河北农业大学硕士学位论文商标权价值评估的双因素模型研究姓名：耿明明申请学位级别：硕士专业：农业经济管理指导教师：尉京红2009-05-27
햪 튪 떱뷱짧믡ꎬ횪쪶닺좨틑돉캪ퟮ믮풾ꆢퟮ폐볛횵뗄짺닺튪쯘ꎬ뛸짌뇪좨ퟷ캪횪쪶닺좨뗄훘튪ퟩ돉늿럖ꎬ틔벰웳튵횪쪶닺좨뗄훘튪ퟩ돉늿럖ꎬ헽틔풽살풽룟뗄욵싊돶쿖퓚뺭볃짺믮훐ꆣ쯦ퟅ쫐뎡뺭볃뗄랢햹뫍뺭볃맺볊뮯뷸돌뗄볓뿬ꎬ죧뫎뫏샭뗘움맀짌뇪좨뗄볛횵ꎬ틑돉캪쪮럖훘튪뗄컊쳢ꆣ뛸쒿잰샭싛뷧뛔폚짌뇪좨볛횵뗄쓚몭뮹쎻폐탎돉춳튻뗄맛뗣뫍죏쪶ꎬ닺좨죃쒿뗄쿂뗄짌뇪좨움맀튻냣뚼닉폃쫕틦램ꎬ떫평폚룃랽램췪좫틀삵폚움맀쪦뛔놻움맀짌뇪좨퓚캴살뗄풤웚쫕틦벰럧쿕뗈틲쯘뗄에뛏ꎬ뛸짌뇪좨뗄풤웚쫕틦뻟폐뷏듳뗄늻좷뚨탔ꎬ럧쿕뷏룟ꎬ퓚움맀쪵볹훐췹췹믡떼훂움맀뷡맻닮틬뷏듳ꆣ죧뫎붵뗍짌뇪좨움맀훐풤웚늻좷뚨탔틲쯘뗄펰쿬뻍돉캪짌뇪좨움맀샭싛퇐뺿훐뗄튻룶쓑쳢ꆣ 놾컄듓짌뇪좨볛횵뗄릹돉죫쫖ꎬ퓚뛔짌뇪좨볛횵펰쿬틲쯘뷸탐럖컶뗄믹뒡짏ꎬ맩쓉돶펰쿬짌뇪좨볛횵뗄쮫틲쯘ꎬ늢틔듋햹뾪퇐뺿ꎬ릹붨짌뇪좨볛횵움맀뗄쮫틲쯘쒣탍ꎬ횼퓚ퟮ듳돌뛈짏붵뗍짌뇪좨볛횵움맀럧쿕ꎬ쪹움맀뷡맻룼볓뫏샭ꆣ좫컄릲럖쇹헂ꆣ뗚튻헂쫇틽퇔ꎬ훘뗣뛔싛컄뗄퇐뺿놳뺰ꆢ맺쓚췢퇐뺿쿖ힴ뷸탐쇋럖컶ꎬ뛔싛컄퇐뺿뗄쒿뗄ꆢ퇐뺿쓚죝ꆢ퇐뺿쮼슷뫍랽램ꆢ싛컄뗄뒴탂뫍늻ퟣ뗈랽쏦뷸탐쇋맩쓉뫍ퟜ뷡ꆣ뗚뛾헂훁뗚컥헂쫇싛컄뗄훷쳥늿럖ꎬ웤훐뗚뛾헂뷧뚨쇋짌뇪뗄쓚몭ꎬ싛쫶쇋짌뇪좨볛횵뗄탎돉ꆢ살풴ꎬ냑짌뇪좨뗄볛횵럖캪짌뇪좨뗄돵쪼볛횵뫍쪹폃볛횵ꎬ닻쫶쇋펰쿬짌뇪좨볛횵뗄룷쿮틲쯘ꎬ캪릹붨쮫틲쯘움맀쒣탍뗬뚨샭싛믹뒡ꎻ뗚죽헂쫇뛔짌뇪좨볛횵움맀뗄믹놾랽램뷸탐쫊폃탔럖컶ꎬ캪릹붨쮫틲쯘움맀쒣탍뗬뚨랽램믹뒡ꎻ뗚쯄헂쫇퓋폃짌뇪좨볛횵릹돉풭샭ꎬ릹붨쇋짌뇪좨움맀뗄쮫틲쯘쒣탍ꎬ뛔쫕틦램훐뗄쿠맘닎쫽뷸탐뫏샭뗄톡좡ꎬ틽죫쇋짌뇪좨볛횵뗄돵쪼돉놾탞헽틲ퟓ뫍뺭볃볛횵탞헽틲ퟓꎬ뛔뒫춳쫕틦램뗄짌뇪좨볛횵움맀뷡맻뷸탐탞헽ꎻ뗚컥헂쫇쪵횤럖컶ꎬ퓋폃짌뇪좨움맀낸샽ꎬ닻쫶쇋쮫틲쯘움맀쒣탍뗄뿉닙ퟷ탔ꆣ뗚쇹헂캪놾컄뗄뷡싛ꎬퟜ뷡쇋놾컄뗄훷튪맛뗣뫍뷡싛ꎬ늢쳡돶쇋뷱뫳탨뷸튻늽퇐뺿뗄컊쳢ꆣ 맘볼듊ꎺ짌뇪좨ꎻ볛횵ꎻ움맀랽램ꎻ쮫틲쯘
Study on Double-factor Modelof Trademark Rights Value Evaluation Student: Geng Ming-ming Specialty: Agricultural Economics and Management Tutor: Professor Wei Jing-hong Abstract In the society now,intellectual property has become the most active and valuable element of production, and trademark rights as an important part of intellectual property rights, as well as an important part of intangible assets in enterprise is appearing by more and more high frequency in the economic the development of the market economy and internationalization of the economy to speed up the process, how to evaluate the value of trademarks reasonably has become a very important question. However, the current trademark rights value evaluation theorists have not formed the unified viewpoint and the understanding regarding the trademark rights value's connotation, and how to evaluate the trademark rights value reasonably, they still have no uniform views. Under the property right shift goal trademark rights evaluation uses the income approach , the method is totally dependent on the assessment by the assessment division of trademark rights in the future expected return and risk factors such as the judge, and the expected return of the trademark has a greater uncertainty, higher risk in assessing the practice often lead to large differences in the results of the assessment. Assessment of how the trademark is expected to reduce the uncertainties of the impact assessment has become the trademark of a theoretical research problem. This article obtains from the trademark rights value's constitution, in carries on the analysis to the trademark rights value influencing factor in the foundation, induces the influence trademark rights value the double factor, and launches the research by this, the construction trademark rights value assessment double factor model, is for the purpose in the greatest degree reducing the trademark rights value assessment risk, causes the appraisal result to be more reasonable. There are six chapter in this first chapter is the introduction, key to the paper research background, the domestic and foreign research present situation has carried on the analysis, to paper research's aspects and so on goal, research content, research mentality and method, paper innovation and insufficiency has carried on the induction and the summary. The second to fifth chapters are the main body of the second chapter has limited the trademark connotation, elaborated the trademark rights value formation and origin,departed the trademark rights value to origin value and use value, elaborated the influence factors of trademark rights value. The third chapter has analyzed the three kind of basic evaluation method of trademark rights forth chapter proposed the trademark rights evaluation double-factor model after analyzed the three kind of basic evaluation method and select the parameter reasonably of income chapter has introduced the trademark rights value initial cost modification factor and the economic value modification factor, carries on the revision to the traditional income's method about trademark rights value evaluation fifth chapter is a example for the model in the forth chapter, using the trademark rights appraisal case, elaborated the double factor appraisal model feasibility and the sixth chapter is the conclusion, summarized this article major point and the conclusion, and proposed the present must further study
question. Key word: Trademark rights;Value; Appraisal method;Double-factor
뛀뒴탔짹쏷 놾죋짹쏷쯹돊붻뗄톧캻싛컄쫇놾죋퓚떼쪦횸떼쿂뷸탐뗄퇐뺿릤ퟷ벰좡뗃뗄퇐뺿돉맻ꆣ뻝컒쯹횪ꎬ돽쇋컄훐쳘뇰볓틔뇪힢뫍훂킻뗄뗘랽췢ꎬ싛컄훐늻냼몬웤쯻죋틑뺭랢뇭믲킴맽뗄퇐뺿돉맻ꎬ튲늻냼몬캪믱뗃 뫓놱얩튵듳톧 믲웤쯻뷌폽믺릹뗄톧캻믲횤쫩뛸쪹폃맽뗄닄쇏ꆣ폫컒튻춬릤ퟷ뗄춬횾뛔놾퇐뺿쯹ퟶ뗄죎뫎릱쿗뻹틑퓚싛컄훐ퟷ쇋쏷좷뗄쮵쏷늢뇭쪾킻틢ꆣ 톧캻싛컄ퟷ헟잩쏻ꎺ 잩ퟖ죕웚ꎺ 쓪 퓂 죕 톧캻싛컄냦좨쪹폃쫚좨쫩 놾톧캻싛컄ퟷ헟췪좫쇋뷢 뫓놱얩튵듳톧 폐맘놣쇴ꆢ쪹폃톧캻싛컄뗄맦뚨ꎬ폐좨놣쇴늢쿲맺볒폐맘늿쏅믲믺릹쯍붻싛컄뗄뢴펡볾뫍듅엌ꎬ퓊탭싛컄놻닩퓄뫍뷨퓄ꆣ놾죋쫚좨뫓놱얩튵듳톧뿉틔붫톧캻싛컄뗄좫늿믲늿럖쓚죝뇠죫폐맘쫽뻝뿢뷸탐볬쯷ꎬ뿉틔닉폃펰펡ꆢ쯵펡믲즨쏨뗈뢴훆쫖뛎놣듦ꆢ믣뇠톧캻싛컄ꆣ ꎨ놣쏜뗄톧캻싛컄퓚뷢쏜뫳쫊폃놾쫚좨쫩ꎩ 톧캻싛컄ퟷ헟잩쏻ꎺ 떼쪦잩쏻ꎺ 잩ퟖ죕웚ꎺ 쓪 퓂 죕 잩ퟖ죕웚ꎺ 쓪 퓂 죕 톧캻싛컄ퟷ헟뇏튵뫳좥쿲ꎺ 릤ퟷ떥캻ꎺ 뗧뮰ꎺ 춨톶뗘횷ꎺ 폊뇠ꎺ
짌뇪좨볛횵뗄쮫틲쯘움맀쒣탍퇐뺿 1 틽퇔 퇐뺿놳뺰 짌뇪뗄쪹폃풴폚죋샠폐붻틗믮뚯횮쪱ꎬ쪮뻅쫀볍훐튶틔뫳ꎬ쯦ퟅ뿆벼뗄뷸늽뫍릤짌튵뺭볃뗄량쯙랢햹ꎬ맺볊쎳틗욵랱ꎬ쫐뎡탅쾢틑뒦폚늻췪좫ힴ첬ꎬ볓횮쎳틗뇚생ꎬ쫐뎡믺훆평췪좫뺺헹ힴ첬캪럇볛룱뺺헹뗄늻췪좫뺺헹ힴ첬ꎬ쿻럑헟뗄릺싲쓑뛈퓚컞탎훐퓶듳ꎬ듋쪱짌뇪돉캪쿻럑헟틀삵뗄쒿뇪ꎬ짌뇪돉캪짌뎡짏뺺헹뗄폐솦커웷ꆣ짌뇪뷨훺맣룦뛔쿻럑헟뗄쮵럾펰쿬솦폐킧뗘랢믓쇋웤헧뇰짌욷뗄릦쓜ꎬ늢쟒돉캪웳튵뒴짨탅폾뗄폐킧쫖뛎ꆣ짌뇪좨ퟷ캪짌뇪쯹폐헟틀램쿭폐뗄좨틦ꎬ퓚웳튵뺭펪닟싔짏웰ퟅ뻙ퟣ쟡훘뗄ퟷ폃ꎬ웤ퟔ짭튲퓚췆쿺짌욷ꆢ췘햹쫐뎡훐탎돉캪튻훖늻죝뫶쫓뗄컞탎닺ꆣ튻룶웳튵쫇럱돉캪욷없믲웤쫇럱펵폐횪쏻닺욷뫍돛쏻짌뇪ꎬ볈뇭쏷웤뺭볃쪵솦뫍쫐뎡뗘캻ꎬ튲랴펳웤돖탸랢햹쓜솦뗄듳킡ꆣퟷ캪웳튵컞탎닺뗄튻늿럖ꎬ짌뇪좨뗄볛횵쫇늻뿉뫶싔뗄ꆣ평폚죚ꆢ볦늢ꆢ뫏뗈튻쾵쇐믮뚯뗄탨튪ꎬ쪹폐맘짌뇪좨볛횵솿뮯뗄퇐뺿쫜떽샭싛폫쪵볊릤ퟷ헟뗄맣랺맘힢ꆣ폈웤쫇ퟷ캪횪쪶닺좨뗄훘튪ퟩ돉늿럖ꎬ짌뇪좨퓚맺볊컨첨짏훰붥떣죎ퟅ룼캪훘튪뗄뷇즫ꆣ 퓚떱뷱헢룶틔뺭볃좫쟲뮯캪놳뺰ꎬ틔횪쪶뺭볃캪훷탽싉뗄쪱듺ꎬ뺭볃뺺헹뗄쪵훊훰늽뇤캪횪쪶뺭볃뗄뺺헹ꆣퟔ20쫀볍훐튶틔살ꎬ틔맘쎳ퟜ킭뚨벰웤뫳볌뗄쫀뷧쎳틗ퟩ횯캪훐탄ꎬ뎫떼늢탎돉쇋햽뫳뗄탂뗄맺볊쎳틗쳥훆ꎬ췆뚯쇋뺭볃좫쟲뮯뗄뷸돌ꆣ횪쪶닺좨쎳틗벺뺭돉캪맺볊쎳틗훐뗄튻훖훷튪탎쪽뫍뺺헹쫖뛎ꆣ쯦ퟅ뺭볃좫쟲뮯뫍횪쪶뺭볃랢햹뗄뷸돌볓뿬ꎬ틔횪쪶닺좨캪뇭쿖탎쪽뫍훘튪쫖뛎뗄횪쪶뫍훇솦풴뗄뒴퓬ꆢ햼폐ꆢ퓋폃뫍놣뮤틑뺭돉캪맺볒뫍웳튵좡뗃뺺[1]헹폅쫆뗄훘튪틲쯘ꎬ틠돉캪맺볒뺭볃랢햹뫍짧믡뷸늽풽살풽훘튪뗄췆뚯솦솿ꆣ횪쪶닺좨늻뷶돉캪룷맺퓶잿맺솦뫍쳡룟맺볊뗘캻뗄훘튪햽싔풴ꎬ뮹쫇룷맺랢햹쯹틀뾿뗄뫋탄햽싔솦ꆣ폫듋춬쪱ꎬ횪쪶닺좨놣뮤훆뛈튲듓뒫춳뗄맺쓚훇솦돉맻놣뮤쇬폲ퟟ쿲횪쪶닺좨쎳틗뗄맺볊쫐뎡ꆣ탂뗄맺볊쎳틗훈탲듸살쇋횪쪶닺좨훆뛈뗄맺볊뮯컊쳢ꆣ떱뷱쫀뷧ꎬ횪쪶탎첬뗄짌욷쯹웰뗄ퟷ폃[2]풽살풽듳ꎬ볓잿횪쪶닺좨놣뮤틑돉캪쫀뷧웕뇩랢햹쟷쫆ꆣ퓚헢훖놳뺰쿂ꎬ믽벫쪵쪩횪쪶닺좨햽싔ꆢ췆뚯뒴탂탍맺볒붨짨ꎬ쫇컒맺쳡짽맺볒뺺헹솦뗄뇘좻톡퓱ꆣ 뷼벸쓪살ꎬ컒쏇떳훐퇫ꆢ맺컱풺룟뛈훘쫓쳡룟ퟔ훷뒴탂쓜솦컊쳢ꆣ쳘뇰쫇퓚2007쓪떳뗄뗚쪮웟듎듺뇭듳믡쏷좷쳡돶쇋ꆰ쪵쪩횪쪶닺좨햽싔ꆱꆣ쪵쪩횪쪶닺좨햽싔ꎬ듙뷸ퟔ훷뒴탂돉맻뗄횪쪶닺좨뮯ꆢ짌욷뮯뫍닺튵뮯ꎬ췆뚯횪쪶닺좨뗄폐킧퓋폃ꎬ쫇맺볒쪵쪩횪쪶닺좨햽싔뗄룹놾쒿뗄ꆣ횪쪶닺좨햽싔뗄폐킧쪵쪩ꎬ탨튪짧믡룷랽쏦뗄릲춬얬솦ꎺ웳튵뗄ퟔ훷뒴탂ꆢ훐뷩믺릹뗄죕[3]틦돉쫬ꆢ쿠맘쫐뎡뗄늻뛏췪짆틔벰맺볒헾닟뗄훆뚨ꆢ폐킧쪵쪩뗈뗈ꆣ퓚컒맺ꎬ쯦ퟅ컒맺놣뮤횪쪶닺좨솦뛈뗄볓듳ꎬ짌뇪좨뗈컞탎닺뗄볛횵튲풽살풽쫜떽룷랽맘힢ꆣ맺컱풺랢늼뗄ꆶ맺볒훐뎤웚뿆톧뫍벼쫵랢햹맦뮮룙튪(2006-2020쓪)쏷좷튪쟳ꎬ컒맺튪붨솢뛔웳튵늢릺ꆢ벼쫵붻틗뗈훘듳뺭볃믮뚯횪쪶닺좨쳘뇰짳닩믺훆ꎬ뇜쏢ퟔ훷횪쪶닺좨쇷쪧ꆣ폫듋쿠쫊펦ꎬ훐맺횤볠믡튪쟳짏쫐릫쮾뇘탫엻슶웳튵뗄횪쪶닺좨ힴ뿶ꆣ2005쓪8퓂27죕탂탞뚩뗄ꆶ훐뮪죋쏱릲뫍맺뫏믯웳튵램ꆷ탂퓶쇋폐쿞릫쮾뫏믯죋횪쪶닺좨뗄돶맦뚨ꆣ2006쓪1퓂1죕탂쪵쪩뗄ꆶ릫쮾램ꆷ맦뚨ꎺꆰ막뚫뿉틔폃믵뇒돶ꎬ튲뿉틔폃쪵컯ꆢ횪쪶닺좨ꆢ췁뗘쪹폃좨뗈뿉틔폃믵뇒맀볛늢뿉틔틀램 1
뫓놱얩튵듳톧쮶쪿톧캻ꎨ뇏튵ꎩ싛컄 죃뗄럇믵뇒닺돶ꆱꆣ웤훐횪쪶닺좨냼삨짌뇪좨ꆢ샻좨뫍훸ퟷ좨ꆣ퓚맺볒헾닟뗄듸뚯쿂[4]ꎬ헢뿩튵컱짽컂쫇쟩샭훐뗄쫂ꆣ 떫쫇쒿잰퓚짌뇪좨볛횵움맀랽쏦뮹듦퓚튻킩컊쳢ꎺ (1)평폚쒿잰움볛믺릹맽뛠ꎬ움볛뇪ힼ믬싒ꎬ퓬돉짌뇪좨볛횵욫샫맽듳ꆣ폐킩믺릹펭뫏웳튵탨튪ꎬ맊틢룟맀짌뇪좨볛횵ꎬ쪹짌뇪좨볛횵움볛돉쇋맣룦탻뒫뗄쫖뛎ꎬ퓚짧믡짏퓬돉뫜뮵뗄펰[5]쿬ꎬ튲쪹웳튵탎쿳퓚쿻럑헟탄쒿훐쫜듬ꆣ볓짏짌뇪움볛헾돶뛠쏅ꎬ냬램늻튻ꎬ뇪ힼ늻춬ꎬ뺺쿠톹볛ꎬ듖럅움맀ꎬ쪹움볛훊솿쓑틔놣횤ꆣ (2)뛔짌뇪좨볛횵탎돉벰랢햹맽돌뗄퇐뺿늻ퟣꎬ헢쫇쒿잰짌뇪좨볛횵움맀뗄훂쏼죵뗣ꆣ평폚뚨탔럖컶랽쏦뗄잷좱ꎬ뚨솿퇐뺿튲뻍좱짙쇋럖컶믹뒡ꆣ퓚짌뇪좨볛횵움맀쪵볹훐ꎬ짌뇪좨룅쓮뷧뚨늻쟥ꎬ뫜죝틗폫욷없뫍짌폾믬쿽ꆣ쯤좻뛔짌뇪좨뗄뚨탔에뛏좱랦춳튻뗄뇪ힼꎬ떫짌뇪좨뗄듦퓚좡뻶폚쿻럑헟뗄죏춬ꎬ헢튻뗣쫇늻죝훃틉뗄ꆣ틲듋ꎬ짌뇪좨볛횵뗄움맀뇘탫틔튻뚨뗄쫐뎡볬퇩캪믹뒡ꆣ좻뛸ꎬ튻냣쟩뿶쿂ꎬ평폚움맀뗄쪱볤쿞훆ꎬ뛸웳튵욽쪱튲좱랦헢랽쏦뗄쇏믽샛ꎬ[6]움맀쪱췹췹뫶쫓헢튻쪵훊탔뗄볬퇩ꆣ헢퇹ퟶ뗄뫳맻ꎬ늻뿉뇜쏢뗘퓬돉늻춬웳튵뗄짌뇪볛횵움맀맽룟ꎬ움맀뗄쯦틢탔뷏잿ꆣ (3) 평폚짌뇪좨뗄쳘쫢탔ꎬ쫕틦램퓚짌뇪좨볛횵움맀훐펦폃ퟮ캪맣랺ꎬ떫늻춬움맀믺릹움맀뷡맻뗄닮뻠췹췹뷏듳ꎬ움맀뷡맻뗄헹틩튲뷏뛠ꎬ움맀랽램뗄뿆톧탔돉캪짧믡릫훚맘힢뗄죈뗣컊쳢ꆣ 짌뇪좨볛횵움맀뛔쫐뎡뺭볃뗄랢햹폐뻞듳뗄췆뚯ퟷ폃ꎬ뛸쟒쯦ퟅ쫐뎡뺭볃뗄랢햹ꎬ쫐뎡뛔짌뇪좨볛횵움맀뗄탨쟳뫍튪쟳늻뛏뇤뮯ꎬ좻뛸ꎬ웹뷱캪횹샭싛뷧뛔폚짌뇪좨볛횵뗄쓚몭뮹쎻폐탎돉춳튻뗄맛뗣뫍죏쪶ꎬ뛔폚죧뫎뫏샭ꆢ폐킧뗘움맀짌뇪좨볛횵죔좻룷쫣벺볻ꆣ틲듋ꎬ죧뫎릹붨뿍맛ꆢ맦랶ꎬ늢뻟폐뿉닙ퟷ탔뫍맣랺쫊폃탔뗄짌뇪좨움맀랽램쫇짌뇪좨움맀샭싛퇐뺿뗄튻룶쓑쳢ꆣ놾컄퓚뛔짌뇪좨볛횵살풴뷸탐럖컶뗄믹뒡짏ꎬ붨솢쮫틲쯘짌뇪좨볛횵움맀쒣탍ꎬ뛔웕춨뗄짌뇪좨볛횵움맀랽램뗄뷡맻뷸탐탞헽ꎬ좡뗃룼캪뫏샭뗄움맀횵ꎬ퓚튻뚨돌뛈짏뷢뻶쇋짌뇪좨볛횵움맀퓚쪵볊퓋폃훐뗄컊쳢ꎬ틲듋뷸탐짌뇪좨볛횵움맀퇐뺿뻟폐쿖쪵뗄틢틥ꆣ 맺쓚췢퇐뺿쿖ힴ 맺쓚췢뛔짌뇪뚼퓧폐퇐뺿ꎬ폈웤쫇맺췢퇐뺿웰늽뷏퓧ꎬ늢쟒쿠뛔췪짆ꎬ떫쫇뛔짌뇪좨볛횵움맀랽램뗄퇐뺿좴쿠뛔뷏짙ꎬ쟒맺쓚웰늽뷏췭ꎬ폫맺췢폐튻뚨뗄닮뻠ꎬ틲듋컒쏇뿉틔닎뾼맺췢뛔짌뇪좨볛횵움맀랽램뗄퇐뺿뫍맺쓚튻킩횪쏻움맀훐뷩믺릹뗄뺭퇩ꆣ 맺쓚퇐뺿쿖ힴ 쿣룛쫗샽짌뇪좨볛횵움맀쫇1990쓪6퓂쓏뮪퓧놨퓚쿣룛솪뫏붻틗쯹짏쫐쪱ꎬ울쟫쇋튻볒냄듳샻퇇움맀릫쮾뛔ꆰ쓏뮪퓧놨ꆱ헢룶짌뇪ퟷ맀볛ꎬ움맀횵캪틚룛풪ꆣ컒맺쓚뗘쫗샽짌뇪좨움맀쫇1993쓪5퓂뛔쟠떺욡뻆막럝폐쿞릫쮾쓢짏쫐ꆰ쟠떺ꆱ욡뻆짌뇪뗄움맀ꎬ움맀횵캪[7]틚풪ꎬ움맀쒿뗄쫇뢨훺웳튵막욱짏쫐ꆣ헢듎움맀쪹죋쏇뾪쪼힢틢짌뇪좨벰웤쯻컞탎닺뗄뺭볃볛횵ꆣ춬쪱짌뇪쯹폐헟웳튵틢쪶떽춨맽짌뇪좨볛횵움맀뿉틔쳡룟웳튵뗘캻ꆢ웰떽탻뒫뫍쳡룟2
짌뇪좨볛횵뗄쮫틲쯘움맀쒣탍퇐뺿 짌튵탅폾뗄ퟷ폃ꎬ헢튲듙뷸쇋짌뇪좨볛횵움맀쪵볹ꆣ퇫쫓뺭볃욵뗀췆돶뗄ꆰ탒퓋52ꆱꆢꆰ돛쏻짌뇪움톡ꆱꆢ짌뇪업탐냱뗈믮뚯룼쫇죃탭뛠웳튵뛔짌뇪볛횵움맀쟷횮죴쯦ퟅ짧믡훷틥쫐뎡뺭볃쳥훆뗄훰늽붨솢ꎬ짌뇪좨볛횵퓚웳튵볤뗄뺺헹훐냧퇝ퟅ풽살풽훘튪뗄뷇즫ꎬ죋쏇폺랢맘힢웤[8]볛횵움맀ꆣ 퓚짌뇪좨볛횵움맀랽램퇐뺿랽쏦ꎬ훷튪뗄맛뗣폐ꎺ 풷퓳쏷퓚ꆶ컞탎닺움맀ꆷ훐죏캪ꎺ튻냣닺움맀랽램샭싛뚼쫊폃폚짌뇪좨볛횵움맀ꎬ늢[9]뛔짌뇪좨볛횵움맀뗄훘훃돉놾램ꆢ쿖탐쫐볛램뫍쫕틦쿖횵램뷸탐쇋닻쫶ꆣ췴몣쯚퓚ꆶ컞탎닺움맀ꆷ훐뛔짌뇪좨움맀랽램ퟷ쇋쿪쾸뷩짜ꎺ쫕틦춾뺶벴듓뎬뛮쫕틦뷇뛈뛔짌뇪쯹듸살뗄뎬뛮[10]쫕틦닢쯣ꎻ쫐뎡춾뺶춨맽뛔뿉뇈닎헕컯뷸탐붻틗쳵볾탞헽움맀짌뇪볛횵뗄랽램ꆣꆶ닺움맀ꆷ훐튲죏캪짌뇪볛횵펦틔짌뇪뛮췢쫕틦살좷뚨ꆣ폠쮡솫퓚ꆶ컞탎닺움맀))(뛔췢뺭볃쎳틗돶냦짧ꎬ2003)훐죏캪짌뇪볛횵펦냼몬틔쿂쯄룶랽쏦뗄쓚죝ꎺ뎬뛮쫕틦ꆢ짌뇪돁쎻돉놾ꆢ죃돉놾뫍믺믡[11]돉놾ꆣ뿉틔쮵헢훖랽램폐튻뚨뗄뫏샭탔ꎬ떫좱랦폫횮쿠쫊펦뗄뚨솿움맀랽램ꆣퟛ짏쯹쫶ꎬ쒿[12]잰짌뇪좨움맀퇐뺿풶캴탎돉쾵춳뗄샭싛뫍랽램쳥쾵ꆣ움맀샭싛뷏돂뻉ꎬ움맀랽램떥튻ꆣ 퓚컒맺ꎬ뛔짌뇪좨볛횵움맀훷튪닉폃틔쿂벸훖움맀랽램ꎺ (1)돉놾램 [13]쯹캽돉놾램뻍쫇듓뒴붨짌뇪뗄춶죫살움볛짌뇪좨볛횵뗄움맀랽램ꆣ퓋폃돉놾램움맀닺볛횵뗄샭싛믹뒡쫇죏캪돉놾폫쫕틦횮볤폐튻훖볤뷓뛔펦뗄맘쾵ꎬ벴튻룶샭훇뗄춶헟뿏뮨튻뚨 뗄죋솦ꆢ컯솦릹붨닺ꎬ뻍쫇뾴떽쇋룃닺뗄캴살쫕틦ꆣ(2)쫐뎡램 [14]쫐뎡램ꎬ틠돆쿖탐쫐볛램ꎬ쯼쫇틔쿖탐쫐뎡볛룱캪틀뻝움맀닺볛횵뗄튻훖랽램ꆣ쯹캽쿖탐쫐볛램ꎬ쫇횸쿖퓚쫐뎡짏뿉틔헒떽쳦듺컯믲닎헕컯뇈뷏뗄짌뇪쫛볛ꆣ평폚짌뇪좨놾짭뻟폐뗄쳘쫢탔ꎬ퓬돉움맀뛔쿳폫닎헕컯횮볤듦퓚닮틬ꎬ쪱볤닮ꆢ뗘폲닮ꆢ뷡쯣랽쪽닮ꆢퟷ폃킧맻닮뫍뺭볃쫙쏼닮뗈ꆣ틲뛸퓚좷뚨짌뇪좨볛횵쪱ꎬ뇘탫틔닎헕컯뗄쿺쫛볛룱캪믹쫽ꎬ퓙룹뻝뻟쳥쟩뿶볓틔뗷헻ꆣ (3)쫕틦램 쫕틦램쫇붫움맀뛔쿳퓚쪣폠쫙쏼웚볤쎿쓪뗄풤웚쫕틦ꎬ폃쫊떱뗄헛쿖싊헛쿖ꎬ샛볓뗃돶움맀믹ힼ죕뗄쿖횵ꎬ듓뛸맀쯣닺볛횵뗄튻훖움맀랽램ꆣ퓋폃쫕틦램뷸탐움맀뗄쪵훊뻍쫇붫닺[15]캴살쫕틦뮻돉닺쿖횵ꎬ뛸붫웤쿖횵ퟷ캪듽움맀닺뗄훘맀볛횵ꆣ쫕틦램뗄믹놾풭샭럻뫏짌뇪좨볛횵뗄놾훊쳘헷ꆪꆪ짌뇪좨볛횵뗄룟뗍듓룹놾짏좡뻶폚쯼쓜릻퓚캴살듸살뎬뛮쫕틦쫇뛠짙ꆣ좷쟐뗘쮵ꎬ 헢훖랽램펦룃뷐ퟶ뎬뛮쫕틦쿖횵램ꎬ쯼뷏뫃뗘쳥쿖쇋짌뇪좨볛횵뗄쓚몭ꆪꆪ틀[16]뢽폚짌뇪좨늢닺짺쿠펦뗄뎬뛮뢽볓횵ꆣ뛔폚짌뇪좨볛횵뗄움맀ꎬ쫕틦램듓샭싛짏쮵ꎬ쫇뇈뷏뫏샭뗄랽램ꎬ틲캪짌뇪좨횮쯹틔폐볛횵ꎬ듓룹놾짏쮵쫇평폚짌뇪좨뿉틔룸웤쯹폐죋믲쪹폃죋듸살쫕틦ꎻ듓쪵볹짏뾴ꎬ짌뇪좨움맀닉폃쫕틦램뷏캪뿉탐ꎬ쪵볊짏듳뛠쫽움맀낸샽뚼쫇닉폃헢훖랽램ퟶ뗄ꆣ (4)쪣폠램 컒맺뛔짌뇪좨뗄움맀돽짏쫶랽램틔췢뮹폐튻훖랽램ꎬ돆횮캪쪣폠램ꆣ헢훖랽램쫇퓚떱짌뇪ퟷ캪웳튵헻쳥닺뗄튻늿럖뷸탐춶쪱닉폃뗄ꆣ닉폃쪣폠램뗄훷튪ퟶ램쫇ꎬ쫗쿈춨맽쫕틦램뗃돶웳튵헻쳥닺뗄볛횵ퟜ뛮ꎬ좻뫳듓훐뿛돽폐탎닺뫍뿉틔떥뛀움볛뗄컞탎닺(죧샻벼쫵뗈) 3
뫓놱얩튵듳톧쮶쪿톧캻ꎨ뇏튵ꎩ싛컄 [17]뗄볛횵ꎬ웤쪣폠뗄닺볛횵뻍쫇짌뇪닺뗄볛횵ꆣ헢훖랽램뗄폅뗣쫇뇜쏢쇋뷸탐웤쯼컞탎닺움맀쪱ꎬ룷샠닺움맀볛횵횮뫍뿉쓜믡뎬맽웳튵움맀볛횵뗄웦맖쿖쿳ꆣ 맺췢퇐뺿쿖ힴ 맺췢뛔짌뇪좨볛횵뗄움맀훐ꎬ틔펢맺ퟮ캪듺뇭ꎬ퓚펢맺평폚웤믡볆ힼ퓲퓊탭짌뇪뗈컞탎닺볛횵퓚웤닺뢺햮뇭짏랴펳ꎬ틲뛸펢맺짌뇪움맀폐쇋뫜듳랢햹ꎬ돶쿖쇋훮죧펢맺Interbrand Group릫쮾헢퇹틔컞탎닺움맀캪훷튵뗄튵움맀믺릹ꎬ늢믹놾탎돉쇋쒿잰맺볊짏펰쿬뷏듳뗄[18]돛쏻짌뇪움맀랽램ꆣ 퓚쏀맺ꎬ믡볆ힼ퓲늻퓊탭붫짌뇪좨뗈컞탎닺랴펳퓚웳튵뗄닺뢺햮뇭짏ꎬ틲듋쏀맺뗄움맀쪵볹폫믡볆볆볛컞맘ꎬ듳뚼쫇틔닺좨붻틗톯뫍웳튵볛횵럖컶캪쒿뗄ꆣ폈웤20쫀볍80쓪듺틔살ꎬ펵폐훘튪벼쫵ꆢ돛쏻짌뇪뗈컞탎닺뗄웳튵퓚뺭볃킧틦짏풶듳폚튻냣웳튵ꆣ쏀맺뮪뛻뷖막쫐랴펳펵폐훘튪짌뇪좨뗄웳튵뗄쫕틦쮮욽벰쫐펯싊쮮욽웕뇩룟폚뇪ힼ웕뛻쮮욽ꎬ짵훁솬튻쿲놣쫘뗄틸탐볒뾪쪼훘쫓짌뇪좨뗄볛횵ꎬ춬틢틔짌뇪좨캪뗖톺컯쿲웳튵쳡릩듻뿮ꆣ1990쓪ꎬDorden[19]릫쮾틔짌뇪좨캪뗖톺ꎬ쿲뮨웬틸탐듻뿮틚쏀풪ꆣ뻝쏀움릫쮾뢱ퟜ닃뷩짜ꎬ뷼벸쓪살ꎬ컞탎닺움맀튵컱늻뛏삩듳ꎬ컞탎닺퓚ퟜ닺훐쯹햼뗄럝뛮늻뛏퓶듳ꎬ평70쓪듺뗄20%ퟳ폒떽80쓪듺뗄30%ꎬ떽90쓪듺뗄35%틔짏ꆣ폐컄헂뷩짜ꎬ폐뗄랢듯맺볒웳튵뗄컞탎닺럝뛮틑햼좫늿닺뗄50%-70%ꎬ랴펳쇋컞탎닺퓚훊솿짏뗄뇤뮯쟷쫆ꎬ뛸짌뇪폖퓚웤훐햼폐뷏듳럝뛮[20]ꆣ 죧뷱ꎬ퓚맺췢짌뇪좨볛횵움맀ퟷ캪닺움맀뗄튻룶훘튪ퟩ돉늿럖틑탎돉튻룶탐튵ꎬ룷듳믡볆쫂컱쯹뻹폐듳솿짌뇪좨볛횵움맀듓튵죋풱ꆣ샽죧ꎺ쫀뷧훸쏻뗄쯄듳맺볊믡볆릫쮾횮튻뗄낲듯탅릫쮾뗄퓚쏀믺릹훐ꎬ듓쫂움맀뗄죋풱뇈ퟷ짳볆믲웤쯻톯튵뗄죋뮹튪뛠ꆣ 퓚짌뇪좨볛횵움맀랽램뗄퇐뺿짏ꎬ맺췢돽뒫춳뗄돉놾춾뺶ꆢ쫐뎡춾뺶뫍쫕틦춾뺶ꎬ뮹폐탭뛠탭뛠퓚풭폐움맀랽램뗄믹뒡짏뷸탐탂첽쯷ꎬ훷튪폐틔쿂벸훖랽램ꎺ (1)ꆶ뷰죚쫀뷧ꆷ짌뇪좨움맀랽램 쏀맺ꆶ뷰죚쫀뷧ꆷ퓓횾뷸탐뗄짌뇪좨움맀퓚튵쓚폐튻뚨뗄펰쿬ꎬ룃퓓횾쎿쓪뚼뛔쫀뷧짏ꆰퟮ뻟펰쿬솦ꆱ뗄짌뇪좨뷸탐움맀ꎬ웤움맀뷡맻놻룷맺쎽쳥맣캪퓘ꆣꆶ뷰죚쫀뷧ꆷ짌뇪좨움맀랽램늢쎻폐좫늿닉폃룷쿠맘릫쮾뗄쪵볊쫽뻝ꎬ뛸쫇춨맽톯닆컱럖컶쪦ꆢ짌믡ꆢ퓄뛁닆컱놨뇭짵[21]훁톯놻움맀릫쮾뺺헹뛔쫖뗈랽램쫕벯뿉폃쫽뻝ꎬ떱좻폐쪱튲믡듓릫쮾횱뷓믱뗃ꆣ ꆶ뷰죚쫀뷧ꆷ뛔닺욷짌뇪뗄움맀쮼슷뻟쳥뇭쿖퓚쿂쇐릫쪽훐ꎺ 쪹폃룃짌뇪닺욷뗄좫늿쫕죫×룃탐튵뗄튻냣샻죳싊 =룃짌뇪닺욷뗄펪튵샻죳-헽뎣뗄뫏샭샻죳 =뗷헻뫳뗄짌뇪좨펪튵샻죳× (1-쯹뗃쮰싊) =짌뇪좨뒿샻죳*잿뛈쾵쫽 =짌뇪좨볛횵 ꆶ뷰죚쫀뷧ꆷ쯹닉폃뗄짌뇪좨볛횵움맀랽램횮쯹틔맣랺쇷탐늢뻟폐쿠뛔뗄좨췾탔ꎬ폐웤뫏샭횮뒦ꎺ웤움맀쮼슷폫뒫춳컞탎닺움맀훐뗄쫕틦램믹놾쿠춬ꎬ벴뫏샭풤닢룃컞탎닺쯹듸살[22]뗄뎬뛮쫕틦ꎬ늢폨틔헛쿖ꎬ볆쯣움맀뗄볛횵ꆣ틲듋ꎬ쯼쪵볊짏늢늻쫇튻훖뛀뒴뗄짌뇪좨볛횵4
짌뇪좨볛횵뗄쮫틲쯘움맀쒣탍퇐뺿 움맀랽램ꎬ뛸쫇뛔뒫춳쫕틦램뗄랢햹ꆣ (2)쿺쫛쫕죫쳡돉램 쿺쫛쫕죫쳡돉램뗄믹놾쮼쿫튲쫇믹폚쫕틦램ꎬ샭싛짏ꎬ짌뇪폃좨볛횵뿉틔쳥쿖캪짌뇪좨뛔쿺쫛쫕죫뗄릱쿗ꎬ틔짌뇪뇪쪶닺욷캴살뺭펪쫕틦폫짌뇪쳡돉싊횮믽ퟷ캪짌뇪좨퓚캴살뺭펪웚쓚쯹듸살뗄쫕틦ꎬ붫웤헛쿖횵횮뫍ퟷ캪듽맀짌뇪좨뗄볛횵ꆣ쿺쫛쫕죫쳡돉램춨뎣내틔쿂늽훨뷸탐맀쯣ꎺ ꋙ 닢쯣캯맀짌뇪뇪쪶닺욷뗄캴살풤웚쫕틦ꎻꋚ 좷뚨짌뇪쳡돉싊ꎻꋛ퓋폃풤웚쫕틦폫짌뇪쳡돉싊닢쯣짌뇪쯹듸살뗄뺻쫕틦ꎻꋜ 룹뻝짌뇪뇪쪶닺욷뗄뺭펪럧쿕좷뚨헛쿖싊ꎻꋝ 볆쯣듽맀짌뇪좨볛횵ꆣ 짌뇪좨볛횵움맀닉폃뗄쫽톧쒣탍캪ꎺ nK×F×(1−T)tp=∑ t(1+r)t=1 쪽훐ꎺP캪움맀횵 Ft캪캴살뗚t룶쫕틦웚뗄풤웚쫕틦뛮 r캪헛쿖싊 K캪짌뇪좨뗄쿺쫛쫕죫쳡돉싊 T캪쯹뗃쮰쮰싊 (3)틲쯘ퟛ뫏놶싊램 놶싊쒣탍램쫇펢맺쏅움맀믺릹Interbrand Group뺭맽뛠쓪쪵볹ꎬ닉폃뗄튻훖뇈뷏폐쳘즫뗄[23]짌뇪좨움맀랽램ꆣ웤움맀쒣탍캪ꎺ 짌뇪좨움맀볛횵=짌뇪샺쪷볓좨쫕틦×놶싊 짌뇪좨뗄샺쪷볓좨쫕틦벴내웳튵맽좥죽쓪뗄짌뇪쫕틦ꎬ내듓풶떽뷼럖엤좨훘(샫움맀죕풽뷓뷼ꎬ좨훘풽듳)살좷뚨샺쪷볓좨쫕틦ꆣ뛸짌뇪좨뗄샺쪷쫕틦캪웳튵ퟜ쫕틦복좥럇짌뇪닺욷뗄쫕틦ꎬ복좥웳튵춶놨돪ꎬ복좥폫짌뇪좨컞맘뗄컞탎닺쫕틦ꆣ 놶싊쫇평짌뇪좨샺쪷볓좨쫕틦볆쯣짌[24]뇪좨볛횵쯹폃뗄뇈싊ꎬ튻냣듳폚1ꆣ믹놾릫쪽캪ꎺ 짌뇪좨쫕틦놶싊=짌뇪좨볛횵/짌뇪좨뺻쫕틦 퇐뺿ퟛ쫶 춨맽뛔맺쓚췢짌뇪좨볛횵움맀랽램뗄럖컶퇐뺿ꎬ뿉틔랢쿖ꎬ쒿잰컞싛맺쓚뮹쫇맺췢ꎬ퓚뛔짌뇪좨볛횵움맀랽램샭싛퇐뺿뫍쪵볊퓋폃닮뇰늻듳ꎬퟜ뗄살붲ꎬ짌뇪좨볛횵맀볛랽램뚼쫇럇뎣늻돉쫬뗄ꎬ룷폐룷뗄폅좱뗣ꆣ쿖폐랽램뗄늻ퟣ훷튪쳥쿖퓚틔쿂벸랽쏦ꎺ (1)랽램퓋폃쳵볾뗄쿞훆 늻춬뗄움맀랽램뚼폐웤쫊폃뗄쳵볾ꎬ죧쫐뎡램튪쟳폐튻룶믮풾ꆢ폐킧뗄쫐뎡ꎬ튪폐뿉뇈뷏뗄닎헕컯ꎬ닎헕컯폫움맀뛔쿳횮볤뇘탫듦퓚뿉뇈뷏틲쯘ꎬ톡퓱닎헕컯뇘탫힢틢붻틗놳뫳뗄뢽볓쳵볾뗈ꎬ틲듋퓚펦폃훐뻟폐뷏듳뗄뻖쿞탔ꆣ퓚컒맺짌뇪쫐뎡뫜늻췪짆뗄쳵볾쿂ꎬ웤쪹폃뻖쿞탔룼볓쏷쿔ꎬ쯹틔움맀쪵컱훐뷏짙펦폃ꎻ뛸ꆶ뷰죚쫀뷧ꆷ쯹잿뗷뗄ꎬ웤움맀랽램훷튪쫊폃폚죕뎣 5
뫓놱얩튵듳톧쮶쪿톧캻ꎨ뇏튵ꎩ싛컄 폃쿻럑욷움맀ꎬ틲캪횻폐헢샠짌욷뗄짌뇪잿뛈닅뿉틔룹뻝쫂쿈좷뚨랽램뷸탐맀볆ꎬ뛸뛔듳솿뗄[25]짺닺쇏릤튵욷짌뇪움맀늢늻쫊폃ꎻ뛸뛔돉놾램뛸퇔ꎬ듓샭싛짏붲ꎬ움맀짌뇪좨룼힢훘뗄쫇볛횵ꎬ뛸늻쫇돉놾ꎬ뛸쟒ꎬ돉놾램쎻폐뾼싇짌뇪좨뗄뎬뛮쫕틦쓜솦ꎬ틲듋ꎬ돉놾램뗄쫊폃랶캧쫇폐쿞뗄ꆣ (2)룷훖닎쫽뗄톡퓱 잰쏦쯹싛쫶뗄벸훖랽램폐튻룶릲춬뗄쓑뗣ꎬ뻍쫇퓚뻟쳥퓋폃훐룷룶닎쫽톡퓱뗄컊쳢ꆣ죧쿺쫛쫕죫쳡돉램훐뗄컊쳢ꎺ튻쫇쿺쫛쫕죫풤닢탨튪춨맽럖컶펰쿬쿺쫛쫕죫뗄훷튪횸뇪벰웤샺쪷뇤뚯쟷쫆ꎬퟛ뫏뾼싇쇋캴살룷훖틲쯘뛔룃뗈횸뇪뇤뚯뗄펰쿬ꎬ뛔쿺솿ꆢ욽뻹볛룱뗈횸뇪뗄풤닢ꎬ듓뛸풤닢뗃웳튵뗄쿺쫛쫕죫ꎬ틲듋컳닮믡뫜듳ꎻ뛾쫇쳡돉싊뗄좷뚨ꎬ쒿잰ꎬ쯤좻맺볊짏뎣폃뗄쿺쫛쫕죫쳡돉싊틑폐춳볆ꎬ떫횻쫇튻룶횸떼랶캧ꎬ뻟쳥떽쎿룶뻟쳥움맀훷쳥쿺쫛쳡돉싊뗄톡좡[26]뮹쫇좡뻶폚움맀훷쳥뗄훷맛톡퓱ꆣ쫕틦램훐뗄뎬뛮쫕틦ꎬ헛쿖싊뫍쫕틦쓪쿞뗄톡좡튲쫇튻룶쓑뗣ꆣ틲듋ꎬ퓚쪵볊퓋폃훐ꎬ죧맻횻쫇떥뒿뗄쳗폃쒣탍ꎬ뛔웤훐뗄닎쫽톡좡늻뫏샭ꎬ뻍믡펰쿬움맀뷡맻뗄헦쪵탔ꆣ (3)움맀뷡맻뗄뫏샭탔컊쳢 퓚퓋폃룷훖랽램뛔짌뇪좨볛횵뷸탐움맀쪱ꎬ죧맻뛔쒣탍틔췢뗄웤쯻펰쿬틲쯘잷좱뾼싇ꎬ뻍믡펰쿬떽움맀뷡맻뗄뫏샭탔ꆣ죧ꆶ뷰죚쫀뷧ꆷ짌뇪좨움맀랽램뫍틲쯘ퟛ뫏놶싊램훐ꎬ죏캪쯹폐뗄뎬뛮쫕틦뚼쫇평짌뇪좨닺짺뗄ꎬ뛸뫶싔쇋잰웚뗄춶죫돉놾뗄뛠짙ꎬ죧맻붫헢늿럖볛횵좫늿맩뷡캪짌뇪좨뗄볛횵ꎬ웤뷡맻뇘좻쫇뿤듳쇋짌뇪뗄볛횵뫍ퟷ폃ꆣ 뿉볻ꎬ쿖폐뗄짌뇪좨볛횵움맀랽램퓚움맀쪵볹훐뚼믡폶떽튻킩컊쳢ꎬ뷼뛸뛔짌뇪좨움맀뷡맻닺짺튻뚨뗄펰쿬ꆣ놾컄횼퓚춨맽뛔짌뇪좨볛횵탎돉벰볛횵펰쿬틲쯘뗄럖컶ꎬ첽쳖룼볓뫏샭뗄짌뇪좨볛횵움맀쒣탍ꎬ뷢뻶쒿잰짌뇪좨볛횵움맀훐듦퓚뗄짏쫶컊쳢ꎬ캪뷸튻늽췪짆짌뇪좨볛횵움맀샭싛뫍랽램뗬뚨믹뒡ꆣ 놾컄퇐뺿틢틥 짌뇪좨쫇튻쿮훘튪뗄컞탎닺ꎬ춬쪱폖놻돆캪웳튵ퟮ뻟랢햹잱솦뫍ퟮ뻟볛횵뗄닺횮튻ꎬ뛔웤뷸탐움맀뻟폐훘튪뗄샭싛뫍쿖쪵틢틥ꆣ 샭싛틢틥ꎺ컒맺웳튵닺움맀샭싛뺭맽쪮벸쓪뗄랢햹ꆢ벺뺭탎돉쇋뷏췪짆뗄쳥쾵ꎬ쳘뇰쫇쫐뎡램ꆢ쫕틦쿖횵램ꆢ샺쪷돉놾램뗈샭싛뇈뷏돉쫬ꎬ퓚움맀쪵볹훐펦폃맣랺ꆣ떫짌뇪좨폫웳튵튻냣닺듦퓚뫜듳닮틬ꎬ샽죧짌뇪뻟폐벯탅쾢ꆢ좨샻ꆢ횪쪶폚튻짭ꎬ늨뚯탔ꎬ퓶횵탔ꆢ틀뢽탔뗈쳘뗣ꎬ늢폫쿻럑헟뗄욷없탄샭폐맘ꆣ헢퓚뒫춳뗄움맀샭싛훐뚼쎻폐뷢쫍뫍랴펳ꎬ닉폃뒫춳뗄닺움맀랽램뛔짌뇪좨뷸탐움맀ꎬ쓑틔헦쪵랴펳짌뇪뗄볛횵ꆣ헢뻍폐뇘튪퓚풭폐샭싛랽램쳥쾵믹뒡짏짮죫첽쯷ꎬ붨솢튻쳗쫊뫏짌뇪좨ퟔ짭쳘뗣뗄샭싛뫍랽램ꆣ 뛔짌뇪좨볛횵움맀뗄랽램뷸탐퇐뺿ꎬ붫폐훺폚럡뢻닺움맀샭싛ꎬ뷸뛸맦랶컒맺짌뇪좨볛횵움맀쫐뎡ꎬ돤럖랢믓짌뇪좨볛횵움맀퓚쫐뎡뺭볃뫍닺좨틆훐뗄ퟷ폃ꎬ늢캪쿠맘늿쏅뷸탐뿆톧맜샭뻶닟뫍볠뚽쳡릩틀뻝ꆣ춨맽놾컄뗄퇐뺿ꎬ퓚샭싛짏ꎬ쾣췻쓜릻캪짌뇪좨볛횵움맀샭싛쳡릩뺭퇩횤뻝ꎬ늢쓜릻럡뢻맺쓚쿠맘퇐뺿돉맻ꆢ듙뷸컒맺짌뇪좨볛횵움맀랽램퇐뺿뗄랢햹ꎬ뷸뛸럡뢻컒맺짌뇪좨볛횵움맀뗄쿠맘샭싛ꆣ 6
짌뇪좨볛횵뗄쮫틲쯘움맀쒣탍퇐뺿 쿖쪵틢틥ꎺ짌뇪좨ퟷ캪튻훖컞탎닺ꎬ볈뻟폐컞탎닺뗄쳘헷ꎬ쓑틔ힼ좷볆솿ꎬ폖뻟늨뚯탔ꆢ퓚샻폃훐퓶횵뗄쳘뗣ꆣ헢뚼쪹뗃짌뇪좨움맀맽돌폫움맀뷡맻뻟폐늻좷뚨탔ꆣ퓚웳튵볦늢ꆢ늢릺ꆢ뫏ꆢ쳘탭뺭펪믮뚯훐ꎬ늻쓜ힼ좷뗘움맀돶웳튵뗄짌뇪좨뗄릫헽볛횵ꎬ붫룸놻춶웳튵믲춶웳튵듸살뻞듳뗄쯰쪧ꆣ틲듋ꎬ뷸탐짌뇪좨움맀퇐뺿ꎬ랢쿖쿠맘컊쳢ꎬ쳡돶쿠펦뗄룄뷸듫쪩ꎬ뛔폚퇐뺿죧뫎뿆톧뗄뷧뚨폫움맀짌뇪좨볛횵ꎬ맦랶짌뇪움맀쫐뎡ꎬ틔벰쪹웳튵닺훘ퟩ뫍늢릺훐짌뇪좨붻틗뗄뫏샭뮯폫맦랶뮯ꎬ춬쪱쳡룟웳튵뗄맜샭뻶닟쮮욽뫍웳튵뗄짌폾뚼뻟폐훘튪뗄쿖쪵횸떼틢틥ꆣ춬쪱ꎬ튲폐훺폚움맀죋풱쾵춳뗘좫쏦뗘톧쾰짌뇪좨볛횵움맀뗄ퟮ탂샭싛뫍랽램ꎬ쳡룟짌뇪좨움맀쮮욽ꎬ캪룷훖움맀쒿뗄쳡릩룼룟쮮ힼ뗄럾컱ꆣ 본폚듋ꎬ놾컄퓚닎뾼틔췹퇐뺿돉맻뗄믹뒡짏ꎬ뷡뫏컒맺맺쟩뫍탐튵랢햹쳘뗣ꎬ헫뛔틔췹짌뇪좨볛횵움맀랽램뗄늻ퟣꎬ쳡돶뻟폐뷏룟뗄뿆톧탔ꆢ뿉닙ퟷ탔뗄짌뇪좨볛횵움맀랽램ꎬ캪럡뢻컒맺짌뇪좨볛횵움맀샭싛쿗돶캢놡횮솦ꆣ 퇐뺿쮼슷벰퇐뺿뿲볜 퇐뺿쮼슷 놾컄퓚뷨본잰죋퇐뺿돉맻뗄믹뒡짏ꎬ듓쏷좷짌뇪ꆢ짌뇪좨벰웤볛횵뗈쿠맘룅쓮죫쫖ꎬ춨맽럖컶짌뇪좨볛횵뗄쓚몭뫍탎돉맽돌ꎬ뛔펰쿬짌뇪좨볛횵뗄틲쯘뷸탐짮죫웊컶ꎬ맩쓉돶펰쿬짌뇪좨볛횵뗄맘볼틲쯘ꎬ캪릹붨짌뇪좨볛횵움맀뗄쮫틲쯘쒣탍뗬뚨샭싛믹뒡ꎻ춨맽뛔쒿잰죽훖믹놾움맀랽램퓚짌뇪좨움맀쫊폃탔뗄럖컶ꎬ헒돶쿖폐움맀랽램뗄늻ퟣꎬ릹붨짌뇪좨볛횵움맀뗄쮫틲쯘쒣탍ꎬ늢춨맽쪵샽뷸튻늽퇩횤룃랽램뗄뿉닙ퟷ탔뫍뫏샭탔ꎬ캪뿆톧움맀짌뇪좨볛횵쳡릩튻쳵탂춾뺶ꆣ 퇐뺿뿲볜벰퇐뺿랽램 ꎨ1ꎩ퇐뺿뿲볜 놾컄평쇹늿럖릹돉ꎬ룷늿럖뗄훷튪퇐뺿쓚죝죧쿂ꎺ 뗚튻늿럖쫇틽퇔ꆣ훘뗣뷩짜놾컄뗄퇐뺿놳뺰ꆢ맺쓚췢퇐뺿쿖ힴꆢ퇐뺿틢틥ꆢ퇐뺿쓚죝뫍랽램벰뒴탂뗣ꆣ 뗚뛾늿럖쫇짌뇪좨볛횵움맀뗄믹놾샭싛ꆣ쫗쿈뷧뚨짌뇪뗄쓚몭ꎬ좻뫳럖컶짌뇪좨볛횵뗄살풴ꎬퟮ뫳뷩짜펰쿬짌뇪좨볛횵뗄룷쿮틲쯘ꆣ 뗚죽늿럖쫇짌뇪좨볛횵움맀믹놾랽램쫊폃탔럖컶ꆣ훘뗣럖컶쒿잰맺쓚췢닺움맀훐쫕틦램ꆢ돉놾램ꆢ쫐뎡램죽훖믹놾움맀랽램퓚짌뇪좨볛횵움맀훐뗄쫊폃탔컊쳢ꎬ춨맽뛔짌뇪좨볛횵움맀뗄쳘쫢탔럖컶ꎬ헒돶쒿잰뷶뾼싇떥틲쯘뗄움맀랽램퓚짌뇪좨볛횵움맀훐뗄늻ퟣꎬ캪쮫틲쯘움맀쒣탍뗄릹붨뗬뚨믹뒡ꆣ 뗚쯄늿럖헫쫇짌뇪좨볛횵움맀뗄쮫틲쯘쒣탍릹붨ꆣ훘뗣쫇퓋폃짌뇪좨볛횵릹돉풭샭ꎬ퓚돤럖뾼싇짌뇪좨볛횵펰쿬틲쯘뗄믹뒡짏ꎬ릹붨짌뇪좨움맀뗄쮫틲쯘쒣탍ꎬ횼퓚뷢뻶뷶뾼싇떥틲쯘뗄쿖폐움맀랽램뗄늻ퟣ컊쳢ꎬ쪹짌뇪좨움맀랽램룼볓뫏샭ꆣ 7
뫓놱얩튵듳톧쮶쪿톧캻ꎨ뇏튵ꎩ싛컄 뗚컥늿럖쫇퓚뗚쯄헂짌뇪좨움맀쒣탍릹붨뗄믹뒡짏뷸탐쪵횤럖컶ꆣ훘뗣쫇춨맽튻룶짌뇪좨움맀낸샽ꎬ뷸튻늽퇩횤놾컄쳡돶뗄쮫틲쯘움맀쒣탍뗄뿉닙ퟷ탔뫍뫏샭탔ꆣ 뗚쇹늿럖쫇뛔놾컄뗄퇐뺿뷡싛뷸탐맩쓉뫍ퟜ뷡ꎬ늢횸돶싛컄퇐뺿뗄뻖쿞탔ꆣ 놾컄퇐뺿뗄ퟜ쳥뿲볜죧춼1-1쯹쪾ꆣ 8
짌뇪좨볛횵뗄쮫틲쯘움맀쒣탍퇐뺿 쳡돶컊쳢 샭싛믹뒡 랽램믹뒡 짌뇪좨볛횵살풴벰펰쿬틲쯘럖컶짌뇪볛횵움맀믹놾랽램뗄쫊폃탔럖컶 룹뻝죽훖믹놾움맀랽램 릹붨짌뇪좨볛횵움맀쮫틲쯘쒣탍 움맀낸샽펦폃 뗃돶뷡싛 춼1-1ꎺ퇐뺿ퟜ쳥뿲볜 Fig1-1ꎺThe basic structure of this thesis 2ꎮ퇐뺿랽램ꎺ (1)샭싛럖컶 놾컄쫗쿈듓샭싛짏닻쫶쇋짌뇪뗄뚨틥벰쓚몭ꎬ퓚럖컶풭폐샭싛뗄믹뒡짏ꎬ붨솢놾컄뗄맛뗣ꎬ늢쟒샻폃뺭볃톧랽쏦뗄쿠맘횪쪶뛔짌뇪좨볛횵뗄살풴뷸탐쇋럖컶ꆣ뇈뷏맺쓚췢짌뇪좨볛횵움맀랽램뗄샭싛ꎬ뛔짌뇪좨볛횵움맀랽램뷸탐쇋탂뗄첽쳖ꆣ (2)뇈뷏럖컶 놾컄춨맽뛔짌뇪폫욷없뫍짌폾뷸탐뇈뷏ꎬ늢춬쪱뛔맺쓚췢짌뇪좨볛횵움맀랽램뷸탐쇋뇈뷏럖컶ꎬ좡뎤늹뛌ꎬ캪짌뇪좨볛횵움맀랽램뗄뒴탂뗬뚨쇋믹뒡ꆣ (3)쫽톧쒣탍 춨맽ퟛ뫏에뛏럖컶ꎬ붨솢쮫틲쯘움맀쒣탍ꎬ쳡룟움맀훐쿠맘쾵쫽좡횵뫍좨훘뗄뫏샭탔ꎬ듓뛸놣횤쇋움맀뷡맻뗄ힼ좷탔ꆣ (4)샭싛폫쪵볹쿠뷡뫏 놾컄뗄퇐뺿랶캧짦벰짌뇪좨볛횵움맀뗄샭싛뫍펦폃ꎬ춨맽짌뇪좨볛횵움맀쮫틲쯘쒣탍퓚낸샽훐뗄쪵볊움맀닙ퟷꎬ퇩횤쇋탂랽램뗄뿉닙ퟷ탔ꆣ 놾컄뒴탂횮뒦 ꎨ1ꎩ놾컄춨맽럖컶짌뇪좨볛횵탎돉뗄풭틲ꎬ냑짌뇪좨뗄볛횵살풴럖캪솽늿럖ꎬ벴짌뇪좨뗄돵쪼볛횵뫍쪹폃볛횵(뺭볃볛횵)ꆣ짌뇪좨뗄돵쪼볛횵살풴쫇쓽뷡퓚짌뇪훐뗄컞닮뇰뗄돩쿳죋샠샍뚯ꎬ냼삨쓔솦샍뚯뫍뇘튪뗄컯뮯샍뚯ꎬ뻟쳥쳥쿖퓚짌뇪좨탎돉뫍뫳탸쪹폃훐뗄돉놾춶죫뫍뫄 9
뫓놱얩튵듳톧쮶쪿톧캻ꎨ뇏튵ꎩ싛컄 럑ꆣ짌뇪좨뗄쪹폃볛횵쫇횸짌뇪쓜쪹웤쯹폐헟믲쪹폃헟뻟폐뷏듳뗄믱샻쓜솦ꎬ튲뻍쫇쮵ꎬ짌뇪좨뗄쯹폐헟믲쪹폃헟퓚쪹폃짌뇪좨맽돌훐뿉틔뗃떽뺭볃쫕틦ꎬퟷ캪닺뗄짌뇪좨뗄쪹폃볛횵랴펳쇋짌뇪좨뗄뺭볃볛횵ꎬ짌뇪좨움맀훐ퟮ훘튪ꆢퟮ쪵훊뗄볛횵뻍쫇짌뇪좨뺭볃볛횵ꆣ ꎨ2ꎩ놾컄춨맽뛔짌뇪좨볛횵움맀랽램뗄뇈뷏뫍럖컶퇐뺿ꎬ뛔틑폐뗄뗄짌뇪좨볛횵움맀쒣탍뷸탐쇋췪짆ꎬ룃쒣탍뗄뒴탂횮뒦퓚폚ꎺ틽죫쮫틲쯘짌뇪좨볛횵움맀쒣탍ꎬ뾼싇짌뇪좨볛횵뗄돵쪼돉놾탞헽틲ퟓ뫍뺭볃볛횵탞헽틲ퟓꎬ뛔뒫춳쫕틦램뗄짌뇪좨볛횵움맀뷡맻뷸탐탞헽ꎬ복킡웳튵쎤쒿맣룦탻뒫춶죫뫍짌뇪뗄쫐뎡쇬떼솦ꆢ컈뚨탔벰랢햹잱솦뗈뛔짌뇪좨움맀뗄펰쿬ꎬ쪹뷡맻룼볓뿆톧뫏샭ꆣ 10
짌뇪좨볛횵뗄쮫틲쯘움맀쒣탍퇐뺿 2 짌뇪좨볛횵릹돉벰펰쿬틲쯘럖컶 짌뇪뗄쓚몭 짌뇪뗄벸룶쿠쯆룅쓮 (1)짌뇪 맺볊놣뮤릤튵닺좨킭믡(AIPPI)퓚냘쇖듳믡짏퓸뛔짌뇪ퟷ죧쿂뚨틥ꎺꆰ짌뇪쫇폃틔쟸뇰룶죋믲벯쳥쯹쳡릩뗄짌욷벰럾컱뗄뇪볇ꆱ 쫀뷧횪쪶닺좨ퟩ횯퓚웤짌뇪ꆶ쪾랶램ꆷ훐퓸ퟷ죧쿂뚨틥ꎺꆰ짌뇪쫇붫튻웳튵뗄닺욷믲럾컱폫쇭튻웳튵뗄닺욷믲럾컱쟸뇰뾪뗄뇪볇ꆱ 퓚짌뇪놣뮤램싉킭뗷볒캯풱믡뗚튻듎믡틩짏ꎬ쫀뷧횪쪶닺좨ퟩ횯(WIPO)맺볊뻖웰닝뗄ꆶ짌뇪놣뮤램싉킭뗷쳵풼ꆷ(닝낸)뗚죽쳵짌뇪탻퇔훐돆ꎺ짌뇪쫇튻훖쿔훸뗄뇪볇ꎬ쯼뿉틔폃살믲ힼ놸폃살쪶뇰쫐뎡짏쒳킩짌욷믲럾컱ꆣ 쏀맺샻짌뇪뻖잰죎뻖뎤뷜삭뛻뗂뚡ꆤ쒪탁믴럲틽폃쇋샕뛷뗂램맙퓚쏀맺ퟮ룟램풺1929쓪뗄에뻶ꎺꆰ쯻(짌죋)뗄뇪횾쫇쯻좨췾탔펡볇ꎻ폃뢽퓚짌욷짏뗄뇪횾살놣횤짌욷뗄훊솿ꎬ쯼냼몬짌죋쏻폾뗄뫃뮵ꆣ죧맻쇭튻룶죋쪹폃헢튻뇪횾ꎬ쓇쯻뻍쫇볙뷨뇪횾쯹폐죋뗄탅폾ꆣ뇪횾쯹폐죋늻퓙쓜뿘훆짌욷훊솿ꎬ벴쪹뷨폃죋쎻폐햾컛뇪횾믲폃쯼살틆쿺쫛ꎬ튲쫇튻훖뛔죋뗄쯰몦ꆣ탅폾뻍쿳튻룶죋뗄솳튻퇹ꎬ쫇햼폐뫍뒴솢죋뗄쿳헷ꎬ웤쯼죋횻쓜냑쯼떱ퟷ쏦뻟살쪹폃ꆱꎬ벴짌[27]뇪쫇ꆰ죎뫎떥듊ꆢ쏻ퟖꆢ춼낸ꆢ짨볆ꎬ폃살좷죏뫍뇦뇰쫐뎡훐뗄짌욷튻뷸횸쪾짌욷뗄살풴ꆣ 첨췥짌뇪램뛔짌뇪뗄뚨틥ꎺ짌뇪뿉틔쫇컄ퟖꆢ춼낸ꆢ쿳헷컯ꆢ퇕즫ꆢ짹틴ꆢ죽캬탎ힴ뗄컯[28]쳥ꎬ믲헟웤ퟩ뫏ꆣ 컒맺ꆶ짌뇪램ꆷ맦뚨ꎺꆰ죎뫎쓜릻붫ퟔ좻죋ꆢ램죋ꆢ믲헟웤쯻ퟩ횯뗄짌욷폫쯻죋뗄짌욷쟸뇰뗄뿉쫓탔뇪횾ꎬ냼삨컄ퟖꆢ춼탎ꆢퟖ쒸ꆢ쫽ퟖꆢ죽캬뇪횾뫍퇕즫ퟩ뫏ꎬ틔벰짏쫶튪쯘뗄ퟩ뫏ꎬ[29]뻹뿉틔ퟷ캪짌뇪힢닡ꆣ 쯹틔ꎬ튻냣죏캪짌뇪뗄뚨틥캪ꎺ짌뇪쫇짌욷뗄뇪볇ꎬ쫇짌욷짺닺헟믲뺭펪헟캪쇋냑ퟔ벺뗄짌욷폫쯻죋뗄춬샠짌욷쟸뇰뾪살ꎬ퓚짌욷짏쪹폃뗄튻훖쳘쫢뇪볇ꎬ헢훖뇪볇튻냣평컄ퟖꆢ춼낸믲솽헟ퟩ뫏뛸돉ꆣ짌뇪좨쫇짌뇪힢닡뫳ꎬ짌뇪쯹폐헟틀램쿭폐뗄좨틦ꎬ쯼쫜떽램싉놣헏ꎬ캴힢닡짌뇪늻쫜램싉놣뮤ꎬ쯼냼삨짌뇪뗄업쯻폃좨ꆢ죃좨ꆢ탭뿉쪹폃좨ꆢ볌돐좨뗈ꆣ짌뇪좨뗄볛횵쫇평짌뇪쯹듸살뗄킧틦뻶뚨뗄ꎬ듸살뗄킧틦풽듳ꎬ짌뇪볛횵풽룟ꆣ뛸듸살킧틦뗄풭틲ꎬ퓚폚짌뇪쯹듺뇭뗄웳튵뗄닺욷훊솿ꆢ탅폾ꆢ뺭펪ힴ뿶뗄쳡룟ꆣ (2)욷없 릤튵룯쏼횮잰퓧퓚1950쓪ꎬ쏀맺뗄맣룦듳쪦듳컀ꆤ냂룱췾싊쿈뎫떼욷없랢햹햽싔퇐뺿ꎬ늢뗃떽쇋샭싛뷧뗄죈쇒쿬펦ꆣ쯻죏캪욷없듺뇭ퟅ탎쿳ꎬ늢횸돶ꎺꆰ욷없쫇튻훖듭ퟛ뢴퓓뗄쿳헷ꎬ쯼쫇욷없뗄쫴탔ꆢ쏻돆ꆢ냼ힰꆢ볛룱ꆢ샺쪷ꆢ짹폾ꆢ맣룦럧룱뗄컞탎ퟩ뫏ꆣ욷없춬쪱튲틲맋뿍뛔웤쪹폃뗄펡쿳벰웤ퟔ짭뗄뺭퇩뛸폐쯹뷧뚨ꎬ욷없쫇튻훖쿳헷ꎬ쫇맋뿍뗄룐쫜뫍룐뻵ꆱꆣ쯦ퟅ뛔욷없죏쪶뗄짮죫ꎬ폐킩톧헟퓲룼쟣쿲폚죏캪욷없틢캶ퟅ폫쿻럑헟볤뗄맘쾵ꎬ쫇ꆰ맘쾵뗄붨훾쪦ꆱꆣ톧쫵뷧웕뇩죏캪ꎬ욷없맘쾵룅쓮뗄헽쪽쳡돶쪼폚Researhc Intenrational(Rl)쫐뎡퇐뺿릫쮾 11
뫓놱얩튵듳톧쮶쪿톧캻ꎨ뇏튵ꎩ싛컄 뗄MaxBlaekstoneꎬ쯻쳡돶욷없맘쾵뻍쫇ꆰ쿻럑헟뛔욷없뗄첬뛈뫍욷없뛔쿻럑헟뗄첬뛈횮볤뗄뮥뚯ꆱꆣꆰ퓚헢룶맘쾵쳥쾵훐ꎬ쿻럑헟폫욷없놻쫓캪춬뗈훘튪뗄솽룶늿럖ꎬ늢쟒뇋듋횮볤믡폐뮥뚯랴펦ꆣꆱ욷없볒듷캬ꆤ났뿋튲쳡돶ꎺꆰ욷없뻍쫇닺욷ꆢ럻뫅ꆢ죋ꆢ웳튵폫쿻럑헟횮볤뗄솪뷡뫍릵춨ꆱꆣ튲뻍쫇쮵ꎬ욷없쫇튻룶좫랽캻뗄볜릹ꎬ잣짦떽쿻럑헟폫욷없릵춨뗄랽랽쏦쏦ꎬ늢쟒욷없룼뛠뗘놻쫓캪튻훖쳥퇩ꎬ튻훖쿻럑헟쓜쟗짭닎폫뗄룼짮닣듎뗄맘쾵ꎬ튻훖폫쿻럑헟뷸탐샭탔뫍룐탔뮥뚯뗄ퟜ뫍ꎬ죴늻쓜폫쿻럑헟뷡돉쟗쏜맘쾵ꎬ닺욷뻍듓룹놾짏즥쪧쇋놻돆캪욷없뗄룱ꆣ 퓚컒맺ꎬ췵헙좺룸욷없뗄뚨틥캪ꎺ욷없쫇평샻폚릵춨쿻럑헟폫쟸뇰뺺헹헟뗄쏻ퟖꆢ뇪쪶ꆢ짨볆ퟩ돉뗄벯뫏ꎬ쫇쓜릻룸욷없펵폐헟듸살틧볛ꆢ닺짺퓶횵뗄튻훖컞탎닺ꎬ쫇튻훖쓚뮯쇋뗄컄뮯ꆣ몫맢뻼뗈퓚ꆶ듲퓬쏻없ꆷ튻쫩훐죏캪ꎺ욷없쫇횸쓜릻쳥쿖닺욷룶탔ꆢ붫늻춬닺욷쟸뇰뾪살뗄쳘뚨쏻돆ꆢ뇪횾컯ꆢ뇪횾즫ꆢ뇪횾ퟖ틔벰뇪횾탔냼ힰ뗈뗄ퟛ뫏쳥ꆭꆭ쯼쫇쿻럑헟볇틤짌욷[30]뗄릤뻟ꎬ쫇폐샻폚볓잿쿻럑헟믘틤뗄쎽뷩ꆣ 틲듋ꎬ욷없쫇폃틔쪶뇰쒳룶쿺쫛헟믲쒳쿺쫛헟좺뗄닺욷믲럾컱ꎬ늢쪹횮폫뺺헹뛔쫖뗄닺욷믲럾컱쟸뇰뾪살뗄짌튵쏻돆벰웤뇪횾ꎬ춨뎣평컄ퟖꆢ뇪볇ꆢ럻뫅ꆢ춼낸뫍퇕즫뗈튪쯘믲헢킩튪[31]쯘뗄ퟩ뫏릹돉ꆣ욷없쫇튻룶벯뫏쏻듊ꎬ쯼훷튪냼삨욷없쏻돆(BrnadName)뫍욷없뇪횾(BrnadMark)솽늿럖ꆣ욷없쏻돆쫇횸욷없훐뿉틔폃폯퇔돆캽뗄늿럖ꎬ튲돆ꆰ욷쏻ꆱꎬ죧놼돛(Benz)ꆢ[32]냂뗏(Audi)뗈ꎻ욷없뇪횾튲돆ꆰ욷뇪ꆱꎬ쫇횸욷없훐뿉틔놻쿻럑헟죏돶ꆢ틗폚볇틤떫쓑틔폃퇔폯돆뫴뗄늿럖ꎬ춨뎣평춼낸ꆢ럻뫅믲쳘쫢퇕즫뗈릹돉ꎬ죧ꎬ죽닦탇풲뮷쫇놼돛뗄욷없뇪횾ꎬ쿠솬ퟅ뗄쯄룶풲뮷쫇냂뗏뗄욷없뇪횾ꆣ (3)짌폾 IASC쯹랢늼뗄맺볊믡볆ힼ퓲뗚22뫅붫짌폾뚨틥캪ꎺ릺싲돉놾뎬맽릺싲랽퓚붻틗죕뛔쯹릺싲뗄뿉뇦죏닺뫍뢺햮뗄릫퓊볛횵뗄늿럖ꆣ쏀맺믡볆풭퓲캯풱믡16뫅틢볻쫩(APB16) 붫짌폾뚨틥캪ꎺ웳튵릺늢맽돌훐닺짺뗄ꎬ쫕릺랽웳튵쯹횧뢶뗄쫕싲돉놾폫릺뗃막좨뛔펦 뗄뿉뇦죏뺻닺릫퓊볛횵횮볤뗄닮뛮ꎬ룃닮뛮춨뎣캪헽횵ꎬ죴돶쿖뢺횵퓲돆캪뢺짌폾ꆣ 쒿잰컒맺뛔짌폾뮹쎻폐춳튻뗄뚨틥ꎬ떫춨뎣쫇횸웳튵평폚쯹뒦뗘샭캻훃폅풽ꎬ탅폾뫃ꆢ닺욷훊솿뫃ꆢ짺닺쿺쫛싊룟벰벼쫵쿈뷸ꆢ헆컕쇋짺닺뺭펪뻷쟏ꆢퟩ횯뗃떱ꎬ믲헟평폚샺쪷폆뻃ꆢ믽샛쇋럡뢻뗄뺭퇩뗈풭틲뛸탎돉뗄컞탎닺ꆣ쯼잿뗷뗄쫇퓚춬뗈쳵볾쿂웳튵뻟폐뿉틔믱뗃룟폚튻냣쫕틦쮮욽뗄쓜솦ꆣ듓맣틥짏뾴ꎬ짌폾쫇웳튵믱샻쓜솦룟폚춬탐튵욽뻹쫕틦뗄쓜솦ꎬ쯼벸뫵냼삨쇋좫늿컞탎닺ꆣ듓쿁틥짏뾴ꎬ짌폾쫇뿛돽룷떥쿮뿉좷횸컞탎닺뫳뗄쯹폐컞탎닺뗄쪣폠늿럖ꆣ뮻뻤뮰쮵ꎬ쯼쪵볊쫇웤쯻컞탎닺틲뚪쪧믲컞램닢쯣뛸쎻폐뷸탐움맀늿럖뗄ퟛ뫏ꎬ쯹[33]틔쯼쫇캪쳮욽늹웫컞탎닺뛸컊쫀뗄ꆣ 2006쓪2퓂15뫅냤늼뗄ꆶ웳튵믡볆ힼ퓲뗚6뫅ꆪ컞탎닺ꆷ훐늻퓙냼삨짌폾ꎬ뛸붫웤떥뛀쇐쪾돶살ꎬꆶ웳튵믡볆ힼ퓲뗚33뫅ꆪ뫏늢닆컱놨뇭ꆷ뗚쪮컥쳵맦뚨퓚릺싲죕ꎬ쒸릫쮾뛔ퟓ릫쮾뗄뎤웚막좨춶폫쒸릫쮾퓚ퟓ릫쮾쯹폐헟좨틦훐쯹쿭폐뗄럝뛮뗄닮뛮ꎬ펦떱퓚짌폾쿮쒿쇐쪾ꆣ 춨맽뛔맺쓚췢짌뇪좨볛횵움맀쿠맘쇏뗄닎뾼컒쏇뿉틔뾴돶짌뇪폫욷없뫍짌폾쫇튻ퟩ쿠쯆룅쓮ꎬ욷없뗄랶캧몭룇쇋짌뇪좨뫍짌폾ꎬ늢쟒뮹폐쯹퇓짬ꆣ짌뇪좨헆컕퓚웳튵쫖훐ꎬ뛸욷없쫇쫴폚쿻럑헟뗄ꆣ떱쿻럑헟늻퓙훘쫓쓣뗄욷없ꎬ욷없뻍튻컞쯹횵쇋ꆣ욷없볛횵늻춬폚틸탐뗄듦뿮ꎬ쯼횻쫇듦퓚폚쿻럑헟뗄춷쓔훐ꎬ볙죴욷없돶쿖캣믺ꎬ쿻럑헟뛔욷없뗄탅탄쿂붵ꎬ쓇쎴욷없볛횵12
짌뇪좨볛횵뗄쮫틲쯘움맀쒣탍퇐뺿 뻍믡쿂붵ꆣ튻훖맛뗣죏캪ꎬ짌뇪늻쫇욷없뗄좫늿ꎬ뛸뷶뷶쫇욷없뗄튻훖뇪횾믲볇뫅ꎬ벴욷없훐[34]뗄뇪횾늿럖ꎬ믲헟쮵ꎬ짌뇪뻍쫇횸욷없뇪횾ꎬ쫇뇣폚쿻럑헟쪶뇰뗄늿럖ꆣ틲듋ꎬ짌뇪뗄훷튪릦쓜쫇뒫능뗄믹놾풪쯘ꎬ틲캪ꎬ짌뇪틑힢닡ꎬ짌뇪뗄훷튪릦쓜훐펦냼삨램싉놣뮤ꎬ뛸욷없뇘탫쪹폃뛸컞탫힢닡ꆣ쇭튻훖맛뗣죏캪ꎬ짌뇪쫇쿲헾뢮힢닡뗄쫜램싉놣헏웤폃좨뗄욷없ꆣ욷없폫짌뇪뗄늻춬횮뒦훷튪쫇짌뇪쓜릻뗃떽램싉놣뮤ꎬ뛸캴뺭맽힢닡믱뗃짌뇪좨뗄욷없늻쫜램싉놣뮤ꆣ쯹틔쮵ꎬ짌뇪쫇뺭맽힢닡믱뗃짌뇪폃좨듓뛸쫜떽램싉놣뮤뗄욷없ꆣ 짌뇪뗄릦쓜 짌뇪놻웕뇩죏캪폐컥룶믹놾릦쓜ꎺ쟸뇰릦쓜ꎬ훊솿놣횤릦쓜ꎬ맣룦탻뒫릦쓜ꎬ퓶잿웳튵뺺[35]헹솦릦쓜ꎬ퓶횵릦쓜ꆣ (1)쟸뇰릦쓜(쪶뇰릦쓜)ꎺ짌뇪뗄쟸뇰릦쓜튲쫇웤훷튪릦쓜ꎬ벴웤뻟폐쟸뇰늻춬뗄짌욷짺닺헟믲뺭펪헟쯹짺닺믲뺭펪뗄춬튻믲샠쯆짌욷믲럾컱횮볤뗄살풴뗄릦쓜ꆣ짌뇪뗄헢훖쟸뇰릦쓜ꎬ늻떫폐훺폚짌뇪쯹폐죋쿺쫛웤짌욷믲쳡릩웤럾컱ꎬ뛸쟒웳튵뿉틔춨맽짌뇪붫ퟔ벺뗄짌욷믲럾컱폫쯻죋뗄짌욷믲럾컱쟸뇰뾪ꎬ폐훺폚쿻럑헟퓚쫐뎡짏폚쿠춬믲뷼쯆뗄짌욷믲럾컱볤뷸탐톡퓱ꆢ릺싲ꆣ쿻럑헟쫬쾤짌뇪뫳ꎬ뿉틔욾짌뇪좷뚨룃짌욷믲럾컱뗄살풴ꎬ죧룃욷없뗄닺욷훊솿뫃ꎬ쿻럑헟믡볌탸릺싲ꎬ럱퓲믡톡퓱웤쯼욷없ꆣ틲듋ꎬ짌뇪뗄쟸뇰ퟷ폃뛔웳튵폫쿻럑헟뚼쫇훘튪뗄ꆣ듓짌뇪뗄룅쓮살붲ꎬ헢튲쫇짌뇪ퟷ캪튻훖쪶뇰탔뇪볇뗄쳥쿖ꆣ (2)훊솿놣횤릦쓜ꎺ평폚짌뇪듺뇭ퟅ늻춬뗄짌욷짺닺헟뫍럾컱뗄쳡릩헟ꎬ벴쪹춬튻훖짌욷ꆢ춬튻쿮럾컱틲짺닺헟뫍럾컱헟늻춬ꎬ웤훊솿튲믡늻춬ꆣ틲듋ꎬ짌뇪뇭쏷쇋짌욷훊솿뗄뫃뮵ꎬ뛸짌욷훊솿쫇뻶뚨짌욷탅폾폫짌뇪탅폾뗄맘볼ꆣ쿻럑헟춨맽짌뇪뛔쓇킩훊솿컈뚨ꆢ뿉뾿뗄짌욷뷸[36]탐톡퓱ꆣ쿻럑헟뛔닺욷훊솿뗄튪쟳풽룟ꎬ짌욷짺닺헟믲럾컱헟뗄퓰죎룐튲뻍풽잿ꆣ짌뇪듺뇭닺욷훊솿ꎬ맺볒춨맽짌뇪맜샭ꎬ뛔닺욷훊솿쪵쪩볠뚽ꎬ놣뮤쿻럑헟늻짏떱쫜욭ꎬ쿻럑헟튲뿉틔뾿짌뇪릺짌욷ꆣ짌뇪뗃떽쿻럑헟뗄탅죎틔뫳ꎬ폐샻폚캬뮤릫욽뺺헹뗄쫐뎡뺭볃훈탲ꆣ (3)맣룦탻뒫킧맻릦쓜ꎺ짌뇪ퟷ캪짌욷믲헟럾컱뗄ꆰ탕쏻ꆱꎬ뿉틔틽웰쿻럑헟뗄힢틢늢쪹웤뛔짌뇪횸뚨쪹폃뗄닺욷믲헟럾컱쇴쿂짮뿌뗄펡쿳ꎬ웤ퟣ뿉틔ퟷ캪쿻럑헟톡퓱ퟔ벺릺싲짌욷돉럾컱뗄쎽뷩ꆣ닺욷믲헟럾컱뗄훊솿뻶뚨ퟅ짌뇪욷훊뗄뫃뮵ꎬ짌뇪튲틲듋뛸쳥쿖ퟅ웳튵탎쿳ꎬ돉캪웳튵뗄뺫짱쏻욬ꆣ죋쏇죏쪶튻룶웳튵ꎬ췹췹쫇듓웤짌뇪뾪쪼ꆣ틲듋ꎬ뛔웳튵살쮵ꎬ톡퓱튻룶뫃뗄짌뇪쫇훁맘훘튪뗄ꎬ튻룶웳튵뗄짌뇪튻떩좷뚨ꎬ짌뇪뻍쫇뛔닺욷놾짭뗄맣룦탻뒫킧맻ꎬ짌뇪쫇컞퇔뗄췆쿺풱ꆣ퓚벤쇒뗄쫐뎡뺺헹뗄짧믡짏ꎬ짌욷뗄맣룦듙쪹릺싲뗄폻췻ꎬ짌뇪쯹폐죋춨맽헢퇹뗄맣룦탻뒫쫖뛎ꎬ죃쿻럑헟폫ퟔ벺뗄짌뇪죏쪶ꆢ쏜쟐ꎬ웤짌뇪뗄릦쓜떼훂룼룟뗄킧맻ꎬ룸쿻럑헟쇴쿂짮뿌뗄펡쿳ꆣ짧믡릫훚ꎬ튻쳽쒳짌뇪뗄맣룦뻍믡솪쿫떽짌욷뗄짺닺믲럾컱뗄쳡릩헟ꎬ죃쿻럑헟뷓쫜쯼ꎬ쾲뮶쯼ꆣ떱뷱ꎬ평폚맣룦탻뒫뗄랽램튲뛠퇹뮯ꎬ뛔짦벰듳짌뇪좨뗄킧솦폐틩[37]싛ꆣ헢튲헽쫇뫜뛠웳튵춶죫뻞뛔ퟔ벺뗄짌뇪뷸탐맣룦탻뒫ꎬ틔뾪췘쫐뎡ꎬ뗃떽삩듳웤웳튵뗄횪쏻뛈ꎬ삩듳ퟔ벺닺욷뗄쿺슷뗄풭틲쯹퓚ꆣ (4)퓶잿웳튵뺺헹솦릦쓜ꎺ퓚뛠풪뮯뗄쫐뎡뺺헹짏ꎬ웳튵춨맽짌뇪뗃떽훸쏻뗄탅폾뫍짌폾ꎬ퓶잿ퟔ벺짌욷믲럾컱뗄뺺헹솦ꎬ탅폾뫍짌폾뷏룟뗄짌욷뻍쫇ퟔ평쫐뎡뗄ퟮ뫳쪤샻헟ꆣ퓚짌욷뺭볃짧믡ꎬ살풴폚늻춬짺닺헟뗄짌욷ꎬ횻쓜햹뾪뺺헹ꎬ폐짌욷뺺헹ꎬ닅폐짌뇪ꎻ닅쓜뺺헹ꎬ솽헟 13
뫓놱얩튵듳톧쮶쪿톧캻ꎨ뇏튵ꎩ싛컄 [38]뮥캪틲맻ꆣ탅폾뫃뗄짌뇪ꎬ뺺헹솦잿ꎬ평폚짌뇪뗄헢튻쳘쫢ퟷ폃ꎬ틔램싉뗄탎쪽좷죏뫍놣뮤짌뇪좨쯹폐죋뗄좨샻ꎬ틔맄샸뫏램뺺헹ꎬ쳡룟닺욷뺺헹솦ꆣ (5)짌뇪뗄퓶횵릦쓜ꎺ짨볆튻룶뫃뗄짌뇪ꎬ쯼쫇뛠훖샍뚯벼쓜뗄뷡뺧ꎬ쯼놾짭쫇튻훖뒴퓬탔훇솦돉맻샍뚯ꎬ듸폐튻뚨뗄몬뷰솿ꎬ짌뇪뗄횪쏻뛈튲쓜쳡룟몬뷰솿ꆣ튻룶뫃뗄짌뇪뿉틔쳡룟[39]횸뚨짌욷뗄짭볛ꆣ쪵볹뇭쏷ꎬ돛쏻짌뇪늻뷶뿉틔쫇횸뚨짌욷믲럾컱뗄짭볛놶퓶ꎬ뛸쟒뿉틔쪹웤쯻닺욷믲럾컱쫜틦ꎬ쳡룟쇋웳튵뗄뺺헹솦ꎬ듓뛸쪹웳튵뗄헻쳥볛횵퓶횵ꆣ 쇭췢ꎬ힢닡짌뇪뮹뻟폐놣뮤릦쓜ꆣ짌뇪뺭힢닡뫳뻍돉캪힢닡짌뇪ꎬ힢닡죋뛔웤힢닡뗄짌뇪뻍폐쇋뛀햼쪹폃좨ꎬ룃좨샻쫜떽램싉뗄놣뮤ꆣ짌뇪좨죋폐좨뷻횹쯻죋쪹폃ퟔ벺뗄힢닡짌뇪ꎬ틲듋ꎬ힢닡짌뇪뻍뛔닺욷믲럾컱뻟폐놣뮤릦쓜ꎬ뷻횹쯻죋쎰폃웤짌뇪ꎬ헢뻍퓚튻뚨돌뛈짏ퟨ횹쇋뺺헹헟뗄뷸죫ꆣ헢뛔럀횹볙쎰캱쇓ꆢ룼볓폐킧뗘캬뮤짌뇪좨죋뗄탅폾ꆢ좨샻뻟폐훷튪놣뮤ퟷ폃ꎬ늢쟒샻폚짌뇪좨죋뒴솢욷없ꆣ 짌뇪좨뗄룅쓮 짌뇪좨쫇횸램싉뢳폨짌욷짺닺뺭펪헟퓚램뚨웚쿞쓚뛔웤힢닡짌뇪쯹쿭폐뗄룷훖좨샻ꆣ짌뇪좨놾훊짏쫇튻훖쮽좨ꆣ짌뇪좨ퟷ캪튻훖쏱쫂좨샻ꆢ닆닺좨샻ꎬ웤볛횵퓚폚짌뇪뗄쪹폃ꎬ쎻폐쪹폃맽뗄짌뇪뿉틔쮵늻쫇놸죎뫎뗄짌뇪볛횵ꆣ좻뛸ꎬ짌뇪뗄닺짺벰쪹폃ꎬ늻뷶맘쾵떽짌뇪좨죋놾[40]죋뗄샻틦ꎬ튲믡맘쾵떽짧믡릫훚뗄샻틦ꆣ짌뇪좨쫇짌뇪힢닡뫳ꎬ짌뇪쯹폐헟틀램쿭폐뗄좨틦ꎬ쯼쫜떽램싉놣뮤ꎬ캴힢닡뗄짌뇪늻쫜램싉놣뮤ꆣ짌뇪뗄닺좨뷧뚨ꎬ튲뻍쫇뛔짌뇪좨쫇럱뗃떽램[41]싉놣뮤뗄뾼달ꆣ횻폐틑뺭힢닡뗄짌뇪ꎬ웤짌뇪좨닅쓜돉캪컞탎닺ꆣ튻냣살쮵ꎬ짌뇪좨냼삨짌뇪쯹폐죋뛔웤짌뇪펵폐뗄폃좨ꆢ죃좨ꆢ탭뿉쪹폃좨뫍볌돐좨뗈좨샻ꆣ 폃좨ꎺ짌뇪폃좨쫇횸힢닡짌뇪쯹폐죋뛔웤힢닡뗄짌욷믲럾컱짏쯹쏅쿭폐뗄좨샻ꎬ쪹폃뫋ힼ힢닡뗄짌뇪뗄폐좨샻ꆣ뛔짌뇪폃좨뗄놣뮤ꎬ짌뇪램훐뻹쏷좷맦뚨ꎬ짌뇪힢닡죋쿭폐[42]짌뇪폃좨ꎬ쫜램싉놣뮤ꆣ쎻폐짌뇪폃좨ꎬ짌뇪좨튲뻍쪧좥듦퓚틢틥ꆣ짌뇪뗄폃좨훷튪냼삨뛀햼좨ꆢ쪹폃좨ꆢ뒦럖좨뫍쫕틦좨쯄룶ퟩ돉늿럖ꎬ쫇램싉짏ퟮ뻟췪헻틢틥뗄짌뇪좨ꎬ웤쯻뗄좨샻뻹쫇평듋엉짺돶살뗄ꆣ짌뇪뗄뛀햼좨ꎬ쫇튻훖업쯻탔뗄폃좨ꎬ튻떩짌뇪좨놻좷죏ꎬ뻍붫쫜떽맺볒램싉뗄놣뮤ꎬ늢평짌뇪쯹폐헟쿭폐폃좨ꆣ럇뺭쯹폐헟탭뿉ꎬ웤쯻죎뫎죋컞좨쪹폃ꎬ럱퓲ꎬ뻍쫇뛔짌뇪쯹폐헟뗄짌뇪좨뗄쟖랸ꆣ 죃좨ꎺ짌뇪죃좨쫇횸ꎬ힢닡짌뇪좨죋뿉틔룹뻝ퟔ풸퓚램싉퓊탭뗄랶캧쓚ꎬ내헕튻뚨뗄쳵볾뫍돌탲ꎬ붫ퟔ벺뗄힢닡짌뇪쯹폐좨죃룸뗚죽죋뗄튻훖램싉탐캪ꆣ짌뇪좨ퟷ캪튻훖닆닺ꎬ뿉틔ퟷ캪죃뗄뇪뗄ꆣ짌뇪좨죃틔뫳ꎬ풭짌뇪좨죋뗄짌뇪좨쯦횮쿻쪧ꎬ쫜죃죋돉캪룃짌뇪뗄[43]쯹폐죋ꆣ퓚훐맺ꎬ뺭짌뇪뻖뫋ힼ뫳힢닡짌뇪죃랽쓜짺킧ꆣ짌뇪좨ퟷ캪튻훖좨샻ꎬ쫇릤튵닺좨훐늻뿉좱짙뗄튻쿮쓚죝ꆣ틲듋ꎬ쯼쫇웳튵뗄튻쿮컞탎닺ꎬ폐좨뻶뚨붫웤펵폐뗄짌뇪죃쯻죋ꆣ퓚쫐뎡뺭볃쳵볾쿂ꎬ짌뇪좨죃춨뎣쫇폐뎥뗄ꆣ 탭뿉쪹폃좨ꎺ짌뇪쪹폃탭뿉좨쫇횸ꎬ힢닡짌뇪쯹폐죋춨맽잩뚩짌뇪쪹폃탭뿉뫏춬ꎬ탭뿉쯻죋쪹폃웤힢닡짌뇪뗄좨샻ꆣ탭뿉쯻죋쪹폃짌뇪늻춬폚짌뇪죃ꎬ탭뿉횻퓊탭쯻죋쪹폃ퟔ벺뗄힢[44]닡짌뇪ꎬ벴늻틆힢닡짌뇪쯹폐좨ꎬ튲늻췪좫죃웤쪹폃좨ꎬ짌뇪좨죋죔좻쿭폐힢닡짌뇪좨ꆣ짌뇪좨쯹폐죋룹뻝쪵볊탨튪폐좨붫ퟔ벺펵폐뗄짌뇪쳘탭룸쯻죋쪹폃ꎬ믲헟돆캪ꎬ쿲쯻죋랢럅짌14
짌뇪좨볛횵뗄쮫틲쯘움맀쒣탍퇐뺿 뇪쪹폃탭뿉ꆣ떫탭뿉죋뇘탫뛔놻탭뿉쪹폃죋뗄짌욷훊솿ꆢ탔쓜ꆢ쳘헷믲럾컱욷훊ꆢ쮮ힼ뢺퓰ꎬ쪹놻탭뿉쪹폃죋뗄짌욷믲럾컱뗄욷훊듯떽탭뿉죋뗄짌뇪닺욷믲럾컱뗄훊솿뇪ힼꆣ짌뇪쪹폃탭뿉뇘탫닉폃램싉퓊탭뗄랽쪽ꎬ뚩솢쫩쏦뗄탭뫏뫏춬ꎬ늢놨짌뇪뻖놸낸ꆣ 볌돐좨ꎺ짌뇪좨훐뗄볌돐좨쫇튻훖쏱쫂좨샻ꎬ튲쫇닆닺좨샻ꎬ짌뇪좨쯹폐죋폐좨붫ퟔ벺뗄힢닡짌뇪붻룸횸뚨뗄볌돐죋볌돐ꆣ헢훖볌돐뇘탫틀램냬샭폐맘쫖탸ꆣ 듓틔짏뚨틥뿉틔뾴돶ꎬ짌뇪좨움맀훷튪쫇움맀짌뇪좨놾짭뗄좨샻볛횵ꎬ늢늻쫇움맀ퟷ캪뇪볇ꆢ춼탎믲웤ퟩ뫏뗄짌뇪놾짭뗄볛횵ꆣ 짌뇪좨볛횵살풴벰릹돉럖컶 볛횵뗄탎돉뚼쫇퓚쳘뚨뗄맽돌훐췪돉뗄ꆣ훘짌훷틥톧엉죏캪볛횵뗄탎돉쫇퓚쇷춨맽돌훐췪돉뗄ꎻ훘얩훷틥톧엉퓲죏캪볛횵쫇퓚얩튵짺닺훐탎돉뗄ꎬ떫뷶쿞폚얩튵짺닺ꎻ맅뗤뺭볃톧엉죏캪볛횵탎돉쫇퓚짺닺맽돌훐췪돉뗄ꎬ샍뚯뒴퓬볛횵ꎬ쯹폐늿쏅뗄짺닺맽돌뚼쫇볛횵탎돉뗄맽돌ꎻ떱듺컷랽펹쯗뺭볃톧볒듓킧폃뻶뚨볛횵뗄킧폃볛횵싛돶랢ꎬ죏캪킧폃뒴퓬볛횵ꎬ킧폃쫇볛횵뗄[45]풴좪ꎬ볛횵뗄탎돉쫇퓚쿻럑맽돌훐췪돉뗄ꆣ 짌뇪좨ퟷ캪튻훖닆닺좨뛸듦퓚ꎬ뇘뚨폐쯻뗄볛횵ꆣ짌뇪좨볛횵뗄살풴쒿잰훷튪폐틔쿂쯄훖맛뗣ꎺ (1)짧믡뇘튪샍뚯쪱볤뻶뚨싛ꆣ룃맛뗣죏캪짌뇪좨볛횵춬짌욷볛횵튻퇹ꎬ뚼쫇폐쓽뷡퓚컞닮뇰뗄돩쿳죋샠샍뚯솿뻶뚨뗄ꎬ쫇폐뾪랢뒴퓬짌뇪쮵뫄럑뗄믮샍뚯뫍컯뮯샍뚯뻶뚨뗄ꆣ뻟쳥붲뻍쫇평뾪랢짌뇪맽돌훐쪹폃뗄죋릤럑폃ꆢ닄쇏럑폃ꆢ힢닡럑ꆢ싉쪦럑ꆢ톯럑틔벰맣룦탻뒫럑폃뻶뚨뗄ꆣ쯹폐뗄헢킩럑폃릹돉쇋짌뇪좨볛횵ꆣ (2)룶뇰샍뚯쪱볤뻶뚨싛ꆣ벴짌뇪좨볛횵쫇평룶뇰샍뚯쪱볤뻶뚨뗄ꆣ샭평쫇짌뇪늻쓜훘뢴힢닡ꎬ튻룶짌뇪튻룶퇹ꎬ쫇평룶뇰샍뚯퇐훆뛸돉뗄ꎬ늻쓜폃짧믡뇘튪샍뚯쪱볤살뫢솿ꆣ틲듋ꎬ룶뇰샍뚯솿쫇뻶뚨짌뇪좨볛횵뗄믹뒡ꆣ (3)뺭볃킧틦뻶뚨싛ꆣ헢훖훷헅뗄믹놾맛뗣쫇짌뇪뗄볛횵쫇평짌뇪좨쯹듸살뗄뺭볃킧틦뻶뚨뗄ꆣ짌뇪좨듸살뗄뺭볃킧틦룟ꎬ웤볛횵뻍룟ꎻ듸살뗄뺭볃킧틦뗍ꎬ웤볛횵뻍뗍ꆣ쎻폐뺭볃킧틦뗄짌뇪좨뻍쎻폐죋죃ꎬ웤볛횵뻍컞듓첸웰ꆣ (4)쿻럑헟욫뫃뻶뚨싛ꆣ헢훖훷튪뗄믹놾맛뗣쫇ꎺ쿻럑헟퓚릺싲맽돌훐믡뛔훊솿쿠춬ꆢ쯹쪹[46]폃짌뇪늻춬뗄짌욷닉좡늻춬뗄릺싲틢풸ꎬ뷸뛸믡펰쿬떽쿻럑헟뗄쪵볊릺싲탐캪ꆣ뷸뛸뻟폐뷏룟횪쏻뛈뗄짌뇪ꎬ쿻럑헟믡뛔쪹폃룃짌뇪뗄짌욷뻟폐뷏룟뗄죏횪뛈ꎬ늢쟒풸틢뢶돶뷏룟뗄볛룱ꆣ 닺움맀훐뗄닺뗄볛횵룅쓮ꎬ튻냣쫇횸튻뚨움맀쒿뗄쿂ꎬ퓚쳘뚨뗄볙짨잰쳡쿂뛔닺릫퓊볛룱뗄맀볆ꆣ떱짌뇪좨ퟷ캪튻쿮닺움맀쪱ꎬ듓풭샭짏붲ꎬ움맀뷡맻뗄믵뇒볛룱쫇평짌뇪좨뗄볛횵뫍쪹폃볛횵뻶뚨뗄ꆣ샭싛짏뗄짌뇪좨뗄볛횵뫍쪹폃볛횵룅쓮캪짌뇪움맀쳡릩쇋솽룶뿉ퟷ캪닎뾼뗄볛횵룅쓮ꎬ벴듓짌뇪좨탎돉뗄춶죫뾴짌뇪뗄돉놾볛횵ꎬ듓짌뇪좨뗄닺돶(짌뇪닺뗄쪹[47]폃)뾴짌뇪좨뗄뺭볃볛횵ꆣ듓틔짏벸훖맛뗣ꎬ컒죏캪뿉틔냑짌뇪좨뗄볛횵살풴럖캪솽늿럖ꎺ 15
뫓놱얩튵듳톧쮶쪿톧캻ꎨ뇏튵ꎩ싛컄 짌뇪좨뗄돵쪼볛횵 듓뺭볃톧풭샭짏뾴ꎬ짌뇪좨ퟷ캪닺뇘좻뻟폐볛횵뫍쪹폃볛횵ꆣ짌뇪좨뗄돵쪼볛횵살풴쫇쓽뷡퓚짌뇪훐뗄컞닮뇰뗄돩쿳죋샠샍뚯ꎬ냼삨쓔솦샍뚯뫍뇘튪뗄컯뮯샍뚯ꆣퟷ캪닺뗄짌뇪좨ꎬ퓚탎돉맽돌훐췹췹탨튪뮨럑듳솿뺭럑ꆢ듳솿쪱볤ꎬ춶죫룟훊솿샍뚯ꎬ헢킩뫄럑뫍춶죫훷튪냼삨틔쿂죽랽쏦ꎺ짌뇪릹쮼ꆢ짨볆맽돌훐뗄춶죫ꎬ벴짨볆돉놾ꎬ릹돉짌뇪좨볛횵뗄믹뒡늿럖ꎻ짌뇪[48]좨뗄캬돖돉놾ꎻ짌뇪힢닡벰램싉놣뮤훐뗄춶죫ꎬ짌뇪힢닡뗈램싉쫖탸럑폃튻냣늻룟ꎬ떫쒳킩웳튵퓚캬뮤짌뇪좨뗄맽돌훐(듲볙뗈믮뚯)뗄럑폃좴뫜듳ꎻ짌뇪횪쏻뛈벰쏀폾뛈탎돉훐뗄춶죫ꎬ캪뒴돶뷏룟뗄짌뇪횪쏻뛈뫍솼뫃뗄짌뇪쏀폾뛈ꎬ웤쯹폐죋튪뢶돶뗄뻞듳샍뚯ꎬ뻍릹돉짌뇪좨볛횵훐뗄훘튪늿럖ꎬ헢킩컯뮯샍뚯폫믮샍뚯릹돉짌뇪볛횵뗄튻늿럖ꆣ (1)짨볆돉놾ꆣ짌뇪뗄짨볆쫇튻쿮룟잿뛈훇솦샍뚯뗄릤ퟷꎬ탨뢶돶쿠떱뛠뗄쪱볤뫍뺫솦ꎬ탨틀삵튻뚨뗄닄쇏뫍짨놸ꆣ쿖듺웳튵캪믱뗃뷏뫃뗄킧맻ꎬ냑캯췐쯻죋짨볆짌뇪ퟷ캪뷝뺶ꎬ떫웤럑폃죕틦뾴헇ꆣ튻냣살쮵ꎬ캯췐쯻죋짨볆뫍헐뇪ꎬ틲짨볆튪쟳늻춬ꎬ횧뢶뗄럑폃튲평늻ퟣ냙풪훁쫽췲풪늻뗈ꎬ폐뗄뮹튪룼뛠ꆣ샽죧ꎬ 2006쓪뗗ꎬ컒맺훸쏻뗄웻뎵쏱펪웳튵헣붭벪샻벯췅ꎬ돶300췲풪쏦쿲짧믡릫뾪헷벯탂뗄뎵뇪ꎬ틽웰뷏듳랴쿬ꆣ폖죧ꎬ쏀맺쏀쪯폍릫쮾캪룼탂ꆰ낣쯷ꆱ쪯폍짌뇪ꎬ뻛벯쇋폯퇔톧ꆢ짧믡톧ꆢ탄샭톧ꆢ춳볆톧뗈뛠랽쏦뗄볒ꎬ뫄쪱5쓪ꎬ뗷닩쇋55 룶맺볒뗄폯퇔ꎬ짨볆쇋1 췲뛠룶짌뇪ꎬퟮ뫳릫쮾톡훐뗄짌뇪뷶뇈ꆰ낣쯷ꆱ뛠튻룶ퟖꆪꆪꆰ낣쯷뿋ꆱꎬ좴뫄럑쇋틚쏀풪ꆣ뿉볻ꎬ짨볆짌뇪탨튪뢶돶뷏듳뗄돉놾ꆣ (2)힢닡돉놾ꆣ룹뻝컒맺짌뇪램벰웤쪵쪩쾸퓲뗄맦뚨ꎬ짌뇪힢닡벰웤캬돖탨튪붻쓉럑폃ꆣ힢닡럑틲짌뇪샠탍ꆢ훖샠늻춬뛸늻춬ꆣ캪뇜쏢짪쟫힢닡뗄짌뇪폫쯻죋힢닡퓚쿈(몬짪쟫퓚쿈)뗄짌뇪릹돉쿠춬믲헟샠쯆짌욷짏뗄뷼쯆짌뇪ꎬ헢뻍튪뷸탐쫂쿈닩톯ꎬ튲짐탫뢶닩톯럑ꆣ튻볾횱뷓짪쟫뗄웕춨짌욷짌뇪(쿞뚨10룶짌욷)뗄힢닡럑쫇1000풪ꎻ뛸뺭뛠돌탲믱ힼ힢닡뗄짌뇪쯹뮨럑뗄닩톯럑ꆢ듺샭럑ꆢ힢닡럑ꆢ늵믘뢴짳짪쟫럑ꆢ틬틩짪쟫럑ꆢ틬틩뢴짳짪쟫럑ꆢ쯟쯏럑폃벰냬샭쿠맘쫂쿮쪱뮨[49]럑뗄붻춨ꆢ힡쯞뗈럑폃퓲탨쫽잧훁쫽췲풪늻뗈ꆣ (3)놣뮤돉놾ꆣ냼삨ꎺ튻ꆢ틬틩럑폃ꆣ짌뇪좨죋뛔뫳짪쟫뗄쪹폃퓚쿠춬믲헟샠쯆짌욷짏뗄폫웤쿠춬ꆢ뷼쯆뗄돵짳릫룦뗄짌뇪쳡돶틬틩ꎻ뛔틑힢닡뗄쪹폃퓚쿠춬믲헟샠쯆짌욷짏뗄폫웤쿠춬ꆢ뷼쯆뗄짌뇪퓚램싉맦뚨뗄쪱볤쓚쳡돶헹틩ꆣ쇭췢ꎬ틑퓚컒맺힢닡뗄돛쏻짌뇪ꎬ뛔퓚늻쿠춬믲헟늻샠쯆짌욷짏돵짳릫룦뗄짌뇪쫇뢴훆ꆢ쒡럂믲헟랭틫웤짌뇪뗄쳡돶틬틩ꎻ뛔틑힢닡뗄짌뇪쫇뢴훆ꆢ쒡럂믲헟랭틫웤짌뇪뗄쳡돶헹틩ꆣ쳡틬틩ꆢ헹틩뻹탫뷉쓉맦럑ꆣ뛾ꆢ쯟쯏럑폃ꆣ쿲죋쏱램풺웰쯟틲쯻죋쟖랸힢닡짌뇪폃틽웰뗄뻀럗탨춶죫죋솦ꆢ컯솦ꆣ내헕ꆶ죋쏱램풺쯟쯏쫕럑냬램ꆷ뗄맦뚨ꎬ뛔폚쯟쯏낸볾탨튪쫕좡낸볾쯟쯏럑ꎬ냼삨낸볾쫜샭럑ꎻ춥짳닄쇏뫍램싉컄쫩뢴훆럑뾱퇩ꆢ본뚨ꆢ릫룦ꆢ랭틫럑ꎻ횤죋ꆢ본뚨죋ꆢ랭틫죋풱돶춥뗄붻춨럑ꆢ힡쯞럑ꆢ짺믮럑뫍컳릤늹쳹럑ꎬ닉좡쯟쯏놣좫듫쪩뗄짪쟫럑뫍쪵볊횧돶뗄럑폃ꆣ죽ꆢ럀횹쟖좨뗄풤럀럑폃ꆣ짌뇪좨죋캪놣뮤ퟔ짭뗄짌뇪좨ꎬ튻랽쏦춨맽듳솿뗄탎쿳탻뒫ꆢ뾪짨솬쯸뗪폫펪뗪ꆢ뛘듙탐헾맜샭믺맘닩뒦쟖좨탐캪살럀횹짺닺쿺쫛뮷뺳뗄뛱뮯ꎻ쇭튻랽쏦듓벼쫵짏춨맽훆퓬짌욷뗄럀캱뇪볇ꎬ퓶볓캱퓬뗄쓑뛈ꎬ복짙볙쎰ꆣ틲듋ꎬ닉좡헢킩듫쪩뗄짌뇪좨죋뇘좻튪뢶돶럑폃ꆣ쯄ꆢ랢쿖쟖좨뗄뗷닩좡횤럑ꆣퟷ캪좨샻훷쳥ꎬ캪놣뮤웤힢닡짌뇪ꎬ뇘좻튪춶죫쿠펦뗄죋솦ꆢ컯솦뫍닆솦좥믱좡웤짌뇪좨놻쟖랸뗄탅쾢ꎬ헢킩춶죫ퟜ돆캪랢쿖쟖좨뗄뗷닩좡횤럑ꆣ튻냣살쮵ꎬ헢랽쏦뗄춶죫풽듳ꎬ랢쿖쟖좨뗄뿉쓜탔튲풽듳ꆣ떫16
짌뇪좨볛횵뗄쮫틲쯘움맀쒣탍퇐뺿 춶죫듯떽튻뚨횵뫳ꎬ퓙퓶듳헢늿럖뗄춶죫늢늻쓜쏷쿔퓶볓랢쿖쟖좨뗄뿉쓜탔ꆣ틲듋ꎬ캪쳡룟춶죫뗄뺭볃킧틦ꎬ늻펦룃쎤쒿퓶볓랢쿖쟖좨뗄뗷닩좡횤럑폃춶죫ꆣ컥ꆢ싉쪦듺샭럑폃ꆣ퓚탐헾맜샭믺맘믲램풺쫜샭쟖랸짌뇪좨뗄뻀럗뫳ꎬ싉쪦뗄닎볓뇤뗃벫캪훘튪ꆣ캪듋ꎬ짌뇪좨죋튪횧뢶튻뇊뿉맛뗄듺샭럑폃ꆣ룃뇊럑폃뗄듳킡췹췹튪룹뻝쯟쯏뇪뗄듳킡뗈쟩뿶뛸뚨ꆣ (4)캬돖돉놾ꆣ짌뇪폃좨쫇튻훖폐뿉쓜쪧킧뗄좨샻ꎬ탨횧뢶럑폃닅쓜캬돖ꆣ쯼럖솽훖쟩뿶ꎺ튻쫇탸햹ꎻ뛾쫇쪹폃ꎻ헢뚼탨튪횧뢶럑폃뫍돉놾ꆣ뛸짌뇪좨쫇죋캪쳡릩웤짌뇪뗄횪쏻뛈ꎬ탨튪뷸탐탻뒫ꎬ헢튲탨튪뮨럑돉놾ꆣ냼삨ꎺ튻ꆢ탸햹럑폃ꆣ힢닡짌뇪폐킧웚캪쪮쓪ꆣ웚싺죧탨볌탸쪹폃퓲탨탸햹ꎬ퓙퇓탸쪱볤캪쪮쓪ꆣ떫룹뻝맦뚨ꎬ탸퇓쪱탨튪붻쓉럑폃ꆣ뛾ꆢ쪹폃돉놾ꆣ룹뻝폐맘맦뚨ꎬ힢닡짌뇪뿉틲솬탸죽쓪춣횹쪹폃뛸놻뎷쿺ꆣ램싉틢틥짏뗄힢닡짌뇪쪹폃ꎬ냼삨붫짌뇪폃폚짌욷ꆢ짌욷냼ힰ믲헟죝웷틔벰짌욷붻틗컄쫩짏ꎬ믲헟붫짌뇪폃폚맣룦탻뒫ꆢ햹샀틔벰웤쯻짌튵믮뚯ꆣ뻟쳥뗘쮵ꎬ짌욷짌뇪튪쪹폃퓚짌욷뗄돶쫛ꆢ햹샀믲뺭몣맘돶뿚짏ꎬ쪹폃퓚짌욷좨붻틗컄쫩짏ꎬ쪹폃퓚룷훖쎽쳥뛔짌뇪뷸탐짌튵탔탻뒫ꆢ햹쪾짏닅쫓캪쪹폃ꎻ럾컱짌뇪튪쪹폃퓚럾컱뎡쯹ꆢ럾컱릤뻟ꆢ럾컱폃욷ꆢ럾컱죋풱럾쫎짏ꎬ쪹폃퓚랴펳벰볇슼랢짺럾컱뗄컄쫩짏ꎬ쪹폃퓚룷훖쎽쳥뛔짌뇪뷸탐짌튵탔탻뒫ꆢ햹쪾닅쫓캪쪹폃ꆣ힢닡짌뇪쯹폐죋캪캬돖짌뇪폃좨뛸쪹폃짌욷짌뇪ꎬ탫펡훆짌뇪ꎬ짺닺짌욷돶쫛ꆢ닎햹(닎움ꆢ닎주) ꎬ믲헟퓚쎽쳥짏뛔짌뇪뷸탐짌튵탔탻뒫ꎻ럾컱짌뇪탫펡훆퓚럾컱릤뻟ꆢ럾컱폃욷ꆢ럾컱죋풱럾쫎짏ꎬ폃퓚럾컱뎡쯹ꆢ훆ퟷ헐없ꎬ믲헟퓚쎽쳥짏뛔짌뇪뷸탐짌튵탔탻뒫뗈ꆣ틔짏쪹폃짌뇪뗄탎쪽ꎬ뛔폚늻틔쪹폃캪쒿뗄짌뇪쯹폐죋살쮵ꎬ횧돶럑폃뗄틢틥[50]쫇캪쇋횤쏷웤쪵볊쪹폃쇋짌뇪ꎬ틔캬돖짌뇪폃좨ꆣ죽ꆢ탻뒫돉놾ꆣ짌욷짺닺헟뫍뺭펪헟튪헹좡쫐뎡ꎬ싺ퟣ맋뿍뗄낮뫃뫍탨튪ꎬ돽탨늻뛏뗘룄뷸웤짌욷훊솿횮췢ꎬ뮹탨튪뷨훺폚짌뇪듳솿뗄맣룦탻뒫틔컼틽쿻럑헟뗄힢틢ꎬ틽랢쿻럑헟뛔룃짌뇪짌욷뗄릺싲폻췻ꆣ웳튵뇘탫닉좡룷훖룷퇹뗄랽램ꎬ듓룷룶닠쏦ꆢ룷룶쇬폲ꆢ룷룶닣듎ꎬ늻춬쪱믺햹뾪맣랺뗄맣룦탻뒫릤ퟷꎬ듓뛸볓쯙ꆢ잿뮯쿻럑헟뛔놾웳튵짌욷뗄쪶뇰뫍탅삵ꎬ쪹쿻럑헟쿈듓탄샭짏뷓쫜ퟔ벺뗄짌욷ꎬ헢쫇쳡룟웤짌뇪탅폾뗄튻룶훘튪춾뺶ꆣ퓚쿖듺쫐뎡뺭볃쳵볾쿂ꎬ돛쏻짌뇪뗄펵폐헟췹췹뻍쫇맣룦춶죫랽쏦ퟮ듳뗄웳튵ꆣ뛔폅훊짌욷뛸퇔ꎬ맣룦탻뒫쫇듙웤짌뇪탅폾폫짌욷탅폾춳튻뗄ퟮ뫃ퟮ뿬뗄랽쪽ꎻ뛔튻냣닺욷뛸퇔ꎬ[51]맣룦탻뒫쫇쳡룟횪쏻뛈ꎬ햼폐쫐뎡뗄ퟮ볲뷝뗄랽쪽ꆣ틲듋ꎬ웳튵캪쳡룟닺욷횪쏻뛈뛸퓚맣룦탻뒫짏쯹뫄럑뗄짧믡샍뚯춬퇹릹돉짌뇪좨볛횵뗄튻늿럖ꆣ 짌뇪좨뗄쪹폃볛횵(뺭볃볛횵) 짌뇪좨뗄쪹폃볛횵ꎬ쫇횸짌좨뇪쓜쪹웤쯹폐헟믲쪹폃헟뻟폐뷏듳뗄믱샻쓜솦ꎬ튲뻍쫇쮵ꎬ짌뇪좨뗄쯹폐헟믲쪹폃헟퓚쪹폃짌뇪좨맽돌훐뿉틔뗃떽뺭볃쫕틦ꆣ뻍튻냣뛸퇔ꎬ컯(냼삨뚯닺폫늻뚯닺)뗄쪹폃믡쪹뗃웤뺭볃볛횵붵뗍ꎬ틲캪컯뗄쪹폃쫙쏼쫇폐웚쿞뗄ꆣ뛸짌뇪좨뗄뺭볃볛횵튻냣믡쯦ퟅ쪹폃랶캧뗄삩듳뛸퓶볓ꆣ춬퇹뗄ꎬ짌뇪좨샻늻춬폚샻좨ꆢ훸ퟷ좨벰짌튵쏘쏜좨뗈횪쪶닺좨ꎬ쯼뗄볛횵쳥쿖퓚짌뇪좨퓚뛠듳랶캧폫뛠듳쫽솿짏놻쪹폃ꎬ쪹폃뗄랶캧ꆢ욵싊풽룟ꎬ웤볛횵뻍풽듳ꆣ뛸샻좨ꆢ훸ퟷ좨뫍짌튵쏘쏜좨뻍잡잡쿠랴ꎬ샻좨뗄뺭볃볛횵폫샻쪹폃뗄랶캧폫욵싊돉랴쿲맘쾵ꎬ쪹폃뗄풽뛠ꎬ샻좨뗄뺭볃볛횵뻍풽킡ꆣ듓헢튻뷇뛈뾴ꎬퟷ캪닺뗄짌뇪좨뗄쪹폃볛횵랴펳쇋짌뇪뗄뺭볃볛횵ꆣ짌뇪좨쯹폐헟믲쪹폃헟믱샻쓜솦듳ꎬ쮵쏷짌뇪좨뗄뺭볃볛횵듳ꎬ럱퓲ꎬ뻍쫇짌뇪좨뗄뺭볃볛횵킡믲컞뺭볃볛횵ꆣ평폚짌뇪좨뗄헢훖믱샻쓜솦뗄듳킡 17
뫓놱얩튵듳톧쮶쪿톧캻ꎨ뇏튵ꎩ싛컄 춨뎣쫇폫짌뇪좨뗄탅폾듳킡ꆢ횪쏻뛈뗄룟뗍쿠솪쾵ꎬ쯹틔죋쏇폖붫짌뇪좨뗄헢튻뺭볃볛횵돆캪짌뇪좨뗄탅폾볛횵ꎬ튲뷐뢽볓볛횵ꆣ짌뇪좨뗄뺭볃볛횵퓚짌뇪좨볛횵움맀훐쪮럖훘튪ꎬ죧짌뇪좨뗄춶ꆢ죃ꆢ탭뿉ꎬ웤쪵훊짏쫇폃짌뇪좨뗄쪹폃볛횵뷸탐춶ꆢ죃ꆢ탭뿉뗄ꎬ쯹틔듓짌뇪좨뗄뺭볃볛횵움맀짌뇪좨볛룱룼캪뫏샭ꆣ틲듋ꎬ짌뇪좨움맀훐ퟮ훘튪ꆢퟮ쪵훊뗄볛횵뻍쫇짌뇪좨뺭볃볛횵ꆣ 짌뇪좨볛횵뗄펰쿬틲쯘 짌뇪좨돵쪼볛횵뗄펰쿬틲쯘 (1)짌뇪좨뗄돉놾 짌뇪좨돉놾쫇짌뇪좨뒴붨ꆢ뾪랢ꆢ캬뮤맽돌훐춶죫뗄죋솦ꆢ컯솦ꎬ냼삨짌뇪뗄릹쮼ꆢ짨볆ꆢ뗇볇ꆢ힢닡ꆢ램싉놣뮤벰맣룦탻뒫럑폃뗈ꆣ 짌욷뺭볃랢햹떽뷱쳬ꎬퟷ캪짌욷뇪볇뗄짌뇪튲랢햹떽뻟폐짌욷뗄튻킩쫴탔ꆣ뇈죧ꎬ짌뇪좨뿉틔돶쫛ꆢ죃ꆢ탭뿉쪹폃뗈ꎬ뻍쫇퓚쳘뚨쳵볾쿂짌뇪좨 뿉틔쿱짌욷튻퇹좫늿믲늿럖뗘뷸죫붻틗ꎬ헢퇹ꎬ뻍쪹짌뇪좨ퟔ짭놻뒴퓬ꆢ짨볆맽돌훐쯹뢶돶뗄샍뚯뻟폐짧믡탔ꎬ벴뻟폐쇋볛횵ꎬ웤볛횵뗄듳킡좡뻶폚짨볆ꆢ펡훆짌뇪맽돌훐쯹뫄럑뗄믮샍뚯뫍컯뮯샍뚯횮ퟜ뫍ꆣ튻볾짌뇪듓짨볆떽춶죫쪹폃튪뺭맽쫐뎡뗷닩ꆢ짌뇪짨볆싛횤ꆢ짌뇪펡훆ꆢ짌뇪힢닡뗈튻쾵쇐맽돌ꎬ웤뫄럑뗄죋솦ꆢ컯솦ꆢ닆솦릹돉쇋짌뇪좨놾짭뗄볛횵ꆣ뫃뗄짌욷죧맻웤짌뇪짨볆랱쯶ꆢ듖닚ꆢ몬틥늻쟥ꎬ늻뻟폐쿔훸탔ꎬ[52]쓇쎴헢훖짌욷뻍뫜쓑놻쿻럑헟뇦죏뫍뷓쫜ꎬ듓뛸닺욷튲폐웤쪵뛸컞웤쏻ꎬ쓑틔듲뾪쫐뎡ꆣ틲듋ꎬ듳랲짌욷짺닺헟뫍뺭펪헟뚼솦쟳쪹ퟔ벺뗄짌뇪짨볆볲뷠ꆢ탑쒿ꆢ폐뒴틢ꎬ쟒쓜랴펳ퟔ벺웳튵ퟚ횼뫍뺫짱ꆣ (2)짌뇪좨뗄폐킧쪹폃웚쿞 짌뇪좨뗄폐킧쪹폃웚쿞쫜솽랽쏦펰쿬ꎺ튻쫇짌뇪좨뗄램뚨쪹폃웚쿞뫍틑쪹폃웚쿞ꎻ뛾쫇짌뇪닺욷뗄짺쏼훜웚벰웤쯹뒦뗄뷗뛎ꆣ 짌뇪좨뻟폐쪱볤탔ꎬ퓚폐킧웚쿞쓚ꎬ짌뇪좨램싉놣뮤뎬맽폐킧웚쿞ꎬ짌뇪좨늻퓙쫜램싉뮤ꆣ틀컒맺짌뇪램ꎬ힢닡짌뇪폐킧웚캪10쓪ꎬퟷ캪램뚨뗄폐킧웚쿞횻쓜쫇10쓪ꎬ뛸늻뿉쓜쫇ꆰ폀탸ꆱ(컞쿞웚)ꆣ떫쫇ꎬ횻튪좨샻죋늻캥램쪹폃ꎬ늻훐뛏쪹폃룃짌뇪ꎬ짌뇪힢닡죋내웚쳡돶탸햹짪쟫ꎬ퓲짌뇪좨뿉틔컞쿞탸햹ꆣ틲듋ꎬ짌뇪좨쪵볊짏폖뿉틔돉캪튻훖폀뻃좨ꆣ퓚뫏램탸햹뗄쟩뿶쿂ꆣ짌뇪좨뿉돉캪폀뻃탔쫕틦뗄컞탎닺ꎬꆰ풽샏풽쿣ꆱꎬ돛쏻뗄샏없짌뇪뗄볛횵튻냣폫웤쫙쏼돉헽뇈ꎬ벴쫙쏼풽뎤ꎬ쯼뗄볛횵풽룟ꆣ짌뇪좨폐킧웚쪵훊짏뗄늻좷뚨캪짌뇪좨뗄움맀쳡돶쇋컊쳢ꆣ죧맻퓋폃ꆰ쫕틦쿖횵램ꆱ뛔짌뇪좨뗄볛횵폨틔움맀ꎬ쓇쎴튻룶돛쏻짌뇪퓚쇙뷼탸햹잰뗄1쓪뷸탐움맀ꎬ웤샭싛짏뗄움맀횵늻죧튻룶룕룕믱뗃힢닡ꆢ폐킧웚뮹폐10쓪뗄럇돛쏻짌뇪ꆣ떫퓚쪵볹훐뻸늻믡폐죋풸돶룟볛좥싲쓇룶럇돛쏻짌뇪ꆣ풭틲뫜볲떥ꎺ돛쏻짌뇪퓚쫐뎡짏뗄탅폾틑뺭붨솢늢쟒볡쪵ꎬ폐뿉쓜컞쿞탸햹쿂좥ꎬ듓뛸컞쿞웚뗘캪짌뇪좨죋듸살뷏룟쫕틦ꆣ쯤좻웤힢뚨폐킧웚횻쪣쇋1쓪ꎬ떫웤캴살뺭볃쫙쏼뫜뿉쓜쫇컞쿞웚뗄ꆣ쿠뇈ꎬ룕룕힢닡뗄짌뇪ퟝ좻틀ꆰ쫕[53]틦쿖횵램ꆱ샭싛뿉붫10쓪샛볓뛮ퟷ캪웤볛횵틀뻝ꎬ좴튲폐뿉쓜퓚뗚뛾쓪뻍떹쇋없ퟓꆣ뾴살ꎬ퓋폃쫕틦쿖횵램움맀짌뇪좨쪱ꎬ좷뚨쫕틦웚쿞뗄틀뻝쫇짌뇪좨믱뗃뎬뛮샻틦뗄쪱볤ꎬ훁폚힢닡18
짌뇪좨볛횵뗄쮫틲쯘움맀쒣탍퇐뺿 쓪쿞뷶릩럖컶닎뾼ꎬ늻펦ퟷ캪횱뷓틀뻝ꆣ 짌뇪좨뺭볃볛횵뗄펰쿬틲쯘 (1)짌뇪뗄횪쏻뛈폫웤닺욷뗄탅폾돌뛈 짌뇪뗄횪쏻뛈폫웤닺욷뗄탅폾돌뛈뛾헟쫇뷴쏜솪쾵퓚튻웰뗄ꆣ짌뇪닺욷쓜퓚릦쓜ꆢ럾컱ꆢ췢맛ꆢ맣룦탻뒫뗈랽쏦룸쿻럑헟듸살솼뫃뗄펡쿳ꎬ벴룃짌뇪닺욷폐탅폾ꎬ퓲닺욷짌뇪뗄횪쏻뛈뻍듳듳쳡룟ꎬ룃짌뇪튲뿉돉캪룟훊솿ꆢ솼뫃럾컱뗄듺뇭ꆣ 틔짌욷훊솿캪샽ꆣ짌뇪좨뺭볃볛횵뗄ퟮ훕틀뢽컯쫇짌욷ꎬ짌욷훊솿횱뷓펰쿬짌뇪좨뺭볃볛횵ꆣ뺭펪헟캪퇐랢탂닺욷벰캪쳡룟닺욷훊솿쯹뢶돶뗄듳솿샍뚯횱뷓뻶뚨쇋짌뇪탅폾뗄룟뗍늢춨맽짌뇪좨뺭볃볛횵랴펳돶살ꎬ틲듋ꎬ짌욷좨볛횵볤뷓릹돉쇋짌뇪좨뺭볃볛횵뗄튻늿럖ꎬ헢쫇짌뇪좨벰릦쓜벰볛횵ퟮ놾훊뗄뚫컷ꎬퟮ믹뒡뗄쓚몭ꆣ쒳훖짌욷쓜럱듲죫쫐뎡ꎬ쫗쿈쫇평짌욷놾짭훊솿뻶뚨뗄ꆣ폅훊닺욷ퟮ듳쿞뛈뗄싺ퟣ쇋쿻럑헟뗄탨쟳ꎬ폖틔짌뇪뗄탎쪽퓚쿻럑헟쮼쿫짏(춷쓔샯)쇴쿂짮[54]뿌쏀뫃뗄펡쿳ꎬ듓뛸쫷솢쇋놾웳튵솼뫃뗄탅폾ꆣ틲듋ꎬ짌뇪좨뺭볃볛횵랴펳쇋짌욷뗄볛횵ꆣ뻍뻟쳥탎돉맽돌뛸퇔ꎬ뎧짌캪뾪췘쫐뎡ꎬ듲뾪쿺슷ꎬퟮ믹뒡뗄릤ퟷ뻍쫇뺡뿉쓜뗘쳡룟닺욷훊솿ꎬ헢늻뷶튪춶죫듳솿뒴퓬쪹폃볛횵뗄뻟쳥샍뚯ꎬ룼튪춶죫듳솿탎돉볛횵뗄돩쿳샍뚯ꆣ (2)짌뇪닺욷뗄쫐뎡햼폐싊 짌뇪닺욷뗄쫐뎡햼폐싊랴펳짌뇪닺욷쫐뎡럝뛮뗄듳킡벰웤컈뚨탔ꆣ쫐뎡햼폐싊듳뗄짌뇪닺욷쫇럱쓜뎤웚놣돖컈뚨ꎬ쫐뎡햼폐싊뷏뗍뗄쫇럱뿉틔춨맽웳튵볨뿠얬솦붨솢닺욷뗄솼뫃탅폾ꎬ뷸뛸쳡룟웤쫐뎡햼폐싊ꎬ헢킩뚼붫펰쿬짌뇪닺욷쫐뎡럝뛮뗄듳킡ꆣ돛쏻짌뇪틲웤퓚릫훚훐뗄펰쿬솦ꎬ퓚쫐뎡짏햼폐햽싔폅쫆ꎬ쫐뎡햼폐싊뷏룟ꎬ짵훁쫇슢뛏룃샠짌욷뗄쫐뎡ꎬ폫듋춬쪱뎣뎣냩쯦ퟅ슢뛏볛룱ꎬ듓뛸캪짺닺뺭펪헟듸살뷏뛠ꆢ뷏뎤쪱볤뗄쫕틦ꆣ펵폐돛쏻짌뇪뗄짌욷뗄볛룱[55]췹췹뇈춬샠짌욷룟돶벸놶ꎬ짵훁벸쪮놶ꎬ떫쫇쿻럑헟좴풸틢뷓쫜헢룶볛룱ꆣ틲듋ꎬ훸쏻짌뇪펵폐뷏룟뗄짌뇪좨볛횵ꆣ (3)짌뇪좨뗄램싉놣뮤돌뛈 죧맻짌뇪닺욷쓜캪짺닺뺭펪헟듸살뷏듳뗄뺭볃샻틦ꎬ뻍믡폐볙쎰ꆢ캱퓬뗈쟖좨탐캪랢짺ꎬ뛸짌뇪좨뗄놣뮤뿉틔쿞훆헢훖탐캪ꆣ짌뇪좨뗄램싉놣뮤돌뛈쫇짌뇪닺욷짺닺뺭펪헟퓚짌뇪힢닡ꆢ쪹폃벰듲믷볙쎰ꆢ쟖좨뗈랽쏦뗄킧맻ꆣ뛔짌뇪좨ퟮ믹놾뗄놣뮤뻍쫇짌뇪뗄힢닡ꆣퟷ캪컞탎닺뗄짌뇪ꎬ뇘탫쫇뺭맽램뚨돌탲힢닡ꆢ짳뫋ꆢ좡뗃쇋짌뇪폃좨뗄힢닡짌뇪ꎬ늢쟒퓚램뚨뗄폐킧웚쓚ꆣ캴힢닡짌뇪(틀냍샨릫풼뿉틔쫜놣뮤뗄캴힢닡짌뇪돽췢)퓲늻쫜램싉놣뮤ꎬ쪹폃헟늻쿭폐짌뇪좨ꎬ늻쓜붫놾힢닡짌뇪ퟷ캪램뚨컞탎닺폨틔움맀ퟷ볛ꆣ컒맺듳솿뗄캴힢닡짌뇪벴뇣쓜듸살뺭볃킧틦ꎬ웤볛횵튲늻쓜뗃떽좷죏ꆣ 폐튻퓲헦쪵쫂샽룼쓜쮵쏷짌뇪힢닡뛔폚짌뇪좨볛횵움맀뗄훘튪탔ꆣ퓚1995쓪ꎬ컒맺컷쓏뗘쟸퓸폐튻룶짌뇪퓚짏엄싴뎡(쟒늻쮵짌뇪뗄엄싴쫇럱뫏램)쪱ꎬ놻움맀돶뗄뗗볛짏캪틚풪죋쏱뇒ꆣ뛸엄싴룕튻뷡쫸ꎬ싲훷뻍뗃떽쇋탅쾢ꎺ룃짌뇪뗄힢닡짪쟫틑놻맺볒짌뇪뻖늵믘ꎬ쯼룹놾늻뻟폐[56]폃좨ꎻ뛸쯼폖뻸늻쫇ꆰ돛쏻짌뇪ꆱꎬ벴늻퓚틀냍샨릫풼뿉틔쫜놣뮤뗄캴힢닡짌뇪횮쇐ꆣ쯹틔ꎬ쪵볊짏쯼뿉쓜튻컄늻횵ꆣ (4)짌뇪좨뗄돖탸춶뫍랢햹 19
뫓놱얩튵듳톧쮶쪿톧캻ꎨ뇏튵ꎩ싛컄 돖탸늻뛏뗘뛔짌뇪좨춶폐샻폚짌뇪뗄놣뮤뫍랢햹ꎬ죧맣룦춶뿉틔쪹짌뇪좨볛횵뗄펰쿬돖뻃ꆣ웳튵쫇럱쓜펦폃룟뿆벼쳡룟짌뇪닺욷훊솿뫍릦쓜ꎬ틔삩듳쿺쫛ꎬ쳡룟짌뇪닺욷뗄탅폾뫍횪쏻뛈ꎬ쫇럱뻟폐횧돖웤닺욷쿲뛠퇹뮯랽쿲랢햹뗄쓜솦ꎬ헢킩뚼맘쾵떽쓜럱퓶잿짌뇪뗄랢햹잱솦ꆣ 짏쫶벸랽쏦쫇짌뇪좨볛횵닺짺뗄훷튪틲쯘ꎬ떱좻짌뇪좨볛횵뗄닺짺쫇뛠랽쏦뗄ꎬ훮죧쫛잰횸떼ꆢ쫛뫳럾컱뗈ꆣ탨튪횸돶뗄쫇릹돉짌뇪좨볛횵뗄룷늿럖춨뎣쫇늻쓜뛀솢듦퓚뗄ꎬ쯼쏇ퟮ훕뚼튪춨맽짌뇪좨뺭볃볛횵ퟜ쳥살쪵쿖ꆣ죧맻짌뇪쎻폐탅폾ꎬ벴짌뇪짌욷뗃늻떽짧믡뗄죏뿉ꎬ웳[57]튵쯹뢶돶뗄쯹폐샍뚯뚼붫뢶횮뚫쇷ꆣ뛔폚짌뇪좨볛횵뗄살풴뫍펰쿬틲쯘뿉폃쿂춼뇭쪾ꎺ 살풴ꎺ쓽뷡퓚짌뇪훐뗄컞닮뇰뗄돩쿳죋샠샍뚯ꎬ벴쓔솦샍뚯뫍뇘 튪뗄컯뮯샍뚯ꎬ냼삨짨볆돉놾ꆢ 힢닡돉놾ꆢ놣뮤돉놾ꆢ캬뮤돉놾ꆣ 펰쿬틲쯘ꎺ(1)짌뇪좨뒴붨ꆢ뾪랢ꆢ돵쪼볛횵짧믡 뇘튪쪱볤뻶뚨캬뮤맽돌훐춶죫뗄죋솦ꆢ컯솦ꎬ 냼삨짌뇪뗄릹쮼ꆢ짨볆ꆢ뗇볇ꆢ 힢닡ꆢ램싉놣뮤벰맣룦탻뒫럑폃짌뇪 뗈ꎻ(2)짌뇪좨뗄폐킧쪹폃쓪쿞ꆣ솽늿럖럖샠 좨 뗄볛룶뇰샍뚯쪱볤뻶뚨 살풴ꎺ짌좨뇪쓜쪹웤쯹폐헟믲쪹횵살 폃헟뻟폐뗄뷏듳뗄믱샻쓜솦ꎬ튲풴 뻍쫇쮵ꎬ짌뇪좨뗄쯹폐헟믲쪹폃 헟퓚쪹폃짌뇪좨맽돌훐뿉틔뗃떽뺭볃킧틦뫍쿻럑헟욫뫃뻶뚨 뺭볃쫕틦ꆣ 쪹폃볛횵 펰쿬틲쯘ꎺ(1)짌뇪뗄횪쏻뛈폫웤 닺욷뗄탅폾돌뛈ꎻ(2)짌뇪닺욷뗄 쫐뎡햼폐싊벰랢햹쟷쫆ꎻ(3)짌뇪 좨뗄램싉놣뮤돌뛈ꎻ(4)짌뇪좨뗄 돖탸춶뫍랢햹ꆣ 춼2-1ꎺ짌뇪좨뗄볛횵살풴벰펰쿬틲쯘 Fig2-1ꎺtrademark rights value origin and influence factors20
짌뇪좨볛횵뗄쮫틲쯘움맀쒣탍퇐뺿 3 짌뇪좨볛횵움맀믹놾랽램쫊폃탔럖컶 움맀랽램쫇럖컶뫍에뛏닺움맀볛횵뗄쫖뛎뫍춾뺶ꆣ뛔춬튻닺퓋폃늻춬뗄움맀뇪ힼ닉폃늻춬뗄움링랽램뗃돶뗄움맀뷡맻뿉쓜쫇듳쿠뺶춥뗄ꆣ뛸닺움맀훐늻춬뗄볛횵샠탍뫍움맀쒿뗄ꎬ폖믡펰쿬움맀랽램뗄톡퓱ꆣ컒맺ꆶ닺움맀ힼ퓲ꆷ뛔볛횵샠탍뗄럖샠캪ꎺ쫐뎡볛횵뫍쫐뎡볛횵[58]틔췢뗄볛횵ꎬ쫐뎡볛횵틔췢뗄볛횵샠탍폖냼삨춶볛횵ꆢ퓚폃볛횵ꆢ쟥쯣볛횵ꆢ닐폠볛횵뗈ꆣ닺움맀볛횵샠탍뗄탎돉ꎬ폫틽웰짌뇪좨볛횵움맀뗄쳘뚨뺭볃탐캪(벴움맀쒿뗄)폐맘ꎬ움맀쒿[59]뗄쫇뻶뚨볛횵샠탍뗄훘튪틀뻝ꎬ쫇에뛏좷뚨닺움맀볛횵뗄믹뒡ꎻ춬쪱ꎬ볛횵샠탍뗄좷뚨폫움맀믹ힼ죕쯹뒦뗄쫐뎡쳵볾폐쏜쟐뗄솪쾵ꆣ 룹뻝맺볒릤짌탐헾맜샭ퟜ뻖1995쓪12퓂22죕릫늼뗄ꆶ웳튵짌뇪맜샭죴룉맦뚨ꆷ벰웤쯻쿠맘램싉뫍램맦뗄맦뚨ꎬ짌뇪좨퓚쿂쇐쟩뿶쿂펦떱캯췐짌뇪움맀믺릹뷸탐짌뇪움맀ꎺ(1)죃짌뇪ꆣ웳튵죃웤짌뇪ꎬ펦떱럻뫏폐맘짌뇪맜샭램싉램맦벰헾닟뗄맦뚨ꎬ쳡붻짌뇪죃킭틩뫍짌뇪움맀놨룦ꎬ놨짌뇪뻖뫋ힼꆣ(2)틔짌뇪좨춶ꆣ퓚웳튵뫏늢믲붨솢훐췢뫏웳튵쪱ꎬ튻랽믲쫽랽틔짌뇪좨ퟷ캪돶랽쪽뗄ꎬ펦떱뷸탐짌뇪움맀ꆣ(3)웳튵웆닺쟥쯣ꆣ웳튵웆닺쟥쯣쪱ꎬ뛔웆닺웳튵뗄닺뷸탐뒦샭믲뇤쿖쪱ꎬ펦떱뷸탐짌뇪움맀ꆣ(4)틔짌뇪좨ퟷ훊톺ꆣ틔짌뇪폃좨뷸탐훊톺쪱ꎬ탨튪퓚훊톺뫏춬짏뇪쏷짌뇪뗄볛횵ꎬ헢튻볛횵펦떱춨맽뫏램움맀뗃돶ꆣ(5)퓚짌뇪쟖좨쯟쯏훐맘폚엢뎥뛮뗄죏뚨ꆣ퓚짌뇪쟖좨쯟쯏훐ꎬ뛔짌뇪뗄뫏램움맀ꎬ췹췹쫇좷뚨쟖좨탐캪죋펦떱쿲쫜몦죋뷸탐엢뎥쫽뛮뗄믹뒡ꆣ(6)웤쯻틀램탨튪뷸탐짌뇪움맀뗄ꎬ펦떱틀램뷸탐움맀ꆣ 짌뇪좨쫴폚컞탎닺랶돫ꎬ평폚웤ퟔ짭뗄쳘탔ꎬ훷튪럾컱폚뛔췢춶ꆢ훊톺ꆢ죃벰탭뿉뗈ꆣ틲뛸ꎬ웳튵짌뇪좨볛횵움맀뗄쒿뗄훷튪폐죽샠ꎺ (1)틔짌뇪좨ퟷ캪떥쿮닺뷸탐죃ꆢ춶캪쒿뗄뗄움맀ꎬ춨맽짌뇪좨볛횵움맀좷뚨짌뇪좨볛횵ꎬ캪붻틗쮫랽쳡릩뫏샭뗄닎뾼ꆣ (2)틔짌뇪좨쯹폐헟헻쳥닺좨뇤뚯캪쒿뗄뗄움맀ꆣ짌뇪좨볛횵움맀쫇ퟜ쳥닺움맀뗄튻늿럖ꆣ (3)틔짌뇪좨탭뿉쪹폃캪쒿뗄뗄움맀ꆣ춨맽짌뇪움맀ꎬ뫏샭좷뚨탭뿉럑쫽뛮믲쳡돉럑싊ꆣ틲듋ꎬ퓚뛔짌뇪좨볛횵뷸탐움맀쪱ꎬ펦룃헫뛔늻춬뗄움맀쒿뗄톡퓱늻춬뗄움맀샠탍ꎬ뷸뛸톡퓱쿠[60]펦뗄움맀랽램ꆣ쒿잰닺움맀훐쪹폃뗄죽훖믹놾랽램럖뇰쫇ꎺ쫐뎡램ꆢ돉놾램뫍쫕틦램ꆣ 죽훖믹놾움맀랽램뗄풭샭벰쪹폃잰쳡 쫐뎡램 쫐뎡램쫇룹뻝쳦듺풭퓲ꎬ닉폃뇈뷏뫍샠뇈뗄쮼슷벰랽램에뛏닺볛횵쮮욽뗄움맀벼쫵맦돌ꆣ뻟쳥쫇횸샻폃쫐뎡짏춬퇹믲샠쯆닺뗄뷼웚붻틗볛룱ꎬ뺭맽횱뷓뇈뷏믲샠뇈럖컶틔맀닢닺볛횵뗄움맀쮼슷ꆣ폃쫐뎡램움맀뗃돶뗄움맀뷡맻틲캪횱뷓살풴폚쫐뎡폖펦폃폚쫐뎡ꎬ쯹틔뫜죝틗놻뷓쫜쪹폃ꆣ펦폃쫐뎡램탨튪싺ퟣ솽룶잰쳡쳵볾ꎺ튻쫇튪폐튻룶릫뾪믮풾뗄쫐뎡ꎻ뛾쫇릫뾪쫐뎡짏튪폐뿉뇈뗄닺벰웤붻틗믮뚯ꆣ웤훐닎헕컯뗄뿉뇈탔쫇닉폃쫐뎡램뗄맘볼ꎬ냼삨닎헕컯폫 21
뫓놱얩튵듳톧쮶쪿톧캻ꎨ뇏튵ꎩ싛컄 움맀뛔쿳릦쓜뗄쿠쯆ꆢ쏦쇙뗄쫐뎡쳵볾뗄쿠쯆탔ꆢ닎헕컯돉붻쪱볤폫움맀믹ힼ죕볤룴늻쓜맽뎤뗈ꆣ헢킩쳵볾뛔폚닺쫐뎡랢폽뷏캪돉쫬뗄맺볒뫍뗘쟸뇈뷏죝틗싺ퟣꎬ떫뛔폚퓚닺쫐뎡뇈뷏[61]랢듯뗄뗘쟸믲늻첫랢듯뗄뗘쟸ꎬ쫐뎡램퓲늻첫쫊폃ꆣ쇭췢ꎬ퓚뛔붻틗쟩뿶ꆢ붻틗죕웚ꆢ닺쳘헷뗈랽쏦뛔닎헕컯뷸탐탞헽쪱ꎬ평폚쫜움맀죋풱횪쪶뫍뺭퇩펰쿬돌뛈뫜듳ꎬ튲붫펰쿬움맀뷡맻뗄ힼ좷탔ꆣ 돉놾램 돉놾램믹놾쮼슷쫇훘붨믲훘훃놻움맀닺ꆣ쯼쫇횸쫗쿈맀닢놻움맀닺뗄훘훃돉놾ꎬ좻뫳맀닢놻움맀닺튵틑듦퓚뗄룷훖뇡횵틲쯘ꎬ늢붫웤듓훘훃돉놾훐폨틔뿛돽뛸뗃떽놻움맀닺볛[62]횵뗄움맀믹놾랽램뗄춳돆ꆣ돉놾램펦폃뗄잰쳡쳵볾폐ꎺ놻움맀닺뒦폚볌탸쪹폃ힴ첬믲놻볙뚨뒦폚볌탸쪹폃ힴ첬ꎻ펦떱뻟놸뿉샻폃뗄샺쪷쇏ꎻ탎돉닺볛횵뗄쯰뫄쫇뇘탫뗄ꎻ움맀뛔쿳뇘탫쫇뿉퓙짺뗄ꆢ뿉뢴훆뗄ꎬ늻쓜퓙짺ꆢ뢴훆뗄움맀뛔쿳늻쓜닉폃훘훃돉놾램ꆣ 쫕틦램 쫕틦램쫇퓋폃풤웚쫕틦뫍킧폃볛횵풭샭ꎬ럾듓닺움맀훐붫샻쟳놾뗄쮼슷ꎬ샻폃춶믘놨뫍쫕틦헛쿖뗈벼쫵쫖뛎ꎬ냑움맀뛔쿳뗄풤웚닺돶쓜솦뫍믱샻쓜솦ퟷ캪움맀뇪뗄살맀닢움맀뛔쿳뗄볛횵ꆣ쫕틦램룹뻝움맀뛔쿳뗄풤웚쫕틦쿖횵살맀쯣웤볛횵ꎬ움맀뷡싛뻟폐뷏뫃뗄뿉뾿탔뫍쮵럾솦ꆣ 쫕틦램훐뗄믹놾릫쪽ꎺ nRt P=∑t(1+r)t=1 쪽훐ꎺP캪닺움맀횵(쫕틦쿖횵)ꎻ R캪뗚t쓪닺풤웚뎬뛮쫕틦ꎻ tN캪닺쫕틦웚쿞ꎻ R캪헛쿖싊ꆣ ꋅ쫕틦뛮 쫕틦뛮쫇쫊폃쫕틦램움맀닺볛횵뗄믹놾닎쫽횮튻ꆣ퓚닺움맀훐ꎬ닺뗄쫕틦뛮쫇횸룹뻝춶믘놨뗄풭샭ꎬ닺퓚헽뎣쟩뿶쿂쯹쓜뗃떽뗄맩웤닺좨훷쳥뗄쯹뗃뛮ꆣ닺움맀훐뗄쫕틦뛮폐솽룶뇈뷏쏷좷뗄쳘뗣ꎺ쫕틦뛮늻쫇닺뗄샺쪷쫕틦뛮믲쿖쪵쫕틦뛮ꎬ뛸쫇닺캴살풤웚쫕틦뛮ꎻ폃폚닺움맀뗄쫕틦뛮늻쫇닺뗄쪵볊쫕틦ꎬ뛸쫇닺뗄뿍맛쫕틦ꆣ ꋆ헛쿖싊 헛쿖싊폖돆쫕틦뮹풭싊ꎬ쫇붫캴살쫕틦헛쯣캪쿖횵뗄튻훖뇈싊ꆣ쫕틦램훐ꎬ헛쿖싊듓놾훊짏붲쫇튻훖웚췻춶놨돪싊ꎬ쫇춶헟퓚춶럧쿕튻뚨뗄쟩뿶쿂ꎬ뛔춶쯹웚췻뗄믘놨싊ꆣ헛쿖싊뻍웤릹돉뛸퇔ꎬ쯼쫇평컞럧쿕놨돪싊뫍럧쿕놨돪싊ퟩ돉뗄ꆣ ꋇ쫕틦웚쿞 22
짌뇪좨볛횵뗄쮫틲쯘움맀쒣탍퇐뺿 쫕틦웚쿞쫇횸닺뻟폐믱샻쓜솦돖탸뗄쪱볤ꎬ쯼평움맀죋풱룹뻝놻움맀닺ퟔ짭킧쓜벰쿠맘쳵볾ꎬ틔벰쿠맘램싉ꆢ램맦ꆢ웵풼ꆢ뫏춬뗈볓틔닢뚨ꆣ춨뎣쟩뿶쿂ꎬ닺뗄쫕틦웚훷튪쫜떽솽랽쏦틲쯘뗄쿞훆ꎺ닺뗄쪣폠쫙쏼웚ꎬ훷튪횸닺뗄뺭볃쫙쏼ꎬ튪뾼싇뿆톧벼쫵뷸늽뗈틲쯘뛔닺믱샻쓜솦뗄펰쿬ꎻ뻟폐램싉킧솦뗄뫏춬ꆢ킭틩뗈웵풼훐뛔닺쫜틦웚쿞뗄풼뚨ꆣ 펦폃쫕틦램움맀뇘탫싺ퟣ죽룶잰쳡쳵볾ꎺ놻움맀닺뗄캴살풤웚쫕틦뿉틔풤닢늢뿉틔폃믵뇒볆솿ꎻ닺펵폐헟믱뗃풤웚쫕틦쯹돐떣뗄럧쿕튲뿉틔풤닢늢뿉틔폃믵뇒볆솿ꎻ놻움맀닺풤웚믱샻쓪쿞뿉틔풤닢ꆣ쯤좻쫕틦램믹놾쮼쿫볲떥쏷쇋ꆢ틗폚샭뷢ꎬ떫쫇퓚쪵볹훐쫕틦램뗄펦폃[63]늢늻볲떥ꆣ쫗쿈ꎬ놻움맀닺탨싺ퟣ쫕틦램펦폃뗄죽룶잰쳡쳵볾ꎻ웤듎쫇쫕틦램짦벰놻움맀닺뗄풤웚쫕틦뛮ꆢ헛쿖싊믲놾뮯싊뫍쫕틦쓪쿞헢죽룶믹놾튪쯘뗄맀닢쓑뛈뷏듳ꎬ쟒쫜움맀죋풱훷맛틲쯘펰쿬듳ꎬ퓶볓쇋움맀럧쿕ꆣ 죽훖믹놾움맀랽램퓚짌뇪좨볛횵움맀훐뗄쫊폃탔럖컶 쫐뎡램뗄쫊폃탔럖컶 닉폃쫐뎡램움맀짌뇪좨볛횵ꎬ펦힢틢쫊뫏쫐뎡램뗄잰쳡쫇럱뻟놸ꎬ좷뚨뻟폐뫏샭뇈뷏믹뒡뗄샠쯆짌뇪좨붻틗ퟷ캪닎헕뛔쿳ꎬ쯑벯샠쯆짌뇪좨붻틗뗄쫐뎡탅쾢ꆣ떱폫샠쯆짌뇪좨뻟폐뿉뇈탔쪱ꎬ룹뻝뫪맛뺭볃ꆢ탐튵뫍좨쫴뇤뮯쟩뿶ꎬ뾼싇붻틗쳵볾ꆢ쪱볤틲쯘ꆢ붻틗뗘뗣뫍펰쿬볛횵[64]뗄웤쯻틲쯘랽쏦뗄닮틬ꎬ뗷헻좷뚨움맀횵ꆣ틲듋컒맺떱잰펦폃쫐뎡램움맀뻟폐뫜뛠뻖쿞탔ꎺ붻틗쫐뎡늻믮풾ꎻ붻틗탅쾢뗄뿉샻폃탔닮ꎻ닎헕컯뿉뇈쳵볾뫜쓑싺ퟣ뗈뗈ꎬ틲듋ꎬ뛔짌뇪헢훖닺폃쫐뎡램움맀쪱ꎬ룼펦룃힢틢틔쿂솽룶컊쳢ꎺ 뗚튻ꎬ짌뇪좨뗄붻틗쫐뎡뇈뷏킡ꎬ뇈웰랿닺ꆢ웻뎵뗈뗄붻틗쫐뎡살쮵뮹쿠떱킡ꎬ뛸쟒늢캴랢햹돉쫬ꆣ 뗚뛾ꎬ짌뇪좨붻틗뗄뿉뇈탔닮ꎬ폈웤쫇릺싲볛룱뎣뎣늻쫇헫뛔짌뇪놾짭ꎬ뛸쫇뾼싇릺싲헟쪹폃쯼뿉믱뗃뗄쫕틦뗄볛횵ꆣ헢뻍쫇쮵뛔짌뇪붻틗뛸퇔ꎬ싲랽돶볛쫇뫜훘튪뗄펰쿬틲쯘ꆣ샽죧ꎺ솽룶웳튵퓚릺싲춬튻짌뇪쪱ꎬ쎿튻릺싲헟룹뻝ퟔ짭뗄쓜솦뫍햽싔췹췹뿉틔룸돶닮뻠뫜듳뗄볛룱ꆣ퓚랿닺ꆢ웻뎵뗈뗄붻틗훐ꎬ평폚싲랽뫍싴랽뷏뛠ꎬ릩쟳뻹뫢볛룱뷏틗쿔쪾ꎬ쫜싲랽릺싲뗄뚯믺[65]펰쿬늻쫇뫜듳ꆣ쇭췢ꎬ짌뇪좨뗄죃볛룱춨뎣쫇쏘쏜뗄ꎬ붻틗뗄쓚쒻쟩뿶튲뎣뎣쫇늻릫뾪뗄ꎬ벴쪹쫇릫늼뗄볛룱튲늻튻뚨쫇헦쪵뗄볛룱ꆣ 퓚짌뇪좨볛횵움맀훐ꎬ듓닎헕컯뿉뇈쳵볾살뾴ꎬ튻냣튪쟳닉폃뗄닎헕컯짌뇪펦떱쫇ꎺꋙ춬탐튵뗄짌뇪ꎻꋚ쪹폃짌뇪뗄닺욷믲럾컱뗄랶캧펦믹놾쿠춬ꎻꋛ짌뇪좨탭뿉뗄쿞훆쳵볾쏷좷ꎬ컞놾훊닮틬ꎬ뿉틔쿠뮥뇈뷏ꎬ죧탭뿉탎쪽튻훂ꎬ춬캪뛀햼ꆢ업쯻믲웕춨탭뿉쪹폃뗈ꎻꋜ짌뇪좨탭뿉랢짺뗄쪱볤쿠뷼ꎬ폐뇈뷏탔ꎻꋝ짌뇪좨탭뿉쮫랽뗄쟩뿶폐뿉뇈탔ꎻꋞ짌뇪좨뗄랢햹잱솦폐쿠쯆횮뒦ꆣ뾼싇떽폐맘짌뇪좨뗄ퟔ짭쳘뗣틔벰쫐뎡뮷뺳뫍탅쾢쳵볾뗄쿞훆ꎬ퓚쫐뎡짏뫜쓑헒떽폫[66]놻움맀짌뇪좨샠쯆뗄붻틗쟩뿶ꆣ뿉볻ꎬ뻍쒿잰컒맺뗄쫐뎡쳵볾살쮵ꎬ펦폃쫐뎡램움맀짌뇪좨볛횵뗄쳵볾뮹늻돤ퟣꆣ 23
뫓놱얩튵듳톧쮶쪿톧캻ꎨ뇏튵ꎩ싛컄 돉놾램쫊폃탔럖컶 평폚돉놾램풭샭볲떥ꎬ틗폚헆컕뫍퓋폃ꎬ쒿잰맺쓚췢탭뛠뷌닄뫍쇏뚼냑돉놾램쇐캪컞탎닺움맀랽램횮튻ꎬ컒맺ꆶ닺움맀ힼ퓲—컞탎닺ꆷ훐튲쏷좷쳡돶컞탎닺움맀뿉틔펦폃돉[67]놾램ꆣ돉놾램럖캪샺쪷돉놾램뫍훘훃돉놾램ꎬ샺쪷돉놾램뿉뾼싇폃폚쓇킩뷶뷶뾿펪쿺벰맣룦ퟷ폃뛸폐볛횵뗄짌뇪ꎬ헢쪱듦퓚쫇럱붫좫늿맣룦벰펪쿺뗄좫늿럑폃볆죫짌뇪좨돉놾뗄컊쳢ꆣ듓맣룦ퟷ폃뗄쪱볤뗄톡좡짏ꎬ뿉틔뾼싇맣룦벰펪쿺뛔쿻럑헟첬뛈뇤뮯뗄펰쿬살좷뚨ꎬ뛔쿻럑헟첬뛈펰쿬뇤뮯듳뗄쪱볤샯ꎬ뿉붫맣룦벰펪쿺럑폃좫늿볇죫ꎻ뛔틔뫳쓪럝뗄맣룦벰펪쿺럑폃ퟃ쟩내튻뚨뇈샽볇죫ꆣ뛔폚퓸뺭폐뺭맽죃붻틗뗄짌뇪ꎬ퓲떱쪱뗄붻틗볛룱벰룷훖쫖탸럑횮뫍뿉틔ퟷ캪퓙듎움맀뗄닎뾼ꎬ떫헢쪱튪힢틢죃붻틗뫳짌뇪뗄랢햹ꎬ폫떱쪱붻틗쮮욽쫇럱뻟폐뿉뇈탔ꎬ헢뛎쪱볤쓚뗄랢햹쫇럱뿉폃탂뗄춶죫돉놾살뫢솿ꆣ 훘훃돉놾램쫇횸퓚쿖폐쫐뎡쳵볾뫍벼쫵쳵볾쿂ꎬ훘탂짺닺뾪랢튻룶춬퇹볛횵뗄짌뇪좨쯹탨튪뗄돉놾ퟷ캪짌뇪뗄볛횵뗄튻훖랽램ꎬ벴퓚쿖폐뗄벼쫵뫍쫐뎡쳵볾쿂ꎬ훘탂뾪랢튻룶춬퇹볛횵[68]뗄짌뇪좨쯹탨뗄춶죫ퟷ캪짌뇪좨움맀볛횵뗄튻훖랽램ꆣ쯼탨튪냑짌뇪좨훷쳥뗄폐맘맣룦탻뒫ꆢ쫛잰쫛뫳럾컱뢽볓횵벰폐맘뗄릫틦뻈볃탔뻨퓹뗈뗈샛볓웰살ퟷ캪짌뇪좨뗄움맀횵ꆣ훘훃돉놾뗄믹놾쮼슷쫇쪵볊춶죫놻움맀짌뇪좨뗄돉놾틔쿖탐쫐볛훘훃ꆣ쿔좻ꎬ훘훃돉놾램움맀뾼싇뗄훷튪쫇짌뇪좨뗄췢퓚볛횵ꆣ웤움맀폅뗣쫇쪡좥쇋뛔샺쪷돉놾뗄탞헽벰퓚믡볆헋쒿훐톰헒짌뇪돉놾뗄싩랳ꎬ돤럖뾼싇웳튵퓚뾪랢짌뇪맽돌훐뗄돉놾춶죫ꎬ움맀뗄뷡맻폐볡쪵뗄춶죫믹뒡ꎬ뿉탅뛈뇈뷏룟ꆣ떫쫇훘훃돉놾램듦퓚ퟅ폫샺쪷돉놾램쿠춬뗄좱뗣ꎺ뷸죫짌뇪뗄돉놾쓑틔뷧뚨ꎬ뛸쟒쯹폐뗄쇏뚼믹폚맽좥ꎬ늢캴랴펦짌뇪좨뗄캴살펯샻쓜솦ꆣ춬쪱ꎬ뛔폚쓇킩샏ퟖ뫅뗄짌뇪훘붨벸뫵쫇늻뿉쓜뗄ꆣ퓚짌뇪좨볛횵움맀ꎬ움맀쯹뾼싇뗄훘붨놻움맀짌뇪좨쯹탨튪횧뢶뗄돉놾췹췹캪룃짌뇪좨뗄짌뇪짨볆ꆢ힢닡쫖탸럑뗈뿉틔뷸탐믵뇒뮯뫢솿뗄돉놾ꆣ떫쫇ꎬ짌뇪좨뗄훘붨돉놾ꎬ폈웤쫇돛쏻짌뇪뗄돉놾ꎬ늻뷶뷶냼삨뿉틔뷸탐믵뇒뮯뫢솿뗄돉놾ꎬ뮹냼삨죧돖탸뗄맣룦탻뒫뫍쫐뎡췆맣ꆢ퇏룱뗄쓚늿맜샭뫍닺욷훊솿뿘훆ꆢ죋솦풴뗄춶죫뫍햽싔뻶닟뗈쿠떱튻늿럖캪쇋쿠맘짌뇪췆맣ꆢ맜샭뫍캬뮤뗈뫄럑뗄뛸폖쓑틔뷸탐믵뇒뮯뫢솿뗄뺭볃풴ꆣ폐뗄짌뇪퓚짨볆ꆢ췆맣맽돌훐뫄럑쇋듳솿뗄죋솦ꆢ컯솦풴ꎬ돉놾벫룟ꎬ떫쫇쪵쪩뫳웤믱샻쓜솦뫜킡ꆣ헢퇹뗄짌뇪좨움맀볛횵뻍뫜뗍ꎬ듋쪱폃돉놾램살움맀쿔좻믡룟맀웤볛횵ꎻ랴횮틠좻ꆣ틲듋ꎬ헢훖랽램뗄쪵볊닙ퟷ맽돌훐뮹쫇듦퓚틔쿂튻킩쓑쳢ꎺ 뗚튻ꎬ볆쯣돉놾럑폃뗄쪱웚쓑틔좷뚨ꆣ탭뛠짌뇪뗄샺쪷쿠떱뎤ꎬ죧훚쯹훜횪뗄ꆰCoca튻Colaꆱ짌뇪뒴쪼폚1887쓪ꎬꆰ췵싩ퟓꆱ보떶쿠뒫폚1651뒴쪼ꎬ컒쏇늻뿉쓜듓튻뾪쪼볆쯣웤룷훖럑폃ꆣ쇭췢ꎬ뮹폐튻킩퓸믔믍뗄짌뇪ꎬ쪱훁뷱죕벺뺭쮥실쇋ꎬ죧맻내돉놾럑폃볆쯣웤볛횵뻍뫜돉컊쳢ꆣ 뗚뛾ꎬ뿉쓜듦퓚쿠떱튻늿럖뗄ퟷ폃폚짌뇪뗄춶쎻폐틔믵뇒탎쪽랴펳ꆣ헢킩춶뿉쓜냼삨ꎺ폐벼쫵뗄믽샛ꆢ퇏룱뗄훊솿뿘훆ꆢ죋솦뗄춶죫ꆢ햽싔뻶닟뗈ꎬ뿉쓜뚼쫇ퟷ폃폚짌뇪뗄쓚퓚훘튪틲쯘ꆣ 뗚죽ꎬ펦룃붫쓄킩돉놾럑폃볆죫짌뇪돉놾훐ꎿ떥떥듓뿉틔듓닆컱놨뇭훐헒떽뗄맣룦춶뛸퇔ꎬ헢킩맣룦춶쫇뻟폐쮫훘쒿뗄뗄ꆣ튻랽쏦ퟷ맣룦뿉틔뫜뿬뗄쪹쿺쫛퓶볓ꎬ헢쫇맣룦뗄쪱웚킧폃ꎻ쇭튻랽쏦ퟷ맣룦쫇캪퓶잿짌뇪뗄횪쏻뛈뫍붨솢탎쿳ꎬ폐훺폚풶웚쿺쫛ꎬ헢쫇맣룦뗄풶웚24
짌뇪좨볛횵뗄쮫틲쯘움맀쒣탍퇐뺿 킧폃ꆣ튪붫헢솽훖랽쪽듓튻쓪튻쓪뗄믡볆헋쒿훐럖샫쫇쪮럖삧쓑뗄ꆣ듋췢ꎬ폐킩짌뇪퓸뺭운쏼ퟷ맣룦탻뒫뛸쎻쪲쎴킧맻ꎬ헢킩맣룦럑폃쫇컞볛횵뗄ꆣ 뗚쯄ꎬ붫룷훖돉놾럑폃믣ퟜ쪱ꎬ탨튪뾼싇쫊떱뗄뷰쪱볤볛횵ꆣ헢튲쫇튻룶쪮럖랱쯶뗄맽돌ꎬ춨맽탨튪튻뚨뗄훷맛에뛏ꆣ뿉볻ꎬ훖훖틲쯘훆풼쇋돉놾램퓚움맀짌뇪좨볛횵쪱뗄쫊폃탔ꆣ 쫕틦램쫊폃탔럖컶 짌뇪좨움맀볛횵쫇웤쓚퓚뺭볃볛횵뗄뇭쿖탎쪽ꎬ벴뛔믱샻쓜솦뗄쪵쿖돌뛈뗄움맀ꆣ붫짌뇪좨뗄믱샻쓜솦솿뮯캪풤웚쫕틦ꎬ늢붫웤ퟷ캪놻움맀뛔쿳움맀ퟷ볛뗄믹뒡ꎬ잡뫃폫짌뇪좨볛횵탎돉뗄샭싛쿠뛔펦ꎻ쫕틦램쫊펦탔잿ꆢ쇩믮랽뇣ꎻ쓜릻뿋럾쫐뎡램뫍돉놾램쯹쏦쇙뗄쓑쳢ꎬ퓚짌뇪좨볛횵움맀훐톡폃쫕틦램뻟놸쏷쿔폅쫆ꆣ쫕틦램훐뎣폃뗄솽훖뻟쳥랽램쫇쫕틦놾뮯램뫍캴[69]살쫕틦헛쿖램ꆣ 쫕틦놾뮯램쫇붫움맀뛔쿳캴살쒳튻쓪뗄풤웚쫕틦돽틔쫊떱뗄놾뮯싊믲헟돋틔쫊떱뗄쫕틦돋쫽뮻캪볛횵뗄랽램ꆣ웤볆쯣릫쪽죧쿂ꎺ 닺볛횵=캴살쒳튻쓪뗄풤웚쫕틦/놾뮯싊 믲ꎬ닺볛횵ꎽ캴살쒳튻쓪뗄풤웚쫕틦×쫕틦돋쫽 듓틔짏릫쪽훐뾴돶ꎬ쫕틦놾뮯램횻튪쟳닢쯣웳튵쒳튻쓪뗄쫽뻝ꎬ쫕틦돋쫽탎돉뗄믹뒡튲틀삵쫐뎡랢짺쫽뻝ꎬ헢탨튪돉쫬뗄놾쫐뎡ꎬ퓚컒맺쒿잰쟩뿶쿂쪵볊뗄뿉닙ퟷ탔늻쫇뫜잿ꆣ 캴살쫕틦헛쿖램튲돆캪쿖뷰쇷솿헛쿖램ꎬ쫇풤닢놻움맀닺캴살룷웚쫕틦ꎬ톡폃쫊떱뗄헛쿖싊붫웤헛쯣떽움맀믹ힼ죕뫳퓙샛볓쟳뫍뗄랽램ꆣ컒맺퓚닺움맀쪵볊닙ퟷ훐춨뎣닉폃헢훖랽램ꆣ 떫쫇평폚쫕틦램훐믹놾닎쫽뗄좷뚨쫜움맀죋풱훷맛펰쿬뷏듳틔벰컒맺떱잰뗄쫐뎡랢햹뷗뛎뚼퓶볓쇋쫕틦램쪹폃뗄쓑뛈ꆣꋙ짌뇪좨닺짺뗄풤웚쫕틦믲풤웚쿖뷰쇷뗄맀쯣뷏쓑ꆣ쪵볹훐ꎬ평폚짌뇪좨닺뗄캴살쫕틦쫜뛠훖틲쯘펰쿬뫍훆풼ꎬ늻뿉풤볻탔뫜잿ꎬ듓뛸떼훂쫕틦램뛔캴살쫕틦뗄풤닢뫍뛔닺믱샻쓜솦뗄에뛏듸폐뷏듳뗄훷맛탔뫍쯦틢탔ꎬ풤닢쓑뛈뷏듳ꆣ떱듺뿆톧벼쫵톸쯙랢햹ꆢ벼쫵룼탂뮻듺쯙뛈볓뿬ꎬ쪹짌뇪좨쪹폃뫳듸살뗄뎬뛮쫕틦룼쓑틔ힼ좷풤웚ꆣ퓚듋쟩뿶쿂ꎬ짌뇪좨뗄볛횵뿉쓜뫜듳ꎬ튲뿉쓜뫜킡ꆣ늢쟒짌뇪좨췹췹춬웳튵뗄웤쯻닺릲춬뒴퓬볛횵ꎬ쯹틔쓑틔럖샫돶짌뇪좨쯹뒴퓬뗄쫕틦ꆣꋚ놾뮯싊ꆢ헛쿖싊뗄좷뚨뷏쓑ꆣ샭싛짏ꎬ헛쿖싊펦냼삨컞럧쿕샻싊ꆢ럧쿕놨돪싊ꎬ웤훐럧쿕놨돪싊뗄좷뚨놾짭뻍뇈뷏삧쓑ꎬ퓙볓짏훊톺헢튻쳘쫢움맀쒿뗄ꎬ럧쿕놨돪싊뗄좷뚨쫇쓑짏볓쓑ꆣꋛ짌뇪좨뺭볃쫙쏼풤닢튲듦퓚튻뚨쓑뛈ꆣ짌뇪좨뗄쫙쏼럖캪뺭볃쫙쏼뫍짌뇪뗄램싉쫙쏼ꆣ틀뻝짌뇪램뗄맦뚨ꎬ짌뇪좨뗄폐킧웚캪10쓪ꎬ떫횻튪늻캥램쪹폃ꆢ늻훐뛏쪹폃ꎬ퓲뿉틔컞쿞탸햹ꆣ틲듋ꎬ듓램싉뗄뷇뛈뾴살ꎬ짌뇪좨뗄램싉쫙쏼쫇뿉틔컞쿞뗄ꆣ뛸ퟷ캪움맀랽램훐돶쿖뗄웚쿞퓲횻뗄쫇짌뇪좨뗄뺭볃쫙쏼ꎬ쫇틔짌뇪좨뗄뿉쫜틦웚캪볆쯣웚쿞뗄ꆣ듋췢ꎬ쫕틦램쿂ꎬ샖맛맀볆쿂뗄짌뇪좨볛횵움맀뗄뷡맻췹췹욫룟ꎬ짌뇪좨쯹폐헟쓜뷓쫜ꎬ떫싲랽늻뷓쫜ꎬ듓뛸쓑틔듯돉짌뇪좨붻틗ꆣ 25
뫓놱얩튵듳톧쮶쪿톧캻ꎨ뇏튵ꎩ싛컄 럖컶뷡싛 듓틔짏뛔닺움맀죽훖믹놾랽램뗄쫊폃탔럖컶뿉틔뾴돶ꎬ퓚뛔짌뇪좨볛횵뷸탐움맀쪱ꎬ돉놾램뫍쫐뎡램틲캪웤펦폃쳵볾뗄쿞훆ꎬ뛸늻첫쫊폃폚짌뇪좨볛횵뗄움맀ꎬ뛸쫕틦램펦폃뗄쓑뗣퓚폚움맀훐믹놾닎쫽횸뇪뗄좷뚨ꎬ듓웤놾훊살뾴퓲쫇뛔짌뇪좨볛횵펰쿬틲쯘뗄뷏뫃냑컕ꆣ 듓컒맺쿖쪵뗄뷇뛈살뾼싇컒맺짌뇪좨뗄쪵볊쟩뿶뛔짌뇪좨볛횵움맀뗄펰쿬ꆣ뗚튻룶쫇짌뇪좨춶죫뛔짌뇪좨볛횵뗄펰쿬ꆣ튻랽쏦ꎬ짌뇪좨뗄돵쪼춶죫잿뛈랴펳쇋뎧볒뒴붨뫍랢햹짌뇪뗄솦뛈ꎬ돵쪼돉놾쯤좻늻쫇볛횵ꎬ떫튲쫇짌뇪좨볛횵뗄튻룶훷튪살풴ꎬ헢튻펰쿬퓚뒫춳뗄돉놾램뫍쫕틦쿖횵램훐틑뺭뗃떽쳥쿖ꎬ틲캪뛔짌뇪좨캴살쫕틦뗄풤웚퓚뫜듳돌뛈짏쫇붨솢퓚짌뇪춶죫믹뒡짏뗄ꆣ쇭튻랽쏦ꎬ컒쏇튲튪뾼싇쿠뛔짌뇪좨춶죫뗄럑킧뇈ꎬ죧맻짌뇪닺욷쫕틦폫짌뇪좨춶죫돉놾쿠맘탔벫룟ꎬ죧맻뛔튻룶샺쪷뫜뛌뗄짌뇪살쮵ꎬ짌뇪좨춶죫훐뻸듳늿럖쫇맣룦탻뒫럑폃ꎬ쓇쎴쪵볊짏ꎬ짌뇪좨춶죫듳늿럖폃폚뛔쿻럑헟뗄잳닣ꆰ맠쫤ꆱꎬ뛸쎻폐돁뗭캪짌뇪좨ퟔ짭뗄볛횵ꆣ컒쏇튲폐샭평죏캪ꎬ벴쪹룃짌뇪쒿잰횪쏻뛈뷏룟ꎬ쿺쫛쫕죫뿉맛ꎬ웤쫐뎡믹뒡죔늻뫜샎뾿ꎬ퓚쿻럑헟탄쒿훐뗄탎쿳튲늻컈만ꎬ웤뎬뛮쫕죫폫웤쮵쫇살ퟔ폚짌뇪좨볛횵ꎬ늻죧쮵쫇살ퟔ폚튻헳럧쪽뗄탻뒫ꎬ뛸헢튻뗣퓚쿖폐뗄짌뇪좨볛횵움맀랽램훐쎻폐뗃떽돤럖랴펳ꆣ 짌뇪좨캴살쫕틦럧쿕튲쫇탨튪뾼싇뗄튻룶훘튪틲쯘ꆣ헽죧컒쏇잰쏦럖컶ꎬ훐맺웳튵뗄짌뇪뺭펪쓜솦놡죵듸살뗄짌뇪좨풤웚쫕틦뗄늻좷뚨탔퓚짌뇪좨볛횵움볛훐쫇컞램뫶싔뗄ꆣ컒쏇폐샭평쿠탅ꎬ춬튻룶짌뇪좨헆컕퓚뺭펪폐랽ꆢ맜샭췪짆뗄돖폐헟쫖샯뇈헆컕퓚뺭펪쪧닟ꆢ맜샭믬싒뗄돖폐헟쫖훐룼뻟볛횵ꆣ듓헢솽룶랽쏦뾴ꎬ평폚쎻폐뾼싇짌뇪좨돵쪼춶죫틔벰짌뇪좨캴살쫕틦럧쿕뛔짌뇪좨볛횵뗄펰쿬ꎬ닉폃뒫춳뗄쫕틦쿖횵램뷸탐짌뇪좨볛횵움맀ꎬ뻍폐뿉쓜쎻폐ퟶ떽ꆰ컯[70]폐쯹횵ꆱꎬ뛸쫇ꆰ뎬횵ꆱ움볛ꆣ튲뻍쫇쮵ꎬ움볛뷡맻튻냣믡룟폚짌뇪좨뗄쪵볊볛횵ꆣ 틲캪죧맻쓜릻뇈뷏돤럖뗄뾼싇펰쿬짌뇪좨볛횵뗄룷쿮틲쯘ꎬ늢뛔뒫춳짌뇪좨볛횵움맀랽램뗄뷡맻뷸탐탞헽ꎬ쓇쎴쫕틦램뛔폚짌뇪좨헢튻쳘쫢컞탎닺뗄움맀볛횵뗄펰쿬뻍쓜릻뷏뫃뗄뷢뻶ꆣ 26
짌뇪좨볛횵뗄쮫틲쯘움맀쒣탍퇐뺿 4 짌뇪좨볛횵움맀뗄쮫틲쯘움맀쒣탍릹붨 쮫틲쯘짌뇪좨볛횵움맀쒣탍쫇틔쫕틦램캪믹뒡ꎬ춬쪱폖뷨본돉놾램뫍쫐뎡램뗄뿉좡횮뒦ꎬ[71]뾼싇떽짌뇪좨볛횵뗄쳘쫢탔뫍춶죫돉놾벰캴살쫕틦솽룶틲쯘ꎬퟛ뫏움맀짌뇪좨볛횵ꆣ쮫틲쯘움맀쒣탍퓚욷없닺움맀랽램훐폐쯹펦폃ꎬ퓚듋컒쏇뿉틔뷨본ꆣ 컒쏇틽죫튻룶룅쓮ꎺ짌뇪좨뗄쏻틥뎬뛮쫕틦ꎬ쯼뫍짌뇪좨쪵볊뗄뎬뛮쫕틦쫇폐쟸뇰뗄ꆣ평폚틔쪵볊닆컱쫽뻝캪믹뒡ꎬ뒫춳뗄쫕틦쿖횵램볆쯣뗄쪵볊짏쫇짌뇪좨뗄쏻틥뎬뛮쫕틦ꆣ퓚쮫틲쯘짌뇪좨볛횵움맀쒣탍훐ꎬ컒쏇틽죫짌뇪좨돵쪼돉놾탞헽틲ퟓC뫍짌뇪좨뺭볃볛횵탞헽틲ퟓEꎬ럖뇰쳥쿖짌뇪좨볛횵폫짌뇪좨춶죫돉놾뗄맘솪ꆢ짌뇪좨뺭펪맜샭쮮욽뛔짌뇪좨캴살쫕틦뗄펰쿬ꆣ춨맽솽룶틲ퟓ뗄틽죫ꎬ뛔짌뇪좨쏻틥뎬뛮쫕틦뷸탐탞헽ꎬ쪹횮쓜릻룼뫏샭뗘랴펳웤헦쪵볛횵ꆣ 움맀쒣탍뗄믹놾뿲볜 뒫춳짌뇪좨움맀훐쫕틦램뗄믹놾볆쯣릫쪽 nFtp= ∑t(1+r)t=1 쪽훐ꎺP캪짌뇪좨움맀횵 Ft캪캴살뗚t룶쫕틦웚뗄짌뇪좨풤웚쫕틦뛮 r캪헛쿖싊 t캪짌뇪좨쫕틦풤닢쓪웚 n캪짌뇪좨쫕틦풤닢웚쿞 듋쪱뗄Ft캪짌뇪좨뗄쏻틥뎬뛮쫕틦ꎬ틲듋ꎬ쮫틲쯘탞헽뫳뗄짌뇪좨움맀캪ꎺ V=P×C×E 쪽훐ꎺV캪짌뇪좨움맀횵 P캪짌뇪좨쏻틥뎬뛮쫕틦헛쿖뫳뗄짌뇪좨움맀횵 C캪짌뇪좨돵쪼돉놾탞헽틲ퟓ 0<Cꇜ1 E캪짌뇪좨뺭볃볛횵탞헽틲ퟓ 0<Eꇜ1 풽쫇훸쏻뗄짌뇪ꎬ웤CꆢE뻍풽뷓뷼1ꎬ틲듋탞헽뫳뗄횵뻍풽뷓뷼뒫춳쫕틦램뗄움맀횵ꎬ뛸뛔폚듳뛠쫽컒맺짌뇪살쮵ꎬ횪쏻뛈뗍ꎬ쳥쾵뫍맜샭훆뛈늻붡좫ꎬ듦퓚튻쾵쇐뗄컊쳢ꎬ틲듋뷩폚0뫍1횮볤ꎬ내듋쒣탍움맀뗄짌뇪좨볛횵튪뇈뒫춳쫕틦램뗄튪뗍ꆣ 쒣탍훘튪닎쫽뗄톡퓱좷뚨 풤웚뎬뛮쫕틦뗄톡퓱 쫕틦뛮쫇폃틔랴펳컞탎닺믱샻쓜솦뗄ퟛ뫏횸뇪ꆣ퓚튻냣쟩뿶쿂ꎬ쯼쫇웳튵쿺쫛닺욷ꆢ쳡릩럾컱뫍닎폫춶쯹뗃떽뗄놨돪ꆣ퓚닺움맀튵컱훐ꎬ폐죽훖몬틥뗄쫕틦뛮ꎺ샻죳ퟜ뛮ꆢ뺻샻 27
뫓놱얩튵듳톧쮶쪿톧캻ꎨ뇏튵ꎩ싛컄 죳뫍뺻쿖뷰쇷솿ꆣ샻죳ퟜ뛮쫇횸웳튵퓚튻뚨쪱웚쓚쯹뗃쮰잰좫늿샻죳뗄쫽뛮ꆣ내쿖탐닆컱훆뛈맦뚨ꎬ샻죳ퟜ뛮캪펪튵샻죳ꆢ춶뺻쫕틦뫍펪튵췢쫕횧뺻뛮횮뫍ꆣ퓚컞탎닺움맀훐ꎬ틔닺욷쿺쫛뗄쯹뗃쮰잰샻죳ퟷ캪펪튵샻죳ꎬ늢쫓춬샻죳ퟜ뛮ꆣ틲춶뺻쫕틦뫍펪튵췢쫕횧뺻뛮횮뫍폫컞탎닺뗄믱샻쓜솦컞맘ꆣ뺻샻죳벴쯹뗃쮰뫳샻죳ꎬ쿠떱폚샻죳ퟜ뛮뿛복쯹뗃쮰뫳뗄폠뛮ꆣ뺻샻죳쫇웳튵뺭펪쫕틦훐뿉릩웳튵ퟔ훷횧엤뗄늿럖ꆣ틲듋ꎬ뺻샻죳룼캪닺닺좨뇤뚯룷랽쯹맘힢ꆣ뺻쿖뷰쇷솿쯹랴펳뗄쫇웳튵퓚튻뚨쪱웚쓚쿖뷰쇷죫뫍쇷돶뗄뷰믮뚯뷡맻ꆣ퓚쫽뛮짏쯼쫇틔쫕뢶쪵쿖훆캪풭퓲뗄쿖뷰쇷죫솿뫍쿖뷰쇷돶솿뗄닮뛮ꆣ뺻쿖뷰쇷솿폐펪퓋탍뫍춶탍솽샠ꆣ펪퓋탍뺻쿖뷰쇷솿쫇뛔쿖폐웳튵뎣맦뺭펪퓋탐쟩뿶쿂뗄쿖뷰쇷죫쇷돶믮뚯뗄쏨쫶ꆣ튻냣폃폚웳튵[72]닺뗄헻쳥움맀ꎬ폐쪱튲폃폚컞탎닺뗄헻쳥움맀뫍떥쿮움맀ꆣ춶탍뺻쿖뷰쇷솿쫇뛔쓢탂붨ꆢ삩붨ꆢ룄붨뗄웳튵ꎬ퓚붨짨웚ꎬ춶닺웚뫍듯닺웚헻룶쫙쏼웚쓚쿖뷰쇷죫뫍쇷돶뗄쏨쫶ꆣ 짌뇪좨볛횵움맀훐ퟮ뎣폃뗄쫇춶탍뺻쿖뷰쇷솿ꆣ헢튻횸뇪ꎬ내헕뷰살풴뿉럖캪좫늿춶쿖뷰쇷솿ꎬퟔ폐뷰쿖뷰쇷솿ꎬ맺쓚춶쿖뷰쇷솿뫍맺췢춶쿖뷰쇷솿ꆣ퓚움맀쪵컱훐ꎬ틲움맀뗄쫇짌뇪좨뗄펯샻쓜솦뛸늻쫇뗃떽뫳뗄맩쫴ꎬ쯹틔튻냣폃좫늿춶뗄뺻쿖뷰쇷솿ퟷ캪풤웚쫕틦뛮ꆣ 훐췢움맀뷧튻훂죏캪펦쳡뎫틔뺻쿖뷰쇷솿ퟷ캪풤웚쫕틦뛮ꆣ틲캪쯼틔쫕뢶쪵쿖훆캪풭퓲ꎬ업돽쇋죋쏇훷맛죏뚨뗄만뚨닺헛뻉럑뗄룉죅ꎻ춬쪱ꎬ쯼늻뷶뾼싇쇋쿖뷰쇷솿뗄쫽솿뛸쟒뾼싇떽쫕틦뗄쪱볤뫍믵뇒뗄쪱볤볛횵ꎻ쯼뮹쫇쮰뫳횸뇪ꆣ틲듋뺻쿖뷰쇷솿뇈샻죳ퟜ뛮뫍뺻샻죳룼쓜[73]뿍맛뗘랴펳짌뇪좨뗄뺻쫕틦ꆣ컷랽랢듯맺볒뗄움맀뷧춨뎣쫇틔뺻쿖뷰쇷솿ퟷ캪풤웚쫕틦뛮ꎬ맺쓚움맀뷧튲폐헢퇹뗄릲쪶ꆣ 헛쿖싊뗄톡퓱 헛쿖싊쫇퓋폃쫕틦쿖횵램움맀닺쪱뇈뷏벬쫖뗄컊쳢ꆣ헛쿖싊뗄캢킡닮틬ꎬ믡떼훂움맀횵쫽틔췲볆뗄닮틬ꆣ틲듋좷뚨헛쿖싊튪퓚뚨탔럖컶뗄믹뒡짏ꎬ톰쟳뚨솿뗄랽램ꆣ튻냣살쮵헛쿖싊펦뾼싇컞럧쿕샻싊ꎬ탐튵럧쿕놨돪싊ꆢ춨믵엲헍싊벰놻움맀웳튵뗄룶뇰럧쿕놨돪싊ꆣ쒿잰볆쯣짌뇪좨뗄헛쿖싊훷튪폐틔쿂솽훖ꎺ [74](1)놾닺뚨볛쒣탍(CAPM)웤볆쯣릫쪽죧쿂ꎺ r=Rf+ꛂ(Rm-Rf)+ꛁ 쪽훐ꎺr캪헛쿖싊ꎻ Rf캪컞럧쿕놨돪싊ꎻ ꛂ캪탐튵럧쿕쾵쫽ꎻ Rm캪탐튵욽뻹쫕틦싊ꎻ ꛁ캪컞탎닺룶뇰럧쿕놨돪싊ꆣ 웤훐ꎬ컞럧쿕놨돪싊뗄톡좡닎뾼ꆰ훐맺햮좯탅쾢췸랢늼뗄움맀믹ힼ죕뷼웚ꆰ만뚨샻싊맺햮쫕틦싊쟺쿟ꆱꎬ좡움맀믹ힼ죕듽뎥웚캪20쓪(10쓪)뗄맺햮쫕틦싊ퟷ캪컞럧쿕놨돪싊ꆣ탐튵욽뻹쫕틦싊뗄좷뚨룹뻝짌뇪좨쯹폐헟쯹뒦탐튵짏쫐릫쮾맽좥3~5쓪뗄볓좨욽뻹뺻닺쫕틦싊ꆣ ꛂ쾵쫽랴펳듽움맀짌뇪좨펦폃웳튵쯹퓚탐튵럧쿕쿠뛔폚짧믡욽뻹럧쿕쮮욽뗄룟뗍ꎬ캪움맀짌뇪좨쯹뒦웳튵탐튵폫짧믡욽뻹럧쿕뗄뇈싊ꆣ 28
짌뇪좨볛횵뗄쮫틲쯘움맀쒣탍퇐뺿 ꛂ>1뇭쪾쒿뇪웳튵쯹퓚탐튵럧쿕룟폚탐튵욽뻹쮮욽ꎻ ꛂ<l뇭쪾쒿뇪웳튵쯹퓚탐튵럧쿕뗍폚탐튵욽뻹쮮욽ꆣ 펰쿬ꛂ쾵쫽뗄탐튵룶뇰틲쯘냼삨탐튵쯹뒦쇬폲ꆢ벼쫵돉쫬뛈ꆢ닺욷짺쏼훜웚벰뫪맛뺭볃헾닟쫇럱폐샻뗈랽쏦ꆣ튻냣룹뻝ꆶ훐맺뮦짮A막막욱놴쯾닎쫽닢쯣맀볆ꆷ훐뗄ꛂ쾵쫽볆쯣ꆣꛁ뇭쪾캯맀컞탎닺뗄룶뇰럧쿕놨돪싊ꎬ쫇춨맽럖컶듽움맀짌뇪펦폃웳튵퓚맦쒣ꆢ뺭펪ힴ뿶폫닆컱ힴ뿶ꆢ쫐뎡뺺헹ꆢ랢햹쟷쫆뫍웳튵퓚탐튵훐뗄뗘캻뗈룶뇰틲쯘좷뚨뗄룶뇰럧쿕뗷헻쾵쫽ꆣ (2)샛볓램볆쯣릫쪽죧쿂ꎺ r=(1+i)(l+i)(1+i)-1 012쪽훐ꎺr캪헛쿖싊ꎻ i캪컞럧쿕샻싊ꎻ 0i캪탐튵럧쿕ꎻ 1i캪춨믵엲헍싊ꆣ 2컞럧쿕샻싊ꎬ튲돆낲좫샻싊ꎬ튻냣캪춬웚헾뢮맺뿢좯샻싊믲춬웚틸탐듻뿮샻싊ꆣ탐튵럧쿕놨돪싊ꎬ튻냣살쮵쯼펦캪탐튵욽뻹쫕틦싊폫낲좫샻싊횮닮ꆣ춨믵엲헍싊ꎬ내쿂쪽맀쯣ꎺ 춨믵엲헍싊=[ (1+쏻틥샻싊)/(1+쪵볊샻싊)]-1 헢킩랽램뚼폐웤룷ퟔ뗄뻖쿞탔ꎺ놾닺뚨볛쒣탍늻쓜폃폚럇짏쫐릫쮾뗄볛횵움맀ꎬ뛸샛볓램믹폚쿠뛔컈뚨뗄춶뮷뺳쿂뗄떱웚쫕틦ꎬ늢쟒틔퓶횵쫕틦살랴펳쒿뇪릫쮾뗄룟럧쿕ꎬ틲듋ꎬ쫊폃랶캧튲럇뎣폐쿞ꆣ듋췢ꎬ틔짏랽램뚼탨튪튻킩럧쿕닎쫽ꆣ퓚쏀맺ꎬ쯹탨닎쫽뻹뿉틔춨맽쏀맺훸쏻뗄뷰죚쫽뻝럾컱믺릹Ibbotson Associates뚨웚릫늼뗄SBBI쓪본(StockꎬBondsꎬBills and Inflation Yearbook)닩톯뗃떽ꆣ떫평폚쒿잰컒맺짐좱랦쏅뗄톯럾컱믺릹뚨웚릫늼쿠맘닎쫽ꎬCAPM벰웤삩햹랽램퓚쪵컱펦폃훐뮹폐튻뚨뗄닙ퟷ쓑뛈ꆣ 쫕틦쿖횵램룷룶움맀닎쫽뗄톡폃늻쓜맂솢뗘뷸탐ꎬ뇘탫ퟱ톭춳튻뗄풭퓲ꆣ룷룶닎쫽펦놣돖닆컱쓚몭뗄춳튻뫍볆쯣뿚뺶뗄튻훂ꆣ뛔폚짌뇪좨살쮵ꎬퟛ뫏뾼싇헛쿖싊톡좡뗄쪵볊틢틥틔벰쫽뻝죝틗믱좡뗄돌뛈ꎬ컒쏇닉폃탐튵욽뻹춶놨돪싊AIRR살볆쯣웤헛쿖싊ꆣ튻랽쏦ꎬ탐튵욽뻹춶놨돪싊쓜릻룼릫퓊뗘랴펳짌뇪좨뗈컞탎닺쿠뛔폚폐탎닺뗄퓶횳볛횵ꎻ쇭튻랽쏦ꎬAIRR퓚컒맺뷏틗뗃떽쿠펦뗄닎헕횵ꆣ 짌뇪쪹폃쓪쿞뗄톡퓱 짌뇪좨뻟폐쪱볤탔ꎬ퓚폐킧웚쿞쓚ꎬ짌뇪좨쫜램싉놣뮤ꎻ뎬맽폐킧웚쿞ꎬ짌뇪좨늻퓙쫜램[75]싉놣뮤ꆣ짌뇪좨쫕틦쓪쿞뗄좷뚨펦떱뾼싇틔쿂틲쯘뗄펰쿬ꎺ 뗚튻ꎬ램싉놣뮤뗄쓪쿞ꆣ틀컒맺짌뇪램ꎬ힢닡짌뇪폐킧웚캪10쓪ꎬퟷ캪램뚨뗄폐킧웚쿞횻쓜쫇10쓪ꎬ뛸늻뿉쓜쫇ꆰ폀탸ꆱ(컞쿞웚)ꆣ떫쫇ꎬ횻튪좨샻죋늻캥램쪹폃ꎬ늻훐뛏쪹폃룃짌뇪ꎬ짌뇪힢닡죋내웚쳡돶탸햹짪쟫ꎬ퓲짌뇪좨뿉틔컞쿞탸햹ꆣ틲듋ꎬ짌뇪좨쪵볊짏폖뿉틔돉캪튻훖폀뻃좨ꆣ퓚뫏램탸햹뗄쟩뿶쿂ꆣ짌뇪뿉돉캪폀뻃탔쫕틦뗄컞탎닺ꎬꆰ풽샏풽쿣ꆱꎬ돛쏻뗄샏없짌뇪뗄볛횵튻냣폫웤쫙쏼돉헽뇈ꎬ벴쫙쏼풽뎤ꎬ쯼뗄볛횵풽룟ꆣ틲뛸횻튪짌뇪틀램쪹폃ꎬ웤램싉놣뮤뗄쓪쿞뿉훁컞쟮ꎻ떫죧맻캥랴폐맘램싉맦뚨ꎬ웤놣뮤쓪쿞뿉쓜십짏훕횹ꆣ쇭췢ꎬ뛔폚짌뇪탭뿉살쮵ꎬ탭뿉쓪쿞쫇뫏춬맦뚨뗄쓪쿞ꆣ 29
뫓놱얩튵듳톧쮶쪿톧캻ꎨ뇏튵ꎩ싛컄 뗚뛾ꎬ짌뇪좨뗄뺭볃쫙쏼ꎬ헢쫇뻶뚨짌뇪좨쫕틦쓪쿞뗄맘볼ꆣ탨튪듓짌뇪좨뗄랢햹잱솦ꆢ웳튵뗄짌뇪닟싔ꆢ웳튵뗄랢햹랽쿲ꆢ탐튵뗄랢햹쟷쫆쓋훁헻룶뺭볃뮷뺳뗈랽쏦뷸탐ퟛ뫏럖컶ꆣ짌뇪폐킧웚쪵훊짏뗄늻좷뚨캪짌뇪좨뗄움맀쳡돶쇋컊쳢ꆣ죧맻퓋폃ꆰ쫕틦쿖횵램ꆱ뛔짌뇪좨뗄볛횵폨틔움맀ꎬ쓇쎴튻룶돛쏻짌뇪퓚쇙뷼탸햹잰뗄1쓪뷸탐움맀ꎬ웤샭싛짏뗄움맀횵늻죧튻룶룕룕믱뗃힢닡ꆢ폐킧웚뮹폐10쓪뗄럇돛쏻짌뇪ꆣ떫퓚쪵볹훐뻸늻믡폐죋풸돶룟볛좥싲쓇룶럇돛쏻짌뇪ꆣ풭틲뫜볲떥ꎺ돛쏻짌뇪퓚쫐뎡짏뗄탅폾틑뺭붨솢늢쟒볡쪵ꎬ폐뿉쓜컞쿞탸햹쿂좥ꎬ듓뛸컞쿞웚뗘캪짌뇪좨죋듸살뷏룟쫕틦ꆣ쯤좻웤힢뚨폐킧웚횻쪣쇋1쓪ꎬ떫웤캴살뺭볃쫙쏼뫜뿉쓜쫇컞쿞웚뗄ꆣ쿠뇈ꎬ룕룕힢닡뗄짌뇪ퟝ좻틀ꆰ쫕틦쿖횵램ꆱ샭싛뿉붫10쓪샛볓뛮ퟷ캪웤볛횵틀뻝ꎬ좴튲폐뿉쓜퓚뗚뛾쓪뻍떹쇋없ퟓꆣ 뾴살ꎬ퓋폃짌뇪좨볛횵움맀쮫틲쯘쒣탍움맀짌뇪좨쪱ꎬ좷뚨쫕틦웚쿞뗄틀뻝쫇짌뇪좨믱뗃[76]뎬뛮샻틦뗄쪱볤ꎬ훁폚힢닡쓪쿞뷶릩럖컶닎뾼ꎬ늻펦ퟷ캪횱뷓틀뻝ꆣ 짌뇪좨돵쪼돉놾탞헽틲ퟓ뫍뺭볃볛횵탞헽틲ퟓ뗄좷뚨 짌뇪좨돵쪼돉놾탞헽틲ퟓ뗄좷뚨 퓚쮫틲쯘짌뇪좨볛횵움맀쒣탍훐ꎬ틽죫짌뇪좨돵쪼돉놾탞헽틲ퟓ뗄훷튪쒿뗄쫇랴펳탭뛠훐맺웳튵럇샭탔맣룦춶죫룸짌뇪볛횵듸살뗄뢺쏦펰쿬ꎬ쯼쫇뛔짌뇪좨쏻틥뎬뛮쫕틦뗄탞헽쾵쫽ꆣC폫짌뇪맣룦춶죫솦뛈뫍샭탔돌뛈쿠맘ꆣ쫗쿈탨튪뛔맣룦춶죫솦뛈뷸탐뫢솿ꆣ컒쏇틽죫맣룦뒫 [77]능샭싛훐뗄맣룦쿺쫛킧맻닢솿룅쓮ꆣ맣룦킧맻뗄닣듎ꎬ뿉뮮럖캪뺭볃킧맻ꆢ쿻럑헟탄샭킧맻뫍짧믡킧맻ꆣ캪쇋탞헽짌뇪좨쏻틥뎬뛮쫕틦ꎬ컒쏇닉폃맣룦쿺쫛킧맻벴맣룦뗄뺭볃킧맻ꆣ쯼쫇춨맽쿺쫛쟩뿶에뛏맣룦킧맻뫍솦뛈뗄뇪ힼ릤뻟ꆣ뎣폃뗄맣룦쿺쫛킧맻닢뛈램폐죽훖ꎺ맣룦킧맻 [78]뇈싊램ꆢ맣룦킧틦램뫍맣룦럑뇈싊램ꆣ 헢샯컒쏇닉폃맣룦럑뇈싊램ꎬ벴짌뇪맣룦럑폃햼짌뇪닺욷쿺쫛쫕죫뗄뇈싊ꆣ맣룦럑뇈싊풽룟ꎬ쮵쏷짌뇪좨맣룦춶죫솦뛈풽듳ꆣ짌뇪좨맣룦춶죫뗄샭탔돌뛈ꎬ닉폃짌뇪럑폃뷡릹훐맣룦럑춶죫싊ꎬ벴짌뇪좨맣룦럑폃폫짌뇪좨ퟜ쳥춶죫럑폃뗄뇈횵살닢솿ꆣ룃뇈횵풽룟ꎬ쮵쏷짌좨뇪맣룦춶죫뗄샭탔돌뛈풽뗍ꎬC튲뻍풽킡ꆣ평폚늻춬맺볒ꆢ늻춬탐튵볤맣룦럑뇈싊뫍맣룦럑춶죫싊쿠닮뫜듳ꎬ샽죧ꎬ컒맺죩욷탐튵뗄맣룦럑뇈싊욽뻹퓚8ꎥ~15ꎥퟳ폒ꎬ뛸맺췢튩욷탐튵룃횵퓚 [79]30ꎥ틔짏ꎬ캪쇋복짙탐튵볤뗄닮틬뛔짌뇪돵쪼돉놾탞헽틲ퟓ볆쯣듸살뗄펰쿬ꎬ퓚볆쯣룷훖뇈싊쪱펦뾼싇웤폫탐튵욽뻹횵뗄닮뻠ꆣ ퟛ짏쯹쫶ꎬ짌뇪좨돵쪼돉놾탞헽틲ퟓC평죧쿂릫쪽좷뚨ꎺC=(1-a)*(1-b)ꎬ웤훐ꎺa캪웳튵맽좥죽쓪맣룦럑춶죫싊(짌뇪좨맣룦럑폃햼짌뇪좨ퟜ쳥춶죫럑폃뇈싊)뎬돶탐튵룃뇈싊뻹횵뗄볓[80]좨욽뻹ꎬ떫a탫듳폚0ꎬ벴 −1ACj0ꎬ−∑WIAACRjja=max j=−3TCj 30
짌뇪좨볛횵뗄쮫틲쯘움맀쒣탍퇐뺿 ACj =IAACRjTC j 웤훐ꎬACj캪짌뇪좨뗚j쓪맣룦럑폃ꎬ냼삨짌뇪횱뷓맣룦럑폃틔벰첯쿺뗄볤뷓맣룦럑폃ꎻ뛸TCj캪짌뇪좨뗚j쓪ퟜ쳥춶죫럑폃ꎬ냼삨짌뇪닺욷뗄퇐랢ꆢ쟾뗀ꆢ맣룦럑폃ꎻIAACRj캪뗚j쓪룃뇈싊뗄탐튵뻹횵ꎻWj평뷼벰풶럖뇰좡횵캪1/2ꎬ1/3뫍1/6ꆣ죧맻짌뇪샺쪷늻싺죽쓪ꎬ퓲뿕폠쓪럝쫓캪 b캪웳튵맽좥죽쓪짌뇪좨맣룦럑뇈싊(맣룦럑폃햼짌뇪닺욷쿺쫛쫕죫뗄뇈싊)뎬돶탐튵룃뇈싊뻹횵뗄볓좨욽뻹ꎬb틠탫듳폚0ꎬ벴 −1ACj0ꎬ−b=max ∑WIAAPRjjj=−3PRj 웤훐ꎬACj캪짌뇪좨뗚j쓪맣룦럑폃ꎻPRj쫇짌뇪닺욷뗚j쓪쿺쫛쫕죫ꎻIAAPRj뗚j쓪룃뇈싊뗄탐튵뻹횵ꎻWj좡횵춬짏ꆣ죧맻짌뇪샺쪷늻싺죽쓪ꎬ퓲뿕폠쓪럝튲쫓캪 AC j=IAAPRj PRj 짌뇪좨뺭볃볛횵탞헽틲ퟓ뗄좷뚨 짌뇪좨뗄볛횵믡쫜떽짌뇪좨랢햹잱솦뗄펰쿬ꎬ죧튻룶릫쮾폻릺싲쇭튻릫쮾뗄짌뇪ꎬퟔ좻쫇튪듓훐뗃떽캴살쫕틦ꎬ뛸짌뇪좨뗄잱솦뻍펰쿬떽캴살쫕틦뗄듳킡뫍캴살쫕틦캬돖쪱볤뗄뎤뛌ꆣ 뾼닩짌뇪좨뗄잱솦ꎬ뿉틔춨맽짌뇪좨쿖ힴ뗈튻쾵쇐뗄쳘탔뷸탐럖컶ꆢ움볛뷸탐ꆣ훷튪뗄뾼[81]닩틲쯘죧쿂ꎺ (1)쫐뎡쇬떼솦 짌뇪좨뗄쫐뎡쇬떼솦횸룃짌뇪닺욷믲럾컱쓜릻쇬떼쫐뎡뗄쓜솦ꆣ짌뇪좨뻟폐쫐뎡쇬떼솦쪱ꎬ뻍믡퓚쫐뎡햼폐햽싔폅쫆ꎬ듓뛸캪짺닺뺭펪헟듸살뷏뛠ꆢ뷏뎤쪱볤뗄쫕틦ꆣ헢튻뗣퓚쿻럑욷쫐뎡ퟮ캪쏷쿔ꎬ틲캪퓚쿻럑욷쫐뎡쇣쫛짌벰쿻럑헟ퟜ쫇뷴룺쫐뎡짏뻟폐쇬떼솦뗄짌뇪좨ꆣ 뾼닩짌뇪좨뗄쫐뎡쇬떼솦쪱ꎬ쿖폐쫐뎡럝뛮쫇튻룶볲떥뛸뿍맛뗄솿뛈ꎬ뿉틔횱맛뗘뾴돶룃짌뇪쫇럱쫇쫐뎡뗄훷떼ꆣ떫쫇ꎬ폃뛌웚뗄퇛맢살뾴짌뇪좨쫇캣쿕뗄ꎬ뇘탫뷸튻늽뾼닩짌뇪좨볌탸랢햹뗄쓜솦ꎬ벴짌뇪좨쓜럱놣돖웤쇬떼뗘캻ꎬ믲헟뷸튻늽쿲웤쯻랽쿲삩햹ꆣ죧폐짌뇪A폫Bꎬ쒿잰A뗄쫐뎡햼폐싊듳폚Bꎬ쿻럑헟횪뗀A뗄죋뇈B뛠ꎬ떫뗷닩랢쿖퓙듎릺싲B뗄죋뗄뇈샽쫇A뗄솽놶ꆣ헢뻍쫇쮵죧맻퓶볓뛔B뗄탻뒫ꎬB뗄쫐뎡햼폐싊믡뫜뿬퓶볓ꎬA뗄뗘캻뻍뿉쓜쫜떽췾킲ꆣ (2)컈뚨탔 31
뫓놱얩튵듳톧쮶쪿톧캻ꎨ뇏튵ꎩ싛컄 짌뇪좨뗄컈뚨탔쫇짌뇪퓚쫐뎡짏뺭맽튻뛎쪱볤뾼퇩뫳뗄뇭쿖ꆣ샏없ퟓꎬ뺭맽뎤웚얬솦붨솢쇋탅폾ꎬ늢펵폐뛔짌뇪닺욷믲럾컱싺틢뗄뿍뮧ꎬ헢붫놣횤짌뇪퓚쫐뎡짏뗄믹놾뗘캻늢쳡릩룃짌뇪좨틔볌탸랢햹뗄믹뒡ꆣ 짌뇪좨뗄컈뚨탔뿉틔듓짌뇪뗄랢햹샺쪷살뾼닩ꎬ튻랽쏦듓웤퓚쫐뎡뗄뇭쿖뾴ꎬ쇭튻랽쏦듓웳튵쓚늿얬솦뾴ꆣ짌뇪좨뗄컈뚨탔랴펳퓚쫐뎡짏ꎬ죧짌뇪닺욷믲럾컱뗄쫐뎡럝뛮뎤웚컈뚨ꎻ짌뇪좨뗄컈뚨탔랴펳퓚웳튵캪붨솢뷏룟뗄탅폾쯹뷸탐뗄뎤웚얬솦짏ꎬ죧늻뛏럖컶쿻럑헟뗄탨튪ꆢ춶폚퇐뺿폫뾪햹틔싺ퟣ헢훖탨쟳ꆢ랢햹짌튵췸싧뗈ꎬ헢킩뚼붫폐샻폚놣돖웤컈뚨탔ꆣ (3)쿖폐쫐뎡햹췻 떱짌뇪좨뻟폐튻뚨뺭볃볛횵늢폐랢햹잱솦쪱ꎬퟜ쳥쿖퓚튻뚨뗄쫐뎡훐ꎬ펦듓죧쿂벸랽쏦뾼닩ꎺ짌뇪닺욷믲럾컱뗄쓚퓚웚췻쫇쪲쎴믲웤쒿뇪쫇쪲쎴?짌뇪닺욷믲럾컱쫇욽컈랢햹ꎬ믲쫇돊쿂붵쟷쫆ꎬ뮹쫇돊짏짽쟷쫆?폐탂뗄뺺헹뛔쫖싰?헢킩탂뗄뺺헹뿉틔춨맽펦폃룼룟벼쫵ꆢ삩듳쿺쫛ꆢ볓잿맣룦뗈랽쪽뇜쏢싰? (4)짌뇪좨랢햹뗄뿉쓜탔 짌뇪좨랢햹뗄뿉쓜탔쫇짌뇪닺욷믲럾컱쿲뛠퇹뮯랢햹뗄쓜솦ꎬ뛸늻쫇횸웤쿖폐쮮욽ꆣ뛔헢훖잱솦뗄뾼닩ꎬ뿉틔듓짌뇪퓚웤캴짦ퟣ쫐뎡뗄횪쏻뛈뾴ꎬ춬쪱뮹튪뾴웳튵쫇럱뻟폐횧돖웤닺욷믲럾컱쿲뛠퇹뮯랢햹뗄쓜솦ꆣ샽죧ꎺꆰSeikoꆱꎬ뛠쓪살뗄훆뇭릤틕쪹ꆰSeikoꆱ폫뺫좷ꆢ췪짆훊솿뫍쪱돉쇋춬틥듊ꆣ헢훖솼뫃뗄짹폾춬퇹튲쫊뫏폚훆뺵(훆퓬퇛뺵)탐튵ꎬ죋쏇뛔퇛뺵뗄튪쟳튲쫇ힼ좷ꆢ룟훊솿뫍쪱ꆣ퓚헢훖벺뺭좷솢뗄횪쏻뛈뫍탎쿳쿂ꎬꆰSeikoꆣꆱ듓훆뇭탐튵삩햹떽쇋훆뺵탐튵ꆣ춬쪱펦룃힢틢ꎬ늻쫇쯹폐뗄짌뇪좨뚼뻟폐헢훖폐샻폚웤삩햹뗄쳘탔ꆣ (5)맺볊뮯잱솦 짌뇪좨뗄맺볊뮯잱솦뻍쫇짌뇪좨쿲맺볊쫐뎡랢햹뗄쓜솦ꎬ벴짌뇪좨풽맽뗘샭뫍컄뮯뇟뷧뗄쓜솦ꆣ헢늻뷶쫜짌뇪닺욷믲럾컱쓜럱캪맺볊쫐뎡쯹뷓쫜뗄펰쿬ꎬ뮹펦뾼싇램싉랽쏦뗄펰쿬ꆣ평폚룷맺뗄램싉폐쯹늻춬ꎬ틲듋짳닩짌뇪좨퓚늻춬맺볒뗄놣뮤폫뾼닩짌뇪닺욷믲럾컱퓚늻춬맺볒뗄삩햹쓜솦춬퇹훘튪ꆣ튻룶뻟폐맺볊뮯쓜솦뗄짌뇪뗄볛횵쫇뇈뷏룟뗄ꆣ (6)돖탸뗄짌뇪춶 돖탸늻뛏뛔짌뇪좨뗄춶폐훺폚짌뇪좨뗄놣돖뫍랢햹ꆣ쓇킩뗃떽돖탸뗄춶횧돖뗄짌뇪좨뇈쓇킩횻쫇뛏뛏탸탸뗘믲훜웚탔뗘뗃떽춶횧돖뗄짌뇪좨룼폐랢햹잱솦ꆣ샽죧ꎺ맣룦춶뿉틔쪹짌뇪좨뗄펰쿬솦돖뻃ꎬ늢쟒폐뿉쓜룸짌뇪좨듸살럡뢻뫍짮풶뗄몭틥ꆣ (7)램싉놣뮤 틲캪짌뇪좨뻟폐뺭볃볛횵ꎬ쯼늻뷶쓜컼틽릺싲헟ꎬ춬퇹튲컼틽캱퓬헟ꆣ캱퓬탐캪뎣뎣퇏훘쯰몦짌뇪좨뗄랢햹잱솦ꆣ짌뇪좨놣뮤뿉틔쿞훆헢훖탐캪ꆣ샽죧ꆰCoca-Colaꆱ뻍퓚좫쫀뷧힢닡쇋뛾룶쏻ퟖ(ꆰCoca-Colaꆱ뫍ꆰCokeꆱ)ꎬ늢쟒힢닡웤쳘쫢뗄운킴춼퇹ꆣ뾼닩짌뇪좨뗄램싉놣뮤쫇뾼닩짌뇪짺닺뺭펪헟퓚짌뇪힢닡ꆢ쪹폃벰듲믷럂쎰ꆢ쟖좨뗈랽쏦뗄ퟛ뫏킧맻ꆣ (8)ퟩ뫏폅쫆 퓚웳튵릺싲짌뇪좨횮쪱ꎬ뎣뎣뾼싇짌뇪좨폫웤ퟔ폐짌뇪(벴웳튵풭폐뗄짌뇪)뗄릲춬ퟷ폃킧맻ꎬ벴ퟩ뫏폅쫆뛸뻶뚨쫇럱릺싲ꆣ짌뇪좨퓚쿠뮥ퟩ뫏닺짺ퟩ뫏폅쫆쪱ꎬ믡닺짺탂뗄랢햹잱솦ꆣ 춨맽짏쫶틲쯘뗄뾼닩ꎬ뿉틔ퟛ뫏움볛놻움맀짌뇪좨뗄랢햹잱솦ꎬ캪움맀짌뇪좨볛횵듲쿂믹뒡ꆣ짌뇪좨뺭볃볛횵탞헽틲ퟓE랴펳짌뇪뺭펪헟뗄뺭펪쓜솦뫍짌뇪뺭펪럧쿕ꆣ짌뇪뺭좨볃볛횵32
짌뇪좨볛횵뗄쮫틲쯘움맀쒣탍퇐뺿 탞헽틲ퟓE좡횵뷩죫0뫍1횮볤ꎬ닉폃뚨탔랽램살좷뚨ꆣ컒쏇춨맽틔쿂벸룶튪쯘뫢솿뛔짌뇪좨뺭볃볛횵탞헽ꎺ쫐뎡쇬떼솦ꆢ컈뚨탔ꆢ쿖폐쫐뎡햹췻ꆢ짌뇪좨랢햹뗄뿉쓜탔ꆢ맺볊뮯잱솦ꆢ돖탸뗄짌뇪좨춶ꆢ램싉놣뮤ꆢퟩ뫏폅쫆ꆣ짏쫶벸룶튪쯘뻹뛔짌뇪좨뗄캴살쫕틦닺짺펰쿬ꎬ뺭맽닩퓄듳솿컄쿗ꎬ늢톯쿠맘볒ꎬ쯹톡볒살ퟔ움맀ꆢ램싉ꆢ떣놣ꆢ놻움맀샻쯹쫴쇬폲쓚횪쏻웳튵훐뗄쿠맘랽쏦볒뗈뗈릲쪮캻ꎬ닉폃볒듲럖램ꎬ훮튪쯘뿉내쿂뇭쯹쪾좨훘뾼싇ꎬ맩튻[82]뮯뫳뗃돶짌뇪좨뺭볃볛횵탞헽틲ퟓEꎬ벴 뇭4-1 짌뇪좨볛횵룷펰쿬틲쯘좨훘뇭 -1 The weight able of Trademark value Influencing factors 틲쯘 좨훘 쫐뎡쇬떼솦컈뚨탔쿖폐쫐뎡햹췻 짌뇪랢햹뗄뿉쓜탔맺볊뮯잱솦돖탸뗄짌뇪춶 램싉놣뮤ퟩ뫏폅쫆 33
뫓놱얩튵듳톧쮶쪿톧캻ꎨ뇏튵ꎩ싛컄 5 짌뇪좨볛횵뗄쮫틲쯘움맀쒣탍펦폃낸샽 놾컄뷨본튻룶쪵볊낸샽ꎬ틔XX벯췅쓢죃쯹펵폐퓚훐맺뫍쫀뷧웤쯻맺볒믲뗘쟸힢닡뗄폫욡뻆뫍웤쯻틻쇏폐맘뗄XX짌뇪좨캪샽ꎬ뛔XX짌뇪좨볛횵뷸탐움맀ꎬ듓뛸뛔짌뇪좨볛횵뗄쮫틲쯘움맀쒣탍뷸탐뻟쳥뗄쏨쫶ꎬ훘뗣뛔돵쪼돉놾탞헽틲ퟓ뫍뺭볃볛횵탞헽틲ퟓ뷸탐쇋볆쯣ꆣ 낸샽믹놾쟩뿶 짌뇪쏻돆ꎺXX 움맀쒿뗄ꎺ퓶삩막 짌뇪쯹폐좨죋ꎺXX벯췅 죃짌뇪랶캧ꎺ쓢죃XX벯췅쯹펵폐퓚훐맺뫍쫀뷧웤쯻맺볒믲뗘쟸힢닡뗄폫욡뻆뫍웤쯻틻쇏폐맘뗄XX짌뇪좨ꆣ쒿잰ꎬ죃짌뇪훐퓚맺쓚힢닡뗄짌뇪폃좨죃틑뺭짌뇪뻖뫋ힼꆣ 1.웳튵훷튪닺욷믲럾컱ꎺXX릲폐욡뻆쾵쇐ꆢ뒿짺욡뻆쾵쇐ꆢ뷰킡싳욡뻆쾵쇐ꆢ좫싳욡뻆쾵쇐ꆢ냗욡뻆쾵쇐ꆢ짏쏦랢뷍욡뻆쾵쇐ꆢ룉욡뻆쾵쇐ꆢ뗍뒼욡뻆쾵쇐벰맻캶욡뻆쾵쇐릲9듳쾵쇐74룶욷훖(캴냼삨늻춬냼ힰ맦룱)뗄욡뻆닺욷ꆣ 2.쫐뎡뫍뿍뮧ힴ뿶ꎺXX욡뻆쫇훐맺죽듳욡뻆욷없횮튻ꎬXX뗄쿺쫛쫐뎡훷튪럖늼퓚뮪쓏뗘쟸ꎬ폈웤쫇훩붭죽뷇훞뗘쟸ꎬ퓚맣뚫쪡뗄쫐뎡햼폐싊캪42%ꎬ퓚좫맺뗄쫐뎡햼폐싊캪%ꆣXX욡뻆닺솿뫍맣뚫쪡쓚쫐뎡햼폐싊솬탸죽쓪쪡쓚업쏻뗚튻ꎬ퓚좫맺30룶쪡럝붨솢쇋뷼8췲룶뺭쿺뗣ꎬ폐ퟅ엓듳뫍퓋ퟷ폐킧뗄뺭쿺췸싧ꎬ퓚탐튵훐좷솢쇋쓏퓁냔훷뗄탐튵뗘캻ꆣ 3.뫪맛뺭볃틲쯘ꎺ훐맺뺭볃돖탸컈뚨퓶뎤ꎬ죋뻹뿉횧엤쫕죫늻뛏퓶볓ꆣ쯦ퟅ돇쫐뮯돌뛈뗄쳡짽ꎬ맣삫뗄얩듥쫐뎡ꎬ뻓쏱쫕죫뗄늻뛏퓶볓ꎬ쿻럑릺싲솦뗄늻뛏퓶잿ꎬ캪컒맺욡뻆탐튵뗄랢햹쳡릩쇋뷏듳뗄뿕볤ꆣ 룹뻝풤닢ꎬ19훁59쯪쓪쇤뛎뗄죋뿚퓚뷱뫳20쓪쓚붫믡돖탸퓶뎤ꎬ평쒿잰뗄83 000췲ퟳ폒퓶뎤떽2010쓪뗄92 500췲ꎬ2020쓪믡퓶뎤떽94 000췲ꎬ뛸룃쓪쇤뛎뗄죋뿚쫇욡뻆쿻럑뗄훷튪솦솿ꆣ쯦ퟅ뺭볃뗄늻뛏랢햹ꎬ죋쏇쫜뷌폽뗄돌뛈뫍컄뮯쮮욽훰늽쳡룟ꎬ죋쏇뗄짺믮랽쪽뫍짺믮쾰맟튲랢짺쇋뫜듳뇤뮯ꎬힷ쟳룟훊솿뗄짺믮틑돉캪쪱짐ꆣ퓚틻쪳랽쏦룼힢훘펪퇸뫍붡뾵ꎬ욡뻆ퟷ캪튻훖뗍뻆뺫몬솿뗄펪퇸틻쇏ꎬ퓚늿럖쿻럑좺쳥훐폐훰늽좡듺냗뻆횮쫆ꆣ 볓죫WTO뫳ꎬ삩듳쇋욡뻆풭쇏뗄톡퓱폠뗘ꎻ폐샻폚틽뷸쿈뷸짨놸ꎬ쳡룟욡뻆짺닺벼쫵쮮욽ꎻ폐샻폚듙뷸욡뻆탐튵뗄맺볊뫏ퟷ폫붻쇷ꎬ퓶잿뺺헹틢쪶ꎬ쳡룟웳튵뗄맜샭쮮욽ꎻ폐샻폚듙뷸컒맺욡뻆닺욷뷸죫맺볊쫐뎡ꆣ욡뻆짺닺뗄훷튪풭쇏욡뻆듳싳훷튪틀뾿뷸뿚ꎬ웤볛룱쫜맺볊쫐뎡탐쟩뗄펰쿬뷏듳ꎬ펰쿬ퟅ컒맺욡뻆탐튵뗄뿉돖탸랢햹ꆣ뷼쓪살쓜풴돉놾벰풭닄쇏볛룱짏헇ꎬ떼훂짺닺돉놾퓶볓ꎬ욡뻆짺닺웳튵뗄뺭볃킧틦쫜떽늻춬돌뛈뗄펰쿬ꆣ 쯦ퟅ컒맺볓죫WTOꎬ뷸뿚맘쮰쿂붵ꎬ쫐뎡뾪럅돌뛈풽살풽듳ꎬ듳솿췢맺욡뻆닺욷뷸죫훐맺쫐뎡ꎬ탎돉쇋뷏듳뗄돥믷ꆣ쫐뎡뺺헹늻뛏볓뻧ꎬ볓짏뗘랽놣뮤훷틥뗄듦퓚ꎬ뿍맛짏떼훂쇋튻뚨돌뛈뗄쫐뎡럖룮ꎬ쳡룟쇋욡뻆웳튵뾪랢쫐뎡뗄뺺헹돉놾ꆣ 4.탐튵틲쯘ꎺ뷼뛾쪮쓪살ꎬ컒맺욡뻆쫐뎡죝솿돊돖탸랢햹쟷쫆ꆣ듓1987쓪떽1994쓪ꎬ맺34
짌뇪좨볛횵뗄쮫틲쯘움맀쒣탍퇐뺿 쓚욡뻆닺솿쓪뻹퓶럹퓚20%틔짏ꎬ쓪닺솿퓶럹ퟮ룟듯떽30%틔짏ꎻ1995쓪떽1998쓪퓶뎤럹뛈럅싽ꎬ떫쓪뻹퓶럹죔듯7%틔짏ꎻ1998쓪떽2000쓪퓶뎤럹뛈럅싽떽5%ퟳ폒ꎻ2001쓪퓶뎤쯙뛈쫗듎늻떽2%ꎻ2002쓪뾪쪼믘짽ꎬ캪%ꎻ2003쓪볌탸퓶뎤ꎬ캪%ꎻ2004쓪듳럹퓶뎤ꎬ캪%ꆣ듓2002쓪뾪쪼ꎬ컒맺욡뻆쓪닺솿솬탸3쓪놣돖쫀뷧뗚튻ꆣ 컒맺쒿잰죋뻹쓪욡뻆쿻럑솿캪짽ꎬ뛸쫀뷧죋뻹쓪욡뻆쿻럑솿캪26짽ꎬ쿠뇈횮쿂ꎬ컒맺죋뻹욡뻆쿻럑솿뷏뗍ꎬ쿻럑잱솦뷏듳ꆣ쯦ퟅ컒맺맺쏱뺭볃돖탸랢햹뫍죋뻹쫕죫쮮욽뗄쳡룟ꎬ컒맺욡뻆쫐뎡뮹폐튻뚨뗄퓶뎤뿕볤ꆣ뻝풤닢ꎬ뷱뫳벸쓪컒맺욡뻆탐튵퓚ퟜ닺솿짏붫뷸죫튻룶컈뚨랢햹뗄쪱듺ꎬ좫맺욡뻆닺솿죔쓜놣돖쎿쓪80-100췲뛖뗄퓶뎤ꆣ 평폚욡뻆짺닺웳튵쿺쫛냫뺶뗄쿞훆틔벰쏷쿔뗄쟸폲탔쿻럑쳘헷ꎬ욡뻆탐튵쒿잰내쟸폲뮮럖쫐뎡ꎬ뗘랽욷없퓚룷뗘쫐뎡뻟폐쿠뛔뗄뺺헹폅쫆ꆣ떫듓랢햹쟷쫆뾴ꎬ럖룮뗄쫐뎡훰붥퓚죚뫏ꎬ늿럖훐탍욡뻆짺닺웳튵튲뾪쪼췘햹좫맺쫐뎡ꆣ닺욷뗄욷없ꆢ훊솿ꆢ쫛뫳럾컱돉캪쫐뎡뺺헹뗄맘볼ꎬ탂닺욷뗄뾪랢튲뛔쫐뎡뺺헹룱뻖닺짺훘듳펰쿬ꆣ 좫맺룷욡뻆뎧볒뺭샺쇋벤쇒뗄쫐뎡뺺헹뫍춴뿠뗄탐튵헻뫏뫳ꎬ닺튵벯훐뛈랢짺쇋훊뗄뇤뮯ꎬ웳튵쫽솿듓90쓪듺돵뗄900뛠뮧복짙떽쒿잰뗄400뮧ퟳ폒ꎬ웳튵놾맦쒣떵듎쏷쿔삭뾪ꎬ럖뮯캪닣듎럖쏷뗄쯄룶웳튵좺ꎬ쟠떺욡뻆ꆢ퇠뺩욡뻆ꆢ뮪죳뗈닺쿺솿퓚200췲잧짽틔짏뗄캪뗚튻웳튵좺ꎬ맾욡ꆢXXꆢ훘쟬욡뻆뗈닺쿺솿퓚100췲잧짽틔짏뗄캪뗚뛾웳튵좺ꎬ톩뷲욡뻆ꆢ뷰쪨욡뻆ꆢ믝좪욡뻆뗈닺쿺솿퓚50췲잧짽틔짏뗄늻ퟣ50뮧뗄웳튵릹돉뗚죽웳튵좺ꎬ폠쿂350뮧ퟳ폒훐킡웳튵릹돉뗚쯄웳튵좺ꆣ2003쓪뻅듳욡뻆벯췅짺닺욡뻆1248췲잧짽ꎬ햼좫맺ퟜ닺솿뗄%ꎬ뇈2002쓪쳡룟룶냙럖뗣ꆣ2004쓪뻅듳욡뻆벯췅짺닺욡뻆1550췲잧짽ꎬ햼좫맺ퟜ닺솿뗄60%ꎬ뇈짏쓪퓶볓%ꆣ좫맺욡뻆튵뗄풴뫍쫐뎡럝뛮틔쎿쓪9%뗄쯙뛈쿲짙쫽듳웳튵벯훐ꆣ 컒맺욡뻆탐튵랢햹늻욽뫢ꎬ뚫늿퇘몣뗘쟸즽뚫ꆢ헣붭ꆢ맣뚫뗈10쪡쫐뗄욡뻆쿻럑솿햼좫맺뗄72%ꆣ쯦ퟅ훐컷늿뗘쟸뺭볃뗄랢햹ꎬ돇쫐죋뿚뇈샽뗄퓶볓ꎬ훐컷늿뗘쟸뗄욡뻆쿻럑잱솦뻞듳ꆣ맣뚫쪡2002쓪ꆢ2003쓪욡뻆쓪닺솿럖뇰캪176췲잧짽ꆢ195췲잧짽ꎬ솬탸2쓪욡뻆쓪닺솿뻹뻓좫맺뗚3캻ꎬ2004쓪욡뻆쓪닺솿캪254췲잧짽ꎬ풾뻓좫맺뗚2캻ꆣ맣뚫쪡캪훷뗄뮪쓏뗘쟸쫇XX뗄훷튪쫐뎡ꎬ쫐뎡뺺헹벤쇒ꆣ룃뗘쟸쫐뎡뾪럅돌뛈뷏룟ꎬ맺쓚욷없죧쟠떺ꆢ퇠뺩뻹벺뷸죫ꆣ듋췢ꎬ췢짌틠뷏퓧뷸죫ꎬ볎쫋늮ꆢ짺솦ꆢ삶듸ꆢ뢻쪿듯ꆢꆢ뎯죕뗈욷없뗄맺볊욡뻆웳튵쿈뫳퓚듋짨뎧ꆣ맣뚫쪡욡뻆릤튵랢햹뗄ퟜ쳥쮮욽퓚좫맺뒦폚뷏룟쮮욽ꎬ2004쓪맣뚫쪡욡뻆탐튵쿺쫛쫕죫틚풪ꎬ햼좫맺뗄12%ꎬ뒴퓬샻죳틚풪ꎬ햼좫맺욡뻆탐튵샻죳ퟜ뛮뗄%ꎬ샻죳ퟜ뛮퓚좫맺룷쪡놣돖쫗캻ꆣ 5.웳튵퓚뺺헹훐뗄뗘캻폫랢햹잰뺰ꎺXX뻆닺솿뫍맣뚫쓚쫐뎡햼폐싊솬탸죽쓪쪡쓚업쏻뗚튻ꎬ좷솢쇋퓚맣뚫쫐뎡짏뗄뺺헹폅쫆뗘캻ꆣ퓚맣뚫쫐뎡짏ꎬ폫횮닺짺뷏듳뺺헹뗄폐맺쓚훷튪뗄횪쏻욷없뫍맺췢횪쏻욷없ꎬ죧쟠떺ꆢ뷰췾벰삶듸뗈ꆣXX욡뻆닺솿퓶뎤싊룟폚춬웚좫맺욡뻆닺[83]솿뗄퓶뎤ꎬXX퓚맣뚫쪡췢죔폐뷏듳뗄랢햹뿕볤ꎬ떫쫇퓚맺췢랢햹뗄뿕볤늻쫇뫜듳ꆣ 짌뇪좨볛횵움맀맽돌 캪볲뮯웰볻ꎬ쿂쏦뗄움볛믹폚틔쿂볙짨믲맀쯣ꎺ XX벯췅뗄닺욷뗄풤웚쫐뎡쫙쏼볙짨캪5쓪ꎬ5쓪뫳짌뇪닐횵헛쿖캪10 000췲풪ꎻ늻볆춨 35
뫓놱얩튵듳톧쮶쪿톧캻ꎨ뇏튵ꎩ싛컄 믵엲헍펰쿬ꎬ룷샠쫕죫믲럑폃틔떱잰쓪뛈(뗚Y쓪)늻뇤볛룱볆쯣ꎻ움볛쪱뿌캪뗚Y쓪쓪뗗ꎬ놾쓪쫕틦늻볆죫짌뇪좨볛횵ꆣ풤닢XX닺욷룸XX벯췅듸살뗄뎬뛮쿖뷰쇷죧쿂뇭ꎬ탐튵욽뻹춶놨돪싊캪10ꎥꆣ 뎬뛮쿖뷰쇷뗄좷뚨 ꎺ볙짨놾벯췅캴살컥쓪쓚폫쿠춬탐튵뗄욽뻹쿖뷰쇷쿠뇈뗄뎬뛮쿖뷰쇷럖뇰쫇10 000췲풪ꆢ12 000췲풪ꆢ8 000췲풪ꆢ6 000췲풪ꆢ4 000췲풪ꆣ 헛쿖싊뗄좷뚨ꎺ헛쿖싊닉폃탐튵욽뻹춶놨돪싊10%ꆣ 짌뇪좨쫕틦쓪쿞뗄좷뚨ꎺ뺭맽탸햹ꎬ짌뇪좨뗄쪹폃쓪쿞뿉틔쫇컞쿞뗄ꎬ떫쫇샽ퟓ훐볙짨XX벯췅닺욷뗄풤웚쫐뎡쫙쏼캪5쓪ꎬ틲듋ꎬ움맀훐뗄짌뇪좨쫕틦쓪쿞좷뚨캪5쓪ꆣ 뇭5-1 짌뇪좨뎬뛮쿖뷰쇷헛쿖볆쯣 -1The calculation about exceeded cash flow of trademark 쓪뛈 Y+1 Y+2 Y+3 Y+4 Y+5 뎬뛮쿖뷰쇷(췲풪) 10 000 12 000 8 0006 000 4 000 (1+r) i 헛쿖쿖뷰쇷(췲풪) 9 090 9 920 6 0204 110 2 480 틲듋ꎬ내헕뒫춳뗄짌뇪좨볛횵뗄움맀랽램ꎬXX짌뇪좨뗄움맀횵캪ꎺ P=9 090+9 920+6 020+4 110+2 480+10 000=41 620췲풪 1뷓쿂살틽죫쮫틲쯘짌뇪좨볛횵움맀쒣탍ꎬ뾼싇짌뇪좨볛횵뗄돵쪼돉놾탞헽틲ퟓ뫍뺭볃볛횵탞헽틲ퟓꎬXX벯췅맽좥벸쓪쪵탐잿뮯탻뒫햽싔ꎬ웤맽좥죽쓪뗄짌뇪좨춶죫럑폃벰쿺쫛쫕죫죧쿂뇭쯹쪾ꆣ 뇭5-2 웳튵맽좥죽쓪짌뇪좨춶죫럑폃벰쿺쫛쫕죫 -2 Enterprise trademark investment expense and sales revenue in the past three year 쓪뛈Y-3Y-2Y-1짌뇪좨횱뷓벰첯쿺맣룦럑폃(췲풪) 10 00012 00010 000 짌뇪닺욷퇐랢럑폃(췲풪)3 0004 0004 000 짌뇪닺욷쟾뗀붨짨첯쿺럑폃(췲풪) 6 0005 0003 000 짌뇪좨ퟜ쳥춶죫럑폃(췲풪)19 00021 00017 000 짌뇪닺욷쿺쫛쫕죫 80 000100 00090 000 짌뇪좨맣룦럑춶죫싊짌뇪좨맣룦럑뇈싊 탐튵욽뻹맣룦럑춶죫싊탐튵욽뻹맣룦럑뇈싊 룹뻝짏뇭볆쯣 aꎽ2/1×()ꎫ3/1×()ꎫ6/1×()ꎽ 36
짌뇪좨볛횵뗄쮫틲쯘움맀쒣탍퇐뺿 bꎽ2/1×()ꎫ3/1×()ꎫ6/1×()ꎽ 퓲XX짌뇪좨뗄돵쪼돉놾탞헽틲ퟓ캪 C=(1-a)×(1-b)ꎽ()×()ꎽ 듓ퟮ돵뗄짌뇪좨믹놾ힴ뿶뷩짜뿉틔쇋뷢펰쿬XX짌뇪뗄틔쿂냋훖틲쯘뗄뻟쳥쟩뿶ꎬ좻뫳퇻쟫쿠맘볒럖뇰뛔헢냋훖틲쯘뷸탐ퟛ뫏닢움ꎬ뗃떽죧쿂럖횵ꎺ 뇭5-3짌뇪좨볛횵펰쿬틲쯘볒움럖뇭 -3The expert score chart about influencing factors of trademark rights value 틲쯘 움럖횵 좨훘 볓좨럖횵 쫐뎡쇬떼솦컈뚨탔 쿖폐쫐뎡햹췻짌뇪랢햹뗄뿉쓜탔 맺볊뮯잱솦돖탸뗄짌뇪춶 램싉놣뮤ퟩ뫏폅쫆 쯹틔ꎬXX짌뇪좨뗄뺭볃볛횵탞헽틲ퟓE캪 E=+++++++= 퓋폃쮫틲쯘짌뇪좨볛횵움맀쒣탍ꎬXX짌뇪좨뗄움맀볛횵캪ꎺ P=P×C×E=41 620××=21 췲풪 21평뷡맻뿉틔뾴돶ꎬ퓚뛔짌뇪좨볛횵뷸탐움맀쪱ꎬ뾼싇쇋돵쪼돉놾탞헽틲ퟓ뫍뺭볃볛횵탞헽틲ퟓꎬ믡쪹움맀뷡맻뇈뒫춳짌뇪좨볛횵움맀랽램훐뗄움맀뷡맻욫뗍ꆣ 움맀뷡싛 놾듎움맀뗄XX벯췅쯹펵폐퓚훐맺뫍쫀뷧웤쯻맺볒믲뗘쟸힢닡뗄폫욡뻆뫍웤쯻틻쇏폐맘뗄XX짌뇪좨퓚놾듎움맀믹ힼ죕2x08쓪12퓂31죕짌뇪좨움맀볛횵캪21 췲풪ꆣ 퓚놾뻙샽훐ꎬ뛔XX짌뇪좨볛횵뗄움맀훷튪틔쫕틦램뗄움맀뷡맻캪믹뒡ꎬ뛔펰쿬짌뇪좨볛횵뗄훷튪틲쯘뷸탐쇋럖컶ꎬ늢뛔펰쿬돌뛈닢쯣ꎬ뷸뛸틽죫돵쪼돉놾탞헽틲ퟓ뫍뺭볃볛횵탞헽틲ퟓ쇋ꎬ릹붨쮫틲쯘움맀쒣탍ꎬ뛔쫕틦램뗄움맀뷡맻뷸탐탞헽ꎬ뗃떽탂뗄움맀횵ꆣ춨맽ퟟ럃닺움맀쫂컱쯹ꆢ듳풺킣ꆢ뷰죚믺릹틔벰웳튵뗈쿠맘쇬폲뗄볒ꎬ톯컊퓚뛔짌뇪좨볛횵뗄듋훖움맀닙ퟷ랽램뗄쪵폃탔ꎬ볒쏇뻹뛔듋훖움맀닙ퟷ랽램뇭쪾쇋죏뿉ꎬ늢뇭쪾퓋폃듋훖랽램뗃떽뗄움맀뷡맻룼뻟폐뫏샭탔ꎬ룼죝틗놻움맀쮫랽쯹뷓쫜ꎬ뻟폐뷏잿뗄쪵볹탔ꆣ 37
뫓놱얩튵듳톧쮶쪿톧캻ꎨ뇏튵ꎩ싛컄 6 뷡싛 놾컄뗄훷튪뷡싛 짌뇪좨쫇닺움맀쇬폲튻쿮훘튪뗄컞탎닺ꎬ웤움맀랽램뮹폐듽췪짆ꆣ떫쫇쫐뎡뺭볃뗄랢햹ꎬ폖냑짌뇪좨볛횵움맀쳡떽죕돌ꎬ틲듋ꎬ죧뫎릹붨뿍맛ꆢ맦랶ꎬ늢뻟폐뿉닙ퟷ탔뫍맣랺쫊폃탔뗄짌뇪좨움맀랽램쫇짌뇪좨움맀샭싛퇐뺿뗄튻룶쓑쳢ꆣ놾컄춨맽뛔짌뇪좨움맀샭싛뷸탐퇐뺿ꎬ뗃돶틔쿂훷튪뷡싛ꎺ (1)뛔짌뇪뫍욷없폫짌폾뗄룅쓮뷸탐뇈뷏쟸럖ꎬ뗃돶뷡싛ꎺ짌뇪쫇뺭맽힢닡믱뗃짌뇪폃좨듓뛸쫜떽램싉놣뮤뗄욷없ꆣ (2)냑짌뇪좨뗄볛횵살풴럖캪솽늿럖ꎺ짌뇪좨뗄돵쪼볛횵뫍쪹폃볛횵(뺭볃볛횵)ꆣ짌뇪좨뗄돵쪼볛횵살풴쫇쓽뷡퓚짌뇪좨훐뗄컞닮뇰뗄돩쿳죋샠샍뚯ꎬ냼삨쓔솦샍뚯뫍뇘튪뗄컯뮯샍뚯ꎬ뻟쳥쳥쿖퓚짌뇪좨탎돉뫍뫳탸쪹폃훐뗄돉놾춶죫뫍뫄럑ꆣ짌뇪좨뗄쪹폃볛횵쫇횸짌뇪좨쓜쪹웤쯹폐헟믲쪹폃헟뻟폐뷏듳뗄믱샻쓜솦ꎬ튲뻍쫇쮵ꎬ짌뇪좨뗄쯹폐헟믲쪹폃헟퓚쪹폃짌뇪좨맽돌훐뿉틔뗃떽뺭볃쫕틦ꎬퟷ캪닺뗄짌뇪좨뗄쪹폃볛횵랴펳쇋짌뇪좨뗄뺭볃볛횵ꆣ짌뇪좨쯹폐헟믲쪹폃헟믱샻쓜솦듳ꎬ쮵쏷짌뇪좨뗄뺭볃볛횵듳ꎬ럱퓲ꎬ뻍쫇짌뇪좨뗄뺭볃볛횵킡믲컞뺭볃볛횵ꆣ짌뇪좨뗄뺭볃볛횵퓚짌뇪좨볛횵움맀훐쪮럖훘튪ꎬ죧짌뇪좨뗄춶ꆢ죃ꆢ탭뿉ꎬ웤쪵훊짏쫇폃짌뇪좨뗄쪹폃볛횵뷸탐춶ꆢ죃ꆢ탭뿉뗄ꎬ쯹틔듓짌뇪좨뗄뺭볃볛횵움맀짌뇪좨볛룱룼캪뫏샭ꆣ틲듋ꎬ짌뇪좨볛횵움맀훐ퟮ훘튪ꆢퟮ쪵훊뗄볛횵뻍쫇짌뇪좨뺭볃볛횵ꆣ (3)뛔틑폐뗄뗄짌뇪좨볛횵움맀쒣탍뷸탐췪짆ꆣ릹붨쇋짌뇪좨볛횵움맀쮫틲쯘쒣탍ꎬ뾼싇짌뇪좨볛횵뗄돵쪼돉놾탞헽틲ퟓ뫍뺭볃볛횵탞헽틲ퟓꎬ럖뇰쳥쿖짌뇪좨볛횵폫짌뇪좨춶죫돉놾뗄맘솪ꆢ짌뇪좨뺭펪맜샭쮮욽뛔짌뇪좨캴살쫕틦뗄펰쿬ꎬ뛔뒫춳쫕틦램뗄짌뇪좨볛횵움맀뷡맻뷸탐탞헽ꎬ복킡웳튵쎤쒿맣룦탻뒫춶죫뫍짌뇪뗄쫐뎡쇬떼솦ꆢ컈뚨탔벰랢햹잱솦뗈뛔짌뇪좨움맀뗄펰쿬ꎬ쪹뷡맻룼볓뿆톧뫏샭ꆣ (4) 움맀쪵컱훐ꎬ틲움맀뗄쫇짌뇪좨뗄펯샻쓜솦뛸늻쫇뗃떽뫳뗄맩쫴ꎬ쯹틔짌뇪좨볛횵움맀쮫틲쯘쒣탍닉폃좫늿춶뗄뺻쿖뷰쇷솿ퟷ캪풤웚쫕틦뛮ꎬ튲틲캪쯼늻뷶뾼싇쇋쿖뷰쇷솿뗄쫽솿뛸쟒뾼싇떽쫕틦뗄쪱볤뫍믵뇒뗄쪱볤볛횵ꎬ춬쪱쯼틔쫕뢶쪵쿖훆캪풭퓲ꎬ업돽쇋죋쏇훷맛죏뚨뗄만뚨닺헛뻉럑뗄룉죅ꆣ퓚뛔헛쿖싊뗄톡좡짏ퟛ뫏뾼싇헛쿖싊톡좡뗄쪵볊틢틥틔벰쫽뻝죝틗믱좡뗄돌뛈ꎬ컒쏇닉폃탐튵욽뻹춶놨돪싊AIRR살볆쯣웤헛쿖싊ꆣ퓋폃짌뇪좨볛횵움맀쮫틲쯘쒣탍움맀짌뇪좨쪱ꎬ좷뚨쫕틦웚쿞뗄틀뻝쫇짌뇪좨믱뗃뎬뛮샻틦뗄쪱볤ꎬ훁폚힢닡쓪쿞뷶릩럖컶닎뾼ꎬ늻펦ퟷ캪횱뷓틀뻝ꆣ 놾컄뗄뻖쿞탔 놾컄뗄퇐뺿늻뷶뛔짌뇪좨볛횵움맀쪵볹뻟폐튻뚨횸떼틢틥ꎬ퓚샭싛짏튲뻟폐튻뚨뗄뒴탂탔ꆣ떫쫇쪱볤뫍쳵볾쿞훆ꎬ폐킩컊쳢폐듽폚뷸튻늽짮죫퇐뺿ꆣ (1)컄훐퓚뛔뺭볃볛횵탞헽틲ퟓ좡횵쪱닉폃볒ퟛ뫏럖컶램ꎬ훷튪틀뾿볒뗄뺭퇩벰횪쪶믽38
짌뇪좨볛횵뗄쮫틲쯘움맀쒣탍퇐뺿 샛ꎬ훷맛탔뷏잿ꎬ맊뮹튪뛔뿍맛뗄좨훘좷뚨랽램ퟶ뷸튻늽뗄퇐뺿ꆣ (2)펰쿬짌뇪좨뺭볃볛횵뗄틲쯘폐뫜뛠ꎬ놾컄횻뾼싇쇋웤훐ퟮ훘튪뗄냋훖ꎬ웤쯻틲쯘뛔짌뇪좨볛횵뗄펰쿬돌뛈늻듳ꎬ떫쫇튲믡폐펰쿬ꎬ뻟쳥돌뛈쫇뛠짙ꎬ쒿잰뮹컞램맀쯣ꆣ 39
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짌뇪좨볛횵뗄쮫틲쯘움맀쒣탍퇐뺿 훂킻 쪱맢??ꎬ쯪퓂죧쯳ꎬ뇏튵횮웚벴붫살쇙ꆣ죽쓪뗄퇐뺿짺짺믮뛔컒튻짺살쮵쫇튻룶쪮럖훘튪뗄헛뗣캪컒죋짺싃춾뗄뮭뻭춿짏쇋얨훘뗄튻뇊ꆣ쯼늻뷶죃컒뗄쮼쿫룼볓돉쫬ꎬ쫓튰룼볓뾪삫ꎬ쮼캬룼볓뢻폚싟벭ꎬ뛸쟒죃컒짮뿌쳥믡늢풽랢헤쾧쪦짺횮쟩ꆢ춬뒰횮틪ꎬ죃컒뚮뗃ퟔ벺뗄돉뎤샫늻뾪샏쪦ꆢ춬톧ꆢ엳폑뫍쟗죋뗄횧돖폫냯훺ꆣ 퓚듋ꎬ쫗쿈쿲컒ퟰ뺴뗄떼쪦캾뺩뫬뷌쫚뇭쪾훔탄뗄룐킻ꎬ쓜뗃떽쯽뗄잱탄뷌떼쫇컒뗄뷱짺쒪듳뗄죙탒ꆣ샏쪦퓚톧쾰짏ꎬ쾸탄뷌믥ꎬ쓍탄웴뗏ꎻ퓚톧쫵짏ꎬ쪱쪱룸컒횸틽랽쿲ꎬ뒫쫚뺭퇩ꎻ퓚짺믮훐ꎬ뛔컒맘탄ꆢ낮뮤ꆣ샏쪦짮뫱뗄샭싛릦뗗ꆢ럡뢻뗄쪵볹뺭퇩ꆢ퇏뷷뗄훎톧첬뛈죃컒쟕엥늻틑ꆢ쫷캪냱퇹ꆣ샏쪦뗄퇔뒫짭뷌ꎬ쪹컒퓚톧쾰튵횪쪶뗄춬쪱뚮뗃쇋탭뛠ퟶ죋뗄뗀샭ꎬ헢튻쟐쪹컒쫜틦럋잳ꎬ훕짺쓑췼!퓚듋훔탄힣풸샏쪦벰볒죋ꎬ탒뢣낲뾵ꎬ릤ퟷ쮳샻ꎬ췲쫂죧틢ꎡ 룐킻쯹폐퓸룸컒쫚맽뿎ꎬ탁쟚엠퇸뫍뷌폽컒뗄ꆢ룸폨컒듳솿냯훺뗄짌톧풺틔벰퇐뺿짺늿뗄좫쳥샏쪦쏇ꎬ쫇쓣쏇뗄탁쟚릤ퟷ뫍쓍탄횸떼쪹컒뗃틔쮳샻췪돉톧튵ꎬ퓚듋ꎬ훂틔컒ퟮ훔탄뗄룐킻ꆣ 룐킻쯹폐맘탄컒ꎬ횧돖컒ꎬ냯훺맽컒뗄춬톧ꆢ엳폑ꆢ룐킻쪦뗜뫍쪦쏃쏇ꎬ쓣쏇뗄냯훺폫맘뮳죃컒뛔춬뒰횮쟩ꆢ엳폑횮틪폐쇋룼짮뗄쇬컲ꎻ쓣쏇뗄맘탄뫍맄샸듙쪹컒늻뛏잰탐ꆢ쮳샻뗄췪돉싛컄킴ퟷꆣ 룐킻컒뗄볒죋ꎬ룐킻샮ꎬ뛠쓪살쫇쓣쏇튻횱퓚놳뫳쒬쒬뗄횧돖ꆢ맄샸컒ꎬ쓣쏇쫇컒늻뛏럜뷸뗄솦솿풴좪ꆣ쎻폐쓣쏇뗄횧돖뫍맄샸ꎬ컒뻍쎻폐뷱쳬뗄돉벨ꆣ킻킻쓣쏇ꎬ풸쓣쏇붡뾵ꆢ뿬샖ꆢ욽낲ꎡ ퟮ뫳ꎬ훔탄뗄룐킻듰뇧캯풱믡뗄룷캻샏쪦쏇ꎬ룐킻쓣쏇퓚냙쎦횮훐뛔컒뗄싛컄뷸탐움퓄ꆣ 릢쏷쏷 2009쓪5퓂 45
