华中科技大学硕士学位论文轻资产商业模式探析与应用姓名：刘金文申请学位级别：硕士专业：工商管理指导教师：王韬20091001
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 햪 튪 죧뫎죃웳튵컈늽랢햹뫍뎬쯙퓶뎤ꎬ죧뫎죃웳튵믱뗃컈뚨뗄쿖뷰쇷ꎬ죧뫎쳡짽웳튵볛횵ꎬ튻횱쫇뒴튵헟뫍럧쿕춶헟ퟮ캪맘탄뗄컊쳢ꆣ뷼벸쓪ꎬ듓훷쇷쎽쳥떽췸싧쎽쳥ꆢ듓뒴튵뺫펢떽럧쿕춶볒ꎬꆰ짌튵쒣쪽ꆱ틑돉캪첽쳖탂뺭볃뗄붹뗣룅쓮ꆣ첸떽짌튵쒣쪽ꎬ틽폃맜샭듳쪦뗂슳뿋뗄쓇뻤쏻퇔ꎺꆰ떱뷱웳튵볤뗄뺺헹ꎬ늻쫇닺욷뗄뺺헹ꎬ뛸쫇짌튵쒣쪽뗄뺺헹ꆱꆣ웳튵뷧뫍춶뷧죕틦틢쪶떽ꎬ짌튵쒣쪽쫇놾쫐뎡헧뇰웳튵폅쇓뗄맘볼뗣ꎬ튲쫇웳튵믱좡돉릦뗄믹쪯ꆣ튻룶웳튵뗄돉릦ꎬ췹췹쫇틲캪쯻쏇듲웆쇋틔췹돉릦뗄샏맦퓲ꆣ쯹틔ꆰ짌튵쒣쪽짨볆ꆱ뗄훘뗣뻍쫇ꆪ좫늿볜릹뇘탫믷훐ꆰ맋뿍볛횵ꆱ늢틔ퟮ병슷뺶ꆢퟮ뿬쯙뛈ꎬퟮ훕쇮ꆰ웳튵볛횵ꆱ뗃틔퓶뎤ꆣ?놾컄훷튪퇐뺿믹폚짌튵쒣쪽뗄쇹룶릹돉튪쯘죧뫎짨볆돶뫃뗄짌튵쒣쪽틔벰쟡닺퓋펪쿂죧뫎짨볆짺컯돇맜샭릫쮾뗄짌튵쒣쪽ꆣ놾컄쫗쿈뷩짜톡쳢뗄놳뺰ꆢ쒿뗄뫍틢틥ꎬ늢뛔짌튵쒣쪽ퟷ쇋볲튪룅삨ꎻ웤듎ꎬ뷩짜짌튵쒣쪽쇹듳릹돉튪쯘벰웤믹놾샭싛ꎬ늢럖컶쇋튻룶뫃뗄짌튵쒣쪽ퟮ훕ퟜ쫇쓜릻쳥쿖캪믱뗃놾뫍닺욷쫐뎡죏춬뗄뛀쳘웳튵볛횵ꎻ퓙듎ꎬ럖컶쇋쟡닺퓋펪쿂뗄짌튵쒣쪽뿉틔쇮ꆰ웳튵볛횵ꆱ뿬쯙퓶뎤ꎻퟮ뫳ꎬ춨맽뛔짺컯튽튩닺튵뗄럖컶ꎬ펦폃쟡닺퓋펪쿂뗄짌튵쒣쪽ꎬ퓚커몺쫐몺쓏쟸붨솢ꆰ커몺맺볊짺컯튽튩돇ꆱꎬ퓚짺컯돇쓚듓쫂탂닺욷퇐랢ꆢ닺튵럵뮯ꆢ벼쫵럾컱뗄릫쮾ꎨ퓝쏼쏻캪ꆰ커몺짺컯돇랢햹맜샭폐쿞릫쮾ꆱ ꎩ짌튵쒣쪽죧뫎짨볆ꎿ죧뫎쪵쿖뎬뎣랢햹ꎿ죧뫎쪵쿖뎬쯙퓶뎤ꎿ 놾컄틔짌튵쒣쪽ꆢ웳튵볛횵ꆢ닆컱맜샭뗈샭싛캪횸떼ꎬ첽컶짌튵쒣쪽뗄뷰ퟖ쯾뫍릹돉튪쯘ꎬ첽컶웳튵쪵쿖돖탸퓶뎤뫍컈뚨뗄ꆰ샻죳쇷ꆱ뗄샭싛틀뻝ꎻ럖컶쟡닺퓋펪뛔릫쮾볛횵뗄펰쿬ꎻ춨맽뛔 ꆰ캬즭훃튵ꆱ뒴퓬뗄쟡닺짌튵쒣쪽럖컶ꎬ싛횤뫃뗄짌튵쒣쪽닅쫇릫쮾뫋탄뺺헹솦ꆢ닅쫇믱좡컈뚨퓶뎤샻죳쇷뗄룹놾놣횤ꆢ닅쫇쪵쿖릫쮾볛횵뎬쯙퓶뎤뗄뚯솦횮풴ꆣ놾컄쾣췻춨맽춸쫓짌튵쒣쪽ꎬ좥랢쿖짌튵쒣쪽ꎬ캪춶헟쳡릩톡퓱춶뛔쿳ꆢ움볛웳튵캴살볛횵ퟷ닎뾼ꎬ캪맜샭헟쳡릩짨볆짌튵쒣쪽ꆢ쪵쿖웳튵볛횵퓶뎤ퟷ폐틦뷨본ꆣ 맘볼듊ꎺ쟡닺††짌튵쒣쪽††웳튵볛횵†??캬즭훃튵†??커몺짺컯돇맜샭릫쮾? I
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 Abstract?The most important question of common concern to the entrepreneurs and venture investors is how to make the enterprises develop steadily and grow at a good clip, how to secure a stable cash flow and how to enhance corporate value. In recent years, from the mainstream media to online media, from the business elite to the venture investors, "business model" has become a focal point in the new economy. Just as Drucker has once said, nowadays the competition among enterprises is not the competition of products, but the competition of business models. Businessmen and investors are increasingly aware that the business model is not only the key point for the capital market to separate the good corporations from the bad ones, but also the cornerstone for a corporation to succeed. A successful cooperation will always break the old rules. The focus point of the design of business models is to grasp the “customer value” and increase the “corporate value” in the quickest and best way.?This paper studies how to design a good business model based on its six constituent elements and how to design a suitable business model for Wuhan Biological-City Management Company which is under the operation of “asset light”. In this thesis, firstly, the background, the purpose and the significance of this topic will be introduced, and a brief summary of business models will be given. Secondly, the author introduces the six constituent elements and its basic theories and proves that a good business model will bring the company capitals and unique corporate value. Thirdly, the author will analyze how the business model can make the “corporate value”grow rapidly. Finally, through the analysis of the biomedical industry, the author will propose the establishment of an “International Biomedical City of Wuhan” in the Hannan Area, with the application of the business model under the operation of asset-light. How is the business model of companies which are engaged in the business of the development of new products, industry incubation and technical service (temporarily named "Biological-City Development and Management Co. Ltd. of Wuhan") designed? How can the company achieve extraordinary development? These questions will be answered in this part. This paper is based on the theories of business model, business value and financial II
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 management. The author analyzes the pyramids and the constituent elements of business models, explores the theory basis for the company to achieve sustained growth and stable "profit stream", and analyzes the impact of asset light on the corporate value. Through the analysis of the business model of the lightened assets company “Willsun Real”, the author proves that a good business model is the core competency of the company. It can ensure the company’s stable “profit stream” and encourage the speedy development of corporate value. The author hopes that through the research on business models, the investors can make better choices in investment and can better evaluate corporate values in the future. The managers can also take this as reference when they design business models, and achieve the growth of corporate values. Key word: Lightened assets Business model Corporate value Willsun Real. Biological-City Development and Management Co. Ltd. of Wuhan III
뛀뒴탔짹쏷 놾죋짹쏷쯹돊붻뗄톧캻싛컄쫇컒룶죋퓚떼쪦횸떼쿂뷸탐뗄퇐뺿릤ퟷ벰좡뗃뗄퇐뺿돉맻ꆣ뺡컒쯹횪ꎬ돽컄훐틑뺭뇪쏷틽폃뗄쓚죝췢ꎬ놾싛컄늻냼몬죎뫎웤쯻룶죋믲벯쳥틑뺭랢뇭믲킴맽뗄퇐뺿돉맻ꆣ뛔놾컄뗄퇐뺿ퟶ돶릱쿗뗄룶죋뫍벯쳥ꎬ뻹틑퓚컄훐틔쏷좷랽쪽뇪쏷ꆣ놾죋췪좫틢쪶떽놾짹쏷뗄램싉뷡맻평놾죋돐떣ꆣ 톧캻싛컄ퟷ헟잩쏻ꎺ 죕웚ꎺ 쓪 퓂 죕 톧캻싛컄냦좨쪹폃쫚좨쫩 놾톧캻싛컄ퟷ헟췪좫쇋뷢톧킣폐맘놣쇴ꆢ쪹폃톧캻싛컄뗄맦뚨ꎬ벴ꎺ톧킣폐좨놣쇴늢쿲맺볒폐맘늿쏅믲믺릹쯍붻싛컄뗄뢴펡볾뫍뗧ퟓ냦ꎬ퓊탭싛컄놻닩퓄뫍뷨퓄ꆣ놾죋쫚좨뮪훐뿆벼듳톧뿉틔붫놾톧캻싛컄뗄좫늿믲늿럖쓚죝뇠죫폐맘쫽뻝뿢뷸탐볬쯷ꎬ뿉틔닉폃펰펡ꆢ쯵펡믲즨쏨뗈뢴훆쫖뛎놣듦뫍믣뇠놾톧캻싛컄ꆣ 놾싛컄쫴폚놣쏜ꇵꎬ 퓚 쓪뷢쏜뫳쫊폃놾쫚좨쫩ꆣ 늻놣쏜ꇵꆣ ꎨ쟫퓚틔짏랽뿲쓚듲ꆰꇌꆱꎩ 톧캻싛컄ퟷ헟잩쏻ꎺ 횸떼뷌쪦잩쏻ꎺ 죕웚ꎺ 쓪 퓂 죕 죕웚ꎺ 쓪 퓂 죕
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 1 탷 싛 톡쳢뗄놳뺰 2008쓪틔살ꎬ평쏀맺듎듻캣믺틽랢뗄좫쟲뷰죚몣킥ꎬ룸컒쏇맺볒듸살쇋튻쾵쇐펰쿬뺭볃랢햹뗄늻샻틲쯘ꆣ쓜풴ꆢ풭닄쇏벰풴볛룱돖탸짏헇ꎻ 탂ꆶ샍뚯뫏춬램ꆷ쪵쪩ꎬ췆뚯샍뚯솦돉놾짏짽ꎺ뮷놣뫍췁뗘탂헾ꎬ떼훂췁뗘볛룱뷚뷚엊짽뫍뮷놣춶돉놾뗄퓶볓ꎬ웳튵짺닺뺭펪돉놾럑폃돖탸짏헇ꎻ뛸맺쓚탨쟳뫍맺췢탨쟳돊쿖쮫쮫쿂붵쟷쫆ꎬ웳튵닺욷훍쿺톹솦퓶볓ꎬ쿖뷰쇷뫍샻죳싊쿔훸쿂붵ꎻ볓짏믵뇒헾닟뷴쯵ꎬ듳뛠쫽웳튵훃짭폚퇏뻾뗄짌튵뮷뺳횮훐ꆣ짏몣ꆢ헣붭ꆢ붭쯕ꆢ맣뚫뗈퇘몣뺭볃랢듯뗘쟸튻듳엺훐킡훆퓬탍웳튵쿝죫삧뺳ꆣ 캪듋ꎬ듓훐퇫헾뢮떽뗘랽헾뢮뚼퓚믽벫펦뛔ꎬ퇫탐ퟔ2008쓪9퓂럝웰닉좡쿂뗷듦뿮ힼ놸뷰뫍붵뗍듦듻뿮믹ힼ샻싊뗄쫊뛈뿭쯉뗄믵뇒헾닟ꎬ춬쪱닉좡튻쾵쇐듫쪩냯훺웳튵뛉맽쓑맘ꆣ샽죧ꎬ퓚뷰죚쫐뎡뫍놾쫐뎡훐뾪뇙뛠퇹뮯뗄훐킡웳튵죚쟾뗀ꎬ췪짆훐킡웳튵죚쳥쾵ꎬ냼삨쫔뗣킡뛮듻뿮릫쮾ꆢ쏱볤죚뫏램뮯ꆣ2009쓪훐퇫헾뢮웰뚯4췲틚뗄춶볆뮮ꆣ뷱쓪뗄쪮웟뷬죽훐좫믡훘뗣잿뗷뗄쫇삩듳쓚탨ꆣꆶ릫놨ꆷ횸돶ꆰퟅ솦삩듳맺쓚탨쟳쳘뇰쫇쿻럑탨쟳ꎬ놣돖뺭볃컈뚨ꆢ뷰죚컈뚨ꆢ놾쫐뎡컈뚨ꆢ짧믡듳뻖컈뚨ꎬퟶ뫃놣헏뫍룄짆쏱짺릤ퟷꎬ볌탸췆뚯뺭볃짧믡폖뫃폖뿬랢햹ꆱꆣ 쪵쫂짏ꎬ컒맺퓚놾싖뺭볃훜웚뫍짌튵뮷뺳뇤뮯훐ꎬ퓐몬쇋튻킩늻뿉쓦뗄뷡릹탔퇝뷸틲쯘ꎬ뇈죧쓜풴돉놾ꆢ풴돉놾ꆢ샍뚯솦돉놾ꆢ뮷놣뇪ힼ뗈ꎬ쪹뗃웳튵맽좥뎤웚쯹뒦뗄풴ꆢ쓜풴ꆢ샍뚯솦뗈맘볼튪쯘뗍돉놾뗄짌튵뮷뺳틑뺭튻좥늻뢴략쇋ꆣ 헢틢캶ퟅ훐퇫헾뢮볲떥뗘럅쯉틸룹ꎬ쓑틔듓룹놾짏뷢뻶웳튵뗄랢햹쓑쳢ꆣ튻킩늻쓜쫊펦탂뗄짌튵뮷뺳뗄웳튵뿉쓜믡늻뿉뇜쏢튪놻맘춣늢ꆣ풭틲퓚폚ꎬힷ쟳뗍럧쿕ꆢ룟쫕틦뗄짌튵놾퓚떱잰훚뛠늻샻틲쯘쿂ꎬ늻믡쟡틗룸쿝죫뺭펪뫍닆컱캣믺뗄웳튵쳡릩죚횧돖ꆣ쪵볊짏ꎬ벴쪹쫇튻킩폅탣뗄쏱펪웳튵ꎬ춨맽쏱볤뻙햮ꎬ튲횻쓜퓝쪱뮺뷢뷰톹솦ꎬ쯦뫳췹췹쫇볓쯙웳튵닆컱캣믺ꆣ 헽떱듳솿뒫춳훐킡웳튵죕틦쿝죫삧뺳횮쪱ꎬ튻엺벼쫵뒴탂뫍짌튵쒣쪽뒴탂뗄웳 1
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 튵짮쫜죕틦믮풾뗄럧쿕춶헟뗄쟠ꆣ 짌튵뮷뺳뇤뮯ꎬ믵뇒헾닟듓뷴ꎬ틢캶ퟅ웳튵뇘탫뗷헻랢햹랽쿲ꆢ폅뮯짌튵쒣쪽ꆣ냼삨퓚뒫춳탐튵짨볆탂짌튵쒣쪽ꎬ틔벰퓚탂쫐뎡믺믡쪵쪩탂짌튵쒣쪽ꆣ 훐맺뗄웳튵퓚뺭샺쇋짺닺튪쯘쟽뚯폫춶탨쟳쟽뚯솽룶뷗뛎횮뫳ꎬ뾪쪼쿲룼룟뗄뺳뷧싵뷸ꆣ튪쿫쪹웳튵믱뗃탂뗄짺듦랢햹뿕볤늢쟒쓜릻룟킧싊뗄돖탸늻뛏뗘펮샻ꎬ뇘탫틀뾿돖탸뒴탂뗄짌튵쒣쪽ꆣ“떱뷱웳튵볤뗄뺺헹ꎬ쫇짌튵쒣쪽뗄뺺헹ꆣ”짌튵쒣쪽뗄뺺헹쫇웳튵룼룟탎첬뗄뺺헹ꎡ쫇맘쾵떽웳튵짺쯀듦췶ꆢ탋쮥돉냜뗄듳쫂ꎡ웳튵튪쿫믱뗃돉릦뻍뇘탫듓훆뚨폐킧뗄짌튵쒣쪽뾪쪼ꎡ탂돉솢뗄웳튵쫇헢퇹ꎬ랢햹웚뗄웳튵룼쫇죧듋ꆣ틲듋ꎬ퓚헢퇹뗄놳뺰횮쿂ꎬ샻폃짌튵쒣쪽뗄뷰ퟖ쯾샭싛ꎬ닻쫶짌튵쒣쪽뒴탂쮼슷ꎬ짨볆탂뷰죚쪱듺쿂뗄놾춶쒣쪽ꎬ훺솦웳튵쪵쿖ퟮ듳볛횵쫇럇뎣폐틢틥뗄ꆣ? 짌튵쒣쪽믹놾샭싛 쪲쎴쫇짌튵쒣쪽쓘ꎿ쟥뮪듳톧뺭맜톧풺훬커쿩뷌쫚ꆢ놱뺩듳톧믣럡짌톧풺캺뷌쫚퓚ꆶ랢쿖짌튵쒣쪽ꆷ훐ꎬ뛔짌튵쒣쪽ퟷ쇋짮죫웊컶뫍췪쏀쫍틥ꆣ솽캻뷌쫚죏캪ꎺ짌튵쒣쪽놾훊짏뻍쫇샻틦쿠맘헟뗄붻틗뷡릹ꆣ컒럇뎣퓞춬헢훖뷢쫍ꎬ뗄좷짌튵쒣쪽뻍쫇퓚쫐뎡붻틗훐룷룶샻틦훷쳥냧퇝쪲쎴뷇즫ꆢ붻틗뷡릹죧뫎붨솢ꆢ샻틦죧뫎럖엤ꆣ웳튵샻틦쿠맘헟냼삨쓚늿샻틦쿠맘헟뫍췢늿샻틦쿠맘헟솽샠ꎬ췢늿샻틦쿠맘헟횸웳튵뗄맋뿍ꆢ릩펦짌ꆢ웤쯻룷훖뫏ퟷ믯냩뗈ꎻ쓚늿샻틦쿠맘헟횸웳튵뗄막뚫ꆢ횰튵뺭샭죋ꆢ풱릤뗈ꆣ짌튵쒣쪽쫗쿈튪뷢뻶뗄쫇웳튵햽싔훆뚨잰뗄햽싔늼뻖컊쳢ꎬ웤듎쫇튪뷢뻶붻틗뷡릹뗄컊쳢ꎬ뷢뻶솬뷓뿍뮧볛횵뫍웳튵볛횵뗄쟅솺컊쳢ꆣ 짌튵쒣쪽캪웳튵뗄룷훖샻틦쿠맘헟ꎬ죧릩펦짌ꆢ맋뿍ꆢ웤쯻뫏ퟷ믯냩ꆢ웳튵쓚뗄늿쏅뫍풱릤뗈쳡릩쇋튻룶붫룷랽붻틗믮뚯쿠뮥솪뷡뗄얦듸ꆣ튻룶뫃뗄짌튵쒣쪽퓚볛횵짏ퟮ훕ퟜ쫇쓜릻쳥쿖캪믱뗃놾뫍닺욷쫐뎡죏춬뗄뛀쳘웳튵볛횵ꆣ ퟝ맛좫쫀뷧룷탐룷튵ꎬ쯤좻쎿룶탐튵쯹뒦뗄뺺헹룱뻖듳늻쿠춬ꎬ떫ퟐ쾸맛달컒쏇믡랢쿖헢룶탐튵폐튻킩웳튵폫훚늻춬ꎬ헢킩웳튵췹췹쓜믱뗃듳듳뎬맽탐튵욽뻹샻죳쮮욽뗄쫕틦ꎬ벴쪹퓚뺺헹벤쇒뗄돉쫬탐튵튲쫇죧듋ꎡ샽죧ꎺ듷뛻릫쮾ꎬ뺡맜볆쯣 2
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 믺탐튵튻횱쏦쇙ퟅ뺺헹벤쇒뗄뮷뺳ꎬ떫쯼ퟜ쫇쓜릻좡웤쯻춬탐튵웳튵캴쓜듯떽뗄샻죳쮮욽ꆣ헛뿛쇣쫛탐튵춬퇹튻횱뺭샺ퟅ벤쇒뗄볛룱뺺헹늢쟒쎫샻싊풽살풽뗍ꎬ쯤좻폐뫜뛠퓸뺭럇뎣폅탣뗄헛뿛쇣쫛뗪탻룦웆닺ꎬ떫쫇컖뛻십릫쮾ퟔ듓1960쓪붨솢틔살ꎬ퓚헢룶탐튵믱뗃뗄쿺쫛믘놨싊튻횱쫇탐튵욽뻹쮮욽뗄솽놶틔짏ꆣ춬퇹ꎬ벴쪹퓚뺺헹틬뎣벤쇒뗄룖쳺탐튵ꎬ퓚20쫀볍80쓪듺틔살뗄쪱볤샯ꎬ벸뫵쯹폐뗄뒹횱튻쳥뮯뗄룖쳺웳튵뗄쫐뎡볛횵뚼퓚쿂뗸ꎬ떫쫇쏀맺얦뿋룖쳺릫쮾뗄쫐뎡볛횵좴돖탸짽ꎬ룃릫쮾뗄막욱믘놨싊돖탸놣돖퓚좫쏀짏쫐릫쮾뗄ퟮ룟쮮욽ꆣ컒쏇퓙뾴뾴몽뿕튵ꎬ몽뿕튵쫇쇭튻룶퓢쫜쇋샻죳웆뮵탔뺺헹헛쒥뗄탐튵ꎬ떫컷쓏몽뿕릫쮾ퟔ돉솢뫳틑뺭솬탸20 뛠쓪놣돖돖탸펯샻뫍퓶뎤ꆣ춬퇹ꎬ웻뎵탐튵튲쫇죧듋ꎬ쯤좻좫쫀뷧벸볒뻞춷릫쮾죧춨폃ꆢ뢣쳘뗈뚼퓚뻞뛮뿷쯰훐뿠뿠헵퓺ꎬꎨ폐맘쇏쿔쪾ꎺ2008쓪02퓂12죕춨폃웻뎵릫쮾랢늼뗄2007쓪뛈닆컱놨룦엻슶ꎬ룃릫쮾뿷쯰뛮듯떽387틚쏀풪ꎬ뒴쿂룃릫쮾돉솢100쓪살ퟮ듳쓪뛈뿷쯰뛮ꆣꎩ쏀맺춨폃웻뎵릫쮾폚떱뗘쪱볤2009쓪6퓂1죕헽쪽짪쟫웆닺놣뮤ꎬ떫쫇럡쳯릫쮾좴퓚웻뎵탐튵좡쇋쳬컄쫽ퟖ뗄샻죳ꆣ춸쫓헢킩샽ퟓꎬ컒쏇랢쿖ꎺ쓜릻죃헢킩웳튵돖뻃뗘폫훚늻춬뗄뻍쫇헢킩웳튵폫훚늻춬뗄짌튵쒣쪽ꎡ 늻춬뗄짌튵쒣쪽뻶뚨쇋늻춬뗄웳튵뷡뻖ꆣ죧맻쮵햽싔뻶뚨웳튵뗄뚨캻벰웤캪뿍뮧쳡릩볛횵ꎬ짌튵쒣쪽퓲뻶뚨죧뫎쪵쿖웳튵뗄뚨캻ꆢ죧뫎뒫뗝웚췻뗄볛횵ꆣ 떱뷱웳튵랢햹뗄훷쳢쫇뒴탂ꎬ떫늢늻쫇횻튪폐벼쫵뒴탂뻍뿉틔룟헭컞폇ꆢ냁쫓좺탛ꆢ뛀늽좫쟲ꆣ샺쪷짏컞쫽뷌통룦쯟컒쏇ꎬ뷶폐벼쫵뒴탂쫇풶풶늻릻뗄ꎡ쏀맺뗄쪩샖릫쮾튻횱퓚좫쟲웳튵뒴탂훐뻓쇬떼뗘캻ꎬ뻝춳볆ꎬ듓1979쓪떽1998쓪뗄19쓪훐ꎬ뷶듓쪩샖뗄낢뛻췐퇐뺿훐탄췑샫뛸탂붨뗄릫쮾뻍폐21볒ꎬ웤훐릫뾪짏쫐뗄9볒ꎬ웤2001쓪뗄샛볆쫐횵뺹좻쫇뚫볒쪩샖릫쮾2001쓪쫐횵뗄15놶ꎡ벴쪹폫쪩샖릫쮾1998쓪뗄ퟮ룟쫐횵쿠뇈ꎬ튲뇈웤룟놶ꎬ룼늻폃쮵헢킩짏쫐릫쮾폐듳쏻뚦뚦뗄3ComꆢAdobe뗈ꆣ횮쯹틔돶쿖헢훖쓑틔샭뷢뗄ꆰ웦맖ꆱ쿖쿳뗄튻룶벫웤훘튪뗄풭틲뻍쫇쪩샖낢뛻췐퇐뺿훐탄퇐뺿돶살뗄벼쫵폫쪩샖릫쮾쓚퓚뗄짌튵쒣쪽늻럻ꎬ쯹틔헢킩쿮쒿ퟮ훕뚼틔룷훖풭틲놻쪩샖릫쮾ꆰ잹뇐ꆱ믲놻듳랽뗘쯍죋쇋ꆣ 뒴탂뿉틔럖캪솽샠ꎬ튻샠쫇벼쫵뒴탂ꎬ튻샠쫇짌튵쒣쪽뒴탂ꆣ쏀맺뗄튻쿮춳볆 3
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 뇭쏷ꎬ퓚돉릦뗄뒴탂훐폐60%뗄뒴탂쫇짌튵쒣쪽뗄뒴탂ꆣ튻쿮탂벼쫵뗄뺭볃볛횵뷶뷶쫇잱퓚뗄ꎬ횱떽쯼쓜릻놻틔쒳훖탎쪽짌튵뮯뫳닅쓜뻟쳥뇭쿖돶살ꆣ춬퇹튻쿮벼쫵ꎬ닉폃늻춬뗄짌튵쒣쪽믡듸살늻춬뗄쫕죫ꎡ퓚맽좥50쓪샯ꎬ돶쿖쇋늻짙쇮죋뺪첾뗄짌튵쒣쪽ꆣ쯦ퟅ놾쫐뎡뗄랢햹ꎬ훷뚯짨볆짌튵쒣쪽ꎬ뺭맽쫔퇩돉탍뫳ꎬ뷸탐뢴훆ꆢ짽벶ꆢ췆맣펦폃ꎬ헢쫇럇뎣훘튪ꆣ 죋쏇뎣뎣뺪첾ퟔ좻횮쏀ꆢ벸뫎횮쏀ꎬ뛀쳘뗄짌튵쒣쪽춬퇹룼쏀ꎬ쇮죋짍탄퓃쒿ꆣ뫃뗄짌튵쒣쪽뿉틔뻙훘죴쟡ꎬ뮯훘캪쟡ꆣ퓚샻죳뒴퓬ꆢ펮뗃맋뿍ꆢ컼틽춶헟뗈랽쏦탎돉솼탔톭뮷ꎬ쪹웳튵뺭펪듯떽쫂냫릦놶뗄킧맻ꎬ돉뎤뿬쯙ꎬ돉뎤킧싊놶퓶ꆣ벴쪹튵쓚룟쫖죧쇖ꎬ튲뿉틔뫳살뻓짏ꆣ뛸퓚탂탋닺튵쇬폲ꎬ퓲뿉틔쿈랢훆죋ꎬ튣튣쇬쿈ꆣ닮뗄짌튵쒣쪽퓲쪹웳튵뺭펪죝틗쿝죫ꆰ쫂놶릦냫ꎬ뻙늽캬볨ꆱ뗄삧뺳횮훐ꆣ? 놾컄뗄훷튪쓚죝벰틢틥 놾컄릲쯄룶늿럖ꆣ뗚튻늿럖캪탷싛ꎬ뷩짜톡쳢뗄놳뺰ꆢ쒿뗄뫍틢틥ꎬ늢볲튪룅삨짌튵쒣쪽믹놾샭싛ꆣ뗚뛾늿럖쿪쾸뷩짜쇋짌튵쒣쪽뷰ퟖ쯾뫍짌튵쒣쪽릹돉튪쯘ꎬ늢럖컶쇋쟡닺짌튵쒣쪽뛔릫쮾볛횵뗄펰쿬ꆣ뗚죽늿럖럖컶캬즭훃튵뗄쟡닺짌튵쒣쪽ꎬ뷸튻늽싛쫶쇋쟡닺쒣쪽쪹릫쮾볛횵쪵쿖쇋뎬쯙퓶뎤ꆣ뗚쯄늿럖ퟅ훘쳖싛쇋퓚짺컯튽튩탐튵쓚ꎬ뛔듓쫂짺컯돇풰쟸맜샭ꆢ뿆퇐뾪랢ꆢ벼쫵럾컱ꆢ쟾뗀붨짨샠뗄릫쮾ꎨ짺컯돇맜샭릫쮾ꎩꎬ죧뫎짨볆쟡닺짌튵쒣쪽ꎬ쪵쿖컈뚨퓶뎤뗄샻죳쇷ꎬ믱뗃ퟔ평쿖뷰쇷ꎬ쪵쿖릫쮾볛횵ꆣ좫컄춨맽뛔짌튵쒣쪽샭싛뗄첽컶ꎬ춸쫓쇋쟡닺짌튵쒣쪽뛔릫쮾볛횵뗄펰쿬ꎬ늢폃폚뷢뻶쪵볊컊쳢ꆪꆪ뷢뻶죧뫎짨볆짺컯돇맜샭릫쮾뗄쟡닺짌튵쒣쪽ꆣퟮ뫳캪뷡쫸폯ꆣ?평쏀맺짺풪뿆벼릫쮾뫍쿣룛ꆤ커몺뮪샖뗘닺췘햹폐쿞릫쮾ퟷ캪랢웰죋퓚몺쓏쟸짨솢커몺짺컯돇랢햹맜샭릫쮾ꎬ웤ꆰ펯샻쒣쪽ꆱ뻍쫇붨솢퓚ꆰ뚨캻ꆱ뗄믹뒡짏ꎬ춨맽펵폐뗄맘볼풴뫍쓜솦릹붨짺컯튽튩벼쫵럾컱뗄튵컱쾵춳믱뗃컈뚨뗄ퟔ평쿖뷰쇷ꆣ커몺짺컯돇랢햹맜샭릫쮾ퟷ캪짺컯튽튩쿮쒿헐짌틽뗄쪵볊닙ퟷ헟ꎬ춬쪱캪죫풰쟸뿍짌쳡릩뫳탸벼쫵횧돖벰짌컱럾컱ꎬ살믱좡짌믺벰펯샻ꆣ?놾컄솦춼춨맽뛔짺컯돇랢햹맜샭릫쮾쟡닺짌튵쒣쪽뗄짨볆ꎬ싛쫶쇋듓쫂닺튵 4
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 풰쟸헐짌ꆢ맜샭ꆢ뿆퇐뾪랢ꆢ벼쫵럾컱샠릫쮾춬퇹뿉틔쪵탐쟡닺펪퓋ꎬ쪵쿖뎬쯙퓶뎤ꆣ첽쯷쇋짌튵쒣쪽뗄뒴탂쫇쳡짽릫쮾볛횵뗄폐킧춾뺶ꆣ? 5
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 2 짌튵쒣쪽샭싛첽컶 짌튵쒣쪽뷰ퟖ쯾 짌튵ꎬ믲헟쮵짺틢ꎬ쫇평쪲쎴틲쯘살쟽뚯뗄쓘?쫇평쓇훖뚴달늢펵놧뷱쳬쫐뎡탨쟳뗄ꆰ햽싔볜릹ꆱ틲쯘쯹쟽뚯ꆣ튻룶릫쮾뗄돉릦ꎬ늢늻훷튪쫇틲캪벼쫵뗄쿈뷸ꎬ뛸췹췹쫇틲캪쯻쏇듲웆쇋틔췹돉릦뗄샏맦퓲ꎬ뒴퓬돶탂뗄짌튵쒣쪽ꎬ쪵쿖돖탸펮샻ꆣ?짌튵쒣쪽퓚컒맺틑뺭돉캪뒴튵헟뫍럧쿕춶헟죕틦맘힢뗄컊쳢ꆣ벸뫵쎿튻룶죋뚼좷탅ꎬ폐쇋튻룶뫃뗄짌튵쒣쪽ꎬ돉릦뻍폐쇋튻냫뗄놣횤ꆣ쓇쎴ꎬ떽뗗쪲쎴쫇짌튵쒣쪽ꎿ쯼냼몬쪲쎴튪쯘ꎬ폖쫇죧뫎쿠뮥ퟷ폃펰쿬릫쮾볛횵쪵쿖뗄쓘ꎿ?폃ퟮ횱냗ퟮ볲떥뗄폯퇔살뇭듯ꎺ짌튵쒣쪽뻍쫇릫쮾춨맽쪲쎴춾뺶믲랽쪽살잮ꎿ볲퇔횮ꎬ틻쇏릫쮾춨맽싴틻쇏살잮ꎻ뿬뗝릫쮾춨맽쯍뿬뗝살잮ꎻ췸싧릫쮾춨맽뗣믷싊살잮ꎻ춨탅릫쮾춨맽쫕뮰럑잮ꎻ뎬쫐춨맽욽첨뫍닖뒢살잮뗈뗈ꆣ횻튪폐잮뗄뗘랽ꎬ뻍폐짌튵쒣쪽듦퓚ꆣ?짌튵쒣쪽놾훊짏뻍쫇샻틦쿠맘헟뗄붻틗맘쾵ꎬ웤뫋탄쫇튪뷢뻶웳튵ퟶ쪲쎴ꆢ늻ퟶ쪲쎴ꆢ퓵쎴ퟶꆢ퓵쎴펮샻뗄컊쳢ꎬ쪵훊쫇짌튵맦싉퓚웳튵뺭펪믮뚯훐뗄뻟쳥펦폃ꆣ뒴퓬짌튵쒣쪽ꎬ튪쮼뾼죽룶컊쳢ꎺ튻쫇늻뛏쮼뾼쮭쫇쓣뗄ꆰ샻틦쿠맘헟ꆱꎻ뛾쫇튪럖컶헢킩샻틦쿠맘헟ꆰ폐쪲쎴볛횵뿉틔붻뮻ꆱꎻ죽쫇튪짨볆릲펮뗄ꆰ붻틗뷡릹ꆱꆣ?쯆뫵쫇뮥솪췸쪹첸싛ꆰ짌튵쒣쪽ꆱ돉캪쪱짐ꆣ쯼퓬뻍쇋헢룶뻧뇤뗄쪱듺ꎬ쪹늻춬뗘폲뗄웳튵ꎬ뗍돉놾솪쾵웰살ꎬ룷햹쯹뎤ꆣ쪹뗃닎폫붻틗뗄ꆰ샻틦쿠맘헟ꆱ풽살풽뛠ꎬ늢쟒뚼폐믺믡믱뗃싺틢뗄샻틦ꆣ좻뛸뻧뇤ꎬ틑뺭펰쿬떽쎿튻룶ꆰ뒫춳ꆱ탐튵ꆣ틲캪튻떩폃ꆰ짌튵쒣쪽ꆱ뗄쮼캬살뺭펪웳튵ꎬ쓣믡랢쿖ퟔ벺풽살풽쓑틔맩쓉퓚튻룶ꆰ탐튵ꆱ떱훐ꎬ짵훁냚췑쇋뒫춳뗄릫쮾ꆢ웳튵헢킩탎쪽뗄쫸뢿ꆣ쓣탨튪뗄ꎬ뻍쫇릹붨튻룶ꆰ샻틦쿠맘헟뗄붻틗뷡릹ꆱꆣ쯹틔ꎬ쮭쓜뒴퓬좫탂뗄ꆰ샻틦쿠맘헟뗄붻틗뷡릹ꆱꎬ쮭뻍룼죝틗돉릦ꆣ헢뻍쫇ꆰ짌튵쒣쪽ꆱ퓚헢룶쪱듺ퟮ뛀쳘뗄솦ꆣ쓇쎴죧뫎릹붨ꆰ샻틦쿠맘헟뗄붻틗뷡릹ꆱ쓘ꎿ힡헢튻뫋탄뺫짱ꎬꆰ짌튵쒣쪽ꆱ뗄룷룶튪쯘뇣틀듎햹쿖뾪살ꎺ쓣뗄ꆰ뚨캻ꆱ쫇쪲쎴ꎿ붨솢쪲쎴퇹뗄ꆰ튵컱쾵춳ꆱꎿ톡퓱쓄훖ꆰ펯샻쒣 6
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 쪽ꆱꎿ탨튪쓄킩ꆰ맘볼풴쓜솦ꆱꎿ릹돉퓵퇹뗄ꆰퟔ평쿖뷰쇷뷡릹ꆱꎿ쯹틔ꆰ짌튵쒣쪽짨볆ꆱ뗄훘뗣뻍쫇ꆪ좫늿볜릹뇘탫믷훐ꆰ맋뿍볛횵ꆱ늢틔ퟮ병슷뺶ꆢퟮ뿬쯙뛈ꎬퟮ훕쇮ꆰ웳튵볛횵ꆱ뗃틔퓶뎤ꆣ?쟥뮪듳톧뺭맜톧풺훬커쿩뷌쫚ꆢ놱뺩듳톧믣럡짌톧풺캺뷌쫚ꎬퟜ뷡쫽쓪뷌톧퇐뺿돉맻ꎬ솪퇐랢짨볆쇋ꆰ훬캺짌튵쒣쪽짨볆뷰ퟖ쯾ꆱꎬ짮쫜웳튵볒뫃움ꎬ돉캪짌튵쒣쪽짦벰쇬폲뗄쇬쿈톧헟ꆣꆰ짌튵쒣쪽뷰ퟖ쯾ꆱ쪹ꆰ짌튵쒣쪽ꆱ뗄짨볆쮼캬룼볓탎쿳뮯ꆣ? 춼2-1 짌튵쒣쪽뷰ퟖ쯾 죧짏춼2?1쯹쪾ꎺꆰ짌튵쒣쪽뷰ퟖ쯾ꆱ뗄ퟮ뗗닣쫇ꆰ뚨캻ꆱ벴톡퓱ꆰ쓜쳡릩뎤웚뗄샻죳퓶뎤뗄맋뿍좺ꆱ늢쓜캪쯻쏇쳡릩ꆰ쳘쫢뗄볛횵ꆱꎻ뗚뛾닣쫇ꆰ펯샻쒣쪽ꆱ벴ꆰ죧뫎ꆱ듓캪뿍뮧쳡릩뗄볛횵훐ꎬ믱뗃쿫튪뗄샻죳ꎻ뗚죽닣쫇ꆰ맘볼풴뫍쓜솦ꆱꎬ벴붨솢튻훖뿘훆탔쓜솦ꎬ놣뮤쓣뗄ꆰ샻죳쇷ꆱ뫍ꆰ쿖뷰쇷ꆱꎬ죃맋뿍뇘탫듓쓣헢샯릺싲ꎻ뗚쯄닣쫇ꆰ튵컱쾵춳ꆱ벴뒦샭뫃웳튵쓚ꆢ췢늿샻틦럖엤ꎬ틔췪돉잰죽닣뗄죎컱ꆣ뛔췢ꎬ튪뷧뚨웳튵튵컱믮뚯랶캧ꎬ좷뚨쳡릩뫎훖럾컱믲닺욷ꎬ닅쓜힡쿻럑헟ꆢ뒴퓬룟샻죳ꆢ놣뮤쿖뷰쇷ꆢ놣뮤샻죳쇷ꎻ뛔쓚ꎬ튪붨솢ퟩ횯쾵춳뫍튵컱쾵춳ꎬ좷놣쓚늿쓜폐쓜솦췪돉죎컱ꎻퟮ룟닣퓲쫇ꆰퟔ평쿖뷰쇷뷡릹ꆱꎬ춨맽룷훖뷰죚닟싔ꎬퟮ훕쳡짽ꆰ웳튵볛횵ꆱꆣ?퓚짨볆맽돌훐ꎬ튪힢틢솽뗣ꎬ뗚튻ꎬ튲탭짌튵쒣쪽뷰ퟖ쯾짏닣뗄룷훖뇤뮯룼쇮죋벤뚯ꆢ뿛죋탄쿒ꎻ떫쫇ꎬ짌튵쒣쪽뷰ퟖ쯾뗗닣뗄믹뒡좴늻쓜뛏쇑ꎻ뗚뛾ꎬ짌튵쒣쪽늢늻쫇튻늽떽캻ꎬ튲늻쫇튻돉늻뇤ꎬ쯦ퟅ웳튵뺭펪뮷뺳뗄뇤뮯ꎬ짌튵쒣쪽튲튪훘 7
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 탂짨볆믲늻뛏뗷헻폫탞헽ꆣ? 짌튵쒣쪽릹돉튪쯘 췪헻뗄짌튵쒣쪽쳥쾵냼삨뚨캻ꆢ튵컱쾵춳ꆢ맘볼풴쓜솦ꆢ펯샻쒣쪽ꆢퟔ평쿖뷰쇷뷡릹뫍웳튵볛횵뗈쇹룶랽쏦ꆣ헢쇹룶랽쏦쿠뮥ퟷ폃ꆢ쿠뮥펰쿬ꎬ릹돉폐믺뗄짌튵쒣쪽쳥쾵ꆣ 뚨캻??튻룶웳튵튪쿫퓚쫐뎡훐펮뗃쪤샻ꎬ쫗쿈뇘탫쏷좷ퟔ짭뗄뚨캻ꆣ뚨캻뻍쫇웳튵튵컱믮뚯뇟뷧ꎬ쫇횸웳튵펦룃ퟶ쪲쎴ꆢ늻펦룃ퟶ쪲쎴ꎬ쯼뻶뚨쇋웳튵펦룃쳡릩쪲쎴쳘헷뗄닺욷뫍럾컱살쪵쿖뿍뮧뗄볛횵ꆣ뚨캻쫇웳튵햽싔톡퓱뗄뷡맻ꎬ튲쫇짌튵쒣쪽쳥쾵훐웤쯻폐믺늿럖뗄웰뗣ꆣ??맘폚뚨캻틑폐듳솿뗄컄쿗뫍샭싛ꎬퟮ뻟듺뇭탔뗄펦쫴늨쳘ꆢ샍쳘뫍뿆쳘샕럖뇰뛔뚨캻뗄늻춬샭뷢ꆣ퓚늨쳘뗄햽싔샭싛쳥쾵훐ꎬ쪮럖잿뗷뚨캻뗄훘튪탔ꎬ맘폚뺺헹햽싔뗄뗍돉놾뫍닮틬뮯ꎬ놾짭뻍쫇웳튵뛔폚캴살랢햹첬쫆뗄뿌뮭ꆣ늨쳘죏캪햽싔뻍쫇퓚뺺헹훐ퟶ돶좡짡ꎬ햽싔뗄놾훊뻍쫇톡퓱늻ퟶ쓄킩쫂쟩ꎬ쎻폐좡짡ꎬ뻍쎻폐톡퓱뗄뇘튪ꎬ튲뻍쎻폐훆뚨햽싔뗄뇘튪ꆣ20쫀볍90쓪듺ꎬ늨쳘퓸뺭엺움죕놾웳튵웕뇩좱랦햽싔ꎬ쪵볊짏쫇횸죕놾웳튵맽럖맘힢퓋펪킧틦뗄쳡짽ꎬ폈웤쫇듯떽짺닺싊뇟뷧뫳죔좻뫶쫓웳튵뗄랽쿲톡퓱ꎬ듳솿웳튵뗄햽싔쟷춬ꆣ쯹틔ꎬ퓚늨쳘뗄햽싔쳥쾵훐ꎬ뚨캻쪵볊짏뻍쫇웳튵톡퓱펦룃ퟶ쪲쎴ꎬ헢룶뚨캻퓚쓚몭쫇맘힢웳튵퓚릫쮾닣쏦죧뫎랢햹ꆣ?쿠뛔늨쳘뛔폚뚨캻벴햽싔톡퓱뗄샭뷢ꎬ샍쳘맘폚ꆰ뚨캻ꆱ뗄룅쓮퓲뻛벯퓚웳튵뻟쳥뗄닺욷럾컱닣쏦ꆣ샍쳘퓚뻟쳥닺욷펪쿺랽쏦잿뗷샻폃짧믡쿻럑탄샭톧쯜퓬믱뗃쿻럑헟탄샭죏춬뗄뛀쳘닺욷뚨캻ꎬ샻폃쿻럑헟틑폐뗄맛쓮릹훾닮틬뮯뗄닺욷탎쿳ꎬ튲뻍쫇죧뫎퓚쒿뇪쫜훚뗄춷쓔훐햼뻝튻쾯횮뗘뗄랽램ꆣ?뿆쳘샕퓚웤펪쿺샭싛훐쳡돶쇋훸쏻뗄STP릤뻟ꎬ튲뻍쫇쾸럖쫐뎡——Segmentationꎻ좷뚨쒿뇪쫐뎡——Targetingꎻ뚨캻ꎬ뛔폚릩룸뷸탐뛀쳘짨볆틔퓚쒿뇪쿻럑헟탄쒿훐햼뻝쳘뚨캻훃——Positioning뗄죽늽쟺ꆣ퓚헢샯ꎬ뚨캻냼삨쇋룃죧뫎 8
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 짨볆닺욷뗄쳘즫ꎬ룃죧뫎뚨볛뗈ꆣ뫜쏷쿔ꎬ뚨캻쪵볊짏튲뻍돉캪쇋펪쿺뗄뫋탄릤ퟷꆣ??훬커쿩뫍캺솽캻뷌쫚퓚짌튵쒣쪽퇐뺿훐죏캪ꎬ뚨캻쫇퓚햽싔닣쏦뫍횴탐닣쏦붨솢룼횱뷓뫍뻟쳥뗄솪쾵ꎬ벴웳튵뗄뚨캻횱뷓쳥쿖퓚짌튵쒣쪽쯹탨튪쪵쿖뗄맋뿍볛횵짏ꎬ잿뗷뗄쫇짌튵쒣쪽릹붨뗄쒿뗄ꆣ웳튵뛔폚ퟔ짭뗄뚨캻횱뷓펰쿬ꎨ뛸럇뻶뚨ꎩ떽웳튵탨튪릹훾뫎훖ꆰ컯훖ꆱ뗄짌튵쒣쪽ꆣ폫햽싔훐뗄뚨캻싔캢폐킩닮틬뗄쫇햽싔훐뗄뚨캻붫뻶뚨햽싔뗄돉냜ꎬ뛸짌튵쒣쪽훐뗄뚨캻룼뛠뗘ퟷ캪헻룶짌튵쒣쪽뗄튻룶횧독뗣ꎬ틲캪춬퇹뗄뚨캻뿉틔폐늻튻퇹뗄짌튵쒣쪽ꎬ춬퇹뗄짌튵쒣쪽튲뿉틔쪵쿖늻튻퇹뗄뚨캻ꆣ듋췢ꎬ짌튵쒣쪽훐뗄뚨캻룼뛠뗘뿉틔폃살냯훺샭뷢웳튵뗄ힴ첬ꎬ헢룶ힴ첬냼삨쳡릩쪲쎴퇹뗄닺욷뫍럾컱ꆢ뷸죫쪲쎴퇹뗄쫐뎡ꆢ짮죫탐튵볛횵솴뗄쓄킩뮷뷚ꆢ톡퓱쓄킩뺭펪믮뚯ꆢ폫쓄킩뫏ퟷ믯냩붨솢뫏ퟷ맘쾵ꆢ퓵쎴럖엤샻틦뗈ꆣ퓚짌튵쒣쪽뗄뚨캻훐ꎬ톡퓱늻ퟶ쪲쎴폫톡퓱ퟶ쪲쎴춬퇹훘튪ꎬ춬쪱ꎬ헢튲맘쾵떽웳튵죧뫎릹붨튵컱쾵춳ꆢ좷뚨펯샻쒣쪽ꆢ럖늼풴쓜솦ꆢ짨볆쿖뷰쇷뷡릹뗈짌튵쒣쪽쳥쾵훐뗄웤쯻늿럖ꆣ?ퟛ짏쯹쫶ꎬ짌튵쒣쪽훐뗄뚨캻탨튪믘듰뗄컊쳢훷튪폐죽룶ꎺ웳튵뗄튵컱쫇쪲쎴ꎿ쒿뇪뿍뮧쫇쮭ꎿ펦룃쿲쯻쏇쳡릩쪲쎴퇹쳘헷뗄닺욷믲럾컱ꎿ?뚨캻탨튪뷢뻶뗄뗚튻룶컊쳢쫇좷뚨웳튵뗄튵컱ꆣ퓚쪵볹훐ꎬ랴뢴첽뺿ꆰ컒쏇뺿뺹뒦폚쪲쎴탐튵ꆱ쫇믘듰웳튵뗄튵컱쫇쪲쎴뗄튻룶럇뎣뫃뗄뾪쪼ꆣ폐틔쿂쯄훖랽램뿉틔냯훺웳튵뚨틥뫃ퟔ틑뗄튵컱ꆣퟮ뎣볻뗄랽램쫇내헕웳튵쯹쿺쫛뗄닺욷믲럾컱살뚨틥ퟔ틑뗄튵컱ꆣ샽죧ꎺ커룖뒦폚룖쳺훆퓬튵ꎬ짱쇺릫쮾뒦폚웻뎵훆퓬튵ꎬ쓏랽몽뿕뒦폚몽뿕럾컱튵ꆣ뗚뛾훖랽램잿뗷헫뛔쒳샠뿍뮧좺뗄쒳킩믲쯹폐탨쟳뚨틥웳튵뗄튵컱ꆣ샽죧ꎺ캬즭훃튵릫쮾뒦폚랿뗘닺뾪랢맜샭탐튵ꎬ캪랿뗘닺뾪랢짌쳡릩랿뗘닺뾪랢맜샭쾵춳뷢뻶랽낸뫍랿뗘닺뾪랢좫돌맜샭럾컱ꆣ뗚죽훖랽램쫇틀뻝웳튵쯹뒦뗄탐튵볛횵솴뮷뷚살좷뚨웤튵컱ꎬ샽죧ꎺ쓍뿋쫇퓋뚯욷없훆퓬짌ꎬ쯕쓾뗧웷쫇볒폃뗧웷뗄쇣쫛짌ꆣ뗚쯄훖랽램쫇내헕웳튵뗄맘볼풴쓜솦벰웤ퟩ뫏살뚨틥웤튵컱ꎬ샽죧ꎺ커몺짺컯돇맜샭릫쮾틔웤쯹펵폐뗄쫀뷧쇬쿈뗄짺컯튽튩벼쫵뫍퇐랢췅뛓캪죫풰쟸웳튵쳡릩닺욷퇐랢ꆢ짺컯벼쫵횧돖뫍짌컱럾컱ꆣ?뚨캻탨튪뷢뻶뗄뗚뛾컊쳢쫇쯸뚨쒿뇪뿍뮧ꆣ쪶뇰뫍좷뚨웳튵뗄쒿뇪뿍뮧틢캶ퟅ 9
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 웳튵뇘탫뾼싇럾컱폚쓄룶뗘샭쟸폲뫍뿍뮧쾸럖ꆣ컒쏇뿉틔춨맽컊ꆰ컒쏇닺욷싺ퟣ뗄쫇뿍뮧뗄쪲쎴탨쟳ꆱ늢첽톰웳튵쿖퓚쎻폐럾컱떫폐샠쯆탨쟳뗄뿍뮧살듯떽ꆣ컒쏇탨튪뎬풽쒿잰쯹싴뗄닺욷믲럾컱좥쮼뾼ꎬ탨튪쪶뇰닺욷쯹틾몬뗄릦쓜ꆣ쏷좷닺욷릦쓜ꎬ쳡릩룶탔뮯럾컱ꎬ좷뚨튻룶뫏쫊뗄뿍뮧뇪ힼꎬ폃헢룶뇪ힼ살쪶뇰쮭쫇쒿뇪뿍뮧ꎬퟮ뫳춨맽컊ꆰ컒쏇펦룃죧뫎ퟶ닅쓜컼틽헢킩뿍뮧ꆱ살좷뚨웳튵뗄쒿뇪뿍뮧ꆣ?뚨캻탨튪뷢뻶뗄뗚죽컊쳢쫇웳튵펦룃쿲쒿뇪뿍뮧쳡릩쪲쎴퇹쳘헷뗄닺욷뫍럾컱ꆣ죎뫎웳튵뚼늻쓜냑쯹폐뗄뿍뮧쇐캪ퟔ벺뗄럾컱뛔쿳ꎬ튲늻뿉쓜횻캪튻룶웳튵쳡릩쯹폐뗄닺욷뫍럾컱ꆣ뚨캻쯹튪뷢뻶뗄쫇퓚웳튵쯹폐뿉쳡릩뗄닺욷뫍럾컱떱훐ꎬ펦횻ퟶ쓄벸훖믲붫쓄튻훖쇐캪훘뗣ꆣ? 튵컱쾵춳 튵컱쾵춳쫇횸웳튵듯돉뚨캻쯹탨튪뗄튵컱뮷뷚ꆢ룷뫏ퟷ믯냩냧퇝뗄뷇즫틔벰샻틦쿠맘헟뫏ퟷ폫붻틗뗄랽쪽뫍쓚죝ꆣ컒쏇뿉틔듓탐튵볛횵솴뫍웳튵쓚늿볛횵솴틔벰뫏ퟷ믯냩뗄뷇즫솽룶닣쏦살샭뷢튵컱쾵춳뗄릹퓬ꆣ?튵컱쾵춳쫇짌튵쒣쪽뗄뫋탄ꆣ룟킧퓋펪뗄튵컱쾵춳늻뷶뷶쫇펮뗃웳튵뺺헹폅쫆뗄뇘튪쳵볾ꎬ춬쪱튲폐뿉쓜돉캪웳튵뺺헹폅쫆놾짭ꆣ쫗쿈ꎬ듓뫏ퟷ믯냩뗄뷇즫닣쏦짏뾴ꎬ튻룶룟킧뗄튵컱쾵춳탨튪룹뻝웳튵뗄뚨캻쪶뇰쿠맘뗄튵컱믮뚯ꎬ늢붫튵컱믮뚯헻뫏캪튻룶쾵춳ꎬ좻뫳퓙룹뻝웳튵뗄풴쓜솦럖엤샻틦쿠맘헟뗄뷇즫ꆣ웤듎ꎬ듓탐튵볛횵솴뫍웳튵쓚늿볛횵솴닣쏦짏뾴ꎬ좷뚨폫웳튵쿠맘볛횵솴믮뚯뗄맘쾵뫍뷡릹ꎬ캧죆웳튵뚨캻쯹붨솢웰살뗄헢퇹튻룶쓚췢늿룷랽샻틦쿠맘헟쿠뮥뫏ퟷ뗄튵컱쾵춳붫탎돉튻룶볛횵췸싧ꆣ헢솽룶닣쏦폖쫇쿠뮥틀듦뗄ꎬ웳튵캧죆뚨캻쯹붨솢뗄볛횵췸싧쏷좷쇋뿍뮧ꆢ릩펦짌뫍웤쯻뫏ퟷ믯냩퓚펰쿬웳튵춨맽짌튵쒣쪽뛸믱뗃볛횵뗄맽돌훐쯹냧퇝뗄뷇즫ꆣ?튵컱쾵춳뗄릹붨쫗쿈탨튪좷뚨뗄쫇웳튵폫샻틦쿠맘헟횮볤뗄맘쾵ꎬ웳튵폫룷샻틦쿠맘헟룷ퟔ럖뇰펦룃햼뻝믲듓쫂볛횵췸훐뗄쓄킩튵컱믮뚯ꎬ듓뛸쏷좷ퟔ벺뗄튵컱믮뚯랶캧ꆣ웤듎ꎬ릹붨튵컱쾵춳쪱뇘탫뛔탐튵훜뇟뮷뺳뫍쿠뮥ퟷ폃뷸탐쫐뎡뗷퇐뫍럖컶ꆣ샽죧ꎬ컒쏇뿉틔랴뢴톯컊쿂쏦쯄룶컊쳢살좷뚨웳튵뗄샻틦쿠맘헟ꎺ뗚튻ꎬ컒펵폐믲뿉틔듓쫂쓄킩튵컱믮뚯ꎻ뗚뛾ꎬ훜뇟쫐뎡뿉틔캪컒쳡릩쓄킩튵컱믮뚯ꎻ뗚죽ꎬ컒뿉틔캪 10
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 룷룶쿠맘훷쳥쳡릩쪲쎴볛횵ꎻ뗚쯄ꎬ듓릲펮뷇뛈ꎬ컒펦룃퓵퇹ퟶ닅쓜릻붫헢킩튵컱믮뚯ퟩ돉튻룶폐믺뗄볛횵췸싧ꎬ늢쟒죃웤쯻샻틦쿠맘헟뗃떽쯻쏇쿫튪뗄쫕틦ꆣ?ퟜ횮ꎬ튵컱쾵춳튪듓좫뻖뗄뷇뛈살짨볆늼훃ퟔ벺폫샻틦쿠맘헟뗄맘쾵ꆣꆰ늻쒱췲쫀헟ꎬ늻ퟣ쒱튻쪱ꎻ늻쒱좫뻖헟ꎬ늻ퟣ쒱튻폲ꆱꆣ틲듋ꎬ릹붨튵컱쾵춳늻쫇좥볆뷏튻돇튻돘뗄뗃쪧ꎬ뛸쫇튪ퟅ퇛폚좫뻖뗄돉릦ꆣ? 맘볼풴뫍쓜솦 풴뻍쫇웳튵쯹뿘훆뗄ꎬ쓜릻쪹웳튵릹쮼뫍짨볆뫃뗄햽싔뗃틔쪵쪩ꎬ듓뛸쳡룟웳튵킧맻뫍킧싊뗄쳘헷ꎬ냼삨좫늿뗄닆닺ꆢ쓜솦ꆢ뺺헹솦ꆢퟩ횯돌탲ꆢ웳튵쳘탔ꆢ탅쾢ꆢ횪쪶뗈ꆣ웳튵뗄풴훷튪폐ꎺ뷰죚풴ꆢ쪵컯풴ꆢ죋닅풴ꆢ탅쾢풴ꆢ컞탎풴ꆢ뿍뮧맘쾵ꆢ릫쮾췸싧ꆢ햽싔늻뚯닺뗈ꆣ?튵컱쾵춳뻶뚨쇋웳튵쯹튪뷸탐뗄믮뚯ꎬ뛸튪췪돉헢킩믮뚯ꎬ웳튵탨튪헆컕뫍쪹폃튻헻쳗뢴퓓뗄폐탎뫍컞탎닺ꆢ벼쫵뫍쓜솦ꎬ컒쏇돆횮캪ꆰ맘볼풴뫍쓜솦ꆱꆣ?맘볼풴뫍쓜솦쫇죃튵컱쾵춳퓋쯹탨튪뗄훘튪뗄풴뫍쓜솦ꆣ죎뫎튻훖짌튵쒣쪽릹붨뗄훘뗣릤ퟷ횮튻뻍쫇쏷좷웳튵짌튵쒣쪽폐킧퓋ퟷ쯹탨뗄풴뫍쓜솦ꎬ죧뫎닅쓜믱좡뫍붨솢헢킩풴뫍쓜솦ꆣ?죎뫎튻훖짌튵쒣쪽릹붨뗄훘뗣릤ퟷ횮튻뻍쫇쇋뷢웳튵쯹탨튪뗄훘튪뗄풴뫍쓜솦폐쓄킩ꆢ쯼쏇쫇죧뫎럖늼뗄틔벰죧뫎닅쓜믱좡뫍붨솢헢킩풴뫍쓜솦ꆣ늻쫇쯹폐뗄풴뫍쓜솦뚼쫇춬뗈헤맳ꎬ튲늻쫇쎿튻훖풴뫍쓜솦뚼쫇웳튵쯹탨튪뗄ꎬ횻폐뫍뚨캻ꆢ튵컱쾵춳ꆢ펯샻쒣쪽ꆢ쿖뷰쇷뷡릹쿠웵뫏ꆢ쓜뮥쿠잿뮯뗄풴뫍쓜솦닅쫇웳튵헦헽탨튪뗄ꆣ??컒쏇횪뗀ꎬ쎿룶웳튵뗄풴쫇폐쿞뗄ꎬ죎뫎튻룶웳튵뚼늻뿉쓜펵폐쫀뷧짏좫늿뗄풴ꆣ틲듋ꎬ죧뫎럖컶헻뫏펵폐뗄풴ꎬ죧뫎럖쟥룷훖풴쓜솦뫍훷듓맘쾵뫍늻춬뗘캻ꎬ붫쫇쎿룶웳튵뇘탫쏦뛔뗄컊쳢ꆣ횻폐헢퇹ꎬ닅쯣쫇헦헽샭뷢쇋맘볼풴쓜솦ꎬ닅쓜릻헒떽쫊뫏ퟔ벺웳튵랢햹뗄짌튵쒣쪽ꆣ? 펯샻쒣쪽?펯샻쒣쪽횸웳튵죧뫎믱뗃쫕죫ꆢ럖엤돉놾ꆢ좡샻죳ꆣ뮻퇔횮ꎬ펯샻쒣쪽쫇횸웳튵샻죳살풴벰랽쪽ꆣ듓쮭쓇샯믱좡쫕틦ꎿ쮭뿉틔럖떣춶믲횧뢶돉놾ꎿ헢쫇웳튵 11
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 펯샻쒣쪽뇘탫튪뷢뻶뗄컊쳢ꆣ?펯샻쒣쪽쫇퓚룸뚨튵컱쾵춳훐룷볛횵솴쯹폐좨뫍볛횵솴뷡릹틑좷뚨뗄잰쳡쿂ꎬ웳튵샻틦쿠맘헟횮볤샻틦럖엤룱뻖훐웳튵샻틦뗄뇭쿖ꆣ솼뫃뗄펯샻쒣쪽늻뷶쓜릻캪웳튵듸살샻틦ꎬ룼쓜캪웳튵뇠훆튻헅컈뚨릲펮뗄볛횵췸ꆣ?룷훖뿍뮧퓵퇹횧뢶ꆢ횧뢶뛠짙ꎬ쯹뒴퓬뗄볛횵펦떱퓚웳튵ꆢ뿍뮧ꆢ릩펦짌ꆢ뫏ퟷ믯냩횮볤죧뫎럖엤ꎬ쫇웳튵쫕죫뷡릹쯹튪믘듰뗄컊쳢ꆣ?튻룶웳튵뿉틔쪹폃뛠훖쫕틦뫍돉놾럖엤믺훆ꆣ샽죧ꎬ춬퇹쫇탂컅쎽쳥ꎬ뗧쫓첨폫놨횽뛔폚뿍뮧뗄쫕럑랽쪽뻍늻췪좫튻퇹ꆣ뗧쫓첨뗄쫕죫훷튪쫇쿲맣룦뿍뮧쫕좡뗄맣룦럑ꆢ퓞훺럑뗈ꎬ뛸놨횽퓲돽쇋쿲맣룦뿍뮧쫕럑췢ꎬ뮹뿉틔듓뛁헟뿍뮧훐쫕좡놨횽럑폃ꆣ튻룶뫃뗄펯샻쒣쪽췹췹뿉틔닺짺뛠훖쫕죫살풴ꎬ뒫춳뗄펯샻췹췹쫇웳튵쳡릩쪲쎴퇹뗄닺욷뫍럾컱뻍헫뛔헢훖닺욷뫍럾컱쿲뿍뮧쫕럑ꎬ쿖듺웳튵뗄펯샻쒣쪽퓲뇤뮯벫듳ꎬ뺭뎣돶쿖뗄펯샻쒣쪽쫇웳튵쳡릩뗄닺욷뫍럾컱늻쫕럑늢쟒쫇폀풶늻쫕럑ꎬ컼틽살뗄맋뿍닺짺뗄볛횵퓲평웤쯻샻틦쿠맘헟횧뢶ꆣ샽죧ꎬ뿍뮧쪹폃뮥솪췸짏뗄쯑쯷틽쟦늻탨횧뢶럑폃ꎬ떫놻쯑쯷떽뗄닺욷뫍럾컱뗄쳡릩짌좴탨튪횧뢶럑폃ꆣ춬퇹뗄튵컱쾵춳뗄펯샻쒣쪽튲뿉쓜늻튻퇹ꎬ샽죧췸싧폎쾷뻍폐쫕럑ꆢ쏢럑뫍쿲췦볒뢶럑죽훖랽쪽ꆣ?돉놾뷡릹쫇뫍웳튵쳡릩뗄닺욷뫍럾컱ꆢ튵컱쾵춳벰웤풴쓜솦럖늼뷴쏜쿠맘뗄ꆣ뒫춳펯샻쒣쪽뗄돉놾뷡릹췹췹뫍쫕죫뷡릹튻튻뛔펦ꎬ뛸쿖듺펯샻쒣쪽훐뗄돉놾뷡릹뫍쫕죫뷡릹퓲늻튻뚨췪좫뛔펦ꆣ춬퇹쫇훆퓬쿺쫛쫖믺ꎬ쓇킩춨맽싴뗪ꆢ쇣쫛훕뛋쿺쫛쫖믺뗄웳튵ꎬ웤쿺쫛돉놾뷡릹훷튪쫇쿺쫛늿쏅뗄냬릫폫맜샭럑폃ꆢ쿺쫛죋풱뗄릤붱뷰럑폃뗈ꆣ뛸춨맽폫퓋펪짌쳡릩뗄럾컱삦냳ꎬ횱뷓룸폃뮧쯍쫖믺뗄훆퓬짌뗄쿺쫛돉놾뷡릹퓲췪좫늻튻퇹ꆣ?? ퟔ평쿖뷰쇷뷡릹 ퟔ평쿖뷰쇷뷡릹쫇웳튵뺭펪맽돌훐닺짺뗄쿖뷰쫕죫뿛돽쿖뷰춶뫳뗄ힴ뿶ꎬ웤쳹쿖횵랴펳쇋닉폃룃짌튵쒣쪽뗄웳튵뗄춶볛횵ꆣ늻춬뗄쿖뷰쇷뷡릹랴펳웳튵퓚뚨캻ꆢ튵컱쾵춳ꆢ맘볼풴쓜솦틔벰펯샻쒣쪽뗈랽쏦뗄닮틬ꎬ쳥쿖웳튵짌튵쒣쪽뗄늻춬쳘헷ꎬ늢펰쿬웳튵돉뎤쯙뛈뗄뿬싽ꎬ뻶뚨웳튵춶볛횵뗄룟뗍ꆢ웳튵춶볛횵뗝 12
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 퓶쯙뛈틔벰쫜놾쫐뎡쟠돌뛈ꆣ?ퟔ평쿖뷰쇷?쾢쮰잰샻죳?헛뻉뫍첯쿺?퓋펪놾춶?만뚨닺춶?늻춬뗄짌튵쒣쪽ꎬ웳튵캴살풤웚쓜릻닺짺뗄ퟔ평쿖뷰쇷쫇듳늻튻퇹뗄ꆣ? 웳튵볛횵?웳튵볛횵ꎬ벴웳튵뗄춶볛횵ꎬ쫇웳튵풤웚캴살뿉틔닺짺뗄ퟔ평쿖뷰쇷뗄쳹쿖횵ꆣ?죧맻쮵뚨캻쫇짌튵쒣쪽뗄웰뗣ꎬ쓇쎴웳튵뗄춶볛횵뻍쫇짌튵쒣쪽뗄맩쯞ꎬ쫇움에짌튵쒣쪽폅쇓뗄뇪ힼꆣ웳튵뗄춶볛횵평웤돉뎤뿕볤ꆢ돉뎤쓜솦ꆢ돉뎤킧싊뫍돉뎤쯙뛈뻶뚨ꆣ뫃뗄짌튵쒣쪽뿉틔ퟶ떽쫂냫릦놶ꎬ벴춶죫닺짺킧싊룟ꆢ킧맻뫃ꎬ냼삨춶짙ꆢ퓋펪돉놾뗍ꆢ쫕죫뗄돖탸돉뎤쓜솦잿ꆣ?웳튵뗄뚨캻펰쿬웳튵뗄돉뎤뿕볤ꎬ튵컱쾵춳ꆢ맘볼풴쓜솦펰쿬웳튵뗄돉뎤쓜솦뫍킧싊ꎬ볓짏펯샻쒣쪽ꎬ뻍믡펰쿬웳튵뗄ퟔ평쿖뷰쇷뷡릹ꎬ벴펰쿬웳튵뗄춶맦쒣ꆢ퓋펪돉놾횧뢶뫍쫕틦돖탸돉놾쓜솦뫍쯙뛈ꎬ뷸뛸펰쿬웳튵뗄춶볛횵틔벰웳튵볛횵쪵쿖뗄킧싊뫍쯙뛈ꆣ춶볛횵쪵쿖뗄킧싊뿉틔폃웳튵볛횵?닺맦쒣ꎬ웳튵볛횵?뺻닺맦쒣살움볛ꎻ춶볛횵쪵쿖뗄쯙뛈뿉틔폃웳튵볛횵뗝퓶쯙뛈뫍듯떽룼듳맦쒣닣듎쯹뮨럑뗄쪱볤살움볛ꆣ샽죧ꎬ웳튵볛횵듓1틚풪ꎬ떽냙틚풪ꆢ잧틚풪ꆢ췲틚풪쯹탨튪뗄쪱볤ꆣ춬퇹튻룶믺믡ꎬ춬퇹뗄쫐뎡ꆢ맋뿍탨튪ꆢ탂벼쫵ꆢ탂닺욷ꆢ뛀쳘뗄풴믲쓜솦ꆢ뛀폐뗄짧믡놾뗈ꎬ닉폃늻춬짌튵쒣쪽닺짺뗄웳튵볛횵맦쒣ꆢ볛횵쪵쿖뗄킧싊ꆢ볛횵뗝퓶뗄쯙뛈뫍볛횵듯떽룼듳맦쒣쯹탨튪뗄쪱볤듳쿠뺶춥ꆣ?짌튵쒣쪽뗄헢쇹룶튪쯘쫇뮥쿠ퟷ폃ꆢ뮥쿠뻶뚨뗄ꎺ쿠춬뗄웳튵뚨캻뿉틔춨맽늻튻퇹뗄튵컱쾵춳쪵쿖ꎻ춬퇹뗄튵컱쾵춳튲뿉틔폐늻춬뗄맘볼풴쓜솦ꆢ늻춬뗄펯샻쒣쪽뫍늻튻퇹뗄쿖뷰쇷뷡릹ꆣ샽죧ꎬ튵컱쾵춳쿠춬뗄볒뗧웳튵ꎬ폐킩웳튵뿉쓜짃뎤훆퓬ꎬ폐킩뿉쓜짃뎤퇐랢ꎬ폐킩퓲뿉쓜룼짃뎤쟾뗀붨짨ꎻ춬퇹쫇쏅뮧췸햾ꎬ폐킩쫇쫕럑뗄ꎬ뛸폐킩퓲늻횱뷓쫕럑ꎬ뗈뗈ꆣ짌튵쒣쪽뗄릹돉튪쯘훐횻튪폐튻룶튪쯘늻춬ꎬ뻍틢캶ퟅ늻춬뗄짌튵쒣쪽ꆣ튻룶쓜뛔웳튵룷룶샻틦쿠맘헟폐릱쿗뗄짌튵쒣쪽탨튪웳튵볒랴뢴췆쟃ꆢ쪵퇩ꆢ뗷헻뫍쪵볹짌튵쒣쪽뗄쇹룶릹돉튪쯘닅쓜닺짺ꆣ 13
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 쟡닺짌튵쒣쪽폫릫쮾볛횵맘쾵춸컶 쟡닺짌튵쒣쪽 쟡닺짌튵쒣쪽ꎬ횸웳튵춶죫놾뷏뗍ꎬ훜쯙뛈뷏뿬ꎬ놾쫕틦뷏룟뗄퓋펪쒣쪽ꆣ춶죫놾평솽늿럖ퟩ돉ꎬ벴ꎺ만뚨닺뫍퓋펪놾ꆣ뒫춳틸탐탅듻움볛뇪ힼꎺ쫇맘힢웳튵닺뗖톺볛횵ꎬ벴닺뗄헊쏦볛횵뫍움맀볛횵ꎬ웳튵붻틗볛횵튲틔폐탎닺볛횵캪ힼꆣ헢퓚튻뚨돌뛈짏폕떼웳튵웕뇩훘쫓닺맦쒣ꆣ샽죧ꎺ쾲뮶릺싲췁뗘ꎬ틔뇣퓶볓햮컱뗖톺죚쓜솦ꆣ떫웳튵춶볛횵뗍ꎬ쳘뇰쫇웳튵춶볛횵쪵쿖뗄킧싊뗍ꆢ쯙뛈싽ꆣ뛸쟒퓚뺭펪뮷뺳뿬쯙뇤뮯뗄뮷뺳쿂ꎬ훘닺웳튵죚쓑뛈듳ꎬ룼죝틗쿝죫뺭펪뫍닆컱삧뺳ꆣ 쟡닺쒣쪽뗄웳튵췹췹쓜릻폐킧샻폃죽룶룜룋ꎺ짆폚폐킧샻폃닺룜룋ꎬ벴ꎺ샻폃폫헻뫏듦솿맘볼풴쓜솦ꎬ틲듋ퟔ짭춶짙ꎬ튵컱쾵춳쟡닺ꎬ냼삨횱뷓닺쟡ꎬ믲헟뻙훘죴쟡ꎬ믲헟뮯훘캪쟡ꎻ짆폚폐킧샻폃뢺햮룜룋ꎬ벴ꎺ뿢듦뗍ꎬ펦쫕헊뿮짙ꎬ폐쾢뢺햮짙ꎬ퓋펪킧싊룟ꎬ럧쿕뗍ꎬ퓋펪놾쿻뫄짙ꎬ짵훁캪뢺ꎻ짆폚폐킧샻폃볛횵룜룋ꎬ벴ꎺ춶죫놾쫕틦룟ꎬ돉뎤쯙뛈뿬ꎬ돉뎤볛횵뫍볛횵쪵쿖킧싊룟ꎬ쓜뫜뿬믱뗃놾쟠ꆣ샽죧ꎺ쓍뿋ꆢ낢뗏듯쮹ꆢ뿉뿚뿉샖ꆢ캬즭훃튵ꎬ뚼쫴폚쟡닺짌튵쒣쪽ꆣ?샽죧ꎬ맺볊냂캯믡놾짭쫇뗤탍뗄쟡닺짌튵쒣쪽ꆣ냂퓋믡틔ힷ쟳ꆰ룼뿬ꆢ룼룟ꆢ룼잿ꆱ뗄ퟚ횼ꎬ뻛뫏좫쟲룟쫖춬뎡쯹뺺벼ꎬ틽컞쫽뺺벼쳥폽펢탛뺺헛퇼ꎬ컼틽좫쟲훵쒿ꎬ뒴퓬뻞듳뗄짌튵볛횵ꆣ룷맺헹쿠믱뗃냂퓋믡뗄훷냬좨ꎬ쳡잰7쓪맦뮮뫍춶죫뻞ꎬ룄짆뎡망ꆢ붻춨뫍뮷뺳ꆣ맺볊냂캯믡믹놾짏늻춶ꎬ좴럖쿭49%뗄뗧쫓능좨쫕죫뫍TOP퓞훺짌볆뮮쫕죫뗄10%ꆣ뛸뻙냬맺퓲쫇훘닺짌튵쒣쪽ꆣ웤쯻훘튪뗄맺볊쳥폽ퟩ횯ꎬ샽죧맺볊ퟣ솪ꎬNBAꎬ뚼쫇뗤탍뗄쟡닺쒣쪽ꆣ?탨튪쮵쏷뗄쫇ꎬ쟡닺짌튵쒣쪽늻뷶뷶듦퓚폚쟾뗀ꎬ릩펦솴맜샭뫍쿻럑욷ꆢ폩샖뫍뺺벼쳥폽뗈탐튵ꎬ튲듦퓚폚놾쏜벯뗄탐튵ꆣ샽죧ꎬ뫳쏦튪럖컶뗄캬즭훃튵뫍커몺짺컯돇맜샭릫쮾뗈ꆣ 쟡닺뛔릫쮾볛횵뗄펰쿬?쟡닺짌튵쒣쪽웳튵ꎬ뺡맜훷튵샻죳싊뿉쓜뫜뗍ꎬ떫놾쫕틦싊뫃ꎬ틲듋춶 14
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 볛횵늢늻튻뚨뗍ꆣ틲캪샻죳싊횻쫇믹폚쯰틦뇭볆쯣뗄ꎬ쎻폐볆쯣놾쿻뫄ꆣ쪵볊짏놾쫐뎡ퟮ훕맘힢뗄늻쫇샻죳싊ꎬ뛸쫇놾쫕틦싊ꆣ웳튵볛횵뗄움볛횸뇪쫇좨틦놾쫕틦싊ꎬ늻쫇샻죳싊ꆣ샻죳싊뗍뗄웳튵늻듺뇭춶볛횵뗍ꎬ춬퇹샻죳싊룟뗄웳튵늻듺뇭춶볛횵룟ꆣ?춶죫놾쫕틦싊믹놾릫쪽ꎺ?춶죫놾쫕틦싊?훷튵펪튵샻죳+웤쯻튵컱샻죳춶죫놾?뛔짏쫶뗈쪽폒뇟뗄럖ퟓ럖쒸춬쪱돽틔ꆰ쿺쫛쫕죫ꆱꎬ뻍뗃떽쿂쏦릫쪽ꎺ?춶죫놾쫕틦싊?훷튵펪튵샻죳?쿺쫛쫕죫+웤쯻튵컱샻죳?쿺쫛쫕죫만뚨닺춶죫놾?쿺쫛쫕죫?퓋펪놾?쿺쫛쫕죫?펪튵샻죳싊ꎨ펪튵샻죳?쿺쫛쫕죫ꎩ듺뇭뺺헹룱뻖ꆣ뺺헹벤쇒뗄탐튵ꎬ웳튵펪튵샻죳싊늻뿉쓜돖탸룟ꎻ떥캻쿺쫛쫕죫뛔펦뗄만뚨닺춶죫놾랴펳쇋짌튵쒣쪽ꆣ짌튵쒣쪽뫃뗄웳튵ꎬ춨맽훆퓬맽돌췢냼믲뫏ퟷꆢퟢ쇞ꆢ닺횤좯뮯ꆢ듦믵죚ꆢ펦쫕헊뿮놣샭죚뗈랽쪽ꎬ뿉틔복짙떥캻쿺쫛쫕죫쯹탨튪뗄만뚨닺춶벰퓋펪놾춶ꎻ떥캻쿺쫛쫕죫뛔펦뗄퓋펪놾ꎬ랴펳웳튵폫뺭쿺짌뫍릩펦짌뗄첸에뗘캻ꆣ첸에쓜솦잿뗄웳튵ꎬ횻탨튪뫜짙뗄퓋펪놾ꎬ짵훁뢺뗄퓋펪놾ꆣ샽죧ꎬ쯕쓾ꆢ맺쏀헢퇹뗄볒뗧솬쯸뗪ꎬ10쓪잰춶튻룶300욽랽쏗뗄뗪쏦탨튪200췲풪ꎬ쿖퓚춶튻룶10000욽랽쏗뗪쏦튲횻탨튪200췲풪ꆣ듋췢쯦ퟅ웳튵맦쒣뗄퓶볓ꎬ펯샻살풴쯦횮퓶볓ꎬ뿉틔쪵쿖튵뮯뺭펪ꎬ뛠퇹뮯펯샻ꆣ?샻죳싊뗍뗄웳튵ꎬ평폚떥캻쿺쫛쫕죫뛔펦뗄만뚨닺뫍펪퓋놾춶죫복짙ꎬ죔좻뿉틔뒴퓬뇈뷏룟뗄놾쫕틦ꆣ샽죧ꎬA릫쮾쿺쫛쫕죫캪1틚풪ꎬ펪튵샻죳5000췲풪ꎬ춶죫놾1틚풪ꎬ펪튵샻죳싊캪50%ꎬ놾쫕틦싊튲쫇50%ꆣ떱웳튵뿬쯙랢햹뫳ꎬ쿺쫛쫕죫듯떽10틚풪ꎬ평폚뺺헹벤쇒ꎬ펪튵샻죳죔좻쫇5000췲풪ꎬ펪튵샻죳싊쫇5%ꆣ떫평폚짌튵쒣쪽폅뮯뫍첸에뗘캻퓶잿ꎬ횻탨튪춶죫1틚풪ꎬ틲듋춶죫놾쫕틦싊죔좻쫇50%ꆣ?튻냣죏캪ꎬ좨틦놾쫕틦싊ROE쫇뛈솿웳튵믱샻쓜솦뗄ퟛ뫏횸뇪ꎬ웤랴펳뺭펪튵벨ꆢ춶ꎨ돯ꎩ뻶닟벰쮰쫕뛔믱샻쓜솦뗄펰쿬ꆣ?좨틦놾쫕틦싊ꎨ뺻닺쫕틦싊ROEꎩ?뺻샻죳ꎨ쮰뫳쫕틦ꎩ?좨틦볛횵? 15
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 뛅냮럖컶ꎺ붫좨틦놾쫕틦싊ꎨROEꎩ럖뷢캪뛠쿮닆컱뇈싊뗄돋믽ꎬ뷸뛸짮죫럖컶뫍뇈뷏릫쮾뺭펪튵벨ꆢ믱샻쓜솦벰닆컱ힴ뿶ꆣ늢쟒뿉틔짮죫웊컶쟡닺쒣쪽뛔릫쮾볛횵뗄펰쿬ꆣ?뛅냮럖컶쳥쾵훐뗄쿠맘릫쪽ꎺ?좨틦놾쫕틦싊ROE=춶죫놾쫕틦싊ROIC×닆컱룜룋돋쫽FLM×쮰쫕킧펦뇈싊TER 춶죫놾쫕틦싊ROIC?EBIT?춶죫놾?닆컱룜룋돋쫽FLM?닆컱뷡릹뇈싊(FSR)×닆컱돉놾뇈싊(FCE)춶죫놾=좨틦볛횵ꇁEBT?EBIT쮰쫕킧펦뇈싊TER=EAT/EBT ROE=EATEBI펪튵쫕죫춶죫놾EBTEAT좨틦볛횵=펪튵쫕죫×춶죫놾×좨틦볛횵×× EBITEBT[힢]ꎺEAT-뺻샻죳ꆢEBT-쮰잰뺻샻죳ꆢEBIT-쾢쮰잰뺻샻죳 뻙샽쮵쏷ꎬ쟡닺퓋펪뛔릫쮾볛횵뗄펰쿬ꎺ컒쏇뇈뷏엁뛻뗏ꆢ췲뿆ꆢ탂뫨믹죽볒릫쮾2005쓪ROE횸뇪ꎺ 뇭2-1 엁뛻뗏ꆢ췲뿆ꆢ탂뫨믹릫쮾2005쓪ROE횸뇪 웳튵샻쮰잰펪춶죫놾춶죫놾닆컱뷡닆컱돉쮰쫕킧펦좨틦쫕 튵샻죳싊 훜싊 쫕틦싊 릹뇈싊 놾뇈싊 뇈싊 틦싊 엁뛻뗏 % % % % 췲뿆 % % % % 탂뫨믹 % % % % 뇈뷏죽볒뗘닺릫쮾좨틦놾쫕틦싊ꎬ엁뛻뗏ퟮ룟ꎬ췲뿆듎횮ꎬ탂뫨믹ퟮ뗍ꎻ엁뛻뗏뗄좨틦놾쫕틦싊[ROE]쫇췲뿆뗄놶ꎬ쫇탂뫨믹뗄놶ꆣ떫쫇ꎬ뛔뇈죽볒릫쮾뗄샻쮰잰펪튵샻죳싊ꎬ컒쏇랢쿖ꎺ탂뫨믹쫇ퟮ룟뗄ꎬ췲뿆듎횮ꎬ엁뛻뗏ퟮ뗍ꎬ탂뫨믹샻쮰잰펪튵샻죳싊쫇췲뿆뗄3놶ꎬ쫇엁뛻뗏뗄놶ꆣ쫇쪲쎴풭틲떼훂탂뫨믹뗄좨틦놾쫕틦싊ퟮ뗍쓘ꎿ컒쏇뷸튻늽럖컶랢쿖ꎺ엁뛻뗏뗄춶죫놾훜싊ퟮ룟ꎬ쫇췲뿆뗄놾훜싊풼2놶ꎬ쫇탂뫨믹뗄놾훜싊풼15놶ꎻ엁뛻뗏뗄춶죫놾쫕틦싊ퟮ룟ꎬ쫇췲뿆뗄놾쫕틦싊풼놶ꎬ쫇탂뫨믹뗄놾쫕틦싊풼놶ꎻ뛸닆컱뷡릹뇈싊ꆢ닆컱돉놾뇈싊ꆢ쮰쫕킧펦뇈싊죽룶횸뇪닮틬늻듳ꎻ틲듋ꎬ컒쏇뿉틔쮵ꎺ 16
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 틲캪엁뛻뗏뗄춶죫놾훜싊쫇ퟮ룟뗄ꎬ쯹틔떼훂웤춶죫놾쫕틦싊ꆢ좨틦놾쫕틦싊쫇ퟮ룟뗄ꆣ뷸튻늽쮵쏷ꎬ쟡닺짌튵쒣쪽쫇쓜릻듳듳쳡짽웳튵볛횵뗄ꆣ 17
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 3 낸샽럖컶 놳뺰럖컶 캬즭훃튵폐쿞릫쮾돉솢폚2005쓪ꎬ뾪뒴쇋훐맺랿뗘닺뾪랢맜샭탐튵ꎬ쫇맺쓚뗚튻볒폐돉릦뾪랢듳탍뗘닺쿮쒿뺭퇩ꆢ죚훐컷랽랿뗘닺맜샭뺫쯨폚튻쳥뗄랿뗘닺뾪랢맜샭릫쮾ꎬ펵폐살ퟔ죕놾쟥쮮ꆢ뫍볇믆웒ꆢ냂풰벯췅ꆢ탂쫀뷧벯췅뗈맺쓚췢훸쏻웳튵뗄튵죋쪿ꎬ늢틑퓚맺쓚돉릦뾪랢맽뛠룶횪쏻슥엌ꆣ?캬즭훃튵훂솦폚췆뚯훐맺랿뗘닺닺튵뮯ꎬ듲퓬랿뗘닺뾪랢좫쏦맜샭쳥쾵ꎬ쫇벯랿뗘닺뾪랢맜샭ꆢ짨볆맜샭ꆢ릤돌맜샭ꆢ펪쿺맜샭ꆢ튵컱맜샭ꆢ닆컱맜샭ꆢ뷰맜샭폚튻쳥뗄랿뗘닺뾪랢맜샭릫쮾ꆣ?캬즭훃튵릫쮾웳튵쒿뇪럖죽룶뷗뛎ꎬ뗚튻뷗ꎺ돉캪훐맺ퟮ튵뗄랿뗘닺뾪랢맜샭릫쮾ꎻ뗚뛾뷗뛎ꎺ돉캪훐맺ퟮ튵뗄랿뗘닺춶맜샭릫쮾ꎻ뗚죽뷗뛎ꎺ돉캪훐맺ퟮ튵뗄랿뗘닺믹뷰맜샭릫쮾ꆣ?캬즭훃튵릫쮾틔탂짺믮뗄쇬엜헟캪웳튵뺰풸ꎬ틔뫏ퟷ릲펮ퟷ캪웳튵뺫짱ꎬ틔맦싉뗄맩쓉뫍퇝틯헟ퟷ캪웳튵쪹쏼ꎬ횴탐훊솿룼룟ꆢ쯙뛈룼뿬ꆢ쪵솦룼잿뗄웳튵볛횵맛ꎬ럮탐뷸좡캪탄ꆢ컱쪵캪놾ꆢ돏탅캪죋뗄웳튵컄뮯ꎬ좫솦뒴퓬뗘닺튵뗄훐맺쒣쪽ꎺꆰ춶랽?맜샭랽?튵릫쮾ꆱ죽좨럖솢ꆣ? 춼3-1 캬즭쒣쪽ꆪ죽좨럖솢 캬즭쫇틔춶릫쮾ꆢ맜샭릫쮾뫍튵릫쮾럖릤뫏ퟷ캪잰쳡ꎬ틔맜샭췢냼뫍맜샭톯캪랽쪽ꎬ틔좫쏦쾵춳맜샭ꎨWS맜샭ꎩ캪뫋탄뗄랿뗘닺뾪랢맜샭릫쮾ꆣ? 18
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 캬즭훃튵폐쿞릫쮾퓚2005쓪돉솢쪱ꎬ릫쮾횻폐5룶죋ꎬ뛸쟒뮹좫쫇막뚫ꆣ떽2009쓪6퓂30죕좫쳥풱릤늻떽50죋ꎬ웤훐볒췅쳥폐8죋ꎬ웤맜샭뗄쿮쒿뢲룇듳냫룶훐맺ꎬ쿺쫛쫕죫평2005쓪뗄3000췲풪ꎬ퓶뎤떽2008쓪뗄3틚풪ꎬ캬즭퓚죽쓪뗄쪱볤쓚쪵쿖쇋10놶뗄퓶뎤ꎬ뇭쿖돶쇋뫜뫃뗄랢햹쫆춷ꆣ쫇쪲쎴풭틲쪹캬즭훃튵믱뗃돉릦쓘ꎿ쿂쏦뛔캬즭훃튵뗄짌튵쒣쪽뷸탐럖컶ꆣ 랿뗘닺탐튵볛횵솴럖컶 룹뻝짌튵쒣쪽샭싛ꎬ컒쏇횪뗀ꎬ볛횵솴쫇쇋뷢탐튵뷡릹폐킧릤뻟ꎬ춨맽볛횵뮷뷚뗄웊컶ꎬ쓜릻룼볓ힼ좷뗘샭뷢웳튵퓚탐튵훐쯹뒦뗄뗘캻뫍뾪햹뗄튵컱ꎬ튲쓜룼쏷좷뗘뷧뚨폫탐튵훐웤쯻쿠맘웳튵뗄맘쾵ꎬ캪웳튵랢햹쟷쫆뗄에뛏쳡릩믹뒡ꆣ 룹뻝튵컱쳘헷뫍튵컱랶캧ꎬ랿뗘닺탐튵볛횵솴뿉틔뮮럖캪쿮쒿춶ꆢ쿮쒿맜샭ꆢ튵릫쮾죽룶뮷뷚ꎬ뛸튵릫쮾폖럖캪맦뮮짨볆ꆢ쪩릤붨짨ꆢ펪쿺췆맣ꆢ컯튵맜샭쯄룶뮷뷚ꎬ헢킩볛횵솴뮷뷚볈쿠뮥맘솪폖쿠뛔뛀솢ꆣ랿뗘닺탐튵벰랿뗘닺닺튵솴짏뗄릫쮾럖뇰힢퓚랿뗘닺튵볛횵솴뮷뷚훐뗄튻룶믲뛠룶ꎬ춨맽튻룶믲뛠룶웳튵뗄릲춬ퟷ폃ꎬ맡뒩랿뗘닺튵볛횵솴ꎬ췆뚯랿뗘닺튵늻뛏랢햹ꆣ 캬즭훃튵뗄뫋탄튵컱쫇ퟶ랿뗘닺튵뮯맜샭ꎬ쳡릩맜샭췢냼뫍맜샭톯럾컱ꎬ뒴퓬뗘닺튵뗄ꆰ춶랽?맜샭랽?튵릫쮾ꆱ죽좨럖솢뗄훐맺쒣쪽ꆣ캬즭훃튵톡퓱쇋ꆰ랿뗘닺튵맜샭랽ꆱ뗄쟡닺짌튵쒣쪽ꆣ? ꆰ캬즭훃튵ꆱ쟡닺짌튵쒣쪽럖컶 ퟝ맛훐맺랿뗘닺랢햹ꎬ컒쏇뿉틔붫훐맺뗄랿뗘닺튵뗄랢햹룅삨캪죽룶뷗뛎ꎬ뗚튻뷗뛎쫇쫖릤ퟷ랻쪽뗄ꎬ쯹폐쫂컱뚼평뾪랢짌튻쫖냼냬ꎬ듓짨볆떽쪩릤떽쿺쫛좫평뾪랢짌ퟔ벺룣뚨ꆣ뗚뛾뷗뛎뾪쪼럖릤뫏ퟷꎬ뾪랢짌뫍튵뗄릫쮾럖뛸훎횮ꎬ뇈죧짨볆릫쮾뢺퓰짨볆ꎬ릤돌릫쮾뢺퓰췁붨ꎬ맣룦릫쮾뢺퓰췆맣ꎬ쿺쫛릫쮾뢺퓰쫐뎡ꆣ뗚죽뷗뛎ꎬ죽좨럖솢뷗뛎ꎬ쿮쒿뾪랢퇝뇤캪죽듳훷쳥ꎬ뾪랢짌놻튻럖캪뛾ꎬ춶랽?맜샭랽ꎬ퓙볓튵릫쮾ꎬ놻캬즭돆횮캪ꆰ훐맺쒣쪽ꆱꆣ내헕헢룶샭싛ꎬ훐맺뗄랿뗘닺탐튵뺭맽헢쎴뛠쓪뗄쏾쯷ꎬퟮ쓑뗄쒪맽폚ꆰ죽뿧ꆱꆪꆪ뿧쟸폲뾪랢ꆢ뿧샠탍뾪랢뫍뿧맦쒣뾪랢ꆣ퓚뺭샺쇋쿣룛쒣쪽뫍쏀맺쒣쪽횮뫳ꎬ잰헟쪵쿖뿧쟸폲뾪랢뗄뻖쿞탔듳ꎬ 19
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 뫳헟퓲튪쟳닺튵뮯돌뛈럇뎣룟ꎬ훐맺쒣쪽훐뗄맜샭릫쮾웰떽튻룶돐짏웴쿂뗄ퟷ폃ꎬ뛔짏쿲춶랽뢺퓰ꎬ뛔쿂뢺퓰맜샭룷룶튵릫쮾뗄퓋ퟷꎬ죧짨볆ꆢ맣룦ꆢ쿺쫛뗈뮷뷚ꎬ볈뿋럾쇋쿣룛쒣쪽뗄뻖쿞탔ꎬ폖쓜퓚훐맺쒿잰랿뗘닺탐튵닺튵뮯돌뛈늻룟뗄쿖ힴ훐폎죐폐폠ꆣ?죽좨럖솢ꎬ퓚캬즭뾴살ꎬ헢쫇캴살랿뗘닺튵랢햹뗄랽쿲ꎬ퓚췁뗘풴늻ퟣ틔돉캪훷튪뺺헹솦횮뫳ꎬ뛔뗘닺쿮쒿뗄맜샭뫍헻뫏뻍퇜짺돶쇋탂뗄럾컱탐튵ꎬ벴ꎺ 캬즭훃튵쿖퓚ퟶ뗄쫂쟩ꆣ 듓탐튵볛횵솴살뾴ꎬ캬즭훃튵늻횱뷓춶뷩죫랿뗘닺ꎬ뛸쫇쳡릩랿뗘닺뾪랢쾵춳뷢뻶랽낸뫍랿뗘닺튵뮯맜샭럾컱뷸죫랿뗘닺ꎬ쪵쿖랿뗘닺탐튵춶짌ꆢ맜샭짌ꆢ튵릫쮾죽좨럖솢룱뻖ꎬ쪹랿뗘닺튵풴뷸탐훘ퟩ폫럖릤ꎬ쪵쿖랿뗘닺튵뮯ꆢ뺫쾸뮯맜샭ꎬ뒴퓬랿뗘닺좫탂볛횵솴ꎬ뒴붨춶짌ꆢ맜샭짌ꆢ튵릫쮾뫏ퟷ릲펮뗄볛횵췸ꆣ 듓2005쓪떽쿖퓚캬즭맜샭뗄쿮쒿폐ꎺ낲믕쯞훝‿?뫓엏튻뫅쿮쒿ꎬ쿮쒿춶랽캪첨훝욤킬쎳틗짌ꎬ캬즭훃튵2006쓪6퓂뷓쫜캯췐ꎬ뛔쿮쒿뷸탐좫돌뾪랢맜샭ꎬ룃쿮쒿캪10췲욽랽쏗뗄짌힡쿮쒿ꎬ룃쿮쒿쫗웚폚2007쓪6퓂16죕헽쪽뾪엌랢쫛ꎬ뒴퓬떱뗘랿볛ퟮ룟볇슼ꎬ뇈떱뗘춬웚춬샠닺욷볛룱룟30%ꆣ맣뚫험쟬‿?맣뚫맺볊웻뎵늩샀풰쿮쒿ꎬ룃쿮쒿쫇1000쒶뗄짌튵폃뗘ꎬ맦쒣듯80췲욽랽쏗ꎬ뗘뒦맣뚫쪡험쟬쫐룟탂벼쫵뾪랢쟸쓚ꎬ폚2006쓪8퓂캯췐캬즭좫쏦뾪랢맜샭ꎬ뺭캬즭훘탂뚨캻뫳ꎬ헾뢮룟뛈죏춬늢퓶볓200쒶룸룃쿮쒿ꎬ쿮쒿몭룇쇋웻뎵릫풰ꆢ릫풢뻆뗪ꆢ튵쫐뎡ꆢ폩샖훐탄뫍햹샀뗈짌튵탎첬ꎬ2008쓪훐뾪쫛ꆣ맣뚫런즽‿?즽쮮풰뇰쫻쿮쒿ꎬ맦쒣캪53췲욽랽쏗ꎬ룃쿮쒿춶랽캪컥뷰훆퓬짌ꎬ쿮쒿쓃뗘3쓪뫳폚2006쓪3퓂캯췐캬즭좫쏦뾪랢맜샭ꎬ폚2007쓪1퓂뾪싴ꎬ튻룶탇웚쪵쿖쿺쫛99쳗ꎬ쿺쫛떥볛뇈떱뗘춬샠쿮쒿쎿욽랽쏗룟2000풪ꎬ쿺쫛쫕죫3틚풪죋쏱뇒ꎬ쿮쒿ퟮ훕붨돉뫳돉캪맣뚫뗘쟸뇪룋탔뗄즽뗘뇰쫻ꆣ붭컷쓏닽‿?돇뾪맺볊톧풰힡햬뗘닺쿮쒿ꎬ맦쒣듯80췲욽랽쏗ꎬꆰ돇뾪ꆤ맺볊톧풰ꆱ뗄춶짌캪쓏닽쫐5볒ퟮ듳뗄쏱펪웳튵ퟩ돉뗄솪뫏쳥ꆪ돇뾪춶ꎬ쿮쒿ퟜ춶20틚?좫늿캯췐캬즭뷸탐뾪랢맜샭ꎬ2005쓪2퓂캬즭뾪쪼뷸탐뾪랢맜샭?췪돉뚨캻ꆢ짨볆맜샭벰릤돌맜샭뗈릤ퟷꎬ2005쓪12퓂30죕뾪쪼쿺쫛?튻쳬쿺쫛300쳗?듲웆췲뿆뒴퓬뗄쓏닽쿺쫛볇슼ꆣ탂붮ꆤ벪샻볎풰힡햬뗘닺쿮쒿ꎬ붨 20
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 훾쏦믽풼9196욽랽쏗ꎬ룃쿮쒿쫇튻샠짌튵폃뗘ꎬ뗘뒦탂붮컚슳쒾웫쫐쳬즽쟸쓚ꎬ춶랽캪쯕훝뗄럄횯웳튵ꎬ폚2006쓪5퓂캯췐캬즭좫쏦뾪랢맜샭ꎬ뺭캬즭뾪랢맜샭뫳ꎬ쿮쒿쫛볛뇈춬샠닺욷룟10%ꎬ늢폚2007쓪5퓂1죕힡햬뾪엌떱쳬2킡쪱쓚쫛ꆣ탂붮ꆤ벪샻낢쮹쯾쓇힡햬뗘닺쿮쒿ꎬ붨훾쏦믽풼21366욽랽쏗ꎬ룃쿮쒿뗘뒦탂붮컚슳쒾웫쫐쳬즽쟸쓚ꎬ춶랽캪쯕훝뗄럄횯웳튵ꎬ폚2006쓪3퓂캯췐캬즭좫쏦뾪랢맜샭ꎬ뺭캬즭뾪랢맜샭뫳ꎬ2007쓪9퓂8뫅뾪쫛ꎬ5쳬쓚좫늿틔룟돶훜뇟랿볛30%뗄볛룱쫛돶ꆣ붭쯕쓏춨ꆤ뎤쟠릫망힡햬뗘닺쿮쒿ꎬ붨훾쏦믽풼17췲욽랽쏗ꎬퟜ춶틚풪ꎬ룃쿮쒿캻폚붭쯕쪡쓏춨쫐죧룞룛뺭볃뾪랢쟸ꎬ춶랽캪쏀맺붡짭웳튵캤뗂튻헗ꎬ2007쓪5퓂캯췐캬즭좫쏦췐맜ꆣ붭쯕ꆤ훐맺쇺쾺돇짌튵뗘닺쿮쒿ꎬ붨훾쏦믽풼10췲욽랽쏗ꎬퟜ춶3틚풪ꎬ룃쿮쒿쫇훐맺쫗룶쇺쾺훷쳢릫풰ꎬ쯼틔훐맺쇺쾺뷚캪욽첨ꎬ틔랢햹쇺쾺닺튵뫍싃폎닺튵캪믹놾뗣ꎬ틔듲퓬쇺쾺훆ퟷ뗄닍틻튵캪훐탄ꆢ틔랢햹쇺쾺엤쳗뗄닺욷짌쎳튵뫍틔얩볒샖택쿐뻓힡뗄뻆뗪튵캪믹놾릦쓜쳘즫ꎬ쫇얩튵싃폎닺튵뗄벯좺훐탄ꆣ?듓2005쓪떽쿖퓚평캬즭맜샭떣죎맜샭맋컊뗄쿮쒿듯10폠룶ꎬ럖뇰쫇ꎺ붭쯕몣쏅‿?벪쫂듯볒뻓짌컱룛ꎬ붭쯕뎣쫬‿?뮪즯맣뎡ꎬ즽뚫쟺뢷‿?뚫랽쪥뗮ꎬ쇉쓾짲퇴?㼠짲놱탂돇ꎬ훘쟬‿?쏀샶쿧듥볎쓪뮪ꎬ맣뚫퇴붭ꆤ훐맺컥뷰벯즢훐탄ꎬ붭쯕컞컽ꆤ틋탋컂좪퇸짺마ꎬ뫾놱커몺ꆤ첫뫍뎱돇ꎬ맣뚫맣훝ꆤ쓏퓁킾룛ꆣ?캬즭훃튵퓚죽쓪뗄쪱볤쓚맜샭럾컱뗄웳튵듯100폠볒ꎬ췐맜뗄랿뗘닺ퟜ붨훾쏦믽듯500췲욽랽쏗ꎬퟜ춶뛮듯300틚풪죋쏱뇒ꆣ? 뚨캻 퓚랢햹햽싔훐ꎬ캬즭훃튵쏷컺쇋ퟔ벺뗄뚨캻ꆪꆪ쿲뿍뮧쳡릩쾵춳뷢뻶랽낸뗄랿뗘닺ퟛ뫏맜샭럾컱ꆣퟷ캪튻볒랿뗘닺웳튵ꎬ뷶뷶쿲뿍뮧쳡릩짌욷힡햬쫇풶풶늻릻뗄ꆣ틲캪퓚맺쓚쫐뎡ꎬ랿뗘닺뺺헹폺퇝폺쇒ꎬ랿뗘닺뾪랢웳튵뗄돉놾풽살풽룟ꎬ풭폐뗄랿뗘닺웳튵듖럅뗄뺭펪쒣쪽풽살풽늻쫊펦랢햹튪쟳ꎬ짵훁쏦쇙쳔청뗄뻖쏦ꆣ퓚탂뷰죚쪱듺쿂ꎬ뛔랿뗘닺튵튵뮯럖릤쳡돶쇋룼룟뗄튪쟳ꎬ훐맺랿뗘닺튵쫆뇘쏦쇙훘탂럖릤뗄컊쳢ꆣ쮭쓜쫗쿈웆뻖ꎬ쮭쓜뒴퓬훐맺뗘닺쒣쪽ꎬ쮭뻍쓜쇬엜훐맺뗘닺튵ꎬ쮭뻍쓜믱뗃뎬뎣뗄짌믺ꎬ쪵쿖뎬쯙퓶뎤ꆣ? 21
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 뚨캻뗄톡퓱췹췹폫쯹뒦뗄뺭볃뫍탐튵뮷뺳쿠맘ꆣ퓚튻룶탐튵뗄퓧웚ꎬ룷랽쏦뗄엤쳗짨쪩뫍럾컱랽낸뮹뫜늻돉쫬ꎬ틲듋뛔폚쿫퓚룃탐튵붨솢웰쇬떼뗘캻뗄웳튵ꎬ쳡릩헻쳗뷢뻶랽낸돉캪ퟮ뫏샭뗄톡퓱ꆣ?캬즭훃튵뒴튵헟헅캬싗쿈짺뻟폐쏴죱뗄쫐뎡뚴달솦ꎬ쫇훐맺랿뗘닺탐튵뗄맜샭뺫펢ꎬ퓚2005쓪돉솢릫쮾쪱뻍쫇틔룄뇤뫍뒴퓬훐맺랿뗘닺닺튵쒣쪽캪벺죎ꎬ냧퇝랿뗘닺ퟛ뫏맜샭헟뷇즫ꎬ캬즭뗄뚨캻쫇횻ퟶ랿뗘닺ퟛ뫏맜샭럾컱ꎬ캬즭뗄쒿뇪뿍뮧쫇랿뗘닺춶짌뫍춶믹뷰릫쮾ꎬ죽쓪살ꎬ캬즭릫쮾쪵쿖쇋쿺쫛튵벨뗄뎬쯙퓶뎤ꎬ뾪뒴쇋훐맺랿뗘닺ퟛ뫏맜샭튵뗄쿈샽ꆣ? 튵컱쾵춳 캬즭짌튵쒣쪽럖죽룶랢햹뷗뛎ꎺ뗚튻뷗뛎ꎺ돉캪훐맺ퟮ튵뗄랿뗘닺뾪랢맜샭릫쮾ꎻ뗚뛾뷗뛎ꎺ돉캪훐맺ퟮ튵뗄랿뗘닺춶맜샭릫쮾ꎻ뗚죽뷗뛎ꎺ돉캪훐맺ퟮ튵뗄랿뗘닺믹뷰맜샭릫쮾ꆣ?ꎨ1ꎩ캬즭훃튵뗄랿뗘닺뾪랢맜샭튵컱쾵춳?랿뗘닺뾪랢맜샭튵컱쾵춳훷튪튵컱폐ꎺ좫돌맜샭ꆢ톯맋컊ꆢ쿮쒿훐뷩ꆣ? 춼3-2 랿뗘닺뾪랢맜샭튵컱쾵춳쇷돌춼 22
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 훐맺랿뗘닺뗄죽좨럖솢쒣쪽쫇ꆰ듳쫆쯹쟷ꆱꎬ춶폫퓋펪럖샫쫇랿뗘닺닺튵뮯뗄뇘좻쟷쫆ꆣ? 춼3-3 뫏ퟷ볜릹춼 퓚랿뗘닺뾪랢맜샭튵컱쾵춳횮좫돌맜샭훐ꎬ캬즭훃튵뢺퓰쿮쒿쯹폐맜샭릤ퟷꎬ훷튪튵컱폐ꎺ쿮쒿뚨캻ꎬ벴ꎺ냼삨쿮쒿럖컶ꎬ쫐뎡닺욷뚨캻벰펪쿺닟싔ꎻ뾪랢랽낸ꎬ벴ꎺ냼삨쿮쒿훆뛈ꆢ쇷돌ꆢ뾪랢볆뮮ꆢ좫쏦풤쯣뗈ꎻ튵컱맜샭ꎬ벴ꎺ엤뫏볗랽뷸탐쿮쒿룷훖튵컱놨붨릤ퟷꎻ뷰맜샭ꎬ벴ꎺ냼삨뇠킴쿮쒿뿉탐탔놨룦ꆢ엤뫏볗랽뷸탐죚잢첸뗈ꎻ짨볆맜샭ꎬ벴ꎺ짨볆샠튵릫쮾뗄맜샭ꆢ뛔짨볆랽낸뫍쪩릤춼뷸탐움짳ꆢ폅뮯벰룺ퟙꎻ돉놾맜샭ꎬ벴ꎺ춶맀쯣ꆢ풤쯣맜샭ꆢ뫏춬맜샭ꆢ룷샠튵릫쮾헐춶뇪맜샭ꎻ릤돌맜샭ꎬ벴ꎺ릤돌쪩릤랽낸움맀벰폅뮯ꆢ쪩릤훊솿벰뷸뛈뗄볠뿘ꆢ릤돌튵릫쮾뗄맜샭ꎻ맣룦맜샭ꎬ벴ꎺ췆맣ퟜ쳥늿쫰ꎬ맣룦쎽쳥닟싔뗈췆맣닟싔뗄훆뚨ꆢ뛔맣룦샠튵릫쮾뗄맜샭ꎻ믮뚯맜샭ꎬ벴ꎺ톡퓱믮뚯릫쮾ꎬ짳뫋믮뚯랽낸ꎬ볠뿘횴탐킧맻ꎻ쿺쫛맜샭ꎬ벴ꎺ펪쿺랽낸ꆢ펪쿺릤ퟷ늿쫰ꆢ듺샭릫쮾뗄즸톡뫍맜샭ꆢ쿺쫛ퟩ횯뫍볠뿘뗈ꆣ?퓚랿뗘닺뾪랢맜샭튵컱쾵춳횮톯맋컊훐ꎬ캬즭훃튵럾컱쓚죝훷튪냼삨ꎺ맋컊놨룦럾컱ꎻ돵늽움맀놨룦럾컱ꎬ벴ꎺ톡퓱춶쿮쒿ꎻ쫐뎡뗷퇐럖컶럾컱ꎬ벴ꎺ톡퓱춶쿮쒿ꎬ춶뿉탐탔럖컶ꆢ쿮쒿뚨캻뗄믹뒡ꎻ춶뿉탐탔퇐뺿럾컱ꎬ벴ꎺ틢쿲춶쿮쒿ꎬ틸탐죚놨룦ꎬ쿮쒿뚨캻틀뻝ꎻ뚨캻놨룦럾컱ꎬ벴ꎺ놨룦듓맦뮮짨볆뗄뷇뛈퇝틯쿮쒿ꎬ듓릤돌뗄뷇뛈훆뚩뾪랢볆뮮ꎬ듓닆컱뗄뷇뛈볆쯣쿮쒿뗄펯뿷ꎬ쳡릩뫏샭뗄쿖뷰쇷낲업ꎬ쫊뫏퓚좡뗃췁뗘뫳뾪햹ꎻ퓋펪놨룦럾컱ꎬ벴ꎺ쫊뫏돉뎤탍웳튵퓚뺺헹뮷뺳볓뻧뗄쟩뿶쿂ꎬ춨맽퇏뷷맜샭쳥쾵ꎬퟮ듳돌뛈붵뗍춶럧쿕ꎻ펪쿺놨룦럾 23
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 컱ꎬ벴ꎺ횸떼쿮쒿쿺쫛췆맣ꎬ쫊뫏퓚쿮쒿뚨캻췪돉뫳뾪햹ꆣ?퓚랿뗘닺뾪랢맜샭튵컱쾵춳횮쿮쒿훐뷩훐ꎬ캬즭훃튵럾컱쓚죝훷튪냼삨ꎺ캬즭훃튵쯑벯맺쓚폅훊뗘닺쿮쒿ꎬ춨맽퇏뷷뗄춶움맀ꎬ캪뷰랽쳡릩춶슷뺶ꎻ캬즭훃튵헻뫏맺쓚췢죚쟾뗀ꎬ캪뗘닺쿮쒿쳡릩뷰욽첨벰돶슷ꎻ캪쳵볾뻟놸뗄웳튵쳡릩짏쫐럾컱ꆣ?ꎨ2ꎩ캬즭훃튵뗄랿뗘닺춶맜샭튵컱쾵춳?캬즭뗄랿뗘닺춶맜샭튵컱벴평캬즭뛀믲폫웤쯻춶헟뫏돉솢춶릫쮾ꎬ캬즭톡뚨쿮쒿늢훆뚨닙ퟷ랽낸ꎬ쿮쒿평캬즭좫돌퓋펪맜샭ꎬ쿮쒿쿺쫛믘쇽뷰ꎬ럖엤샻죳늢볌탸춶웤쯻쿮쒿ꆢ맶뚯랢햹ꎬ쪵쿖릫쮾샻틦ퟮ듳뮯ꆣ? 춼3-4 랿뗘닺춶맜샭튵컱쇷돌 ꎨ3ꎩ캬즭훃튵뗄랿뗘닺믹뷰맜샭튵컱쾵춳?캬즭뗄랿뗘닺믹뷰맜샭튵컱벴랢웰짨솢랿뗘닺춶믹뷰ꎬ늢떣죎믹뷰맜샭죋ꎬ캬즭퓚춶킭틩풭퓲쓚뷸탐쿮쒿춶ꎬ쪵쿖춶뷰뗄낲좫믘쫕뫍퓶횵ꆣ캬즭돉솢 24
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 쿮쒿릫쮾늢좫쏦뢺퓰룃쿮쒿뗄퓋펪맜샭ꆣ믹뷰퓋ퟷ돉쫬뫳냼ힰ짏쫐ꆣ? 춼3-5 믹뷰맜샭튵컱쇷돌 맘볼풴쓜솦 2008쓪뗄훐맺랿뗘닺뷧쏦쇙튻쾵쇐뗄쳴햽ꎬ랿뗘닺탐튵헽뺭샺ퟅ닺튵뗄훘탂쾴없폫좫쏦짽벶ꎬ죧뫎쫊펦퇏뻾뗄쪱쫆뇤뮯ꎬ맜샭뫃릫쮾ꎬ맜샭뫃쿮쒿ꎬ돉캪쎿볒랿뗘닺웳튵탨튪퇐뺿뗄훘튪뿎쳢ꆣ?맣훝캬즭훃튵폐쿞릫쮾벯10뛠쓪ꆢ20뛠룶돇쫐뫍30뛠룶쿮쒿뗄늻춬샠탍뫍맦쒣뗄랿뗘닺뾪랢뺭퇩ꎬ쫗뒴쇋훐맺뗄랿뗘닺뾪랢맜샭탐튵ꎬ듲퓬돶튻쳗랿뗘닺뿧맦쒣ꆢ뿧쟸폲ꆢ뿧샠탍뾪랢뗄좫쏦맜샭쾵춳ⴭ?WS맜샭ꆣ춨맽룃맜샭쾵춳ꎬ10뛠캻랿뗘닺춶헟퓚뫪맛뗷뿘뗄5쓪쓚ꎬ퓚췪좫쎻폐맜샭뺭퇩뫍췅뛓뗄쟩뿶쿂쓦쇷뛸짏ꎬ좡뗃쇋뎬풽랿뗘닺룷듳뻞춷뗄튵벨ꎬ믷냜쇋냼삨췲뿆뗈뗄잿뺢뛔쫖ꆣ? 25
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 캬즭쾵춳ꎨWSꎩ뚨틥ꎺW---Willsun/Web/Whole S---Systemꎻ캬즭쾵춳?WS?쫇틔헻뫏캪훐탄?틔좫쏦맜샭쾵춳?WMS?뫍좫쏦뾪랢쾵춳?WPS?캪믹뒡?틔좫쏦킧맻맜샭ꆢ좫쏦킧싊맜샭뫍좫쏦킧틦맜샭캪쒿뗄맜샭쾵춳ꆣ? 춼3-6 캬즭쾵춳ꎨWS쾵춳ꎩ춼뷢 ꆰWS맜샭ꆱ냼삨췪짆뗄좫쏦맜샭쾵춳뫍좫쏦뾪랢쾵춳ꎬ벯쿮쒿뚨캻쾵춳ꆢ퓋펪쾵춳ꆢ펪쿺쾵춳ꆢ뻶닟쾵춳ꆢ횴탐쾵춳ꆢ볠뿘쾵춳뫍튵컱맜샭ꆢ짨볆맜샭ꆢ릤돌맜샭ꆢ돉놾맜샭ꆢ맣룦맜샭ꆢ믮뚯맜샭ꆢ쿺쫛맜샭뗈캪튻쳥ꆣ?캬즭솽듳뫋탄쾵춳횮좫쏦맜샭쾵춳ꎨWMSꎩꎬ좫쏦맜샭쾵춳?WMS?쫇틔ퟝ쿲헻뫏캪훐탄ꎬ틔맜샭뺭퇩뫍맜샭훆뛈캪믹뒡ꎬ틔좫쏦뻶닟맜샭ꆢ좫쏦횴탐맜샭뫍좫쏦볠뿘맜샭캪쒿뗄뗄좫쏦맜샭쾵춳ꆣ? 26
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 춼3-7 좫쏦맜샭쾵춳ꎨWMSꎩ춼뷢 좫쏦맜샭쾵춳쫇맦쒣킧틦뗄놣헏ꆣ랿뗘닺쿮쒿뗄뾪랢쫇튻룶쾵춳뛸엓듳뗄맜샭맽돌ꎬ죎뫎튻룶뮷뷚뗄좱쪧믲쪧컳뚼믡펰쿬헻룶쿮쒿뗄돉릦폫럱ꆣ뛸WMS붫쿮쒿맜샭쾵춳뇪ힼ뮯ꎬ쳡릩춶릫쮾폫맜샭릫쮾뗄뷓뿚ꎬ듳듳쳡룟쿮쒿벰릫쮾뗖폹럧쿕뗄ퟩ뫏쓜솦ꆣ?캬즭솽듳뫋탄쾵춳횮좫쏦뾪랢쾵춳ꎨWPSꎩꎬW---Willsun / Web / Whole P---Project S---Systemꎻ좫쏦뾪랢쾵춳?WPS?쫇틔뫡쿲헻뫏캪훐탄ꎬ틔맜샭뺭퇩뫍맜샭훆뛈캪믹뒡ꎬ틔좫쏦뚨캻맜샭ꆢ좫쏦퓋펪맜샭뫍좫쏦펪쿺맜샭캪쒿뗄뗄좫쏦맜샭쾵춳ꆣ? 27
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 춼3-8 좫쏦뾪랢쾵춳ꎨWPSꎩ춼뷢 좫쏦뾪랢쾵춳쫇ퟩ뫏킧틦뗄놣헏ꆣ랿뗘닺쿮쒿췹췹짦벰떽럇떥튻닺욷뗄뾪랢ꎬ탨뾼싇늻춬닺욷뗄ퟩ뫏ꎬ뛸닺욷뗄ퟩ뫏뫏샭폫럱뛔쿮쒿뗄돉릦튲쫇뻶뚨틢틥뗄ꆣWPS붫쿮쒿뗄뾪랢쾵춳뇪ힼ뮯ꎬ쪵쿖늻춬컯튵샠탍뗄뾪랢ퟩ뫏틔벰늻춬튵컱쒣쪽뗄뺭펪ퟩ뫏ꎬ좷놣쿮쒿뗄믘놨ꆣ?캬즭쒣쪽뾪뒴쇋훐맺랿뗘닺튵뮯맜샭뗄쿈쟽ꎬ쫇훐맺뛀튻튻볒튵뮯뗘닺맜샭릫쮾ꆣ평튵뮯횰튵뮯뗄랿뗘닺맜샭췅뛓ꎬ뛔췐맜뗄쿮쒿뷸탐ힼ좷뚨캻뺫좷훆떼ꎬ쳡짽쇋쿮쒿뗄펯샻뿕볤ꎬ쯵뛌쇋쿮쒿뇤쿖훜웚ꎬ죃춶짌퓚룼뛌뗄쪱볤훜웚쓚쪵쿖샻죳뫍쿖뷰쇷ꆣ컼틽룼뛠뗄춶짌훷뚯폫캬즭뗘닺맜샭릫쮾뷸탐좫랽캻뫏ퟷꎬ헦헽쪵쿖쇋뫏ퟷ릲펯ꆣ 28
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 펯샻쒣쪽 퓚랿뗘닺쇬폲ꎬ튵쾸럖틑쫇늻뿉쓦뗄뎱쇷뫍쟷쫆ꆣ춶폫퓋펪럖샫ꎬ늻춬냥뿩붻룸늻춬뗄튵릫쮾닙ퟷꎬ헻쳥짏쪵쪩닺튵뮯퓋ퟷ쫇랿뗘닺뾪랢뗄듳쫆쯹쟷ꆣ?캬즭쒣쪽쪵훊쫇춶릫쮾쳡릩뷰ꆢ맜샭릫쮾퓋펪쿮쒿ꆢ튵릫쮾쳡릩럾컱ꆣ?ꆰ죽좨럖솢ꆱ뗄캬즭쒣쪽뿉틔웰떽맦뇜럧쿕ꎬ놣헏믘놨뗄ퟷ폃ꆣ췪짆뗄쾵춳맜샭캪쓺쳡릩럧쿕뿘훆웁헏ꆣ뎤웚뗄뾪랢쪵볹믽샛웰살뗄쿮쒿맜샭쾵춳ꎬ뿉뇜쏢춶랽컞캽뗄붻톧럑뫍ퟟ췤슷ꆣ퓚춶랽볠뿘쿂ꎬ쿮쒿붻평튵뾪랢맜샭릫쮾캬즭헻쳥퓋ퟷꎬ웤뾹럧쿕쓜솦붫풶풶룟폚춶랽쇙쪱ퟩ붨뗄뾪랢췅뛓ꆣ?캬즭훃튵죽듳튵컱뗄샻죳살풴ꎺ쿮쒿맜샭ꎬ웤샻죳살ퟔ맜샭럑쫕죫폫펶뷰ꎻ춶맜샭ꎬ웤샻죳살ퟔ쿮쒿퓋펪ꆢ샻죳쫕죫뗄럖돉ꎻ믹뷰맜샭ꎬ웤샻죳살ퟔ쿮쒿샻죳ꆣ? 쿖뷰쇷뷡릹 캬즭훃튵늻뷩죫랿뗘닺횱뷓춶뮷뷚ꎬ횻쫇쳡릩랿뗘닺ퟛ뫏맜샭럾컱ꆣ웳튵뗄튵컱쾵춳틑뺭뻶뚨쇋짺닺퓋펪뗄쿖뷰쇷쒣탍ꎬ쿠뛔랿뗘닺뾪랢웳튵ꎬ캬즭닉폃뗄쫇쇩믮탔잿뗄쟡닺뺭펪쒣쪽ꆣ쫗쿈춨맽폫춶짌뗄뫏ퟷ믱뗃튵맜샭튵컱ꎬ캬즭늻탨튪퓚만뚨닺짏뷸탐뷏듳춶죫ꆣ웤듎ꎬ춨맽뛔튵릫쮾뗄헻뫏맜샭뫍쿮쒿톯폫훐뷩럾컱ꎬ캬즭뿉틔틔룼뗍뗄닆컱풴쟋뚯웳튵헽뎣퓋ꎬ돤럖랢믓닺룜룋뫍닆컱룜룋뗄ퟷ폃ꆣ 캬즭쒣쪽ꎬ춨맽퓚훐맺뾪뒴뛀쳘뗄랿뗘닺튵뮯맜샭죽룶랽쏦ꎺ뾪랢맜샭ꆢ춶맜샭ꆢ믹뷰맜샭붫랿뗘닺춶짌폫퓋펪맜샭짌뫍튵릫쮾뷸탐췪좫럖샫ꎬ쪵쿖풴폅뮯엤훃ꎬ쪵탐쟡닺퓋펪닟싔ꎬ듯떽폅뮯ퟩ뫏랿뗘닺닺튵솴ꎬ붫랿뗘닺폫뷰죚뷸탐컞러솴뷓ꎬ뒴퓬돶캬즭뛀폐뗄랿뗘닺짌튵쒣쪽ꎬ듓맜샭럑쫕죫ꆢ펶뷰ꆢ쿮쒿쫕죫폫샻죳뗄럖돉뫍믹뷰퓶횵쫕틦믱뗃쇋컈붡퓶뎤뗄쿖뷰쇷ꆣ? 29
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 4 쪵볊펦폃? 커몺맺볊짺컯돇랢햹맜샭폐쿞릫쮾쿮쒿뷩짜 컊쳢쳡돶 맺볒훷쾯뫺뷵쳎퓚2006?쓪좫맺뿆벼듳믡짏잿뗷ꎺꆰ냑짺컯뿆벼ퟷ캪캴살룟벼쫵닺튵펭춷룏짏뗄훘뗣ꎬ볓잿짺컯뿆벼퓚얩튵ꆢ릤튵ꆢ죋뿚폫붡뾵뗈쇬폲뗄펦폃ꆱꆣ뿆벼늿췲룖늿뎤퓚2007 맺볊짺컯뺭볃듳믡짏뫴폵ꎺꆰ짺컯뺭볃붫돉캪볌얩튵ꆢ릤튵ꆢ탅쾢뺭볃뫳뗄뗚쯄듎닺튵룯쏼ꎬ캪훐뮪쏱ퟥ뢴탋듸살튻듎쓑뗃뗄샺쪷믺폶ꆱ?ꆣ훐맺헾뢮퓚룃듳믡짏탻늼ꎺ퓚2020 쓪쪹훐맺뗄짺컯뺭볃닺횵듯떽2-3 췲틚풪ꆣ뛸쏀맺뮪쪢뛙쳘쟸뺭볃쟷쫆믹뷰ퟜ닃뷜샯쏗??샯럲뷰횸돶ꎺꆰ짺컯벼쫵쫀볍뿉쓜쫇훐맺죋뗄쫀볍ꆣ쫀뷧룷뗘뗄헾훎볒ꆢ웳튵볒ꆢ톧헟뫍럇헾뢮ퟩ횯ꎬ헽풽살풽뛠뗘별쾣췻폚훐맺ꎬ엎췻훐맺쓜퓚쫀뷧샺쪷뗄탂볍풪훐랢믓쇬떼ퟷ폃ꆱꆣ?좥쓪퓚쏀맺볓훝쪥뗘퇇룧헙뾪뗄맺볊짺컯벼쫵듳믡ꎨBIO 2008ꎩ쫇짺컯벼쫵쇬폲뗄ퟮ뻟듺뇭탔ퟛ뫏믡틩ꎬ쫀뷧룷뗘뗄헾뢮ꆢ톧풺ꆢ릫쮾ꆢ믹뷰믡뗄헾튪뫍ퟜ닃ꆢ벰웤췅뛓뚼퓆벯튻쳃ꆣ룃믡틩쳡돶뗄쇬폲랢햹뚯첬횮튻쫇룣ꆰퟛ뫏탔뗄짺컯튽튩뫍짺첬뺭볃퇐랢닺벯좺Bio Clusterꆱꆣ헢쫇듺뇭ퟅ떱잰짺컯뺭볃붨짨뫍랢햹뗄듳랽쿲ꆣ?뷱쓪ꎬ2009 맺볊짺컯뺭볃듳믡죔좻붫퓚쳬뷲헙뾪ꎬ듳믡붫뷸튻늽쿆웰좫랽캻햹뾪짺컯뺭볃퇐랢뫍뒴탂뗄맺볊뫏ퟷ벰뺺헹샋뎱ꆣ훐맺튪럅쫖튻늫ꎬ탨튪뻛벯룷훖풴ꆢ닉좡쫂냫릦놶뗄뎬룟킧퓋ퟷꆣ죧뫎돤럖샻폃맺볒쿠뛔벯훐ꆢ볛솮훊폅뗄퇐랢닺튵뮯풴ꎿ죧뫎틲쫆샻떼뗘뷓쓉듋웰뇋럼뗄몣맩샋뎱ꎿ죧뫎퓚틔췹뗄뺭볃벼쫵뾪랢쟸ꆢ룟뿆벼풰쟸뗄돉릦믹뒡짏랢햹ꎿ죧뫎폫맺볊뷓맬ꆢ횱뷓뷸죫맺볊뺺헹듳톭뮷ꎿ뷶뾿짏쫀볍90 쓪듺뗄룱뻖뫍쳗슷틑풶풶늻릻ꆣ쒿잰ꎬ맺볒벱탨톰쟳뫍펦폃탂뗄퓋ퟷ쒣쪽ꎬ틔룯탂뾪췘뗄쮼슷뫍탎쪽ꎬ닉폃듳욽첨쒣쪽ꆢ펦폃톧퇐랢닺짌뗄웙늼쪽럅듳ꆢ햹뾪뛠풪ꆢ뛠닣듎뗄솪췸ꎬ탎돉죋닅뫍릫쮾벯좺뮯퓋ퟷꆣ놾쿮쒿뻍쫇틔헢퇹뗄놧뢺ꆢ닉폃탂펱뗄짌튵쒣쪽ꎬ퓚튻룶좫탂뗄룟뛈ꎬ맦뮮뫍쪵쪩뷸뻼쫀뷧짺컯뺭볃훆룟뗣뗄뺺헹ꆣ? 30
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 짺컯돇맜샭릫쮾톡횷 놾쿮쒿(커몺맺볊짺컯돇랢햹맜샭폐쿞릫쮾)붫실뮧몺쓏뺭볃뾪랢쟸횮쏀맺탂뚼쫐릤튵돇헲쓚뗄짺컯튽튩뒴탂뒴튵풰쓚ꆣ 톡횷샭평ꎺ룹뻝몺쓏쟸랢햹맦뮮ꎬ몺쓏쟸솦헹춨맽5ꎭ10쓪뗄랢햹ꎬ탎돉틔뿧맺릫쮾ꆢ맺쓚튽튩쇺춷웳튵뫍듳솿훐킡뒴탂탍웳튵캪훷쳥뗄짺컯튽튩닺튵벯좺ꎬ엠폽돶ꆰ뒴탂ꆪ럵뮯ꆪ훐쫔ꆪ짺닺ꆱ룷룶뮷뷚뷴쏜솪쾵뗄튽튩닺튵솴ꆣ커몺맺볊짺컯돇랢햹맜샭폐쿞릫쮾실뮧몺쓏ꎬ웤닺튵맺볊뮯돌뛈뷏룟ꎬ붫닎폫떽좫쟲짺컯튽튩닺튵맺볊럖릤ꎬ짦ퟣ짺컯틟쏧ꆢ쫔볁헯뛏ꆢ믹틲릤돌뗈튩욷뗄퇐랢ꎬ늢엺솿뷸죫랢듯맺볒ꎬ쪵쿖뒴탂튩컯뗄춻웆ꎬ돉캪커몺짺컯닺튵믹뗘훐폐펰쿬뗄짺컯튽튩퇐랢뫍훆퓬믹뗘ꆣ? 랢햹짺컯튽튩닺튵믺믡폫폅쫆럖컶 랢햹짺컯튽튩닺튵뗄믺믡 탂탎쫆쿂ꎬ퓚커몺쫐랢햹짺컯튽튩닺튵뗄믺믡훷튪뇭쿖퓚틔쿂벸뗣ꎺ?쫗쿈ꎬ좫쟲튽튩닺튵헽퓚틆ꆣ맺볊짺컯튽튩틆듓훐볤쳥뫍풭쇏튩뾪쪼ꎬ쒿잰맽뛉떽튽튩퇐랢럾컱닺튵ꎨCROꎩ쇬폲ꎬ뿉틔풤볻ꎬ쯦ퟅ뺺헹뗄볓뻧ꎬ쿂튻늨뇘좻쫇럂훆돉욷튩믲헟뒴탂돉욷튩짺닺쿲랢햹훐맺볒틆ꆣ듓쒿잰뾴업쏻잰쪮캻튽튩뻞춷뚼틑뺭뷸죫훐맺ꎬ쯦ퟅ닺튵틆뗄늻뛏짮죫ꎬ뿧맺릫쮾뇘좻믡붫룼뛠뗄튵컱럅퓚맺쓚췪돉ꆣ?웤듎ꎬ맺쓚튽튩웳튵헽돊삩헅횮쫆ꆣ쯦ퟅ맺쓚튽튩쫐뎡맦쒣뗄늻뛏퓶볓ꎬ맺쓚튽튩웳튵돉뎤튲럇뎣톸쯙ꎬ평듋떼훂듳솿뗄맺쓚웳튵춨맽볦늢훘ퟩꆢ짨솢럖횧믺릹ꆢ붨솢짺닺믹뗘뗈랽쪽훘릹뿕볤늼뻖ꎬ헢뇘좻룸몺쓏쟸컼틽쓚튽튩쿮쒿듸살튻뚨믺믡ꆣ?퓙듎ꎬ훘듳벼쫵춻웆훘릹닺튵룱뻖ꆣ뇈죧죋샠믹틲ퟩ톧ꆢ룉쾸냻벼쫵ꆢ믹틲벼쫵뗈벼쫵쿠볌좡뗃춻웆ꎬ캪뷢뻶췾킲죋샠뗄붡뾵뗄탄톪맜벲늡ꆢ납횢뗈훘듳벲늡쳡릩탂뗄뷢뻶랽낸ꎬ평듋뇘좻믡듸살쿠맘쇬폲뗄뿬쯙삩헅ꆣ?ퟮ뫳ꎬ짺컯튽튩탐튵퓚좫쫐믹놾뮹뒦폚럖즢ힴ첬ꆣ듓닺횵뾴ꎬ커몺쫐짺컯튽튩 31
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 늻떽100틚ꎬ쫴폚랢폽뷏훍뫳뗄닺튵ꎬ컈뚨뗄뺺헹룱뻖늢캴탎돉ꎬ펦룃쮵ꎬ몺쓏쟸듦퓚랢햹믺믡ꆣ? 랢햹짺컯튽튩닺튵폅쫆 쟸캻폅쫆ꎺ몺뫩룟쯙뾪춨ꎬ쏢럑춨탐ꎬ쪹뗃좫쟸룼뾿뷼뚫뫾뾪랢쟸ꎬ뿉틔돤럖샻폃커몺맢마짺컯돇믹뗘뗄풴ꎬ냼삨ꎺ믹뒡퇐뺿ꆢ짳엺볠맜늿쏅ꆢ쇙뒲튽풺뫍쫐뎡풴뗈ꆣ?닺튵폅쫆ꎺ쿖퓚퓚쏀맺탂뚼쫐릤튵돇헲쓚틑뺭붨돉쇋10췲욽랽쏗뗄쫊틋짺컯튽튩랢햹뗄풰쟸ꎬ쏀맺짺풪탅쾢뫍풴릫쮾펵폐늿럖뻟폐튻엺뢻폐뺺헹솦뗄짺컯튽튩닺욷샻ꎬ퓚좫쟲튵뷧뻟폐튻뚨펰쿬솦ꆣ?헾닟폅쫆ꎺ몺쓏돇쿧튻쳥뮯쿈쫔쿈탐뗄헾닟폅쫆뿉틔쳡릩췁뗘ꆢ뎧랿ꆢ짨놸ꆢ뷰ꆢ쮰쫕ꆢ죋닅뗈뛠랽쏦헾닟횧돖ꆣ? 짺컯튽튩닺튵솴럖컶 좫쟲튽튩탐튵ퟜ쳥쟷쫆 짺컯훆튩탐튵붫쫇헻룶튽튩닺튵훐ퟮ뻟잱솦뗄쇬폲ꆣ좫쟲짺컯훆튩닺튵쓪쿺쫛뛮솬탸8쓪퓶뎤쯙뛈놣돖퓚15%ꎭ20%ꎬ돉캪랢햹ퟮ뿬뗄룟벼쫵닺튵ꆣ쒿잰ꎬ좫쫀뷧짺컯벼쫵튩욷쫐뎡맦쒣햼춬웚튩욷쫐뎡뇈훘듯떽10%틔짏ꎬ퓚튽쇆튩컯뗄퇐랢훐ꎬ20%쫴폚짺컯벼쫵튩컯ꎬ뛸뎬맽80%틔짏뗄짏쫐탂튩ꎬ뚼늻춬돌뛈뗘샻폃쇋짺컯벼쫵뗄뾪랢쫖뛎ꆣ짺컯훆튩틑돉캪훆튩튵훐랢햹ퟮ뿬ꆢ믮솦ퟮ잿뫍벼쫵몬솿ퟮ룟뗄쇬폲횮튻ꎬ튲쫇뫢솿튻룶맺볒믲뗘쟸쿖듺짺컯벼쫵랢햹쮮욽뗄튻룶훘튪뗄뇪횾ꆣ?튩컯퇐랢뛔짺컯벼쫵뗄틀삵풽살풽잿ꎬ뒫춳훆튩뻞춷럗럗쿲짺컯훆튩뇤ꆣ룹뻝Datamonitor뛔2010쓪틔뫳듳탍훆튩릫쮾쫕죫퓶뎤뗄잰햰탔럖컶쿔쪾ꎬ웤쿺쫛튵벨60%뗄퓶뎤붫살ퟔ폚짺컯벼쫵튩컯ꎬ쟒룃퓶뎤퓚뷓쿂살뗄쫽쓪쓚붫놻놣돖ꆣ싞쫏퓚헢튻랽쏦뇤룼뿬ꎬ뇈죧ꎬ쏀맺뗄퇅엠릫쮾ꆢ잿짺릫쮾뫍믝쫏릫쮾뗈웤쯻튻킩듳탍훆튩릫쮾ꎬ튲럗럗틔싞쫏퓚짺컯벼쫵튩컯쇬폲뗄햽싔뻶닟캪뷨본ꎬ틔웚퓚헢튻캴살뗄잱솦쫐뎡쇬폲럖뗃튻놭룾ꆣ?췢냼쫐뎡볌탸삩듳ꎬ훘릹좫쟲훆튩닺튵ꆣ훆튩튵췢냼쫐뎡냼삨CMO뫍CRO솽 32
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 샠ꆣ듓2001쓪떽2005쓪ꎬ훆튩튵췢냼쫐뎡퓶뎤뫜뿬ꎬ뛔좫쟲훆튩닺튵룱뻖닺짺쇋짮풶뗄펰쿬ꆣ떽2005쓪좫쟲튽튩췢냼쫐뎡듯떽600틚쏀풪ꎬ쓪퓶뎤싊뎬맽8%ꆣ췢냼헽퓚쪹뗃좫쟲훆튩닺튵뗄볛횵솴뷡릹랢짺룄뇤ꎬ튵뗄킡릫쮾퓚닺튵솴훐뗄뗘캻늻뛏쳡짽ꎬ뛸튻킩ퟛ뫏탔릫쮾뗄뗘캻퓲퓚쿂붵ꆣ췢냼틲듋쪹뗃훆튩튵돊쿖돶헢퇹튻룶룱뻖ꎺ튻엺뫏춬퇐뺿믺릹뫍뫏춬훆퓬믺릹횧독ퟅ짙쫽벸룶뿧맺릫쮾ꎬ쪹뗃헢킩뿧맺릫쮾뿘훆ퟅ좫쟲훆튩닺튵뗄랢햹ꆣ?럇샻튩쫐뎡뗄랢폽룸닺튵퓬돉짮풶펰쿬ꆣ럇샻튩쫐뎡뗄늻뛏퓶뎤늻뷶쪹뗃좫쟲훆튩닺튵뗄쿺쫛뛮퓶럹복뮺ꎬ뮹틽살튻쾵쇐뿧맺릫쮾햽싔뗄뗷헻ꎬ샽죧억뮪뗈풭뒴탔릫쮾ퟮ뷼솽쓪볓듳럇샻튩쫐뎡뗄뷸죫쯙뛈ꆣ춬쪱ꎬ럇샻튩뮹듸뚯쇋럇뒫춳잿쫆쫐뎡뗄웰ꎬ퓬돉쇋좫쟲쟸폲쫐뎡뷡릹뗄뇤뚯ꎬퟮ쏷쿔뗄쫇펡뛈ꎬ펡뛈뗄쓏탇릫쮾춨맽듳솦랢햹럇샻튩틑뺭돉릦듲죫쏀맺쫐뎡ꎬ늢뾪쪼쫕릺튻킩얷쏀뗄킡릫쮾ꎬ뿉틔쮵ꎬ춨맽럇샻튩뗄랢햹웴뚯쇋맺볊뮯랢햹슷뺶ꆣ춬쪱ꎬ럇샻튩뮹듸살쇋잿쇒뗄볠맜듫쪩뇤룯탨쟳ꆣ?뮯톧튩탂튩뾪랢쓑뛈풽살풽듳ꎬ탂뗄닺튵룱뻖헽훰붥돉탎ꆣ뮯톧튩욷뷼쓪튻횱놣돖ퟅ7%뗄퓶뎤쯙뛈ꎬ퓚좫쟲튩욷쯄잧뛠틚쏀풪뗄쫐뎡맦쒣훐ꎬ웤훷떼뗘캻뛌쪱볤쓚쓑틔뚯튡ꎬ뛸쟒캴살5쓪ꎬ쫀뷧10듳튩욷쫐뎡뗄뮯톧튩쿺쫛뛮욽뻹쓪퓶뎤싊죔붫듯떽9%ꆣ떫쫇평폚폫벲늡쿠맘뗄냐뇪짺컯듳럖ퟓ쫽쒿쿠뛔늻ퟣꆢ쿈떼뮯뫏컯뗄랢쿖폫폅뮯뗄킧싊뗍쿂틔벰뫲톡럖ퟓ뗄튩듺뚯솦톧탔훊벰뚾탔뗄늻뿉풤볻뗈풭틲ꎬ듓뮯톧뫏돉컯훐즸톡탂튩돉릦싊붵뗍ꎬ탂튩뾪랢훜웚늻뛏퇓뎤ꎬ뫄늻뛏퓶볓ꎬ탂튩뗄뾪랢쓑뛈폺살폺듳ꆣ캪뷚쪡돉놾ꎬ쫀뷧뮯톧풭쇏튩쫐뎡늼뻖헽퓚훰늽룄뇤ꆣ놱쏀ꆢ컷얷폫죕놾뗄풭쇏튩쫐뎡훐솮볛튩햼뫜킡럝뛮ꎬ뛸랢햹훐맺볒잡잡쿠랴ꎬ랢듯맺볒뗄뮷뺳놣뮤폫튩욷QC뇪ힼ붫룼볓퇏룱ꎬ컷얷뫜뿉쓜믡훰늽춣횹짺닺쒳킩컛좾뷏퇏훘뗄풭쇏튩ꎬ뛸붫짺닺믹뗘쿲랢햹훐맺볒틆ꎬ춶짙쟒샻죳쿠뛔룟폚웤쯻뮯톧릤튵뗄풭쇏튩짺닺퓚뷱뫳5쓪쓚붫컼틽랢햹훐맺볒뗄튻늿럖뮯톧릫쮾볓죫웤훐ꆣ?틔훐닝튩캪훷뗄쳬좻튩컯뗄뾪랢톸쯙웰ꎬ훐튽튩돉캪퇐뺿죈뗣ꆣ퓚뮯톧탂튩컯뾪랢쓑뛈볓듳ꆢ짺컯벼쫵튩컯뛌웚쓚쓑폐떼쿲탔닺욷뗄쟩뿶쿂ꎬ쳬좻튩컯훰붥돉캪탂튩퇐랢뗄훘뗣ꆣ솪뫏맺뗄쫽뻝뇭쏷ꎬ쳬좻살풴뗄튩컯쫐뎡퓶뎤싊캪13%ꎬ룟폚 33
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 뮯톧뫏돉튩뗄퓶뎤쯙뛈ꆣ살풴폚쳬좻닺컯뗄튩욷훆볁틑햼좫쟲튽튩쫐뎡30ꎥ뗄럝뛮ꆣ듓쳬좻튩컯뗄쫐뎡뷡릹살뾴ꎬ좫쟲쫐뎡훐얷훞ퟮ듳ꎬ풼햼35%뗄럝뛮ꎬ웤훐뗂맺쫇좫쟲쿔튪뗄쳬좻튩쫐뎡ꎬ풼폐58%뗄뗂맺죋럾폃훐닝튩ꆣ퓚쫐뎡늻뛏삩듳뗄쟩뿶쿂ꎬ냩쯦ퟅ뗄쫇뷼쓪살쳬좻튩컯퓚폐킧돉럝쳡좡ꆢ럖샫ꆢ뒿뮯벰뷡릹퇐뺿뾪랢벼쫵짏뗄늻뛏랢햹뫍펦폃ꎬ룷맺뺺쿠닉폃쿖듺벼쫵퇐뺿뾪랢뒫춳튩컯ꎬ쟀햼맺볊훐닝튩쫐뎡ꆣ퇇훞랽쏦틔죕놾ꆢ훐맺캪훷뗄맺볒믽벫쪵쪩맺볒벶훐닝튩닺튵랢햹쿮쒿ꆣ듓틔짏헢킩랢햹쟷쫆뾴ꎬ쳬좻튩퓚좫쟲튩욷쫐뎡훐뗄뗘캻붫뷸튻늽짏짽ꎬ늢돉캪룼캪훘튪뗄탂뗄쫐뎡랢햹뿕볤ꆣ?튽쇆웷킵닺튵볦늢헻뫏욵랱ꎬ튽쇆헯뛏벼쫵뫍럾컱헽퓚돉캪춶뫍늢릺죈뗣ꆣ룟벼쫵튽쇆짨놸닺튵쫇떱뷱쫀뷧랢햹ퟮ뿬뗄닺튵횮튻ꎬ뷶듳탍짨놸쎿쓪뗄쫐뎡맦쒣뻍듯100뛠틚풪ꆣ2005쓪좫쟲튽쇆웷킵쿺쫛뛮틑듯떽2500틚쏀풪ퟳ폒ꎬ돉캪떱뷱쫀뷧뺭볃랢햹ퟮ뿬ꆢ쎳틗췹살ퟮ캪믮풾뗄릤튵쏅샠횮튻ꆣ쒿잰ꎬ쫀뷧튽쇆웷킵쫐뎡훷튪퓚쏀맺ꆢ얷훞ꆢ죕놾뫍훐맺ꎬ뛸짺닺훷튪벯훐퓚쏀맺ꆢ얷훞뫍죕놾ꆣ웤훐쏀맺뗄튽쇆웷킵짺닺뫍쿻럑뚼햼떽좫쟲뗄40%ퟳ폒ꆣ듓헢룶틢틥짏붲ꎬ캴살뗄헯뛏럾컱뫍쿠맘벼쫵닺욷쫐뎡럇뎣듳ꎬ헢튻쇬폲뗄헹뛡햽붫믡폺퇝폺쇒ꆣ튻킩듳탍뗄튽쇆웷킵웳튵럗럗춨맽볦늢헻뫏폅훊풴ꎬ튽쇆헯뛏벼쫵뫍럾컱헽퓚돉캪춶뫍늢릺뗄죈뗣ꆣ? 짺컯튽튩닺튵솴훘뗣랢햹쇬폲럖컶?ꎨ1ꎩ튽튩퇐랢럾컱닺튵ꎨCROꎩ?쒿잰ꎬCRO뿉쳡릩뗄럾컱벸뫵몭룇헻룶탂튩뗄퇐랢맽돌ꎬ뿉틔캪뿍뮧쳡릩듓튩컯랢쿖ꆢ쇙뒲잰퇐뺿떽쇙뒲쫔퇩ꆢ탂튩놨엺쫂컱틔벰닺욷랢늼폫쿺쫛횧돖뗈훮뛠럾컱ꆣ살ퟔ짏몣뿆벼쟩놨퇐뺿쯹뗄쫽뻝쿔쪾ꎬ2005쓪좫쟲훆튩튵퇐랢췢냼뗄뇈샽캪%ꎬ08쓪듯떽47%ꎬ풤볆떽2010쓪듯떽360틚쏀풪뗄맦쒣ꎬ훐맺헽퓚돉캪솮볛ꆰ쪵퇩쫒ꆱꆣ??랢햹CRO닺튵쫇튻룶뗘쟸욽뫢뛌웚킧틦뫍뎤웚햽싔횮볤뗄쿖쪵톡퓱ꎬ뿉틔쪵쿖믽샛뷰ꆢ삩듳펰쿬ꆢ틽죫맺볊뇪ힼꆢ믽샛탂튩퇐랢뺭퇩ꆢ엠퇸죋닅ꎬ틲듋쫜떽룷뗘룟뛈훘쫓ꆣ듓쒿잰뗄몺쓏뗄닺튵믹뒡뫍죋닅릩펦쟩뿶짏뾴ꎬ짐컞폅쫆ꎬ뿉틔뾼싇뎤웚룺ퟙꆣ? 34
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 ꎨ2ꎩ튽쇆웷킵탐튵훘뗣랢햹쇬폲?튽쇆웷킵탐튵뷸죫쏅볷뷏뗍ꎬ닺욷뾪랢훜웚뛌ꎬ틗폚탎돉맦쒣ꎬ뛸쟒퓶뎤뫜뿬ꎬ06쓪듯떽1686틚ꎬ퓶뎤29%ꆣ?쫐뎡럝뛮잰솽죽캻뗄쫇ꎺꆰ췢뿆웷킵ꆱꎬ21%ꎻꆰ뷩죫ꆢ맇뿆닺욷ꆱꎬ17%ꎻꆰ힢짤웷ꆢ헫춷뫍떼맜ꆱꎬ13%ꆣ쒿잰펰쿱헯뛏짨놸ꆢ쇙뒲볠뮤짨놸ꆢ훎쇆짨놸ꆢ볬퇩폫짺뮯틇웷뫍벤맢틇웷뗈룟뛋튽쇆웷킵쫐뎡믹놾놻쏀ꆢ죕ꆢ뗂뗈짙쫽맺볒뗄벸룶뿧맺릫쮾슢뛏ꆣ떫쯦ퟅ2006쓪컀짺늿탻늼붫붨솢ꆰ튽쇆짨놸벼쫵움맀ힼ죫훆ꆱꎬ볆뮮뷱쏷솽쓪쪵쿖헾뢮뛔튽쇆짨놸ꆢ튽폃뫄닄뗄좫쏦벯훐헐뇪닉릺ꎬ뛴훆맺쓚훐킡튽풺뎬뇪닉릺낺맳짨놸ꆣ헢튻헾닟튻떩헦헽실쪵ꎬ붫듳럹붵뗍훐킡튽풺뗄닉릺돉놾ꎬ룸맺쓚짨놸짌쳡릩룼듳쫐뎡뿕볤ꆣ?몺쓏펦돤럖샻폃쟸쓚헯뛏쫔볁웳튵뷸죫쏅볷뷏뗍ꎬ닺욷뾪랢훜웚뛌ꎬ틗폚탎돉맦쒣쳘뗣ꎬ볓듳헐짌솦뛈ꎬ톸쯙삩듳닺튵맦쒣ꎬ듸뚯쿠맘볬닢짨놸랢햹ꎬ탎돉닺욷쾵쇐ꆣ?ꎨ3ꎩ뮯톧훆튩탐튵훘뗣랢햹쇬폲?2007쓪좫쟲폐볛횵820틚쏀풪뗄튩욷샻떽웚ꎬ떽2015쓪ꎬ붫폐1600틚쏀풪뗄튩욷쪧좥샻놣뮤ꎬ헢킩쫐뎡죝솿퓙듎뗃떽짮뛈췚뻲ꎬ붫벫듳뗘듙뷸럂훆튩욷뗄짺닺ꆣ쒿잰럇샻튩뗄랢햹뗃떽쇋룷맺헾뢮뗄믽벫맄샸ꎬ얷쏀룷맺헾뢮뛔튩욷샻쿠맘램맦ퟶ쇋뫜듳뗄탞룄ꎬ틔쫨춨ꆢ볓뿬럇샻튩뗄짏쫐쟾뗀듓뛸붵뗍헾뢮뻞뛮뗄튽놣럑폃횧돶ꆣ?좫쟲럂훆튩퓶뎤쯹퓬돉뗄튻쿮쿔뛸틗볻뗄펰쿬ꎬ뻍쫇춨폃쏻풭쇏튩탨쟳쫐뎡뗄럅듳ꆣ뻝뮯톧훆튩춨폃쏻튩컯킭믡?Chemical†Pharmaceutical†Generic†AssociationꎬCPA?춳볆쿔쪾ꎬ2005쓪ꎬ좫쟲죋폃풭쇏튩쫐뎡?냼삨풭쇏튩폫폃폚짺닺풭쇏튩뗄룟벶훐볤쳥?듯떽760틚쏀풪ꎻ웤훐ꎬ듳풼59%?풼450틚쏀풪?쫇평훆튩릫쮾ퟔ벺짺닺뗄ꎬ웤폠41%?풼310틚쏀풪?쫇평뗚죽랽짺닺ퟷ캪짌욷돶쫛룸훆튩릫쮾뗄ꆣ내헕닺욷볛횵뫍닺욷쳘탔뗄늻춬ꎬ풭쇏튩뿉틔럖캪솽샠ꎬ벴ꎺ춨폃풭쇏튩뫍쳘즫풭쇏튩ꆣ쳘즫풭쇏튩쫇횸샻벴붫맽웚뗄ꎬ늢쟒퓚쫀뷧랶캧쓚폐훘냵벶쿺쫛쮮욽뗄튩욷풭쇏튩ꆣ맺쓚퓚듳ퟚ풭쇏튩뗄짺닺짏ꎬ룱뻖틑뺭믹놾탎돉ꎬ뫜쓑퓙폐춻웆ꎬ뛸쟒듓몺쓏쟸ퟔ짭뗄췁뗘ꆢ쓜풴릩펦쟩뿶뾴ꎬ펦훘뗣랢햹쳘즫풭쇏튩쇬폲ꆣ춬쪱ꎬ 35
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 몺쓏쟸뮹펦맘힢돶뿚탍돉욷튩짺닺웳튵ꆣ?ꎨ4ꎩ짺컯튽튩탐튵훘뗣랢햹쇬폲?좫쟲튽튩쫐뎡뗄믹놾쳘헷뻍쫇평듳탍뗄뿧맺튩웳뫍ꆰ훘냵햨떯ꆱ닺욷훷떼ꆣ2005쓪쓪쿺쫛뛮듳폚1틚쏀풪뗄50훖짺컯벼쫵튩컯뗄쿺쫛ퟜ뛮뎬맽546틚쏀풪ꎬ햼떱쓪짺컯훆튩쫐뎡뗄98%틔짏ꆣ듓닺욷샠뇰뾴ꎬ훎쇆탔뾹쳥쫇퓶뎤ퟮ뿬뗄닺욷ꎬ룹뻝쏀맺훆튩킭믡릫늼뗄폐맘쇏ꎬ2006쓪뒦폚룷웚쇙뒲쫔퇩뗄짺컯벼쫵튩컯폐418훖ꎨ냼삨짪쟫탂쫊펦횤뗄틑엺ힼ짏쫐뗄튩컯ꎬ믲춬쪱뷸탐뛠훖벲늡훎쇆뗄쇙뒲쫔퇩튩컯ꎩꎬ웤훐훎쇆탔뾹쳥쫇뒦폚쇙뒲쪵퇩ퟮ뛠뗄튻샠ꎬ폐160훖쫇뾹쳥샠튩컯ꎬ폈웤쫇훎쇆훗쇶뫍ퟔ짭쏢틟벲늡뗄퓚퇐튩컯훐폐튻냫ퟳ폒쫇뾹쳥샠튩컯ꆣ?짺컯훆튩닺튵뺭맽20쓪뗄랢햹뇤뮯ꎬ쒿잰맺볊짺컯훆튩쇬폲닺욷퇐랢ퟟ쿲풽살풽쟥컺ꆣ몺쓏쟸펦훘뗣맘힢짺컯틟쏧ꎬ믹틲릤돌튩욷쇬폲ꆣ?ꎨ5ꎩ쳬좻튩컯탐튵훘뗣랢햹쇬폲?뷼쓪살ꎬ틔쳬좻횲컯튩캪훷뗄쳬좻튩컯놻맺볊쫐뎡죕붥훘쫓ꆣ쒿잰틑폐벸쪮훖쳬좻횲컯튩놻쇐죫얷쏋맺볒뗄튽톧튩뗤ꎬ2005쓪ꎬ쳬좻튩컯쿺쫛뛮풼햼좫쟲튩욷쿺쫛ퟜ뛮뗄30%ꎬ춻웆260틚쏀풪ꆣ좫쟲업쏻20잿뗄뿧맺훆튩웳튵뻹퓚컒맺춶죫뻞듓쫂틔쳬좻튩컯캪믹뒡뗄탂튩퇐뺿ꆣ듓쳬좻튩컯돶랢퇐뺿ꆢ뾪랢뒴탂튩틑뺭돉캪폐ퟩ횯ꆢ폐볆뮮뗄좫쟲탔뒴탂탐캪ꎬ캴살ퟮ훘튪뗄쿈떼뮯뫏컯벫폐뿉쓜풴ퟔ쳬좻튩컯ꆣ헫뛔헢훖쟷쫆ꎬ몺쓏쟸쒿잰퓚뛠쳡좡랽쏦폐튻뚨믹뒡ꎬ펦맄샸웳튵탎돉닺튵뇪ힼꆣ?†짺컯돇랢햹맜샭릫쮾짌튵쒣쪽짨볆 뚨캻 ꎨ1ꎩ뚨캻샭싛틀뻝 룹뻝짌튵쒣쪽쇹듳릹돉튪쯘ꎺ뚨캻ꆢ펯샻쒣쪽ꆢ맘볼풴뫍쓜솦ꆢ튵컱쾵춳ꆢퟔ평쿖뷰쇷ꆢ춶볛횵ꎬ컒쏇횪뗀ꎬ뚨캻쫇짌튵쒣쪽뗄뗚튻닣듎ꎬ뚨캻랢쿖쫐뎡맦쒣뻞듳뗄짌튵믺믡ꎬ벴톡퓱ꆰ쓜쳡릩뎤웚뗄샻죳퓶뎤뗄맋뿍좺ꆱ늢캪쯻쏇쳡릩ꆰ뛀쳘뗄볛횵ꆱꆣ? 36
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 퓚뚨캻짏튪뷢뻶ꎺ웳튵쳡릩쪲쎴퇹뗄닺욷뫍럾컱ꎿ뷸죫쪲쎴퇹뗄쫐뎡ꎿ캪쪲쎴퇹뗄뿍뮧럾컱ꎿ짮죫탐튵볛횵솴뗄쓄킩뮷뷚ꎿ캪뿍뮧쳡릩쪲쎴퇹뗄뛀쳘볛횵ꎿ?뚨캻뗄뫋탄쫇랢쿖뻞듳탨쟳맦쒣뗄ꆰ뿍뮧볛횵ꆱꎬ듓뛸믱뗃ꆰퟮ폐잱솦쳡릩뎤웚샻죳퓶뎤뗄쿻럑좺ꆱꆣ떱볛횵쿲탂뗄쿻럑헟믲탂뗄쟸폲틆쪱ꎬ뚨캻튲튪쯦ퟅ룺뷸뫍뇤뮯ꆣ?ꎨ2ꎩ짺컯돇뚨캻닟싔 커몺짺컯돇랢햹맜샭릫쮾뚨캻퓚튽튩퇐랢럾컱닺튵ꎬ쫇캪짺컯닺튵솴짏뗄믹뒡퇐랢릫쮾ꆢ짺컯훆튩릫쮾ꆢ짺컯튽튩릫쮾ꆢ짺컯놣붡릫쮾ꆢ짺컯튽튩짺첬릫쮾ꆢ쫔볁릩룸릫쮾ꆢ쳥췢헯뛏릫쮾ꆢ튽쇆틇웷릫쮾ꆢ짺컯풤럀릫쮾ꆢ놣붡뫍쇆퇸릫쮾쳡릩벼쫵횧돖럾컱ꆢ뿆벼돉맻뮯ꆢ짌컱폫쫐뎡뾪랢럾컱ꎬ캪짺컯튽튩닺튵듮붨벼쫵폫짌컱릲쿭욽첨ꎬ붨솢짺컯튽튩닺튵뗄탐튵뇪ힼꎻ쫇짺컯튽튩닺튵솴짏뗄돵쪼뮷뷚뫍쒩뛋뮷뷚ꎬ캪뿍뮧쳡릩좫랽캻벼쫵뷢뻶랽낸뗄퓶횵럾컱ꆣ?짺컯튽튩닺튵뗄닺욷늻뛏룼탂ꎬ폖쪹헢킩닺튵릫쮾퓚벼쫵뫍탐튵뇪ힼ짏췪좫틀뢽폚짺컯돇랢햹맜샭릫쮾ꎬ틲듋짺컯돇랢햹맜샭릫쮾쫇톡퓱ꆰ쓜쳡릩뎤웚뗄샻죳퓶뎤뗄맋뿍좺ꆱ늢캪쯻쏇쳡릩ꆰ뛀쳘뗄볛횵ꆱꆣ? 펯샻쒣쪽 ꎨ1ꎩ펯샻쒣쪽좷솢틀뻝 펯샻쒣쪽쫇짌튵쒣쪽뗄뗚뛾룶닣듎ꎬ벴ꆰ죧뫎ꆱ듓캪뿍뮧쳡릩뗄볛횵훐ꎬ믱뗃샻죳ꆣ?뒫춳뗄ꆰ펯샻쒣쪽ꆱ뚼쫇웳튵ퟔ틑춶죫좫늿돉놾ꎬ쿈ꆰ쯸뚨뿍뮧ꆱꎬ좻뫳춨맽릹붨룼뛠ꆰ펯샻뗣ꆱ믲헟췆돶ꆰ뫳탸닺욷ꆱ살펯샻ꆣ?뒴탂뗄ꆰ펯샻쒣쪽ꆱ쫇웳튵춨맽ꆰ쫚좨ꆱꆢꆰ쳘탭ꆱ뗄랽쪽ꎬ평ꆰ뗚죽랽믯냩ꆱ살돐떣짺닺돉놾폫쫐뎡럧쿕ꎬퟔ틑퓲춨맽쫕좡ꆰ좨샻뷰ꆱ믲ꆰ쳘탭볓쏋럑ꆱ뗃떽컈뚨뗄쫕죫ꆣ?쎿튻훖ꆰ펯샻쒣쪽ꆱ뚼뇘탫붨솢퓚ꆰ뚨캻ꆱ뗄믹뒡짏ꎬ튪쟳힡ퟮ폐잱솦쳡릩뎤웚샻죳퓶뎤뗄쿻럑좺ꎬ늢쟒쯦쿻럑좺뗄탨튪뛸룄뇤ꆣ?ꎨ2ꎩ짺컯돇펯샻쒣쪽 37
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 짺컯돇랢햹맜샭릫쮾뗄ꆰ펯샻쒣쪽ꆱ춬퇹쫇붨솢퓚ꆰ뚨캻ꆱ뗄믹뒡짏ꎬ웤튻쫇캪쒿뇪뿍뮧쳡릩탂닺욷뗄짺컯샻벼쫵ꎬ쿲뿍뮧쫕좡ꆰ좨샻뷰ꆱ믲ꆰ쳘탭볓쏋럑ꆱ뗃떽컈뚨뗄쫕죫ꎻ웤뛾쫇캪쒿뇪뿍뮧쳡릩짌컱벰쫐뎡럾컱쫕좡ꆰ럾컱럑ꆱ뗃떽컈뚨뗄쫕죫ꎻ웤죽쫇캪뿍뮧뚨쿲퇐랢탂닺욷쫕좡탂닺욷뾪랢럑뗃떽컈뚨뗄쫕죫ꎻ웤쯄쫇캪뿍뮧듺샭쿺쫛쫕좡쿺쫛펶뷰뗃떽컈뚨쫕죫ꎻ웤컥쫇캪붨솢탐튵뇪ힼ쳡릩벼쫵릲쿭욽첨쿲뿍뮧쫕좡탅쾢폐뎥쪹폃럑뗃떽컈뚨쫕죫ꎻ웤쇹쫇캪뿍뮧쳡릩벼쫵뷢뻶랽낸ꎬ쿲뿍뮧쫕좡ꆰ벼쫵럾컱럑ꆱ뗃떽컈뚨쫕죫ꎻ웤웟쫇뻙냬짺컯튽튩맺볊믡햹ꎬ쿲닎햹랽쫕좡믡컱럑뗃떽컈뚨쫕죫ꎻ웤냋쫇막좨죃ꎬ쿲샻틦쿠맘헟죃뿘막믲닎막릫쮾뗄늿럖막좨믱좡쫕죫ꆣ? 맘볼풴뫍쓜솦 ꎨ1ꎩ짺컯돇뗄맘볼풴뫍쓜솦뗄붨솢 ꆰ맘볼풴뫍쓜솦ꆱ쫇짌튵쒣쪽뗄뗚죽룶닣듎ꎬ벴붨솢튻훖뿘훆탔쓜솦ꎬ놣뮤쓣뗄ꆰ샻죳쇷ꆱꎬ죃맋뿍뇘탫듓쓣헢샯릺싲ꆣ ꆰ맘볼풴뫍쓜솦ꆱ쫇릫쮾룹뻝릫쮾뛔ꆰ뚨캻ꆱ벰ꆰ펯샻쒣쪽ꆱ뗄에뛏뛸붨솢웰살뗄ꎬ탨튪릫쮾늻뛏잿뮯뫍캬뮤ꎬ닅뿉틔놣돖컈뚨돖뻃뗄ꆰ샻죳쇷ꆱꆣ?짺컯돇랢햹맜샭폐쿞릫쮾늻쫇ꆰ짺컯튽튩닺욷뗄짺닺헟ꆱ뛸쫇ꆰ짺컯튽튩벼쫵뗄뾪랢짌뫍쳡릩짌ꆱꆣ늻뷶뇜쏢폫짺컯튽튩훆퓬짌뗄돥춻ꎬ뛸쟒춨맽ꆰ붨솢탐튵뇪ힼꆱ뫍ꆰ횪쪶닺좨쫚좨ꆱ삩듳쫚좨뎧볒쫽솿ꎬ룼쓜냑풴춶죫떽퇐뺿뾪랢ꆢ햽싔쫕릺ꆢ놣뮤샻뒴탂뗄믮뚯훐ꆣ?ꎨ2ꎩ짺컯돇뗄훷튪벼쫵ꆢ닺욷뫍럾컱벰펦폃 짺컯돇랢햹맜샭폐쿞릫쮾튻랽쏦뮹뿉틔짨솢ꆰ짺컯튽튩럧쿕춶믹뷰ꆱ냯훺벼쫵벰짌튵쳬닅뾪랢짺컯튽튩탂벼쫵ꎬ늢춨맽ꆰ막좨맘쾵ꆱ헆컕헢킩릫쮾ꎻ쇭튻랽쏦뮹뛔펵폐뮥늹탍벼쫵릫쮾ꎬ쪵탐햽싔쫕릺ꆣ?짺컯돇랢햹맜샭폐쿞릫쮾뗄벼쫵풴럇뎣럡뫱ꎬ맘볼퓚폚헢횧췅뛓뗄죋닅ꆢ풴뫍닎폫ꆣ짺컯돇랢햹맜샭릫쮾붫횱뷓샻폃췅뛓쓚뗄벼쫵풴ꎨ럇샻탔뗄탐튵벼쟉뫍짌튵믺쏜벰쟾뗀ꎺTechnical Know-howꎬTrade Secret 뫍Business Channelsꎬ냼삨쫐뎡풴ꆢ맋뿍췸싧ꎩꎬ믽벫햹뾪럾컱쿮쒿ꎨ샽죧짺닺뫏춬럾컱뫍듺쿺펪쿺럾컱ꎩꆣ 38
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 헢킩쿮쒿럅퓚뗚튻뷗뛎ꎬ뿉틔폐솢룍볻펰뗄뺭볃킧틦ꆣ춬쪱ꎬ짺컯돇춶맜샭릫쮾붫ퟃ쟩톡퓱닺욷돉쫬뛈룟ꆢ닺좨쏷좷ꆢ춶죫쿠뛔짙ꆢ럧쿕뗍ꆢ돉릦싊룟뗄닺욷믲벼쫵ꎬ춨맽쏀맺짺풪릫쮾ꎬ횱뷓틽뷸짺컯돇랢햹맜샭릫쮾뷸탐뾪랢닙ퟷꎬ볈뿉틔쪹짺컯돇랢햹맜샭릫쮾뗄볛횵폐킧퓶볓ꎬ튲뿉틔붨솢돉쳗쳥쾵ꎬ룼폐킧뗘햹뾪짺컯돇뗄릤ퟷ뫍쪵쪩짺컯돇랢햹맜샭릫쮾뗄햽싔랢햹맦뮮ꆣ?짺컯돇랢햹맜샭폐쿞릫쮾퓚짺컯튽튩ꆢ벲늡볬닢뫍훎쇆놣붡뗈랽쏦펵폐탛뫱뗄벼쫵퇐랢쪵솦ꎬ퓚웤퇐랢뫍닺튵뮯뷸돌훐뷸탐짏쿂ퟳ폒뗄퓋ퟷ킭ퟷ뫍풴뮥믝ꆣ짺컯돇랢햹맜샭폐쿞릫쮾쯹짦벰뗄벼쫵ꆢ닺욷뫍럾컱룅삨죧쿂ꎺ?떰냗퇐랢뫍뇭듯욽첨ꎺ떰냗뗄뇭듯ꆢ퇐랢뫍짺닺벼쫵ꎻ떰냗ퟩ뫍훘튪짺컯냐뇪뗄퇐랢ꆢ볬닢벼쫵ꆣ?떰냗듳짺닺뫍펦폃욽첨ꎺ럻뫏cGMP쳵볾뗄믹틲릤돌뫍튽튩떰냗듳짺닺ꎻ룟쏜뛈랢뷍뫍떰냗뒿뮯벼쫵ꎻꆰ탂튻듺ꆱ튩욷뗄믹틲뫍뮯톧떰냗탞쫎벼쫵ꆣ?뾹쳥퇐랢뫍쾵춳훆놸욽첨ꎺ퇐랢폃뾹쳥뗄쾵춳짺닺벼쫵ꎻ짺컯냐뇪뫍뾹쳥즸톡뫍본뚨벼쫵ꎻ뾹쳥ퟩ뗄퇐랢ꆢ볬닢벼쫵ꆣ?뾹쳥짺닺뫍펦폃욽첨ꎺ훎쇆탔죋풴뾹쳥벼쫵뫍듳짺닺ꎻ뿬쯙헯뛏쫔볁뫍벼쫵ꎻ쓉쏗캢뺧쳥뇪볇뫍볬닢벼쫵ꆣ?믹틲뚯횲컯ꆢ룉쾸냻ꆢ뚯컯쒣탍벼쫵ꎺ믹틲벼쫵ꆢ탂컯훖릹붨ꆢ즸톡뫍뿋슡뮯ꎻ룉쾸냻엠퇸ꆢ뿋슡ꆢ삩퓶ꆢ펦폃벼쫵ꎻ뚯컯쒣탍짨볆ꆢ릹붨뫍펦폃벼쫵ꆣ?쇙뒲잰뫍쇙뒲쫔퇩퇐랢욽첨ꎺ쇙뒲잰짺컯튽튩뗄릦쓜뫍낲좫탔움볛ꎻ쇙뒲쫔퇩닄쇏훆놸ꆢ짪놨닄쇏ힼ놸ꆢ튩볠짳엺ꎻ쇙뒲쫔퇩짨볆ꆢ쪵쪩ꆢ퇹욷볬퇩뫍쫽뻝춳볆벼쫵ꆣ?쇙뒲볬퇩ꆢ풤럀ꆢ낲볬ꆢ놣붡벼쫵ꆢ닺욷뫍럾컱ꎺ쇙뒲떰냗횸컆뫍냐뇪볬퇩벼쫵ꎻ뚾욷뫍뻆뺫훐뚾ꆢ짺컯럀뿖낲볬벼쫵ꎻ퓧웚훗쇶헯뛏벼쫵뫍닺욷ꎻ톪쳇ꆢ톪톹뗷뿘놣붡ꆢ뾹쮥샏닺욷뫍벼쫵ꆣ?웤쯻쿠맘폚떰냗뫍뾹쳥퇐랢닺튵뮯뗄욽첨벼쫵ꆣ?짏쫶벼쫵ꆢ닺욷뫍럾컱뗄펦폃짦벰폚튽튩컀짺ꆢ풤럀헯훎ꆢ짺컯릤튵ꆢ얩쓁폦쇖ꆢ뮷놣맺럀뗈랽쏦ꎬ붫폐볆뮮ꆢ폐쾵춳뗘춨맽짺컯튽튩뫍놣붡짺컯돇뗄듳욽첨쪩 39
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 햹ꆣ?듓짺컯튽튩믹뗘퓋ퟷ쪵쪩뗄뿉탐탔짏뾼싇ꎬ짏쫶뗄벼쫵ꆢ닺욷뫍럾컱ꎬ뿉틔퓚늻춬뗄닣듎믲쪵쳥믺릹훐퓋탐ꎬ룹뻝뷰뫍죋풱춶죫ꆢ틔벰퓋ퟷ킧싊뛸뚨ꆣ뻟쳥쿮쒿뿉럖캪뛌ꆢ훐ꆢ뎤웚죽샠ꎺ?십짏뿉뷸죫쫐뎡뗄쫔볁탍닺욷뫍벼쫵럾컱ꎬ훷튪뇭쿖퓚ꎺ쫔볁탍믲퇐랢탍떰냗뫍뾹쳥짺닺ꆢ돐냼럾컱욽첨ꎨ폐쿖돉뗄뚩떥ꎩꎻ쇙뒲볬퇩뫍헯뛏닎뾼럾컱훐탄?ꎨ폐쿖돉뗄맋뿍좺ꎩꎻ놣붡뫍뾹쮥샏닺욷뫍럾컱ꎨ폐닺욷틑뷸죫쫐뎡ꎩꆣ맘폚듋샠뗄닺욷뫍벼쫵럾컱뿉퓚릫쮾웴뚯냫쓪쓚폐쫕틦ꆣ?탨튪춨맽쇙뒲쫔퇩뗄쇙뒲잰닺욷ꎬ훷튪뇭쿖퓚ꎺ죋풴뮯믲좫죋튩폃떥뾹닺욷뾪랢ꎨ닺욷췪돉쇙뒲잰퇐랢ꆢ듽뷸죫쇙뒲ꎩꎻ룎납ꆢ났ퟌ늡헯뛏쫔볁뫐ꎨ닺욷췪돉쇙뒲잰퇐랢ꆢ듽뷸죫쇙뒲ꎩꎻ훘ퟩ횲컯쳰떰냗닺욷뾪랢?ꆪ?폃폚쪳욷쳭볓ꆢ붡뾵틻쇏ꎻ컞톪쟥쾸냻엠퇸믹?ꆪ?탂탍쾸냻엠퇸ힰ훃뫍엠퇸믹쾵춳ꎻ뮯톧탞쫎릤돌쎸?ꆪ?탂탍뻛틒뛾뒼탞쫎틈떺쯘튩컯ꎻ쟸폲훘ퟩ떰냗탂튩뾪랢ꆪ?믹틲훘ퟩ죋짺뎤벤쯘ꆣ맘폚듋샠뗄닺욷볆뮮퓚릫쮾웴뚯뫳튻쓪횮쓚쪵쪩ꆣ?탨튪뺭맽튻뚨뗄퇐랢ꎬ뷸죫닺튵뮯뫍짌튵뮯뗄벼쫵뫍닺욷ꎬ훷튪뇭쿖퓚ꎺ듳맦쒣떰냗ퟩ퇐랢ꆢ짺컯뇪횾ꆢ튩컯냐뇪즸톡본뚨ꎻ믹틲뚯컯?ꆪ?믹틲벦탂탍벦훖ꆢ믹틲벦뇭듯훘ퟩ떰냗ꎻ룉쾸냻뫍뚯컯쒣탍닺욷뗄뾪랢ꆣ헢샠쿮쒿춨뎣폐뻞듳잱솦ꎬ횻튪릫쮾뗄쳵볾퓊탭ꎬ벴뿉웴뚯ꆣ?ꎨ3ꎩ짺컯돇뗄횪쪶닺좨ꆢ벼쫵믺쏜뫍짌튵쟾뗀 짏쫶벼쫵ꆢ닺욷ꆢ럾컱ꆢ퇐랢쓜솦뫍뎤뻟폐쫀뷧쿈뷸쮮욽ꎬ뻟쳥뇭쿖퓚ꎺ?닺욷뗄탂펱탔?ꆪ?폐뒴탂탔ꎬ벼쫵뺭뿆퇐믲쫐뎡퇩횤ꎬ닺욷뫍럾컱쓜뷢뻶쇬폲쓑쳢믲벱탨ꆣ탭뛠랽쏦뗄닺욷쫇짺컯튽튩탂튻듺ꎬ잰쯹캴폐ꆣ샽죧ꎬ낲웕슷튽튩릫쮾뗄탂탍떰냗탞쫎벼쫵벰닺욷ꎬ뿉폃틔짺닺쿂튻듺짺컯튽튩ꆣ냂뛻억뿬쯙헯뛏릫쮾튲폐쫀뷧ퟮ탂뗄헯뛏닺욷ꆣ웤쯻샠쯆죧쓉쏗뺧쳥뇪볇ꎬ죋-죋퓓붻쇶벼쫵ꆢ좫죋풴뾹쳥벼쫵뗈ꆣ?쿈뷸탔뫍뛀쳘탔?ꆪ?닎폫릫쮾뫍뫋탄췅뛓뚼쫇쇬폲훐뗄횪쏻죋쪿ꎬ쟒뻟폐춻돶뗄퇐뺿돉맻뫍돉릦뗄닺욷뾪랢튵벨ꎬ폐맘뗄벼쫵닺욷튲룷뻟쳘즫ꆣ? 40
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 ퟔ훷횪쪶닺좨?ꆪ?룷닎폫릫쮾뚼폐ퟔ벺뗄닺좨믲짌튵믺쏜ꎬ폐맺볊샻ꆢ믲뿉짪놨샻ꆣ뻟쳥뗄샻벼쫵뫍뾪랢쓜솦퓚룷럖쿮쒿훐쿪쫶ꆣ?쏀맺짺풪릫쮾붫폫쿖폐뗄뛠볒릫쮾쳖싛ꎬ퓚쮫뇟믲뛠뇟춬틢뗄믹뒡짏ꎬ내헕맺볊쫐뎡뫍춶풭퓲ꎬ톡퓱뫍믱좡쿠뛔돉쫬ꆢퟮ뻟잱솦ꆢ쫐뎡쏷좷ꆢ뫋탄죋풱쓜떽캻뗄쿮쒿ꎬ붫웤컼쫕죫짺컯돇헻쳥릤돌ꎬ쪹횮돉캪짺컯돇뗄뛠풪ꆢ솪췸릫쮾뗄ퟩ돉늿럖ꆣ헢킩춶죫뗄횪쪶닺좨ꆢ벼쫵믺쏜뫍짌튵쟾뗀뗈ꎬ뿉춨맽헽쪽뗄짌튵움맀뚨볛ꆣ웤폠뗄횪쪶닺좨ꆢ벼쫵믺쏜뫍짌튵쟾뗀쫴폚룷죫릫쮾ꎬ뿉틔퓚짺컯돇랢햹맜샭폐쿞릫쮾뗄췆볶쿂ꎬ평뺭볃벼쫵뾪랢쟸뫍헾뢮춶믺릹횱뷓폫횮잢첸ꆢퟷ벼쫵움맀ꎬ췪돉럖엺춶ꆢ돉솢뫏릫쮾뫍죫웴뚯뗄맽돌ꆣ짺컯돇랢햹맜샭폐쿞릫쮾믡좫솦킭훺듋맽돌ꆣ?ꎨ4ꎩ짺컯돇뗄뺺헹쓜솦럖컶 짺컯튽튩놣붡짺컯돇릫쮾뗄뺺헹폅쫆ꎺ훷튪퓚폚짏쫶뗄벼쫵ꆢ닺욷ꆢ럾컱ꆢ뎤뫍횪쪶닺좨ꆣ룼훘튪뗄쫇릫쮾좺쳥뗄킭ퟷ뫍뮥캪룜룋ꎬ볓짏훐맺뗄죋닅풴뫍쿠뛔솮볛뗄퓋ퟷ쿻뫄ꎬ뿉틔탎돉잿폐솦뗄뺺헹폅쫆ꆣ?짺컯뿆벼뗄뾪랢뫍닺튵뮯쳘뇰탨튪폐좺뻛킧펦ꆣ떥잹욥십ꎬ늻돉웸뫲ꆣ붨솢짺컯튽튩뫍놣붡튵뮯뗄짺컯돇뻍뿉틔좡뗃튻뻙뛠뗃뗄킧펦ꆣ짺컯돇ퟷ캪튻룶쾵춳릤돌뿉틔캪짺컯뿆벼뾪랢뇘탨뗄ퟛ뫏뮷뺳쳡릩횧돖뫍ퟷ캪뮥늹쳵볾닎죫웤훐ꎬ훘릹뫏ퟷ릲펮뗄볛횵췸ꎬ틲듋튲뇘좻쓜폐킧뗘컼틽룷샠죋닅뫍폐잱솦뗄쿮쒿뷸ꆣ놾짺컯돇쿮쒿ퟷ캪폐킧뗘룄뷸뫍췪짆뒴탂탔뿆벼죋닅돉뎤뗄훆뛈뮷뺳, 틑싵돶쇋횧돖웳튵돉캪벼쫵뒴탂뫍컼쓉뿆벼죋닅뗄훷쳥맘볼튻늽ꆣ뫢솿벼쫵뒴탂돉릦폫럱맘볼쫇뾴웤쫇럱뮯캪닺욷뒴퓬쇋샻죳ꆣ짺컯돇뿉퓶볓웳튵벯좺뮯ꆢ듙뷸닺튵솴탎돉ꎬ뾪햹벼쫵뒴탂뫍맣랺컼쓉뿆벼죋닅뗄틽떼ꎬ늻뛏붡좫웳튵컼쓉뫍쪹폃뿆벼죋닅뗄럾컱쳥쾵ꎬ쪵쿖웳튵ퟷ캪뿆벼죋닅컼쓉훷쳥뗄ퟷ폃ꎬ폐킧랢믓쫐뎡퓚엤훃뿆벼죋닅럖늼뫍쪵쿖벼쫵뒴탂훐뗄믹뒡탔ퟷ폃ꆣ붨솢짺컯튽튩뫍놣붡튵튵뮯뗄짺컯돇뮹붫틽뷸듳솿뷰춶죫뫍햹뾪훚뛠쿠펦뗄쾵춳닺튵뮯붨짨ꆣ짺컯돇뗄맜샭췅뛓붫늻뢺훘췐ꎬ뷟뺡좫솦뷸탐헐짌틽ꎬ탋붨엤쳗릤돌ꆣ짺컯돇릫쮾뗄뷗뛎탔뾪랢맦뮮뫍늽늽캪펪뗄닟싔ꎬ믡쪹릫쮾퓚늻뛏뒴퓬킧틦뫍펪붨닺튵뮯쓜솦뗄믹뒡짏ꎬ틔탛뫱뗄쪵솦뫍탂펱뗄뺺헹 41
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 솦ꎬ퓚맺볊쫐뎡짏돛돒ꆣ?짺컯돇랢햹맜샭폐쿞릫쮾춨맽붨솢뛀폐뗄ꆰ맘볼풴뫍쓜솦ꆱꆪ릹붨짺컯튽튩벼쫵폫탐튵뇪ힼꎬ놣뮤ퟔ틑뗄ꆰ샻죳쇷ꆱꆣ? 튵컱쾵춳 ꎨ1ꎩ죧뫎짨볆튵컱쾵춳 ꆰ튵컱쾵춳ꆱ쫇짌튵쒣쪽뗄뗚쯄룶닣듎ꎬ벴뒦샭뫃쓚ꆢ췢늿샻틦럖엤ꎬ틔췪돉잰죽닣뗄죎컱ꆣ뛔췢ꎬ튪뷧뚨웳튵믮뚯랶캧ꎬ좷뚨쳡릩뫎훖럾컱믲닺욷ꎬ닅쓜힡쿻럑헟ꆢ뒴퓬룟샻죳ꆢ놣뮤샻죳쇷ꎻ뛔쓚ꎬ튪붨솢ퟩ횯쾵춳ꎬ좷놣쓚늿쓜폐쓜솦췪돉죎컱ꆣ?뛔췢늿샻틦쿠맘헟살쮵ꎬ탨튪뮮뚨ꆰ웳튵짌튵믮뚯뗄뇟뷧ꆱꎬ뻍쫇튪좷뚨ꆰ쳡릩쪲쎴퇹뗄럾컱믲닺욷ꆱꎬ춬쪱ꎬ릫쮾뫍췢늿샻틦쿠맘헟ꎬ춨맽쪲쎴퇹뗄맘쾵살뷸탐샻틦럖엤ꆣ쫇춨맽쫐뎡맘쾵ꆢ뎤웚웵풼ꆢ듺샭ꆢ뺭쿺ꆢ쳘탭ꎬ뮹쫇닎막ꆢ뿘막ꆢ뫏펪ꎿ?뛔쓚늿살쮵ꎬ퓲쫇죧뫎뷢뻶샻틦럖엤믺훆ꎬ웤훐쿠맘뷇즫ꎬ폐막뚫ꆢ웳튵볒ꆢ풱릤ꆢ릩펦짌ꆢ맋뿍ꆢ컞탎닺펵폐랽뗈뗈ꆣ릫쮾뗄짺틢쫊뫏틔쪲쎴릹볜ꎬ붫웤쓉죫쾵춳횮훐ꆣퟮ훕뗄쒿뗄ꎬ쫇붨솢튻쳗ퟩ횯쾵춳ꎬ좷놣쓚늿쓜솦뿉틔놣횤짌튵쒣쪽뗄퓋뫍뒴탂ꆣ?ꎨ2ꎩ릹붨짺컯돇뗄튵컱쾵춳 ꆰ커몺맺볊짺컯돇ꆱꎨ볲돆ꆰ짺컯돇ꆱꎩ쾵춳릤돌쫇벯톧ꆢ퇐ꆢ랢ꆢ닺ꆢ짌ꆢ폃캪튻쳥뗄뛠풪ꆢ뾪럅ꆢ뛠닣듎ꆢ췸ힴ뮥솪ퟛ뫏짨쪩ꎬ쫇짺컯튽튩놣붡뗄럀ꆢ헯ꆢ훎ꆢ퇸캪쳘즫뗄짺컯ꆢ짺첬뺭볃톭뮷쳥쾵ꎬ웤풶듳쒿뇪쫇짭폚쫀뷧짺컯뺭볃랢햹뗄잰퇘ꆣ?짺컯돇붫럖뷗뛎붨짨죽듳릦쓜벯좺ꎺ퇐랢닺톧벯좺ꆢ튽튩헯럀퇸벯좺ꆢ짺컯짺첬벼쫵펦폃뫍짌튵뮯벯좺ꆣ짺컯돇뗄릦쓜쾵춳뫍릹돉튪쯘뿉틔맩쓉죧쿂ꎺ?짺컯돇뗄컥듳릦쓜쾵춳ꎺ톧풺ꆢ퇐랢ꆢ쫔퇩ꆢ짺닺?ꆢ럾컱?— 뇪ힼ뮯ꆢ맦쒣뮯ꎻ쇙뒲ꆢ헯뛏ꆢ볬퇩ꆢ훎쇆ꆢ쇆퇸ꆢ풤럀?ꆪ?튵뮯ꆢ짺컯뮯ꎻ놣붡ꆢ퇸짺ꆢ택쿐ꆢ싃폎ꆢ맛맢?ꆪ?죋탔뮯ꆢ짺첬뮯ꎻ죋닅ꆢ풴ꆢ짌컱ꆢ쫐뎡ꆢ뺭펪ꆢ믡햹ꆢ붻틗?ꆪ? 42
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 탅쾢뮯ꆢ췸슷뮯ꎻ뷌폽ꆢ짧쟸ꆢ릩룸ꆢ뫳쟚ꆢ퓋쫤ꆢ붻춨ꆢ폩샖ꆢ컄뮯?ꆪ?듳훚뮯ꆢ쏱짺뮯ꆣ?짺컯돇뗄컥듳릹돉튪쯘ꎺ풴?— 쾵춳엤쳗ꆢ헾뢮솢쿮ꎬ맺볊뮯ꆢ뛠쟾뗀ꆢ럖닣듎ꆢ폐톡퓱ꎻ퇐랢?— 믹뒡쪵ꆢ뚯솦잿ꎬ맺볊볢뛋ꆢ폐듺뇭탔ꆢ풭뒴탔ꆢퟔ훷횪쪶닺좨ꎻ펦폃?— 쫐뎡쏷좷ꆢ탨쟳솿듳ꎬ뛠훖탎쪽ꆢ맺볆쏱짺ꆢ뾪췘탍ꆢ뿉돖탸랢햹ꎻ닺튵?— 뗍쓜룟킧ꆢ맺볊뷓맬ꎬ탂탍ꆢ룟뇪ힼ뗄“훐맺훆퓬”ꎻ짌튵?— 좫쟲쇷춨ꆢ퇯뎤뇜뛌ꎬ뢻폐쳘즫ꆢ뢻몬볛횵ꎬ튻뻙뛠뗃ꆢ뮥믝뮥샻ꆣ?샭쿫뗄퓋ퟷ쒣쪽쫇ꎺ퓚튻룶풴럡뢻ꆢ뛠훖ퟔ좻쳵볾엤컩뗄뻖늿ꎬ킭춬떱뗘벰훐퇫헾뢮뗄좫솦횧돖뫍풴엤훃ꎬ뒴붨폐맺볊쿈뷸쮮욽뗄퇐랢닺벰짌튵뮯벯좺ꎬ탎돉뻟폐뿆퇐쪵솦ꆢ뒴탂쓜솦뫍쾵춳닺튵뮯춨뗀뗄톧풺ꆢ릫쮾ꆢ짺닺뫍쿻럑뗄듳쾵춳릤돌ꆣ퓚ퟜ쳥맦뮮뗄믹뒡짏ꎬ쿬펦맺볒뗄훘듳쿮퇐랢탨튪ꎬ춻돶떱뗘뿆벼ꆢ뺭볃뾪랢쟸쳘즫ꎬ듙뷸쳘뚨닺튵뗄ퟔ훷횪쪶닺좨뿢탎돉ꎬ듸뚯쟸폲쓚뗄짺컯뺭볃랢햹ꎬ닺짺솬뚯킧펦ꎬ튵뮯럖릤ꆢ맦쒣뮯뺭펪ꎬ틔쫐뎡캪떼쿲ꎬ폫맺볊뷓맬ꎬ횱뷓뷸죫맺볊뺺헹ꆣ춬쪱ꎬ폐킧뗘뷸탐맺볊붻쇷ꆢ컼틽룷랽맺쓚췢죋닅ꆢ횪쪶닺좨뫍벼쫵풴ꎬ믣뻛룷훖쿠맘뷰뫍럧쿕춶ꆣ짺컯돇ퟷ캪쾵춳릤돌믲퓋ퟷ듳욽첨붫쓜쇩믮뗘냑컕맺볊잰퇘벼쫵뫍닺튵뗄랢햹쟷쫆ꎬ폐킧뗘틽떼놾릤돌쿠맘뗄퇐랢닺튵뫍짌튵뮯ꎬ뷴룺믲뎬풽쫀뷧잰퇘ꎬ톸쯙뗘틽뷸ꆢ쿻뮯ꆢ뾪랢ꆢ틔ퟔ훷횪쪶닺좨뗄햽싔뚨캻뷸탐닺튵짌튵뮯ꎬ볈뒴퓬돶뻞듳뗄짧믡킧틦ꆢ럡뫱뗄닺횵ꎬ폖쪹뗃짺컯뺭볃퓋ퟷ뿉돖탸랢햹ꆢ뿉삩듳뺭펪ꆣ?짺컯돇뗄뫋탄쓚죝벰볛횵쯹퓚쫇짺컯튽튩뫍놣붡캪믹뒡뗄쿖듺튽튩ꆢ헯뛏ꆢ풤럀뫍퇸짺ꎬ튲쫇뷱뫳50 쓪짺컯뺭볃뗄햽싔훆룟뗣ꎬ뇘탫뷴뷴힡짺컯튽튩ꆢ헯뛏벼쫵뫍놣붡욷뗄퇐랢뫍닺튵뮯ꆣ헢훖퇐랢뻟폐풭뒴탔ꎬ돉맻뿉틔짪놨샻뫍닺좨ꆢ튲뿉틔횱뷓쳡룟짺컯벼쫵펦폃뫍짺컯뺭볃뗄쮮욽ꆣ틲듋ꎬ폻쇬떼헻룶짺컯뺭볃뗄뎱쇷ꎬퟮ맘볼뫍떱컱횮벱쫇듳맦쒣뗘퇐랢탂짺컯튽튩ꆢ헯뛏뫍놣붡욷ꆣ뛸쒿잰ퟮ폐킧뗘퓋ퟷ랽쪽쫇뷸탐퇐랢뫍닺튵솴퓋ퟷꎬ탎돉퇐랢웙늼뫍ퟔ훷횪쪶닺좨컄뿢ꎬ틔벯돉킭뗷ꆢ뛠뿬뫃쪡뗘햹뾪벼쫵ꆢ닺욷뫍럾컱튻쳵쇺릤돌ꎬ벫듳뗘퓶잿훐맺퓚맺볊짺컯튽튩쫐뎡짏뗄뺺헹쓜솦ꎬ닺짺뻞듳뗄뺭볃뫍짧믡킧틦ꆣ? 43
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 짺컯돇릤돌붫춨맽커몺맺볊짺컯돇랢햹맜샭릫쮾뻟쳥맦뮮ꆢퟩ횯ꆢ쪵쪩ꆢ맜샭뫍뺭펪ꆣ맜샭릫쮾뗄쳘뗣퓚폚ퟩ횯룟ꆢ뺫ꆢ볢쿠맘벼쫵ꎬ폐맺볊뫍맺쓚듺뇭탔죋닅ꎬ폐횪쪶ꆢ폐뎤ꆢ폐ퟔ훷닺좨ꆢ폐쫐뎡쟾뗀ꆢ늢쟒폐퓚풴짏뮥늹뗄떥캻ꆢ릫쮾뫍풺킣ꎻ붨짨튵컱맘솪ꆢ릦쓜뮥믝뗄퇐랢닺튵췸싧좺쳥ꆣ짺컯돇랢햹맜샭릫쮾폐14 듳릦쓜ꎬ맩쓉죧쿂ꎺ죋닅믣뻛쟾뗀ꆢ짌컱볆뮮톯ꆢ럵뮯뮯쟅솺ꆢ릫쮾돯붨럾컱ꆢ뫳쟚풴킭뗷ꆢ릫쮾맜샭돐냼ꆢ릫릲욽첨맜샭ꆢ뫏춬럾컱훐뷩ꆢ닺좨샻뢨훺ꆢ탅쾢쇏훐탄ꆢ쫐뎡펪쿺듺샭ꆢ놾퓋ퟷ쳥쾵ꆢ믹뷰짪놨욽첨ꆢ헾뢮놨엺뷓뿚ꆣ?짺컯돇릤돌뗄듽틽뷸벼쫵ꆢ닺욷뫍럾컱틔벰닺튵뮯쟾뗀듳훂뿉럖캪뛌ꆢ훐ꆢ뎤죽샠ꎺ십짏뿉뷸죫쫐뎡뗄쫔볁탍닺욷뫍벼쫵럾컱ꎻ탨튪춨맽쇙뒲쫔퇩뗄쇙뒲잰닺욷ꎻ탨튪뺭맽튻뚨뗄퇐랢ꎬ뷸뛸짌튵뮯뗄벼쫵뫍닺욷ꆣ?커몺맺볊짺컯돇랢햹맜샭릫쮾붫폐볆뮮뗘햹뾪폐맘쿮쒿ꎬ벰쪱틽뷸럧쿕춶뫍뷩짜죫릫쮾뗄실뮧ꆣ커몺맺볊짺컯돇랢햹맜샭릫쮾퓚짏쫶뗄14 쿮맜샭뫍럾컱횮췢ꎬퟔ짭붫춬쪱볦폐퇐랢뫍닺튵뮯퓋ퟷ릦쓜ꆣ웤맜샭췅뛓쫇평폐돉릦뗄뒴튵뺭샺ꆢ폐룷뷗뛎릫쮾믲쪵쳥퓋ퟷ뗄뺭퇩ꆢ늢폐붫닺욷뫍럾컱듲죫쫐뎡ꆢ폐킧붨솢펪쿺튵벨볇슼뗄튵죋닅ퟩ돉ꆣ커몺맺볊짺컯돇랢햹맜샭릫쮾폐쏷좷뗄닺튵뮯뫍짌튵뮯쒿뇪ꎬ붫틔맺볊뮯ꆢ짺컯돇뫍릫쮾킧틦볛횵ퟮ듳뮯캪쒱쟳ꎬ틔폐쿞뗄돵쪼춶죫ꎬ듓킡떽듳ꎬ퓚3 쓪쓚뒴퓬3-5 틚닺횵ꎬ늢퓚7 쓪쓚듯떽20 틚닺횵ꆣ?ꎨ3ꎩ릹붨짺컯돇뗄ퟩ횯릹볜 커몺맺볊짺컯돇랢햹맜샭릫쮾뗄삶춼쫇붨솢튻룶뛠릦쓜ꆢ뛠풪쯘ꆢ맺볊뮯ꆢ뾪럅쪽뗄듳퓋ퟷ욽첨ꆣ죧뫎냑훚뛠릫쮾뫍뛠훖벼쫵ꆢ닺욷뫍럾컱폐믺뗘ퟩ뫏퓚튻웰ꎬ닺짺ퟮ듳뗄킭춬킧틦ꎬ쫇튻룶뛔릫쮾맜샭뫍놾퓋ퟷ뗄퇏쯠쳴햽ꆣ짺컯돇랢햹맜샭릫쮾췅뛓틲듋짨볆쇋튻룶쟐쪵뿉탐ꆢ쇩믮쟡쟉뗄퓋ퟷ뷡릹ꎬ캪뗄쫇쓜듓킡떽듳ꆢ뛠뿬뫃쪡뗘햹뾪쿮쒿맦뮮ꎨ죧쿂춼4?1ꎩꆣ?죧춼4?1쯹쪾ꎬ짺컯돇뗄퇐랢닺벯좺뷡릹짨캪?4 룶닣듎ꆣ평믹뒡짨쪩뫍릲쿭욽첨ퟩ돉뗄튻벶뷡릹ꎬ죫릫쮾좺쳥ퟩ돉뗄뛾벶뷡릹ꎬ짺컯돇랢햹맜샭릫쮾뗄죽벶뷡릹ꎬ틔벰뚭쫂믡ꆢ맋캯믡뫍떱뗘헾뢮늿쏅ퟩ돉뗄짏벶뷡릹ꆣ? 44
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 춼4-1 짺컯돇랢햹맜샭릫쮾릹볜 ꎨ4ꎩ짺컯돇폫샻틦쿠맘헟횮볤뗄맘쾵?폫뫏ퟷ믯냩벰뿍뮧뗄맘쾵ꎬ놾쿮쒿쫇튻룶닺튵솴탍릫쮾벯좺뗄욽첨붨짨ꆣ쒿잰폐쪮뛠볒릫쮾틑뺭폐솪쏋맘쾵ꆢ믲폐쏷좷뗄뮥늹풴뫍뫏ퟷ탨쟳ꆣ틲듋ꎬ짺컯돇랢햹맜샭폐쿞릫쮾뗄뫏ퟷ믯냩뿉럖뛠룶닣듎ꎬ맺쓚췢풴ꎬ뫍뮥캪탨쟳ꆣ?돽쇋쒿잰뗄쪮뛠볒죫췅뛓믲릫쮾뗄뫋탄ꎬ웤횱뷓뗄췢캧솪쾵뫍솪쏋뿉틔럅짤떽5-8볒뗄뫏ퟷ믯냩ꎬ헢퇹쪹뗃햽싔뫏ퟷ좺쳥탎돉80-100 룶릫쮾쿠뛔뷴쏜뗄췸싧ꆣ듋췸싧뗄쿂튻싖뫏ퟷ풴뿉틔럅짤떽벸냙짏잧뗄릫쮾ꆣ?듓럾컱뫍닺욷뗄맋뿍살뾴ꎬ평폚죫릫쮾폐뛠볒틑뺭폐쿖돉뗄맋뿍췸싧ꎬ웤랶캧쿠떱듳ꆣ샽죧ꎬ쏀맺믹틲캳릫쮾뗄쿖폐맋뿍췸싧폐튻췲뛠볒ꆣ뛸웤짌튵풴쫽뻝뿢폐뎬맽50 췲뗄폃뮧뫍쿺쫛뛔쿳ꆣ쏀맺놴뿋싼릫쮾뗄맋뿍뫍쿺쫛뛔쿳쫽뻝뿢뎬맽100 췲ꆣ?폫죫릫쮾뗄맘쾵ꎬ솽헟뗄룹놾맘쾵쫇쫐뎡뺭볃풭퓲쟽뚯쿂뗄폐뎥럾컱맘쾵ꆣ 45
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 짺컯돇랢햹맜샭릫쮾뗄짏쫶14 쿮릦쓜듳뛠쫽뚼쫇럾컱탔훊뗄ꆣ틲듋ꎬ죫릫쮾탨튪맜샭릫쮾뗄럾컱ꎬ뛸맜샭릫쮾폖튪냑럾컱ퟶ뗃뛠뿬뫃쪡ꆢ놣훊놣솿ꎬ쮫랽뗄짌컱맘쾵랽뿉돖탸랢햹ꆣ죧춼4?2쯹쪾ꎬ솽헟뮹폐룼룟닣듎춶죫막뗄맘쾵ꆣ짺컯돇랢햹맜샭릫쮾뗄헢훖춶뿉틔폃럾컱럑폃뫍짌튵볛횵탎쪽닎폫죫릫쮾뗄막좨ꆣ헢퇹뿉틔쪹솽헟뗄맘쾵룼쏜쟐ꎬ럧폪춬훛ꆢ럧쿕릲떣ꆣ짺컯돇랢햹맜샭릫쮾폐죚뫍춶릦쓜ꆣ틲듋ꎬ뿉틔폐톡퓱ꆢ폐볆뮮뗘뛔죫릫쮾뗄랢햹뫍퓶삩막쳡릩폐킧뗄럾컱ꎬ춬쪱뿉폐킧뗘릹붨짺컯돇랢햹맜샭릫쮾뗄ퟔ짭볛횵ꆣ? 춼4-2 짺컯돇랢햹맜샭릫쮾폫죫떥캻볤뗄뮥뚯맘쾵 짺컯돇랢햹맜샭릫쮾뫍죫릫쮾뚼폐맒없짏쫐뗄놾퓋ퟷ쓜솦ꎬ튲폐룷훖햽싔뫏ퟷ믯냩뗄ퟝ뫡퓋ퟷ좡쿲ꆣ죧뫎퓚헢훖폅쫆뮥늹뫍룜룋뮥믝퓋ퟷ훐뾪뒴ퟮ듳뗄킧틦볛횵ꎬ쫇짺컯돇랢햹맜샭릫쮾뫍죫릫쮾횮볤톰쟳ퟮ병뫏ퟷힴ첬뗄햽싔튪쟳ꆣ탨튪룼룟뗄훇믛뫍웇솦살닟뮮뫍쪵쪩ꆣ짺컯돇랢햹맜샭릫쮾붫퓚룼룟햽싔뚨캻짏살틽떼 46
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 뫍듙돉헢훖퓋ퟷꆣ? ퟔ평쿖뷰쇷뫍웳튵볛횵 ꎨ1ꎩ쟡닺퓋펪햽싔 짌튵쒣쪽뗄ퟮ룟닣듎퓲쫇ꆰퟔ평쿖뷰쇷ꆱꎬ춨맽룷훖뷰죚닟싔ꎬퟮ훕쳡짽ꆰ웳튵볛횵ꆱꎬ죃웳튵볛횵ퟮ듳뮯ꆣ 폐뫜뛠틲쯘뻶뚨튻볒릫쮾캴살닺짺쿖뷰쇷뗄쓜솦ꎬ떫쫇닺놨돪싊컞틉쫇ퟮ훘튪뗄횸뇪ꎬ쯼뇭쏷튻볒릫쮾잮쓜솦뫍춶믘놨킧싊ꆣ 퓚헢퇹튻룶뇪ힼ쿂ꎬ닺풽짙ꎬ믘놨풽뛠ꎬퟜ닺놨돪싊뻍풽룟ꆣ쯹틔ꎬ퓚짨볆짌튵쒣쪽쪱늻떫튪뾼싇죧뫎믱뗃룼뛠뗄샻죳ꎬ뮹튪뾼싇퓵퇹닅쓜쪹닺룼쟡ꎬ헢퇹닅쓜폐킧쳡룟닺놨돪싊ꆣ떫평폚웳튵퓚ꆰ뚨캻ꆱꆢꆰ튵컱쾵춳ꆱꆢꆰ맘볼풴쓜솦ꆱ뫍ꆰ펯샻쒣쪽ꆱ뗄닮틬ꎬퟮ훕탎돉뗄늻튻뚨쫇ꆰ쟡닺ꆱꆣ쓇쎴ꎬ죧뫎뷨훺룷훖뷰죚릤뻟ꎬ뛔늻샻뗄쿖뷰쇷뷡릹뷸탐룄짆쓘??뿉틔듓솽룶뷇뛈살뷸탐쮼뾼ꎡ?쫗쿈ꎬ뛔웳튵헻쳥쿖뷰쇷뗄룄짆ꎬ냼삨듻뿮ꆢ햮좯ꆢ폅쿈막ꆢ뿉뮻횤좯ꆢ쮽쒼막좨죚ꆢ릫뾪랢탐막욱뗈ꎻ?웤듎ꎬ뛔쳘뚨닺벰쿮쒿쿖뷰쇷뗄룄짆ꎬ냼삨펦쫕헊뿮죚ꆢ듦믵죚ꆢퟢ쇞ꆢ쿮쒿죚ꆢ닺횤좯뮯뗈ꎻ?춨맽짏쫶뷰죚쫖뛎ꎬ뿉틔붫ꆰ훘닺ꆱ뇤돉ꆰ쟡닺ꆱ쪵쿖ꆰ뻙훘죴쟡ꆱꆣ?ꎨ2ꎩ짺컯돇ퟔ평쿖뷰쇷릹돉?짺컯돇뗄ퟔ평쿖뷰쇷살풴폚냋룶랽쏦ꎬ럖뇰쫇ꎺ죃벼쫵샻믱좡뗄ꆰ좨샻뷰ꆱ믲ꆰ쳘탭볓쏋럑ꆱ쿖뷰쇷ꎻ쳡릩짌컱벰쫐뎡럾컱쫕좡ꆰ럾컱럑ꆱ쿖뷰쇷ꎻ캪뿍뮧뚨쿲퇐랢탂닺욷쫕좡탂닺욷ꆰ뾪랢럑ꆱ쿖뷰쇷ꎻ캪뿍뮧듺샭쿺쫛쫕좡ꆰ쿺쫛펶뷰ꆱ쿖뷰쇷ꎻ붨솢탐튵뇪ힼ쳡릩벼쫵릲쿭욽첨쿲뿍뮧쫕좡ꆰ탅쾢폐뎥쪹폃럑ꆱ쿖뷰쇷ꎻ캪뿍뮧쳡릩벼쫵뷢뻶랽낸ꎬ쿲뿍뮧쫕좡ꆰ벼쫵럾컱럑ꆱ쿖뷰쇷ꎻ뻙냬짺컯튽튩맺볊믡햹ꎬ쿲닎햹랽쫕좡ꆰ믡컱럑ꆱ쿖뷰쇷ꎻ죃막좨믱좡뗄쿖뷰쇷ꆣ?ꎨ3ꎩ짺컯돇쟡닺퓋펪짨볆랽낸 짺컯돇랢햹맜샭폐쿞릫쮾훷튪듓쫂짺컯튽튩퇐랢ꆢ닺욷럵뮯ꆢ쇙뒲쫔퇩ꆢ벼쫵 47
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 럾컱ꆢ탅쾢럾컱ꆢ춶맜샭ꆢ펪쿺럾컱ꎻ뛸붫짺컯닄쇏짺닺뫍짺컯튽튩닺욷짺닺좫늿췢냼ꆣ 룹뻝짺컯돇랢햹맜샭릫쮾뗄펯샻쒣쪽ꎬ닉좡쟡닺퓋펪짨볆랽낸ꎬ벴ꎺ훐탄쪵퇩쫒평헾뢮쳡릩ꎬ뎧랿쿲춶짌ꎨ커몺뮪샖뗘닺폐쿞릫쮾ꎩퟢ쇞ꆣ틲듋ꎬ짺컯돇랢햹맜샭릫쮾튻웚믹놾춶ꎺ1500 췲죋쏱뇒웴뚯뫍퓋ퟷ뷰ꎻ2 췲욽쏗뗄쪵퇩쫒뫍냬릫뎡뗘ꎬ쓪ퟢ뷰360췲풪ꎻ 5-8 캻뫋탄죋풱뗄맜샭췅뛓ꎻ볛횵2000 췲죋쏱뇒뗄릫릲럾컱욽첨ꎨ몬폐럖ퟓ짺컯ꆢ짺뮯럖컶ꆢ짺컯튽튩짺닺쿠맘짨놸ꎩꆣ?짺컯돇랢햹맜샭릫쮾뗚튻쓪ퟜ춶캪5000췲풪ꎬ뗚뛾쓪샛볆ퟜ춶캪6000췲풪ꎬ뗚죽쓪췪돉좫늿춶틚풪ꆣ?ꎨ4ꎩ짺컯돇벼쫵ꆢ닺욷뫍럾컱뾪랢샯돌놮 헻룶짺컯돇릤돌뗄뾪랢붫럖뷗뛎ꆢ럖닺욷샠뇰ꎬ룹뻝뷰춶죫솿ꆢ뫍뾪랢웚맦뮮ꆣퟜ뗄쮵ꎬ벼쫵럾컱탍쿮쒿뗄샯돌놮쫇뾪쪼펯샻ꆣ짺컯돇랢햹맜샭릫쮾ힼ놸햹뾪뗄죽랽쏦럾컱쿮쒿뚼뿉퓚뗚튻쓪쓚펯샻ꆣ웤폠뗄헯뛏뫍훎쇆닺욷ꎬ웤뾪랢뗄샯돌놮훷튪럖캪쇙뒲잰ꆢ쇙뒲쫔퇩뫍튩볠횤쫩ꆣ퇐랢쿮쒿뗄샯돌놮룹뻝쿮쒿뛸뚨ꆣ쿂뇭맩쓉쇋룷쿮쒿뗄훘튪샯돌놮ꆣ룹뻝쿮쒿뗄웴뚯쿈뫳ꎬ믣돉튻샀ꎨ룼쾸뗄샯돌뿉뷸튻늽뮮럖ꎩꎺ?뇭4-1 짺컯돇훘튪샯돌놮뇭 쓪 뛈ꎨ릫쮾뾪헅퓋ퟷ웰쪼ꎩ 1 2 3 4 5 6 7 8 9 10 떰냗뫍뾹쳥짺닺ꆢ돐냼럾컱욽첨ꎨ뾪쪼펯샻ꎩ a) 뾹풭뗄짺닺럾컱욽첨 b) 룷훖샠탍뗄뛠뾹뫍떥뾹 c) 듳맦쒣ꆢ쾵춳뮯뇭듯훘ퟩ떰냗 d) 쏢틟헯뛏쫔볁뫐믲쟗뫍럖샫쫔볁뫐 쇙뒲볬퇩뫍헯뛏닎뾼럾컱훐탄ꎨ뾪쪼펯샻ꎩ a) 떰냗횸컆춼웗벼쫵쫔볁뫐짺닺벰볬닢럾컱 b) 쇙뒲짺뮯ꆢ늡샭ꆢ뚾샭ꆢ믹틲ꆢ쏢틟뗈볬닢럾컱 d) 퓧웚훗쇶헯뛏쫔볁뫐벰볬닢럾컱 놣붡뫍뾹쮥샏닺욷뫍럾컱ꎨ뾪쪼펯샻ꎩ a) 죽풪단 — 붡뾵ꆢ붵톪쳇틻쇏 48
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 탸뇭4-1 짺컯돇훘튪샯돌놮뇭 b) 뾹쮥샏엧컭볁뫍뿚몬욬닺욷 c) 벦엟놦뫍떰쟥닺욷 죋풴뮯믲좫죋튩폃떥뾹닺욷뾪랢 a) 좫죋뾹뫴컼뗀뫏냻늡뚾떥뾹튩컯ꆪ쇙닺잰 췪돉쇙뒲쫔퇩ꆢ믱뗃탂튩횤쫩 b) 좫죋뾹TNF-a떥뾹훎쇆ퟔ짭쏢틟벲늡ꆪ쇙닺잰 췪돉쇙뒲쫔퇩ꆢ믱뗃탂튩횤쫩 c) 좫죋뾹틒탍룎퇗늡뚾떥뾹튩컯ꆪ쇙닺잰 췪돉쇙뒲쫔퇩ꆢ믱뗃탂튩횤쫩 컞톪쟥쾸냻엠퇸믹 — 탂탍엠퇸ힰ훃뫍엠퇸믹쾵춳 a) 췪돉쇙닺잰쫔퇩ꆢ짪놨ꆢ믲쇙뒲쫔퇩ힼ탭 b) 췪돉쇙뒲쫔퇩ꆢ믱뗃튩볠뻖횤쫩 훘ퟩ횲컯쳰떰냗닺욷뾪랢 — 쪳욷쳭볓ꆢ놣붡틻쇏 a) 췪돉쇙닺잰쫔퇩ꆢ짪놨ꆢ믲쇙뒲쫔퇩ힼ탭 b) 췪돉쇙뒲쫔퇩ꆢ믱뗃놣붡욷횤쫩 뮯톧탞쫎릤돌쎸 — 탂탍뻛틒뛾뒼탞쫎틈떺쯘튩컯 a) 췪돉쇙닺잰쫔퇩ꆢ짪놨ꆢ믲쇙뒲쫔퇩ힼ탭 b) 췪돉쇙뒲쫔퇩ꆢ믱뗃탂튩횤쫩 쟸폲훘ퟩ떰냗탂튩뾪랢— 믹틲훘ퟩ죋짺뎤벤쯘 a) 췪돉쇙닺잰쫔퇩ꆢ짪놨ꆢ믲쇙뒲쫔퇩ힼ탭 b) 췪돉쇙뒲쫔퇩ꆢ믱뗃탂튩횤쫩 듳맦쒣떰냗ퟩ퇐랢ꆢ짺컯뇪횾ꆢ튩컯냐뇪즸톡볡뚨 a) 붨돉룟킧ꆢ룟춨솿ꆢ퇐랢쾵춳 b) 본뚨폐쇙뒲틢틥뗄100-500룶훘튪뗄뇪냐탍떰냗 믹틲뚯컯 — 믹틲벦벰뇭듯훘ퟩ떰냗 a) 췪돉믹틲벦쒣탍쾵춳붨솢 b) 췪돉믹틲벦짺닺뗄훘ퟩ떰냗쇙뒲ꆢ믱튩횤 룉쾸냻뫍뚯컯쒣탍닺욷뗄뾪랢 a) 붨솢10-20훖룉쾸냻쳥쾵 b) 붨솢20-30훖튽튩헯뛏뾪랢폃뚯컯쒣탍 49
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 ꎨ5ꎩ짺컯돇랢햹맜샭릫쮾볛횵퓶뎤쒣탍 짺컯돇랢햹맜샭릫쮾붫펦폃맺볊쿈뷸뗄맜샭샭쓮뷸탐퓋ퟷꎬ탎돉폫맺볊뷓맬ꆢ쓜틽떼짺컯뺭볃돇뿋럾룷훖삧쓑ꆢ늻뛏뗘쿲룼룟뗄볛횵닣듎뷸좡ꆣ웤맜샭뫍뺭펪욽첨쫇쓜릻ퟛ뫏뒦샭뢴퓓틲쯘뫍헻뫏룷훖뿉샻폃풴늢쪵쪩춳튻맦뮮ꆣ?짺컯돇랢햹맜샭릫쮾틀췐짺컯튽튩탂벼쫵뷸탐닺욷퇐랢뫍벼쫵췆맣ꎬ춨맽뛔짺컯튽튩닺튵ꆢ짌튵ꆢ펦폃ꆢ퇐랢뷸탐풴헻뫏ꎬ퓚뺭펪맜샭욽첨쿂쪵쿖볛횵룟뛈1ꎬ춨맽짨솢탐튵뇪ힼ뷸탐볛횵퓶횵쪵쿖뗚2룶볛횵룟뛈ꆣ쿂쏦쫇짺컯돇랢햹맜샭릫쮾릹돉튪쯘뫍볛횵뷰ퟖ쯾뗄퓶뎤쒣탍ꆣ? 춼4-3 짺컯돇랢햹맜샭릫쮾볛횵퓶뎤쒣탍 ꎨ6ꎩ짺컯돇랢햹맜샭릫쮾볛횵풤닢 뇭4-2 짺컯돇랢햹맜샭릫쮾볛횵풤닢ꎺꎨ떥캻ꎻ틚풪죋쏱뇒ꎩ 럖컶쿮쒿 뗚튻쓪 뗚뛾쓪 뗚죽쓪 뗚쯄쓪 뗚웟쓪 뗚쪮쓪 ퟜ춶뛮 쓪뛈쫕죫 쓪뛈횧돶 뺻샻죳 릫쮾볛횵 15 22 135 699 춶믘놨 2 4 11 16 100 518 50
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 짺컯돇랢햹맜샭릫쮾붫틔쫐뎡캪훷떼ꆢ틔쒱좡볛횵ퟮ듳뮯캪믹놾ힼ퓲ꆣ펦폃럻뫏맺볊맦랶뗄짌튵풭퓲ꎬ뷸탐룷훖짌컱믮뚯ꆣ믽벫쿬펦쫐뎡탨쟳ꎬ좫솦췆뚯짺컯튽튩닺욷뗄돉쫬뫍듲죫쫐뎡ꆣ붨솢룷훖쫐뎡쟾뗀ꆣ듓뛠훖뺭펪뗄햽싔돶랢ꎬ짺컯돇랢햹맜샭릫쮾쓜캪춶헟듸살뷏폅풽뗄믘놨ꎬ늢춬쪱쪵쿖뎬쯙퓶뎤ꆣ?뇭4?2뗄볙짨쳵볾뫍놸힢ꎺ?ꎨ1ꎩ짺컯돇랢햹맜샭릫쮾뗄뗚튻쓪뻍폐쫕죫ꎬ뇭훐뗄뗚웟쓪뗄쫕죫쳚량쫇뾹쳥튩컯뷸죫쫐뎡뫳쯹훂ꆣ?ꎨ2ꎩ쯹볆쓪뛈뾪횧냼삨쿮쒿퓋ퟷ횧돶ꎬ틔벰짌컱뾪랢춶죫믲햽싔뫏ퟷ춶죫ꆢ램싉닺좨럑폃뗈ꆣ?ꎨ3ꎩ쮰컱볆쯣틔쫕죫뗄25%캪쮰싊ꎬ릫쮾뒴샻잰웚펦룃폐쮰싊폅믝ꆣ?ꎨ4ꎩ릫쮾볛횵쫇틔쮰뫳뺻샻죳뗄20놶캪볆쯣ꆣ?ꎨ5ꎩ릫쮾뗄돉뎤맽돌훐뿉탎돉뛠훖춶췆돶믺훆ꎬ?죧짏쫐붻틗믲놻듳릫쮾쫕릺ꎬ춶막럝뿉뗃틔췆돶ꎬ늢믱뗃쿠펦뗄퓶횵믘놨ꆣ?ꎨ6ꎩ짺컯돇랢햹맜샭릫쮾뗄볛횵뿉쓜뮹퓚웤쯻랽쏦퓶볓ꆣ쳘뇰쫇탂뗄퇐랢뫍탂벼쫵뗄펦폃ꆣ탂뗄닺좨뫍닺욷뿉틔춨맽햽싔뫏ퟷ믲벼쫵죃ꎬ믱뗃쫕죫ꆣ틲듋ꎬ짏쏦쳡벰뗄릫쮾잰쯄쓪쫕죫ꎬ횻쫇훮뛠맀볆훐뷏샭쿫뗄튻훖ꆣ릫쮾뿉퓚랢햹맽돌훐믱뗃룷훖믺폶ꆢ뒴퓬탂뗄볛횵ꆣ? 춼4-4 커몺짺컯돇랢햹맜샭폐쿞릫쮾캴살10쓪뺻샻죳퓶뎤쟺쿟 51
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 춼4-5 커몺짺컯돇랢햹맜샭폐쿞릫쮾캴살10쓪볛횵퓶뎤쟺쿟 커몺짺컯돇랢햹맜샭릫쮾짌튵쒣쪽뿉틔맩쓉캪ꎺꆰ짺컯튽튩닺욷퇐랢+벼쫵횧돖+짌튵럾컱+쟾뗀붨짨ꆱꆣ짺컯돇랢햹맜샭릫쮾춨맽헻뫏맺쓚췢짺컯튽튩탂벼쫵ꎬ뷸탐닺욷퇐랢ꎬ퓚맺쓚짺컯튽튩쫐뎡붨솢탐튵뇪ힼꎬ캪짺컯튽튩닺튵쳡릩튵뮯뗄벼쫵톯폫짌튵럾컱뫍뿆벼돉맻뗄뮯ꆣ짺컯돇랢햹맜샭릫쮾늢늻짦ퟣ짺컯튽튩닺욷뗄짺닺ꎬ횻힢짺컯튽튩퇐랢럾컱뫍쟾뗀붨짨짏ꆣ틲듋커몺짺컯돇랢햹맜샭릫쮾쫇뗤탍뗄쟡닺퓋펪뗄짌튵쒣쪽ꎬ퓚짺컯튽튩닺튵솴짏뷸탐짌튵쒣쪽뒴탂ꎬ웰떽뮯훘캪쟡ꆢ뮯랱캪볲뗄ퟷ폃ꆣ틲듋ꎬ컒쏇뿉틔쮵ꎺ쟡닺퓋펪쿂ꎬ뫃뗄짌튵쒣쪽뿉틔쪹릫쮾볛횵닺짺쇑뇤킧펦ꎬ쪵쿖놶쫽퓶뎤ꆣ 52
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 뷡쫸폯 짌튵쒣쪽뛔웳튵랢햹훁맘훘튪ꎬ짌튵쒣쪽뻍쿳ힰ폐컀탇뚨캻쾵춳뗄떼몽틇ꎬ뷸탐ힼ좷뚨캻뺫좷훆떼ꎬ쯼룸웳튵횸쏷쇋잰뷸뗄랽쿲ꎬ늢캪웳튵쪵쿖쒿뇪볛횵쳡릩쇋ퟮ폐킧ퟮ뇣뷝뗄춾뺶ꆣ쎻폐짌튵쒣쪽ꎬ웳튵뻍쪧좥쇋랢햹뗄랽쿲ꆣ짌튵쒣쪽놾훊짏뻍쫇샻틦쿠맘헟뗄붻틗맘쾵ꎬ짌튵쒣쪽튪뷢뻶뗄뫋탄쫇맘폚웳튵ퟶ쪲쎴ꆢ퓵쎴ퟶꆢ퓵쎴펮샻뗄컊쳢ꎬ웤쪵훊쫇짌튵맦싉퓚뺭펪훐뗄뻟쳥펦폃ꆣ짌튵쒣쪽뗄뺺헹쫇쿖듺웳튵뺺헹뗄ퟮ룟탎첬ꆣ틲캪퓚쯹폐뗄뒴탂횮훐ꎬ짌튵쒣쪽뒴탂쫴폚웳튵ퟮ놾풴뗄뒴탂ꆣ샫뾪짌튵쒣쪽ꎬ웤쯻뗄맜샭뒴탂ꆢ벼쫵뒴탂뚼쪧좥쇋뿉돖탸랢햹뗄뿉쓜뫍펯샻뗄믹뒡ꆣ쯹폐뗄돉릦뗄듳웳튵뚼쫇듓킡웳튵뇼돖돉릦뗄짌튵쒣쪽튻늽늽ퟟ맽살뗄ꆣ?웳튵퓚랢햹맽돌훐ꎬ웤짌튵쒣쪽늢럇만뚨늻뇤ꎬ퓚짌튵뮷뺳뇤뮯훐ꎬ웳튵죧뫎ힼ좷뚨캻ꎿ릹붨쪲쎴퇹뗄ꆰ튵컱쾵춳ꆱꎿ톡퓱쓄훖ꆰ펯샻쒣쪽ꆱꎿ탨튪쓄킩ꆰ맘볼풴쓜솦ꆱꎿ릹돉퓵퇹뗄ꆰퟔ평쿖뷰쇷뷡릹ꆱꎿ죧뫎쪵쿖웳튵볛횵컈뚨뿬쯙퓶뎤ꎿ헢튻쾵쇐뗄컊쳢ꎬ튪쟳웳튵뇘탫뗷헻랢햹쒣쪽ꆢ폅뮯짌튵쒣쪽ꆣ냼삨퓚뒫춳탐튵짨볆탂짌튵쒣쪽ꎬ틔벰퓚탂쫐뎡믺믡쪵쪩탂짌튵쒣쪽ꆣ?놾컄춨맽뛔쟡닺퓋펪쿂뗄짌튵쒣쪽뗄첽컶ꎬ쾣췻춨맽춸쫓짌튵쒣쪽ꆢ좥랢쿖짌튵쒣쪽ꆢ퓚쪵볹훐좥짨볆짌튵쒣쪽ꎬ캪춶헟쳡릩톡퓱춶뛔쿳ꆢ움볛웳튵캴살볛횵ퟷ닎뾼ꎬ캪맜샭헟쳡릩짨볆짌튵쒣쪽ꆢ쪵쿖볛횵퓶뎤ퟷ폐틦뷨본ꆣ? 53
뮪 훐 뿆 벼 듳 톧 쮶 쪿 톧 캻 싛 컄 훂 킻 놾욪싛컄쫇퓚뮪훐뿆벼듳톧췵뷌쫚뗄쾤탄뢨떼뫍쓍탄짳퓄엺룄쿂췪돉뗄ꆣ췵뷌쫚틔풨늩뗄톧쪶ꆢ퇏뷷뗄훎톧ꆢ뿉맳뗄뺴튵뺫짱쇮컒쫜틦럋잳ꎬ퓚듋쿲췵뷌쫚훂틔ퟮ돧룟뗄뺴틢뫍훔탄뗄룐킻ꎡ 춬쪱ꎬ뮪훐뿆벼듳톧릨웓뷌쫚뗄ꆶ짌튵쒣쪽짨볆ꆷ뫍ꆶ릫쮾뷰죚ꆷ뗈MBA뿎돌뗄뺫닊뷌톧ꆢ짺뚯뗄쫚뿎ꆢ쓍탄뗄듰틉쪹컒쫕믱웄뛠ꎬ퓚듋뛔릨웓뷌쫚뇭쪾평훔뗄룐킻ꎡ 춬쪱뮹튪룐킻쏀맺짺풪뿆벼릫쮾뚭쫂뎤헅캬캬늩쪿ꎬ룐킻쯻퓚컒췪돉싛컄웚볤냯훺컒럖컶짺컯튽튩닺튵랢햹쟷쫆ꎬ캪뒴붨커몺맺볊짺컯돇랢햹맜샭릫쮾뗄짌컱볆뮮뫍짌튵쒣쪽ꎬ룸컒쳡릩뗄횧돖폫냯훺ꆣ 퓚솽쓪뗄퇐뺿짺톧쾰웚볤ꎬ컒뗃떽맜샭톧풺훮뛠샏쪦뗄뷌믥뫍횸떼ꎬ퓚듋뛔쯻쏇뇭쪾평훔뗄룐킻ꎡ ퟮ뫳ꎬ뷷쿲냙쎦횮훐돩돶놦맳쪱볤짳룥뗄룷캻샏쪦훂틔돏횿뗄킻틢ꎡ 쇵뷰컄 2009쓪10퓂 54
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轻资产商业模式探析与应用作者：刘金文学位授予单位：华中科技大学 本文链接：
