3 1
( ) 1 2( ) ( ) ( ) ( ) ( ) 3 ( ) ( ) ( ) ( ) 3 2
1 2 3 4 5 6 6 1 6 45 6 1 7 8 9 2003 10 28 2004 6 1 10 2004 6 25 7 1 11 2004 6 8 7 1 12 2004 6 29 7 1 13 2004 8 16 14 15 / 16 17 18 18 3 3
19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 3 34 35 36 T 3 4
37 T+n T n ( T ) 38 39 40 41 42 43 44 45 46( ) 10% 47 48 49 50 51 1.00 52 7 53 54 55 56 7 7 57 3 5
58 ( ) ( ) ( ) ( ) ( ) 2 2 ( ) 1.00 ( ) ( ) 1 3 2 ( ) 3 6
3 ( ) ( ) + / ( ) 1 2 3 4 ( ) 1 2 2 200 10 10 2 3 ( ) 1 3 7
2 30 ( ) 200 5000 20 200 20 5000 ( ) ( ) 1 2 7 7 3 3 8
( ) 1 2 (T ) T+1 T T+2 3 T 2 () ( ) 1 2 3 4 ( ) 1 / 3 9
2 (1) = (2) = + 3 T 7 T+1 4 5 6 7 ( ) ( ) 1 2 3 3 10
4 5 6 7 ( ) 1 2 3 4 5 6 20 ( ) 1 2 1 2 1 7 3 1 2 2 1 7 4 2 2 1 3 11
2 1 7 ( ) 1 ( ) 10% 2 (1) (2) 10% 3 2 2 ( ) 20 ( ) 1 3 12
2 1 2 1 7 3 1 2 2 1 7 4 2 2 1 2 1 7 () () 2 () () 3 13
( ) 588 14 588 14 200120 2004 4 19 2004 47 1.2 ( ) ( ) 25 25 100032 2004 9 17 [1998]12 ( ) 3 14
( ) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 ( ) 1 2 3 4 5 3 15
6 7 8 7 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 3 16
27 30 28 ( ) 1 2 3 4 5 6 7 8 ( ) 1 2 3 4 5 6 7 8 3 17
9 10 11 12 13 7 14 15 16 17 18 19 20 21 22 23 24 ( ) 1 2 3 4 5 6 7 8 3 18
9 ( ) 1 2 3 4 5 6 7 ( ) ( ) ( ) 1 10%( 10% )( ) (1) (2) (3) (4) (5) (6) (7) (8) 3 19
(9) 2 (1) (2) (3) (4) (5) ( ) 1 2 10 60 3 10% 10 60 10% 10 60 4 10% 10% 30 5 3 20
( ) 1( ) 30 (1) (2) (3) (4) (5) (6)( ) (7) (8) (9) (10) 2 3 ( ) 1 (1) (2) (3) (4) 2 3 21
(1) 1) 50% 2) ( 25 ) (2) 1) 2 2) 3) 50% 4) 5) ( 25 ) ( ) 1 (1) 3 22
(2) 10% 40 30 (3)() (4) 10% 6 (5) 30 30 2 (1) 3 23
50% ( ) ( ) (2) 30 2 3 ( ) 1 2 (1) 50%(2) (2) 3 4 5 ( ) 1 (1) 3 (2) 3 24
(3) 2 ( ) ( ) 1 5 2 3 2 ( ) 1 (1) (2) (3) (4) 3 25
2 (1) 10% (2) 6 (3) (4) (5) (6) 2 (7) ( ) 1 (1) (2) (3) (4) 2 (1) 10% (2) 6 (3) 3 26
(4) (5) (6) 2 ( ) 1 10% 2 3 2 ( ) 3 27
( ) ( ) ( ) 1 2 3 4 3 5 ( ) 1 2 3 15 4 5 6 ( ) ( ) 3 28
1 2 3 4 397 397 5 6 7 ( ), 1 2 3 4 (1),, (2) 3 29
( ) ( ) ( ) 1 (1) 10% (2) 10% (3) 20 (4) 30% 30% 5% (5) 20% 20% 5 (6) 397 397 20% (7) 180 (8)( ) (9) (1) (4) (6) (7) 10 3 2 (1) (2) (3) (4) 3 30
3 (1) (2) (3) 397 (4) AAA (5) (6) (7) 4 (1) A-1 A-1 (2) 5 1) AAA AAA 2) (1) (2) (3) (4) (5) (6) (7) (8) (9) 3 31
( ) 1 397 397 2 (1) 0 (2) (3) (4) (5) (6) ( ) ( ) 3 32
( ) ( ) ( ) ( ) ( ) ( ) 1 3 33
(1) (2) (3) (4) (5) (6) 2 3 4 5 3 34
6 (1) (2) 7 ( ) ( ) 7 ( ) 7 7 1 2 0.5% 3 4 7 5 ( ) 3 35
7 7 7 ( ) 1 2 3 4 5 ( ) 1( ) 2 3 2 ( ) 1 2 3 4 5 6 7 8 3 36
9 ( ) ( ) 1 0.33% H E 0.33% H E 3 2 0.10% H E 0.10% H E 3 3 0.25% H E 0.25% H E 3 4 () 3 37
5 ( ) 4 9 ( ) ( ) 3 ( ) ( ) 1 2 3 4 ( ) ( ) 1 2 1.00 3 3 38
4 5 6 0.01 7 8 ( ) 1 7 2 (1)= / 10000 4 [( (2) 7 7 i= 1 Ri / 7) 365 10000] 100% Ri i 7 3 (3) 3 (4) 3 39
( ) 1 2 1 1 12 31 2 3 4 5 6 7 ( ) 1 2 3() () 3 40
( ) ( ) ( ) ( ) ( ) ( ) ( ) 1 3 6 45 15 6 1 2 3 3 41
3 4 5 3 6 7 (1) 7 (2) 7 (3) 7 7 8 (1) 90 (2) 60 (3) 15 (4) 2 3 42
(5) 2 9 2 (1) (2) (3) (4) (5) (6) (7) (8) (9) 50% (10) 30% (11) (12) (13) (14) (15) (16) (17) 7 0.5% (18) (19) (20) (21) (22) (23) (24) 3 43
(25) 0.5% (26) 10 11 12 ( ) 7 ( ) 1 (1) (2) (3) (4) (5) (6) (7) 3 44
(8) (9) 2 (1) (2) (3) 3 3 ( ) (1) (2) 6 (3) 6 (4) (5) ( ) 1 (1) 30 (2) (3) (4) 2 3 45
(1) (2) (3) (4) (5) (6) (7) (8) (9) 3 4 (1) (2) (3) (4) (1) (3) 5 5 3 6 15 ( ) 1 3 46
2 / 3 ( ) ( ) ( ) ( ) ( ) ( ) 3 47
( ) ( ) 3 48