢죴늻쓜폐킧뗘뒫뗝떽웤쯻횤좯쫐뎡ꎬ웤쯻횤좯쫐뎡뻍컞램뛔춣없뗄샭평벰웤쿠맘쇏뷸탐럖컶틔뻶뚨쫇럱탨튪쪵쪩춬늽춣없ꆣ뛔폚춬쪱퓚튻맺뺳쓚췢쫐뎡짏쫐붻틗뗄횤좯살쮵ꎬ탅쾢뒫능킧싊뛔춬늽춣없뗄펰쿬룼캪퇏훘ꎬ헢쫇틲캪ꎬ탅쾢퓚뺳쓚쫐뎡뒫능뗄킧싊쏷쿔튪룟폚쿲뺳췢쫐뎡뒫능뗄킧싊ꆣ죧맻쒳횤좯퓚뺳쓚뗄뛠볒횤좯붻틗쯹춬쪱짏쫐붻틗ꎬ퓚뛠쫽쟩뿶쿂ꎬ튻볒횤좯붻틗쯹죴ힼ놸쪵쪩춣없ꎬ믡붫춣없뗄쿠맘탅쾢솢벴춨횪룸웤쯻횤좯붻틗쯹ꆣ죴춣없쫇평폚듦퓚컨뇗믲쫐뎡닙ퟝ탐캪ꎬ횤좯볠맜늿쏅춨뎣믡튪쟳뺳쓚뗄쯹폐쫐뎡횴탐ꆣ죴춣없쫇죃랢탐죋엻슶볛룱쏴룐탅쾢ꎬ랢탐죋믡붫탅쾢쿲룃릫쮾횤좯붻틗뗄쯹폐쫐뎡랢늼ꎻ떫죧맻쒳횤좯쫇퓚뺳쓚췢뗄뛠볒횤좯붻틗쯹춬쪱짏쫐붻틗ꎬ춣없뗄쿠맘탅쾢쓜럱톸쯙뗘뒫뗝떽뺳췢쫐뎡퓲좡뻶폚뺳쓚췢쫐뎡뗄횤좯볠맜늿쏅벰횤좯붻틗쯹횮볤쫇럱붨솢쇋폐킧ꋚ뗄탅쾢릲쿭믺훆ꎬ틲캪뺳쓚쫐뎡늢쎻폐뇘탫냑춣없뗄쿠맘탅쾢쳡릩 ꋙ 춶헟쏦쇙뗄춶럧쿕훷튪퓚폚ꎺ죧맻쒳횤좯퓚튻룶붻틗쫐뎡놻춣없ꎬ뛸춶헟좴쓜퓚쇭튻붻틗쫐뎡붻틗ꎬ떫듋쪱춶헟튲탭늢늻횪뗀룃횤좯틑퓚웤쯻쫐뎡놻춣없ꆣ ꋚ 탅쾢릲쿭믺훆뗄훘튪탔퓚쏀맺2001쓪ꆰꆱ뿖닀쾮믷쫂볾횮뫳쿔뗃폈캪훘튪ꎬ탭뛠횤좯쫐뎡뚼ퟶ돶쇋헽쪽믲럇헽쪽낲업틔듙뷸뛠쯹짏쫐횤좯춣없탅쾢뗄뒫뗝ꎬ죧탭뛠쫐뎡놣쇴쇋춬쪱퓚뛠룶쫐뎡짏쫐붻틗뗄횤좯뗄쟥떥ꎬ틔벰쎿룶쫐뎡뗄뻟쳥솪쾵랽쪽ꆣ 18
훐췢춣없훆뛈뇈뷏퇐뺿 룸뺳췢쫐뎡뗄램뚨틥컱ꆣ ꎨ2ꎩ훷튪붻틗쫐뎡 쫗쿈쪵쪩춣없뗄쫐뎡쫇럱쫇횤좯뗄훷튪붻틗쫐뎡ꎬ튲쫇퓚뻶뚨춬늽춣없쪱탨튪뾼싇뗄튻룶틲쯘ꆣ쒳횤좯뗄훷튪붻틗쫐뎡쫇횸쒳횤좯퓚룃쫐뎡뗄붻틗솿햼횤좯ퟜ붻틗솿뗄뇈훘ퟮ듳뗄쫐뎡ꎬ쯼춨뎣쫇룃횤좯뗄쫗듎랢탐짏쫐쫐뎡ꎬ떫폐쪱뫲웤쯻쫐뎡튲뿉쓜돉캪룃횤좯뗄훷튪붻틗쫐뎡ꆣ죧맻쒳횤좯뗄훷튪붻틗쫐뎡붫룃횤좯춣없ꎬ룃횤좯짏쫐붻틗뗄웤쯻쫐뎡춨뎣튲뛔룃횤좯쪵쪩춬늽춣없ꆣ뺳췢쫐뎡퓚뻶뚨쫇럱뛔쒳횤좯쪵쪩춬늽춣없쪱ꎬ횮쯹틔튪뾼싇쫗쿈쪵쪩춣없뗄쫐뎡쫇럱쫇룃횤좯뗄훷튪붻틗쫐뎡ꎬ쫇틲캪듦퓚헢퇹튻룶볙짨ꎺ쒳횤좯뗄훷튪붻틗쫐뎡펵폐맘폚랢탐죋뫍볛룱탎돉뗄ퟮ폅탅쾢ꆣ떱좻ꎬ죧맻튻룶쫐뎡죏캪훷튪붻틗쫐뎡횧돖춣없뗄샭평늻릻돤럖ꎬ쯼튲뿉틔늻룺듓훷튪붻틗쫐뎡뗄춣없뻶뚨ꆣ ꎨ3ꎩ춣없뗄뻟쳥샠탍 춣없뗄뻟쳥샠탍튲쫇퓚뻶뚨쫇럱쪵쪩춬늽춣없쪱뇘탫뾼싇뗄튻룶틲쯘ꆣ튻냣살쮵ꎬ튻룶쫐뎡평폚놨엌늻뻹뫢ꆢ뛏슷웷뗄웴뚯믲쾵춳맊헏뛸닉좡뗄ퟔ뚯춣없듫쪩늢늻믡떼훂쇭튻룶쫐뎡쪵쪩춬늽춣없ꎬ틲캪퓚쇭튻쫐뎡짏룃횤좯뗄볛룱탎돉늢캴쫜떽펰쿬ꎻ떫죧맻튻룶쫐뎡쫇평폚랢탐죋뗄틲쯘ꎨ죧랢탐죋랢늼볛룱쏴룐탅쾢ꆢ랢탐죋캴ퟱ쫘돖탸탅쾢엻슶튪쟳ꆢ닆컱놨뇭듦퓚훘듳듭놨믲슩놨뗈ꎩ뛸닉좡뗄ퟔ훷뻶뚨춣없듫쪩ꎬ쇭튻쫐뎡쫇럱쪵쪩춬늽춣없퓚뫜듳돌뛈짏좡뻶폚횤좯볠맜늿쏅뫍횤좯붻틗쯹뗄에뛏ꎬ죴쇭튻쫐뎡뗄횤좯볠맜늿쏅뫍횤좯붻틗쯹 19
훐췢춣없훆뛈뇈뷏퇐뺿 죏캪춣없뗄샭평돤럖ꎬ퓲믡쪵쪩춬늽춣없ꎻ죴죏캪춣없뗄샭평늻싺ퟣ맦뚨뗄춣없튪쟳ꎬ퓲늻믡쪵쪩춬늽춣없ꆣ평듋뿉볻ꎬ퓚ퟔ훷뻶뚨춣없뗄쟩뿶쿂ꎬ춣없맦퓲뗄닮틬뫜뿉쓜떼훂늻춬쫐뎡닉좡늻춬뗄탐뚯ꆣ 2ꎮ퇜짺뷰죚닺욷뗄춣없 믹뒡횤좯뗄볛룱쫇뻶뚨퇜짺뷰죚닺욷볛룱뗄튻룶훘튪틲쯘ꆣ죧맻믹뒡횤좯놻춣없ꎬ웤퇜짺뷰죚닺욷뗄볛룱탎돉붫믡쫜떽퇏훘뗄펰쿬ꆣ듋쪱죧맻퇜짺뷰죚닺욷볌탸붻틗ꎬ늻뷶믡쿷죵믹뒡횤좯뗄춣없킧맻ꎬ뛸쟒뮹믡룸퇜짺뷰죚쫐뎡뗄춶헟듸살뻞듳뗄춶럧쿕ꆣ틲듋ꎬ떱믹뒡횤좯놻춣없쪱ꎬ뛔웤퇜짺뷰죚닺욷튲쪵쪩춣없쫇뫜폐뇘튪뗄ꆣ 뺳췢횤좯쫐뎡뛔듋틑탎돉릲쪶ꎬ튻훂죏캪떱믹뒡횤좯놻춣없쪱튲펦붫웤퇜짺뷰죚닺욷춣없ꆣ컊쳢뗄맘볼퓚폚ꎺ믹뒡횤좯춣없뗄쿠맘탅쾢죧뫎쓜릻벰쪱뗘뒫뗝떽퇜짺뷰죚쫐뎡ꎿ틲캪믹뒡횤좯뗄랢탐죋뫍붻틗쫐뎡튲탭늢늻횪쿾뷸탐웤횤좯뗄퇜짺뷰죚닺욷붻틗뗄쯹폐뎡쯹ꆣ뫜쿔좻ꎬ퇜짺뷰죚쫐뎡뷶뷶틀뾿놻뚯뗘뷓쫜횤좯붻틗쫐뎡쯹뒫뗝뗄춣없탅쾢쫇쓑틔뷢뻶헢튻컊쳢뗄ꎬ퇜짺뷰죚쫐뎡뮹탨튪폫믹뒡횤좯뗄붻틗쫐뎡붨솢폐킧뗄킭뗷뫏ퟷ믺훆ꎬ좷놣쓜릻벰쪱믱횪믹뒡횤좯놻춣없뗄폐맘탅쾢ꆣ 쯄ꆢ훐췢춣없훆뛈뇈뷏럖컶 놾놨룦뛔뇈럖컶쇋컒맺뺳쓚쫐뎡폫쏀맺ꆢ볓쓃듳ꆢ냄듳샻퇇ꆢ탂볓웂ꆢ펢맺틔벰쿣룛뗈뺳췢쫐뎡춣없맦퓲뗄틬춬ꎬ쿠맘뷡싛맩쓉죧쿂ꎺ 20
훐췢춣없훆뛈뇈뷏퇐뺿 ꎨ튻ꎩ훐췢춣없훆뛈릲탔럖컶 컒맺뺳쓚쫐뎡뗄춣없맦퓲폫뺳췢쫐뎡쿠뇈ꎬ퓚틔쿂죽룶랽쏦뻟폐릲춬횮뒦ꎺ 1ꎮ춣없ퟚ횼 뺳쓚췢횤좯쫐뎡짨볆춣없맦퓲뗄ퟚ횼쫇쿠춬뗄ꎬ벴뚼쫇캪쇋놣뮤춶헟뗄샻틦뫍캬뮤튻룶룟킧ꆢ춸쏷뛸폐탲뗄쫐뎡ꆣ 2ꎮ쪵쪩춣없뗄훷쳥 뺳쓚췢횤좯붻틗쯹뗄짏쫐맦퓲뚼쏷좷맦뚨ꎺ춣없볈뿉평랢탐죋쳡돶춣없짪쟫ꆢ붻틗쯹짳엺춨맽뫳쪵쪩ꎬ튲뿉평붻틗쯹ퟔ탐뻶뚨쪵쪩ꎬ춬쪱횤좯볠뚽맜샭늿쏅튲폐좨횸쇮춣없ꆣ떫컞싛춣없쫇평쮭ퟮ돵랢웰ꎬ춣없뗄뻟쳥쪵쪩뚼뇘탫평붻틗쯹살췪돉ꆣ 3ꎮ춣없돌탲 뺳쓚췢횤좯쫐뎡퓚춣없뗄뻟쳥돌탲짏튲폐쿠춬횮뒦ꎬ죧랢탐죋퓚늻쓜벰쪱랢늼훘듳탅쾢뗄쟩뿶쿂ꎬ뿉틔쿲붻틗쯹쳡돶뗈듽탅쾢랢늼뗄춣없짪쟫ꆣ랢탐죋퓚쳡돶춣없짪쟫쪱뇘탫붫짪쟫춣없뗄쿪쾸샭평ꆢힼ놸춣없뗄웚쿞틔벰뢴없뗄뻟쳥쳵볾뗈쿠맘쇏튻늢쳡릩룸붻틗쯹ꎬ죴붻틗쯹죏캪짪쟫춣없뗄샭평쫇뫏샭뗄ꎬ붻틗쯹퓲믡펦랢탐죋뗄튪쟳붫웤짏쫐붻틗뗄횤좯춣없ꆣ죴붻틗쯹늻죏춬짪쟫춣없뗄샭평ꎬ춨뎣믡튪쟳랢탐죋뺡뿬붫웤쯹횪쾤뗄탅쾢엻슶ꎬ믲뛔랢탐죋뗄횤좯쪵쪩퓝춣짏쫐뒦샭ꆣ 21
훐췢춣없훆뛈뇈뷏퇐뺿 ꎨ뛾ꎩ훐췢춣없훆뛈닮틬럖컶 평폚횤좯볠맜훆뛈뗄닮틬ꎬ컒맺뺳쓚쫐뎡뗄춣없훆뛈폫뺳췢쫐뎡쿠뇈ꎬ퓚틔쿂벸룶랽쏦듦퓚ퟅ쏷쿔뗄쟸뇰ꎺ 1ꎮ춣없샭쓮 쯤좻뺳쓚췢횤좯쫐뎡퓚춣없뗄돌탲짏폐튻킩릲춬횮뒦ꎬ떫퓚춣없샭쓮짏좴듦퓚훘듳쟸뇰ꆣ쒿잰컒맺뺳쓚짏쫐릫쮾뗄춣없믹놾짏평붻틗쯹맜훆ꎬ붻틗쯹퓚ꆶ짏쫐맦퓲ꆷ훐쿪쾸맦뚨쇋룷훖쟩뿶쿂쫇럱탨튪춣없틔벰춣없뗄웚쿞ꆣ짏쫐릫쮾돶쿖샠쯆뗄쟩뿶쪱붫ퟔ뚯쫊폃쿠펦뗄쳵뿮ꎬ뛸늻맜릫늼헢쳵쿻쾢쫇럱헦헽믡떼훂막볛뗄틬뚯ꎬ캪춣없뛸춣없뗄쿖쿳짵캪웕뇩ꆣ뛸뺳췢룷붻틗쯹뗄춨탐풭퓲쫇랢짺훘듳쫂볾탨튪릫룦쪱ꎬ짏쫐릫쮾쿈쿲놣볶죋뫍ퟶ쫐짌쫂쿈톯ꎬ좷탅붫튪릫늼뗄탅쾢폐뿉쓜틽웰붻틗뗄틬뎣늨뚯쪱닅쿲붻틗쯹짪쟫춣없ꆣ뺳췢붻틗쯹뗄볠맜죋풱쪱뿌볠뿘쫐뎡뗄퓋탐ꎬ죴랢쿖릫쮾막욱틬뚯뛸짏쫐릫쮾폖쎻폐짪쟫춣없ꎬ볠맜죋풱퓲훷뚯뛔룃릫쮾막욱뷸탐엌훐뷴벱춣없ꆣ뿉볻뺳췢횤좯붻틗쯹뛔횤좯붻틗춣없뗄헾닟쫇쪵훊훘폚탎쪽ꎬ뛸뺳쓚쫐뎡퓲폫횮쿠랴ꎬ쫇탎쪽훘폚쪵훊ꆣ 2ꎮ춣없샠탍 듓춣없뗄샠탍살뾴ꎬ컒맺횤좯쫐뎡뗄춣없샠탍풶풶뛠폚뺳췢횤좯쫐뎡ꆣ듓뇭1뿉틔뾴돶뺳췢횤좯붻틗쯹뗄춣없샠탍뿉틔룅삨캪ퟔ훷뻶뚨춣없뫍ퟔ뚯춣없솽샠ꎬ떫컞싛쫇ퟔ훷뻶뚨춣없뮹쫇ퟔ뚯춣없ꎬ쪵훊짏뚼쫴폚뺯쪾탔춣없뗄랶돫ꎻ뛸뺳쓚횤좯붻틗쯹뗄춣없샠탍늻뷶냼삨 22
훐췢춣없훆뛈뇈뷏퇐뺿 뺯쪾탔춣없ꎬ뮹냼삨샽탐춣없ꎬ죧랢탐죋릫늼뚨웚놨룦ꆢ헙뾪막뚫듳믡ꆢ릫늼뚭쫂믡뫍볠쫂믡뻶틩릫룦뗈ꎬ춣없뗄쯶쯩돌뛈풶풶뎬돶뺳췢붻틗쯹ꆣ쇭췢ꎬ뛔폚뺯쪾탔춣없ꎬ뺳췢횤좯붻틗쯹횻믡뛔퓚붻틗쪱볤릫늼볛룱쏴룐탅쾢뷸탐춣없ꎬ뛸뺳쓚횤좯붻틗쯹뗄짏쫐맦퓲늢캴뛔퓚붻틗쪱볤릫늼볛룱쏴룐탅쾢쫇럱춣없ퟷ돶쏷좷맦뚨ꎬ쯹쪵쪩뗄춣없듳뛠쫇헫뛔럇붻틗쪱볤릫늼탅쾢뗄춣없ꆣ 뇭1 훐췢춣없훆뛈뇈뷏뇭 떼훂춣없뗄뻟쳥쟩탎 춣없웚쿞 ꎨ1ꎩ훘듳탅쾢늻쓜벰쪱랢늼 훘듳탅쾢릫룦뫳벴뿉뢴없 ꎨ2ꎩ붻틗쪱볤랢늼볛룱쏴룐탅쾢 늻뎬맽30럖훓 ꎨ3ꎩ컨뇗뫍쫐뎡닙ퟝ 늻뎬맽10룶붻틗죕 ꎨ4ꎩ럇뎣쫂볾 맘뇕쫐뎡늻뎬맽90룶붻틗죕 ꎨ5ꎩ쾵춳맊헏 쾵춳맊헏놻업돽 ꎨ6ꎩ놨엌늻뻹뫢 늻뎬맽30럖훓 ꎨ7ꎩ뛏슷웷 튻벶춣없ꎺDJIA쿂붵10% 쏀ꎨ1ꎩ랢짺퓚쿂컧2뗣틔잰,듳엌춣없1킡쪱 맺ꎨ2ꎩ랢짺퓚쿂컧2뗣뫍2뗣냫횮볤,듳엌춣없30럖훓 ꎨ3ꎩ랢짺퓚쿂컧2뗣냫횮뫳,듳엌늻춣없 뛾벶춣없ꎺDJIA쿂붵20% ꎨ1ꎩ랢짺퓚쿂컧1뗣틔잰,듳엌춣없2킡쪱 ꎨ2ꎩ랢짺퓚쿂컧1뗣뫍2뗣횮볤,듳엌춣없1킡쪱ꎨ3ꎩ랢짺퓚쿂컧2뗣횮뫳,듳엌춣없훁룃죕쫕쫐 죽벶춣없ꎺDJIA쿂붵30% 듳엌솢벴춣없ꎬ늢퓚룃죕쓚늻퓙붻틗 볓ꎨ1ꎩ붻틗쪱볤랢늼볛룱쏴룐탅쾢 랢늼릫룦뫳늻뎬맽1킡쪱 쓃ꎨ2ꎩ늻ퟱ쫘붻틗쯹맦퓲 훁훘탂싺ퟣ붻틗쯹맦퓲 듳ꎨ3ꎩ놨엌늻뻹뫢 훁놨엌훘탂듯떽뻹뫢 ꎨ4ꎩ뛏슷웷 춬쏀맺믹폚DJIA뗄뛏슷웷튻훂 ꎨ1ꎩ볛룱쏴룐탅쾢늻쓜벰쪱랢늼 볛룱쏴룐탅쾢릫룦뫳벴뿉뢴없 냄듳ꎨ2ꎩ붻틗쪱볤랢늼볛룱쏴룐탅쾢 훁짙10럖훓ꎬ죴쫇쫕릺릫룦ꎬ1킡쪱 샻ꎨ3ꎩ붻틗쪱볤랢늼돎쟥릫룦 릫룦뾯뗇뫳뢴없 퇇ꎨ4ꎩ캴뛔붻틗틬뎣늨뚯뷸탐뷢쫍 ퟮ뎤늻뎬맽2쳬 ꎨ5ꎩ볛룱쏴룐탅쾢킹슩 ퟮ뎤늻뎬맽2쳬 23
훐췢춣없훆뛈뇈뷏퇐뺿 탂ꎨ1ꎩ붻틗쪱볤랢늼볛룱쏴룐탅쾢 뾯뗇쫊떱뗄릫룦뫳뿉뺡뿬뢴없 볓ꎨ2ꎩ볛룱쏴룐탅쾢늻쓜벰쪱랢늼 웂ꎨ3ꎩ볛룱쏴룐탅쾢놻킹슩 ꎨ4ꎩ릫룦탅쾢엻슶늻돤럖 ꎨ1ꎩ붻틗쪱볤랢늼볛룱쏴룐탅쾢 뾯뗇쫊떱뗄릫룦뫳뿉뺡뿬뢴없 펢ꎨ2ꎩ볛룱쏴룐늻쓜벰쪱랢늼 맺ꎨ3ꎩ볛룱쏴룐탅쾢놻킹슩 ꎨ4ꎩ횤좯붻틗틬뎣늨뚯 ꎨ1ꎩ릫늼볛룱쏴룐탅쾢 뾯뗇쫊떱뗄릫룦뫳뿉뺡뿬뢴없 쿣ꎨ2ꎩ볛룱쏴룐탅쾢늻쓜벰쪱랢늼 룛ꎨ3ꎩ쏴룐탅쾢늻릫욽랢늼믲킹슩 ꎨ4ꎩ횤좯붻틗틬뎣늨뚯 ꎨ1ꎩ릫늼뚨웚놨룦ꎨ쓪놨ꆢ훐놨ꆢ벾놨ꎩ 1킡쪱 릫쮾캴내튪쟳뛔놨룦뷸탐뷢쫍믲늹돤릫룦 훁ퟷ돶뷢쫍믲늹돤릫룦뗄떱죕짏컧10뗣30럖뢴없 릫쮾캴퓚램뚨웚볤쓚릫늼뚨웚놨룦 훁뚨웚놨룦릫룦뗄떱죕짏컧10뗣30럖뢴없 ꎨ2ꎩ릫늼쇙쪱놨룦 쫓뻟쳥쟩뿶뛸뚨ꎬ튻냣캪1킡쪱 쇙쪱놨룦엻슶늻돤럖 훁ퟷ돶늹돤믲룼헽릫룦뗄떱죕짏컧10뗣30럖뢴없ꎨ3ꎩ헙뾪막뚫듳믡 훁릫룦막뚫듳믡뻶틩떱죕짏컧뾪쫐쪱뢴없 훐 죴뻶틩릫룦짦벰퓶볓ꆢ뇤룼믲맺럱뻶틩낸 훁릫룦막뚫듳믡뻶틩떱죕짏컧10뗣30럖뢴없 듳ꎨ4ꎩ탂컅쎽뷩훐돶쿖짐캴엻슶뗄탅훁릫쮾뛔룃쿻쾢ퟷ돶릫룦뗄떱죕짏컧10뗣30럖뢴슽쾢 없 ꎨ5ꎩ횤좯붻틗틬뎣늨뚯 훁릫쮾ퟷ돶릫룦뗄떱죕짏컧10뗣30럖뢴없 ꎨ6ꎩ짏쫐릫쮾틲캥맦뛸놻폐맘늿쏅뗷닩 뒦샭뻶뚨릫룦뫳쇭탐뻶뚨뢴없쪱볤 ꎨ7ꎩ뚭쫂믡뻶틩 떱죕뾪쫐웰춣없1킡쪱 ꎨ8ꎩ랢늼볠쫂믡뻶틩릫룦 떱죕뾪쫐웰춣없1킡쪱ꎬ죴쟩뷚퇏훘붫쇭탐뻶뚨 ꎨ9ꎩ틲릫쮾풭틲쪹붻틗쯹쪧좥폐킧탅쾢살풴 훁붻틗쯹믖뢴폐킧탅쾢살풴뫳뢴없 ꎨ10ꎩ쳘뇰뒦샭 랢늼뫍뎷쿻쳘뇰뒦샭릫룦죕룷춣없1쳬 ꎨ11ꎩ훘듳쫕릺ꆢ돶쫛닺믲막좨ꆢ햮컱훘ퟩ 튻냣늻뎬맽30쳬ꎬ뎬맽30쳬탨횤볠믡엺ힼꆣ 3ꎮ춣없욵싊 헽쫇틲캪컒맺붻틗쯹뗄춣없샠탍냼몬쇋샽탐춣없ꎬ떼훂컒맺짏쫐릫쮾뗄욽뻹춣없듎쫽풶풶뛠폚뺳췢짏쫐릫쮾뗄욽뻹춣없듎쫽ꆣ본폚짮 24
훐췢춣없훆뛈뇈뷏퇐뺿 뮦솽쫐춣없맦퓲듳훂쿠춬ꎬ놾놨룦틔짮붻쯹뗄춣없쫽뻝캪샽살쮵쏷듋컊쳢ꆣ듓뇭2뿉틔뾴돶ꎬ뺳췢횤좯쫐뎡뗄춣없듎쫽뷏짙ꎬ욽뻹쎿볒릫쮾쎿쓪춣없뷶캪듎ꎻ뛸듓뇭3뿉틔뾴돶ꎬ짮�횤좯붻틗쯹ퟔ2002쓪4퓂1죕훁2003쓪4퓂1죕릲춣없4423듎ꎬ짏쫐릫쮾쓪욽뻹춣없룟듯듎ꎬ웤훐샽탐춣없3645듎ꎬ햼ퟜ춣없듎쫽뗄뇈훘캪%ꎬ뺯쪾탔춣없778듎ꎬ햼ퟜ춣없듎쫽뗄뇈훘뷶캪%ꆣ퓚샽탐춣없훐ꎬ뚨웚놨룦뗄샽탐춣없캪1981듎ꎬ햼ퟜ춣없듎쫽뗄뇈훘캪%ꎬ쇙쪱놨룦뗄샽탐춣없캪1664듎ꎬ햼ퟜ춣없듎쫽뗄뇈훘캪%ꆣ헢쮵쏷컒맺뺳쓚쫐뎡뗄춣없뻸듳늿럖쫇짏쫐릫쮾릫늼뚨웚놨룦뫍쇙쪱놨룦뗄샽탐춣없ꆣ 뇭2 쫀뷧룷뗘붻틗쯹욽뻹춣없듎쫽뇈뷏뇭 붻틗쯹쏻돆 뗷닩쪱볤ꎨ퓂ꎩ춣없듎쫽짏쫐릫쮾볒쫽쎿볒릫쮾쎿쓪춣없 쪥놣싞붻틗쯹 22 594 454 뛠싗뛠붻틗쯹 16 1145 1229 쿣룛솪붻쯹 틁쮹첹늼뛻붻틗쯹 22 209 쒫컷룧붻틗쯹 틢듳샻붻틗쯹 12 73 294 냄듳샻퇇붻틗쯹 늨삼붻틗쯹 16 72 230 죰쪿붻틗쯹 벪슡웂붻틗쯹 51 505 770 얦붻쯹 쓉쮹듯뿋 16 714 싗뛘횤붻쯹 컷냠퇀붻틗쯹 15 54 1480 첨췥횤붻쯹 욽뻹쎿볒릫쮾춣없 힢ꎺ틔짏쫽뻝살ퟔIOSCO, Report on Trading Halts and Market Closures, October 2002. ퟔ2002쓪4퓂1죕웰ꎬ컒맺뺳쓚쫐뎡뛔샽탐춣없훆뛈뷸탐쇋룄 25
훐췢춣없훆뛈뇈뷏퇐뺿 룯ꎬ퓚놣횤춶헟폐ퟣ릻쪱볤믱좡짏쫐릫쮾탅쾢뗄잰쳡쿂ꎬ캪쇋쳡룟쫐뎡킧싊ꎬ쯵뛌쇋샽탐춣없쪱볤ꎬ붫돽막뚫듳믡틔췢뗄샽탐춣없쪱볤평냫룶붻틗죕룄캪튻룶킡쪱ꎬ떫듓뇭3뿉틔뾴돶ꎬ샽탐춣없듎쫽맽뛠뗄ힴ뿶죔캴듓룹놾짏뗃틔룄뇤ꆣ퓚룄룯뫳뗄1쓪쪱볤쓚ꎬ퓚짏쫐릫쮾볒쫽캴퓶볓뗄쟩뿶쿂ꎬퟜ춣없듎쫽좴퓶볓쇋21듎ꎬ샽탐춣없쯹햼뗄뇈훘튲듓%짏짽떽쇋%ꆣ 뇭3 짮�횤좯붻틗쯹춣없쫽뻝춳볆뇭 춣없샠탍 춣없듎쫽쯹햼냙럖뇈춣없듎쫽 쯹햼냙럖뇈뚨웚놨룦ꎺ 쓪뛈놨룦 680 % 649 % 훐웚놨룦 495 % 469 % 벾뛈놨룦 51 % 863 % 킡볆 1226 % 1981 % 샽샽탐쇙쪱놨룦ꎺ 탐 뚭쫂믡ꆢ볠쫂믡뻶틩릫룦 205 % 146 % 춣 맘솪붻틗릫룦 393 % 329 % 없 훘튪뫏춬릫룦 41 % 45 % 훘듳쯟쯏릫룦 148 % 113 % 훘듳떣놣릫룦 143 % 166 % 헙뾪막뚫듳믡 1241 % 781 % 퓶볓ꆢ뇤룼믲럱뚨막뚫듳믡뻶틩55 % 84 % 킡볆 2226 % 1664 % 뫏볆 3452 % 3645 % 뺯쪾탔쇙쪱놨룦ꎺ 쫕릺ꆢ볦늢 356 % 321 % 붻틗틬뎣ꎺ 뺯쪾 솬탸죽죕듯헇럹쿞훆 50 % 38 % 탔 솬탸죽죕듯뗸럹쿞훆 141 % 32 % 춣탅쾢엻슶늻맦랶 20 % 21 % 없돎쟥릫룦 73 % 73 % 튵벨풤뺯 177 % 138 % 쳘뇰뒦샭 4 % 50 % 웤쯻훘듳쫂쿮 129 % 105 % 26
훐췢춣없훆뛈뇈뷏퇐뺿 뫏볆 950 % 778 % ퟜ볆 4402 % 4423 % 힢ꎺ틔짏쫽뻝살풴폚짮�횤좯붻틗쯹쓚늿춳볆쇏ꆣ쇭췢ꎬ평폚퓚2001쓪4퓂1죕훁2002쓪4퓂1죕웚볤횻튪쟳놻ꆰ쳘뇰뒦샭ꆱ뗄릫쮾릫늼벾뛈놨룦ꎬ틲뛸퓚듋웚볤틲릫늼벾뛈놨룦뗄춣없듎쫽뷏짙ꆣ 뺳쓚쫐뎡샽탐춣없욵싊맽룟듸살틔쿂죽랽쏦뗄훘듳펰쿬ꎺꎨ1ꎩ듳솿뗄샽탐춣없컾짼쇋쫐뎡킧싊ꆣ컒맺떱돵짨볆샽탐춣없뗄풭틲캪ꎺ90쓪듺돵웚컒맺탅쾢엻슶훷튪틀뾿뢲룇쏦뷏햭뗄횸뚨놨뾯ꎬ춶헟믱좡탅쾢뇈뷏훍뫳ꆣ쯦ퟅ횤좯탅쾢뒫능쯙뛈뫍쟾뗀돉놶퓶뎤ꎬ춶헟믱좡탅쾢죕틦뇣샻ꎬ풭쿈맦뚨뗄샽탐춣없훰붥쪧좥쇋짨볆횮돵뗄틢틥ꎬ랴뛸퓬돉쇋붻틗욵랱놻듲뛏뗄뻖쏦ꎬ퇏훘펰쿬쇋쫐뎡킧싊ꆣꎨ2ꎩ컞램춻돶뺯쪾탔춣없뗄킧맻ꆣ죧잰쯹쫶샽탐춣없햼쇋뻸뛔뗄뇈샽ꎬ뛸짦벰막볛틬뎣늨뚯뗄쳘뇰춣없ꆢ쫐뎡뒫컅ꆢ쳘뇰뒦샭뫍퓝춣짏쫐뗄쳘뇰춣없풼뷶햼춣없ퟜ솿늻떽20%ꎬ떼훂춶헟냑춣없쫓캪튻훖헽뎣뗄쿖쿳ꎬ쇣탇뗄뺯쪾탔춣없볐퓓퓚듳솿샽탐춣없횮훐ꎬ뫜쓑웰떽뺯쪾킧폃ꆣꎨ3ꎩ퓶볓쇋쫐뎡럧쿕ꆣ쯤좻붻틗쯹뗄릫쮾볠맜뫍벼쫵늿쏅쎿죕붫듳솿뺫솦뮨럑퓚틢틥짵캢뗄샽탐춣없짏ꎬ떫평폚샽탐춣없맽폚욵랱뫍춣없샠탍쪮럖뢴퓓ꎬ닙ퟷ쪱닺짺닮듭뗄뿉쓜탔뮹쫇듦퓚뗄ꎬ튻떩돶쿖춣없듭컳ꎬ붫룸춶헟듸살벫듳뗄럧쿕ꆣ 4ꎮ춣없쪱볤 듓춣없뗄쪱볤뎤뛌살뾴ꎬ컒맺뺳쓚쫐뎡뗄춣없쪱볤튪뎤폚뺳췢쫐뎡뗄춣없쪱볤ꆣ뺳췢쫐뎡죏캪펦뺡솿쯵뛌춣없뗄쪱볤틔놣돖붻틗뗄솬탸탔ꎬ틲듋ꎬ튻냣튪쟳퓚짏쫐릫쮾랢늼탅쾢릫룦뫳솢벴뢴없ꎻ뛔폚퓚붻틗쪱볤랢늼볛룱쏴룐탅쾢뛸쪵쪩뗄춣없ꎬ춣없뗄웚쿞뚼뫜뛌ꎨ죧냄 27
훐췢춣없훆뛈뇈뷏퇐뺿 듳샻퇇캪튻냣퓚10럖훓틔짏ꎬ뢴퓓뗄쫕릺릫룦닅1룶킡쪱ꎻ쏀맺퓲늻뎬맽30럖훓ꎻ볓쓃듳풭퓲짏늻뎬맽1룶킡쪱ꎩꆣ뛸뺳쓚쫐뎡뗄춣없쪱볤뚼퓚1킡쪱틔짏ꎨ냼삨1킡쪱ꎩꎬ뛔폚틲훘듳쫕릺ꆢ돶쫛닺믲막좨ꆢ햮컱훘ퟩ뗈쪵쪩뗄춣없ꎬ춣없뗄쪱볤뿉틔뎤듯90쳬ꆣ 뇭4 짮�횤좯붻틗쯹춣없쪱볤춳볆뇭 ~ ~ 춣없쪱볤 ퟜ춣없쪱볤춣없쪱볤ퟜ춣없쪱볤 춣없듎쫽 쯹햼뇈훘춣없듎쫽쯹햼뇈훘ꎨ쳬ꎩ ꎨ킡쪱ꎩ ꎨ쳬ꎩꎨ킡쪱ꎩ 3278 6556 % 3388 3388 %1 774 3096 %1 1011 4044 % 303 1818 % 1 5 %2 2 16 %2 1 8 % 3 30 % 2 26 %3 4 48 %4 1 16 % 3 42 % 13 221 %4 1 16 % 1 18 % 10 180 %5 1 20 %5 12 240 %6 4 96 % 1 22 % 6 3 72 % 9 1 36 % 1 42 % 1 46 % 22 1 88 % 1 90 % 1 94 % 1 174 % 1 346 % 뫏볆 4402 13052 %뫏볆 4423 7842 %힢ꎺ틔짏쫽뻝살풴폚짮�횤좯붻틗쯹쓚늿춳볆쇏ꎻ쇭췢ꎬ짏뇭훐뗄ꆰ1쳬ꆱ뗈폚4룶킡쪱ꆣ 듓뇭4뿉틔뾴돶ꎬ춣없맦퓲룄룯잰1쓪뗄ퟜ춣없쪱볤캪13052킡쪱ꎬ웤훐샽탐춣없쪱볤햼ퟜ춣없쪱볤뗄뇈훘풼캪%ꎻ퓚2002쓪4퓂1죕춣없맦퓲룄룯뫳ꎬ붫돽막뚫듳믡틔췢뗄샽탐춣없쪱볤평냫룶 28
훐췢춣없훆뛈뇈뷏퇐뺿 붻틗죕룄캪1킡쪱ꎬ떼훂룄룯뫳1쓪뗄ퟜ춣없쪱볤쿂붵캪7842킡쪱ꎬ떫평폚샽탐춣없뗄듎쫽퓶볓ꎬ샽탐춣없쪱볤햼ퟜ춣없쪱볤뗄뇈훘랴뛸짏짽떽쇋%ꆣ헢쮵쏷컒맺뺳쓚쫐뎡뗄춣없ꎬ컞싛듓춣없뗄듎쫽ꆢ뮹쫇듓춣없뗄쪱볤살뾴ꎬ샽탐춣없뚼햼폐뻸뛔듳뗄뇈훘ꆣ 5ꎮ잿훆뢴없 뺳췢횤좯쫐뎡웕뇩죏캪ꎬ뛔폚랢탐죋틲늻쓜벰쪱랢늼탅쾢뛸짪쟫뗄춣없ꎬ뺡맜훘튪뗄탅쾢퓚맦뚨뗄춣없웚쿞쓚짐캴랢늼ꎬ떫캪쇋놣돖쫐뎡뗄쇷뚯탔ꎬ붻틗죔탨볌탸뷸탐ꆣ틲듋뺳췢횤좯붻틗쯹뗄짏쫐맦퓲뚼쏷좷맦뚨쇋잿훆뢴없듫쪩ꎬ죧ꎺ얦풼횤좯붻틗쯹맦뚨ꎬ죧맻랢탐죋퓚쪵쪩춣없믲췆동뾪엌뫳듳풼30럖훓쓚탅쾢죔캴릫늼ꎬ붻틗쯹뻍믡뛔짏쫐횤좯뾪엌믲뢴없ꎻ뛠싗뛠횤좯붻틗쯹맦뚨잿훆뢴없쪱볤춨뎣늻동폚ퟔ춣없횴탐뫳뗄24킡쪱ꎨ뿛돽럇릤ퟷ죕ꎩꎻ냄듳샻퇇횤좯붻틗쯹맦뚨죧맻랢탐죋퓚춣없짪쟫쳡돶죕횮뫳뗄뗚뛾룶붻틗죕뗄짏컧10뗣횮잰죔캴랢늼탅쾢ꎬ붻틗쯹퓲붫횤좯잿훆뢴없믲퓝춣횤좯짏쫐ꎻ쿣룛솪뫏붻틗쯹퓲맦뚨ꎬ죧맻랢탐죋컞램퓚맦뚨뗄쪱볤쓚뾯뗇릫룦ꎬ붻틗쯹붫퓚쿂튻룶냫죕붻틗뾪쫐쪱뛔횤좯잿훆뢴없ꎬ늢튪쟳랢탐죋퓚쿂튻룶냫죕붻틗뾪쫐잰퓚붻틗쯹뗄췸튳짏뾯뗇쇙쪱릫룦ꆣ듋췢ꎬ뺳췢횤좯붻틗쯹뚼잿뗷퓚뢴없뫳랢탐죋뾯뗇릫룦쪱늻뗃퓙틔탅쾢쇷뒫캪평튪쟳춣없ꆣ 돽퓚틲훘듳쫕릺ꆢ돶쫛닺믲막좨ꆢ햮컱훘ퟩ훐뗄춬튻늻좷뚨쫂쿮샛볆춣없90쳬ꆢ쟒랢탐죋캴짪쟫뢴없뗄쟩뿶쿂뿉틔쪵쪩잿훆뢴없틔췢ꎬ컒맺뺳쓚쫐뎡뛔웤쯻샠탍뗄춣없뚼캴맦뚨잿훆뢴없듫쪩ꎬ춣없 29
훐췢춣없훆뛈뇈뷏퇐뺿 붫튻횱돖탸떽랢탐죋랢늼릫룦뗄떱죕짏컧10뗣30럖ꆣ헢뻍쫇쮵ꎬ죧맻랢탐죋늻릫늼탅쾢ꎬ춣없붫튻횱돖탸쿂좥ꆣ헢늻뷶떼훂쫐뎡킧싊뗍쿂ꎬ뛸쟒쪹춶헟뛔뫎쪱뢴없컞램탎돉쏷좷뗄풤웚ꎬ늻샻폚춶헟뷸탐춶뻶닟ꆣ듋췢ꎬ횤좯쇷뚯탔뗄뎤웚즥쪧튲폐쯰춶헟뗄샻틦ꆣ 6ꎮ쫐뎡뛏슷웷 캪쇋럀횹틲쫐뎡벱뻧쿂뗸뛸떼훂뇀엌ꎬ뺳췢튻킩횤좯붻틗쯹짨훃쇋쫐뎡뛏슷웷ꎬ죧얦풼횤좯붻틗쯹뗄죽벶춣쫐훆뛈ꎻ뛠싗뛠횤좯붻틗쯹쯤좻쎻폐짨훃뛏슷웷ꎬ떫춨뎣믡룺듓얦풼횤좯붻틗쯹뗄춣없뻶뚨ꎬ늢폫볓쓃듳웤쯻붻틗쯹뷸탐킭뗷ꆣ 컒맺뺳쓚횤좯붻틗쯹튲폐좨퓚폶떽틬뎣쟩뿶쪱붫짏쫐붻틗뗄쯹폐횤좯춣없ꎬ늢퓚웤ꆶ붻틗맦퓲ꆷ훐쏷좷맦뚨쇋떼훂헻룶쫐뎡맘뇕뗄뻟쳥쟩탎ꎬ죧ꎺ늻뿉뾹솦ꆢ틢췢쫂맊ꆢ벼쫵맊헏ꆢ틔벰럇붻틗쯹쓜릻뿘훆뗄웤쯻틬뎣쟩뿶ꎬ떫쒿잰뮹쎻폐짨훃쫐뎡뛏슷웷ꆣ틲뛸퓚헻룶쫐뎡톸쯙쿂뗸뗄쟩뿶돶쿖쪱ꎬ좱랦쿠펦뗄쫐뎡컈뚨믺훆ꆣ 7ꎮ춬늽춣없 컒맺뗄횤좯쫐뎡쒿잰뮹쫇튻룶쿠뛔럢뇕뗄탂탋쫐뎡ꎬ퇜짺뷰죚쫐뎡튲짐캴탎돉ꎬ뛠쯹짏쫐횤좯뫍퇜짺뷰죚닺욷쯹틽랢뗄춬늽춣없컊쳢늢늻쪮럖웈쟐ꆣ떫쯦ퟅ컒맺횤좯쫐뎡뗄뷸튻늽랢햹뫍뛔췢뾪럅뗄훰늽짮뮯ꎬ뺳쓚릫쮾떽뺳췢짏쫐ꆢ뺳췢릫쮾살뺳쓚짏쫐뗄쟩뿶믡훰붥퓶뛠ꎬ퇜짺뷰죚쫐뎡뗄붨솢튲쫇뇘좻뗄랢햹쟷쫆ꆣ죧뫎폐킧쪵쪩춬늽춣없쫇컒맺횤좯쫐뎡랢햹맽돌훐늻뿉믘뇜뗄튻룶컊쳢ꆣ 잰컄틑뛔펰쿬춬늽춣없뗄틲쯘ퟷ쇋싛쫶ꎬ웤훐탅쾢뒫능킧싊쫇뻶 30
훐췢춣없훆뛈뇈뷏퇐뺿 뚨쫇럱쪵쪩춬늽춣없뗄쫗튪틲쯘ꎬ뛸탅쾢뒫능킧싊뗄룟뗍폖좡뻶폚룷쫐뎡횮볤쫇럱붨솢쇋폐킧뗄춣없뫏ퟷ킭뗷믺훆ꆣ쒿잰컒맺뺳쓚붻틗쯹폫뺳췢붻틗쯹횮볤좱랦릵춨ꎬ뛔폚퓚뺳쓚췢뛠볒붻틗쯹춬쪱짏쫐뗄릫쮾뗄킭춬춣없컊쳢좱랦쿠펦뗄놣헏믺훆ꎻ퓚퇜짺닺욷폫믹뒡막욱뗄춬늽춣없랽쏦ꎬ컒맺뺳쓚쫐뎡쒿잰쎻폐쏷좷뗄맦뚨ꎬ횻쫇퓚닙ퟷ훐횴탐죴믹뒡막욱춣없ꎬ퇜짺닺욷춬늽춣없뗄풭퓲ꆣ 컥ꆢ컒맺춣없훆뛈룄룯쮼슷짨볆 춨맽틔짏뇈뷏럖컶뿉틔뾴돶ꎬ컒맺춣없훆뛈뗄좱쿝훷튪뇭쿖퓚춣없샭쓮탎쪽훘폚쪵훊ꆢ춣없샠탍맽폚랱쯶ꆢ춣없욵싊맽룟ꆢ춣없쪱볤맽뎤ꆢ잿훆뢴없훆뛈늻췪짆ꆢ쎻폐짨훃럀횹쫐뎡뿬쯙쿂뗸뗄뛏슷웷ꆢ틔벰춬늽춣없맦뚨늻췪짆뗈웟룶랽쏦ꎬ헢킩좱쿝퇏훘펰쿬쇋붻틗뗄솬탸탔뫍쫐뎡킧싊뗄쳡룟ꎬ뺳쓚춣없훆뛈틑떽쇋뇘탫룄룯뗄뷗뛎ꆣ평폚춣없룄룯뗄펰쿬뻞듳ꎬ틲듋탨튪닉좡평틗훁쓑붥뷸쪽룄룯뗄랽쪽훰늽췆뷸ꆣ뻟쳥살붲ꎬ뿉틔럖캪뛌웚ꆢ훐웚뫍뎤웚죽룶룄룯랽낸ꆣ ꎨ튻ꎩ뛌웚룄룯랽낸 춣없뗄뛌웚룄룯랽낸쫇튻룶훎뇪뗄랽낸ꎬ떫쓜쪮럖폐킧뗘뮺뫍쿖탐춣없훆뛈쿂뇈뷏춻돶뗄쎬뛜ꎬ뻟쳥듫쪩냼삨좡쿻샽탐춣없ꆢ붨솢잿훆뢴없훆뛈ꆣ 퓚좡쿻샽탐춣없랽쏦ꎬ놾놨룦뗄뻟쳥붨틩쫇ꎺꎨ1ꎩ좡쿻틲붻틗죕릫늼뚨웚놨룦뗄샽탐춣없ꎻꎨ2ꎩ좡쿻틲붻틗죕뾯뗇쇙쪱놨룦ꎨ틲뺯쪾 31
훐췢춣없훆뛈뇈뷏퇐뺿 탔춣없뾯뗇뗄쇙쪱놨룦돽췢ꎩ뗄샽탐춣없ꎻꎨ3ꎩ좡쿻붻틗죕헙뾪막뚫듳믡뫍뾯뗇막뚫듳믡뻶틩릫룦뗄샽탐춣없ꎬ떫죧맻짏쫐릫쮾풤볆막뚫듳믡돶쿖쳘쫢쟩뿶ꎬ럱뚨풭틑릫늼뗄쳡낸믲돶쿖웤쯻틬뎣쟩뿶쪱ꎬ릫쮾뿉틔짪쟫쇙쪱춣없ꎻꎨ4ꎩ퓚좡쿻샽탐춣없뫳ꎬ뿉틔퓚폐맘횤좯뗄탐쟩뷒쪾훐ퟶ쏅뗄탅쾢랢늼뇪볇ꎬ틔쳡탑춶헟힢틢틑랢늼뗄탅쾢ꆣ 퓚잿훆뢴없훆뛈랽쏦ꎬ평폚뺳췢듳뛠맦뚨죧맻짏쫐릫쮾퓚춣없짪쟫쳡돶죕횮뫳튻쳬죔캴랢늼탅쾢ꎬ붻틗쯹붫뛔횤좯잿훆뢴없ꆣ룹뻝컒맺뗄쪵볊쟩뿶ꎬ놾놨룦붨틩죧맻짏쫐릫쮾퓚쳡붻춣없짪쟫뫳뗄뗚뛾룶붻틗죕뾪쫐횮잰죔캴랢늼탅쾢ꎬ붻틗쯹뿉ퟃ쟩뛔웤닉좡잿훆뢴없믲퓝춣횤좯짏쫐ꆣ ꎨ뛾ꎩ훐웚룄룯랽낸 춣없뗄훐웚룄룯랽낸횼퓚뷢뻶컒맺춣쫐훆뛈늻췪짆뗄쿠맘컊쳢ꎬ뻟쳥듫쪩냼삨췪짆춻랢탔쫂볾떼훂춣쫐뗄펦벱랽낸뫍짨훃쫐뎡뛏슷웷ꎬ틔짏랽낸뗄췪돉탨튪탂붨튻쾵쇐맦뚨늢탞룄붻틗쾵춳ꎬ틲듋룄룯뗄쓑뛈듳폚뛌웚룄룯랽낸ꆣ 퓚췪짆춣쫐펦벱훆뛈랽쏦ꎬ놾놨룦붨틩듓틔쿂랽쏦ퟅ쫖ꎺꎨ1ꎩ붨솢췪놸뗄쫽뻝놸럝쾵춳ꎻꎨ2ꎩ퓚춻랢탔쫂볾놬랢쪱ꎬ좷놣탅쾢릵춨쟾뗀뎩춨ꎻꎨ3ꎩ뛔쿖폐뗄붻틗쾵춳뚨웚뻍늻춬뗄쟩뿶뷸탐톹솦닢쫔ꎬ틔움맀붻틗쾵춳뗄낲좫탔뫍붻틗쯹룷믺릹쇩믮펦뛔뷴벱쟩뿶뗄쓜솦ꎻꎨ4ꎩ쏷좷퓚춻랢쟩뿶쿂폐좨쪵쪩춣쫐뗄훷쳥벰횰퓰ꎬ틔벰쿠펦뗄뻶닟돌탲ꎻꎨ5ꎩ훆뚨췪짆폐킧뗄펦벱랽낸닙ퟷ쫘퓲ꆣ 32
훐췢춣없훆뛈뇈뷏퇐뺿 퓚짨훃쫐뎡뛏슷웷랽쏦ꎬ붨틩뷨본얦풼횤좯붻틗쯹뗄죽벶춣쫐훆뛈ꎬ짨훃뛠훘뛏슷웷ꎬ틔뇣퓚막횸뿬쯙쿂뗸쪱ꎬ춨맽듳엌뗄벰쪱춣없죃춶헟폐ퟣ릻뗄쪱볤좥움맀잱퓚뗄쾵춳럧쿕ꎬ뇜쏢ꆰ퇲좺킧펦ꆱ쯹떼훂뗄늻샭훇춶탐캪ꆣ춣쫐뗄웚쿞퓲룹뻝듳엌쿂뗸뗄럹뛈뫍뛏슷웷웴뚯뗄쪱볤살좷뚨ꎬ펦ퟱ톭뗄믹놾풭퓲쫇ꎺ쿂뗸럹뛈풽듳ꎬ춣없쪱볤풽뎤ꎻ뛏슷웷웴뚯뗄쪱볤풽췭ꎬ떱죕믖뢴붻틗뗄뿉쓜탔풽킡ꆣ ꎨ죽ꎩ뎤웚룄룯랽낸 춣없뗄뎤웚룄룯듫쪩훷튪냼삨럅쯉춣없맜훆뫍붨솢킭뗷춣없믺훆헢솽룶룹놾탔뗄뫍뎤풶뗄뇤룯ꆣ 퓚럅쯉춣없맜훆랽쏦ꎬ놾놨룦붨틩ꎬ죧맻캴살컒맺뺳쓚쫐뎡붨솢웰쇋뇈뷏췪짆뗄놣볶죋훆뛈ꎬ붻틗쯹뿉즾돽뛔춣없랱쯶뛸붩펲뗄맦뚨ꎬ횻맦뚨춣없뗄듳훂풭퓲ꎬ뛸평짏쫐릫쮾톯놣볶죋믲웤쯻닆컱맋컊릫쮾ꎬ뛔탨튪춣없뗄쟩뿶뷸탐쪵훊탔에뛏ꎬ쳡붻춣없짪쟫ꎬ붻틗쯹뷸탐쪵쪱볠뚽늢놣돖ퟮ훕뻶뚨좨ꆣ횻폐쪵쿖쇋춣없뻶닟믺훆뗄뮻ꎬ닅쓜헦헽룄뇤쒿잰캪춣없뛸춣없뗄뻖쏦ꎬ쫐뎡킧싊닅쓜쳡룟ꆣ 퓚죧뫎붨솢춣없뫏ퟷ킭뗷믺훆랽쏦ꎬ놾놨룦죏캪뿉틔닉좡IOSCO뗄횸떼틢볻ꎬ뻟쳥쮼슷냼삨ꎺꎨ1ꎩ붨솢춬쪱퓚웤쯻쫐뎡짏쫐붻틗횤좯뗄쟥떥ꎬ틔벰폫웤쯻쫐뎡뗄솪쾵랽쪽ꎬ냼삨맘볼죋풱뗄탕쏻ꆢ힡횷ꆢ뗧뮰뫍뒫헦ꎻꎨ2ꎩ폫웤쯻쫐뎡잩쫰뫏ퟷ쇂뷢놸췼슼ꎬ붨솢폐맘춣없탅쾢뗄릲쿭믺훆ꎻꎨ3ꎩ튪쟳맺쓚짏쫐릫쮾붫퓚웤쯻쫐뎡춬쪱짏쫐뗄쟩뿶벰쪱춨횪붻틗쯹ꎬ틔뇣쪵쿖늻춬붻틗쯹횮볤뗄춣없킭ퟷꎻꎨ4ꎩ튪쟳짏 33
훐췢춣없훆뛈뇈뷏퇐뺿 쫐릫쮾벰쪱짏놨퓚웤쯻쫐뎡붻틗뗄퇜짺뷰죚닺욷뗄쟩뿶ꎬ춬쪱튪쟳퇜짺뷰죚쫐뎡퓚붫횤좯붻틗쯹짏쫐붻틗뗄횤좯ퟷ캪뇪뗄횤좯쪱벰쪱춨횪횤좯붻틗쯹ꎬ틔뇣킭뗷믹뒡횤좯뫍웤퇜짺닺욷볤뗄춬늽춣없ꆣ 34
훐췢춣없훆뛈뇈뷏퇐뺿 뢽슼 뺳췢쫐뎡춣없맦퓲뷩짜 튻ꆢ쏀맺 쏀맺뗄춣없맦퓲훷튪쳥쿖퓚NASDAQꆶ짏쫐릫쮾쫘퓲ꆷ뗚4120뿮ꆢ얦풼횤좯붻틗쯹ꆶ짏쫐릫쮾쫘퓲ꆷ뗚202쳵뗚7뿮ꆢ틔벰쏀맺횤볠믡폚1998쓪4퓂15죕냤늼뗄80B맦퓲뗄탞헽쳵뿮ꆣ ꎨ튻ꎩNASDAQ뗄춣없맦뚨 1ꎮ떼훂춣없뗄뻟쳥쟩탎 룹뻝NASDAQꆶ짏쫐릫쮾쫘퓲ꆷ뗚4120뿮뗄맦뚨ꎬ캪쇋놣뮤춶헟뫍릫훚뗄샻틦ꎬNASDAQ뿉틔퓚쿂쇐쟩탎쿂뛔쒳횻막욱믲좫쳥막욱뗄붻틗쪵탐춣없ꎺ ꎨ1ꎩ뗈듽훘듳탅쾢랢늼ꎻ ꎨ2ꎩ랢탐죋랢늼볛룱쏴룐탅쾢ꎻ ꎨ3ꎩNASDAQ캴쫕떽쯹튪쟳뗄뛮췢탅쾢ꎻ ꎨ4ꎩ짏쫐릫쮾캥랴NASDAQ뗄폐맘맦퓲ꎻ ꎨ5ꎩ랢탐죋뗄짏쫐횤좯뗄쇷뚯탔듯늻떽맦뚨뗄뇪ힼꎻ ꎨ6ꎩ횤좯붻틗틬뎣늨뚯ꎻ ꎨ7ꎩ횤볠믡튪쟳춣없ꆣ NASDAQꆶ짏쫐릫쮾쫘퓲ꆷ뗚4120뿮붫훘듳쿻쾢뷧뚨캪ꎺ뫏늢ꎻ막럝럖룮믲막욱뫬샻ꎻ틬뎣뗄쫕죫뫍막쾢ꎻ훘듳뫏춬뗄좡뗃믲즥쪧ꎻ훘듳탂닺욷믲랢쿖ꎻ뿘훆믲맜샭뗄훘듳뇤뮯ꎻ횤좯쫪믘ꎻ릫뾪믲쮽쿂쿺쫛쿠떱쫽솿뗄횤좯ꎻ릺싲믲뒦훃훘튪닺ꎻ훘듳샍뻀럗ꎻ훆뚨릺싲짏쫐릫쮾막럝뗄볆뮮ꎻ쫕릺웤쯼짏쫐릫쮾뗄횤좯ꎻ퓚램낸튪쟳횮쿂뇘탫떱잰놨룦ꆢ맩떵뗄쫂쿮ꆣ 2ꎮNASDAQ뗄춣없돌탲 ꎨ1ꎩ내헕4310 C16뫍4320 E 14 뗄튪쟳ꎬ랢탐죋놻튪쟳퓚쿲쎽쳥릫늼잰ꎬ쿲NASDAQ쳡릩쯹폐훘듳탅쾢ꆣ ꎨ2ꎩ랢탐죋펦횱뷓춨맽뗧뮰ꆢ뒫헦믲웤쯻뗧ퟓ춨톶뗈랽쪽춨횪NASDAQ뗄쫐뎡볠달늿ꆣ쯹폐짏쫐릫쮾쫚좨듺뇭뿚쫶뗄탅쾢뻹튪솢벴놻쫩쏦횤쪵ꆣ ꎨ3ꎩ튻떩듓랢탐죋믲웤쯻풴믱좡떽폐맘탅쾢ꎬNASDAQ붫뛔룃탅쾢뷸탐움볛ꎬ뻍룃탅쾢뛔쫐뎡뗄펰쿬뷸탐맀볆ꎬ틔뇣뻶뚨뛔룃횤좯횴탐춣없쫇럱쫊떱ꆣ ꎨ4ꎩNASDAQ펦뻶뚨퓚4120(a)훐닻쫶뗄횴탐춣없뗄쳵볾쫇럱싺ퟣꆣ춣없펦퓚NASDAQ뗄탂컅삸쒿훐릫늼뫳솢벴짺킧ꆣ ꎨ5ꎩ믖뢴붻틗펦퓚NASDAQ뗄탂컅삸쒿훐릫늼뫳짺킧ꆣ 35
훐췢춣없훆뛈뇈뷏퇐뺿 ꎨ6ꎩ튻떩NASDAQ죏뚨듭컳쪹폃쾵춳뛸떼훂뗄쳘뇰쫂쿮틑놻뻀헽ꎬ믲룃듭컳늻퓙닺짺쳘뇰쫂쿮쪱ꎬ4120 A6 훐쯹튪쟳뗄춣없붫놻훕횹ꆣ 3ꎮ뛏슷웷 ퟔ1988 쓪틔살, NASDAQ볡돖횻폐퓚볛룱랢짺뻧쇒뇤뮯쪱ꎬ닅믡쪹폃쫐뎡뛏슷웷ꎬ뛔듳엌붻틗쪵쪩헻쳥춣없ꆣNASDAQ뺡뿉쓜놣돖쫐뎡헽뎣퓋,폈웤튪퓚붻틗떱쳬뷡쫸잰놣돖뾪럅ꆣ 좻뛸, NASDAQ죏캪, 떱쏀맺쯹폐뗄쫐뎡평폚볛룱뗄뻧쇒뇤뮯뛸춣횹붻틗쪱ꎬ뛔틀좻뾪럅뗄떥튻쫐뎡살쮵뇘좻듦퓚럧쿕ꆣ쯹틔ꎬ떱웤쯻훷튪맺쓚쫐뎡퓚쳘쫢뮷뺳훐좫쏦춣횹붻틗쪱ꎬNASDAQ뗄맜샭캯풱믡룹뻝SEC뗄쟫쟳, 춣횹쯹폐퓚NASDAQ짏쫐뫍퓚뎡췢붻틗쫐뎡뷸탐뗄막욱뫍웤쯻좨틦샠횤좯뗄붻틗ꆣ 헢랴펳돶NASDAQ폫SEC뫍웤쯼쫐뎡닎볓헟뛔퓝춣붻틗헢튻쫂쿮뎤웚뫏ퟷ뗄헾닟ꎬ춬쪱튲랴펳돶NASDAQ솦쟳퓚쫐뎡늻뫃뗄쟩뿶쿂뺡뿉쓜놣횤쫐뎡뾪럅뗄첬뛈ꆣ NASDAQ쿠탅, 캴살뛏슷웷뗄뇪ힼ뿏뚨믡랢짺뇤뮯ꆣNASDAQ죏캪SEC펦룃뾼싇닉폃룼듳뫍룼웕뇩뗄뇪ힼ웕뛻500 횸쫽살쳦뮻DJIA ꎬ듓뛸룼쓜랴펳쫐뎡헻쳥믮뚯쮮욽뗄뇤뚯ꆣ ꎨ뛾ꎩ얦풼횤좯붻틗쯹뗄춣없맦뚨 뺡맜춣없뛔폚놣뮤막뚫샻틦뫍놣돖쫐뎡뗄릫욽탔폐믽벫ퟷ폃ꎬ떫캪쇋놣돖붻틗뗄솬탸탔ꎬ얦붻쯹뛔춣없뫍퇓동붻틗뗄ퟜ쳥풭퓲쫇튪뺡솿복짙ꆣ얦붻쯹듳늿럖막욱퓚짏컧9:35뾪엌ꎬ횻폐벫킡늿럖탨튪췆동뾪엌믲춣없ꆣ벴쪹쫇헢튻벫킡늿럖ꎬ쯼쏇튻냣뷶뷶돖탸20떽30럖훓ꆣ듳늿럖췆동쫇평뾪엌잰뗄탅쾢엻슶떼훂뗄뺺볛쪧뫢틽웰뗄ꎬ췆동붻틗뗄뛌퓝웚볤쓜듙뷸탨쟳뫍릩룸듯떽욽뫢ꆣ 1ꎮ춣없뗄샠탍 얦붻쯹뗄횤좯춣없럖캪램뚨춣없뫍럇램뚨춣없솽훖ꎬ램뚨춣없쫇평폚듦퓚캴놻횤쪵뗄쿻쾢믲캴놻엻슶뗄쿻쾢뛸춣횹붻틗ꎬ럇램뚨춣없쫇평폚퇏훘뗄싲싴쪧뫢뛸춣횹붻틗ꆣ ꎨ1ꎩ램뚨춣없 짨볆램뚨춣없쫇캪쇋복쟡평폚훘튪탅쾢엻슶뛸돶쿖뗄볛룱쮲볤늨뚯ꎬ쪹춶헟폐믺믡뷢쫍탅쾢늢ퟷ돶샭훇뗄춶뻶닟ꆣ 죧맻릫쮾튪릫늼훘듳탅쾢ꎬ릫쮾믡퓚랢늼탅쾢잰폫붻틗쯹솪쾵ꎬ늢룦횪붻틗쯹룃탅쾢뗄펰쿬쫇럱뻞듳ꆣ퓚짏쫐킭틩훐ꎬ릫쮾놻튪쟳퓚랢늼훘튪짹쏷잰10럖훓춨횪붻틗쯹ꆣ평붻틗쯹뻶뚨횤좯쫇럱춣없믲췆동뾪엌ꆣ 떱쿻쾢랢늼쎻폐풤쿈춨횪붻틗쯹쪱ꎬ뇈죧쮵퓚뛱틢쫕릺뗄쟩뿶쿂ꎬ붻틗쯹 36
훐췢춣없훆뛈뇈뷏퇐뺿 뗄뿍뮧럾컱늿붫춨횪붻틗퓋탐늿늢붨틩춣없믲퓝춣붻틗ꆣ20룶놻뚭쫂믡죎쏼뗄퓋탐훷맜훐뗄튻죋ퟷ돶쫇럱춣없뗄ퟮ뫳뻶뚨ꆣ헢튻뻶뚨탨튪솽캻퓋탐맙풱퓋폃횰튵에뛏닅쓜릻놻췆랭ꎬ릲폐190쏻놻얦붻쯹뚭쫂믡죎쏼살볠뚽뫍맜샭뾪엌뫍틬뎣붻틗ힴ뿶ꆣ ꎨ2ꎩ럇램뚨춣없 짨볆럇램뚨춣없쫇캪쇋쿲춶헟뺯쪾훘듳뗄릩쟳쪧뫢ꎬ틔뇣쯻쏇쓜릻뛔틑뺭뷸죫믲뿉쓜뷸죫횤좯쫐뎡뗄릩쟳ퟷ돶랴펦ꆣ럇램뚨춣없튲쳡릩쇋복쟡볛룱늨뚯뗄믺훆ꆣ 떱막욱돶쿖훘듳뗄릩쟳쪧뫢쪱ꎬ볒믡솪쾵퓋탐맙풱늢튪쟳뛔춣없뗄쫊떱탔뷸탐움볛ꆣퟷ돶뻶뚨뇘탫튪믱뗃퓋탐훷맜믲솽캻퓋탐맙풱뗄엺ힼꆣ죧맻볒룹뻝ퟔ벺뗄횰튵에뛏ꎬ죏캪쪹쯹폐쫐뎡닎폫헟횪뗀헽퓚랢짺뗄쫂쟩늢붨솢탂뗄뻹뫢볛룱붫믡룼뫃ꎬ쯻뿉틔뻍훘듳릩쟳쪧뫢쟫쟳춣없ꆣ 2ꎮ춣없뗄돌탲 얦붻쯹퓚웤ꆶ짏쫐릫쮾쫘퓲ꆷ뗚202쳵뗚7뿮훐뛔춣없뗄튻냣돌탲ퟶ쇋죧쿂맩쓉ꎺ ꎨ1ꎩ튻횧막욱퓚훘듳탅쾢랢늼웚볤ꎬ얦붻쯹폐좨뻶뚨룃막욱쫇럱펦떱춣없ꎻ ꎨ2ꎩ쪵쪩춣없믲췆동붻틗붫믡놻탻늼ꎬ늢쟒춣없믲췆동붻틗뗄뗄풭틲붫놻ퟷ캪ꆰ캴좷뚨탅쾢ꆱꎻ ꎨ3ꎩ웤뫳ꎬ붻틗쯹붫뷸탐쏜쟐볠뿘ꎬ횻튪훘튪탅쾢튻떩놻릫늼ꎬ뻍믡룹뻝헽뎣돌탲뾪쪼짏쫐횤좯뗄뾪엌믲뢴없ꎻ ꎨ4ꎩ죧맻퓚쪵쪩춣없믲췆동붻틗뫳탅쾢캴퓚튻룶뫏샭뗄쪱볤쓚릫늼ꎬ캪쇋놣돖쫐뎡뗄쇷뚯탔ꎬ룃짏쫐횤좯붫놻뾪엌믲뢴없ꆣ춨뎣살쮵ꎬ죧맻퓚쪵쪩춣없믲췆동붻틗뫳듳풼30럖훓쓚탅쾢죔캴릫늼ꎬ붻틗쯹믡뛔짏쫐횤좯쪵쪩뾪엌믲뢴없ꆣ퓚듋횮뫳ꎬ붻틗쯹붫탻늼ꎺ뺡맜훘튪뗄탅쾢짐캴랢늼ꎬ붻틗죔좻볌탸뷸탐ꆣ ꎨ죽ꎩ쏀맺횤볠믡뛔춣쫐뗄맦뚨 쏀맺SEC폚1998쓪4퓂15죕냤늼쇋80B맦퓲뗄탞헽쳵뿮ꎬ뛔막욱횸쫽틬뎣늨뚯쪱뗄춣쫐풭퓲ퟶ돶쇋탂뗄맦뚨ꎬ룃쳵뿮쫇쏀맺룷막욱붻틗쯹뚼뇘탫릲춬ퟱ쫘뗄맦퓲ꎬ뻟쳥쳵뿮죧쿂ꎺ 80B탞헽낸틔뗀쟭쮹릤튵욽뻹횸쫽ꎨDJIAꎩ캪닎헕쳥쾵ꎬ떱뗀쟭쮹릤튵욽뻹횸쫽쿂붵10%쪱웴뚯튻벶춣없ꎻ쿂붵20%쪱웴뚯뛾벶춣없ꎻ쿂붵30%쪱웴뚯죽벶춣없ꆣ룹뻝탂뗄맦퓲ꎬ퓚쎿룶벾뛈뗄뗚튻쳬ꎬ룹뻝짏룶퓂DJIA뗄욽뻹쫕엌횸쫽붫냙럖뇈뮻캪뻟쳥뗄뗣쫽ꆣ죧퓚2001쓪10퓂1죕좷뚨뗄뻟쳥뗣쫽죧쿂쯹쪾ꎺ 1ꎮ튻벶춣없 37
훐췢춣없훆뛈뇈뷏퇐뺿 ꎨ1ꎩ죧맻뗀쟭쮹릤튵욽뻹횸쫽퓚쿂컧2뗣횮잰쿂붵1100뗣ꎬ춣쫐튻룶킡쪱ꎻ ꎨ2ꎩ죧맻뗀쟭쮹릤튵욽뻹횸쫽퓚쿂컧2뗣뫍2뗣냫횮볤쿂붵1100뗣ꎬ춣쫐냫룶킡쪱ꎻ ꎨ3ꎩ죧맻뗀쟭쮹릤튵욽뻹횸쫽퓚쿂컧2뗣냫횮뫳쿂붵1100뗣ꎬ듳엌늻춣없ꎬ돽럇돶쿖뛾벶춣없뗄쟩뿶ꆣ 2ꎮ뛾벶춣없 ꎨ1ꎩ죧맻뗀쟭쮹릤튵욽뻹횸쫽퓚쿂컧1뗣횮잰쿂붵2150뗣ꎬ춣쫐솽룶킡쪱ꎻ ꎨ2ꎩ죧맻뗀쟭쮹릤튵욽뻹횸쫽퓚쿂컧1뗣훁2뗣횮볤쿂붵2150뗣ꎬ춣쫐튻룶킡쪱ꎻ ꎨ3ꎩ죧맻뗀쟭쮹릤튵욽뻹횸쫽퓚쿂컧2뗣횮뫳쿂붵2150뗣ꎬ춣쫐ꎬ늢퓚룃죕쓚늻퓙붻틗ꆣ 3ꎮ죽벶춣없 횻튪뗀쟭쮹릤튵욽뻹횸쫽쿂붵뎬맽3250뗣ꎬ듳엌솢벴춣없ꎬ늢퓚룃죕쓚늻퓙붻틗ꆣ 뛾ꆢ볓쓃듳 뛠싗뛠횤좯붻틗쯹ꎨTSEꎩ쫇볓쓃듳뗄훷냥쫐뎡ꎬ룃붻틗쯹ꆶ짏쫐맦퓲ꆷ뗄뗚7헂ꆶ춣없ꆢ퓝춣뫍훕횹짏쫐룱ꆷ뛔춣없폐뇈뷏쿪쾸뗄맦뚨ꆣ ꎨ튻ꎩ춣없 붻틗쯹뿉틔퓚쿂쇐쟩탎쿂뛔횤좯쪵쪩춣없ꎺ 1ꎮ랢탐죋퓚ퟱ톭붻틗쯹벰쪱엻슶훘튪탅쾢뗄풭퓲쿂뛔췢랢늼릫룦쪱ꎬ붻틗쯹뿉틔퓝춣웤막욱붻틗ꎬ춣없돖탸쪱볤춨뎣퓚랢늼릫룦횮뫳늻믡뎬맽1킡쪱ꆣ 2ꎮ떱폐쫐뎡벣쿳쿔쪾횻폐늿럖춶헟믱좡쇋짏쫐릫쮾뗄훘튪탅쾢ꎬ뛸짏쫐릫쮾늻ힼ놸믲늻쓜뛔듋폨틔돎쟥ꎬ붻틗쯹튲붫뛔룃랢탐죋뗄횤좯쪵쪩춣없ꆣ 죧맻막욱틑놻춣없ꎬ랢탐죋붫놻뛘듙뺡뿬랢늼릫룦ꎬ떫쫇랢탐죋뗄릫룦늻쓜벴쪱랢늼ꎬ붻틗쯹붫랢늼튻룶춨횪ꎬ쮵쏷춣없뫍릫룦캴쓜벰쪱랢늼뗄풭틲ꎬ틔벰막욱뢴없뗄뻟쳥쪱볤ꆣ춨뎣뢴없쪱볤늻펦룃동폚ퟔ춣없횴탐뫳뗄24킡쪱ꎨ뿛돽럇릤ퟷ죕ꎩꆣ 3ꎮ랢탐죋평폚늻쓜ퟱ쫘붻틗쯹뗄맦퓲튲붫떼훂춣없ꆣ퓚쒳킩쟩뿶쿂ꎬ춣없뿉쓜ퟮ훕뇤돉퓝춣짏쫐룱ꆣ ꎨ뛾ꎩ퓝춣뫍훕횹짏쫐 1ꎮ퓝춣짏쫐뗄쳵볾 붻틗쯹붫퓚쿂쇐쟩탎쿂퓝춣쒳횤좯짏쫐ꎺ 38
훐췢춣없훆뛈뇈뷏퇐뺿 ꎨ1ꎩ랢탐죋틲뎥햮쓜솦늻ퟣ뛸놻웆닺쟥쯣ꎻ ꎨ2ꎩ랢탐죋틲닆컱ힴ뿶뛱뮯뛸늻퓙뻟놸돖탸뺭펪쓜솦ꎻ 뻟쳥뗄에뛏뇪ힼ쫇ꎺ릤튵웳튵뗄ퟜ닺늻ퟣ$3,000,000ꎬ쟒늻쓜퓚ퟮ뷼튻쓪훐듓돖탸뺭펪뗄튵컱훐믱뗃훁짙$3,000,000뗄쫕죫ꎨ듋쳵볾늻쫊폃폚듓쫂퇐뺿폫뾪랢뗄웳튵ꎬ떫쫇ꎬ죴룃샠웳튵퓚ퟮ뷼튻쓪훐퇐뺿폫뾪랢뗄춶죫늻ퟣ$1,000,000ꎬ튲튪퓝춣믲훕횹웤짏쫐룱ꎩꎻ쓜풴웳튵퓚ퟮ뷼튻쓪훐뾪닉풴뗄춶죫늻ퟣ$350,000ꎬ쟒늻쓜듓쓜풴닺욷뗄쿺쫛훐믱뗃훁짙$3,000,000뗄쫕죫ꆣ ꎨ3ꎩ랢탐죋틲쇷춨막쫽ꆢ막볛뫍붻틗믮뚯벱뻧복짙틔훂폚룃릫쮾막욱퓚붻틗쯹뗄뫳탸붻틗훐쎻폐놣헏ꎻ 뻟쳥뗄에뛏뇪ힼ쫇ꎺ랢탐짏쫐뗄막욱쫐뎡볛횵퓚솬탸30룶붻틗죕쓚늻ퟣ$3,000,000ꎻ릫훚막뗄쫐뎡볛횵퓚솬탸30룶붻틗죕쓚늻ퟣ$2,000,000ꎻ릫훚막뗄막쫽늻ퟣ500,000막ꎻ릫훚막돖폐헟욽뻹쎿죋쯹돖폐뗄막욱늻ퟣ150막ꆣ ꎨ4ꎩ랢탐죋늻쓜싺ퟣꆶ막욱짏쫐킭틩ꆷ뫍ꆶ짏쫐맦퓲ꆷꎻ 죧ꎺ캴뺭붻틗쯹뗄탭뿉퓶랢막욱ꎻ늻쓜ퟱ쫘붻틗쯹맘폚탅쾢엻슶뗄벰쪱탔풭퓲ꎻ늻쓜믲뻜뻸횧뢶붻틗쯹튪쟳뗄럑폃뗈ꆣ ꎨ5ꎩ랢탐죋틲훷펪튵컱랢짺훘듳뇤룼뛸늻퓙싺ퟣퟮ돵짏쫐뗄쳵볾ꆣ 2ꎮ믖뢴짏쫐 죧맻랢탐죋퓚붻틗쯹맦뚨뗄웚쿞쓚뛔퓬돉퓝춣붻틗뗄룷쿮풭틲뷸탐뻀헽늢럻뫏퓚붻틗쯹돵듎짏쫐쯹탨튪뗄룷쿮뇪ힼꎬ랢탐죋뗄횤좯붫훘탂믖뢴짏쫐ꆣ 3ꎮ훕횹짏쫐 놻퓝춣붻틗튻쓪뛸죔캴믱뗃붻틗쯹엺ힼ믖뢴붻틗뗄막욱붫놻훕횹짏쫐ꆣ랢탐죋튲뿉ퟔ풸붫웤짏쫐횤좯듓붻틗쯹췋돶붻틗ꎬ떫쫇랢탐죋뇘탫쿲붻틗쯹쳡붻헽쪽짪쟫ꎬ쟒퓚짪쟫훐뇘탫쮵쏷ퟔ풸췋돶뗄샭평늢뢽튻럝틑뺭릫횤뗄릫쮾뚭쫂믡엺ힼ룃짪쟫뗄뻶틩ꆣ ꎨ죽ꎩ퓝춣짏쫐뗄돌탲 죧맻붻틗쯹죏캪쒳랢탐죋틑듯떽퓝춣짏쫐뗄쳵볾ꎬ붻틗쯹붫춨횪랢탐죋뒦폚퓝춣짏쫐뢴뫋웚ꎬ늢튪쟳랢탐죋퓚ퟮ뛠120쳬뗄뢴뫋웚쓚ꎨ붻틗쯹튲뿉쫓쟩뿶쯵뛌뢴뫋웚ꎩ닉좡룼헽듫쪩틔뇜쏢놻퓝춣짏쫐ꆣ퓚퓝춣짏쫐뢴뫋웚뷡쫸잰ꎬ붻틗쯹붫룸랢탐죋튻룶쳽좡뫍랢뇭틢볻뗄믺믡ꎬ죧맻붻틗쯹죏캪랢탐죋뗄듰뢴늻쓜쮵쏷퓝춣짏쫐좱랦ퟣ릻뗄샭평ꎬ붻틗쯹붫퓝춣횤좯짏쫐ꆣ 죽ꆢ냄듳샻퇇 냄듳샻퇇횤좯붻틗쯹ꆶ짏쫐맦퓲ꆷ짨뗚17헂뛔춣없ꆢ퓝춣짏쫐뫍훕횹짏 39
훐췢춣없훆뛈뇈뷏퇐뺿 쫐뗄맦퓲폨틔쮵쏷ꆣ ꎨ튻ꎩ춣없 1ꎮ랢탐죋틲늻쓜솢벴랢늼탅쾢뛸짪쟫춣없 죧맻랢탐죋틲캪쒳훖풭틲뛸늻쓜솢벴랢늼탅쾢ꎬ죧랢탐죋쓢뷸탐튻쿮훘듳뗄쫕릺ꎬ떫폐맘쫕릺뗄쫂틋헽뒦폚첸에횮훐ꎬ쫕릺쓜럱돉릦쒿잰뮹늻쓜좷뚨ꎬ퓚헢훖쟩뿶쿂ꎬ랢탐죋뿉틔틔뗈듽탅쾢랢늼캪평쿲붻틗쯹쳡돶춣없짪쟫ꆣ춣없짪쟫펦냼삨춣없뗄풭틲ꆢힼ놸춣없뗄웚쿞ꆢ뢴없뗄쳵볾틔벰붻틗쯹튪쟳뗄웤쯻쇏ꆣ 춨뎣랢탐죋퓚랢늼탅쾢릫룦뫳벴뿉솢벴뢴없ꎬ떫춣없뗄ퟮ뎤웚쿞늻쓜뎬맽짪쟫쳡돶죕횮뫳뗄뗚뛾룶붻틗죕뗄뾪쫐쪱뿌ꆣ죧맻랢탐죋퓚짪쟫쳡돶죕횮뫳뗄뗚뛾룶붻틗죕뗄짏컧10뗣횮잰죔캴랢늼탅쾢ꎬ붻틗쯹붫퓝춣횤좯짏쫐ꆣ 죧맻붻틗쯹죏캪랢탐죋쳡돶뗄춣없샭평늻돤럖ꎬ붻틗쯹붫뻜뻸랢탐죋뗄춣없짪쟫ꎬ늢튪쟳랢탐죋붫웤쯹횪쾤뗄탅쾢뺡뿬엻슶ꎬ믲뛔랢탐죋뗄횤좯쪵쪩퓝춣짏쫐뒦샭ꆣ 2ꎮ붻틗쯹퓚랢탐죋캴쳡돶춣없짪쟫쪱뛔랢탐죋뗄횤좯쪵쪩춣없 퓚틔쿂쟩탎ꎬ붻틗쯹튲뿉틔퓚랢탐죋캴쳡돶춣없짪쟫쪱뛔랢탐죋뗄횤좯뷸탐춣없ꆣ ꎨ1ꎩ냄듳샻퇇횤좯붻틗쯹짏쫐맦퓲튪쟳짏쫐릫쮾쿲붻틗쯹쳡릩ힼ놸랢늼뗄탂컅탅쾢ꎬ탅쾢뗄랢늼붫평붻틗쯹췪돉ꆣ붻틗쯹뗄탅쾢늿뻶뚨벴붫랢늼뗄탅쾢쫇럱쫇볛룱쏴룐탅쾢ꎬ죧맻탅쾢늿죏캪쫇볛룱쏴룐탅쾢ꎬ캪쇋죃쫐뎡돤럖컼쫕뫍샭뷢탅쾢ꎬ붻틗쯹붫뛔룃릫쮾막욱뗄쪵쪩훁짙10럖훓뗄춣없ꆣ뛔폚뢴퓓뗄쫕릺릫룦ꎬ붻틗쯹튻냣뛔쒿뇪릫쮾뫍쫕릺릫쮾뚼쪵쪩1룶킡쪱뗄춣없ꎬ틔뇣쫐뎡폐ퟣ릻뗄쪱볤살움볛룃쿮쫕릺뛔쫕릺쮫랽막볛뗄펰쿬ꆣ ꎨ2ꎩ탂컅쎽쳥돶쿖쒳랢탐죋뗄훘듳탅쾢ꎬ붻틗쯹튪쟳랢탐죋폨틔돎쟥믲헽쪽릫룦ꎬ떫랢탐죋늻쓜퓚뾪쫐잰랢늼릫룦쪱ꎬ붻틗쯹붫뛔랢탐죋뗄횤좯쪵쪩춣없ꎬ퓚랢탐죋랢늼쿠맘릫룦뫳벴뿉뢴없ꎻ ꎨ3ꎩ랢탐죋뗄횤좯붻틗랢짺틬뎣늨뚯ꎬ쟒붻틗쯹틑헽쪽튪쟳랢탐죋ퟷ돶뷢쫍ꎬ떫랢탐죋늻쓜퓚맦뚨뗄쪱볤쓚ퟷ돶뷢쫍ꎬ랢탐죋뗄횤좯붫놻춣없ꎬ랢탐죋ퟷ돶뫏샭뷢쫍뫳벴뿉뢴없ꆣ ꎨ뛾ꎩ퓝춣짏쫐 1ꎮ랢탐죋짪쟫퓝춣짏쫐 죧맻랢탐죋풤웚솽쳬뗄춣없쪱볤늻ퟣ틔뗈듽훘듳탅쾢뗄랢늼ꎬ붻틗쯹맄샸랢탐죋훷뚯짪쟫퓝춣짏쫐ꎬ붻틗쯹죏캪헢훖샠탍뗄퓝춣짏쫐늢늻믡룸랢탐죋듸살 40
훐췢춣없훆뛈뇈뷏퇐뺿 뢺쏦펰쿬ꆣ짪쟫뗄쓚죝펦냼삨퓝춣짏쫐뗄샭평ꆢힼ놸퓝춣짏쫐뗄웚쿞ꆢ믖뢴짏쫐뗄쳵볾틔벰붻틗쯹튪쟳뗄웤쯻쇏ꆣ 2ꆢ퓚랢탐죋캴쳡돶짪쟫쪱붻틗쯹뛔횤좯퓝춣짏쫐 붻틗쯹튲뿉틔퓚랢탐죋캴쳡돶짪쟫쪱ꎬ뛔랢탐죋뗄횤좯퓝춣짏쫐ꎬ웤ퟜ뗄풭퓲냼삨랢탐죋늻쓜믲늻풸ퟱ쫘짏쫐맦퓲뫍캪쇋럀횹컞탲믲탅쾢늻돤럖뗄쫐뎡ꆣ돽짏쫶훷튪풭퓲췢ꎬ붻틗쯹뮹맦뚨쇋퓝춣짏쫐뗄뻟쳥쟩탎ꎺ ꎨ1ꎩ랢탐죋놻잿훆쫕릺ꆣ 내헕ꆶ릫쮾램ꆷ뗚664뷚뗄맦뚨ꎬ퓚잿훆쫕릺춨횪쯹짨뚨뗄랴뛔웚ꎨobjection periodꎩ뷡쫸횮잰ꎬ훁짙10%뗄횤좯돖폐헟캴쳡돶랴뛔쫕릺뗄틢볻ꎬ믲헟쯤좻폐10%뗄횤좯돖폐헟쳡돶랴뛔틢볻ꎬ떫90%뗄횤좯돖폐헟틑쿲램풺쳡돶잿훆쫕릺뗄짪쟫ꎬ쟒틑믱엺ힼꆣ퓚헢훖쟩뿶쿂ꎬ붻틗쯹퓚쫕떽쫩쏦뗄잿훆쫕릺춨횪쫩횮뫳뗄뗚5룶붻틗죕퓝춣횤좯짏쫐ꆣ룃횤좯춨뎣퓚퓝춣짏쫐뫳뗄뗚3룶붻틗죕놻훕횹짏쫐ꆣ ꎨ2ꎩ쎻폐벰쪱엻슶뚨웚놨룦ꎬ냼삨쎻폐벰쪱믘뢴붻틗쯹폐맘뚨웚놨룦뗄컊톯ꆣ ꎨ3ꎩ쎻폐벰쪱뷉쓉짏쫐쓪럑ꎬ쟒뎬맽15룶붻틗죕ꆣ죴폢웚20룶붻틗죕뮹캴뷉쓉ꎬ랢탐죋뗄횤좯붫놻붻틗쯹훕횹짏쫐ꆣ ꎨ4ꎩ랢탐죋훷펪튵컱랢짺뇤뮯ꎻ ꎨ5ꎩ랢탐죋돶쿖닆컱캣믺ꎬ웤돖탸뺭펪쓜솦쫜떽펰쿬ꆣ 랢탐죋뗄횤좯놻퓝춣짏쫐뫳ꎬ죧맻떼훂퓝춣짏쫐뗄쟩탎놻쿻돽ꎬ튻냣뿉솢벴믖뢴짏쫐ꎬ죧엻슶뚨웚놨룦ꆢ뷉쓉짏쫐쓪럑ꆢ닆컱캣믺뷢돽뗈ꎬ떫뛔폚훷펪튵컱랢짺훘듳뇤룼ꎬ횻폐퓚럻뫏짏쫐쳵볾쪱닅쓜믖뢴짏쫐ꆣ 쯄ꆢ쿣룛 쿣룛솪붻쯹퓚웤ꆶ훷냥짏쫐맦퓲ꆷ뗚6헂뫍ꆶ뒴튵냥짏쫐맦퓲ꆷ뗚9헂뛔춣없맦퓲ퟷ쇋쿪쾸쮵쏷ꆣ ꎨ튻ꎩ춣없 쿣룛솪붻쯹죏캪ꎬ횻폐퓚뫢솿폐맘룷랽뗄샻틦뫳늢죏캪뇘튪뗄쟩뿶쿂ꎬ랽뿉닉좡춣없듫쪩ꆣ퓚듳뛠쫽쟩뿶쿂ꎬ평폐맘랢탐죋랢돶릫룦뇈늻쫊떱믲늻뫏샭뗄춣없룼캪뿉좡ꎬ틲캪뫳헟믡럁낭쫐뎡뗄헽뎣퓋ퟷꆣ뒿듢캪쇋튪죃룃쿮쿻쾢퓚쫐뎡짏쇷뒫뗄풵맊뛸퓚뾯뗇릫룦뫳퓝춣웤횤좯싲싴쫇늻쫊떱뗄ꆣ 1ꎮ랢탐죋짪쟫뛸쪵쪩뗄춣없 튻냣뛸퇔ꎬ횻폐퓚쿂쇐쟩뿶쿂쳡돶춣없튪쟳ꎬ랽믡믱뗃엺ힼꎺ 41
훐췢춣없훆뛈뇈뷏퇐뺿 ꎨ1ꎩ랢탐죋늻쓜벰쪱릫룦볛룱쏴룐탅쾢ꎬ뛸붻틗쯹뷓쫜웤쳡돶뗄샭평ꎻ ꎨ2ꎩ랢탐죋뷓믱쒳쿮쫕릺붨틩ꎬ떫횻퓚풭퓲짏뻍폐맘뗄쳵뿮듯돉킭틩ꎬ뮹탨튪폫튻쏻믲뛠쏻훷튪막뚫짌틩늢믱뗃웤춬틢ꆣ튻냣뛸퇔ꎬ횻폐퓚쫂잰캴ퟷ돶릫룦뗄쟩뿶쿂ꎬ랽뿉닉좡춣없듫쪩ꆣ죧맻틑뺭릫늼쇋쫕릺붨틩뗄쿪쟩ꎬ믲헟퓚늻쓜릫늼쫕릺붨틩쿪쟩뗄쟩뿶쿂틑뺭랢돶뺯쪾탔릫룦ꎬ쮵쏷랢탐죋헽퓚뷸탐폐맘쫕릺뗄짌틩ꎬ퓲뛸늻펦튪쟳춣없ꎻ ꎨ3ꎩ탫폨릫늼뗄붻틗뗄죴룉랽쏦ꎬ샽죧랢탐죋뗄탔훊ꆢ뿘훆좨믲뷡릹돶쿖훘듳룄뇤ꎬ뇘탫릫늼쯹폐쇏ꎬ틔뇣움맀폐맘횤좯뗄볛횵ꎬ믲붻틗탨튪막뚫듳믡엺ힼꆣ 죎뫎춣없짪쟫횻폐랢탐죋뗄쫚좨듺뇭믲웤쯼뢺퓰뗄탐헾죋풱믲평죏뿉벰쫚좨뗄춶틸탐ꆢ닆컱맋컊믲놣볶죋횱뷓쿲붻틗쯹뗄짏쫐뿆쳡돶ꎬ닅쓜믱뗃붻틗쯹뗄뾼싇ꆣ 2ꎮ붻틗쯹퓚랢탐죋캴짪쟫쪱춣없 붻틗쯹폐좨퓚쿂쇐쟩탎쿂ꎬ뛔랢탐죋뗄횤좯쪵쪩춣없ꎺ ꎨ1ꎩ랢탐죋늢캴뛔짏쫐횤좯볛룱믲돉붻솿뗄틬뎣늨뚯ퟷ돶뷢쫍ꎬ튲캴쓜폫랢탐죋뗄쫚좨듺뇭쪵쪱솪싧ꎬ틔횤쪵웤늢늻횪쾤폐죎뫎쫂틋떼훂웤짏쫐횤좯볛룱믲돉붻솿돶쿖틬뎣늨뚯ꎻ ꎨ2ꎩ횤좯볛룱쏴룐쇏랢늼늻뻹믲폐쯹췢킹ꎬ떼훂랢탐죋짏쫐횤좯볛룱믲돉붻솿돶쿖틬뎣늨뚯ꆣ 3ꎮ뢴없 솪붻쯹죏캪춣없뗄웚쿞펦퓚뫏샭뿉탐뗄쟩뿶쿂뺡솿쯵뛌ꎬ틔캬돖돖탸퓋ퟷ뗄릫욽쫐뎡ꎬ랢탐죋뇘탫폚춣없뫳뺡뿬쳡붻튻럝쫊떱뗄릫룦돵룥ꎬ틔놸솪붻쯹짳뫋ꆣ퓚튻냣쟩뿶쿂ꎬ붻틗쯹붫폚랢탐죋뾯뗇쫊떱뗄릫룦믲럻뫏죴룉횸뚨뗄맦뚨뫳뺡뿬엺ힼ뢴없ꆣ죧쓜폚쿂컧뛾쪱잰퓚놾붻틗쯹붻틗쾵춳뗄쿻쾢냦튳짏뾯뗇릫늼ꎬ폐맘횤좯튻냣뿉폚춬죕컧쫐뾪쫐뫳믱ힼ뢴없ꆣ퓚룷훖웤쯼쟩뿶쿂ꎬ횤좯튻냣붫폚놨뾯뾯뗇릫룦떱죕퓧짏뾪쫐뫳뢴없ꆣ 죴춣없쫇평폚늻쓜랢늼볛룱쏴룐탅쾢ꎬ랢탐죋퓲뇘탫뺡솿폚쿂튻룶냫죕붻틗뾪쫐잰랢돶릫룦ꆣ죧맻랢탐죋컞램퓚맦뚨뗄쪱볤쓚뾯뗇릫룦ꎬ붻틗쯹붫퓚쿂튻룶냫죕붻틗뾪쫐쪱뛔횤좯잿훆뢴없ꎬ늢튪쟳랢탐죋퓚쿂튻룶냫죕붻틗뾪쫐잰퓚붻틗쯹뗄췸튳짏뾯뗇쇙쪱릫룦ꎬ쇙쪱릫룦펦냼삨붻틗쯹뛔릫룦뗄쓚죝룅늻뢺퓰ꆢ폫랢탐죋폐맘뗄볛룱쏴룐쇏짐캴릫늼ꆢ틔벰춶헟퓚쿖뷗뛎싲싴룃횤좯쪱컱뇘뷷짷탐쫂뗈쓚죝ꆣ뢴없뫳랢탐죋뾯뗇릫룦쪱늻뗃퓙틔탅쾢쇷뒫캪평튪쟳춣없ꆣ ꎨ뛾ꎩ퓝춣짏쫐 42
훐췢춣없훆뛈뇈뷏퇐뺿 1ꎮ퓝춣짏쫐뗄뻟쳥쟩탎 퓚틔쿂쟩탎쿂ꎬ솪붻쯹뿉뛔횤좯쪵쪩퓝춣짏쫐ꎺ ꎨ1ꎩ랢탐죋믱뷓맜믲쟥엌ꎻ ꎨ2ꎩ릫훚죋쪿쯹돖횤좯쫽쒿늻ퟣꎻ ꎨ3ꎩ랢탐죋뷸탐뗄튵컱믮뚯늻ퟣ틔놣횤웤횤좯볌탸짏쫐ꎻ ꎨ4ꎩ랢탐죋믲웤튵컱늻퓙쫊뫏짏쫐ꎻ ꎨ5ꎩ랢탐죋돉캪쿖뷰닺릫쮾ꎻ ꎨ5ꎩ늻ퟱ쫘붻틗쯹ꆶ짏쫐맦퓲ꆷꆣ 2ꎮ믖뢴짏쫐 랢탐죋뗄짏쫐횤좯놻퓝춣짏쫐뫳ꎬ붻틗쯹춨뎣믡튪쟳랢탐죋퓚맦뚨뗄쪱볤쓚ꎨ튻냣캪6룶퓂ꎩ닉좡늹뻈듫쪩틔뇜쏢훕횹짏쫐ꎬ퓚쯹뚨웚쿞뷬싺쪱ꎬ죴떼훂퓝춣짏쫐뗄쟩탎틑놻쿻돽ꎬ퓲퓝춣짏쫐횤좯붫놻솢벴믖뢴짏쫐ꎻ죴떼훂퓝춣짏쫐뗄쟩탎죔캴쿻돽ꎬ쟒랢탐죋쳡붻뗄탨튪퇓뎤웚쿞뗄늹뻈듫쪩붨틩늢늻쓜쇮붻틗쯹싺틢ꎬ퓲퓝춣짏쫐횤좯붫놻훕횹짏쫐ꆣ 컥ꆢ탂볓웂 탂볓웂횤좯붻틗쯹퓚웤ꆶ짏쫐맦퓲ꆷ뗚13헂ꆶ퓝춣짏쫐뫍훕횹짏쫐ꆷ훐뛔춣없ퟷ쇋쏷좷뗄맦뚨ꆣ퓚탂볓웂횤좯붻틗쯹뗄ꆶ짏쫐맦퓲ꆷ훐ꎬꆰ퓝춣짏쫐ꆱ튻듊몭룇쇋돖탸1킡쪱떽벸쳬짵훁폀뻃탔뗄춣없ꆣ ꎨ튻ꎩ퓝춣짏쫐 탂볓웂횤좯붻틗쯹뿉틔퓚죎뫎쪱뫲펦랢탐죋짪쟫붫랢탐죋뗄횤좯춣없뫍퓝춣짏쫐ꎬ떱좻붻틗쯹튲뿉틔늻엺ힼ랢탐죋뗄짪쟫ꆣ 붻틗쯹폐좨퓚쿂쇐쟩탎쿂뛔랢탐죋뗄횤좯쪵쪩춣없ꎺ 1ꎮ늻쓜벰쪱엻슶훘듳탅쾢ꎻ 2ꎮ퓚붻틗쪱볤엻슶훘듳탅쾢ꎻ 3ꎮ쫐뎡짏훘듳탅쾢늻뛔돆ꎨ죧볛룱쏴룐탅쾢놻킹슩ꎩꎻ 4ꎮ릫룦훐뗄탅쾢늻돤럖ꎬ탨튪뷸튻늽쿪쾸엻슶틔뇣뛔짦벰뗄횤좯ퟷ돶헽좷움맀ꆣ 붻틗쯹튲폐좨퓚쿂쇐쟩탎쿂뛔랢탐죋뗄횤좯쪵쪩퓝춣짏쫐ꎺ 1ꎮ잿훆탔쫕릺ꎻ 2ꎮ릫훚돖막뇈샽뗍폚10%ꎻ 3ꎮ랢탐죋뗄닺믲뻸듳늿럖닺캪쿖뷰믲뛌웚횤좯ꎻ 4ꎮ랢탐죋뗄돖탸뺭펪쓜솦쫜떽뮳틉ꎬ죧ꎺ랢탐죋뒦폚웆닺쟥쯣ꎬ믲힢닡믡 43
훐췢춣없훆뛈뇈뷏퇐뺿 볆쪦돶뻟맘폚랢탐죋돖탸뺭펪쓜솦뗄놣쇴틢볻짳볆놨룦ꎻ 5ꎮ랢탐죋늻쓜믲늻풸ퟱ쫘짏쫐맦퓲ꎻ 6ꎮ붻틗쯹죏캪캪쇋캬돖튻룶릫욽폐탲뫍룟킧뗄쫐뎡ꎬ뇘탫퓝춣쒳횤좯짏쫐ꆣ 퓚퓝춣짏쫐웚볤ꎬ랢탐죋뇘탫퓚ퟔ퓝춣짏쫐웰뗄12룶퓂쓚쿲붻틗쯹쳡돶뫏샭뗄믖뢴짏쫐붨틩쫩ꎨresumption proposalsꎩꎬ럱퓲퓝춣짏쫐횤좯붫놻붻틗쯹훕횹짏쫐ꎻ죧맻랢탐죋퓚쳡붻믖뢴짏쫐붨틩쫩뫳뗄12룶퓂쓚캴횴탐붨틩쫩훐뗄믖뢴짏쫐듫쪩ꎬ붻틗쯹튲붫훕횹룃횤좯짏쫐ꆣ ꎨ뛾ꎩ훕횹짏쫐 퓚쿂쇐쟩탎쿂ꎬ붻틗쯹뿉틔펦랢탐죋뗄짪쟫붫웤횤좯훕횹짏쫐ꎺ 1ꎮ퓚랢탐죋뗄막뚫듳믡짏ꎬ랢탐죋뗄훕횹짏쫐짪쟫틑믱75%믲틔짏춶욱좨막뚫뗄엺ힼꎻ 2ꎮ퓚랢탐죋뗄막뚫듳믡짏ꎬ랢탐죋뗄훕횹짏쫐짪쟫캴놻10%믲틔짏춶욱좨막뚫뗄랴뛔ꆣ 퓚쿂쇐쟩뿶쿂붻틗쯹폐좨훕횹횤좯짏쫐ꎺ 1ꎮ랢탐죋늻쓜믲늻풸ퟱ쫘짏쫐맦퓲ꎻ 2ꎮ붻틗쯹죏캪캪쇋캬돖튻룶릫욽폐탲뫍룟킧뗄쫐뎡ꎬ뛸뇘탫붫횤좯훕횹짏쫐ꆣ 쇹ꆢ펢맺 펢맺싗뛘횤좯붻틗쯹뗄ꆶ짏쫐맦퓲ꆷ쎻폐짨튻헂살뷩짜붻틗횤좯뗄춣없맦퓲ꎬ폐맘춣없뗄쮵쏷즢늼폚ꆶ짏쫐맦퓲ꆷ뗄룷헂횮훐ꆣ 싗뛘횤좯붻틗쯹ꆶ짏쫐맦퓲ꆷ맦뚨ꎬ랢탐죋뿉틔뻍쒳훖풭틲쿲붻틗쯹쳡돶춣없짪쟫ꎬ죧맻붻틗쯹죏캪랢탐죋짪쟫춣없뗄샭평뫏샭ꎬ붻틗쯹뻍믡엺ힼ랢탐죋뗄춣없짪쟫ꎻ붻틗쯹튲뿉틔ퟔ훷뻶뚨쫇럱탨튪뛔쒳랢탐죋뗄짏쫐붻틗횤좯쪵쪩춣없ꆣ튻냣살쮵ꎬ싗뛘횤좯붻틗쯹ꆶ짏쫐맦퓲ꆷ쯹맦뚨뗄뻟쳥춣없쟩탎훷튪폐ꎺ 1ꎮ랢탐죋늻쓜솢벴엻슶훘듳뗄볛룱쏴룐탅쾢ꎻ 2ꎮ짏쫐볠맜뻖뮳틉랢탐죋뗄볛룱쏴룐탅쾢헽놻킹슩ꎬ쟒랢탐죋늻풸춨맽솢뿌랢늼릫룦뗄랽쪽횸돶헢튻쟩뿶ꎻ 3ꎮ짏쫐볠맜뻖죏캪랢탐죋뗄닆컱ힴ뿶첫늻쏷샊틔훁폚웤횤좯늻뻟놸튻룶쫊떱춸쏷뗄쫐뎡ꎻ 4ꎮ룺듓쒳횤좯뗄훷튪붻틗쫐뎡뗄춣없뻶뚨ꎻ 5ꎮ붻틗쯹죏캪쒳횻횤좯믲퇜짺닺욷늻듦퓚폐탲뗄붻틗쫐뎡ꎻ 6ꎮ횤좯붻틗틬뎣늨뚯ꎨ죧붻틗쾵춳듩뫏엤뛔뗄볛룱폫ퟮ뷼튻뇊돉붻볛뗄뇤 44
훐췢춣없훆뛈뇈뷏퇐뺿 뚯뇈싊뎬돶풤뚨뗄랶캧ꎩꎻ 쯤좻펢맺횤좯붻틗쯹뗄쫗튪퓰죎쫇좷놣폐훈탲뗘뾪햹튵컱ꎬ떫쯼쏇늢쎻폐헫뛔헻룶쫐뎡춣쫐뗄ퟔ뚯뛏슷웷ꎨ쿠뛔폚떥횻횤좯뗄ퟔ뚯춣없뛸퇔ꎩꆣ 45
훐췢춣없훆뛈뇈뷏퇐뺿 훷튪닎뾼컄쿗 1. Australian Stock Exchange, Guidance Note 16, Trading Halts, March 2003. 2. Christie, William G., Shane A. Corwin and Jeffrey H. Harris. “Nasdaq Trading Halts: The impact of Market Mechanism on Prices, Trading Activity, and Execution Costs,” Journal of Finance, Forthcoming. 3. Greenwald, Bruce and Jeremy Stein. “Transactional Risk, Market Crashes, and the Role of Circuit Breakers,” Journal of Business, 1991, vol. 64(4), 443-462. 4. Harris, Lawrence. “Circuit Breakers and Program Trading Limits: What Have We Learned?” Brookings-Wharton Papers on Financial Services, in R. Litan and A. M. Santomero, eds., Brookings-Wharton Papers on Financial Services, 1998, (Brookings Institution Press), 17-47. 5. Hong Kong Stock Exchange, the Listing Rules (Main Board), Chapter 6, Suspension, Cancellation and Withdrawal of Listing. 6. Hong Kong Stock Exchange, the Listing Rules (Growth Enterprise Market), Chapter 9, Suspension and Resumption of Dealings Cancellation and Withdrawal of Listing. 7. Hong Kong Stock Exchange, Practice Note 11, Suspension and Restoration of Dealings. 46
훐췢춣없훆뛈뇈뷏퇐뺿 8. International Organization of Securities Commissions (IOSCO), Report on Trading Halts and Market Closures, October 2002. 9. Kodres, Laura and Daniel O’Brian. “The Existence of Pareto-Superior Price Limits,” American Economic Review, 1994, vol. 84(4), 919-932. 10. Lee, Charles M. Mark Ready, and Paul J. Seguin. “Volume, Volatility and New York Stock Exchange Trading Halts,” Journal of Finance, 1994 vol. 49(1), 183-214. 11. London Stock Exchange, the Listing Rules. 12. New York Stock Exchange, Listed Company Manual, Section 8, Suspension and Delisting. 13. Singapore Stock Exchange, the Listing Rules, Chapter 13, Suspension and Delisting. 14. Subrahmanyam, Avanidhar. “Circuit Breakers and Market Volatility: A Theoretical Perspective,” Journal of Finance, 1994, vol. 49(1), 237-254. 15. Toronto Stock Exchange, Company Manual, Chapter 7, Halting of Trading, Suspension and Delisting of Securities. 16. . Securities and Exchange Commission, Regulation. 80B. 47
훐췢춣없훆뛈뇈뷏퇐뺿 뫳 볇 ꆶ훐췢춣없훆뛈뇈뷏퇐뺿ꆷ쫇짮�횤좯붻틗쯹릫쮾맜샭늿뫍ퟛ뫏퇐뺿쯹뗄튻룶솪뫏퇐뺿뿎쳢ꆣ퓚뿎쳢퇐뺿맽돌훐ꎬ릫쮾맜샭늿뗄췵뫬ퟜ볠뫍뛎퇇쇖뢱ퟜ볠룸폨쇋듳솦횧돖뫍냯훺ꎬ늻뷶쳡릩쇋뫜뛠폐볛횵뗄퇐뺿쇏ꎬ뛸쟒뮹뛔놨룦쳡돶쇋놦맳뗄탞룄틢볻ꆣ퓚듋뇭쪾훔탄룐킻ꆣ 믆놾튢 2003쓪10퓂18죕 48
?쓚늿놨룦 뷶릩닎뾼 냦좨쯹폐 쟖좨뇘뺿 놾놨룦뷶듺뇭룶죋틢볻ꎬ늻듺뇭쯹퓚떥캻맛뗣ꆣ?뗘횷ꎺ짮�쫐뢣쳯쟸뫬샳컷슷㈰?뚰?뗧뮰ꎺ〷㔵??㌲〳㔱??뒫헦ꎺ〷㔵??㌲〳㐳??폊뇠ꎺ㔱㠰㈸?
