ࡱ> 9 RbjbjS%lrbfffDDDrElFGP"PPPQ#Y,O[$  Rfg\QQg\g\ѠffPPѠѠѠg\ /fPfPѠg\ѠѠrfTfffPG dbl/Df$׮0ȫ[[fѠn^ ffR{|SD922.291.91[~U D CS10486fk Il 'Y f[ Ux X f[ MO e lQSD,g{6R9eiRxvzxvzuY T c[Ye^Y T0Ly f[y0NN Ty xvzeT   zqIZ Q g Ye c lf[~Nml ONlQSl N%%Nt^Ng Research on the Reform Trend of Regulation in Company Capital By Zhang Yanwan Wuhan University Wuhan, Hubei, China May, 2005 ѐ͑Xf ,gNvf[MOe/f(W[^c[ NrzdQv^[bv f[MOel g}Rz0b0 GPI{ݏSf[/gS_0f[/gĉTOCgL:N ,gN?aabb1udk Nuvl_#NTl_Tg yrdkѐ͑Xf0 f[MOe\O~{ T  t^ g e -N e Xd ,geNbVlQSlO9eIHh-ND,g6R^v9ei:N_P[ NTVvlQSD,g6R^9ei:N[[a N6R^ bvQ(WRVc[:N;N~ clQSD,gvl_{6Rv_'`09eiv'}'`0[evS_'`0,gezN>e~g N_{6Rv'Ỳof ~TVYv9eiR RgvQQ(WRVTTVbvqQƋ v^~TbVlQSD,gv{6RǏN%Ne~g FOv^ N/fN >e NKN _{NR`D,gv:_S{6R:NMRc MN:_D,gOo`lQ_0l͑[NS_lQS"Nvc6R0R͑cN#N0 Ne~gǏN%Ne~gD,g{6RvwQSOg`I{\OQ0 ,{Nz/f[lQSD,g{6RvW,gtYi_0RV0RT,g(I{ۏLN~Tc0 ,{Nz/f[TVlQSD,g{6R9eiRۏLs[[0NN~lQSD,g{6R9eivVEzlnoAm:Nwp ;`~TV(WlQSD,g6R^9eiebv TKNY c:y N{6R  0Rv{ t_vSS meQc[vQRV@b(W0 ,{ Nz/fbV/f&T^\ǏN%Ne~g0NbVlQSD,g{6RǏN%Ne~glQSD,g{6Rv~0 ,{Vz/f[bVlQSD,g{6RvS_>e~gcQwQSOg`0NbVlQSlO9eIHhvċNeQKb c[bVD,g6R^9eiv!j_ b lQSD,g{6R>e~gvMRcagN :_bV^:_SvsQvMWYce^ NO>e~g{6RvHegS%c0 sQ.͋lQSl D,g6R^ {6R v{ >e~g MWYce Abstract This dissertation regards the reform of capital system in the revision draft of company law in China as the introduction, company capital system reforms of various countries as the targets of investigating, and the inherent reasons chosen with the system is inquired after for the thread. It puts emphasis on these issues such as the necessity of company capital regulation, the urgency of the reform and the proper question of implementation. This text bases on the international background of relaxing unnecessary control, combine some countries reform trend, analyze the inherent reasons and common understanding that various countries reach, and examine the reality that the legal control of company capital in China is overly strict. Finally it points out: our country should give relaxing to company capital properly. We must not loosen it only, but strengthen regulation of dynamic capital. We should strengthen the establishment of supplementary measures inside or outside the capital system to realize the balance of the interests such as strengthening capital information to disclose, paying attention to the control of company's property obtained by the shareholders, aggravating director's responsibility, putting the principle " personality is denied " into use rationally. The subject part of the full dissertation includes the foreword text and epilogue. The text is divided into four chapters---basic theories of legal regulation of company capital, general investigations of the reforms in capital system in various countries, whether we should relax the overly strict control of company capital properly, and the concrete idea of relaxing control in our company capital system. The first chapter gives an introduction and discussion about basic theoretical questions of capital regulation such as the concept, reasons, function and essence, etc. The second chapter carries on general investigation to companys capital regulation of various countries. It regards recommending the international legislative trend of reforms in capital regulation as the starting point, summarizes the convergent place in them, announces the change of the idea from controlling to regulation, and seeks the inherent reasons thoroughly. The third chapter discusses whether our country should relax the overly strict capital control properly. It describes the reasons of too much control in capital system in China as a beginning, describes actual operation result of the system, analyzes in depth of the reasons that our countrys capital control fails, and then draws the conclusion that our country should relax company capital control further. The fourth chapter is about putting forward the concrete idea that how we should give a proper relaxing to capital control. It starts with the appraisal of the revision draft of company law of our country, seeks the appropriate mode selection of capital system, explains the precondition of relaxing capital control, and emphasizes our country should strengthen construction of relevant supplementary measures in order to ensure the effect of relaxing control. Key Words: Company Law; capital system; control; regulation; relaxing; supplementary measures v U_  TOC \o "1-3" \h \z  HYPERLINK \l "_Toc104315782" -NeXd  PAGEREF _Toc104315782 \h I  HYPERLINK \l "_Toc104315783" eXd  PAGEREF _Toc104315783 \h II  HYPERLINK \l "_Toc104315784" _  PAGEREF _Toc104315784 \h 1  HYPERLINK \l "_Toc104315785" ,{Nz lQSD,g{6RvW,gt  PAGEREF _Toc104315785 \h 3  HYPERLINK \l "_Toc104315786" ,{N lQSD,g{6Rvi_  PAGEREF _Toc104315786 \h 3  HYPERLINK \l "_Toc104315787" ,{N lQSD,g{6RvRV  lQSvW,gwv  PAGEREF _Toc104315787 \h 4  HYPERLINK \l "_Toc104315788" N0 gP#NvKN  )RvKNN  PAGEREF _Toc104315788 \h 5  HYPERLINK \l "_Toc104315789" N0lQSD,gvl_{6R  ^[)RvQz  PAGEREF _Toc104315789 \h 6  HYPERLINK \l "_Toc104315790" ,{ N lQSD,g{6RvRN'YFl|V[D,g NSR:NO  PAGEREF _Toc104315790 \h 8  HYPERLINK \l "_Toc104315792" N0Ob:PCgN)RvvR  PAGEREF _Toc104315792 \h 8  HYPERLINK \l "_Toc104315793" N0OclQSO(uvR  PAGEREF _Toc104315793 \h 9  HYPERLINK \l "_Toc104315794"  N0~bNf[hQvR  PAGEREF _Toc104315794 \h 9  HYPERLINK \l "_Toc104315795" ,{V lQSD,g{6Rv,g(  PAGEREF _Toc104315795 \h 10  HYPERLINK \l "_Toc104315796" N0D,g6R^v,g(/f?e^{6R  PAGEREF _Toc104315796 \h 10  HYPERLINK \l "_Toc104315797" N0D,g{6Rv_'`NbV:NO  PAGEREF _Toc104315797 \h 11  HYPERLINK \l "_Toc104315798" ,{Nz TVlQSD,gvl_{6RKN9eiR[  PAGEREF _Toc104315798 \h 12  HYPERLINK \l "_Toc104315799" ,{N lQSD,g{6R9eivVEnoAm  PAGEREF _Toc104315799 \h 13  HYPERLINK \l "_Toc104315800" N0VlQSD,g6R^v9ei  PAGEREF _Toc104315800 \h 13  HYPERLINK \l "_Toc104315801" N0'kvlQSD,g6R^v9ei  PAGEREF _Toc104315801 \h 15  HYPERLINK \l "_Toc104315802"  N0'YFl|V[lQSD,g6R^v9ei  PAGEREF _Toc104315802 \h 16  HYPERLINK \l "_Toc104315803" ,{N TVlQSD,g6R^9eiRvRg  PAGEREF _Toc104315803 \h 18  HYPERLINK \l "_Toc104315804" N0TVlQSD,g6R^9eivqQƋ  PAGEREF _Toc104315804 \h 18  HYPERLINK \l "_Toc104315805" N0TVlQSD,g6R^-N?e^{tt_vSS  N {6R 0R v{  PAGEREF _Toc104315805 \h 19  HYPERLINK \l "_Toc104315806"  N0[bVlQSD,g6R^9eiv/T:y  PAGEREF _Toc104315806 \h 22  HYPERLINK \l "_Toc104315807" ,{ N lQSD,g{6R9eivRVc[  PAGEREF _Toc104315807 \h 23  HYPERLINK \l "_Toc104315808" N0[)Rvs^avBl  PAGEREF _Toc104315808 \h 23  HYPERLINK \l "_Toc104315809" N0lQSD,g{6Rv[EHeg  PAGEREF _Toc104315809 \h 24  HYPERLINK \l "_Toc104315810"  N0vsQMWYcevǑS  PAGEREF _Toc104315810 \h 24  HYPERLINK \l "_Toc104315811" ,{ Nz bV^&TS_>e~glQSD,gKNl_{6R  PAGEREF _Toc104315811 \h 26  HYPERLINK \l "_Toc104315812" ,{N bVlQSD,gvl_{6RǏN%Ne~glQSD,gKNl_{6R  PAGEREF _Toc104315824 \h 37  HYPERLINK \l "_Toc104315825" ,{Vz bV>e~glQSD,g{6RvwQSOg`  PAGEREF _Toc104315825 \h 39  HYPERLINK \l "_Toc104315826" ,{N bVlQSD,g{6R>e~gvzlSOs  PAGEREF _Toc104315826 \h 40  HYPERLINK \l "_Toc104315827" N0lQSlO9eIHh-NvSOs  PAGEREF _Toc104315827 \h 40  HYPERLINK \l "_Toc104315828" N0ċN  PAGEREF _Toc104315828 \h 40  HYPERLINK \l "_Toc104315829" ,{N lQSD,g{6R>e~gv!j_c[  PAGEREF _Toc104315829 \h 41  HYPERLINK \l "_Toc104315830" N0[cCgD,g6Rv`  PAGEREF _Toc104315830 \h 41  HYPERLINK \l "_Toc104315831" N0[b-ND,g6Rv`  PAGEREF _Toc104315831 \h 42  HYPERLINK \l "_Toc104315832"  N0lQSD,g{6R>e~gv!j_ b  PAGEREF _Toc104315832 \h 43  HYPERLINK \l "_Toc104315833" ,{ N lQSD,g{6R>e~gvMRcagN  PAGEREF _Toc104315833 \h 44  HYPERLINK \l "_Toc104315834" ,{V bVlQSD,g{6R>e~gTvMWYce^  PAGEREF _Toc104315834 \h 45  HYPERLINK \l "_Toc104315835" N0:_SD,gOo`lQ_  PAGEREF _Toc104315835 \h 45  HYPERLINK \l "_Toc104315836" N0 :R4xlQSb~ SRvTtЏ(u  PAGEREF _Toc104315836 \h 46  HYPERLINK \l "_Toc104315837"  N0R͑cN#N  PAGEREF _Toc104315837 \h 48  HYPERLINK \l "_Toc104315838" V0l͑[NS_lQS"Nvc6R  PAGEREF _Toc104315838 \h 49  HYPERLINK \l "_Toc104315839" N0SwNTN[D,g Nve4#N  PAGEREF _Toc104315839 \h 50  HYPERLINK \l "_Toc104315840" mQ0-NN~~vĉS  PAGEREF _Toc104315840 \h 50  HYPERLINK \l "_Toc104315841" N0NCg6R^9ei  PAGEREF _Toc104315841 \h 50  HYPERLINK \l "_Toc104315842" ~  PAGEREF _Toc104315842 \h 51  HYPERLINK \l "_Toc104315843" Se.s  PAGEREF _Toc104315843 \h 53  _ яt^eg tLu gsQbVlQSlO9ev^ N~N30ُvQ-N lQSD,g6R^1uNTbVNCg6R^9eiT|'}[ @bNNv/fN*NppTOeav0 bVvlQSD,g6R^1uN(WؚvgNOD,gvĉ[0XQDvl_ z^0QDb__vl[;NIN0QDċ0OTD z^0lbDvP6R0NbNSLvybk0%NPT0vQV %Ne~g[lQSD,gv{6R Ndk Te [lQSD,gvl_ĉ6R\vV tSN[6qNNI{'YlQSvN:NQY:g ǑS:_SOo`lQ_I{ce g:_SR`D,g{6RKNR0 >e~g{6R T :_S{6R ُ$N9eijmnovzz/f̀S p؏/fk TR_bTbVvlQSD,g6R^9eiSUOSUONbT lQSlO9eIHhvQSeuhfNvMRbVlQSD,g6R^9eiv b02004t^7g5eVRbl6RR[bNlQSlO9eIHhwI]\O v^\_Bla?z NS~T蕁_Bla0IHhvQS eu:y@w(WlQSD,g6R^v^eb V[QV{B\_NƋ0Re glQSlĉ[v NTe[0 N^Vl~Nm3zePSU\veb_R N @we~gV6q/fN*N NSlvzlR FOf[Luf^[>e~g{6RTv NNekۏL`T0sSlQSD,g{6R/f N/fN >e NKN>e~g{6RvMRcagN/fNHN>e~g{6RTbN^ۏLTNMWYcev^N]V9eibg09eivhlQSl^YUOO9e MbwckRbDvbDp` (WNT:PCgNKN}Y0WۏL)RvvGWateۏ Vn0RlQSD,g{6RvRVTRUO(Wv^N~TbVvwQSO`QRgbVlQSD,g{6RǏN%Ne~g /f {6R ؏/f v{ ُ NNNS/fha NvsQND,gl_ĉ[%N z^v N T [f/fN:WmSD,g6R^t_TRvm;RSi /f[^:W:g6RT?e^L:N\O(uS%cvN*NOS /f?e^[lQSُy_8^;mÍv~%[SO@burmv)RvvsQeKNCgvvN*NS bb/fGWa0 sN>yO ?e^~NmSNǑ(u N Tve_ۏL Y[‰c0O[0}TN ?e^{6RvOnc_N1\v^0WwQ g N Tvhsb__[eSN/f?e^v~Nm?eV{ _NSN/fV[vl_blĉ0 ?e^[lQSD,gv{6R ;Nhs:NlQSl[lQSD,gv:_6R'`ĉ[0VdkYg~QN*N Nbqv[IN SNُ7hh lQSD,g{6R/f?e^:NOSlQSN>yOvQz N:_6R'`ĉ[lQSD,gvb_bSAmlۏLvvcwSc6R0 1uN\lQS\O:NrzNf;NSOv6R^[c sSO/fegvlQSl _N]~:N,{ NNSlQS:PCgNvObcONN*NW,gs^S ُ1\/fD,g{6R sS(WlQSlvNCgObFhgQ 1uNNN:PCgN(Wl_0WMO Nv:S+R lQSl:NlQS:PCgNOb@bcOv6R^[c N/fۏeQlQS:ggSRlQS~% /flQS_{TvQ:PCgNbbD,gSvQ~cvl[INR0=\{ďN:Nbkf[/gLu[lQS)RvvsQ(WlQS-Nvl_0WMOvc"} (W[BllQS)RvvsQCgvObvev6R^RI{ebwQ gygvaIN FOxvz\ Nz4xlQSlvW,gNCgObFhg0Vdk lQSD,g{6RN6q/f[lQS:PCgNSvQN)RvvsQ0CN[>yO)RvObvN*N͑6R^[c0[(WlQSlFhgQ :N,{ NN0lQS:PCgNSvQN)RvvsQcONNeQbq_TlQSltvl__ Nl_b/g N㉳QNYltv6R^[c0 ,{N lQSD,g{6RvRV  lQSvW,gwv S_MR1\lf[LuEQe@w[bVlQSD,g6R^vc#XT[lQSlO9eIHhS}YXe {N:N bN^[dkycQYT(Nav`^0e/f(Wl|PT>e~g{6Rv'YFl|V[_N}Y (WlQSD,gvl_{6RُNWWv^l g[hQ _ S/fǑSN N Tvb__ KbkfY7hS0fRg'` fl͑KCgWĉvĉ6RTꁋ_'`{tĉRvЏ(u0HN bN NyN(WlQStQwKNe ?e^[vQD,g6R^v^z'YRĉ6Rvzz/f:NNNHN(WD,g{6RǏN%Ne~g{6RvSS̀of N TVtSv^^vv0W>e~g[lQSD,gvl_{6R /fS(WSNB\b NR:_[lQSD,gEQ[vl_{6R ُvQ-NvQ(WQS/fYUObTُvzz/fzlv͑1\{ ؏/f gfmB\!kvzlt_vc[bT{N:N [lQSD,g6R^9eivyycT` g~_6qV0RlQS6R^,g Neg0lQS6R^ꁫ@bwQYv N TNvQN~%[SOb__vyr_lNNyOvc6R vX[(WTSU\ lQSvV gwv(W_Y`Q Nhs:N*NSO)RvT>yO)RvvQz0HQ 'YN[lQSvc6R [􁡀NteSOvRS Y(WNlQS-N \NN'YNvwvNvQ/fNKNvQz NY/f1u'YNc6RvlQSN\O:NN*N>yOSOv\NvQzvQ!k ؚ~{tNXT[lQSv[Ec6Rb'YNTؚ~{tNXTN~T[lQSvc6R OlQS\N0lQS:PCgN0lQSǖXTCNvQN)RvvsQvCg)Rb4NfR[EvZ V [N6qNc6RvlQSN>yOvwv01udkS lQSl@btevsQ|EQnN*NSOv1uCg)RN>yOteSO)RvvQz0 ck/fWNSlQSv)RvvsQKNvwv cRlQSN:PCgNKNvNf0cGSlQSD,gЏ\OHes YUO[lQSD,gNN{6R  \O:NbcS gP#NORvNN  b:NlQSlve,gh v^YS:ND,gb_bND,g~cI{ebvĉR01udkS lQSD,g6RvubNĉ6R /f\O:N gP#N:g6RvNy6Ra6R^ Qsv0 N0lQSD,gvl_{6R  ^[)RvQz ڋ6q N gP#Nv_eQlQSُy~%[SONeg vQ[lQSN(WnPlQS:PRebv MQ# ĉ[ O_lQS6q 6q0WZƖNOYbDv~FUp`Tƀϑ0(W gP#Nv ^b N яsNNeg lQS(WNLuTVYT%f {,msQeg :NTVv~NmSU\TVlu;m4ls^vcؚ\OQN]'Yv!.s0FO_Nck/fN gP#N:g6R_eQlQSWvN)Yw :PCgNTNv)Rv1\l[/fN*Ngv$Nz01uN$N0WMOv_ [NKNN*g\PbkǏ)Rvvxd0iddCNQz0@wlQS(WsN>yO-Nv0WMOvev͑ V~@wlQSv)RvKNNe] NNN@\PNNT:PCgNNKNN fYv)RvQzY'YNN-N\NKN0NNlQSؚ~{tNXTKN0L]NN0L]N~%KN0lQSN@b(Wv>y:SKNevz>fQeg0lQSv)RvQz_N]N{USvN*Ngv$NzKNNSbNY*NgvYzKNN0ُ[N?e^v{t:g6R /fN*Nevcb0YUO[lQSvY*N)RvSOv)RvelQSv~%;mR0R:_vQZƖD,gvR v^\q_T@wN*NON/f&TSNHesЏ\Ov^g'YSR "[ \Q[NVlQSD,g6R^-NvONꁻlv ^ \6R~N*NV[v~NmsXv8T_RNNVvVEzNR0{ KN ?e^[lQSD,gvĉ6R [E N1\/fV[NꁫvSU\T~Nm?eV{QS egQ[gv/ep(WUOY0 1uMRbvRgSw N gP#N_S N TlQSSNNKNv)RvQz0dkY lQSD,gvb_bT~c؏b@wSNW,gvR sSYUOOۏDTRcebDΘi0V:N N O~vSxQONvk lQSb_`vg'YOR1\(WN[/fy{ƖFUNDv^P[bRcebDΘivgsO]wQ0YUOOSlQSl(W6R^@b\o(WvO)RD0Oۏ>yOSU\T~b:PCgN)RvS>yONf[hQُ$N'YvhKNOX[(W@wN[v[zTQz0 ~ N@b lQS\O:N~%b__vyr((WNN gP#NNlQSrzNyOv)RvQzevz>f0zl(Wb[ Nv)RvQzKNE :NN^zN*N gRNlQSb:NrzNf;NSOv>yO~Nmy^ N_ N(W :PRDv:_pOHQ'`NNbDvTtOHQ'` vS͑)RvBlKN [BlNys^a0lQSl(WvQe gFhgQ _6qIYLGWateSR sSzl NNQ[bDNTlQS\O:Nrz;NSO(WbDT~%ebv1uCg)Rv[TOb ؏Q1uNN gP#NNlQSrzNyO&^egvZ sSQ1uNlQSN>yOvQz NuvlQSL:NvY'` v^Vdk[lQSv;mRۏLc6Rbv{0(WُNQ N lQSD,g6R^v oS:NN*NsNlQSl /f&T0b(WUOy z^ N0bNUOe_ s^a N)RvQz& & zlYUO w_ck8^ЏLvFUNb_` /fGP[1h:N8^` eRNHQv2'`ce ؏/fƉ:N1h:NOY AQFUN1uvzzُy`^vRgk vcq_TlQSSNNv)RvRN v^>muQN N TvlQSD,g6R^0(WُNvYt N 'kvNV\~NmvA~c b[(W N TvlQSD,gĉRvYt!j_KN N0(W'kv l[D,gĉRvX[(W/f:NNObV[BlCgN MQS\O:N iRYOCg)RBlCgN vN:gOL:NvO[0vQ/f:NNOb:PCgN Nl_ ^T T eg[sُNvvv0(WV Rp`p`vS0vQl_D,gĉR /f:NN~NcOg'Yvup;mv;mRzz vv/f(WBlNNPT v^VdkOOvQNlQS)RvSNSO $\vQ/fNlQSۏLNfvY:PCgN)Rv0Vdkُ_N1\Q[Nzl(WۏLQV{ be ,{N*NQvO/fOb:PCgN)RvN0ُ̑{N'YFl|V[lQSl NSR:NO lQSD,g{6RvR0 N0Ob:PCgN)RvvR =\{lQS:N/f sN>yOgO'YvrNeNvSf  FO@w gP#N6R^(WlQSl-NW,g0WMOvnxz [LN#NTlQS#Nv%NyO)Rvv~b:NQSpv BllQSvD,g{N^NNfvΘi NQs \lb'Yf vsa V BllQSze{ gv4vD,gv^~cvQ NS0ncf[[ c['YFl|V[lQSzlRzD,g NSRev;N[`nock/f>yO,gMO;NIN  >yO,gMOTf[`nol͑>yOvteSO)Rv u N`zrrr@\萄v*NN)RvNbcS>yOvteSO)Rv D,g NSRsQlvck/flQS:PCgNS>yONfv[hQ0 D,g NSRvnxzONfv[hQ_0RO N O^:Wy^S_N6q NNQs'Yϑv^:W:kȋ 4xOW^:WvNfy^vL:N0 ck/f1uN?e^[lQSD,g{6RKbkv0Џ(uT b vQe(WRO)RvGWavzlaV(WlQSlv6R[TgbLǏ z-NMb_NSOs0ُ7h *NSON>yO$Ny N Tv)Rv(WlQSl-NRR_0RNg'YP^vOb0FO(W[EЏL-N 1uNTV(Wzl b0lĉ?eV{0eSsXv]_0lQSD,g{6Rv~g'} z^v N T _6qq_T0RlQSvvsQ)Rvv)Rv&Twck_0RGWaOb0 ,{V lQSD,g{6Rv,g( N0D,g6R^v,g(/f?e^{6R lQSl-NsQND,g6R^v:_6R'`ĉ[ =\{SN~Nmf[[t:N/f NfvS_NNKNgZS_v~g FOُNNʑNl_v b[evW@x `$lQSW,g6R^oۏvSSEQRf \O:N NAQS_NN bv:_6R'`ĉ[ D,g6R^(W,g( N/f?e^{6R sS/f?e^[lQSDONY`0RR`vhQb{6R0?e^[lQSD,gۏL{6RvSV N[hQ/f^:W1Yup /f^:WNfv8nbĉR(WlQSeNvN*N[‰Bl /flQS\O:NrzNf;NSO[D,gv{ĉRvBl /f:NN~Nfb,g \FUN`Ol_Sv~g0 ZPQ N~vW@x(WN{[lQSl,g(vƋ sSlQSl,gvR1\(WN㉳QlQSuX[vW@x'`v OlQSُ*Nb6RvNf;NSOwQ gv^Oc[NT:PCgNvO(u0Vdk V~ُNvhv@b gl_SvQ(WsNvSU\ _N/f:NN^lQSV gwvvSU\SS b1\/fvQSU\SSv~g0(Wُ*NaIN N ՋV\lQSl w\O/f:N~|1uvlQSꁻlSO gR b/f[hQ\lQSl w\O/f?e^SN1uЏ(uv]wQe/f:NN1uvvv؏/f:NNc6Rvvv /f N&{T[Ev0 lQSD,g{6R/fV[NlQSlOSlQSꁫSvQN>yOKN)RvQzvNir0Vdk =\{@w~NmvSU\ D,g6R^vwQSOQ[bhsb__]~SugNSS FOv^l gN9h,g NRGdD,g6R^(WlQSl-NX[(WvW@x0 N0D,g{6Rv_'`NbV:NO OMRe@b lQSD,g6R^v,g(/f?e^{6R lQSD,g{6RNuSX[(WvW@x(WNlQSV gvW,gwv0(WlQSlaIN N lQSD,g{6Rv9eiT[U/f㉳QbVlQSltvN*N͑v6R^[c0ُNwvSvQ(Wc6RagN NvSU\ Q[N(WlQSlaIN N bVlQSlt㉳QvgsQ./f(WcN0~tb'YNc6RvagN N YUOOclQS[\N0lQS:PCgNNSvQN)RvvsQvO01uNvMRbVD,g^:Wv NS O\NTvQN^V[N[lQSlt\O(u N'Y 1uNV gDN{tSO6R9eiv%N͑nT SOV[N[lQSlt k:W,gR Vdk:NN㉳QbVlQSvMRvO(uqS:g lQSD,g{6R N>e_ (WR`D,g{6R N؏^R:_ُNTe\v >e~g{6R v^ Nwv {\(WTbvzNN ُ_N/fbVlQSl9eiTSU\RvN*NgvQ͑veb0 ,{Nz TVlQSD,gvl_{6RKN9eiR[ lQSD,g6R^/f4OlQSNu QsvlQSlv͑6R^0@w~NmSlQSvSU\ 19N~Neg D,g6R^(WNLuVQSu@wSi N Tl|KN0 TNl|v N TV[KN D,g6R^evTT T0(W^zN㉳QlQSltvl_:Nvhv-NVlQSD,g{6R6R^vǏ z-N ُ/fN*Ne[NvQ[lQSlQD,ggNOPSvQ[E4~v%Ne~g{6RNvO^:W :Nt_ \ KCgWĉR:N;NAm vcCgD,g6R NeTMRcۏ0 ُvQ-N N1975t^R)Ry<\N]lQSlv9eig:NzQ0[sHQge0W>e_NNl[D,gThybNkۏLNhQbvOck0Si SN/fVT]lQSlKNۏL g^zN NBlHesSЏ\OvƖ'Yb0(WlQSltB\b N :_SNcNvOININR(WSlQeNmB\b N R:_NSlR;NIN$Nv|T^qQ TЏ\O % NVg[ gup;m'`0:gR'`01u^0HesSvlQSD,g6R^[cAQgNOb,gvzlQS g'Y1u0WHesSy{D ^lvKCgWĉR[c AQcNWNFUN$ReۏLNSL0N[N0/f&TRg4~0^&TV-0VNv$Re v^ScNL:NQRN#N:g6Rv6R~0(W NNN)Rvg'YS[MOvcCgD,g6R^!j_ N Q^ NsQllQS:PCgNv)RvO /f͑eMn[:PCgN)RvOv6R^ag0(W6R^MWY N Ǒ~NN8h_lQSlTlQSlKNYĉRvMWY9ei sSlQSD,g6Rvvvv^^e(WbS_Ob:PCgNvhQ萟R Oo`b20]݄)YlHh0lQ"ROQRvSU\0|􁾋v:P8RQY~TvQN:PCgNOT T08RRg0DOgNbJT:ggvSU\0:_ScNvSXbNINR0czlQSb~0as^MO!kĉR0#NOiI{:g6R gbNVsNv:PCgN)Rv2NO:g6R0 VlQSD,g6R^vN|R9eiceveL O_lQSzf:NOwc lQSDg@wf:N9_'`0f:N[(uveTSU\ v^&^RNRb'Y0o'Y)RNI{VlQSlvO9e0 FOsSO(WYdk|~vlQSD,gĉR N VvY'YlQS(W21N~RtSv~Qs"RvN02001t^12g c TV,{70hQt,{16MOv'YlQS[6qz6q4xN vQT NLu0st5uI{'YlQS(W"R Nv_Z\OGPvNv~f2 Vv'YlQSweQzzMRvOqS:g0[ُNlQSvO GPN 2002t^1uV;`~^N~{rv 0(se  eYye)RlHhSarbanes-Oxley Act of 2002 NR:_OOo`b2T"RYtvQnx'`0O[NXTvrz'`0[UlQSltI{Yeb[sLv gsQO08RTlQSvl_ZPNYvO9et$bz1u^?e^NX~bvrzvvcwYXTONvcwOLN v^ybkOlQS:NvQ[[acOTNRu$ĉ[-^gbL[T-^"R[["RbhvfN#Nv$Bl@b gv N^lQS_{z[YXTOw$R:_SEC[ N^lQSOo`b2INRv[gCgx$R'Y[ݏlL:NYZvR^0ُN͑'Yl_9eiO?e^[lQS"ROOo`SvQlQ_vv{b:NV20N~30t^NNegg:N%Nkvl͑b cQl[D,gĉR[c ǏN%NkEQeN*YYv;x0ybk0P6RTJR1_ *YYv{6RT͑ :NЏ(u@b Ntv^NbbNǏYveTёb,g0[/f N&{T^:WzNvSU\noAmv0 N[ N ['kvlQSlcNSvQbXTVlQSl N|R O~vl[D,gi_YhybNe~gD,gnx[SRKNĉ6RNl_9eiv/T:y0 N*NN~N0mQASt^N_Y 'YFl|V[lQSlF~Ǒ(ucCgD,g6RTbwD,g6R NNnfMMNONlQSlQD,gvgNOP Teĉ[lQSzeNsё4~vD,gSNRgSLbRg4~01uN20N~+gNegc~v~NmpNSёqS:g@b[v~Nm Nofl яt^egNN'YFl|V[2kۏNek>e~gRRlQSgNOD,gvBl0Ndkv^ sQND,gEQ[vĉ[_0RN[UTSU\0e/f(WlQSllxQ؏/f(WSl[-N N NSU\R/f^8^f>fv:_ScN0~t[lQSD,gEQ[v*NN#N:_lQSD,gSROo`vlQ_R:_[sQTlQSSvQNfvc6R I{I{0keu Nĉ[ NNz^NsNlQSSU\[NT:PCgNOb@bcQvevBl Nf͑v/f:N'YFl|V[lQSl>e~g[lQSz6kvD,g{6R`Y[NW@x0'YFl|V[lQSD,g6R^vOck Ne,g0VTbVS~nlQSlvOckNh:NxQW0 (We,g 1950t^lQSlO9eKNE cCgD,g6R^v_ۏNcNO6R^v9ei/f TekSuv0cCgD,g6R^vǑ~ 9h,gRV(WN[Bl Dёy{cNDёԏ؏v:gR'` 0NdkMWYv6R^9ei sS/f1_SN'YOvCgP :_Sv^0N[cNOvCgP02001t^6g011g012g e,glQSlۏLNzzMRvOck vsQlQSD,g6R^_NۏLN'Yĉ!jv9ei0OY[lQSRRsNv NMv`Q e,g?e^:NN/ecRN b(WN[gfe NgbLz gPlQSTNlQSvgNOD,gP6R \O:NOb:PCgNvfNce (W2kcNVO4NeOvvsQlHh-Nĉ[RN_{lQSlQ^"RrQ Te(W0RgNOD,gBlKNMR NR~YglQSz5t^Q N0RgNOD,gvBl \[lQSۏLgY0 V1962t^6R[KNRvFUlSe,gFUlvq_T'Y TegR+R(W1984t^01991t^01994t^01998t^ۏLN'YE^Ock fY0WPtNVlQSlvt_NĉR YcCgD,g6R[c0lQSlt~gvCgRRMI{ N b_bwQ gVyrrvFUl0 bVS~n0W:S2001t^vgelQSlOck e(WSf O~vl͑{6RN2 _vlQSD,g6Rt_ V^D,g^:Wv1uSTb,gHevSvSU\ 1\bNSL0NSLvQD{|Wvib _0NSc0>e[lQSDёP7I{P6RۏLNh0 'YFl|V[lQSlvlQSD,g6R^vُySSNSN*NObc:yN O~l[D,g6Rv _z _NfN O~D,g NSROlQS:PCgN)RvvR g@w%N͑v:w v^N ǑScCgD,g6RTbwD,g6RT[E Nv^l gq_T0RlQS:PCgN)RvvOb0 ;`KN 'YFl|vN|RlQSD,g6R^9eivckS_'`t_/f(WhQtSzNeN lQSl_{V^FUNvTtBl ^RNlQSD,g6R^vؚHe0up;mT{S N cGSONvzNR0 ,{N TVlQSD,g6R^9eiRvRg 'YFl|Tl|V[.Rwvُ$NlQSD,g{6R9eiKNΘ vzz/f̀S p؏/fk TR_bTُ̑{b[яt^egv9eiΘnoNNmeQRg NgY[bVS_MRlQSlvO9e g@bPt0 N0TVlQSD,g6R^9eivqQƋ (W/}yvFUN[~vc_ N (W[ g^'`vQz'`‰pvN KN-N (WzltN[vNRq_T N TVlQSD,g6R^Si=\{X[(WRgk FO'Yb_bY NqQƋ 9eiv^ N/f>e_lQSD,gKNl_{6R0 ,{N N%Ne~g{6R egibvQ~g0V:N N Tl|V[lQSD,g6R^9eivwQSOZPl v^ N/f{US0W&T[lQD,ggNOPSvQ[E4~6R /f(W[vQ6R^Ne~g{6R STV?e^~Nm?eV{0llsXvq_T bN1\f NNg*Nl|(Wg*Neg[D,gv{/f>e~g؏/f%NyOlQqQ:ggOgqN[vĉR[ONv;mRۏLP6RvL:N0a$ gя (W~Nmf[[N[lQS6R^vxvz-N A~c0RRegulation v^O(u v{ vIlhe_0(WN{[6qNNTV^:WĉRTv{ve-N vQ\O:N {6R;N(uN[~Nm?eV{vxvz v{Rh:y^:W~NmSO6R NWNĉRv{t0{:N @bĉR (WrIN NSNt:Nl_ĉ Vdk WNĉRv{t[E NSNt:NNl_:Nhsb__v{t0 (WSN{e-N vQ\O(W0RlQSl_voۏecQ (WǏSv200t^  (W'YFl|V[ lQSlvv{4O@wl_:_6Rĉ[ ev~vS (WBlfYvcCglQSlvnflV[ eEQ'`c6R:g6RQsN [SbQCg0SlPCgNS8R^:Wevv{SO6RvX:_ ُN‰pvhe_asT@w 勺e\O:N NNX[(W?e^[lQSvv{ Nُyv{eSNhs:NlQSlKNYvv{ĉR _NSNhs:NlQSl,gv:_6R'`ĉ0 NMRbvRgbNS w0RlQSD,gv{NlQSD,g{6R/f g:S+Rvi_0 ,{N D,g{6Ryr+Rl͑l_Kbk0L?eKbkI{:_6R'`cevЏ(u :_N_{t D,gv{kD,g{6RvVf^ fY0WS+TN^:WvvcKbk0:_ꁋ_{tTN_{tv~T ,{N D,g{6RvwQSOb__;Nhs:NlQSl-Nv:_6R'`ĉ D,gv{vb__:NY7hS ؏SblQSlKNYvĉR NKCgWĉR:N;N ,{ N D,g{6Rf:_[Y`D,gv{t D,gv{R@we~glQSz{6R9eiv[a0'YFl|V[D,g6R^(W20N~9eivSS1\fNُNp0 1\vMRTVlQSl(WD,gEQ[ebǑSvwQSO9eice bNSN_Qُ7hv~@b>e~g{6R[E N/f(WS gĉ[vW@x NR:_N[D,gEQ[v{6R l͑Nꁋ_v{KbkvЏ(uTlQSlQYv{ĉRvMWYO(u VdkN6q/fS{|vv{01udkS \sND,g6R^ w\Ov{ N/fN*N{USv T͋/g틄vfN /fN|~TR`v‰p[D,gĉRSvQSiRgv~g sSD,gv{/fl_[lQS"NX[(W0O(uSAmlr`vvcwTc6R wQSOhs:N[lQSc6RNv[DNvc6RL:N [vINR vv(WN2lQSc6RN[N)RvT:PCgN)RvNS>yO)Rvv_c[0 (Wُeb g:NxQWvOP[1\/fV0N[hf Vv:_'YONv{SO|eEQNvQ[~gvlQSl@b&^egv?e^v{v N0 f[N(W[6qNNKNT[VlQSv{SO|vS`SN:NdkPO0 SY яQt^NNVYf[vxvz_NʑNُNp02001t^ NVT&OkN'Yf[lf[bvveXbYec:NvNNf[Katharina Pistor Yoram Keinan Jan Kleinheisterkamp and Mark West (WNy:N l_oۏNy iHeg vxvz-N [lQSQV{Cg(WSb q_TlQS\O:Nrz[SOX[(WvQV{Cg0lQSlt~g0lQS"R~g I{lQSl8h_WQvRMۏL[TSs (WǏSv$N~vt^ vkVTVyr+R/fyrbNS] lVT_Vf>PTN Ǐ^l_egĉ[c6RCgvyr[RM sS\c6RCgRM~zl:gsQ ^cNyNTl^ Vdk ُ$N*NV[[@bG0RvlQSvxQWV^ /f X:_l_v:_6Rĉ[NMQ\egSu{|e~g N_vD,g{6R :ND,gvHesSb__NЏ\O=\ScOg'Yvup;mzz0 N0[bVlQSD,g6R^9eiv/T:y V2001t^lQSlg~bJTf~m;R0WS`:NNHNS,gNHe,gVlQSlvV[~~TV`b:NNHN,gVv~Nml gV7hwQ gVEzNR(WُNh-N vQ-NN*N͑݋sS/fl[D,g6R:N:PCgNcOw[vObHND,g~cSRgwzlgvvHNbcKN lQSND,g:NOHN{N:N T7hvS`(WbVvMRvlQSl9eiǏ z-N_N T7h(u0bNfۏNekv`/f(W~NmhQtSv̀of N (WlQSD,g6R^9ei]/f'YR@bKNe bVlQSD,g6R^UOSUON /fz^noAm g^zN ؏/fR L~~:_S{6R(WvMR >e~g{6R v|TX`S;N[0WMOv`Q N N >e NKNT bN؏ NZPNNHN0؏ZPNNHN(W{ weg ُN/fbNvlQSlO9eIHhQSTbN^ۏNek`v0 [NbVlQSD,g6R^v9ei g9h,g/f_{Sb4xbN4Y-N]~b_bvsS[!j_SclQSD,g6R^ SRgT㉳Q-NVlQS@bYv~Nm̀ofSvQ(WD,g N@bb4Nv[E0 ,{ N lQSD,g{6R9eivRVc[ N0[)Rvs^avBl (W20N~50t^NKNMR lQS:N/f㉳QONNNuN;mR-N@bb4NvD,gvKbk Vdk lQSlvNR/f^zl_ NvTy:g6R NO:RobDNbDvyg'` OlQSY(WwgQZƖ'YϑvD,g0 20N~50t^N$\vQ/f80t^NNeg TV~NmGW_0Rg'YSU\ lQS(W>yO~Nmu;m-Nv͑0WMO]~_0R gHenxz0lQS(W[>yOSU\\OQ͑'Y!.sv Te _N_SN N T)Rv;NSOv)RvQz01udk $N'Yl|V[$\vQ/fl|V[_Y9eS[N[lQSv'`(T\O(uvƋ :NlQSv^^NN/fy{cD,gvKbk [N T7h_N/f~~uNvKbk T7h/fON T7h/fmS0ROYv)RvsQ|;NSOv)Rv lQS}6qOblQSNv)Rv FO/f [ T7h_NOblQScNv)Rv OblQSSwNv)Rv OblQS:PCgNv)RvNSlQSؚ~L?e[XTv)Rv0Vdk lQSlvvhv^^/f:NNUS~0W[slQSNv)Rvg'YS /f:NN[slQSl NvTy)RvsQ|;NSOKNv)Rvs^a lQSl N^S_PSlQSN)Rvg'YSvhv[s zrrrlQSvQN)RvsQ|;NSOv)Rv0S_NlQSlf[[ǑSN~Nmf[[vt :NlQSl^S_[lQS:PCgNcOl_Ob ONNN O~ll-NQY~TOCg:PCgNv0WMO NGS0RlQSl-Nv)RvsQ|;NSOv0WMO0(WlQS:PCgN0WMO_0RcGSvW@x N sNlQSlۏNek[vQN)RvsQ|;NSOv)RvcOOb ُ7h S_NlQSlvRv^^P O~lQSl7h:NNN/f:NN[lQSNcOOb ^S_/f:NNs^alQSNN0SwNKNv)Rv s^a'YNT\Nv)Rv s^alQSNTcNNS:PCgNKNvsQ|0ُ1\/flQSl NvlQS>yO#NtTlQSlv)Rvs^at0TVzlǑ~Nf[Luvt ~~[,gVlQSD,g6R^ǑSNN|R9eice0ُy9eiceS f(WlQSl NvSS1\/flQSl NvTy)Rv;NSORNs^I{Obv6R^ck(Wnnxz lQS@bbbv>yO#NvV]~Tck(WT^^Tm^SU\0 lQSD,g6R^[cvzz0RNHN7hzlgvhUOy6R^bl_ĉRv[c eenlQSDvBlR:g Ss^alQSSNNKNv\o(W)RvQz b:NTVf[悢cv ُ_N1\/fTVlQSD,g6R^ NetevRV@b(W0 N0lQSD,g{6Rv[EHeg OY 1\l[D,g,g [ NǏ/fDN:PhSs^a_ Nv@b gCgvh N@b:yvN*NN:Nvl_RvpeW[ [ N/fDN0Dёb"N [@b Ov/fNlQSv~Nms[esQv [:PCgNl gNUO[vvSS'`Oo`0[ NǏ/fN*N z^v^X [@bOv NǏ/f^~Ob:PCgNُNMRn z^ >eeQlQS-NvNQD N_RM0[v^l g㉳QlQS:PCgN@bsQlv N'YlQSsёAmvO0lQSvY:P0RbObؚ~:PRCgv0 Ob:PCgN)Rv /fl[D,g6RvRYT~~sQ` vQce__/fgNOD,gBl0QDvP6RN2NMR0QDbRMvP6RNuTbNT0ُy:g6Rw\O(uNT{N:N 'YFl|ck(WۏLvppppvlQSD,g6R^v9ei]NSb~QNT{Hh0 N0vsQMWYcevǑS D,gvY`{6R9eivQ(WSVNNf9eivS'`0V:NNN g>e~g{6RvBl ؏ N_Q>e~g{6Rv0(W[sD,g{6R;`SONe~gvMRc1\^S_/f^zePhQMWYce0{:N(W[-N 'YFl|V[NSU\T[UD,gEQ[SR b_bN[D,gnx[SRvRfNbeEQ N :ND,gnx[SRpT[~g`Y[NW@x0 $N'Yl|V[lQSl(WD,gEQ[ebvqQ'`T]_N N TvObfNُNp0 lQSD,g6R^!j_v bǏ z [R1\/f N TlQSzlt_vN Ǐ z /fwlQSlRvǏ z0sNFUN>yOvЏ% Q(W0W4nBlNyYbv~gNYCQS bvzz0ُyBlS f(WlQSD,g6R!j_vR[MO N 1\/fVT{ُ7hN*NlQSD,g6R/fNN)Rv:N;N[v^RND:gRS bbN:PCgN)Rv:N;N[|Q~y{D:gR'`0 ,{ Nz bV^&TS_>e~glQSD,gKNl_{6R bVlQSD,g6R^NlQSl:N8h_ WN_OV ~1u N T蕄vvsQĉ[ TY\b_b^'YvlQSD,gĉ6R vQ8h_t_/fObNfy^N[hQv2 _‰ vQǑ~vzlĉR/fN:_6R'`ĉR:N;N vQ;N[`/f>PT:PCgN)RvvO vQ6R^!j_SR_~:N NNHQb__[c:Nyrrv%NyOSU\KN bvQ,g1\/fN*N 1Y%v;N _ (Ws6k bV/f&T(ucCgD,g6RTbwcCgD,g6RfNl[D,g6RǑ(ucCgD,g6R /f&TN[㉳QbVlQSD,g{6R-NX[(Wvyy{N:N g_[ NNt NNN V:Nُ/f(W^:W~NmagN Nq_T N T)Rv;NSOKNYUORM~%Θiv'Y _N/f[bV*geglQSzlpTNuq_Tv͑'Y0 lQSD,g6R^v9ei/flQSl9eivNR0lQSl9eivt_Tc[SRvcq_Tv^Q[@wlQSD,g6R9eivb%0_N bNvh S_{V0RRglQSlvwpYUO w_lQSlv'`(0NSlQSlvĉR~g0 YN bVlQSlvhQbOckQ^c NNNe z [bVsLlQSD,g6R^v[Ɖ0bV^&TS_>e~glQSD,gKNl_{6RRb:NN*NwQs[aINvt݋0{N:N ُ*NvVT{^SQN-NVlQSD,g6R^/f&TTN-NVlQSuX[TSU\v0 bVlQSlsQNlQSD,gvĉ[`SncNlvS_RvQ[0ُNĉN:_6R'`:N;Nyr_ [lQSv~%;mR gYP6RTq_T0bVsLlQSD,g6R^v9h,gyr_ N(WN@bv[4D,g6R (WN6R^wQ gg:N%Nۂv:_6R'`0vQ NNĉ[NhQtgؚvgNOQDP NBl[4D,g v^NV~[4D,g cgq'YFlAmLv@bD,gnx[0~c0 NS NSR b_bNNteWYg:N%Nf_ǏN{kgTPlx [ NN6RNONvib _^ N bON[5DnvnNjm90(WS_MRv>yOsX N ^[sLlQSD,g6R^SNKNvcsQTv^SOsvQBlvvQN6R^ۏLhQbvRgTS`0 ,{N bVlQSD,gvl_{6RǏN%NyO;NIN^:W~Nmv1993t^0(WlQSzlvS_R ;N/fV~[V gONv9eieg0nx[lQSvD,g6R^ R N1uNSR~NmT O~eSvq_T (WlQSD,g6R^ebX[(W@w:NSmSv?e^{6Rri_0[[dYFUbDONNYv@b glQSN_(uD,gnx[0D,g~cTD,g NS NSR v^XRN[gNOlQD,gvĉ[0(W'YYpe'YFl|V[HQT>e~gD,g{6R0Ǒ(ub-N6Rv`Q N 6R[N1993t^v-NVlQSl:NNHNN6qǑ(uN O~vl[D,g6R v^ĉ[NؚvgNOD,gS[E4~6R^bT N0QVlQSsr D,g6R^vX[(WSvQwQSOQ[SQNlQSuX[vBl lQSuX[vBl gSQNlQSꁫvrQ0Vdk -NVlQSvsrMb/fvsQ.0(W1993t^CNS_Nv-NV ~'YYpevlQS1uV gON9e eg v^~~(WlQS-NwQ gc0WMO [Nl gwckaIN NvN ُ/fzl[lQSD,g{6RzlۏL?eV{ bv̀of0(WbVS_MRv^:W~Nm-N lQSN,{ NNb:PCgNKNvsQ|(W_'Y z^ NSN w\O/fS0R V['YN c6Rv sQTsQ| lQSؚ~{tNXTvN}TN6q/f1u?e^Q[v lQSvuX[b{kN_N N1u^:W 1u?e^Q[0ُ7hvlQSl gu[^:WNfv8nbĉRTl͑O(uvRR0 2k~cYNYdkNCgsQ|-NvlQSvO(u lQSl(WD,gzlebv/UN bS/f%NyO;NIN^:W~NmُN9eivh!j_vb_R N NOQSv01uN6R[eǏN'} O_zl:gsQv^l gEQRvagNTYve[Nl_(WQSTtev>yOsQ|0l_KbkTSSuvTgۏLEQRxvz0gNRg [NLu NlQSzlvgepR:ON_vN0(WlQSD,g6R^ N_N T7hYdk ;Nhs:N\_YV[]~ONvl[D,g6R NS_\Og:N~xQvlQSD,g6R^RN_ۏ0 dkY bVlQSl6R[e NN[20N~80t^N(W-NVQsvQ!k lQSpno SvQ@bhsvN_re v^_X[YO` @bNS_e lqN N\NƉ:N/f6R[lQSlvN*N_͑vSV0@bN S_ebVlQSzl(Wc[`` Nf:N:_TsQlv/f@bv lqN [NlQSl,g^bbvcؚbDHes0Oۏ~NmSU\vNRƋ N0ُN6R^[cv̀of /fbV$N!knttelQSl@bz>fv lQD,g N=[0OP'Y0͑ Y{0l gD,g bW,g N/fZv 0  ntte \O:N?e^lQCgb[ ^:W1Yup v^[V{eu (WlQSl[Uvۏ z-N Џ(u0(WُySS̀of N^zwegvlQSD,g6R^ IYL?e^[lQSD,gv%NyOċN wckNlQSve\~T~Rg:NsQTvv^^lQSPlx NSvlQD,g /flQSvQDNTvQgv)RR ُNlQSbzKNRvlQD,gv^e_6qvT|0 (W>yOޘۏekvN)Y D,gO(uُNSR]~ck(WcSegYv(uTcb0ُyf[Luv;N['`Ƌeu[S_evlQSzlNuN]'Yvq_T0(WND,g:NO(uvƋKN N %NyO,gMO`novl[D,g6R_[f:Nzl:gsQ@bcS0 N NS zlnxzD,g6R^vRw ;N/f[bV>yO~Nmy^:NmqN lQS:PCgNNNyr+R/f'YN )RvsQ|1Ya :PCgNΘiR'Yv[E ^QǏ%NyO;NIN^:W~Nmv NeSU\T[U (W[-N[lQSD,g6R^v(uQsNNNyO-Nv͑'`0bVckYN>yOlWg ^:WS N[U l_SO|0~NmvcwTONb~_g:g6R\*gePhQ ~%l6R‰_m OOOo`(ϑ_ N0RO OOo`1Ywsa_8^%N͑ NN NZPGP^ ُ,g NfvOLN[Rv^~ _Nb:Nؚ~[NS_\O!hc~*gegvOLu|0(WOĉR_ N0RW,gu_v`Q N bVsLD,g6R^[( NSbN zz-N|i 0V:Nl[D,g6RRvck8^S%c /fNO6R^vR_0Rck8^S%c0OĉR_0Ru_:NMRcv0OĉRv1Y% vc[NsLD,g6R^v1Y%0 ,{N D6R^v NePhQ0(WbV >yO-NRϑ:1Y0>yO-N~~S NovsanfMX[(W ُ_NO_l_KN>yO-NN~~[NNO:PCgN)RvvĉRۏL[gvL# T7h z_SN0 gNO^NR@b:NNBl_uX[ NQVSZGPDf:NN NN NlKN_S:Npe NYv9(u1\SN_Df  Tl 0WlQlQS ُO_l_ ^gǏD6R^nxOlQSD,g6R^vw['` N Ob:PCgNvvv=zz0bVl[D,g6R^-NDvvv=zz ck/f1uN-NN~~S No [gW,gv8nbĉRS0R4xOWv~g _N/flQS{v:gsQgbl N%N [llCgZ'N1Yv~g0 ,{ N NPT eg[ُy[('`[gSbNy z^0SY Yz zv6R[TDfv[gTN kXhPT [N g[('`[gL#vL?e:gsQ(We\L 0lQSl 0@bĉ[vL#Ǐ z-NvhQb) ُ[( N/fV[L?eCgvT0(W [SOĉR z^S >PTv̀of N gsQǏ%NyOy^0ONf[hQ0㉳QɋNz0 OON"ROo`I{YR FOvO(uqS:g0:PRqS:g0QD N0RMO0QD N[vN[NُNzlGPvZ{^N NTt0 ~ N@b bVyr[NCg6R^KN NvlQSL:N:g6RNlQSD,g6R^Ne~glQSD,gKNl_{6R vMRbVlQSlO9eIHh]~QS  >e~gD,g{6R ]b:NIHhD,g6R^O9eebv;Ne_0HN vMR-NV>e~gD,g{6Rv9eiR:g/fNHNbTNN/f1uNMRb@bv{6R1Y%@b_wvT{:N bVvMR>e~glQSD,g{6RvSVSNُQ*Neb_Nz ,{N VQV }0(W%Ne~gD,g{6Rt1u vS P gSb:NۏNekR:_{6Rvt1u sS(W%Ne~g{6R gSOO-NVlQSDO(Ws grQ NۏNekv`S 1udkOۏNekNu[{6RvBl0S_6q SNyvSv`/f 1uN{6RONuP% bN_NSN b[hQ>e_v{ sS Pbdk>vN7hbdv{ ~bDNTONNEQRv1u0FO/f 0RvMR:NbkbN\*gSs gُ7hvHQOsSO/f(WbN:NwQ gg1uv^:W~NmvV 0f[NvxvznZi0Whf e/f(Wl_KNQ؏/f(Wl_KNY {6Rnx[X[(W N(WNN`Q N؏(WR:_OYV2002t^velHh (u~Nmf[[v`~e_egQ ُy`QSʑ:N1uNv{NuP% "N1YvHev[\Nv{&^egvteSOHev0 {:N ǏN%Ne~g[lQSv%Ne[[lQSzvD,g{6R1\hfNُNp0 ,{N VEV }0(WhQt~NmNSOSv'Ỳof N l_ĉRvn NSMQ0(WTV~~[,gVlQSD,g6R^v{tۏL N{6R0Rv{ vv9eivN)Y bVlQSlv9ei_'Y z^ N N/f N(Wzl N bD,g{6RTKNV{ /f;NR9ei؏/fR9eiv0 bVvlQSltNzl,geg1\/f(WSTPtVY O~tTzlHQOvW@x Nb_bv0(WS_N~NmhQtSv̀of N %`gRSRv>yOs[Te'} _vVEzN NN&^egNlQSt_vfe _NcRNTVlQSzlvSU\0:NN^eNSU\v TV?e^GWR'YN[vQlQSzlO9evekO0Ǐzlmd[D,gSRv NTtP6R OۏD,gvVAmRvQ-N >e~gY`{6RT:_SR`{6R b:NbV 0lQSl 0OvW,geT0YgbVlQSD,g6R^{6RǏN%NyO:N,gMOlTN*NN:N,gMO /{_ HevOHQ |Q~lQs^ vSR0V:N Yg>yO:_v/fƖSO N/f*NN Rl;N6R^T~Nm1u1\b4NqSiN0 bN[hQSNُ7hNyD,g6R^SO| ~NbDT~%S%cvQ;NR'`N=\S^vzz v^[slQS)RvvsQKNv)RvOS0 ,{Vz bV>e~glQSD,g{6RvwQSOg` (WwbVlQSD,g6R^@b(WvMRc N YUOcON*NR[SLv0ΏTFUNBlv0cGSV[NONzNRv0zlOckb,ggNOv0GWaTe)RvQzv^OvQT)Rvg'YSvlQSD,g6R^ag Q^N*NeQlQSlKNQNKNYve g6R^[cv0SQzz`av0USNSv6R^@bbS_0 Vl[D,g6RvSSS0'kvf[[Nꁫl[D,gĉRvh0VlQSlv[bJT JTɋbNُHNN*Ns[cCgD,g6RFhgQ l[D,gĉROeX[(W0[6eD,g6RvSN ]~/fNSSSvΘof0S_6q(WbV ُ/fNy͑'YvwQ g[('`aINvSi FO N/fvhQ0Yg(WcCgD,g6R~g N N6qIYLv^V[ O~vNb NSv:_6R'`ĉR!j_T[_vlQS{6RTf[ YcCgD,gvgؚ/f&T_NǑ~:_6R'`ĉ[ NQD[Ny{|TkO/f&TOe:_6R'`P6R QD z^/f&T؏/f N:SRb__'`QDT[('`QD NS N:S+RlQSTlQ_lQS (u TNĉR NRMTV-/f&T؏/fl gS_NNꁫQ[vzzYgNROev݋ bN NǏ/f͑ep N+RNve NǏ/f4b NN cCgD,g6R v=^P[ ]0yr+R/f Ygl gL]eQNcCgD,g6R^vMWYvOb:PCgN)Rvv6R^ YO(ug6R^0#NOi6R^0czlQSb~yr+R/fNOD,gS`b_ N vsQvvQNMWY6R^ Y:kȋ'`ll04xNlvĉ6R 0as^!kMOĉR0cNyr[`b_-N[N:PCgNvOININR0lQSzǏ zTЏ\OǏ z-NvSwNTlQS#Nv[MOT[U l g[cCgD,g6R-Nvi_KNQ0ĉR0T6R^EQRt P`` bNONN*NZ{^ ekeQSNZ{^ pQN*N[ ۏeQNSN*N[0 Vdk (WbVlQSl>e~gY`D,g{6Rvzlt_vc[ N [NbN f:N͑vO/fSgqTVlQSD,g{6R>e~gv~ vQ9ei NNN@\PN>e~g{6R,g f^bD,g6R^NvsQ6R^v[U~Tweg~TQ @we~gvzlSOs N0lQSlO9eIHh-NvSOs bVlQSlO9eIHhmSlQSD,g6R^v9eiv'Y gُQ*Neb,{N IHhSmNlbDP6R0 bVsL 0lQSl 0Rĉ[lQSTvQN gP#NlQS0N gPlQSbDv dVRbĉ[vbDlQSTclQSY @b/}bD N_ǏlQSQDNv50% (WbDT cSbDlQSN)RmlXvD,g vQXR NSb(WQ0,{N b[NQDe_0O9eIHhĉ[ SwNdNS(u[ir0]NNCg0^N)Rb/g0W0WO(uCg\ONQDY ؏S(uwƋNCgTCgQDSmNN]NNCg0^N)Rb/g\ONQDvё N_ǏN gPlQSlQD,gv20%vP6R0,{ N MNOlQD,gvBl MNOzi0sL 0lQSl 0ĉ[ gP#NlQSlQD,gvgNOP:Nyb_S0T0 gR'`lQS10NCQ0O9eIHhRĉ[ gP#NlQSlQD,ggNOP:N5NCQ0sL 0lQSl 0ĉ[NlQS3uhy N^ lQS,g;` N\NNl^5000NCQv^Bl_Ne(W Nt^N N gя Nt^ޏ~v)Rc ghybyOlQ_SLvNlQSN;`pev~vRKNNASNN NlQS,g;`ǏNl^4NCQv vQT>yOlQ_SLNvkO:N~vRKNASNN N0O9eIHh[^vpe/f lQS,g;` N\NNl^3000NCQlQS,g;`ǏNl^4NCQv vQT>yOlQ_SLNvkO:N~vRKNASN N0 N0ċN IHhvQS euhfNzlT^ >e~gY`{6R vVER R\Seg%Ne_ 1\>e~g >e~g HN>e~g{6RTv~gv^ NN[ObNPN‰0t1u/fbN^S_EQRQ-NV^:W~NmvSU\4ls^SlQSꁫrQ[l_9eib_bv6R~ (W'YYpelQSvQ萧NCgsQ|S^:W~Nmvl_sX\e'Yv9eSvagN NS>e~g{6R lQSSOV:N:ON~cDOvRR A~ĉTݏSD,gEQ[vce0Vdk Ncdl_9ei NFO N㉳QZGPQDTbQDv S O1uNOYS g\ϑD,gvlQSۏeQ^:W v`SlQSvDO [^:WO:g6RvnaW0 ,{N lQSD,g{6R>e~gv!j_c[ {:N bVlQSD,g6R^ N~~l@wl[D,g6R^vP[p NS V:N[ N)RN/{_^:W~Nm1u0s^I{0zNTBlD,g)Rmg'YSvt_0'YFl|eg[LD,g!j_vV[ 'YY](Wzl-N>e_NُyNOHesv6R^0ckYMRb@b y6R^Am _Ǐu ܏*g0RKQ g gP#Nv@\P'`NOb:PCgNvvv0FO/fbNvzz^ b`7hvD,g6R^!j_bT/fcCgD,g6R؏/fb-ND,g6RbTTy bMb/fbNs6k:NTv9eieHhbT N0[cCgD,g6Rv` l_cCgD,g6R^vRV /f:NN~NcOg'Yvup;mv;mRzz vv/f(WBlNNfW0g:NTtv6R^0 FO/f cCgD,g6R^[>yOO(u:g6RvBl^ؚ (Wl gePhQv>yOO(u:g6Re ُy6R^\N gHeЏL0ُ/fV:NHQ (WcCgD,g6R^ N lQSv[6eD,gS_NNvQ_ lQD,gvvS_R*g=[0RN D,gvbOR(Wُy6R^ NeNSOs lQS:PCgNNNvO(usQ|eN^z _{ǏvQNe_2 gP#NΘi0yr+R/f(WcCgD,g6R^ N 2 gP#NΘiv#N;N1u:PCgNbb :PCgN_{ǏvQNO(u:g6Reg2TS gP#NΘi0 Te (Wl gePhQv>yOO(u:g6Rv`Q N cCgD,g6R^v[L X[(W@wlQSN)R(ulQSNyOO(u:g6Rvub NNgy҉^ \O bev>yOO(uqS:g0N NN~80090t^NbV$N!knlQSvؚno:NO 1uNS_ee*gb_bePhQv>yOO(u:g6R Sl g^zePhQvlQS~~6R^ (WD,gebfe%NyOO(uqS:g0 Vdk cCgD,g6Rꁫv^ NwQYO:PCgNTlCgvvR PRvQN>yOO(u:g6RO:PCgNv)Rv0bVlQSl(WQ/f&TPtcCgD,g6R^e _{EQRlaُNp0 N0[b-ND,g6Rv` [NbwcCgD,g6R^ bV'YYpef[^O gR :NbwD,g6R^8T6eNcCgD,g6R^vY eONlQSz MQNlQSzKNRD,gvnjm9 MQNcCgD,gv N g)RN:PCgN)RvvOb /fNykHQۏvD,g6R^0{:N [NlQSz =\{bwD,g6R^KN%Ne~g FOlQSbze_{0Rl_BlvgNOD,g0OvQ(W[YsQ|-NwQ ggW,gvO(u N Ob:PCgN)RvvzlaVv^l g9eS0Nُ*NaIN N bwcCgD,g6R^N6q/fNy l[ D,g6R^ @b N TvNN/flQSD,g(Wl[vgPQSNR!k4~ ]0FOck/fُy]+R O_bwcCgD,g6R^(WOb:PCgNTlCgvebvR g@bQ1_ V:NYUOOlQSbzT1uN4- vT\*g4- vD,g cg0RMO /fN*N^8^pv0 N0lQSD,g{6R>e~gv!j_ b {:N (WbVvMR`Q N >e~g[lQSzvD,g{6R (WzlSRSb__ N N{US0Wgq,d cCgD,g6R b b-ND,g6R v!j_0bVe gv%Ne~g N_vD,g{6R :ND,gvHesSb_bNЏ\OcOf'Yvup;mzz0V:N S_NlQSlĉRHTs :_KCgWĉR 1_:_6R'`ĉR vR0:NBl[slQSvHesSy{DNup;m:gR^[FUN[vD,gЏ\Ozzvvh bN T7h^BlNKCg'`ĉR:N;N N:_6R'`ĉR:NvlQSD,g{6RĉR!j_ ُ/fzlvR@b(W0 Te ُ_N/f^VEzNTnVQbDv[‰0[e]f lQSlQD,gv^ Np_>flQSO(uKN:_1_ _N N:N:PCgNcO gNyONf[hQv6R^^1u8h_lQSllTlQSlKNYĉRvMWY^ N0sS:NlQSD,g6R^,g(WR NۏL_vQ0@bN bN NNNS/f{US0W_ۏYV!j_NN ؏_{ۏLvsQMWYce^ NO!j_NbVlQSv[E`Qv&{ &TR1\OweQ 4lW N g v4\,\X0W0 ,{ N lQSD,g{6R>e~gvMRcagN Vf[geYec(WRg?e^NeQlQSzzTǑSUOyĉRe cQzl (WۏLĉR6R[e b4N͑'Yvbb sSYUO[blQSlĉR[cvO}T0ُ\Q[NSlĉ6Rv;NSO gY'Y z^v1uzzegǑ~bSmNNꁤ:NTvL:N0 ُ_Nck/fbVlQSD,g6R^9ei@bb4Nv͑'Ybb0 (WbV 0lQSl 0Ov-N Bl>e~glQSz6kD,g{6Rv|TX_ؚ01uN1993t^vSS̀of bVlQSl-N?e^{6RvV }ǏYnx[/fN*NN[0{:N (W-NVvMRlQSD,g6R^9eiv N (Wyb>e~g[Y`D,gv{6Rv'YeT N ^nxON N N*NMRc,{N Nݏ̀W,gv^:WNfĉR,{N Q0R~bD,g6R^vT*NR(W[sD,g6R^;`SONe~g{6RvMRcagN _N/fbVlQSD,g6R^9eivSU\eT0bN^S_Q0R>e~g{6RTlQS(WDOebSQsvmqN0㉳QvRl/f^z[Uv^vMWYce V:N>e_b1_SD,gnx[SRKNT@bYu Nvl_tezz}v SNR:_T[UD,gEQ[SRve_S%_e0(Wُeb v^ NX[(WN*N~Nv!j_0Vdk ~TbVv[EǑSTy g)RNlQSD,gEQ[vZPl yr+R/f(Wяt^egv[-Nf/f gHevceN~clQSDO0 ,{V bVlQSD,g{6R>e~gTvMWYce^ S_l[D,g6RRvS%cVTySVS0Rq_Te :\MWYcev^egOb:PCgN)RvTGWa)RvvsQv (WbVnx/fN*N%N͑v0S_>e~gD,g{6RTlQSD,g6R^@bSOsvO)RDvR_0R:_Sv Te :PCgNS\peN)RvObvsSS_f:NzQ Vdk _{:_SlQS:PCgNT\peN)RvObvvQN6R^^ YlQS"RO6R^0O(uċ0O6R^0lQSNmuɋ6R^I{NCgvOb6R^vvsQ6R^_{KNnxzbR:_ cNvINRN#NĉR_N_{ۏNek[U0 @bN bN(WۏLlQSD,g{6R>e~gv9ei-N t^Q0RbVvW,gV`TMWYcev^0ُ̑ {b1\vQ-NvQpۏL0 N0:_SD,gOo`lQ_ VN19N~-NS^zlQSOo`:_6RlQ_6R^w v0R N*NN~30t^NV8Rv{l_6R^hQb/{_Oo`lQ_SR lQSOo`:_6RlQ_6R^Nv:N/fNyOb\NCgvv>Nc0FO1uNlQS[>yOvc6R lQSl(W㉳QlQSN>yOv)RvQzǏ z-N Ǐ Ne9eiSU\NُNSR0N)YvlQSOo`lQ_6R^ NNN/fUS~vOo`:_6RlQ_ NS+TN[lQS"ROo`w['`vv{ ُNv{(W2002t^VvelHh-N SU\b:NlQSvcNSؚ~{tNXTCEOTCFO [lQSD,gEQ[v:_6R'`INR0 ُN:_6R(uĉ(WlQS:PCgNSvQN>yO)RvObeb@bS%cv͑\O(u O_bN_{US0W\lQSD,gv{ĉ(Wvzz/fOb:PCgN؏/fOblQSNKNZPQN*NnpfvLuR N{:N ُyLuR(WY`Q N_N1YSN[EaIN0V 01989t^lQSl 0v,{N0NR+R:N lQS^v T lQS[XTvN}T 0(WV 1907t^Neg lQSl:_6RdyNlQSYv@b glQS_{TlQSlQ[XTcNvQ"RbJT1967t^ VO^dNyNlQSN gv N_cN"RbJTvAMQ 1967t^vVlQSl[dkZPQNĉ[0=\{(W20N~90t^NۏLNteT9ei VlQSl[\lQSOT[v{tN6q/f%NNc e~gD,g{6Rv Te _N^ۏNek:_SD,gOo`vlQ_ yr+R/f"RSRS"ROo`vc6RSlQ_0l_SNĉ[^ N^lQST{t:ggcN_v"RbJT v^NO,{ NN0:PCgNbċ0O:ggSNNNO^vb,g_ُNOo` v^[Oo`lQ_v;NSO0V0agN0 z^0Q[I{NN:N~Svĉ[0 N0 :R4xlQSb~ SRvTtЏ(u S_lQS NnP0Rg:PRe SsNZGPQDbbQD O:PCgN)Rv_ N0ROb bcNݏ̀ڋ[O(uSR n(ulQSlNNyOO(u:g6RMb_0RQeNm0 (WlQSD,g NKN:WT Nzl-N(u c_lQSb~ SRe laY NQpvQN _{/flQSD,g>fW N v^N/fWN~Nm Nv$Re N/fWNl_ Nv$Re sS\lQSD,gNlQS~%KNNN'`(0ĉ!jSvQ+TvΘivk^8^KN\0ُN$RehQelNHQ~Nĉ[ S(W*NHh-N1u:PCgNcQcc 1ulb9hnc[‰hQ$Re0vQN NlQS{velQD,g\O:N[kWp0lQSze] gKND,g S/fTeg(WzN-NV~% NUbvQNSV [D,gN_ce R N:ND,g N0FO/eMNv NS_L:Nb NlL:NYklQS:Nꁫ)Rv}TNP[lQS:N~%L:N vQN_c SulQSD,g NKNN[ NSNlQSzeD,gEQ:Nbt1u0vQ N lQSD,gEQN&TNclQS gD,g NSbPeQD,g0YglQS gD,g N N7>kb__R 7>k\SV gD,g N [:NlQSD,gve0vQV lQSD,g>fW N8^ NOUSr\O:N(u c_lQSb~ vN V:NNelQSD,g>fW N NKN:kȋ0ZGPL:N_6q4OvQ-N0vQN lQSD,g>fW NKNEQR'`(WQY~KN:PNOCgKN:Pv:WT g_'Y N T08^(WOCgHhN-N NX[(W,{ NNNlQSNHQNfv?ar` _NelNHQǑS gHev2ce Ee D,g N8^1\b:NQ[N[lQSOCgKN:P#vN*NQ['`V }0 N0R͑cN#N N R͑cN[lQSD,gEQ[vINRT#N R͑cN[lQSD,gEQ[vINRT#N ُ^S_/fN*NevzlSU\R0(W O~vlQSltTlQSlFhgQ (WlQSD,gEQ[eb cN[lQSbbINRT#N lQS[:PCgNbbINRT#N/fN*NW,gSR0FO@wcN(WlQS-Nc6R0WMOvnxzTR:_ vQL:N[lQS:PCgN)Rvv͑'Yq_T v$ROT6R[l_Yz4xُNSRcN(W:kȋ0D Nb:PbݏSlQSlv`Q N [lQS:PCgNbblNINR (WdkKNT V0o'Y)RNI{VN|Rv$ROS\cN[lQS:PCgNvlN#N1uyrk`QibU\0RN,`Q0(WV 01986t^lQScNMQdDkT NǏ10t^vvyB Eeawillingly \OQ N&{T NBlvfNb SNv^Y NǏ500NCQvZ>kT NǏ20t^vvyelHh,{304ag؏Bl NNXT(W"Rbh N&{TBleʑvQSV v^ԏ؏Vdk@b_voR'`blNSpNVShyv6ev0 N R:_[sQTNfvvc sQNlQSؚ~{tNXTNlQSNfvP6R lQSl~~:_S[cN0~teRzNybk0MQ)RvQzNf0ybk{:YlQS:gOI{l[INR0dkY lQSlib'YN[cNOvgNDNYnCgvP6R0OY 0VhQlQSl 0,{79agĉ[lQS N(Wck8^NR;mR-NQ.U"N _{~Ǐ gCghQvN(WNO NhQǏ0:NNMNOlQSv~%Θi VvelHhĉ[ybklQSTcNTؚB\{tNXTcOyN7>kpersonal loans d^/f(uNOO[vňOT-pNs?b(uN(WePvO7Ry Nb^aS Nvm91uyr[~~NT8RFU~KbvO7 FO NNXTNlQSS_7>k_{&{TN NagN(WُN N^lQSvm9O7NRvN,Ǐ z-NcOُN7>k8^_NS1ulQO_1uُNlQS c^:WNkagNcO0  N ĉ[ؚ{NXT[lQSD,g[('`Q\v#N 1uNlQSؚ{NXT[E Nc6RT~%lQSvDN [NlQSؚ{NXTV]vEeab͑'YǏ1YݏlQD blQS_c1Yv l_^ĉ[vQbbv^vTP#N0cN0vN1\NT ^S_1\lQSzvNyۏLg0cN0vN*ge\LINR OlQST,{ NNv)RvS0R_c[v ^S_bb_c[TP#N0YSwN g#Nv cN0vNTSwNbbޏ&^TP#N0lQS9hncNRSU\QDv _{ cgqĉ[v z^Rt OvQD,g_0RTtv6e)0 V0l͑[NS_lQS"Nvc6R 1uN Nl͑D,ggNOPSvQ[E4~ l|V[vlQSll͑[NS_lQS"Nvvc0 0VhQlQSl 0S 0V1989t^lQSl 0[lQS-pNꁫvNvP6R'`ĉ[ ;NSOsN[lQS:PCgNOb0 0$NV[lQSRMvl_v{SOsQN*N͑SRhyvRM_{egSRMv)Rm0 @wc6RlQSvQs sQNc6RNNlQSNfvP6R]~b:NlQSlsQlv͑p NObN^\lQS\NT:PCgN)Rv:Nvh SU\NsQTNfc6R6R^0vQ-N g:N͑vW,gSR /flV[vMRLvc6RNڋOINRSRvnxz0 [NbV ^(W>e~gD,g{6RTR:_[NS_lQS"Nvvc XR[sQTNfc6Rvag>k R:_[lQS)RmRMTiRYO"NRMvvc ĉ['YN[lQSD,g[('`Q\v#N0 N0SwNTN[D,g Nve4#N 1uNNKNvyrksQ| :NR:_NKNvvNvcw N[D,gv N^bbޏ&^#N NvQQDy{|YUO0ُ7h ǏR͑SwNv#N OvQ(WlQSzǏ z-NOle\LINR 2bklQSD,g N0S_QslQS NQDe _N cgql[ z^See0 mQ0-NN~~vĉS (WbVvMRv`Q N lQSlĉ[vgNOD,gP/f&T*Yؚ nx[/fN*NyO-NN~~ l gllCgZ e`7hvD,g6R^ NS[svQRw0bVl_^@wRN[-NN~~vDe~glQSD,gKNl_{6R S NZ:PCgN0,{ NNNS>yO)RvvN*N^8^͑veb /fR_lQSNCg9eivekP[ R_lQSl[ev6R^sX^ V:NS gS_~cOb:N^:W;NSOv)Rv@b(W @b gvl_9eiMbwckwQ g[evW@x 9eivvvMbg~_0R[s0 ~ vMRVE NlQSD,gvl_{6RKN9eicee~g[lQSz6kvD,g{6R SNebl|YV[tSǏePhQlQS"ROo`vlQ_I{Kbk:_S[lQSЏ%6kvD,g{6R0FO[( N @blQSD,gvl_{6RKN >e~g _N}Y0 :_S _Nb /f1\lQSD,g{6Rv N TB\b 0bNv^ N<{~0W lQSD,gvl_{6Rv9eiR/f>e~g؏/f:_S0V:N lQSD,gvl_{6RR:N$N*NB\bvQN :NlQSz6kvD,g{6R _NSNy:N[Y`D,gv{6RvQN :NlQS(Wte*NЏ%6kvD,g{6R _NyKN:NR`{6R0@bN(Wُyw N bNSN lQSD,g{6Rv9eice[E N/fk TR_v sS>e~g[Y`D,gv{6R :_S[R`D,gv{6R GWaꁋ_RϑTN_Rϑv{6Rv\O(uS%c v^N:_^:WvcRϑTꁋ_Rϑ\O(uvS%c:NMRc0 Q0RbVsL 0lQSl 06R[vSS̀ofTlQSꁫvSU\rQ bVlQSD,gvl_{6R bNNy:N%Ny1992t^Hr0 3^Sfk;N 0S_NYVlQSl 0 l_QHr>y1994t^Hr0 4 __s^ 0lQScNl_6R^xvz 0 l_QHr>y1997t^Hr0 51gHat 0lQSNy1998t^Hr0 6[]W/OyrCKQbKQ 0lQSlR 0 s^0g܏0_^R`0HNI{ы ]FUQHr>y1999t^Hr0 7လgZ 0VlQSl 0 l_QHr>y1999t^Hr0 8^Sfk;N 0_VNl 0 l_QHr>y1999t^Hr0 9^Sfk;N 0lVlQSlĉ 0 l_QHr>y1999t^Hr0 10Qg 0sNlQSD,g6R^kxvz 0 fkIl'Yf[QHr>y2000t^Hr0 11[]RWIl[\ 0lQSl 0 ROwm0_wmqы -NVNl'Yf[QHr>y2000t^Hr0 12[e]+g8lOeT 0sNe,glQSl 0 ё*msы NllbQHr>y2000t^Hr0 13[]NgT~g 0VlQSl 0 4Teqы -NV?el'Yf[QHr>y2000t^Hr0 14sOh;N 0FUNlƖ 0,{NwS l_QHr>y2000t^Hr0 15kNOe 0lQSlkxvz 0 -NVl6RQHr>y2001t^Hr0 16^?es^ 0N gP#N  sNlQSlKNWw 0 l_QHr>y2001t^Hr0 17_ls^0eAm;N 0elQSlYe z 0 l_QHr>y2001t^Hr0 18[R] Brian RCheffins 0lQSlt0~gTЏ\O 0 gNSOI{ы l_QHr>y2001t^Hr0 19 _~Ώ 0NCg0?e^NO 0 u;m0fN0ew NTfN^2001t^Hr0 20sOk 0?e^{6R~Nmf[[ 0 FURpSfN2001t^Hr0 21Rޏ\q 0lQSltN$RQxvz 0 l_QHr>y2002t^Hr0 22Qg 0lQSl 0 fkIl'Yf[QHr>y2003t^Hr0 23'YtQ;N 0lQSl_bJT 0,{NwS -NOQHr>y2003t^Hr0 24 _l[ 0lQSl Nv)Rvs^a 0 SN'Yf[QHr>y2003t^Hr0 25[e]n0uSN04T_e;N 0lQSltND,g^:Wv{  kNPt 0 SN'Yf[QHr>y2003t^Hr0 26ueN 0ONNlQSl~ 0 l_QHr>y2003t^Hr0 27se[ 0elQSNONl 0 -NV?el'Yf[QHr>y2003t^Hr0 28 _l[ 0lQSl Nv)Rvs^a 0 SN'Yf[QHr>y2003t^Hr0 29SE%f0\;N 0~Nmlf[ċ 0,{ NwS -NVl6RQHr>y2003t^Hr0 30[]?pQ~/OefW 0T6KQ O  ^:W~NmTl6R>yOvZW:_MckS 0 yΘы -NV>yOyf[QHr>y2003t^Hr0 31sOh;N 0hQtzNSO6R NvlQSl9ei 0 >yOyf[e.sQHr>y2003t^Hr0 32Pyz 0͑`lQSD,g6RSt 0 l_QHr>y2004t^Hr0 N -Nee{| 1_ls^ 0sNONv8h_/fD,gON 0 } 0-NVlf[ 01997t^,{6g0 2 _l[ 0lQS:PCgNvl_Ob 0 }sOh;N 0FUNlƖ 0,{NwS l_QHr>y2000t^Hr0 3Qg 0lQSD,g NSRtveN@\P'` 0 } 0-NVlf[ 02001t^,{3g0 4ؚNki 0f1uv^:W0f YBgvNf0f%Ny2002t^Hr0 5[]J^b_yyr_ 0?e^N]FUNvSN 0 Vwmiы }4Tlet;N 0k 0,{1g -NOQHr>y2002t^Hr0 6Ğf 0O:kȋSV_vD,g;NIN 0 }4Tlet;N 0k 0,{2g -NOQHr>y2002t^Hr0 7[]aSTX3tZveXbI{ 0l_oۏNy iHeg  mQ*Nl_y iV[-NlQSlSU\v~ 0 jlOeы }4Tlet;N 0k 0,{2g -NOQHr>y2002t^Hr0 8[]\~Cy 0[6qlQSv)]nT[蕺Nv#N  [蕺N:NNHNOcl؞ 0 \g[Oы }4Tlet;N 0k 0,{1g -NOQHr>y2002t^Hr0 9[]aSTX3tZveXb0bR 0 N[Yl_ 0 jlOeы }4Tlet;N 0k 0,{3g -NOQHr>y2002t^Hr0 10ewmm0Y[Oe 0O GPsav~Nmf[Rg 0 } 0SeN'Yf[f[b 0>yyHr 2002t^,{2g0 11_Sf~g 0lQSD,gvl_{6RSvQ9ei 0 }sOh;N 0hQtzNSO6R NvlQSl9ei 0 >yOyf[e.sQHr>y2003t^Hr0 12Pyz 0l[D,g6Rʑ00h  NlQSSNNv)RvQzNaϑ‰[ 0 }'YtQ;N 0lQSl_bJT 0,{NwS -NOQHr>y2003t^Hr0 13_Sf~g 0bVlQSD,g6R^9eiveT 0 } 0lf[Bg_ 02003t^,{2g0 14 _l[ 0lQSD,g;NINSRNbVlQSl 0 } 0WSN'Yf[f[b 0Tf[Neyf[>yOyf[ 2003t^,{2g0 15N\f Ssb 0O(uw:eNvbVlQSD,g6R^ 0 } 0?el[W 02003t^,{2g0 16_Sf~g 0D,gv{NlQSlt 0 } 0?el[W 02003t^,{4g0 17[Q 0N Nvs^aV8ROo`b2SO|voS 0 } 0lf[ 02003t^,{4g0 18Pyz 0lQSD,gO(u` 0 } 0l6RN>yOSU\ 02003t^,{5g0 19e^-N 0sQTONvƋ+RN:PCgNl_QeNm 0 } 0?el[W 02003t^,{5g0 20[_]y\ 0_VlQSlvSU\ 0 hg~ы } 0sNlf[ 02003t^,{6g0 21Qg0\i_N 0bVlQSD,g6R^vS`N͑g 0 } 0-NWS"~?el'Yf[f[b 02003t^,{6g0 22Pyz 0lQSD,g6RubvRYRV  NlQSSNNKNv)RvQz‰[ 0 } 0L?eNl 02003t^11g0 23Pyz 0lQS N'YD,g6R!j_KNkSbVlQSD,g6Rv[MO 0 } 0lFUxvz 02004t^,{1g0 24sOh 0 D,g~cSR vSU\R 0 } 0lFUxvz 02004t^,{1g0 25[R 0lQSD,g6R^t_NRvSi  bVlQSD,g6R^zl‰_vlSN_ b 0 } 0lFUxvz 02004t^,{1g0 261gHat 0l[gNOD,g6R^NlQSEQ[ 0 } 0lFUxvz 02004t^,{1g0 27R8lIQ 0e,glQSD,g6R^9eivzl[SvQ[bVv/T:y 0 } 0lFUxvz 02004t^,{1g0 28N\f 0bVlQSD,g6R^vV`NQ 0 } 0pQ]'Yf[f[b 0>yOyf[Hr 2004t^,{4g0 29^Sfk 0-NVlQS6R^v^zN[U 0 } 0-NVl_ 02004t^,{8g0 30sel 0lQSD,g6R^Si 0 } 0lf[Bg_ 02004t^,{11g0 31m_Q 0sNlQSD,g6R^h 0 } 0NSN?elf[bf[b 02005t^,{1g0  N YeW\OTe{| 1Bayless Manning & James J. Hanks, Jr., Legal Capital, Third Edition, Westbury , New York, 1990. 2Easterbook, Frank & Daniel Fischel, The Economic Structure of Corporate Law, Harvard University Press, 1991. 3Robert B. Thompson,  Piercing the Corporate Veil An Empirical Study , Cornell Law Review, Vol. 76, 1991. 4Julian Miailand-Walker, Guide to European Company Law, Sweet & Maxwell, 1993. 5J. E. Parkinson, Corporate Power and Responsibility, Clarendon Press, 1993. 6Fang LiuFang, China s Corporation Experient, Duke Journal of Comparative & International Law, Vol. 5, 1995. 7Robert W. Hamilton, The Law of Corporations, West Publishing Co., 1996. 8John Armour, Share Capital and Creditor Protection Efficient Rules for a Modern Company Law, The Modern Law Review Limited 2000.  _l[ 0lQS:PCgNvl_Ob 0 }sOh;N 0FUNlƖ 0,{NwS l_QHr>y2000t^Hr ,{231 327u0  S[R 0lQSD,g6R^t_NRvSi  bVlQSD,g6R^zl‰_vlSN_ b 0 } 0lFUxvz 02004t^,{1g ,{7 10u0  S_Sf~g 0D,gv{NlQSlt 0 } 0?el[W 02003t^,{4g ,{46 50u0  []~ ^KQeW 0~NmSt 0 SNs^ы FURpSfN1987t^Hr ,{73u0  S1gHatW 0lQSNy1998t^Hr ,{70u0  PyzW 0͑`lQSD,g6RSt 0 l_QHr>y2004t^Hr ,{23 24u0  l_ꁅPyzW 0͑`lQSD,g6RSt 0 l_QHr>y2004t^Hr ,{20 21u0  SPyz 0lQSD,g6RubvRYRV   NlQSSNNKNv)RvQz‰[ 0 } 0L?eNl 02003t^11g ,{105 106u0  Qg0\i_N 0bVlQSD,g6R^vS`N͑g 0 } 0-NWS"~?el'Yf[f[b 02003t^,{6g ,{93 98u0  PyzW 0͑`lQSD,g6RSt 0 l_QHr>y2004t^Hr ,{26u0  Pyz 0l[D,g6Rʑ00h  NlQSSNNv)RvQzNaϑ‰[ 0 }'YtQ;N 0lQSl_bJT 0,{NwS -NOQHr>y2003t^Hr ,{238 239u0  []RWIl[\W 0lQSl 0 ROwm0_wmqы -NVNl'Yf[QHr>y2000t^Hr ,{2u0  _ls^ 0sNONv8h_/fD,gON 0 } 0-NVlf[ 01997,{6g ,{26 33u0  Qg 0lQSD,g NSRtveN@\P'` 0 } 0-NVlf[ 02001t^,{3g ,{18 27u0 `$ _~ΏW 0NCg0?e^NO 0 u;m0fN0ew NTfN^2001t^Hr ,{56 62u0  _Sf~g 0lQSD,gvl_{6RSvQ9ei 0 }sOh;N 0hQtzNSO6R NvlQSl9ei 0 >yOyf[e.sQHr>y2003t^Hr ,{505 508u0   R_` thinking from the scratch cb_e glQSlt_Nĉ6Rv@\P ͑`lQSzlveT0ĉR06R^I{0  SPyzW 0͑`lQSD,g6RSt 0 l_QHr>y2004t^Hr ,{3u0   g^zN race to bottom sSgTlQSzb,ggNO0~NlQSSNNg'Y1uzz0~NvsQ)RvNg'YOb0>e~glQS{6RvlQSzlĉRzN0  _Sf~g 0D,gv{NlQSlt 0 } 0?el[W 02003t^,{4g ,{46 50u0  SPyz 0l[D,g6Rʑ00h  NlQSSNNv)RvQzNaϑ‰[ 0 }'YtQ;N 0lQSl_bJT 0,{NwS -NOQHr>y2003t^Hr ,{236u0  [e]zՈ& 01eCQD,gSRRlQS  e,gTRN'YVȏۏ 0 } 0e R]Ne 02002t^7g25e l_ 0Smo` 02002t^7g30e,{4Hr0  []NgT~gW 0VlQSl 0 4Teqы -NV?el'Yf[QHr>y2000t^Hr ^0  []OWA(*\h0Z^D_jeW 0~Nmf[ 0,{ASNHr ؚ?NI{ы -NVSU\QHr>y1992t^Hr ,{862u0 a$ l_ꁋsOkW 0?e^{6R~Nmf[[ 0 FURpSfN2001t^Hr ,{1 2u0  SؚNki 0f1uv^:W0f YBgvNf0f%Ny2002t^Hr ,{95u0  []aSTX3tZveXb 0l_oۏNy iHeg  mQ*Nl_y iV[-NlQSlSU\v~ 0 }4Tlet;N 0k 0,{2g -NOQHr>y2002t^Hr ,{81u0  _Sf~g 0lQSD,gvl_{6RSvQ9ei 0 }sOh;N 0hQtzNSO6R NvlQSl9ei 0 >yOyf[e.sQHr>y2003t^Hr ,{505 508u0  ؚNki 0f1uv^:W0f YBgvNf0f%Ny2002t^Hr ,{93 113u0  []\~Cy 0[6qlQSv)]nT[蕺Nv#N  [蕺N:NNHNOcl؞ 0 \g[Oы }4Tlet;N 0k 0,{1g -NOQHr>y2002t^Hr ,{114 120u0  []aSTX3tZveXbI{ 0l_oۏNy iHeg  mQ*Nl_y iV[-NlQSlSU\v~ 0 jlOeы }4Tlet;N 0k 0,{2g -NOQHr>y2002t^Hr ,{74 94u0  Pyz 0lQSD,gO(u` 0 } 0l6RN>yOSU\ 02003t^,{5g ,{96 99u0  _l[W 0lQSl Nv)Rvs^a 0 SN'Yf[QHr>y2003t^Hr ^0  S_Sf~g 0lQSD,gvl_{6RSvQ9ei 0 }sOh;N 0hQtzNSO6R NvlQSl9ei 0 >yOyf[e.sQHr>y2003t^Hr ,{505 508u0  Pyz 0lQS N'YD,g6R!j_KNkSbVlQSD,g6Rv[MO 0 } 0lFUxvz 02004t^,{1g ,{3 6u0  N\f 0bVlQSD,g6R^vV`NQ 0 } 0pQ]'Yf[f[b 0>yOyf[Hr 2004t^,{4g ,{103 109u0  m_Q 0sNlQSD,g6R^h 0 } 0NSN?elf[bf[b 02005t^,{1g ,{23 32u0  S 0VRbyblV[]FUL?e{t@\I{sQNhQV'`lQS8h[{vlQD,gvbJTvw 00  [R 0lQSD,g6R^t_NRvSi  bVlQSD,g6R^zl‰_vlSN_ b 0 } 0lFUxvz 02004t^,{1g ,{7 10u0  Qg 0lQSD,g NSRtveN@\P'` 0 } 0-NVlf[ 02001t^,{3g ,{18 27u0  ewmm0Y[Oe 0O GPsav~Nmf[Rg 0 } 0SeN'Yf[f[b 0>yyHr 2002t^,{2g ,{33 37u0  N\f0Ssb 0O(uw:eNvbVlQSD,g6R^ 0 } 0?el[W 02003t^,{2g ,{63 69u0  []aSTX3tZveXb0bR 0 N[Yl_ 0 jlOeы }4Tlet;N 0k 0,{3g -NOQHr>y2002t^Hr ,{111 135u0  m_Q 0sNlQSD,g6R^h 0 } 0NSN?elf[bf[b 02005t^,{1g ,{23 32u0  Pyz 0l[D,g6Rʑ00h 0 }'YtQ;N 0lQSl_bJT 0,{NwS -NOQHr>y2003t^Hr ,{232 233u0  _~ΏW 0NCg0?e^NO 0 u;m0fN0ew NTfN^2001t^Hr ,{96 143u0  SsOh 0 D,g~cSR vSU\R 0 } 0lFUxvz 02004t^,{1g ,{11 16u0  []?pQ~/OefWW 0T6KQ O  ^:W~NmTl6R>yOvZW:_MckS 0 yΘы -NV>yOyf[QHr>y2003t^Hr ,{146u0  SPyz 0l[D,g6Rʑ00h  NlQSSNNv)RvQzNaϑ‰[ 0 }'YtQ;N 0lQSl_bJT 0,{NwS -NOQHr>y2003t^Hr ,{246 247u0  SsOh 0 D,g~cSR vSU\R 0 } 0lFUxvz 02004t^,{1g ,{11 16u0  sel 0lQSD,g6R^Si 0 } 0lf[Bg_ 02004t^,{11g ,{23 25u0  kNOeW 0lQSlkxvz 0 -NVl6RQHr>y2001t^Hr ,{213u0  Pyz 0lQS N'YD,g6R!j_KNkSbVlQSD,g6Rv[MO 0 } 0lFUxvz 02004t^,{1g ,{3 6u0  Pyz 0l[D,g6Rʑ00h  NlQSSNNv)RvQzNaϑ‰[ 0 }'YtQ;N 0lQSl_bJT 0,{NwS -NOQHr>y2003t^Hr ,{247u0 a$ _Sf~g 0lQSD,gvl_{6RSvQ9ei 0 }sOh;N 0hQtzNSO6R NvlQSl9ei 0 >yOyf[e.sQHr>y2003t^Hr ,{505 508u0  S^Sfk;N 0S_NYVlQSl 0 l_QHr>y1994t^Hr ,{723u0  [R] Brian RCheffins W 0lQSlt0~gTЏ\O 0 gNSOI{ы l_QHr>y2001t^Hr ,{546 549u0  S1gHat 0l[gNOD,g6R^NlQSD,gEQ[ 0 } 0lFUxvz 02004t^,{1g ,{17 21u0  l_ _l[ 0lQS:PCgNvl_Ob 0 }sOh;N 0FUNlN 0,{NwS l_QHr>y2000t^Hr ,{259 260u0  []W/OyrCKQbKQW 0lQSlR 0 s^0g܏0_^R`0HNI{ы ]FUQHr>y1999t^Hr ,{683u0  [R]Brian RCheffins W 0lQSlt0~gTЏ\O 0 gNSOI{ы l_QHr>y2001t^Hr ,{564u0     PAGE  PAGE I  "(*,8:<BLNT&(6DFRTdfhl|tjt`5CJ,PJaJ o(5CJ0PJaJ o(5CJ0PJaJ 5CJ,aJ,5CJ,aJ,o(5CJ PJ\o(CJOJQJaJo(CJo(5\5CJ4OJPJ\aJ4o( 5CJ,\o( CJPJaJCJPJaJo(CJOJPJaJmH sH CJPJ\aJmH sH  mH o(sH >*CJOJPJaJo(o(CJOJPJaJo(% "(*,8:<WHQ$If$$Ifl4Pr l#$x#4 lal$G$G$H$IfVD"^Ga$$If $$G$H$Ifa$ ޗ<BNPRTqk3t8$$Ifl4###4 lal$If$$Ifl4r l#$x#4 lal $$G$H$Ifa$Tj |8j$$G$H$IfUD]a$8$$Ifl4###4 lal $$Ifa$6$$Ifl4###4 lal $dX$Ifa$$}ggggOd$G$H$IfUDVD]^$d$IfVD]^a$$If8$$Ifl4^ ###4 lal $IfVD^8$$Ifl4###4 lal (6BD$d$G$H$IfVD]^a$d$G$H$IfUDVD]^DFHJLNPR{uuuuuu$If$$Ifl4Or&zh #&T #4 lalRTdfhjl$wnnnh^$^a$$da$$a$8$$Ifl4###4 lal $$Ifa$8$$Ifl4###4 lal &vx T " $ & . d f h x z xyxyTUXYfgVW (tȶCJ$KH,OJPJQJ\^JaJ,CJOJQJ^J 5CJo(CJ@o(CJo("CJ$KH,OJPJQJ\^JaJ,o( 5CJ\CJKHCJ$KHPJaJCJKHPJaJ 5CJ,aJ, 5CJPJ 5CJ \5CJ PJaJ 7 "$&Hp@BD$d7$8$H$`a$ $dh7$8$H$a$^$a$D\^vx r T $ & f z Zd\`d\`WDdh` dhWD`$d ^$dha$d7$8$H$WD ]`d7$8$H$WD@]`tz02QXZlABLWmpvw*,JKMQwx%|&*@FVZ\¿0J j0JUKHaJjKHUaJ5CJ$KHPJ\aJ5CJ$KHPJ\aJo( 5CJaJo(CJCJo(KxFRtp !!" ## n dp n dp $d7$8$H$a$2d\`2 dhWD0` dhWD`d\ dhWD`FHJLNPRTV "$*.024hjlnprtvx̨̾̒j>*B*UphjqUj>*B*UphjwUj>*B*Uph0J 5KH\j}U jU0Jo( j0JUj>*B*Uph9VXZ\bfxz|  , . 0 d ȪҞȞv`ҞȞ*j>*B*CJUmHnHphujeCJUmHnHujCJUmHnHuCJmHnHu0JCJmHnHo(u*j>*B*CJUmHnHphuCJmHnHu0JCJmHnHuj0JCJUmHnHu 5KH\ j0JU jUjkU%d f h j l n p r t ! ! !!!!!!!P!R!T!V!|!~!!!!!!!ɷɓ؃ɷmɓ]jSCJUmHnHu*j>*B*CJUmHnHphujYCJUmHnHu0JCJaJmHnHo(u*j>*B*CJUmHnHphu0JCJmHnHuCJmHnHuj0JCJUmHnHuCJmHnHujCJUmHnHuj_CJUmHnHu$!!!!!!!""" ">"@"B"v"x"z"|"~""""""""""""###### #"#$#߽qajG CJUmHnHu0JCJaJmHnHo(u*j>*B*CJUmHnHphujMCJUmHnHujCJUmHnHuCJmHnHu0JCJmHnHo(u*j>*B*CJUmHnHphu0JCJmHnHuCJmHnHuj0JCJUmHnHu&$#\#^#`#b#x#z#|##############$$$L$N$P$R$T$V$X$Z$\$$$Ⱥ|Ⱥlj; CJUmHnHu*j >*B*CJUmHnHphujA CJUmHnHujCJUmHnHuCJmHnHu0JCJaJmHnHo(uj0JCJUmHnHu*j >*B*CJUmHnHphu0JCJmHnHuCJmHnHu"#X$$%J&''N(()J**+`, --J../R001>22r344^5 n dp n dp$$$$$$$$$$$$$$$$%8%:%<%>%Z%\%^%%%%%%%%%%%%ϻەŕqaەŕj/ CJUmHnHu0JCJaJmHnHo(u*j >*B*CJUmHnHphuCJmHnHuj5 CJUmHnHujCJUmHnHuCJmHnHu0JCJmHnHu0JCJmHnHo(uj0JCJUmHnHu*j >*B*CJUmHnHphu"%%%&&&<&>&@&D&F&H&J&L&N&&&&&&&&&&&&&&&&'''<'>'õåõ۝xpxxj``0JCJmHnHu 5KH\j#U jU0Jo(j>*B*Uph0J j0JUCJmHnHuj)CJUmHnHujCJUmHnHuCJmHnHu0JCJaJmHnHo(uj0JCJUmHnHu*j >*B*CJUmHnHphu">'@'B'H'L'f'h'j''''''''''''''( ( (@(B(D(H(J(L(N(P(R(((ϻەŕqaەŕjCJUmHnHu0JCJaJmHnHo(u*j>*B*CJUmHnHphuCJmHnHujCJUmHnHujCJUmHnHuCJmHnHu0JCJmHnHu0JCJmHnHo(uj0JCJUmHnHu*j>*B*CJUmHnHphu"(((((((((((((((,).)0)2)T)V)X))))))))))))))õåõ۝ۓ}õmõ۝ۓW*j>*B*CJUmHnHphuj CJUmHnHu*j>*B*CJUmHnHphu0JCJmHnHuCJmHnHujCJUmHnHujCJUmHnHuCJmHnHu0JCJaJmHnHo(uj0JCJUmHnHu*j>*B*CJUmHnHphu")))***<*>*@*D*F*H*J*L*N*****************,+.+0+2+6+ҳꕳwҳa*j|>*B*CJUmHnHphujCJUmHnHu0JCJaJmHnHo(u*j>*B*CJUmHnHphuCJmHnHuj0JCJUmHnHujCJUmHnHujCJUmHnHuCJmHnHu0JCJmHnHu0JCJmHnHo(u#6+Z+^+r+t+v++++++++++++++,,,R,T,V,Z,\,^,`,b,d,,,ĺĺěseĺUĺějCJUmHnHu0JCJaJmHnHo(u*jv>*B*CJUmHnHphu0JCJmHnHuCJmHnHuj0JCJUmHnHujCJUmHnHuCJmHnHujCJUmHnHu@CJmHnHu"0J@CJRHFaJmHnHo(u0J@CJaJmHnHo(u ,,,,,,,,,---- - ---H-J-L-N-b-d-f------------ϻەŕqaەŕjCJUmHnHu0JCJaJmHnHo(u*jj>*B*CJUmHnHphuCJmHnHujCJUmHnHujCJUmHnHuCJmHnHu0JCJmHnHu0JCJmHnHo(uj0JCJUmHnHu*jp>*B*CJUmHnHphu"---...<.>.@.D.F.H.J.L.N.................$/&/(/õåõ۝ۓ}õmõ۝fccUjX>*B*Uph0J j0JUjCJUmHnHu*j^>*B*CJUmHnHphu0JCJmHnHuCJmHnHujCJUmHnHujCJUmHnHuCJmHnHu0JCJaJmHnHo(uj0JCJUmHnHu*jd>*B*CJUmHnHphu!(/*/0/4/V/X/Z//////////////// 000D0F0H0L0N0P0R0T0V0˕}sesUese˹jCJUmHnHujCJUmHnHuCJmHnHu0JCJmHnHo(u0JCJKH,mHnHu0JCJKH,mHnHo(u*jR>*B*CJUmHnHphuCJmHnHu0JCJmHnHuj0JCJUmHnHu 5KH\jU jU0J0Jo( j0JU!V00000000000000000(1*1,1.1F1H1J1~11111111111Ⱥ|ȺljCJUmHnHu*jF>*B*CJUmHnHphujCJUmHnHujCJUmHnHuCJmHnHu0JCJaJmHnHo(uj0JCJUmHnHu*jL>*B*CJUmHnHphu0JCJmHnHuCJmHnHu"1111111102224282:2<2>2@2B2z2|2~22222222222222ͷۑۇqcSۑۇj CJUmHnHu0JCJaJmHnHo(u*j: >*B*CJUmHnHphu0JCJmHnHuCJmHnHujCJUmHnHujCJUmHnHuCJmHnHu0JCJKH,mHnHu0JCJKH,mHnHo(uj0JCJUmHnHu*j@>*B*CJUmHnHphu 23333,3.303d3f3h3l3n3p3r3t3v333333334444 4 4444J4L4Ⱥ|Ⱥlj"CJUmHnHu*j.">*B*CJUmHnHphuj!CJUmHnHujCJUmHnHuCJmHnHu0JCJaJmHnHo(uj0JCJUmHnHu*j4!>*B*CJUmHnHphu0JCJmHnHuCJmHnHu"L4N4P4b4d4f4444444444444444555P5R5T5X5Z5\5^5`5b5õåõ۝ۓ}ocoõSõ۝ۓj$CJUmHnHu0JCJKH,mHnHu0JCJKH,mHnHo(u*j"$>*B*CJUmHnHphu0JCJmHnHuCJmHnHuj#CJUmHnHujCJUmHnHuCJmHnHu0JCJaJmHnHo(uj0JCJUmHnHu*j(#>*B*CJUmHnHphu b55555555555555555.6062646@6B6D6x6z6|666666666Ⱥ|Ⱥlj&CJUmHnHu*j&>*B*CJUmHnHphuj%CJUmHnHujCJUmHnHuCJmHnHu0JCJaJmHnHo(uj0JCJUmHnHu*j%>*B*CJUmHnHphu0JCJmHnHuCJmHnHu"^55677|8,99^: ;;F<<=N>>?,@@ABBHCCC $d\7$8$H$a$ n dp n dp666666 777777777V7X7Z7\7b7f77777777777õåõ۝ۓ}ocoõSõ۝j(CJUmHnHu0JCJKH,mHnHu0JCJKH,mHnHo(u*j (>*B*CJUmHnHphu0JCJmHnHuCJmHnHuj'CJUmHnHujCJUmHnHuCJmHnHu0JCJaJmHnHo(uj0JCJUmHnHu*j'>*B*CJUmHnHphu7778 8 88886888:8n8p8r8v8x8z8|8~888888888889 9"9̽{qcqScj{*CJUmHnHujCJUmHnHuCJmHnHu0JCJKH,mHnHu0JCJKH,mHnHo(u*j)>*B*CJUmHnHphuCJmHnHu0JCJmHnHuj0JCJUmHnHu 5KH\j)U jU0Jo(j)>*B*Uph0J j0JU "9&9(9*9,9.909h9j9l9n9999999999999 : ::::::P:R:T:X:Z:\:^:`:b:::DZ٣}٣mjo,CJUmHnHu*j+>*B*CJUmHnHphuju+CJUmHnHu0JCJaJmHnHo(u*j*>*B*CJUmHnHphu0JCJmHnHuCJmHnHuj0JCJUmHnHujCJUmHnHuCJmHnHu(::::::::::;;;; ; ;;F;H;J;L;b;d;f;;;;;;;;;;ͷۑۇqcSۑۇjc.CJUmHnHu0JCJaJmHnHo(u*j->*B*CJUmHnHphu0JCJmHnHuCJmHnHuji-CJUmHnHujCJUmHnHuCJmHnHu0JCJKH,mHnHu0JCJKH,mHnHo(uj0JCJUmHnHu*j,>*B*CJUmHnHphu ;;;;;<<<8<:<<<@<B<D<F<H<J<<<<<<<<<<<<<<<<<(=*=Ⱥ|ȺljW0CJUmHnHu*j/>*B*CJUmHnHphuj]/CJUmHnHujCJUmHnHuCJmHnHu0JCJaJmHnHo(uj0JCJUmHnHu*j.>*B*CJUmHnHphu0JCJmHnHuCJmHnHu"*=,=.=4=8=R=T=V================> > >@>B>D>H>J>L>N>P>R>>>ͷۑۇqͷaۑۇjK2CJUmHnHu*j1>*B*CJUmHnHphu0JCJmHnHuCJmHnHujQ1CJUmHnHujCJUmHnHuCJmHnHu0JCJKH,mHnHu0JCJKH,mHnHo(uj0JCJUmHnHu*j0>*B*CJUmHnHphu$>>>>>>>>>>>>>>>&?(?*?,?N?P?R??????????????õåõ۝ۓ}õmõ۝ۓW*j4>*B*CJUmHnHphuj?4CJUmHnHu*j3>*B*CJUmHnHphu0JCJmHnHuCJmHnHujE3CJUmHnHujCJUmHnHuCJmHnHu0JCJaJmHnHo(uj0JCJUmHnHu*j2>*B*CJUmHnHphu"????@ @"@&@(@*@,@.@0@h@j@l@n@@@@@@@@@@@@@AAAA:AArAڻڻm*j6>*B*CJUmHnHphuj36CJUmHnHu*j5>*B*CJUmHnHphu0JCJmHnHuCJmHnHuj0JCJUmHnHuj95CJUmHnHujCJUmHnHuCJmHnHu0JCJaJmHnHo(u$rAtAvAzA|A~AAAAAAAAAAABBBBBBBB BXBZB\B^BnBpBrBBBBBBɷɓ؃ɷmɓ]j!9CJUmHnHu*j8>*B*CJUmHnHphuj'8CJUmHnHu0JCJaJmHnHo(u*j7>*B*CJUmHnHphu0JCJmHnHuCJmHnHuj0JCJUmHnHuCJmHnHujCJUmHnHuj-7CJUmHnHu$BBBBBBBBBBCCCC:CCBCDCFCHCJCLCCCCCCCCCCCCCCCCCCCHM˼ߨˠⶕzvnlo(CJ\aJo(CJo("CJ$KH,OJPJQJ\^JaJ,o(CJ$KHPJaJjCJKHUaJj;Uj:>*B*Uph 5KH\j:U jU0Jo(j9>*B*Uph0J j0JUCJmHnHuj0JCJUmHnHu*CCCvDZEH JMMN6NPLR U@,.0ҷ|~ʠʽ᧽ʇ|ʇʇtkj0JCJUCJ\aJo(0JB*CJo(phj0JB*CJUph@B*CJo(ph B*o(phOJo( OJQJo(5B*CJ\o(phCJo(B* CJo(phB*CJo(ph B* o(ph j0JUo(@B*CJo(phj0J@CJU @CJo(*ȧnBb"T0bҷ dhWD` dWD`WDdh & Fdhdh`WD` dhWD`8b6L Xt dWD`dh`d dWD`dhWD` dhWD`WD dhWD`~~,068|b6LVXtrk B*CJphj0JB*CJUph@B*CJo(phj0J@B*CJUph @CJo( OJQJo(j0JCJUOJo(CJo(B*CJo(phCJ\aJo(@CJ\aJo(j0J@B*CJUph@B*CJo(ph B* o(pho(B* CJo(ph&RD4"6P.HZWD`2WD`2dh` dhWD`$d ^d.RD4"6P,.H~fzRTh"82ᱫ꣧ʱȧʧʧȕȑ@o( j0JU 5CJ\o(CJo(OJo( OJQJo(CJ$KH,OJQJ\aJ,o(j0JCJUo(B* CJo(phj0JB*CJUphB*CJo(phCJo("CJ$KH,OJPJQJ\^JaJ,o(5fzTh"82v2    dhWD dhWD`dh`WD` tv&8:           XpJLZrLNVJ !ܸܸܞܗʐʉʳܬ B* o(ph j0JU B*o(phj0JB*CJUph 5CJ\o( 5\o(B* CJo(phj0JCJUo(OJo(5B*CJ\o(phCJo(B*CJo(phCJ$KH,OJQJ\aJ,o(@B* o(ph6  XrDLZrNJ !#&&& dWD` dhWD` dh@&WD`WD`dh`!!!#0$%%&&&0&r+t+v+,,,,,T-X-d- .6.<.D../"/,/~//////n1p1z124455L6d6l9 =====>>@@@@㲮쫧㕮OJB* CJo(phj0JCJUaJo(aJOJo(CJ$KH,OJQJ\aJ,o( B* o(ph j0JU"CJ$KH,OJPJQJ\^JaJ,o(CJB*CJo(pho(CJo(j0JB*CJUph9&0&@'v+,,,p1z1244L6d6l9 ;===@@CGGdh`WDWD` dhWD`$d ^@AACCGGGGHHH LLMMMOO8PNPDSFS`TbTUUVrWW"`$`(`:`d`aaddgggRiti4j8jll8l(m>mp ppqqq q"ufwhwxۺCJ"CJ$KH,OJPJQJ\^JaJ,o( 5CJ\OJo( 0JCJo(j0JCJUCJ$KH,OJQJ\aJ,o( 5CJ\o(B*CJo(phCJo( B* o(ph j0JUo(=GHLMMO8PNPdTVrWWX[(`:`d`ddggRitihk $dh`a$ $dhWD`a$WDWD` dhWD`hkl8l(m>m ppqqq qs"uxy{{{$d @^WD$d ^ $WD`a$WD dhWD`dh`WD` $dhWD`a$xx.zLz{{{{{||P|x|z||||:}L}N}P}R}}~FH"nn0@B8:LRT`JЊڊ$L~ޓȿ緰 @CJo( @CJo( B*CJph B*o(pho( @CJo(5CJPJ\o("CJ$KH,OJPJQJ\^JaJ,o(5\B* CJo(phB*CJo(phCJo(5B* CJ\o(ph3>{{|z|||<}}}~P~~~Hh dPVDdWD8^` dPVDdWD^` T dPVDdWD8^` dPVDd^ d@&WD`"n*nZ08:L d@&WD` dPVDdWD8^`  dPVDdWD8^` dPVDdWD^` dPVDd^ dPVDdWD8^` LJކXT`ƉDԊ&@8\ dPVDdWD8^` :dPVDdWDj^:`HFtR*ʔfB֖ޗXH$LWD^`La$ LWD^`L:dPVDdWDj^:` d@&WD` dPVDdWD8^` FVZjnԖޗXZHJ<>@BЛқԛxz|ܜޜ468\^`Խԯj0JB*CJUph0Jo( B* o(phj0JB*Uph B*ph B*o(ph j0JUB*CJo(phCJo(j0JCJUo(E>қxޜ6\Tj`8LdWD^`L LWD^`L$LWD^`La$TVX  hjln^`bdrt68:PR0246Ƨȧ2ߴj0JB*CJUph j0JU0Jo(o(CJo(CJj0JCJU B*o(ph B*phj0JB*UphB*CJo(phG82Ƨ2hZΪ:« bHLdWD^`L LWD^`L$LWD^`La$24 fhjXZ\̪ΪЪҪ:<>LNx«ī "bdfprFHJ.0z|~0Jo(j0JB*CJUpho(B*CJo(ph B* o(ph j0JUCJo(j0JCJU B*ph B*o(phj0JB*UphE.|nb !!&`#$LdWD^`L$LWD^`La$~ lnpr`bdfvxz|  0J"mHnHu0J" j0J"U jUo( B*o(ph B*phj0JB*UphCJo(CJ0:dPVDdWDj^:`4&P 182P. A!"#$%Sn >00&P 182PP. A!"#$%Sn ;0&P 182PP. A!"#$%Sn 4&P 182P. A!"#$%Sn 4&P 182P. A!"#$%Sn 4&P 182P. A!"#$%Sn 4&P 182P. A!"#$%Sn 4&P 182P. A!"#$%Sn }DyK _Toc104315782}DyK _Toc104315782}DyK _Toc104315783}DyK _Toc104315783}DyK _Toc104315784}DyK _Toc104315784}DyK _Toc104315785}DyK _Toc104315785}DyK _Toc104315786}DyK _Toc104315786}DyK _Toc104315787}DyK _Toc104315787}DyK _Toc104315788}DyK _Toc104315788}DyK _Toc104315789}DyK _Toc104315789}DyK _Toc104315790}DyK _Toc104315790}DyK _Toc104315792}DyK _Toc104315792}DyK _Toc104315793}DyK _Toc104315793}DyK _Toc104315794}DyK _Toc104315794}DyK _Toc104315795}DyK _Toc104315795}DyK _Toc104315796}DyK _Toc104315796}DyK _Toc104315797}DyK _Toc104315797}DyK _Toc104315798}DyK _Toc104315798}DyK _Toc104315799}DyK _Toc104315799}DyK _Toc104315800}DyK _Toc104315800}DyK _Toc104315801}DyK _Toc104315801}DyK _Toc104315802}DyK _Toc104315802}DyK _Toc104315803}DyK _Toc104315803}DyK _Toc104315804}DyK _Toc104315804}DyK _Toc104315805}DyK _Toc104315805}DyK _Toc104315806}DyK _Toc104315806}DyK _Toc104315807}DyK _Toc104315807}DyK _Toc104315808}DyK _Toc104315808}DyK _Toc104315809}DyK _Toc104315809}DyK _Toc104315810}DyK _Toc104315810}DyK _Toc104315811}DyK _Toc104315811}DyK _Toc104315812}DyK _Toc104315812}DyK _Toc104315813}DyK _Toc104315813}DyK _Toc104315814}DyK _Toc104315814}DyK _Toc104315815}DyK _Toc104315815}DyK _Toc104315816}DyK _Toc104315816}DyK _Toc104315817}DyK _Toc104315817}DyK _Toc104315818}DyK _Toc104315818}DyK _Toc104315819}DyK _Toc104315819}DyK _Toc104315820}DyK _Toc104315820}DyK _Toc104315821}DyK _Toc104315821}DyK _Toc104315822}DyK _Toc104315822}DyK _Toc104315823}DyK _Toc104315823}DyK _Toc104315824}DyK _Toc104315824}DyK _Toc104315825}DyK _Toc104315825}DyK _Toc104315826}DyK _Toc104315826}DyK _Toc104315827}DyK _Toc104315827}DyK _Toc104315828}DyK _Toc104315828}DyK _Toc104315829}DyK _Toc104315829}DyK _Toc104315830}DyK _Toc104315830}DyK _Toc104315831}DyK _Toc104315831}DyK _Toc104315832}DyK _Toc104315832}DyK _Toc104315833}DyK _Toc104315833}DyK _Toc104315834}DyK _Toc104315834}DyK _Toc104315835}DyK _Toc104315835}DyK _Toc104315836}DyK _Toc104315836}DyK _Toc104315837}DyK _Toc104315837}DyK _Toc104315838}DyK _Toc104315838}DyK _Toc104315839}DyK _Toc104315839}DyK _Toc104315840}DyK _Toc104315840}DyK _Toc104315841}DyK _Toc104315841}DyK _Toc104315842}DyK _Toc104315842}DyK _Toc104315843}DyK _Toc104315843$ iF@F cke $1$a$$CJKHPJ_HaJmH nHsH tHR@R h 1$$d @&^a$5CJ OJPJQJ^JaJ T@T h 2$$$dX@&a$5CJ OJPJQJ\aJ J@J h 3$$d@&5CJOJPJ\aJ &`& h 4$@&CJ:`: h 5$$@&G$H$a$ CJPJaJA@ ؞k=W[SO6C@6 ckeeW[)ۏdhWD`CJDR@D ckeeW[)ۏ 2dhWD` B*CJph6S@6 ckeeW[)ۏ 3dh^CJL^@"L nf (Web)$dd1$[$\$a$CJKHOJQJ.@2. le,g $G$a$CJaJ&@A l_(uH*$U@Q$ ~c >*B*ph4>@b4 h$2WD`2a$ 5CJ\D@DvU_ 1 n dp5CJKH,\mHnHu(@( vU_ 2VD^(@( vU_ 3HVD^H(@( vU_ 4VDX^(@( vU_ 5VD ^(@( vU_ 64VD^4(@( vU_ 7 VD^ (@( vU_ 8| VDx^| (@( vU_ 9 VD@^ 0Y@0 ech~gV -D M 4 @4 u!$ 9r G$a$CJaJ)@! uxF@2F u w'#$ 9r &dG$Pa$CJaJv*2+-;0X011@479y:;[>c?@BFGHMLNU V[\]]B`aaceilvmHo qw~ nΎבĕZPȣZ 4= 0ZM S;FoVY*f > x ! b  X  `  H @   !"#$%&'()*+,-./012345678ZSS;VY*f > > b  X  `     !"#$%&'()*+,-./0123456789:;<=>?$)CR6RvRRRSUSS@ "& "& "& "& "& "& "& "& "& "& "& "& "& "& "& "& "& "& "& "& "& "& "& "& "& "& "& "& "& "& "& "& "& "& "& "& "& "& "& "& !"& ""& #"& $"& %"& &"& '"& ("& )"& *"& +"& ,"& -"& ."& /"& 0"& 1"& 2"& 3"& 4"& 5"& 6"& 7"& 8"&CP Kz$(),/3b69<?BC GJMQT;W^ZO]e`c g4jlympswrz|}qƆƉ݌ 0MҨٵ2 ,P  y j!| !"#7$%&&'z()j*+N,V-.X/}012Y3:456|789:\;<=*>1?!'()*5FGHIJWXYZ[aksxz|~     $8BCDEJK9a* ^  | 'IJP><E0)+|)|4)x-z#p XGB3 '!z!!+"y""#n##$^$$$$$$?%%F'())**q+*,--///113C4W477|:::^;k;==>>?D@S@b@ BBBBCCDDi%o0z#M@sF.9bILxY1kUK|S;{ 0000000000000000000000000000000000000000000000000000000000000000`0000000000000000000000`000$0$0$0$0$`0$00) *0 *0 *0)--(-////(->4>4>40)0):(:Y;(:=(:>>0)(?@N@N@N@(?@}B@0}B00C0CC0C(GGGG0G0G(GMMMM(GRRRRRR0C6W(6W0W 0W00(0000(00(((00000((0(0(((00(000(0(0`00((00(000(0(00(00((00((0((0`0=00000`0ú0000000000000!0!00 $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$'td !$#$%>'()6+,-(/V012L4b567"9:;*=>?rABM,u~!@x2~  !#%'<TDRD#^5C]ȧ &Ghk{L8    "$&(Pef9;<>^p79:<\m$@BCEes+-.0P`|#&')Ib~ %()+KZvyz|#&')IZvyz|.124Th#&')IVruvx '*+-MXtwxz !#CNjmnp  +6RUVXx%ADEGgo  <?@Bbx  - 0 1 3 S g !!!$!%!'!G!X!t!w!x!z!!!!!!!! "%"(")"+"K"W"s"v"w"y"""""""""####:#L#h#k#l#n######### $$$$2$<$X$[$\$^$~$$$$$$$$$$$$ X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%X%̕  '!!t8@0(  B S  ?E _Toc102635684 _Toc104315782 _Toc104315783 _Hlt104317513 _Hlt104317514 _Hlt104316128 _Hlt104315973 _Toc104315784 _Toc104315785 _Toc104315786 _Toc104315787 _Toc104315788 _Toc104315789 _Toc104315790 _Toc104310745 _Toc104315791 _Toc104315792 _Toc104315793 _Toc104315794 _Toc104315795 _Toc104315796 _Toc104315797 _Toc104315798 _Toc104315799 _Toc104315800 _Toc104315801 _Toc104315802 _Toc104315803 _Toc104315804 _Hlt104310994 _Toc104315805 _Toc104315806 _Toc104315807 _Toc104315808 _Toc104315809 _Toc104315810 _Toc104315811 _Toc104315812 _Toc104315813 _Toc104315814 _Toc104315815 _Toc104315816 _Toc104315817 _Toc104315818 _Toc104315819 _Toc104315820 _Toc104315821 _Toc104315822 _Toc104315823 _Toc104315824 _Toc104315825 _Toc104315826 _Toc104315827 _Toc104315828 _Toc104315829 _Toc104315830 _Toc104315831 _Toc104315832 _Toc104315833 _Toc104315834 _Toc104315835 _Toc104315836 _Toc104315837 _Toc104315838 _Toc104315839 _Toc104315840 _Toc104315841 _Toc104315842 _Toc104315843$)*-/C4|:::^;=>D@S@BCGGMR;WW^Z^ZWe ggjkzmrsv{|.}~a?pn\qK*ڡOڦթ  @@@@ @ !"#$%&'()*+,-./0123456789:;<=>?@ABCD$**-/V4:::j;=>R@a@BDGGMROWW^Z~Zgeg)gjlmrs'v{|7}~xEvp~]5^*ή $)+0EIK89`a)*  KLNO<p:m$Cs.`'b )Zz'Zz2h'Vv +Xx!Nn 6V%Eo @x 1 g !%!X!x!!! ")"W"w""""#L#l####$<$\$$$$$$$$$$>%?%%%E'F'((3(7(8(9(:(;()))********v*w*2+3+p+q+),*,------////;0<0X0Y011111133@4C4V4W466677799y:|:::::::];^;j;k;;;====[>\>>>>>c?d???C@D@G@I@R@S@a@b@B BBBBBCCDDDD;D=DDDDDDDEEEEEEEEEE;FW@WOWPWWWWWXXXX|X}X}XXXYY]Z^Z~ZZZZZZZZ[[[[[[[[["\#\(\.\/\0\1\8\9\\\\\]]f]i]]]^^4^5^^^^^^^^_1`3`B`D`CaDaaaaaaaaaaaaaaaabbccccccccd d1d9dBdMdZdadddddVeWegehejeneeeff g ggggg)g*g+g-g/g1gggggggiiCjDjjjjjkkkkllllvmzm}mmmmHoKooo#p&p q qqqqqrr r rrr8r?EGOP]^ !npvx/1<=()Ύю܎ݎknqsבؑ;?~ Дєĕŕ ffZ\_apq~wz֚ך"&15]^^_JKNP]^)*56١ڡPQMO^_ȣɣ٦ڦݦߦZ[tu ԩթةک *+/1IK߫Ԭج 36@BbdȭɭήϮtu "56$(bfloqtx{|´ôȴܴߴ#%.1bdpqյ׵(7̶ζ    $&9=@BX\_az~ $(+.HLORSTUWXYw{~ 047:SWZ]^_`ijr37:=UY\_`abc !"OSVYy}#%&(*cdkortuvwy&*-/012378jkrvy{|}~"%(fjmp !#&FJLMORkoqrtw(,-/14Y]_`be"$%'*QUWXZ]x|~?@J[b"*jk&'pq"&)*-/2imopstuwy| "%=AEGHJLO|.269:=?CDFGHgkopru48<?@CEIOi "#&()+-0quy|~ +/3689:;TX\]^_ad7;?BCFHK45<@DFGIKNfjlmprsuwz EIKLORSVX[vz|}#%&)+,.03Y]_`cefhjm CGKNORTWsw{}~9=ADEHJMjnpqtvwy{~EIMPRSTU )-/03568:=imqtuxz~ 8<~35'/<p:m$Cs.`'b )Zz'Zz2h'Vv +Xx!Nn 6V%Eo @x 1 g !%!X!x!!! ")"W"w""""#L#l####$<$\$$$$$%%%%&&*'.'''+),)))++--5.:.;.<.i.j.h0i04 4(4)4445556667799J<L<<<<<>>CC{FF.G/GGGGG}HH+I0ItIwIJ JJ"JJJKKLLMMONTNOOBOHOQQQQRRBXFX}X}XXXZZ][^['\(\8\9\t\y\] ]^^bbccee-e.etfufggjjkk3l6lmmmmppppqqssssssuu%w(w-x.xGxHxxxzz{{|||||||||}}}_~e~~~~~$?@z~|}ڌߌ38<=LMݖWXffhnEFIL78 ilܠߠޤ w{ťʥ QS δдWYжֶ@A69hl,1BCab./RS:;]^st=>_`cgYZ_*+tu/09;<={|(),-34MNPQpqt&)*+?@RSwx45efi*+]^#-?@hjk&'pq 89`a~uv{56<=VWYZ#?B$({~ !()+,X[!"OR *+-.UXjnQU :zz::zzz:zz:z:zzz:zzz:z::z:::z:z:zz::::::z::z::zz:z:zzz::::::zzz:::z:zz:z:zzz::::z:zz::z:z:::::z:::zz:zz:z::z:z::::::::z::zz:::zzz:::zz:z:z:z:zzzz:z:zzzzzz:zz:z:z:zzzz:z:zzzzzzz:zzzz:zz:zzz:zzzzz:z:zz:zz::zzzzzz:zzz:zzzzzzzzzz:zzzzzzzzzz:zzz:zzzz:3ss33ssss333s33sssss33333s3333ss3ssss33ssss33ssss33ss3333ss38DEK'P<p:m$Cs.`'b )Zz'Zz2h'Vv +Xx!Nn 6V%Eo @x 1 g !%!X!x!!! ")"W"w""""#L#l####$<$\$$$$$$$))}X}Xqqssssffyf G:\zqIZ.docyf G:\zqIZ.docyf G:\zqIZ.docyf G:\zqIZ.docyf G:\zqIZ.docyf G:\zqIZ.docyfG:\zqIZvkNeck?z.doczywRC:\Documents and Settings\zhyw\Application Data\Microsoft\Word\ ꁨRb` Y OX[kNe3ck?z.asdzywG:\kNe\kNe3ck?z.doczywG:\cNvkNe.doc@ތ)BDBC0}y) 0^`0o(,{ (\(^(`\)\^`\.p\p^p`\. \ ^ `\) \ ^ `\.\ \\ ^\ `\.\^`\)\^`\. !^`!o(,{z  ^` o(0\^`\.\^`\.4\4^4`\) \ ^ `\.| \| ^| `\. \ ^ `\)\^`\. 0^`0o(,{H\H^H`\)\^`\.\^`\.4\4^4`\) \ ^ `\.| \| ^| `\. \ ^ `\)\^`\. HH^H`o(,{  ^` o(0 0^`0o( \^`\.4\4^4`\) \ ^ `\.| \| ^| `\. \ ^ `\)\^`\.)B@}yDBC        "P[       d         .C8Vi      !'()*FGIJWXYZ[xJ|@ z     !#$PPP@PP,@PPP"P2P4P6P8P:P<P@PBP&PPPPPh@UnknownGz Times New Roman5Symbol3& z Arial;5 N[_GB2312;eckN[{SO[SO;5 wiSO_GB2312;[SOSimSun;ўSOSimHei 1h J J@Wl@J6!-!),.:;?]}    & 6"0000 0 0 00000 =@\]^([{  0 0 00000;[d8- 3qHPbVlQSD,g{6R>e~g:g6RxvzzywzywOh+'0   < H T `lt|ҹ˾ʱƷɻоMiҹzywywywNormalzyw2wMicrosoft Word 9.0@^в@yڜ\@6ol@6ol@՜.+,D՜.+,H hp|  lawlW ҹ˾ʱƷɻо Ŀ\ 8@ _PID_HLINKSAn<j_Toc104315843<d_Toc104315842<^_Toc104315841<X_Toc104315840<R_Toc104315839<L_Toc104315838<F_Toc104315837<@_Toc104315836<:_Toc104315835<4_Toc104315834<._Toc104315833<(_Toc104315832<"_Toc104315831<_Toc104315830<_Toc104315829<_Toc104315828< _Toc104315827<_Toc104315826<_Toc104315825<_Toc104315824<_Toc104315823<_Toc104315822<_Toc104315821<_Toc104315820<_Toc104315819<_Toc104315818<_Toc104315817<_Toc104315816<_Toc104315815<_Toc104315814<_Toc104315813<_Toc104315812<_Toc104315811<_Toc104315810<_Toc104315809<_Toc104315808<_Toc104315807<_Toc104315806<_Toc104315805<_Toc104315804<z_Toc104315803<t_Toc104315802<n_Toc104315801<h_Toc1043158003b_Toc1043157993\_Toc1043157983V_Toc1043157973P_Toc1043157963J_Toc1043157953D_Toc1043157943>_Toc10431579338_Toc10431579232_Toc1043157903,_Toc1043157893&_Toc1043157883 _Toc1043157873_Toc1043157863_Toc1043157853_Toc1043157843_Toc1043157833_Toc104315782  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()+,-./0123456789:;<=>?@ABCDEFGIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~Root Entry F@ClData *;1TableH[WordDocumentSSummaryInformation(DocumentSummaryInformation8CompObjfObjectPool@Cl@Cl  FMicrosoft Word ĵ MSWordDocWord.Document.89q