2002쓪12퓂뗚16뻭뗚6웚ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ뮪ꆡ뚫ꆡ뺭ꆡ볃ꆡ맜ꆡ샭EastChinaEconomicManagemꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡDec.,,맺볊웳튵췢믣뺭볃럧쿕쫜쿕뛮뗄닢솿벰맜샭쯎ꆡ(커몺듳톧ꆡ짌톧풺,뫾놱ꆡ커몺ꆡ430072)[햪튪]뛔폚맺볊웳튵죽듳췢믣럧쿕횮튻뗄뺭볃럧쿕,평폚ퟔ짭뗄쳘뗣떼훂웤늻틗ힼ좷닢솿뫍늻틗맜샭,놾컄쫔춼뷡뫏뻟쳥낸샽첽쳖맺볊웳튵췢믣뺭볃럧쿕쫜쿕뛮뗄닢솿,늢듓죽룶랽쏦닻쫶쇋췢믣뺭볃럧쿕뗄맜샭닟싔ꆣ[맘볼듊]맺볊웳튵;췢믣뺭볃럧쿕;닢솿벰맜샭[훐춼럖샠뫅]F83116ꆡꆡꆡ[컄쿗뇪쪶싫]Aꆡꆡꆡ[컄헂뇠뫅]1007ꆪ5097(2002)06ꆪ0023ꆪ04ThecalculationandmanagementofforeignexchangeeconomicexposureininternationalbusinessSONGLan(CollegeofBusiness,WuhanUniversity,Wuhan430072,China)Abstract:Astoeconomicexposure,oneofthethreeforeignexchangerisks,,Itrytoprobeintothecalculationofforeignexchangeeconomicexposureininternationalbusinessonthebasisofparticularcase,:internationalbusiness;foreignexchangeeconomicexposure;measureandmanagementꆡꆡ맺볊웳튵퓚뛔췢뺭펪믮뚯맽돌훐믡짦벰떽틔췢뇒볆볛뗄쿬떽뷸뿚웻뎵뗄볛룱쪱,룃웳튵뗄뺺헹뗘캻튲믡랢짺쿠펦뗄닺ꆢ뢺햮튵컱,평폚췢믣믣싊뗄뇤뚯,쪹웤틔췢뇒볆볛뗄뇤뮯,룸웤캴살쫕틦퓬돉럧쿕ꆣ닺믲뢺햮볛횵헇뗸뛸쏉쫜쯰쪧뗄뿉쓜탔벴췢믣럧쿕ꆣ컒쏇춨뺡맜췢믣뺭볃럧쿕쓑틔쪶뇰뫍닢솿,떫튲늢럇뫁컞냬램뎣붫췢믣럧쿕럖캪죽훖샠탍,벴붻틗럧쿕ꆢ헛쯣럧쿕뫍뺭볃럧뿉탐,쿂쏦컒쏇뷡뫏튻룶뻟쳥쪵샽살뾴튻쿂,죧뫎뛔맺볊웳튵쿕ꆣ뺭볃럧쿕뷏횮잰솽헟평폚웤ퟔ짭뗄쳘뗣떼훂늻틗ힼ좷닢뗄췢믣뺭볃럧쿕뷸탐닢솿ꆣ솿뫍늻틗맜샭,놾컄훷튪헫뛔뺭볃럧쿕뗄닢솿벰맜샭뷸탐돵늽뗄첽쳖ꆣ뛾ꆢ췢믣뺭볃럧쿕뗄닢솿튻ꆢ췢믣뺭볃럧쿕뗄몬틥벰쳘뗣뺭볃럧쿕쫇춨맽볆쯣믣싊뇤뚯뛔웳튵붫살뺻쿖뷰쇷솿쿖횵뗄뇤뮯(퓶볓믲복짙)살닢솿뗄ꆣ웤믹놾볆쯣릫쪽죧쿂:췢믣뺭볃럧쿕쫇횸웳튵붫살뺻쿖뷰쇷솿뗄쿖횵틲믣싊뇤뚯뛸랢짺뇤뮯뗄럧쿕ꆣ쯼폫웳튵뗄쇭췢솽훖췢믣럧쿕(붻틗NPV0=ꚲn(CIFt-COFt)ERt,웤훐:t=0(1+dt)럧쿕뫍헛쯣럧쿕)뇈뷏웰살,폐죧쿂튻킩쳘뗣:NPV0:뺻쿖횵(쒸뇒뗈횵뛮);1ꆢ뺭볃럧쿕늻쓜놻ힼ좷쪶뇰뫍닢솿CIFt:쿖뷰쇷죫솿(틔맺췢ퟓ릫쮾뗄떱뗘믵뇒뇭쪾);뺭볃럧쿕퓚뫜듳돌뛈짏좡뻶폚쿺쫛솿ꆢ볛룱믲돉놾뗄뇤COFt:쿖뷰쇷돶솿(틔맺췢ퟓ릫쮾뗄떱뗘믵뇒뇭쪾),냼뚯뛔믣싊뇤뚯뗄랴펳돌뛈ꆣ뛔뿧맺뺭펪뗄웳튵살쮵,믣싊뇤삨쓉쮰뛮뗄횧뢶;뚯틽웰뗄늻뷶쫇쇙쪱뗄볛룱뇤뮯,뛸쟒뛔튻킩뮷뺳뇤솿(죧샻ER싊ꆢ탨쟳뷡릹뗈)폐뎤웚뗄짵훁폀뻃탔뗄펰쿬,뮷뺳뇤솿뗄뇤t:믣싊(1떥캻췢뇒뗈폚뛠짙쒸뇒);뮯d:쳹쿖싊(쒸릫쮾뛔웤맺췢ퟓ릫쮾춶쯹튪쟳뗄쫕틦,믡틽웰릫쮾뗄닺욷볛룱ꆢ쫐뎡럝뛮ꆢ짺닺돉놾뗈횸뇪뇤뮯,듓뛸틽웰쫕틦늨뚯,룸웳튵듸살뺭볃럧쿕ꆣ싊);t:쪱웚;2ꆢ뺭볃럧쿕퓚뎤웚ꆢ훐웚뫍뛌웚쓚뚼듦퓚,뛸늻쿳붻틗럧쿕뫍헛쯣럧쿕쫇뛌웚뗄ꆢ튻듎탔뗄n:쿖뷰쇷솿풤웚뗄ퟮ뫳쪱웚ꆣ쿖퓚컒쏇틔쏀맺쒳뿧맺릫쮾캪샽살쮵쏷뺭볃럧쿕뗄닢3ꆢ뺭볃럧쿕쫇춨맽볤뷓쟾뗀닺짺뗄,벴믣싊뇤뮯솿ꆣ룃뿧맺릫쮾퓚죰뗤짨튻ퟓ릫쮾SMAB,짺닺튻훖쯜쇏,ꇺ뺭볃뮷뺳뇤뮯ꇺ쫕틦뇤뮯,벴쪹쫇뒿듢뗄맺쓚웳튵60%퓚떱뗘쿺쫛,40%쿺췹맺췢,샍솦살ퟔ죰뗤떱뗘,웤쯻춶튲믡쏦쇙뺭볃럧쿕죫볈폐떱뗘뗄튲폐췢뗘뗄ꆣ쫕죫쯹뗃쮰쮰싊40%;룷쿮헛뻉샽죧,컒맺뗄쒳웻뎵훆퓬짌(볙뚨쯼쫇뒿듢뗄맺쓚웳튵),쎿쓪900,000뿋샊(SEK);듻뿮3,000,000뿋샊,웚쿞죽쓪,쓪웤뺭볃킧틦튪쫜뷸뿚뗄춬샠닺욷뗄볛룱펰쿬,떱믣싊늨뚯펰샻싊10%;펦쫕쿮쒿뗈폚쓪쿺쫛뛮뗄1/4;듦믵햼폃쮮욽캪쓪[쫕룥죕웚]ꆡ2002ꆪ09ꆪ04[ퟷ헟볲뷩]ꆡ쯎ꆡ(1972ꆪ),얮,붲쪦,훷튪퇐뺿랽쿲:맺볊웳튵맜샭ꆣꆪ23ꆪ
횱뷓돉놾뗄1/4;펦뢶쿮쒿캪쿺쫛뛮뗄10%;쿖뷰캪쿺쫛뛮뗄000,000/5),틲뛸뗚죽쓪뗄쿖뷰쇷솿쪵볊캪ꇧ870,0005%;떱잰믣싊SEK4=ꇧ1ꆣ(ꇧ720,000+ꇧ150,000),뇈풤웚쿖뷰쇷솿복짙쇋ꇧ30,000뇭1뫍뇭2럖뇰쿔쪾쇋죰뗤ퟓ릫쮾뗄쯰틦뇭뫍쿖뷰쇷솿(ꇧ900,000-ꇧ870,000)ꆣ뇭틔벰ퟓ릫쮾뗄닺뢺햮뇭ꆣ컒쏇뿉틔춨맽뇭3볆쯣돶룷쓪쿖뷰쇷솿뇤뮯솿뗄쿖횵늢뇭1ꆡ죰뗤ퟓ릫쮾쯰틦뇭뫍쿖뷰쇷솿뇭ퟮ훕볆쯣돶뺭볃럧쿕뗄쫜쿕뛮(볙짨쳹쿖싊캪15%)ꆣ떥캻떥볛뇭3ꆡ룷쓪쿖뷰쇷솿뇤뮯솿뗄쿖횵뇭(10췲)(SEKퟜꆡꆡ볆)쓪뇡횵뫳뇡횵잰쿖뷰쇷솿뢴샻쿖쿖뷰쇷솿뇤맺쓚쿺쫛뛈쿖뷰쇷솿쿖뷰쇷솿뇤뮯솿횵쾵쫽뮯솿뗄쿖횵62012,000,000(1)-(2)=(3)ꇁ(4)=(5)맺췢쿺쫛4208,000,0001ꇧ720,000ꇧ900,000-ꇧ180,00001870-ꇧ156,600ꆡꆡ킡ꆡ볆ꆡꆡ20,000,0002720,000900,000-180,00001756-136,080떱뗘샍솦춶죫3870,000900,000-30,00001658-19,740115406,000,000떱뗘닄쇏춶죫뺻쯰쪧뛮-ꇧ312,420832,400,000뷸뿚닄쇏춶죫642,400,000볙짨2:돉놾ꆢ볛룱뇤뚯,쿺솿늻뇤퓋펪횧돶킡볆ꆡꆡ10,800,000볙죧쯹폐돉놾뫍떥볛뚼짏짽쇋25%(뗈폚뿋샊뇡횵싊),퓋펪뺻쫕죫SEKꆡ9,200,000뛸쿺쫛솿죔좻놣돖늻뇤,늢쟒헛뻉뫍샻쾢횧돶튲놣돖늻뇤,럖탐헾맜샭뾪횧뇰캪SEK900,000뫍SEK300,000ꆣ죰뗤ퟓ릫쮾퓚뿋샊뇡횵뫳3,500,000샻쾢횧돶10%ꆡꆡ뗄쯰틦뇭뫍쿖뷰쇷솿뇭죧뇭4ꆣ300,000헛ꆡ뻉ꆡꆡ뇭4ꆡ뿋샊뇡횵뫳죰뗤ퟓ릫쮾쯰틦뇭뫍쿖뷰쇷솿뇭900,000ꆡꆡ웤쯻럑폃킡볆ꆡꆡ떥캻떥볛4,700,000쮰잰뺻샻ꆡꆡ(10췲ퟜꆡꆡ볆)(SEK)4,500,000쫕죫쯹뗃쮰@40%ꆡꆡ맺쓚쿺쫛62515,000,0001,800,000쮰뫳뺻샻ꆡꆡ맺췢쿺쫛42510,000,0002,700,000잰웚헛뻉ꆡꆡꆡꆡꆡ킡ꆡ볆ꆡꆡ25,000,000900,000뺻쿖뷰쇷솿떱뗘샍솦춶죫115507,500,000(SEK)SEKꆡ3,600,000떱뗘닄쇏춶죫831753,000,000뺻쿖뷰쇷솿(ꇧ)뷸뿚닄쇏춶죫653,000,000(SEKꆡꇧ900,0004=ꇧꆡ1)ꆡꆡ퓋펪횧돶킡볆ꆡꆡ13,500,000뇭2ꆡ죰뗤ퟓ릫쮾닺뢺햮뇭퓋펪뺻쫕죫SEK11,500,000ꆡꆡꆡ닺뢺햮뫍쯹폐헟좨틦탐헾맜샭뾪횧4,375,000샻쾢횧돶10%ꆡꆡ300,000쿖뷰(5%)1,000,000펦뢶뿮(10%)2,000,000헛ꆡ뻉ꆡꆡ900,000펦쫕뿮ꆡꆡ웤쯻럑폃킡볆5,575,000(1/4)5,000,000뎤웚햮컱3,000,000듦믵쮰잰뺻샻ꆡꆡ5,925,000(횱뷓돉놾뢺햮뫏볆5,000,0001/4)2,700,000쫕죫쯹뗃쮰@40%ꆡꆡ2,370,000만뚨닺뺻횵쯹폐헟좨틦쮰뫳뺻샻ꆡꆡ3,555,00013,700,00010,000,000잰웚헛뻉ꆡꆡꆡ900,000뫏ꆡ볆SEK18,700,000뫏ꆡ볆SEK18,700,000뺻쿖뷰쇷솿(SEK)SEK4,455,000볙뚨ꇁꇁ쓪쓪돵죰뗤뿋샊춻좻뇡횵,듓SEK4=ꇧ1쿂붵뺻쿖뷰쇷솿(ꇧ)ꆡꆡꇧ891,000훁(SEK5=ꇧ1)SEK5=ꇧ1,캪쇋뇭쏷뿋샊뇡횵뫳릫쮾쯹쏦쇙뗄뺭볃럧쿕,컒쏇뛔쿺쫛솿ꆢ쿺쫛볛룱뫍돉놾죽룶뇤솿뗄뇤뮯뷸탐죽훖볙짨뇡횵뫳뗄쓪쿖뷰쇷솿캪ꇧ891,000,뇈풤웚쿖뷰쇷솿복짙:쇋ꇧ9,000(ꇧ900,000-ꇧ891,000),헢쫇평폚헛뻉뛮뫍샻쾢(1)돉놾ꆢ볛룱뫍쫽솿뻹늻뇤;횧돶뛮캴내뇡횵싊25%뗈뇈샽짏짽ꆣ헛뻉ퟷ캪ꆰ쮰쫕떲냥ꆱ,(2)돉놾ꆢ볛룱뇤뚯,쿺솿늻뇤;퓚뇡횵잰뿉쪹쮰뢺복짙ꇧ90,000(ꇧ900,000ꇁ40%/4),뇡횵(3)돉놾ꆢ볛룱ꆢ쫽솿뚼뷸탐뗷헻ꆣ쇭볙뚨컒쏇쯹뾼달뗄뺭볃럧쿕뗄쪱볤뎤뛈캪3쓪ꆣ뫳퓲쪹쮰뢺복짙ꇧ72,000(ꇧ900,000ꇁ40%/5),뷡맻뇡횵뫳볙짨쪹쮰뢺퓶볓쇋ꇧ18,000(ꇧ90,000-ꇧ72,000),벴쿖뷰쇷돶1:돉놾ꆢ볛룱뫍쫽솿뻹늻뇤ꇧ18,000;뛸샻쾢횧돶ퟷ캪돉놾퓚뇡횵잰뗄쮰뫳돉놾캪볙죧뿋샊뇡횵뫳쿺쫛솿ꆢ쿺쫛볛룱뫍돉놾뻹늻랢짺뇤뮯,퓲죰뗤ퟓ릫쮾쓪쿖뷰쇷솿뗈폚늻뇡횵쳵볾쿂뗄뺻샻죳볓헛ꇧ445,000(300,000ꇁ(1-40%)/4),뇡횵뫳뗄쮰뫳돉놾캪뻉ꇧ36,000(300,000ꇁ(1-40%)/5),뇈뇡횵잰뗄쮰뫳돉놾복,벴SEK3,600,000,퓚탂믣싊쿂,헢늿럖쿖뷰쇷솿쿠떱폚ꇧ짙쇋ꇧ9,000(ꇧ45,000-ꇧ36,000),떼훂쿖뷰쇷죫ꇧ9,000ꆣ720,000(3,600,000/5),뇈풤웚쿖뷰쇷솿복짙쇋ꇧ180,000(ꇧ900,000-ꇧ솽쿮뫏볆,쪵쿖쿖뷰뺻쯰쪧ꇧ9,000(-ꇧ18,000+ꇧ9,000)ꆣ720,000)ꆣ떫퓚뗚죽쓪,평폚죰뗤ퟓ릫쮾뎥뮹캪쇋췪헻뗘럖컶뺭볃럧쿕,컒쏇뮹뇘탫뛔펪퓋놾ퟷ쿠SEK3,000,000듻뿮,헛뫏돉쏀풪,쪵쿖뺻쿖뷰쇷죫ꇧ펦뗄뗷헻(볻뇭5)ꆣ150,000(3,000,000/4-3,ꆪ24ꆪ
뇭5ꆡ펪퓋놾뇤뮯솿뗷헻뇭볙짨3:돉놾ꆢ볛룱ꆢ쫽솿뚼뷸탐뗷헻뇡횵잰뇡횵뫳뇤뮯솿룼쟐뫏쿖쪵뗄볙짨쫇:쯹폐뿉뇤쿮쒿뚼뷸탐뗷헻ꆣ볙죧쿖ꆡ뷰퓚룃샽훐죰뗤ퟓ릫쮾맺쓚쿺쫛뗄떥볛쳡룟10%,벴SEK22,쿺쫛솿쳡룟20%,벴7,200,000;맺췢쿺쫛뗄떥볛쳡룟떽SEK24(5%쿺쫛뛮1,000,0001,250,000250,000)(헢죔좻뗍폚뿋샊뇡횵싊,퓚뺺헹훐뒦폚폐샻뗘캻),쿺쫛솿쳡펦쫕뿮룟15%,벴4,600,000;떱뗘샍솦뫍닄쇏춶죫뗄볛룱뻹쳡룟(25%쿺쫛뛮5,000,0006,250,0001,250,000)15%,벴럖뇰캪SEK46뫍SEK3145;맺췢뷸뿚닄쇏뫍떱뗘닄듦ꆡ믵쇏ꆢ샍솦뗄춶죫솿튲ퟷ쇋쿠펦뗄뗷헻;탐헾맜샭뾪횧쳡룟(25%횱뷓돉놾2,700,0002,700,00030)10%,벴SEK3,850,000;헛뻉뫍샻쾢횧돶죔좻놣돖늻뇤ꆣ펦뢶뿮듓뇭7컒쏇뿉틔볆쯣돶쏀풪뗄뺻쿖뷰쇷솿,웤쫽솿캪(10%쿺쫛뛮2,000,0002,500,000500,000)ꇧ1,010,800,뇈뇡횵잰쿖뷰쇷솿퓶볓쇋ꇧ110,800(ꇧ1,010,뺻펪퓋놾800-ꇧ900,000)ꆣSEK6,700,000SEK7,700,000SEK1,000,000폫듋춬쪱,컒쏇뛔펪퓋놾튲ퟷ쿠펦뗄뗷헻,펪퓋놾퓶뺻펪퓋놾쏀풪퓶솿ꇧ볓쇋ꇧ388,890(볻뇭8)ꆣ200,000(SEK5=ꇧ뇭8ꆡ펪퓋놾뇤뮯솿뗷헻뇭1)힢뇡횵잰뇡횵뫳뇤뮯솿:평폚쿺솿쎻폐룄뇤,쯹틔듦믵볛횵튲캴룄뇤ꆣ춨맽뇭5컒쏇뿉뾴떽,평폚떥볛뫍돉놾뗄뗷헻쿖ꆡ뷰,쪹펪퓋놾퓶볓쇋ꇧ(5%쿺쫛뛮1,000,0001,344,000344,000)200,000,떼훂뗚튻쓪뗄쿖뷰쇷솿쪵볊캪ꇧ691,000(ꇧ891,000-ꇧ200,000);뛸뗚죽쓪퓲평폚뎥뮹듻뿮쪹쿖펦쫕뿮뷰쇷죫솿퓶볓ꇧ150,000,벴쪵볊쿖뷰쇷죫솿캪ꇧ1,041,000(25%쿺쫛뛮5,000,0006,720,0001,720,000)(ꇧ891,000+ꇧ150,000)ꆣ컒쏇뿉틔춨맽뇭6볆쯣돶룷쓪쿖뷰쇷솿뇤뮯솿뗄쿖횵늢듦ꆡ믵(25%횱뷓돉놾2,700,0003,268,4493568,449)ퟮ훕볆쯣돶뺭볃럧쿕뗄쫜쿕뛮(볙짨쳹쿖싊캪15%)ꆣ뇭6ꆡ룷쓪쿖뷰쇷솿뇤뮯솿뗄쿖횵뇭펦뢶뿮(10%쿺쫛뛮2,000,0002,668,000668,000)쓪뇡횵뫳뇡횵잰쿖뷰쇷솿뢴샻쿖쿖뷰쇷솿뇤뛈쿖뷰쇷솿쿖뷰쇷솿뇤뮯솿횵쾵쫽뮯솿뗄쿖횵뺻펪퓋놾SEK6,700,000SEK8,644,449SEK1,944,449(1)-(2)=(3)ꇁ(4)=(5)1ꇧ691,000ꇧ900,000-ꇧ209,00001870-ꇧ181,830뺻펪퓋놾쏀풪퓶솿ꇧ388,8902891,000900,000-9,00001756-6,800(SEK5=ꇧ1)31,041,000900,000141,0000165892,780뺻쯰쪧뛮-ꇧ95,8503평폚쿺쫛ퟜ솿퓶볓쇋180,000룶떥캻(\[(712+416)-(6+4)\]ꇁ100,000),틲뛸튪쟳듦믵퓶볓45,000룶떥캻(180,뇭7ꆡ뿋샊뇡횵뫳죰뗤ퟓ릫쮾쯰틦뇭뫍쿖뷰쇷솿뇭000ꇁ25%),헢킩듦믵퓶솿뗄볛룱캪SEK568,449(14,906,떥캻떥볛000ꇁ45,000/(712+416)ꇁ10,000)ꆣ(10췲)(SEKퟜꆡꆡ볆)평폚뗚튻쓪퓶볓쇋펪퓋놾ꇧ388,890,쯹틔뇡횵뫳뗚튻맺쓚쿺쫛7122715,840,000쓪뗄쿖뷰쇷죫솿캪ꇧ621,910(ꇧ1,010,800-ꇧ388,890);뗚맺췢쿺쫛4162411,040,000죽쓪퓚ꇧ1,010,800뗄믹뒡짏퓶볓쇋뎥뮹듻뿮쪱뗄쿖뷰쇷죫ꆡꆡ킡ꆡ볆ꆡꆡ26,880,000솿ꇧ150,000,틲뛸쪵볊쿖뷰쇷죫솿캪ꇧ1,160,800(ꇧ1,010,떱뗘샍솦춶죫1177468,142,000800+ꇧ150,000)ꆣ룷쓪뗄쿖뷰뺻쇷솿뗄쿖횵뫍뺭볃럧쿕쫜떱뗘닄쇏춶죫1016231453,664,000쿕ퟜ뛮컒쏇뿉틔볆쯣죧쿂(볻뇭9)ꆣ뷸뿚닄쇏춶죫61253,100,000뇭9ꆡ룷쓪쿖뷰쇷솿뇤뮯솿뗄쿖횵뇭ꆡꆡ퓋펪횧돶킡볆ꆡꆡ14,906,000쓪퓋펪뺻쫕죫뇡횵뫳뇡횵잰쿖뷰쇷솿뢴샻쿖쿖뷰쇷솿뇤SEK11,974,000뛈쿖뷰쇷솿쿖뷰쇷솿뇤뮯솿횵쾵쫽뮯솿뗄쿖횵탐헾맜샭뾪횧3,850,000(1)-(2)=(3)ꇁ(4)=(5)샻쾢횧돶10%ꆡꆡ300,0001ꇧ621,910ꇧ900,000-ꇧ278,09001870-ꇧ241,938헛ꆡ뻉ꆡꆡ900,000ꆡꆡ웤쯻럑폃킡볆ꆡꆡ21,010,800900,000110,8000175683,7655,050,000쮰잰뺻샻ꆡꆡ31,160,800900,000260,80001658171,6066,924,000쫕죫쯹뗃쮰@40%ꆡꆡ뺻쫕틦뛮ꇧ13,4332,769,000쮰뫳뺻샻ꆡꆡ4,154,000잰웚헛뻉ꆡꆡꆡ틔짏볆쯣뷡맻뇭쏷,퓚뗚1ꆢ2훖볙짨쟩뿶쿂,릫쮾돶쿖쇋900,000뺭볃쯰쪧,럖뇰캪ꇧ321,420뫍ꇧ95,850,뛸뗚죽훖볙짨쟩뿶뺻쿖뷰쇷솿(SEK)SEK5,054,000쿂퓲돶쿖쇋ꇧ13,433뗄뺭볃쫕틦ꆣ뺻쿖뷰쇷솿(ꇧ)ꆡꆡꇧ틔짏컒쏇쫇틔쒳뿧맺릫쮾캪샽,뛔폚럇뿧맺릫쮾뗄짦췢1,010,800(SEK5=ꇧ1)탍웳튵,짏쫶볆쯣췢믣뺭볃럧쿕뗄랽램춬퇹쫊폃,컒쏇늻퓙ힸ쫶ꆣꆪ25ꆪ
죽ꆢ췢믣뺭볃럧쿕뗄맜샭닟싔쇋퓚뎤웚쓚뻟폐뺺헹솦,듳훚릫쮾룄뇤쇋짺닺쿟,짺닺쏦쿲훐평폚뺭볃럧쿕늻쓜놻ힼ좷쪶뇰,틲뛸쎻폐뿉릩쪹폃뗄쫐뗈쫕죫뷗닣,쿺쫛뷏룟훊솿뗄퓬탍쏀맛뗄웻뎵,좡뗃쇋뷏뫃돉뎡릤뻟,뛔웤맜샭뻍횻쓜닉좡튻훖랽쿲탔뗄ꆢ닟싔탔뗄쫖뛎,벨ꆣ춨맽룄뇤릫쮾ퟔ짭살쫊펦뮷뺳뗄뇤뮯ꆣ튻냣살쮵,쿻돽믣싊(3)퓶볓닺욷뒴탂ꆣ퓚쏦쇙믵뇒볡춦쪱,뿧맺웳튵뮹뿉춨늨뚯뗄늻샻펰쿬,샻폃탂뗄뺭펪믺믡,훷튪폐죽룶랽쏦뗄쟾뗀맽퓶볓퇐뺿뫍뾪랢횧돶,듙뷸닺욷짽벶쓜솦뫍쳡룟훆퓬닮뇰(볻뇭10)닺욷뗄쓜솦,퓚볛룱뫍쫐뎡럝뛮짏좡뗃뷏뫃튵벨ꆣ뇭10ꆡ뺭볃럧쿕맜샭닟싔4ꆢ듙쿺닟싔ꆣ튻냣쮵살,짺닺맺믵뇒뇡횵쪱,쿲뗚죽맺돶펪쿺닟싔짺닺닟싔죚닟싔뿚뗄ퟓ릫쮾,펦퓶볓맣룦뫍엠통뗈듙쿺횧돶,틲캪듋쪱뿉틔뗍볛닟싔햼쇬쫐뎡;랴횮,짺닺맺믵뇒짽횵쪱,듙쿺횧돶펦복짙ꆣ쫐뎡톡퓱춶죫ퟩ뫏룄뇤죚뷡릹(뛾)짺닺닟싔뚨볛닟싔틆짺닺뾼싇럧쿕돉놾닺욷닟싔쟸캻톡퓱톡퓱뚨볛믵뇒떱믣싊뇤뮯돖탸쪱볤뷏뎤뛸쟒킧펦쿔훸,뷶뾿룄뇤볛룱ꆢ듙쿺닟싔쳡룟짺닺싊톡퓱쫐뎡뗈뛌웚뗷헻늻쓜쿻돽믣싊뇤뚯뗄늻샻펰쿬,뻍횻폐뗷헻짺닺맽돌,닅쓜복짙뺭볃럧쿕뿉쓜퓬돉뗄쯰쪧,뎣볻뗄닟싔폐:(튻)펪쿺닟싔1ꆢ쫐뎡톡퓱ꆣ떱뚫뗀맺믵뇒뇡횵쪱,평폚돶뿚볛룱쿂뗸1ꆢ춶죫ퟩ뫏ꆣ듓쫀뷧늻춬뗄뗘랽,틔늻춬뗄믵뇒릺싲풭떼훂돶뿚솿퓶볓,맺췢쫐뎡삩듳,춬쪱뚫뗀맺맺쓚쫐뎡평폚뷸쇏춶죫,뿉틔복쟡믣싊돥믷뛔돉놾뗄펰쿬ꆣ죧떱틔쒳훖췢뇒뿚볛룱짏헇뚨볛뗄풭쇏돉놾짏짽쪱,퓚뇡횵뗘쟸훘탂톰헒탂뗄풭쇏릩펦,뛔뷸뿚욷탨쟳복짙,뛔ퟓ릫쮾닺욷뗄탨쟳쿠펦퓶볓,헢쪱ퟓ릫쮾탨튪힡쪱믺,춬쪱췘햹맺쓚뫍맺췢솽룶쫐살풴,뻍뿉틔뇜쏢쯰쪧ꆣ샽죧,죕놾뎧짌듓몫맺ꆢ첨췥뗈탂탋뎡릤튵맺볒뫍뗘쟸릺싲쇣늿볾,헢킩맺볒믲뗘쟸뗄믵뇒폫쏀풪;뚫뗀맺믵뇒짽횵쪱,킧펦쿠랴,듋쪱펦룃뺡솦놣뮤훘탂햼쇬탨튪뷏듳돉놾뗄쫐뎡ꆣ쫇뷴쏜쿠솬뗄,쯦ퟅ쏀풪뛔죕풪뗄뇡횵,죕놾뎧짌뗄뷸뿚돉놾퓚쫐뎡톡퓱뗄춬쪱,뿧맺릫쮾뮹뿉춨맽훆퓬닮뇰닺욷살쿂붵,뿉퓚튻뚨돌뛈짏복짙놾뇒짽횵뛔돶뿚퓬돉뗄쯰쪧ꆣ뷸탐쫐뎡럖룮ꆣ쫂쪵횤쏷,쓜릻훆퓬닮뇰닺욷뗄웳튵,쫐뎡뛔2ꆢ틆짺닺ꆣ맺볊랶캧쓚뗄짺닺뛠풪뮯,뿉틔쪹뿧맺웳웤닺욷탨쟳떯탔뷏뗍튵볈샻폃룷뗘뗄튪쯘?뢳폅쫆,폖뿉복쟡뫪맛뺭볃늨뚯뗄펰,쳦듺돌뛈늻룟,쫐뎡럝뛮뷏컈뚨,볛룱뗷헻뗄폠뗘뷏듳;믣싊랢짺폐샻뇤뮯쪱,뿉틔샻폃볛룱폅쫆톸쿬ꆣ뿧맺릫쮾춨맽틆짺닺,죧퓶볓믵뇒뇡횵맺ퟓ릫쮾뗄짺쯙햼쇬쫐뎡닺,복짙믵뇒짽횵맺ퟓ릫쮾뗄짺닺,늻뷶믘뇜쇋믣싊럧쿕뗄펰;믣싊랢짺늻샻뇤뮯쪱,쫐뎡럝뛮튲늻틗뚪쪧ꆣ틲듋춨맽짺닺닮뇰닺욷럖룮늻춬쫐뎡뿉쳡룟웳튵맜샭뺭볃럧쿕쿬,뮹샻폃쇋믣싊늨뚯뗄펯샻믺믡,쪹뗃뿧맺릫쮾뇈튻냣뗄돶뗄쓜솦ꆣ뿚짌,쫜뷏킡뗄믣싊럧쿕펰쿬ꆣ3ꆢ쟸캻톡퓱ꆣ떱쒳튻뗘쟸뗄믵뇒뇡횵듦퓚뗄쪱볤뫜뎤,2ꆢ뚨볛닟싔ꆣ듓럧쿕뷇뛈돶랢뗄뚨볛닟싔훷튪맘탄뗄컊쳢:쫇캬돖쫐뎡럝뛮,뮹쫇놣돖뇟볊샻죳(닺욷볛룱뿧맺릫쮾ퟮ뫃뗄닟싔쫇퓚룃뗘쟸짨뎧짺닺,틔믱좡짺닺돉놾)?웤쪵튲뻍쫇퓚닺욷쿺솿뇤뚯뫍닺욷볛룱뗷헻횮볤ퟶ돶톡퓱ꆣ죧뚫뗀뷏뗍뗄뫃뒦ꆣ샽죧,쯦ퟅ죕풪뗄잿뺢짏짽,죕놾뿧맺릫쮾랢쿖맺믵뇒짽횵퓚쏀맺춶짨뎧쫇ퟮ병톡퓱ꆣ횵뗃힢틢뗄쫇,헢훖뛔췢횱뷓,뗚죽맺믵뇒뇡횵,폐쿲뗚죽맺돶뿚튵컱뗄ퟓ릫쮾뿉틔쳡룟틔뗚죽맺믵뇒뇪볛뗄짌욷볛룱(놣돖틔뚫뗀맺믵뇒춶뗄쟸캻톡퓱,맘볼쫇뾴췢믣늨뚯쫇럱돖뻃ꆣ죴믣싊늨뚯뇪볛뇭쪾뗄뇟볊샻죳늻뇤),떫틲뗚죽맺쫐뎡짏폐춬훖닺욷짺쫇춨믵엲헍틽웰뗄,퓲틲듋뛸닺짺뗄돉놾폅쫆믡뫜뿬쿻쪧,늻닺헟뗄뺺헹틋솢벴떽죵뇒쟸춶짨뎧ꆣ,떥랽쳡볛(웤쯻뎧짌놣돖쫛볛)뻍믡복짙닺욷쿺솿쪧좥쫐뎡럝뛮ꆣퟮ훕쫕틦쫇퓶볓믲쫇복짙4ꆢ쳡룟짺닺싊ꆣ퓚쎻폐웤쯻룼뫃뗄닟싔쪱,춨맽맘뇕좱,뻶뚨폚쳡볛떼훂뗄쫕죫퓶볓쫇럱듳폚쿺쫛솿쿂붵뛸틽웰뗄쫕죫복짙ꆣ튻냣랦킧싊뗄릤뎧,쳡룟ퟔ뚯뮯뗄돌뛈ꆢ횴탐킭틩릤뗈랽램쳡룟쮵살짺닺싊,헢퓚튻뚨돌뛈짏뿉복쟡믣싊늨뚯뗄돥믷ꆣ,탨쟳볛룱떯탔듳,뻍펦믘뇜쳡볛닟싔,솦춼삩듳쿺솿,좡뗃쫐뎡럝뛮,죴짺닺뗄맦쒣뺭볃춻돶,룼펦죧듋ꆣ샽죧쏀맺뗄(죽)죚닟싔뿂듯붺뻭뫍죕놾뗄뢻쪿붺뻭캪햼쇬훐맺쫐뎡,뻍닉좡뗍볛닟1ꆢ뗷헻닺뢺햮뷡릹ꆣ샽죧,쒳뚫뗀맺믵뇒풤웚짽횵,믡싔쪹ퟓ릫쮾쫕죫뗄놾뇒횵복짙,떫죴쿠펦퓶볓틔뚫뗀맺믵뇒뇪(웤쫛볛풶뗍폚맺췢쫛볛),듓쫐뎡럝뛮뗄삩듳짏좡샻죳ꆣ랴횮,죴맦쒣킧펦뫍볛룱떯탔뚼뗍,퓲ퟮ뫃룄뇤볛룱,틲캪듋볛뗄햮좨,닺퓶횵떼훂뗘쫕틦퓶볓뿉틔뗖쿻뺭펪쫕죫뗄쯰쪱뗄쫐뎡럝뛮쫇쿠뛔컈뚨뗄ꆣ샽죧70쓪듺뫳웚,쏀풪쪵볊뇡쪧;랴횮,떱뗘믵뇒풤웚뇡횵,퓶볓떱뗘믵뇒햮컱,믵뇒뇡횵뫳횵뻍믡복쟡햮컱뢺떣ꆣ횻튪닺뫍햮컱뷡릹낲업뫏샭,췢믣늨,떫쏀맺돶뿚뎧짌죔닉폃놣돖뇟볊샻죳뗄닟싔,틲캪쯻쏇쓜폃쿈뷸뗄벼쫵훆퓬닮뇰닺욷,웤볛룱떯탔뫍쳦듺떯탔뚼뷏뗍뚯뗄뺭볃럧쿕뻍믡놻폐킧뗘쿻돽ꆣ,쫐뎡럝뛮뷏컈뚨ꆣ2ꆢ닺뢺햮럖즢뮯ꆣ웳튵뿉틔듓돯뫍춶솽룶쟾뗀살럖즢췢믣럧쿕ꆣ웳튵돯쪱,튪뺡솿듓뛠룶놾쫐뎡돯,틔3ꆢ닺욷닟싔ꆣ폃닺욷닟싔맜샭뺭볃럧쿕뗄랽램,듳훂폐죽룶랽쏦뛠훖믵뇒돯;춶쪱튪뺡뿉쓜틔늻춬뗄탎쪽,쿲늻춬뗄뛔:쿳,틔늻춬뗄믵뇒춶ꆣ헢퇹,웳튵쏦쇙췢믣럧쿕쪱,뻍뿉틔(1)톡퓱췆돶탂닺욷뗄쪱볤ꆣ샽죧,떱뗘믵뇒뇡횵쪱,평폚볛룱폅쫆,쫇쿲짽횵맺췆돶탂닺욷뗄샭쿫쪱볤ꆣ퓚쏀풪볡믱뗃럖즢뮯뗄쫕틦,쪹쯰쪧뗃틔복짙ꆣ춦뗄[닎뾼컄쿗]1984쓪,탭뛠뿧맺릫쮾샻폃탂닺욷뷸죫쇋쏀맺쫐뎡ꆣ(2)톡퓱짺닺맦쒣ꆣ떱뗘믵뇒뇡횵쪱,릫쮾펦뺡솿삩듳짺\[1\]닺쿟\[M\].AyllnandBacon,Inc11982.,틔쫊펦쫐뎡탨쟳뗄퓶볓;죴떱뗘믵뇒짽횵,펦쯵킡믲뮻짺닺ꆣ샽죧,뗂맺듳훚웻뎵릫쮾퓸틔뗍볛ꆢ뗍놣퇸럑쪹웤닺\[2\쳕]ꆡ쿦.췢믣럧쿕맜샭쪵컱\[M\]훐.맺뷰죚돶냦짧,욷뻟폐뫜룟뗄맺볊뺺헹솦,떽쇋70쓪듺퓧웚,뗂맺십뿋뗄짽1995.횵쪹헢훖뗍볛폅쫆쿻쪧쇋,쫐뎡럝뛮쫜떽벷톹,뷶\[3\돂]캰.맺볊뷰죚럧쿕맜샭\[M\]뮪.뚫쪦랶듳톧돶냦1974쓪,릫쮾캪놣뮤쫐뎡럝뛮뛸붵뗍놾뇒볛,뻍쯰쪧쇋311틚쏀풪ꆣ캪짧,1997.[퓰죎뇠벭:탭풾믔]ꆪ26ꆪ
