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  1. íííííííííííííííííííííííí╧Ω╧╕╔Φ╝╞╦╡├≈╩Θ╡─▒α╨┤╠ß╩╛
  2. íííííííííííííííííííííííííííííí(▓╬┐╝╝■)
  3. 1  ╥²╤╘
  4. íí1.1  ▒α╨┤─┐╡─
  5. íííí╦╡├≈▒α╨┤╒Γ╖▌╧Ω╧╕╔Φ╝╞╦╡├≈╩Θ╡──┐╡─ú¼╓╕│÷╘ñ╞┌╡─╢┴╒▀íú
  6.   1.2  ▒│╛░
  7. íííí╦╡├≈ú║
  8. íííía. ┤²┐¬╖ó╡─╚φ╝■╧╡═│╡─├√│╞ú╗
  9. ííííb. ▒╛╧ε─┐╡─╚╬╬±╠ß│÷╒▀íó┐¬╖ó╒▀íó ╙├╗º╝░╜½╘╦╨╨╕├╧ε─┐╚φ╝■╡─
  10. ╝╞╦π╗·╓╨╨─íú
  11.   1.3  ╢¿╥σ
  12. íííí┴╨│÷▒╛╬─╝■╓╨╙├╡╜╡─╫¿├┼╩⌡╙∩╡─╢¿╥σ║══Γ╬─╩╫╫╓─╕╫Θ┤╩╡─╘¡┤╩╫Θíú
  13.   1.4  ▓╬┐╝╫╩┴╧
  14. íííí┴╨│÷╙╨╣╪╡─▓╬┐╝╫╩┴╧ú¼╚τú║
  15. íííía. ▒╛╧ε─┐╡─╛¡║╦╫╝╡─╝╞╗«╚╬╬±╩Θ╗≥║╧═¼íó╔╧╝╢╗·╣╪╡─┼·╬─ú╗
  16. ííííb. ╩⌠╙┌▒╛╧ε─┐╡─╞Σ╦√╥╤╖ó▒φ╡─╬─╝■ú╗
  17. ííííc. ▒╛╬─╝■╓╨╕≈┤ª╥²╙├╡─╬─╝■íó╫╩┴╧ú¼ ░ⁿ└¿╦∙╨Φ╙├╡╜╡─╚φ╝■┐¬╖ó
  18. ▒Ω╫╝íú
  19. íííí┴╨│÷╒Γ╨⌐╬─╝■╫╩┴╧╡─▒Ω╠Γíó╬─╝■▒α║┼íó╖ó▒φ╚╒╞┌║═│÷░µ╡Ñ╬╗ú¼╦╡
  20. ├≈─▄╣╗╚í╡├╒Γ╨⌐╬─╝■╫╩┴╧╡─└┤╘┤íú
  21.   2  │╠╨≥╧╡═│╡─╜ß╣╣
  22. íííí╙├╥╗╧╡┴╨═╝▒φ┴╨│÷▒╛│╠╨≥╧╡═│─┌╡─├┐╕÷│╠╨≥( ░ⁿ└¿├┐╕÷─ú┐Θ║═╫╙
  23. │╠╨≥)╡─├√│╞íó▒Ω╩╢╖√║═╦ⁿ├╟╓«╝Σ╡─▓π┤╬╜ß╣╣╣╪╧╡íú
  24. íí3  │╠╨≥1(▒Ω╩╢╖√)╔Φ╝╞╦╡├≈
  25. íííí┤╙▒╛╒┬┐¬╩╝ú¼╓≡╕÷╡╪╕°│÷╕≈╕÷▓π┤╬╓╨╡─├┐╕÷│╠╨≥╡─╔Φ╝╞┐╝┬╟íú╥╘
  26. ╧┬╕°íí│÷╡─╠ß╕┘╩╟╒δ╢╘╥╗░π╟Θ┐÷╡─íú╢╘╙┌╥╗╛▀╠σ╡──ú┐Θú¼╙╚╞Σ╩╟▓π┤╬
  27. ▒╚╜╧╡═╡──ú┐Θ╗≥╫╙│╠╨≥ú¼╞Σ║▄╢α╠⌡─┐╡──┌╚▌═∙═∙╙δ╦ⁿ╦∙┴Ñ╩⌠╡─╔╧╥╗▓π
  28. ─ú┐Θ╡─╢╘╙ª╠⌡─┐╡──┌╚▌╧α═¼ú¼╘┌╒Γ╓╓╟Θ┐÷╧┬ú¼╓╗╥¬╝≥╡Ñ╡╪╦╡├≈╒Γ╥╗╡π
  29. ╝┤┐╔íú
  30. íí3.1  │╠╨≥├Φ╩÷
  31. íííí╕°│÷╢╘╕├│╠╨≥╡─╝≥╥¬├Φ╩÷ú¼╓≈╥¬╦╡├≈░▓┼┼╔Φ╝╞▒╛│╠╨≥╡──┐╡─╥Γ╥σú¼
  32. ▓ó╟╥ú¼╗╣╥¬╦╡├≈▒╛│╠╨≥╡─╠╪╡π(╚τ╩╟│ú╫ñ─┌┤µ╗╣╩╟╖╟│ú╫ñú┐ ╩╟╖±╫╙│╠
  33. ╨≥ú┐╩╟┐╔╓╪╚δ╡─╗╣╩╟▓╗┐╔╓╪╚δ╡─ú┐╙╨╬▐╕▓╕╟╥¬╟≤ú┐╩╟╦│╨≥┤ª└φ╗╣╩╟▓ó
  34. ╖ó┤ª└φú┐í¡í¡╡╚)íú
  35. íí3.2  ╣ª─▄
  36. íííí╦╡├≈╕├│╠╨≥╛▀╙╨╡─╣ª─▄ú¼┐╔▓╔╙├IPO═╝ (╝┤╩Σ╚δú¡┤ª└φú¡╩Σ│÷═╝)
  37. ╡─╨╬╩╜íú
  38.   3.3  ╨╘─▄
  39. íííí╦╡├≈╢╘╕├│╠╨≥╡─╚½▓┐╨╘─▄╥¬╟≤ú¼░ⁿ└¿╢╘╛½╢╚íó┴Θ╗ε╨╘║═╩▒╝Σ╠╪╨╘
  40. ╡─╥¬╟≤íú
  41.   3.4íí╩Σ╚δ╧ε
  42. íííí╕°│÷╢╘├┐╥╗╕÷╩Σ╚δ╧ε╡─╠╪╨╘ú¼░ⁿ└¿├√│╞íó▒Ω╩╢íó╩²╛▌╡─└α╨═║═╕±
  43. ╩╜íó╩²╛▌╓╡╡─╙╨╨º╖╢╬ºíó╩Σ╚δ╡─╖╜╩╜íó╩²┴┐║═╞╡┬╩íó╩Σ╚δ├╜╠σíó╩Σ╚δ
  44. ╩²╛▌╡─└┤╘┤║═░▓╚½▒ú├▄╠⌡╝■╡╚╡╚íú
  45.   3.5íí╩Σ│÷╧ε
  46. íííí╕°│÷╢╘├┐╥╗╕÷╩Σ│÷╧ε╡─╠╪╨╘ú¼░ⁿ└¿├√│╞íó▒Ω╩╢íó╩²╛▌╡─└α╨═║═╕±
  47. ╩╜ú¼╩²╛▌╓╡╡─╙╨╨º╖╢╬ºú¼╩Σ│÷╡─╖╜╩╜íó╩²┴┐║═╞╡╢╚ú¼╩Σ│÷├╜╠σíó╢╘╩Σ
  48. │÷═╝╨╬╝░╖√║┼╡─╦╡├≈íó░▓╚½▒ú├▄╠⌡╝■╡╚╡╚íú
  49. íí3.6íí╦π╖¿
  50. íííí╧Ω╧╕╦╡├≈▒╛│╠╨≥╦∙╤ííí╙├╡─╦π╖¿ú¼╛▀╠σ╡─╝╞╦π╣½╩╜║═╝╞╦π▓╜╓Φíú
  51. íí3.7íí┴≈│╠┬▀╝¡
  52. íííí╙├═╝▒φ(└²╚τ┴≈│╠═╝íó┼╨╢¿▒φ╡╚)╕¿╥╘▒╪╥¬╡─╦╡├≈└┤▒φ╩╛▒╛│╠╨≥╡─
  53. ┬▀╝¡┴≈│╠íú
  54. íííí3.8íí╜╙┐┌
  55. íííí╙├═╝╡─╨╬╩╜╦╡├≈▒╛│╠╨≥╦∙┴Ñ╩⌠╡─╔╧╥╗▓π─ú┐Θ╝░┴Ñ╩⌠╙┌▒╛│╠╨≥╡─╧┬
  56. ╥╗▓π─ú┐Θíó╫╙│╠╨≥ú¼╦╡├≈▓╬╩²╕│╓╡║═╡≈╙├╖╜╩╜ú¼╦╡├≈╙δ▒╛│╠╨≥╧α╓▒╜╙
  57. ╣╪┴¬╡─╩²╛▌╜ß╣╣(╩²╛▌┐Γíó╩²╛▌╬─╛φ)íú
  58. íí3.9íí┤µ┤ó╖╓┼Σ
  59. íííí╕∙╛▌╨Φ╥¬ú¼╦╡├≈▒╛│╠╨≥╡─┤µ┤ó╖╓┼Σíú
  60. íí3.10íí╫ó╩═╔Φ╝╞
  61. íííí╦╡├≈╫╝▒╕╘┌▒╛│╠╨≥╓╨░▓┼┼╡─╫ó╩═ú¼╚τú║
  62. íííía. ╝╙╘┌─ú┐Θ╩╫▓┐╡─╫ó╩═ú╗
  63. ííííb. ╝╙╘┌╕≈╖╓╓ª╡π┤ª╡─╫ó╩═ú╗íí
  64. ííííc. ╢╘╕≈▒Σ┴┐╡─╣ª─▄íó╖╢╬ºíó╚▒╩í╠⌡╝■╡╚╦∙╝╙╡─╫ó╩═ú╗
  65. ííííd. ╢╘╩╣╙├╡─┬▀╝¡╦∙╝╙╡─╫ó╩═╡╚╡╚íú
  66. íí3.11íí╧▐╓╞╠⌡╝■
  67. íííí╦╡├≈▒╛│╠╨≥╘╦╨╨╓╨╦∙╩▄╡╜╡─╧▐╓╞╠⌡╝■íú
  68. íí3.12íí▓Γ╩╘╝╞╗«
  69. íííí╦╡├≈╢╘▒╛│╠╨≥╜°╨╨╡Ñ╠σ▓Γ╩╘╡─╝╞╗«ú¼░ⁿ└¿╢╘▓Γ╩╘╡─╝╝╩⌡╥¬╟≤íó╩Σ
  70. ╚δ╩²╛▌íó╘ñ╞┌╜ß╣√íó╜°╢╚░▓┼┼íó╚╦╘▒╓░╘≡íó╔Φ▒╕╠⌡╝■╟²╢»│╠╨≥╝░╫«─ú
  71. ┐Θ╡╚╡─╣µ╢¿íú
  72. íí3.13íí╔╨╬┤╜Γ╛÷╡─╬╩╠Γ
  73. íííí╦╡├≈╘┌▒╛│╠╨≥╡─╔Φ╝╞╓╨╔╨╬┤╜Γ╛÷╢°╔Φ╝╞╒▀╚╧╬¬╘┌╚φ╝■═Ω│╔╓«╟░╙ª
  74. ╜Γ╛÷╡─╬╩╠Γíúíí
  75. 4íí│╠╨≥2(▒Ω╩╢╖√)╔Φ╝╞╦╡├≈
  76. íííí╙├└α╦╞3╡─╖╜╩╜ú¼╦╡├≈╡┌2╕÷│╠╨≥─╦╓┴╡┌N╕÷│╠╨≥╡─╔Φ╝╞┐╝┬╟íú
  77. ííííí¡í¡
  78.