ꆡ뗚54뻭ꆡ뗚5웚ꆡꆡꆡꆡꆡꆡ커몺듳톧톧놨(짧믡뿆톧냦)ꆡꆡVol154,No15ꆡꆡꆡ2001쓪9퓂ꆡꆡꆡꆡꆡꆡꆡꆡWuhanUniversityJournal(SocialSciences)ꆡꆡ,526ꆫ532ꆡꇱ맺볊램싛뷰죚튵컱ퟛ뫏뮯쿂뗄폐킧볠맜α샮죊헦,샨쯄웦(커몺듳톧맺볊램퇐뺿쯹,뫾놱커몺430072)[ퟷ헟볲뷩]샮죊헦(19552),얮,뫾놱쯉ퟌ죋,커몺듳톧맺볊램퇐뺿쯹뷌쫚,램톧늩쪿,늩쪿짺떼쪦,훷튪듓쫂맺볊뷰죚램톧퇐뺿;샨쯄웦(19722),쓐,뫾놱쿌쓾죋,커몺듳톧맺볊램퇐뺿쯹늩쪿짺,훷튪듓쫂맺볊뷰죚램톧퇐뺿ꆣ[햪ꆡ튪]볠맜ꆢ뒴탂ꆢ퓙볠맜쫇뷰죚볠맜램훐볠맜폫뒴탂뗄뇧횤맦싉ꆣ퓚뷰죚튵컱ퟛ뫏뮯쿂,헫뛔볈듦볠맜쯹쏦쇙뗄램싉쳴햽,펦뷸탐폐킧볠맜,듓맺쓚램폫맺볊램뗄뷇뛈뛔듋쓚죝뷸탐샭탔뗄램싉짨볆,좷솢릦쓜탍볠맜폅쿈ꆢ쓚뿘폅쿈뮯폫램훆뮯뗈램싉훆뛈ꆣ[맘볼듊]볠맜쳥훆;쓚뿘훆뛈;뛔닟;맺볊뫏ퟷ[훐춼럖샠뫅]DF96ꆡ[컄쿗뇪쪶싫]Aꆡ[컄헂뇠뫅\]100822999(2001)0520526207ꆡꆡퟛ맛좫쟲,퓚샻틦뗄쟽쪹폫쫐뎡벷톹쿂,탭뛠맺볒뚼믹놾짏닉좡쇋컱쪵뗄첬뛈,돶쿖쇋뷰죚튵컱ퟛ뫏뮯뢴맩뗄첬쫆,죧1986쓪펢맺ꆶ뷰죚럾컱램ꆷ뗄돶첨ꆢ1989쓪얷릲쳥ꆶ뗚뛾틸탐횸쇮ꆷ벰웤뢽슼ꆰ틸탐튵컱쿮쒿뇭ꆱ뗄춨맽ꆢ1992쓪죕놾ꆶ뷰죚룄룯램낸ꆷ뗄춨맽벰1999쓪쏀맺ꆶ뷰죚럾컱쿖듺뮯램낸ꆷ뗄떮짺뗈ꆣ뺡맜룷맺뗄램싉뻙듫쫊펦쇋쫐뎡맦싉뗄뇭쏦튪쟳,좻뛸룹뻝ꆰ볠맜ꇺ뒴탂ꇺ퓙볠맜ꆱ뗄뇧횤맦싉,룹뻝춬퇹뗄튵컱ꆢ춬퇹뗄럧쿕ꆢ춬퇹뗄맦퓲뗄뷰죚볠맜풭샭,퓚헢룶맦싉뗄쯸솴훐,돶쿖쇋튻룶뛏쇑뗄뮷뷚,쓇뻍쫇볈듦뗄뷰죚볠맜?듽뒴탂ꆣ쒿잰뗄쟩뿶쫇,볈듦뗄뷰죚볠맜퓚헾닟짏ꆢ퓚쪵볹짏듳뛠뚼엇뮲믲춣훍폚뻉뷰죚쳥훆쿂뗄튻쳗ퟶ램,헢컞틉ퟌ짺쇋탂뗄뷰죚럧쿕ꆣ쪵볊짏,쿖듦뗄뷰죚뒴탂틑뛔뒫춳뗄뷰죚볠맜쳡돶쇋퇏뻾뗄쳴햽ꆣ틲듋,뇊헟죏캪,헫뛔뷰죚튵컱ퟛ뫏뮯쯹닺짺뗄돥믷,폐뇘튪틽뷸폐킧볠맜뗄룅쓮ꆣ폐킧볠맜뻍웤뺫짱뛸퇔,펦뫍냍죻뛻쳥쾵뗄폐킧볠맜놣돖튻훂;뻍웤쓚죝뛸퇔,웤늢늻업돢뒫춳뗄볠맜뻙듫,죔냼삨쫂잰ꆢ쫂훐ꆢ쫂뫳뗄볠맜,떫쫇탂뗄뷰죚볠맜룼펦뻟짮뛈탔ꆢ쪵볹탔폫헫뛔탔,펦헫뛔뷰죚ퟛ뫏뮯뗄쳘탔폫쓚퓚늻ퟣꆣ본폚듋,뇊헟죏캪,ퟛ뫏뮯쿂뗄폐킧볠맜펦쓒삨틔쿂벸룶랽쏦ꆣ튻ꆢ릦쓜탍볠맜뗄좷솢릦쓜탍볠맜쫇뫍믺릹탍볠맜쿠뛔솢뗄ꆣ쯹캽릦쓜탍볠맜쫇횸퓚튻룶춳튻뗄볠맜믺릹쓚,평튵럖릤뗄맜샭볒뫍쿠펦뗄맜샭돌탲뛔ퟛ뫏뮯쿂뷰죚믺릹뗄늻춬튵컱쪵탐볠맜ꆣ뻍헢솽훖볠맜쒣쪽뇈뷏뛸퇔,웤룷폐샻뇗,믺릹탍볠맜뗄폅뗣쫇튵탔잿ꆢ맜샭돌탲짨볆뫏샭ꆢ볠맜쫖뛎뻟폐헫뛔탔ꆣ웤늻ퟣ쫇뿉쓜돶쿖ꆰ볠맜헦뿕ꆱꆣ릦쓜탍볠맜뗄폅뗣퓚폚킭뗷탔뗄쳡룟,늻틗돶쿖ꆰ볠맜헦뿕ꆱꆣ웤늻ퟣ횮뒦쫇킭뗷첫뛠ꆢα쫕룥죕웚:2000211210
ꆡ뗚5웚ꆡꆡꆡꆡꆡꆡꆡ샮죊헦뗈:싛뷰죚튵컱ퟛ뫏뮯쿂뗄폐킧볠맜ꆤ527ꆤ돌탲뢴퓓ꆢ킧싊뷏뗍ꆣ쓇쎴,퓚헢솽훖볠맜쒣쪽뚼듦퓚폅쇓뗄쟩뿶쿂,솢램헟폖룃ퟷ돶뫎훖뻶뛏쓘?뇊헟틔캪,퓚뷰죚튵컱ퟛ뫏뮯뗄탂탎쫆쿂,컞틉펦좷솢릦쓜탍볠맜뗄쳥훆,틲캪뷰죚뒴탂쫇쫐뎡뮯뗄뷡맻,쓇쎴,컰펹훃틉,릦쓜탍볠맜틠뇘탫쫇쫐뎡뮯폫램싉뮯뗄펦폐튪쟳ꆣ헢튲쫇볠맜뇧횤맦싉뗄쳥쿖ꆣ퓚듋틔펢맺캪샽,80쓪듺펢맺뎹뗗듲웆쇋뷰죚튵횮볤뗄럖릤뛸쪵쿖ퟛ뫏뮯,떫쎻폐뛔풭폐뗄볠맜뷡릹ퟶ돶쿠펦뗄뇤룼ꆣ90쓪듺,펢맺뷰죚캣믺늻뛏,쿈쫇평폚펢냷믣싊쫜훘듳듲믷,틔훂ퟮ뫳늻뗃늻췋돶얷릲쳥믣싊믺훆,뷓ퟅ쫇틸탐캣믺늻뛏,맺볊짌튵탅듻틸탐(BCCI)떹뇕쫂볾ꆢ냍쇖틸탐쫂볾,헢횤쏷펢맺뷰죚볠맜쳥훆듦퓚ퟅ훘듳슩뚴ꆣ틲듋,뷰죚볠맜뷡릹뗄퇘룯틑돉뇘좻,헢훷튪뇭쿖퓚펢룱삼틸탐램싉뗘캻뗄뇤뮯짏ꆣ1997쓪5퓂,펢맺닆헾늿탻늼,펢룱삼틸탐뒫춳뗄틸탐볠맜횰쓜붫틆떽훘ퟩ뫳뗄ꆰ횤좯뫍춶캯풱믡ꆱ(SIB),웤틔뫳뗄횰퓰붫벯훐퓚쪵쪩믵뇒헾닟폫놣횤뷰죚뮷뺳뗄컈뚨랽쏦\[1\](뗚117튳)ꆣ탂뗄SIB평틔쿂죽룶뛀솢뗄ퟔ싉ퟩ횯뫏늢뛸돉:횤좯뫍웚믵볠맜뻖ꆢ쮽죋춶볠맜뻖ꆢ춶맜샭볠맜ퟩ횯,쯼쪵쪩뛔틸탐튵ꆢ횤좯릫쮾폫믹뷰맜샭믺릹뗄춳튻볠맜,늢훆뚨펢맺뷰죚쫐뎡뗄램싉ꆢ램맦ꆣ쪵볊짏,릦쓜탍볠맜폅쿈틠쫇평믺릹탍볠맜뗄쓚퓚늻ퟣ쯹뻶뚨뗄,퓚믺릹탍볠맜뗄볜릹쿂,평폚볠맜훷쳥뗄뛠풪뮯,쯹틔틠폐뿉쓜ퟌ짺ꆰ볠맜뗄헦뿕뗘듸ꆱ,폐뿉쓜떼훂쿠뮥췆?볠맜퓰죎벰헹좡룼듳뗄볠맜랶캧뗈,듋훖뫳맻쫇볠맜돉놾맽룟ꆢ볠맜쪧쇩뗈ꆣ뛔폚듋,쏀맺톧헟뾨벪뛻뫍볓컷퇇횸돶쇋쏀맺뛠풪뮯뗄믺릹탍볠맜쯹듦퓚뗄컊쳢,헢훷튪뇭쿖퓚틔쿂벸뗣:웤튻쫇평폚믺릹탍볠맜훷쳥횮뛠풪뮯듓뛸퓚늻춬뗄볠맜훷쳥볤탎돉쇋룷ퟔ뛀솢뗄ꆰ쫆솦랶캧ꆱ,헢폐폚웤쏖늹뷰죚튵좱쿝벰놣헏릫훚샻틦횮돵훔ꆣ웤뛾쫇평폚맜샭믺릹룟뛈늿쏅뮯듓뛸탎돉럖맜뷰죚쇬폲룷늿쏅뗄뛀솢맜샭믺릹ꆣ돽쇋캪캬뮤훝헾뢮뗄좨솦틔벰샺쪷탔뫍헾훎탔뗄풭틲췢,컞램뫏샭뗘뷢쫍캪쪲쎴짨솢쇋훮죧믵뇒볠샭쫰ꆢ솪냮캯믡ꆢ솪냮듦뿮놣쿕릫쮾ꆢ좫맺탅듻솪짧맜샭ퟜ쫰ꆢ솪냮힡햬듻뿮틸탐뻖벰룷샠훝헾뢮맜샭믺릹뗈ꆣ룟뛈늿쏅뮯튻랽쏦쪹춳튻뗄맜샭헾닟컞램훆뚩듓뛸좱랦뇘튪뗄킭뗷탔,쇭튻랽쏦쫇볠맜돉놾뗄놶퓶\[2\](뗚50튳)ꆣ퓙헟,평폚훷쳥뗄뛠풪뮯ꆢ뢴퓓뮯,튲틗떼훂볠맜놾캻훷틥뗄탎돉듓뛸듙쪹듋훖늻뫍킭횮볠맜뻙듫뗃틔퇓탸ꆣ뛾ꆢ좷솢뷰죚튵컱ퟛ뫏뮯쿂뗄ퟮ뫳듻뿮헟훆뛈훐퇫틸탐ퟷ캪웤쯻틸탐뗄ퟮ뫳럅뿮죋훆뛈훷튪쫇헫뛔뷰죚쫐뎡뗄쪧쇩쟸뛸짨볆뗄,뻍웤돵훔뛸퇔,웤쯹놣뮤뗄뛔쿳쫇짌튵틸탐,뛸횤좯릫쮾늢쎻폐놻몭룇웤훐ꆣ쓇쎴쯦ퟅퟛ뫏뮯튵컱뗄돶쿖,퇫탐ퟮ뫳듻뿮헟뗄횰쓜쫇만뚨폚풭폐뗄럾컱뛔쿳?뮹쫇퇓짬훁웤쯻럇틸탐탔뗄뷰죚믺릹쓘?뇊헟죏캪,본폚퓚듳뛠쫽맺볒틸탐듦뿮뚼뗃떽듦뿮놣쿕훆뛈뗄놣뮤믲웤쯻램뚨낲좫놣헏믺훆놣뮤,벴쪹틸탐듓쫂룟럧쿕튵컱,웤듦뿮샻싊늢늻랴펳럧쿕틲쯘,뻍듋뛸퇔,틸탐뗄룟럧쿕튵컱뗃떽쇋볤뷓뗄훺ꆣ헢퇹,퓚룟샻틦뗄쟽쪹쿂,틸탐뇣믡뛸ퟟ쿕,좻뛸헢킩럧쿕ퟮ훕늻쫇평틸탐돐떣,뛸쫇평듦뿮놣쿕믹뷰믲쓉쮰죋돐떣ꆣ뛸쟒,튻떩횤좯릫쮾뫍틸탐솪틶뫳,폫틸탐폐맘뗄쾵춳럧쿕퓲믡틽죫횤좯쫐뎡,듓뛸돶쿖뷰죚럧쿕뗄붻닦룐좾ꆣ틲듋,캪쇋뛔틸탐ꆢ횤좯릫쮾뗈춬훊믲틬훊뷰죚믺릹뗈닉좡쫊떱뗄ꆰ쫤톪ꆱ탐뚯뛸쳡릩뇘튪뗄탅폃횧돖,퇫탐뗄ퟮ뫳듻뿮헟횰쓜펦췘햹훁웤쯻럇틸탐탔뗄뷰죚믺릹ꆣ듋헽죧춬튻캻톧헟쯹퇔:횤좯쫐뎡뗄랢햹틢캶ퟅ횤좯뗄랢탐뫍붻틗틑돉캪믵뇒뫍닺춶ퟩ뫏뗄풽살풽훘튪뗄늹돤,듓뛸쪹횤좯룟닣쫐뎡뗄뇀삣붫뛔헻룶뷰죚뫍뺭볃쳥쾵뗄헽뎣퓋ퟷ뇈맽좥쓇훖훷튪뗄뿷쯰헟쫇룶뇰돖폐헟뫍탂횤좯랢탐헟뗄쪱뫲듸살룼듳뗄캣몦뷡맻,쓇쎴,퓚볠맜풭샭짏뻍폐튻룶캢쏮뛸폐틢틥뗄뇤뮯,쯼늻퓙퓚뫜듳돌뛈짏뻖쿞폚뛔룶뇰햮컱죋뫍햮좨죋뗄놣뮤,뛸쫇뫍틸탐볠맜뗄풭샭쿠샠쯆,늢듦퓚ퟮ뫳듻뿮헟,벴좷놣뛔헻룶뺭볃폐틦벰웤쇷뚯탔뗄돖탸쳡릩늻훁폚쫜떽펰쿬ꆣ죽ꆢ쓚뿘훆뛈뗄릹쿫퓚ퟛ뫏훆쿂,평폚늻쓜뻸뛔뗘뛅뻸횤좯튵뗈럧쿕쿲틸탐튵뗄뒫떼,평폚튵컱뗄뛠풪뮯,쯹틔럧쿕쾵
ꆤ528ꆤ커몺듳톧톧놨(죋컄짧믡뿆톧냦)뗚54뻭쫽뗄삩듳뮯쫇늻퇔뛸폷ꆣ퓙헟,훮뛠뗄틸탐캣믺,죧맺볊짌튵탅듻틸탐쫂볾ꆢ냍쇖틸탐쫂볾뗈,컞늻펡횤쇋놤생췹췹쫇듓쓚늿릥웆ꆣ틲듋,뛔폚폐킧뷰죚볠맜뛸퇔,쓚뿘훆뛈뗄릹볜뇣폈캪춹돶ꆣ쯹캽뷰죚튵컱쿂뗄쓚뿘훆뛈쫇횸틸탐ꆢ횤좯릫쮾뗈뷰죚믺릹캪쪵쿖웤킧틦탔ꆢ낲좫탔ꆢ쇷뚯탔뗄뺭펪쒿뇪,킭뗷뫍맦랶틸탐ꆢ횤좯릫쮾뗈헻쳥ꆢ룷횰쓜늿쏅벰쓚늿룷닣풱릤퓚틸탐뺭펪폫맜샭믮뚯훐맘쾵폫탐캪ꆢ쿠뮥솪쾵폫훆풼뗄훆뛈ꆢퟩ횯ꆢ듫쪩ꆢ랽램벰돌탲뗄ퟜ뫍ꆣ쪵볊짏,쓚뿘훆뛈쫇쿠뛔폚훐퇫틸탐뗈뷰죚볠맜떱뻖뗄췢늿볠맜훆뛈뛸퇔뗄ꆣ평폚볠맜떱뻖뫍틸탐뗈퓚낲좫폫킧싊뗄쒿뇪뚨쿲짏듦퓚ퟅ벫듳뗄튻훂탔,틲듋,헢솽헟횮볤튲듦퓚튻뚨뗄붻닦폫훘뗾,떫쫇뛾헟뗄닠훘뗣늻춬,탔훊늻춬,ퟷ폃솦뛈폫짮뛈튲늻쿠춬ꆣ잰헟힢훘뫪맛뷰죚횮낲좫폫킧싊,쫴폚램뚨횮랶돫;뫳헟닠훘캢맛짏룶쳥횮낲좫폫킧싊,쫴폚ퟔ싉ꆣ뺡맜ퟔ싉탔뗄쓚뿘훆뛈늢럇쫴폚램싉횮랶돫,떫웤쫇램뚨쿂뗄ퟔ싉,뛸쟒쓚뿘훆뛈뗄룄룯폫췪짆,쫇헻룶뷰죚훆뛈붨짨뗄믹뒡ꆣ헢튻뗣뿉틔듓냍죻뛻틸탐볠맜쳥쾵훐뗃떽펡횤ꆣ틔틸탐튵럧쿕볠맜캪뫋탄뗄냍죻뛻쳥쾵ꆣퟔ쪼훁훕냼몬ퟅ틸탐튵쓚뿘뗄쮼쿫,틲캪벸뫵냍캯믡뗄쯹폐컄볾뚼짦벰떽틔놣뮤듦뿮죋샻틦ꆢ붵뗍뷰죚쳥쾵럧쿕캪쒿뗄뗄쇷뚯탔ꆢ쟥뎥솦ꆢ췢믣믮뚯폫춷듧뗄볠맜쓚죝ꆣ좻뛸,볠맜쫇듓췢늿뷸탐뗄,평폚볠맜믮뚯뗄췢퓚탔,틸탐쓚뿘훆뛈돉캪놣헏웤쇷뚯탔폫쟥뎥솦,ퟮ훕쪵쿖짏쫶쒿뇪뗄믹뒡틲쯘,죧1988쓪ꆶ냍죻뛻놾킭틩ꆷ붫쓚뿘쮼쿫뻟쳥뮯떽놾돤ퟣ싊컊쳢짏,쳡돶쇋뫋탄놾ꆢ뢽쫴놾ꆢ뇭쓚닺럧쿕좨쫽ꆢ뇭췢닺럧쿕뮻쯣쾵쫽뗈튪쟳ꆣ룃쳥쾵뺫짱쯹헛짤돶뗄램싉폫ퟔ싉쿠뷡뫏,뛸틔ퟔ싉캪훷뗄쮼쿫컞늻뛔좫쟲쓚뗄틸탐뗈뷰죚믺릹쓚뿘훆뛈뗄릹붨웰떽쇋쒣랶뗄ퟷ폃ꆣ룼짵뗄쫇냍죻뛻뺫짱튲째춸돶쇋ꆰ쓚뿘폅쿈ꆱ뗄샭싛,벯ꆰ냍죻뛻쳥쾵ꆱ횮듳돉뗄ꆶ뫋탄풭퓲ꆷ듓7룶랽쏦쯹쓒삨뗄쓚죝컞늻쮵쏷헢튻뗣,웤냼삨:폐킧볠맜뗄쿈뻶쳵볾ꆢ짳짷램맦벰튪쟳ꆢ랢헕돌탲벰ퟩ횯뷡릹뗄튪쟳ꆢ돖탸틸탐볠맜쫖뛎ꆢ볠맜탅쾢튪쟳ꆢ볠맜헟헽쪽좨솦틔벰뿧맺틸탐튵볠맜뗈쿮쓚죝\[3\](뗚376튳)ꆣ룃풭퓲뗄닺짺늻뷶풤쪾ퟅ틔ꆰ낲좫폫킧싊ꆱ캪쒿뇪뗄룷맺틸탐볠맜붨짨붫뷸죫좫쏦뮯ꆢ쾵춳뮯ꆢ폐킧뮯뷗뛎ꆣ룼훘튪뗄쫇,쯼뇪횾ퟅ춨맽췢늿뗄볠맜폫킭뗷,틸탐뗈뷰죚믺릹릹붨폫붡좫쓚뿘훆뛈쟷쫆뗄탎돉ꆣ뷡뫏뗂ꆢ죕벰쏀맺횮쪵볹벰냍죻뛻쳥쾵쯹뎫떼뗄풭퓲,뇊헟틔캪췪짆뗄쓚뿘훆뛈펦냼삨틔쿂늻뿉믲좱뗄ퟩ돉튪쯘:뿆톧ꆢ쿖듺뗄웳튵ퟩ횯훆뛈ꆢ뛀솢뛸폖쿠뮥훆풼뗄튵컱늿쏅럧쿕뿘훆럖릤ꆢ좨췾탔뗄쓚늿볠달훆뛈ꆢ짳짷뗄쫚탅짳엺훆뛈ꆢ폐킧뗄쓚늿민닩폫뫏샭뗄풱릤맜샭훆뛈뗈ꆣ퓚릹붨쓚뿘훆뛈쪱,춬쪱펦틔쿖듺뗧ퟓ벼쫵캪틀췐,춨맽뗧ퟓ뮯럧쿕뿘훆쾵춳붫쓚뿘훆뛈틽죫맦랶뮯ꆢ뎬좻뮯뗄맬뗀ꆣ뇊헟죏캪,퓚릹붨쓚뿘훆뛈쪱,틠펦힢틢틔쿂솽랽쏦뗄컊쳢:11좷솢쓚뿘폅쿈뗄쮼쿫ꆣ뇧횤캨컯훷틥죏캪:쓚틲쫇췢틲뇤뮯뗄틀뻝,췢틲쫇믹폚쓚틲뛸웰ퟷ폃뗄ꆣ틲듋,쓚뿘훆뛈뗄좷솢쫇럀랶뫍뮯뷢뷰죚럧쿕뗄잰쳡뫍믹뒡ꆣ믹폚듋,뇊헟죏캪,ꆰ쓚뿘훆뛈폅쿈ꆱ펦돉캪뷰죚튵컱ퟛ뫏뮯뺭펪뗄튻룶믹놾풭퓲ꆣ21쓚뿘훆뛈뗄붨짨쫇룷맺럀랶뫍뮯뷢뷰죚럧쿕뗄튻훖웕뇩쟷쫆,떫룷맺튻냣붫웤뮮죫ퟔ싉뗄랶돫,늢쎻폐쪹웤ퟟ짏램훆뮯믲ힼ램훆뮯뗄맬뗀ꆣ뛔폚듋,ퟷ헟죏캪늻췗,틲캪웤쯹닺짺뗄뫳맻쫇쓚뿘훆뛈뿉쓜좱랦펦폐뗄좨췾탔ꆣ본폚듋,ퟷ헟죏캪쓚뿘폅쿈늻쓜뷶뷶쫇튻훖샭싛짏뗄첽쳖,뛸룼펦쫇튻훖쪵볊짏뗄닙ퟷ,펦ퟟ짏램훆뮯뗄뗀슷ꆣ헢샯탨쮵쏷뗄쫇,뺡맜쓚뿘펦폅쿈늢펦램훆뮯,쓚뿘훆뛈뗄붨짨쫇췢늿폐킧볠맜뗄잰쳡뫍믹뒡,떫췪짆뗄쓚뿘붨짨폫쪵쪩좴쫇삧쓑훘훘,틲캪쿖듺쫐뎡뺭볃뗄뢴퓓탔뻶뚨쇋웤훐쫠쾵춳ꆪꆪ뷰죚믮뚯뗄뢴퓓탔,뻶뚨쇋뷰죚럧쿕뗄뛠퇹탔뫍뛠뇤탔ꆣ틲듋,벴쪹짮쮼쫬싇뫳뗄훆뛈튲믡폐슩뚴뗄듦퓚ꆣ퓙헟,훆뛈램놾쫇죋뚨뗄,뛔폚훆뛈뗄좱쿝뫍슩뚴,죋벴뿉틔샻폃쪹횮삩듳,튲뿉틔ퟔ뻵ꆢ훷뚯뗘볓틔뻀헽뫍쏖늹ꆣ평듋뿉볻,쓚뿘훆뛈쫇럱췪짆뗘훆뚨ꆢ폐킧뗘횴탐ꆢ훆뛈램뗄좱쿝뫍슩뚴쓜럱벰쪱뗘랢쿖늢볓틔뛂죻뫍늹뻈,맘볼좡뻶폚ꆰ튵죋ꆱ냼삨튵벰쿠맘횪쪶벼쓜쮮욽ꆢ룶죋욷훊벰횰튵뗀뗂ꆢ짧믡퓰죎룐뫍릤ퟷ뒴퓬솦퓚쓚뗄ퟛ뫏쯘훊,뛸ꆰ튵죋ꆱퟛ뫏쯘훊뗄폅쇓,폖좡폚뷰죚컄뮯돌뛈뗄룟뗍ꆣ틲듋,듓듋훖틢틥뾴,틔
ꆡ뗚5웚ꆡꆡꆡꆡꆡꆡꆡ샮죊헦뗈:싛뷰죚튵컱ퟛ뫏뮯쿂뗄폐킧볠맜ꆤ529ꆤ죋캪놾,엠폽뷰죚컄뮯,죋뗄ퟔ뻵탐캪폫훆뛈뛔죋탐캪뗄풼쫸폐믺뷡뫏닅쫇췪짆쓚뿘훆뛈뗄쇩믪쯹퓚,횻폐헢퇹뗄훆뛈닅쫇룼폐킧솦뗄,룼뻟폐짺쏼솦뗄\[4\](뗚61튳)ꆣ쯄ꆢ뛔뷰죚튵컱ퟛ뫏뮯쓚퓚늻ퟣ뗄뛔닟튻훖램싉훆뛈퓚웤놻좷솢쪱,컞싛웤퓵퇹훁짆훁쏀,ퟜ믡폐튻킩늻뺡죋틢횮뒦ꆣ뛔폚뷰죚튵컱ퟛ뫏뮯뛸퇔,뺡맜듋훖램싉훆뛈뗄좷솢펭뫏쇋쫐뎡맦싉뗄쓚퓚튪쟳,싺ퟣ쇋틸탐튵짺듦뗄탨튪,좻뛸튲듦퓚ퟅ튻킩좱쿝,헢킩좱쿝틠쫇풭럖샫훆샭싛뫍ퟛ뫏훆샭싛싛햽뗄붹뗣쯹퓚ꆣ틲듋,뛔폚헢킩늻ퟣ횮뒦뷸탐췗짆뗄램싉짨볆,튲쫇뷰죚ퟛ뫏뮯쪵쿖웤펦폐뗄볛횵뗄뇘좻튪쟳,틠쫇쿖탐뷰죚볠맜볛횵횮쳥쿖ꆣ뿉틔뛏퇔,헢킩쓑쳢뗄뷢뻶쫇뷰죚튵컱듓럖샫떽ퟛ뫏뗄잰쳡뫍믹뒡,쫇뷰죚폐킧볠맜훐늻뿉좱짙뗄튻뮷ꆣ(튻)샻틦돥춻컊쳢쯹캽샻틦돥춻쫇횸쒳룶죋믲쒳킩죋춬쪱뛔폚늻춬뗄쒳킩룶죋ꆢ쒳킩벯췅믲ퟩ횯틔벰쒳훖쫂컯퓚훒돏뫍샻몦맘쾵짏랢짺쎬뛜뗄쿖쿳ꆣ뷰죚믺릹듓쫂뛠풪뮯뗄뺭펪,뿉쓜붫웤ퟔ짭듓쫂룟럧쿕튵컱뗄쯰쪧볞떽듦뿮죋ꆢ춶헟짭짏,늻뿉쓜뷟뺡좫솦캪뿍뮧럾컱ꆣ닺짺듋훖샻몦돥춻뗄쟩뿶폐:(1)뷰죚믺릹폕떼뿍뮧짵훁폨틔뷰짏뗄죚춨쪹웤릺싲ퟔ벺쿺쫛뗄횤좯ꆣ(2)틸탐쳦뷨뿮죋랢탐햮좯틔뗖뎥컞램쫕믘뗄듻뿮,붫탅듻럧쿕볞룸뿍뮧ꆣ(3)붫쫛늻돶좥뗄횤좯죫탅췐죋헋뮧ꆣ(4)틸탐뮹뿉샻폃듦듻튵컱쇋뷢뿍뮧ꆰ쓚쒻탅쾢ꆱ틔뻶뚨쫇럱냼쿺룃뿍뮧횤좯,늢뿉샻폃쓚쒻탅쾢듓쫂쓚쒻붻틗ꆣ(5)ퟷ캪횤좯뺭볍짌폫ퟔ펪짌퓚붻틗훐틠폐뿉쓜랢짺샻틦돥춻뗈\[5\](뗚193튳)ꆣ뿉쓜랢짺뗄샻틦돥춻,쫇뷰죚튵컱ퟛ뫏뮯뗄튻듳뇗뛋,튲쫇쏀맺1933쓪ꆶ룱삭쮹ꆤ쮹뗙룱뛻램ꆷ돶첨뗄튻듳샭평ꆣ쓇쎴,캪쇋럀횹뷰죚럧쿕뗄좻쫍럅,뛔폚룃컊쳢펦룃퓚램싉짏뷸탐퓵퇹뫏샭뗄짨볆쓘?ퟷ헟죏캪,뛔폚샻틦돥춻컊쳢뗄맦훆,뿉틔닉좡틔쿂뗄ퟶ램:11램죋럖샫ꆣ듓쫂틸탐튵컱뫍횤좯튵컱뗄믺릹탨뛀솢돐떣램싉퓰죎,벴뇘탫캪늻춬뗄램죋,튻냣늻퓊탭솬쯸뚭쫂ꆣ헢뷶쫇튻냣풭퓲,캪쇋럀횹튻킩램죋샻폃듋풭퓲살쳓뇜펦폐뗄램싉퓰죎,틠폐뇘튪틽폃ꆰ뷒뾪램죋쏦즴ꆱ뗄ퟶ램틔ퟷ캪룃풭퓲뗄샽췢,좻뛸뛔듋훖샽췢펦ퟷ쿞훆탔뗄뷢쫍,뇊헟죏캪듋훖샽췢펦냼삨틔쿂벸훖쟩뿶:릫쮾뗄늻떱탐캪ꆢ듺샭ꆢ쒸릫쮾닺뫍튵컱뗄맽뛈믬뫏ꆢ쒸릫쮾뛔폚릫쮾뗄뿘훆ꆢ릫욽뫍뫏샭뗄뇪ힼ뗈ꆣ21쫊떱쿞훆놾쇷뚯ꆣ틸탐뫍횤좯릫쮾뗈횮볤뗄놾쇷뚯늻뗃폐몦폚틸탐붡좫뺭펪뗄튪쟳,ퟮ뗍늻뗃뗍폚틸탐놾돤ퟣ싊뗄쿞훆ꆣ31탅쾢쇷뚯쿞훆ꆣ럀횹틸탐뫍횤좯릫쮾횮볤폐몦뗄탅쾢쇷뚯,듋벴튪쟳퓚뛾헟볤릹훾쟐쪵뿉탐뗄ꆰ훐맺잽ꆱꆣ41튵컱쿞훆ꆣ틸탐뫍횤좯릫쮾뗈횮볤뗄튵컱췹살펦쫜떽퇏룱쿞훆,릫쮾벯췅쓚뗄붻틗펦틔ꆰ릫욽붻틗ꆱ뗄풭퓲뷸탐,늢늻뗃쯰몦틸탐컈붡뺭펪뗄튪쟳ꆣ춬쪱,뷻횹믲퇏룱쿞훆틸탐쿲횤좯릫쮾듻뿮ꆢ횤좯릫쮾쿲틸탐돶쫛횤좯틠춬ꆣ51잿뮯탅쾢엻슶,쓚늿돏쪵ힼ퓲폫릫욽뛔듽쯹폐뿍뮧뗄풭퓲벰릫쮾늻뗃늻릫욽뗘붫웤샻틦훃폚뿍뮧샻틦횮짏\[6\](-183)ꆣ(뛾)뺺헹컊쳢뺡맜뷰죚튵컱ퟛ뫏뮯퓚튻뚨돌뛈짏쫇캪쇋퓶잿뷰죚믺릹뗄뺺헹ꆢ럀횹슢뛏ꆢ쳡룟킧싊뫍릫헽,떫쫇평폚뷰죚닺튵뗄쳘쫢탔,뛔폚뷰죚웳튵뗄슢뛏탐캪튻냣늢늻쫜룷맺랴슢뛏램뗄퇏룱맦훆,벴뇣쫇퓚틔탐캪훷틥캪훷떼뗄얷슽뺺헹램쾵튲늻샽췢,죧퓚뗂맺,웤ꆶ랴슢뛏램ꆷ뷶뛔뷰죚튵뗄뺺헹컊쳢ퟶ튻냣뗄맦뚨,웤훷튪뺭볃믮뚯평룷쿮쏅램싉뗷뷚ꆣ틲듋,퓚ퟛ뫏뮯뷰죚튵컱쿂,뷰죚믺릹쪵쪩슢뛏탐캪뗄뿉쓜탔튲룼듳,뇈죧뷰죚튵컱ퟛ뫏뮯믺릹뿉틔쿲웤뿍뮧쪵쪩듮쫛탐캪(Tie-in),믲룸폨킧훒탔헛뿛,쳘뇰쫇퓚틸탐뿉틔돖폐웳튵릫쮾막럝쪱,뮹폐뿉쓜뛔릤튵릫쮾횮볤뗄ꆰ뗚뛾쿟뺺헹헟ꆱ퓬돉쯰몦ꆣ헫뛔헢튻컊쳢,
ꆤ530ꆤ커몺듳톧톧놨(죋컄짧믡뿆톧냦)뗚54뻭뇊헟죏캪,헢뿉틔듓솢램짏폫쪵볹짏솽랽쏦볓틔뾼싇:퓚솢램짏,펦뾼싇떽틔쿂벸뗣:11쿞훆뷰죚믺릹뛔웳튵뿘막쫽솿,럀횹뷰죚튵뛔웳튵뗄뿘훆ꆣ죧뗂맺슢뛏캯풱믡퓸튪쟳붫틸탐퓚릤튵릫쮾훐뗄뿘막쿞훆퓚5%틔쓚ꆣ21뷻횹뷰죚믺릹샄폃쫐뎡폅쫆뗘캻뗄탐캪,뇈죧만뚨볛룱ꆢ볛룱웧쫓ꆢ듮쫛뗈ꆣ31돽틀램폨틔믭쏢헟틔췢,뷻횹뻟폐쿞훆뺺헹킧맻뗄뷰죚믺릹볤뗄킭틩믲맏럖쫐뎡뗄뾨쳘뛻킭틩ꆣ퓚쪵볹훐,뿉뾼싇닉폃떥튻쳥싛폫킧맻싛뗄풭퓲,틔좷뚨뷰죚믺릹뗄ퟶ램쫇럱폐몦폚뺺헹ꆣ쯹캽떥튻쳥싛,뻍쫇횸퓚쒳훖쟩뿶쿂룹뻝쒸릫쮾폫ퟓ릫쮾볤뗄뿘훆횧엤맘쾵믲룹뻝듺샭쮵뗈,붫웤룷ퟔ뻟폐뗄쿠뮥뛀솢뗄램싉죋룱욲뾪늻맜,냑쯼쏇떱ퟶ떥튻뺭볃떥캻,믲떱돉튻룶쪵쳥살ힷ뺿퓰죎\[7\](뗚317튳)ꆣ쯹캽킧맻싛쫇쏀맺램풺퓚1945쓪뗄ꆰ낢뛻뿆낸ꆱ훐쯹좷솢뗄풭퓲,ꆶ쏀맺뛔췢맘쾵램(뗚뛾듎)훘쫶ꆷ죏캪킧맻뇘탫쫇쪵훊탔뗄,쮳ퟷ캪룃탐캪횱뷓뗄폫뿉풤볻뗄뷡맻뛸닺짺,쏀맺쮾램늿1977쓪랢늼뗄ꆶ랴췐삭쮹맺볊쪵쪩횸쓏ꆷ훐틠맦뚨쇋쪵훊탔뫍뿉풤볻탔뗄킧맻ꆣ틲듋,떱쒳튻틸탐퓚쒳킩릫쮾뗄돖막,웤틢춼캪슢뛏믲웤쪵훊탐캪틑퓬돉쫂쪵짏뗄슢뛏쪱,퓲펦ힷ뺿룃틸탐벰웤쿠맘횱뷓퓰죎죋뗄램싉퓰죎ꆣ(죽)뛔틸탐듦뿮죋뗄놣뮤컊쳢캪쇋뛔듦뿮죋쳡릩탅탄뗄횧돖,틔늻훁폚랢짺벷뛒쿖쿳,ퟷ헟죏캪퓚뷰죚튵컱ퟛ뫏뮯쪱,평폚훮뛠뷰죚럧쿕폎샫폚뷰죚믺릹횮볤,틲듋폐뇘튪좷솢듦뿮놣쿕훆뛈틔쿻돽뿍뮧뗄틉싇,듓뛸놣횤틸탐폐뿉뾿뗄뷰살풴ꆣퟝ맛쫀뷧룷맺뗄쪵볹,뇊헟틔캪퓚릹볜룃쿮훆뛈쪱,펦힢틢틔쿂벸랽쏦뗄컊쳢ꆣ퓚닎볓풭퓲짏,펦틔잿훆놣쿕캪ힼ퓲,듓뛸쪹룃훆뛈뢲룇헻룶틸탐쳥쾵ꆣ퓚놣쿕럑싊뗄좷뚨짏,ퟷ헟죏캪,펦닉좡틀럧쿕뛸좷뚨놣럑뗄샛뷸훆,뛸늻닉좡춳튻럑싊,틲캪듦뿮놣쿕훆뛈퓚튻뚨돌뛈짏튲쫇럀횹탅쾢늻뛔돆쯹듸살뗄쓦쿲톡퓱(AdverseSelection)뫍뗀뗂럧쿕(MoralHazard)컊쳢ꆣ퓚뫏룱춶놣헟뗄뷧뚨짏,탭뛠맺볒뗄틔ꆰ쇬췁싛ꆱ캪ힼ퓲살좷뚨놣쿕뛔쿳,벴놾맺뺳쓚뗄좫늿듦뿮탔뷰죚믺릹틔벰췢맺뷰죚믺릹퓚놾맺짨솢뗄럖횧믺릹뫍뢽쫴믺릹뻹캪놣쿕뛔쿳죋,뛸업돽놾맺듦뿮탔뷰죚믺릹퓚맺췢뗄럖횧믺릹ꆣퟷ헟죏캪듋훖ퟶ램늻췗,틲캪퓚뷰죚튻쳥뮯ꆢퟔ평뮯뗄뷱쳬,뷰죚퓚쪵훊짏틑늻틔맺뷧뚨싛,펦ퟅ퇛폚좫쟲,쟒늢럇쎿룶맺볒뚼좷솢쇋듦뿮놣쿕훆뛈ꆣ틲듋,뻍듦뿮놣쿕훆뛈쪵쪩뗄뛔쿳뾴,펦틔쇬췁싛캪훷ꆢ틔뻓쏱캪뢨뗄풭퓲ꆣ뛔폚듦뿮놣쿕훆뛈뇊헟뷶쿫퓱웤훘뗣볓틔볲떥싛쫶ꆣ쪵볊짏,룃훆뛈짦벰뗄쓚죝뮹뇈뷏뛠,훮죧듦뿮놣쿕릫쮾뗄ퟩ횯탎쪽ꆢ뇪뗄랶캧뗈ꆣ뺡맜룃훆뛈퓚뷰죚튵컱ퟛ뫏뮯쿂,쫇럀랶뫍맦훆뷰죚럧쿕뗄릤뻟,떫쫇뮹펦쟥탑뗘죏쪶떽웤늻ퟣꆣ듦뿮놣쿕훆뛈짨솢뗄쒿뗄쫇훂솦폚룄짆틸탐뗄뺭펪뮷뺳,쫷솢듦뿮죋뗄탅탄살횧돖틸탐뗄솼탔퓋ퟷ,뛸럇죃뷰죚럧쿕횱뷓듓틸탐볞떽듦뿮놣쿕릫쮾,듓뛸죃틸탐ꆰ룟헭컞폇ꆱꆣ쓇쎴,듓쇭튻룶뷇뛈뛸퇔,틸탐뺭펪튵벨튲횱뷓맘쾵ퟅ룃훆뛈뗄듦퓚ꆣ틲듋,쪵훊짏듦뿮놣쿕릫쮾뫍틸탐횮볤듦퓚ퟅꆰ쿠뮥놣쿕ꆱ뗄쓚퓚맘쾵ꆣ듋췢,캬뮤틸탐뺭펪뮷뺳뗄룹놾횮뗀,늢늻퓚폚튻훖췢퓚탎쪽뗄듦뿮놣쿕릫쮾,뛸퓚폚틸탐ퟔ짭ꆣ틲듋,듓헢튻닣쏦뷸탐럖컶,횻폐틸탐닅쫇ퟔ벺헦헽뗄ꆰ뻈쫀훷ꆱ,뛸럇듦뿮놣쿕릫쮾ꆣ컥ꆢ맺볊뷰죚볠맜뗄맺볊뫏ퟷ평폚믣싊ꆢ샻싊믺훆뗄듦퓚,듓뛸닺짺쇋룷맺볤뷰죚럧쿕뗄뛔쇷탔폫뢴퓓탔ꆣ틲듋,뷰죚볠맜틠탨튪맺볊뫏ퟷꆣ뻍웤뫏ퟷ뗄탎쪽뛸퇔,볈냼삨쮫뇟탎쪽뗄,튲냼삨뛠뇟탎쪽뗄,좻뛸헢웤훐ힿ폐돉킧뗄ꆢ쓜뛔맺볊뷰죚볠맜훆뛈닺짺뻞듳펰쿬뗄쫇뻟폐퓬램탔뗄뛠뇟탎쪽ꆣ쪵볊짏,냍죻뛻캯풱믡퓚퓧웚뇣틑힢틢떽
ꆡ뗚5웚ꆡꆡꆡꆡꆡꆡꆡ샮죊헦뗈:싛뷰죚튵컱ퟛ뫏뮯쿂뗄폐킧볠맜ꆤ531ꆤ쇋헢튻랢햹횮탂ퟟ쫆,쟒퓚웤잣춷쿂,튲뷸탐쇋튻뚨뗄뎢쫔ꆣ죧1993쓪1퓂,퓚웤랢웰쿂,돉솢쇋튻룶럇헽쪽뗄횤좯ꆢ놣쿕뫍틸탐튵죽랽킡ퟩꆣ룃킡ퟩ폚1995쓪7퓂랢뇭쇋튻룶쳢캪ꆶ뷰죚웳튵벯췅뗄볠맜ꆷ뗄놨룦ꆣ룃놨룦릲21쳵,뻍뷰죚웳튵벯췅횮뚨틥ꆢ볠맜쿖ힴ벰컊쳢맩샠ꆢ볠맜랽램ꆢ놾돤ퟣ컊쳢ꆢ벯췅쓚뗄럧쿕ꆢ믬뫏탔웳튵벯췅뗈쫂쿮뷸탐쇋돵늽뗄뾼달,퓚좷뚨쇋틸탐튵ꆢ횤좯튵ꆢ놣쿕튵쇬폲뗄볠맜헟횮볤뗄킭짌랶캧벰쫂쿮랽쏦좡뗃쇋튻뚨뗄뷸햹,늢쟒쳡돶쇋룄뷸뷰죚벯췅볠맜랽램뗄죴룉붨틩ꆣ캪쇋볌탸ꆰ죽랽킡ퟩꆱ뗄릤ퟷ,췆뷸죽룶쇬폲볠맜헟횮볤뗄맺볊뫏ퟷ,퓚냍죻뛻캯풱믡ꆢ맺볊횤좯캯풱믡ퟩ횯(IOSCO)뫍맺볊놣쿕볠맜헟킭믡뗄뎫떼쿂,폚1996쓪돵헽쪽ퟩ붨쇋ꆰ뷰죚웳튵벯췅솪뫏싛첳ꆱꆣ룹뻝죽랽킭짌튻훂뗄쫚좨,솪뫏싛첳뻍춬튻늿쏅쓚뫍늻춬늿쏅볤퓚볠맜뫏ퟷ뫍탅쾢붻뮻랽쏦뿉쓜듦퓚뗄램싉믲웤쯻헏낭뷸탐뗷퇐,늢짳닩쇋볓잿뿧늿쏅ꆢ뿧맺뷧볠맜뫏ퟷ뫍탅쾢붻뮻뗄룷훖랽램,웰닝쇋튻쳗맘폚뷰죚웳튵벯췅볠맜뗄컄볾,냼삨ꆶ놾돤ퟣ풭퓲컊쳢ꆷꆢꆶ놾돤ퟣ풭퓲뗄늹돤컊쳢ꆷꆢꆶ볠맜헟탅쾢럖쿭뿲볜컄볾ꆷꆢꆶ쫊틋탔풭퓲컄볾ꆷꆢꆶ볠맜헟탅쾢럖쿭풭퓲컄볾ꆷꆢꆶ킭뗷풱컄볾ꆷ틔벰ꆶ볠맜컊뻭ꆷ뗈ꆣ헢쳗컄볾컼쫕쇋틸탐튵ꆢ횤좯튵뫍놣쿕튵죽룶랽쏦틑폐뗄맺볊볠맜얬솦뗄돉맻,쳡돶뫍닻랢폐맘뷰죚웳튵벯췅뗄풭퓲뫍훆뛈,탎돉냍죻뛻캯풱믡폫웤쯻뷰죚뷧맺볊ퟩ횯뫏ퟷ뗄폖튻쿮햸탂돉맻ꆣ쪵볊짏,헢킩뫏ퟷ뗄돉맻늢럇얼좻뗄닺컯,뛸쫇뷼쓪살맺볊뷰죚튵ퟩ횯뷡릹랢짺뻞뇤뗄뷡맻ꆣ듓웤킧폃짏럖컶,듋훖맺볊뫏ퟷ퓚튻뚨닣쏦짏쏖늹쇋룷맺램맦뫍볠맜짏뗄닮틬탔,춬쪱튲듙뷸쇋맺볊뷰죚훈탲뗄폐탲탔폫컈붡탔,춬쪱웤쯹쳡돶뗄벯췅볜릹쿂뗄놾돤ퟣ싊뗄춳튻뛈솿뇪ힼ,튲쪹뗃뷰죚볠맜맦퓲룼볓짮뮯폫쾸뮯,폐훺폚뷰죚튵뗄릫욽뺺헹ꆣ헫뛔뷰죚웳튵벯췅뛸돶쿖뗄솪뫏싛첳,튲퓚튻뚨돌뛈짏뇭쏷,뻍맺볊뷰죚볠맜뛸퇔,틠펦쫇릦쓜탍볠맜폅쿈ꆣ듋췢,튲펦힢틢떽틔쿂솽뗣:11틲캪룷맺뺭볃랢햹늻춬,뷰죚쳥쾵벰볠맜쳥훆룷틬,쯹틔퓚뷰죚볠맜맺볊뫏ퟷ랽쏦듦퓚훮뛠쎬뛜뫍헏낭ꆣ틲듋,뻍쒿잰뛸퇔,듋훖뫏ퟷ틠쫇폐쿞뗄,틲캪맺볊볠맜횮뫏ퟷ탨믹폚맺쓚볠맜횮튪쟳뛸뷸탐,쯹틔탂뗄맺볊볠맜뫏ퟷ뫎뒦좥뮹폐듽죋쏇좥첽쯷ꆣퟷ헟죏캪쿖폐뗄맺볊뫏ퟷ돉맻풭퓲탔뛠ꆢ닙ퟷ탔킡,튲쮵쏷쇋웤늻ퟣꆣ본폚듋,맺볊볠맜뫏ퟷ퓚쳥쿖풭퓲탔쪱틠펦힢훘닙ퟷ탔,틲캪췹췹풭퓲탔뷏잿뗄맦뚨믘탽폠뗘듳,닙ퟷ탔놻죵뮯,듓뛸떼훂볠맜볛횵실뿕,쯹틔솽헟늢훘쫇탂탎쫆쿂뗄뇘좻튪쟳ꆣ21룷맺볠맜떱뻖볤뗄탅쾢럖쿭쫇맺볊볠맜뫏ퟷ뗄믹뒡,튪듙뷸탅쾢럖쿭,뻍뇘탫쿻돽ퟨ낭탅쾢럖쿭뗄죏쪶짏폫훆뛈짏뗄헏낭ꆣ뻍잰헟뛸퇔,죧폐맘볠맜떱뻖뛔탅쾢럖쿭뗄훘튪탔죏쪶늻ퟣ,뛔쓄킩탅쾢탨튪럖쿭죏쪶늻튻훂;뻍뫳헟뛸퇔,죧룷맺웕뇩듦퓚틸탐놣쏜훆뛈,폐킩뚫뗀맺램싉늻퓊탭쒸맺볠맜떱뻖뛔웤몣췢믺릹뷸탐쿖뎡볬닩ꆣ믹폚듋,ퟷ헟죏캪탅쾢럖쿭쫇뷰죚튵컱ퟛ뫏뮯쿂맺볊볠맜뫏ퟷ쓜럱실쪵떽쪵뒦뗄맘볼ꆣ쇹ꆢ뷡ꆡ싛뷰죚튵컱뗄ퟛ뫏뮯컞틉춹돶킧틦폅쿈뗄볠맜볛횵좡쿲,떫듋훖킧틦폅쿈컞틉펦틔낲좫ꆢ컈붡캪잰쳡ꆣ틲듋,탂탎쪽쿂뗄뷰죚볠맜뗄뒴탂뇣쫇솢램헟쏇쏦쇙뗄튻룶퇏뻾뿎쳢ꆣퟷ헟죏캪퓚좫쟲뷰죚튻쳥뮯ꆢퟔ평뮯ꆢ춶폫닺횤좯뮯뗄뷱쳬,늻맜솢램헟쏇뷸탐퓵퇹뗄짨볆,웤쯹짨볆뗄뷡맻뚼펦뻟폐헫뛔탔,쟒웤쯹좷솢뗄볠맜뻙듫뚼뇘탫뻟폐뫏샭탔ꆢ폐킧탔ꆣ춬쪱,퓚볠맜헾닟폫쪵볹훐,볈튪놣횤볠맜횮퇏룱탔ꆢ쫊램탔,폖튪놣횤볠맜횮쇩믮탔ꆢ뿕볤탔ꆣ본폚듋,ퟷ헟죏캪퓚뷰죚럧쿕늢럇쯸뚨폚튻맺뗄뷱쳬,닉좡뫪맛폫캢맛ꆢ맺쓚폫맺볊볠맜쿠뷡뫏횮쮫맜웫쿂뗄랽램쫇랢죋짮쮼뗄ꆣ뻍맺쓚볠맜뛸퇔,웤뫋탄펦솢ퟣ폚볠맜쳥훆뗄훘쯜믲뷃헽ꆢ쓚뿘폅쿈뮯벰램훆뮯뗄붨짨ꆢퟛ뫏뮯쓚퓚늻ퟣ뗄램싉뒦샭뗈;뻍맺볊볠맜뛸퇔,웤뫋탄펦실뷅폚맺볊뷰죚볠맜틢쪶뗄뇤ꆢ헻룶맺볊뷰죚훈탲뗄컈뚨벰붡좫ꆢ볠맜헟떱뻖뗄탅쾢럖쿭뗈ꆣ쇭췢,퓚릹붨탂탎쫆쿂뗄뷰죚볠맜뻙듫쪱,펦힢틢떽튻맺뗄뷰죚볠맜쳥훆ퟜ쫇뫍웤헾훎ꆢ뺭볃뷡릹뫍랢햹쮮욽ꆢ짧믡램싉훆뛈ꆢ샺쪷뒫춳벰컄뮯놳뺰뗈쿠쫊펦뗄,쟒뷰죚볠맜룱뻖뗄탎돉늢럇튻뛸뻍뗄,
ꆤ532ꆤ커몺듳톧톧놨(죋컄짧믡뿆톧냦)뗚54뻭뛸쫇튻룶톭탲붥뷸뗄맽돌,늢쯦ퟅ뺭볃ꆢ뷰죚ꆢ뿍맛뮷뺳뗄훊횮솼뮯뛸훰늽췪짆뗄ꆣ틲듋,퓚짨볆튻맺뗄뷰죚볠맜쪱뇘탫듓놾맺맺쟩돶랢,늻쓜좫엌틆횲ꆣ쪵볊짏,샭쿫뗄볠맜펦쫇볈튪뛔뷰죚튵쪵쪩뇘튪뗄볠맜,좷놣웤컈붡폫낲좫,뷨듋듙뷸뺭볃뷰죚뗄랢햹;폖늻쓜맜뗃맽뛈,훏쾢웤짺쏼솦,쪹웤좱랦킧싊,듓뛸췾킲뷰죚튵뗄랱죙ꆣ[닎ꆡ뾼ꆡ컄ꆡ쿗]\[1\ꆡ]슽퓳럥.뷰죚뒴탂폫램싉뇤룯[M\].놱뺩:램싉돶냦짧,2000.\[2\ꆡ][쏀]췐십쮹ꆤFꆤ뾨벪뛻,벪샯낲ꆤGꆤ볓컷퇇180쓪듺뗄뷰죚룄룯[M\].놱뺩:훐맺뷰죚돶냦짧,1989.\[3\ꆡ]닌헲쮳.맺볊짌램퇐뺿[M\].놱뺩:램싉돶냦짧,1999.\[4\ꆡ]뾵쫩짺.짌튵틸탐쓚뿘훆뛈-뷨본폫뒴탂[M\].놱뺩:훐맺랢햹돶냦짧,1999.\[5\ꆡ]헅훒뻼.뷰죚볠맜램싛[M\].놱뺩:램싉돶냦짧,1998.\[6\ꆡ][M\].Oxford:ClarendonPress,1993.\[7\ꆡ]튦쎷헲.맺볊뺭볃램룅싛[M\].커몺:커몺듳톧돶냦짧,1999.(퓰죎뇠벭ꆡ뎵ꆡ펢)EffectiveSupervisioninComprehensiveFinancialBusinessLIRen-zhen,LISi-qi(WuhanUniversityLawSchool,Wuhan430072,Hubei,China)Biography:LIRen2zhen(19562),female,Professor,Doctoralsupervisor,WuhanUniversityLawSchool,majoringininternationalfinanciallaw;LISi2qi(19722),male,Doctoralcandidate,WuhanUniversityLawSchool,:Accordingtothedialecticalruleoffinancialinnovation&supervision,,thewritershaveconductedreasonablelegalconstructionfromtheangleofdomesticlaw&internationallaw,andalsoadvancedthefollowingopinions:priorityoffunctionalsupervision,thelegalizationofinnercontrol&theexpansionofthelastresort,:supervisorysystem;innercontrol;countermeasure;internationalcoordination
