ႏఒြଽഈ൧ವሧᅰθ࣮ ࣁ๙ᆣಊ ᆄࡾն࿐৳ކज़ีቆ ज़ีᇶӻದğွྍࡾ ᆢૼԫ ज़ี࣮აླྀטದğഈݚᆣಊࢌၞ෮ ਾᝍ ज़ีቆӮჴğߩ െᆞ ӱზڃ ᆢࡲૹ ਾࡹၪ
ᅋ ေ ࣜݖ ୍֥ؿᅚđႏࣜ࠶ၘࣜӮູݓݓࣜ࠶భࣉ֥ᇗေ৯ਈbӑݖ Ċ֥Ӭᆓದ१ᄝႏఒြࣼြđჿ Ċ֥(%1Ⴎႏࣜ࠶Էᄯbطᄝݓଽᆣಊ൧ӆđႏഈ൧܄ඳ֥б২ࣇູ Ċđᆰࢤഈ൧֥ఒб২۷֮ᇀ ĊbࡼնਈႪᇉఒஆԢᄝݓᆣಊ൧ӆᆭຓ҂ࣇቅθਔႏ֥ࣉ၂҄ؿᅚđ္҂০Ⴟᄹ఼ݓᆣಊ൧ӆ֥་ႄ৯đؓݓݓႵሧЧ֥ᅞטᆜ္ࡼӁളཨࠞ႕ཙbݓଽ֥ഈ൧ವሧᇅ؇ᄝ୍࣍ট࣐ܵ౼֤ਔཁᇷ֥ڿđՖݓ࠽бࢠটुđં൞ഈ൧ѓሙaഈ൧ིੱࠣഈ൧ުིႋ֩ٚ૫টुđݓఒ֥ഈ൧ವሧߌߎႵޓն֥ڿॢࡗbЧ໓Ֆمܿטᆜaࣉࢌၞ෮ݓ࠽߄ࣉӱaປؿྛᇅ؇ࠣඥ൬ߌaࡨఒڿᇅӮЧࠣࡹ৫؟ҪՑሧЧ൧ӆ֩ੂٚ૫ิԛਔཌྷܱࡹၰb ܱՍğႏఒြ ഈ൧ ABSTRACTğWith 26 years’ development, the self-owned economy has played an important role in promoting our country’s economy. More than 70% of the population living in cities is currently working for the private enterprises while about 50% of china’s Gross Domestic Product (GDP) has been created by the private enterprises. However, in the domestic stock market, only 20% of the listed companies are private enterprises and only % of direct IPOs are processed for private enterprises. The situation that excluding a large number of excellent private enterprises of high quality from china’s stock market not only blocks the advancement of the private economy but also does harm to china’s stock market’s attraction and the strategic adjustment for the state-owned capital. Although the domestic system of securities financing has been improved significantly, in comparison with international standards of listing, efficiency, and effectiveness after going public, the financing environment for private enterprises still needs to be improved. This article gives some suggestions in terms of the following six aspects, such as adjustment of laws and regulations, promotion of globalization of stock exchanges, perfection of listing system and taxation circumstance, elimination of the cost of structure transfer and establishment of capital markets of different levels. 1
ႏఒြଽഈ൧ವሧᅰθ࣮ ႄ ఒഈ൧Էᄯo؟႓p۬अ Ֆݓࣜ࠶֥േҀᚚ֞ࣂ฿ࣜ࠶ഈ֥նᅚಈđݓ֥ႏࣜ࠶ࣜ ୍֥ؿᅚປӮਔ֥࢘նሇߐbݓᆣಊ൧ӆ၂ರత֥ؿᅚ؇ಆ౯ࣙฑđఒഈ൧܄ඳವሧ໙ีᇯ҄ࣉೆնࡅ֥൪့ѩႄఏਔܼ֥ܱٗᇿbఒഈ൧҂ࣇܱ༢ఒሱദđაݓປӮݓႵሧЧ֥ᅞטᆜaݓࣜ࠶ࣉ၂҄ӻ࿃ؿᅚૡ్ཌྷܱđൈđఒݓଽഈ൧္൞ᇾႪᇉഈ൧܄ඳሧჷđݓଽሧᆀٳཚࣜ࠶ᄹӉӮݔđࣉ၂҄་ႄሧᆀ֥ླေb ఒഈ൧൞ݓࣜ࠶ؿᅚđൌགྷݓႵሧЧᅞטᆜ֥ླေ ఒؓݓݓࣜ࠶֥ቔႨ൞҂ಸᇂၐ֥đᇷ࿐ᆀમႿᣬބᅦზಥࣼ ႏࣜ࠶ؓݓࣜ࠶֥܊ངቓݖህཛ࣮đೂݔၛႏఒြࣼြದඔᅝሹದඔ֥б২ູޘቕѓđၛದन(%1ູሺቕѓđႨݓଽ ۱സ൧֥ሧਘࣉྛ݂߭ٳ༅ؿགྷđႏఒြࣼြದ१б২ᄀۚđದन(%1ࣼᄀۚbႏఒြࣼြб২ӑݖ Ċ֥സٺđದन(%1ᄝ ຣჭၛഈĠႏఒြࣼြದ१֮Ⴟ Ċ֥സٺ൞бࢠ౫֥സٺđದन(%1֮Ⴟ ჭbՖඔሳഈुđႏఒြࣼြб২ૄᄹࡆ Ċđದन(%1ᄹࡆ ჭđᆃࠢᇏඪૼਔႏࣜ࠶ᄝᆜ۱ݓࣜ࠶ᇏ֥ᇗေྟđႵ৯ֹᆣૼਔႏࣜ࠶൞ࣜ࠶ؿᅚ֥ܱbഈ൧ࡼఒ֥ؿᅚđՖط္ࡼႵ৯ݓݓࣜ࠶֥ؿᅚb Վຓđݓ૫ਢሢݓႵሧӁ֥ᅞטᆜđնਈݓႵሧӁࡼՖࣩᆚྟ֥ਵთᇯ҄ԛ൝сླေ၂նऎႵ఼նൌ৯֥ႏࣉೆӵࢤb۴ऌ ୍ಆݓ۽അ৳֥Ⴕܱ࠹đႏြ൬ೆᄝ ၡჭၛഈ֥ ࡅႏఒြđन࣪ሧӁ൬ၭੱղ18ĊđჹۚႿಆഠ߶֥नඣbطܱႿႏ߄൞ڎିิശི֥࣮ࠛбࢠᄪ௹֥aۚᇉਈ֥Ⴕ(BMBM
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ؓ a a ۱ൈ௹ᇏoҍڶpᄖᆽ ఼ఒြᇏ֥ႏఒြაݓႵఒြቓਔི֥ࠛбࢠđૌؿགྷᄝ॥ᇅਔఒြܿଆaֹთaྛြაࣜ࠶ᇛ௹֥႕ཙުđႏఒြི֥ࠛཁᇷֹݺႿݓႵఒြb ॖđఒ๙ݖ൬ܓa࡙ѩࠇҕܢݓႵఒြđႵ০Ⴟิۚఒြ֥ࣩᆚ৯đ՜ࣉࣜ࠶ིၭ֥ิശb ഈ൧൞ఒࣉ၂҄ؿᅚሐն֥сႮᆭਫ਼ ۴ऌ ୍֥൬ೆஆđਙఒ ఼ֻ၂֥৳མࠢაҍڶಆ౯ ఼൮໊֥غઑཌྷбđభᆀႏြ൬ೆᆺႵުᆀ֥ Ċbೂޅᄝ࣐ॖି؋֥ൈࡗଽؿᅚሐնđॴᄀᇏຓఒြࡗ֥ޟ൞ఒൌགྷӻ࿃ۚᄹӉсྶॉ੮֥໙ีbᄝಆ౯ࣜ࠶၂ุ߄֥նߌ༯đຓሧؓݓఒြ֥Ԋࠌರၭᄹ఼đຓఒ֥ࣩᆚ৯҂ࣇᄝႿః఼ն֥ሧࣁൌ৯đ۷ᇗေ֥ᄝႿః༵ࣉ֥ܵିބۚ॓ᄝളӁܵᇏ֥ԉٳႋႨbೂݔݓ֥ႏఒြࣩᆚ৯ಯಖ๔ᄝ֮ӮЧ֥সૡࠢྛြđఒြ֥ᇶေܵಯಖൌྛࡅቂᇅđఒ֥֡ਫ਼ࡼᄀሼᄀᅎbطഈ൧൞ࣜ۲ݓൌᆣૼਔ֥ൌགྷఒြӻ࿃ॹؿᅚ֥ࢮࣥbഈ൧҂ࣇᄝႿԔծఒြӉ௹ؿᅚ෮ླ֥ሧࣁđ۷ᇗေ֥ᄝႿሇߐఒြ֥ࣜႏܵࠏᇅđิۚఒြᄝഠ߶֥ᆩ؇ބ႕ཙ৯đᄹࡆؓႪྮದҌ֥་ႄ৯đൌགྷఒြሧჷᄝ۷նٓຶଽ֥Ⴊ߄ᇂb۴ऌ ୍ڞ҃ථૅݓ ఼ஆđభ ಆູ҆ഈ൧܄ඳđطݓ ୍ఒ ఼ᇏđభ ఼ᇏႵ ࡅ܄ඳఋ༯ીႵഈ൧܄ඳđໃഈ൧б২ӑݖ Ċb 3
ఒݓଽഈ൧൞ิۚഈ൧܄ඳᆜุᇉਈđ་ႄሧᆀ֥ླေ ܱႿႏഈ൧܄ඳ֥ြࠛ໙ีđᇙ؟࿐ᆀࣉྛਔ࣮bളᆣಊᇆ֥၂ٺ࣮Бۡؓ ୍ᇀ ୍ႏഈ൧܄ඳ֥ሸކြࠛࣉྛਔࡎđھБۡᇶေ࿊౼ਔࡆಃनૄܢ൬ၭaࡆಃन࣪ሧӁ൬ၭੱࠣࡆಃनሧӁڵᅏੱཛᆷѓࣉྛॉҳđࢲંཁൕğႏഈ൧֥ࡆಃन൬ၭაധਆ൧"ܢ၂ဢđՖ ᇀ ୍ӯ־ࡨ൝đႏഈ൧܄ඳ֥ሹุन൬ၭۚႿਆ൧"ܢ֥नඣbႏఒြ֥ഈ൧ٚൔॖၛٳູᆰࢤഈ൧aઙ॔ഈ൧୍ࠣ࣍ྖఏ֥.#0bБۡཁൕğᆰࢤഈ൧ఒ֥न൬ၭۚႿఒሹุđჹۚႿਆ൧"ܢनᆴbՎຓཐ ۖն࿐֥ཌྷܱ࣮іૼğᄝ a a ୍ࡗđႏఒြᄝཧ൲߭Бੱa࣪ሧӁ߭БੱaሧӁ߭Бੱaದन࣪০֩ඹ۱ᆷѓ֥ᇏᆴഈۚႿ٤ႏఒြđཁൕఃऎႵࢠ఼֥႔০ି৯bਸ਼ຓ۴ऌഈݚᆣಊࢌၞ෮࣮ᇏྏཬᢞaᅦת֥࣮đၛ ୍ᇏ௹֥ႵܱඔऌູဢЧ࣮ؿགྷğၛ*10ٚൔഈ൧֥ႏఒြ֥ࣜႏြࠛđ҂ჹۚႿઙ॔ഈ൧֥ႏఒြđط္ࠎЧഈႪႿ٤ႏഈ൧܄ඳbࡗࢤഈ൧ఒ֥ြࠛ҂࣐ದၩđఃᇶေჰၹႵğč ĎఒაჰႵఒြ֥ܵaఒြ໓߄ٚ૫֥ଈކԊbč Ď॔܄ඳൎЇڟၛ؋௹ଽౢđࣜႏྙൔၛ؋௹ሇĠč Ď҆ٳఒઙ॔ࠏ҂ਅđႵಁఫཀၐĠč Ďᆟکᇶ֝༯֥ᇗቆđཌྷܱႪ߲ծീᄝᇗቆު֤҂֞ઋൌ֩b ഈ൧܄ඳ൞ᆣಊ൧ӆ֥ࠎെđ၂۱ݓࡅ֥ᆣಊ൧ӆؓሧᆀႵીႵ་ႄ৯đܱေुഈ൧܄ඳbՖଢభ౦ঃটुđնਈݓଽ֥Ⴊᇉఒြčఃᇏն҆ٳ൞ఒĎച࣍ჹđ٢ఙݓଽन П൧႔ੱ֥ؿྛࡎطჹګݚຓၛ҂֞ П֥൧႔ੱؿྛྍܢđ۱ᇏჸႮᆴ֤ૌധනbೂݔૌႮᆃᇕoଽषຓཐp֥൝ؿᅚ༯ಀđႪᇉఒြնਈݚຓഈ൧đݓଽሧᆀࡼمٳཚᇏݓࣜ࠶ॹᄹӉ֥ӮݔbఙႪᇉഈ൧܄ඳ֥ᆣಊ൧ӆсࡼФሧᆀఙbਸ਼၂ٚ૫đೂݔݚଽຓഈ൧܄ඳ֥ᇉਈٳ߄खਛط֝ᇁնਈ֥ሧࣁຓੀࡼॖିຯཽࣁವνಆđݓଽࠏܒሧᆀಌكႪᇉ֥ഈ൧܄ඳॖ܂Ӊ௹ሧđؿᅚࠏܒሧᆀ္ࡼӮູ၂ओॢซb ഈᆣ৳ކ࣮࠹߃ֻϖ௹ज़ีБۡğuႏഈ൧܄ඳ֥ࣜႏིࠛބᇍࢲܒ࣮v 4
ݓႏఒြ֥ؿᅚࠣഈ൧ሑঃٳ༅ ଢభ࿐ඌࢸoؓႏࣜ࠶pᆃ၂ۀ֥ࢳϖa۲҂ཌྷbૌಪູğܼၬ֥ႏࣜ࠶൞ؓԢݓႵބݓႵ॥ܢఒြၛຓ֥؟ᇕ෮Ⴕᇅࣜ࠶֥ӫđЇও۱ุ۽അaႏఒြaุࠢఒြaۖϏሧఒြބຓഅሧఒြb༮ၬ֥ႏࣜ࠶ᄵ҂ЇݣۖϏሧఒြބຓഅሧఒြbೂݔ҂ቔหљඪૼđЧ໓ᇏ෮ԛགྷ֥ႏࣜ࠶၂Ϯ൞ᆷ༮ၬ֥ႏࣜ࠶bఒॖၛ๙ݖ൮ؿഈ൧a္ॖၛ๙ݖࢹ॔ഈ൧ಖުᄹؿࠇܢđਆᇕٚൔनॖၛൌགྷವሧଢ֥đႮႿ൮ؿഈ൧؇၂ϮۚႿࢹ॔ഈ൧đ۷ିุགྷఒഈ൧෮૫ਢ֥ބᅰθđၹՎᄝЧ໓࣮ᇏđೂ҂ቔหљඪૼđഈ൧ವሧ၂Ϯᆷ൮ؿഈ൧b ݓႏఒြ֥ؿᅚሑঃ ႏࣜ࠶֥ؿᅚაݓ֥ݓࡅᆟҦႵሢ٤ӈૡ్֥ܱ༢bંಪ്ഈ֥aمੰم֥ܿэ֩ၹᆰࢤ႕ཙሢႏࣜ࠶֥ؿᅚ؇aඣބᇉਈb၂ᆰၛটđႏఒြ֥ؿᅚ൳֞ᆟҦބܴ֥ᇅჿđܿଆࢠཬđѩᄝ҂ਵთაݓႵఒြཌྷбԩႿਜ൝ֹ໊bෛሢ൧ӆࣜ࠶ᇅ؇ॿࡏ֥ࡹ৫ބ҂؎ປđ୍࣍ࠫটႏࣜ࠶ᄝݓࣜ࠶ᇏֹ໊֥ބቔႨ҂؎ᄹ఼đѩರၭӮູݓࣜ࠶ᇏᇗေ֥ቆӮ҆ٳbऌ࠹đ ୍ႏࣜ࠶ᅝݓଽളӁሹᆴ֥бᇗჿູ bႏࣜ࠶ ᄝӬᆓᇏ֥ࣼြбᇗၘࣜӑݖ Ċb ୍ႏ۽ြఒြ֥࣪ሧӁ߭Бੱჿູ Ċđط௹ݓႵ۽ြఒြࣇູ Ċb і ႏა٤ႏఒြࣜႏིࠛč ୍Ď ሧӁ߭Б࣪ሧӁ߭Бੱ࣪০ੱč Ď ሧӁᇛሇੱੱč Ď č Ď č Ď ಆ҆ఒြ ݓႵఒြ ݓႵఒြčัԢെႲྛြĎ ݓଽႏఒြ ඔऌটჷğᇏݓ࠹୍đ ႏࣜ࠶ᄝ҆ٳֹၘӮູҍᆟ൬ೆ֥ᇶေটჷb ୍đᄝࣜ࠶ؿղ֥ᆄࡾസđ٤܄ఒြೆ९ඥ൬ᅝֹٚඥ൬бᇗູ đᄝఴؿղֹ֥ཅთࣜ࠶ᇏđႏࣜ࠶ഈ࢚֥ඥ൬ᅝཅࠩҍᆟ֥бᇗ၂Ϯ္ᄝ ၛഈb ҂طნ
ႏఒြԩႿईቀᇗֹ໊֥
ϲဆሢള৯फ֥࢘
ᆞؿߨሢ҂ ඔऌটჷğಆݓᆟླྀڬᇶ༜aಆݓ۽അ৳ᇶ༜ߛگ֥ဆࢃu ୍ᇏݓႏࣜ࠶ྙ൝ٳ༅v 5
ॖูս֥ቔႨbෛሢႏࣜ࠶ֹ໊֥ิശđՖޡܴഈটुđݓࡅ္ཌྷԛਔ၂༢ਙ֥ᆟҦটړӻႏࣜ࠶֥ؿᅚđՖັܴഈটुđಯႵ၂ུअ҆ྟ֥ᇅ؇ಌཊބఒሱദ֥໙ีቅθሢႏࣜ࠶֥ࣉ၂҄ؿᅚbೂіགྷᄝႏఒြᄝݓଽഈ൧֥ವሧٚ૫đં൞Ֆഈ൧܄ඳඔਈߎ൞ሹವሧܿଆुđႏఒြᄝݓᆣಊ൧ӆֹ໊֥აఃؓ(%1֥܊ངթᄝऍնّҵb ݓႏఒြଽഈ൧ሸফ ႮႿᄪ௹൳ܴ֞aഈ൧ح؇֩ၹ֥ཋᇅđᆺႵࠞഒඔႏఒြᇏ֥ྜྷᄎظିܔࣉೆᆣಊ൧ӆbෛሢ୍࣍ࠫݓᆣಊ൧ӆ֥ؿᅚđഈ൧܄ඳඔਈ҂؎ᄹ؟đఒഈ൧܄ඳ္ᇯࡶᄹ؟bႏোഈ൧܄ඳđ൞ᆷ॥ܢܢת൞ႏྟᇉఒြaᇶေथҦࣜႏಃФႏྟᇉఒြ॥ᇅaሱಖದؓഈ൧܄ඳႵ॥ᇅି৯ࠇၹູܵҪӻܢ֩ჰၹॖၛФಪູ൞ႏྟᇉԩႿ॥ᇅֹ໊֥ഈ൧܄ඳbႏഈ൧܄ඳٳᆰࢤഈ൧ބࡗࢤഈ൧ਆᇕٚൔđႮႿᆰࢤഈ൧ཌྷؓطऎႵ۷ն֥؇ބ҂ಒקྟđିܔбࢠԉٳุགྷԛޡܴҪ૫ູఒഈ൧Էᄯ֥ߌđၹՎᄝЧ໓ᇏđૌҧᇗ࣮๙ݖ൮ؿൌགྷഈ൧֥ఒbՖ ୍֞ ୍đ൮ؿႏഈ൧܄ඳఃᅝ୍֒ྍᄹഈ൧܄ඳ֥б২ࢺႿ ა ĊᆭࡗđՖሹਈটुđࢩᇀ ୍ָđ๙ݖ൮ؿഈ൧֥ႏഈ൧܄ඳᅝಆุഈ൧܄ඳ֥бᇗࣇູ Ċđჹჹ֮Ⴟ֒భႏࣜ࠶ᄝݓݓࣜ࠶ᇏ֥бᇗđაႏࣜ࠶ᄝݓࣜ࠶ᇏ֥ᇗေֹ໊ࠣ܊ངႵޓն֥ҵएb ୍֒ྍᄹഈ൧܄ඳ ࡅ
୍֒ྍᄹႏഈ൧܄ඳ ࡅ
ఒഈ൧܄ඳᅝб
250100902008070150605010040305020100019931994199519961997199819992000200120022003 ݓႏఒြഈ൧֥ൈࡗٳ҃і ඔऌটჷğഈݚऊჷඔऌႵཋ܄ඳ ݓႏఒြຓഈ൧ሸফ 6
Ӊ௹ၛটđႏఒြವሧ౻֡҂ӎ֥໙ี၂ᆰ൞ቅθఃؿᅚ֥࣠ᆭ၂bݓ֥ႏఒြၛᇏཬఒြູᇶđᄝၿྛྐվವሧٚ૫ჹჹб҂ഈݓႵఒြ൳ၿྛ֥ᩥbᄝଽᆣಊ൧ӆഈ൧ᆰࢤವሧ၂ᆰၛট൞ᇏݓఒેၛ֥đᆇᆞିܔൌགྷ֥Ⴛ٤ӈႵཋbႵඔऌ࠹đૄ୍ണ౨ᄝ"ܢഈ൧֥ఒြӑݖ ࡅđطࠆ֥҂ӑݖ ࡅđఃᇏđఒࠆሙഈ൧֥۷൞ڌરḃ࢘bطਸ਼၂ٚ૫đ୍࣍টݚຓࢌၞ෮ٴٴ֞ݓࣉྛਔ၂༢ਙല൝ݽն֥࿆߭ԮđႵ֥ߎᄝݓഡ৫ਔٳᆦࠏܒࠇϷ൙ԩđၛՎ་ႄݓଽఒြ֞ຓഈ൧bೂ ୍୍Ԛđྍࡆࣜ࠶ؿᅚअሁᇏݓսіԩᄝКࣘӮ৫đఃᇶေᆯᄳࣼ൞࿙ᅳaϺᇹᇏݓ֥ᇏཬఒြaႏఒြ֞ྍࡆഈ൧bྍࡆܢ൧ᄝݓ࠽ഈၛ۬ބ໗קᇷӫđଢభಏؓᇏݓఒြຩष၂૫bऌྍࡆܢௐࢌၞ෮ሹҊđྍࡆሧЧ൧ӆഈଢభჿႵ ၡૅჭ֥ሧࣁᆞᄝoᅳ༯ݑpđᇏݓఒြࡼ൞൮࿊bॖđݓଽႏఒြഈ൧ሧჷၘӮູݚຓሧЧ൧ӆ֥ᆚؠؓའbཐۖaૅݓaྍࡆֹ֩൞ଢభఒຓഈ൧֥ᇶᅞӆb ཐۖԷြϰ൮ؿഈ൧֥ႏఒြۀঃ ࢩᆸ ୍ ᄅָđݓႏఒြᄝཐۖၛ൮ؿྙൔഈ൧֥܋Ⴕ ࡅđఃᇏఒഈ൧؟ၛᄝԷြϰഈ൧֥ं؟đၹՎૌ࿊ᄴᄝཐۖԷြϰ൮ؿഈ൧֥ႏఒြࣉྛٳ༅bࣜݖᆜა࠹đૌؓࢩᆸႿ ୍ ᄅ ರᄝཐۖԷြϰഈ൧ࢌၞ֥ఒြቔਔೱ࿊đ܋࿊ᄴਔژކഈඍ่ࡱ֥ ࡅႏఒြđัԢުটሇᇀᇶϰഈ൧֥ࡅđဢЧఒြሹ࠹ູ ࡅbՖ ୍ᇀ ୍ ᄅ ರ୍ଟࠢሧࣁሹح၇Ցູ ၡa ၡa ၡa ၡބ ၡۖჭđᅝ୍ཐۖԷြϰഈ൧ఒြଟࠢሧࣁሹح֥б২၇Ցູ a a a ބ bఒܢӮູཐۖᆣಊ൧ӆഈࠃᄁ֥ྍྖ৯ਈb і ႏఒြཐۖԷြϰؿྛഈ൧ۀঃ ؿྛܢඔٮႨሹ࠹čຣۖ ܄ඳս ܄ඳӫ čຣܢĎؿྛࡎčۖჭĎႛࣁб২ჭĎ ᇏඔऌ॥ܢ 㯧ಗగ ੌধ॥ܢ ඔऌটჷğཐۖԷြϰຩᅟაࣁ๙ᆣಊඔऌ९b ႛࣁб২ູӵཧഅ൬౼ႛࣁᅝ෮Ⴕ൲ܢٺč҂Їওໃࠆ൲֥ӑح൲ܢٺĎሹԔሧح֥б২b 7
ࣰჷള୪ြ ۬ਟॏغ ְථඔ॓ ྍ০ೈࡱ ल॓ຩ ႇबඌ ݓݓ࠽ Ϥࡾಗగ ࣁלೈࡱ ࢌն૿ೈࡱ ܼବ ځځ฿ಖӁ ࣁඋሰࢌၞ෮ ᇏӱ॓ ࣁ၄ਏ പᇜ၄ਏ ࣁץೈࡱ ჭᆘ॓ תКူြ תຯۚ ຣႶཨٝ ᆄࡾႥੈ ຣಆူြ ഈലݓ࠽ תնྍҋਘ תࡾߌЌ Џ֣॓ նޏຓԮૂ ୡѯၠת ༆Кྍඌ ղೈࡱ ྍၩ॓ ᆄࡾᅚຬ ൗࡀဝܻ ૅഅြ བᇆି॓ ฿ࣃ฿৳ ߰Ւݓ࠽ Ֆഈ൧ൈࡗٳ҃টुđᆃ ࡅఒᆭᇏđႵ ࡅ൞ၛ)ܢٚൔ൮ؿഈ൧đఃჅ ࡅ൞ၛޣԔٚൔഈ൧bԷြϰֻ၂ࡅഈ൧֥ႏఒြ൞ᇏඔऌ॥ܢđഈ൧Ⴟ ୍ ᄅ ರರbՖഈ൧ൈࡗٳ҃ഈुđ ୍ᇀ ୍ഈ൧֥ 8
ႏఒြࡅඔ၇Ցູ ࡅa ࡅa ࡅa ࡅބ ࡅbॖၛुԛđᄝ ୍ၛު֥ቋ୍࣍ࠫଽđཐۖԷြϰ൧ӆ֥ଽఒഈ൧ࡅඔૼཁᄹ؟bّܴݓଽᇶϰ൧ӆđ ྛ౦ၛުđྸ؟ఒြؓԷြϰྏթ௹ஏb҂ਘܢᆷሱ ୍༯կުđ҂ഒఒြಪູԷြϰԛဪဪ௹đطࡼԔሧࣥሇཟຓ൧ӆbႮՎđཐۖ൧ӆᄵӮູݓଽఒഈ൧֥၂۱ᇶေ࿊ᄴb Ֆഈ൧ఒ֥ྛြٳ҃টुđՖ ࡅఒ෮උྛြٳ҃ुđՖ൙*5֥܄ඳं؟đᅝб ĠఃՑ၄ူӁࠣ၄ਏఖྀ֥ളӁཧ൲ఒြ္ᅝႵ၂ק֥ٺحbᆃაᄝૅݓ/"4%"2ഈ൧֥ଽఒྛြোࠎЧ၂ᇁđ҂ݖఃྛြٓຶ۷ܼٗb /"4%"2൮ؿഈ൧֥ଽఒۀঃ ऌ࠹đଢభݓఒᄝ/"4%"2ၛᆰࢤഈ൧ྙൔ֥܄ඳ܋Ⴕ ࡅđऎุі b і ݓఒᄝ/"4%"2ഈ൧܄ඳ၂ফі ܄ඳӫ ྛြো ൮ؿࡎ۬čૅჭĎؿྛඔਈčຣܢĎሹԔሧحčຣૅჭĎ ེӱ *5ྛြ ෆ *5ྛြ ྍশ *5ྛြ ྐ॓ *5ྛြ ᇏຩ *5ྛြ 50.ᄝཌ *5ྛြ ຩၞ *5ྛြ ਲ๙ *5ྛြ ഹն *5ྛြ ྖߌ౯ ๙ြ 65ථղू ๙ြ ކ࠹ ሧਘটჷğ/"4%"2ຩᅟᆜ Ֆᄝ/"4%"2ഈ൧֥ႏఒြটुđ؟ູ*5ఒြđఃᇏၛ৳ຩఒြູ؟bෆaྍশaຩၞ൞ࢠᄪഈ൧֥৳ຩఒြđᆃࡅఒြᄝഈ൧ᆭൈીႵਅݺ֥႔০࠺đቔູᇏݓᆩ֥ຩᅟđ/"4%"2ބڄགሧؓఃӍषਔնbᄝࣜਔ ୍ຩܢ֥Вәުđ৳ຩ܄ඳ֥ܢࡎ္ᄻ၂ਫ਼༯կb࣐ܵೂՎđෛሢຩ֥௴ࠣđఒြᆭࡗၛࠣఒြބཨٮᆀᆭࡗ֥৳༢۷ࡆࣅૡđሰഅༀᆃᇕႵᇹႿఒြࢆ֮ᄎႏӮЧđ՜ࣉԷྍ؇ބิۚളӁ৯֥۽ቔٚൔ֤֞ 9
ਔധೆ֥ႋႨbሰഅༀࡎᆴ֥ิശđପུᄻЎ൳Ԋࠌ֥৳ຩఒြष߫گჭగđᄝྜྷթ༯ট֥ഈ൧৳ຩఒြ֒ᇏđնჿ ֥ఒြᄝ ୍ֻඹ࠱؇൞႔০֥bෆބຩၞᄝ ୍༯϶୍ൌགྷਔ႔০đྍশႿֻඹ࠱؇္ൌགྷ႔০bაՎൈđໃটਅݺ֥႔০ყ௹္Տࠗ܄ඳܢࡎࢫࢫശb ݓఒଽഈ൧֥ᅰθٳ༅ ؓఒ֥ᇅჿ൞ཌྷؓݓఒطđᄝݖಀޓӉ၂؍ൈࡗଽđݓᆣಊ൧ӆ֥ᆷ֝නམࠣࡓܵծീொཟႿݓఒđႏഈ൧܄ඳڌરḃ࢘bෛሢႏࣜ࠶֥ؿᅚࠣࡓܵᆀؓሧЧ൧ӆಪ്֥ധ߄đఒषਈ֨ሧЧ൧ӆbᆃѩ҂֩ႿඪఒᄝݓଽሧЧ൧ӆ֥ഈ൧ᅰθၘ֕ಖթbೂݔඪྸ؟ݓࣜ࠶֥ఒြၹູԔሧਈऍնط҂֤҂ࢹᇹႿݚຓᆣಊ൧ӆđପહؓପུԔሧܿଆݓଽປಆିܔӵ൳đߎିၛбݚຓ۷֥ۚࡎ۬ؿྛܢௐ֥ఒđૌູહٴٴഈਔݚຓഈ൧ᆭĤݓᆣಊ൧ӆؓႪᇉఒ֥་ႄ৯҂ቀߎุགྷᄝğՖሹุഈुđྸ؟ၘࣜഈ൧֥ႏఒြѩ٤൞ֹ֒႔০ି৯ቋ఼֥ႏఒြđႏࣜ࠶ᇏ֥ྸ؟ఒြીႵഈ൧മᇀીႵഈ൧֥յෘbఒݚຓഈ൧ಣӖࠣႏࣜ࠶֥ఒြؓݓଽഈ൧֥֎đᆃਆᇕགྷའࠢᇏіਔݓᆣಊ൧ӆؓႪᇉఒഈ൧ವሧթᄝ֥ᇅჿb ؟ҪՑሧЧ൧ӆุ༢ഉ҂ࡲಆđႵཋ֥൧ӆಸਈၛಸବӮతഈຣ֥ഈ൧܄ඳ ଢభݓଽ֥ሧЧ൧ӆࣇႵᇶϰ൧ӆđෙಖ ୍ ᄅݓၘᄝധᎪഡ৫ᇏཬఒြϰđఃഈ൧ѓሙࠣӱࠎЧބჰ༵֥ᇶϰ่ࡱཌྷđ൞ݓࡹ৫؟ҪՑሧЧ൧ӆഈ֥၂ཬ҄đປ֥؟ҪՑሧЧ൧ӆഉႵޓն֥ҵएđؿྛุᇅીႵ۴Чэ߄đఒഈ൧ವሧߌ္Ⴕൌᇉྟ֥э߄b తफຣઔᆚݖଡూ֥౦ঃ֤ഈ൧ࣩᆚ٤ӈࠗਛđఒ֥௴ђหׄ൞ܿଆࢠཬaӮ৫ൈࡗ҂Ӊ႔০ି৯఼đݓഈ൧ѓሙᇏܱႿሧЧܿଆa႔০࠺ࠣವሧح؇֩ٚ૫֥ཋᇅࡼնਈԩႿۚӮӉ௹֥ఒஆԢᄝഈ൧܄ඳᆭຓbژކഈ൧่ࡱ֥ఒࠎЧၘ҄ೆӮඃ௹മᇀක௹đሧᆀીႵٳཚ֞ఒြۚӮӉࢨ؍֥Ӯݔđಏӵքਔఒြ҄ೆක௹֥սࡎbၛᆄࡾസູ২đଢభಆസ֥ܢٺ 10
܄ඳၘࣜႵ ࡅđѩૄ୍ߎᄝၛ ؟ࡅ֥؇־ᄹđطಆസႏఒြඔਈၘ ຣࡅđ໊ंಆݓֻؽđ۴ऌ ୍ݓࡅ֥҆ஆҰ࠹đಆݓቋऎӮӉྟ֥ ࡅႏఒြᇏđᆄࡾസᅝ ࡅbՖഈ൧౦ঃটुđࢩᇀ ୍ ᄅđᆄࡾസၘݖ߶ໃؿྛఒြ֥ఒြႵ ࡅđၘഈБҋਘ֥֩րബނ֥Ⴕ ࡅđ܋࠹ ࡅb ୍๙ݖ൮ؿഈ൧֥ఒြҌ ࡅbՖၛഈඔሳॖၛुԛഈ൧ሧࣩ۬ᆚ֥ࠗਛӱ؇b གྷྛഈ൧ᇅ؇Ⴕ০Ⴟြࠛᇏ֩ܿଆն֥ݓఒط҂০Ⴟ႔০ି৯఼ܿଆཬ֥ఒ ݓགྷྛഈ൧ѓሙᇏఒြܿଆa႔০࠺֩ཋᇅਔնਈܿଆࢠཬ႔০ି৯఼֥ఒြഈ൧ವሧđՎຓߎႵವሧح؇֥ཋᇅ္აሧӁܿଆܫ܌bطᇙ෮ᇛᆩđӵཧഅ֥ႛࣁ၂Ϯοವሧح֥б২൬౼bᄝഈ൧ࣩᆚ֥ಆݖӱᇏđӵཧഅंႿᇶֹ໊֝đοವሧح൬ٮࠣ၂ࡅഈ൧ఒြᅝႨ၂۱๙֥֡ᇅ؇ႄ֝ಊഅࢰ৯ᆚ౼նཛଢটൌགྷࣜ࠶০ၭቋն߄bᄝᆃᇕభิ༯đܿଆࢠཬ֥ఒᄝࣩᆚᇏૼཁԩႿ൝bӵཧഅ֥ሧӁܿଆ֝ཟط٤႔০ି৯֝ཟᄝ၂קӱ؇ഈᄯӮਔܿଆࢠཬ֥ఒoၛഈ൧pb ఃՑđοᅶགྷྛ֥ഈ൧ӱđఒြՖڿᇅڣ֝֞ഈ൧ᇀഒླေ j ୍֥ൈࡗđطᆃ௹ࡗԉડਔնਈ֥҂ಒקၹđطᄝఒြൌ࠽ࣜႏᇏđޅ၂۱ݺ֥ཛଢ҂ିӵ൳ j ୍֥֩րbݓഈ൧܄ඳնб২ֹؿളэ۷ଟࠢሧࣁཟ֥གྷའaᄝሧᆀᇏඎ৫o҂Ӵྐp֥ႆའनაથӉ֥ഈ൧௹Ⴕܱb ၛ༯ࡼ๙ݖ၂۱ࡥ߄֥ଆটฐษᄝ֒భߌ༯ᆌؓཌྷ֥ವሧحđ၂۱Ⴊᇉఒြ "ఒြ
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ఒြ"ބ#૫ਢሢഈ൧Ӯۿބ҂Ӯۿਆᇕॖିđᄝ႔০ି৯ٚ૫đഈ൧ѓሙࣇႵቋ֮࣪ሧӁ൬ၭੱ֥ܿקđᆺေژކᆃ၂่ࡱđ࣪ሧӁ൬ၭੱ֥ۚఒြѩીႵޅႪ༵ಃbߐᆭđᆺေژކቋ֮൬ၭੱ֥ܿקđ"ఒြބ#ఒြ૫ਢሢ֩ۀੱ֥ഈ൧ॖିbೂݔቋᇔ҂ିഈ൧đ"ބ#֥൬ၭູ đڱԛ֥ႵྙӮЧčᆦڱ۳۲োᇏࢺࠏܒ֥ٮႨĎࠎЧཌྷđՖࠏ߶ӮЧটुđႮႿ"ఒြؓ 11
ཛଢ֥ೱ࿊ି৯ࠣࣜႏܵି৯ۚႿ#ఒြđ"ିᄎႨဢ֥ሧࣁੀೆԷᄯԛб#۷֥ۚ൬ၭđၹՎđೂݔቋᇔીႵഈ൧ଟࠢ֞ሧࣁđ"֥ࠏ߶ӮЧࡼնႿ#bਆᆀሸކطđ$ $ ĠᄝӮۿഈ൧֥౦ঃ༯đ"ఒြބ#ఒြ֥ഈ൧ӮЧཌྷđႮႿഈ൧થӉ֥֩ր௹đਈ֥ሧࣁؓ"܄ඳ֥์གྷᆴཁಖཬႿ#ఒြđႮՎ֝ᇁ4 4 bၛഈ౦ঃॖၛሸކູğ č Ď ఒြીႵഈ൧đᄵ$ $
#ఒြ֥࿊ᄴႪႿ"ఒြĠ č2Ď ఒြӮۿഈ൧đᄵ4 4
#ఒြ֥࿊ᄴႪႿ"ఒြb ၹՎđંିڎഈ൧đ#ఒြ֥࿊ᄴनႪႿ"ఒြbطᄝਸ਼၂ٚ૫đႮႿ"܄ඳ֥႔০ି৯఼đିܔбࢠಸၞࠆ֤ၿྛྐվሧࣁࠇఃٚ૫֥ವሧđᆃᄝ၂קӱ؇ഈࢆ֮ਔ"܄ඳഈ൧ವሧ֥௧్ྟbᄝᆃᇕ۬अ༯đ௴๙ఒြ֥ഈ൧ࠒࠞྟჹۚႿႪᇉఒြđႵ֥ఒြമᇀሼཟਔࠞ؊đࡼഈ൧൪ູ၂ӆoવགpđೂӮۿᄵఒြႵਔሇএ֥ॖିđೂ҂ӮᄵሼཟӁ֥шჸbᆞ൞Аሢo҂ӮۿьӮಥp֥ᆃᇕྏđݓᆣಊ൧ӆؿളਔ؟ఏྴࡌഈ൧aЇልഈ൧aമᇀ൞ൌ࠽ഈ֥aሧ҂ַᅏ֥ఒြഈ൧b֒ಖᆃఃᇏႵمᇅഉ҂ࡲಆaؓႵܱದჴ֥مੰᄳሔ࣮ᇅ؇ഉໃປ֩൙ުࡓᇅ؇Ⴕܱđ൙భ֥ᇅ؇ഡ࠹္൞֝ᇁਜᇉఒြնਈഈ൧֥ᇗေჰၹᆭ၂b ܢٺᇅڿᄯ֥oᆔpఒනط҂ۍસಖࣉྛ ۴ऌૌ֥טđႵཌྷ֒ඔਈඋֹٚ০ඥն֥ႏఒြഉໃປӮܢٺᇅڿᄯđط୍֥࣍ࠫྍӮ৫ఒြđఃሧӁܿଆބ႔০ି৯ჹ҂ೂఒြđ܄ඳܢٺᇅڿᄯ֥ေ٤ӈ఼ਛbטؿགྷđႮႿఒ֥թᄝൈࡗࢠӉđޓ؟ఒြՖഈൗࡀ70୍սമᇀ۷ᄪࣼՖࡅ๖ቔ٘षᇯ҄ؿᅚđ௹ࡗթᄝሢܫौࣜႏaఒြԛሧದ҂ൌ֩Ӂಃٚ૫ၛ؋௹ౢ֥൙ൌb ఃՑݓ֞1986୍Ҍԛਔuֹܵمvđ۲ֹބֹ҆ؓܵ໙ี֥ಪ്ࠣم֥ܿܺӞބᆳྛ৯؇ླေෛൈࡗ֥၍طᇯ҄ധ߄đఃᇏߎһᄖਔֹٚؓఒြ֥ړӻࠣߧࢌၞ֩ॖିđႵ֥ఒြᅝऌਔնਈ֥ໃࣜྛᆟྸॖ֥ളӁࣜႏႨֹđطᆃᇕ൙ൌၘթᄝਔྸ؟୍Ġ ᄜՑߎႵ۲ᇕֹٚྟ֥ඥٮႪ߲ծീ֩đႮႿಌكކم֥ྛᆟ൱ಃđ၂֊ീྛܢٺᇅڿᄯđᆃུఒြթᄝҀ࢚ࠇْߎ෮ཚ൳֥Ⴊ߲ඥٮ֥ॖିbၹՎđթ࿃ൈࡗࢠӉ֥ఒြđႮႿքྏܢٺᇅڿᄯطᄯӮਔնਈ֥གྷࣁੀԛطݕቀ҂భb 12
ቋު܄ඳഈ൧ࡼ૫ਢࢠ֥۬ࡓܵބྐ༏ᇅ؇đ҆ٳఒؓՎ္Ⴕ၂ק֥քႬb٤ഈ൧܄ඳაഈ൧܄ඳ֥ൌ࠽ඥ൬ߌ֥ҵၳ္՜ఒքྏഈ൧ުᄹࡆնਈ֥ඥ൬ڵքbᆃུၹ֝ᇁਔఒo҂ۍڿᇅpao҂ۍഈ൧pb ݓᆣಊ൧ӆಌكൕིٓႋđَ෫થӉ֥ഈ൧ᇅ؇აఒ֥ఒြ໓߄ႵࢠնԊ ݓଽᆣಊ൧ӆູඔ҂ഒြࠛമᇀ֥ఒြնږཤਔᆣಊ൧ӆ֥ܻધđࢆ֮ਔᆣಊ൧ӆؓႪᇉఒြ֥་ႄ৯bᄝૌؓႏఒြ֥טᇏđ҆ٳֹ֥֒০ඥնؓݓ֥ᆣಊ൧ӆၘࣜӁളਔհ༂֥ಪ്đݓଽᆣಊ൧ӆၘູoఒြࣷᇹᅟp֥࢘bᆃུఒြሱႵሧࣁԉđൈၿྛ൱ྐࢠնđؓഈ൧ವሧ֥ླѩ҂௧్đૌϜഈ൧ಪູ൞oఒြ҂ྛਔđၿྛվ҂֞ॻਔpҌླေഈ൧đطૌሱ֥࠭܄ඳؿᅚྙ൝٤ӈݺđགྷᄝߎીႵoઋ֞ေഈ൧ֹ֥҄pbགྷႵ֥Ⴊᇉഈ൧܄ඳඔਈഒđಌكൕིٓႋđն҆ٳඋႿݓႵ֥؎ఒြđཚ൳նਈ֥ᆟҦႪ߲ބړӻĠႪᇉႏഈ൧܄ඳ۷൞ഒඔđ۴ЧمྙӮቀܔն֥ಕุটᅚൕႏఒြ֥ࠃ৯აིၭbᆃུၹ܋֝ᇁਔ҆ٳႪᇉఒؓݓᆣಊ൧ӆ֥հ༂ಪ്đՖط֝ᇁਔႪᇉఒြo҂჻ഈ൧pb ՎຓđથӉ֥ഈ൧֩ր௹ࠣऍն֥҂ಒקྟ္აఒ֥ఒြ໓߄Ⴕ၂ק֥ԊđᄝטᇏđႵႏఒြࡅฌo҂ซ֥ఒြ౦ঃೂޅđܻඥ൬၂ཛಀ୍ࣼཟݓࡅ࢚ବਔඔၡჭđඪ֥ఒြି҂ିഈ൧Ĥླ؟ഒൈࡗିഈ൧Ĥpbႏఒြࡅূৢڄྛ֥ቔڄაَ෫ᄖ֥ഈ൧ᇅ؇ࠣնਈ֥ದູט॥ၹӁളਔ఼ਛ֥Ԋđᆃᄝ၂קӱ؇ഈࢆ֮ਔఒഈ൧֥ࠒࠞྟb ݓఒଽຓഈ൧֥Ⴊਜ൝бࢠ Ֆଢభႏఒြഈ൧֥౦ঃुđ࿊ᄴཐۖaૅݓ൧ӆं؟ऎႵ၂ק֥ׅྟđ୍࣐ܵ࣍টྍࡆ൧ӆ္Ӯູఒຓഈ൧֥ྍԍđܿଆഈაཐۖaૅݓཌྷбಯթᄝ၂ק֥ҵएbູьႿ༯၂֥҄ൌᆣٳ༅đૌᄝ༯໓ᇶေ࿊ᄴཐۖԷြϰބૅݓ/"4%"2൧ӆഈ൧֥ଽఒࣉྛٳ༅b๙ݖؓᄝຓഈ൧܄ඳ֥ऎุ౦ঃٳ༅ࠣཌྷܱטđՖطটฐษ࣮ࣨఒଽഈ൧ᅰθޅᄝđطຓ൧ӆ*10ؓః་ႄ৯ႻᄝޅԩĤ 13
ຓᆣಊ൧ӆഈ൧่ࡱࢠູॺ Ֆ۲ࢌၞ෮ຩᅟࠣཌྷܱሧਘཁൕुđֹᆣಊ൧ӆ۲Ⴕ৫֥ഈ൧ܿᄵބࢌၞܿᄵbݓᇶϰ൧ӆაཐۖaૅݓ൧ӆᄝഈ൧่ࡱ֥ऎุ่ॻഈᄵ൞۲Ⴕေބொᇗčі Ď
ఃҵၳᇶေіགྷᄝğ č Ďݓ"ܢ൧ӆႵቋ୍࣍႔০֥ေđطཐۖԷြϰഈ൧ᆺླਆ୍ࠃᄁ ြༀࡀ҂ഡ႔০ေđ/"4%"2൧ӆؓؿᅚ܄ඳၧ҂ഡေbؓԩႿԚԷ௹֥ႏఒြđᄝԷြԚ௹҂ॖିղ֞৵࿃୍႔০đؓႿӮӉఒြটඪđᆃ၂ࢨ؍֥ሧࣁླႻ൞ᇀܱᇗေ֥bၹՎđݚຓഈ൧ᄵӮਔື၂֥࿊ᄴb č Ďݚຓ൧ӆૼಒ֥ӁြေđೂཐۖԷြϰ൞ၛoᄹӉమ৯pູק໊ᇶีđؓའ൞۲ྛ۲ြᇏླေຓ҆ሧࣁটࣉྛૼಒঔᅦࠇؿᅚ࠹߃֥ྍྖ܄ඳb၂ϮطđۚྍඌఒြॖෘቔᄹӉ܄ඳđطᄹӉ܄ඳ҂၂קՖ൙ۚྍඌbၹՎđႏఒြᄝمࠆ֤ݓଽۚྍඌఒြಪק֥౦ঃ༯đ؟ౠཟႿ࿊ᄴ֞ݚຓؽϰ൧ӆഈ൧b č Ďᄝᇭೂࣜႏြༀ࠺a܄ᇙܢתቋഒඔਈaቋ࣍Ⴕᇗնິܿྛູ֩ٚ૫đݚຓ൧ӆေ္ࢠ֮bطݓᇶϰ൧ӆԢਔေఒြoᇶႏြༀԛđളӁࣜႏژކݓࡅӁြᆟҦpᆭຓđߎႵᇭೂğᆣࡓ߶ܿק֥ః่ࡱ֩҂ಒקၹbၹՎđఒြᄝഈ൧ݖӱᇏđ҂ିࢠູሙಒֹؓഈ൧ࣉ؇ቓԛܿ߃đᆃ҂ିඪ҂൞ݓᇶϰ൧ӆ֥၂նрѨbᆃ္ᄝଖᇕӱ؇ഈྙӮਔఒြഈ൧֥҂ॖყෘӮЧᆭ၂b ؿᅚ܄ඳ൞ᆷߎીႵ႔০֥࣮ࠇؿᅚྟ܄ඳb 14
і ଽຓ۲ࢌၞ෮ഈ൧่ࡱؓᅶі ᇏݓཐۖԷြϰ ૅݓ/"4%"2 ᇏݓᇶϰ ഈ൧ൈ܄ᇙܢת҂֤ഒႿ ದ ܄ᇙӻܢ҂֮ႿؿྛުӻႵ૫ᆴղದлᆣಊӻႵದ ࠇӻܢ൧ᆴ҂֮Ⴟ ၛഈ֥ܢת ჭၛഈ֥ܢתದඔ҂ඔ ຣۖჭĠܵҪބնഒႿ ದ ܢתӻܢ҂֮ ؿྛުܢЧሹح҂֮Ⴟದл ຣჭĠؿྛభ၂ӑݖ Ϥຣૅჭ֥࣪ሧӁ୍ଌđ࣪ሧӁᄝሹሧӁᇏحčؿᅚ܄ඳ҂֮Ⴟ ሧӁေ ൧ᆴ҂֮Ⴟ ຣۖჭ෮ᅝб২҂֮Ⴟ đຣૅჭĎĠሹ൧ᆴ҂֮ႿྙሧӁᄝ࣪ሧӁᇏ෮ᅝб ຣૅࣁ ২҂ۚႿ đᆣࡓ߶ਸ਼ႵܿקᆀԢຓ ഈ۱߶࠹୍؇ඥభ০҂ഡ৫୍ၛഈđ୍࣍৵֮Ⴟ ຣૅჭĠࠇ࣍۱ؽ୍ࠃᄁြༀࡀđ҂ഡ࿃႔০ѩॖཟܢתᆦڱܢ০ ҍᆟ୍؇֥ਆ۱ҍᆟ୍࣪႔০ေ ০Ġؿྛܢௐުყ௹০൬ೆ҂֮Ⴟ ຣૅჭĠؓੱॖղ௹ၿྛթॻ০ੱؿᅚ܄ඳໃቓေ ၂Ϯ౦ঃ༯đ߶࠹Бۡсૄ୍୍֥؇ҍༀБісླؿఏದቋ࣍ ୍ଽીႵᇗҍༀБі ྶݤۂᄝഈ൧໓ࡱ܄҃భิࢌ۳ᆣܵ߶ა܄ඳܢתնິمྛູđҍༀ߶࠹໓ᇀഒਆ۱ປ൙֥ҍᆟ୍؇ૌҕॉ ࡱીႵྴࡌ࠺ᄛ сྶႵ໊ၛഈ൧ӆլކᇶႏြༀԛđఃളӁࣜః сྶᇶ৯ࣜႏ၂ཛြༀ ᆀč.ĎҕაႏژކݓࡅӁြᆟҦ ሧਘটჷğ۲ࢌၞ෮ཌྷܱຩᅟ ؓбֹ൧ӆ֥ഈ൧่ࡱđॖၛؿགྷଽᇶϰ֥০่ࡱ൞၂֡ቋၛჇᄀ֥िbགྷᄝ/"4%"2ഈ൧֥ႏఒြ؟ູ*5ఒြđఃᇏၛ৳ຩఒြູ؟bၛෆaྍশaຩၞູ২đቔູᇏݓᆩ֥ຩᅟđ၂۱܋֥หׄࣼ൞đԷြԚ௹၂ᆰԩႿoഎఫpሑطીႵ࣪০Ӂളbၛଽ"ܢ൧ӆ֥ѓሙطđᆃࡅఒြᆰᇀࣂರߎ҂ژކഈ൧ေbಖطđ/"4%"2ބڄགሧಏؓఃӍषਔնbෛሢሰഅༀࡎᆴ֥ิശđෆބຩၞᄝ ୍༯϶୍ൌགྷਔ႔০đྍশႿֻඹ࠱؇္ൌགྷ႔০bՖڄགሧ֥Ԛ௹ࢺೆđ֞Էြϰ൧ӆଟܢഈ൧đൈඔ୍đᇔႿ႒ট৳ຩఒြ֥ܻߩෟᄅbնຩᅟ֥ؿᅚӴಖაᇏݓࣜ࠶֥ӻ࿃ॹؿᅚૡ҂ॖٳđ൞đຓᆣಊ൧ӆ۳Ⴭૌ֥ᆦӻජ္مڎಪbطݓଽ֥ᇶϰ൧ӆ୍֥႔০ေ൙ൌഈز೪ਔྸ؟ԚԷ௹֥Ⴊྮఒြࣉफݓ 15
ଽሧЧ൧ӆ֥Ԛᇓb၂۱Ӯඃ֥ሧЧ൧ӆ൮༵ႋ൞၂۱؟ҪՑ֥ሧЧ൧ӆđతޫຣߒԛট֥ᇏཬఒြϰؓႿᇏݓᆣಊ൧ӆ֥႕ཙ҂ॖཬbൈૌ္ᇿၩ֞đᇏཬఒြϰᄝࡆ఼ఒြഈ൧ުᄎྛࠣࢌၞࡓ֥ܵൈđᄝఒြഈ൧่ࡱaܢٺੀ๙֩໙ี֥ԩഈࠎЧಯაᇶϰཌྷđطᆃؓႿྸ؟Ⴊྮᇏཬఒြটඪಯ൞၂֡҂ॖჇᄀ֥ᅰθb ຓᆣಊ൧ӆഈ൧ིੱࢠۚ ଽഈ൧ݖӱથӉ൞ᄝטᇏࣜӈႵఒြิ֥ࠣ߅ีbᄝଽ൧ӆ֥ഈ൧ӱࢠᆭຓေگᄖَ෫ગĤؓб၂༯ཐۖބ/"4%"2ఒြഈ൧ӱđૌॖၛؿགྷğଽֹఒြګཐۖᇶϰഈ൧֥ᇶေӱႵğč Ď܄ඳथၰഈ൧đᇏࢺࠏܒđ߸ࠢཌྷܱሧਘĠč Ďщᇅᅱܢࠣཌྷܱഈ൧໓ࡱđཟ৳ࢌ෮ิԛണ౨Ġč Ď๙ݖ৳ࢌ෮ഈ൧ჴ߶ᯚĠč Ďࣉྛᅱܢࢺުܫஇഈ൧bఃࡗݖӱնᇁླေ ᇀ ۱ᄅbط/"4%"2ഈ൧ӱᄵ۷ູ༥ᇁ၂ུbଽఒြᄝ/"4%"2ഈ൧֥ᇶေӱೂ༯ğč Ď܄ඳܤ໙đაૌ߶ѩիഅ č Ď܄ඳሧၿྛĔӵཧഅa߶࠹൙ༀ෮aੰഽ൙ༀ෮aթກၿྛaሧᆀܤ໙ࣉྛബނ č Ď܄ඳაఃੰഽࠣ߶࠹ഽषแᇅ 'і۬đѩཟ/"4%"2 ൧ӆണ౨ყקࢌၞսݼ č Ď܄ඳཟପථղक़ᆣಊ൧ӆ־ࢌᆞൔണ౨
ࣉطᇅק߭ࢺ࠹߃༥ࢫ č Ď܄ඳ൬֞ᆣಊࢌၞჴ߶֥ၩުđؓണ౨ഈ൧֨࠺іࡆၛྩרđಖުᄜෂࢌᆣಊࢌၞჴ߶bᆣಊࢌၞჴ߶࿆҃ᇿҨളིb܄ඳࡼᅱܢඪૼק۠ڱႆđಖުٳؿ۳మᄝ֥ሧᆀb֞ቋު၂۱ྒ௹đ܄ඳࣜݖ߭ࢺުఃᆣಊषᄝ/"4%"2൧ӆഈ൧b ႮՎॖđఒြֹഈ൧֥ࠎЧӱߎ൞ূ֥đ൞љᄝႿཛଢषᅚބࣉӱഈb൳ᇅႿଽഈ൧֥o๙֡p࣠đູඔ҂ഒ֥ఒြᄝ७७֩րඔ୍ުሇطཟཐۖ൧ӆđࢠູᇶေ֥ჰၹᆭ၂ࣼ൞ഈ൧ིੱࢠᆭݓଽေۚbႪྮ֥ఒြສສӉႿϜሺࠧ൜֥ࠏ߶đط൞ູԔࠢሧࣁطຨٮඔ୍ൈࡗ֥ࠏმđᄵၐ൞مࢤ൳֥bଽֹఒ࿊ᄴᄝཐۖമᇀႿྍࡆ֩ຓܢௐ൧ӆഈ൧đᇶေჰၹᆭ၂ࣼ൞ഈ൧ൈࡗॖ෪؋đഈ൧ࣉӱॖ॥ᇅbՖᄝཐۖഈ൧֥ఒुđఃՖഈ൧ԔС֞ؿྛഈ൧၂Ϯᆺླᇀϖ۱ᄅൈࡗbᄝ/"4%"2ഈ൧߶۷ࡆьࢮđ֮৷֥ൈࡗӮЧӮູႏఒြ࿊ᄴຓವሧ֥Ⴛ၂ᇗေჰၹbّܴଽഈ൧đ၂୍֥ഈ൧ڣ֝௹ડުđՖؿྛണ౨֞ނሙߎေࣜથӉ֥ஆؒ֩ީđࣉӱӈӈ҂ 16
ॖყ௹b ሸഈ෮ඍđႏఒြଽຓഈ൧ᄝӱࠣߌࢫഈሹุഈඪཌྷҵ҂؟đՖଖᇕ࢘؇ഈඪđຓഈ൧൳ᆟҦa൧ӆ֩҂ॖ॥ၹ֥႕ཙ۷նđ২ೂభ௹ݓༀჽؓ৳ຩြ֥৫مࡼᆰࢤ႕ཙݓଽᇶေຩ܄ඳ֥ഈ൧࿊ᄴb൞đႮႿݓᇶϰഈ൧֥ബ൭࿃گᄖ߄ބഈ൧ܫஇൈࡗથӉđᆃུ҂০Ⴟႏఒြॹؿᅚ֥ླေđႮՎ္ྙᇏิശਔఒြଽഈ൧֥ႅྟӮЧb ຓᆣಊ൧ӆԔሧٮੱࢠۚđٮႨࢠູॖ॥ ႏఒြᄝଽຓ൧ӆ*10෮ླٮႨࠎЧႮၛ༯҆ٳܒӮğč Ďࢌၞ෮ٮႨğᇶေ൞ೆ൧ٮބ୍ٮĠč ĎᇏࢺٮႨğЇওᆣಊੰഽٮႨa߶࠹ഽٮႨaҍༀܤ໙čࠇЌࡩದĎٮႨaြܙᆴٮႨaሧӁܙٮႨaӵཧഅٮႨ֩֩Ġč ĎܼڣᇹٮႨğೂ൧ӆܼٮႨaႆٮႨaఃྛᆟٮႨ֩b Ֆі ॖၛु֞đᄝഈ൧֥ᆰࢤٮႨٚ૫đݚຓ൧ӆбଽֹ൧ӆۚԛ҂ഒb۴ऌܙෘđವሧӮЧᅝವሧح֥б২ᄝ/"4%"2൞ ၛഈđطᄝཐۖᇶϰᄵۚղ ၛഈbᄝཐۖഈ൧֥ܥקٮႨჿղ֞ ຣۖлđࠧᄝཐۖԷြϰđٮႨ၂Ϯ္ေղ֞ ຣჭದлၛഈđವሧӮЧᅝ֞ವሧح֥ ᇀ bൈđᄝຓഈ൧ު֥ົӻӮЧ္ࢠଽֹေۚb і ଽຓഈ൧ӮЧбᅶі ᇏݓཐۖԷြϰ /"4%"2 ݓଽᇶϰ ೆ൧ٮ ຣۖჭ ჿ ຣ ຣ ୍ٮ ຣۖჭ ຣ ຣ ᇏࢺٮ Ќࡩದܤ໙ٮჿ ຣᇀ ຣۖჭ ЇཧٮᇏࢺٮႨčᆣಊӵཧٮູଟሧሹ ଟࠢሹሧࣁ֥ ᇀ
ഈ൧ܤ໙ٮჿੰഽٮa߶࠹ഽح֥ i čགྷ ຣᇀ ຣۖჭ ܄ඳمੰܤ໙ٮჿ ٮaҍༀܤ໙ٮa၂Ϯָཋູ ຣᇀ ຣۖჭ Ќࡩದمੰܤ໙ٮჿ ຣЇཧഅٮ֩Ďaຣđཬđ၂Ϯᇀ ຣۖჭ ߶࠹ഽٮႨჿ ຣᇀ ຣܼࠣఃٮႨၛഈཋٮੱ ൬ۖჭ ܙᆴٮ ҂ЇওຓሧӁܙᆴ
ჿ ຣčႆaണ౨a౼ĎĠੰഽٮႨᇀ ຣۖჭ ܄ܱܤ໙ٮჿ ຣᇀ ຣ࿆ۖԮaטҰٮႨ i ຣ҂֩đ߶ჭ ᅱܢႆٮჿ ຣᇀ ຣۖჭ ܢௐ֩Ďđఃᇏӵཧٮ࠹ഽ൙ༀ෮ٮႨݖ֨࠺ٮჿ ຣᇀ ຣۖჭ ൬ॻၿྛ൬ੱնჿᄝ ቐ i ຣ҂֩ ٮჿ ຣ֞ ຣۖჭ ᇏݓمੰܤ໙ٮჿႷb ຣᇀ ຣۖჭbކ࠹նჿླေ ຣۖჭቐႷ 17
*10ٮ၂Ϯކ࠹ٮႨჿູ ຣi ຣۖჭቐކ࠹ٮႨჿູԔކ࠹ٮႨᄝ Ⴈކ࠹ Ⴗ
ჿᅝವሧሹح֥ ሧሹਈ֥ຣჭၛഈ đ၂Ϯᄝ ຣჭૅჭቐႷ ሧਘটჷğࣁ๙ᆣಊ࣮෮ඔऌ९ ຓؿྛԔሧაഈ൧֥ൈࡗᇛ௹ေૼཁ؋Ⴟݓଽᇶϰ൧ӆđϴෛིۚੱ֥ൈေ္֥൞ࢠ֥ۚႛࣁбੱbૌҰुਔཐۖԷြϰ ࡅఒ֥ᅱܢඪૼđ ؓૄࡅഈ൧܄ඳ֥ӵཧഅ෮൬౼֥ႛࣁбੱބሹ࠹ഈ൧ٮႨቓਔ࠹ٳ༅ೂ༯ğӵཧഅ෮൬౼֥ႛࣁᅝഈ൧܄ඳ෮Ⴕ൲ܢٺč҂Їওໃࠆ൲֥ӑحؿܢٺĎሹؿྛࡎ֥бੱՖ ᇀ ҂֩đनбੱ൞ bఒ*10֥ሹ࠹ٮႨᄵՖ ຣᇀ ຣۖჭ҂֩đनٮႨ൞ ຣۖჭ ࡅđ۲ཛٮႨᅝ*10ଟࠢሧࣁሹح֥नб২ჿູ č۲ཛඔऌབྷభ໓і Ďb ಀ୍ၛটđݓଽᇶϰ൧ӆཬ॓ܢؿྛഈ൧ੱᄹॹbູਔაཐۖԷြϰ֥ႏఒြቔ၂ᆰܴؓбđૌ࿊ᄴਔ ୍ ᄅؿྛഈ൧֥đੀ๙ܢЧཬႿ ຣ֥ഈ൧܄ඳđሹ࠹ ࡅbඔऌҐဢٳ༅ުؿགྷđૄࡅఒြᆦڱ۳ӵཧഅ֥ӵཧٮႨᅝఃଟࠢሧࣁሹح֥नб২ູ đሹ࠹ഈ൧ٮႨᅝఃଟࠢሧࣁሹح֥नб২ູ đჹ֮ႿཐۖԷြϰbطᆃ ࡅ܄ඳ֥नഈ൧܄षؿྛܢЧູ ຣჭ3.#đनଟࠢሧࣁሹحູ ຣჭ3.#bऎุі b і ဢЧ܄ඳଽຓഈ൧Ԕሧࠣٮੱ၂ফі ٮႨ ಊഅӵཧٮᅝଟ*10नഈ൧ٮनଟࠢሧࣁ*10ഈ൧ٮႨᅝଟ൧ӆ ࠢሧࣁб২ ႨčຣჭĎ حčຣჭĎ ࠢሧࣁб২ ཐۖԷြϰ ), ), ݓଽᇶϰčᇿĎ 3.# 3.# ᇿğݓଽᇶϰ܄ඳဢЧ൞ ୍ ᄅٺᇀ ୍ ᄅָഈ൧֥ੀ๙ܢЧཬႿ ຣ֥ ࡅഈ൧܄ඳb ӵཧഅ෮൬౼֥ႛࣁб২ބሹ࠹ٮႨඔऌটჷႿ۲܄ඳᅱܢᅣӱᆭЇཧ၂ࢫđၛӵཧഅᅱܢభ෮ቓ֥ყҩඔऌູሙđॖିაൌ࠽ᆦԛٮႨႵҵљbఃᇏđሹ࠹ٮႨᇶေЇওЇཧࠣ൲ႛࣁ৵໓ࡱщለࠣҍༀܤ໙ٮa৳ࢌ෮ഈ൧ٮaᆣಊࠣ௹ࠊ൙ༀࡓҳჴ߶ࢌၞᆘٮa৳ࢌ෮ࢌၞٮaمੰࠣఃህြڛༀٮaႆٮࠣႵܱ൲֥ఃٮႨb 18
ॖၛुԛđཐۖԷြϰ൧ӆ֥ٮੱࢠݓଽေۚbႋھु֥֞൞đఒြ֥ഈ൧ӮЧ҂ࣇЇওࠊл߄֥ႵྙٮႨđ္ЇওၹҠቔӱَ෫aᆟҦა൧ӆڄགط֝ᇁഈ൧ാϧ֩ྙӮ֥ྙӮЧaࠏ߶ӮЧބӦીӮЧbෙಖࣇՖཁྟӮЧбࢠطđႏఒြ࿊ᄴᄝݓଽᇶϰഈ൧ေбᄝཐۖԷြϰބ/"4%"2Ⴕ০֤؟bॉ੮֞ႅྙӮЧđႮႿଽഈ൧ബ൭࿃گᄖaൈࡗથӉđ҂ಒקྟնđбೂđൈࡗഈ൮༵൞ࣜݖ၂୍֥ڣ֝௹đಖުߎေႵથӉ֥ഈ߶ബݖӱbࡌקቋᇔଟ֥ࠢ֞ሧࣁሹحཌྷđ൞۲۱൧ӆ൮ؿ֥ൈࡗႵ༵Ⴕުđၧࡼ֝ᇁໃটགྷࣁੀ֥์གྷᆴ֥؟ܪ҂đఃؓؿྛ܄ඳ෮Ӂളི֥ࠛሱಖ္Ⴕޓնҵၳbط൞ቋᇔഈ൧҂ӮۿđᄵႮႿሙСഈ൧طВ֥ඥ൬׳ࡼᆰࢤᄹࡆఒ֥ඥ൬ӮЧbၹՎđ҂ഒႪྮ֥ႏఒြ࿊ᄴຓഈ൧đ۲ཛٮႨ֥ॖ॥ྟބൈࡗࣉӱഈ֥ॖყ௹ྟ൞ᇗေ֥ၹbࠧࣜݖਔ֥ܵ҆ҪҪബđ܄ඳߎေ֩րથӉ֥ஆؒؿྛđၛᇏཬఒြϰֻ֥၂ܢྍބӮູ২đ ୍ ᄅࣼၘࣜ๙ݖബނđ၂ᆰ֞ ୍ ᄅҌ֤ၛ܄षؿྛଟܢđభުൈ ୍؟đ௹ࡗߎၹ۲ᇕჰၹ۷ߐӵཧഅՑđೂݔ҂൞ࢹᇹoᇏཬఒြϰp֥תڄđྍބӮ֥ؿྛஆؒߎ҂ᆩ֡ླေᄜ֩؟ഒൈࡗb ଽᆣಊ൧ӆԔሧሹحࢠۚđᄜವሧ҂ࠣຓ൧ӆь০ ᅱܢԔሧaঔնࣜႏܿଆ൞ఒြഈ൧֥ᇶေଢ֥ᆭ၂bႏఒြຓഈ൧ቋᆰࢤ֥൬ၭࣼ൞ࠆ֤ఒြؿᅚ෮ླ֥ሧࣁbՖఒཐۖԷြϰഈ൧Ԕሧح؇ुđૼཁ֮ႿݓଽᇶϰඣbཐۖԷြϰ ࡅఒनԔሧሹحູ ຣۖჭđఃᇏđૅഅြԔሧሹحቋູۚ ຣۖჭđल॓ຩቋ֮đູ ຣۖჭbႮႿૅഅြაॏਟ۬غ֥Ԕሧधؓᆴٳљູ ၡۖჭބ ၡۖჭđჹჹӑԛनᆴđࡼఃัԢު֥नԔሧሹح൞ ຣۖჭ ࡅb ཌྷбࢠطđଽఒᄝ/"4%"2֥*10ԔሧሹحေбཐۖԷြϰۚԛ၂ࢩđఃनૄࡅ൮ؿଟࠢሧࣁحູ ຣૅჭb֒ಖđᆃაഈ൧ఒ෮උ֥ྛြٳ္҃Ⴕࢠնܱ༢bଢభᄝ/"4%"2ഈ൧֥ఒၛ*5ྛြं؟đط*5ྛြᇏ֥ۚӮӉྟఒြᄝૅݓԷြϰສສିࠆ֤ࢠ֥ۚᅱܢࡎ۬đೂེӱିၛ ૅჭ֥ۚࡎؿྛଟࠢሧࣁ ຣૅჭb ݓ؟ඔႏఒြԩႿԷြࢨ؍đሧࣁླਈࠞնbՖ*10ವሧሹحഈुđଽഈ൧ေۚႿཐۖԷြϰඣđა/"4%"2ࠎЧӻbطՖ൧႔ੱुđཐۖԷ 19
ြϰ֥*10൧႔ੱၛ i Пं؟bၛ ୍ު൮ؿഈ൧֥ ࡅႏఒြູ২đఃؿྛ൧႔ੱՖ ᇀ ҂֩đन൮ؿ൧႔ੱູ čඔऌབྷі Ďb і ୍ ᄅᇀ ୍ ᄅཐۖԷြϰఒ൮ؿ൧႔ੱ၂ফі ܄ඳս ܄ඳࡥӫ ᇿҨֹྛြ ؿྛࡎčۖჭĎ ؿྛ൧႔ੱ תࡾߌЌ ᇏݓ ߌЌ߄۽ ղೈࡱ षણ *5 ༆Кྍඌ ᇏݓ ྍҋਘ ࣰჷള୪ြ षણ ߄٧୪ူ ē ຣಆူြ षણ ၄ူ ྍၩ॓ षણ *5 བᇆି॓ ᇏݓ ሰჭࡱ նޏຓԮૂ ᇏݓ Ԯૂ ୡѯၠת ᇏݓ ሰჭࡱ ૅഅြ ᇏݓ അြ ߰Ւݓ࠽ षણ *5 ࢌն૿ೈࡱ षણ *5 ฿ࣃ฿৳ ᇏݓ ಗగ ൗࡀဝܻ षણ Ⴕࠏ߄٧ ᆄࡾᅚຬ ᇏݓ ᇅᄯ תຯۚ ᇏݓ ၄ူ न ඔऌটჷğཐۖԷြϰຩᅟࠣ҆ٳ܄ඳཌྷܱሧਘ /"4%"2ᄵбࢠห൹đၹູ҂ഒ*5ఒြഈ൧భીႵ႔০࠺đ෮ၛᆃোఒြؿྛ൧႔ੱॖቓҕॉbႵ႔০࠺֥ఒြః*10൧႔ੱ၂Ϯᄝ ПቐႷđაଽ൧ӆඣࠎЧཌྷ֒b൞ຓሧЧ൧ӆ֥ܿଆႪ൝൞٤ӈૼཁ֥đ఼࣑֥ሧࣁൌ৯ିܔЌᆣຓ൧ӆᄝႋؓऍحವሧൈႵ۷ն֥߭࿈ჅֹđطݓଽሧЧ൧ӆವሧܿଆᄵཌྷؓࢠູႵཋbՖఒြሱദ֥࢘؇ࢃđଽ൧ӆ֥*10ݖӱࢠӉđൈࡗބӮЧऎႵ၂ק֥҂ಒקྟbᄜᆀđՖᄜವሧ֥ၞӱ؇ुđݚຓᆣಊ൧ӆჹбଽֹಸၞ֤؟đᆺေఒြႵਅݺ֥ြࠛყ௹đܢௐିܔؿྛӮۿđॖၛෛൈᄹؿྍܢđطݓଽᄵؓఒြᄹؿྍܢഡᇂਔ؟۱ྛᆟ҆ബđᄹࡆਔႏఒြᄝଽವሧ֥ൈࡗӮЧbၹՎđପུႵঔնࣜႏܿଆaࡆॹሧЧᄎቔބิശݓ࠽ࣩᆚ৯ླ֥ႏఒြđሱಖ߶࿊ᄴཌྷؓӮЧॖ॥֥ຓ൧ӆഈ൧b 20
і ႏఒြଽຓഈ൧ሸܴбࢠ ཛଢ ൧ӆ ଽᇶϰ ཐۖԷြϰ/"4%"2 ଽᇏཬϰ ഈ൧่ࡱ ႔০ေࢠۚ ࢠॺ ࢠॺ োᇶϰ ഈ൧ིੱ ഈ൧ࣉӱࢠܙ࠹ࢠۚ ࢠۚ োᇶϰ Ԕሧٮੱ ࢠ֮ ࢠۚ ࢠۚ োᇶϰ Ԕሧሹح ࢠۚ ᇏ֩ ࢠۚ *10ܢٺ ຣ*10൧႔ੱ ࢠۚ ࢠ֮ ࢠۚ োᇶϰ 5 ࢲંაᆟҦࡹၰ ݓఒ֒భᆞ૫ਢሢӁಃࢲܒטᆜaඌശࠩaӁശࠩaܵଆൔڿࣉ֩؟ᇗༀđఒିڎൌགྷՖসૡࠢaԮࡅ๖൭۽ቔ٘ཟۚ॓ݣਈ֥གྷսఒြሇэđܱ༢ሢఒିڎิۚሱദނྏࣩᆚ৯đିڎՖಸႋؓರࠗਛ֥൧ӆࣩᆚߌࠣݓࡆೆWTOުຓሧ఼֥նԊࠌbఒഈ൧ॖၛൌགྷ؟ᇗଢѓđՖಆ౯ؿղݓࡅ֥౦ঃটुđൗࢸᇷ֥ն܄ඳࠎЧഈ൞ഈ൧܄ඳbط֒భթᄝ֥ఒഈ൧ၳӈགྷའԉٳіૼਔݓགྷྛఒವሧ౻֥֡҂ӎ๙bఒ֥ؿᅚܱ༢ሢݓݓࣜ࠶֥ӻ࿃ࡲूؿᅚđೂޅᄝݓଽႏᄯਅݺ֥ఒഈ൧ߌđѩࣉ၂҄෪ཬაຓᆣಊ൧ӆؿᅚ֥ҵएđӮູᇗᇏᆭᇗb۲Ⴕܱ҆сྶԉٳಪ്ఒ֥ᇗေቔႨđູఒഈ൧Էᄯਅݺ֥ವሧߌb ۴ऌЧ໓֥࣮đఒഈ൧ᇶေթᄝᇕሑঃğ҂჻ഈ൧aഈ҂ਔ൧ބݚຓഈ൧bູਔࡥૼఏđૌࡼᇶေჰၹਙіೂі9b і ݓఒഈ൧֥ᇕሑঃࠣჰၹ ᇶေჰၹ ҂჻ഈ൧ݖӱથӉԉડքྏऍն֥ڿքྏഈ൧ުؓݓଽᆣ ഈ൧ ҂ಒקྟ ఒြ҂჻ᇅӮЧ ֥۬ࡓܵಊ൧ӆ҂ೆ აྐ༏ ಪ ഈ҂ఒြሧӁܿଆa႔০ఒြཊႿҪҪ ਔ൧ ୍ཋ֩҂ژഈ൧ѓሙ ֥ྛᆟബᇏ൳ቅ ݚຓ༐ຬ๙ݖݚຓഈ൧ሼݚຓഈ൧ིੱݚຓഈ൧่бࢠಪႵࢠݺ֥ԛഈ൧ ཟݓ࠽߄đิۚఒြۚ ࡱбࢠਲࠃ ݚຓᆣಊࠏᇅđॖၛഡᆩ؇ ൧ӆ ࠹௹ಃࠗৣٚσ֩ 21
۴ऌؓᇕ౦ঃ֥ٳ༅đૌಪູđေڿఒ֥ഈ൧ವሧߌđॖၛՖၛ༯ࠫٚ૫ೆ൭b ྩڿބປu܄ඳمvࠣuᆣಊمv֩ཌྷܱمܿđູႪᇉఒݓଽഈ൧Էᄯਅݺߌ u܄ඳمvቋ࣍၂Ց֥ྩרൈࡗ൞ ୍đuᆣಊمvᄵႿ ୍୍ϯ҃ު၂ᆰໃྩڿbਆᆀएࣂၘݖಀਔඹ୍֥ൈࡗđᄝᆃ୍ᇏđݓ֥ݓࣜ࠶ᄜഈਔ၂۱ࢨđؓᆣಊ൧ӆࠣႏࣜ࠶Ⴕਔ၂ུྍ֥ಪ്đݓଽࠣݓ࠽ሧЧ൧ӆ္Ⴕਔ၂ུྍ֥э߄bರྍᄅၳ֥ᆣಊ൧ӆࠤླૌؓႵܱمܿࣉྛטᆜބປđၛՎটູ၂్Ⴊᇉఒြഈ൧Էᄯ่ࡱb ൮༵൞ӞָڿэགྷႵ֥၂ུఆ൪ྟ่ॻbೂགྷྛu܄ඳمvܿקഡ৫ܢٺႵཋ܄ඳᇀഒླေĚ۱ؿఏದđطݓႵఒြॖഒႿĚದĠਸ਼ຓđܢٺႵཋ܄ඳ၂Ϯေࣜႏ୍Ҍିؿྛഈ൧đطೂݔ൞ଛ܄ඳڿᇅݖট֥ݓႵఒြॖၛ২ຓbᆃ่ུॻؓႏఒြࣼޓ҂܄b ఃՑ൞ေྩᆞu܄ඳمvauᆣಊمvაఃمܿᆭࡗ֥Ԋđೂ҆ٳఒູਔཚ൳ݓࡅ֥ඥ൬Ⴊ߲ࠣ་ႄຓ֥༵ࣉඌđቆࡹਔ၂ᇏຓކሧކቔఒြđଢభᆃఒြ֥ഈ൧ࣼթᄝࢠն֥ᅰθbᇙ෮ᇛᆩđᇏຓކሧఒြൡႨ֥مੰ൞uᇏຓކሧࣜႏఒြمvđطഈ൧܄ඳൡႨ֥൞u܄ඳمvđෙಖuᇏຓކሧࣜႏఒြمvބu܄ඳمvनܿקႵܱ֥܄ඳቆᆮྙൔđ۴ऌหљمႪႿ௴๙م֥ჰᄵđؓႿᇏຓކሧఒြႋ൮༵ൡႨuᇏຓކሧࣜႏఒြمvbؽ۱مੰᆭࡗ֥ଽಸႵࢠնҵၳđၹՎᄝمੰൡႨݖӱᇏӁളਔ၂ུمੰԊbೂ܄ඳ֥ቆᆮྙൔa܄ඳ֥ಃ৯ࠏܒa൙֥Ӂളaಃ৯ࠏܒ֥ᅺࠢބथҦӱa܄ඳ֥ނሙബࠏܒa߶࠹ނෘ֩؟ٚ૫नթᄝࢠն֥ҵၳđᆃᇕҵၳູކሧఒြ֥ഈ൧ᄹࡆਔđط۴ऌૌ֥טđᄝᆄࡾႵྸ؟ིၭࢠݺ֥ႏఒြႮႿކሧ֥ჰၹطഈ൧ࣉᅚ၂ᆰ҂ඨb ቋު൞ေטᆜu܄ඳمvބuᆣಊمv֥ሹุק໊bਆնمႋҧᇗႿࡹ৫ჰᄵྟބॿࡏྟ֥նٚ૫đط҂ႋअཋႿ༥ࢫbuᆣಊمvᇅקԛൈđᆞᆴᇝࣁವາࠏݖಀ҂ࣲđ֒ൈбࢠ؟఼ֹטਔх૧າࠏބٝٓࣁವڄགđၹՎཋᇅྟބ࣌ᆸྟ่ॻбࢠ؟bෛሢൈࡗ֥၍đuᆣಊمvၘઋުႿэ߄ਔ֥ᆣಊ൧ӆߌbuᆣಊمvؓؿྛࠣࢌၞ֩नႵ༥ᇁ֥ܿקđඏںਔݓᆣಊ൧ӆ֥ࣁವ 22
ԷྍbၹՎđૌಪູ༯၂҄u܄ඳمvބuᆣಊمv֥ྩڿႋҧᇗႿࡹ৫ݓሧЧ൧ӆ֥ሹุॿࡏđࡼ۷؟֥ಃ০༯٢۳ࡓܵ҆ࠣᇏࢺࠏܒčೂؿྛബނಃࢌ۳ࢌၞ෮đطᆣࡓ߶ᄵᇶေҧᇗᇅרaബނაࡓمܿᆳྛ֩ĎđႵܱ҆ࠣࠏܒॖၛ۴ऌэ߄֥൧ӆߌൡൈԛਲࠃ֥ႋэծീđၛՎটิۚݓᆣಊ൧ӆི֥ੱაࠃ৯b ୭৯ࣉࢌၞ෮֥ݓ࠽߄ࣉӱđࢌၞ෮Ӯູݓ࠽ྟ֥ሧЧ߸ऊᇏྏ ᄝטᇏؿགྷđ҆ٳఒြؓݚຓᆣಊ൧ӆ֥ಪੱࠞۚđఒြᄝݚຓഈ൧රެࣼӮਔݓ࠽ྟն܄ඳđطᄝݓଽഈ൧҂ݖߎ൞၂۱oᇏݓཬ܄ඳpđݚຓഈ൧۳ႏఒြࡅջট֥ྏડቀӱ؇ჹնႿݓଽഈ൧đෙಖݚຓ֥ྍܢؿྛࡎ҂ࠣݓଽ֥၂϶đᆃུఒြѩ҂ಌఫđૌླေ֥ࣼ൞ิശఒြᄝಆഠ߶aಆൗࢸ֥႕ཙ৯bᆞ൞ᄝᆃᇕ౦ࢫ༯đૌୡ჻۷؟֥ഈ൧ٮႨaԔ۷ഒ֥ሧࣁđჹګݚຓഈ൧bՖᆃׄটुđଢభݓଽ֥ᆣಊ൧ӆࠤླ๙ݖ၂༢ਙ֥ծീটิۚఃሱദ֥ྙའb ൮༵ေࡼଽ֥ࢌၞ෮ტູݓଽႪྮఒြ֥߸ऊᇏྏđᆃсྶՖթਈބᄹਈਆٚ૫টࡆ఼ඎ৫ᆃ၂ྙའbؓགྷႵ֥ഈ൧܄ඳđႋࡆնؿߨሧЧ൧ӆႪ߄ሧჷᇂ֥ۿିbᄝᆷ֝නམഈ֥ொҵࠣཌྷܱӲـծീ֥҂໊֞aܢௐഈ൧֥ྛᆟ؎ࠣႵܱಕุุ֥ࠢo࿙ሿpྛູ֝ᇁਔ၂ਜᇉ܄ඳ֥Їልഈ൧bြࠛഉॖ֥ࣼᆸֹಁఫđြࠛ҂ྛ֥ࣼሼഈ45aᅋஇࠇᇗቆ֥֡ਫ਼đ༷Ⴕ۳ሧᆀջটӉ௹໗ק߭Б֥ӮӉྟ܄ඳbᆃ҂ࣇ႕ཙਔሧᆀؓݓᆣಊ൧ӆ֥ಪ്đ္႕ཙਔຓຶఒြؓഈ൧֥؇đႵ҆ٳႪᇉఒૼ҂჻ฝݓଽᆣಊ൧ӆ֥oࠀඣpbؓ֒భᆣಊ൧ӆ֥ਜᇉఒြсྶࡆॹᇗቆ֥҄قđܿٓᇗቆੀӱđ۬ഈ൧܄ඳ֥൧ᇅ؇đܝৣႪᇉఒြ๙ݖᆣಊ൧ӆቓնቓ఼đඎ৫၂նᇏݓᆣಊ൧ӆডԔܢ֥ׅٓbՖᄹਈটुđေՖ་൬ݓଽ۲ᇕ෮Ⴕᇅ֥Ⴊᇉఒြᇯ҄ঔն֞་൬ൗࢸ۲ֹ֥Ⴊᇉఒြ֥ݓଽഈ൧ࠇܫஇࢌၞđؓሧӁܿଆa႔০ሑঃղ֞၂קܿଆ֥ఒြൌྛห൹֥ࠂ૧ᆟҦđູૌषтoੳ๙֡pbݓ֥ᆣಊ൧ӆᆺႵႤགྷԛ၂ն໗קӮӉ֥ఋࡳ܄ඳđҌିඎ৫ݓଽᆣಊ൧ӆᄝಆ౯ሧЧ൧ӆֹ໊֥đҌି՜ࣉሧᆀބԔሧᆀ֥ਅྟđղӮච႓֥۬अb ఃՑđՖࢌၞ෮ሱദটुđླն৯ؿߨᆣಊࢌၞ෮ᄝᆣಊ൧ӆؿᅚᇏ֥ऍն 23
ቔႨbӉ௹ၛটđݓ֥ᆣಊࢌၞ෮ԩႿ࠹߃ބ൧ӆ֥ᇏࡗֹջb࠻҂൞႓০ྟ֥܄ඳᇅቆᆮđ္҂൞ᆣಊ൧ӆ֥ࡓܵቆᆮđ֥ۿିࠎЧअཋႿoิ܂ࢌၞӆ෮pbᆣಊ൧ӆؿᅚބ֥ܿٓቋᇔᄳᆞൔࠇ٤ᆞൔֹࠢᇏ֞ਔࡓܵࠏܒദഈđཤਔࢌၞ෮ᄝປӮЧႋႮࢌၞ෮ӵք֥ӁԷྍa൧ӆڛༀބ၂ཌࡓܵ֩ۿିഈ֥ሱᇶಃބࠒࠞྟđޓնӱ؇ഈ֝ᇁਔݓᆣಊ൧ӆԷྍaӁࢲܒֆЊaڛༀֆ၂a၂ཌࡓܵ৯؇ѯն֩໙ีbݓᆣಊ൧ӆႋھؿߨ֥ವሧۿିaሧӁקࡎۿିaิۚ܄ඳᇍඣ֥ۿିູࠣ൧ӆҕაᆀิ܂ڄག֥ܵۿିđߎჹჹીႵؿߨԛটb ෛሢྐ༏ඌ֥ؿᅚđࢌၞ֥ሱ߄ӱ؇҂؎ิۚđࢌၞӆ෮֥ྙ߄ӱ؇҂؎ᄹ఼bᄝᆃᇕభิ༯đೂݔ҂ؓࢌၞ෮ࣉྛᇗྍק໊ބڿᄯđݓ֥ࢌၞ෮ᄝಆ౯֥ࣩᆚ৯ࡼ҂؎༯ࢆđؓഈ൧܄ඳ֥་ႄ৯္ࡼ҂؎༯ࢆbݓ࠽ᆣಊࢌၞ෮৳ކ߶ 8'&
֥࠹ཁൕ
ᄝ ୍
ఃӮჴࢌၞ෮ᇏႵ ູ߶ჴᇅࢌၞ෮
طଢభᆃ၂б২ၘ༯ࢆ֞
ൈ܄ඳᇅࢌၞ෮֥б২ഈശ֞ bॖၛඪ
ᆣಊࢌၞ෮֥܄ඳ߄൞୍࣍টݓ࠽ࣁವ൧ӆቋູཁᇷطധჹ֥э߄ᆭ၂b܄ඳᇅڿᄯࢌၞ෮Ⴕਔ০ၭࠗৣࠏᇅđ՜୭৯ࡓܵ൧ӆҕაᆀބࢌၞđົ൧ӆ֥ྐუބ܄ྐ৯đሱ࠭ิ܂֥൧ӆ܄ᆞaૼaႵིđՖط་ႄ۷؟Ⴊྮ֥ఒြഈ൧b ࣉ၂҄ປഈ൧ؿྛᇅ؇đႄ֝ᇏࢺࠏܒၛഈ൧܄ඳ֥ᇉਈֻູ၂࿊౼ѓሙ ނሙᇅބЌࡩದᇅ؇൞ݓܢௐؿྛᇅ؇֥ऍնࣉ҄đᇅჿఒഈ൧֥ၹ၇ಖթᄝđหљ൞๙֡ᇅaྍܢؿྛ֥ܥקקࡎଆൔࠣႛࣁ൬౼ٚൔb҂ં܄ඳܿଆնཬđഈБ၂ࡅഈ൧܄ඳᅝႨ၂۱๙֡ĠྍܢࠎЧၛ20П֥൧႔ੱקࡎؿྛđط҂ં܄ඳ֥ӮӉࠏ߶ބྛြӮӉభࣟĠӵཧഅႛࣁ֥൬౼ၛವሧࣁح֥ܥקб২൬౼bᆃնၹ܋ቔႨಊഅࢰ৯ᆚ౼նཛଢđնਈ႔০ି৯఼ࠞđᆞԩႿఒြۚӮӉ௹֥ఒാಀਔഈ൧ವሧ֥ࠏ߶bᆃ҂ࣇཋᇅਔᆃུఒ֥ؿᅚđሧᆀ္ჸٳཚఒြۚӮӉ֥Ӯݔbᄝ༯၂҄ؿྛᇅ؇֥ڿ۪ᇏđႋࡼؿྛᇅ؇ᇯ҄ཟ֨࠺ᇅሇэđྍܢؿྛקࡎႮഈ൧܄ඳބӵཧഅླྀഅಒקުཟ܄ᇙؿྛđಊഅ֥০ࡼᇶေটሱႿഈ൧܄ඳ֥ླྀഅࡎބ܄षؿྛࡎᆭࡗ֥ࡎҵb๙ݖၛഈڿ۪đ႔০ି৯఼֥ఒြॖၛၛ۷֥ۚࡎ۬ࠆ౼۷؟֥ఒြؿᅚሧ 24
ࣁđ՜ࣉഠ߶ሧࣁཟႪ൝ఒြ֥ࠢᇏđࣉ၂҄ؿߨሧЧ൧ӆሧჷႪ߄ᇂ֥ۿିĠಊഅ֥႔০ି৯ࡼᇶေ၇ऌఃקࡎซି৯ࠣაࠏܒሧᆀ֥ކቔܱ༢đौoછ๙֡p႔০ଆൔࡼ҂گթᄝđಊഅ္൝сೆ۷؟֥ሧჷႨႿႪᇉഈ൧܄ඳ֥ؿडb๙ݖఒြބಊഅ֥đ܋ࣉႪᇉఒ֥ഈ൧b ࣉ၂҄ປඥ൬ᇅ؇đࡹ৫ఏ၂a܄֥ඥ൬ߌ ႏఒြ๙ݖഈ൧҂ࣇॖၛԔࠢఒြؿᅚсС֥ሧࣁđ۷ᇗေ֥ᄝႿ๙ݖഈ൧ሇߐࣜႏࠏᇅđิۚఒြނྏࣩᆚ৯b۴ऌטđն҆ٳఒؓഈ൧ު֥ବඥ໙ีྏթၐ੮bႮႿഈ൧܄ඳ֥۬ྐ༏ࡼ܄ඳ֥ࣜႏ౦ঃ܄ष߄đఒြေࢤ൳টሱࡓܵ҆aᇏࢺࠏܒࠣሧᆀ֩؟ٚ૫֥ࡓbطᄝགྷൌᇏđ٤ഈ൧܄ඳ֥ಒնਈթᄝବඥ҂ቀ֥౦ঃđఒြᄝ٤ഈ൧܄ඳᆭࡗטࢫ০֥ቓمѩ٤ഒbႵ֥ఒമᇀթᄝҍༀሑঃ٤ӈࠁ֥౦ঃđหљ൞၂ུൌྛࡅቂ߄֥ܵఒြđ܄ඳۚҪܵದჴಆ҆Ⴎᆰ༢උքđ܄ඳҍༀބࡅ๖ҍༀࠁູ၂ุđఒြᆺႵ൬ೆᆦԛᅫđᆞൔ֥ҍༀሑঃದᆩཫbᆃԉٳඪૼਔݓᄝഈ൧܄ඳބ٤ഈ൧܄ඳᆭࡗବඥߌ֥ऍնҵၳđ߶࠹ᇅ؇aඥ൬ܵᇅ؇ᄝഈ൧܄ඳބ٤ഈ൧܄ඳᆭࡗಌك༻ࢤބ၂bᄝᆃᇕնٲຶ༯đ၂ུၘࣜܿଆ߄֥ఒ၇ಖুၩႿࣜႏሱ֥࠭oሱႮݓpđط҂჻Ӯູૼ֥ഈ൧܄ඳĠਸ਼၂ٚ૫đᄝᆃᇕඥ൬ބҍༀᇅ؇༯ӮӉఏট֥ఒြࡅđࠧၛު܄ඳഈ൧đఃࣜႏޓᄝ؋௹ଽڿэđޓࢤ൳܄ඳᇍࠣЌᇏཬܢת֥০ၭ֩đᆃ္൞ؓໃটႏഈ൧܄ඳᆜุြ֥ࠛᇗնຯཽb ຈࢳथڿᇅݖӱᇏ֥ൎ၌໙ีđࡨఒڿᇅӮЧ ႮႿଢభྸ؟ႏࣜ࠶֥ఒြթᄝൎࢠӉđࠒਔնਈ֥҂ܿٓၹbᆃ࠻Ⴕܵ҆ଏྸ֥Ӯٳđ္ႵఒြሱദሱິܿҠቔ֥౦ঃđႵ֥ߎඋႿ۲ᇕمܿa҆ܿᅣᆭࡗ֥ԊطྙӮ֥หקሑঃbೂݔܵ҆ࡼఒြഈ൧ुӮ၂Ցෘoӧ୍ሹᅫp֥ࠏ߶đषఒြؿᅚ֥ൎሑঃ҂ซđಆ҆ഈ൧ӮЧႮഈ൧܄ඳӵքđᆃቀၛቅ֓ᇾ၂նႪᇉఒ֥ഈ൧҄قđoෘࣸᅫp֥؋௹ऍحགྷࣁੀമᇀॖၛ֞ఒြӵ൳҂ਔ֥ӱ؇bૌಪູđؓఒြӮӉ෮ࠒ֥҂ܿٓၹđླٳᄳࠣႄೆሔӊႵི௹֥ۀbႵܱ҆ႋՖݓࡅ၂֥ۚ؇ԛఒြഈ൧ڿᇅݖӱᇏؓᇗնൎ໙ี֥ԩᆷ֝ၩb୍࣍টᆄࡾകྖ܄ඳ֥ݚଽຓഈ൧؇ြଽࣙฑđᆃაֹٚᆟکؓഈ൧֥ړӻႵܱb൮༵൞ 25
၂ਔഈ൧֥ᇶܵ҆đࡼჰ༵ٳᄝ۲֥҆ബಃཋࣉྛླྀטބކѩđնږࡨഒਔఒြູڿᇅطᄝ۲҆ᆭࡗট߭Хѯ֥౦ঃbఃՑđֹ֒ᆟکಒ৫ਔoᆟکᄝఒြഈ൧ݖӱᇏਬ൬ၭp֥ᆷ֝නམbᆞ൞ᄝᆃ၂නམ֥ᆷ֝༯đఒြննࡨਔڿᇅӮЧbაᆃ၂ᆷ֝නམཌྷؓႋđֹ֒ᇶܵದჴ္ԉٳुݺఒြڿᇅഈ൧ުܿٓ෮ջট֥ඥ൬০ၭbၛଖ၂ཐۖഈ൧܄ඳູ২đ֒Ԛᆟکູఃڿᇅഈ൧ࡨ૧ਔඔతຣ֥ٮႨđఒြഈ൧ުđ؋؋୍ֹູࠫ֒ᆟک܊ངਔඔၡჭ֥ඥ൬đሧӁܿଆაഈ൧భঔնਔඔПbᆃࣼ൞ֹ֒ᆟکᄝఒြഈ൧ᆃ၂໙ีഈo֥౼აചpbടࠣ֞ఒြڿᇅᇏ֥҆ٳݓႵሧӁ໙ี֥đֹ֒ႵܱڵᄳದิԛoሧӁ൞ྴ֥đඥ൬൞ൌ֥đݓࡅ҂ॖିौሧӁӹٖđсྶौඥ൬ӹٖbpᆃུ௲֥ંॖିႵാொđ္ّ႘ਔֹ֒ᆟکᇗׄ҂ᄝႿაഈ൧భ֥ఒᆚ০đط۷ᇿᇗაೂޅࡼఒؿᅚሐնՖطཚ൳ݓࡅඥ൬ᄹࡆջট֥০ၭb ᇯ҄ࡹ৫؟ҪՑሧЧ൧ӆđᄹ఼ഈ൧ݖӱ֥ૼ؇ބིੱ ധᎪᇏཬఒြϰ֥षഡ൞ݓࡹ৫؟ҪՑሧЧ൧ӆ֥ᇗေ၂҄đປ֥؟ҪՑሧЧ൧ӆߎႵޓնҵएb൧ӆಸਈथקਔྍᄹഈ൧܄ඳ֥ඔਈđᇶϰ൧ӆ҂ॖିӵ൳ඔၛຣ࠹֥ఒbطᆃུఒ֥ؿᅚࢨ؍۲҂ཌྷđοᇶϰഈ൧ѓሙ၂్֥֗ቓمсಖࡼྸ؟ႵವሧླaႵऍնؿᅚమ৯֥ఒஆԢᄝຓb ၛૅݓູ২đ҂ࣇႵಆݓྟࠢᇏ൧ӆ(ᇶϰ൧ӆ)ii୧ჿᆣಊࢌၞ෮aૅݓᆣಊࢌၞ෮aNASDAQđ۱ಆݓྟ൧ӆః܄ඳഈ൧่ࡱ၇Ց־ࡨ,܄ඳ၇ሱദܿଆaหྟ࿊ᄴವሧ൧ӆĠߎႵთྟ൧ӆiiလࢌၞ෮aᇏ༆ࢌၞ෮aѯൖؘࢌၞ෮aٮӬࢌၞ෮ֹ֩ٚྟ൧ӆĠՎຓߎႵoໃࣜᇿҨ֥ࢌၞ෮pđႮૅݓᆣಊࡓܵჴ߶၇مࠂ૧ϷᇿҨ֥ཬֹ֥ٚᆣಊࢌၞ෮đᇶေࢌၞֹٚྟᇏཬఒြᆣಊbNASDAQ Small Cap MarketᄵህᆌؓڶႵࣜဒ֥ࠏܒሧದطഡ৫,ູପུᇏཬۚӮӉ֥ఒြഈ൧ವሧڛༀbಆݓྟ֥ӆຓࢌၞ൧ӆ(ໃഈ൧ᆣಊ൧ӆ)ᄵႵOTCBBބPink Sheetsb1990୍NASDAQഡ৫ਔOTCBB൧ӆ,ህູໃିᄝಆݓྟ൧ӆഈ൧֥܄ඳܢௐิ܂၂۱ࢌၞ֥ӆ෮bఃު,OTCBB৫ԛট,ሱᇶᄎྛ,ᆰࢤႮૅݓᆣࡓ߶ބNASDڵᄳࡓܵĠPink Sheets൞Ⴎದഡ৫֥ಆݓྛ౦अႿ1911୍Ӯ৫đູໃഈ൧܄ඳᆣಊิ܂ࢌၞБࡎڛༀĠNASDAQ-Small CapaOTCBBaPink SheetsᆭࡗऎႵശࢆ֥ܱ༢ğNASDAQ൧ӆܿק,܄ඳܢௐ৵࿃30ರࢌၞࡎ֮۬Ⴟ1ૅჭđࣞۡު3۱ᄅໃ 26
ିھܢࡎശᇀ1ૅჭၛഈđᄵࡼఃᅋஇđᇀOTCBBБࡎࢌၞĠᄝOTCBBᅋஇ֥܄ඳࡼᇀPink SheetsࣉྛБࡎࢌၞbૅݓሧЧ൧ӆุ༢ஔնa่ॶࢲކaۿିປСaҪՑ؟ဢđ࠻Ⴕ၂aࠢᇏ֥ಆݓྟ൧ӆđႻႵთྟ֥aཬֹٚࢌၞ൧ӆđൈ൧ӆߎऎႵ҂֥ҪՑྟđ֤҂ܿଆa҂ླ֥ఒြॖၛ০ႨሧЧ൧ӆࣉྛܢಃವሧđࠆ֤ؿᅚ֥ࠏ߶bᆃၐႵ৯ֹਔૅݓࣜ࠶֥ԷྍაᄹӉbЇݣնਈӆຓࢌၞ൧ӆ֥ݓ؟ҪՑሧЧ൧ӆ֥ࡹഡࡼᇶေ൞ડቀᇏཬఒြaۚ॓ఒြ֥ವሧླđطᆃུఒြᆞ൞ᇏݓࣜ࠶ᄹӉᇏቋູࠃᄁ֥ၹđ๙ݖູᆃུࠃᄁ֥൧ӆಕุิ܂Ⴕ৯֥ࣁವᆦӻđॖၛิۚᇏݓࣜ࠶ॖӻ࿃ᄹӉ֥మ৯b ਸ਼၂ٚ૫đႵܱ҆ႋԛཌྷܱծീটิۚഈ൧֥ૼ؇ބིੱbᆞႮႿᆰࢤഈ൧֥҂ॖყྟၛࠣཌྷܱӱྐ༏֥҂ૼྟđູඔ҂ഒ֥ఒ࿊ᄴoࢹ॔ഈ൧pđႮႿഈ൧܄ඳ؟୍֥ൎࣸᅫၛ؋௹ଽඨđᇗቆު֥ഈ൧܄ඳ֥ࣜႏሑঃ؋௹ଽ္ၛሇđႵ֥മᇀᄝೆᇶުؿགྷਔնਈ֥ྍ໙ีđ֤ႏఒြࣉਆbᇕᇕࠖའіૼđႵ֥ఒॗຬഈ൧đᆰࢤഈ൧֥҂ಒקྟૌ࿊ᄴਔࡗࢤഈ൧đط၂֊࿊ᄴਔ၂۱҂oۄ࣪p֥॔đᇗቆ҂Ӯۿ֥ॖିޓնđമᇀᇗቆٚ࿃ภॢഈ൧܄ඳđႮՎ႕ཙਔ܄ᇙؓᇗቆ֥ಪđ႕ཙਔഈ൧܄ඳ֥ᆜุྙའބြࠛbଽഈ൧ӱٚ૫֥ബ൭࿃گᄖ߄ބഈ൧ܫஇൈࡗથӉđ٤ӈ҂০Ⴟႏఒြॹؿᅚ֥ླေbݓࡅႵܱ҆ႋ๙ݖ۲ᇕٚൔᄹࡆഈ൧֥ॖყྟđཌྷܱ҆ႋཌྷླྀטڿđᄹ఼ॖყ௹ྟđࡨഒ҂ಒקྟb ሹᆭđೂޅಞ۷؟֥Ⴊᇉఒᄝݓଽഈ൧൞၂۱༢۽ӱđട֥ࠣ໙ี൞؟ٚ૫֥b࠻Їওݓࡅمੰم֥ܿטᆜބປđ္Їওࡓܵ҆ࠣᇏࢺࠏܒ֥ڿ۪đ֒ಖߎླေఒሱദᇉ֥ิۚބ܄ඳᇍࠏᇅ֥ປbႵܱ҆сྶఊѩࣉaླྀؿᅚđҌ߶Ⴕᄀটᄀ؟֥Ⴊᇉఒᄝݓଽᆣಊ൧ӆ֨ӆđ๙ݖᆣಊ൧ӆఒቓնቓ఼đఒࣉफൗࢸ500఼ҌႵ۷ն֥༐ຬđݓ֥ᆣಊ൧ӆҌႵ۷ն֥་ႄ৯đݓ֥ݓࣜ࠶ҌႵ۷ࡔ఼֥ࠎԤb ҕॉ໓ང ཬᢞaᅦתđ đᇏݓႏഈ൧܄ඳؿᅚ࣮ ᅦम༟aᅦתaᅦđ đႏഈ൧܄ඳ֥ࣜႏིࠛބᇍࢲܒ࣮đ 27
ഈᆣ৳ކ࣮࠹߃ֻϖ௹ज़ีБۡ ွྍࡾ֩đoݓႏఒြഈ൧mܯགྷའnฐ࣮pđuᆣಊ൧ӆ֝Бv ఊ৴ႇa೦đ2002đሧЧ൧ӆğᇏݓ֥ႏఒြൌᆣ࣮đuඔਈࣜ࠶ඌࣜ࠶࣮vֻ5௹ ိཫٙaౕđ2001đݓႏఒြഈ൧གྷሑࠣٳ༅đuࣜ࠶ܵvֻ19௹ uᇏݓႏఒြؿᅚБۡvč j Ďđ đഠ߶॓࿐໓ངԛϱഠ ӧནႥđ đuݓႏഈ൧܄ඳ൧ӆࣉೆ֥ൌᆣ࣮vđധࢌ෮ ୍߶ჴֆ໊࣮Ӯݔ ފଲസӬ൧ࣁವ࿐߶ज़ีቆ
đoފଲႏࣜ࠶ؿᅚ֥ࣁವᆦӻ࣮pđuࣁವંაൌv ୍ֻ ௹ ޱᆽќđ đoࡅ๖ܢğᇏຓࡅቂ॥ᇅഈ൧܄ඳбࢠpđuྍҍڶvđ ୍ ᄅ़ ޱቃܻ ңྼ֩đ đuᆄࡾ෮Ⴕᇅࢲܒэ۪აࣜ࠶ؿᅚvđᆄࡾದԛϱഠ ߛႧđ đoᆄࡾoॶሑࣜ࠶pགྷའٳ༅ođuᇏݓ۽ြࣜ࠶࣮v ୍ֻ ௹ खࣆ໓đ đoႏࣜ࠶֥ࣜ࠶࿐ࢳაؿᅚؓҦpđᇏࣜຩ ڶႵđ đoࡗሧЧ܂ࠣఃሱቆᆮ༢࣮pđuࣜ࠶࿐ࡅv
୍ֻ ௹ ਃ໓ਪđ đo൫ંႏᇏཬఒြವሧ֥ჰၹაؓҦpđuሧაᆣಊv ୍ֻ ௹ νᆣಊሸކ࣮෮ ລလđ đoᆣಊ൧ӆ֥ఒགྷའࠣླܱᇿ֥໙ีp ఊᇏ༄đo ğѱྖ֥ᇏݓႏࣜ࠶pđྍຩ ݓېđᇫ౩đ đoႏఒြࣜ࠶ۿିٳ༅pđuࣜ࠶ܵv ჭࣘđ đoႏࣜ࠶ሧุᇅაᆟҦߌ࣮pđuᇏ۽അൈБv ჭࣘđ đoࡗሧؿᅚྙ൝აᆟҦ౼ཟpđuޡܴࣜ࠶ܵv
୍ֻ ௹ 28
ᇆđ đuႏഈ൧܄ඳሑࠣ൧ӆིႋvđuᆣಊರБvđ ྷೋد
oᇏݓႏࣜ࠶ؿᅚ࣮ሸඍp
uࣜ࠶࿐v ྷ ྷྖถđ đoࡗሧЧࡆఓpđuದರБݚຓϱv ဗർࣉđ đuᇏݓğڿ۪aؿᅚა໗קvđᇏݓؿᅚԛϱഠ ိཫٙ ౕđ đuݓႏఒြഈ൧གྷሑࠣٳ༅vđuࣜႏܵv ୍ֻ ௹ ᅦިၬ ૼ৫ᆽđ đuᇏݓႏఒြؿᅚБۡvđഠ߶॓࿐໓ངԛϱഠ ᅦफđ đuбࢠࣜ࠶ଆൔvđگ֊ն࿐ԛϱഠ ᇛཬԫ
oູ҂෮Ⴕᇅఒြഈ൧ࡹ৫܄ࣩᆚߌpđuഈݚᆣಊБv Ġoᆣಊ൧ӆൌགྷൎྟॴᄀpđuࣁವൈБv ᇏݓčݚଲĎڿ۪ؿᅚ࣮ჽ щđ đu༆҆նषؿა٤ݓႵࣜ࠶ؿᅚvđᇏݓࣜ࠶ԛϱഠ oఒಀૅݓ֥ਫ਼Ⴕ؟ӉĤpđ đuᆣಊൈБv oࡹ৫mn֥ሧЧ൧ӆpđ đuᇏݓᆣಊБv <ૅ>֡۬ঘථ $ ୶ථᇷđӧკ֩ၲđ đuࣜ࠶ൎᇏ֥ࢲܒაэథvđഈݚದԛϱഠ Lucas,R. 1988, "The Mechanics of Economic Growth", Journal of Monetary Economics 22,3~42 Mansel :"The Rise Modern Business in Great Britain,The United States,and Japan",1998,The University of Carolina Press. Naomi :Parterships,Coporations,and the Theory of the Firm ,May 1998,Vol 88 ,Useful Microeconomics from Business History Romer,. 1986 , "Increasing Returns and Long Run Economic Growth" , Journal of Political Economy 94,1002~1037 Yair Levi,Beyond Traditional Models:Multi-Stakeholder Cooperatives and their Differential Roles. Journal of Cooperation ,26(1~2),1998:49~64 29
