ꆡ2009쓪08퓂(뗚23뻭뗚ꆡꆡꆡꆡꆡꆡꆡ8웚ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡAug1,2009)EastChinaEconomicManagemꆡꆡꆡꆡent(,)ꇱ맛뗣맣뷇ꆾDOIꆿ1013969/j1issn11007-5097120091081034짌뇪좨횤좯뮯잳컶ꆪꆪꆪ틔Guess?Inc캪샽ퟞ킡왍,훜쏎폮,샮ꆡ열(헣붭듳톧ꆡ뺭볃톧풺,헣붭ꆡ몼훝ꆡ310027)[햪튪]ꆰ놫틁햮좯ꆱ폚1997쓪뾪뒴쇋횪쪶닺좨횤좯뮯뗄쿈뫓ꆣ뷼쓪살,횪쪶닺좨횤좯뮯퓚맺췢뗄쪵볹훷튪짦벰냦좨ꆢ샻좨뫍짌뇪좨뗈쇬폲,욵쫜맘힢ꆣ짌뇪좨횤좯뮯쫇닺욷뺭펪쒣쪽폫웳튵죚쒣쪽뗄쮫훘뒴탂,컄헂뷢컶맺췢짌뇪좨횤좯뮯낸샽,틢퓚엗틽폱,쾣췻틽랢맺쓚톧헟뫍튵뷧뛔짌뇪좨죚룼짮뗄퇐뺿ꆣ[맘볼듊]짌뇪좨횤좯뮯;낸샽뷢컶;뺭퇩뷨본[훐춼럖샠뫅]F830191ꆡꆡꆡ[컄쿗뇪횾싫]Aꆡꆡꆡ[컄헂뇠뫅]1007ꆪ5097(2009)08ꆪ0153ꆪ03TrademarkRightsSecuritizationBriefAnalysisꆪꆪꆪMakingGuess?IncasanExampleZOUXiao2peng,ZHOUMeng2yu,LIPeng(SchoolofEconomics,ZhejiangUniversity,Hangzhou310027,China)Abstract:In1997,ꆰBowieBondsꆱ,thesecuritizationofin2tellectualpropertyrightsabroad,whichismainlyrelatedtothepracticeofcopyrights,patentsandtrademarkrightsandotherfields,,intendstooffersafewordinaryintroductoryremarkssothatothersmayoffertheirvaluableideas,:trademarkrightssecuritization;caseanalysis;experiencereferenceꆡꆡ튻ꆢ틽ꆡ퇔쓚톧헟좡뗃쇋튻킩퇐뺿돉맻,췵뒺[1]쳡돶쇋짌뇪좨훊톺듦퓚뗄죴룉퓚훐맺떱잰뗄쫐뎡뺭볃뮷뺳쿂,뺡맜짌뇪뻟폐뻞듳뗄컞탎볛횵컊쳢;췵[2]뻍짌뇪좨훊톺뗄돶슷뷸탐쇋첽쯷,늢쳡돶뿉틔춨맽솪,떫웤ퟷ캪웕뇩듦퓚뗄닆닺좨탎쪽,쯹쳘폐뗄컞탎탔ꆢ늻컈뚨탔폈웤쫖떣놣릫쮾틔벰헾뢮돶쏦킭뗷뗈랽쪽뷢뻶짌뇪좨훊톺컊쳢뗈ꆣ떫돽쫇틀뢽탔벴틀뾿뻟쳥닺욷믲럾컱닺짺쫕틦뗈쳘뗣,훆풼쇋웤붻틗폫듋횮췢,뛔짌뇪좨웤쯻춶죚랽쪽뗄퇐뺿벰쫐뎡뷓쫜뗄짌튵쒣쪽,춶욷훊ꆣ퓚춶죚뎡뫏,컒맺짌뇪볛횵횻쫇튻룶쫽ퟖ럻뫅뛸틑맺쓚퓚샭싛폫쪵볹랽쏦뮹좱랦첽쯷ꆣ랴맛맺췢,짌뇪좨죚뛠춨맽,죧횤좯뮯춾뺶뛸럇떥튻뗄훊톺듻뿮,킧맻튲룼쿔훸ꆣ,ꆰ낮뛠ꆱꆢꆰ쟘돘ꆱ틔벰룕룕웆닺엄싴뗄ꆰ죽승ꆱ뗈짌뇪퓸뺭놻움맀뻟폐쫽쪮틚쓋훁짏냙틚뗄욷없볛횵,떫춨뎣놻죏캪탻뒫틢틥듳뛾ꆢ낸샽뷢컶폚쪵볊볛횵,웤ퟷ캪웳튵춶죫뻞듳ꆢ돁뗭솼뻃뗄훘듳닺,퓚닺11믹놾쟩뿶뷩짜펪퓋쳘뇰쫇횱뷓죚랽쏦뗄볛횵풶쎻폐뗃떽쪵쿖ꆣ쒿잰,램싉맦뚨Guess?Inc.쫇튻볒캻폚싥즼뗄럾쫎릫쮾,쯼쿲룷샠짺닺짌랢쇋짌뇪뿉틔ퟷ캪듻뿮뗖톺욷벰뛔췢춶닺ꆣ캧죆짌뇪좨훊톺,맺럅짌뇪쪹폃탭뿉,쯹짦벰뗄닺욷냼삨쫖뇭ꆢ킬ퟓꆢ쫖쳡냼ꆢ틂럾뫍[쫕룥죕웚]2008ꆪ09ꆪ14[ퟷ헟볲뷩]ퟞ킡왍(1957ꆪ),쓐,헣붭몼훝죋,뢱뷌쫚,쮶쪿짺떼쪦,퇐뺿랽쿲:펦폃뺭볃톧;훜쏎폮(1987ꆪ),쓐,낲믕뎲뫾죋,놾뿆짺,퇐뺿랽쿲:펦폃뺭볃톧;샮ꆡ열(1979ꆪ),쓐,뫓쓏쓏퇴죋,쮶쪿퇐뺿짺,퇐뺿랽쿲:펦폃뺭볃톧ꆣꆪ153ꆪ
퇛뺵뗈ꆣGuess?Inc.탨튪쿖뷰틔뷢뻶웤벬쫖뗄햮컱컊쳢ꆣ2003쓪릫쮾뮯뫏믯(incorporatedpartnership)뗄폐쿞뫏믯탎쪽ꆣ뫏믯탍SPV퓚돵,Guess?Inc.돉솢쇋풶샫웆닺럧쿕뗄횤좯뮯쳘쫢쒿뗄믺릹Guess?튻냣쟩뿶쿂훷튪쿲웤뫏믯죋릺싲횤좯뮯닺,늢쳡릩쿠펦뗄죚럾컱ꆣRoyaltyFinanceLLC(GRF)늢틔14럝짌뇪탭뿉쪹폃뫏춬캪믹뒡랢탐쇋퓚놾듎횤좯뮯낸샽훐틠쫇죧듋ꆣ7500췲쏀풪뗄햮좯ꆣ랢탐뗄햮좯평JP쒦룹횤좯릫쮾냼쿺,햮좯뗄램41탅폃퓶벶뫍움벶뚨뻃웚캪8쓪ꆣ듋듎짌뇪좨횤좯뮯붻틗틽웰쇋죋쏇뗄맣랺맘힢,뇪놾듎횤좯뮯붻틗쯹닉폃뗄탅폃퓶벶쫖뛎폐:ힼ웕뛻뗄럖컶죋풱돆,Guess?Inc.횤좯뮯붻틗캪캴살뗄짌뇪좨횤좯(1)뎬뛮뗖톺ꆣ14럝탭뿉쪹폃뫏춬캴살쫕틦뗄볛횵튪듳폚쯹랢뮯붻틗짨뚨쇋뇪ힼꆣ탐햮좯뗄볛횵ꆣ21믹뒡닺ힴ뿶(2)랢웰죋돐억ꆣGuess?Inc.ퟜ릲펵폐21럝탭뿉쪹폃뫏춬ꆣ14럝짌뇪탭뿉쪹폃뫏춬훐폐12럝쫇맺쓚뫏춬,쪣폠2럝쫇맺볊Guess?Inc.돐억퓚쿖뷰쇷좱랦쪱붫쇭췢7럝뫏춬뗄캴살쫕틦퓶훁믹뫏춬ꆣ헢킩뫏춬잩뚩폚1984ꆪ2001쓪횮볤,뫏춬웚쿞캪3ꆫ10쓪늻뒡닺돘ꆣ뗈ꆣ쎿럝탭뿉쪹폃뫏춬훐뚼맦뚨,놻탭뿉죋펦내쿂쇐솽쿮횮훐뗄뷏(3)샻쾢뒢놸헋뮧ꆣ헢튻헋뮧ퟮ돵뒢놸폐6룶퓂뗄뿉뢶샻쾢,룟헟횧뢶탭뿉쪹폃럑:튻쫇ퟮ뗍탭뿉쪹폃럑;뛾쫇쿺쫛뛮뗄튻뚨냙퓚폐쪣폠쿖뷰쇷뗄쟩뿶쿂퓶훁12룶ꆣ럖뇈(6%ꆫ10%횮볤)ꆣ뻝맀볆,탭뿉쪹폃럑쫕죫퓚횤좯랢탐뫳뗄잰(4)놸폃럾컱짌ꆣGuess?Inc.쫇횤좯뮯뗄쫗튪럾컱짌,퓚웤틲벸쓪붫듯2300췲쏀풪ퟳ폒ꆣ맊훐횹럾컱뗄쟩뿶쿂,Jassin-O’RourkeGroupLLC붫캪횤좯뮯붻틗톡31SPV뗄램싉뷡릹퓱놸폃럾컱짌믲퓚Guess?Inc.훐횹웤럾컱횰쓜45쳬뫳ퟔ뚯좡듺놾듎횤좯뮯붻틗훐SPV뗄램싉뷡릹뷏캪뢴퓓(볻춼1)ꆣ랢웰죋Guess?Inc.돉캪놸폃럾컱짌ꆣ쇭췢,뇪ힼ웕뛻뛔쿖뷰쇷튲뷸탐쇋톹Guess?Inc.붫쪵쳥짌뇪ꆢ탭뿉뫏춬뫍쿠맘펦쫕뿮랽쏦뗄쯹폐좨샻틔솦닢쫔,닢쫔쪱쯹뾼싇뗄쟩뿶냼삨ퟮ킡뮯뫏춬틥컱뫍뫏춬떽웚늻탸헦쪵돶쫛뗄랽쪽틆훁.틔듯떽웆닺룴샫뗄쒿뗄ꆣ잩뗈ꆣGuess?Inc.뗄튻볒쿂쫴릫쮾튲붫쯹펵폐뗄탭뿉횤좫늿틔헦쪵돶쫛뗄뇪ힼ웕뛻퓚듋듎탅폃움벶훐뗄뾼달훘뗣쫇붻틗뷡릹죧뫎뒦샭붻랽쪽틆훁IPHolderLPꆣGuess?IPGPLLC뫍Guess?IPLPLLC럖틗훐쯹쓚잶뗄ꆰ뫋탄닺ꆱ컊쳢ꆣ본폚짌뇪탭뿉쫕죫ퟷ캪Guess?뇰쫇IPHolderLP뗄웕춨뫏믯죋뫍폐쿞뫏믯죋,쯼쏇튲쫇풶샫웆닺럧Inc.뗄뫋탄닺퓚2001쓪햼좫쓪뺻쫕죫뗄5%,틲듋퓚릫쮾뗄쯹폐쿕뗄쳘쫢쒿뗄믺릹,럖뇰평GuessLicensing뫍Guess?Inc.좫헆뿘ꆣ짌뇪뫍탭뿉쪹폃뫏춬놻틆떽풶샫웆닺럧쿕뗄SPV쪱뻍믡돶쿖헢퇹IPHolderLP붫탭뿉쪹폃뫏춬쯹닺짺뗄쯹폐쫕틦틆훁듋듎횤좯뮯뗄튻룶컊쳢,벴SPV퓚Guess?Inc.떹뇕쪱쫇럱믡놻뫏늢ꆣ뇪ힼ웕뛻붫랢탐믺릹GRF,퓙평GRF랢탐햮좯ꆣ춬쪱,.뛔햮좯듋컊쳢쫓캪튻룶럧쿕틲쯘ꆣ틲캪퓚볙죕싃망(DaysInn)웆닺낸샽놾뷰뗄떽웚뎥뮹쳡릩떣놣ꆣ퓚헢튻맽돌훐탨튪힢틢뗄쫇,IPHolder훐,웆닺램춥ퟮ훕뮹쫇쎻쓜ퟨ횹햮좯돖폐죋돶쫛뗖톺욷뗄탐캪,웤LP틆훁GRF뗄늢늻쫇짌뇪뫍탭뿉쪹폃뫏춬,뛸쫇짌뇪좨뫍탭뿉쪹풭틲뻍쫇뗖톺욷폫볙죕싃망뗄죕뎣퓋ퟷ뷴쏜쿠솪ꆣ떫쫇퓚듋듎횤좯폃뫏춬뗄캴살쫕틦좨ꆣ헢튲뻍뻶뚨쇋햮좯돖폐죋뛔짌뇪뫍탭뿉쪹폃뮯뗄램싉뿲볜쿂,헢튻럧쿕컊쳢뗃떽쇋뷢뻶ꆣ햮좯돖폐죋뛔Guess?뫏춬놾짭늢컞죎뫎좨샻,퓚랢웰죋웆닺뗄쟩뿶컞램돶쫛헢킩닺ꆣInc.뫍웤ퟓ릫쮾뗄짌뇪뫍탭뿉쪹폃뫏춬놾짭컞죎뫎좨샻,뛸쟒틆훁IPHolderLP뗄짌뇪놻ꆰ퓙탭뿉ꆱ룸Guess?Inc.틔퓊탭쒸릫쮾볌탸뷸탐쫚좨탭뿉믮뚯ꆣ쯹랢탐햮좯뗄캨튻뗖톺욷쫇탭뿉쪹폃뫏춬쿂뗄캴살쫕틦ꆣ떱쟒뷶떱헢킩짌뇪뫍탭뿉놻ퟷ캪IPHolderLP쯹쳡릩뗄햮좯떽웚뮹놾놣횤뗄뗖톺욷쪱,햮좯돖폐죋닅뛔짌뇪뫍탭뿉쿭폐좨샻ꆣ떫쫇룹뻝떽웚뮹놾놣횤뗄뚨틥,퓚햮좯램뚨떽웚죕횮잰,햮좯돖폐죋뚼쎻폐뛔횧독놣횤뗄뗖톺욷뷸탐뒦훃뗄좨샻ꆣ뻝듋,뇪ힼ웕뛻췆뛏,퓚햮좯램뚨떽웚죕쯹듦퓚뗄ꆰ뫋탄닺ꆱ럧쿕늻믡뛔횤좯뮯붻틗퓶쳭뢽볓럧쿕,틲캪헢튻럧쿕퓚탅폃럖컶훐틑폐짦벰ꆣ뾼싇떽닺뗄헦쪵돶쫛뫍럧쿕룴샫,퓙뷡뫏틔짏럖컶,뇪ힼ웕뛻뫍쓂뗏럖뇰뛔햮좯룸돶쇋BBB뫍Baa2뗄움벶벶뇰,뇈랢웰죋뗄햮컱움벶룟쇋벸룶떵듎ꆪꆪꆪ틲캪랢웰죋햮컱움벶퓚춶벶뇰틔쿂ꆪꆪꆪ햮좯랢탐뗃틔쮳샻췪돉ꆣ헢튻뗣튲돤럖쿔쪾쇋횤좯뮯뗄폅쫆ꆣ죽ꆢ웤쯻낸샽볲뷩낸샽UCCCapital폚2002쓪8퓂캪Candiepis뫍Bongo짌뇪릹퓬쇋튻웰춼맦쒣캪2000췲쏀풪뗄횤좯뮯붻틗ꆣCandiepis뫍Bongo짌뇪훷튪짦벰쓪1ꆡGRF(SPV)램싉뷡릹쟡얮탔뗄킬샠뫍럾ힰꆣCandiepis뗄좫ퟓ릫쮾IPHoldingsLLC랢탐쇋듓춼1훐컒쏇뿉틔뾴돶,놾듎횤좯뮯뗄SPV캪릫쮾탍뫍뫏믯탍헢엺햮좯ꆣ헢엺햮좯뗄뻃웚캪7쓪,만뚨샻싊캪7193%ꆣCandiepis붫뗄믬뫏쳥,뛸럇탅췐탍SPVꆣ릫쮾탍SPV뗄ퟮ듳쳘뗣쫇뿉틔춬쪱믲돯뗃뗄뷰폃폚햮컱뎥뮹뫍믹뷰삩헅ꆣ쓂뗏뛔헢엺햮좯뗄움벶캪틀듎냑벸룶랢웰죋뗄믹뒡닺볓틔횤좯뮯,뛸늻맜헢킩믹뒡닺횮Baa2ꆣ볤쫇럱듦퓚맘솪탔ꆣ릫쮾탍SPV뿉틔삩듳믹뒡닺돘뗄맦쒣,듓뛸듯떽첯놡돵쪼랢탐럑폃뗄쒿뗄ꆣ퓚듋듎횤좯뮯훐,뇭쏦짏횻폐튻룶낸샽랢웰죋G2003쓪8퓂뗗,UCCCapital퓚욷없쏅뮧룅쓮뗄믹뒡짏뛔살ퟔ폚uess?Inc.,떫쪵볊짏뮹듦퓚쇭튻룶랢웰죋,벴Guess?Inc.뗄ퟓ릫쮾GuessLicensingꆣ믹뒡닺튲뿉틔놻럖캪솽룶늿럖,튻늿럖AthletepisFoot뗄쳘탭뺭펪럑쫕죫뷸탐쇋횤좯뮯ꆣ쳘탭뺭펪럑평솽늿럖살ퟔGퟩ돉,튻늿럖쫇튻듎탔럑폃,쇭튻늿럖쫇쿺쫛뛮뗄냙럖뇈쳡돉ꆣ헢uess?Inc.,쇭튻늿럖살ퟔGuessLicensingꆣ본폚Guess?Inc.폫GuessLicensing쫇쒸릫쮾폫ퟓ릫쮾뗄맘쾵,틲듋헢솽늿럖닺듦퓚듎횤좯뮯뗄뛔쿳쫇뗚죽랽벴쳘탭뺭펪죋쯹횧뢶뗄쳘탭뺭펪럑쫕죫,뫜듳뗄맘솪탔ꆣ릫쮾탍SPV뿉틔뫜뫃뗘뷢뻶헢킩컊쳢ꆣ듋듎횤좯뮯웤훐60%살풴폚맺쓚쫐뎡,40%살풴폚맺췢쫐뎡ꆣ맺쓚쳘탭뺭펪죋훐릫쮾탍SPV쯹닉폃뗄릫쮾탎첬캪폐쿞퓰죎릫쮾(LLC),샽죧IP횧뢶315췲쏀풪뗄튻듎탔럑폃뫍5%뗄쿺쫛뛮쳡돉ꆣ듋듎횤좯뮯쯹랢Ho탐햮좯뗄맦쒣퓚3000췲훁5000췲쏀풪횮볤,쓂뗏뛔햮좯뗄움벶캪lderLP뗄웕춨뫏믯죋Guess?IPGPLLC뫍폐쿞뫏믯죋Guess?IPLPLLC닉폃뗄뻍쫇폐쿞퓰죎릫쮾탎첬ꆣ햮좯랢탐헟Guess?RoyaBaa3ꆣltyFinanceLLC튲닉폃쇋폐쿞퓰죎릫쮾훆ꆣ폐쿞퓰죎릫쮾뗄쳘뗣퓚폚쯼,Inc.낸샽볲뷩뷡뫏쇋폐쿞퓰죎뗄뫃뒦뫍뫏믯뗄쮰쫕폅쫆ꆣIPHolderLP닉폃뗄퓲쫇AZ3,
췅,퓚쫀뷧룷뗘짨폐150볒뛀펪쪱ힰ뗪,웤닺욷랶캧훷튪벯훐폚짺쯹폐죋뗄ퟮ듳돏탅떣놣훆뛈뗈짦벰믹뒡닺놣뮤뗄훆뛈뚼탨튪붨솢믮럾쫎쇬폲,냼삨얮쪿돉틂췭ힰꆢ믩즴ꆢ킬췠ꆢ쫖쳡냼뫍킡욤킬컯믲췪짆,듓믹뒡닩쏷잿뮯짌뇪좨ퟷ캪닆닺좨뗄램싉뗘캻,뢳폨웤룼욷뗈ꆣMLAMultibrandHoldings,Inc.쫇룃벯췅뗄튻볒좫ퟓ릫쮾ꆣ듳뗄쇷뚯탔틔쫊뫏횤좯뮯튪쟳ꆣ훁폚횤좯뮯뫳뗄붻틗맦퓲뗈,퓲췪2004쓪12퓂,MLAMultibrandHoldings,Inc.틔AZ3,Inc.퓚듋횮잰좫뿉틔쓉죫쒿잰뗄횤좯붻틗쳥쾵뷸탐맜샭ꆣ탨튪잿뗷뗄쫇,본폚볙쯹펵폐뗄짌뇪뫍헢킩짌뇪뗄탭뿉쪹폃럑쫕죫캪믹뒡랢탐쇋뷰뛮캪쎰짌뇪쫂볾뗄뛠랢,뛔짌뇪좨뗄튻냣놣뮤믺훆펦떱ퟷ캪짌뇪횤좯뮯5300췲쏀풪햮좯,웤훐냼삨4100췲쏀풪뗄A-I샠햮좯뫍1200췲쏀뗄훷튪훆뛈놳뺰볓틔맘힢ꆣ풪뗄A-2샠햮좯ꆣ21췪짆볠맜믺훆쓂뗏뛔A-I샠햮좯쫚폨쇋Baa3뗄움벶벶뇰,웤훷튪틀뻝쫇:횤좯뮯뗄닺뇘탫싺ퟣ퇏룱뗄쳵볾풼쫸,뻟쳥냼삨:쓜퓚캴살튻쫇살풴폚엺랢ꆢ쇣쫛뫍뗚죽랽탭뿉뗄쿖뷰쇷듳킡;뛾쫇믣벯뛠폠닺짺뿉풤닢뗄컈뚨뗄쿖뷰쇷;폐돖탸튻뛎쪱웚뷏뗍뇈샽뗄췏잷ꆢ캥쿖뷰쇷뫍뎥햮ힼ놸뷰뗄폕랢틲쯘;죽쫇짌뇪뗄잱퓚쟥쯣볛횵;쯄쫇풼ꆢ쯰쪧뗄샺쪷볇슼;놾쾢뗄뎥뮹럖첯폚헻룶닺뗄짺쏼웚볤;ꆰAZ3,Inc.ꆱ릫쮾ퟷ캪맜샭헟뗄뺭퇩;컥쫇놸폃맜샭헟뗄뺭퇩ꆣ쓂닺뗄햮컱죋퓚뗘샭럖늼뫍죋뿚뷡릹짏뻟폐뛠퇹탔;폐쿠맘뗄떣놣욷뗏뛔A-2샠햮좯쫚폨Aaa뗄틀뻝쫇뗚죽랽뗄탅폃퓶잿쓜솦ꆣ쓂뗏퓋늢쟒떣놣욷뻟폐뷏룟뗄뇤쿖볛횵;닺뻟폐룟훊솿ꆢ뇪ힼ뮯뗄췐쫕폃쏉쳘뾨싥럂헦쒣탍뛔풤웚쿖뷰쇷뷸탐쇋톹솦닢쫔ꆣ뷸탐톹솦닢쫔쳵뿮ꆱ[4]ꆣ평폚짌뇪좨뗄횤좯뮯맽돌쪵볊짏쫇틔짌뇪좨캪뇪뗄뗄횤좯쪱룃쒣탍쯹뾼싇뗄틲쯘냼삨:튻쫇엺랢뫍쇣쫛뛮뗄퓧웚퓶뎤폫뫳웚퓚쫐뎡짏랢탐뫍쇷춨죃뗄맽돌,본폚짌뇪뗄뛔믹뒡닺욷믲럾컱뗄쯵복;뛾쫇떱잰뗚죽랽탭뿉뗄캥풼럧쿕,늢쟒볙뚨탂뗄놻탭뿉죋틔틀삵탔,짌뇪ퟷ캪컞탎닆닺뗄볛횵늨뚯탔,캪쇋놣뮤춶헟뗄샻틦,룼뗍뗄탭뿉럑놣횤믱뗃탭뿉;죽쫇ퟷ캪훷튪놻탭뿉죋AZ3,Inc.뗄뇘탫붨솢쿠뛔룼캪퇏룱뗄볠맜믺훆,볓잿볠맜솦뛈,틔ퟮ듳돌뛈뗘풤웚캥풼럧쿕ꆣAZ3,Inc.뗄캥풼믡떼훂쿺쫛뛮뗄죱복ꆣ붵뗍평폚탅쾢늻뛔돆떼훂뗄럇쫐뎡틲쯘럧쿕ꆣ폈웤탨튪잿뗷뗄쫇,쯄ꆢ뺭퇩ퟜ뷡벰붨틩짌뇪좨ퟷ캪램싉쳘탭좨샻,웤횤좯뮯뗄믹뒡퓚폚웤뫏램탔,폐맘짌듓짏쫶짌뇪좨횤좯뮯낸샽럖컶훐,뿉틔랢쿖,퓚짌뇪좨횤좯뮯뇪좨폫웤쯻퓚쿈좨샻뗄돥춻뇘탫뗃떽돤럖뗄업닩벰업돽,뛅뻸평폚붻틗훐,믹뒡닺돘늢늻쫇짌뇪놾짭,뛸쫇평짌뇪ꆢ탭뿉쪹폃뫏춬짦쿓쟖좨뛸퓚탐헾짳닩믲쯟쯏놻쿞훆짵훁놻힢쿺ꆣ뿉틔뾼싇짨솢짌뗈ퟩ돉뗄짌뇪닺놣뮤ퟩ쯹횧독뗄캴살쫕틦ꆣ헽틲캪죧듋,짌뇪좨뇪좨뗄릫탅훆뛈,벴뛔폚듯떽튻뚨쪹폃쓪쿞뗄짌뇪,룅뿶탔업돽웤횤좯뮯췹췹쏦쇙쯹캽뗄ꆰ뫋탄닺ꆱ컊쳢ꆣ짌뇪뫍짌뇪탭뿉쫕죫춨쯻잱퓚탔좨샻,틔놣뮤붻틗낲좫ꆣ뎣쫇랢웰죋뗄ꆰ뫋탄닺ꆱ,벴릫쮾퓋펪뫍샻죳뒴퓬훐늻뿉믲좱뗄31췆뚯붨솢쏅훐뷩믺릹닺ꆣ캪쇋뷢뻶헢튻컊쳢,퓚짌뇪좨횤좯뮯훐튻냣닉폃ꆰ퓙탭뿉ꆱ뗄탅폃쫇닺짺춶뚯믺뗄풴좪,헽쫇틲캪믹뒡닺놾짭뗄탅폃닅랽쪽죃랢웰죋볌탸뷸탐짌뇪탭뿉믮뚯틔캬돖릫쮾뗄헽뎣퓋펪ꆣ쇭췢,쓜컼틽춶헟ꆣ짌뇪좨횤좯뮯뗄돉릦틀삵폚놻횤좯뮯뗄짌뇪좨쓜닺퓚짌뇪좨횤좯뮯훐튻냣뮹맦뚨,햮좯돖폐죋뛔짌뇪뫍짌뇪탭뿉뗄캴짺뿉풤웚뗄ꆢ컈뚨뗄ꆢ뿉뿘쿖뷰쇷ꆣ뛸쟒평폚짌뇪좨퓲틔닮틬탔캪살쫕틦좨쿭폐좨틦,뛸뛔짌뇪뫍짌뇪탭뿉놾짭늢늻쿭폐죎뫎좨틦ꆣ웤룹놾쳘헷,늢췹췹쯟훮쫜훚뗄탄샭컄뮯쯟쟳,뛔폚짌뇪풤웚쫕틦쿠뛔폚냦좨뫍샻좨횤좯뮯,랢웰죋뗄웆닺뛔짌뇪좨횤좯뮯뗄뗄에뛏뻍쫇튻룶쓑쳢,뿉쓜틲듋ퟨ낭춶헟뗄붻틗뚯믺ꆣ틲듋,퓚펰쿬튪퇏훘뗃뛠ꆣ쿻럑헟퓚릺싲쒳훖짌뇪뗄닺욷쪱뾴훘뗄뻍쫇헢훖톡퓱붫튪횤좯뮯뗄짌뇪쪱,뇘탫캧죆쿠맘웳튵폫닺욷믲럾컱뗄샺쪷짌뇪쯹돐퓘뗄샺쪷ꆢ듺뇭뗄욷캶뫍뛔훊솿뗄놣횤ꆣ쿠뛔틴샖ퟷ욷ꆢ쫕죫볇슼ꆢ쫐뎡잰뺰ꆢ짌뇪놾짭뗄쓚퓚볛횵뗈뷸탐쾵춳뗘짳닩,늢뗧펰ퟷ욷뫍샻벼쫵뛸퇔,랢웰죋뗄웆닺뛔짌뇪쯹듸살뗄뢺쏦짧믡쳡돶캪잱퓚춶쯹탅죎뗄뷡싛,헢킩뚼탨튪볦뎤횪쪶닺좨폫뷰죚ꆢ펰쿬튪듳뗃뛠,뇏뺹짌뇪놾짭퓚뫜듳돌뛈짏뻍쫇랢웰죋뗄쿳헷ꆣ틲뻟폐튵짹췻뗄훐뷩믺릹뷩죫ꆣ뻍쒿잰훐맺뗄쪵볊쟩뿶뛸퇔,횪쪶듋,랢웰죋뗄웆닺믡쪹짌뇪닺욷뗄쿺쫛솿돶쿖죱복,듓뛸퇏훘펰쿬닺좨폫닺횤좯뗄튵뮯돌뛈풶쎻폐듯떽컷랽랢듯맺볒뗄쮮욽,쿠횤좯뮯붻틗뗄쿖뷰쇷ꆣ펦뗄훐뷩믺릹벸뫵쫇튻욬뿕냗,?듽붨솢뫍잿뮯짌뇪좨횤좯뮯뗄훐훁폚짌뇪좨횤좯뮯퓚훐맺뗄뾪햹,퓚뛔웤랢햹잰뺰놣돖샖맛뗄뷩믺릹,죧횪쪶닺좨럾컱믺릹ꆢ탅폃움벶믺릹ꆢ쳘쫢뒦샭믺릹춬쪱,붨틩펦믽벫ퟶ뫃틔쿂벸룶랽쏦뗄ힼ놸:(SPV)ꆢ듺뇭랢탐죋뫍춶죋샻틦뗄닺맜샭믺릹뗈뗈,캪짌뇪좨11췪짆램맦쳥쾵횤좯뮯릹붨뇘탨뗄쫐뎡훐뷩뮷뷚ꆣ뻍쒿잰뗄쟩뿶살뾴,쯤좻컒맺틑폐쿠맘뗄램싉짦벰짌뇪좨죚,[닎뾼컄쿗]죧,컒맺ꆶ떣놣램ꆷ뗚웟쪮컥쳵맦뚨짌뇪좨샻뿉틔훊톺,떫쫇헦헽폐[1]췵뒺.짌뇪좨훊톺죴룉컊쳢[J].훐뮪짌뇪,2006,맘짌뇪좨횤좯뮯뗄램싉벸뫵뮹쫇뿕냗ꆣ닺횤좯뮯뗄쪵쪩폫훆뛈뮷뺳뷴쏜쿠맘,횤좯뮯닺죴쎻폐붡좫ꆢ췪짆뗄훆뛈낲업,컞램쏷좷(2):55-57.닎폫룷랽뗄퓰죎뫍좨샻,컞램맦랶횤좯뮯퓋ퟷ훐뗄탐캪,닺횤좯[2]췵.짌뇪좨훊톺죚뗄돶슷[J].훐뮪짌뇪,2007,뮯뻍컞램쮳샻뷸탐[3]ꆣ컒맺뾪햹짌뇪좨횤좯뮯,붨솢췪짆뗄램싉쳥(1):12-13.쾵뇘탫쿈탐[3]쯯럮뻼.컒맺닺횤좯뮯뗄쿖쪵쮼뾼폫슷뺶톡퓱[J].,쫗떱웤돥뗄뻍쫇폐맘횤좯쫐뎡볜릹폫붻틗쒣쪽뗄믹놾램싉훆뛈ꆣ쿖탐뗄웳튵죚춾뺶냼삨랢탐막욱ꆢ랢탐튻냣햮좯뗈ꆣ닆뺭퇐뺿,2001,(9):43-51.막욱죚춾뺶뻟폐릫쮾막좨램싉쳥쾵ퟷ캪훆뛈놳뺰,뛸햮좯죚춾[4]훬쿲뮪.닺횤좯뮯랢웰죋뗄톡퓱폫쪵쪩[J].짌튵쪱뺶퓲틔쏱램햮좨쳥쾵ퟷ캪훆뛈놳뺰,뛾헟뗄훆뛈짨볆뷶뷶쫇튻냣훆듺,2005,(12):55.뛈퓚횤좯쇬폲뗄쏅뮯뛸틑ꆣ짌뇪좨횤좯뮯ퟷ캪쏅닺죚춾뺶,웤램싉볜릹솢ퟣ횪쪶닺좨램,뿧풽웳튵램ꆢ햮램뗈뛠룶쇬폲,폐뇘[퓰죎뇠벭:퇮ꆡ퇳]튪춳돯킭뗷붨솢쏅램싉뿲볜,짌뇪좨튻풪뮯뗇볇릫쪾훆뛈ꆢ횤좯뮯뗄짌뇪폫랢웰죋뫍랢탐죋뗄웤쯻닺뗄램싉럧쿕룴샫훆뛈ꆢ짌뇪ꆪ155ꆪ
