---------------------------------------------------------------------------------------------1 ---------------------------------------------------------------------------------------5 ---------------------------------------------------------------------------------------5 ------------------------------------------------------------------------------------------------6 ---------------------------------------------------------------------7 -------------------------------------------------------------------12 -------------------------------------------------------------------------------18 -------------------------------------------------23 -------------------------------------------------------------------------------------------25 -------------------------------------------------------------------------------------25 ----------------------------------------------------------------------------------------26 ----------------------------------------------------------------------------------------31 ----------------------------------------------------------------------------------32 -------------------------------------------------------------------------------36 -------------------------------------------------------------------------------37 -------------------------------------------------------------------------------39 ----------------------------------------------------------------------------------39 -------------------------------------------------44 -------------------------------------------------------------------------------------------45 ----------------------------------------------------------------------------------------46 -------------------------------------------------------------------------------46 ----------------------------------------------------------------------------------------47
( )
3 / T T+n T n T
7 7
1.00 3 ()
=/ =/ =+ () 2 2 200
10 10 () 30 () 200 5,000 20 60 7 3
3 1. 1.00 2. 3. 4. 5. 3 1. 2. T T+1 T2 3.
1. 2. 3. 4. 3 1.00 1. / 2. 3. 1.00 0.01 4. 1.00 0.01 T+1 T+2 T+1 3
1. 2. 3. 4. 5. 14 1. 2. 3. 4. 3 20 1. 10% 2. 1)
2) 10% 3) 3 2 2 20 1 7 1 2 1 7 2 2 3 7
1.
1 2 1 2, 3
5 6, 7, 8 9 7 10 11 12 13 14 15 16 15 17 18 19
20 22 23 24 25 26 1) 1 2 3 4
5 7 2) 1 2 3 4 5 6 7 8 9 7 10 11 12 15 13
14 15 16 17 18 19 20 21 22 23 24 1. 1) 2) 3) 4) 5) 6) 7)
8) 9) 2. 1) 2) 3) 4) 5) 6) 7) 1. 1) 2) 3) 4) 5) 6) 7) 8) 9) 10) 11) 10 10
12) 2. 1) 2) 3) 4) 5) 1. 2. 3. 10 60 4. 10% 10% 10 60 10% 10% 10 60 5. 4 10% 10% 30 6. 1. 30
1) 2) 3) 4) 5) 2. 1. 1) 2) 50% 50% 2. 1) 2 2)
3) 50% 50% 4) 3 5) 1. 1 2 10% 10% 1 2 10% 10% 6 2.
1) 50% 50% 2) 2 1. 50% 50% 2 2. 2/3 2/3 1. 1)
2) 3) 4) 2. 5 2 1. 1) 2) 3)
4) 2. 1) 2) 3) 4) 1. 1) 10% 10% 2) 6 2/3 2/3 3) 4) 5) 6) 7) 2. 1) 10% 10% 2) 6 2/3 2/3
3) 4) 5) 1. 10% 2. 3.
1. 2. 3. 1. 2. 15 3. 4. 5. 6. 7. 1) 2) 3) 4) 397 397 5) 6) 7) 8)
1. 2. 3
1. 2. 3. 397 397 4. AAA 5. 6. 7. 8. 9. 10. 11. 12. 13. 14.
1. 1 10% 2 10 3 30% 5% 4 180 5 20% 20% 5 6 397 397 20% 7) 8, 30 9 1 A-1 A-1 2 AAA AAA A- BBB+ 10 6 1 10 10
1 2 3 1 2 1. 2. 3. 4. 5. 6. 7.
8. 1.
4) 3 4 5 6 1-5 7 7 7
7 0.5% 1. 2. 1) 2) 3)
4) 5) 6) 7) 3. 1) 2) 3) 4) 5) 0.5% 1. 2. 3.
1. 34 2. 1. 8. 9. 0.33% H E H E 5 0.1% H = E 0.1%
H E 5 3. 0.25% HE0.25% H E 5 3 4 9
1. 2. 0.01 3 4. 5. 6. 7. 7 =[/]*10000 0.0001 7 Ri/7*365/10000*100% Ri i i=1,2..77
7 1. 1. 2. 2
1. 2. 3. 4. 5. 6. 1. 3 1 6 45 15 2
3 2. 3. 4. 7 5. 90 60 15 2 2 6. 2
1 2 3 4 5 6 7 8 9 50% 10 30% 11 12 13 14 15 16 17 0.5% 18 19 20 21 22 23
24 25 26 0.5 27 7. 8. 30 9. 10
1. 2. 3., 1. 2. 6 3. 4. 1. 30 2. 3.
4. 1 2 3 4 5 6 7 5 15 1. 2.
3. 1. 2. 3. 4.