ഈᆣ৳ކ࣮࠹߃ֻ௹ज़ีčمᇅ༢ਙĎБۡ ᆣಊࢌၞ෮ࢌၞྐ༏ӁಃᄎቔაمੰЌ࣮ Кࣘն࿐م࿐ჽࣁವم࣮ᇏྏज़ีቆ ज़ีᇶӻದğᆽ ࢝൱ ज़ี࣮აླྀטದğഈݚᆣಊࢌၞ෮ ശၬ ज़ี࣮ჴğமѢ ౢӽ ٦ ܤफڃ Кࣘն࿐م࿐ჽࣁವم࣮ᇏྏज़ีቆ 2005୍2ᄅ
ଢ ֝ ```````````````````````````````3 1 ᆣಊࢌၞྐ༏ᇅ؇֥ൌაమᄝ໙ี ````````````````5 1ē1 ᆣಊࢌၞྐ༏֥ۀބٳো ```````````````````5 1ē1ē1 ᆣಊࢌၞྐ༏֥ۀ ````````````````````5 1ē1ē2 ᆣಊࢌၞྐ༏֥ٳো ````````````````````6 1ē2 ݓᆣಊࢌၞྐ༏֥مੰᇅ؇ބൌ ```````````````8 1ē2ē1 ݓܱႿᆣಊࢌၞྐ༏֥مੰᇅ؇ ``````````````8 1ē2ē2 ݓࢌၞ෮ࢌၞྐ༏ܵބႨ֥ऎุൌ ``````````9 1ē3 మᄝ֥໙ี `````````````````````````10 1ē3ē1 ࢌၞྐ༏Ӂಃ֥مੰྟᇉބ݂උ҂ૼ༉ ````````````10 1ē3ē2 ཌྷܱܿקਬđໃܒӮປᆜ֥ࢌၞྐ༏مੰЌุ༢ ``````10 1ē3ē3 ᆣಊࢌၞ෮ؓࢌၞྐ༏֥෮Ⴕಃᇶᅦაྐ༏܄҃ᄳ ``````12 1ē4 ЧБ֥࣮ۡᇗׄ ``````````````````````12 2 ᆣಊࢌၞྐ༏აᆣಊࢌၞ෮ ```````````````````13 2ē1 ᆣಊࢌၞྐ༏֥ളӮࠏᇅაۿି ````````````````13 2ē1ē1 ᆣಊࢌၞྐ༏֥ളӮࠏᇅ ``````````````````13 2ē1ē2 ᆣಊࢌၞྐ༏֥ۿି ````````````````````14 2ē2 ᆣಊࢌၞྐ༏აᆣಊࢌၞ෮ ``````````````````14 2ē2ē1 ᆣಊࢌၞ෮൬ࠢaщஆބ܄҃ࢌၞྐ༏ ````````````14 2ē2ē2 ᆣಊࢌၞ෮֥۴Ч൞ࢌၞྐ༏ ````````````````15 2ē3 ࢌၞྐ༏Ӂಃ݂උ֥ᆚၰࠣఃࢳथ ```````````````16 2ē3ē1 ྐ༏Ⴈದ֥ुم `````````````````````16 2ē3ē2 ᆣಊࢌၞ෮֥ुم `````````````````````16 2ē3ē3 ᆣಊࢌၞ෮֥ಃ০აၬༀ ``````````````````17 2ē4 ປᆣಊࢌၞྐ༏مੰ֥ܿٓၩၬ ```````````````18 3 ᆣಊࢌၞྐ༏֥مੰඋྟ ````````````````````20 3ē1 ྐ༏֥ҍӁಃંࠣఃႋႨ ``````````````````20 3ē1ē1 Ԯ֥ҍӁಃં `````````````````````20 3ē1ē2 ᆩ്Ӂಃં ```````````````````````20 3ē1ē3 ྐ༏֥ҍӁಃં `````````````````````21 3ē1ē4 ં֥ႋႨ ````````````````````````21 3ē2 གྷႵ֥مੰЌॿࡏࠣః҂ቀ `````````````````22 3ē2ē1 uᇷቔಃمvЌࠣః҂ቀ `````````````````22 3ē2ē2 uّ҂ᆞࣩ֒ᆚمvᇏܱႿഅြૡ֥ܿק ``````````26 3ē2ē3 ކم֥ࣷ࠶26 ―――――――――――――――――――――――3ē3 ၂ᇕྍ֥ҍӁಃ০ ``````````````````````26 3ē4 ᆣಊࢌၞྐ༏֥Ⴕི܂۳ ```````````````````27 4 ᆣಊࢌၞྐ༏ᇅ؇֥бࢠ࣮ ``````````````````29 4ē1 ૅݓ֥ൌ ``````````````````````````29 4ē1ē1 ૅݓᆣಊ൧ӆྐ༏ᇅ؇֥эథ ````````````````29 1
4ē1ē2 ୧ჿᆣಊࢌၞ෮ ``````````````````````32 4ē1ē3 ବථղक़൧ӆ ```````````````````````32 4ē2 ఃᇶေᆣಊࢌၞ෮ ``````````````````````33 4ē2ē1 ؗᆣಊࢌၞ෮ ``````````````````````34 4ē2ē2 مধक़ڞᆣಊࢌၞ෮ ````````````````````34 4ē2ē3 תࣘᆣಊࢌၞ෮ ``````````````````````34 4ē2ē4 ཐۖࢌၞ෮ ````````````````````````35 4ē2ē5 ຖᆣಊࢌၞ෮ ``````````````````````35 4ē3 ؓݓ࠽ࣜဒ֥ࠫׄཬࢲ ````````````````````36 5 ᆣಊࢌၞྐ༏Ӂಃ֥Ќծീ ``````````````````38 5ē1 ࢌၞྐ༏ӁಃགྷႵ֥Ќ ```````````````````38 5ē2 ࡆ఼ࢌၞྐ༏ࣜႏྸॖކ֥ᆳྛ ```````````````39 5ē3 ᇗྍק߶ჴაᆣಊࢌၞ෮ᆭࡗ֥ܱ༢ `````````````41 5ē4 ఃॖྛ֥୭৯ ```````````````````````41 6 ࢲં `````````````````````````````43 ڸğࡆ఼ᆣಊࢌၞྐ༏Ќ֥ྛ۔ေ ```````````````45 2
֝ ᆣಊ൧ӆ֥Ⴕིྟ၇ঠႿࠣൈaሙಒປᆜ֥ࢌၞྐ༏bೂޅؿ҃ބܵᆣಊ൧ӆᇏӁള֥ࢌၞྐ༏߶႕ཙ܄ᇙؓ൧ӆ֥ྐაྐྏđܱ༢֞ᆣಊ൧ӆ֥ؿᅚbᆣಊ൧ӆ֥Ⴕაَေؓࢌၞྐ༏֥൬ࠢaԩބԮѬࣉྛႵི֥ܿٓb uᇏದ܋ބݓᆣಊمvބuᆣಊࢌၞ෮ܵϷمvܿקđᆣಊࢌၞ෮oܵބ܄҃൧ӆྐ༏pđᇅרoᆣಊࢌၞ෮ᆣಊࢌၞྐ༏֥ิ܂აܵp֥ऎุܿᄵbऌՎđݓᆣಊࢌၞ෮ᄝఃܵܿᄵᇏૼಒđoᆣಊࢌၞ෮൧ӆӁള֥ࢌၞྐ༏݂ᆣಊࢌၞ෮෮Ⴕđໃࣜᆣಊࢌၞ෮ྸॖđޅದ҂֤ؓࢌၞྐ༏ࣉྛޅྙൔ֥گᇅaԮൻaሇಞaႨaྸॖದႨބषؿࣁವaྐ༏Ӂbpൌᇏđᆣಊࢌၞ෮൱ಃః༯උ֥܄ඳູᆣಊྐ༏֥ࡅಆಃࣜႏࠏܒđԢᆣಊࢌၞ෮߶ჴॖᄝఃᆣಊࣜࡀြༀᇏႿކمႏြӆ෮གྷӆ܄҃ࢌၞྐ༏ຓđޅླေࢤ൳aႨࠇࣜႏࢌၞྐ༏֥ࠏܒࠇ۱ದनྶཟ൱ಃ܄ඳണ౨ྸॖb གྷྛ֥ᇅ؇ൌಒ৫ਔ၂สܵބ܄҃൧ӆྐ༏ุ֥༢đԛ൲ᆣಊࢌၞྐ༏ॖၛ۳ᆣಊࢌၞ෮ջটॖܴ֥൬ೆđൈ္҂كమᄝ֥໙ีğ č1Ďࢌၞྐ༏Ӂಃ֥مੰඋྟބ݂උ҂ૼ༉đᄝൌ࠽֥ඳمݖӱᇏđ္ޓ؎مჽ൞ڎ߶Ґବࢌၞ෮ြༀܿᄵቔູࢌၞ෮ཚႵࢌၞྐ༏෮Ⴕಃ֥၇ऌĠ č2ĎཌྷܱܿקࢠູਬđഉໃܒӮປᆜ֥ࢌၞྐ༏مੰЌุ༢đၛؓ൧ӆҕა۲ٚྙӮႵི֥ჿඏđؓႿჟဆჟਛ֥ಃྛູཁ֤ିູ৯Ġ č3Ďೂޅޙᆣಊࢌၞ෮֥ҍӁಃᇶᅦაࢌၞྐ༏֥Ⴕི܂۳đЌᆣሧᆀႵ֩aԉٳ֥ࠏ߶ࠆ౼ᆣಊ൧ӆ֥ࢌၞྛ౦ބః܄ष֥ྐ༏b ՎຓđمੰؓႿࢌၞྐ༏Ӂಃྟᇉބ݂උܿק֥҂ૼಒđջটਔࢌၞྐ༏൬ٮѓሙ֥໙ีđᆣಊ൧ӆഈ۲ٚၹؓࢌၞྐ༏ӁಃႵ҂֥ࢳطႵ҂֥ᇶᅦb ЧБֻ֥ۡ၂҆ٳࡼ૭ඍݓགྷྛ֥ᆣಊࢌၞ෮ࢌၞྐ༏֥ᇅ؇ൌđᆷԛమᄝ֥໙ีđࣉطิԛࡼࣉྛധೆ࣮֥ᇗׄb ֻؽ҆ٳٳ༅ਔᆣಊࢌၞྐ༏֥ളӁࠏᇅđᆷԛࢌၞྐ༏ؓႿᆣಊ൧ӆ֥ᄎቔऎႵ҂ॖޭ൪֥ၩၬđѩษંࢌၞྐ༏֥҂Ӂಃ݂උؓᆣಊ൧ӆ҂ҕაٚࠣᆣಊ൧ӆؿᅚ֥႕ཙbᄝՎࠎԤഈđᆷԛނྏ໙ี൞ૼಒᆣಊࢌၞྐ༏֥Ӂಃྟᇉࠣః݂උđކᇂᆣಊ൧ӆ۲ҕაٚؓࢌၞྐ༏֥ಃ০აၬༀđᆣಊࢌၞྐ༏֤֞Ⴕི֥০ႨđၛЌᅰބᆣಊ൧ӆ֥Ⴕaࡲूؿᅚb ֻ҆ٳิԛđࢌၞྐ༏Ӂಃ൞ෛሢᆣಊ൧ӆ֥ᇯ҄ؿᅚປطԛགྷ֥ۀđ҂൞ܴ֥Ӂđط൞ᆣಊ൧ӆग़ܴؿᅚ֥сಖӁbᆣಊࢌၞྐ༏ӁಃაԮ֥ҍӁಃ০ᄝग़ุaمੰྟᇉaЌٚم֩ٚ૫Ⴕޓն֥ҵၳđႋ֒൞၂ᇕྍ֥ҍӁಃbૐؓႿඔऌ९֥oหႵಃ০pࣉྛህ৫مЌ֥ቓمᆴ֤ࢹb ֻඹ҆ٳؓᆣಊࢌၞྐ༏ᇅ؇ࣉྛਔбࢠمഈ֥ॉҳb๙ݖॉҳđૌؿགྷđൗࢸഈᇶေ֥ࢌၞ෮ᇶᅦఃؓࢌၞྐ༏ཚႵ෮Ⴕಃbކ൞ଢభ۲۱ᇶေ֥ࢌၞ෮ૼಒఃაྐ༏܂ႋഅaྐ༏Ⴈᆭࡗಃ০ၬༀܱ༢֥ᇶေ൭؍bູਔЌᅰࢌၞ෮ᄝྐ༏ڛༀٚ૫֥൬ೆaٝᆸࢌၞྐ༏ФযႨaЌᆣކ֥੫ྛđ۲۱ࢌၞ෮ေൌീണБაނҰծീb ֻ҆ٳٳ༅ਔݓᆣಊࢌၞྐ༏مੰЌ֥གྷሑބթᄝ֥໙ีđิԛऎุ 3
ڿࣉٚσބծീb Б֥ۡቋު၂҆ٳ൞ؓЧБ֥ۡေׄࣉྛਔሹࢲb 4
1ēᆣಊࢌၞྐ༏ᇅ؇֥ൌაమᄝ໙ี ྐ༏൞ࣁವ൧ӆളଁ৯֥ჷಅbᆣಊ൧ӆ֥Ⴕིྟ၇ঠႿࠣൈaሙಒປᆜ֥ࢌၞྐ༏đೂޅؿ҃ބܵᆣಊ൧ӆᇏӁള֥ࢌၞྐ༏ܱ༢֞൧ӆ֥ؿᅚbЧ҆ٳࡼ૭ඍݓགྷྛ֥ᆣಊࢌၞ෮ࢌၞྐ༏֥ᇅ؇ൌđᆷԛమᄝ֥໙ีđࣉطิԛ࣮ᇗׄb 1ē1 ᆣಊࢌၞྐ༏֥ۀބٳো 1ē1ē1 ᆣಊࢌၞྐ༏֥ۀ ၂Ϯটඪđᆣಊࢌၞྐ༏൞ᆷႵࡎᆣಊᄝᆣಊࢌၞ෮൧ӆࠢᇏࢌၞӁള֥aࣜݖᆣಊࢌၞ෮ᆜaщஆ֥൧ӆࢌၞඔऌaྛ౦ࠣၹᆭطӁള֥ఃཌྷܱྐ༏đೂᆣಊ֥ࡎ۬aБࡎࠣࢌၞਈaܢࡎᆷඔ֩֩b ᆣಊࢌၞྐ༏֥ഈ໊ۀ൞ᆣಊč൧ӆĎྐ༏đᆷᄝᆣಊ൧ӆഈ܄֥҃ྐ༏bᆣಊྐ༏Їওഈ൧܄ඳ܄ۡྐ༏aᆣಊࢌၞྐ༏aᆣಊࢌၞ෮܄҃ࢌၞܿᄵaࢌၞ෮ఃܿٓྟ໓ࡱ֩bაᆣಊࢌၞྐ༏ཌྷбđఃᆣಊ൧ӆഈ܄֥҃ྐ༏ѩ҂൞ࠎႿᆣಊࢌၞݖӱطӁളđაࢌၞྐ༏ᄝӁളݖӱٚ૫թႵЧᇉഈ֥љbཋႿږބᇶี֥ေđࢌၞྐ༏ᆭຓ֥ఃᆣಊ൧ӆഈ܄֥҃ྐ༏҂ᄝЧ࣮Бۡษં֥ٓຶᆭଽb ູਔࣉ၂҄ඪૼᆣಊࢌၞྐ༏֥ٓຶđᆃՖຩഈෛࠏ༯ᄛਔᆣಊࢌၞ෮܄֥҃ֆᆦܢௐބᆜ۱൧ӆ֥ࢌၞྐ༏ູ২b༯ਙൕູഈݚᆣಊࢌၞ෮܄֥҃ֆᆦܢௐ֥ྛ౦ྐ༏ބᆜ۱൧ӆ֥ᆷඔྐ༏b ഈݚᆣࢌ෮o٦ղApൌൈྛ౦ ٦ղĦ (000026) 2004-10-19 15:00:00 `ൌൈྛ౦ ` ֒భࡎ ᅨיح ᅨיږ ൬ ࣂष ቋۚࡎ ቋ֮ࡎ + +% ࣩઙࡎ ࣩછࡎ Ӯࢌਈ Ӯࢌح 52ᇛቋۚ52ᇛቋ֮ ၂୍ᅨږ 17887 % ൕ1ğഈݚᆣಊࢌၞ෮۱ܢൌൈྛ౦čটჷğྍশຩđ2004୍10ᄅ20ರ٠໙Ďb 5
ഈᆣᆷඔ (000001) 2004-10-19 15:01:09 `ൌൈྛ౦ ֒భࡎ ᅨיح ᅨיږ ൬ ࣂष ቋۚࡎ ቋ֮ࡎ + +% ࣩઙࡎ ࣩછࡎ Ӯࢌਈ Ӯࢌح 52ᇛቋۚ 52ᇛቋ֮ ၂୍ᅨږ 130404 % ൕ2ğഈᆣᆷඔൌൈྛ౦čটჷğྍশຩđ2004୍10ᄅ20ರ٠໙Ďb 1ē1ē2 ᆣಊࢌၞྐ༏֥ٳো ۴ऌ҂֥ٳোѓሙđᆣಊࢌၞྐ༏ॖၛٳູ҂֥োљb 1aοྐ༏ଽಸٳູྛ౦ྐ༏a࠹ྐ༏aࢌၞ࠺ྐ༏aֆ۱ᆣಊ๔گஇྐ༏֩b ྛ౦ྐ༏ᆷࠧൈྛ౦aൈྛ౦֩b࠹ྐ༏Їওᆣಊࢌၞ෮щᇅّ֥႘൧ӆӮࢌ౦ঃ֥۲োರБіaᇛБіaᄅБіބ୍Бі֩đၛࠣࢌၞ෮ૄರ܄֥҃Aܢބࠎࣁರᅨיږб২ӑݖ7Ċčݣ7ĊĎ֥భ5ᆺᆣಊӮࢌ౦ঃ֩bࢌၞ࠺ྐ༏Їওႏြ҆ൌൈӮࢌ߭Бaႏြ҆ౢෘඔऌaሧᆀࢌၞඔऌ֩bֆ۱ᆣಊ๔گஇྐ༏ᆷֆ۱ᆣಊၹؿྛದؿ҃Ⴕܱ܄ۡaࢌၞၳӈѯ֩طൌീ๔இaگஇ֥ྐ༏b 2aοྐ༏൞ڎ܄षٳູ܄षྐ༏a٤܄षྐ༏b ܄षྐ༏Їওࠧൈྛ౦aૄರᅨיږб২ӑݖ7Ċ֥భ5ᆺᆣಊӮࢌ౦ঃ֩ྐ༏b٤܄षྐ༏ᇶေ൞ࢌၞ࠺ྐ༏đЇওႏြ҆ൌൈӮࢌ߭Бaႏြ҆ౢෘඔऌaሧᆀࢌၞඔऌ֩b ႏြ҆ൌൈӮࢌ߭Б൞ࣼႏြ҆෮Ⴕሧᆀૄ၂гࢌၞ౦ঃčЇওണБaӜֆaӮࢌ֩ĎᇏൌൈյЇؿෂ֥ඔऌbႏြ҆ౢෘඔऌ൞ުյЇؿෂ֥ሧᆀࠣႏြ҆ऌၛϷࢌၞౢෘ֥ඔऌbሧᆀࢌၞඔऌ൞ᆷሧᆀണБaӜֆaӮࢌaౢෘ֩ࢌၞඔऌb 3aοྐ༏ؿ֥҃ൈࡗٳູࠧൈྐ༏aൈྐ༏b οᅶଢభ֥ቓمđݓᆣಊࢌၞ෮ཟ൧ӆ܄ष֥ࢌၞྐ༏ູࠧൈྛ౦ྐ༏đЇওᆣಊսaᆣಊࡥӫaభ൬ࡎaቋྍӮࢌࡎa֒ರቋۚࡎa֒ರቋ֮ࡎa֒ರ࠹Ӯࢌඔਈa֒ರ࠹Ӯࢌࣁحaൌൈቋۚ۱ࡎ໊ઙೆണБࡎ۬ބඔਈaൌൈቋ֮۱ࡎ໊છԛണБࡎ۬ބඔਈ֩bൈྐ༏ᄵ൞ᆷбࠧൈྐ༏Ӿ၂؍ൈࡗč๙ӈ౦ঃ༯ູ15ᇀ30ٳᇒĎ֥ᆣಊࢌၞྐ༏b 1ܢࡎᆷඔ၂Ϯ္Ф൪ູൌൈྐ༏b ܢࡎᆷඔྐ༏Ֆሹุഈބ۲۱҂ҧ૫ّ႘ᆣಊࢌၞ෮ഈ൧ᆣಊᇕࡎ֥۬э౦ঃđॖၛّ႘҂ྛြ֥ࣟగሑঃࠣఃࡎ۬ᆜุэሑঃđՖط۳ሧᆀิ܂҂֥ሧቆކٳ༅ҕᅶ༢bοᅶщᇅ 1 Ӣğoᆣಊࢌၞ෮ࢌၞྐ༏مੰЌ໙ี࣮pđuധᎪᆣಊࢌၞ෮مੰ࣮҆Бۡvđֻ495်b 6
ܢࡎᆷඔൈବೆᆷඔ࠹ෘٓຶ֥ܢௐဢЧඔਈđॖၛࡼܢࡎᆷඔ߃ٳູಆ҆ഈ൧ܢௐࡎ۬ᆷඔބӮٺܢᆷඔbభᆀ൞ᆷࡼᆷඔ෮ّ႘ԛ֥ࡎ۬ሼ൝ട֥ࠣಆ҆ܢௐବೆᆷඔ࠹ෘٓຶbӮٺܢᆷඔđ൞ᆷՖᆷඔ෮ݤۂ֥ಆ҆ܢௐᇏ࿊౼၂҆ٳࢠႵսіྟ֥ܢௐቔູᆷඔဢЧđӫູᆷඔ֥Ӯٺܢđ࠹ෘൈᆺϜ෮࿊౼֥Ӯٺܢବೆᆷඔ࠹ෘٓຶbଢభഈݚᆣಊࢌၞ෮ބധᎪᆣಊࢌၞ෮ؿ֥҃ӮٺܢᆷඔႵഈᆣ180ᆷඔaഈᆣ50ᆷඔaധᆣӮٺܢᆷඔ֩b ഈඍࠫᇕܱႿᆣಊࢌၞྐ༏֥ٳোႵ෮ࢌҭđೂࠧൈྛ౦ྐ༏࠻൞ࠧൈྐ༏္൞܄षྐ༏bଢభݓഈݚaധᎪᆣಊࢌၞ෮ཟ൧ӆิ܂֥ࢌၞྐ༏ູࠧൈྛ౦ྐ༏b ᆣಊࢌၞྐ༏֥ٳোؓႿࢌၞྐ༏ӁಃࠣఃمੰЌ֥࣮ऎႵࢸקٓຶ֥ၩၬbؓႿࢌၞ࠺ྐ༏֩٤܄षྐ༏đၹູمੰܿק҂Ⴭ܄षđ෮ၛᇶေ၇ऌuЌ൯ݓࡅૡمv֩ႵܱЌૡ֥مੰمܿჍၛЌb ऎุটඪđႏြ҆ൌൈӮࢌ߭Бބႏြ҆ౢෘඔऌ࠻൞ଽଞࢌၞྐ༏đႻ൞ݓࡅૡđႋࣉྛචᇗمੰЌb၂ٚ૫đᆃུඔऌऎႵoടࠣ܄ඳ֥ࣜႏaҍༀࠇᆀؓھ܄ඳᆣಊ֥൧ӆࡎ۬Ⴕᇗն႕ཙ֥ഉໃ܄ष֥ྐ༏p֥ྟᇉđژކuᆣಊمvֻ69ֻ่1ॻܿק֥ଽଞྐ༏ေࡱđႋ൳֞ཌྷܱܿק֥Ќbᆣࡓ߶ॖၛ۴ऌuᆣಊمvֻ69ֻ่2ॻ֥ܿקđؓႏြ҆ൌൈӮࢌ߭Бބႏြ҆ౢෘ2ඔऌࣉྛಪקđࡼఃବೆଽଞྐ༏֥ЌٓԐbਸ਼၂ٚ૫đႏြ҆ൌൈӮࢌ߭Бބႏြ҆ౢෘඔऌႋ൳֞uЌ൯ݓࡅૡمvࠣఃൌീϷم֩ݓࡅЌૡمੰaمܿၛࠣᆣࡓ߶Ќૡܿᅣaᆣಊࢌၞ෮Ќૡᇅ؇֥Ќbၹູھোඔऌࠢކ֞၂ఏđିܔّ႘ᆜ۱ᆣಊ൧ӆ֥ሧࣁੀཟၛࠣࢌၞ֥ӻܢٳ҃aֹٳ҃֩౦ঃđᆰࢤ႕ཙ֞ᆣಊ൧ӆ֥ሼ൝ބݓࡅࣁವᇇ֥໗קđܱ༢֞ݓࡅ֥νಆބ০ၭbႿՎđླေྩڿᆣࡓ߶აݓࡅЌૡं৳ކؿ҃u֥ᆣಊࡓܵ۽ቔᇏݓࡅૡࠣఃૡࠩऎุٓຶ֥ܿקvđࡼႏြ҆ൌൈӮࢌ߭Бaႏြ҆ౢෘඔऌਙೆݓࡅ3ૡٓԐb ᇀႿሧᆀᆣಊᅬ֥ണБaӜֆaӮࢌaౢෘ֩ሧᆀࢌၞྐ༏đඋႿႅ4োࢌၞྐ༏đႋ൳֞uم๙ᄵv֩൙مੰ֥Ќb ࠎႿᆃུ౦ঃđЧБ࣮֥ۡ൧ӆࢌၞྐ༏֥Ќᇶေຶಡ܄षྐ༏টࣉྛษંb൞đᄝӁಃ֥ࢸקٚ૫đႮႿഈඍࢌၞ࠺ྐ༏֥Ӂളࠏᇅა൧ӆࢌၞྐ༏ཌྷđఃӁಃ݂උ္ႋ֒ა൧ӆྐ༏ཌྷb ࠹ྐ༏aֆ۱ᆣಊ๔گஇྐ༏္֩ၹఃؓႿሧ؎֥ࡎᆴაྛ౦ྐ༏ཌྷбࢠ֮طࢠഒᄥ൳ಃđ෮ၛᆃਆᇕྐ༏ᄝЧБۡᇏીႵབྷ༥ษંb ࠧൈྐ༏ၹູྐ༏֥ࠧൈྟطؓᆣಊሧ؎ऎႵᇗေࡎᆴđൈྐ༏ᄵႮႿఃൈࡗഈ֥ᇌުྟഅြࡎᆴකࡨđఃഅြᄎቔٚൔč൞ڎ൬ٮĎބಃ০ᄥ൳ٕ֥ሑঃაࠧൈྐ༏҂đၹطمੰؓࠧൈྐ༏ބൈྐ༏֥Ќӱ؇ႋႵ෮ҵљb ൌᇏđؓႿࢌၞྐ༏֥Ӂಃ݂උႵ҂ၩѩӁള࣯ٴ֥ᇶေ൞ྛ౦ྐ༏ᇏ֥ࠧൈྛ౦ྐ༏ၛࠣ۴ऌࠧൈྐ༏щᇅ֥ఃྐ༏Ӂೂܢࡎᆷඔbሸކഈඍؓᆣಊ൧ӆྐ༏֥ษં౦ঃđЧБ֥࣮ۡؓའᇶေ൞ᆣಊ൧ӆࠧൈྛ౦ྐ༏b 2 ᅦᆟဉğu൫ંݓᆣಊࢌၞྐ༏مੰЌ֥ۄ໙ีvđᄛᆽaϢࡹफᇶщuࣁವمਫ਼ࣥvđКࣘն࿐ԛϱഠ2004୍đ်354b 3 ഈᇿđ်354Ē355b 4 ഈݚᆣಊࢌၞ෮Ϸ܄൩[2003] 65ݼ໓ࡱğuܱႿᆣಊࢌၞ෮ࢌၞྐ༏مੰЌ֥࣮Бۡvb 7
1ē2 ݓᆣಊࢌၞྐ༏֥مੰᇅ؇ބൌ 1ē2ē1 ݓܱႿᆣಊࢌၞྐ༏֥مੰᇅ؇ 1ē2ē1ē1 مੰaྛᆟم֥ܿܿק ݓགྷྛ֥مੰaྛᆟمܿᇶေܿקਔᆣಊࢌၞ෮oܵpބo܄҃pᆣಊࢌၞྐ༏֥ᆯᄳbuᆣಊمvܿקᆣಊࢌၞ෮ႋ֒ࠣൈ܄҃ᆣಊࢌၞྛ౦đѩοࢌၞರᇅቔᆣಊ൧ӆྛ౦іđჍၛ܄҃đఃଢ֥൞ູቆᆮ܄֥ࠢᇏࣩࡎࢌၞิ5܂Ќᅰb uᆣಊࢌၞ෮ܵϷمvֻ11่ܿקᆣಊࢌၞ෮֥ᆯିЇওoܵބ܄҃൧ӆྐ༏pĠֻ30่ܿקᆣಊࢌၞ෮ႋ֒ᇅקऎุ֥ࢌၞܿᄵđఃଽಸЇ6ওoᆣಊࢌၞ෮ᆣಊࢌၞྐ༏֥ิ܂ބܵpĠ ൈđ္ؓᆣಊྛ౦і֥ᇅቔa7ݤۂଽಸބ܄҃ٚൔቓਔܿקb Վຓđᆣಊࢌၞ෮ႋ֒oࣼః൧ӆଽ֥Ӯࢌ౦8ঃщᇅರБіaᇛБіaᄅБіބ୍Біđѩࠣൈཟഠ߶܄҃bpऎุ֞ྐ༏܄҃ٚൔ֥ေٚ૫đᆣಊࢌၞ෮ႋo֒ЌᆣሧᆀႵ֩ࠏ߶9ࠆ౼ᆣಊ൧ӆ֥ࢌၞྛ౦ބః܄ष֥ྐ༏đѩႵ֥֩ࢌၞࠏ߶bp طđᆣಊࢌၞ෮ࠣః߶ჴoႋ֒ຈЌթᆣಊࢌၞᇏӁള֥ກሧਘaࢌၞ࠺a10ౢෘ໓ࡱ֩đѩᇅקཌྷႋ֥Ұ࿘ބЌૡܵծീbp 1ē2ē1ē2 ᆣࡓ߶҆ܿᅣaܿٓྟ໓ࡱ֥ܿק ؓႿᆣಊࢌၞྐ༏֥ԮѬބܵđᆣࡓ߶ࠣႵܱ༵҆ުؿ҃ਔuܱႿࡆ఼11ᆣಊ௹ࠊྐ༏ԮѬ֥ܵۄܿקvauܱႿࡆ఼ᆣಊࢌၞ෮߶ჴ֥ܵ๙ᆩv12auܱႿؓᆣಊࣜႏࠏܒࠣఃႏြ҆Ֆ൙ᆣಊሦ࿘ࠣᆣಊྐ༏ԮѬြༀࡆ఼ܵ13֥๙ᆩv֩đؓᆣಊࢌၞྐ༏֥ؿ҃ބ০Ⴈၛࠣࢌၞྐ༏ಃЌቔਔܿקb২ೂđuܱႿࡆ఼ᆣಊࢌၞ෮߶ჴ֥ܵ๙ᆩvֻ1่ܿקğoՖ൙սြༀ֥߶ 5 uᇏದ܋ބݓᆣಊمvč1999୍Ďֻ107่ܿקđ“ᆣಊࢌၞ෮ႋູ֒ቆᆮ܄֥ࠢᇏࣩࡎࢌၞิ܂Ќᅰđࠧൈ܄҃ᆣಊࢌၞྛ౦đѩοࢌၞರᇅቔᆣಊ൧ӆྛ౦іđჍၛ܄҃b” 6 uᆣಊࢌၞ෮ܵϷمvቋԚࣜݓༀჽሙđႮݓༀჽᆣಊჴ߶Ⴟ1997୍12ᄅ10ರؿ҃đᇏݓᆣಊࡓܵჴ۴ऌuݓༀჽܱႿྩר<ᆣಊࢌၞ෮ܵϷم>֥گvႿ2001୍12ᄅ12ರᇗྍ܄҃b 7 uᆣಊࢌၞ෮ܵϷمvֻ31่ܿקğᆣಊࢌၞ෮ႋ֒܄҃ࠧൈྛ౦đѩοರᇅቔᆣಊྛ౦іđ࠺ᄛ༯ਙ൙ཛđၛൡ֒ٚൔ܄҃ğ č၂Ďഈ൧ᆣಊ֥ӫĠ čؽĎष൧aቋۚaቋ֮ࠣ൬൧ࡎ۬Ġ čĎაభ၂ࢌၞರ൬൧ࡎбࢠު֥ᅨי౦ঃĠ čඹĎӮࢌਈaᆴ֥ٳ࠹ࠣކ࠹Ġ čĎܢࡎᆷඔࠣఃᅨי౦ঃĠ čੂĎᆣࡓ߶ေ܄ष֥ః൙ཛb 8 uᆣಊࢌၞ෮ܵϷمvֻ32่b 9 uᆣಊࢌၞ෮ܵϷمvֻ34่b 10 uᆣಊࢌၞ෮ܵϷمvֻ37ֻ่1ॻb 11 uᇏݓᆣಊࡓܵჴ߶aྍ໔ԛϱඇaႯ҆aܼѬ႕൪҆aݓࡅ۽അྛᆟܵअa܄νܱ҆Ⴟؿ҃<ܱႿࡆ఼ᆣಊ௹ࠊྐ༏ԮѬ֥ܵۄܿק>֥๙ᆩvčᆣࡓŀ1997ł17ݼĎđ1997୍12ᄅ12ರb 12 uᇏݓᆣಊࡓܵჴ߶ܱႿࡆ఼ᆣಊࢌၞ෮߶ჴ֥ܵ๙ᆩvčᆣࡓࢌሳŀ1998ł12ݼĎđ1998୍6ᄅ5ರb 13 uᆣࡓ߶ܱႿؓᆣಊࣜႏࠏܒࠣఃႏြ҆Ֆ൙ᆣಊሦ࿘ࠣᆣಊྐ༏ԮѬြༀࡆ఼֥ܵ๙ᆩvčᆣࡓࠏܒሳŀ1999ł105ݼĎđ1999୍9ᄅ21ರb 8
ჴႋࡼࢌၞ෮ؿ֥҃ࠧൈྛ౦ބ܄ۡྐ༏֩൧ӆྐ༏ࠣൈᄝႏြӆ෮܄҃bໃࣜࢌၞ෮ሙđ߶ჴ҂֤ࡼഈඍྐ༏ิ܂۳ࠏܒބ۱ದՖ൙ࣜႏࠃĠ҂֤ᄝ٤ႏြӆ෮ࡼഈඍྐ༏ิ܂۳ఃग़ၛຓ֥ఃࠏܒބ۱ದbp 1ē2ē1ē3 ᆣಊࢌၞ෮ြༀܿᄵ֥ܿק ᆣಊࢌၞ෮ᄝuᆣಊࢌၞ෮ࢌၞܿᄵvᇏૼಒܿקđoࢌၞ෮൧ӆӁള֥ᆣಊࢌၞྐ༏݂ᆣಊࢌၞ෮෮Ⴕđໃࣜྸॖđޅࠏܒބ۱ದ҂֤ሱႨބԮ14Ѭbp ധᎪᆣಊࢌၞ෮ߎؿ҃ਔህ֥ྐ༏ܵϷمđܿקࢌၞ෮oؓႮႿЧ෮ࠢᇏࢌၞطӁള֥ྛ౦ࠣః࠹ሧਘཚႵ෮ႵಃpđoԢ۴ऌݓࡅႵܱܿקࢌၞ෮Ⴕၬༀཟ߶ჴֆ໊ࠣᆣಊᇶܵࠏܱิ܂ྐ༏ຓđ၂్ᆣಊྐ༏ڛༀनൌྛႵӊ15ڛༀbp ᆣಊࢌၞ෮္ؓࢌၞ෮߶ჴႨࢌၞྐ༏ഡקਔཋᇅb߶ჴᄝໃࣜࢌၞ෮ၩ֥౦ঃ༯đo҂֤০ႨЧ෮֥ྛ౦ྐ༏ࠣЧ෮ၘ܄֥҃۲ᇕ࠹ሧਘ16ޅֆ໊ࠇ۱ದՖ൙აఃႵܱ֥അြྟࠃࠇఃᄜԮѬbp17ݓ֥௹ࠊࢌၞ෮ބഅࢌၞ෮ؓࢌၞྐ༏္Ґ౼նุཌྷර֥ܿקb 1ē2ē2 ݓࢌၞ෮ࢌၞྐ༏ܵބႨ֥ऎุൌ ᄝݓᆣಊ൧ӆ֥Ԛࢨ؍đᆣಊࢌၞྐ༏Ⴎᆣಊࢌၞ෮ᆰࢤཟ൧ӆؿ҃b1996୍ၛުđഈݚaധᎪᆣಊࢌၞ෮ٳљ൱ಃࣜႏᆣಊྐ༏֥܄ඳڵᄳܵބཟഠ߶ؿ҃ᆣಊࢌၞྐ༏đࣉྛഅြ߄ᄎቔbՎൈđᆣಊࢌၞ෮aಊഅčЧБۡᇏࢌҭႨoಊഅpބo߶ჴ܄ඳpਆ۱ۀđૌ൞ᆷᆣಊࢌၞ෮֥߶ჴ܄ඳĎaྐ༏ࣜႏഅaሧᆀ֩ᆣಊ൧ӆҕაᆀؓࢌၞྐ༏Ӂಃ֥ᇶᅦѩ҂ૼಒb 2003୍ָđഈݚaധᎪᆣಊࢌၞ෮ࣼᆣಊࢌၞྐ༏໙ีህؿ҃ਔ৳ކലૼđᇶᅦఃؓᆣಊࢌၞྐ༏֥ஆྟ֥෮Ⴕಃđѩٳљ൱ಃః༯උ֥ഈᆣ෮ྐ༏18ຩႵཋ܄ඳaധᎪᆣಊྐ༏Ⴕཋ܄ඳູᆣಊࢌၞྐ༏֥ࡅಆಃࣜႏࠏܒb ധਆࡅᆣಊࢌၞ෮ᄝ৳ކലૼᇏૼಒđoԢᆣಊࢌၞ෮߶ჴॖၛᄝఃᆣಊࣜࡀြༀᇏႿఃކمࣜႏӆ෮གྷӆ܄҃ᆣಊࢌၞ෮ᆣಊࢌၞྐ༏ຓđޅླေࢤ൬aႨࠇࣜႏࢌၞྐ༏֥ࠏܒࠇ۱ದनྶཟః൱ಃ܄ඳണ౨ྸॖĠԢمੰمܿಒק֥২ຓđໃࣜᆣಊࢌၞ෮ྸॖđޅದ҂֤ؓࢌၞྐ༏ࣉྛޅྙൔ֥گᇅaԮൻaሇಞaႨaྸॖದႨބषؿࣁವaྐ༏Ӂbp ൌᇏđᆣಊࢌၞ෮֥ࢌၞྐ༏ؿ҃༢ٳູਆ҆ٳb၂҆ٳ൞Ֆᆣಊࢌၞ෮๙֞߶ჴ܄ඳđႮ߶ჴ܄ඳᄝఃᆣಊࣜࡀြༀᇏႿఃކمႏြӆ෮܄҃b ਸ਼၂҆ٳ൞Ⴎࢌၞ෮ؿ҃۳ྐ༏ڛༀഅࠇ۱љሧࠏܒđೂႵཌ൪aഅြྟຩᅟaྐڛༀഅ֩bުᆀླေࢤ൳aႨࠇࣜႏᆣಊྐ༏đсྶཟᆣಊࢌၞ෮൱ಃ֥ࡅಆಃࣜႏࠏܒണ౨ྸॖđႮಆಃࣜႏࠏܒაྐ༏ࣜႏഅᆭࡗ๙ݖuᆣಊྐ༏ࣜႏྸॖކvࡹ৫ྸॖބڛༀܱ༢bᇀႿ൱ಃุ༢ᇏ֥ಃၭሇಞđଢభࠎЧഈ൞ၛᇷቔಃູނྏaሇಞ҂֥ڸඋಃູࢸקটదඇކࠣ൬౼ٮႨđఃᇏЇওگᇅಃaթԥಃaሇѬಃ֩b 14 ഈݚᆣಊࢌၞ෮aധᎪᆣಊࢌၞ෮ğuഈݚaധᎪᆣಊࢌၞ෮ࢌၞܿᄵvֻ29่đ2001୍8ᄅ31ರb 15 uധᎪᆣಊࢌၞ෮ྐ༏ܵᄠྛϷمvֻ5่ބֻ6่đ1993୍1ᄅ1ರؿ҃b 16 ധᎪᆣಊࢌၞ෮ğuധᎪᆣಊࢌၞ෮߶ჴರӈܵᄠྛϷمvֻ9่ܿקb 17 ২ೂđն৵അࢌၞ෮ğuն৵അࢌၞ෮ྐ༏ܵᄠྛϷمvđ2003୍7ᄅ15ರb 18 uഈݚᆣಊࢌၞ෮aധᎪᆣಊࢌၞ෮৳ކലૼvđ2003୍12ᄅ24ರb 9
ᆣಊྐ༏ࣜႏྸॖ֥൬ٮѓሙ္൞ൌᇏ၂۱ᆴ֤ᇿၩ֥໙ีbؓഈݚᆣಊࢌၞ෮֥ᆣಊྐ༏đ1996୍ᇅק൬ٮѓሙൈđᇶေॉ੮ၹ൞ࣜႏഅࠆ֤֥ྛ౦Ӂ֥ࣜ࠶ࡎᆴđ۴ऌྐ༏ࣜႏഅඌ๙֡ି৯႕ཙྐ༏ਈປᆜྟބൈིྟ֥ҵၳটࣉྛקࡎbၹՎđο၂۱ྐ༏ڛༀ܄ඳa၂۱ྐ༏ሇѬඌ༢ࣉྛҵၳ߄БࡎbITඌ֥ۚؿᅚ၂۱ྐ༏܄ඳॖ٤ӈಸၞֹࡼ၂۱ྛ౦ඔऌ९ሇؿ֞؟ᇕॴૂุ༢ᇏࡆၛႋႨđᆃᇕྛູರၭ௴ђbഈᆣ෮ྐ༏ຩႵཋ܄ඳ2004୍ؓ൬ٮѓሙࣉྛਔטᆜđࠧཟࣜႏഅ൬౼ҵၳ߄൱ಃٮaཟྐ༏ଽಸႨοྐ༏ିڎФթԥބࡆ۽ԩࣉྛҵၳ߄൬ٮčοႨᇔ؊োٳູPCো19ބ٤PCোĎb 1ē3 మᄝ֥໙ี 1ē3ē1 ࢌၞྐ༏Ӂಃ֥مੰྟᇉބ݂උ҂ૼ༉ uᆣಊمvބuᆣಊࢌၞ෮ܵϷمv֩مੰaྛᆟمܿؓႿࢌၞྐ༏Ӂಃ֥مੰඋྟބ݂උ໙ีીႵቔԛૼಒ֥ܿקđᆺ൞ܿקᆣಊࢌၞ෮oܵބ܄҃pྐ༏֥ᆯᄳb ൌᇏđഈݚᆣಊࢌၞ෮ބധᎪᆣಊࢌၞ෮֥ြༀܿᄵؓࢌၞྐ༏֥෮Ⴕಃቔਔሱࢸקbᆃᇕ౦ঃ༯đమᄝ֥໙ี൞đᆣಊࢌၞ෮ؓࢌၞྐ༏ᇶᅦ෮Ⴕಃ֥၇ऌི৯ҪՑ֮đ၂൞ᆣಊࢌၞ෮൞ڎؓࢌၞྐ༏ཚႵ෮ႵಃթႵၐ໙đؽ൞ၛؓ൧ӆҕა۲ٚྙӮႵི֥ჿඏbᄝൌ࠽֥ඳمݖӱᇏđ္ޓ؎مჽ൞ڎ߶Ґବࢌၞ෮ြༀܿᄵቔູࢌၞ෮ཚႵࢌၞྐ༏෮Ⴕಃ֥၇ऌb ᆣಊࢌၞྐ༏ӁളႿ൧ӆࢌၞሱദđఃຓაଽݤ֥ಒקѩ҂ಸၞđൌᇏႵૼಒఃمੰྟᇉ֥ླေbطđࠧь൞مੰބྛᆟمܿࡼটؓᆣಊࢌၞྐ༏֥݂උቔԛૼಒ֥ܿקđ္૫ਢሢೂޅࢸקࢌၞྐ༏مੰඋྟ֥໙ีb 1ē3ē2 ཌྷܱܿקਬđໃܒӮປᆜ֥ࢌၞྐ༏مੰЌุ༢ مੰaྛᆟمܿ҂ࣇીႵࣼࢌၞྐ༏֥Ӂಃྟᇉބ݂උቔԛૼಒ֥ܿקđ္ಌكܱႿྐ༏০ႨބЌ֥ऎุ่ॻđࣇࣇ၇ौᆣࡓ߶ܿᅣaᆣಊࢌၞ෮ြༀܿᄵ֩ܿٓྟ໓ࡱ҂ቀၛؓࢌၞྐ༏ิ܂ԉٳބႵི֥ЌbؓႿ҂ژކᆣಊࢌၞ෮ࠣః൱ಃ܄ඳ֥ܿקࠆ౼ބႨࢌၞྐ༏֥ྛູđିڎႄႨuކمvauᇷቔಃمvࠇᆀuّ҂ᆞࣩ֒ᆚمvቔູЌᆣಊࢌၞྐ༏ಃ֥၇ऌഉໃ֤֞ඳمൌ20֥ᆦӻb ෛሢඔऌ߄ඌބԮѬૂࢺ֥ؿᅚđݝᆣಊࢌၞ෮ࢌၞྐ༏ህ 19 ԮѬٚൔ൞ॉ੮ࢌၞྐ༏ࡎ֥۬ᇶေၹđೂ၂ࠩྐ༏ࣜႏഅሇؿ۳ؽࠩྐ༏ࣜႏഅđؽࠩྐ༏ࣜႏഅᄜሇؿ۳ቋᇔႨބྐ༏ࣜႏഅᆰࢤؿ۳ቋᇔႨ֥ྐ༏ࡎ۬൞҂၂ဢ֥đభᆀေۚ၂ུbᄝݓຓӈႨ֥ԮѬٚൔ൞၂ࠩྐ༏ࣜႏഅሇѬ۳ؽࠩྐ༏ࣜႏഅđؽࠩྐ༏ࣜႏഅᄜѬؿ۳ቋᇔႨb൞đഈᆣ෮ྐ༏܄ඳᄝݓଽીႵႨᆃᇕٚൔđᇶေჰၹ၂൞ࡎ۬ଆđؽ൞ؽࠩྐ༏ࣜႏഅ֥ԮѬିڎФࡓ॥ၛࠣ၂ࠩྐ༏ࣜႏഅሇѬ۳ؽࠩྐ༏ࣜႏഅൈ൞ڎണБđၛಒקđᆃဢࣼ߶ஊളԛޓ؟ಃჷbഈᆣ෮ྐ༏܄ඳགྷྛ֥ቓم൞ᄝݓଽᆺᄍྸྐ༏ࣜႏഅ۳ቋᇔႨđ҂ᄍྸሇؿ۳ؽࠩྐ༏ࣜႏഅbᄝݓຓᄵႮႿྸ؟ྐ༏ࣜႏഅྐუݺđྸॖކᇏܿקॖሇؿ۳ؽࠩྐ༏ࣜႏഅđሇؿభؽࠩྐ༏ࣜႏഅсྶ֤֞ഈᆣ෮ྐ༏܄ඳ֥൱ಃđ၂ࠩྐ༏ࣜႏഅ္ྶཟഈᆣ෮ྐ༏܄ඳണБb 20 ҕശၬğ“ܱႿᆣಊࢌၞ෮ࢌၞྐ༏مੰЌ֥ۄ໙ี”đuᆣಊمᇅ൪ׄvčഈݚᆣಊࢌၞ෮مੰ 10
Ⴕಃ֥൭؍ބٚمᄀটᄀ؟đطЌ֥౻֡ބٚൔಏߎ൞ૼཁݖႿֆ၂đؓႿჟဆჟਛ֥ಃྛູཁ֤ିູ৯b ۴ऌЧज़ีቆؓഈݚᆣಊࢌၞ෮ൌֹט֥ࢲݔđᆣಊࢌၞ෮֥ྛ౦ྐ༏Фಃ֥अ૫ཌྷ֒ᇗđіགྷູၛ༯ࠫᇕ౦ঃğ č1Ďᆣಊࢌၞ෮߶ჴ܄ඳކم౼֤ሙಒྟaൈིྟބଽಸປᆜྟЌᅰ؇ቋႪ֥ྛ౦ྐ༏ުđՖ൙ၛ༯ࠃğ ᄝಊഅஇ֥ຩഈࢌၞڛༀࠇ߅ກڛༀ༢ᇏิ܂ྛ౦ྐ༏ڛༀĠ ၛކቔྙൔđิ܂۳ၿྛoၿᆣሇᅬpࠇҍ༢षᅚԮѬࠃĠ ၛކቔྙൔđิ܂۳ྐ༏ࣜႏഅषᅚྛ౦ྐ༏ԮѬࠇࣜႏࠃĠ č2Ďྐ༏ࣜႏഅಃğ ໃࣜࢌၞ෮൱ಃषᅚྛ౦ྐ༏ࣜႏࠃĠ ྐ༏ࣜႏഅ൱ಃٓຶࣜႏࢌၞྐ༏Ġ 21҆ٳྐ༏ࣜႏഅ֢ಊഅڛༀ༢ᇏ֥ྛ౦ྐ༏đषᅚሇ൲ࠃĠ č3ĎቋᇔႨ٤مࣜႏࢌၞྐ༏ğ ҆ٳቋᇔႨၛቋᇔႨ֥ദٺࢤ൬ྐ༏ުđႻ٤مၛྐ༏ࣜႏഅ֥ദٺԮѬaࣜႏࢌၞྐ༏ č4ĎຓࠏܒໃࣜྸॖႨࢌၞྐ༏ ҆ٳຓࠏܒໃࣜ൱ಃሱႨࢌၞྐ༏षؿྐ༏ӁࠇࣁವစളӁđႨ22Ⴟఃᆣಊࢌၞ෮ഈ൧ࢌၞđ௹ຬၛഈ൧൙ൌ௧ࢌၞ෮ಪॖb ᄝഈඍࠫᇕٕᆣಊࢌၞ෮ࢌၞྐ༏Ӂಃ֥౦ঃᇏđഈᆣ෮ྐ༏܄ඳᆷԛđ߶ჴބྐ༏ࣜႏഅᄝࢤ൬ྐ༏ᆭުᇏࡗߌࢫ֥ᇶѬؿ൞ࢌၞ෮ၛ॥ᇅ֥đ္൞ଢభࢌၞྐ༏ಃ֥ᇶေٚൔbᆃᇶေ۴ჷႿᆣಊࢌၞ෮ބ߶ჴᆭࡗ֥ܱ༢҂ૼಒğᆣಊࢌၞ෮ູ߶ჴ܄ඳิ܂ᆣಊࢌၞྐ༏൞၂ᇕၬༀđߎ൞അြڛༀĤՎຓđᄝཌྷܱ֥໓ࡱᇏ္ીႵૼಒ߶ჴٮ൞ڎЇݣྐ༏ଽಸaࠇᆀ෮Їݣ֥ࠎԤྐ༏ଽಸ֞હӱ؇bႮႿ߶ჴ܄ඳஊള֥ྐ༏ჷ؟aඌഈಃಸၞൌགྷđၹՎ ҆Ďđֻ197်ĠӢğ“ᆣಊࢌၞ෮ࢌၞྐ༏مੰЌ໙ี࣮”đuധᎪᆣಊࢌၞ෮مੰ࣮҆Бۡvđֻ498်b 21 ᄝטᇏđૌ္ؿགྷႵຩᅟ֢౼Ќૡྟᆣಊ൧ӆྐ༏֥σ২đбೂଖຩᅟoϼpσbᄝھσᇏđھຩᅟᄝఃoधૡඔऌpህণᄛႵնਈᄛᆣಊࢌၞ෮ࢌၞ֥ᆣಊᅫ֥ࢌၞඔऌބӻܢඔऌđ܂٠໙ᆀ༯ᄛbᆃུሧਘඋႿᆣಊ൧ӆ֥ૡྐ༏đھຩᅟοᆞӈࣥ۴Чمࠆ֤đ۷ಃؿ҃bൈđຩᅟߎၛoϼᇶ৯ઙછཟࢳૡ֩ၬđཟ٠໙ᆀิ܂۲ᇕໃࣜᆞൔ֥࠹ඔऌބሧྐ༏bਸ਼ຓđຩᅟߎཟڱٮ߶ჴิ܂ࢌၞඔऌđषᅚᆣಊሧሧ֩٤مࠃbቋުđᆣಊࢌၞ෮ၛھຩᅟടཀ٤مࣜႏᆣಊြༀቌaଽଞࢌၞቌaщᄯԮѬྴࡌྐ༏ቌa০Ⴈ৳ຩࣉྛᅊௌቌิ౨܄νࠏܱ৫σᆍҳb 22 бೂđᄪᄝ1999୍đѓሙ௴غࣼაᇏྐᆣಊކቔщᇅᇏྐ௴غᇏݓᆷඔđѩႿ2000୍ᆞൔԛđଢభၘࣜྙӮਔ၂༢ਙᆷඔӁĠ2004୍3ᄅ1ರđѓሙ௴غԛაᇏྐᆣಊކቔщᇅ֥ᇏྐѓ௴300ᆷඔބᇏྐѓ௴50ᆷඔĠ1996୍đ֡౪ථ܄ඳԛਔ֡౪ථᇏݓᆷඔ༢ਙ——֡౪ථᇏݓ88ᆷඔa֡౪ථᇏݓᆷඔa֡౪ථഈݚᆷඔބ֡౪ථധᎪᆷඔĠ2004୍9ᄅ6ರđ֡౪ථᆷඔ৳ކֻ၂ҍࣜԮૂႵཋ܄ඳԛሸކྟࠎሙᆷඔ֡౪ථֻ၂ҍࣜᇏݓੂϤᆷඔđӮٺܢЇওധࢌၞ෮֥ੂϤࡅቋն֥ഈ൧܄ඳ֥ܢௐĠ2004୍10ᄅ18ರđૅݓᆤࡆۢ௹ಃࢌၞ෮(CBOE)ᆞൔԛᇏݓܢᆷ௹ࠊĠྍࡆࢌၞ෮ᆞᄝ࠹߃ԛᇏݓAܢܢௐᆷඔ௹ࠊĠߎႵđ໓ঞݓ࠽ࢌၞ෮čIBXĎބཐۖलၮ௹ࠊႵཋ܄ඳ܋ؿఏҦ߃đ“ᇏݓ၂ᆷඔ”Ġ֩֩bབྷ༥౦ঃॖҕྍ໔Б֡đoᇏݓܢ൧၂ᆷඔಌാ ݚຓᇏݓᆷඔڄఏᄉႤpđuࣜ࠶ܴҳБvđ2005୍1ᄅ30ರb 11
ཟࢌၞ෮ྐ༏܄ඳണ౨ྸॖ֥ྐ༏ࣜႏഅ֥б২٤ӈ֮b 1ē3ē3 ᆣಊࢌၞ෮ؓࢌၞྐ༏֥෮Ⴕಃᇶᅦაྐ༏܄҃ᄳ ࢌၞྐ༏൞ᆣಊሧᆀࣉྛሧ؎֥၇ऌđمੰܿקoᆣಊࢌၞ෮ႋ֒܄҃ࠧൈྛ౦pđoЌᆣሧᆀႵ֩ࠏ߶ࠆ౼ᆣಊ൧ӆ֥ࢌၞྛ౦ބః܄ष֥ྐ༏pđໃট֥مੰބܿᄵсྶॉ੮ೂޅޙᆣಊࢌၞ෮ؓࢌၞྐ༏֥෮Ⴕಃᇶᅦაᆣಊ൧ӆࢌၞྐ༏Ⴕི܂۳ᆭࡗ֥ܱ༢bൌᇏđࢌၞྐ༏֥ӁളჷႿᆣಊሧᆀ๙ݖᆣಊࢌၞ෮ࣉྛ֥ࠢᇏࢌၞđᆣಊࢌၞ෮ᄝᇶᅦؓࢌၞྐ༏֥෮Ⴕಃൈсྶᅶܤ֞ሧᆀ֥ླb ՎຓđႮႿཌྷܱ֥مੰمܿؓႿࢌၞྐ༏Ӂಃྟᇉބ݂උܿק֥҂ૼಒđջটਔࢌၞྐ༏൬ٮѓሙ໙ีđᆣಊ൧ӆഈ۲ҕაٚၹؓࢌၞྐ༏֥ӁಃթႵ҂23֥ࢳطӻႵ҂֥ᇶᅦb ଢభđؓႿᆣಊࢌၞྐ༏൬ٮѓሙ֥ᇅקࠏܒބӱഉ҂ૼಒb 1ē4 ЧБ֥࣮ۡᇗׄ ᆌؓഈඍᆣಊࢌၞ෮ࢌၞྐ༏مੰᇅ؇ބൌᇏమᄝ֥ಌཊđЧБۡᇗׄษંၛ༯໙ีğ č1Ďᆣಊࢌၞྐ༏აᆣಊࢌၞ෮֥ܱ༢đၛࠣࢌၞྐ༏֥҂Ӂಃ݂උؓᆣಊ൧ӆ۲ٚࠣᆣಊ൧ӆᄎቔ֥႕ཙĠ č2Ďೂޅކᇂᆣಊ൧ӆ۲ٚؓࢌၞྐ༏֥ಃ০აၬༀđᆣಊࢌၞྐ༏֤֞Ⴕི০ႨĠ č3Ďᆣಊࢌၞྐ༏֥مੰྟᇉđၛࠣགྷྛمੰمܿิ܂֥ЌĠ č4Ďݓ࠽ഈॖሧࢹ֥ࣜဒĠ č5Ďೂޅࡆ఼ބປݓᆣಊࢌၞྐ༏֥Ќծീb 23 נࢱğoࢌၞ෮ྐ༏൬ٮජটࡓܵĤpđuᆣಊ൧ӆᇛ़v2004୍4ᄅ12ರb 12
2 ᆣಊࢌၞྐ༏აᆣಊࢌၞ෮ Чࢫٳ༅ਔᆣಊࢌၞྐ༏֥ളӁࠏᇅđᆷԛࢌၞྐ༏ؓႿᆣಊ൧ӆ֥ᄎቔऎႵᇗေၩၬđࢌၞྐ༏൞ᆣಊࢌၞ෮֥۴Чđൈ္ॉ੮ਔࢌၞྐ༏֥҂Ӂಃ݂උؓᆣಊ൧ӆ۲ٚࠣᆣಊ൧ӆؿᅚ֥႕ཙb ࠎႿࣜ࠶࿐ބቆᆮંđૌಪູᆣಊࢌၞ෮ࢌၞྐ༏ᇅ؇֥ᇏྏ໙ี൞đсྶૼಒᆣಊࢌၞྐ༏֥Ӂಃྟᇉࠣః݂උđކᇂᆣಊ൧ӆ۲ٚؓࢌၞྐ༏֥ಃ০აၬༀđᆣಊࢌၞྐ༏֤֞ԉٳႵི০ႨđࣉطЌᆣބᆣಊ൧ӆႵ֥aࡲू֥ؿᅚb 2ē1 ᆣಊࢌၞྐ༏֥ളӮࠏᇅაۿି 2ē1ē1 ᆣಊࢌၞྐ༏֥ളӮࠏᇅ ᆣಊࢌၞ෮ࢌၞྐ༏ӁളႿᆣಊࢌၞ֥ݖӱᇏđၛሧᆀแཿઙછᆣಊണБֆູఏׄđᆣಊ܄ඳοᆣಊࢌၞ෮ഡק֥ඔऌൻೆܿᄵބӱđࡼണБֆऌ֥ଽಸೆଷྙӮണБඔऌ࠺đ෮Ⴕਬ֥ണБ࠺Ԯೆᆣಊࢌၞ෮ࢌၞ༢ު߸ሹѩο၂קܿᄵࣉྛஆؒđྙӮണБඔऌ९bሧᆀണБ֥ଽಸࣜᆣಊࢌၞ෮ࢌၞ༢ሱլކުྙӮӮࢌ࠺đ߸ູࠢӮࢌඔऌ९bაՎൈđྛ౦༢ളӮೈࡱᄝണБඔऌ९ބӮࢌඔऌ९ᇏࣉྛᆷקᆷѓԎ౼đࢲކ҆ٳᆷѓ֥࠹࠹ෘđྙӮܥקඔऌ۬ൔ֥ྛ౦ඔऌ९b ᄝլކ֥ݖӱᇏđࢌၞ༢ሱϜሧᆀ๙ݖᆣಊ܄ඳؿԛ֥ࢌၞᆷࡆၛ߸ࠢđၛࡎ۬Ⴊ༵aൈࡗႪ༵֥ჰᄵࡆၛլކbլކᆭުđࢌၞྛ౦ᄵ൞၂ᇕؓࢌၞᆷބྐ༏ࡆၛ߸щaҐဢބщ֥ࠠݖӱbྛ౦֥߸щaҐဢႵਆᇕٚൔğč1ĎॹᅶđҐ҂֥ൈࡗׄčೂૄ5૰၂ՑĎđԎ౼၂קඔਈaࢲܒ֥ဢЧđၛ၂ᅦॹᅶ֥ٚൔิ܂ྛ౦ྐ༏Ġč2Ďྐ༏ੀđૄӮࢌ၂гࣼؿ҃၂гđؿ֥҃ྛ౦൞৵ܺྟ֥ྐ༏ੀb২ೂđॖି၂૰Ӯࢌ8000гđ8000гॖၛஆđ൞၂۱ؒđ္ॖି൞၂૰ᇒӮࢌ1гđྐ༏ੀྛ౦൞ࡼ෮ႵӮࢌྐ༏ؿ҃đᄝᆃᇕ౦ঃ༯ؿ֥҃ྛ౦ࣼ൞၂ᇕྐ༏ੀbଢభഈᆣ෮ྐ༏܄ඳิ܂֥ྛ౦ྐ༏൞ॹᅶྛ౦ྐ༏b ๙ݖٳ༅ࢌၞྐ༏ӁളაྙӮݖӱ,ॖࡼఃٳোູണБྐ༏ඔऌ९aӮࢌඔऌ९ބྛ౦ඔऌ९b๙ӈཟሧնᇙ֥ࠧൈࢌၞྛ౦ྐ༏္ࣼ൞ഈඍোඔऌ९ᇏ֥ྐ༏ğണБྐ༏đӮࢌྐ༏đྛ౦ྐ༏b ࢌၞྐ༏֥щࠠٚൔࠣఃစളྐ༏Ӂؓᆣಊ൧ӆႵᇗေ֥႕ཙb҂֥ࢌၞྐ༏֥щᇅٚൔ߶ؓᆣಊ൧ӆሧջটޓն֥႕ཙbࢌၞ෮֥ྛ౦ྐ༏Ґဢ൞ջሢ၂ק֥ܴׄಀࣉྛ֥đ൞ࠎႿ؋௹ሧ֥Ґဢđପહԛ֥ྐ༏Ӂ൞՜ࣉ؋௹ࢌၞđᄵࢌၞ෮֥ࢌၞਈᄝ؋௹ଽ߶ࠤखഈശbҐဢ൞ࠎႿӉ௹ሧ֥ܴׄđᄵ߶՜ࣉ൧ӆ֥Ӊ௹ሧb؟ဢ߄֥ࢌၞྐ༏ӁࡼሧᆀᄝሧൈႵቀܔ֥ҕॉ၇ऌčྐ༏ӁĎđఃሧྛູ۷ࡆ॓࿐߄bՎຓđࢌၞྐ༏ॖၛაሧҍཌྷ৳༢đೂࡼࢌၞྐ༏ӁׄؓׄѬؿđᄵ߶ؓሧᆀ֥ 13
ሧྛູӁളࢠն֥႕ཙb ؓႿྐ༏ڛༀӁြটඪđᆣಊࢌၞ෮ؿ҃ջႵۀྟaܴྟ֥ྐ༏đྐ༏ڛༀิ܂അ߶ၹႋᆃུۀषؿԛྸ؟э֥ࢌၞྐ༏Ӂđି۳ሧᆀaྐ༏ളӁഅջটࢠն֥ࣜ࠶০ၭbၹՎđࢌၞྐ༏ӁြႵሢܼখ֥൧ӆభࣟb 2ē1ē2 ᆣಊࢌၞྐ༏֥ۿି ྐ༏൞ࣁವ൧ӆࠃ৯֥ჷಅbᆣಊࢌၞྐ༏ॖၛّ႘ֆᆺᆣಊaଖোᆣಊମᇀᆜ۱ᆣಊ൧ӆ֥ࢌၞ౦ঃၛࠣሼ൝đ൞ሧᆀࣉྛᆣಊሧथҦс҂ॖಌ֥၇ऌbᄝ၂۱ྐ༏ԉٳ֥ᆣಊ൧ӆᇏđሧᆀࠣఃࣜࡀದؓᆣಊ֥ઙછၛࠣࢌၞࡎ۬aඔਈ߶Ⴕࠣൈ֥ਔࢳbᆺႵົӻࢌၞྐ༏֥ૼđҌିЌᆣᆣಊሧᆀିܔቓԛૼᇆ֥ሧथҦb ሙಒaࠣൈބປᆜ֥൧ӆࢌၞྐ༏ႵᇹႿሧᆀࢆ֮ࢌၞӮЧđᄹࣉؓᆣಊ൧ӆ֥ྐྏބྐđՖطิۚᆣಊࢌၞ֥ඔਈބሧᆀؓ൧ӆ֥ҕაb ॖၛඪđᆣಊࢌၞྐ༏൞ᆣಊ൧ӆթᄝބؿᅚ֥ࠎԤđીႵࢌၞྐ༏ࣼીႵᆣಊ൧ӆbሙಒބࠣൈ֥ࢌၞྐ༏൞ᆣಊ൧ӆᇉਈ֥၂۱ุགྷb 2ē2 ᆣಊࢌၞྐ༏აᆣಊࢌၞ෮ Ֆᆣಊࢌၞྐ༏֥ളӁࠏᇅটुđᆣಊࢌၞ෮ᄝఃᇏϲဆሢނྏ֥࢘bᆃ၂ׄॖၛՖਆ۱҂֥࢘؇টࢳğč1Ďᆣಊࢌၞྐ༏Ⴎࢌၞ෮൬ࠢaщஆބ܄҃Ġč2Ďᆣಊࢌၞ෮֥۴ЧᄝႿᆣಊࢌၞݖӱᇏӁള֥ࢌၞྐ༏b 2ē2ē1 ᆣಊࢌၞ෮൬ࠢaщஆބ܄҃ࢌၞྐ༏ Ֆંഈࢃđࣁವࢌၞ෮iiЇওᆣಊࢌၞ෮ބ௹ࠊࢌၞ෮֩ii൞၂োࢆ24֮ࢌၞӮЧ֥ቆᆮđൈ္൞၂ᇕᇅ؇νஆb ۴ऌઅବ֣·॓ථ֥࣮đఒြቆᆮၛଽ֥҆ቆᆮླྀט౼սਔ൧ӆഈ֥۱љࢌၞđఃթᄝ֥ࠎԤᄝႿࡨഒਔ൧25ӆࢌၞݖӱᇏ֥ӮЧb ᆣಊࢌၞ෮ቔູ၂ᇕࣜ࠶ቆᆮ္҂২ຓbᆣಊሧᆀॖၛ҂๙ݖޅቆᆮ֥սiiбೂᆣಊࢌၞ෮টઙછᆣಊđ൞๙ݖࢌၞ෮ॖၛႵིࢫസࢌၞ֥ӮЧb ൮༵đᆣಊࢌၞ෮ॖၛϜሧᆀؿԛ֥෮Ⴕઙೆࠇછԛ֥ေჿྐ༏൬ࠢᄝ၂ఏđ๙ݖࠢᇏࣩࡎ༢ሱլކژކ۲ሱၩ჻֥ઙછေჿđิ܂ਔᆣಊ֥ੀྟbնਈ֥ઙછေჿ߸ࠢᄝ၂ఏđॖၛႵֹིؿགྷཌྷܱᆣಊᇕ֥ቋႪࡎ۬đՖطູሧᆀࢫസ࿙ᅳઙࡅࠇછࡅ֥ӮЧbࠢᇏࣩࡎӁള֥ࢌၞྐ༏đь০ሧᆀؿགྷቋႪࡎ۬đ္ॖၛູ෮Ⴕ֥ሧᆀิ܂ᆷ֝bᆣಊࢌၞ෮๙ݖཌྷܱ֥ᇅ؇νஆđ 24 Craig Pirrong, A Theory of Financial Exchange Organization, 43 Journal of Law & Economics 437 (2000)ĠStephen Craig Pirrong, The Efficient Scope of Private Transactions-Cost Reducing Institutions: The Successes and Failures of Commodity Exchanges, 24 Journal of Legal Studies 229 (1995)b 25 Ronald H. Coase, The Nature of the Firm, 4 Economica 386 (1937)ĠܱႿࣜ࠶ቆᆮνஆೂޅࢫസ൧ӆࢌၞӮЧ֥ٳ༅đऎุॖҕOliver Williamson, The Economic Institutions of Capitalism: Firms, Markets, Relational Contracting (1985)b 14
26္ॖၛႵֹིЌᆣᆣಊࢌၞކ֥ᆳྛđၝᇅބӲـᆣಊ൧ӆᇏ֥௺ᅊྛູb ਸ਼ຓđᆣಊࢌၞ෮ؓႿഈ൧܄ඳഡקਔѓሙđؿߨਔ۴ऌᇉਈটೱ࿊ഈ൧ࢌၞᆣ27ಊ֥࢘đॖၛᄝཌྷ֒ӱ؇ഈཨԢྐ༏҂ؓӫջট֥໙ีbՖྛ౦ྐ༏֥ളӮݖӱॖၛؿགྷđᆣಊࢌၞ෮ϲဆሢ၂۱ࠒ֥ࠞط٤ཨࠞФ֥࢘đႮႿ҂֥ဢЧԎ౼ٚൔؓႿሧᆀ֥थҦऎႵޓն֥႕ཙđॹᅶྛ౦ྐ༏ุགྷਔԎ౼a߸щčൈࡗׄaဢЧ֥࿊ᄴĎӮࢌྐ༏֥ದ۽ᇆ߰bᆣಊࢌၞ෮๙ݖ໗קॖौ֥ඌބνஆཟᆣಊ൧ӆބሧնᇙิ܂ࢌၞྐ༏උႿᆣಊ൧ӆ҂ॖࠇಌ֥ቆӮ҆ٳb 2ē2ē2 ᆣಊࢌၞ෮֥۴Ч൞ࢌၞྐ༏ ᆣಊࢌၞ෮൞၂۱ܱႿࣁವ۽ऎ֥൧ӆđᆃ۱൧ӆቋᇗေ֥Ӯٳ൞ሙಒ֥ྐ༏đطྐ༏ఞఞႻ൞ᆣಊࢌၞ෮ളӮ֥Ӂbޓམའđೂݔᆣಊࢌၞ෮҂ି॥ᇅః൧ӆᇏളӮ֥ࢌၞྐ༏đࠇᆀᆃུࢌၞྐ༏Ф০Ⴈᄝᆣಊࢌၞ෮൧ӆຓࣉྛ28ᆣಊࢌၞđᆣಊࢌၞ෮ߎႵॖି߶࿃թᄝބؿᅚ༯ಀb ၹູᆣಊࢌၞྐ༏ऎႵo܄܋p֥หᆘđթᄝሢمх૧֥ձьӚčfree-rideĎགྷའbྐ༏ิ܂ᆀޓՖᆃུӁ֥ཨٮᆀପᇏࠆ֤ቀܔ֥ӮЧҀӊbᆺႵᄍྸᆣಊࢌၞ෮॥ᇅᆣಊࢌၞྐ༏֥ԮѬđ๙ݖҍӁಃЌࠇᆀః၂ུஆྟ֥ཋᇅծീჍၛЌđҌିЌᆣࢌၞ෮ॖၛ࿃ิ܂ᆃུྐ༏b۴ऌࣜ࠶࿐ંđ܄܋Ⴕਆ۱ࠎЧหᆘğཨٮᇏ֥٤ஆྟބ٤ࣩᆚྟb܄܋֥ஆྟ൞ᆷದૌ ҂ܵ൞ڎڱٮđ҂ିஆԢૌؓھ֥ཨٮb܄܋֥٤ࣩᆚྟ൞ᆷଖದؓھ֥ཨٮѩ҂႕ཙದؓھ֥ཨٮbೂՎ၂টđ܄܋֥٤ஆྟູమᄝཨٮᆀิ܂ਔ҂ڱٮطିܔࠆՎཨٮ֥ॖିđՖط҂ॖх૧ֹིႨቋն߄౺༯֥ཨٮᆀАႵ૧ٮoձьӚp֥ఒb܄܋֥ླொݺ҂ିᆞಒཁൕđіགྷູۚ؇ྟđമᇀປಆྟbՎຓđႮႿ܄܋Ӂಃ݂උ֥҂ૼಒྟđཨٮݖӱᇏ֥٤ஆྟđఃمஆԢఃದՖᇏ൳ၭđھ֥Ӂ݂උၛૼಒđՖط֝ᇁ൬ၭಃࠣაᆭཌྷܱ֥ࢌߐaԩᇂބሧЧ߄֥ಃ৯مಒקbՖࢲݔഈुđ܄܋֥٤ஆྟა٤ࣩᆚྟđᄝགྷൌᇏࡼ֝ᇁ൧ӆ৯ࡼఃຓၮ֥൬ၭଽ҆߄đіགྷԛ܄܋หႵ఼֥ਛຓ҆ྟđቋᇔ֝ᇁ൧ӆؓ܄܋ི֥ᇂbႿᆣಊࢌၞྐ༏ิ܂ބཨٮ૫ਢ֥đڮჍᆣಊࢌၞ෮ؓࢌၞྐ༏ଖᇕӱ؇ഈ֥ҍӁಃ൞၂۱གྷൌ֥ࢳथٚσđ္൞֒భൗࢸഈᇶေᆣಊࢌၞ෮Ґ౼֥ቓمb ০Ⴈᆣಊࢌၞ෮Ӂള֥ࢌၞྐ༏ࣉྛ֥ӆຓᆣಊࢌၞđࡼ߶ཤࢌၞ෮ቔູ၂۱ࠢᇏࣩࡎࢌၞӆ෮ֹ໊֥bᆣಊࢌၞ෮ࢫჿࢌၞӮЧ֥ۿିđбೂؿགྷࡎ۬aᄹࡆੀྟaᆳྛᆣಊઙછކ֩đ္ࡼෛᆭ߄bᄝᆃᇕ౦ঃ༯đᆣಊࢌၞ෮ࣉ၂҄ളӮࢌၞྐ༏֥ۿି္ФཤbູਔಒЌᆣಊࢌၞ෮ॖၛ࿃ϲဆ၂۱ࠒ֥ࠞࢆ֮ࢌၞӮЧ֥࢘đՖᆣಊࢌၞ෮ࡹ৫षđࣼϜࡎ۬ྐ༏ቔູࢌၞ෮֥ᇶေӁbمੰഈ္ᇯࡶӵಪࢌၞ෮ؓఃӁള֥ྐ༏ཚႵஆྟ֥Ӂಃb 26 ݓuᆣಊࢌၞ෮ܵϷمvֻ33่ࣼܿקđoᆣಊࢌၞ෮ႋ֒ᄝြༀܿᄵᇏؓᆣಊࢌၞކ֥ളིބ٬ᆸ่ࡱቔԛབྷ༥ܿקđѩົᄝЧᆣಊࢌၞ෮ղӮ֥ᆣಊࢌၞކ֥Ⴕིྟbp 27 Jonathan R. Macey & Hideki KandaThe Stock Exchange as a Frim: The Emergence of Close Substitutes for the New York and Tokyo Stock Exchange, 75 Cornell Law Review 1007 (1990)b 28 Harold Mulherin, Jeffry M. Netter & James A. Overdahl, Prices Are Property: The Organization of Financial Exchanges from a Transaction Cost Perspective, 34 Journal of Law & Economics 591 (1991)b 15
္ࣼ൞ඪđᆣಊࢌၞ෮ؓࢌၞݖӱᇏӁള֥ࢌၞྐ༏ႋ֒ႚႵଖᇕӱ؇֥ஆྟಃ০đڎᄵᆣಊࢌၞ෮ࡼ߶҂گթᄝbՖഈඍ֥ٳ༅টुđࡼࢌၞྐ༏֥ҍӁಃ০ڮჍࢌၞ෮ؓᆜ۱ഠ߶টඪ൞၂ᇕࢫჿࢌၞӮЧ֥ቓمb 2ē3 ࢌၞྐ༏Ӂಃ݂උ֥ᆚၰࠣఃࢳथ ࣐ܵՖ࿐ഈॖၛඪૼᆣಊࢌၞྐ༏ᆣಊࢌၞ෮Ⴕ҂ॖٳ۩֥৳༢đ൞ؓႿᆣಊࢌၞྐ༏֥Ӂಃ݂උѩ٤ીႵᆚၰbᆭ෮ၛӁളᆚၰđჰၹᄝႿğč1Ďᆣಊࢌၞྐ༏֥ളӮࠏᇅđၛࠣč2Ďᆣಊࢌၞ෮ࣼࢌၞྐ༏ཚႵஆྟ֥෮ႵಃॖିӁള֥ؓഠ߶֥ڵ૫႕ཙb 2ē3ē1 ྐ༏Ⴈದ֥ुم ႮႿࢌၞྐ༏ളӮႿᆣಊࢌၞ༢֥ᆷլކݖӱᇏđྸ؟ದࡼࢌၞྐ༏֥Ӂളಪູ൞ᆣಊ൧ӆࢌၞ֥฿ಖࢲݔbหљ൞ᆣಊ܄ඳބሧᆀđૌಪູđᆣಊࢌၞ෮҂ႋ֒؎ࢌၞྐ༏֥ҍӁಃb ቔູᆣಊࢌၞ෮߶ჴ֥ᆣಊ܄ඳಪູđሱ1990୍Ӯ৫ᆣಊࢌၞ෮ൈđࢌၞ෮ࣼႵၬༀཟ߶ჴิ܂ࢌၞྐ༏đࠧิ܂ࢌၞྐ༏൞ࢌၞ෮ႋิ܂֥ڛༀđѩ߶ჴ܄ඳߎႵಃ০ၛຩa߅֩۲ᇕٚൔႨࢌၞྐ༏đ՜ࣉᆣಊࢌၞbሧᆀಪູđࢌၞྐ༏൞ࠎႿఃࢌၞྛູčണБĎطӁള֥đીႵఃሧྛູࣼીႵࢌၞྐ༏đၹՎሧᆀႵಃӊႨࢌၞྐ༏bطđᄝૌुটđᆣಊࢌၞ෮๙ݖ൱ಃྸॖކটᄍྸఃྐ༏ิ܂അႨࢌၞྐ༏đၳႿ൞ᆣಊࢌၞ෮؎൧ӆ֥၂ᇕіགྷđؓᆜ۱ഠ߶টඪીႵޅݺԩbหљ൞đڮჍࢌၞ෮ؓࢌၞྐ༏֥ҍӁಃđѩ࣌ᆸᄝࢌၞ෮ຓ০Ⴈࢌၞྐ༏ࣉྛᆣಊࢌၞൌ࠽ഈ൞ીႵིੱđᇅਔࣩᆚđࡆնਔሧᆀ֥ӮЧb 2ē3ē2 ᆣಊࢌၞ෮֥ुم ᆣಊࢌၞ෮ᄵಪູࢌၞྐ༏ႋ݂֒ࢌၞ෮෮Ⴕđݓຓࢌၞ෮ն؟๙ݖ൱ಃุ༢ิ܂ࢌၞྐ༏čྛ౦ྐ༏Ď֥Ⴕӊڛༀbᆌؓᆣಊࢌၞྐ༏֥ҍӁಃ݂උ໙ีđᄝൌֹטᇏđᆣಊࢌၞ෮ิԛđଢభࢌၞ෮֥؎ֹ໊ѩ҂൞ࢌၞ෮ႋ֒ӊิ܂ࢌၞྐ༏֥Ⴎb ൮༵đགྷൌթᄝ֥ѩ҂၂ק൞ކ֥đ္҂൞Ⴅޚ֥bᆣಊ൧ӆ္൞ೂՎđᆣಊ൧ӆᇶุ֥ტႋ൞၂۱ݖӱđᆣಊࢌၞ෮ႋಀྛᆟ߄ґđߎఃЧট૫ଢđູఃoᆞpđ۳ჍఃႋႵ֥مੰֹ໊ބಃ০ၬༀb ఃՑđ؎္҂൞૧ٮ֥Ⴎb২ೂ฿గყБႮݓࡅ؎֥గའิ܂đ൞đ၂Ϯྟ֥฿గყБྐ༏ڛༀ൞૧ٮ֥đط۱ྟ߄֥฿గყБྐ༏ڛༀᄵ൞൬ٮ֥bၹՎđѩ҂൞ྛᆟ߄֥a؎֥ڛༀࣼ၂ק൞૧ٮ֥bᆣࢌ෮ิ܂֥ࢌၞྐ༏ڛༀၧb ࢌၞ෮ิ܂֥ࢌၞྐ༏ေ۴ऌႨؓའaႨٓຶটಒק൞ڎ൬ٮđೂޅ൬ٮb২ೂđෙಖࢌၞ෮ႋཟሧᆀิ܂ࢌၞྐ༏ၛٚьఃࢌၞࠃđؓႿሧ 16
ᆀ҂൞ၛࢌၞູଢ֥طࡼࢌၞྐ༏ႨႿକ౼০ၭ֥ྛູđᄵႋ൬౼ཌྷႋ֥ٮႨbဢđؓႿࢌၞ෮ཟ߶ჴิ܂ࢌၞྐ༏đࠧьࠆ֤ࢌၞྐ༏൞߶ჴ֥ಃ০đ္Ⴕࢌၞྐ༏֥Ⴈٓຶ໙ีđӑݖਔ၂ק֥Ⴈٓຶđ߶ჴ္ႋӵքཌྷႋ֥مੰᄳb 2ē3ē3 ᆣಊࢌၞ෮֥ಃ০აၬༀ ૌಪູđႋ֒Ֆمੰഈૼಒᆣಊࢌၞ෮ؓࢌၞྐ༏֥෮Ⴕಃđᆃᇕ෮Ⴕಃ҂൞ध֥ؓಃ০đمੰࠇᆀᆣಊ൧ӆࡓܵ҆ႋ֒ؓᆣಊࢌၞ෮ྛࢌၞྐ༏෮Ⴕಃ֥ٓຶࡆၛཋᇅđീࡆᄝ၂קӱ؇ഈ܄षࢌၞྐ༏֥ၬༀb ൌᇏđᆣಊࢌၞ෮ླေޙਆᇕ҂֥ླğč1Ďၛࢠ֥֮ࢌၞӮЧট་ႄሧᆀđิ܂Ⴕི֥ܢௐࡎ۬ྐ༏đၛࠣڿ൧ӆ֥ૼ؇Ġč2Ďࢌၞ෮ᆦڱᄎႏӮЧၛࠣิۚഡСඌඣ֥ླbೂޅޙഈඍਆᇕ҂ླđૌсྶॉ੮֞ࢌၞ෮֥ྟᇉğ࣐ܵࢌၞ෮ႚႵཌྷႋ֥čႵྙĎ႗ࡱഡീiiбೂࢌၞ෮ӆ෮aࡹᇽaࢌၞ༢iiބ۽ቔದჴđ൞ࢌၞ෮֥ቋ۴Ч֥ቆӮ൞ྙሧӁđбೂࢌၞܿᄵބӱaၛࠣࢌၞݖӱᇏӁള֥ࢌၞྐ༏bᆃུྙሧӁ҂ཞࢌၞ෮֥ႵྙሧӁପဢಸၞ൳֞ЌbԮ֥ႵྙҍӁiiбೂٜaവ྾aࠏఖ֩iiႵऎุ֥ཌྷؓ໗ק֥թᄝđᄝ၂ൈࡗᆺିႮ၂ದࠇࢠഒ֥ದࣉྛႨđطᆣಊࢌၞܿᄵaࢌၞྐ༏֩ᄵაഈඍ౦ঃ҂đૌॖၛᄝ၂ൈࡗФ҂֥ದႨđط҂߶ؿളԊđႵo܄܋p֥หᆘbཁಖđྙሧӁ֥෮Ⴕಃದޓ॥ᇅᆃུࢌၞྐ༏֥Ф༯ᄛЌթބᇗྍഅြ߄bᆃᇕ౦ঃ༯đૼಒᆣಊࢌၞ෮ؓࢌၞྐ༏֥෮ႵಃࡼႵᇹႿಒЌࢌၞ෮ϲဆఃࢆ֮ࢌၞӮЧ֥࢘b ՎຓđႮႿࢌၞ෮ؿߨਔ൧ӆࡓ֥ܵ࢘đႵႮ֤֞ఃᄝᄎቔaܵބࡓܵ൧ӆٚ૫ᆦԛӮЧ֥ҀӊbՖఃݓࡅ֥ࣜဒটुđՖ൧ӆࢌၞྐ༏൬ٮ౼֤֥൬ೆܒӮਔࢌၞ෮൬ೆ֥ᇗေ҆ٳbᆃུ൬ೆᄝଖᇕӱ؇ഈЌᆣਔᆣಊࢌၞ෮Ⴕି৯ট੫ྛૌӵք֥ࡓܵᆯᄳb ᇀႿᆣಊࢌၞ෮ೂޅটൌགྷఃؓࢌၞྐ༏֥෮Ⴕಃ൞ᆴ֤ॉ੮֥ਸ਼ຓ၂۱໙ีbႮႿࢌၞྐ༏֥ඔऌ߄ྙൔބo܄܋Ӂpหᆘđࢌၞྐ༏ॖၛޓಸၞФԮѬaႨđၹՎؓࢌၞྐ༏Ӂಃ֥Ќႋ֒Ґ౼აᇷቔಃ֩ᆩ്Ӂಃཌྷোර֥29Ќٚൔđؓࢌၞྐ༏֥ႨീࡆཋᇅbෛᆭطӁള֥໙ี൞đೂݔࢌၞ෮ીႵ൳֞ຓࣩ҆ᆚ֥ᇅჿđࢌၞ෮ॖି߶০Ⴈః؎ֹ໊ট൬౼۷؟֥ྸॖٮႨđᆃࣼॖିӁള҂০Ⴟ൧ӆིੱ֥ުݔbᆃൌ࠽ഈ൞၂ؓ؛ğࢌၞྐ༏൞ᆣಊࢌၞ෮֥۴Чđ൞ࢌၞ෮ॖି০Ⴈః؎ֹ໊টࠆ౼ቋն߄൬ၭđ۳ᆜ۱ᆣಊ൧ӆ֥ؿᅚջটڵ૫֥႕ཙbࢳथᆃ၂҂ਅުݔ֥၂۱ٚم൞๙ݖمੰࠇႮᆟکࡓܵ҆ԛ૫đູᆣಊࢌၞ෮টᇅרࢌၞྐ༏֥Ⴈܿᄵđၛ՜ࣉ၂۱۷ڶࣩᆚྟބؓഠ߶Ⴕၭ֥ࢌၞߌbᆴ֤ᇿၩ֥൞đᆟکࠇمੰࢺೆ॥ᇅᆣಊࢌၞ෮oЉp൧ӆҕაᆀ֥ൈđ҂ఞ֥֒ܿᄵ္ॖିၝᇅᆣಊ൧ӆ֥ԷྍބؿᅚbՎຓđቔູ߶ჴᇅ֥൙ြֆ໊֥ᆣಊࢌၞ෮္߶൳֞টሱ߶ჴ܄ඳ֥৯b 2ē4 ປᆣಊࢌၞྐ༏مੰ֥ܿٓၩၬ 29 Paul G. Mahoney, The Exchange as Regulator, 83 Virginia Law Review 1453 (1997)b 17
ՖൌটुđᄝمੰބྛᆟمܿҪ૫ഈࢸקᆣಊࢌၞྐ༏֥ҍӁಃྟᇉބЌծീཌྷ֒Ⴕсေb 2ē4ē1 Ⴕ০ႿྙӮ܄֥ྐ༏ࠆ౼౻֡đЌᆣྐ༏֥Ⴕི܂۳ ܄൞ᆣಊم֥ࠎЧჰᄵđሧᆀႋ֒Ⴕ֩ࠏ߶ࠆ౼Ⴕܱࢌၞྐ༏bଢభđݓمੰمܿؓᆣಊࢌၞྐ༏Ӂಃ֥مੰඋྟࠣః݂උીႵૼಒܿקđࢌၞྐ༏֥Ⴈބܵಌكمੰ֥ႵིЌđᆣಊ൧ӆഈ၂ུࠏܒބ۱ದ๙ݖ٤مࣥࠆ౼ࢌၞྐ༏đߊᆣಊ൧ӆᇇb๙ݖمੰaمܿؓᆣಊࢌၞྐ༏ӁಃჍၛૼಒࢸקđކᇂᆣಊ൧ӆ۲ٚؓࢌၞྐ༏֥ಃ০ބၬༀđॖၛᄝ၂קӱ؇ഈܿٓࢌၞྐ༏֥ႨaԮѬᇇđسᇅິمྛູđົᆣಊ൧ӆ֥܄b 2ē4ē2 ՜ࣉᆣಊྐ༏Ӂ֥षؿđᆣಊ൧ӆཟྍࢨ؍ؿᅚ ෛሢྐ༏აᆩ്ൈս֥֞ট,ྐ༏აࣜ࠶aྐ༏ა൧ӆྙӮਔࣅૡ֥ࢲކb҂؎ঔն֥ྐ༏൧ӆᇯࡶӮູࣜ࠶ࠃᇏ҂ॖࠇಌ֥ቆӮ҆ٳđྐ༏Ӂቋᇔሇߐູྐ༏അੀ๙Ⴟ൧ӆbྐ༏ඌၘႋႨႿᆣಊ൧ӆđࣉྛᆣಊሧ֥۱ದބࠏܒؓႿᆣಊྐ༏ଽಸ֥ொݺၘႮֆՂ֥ܢௐࢌၞࠎЧྐ༏эູࡼ۲োሼ൝ٳ༅aሧࡹၰ֩ྐ༏bሧದ္ᄀটᄀ၇ঠࣜݖ࣮षؿ֥۲োᆣಊྐ༏Ӂࣉྛሧ؎đᆣಊྐ༏Ӂ֥ཨٮᆞᄝӮູᆣಊ൧ӆؿᅚ֥ྍหᆘbݓᆣಊ൧ӆෙಖఏ҄ࢠພđྐ༏ຩඌၘ֤ܼ֥ࣜ֞ٗႋႨđൡႋྐ༏ൈս֥็ᅞđषؿᆣಊྐ༏Ӂaᆣಊ൧ӆཟྍ֥ࢨ؍ؿᅚၘӮູݓᆣಊ൧ӆؿᅚ֥ଽᄝေb 2ē4ē3 ᄹࡆᆣಊࢌၞ෮൬ೆđิശࢌၞ෮֥ࣩᆚ৯ Ֆݓ࠽ഈᇶေࢌၞ෮൬ೆ౦ঃ֥࠹টुđࣜႏࢌၞྐ༏൞ᆣಊࢌၞ෮၂ཛᇗေ֥൬ೆটჷbݓཐۖࢌၞ෮֥ྐ༏൬ೆᅝఃሹ൬ೆ֥15%ၛഈđՖಆ౯টुđྐ༏൬ೆ္൞ᆣಊࢌၞ෮ቋᇶေ֥ڛༀ൬ೆđჿᅝఃڛༀ൬ೆ֥45Ċđᄝ30Кૅބᇝ۷൞ۚղ67%ބ51%bଢభđྐ༏൬ೆᄝݓഈݚᆣಊࢌၞ෮ሹ൬31ೆᇏᅝ֥б২ࢠ֮đߎ҂֞1Ċb ᄝࣜ࠶ಆ౯߄֥Мࣟ༯đຓࢌၞ෮๙ݖࢆ֮ࢌၞ൭࿃ٮ֩൭؍ᇯࡶཟଽ൧ӆࣉྛറđଽࢌၞ෮ರၭ૫ਢຓࢌၞ෮֥ࣩᆚbၹՎđᄹࡆࢌၞྐ༏൬ೆaႪ߄ࢌၞ෮൬ٮࢲܒ҂ࣇႵࢠն֥ؿᅚॢࡗđ္൞ݓᆣಊࢌၞ෮აຓࢌၞ෮ࣉྛࣩᆚ֥ླေbೂݔᆣಊࢌၞ෮ᄝࢌၞྐ༏൬ٮٚ૫Ⴕૼཁ֥ࣉᅚđପહࢌၞ෮ࣼ߶Ⴕ۷ն֥ॢࡗބၩ჻টᅚषఃਵთ֥Էྍđбೂࢆ֮ࢌၞࣜ൭ٮb Վຓđ၂ུݓࡅބֹ০Ⴈݓمੰؓࢌၞྐ༏Ӂಃܿק҂ૼಒބಌكЌ 30 ܻകčᇶщĎğuᆣಊࢌၞ෮ğགྷൌა็ᅞvđഈݚದԛϱഠ2000୍đֻ109်b 31 ۴ऌഈݚᆣಊࢌၞ෮֥2003୍୍Бđࣜ࠶ྐ༏ڛༀ൬ٮᆺᅝࢌၞ෮ႏြ൬ೆ֥%đ൞ࢌၞ๙ބྐ༏ڛༀཌྷܱ֥ྐ֡ٮࠣ๙ڛༀٮᄵӑݖਔ25%b 18
֥གྷሑđໃࣜྸॖႨݓࢌၞ෮֥ྛ౦ྐ༏щᇅᆷඔ௹ࠊđᆃؓݓᆣಊ൧ӆ32Ӂളਔమᄝ֥ࣩᆚԊࠌb 32 นबဉğ“໓ঞԛᇏݓܢᆷ௹ࠊđݓ࠽Ⴓሧ൫ฐଽֹᇶϰ”đuࣜ࠶ܴҳБv2003୍10ᄅ25ರb 19
3 ᆣಊࢌၞྐ༏֥مੰඋྟ ഈ၂ࢫՖࣜ࠶࿐ބఒြቆᆮંഈٳ༅ਔᆣಊࢌၞ෮ა൧ӆࢌၞྐ༏ᆭࡗ֥҂ॖٳ۩֥ܱ༢bࢤ༯ট֥໙ี൞đೂޅᄝمੰഈࢸקᆣಊࢌၞ෮ؓࢌၞྐ༏֥ҍӁಃඋྟđ൞ڎॖࡼః݂ೆଖ၂۱োљ֥ҍӁಃ০iiбೂᇷቔಃiiၛьᆣಊࢌၞ෮ॖၛჱႄཌྷܱ֥مੰܿקটյࠌಃྛູĤЧࢫษંᆣಊࢌၞྐ༏֥مੰඋྟb 3ē1 ྐ༏֥ҍӁಃંࠣఃႋႨ 3ē1ē1 Ԯ֥ҍӁಃં ၂Ϯಪູđ၂۱ದؓఃoসݔൌpčfruits of laborĎཚႵҍӁಃđҍӁಃ֥ଽಸЇওᅝႵaႨa൬ၭބԩٳbҍӁಃದॖၛؓॆ෮ႵఃದؓఃႚႵҍӁ֥ಃ০ᇶᅦĠҍӁಃႅݣ֥ᆃᇕoؓൗॆѐಃpđᇶေ൞ູਔЌᅰҍӁಃದॖၛሱᇶֹᄎႨఃႚႵ֥ҍӁಃđ๙ݖ൧ӆࢌၞটղ֞ؓҍӁ֥Ⴕི০Ⴈބሧჷᇂb֒ಖđҍӁಃದؓఃҍӁ֥ؓൗॆѐಃᄝଖུӱ؇ഈေ൳֞ཋᇅb২ೂđҍӁಃದྛఃҍӁಃ҂ႋ֒ݝഠ߶ᇏఃದ֥ކمಃၭđႵൈީമᇀсྶ།വሱ࠭ؓҍӁ֥ᅝႵބႨၛь০ఃದb ֹቔູ၂ᇕҍӁࣼऎุุགྷਔഈඍҍӁಃ֥หᆘbֹ֥෮ႵಃದॖၛᅝႵaႨaሇಞބԩٳః෮ႚႵֹ֥đ෮Ⴕಃದຓ֥ఃದ҂֤ۄಠ෮Ⴕಃದটྛᆃུಃ০b൞đֹ෮Ⴕಃದ֥ಃ০ѩ٤धؓđ҂ିஆԢఃཌྷਣֹ෮Ⴕದ֥๙ྛಃࠇҐܻಃ֩֩b 3ē1ē2 ᆩ്Ӂಃં ᆩ്Ӂಃ֥ྖఏڿэਔԮ֥ҍӁಃۀbᇷቔಃaህ০ಃaഅѓಃ֩ྙҍӁ҂Ⴟֹaٜࠇః҂Ӂ֩ႵྙҍӁbնุطđႵྙҍӁႵऎุ֥ྙđᄝ၂ൈख़ᆺିФႵཋඔਈ֥ದႨĠطྙҍӁᄵऎႵo܄܋p֥หᆘđҍӁಃ֥ྛॖၛᄝ၂ൈख़Ф܋ཚbᆩ്Ӂಃ֥౼္֤҂ႿႵྙҍӁಃđᇶေ൞Էᄯᆀ֥ԷᄯྟྛູđࠇᆀඪoԷྟpb ᆩ്ӁಃЌ֥ቋ۴ЧၩၬᄝႿđ๙ݖڮჍᇷቔಃದᄝႵཋൈࡗaႵཋٓຶ֥؎ಃ০đՖطղ֞՜ࣉԷྍ֥ଢ֥b ؓႿᆩ്Ӂಃ֥ЌॖၛႵིࠗৣԷྍࠃđ൞đᆩ്Ӂಃສສؓ࢝ტa॓࿐࣮ࠇഅြࠃႵᇗေ֥ࡎᆴđၹՎᆩ്Ӂಃದᄝཚ൳ఃҍӁಃ০ൈေ൳֞၂קӱ؇ഈ֥ჿඏbᆩ്Ӂಃđࣼའ൧ӆഈޅऎႵႪ൝֥ת༆၂ဢđିഒඔ൧ӆᇶุ٤ӈ఼նđՖطૌିܔކଔҠሺࡎ۬đཋᇅളӁđࠇᆀഡ৫ཋᇅࣩᆚ֥ᅰθđቅᆸྍ֥ԷྍbၹՎđمੰᄝૼಒᆩ്Ӂಃ֥ൈ္ؓఃಃ০ഈഡקਔڵքބཋᇅđбೂoކႨpaoЌ௹ཋp֩bऎุটुđህ০൞၂ᇕ؎ 20
֥ಃ০đ൞֞ؽ୍௹ཋࢲඏൈđૌࡼປಆ܄҃Ⴟᇙbࠧьᄝህ০ಃႵི௹ࡗđ܄ᇙ္ିؓᆃཛؿૼႵ෮ਔࢳđၹູህ০Чദ൞܄ष֥b܄ᇙᄝࣉྛՂե֥॓౦ঃ༯Ⴕಃᄝ၂קཋᇅ༯Ⴈህ০bࣼᇷቔಃطđ෮ႵದᆺିٝᆸљದӒ༛ቔᇏऎႵԷྟ֥҆ٳđط܄ᇙಯಖॖၛෛၩӒཿఃᇏ֥൙ൌđࠇᆀ৫ֹԷቔޅת༆đ่ࡱ൞ીႵӒ༛ྛູbൈđᇷቔಃ෮Ⴕದ҂ିٝᆸљದoކႨp֥ҋਘboކႨp ൞၂۱ህඌეđၩන൞ഒਈa๙ӈ൞٤അြྟ֥ᅋ౼Ⴈᇷቔಃಃҋਘđ২ೂ࢝࿐ࠇ࣮Ġ֩֩b۴ऌࣜ࠶࿐ંđᆃ൞oଽ߄pčinternalizeĎҍӁಃຓ҆ྟčexternalitiesĎ֥ࢳथٚσb๙ݖمੰটീࡆؓᆩ്ӁಃႨ֥ཋᇅđၛࡨഒᆩ്ӁಃႨݖӱॖିջট֥ؓഠ߶ބದ֥ીႵིੱ֥႕ཙb 3ē1ē3 ྐ༏֥ҍӁಃં oྐ༏pቔູ၂োྍҍӁ֥ԛགྷđ҂็ᅞਔԮ֥ႵྙҍӁಃۀđ္็ᅞਔູྙҍӁ֥ᆩ്Ӂಃ֥مੰЌծീbྐ༏֥ളӁa൬ࠢބщࠠЇݣਔྐ༏Ӂಃᇶᅦದ֥oসpđऎႵᇗေ֥അြࡎᆴđॖି҂ऎႵೂᆩ്Ӂಃପဢ֥oԷྟpb ൌᇏđمੰສສ߶ؓྐ༏֥ႨҐ౼၂ུཋᇅྟ֥ծീđѩ҂൞ູྐ༏֥Էᄯದࠆ౼؎ྟ֥০đཌྷّ֥൞ູਔЌྐ༏֥ଽᄝࡎᆴbೂૌᄝഈ၂ࢫᇏิ֥֞đྐ༏ᄝޓնӱ؇ഈ൞܄܋đཨٮᆀթᄝႵoձьӚp֥གྷའđྐ༏ิ܂ᆀ҂ିՖྐ༏֥ཨٮᆀପࠆ֤ቀܔ֥ӮЧҀӊbᄝᆃ۱భิ༯đсྶ๙ݖ၂ུஆྟ֥ཋᇅྟծീؓྐ༏ჍၛЌđҌ߶Ⴕದ჻ၩิ܂ᆃᇕ܄܋b൞đၹູྐ༏ສສඋႿഠ߶܄܋ਵთčpublic domainĎ֥ଽಸđӵಪؓྐ༏߸щࠇሧದؓྐ༏֥ҍӁಃࠇఃཋᇅծീđॖି߶႕ཙ֞ᆜ۱ഠ߶ࠆ౼Ⴕི֥a33ԉٳ֥ྐ༏b ᄝགྷսഠ߶ᇏđෛሢຩԮѬބඔऌ߄ඌ֥ؿᅚđྐ༏֥o֢Ⴈp္э֤ᄀটᄀಸၞbೂޅ࠻ӵಪྐ༏ളӁa߸щބሧದ֥০ၭđႻЌᆣྐ༏Ќ҂߶ၹݖ؇طؓഠ߶Ӂളڵ૫֥႕ཙđ൞၂۱ᆴ֤ܱᇿ֥໙ีbࢳथᆃ۱֥གྷྛቓم൞đ๙ݖمੰࠇᆀႮᆟک҆টࢸקପུሧaളӁa߸щྐ༏34ᆀ֥ಃ০đൈ္ؓૌ֥ಃ০ീࡆཌྷႋ֥ڵքđၛղᇁഠ߶ིੱb ؓႿྐ༏ӁಃࣉྛЌ֥ࢳथٚσᆩ്Ӂಃཌྷරđ҂ݖၹູྐ༏ѩ҂֩Ⴟᆩ്ӁಃЧദđऎุ֥ٚσсྶ۴ऌหקྐ༏֥౦ঃটࣉྛטᆜb 3ē1ē4 ં֥ႋႨ ᆃࡼഈඍ֥ંॿࡏൡႨ֞ᆣಊ൧ӆࢌၞྐ༏ഈđၛษಒಪᆣಊࢌၞ෮ؓࢌၞྐ༏֥ஆྟҍӁಃ০൞ڎఞ֒b ᆣಊࢌၞྐ༏ളӮႿᆣಊࢌၞ֥ݖӱᇏbࢌၞྐ༏Ӂള֥ष൞ሧᆀؿԛᆣಊઙೆࠇછԛ֥ࢌၞᆷđ࠹ෘࠏ༢ᄝܥקൈࡗaၛܥקٚൔളӮྛ౦ྐ༏bࢌၞᆷ֩ඔऌᄝࣉೆᆣಊࢌၞ෮ࢌၞ༢భࣇࣇ൞ඔऌҋđࢌၞ෮ູᆣಊࢌ 33 J. H. Reichman & Pamela Samuelson, Intellectual Property Rights in Data? 50 Vanderbilt Law Review 51 (1997)b 34 Jacqueline Lipton, Information Property: Rights and Responsibilities, 56 Florida Law Review 135 (2004)b 21
ၞิ܂ਔࢌၞđᇅקࢌၞܿᄵđࡼਬ֥aֆ۱֥ඔऌ߸щӮႵൌ࠽൧ӆࡎᆴ֥ඔऌӁbᄝᆃ۱ݖӱᇏđࢌၞ෮ؓඔऌ֥ࡆ۽ԩෙಖ҂൞धؓၩၬഈ֥Էᄯčೂᇷቔಃمഈ֥ቔĎđ൞đఃࡆ۽ԩݖӱіૼᆣಊࢌၞ෮ڱԛਔoসpbՎຓđෙಖᆃ۱ݖӱ֥ປӮ൞ၛ࠹ෘࠏೈࡱ֥ྙൔսูದ۽đೈࡱщᇅ֥ݖӱႵದ۽֥ᇆ߰đطᆣಊࢌၞ෮ູՎࣉྛਔೈࡱषؿ֩ሧbൌᇏđᆣಊࢌၞྐ༏ऎႵᇗေ֥അြࡎᆴđ္ಸၞФ֢Ⴈb۴ऌഈඍ֥ྐ༏ҍӁಃંđمੰႋ֒ಒಪᆣಊࢌၞ෮ؓࢌၞྐ༏֥ҍӁಃb ૌᇿၩ֞đؓႿഈඍྐ༏ҍӁಃં֥ࢳđّؓᆀ߶ॆѐğྛ౦ྐ༏҂Ⴟᆷඔྐ༏đఃӁളݖӱ൞Ⴎࢌၞ෮֥ሱБࡎլކ༢টӁളđఃᆭ෮ၛӁള၇ঠႿ൧ӆሧᆀ෮ؿԛ֥൧ӆБࡎđࢌၞ෮֥ۿି൞ࡼᆃུྐ༏߸ሹđщࠠѩ܄҃ᆃུᆜݖ֥ྐ༏b҂ݖđᇉၐᆀીႵၩ്֞ğᆣಊࢌၞ෮ิ܂ބົᆣಊࢌၞ༢đྛ౦ྐ༏൞๙ݖᆣಊࢌၞլކ༢طྙӮ֥b ಒಪᆣಊࢌၞ෮ؓࢌၞྐ༏֥ஆྟҍӁಃॖିջট֥ਸ਼ຓ၂۱ᇉၐ൞đࢌၞ෮Ⴕॖି০Ⴈఃᄝ൧ӆᇏ֥؎ֹ໊đ൬౼ݖ֥ۚٮႨটoЉp൧ӆbૌಪູđႮمੰഡקࠇ๙ݖᆣಊ൧ӆࡓܵ҆ট॥ᇅఃڵ૫႕ཙ൞ॖྛ֥bطđႮႿݓ֥ᆣಊࢌၞ෮ູ߶ჴᇅ֥൙ြֆ໊đྐ༏֥ᇶေႨᆀᆣಊ܄ඳູࢌၞ෮߶ჴđૌॖၛؓࢌၞ෮ീࡆ႕ཙၛЌᆣࢌၞ෮Ⴕི܂۳ྐ༏b 3ē2 གྷႵ֥مੰЌॿࡏࠣః҂ቀ ᄝֻ၂ࢫᇏđૌၘࣜॉҳਔགྷྛ֥uᆣಊمvauᆣಊࢌၞ෮ܵϷمvauᆣಊࢌၞ෮ࢌၞܿᄵv֩مੰaྛᆟمܿބܵܿᄵؓᆣಊ൧ӆࢌၞྐ༏֥ܿٓđԢਔܿקᆣಊࢌၞ෮o܄҃ބܵp൧ӆྐ༏֥ᆯᄳބಃཋຓđᆃུܿٓѩ҂ടࠣࢌၞྐ༏֥مੰྟᇉބӁಃ݂උ໙ีb࣐ܵᆣಊࢌၞ෮࿆ӫoࢌၞ෮൧ӆӁള֥ᆣಊࢌၞྐ༏݂ᆣಊࢌၞ෮෮Ⴕđໃࣜྸॖđޅࠏܒބ۱ದ҂֤ሱႨބԮѬpĠ္ေࢌၞ෮߶ჴᄝໃࣜࢌၞ෮ၩ֥౦ঃ༯đ҂֤০Ⴈྛ౦ྐ༏ࠣࢌၞ෮ၘ܄֥҃۲ᇕ࠹ሧਘޅֆ໊ࠇ۱ದՖ൙აఃႵܱ֥അြྟࠃࠇఃᄜԮѬđ൞đᆣಊࢌၞ෮֥ᆃུܿᄵᄝ؟նӱ؇ഈ߶֤֞ඳمൌ֥ಪॖđಯಖ൞၂۱ໃקᆭඔb ᆃ൫ฐษݓགྷႵمੰॿࡏ༯ؓᆣಊࢌၞ෮ࢌၞྐ༏ิ܂֥ಃ০Ќbᄝ֒భ่֥ࡱ༯đᆣಊࢌၞ෮ॖၛჱႄଧུمੰູ၇ऌটЌࢌၞྐ༏ҍӁಃĤᆣಊࢌၞྐ༏֥ྙ൞ྙ֥ඔऌ߄ྐ༏đ൞ڎোරႿᆩ്Ӂಃᇏ֥ᇷቔಃĤՎຓđؓໃ౼֤ཌྷܱྸॖo֥֢Ⴈpࢌၞྐ༏֥ྛູđॖڎჱႄuّ҂ᆞࣩ֒ᆚمvĤؓ߶ჴֆ໊ࠇఃྸॖࣜႏ֥ٚಃྛູॖڎჱႨކمĤᆃུ໙ีᆴ֤ษંb 3ē2ē1 uᇷቔಃمvЌࠣః҂ቀ ݓuᇷቔಃمvؓఃЌؓའҐ౼ਔਙई֥ቓمđఃᇏֻ3่ૼಒਔЌٓຶଽ֥ቔোљđીႵૼಒิ֞ᆣಊࢌၞྐ༏đ္مࡼࢌၞྐ༏݂ೆఃᇏ֥ଖ۱ቔোљbෙಖֻ3ֻ่9ॻ൞၂۱ྟ֥o״ָp่ॻiioمੰaྛᆟمܿܿק֥ఃቔpđູϜఃᇕো֥ቔବೆuᇷቔಃمv֥Ќٓຶ༯ 22
35ਔჅֹbᆴ֤ᇿၩ֥൞đoఃቔpсྶႮمੰބྛᆟمܿটܿקđط҂ିႮمჽ๙ݖथটಒקbႮႿ֒భ֥مੰބྛᆟمܿીႵؓᆣಊࢌၞྐ༏ቔԛૼಒ֥ܿקđمყ௹ඳمࠏܱ൞ڎ߶ᆦӻᆣಊࢌၞ෮ჱႄuᇷቔಃمvֻ֥3่টЌࢌၞྐ༏đиࣨᆃაႇૅم༢ݓࡅॖၛ๙ݖ২টঔն൳Ќቔٓຶ֥ቓم҂b ҂ݖđuᇷቔಃمvֻ14่ܿקؓo߸щቔpิ܂ਔمੰЌbuᇷቔಃمvֻ14่ܿקđo߸щۄቔaቔ֥ோ؎ࠇᆀ҂ܒӮቔ֥ඔऌࠇᆀఃҋਘđؓఃଽಸ֥࿊ᄴࠇᆀщஆุགྷԷྟ֥ቔູ߸щቔđఃᇷቔಃႮ߸щದཚႵđྛᇷቔಃൈđ҂֤ٕჰቔ֥ᇷቔಃbp۴ऌഈඍܿקđ߸щቔնุॖၛٳູਆোđࠧቔ߸щބඔऌ߸щbభᆀ൞ᆷ߸щۄቔࠇቔ֥ோ؎طྙӮ֥ቔđೂ௹़a࿊ࠢaϤ॓ಆ၂ো֥ቔbᄝᆃো߸щᇏđႵ၂༢ਙֆཚႵᇷቔಃ֥ჰԷྟቔđൈ֒ᆃུቔࣜݖ࿊ᄴaщஆط߸ࠢᄝ၂ఏൈđႻᄝᆜุഈܒӮਔ၂҆ॖၛ൳֞Ќ֥ࠢކቔđఃԷྟุགྷᄝః࿊ᄴބщஆ۽ቔഈb ඔऌ߸щđ൞ࡼ҂൳ᇷቔಃЌ֥ඔऌࠇఃҋਘ߸ࠢᄝ၂ఏطྙӮ֥ቔbაቔ߸щ҂đඔऌ߸щ֥ܒӮӮٳđ൞҂൳ᇷቔಃЌ֥bඔऌ߸щ֥ԷྟุགྷᄝؓႿ൙ൌࠇඔऌ֥࿊ᄴaщࠠބஆਙഈbᆺႵ֒ᆃᇕ࿊ᄴaщࠠބஆਙژކԷྟ֥ေൈđඔऌ߸щҌॖၛࠆ֤ᇷቔಃ֥ЌĠؓႿඔऌ߸щ֥ЌᆺࠣႿ࿊ᄴaщࠠބஆਙđ҂ࠣႿఃᇏ֥ඔऌЧദđఃದॖၛሱႮႨඔऌ߸щᇏ֥ඔऌࠇ൙ൌđᆺေીႵႨ൳֞Ќ֥࿊ᄴaщஆބஆਙbၹՎđೂݔႵܱ֥࿊ᄴaщࠠބஆਙژކԷྟ֥ေđᄵܒӮ߸щቔđ൳֞ᇷቔಃم֥ЌĠೂݔղ҂֞Էྟ֥ေđᄵ҂ି൳֞ᇷቔಃ֥Ќb ૌᇿၩ֞đোරႿuᇷቔಃمvؓඔऌ߸щ֥ЌđФᆀಪູઋުႿགྷൌ֥ؿᅚđหљ൞ඔऌ߄ඌ֥ؿᅚၘࣜڿэਔቔФԮѬa০Ⴈ֥ٚൔbᇷ36ቔಃمႋ֒ॉ੮֞߸щቔ෮Їݣ֥അြࡎᆴđѩิ܂ཌྷႋ֥ЌbႮႿᆣಊࢌၞྐ༏ᄝࢌၞݖӱᇏളӮđѩࣜݖ܄҃ࠏܒ֥щࠠބԩđॖၛყ௹֥൞đࢌၞ෮ॖၛჱႄuᇷቔಃمvᇏo߸щቔp֥ܿקটЌྛ౦ྐ༏b൞uᇷቔಃمvิ܂֥Ќཁಖ҂ቀđၹູᆺؓࢌၞྐ༏֥࿊ᄴaщࠠބஆਙิ܂Ќđط҂ࠣႿఃᇏ֥ඔऌބྐ༏ЧദbؓႿᆣಊࢌၞ෮টඪđჱႄuᇷቔಃمvֻ14่ѩمݤۂପུ༯ᄛࢌၞྐ༏ಖުᇗྍࡆၛo߸щp֥ྛູb ൌᇏؓᆷඔྐ༏֥ҍӁಃᆚၰބಃ౦ঃࢠྛ౦ྐ༏ေഒđჰၹॖିᄝႿྐ༏֥ളӮࠏᇅđиࣨᆷඔྐ༏ૼಒЇݣሢᆣಊࢌၞ෮֥oসpބoԷྟpđᆃژކਔഈඍؓuᇷቔಃمvܿק֥ંb ܢࡎᆷඔྐ༏Ⴍః൞Ӯٺܢᆷඔྐ༏ॖၛ൳֞ᇷቔಃم֥Ќbᆣಊࢌၞ෮ 35 uᇏದ܋ބݓᇷቔಃمvֻ3่ܿקğoЧم෮ӫ֥ቔđЇওၛ༯ਙྙൔԷቔ֥໓࿐aၜඌބሱಖ॓࿐aഠ߶॓࿐a۽ӱඌ֩ቔğ č၂Ď໓ሳቔĠ čؽĎ१ඍቔĠ čĎၻুa༤खa౷ၜa֙ቔĠ čඹĎૅඌaജ႕ቔĠ čĎ႕a൪aཞቔĠ čੂĎ۽ӱഡ࠹aӁഡ࠹ᆼࠣఃඪૼĠ čĎֹaൕၩ֩ྙቔĠ čϖĎ࠹ෘࠏೈࡱĠ čࣴĎمੰaྛᆟمܿܿק֥ఃቔb 36 Jane C. Ginsburg, Creation and Commercial Value: Copyright Protection of Works of Information, 90 Columbia Law Review 1865 (1990)b 23
ؿ֥҃ӮٺܢᆷඔđఃᄝᆷඔဢЧࠧӮٺܢ֥࿊ᄴބ࠹ෘٚمٚ૫ุགྷਔԷྟđၹط൞uᇷቔಃمvֻ14่෮Ќ֥߸щቔđದໃࣜᄍྸႨaگᇅaԮѬܢࡎᆷඔྐ༏đᆣಊࢌၞ෮ॖၛ၇ऌuᇷቔಃمvᇶᅦఃಃ০bݓ࠽ഈ۲۱ᇶေᆣಊࢌၞ෮ᄝఃᆣಊࢌၞྐ༏ྸॖႨކᇏᇶᅦؓఃщᇅ֥ܢࡎᆷඔྐ༏֥෮ႵಃࠇᇷቔಃđФྸॖႨದؓࢌၞ෮֥ಃ০ીႵၳၰbᄝݓđࠎႿoජщᇅ݂ජ෮Ⴕp֥ܴđഈݚᆣಊࢌၞ෮ބധᎪᆣಊࢌၞ෮ؓఃщᇅ֥ܢࡎᆷඔྐ༏֥ಃ০ࠎЧഈ൳֞ФྸॖႨದ֥ቍᇗb ሸഈđགྷႵ֥uᇷቔಃمvෙಖิ܂ਔܢࡎᆷඔ֩ᆣಊ൧ӆࢌၞྐ༏Ӂ֥Ќđ൞ᆃᇕЌؓᆣಊࢌၞྐ༏টඪѩ҂ಆ૫b၂Ϯ֥ࢌၞྐ༏ສສᆺ൞ඔऌ֥ቆކđෙಖऎႵૼཁ֥അြࡎᆴđᆣಊࢌၞ෮ಏၛჱႄuᇷቔಃمvᇶᅦᆩ്Ӂಃb 37ဝܻඔऌ܄ඳුϟҌඔऌ܄ඳσ Кࣘဝܻඔऌ܄ඳčဝܻ܄ඳĎႿ1995ᇀ1996୍ࡗđٳљଽֹ؟ࡅഅa௹ࠊބᆣಊࢌၞ෮దרਔࢌၞྛ౦ྐ༏֥ඔऌҐࠢaሇؿaࣜႏކbဝܻ܄ඳၛሱ֥࠭SICඔऌ۬ൔؓഈඍࢌၞ෮֥ࢌၞྛ౦ྐ༏ࣉྛᆜa߸щđྙӮਔሱ֥࠭ሸކྛ౦ྐ༏đ๙ݖྒܼѬ༢ཟຓؿෂđ܂ఃग़Ⴈđѩཟఃग़൬౼ྐ༏ڛༀٮbဝܻ܄ඳູग़ิ܂ࢌၞྛ౦֥ٳ༅ೈࡱđѩႿ1995୍8ᄅ16ರაഈݚϟҌඔऌ܄ඳčϟҌ܄ඳĎదרਔܱႿႨuSICൌൈࣁವvඔऌٳ༅۬ൔ֥ކđჿקဝܻ܄ඳᄍྸϟҌ܄ඳႨuSICൌൈࣁವvඔऌٳ༅۬ൔषؿٳ༅ೈࡱĠໃࣜဝܻ܄ඳ૫ྸॖđϟҌ܄ඳ҂ିၛޅٚൔሇؿuSICൌൈࣁವvྐ༏b ϟҌ܄ඳᄝ၂ൈ؍ଽ္༵ުა၂ུࢌၞ෮ބᆣಊྐ༏ڛༀഅదרਔᆣಊࢌၞྐ༏֥ሇؿaࣜႏކbϟҌ܄ඳ္ࡹ৫ਔሱ֥࠭uࠧൈࣁವv༢đູఃग़Ⴕӊิ܂ࢌၞྛ౦ྐ༏b 1996୍5ᄅᇀ6ᄅđဝܻ܄ඳਆՑ౨܄ᆣԩؓϟҌ܄ඳሸކඔऌੀᇏ֥3ࡅࢌၞ෮ྛ౦აဝܻ܄ඳ֥ඔऌੀࡗթᄝᇶՖ၇ڸܱ༢֥൙ൌԛᆣb ဝܻ܄ඳཟКࣘ൧ֻ၂ᇏࠩದمჽఏුđුӫđϟҌ܄ඳໃࣜဝܻ܄ඳྸॖđᄝ٤مࠆ౼ဝܻ܄ඳሸކඔऌੀުđࡼఃሇؿ۳ሱ֥࠭ႨđႨၛକ০bھྛູᇗݝਔဝܻ܄ඳ֥ಃၭđႋ֒ӵքཌྷႋ֥مੰᄳb ϟҌ܄ඳѐӫđဝܻ܄ඳ֥ᆷ॥ಌك൙ൌބمੰ၇ऌbીႵᆣऌᆣૼϟҌ܄ඳႵჰۡ෮ӫ֥౼ބ֢Ⴈྛູđჰ္ۡીႵඪૼϟҌ܄ඳָ֞౼a֢Ⴈਔჰ֥ۡޅᇕҍӁಃ০đႵޅمੰ၇ऌb Кࣘ൧ֻ၂ᇏࠩದمჽࣜബҰૼđᄝ1995୍ᇀ1996୍֥၂؍ൈࡗđϟҌ܄ඳಒൌᄻ၂؇Ֆဝܻ܄ඳ֥ሸކඔऌੀᇏᑙ౼ਔഈݚބധᎪਆࡅᆣಊࢌၞ෮ၛࠣ฿ࣃ৳ކ௹ࠊࢌၞ෮֥ྛ౦ྐ༏đѩࡼః߸ࣉϟҌ܄ඳ֥ሸކඔऌੀᇏሇؿ۳ሱ֥࠭ग़bمჽಪູğဝܻ܄ඳ০Ⴈྐ༏ሧჷ֥ᄜളྟđၛႵӊٚൔҐࠢਔ۲ࢌၞ෮ᄝࢌၞݖӱᇏྙӮ֥ࢌၞྛ౦ྐ༏đࣜః߸ࠢaࡆ۽aᆜުđ๙ݖྒ๙đؿෂᇀग़bྐ༏֥ঔᅚྟބഥྟ֥หྟđဝܻ܄ඳ֥ྐ༏ჷၘӁളਔധࡆ۽ު֥ᄹᆴིႋbϟҌ܄ඳໃࣜྸॖđິّކჿקđࢩ౼ѩሇؿဝܻ܄ඳ֥uSICൌൈࣁವvྐ༏ჷ֥ྛູđٕਔჰ֥ۡഅြૡđႋӵքິ 37 Кࣘ൧ֻ၂ᇏࠩದمჽ൙थč1996Ď၂ᇏᆩԚሳֻ54ݼĠКࣘ൧ۚࠩದمჽ൙थč1997Ďۚᆩᇔሳֻ66ݼb 24
ჿބಃ֥مੰᄳbᇀႿဝܻ܄ඳӫuSICൌൈࣁವv༢֥ྐ༏ੀđ൞ο၂קщஆุ২ࣉྛщஆđऎႵԷྟđඋщࠠቔđ൳ᇷቔಃم֥Ќđمჽಪູھ༢ᇏ෮ട֥ࠣഅ௹ࠊaᆣಊ֥ࢌၞࡎ۬ྐ༏đ҂ژކቔ֥ܒӮေࡱđ҂൞ᇷቔಃمၩၬഈщࠠቔb۴ऌݓགྷႵمੰđဝܻ܄ඳ֥ᆃ၂ᇶᅦ҂ିӮ৫bܱႿဝܻ܄ඳᇶᅦ֥ඌӮݔಃބসࠆၭಃđႮႿఃؓႿuSICൌൈࣁವv෮ཚႵ֥ಃ০đ၇ऌمੰܿקၘჍၛЌđఃؓഈඍಃ০֥ᇶᅦၘ֤ࣜၛൌགྷđാணӊඔح҂ႋᇗگ࠹ෘb ϟҌ܄ඳ҂ڛथđഈුᇀКࣘ൧ۚࠩದمჽb Кࣘ൧ۚࠩದمჽಪູđuSICൌൈࣁವvྐ༏ቔູ၂ᇕྍ֥ሰྐ༏Ӂđႋඋሰඔऌ९đᄝЧᇉഈ൞หקࣁವඔऌ֥߸щđᆃᇕ߸щᄝඔऌ֥щஆބ࿊ᄴഈѩᇷቔಃم෮ေ֥Էྟđ҂ܒӮᇷቔಃمၩၬഈ֥ቔđ҂ି൳֞ᇷቔಃم֥Ќbဝܻ܄ඳቔູหקࣁವඔऌ֥߸щᆀđؓඔऌ֥൬ࠢaщஆđࠧؓuSICൌൈࣁವvྐ༏ሰඔऌ९֥षؿᇅቔڱԛਔሧđӵքਔሧڄགbھሰඔऌ९֥ࣜ࠶ࡎᆴᄝႿඔऌྐ༏֥ࠧൈྟđဝܻ܄ඳᆞ൞๙ݖཟ܄ᇙൌൈԮൻھሰඔऌ९֥ಆ҆ࠇ҆ٳଽಸطࠆ౼൬ၭbဝܻ܄ඳؓႿھሰඔऌ९֥ሧࠣႮՎطӁള֥ᆞ֒০ၭđႋ֒൳֞مੰЌbϟҌ܄ඳໃࣜဝܻ܄ඳྸॖđࠆ౼ਔSICൌൈࣁವྐ༏ሰඔऌ९ᇏഈࢌ෮aധࢌ෮a฿ࢌ෮֥ྛ౦ඔऌđѩູഅြଢ֥ཟఃग़ႵӊࠧൈԮൻđఃྛູິّਔࣜႏᆀᄝ൧ӆࢌၞᇏႋ֒࿖֥ӴൌྐႨჰᄵބ܄ಪ֥അြ֣֡đݝਔဝܻ܄ඳ֥ކمಃၭđၘܒӮ҂ᆞࣩ֒ᆚb၇ऌဝܻ܄ඳაϟҌ܄ඳదר֥ކمႵི֥uSICൌൈࣁವvྐ༏ඔऌٳ༅۬ൔႨླྀၰđϟҌ܄ඳ֥ྛູၧܒӮິჿb Чσ֥ࢊׄđᄝႿؓჰۡဝܻ܄ඳuSICൌൈࣁವvഈ֥ࢌၞྛ౦ඔऌྐ༏ੀ֥مੰඋྟ֥ᆞಒಪ്bಖطđં൞၂ബمჽߎ൞ؽബمჽቋު߭хਔФۡิԛ֥ဝܻ܄ඳؓఃྐ༏ੀႵޅऎุ֥مקಃ০֥໙ีđሇطၛິჿބ܄Ӵྐჰᄵđၛࠣቔູഅြૡ֥ඔऌ۬ൔູऌđथФۡணӊാaணড়֡వ֩b ᆴ֤ᇿၩ֥൞đЧσؿളᄝuᇷቔಃمvྩڿᆭభbοᅶྩڿభ֥uᇷቔಃمvܱႿ߸щቔ֥קၬܿקđ߸щቔ൞ᆷႮቔࠇᆀቔ֥ோ؎ቆކطӮ֥ቔđဝܻ܄ඳuSICൌൈࣁವv෮щஆaᆜ֥ྐ༏Чദ҂ऎႵቔ֥ྟᇉđ္҂උቔ֥ோ؎đ෮ၛuSICൌൈࣁವv҂ିФಪקູ߸щቔѩ൳֞ᇷቔಃ֥Ќb൞đ߸щቔ֥Чᇉݣၬ൞ఃቆކҋਘᄝଽಸ֥࿊ᄴࠇᆀஆਙഈ֥Էྟđuᇷቔಃمv֥ჰֻ14่ܿק҂ିؓ෮Ⴕ߸щቔิ܂ԉٳ֥Ќbѩđݓuᇷቔಃمv֥ᆃ၂ܿק҂ژކཌྷܱݓ࠽܄ჿ֥ܿקb২ೂđൗࢸસၞቆᆮuაસၞႵܱ֥ᆩ്ӁಃླྀၰvčTRIPsĎֻ10ֻ่2ཛܿקđඔऌࠇఃଽಸ֥߸щđં൞ҐႨࠏఖॖٚൔࠇᆀఃٚൔđᆺေ൞ఃଽಸ֥࿊౼ࠇщஆܒӮਔᇆ৯Էᄯđࣼႋؓᆃᇕ߸щิ܂ᇷቔಃЌbၹՎđ2001୍uᇷቔಃمvྩרൈđࡼඔऌ߸щବೆֻ14่֥Ќٓຶđܿקđo߸щۄቔaቔ֥ோ؎ࠇᆀ҂ܒӮቔ֥ඔऌࠇᆀఃҋਘđؓఃଽಸ֥࿊ᄴࠇᆀщஆุགྷԷྟ֥ቔູ߸щቔđఃᇷቔಃႮ߸щದཚႵđྛᇷቔಃൈđ҂֤ٕჰቔ֥ᇷቔಃbp෮ၛđ၇ऌྩרު֥uᇷቔಃمvđ۲ࢌၞ෮֥ࢌၞྛ౦ඔऌྐ༏Чദෙ҂൞ቔđ္҂ॖିӮູቔ֥ோ؎đؓఃࣉྛ֥࿊ᄴaщஆऎႵԷྟ֥đᄵ۲ᇕྐ༏ቆކ֥ᆜุіགྷྙൔ൞ॖο߸щቔط൳֞ᇷቔಃمЌ֥b ႮႿЧσؿളᄝuᇷቔಃمvྩڿᆭభđᖙႿ֒ൈ֥مੰܿקđݓمჽႻીႵᄯم֥ಃ৯đၹطمჽીႵᆦӻဝܻ܄ඳิԛ֥ఃؓႿuSICൌൈࣁವvඔऌ९ཚႵᇷቔಃ֥ᇶᅦđሇط၇ऌم֥ࠎЧჰᄵটࣉྛҊbᆃඪૼđݓم 25
ჽᄝཌྷܱمੰܿקఴಌࠇᆀཌྷܱಃ০مੰඋྟ҂ૼಒ֥౦ঃ༯đ߶ཟ၂Ϯ֥مࠎЧჰᄵ࿙ᆦӻđၛЌ֒൙ದ֥ᆞ֒ಃၭb 3ē2ē2 uّ҂ᆞࣩ֒ᆚمvᇏܱႿഅြૡ֥ܿק uّ҂ᆞࣩ֒ᆚمvູଖུྐ༏ิ܂ਔمੰЌđᄝ၂קӱ؇ഈਔҀԉਔuᇷቔಃمvބఃᆩ്ӁಃمੰؓྙሧӁЌ֥҂ቀbuّ҂ᆞࣩ֒ᆚمvֻ10่ૼಒ࣌ᆸٕቔູoഅြૡp֥ඌྐ༏ބࣜႏྐ༏bෙಖᆣಊࢌၞྐ༏ᄝଖᇕၩၬഈඋႿඌྐ༏đၛჱႄu҂ᆞࣩ֒ᆚمv֥ܿקđၹֻູ10่ؓoഅြૡpቓਔ֥۬ࢸקđ൞ᆷo҂ູ܄ᇙ෮ᆩ༑aିູಃ০ದջটࣜ࠶০ၭaऎႵൌႨྟѩࣜಃ০ದҐ౼Ќૡծീ֥ඌྐ༏ބࣜႏྐ༏pb ܣՎđuّ҂ᆞࣩ֒ᆚمvᆺ൞ൡႨႿၹЌૡطӁളࡎᆴ֥ޅഅြྐ༏bطđഅြૡѩ҂ିٝᆸљದؿགྷဢ֥ૡđܱᄝႿؿགྷ֥ࣥ҂ି๙ݖb ᆣಊࢌၞྐ༏ෙಖoିູಃ০ದջটࣜ࠶০ၭaऎႵൌႨྟpđඋႿ܄षྐ༏đمବೆoഅြૡp֥ٓຶđoഅြૡp֥Ⴕܱܿק္҂ቀၛิ܂ቀܔ֥Ќb 3ē2ē3 ކم֥ࣷ࠶ ؓႿᆣಊࢌၞྐ༏֥ࣜႏބႨđഈᆣ෮ྐ༏ຩႵཋ܄ඳᆣಊࢌၞ෮߶ჴ܄ඳၛຓ֥ྐ༏ิ܂അࠇఃႨᆀר৫Ⴕuᆣಊྐ༏ࣜႏྸॖކvđؓࢌၞྐ༏֥ࢤ൬aႨބԮѬaྐ༏֥ᆩ്ӁಃࠣఃЌࣉྛૼಒ֥ჿקbෙಖഈᆣ෮ྐ༏ຩ܄ඳॖၛᆰࢤႨކটჿඏؓٚđ൞۴ऌૌ֥טđൌᇏቋն֥ಃჷѩ҂൞ᆃུྐ༏ิ܂അbႮႿྛ౦ؿ҃౻֡؟đಃ္؟đᇶေ൞ᆣಊࢌၞ෮ؿ҃۳ቔູࢌၞ෮߶ჴ֥ಊഅުđಊഅؽՑሇؿಃ؟b ۴ऌགྷྛ֥ܿקđᆣಊࢌၞ෮აః߶ჴᆭࡗ֥ܱ༢ᇶေൡႨཌྷႋ֥ࢌၞܿᄵࠇ߶ჴܵϷمđᄝᆣಊ൧ӆࢌၞྐ༏֥Ⴈٚ૫đᆣಊࢌၞ෮ބ߶ჴᆭࡗѩીႵదרཌྷႋ֥Ⴈކbطđ۴ऌധਆࡅᆣಊࢌၞ෮Ӯ৫ၛট֥ቓمđࢌၞ෮၂Ϯཟ߶ჴ૧ٮิ܂൧ӆࢌၞྐ༏bᄝᆃᇕ౦ঃ༯đuކمvିิ܂֥Ќ٤ӈႵཋđѩᇹႿౢᆣಊࢌၞྐ༏֥مੰඋྟb ࠎႿഈඍٳ༅đૌಪູં൞uᇷቔಃمvauّ҂ᆞࣩ֒ᆚمvࠇᆀ൞uކمvીႵౢ༉ࢸקᆣಊࢌၞྐ༏֥مੰඋྟđܒᄯປ֥مੰุ༢đิ܂ԉٳ֥مੰЌb 3ē3 ၂ᇕྍ֥ҍӁಃ০ གྷൌ౦ঃཁಖေฐ࿙ᆣಊࢌၞྐ༏ӁಃЌ֥ྍٚمbૌಪູđࢌၞྐ༏Ӂಃ൞ෛሢᆣಊ൧ӆ֥ᇯ҄ؿᅚປطԛགྷ֥ۀđ҂൞ܴ֥Ӂđط൞ᆣಊ൧ӆग़ܴؿᅚ֥сಖbᆣಊࢌၞྐ༏ӁಃაԮ֥ҍӁಃ০ᄝग़ุaمੰྟ 26
ᇉaЌٚم֩ٚ૫Ⴕޓն֥ҵၳđႋ֒൞၂ᇕྍ֥ҍӁಃ০iioඔऌ९pčdatabaseĎbؓᆃᇕྍҍӁಃ֥Ќđေહ๙ݖྩרuᇷቔಃمvđေહ๙ݖྍ֥مੰࠇྛᆟمܿটࡆၛಒಪb նุطđඔऌ९൞ᆷؓႿቔaඔऌࠇᆀఃҋਘ֥༢߸щđطႨᆀॖၛ๙ݖሰࠇః֥൭؍Ⴈఃᇏ֥ඔऌbඔऌ९ა߸щቔૡ్ཌྷܱđᄝٓຶഈေնႿ߸щቔbඔऌ९҂ࣇЇও߸щቔđطЇও҂ܒӮ߸щቔ֥38ඔऌ߸щbᄝሰૂࢺބඔऌ߄ඌԛགྷၛభđં൞ିܔࠆ֤uᇷቔಃمvЌ֥ቔ߸щđߎ൞҂ିࠆ֤Ќ֥ඔऌ߸щđն؟ุགྷᄝᆼࢺᇉഈbೂݔದေམႨఃᇏ֥ඔऌࠇҋਘđᇀഒߎေܓઙࠇၛఃٚൔࠆ֤ჰࡱ֥گᇅbሰૂࢺބඔऌ߄ඌ֥ԛགྷڿэਔၛభඔऌگᇅaԥթބԮѬ֥ٚൔbؓႿඔऌ९ᇏ֥ඔऌࠇҋਘ֥Ⴈٚൔ္ؿളਔ۴Чྟ֥э߄bದॖၛط༢ֹࠆ౼ؓሱ࠭ႵႨ֥ඔऌࠇሧਘđࠇᆀၛՎູࠎԤщࠠྍ֥ඔऌ९đࠇᆀഅြྟֹّگႨఃᇏ֥ଖུඔऌࠇሧਘbႋھඪđሰૂࢺބඔऌ߄ඌ֥ԛགྷ۷ࡆԛਔೂޅ39Ќֻ၂۱ඔऌ९ቔᆀ֥ሧ໙ีbՖඔऌ९֥ܒӮഈটुđᆣಊࢌၞ෮֥ࢌၞྐ༏႞ᇂၐॖၛ݂ೆඔऌ९֥ٓຶbؓႿඔऌ९֥ЌႵਆᇕٚൔđ၂൞ࡼoඔऌ९pቔູo߸щቔpটЌđೂభ෮ඍđuᇷቔಃمvิ܂֥ᆃᇕЌٚൔ҂ࠣႿఃᇏ֥ଽಸbਸ਼၂ᇕ40ٚൔ൞ࡼoඔऌ९pቔູoห൹ಃ০čsui generis rightĎpটЌb ఃᇏ֥oห൹p၂ՍটჷႿঘנ໓osui generispđఃࠎЧݣၬ൞ඪđᆃ൞၂ᇕ҂Ⴟᇷቔಃ֥Ќđࠇᆀ൞ਸ਼၂ᇕಃ০֥ЌbՖଖᇕӱ؇ഈඪđᆃᇕٚൔႵׄোරႿّ҂ᆞࣩ֒ᆚ֥ЌđၹູؓႿඔऌ९ଽಸ֥ᆃᇕห൹Ќđ൞Ќඔऌ९ᇅቔᆀ֥ሧđٝᆸದ҂ᆞֹ֒Ԏ౼ࠇّگႨሱ࠭ඔऌ९ᇏ֥ಆ҆ࠇնਈଽಸb ൞đ֞ଢభູᆸđᇏݓഉЌඔऌ९ᇅቔᆀሧ֥৫مࠖའb 3ē4 ᆣಊࢌၞྐ༏֥Ⴕི܂۳ ࣐ܵՖمੰഈࢸקਔᆣಊࢌၞྐ༏֥مੰྟᇉބ݂උđૌഉေ૫ؓೂޅޙᆣಊࢌၞ෮֥෮Ⴕಃᇶᅦაࢌၞྐ༏ᄝ൧ӆഈ֥Ⴕི܂۳֥ีbೂഈ၂ࢫ෮ඍđᆣಊࢌၞ෮ॖି߶০Ⴈః൧ӆ؎ֹ໊ཟࢌၞྐ༏Ⴈᆀ൬౼҂ކ֥ٮႨđՖطؓᆣಊ൧ӆྐ༏֥Ⴕི܂۳Ӂളڵ૫႕ཙbෙಖᄝمੰഈđࢌၞ෮ສສ41Фܿקູo٤ႏ০ྟpđ ٤ႏ০ྟᆺ൞ᆷࢌၞ෮҂ିٳ႔Ⴥđఃࠒಯಖ42݂߶ჴ෮Ⴕđᆺ൞ᄝթ࿃௹ࡗ҂ିٳ۳߶ჴb ࢌၞ෮ᄎቔ֥ٮႨটሱႿࠆ০đఃܵҪ֒ಖေܱྏࠆ০֥؟ഒbՖሹุটुđᆣಊࢌၞ෮ಯಖ൞၂۱ሔᇯ০ၭ֥ቆᆮb 38 ૼ֣aྸӑğuᇷቔಃمvđمੰԛϱഠ2003୍đֻ52်b 39 Mary M. Brown, Robert M. Bryan & John M. Conley, Database Protection in a Digital World, 6 Richmond Journal of Law and Technology 2 (1999)b 40 F. W. Grosheide, Database Protection: The European Way, 8 Washington University Journal of Law and Policy 39 (2002)bૐᄻࣜᄝ1996୍3ᄅؿ҃ݖ၂۱oܱႿඔऌ९Ќ֥ᆷpđေӮჴݓࡆၛܺӞൌീbՎຓđᄝ1996୍12ᄅൗࢸᆩ്Ӂಃቆᆮᅺष֥ຓࢌ߶ၰഈđߎԚ҄ษંݖ၂۱oඔऌ९่ჿҤσpđໃି่ࣼჿ֥ႵܱଽಸղӮ၂ᇁbෛުđൗࢸᆩ്Ӂಃቆᆮෙ؟Ցษંݖඔऌ९Ќ֥߅ีđᇔીႵྙӮႵჿඏ৯֥໓ࡱb 41 ২ೂđᇏݓuᆣಊمvֻ95่ૼಒܿקࢌၞ෮ູo҂ၛႏ০ູଢ֥֥مದpb 42 ҕᇏݓuᆣಊمvֻ98่b 27
ေࢳथᆃ۱໙ีđႵི֥ቓم҂൞ڎಪᆣಊࢌၞ෮ؓࢌၞྐ༏֥෮Ⴕಃđط൞Ⴎمੰࠇᆣಊ൧ӆࡓܵ҆ؓᆣಊࢌၞ෮ྛࢌၞྐ༏෮Ⴕಃ֥ٓຶീࡆཋᇅđࠇᆀܿקఃڵႵࢌၞྐ༏֥ᄳbൌᇏđuᆣಊࢌၞ෮ܵϷمv္൞Ґ౼ᆃᇕቓمbೂݔປಆڎಪᆣಊࢌၞ෮ؓࢌၞྐ༏֥෮Ⴕಃđൌ࠽ഈၝᇅਔࢌၞ෮֥Էྍି৯đѩ҂০Ⴟᆜ۱ᆣಊ൧ӆ֥ؿᅚbൡ֒ᇂᆣಊࢌၞ෮ؓࢌၞྐ༏֥ಃ০ބၬༀđ҂ॖၛ՜ࣉࢌၞ෮֥Էྍࠃđ္Ќᆣਔࢌၞྐ༏֥Ⴕི܂۳bႵႮཌྷྐđಒಪࢌၞྐ༏֥ҍӁಃ০ުđᆣಊࢌၞ෮Ⴕ۷ն֥ࠗৣটྐ༏bၹູمੰЌॖၛࡨഒࢌၞ෮ؓྐ༏Фಃ֥քྏđࢌၞ෮۷჻ၩؿ҃ཌྷܱྐ༏b ൌᇏđᆣಊࢌၞ෮ѩ҂൞ؓ෮Ⴕ֥ྛ౦ྐ༏൬ٮbྛ౦ྐ༏۴ऌఃളӮ֥ൈࡗٳູࠧൈྐ༏ބൈྐ༏đࠧൈྐ༏܄҃30ٳᇒުࠧӮູൈྐ༏bࠧൈྐ༏උႿ൬ٮٓຶđطൈྐ༏ᄵ૧ٮđ൞Ԣ٤ࣜᆣಊࢌၞ෮ᄍྸđ҂֤ࡼྛ౦ྐ༏༯ᄛުщࠠႨbೂՎٳđМު֥આࠠࣼ൞ູਔЌᆣᆣಊྐ༏֥Ⴕི܂۳đൈЌᆣਔࢌၞ෮֥෮Ⴕಃb ᇀႿ൧ӆྐ༏൬ٮٚ૫đೂݔ๙ݖ၂۱ૼ֥ٚൔটಒקđॖၛཨԢؓᆣಊࢌၞ෮ቔູ൧ӆ؎ࠏܒॖିযႨః൧ӆֹ໊֥ၐ੮đ္ॖၛ՜ࣉᆣಊࢌၞ෮ބ൧ӆҕაᆀᆭࡗ֥๙b Վຓđمੰمܿࠇᆀࡓܵ҆ႋ֒ေᆣಊࢌၞ෮ၛ҂ఆ൪֥؇ၛކaૼ֥ٚൔটؿ҃൧ӆྐ༏đ՜ࣉఃࠏܒؓ൧ӆྐ༏֥࣮aԩބࣉྛᆣಊ൧ӆྐ༏ӁԷྍbᆃဢ၂টđ္ॖၛᄝຸ၂֥ྐ༏ԩഅᆭຓđྙӮྍ֥ࣩᆚᆀđՖطЌᆣ൧ӆ֥ࠃ৯ބࣩᆚሑb 28
4 ᆣಊࢌၞྐ༏ᇅ؇֥бࢠ࣮ ቔູ၂۱ᆞᄝྖఏ֥ᆣಊ൧ӆđૌॖၛՖؿղݓࡅބֹ֥ൌᇏࠆ౼ࣜဒބ࢝bࣜݖӉ௹֥ฐ෬აൌđݓຓᆣಊࢌၞ෮ྙӮਔ၂ᆜสཌྷؓбࢠӮඃ֥ࢌၞྐ༏Ⴈაܵܿٓđࠒਔޓ؟ॖሧࢹ֥ࣜဒbЧ҆ٳ༐ຬ๙ݖбࢠ࣮֥ٚمđሹࢲ۲ݓ֥ൌࣜဒđ࿙ᅳఃᇏ֥܋ྟđູࢳथૌ֥໙ีิ܂၂ུනਫ਼აϺᇹb ۴ऌᆣಊࢌၞ෮֥ݓ࠽߄ӱ؇aലຬaࢌၞਈ֩ၹđЧ҆ٳ࿊ᄴਔࠫࡅᆣಊࢌၞ෮ቔູ࣮ؓའğNYSEaNASDAQaႇݓؗᆣಊࢌၞ෮a֣ݓمধक़ڞᆣಊࢌၞ෮aರЧתࣘᆣಊࢌၞ෮aཐۖᆣಊࢌၞ෮bԢՎၛຓđݓຖֹᆣಊࢌၞ෮֥ൌ္ႄఏਔૌ֥ᇿၩbᆣಊࢌၞ෮ؓࢌၞྐ༏֥ܵ൞؟ٚ૫֥đ߶ടࠣܵࠏܒaܵ၇ऌaႨണБaނҰᇅ؇aಃ০ᇶᅦaԮൻٚൔაԮൻؓའaٮႨ൬౼֩ཛଽಸb Чࢫ൮༵ॉҳਔૅݓ֥౦ঃč୧ჿܢௐࢌၞ෮aNASDAQĎbࢤ༯ট൞ؓఃؿղݓࡅބֹ֥ᆣಊࢌၞྐ༏Ӂಃᇅ؇ൌ֥ॉҳđЇওႇݓa֣ݓaರЧބݓ֥ཐۖބຖֹbቋުཬࢲਔݓ࠽ࣜဒิ܂֥ࢹb 4ē1 ૅݓ֥ൌ ቔູൗࢸഈቋӮۿ֥ܢௐࢌၞ෮đ୧ჿܢௐࢌၞ෮čNYSEĎބବථղक़൧ӆčNASDAQĎᄝԩ൧ӆྐ༏Ӂಃٚ૫֥ࣜဒཁಖᆴ֤࣮bหљ൞ᄝ5୍భđૅݓᆣࡓ߶čSECĎປӮਔ၂Ցؓ൧ӆྐ༏ᇅ؇նܿଆ֥ബҰđఃٳ༅໙ี֥නਫ਼ބิԛ֥ࡹၰູЧטҰБۡิ܂ਔႵၭ֥ࢹb 4ē1ē1 ૅݓᆣಊ൧ӆྐ༏ᇅ؇֥эథ ᄝ1975୍ᆭభ֥ૅݓđ۲ᆣಊࢌၞ෮ؓႿЧ൧ӆӁള֥ᆣಊ൧ӆࢌၞྐ༏֥ؿ҃ބܵཚႵປಆ֥ಃ০bࠎႿቋۚمჽᄝoܢௐБࡎఖpσč’Ticker’ casesĎ43֩၂༢ਙσࡱᇏ֥Ҋथđᆣಊࢌၞ෮ࠣః߶ჴ࿆ӫૌؓࢌၞ෮Ӂളࢌၞྐ༏ཚႵҍӁಃ০đૌႋ֒॥ᇅӁളહဢ֥ྐ༏đؓජิ܂હဢ֥ྐ༏đၛࠣ൬౼હဢ֥ٮႨđၹູ൞ૌิ܂֥ڛༀളӁਔࢌၞྐ༏b࣐ܵଖᇕᆣಊᄝ҂֥ࢌၞ෮ࢌၞđ۲۱ᆣಊࢌၞ෮ิ܂֥൧ӆྐ༏ѩીႵФ߸ࠢ֞၂ఏđ္ીႵࣉྛ၂֥ԩđն֥ࢌၞ෮ޓഒؓ܄ᇙष٢൧ӆྛ౦ྐ༏bႮႿࢌၞ෮Фಪູದቆᆮđᆟک҆ބ൧ӆࡓܵࠏܒ္ીႵࢺೆ൧ӆྐ༏֥൬ࠢaԮൻބԩݖӱb 43 ᄝᆃུσࡱᇏđૅݓቋۚمჽҊथᆣಊࢌၞ෮ཚႵಃ০ބ০ၭট॥ᇅބԛ൲൧ӆྐ༏bBoard of Trade v. Christie Grain & Stock Co., 198 . 236 (1905)đHunt v. New York Cotton Exchange, 205 . 322 (1907)đMoore v. New York Cotton Exchange, 270 . 593 (1926)֩ૅݓቋۚمჽҊק֥২b 29
1972୍SECᇅרਔܿᄵေ۲ᆣಊࢌၞ෮ࠢᇏ܄҃ᆣಊࢌၞ֥൧ӆྛ౦đଢ֥ᄝႿࡆ఼ᆣಊ൧ӆ֥ૼ؇ބЌᆣሧ܄ᇙॖၛࠆ౼Ⴕིaԉٳ֥൧ӆྐ༏bSECൈಪॖ۲ᆣಊࢌၞ෮ॖၛؓ൧ӆྐ༏൬౼ٮႨđၹՎᆃུٮႨ൞ࢌၞ෮൬ೆ֥၂۱ᇗေটჷb 1975୍ݓ߶๙ݖ֥ؓ1934୍uᆣಊࢌၞمvčthe Securities Exchange Act of 1934Ď֥ྩᆞσđࣉ၂҄ေ൧ӆྐ༏сྶ൞܄ᄍaކބ٤ఆ൪֥đѩڮჍૅݓᆣࡓ߶֝۲۱ᆣಊࢌၞ෮൧ӆྐ༏൬ࠢބԮൻ֥ᆯಃbൈđ۴ऌྩᆞσđӮ৫ਔ၂۱ᅝ֥൧ӆྐ༏ԩࠏܒđॖၛᄝ۲൧ӆҕაᆀᆭࡗϲဆᇏ৫֥࢘đؿߨ܄Ⴈ൙ြ֥ۿିbᆣಊ൧ӆྐ༏ٮႨ൞ᄝᆣࡓ߶֥ࡓ॥༯đႮࢌၞ෮ބྐ༏ڛༀഅᆭࡗ๙ݖሱྛླྀഅটಒקbࡌೂྐ༏ڛༀഅಪູࢌၞ෮ิԛ֥ࡎ۬҂ॖࢤ൳čࠇᆀ҂ކĎđૌॖၛေᆣࡓ߶ԛ૫টϺᇹࢳथđؓھ൬ٮࣉྛബҰ൞ڎކb ෛሢ൧ӆބྐ༏ඌ֥ؿᅚđSEC൫ؓ൧ӆྐ༏ᇅ؇ቔԛնܿଆ֥טᆜb1999୍SECؿ҃ਔ၂۱ܱႿᆣಊ൧ӆྐ༏൬ٮ֥ᆟҦၩčConcept Release on Market Information Fees and RevenuesĎđ൫טᆜ൧ӆྐ༏൬ٮࢲܒđေᆣಊ44ࢌၞ෮۴ऌྐ༏ളӁ֥ӮЧট൬౼ٮႨb࣐ܵSECಪູ൧ӆྐ༏൬ٮ൞ᆣಊࢌၞ෮൬ೆ֥ቆӮ҆ٳđࡹၰ֒ᆣಊࢌၞ෮ሇэӮႏ০ቆᆮުđ൧ӆࡓࠏܒႋ֒ࢺೆ൧ӆࢌၞྐ༏֥൬ٮӱᇏbႮႿNYSEّ֥ؓđSECᄝ1999୍12ᄅᅺࠢӮ৫Ⴎ࿐ᆀaሱੰቆᆮaᆣಊࢌၞ෮aಊഅࠣሧ܂ႋഅčVendorĎ܋ቆӮ֥൧ӆྐ༏ሦ࿘ჴ߶čAdvisory Committee on Market InformationĎܙཌྷܱ֥ᆚၰđбೂྐ༏ૼ؇ؓ൧ӆ֥ࡎᆴđྐ༏ሰ߄ؓૼ؇֥႕ཙđ൬ࠢބԮൻ൧ӆྐ༏֥ଆൔđ൧ӆྐ༏ٮႨ֥ܙҩđၛࠣ൧ӆྐ༏֥ܵ֩b ൧ӆྐ༏ሦ࿘ჴ߶ᄝ2001୍ປӮਔቋᇔ֥Бۡđ҂ࡹၰSECؓ֒భ֥ൌ45ࣉྛᇗေ֥טᆜđ൞ࡹၰႋ֒ࡆ఼൧ӆྐ༏൬ٮ֥ૼ؇b 46ૅݓᆣಊࢌၞ෮ࢸקࢌၞྐ༏ҍӁಃ֥ൎ ᄝૅݓđᆣಊࢌၞ෮ؓ൧ӆࢌၞྐ༏ҍӁಃ֥ಒ৫൞๙ݖඳمුහটປӮ֥đቋᄪᄝఃᇏϲဆᇶေ࢘൞୧ჿܢௐࢌၞ෮čNYSEĎbNYSE࿙ࢌၞྐ༏ҍӁಃ֥ൎॖၛՖაਸ਼ຓࡅࠏܒᆭࡗ֥ܱ༢ࢃఏğࣁࡎაܢௐБ܄ඳčGold and Stock Telegraph Companyđࡥӫࣁࡎ܄ඳĎaഅြБ܄ඳčCommercial Telegram CompanyĎၛࠣ৳ކܢௐࢌၞ෮(Consolidated Stock Exchangeđࡥӫ৳ކࢌၞ෮)bՖ1867୍֞1927୍֥60୍ࡗđഈඍඹ۱ᇶุᆭࡗ֥ކაුහܱ༢ቋᇔࢸקਔࢌၞྐ༏֥ҍӁಃb 19ൗࡀᇏ௹đБაཌྷܱඌ֥ࣉ҄ิۚਔ๙֥؇đࢆ֮ਔྐ༏ԮѬ֥ӮЧb1867୍ؿૼਔᆣಊБࡎࠏđᆰࢤࡼБඌᄎႨ֞ᆣಊ൧ӆđ๙ݖཌਫ਼ࠧൈֹԮൻࢌၞྐ༏bؓNYSEطđྍඌ൞၂ѣචಫࡴğ၂ٚ૫đྍඌႵᇹႿ۷ֹܼٗࢤ൳ࠇԮ־ઙೆࠇᆀછԛ֥ᆷđຉᅚਔమᄝ֥൧ 44 Regulation of Market Information Fees and Revenues, Exchange Act Release No. 42-208, 64 Fed. Reg. 70,613 (Dec. 17, 1999)b 45 Report of the Advisory Committee On Market Information: A Blueprint For Responsible Change (2001), 46 ؓႿૅݓᆣಊ൧ӆࢌၞྐ༏ҍӁಃࢸקӱ֥ҋਘҕॉਔHarold Mulherin, Jeffry M. Netter & James A. Overdahl, Prices Are Property: The Organization of Financial Exchanges from a Transaction Cost Perspective, 34 Journal of Law & Economics 591 (1991)đၛࠣཌྷܱ֥مჽ২b 30
ӆĠਸ਼၂ٚ૫đྍඌ္ಞࢌၞᆀ০Ⴈࢌၞ෮֥ࠧൈྐ༏Ֆ൙ӆຓࢌၞ۷ಸၞbູՎđNYSEࠣႵܱࢌၞ෮ഡ࠹ਔྍ֥ކၛӂૼࢌၞ෮ؓࢌၞྐ༏֥ҍӁಃb Calahanഡ৫֥ࣁࡎ܄ඳᄝ1867୍ࠆ֤ਔᄝNYSEஊሁ߸Бჴ֥หಃđॖࡼෆ֥ࠢࠧൈྐ༏๙ݖБཌਫ਼Ԯൻ۳܄ඳ֥ग़đ҂ݖࣁࡎ܄ඳླေູՎཟNYSEᆦڱܥק୍֥ٮb҂ࣲުđNYSE္൱ჍഅြБ܄ඳ൬ࠢࢌၞྐ༏֥ಃ০bԢਔေཟૄࡅ܄ඳ൬౼၂ק֥ٮႨᆭຓđNYSEߎေૄࡅ܄ඳᄝ֥ؓٚႏြӆ෮ഡᇂ၂ᆣಊБࡎࠏb࣐ܵ๙ݖਆ۱܄ඳᆭࡗ֥ࣩᆚࢆ֮ਔӮЧđNYSEಏքྏБԮෂႄؿؓྐ༏֥ԮѬಌك॥ᇅb ෛሢਸ਼၂ࡅնࢌၞ෮ii৳ކࢌၞ෮֥ྖఏđNYSEۋ൳֞ਔૼཁ֥ຯཽb1885୍đ৳ކࢌၞ෮थקઙછᄝNYSEഈ൧֥ܢௐčหљ൞ํਫ਼ܢௐĎđѩ๙ݖ൬౼۷ູႪ߲ႛࣁٮ֥ٚൔؠሼЧඋႿNYSE֥նॶ൧ӆٺحb৳ކࢌၞ෮֥ӮЧᆭ෮ၛ֮൞ၹູᆰࢤႨNYSE֥൧ӆྐ༏đ҂сӵքࡹ৫ࡎ۬ؿགྷࠏᇅ֥ӮЧbቔູ߭ࠌđNYSE࣌ᆸ߶ჴა৳ކࢌၞ෮Ֆ൙ઙછࠃđѩഡ৫ໃഈ൧ܢௐࢌၞ҆đህࢌၞჰЧᆺᄝ৳ކࢌၞ෮ઙછ֥ࠏྟܢௐb ູਔ్؎ა৳ކࢌၞ෮֥Б৵ཌđNYSEଁഅြБ܄ඳҷԢνልᄝ৳ކࢌၞ෮֥БࡎࠏbႮႿ৳ކࢌၞ෮Ֆمჽ֤֞ਔ၂ٺ࣌ᆸҷԢБࡎࠏ֥࣌đNYSE҂֤҂ሇཟ൫ҷԢഅြБ܄ඳഡᄝNYSE֥БࡎࠏbಖطđഅြБ܄ඳ္౼֤ਔ၂ٺਢൈ࣌đ࣌ᆸNYSEҷԢሱБࡎࠏb࣐ܵNYSEఏු֞ਔمჽđ୧ჿᇜഈුمჽᄝ1988୍֥Ҋथᇏᆦӻਔᆃ၂࣌bمჽᆷԛđNYSEބഅြБ܄ඳᆭࡗթᄝླྀၰđჿקNYSE۳ჍഅြБ܄ඳაࣁࡎ܄ඳဢ֥หಃbೂݔࣁࡎ܄ඳФၩࣉೆࢌၞ෮đପહഅြБ܄ඳ္Ⴕಃࠆ֤ၩb҂ݖمჽ္іૼđNYSEીႵၩޅ܄ඳࣉೆࢌၞ෮֥ၬༀđѩၛՎູႮѼ߭ਔഅြБ܄ඳ֥ᇶᅦđࠧ܄܋ᆟҦ൱Ⴭఃࣉೆࢌၞ෮֥ಃ০bمჽथӫğoࢌၞ෮൞၂۱ದླྀ߶đႵಃಸྸජࣉೆӆ෮llॖၛ܄षӆଽ֥Бࡎđ္ॖၛऋध܄ष෮ႵაՎႵܱ֥ྐ༏bp ໙ีીႵࣼՎࢳथbNYSEᆭުФजೆ֞৳ކࢌၞ෮ิఏ֥ුහᆭᇏbුහ֥ఏၹᄝႿNYSEؓБ܄ඳീࡆ৯đಞϜሱБࡎࠏՖࣩᆚؓ൭ପҷԢbᄝoWilsonුഅြБ܄ඳp၂σᇏđ৳ކࢌၞ෮࿙Ⴅࣲྟ֥࣌đቅᆸБ܄ඳҷԢሱБࡎࠏđ္ࢹՎᄝഅြБ܄ඳऋधҷԢሱБࡎࠏൈđ࣌ᆸNYSEЉؠБ܄ඳ֥ಃ০b৳ކࢌၞ෮ലӫđઙછაNYSEཌྷ֥ܢௐđԢ٤֥ܤग़ିਔࢳNYSE֥ࡎ۬đڎᄵૌࡼمࣉྛࢌၞbNYSE֥ྛູ൞ࠎႿაഅြБ܄ඳᆭࡗ֥ކđކྸॖഅြБ܄ඳࣉೆࢌၞ෮൬ࠢѩԮ־Бࡎྐ༏b൞ᆃ၂ྐ༏ᆺିԮ־۳ࣜݖNYSEྸॖ֥ग़đNYSEՖটીႵྸॖࡼྐ༏ิ܂۳৳ކࢌၞ෮bσࡱ֥ᆚၰࠢᇏᄝNYSE൞ڎႵ܄षᆣಊࡎ֥۬ᄳb ቋۚمჽᄝҊथᇏᆷԛđNYSEᆺ൞၂۱ሱ჻֥ದቆᆮđѩ҂ิ܂܄܋ڛༀđ္ીႵ܄षࢌၞྐ༏֥܄܋ᄳbمჽӂඍਔNYSEູޅॖିႚႵؓࢌၞྐ༏֥ҍӁಃ֥ჰၹđᄝႿҍӁಃᄝࠗৣࢌၞ෮ؿᅚࢌၞྐ༏ٚ૫֥ᇗေྟbೂݔࢌၞ෮ӵք܄षࢌၞྐ༏֥ᄳđପહఃࡼФ௧Ֆᆃ۱ྛြᇏԛđ֥߶ჴሧ္۬ࡼၹՎطэ֤၂໓҂ᆴb൞σࡱࢲݔ൞NYSEીିൌགྷఃཋᇅࢌၞྐ༏ࠆ౼֥ଢ֥bၹູਸ਼၂۱Фۡ——അြБ܄ඳીႵႋුđ෮ၛمჽϯ҃ਔ၂۱࣌ğ࣌ᆸഅြБ܄ඳҷԢᄝ৳ކࢌၞ෮֥ሱБࡎࠏb 1890୍o֥O'Keefeු୧ჿБࡎ܄ඳčభദࣼ൞അြБ܄ඳĎp၂σؓNYSEᄯӮਔྍ֥յࠌbمჽಪॖਔ၂ཛ࣌đ࣌ᆸ୧ჿБࡎ܄ඳҷԢഡᄝଖ၂ႏြ෮ 31
֥ሱБࡎࠏđ࣐ܵުᆀໃᄻࠆ֤NYSE֥ሙbمჽေNYSE࿃ᄍྸБ܄ඳᄝࢌၞ෮ଽ൬ࠢࢌၞྐ༏đႮ൞ࢌၞ෮Ⴕಃ॥ᇅሱദ֥Бࡎb۴ऌ֥༟ݺđࢌၞ෮Ⴕಃၩࠇᆀऋधཟଖ၂ٚิ܂ࢌၞྐ༏b൞đቔູ၂ࡅ܄ᇙ܄ඳđФۡč୧ჿБࡎ܄ඳĎ҂ିܔϜࢌၞྐ༏ิ܂۳ଖ၂ٚđطऋधิ܂۳ਸ਼၂ٚb ᄝൌགྷႵܱࢌၞྐ༏֥ಃ০֥ᇭ؟୭৯ᇏđNYSE؟Ցэ۷֥ӱၛࠆ֤۷؟֥॥ᇅbႭః൞đNYSEष൬ࠢሱദ֥ࢌၞྐ༏đಖުࢌڱ۳ࢌၞ෮ଽ֥Б܄ඳbཌྷႋֹđNYSEэ۷ਔაБ܄ඳ֥ކđᆞൔലૼࢌၞ෮Ⴕ൬ࠢࢌၞྐ༏֥ି৯bࢤሢNYSEᄝ1892୍ҷԢਔପུሙྸ٤߶ჴႨБࡎ֥߶ჴ֥ᆣಊБࡎࠏb 1899୍đ୧ჿ֥ቋۚمჽؓ٤߶ჴࠆ౼NYSEБࡎ֥ಃ০ᄝRenvilleσᇏቔԛਔቋᇔथקbᄝथᇏđمჽಪູ൧ӆྐ༏აࢌၞ෮Чദ֥ࣜႏႵܱđ൞֥ҍӁĠ၂Ϯ܄ᇙؓႿNYSEളӮ֥ྐ༏ીႵܥႵ֥ಃ০b ቋᇔಒ৫ఏࢌၞ෮ؓ൧ӆྐ༏ҍӁಃ֥൞ቋۚمჽᄝ1905ᇀ1926୍ࡗቔԛ֥۱oܢௐБࡎఖp”২č‘ticker’ casesĎbᄝᆤࡆۢഅࢌၞ෮čCBOTĎුChristieܡ܄ඳσᇏđቋۚمჽૼಒ࣌ᆸܡ܄ඳິّఃაࢌၞ෮ᆭࡗ֥ླྀၰbࠉଚථնمܲᄝथᇏཿ֡đྛ౦і֥൬ࠢႋ֒൳֞مੰ֥Ќđࣼཞഅြૡ၂ဢĠԢ٤൬ࠢᆀ֤֞ཌྷႋ֥Бԏđ൧ӆྐ༏҂ႋӮູ܄܋ҍӁbᆃ۱Ҋथᄝ2୍ުHuntු୧ჿૣࢌၞ෮σᇏᄜՑФಒಪđمჽಪູ൧ӆྛ౦ྐ༏൞ҍӁđႋ֒൳֞مੰ֥Ќđࢌၞ෮ॖၛथקᄸဢটႨᆃུྐ༏bᄝ1927୍֥Mooreු୧ჿૣࢌၞ෮၂σᇏđቋۚمჽѼ߭ਔؓࢌၞ෮ّ֥؎ුහđಪູࢌၞ෮აБ܄ඳ֩ྐ༏ڛༀഅᆭࡗ֥ކѩીႵິّ؎مĠࢌၞ෮ؓᄝః൧ӆᇏ൬֥ࠢྐ༏֥ಃ০ࣼཞఃҍӁಃ০၂ဢđႵಃ๙ݖކࠆ֤ཌྷႋ֥Бԏb ۴ऌቋۚمჽ֥ᆃུथđ۲ᇶေ֥ࢌၞ෮࿆ӫؓ൧ӆྐ༏֥෮ႵಃđѩҐ౼۲ᇕކބඌট॥ᇅ൧ӆྐ༏đᆰ֞1975୍uᆣಊࢌၞمv֥ྩרσ๙ݖٚႵ෮ڿэb 4ē1ē2 ୧ჿᆣಊࢌၞ෮čNYSEĎ ୧ჿᆣಊࢌၞ෮ଽ҆Ⴕህ֥ྐ༏ڛༀ҆ܵࢌၞྐ༏֥ႨၛࠣٮႨ֥൬౼đીႵᇅקህᆌؓࢌၞྐ༏֥ܵϷمđط൞ҐႨކ֥ٚൔࡆၛܿٓbοᅶണ౨Ⴈࢌၞྐ༏֥ଢ֥ၛࠣԮൻ֥ٓຶđॖၛٳӮğ܂ႋഅކčVendor AgreementĎࠣህြྐ༏ႨކčProfessional Subscriber AgreementĎ֩bކ֥ଽಸЇওğࢌၞྐ༏֥ଽಸaԮൻ֥ٓຶaႨണБٚൔ֩bކߎڸႵטҰ໙जđႮదჿᆀแᇿ܄ඳ֥ࠎЧሧਘaԮൻྐ༏֥ٚൔaٓຶ֩ଽಸb ണБྐ༏Ⴈ൞۲۱ࢌၞ෮ؓࢌၞྐ༏֥Ⴈࣉྛ֥ܵᇗေ൭؍bNYSEܿקđԮൻࠧൈࢌၞྐ༏֥——ં൞ଽ҆Ⴈߎ൞Ԯൻ۳ຓֻ֥҆ᆀႨႋ֒ק௹ࣉྛണБđၛྐ༏Ⴈ֥Ⴕܱྐ༏bണБ֥۬ൔсྶژކNYSE֥ྙൔေބൌᇉေb၇ᅶྐ༏Ⴈദٺ֥҂đണБ۬ൔॖၛٳູğህြႨඔണБ۬ൔa٤ህြႨඔണБ۬ൔaࠎЧྐ༏ႨണБ۬ൔb҂۬ൔ֥ണБႵ҂֥ଽಸေb ູਔٝᆸࢌၞྐ༏ᄝԮൻݖӱᇏໃࣜ൱ಃطФႨđಒЌކ֥੫ྛđྐ༏ 32
܂ႋഅᄝదרކൈđྶิ܂ྐ༏νಆ॥ᇅඪૼđБෂNYSEСσbކ੫ྛݖӱᇏđNYSEॖၛෛൈگނ܂ႋഅ֥ണБሧਘđೂݔؿགྷ҆ٳކၘࣜӑݖႵི௹ࠇᆀؿགྷໃࣜ൱ಃႨ֥ྐ༏Ⴈđࠧॖ๙ᆩྐ༏܂ႋഅေఃඪૼჰၹbൡ֥֒ൈީđNYSEߎॖၛ૫൱ಃ֥ྙൔᆷஊႵܱದჴധೆ֞ྐ༏܂ႋഅ֥ႏြֹa܂ႋഅ֥ܱ৳ఒြࠇᆀྐ༏Ⴈ෮ᄝֹࣉྛൌֹҰbԢਔဒྐ༏܂ႋഅᄝႏြӆ෮ഡᇂ֥Ԯൻྐ༏֥ೈ႗ࡱഡС֥ٚൔࠣႨଢ֥൞ڎაކଽಸཌྷ၂ᇁđߎေࡓ॥܂ႋഅ෮Ԯൻ֥ࢌၞྐ༏൞ڎӑᄀਔNYSEᄍྸ֥ٓຶđ൞ڎ൞ఃNYSEႚႵ෮Ⴕಃ֥ྐ༏bೂݔđྐ༏܂ႋഅໃοᅶކܿק੫ྛđԢਔေ܂ႋഅᄝ၂ק௹ཋଽҀቀྐ༏ႨٮᆭຓđNYSEႵಃࣥྛࢳԢކb NYSEؓႿࢌၞྐ༏ࠇᆀႮఃщᇅ֥۲োᆷඔྐ༏đᄝაྐ༏܂ႋഅࠇྐ༏Ⴈదר֥ކᇏലૼఃؓՎႚႵ෮Ⴕಃđࠧࢌၞྐ༏Ⴈᆀсྶӵಪѩቍᇗ෮ႵࣜႮNYSEᇅቔ֥ࢌၞྐ༏aစളщᇅ֥ᆷඔྐ༏֥෮ႵಃbಖطđႵܱᇷቔಃࠇᆀఃᆩ്Ӂಃ֥ᇶᅦޓഒФิࠣđၹູૅݓྐ༏ԮൻࠇႨࢌၞྐ༏ྛြቆᆮčConsolidated Tape AssociationđCTAĎ෮ᄎቔ֥oCTA࠹߃pؓႿࢌၞྐ༏֥ЌбࢠປСb 4ē1ē3 ବථղक़൧ӆčNASDAQĎ ᄝ൧ӆྐ༏֥ܵٚ૫đቔູުఏᆭྮ֥NASDAQ၂ᆰၧ҄ၧֹ۵ᄝNYSEު૫bNASDAQഡႵোරႿNYSEྐ༏ڛༀ֥҆൧ӆྐ༏Ԯൻ҆đህڵᄳࢌၞྐ༏֥ڛༀაܵđר৫ކđ൬౼ٮႨb აNYSEཌྷđNASDAQ္ીႵᇅקᆌؓࢌၞྐ༏֥ܵཌྷܱϷمđط൞ҐႨކ֥ྙൔbކᄛૼđં൞ᆰࢤࠇᆀࡗࢤ৵ཌ֥ྐ༏܂ႋഅࠇᆀྐ༏Ⴈႋ֒οᅶԮൻ֥ٚൔၛࠣิ܂Ӂ֥ଽಸ֥҂దרཌྷႋ֥ކbކܿקđྐ༏܂ႋഅ֥ႨсྶదרႨކđѩႨކ္උႿ܂ႋഅაNASDAQదר֥ކ֥၂҆ٳbܱႿྐ༏܂ႋഅണБྐ༏Ⴈ֥ܿק࠺ᄛᄝNASDAQა܂ႋഅᆭࡗר৫֥ކᇏၛࠣྐ༏ႨᆟҦඪૼᇏb۴ऌކ֥ܿקđNASDAQႵಃᆷஊ֤֞൱ಃ֥ದჴ֞ྐ༏܂ႋഅ֥ႏြֹࠇᆀԮൻࠏٜਔࢳᄎቔ֥౦ঃđᇶေᄝႿਔࢳࠣނҰྐ༏ႨႨඔ֥࠺aണБၛ࢚ࠣٮ֥౦ྙaྐ༏ԩაԮൻ౦ྙaࡹܒԮൻྐ༏ࠣิ܂ႨႨ֥νಆ॥ᇅ֩֩bೂݔؿགྷྐ༏ႨႵໃࣜ൱ಃႨ֥ິܿྛູđྐ༏܂ႋഅࢤ֞NASDAQ֥๙ᆩުđࠧॖࣥྛࢳԢაھႨ֥ކb NASDAQᄝྐ༏Ԯൻކᇏіૼࣜ൧ӆҠቔ෮Ӂള֥ޅࠎЧࢌၞྐ༏ࠇᆀစള֥ྐ༏උႿః෮Ⴕbܣطđྐ༏෮Ⴕಃ֥ٓຶЇও෮ႵNASDAQa݊ઙછ܄҃ণa܄ᅏࢌၞ֥ࠧൈაӾྐ༏aNASDAQ֥ಆರࢌၞ௹ࡗ֥ܢௐᆷඔྐ༏ࠣӮࢌਈБ֡֩ྐ༏bၹՎđNASDAQေదჿ֥ԮൻࠇႨఃࢌၞྐ༏֥ᆰࢤࠇࡗࢤ৵ཌ֥ྐ༏܂ႋഅࠣᆰࢤ৵ཌႨլކྐ༏֥ྐ༏Ⴈсྶቍᇗః෮Ⴕಃb൞đႮႿაNYSEඋႿ“CTA࠹߃”֥ቆᆮӮჴđ෮ၛNASDAQႵܱᇷቔಃࠣఃᆩ്Ӂಃ֥ᇶᅦ္ીႵิࠣb 4ē2 ఃᇶေᆣಊࢌၞ෮ 33
ࢤ༯টđૌॉҳఃؿղݓࡅބֹ֥ᇶေᆣಊࢌၞྐ༏Ӂಃᇅ؇ൌđ47Їওႇݓa֣ݓaರЧބݓ֥ཐۖބຖֹb 4ē2ē1 ؗᆣಊࢌၞ෮ ؗᆣಊࢌၞ෮ીႵᇅקཌྷႋ֥ܿᄵؓࢌၞྐ༏֥ܵჍၛܿٓđطࣇࣇܿק෮ႵႨࢌၞྐ༏֥܂ႋഅđં൞ᆰࢤ৵ཌߎ൞๙ݖֻٚࡗࢤ৵ཌđႋ֒აࢌၞ෮దרྸॖކčLicense AgreementĎbაࢌၞ෮దרਔྸॖކࠇᆀႨކ֥ކཌྷؓٚႵണБྐ༏Ⴈ֥ၬༀb ؗᆣಊࢌၞ෮ؓྐ༏܂ႋഅࠣྐ༏Ⴈ֥ނҰϷمܿקᄝކᇏbނҰඋႿဒᆣྟᇉđࠧᇶေނؓྐ༏܂ႋഅࠇᆀᆰࢤ৵ཌ֥Ⴈૄ࠱ണБ֥ྐ༏Ⴈ֥ඔၛࠣ෮ᆦڱ֥ྐ༏Ⴈٮࠇᆀಃ০ࣁ֥ᆞಒྟbྐ༏܂ႋഅڵႵކࢌၞ෮ނҰ۽ቔ֥ၬༀbՎຓđ܂ႋഅߎႋၩࢌၞ෮ᄝޅކ֥ൈࡗđყ༵๙ᆩ֥౦ྙ༯đॖၛᆷஊཌྷܱದჴࠇᆀກսದ֞ྐ༏܂ႋഅ֥ႏြֹࣉྛҰb ؗᆣಊࢌၞ෮აྐ༏܂ႋഅదר֥ކჿקđࢌၞྐ༏ၘࣜ౼֤ᇷቔಃࠣఃᆩ്Ӂಃbࢌၞ෮֥ᇶᅦ൞ࠎႿႇݓمੰ֥ܿקğࢌၞ෮ٮஔն֥ᆦԛႨၛෆࠢ൧ӆࢌၞሧਘѩᆜູ၂֥۬ൔჍၛӯགྷđၹՎࢌၞ෮ؓႿᆜު֥ሧਘ֒ಖႚႵ෮ႵಃࠣᇷቔಃđྶϷണ౨൭࿃b 4ē2ē2 مধक़ڞᆣಊࢌၞ෮ مধक़ڞᆣಊࢌၞ෮ഡႵྐ༏Ӂ҆đఃܵࢌၞྐ༏֥ଢູ֥ğః၂đົᆣಊࢌၞ൧ӆ֥ࢌၞνಆĠఃؽđ০Ⴈ༵ࣉ֥ྐ༏ඌᆜކࢌၞ෮֥ྐ༏Ԯൻุ༢Ġఃđࠆ౼൬ೆđᄹࡆ০b مধक़ڞᆣಊࢌၞ෮ؓႿࢌၞྐ༏္֥ܵીႵᇅקཌྷܱ֥مჍၛܿٓđط൞ࡼႨࢌၞྐ༏֥ಃ০ၬༀܿקᄝࢌၞྐ༏Ԯൻކ֥ᇶေ่ॻᇏbކؓదჿؓའaิ܂ྐ༏ଽಸaႨྐ༏֥ٚൔaٮႨ࠹ෘࠣЌૡჰᄵ֩नႵབྷ༥֥ܿקb مধक़ڞᆣಊࢌၞ෮ؓႿྐ༏܂ႋഅࠣႨ֥ނҰᇶေ൞ᆌؓྐ༏܂ႋഅૄᄅണБ֥Ⴈඔࠇඔ൞ڎᆞಒb۴ऌྐ༏Ԯൻކ֥ܿקđྐ༏܂ႋഅႋο࠱ิ܂ᆞಒ֥࠹ٮࠎԤБۡđѩСຈაႨదר֥ڛༀކaႨแཿ֥Ⴈྐ༏֥ലૼ֩ཌྷܱሧਘၛьҰނᆭႨb مধक़ڞᆣಊࢌၞ෮ྐ༏Ӂ҆іൕđ֣ݓགྷྛمીႵབྷ༥ֹܿקࢌၞྐ༏֥෮Ⴕಃđࢌၞ෮္ીႵཟཌྷܱᆟک҆ᇶᅦಃ০ࠇᆀണ౨ЌbఘࣂູᆸđຓࢸؓႿࢌၞ෮ܵࢌၞྐ༏ીႵޅᇉၐb҂ݖđᅟᄝࢌၞ෮֥৫ӆطđఃႋ֒ႚႵࢌၞྐ༏֥ᇷቔಃࠣఃᆩ്Ӂಃb 47 Ч҆ٳᇶေ๙ݖҰᄇݓଽຓ֥໓ངᇷඍaᛍফᆣಊࢌၞ෮ࠣཌྷܱࠏܒč২ೂđݓ࠽ᆣಊࢌၞ෮৳ކ߶Ď֥ຩᅟđለཿطӮb൞đႮႿ٘ࡗၛࢌၞྐ༏ູᇶေ࣮ؓའ֥ཌྷܱᇷඍॖ໌ഒᆭႻഒđطຩᅟ֥ലૼࠇࢺകႻູე҂བྷđ۳ሧਘ֥ෆࠢაᆜᄯӮਔࢠն֥bၹՎđЧ҆ٳᇶေၛຖᆣಊࢌၞ෮2001୍֥࣮Ӯݔiiuൗࢸᇶေᆣಊࢌၞ෮ؓണ౨Ⴈࢌၞሧ൙ြܵࡏܒᆭ࣮vູࠎԤđࢲކຩᅟഈ֥ଽಸაཌྷܱᇷඍࣉྛษંb 34
4ē2ē3 תࣘᆣಊࢌၞ෮ תࣘᆣಊࢌၞ෮ીႵܵࢌၞྐ༏֥مܿᅣđᆺ൞ᇅקਔྐ༏܂۳ކđࡼႨࢌၞྐ༏֥ಃ০აၬༀܱ༢ܿקᄝކ֥ᇶေ่ॻᇏbࣜႮᇏࢺ౼֤תࣘᆣಊࢌၞ෮ྐ༏֥ࡗࢤ৵ཌྐ༏܂ႋഅႋదרࡗࢤྐ༏܂۳ކbಖطđתࣘᆣಊࢌၞ෮҂ᆰࢤაྐ༏Ⴈదרཌྷܱ֥ކb ರЧીႵૼಒ֥གྷྛمੰࠇمჽ֥थٓ২ܿקࢌၞྐ༏ཚႵᇷቔಃࠣఃᆩ്Ӂಃ֥Ќđ෮ၛתࣘᆣಊࢌၞ෮ᄠൈمᇶᅦbطྐ༏܂ႋഅࠣྐ༏Ⴈᇀࣂ္ીႵࣼࢌၞྐ༏֥Ⴈᇉၐࢌၞ෮൬౼ྐ༏ٮႨၛࠣނҰ֥ಃ০b 4ē2ē4 ཐۖࢌၞ෮ ཐۖࢌၞ෮ીႵᇅקܵࢌၞྐ༏֥Ϸمđᆺ൞ၛކܿٓྐ༏܂ႋഅაཐۖࢌၞ෮ᆭࡗ֥ಃ০ၬༀܱ༢bޅದॖၛཟཐۖࢌၞ෮ิԛണ౨đӮູಪॖ֥ྐ༏܂ႋഅbໃࣜࢌၞ෮ሙӮູಪॖ֥ྐ༏܂ႋഅࠇᆀໃࣜࢌၞ෮֥૫48ၩđޅದ҂֤ᆰࢤࠇࡗࢤሇؿࢌၞྐ༏۳ֻದđڎᄵඋႿಃྛູbཐۖࢌၞ෮აྐ༏܂ႋഅר৫֥ކؓ܂ႋഅണБྐ༏ႨႵ෮ܿקbؓྐ༏܂ႋഅࣉྛҰނ֥ଢ֥ᇶေᄝႿဒᆣ܂ႋഅؓࢌၞྐ༏֥Ⴈ൞ڎژކކ֥ჿקၛࠣണБሧਘ൞ڎሙಒbҰނ֥ٚൔٳູਆᇕğ܂ႋഅ֥ሱҰބࢌၞ෮֥ނҰb ཐۖࢌၞ෮ᄝაྐ༏܂ႋഅదר֥ކᇏབྷ༥ֹᄛૼđࢌၞ෮ؓႿࢌၞྐ༏ႚႵᇷቔಃა෮ႵಃđطѩીႵڮჍྐ༏܂ႋഅၩؓࢌၞྐ༏ऎႵщࠠࠇሇԮൻ֥ಃ০bྐ༏܂ႋഅҳतྐ༏Ⴈടཀݝࢌၞྐ༏֥ᆩ്Ӂಃ֥౦ྙൈđႵၬༀࠧख़ۡᆩࢌၞ෮ѩླྀᇹԩཌྷܱ൙ၒĠᆺ൞ཐۖࢌၞ෮ѩીႵᇶᅦႚႵࢌၞྐ༏֥ᆩ്Ӂಃb 4ē2ē5 ຖֹᆣಊࢌၞ෮ ࣼᄝ୍ࠫభđࣂ฿ૌ෮૫ਢ֥໙ี္ဢಠሢຖֹ֥ྛğ൧ӆ֥ؿᅚaྐ༏ඌ֥ࣉ҄ა௴ࠣؓԮ֥ࢌၞྐ༏ܵଆൔܒӮਔऍնԊࠌĠoمੰp֥ಌ໊ᇁᆣಊࢌၞ෮ؓྐ༏܂ႋഅ֥ܵಌك఼Ⴕ৯֥مੰ၇ऌĠࢌၞྐ༏֥෮Ⴕಃ֤҂֞ӵಪđ࿙ᇷቔಃࠣఃᆩ്Ӂಃ֥Ќ۷൞ᅳ҂֞ކൡ֥ਫ਼ࣥbູՎđຖֹᆣಊࢌၞ෮ቆᆮࣉྛਔህ֥࣮đປӮਔ၂ٺܱႿࢌၞྐ༏Ⴈა֥ܵህีБۡ——uൗࢸᇶေᆣಊࢌၞ෮ؓണ౨Ⴈࢌၞሧ൙ြܵࡏܒᆭ࣮vbᆃٺ࣮Бۡ໙ൗᆭުđຖֹᆣಊٚ૫֥مੰაࢌၞ෮֥Ⴕܱܿקࣉྛਔཌྷႋ֥ྩڿbགྷࣂđຖֹᆣಊࢌၞ෮֥ൌၘࣜሼᄝਔն֥భ૫b໓߄ࠣمੰԮٚ૫֥ᇉྟ֤ૌ۳Ⴭਔຖֹ֥ൌ۷؟֥ܱᇿb აభඍ֥ᆣಊࢌၞ෮҂đຖֹྙӮਔ၂สႮuຖᆣಊࢌၞ෮ႏြ༥ 48 ཐۖࢌၞ෮ğuཐۖࢌၞ෮ྛ౦ؿ҃ᆟҦ۔ေvđ 35
ᄵvֻ10่auࢌၞሧႨܵϷمva“܂۳Ⴈࢌၞሧఔჿ”ࠇᆀ“Ⴈࢌၞሧఔჿ”֩ܒӮཌྷܱ၇ऌ֥ࢌၞྐ༏ܵᇅ؇b2002୍6ᄅ12ರᆭభđႮႿ“ࢌၞྐ༏”҂උႿຖֹuᆣಊࢌၞمvֻ138่෮ਙई֥൙ཛᆭ၂đࠧ҂උႿࢌၞ෮ູܵᆣಊࢌၞ൧ӆᆭླطႋ֒ᄝᆣಊࢌၞ෮֥ြༀܿᄵࠇႏြ༥ᄵᇏჍၛܿק֥൙ཛđՖط֝ᇁഈඍ၇ऌᄝمੰི৯ٚ૫ཁ֤бࢠ৯bಖطđຖֹuᆣಊࢌၞمvႿ2002୍6ᄅ12ರྩרđྩרު֥ھمၘࡼ“ࢌၞྐ49༏”ବೆਔֻ138่ܿק֥ٓຶᆭଽđՖطࢳथਔᆃ۱໙ีbuࢌၞሧႨܵϷمvܿקđྐ༏܂ႋഅႋ֒აྐ༏Ⴈదרކbູਔܵࢌၞྐ༏֥ԮൻࠣႨđٝᆸࢌၞྐ༏Фິ֢ܿࢤaሇࢤᄯӮྐ༏ٗয႕ཙᆣಊ൧ӆ֥ࢌၞᇇđຖࢌၞ෮္߶षᅚނҰ۽ቔbՎຓđࢌၞ෮ߎေ܂ႋഅᄝૄ୍֥ੂᄅರభБෂࣜ߶࠹ഽނҰదሳ୍֥؇ҍༀБۡb ຖֹᆣಊࢌၞ෮ᇶᅦఃؓࢌၞྐ༏ཚႵ෮Ⴕಃbູࡆ఼Ќࢌၞྐ༏đࢌၞ෮္ᄻണ౨ᇷቔಃđ൞ໃݔb҂ݖđࢌၞ෮ಯಖᄝuࢌၞሧႨܵϷمvᇏലૼğ“Ч܄ඳิ܂ᆭࢌၞྐ༏ࠣೈ႗ࡱഡСඋЧ܄ඳ෮Ⴕđೂ၇مູ֤50ᇷቔಃaഅѓಃaህ০ಃᆭѓ֥đఃಃ০᳝ఃཌྷܱಃၭູЧ܄ඳ෮Ⴕ”b 4ē3 ؓݓ࠽ࣜဒ֥ࠫׄཬࢲ ๙ݖؓؿղݓࡅބֹᇶေᆣಊࢌၞ෮ࢌၞྐ༏ᇅ؇ൌ֥ॉҳđૌॖၛ݂ବԛၛ༯ࠫׄࣜဒğ 1aՖ۲۱ࢌၞ෮֥ൌটुđӮ৫ህڵᄳࢌၞྐ༏֥ܵ҆Ӯਔ۲ݓ๙ྛ֥၂ᇕٚمb๙ݖದ൙ၛࠣҍༀഈ֥ህြ߄ഡ࠹֤ھ҆ऎႵཌྷ֥ؓ৫ྟđܵ۽ቔ֥৯؇္ၹՎ֤ၛࡆ఼b 2aކ൞ࢸקࢌၞ෮აྐ༏܂ႋഅaྐ༏Ⴈᆭࡗಃ০ၬༀܱ༢֥ᇶေٚൔb۴ऌదჿؓའࠇᆀԮൻଽಸ֥҂đކॖၛٳӮ؟ᇕđ൞҂ܵଧᇕܿקਔ֒൙ದ֥ಃ০ၬༀܱ༢aࢌၞྐ༏֥ଽಸaԮൻٓຶaႨണБa൬ٮၛࠣނҰ֩ଽಸbԢਔކᇶေ่ॻ֥ປСྟຓđႵܱ܂ႋഅ֥ሧਘ๙ӈ္߶Ӯູކᇗေ֥ڸࡱbᆃུڸࡱ၂Ϯေ܂ႋഅᄝണ౨ൈೂൌֹྐ༏đᆃུྐ༏္൞ࢌၞ෮ബނണ౨ൈ෮၇ऌ֥ᇶေ໓ࡱbଖུ౦ঃ༯đമᇀࡼ܂ႋഅაྐ༏Ⴈᆭࡗదר֥ކ္ବೆభඍކ֥ٓԐᆭଽđऎุٚൔЇওğč1Ďభඍކؓ܂ႋഅაྐ༏Ⴈᆭࡗ֥сေކ่ॻࣉྛܿקĠč2Ďࠇᆀđᆰࢤࡼ܂ႋഅაྐ༏Ⴈᆭࡗ֥ކቔູభඍކ֥၂۱ڸඋ҆ٳb 3aࡓކ੫ྛ൞Ⴈაܵࢌၞྐ༏֥ᇗေଽಸbູਔЌᅰࢌၞ෮ᄝྐ༏൬ٮٚ૫֥൬ೆaٝᆸࢌၞྐ༏֥যႨđࢌၞ෮߶ᄝކᇏܿקཌྷܱ֥ծീაӱbᇶေ֥ࡓծീ൞ണБაނҰbണБႮྐ༏܂ႋഅሱᇶປӮđ҂ݖࢌၞ෮߶ؓണБ֥ӱaണБ֥ଽಸၛࠣണБ֥௹ཋ֩ቔԛྙൔ֥აൌᇉ֥ေbނҰ 49 ݓຖֹ֥uᆣಊࢌၞمvֻ138่ܿקğoᆣಊࢌၞ෮Ԣٳљרק۲ཛሙᄵຓđႋႿఃြༀܿᄵࠇႏြ༥ᄵᇏđࡼႵܱቐਙ۲ॻ൙ཛབྷ༥רקᆭğllaઙછႵࡎᆣಊᆭກඔਈaࡎ۬aլކӮࢌ౦ྙ֩ࢌၞሧᆭࠧൈࢣbll భཛ۲ॻᆭרקđ҂֤ິّمᆭܿקĠఃႵܱᆣಊഅ০ၭ൙ཛđѩႋ༵ᆘ࿘ᆣಊഅြ܄߶ᆭၩbp 50 uຖᆣಊࢌၞ෮ܢٺႵཋ܄ඳࢌၞሧႨܵϷمvֻ5่b 36
ႻॖٳູሱނҰაຓ҆ނҰbሱނҰ๙ӈႮ܂ႋഅࠇ܂ႋഅ෮ௗ౨֥ᇿҨ߶࠹ഽປӮđނҰ֥ࢲݔοൈБෂࢌၞ෮ࠇᆀෛൈСҰbຓ҆ނҰ൞ނҰ֥ᇶေྙൔđႮࢌၞ෮ࠇᆀࢌၞ෮ກ֥սದaᇿҨ߶࠹ഽൌീbނҰ֥ᇶေଢ֥ᄝႿಒಪണБ֥ଽಸ൞ڎඋൌđၛЌᅰࢌၞ෮֥০ၭ҂൳ݝbൈđނҰ္߶ബҰࢌၞྐ༏֥Ⴈ൞ڎކܿđԮൻഡС֥νಆྟ൞ڎ֤֞Ќᅰ֩֩bсေൈđࢌၞ෮ॖၛ๙ݖކჿק֥ٚൔൌགྷఃؓྐ༏Ⴈ֥ނҰಃb၂֊ނҰؿགྷ໙ีđࢌၞ෮۴ऌކ֥ჿקؓ܂ႋഅčႵൈ္ॖၛؓྐ༏ႨĎቔԛཌྷႋ֥ԩb၂Ϯطđԩ֥ଢ֥ᄝႿҀӊࢌၞ෮ᄝྐ༏൬ೆٚ૫֥ാb൞đೂݔނҰؿགྷᇗնິჿྛູđࢌၞ෮္ॖၛ۴ऌކ֥ჿקࢳԢა܂ႋഅ֥ކb 4a෮Ⴕ֥ࢌၞ෮ᇶᅦሱദؓࢌၞྐ༏ႚႵ෮Ⴕಃbӵಪѩቍᇗᆃᇕᇶᅦສສ൞܂ႋഅิࢌണ౨aࠆሙదרކ֥భิb၂֊܂ႋഅቔԛਔၩනіൕđପࣼၩሢေູՎӵքఔჿمഈ֥ၬༀbᄝૅݓđھཛᇶᅦ္ࠆ֤ਔ২ഈ֥ᆦӻđ൞ᆃᇕᆦӻ൞ࡹ৫ᄝૅݓمჽؓࢌၞ෮ࣜ࠶ࠣمੰྟᇉࣉྛٳ༅֥ࠎԤഈ֥bԢؗᆣಊࢌၞ෮ຓđః۲۱ࢌၞ෮ીႵčࠇᆀીିĎᇶᅦᇷቔಃࠇᆀఃᆩ്ӁಃbႵсေ๙ݖᆩ്Ӂಃ֥ٚൔࣉྛЌđၛࠣೂޅବೆᆩ്ӁಃЌ֥ٓԐᆭଽđॖି൞۲ݓೂݔ༐ຬࣉ၂҄࿙ᆩ്ӁಃЌൈ૫ਢ֥၂۱ีb 5aԢݓຖֹຓđః۲۱ࢌၞ෮ીႵᇅקህᆌؓࢌၞྐ༏֥ܵϷمđ۷ીႵྛᆟمܿࠇᆀمੰ֤ၛ၇ऌbૌಪູđԛགྷᆃᇕҵၳ֥ჰၹᇶေᄝႿمੰ໓߄ၛࠣمੰԮٚ૫֥ҵљbૅݓࡅႫࣲ֥ఔჿ໓߄აఔჿࣚപЌᆣކٚൔؓႿࢌၞྐ༏֥ܵაႨཁ֤ႳಫႵჅb 37
5 ᆣಊࢌၞྐ༏Ӂಃ֥Ќծീ Чࢫ൮༵߭ႋૌᄝֻ၂ࢫᇏؓᆣಊ൧ӆࢌၞྐ༏֥ٳোđؓ҂ᇕো֥ࢌၞྐ༏ଢభ൳֥֞مੰЌቓ၂۱݂ବbᆭުđЧ҆ٳᄝൌֹט֥ࠎԤഈٳ༅ਔݓᆣಊࢌၞྐ༏مੰЌ֥གྷሑބթᄝ֥໙ีb ᄝྐ༏ຩඌۚ؇ؿղ֥ᆣಊ൧ӆđ๙ݖඌ൭؍॥ᇅࢌၞྐ༏֥ԮѬٳđࡆ఼ࢌၞྐ༏֥مੰЌᄀটᄀऎႵགྷൌ֥сေྟđݓႋࡹ৫؟ҪՑ֥ᆣಊࢌၞྐ༏مੰЌุ༢bಖطᄝགྷࢨ؍đᆣಊࢌၞ෮ಯಖॖၛҐ౼၂ུծീটࡆ఼ؓᆣಊྐ༏ҍӁಃ֥ЌđбೂႵֹིᆳྛކđᇗྍౢࢌၞ෮ބ߶ჴ܄ඳᆭࡗ֥مੰܱ༢đڿྐ༏֥ඌЌ൭؍֩b 5ē1 ࢌၞྐ༏ӁಃགྷႵ֥Ќ ۴ऌభ૫֥ٳ༅đԢਔࠧൈྛ౦ྐ༏ᆭຓ֥ః൧ӆࢌၞྐ༏ն؟ॖჱႄགྷྛمੰܿק۳ჍЌbऎุطđႏြ҆ൌൈӮࢌ߭Бaႏြ҆ౢෘඔऌ֩ࢌၞ࠺ྐ༏ႮႿടࠣ܄ඳ֥ࣜႏaҍༀ֩ଽଞđطھোඔऌࠢކ֞၂ఏđିܔّ႘ᆜ۱ᆣಊ൧ӆ֥ሧࣁੀཟၛࠣࢌၞ֥ӻܢٳ҃aֹٳ҃֩౦ঃđᆰࢤ႕ཙ֞ᆣಊ൧ӆ֥ሼ൝ބݓࡅࣁವᇇ֥໗קđܱ༢֞ݓࡅ֥νಆބ০ၭđॖၛჱႄuᆣಊمvࠇuЌ൯ݓࡅૡمv֩ཌྷܱܿקࣉྛЌb ᇀႿሧᆀࢌၞඔऌđඋႿႅোࢌၞྐ༏đ൳֞م๙ᄵ֩൙مੰ֥Ќb ܢࡎᆷඔྐ༏Ⴍః൞Ӯٺܢᆷඔྐ༏ॖၛ൳֞ᇷቔಃم֥ЌbଢభđࠎႿoජщᇅජ෮Ⴕp֥ܴđധਆࡅᆣಊࢌၞ෮ؓఃщᇅ֥ܢࡎᆷඔྐ༏֥ಃ০ࠎЧഈ൳֞ФྸॖႨದ֥ቍᇗb ᄝטᇏđૌؿགྷຓ০Ⴈଽᆣಊࢌၞ෮֥ࢌၞྐ༏č҂၂ק൞ൌൈྐ༏Ďđࡆ۽ᇅቔԛᇏݓᆷඔ֩စളӁđྙӮਔݓଽᆣಊࢌၞ෮ᄝᆷඔ൧ӆਵთଽ఼֥նؓ൭bຓࠏܒ֥ᆃུྛູ൞ڎܒӮؓᆣಊࢌၞ෮ࢌၞྐ༏Ӂಃ֥ݝĤ൮༵ླေࢳथ֥൞đᆃུࠏܒ౼֤ݓଽᆣಊ൧ӆࢌၞྐ༏֥টჷ൞ڎژކཌྷܱ֥ܿקĤೂݔᆃུࠏܒ൞๙ݖކൡ֥ٚൔ౼֤ྐ༏֥đପહޓᇉၐᆃུᆷඔ51֥ކمྟbၹູݓ࠽ഈ๙ྛ֥ൌѩ҂ڎಪᆃဢ֥ቓمbଢభđቋն֥໙ี൞ၛಒקᆣಊࢌၞ෮܄֥҃ࠧൈ൧ӆྛ౦ྐ༏֥مੰඋྟbؓႿॖିჱႄ֥مੰЌծീđૌၘࣜᄝֻ3ࢫᇏࣉྛਔษંđࡹၰࡼఃቔູ၂ᇕྍ֥ҍӁಃ০ࡆၛܿקbᄝᆃᆭభđᆣಊࢌၞ෮ಯಖॖၛ๙ݖࡆ఼ކᆳྛaᇗྍקა߶ჴ܄ඳ֥ܱ༢aၛࠣ۷ປ֥ඌ൭؍টЌᅰ൧ӆྐ༏֥ႵԮѬb 51 1986୍đྍࡆݓ࠽ࣁವࢌၞ෮ԛਔರࣜ225ܢᆷ௹ࠊࢌၞđषԷਔၛљݓܢࡎᆷඔູ௹ࠊࢌၞѓ֥֥༵২b1990୍đᆤࡆۢഅࢌၞ෮္ԛਔರࣜᆷඔ௹ࠊbোර֥২ሰߎႵ҂ഒğᆤࡆۢഅࢌၞ෮Ⴟ1992୍ԛᇝܢࡎᆷඔ(Eurotop)௹ࠊބႇݓࣁವൈБ100(FTĒSE100)ᆷඔ௹ࠊĠ1997୍1ᄅ9ರđᆤࡆۢഅࢌၞ෮ބྍࡆݓ࠽ࣁವࢌၞ෮ൈԛਔ֡·౪ථຖܢᆷ௹ࠊބଉ۴·ථฌ০ຖܢᆷ௹ࠊĠྍࡆݓ࠽ࣁವࢌၞ෮ᄝ1998୍10ᄅބ11ᄅཌྷषഡݓࠣઔট༆ܢᆷ௹ࠊࢌၞĠ1998୍5ᄅ26ರđཐۖ௹ࠊࢌၞ෮ᆞൔԛຖᆷඔ௹ࠊა௹ಃbuၿྛሧࣁೆ൧բളܢᆷ௹ࠊഈ൧vđሧਘটჷğᇏݓ௹ࠊຩđ 38
5ē2 ࡆ఼ࢌၞྐ༏ࣜႏྸॖކ֥ᆳྛ ᄝ֒భ֥ൌᇏđቔູഈݚᆣಊࢌၞ෮ࡅ൱ಃࣜႏᆣಊྐ༏֥ഈᆣ෮ྐ༏ຩႵཋ܄ඳ၂Ϯᆣಊྐ༏ڛༀഅదרuᆣಊྐ༏ࣜႏྸॖކvđჿקචٚᄝᆣಊࢌၞྐ༏ࣜႏြༀ֥ᇏ֥ಃ০ၬༀbކଽಸᇶေЇওᆣಊྐ༏֥ࢤ൬aႨaԮѬaٮႨބᆩ്Ӂಃ֥Ќb ऎุطđྐ༏ڛༀഅ֥ၬༀЇওđοᅶࡊٚčࢌၞ෮Ďಒಪ֥ࢤ൬ٚൔটࢤ൳ࢌၞྐ༏ĠЌᆣ҂ࡼಆ҆ࠇ҆ٳᆣಊྐ༏ԮѬ֞ྸॖᆷקၛຓ֥ޅֆ໊ބ۱ದࠣႨႿྸॖᆷקၛຓ֥ޅֹٚބႨĠປᆜaሙಒaࠣൈֹԮѬᆣಊྐ༏đؿള၌aҵհa༂ൈࠣൈҐ౼ҀࣷծീĠӵಪᆣಊྐ༏֥ᆩ്Ӂಃ݂ഈᆣ෮đ҂֤ؓᆣಊྐ༏ࣉྛႥࣲྟԥթࠇႨčЇও҂ཋႿگᇅaԮൻaщࠠaሇಞaྸॖದႨބषؿစളӁĎĠླྀᇹބކഈᆣ෮ྐ༏ຩႵཋ܄ඳטҰބԩಃྛູbྸॖކߎჿקކ֥੫ჿٚൔބᆚၰࢳथϷمbՖކ֥ଽಸॖၛुԛđഈݚᆣಊࢌၞ෮ؓႿ֥࠭ٚ০ၭॉ੮ᇛ֞đ൙༵ਔҐ౼ཌྷؓປ֥ٝٓծീbၹՎđିڎႵིЌᆣಊྐ༏֥ܱࣼᄝႿuࣜႏྸॖކv֥ᆳྛb ࣐ܵႮႿᆣಊࢌၞྐ༏֥Ӂಃ݂උଆđଢభ္ಌكཌྷܱ֥σ২ᆦӻđކ֥ჿקߎ൞߶֤֞مੰ֥ᆦӻbuᇏದ܋ބݓم๙ᄵvֻ4่ܿקđo൙ࠃႋ֒࿖ሱ჻a܄a֩ࡎႵӊaӴൌྐႨ֥ჰᄵbpෙಖھ่൞م֥ࠎЧჰᄵđؓఃିڎФᆰࢤႄႨটҊσࡱᆃᇕႵ҂ࢳđൌᇏ҂كႵൌ২b52 ᆣಊࢌၞ෮აྐ༏ࣜႏഅa߶ჴ܄ඳܱ֩Ⴟࢌၞྐ༏Ӂಃ࣯ٴ֥σࡱෙಖఘࣂഉໃුᇭمჽđᄝၛު֥ൌᇏđඳمࣥࢳथ࣯ٴࡼႵॖିԛགྷb ॉҳمჽؓႿোරσࡱ֥؇đႵᇹႿૌҩمჽᄝࢌၞྐ༏࣯ٴσࡱᇏॖିҐ౼֥৫ӆbuቋۚದمჽ܄Бvᄻؿ҃ਔoܼ༆ܼѬ൪Бഠුܼ༆િ53ঀ۽ದБഠ൪ࢫଢყۡіႨಃ࣯ٴσpđھσᄝ෮ᆚၰಃၭ֥ྟᇉၛࠣمੰЌഈაᆣಊࢌၞྐ༏ཌྷোරđࠞऎҕॉၩၬb مੰؓႿo൪ࢫଢყۡіp൞ڎ൳مੰЌѩૼ໓ܿקđمੰ࠻ૼ໓ܿק൪ࢫଢყۡіႋ൳Ќđ္ૼ໓ܿק൪ࢫଢყۡі҂൳Ќbࢳथఃಃ০උྟބمੰЌᆺିࢹᇹႿمࢳ࿐֥ٚمb০ၭޙਈᄝٚمંഈ֥ิԛđ൞ؓԮᆭۀم࿐֥නॉٚم෮ࣉྛ֥đಪູႋ֒۷ሱႮa۷ྟֹॉ੮ൌ࠽֥০ၭࣉྛࢳđࠧࣉྛൌᇉ֥؎bݓෙಖ҂൞২مݓࡅđቋۚದمჽ܄Бؿ֥҃σ২ؓႿಆݓمჽ༢ബσࡱಯऎႵࢠᇗေ֥ᆷ֝ၩၬbၹՎđھσ২෮ุགྷԛ֥০ၭޙਈ֥مੰࢳٚمؓႿཌྷර֥σࡱႵࠞն֥ҕॉၩၬbა൪ࢫଢყۡіཌྷোරđؓႿࢌၞྐ༏֥Ӂಃ݂උބمੰЌགྷྛمੰุ༢ѩૼ໓ܿקb࣯֒ٴؿളൈđمჽႋ֒০Ⴈo০ၭޙਈpمੰࢳٚمđሸކॉਈࢌၞ෮ა߶ჴ܄ඳaྐ༏ࣜႏഅaሧᆀ֥০ၭၛࠣഠ߶০ၭđቔԛ܄֥Ҋbၛ༯൫ؓᆣಊࢌၞྐ༏෮ട֒൙ದၛࠣ֒൙ದބഠ߶ᆭࡗ֥০ၭቓԛޙਈb 52 ਃ߰ྒğu൪ࢫଢყۡі֥مੰЌა০ၭޙਈvđᄛuഅمંvֻ3जđمੰԛϱഠ1995୍đֻ346်b 53 oܼ༆ܼѬ൪Бഠුܼ༆િঀ۽ದБഠ൪ࢫଢყۡіႨಃ࣯ٴσpđuቋۚದمჽ܄Бv1994୍11ᄅb 39
۴ऌuቋۚದمჽ܄Бv़ᄛ֥oܼ༆ܼѬ൪Бഠුܼ༆િঀ۽ದБഠ൪ࢫଢყۡіႨಃ࣯ٴσpđຶಡሢᆣಊࢌၞྐ༏ᅚष֥০ၭޙਈॖቔೂ༯ٳ༅ğ 1aᆣಊࢌၞ෮ა߶ჴ܄ඳaྐ༏ࣜႏഅaሧᆀ෮ᇶᅦ০ၭ֥ޙਈ č1Ď෮ᆚᆳ֥০ၭğࢌၞ෮ࢌၞྐ༏෮Їݣ০ၭᆭ݂උb č2Ď০ၭ֥Ӂള ࢌၞྐ༏҂൞Ӂളሱ߶ჴ܄ඳaྐ༏ࣜႏഅ֥সđෙಖაሧᆀ֥ሧྛູႵ၂ק֥৳༢đֆ൞ሧᆀ֥ሧྛູѩ҂߶ളӮࢌၞྐ༏đࢌၞྐ༏ჷႿᆣಊࢌၞ෮ᄝ൬ࠢaщஆࢌၞྐ༏֥ڱԛb č3Ďᄝ֒൙ದࡗ҂০ၭ݂උ֥႕ཙ ؓႿ۲ٚ֒൙ದ֥ᇶᅦđمჽႵඔᇕॖି֥مੰࢳđᆃུࢳ߶ؓ۲ٚ֒൙ದ֥০ၭӁള҂֥႕ཙb২ೂđࡌೂمჽᆦӻࢌၞ෮߶ჴ܄ඳႵಃ০ӊࠆ౼ѩᄝఃႏြӆ෮ၛຓႨބԮѬࢌၞྐ༏đᆃࣼЉؠਔࢌၞ෮๙ݖ൬ࠢaщஆࢌၞྐ༏֥স෮Էᄯ֥ᆞ֒০ၭbؓႿྐ༏ࣜႏഅໃࣜྸॖࠆ֤ࢌၞྐ༏đၧb෮҂֥൞ሧᆀؓࢌၞྐ༏ಃၭ֥ᇶᅦbݸၐ໙đሧᆀႵಃࠆ֤ࢌၞ෮ิ܂֥ࢌၞྐ༏đᆃᇕࠆ౼ބႨႋቍᇗࢌၞ෮ᄝ൬ࠢaщஆࢌၞྐ༏ݖӱᇏ෮ڱԛ֥সđѩ҂֤যႨఃಃ০đ২ೂၛႏ০ູଢ֥ؓࢌၞྐ༏ቔഅြྟႨb ّᆭđمჽᆦӻࢌၞ෮ؓࢌၞྐ༏֥ಃၭᇶᅦđࡼఃࠆ֤Վ০ၭđՎ০ၭູఃস෮ԷᄯđၹՎඋႿᆞ֒০ၭĠෙಖၹՎЉؠਔ߶ჴ܄ඳᄝࢌၞӆ෮ຓӊႨ֥ಃ০đಏѩ҂ܒӮؓ߶ჴ܄ඳᆞ֒০ၭ֥ݝbؓႿྐ༏ࣜႏഅটඪđՎᇕࢳѩ҂߶ջটః࠻Ⴕ০ၭ֥ݝđঃࢌၞྐ༏Чটࣼ҂൞ఃস෮Էᄯ֥bሧᆀࠆ౼ބႨࢌၞྐ༏֥ಃ০ෙಖ൳֞၂ק֥ཋᇅđᆃᇕཋᇅಯቀၛЌᆣఃၛሧູଢ֥ࠆ౼ބႨࢌၞ෮ิ܂֥ࢌၞྐ༏b 2aؓ֒൙ದ০ၭაഠ߶০ၭቔ০ၭޙਈ č1ĎЌࢌၞ෮ࢌၞྐ༏൞ڎЌਔ؎Ĥ ؎൞ᆷఒြ০Ⴈሱ֥࠭Ⴊ൝ֹ໊ၛஆԇࣩᆚᆀđཋᇅࣩᆚᆀളӁᇕӁࠇิ܂ᇕڛༀbᄝࢌၞྐ༏ಃၭ࣯ٴᇏđ҂൞ᆚၰ۲ٚളӁࢌၞྐ༏ࠇิ܂ࢌၞྐ༏ڛༀđط൞၂ٚčࢌၞ෮Ď҂ᄍྸٚčࢌၞ෮߶ჴ܄ඳaྐ༏ࣜႏഅaሧᆀĎӊႨሱ֥࠭সӮݔbၹՎđࢹਃ߰ྒ༵ളؓ൪ࢫଢყۡіσࡱ֥ٳ༅đࢌၞྐ༏ಃၭ࣯ٴ֥ൌᇉ҂൞؎აّ؎໙ีđط൞҂ࣜದၩđሱӊ౼֤ದ֥ӁѩႨটھӁ֥ളӁᆀЧದࣉྛ෮໌ࣩᆚ֥໙ีb ᇉၐᆣಊࢌၞ෮ؓࢌၞྐ༏ಃၭ֥၂۱ᇗေܴׄ൞đࢌၞ෮ႵॖିযႨః؎ֹ໊ཟྐ༏ླᆀ൬౼ۚυ֥ྐ༏ٮႨbಖطđࢌၞ෮֥؎္ֹ໊҂ିܔӮູࢌၞ෮ႋ֒ᄝ෮Ⴕ౦ঃ༯ཟ෮Ⴕ֥ྐ༏ླᆀč߶ჴ܄ඳaྐ༏ࣜႏഅaሧᆀĎ૧ٮิ܂ࢌၞྐ༏֥ᆞ֒Ⴎbڎᄵđാಀਔࠗৣđࢌၞ෮ࡼ҂ᄜႵ৯ಀڿᄯࢌၞ༢aؿࢌၞྐ༏Ӂđݸၐ໙đᆃ҂০Ⴟᆣಊ൧ӆ֥ࡲूؿᅚđ္൞ࡓܵᆀބ൧ӆҕა۲ٚ҂჻ु֥֞ࢲݔbေࢳथࢌၞ෮؎ֹ໊ॖିջট֥ۚح൬ٮ໙ีđध҂ି۞၂్֗đေࢌၞ෮ᄝޅ౦ঃ༯ཟޅླᆀ૧ٮิ܂ࢌၞྐ༏đطႋٳљ౦ঃؓրđൈđ๙ݖ۲ࡓܵࠏܱ֥൙༵ࠇ൙ު֥ബҰၛࠣཌྷܱ০ၭ۲֥ٚҕაđট܄ֹᇅקࢌၞྐ༏֥൬ٮѓሙb č2ĎЌࢌၞ෮ࢌၞྐ༏Ⴕ০Ⴟᆣಊ൧ӆ֥ؿᅚ భ໓ၘඍđᆣಊࢌၞྐ༏൞ᆣಊ൧ӆթᄝބؿᅚ֥ࠎԤđࢌၞ෮൞၂োࢫസ 40
ࢌၞӮЧ֥ᇅ؇νஆđാಀਔؓࢌၞྐ༏֥॥ᇅđࢌၞ෮ऎႵ֥ࡨഒࢌၞӮЧ֥ۿିđೂؿགྷࡎ۬aᄹࡆੀྟaᆳྛᆣಊઙછކ֩ࡼෛᆭ߄bၹՎđೂݔࢌၞ෮ؓࢌၞݖӱᇏ෮Ӂള֥ࢌၞྐ༏҂ႚႵଖᇕӱ؇֥ஆྟಃ০đପહࢌၞ෮ࡼ҂گթᄝbႮႿࢌၞྐ༏֥щᇅ෮ุགྷ֥ದ۽ᇆ߰đࢌၞ෮ؿ҃ջႵܴႄ֝ྟᇉ֥ࢌၞྐ༏Ӂđྐ༏ࣜႏഅॖၹႋᆃུۀषؿԛྸ؟စള֥ࢌၞྐ༏Ӂđࡼູሧᆀิ܂۷؟֥॓࿐֥ሧҕॉሧਘđ္ູࢌၞ෮߶ჴ܄ඳބྐ༏ࣜႏഅջটॖܴ֥൬ೆđᆜ۱ᆣಊ൧ӆَ֥ބ໗קؿᅚbଢభđᆞ൞ႮႿمੰؓࢌၞྐ༏֥ಃၭ݂උܿק҂ૼಒđࢌၞ෮҂ۍࠇᆀ҂჻Ϝၘࣜࠇᆀିܔषؿ֥ྸ؟ࢌၞྐ༏Ӂ٢൧ӆđൌ࠽ഈ൞ቅᇌਔᆣಊ൧ӆཟ۷ۚࢨ؍ؿᅚb ࠎႿഈඍ০ၭޙਈđѩॉ੮֞oԷᄯ০ၭᆀཚ൳ھ০ၭpᆃ၂مࠎЧࣚപࠣགྷսمᇅᆭࠎЧࣚപđࠧթᄝඔᇕمੰࢳॖିđمჽ္ႋ֒๙ݖൡ֥֒مੰࢳקࢌၞྐ༏උႿࢌၞ෮෮Ⴕb 5ē3 ᇗྍק߶ჴაᆣಊࢌၞ෮ᆭࡗ֥ܱ༢ ۴ऌൌֹטđଽྸ؟ࢌၞྐ༏ಃ֥ჷটሱᆣಊࢌၞ෮߶ჴ܄ඳ֥ྛູbෙಖଢభಃགྷའ௴ђđᆣಊࢌၞ෮ѩીႵൌീݖԩ൭؍đೂؓႵಃྛູ֥ᆣಊ܄ඳѩໃ్؎ྛ౦ྐ༏֥܂ႋaؓྐ༏ࣜႏഅ֥ಃ္ໃิԛݖුහbԢਔႵభ૫ิ֥֞གྷྛمੰؓᆣಊࢌၞྐ༏Ӂಃ֥مੰྟᇉބ݂උܿק҂ૼ֥໙ีຓđჰၹᇶေᄝႿđᆣಊࢌၞ෮ა߶ჴ܄ඳ֥ܱ༢ྟᇉ҂ૼಒđหљ൞ᆣಊࢌၞ෮ཟ߶ჴ܄ඳิ܂ࢌၞྐ༏൞၂ᇕၬༀߎ൞၂ᇕڛༀࢸཋ҂ૼb ႮႿิ܂ࢌၞྐ༏ྛູ֥ྟᇉ҂ૼ༉đཌྷႋ֥مੰჿඏمؿߨི৯bགྷൌᇏđ֒ᆣಊࢌၞ෮ᄝؿགྷಃྛູൈđཟಃྛູದؿԛࣞۡݦđ๙ᆩఃڿᆞđ၂ק௹ཋໃڿᆞᄵᄜؿੰഽݦbؓႿݓຓ֥ྐ༏ࣜႏഅđႮႿႵކ֥ჿඏđႵࢠູؿղ֥ఔჿ໓߄đభਆ҄ࣼၘࣜॖၛࢳथ90Ċၛഈ֥࣯ٴđղ֞Ќࢌၞྐ༏Ӂಃ֥ଢ֥bطଽޓ؟ྐ༏ิ܂അ֥ྐ༏౻֡টሱႿ߶ჴ܄ඳđႮႿ߶ჴ܄ඳაࢌၞ෮ᆭࡗીႵదרྐ༏ྸॖކđѩၬༀაڛༀ֥ࢸཋ҂ౢԣđ෮ၛࢌၞ෮ޓေ߶ჴ܄ඳӵք൙ணӊᄳb ࣐ܵᄝࢌၞ෮֥Ⴕܱ߶ჴܿᄵᇏđؓႿ߶ჴႨࢌၞྐ༏Ⴕ෮ཋᇅđ২ೂđഈࢌ෮ᄝuܱႿࡆ఼߶ჴ֥ܵܿקvֻ4่ܿקğoՖ൙սြༀ֥߶ჴႋࡼЧ෮ؿ֥҃ࠧൈྛ౦ބ܄ۡྐ༏֩൧ӆྐ༏ࠣൈᄝႏြӆ෮܄҃bໃࣜЧ෮ሙđ߶ჴ҂֤ࡼഈඍྐ༏ิ܂۳ࠏܒބ۱ದՖ൙ࣜႏࠃđ҂֤ᄝ٤ႏြӆ෮ࡼഈඍྐ༏ิ܂۳ఃग़ၛຓ֥ఃࠏܒބ۱ದbpᄝu߶ჴြༀܿᄵᆷႄvč2003୍2ᄅĎᇏ္Ⴕোර֥ܿקđѩૼಒေğo൯Ч෮ေđνልaႨࢌၞ༢a๙ྐ༢ህႨഡСđ҂ሱࢤೆఃຩބഡСpčֻ28่Ďb൞ᄝᆃུܿקđࣇࣇૼಒਔ߶ჴ֥БۡၬༀđطીႵܿקࢌၞ෮ؓ߶ჴགྷӆނҰ֥ಃ০Ġ္ીႵܿקؓႿ߶ჴິّྐ༏Ⴈေ֥ԩϷمb ؓՎđૌࡹၰॖၛҐ౼ਆᇕ൭؍ğ၂൞ᆣಊࢌၞ෮ॉ੮ྩڿ߶ჴܿᄵđ๙ݖࢌၞܿᄵa߶ჴܵܿᄵؓ߶ჴႨࢌၞྐ༏ࣉྛܵđૼಒ߶ჴ֥Ⴈܿᄵބࢌၞ෮֥Ұၛࠣؓິܿྛູ֥ԩಃཋĠؽ൞ა߶ჴࣼࢌၞྐ༏֥ࠆ౼ބႨ๙ݖదרކ֥ٚൔಒࢌၞ෮ؓ߶ჴ੫ྛၬༀބิ܂ڛༀ֥ࢸཋđၛьҐႨ൙ކ֥ٚൔჿඏ۲ٚb 41
5ē4 ఃॖྛ֥୭৯ ࣐ܵᄝၹหຩඌ௴֥ࠣࣂ฿đ๙ݖඌ॥ᇅྐ༏֥ԮѬၘэ֤ٳđ൞๙ݖྍඌ֥षؿಯಖॖၛࡆ఼ؓࢌၞྐ༏ҍӁಃ֥Ќđೂᄝྐ༏֥ԮѬݖӱᇏҐႨ֥۬ࡆૡЌծീ֩b طđૌಪູđᆣಊࢌၞ෮ႋھ࿃ཌྷܱ֥৫مࣉӱbೂభ෮ඍđಒ৫၂สປᆜمੰمุܿ༢ٳႵсေbᆣಊࢌၞ෮ؓ࿐ࢸ࣮֥ᆦӻ္Ⴕсေđॖၛิۚದૌؓᆣಊࢌၞྐ༏ӁಃᄎቔބمੰЌ֥܋്b 42
6 ࢲં Чज़ีБۡؓᆣಊࢌၞ෮ࢌၞྐ༏ӁಃᄎቔބمੰЌծീࣉྛਔಆ૫֥ॉҳđѩᆌؓၛ༯ࠫ۱໙ีࣉྛਔധೆ֥ษંğ ᆣಊࢌၞྐ༏აᆣಊࢌၞ෮֥ܱ༢đၛࠣࢌၞྐ༏֥҂Ӂಃ݂උؓᆣಊ൧ӆ۲ٚࠣᆣಊ൧ӆᄎቔ֥႕ཙĠ ೂޅކᇂᆣಊ൧ӆ۲ٚؓࢌၞྐ༏֥ಃ০აၬༀđᆣಊࢌၞྐ༏֤֞Ⴕི০ႨĠ ᆣಊࢌၞྐ༏֥مੰྟᇉđၛࠣགྷྛمੰمܿิ܂֥ЌĠ ೂޅࡆ఼ބປݓᆣಊࢌၞྐ༏֥Ќծീb Б္ۡؓཌྷܱݓࡅބֹ֥ࢌၞྐ༏ᇅ؇֥ࣜဒބൌࣉྛਔሹࢲb ๙ݖഈඍ࣮đЧБۡॖၛ֤ԛ༯૫ࠫׄࢲંğ 1aଢభݓ֥ᆣಊࢌၞྐ༏ᇅ؇ބمੰุ༢҂ܔປđᇶေіགྷູᆣಊࢌၞ෮ؓࢌၞྐ༏֥ҍӁಃ০ᇶᅦીႵ֤֞مੰބཌྷܱࡓܵ҆ᆰࢤ֥ಒಪބᆦӻđٕᆣಊࢌၞ෮ᆣಊࢌၞྐ༏ಃၭ֥ྛູཌྷ֒௴ђbᆃؓᆣಊ൧ӆބᆣಊࢌၞ෮֥ؿᅚӁളਔڵ૫႕ཙb 2aՖࣜ࠶࿐ބቆᆮં֥࢘؇ٳ༅đᆣಊࢌၞྐ༏֥ҍӁಃؓᆣಊࢌၞ෮֥թᄝބؿᅚ҂ॖࠇಌđՖ৫مഈࠇ๙ݖඳمൌૼಒᆣಊࢌၞ෮ؓࢌၞྐ༏֥ҍӁಃ൞၂ᇕᆞಒ֥࿊ᄴđॖၛ՜ࣉࢌၞྐ༏֥Ⴕི০Ⴈb 3aᄝૼಒӵಪᆣಊࢌၞ෮ؓࢌၞྐ༏ཚႵҍӁಃ֥ൈđсྶॉ੮ᆣಊࢌၞྐ༏֥Ⴕི܂۳đٝᆸᆣಊࢌၞ෮যႨఃҍӁಃطݝሧᆀ֩ࠆ౼ࢌၞྐ༏֥ಃ০ބࠏ߶bࡹၰ๙ݖمੰܿٓࠇ൧ӆࡓܵ҆ؓࢌၞྐ༏ૼಒҍӁಃ֥ൈڸࡆཌྷႋ֥ၬༀb 4aݓགྷྛ֥مੰุ༢iiбೂuᇷቔಃمvauّ҂ᆞࣩ֒ᆚمv֩iiູࢌၞྐ༏ҍӁಃิ܂֥Ќཁಖ҂ቀđᆣಊࢌၞ෮ၛჱႄགྷႵ֥مੰটյࠌಃྛູbૌࡹၰđቋႵི֥ٚൔ൞ࡼᆣಊࢌၞྐ༏ቔູ၂ᇕྍ֥ҍӁಃ০iiඔऌ९টЌđ൞ᆃླေྍ֥مੰࠇྛᆟمܿটಒಪb 5aՖݓ࠽ࣜဒটुđն؟ؿղݓࡅބֹીႵऎุ֥مੰ่໓ಒಪᆣಊࢌၞྐ༏֥مੰඋྟđᆣಊࢌၞ෮ᇶေ๙ݖაྐ༏ڛༀഅదרࣜႏྸॖކটЌᆣಊࢌၞྐ༏֥ҍӁಃ০b൞ႮႿކᆳྛߌ֥ҵၳđݓ࠽ഈ֥Ӯۿࣜဒᄝݓଽѩ҂၂קିဢ౼֤Ӯۿb 6aᄝݓଽđ֒భЌᆣಊࢌၞྐ༏֥ีᇶေᄝႿđᆣಊࢌၞ෮ః߶ჴ܄ඳᆭࡗؓႿᆣಊࢌၞྐ༏֥ิ܂ބႨಌكႵི֥ܿקބჿඏb߶ჴܿᄵᇏ֥ܿקಌكᆳྛ৯đ߶ჴބࢌၞ෮္ીႵదרྐ༏Ⴈކbമᇀᆣಊࢌၞ෮ཟᆣಊ܄ඳิ܂ࢌၞྐ༏൞၂ᇕၬༀߎ൞၂ᇕڛༀഉ҂ૼಒbؓՎđૌࡹၰđᆣಊࢌၞ෮ႋ֒ॉ੮ᄝྩڿࢌၞ෮߶ჴܿᄵൈૼಒ߶ჴ܄ඳႨࢌၞྐ༏֥ܿᄵބ 43
ؓິܿྛູ֥ԩđࠇᆀა߶ჴ܄ඳࣼᆣಊྐ༏֥Ⴈదרކbࠧьࢌၞ෮Ⴕၬༀཟ߶ჴ܄ඳิ܂ࢌၞྐ༏đ߶ჴ܄ඳ္ႋ֒ᄝކ֥ཋ؇টႨࢌၞྐ༏b 7a࣐ܵႮႿᆣಊࢌၞྐ༏֥مੰඋྟ҂ૼ༉đ൞๙ݖٳ༅࠻Ⴕ֥ཌྷරσ২đႵႮಪູđඳمࠏܱࡼౠཟႿᆦӻᆣಊࢌၞ෮ؓࢌၞྐ༏ᇶᅦ֥ҍӁಃ০bၹՎđᆣಊࢌၞ෮ႋ֒࿃ປႨކ֥൭؍ܵބࣜႏᆣಊࢌၞྐ༏đѩॖᄝఞ֥֒ൈख़๙ݖඳمݖӱট఼ᇅᆳྛྐ༏ࣜႏྸॖކb 44
