.......................................................................................................................... 1
.......................................................................................................................... 1
........................................................................................................ 3
........................................................................................................ 9
............................................................ 15
.......................................................................................................... 17
...................................................................................................... 17
............................................................................................................. 18
............................................................................................ 18
..................................................................................... 23
.......................................................................................................... 24
.......................................................................................................... 24
................................................................................................... 24
.......................................................................................................... 25
.......................................................................................................... 28
............................................................................................................. 28
...................................................................................................... 29
............................................................................................... 31
................................................................................................... 32
............................................................................................... 33
............................................................................................... 34
............................................................................................ 36
.......................................................................................................... 38
...................................................................................................... 38
............................................................................................... 38
..................................................................................... 39
.......................................................................................................... 40
....................................... 40
1999 4 13
5)
24)
1 5% 1 5
2
3 30% 30%
2
1
2
3 10% 25% 25% 5% 1 5 30% 30%
4
5
10
1 3%
2
3 20% 20%
1
2
3 3% 20% 20%
4
5
= -
100 20 5000 60 100 60 5000
T+2
1,000 30,000 1,000
1,000 1,000
3
1
1
2
3
4
5
6
7
2
1
2
3
4
3
4
5
1
1 1
3
1
2
3
3
( )
2
