非專業人士投資共同基金策略之實證研究 - 政大學術集成

全文

(1). ୯ҥࡹ‫ݯ‬εᏢ ‫ࣽ཮ޗ‬ᏢᏢଣ Չࡹᆅ౛ᅺγᏢำಃΜۛᅺγፕЎ . ࡰᏤ௲௤!!! ࡰᏤ௲௤!!!໳ቼ୸ !!!໳ቼ୸! ໳ቼ୸!റγ! റγ . ߚ஑཰Γγ‫׫‬ၗӅӕ୷ߎ฼ౣϐჴ᛾ࣴ‫ز‬ ߚ஑཰Γγ‫׫‬ၗӅӕ୷ߎ฼ౣϐჴ᛾ࣴ‫ز‬ An Empirical Study of Mutual Fund Investment Strategies For Non-professional Investment . ࣴ‫ز‬ғ!!! ࣴ‫ز‬ғ!!!ቅ஀࣓ !!!ቅ஀࣓! ቅ஀࣓!ኗ! ύ๮҇୯΋˝˝ ύ๮҇୯΋˝˝ԃ΋Д ˝˝ԃ΋Д ! ! .

(2) . ठᖴᜏ! ठᖴᜏ! ӧᅳၴਠ༜ғࢲ 25 ԃࡕӆԛ‫ת‬ᄽᏢғӣ‫ډ‬ፐ୸ǴЈύᅈࢂᦷᦶ‫ک‬ό ӼǴ΋Бय़ࢂԾ‫୷ך‬ᘵᏢᎦό୼ಎჴԶЪπբΜϩᕷख़Ǵќ΋Бय़߾ࢂԃ इςߏǴᡏΚ‫ک‬౛ှΚΨᜤᆶӕᏆ࣬ග٠ፕǶ‫ي۩܌‬਒ԖፏӭЍ࡭‫ך‬ӛҞ ኱࡭ុ߻຾‫ޑ‬ΚໆǴхࡴ‫ך‬Һᙍᐒᜢ‫۔ߏޑ‬ᆶӕϘǵѦη‫ک‬ζ‫ٽ‬฻Ǵ೿ӧ ‫ך‬ซᒕ༽ർ‫ޑ‬ᜢᗖਔ‫څ‬Ǵό໔ᘐӦ๏ϒߞҺ‫ک‬ႴᓰǶ ࡐଯᑫӧ 3 ԃࡕૈ໩ճֹԋፕЎǴ२ӃǴനाགᖴৱৣ໳ቼ୸റγǴ ԴৣӧᏢ཰ǵπբ฻य़ӛ೿‫׫‬ΕࡐӭЈΚ๏‫ך‬௲ᇧ‫ࡰک‬ᏤǴӧғࢲ΢‫׳‬๏ ϒค༾όԿ‫ޑ‬ᜢЈᆶྣ៝ǶќѦǴӧፕЎα၂ය໔ǴΞᆾ໒ࠄεᏢଯӼٖ ਠߏϷ୯ᜢύЈഋቺܹԴৣ‫ޑ‬၁ᅰࡰ҅Ǵ٬ፕЎӧࣴ‫ز‬БӛǵࢎᄬϷϣ৒ ΢ᕇள೚ӭᝊ຦ཀ‫ـ‬ǶᗋԖǴࡹεՉᆅᅺፏՏԴৣჹᏢೌ‫࡭୲ޑ‬ᆶոΚǴ ӕืӳ϶‫࣬ޑ‬Քᆶ‫ڐ‬շǴ೿ࢂ‫ך‬૱ЈགᐟϷүਏᏢಞ‫ޑ‬ჹຝǶ ӧֹԋᅺγᏢำ‫ޑ‬೭΋‫څ‬ǴӕਔΨय़ᖏΑғ‫ޑڮ‬ख़εᙯ‫ש‬Ǵ൳࿶௥Ќ ࡕ‫ך‬ೕჄ‫ܴܭ‬ԃ่‫ ״‬26 ԃ‫ޑ‬ϦᙍғఱǴख़ཥ൨‫פ‬ԾρࢂցૈԖќ 1 ঁᆸ ѠǶགᖴ೭٤ԃٰ‫܌‬Ԗම࿶ᜢᚶ௲Ꮴ‫ک۔ߏޑך‬ӕϘǴӢࣁԖாॺǴ‫ך‬ω ૈိᡂԋ΋ঁ߿‫ܭ‬჋၂ǵόࣙ‫ׯ‬ᡂ‫ךޑ‬Ƕ‫܌‬аǴᖴᖴεৎǴόᆅཥ‫ޑ‬ၰၡ ࢂց஘ჼᜤՉǴ‫཮ך‬஥๱εৎ๏ϒ‫ޑ‬ᜢᚶᆶઔᅽǴᝩុ۳߻ᗌ຾Ƕ ቅ஀࣓ 2011 ԃ 10 Д. ŝ .

(3) . ŝŝ .

(4) . ύЎᄔा! ҁࣴ‫ز‬Ьा߯௖૸όӕѱ൑ᜪࠠǵόӕ‫׫‬ၗයज़Ϸόӕ‫׫‬ၗБԄჹި ౻ࠠӅӕ୷ߎᕮਏ‫ޑ‬ቹៜǴࣴ‫ز‬Ҟ‫ޑ‬ӵΠǺ २ӃǴଞჹΠӈόӕѱ൑ᜪࠠǵόӕ‫׫‬ၗයज़Ϸόӕ‫׫‬ၗБԄǴӄय़ ௖૸ѱ൑ި౻ࡰኧ‫ځ‬ᕮਏൔၿϷ॥ᓀ‫ޑ‬ৡ౦ࣁՖǶ. ΋ǵġ‫׫‬ၗӄౚࠠǵཥᑫѱ൑ǵ୔ୱࠠϷൂ΋୯ৎ฻όӕᜪࠠǶ Βǵġ3 ঁДǵъԃǵ1 ԃǵ3 ԃǵ5 ԃǵ10 ԃǵ20 ԃϷ 30 ԃ฻όӕ‫׫‬ၗයज़Ƕ Οǵġൂ฽ǵȨ‫ۓ‬ය‫ۓ‬ᚐȩ฻όӕ฼ౣǶ ‫ࡕځ‬Ǵа୷ߎృॶϐ RSV ‫ࡰೌמ‬኱Ǵٰፓ᏾ԌීਔᐒǴٰ௖૸‫ۓ‬ය‫ۓ‬ ᚐϷፓ᏾Ԅ‫ۓ‬ය‫ۓ‬ᚐ฻ 2 ᅿ‫׫‬ၗБԄǴՖ‫܌ޣ‬ᕇளϐၗҁճளၨ٫Ƕ!. ҁࣴ‫ز‬Ьा่ፕϷࡌ᝼ӵΠǺ ҁࣴ‫ز‬Ьा่ፕϷࡌ᝼ӵΠǺ! ΋ǵġ ‫׫‬ၗӦ୔‫׫‬ၗය໔Ϸ‫׫‬ၗБԄჹൔၿϷ॥ᓀ‫ޑ‬ቹៜǺ Ȑ΋ȑġ ନѠ᡼ѱ൑ѦǴ‫׫‬ၗය໔уߏዴჴ٬॥ᓀȐ኱ྗৡȑܴᡉΠ फ़ǴЪѳ֡ൔၿ౗ৡ౦όεǶ ȐΒȑġ ‫׫‬ၗӦ୔ϝа୔ୱࠠࣁၨ٫ԵໆǴൂ΋୯ৎϐި౻ѱ൑ёૈ Ӣᒧ᏷ᇤৡԶౢғၨε॥ᓀǴԿӚ୔ୱϐ‫׫‬ၗӵஒൔၿ౗ᆶ ॥ᓀ‫ٳ‬ӕԵໆǴ߾ёҔ‫׫ߏۯ‬ၗය໔ٰᕇ‫ڗ‬ᛙ‫׫ۓ‬ၗൔၿǶ ȐΟȑġ а܎΍ऍࢪǵӄౚǵऍ୯Ϸӄౚཥᑫ฻ѱ൑ၨ‫׫ڀ‬ၗሽॶǹ Ѡ᡼ѱ൑ό‫ە‬բࣁߚ஑཰Γγϐ‫׫‬ၗ኱‫ޑ‬Ƕ ȐѤȑġ ൂ฽‫׫‬ၗൔၿ౗ܴᡉᓬ‫ۓܭ‬ය‫ۓ‬ᚐǴӵаԃճ౗ 3%ٰ຾Չၗ ߎ‫ש‬౜ࡕǴԃѳ֡‫׫‬ၗൔၿ౗ऊࣁ 6%-9%ǴᡉҢϷԐஒၗߎ ‫׫‬Εёᕇၨ٫ൔၿǶ Ȑϖȑġ ଑ᘜኳࠠჴ᛾่݀Ȑ99ʘ‫ޑ‬ᡉ๱НྗΠȑ. ŝŝŝ .

(5) . 1. ‫׫‬ၗӦ୔ǵ‫׫‬ၗය໔ǵ‫׫‬ၗБԄჹൔၿ౗‫ޑ‬ቹៜࢂցӸӧৡ ౦‫܄‬Ǻ‫׫‬ၗය໔Ϸ‫׫‬ၗБԄ 2 ᡂኧᆶൔၿ౗ԖஏϪ‫ޑ‬ᜢ߯Ǵ Կ‫׫‬ၗ୔ୱନӄౚཥᑫѱ൑ѦǴᎩ 5 ঁ୔ୱᆶൔၿ౗ࣣԖஏ Ϫ‫ޑ‬ᜢ߯Ƕ 2. όӕ‫׫‬ၗӦ୔ൔၿ౗‫ޑ‬ቹៜࢂցӸӧৡ౦‫܄‬ǺନӄౚϷऍ୯ 3 ୔ୱѦǴᎩ 5 ঁ୔ୱᡉҢ‫׫‬ၗය໔ᆶൔၿ౗ԖஏϪ‫ޑ‬ᜢ߯Ǵ Ъൔၿ౗ᒿ‫׫‬ၗය໔‫ޑ‬ቚߏԶ෧ϿǴோৡຯࣗλǶќ 7 ঁ‫׫‬ ၗ୔ୱࣣᡉҢ‫׫‬ၗБԄᆶൔၿ౗ԖஏϪ‫ޑ‬ᜢ߯ǴЪаൂ฽‫׫‬ ၗൔၿ౗ၨଯǴோৡຯ൯ࡋҭࣗλǶ 3. ऩаȨ኱ྗৡȩ྽բ୷ߎ‫ޑ‬॥ᓀࡰ኱Ǵ࿶಍ीϩ‫ࡕ݋‬Ȭ॥ᓀȭ ᆶ Ȭൔၿȭ և౜҅࣬ᜢǴ߄Ңଯ॥ᓀё࣬ჹᕇளၨଯϐൔၿǶ 4. ‫׫‬ၗය໔ᆶ Sharp ॶԖஏϪ‫ޑ‬ᜢ߯ǴЪ‫׫‬ၗය໔уߏёගଯ ‫ൂ؂‬Տ॥ᓀϐൔၿǹ‫׫‬ၗБԄᆶ Sharp ॶคஏϪ‫ޑ‬ᜢ߯ǹԿ ‫׫‬ၗ୔ୱନ٥ࢪ(ό֖Вҁ)Ϸऍ୯ᆶ Sharp ॶԖஏϪ‫ޑ‬ᜢ߯ ѦǴᎩ 4 ঁ୔ୱᆶ Sharp ॶࣣคஏϪ‫ޑ‬ᜢ߯Ƕ Βǵġ “‫ۓ‬ය‫ۓ‬ᚐ”ᆶ”‫ۓ‬ය‫ۓ‬ᚐ,STW ࡰ኱ȹ‫ޑ‬ᕮਏКၨ Ȑ΋ȑġ аӄ೽ኬҁ)БԄ˽*ǵSTW ୔ϩ)БԄ˾*!3 ϩᜪБԄǴ‫ ځ‬21 ԃϐຬᚐѳ֡ൔၿλǹа‫׫‬ၗӦ୔)БԄ˿*ϩᜪǴ‫ ځ‬21 ԃϐ ຬᚐൔၿനଯࣁ 9/:)܎΍ऍࢪ*!Ǵനեࣁ.6/:6)٥ࢪ)ό֖В ҁ**Ǵৡ౦όεǶ! ȐΒȑġ ຾Չ U ᔠ‫ࡕۓ‬Ǵ໻БԄ˿ϩಔև౜“‫ۓ‬ය‫ۓ‬ᚐ”ၨ”‫ۓ‬ය‫ۓ‬ᚐ ,STW ࡰ኱ȹΒ‫ޣ‬ൔၿ౗‫ڀ‬ᡉ๱ৡ౦Ǵӵ߄ 6.2Ƕ! ߄ 6.2! ಃΒ໘ࢤኬҁ‫ޑ‬ԋჹ҆ᡏ U ᔠ‫༼่݀ۓ‬᏾߄! ϩᜪ! БԄ! B! C!. ᜪձ!. ኬҁኧ!. ൔၿ౗!. ᡉ๱ৡ౦! ᕮਏၨ٫‫!ޣ‬. ӄኧኬҁ!. 288. 0.26. ̊. STW>31!. 144. 0.88. ̊!. STW>41!. 144. -0.35. ̊. ŝǀ . ѳ֡!. ! !.

(6) . ϩᜪ! БԄ!. ኬҁኧ!. ӄౚ!. 48. 0.24. ̕. 48. -5.95. ̕. ܎΍ऍࢪ!. 48. 8.90. ̕. ‫ۓ‬ය‫ۓ‬ᚐ,STW!. ཥᑫኻࢪ!. 48. -4.85. ̕. ‫ۓ‬ය‫ۓ‬ᚐ!. ऍ୯!. 48. 1.28. ̕. ‫ۓ‬ය‫ۓ‬ᚐ,STW!. ཥᑫѱ൑!. 48. 1.97. ̕. ‫ۓ‬ය‫ۓ‬ᚐ,STW!. ٥ࢪ)ό֖В ҁ*! D!. ၗ਑ٰྍǺҁࣴ‫ز‬᏾౛. ǀ . ѳ֡!. ᜪձ!. ൔၿ౗!. ᡉ๱ৡ౦! ᕮਏၨ٫‫!ޣ‬ ‫ۓ‬ය‫ۓ‬ᚐ,STW! ‫ۓ‬ය‫ۓ‬ᚐ!.

(7) . ǀŝ .

(8) . ߚ஑཰Γγ‫׫‬ၗӅӕ୷ߎ฼ౣϐჴ᛾ࣴ‫ز‬ ߚ஑཰Γγ‫׫‬ၗӅӕ୷ߎ฼ౣϐჴ᛾ࣴ‫ز‬ ! Ҟᒵ! ύЎᄔा...................................................................................................................... iii ߄Ҟᒵ........................................................................................................................... ix კҞᒵ........................................................................................................................... xi ಃ΋ക! ᆣፕ................................................................................................................ 1 ಃ΋ക ! ᆣፕ ಃ΋࿯! ࣴ‫ز‬ङඳᆶ୏ᐒ.................................................................................... 1 ಃ΋࿯ ! ࣴ‫ز‬ङඳᆶ୏ᐒ ಃΒ࿯! ࣴ‫ز‬Ҟ‫ޑ‬................................................................................................ 5 ಃΒ࿯ ! ࣴ‫ز‬Ҟ‫ޑ‬ ಃΒക! ࣬ᜢ౛ፕϷЎ᝘ӣ៝.................................................................................... 9 ಃΒക ! ࣬ᜢ౛ፕϷЎ᝘ӣ៝ ಃ΋࿯! ಃ΋࿯! ‫׫‬ၗϩණϯ‫࣬ޑ‬ᜢ౛ፕϷჴຓЎ᝘ ................................................... 9 ಃΒ࿯! ಃΒ࿯ ! ‫׫‬ၗਔ໔ϩණϯ࣬ᜢ౛ፕ ................................................................. 11 ಃΟ࿯! ಃΟ࿯ ! ިሽԾ‫࣬ך‬ᜢ‫࣬܄‬ᜢ౛ፕ ................................................................. 15 ಃѤ࿯! 17 ಃѤ࿯ ! ‫ೌמ‬ϩ‫݋‬౛ፕ...................................................................................... ‫ೌמ‬ϩ‫݋‬౛ፕ ࣴ‫ز‬Б‫ݤ‬...................................................................................................... 21 ಃΟക ࣴ‫ز‬Б‫ݤ‬ ಃ΋࿯! ၗ਑ٰྍᆶࣴ‫ز‬ය໔.......................................................................... 21 ಃ΋࿯ ! ၗ਑ٰྍᆶࣴ‫ز‬ය໔ ಃΒ࿯ ! ࣴ‫؁ز‬ᡯϷᡂኧᇥܴ........................................................................ 23 ࣴ‫؁ز‬ᡯϷᡂኧᇥܴ 28 ಃΟ࿯ ! ࣴ‫ز‬ज़‫ڋ‬............................................................................................ ࣴ‫ز‬ज़‫ڋ‬ ჴ᛾่݀...................................................................................................... 29 ಃѤക ჴ᛾่݀ ಃ΋࿯! ൔၿ౗ඔॊ‫܄‬಍ीϩ‫݋‬...................................................................... 29 ಃ΋࿯ ! ൔၿ౗ඔॊ‫܄‬಍ीϩ‫݋‬ ಃΒ࿯! ᕮਏ଑ᘜኳࠠჴ᛾่݀...................................................................... 43 ಃΒ࿯ ! ᕮਏ଑ᘜኳࠠჴ᛾่݀ ಃΟ࿯! ಃΟ࿯ ! ‫ٿ‬ᅿ‫ۓ‬ය‫׫‬ၗ‫ݤ‬ϐ௶ॊ಍ी ............................................................. 48 ಃѤ࿯! ಃѤ࿯! ‫ٿ‬ᅿ‫׫‬ၗ฼ౣϐᕮਏКၨ ................................................................. 50 ่ፕᆶࡌ᝼.................................................................................................. 57 ಃҴക ่ፕᆶࡌ᝼ ಃ΋࿯! ่ፕ...................................................................................................... 57 ಃ΋࿯ ! ่ፕ ಃΒ࿯! ࡌ᝼...................................................................................................... 60 ಃΒ࿯ ! ࡌ᝼ ୖԵЎ᝘...................................................................................................................... 61. ! !. !. ǀŝŝ .

(9) . !. ǀŝŝŝ .

(10) . ߄Ҟᒵ! ߄ 3-1! ! ୷ߎኬҁ ....................................................................................................... 22 ǵUSA-Idx ѱ൑ኬҁᇥܴ ............................................ 23 ߄ 3-2! ! MSCI World-Idxǵ ǵASIA PACIFIC ex JAPAN ǵEM LATIN ߄ 3-3! ! MSCI Emerging-Idxǵ AMERICAǵ ǵTAIWAN ฻ѱ൑ኬҁᇥܴ ................... 24 ǵEM EUROPE Standardǵ ߄ 3-4! ! ಃ΋໘ࢤӚ໨ᡂኧϐ‫ۓ‬က ........................................................................... 25 ߄ 4-1! ! ӄౚࠠި౻ࡰኧൂ฽‫׫‬ၗᕮਏϩ‫ ߄݋‬....................................................... 30 ߄ 4-2! ! ӄౚཥᑫѱ൑ި౻ࡰኧൂ฽‫׫‬ၗᕮਏϩ‫ ߄݋‬........................................... 31 ߄ 4-3! ! ! ߄ 4-4! ߄ 4-5! ! ߄ 4-6! ! ߄ 4-7! ! ߄ 4-8! !. ܎΍ऍࢪި౻ࡰኧൂ฽‫׫‬ၗᕮਏϩ‫ ߄݋‬................................................... 31 ཥᑫኻࢪި౻ࡰኧൂ฽‫׫‬ၗᕮਏϩ‫߄݋‬ ཥᑫኻࢪި ౻ࡰኧൂ฽‫׫‬ၗᕮਏϩ‫ ߄݋‬................................................... 31 ٥ࢪ(ό֖Вҁ ό֖Вҁ)ި౻ࡰኧൂ฽‫׫‬ၗᕮਏϩ‫߄݋‬ ި౻ࡰኧൂ฽‫׫‬ၗᕮਏϩ‫߄݋‬......................................... 32 ٥ࢪ ό֖Вҁ ި౻ࡰኧൂ฽‫׫‬ၗᕮਏϩ‫߄݋‬ ऍ୯ި౻ࡰኧൂ฽‫׫‬ၗᕮਏϩ‫ ߄݋‬........................................................... 32 Ѡ᡼ި౻ࡰኧൂ฽‫׫‬ၗᕮਏϩ‫ ߄݋‬........................................................... 32 ӚӦ୔ൂ฽‫׫‬ၗ 10 ԃᕮਏϩ‫ ߄݋‬............................................................. 34. ߄ 4-9! ! ӚӦ୔ൂ฽‫׫‬ၗ 1 ԃᕮਏϩ‫ ߄݋‬............................................................... 34 ! ӚӦ୔ൂ฽‫׫‬ၗ 3 ԃᕮਏϩ‫ ߄݋‬............................................................. 35 ߄ 4-10! ߄ 4-11! ! ӚӦ୔ൂ฽‫׫‬ၗ 5 ԃᕮਏϩ‫ ߄݋‬............................................................. 35 ߄ 4-12! ! ӚӦ୔ൂ฽‫׫‬ၗ 20 ԃᕮਏϩ‫ ߄݋‬........................................................... 36 ӚӦ୔ൂ฽‫׫‬ၗ ߄ 4-13! ! ӚӦ୔ൂ ฽‫׫‬ၗ 30 ԃᕮਏϩ‫ ߄݋‬........................................................... 36 ߄ 4-14! ! ӄౚࠠި౻ࡰኧ‫׫‬ၗᕮਏКၨ߄ ............................................................. 37 ߄ 4-15! ! ! ߄ 4-16! ߄ 4-17! ! ߄ 4-18! ! ߄ 4-19! ! ߄ 4-20! !. ӄౚཥᑫѱ൑ި౻ࡰኧ‫׫‬ၗᕮਏКၨ߄ ................................................. 38 ܎΍ऍࢪި౻ࡰኧ‫׫‬ၗᕮਏКၨ߄ ......................................................... 39 ཥᑫኻࢪި౻ࡰኧ‫׫‬ၗᕮਏКၨ߄ ཥᑫኻࢪ ި౻ࡰኧ‫׫‬ၗᕮਏКၨ߄ ......................................................... 39 ٥ࢪ(ό֖Вҁ ό֖Вҁ)ި౻ࡰኧ‫׫‬ၗᕮਏКၨ߄ ި౻ࡰኧ‫׫‬ၗᕮਏКၨ߄............................................... 40 ٥ࢪ ό֖Вҁ ި౻ࡰኧ‫׫‬ၗᕮਏКၨ߄ ऍ୯ި౻ࡰኧ‫׫‬ၗᕮਏКၨ߄ ................................................................. 41 Ӛѱ൑ൂ฽ᆶ‫ۓ‬ය‫ۓ‬ᚐ‫׫‬ၗৡ౦༼᏾߄ ................................................. 41. ߄ 4-21! ! ! ߄ 4-22! ߄ 4-24! ! ߄ 4-25! ! ߄ 4-26! ! ߄ 4-27! !. ଑ᘜኳࠠ(Ԅ ჴ᛾่݀ ........................................................................ 44 ଑ᘜኳࠠ Ԅ 3-1)ჴ᛾่݀ Ӛ‫׫‬ၗӦ୔଑ ᘜኳࠠ(Ԅ ჴ᛾่݀ .................................................... 45 Ӛ‫׫‬ၗӦ୔ ଑ᘜኳࠠ Ԅ 3-2)ჴ᛾่݀ ଑ᘜኳࠠ(Ԅ 5*ჴ᛾่݀ ଑ᘜኳࠠ Ԅ 4.5* ჴ᛾่݀ ....................................................................... 47 όӕ‫׫‬ၗБԄᕮਏ༼᏾಍ी߄ ................................................................. 49 ӄ೽ኬҁ‫ޑ‬ԋჹ҆ᡏ ᔠ‫่݀ۓ‬............................................................. 50 ӄ೽ኬҁ‫ޑ‬ԋ ჹ҆ᡏ T ᔠ‫่݀ۓ‬ RSV=20 ኬҁ‫ޑ‬ԋჹ҆ᡏ T ᔠ‫ ่݀ۓ‬..................................................... 51. ߄ 4-28! ! ! ߄ 4-29! ߄ 4-30! ! ߄ 4-31! ! ߄ 4-32! ! ߄ 4-33! !. RSV=30 ኬҁ‫ޑ‬ԋჹ҆ᡏ T ᔠ‫ ่݀ۓ‬..................................................... 52 ӄౚި౻ѱ൑ኬҁ‫ޑ‬ԋჹ҆ᡏ ӄౚ ި౻ѱ൑ኬҁ‫ޑ‬ԋჹ҆ᡏ T ᔠ‫ ่݀ۓ‬............................................ 53 ӄౚཥᑫ୯ৎި౻ѱ൑ኬҁ‫ޑ‬ԋჹ҆ᡏ T ᔠ‫ ่݀ۓ‬............................ 53 ཥᑫኻࢪި౻ѱ൑ኬҁ‫ޑ‬ԋჹ҆ᡏ T ᔠ‫ ่݀ۓ‬.................................... 54 ٥ࢪ(ό֖Вҁ ό֖Вҁ)୯ৎި౻ѱ൑ኬҁ‫ޑ‬ԋჹ҆ᡏ ٥ࢪ ό֖Вҁ ୯ৎި౻ѱ൑ኬҁ‫ޑ‬ԋჹ҆ᡏ T ᔠ‫ ่݀ۓ‬.................. 54 ܎΍ऍࢪ୯ৎި౻ѱ൑ኬҁ‫ޑ‬ԋჹ҆ᡏ T ᔠ‫ ่݀ۓ‬............................ 55 ŝǆ. .

(11) . ߄ 4-34! ! ऍ୯ި౻ѱ൑ኬҁ‫ޑ‬ԋჹ҆ᡏ T ᔠ‫ ่݀ۓ‬............................................ 55 ! ಃΒ໘ࢤኬҁ‫ޑ‬ԋჹ҆ᡏ T ᔠ‫༼่݀ۓ‬᏾߄ .......................................... 59 ߄ 5-1! !. !. !. ǆ .

(12) . კҞᒵ! ! კ 1-1! ! კ 2-1! ! კ 2-2! ! კ 4-1! !. ࣴ‫ࢬز‬ำკ ..................................................................................................... 8 ሽॶ‫ڄ‬ኧ ....................................................................................................... 12 ‫ೌמ‬ϩ‫݋‬Ьाϩᜪࢎᄬ ............................................................................... 18 ॥ᓀኬҁ଑ᘜጕკ ....................................................................................... 46. . ǆŝ .

(13) . . ǆŝŝ .

(14) . ಃ΋ക! ಃ΋ക! ᆣፕ ಃ΋࿯! ಃ΋࿯! ࣴ‫ز‬ङඳᆶ୏ᐒ! ࣴ‫ز‬ङඳᆶ୏ᐒ! ߈ԃٰǴӄౚϩձᐕ࿶Αᝄख़೯೤ᑩ๞ǵߎᑼੇቖ฻ख़εᡂϯǴ೭٤ ౜ຝόѝࢂቹៜჴ፦ᖼວΚϷғࢲНྗ‫ޑ‬Πफ़ǴΨቹៜΓॺჹ҂ٰΓғ‫ޑ‬ ଄୍ೕჄǴࣁΑόᡣჴ፦ၗౢӧॄճ౗ΠࢬѨǴ‫׫‬ၗ౛଄೭ߐፐำёૈࢂ ؒᒤ‫ݤ‬όᏢಞ‫ޑ‬Ƕ ֝໔Ԗፏӭ‫׫‬ၗπ‫ڀ‬ǴନΑި౻ǵ‫܊‬ӦౢǴᗋԖ୷ߎǵය೤ǵᒧ᏷៾ ‫ۓک‬Ӹ฻฻ǶฅԶǴჹӭኧΓٰᇥǴ΋Бय़Ћ΢લЮε฽ၗߎϷ஑཰‫׫‬ၗ ‫ૈޕ‬Ǵќ΋Бय़ؒԖкျਔ໔ࣴ‫ز‬౛଄ၗૻǴΨόᜫ‫܍‬ᏼၨଯ‫׫‬ၗ॥ᓀǴ ٗሶǴӅӕ୷ߎ(Mutual Fund)൩ԋࣁཱུ٫‫׫ޑ‬ၗπ‫ڀ‬Ƕ٩Ᏽύ๮҇୯‫ߞ׫‬ ‫៝׫‬Ϧ཮಍ीၗ਑ǴԿ 99 ԃ 3 ДۭЗǴ୯Γ‫׫‬ၗӅӕ୷ߎಕीߎᚐၲཥᆵ ჾ 4 ӂ 1,133.8 ሹǴᡉҢ୷ߎ‫׫‬ၗςԋࣁ౛଄‫ޑ‬ख़ाπ‫ڀ‬Ƕ ‫׫‬ၗӅӕ୷ߎࢂ‫׆‬ఈӧ‫܍‬ᏼԖज़॥ᓀΠǴၲ‫ډ‬Ⴃයൔၿ౗ǹวචλᚐ ‫׫‬ၗǵ॥ᓀϩණǵ஑཰࿶ᔼᆅ౛Ϸᡂ౜৒ܰ฻ᓬᗺǹՠ֝໔୷ߎᕴᜪᕷӭǴ ‫׫‬ၗБԄҭԖόӕǴ‫׫‬ၗΓϝሡԵໆΠӈӢનǴӢࣁдॺ཮ࢂቹៜൔၿ౗ ‫ޑ‬ᜢᗖӢનǶ ୷ߎᜪࠠǺި౻ࠠ? ໸‫ࢂ܈?ࠠچ‬ѳᑽࠠ? ୷ߎᜪࠠǺӄౚࠠǻ୔ୱࠠǻൂ΋୯ৎǻԋዕѱ൑ǻཥᑫѱ൑ǻౢ཰ ࠠǻ ‫׫‬ၗය໔Ǻอයǻύයǻߏයǻ ‫׫‬ၗБԄǺ‫ۓ‬ය‫ۓ‬ᚐ?ൂ฽‫׫‬ၗ?‫ځ‬дǻ ҁፕЎЬा߯ଞჹ΢ॊΒǵΟǵѤ໨຾Չ௖૸ǴচӢӵΠǺ ᗨฅǴϩණ‫׫‬ၗԖճफ़ե‫س‬಍‫܄‬॥ᓀǴԶ໸‫ߎ୷ࠠچ‬Ьा‫ޑ‬ԏ੻ٰྍ хࡴճ৲ᆶວ፤໸‫ޑچ‬ၗҁճளǴՠаѠ᡼ࣁ‫ٯ‬ǴҞ߻ 10 ԃයϦ໸ԏ੻౗ ‫ ܭ୏ݢ‬1.4250%-1.4350%Ǵ‫୏ݢ‬൯ࡋλ(‫܌‬аၗҁճளሽৡλ)Ǵൔၿ౗ӧԵ. ϭ .

(15) . ໆ‫ډ‬༊౗ǵЋុ຤ǵߞૼߥᆅ຤฻Ҭܰԋҁᆶ॥ᓀ‫ޑ‬ୢᚒࡕǴ՟Яᔈஒਔ ໔ϷᆒΚӭ޸຤ӧൔၿ౗Ϸ‫܄୏ݢ‬ၨε‫ިޑ‬౻ࠠ୷ߎ΢Ƕ ΞǴ߈ԃٰ‫਻ډڙ‬ং౦தǵϺ‫ؠ‬ᓎ໺Ϸᕉߥཀ᛽ଯᅍΠǴ໳ߎǵᆘૈǵ ၭߎϷၗྍ฻ౢ཰ࠠ୷ߎ߄౜ຬம‫ߎ֎ޑ‬ΚၰǴՠ೭ᜪࠠ‫׫ߎ୷ޑ‬ၗ໣ύ ‫ൂܭ‬΋ౢ཰ᜪձǴନ໪Αှౢ཰఩ǵ‫ۑܮ‬ѦǴᗋाᒣ᛽၀ౢ཰ᑫ૰Ǵ᝶֖ ଯ‫܄୏ݢ‬Ϸଯ॥ᓀ‫ޑ‬੝፦Ǵၨό፾‫ە‬྽բߚ஑཰Γγϐ‫׫‬ၗ኱‫ޑ‬ǴӢԜǴ όӈΕҁࣴ‫ز‬ጄᛑǶ ‫׫‬ၗ୷ߎ‫ޑ‬Ҟ‫ޑ‬൩ࢂाᕇճǴՠቹៜᕇճ‫ޑ‬ा໨Ԗব٤ǻ‫܍܌‬ᏼ‫ޑ‬॥ ᓀԖӭεǻӧѝԵቾި౻ࠠ୷ߎ‫ޑ‬௃‫ݩ‬ΠǴόӕ‫׫ޑ‬ၗය໔ჹൔၿϷ॥ᓀ ‫ޑ‬ቹៜࢂࣗሶǻ౛஑த֋ນ࠼ЊाଶཞǵଶճǴՠҬܰᓎᕷନΑԵᡍΓॺ ࢂց‫ڀ‬ഢ᏷ਔૈΚѦǴᗋሡЍбҬܰԋҁǴ೭՟Яᇥܴ୷ߎឦ‫ܭ‬΋ᅿߏය ‫׫ޑ‬ၗπ‫ڀ‬Ƕ Ӽቺਗ਼ǶࣽࡘԎើѭ(Andr’e Kosto-lany)Ǵӧ΋ঁ‫׫‬ᐒ‫֋ޑޣ‬қ΃ਜύ ჹ᛾‫چ‬ѱ൑ᆶᕴᡏ࿶ᔮ‫ޑ‬ᜢᖄ‫଺܄‬΋ঁКേǺԖΓ஥๱΋ଫ‫ކ‬ѐණ‫؁‬ǴԖ ਔ‫ކ‬າ‫ډ‬ЬΓ߻य़ǴԖਔΞາ‫ډ‬ЬΓࡕय़ǴԖਔ཮೏‫ڬ‬ൎ‫ޑ‬ඳ‫ނ‬Զ֎ЇԶ າ໒ǹฅԶനࡕ‫཮ކ‬ᆶЬΓӕਔ‫ܢ‬ၲҞ‫ޑ‬ӦǴЬΓ‫و‬Α΋ϦٚǴԶ‫ކ‬າٰ າѐ‫و‬ΑѤϦٚǶӼቺਗ਼ஒ࿶ᔮКേࣁЬΓǴ‫ࣁ߾ކ‬᛾‫چ‬ѱ൑Ǵ᛾‫چ‬ѱ൑ ᆶ࿶ᔮ‫ޑ‬ว৖ࢂӕБӛǴฅԶၸำύǴިѱ‫وޑ‬ӛὡࢂӧ࿶ᔮ‫ࡕ߻ޑ‬ၯ‫و‬Ǵ ᡣΓਆᄗό‫ۓ‬Ǵаठ೚ӭ‫ިޑ‬ѱ‫׫‬ၗ‫ޣ‬Ǵததࢂ࣮ჹΑ࿶ᔮǵᒧჹΑѱ൑Ǵ ὡӢߞЈǵऐЈό‫ى‬Զᒡ௞ިѱǶ ӵ݀ࢂ΋ঁёаྗዴղᘐȨ‫ކ‬ȩՉ຾ၡጕ‫׫ޑ‬ၗΓǴٗᓬӃ‫ޑ‬ᒧ᏷ࢂ ‫ޔ‬ௗᏹբި౻‫܈‬ය៾Ǵό໪ᖼວӅӕ୷ߎǴ‫ځ‬ԛࢂаൂ฽‫׫‬ΕБԄ‫׫‬ၗǴ ໩๱ѱ൑‫ޑ‬ᅍຳᖺ‫ڗ‬ၗҁճளǶՠ၂ୢ? ԖӭϿΓૈႣෳѱ൑‫ޑ‬ӭ‫ګޜ‬Ǵ ٗߚ஑཰‫׫‬ၗΓΞ࡛ԖૈΚѐղᘐၗૻ‫׳‬Ͽ‫ੇޑ‬Ѧѱ൑‫ޑ‬ӭ‫?ګޜ‬ӢԜǴ‫ۓ‬ ය‫ۓ‬ᚐ‫ޑ‬ѳ֡ԋҁཷ‫ۺ‬ёаᡣ‫ޑॺך‬ԋҁᆶᕇճ‫׳‬ௗ߈ȨЬΓȩ‫ޑ‬Չ຾ၡ ጕǴԶόࢂଓ๱‫׀ކ‬ЃາǴ஑ৎ‫ک‬ਜᝤᚇᇞᗋ੝ձѕᡗǺӧଯࡋ‫ޑ୏ݢ‬ѱ ൑‫ࢂ׳‬ӵԜ(ӵཥᑫѱ൑‫ൂ܈‬΋୯ৎ୷ߎ)Ǵՠόӕ‫׫ߎ୷ޑ‬ၗ฼ౣ‫ۭډ‬ჹൔ Ϯ .

(16) . ၿ‫ک‬॥ᓀౢғӭε‫ޑ‬ቹៜǻ‫܌‬аǴεৎ‫ޕ‬ၰΑ΃ঁ୷ҁ‫߻ޑ‬ᚒ൩ࢂǴӕኬ ‫ޑ‬΋ᔞ୷ߎǴόӕ‫ޑ‬Γ‫܌‬፾Ҕ‫ޑ‬ᏹբБԄΨό΋ኬǴѝόၸӭኧΓჹ‫ܭ‬ѱ ൑‫ޑ‬ղᘐૈΚ࣬ჹԖज़Ǵ੝ձࢂੇѦѱ൑Ǵ‫܌‬аǴү໔‫׫‬ၗᐒᄬ౛଄ਜᝤ ฻คόεΚႴ֌аӄౚࠠ‫୔܈‬ୱࠠ୷ߎࣁ኱‫ޑ‬Ǵ٠௦Ҕ‫ۓ‬ය‫ۓ‬ᚐБԄ຾Չ ߏය‫׫‬ၗǴӢࣁ೭ࢂၨ፾Ҕ‫ܭ‬εӭኧΓΨၨૈլܺΓ‫܄‬১ᗺ‫׫ޑ‬ၗБԄǶ ‫ۓ‬යԄ‫׫‬ၗ฼ౣ߯ճҔȬѳ֡ԋҁ‫ݤ‬ȭȐDollar-cost Averagingȑ‫ޑ‬ᢀ ‫׎܌ۺ‬ԋȬߎӷ༣ȭࠠ‫׫ޑ‬ၗ฼ౣǴӧ‫ۓڰ‬ය໔ϣǴஒၗߎϩ‫ץ‬ೕࡓ‫׫‬Ε ୷ߎϐᖼວǴ྽ިѱ΢ᅍਔǴ୷ߎ‫ޑ‬ృॶ(Nav)ҭНᅍಭଯǴ‫܌‬ҙᖼ‫ߎ୷ޑ‬ ൂՏኧ෧Ͽǹ࣬ჹ‫ިޑ‬ѱΠຳਔǴҙᖼ‫ൂޑ‬ՏኧϸԶቚуǶค‫׎‬ύǴӧѱ ൑‫࣬ޑ‬ჹեᗺ‫୔ޑ‬໔ύǴૈ୼ວ‫׳‬ӭ‫ൂޑ‬ՏኧǴ྽ިѱ҂ٰϸᙯӣϲਔǴ ‫׎‬ԋЬाᕇճ‫ྍٰޑ‬Ƕ‫ځ‬ύΞа‫ۓ‬ය‫ۓ‬ᚐБԄന‫ڙ‬εৎ‫܌‬ᇡӕǴਥᏵ‫ߞ׫‬ ‫៝׫‬Ϧ཮ 99 ԃ 5 Дၗ਑ᡉҢǴ໻аნϣ୷ߎ຾Չ಍ीǴѠ᡼ӅԖ 56 ࿤ 7,703 Γа‫ۓ‬ය‫ۓ‬ᚐБԄ‫׫‬ၗნϣӅӕ୷ߎǴ‫؂‬ДԌීᕴߎᚐଯၲཥᆵჾ 34 ሹ 6 ί࿤ϡа΢ǹќѦǴሌՉϷ‫߈ޣ཰ߞ׫‬ԃٰΨග‫ۓٮ‬යό‫ۓ‬ᚐ‫׫ޑ‬ၗ฼ౣǴ ࠹ᆀ‫׫‬ၗΓёԾՉ೛‫ۓ‬ӧ΢ᅍ(Πຳ)ࢌঁԭϩКਔǴ෧Ͽ(ቚу)ԌීߎᚐǴ ᙖҗȨ೹եуዸǴ೹ଯ෧ዸȩаᕇளၨଯ‫ޑ‬ൔၿǴᏵᆪ֎ЇόϿ‫׫‬ၗΓᙯ ΕǴ‫׎‬ԋȨ‫ۓ‬ය‫ۓ‬ᚐȩᆶȨ‫ۓ‬යό‫ۓ‬ᚐȩჹ،ֽय़ǶՠȨ‫ۓ‬යό‫ۓ‬ᚐȩ฼ ౣࠅ཮ӧӭᓐ‫ޜ܈‬ᓐᖿ༈࡭ុਔ໔ၨߏ‫ޑ‬௃‫ݩ‬Ǵ٬Ԍීߎᚐߏයೀ‫ܭ‬уዸ ‫܈‬෧ዸ‫ޑ‬௃‫׎‬ǴନΑౢғၗߎၮҔόೕ߾Ȑߏයуዸ߾લЮၗߎٰྍǴߏ ය෧ዸ߾ёૈஒၗߎ޸຤௞ȑѦǴ‫׳‬Ꮴठൔၿ౗ᗨ٫ǴՠӢҁߎၨλᏤठ ၗҁճளΨၨϿ฻લᗺǶٗሶǴԖؒԖ‫ׯ‬๓‫ޑ‬БԄ‫ګ‬ǻ ќѦǴΓॺࣁૈႣෳ҂ٰި౻ሽ਱ᖿ༈Ϸວ፤፾྽ਔᐒǴόᘐӦჹި ሽᐕў‫و‬༈຾Չࣴ‫ز‬Ǵ‫ࢂܭ‬ౢғΑ୷ҁϩ‫݋‬Ϸ‫ೌמ‬ϩ‫݋‬ǴаҔٰႣෳިѱ ‫وޑ‬༈Ǵ٠ගଯ‫׫‬ၗ‫ྗޑ‬ዴ‫܄‬Ϸᛙ‫܄ۓ‬Ƕ ‫܌‬ᒏ‫ೌמ‬ϩ‫݋‬Ǵ൩ࢂаࣽᏢ‫ޑ‬Б ‫ݤ‬ǴਥᏵၸѐިሽ‫୏ݢ‬ౢғ‫ޑ‬಍ीϩ‫݋‬ኧᏵٰࣴղިሽ҂ٰ୏ӛǴ‫ځ‬നख़ ा‫ޑ‬ଷ೛൩ࢂ: ᐕў཮ख़ᄽǴՠᐕў੿‫཮ޑ‬ख़ᄽ༏? ٩ྣᡍ᛾‫่݀ޑ‬Ǵࢂ‫ޑ‬Ǽ চӢࢂΓόՠ଼‫ב‬ǴղᘐΚᗋᝄख़‫ډڙ‬௃ᆣ‫ޑ୏ݢ‬ቹៜǴ‫܌‬аૈவ௲૽ύ ϯ .

(17) . Ꮲ‫ډ‬࿶ᡍԶ຾‫ޑ؁‬۳۳ࢂϿኧǴӆу΢‫ೌמ‬ϩ‫ࢂ݋‬΋ᅿȨԾ‫ך‬ჴ౜Ⴃ‫ق‬ȩ (Self-fullfilling prophecy)ǴΨ൩ࢂӵ݀ԖຫӭΓߞаࣁ੿Ǵ൩ຫ৒ܰԋ੿Ƕ ٗሶǴёόёаҔ‫ೌמ‬ϩ‫ٰ݋‬ගଯ‫ۓ‬යԄ‫׫‬ၗި౻ࠠ୷ߎ‫ޑ‬ൔၿ౗‫ګ‬ǻԜ ࣁҁࣴ‫ز‬ϐ୏ᐒǶ. ϰ .

(18) . ಃΒ࿯! ಃΒ࿯! ࣴ‫ز‬Ҟ‫ޑ‬ ӵ߻‫܌‬ॊǴᒿ๱ M ࠠ‫཮ޗ‬Ϸ೯ᑩਔж‫ٰޑ‬ᖏǴཇٰཇӭ‫ޑ‬Γᡏᇡ‫ډ‬౛ ଄‫ޑ‬ख़ा‫܄‬Ǵу΢୯ϣሌՉ‫ޣ཰ߞ׫‬εΚ௢৖ঁΓߎᑼǴ٬ளӅӕ୷ߎԋ ࣁ୯ϣѦΓγख़ाϐ౛଄π‫ڀ‬Ǵᒿ๱Ӆӕ୷ߎኧໆᆶೕኳ࡭ុε൯ԋߏǴ ߈ԃٰςԖ౲ӭਜᝤǵᚇᇞϷᏢ‫ޣ‬൩Ӆӕ୷ߎ‫ޑ‬౛ፕϷჴ୍ӭԖፕॊǶோ ΋૓‫׫‬ၗΓௗԏ‫ૻޑ‬৲ӭٰԾ໺൞ᆶ୷ߎᎍ୧೯ၡǴค‫ݤ‬Ԗਏඓඝඳ਻ൻ ᕉǴதҍΠଓଯఠե‫ޑ‬ᒱᇤǴठᕮਏค‫ݤ‬ᄆᡉǴӢԜǴჴԖѸा൩‫׫‬ၗ୷ ߎ‫ޑ‬ᜪձǵය໔ϷБԄ฻᏾ᡏ฼ౣ຾Չϩ‫݋‬ϷΑှǶ൩΋૓ΓԶ‫ق‬ǴӢ‫ڙ‬ ज़ၗߎೕኳϷၗߎ‫ډ‬Տ‫ޑ‬ਔ໔ȐӢ҂ٰ‫ޑ‬ԏΕค‫ݤ‬ӧ౜Ϟ‫ש‬౜ȑǴၨค‫ݤ‬ ௦Ҕൂ฽‫׫ޑ‬ၗБԄǴӢԜǴ௦‫ۓ‬යԄ‫׫‬ၗӅӕ୷ߎ൩ૈวචϩණ‫׫‬ၗᗺǵ ѳ֡‫׫‬ၗԋҁϷफ़ե‫׫‬ၗ॥ᓀ฻фਏǴၲ‫ډ‬ᛙ଼ಕᑈ଄൤‫ޑ‬Ҟ኱Ƕՠӧߏ ය‫׫‬ၗ‫ޑ‬চ߾΢Ǵ΋ঁѳ֡‫؂‬ԃ 7.5ʝൔၿ౗‫؂ک‬ԃ 15ʝൔၿ౗‫ޑ‬኱‫ޑ‬Ǵ࿶ ၸፄճਏ݀ 40 ԃࡕ‫׫ޑ‬ၗԏ੻࣬ৡஒၲ 15 ७ǴӢԶԖѸाᔕ‫ۓ‬ၨ፾ӝԾ ‫ي‬ሡ‫ޑ؃‬᏾ᡏ‫׫‬ၗ฼ౣǶࢂаǴҁࣴ‫ز‬ஒขᗺ‫ܫ‬ӧߚ஑཰‫׫‬ၗΓ཮य़ᖏ‫ޑ‬ ᒧ᏷Ǵ௖૸όӕѱ൑ձǵόӕ‫׫‬ၗය໔Ϸόӕ‫׫‬ၗБԄჹᕮਏϐቹៜǴќ ନΑѱ൑΢ς࿶௢р‫ۓޑ‬යԄ‫׫‬ၗި౻ࠠӅӕ୷ߎϐ‫׫‬ၗБԄѦǴયΕа ‫ೌמ‬ϩ‫ٰ݋‬ፓ᏾Ԍී‫ޑ‬ਔᐒϷߎᚐϐ‫׫‬ၗБԄǴ٠຾ՉᕮਏКၨǴᙖҗࣽ Ꮲ‫ޑ‬Б‫ݤ‬Ϸ‫ೌמ‬ϩ‫ٰ݋‬ፓ᏾Ԍී‫ޑ‬ਔᐒϷߎᚐǴаᔠຎёցቚу‫׫‬ၗᕮ ਏǶ ٩߻ॊࣴ‫୏ز‬ᐒǴҁࣴ‫ز‬ϐҞ‫߯ޑ‬௖૸‫׫‬ၗި౻ࠠӅӕ୷ߎǴଞჹΠ ӈόӕѱ൑ᜪࠠǵόӕ‫׫‬ၗයज़Ϸόӕ‫׫‬ၗБԄǴ‫ځ‬ᕮਏൔၿϷ॥ᓀ‫ޑ‬ৡ ౦ࣁՖǶ ΋ǵġ‫׫‬ၗӄౚࠠǵཥᑫѱ൑ǵ୔ୱࠠϷൂ΋୯ৎ฻όӕᜪࠠǶ Βǵġ3 ঁДǵъԃǵ1 ԃǵ3 ԃǵ5 ԃǵ10 ԃǵ20 ԃϷ 30 ԃ฻όӕ‫׫‬ၗය ज़Ƕ. ϱ .

(19) . Οǵġൂ฽ǵȨ‫ۓ‬ය‫ۓ‬ᚐȩϷୖԵ KD ࡰ኱ፓ᏾ԌීਔᐒϷԌීߎᚐ฻όӕ ฼ౣǶ. ϲ .

(20) . ಃΟ࿯! ಃΟ࿯! ࣴ‫ࢎز‬ᄬᆶࢬำ ҁࣴ‫߯ز‬٩ѱ൑ Benchmark ࡰ኱ᡂ୏௃‫׎‬բࣁόӕ‫׫‬ၗБԄϐԌී٩ ᏵǴӕਔ௦Ҕጕ‫܄‬଑ᘜϷ T ᔠ‫ۓ‬௖૸όӕѱ൑ᜪࠠǵόӕ‫׫‬ၗයज़Ϸόӕ ‫׫‬ၗ฼ౣჹި౻ࠠ୷ߎൔၿ౗Ϸ॥ᓀ‫ޑ‬ቹៜǴճҔԜჴ᛾ϩ‫่݀݋‬ග‫ٮ‬΋ ૓ߚ஑཰‫׫‬ၗΓೕჄ‫׫‬ၗ౛଄ϐୖԵ٩ᏵǴ ҁࣴ‫ز‬ϐࣴ‫ࢎز‬ᄬӅϩࣁ 5 ঁക࿯Ǵ٩‫ׇ‬ౣॊӵΠǺ ಃ΋ക! ᆣፕ ගрҁࣴ‫ز‬ϐࣴ‫୏ز‬ᐒᆶҞ‫ޑ‬ǵࣴ‫ز‬ჹຝᆶጄൎ฻Ǵ٠ᇥܴࣴ‫ز‬ ࢎᄬᆶࢬำǶ ಃΒകЎ᝘ӣ៝ ௖૸‫׫‬ၗϩණϯǵ‫׫‬ၗਔ໔ϩණϯǵިሽԾ‫࣬ך‬ᜢ‫܄‬Ϸ‫ೌמ‬ϩ‫݋‬ ฻࣬ᜢЎ᝘Ϸ౛ፕǴ٠᏾౛ᘜયࣁёୖԵϐჴຓЎ᝘Ƕ ಃΟകࣴ‫ز‬Б‫ݤ‬ २Ӄ௶ܴኬҁᒧ‫ڗ‬ǵၗ਑ٰྍϷࣴ‫ز‬ය໔฻Ǵӆᇥܴࣴ‫؁ز‬ᡯϷ ᡂኧ‫ۓ‬ကǵीᆉϦԄϷວ຾،฼ϐࣴղ‫מ‬ѯ฻Ǵനࡕ൩ࣴ‫ز‬ज़‫ڋ‬٣໨ уа௶ॊǶ ಃѤകჴຓ่݀ Ӄ൩όӕѱ൑ᜪࠠǵόӕ‫׫‬ၗයज़Ϸόӕ‫׫‬ၗБԄჹѱ൑ި౻ࡰ ኧϐᕮਏȐҁࣴ‫ز‬௦Ҕ൳Ֆѳ֡ԃϯൔၿ౗ ȐаΠᙁᆀൔၿ౗ȑϷ Sharp ࡰ኱ϩձբࣁᕮਏຑ՗Б‫ݤ‬ȑ‫ޑ‬ቹៜǴճҔጕ‫܄‬଑ᘜ‫ݤ‬຾ՉКၨϩ‫݋‬Ƕ ‫ࡕځ‬Ǵа୷ߎృॶϐ KD ‫ࡰೌמ‬኱Ǵٰፓ᏾ԌීਔᐒǴӕਔ௦Ҕ T ᔠ ‫ۓ‬Б‫ݤ‬Ǵ௖૸‫ۓ‬ය‫ۓ‬ᚐϷፓ᏾Ԅ‫ۓ‬ය‫ۓ‬ᚐ฻ 2 ᅿ‫׫‬ၗБԄǴՖ‫܌ޣ‬ᕇ ளϐၗҁճளၨ٫Ƕ ಃϖക่ፕᆶࡌ᝼ ༼໣ҁࣴ‫ز‬ჴຓ่݀଺р่ፕǴ٠ჹࡕុࣴ‫ز‬Ϸ҂ٰёՉБӛග рࡌ᝼Ƕ. ϳ .

(21) . ҁࣴ‫ز‬ϐࣴ‫ࢬز‬ำӵΠǺ!. კ2.2! ࣴ‫ࢬز‬ำკ! ϴ .

(22) . ಃΒക! ಃΒക! ࣬ᜢ౛ፕϷЎ᝘ӣ៝ ҁፕЎ‫زࣴޑ‬Ьᚒ߯ଞჹ‫׫‬ၗӦ୔ǵ‫׫‬ၗයज़Ϸ‫׫‬ၗБԄ฻уаϩ‫݋‬ КၨǴӢԜǴҁകஒ൩Ȑ΋ȑ‫׫‬ၗϩණϯǹȐΒȑ‫׫‬ၗਔ໔ϩණϯǹȐΟȑ ިሽԾ‫࣬ך‬ᜢ‫܄‬ǹȐѤȑ‫ೌמ‬ϩ‫݋‬Ԗਏ‫܄‬฻຾Չ࣬ᜢ౛ፕ௖૸Ϸჴ᛾Ў᝘ ᏾౛Ƕ. ಃ΋࿯! ಃ΋࿯! ‫׫‬ၗϩණϯ‫࣬ޑ‬ᜢ౛ፕϷჴຓЎ᝘ ΋ǵġ ࣬ᜢ౛ፕ! Nbslpxju{Ȑ2:63ȑගр‫׫‬ၗಔӝ౛ፕǴ‫ځ‬ଷ೛‫؂‬Ϻިሽ‫ޑ‬ᡂϯࢂᒿ. ᐒԶࡐᜤႣෳ‫ޑ‬Ǵ൩Ⴝλϩη‫ޑ‬Ѳਟၮ୏ǴЪ‫׫‬ၗൔၿ౗ԋதᄊϩଛǶ ԜኳࠠճҔᡂ౦ኧ.ӅᡂኧંତȐwbsjbodf.dpwbsjbodf!nbusjyȑᏤр ਏ౗߻ጔȐfggjdjfou!gspoujfsȑǴਏ౗߻ጔࢂࡰ‫׫‬ၗ‫ޣ‬ঋ៝‫׫‬ၗൔ ၿᆶ॥ᓀ‫ޑ‬ന፾ॉၞǴջࢂӧ΋‫ޑۓ‬ᕴ‫׫‬ၗൔၿ౗ΠǴӵՖᒧ᏷ၗౢ ಔӝК‫ٯ‬ǴБё٬ᕴၗౢൔၿ॥ᓀၲ‫ډ‬നλǹ‫ࢂ܈‬ӧ΋‫ޑۓ‬॥ᓀΠǴ ࡛ኬ‫ޑ‬ၗౢಔӝК‫ٯ‬Ǵωૈᕇளനε‫ޑ‬ൔၿ౗Ƕ! ၀౛ፕ‫܌‬х֖‫ޑ‬ཀကӵΠ Ȑ΋ȑġ όӕၗౢ‫ޑ‬ሽ਱‫و‬ӛ೯த཮Ԗৡ౦Ǵ྽3ၗౢሽ਱‫و‬ӛ࣬ϸਔǴ ‫࣬ځ‬ᜢ߯ኧࣁॄॶǴሽ਱‫و‬ӛ࣬ӕਔǴ߾࣬ᜢ߯ኧࣁ҅Ƕ! ȐΒȑġ όӕ‫ޑ‬ၗౢӚԖ‫ځ‬॥ᓀϷൔၿǴ‫׫‬ၗΓόૈѝԵቾൔၿ౗‫ޑ‬ଯ եǴѝԖ೸ၸ፾྽‫ޑ‬ၗౢଛ࿼Ǵஒၗߎϩණ‫࣬ܭ‬ᜢ߯ኧե‫ޑ‬ό ӕߎᑼ୘ࠔǴωૈ୼Ԗਏ‫ޑ‬फ़ե‫׫‬ၗಔӝ॥ᓀǴ٠ගଯ‫׫‬ၗಔ ӝ‫ޑ‬Ⴃයൔၿ౗Ƕ! Cpxfo!'!Hpmejf)2::9*Uif!Qsvefou!Jowftups͛t!Hvjef!up!Cfbujoh! Xbmm!Tusffu!bu!jut!Pxo!Hbnf/ࡰрࡌҥ‫׫‬ၗಔӝਔᔈԵໆϐচ߾х ࡴǺȐ΋ȑᙖҗӭϡϯ‫׫ޑ‬ၗ฼ౣаफ़ե‫׫‬ၗ॥ᓀǹȐΒȑӧѳ֡ൔ ၿ౗࣬ӕ‫ޑ‬௃‫ݩ‬ΠǴᔈᒧ᏷‫୏ݢ‬౗ၨλǴߏයፄӝൔၿ౗ၨଯϐ‫׫‬ၗ ϵ .

(23) . ಔӝǹȐΟȑ‫׫‬ၗեᆅ౛຤ǵեҬܰԋҁǵեຼᙯ౗ϷಔӝК‫ۓڰٯ‬ ϐಔӝԄӅӕ୷ߎǴ‫׫ځ‬ၗ኱‫ޑ‬Ѹ໪хࡴൔၿ౗Ϸ॥ᓀॶ࣬՟Ǵՠሽ ਱‫و‬༈࣬ϸϐၗౢǹȐѤȑஒၗߎϩණ‫׫‬ၗ‫ܭ‬ӭঁ୯ৎǴёගଯൔၿ ٠फ़ե॥ᓀǹȐϖȑၮҔਏ౗߻ጔǴࡌҥ‫׫‬ၗಔӝ฻Ƕ! җ΢ॊ౛ፕள‫ޕ‬Ǵ‫׫‬ၗϐၗౢ኱‫ޑ‬ཇӭǵၗౢ኱‫࣬ޑ‬ᜢ߯ኧཇեǴ ߾ཇૈफ़ե‫׫‬ၗ॥ᓀǴӢԜǴ‫׫‬ၗӅӕ୷ߎё٩᏷‫ۓ‬ϐ୷ߎᜪձǴϩ ձၲި౻኱‫ޑ‬ӭϡǵౢ཰ӭϡǵ‫׫‬ၗ୯ৎӭϡϷၗౢᜪࠠӭϡ฻όӕ ำࡋϐϩණ॥ᓀਏ݀ǹќҭёှ،Ӛ୯ᇟ‫ق‬Ϸ‫ݤ‬зज़‫ڋ‬฻຾ΕምᛖǴ ԋࣁ΋૓Γୖᆶ୯ሞ‫׫‬ၗനᙁߡ‫ޑ‬π‫ڀ‬Ƕ! ! Βǵġ ჴ᛾Ў᝘Ǻ!. Hsvcfm)2:79*!а2:6:Կ2:77ԃ໔22ঁ୯ৎϐި౻ࡰኧДѳ֡ൔ ၿၗ਑ࣁኬҁǴ௦Ҕਏ౗‫׫‬ၗಔӝϷਏ౗߻ጔǴКၨ୯ሞၠ୯‫׫‬ၗᆶ ൂ΋୯ৎ‫׫‬ၗ‫ޑ‬ൔၿᆶ॥ᓀǶࣴ‫ز‬ว౜୯ሞ᛾‫׫چ‬ၗନਏ౗߻ጔၨൂ ΋୯ৎ‫׫‬ၗ‫ࣁ׳‬ӛѦӛ΢‫ۯ‬՜ѦǴЪ‫ૈ׳‬ၲϩණ॥ᓀ‫ޑ‬ਏ݀Ƕ! Ibvufs-Dphhjo!'!Ebojfm!)2::1*!а2:81Կ2:97ԃ໔23ঁ୯ৎύ Ѧ୯Γё‫׫‬ၗ‫ިޑ‬౻ၗ਑ࣁኬҁǴКၨ୯ሞၠ୯‫׫‬ၗᆶൂ΋୯ৎ‫׫‬ၗ ‫ޑ‬ൔၿᆶ॥ᓀǶࣴ‫ز‬ว౜୯ሞ᛾‫׫چ‬ၗ‫ޑ‬॥ᓀࣁൂ΋୯ৎ‫׫‬ၗ‫ޑ‬67 ʘǶ!. ϭϬ .

(24) . ಃΒ࿯! ಃΒ࿯! ‫׫‬ၗਔ໔ϩණϯ࣬ᜢ౛ፕ ΋ǵġ ࣬ᜢ౛ፕ!. DppuofsȐ2:75ȑᒿᐒᅐ‫؁‬౛ፕȐUif!Sboepn!Dibsbdufs!pg!Tupdl! Nbslfu!Qsjdftȑ΋ਜύࡰрǴ᛾‫چ‬ሽ਱‫ࢂ୏ݢޑ‬ᒿᐒ‫ޑ‬ǴؒԖೕࡓ‫ޑ‬Ƕ ೭ࢂӢࣁວБᆶ፤Б೿ૈ୼ௗ᝻ӕኬ‫ޑ‬௃ൔǴΨ೿ᔉளϩ‫݋‬ǴӢԜӧ ᚈБ೿ᇡࣁሽ਱ӝ౛ਔǴω཮ౢғҬܰǴިሽς࿶ϸࢀΑ‫؃ٮ‬ᜢ߯Ǵ ‫ޣ܈‬ᚆҁ‫ي‬ሽॶό཮ϼᇻǶ!ިሽς࿶ϸࢀ‫୷ځ‬ҁሽॶǴ೭ঁሽॶஒ࡭ ុ‫ډޔ‬Ԗँว੃৲р౜ȐӵᏯ‫ݾ‬ǵԏᖼǵӝ‫ٳ‬ǵу৲෧৲ǵҡ‫ݨ‬Ꮿ฻ ճӭ‫܈‬ճ‫ޜ‬ȑω཮ӆԛ‫୏ݢ‬ǶՠΓॺค‫ݤ‬Ⴃ‫ँޕ‬ว੃৲Ǵ‫܌‬аިሽࢂ ؒԖ૶Ꮻ‫س‬಍‫ޑ‬Ǵ‫؂‬Вᆶќ΋Вϐ໔‫ޑ‬ϲຳ٠ค࣬ᜢǴި౻‫و‬༈௢ෳ ࢂค‫ݤ‬ᒤ‫ޑډ‬ǶԜ΋ᇥ‫఼҅੿ޑݤ‬ကࢂǴҾკҗᐕўިሽ‫פ୏ݢ‬рᖿ ༈‫܈‬চ౛ٰᏯയѱ൑ࢂคਏ‫ޑ‬ǴӢިሽό཮Ԗ‫س‬಍Ӧᡂ୏Ƕ! Lbiofnbo!'!Uwfstlz)2:8:*৖ఈ౛ፕ!sptqfdu! uifpszύࡰрǴ ‫׫‬ၗΓ‫׫ޑ‬ၗ،฼ࢂཱུεϯ଄൤‫ׯ‬ᡂ‫ޑ‬ሽॶ‫ڄ‬ኧ)wbmvf!gvodujpo*Ǵ Զ٠ߚ଄൤Нྗ‫ޑ‬ਏҔ‫ڄ‬ኧ)vujmjuz!gvodujpo*Ǵሽॶ‫ڄ‬ኧࢂև౜T!ࠠ ‫ڄޑ‬ኧǴ၀‫ڄ‬ኧӧວሽϐ΢ਔࣁп‫ڄ‬ኧ)dpodbwf*ǴԜਔ‫׫‬ၗΓೀ‫ܭ‬ᕇ ճ‫ރ‬ᄊǴࢂ॥ᓀೕᗉ‫)!ޣ‬sjtl!bwfstjpo*Ǵ໼ӛаᕇճΑٰ่ߥԖ‫ځ‬ ς࿶ᏱԖ‫ޑ‬ճዎǹӧວሽϐΠࣁс‫ڄ‬ኧ)dpowfy*Ǵջӧᎁ‫ڙ‬ཞѨਔࠅ ԋࣁ॥ᓀངӳ)sjtl!tffljoh*ǴԜਔ൩ᆉႣයൔၿե‫܍܌ܭ‬ᏼ‫ޑ‬॥ᓀǴ ϸԶ໼ӛᝩុ࡭ԖǴ‫ܫ‬Ћ΋ཛଓ‫؃‬॥ᓀǶ߄Ңᒿ๱଄൤ኧໆ‫ޑ‬ቚуǴ ԏ੻ϷཞѨ‫ޑ‬ᜐሞሽॶΠफ़Ƕሽॶ‫ڄ‬ኧཞѨ೽ҽ‫ޑ‬௹౗ၨԏ੻೽ҽ‫ޑ‬ ௹౗ଥ৘Ǵж߄ཞѨ΋ൂՏ೷ԋ‫ޑ‬ሽॶ഼Ѩε‫ܭ‬ԏ੻΋ൂՏ‫܌‬ள‫ډ‬ ‫ޑ‬Ƕ!!. ϭϭ .

(25) . კ3.2! ሽॶ‫ڄ‬ኧ! ྽੿ჴ‫ޑ‬௃‫ݩ‬ᆶΓॺЈύ‫ޑ‬གྷ‫کݤ‬ଷ೛όӕਔǴ൩཮ౢғ΋ᅿЈ ౛‫ޑ‬ፂँǴ೭൩ࢂᇡ‫ޕ‬ѨፓǶGftujohfs!)2:68*ջᇡࣁΓॺ཮Ꮓёૈ ௦‫ڗ‬Չ୏ٰफ़եᇡ‫ޕ‬ѨፓǴӵёૈᗉխཥၗૻ‫ཱུࢂ܈‬ΚࣁԾρᒱᇤ‫ޑ‬ གྷ‫៏ݤ‬ៈǶ! Mjdiufotufjo-!Gjtdiipgg!boe!Qijmjqt!)2:93*ࣴ‫ز‬ว౜ǴΓॺ ӧӣเୢᚒਔǴჹ‫ځ‬เჹ‫ޑ‬ᐒ౗Ԗଯ՗໼ӛǶջߡӧዴߞдॺ๊ჹเ ჹਔǴϝԖଯၲ31&ࢂเᒱ‫ޑ‬ǶΓॺ࿶த཮ၸ‫ߞ࣬ܭ‬Ծρղᘐ‫҅ޑ‬ዴ‫܄‬Ƕ ೭ࢂ΋ᅿȨၸࡋԾߞȩ‫ޑ‬౜ຝǶ! Hpfu{nboo!boe!Qfmft!)2::4*!ࣴ‫ز‬ว౜Ǵᕮਏཱུӳ‫ߎ୷ޑ‬ၗߎࢬ ΕᇻКᕮਏཱུৡ‫ߎ୷ޑ‬ၗߎࢬр‫ޑ‬ೲࡋा‫ז‬ளӭǴ೭ࢂӢࣁ࡭Ԗᕮਏ όӳ୷ߎ‫׫ޑ‬ၗΓόᜫཀय़ჹдॺς࿶ᎁ‫ډ‬ཞѨ‫ޑ‬٣ჴǶ೭Ψࢂᇡ‫ޕ‬ Ѩፓ‫ޑ‬౜ຝǶ!! Tifgsjo!boe!Tubunbo!)2::5*ᇡࣁǴ‫׫‬ၗΓӢࣁၸࡋԾߞԶ‫׫‬ၗ ѨճǴΏࢂдॺό‫ޕ‬ၰԾρࢂၗૻό‫ޑى‬ǶPefbo!)2::9*ϩ‫݋‬ऍ୯ණ Њ‫׫‬ၗՉࣁਔǴว౜‫ځ‬ᕇճΑ่όࢂӢࣁࢬ୏‫܄‬ሡ‫؃‬ǵख़ཥፓ᏾‫׫‬ၗ ಔӝ‫ࢂ܈‬ஒၗߎ౽۳ե॥ᓀ‫ިޑ‬౻฻ӢનǹЪ೏ᝩុ࡭Ԗ‫ިޑ‬౻К೏ ୧р‫ިޑ‬౻Ǵӧ҂ٰ‫ޑ‬ൔၿϸԶၨեǴ೭൩ࢂ‫׫‬ၗ‫ޣ‬ၸࡋԾߞ‫ޑ‬᛾ᏵǶ! ϭϮ .

(26) . Pefbo!)2:::*ว౜ණЊӧ፤рި౻ࡕǴၗߎࡐ‫ז‬Ξᙯວ‫ځ‬дި౻Ǵ а΋ԃ‫ޑ‬ਔ໔ٰᢀჸǴջ٬ԌନҬܰԋҁǴ፤рި౻‫ޑ‬ѳ֡߄౜ࠅᓬ ‫ុࡕܭ‬ວΕ‫ިޑ‬౻Ƕ೭ΨёૈࢂӢࣁၸࡋԾߞǶ! Tifgsjo!)3111*ගрǴࡕ৷КཞѨᗋзΓॺภधǴࡕ৷ёૈ཮ቹ ៜঁΓ‫ޑ‬،฼Ƕ‫׫‬ၗѨճନΑཞѨϐѦǴᗋԖѸ໪‫܍‬ᏼࡕ৷‫ޑ‬Ј౛ᓸ ΚǹӢԜǴࣁΑᗉխࡕ৷Ǵ໼ӛ٩ൻၸѐ‫ޑ‬চ߾ϷБԄ຾Չ‫׫‬ၗԶό ѐ‫ׯ‬ᡂǴҞ‫ޑ‬൩ࢂࣁΑ٬҂ٰࡕ৷‫ޑ‬ёૈ‫܄‬फ़‫ډ‬നեǶ೭Ψ‫׎‬ԋࢌ٤ Γ٬ҔިճԶόࢂ፤ި౻ٰ‫ڗ‬ள౜ߎǴӢࣁ্‫܂‬፤Αި౻ϐࡕ཮ӢѨ ѐᖺၗҁճள‫ޑ‬ᐒ཮Զག‫ࡕډ‬৷Ƕ! җ΢ॊ౛ፕᑍ‫ـ‬Ǵ‫׫‬ၗΓค‫ݤ‬Ԗਏ҅ዴඓඝѱ൑‫୏ݢ‬ǴЪӧ‫׫‬ၗ όճ௃‫׎‬วғਔǴஒౢғ৷࡟Ꮽඊ฻Ј௃ǴӢԜ೭٤౛ፕёЍ࡭‫ۓ‬ය ‫ۓ‬ᚐ‫׫‬ၗ฼ౣૈԖਏ෧጗‫׫‬ၗਔᗺᒱᇤ‫܌‬ᏤठϐЈ౛ᓸΚǶ! ! Βǵġ ჴ᛾Ў᝘Ǻ!. Xjmmjbnt!'Cbdpo!)2::4*!а2:37ԃԿ2::2ԃऍ୯ި౻ѱ൑ࣁኬҁǴ ҔT'Q611ࡰኧж߄ѱ൑Ǵ:1Ϻය୯৤‫چ‬ж߄ค॥ᓀၗౢǴ࡭Ԗය໔ࣁ2 ԃǵҬܰԋҁϷ፟ิ҂યΕԵቾǴٰКၨൂ฽‫׫‬ၗϷ‫ۓ‬ය‫ۓ‬ᚐ‫ޑ‬ᕮਏ ߄౜Ƕࣴ‫ز‬ว౜ऊ304ය໔ൂ฽‫׫‬ၗൔၿ౗ᓬ‫ۓܭ‬ය‫ۓ‬ᚐǴ‫ځ‬ᇡࣁԜ௃ ‫׎‬ΏӢஒၨӭ‫ޑ‬ၗߎ‫׫‬Εިѱ໪ॄᏼၨε॥ᓀǴӢԶा‫؃‬ၨଯ‫ޑ‬॥ᓀ ຠНǶ! Tuvnqq)2::6*ӕኬаऍ୯ި౻ѱ൑ࣁኬҁǴҔT'Q611ࡰኧж߄ѱ ൑Ǵ:1Ϻය୯৤‫چ‬ж߄ค॥ᓀၗౢǴٰКၨൂ฽‫׫‬ၗϷ‫ۓ‬ය‫ۓ‬ᚐ‫ޑ‬ᕮ ਏ߄౜Ƕࣴ‫ز‬ว౜ൂ฽‫׫‬ၗԃѳ֡ൔၿ౗ࣁ23/3&ǹ‫ۓ‬ය‫ۓ‬ᚐ‫׫‬ၗԃѳ ֡ൔၿ౗ࣁ9/4&Ƕ‫ځ‬ᇡࣁ‫ۓ‬ය‫ۓ‬ᚐᗨёफ़ե೽ϩ॥ᓀǴՠൂ฽‫׫‬ၗ‫܌‬ ᕇளϐၨଯൔၿǴ߯ჹ‫׫‬ၗΓӧ‫׫‬ၗය໔ިሽ‫୏ݢ‬ϐံᓭǶ! ϭϯ .

(27) . Jtsbfmtpo)2:::*!а46ᔞεࠠ୷ߎ21ԃၗ਑ࣁኬҁǴٰКၨൂ฽ ‫׫‬ၗϷ‫ۓ‬ය‫ۓ‬ᚐ‫ޑ‬ᕮਏ߄౜Ƕࣴ‫ز‬ว౜ी2:ᔞ୷ߎа‫ۓ‬ය‫ۓ‬ᚐ‫׫‬ၗൔ ၿ౗ᓬ‫ൂܭ‬฽‫׫‬ၗǶ! ݅੿ӵ)2::7*!а2:82ԃ2ДԿ2::8ԃ3ДѠ᡼у៾ިሽࡰኧǵ2:94 ԃ4ДԿ2::8ԃ3Дऍ୯ၰᛏϷВ࿶336ިሽࡰኧࣁኬҁǴٰКၨൂ฽‫׫‬ ၗϷ‫ۓ‬ය‫ۓ‬ᚐ‫ޑ‬ᕮਏ߄౜Ƕࣴ‫ز‬ว౜ӧऍ୯ϷѠ᡼3ѱ൑Ǵൂ฽‫׫‬ၗൔ ၿ౗ᓬ‫ۓܭ‬ය‫ۓ‬ᚐǹՠӧВҁѱ൑ǴѝԖ໕࿼ၗߎൔၿ౗=7&ਔǴൂ฽ ‫׫‬ၗൔၿ౗ω཮ᓬ‫ۓܭ‬ය‫ۓ‬ᚐǹ྽໕࿼ၗߎൔၿ౗?9&ਔǴ‫ۓ‬ය‫ۓ‬ᚐ‫׫‬ ၗൔၿ౗Ԗਔ཮ᓬ‫ൂܭ‬฽‫׫‬ၗǶ! ໳᜔ӹ)2::9*!а2:92ԃаࡕϐѠ᡼у៾ިሽࡰኧϷ9ᜪౢ཰ިሽ ࡰኧࣁኬҁǴ௦ҔᆾӦьᛥኳᔕ‫ೌמ‬ଷ೛ѱ൑ࣁᒿᐒᅐ‫؁‬ǴٰКၨൂ ฽‫׫‬ၗϷ‫ۓ‬ය‫ۓ‬ᚐ‫ޑ‬ᕮਏ߄౜Ƕࣴ‫ز‬ว౜ନߎᑼᜪިѦǴൂ฽‫׫‬ၗр ౜ཞѨ‫ޑ‬ᐒ౗ᒿ‫׫‬ၗය໔‫ޑ‬уߏԶफ़եǹ೭ᅿ௃‫ۓܭݩ‬ය‫ۓ‬ᚐ‫׫‬ၗၨ όᡉ๱ǹќѦǴӧѱ൑಄‫ک‬ᒿᐒᅐ‫؁‬௃‫ݩ‬Ǵ‫ܭ‬2ǵ6ǵ21ǵ26ԃයኬҁ ύǴൂ฽‫׫‬ၗൔၿ౗֡ᓬ‫ۓܭ‬ය‫ۓ‬ᚐǶ! ஭റษ)3112*!аѠ᡼у៾ިሽࡰኧᆶT'Q611ࡰኧࣁኬҁٰКၨ ൂ฽‫׫‬ၗϷ‫ۓ‬ය‫ۓ‬ᚐ‫ޑ‬ᕮਏ߄౜Ƕࣴ‫ز‬ว౜อයϣ‫ۓ‬ය‫ۓ‬ᚐ‫׫‬ၗൔၿ ౗ᗨёૈλ‫ܭ‬ሌՉ‫ۓ‬ӸǴՠᒿਔ໔уߏǴ‫ۓ‬ය‫ۓ‬ᚐ‫׫‬ၗൔၿ౗ܴᡉᓬ ‫ۓܭ‬ӸǴЪӧය໔ࣴߏ‫ډ‬26ԃǴ൳ЯςคཞѨϐёૈ‫܄‬ǶΞ྽໕࿼ၗ ߎൔၿ౗=:&ਔǴόፕӧऍ୯‫܈‬Ѡ᡼ѱ൑Ǵൂ฽‫׫‬ၗൔၿ౗֡ᓬ‫ۓܭ‬ය ‫ۓ‬ᚐǶ!. ϭϰ .

(28) . ಃΟ࿯! ಃΟ࿯! ިሽԾ‫࣬ך‬ᜢ‫࣬܄‬ᜢ౛ፕ ΋ǵġ ࣬ᜢ౛ፕ!. !Gbnb!)2:81*!ਏ౗ѱ൑ଷᇥfggjdjfou!nbslfu!izqpuiftjt-!FNI ᇡࣁިሽ཮ϸᔈ‫܌‬Ԗς‫ૻޑޕ‬৲Ǵอයިሽୃᚆ୷ҁሽॶǴ߯Ӣࣁၗ ૻόჹᆀ‫܈‬ၗૻ‫ޑ‬ှ᠐‫ޑ‬ৡ౦‫܌‬ठǶᒿ๱ਔ໔‫ޑ‬࿶ၸǴၗૻஒᖿ߈ֹ ӄǴЪ‫׫‬ၗΓΨ཮ӢᏢಞԶ‫҅׳‬ዴ‫ޑ‬ှ᠐ၗૻǴӢԜިሽѸ‫཮ۓ‬ӣᘜ ୷ҁሽॶǴ‫܌‬аሽ਱‫ୃޑ‬ᚆࢂอය‫ޑ‬౜ຝǴ᛾‫چ‬ሽ਱‫ޑ‬ᖿ༈ᜢ߯٠ό ӸӧǶ! Timfjgfs!)3111*ࡰрǴਏ౗ѱ൑ଷᇥࡌҥӧаΠ‫ޑ‬Οঁଷ೛ΠǺ! Ȑ΋ȑġ ‫׫‬ၗ‫ࢂޣ‬౛‫ޑ܄‬ǴӢԜૈ౛‫܄‬Ӧຑ՗᛾‫ޑچ‬ሽ਱Ƕ ȐΒȑġ ջߡ೽ϩ‫׫‬ၗ‫ࢂޣ‬ό౛‫ޑ܄‬Ǵՠҗ‫ځܭ‬Ҭܰࢂᒿᐒ‫ޑ‬Ǵ‫܌‬аૈ ‫੃ܢ‬۶Ԝჹሽ਱‫ޑ‬ቹៜǴঁΓΚໆค‫ݤ‬ቹៜሽ਱Ƕ ȐΟȑġ ऩ೽ϩ‫׫‬ၗ‫ޣ‬Ԗ࣬ӕ‫ޑ‬ό౛‫܄‬ՉࣁǴѱ൑ϝёճҔȬ঺ճȭᐒ ‫ڋ‬٬ሽ਱ӣൺ౛‫܄‬ሽ਱Ƕ җਏ౗ѱ൑౛ፕ‫ۯ‬՜ว৖ǴGbnb!٩ѱ൑ਏ౗‫܄‬፦ගр১༈ਏ౗ǵ ъம༈ਏ౗Ϸம༈ਏ౗Ǵ‫ځ‬ϩॊӵΠǺ! Ȑ΋ȑġ ১༈ਏ౗ѱ൑ȐtĞĂŬ&ŽƌŵĨĨŝĐŝĞŶĐǇȑ ǺҞ߻ި౻ሽ਱ςкϩϸ ᔈၸѐި౻ሽ਱‫܌‬ග‫ٮ‬Ӛ໨௃ൔǹ‫׫‬ၗΓค‫ݤ‬ӆճҔၸѐၗૻ ٰᕇளଯᚐൔၿǹ১༈ਏ౗ཇଯǴ‫ೌמ‬ϩ‫݋‬ཇคਏǶġ ȐΒȑġ ъமԄਏ౗ѱ൑Ȑ ȐSemi-Strong Form Efficiencyȑ ȑ ǺҞ߻ިሽς кϩϸᔈ‫܌‬Ԗ‫ޑ‬Ϧ໒ၗૻǴ‫׫‬ၗ‫ޣ‬ค‫ݤ‬ճҔ௃ൔϩ‫่݀݋‬Ⴃෳ ިሽԶᕇ‫ڗ‬ൔၿǶӢԜǴъம༈ਏ౗ຫଯǴ٩ᒘϦ໒ၗૻٰ຾ Չ୷ҁय़ϩ‫݋‬ǴฅࡕӆႣෳި౻ሽ਱ࢂ২മคфǶġ ȐΟȑġ மԄਏ౗ѱ൑Ȑ^ƚƌŽŶŐ&ŽƌŵĨĨŝĐŝĞŶĐǇȑ ǺҞ߻ިሽςкϩϸᔈ Α‫܌‬ԖςϦ໒‫ک‬҂Ϧ໒ϐ‫܌‬ԖၗૻǴӢࣁ‫׫‬ၗΓૈճҔӚᅿᆅ ၰٰᕇள҂Ϧ໒‫੃ޑ‬৲Ǵ‫܌‬аǴᏱԖϣჿ੃৲ҭόૈᕇ‫ڗ‬ຬᚐ ϭϱ .

(29) . ൔၿǶ Fexbset'Nbhff!)2::7*!Ufdiojdbm!Bobmztjt!pg!Tupdl!Usfoet ࡰр᛾‫چ‬ሽ਱ֹӄ٩‫ٮ‬๏Ϸሡ‫؃‬ϐம১Զ‫ۓ‬Ǵວ຾ᆶ፤рሽ਱ᖿ༈ς ߄Ң‫ٮ‬๏Ϸሡ‫؃‬3Бϐ౛‫܄‬ᆶߚ౛‫܄‬ӢનӧϣǴऩ۹ౣ༾λၨ਱‫୏ݢ‬ջ ёว౜ި౻ሽ਱ӸӧԖ‫ځ‬ᖿ༈ǶԶ‫ೌמ‬ϩ‫ࢂ݋‬ၮҔࣽᏢ಍ीБ‫ݤ‬Ǵଞ ჹԖሽ᛾‫ޑچ‬ᐕўҬܰၗ਑຾Չϩ‫݋‬Ǵа௢ෳ҂ٰёૈ‫ޑ‬ว৖ᖿ༈Ƕ! Nvsqiz!)2:::*‫ೌמ‬ϩ‫ޑ݋‬ণᏢᆶ౛ፕᇡࣁሽ਱ࢂϸᔈ‫ٮ‬๏Ϸሡ ‫ޑ؃‬ᡂϯǴҺՖቹៜѱ൑ሽ਱‫ޑ‬ӢનǴхࡴࡹ‫ݯ‬ǵ࿶ᔮǵϷЈ౛฻Ӣ નǴςֹӄϸᔈӧሽ਱΢Ƕሽ਱ว৖Ԗ‫ځ‬ᖿ༈౜ຝǴ‫ೌמ‬ϩ‫݋‬ջࢂࣴ ‫ز‬ᖿ༈БӛǴҞ‫ޑ‬ӧඓඝሽ਱ࠠᄊ٠໩༈ᏹբǴԶ҂ٰ‫ޑ‬ѱ൑ว৖ஒ ӵၸѐ΋૓Ǵёа٩Ᏽၸѐ‫ޑ‬ᖿ༈ᡂϯٰ௢ፕ҂ٰǶ!. Βǵġ ჴ᛾Ў᝘!. Nboefmcspu!)2:79*ଞჹcjbtfe!sboepn!xbml຾Չࣴ‫ز‬Ǵว౜࿶ᔮ ٣ҹᏤठѱ൑᛾‫چ‬ሽ਱۳ࢌ΋Бӛᡂ୏ǴԜᡂ୏ஒ࡭ុԿќ΋٣ҹว ғӢԶ‫ׯ‬ᡂԜᖿ༈ࣁЗǴӢԜǴ᛾‫چ‬ሽ਱ᆢ࡭ᒿᖿ༈ᅍຳǴԶߚᒿᐒ ᅐ‫ࠠ؁‬ᄊǴԜ౜ຝᆀ࿗ࠠѲਟၮ୏gsbdujpobm!Cspxojbo!npujpotǶ! ೾ӂ౺ǵᗬ‫)!޹ە‬2::6*!а2:91ԃ2ДԿ2::3ԃ9ДѠ᡼у៾ިሽ ࡰኧВၗ਑ࣁኬҁǴࣴ‫ިز‬ሽࡰኧ‫؂‬Вൔၿၗ਑ࢂցև౜‫܄‬ᜢ߯Ƕࣴ ‫ز‬ว౜ӧᡉ๱Нྗ6&‫ޑ‬௃‫׎‬ΠǴިሽࡰኧև౜ࢌᅿᜢ߯Ǵόևᐱҥ΋ ठϩଛǹќ௦ൂਥᔠ‫!ݤۓ‬voju!sppu!!uftuᔠ‫ۓ‬Ǵค‫ި๊ܔݤ‬ሽࡰኧ ࣁόᛙ‫ۓ‬ϐ຀คଷ೛ǴᡉҢިሽࡰኧ‫܄ុ࡭ڀ‬Ϸᖿ༈‫܄‬Ƕ! Difo)3111*!аѠ᡼ǵᐞࢪǵଭٰՋ٥ǵӑѭǵੀ୯Ϸ๷ࡓᇯ฻8 ঁ୯ৎ‫ިޑ‬ሽࡰኧВൔၿၗ਑ࣁኬҁǴࣴ‫ިز‬ሽࢂցևጕ‫܄‬ᜢ߯Ƕว ౜Ύঁ୯ৎިሽࡰኧό಄ӝᐱҥ‫܄‬΋ठ‫܄‬தᄊϩଛǴёૈև౜ᖿ༈‫܄‬ ‫ߚ܈‬ጕ‫܄‬౜ຝǹਏ౗ѱ൑౛ፕӧ၀ࣴ‫ز‬٠ค‫ݤ‬፾ҔǴጕ‫܄‬ኳࠠ҂ૈк ϭϲ .

(30) . ϩඔॊިሽൔၿ౗Ǵᗦ֖ިሽࡰኧёႣෳ‫ޑ‬ёૈ‫܄‬Ƕ!. ಃѤ࿯! ಃѤ࿯! ‫ೌמ‬ϩ‫݋‬౛ፕ ΋ǵġ ୷ҁϩ‫݋‬ᆶ‫ೌמ‬ϩ‫ޑ݋‬Кၨ. ୷ҁϩ‫߯݋‬аϦљ‫ޑ‬ᆅ౛ૈΚǵౢࠔᆶ୍ܺǵ଄୍௃‫ݩ‬Ǵ‫ځک‬д ၗૻٰᔠຎϦљ‫ޑ‬࿶ᔼ‫ރ‬ᄊǹՠჴ୍΢ࠅதԖӳ‫ޑ‬ϦљިሽϸԶၨ΋ ৎ॥ᓀ‫܄‬ଯϦљ߄౜ό٫‫ޑ‬௃‫׎‬ǶӧၰМ౛ፕӧ2:11ԃࡕය೏ගрࡕǴ ‫ೌמ‬ϩ‫݋‬೴ᅌ‫ډڙ‬ख़ຎǴ‫ೌמ‬ϩ‫݋‬ԋࣁѱ൑،฼‫ޑ‬നђԴϩ‫݋‬π‫ڀ‬ϐ ΋Ƕ‫ೌמ‬ϩ‫ࢂ߾݋‬ଷ೛ᐕў཮ख़ᄽǴԶ‫ೌמ‬ϩ‫ࢂ݋‬࿶җሽ਱ᆶҬܰໆ ‫ک୏ݢ‬ᖿ༈ٰϩ‫ި݋‬ሽ‫وޑ‬༈ǴԖշ‫ܭ‬ວ፤ਔᗺ‫ࣴޑ‬ղǶ! ‫ೌמ‬ϩ‫݋‬εऊёаϩࣁࡰ኱ᜪ‫ೌמ‬ϩ‫݋‬Ϸࠠᄊᜪ‫ೌמ‬ϩ‫݋‬3ᅿǴ‫ځ‬ ύࠠᄊᜪ‫ೌמ‬ϩ‫߯݋‬аᢀჸკ߄ࠠᄊٰղᘐᖿ༈ǴୖᚇЬᢀӢનӧϣǴ ٠ό፾ӝၮҔ‫ܭ‬ᐒఓ‫܄‬ᏹբ฼ౣǴᆶҁࣴ‫ز‬ᔕࡌҥߚ஑཰‫׫‬ၗΓၮҔ ϐ‫׫‬ၗ฼ౣό಄ǹԿ‫ࡰܭ‬኱ᜪ‫ೌמ‬ϩ‫݋‬Ξϩࣁሽ਱ࡰ኱ϷԋҬໆࡰ኱3 ᜪǴԖ٤٬Ҕፄᚇ‫ޑ‬ϦԄǴԖ٤ѝ٬Ҕᙁൂ‫ޑ‬ϦԄǴԶ೭٤ࡰ኱‫ޑ‬Ҟ ‫ޑ‬೿ࢂࡌҥᡉԶܰ‫׎ޑـ‬ԄǴ٬΋٤ёૈзΓషౄόమ‫ޑ‬ሽ਱ၗ਑Ǵ ᡂԋ৒ܰзΓܴқ‫ک‬ှញǶ! ࡰ኱ᜪ‫ೌמ‬ϩ‫݋‬ӢၮҔᙁൂǴЪԖࡐӭ‫ޑ‬ᆛઠග‫ٮ‬౜ԋኧᏵϷკ ߄Ǵ‫ڗ‬ளၗ਑৒ܰǴ‫܌‬аǴҁࣴ‫ز‬ஒ௦Ҕࡰ኱ᜪ‫ೌמ‬ϩ‫݋‬ǴΠٰ൩ࢂ ᒧ᏷ব਱ࡰ኱៷ǻ୷‫ܭ‬ຫӭΓ࣬ߞ‫ޑ‬൩ࢂຫԖၰ౛‫ޑ‬Ǵ‫܌‬аᒧ᏷ LE)STW*ࡰ኱Ƕ!. ϭϳ .

(31) . ! კ3.3! ‫ೌמ‬ϩ‫݋‬Ьाϩᜪࢎ Βǵġ < ࡰ኱ᙁϟǺ. LEࡰ኱ࣁऍ୯Hfpshf!D/!Mbofӧ2:68ԃচബǴӄӜࢂTupdibtujd! Mjof)ᒿᐒࡰ኱*Ǵ‫ځ‬ᆕӝ୏ໆᢀ‫ۺ‬ǵம১ࡰ኱ᆶ౽୏ѳ֡ጕ‫ޑ‬ᓬᗺǴ ‫׎‬ԋວ፤ૻဦǹѬനЬा‫ޑ‬ଷ೛ࢂި౻Տ‫ܭ‬΢ᅍ‫ࢤݢ‬ਔǴԏዬሽ཮۳ ྽Вሽ਱‫ޑ୏ݢ‬നଯԏᔙǴԶ྽ިሽՏ‫ܭ‬ΠຳࢤਔǴԏዬሽ൩཮රӛ ྽Вሽ਱‫ޑ୏ݢ‬നեሽԏᔙǶ‫ځ‬ჴவѬёа٬Ҕ61ԃ൩ёа‫ޕ‬ၰ೭ࡰ ኱‫ڀ‬Ԗ΃‫ۓ‬ሽॶǴΨӢԜࡐӭҬܰ‫س‬಍೿཮ϣࡌ೭ঁࡰ኱Ƕ၀ࡰ኱Ϧ ԄϷၮҔ฻ᇥܴӵΠǺ! (΋) ϦԄ K = ߻΋В K ॶ*2/3 + RSV/3 D = ߻΋В D ॶ*2/3 + K/3 RSV = (ಃ n Вԏዬሽ - ന߈ n Вύ‫ޑ‬നեሽ) / (ന߈ n Вύ‫ޑ‬ നଯሽ - ന߈ n Вύ‫ޑ‬നեሽ) * 100 K ॶࣁ RSV ‫זޑ‬ೲࡰ኱ǴD ॶࣁ K ‫ޑ‬ᄌೲࡰ኱Ǵ2 ‫֖ࣣޣ‬Ԗ֡ ጕ‫ޑ‬ཀကǶќ RSV ࣁ Row Stochastic Value ҂ԋዕᒿᐒॶ‫ޑ‬ᕭቪǴ n ॶத‫ ڗ‬9Ǵന߃‫ ޑۈ‬KǵD ॶ‫ ڗ‬50Ƕ җ RSV ‫ޑ‬ϦԄёа࣮рಃ n ВǴჹ‫ܭ‬၀ຼය‫܌‬೷ԋ‫ޑ‬ቹៜǶ ӵಃ n Вԏዬሽࣁ n ВനଯሽǴ߾ RSV ॶջࣁ 100ǹಃ n Вԏ ዬሽऩࣁ n ВനեሽǴ߾ RSV ॶջࣁ 0Ƕ (Β) ၮ Ҕ ϭϴ .

(32) . ྽ KD ॶӧ 20 аΠǴ߄ҢՏ‫ܭ‬ຬວ୔ǴԜਔӵ K ॶҗΠБ ऀၸ D ॶǴ߄ҢިሽҞ߻ࣁ΢ϲᖿ༈ǴᡉҢວ຾ૻဦǶ྽ KD ॶӧ 80 а΢Ǵ߄ҢՏ‫ܭ‬ຬ፤୔ǴԜਔӵ K ॶҗ΢Бऀၸ D ॶǴ ߄ҢިሽҞ߻ࣁΠफ़ᖿ༈ǴᡉҢ፤рૻဦǶ җ‫ިܭ‬ѱอጕᡂϯႽЬΓ‫ي‬਒‫ٰٰކޑ‬ӣӣȐ৒ܰ‫ډڙ‬Γ ࣁᏹ௓Ǵ‫੃܈‬৲य़‫ޑ‬Ѱѓȑ ǴӢԜอය໔ KD ࡰ኱৒ܰౢғၸӭ ‫ޑ‬ວ፤ૻဦǴύߏጕȐຼǵДȑ‫ ޑ‬KD ࡰ኱߾ࢂᖿ༈‫׎ޑ‬ԋǴྗ ዴࡋၨଯǶோ྽ύߏጕ KD ࡰ኱р౜ວ຾‫܈‬፤рૻဦਔǴިሽ೯ தςεᅍȐεຳȑ΋ࢤǴ৒ܰวғόඪ຾൑‫܈‬р൑‫ޑ‬Ј౛ᓸΚǹ ࣬ϸ‫ޑ‬ၮҔอጕ KDǴວ፤ૻဦᕴࢂόᘐ‫ޑ‬р౜Ǵ཮ᡣҬܰԛኧ ᆶҬܰԋҁၸࡋᑩ๞ǴӢԶቹៜᕇճǶќԖਔ཮Ԗङᚆ‫ޑ‬௃‫׎‬ วғǴ‫܌‬ᒏङᚆ߯ࡰިሽബཥଯ(ե)Ǵև౜΋‫ݢ‬К΋‫ݢ‬ଯ(ե)‫ޑ‬ ‫ݩރ‬Ǵՠࢂ KD ࡰ኱ࠅр౜΋‫ݢ‬К΋‫ݢ‬ᗋեȐଯȑ‫ݩރޑ‬Ǵ߾ࣁ ᅜѱȐФѱȑङᚆ౜ຝǴࣁϸᙯᡂዬ߻ӂǶ Οǵġ ჴ᛾Ў᝘. CspdlǵMblpojtipl!'!MfCbspo)2::3*!а29:8Կ2:97ԃϐၰᛏπ ཰ࡰኧВၗ਑ࣁኬҁǴଞჹ౽୏ѳ֡ጕ‫߾ݤ‬Ϸ୔໔ँઇҬܰ‫߾ݤ‬ϐԖ ਏ‫܄‬຾Չࣴ‫ز‬Ǵӧ҂ԵቾҬܰԋҁ‫ޑ‬௃‫׎‬ΠǴว౜௦ҔUᔠ‫ۓ‬Ǵ౽୏ѳ ֡ጕ‫߾ݤ‬Ϸ୔໔ँઇҬܰ‫֡߾ݤ‬և౜಍ीᡉ๱ৡ౦ǴЪ౽୏ѳ֡ጕ‫ݤ‬ ߾ᕮਏᓬ‫୔ܭ‬໔ँઇҬܰ‫߾ݤ‬ᕮਏǶќѦǴ௦Ҕ‫ܘ‬Ⴁፄᇙ‫ݤ‬՗ी q.wbmvfǴ3໨Ҭܰ‫߾ݤ‬ൔၿѳ֡ኧ֡ևᡉ๱‫ݩރ‬Ǵ၀໨‫ೌמ‬ϩ‫ࢂ݋‬Ԗ ਏ‫ޑ‬Ƕ! IvetpoǵEfnqtfz!'!Lfbtfz!)2::7*!а2:46ԃ8ДԿ2::5ԃ2Дϐ म୯ިሽࡰኧВၗ਑ࣁኬҁ຾Չࣴ‫ز‬Ǵว౜٬Ҕ‫ߏ୼ى‬ਔ໔‫ިޑ‬ሽၗ ਑Ǵ‫ೌמ‬ϩ‫݋‬Ҭܰ‫߾ݤ‬ёԖਏႣෳިሽࡰኧǴோӢम୯‫؂‬ԛҬܰԋҁ ࣁ2ʘǴࡺค‫ݤ‬ᕇளຬᚐൔၿǶ! ϭϵ .

(33) . Sbuofs!'!Mfbm)2:::*!а2:93ԃ2ДԿ2::6ԃ5Дϐߓਥ‫׊‬ǵЃՋǵ ඵճǵᏀՋঢǵӑࡋǵࠄᗬǵѠ᡼ǵଭٰՋ٥ǵੀ୯Ϸ๷ࡓᇯ฻฻21 ୯ިሽࡰኧВၗ਑ࣁኬҁǴଞჹ౽୏ѳ֡ጕҬܰ฼ౣ຾Չࣴ‫ز‬Ǵӧ҂ ԵቾҬܰԋҁ‫ޑ‬௃‫׎‬ΠǴว౜٬Ҕ‫ೌמ‬ϩ‫݋‬฼ౣǴӧᏀՋঢǵѠ᡼Ϸ ੀ୯4ѱ൑ǴᕇճૈΚӧ಍ी΢Ԗᡉ๱ගଯ౜ຝǶќӵόԵቾ಍ीᡉ๱ ‫܄‬Ǵ٬Ҕ‫ೌמ‬ϩ‫݋‬฼ౣӧ၀21ѱ൑Ǵૈ҅ዴႣෳൔၿБӛϐК౗ࣁ93 ʘǶ! Hvobtflbsbhf!'!Qpxfs)3112*!а2::1ԃ2ДԿ3111ԃ4Дϐ‫ۏ‬у܎ǵ ӑࡋǵЃ୷ථ‫ڶ‬Ϸථٚើь฻5୯ިሽࡰኧВၗ਑ࣁኬҁǴଞჹ౽୏ѳ ֡ጕҬܰ฼ౣ຾Չࣴ‫ز‬Ǵว౜٬Ҕ‫ೌמ‬ϩ‫݋‬฼ౣǴӧ၀5!ѱ൑Ǵ֡ૈ ҅ዴႣෳൔၿБӛ٠ᕇளຬᚐൔၿǶ!. ϮϬ .

(34) . ಃΟക ࣴ‫ز‬Б‫ݤ‬ ҁࣴ‫ز‬ϩࣁΒ໘ࢤǴಃ΋໘ࢤаόӕѱ൑ǵόӕ‫׫‬ၗය໔ǵόӕ‫׫‬ၗ БԄ(ൂ฽‫׫‬ΕϷ‫ۓ‬ය‫ۓ‬ᚐ)ჹൔၿ౗ᆶ॥ᓀϐቹៜǹಃΒ໘ࢤ߾а‫ڐ‬շߚ஑ ཰‫׫‬ၗΓߏය೴‫؁‬ಕᑈ଄൤ࣁҞ኱Ǵࣴ‫ز‬а‫ࡰೌמ‬኱ፓ᏾‫ۓ‬ය‫ۓ‬ᚐԌී฼ ౣࢂցёගଯ‫ۓ‬ය‫ۓ‬ᚐൔၿ౗Ƕ. ಃ΋࿯! ಃ΋࿯! ၗ਑ٰྍᆶࣴ‫ز‬ය໔ ΋ǵġ‫׫‬ၗӦ୔ᒧ᏷ǺӢҁፕЎ‫زࣴޑ‬ख़ᗺ߯ග‫ߚٮ‬஑཰‫׫‬ၗΓߏයᛙ‫ޑۓ‬. ‫׫‬ၗБ‫ݤ‬ǴӢԶѱ൑‫ޑ‬ᒧ‫ۓ‬аӄౚϷ୔ୱ‫ࣁ܄‬ЬǴќԵໆऍ୯ၗҁѱ ൑ჹӄౚިѱ‫ޑ‬ቹៜΚϷ‫يॺך‬ӧѠ᡼ǴࡺયΕऍ୯ᆶѠ᡼ѱ൑Ƕ Βǵġၗ਑ٰྍǺӢӚ୷ߎϦљ‫׫܈‬ၗᆛઠ‫܌‬ϦѲϐᐕўၗ਑εӭ໻ග‫߈ٮ‬. 10 ԃϐၗ਑ǴԶҁࣴ‫ز‬ಃ΋໘ࢤ߯යఈаᐕўࣁৣǴ൩᏾ᡏ‫׫‬ၗ฼ౣ ϐᕮਏ຾ՉჴຓǴ໻а 10 ԃϐၗ਑ࣁኬҁၨค‫ँݤ‬ᡉୖԵሽॶǶࢂаǴ ௦Ҕ MSCI ࡰኧࣁϩ‫݋‬ჹຝǹಃΒ໘ࢤ୷‫ ܭ‬MSCI ӭኧѱ൑ࡰኧ໻ග ‫ٮ‬Д่ᆉࡰኧǴ٠คዬύଯեᗺኧᏵǴᆶҞ߻ѱ൑΢ၨ৒ܰ‫ڗ‬ளЪද ၹ೏٬Ҕϐ‫ࡰೌמ‬኱ค‫ݤ‬ϭዽǴӧࡺӧಃΒ໘ࢤ‫ ؂‬1 ‫׫‬ၗ୔ୱԾ႐Վ ᆛᑔᒧ 2 ୷ߎǴᑔᒧচ߾Ϸ่݀ӵΠǺ. (΋) ‫׫‬ၗ୔ୱᜪձхࡴӄౚࠠǵӄౚཥᑫѱ൑ǵ٥ࢪȐό֖Вҁȑǵ ཥᑫኻࢪǵ܎΍ऍࢪϷऍ୯฻ 6 ᜪǴ‫ ؂‬1 ᜪᒧ‫ ڗ‬2 ᔞੇѦ୷ߎǴ ќࣁᗉխ୷ߎीሽჾձቹៜൔၿ౗‫ޑ‬ीᆉǴҁࣴ‫ز‬໻ᒧ‫ڗ‬аऍߎ ीሽϐި౻ࠠ୷ߎǶ. (Β) ሡԾ 2000 ԃଆջӧ၀ᆛઠၩԖ‫؂ځ‬В୷ߎృॶ‫ޣ‬Ǵа‫ٮ‬ҁࣴ‫ز‬຾ Չ RSV ‫ೌמ‬ϩ‫ࡰ݋‬኱Ϸൔၿ౗฻ϐीᆉ٩ᏵǶ. (Ο) ᑔᒧ่݀Ǻӵ߄ 3-1 Ϯϭ .

(35) . ߄ 4.2! ୷ߎኬҁ! ‫׫‬ၗ୔ୱ!. ୷ߎӜᆀ 2!. ӄౚࠠ!. ൤ើլ݅‫ڶ‬դႥШࣚ୷ߎ!!. ӄౚཥᑫѱ൑. ൤ើլ݅ཥᑫ୯ৎ୷ߎ. ୷ߎӜᆀ 3! ൤ၲ୷ߎ.୯ሞ୷ߎ!!! ៙๯ӄౚཥᑫѱ൑୷ߎ. ٥ϼȐό֖Вҁȑ! ൤ើլ݅‫ڶ‬դႥ.٥ࢪԋߏ! Ӽҁᕉౚ!.!٥ϼި౻୷ߎ! ཥᑫኻࢪ. ൤ើլ݅ܿኻ୷ߎ. ៙๯ܿኻ୷ߎ . ܎΍ऍࢪ!. ൤ើլ݅‫ڶ‬դႥ.܎΍ऍࢪ!. ៙๯܎΍ऍࢪ୷ߎ!. ऍ୯!. ൤ើլ݅ऍ୯ଯԋߏ୷ߎ!. ൤ၲ୷ߎ.ऍ୯ԋߏ୷ߎ!!!. ၗ਑ٰྍǺ႐ՎᆛᆛઠϷҁࣴ‫ز‬᏾౛. Οǵġࣴ‫ز‬ය໔ǺࣁமϯߞࡋǴಃ΋໘ࢤࣴ‫ز‬ය໔೛‫ۓ‬аӚ‫׫‬ၗӦ୔ϐ MSCI. ࡰኧԋҥّϞ຾Չϩ‫݋‬ǹಃΒ໘ࢤӢ‫ڙ‬ज़ၗ਑ٰྍ໻ૈ‫ڗ‬ள߈ 10 ԃϐ ၗ਑Ǵࡺа 2000 ԃّϞࣁࣴ‫ز‬ය໔Ƕ. ϮϮ .

(36) . ಃΒ࿯ ! ࣴ‫؁ز‬ᡯϷᡂኧᇥܴ ΋ǵġಃ΋໘ࢤ. ‫ ܭ‬NTDJ ѱ൑ࡰኧԋҥ໒‫ۈ‬ǴҺՖ΋ঁДДۭ‫׫‬ΕၗߎǴ၀ၗߎ‫׫‬ Εࡕϩձӧ 4 ঁДԿ 41 ԃ฻όӕය໔፤рǴ‫؂‬΋฽ວ፤ԋࣁ΋ঁኬҁǴ ٠٩Ӛኬҁϐൔၿ౗ǵനεൔၿ౗ǵനλൔၿ౗ǵѳ֡ൔၿ౗ǵ኱ྗ ৡǵTibsq ॶ฻Ƕќ൩࣬ӕ‫׫‬Εਔ໔Ǵ‫׫‬ၗය໔࣬ӕǴՠ௦‫؂ڗ‬Д‫ۓ‬ය ‫ۓ‬ᚐ‫׫‬ၗБԄஒၗߎϩ‫׫ץ‬ΕǴ٠ୖଜ౜Չၗҁѱ൑ϐѸाൔၿ౗Ǵ а 4ʘ྽բၗߎϐ‫ש‬౜౗Ǵӕኬᆉр߻ॊኧᏵǶ! ߄ 4.3! NTDJ!Xpsme.JeyǵVTB.Jey!ѱ൑ኬҁᇥܴ! ‫׫‬ၗਔ໔ߏࡋ)ԃ*!. ಃ 2 ฽‫׫‬ၗԃД!. നಖ฽‫׫‬ၗВය!. ኬҁኧ!. 0.25. 1969.12. 2010.02. 484. 0.5. 1969.12. 2009.11. 481. 1. 1969.12. 2009.05. 475. 3. 1969.12. 2007.05. 451. 5. 1969.12. 2005.05. 427. 10. 1969.12. 2000.05. 367. 20. 1969.12. 1990.05. 247. 30. 1969.12. 1980.05. 127. ၗ਑ٰྍǺNTDJ ᆛઠϷҁࣴ‫ز‬᏾౛. Ϯϯ .

(37) . ߄ 4.4! NTDJ!Fnfshjoh.JeyǵBTJB!QBDJGJD!fy!KBQBO!ǵFN!MBUJO!BNFSJDBǵ FN!FVSPQF!TuboebseǵUBJXBO ฻ѱ൑ኬҁᇥܴ! ‫׫‬ၗਔ໔ߏࡋ)ԃ*!! ಃ 2 ฽‫׫‬ၗԃД!. നಖ฽‫׫‬ၗВය!. ኬҁኧ!. 0.25. 1987.12. 2010.02. 267. 0.5. 1987.12. 2009.11. 264. 1. 1987.12. 2009.05. 258. 3. 1987.12. 2007.05. 234. 5. 1987.12. 2005.05. 210. 10. 1987.12. 2000.05. 150. 20. 1987.12. 1990.05. 30. ၗ਑ٰྍǺNTDJ ᆛઠϷҁࣴ‫ز‬᏾౛!. ൩߻΋‫؁‬ᡯ‫܌‬ள‫่݀ޑ‬Ǵё‫ޔ‬ௗᢀჸᆶຑКӚᅿόӕ‫׫‬ၗ฼ౣ‫ޑ‬ ᕮਏᆶ॥ᓀǴௗ๱ஒ຾΋‫؁‬೛‫ۓ‬Πӈࣴ‫ز‬ኳࠠ຾Չଷᇥϐᔠ‫ۓ‬Ǵᙖа வ಍ीჴ᛾΢ղ‫׫ۓ‬ၗӦ୔ǵ‫׫‬ၗයज़Ϸ‫׫‬ၗБԄ฻ᡂኧࢂցዴࣁё ቹៜ‫׫‬ၗൔၿ౗ϐӢનǶ! Yɨ͉ɠ͊1X1ɠ͊2X2ɠ͊3X3ɠ͍ȐԄ4.2ȑ! ќࣁ຾΋‫؁‬ᔠຎ‫׫‬ၗයज़Ϸ‫׫‬ၗБԄ฻ 3 ᡂኧǴଞჹόӕ‫׫‬ၗӦ ୔ൔၿ౗‫ޑ‬ቹៜࢂցӸӧৡ౦‫܄‬Ǵፓ᏾଑ᘜኳࠠࣁ 4.3 ԄǴ٠൩όӕ ‫׫‬ၗӦ୔຾Չჴ᛾Ƕ! Yɨ͉ɠ͊2X2ɠ͊3X3ɠ͍ȐԄ4.3ȑ! ӆ‫ޣ‬Ǵа኱ྗৡ྽բ॥ᓀᡂኧǴᔠຎ॥ᓀჹൔၿࢂցԖᡉ๱ቹៜ Ъև౜҅࣬ᜢǴஒኬҁ຾Չᘜᜪ಍ीϩ‫ࡕ݋‬Ȑаӕ΋Ӧ୔ǵ࣬ӕ‫׫‬ၗ ය໔Ϸ‫׫‬ၗБԄ຾Չᘜᜪ಍ीȑǴ٩၀಍ीϩ‫ࡕ݋‬ϐၗ਑а 4.4 Ԅ຾ Չ଑ᘜϩ‫݋‬Ƕ! Ϯϰ .

(38) . Zɨ͉ɠ͊4X4ɠ͍ȐԄ 4.4ȑ! നࡕǴયΕ॥ᓀӢηǴஒ 4.2 Ԅ‫ޑ‬Ӣᡂኧҗൔၿ౗ፓ᏾ࣁ Tibsq ࡰ኱຾Չჴ᛾Ǵᙖаவղ‫׫ۓ‬ၗӦ୔ǵ‫׫‬ၗයज़Ϸ‫׫‬ၗБԄ฻ᡂኧࢂ ցዴࣁёቹៜ Tibsq ࡰ኱Ȑ‫׫‬ၗൔၿ౗ʏ኱ྗৡȑϐ໨ҞǶ! Z2ɨ͉ɠ͊1X1ɠ͊2X2ɠ͊3X3ɠ͍ȐԄ4.5ȑ! ! ߄ 4.5! ಃ΋໘ࢤӚ໨ᡂኧϐ‫ۓ‬က! ᡂኧᜪձ! ೏ှញᡂኧ!. ᡂኧᇥܴ! ൔၿ౗!. жဦ! Y. !. ‫ۓ‬က! ‫׫‬ၗ‫ૈ܌‬ᕇள‫ޑ‬൳Ֆԃϯൔၿ౗Ǵኧӷཇ ଯ߄ҢёᕇளཇεൔၿǶќ‫ۓ‬ය‫ۓ‬ᚐϐၗ ߎаԃճ౗4&բࣁ‫ש‬౜ճ౗Ƕ!. Tibsqॶ!. Y1. ‫׫‬ၗൔၿ౗ʏ኱ྗৡǴኧӷཇଯ߄Ң‫ൂ؂‬ Տ॥ᓀёᕇளൔၿཇεǶ!. ှញᡂኧ!. ‫׫‬ၗ୔ୱ!. X1. !. 2Ǻӄౚި౻ѱ൑! 3Ǻӄౚཥᑫ୯ৎި౻ѱ൑! 4Ǻӄౚཥᑫኻࢪ୯ৎި౻ѱ൑! 5Ǻ٥ࢪ)ό֖Вҁ*୯ৎި౻ѱ൑! 6Ǻ܎΍ऍࢪ୯ৎި౻ѱ൑! 7Ǻऍ୯ި౻ѱ൑! 8ǺѠ᡼ި౻ѱ൑!. ‫׫‬ၗය໔!. X2. ‫׫‬ၗԃኧǺ1/36ǵ1/6ǵ2ǵ4ǵ7ǵ21ǵ31ǵ 41!. ‫׫‬ၗБԄ!. X3. 2Ǻൂ฽‫׫‬ၗ! 3Ǻ‫ۓ‬ය‫ۓ‬ᚐ!. ॥ᓀ!. X4. ၀ᜪձ)ӕ΋Ӧ୔ǵ࣬ӕ‫׫‬ၗය໔Ϸ‫׫‬ၗ БԄ*‫׫‬ၗൔၿ౗ϐ኱ྗৡ!. ၗ਑ٰྍǺҁࣴ‫ز‬᏾౛!. ! ΒǵġಃΒ໘ࢤ!. ҁ໘ࢤϣ৒хࡴϩ‫׫݋‬ၗБԄ 2Ȑ‫ۓ‬ය‫ۓ‬ᚐȑϷ‫׫‬ၗБԄ 3Ȑ‫ۓ‬ය ‫ۓ‬ᚐɠRSV ࡰ኱ȑ2 ‫׫‬ၗБԄϐൔၿ౗ǴӚБԄϐኬҁᒧ᏷ǵԌීਔ ᐒᆶԌීߎᚐϩձᇥܴӵΠǺ! Ϯϱ .

(39) . Ȑ΋ȑġ ኬҁᒧ᏷Ǻа߄ 4.2 ‫܌‬ӈϐ୷ߎǴӧ‫׫ۓڰ‬ၗය໔Ȑ21 ԃȑǴ а 3 ᅿόӕ‫׫‬ၗБԄȐ͟‫ۓ‬ය‫ۓ‬ᚐ͟Ϸ͟‫ۓ‬ය‫ۓ‬ᚐ,!RSV ࡰ኱͟ȑٰ ीᆉ‫ځ‬ᕮਏˤՠԵໆόӕ‫׫‬Εਔᐒёૈౢғόӕ‫׫‬ၗᕮਏǴࣁ уமኬҁ‫ޑ‬Ԗਏ‫܄‬Ǵ‫׫‬ၗଆ‫ۈ‬ය໔ஒ‫؂‬΋୷ߎаόӕଆ‫ۈ‬ਔ໔ ϩ໨‫ڗ‬ኬǴӵ 3111012焍311:023 Дࣁኬҁ 2ǵ3111013焍3121012 Дࣁኬҁ 3Ǵ௦ӕኬБԄஒଆّਔ໔೴΋ӛࡕሀ‫ۯ‬Ǵՠය໔ϝᆢ ࡭ 21 ԃǴаԜಕᑈ‫܌‬ԖኬҁǴЪ‫؂‬ኬҁ֡൩ᅿόӕ‫׫‬ၗБԄଛ ჹКၨ٠຾ՉКၨᔠ‫ۓ‬ˤ! ȐΒȑġ RSV ࡰ኱ीᆉǺ RSV ࡰ኱ӧჴ୍ၮҔ΢ሡ೛‫ࡰۓ‬኱ॶ྽բວ຾ ૻဦ‫ޑ‬ᖏࣚᗺǴٰၲ‫ډ‬ၨଯ‫ྗޑ‬ዴࡋǶҁࣴ‫ز‬ஒа 20 Ϸ 30 ଺ ࣁວ຾‫ޑ‬ᖏࣚॶǶќीᆉӚ୷ߎϐ 5 ຼ RSV ࡰ኱Ǵӆஒ RSV ࡰ ኱ϩձ຾Չ 5 Ϸ 3 ฻ 2 ԛѳྖೀ౛ࡕౢғ RSVȷǴа၀ኧᏵ྽ բࢂցວ຾ϐᖏࣚॶǶ ȐΟȑġ ‫׫‬ၗБԄ 1Ǻ‫ۓ‬ය‫ۓ‬ᚐǴ‫؂‬Д 1 В‫ۓڰ‬аऍߎ 10 ϡᖼວӅӕ୷ ߎǶ ȐѤȑġ ‫׫‬ၗБԄ 2Ǻ‫ۓ‬ය‫ۓ‬ᚐɠRSV ࡰ኱ 1. ‫؂‬Д 1 В‫ۓڰ‬ஒऍߎ 10 ϡ‫ܫ‬ΕႣഢߎၗߎН৤Ƕ 2. ൩ RSVȷɨ20Ȑ‫ ܈‬30ȑਔ྽բວ຾ᖏࣚॶǴಃ 1 ԛ RSVȷλ ‫ܭ‬ᖏࣚॶਔǴջ٩߻ॊ‫ೌמ‬ϩ‫݋‬౛ፕǴ୏ҔၗߎН৤‫܌‬Ԗၗ ߎǴаΠຼ໒ዬሽᖼΕӅӕ୷ߎǹќऩ RSVȷϝ࡭ុλ‫ܭ‬ᖏ ࣚॶ߾ό຾Չວ຾Ȑ߄Ңѱ൑࡭ុΠຳȑǴ‫ډޔ‬၀ॶҗեᔞ ၠຫᖏࣚॶਔӆວ຾ 1 ԛǶ ٩΢໒БԄԌී٠࿶ၸ΋‫ۓ‬යज़ࡕǴௗ๱ନКၨፓ᏾Ԅ‫ۓ‬ය‫ۓ‬ᚐ ϐൔၿ౗ࢂցᓬ‫ۓܭ‬ය‫ۓ‬ᚐϐൔၿ౗ѦǴќаΠय़‫܌‬೛‫ۓ‬ϐଷᇥǴӆ ၮҔ CspdlfubmȐ2::3ȑ‫ޑ‬಍ी U ᔠ‫ۓ‬Ǵᙖаவ಍ीჴ᛾΢ղ‫׫ۓ‬ၗБ Ԅ 3 ࢂցԖᡉ๱ᕮਏၨᓬ‫ޑ‬௃‫׎‬Ƕ‫ځ‬຀คଷ೛Ϸჹҥଷ೛ӵΠǺ! ຀คଷ೛! ŉıǺŖĲġľġŖĳ! Ϯϲ .

(40) . ჹҥଷ೛! ŉĲǺŖĲġɽŖĳ! V2!>ፓ᏾Ԅ‫ۓ‬ය‫ۓ‬ᚐ‫׫‬ၗБԄϐѳ֡ൔၿ౗! V3!>‫ۓ‬ය‫ۓ‬ᚐ‫׫‬ၗБԄϐѳ֡ൔၿ౗! ҁࣴ‫ز‬ӧᡉ๱Нྗ 6ʝ຾Չ U ᔠ‫ۓ‬Ǵӵ݀ U ॶӧᡉ๱НྗϐΠ߾ ຀คଷ೛όԋҥǴ߄Ң၀ 3 БԄ‫ޑ‬ൔၿ౗ό࣬฻Ǵаѳ֡ൔၿ౗ၨଯ‫ڀޣ‬᏷ ਔૈΚёගଯᕮਏǶ!. Ϯϳ .

(41) . ಃΟ࿯ ! ࣴ‫ز‬ज़‫ڋ‬ ҁࣴ‫ز‬ϐࣴ‫ز‬ज़‫ڋ‬ӵΠǺ! ΋ǵ ٩‫׫‬ၗಔӝ౛ፕǴᔈᙖҗ‫׫‬ၗ࣬ᜢ߯ኧ࣬ϸ‫ޑ‬ၗౢٰफ़ե॥ᓀǴҁࣴ ‫ز‬൩ϩණ‫׫‬ၗ‫ޑ‬य़ӛ໻ԵቾόӕϦљǵόӕౢ཰Ϸόӕ୯ৎ‫ިޑ‬౻ࠠ ୷ߎǴ҂ஒ໸‫چ‬ǵ୘ࠔǵѦ༊฻‫ځ‬дᜪၗౢયࣁଛ࿼ԵቾǶ Βǵ ҁࣴ‫ز‬ीᆉൔၿ౗٠҂ஒҬܰԋҁԌନǴࡺ཮Ԗଯ՗‫ޑ‬௃‫ݩ‬ǴோӢҁ ࣴ‫܌ز‬௦Ҕϐ‫׫‬ၗ฼ౣǴନΑૈ፾Ҕ‫ܭ‬ҬܰԋҁၨଯЬ୏ᆅ౛ࠠ୷ߎ ѦǴҭёၮҔӧҬܰԋҁཱུե‫ޑ‬೏୏ᆅ౛ࠠ୷ߎǴӢԜൔၿ౗ଯ՗‫ޑ‬ ำࡋۘόठቹៜ᏾ᡏࣴ‫่݀ز‬Ƕ Οǵ ࣁᗉխӢࣁჾॶᙯඤԶ‫ס‬ԔჴሞᕮਏǴҁࣴ‫ز‬໻ᒧ᏷аऍߎीሽ‫୷ޑ‬ ߎǹЪ٩࣬ᜢࣴ‫ز‬Ǵӧߏය‫׫‬ၗਔǴ༊౗Ӣનჹᕮਏ‫ޑ‬ቹៜ࣬ჹԖज़Ƕ Ѥǵ ଶ‫ݲ‬໕࿼ၗߎаԃճ౗ 3ʘीᆉճ৲‫܌‬ளǶ. Ϯϴ .

(42) . . ಃѤക ჴ᛾่݀. ҁക࿯ஒଞჹಃΟക‫܌‬ඔॊ‫زࣴޑ‬Б‫ٰݤ‬຾ՉΒ໘ࢤ‫ޑ‬ჴ᛾ϩ‫݋‬Ǵಃ ΋໘ࢤ२Ӄϩձ൩‫׫‬ၗය໔ߏอǵ‫׫‬ၗ୔ୱϷ‫׫‬ၗБԄ฻ჹᕮਏ‫ޑ‬ቹៜ຾ Չϩ‫݋‬ǴаΑှ‫׫‬ၗ‫ޑ‬ൔၿ౗ǵ‫୏ݢ‬ำࡋϷ॥ᓀ฻ǹ‫ځ‬ԛճҔᕮਏ଑ᘜኳ ٰࠠᔠᡍόӕ‫׫‬ၗය໔ǵόӕ‫׫‬ၗ୔ୱǵόӕ‫׫‬ၗБԄ(ൂ฽‫׫‬ΕϷ‫ۓ‬ය‫ۓ‬ ᚐ)ࢂցૈቹៜൔၿ౗Ϸ Sharp ࡰ኱ǹಃΒ໘ࢤ߾а‫ڐ‬շߚ஑཰‫׫‬ၗΓߏය ೴‫؁‬ಕᑈ଄൤ࣁҞ኱Ǵࣴ‫ز‬а‫ࡰೌמ‬኱ፓ᏾‫ۓ‬ය‫ۓ‬ᚐԌී฼ౣࢂցёගଯ ‫ۓ‬ය‫ۓ‬ᚐൔၿ౗Ƕ. ಃ΋࿯! ಃ΋࿯! ൔၿ౗ඔॊ‫܄‬಍ीϩ‫݋‬ ҁ࿯ஒϩձᔠຎ‫׫‬ၗය໔ߏอჹᕮਏ‫ޑ‬ቹៜȐ‫׫ۓڰ‬ၗ୔ୱϷ‫׫‬ၗБ Ԅɡаӄౚѱ൑ǵൂ฽‫׫‬ၗࣁ‫ٯ‬ȑǵ‫׫‬ၗ୔ୱჹᕮਏ‫ޑ‬ቹៜȐ‫׫ۓڰ‬ၗය ໔Ϸ‫׫‬ၗБԄɡа‫׫‬ၗ 10 ԃǵൂ฽‫׫‬ၗࣁ‫ٯ‬ȑǵ‫׫‬ၗБԄჹᕮਏ‫ޑ‬ቹៜȐ‫ڰ‬ ‫׫ۓ‬ၗ୔ୱϷ‫׫‬ၗය໔ɡаӄౚѱ൑ǵ‫׫‬ၗ 10 ԃࣁ‫ٯ‬ȑ฻‫܌‬և౜‫ޑ‬ኧᏵৡ ౦‫܄‬຾Չϩ‫݋‬Ƕ Βǵġ ‫׫‬ၗය໔ߏอჹᕮਏ‫ޑ‬ቹៜɡ‫׫ۓڰ‬ၗ୔ୱϷ‫׫‬ၗБԄǴаӄౚѱ. ൑ǵൂ฽‫׫‬ၗࣁ‫ٯ‬Ǻ (΋) ᖝཞК౗Ǻҗ࡭Ԗ 3 ঁД‫ ޑ‬36.38ʘǴᒿ‫׫‬ၗය໔уߏԶΠफ़Ǵ Կ࡭Ԗ 10 ԃ‫ ޑ‬4.67ʘǴ‫׫‬ၗය໔ӵࣁ 20 ԃ‫ ܈‬30 ԃࣗԿࣁ 0ʘǶ (Β) ൔၿ౗ጄൎǺ‫׫‬ၗ 3 ঁД‫ޑ‬΢Πज़ࣁ-134.42ʘɴ116.74ʘ໔Ǵՠ ᒿ๱‫׫‬ၗය໔уߏǴ၀ጄൎ೴ᅌᕭλǴ‫׫ډ‬ၗ 10 ԃ‫ޑ‬-4.48ʘɴ 16.57ʘǴ‫׫‬ၗය໔ӵࣁ 20 ԃᕭ෧ࣁ 2.02ʘɴ13.06ʘ‫ ܈‬30 ԃࣗ Կࣁ 6ʘɴ9.84ʘǶ (Ο) ѳ֡ൔၿ౗Ǻനଯࣁ‫׫‬ၗ 20 ԃ‫ ޑ‬8.86ʘǴനեࣁ‫׫‬ၗ 3 ԃ‫ ޑ‬7.40 ʘǴோόӕ‫׫‬ၗය໔‫ޑ‬ৡ౦όεǴЪ҂ܴᡉև౜Ӣ‫׫‬ၗය໔уߏ Զቚу‫܈‬෧Ͽ‫ޑ‬ᖿ༈Ƕ Ϯϵ .

(43) . (Ѥ) ኱ྗৡǺҗ࡭Ԗ 3 ঁД‫ ޑ‬32.06ʘǴᒿ‫׫‬ၗය໔уߏԶΠफ़ǴԿ ࡭Ԗ 10 ԃ‫ ޑ‬4.60ʘǵ20 ԃ‫ ޑ‬2.30ʘϷ 30 ԃ‫ ޑ‬1.04ʘǶ (ϖ) SharpǺҗ࡭Ԗ 3 ঁД‫ ޑ‬0.234ʘǴᒿ‫׫‬ၗය໔уߏԶቚεǴԿ࡭ Ԗ 10 ԃ‫ ޑ‬1.774ʘǵ20 ԃ‫ ޑ‬3.852ʘϷ 30 ԃ‫ ޑ‬7.846ʘǶ (Ϥ) ‫ځ‬дѱ൑Ǻ 1. ନ‫׫‬ၗѠ᡼ѱ൑ѦǴ‫ځ‬Ꭹ 5 ঁ‫׫‬ၗ୔ୱ‫܌‬և౜‫ޑ‬ᖿ༈ᆶӄౚ ѱ൑εठ࣬ӕǶ 2. ѳ֡ൔၿ౗Ǻନ‫׫‬ၗѠ᡼ 10 ԃϷ 20 ԃࣁॄॶѦǴ‫ځ‬дࣣࣁ ҅ॶǶ 3. Ѡ᡼ѱ൑ᆶ‫ځ‬дѱ൑‫܌‬և౜‫ޑ‬ኧᏵৡ౦ࣗεǴёૈӢҁࣴ‫ز‬ ‫܌‬ᒧ‫ڗ‬ϐѱ൑ନऍ୯ϷѠ᡼ѦǴࣣឦӄౚ‫୔܈‬ୱࠠѱ൑ǴԶ ऍ୯Ξࣁԋዕࠠѱ൑ǴᆶѠ᡼ࣁൂ΋ཥᑫ୯ৎឦ‫܄‬όӕǶ (Ύ) λ่Ǻ‫׫‬ၗ‫ܭ‬ӄౚǵ୔ୱࠠѱ൑Ϸऍ୯฻ި౻ѱ൑Ǵ‫ځ‬ѳ֡ൔၿ ౗ࣁ҅ǴᡉҢި౻ѱ൑ߏයᖿ༈ӛ΢ǹќ‫׫ߏۯ‬ၗය໔ዴჴёफ़ եᖝཞК౗Ǵ෧Ͽൔၿ౗‫୏ݢޑ‬ำࡋǶ. ߄ 5.2! ӄౚࠠި౻ࡰኧൂ฽‫׫‬ၗᕮਏϩ‫!߄݋‬ ‫׫‬ၗය ኬҁ ໔Ȑԃȑ! ኧ! 1/4 481 1/2 478. ᖝཞ! К౗!. നε! ൔၿ౗!. നλ! ൔၿ౗!. ѳ֡! ൔၿ౗!. ኱ྗৡ!. tibsq!. 36.38%. 116.74%. -134.42%. 7.50%. 32.06%. 0.234. 33.89%. 89.16%. -88.34%. 7.86%. 24.15%. 0.325. 1. 472. 29.03%. 62.41%. -48.41%. 8.02%. 17.85%. 0.449. 3. 448. 23.44%. 40.61%. -19.29%. 7.40%. 10.61%. 0.697. 5. 424. 17.69%. 30.34%. -7.01%. 7.55%. 7.81%. 0.967. 10. 364. 4.67%. 16.57%. -4.48%. 8.16%. 4.60%. 1.774. 20. 244. 0.00%. 13.06%. 2.02%. 8.86%. 2.30%. 3.852. 30. 125. 0.00%. 9.84%. 6.00%. 8.16%. 1.04%. 7.846. ၗ਑ٰྍǺҁࣴ‫ز‬᏾౛! ຏǺಉᡏۭጕೀ߄നεॶ‫܈‬നλॶ!. ϯϬ .

(44) . ߄ 5.3! ӄౚཥᑫѱ൑ި౻ࡰኧൂ฽‫׫‬ၗᕮਏϩ‫!߄݋‬ ‫׫‬ၗය ኬҁ ໔Ȑԃȑ ! ኧ! 1/4 264 1/2 261. ᖝཞ! К౗!. നε! ൔၿ౗!. നλ! ൔၿ౗!. ѳ֡! ൔၿ౗!. ኱ྗৡ!. tibsq!. 36.74%. 219.36%. -180.96%. 14.17%. 56.59%. 0.250. 36.40%. 136.25%. -112.90%. 14.37%. 41.99%. 0.342. 1. 255. 32.55%. 87.45%. -57.57%. 13.90%. 30.47%. 0.456. 3. 231. 33.33%. 42.81%. -20.00%. 10.41%. 15.96%. 0.652. 5. 207. 27.05%. 36.41%. -12.16%. 9.23%. 12.77%. 0.723. 10. 147. 20.41%. 15.22%. -2.58%. 5.00%. 4.42%. 1.131. 27 13.44% 0.00% ၗ਑ٰྍǺҁࣴ‫ز‬᏾౛! ຏǺಉᡏۭጕೀ߄നεॶ‫܈‬നλॶ. 6.47%. 9.01%. 2.15%. 4.191. 20. ߄ 5.4! ܎΍ऍࢪި౻ࡰኧൂ฽‫׫‬ၗᕮਏϩ‫!߄݋‬ ‫׫‬ၗය ኬҁ ໔Ȑԃȑ! ኧ! 1/4 264 1/2 261. ᖝཞ! К౗!. നε! ൔၿ౗!. നλ! ൔၿ౗!. ѳ֡! ൔၿ౗!. ኱ྗৡ!. tibsq!. 35.23%. 317.84%. -199.54%. 22.63%. 70.61%. 0.320. 31.42%. 165.14%. -121.22%. 22.66%. 50.96%. 0.445. 1. 255. 31.76%. 148.52%. -56.15%. 22.81%. 40.13%. 0.568. 3. 231. 21.21%. 61.55%. -18.67%. 17.94%. 20.84%. 0.861. 5. 207. 18.36%. 49.68%. -15.91%. 15.62%. 15.61%. 1.001. 10. 147. 0.00%. 27.83%. 0.30%. 10.55%. 6.22%. 1.696. 20. 27. 0.00%. 20.83%. 11.79%. 15.68%. 2.67%. 5.873. ၗ਑ٰྍǺҁࣴ‫ز‬᏾౛! ຏǺಉᡏۭጕೀ߄നεॶ‫܈‬നλॶ!. ߄ 5.5! ཥᑫኻࢪި౻ࡰኧൂ฽‫׫‬ၗᕮਏϩ‫!߄݋‬ ‫׫‬ၗය ኬҁ ໔Ȑԃȑ! ኧ! 1/4 264 1/2 261. ᖝཞ! К౗!. നε! ൔၿ౗!. നλ! ൔၿ౗!. ѳ֡! ൔၿ౗!. ኱ྗৡ!. tibsq!. 40.15%. 311.60%. -224.75%. 13.94%. 73.47%. 0.190. 41.00%. 197.40%. -136.98%. 14.96%. 55.19%. 0.271. 1. 255. 36.86%. 197.76%. -72.02%. 15.45%. 43.51%. 0.355. 3. 231. 34.63%. 58.62%. -29.32%. 9.51%. 18.87%. 0.504. 5. 207. 25.12%. 40.86%. -11.21%. 9.51%. 13.06%. 0.728. 10. 147. 7.48%. 17.99%. -3.70%. 7.98%. 5.40%. 1.478. 20. 27. 0.00%. 11.73%. 4.87%. 7.97%. 2.40%. 3.321. ၗ਑ٰྍǺҁࣴ‫ز‬᏾౛! ຏǺಉᡏۭጕೀ߄നεॶ‫܈‬നλॶ!. ϯϭ .

(45) . ߄ 5.6! ٥ࢪ)ό֖Вҁ*ި౻ࡰኧൂ฽‫׫‬ၗᕮਏϩ‫!߄݋‬ ‫׫‬ၗය ኬҁ ໔Ȑԃȑ! ኧ! 1/4 264 1/2 261. ᖝཞ! К౗!. നε! ൔၿ౗!. നλ! ൔၿ౗!. ѳ֡! ൔၿ౗!. ኱ྗৡ!. tibsq!. 37.50%. 200.68%. -166.47%. 9.53%. 49.66%. 0.192. 35.63%. 136.26%. -105.35%. 9.65%. 37.20%. 0.259. 1. 255. 33.33%. 83.95%. -58.42%. 9.07%. 26.98%. 0.336. 3. 231. 34.20%. 35.53%. -21.75%. 6.62%. 13.15%. 0.503. 5. 207. 30.92%. 30.39%. -14.03%. 6.11%. 10.39%. 0.588. 10. 147. 22.45%. 11.89%. -2.99%. 2.70%. 3.39%. 0.796. 20. 27. 0.00%. 8.69%. 2.54%. 5.31%. 1.72%. 3.087. ၗ਑ٰྍǺҁࣴ‫ز‬᏾౛! ຏǺಉᡏۭጕೀ߄നεॶ‫܈‬നλॶ! !. ߄ 5.7! ऍ୯ި౻ࡰኧൂ฽‫׫‬ၗᕮਏϩ‫!߄݋‬ ‫׫‬ၗය ኬҁ ໔Ȑԃȑ! ኧ! 1/4 480 1/2 477. ᖝཞ! К౗!. നε! ൔၿ౗!. നλ! ൔၿ౗!. ѳ֡! ൔၿ౗!. ኱ྗৡ!. tibsq!. 36.88%. 99.09% -122.94%. 7.30%. 31.99%. 0.228. 33.75%. 76.81%. -85.23%. 7.57%. 23.89%. 0.317. 1. 471. 28.87%. 51.48%. -44.45%. 7.66%. 17.37%. 0.441. 3. 447. 23.04%. 30.96%. -18.40%. 7.05%. 10.29%. 0.685. 5. 423. 24.35%. 27.37%. -8.19%. 7.39%. 7.89%. 0.937. 10. 363. 6.89%. 17.15%. -5.32%. 8.38%. 4.94%. 1.696. 20. 243. 0.00%. 14.45%. 4.97%. 9.29%. 2.42%. 3.839. 30. 124. 0.00%. 9.95%. 6.37%. 8.36%. 0.88%. 9.500. ၗ਑ٰྍǺҁࣴ‫ز‬᏾౛! ຏǺಉᡏۭጕೀ߄നεॶ‫܈‬നλॶ! !. ߄ 5.8! Ѡ᡼ި౻ࡰኧൂ฽‫׫‬ၗᕮਏϩ‫߄݋‬ ‫׫‬ၗය ኬҁ ໔Ȑԃȑ! ኧ! 1/4 265 1/2 262. ᖝཞ! К౗!. നε! ൔၿ౗!. നλ! ൔၿ౗!. ѳ֡! ൔၿ౗!. ኱ྗৡ!. tibsq!. 45.66%. 306.66% -196.25%. 11.70%. 83.53%. 0.140. 44.27%. 300.92% -146.41%. 11.38%. 61.17%. 0.186. 1. 256. 43.75%. 128.40%. -73.65%. 7.82%. 39.26%. 0.199. 3. 232. 41.81%. 23.96%. -34.63%. 0.33%. 12.34%. 0.027. 5. 208. 46.63%. 19.65%. -15.30%. 0.51%. 8.27%. 0.062. 10. 148. 66.22%. 11.42%. -5.87%. -0.73%. 3.03%. -0.241. 20. 28. 71.43%. 5.61%. -3.90%. -1.13%. 2.96%. -0.382. ၗ਑ٰྍǺҁࣴ‫ز‬᏾౛! ຏǺಉᡏۭጕೀ߄നεॶ‫܈‬നλॶ! ϯϮ .

(46) . Οǵġ ‫׫‬ၗӦ୔ჹᕮਏ‫ޑ‬ቹៜɡа‫׫‬ၗ 10 ԃǵൂ฽‫׫‬ၗࣁ‫ٯ‬Ǻ Ȑ΋ȑᖝཞК౗ǺനଯࣁѠ᡼ǴԖ 66.2ʘᐒ౗཮ᖝཞǴ‫ځ‬ԛࣁ٥ࢪϷཥ. ᑫѱ൑ǴϩձԖ 22.4ʘϷ 20.4ʘǴၨե‫ޣ‬٩‫܎ࣁׇ‬΍ऍࢪ 0ʘǵ ӄౚ 4. 7ʘϷऍ୯ 6.9ʘǶ ȐΒȑѳ֡ൔၿ౗ጄൎǺԌନѠ᡼Ǵൔၿ౗ጄൎϟ‫ ܭ‬2.7ʘԿ 10.6ʘǴၨ. ଯ‫ޣ‬٩‫܎ࣁׇ‬΍ऍࢪ 10.6ʘǵऍ୯ 8.4ʘϷӄౚ 8.2ʘǶ ȐΟȑsharp ॶǺҗଯԿե٩‫ׇ‬ӄౚ 1.77ǵऍ୯ 1.7ǵ܎΍ऍࢪ 1.7ǵཥᑫ. ኻࢪ 1.48ǵӄౚཥᑫ 1.13ǵ٥ࢪ 0.8ǵѠ᡼-2.4Ƕ ȐѤȑ‫ځ‬д‫׫‬ၗය໔Ǻ. 1. ᖝཞК౗Ǻᆕ᏾όӕය໔ᖝཞК౗߻ 3 ե‫ޣ‬Ǵόӕය໔ࣣࣁ ӄౚǵ܎΍ऍࢪϷऍ୯ǴќନѠ᡼Ӧ୔ѦǴ‫׫‬ၗය໔ 20 ԃϷ 30 ԃ‫ޣ‬ǴᖝཞК౗֡ࣁ 0Ƕ 2. ѳ֡ൔၿ౗Ǻᆕ᏾όӕය໔ѳ֡ൔၿ౗߻ 3 ଯ‫ޣ‬Ǵԛኧၨӭ ‫ޣ‬٩‫܎ࣁׇ‬΍ऍࢪǵӄౚཥᑫǵཥᑫኻࢪǵऍ୯ϷӄౚǶ 3. Sharp ॶǺᆕ᏾όӕය໔ Sharp ॶ߻ 3 ଯ‫ޣ‬Ǵԛኧၨӭ‫ޣ‬٩‫ׇ‬ ࣁ܎΍ऍࢪǵӄౚǵऍ୯ϷӄౚཥᑫǶ Ȑϖȑλ่Ǻᆕ᏾όӕය໔ǵόӕѱ൑ձԶ‫ق‬Ǵа܎΍ऍࢪǵӄౚǵ. ऍ୯Ϸӄౚཥᑫၨ‫׫ڀ‬ၗሽॶǹќ࿶߻ॊϩ‫݋‬ǴѠ᡼ѱ൑ჴό ‫ە‬բࣁߚ஑཰Γγϐ‫׫‬ၗ኱‫ޑ‬ǴаΠஒόӆ൩ҁӦ୔຾Չຑ ՗Ƕ. ϯϯ .

(47) . ߄ 5.9! ӚӦ୔ൂ฽‫׫‬ၗ 21 ԃᕮਏϩ‫߄݋‬ ѱ൑ձ!. ኬҁኧ!. ᖝཞ! К౗!. നε! ൔၿ౗!. നλ! ൔၿ౗!. ѳ֡! ൔၿ౗!. ኱ྗৡ!. Tibsq!. world. 364. 4.7%. 16.6%. -4.5%. 8.2%. 4.60. 1.77. em-market. 147. 20.4%. 15.2%. -2.6%. 5.0%. 4.42. 1.13. latin. 147. 0.0%. 27.8%. 0.3%. 10.6%. 6.22. 1.70. em-eur. 147. 7.5%. 18.0%. -3.7%. 8.0%. 5.40. 1.48. asia. 147. 22.4%. 11.9%. -3.0%. 2.7%. 3.39. 0.80. usa. 363. 6.9%. 17.2%. -5.3%. 8.4%. 4.94. 1.70. twn. 148. 66.2%. 11.4%. -5.9%. -0.7%. 3.03. -0.24. ၗ਑ٰྍǺҁࣴ‫ز‬᏾౛! ຏǺಉᡏۭጕೀ߄നεॶ‫܈‬നλॶ!. ߄ 5.:! ӚӦ୔ൂ฽‫׫‬ၗ 2 ԃᕮਏϩ‫!߄݋‬ ѱ൑ձ!. ኬҁኧ!. ᖝཞ! К౗!. നε! ൔၿ౗!. നλ! ൔၿ౗!. ѳ֡! ൔၿ౗!. ኱ྗৡ!. Tibsq!. world. 472. 29.0%. 62.4%. -48.4%. 8.0%. 17.85. 0.45. em-market. 255. 32.5%. 87.4%. -57.6%. 13.9%. 30.47. 0.46. latin. 255. 31.8%. 148.5%. -56.1%. 22.8%. 40.13. 0.57. em-eur. 255. 36.9%. 197.8%. -72.0%. 15.4%. 43.51. 0.36. asia. 255. 33.3%. 83.9%. -58.4%. 9.1%. 26.98. 0.34. usa. 471. 28.9%. 51.5%. -44.5%. 7.7%. 17.37. 0.44. twn. 256. 43.8%. 128.4%. -73.6%. 7.8%. 39.26. 0.20. ၗ਑ٰྍǺҁࣴ‫ز‬᏾౛! ຏǺಉᡏۭጕೀ߄നεॶ‫܈‬നλॶ!. ϯϰ .

(48) . ߄ 5.21! ӚӦ୔ൂ฽‫׫‬ၗ 4 ԃᕮਏϩ‫!߄݋‬ ѱ൑ձ!. ኬҁኧ!. ᖝཞ! К౗!. നε! ൔၿ౗!. നλ! ൔၿ౗!. ѳ֡! ൔၿ౗!. ኱ྗৡ!. Tibsq!. world. 448. 23.4%. 40.6%. -19.3%. 7.4%. 10.61. 0.70. em-market. 231. 33.3%. 42.8%. -20.0%. 10.4%. 15.96. 0.65. latin. 231. 21.2%. 61.5%. -18.7%. 17.9%. 20.84. 0.86. em-eur. 231. 34.6%. 58.6%. -29.3%. 9.5%. 18.87. 0.50. asia. 231. 34.2%. 35.5%. -21.8%. 6.6%. 13.15. 0.50. usa. 447. 23.0%. 31.0%. -18.4%. 7.0%. 10.29. 0.69. twn. 232. 41.8%. 24.0%. -34.6%. 0.3%. 12.34. 0.03. ၗ਑ٰྍǺҁࣴ‫ز‬᏾౛! ຏǺಉᡏۭጕೀ߄നεॶ‫܈‬നλॶ!. ߄ 5.22! ӚӦ୔ൂ฽‫׫‬ၗ 6 ԃᕮਏϩ‫!߄݋‬ ѱ൑ձ!. ኬҁኧ!. ᖝཞ! К౗!. നε! ൔၿ౗!. നλ! ൔၿ౗!. ѳ֡! ൔၿ౗!. ኱ྗৡ!. Tibsq!. world. 424. 17.7%. 30.3%. -7.0%. 7.5%. 7.81. 0.97. em-market. 207. 27.1%. 36.4%. -12.2%. 9.2%. 12.77. 0.72. latin. 207. 18.4%. 49.7%. -15.9%. 15.6%. 15.61. 1.00. em-eur. 207. 25.1%. 40.9%. -11.2%. 9.5%. 13.06. 0.73. asia. 207. 30.9%. 30.4%. -14.0%. 6.1%. 10.39. 0.59. usa. 423. 24.3%. 27.4%. -8.2%. 7.4%. 7.89. 0.94. twn. 208. 46.6%. 19.6%. -15.3%. 0.5%. 8.27. 0.06. ၗ਑ٰྍǺҁࣴ‫ز‬᏾౛! ຏǺಉᡏۭጕೀ߄നεॶ‫܈‬നλॶ!. ϯϱ .

(49) . ߄ 5.23! ӚӦ୔ൂ฽‫׫‬ၗ 31 ԃᕮਏϩ‫߄݋‬ ѱ൑ձ! world. ኬҁኧ!. ᖝཞ! К౗!. നε! ൔၿ౗!. നλ! ൔၿ౗!. ѳ֡! ൔၿ౗!. ኱ྗৡ!. Tibsq!. 244. 0.0%. 13.1%. 2.0%. 8.9%. 2.30. 3.86. em-market. 27. 0.0%. 13.4%. 6.5%. 9.0%. 2.15. 4.19. latin. 27. 0.0%. 20.8%. 11.8%. 15.7%. 2.67. 5.88. em-eur. 27. 0.0%. 11.7%. 4.9%. 8.0%. 2.40. 3.32. asia. 27. 0.0%. 8.7%. 2.5%. 5.3%. 1.72. 3.09. usa. 243. 0.0%. 14.5%. 5.0%. 9.3%. 2.42. 3.84. twn. 28. 71.4%. 5.6%. -3.9%. -1.1%. 2.96. -0.38. ၗ਑ٰྍǺҁࣴ‫ز‬᏾౛! ຏǺಉᡏۭጕೀ߄നεॶ‫܈‬നλॶ!. ߄ 5.24! ӚӦ୔ൂ฽‫׫‬ၗ 41 ԃᕮਏϩ‫!߄݋‬ ѱ൑ձ!. ኬҁኧ!. ᖝཞ! К౗!. നε! ൔၿ౗!. നλ! ൔၿ౗!. ѳ֡! ൔၿ౗!. ኱ྗৡ!. Tibsq!. world. 124. 0.0%. 10.0%. 6.0%. 8.2%. 1.05. 7.80. usa. 123. 0.0%. 10.0%. 6.4%. 8.4%. 0.88. 9.50. ၗ਑ٰྍǺҁࣴ‫ز‬᏾౛! ຏǺಉᡏۭጕೀ߄നεॶ‫܈‬നλॶ!. Ѥǵġ ‫׫‬ၗБԄჹᕮਏ‫ޑ‬ቹៜɡаӄౚѱ൑ࣁ‫ٯ‬Ǵӵ߄ 4-14Ǻ Ȑ΋ȑᖝཞК౗Ǻӧ࣬ӕ‫׫ޑ‬ၗය໔Ǵൂ฽‫׫‬ၗ‫ޑ‬ᖝཞК‫ٯ‬ၨ‫ۓ‬ය‫ۓ‬. ᚐεǴ‫ځ‬ৡຯϟ‫ ܭ‬0%Կ 3.61%໔Ǵѳ֡ࣁ 2.13%Ƕ ȐΒȑѳ֡ൔၿ౗Ǻӧ࣬ӕ‫׫ޑ‬ၗය໔Ǵൂ฽‫׫‬ၗ‫ޑ‬ൔၿ౗ၨ‫ۓ‬ය‫ۓ‬. ᚐεǴ‫ځ‬ৡຯऊӧ 2.36ʘԿ 2.91ʘ໔Ǵѳ֡ࣁ 2.64%Ƕ ȐΟȑѳ֡ൔၿ౗ጄൎǺӧ࣬ӕ‫׫ޑ‬ၗය໔Ǵൂ฽‫׫‬ၗ‫ޑ‬ൔၿ౗ጄൎ. ၨ‫ۓ‬ය‫ۓ‬ᚐεǴЪΒ‫ޣ‬ৡຯࣣᒿ‫׫‬ၗය໔уߏԶ෧ϿǶ ȐѤȑ኱ྗৡǺӧ࣬ӕ‫׫ޑ‬ၗය໔Ǵൂ฽‫׫‬ၗ‫ޑ‬኱ྗৡၨ‫ۓ‬ය‫ۓ‬ᚐεǴ. ЪΒ‫ޣ‬ৡຯࣣᒿ‫׫‬ၗය໔уߏԶΠफ़Ƕ. ϯϲ .

(50) . ȐϖȑSharpǺ‫׫‬ၗය໔ 1 ԃԿ 10 ԃǴൂ฽‫׫‬ၗ‫ ޑ‬sharp ॶၨ‫ۓ‬ය‫ۓ‬ᚐ. λǴՠऩ‫׫‬ၗය໔уߏࣁ 20 ԃ‫ ܈‬30 ԃǴ‫ۓ‬ය‫ۓ‬ᚐ‫ ޑ‬sharp ॶၨ ൂ฽‫׫‬ၗεǶ ȐϤȑ‫ځ‬дѱ൑Ǻନ‫׫‬ၗѠ᡼ѱ൑ѦǴ‫ځ‬Ꭹ 5 ঁѱ൑‫܌‬և౜‫ޑ‬ᖿ༈ε. ठᆶӄౚѱ൑࣬ӕȐӵ߄ 4-15 Կ 4-19ȑǶ ȐΎȑλ่Ǻൂ฽‫׫‬ၗ‫܌‬և౜‫ޑ‬ൔၿ౗ϐ‫܌‬аܴᡉᓬ‫ۓܭ‬ය‫ۓ‬ᚐǴ࿶. ϩ‫߯݋‬ҁࣴ‫ز‬аԃճ౗ 3%ٰ຾Չၗߎ‫ש‬౜ǴԶ‫׫‬ၗϐѳ֡ൔၿ ౗ऊࣁ 6%-9%ǴӢԜϷԐஒၗߎ‫׫‬Εёᕇၨ٫ൔၿ၈ឦӝ౛Ƕ ќ൩ sharp ॶԶ‫ق‬Ǵ‫׫‬ၗය໔ཇอ‫ޣ‬Ǵ‫ۓ‬ය‫ۓ‬ᚐၨଯ‫ޑ‬௃‫ݩ‬ཇܴ ᡉǴՠᒿ‫׫‬ၗය໔ቚߏǴ೴ᅌᙯࣁൂ฽‫׫‬ၗၨଯǶ. ߄ 5.25! ӄౚࠠި౻ࡰኧ‫׫‬ၗᕮਏКၨ߄ ‫׫‬ၗය ໔)ԃ*! 1. ‫׫‬ၗ! БԄ!. ኬҁኧ!. Tibsq!. -48.41. 8.02. 17.85. 0.450. ‫ۓ‬ය‫ۓ‬ᚐ!. 472. 25.42. 36.61. -35.73. 5.32. 10.66. 0.499. 3.61. 25.8. -12.68. 2.7. 7.19. -0.049. ൂ฽!. 448. 23.44. 40.61. -19.29. 7.40. 10.61. 0.698. ‫ۓ‬ය‫ۓ‬ᚐ!. 448. 20.09. 25.32. -17.14. 4.75. 6.43. 0.740. 3.35. 15.29. -2.15. 2.65. 4.18. -0.042. ൂ฽!. 424. 17.69. 30.34. -7.01. 7.55. 7.81. 0.967. ‫ۓ‬ය‫ۓ‬ᚐ!. 424. 12.97. 19.33. -8.91. 5.01. 4.90. 1.021. 4.72. 11.01. 1.9. 2.54. 2.91. -0.054. ൂ฽!. 364. 4.67. 16.57. -4.48. 8.16. 4.60. 1.774. ‫ۓ‬ය‫ۓ‬ᚐ!. 364. 3.57. 12.87. -3.11. 5.51. 3.06. 1.804. 1.1. 3.7. -1.37. 2.65. 1.54. -0.03. ൂ฽!. 244. 0.00. 13.06. 2.02. 8.86. 2.30. 3.861. ‫ۓ‬ය‫ۓ‬ᚐ!. 244. 0.00. 8.72. 0.59. 5.95. 1.85. 3.206. 0. 4.34. 1.43. 2.91. 0.45. 0.655. ൂ฽!.!‫ۓ‬ය‫ۓ‬ᚐ! 30. ኱ྗৡ!. 62.41. ൂ฽!.!‫ۓ‬ය‫ۓ‬ᚐ!. 20. ѳ֡! ൔၿ౗!. 29.03. ൂ฽!.!‫ۓ‬ය‫ۓ‬ᚐ! 10. നλ! ൔၿ౗!. 472. ൂ฽!.!‫ۓ‬ය‫ۓ‬ᚐ!. 5. നε! ൔၿ౗!. ൂ฽!. ൂ฽!.!‫ۓ‬ය‫ۓ‬ᚐ! 3. ᖝཞ! К౗!. ൂ฽!. 124. 0.00. 9.96. 5.99. 8.16. 1.05. 7.798. ‫ۓ‬ය‫ۓ‬ᚐ!. 124. 0.00. 7.89. 3.13. 5.80. 0.98. 5.934. 0. 2.07. 2.86. 2.36. 0.07. 1.864. ൂ฽!.!‫ۓ‬ය‫ۓ‬ᚐ! ၗ਑ٰྍǺҁࣴ‫ز‬᏾౛. ϯϳ .

(51) . ߄ 5.26! ӄౚཥᑫѱ൑ި౻ࡰኧ‫׫‬ၗᕮਏКၨ߄! ‫׫‬ၗය ໔)ԃ*! 1. ‫׫‬ၗ! БԄ!. ኬҁኧ!. -57.57. 13.90. 30.47. 0.46. ‫ۓ‬ය‫ۓ‬ᚐ!. 255. 30.98. 51.08. -47.72. 8.50. 18.23. 0.47. 1.57. 36.37. -9.85. 5.4. 12.24. -0.01. ൂ฽!. 231. 33.33. 42.81. -20.00. 10.41. 15.96. 0.65. ‫ۓ‬ය‫ۓ‬ᚐ!. 231. 26.41. 24.15. -18.55. 6.24. 9.38. 0.67. 6.92. 18.66. -1.45. 4.17. 6.58. -0.02. ൂ฽!. 207. 27.05. 36.41. -12.16. 9.23. 12.77. 0.72. ‫ۓ‬ය‫ۓ‬ᚐ!. 207. 29.47. 22.07. -11.60. 5.81. 7.55. 0.77. -2.42. 14.34. -0.56. 3.42. 5.22. -0.05. ൂ฽!. 147. 20.41. 15.22. -2.58. 5.00. 4.42. 1.13. ‫ۓ‬ය‫ۓ‬ᚐ!. 147. 23.13. 13.45. -3.43. 3.90. 4.21. 0.93. -2.72. 1.77. 0.85. 1.1. 0.21. 0.2. ൂ฽!. 27. 0.00. 13.44. 6.47. 9.01. 2.15. 4.19. ‫ۓ‬ය‫ۓ‬ᚐ!. 27. 0.00. 7.92. 2.37. 5.19. 1.66. 3.13. 0. 5.52. 4.1. 3.82. 0.49. 1.06. ൂ฽!.!‫ۓ‬ය‫ۓ‬ᚐ! ၗ਑ٰྍǺҁࣴ‫ز‬᏾౛. ϯϴ . Tibsq!. 87.45. ൂ฽!.!‫ۓ‬ය‫ۓ‬ᚐ! 20. ѳ֡! ኱ྗৡ! ൔၿ౗!. 32.55. ൂ฽!.!‫ۓ‬ය‫ۓ‬ᚐ!. 10. നλ! ൔၿ౗!. 255. ൂ฽!.!‫ۓ‬ය‫ۓ‬ᚐ! 5. നε! ൔၿ౗!. ൂ฽!. ൂ฽!.!‫ۓ‬ය‫ۓ‬ᚐ!. 3. ᖝཞ! К౗!.