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Ǎͽǿͮ‫ͮڂ‬ʎǾ˱‫ˍڂ‬Ȋ‫˱ڂ‬ʎΜ˱ʄ‫˱ڂ‬ʄ΀̡ʡ‫̿ͮڂ‬ɳ‫ͮڂ‬Κ˱ʄ‫̿ͮڂ‬ȋʡ‫ͽ̻ڂ‬ǵ‫ڂ‬ʄʡǵʡ‫ڂ‬ɏ́Ȉ˱‫˅ڂ‬ʎ̢ʡ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ɏȁΰ‫˅ڂ‬ʎ̇‫ڂ‬ ˅ʎǷ˱հ‫ڂ‬ɂʎ΄˱ʄ‫̈ͮڂ‬ʡ‫̿ͮڂ˱̈ͽˍڂ‬Ƿ˱‫̢̿ͮڂ‬մ‫ڂ‬բĖȊ˪‫͝ڂ‬ǵ́‫ڂ‬ɏɷ‫˱ڂ‬ʄ΀̡ʡ‫˅ڂ‬ʎ̢ʡ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫ڂ‬Ȼ΀̠ɂ‫ڂ‬ ɂʎǾ˱‫ڂ‬ΞȊ́‫ͮڂ‬ʎ΀̅˱ʄ‫˱̡΀̿ͮڂ‬ʄ‫ڂ‬Ξ̠ʡ‫͝ڂ‬Ν‫ͮڂ‬Ν‫ͮڂ‬ʡ˱‫ڂ‬Ξɶ‫˅ڂ‬ʡɵ˱‫ͮڂ‬ʎΙɂ‫ڂ‬ɂͿ˱ʄ‫˱ڂ‬ʎ΀‫ͮڂ‬ʡ˱ʎ‫ͮڂ‬ʎȁ˱‫ڂ‬ΞΜ˱ʄ‫ڂ‬ ΞȊ˱ʄ‫ڂ‬ʎ̅˱Ԭբհ‫ڂ‬ɏ̇‫ˍڂ‬Ȋ‫ˍڂ‬δ‫ڂ‬Ɏ́‫ڂ‬ɂʎ́‫͝ڂ‬Ν‫̿ڂ‬ǵ‫ڂ‬ɏ̡ʡ‫ڂ‬ɂΘǵ‫ڂ‬#HashtagBusinessVietnam‫ڂ‬Պ‫ڂ‬ SΝ‫ڂ‬Ƕ˱‫͝ڂ‬Ƕ˱ʄ‫ͮڂ‬Ȉ́‫ڂ‬Ɏ́‫ڂ‬żÄľ‫̿ͮڂ˅́​́@ڂ‬ʡɷ˱‫˅ڂ‬ʎǵʡհ‫˱ڂ‬ʎǺ˪‫ڂ‬ɂͽ˱ʄ‫ڂ‬ɂǿ̵‫˱ڂ‬ʎΜ˱ʄ‫̟˱ڂ‬ʡ‫ڂ‬Ɏͽ˱ʄ‫ڂ‬ ɏ̟ɂ‫ڂ‬ɏǶ́հ‫͝ڂ‬Ƕ˱ʄ‫ͮڂ‬Ȉ́հ‫˱ڂ‬ʎΜ˱ʄ‫ͮڂ‬ʎ̈˱ʄ‫ͮڂ‬ʡ˱‫ڂ‬ΞȊ‫˅ڂ‬ʡɵ˱‫ͮڂ‬ʎΙɂ‫ڂ‬ʎΜͽ‫ڂ‬ʪɂʎ‫ڂ‬ɂʎ́‫ͮڂ‬ʎɵ‫ڂ‬ʎɹ‫ڂ‬Ɏ́ǵ˱ʎ‫ڂ‬ ˱ʎǾ˱‫̿ͮڂ‬ɳ‫ͮڂ‬Ȉʡ‫ڂ‬ǃʡɹͮ‫ڂ‬ĩǵ˪ձ Ɨ Ä‫ڂ‬H Êĩ ‫ڂ‬S ĩ ‫ڂ‬H ľ‫ڂ‬ĩ ƤŞÄ‫ڂ‬Ɖš‫ڂ‬ƉŘ‫ڂ‬Ք‫ڂ‬ƗʎΝɂ‫͝ڂ‬Ν‫ڂ‬ʎʡɷͽ‫ڂ‬Ξɶ‫ͮڂ‬Ȋʡ‫ڂ‬ɂʎʪ˱ʎ‫ڂ‬Ɏ́ǵ˱ʎ‫ڂ‬ ˱ʄʎʡɹ̵‫˱́̿ͮڂ‬ʄ‫ڂ‬ʄʡǵʡ‫ڂ‬ɏ́Ȉ˱‫͝ڂ‬ʡ˱ʎ‫ˍڂ˱̜ͮڂ‬Ȋ‫ͮڂ‬Νǵ‫͝ڂ‬Ƕɂʎ‫ͮڂ‬ʡɵ̵‫ͮڂ‬ʎɟ́‫ڂ‬ɏ΀̤ɂ‫ڂ‬żÄľ‫ڂ˅́​́@ڂ‬Ȼ̝‫ڂ‬ ͝ͽ˱ʄ‫ڂ‬ΞȊ́‫ͮڂ‬Θ‫͝ڂ‬Ƕɂʎ‫ڂ‬#HashtagBusinessձ‫ڂ‬ǃ̠ʡ‫˅ڂ‬ʡ˱ʎ‫˱ڂ‬ʄʎʡɹ˪‫ڂ‬ɂ̛‫ڂ‬Ξǿ˱‫ͮڂ‬Ȋʡ‫ڂ‬ɂʎʪ˱ʎ‫ڂ‬ ˱ʎʡɶͽ‫˱ ڂ‬Ƿ˪հ‫ͮ ڂ‬Ƕɂ‫ ڂ‬ʄʡȋ‫ ڂ‬Sǵ΢˱‫ ڂ́͝ˍͽ̵́ͮ́ ڂ‬ʎʡɷͽ‫˱ ڂ̃̿ ڂ‬ʎʡɶͽ‫˱ ڂ‬ʄ΀̡ʡ‫ ڂ‬ɂʎΘ‫ ڂ‬ɂΘǵ‫ ڂ‬Ɏ́ǵ˱ʎ‫ڂ‬ ˱ʄʎʡɹ̵‫ڂ‬ΞΚǵ‫ڂ‬ΞȊ‫˱ڂ‬ʎ̚‫ڂ‬ɏǵ˱ʄ‫˪ڂ‬ǵ˱ʄ‫̞˱ڂ̟ͮ˪ڂ‬ʡ‫̤͝ڂ‬մ‫˅ڂ‬ʎ̈˱ʄ‫ͮڂ‬ʎɷ‫ڂ‬ʎʡɷͽ‫̝˱ڂ‬ʡ‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬ȻǶ́‫ڂ‬ ɂǶ́‫ͮڂ‬Ȋʡ‫ڂ‬ɂʎʪ˱ʎ‫ڂ‬ɎȊΰ‫ڂ‬ɏǹɂ‫ڂ‬ɂǶɂ‫ڂ‬ɂ́˱‫̛͝ڂ‬Ԩ @Ǻ˱ʄ‫ڂ‬ɂǶɂʎ‫ڂ‬Ɏʡɸ˱‫ڂ‬ʄʡȋʡ‫ڂ‬ɏ̅˱‫ڂ‬ʄʡȋ˱հ‫ڂ‬ʄȁ˱‫ڂ‬ʄͿʡհ‫ͮڂ‬Ƕɂ‫ڂ‬ʄʡȋ‫ڂ‬Sǵ΢˱‫ڂ́͝ˍͽ̵́ͮ́ ڂ‬ɏȓ‫ڂ‬ʄʡȋʡ‫ڂ‬ ͮʎʪɂʎ‫˱̡΀ͮڂ‬ʄ‫ͮڂ‬Ȁ˱‫ڂ‬ɂǶɂʎ‫ݱڂ‬ŖH‫ڂ‬ΞȊ‫ڂ‬ Äuƣ‫ڂ‬Ȼǵ‫́ˍڂ‬Ȉʡ‫ڂ‬ȻǶ́‫ڂ‬ɂǶ́‫ͮڂ‬Ȋʡ‫ڂ‬ɂʎʪ˱ʎ‫ڂ‬ԲȻǵ́‫ڂ‬ʄ̜˪‫ڂ‬ ȻǶ́‫ڂ‬ɂǶ́‫˅ڂ‬ɵͮ‫ͽ̻ڂ‬ȋ‫ڂ‬ʎ́Ȉͮ‫ڂ‬ɏ̟˱ʄ‫˅ڂ‬ʡ˱ʎ‫ڂ‬Ɏ́ǵ˱ʎհ‫ڂ‬ȻǶ́‫ڂ‬ɂǶ́‫ڂͽ΀ˍڂ‬ɂʎͽΰɷ˱‫ͮڂ‬ʡɶ˱‫ͮڂ‬ɹ‫ڂ‬ΞȊ‫ڂ‬ Ȼȋ˱ʄ‫ڂ‬ɂǾ˱‫ڂ‬ɏ̛ʡ‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱Գձ‫ڂ‬ĩʎΜ˱ʄ‫˅ڂ‬ʎǶʡ‫˱ڂ‬ʡɹ˪‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱‫ڂ‬ʄʎʡ‫̿ͮڂ‬ɤ˱‫ڂ‬ȻǶ́‫ڂ‬ɂǶ́‫ˍڂ‬Ȋ‫ڂ‬ɏȈʡ‫ڂ‬ Ɏʡɹ˱‫ڂ‬ɂʎ́‫ڂ‬ɏʡɶͽ‫ڂ‬ʄʩԬ‫ڂ‬HǶɂ‫ڂ‬ɂ́˱‫ڂ̛͝ڂ‬ɏ̇‫ڂ‬ɏ΀̤ɂ‫ͮڂ‬ʪ˱ʎ‫˱ڂ‬ʎ΀‫ͮڂ‬ʎɵ‫˱ڂ‬Ȋ́Ԭ‫ڂ‬Hʎ΄˱ʄ‫̇˱ڂ‬ʡ‫ڂ‬ʄʩ‫ڂ‬ Ξɶ‫ͮڂ‬ʩ˱ʎ‫̿ͮڂ‬Ȉ˱ʄ‫ͮڂ‬Ȋʡ‫ڂ‬ɂʎʪ˱ʎ‫ڂ‬ɂΘǵ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵Ԭ‫ڂ‬Żͽǵ‫ڂ‬ɏ̇հ‫ͮڂ‬Ƕɂ‫ڂ‬ʄʡȋ‫ڂ‬ɂͿ˱ʄ‫ڂ‬բ˪Ƕɂʎ‫ڂ‬ ˱΀̠ɂբ‫ڂ‬ɂʎ́‫ڂ‬ȻȈ˱‫ͽ̻ڂ̛͝ڂ̟ͮ˪ڂ‬ΰɵͮ‫ڂ‬ɏʴ˱ʎ‫˅ڂ‬ʴ̵‫ͮڂ‬ʎ̡ʡ‫ڂ‬ɂȁ˱‫ڂ‬ɏ΀̤ɂ‫ڂ‬ɏ΀ǵ‫̿ڂ‬ǵ‫ڂ‬ɏɷ‫ڂ‬ɏʡɶͽ‫ڂ‬ɂʎʳ˱ʎ‫ڂ‬ ʎ́Ȉͮ‫ڂ‬ɏ̟˱ʄ‫˅ڂ‬ʡ˱ʎ‫ڂ‬Ɏ́ǵ˱ʎհ‫̿ͮڂ‬Ƕ˱ʎ‫͝ڂ‬ǵ‫ˍڂ‬ȁΰ‫ڂ‬ΞȊ́‫ڂ‬ɂǶɂ‫͝ڂ‬ǵʡ‫ˍڂ‬ȁ˪‫ͮڂ‬Ȋʡ‫ڂ‬ɂʎʪ˱ʎհ‫ڂ‬ɏ̜˱ʄ‫ͮڂ‬ʎ̡ʡ‫ڂ‬ ɏ΀ǵ‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱‫ͮڂ‬ʡɵ˱‫ڂ‬Ϋǵձ H̟˱ʄ‫ͮڂ‬Ƕɂ‫ڂ‬ɂ΃˱ʄ‫ڂ‬ɂǶɂ‫ڂ‬ɂʎͽΰɤ˱‫ڂ‬ʄʡǵ‫ͮڂ‬Ȋʡ‫ڂ‬ɂʎʪ˱ʎ‫˱́̿ͮڂ‬ʄ‫̠΀˱ڂ‬ɂհ‫ڂ‬żÄľ‫ڂ˅́​́@ڂ‬ɏǹɂ‫ڂ‬Ȼʡɹͮ‫ڂ‬ Ȼ̝‫˱ͽ͝ڂ‬ʄ‫̵ڂ̟ͮ˪ڂ‬ʎȁ˱‫̟˱ڂ‬ʡ‫ڂ‬Ɏͽ˱ʄ‫ڂ‬ɎȊ˱ʎ‫̿ڂ‬ʡɤ˱ʄ‫ڂ‬ɂʎ́‫ͮڂ‬ʎʴ‫˱̡΀̿ͮڂ‬ʄ‫ڂ‬ǃʡɹͮ‫ڂ‬ĩǵ˪հ‫ڂ‬ʎΰ‫ڂ‬Ξ̙˱ʄ‫ڂ‬ ɏɟ˪‫ڂ‬ɏɵ˱‫ڂ‬ɂʎ́‫ڂ‬ȻȈ˱‫ڂ‬ɏ̙ɂ‫˱ڂ‬ʎΜ˱ʄ‫̡ˍڂ‬ʡ‫˅ڂ‬ʎͽΰɤ˱‫ͮڂ‬ʎΝɂ‫ͮڂ‬ʡɸ˱‫˱ڂ‬ʎǿͮ‫ͮڂ‬Κ‫ڂ‬ɂǶɂ‫ڂ‬ɂǵ͝ɟ‫ͽͮ͝ڂ‬Ɏΰ‫ڂ‬ ˱̟ʡ‫ڂ‬ɏʴǵձ

@Ȉ˱‫ˍڂ‬Ȋ‫˱ڂ̟ͮ˪ڂ‬ʄ΀̡ʡ‫ڂ‬ɂʎΘ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ɏǵ˱ʄ‫ڂ‬Ɏȃ˱‫ڂ‬ɎǸͮ‫ڂ̟ͮ˪ڂ‬ɂ̈˱ʄ‫ͮڂ‬ΰ‫˱ڂ‬ʎ̚հ‫ڂ‬ʎǵΰ‫ڂ‬ ˪̟ͮ‫ ڂ‬ɿ̿ɟɟˍǵ˱ɂɟ̿‫ ڂ‬ȻǸͮ‫ ڂ‬ɏȁͽ‫ ڂ‬ΫǾΰ‫ ڂ‬ɎΝ˱ʄ‫ ڂ‬ʎ́Ȉͮ‫ ڂ‬ɏ̟˱ʄ‫ ڂ‬ɂΘǵ‫̿ ڂ‬ʡɤ˱ʄ‫˪ ڂ‬ʩ˱ʎհ‫ ڂ‬żÄľ‫ڂ˅́​́@ ڂ‬ ɂͿ˱ʄ‫ ڂ‬ʎΰ‫ ڂ‬Ξ̙˱ʄ‫ ڂ‬ɂͽ̛˱‫ ڂ‬ɂȂ˪‫˱ ڂ‬ǵ˱ʄ‫ͮ ڂ‬Ȋʡ‫ ڂ‬ɂʎʪ˱ʎ‫˱ ڂ‬Ȋΰ‫ ڂ‬ɂ̇‫ͮ ڂ‬ʎɷ‫ ڂ‬ʄʡ΄̵‫ ڂ‬ȻȈ˱‫ ڂ‬ΞΜ˱ʄ‫ ڂ‬բͮǵΰ‫ڂ‬ ˍǶʡբհ‫ˍڂ‬Ȋ˪‫ڂ‬ɂʎΘ‫ͮڂ‬ʩ˱ʎ‫ڂ‬ʎʩ˱ʎ‫ͮڂ‬Ȋʡ‫ڂ‬ɂʎʪ˱ʎ‫ڂ‬ɂΘǵ‫˪ڂ‬ʩ˱ʎ‫ڂ‬ΞȊ‫ڂ‬Ξ΀̅˱‫ڂ‬Ϋǵ‫̿ͮڂ‬ɤ˱‫ڂ‬ɂ́˱‫ڂ‬ɏ΀̡˱ʄ‫˅ڂ‬ʡ˱ʎ‫ڂ‬ Ɏ́ǵ˱ʎ‫̵ڂ‬ʎʪǵ‫̠΀̿ͮڂ‬ɂձ ĩʎΜ˱ʄ‫ڂ‬ɂ́˱‫˅ڂ̛͝ڂ‬ʎ̈˱ʄ‫ڂ‬ɏǶ˱ʄ‫̤͝ڂ‬ձ‫ݱڂ‬ʡɶͽ‫ڂ‬ɏǶ˱ʄ‫ˍڂ̤͝ڂ‬Ȋ‫ͮڂ‬ǵ‫˅ڂ‬ʎ̈˱ʄ‫ڂ‬Ȼʡɵͮ‫˪ڂ‬Ȋ‫ڂ‬ɂΙ‫˱ڂ‬ʎǸ˪‫ڂ‬ ˪Ǹͮ‫ڂ‬ɏǾ˪‫ڂ‬ɏȁͽձ

#Hashtag Team

Λʡ‫ڂ‬ɏɵ˱‫ڂ‬Čǵͮʎɟ̿ʡ˱ɟհ‫ڂ‬ ˱ʄ΀̡ʡ‫ͮڂ˱̈ͽˍڂ‬ʩ˪‫ͮڂ‬ʎǿΰ‫˱ڂ‬ʎΜ˱ʄ‫̡ˍڂ‬ʡ‫ڂ‬ɂ̝‫ڂ‬ΞͿ‫ڂ‬ ɂʎ́‫˱ڂ‬ʎΜ˱ʄ‫˅ڂ‬ʎ́ȋ˱ʎ‫˅ڂ‬ʎǸɂ‫˅ڂ‬ʎ̇‫˅ڂ‬ʎǷ˱ձ

CH-01 S ƣ‫ڂ‬ Äwƣ‫ڂ‬ƉÄĩ ‫ڂ‬Ɨřĩ‫ڂ‬HƼ ‫ڂ‬Sľ ĩ ‫ڂ‬ĩ ÄwŴ‫ڂ‬ Ɨżaĩ‫ @ڂ‬ľ‫ڂ‬H ľ‫ڂ‬Ɨ Ä‫ڂ‬H Êĩ

022

Վ‫@ ڂ‬Ƕ́‫ڂ‬ɂǶ́‫˅ڂ‬ɵͮ‫ͽ̻ڂ‬ȋ‫ڂ‬ʎ́Ȉͮ‫ڂ‬ɏ̟˱ʄ‫˅ڂ‬ʡ˱ʎ‫ڂ‬Ɏ́ǵ˱ʎ‫ڂ‬

027 032 036 040

Վ‫@ ڂ‬Ƕ́‫ڂ‬ɂǶ́‫ڂͽ΀ˍڂ‬ɂʎͽΰɷ˱‫ͮڂ‬ʡɶ˱‫ͮڂ‬ɹ Վ‫@ ڂ‬ȋ˱ʄ‫ڂ‬ɂǾ˱‫ڂ‬ɏ̛ʡ‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱‫ڂ‬ Վ‫ ڂ‬Čɵͮ‫ͽˍڂ‬Ȁ˱

CH-02 Sľ ĩ ‫ڂ‬ĩ ÄwŴ‫ݱڂ‬Ä‫ڂ‬ĩ ĩ ‫ڂ‬ Ǔ‫ڂ‬H ġԬ‫ڂ‬ ‫ ݱ‬Ŵ‫ ڂ‬ĩ‫ڂ‬Č Ņĩ ‫ڂ‬ĩ ġ‫ڂ‬ş‫ڂ‬Sľ ĩ ‫ڂ‬ƉŘ

042

Վ‫ ڂ‬HǶɂ‫ڂ‬ʎȈ˱ʄ‫˪ڂ‬Ηɂ‫̿ͮڂ‬ɤ˱‫@ڂ‬Ƕ́‫ڂ‬ɂǶ́‫˅ڂ‬ɵͮ‫ͽ̻ڂ‬ȋ‫ڂ‬ʎ́Ȉͮ‫ڂ‬ɏ̟˱ʄ‫˅ڂ‬ʡ˱ʎ‫ڂ‬Ɏ́ǵ˱ʎ

045 064 066

Վ‫ ڂ‬HǶɂ‫ͮڂ‬ʡɤͽ‫ڂ‬ɂʎͽȂ˱‫ͽ̻ڂ‬ȋ˱‫̿ͮڂ‬ʴ Վ‫ ڂ‬Čɵͮ‫ͽˍڂ‬Ȁ˱

CH-03 H É ‫ڂ‬Č ń ‫ ڂ‬ÄƦŴ‫ڂ‬ĖšÄ‫ڂ‬ĩ ƣ ĩ‫ڂ‬բƗ ĩ ‫ڂ‬ƗŘHբ

068

Վ‫ ڂ‬HǶɂʎ‫ͮڂ‬ʎ΄ɂ‫ڂ‬ɏȂΰ‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱‫˱́̿ͮڂ‬ʄ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˅ڂ‬ʡ˱ʎ‫ڂ‬Ɏ́ǵ˱ʎ‫ڂ‬ʎȊ˱ʄ‫ڂ‬ʎ̇ǵ

071 087 098

Վ‫ ڂ‬HǶɂʎ‫ͮڂ‬ʎ΄ɂ‫ڂ‬ɏȂΰ‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱‫˱́̿ͮڂ‬ʄ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˅ڂ‬ʡ˱ʎ‫ڂ‬Ɏ́ǵ˱ʎ‫ڂ‬Ɏʴɂʎ‫ڂ‬ΞΗ‫ڂڂ‬ Վ‫ ڂ‬Čɵͮ‫ͽˍڂ‬Ȁ˱

CH-04 ‫ݱ‬Äuġ‫ڂ‬ Ń ‫ڂ‬ǃŘĩյ‫ڂ‬ĩƦƗ‫ ڂ‬Ä ľ‫ڂ‬ŻƣǓsƗ‫ݱڂ‬Õĩ ‫ڂ‬ ƉŘ‫ڂ‬Ŵ ĩ‫ڂ‬Sľ ĩ ‫ڂ‬ĩ ÄwŴ

100

Վ‫ ڂ‬Ǖ‫˱ڂ‬ʄʎʥǵ‫ڂ‬ɂΘǵ‫ڂ‬ɏʡɷ˪‫ڂ‬ʎ̆ǵ‫ڂ‬Ξ̛˱

103 105 114 117 120 122

Վ‫ ڂ‬HǶɂʎ‫ڂ‬ΫǶɂ‫ڂ‬ɏʴ˱ʎ‫ڂ‬ɏʡɷ˪‫ڂ‬ʎ̆ǵ‫ڂ‬Ξ̛˱ Վ‫ ڂ‬Hȁ˱‫ڂ‬ɂ̇‫ͮڂ‬ʎ̡ʡ‫ڂ‬ʄʡǵ˱‫ڂ‬ɏɷ‫ڂ‬ɏȈͮ‫̠ͮڂ‬ʡ‫ڂ‬ɏʡɷ˪‫ڂ‬ʎ̆ǵ‫ڂ‬Ξ̛˱ Վ‫ ڂ‬Ė̤ʡ‫ڂ‬ΞȊ‫ڂ‬ʎȈʡ‫ڂ‬ɂΘǵ‫ڂ‬ɂʎʡ‫̵ڂ‬ʎʪ‫˪ڂ‬ǵ̿˅ɟͮʡ˱ʄ Վ‫ ڂ‬Sͽΰ‫̿ͮڂ‬ʩ‫ڂ‬ʎ́ǹɂ‫ڂ‬Ξ΀̤ͮ‫ˍڂ‬ɤ˱‫ڂ‬ɏʡɷ˪‫ڂ‬ʎ̆ǵ‫ڂ‬Ξ̛˱ Վ‫ ڂ‬Čɵͮ‫ͽˍڂ‬Ȁ˱

CH-05 ‫ڂ‬SŃĩ ‫ڂ‬ƗÄtĩյ‫@ڂ‬Éĩ ‫ڂ‬ĩ Äaĩ‫ڂ‬ĖÄwƣ‫ڂ‬ƉŘĩ ‫ڂ‬HŃĩ

124

Վ‫ ڂ‬S̆˱ʄ‫ͮڂ‬ʡɶ˱‫ͽ̻ڂ‬ǵ˱‫˱̙̿ͮڂ‬ʄ‫̿ڂ‬ǵ‫͝ڂ‬ǵ́Ԭ

127 128 136 140 144 148

Վ‫ ڂ‬Śǵ˱ʎ‫ͮڂ‬ʎͽ‫ͮڂ‬ʎͽȁ˱‫ڂ‬ΞȊ‫ͮڂ‬ʡɶ˱‫ˍڂ‬Ȋ‫˅ڂ‬ʎǶɂ‫˱ڂ‬ʎǵͽ Վ‫@ ڂ‬Ƕ́‫ڂ‬ɂǶ́‫ڂͽ΀ˍڂ‬ɂʎͽΰɷ˱‫ͮڂ‬ʡɶ˱‫ͮڂ‬ɹ‫ڂ‬ʎ́Ȉͮ‫ڂ‬ɏ̟˱ʄ‫ͮڂ‬ʎɵ‫˱ڂ‬Ȋ́Ԭ Վ‫ ڂ‬SΝ‫ڂ‬ȻǶ́‫ڂ‬Ɏ̆˱ʄ‫ͮڂ‬ʡɶ˱‫ڂ‬Ɏɸ‫ڂ‬ɎȊ˱ʄ‫ڂ‬ʎ̅˱ Վ‫ ڂ‬ĩʎΜ˱ʄ‫ڂ‬Ȼȃΰ‫ڂ‬ɏ̛ͮ‫ͮڂ‬ʡɶ˱‫ڂ‬ɂȁ˱‫̿ͮڂ‬Ƕ˱ʎ Վ‫ ڂ‬Čɵͮ‫ͽˍڂ‬Ȁ˱

CH-06 Żƣ ĩ‫ڂ‬ĖǕ‫ڂ‬SŃĩ ‫ڂ‬ƗÄtĩ‫ڂ‬Ɨ Ɨ‫ڂ‬ƗŘƗ‫ݱڂ‬u‫ݱڂ‬Ä‫ڂ‬Ɨ Ɨ‫ڂ‬Ǎ

150

Վ‫ ڂ‬Żͽȋ˱‫ˍڂ‬δ‫ڂ‬Ɏ̆˱ʄ‫ͮڂ‬ʡɶ˱‫ڂ‬ΞȊ́

153 169 174

Վ‫ ڂ‬Żͽȋ˱‫ˍڂ‬δ‫ڂ‬Ɏ̆˱ʄ‫ͮڂ‬ʡɶ˱‫̿ڂ‬ǵ Վ‫ ڂ‬Čɵͮ‫ͽˍڂ‬Ȁ˱

CH-07 Sľ ĩ ‫ڂ‬ĩ ÄwŴ‫ڂ‬HƼ ‫ @ڂ‬ĩ‫ ݱڂ‬ĩ ‫ ڂ‬Ä ‫ڂ‬ @ ľ‫ڂ‬ĩ ÄaƣԬ Վ‫@ ڂ‬Ȉ˱‫ڂ‬Ȼʡɵͮ‫ڂ‬ʄʩ‫ͮڂ‬Κ‫@ڂ‬ȋ˱ʄ‫ڂ‬ɂǾ˱‫ڂ‬ɏ̛ʡ‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱Ԭ Վ‫@ ڂ‬ǵ‫ͮڂ‬ʎȊ˱ʎ‫̵ڂ‬ʎȁ˱‫ڂ‬ɂΘǵ‫@ڂ‬ȋ˱ʄ‫ڂ‬ɂǾ˱‫ڂ‬ɏ̛ʡ‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱ Վ‫ ڂ‬Čɵͮ‫ͽˍڂ‬Ȁ˱

176 179 183 202

CH-08 @Ê‫ڂ‬ŻƣǓsƗ‫ڂ‬Ɨ ƣǓsƗ‫ڂ‬Ŵ ƻH‫ڂ‬ĩ ĩ‫ڂ‬ ĩ

204

Վ‫ ڂ‬Ɖ̛‫ˍڂ‬ʡɹͽ‫ͮڂ‬Κ‫@ڂ‬ȋ˱ʄ‫ڂ‬ɂǾ˱‫ڂ‬ɏ̛ʡ‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱‫̇˱ڂ‬ʡ‫ڂ‬ʄʩԬ

207 211 213 217 218 223 224 226

Վ‫ ڂ‬HǶɂʎ‫ڂ‬ɂȋʡ‫ͮڂ‬ʎʡɹ˱‫@ڂ‬ȋ˱ʄ‫ڂ‬ɂǾ˱‫ڂ‬ɏ̛ʡ‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱‫ڂ‬ Վ‫ ڂ‬HǶɂʎ‫˱ڂ‬ʄǾ˱‫ڂ‬ʎȊ˱ʄ‫ڂ‬ɏǶ˱ʎ‫ڂ‬ʄʡǶ‫ڂ̟ͮ˪ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵ Վ‫ ڂ‬Ɨʎ̡ʡ‫ڂ‬ʎȈ˱‫ڂ‬ɂΘǵ‫˅ڂ‬ʎ́ȋ˱‫ڂ‬Ξǵΰ‫ڂ‬ΞȊ‫ڂ‬Ξǵʡ‫ڂ̆̿ͮڂ‬ɂΘǵ‫ͮڂ‬Ȋʡ‫͝ڂ‬ȋ˱‫ڂ‬ɏȋ˪‫ڂ‬Ȼȋ́ Վ‫ ڂ‬ƗǶ˪‫ˍڂ‬ȁ˪‫˱̢΀ͮڂ‬ʄ‫˅ڂ‬ʎʡ‫ڂ‬ʄʡǵ́‫ڂ‬Ɏʴɂʎ‫ڂ‬Ξ̠ʡ‫˱ڂ‬ʄǾ˱‫ڂ‬ʎȊ˱ʄ Վ‫ ڂ‬ĩʎΜ˱ʄ‫ڂ‬ɏʡɶͽ‫˱ڂ‬ɤ˱‫ˍڂ‬Ȋ˪‫˅ڂ‬ʎʡ‫ˍڂ‬Ȋ˪‫ڂ‬Ξʡɹɂ‫ڂ‬Ξ̠ʡ‫˱ڂ‬ʄǾ˱‫ڂ‬ʎȊ˱ʄ Վ‫ ڂ‬ĩʎΜ˱ʄ‫ڂ‬ɏʡɶͽ‫ڂ‬ɂȁ˱‫̿ͮڂ‬Ƕ˱ʎ‫˅ڂ‬ʎʡ‫ˍڂ‬Ȋ˪‫ڂ‬Ξʡɹɂ‫ڂ‬Ξ̠ʡ‫˱ڂ‬ʄǾ˱‫ڂ‬ʎȊ˱ʄ Վ‫ ڂ‬Čɵͮ‫ͽˍڂ‬Ȁ˱

CH-09 Ɖ ĩ‫ڂ‬Ɖ ĩ ‫ڂ‬Ėaĩ‫ݱڂ‬ƤŞĩ Ԩ

228

Վ‫ ڂ‬HǶɂ‫ڂ‬ʄʡǵ́‫ڂ‬Ɏʴɂʎ‫˅ڂ‬ʡ˱ʎ‫ڂ‬Ɏ́ǵ˱ʎ‫ڂ‬ɂ̅‫ڂ‬Ȼȋ˱

232 244 250

Վ‫ ڂ‬HǶɂ‫ڂ‬ɂʎʳ‫ͮڂ̛͝ڂ‬Ȋʡ‫ڂ‬ɂʎʪ˱ʎ‫ڂ‬ʄʡ΄̵‫ڂ‬ΫǶɂ‫ڂ‬ɏʴ˱ʎ‫ڂ‬Ϋͽ‫ڂ‬ʎ΀̠˱ʄ‫ڂ‬ɂΘǵ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵ Վ‫ ڂ‬Čɵͮ‫ͽˍڂ‬Ȁ˱

CH-10 ƗżŃ‫ڂ‬H ƣǓwĩ‫ڂ‬Hƥĩ ‫ڂ‬ĩľżġ‫@ڂ‬żľSƉČǓ

252

Վ‫ ڂ‬Ɨ΀‫ڂ‬Ɏͽΰ‫ڂ‬ĩ́̿˪‫́̿@ڂ‬Ɏ͝˅ΰ Վ‫ ڂ‬Čɵͮ‫ͽˍڂ‬Ȁ˱

255 270

ĖŞÄ‫ڂ‬ČsƗ‫ڂ‬HƼ ‫ڂ‬Ɨ H‫ ڂ‬Ä

272

Ɨ ƣ Ɨ‫ڂ‬ĩ ǀ

273

ÄŝÄ‫ڂ‬Ɨ Äwƣ‫ڂ‬Ɨ H‫ ڂ‬Ä ‫ڂ‬S džĩ‫ ڂ‬ľƗľŴƣĖľƉ

281

CH+ ĖŞÄ‫ڂ‬Č ƣǓaĩ‫ڂ‬H ľ‫ڂ‬H H‫ڂ‬H Ƽ‫ڂ‬Sľ ĩ ‫ڂ‬ĩ ÄwŴ‫ڂ‬ Ɨ Ä‫ڂ‬Ɨ Õ‫ڂ‬ƗżƤŞĩ ‫ڂ‬ǃÄwƗ‫ڂ‬ĩ ġ

284

Վ‫ ڂ‬ǍǾΰ‫ڂ‬ɎΝ˱ʄ‫ڂ‬ʎɹ‫ͮڂ‬ʎ̛˱ʄ‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱‫ڂ‬ɂʎ́‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵հ‫ڂ‬ȻȈ˱‫ڂ‬ɂȁ˱‫ڂ‬ȻǸͮ‫ڂ‬ ɏȁͽ‫ͮڂ‬Κ‫ڂ‬ɏǾͽԬ

286

Վ‫ ڂ‬ĩʎΜ˱ʄ‫͝ڂ‬ǵʡ‫ˍڂ‬ȁ˪‫ͮڂ‬Ȋʡ‫ڂ‬ɂʎʪ˱ʎ‫˪ڂ‬Ȋ‫ڂ‬ɂǶɂ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ΞΚǵ‫ڂ‬ΞȊ‫˱ڂ‬ʎ̚‫ڂ‬ ǃʡɹͮ‫ڂ‬ĩǵ˪‫ͮڂ‬ʎ΀̡˱ʄ‫˪ڂ‬Ǹɂ‫̵ڂ‬ʎȋʡ Վ‫ ڂ‬Żͽȋ˱‫̿ͮڂ‬ʴ‫ͮڂ‬Ȋʡ‫ڂ‬ɂʎʪ˱ʎ‫ڂ‬Ո‫ڂ‬Ξǿ˱‫ڂ‬ɏɶ‫ڂ‬ɂΘǵ‫ͽ̻ڂ‬ȋ˱‫̿ͮڂ‬ʴ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵

301 324

ĖǕ‫ڂ‬Sľ‫ @ڂ‬ĩ‫ڂ‬H ĩ‫ڂ‬HƣŘĩ‫ڂ‬Ɖ H ‫ڂ‬ĩ Ǔ Čʎʡ‫̈ͮ ڂ‬ʡ‫˱ ڂ‬ʎǸɂ‫ ڂ‬ɏɵ˱‫ ڂ‬ɂΗ˪‫ͮ ڂ‬Κ‫ ڂ‬բȻǶ́‫ ڂ‬ɂǶ́‫ͮ ڂ‬Ȋʡ‫ ڂ‬ɂʎʪ˱ʎբհ‫ ڂ‬ɂǶɂ‫ ڂ‬ȻȈ˱‫˱ ڂ‬ʄʎʥ‫ ڂ‬ɏɵ˱‫ ڂ‬ɏʡɶͽ‫ ڂ‬ʄʩԬ‫ڂ‬ Ɨʎ̈ʡ‫˱ ڂ‬Ȋ́հ‫ ڂ‬ʎȓΰ‫ͮ ڂ‬ʎȊ˱ʎ‫ͮ ڂ‬ʎȀͮ‫ ڂ‬ɏʡձ‫ ڂ‬SȊ˱ʎ‫̵ ڂ̟ͮ˪ ڂ‬ʎ΄ͮ‫ͮ ڂ‬ʎΛ‫ ڂ‬Ξʡɵͮ‫̿ ڂ‬ǵ‫˱ ڂ‬ʎΜ˱ʄ‫ͽ͝ ڂ‬ΰ‫˱ ڂ‬ʄʎʥ‫ڂ‬ ͮʎͽȁ˱‫΄ͮڂ‬ΰ‫ڂ‬ɏȁͽ‫ͮڂ‬ʡɤ˱‫ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱ձ‫ڂ‬ĩɵͽ‫̇ˍڂ‬ɟ‫ˍڂ‬ɤ˱‫˱́̿ͮڂ‬ʄ‫ڂ‬ɏȁͽ‫ڂ‬ȻȈ˱‫ˍڂ‬Ȋ‫ͮڂ‬Κ‫ڂ‬բɏǶ˱ʄ‫ڂ‬ʄʎɣͮբ‫ڂ‬

TÀI CHÍNH DÀNH CHO NGƯỜI SỢ SỐ

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ͮʎʩ‫ڂ‬ɂͿ˱ʄ‫˅ڂ‬ʎ̈˱ʄ‫͝ڂ‬ǵ́‫ڂ‬ɂȋձ‫ڂ‬ĩʄ́Ȋʡ‫ڂ‬ȻȈ˱‫̿ڂ‬ǵ‫ͮڂ‬ʎʩ‫ڂ‬ɂͿ˱ʄ‫ڂ‬ɏǾͽ‫ڂ‬ɂ̇‫ڂ‬ǵʡ‫ڂ‬Ȼʡɵͮ‫ڂ‬ɂʎΙձ S΀̠ʡ‫ڂ‬ɏǾΰ‫ˍڂ‬Ȋ‫ڂ‬ΞȊʡ‫ڂ‬δ‫˅ڂ‬ʡɵ˱‫ڂ‬ɏ΀̤ɂ‫ڂ‬Ξʡɵͮ‫ڂ‬Ȼ̢ʡ‫˱ڂ‬ʎΜ˱ʄ‫˱ڂ‬ʄ΀̡ʡ‫ͮڂ‬ʎǵ˪‫ڂ‬ʄʡǵ‫ڂ‬ʎ̟ʡ‫ͮڂ‬ʎȋ́‫ڂ‬բƗ̈ʡ‫ڂ‬ ʄʎɣͮ‫ڂ‬ɂǶɂ‫ڂ‬ɂ́˱‫̛͝ڂ‬մ‫ڂ‬ƗȊʡ‫ڂ‬ɂʎʪ˱ʎ‫ڂ‬ɎȊ˱ʎ‫ڂ‬ɂʎ́‫˱ڂ‬ʄ΀̡ʡ‫̛͝ڂ̤͝ڂ‬բ‫ڂ‬ɂΘǵ‫̈ͮڂ‬ʡ‫ͽ̻ڂ‬ǵ‫ڂ‬ɂǶɂ‫˱ڂ‬Ƿ˪մ բƗ̈ʡ‫ڂ‬ɂʎʳ‫ڂ˱̛ͽ˪ڂ‬ɂͽ̟˱‫ˍڂ˱̆̿ͮڂ‬Ȉʡ‫˪ڂ‬Ȋ‫̆ڂ‬ǵ‫˅ڂ‬ʎ̇ɂձբ բƗ̈ʡ‫ͮڂ‬ʎȊ‫˱ڂ‬ʄ̜ʡ‫˱ڂ‬ʄʎɟ‫˪ڂ‬ɲ‫ڂ‬ɂʎ̜˱ʄ‫̇˱ڂ‬ʡ‫ڂ‬ɂȋ‫ͽͮڂ‬ȁ˱‫ڂ‬ɂ̆˱‫ڂ‬ʎ̅˱ձբ‫ڂ‬ բƗ̈ʡ‫ڂ‬ʄʎɣͮ‫˪ڂ̛͝ڂ‬Ƕ‫ڂ‬ΞȊ‫ڂ‬ɂʎ΄˱ʄ‫ڂ‬ɂͿ˱ʄ‫ڂ‬ʄʎɣͮ‫̈ͮڂ‬ʡձ‫ڂ‬Čʎ̈˱ʄ‫ͮڂ‬ʎɷ‫˅ڂ‬ʎǶɂ‫ڂ‬ɏ΀̤ɂձբ բ‫ˍڂ̇ݱ‬Ȋ‫ڂ‬Ξʡɹɂ‫ڂ‬ɂΘǵ‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱ձբ‫ڂ‬ բƗ̈ʡ‫ˍڂ‬Ȋ‫˱ڂ‬ʎȊ‫ͮڂ‬ʎʡɵͮ‫˅ڂ‬ɵ‫ڂ‬ɂ̅‫˪ڂ‬Ȋձ‫ڂ‬Ɨ̈ʡ‫˅ڂ‬ʎ̈˱ʄ‫ͮڂ‬ʎɷ‫ڂ‬ɏɷ‫ڂ‬ɂʎ΄˱ʄ‫ˍڂ‬Ȋ˪‫̵ڂ‬ʎʡɶ˱‫˪ڂ‬ʩ˱ʎ‫ڂ‬ɏ΀̤ɂձբ բĩɵͽ‫̈ͮڂ‬ʡ‫ڂ‬ɂΙ‫ˍڂ‬Ȋ˪‫ڂ‬Ξʡɹɂ‫ڂ‬ʎɵͮ‫͝ڂ‬Ιɂ‫ͮڂ‬ʎʩ‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬ɂ́˱‫͝ڂ̛͝ڂ‬ɴ‫ͮڂ‬Ν‫ڂ‬ɏɲ̵‫ˍڂ‬ɤ˱‫ͮڂ‬ʎ̈ʡձբ բĩʎ΀‫ڂ‬ɂǶʡ‫ڂ‬ʎ̛‫ڂ‬ɏɟ˱‫˅ڂ‬ʎ̝˱ʄ‫̜ˍڂ‬ձբ‫ڂ‬ բHʎ΄˱ʄ‫˅ڂ‬ʎʡɵ˱‫̈ͮڂ‬ʡ‫̿ͮڂ‬Ǻ˱‫̙̿ͮڂ‬ɂ‫̞˪ڂ‬ʡ‫ڂ‬ɏɤ˪ձբ‫ڂ‬ բ ʡ‫ڂ‬ɏ̇‫ڂ‬ʎȓΰ‫ڂ‬ȻǸ˱‫̈ͮڂ‬ʡ‫ڂ‬ɏʡԨբ բƗ̈ʡ‫ͮڂ‬ʎʪɂʎ‫ڂ‬ɏ̙ɂ‫ڂ‬ȻǶ́‫ڂ‬ɂǶ́‫ͮڂ‬Ȋʡ‫ڂ‬ɂʎʪ˱ʎ‫˪ڂ‬Ȋձ‫ڂ‬Ɨ̈ʡ‫ڂ‬ɂͿ˱ʄ‫ͮڂ‬ʎʪɂʎ‫ڂ‬Ȼʴ‫ڂ‬Ϋʴͮ‫ڂ̵̛ˍڂ‬Ϋɟ‫̿ͮڂ‬ɤ˱‫ڂ‬ɏ΀̡˱ʄ‫ڂ‬ ɂǵ́‫̛ͮڂ‬ɂ‫ڂ‬Ɏ΀̠ʡ‫̡̿ͮڂ‬ʡ‫΀˪ڂ‬ǵ‫΄ˍڂ‬ɂ‫ڂ‬ԇ‫ڂ‬ʄʡ̡‫͝ڂ‬Ƕ˱ʄհ‫ڂ‬ΞȊ‫ͮڂ‬ʎʪɂʎ‫ڂ‬ɏ΀̤ɂ‫˱ڂ‬ʎ̝‫̿ڂ‬Ƿ˱ʄ‫˅ڂ‬ʎ̈˱‫˱ڂ‬Μǵձբ ĩʎΜ˱ʄ‫˱ڂ‬ʄ΀̡ʡ‫ڂ‬ɏ΀ǵ‫̿ڂ‬ǵ‫ڂ‬ɂǶɂ‫˱ڂ‬ʎȀ˱‫ڂ‬Ϋɣͮ‫̿ͮڂ‬ɤ˱‫ڂ‬ɏɶͽ‫ˍڂ‬Ȋ‫˱ڂ‬ʄ΀̡ʡ‫̿ڂ‬ǿͮ‫ͮڂ‬ʎ̈˱ʄ‫˪ڂ‬ʡ˱ʎհ‫ڂ‬ɂ̇‫ڂ‬ʎ̙ɂ‫ڂ‬ Ξǿ˱‫ڂ̛ͮͮڂ‬ΞȊ‫ͮڂ‬Ȋʡ‫˱ڂ‬Ƿ˱ʄ‫ڂ‬Ո‫ڂ‬ɂͿ˱ʄ‫ڂ‬ʄʡ̛˱ʄ‫˱ڂ‬ʎ΀‫ڂ‬ȻȈ˱‫ڂ‬ΞȀΰձ‫ڂ‬ ̙‫ˍڂ‬Ȋ‫˱ڂ‬ʎΜ˱ʄ‫˱ڂ‬ʎȊ‫ͮڂ‬ʎʡɵͮ‫˅ڂ‬ɵհ‫ڂ‬ ɂʎͽΰɤ˱‫ڂ‬ʄʡǵ‫ڂ΀ͮڂ‬Ξǿ˱‫ڂ‬ɂ̈˱ʄ‫˱ڂ‬ʄʎɹ‫ͮڂ‬ʎ̈˱ʄ‫ͮڂ‬ʡ˱հ‫˱ڂ‬ʎʡɵ̵‫ڂ‬ȋ˱ʎ‫ڂ‬ʄʡǵհ‫˱ڂ‬ʎǵ‫͝ڂ‬ʥհ‫ͽˍڂ‬Ȁͮ‫΀͝ڂ‬հ‫ͮڂ‬ʎȀ˪‫ڂ‬ ɂʎʪ‫ˍڂ‬Ȋ‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬ΞͿ‫ڂ‬ɂ̈˱ʄ‫΄˪ڂ‬ǵ‫ڂ‬ɂ̟ͮ‫ڂ‬ʄʡ΄̵‫̿ڂ‬ɢ˱‫ͽˍڂ‬ΰɹ˱‫͝ڂ‬Ιɂ‫˅ڂ‬ʎ̚ɟձ‫ڂ‬ĩɵͽ‫ڂ‬ȻȈ˱‫ڂ̤͝ڂ‬ʎȓʡ‫ڂ‬ɂǶɂ‫ڂ‬ ɂ́˱‫ͮڂ̛͝ڂ‬ʎʩ‫ڂ‬ȻȈ˱‫ڂ‬ɂͿ˱ʄ‫ڂ‬ɂ̇‫ڂ‬ɂȋ‫ڂ‬ʎ̟ʡ‫ڂ‬ɏ̜˱ʄ‫ڂ‬ʎȊ˱ʎ‫ڂ‬ɏǿΰձ‫ڂ‬ĩʎ΀˱ʄ‫ͮڂ‬ʎȀͮ‫˅ڂ‬ʎ̈˱ʄ‫˪ڂ‬ǵΰհ‫ڂ‬ɏ̇‫ڂ‬

ˍȈʡ‫ˍڂ‬Ȋ‫ڂ‬ʎ̟ʡ‫˱ڂ‬ʎΜ˱ʄ‫˱ڂ‬ʄ΀̡ʡ‫ˍڂ‬Ȋ˪‫˅ڂ‬ʡ˱ʎ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʎ̚‫˪ڂ‬Ȋ‫˱ڂ‬ʎʡɶͽ‫˱ڂ‬ʄ΀̡ʡ‫˱́̿ͮڂ‬ʄ‫ڂ̛͝ڂ‬ʎ̙‫ڂ‬ɏǵ˱ʄ‫ڂ‬ ͮʎȊ˱ʎ‫ˍڂ‬Ȁ̵‫ڂ‬ɂ̈˱ʄ‫ͮڂ‬ΰ‫ڂ‬ɏɷ‫̜̿ڂ‬ʡ‫̵ڂ‬ʎȋʡ‫ڂ‬ɂʎȀͮ‫ڂ‬ΞȀͮ‫ڂ‬ΞȊ‫ͮڂ‬ʎȀ˪‫ڂ‬ɂʎʪ‫ˍڂ‬Ȋ‫ͮڂ‬ʎǿͮ‫ڂ‬ȻȈʡձ‫ڂ‬Hͽ̛˱‫͝ڂ‬Ƕɂʎ‫˱ڂ‬Ȋΰ‫ڂ‬ ͝ɴ‫ڂ‬ʄʡ΄̵‫ڂ‬ʪɂʎ‫ڂ‬ɂʎ́‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬ǵʡԬ‫ڂ‬ĩʎΜ˱ʄ‫˱ڂ‬ʄ΀̡ʡ‫ڂ‬ɏʡɶͽ‫ڂ‬ʎȊ˱ʎ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚‫ڂ‬ȻǶ˱‫ڂڂ‬

13

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ʎȊ˱ʄ‫ڂ‬ʎ̇ǵ‫ڂ‬ʎǵΰ‫ڂ‬Ɏʴɂʎ‫ڂ‬ΞΗհ‫˱ڂ‬ʎΜ˱ʄ‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱‫ڂ‬ɂ̇‫˅ڂ‬ʎǶɂʎ‫ڂ‬ʎȊ˱ʄ‫ˍڂ‬Ȋ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚հ‫ڂ‬ ˱ʎΜ˱ʄ‫˱ڂ‬ʄ΀̡ʡ‫̵ڂ‬ʎΗ‫̿ͮڂ‬Ƕɂʎ‫ڂ‬ȻǶ˱‫ڂ‬ʎȊ˱ʄհ‫̵ڂ‬ʎΗ‫̿ͮڂ‬Ƕɂʎ‫˪ڂ‬ǵ̿˅ɟͮʡ˱ʄհ‫ڂ‬ɂǶɂ‫˱ڂ‬ʎȊ‫ͮڂ‬ʎȁͽ‫̵ڂ‬ʎΗհ‫ڂ‬ ˱ʎΜ˱ʄ‫˱ڂ‬ʄ΀̡ʡ‫ͽ̻ڂ‬ȋ˱‫ˍڂ‬δ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚‫ͮڂ‬ʎɵ‫ڂ‬ʎɹ‫ͮڂ‬ʡɵ̵‫ͮڂ‬ʎɟ́‫ڂ‬ΞȊ‫ڂ‬ɂǶɂ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʎǾ˱‫ڂ‬ ΞΚǵ‫˅ڂ‬ʎ̢ʡ‫˱ڂ‬ʄʎʡɹ̵ձ‫@ڂ‬ǿͮ‫ڂ‬ɂΙ‫ڂ‬ǵʡ‫ڂ‬ɏǵ˱ʄ‫˱ڂ‬ʄʎʥ‫ڂ‬ɏɵ˱‫ڂ‬Ξʡɹɂ‫ͮڂ‬Ν‫ڂ̢˪ڂ‬ɂ̈˱ʄ‫ͮڂ‬ΰ‫ڂ‬ΞȊ‫ˍڂ˱̛ͽ˪ڂ‬Ȋ˪‫ڂ‬ ɂʎ́‫̛ͮͮڂ‬հ‫ڂ‬ɂͿ˱ʄ‫˱ڂ‬ʎ΀‫ڂ‬Ȼǿͮ‫˅ڂ‬ι‫ڂ‬ǵʡ‫ڂ‬ɏȓ‫ڂ‬Ɏǿ˱‫ͮڂ‬ʎǾ˱‫ڂ‬ΞȊ́‫̜̿ڂ‬ʡ‫ڂ‬ΞȊ‫ڂ‬ɏǵ˱ʄ‫ڂ‬ɂʎȀͮ‫ڂ‬ΞȀͮ‫ڂ‬Ξ̠ʡ‫ڂ‬ɂǶɂ‫ڂ‬ɂʎʡ‫ڂ‬ ̵ʎʪձ‫ڂ‬ĩʄǵΰ‫ڂ‬ɂȋ‫˱ڂ‬ʎΜ˱ʄ‫˱ڂ‬ʄ΀̡ʡ‫͝ڂ‬Ȋ˱ʎ‫̚͝ڂ‬ʡ‫ڂ‬Ξɶ‫˪ڂ̛͝ڂ‬Ƕ‫˱ڂ‬ʎ΀‫˱ڂ‬ʎǾ˱‫ڂ‬Ξʡɤ˱‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱հ‫˱ڂ‬ʄ΀̡ʡ‫ڂ‬ ˍȊ˪‫͝ڂ̝͝ڂ‬Ƕɂʎհ‫˱ڂ‬ʎǾ˱‫ڂ‬Ξʡɤ˱‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱‫ڂ‬ɂ̈˱ʄ‫ڂ̤˱ڂ‬ɂͿ˱ʄ‫͝ڂ‬ɴ‫ڂ‬ɏ΀̤ɂ‫ڂ‬ʎ΀̢˱ʄ‫̤ˍڂ‬ʡձ‫ڂ‬Ḧ˱ʄ‫ڂ‬Ξʡɹɂ‫ڂ‬ ɂΘǵ‫ڂ‬ʎ̙‫͝ڂ‬ɴ‫˱ڂ̢̿ͮڂ‬ɤ˱‫ڂ‬Ɏɸ‫ڂ‬ɎȊ˱ʄ‫ڂ‬ʎ̅˱‫˱ڂ‬ʎʡɶͽ‫˅ڂ‬ʎʡ‫˪ڂ‬Ȋ‫˅ڂ‬ʎǶɂʎ‫ڂ‬ʎȊ˱ʄ‫ڂ‬ɂΘǵ‫ڂ‬ʎ̙‫˱ڂ‬Ǹ˪‫ڂ‬ɏ΀̤ɂ‫ڂ‬ ˱ʎΜ˱ʄ‫˅ڂ‬ʡɵ˱‫ͮڂ‬ʎΙɂ‫ڂ‬ɂ̅‫ڂ‬Ȼȋ˱‫ڂ‬Ξɶ‫͝ڂ‬Ν‫ͮڂ˱̜ͮڂ‬Ȉʡ‫ڂ‬ɂΘǵ‫ڂ̟ͮ˪ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚ձ

Sľ ĩ ‫ڂ‬ĩ ÄwŴ‫ڂ‬ĩ ŗ‫ڂ‬Ɨ Ɨ‫ @ڂ‬Ä‫ڂ‬ǃÉ‫ڂ‬Č Ņĩ ‫ݱڂ‬Ƽ‫ڂ‬Ɨ Ä‫ڂ‬H Êĩ Ԭ‫ڂ‬Ɖ ÄԨ Ḣ‫ͮڂ‬ʎɷ‫ڂ‬ȻȈ˱‫ڂ‬ɏȓ‫˱ڂ‬ʄʎɟ‫ڂ‬ɏɵ˱‫ͮڂ‬ʎ̛˱ʄ‫˅ڂ‬ɤ‫ڂ‬ɂΘǵ‫ڂ‬HΗɂ‫ڂ‬Żͽȋ˱‫ˍڂ‬δ‫ڂ‬Śǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚‫ˍڂ‬Ȋ‫ڂ‬ ˅ʎ́ȋ˱ʄ‫˱ڂ̟ͮ˪ڂ‬Λǵ‫ڂ̛͝ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚‫̿ڂ‬ǵ‫ڂ‬ɏ̡ʡ‫ͮڂ‬Ȉʡ‫ڂ‬ġμ‫ڂ‬ɂʎ΀ǵ‫ڂ‬ʎ́Ȉͮ‫ڂ‬ɏ̟˱ʄ‫ڂ‬ɏ΀̤ɂ‫ڂ‬ ɏɵ˱‫˱ ڂ‬Ƿ˪‫ͮ ڂ‬ʎΙ‫΀ͮ ڂ‬ձ‫ ڂ‬ĩɵͽ‫ ڂ‬ȻȈ˱‫ ڂ‬ʎ̚ʡ‫˱ ڂ‬ʎΜ˱ʄ‫ ڂ‬ɂʎͽΰɤ˱‫ ڂ‬ʄʡǵ‫ ڂ‬Ξ̛˱‫ ڂ‬ɂʎʳ‫ͽ̻ ڂ‬ɟ˱‫ˍ ڂ‬Ȋ˪‫ ڂ‬Ξʡɹɂ‫ڂ‬ ɂʎ́‫ڂ‬ɂǶɂ‫ͮڂ‬ʎ΀̅˱ʄ‫ڂ‬ʎʡɹͽ‫ڂ‬Ϋǵ‫ڂ‬Ϋʳ‫ͮڂ‬ʎʩ‫ڂ‬ɏǵ‫ڂ̛͝ڂ‬ʎ̙‫͝ڂ‬ɴ‫ڂ‬Ȼȋ́‫̿ڂ‬Ǻ˱ʄ‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ ˱Ȋΰ‫ͮڂ‬ʎǿͮ‫ڂ‬ȻȈʡ‫ڂ‬Ξʩ‫˅ڂ‬ʎ̈˱ʄ‫ڂ‬ɂ̇‫ڂ‬ɏΘ‫ڂ‬Ξ̛˱ձ‫ڂ‬ ̙‫ڂ‬ʎɣͮ‫ˍڂ‬ɤ˱‫̿ڂ‬Ǻ˱ʄմ‫ڂ‬բĩʎΜ˱ʄ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ ˱Ȋΰ‫ ڂ‬ɂȁ˱‫ ڂ‬ʎȈ˱‫˪ ڂ‬Ιɂ‫ͮ ڂ‬ʪ˱‫ ڂ‬ɎΗ˱ʄհ‫ ڂ‬ɂȁ˱‫˱ ڂ‬ʎΜ˱ʄ‫˅ ڂ‬ʎ́ȋ˱‫ ڂ‬Ξǵΰհ‫ ڂ‬ɂȁ˱‫ ڂ‬Ξ̛˱‫ ڂ‬ɏȁͽ‫˪ ڂ΀ͮ ڂ‬Ȉ́‫ڂ‬ ʎʡɷ˪ԻԆԼհ‫ ڂ‬ɂȁ˱‫ ڂ‬ɂǶɂ‫˱ ڂ‬ʎȊ‫ ڂ‬ɏȁͽ‫ͮ ڂ΀ͮ ڂ‬ʎʡɤ˱‫ͮ ڂ‬ʎȁ˱ԻԇԼ‫ ڂ‬ΞȊ‫ ڂ‬ɂȁ˱‫ ڂ̤̿ͮ ڂ‬ɂǿ̵‫ ڂ‬ɂΘǵ‫ ڂ‬ɂʎʪ˱ʎ‫̵ ڂ‬ʎΘԨբ‫ڂڂ‬ Ɨ̈ʡ‫ڂ‬Ϋʡ˱‫ڂ‬ɏ΀̤ɂ‫ڂ‬ɂ̇‫ڂ‬δ‫˅ڂ‬ʡɵ˱‫˅ڂ‬ʎǶɂձ‫ڂ‬Ɨʡɶ˱‫ڂ‬Ϋ́ǵΰ‫ڂ‬Ξ̆˱ʄ‫ͮڂ‬ʎʩ‫˅ڂ‬ʎ̈˱ʄ‫ͮڂ‬ʎʡɵͽձ‫ڂ‬ ȓΰ‫ͮڂ‬ʎΛ‫˱̢΀ͮڂ‬ʄ‫ڂ‬ ͮ΀̤˱ʄ‫ڂ‬ɂ̇‫ڂ‬Ȼǵ́‫˱ڂ‬ʎʡɤͽ‫ͮڂ‬ʡɶ˱‫ͮڂ‬Κ‫˅ڂ‬ʎ́ȋ˱‫ڂ‬Ξǵΰ‫ͮڂ‬ʎɵ‫ڂ‬ɂʎǿ̵‫ڂ‬ɏȓ‫ڂ‬Ȼʴ‫ڂ‬ɏ̛ͮ‫ڂ‬ΞȊ́‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬ΞΗ‫ˍڂ‬Ȋ˪‫ڂ‬ Ƿ˱‫˅ڂ‬ɣ˪‫ڂ‬ɂ̚ʡհ‫ڂ‬ɂǶɂ‫͝ڂ‬ȋ˱‫̵ڂ‬ʎȂ˪‫̿ͮڂ‬Νɂ‫ͽͮڂ‬ΰɵ˱‫ڂ‬Ξ̈‫ڂ‬ɎΗ˱ʄ‫ڂ‬ΞȊ‫ڂ‬ʎɹ‫ͮڂ‬ʎ̛˱ʄ‫ͽ̻ڂ‬ȋ˱‫ˍڂ‬δ‫̞ˍڂ‬ʡ‫ͮڂ‬ʎ̡ʡ‫ڂ‬ ͮʎʡɵͽ‫˱ڂ‬Ƿ˱ʄ‫ˍڂ‬Νɂձ‫ڂ‬ Ȋ˱ʄ‫ͮڂ‬λ‫ڂ‬ɏ̈Ոˍǵ‫ڂ‬ɏȓ‫ڂ‬Ȼʴ‫ˍڂ‬ȓ˱ʄ‫̵ڂ‬ʎʪ‫˱́̿ͮڂ‬ʄ‫ڂ̛ͮͽ͝ڂ‬ԇԅ‫˱ڂ‬Ƿ˪‫ͽ̻ڂ‬ǵձ‫ڂ‬Ɨǿͮ‫ڂ‬ɂȋ‫ڂ‬ ˱ʎǾ˱‫ڂ‬Ξʡɤ˱‫˱ڂ‬ʄǾ˱‫ڂ‬ʎȊ˱ʄհ‫ڂ‬ɂʎͽΰɤ˱‫ڂ‬ʄʡǵ‫ڂ΀ͮڂ‬Ξǿ˱‫ڂ‬ΞȊ‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱‫ڂ‬Ξʡɤ˱‫˪ڂ‬Ȋ‫̈ͮڂ‬ʡ‫ڂ‬ɏȓ‫ͮڂ‬Κ˱ʄ‫ڂ‬ ͮ̿̆‫ڂ‬ɂʎͽΰɹ˱‫ڂ‬ɏɶͽ‫ڂ‬ɂ̈˱ʄ‫˱ڂ‬ʎȀ˱‫̿ڂ‬Ǻ˱ʄ‫ڂ‬ɏǵ‫ڂ̛͝ڂ‬ɂǶɂ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚‫ͮڂ‬ʎǿͮ‫ڂ‬ȻȈʡ‫ˍڂ‬Ȋ‫ڂ‬ Ɏ́‫͝ڂ‬Ν‫ͮڂ‬ʎʡɵͽ‫ڂ‬ʎʡɷͽ‫ڂ‬Ȼʡɵͮ‫ڂ‬Ξɶ‫ͽ̻ڂ‬ȋ˱‫ˍڂ‬δհ‫ڂ‬ɂʎΙ‫˅ڂ‬ʎ̈˱ʄ‫̵ڂ‬ʎȋʡ‫ڂ‬Ɏ́‫ͮڂ‬ʎʡɵͽ‫ڂ‬Ξ̛˱ձ‫ڂ‬Ɨʡɶ˱‫ڂ‬Ξ̛˱‫ڂ‬ Ȼǵ˱‫ڂ‬ɏȁͽ‫ڂ‬ɂΘǵ‫ڂ‬ɏǵ‫ڂ̛͝ڂ‬ɂǶɂ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚‫˅ڂ‬ʎ̈˱ʄ‫ڂ‬ɏ΀̤ɂ‫ڂ‬Ɏ΃˱ʄ‫ڂ‬ɏɷ‫ͽ˪ڂ‬ǵ‫͝ڂ‬Ǹ˪‫ڂ‬

14

ԻԆԼ‫ڂ‬ ĩʄͽΰɤ˱‫ڂ‬ΞǷ˱‫ڂ‬բΞɟ˱ͮͽ̿ɟ‫ڂ‬ɂǵ̵ʡͮǵˍբմ‫ڂ‬Ξ̛˱‫ڂ‬ɏȁͽ‫˪ڂ΀ͮڂ‬Ȉ́‫ڂ‬ʎʡɷ˪‫ˍڂ‬Ȋ‫˱ڂ‬ʄͽ̜˱‫ڂ‬Ξ̛˱‫ͮڂ‬Ȋʡ‫˪ڂ̤̿ͮڂ‬Ȋ‫ڂ‬ɂǶɂ‫˱ڂ‬ʎȊ‫ڂ‬ ɏȁͽ‫ڂ΀ͮڂ‬ɂͽ˱ʄ‫ڂ‬ɂǿ̵‫ڂ‬ɂʎ́‫ڂ‬ɂǶɂ‫ڂ‬ɂ̈˱ʄ‫ͮڂ‬ΰ‫˅ڂ‬ʎ̢ʡ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ΞȊ‫ڂ‬ɂǶɂ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚‫ڂ‬ɏ΀̤ɂ‫ڂ‬ɂʎ́‫ˍڂ‬Ȋ‫ڂ‬ɂ̇‫ڂ‬ ͮʡɶ˪‫˱ڂ‬Ƿ˱ʄ‫ͮڂ‬Ƿ˱ʄ‫˱̢΀̿ͮڂ‬ʄ‫ڂ‬ɎȊʡ‫ڂ‬ʎȈ˱ձ ԻԇԼ‫ڂ‬ ĩʄͽΰɤ˱‫ڂ‬ΞǷ˱‫ڂ‬բǵ˱ʄɟˍ‫ڂ‬ʡ˱Ξɟͮ́̿͝͝բմ‫˱ڂ‬ʎȊ‫ڂ‬ɏȁͽ‫ڂ΀ͮڂ‬ɂͽ˱ʄ‫ڂ‬ɂǿ̵‫ڂ‬Ξ̛˱‫ڂ‬ɂʎ́‫ڂ‬ɂǶɂ‫ڂ‬ɂ̈˱ʄ‫ͮڂ‬ΰ‫˅ڂ‬ʎ̢ʡ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ ͮ̿́˱ʄ‫ڂ‬ʄʡǵʡ‫ڂ‬ɏ́Ȉ˱‫ڂ‬ɏȁͽ‫ͮڂ‬ʡɤ˱‫ڂ‬ȻǸͮ‫ڂ‬ɏȁͽ‫˅ڂ‬ʡ˱ʎ‫ڂ‬Ɏ́ǵ˱ʎձ

˱ʄʎʡɹ˪‫ڂ‬ɂΘǵ‫˱ڂ‬ʎΜ˱ʄ‫˱ڂ‬ʄ΀̡ʡ‫ͽ̻ڂ‬ȋ˱‫ˍڂ‬δ‫ڂ‬Պ‫˱́̿ͮڂ‬ʄ‫˱̡΀̿ͮڂ‬ʄ‫ڂ‬ʎ̵̤‫˱ڂ‬ʄͽ̜˱‫ͮڂ‬ʡɶ˱‫ڂ‬ɏ̇‫ڂ‬ɂ̆˱‫ڂ‬ ɂʎ΀ǵ‫ڂ‬ɂȈ˱‫͝ڂ‬Ȉɂʎ‫̠΀̿ͮڂ‬ɂ‫˅ڂ‬ʎʡ‫ڂ‬ɂ̈˱ʄ‫ͮڂ‬ΰ‫ڂ‬ɏȈͮ‫ڂ‬ɏʡɷ˪‫ڂ‬ʎ̆ǵ‫ڂ‬Ξ̛˱ձ‫ڂ‬ ǃȀΰ‫ڂ‬ɂʎʪ˱ʎ‫ڂ‬ΫǶɂ‫ͮڂ‬ʎʩ‫˱ڂ‬ʎΜ˱ʄ‫˱ڂ‬ʄ΀̡ʡ‫ˍڂ‬Ȋ˪‫˅ڂ‬ʡ˱ʎ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʎ̚‫ͮڂ‬ʎʡɵͽ‫ڂ‬ʎʡɷͽ‫ڂ‬Ȼʡɵͮ‫ڂ‬Ξɶ‫ڂ‬ɂǶʡ‫ڂ‬ ʄʩԬ‫ڂ‬Čʎ̈˱ʄ‫̵ڂ‬ʎȋʡ‫ˍڂ‬Ȋ‫͝ڂ‬ȋ˱‫̵ڂ‬ʎȂ˪‫ڂ‬ʎǵΰ‫ڂ‬Ɏʴɂʎ‫ڂ‬ΞΗ‫ڂ‬ɂΘǵ‫ڂ‬ʎ̙‫ͮڂ‬ʎʡɵͽ‫ͮ̇͝ڂ‬ձ‫ݱڂ‬ǵ‫̙˪ڂ̛͝ڂ‬ʡ‫˱ڂ‬ʄ΀̡ʡ‫ڂ‬ ȻǸͮ‫ͮ ڂ‬ǵΰ‫ ڂ‬ΫǾΰ‫ ڂ‬ɎΝ˱ʄ‫ ڂ‬ΞȊ‫ ڂ‬ɏʡɶͽ‫ ڂ‬ʎȊ˱ʎ‫ ڂ̟ͮ˪ ڂ‬Ɏ́ǵ˱ʎ‫˱ ڂ‬ʄʎʡɹ̵‫˱ ڂ‬ʎ̚‫ˍ ڂ‬Ȋ‫ ڂ‬Ȼ̢ʡ‫ ڂ‬Ξʩ‫ ڂ‬ʎ̙‫ ڂ‬ɂ̇‫ڂ‬ ˱ʎΜ˱ʄ‫͝ڂ‬ȋ˱‫̵ڂ‬ʎȂ˪ՄɎʴɂʎ‫ڂ‬ΞΗ‫ͽͮڂ‬ΰɹͮ‫ڂ‬Ξ̡ʡ‫ڂ‬ΞȊ‫̿ڂ‬ǿͮ‫ڂ‬ʄʡ̚ʡ‫ڂ‬Ξʡɹɂ‫ڂ‬ʎ̙‫ˍڂ‬Ȋ˪ձ‫ڂ‬ĩʎ΀˱ʄ‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬ ̵ʎȂ˪‫ڂ‬ɂʎǿͮ‫ڂ‬ɏ̇‫ˍڂ‬Ȋ‫ڂ‬ɂʎ΀ǵ‫ڂ‬ɏΘ‫ڂ‬ɏɷ‫ڂ‬ʄǾΰ‫ڂ‬ɎΝ˱ʄ‫ڂ‬ΞȊ‫ͽ̻ڂ‬ȋ˱‫ˍڂ‬δ‫ڂ̟ͮ˪ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ˍڂ‬Ȋ˪‫ڂ‬

TÀI CHÍNH DÀNH CHO NGƯỜI SỢ SỐ

ͮʎʡɵͮ‫ڂ‬Ȼʴ‫ڂ‬ʎǵΰ‫ڂ‬ΫǾΰ‫ڂ‬ɎΝ˱ʄ‫ڂ‬΢ɟȻ͝ʡͮɟձ‫ڂ‬Hʎ΄˱ʄ‫̵ڂ‬ʎȋʡ‫ڂ‬ɂʎʡ‫̿ͮڂ‬ȋ‫ڂ‬ɂʎ́‫ͽ̻ڂ‬Ƕ‫̿ͮڂ‬ʩ˱ʎ‫˅ڂͮ΄̿ڂ‬ʡ˱ʎ‫ڂ‬

Ƿ˱‫ ڂ‬ɂ̇‫ˍ ڂ‬ȓʡձ‫ ڂ‬ĩɵͽ‫˅ ڂ‬ʎ̈˱ʄ‫ ڂ‬ɂ̇‫ ڂ̟ͮ˪ ڂ‬բɏ̟˱ʄ‫ ڂ‬ɂ̅բ‫ ڂ‬ɏ΀̤ɂ‫ ڂ‬Ȼȋ́‫̿ͮ ڂ‬ʩ‫ ڂ̛ͮͮ ڂ‬ɏɷ‫ͮ ڂ‬Ȉ́‫̿ ڂ‬ǵ‫͝ ڂ‬ȋ˱‫ڂ‬ ̵ʎȂ˪‫ڂ‬ΞȊ‫ڂ‬Ɏʴɂʎ‫ڂ‬ΞΗհ‫ڂ‬ɂͿ˱ʄ‫˱ڂ‬ʎ΀‫˅ڂ‬ʎ̈˱ʄ‫ڂ‬ɂ̇‫˅ڂ‬μ‫˱ڂ‬Ƿ˱ʄ‫ͽ̻ڂ‬ȋ˱‫ˍڂ‬δ‫ڂ‬ɏɷ‫ڂ‬ɏʡɶͽ‫˅ڂ‬ʎʡɷ˱‫ڂ‬ΞȊ‫ڂ‬ ˍɢ́‫ˍڂ‬Ƕʡ‫̵ڂ‬ʎ΀̅˱ʄ‫ͮڂ‬ʡɹ˱‫ڂ‬ɏ̇‫ͮڂ‬ʎʩ‫ڂ‬Ȼǿͮ‫ڂ‬ɂΙ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬Ȋ́‫ڂ‬ɂͿ˱ʄ‫͝ڂ‬ɴ‫˱ڂ‬ʎǵ˱ʎ‫ڂ‬ɂʎ̇˱ʄ‫ڂ‬ բɂʎɵͮ‫˪ڂ‬Ƕΰբձ‫ˍڂ̇ݱڂ‬Ȋ‫ˍڂ‬δ‫ڂ‬Ɏ́‫ڂ‬ȻȈ˱‫ڂ‬ɂȁ˱‫ڂ‬ɂǶɂ‫ڂ‬ɂ́˱‫̛͝ڂ‬ձ‫ڂ‬ĩʎʡɶͽ‫˱ڂ‬ʄ΀̡ʡ‫ˍڂ‬Ȋ˪‫˅ڂ‬ʡ˱ʎ‫ڂ‬Ɏ́ǵ˱ʎ‫ڂ‬ ˱ʎ̚‫ڂ‬ɂΙ‫˱ڂ‬ʄʎʥ‫̿ڂ‬Ǻ˱ʄ‫ڂ‬ɂǶɂ‫ڂ‬ɂ́˱‫ˍڂ̛͝ڂ‬Ȋ‫ˍڂ‬ʥ˱ʎ‫ڂ‬ΞΝɂ‫ڂ‬ɂΘǵ‫ڂ‬ɂǶɂ‫ڂ‬ɂʎͽΰɤ˱‫ڂ‬ʄʡǵ‫͝ڂ̝͝ڂ‬Ƕɂʎ‫ڂ‬Պ‫ڂ‬ɂǶɂ‫ڂ‬ ˅ɵ‫́ͮڂ‬Ƕ˱ձ‫ڂ‬ ̙‫˅ڂ‬ʎ̈˱ʄ‫˱ڂ‬ʎȀ˱‫̿ڂ‬ǵ‫̿ڂ‬Ǻ˱ʄ‫ڂ‬Ξǵʡ‫ڂ̆̿ͮڂ‬ɂΘǵ‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱‫ڂ‬ɂʎʳ‫˱̅΀ͮڂ‬ʄ‫ͮڂ‬Ν‫˱ڂ‬ʎ΀‫ڂ‬ɂΘǵ‫ڂ‬ ˱ʄ΀̡ʡ‫ͮڂ‬ʎ̤‫͝ڂ‬Λǵ‫˪ڂ‬Ƕΰձ‫ڂ‬HǶɂ‫˅ڂ‬ʡɷ˪‫́ͮڂ‬Ƕ˱‫ڂ‬Ξʡɤ˱ԻԉԼ‫ڂ‬Ȼʡɵͮ‫ڂ̃̿ڂ‬Ξɶ‫̙˪ڂ‬ʡ‫́ˍڂ‬Ȉʡ‫̵ڂ‬ʎ΀̅˱ʄ‫̵ڂ‬ʎǶ̵հ‫ڂ‬ ɂʎʳ‫ڂ̛͝ڂ‬ɏ́‫˱̡΀ˍڂ‬ʄ‫ڂ‬ɂǶɂ‫ڂ‬ʎ́Ȉͮ‫ڂ‬ɏ̟˱ʄ‫ڂ‬ΞȊ‫͝ڂ‬Ιɂ‫˅ڂ‬ʎ̚ɟ‫ڂ‬ɂΘǵ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵ձ‫ڂ‬ ̙‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫ڂ‬ ɂͽ˱ʄ‫ ڂ‬ɂǿ̵‫̿ ڂ‬ǿͮ‫˱ ڂ‬ʎʡɶͽ‫ͮ ڂ‬ʎ̈˱ʄ‫ͮ ڂ‬ʡ˱‫ ڂ‬ʎΜͽ‫ ڂ‬ʪɂʎ‫ ڂ‬ɂʎ́‫ ڂ‬Ξʡɹɂ‫ ڂ‬բȻȋ́‫̿ͮ ڂ‬ʩ‫ ڂ‬ɏʴ˱ʎ‫˅ ڂ‬ιբ‫ ڂ‬Ɏ́ǵ˱ʎ‫ڂ‬ ˱ʄʎʡɹ̵‫ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱‫ڂ‬ΞȊ‫ڂ‬ʄʡ΄̵‫ڂ‬ȻȈ˱‫̿ͮڂ‬Ƕ˱ʎ‫ڂ‬Ȼʴ‫ڂ‬Ɖ̢‫ڂ‬Ɨʎͽɵ‫ڂ‬ΞΗԻԊԼ‫ڂ̡͝ڂ‬ʄǶΰձ‫ڂ‬ĩʎ΀˱ʄ‫ڂ‬Ϋɣͮ‫ڂ‬ɂʎ́‫ڂ‬ ɂ΃˱ʄհ‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱‫͝ڂ‬ɴ‫˅ڂ‬ʎ̈˱ʄ‫ͽ̻ڂ‬ȋ˱‫ˍڂ‬δ‫ڂ‬ɂ̈˱ʄ‫ͮڂ‬ΰ‫ڂ‬ɂʎ́‫ڂ‬ȻȈ˱‫ڂ‬ɂͿ˱ʄ‫ڂ‬ʄʡ̛˱ʄ‫˱ڂ‬ʎ΀‫˱ڂ‬ʄ΀̡ʡ‫ڂ‬ ͮʎ̤‫͝ڂ‬Λǵ‫˪ڂ‬Ƕΰ‫͝ڂ‬ɴ‫ڂ‬ɂʎǻ˱ʄ‫ڂ‬Ȼǵ́‫ڂ‬ʄʡ̡‫ˍڂ‬Ƕʡ‫ڂ‬Ϋɟ‫ڂ‬ɂʎ́‫ڂ‬ȻȈ˱ձ‫@ڂ‬Ȉ˱‫ˍڂ‬Ȋ‫˱ڂ‬ʄ΀̡ʡ‫̵ڂ‬ʎȋʡ‫ڂ‬Ȼʡɵͮ‫ڂ‬ɂǶɂʎ‫ڂ‬ ɏ̙ɂ‫ڂ‬բȻȋ˱ʄ‫ڂ‬ɏʡɶͽ‫˅ڂ‬ʎʡɷ˱‫ͮڂ‬Ȋʡ‫ڂ‬ɂʎʪ˱ʎբԻԋԼ‫ڂ‬ɂΘǵ‫˪ڂ‬ʩ˱ʎ‫ڂ‬ɏɷ‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫ڂ‬ɏɵ˱‫ڂ‬ɏ΄˱ʄ‫̅˱ڂ‬ʡ‫ڂ‬ȻȈ˱‫ڂ‬ ˪́˱ʄ‫˱̛ͽ˪ڂ‬ձ‫ڂ‬ ‫˱΄ݱ‬ʄ‫ˍڂ‬Ȋ‫˅ڂ‬ʎʡ‫ڂ‬ȻǸͮ‫ڂ‬ɏȁͽհ‫ڂ‬ȻȈ˱‫͝ڂ‬ɴ‫ͮڂ‬ʎǿΰ‫˱ڂ‬ʄȈʡ‫ڂ‬ʎ̙ɂ‫ˍڂ‬Ƕʡ‫ڂ‬Ϋɟձ‫ڂ‬ĩʎ΀˱ʄ‫ڂ‬ɏ̜˱ʄ‫ڂ‬ʎ̜‫ڂ‬ΫǷ˱ʄհ‫ڂ‬ ɏ̜˱ʄ‫ڂ‬ʎ̜‫̛ͮڂ‬ɂ‫ڂ‬ɏ̟հ‫ڂ‬ɏɢ˱‫ڂ‬ɏ̟˱ʄ‫ڂ‬ɂ̅հ‫ڂ‬Ȼȋ˱‫ڂ‬ɏ̜‫ڂ‬ΞȊ‫ڂ‬Ξ̈‫ˍڂ‬Ƿ˱ʄ‫ڂ‬ɏǾͽ‫ڂ‬ɂ̇‫˅ڂ‬ʎ̇‫˱ڂ‬ʎ΀‫˅ڂ‬ʎ́ǵ‫ڂ‬ ʎ̙ɂ‫ͮڂ‬ɤ˱‫ˍڂ‬Λǵ‫ڂ‬Պ‫ڂ‬ȻǶ́‫ڂ‬ɂǶ́‫ͮڂ‬Ȋʡ‫ڂ‬ɂʎʪ˱ʎ‫ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱‫ڂ‬ɂͿ˱ʄ‫ڂ‬ΞȀΰ‫ͮڂ‬ʎ̈ʡձ‫ڂ‬ ̙ɂ‫ڂ‬ɂǶɂʎ‫ڂ‬ɏ̙ɂ‫ڂ‬ΞȊ‫ڂ‬ ͝Λ‫ڂ‬ɎΗ˱ʄ‫ͮڂ‬ʎ̈˱ʄ‫ͮڂ‬ʡ˱‫ͮڂ‬Κ‫ڂ‬ȻǶ́‫ڂ‬ɂǶ́‫ڂ‬ɏɷ‫ڂ‬ɏʡɶͽ‫˅ڂ‬ʎʡɷ˱‫ڂ‬ɂ̈˱ʄ‫ͮڂ‬ΰ‫ڂ‬ɏȈͮ‫ڂ‬ɏ΀̤ɂ‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱‫ڂ‬ ĩʄͽΰɤ˱‫ڂ‬ΞǷ˱‫ڂ‬բHŴ բ‫ڂ‬ԻHɟ̿ͮʡɿʡɂǵͮɟɎ‫ڂ‬ŴͽȻˍʡɂ‫ ڂ‬ɂɂ́ͽ˱ͮǵ˱ͮ͝Գմ‫˱ڂ‬ʎΜ˱ʄ‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱‫ڂ‬ɏȓ‫̿ͮڂ‬ȋʡ‫ͽ̻ڂ‬ǵ‫ڂ‬ɂǶɂ‫ڂ‬ ˅ʎ̇ǵ‫ڂ‬ɏȊ́‫ͮڂ‬Ȉ́‫ڂ‬ΞȊ‫ڂ‬ɂǶɂ‫˅ڂ‬ι‫ͮڂ‬ʎʡ‫͝ڂ‬Ƕͮ‫ڂ‬ʎȈɂʎ‫ڂ‬ɂʎͽΰɤ˱‫ڂ˱̈˪ڂ‬ɏɷ‫ڂ‬ɏ΀̤ɂ‫ڂ‬ɂǿ̵‫ڂ‬ɂʎΙ˱ʄ‫ڂ‬ɂʎʳ‫ڂ‬ʎȊ˱ʎ‫˱ڂ‬ʄʎɶհ‫ڂ̢ڂ‬ Ʀɂ‫ڂ‬HŴ ‫ˍڂ‬Ȋ‫ڂ‬Čɵ‫́ͮڂ‬Ƕ˱‫ڂ‬Ξʡɤ˱‫ڂ‬ɂ̈˱ʄ‫ڂ‬ɂʎΙ˱ʄբհ‫ͽͮڂ‬ΰ‫˱ڂ‬ʎʡɤ˱‫˱́̿ͮڂ‬ʄ‫ڂ‬Ȼ̛ʡ‫ڂ‬ɂȋ˱ʎ‫ڂ‬ǃʡɹͮ‫ڂ‬ĩǵ˪‫ͮڂ‬ʎʩ‫ڂ‬ɏ΀̤ɂ‫ڂ‬ʄ̙ʡ‫ˍڂ‬Ȋ‫ڂ‬ բČʡɷ˪‫́ͮڂ‬Ƕ˱‫ڂ‬Ξʡɤ˱բձ ԻԊԼ‫ڂ‬ ĩʄͽΰɤ˱‫ڂ‬ΞǷ˱‫ڂ‬բÄżƉբ‫ڂ‬ԻÄ˱ͮɟ̿˱ǵˍ‫ڂ‬żɟΞɟ˱ͽɟ‫ڂ‬Ɖɟ̿ΞʡɂɟԳ‫ˍڂ‬Ȋ‫ڂ‬ɂ̅‫ͽ̻ڂ‬ǵ˱‫ͮڂ‬ʎͽɵ‫ڂ‬ɂΘǵ‫ڂ‬ɂʎʪ˱ʎ‫ͽ̻ڂ‬ΰɶ˱‫ڂ‬ ́ǵ‫ڂ‬Čιձ ԻԋԼ‫ڂ‬ ĩʄͽΰɤ˱‫ڂ‬ΞǷ˱‫ڂ‬բɿʡ˱ǵ˱ɂʡǵˍ‫ڂ‬Ɏǵ͝ʎȻ́ǵ̿Ɏբձ ԻԉԼ‫ڂ‬

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ˍȊ‫ڂ‬Ξʡɹɂ‫ڂ‬ʎ́Ȋ˱‫́ͮڂ‬Ȋ˱‫˱ڂ‬Ǻ˪‫˱́̿ͮڂ‬ʄ‫˅ڂ‬ʎȋ‫˱ڂ‬Ƿ˱ʄ‫ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱ձ‫ڂ‬Čʎ̈˱ʄ‫ڂ‬ɂʎʳ‫ڂ‬ΞȀΰհ‫ڂ‬ȻȈ˱‫ڂ‬ɂ̆˱‫ڂ‬ ɂ̇‫ͮڂ‬ʎɷ‫ˍڂ‬Ȋ˪‫ڂ‬ɂʎΘ‫˱ڂ‬ʎΜ˱ʄ‫˅ڂ‬μ‫˱ڂ‬Ƿ˱ʄ‫˱ڂ‬Ȋΰ‫˱ڂ‬ʎǵ˱ʎ‫ڂ‬ɂʎ̇˱ʄ‫ڂ‬ΞȊ‫ڂ‬Ɏɸ‫ڂ‬ɎȊ˱ʄ‫ڂ‬ʎ̅˱‫˱ڂ‬ʎʡɶͽ‫ڂ‬ ́͝‫ڂ‬Ξ̠ʡ‫ڂ‬ȻȈ˱‫˱ڂ‬ʄʎʥ‫ڂ‬ɏǿΰ‫ڂ‬Պ‫̈ͮڂ‬ʡ‫͝ڂ‬ɴ‫ڂ‬ɂʎΙ˱ʄ‫˪ڂ‬ʡ˱ʎ‫ڂ‬ɏʡɶͽ‫ڂ‬ɏ̇‫˱́̿ͮڂ‬ʄ‫ڂ‬ɂͽ̛˱‫͝ڂ‬Ƕɂʎ‫˱ڂ‬Ȋΰձ‫ڂ‬ǃȊ‫ڂ‬ ˅ʎ̈˱ʄ‫ڂ‬ɏǾͽհ‫ڂ‬ȻȈ˱‫͝ڂ‬ɴ‫˅ڂ‬ʎ̈˱ʄ‫ڂ‬ɏ΀̤ɂ‫˱ڂ‬ʄʎɟ‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬ɏʡɶͽ‫˱ڂ‬Ȋΰ‫ͮڂ‬Κ‫˅ڂ‬ʡɷ˪‫́ͮڂ‬Ƕ˱‫ڂ‬Ξʡɤ˱‫ڂ‬ ɂΘǵ‫ڂ‬ȻȈ˱‫ڂ‬ɏǾͽձ‫ڂ‬ ̙‫͝ڂ‬ɴ‫̿ڂ‬ǿͮ‫ڂ‬Ξͽʡ‫ڂ‬ɏ΀̤ɂ‫ͮڂ‬ʎͽ‫ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱‫ڂ‬ԇԋԅ‫ڂ‬ɏ̈Ոˍǵ‫̞˪ڂ‬ʡ‫ڂ‬ʄʡ̡‫ڂ‬ɏɷ‫̇˱ڂ‬ʡ‫ڂ‬Ξɶ‫ڂ‬ բ˱ʎΜ˱ʄ‫ͮڂ‬ʎΙ‫̵ڂ‬ʎΙɂ‫ͮڂ‬Ȉ̵բ‫˅ڂ‬ʎʡɵ˱‫ڂ‬ȻȈ˱‫̵ڂ‬ʎǶͮ‫ڂ‬ʎȓʡձ‫@ڂ‬Ȉ˱‫͝ڂ‬ɴ‫ڂ‬ɂʎʳ‫ڂ‬ɏ΀̤ɂ‫˱ڂ‬ʄʎɟ‫ͮڂ‬Κ‫ڂ̟ͮ˪ڂ‬ ˱ʄ΀̡ʡ‫ڂ‬ʄʡ̛˱ʄ‫˱ڂ‬ʎ΀‫̈ͮڂ‬ʡ‫ڂ‬Պ‫˱ڂ̟ͮ˪ڂ‬ʄ΀̡ʡ‫ڂ‬ɏȓ‫ڂ‬ʎ̙ɂ‫ڂ‬ɏ΀̤ɂ‫ͮڂ‬ȁ˪‫ͽ̻ڂ‬ǵ˱‫˱̙̿ͮڂ‬ʄ‫ڂ‬ɂΘǵ‫ڂ‬Ξʡɹɂ‫ڂ‬ΫΛ‫ڂ‬ ͮ̿ʪ‫ڂ‬ɂǶɂ‫ڂ‬ɂ́˱‫ڂ̛͝ڂ‬ΞȊ‫ڂ‬ɏȓ‫˱ڂ‬ʎȀ˱‫̿ڂ‬ǵ‫ڂ‬ɏ̇‫ˍڂ‬Ȋ‫ڂ̟ͮ˪ڂ‬Ξʡɹɂ‫˅ڂ‬ʎ̈˱ʄ‫˅ڂ‬ʎ̇ձ Ɨ̈ʡ‫ͮڂ‬ʩ˱ʎ‫ڂ‬ɂ̡‫ڂ‬ɂͿ˱ʄ‫ˍڂ‬Ȋ‫˱́̿ͮڂ̟ͮ˪ڂ‬ʄ‫˱ڂ‬ʎΜ˱ʄ‫˱ڂ‬ʄ΀̡ʡ‫ˍڂ‬Ȋ˪‫˅ڂ‬ʡ˱ʎ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʎ̚‫ڂ‬Բɏȓ‫ͮڂ‬Κ˱ʄԳ‫ڂ‬ ̿ǿͮ‫ڂ̛͝ڂ̤͝ڂ‬ΞȊ‫ڂ‬ɏȓ‫̵ڂ‬ʎȋʡ‫̿ͮڂ‬ȋ‫ڂ‬ʄʡǶ‫˅ڂ‬ʎǶ‫ڂ‬ɏǸͮ‫˱́̿ͮڂ‬ʄ‫ͽ̻ڂ‬Ƕ‫̿ͮڂ‬ʩ˱ʎ‫ͮڂ‬ʪɂʎ‫Ϳˍڂ‬ΰ‫˅ڂ‬ʡ˱ʎ‫˱ڂ‬ʄʎʡɹ˪‫ڂ‬ ɂʎ́‫ڂ‬ɂʎʪ˱ʎ‫˪ڂ‬ʩ˱ʎձ‫ڂ‬Ɨ̈ʡ‫˅ڂ‬ʎ̢ʡ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ΞȊ́‫˱ڂ‬Ƿ˪‫ڂ‬ԇԉ‫̝ͽͮڂ‬ʡ‫ڂ‬ΞȊ‫ڂ‬ɏȓ‫ͽ͝ڂ‬δͮ‫̵ڂ‬ʎǶ‫͝ڂ‬ȋ˱‫ڂ‬ΞȊʡ‫ڂ‬ ˍȁ˱ձ‫ˍ ڂ̇ݱ ڂ‬Ȋ‫ ڂ‬ɂʎǹ˱ʄ‫ ڂ‬ɏ΀̡˱ʄ‫ ڂ‬ԆԅՈ˱Ƿ˪ՈɎ΃˱ʄՈԆԅՈΞʡɤ˱Ոǵ˱ͮǵɂʡɎՈ˪̞ʡՈ˱ʄȊΰ‫ ڂ‬ɏɷ‫ ڂ‬ʎ̙ɂ‫ڂ‬ ɏ΀̤ɂ‫ ڂ‬ɂǶɂʎ‫˅ ڂ‬ʡɷ˪‫́͝ ڂ‬Ƕͮ‫˱ ڂ‬ʎΜ˱ʄ‫ͮ ڂ‬ʎΙ‫˱ ڂ‬ʎ΀‫ˍ ڂ‬Ȋ‫ ڂ‬ʄʡǶ‫ ڂ‬Ξ̛˱‫ ڂ‬ʎȊ˱ʄ‫ ڂ‬ȻǶ˱‫ ڂ‬Պ‫˱ ڂ‬ʎΜ˱ʄ‫˱ ڂ‬Ƿ˪‫ڂ‬ ͮʎǶ˱ʄ‫ ڂ‬ɏǵͽ‫ ڂ‬ɏ̠˱‫˪ ڂ‬Ȋ‫̈ͮ ڂ‬ʡ‫˅ ڂ‬ʎ̈˱ʄ‫ ڂ˱̛ͽ˪ ڂ‬Ȼǿͮ‫˅ ڂ‬ι‫ ڂ‬ǵʡ‫̵ ڂ‬ʎȋʡ‫̿ͮ ڂ‬ȋʡ‫ͽ̻ ڂ‬ǵձ‫ ڂ‬ĩʄǷ˱‫ ڂ‬ɂʎǹ˱‫ڂ‬ ɏʡɶͽ‫ ڂ‬ɏ̇‫ˍ ڂ‬Ȋ‫͝ ڂ‬Ι‫˪ ڂ‬ɹ˱ʎ‫ ڂ‬ɂΘǵ‫̈ͮ ڂ‬ʡ‫˱́̿ͮ ڂ‬ʄ‫ ڂ‬ɂͽ̛˱‫͝ ڂ‬Ƕɂʎ‫˱ ڂ‬Ȋΰձ‫ ڂ‬Ɨ̈ʡ‫ͮ ڂ‬ʡ˱‫̿ ڂ‬Ǻ˱ʄ‫ ڂ‬ɂʎʳ‫˱́̿ͮ ڂ‬ʄ‫ڂ‬ ΞȊʡ‫ͽͮ ڂ‬ȁ˱‫̈ͮ ڂ‬ʡ‫ ڂ‬ɂ̇‫ͮ ڂ‬ʎɷ‫ ڂ‬ɎȈΰ‫ ڂ‬ɏ΀̤ɂ‫ ڂ‬ɂʎ́‫ ڂ‬ɂǶɂ‫ ڂ‬ȻȈ˱‫˱ ڂ‬ʎΜ˱ʄ‫ ڂ‬ʄʩ‫˪ ڂ‬Ȋ‫̈ͮ ڂ‬ʡ‫ ڂ‬ɏȓ‫˪ ڂ‬ǿͮ‫ ڂ‬ʎȊ˱ʄ‫ڂ‬ ˱Ƿ˪‫ڂ‬ɎȊʡ‫ڂ‬ʄʡǵ˱‫˅ڂ‬ʎ̝‫ڂ‬ɏɷ‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫ڂ‬ʎʡɷͽ‫̿ڂ‬ǵհ‫ڂ‬ʄʡ̛˱ʄ‫˱ڂ‬ʎ΀‫̈ͮڂ‬ʡ‫ڂ‬ɏȓ‫ڂ‬ɎȈΰ‫ڂ‬ɂʎ́‫ڂ‬ʎȊ˱ʄ‫̿ͮڂ‬Ƿ˪‫ڂ‬ ˱ʄ΀̡ʡ‫ˍ ڂ‬Ȋ˪‫˅ ڂ‬ʡ˱ʎ‫ ڂ‬Ɏ́ǵ˱ʎ‫˱ ڂ‬ʎ̚‫˱́̿ͮ ڂ‬ʄ‫ ڂ‬ɂǶɂ‫˅ ڂ‬ʎ̇ǵ‫ ڂ‬ʎ̙ɂ‫ ڂ‬ΞȊ‫ ڂ‬ʎ̟ʡ‫ͮ ڂ‬ʎȋ́‫ ڂ‬ɂΘǵ‫˪ ڂ‬ʩ˱ʎձ‫ڂڂ‬ HǶɂ‫ڂ‬ʎ̙ɂ‫ˍڂ̆̿ͮڂ‬ʡɤ˱‫ͮڂ‬Ηɂ‫̇˱ڂ‬ʡ‫ڂ‬Ξ̠ʡ‫̈ͮڂ‬ʡմ‫ڂ‬բHʎʴ‫ͮڂ‬ʎΝɂ‫͝ڂ‬Ν‫ڂ‬ɏȓ‫˅ڂ‬ʎǵʡ‫͝ڂ‬Ƕ˱ʄ‫̈ͮڂ‬ʡԨբ‫ڂ‬բ ʡ̡‫ͮڂ‬ʎʩ‫̈ͮڂ‬ʡ‫ڂ‬ɏȓ‫ڂ‬ Ȼʡɵͮ‫ڂ‬ɂʎʪ˱ʎ‫ڂ‬ΫǶɂ‫̵ڂ‬ʎȋʡ‫ˍڂ‬Ȋ˪‫ڂ‬ʄʩձբ‫ڂ‬բƗ̈ʡ‫ڂ‬ɏȓ‫˱ڂ‬ʄʎɟ‫ڂ‬ʎȊ˱ʄ‫ڂ‬ɂʎΗɂ‫˱ڂ‬ʄ΀̡ʡ‫̇˱ڂ‬ʡ‫ڂ‬Ξɶ‫˪ڂ‬ǿΰ‫ͮڂ‬ʎΙ‫ڂ‬ ˱Ȋΰձ‫ڂ‬ĩʎ΀˱ʄ‫̵ڂ‬ʎȋʡ‫ڂ‬ɏɵ˱‫ڂ‬ȻǾΰ‫ڂ‬ʄʡ̡‫ͮڂ‬ʎʩ‫̈ͮڂ‬ʡ‫̠˪ڂ‬ʡ‫ڂ‬ʎʡɷͽ‫̿ڂ‬ǵբձ‫ڂ‬ĩʎʡɶͽ‫˱ڂ‬ʄ΀̡ʡ‫ڂ‬ɏɵ˱‫ڂ‬ʄǹ̵‫̈ͮڂ‬ʡ‫ڂ‬ Ξ̠ʡ‫͝ڂ‬Ν‫ڂ‬Ϋ΄ɂ‫ڂ‬ɏ̟˱ʄհ‫ڂ‬Ȼ̢ʡ‫ڂ‬Ξʩհ‫˅ڂ‬ʎʡ‫ڂ‬ɏȓ‫ڂ‬ɏ΀̤ɂ‫̿ͮڂ‬ǵ˱ʄ‫ڂ‬Ȼʴ‫˱ڂ‬ʎΜ˱ʄ‫˅ڂ‬ʡɵ˱‫ͮڂ‬ʎΙɂ‫˪ڂ‬Ȋ‫̈ͮڂ‬ʡ‫ڂ‬ɂʎʡǵ‫͝ڂ‬ɳ‫ڂ‬ ͮ̿́˱ʄ‫ڂ‬ɂͽ̛˱‫͝ڂ‬Ƕɂʎ‫˱ڂ‬Ȋΰհ‫ڂ‬ʎ̙‫ڂ‬Ȼʡɵͮ‫̿ڂ‬Ǻ˱ʄ‫˱ڂ‬ʎΜ˱ʄ‫˱ڂ‬ʄȊΰ‫ڂ‬ΞȀͮ‫˱́̿ͮڂ˱̟ˍڂ‬ʄ‫ڂ‬Ξ̈‫ڂ‬Ξ̙˱ʄ‫ڂ‬ɂΘǵ‫ڂ‬ʎ̙‫ڂ‬ ɏȓ‫ͽ̻ڂ‬ǵ‫̜̿ڂ‬ʡձ‫ڂ‬ Ȋ˱ʄ‫̿ͮڂ‬Ƿ˪‫ڂ‬ɂ̈˱ʄ‫ͮڂ‬ΰ‫ڂ‬ɏȓ‫ڂ‬ʄȁ˱‫˱ڂ‬ʎ΀‫͝ڂ‬Ǹ̵‫ڂ‬ɏ̇˱ʄ‫ڂ‬ɂΛǵ‫˱ڂ‬ʎ΀˱ʄ‫ڂ‬ʄʡ̡‫ڂ‬ɏǾΰ‫ˍڂ‬Ȉʡ‫ڂ‬ ɂ̇‫ͮڂ‬ʎɷ‫͝ڂ‬ʡ˱ʎ‫̡ˍڂ‬ʡ‫ڂ‬ΞȊ‫̵ڂ‬ʎǶͮ‫̿ͮڂ‬ʡɷ˱‫˱ڂ‬ʎ̡‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬ʄʩ‫ڂ‬ɏ΀̤ɂ‫ڂ‬ʄʎʡ‫˱́̿ͮڂ‬ʄ‫ڂ‬ΞȊʡ‫̿ͮڂ‬ǵ˱ʄ‫͝ڂ‬Ƕɂʎ‫˱ڂ‬Ȋΰձ

@ ĩ‫ڂ‬ĩaĩ‫ݱڂ‬ńĩ‫ڂ‬ĩ ĩ‫ڂ‬HƣŘĩ‫ڂ‬Ɖ H ‫ڂ‬ĩ Ǔ‫ڂ‬ĩ Ƥ‫ڂ‬Ɨ s‫ڂ‬ĩ ľԬ @Ȉ˱‫ڂ‬ɏȓ‫ͮڂ‬Κ˱ʄ‫ڂ‬Ϋɟ˪‫ڂ‬Ȼ̟‫̵ڂ‬ʎʡ˪‫˅ڂ‬ʡ˱ʎ‫ڂ‬ɏʡɷ˱‫ڂ‬Ŵʎ΃‫ͮڂ‬ʎΘΰ‫ڂ‬ΫΙ‫ڂ‬ľφ‫ڂ‬ɂʎ΀ǵԬ‫@ڂ‬Ȉ˱‫ڂ‬ɂ̆˱‫˱ڂ‬ʎ̠‫ڂ‬ ɂȋ˱ʎ‫˪ڂ‬Ȋ‫ڂ‬Ś̿́ͮʎΰհ‫ڂ΃@ڂ‬ĩʎʩ˱հ‫ڂ‬Ɖ΀‫ڂ‬ƗΛ‫ڂ‬ΞȊ‫ڂ‬ĩʄ΀̡ʡ‫ڂ‬Ɨʎʡɵɂ‫ڂ‬ɏǵ˱ʄ‫̿ڂ˱ͽ̿ڂ‬Ȃΰ‫̠΀̿ͮڂ‬ɂ‫˪ڂ‬ǹͮ‫ڂ‬ Ξʴ‫ ڂ‬Ŵʎ΃‫ͮ ڂ‬ʎΘΰ‫ ڂ‬ǃʥ‫ ڂ‬ɏȈʡ‫ ڂ‬ΞȊ‫ ڂ‬Żͽΰɶ˱‫˱ ڂ‬Ƿ˱ʄԬ‫ ڂ‬ĖΛǵ‫ ڂ‬Ȼ̛ɂ‫ˍ ڂ‬ɤ˱հ‫ ڂ‬ʄʡ̙˱ʄ‫̇˱ ڂ‬ʡ‫ ڂ‬ȁ˪‫ ڂ‬ȁ˪‫˱ ڂ‬ʎ΀‫ڂ‬

16

͝ǿ˪հ‫ڂ‬ɂȋ‫ڂ‬ɏȈʡ‫͝ڂ‬ȋ˱ʎ‫˱ͽ̿ڂ‬ʄ‫ˍڂ‬ɤ˱‫̠΀̿ͮڂ‬ɂ‫͝ڂ‬Ν‫ڂ‬ʎʡɹ˱‫ڂ‬Ɏʡɹ˱‫ڂ‬ɎΜ‫ڂ‬Ɏ̟ʡ‫ڂ‬ɏȁΰ‫ڂ‬ɏʡɶ˪‫ڂ‬ʄ̢‫ڂ‬ɂΘǵ‫ˍڂ‬ȓ́ձ‫ڂ‬

˪Ȋ˱‫̵ڂ‬ʎʪǵ‫͝ڂ‬ǵͽ‫ڂ‬Ŵʎ΃‫ͮڂ‬ʎΘΰհ‫ڂ‬ɂʎ̵̟‫ˍڂ‬ǿΰ‫ڂ̟ͮ˪ڂ‬ʄ̇ɂ‫ڂ‬ΞȊ‫˅ڂ‬ɣ́‫͝ڂ‬ǵ˱ʄ‫ڂ̟ͮ˪ڂ‬Ȼɤ˱‫ڂ‬ɏɷ‫̿ڂ̟ˍڂ‬ǵ‫ڂ‬ ˪̟ͮ‫˱ڂ‬ʄ΀̡ʡ‫ڂ‬ɏȊ˱‫˱̈ڂ‬ʄ‫˱ڂ‬ʎ̚‫ڂ‬Ȼɣ‫ڂ‬ΰɵͽ‫˪ڂ̠ͮڂ‬ǵ˱ʄ‫ڂ‬Ȼ̟‫̿ڂ‬Ǿͽ‫̿ͮڂ‬Ǹ˱ʄ‫ڂ‬ɏɵ˱‫ͮڂ‬Κ‫ڂ‬Čǵ˱͝ǵ͝ձ‫ڂ‬Ŵʎ΃‫ڂ‬ ͮʎΘΰ‫ڂ‬ǃʥ‫ڂ‬ɏȈʡ‫ڂ‬ΞȊ‫ڂ‬Żͽΰɶ˱‫˱ڂ‬Ƿ˱ʄ‫ڂ‬ΫΙ‫ڂ‬ľφ‫ڂ‬Ȼ̞˱ʄ‫˱ڂ‬ʎ̚‫ڂ‬Ȼɣ‫ˍڂ‬Ȉʡ‫ڂ‬ɂʎʳ‫˱́̿ͮڂ‬ʄ‫ͮڂ‬ʪɂʎ‫ͮڂ‬Ǹɂձ Ɨ΀̅˱ʄ‫ͮ ڂ‬Ν‫˱ ڂ‬ʎ΀‫ ڂ‬ΞȀΰհ‫ ڂ‬ƗȊʡ‫ڂ‬ɂʎʪ˱ʎ‫ڂ‬ɎȊ˱ʎ‫ڂ‬ɂʎ́‫˱ڂ‬ʄ΀̡ʡ‫͝ ڂ̛͝ڂ̤͝ڂ‬ɴ‫ ڂ‬ʄȈͮ‫ ڂ‬ɏʡ‫˅ ڂ̵̠ˍ ڂ‬ʎ̇ʡհ‫ڂ‬ ˱ʎΜ˱ʄ‫ڂ˱̜ڂ‬Ȋ́‫ڂ‬ʎǷ˪‫ڂ‬Ɏ̙ǵ‫ڂ‬ΞȊ‫ˍڂ‬Ȁͮ‫˱ڂ̢˪ڂ‬ʎΜ˱ʄ‫ڂ‬ʄʩ‫ͮڂ‬ʎΝɂ‫͝ڂ‬Ν‫ڂ‬ɏǺ˱ʄ‫͝ڂ‬ǵͽ‫ڂ‬ȻΙɂ‫˪ڂ‬Ȋ˱հ‫ڂ‬Ȼȋ˱‫ڂ‬ ɂʎǿͮ‫ڂ‬ɂΘǵ‫ڂ‬Ξʡɹɂ‫͝ڂ‬Λ‫ڂ‬ɎΗ˱ʄ‫ڂ‬ȻǶ́‫ڂ‬ɂǶ́‫ͮڂ‬Ȋʡ‫ڂ‬ɂʎʪ˱ʎ‫ڂ‬ɏɷ‫ڂ‬ɏ΀ǵ‫̿ڂ‬ǵ‫ڂ‬ɂǶɂ‫ͽ̻ڂ‬ΰɵͮ‫ڂ‬ɏʴ˱ʎ‫ͽ̻ڂ‬ȋ˱‫ˍڂ‬δ‫ڂ‬ ̻ͽǵ˱‫˱̙̿ͮڂ‬ʄձ‫ڂ‬Hͽ̛˱‫͝ڂ‬Ƕɂʎ‫͝ڂ‬ɴ‫ڂ‬Ɏɲ̵‫ͮڂ‬ǵ˱‫ڂ‬ɂʎΙ˱ʄ‫ڂ̛͝ڂ̤͝ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱‫˪ڂ‬ȓʡ‫˪ڂ‬ȓʡ‫ڂ‬ΞȊ‫˅ڂ‬ʎʡɵ˱‫ڂ‬

TÀI CHÍNH DÀNH CHO NGƯỜI SỢ SỐ

Ɨʎɵ‫̜̿ڂ‬ʡհ‫̠΀̿ͮڂ‬ɂ‫͝ڂ‬Ν‫˅ڂ‬ʡ˱ʎ‫ڂ‬ʎ́Ȋ˱ʄ‫ڂ‬ɂΘǵ‫ڂ‬Ś̿́ͮʎΰհ‫ڂ‬ɂʎ΄‫ڂ‬ɂʎ̇‫˱ڂ‬ʎ̚‫ڂ‬Ɨ́ͮ́‫ڂ‬ɂʎȈΰ‫̠ͮڂ‬ʡ‫ڂ‬ȻΙɂ‫ڂ‬

ȻȈ˱‫̇˱ڂ‬ʡ‫ڂ‬Ξɶ‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ΀‫ڂ̟ͮ˪ڂ‬ɏʡɶͽ‫ڂ‬ʄʩ‫ڂ‬ɏ̇‫ڂ‬բ˱ʎɲ‫˱ڂ‬ʎȊ˱ʄբ‫ڂ‬ΞȊ‫ڂ‬բΞͽʡ‫ڂ‬ ͮʎ΄բձ‫ڂ‬Ɨ̈ʡ‫ڂ‬Ȼʡɵͮ‫ڂ‬ɏʡɶͽ‫ڂ‬ɏ̇‫˱ڂ‬ʄʎɟ‫ͮڂ‬ʎʩ‫ڂ‬ɂ̇‫ڂ‬Ξɳ‫˅ڂ‬ʎ̇‫ͮڂ‬ʡ˱ձ‫ڂ‬ĩʎ΀˱ʄ‫͝ڂ‬ǵͽ‫˅ڂ‬ʎʡ‫ڂ‬ȻȈ˱‫ڂ‬ɏȓ‫ڂ‬ɏ̙ɂ‫ڂ‬ ɂͽ̛˱‫͝ڂ‬Ƕɂʎ‫˱ڂ‬Ȋΰ‫ڂ‬ΞȊ‫ڂ‬Ϋɟ˪‫ˍڂ‬Ȉʡ‫ڂ‬ɂǶɂ‫ڂ‬բČɵͮ‫ͽˍڂ‬Ȁ˱բ‫ڂ̢ڂ‬ɂͽ̛ʡ‫̞˪ڂ‬ʡ‫ڂ‬ɂʎ΀̅˱ʄհ‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬ɂʎʳ‫ڂ‬Ɏȃ˱‫ڂ‬ ͝ɴ‫ڂ‬ʄʡ΄̵‫ڂ‬ȻȈ˱‫ڂ‬Ƕ̵‫ڂ‬ɎΗ˱ʄ‫ڂ‬ɏ΀̤ɂ‫ڂ‬ɂǶɂ‫˱ڂ‬ʄͽΰɤ˱‫ͮڂ‬Ǹɂ‫ͮڂ‬ʎȀͮ‫ڂ‬ʎʡɹͽ‫ͽ̻ڂ‬ȋ‫˱ڂ‬ʄǵΰ‫ˍڂ‬Ȁ̵‫ͮڂ‬Ιɂհ‫ڂ‬ȻȈ˱‫ڂ‬ ͝ɴ‫ͮڂ‬ʎǿΰ‫̿ڂ‬Ǻ˱ʄ‫ڂ‬Ξʡɹɂ‫ͽ̻ڂ‬ȋ˱‫ˍڂ‬δ‫ڂ̟ͮ˪ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚‫ڂ‬ɂͿ˱ʄ‫ڂ‬Ɏɸ‫˱ڂ‬ʎ΀‫ڂ‬ɂʎ̅ʡ‫ڂ̆̿ͮڂ̟ͮ˪ڂ‬ ɂʎ̅ʡ‫ڂ‬ɏʡɹ˱‫ͮڂ‬Λ‫ڂ‬Պ‫ڂ‬Ξʩ‫ڂ‬ɂͽ̛ʡ‫ڂ‬ɂ΃˱ʄ‫ڂ‬ȻȈ˱‫ڂ‬ɏȓ‫ڂ‬Ȼʡɵͮ‫ڂ‬ɂǶɂʎ‫ͮڂ‬ʪ˱ʎ‫́ͮڂ‬Ƕ˱ձ‫ڂ‬Hͽ̛˱‫͝ڂ‬Ƕɂʎ‫˱ڂ‬Ȋΰ‫͝ڂ‬ɴ‫ڂ‬ ΞȈɂʎ‫̿ͮڂ̟ˍڂ̟ͮ˪ڂ̃̿ڂ‬ʩ˱ʎ‫ڂ‬ɏȓ‫ڂ‬ɏ΀̤ɂ‫ͮڂ‬ʎΛ‫˱ڂ‬ʄʎʡɹ˪‫ڂ‬ΞȊ‫ڂ‬ɂʎΙ˱ʄ‫˪ڂ‬ʡ˱ʎ‫˱ڂ‬ʎǺ˪‫ڂ‬ΫǾΰ‫ڂ‬ɎΝ˱ʄ‫ڂ‬ ˪̟ͮ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ˍڂ‬Ȋ˪‫ڂ‬Ƿ˱‫ڂ‬ɂ̇‫ˍڂ‬ȓʡձ‫ˍڂ̇ݱڂ‬Ȋ‫˪ڂ‬Ηɂ‫ͮڂ‬ʡɤͽ‫ڂ‬ɂΘǵ‫̈ͮڂ‬ʡն‫̈ͮڂ‬ʡ‫ڂ˱̛ͽ˪ڂ‬ɂʎʳ‫ڂ‬ɂʎ́‫ڂ‬ ȻȈ˱‫ڂ‬ɂǶɂʎ‫ڂ‬ɏ̅˱‫ڂ‬ʄʡȋ˱‫˱ڂ‬ʎǿͮ‫ڂ‬ɏɷ‫ڂ‬ɏȈͮ‫ڂ‬ɏ΀̤ɂ‫ڂ‬ɏʡɶͽ‫ڂ‬ɏ̇‫ڂ‬ȻǺ˱ʄ‫ڂ̟ͮ˪ڂ‬ɂͽ̛˱‫͝ڂ‬Ƕɂʎ‫ڂ‬Ɏɸ‫ڂ‬ʎʡɷͽ‫ڂ‬ ˪Ȋ‫˅ڂ‬ʎ̈˱ʄ‫ڂ‬ɎȊʡ‫ڂ‬Ɏ̆˱ʄ‫ڂ‬ΞȊ‫˱ڂ‬ʎȊ˪‫ڂ‬ɂʎǶ˱‫˱ڂ‬ʎ΀‫ڂ̟ͮ˪ڂ‬ɂͽ̛˱‫͝ڂ‬Ƕɂʎ‫ڂ‬ʄʡǶ́‫˅ڂ‬ʎ́ǵձ Ḣ‫ͮڂ‬ʎɷ‫ڂ‬ȻȈ˱‫ڂ‬ɏȓ‫ͮڂ‬ʎǵ˪‫ڂ‬ʄʡǵ‫ڂ‬ɂǶɂ‫˅ڂ‬ʎ̇ǵ‫ڂ‬ʎ̙ɂ‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱‫˱ڂ‬ʎ΀˱ʄ‫ڂ‬ɂͽ̛˱‫͝ڂ‬Ƕɂʎ‫˱ڂ‬Ȋΰ‫͝ڂ‬ɴ‫ڂ‬ ˅ʎ̈˱ʄ‫ڂ‬ʄʡ̛˱ʄ‫ڂ‬Ξ̠ʡ‫ڂ‬Ȼǿͮ‫˅ڂ‬ι‫ڂ‬ɂͽ̛˱‫͝ڂ‬Ƕɂʎ‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱‫˱ڂ‬Ȋ́‫˪ڂ‬Ȋ‫ڂ‬ȻȈ˱‫ڂ‬ɏȓ‫ͮڂ‬Κ˱ʄ‫ڂ‬ɏ̙ɂձ‫ڂ‬Ɨ̿́˱ʄ‫ڂ‬ ɂǶɂ‫̿ͮڂ‬ǵ˱ʄ‫͝ڂ‬Ƕɂʎ‫˱ڂ‬Ȋΰհ‫̈ͮڂ‬ʡ‫͝ڂ‬ɴ‫˅ڂ‬ʎ̈˱ʄ‫˱ڂ‬ʄΗΰ‫̿ͮڂ‬ǵ˱ʄ‫ڂ‬ȻǺ˱ʄ‫˱ڂ‬ʎΜ˱ʄ‫ͮڂ‬Κ‫˱ڂ‬ʎ΀‫ڂ‬բ˱̤բհ‫ڂ‬բɂ̇բ‫ڂ‬ ʎǵΰ‫˱ڂ‬ʄ̈˱‫˱ڂ‬ʄΜ‫ڂ‬ɂΘǵ‫ڂ‬ĩʄͽΰɤ˱‫ͮڂ‬Ǹɂ‫ڂ‬Čɵ‫́ͮڂ‬Ƕ˱‫ ڂ‬ŴԻԍԼձ‫ڂ‬ĩʄ́Ȋʡ‫˅ڂ‬ʡǵ‫˅ڂ‬ʎ̈˱ʄ‫ͮڂ‬ʎʡɵͽ‫ڂ‬ɂǶɂ‫ڂ‬ ˅ʡɷ˪‫́ͮڂ‬Ƕ˱‫ڂ‬Ξʡɤ˱‫ڂ‬Ξʡɵͮ‫˱ڂ‬ʎΜ˱ʄ‫ͮڂ‬ʎΙ‫˱ڂ‬ʎ΀‫˱ڂͽ̿ڂ‬ʄΘ‫̜̿ڂ‬ʡհ‫ڂ‬ɂʎ́‫˱ڂ‬ɤ˱‫ڂ‬ɂͽ̛˱‫͝ڂ‬Ƕɂʎ‫˱ڂ‬Ȋΰ‫͝ڂ‬ɴ‫ڂ‬ ̿ǿͮ‫ڂ‬Ɏɸ‫ڂ‬ɏ̙ɂ‫ڂ‬ΞȊ‫ͮڂ‬ʎ΄‫ڂ‬Ξʴձ

ԻԍԼ‫ڂ‬ ĩʄͽΰɤ˱‫ڂ‬ΞǷ˱‫ڂ‬բ Ŵբ‫ڂ‬Ի ɟ˱ɟ̿ǵˍˍΰ‫ ڂ‬ɂɂɟ̵ͮɟɎ‫ ڂ‬ɂɂ́ͽ˱ͮʡ˱ʄ‫ڂ‬Ŵ̿ʡ˱ɂʡ̵ˍɟ͝Գմ‫ڂ̟ͮ˪ڂ‬Ȼ̟‫ͮڂ‬ʡɤͽ‫ڂ‬ɂʎͽȂ˱հ‫ڂ‬ ̻ͽΰ‫̿ͮڂ‬ʩ˱ʎ‫ڂ‬ΞȊ‫˱ڂ‬ʄͽΰɤ˱‫ͮڂ‬Ǹɂ‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱‫ڂ‬ɂʎͽ˱ʄ‫ڂ‬Ɏ́‫ڂ‬ ̟ʡ‫ڂ‬ɏ̜˱ʄ‫ڂ‬HʎͽȂ˱‫˪ڂ‬Νɂ‫ڂ‬Čɵ‫́ͮڂ‬Ƕ˱‫ڂ‬ƗȊʡ‫ڂ‬ɂʎʪ˱ʎ‫ڂ‬Բ Ɖ@Լ‫ڂ‬ Ȼǵ˱‫ڂ‬ʎȊ˱ʎձ‫ڂ‬ş‫ڂ‬ġμհ‫̙˪ڂ‬ʡ‫ڂ‬ɂ̈˱ʄ‫ͮڂ‬ΰ‫ڂ‬ɏȈʡ‫ڂ‬ɂʎ΄˱ʄ‫̵ڂ‬ʎȋʡ‫ͽͮڂ‬Ǿ˱‫ͮڂ‬ʎɟ́‫ڂ‬Żͽΰ‫ͮڂ‬Ǹɂ‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱‫ ڂ‬Ŵ‫ڂ‬ɏɷ‫ˍڂ‬Ȁ̵‫ڂ‬ȻǶ́‫ڂ‬ ɂǶ́‫ͮڂ‬Ȋʡ‫ڂ‬ɂʎʪ˱ʎ‫ڂ‬ɂΘǵ‫ڂ‬ʎ̙ձ

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Ėȁ˱‫ͮڂ̤ͮ΀ˍڂ‬Κ˱ʄ‫ڂ‬Ȼ΀̠ɂ‫̟ͮ˪ڂ‬հ‫ͮڂ‬Κ˱ʄ‫ͮڂ‬ʎΙ‫̟ͮ˪ڂ‬հ‫̈ͮڂ‬ʡ‫͝ڂ‬ɴ‫ڂ‬Ȼʡɵ˱‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬ɏʡɶͽ‫˅ڂ‬ʎ̇‫˱ڂ‬ʎǺ˱‫ڂ‬ ̢ͮ̿‫˱ڂ‬ɤ˱‫ڂ‬Ɏɸ‫ڂ‬ʎʡɷͽ‫ڂ‬ΞȊ‫ڂ‬Ɏɸ‫ڂ‬Ƕ̵‫ڂ‬ɎΗ˱ʄձ‫ڂ‬ġ̙ʡ‫ڂ‬ɂ́˱‫ڂ‬ɏ΀̡˱ʄ‫ڂ‬ɏɶͽ‫͝ڂ‬ɴ‫ڂ‬Ɏɸ‫ڂ‬ɏʡ‫ڂ‬ʎ̅˱‫˱ڂ‬ʎʡɶͽ‫˅ڂ‬ʎʡ‫ڂ‬ ɏȓ‫ڂ‬ɏ΀̤ɂ‫̿ͮڂ‬ȋʡ‫˱ڂ‬ʎΝǵձ Hͽ̛˱‫͝ڂ‬Ƕɂʎ‫˱ڂ‬Ȋΰ‫ڂ‬Պ‫ڂ‬ƗȊʡ‫ڂ‬ɂʎʪ˱ʎ‫ڂ‬ɎȊ˱ʎ‫ڂ‬ɂʎ́‫˱ڂ‬ʄ΀̡ʡ‫͝ڂ̛͝ڂ̤͝ڂ‬ɴ‫ڂ‬ȻǸͮ‫ڂ‬ɏȁͽ‫ڂ‬ȻǺ˱ʄ‫ڂ‬Ξʡɹɂ‫ˍڂ‬ȁ˱‫ڂ‬ ˍ΀̤ͮ‫ڂ̢˪ڂ‬ʄ̇ʡ‫ڂ‬Ȼǵ‫ڂ‬ɂ̈˱ʄ‫ڂ‬ɂΗ‫ڂ‬Ɏȃ˱‫ڂ‬ɏ΀̡˱ʄ‫ͽ̻ڂ‬ǵ˱‫˱̙̿ͮڂ‬ʄ‫˱ڂ‬ʎǿͮմ‫@ڂ‬Ƕ́‫ڂ‬ɂǶ́‫˅ڂ‬ɵͮ‫ͽ̻ڂ‬ȋ‫ڂ‬ʎ́Ȉͮ‫ڂ‬ ɏ̟˱ʄ‫˅ڂ‬ʡ˱ʎ‫ڂ‬Ɏ́ǵ˱ʎ‫ڂ‬Բʎǵΰ‫@ڂ‬Ƕ́‫ڂ‬ɂǶ́‫ˍڂ‬ȓʡ‫̞ˍڂ‬Գհ‫@ڂ‬Ƕ́‫ڂ‬ɂǶ́‫ڂͽ΀ˍڂ‬ɂʎͽΰɷ˱‫ͮڂ‬ʡɶ˱‫ͮڂ‬ɹ‫ڂ‬ΞȊ‫@ڂ‬ȋ˱ʄ‫ڂ‬ ɂǾ˱‫ڂ‬ɏ̛ʡ‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱ձ‫ݱڂ‬ʡɶͽ‫ڂ‬ɂ̛ͮ‫ڂ‬ΰɵͽ‫ڂ‬ɏ̛ʡ‫ڂ‬Ξ̠ʡ‫͝ڂ‬Ν‫ͮڂ˱̜ͮڂ‬Ȉʡ‫ڂ‬ɂΘǵ‫ڂ̟ͮ˪ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚‫ڂ‬ ˍȊ‫ڂ‬ʎʡɷͽ‫ڂ‬ɏ΀̤ɂ‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬ȻǶ́‫ڂ‬ɂǶ́‫ͮڂ‬Ȋʡ‫ڂ‬ɂʎʪ˱ʎ‫˱ڂ‬Ȋΰ‫ڂ‬ɏǵ˱ʄ‫ڂ‬ʎɣ‫ڂ̟ˍڂ‬ɏʡɶͽ‫ڂ‬ʄʩ‫ڂ‬Ξɶ‫ͮڂ‬ʩ˱ʎ‫̿ͮڂ‬Ȉ˱ʄ‫ڂ‬ ɂΘǵ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵ձ‫ڂ‬ƗΚ‫ڂ‬Hʎ΀̅˱ʄ‫ڂ‬Ԇ‫ڂ‬ɏɵ˱‫ڂ‬Hʎ΀̅˱ʄ‫ڂ‬ԉ‫ڂ‬ɂʎ΄˱ʄ‫ͮڂ‬ǵ‫͝ڂ‬ɴ‫ڂ‬Ϋɟ˪‫ڂ‬Ϋɣͮ‫@ڂ‬Ƕ́‫ڂ‬ ɂǶ́‫˅ڂ‬ɵͮ‫ͽ̻ڂ‬ȋ‫ڂ‬ʎ́Ȉͮ‫ڂ‬ɏ̟˱ʄ‫˅ڂ‬ʡ˱ʎ‫ڂ‬Ɏ́ǵ˱ʎ‫ڂ‬Բ ‫ݱ‬ČSԼհ‫ڂ‬Ϋɟ˪‫ڂ̇˱ڂ‬ɏ́‫˱̡΀ˍڂ‬ʄ‫ͮڂ‬ʎΙ‫ڂ‬ʄʩհ‫ڂ‬ɂǶɂʎ‫ڂ‬ ͮʎΙɂ‫ڂ‬ɏ́‫˱̡΀ˍڂ‬ʄ‫ڂ‬ΞȊ‫ڂ‬ɂǶɂʎ‫ڂ‬ʄʡ΄̵‫ڂ‬ȻȈ˱‫ڂ‬ɂȋʡ‫ͮڂ‬ʎʡɹ˱‫˅ڂ‬ʎȋ‫˱ڂ‬Ƿ˱ʄ‫͝ڂ‬ʡ˱ʎ‫̡ˍڂ‬ʡ‫ڂ‬ɂʎʳ‫ڂ‬ȻǺ˱ʄ‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬ ͮʎǵΰ‫ڂ‬ɏ̝ʡ‫˱ڂ‬ʎ̚ձ‫ڂ‬Hʎ΀̅˱ʄ‫ڂ‬Ԋ‫͝ڂ‬ɴ‫ڂ‬ɂ΃˱ʄ‫ڂ‬ȻȈ˱‫̵ڂ‬ʎǾ˱‫ͮڂ‬ʪɂʎ‫ڂ‬ɏʡɷ˪‫ڂ‬ʎ̆ǵ‫ڂ‬Ξ̛˱հ‫ڂ‬Ξʡɹɂ‫˱ڂ‬Ȋΰ‫ˍڂ‬Ȋ‫ڂ‬ ̿ǿͮ‫ͽ̻ڂ‬ǵ˱‫˱̙̿ͮڂ‬ʄ‫ڂ‬ɏɷ‫ڂ‬Ȼʡɵͮ‫ˍڂ‬ʡɹͽ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ȻȈ˱‫ڂ‬ɏǵ˱ʄ‫ڂ‬ʄǾΰ‫ڂ‬ɎΝ˱ʄ‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫ͮڂ˱̜ͮڂ‬Ȉʡ‫ڂ‬ ʎǵΰ‫˅ڂ‬ʎ̈˱ʄձ‫ڂ‬Hʎ΀̅˱ʄ‫ڂ‬ԋ‫ڂ‬ΞȊ‫ڂ‬ԍ‫ˍڂ‬Ȋ‫˱ڂ‬ʎΜ˱ʄ‫̡ˍڂ‬ʡ‫˅ڂ‬ʎͽΰɤ˱‫ڂ‬բͮʎΝɂ‫ڂ‬ɂʎʡɵ˱բ‫˱́̿ͮڂ‬ʄ‫ڂ‬Ξʡɹɂ‫ڂ‬ɏ̙ɂ‫ڂ‬ @Ƕ́‫ڂ‬ɂǶ́‫ڂͽ΀ˍڂ‬ɂʎͽΰɷ˱‫ͮڂ‬ʡɶ˱‫ͮڂ‬ɹ‫ڂ‬ΞȊ‫ͽ̻ڂ‬ȋ˱‫ˍڂ‬δ‫ͽ̻ڂ‬Ƕ‫̿ͮڂ‬ʩ˱ʎ‫ͮڂ‬ʎͽ‫ڂ̤˱ڂ‬ɏɷ‫̿ͮڂ‬Ƕ˱ʎ‫̵ڂ‬ʎǶ‫͝ڂ‬ȋ˱հ‫ڂ‬ ɏʡɶͽ‫˪ڂ‬Ȋ‫˱ڂ‬ʎʡɶͽ‫˱ڂ‬ʎȊ‫˅ڂ‬ʡ˱ʎ‫ڂ‬Ɏ́ǵ˱ʎ‫ڂ‬ɂʎʳ‫ڂ‬ʎ̙ɂ‫ڂ‬ɏ΀̤ɂ‫˅ڂ‬ʎʡ‫ڂ‬ɏȓ‫ͽ̻ڂ‬Ƕ‫˱̟ͽ˪ڂ‬ձ Ɖǵͽ‫ڂ‬ɏ̇‫ڂ‬Hʎ΀̅˱ʄ‫ڂ‬Ԏ‫ڂ‬ΞȊ‫ڂ‬ԏ‫͝ڂ‬ɴ‫ͮڂ‬Ȁ̵‫˱ͽ̿ͮڂ‬ʄ‫ڂ‬ΞȊ́‫@ڂ‬ȋ˱ʄ‫ڂ‬ɂǾ˱‫ڂ‬ɏ̛ʡ‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱հ‫̇˱ڂ̇˱ڂ‬ʡ‫ˍڂ‬ɤ˱‫ڂ‬ ɏʡɶͽ‫ڂ‬ʄʩ‫ڂ‬ΞȊ‫ͮڂ‬ȁ˪‫ͽ̻ڂ‬ǵ˱‫˱̙̿ͮڂ‬ʄ‫ڂ‬ɂΘǵ‫˱́̿ͮڂ̇˱ڂ‬ʄ‫ڂ‬Ξʡɹɂ‫ڂ‬ɏ́‫˱̡΀ˍڂ‬ʄ‫͝ڂ‬Ιɂ‫˅ڂ‬ʎ̚ɟ‫ڂ‬ɂΘǵ‫ڂ‬Ȼǿͮ‫˅ڂ‬ι‫ڂ‬ Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚‫˱ڂ‬Ȋ́ձ‫@ڂ‬Ƕ́‫ڂ‬ɂǶ́‫˱ڂ‬Ȋΰ‫͝ڂ‬ɴ‫ڂ‬ʄʡ΄̵‫ڂ‬ȻȈ˱‫˱ڂ‬ʎʩ˱‫ͮڂ‬ʎǿͽ‫̙˪ڂ‬ʡ‫ͮڂ‬ʎΙ‫ͮڂ‬ʎ̈˱ʄ‫ڂ‬ ̻ͽǵ‫ڂ‬Ξʡɹɂ‫ڂ‬ɂʎʳ‫̿ڂ‬ǵ‫ڂ‬ɂǶɂʎ‫ڂ‬ɂǶɂ‫˱ڂ‬ʄǾ˱‫ڂ‬ʎȊ˱ʄ‫̵ڂ‬ʎǾ˱‫ͮڂ‬ʪɂʎ‫ͮڂ‬ʎ̈˱ʄ‫ͮڂ‬ʡ˱‫̿ͮڂ‬ɤ˱‫ڂ‬ɏ̇‫ڂ‬ΞȊ‫ڂ‬ʄʡ΄̵‫ڂ‬ ȻȈ˱‫͝ڂ‬Λ‫ڂ‬ɎΗ˱ʄ‫͝ڂ‬Ν‫ڂ‬ʎʡɷͽ‫ڂ‬Ȼʡɵͮ‫ڂ‬ɏ̇‫ڂ‬ɏɷ‫ͮڂ‬Ȉ́‫̤ˍڂ‬ʡ‫ͮڂ‬ʎɵ‫ڂ‬ɂʎ́‫˪ڂ‬ʩ˱ʎձ‫ڂ‬Hʎ΀̅˱ʄ‫ڂ‬Ԑ‫͝ڂ‬ɴ‫ͮڂ‬ʡɵͮ‫ڂ̟ˍڂ‬ ̻ͽǵ˱‫ڂ‬ʎɹ‫ڂ‬ʄʡΜǵ‫@ڂ‬Ƕ́‫ڂ‬ɂǶ́‫˅ڂ‬ɵͮ‫ͽ̻ڂ‬ȋ‫ڂ‬ ‫ݱ‬ČSհ‫@ڂ‬Ƕ́‫ڂ‬ɂǶ́‫ڂͽ΀ˍڂ‬ɂʎͽΰɷ˱‫ͮڂ‬ʡɶ˱‫ͮڂ‬ɹ‫ڂ‬ΞȊ‫@ڂ‬ȋ˱ʄ‫ڂ‬ ɂǾ˱‫ڂ‬ɏ̛ʡ‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱‫˅ڂ‬ʎʡ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ͮڂ‬ʎΝɂ‫ڂ‬ʎʡɹ˱‫ڂ‬ɂǶɂ‫ڂ‬ʄʡǵ́‫ڂ‬Ɏʴɂʎ‫ͮڂ‬ʎ΀̡˱ʄ‫˱ڂ‬ʄȊΰձ‫ڂ‬ Hͽ̛ʡ‫ڂ‬ɂ΃˱ʄհ‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬ȻǶ́‫ڂ‬ɂǶ́‫˱ڂ‬Ȋΰ‫͝ڂ‬ɴ‫˱ڂ̢̿ͮڂ‬ɤ˱‫˱ڂ‬Ǻ˪‫˱̆ˍڂ‬ʄ‫ڂ‬ɏ̛ʡ‫ڂ‬Ξ̠ʡ‫ڂ‬ȻȈ˱‫ڂ‬ɏɵ˱‫˪ڂ‬Ιɂ‫ڂ‬ ȻȈ˱‫͝ڂ‬ɴ‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫ͮڂ‬ʎǿΰ‫̠΀̿ͮڂ‬ɂ‫ڂ‬ɏ΀̤ɂ‫ڂ‬ɂǶɂ‫ͮڂ‬ʡɵ˱‫̿ͮڂ‬ʡɷ˱‫ڂ‬ʎǵΰ‫ڂ‬ɂǶɂ‫̿ڂ‬Θʡ‫̠΀̿ͮڂ́̿ڂ‬ɂ‫˅ڂ‬ʎʡ‫ڂ‬ɂʎ΄˱ʄ‫ڂ‬ Ϋȋΰ‫̿ڂ‬ǵձ‫ڂ‬Hʎ΀̅˱ʄ‫ڂ‬Ԇԅ‫͝ڂ‬ɴ‫ڂ‬ɏʡɷ˪‫ˍڂ‬Ȉʡ‫ڂ‬ɂǶɂ‫˅ڂ‬ɵͮ‫ͽˍڂ‬Ȁ˱‫˱́̿ͮڂ‬ʄ‫́ͮڂ‬Ȋ˱‫ڂ‬Ȼ̟‫ڂ‬ɂͽ̛˱‫͝ڂ‬Ƕɂʎ‫ͮڂ‬ʎ̈˱ʄ‫ڂ‬ ̻ͽǵ‫ڂ‬ɂͽ̟ɂ‫̵ڂ‬ʎ̚˱ʄ‫ڂ‬Ξǿ˱‫ͽ̻ڂ‬δ‫ڂ‬ȻǶͽ‫ڂ‬Ξ̠ʡ‫ڂ‬ĩ́̿˪ǵ˱‫́̿@ڂ‬Ɏ͝˅ΰ‫ڂ‬Պ‫ڂ̟ͮ˪ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʎǾ˱‫˅ڂ‬ʎ̢ʡ‫ڂ‬ ˱ʄʎʡɹ̵‫ˍڂ‬ʡɤ˱‫ͮڂ‬Ηɂ‫ڂ‬Բǵ‫͝ڂ‬ɟ̿ʡǵˍ‫ڂ‬ɟ˱ͮ̿ɟ̵̿ɟ˱ɟͽ̿Գ‫ڂ‬ɏȓ‫ͮڂ‬ʎȊ˱ʎ‫ˍڂ‬Ȁ̵‫˱ڂ‬ʎʡɶͽ‫ڂ‬ɂ̈˱ʄ‫ͮڂ‬ΰձ Ɨ̈ʡ‫ڂ˱̛ͽ˪ڂ‬ɂǶɂ‫ڂ‬ȻȈ˱‫ڂ‬ɏȈͮ‫ڂ‬ɏ΀̤ɂ‫˅ڂ‬ʡɵ˱‫ͮڂ‬ʎΙɂ‫ڂ‬ΞȊ‫͝ڂ‬Ν‫˅ڂ‬ʎ̈˱‫˱ڂ‬ʄ́ǵ˱ձ‫ڂ‬ǃʪ‫ڂ‬ɎΗհ‫ڂ‬ȻȈ˱‫ڂ‬ɂ̇‫ڂ‬ ͮʎɷ‫˱ڂ‬ʎʩ˱‫ڂ‬ΞȊ́‫˱ڂ‬ʎʡɹͮ‫˅ڂ‬ɵ‫ڂ‬ΞȊ‫ڂ‬Ȼʡɵͮ‫̿ڂ‬Ǻ˱ʄ‫˱ڂ‬ʄ́Ȋʡ‫̡̿ͮڂ‬ʡ‫ڂ‬ɏǵ˱ʄ‫ˍڂ‬Ȋ‫ڂ‬Ԑԋ‫ڂ‬ɏ̟‫ڂ ڂ‬Իԉԋ‫ڂ‬ɏ̟‫ڂ‬HԼ‫ڂ‬Օ‫ڂ‬

18

ɏ̇‫ˍڂ‬Ȋ‫˱ڂ‬ʎ̡‫ڂ‬ɂ̇‫˅ڂ‬ʡɵ˱‫ͮڂ‬ʎΙɂձ‫ڂ‬Ɨͽΰ‫˱ڂ‬ʎʡɤ˱հ‫˅ڂ‬ʡɵ˱‫ͮڂ‬ʎΙɂ‫ڂ‬ɂʎʳ‫ڂ‬ʎΜͽ‫ڂ‬ʪɂʎ‫˅ڂ‬ʎʡ‫ڂ‬ɏʡ‫ڂ‬ɂ΃˱ʄ‫ڂ‬Ξ̠ʡ‫ڂ‬

˅ʎʡ‫̿ ڂ‬ǵ‫˱ ڂ‬ʄ́Ȋʡ‫˱́̿ͮ ڂ‬ʄ‫ͮ ڂ‬ʡɵͮ‫̡̿ͮ ڂ‬ʡ‫ ڂ‬Ԑԋ‫ ڂ‬ɏ̟‫ ڂ‬հ‫ ڂ‬ɂʎΙ‫˅ ڂ‬ʎ̈˱ʄ‫˱ ڂ‬ɤ˱‫˪ ڂ‬ǹɂ‫ ڂ‬ɏ̜‫΃˪ ڂ‬ǵ‫ ڂ‬ɏ̈˱ʄձ‫ڂ‬ ƗʎȀͮ‫˅ڂ‬ʎ̈˱ʄ‫˪ڂ‬ǵΰ‫ˍڂ‬Ȋ‫ڂ‬ɏǵ‫ڂ̛͝ڂ‬ɂǶɂ‫˅ڂ‬ʎ̇ǵ‫ڂ‬ɏȊ́‫ͮڂ‬Ȉ́‫ڂ‬Ξɶ‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ˍڂ‬Ȉʡ‫ڂ‬ ͮȀ̵‫˱ͽ̿ͮڂ‬ʄ‫ڂ‬ΞȊ́‫˅ڂ‬ʡɵ˱‫ͮڂ‬ʎΙɂ‫˱ڂ‬ʎʡɶͽ‫ڂ‬ʎ̅˱‫͝ڂ‬Ν‫˅ڂ‬ʎ̈˱‫˱ڂ‬ʄ́ǵ˱ձ‫ڂ‬Ɨ̈ʡ‫ڂ‬ɏȓ‫ͮڂ‬Κ˱ʄ‫ڂ‬ʄǹ̵‫ڂ‬ɂǶɂ‫ڂ‬ ɂʎΘ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ɏȈͮ‫ڂ‬ɏʡɷ˪‫˱́̿ͮڂ ڂ‬ʄ‫ڂ‬ɂʎ΀̅˱ʄ‫̿ͮڂ‬ʩ˱ʎ‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱‫ڂ‬ȻȀɂ‫ڂ‬ɏȈʡ‫ڂ‬ʎ̙ɂ‫ڂ‬ΞȊ‫ڂ‬ ɂ̇‫˅ڂ‬ʎȋ‫˱ڂ‬Ƿ˱ʄ‫ڂ‬ɏʴ˱ʎ‫˱ڂ‬ʄʎʥǵ‫̙˪ڂ‬ʡ‫˅ڂ‬ʎ́ȋ˱‫˪ڂ‬Ηɂ‫˱́̿ͮڂ‬ʄ‫ڂ‬ȻǶ́‫ڂ‬ɂǶ́‫ͮڂ‬Ȋʡ‫ڂ‬ɂʎʪ˱ʎ‫ڂ‬ɂΘǵ‫ڂ‬ʎ̙հ‫ڂ‬ ˱ʎ΀˱ʄ‫ˍڂ‬Ȉʡ‫˅ڂ‬ʎ̈˱ʄ‫ڂ‬Ȼʡɵͮ‫̿ڂ‬Ǻ˱ʄ‫˱ڂ‬ɵͽ‫ͮڂ‬λ‫ͽ͝ڂ‬ǿͮ‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱‫ڂ‬ʄ̵̟‫˪ڂ‬Ȋ‫̅̿ڂ‬ʡ‫ڂ‬Ϋͽ̛˱ʄ‫ڂ‬Ɏ΀̠ʡ‫ڂ‬ ԉԅِհ‫ڂ‬ɂ̈˱ʄ‫ͮڂ‬ΰ‫ڂ‬ɂΘǵ‫ڂ‬ʎ̙‫͝ڂ‬ɴ‫˱ڂ‬ʎǵ˱ʎ‫ڂ‬ɂʎ̇˱ʄ‫̵ڂ‬ʎǶ‫͝ڂ‬ȋ˱ձ

TÀI CHÍNH DÀNH CHO NGƯỜI SỢ SỐ

͝Ν‫˅ڂ‬ʎ̈˱‫˱ڂ‬ʄ́ǵ˱ձ‫ڂ‬ƉΝ‫˅ڂ‬ʎ̈˱‫˱ڂ‬ʄ́ǵ˱‫͝ڂ‬ɴ‫ڂ‬Ȼȋ́‫ڂ‬ȻȈ˱‫˱ڂ‬ɤ˱‫˪ڂ‬ǹɂ‫̇́͝ڂ‬ɂ‫ڂ‬ΞȊ‫ڂ‬ɏʡ‫ڂ‬Ɏɣ̵‫˱̈ͮڂ‬ʄ‫ڂ‬

@Ƕ́‫ڂ‬ɂǶ́‫ͮڂ‬Ȋʡ‫ڂ‬ɂʎʪ˱ʎ‫ڂ‬ɏ́‫˱̡΀ˍڂ‬ʄ‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬ʄʩ‫ڂ‬ɏȓ‫ڂ‬Ϋȋΰ‫̿ڂ‬ǵ‫ڂ‬ΞȊ‫ڂ‬ΫǶɂ‫ڂ‬ɏʴ˱ʎ‫ͮڂ‬ʩ˱ʎ‫̿ͮڂ‬Ȉ˱ʄ‫ڂ‬ʎʡɹ˱‫ڂ‬ ͮȈʡ‫ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱ձ‫ڂ‬ĖȊ‫˱ڂ̟ͮ˪ڂ‬ʄ΀̡ʡ‫ͽ̻ڂ‬ȋ˱‫ˍڂ‬δ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚հ‫ͮڂ‬ʎǶɂʎ‫ͮڂ‬ʎΙɂ‫ڂ˱̠ˍڂ‬ɂΘǵ‫ڂ‬ ȻȈ˱‫ˍڂ‬Ȋ‫ڂ‬ɂȁ˱‫ڂ‬ɂ̇‫͝ڂ‬Ν‫˅ڂ‬ʎ̈˱‫˱ڂ‬ʄ́ǵ˱‫ڂ‬ɏɷ‫͝ڂ‬Λ‫ڂ‬ɎΗ˱ʄ‫ڂ‬ɂǶɂ‫ڂ‬ɎΜ‫ˍڂ‬ʡɹͽ‫˱ڂ‬Ȋΰ‫ڂ‬ΞȊ‫˱ڂ‬ʎȀ˱‫ڂ‬Ɏʡɹ˱‫ڂ‬ ɂǶɂ‫ڂ‬ɂ̅‫ڂ‬ʎ̟ʡհ‫ͽ̻ڂ‬ȋ˱‫ˍڂ‬δ‫̿ڂ‬Θʡ‫˅ڂ́̿ڂ‬ʎʡ‫ڂ‬ɂʎ΄˱ʄ‫ڂ‬Ϋȋΰ‫̿ڂ‬ǵ‫ڂ‬ΞȊ‫ڂ‬ɎΝ‫ڂ‬ɏ́Ƕ˱‫ڂ‬ɏʡɶͽ‫ڂ‬ʄʩ‫͝ڂ‬ɴ‫ڂ‬ɏɵ˱‫ڂ‬Ξ̠ʡ‫ڂ‬ Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱́̿ͮڂ‬ʄ‫˱̅΀ͮڂ‬ʄ‫ˍڂ‬ǵʡ‫ͮڂ‬Κ‫ͽ̻ڂ‬ΰɵͮ‫ڂ‬ɏʴ˱ʎ‫˱ڂ‬ʄȊΰ‫ڂ‬ʎ̈˪‫˱ڂ‬ǵΰ‫ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱ձ

Ɨ Ä‫ڂ‬Ɖ ľ‫ @ڂ‬ĩ‫ڂ‬ĩaĩ‫ڂ‬ƗÄĩ‫ڂ‬ƗƤşĩ ‫ڂ‬S džĩ‫ ڂ‬ľƗľŴƣĖľƉԬ Ɨ̈ʡ‫ڂ‬ɏȓ‫̿ͮڂ‬ȋʡ‫ͽ̻ڂ‬ǵ‫ڂ‬ʎ̅˱‫ڂ‬ԇԅ‫˱ڂ‬Ƿ˪‫˱́̿ͮڂ‬ʄ‫ˍڂ‬ʥ˱ʎ‫ڂ‬ΞΝɂ‫˅ڂ‬ʡ˱ʎ‫ڂ‬Ɏ́ǵ˱ʎ‫ڂ‬Ξ̠ʡ‫ڂ΀ͮڂ‬ɂǶɂʎ‫ˍڂ‬Ȋ‫ڂ̟ͮ˪ڂ‬ ʄʡǵ́‫ڂ‬Ɏʴɂʎ‫ڂ‬Ξʡɤ˱‫ڂ‬ɂΘǵ‫ڂ‬Ŵʎ̛‫ڂ‬džǵˍˍն‫̈ͮڂ‬ʡ‫ͮڂ‬Κ˱ʄ‫ˍڂ‬Ȋ‫ڂ‬Ŵʎ̇‫ڂ‬HʎΘ‫ͮڂ‬ʴɂʎ‫ڂ‬Čʎ̛ʡ‫ڂ‬ĩʄǾ˱‫ڂ‬ʎȊ˱ʄ‫@ڂ‬Ƕ˱‫ڂ‬ ˍɳ‫ͮڂ‬Ȉʡ‫ڂ‬Hʡͮʡʄ̿́ͽ̵հ‫̅˱ڂ‬ʡ‫̈ͮڂ‬ʡ‫ڂ‬ɏʡɶͽ‫ڂ‬ʎȊ˱ʎ‫ڂ‬ɏ̟ʡ‫ڂ‬ġǵ̿˅ɟͮʡ˱ʄ‫ڂ‬Ξɶ‫͝ڂ‬ȋ˱‫̵ڂ‬ʎȂ˪‫ڂ‬Ɨʎɳ‫ڂ‬Ɏ́ǵ˱ʎ‫ڂ‬ ˱ʄʎʡɹ̵հ‫ڂ‬Ɏ̆˱ʄ‫͝ڂ‬ȋ˱‫̵ڂ‬ʎȂ˪‫̵ڂ‬ʎǶͮ‫̿ͮڂ‬ʡɷ˱‫˱ڂ‬ʎǵ˱ʎ‫˱ڂ‬ʎǿͮ‫ڂ‬ΞȊ‫ڂ‬ɂ̇‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱‫ڂ‬ɂǵ́‫˱ڂ‬ʎǿͮ‫ͮڂ‬Ȉʡ‫ڂ‬ ̝ͮ‫ڂ‬ɂʎΙɂ‫ڂ‬ΞȊ́‫ͮڂ‬ʎ̡ʡ‫ڂ‬ɏʡɷ˪‫ڂ‬ɏ̇ն‫ڂ‬ΞȊ‫̈ͮڂ‬ʡ‫ڂ‬ɏȓ‫ͮڂ‬Κ˱ʄ‫ˍڂ‬Ȋ‫ڂ̟ͮ˪ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʎǾ˱‫˅ڂ‬ʎ̢ʡ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ ˍʡɤ˱‫ͮ ڂ‬Ηɂ‫˱́̿ͮ ڂ‬ʄ‫̿ ڂ‬ǿͮ‫˱ ڂ‬ʎʡɶͽ‫˱ ڂ‬Ƿ˪ձ‫ ڂ‬Ɨ̈ʡ‫ ڂ‬ɂͿ˱ʄ‫ ڂ‬ɏȓ‫̿ͮ ڂ‬ʡɷ˱‫˅ ڂ‬ʎǵʡ‫ͮ ڂ‬ʎȊ˱ʎ‫ ڂ‬ɂ̈˱ʄ‫ ڂ‬ʎ̅˱‫ ڂ‬ԏԅ‫ڂ‬ ʎ́Ȉͮ‫ڂ‬ɏ̟˱ʄ‫˅ڂ‬ʡ˱ʎ‫ڂ‬Ɏ́ǵ˱ʎ‫ڂ‬ΞȊ‫ڂ‬Ɏ̆˱ʄ‫͝ڂ‬ȋ˱‫̵ڂ‬ʎȂ˪‫̿ͮڂ‬ɤ˱‫˱ڂ‬ʎʡɶͽ‫ˍڂ‬ʥ˱ʎ‫ڂ‬ΞΝɂ‫˱ڂ‬ʎ΀‫ڂ‬Ɏʴɂʎ‫ڂ‬ΞΗ‫ڂ‬ ͮȊʡ‫ڂ‬ɂʎʪ˱ʎհ‫͝ڂ‬ȋ˱‫̵ڂ‬ʎȂ˪‫ͮڂ‬ʡɤͽ‫ڂ‬Ɏ΃˱ʄհ‫̵ڂ‬ʎǶͮ‫̿ͮڂ‬ʡɷ˱‫ڂ‬Ȼǿͮ‫ڂ‬ɏ̟˱ʄ‫͝ڂ‬ȋ˱հ‫ڂ‬ɂ̈˱ʄ‫˱ڂ‬ʄʎɹ‫ڂ‬ɂǵ́‫ڂ‬ΞȊ‫ڂ‬ ɂȋ‫ڂ‬ɂǶɂ‫ڂ̝ͮڂ‬ɂʎΙɂ‫̵ڂ‬ʎʡ‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱ձ ʡɹ˱‫̈ͮ ڂ‬ʡ‫ˍ ڂ‬Ȋ‫ ڂ‬Ŵʎ̇‫ ڂ‬ʡǶ́‫ ڂ΀͝ ڂ‬Čʡ˱ʎ‫ ڂ‬Ɏ́ǵ˱ʎ‫ͮ ڂ‬Ȉʡ‫ݱ ڂ‬Ȉʡ‫ ڂ‬ʎ̙ɂ‫ ڂ‬Ɨʎɟ‫ ڂ‬Čʡ˱ʄա͝‫ ڂ‬H́ˍˍɟʄɟ‫ڂ̢ ڂ‬ ġǵ˱ʎǵͮ​ͮǵ˱հ‫̅˱ڂ‬ʡ‫̈ͮڂ‬ʡ‫ڂ‬ʄʡȋ˱ʄ‫ڂ‬ɎȈΰ‫ڂ‬ɂǶɂ‫˱ڂ‬ʄͽΰɤ˱‫ͮڂ‬Ǹɂ‫ͽ̻ڂ‬ȋ˱‫̿ͮڂ‬ʴհ‫ڂ‬ɂʎʡɵ˱‫̤΀ˍڂ‬ɂ‫˅ڂ‬ʡ˱ʎ‫ڂ‬Ɏ́ǵ˱ʎ‫ڂ‬ ΞȊ‫˱ڂ‬ʎȀ̵‫˪ڂ˱̈˪ڂ‬ǵ̿˅ɟͮʡ˱ʄհ‫ڂ‬ɏ̜˱ʄ‫ͮڂ‬ʎ̡ʡ‫ˍڂ‬Ȋ‫ڂ‬Ɏʡɸ˱‫ڂ‬ʄʡȋ‫ͮڂ‬ʎʳ˱ʎ‫ڂ‬ʄʡȋ˱ʄ‫ͮڂ‬Ȉʡ‫ڂ‬ ̙ɂ‫ڂ‬Ξʡɹ˱‫ڂ‬Čʡ˱ʎ‫ڂ‬ Ɏ́ǵ˱ʎ‫ڂ‬H́ˍͽ˪Ȼʡǵհ‫ڂ‬ʄʡǶ́‫˅ڂ΀͝ڂ‬ʡɤ˪‫˱ڂ‬ʎʡɹ˪‫ͮڂ‬Ȉʡ‫ڂ‬ǃʡɹ˱‫ڂ‬Čʡ˱ʎ‫ڂ‬Ɏ́ǵ˱ʎ‫ڂ‬Ɖͮɟ̿˱‫ͮڂ‬ʎͽ̟ɂ‫ݱڂ‬Ȉʡ‫ڂ‬ ʎ̙ɂ‫ ڂ‬ĩɟ΢‫ ڂ‬Ǔ́̿˅‫ ڂ‬ΞȊ‫ˍ ڂ‬Ȋ‫ ڂ‬ɂ̛‫ ڂ‬Ξǿ˱‫ ڂ‬ɂʎʪ˱ʎ‫ͮ ڂ‬ʎΙɂ‫ ڂ‬ɂʎ́‫ ڂ‬ɂǶɂ‫ ڂ‬ɂʎ΀̅˱ʄ‫̿ͮ ڂ‬ʩ˱ʎ‫ ڂ‬Čǵͽɿɿ˪ǵ˱‫ڂ‬ ǵͮ͝Ɨ̿ǵɂ֣‫ڂ‬ɎȊ˱ʎ‫ڂ‬ɂʎ́‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʎǾ˱ձ‫ڂ‬ĩʄ́Ȋʡ‫̿ڂ‬ǵհ‫̈ͮڂ‬ʡ‫ڂ‬ɂ̆˱‫ˍڂ‬Ȋ‫ڂ‬Ėȓ˱ʎ‫ڂ‬ɏȈ́‫ڂ‬ɏʡɶͽ‫ڂ‬ʎȊ˱ʎ‫ڂ‬

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ɂΘǵ‫ڂ̝ͮڂ‬ɂʎΙɂ‫̛ͽ̻ڂ‬ɂ‫ڂ‬ʄʡǵ‫ڂ‬ć́Ȼ‫ڂ‬H̿ɟǵͮ́̿ա͝‫ˍˍ ڂ‬ʡǵ˱ɂɟհ‫˅ڂ‬ʎ̢ʡ‫ڂ‬Ϋ΀̠˱ʄ‫ڂ‬Ȼ̢ʡ‫ڂ‬ ́˪ɟ‫ڂ‬Sɟ̵́ͮ‫ڂ‬ ΞȊ‫˱ڂ‬ʎȊ‫͝ڂ‬Ƕ˱ʄ‫ˍڂ‬Ȁ̵‫@ڂ‬ɟ̿˱ʡɟ‫ڂ‬ġǵ̿ɂͽ͝ձ‫ڂ‬ǃǵʡ‫ڂ̆̿ͮڂ‬ɂΘǵ‫̈ͮڂ‬ʡ‫ˍڂ‬Ȋ‫ڂ‬Ϋͽǿͮ‫ڂ‬ʎʡɹ˱‫̿ͮڂ‬ɤ˱‫ڂ‬ɂǶɂ‫̵ڂ‬ʎ΀̅˱ʄ‫ڂ‬ ͮʡɹ˱‫ͽ̿ͮ ڂ‬ΰɶ˱‫ͮ ڂ‬ʎ̈˱ʄ‫ ڂ‬ʎȊ˱ʄ‫ͮ ڂ‬ʎǶ˱ʄ‫ ڂ‬ɏɷ‫ ڂ‬ΞȀ˱‫ ڂ‬ɏ̟˱ʄ‫ ڂ‬ɂʎ́‫ ڂ‬ɂʎʪ˱ʎ‫͝ ڂ‬Ƕɂʎ‫ ڂ‬ʎ̞‫˅ ڂ̤̿ͮ ڂ‬ʎ̢ʡ‫ڂ‬ ˱ʄʎʡɹ̵‫ڂ‬ΞȊ‫ͮڂ‬ʎ΄ɂ‫ڂ‬ɏȂΰ‫ڂ‬Ξʡɹɂ‫ˍڂ‬Ȋ˪ձ‫ڂ‬Ɨ̈ʡ‫͝ڂ‬Ƕ˱ʄ‫ˍڂ‬Ȁ̵‫ڂ‬΢ɟȻ͝ʡͮɟ‫ڂ̤̿ͮڂ‬ʄʡ΄̵‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ ˱ʎ̚‫@ڂ‬ɟͮ͝Ɖ˪ǵˍˍ@ʡφ ɟˍ̵ձɂ́˪‫ڂ‬Պ‫̿ͮڂ‬ǵ˱ʄ‫ͮڂ‬Ȋʡ‫˱ڂ‬ʄͽΰɤ˱‫ڂ‬ΞȊ‫̿ͮڂ‬ǵ˱ʄ‫ڂ‬Ȼˍ́ʄ‫ͮڂ‬Κ˱ʄ‫ڂ‬ɏ́Ȉͮ‫ڂ‬ʄʡȋʡ‫ڂ‬ ͮʎ΀̢˱ʄհ‫ڂ‬ʄʡ΄̵‫˱ڂ‬ʄ΀̡ʡ‫ˍڂ‬Ȋ˪‫˅ڂ‬ʡ˱ʎ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʎ̚‫ڂ‬ʄʡǵ‫ͮڂ‬Ƿ˱ʄ‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱‫ڂ‬Ξ̠ʡ‫˱ڂ‬ʄͽ̜˱‫ˍڂ‬Νɂ‫ڂ‬ʎȈ˱‫ڂ‬ ɂʎɵ‫˱́̿ͮڂ‬ʄ‫̙˪ڂ‬ʡ‫ڂ‬Ȼ̛ʡ‫ڂ‬ɂȋ˱ʎ‫˅ڂ‬ʡ˱ʎ‫ͮڂ‬ɵձ‫ڂ‬ġΗɂ‫ڂ‬բƽ˱ʄ‫ڂ‬ɂΙͽ‫˅ڂ‬ʎȂ˱‫ڂ‬ɂǿ̵բ‫̿ͮڂ‬ɤ˱‫ڂ‬΢ɟȻ͝ʡͮɟ‫ڂ‬ɂȀ̵‫ڂ‬ ˱ʎȀͮ‫˱ڂ‬ʎΜ˱ʄ‫˱ڂ‬ʄʎʡɤ˱‫ڂ‬ɂΙͽ‫ڂ‬Ξɶ‫ڂ‬ɂǶɂ‫ڂ‬Ξǿ˱‫ڂ‬ɏɶ‫ڂ‬ɏǵ˱ʄ‫ڂ‬ʄǾΰ‫ڂ‬Ƕ̵‫ˍڂ‬Νɂ‫ڂ‬ɂʎ́‫ڂ‬ɏ̛ʡ‫˱̤΀ͮڂ‬ʄ‫˪ڂ‬Ηɂ‫ڂ‬ ͮʡɤͽ‫ڂ‬ɂΘǵ‫ڂ‬ɂʎ΄˱ʄ‫̈ͮڂ‬ʡմ‫ڂ‬ɂǶɂ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʎǾ˱‫˱ڂ‬ʎ̚ձ‫ڂ‬Čʡ˱ʎ‫˱ڂ‬ʄʎʡɹ˪‫ڂ‬ɎȊΰ‫ڂ‬Ɏǹ˱‫ڂ‬ɂΘǵ‫̈ͮڂ‬ʡ‫˱́̿ͮڂ‬ʄ‫ڂ‬ Ξʡɹɂ‫ڂ‬ɂʎȂ˱‫ڂ‬ɏ́Ƕ˱‫ڂ‬Ξǿ˱‫ڂ‬ɏɶ‫ͮڂ‬Ȋʡ‫ڂ‬ɂʎʪ˱ʎ‫ڂ‬ɂʎ́‫ڂ‬ɂǶɂ‫ڂ‬ɂ̈˱ʄ‫ͮڂ‬ΰ‫ͮڂ‬ʎͽ̟ɂ‫̙˪ڂ‬ʡ‫˱ڂ‬ʄȊ˱ʎ‫˱ڂ‬ʄʎɶ‫ڂ˱̠ˍڂ‬ ͮ̿ɤ˱‫ͮڂ‬ʎʴ‫˱̡΀̿ͮڂ‬ʄ‫ˍڂ‬Ȋ‫ͮڂ‬ʎΙ‫ڂ‬Ξ̈‫ڂ‬ʄʡǶ‫ڂ‬ɏ̛ʡ‫ڂ‬Ξ̠ʡ‫ڂ‬ɂȋ‫͝ڂ‬ʡ˱ʎ‫ڂ‬Ξʡɤ˱‫ڂ‬ΞȊ‫ڂ‬ɂǶɂ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚ձ‫ڂڂ‬ ş‫ڂ‬ɏǾΰհ‫ڂ‬ɂʎ΄˱ʄ‫ͮڂ‬ǵ‫͝ڂ‬ɴ‫˅ڂ‬ʎ̈˱ʄ‫ڂ‬ȻȊ˱‫ͽˍڂ‬Ȁ˱‫͝ڂ‬Ƕ́‫˱̞̿ڂ‬ʄ‫ڂ‬Ξɶ‫͝ڂ‬Ν‫̵ڂ‬ʎΙɂ‫ͮڂ‬Ȉ̵‫ڂ‬ΞȊ‫ͮڂ‬ʎΛ‫ͮڂ‬ʎǶɂʎ‫ڂ‬ ɂΘǵ‫ڂ‬Ξʡɹɂ‫ڂ‬ɏʡɶͽ‫ڂ‬ʎȊ˱ʎ‫ڂ̟ͮ˪ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚‫͝ڂ‬ǵ́‫ڂ‬ɂʎ́‫ͮڂ‬ʎȊ˱ʎ‫ڂ‬ɂ̈˱ʄձ‫ڂ‬ ‫ݱ‬Κ˱ʄ‫ ڂ‬ɏɷ‫ͮ ڂ‬ʡɤͽ‫ ڂ‬ɏɶ‫ ڂ‬ɂΘǵ‫ ڂ‬ɂͽ̛˱‫͝ ڂ‬Ƕɂʎ‫˱ ڂ‬Ȋΰ‫ ڂ‬ɏǶ˱ʎ‫ˍ ڂ‬Κǵ‫ ڂ‬ȻȈ˱մ‫ ڂ‬ƗȊʡ‫ڂ‬ɂʎʪ˱ʎ‫ڂ‬ɎȊ˱ʎ‫ڂ‬ɂʎ́‫ڂ‬ ˱ʄ΀̡ʡ‫˅ڂ̛͝ڂ̤͝ڂ‬ʎ̈˱ʄ‫ڂ‬ɂʎʳ‫ˍڂ‬Ȋ‫ڂ‬Ξɶ‫ڂ‬ɂǶɂ‫ڂ‬ɂ́˱‫̛͝ڂ‬հ‫ڂ‬Ξɶ‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱‫ڂ‬ʎǵΰ‫ڂ‬ȻǶ́‫ڂ‬ɂǶ́‫ͮڂ‬Ȋʡ‫ڂ‬ɂʎʪ˱ʎձ‫ڂ‬ ġȊ‫ڂ‬ɏ̇‫ˍڂ‬Ȋ‫ڂ‬Ξɶ‫˱̅΀ͮڂ‬ʄ‫ˍڂ‬ǵʡ‫ڂ‬ɎȊ˱ʎ‫ڂ‬ɂʎ́‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱ձ‫ˍڂ̇ݱڂ‬Ȋ‫ڂ‬ɂǶɂʎ‫ڂ‬ʄʡ΄̵‫ڂ‬ ȻȈ˱‫ڂ‬ɏ́Ȉͮ‫ˍڂ‬ǿΰ‫̵ڂ‬ʎȁ˱‫ͮڂ‬ʎ΀̢˱ʄ‫ڂ‬ΫΙ˱ʄ‫ڂ‬ɏǶ˱ʄ‫ڂ‬ɂʎ́‫ͮڂ‬Ȋʡ‫˱ڂ‬Ƿ˱ʄ‫ڂ‬ɂΘǵ‫˪ڂ‬ʩ˱ʎհ‫ڂ‬ȻȈ˱‫͝ڂ‬ɴ‫ڂ‬ɂ̇‫ڂ‬ ͮʎɷ‫ڂ́ˍڂ‬ɂʎ́‫ڂ‬ʄʡǵ‫ڂ‬ɏʩ˱ʎ‫ڂ‬ΞȊ‫ڂ‬ɂͽ̟ɂ‫˱̛͝ڂ‬ʄձ‫ˍڂ̇ݱڂ‬Ȋ‫ڂ‬ɂǶɂʎ‫ڂ‬ȻȈ˱‫ͮڂ‬Ȁ˱‫ڂ‬ɎΗ˱ʄ‫ڂ‬ɂǶɂ‫˅ڂ‬μ‫˱ڂ‬Ƿ˱ʄհ‫ڂ‬ ˱Ƿ˱ʄ‫˅ڂ‬ʎʡɵͽ‫ڂ‬ΞȊ‫˅ڂ‬ʡ˱ʎ‫˱ڂ‬ʄʎʡɹ˪‫ڂ‬ɏɷ‫ͮڂ‬Ȉ́‫̿ڂ‬ǵ‫˅ڂ̟ͮ˪ڂ‬ɵͮ‫ͽ̻ڂ‬ȋ‫ڂ‬ʎΜͽ‫ڂ‬ʎʩ˱ʎ‫ڂ‬ɂʎ́‫ͮڂ‬ǿͮ‫ڂ‬ɂȋ‫ͮڂ‬ʎǿΰ‫ڂ‬ ɏ΀̤ɂ‫ͮڂ‬Κ‫ڂ‬Ȼʡɵͮ‫ڂ‬Ȼǵ́‫ڂ‬ɂ̈˱ʄ‫͝ڂ‬Ιɂ‫ڂ‬ΞȊ‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬ɏɤ˪‫˅ڂ‬ʎ̈˱ʄ‫˱ڂ‬ʄΘ‫ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱ձ‫ˍڂ̇ݱڂ‬Ȋ‫ڂ̟ͮ˪ڂ‬ ˍ̟‫̿ͮڂ‬ʩ˱ʎ‫ڂ‬ɏɷ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚‫ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱‫̿ͮڂ‬Ƕ˱ʎ‫˅ڂ‬ʎ̚ʡ‫˅ڂ‬ɵͮ‫ڂ‬ɂΗɂ‫˱ڂ‬ʎ΀‫ڂ‬ԋԅِ‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬ ˱ʄ΀̡ʡ‫˅ڂ‬ʡ˱ʎ‫ڂ‬Ɏ́ǵ˱ʎ‫ڂ‬ʄʡ̛˱ʄ‫ڂ‬ȻȈ˱ձ‫ˍڂ̇ݱڂ‬Ȋ‫ڂ‬Ξʡɹɂ‫ڂ‬ʄʡ΄̵‫ڂ‬ɂʎ́‫˱ڂ‬ʎΜ˱ʄ‫˱ڂ‬ʄ΀̡ʡ‫ڂ‬ɏʡɶͽ‫ڂ‬ʎȊ˱ʎ‫ڂ‬ ɂǶɂ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚‫ڂ‬Պ‫ڂ‬Ɏ΃‫ˍڂ‬Ȋ‫ͮڂ‬Κ‫ڂ‬ΞǷ˱‫̵ڂ‬ʎ̆˱ʄ‫ڂ‬ʎǵΰ‫ڂ‬ɂΛǵ‫ڂ‬ʎȊ˱ʄհ‫ͮڂ‬Κ‫ͮڂ‬ȁ˱ʄ‫ڂ‬ʎȁ˪հ‫ڂ‬ ʄǵՈ̿ǵ‫ڂ‬ʎǵΰ‫ڂ‬ȻȊ˱‫ڂ‬Ƿ˱‫ڂ‬Պ‫ڂ‬ɏ΀̤ɂ‫ͮڂ‬Ν‫ڂ‬Ɏ́‫̠΀ڂ̅˪ڂ‬ɂ‫ˍڂ̟ͮ˪ڂ‬ȁ˱‫˱ڂ‬Μǵ‫ڂ‬ΞȊ‫˅ڂ‬ʎʡɵ˱‫ڂ‬ʄʡǿɂ‫ڂ̅˪ڂ‬ɏ̇‫ڂ‬ ̢ͮ̿‫ͮڂ‬ʎȊ˱ʎ‫ڂ‬ʎʡɹ˱‫ͮڂ‬ʎΝɂ‫ڂ‬ɂʎ́‫ڂ‬Ɏ΃‫˱ڂ‬ɶ˱‫˅ڂ‬ʡ˱ʎ‫ͮڂ‬ɵ‫ڂ‬ɂ̇‫ˍڂ‬ɤ˱‫ڂ‬Ϋͽ̛˱ʄ‫ͮڂ‬ʎɵ‫˱ڂ‬Ȋ́ձ Hͽ̛˱‫͝ڂ‬Ƕɂʎ‫˱ڂ‬Ȋΰ‫˪ڂ‬ǵ˱ʄ‫˱́̿ͮڂ‬ʄ‫˪ڂ‬ʩ˱ʎ‫͝ڂ‬Ι‫˪ڂ‬ɹ˱ʎմ‫ڂ‬ɎȈΰ‫ڂ‬ɂʎ́‫ڂ‬ȻȈ˱‫ڂ‬ɂǶɂʎ‫ͮڂ‬ʪ˱ʎ‫́ͮڂ‬Ƕ˱‫ͮڂ‬Κ‫ڂ‬ Ξʡɹɂ‫ڂ‬ɏ̙ɂ‫ڂ‬ɂǶɂ‫ͮڂ‬ʎ̈˱ʄ‫ͮڂ‬ʡ˱‫ͮڂ‬Ȋʡ‫ڂ‬ɂʎʪ˱ʎ‫ڂ‬ɂ̅‫ڂ‬Ȼȋ˱‫ڂ‬ΞȊ‫ڂ‬ʎʡɷͽ‫ڂ‬ɏ΀̤ɂ‫ڂ‬ɂʎ΄˱ʄ‫ڂ‬ɏǵ˱ʄ‫ڂ˱̛ͽ˪ڂ‬ ȻȈ˱‫ˍڂ‬Ȋ˪‫ڂ‬ʄʩձ‫ڂ‬ǃȊ‫̜̿ڂ‬ʡ‫ڂ‬ȻȈ˱‫͝ڂ‬ɴ‫ͮڂ‬ʎǿΰ‫ڂ‬ɏʡɶͽ‫ڂ‬ʎȊ˱ʎ‫ڂ̟ͮ˪ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚‫ͮڂ‬ʎΝɂ‫͝ڂ‬Ν‫ڂ‬ ˅ʎ̈˱ʄ‫ڂ‬ɏǶ˱ʄ‫ڂ̤͝ڂ‬ΞȊ‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫˱ڂ̢̿ͮڂ‬ɤ˱‫ͮڂ‬ʎ΄‫ڂ‬Ξʴ‫ͮڂ‬ʎɵ‫˱ڂ‬Ȋ́ձ‫@ڂ‬Ȉ˱‫͝ڂ‬ɴ‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫˱̡΀ˍڂ‬ʄ‫̠΀̿ͮڂ‬ɂ‫ڂ‬ ɏ΀̤ɂ‫˱̅΀ͮڂ‬ʄ‫ˍڂ‬ǵʡ‫ͮڂ‬ʎǵΰ‫ڂ‬Ξʩ‫ͮڂ̢̿ͮڂ‬ʎȊ˱ʎ‫˱ڂ‬Ȉ˱‫˱ڂ‬ʎǾ˱‫ڂ‬ɂΘǵ‫̇˱ڂ‬ձ‫ݱڂ‬ɵ˱‫˱ڂ‬ʄȊΰ‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬ʎ̇ǵ‫ڂ‬ ɏ̅˱‫ڂ‬ɏ΀̤ɂ‫ڂ‬ʄΛʡ‫ڂ‬Ξɶհ‫ڂ‬ȻȈ˱‫͝ڂ‬ɴ‫ڂ‬ɂ̇‫ͮڂ‬ʡɶ˱‫ڂ‬ɏɷ‫ڂ‬ɂʎʡ‫̿ͮڂ‬ȋձ‫ڂ‬Żͽǵ˱‫˱̙̿ͮڂ‬ʄ‫˱ڂ‬ʎǿͮհ‫ڂ‬ȻȈ˱‫͝ڂ‬ɴ‫ڂ‬ɂ̇‫ڂ‬

20

ɏ΀̤ɂ‫ڂ̟ͮ˪ڂ‬ɂʎʡɵ˱‫̤΀ˍڂ‬ɂ‫˅ڂ‬ʡ˱ʎ‫ڂ‬Ɏ́ǵ˱ʎ‫ڂ‬ʎ΀̠˱ʄ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ɏɵ˱‫ͮڂ‬ʎȊ˱ʎ‫ڂ‬ɂ̈˱ʄձ

‫@ ڂ‬ȋ˱ʄ‫ڂ‬ɏʡɶͽ‫˅ڂ‬ʎʡɷ˱‫ͮڂ‬Ȋʡ‫ڂ‬ɂʎʪ˱ʎ‫ˍڂ‬Ȋ‫ڂ‬ɂʎʩǵ‫˅ڂ‬ʎ̇ǵ‫ڂ‬ʄʡ΄̵‫ڂ‬ȻȈ˱‫ͮڂ‬ʎɟ́‫͝ڂ‬Ƕͮ‫ڂ‬ ͮʩ˱ʎ‫ڂ‬ʎʩ˱ʎն‫ڂ‬ɏ̇‫ˍڂ‬Ȋ‫ڂ‬ɂʎʩǵ‫˅ڂ‬ʎ̇ǵ‫ڂ‬ɏ́‫˱̡΀ˍڂ‬ʄ‫͝ڂ‬Ν‫̵ڂ‬ʎǶͮ‫̿ͮڂ‬ʡɷ˱‫ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱ձ‫ڂ‬ ȓΰ‫ ڂ‬ʎ̙ɂ‫ ڂ‬ɂǶɂʎ‫͝ ڂ‬Λ‫ ڂ‬ɎΗ˱ʄ‫ ڂ̇˱ ڂ‬ɏɷ‫ ڂ‬ɏ΀ǵ‫̿ ڂ‬ǵ‫˱ ڂ‬ʎΜ˱ʄ‫ͽ̻ ڂ‬ΰɵͮ‫ ڂ‬ɏʴ˱ʎ‫ڂ‬ ͝Ƕ˱ʄ‫̛ͮͽ͝ڂ‬ձ ‫@ ڂ‬Ȉ˱‫ڂ‬ɏʡɶͽ‫ڂ‬ʎȊ˱ʎ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ɎΝǵ‫̿ͮڂ‬ɤ˱‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱‫ڂ‬ʄ̵̟հ‫ڂ‬ɂʎΙ‫ڂ‬ ˅ʎ̈˱ʄ‫ڂ‬ɎΝǵ‫̿ͮڂ‬ɤ˱‫ڂ‬Ɏ́ǵ˱ʎ‫ͮڂ‬ʎͽձ‫ڂ‬ ȓΰ‫ͮڂ‬ʩ˪‫ڂ‬ɂǶɂʎ‫ڂ‬ʄʡȋ˪‫ڂ‬Ȼ̠ͮ‫ڂ‬ɂ̈˱ʄ‫͝ڂ‬Ιɂ‫ڂ‬ ˪̟ͮ‫˱ڂ‬Λǵ‫˪ڂ‬Ȋ‫ڂ‬Ξȃ˱‫ڂ‬ʄʡǵ‫ͮڂ‬Ƿ˱ʄ‫ڂ‬ɏ΀̤ɂ‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱ձ

TÀI CHÍNH DÀNH CHO NGƯỜI SỢ SỐ

ĩ ǀĩ ‫ ڂ‬É‫ @ڂ‬ĩ‫ڂ‬Ɖr‫ڂ‬ ŖH‫ݱڂ‬ƤšH

‫ ڂ‬ġ̟ͮ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫ڂ‬ɂ̇‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱‫˱ڂ‬ʎ΀˱ʄ‫ڂ‬Ξȃ˱‫͝ڂ‬ɴ‫ڂ‬ ̵ʎǶ‫͝ڂ‬ȋ˱ձ‫ڂ‬Hʎ΄˱ʄ‫̈ͮڂ‬ʡ‫͝ڂ‬ɴ‫ڂ‬ʄʡ΄̵‫ڂ‬ȻȈ˱‫̿ͮڂ‬Ƕ˱ʎ‫ڂ‬ɏ΀̤ɂ‫ڂ‬ɏʡɶͽ‫˱ڂ‬Ȋΰձ ‫@ ڂ‬Ȉ˱‫̵ڂ‬ʎȋʡ‫ͮڂ‬ʎͽ‫ڂ‬ɏ΀̤ɂ‫ͮڂ‬ʡɶ˱‫ͮڂ‬Κ‫ڂ‬ɂǶɂ‫ڂ‬ʎ̇ǵ‫ڂ‬ɏ̅˱‫ڂ‬ɂ̆˱‫˱̜ͮڂ‬ձ‫ڂ‬Hͽ̛˱‫͝ڂ‬Ƕɂʎ‫ڂ‬ ˱Ȋΰ‫͝ڂ‬ɴ‫ڂ‬ʄʡ΄̵‫ڂ‬Ξʡɹɂ‫ڂ‬ɏ̇‫˱ڂ̢̿ͮڂ‬ɤ˱‫˱ڂ‬ʎɲ‫˱ڂ‬ʎȊ˱ʄձ ‫ ڂ‬ĩʎΜ˱ʄ‫ ڂ‬ɂʎͽΰɤ˱‫ ڂ‬ʄʡǵ‫ ڂ‬ɏȓ‫ ڂ‬Ξ΀̤ͮ‫ͽ̻ ڂ‬ǵ‫˱̇͝ ڂ‬ʄ‫ ڂ‬ʄʡ̇‫˱́̿ͮ ڂ‬ʄ‫ͽ̻ ڂ‬Ƕ‫̿ͮ ڂ‬ʩ˱ʎ‫ڂ‬ ̻ͽȋ˱‫ˍڂ‬δ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚‫͝ڂ‬ɴ‫ڂ‬ɂʎ́‫ڂ‬ȻȈ˱‫˱ڂ‬ʎΜ˱ʄ‫̡ˍڂ‬ʡ‫˅ڂ‬ʎͽΰɤ˱‫ڂ‬Ξ̈‫ڂ‬ ʄʡǶհ‫ڂ‬ɂʎʳ‫ڂ‬Ɏȃ˱‫ڂ‬ȻȈ˱‫ڂ‬ɏ΄˱ʄ‫ڂ‬ɂ́˱‫ڂ‬ɏ΀̡˱ʄ‫ͮڂ‬Ȉ́‫̿ڂ‬ǵ‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱‫˱́̿ͮڂ‬ʄ‫ڂ‬Ȼǿͮ‫ڂ‬ ˅ι‫ڂ‬ɏʡɶͽ‫˅ڂ‬ʡɹ˱‫˅ڂ‬ʡ˱ʎ‫ͮڂ‬ɵ‫˱ڂ‬Ȋ́ձ Hʎ́‫ڂ‬Ɏ΃‫ڂ‬ȻȈ˱‫ڂ‬ɏȓ‫ڂ‬ɂʎʡ˱ʎ‫ڂ‬ɂʎʡɵ˱‫ͮڂ̢ڂ‬ʎ΀̅˱ʄ‫˱̡΀̿ͮڂ‬ʄ‫ڂ‬ʎǵΰ‫ڂ‬ɂʎʳ‫̠˪ڂ‬ʡ‫ˍڂ‬ɟ‫̇ˍڂ‬ʡ‫ڂ̟ͮ˪ڂ‬δ‫˱̢΀ͮڂ‬ʄ‫ڂ‬ ͮʎʩ‫ڂ‬ȻȈ˱‫ڂ‬ɂͿ˱ʄ‫͝ڂ‬ɴ‫ͮڂ‬ʎͽ‫ڂ‬ɏ΀̤ɂ‫̿ڂ‬ǿͮ‫˱ڂ‬ʎʡɶͽ‫ڂ‬ʄʡǶ‫̿ͮڂ‬ʴ‫ͮڂ‬Κ‫˱ڂ‬ʎΜ˱ʄ‫̿ͮڂ‬ǵ˱ʄ‫͝ڂ‬Ƕɂʎ‫˱ڂ‬Ȋΰձ Hʎ́‫˱ڂ‬ɤ˱‫ڂ‬ȻȈ˱‫ڂ‬ɂ̇‫ڂ‬ʎǵʡ‫ˍڂ‬Νǵ‫ڂ‬ɂʎ̙˱ձ‫@ڂ‬Ȉ˱‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫ڂ‬ɏɷ‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬ɂ́˱‫ͮڂ̛͝ڂ‬ʡɵ̵‫ͮڂ‬Ηɂ‫˅ڂ‬ʎʡɵ˱‫ڂ‬ ȻȈ˱‫ ڂ̤͝ ڂ‬ʎȓʡհ‫ˍ ڂ‬Ȋ˪‫ ڂ‬ȻȈ˱‫˪ ڂ‬ȓʡ‫˪ ڂ‬ȓʡ‫̵ ڂ‬ʎȋʡ‫̵ ڂ‬ʎΗ‫ͮ ڂ‬ʎͽ̟ɂ‫ ڂ‬ΞȊ́‫˱ ڂ‬ʎΜ˱ʄ‫˱ ڂ‬ʎȊ‫ ڂ΀ͮ ڂ‬Ξǿ˱‫ ڂ‬ɏ̆ʡ‫ڂ‬ ʎ̚ʡ‫ڂ‬ɂʎʡ‫̵ڂ‬ʎʪ‫ڂ‬ɏǸͮ‫ڂ‬ɏ̚հ‫ڂ‬ʎ́ǹɂ‫ˍڂ‬Ȋ‫ڂ‬ȻȈ˱‫ڂ‬ɏ̙ɂ‫ڂ‬ɂͽ̛˱‫͝ڂ‬Ƕɂʎ‫˱ڂ‬Ȋΰհ‫ڂ‬ɂʎɵ‫˱ڂ‬ʄΝ‫̞˱ڂ‬ʡ‫ڂ̤͝ڂ‬ʎȓʡ‫ڂ‬ΞȊ‫ڂ‬ ʎ̙ɂ‫ڂ‬ɂǶɂʎ‫ڂ‬ɏ΀ǵ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ͮڂ‬ʡɵ˱‫ˍڂ‬ɤ˱‫̿ͮڂ‬ɤ˱‫ڂ‬ɂ́˱‫ڂ‬ɏ΀̡˱ʄ‫ڂ‬ɏȁΰ‫ڂ‬ʎΙ˱ʄ‫˅ڂ‬ʎ̢ʡ‫ڂ‬ΞȊ‫͝ڂ‬Ν‫ڂ‬ ͮ΀̢˱ʄ‫ͮڂ‬ʎ΀̢˱ʄ‫ڂ‬ɏɷ‫ڂ‬ɏȈͮ‫̠ͮڂ‬ʡ‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱‫ڂ‬ΞȊ‫ڂ‬Ɏ̆˱ʄ‫ͮڂ‬ʡɶ˱‫̛ͮͮڂ‬ձ‫ڂ‬Hʎ́‫ڂ‬Ɏ΃‫ڂ‬ȻȈ˱‫̠˪ڂ‬ʡ‫ڂ‬ɂʎʳ‫ڂ̅˪ڂ‬ Ξɶ‫ڂ̟ͮ˪ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚հ‫ڂ‬ʎǵΰ‫ڂ‬ɏȓ‫ڂ̢͝ڂ‬ʎΜͽհ‫ͽ̻ڂ‬ȋ˱‫ˍڂ‬δ‫ڂ‬ʎ́ǹɂ‫ˍڂ‬Ȋ‫˱ڂ‬ʎȊ‫ڂ‬ɂͽ˱ʄ‫ڂ‬ɂǿ̵‫ڂ‬ ɂʎ́‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚‫ͮڂ‬ʎʩ‫ڂ‬ȻȈ˱‫ڂ‬ɏɶͽ‫ڂ‬ɂȁ˱‫ڂ‬ɏɵ˱‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬ʄʩ‫ڂ‬ɂ̇‫˱́̿ͮڂ‬ʄ‫ڂ‬ɂǶɂ‫̿ͮڂ‬ǵ˱ʄ‫ڂ‬ ͝Ƕɂʎ‫˱ڂ‬Ȋΰձ‫ڂ‬Ɨ̿́˱ʄ‫˅ڂ‬ʎʡ‫ڂ‬ɂǶɂ‫ڂ‬ɂ̈˱ʄ‫ͮڂ‬ΰ‫˅ڂ‬ʎǶɂ‫ڂ‬ɂ̆˱‫ڂ‬ɏǵ˱ʄ‫ڂ‬ɂʎȀͮ‫ڂ‬ΞȀͮ‫ͮڂ‬ʎʩ‫ڂ‬ɂ̈˱ʄ‫ͮڂ‬ΰ‫ڂ‬ɂΘǵ‫ڂ‬ ȻȈ˱‫ڂ‬ɏȓ‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫ڂ‬Ξ΀̤ͮ‫ˍڂ‬ɤ˱‫ڂ‬ɂͽ̟ɂ‫ڂ‬ɂʎʡɵ˱‫ڂ‬ΞȊ‫˱ڂ‬ʄȊΰ‫ڂ‬ɂȊ˱ʄ‫̵ڂ‬ʎǶͮ‫ڂ‬ɏȈͮձ‫ˍڂ̇ݱڂ‬Ȋ‫̡ˍڂ‬ʡ‫ڂ‬ɂȁͽ‫ڂ‬ ˱ʄͽΰɹ˱‫ ڂ‬ɂΘǵ‫̈ͮ ڂ‬ʡ‫ ڂ‬ɎȊ˱ʎ‫ ڂ‬ɂʎ́‫ ڂ‬ȻȈ˱ձ‫ ڂ‬ǃʩ‫ ڂ‬ΞȀΰհ‫ ڂ‬ʎȓΰ‫ ڂ‬ȻǸͮ‫ ڂ‬ɏȁͽ‫ ڂ‬ȻǺ˱ʄ‫ ڂ‬Ξʡɹɂ‫ ڂ‬ʎ̙ɂ‫ ڂ‬ɂǶɂʎ‫ڂ‬ ʄʡǶ˪‫͝ڂ‬Ƕͮ‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱‫ͮڂ‬ʎ̈˱ʄ‫ͽ̻ڂ‬ǵ‫@ڂ‬Ƕ́‫ڂ‬ɂǶ́‫˅ڂ‬ɵͮ‫ͽ̻ڂ‬ȋ‫ڂ‬ ‫ݱ‬ČSձ

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TÀI CHÍNH DÀNH CHO NGƯỜI SỢ SỐ

Dấu hiệu sinh tồn của doanh nghiệp trên báo cáo tài chính ‫ݱ‬ʡɶͽ‫ڂ‬ʎȊ˱ʎ‫ڂ̟ͮ˪ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚‫ڂ‬ɂͿ˱ʄ‫ڂ‬ʄʡ̛˱ʄ‫˱ڂ‬ʎ΀‫ˍڂ‬Ƕʡ‫ڂ̟ͮ˪ڂ‬ ɂʎʡɵɂ‫ڂ‬Ϋɟ‫̿ͮڂ̈ͮڂ̈ڂ‬ɤ˱‫ڂ‬ɏ΀̡˱ʄձ‫@ڂ‬Ȉ˱‫ˍڂ‬Ȋ‫˱ڂ‬ʄ΀̡ʡ‫ڂ‬ɂȁ˪‫ڂ‬Ξ̈ՈˍǷ˱ʄհ‫ڂ‬ΫΛ‫ˍڂ‬δ‫ڂ‬ ͮʎ̈˱ʄ‫ͮڂ‬ʡ˱‫ڂ‬ΞȊ‫̿ڂ‬ǵ‫ͽ̻ڂ‬ΰɵͮ‫ڂ‬ɏʴ˱ʎ‫ڂ‬Պ‫˱ڂ‬ʎΜ˱ʄ‫ͽ̻ڂ‬ΰɵͮ‫ڂ‬ɏʴ˱ʎ‫͝ڂ‬Ƕ˱ʄ‫̛ͮͽ͝ڂ‬ձ‫ݱڂ‬ɷ‫ڂ‬ ͮΝ‫ͮڂ‬ʡ˱‫ڂ‬ɂȁ˪‫ˍڂ‬Ƕʡհ‫ڂ‬ȻȈ˱‫ڂ‬ɂȁ˱‫̵ڂ‬ʎȋʡ‫ڂ‬ʎʡɷͽ‫ͮڂ̃̿ڂ‬ʩ˱ʎ‫̿ͮڂ‬Ȉ˱ʄ‫ڂ‬ΞȀ˱‫ڂ‬ʎȊ˱ʎ‫ڂ‬ɂΘǵ‫ڂ‬ ɂʎʡɵɂ‫ڂ̈ͮڂ̈ڂ‬ȻȈ˱‫ڂ‬ɏǵ˱ʄ‫ڂ‬ɏʡձ‫@ڂ‬Ȉ˱‫͝ڂ‬ɴ‫̵ڂ‬ʎȋʡ‫ͮڂ‬ʎ΀̡˱ʄ‫ڂ‬Ϋͽΰɤ˱‫ڂ‬ɏɷ‫ڂ‬δ‫ڂ‬ɏɵ˱‫ڂ‬ ˱ʎΜ˱ʄ‫ڂ‬ɂʎʡɵɂ‫ڂ‬ɏ̜˱ʄ‫ڂ‬ʎ̜‫ڂ‬ɏǵ˱ʄ‫ڂ‬ɏ́‫˱̡΀ˍڂ‬ʄ‫ڂ‬ɂǶɂ‫ڂ‬ɂʎʳ‫ڂ̛͝ڂ‬ɂΘǵ‫ڂ‬ɏ̟˱ʄ‫ڂ‬ ɂ̅հ‫˱̤΀ˍڂ‬ʄ‫ڂ‬ΫǷ˱ʄ‫ڂ‬ΞȊ‫ڂ‬Ɏȁͽհձձձ‫ڂ‬ǃ̠ʡ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ɂͿ˱ʄ‫ڂ‬ΞȀΰհ‫ڂ‬ɂ̇‫ڂ‬Ȼǵ‫ڂ‬ ˍ́Ȉʡ‫ڂ‬ȻǶ́‫ڂ‬ɂǶ́‫ͮڂ‬Ȋʡ‫ڂ‬ɂʎʪ˱ʎ‫ͽ̻ڂ‬ǵ˱‫˱̙̿ͮڂ‬ʄ‫˱ڂ‬ʎǿͮ‫͝ڂ‬ɴ‫ڂ‬ɏ́‫˱̡΀ˍڂ‬ʄ‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬ բɎǿͽ‫ڂ‬ʎʡɹͽ‫͝ڂ‬ʡ˱ʎ‫˱̜ͮڂ‬բ‫ڂ‬ɂΘǵ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵հ‫̵ڂ‬ʎȋ˱‫ڂ‬Ƕ˱ʎ‫ͮڂ‬ʩ˱ʎ‫̿ͮڂ‬Ȉ˱ʄ‫ڂ‬ ͝Ιɂ‫˅ڂ‬ʎ̚ɟ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ͮڂ‬ʎ̈˱ʄ‫ͽ̻ڂ‬ǵ‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬ɂ́˱‫ڂ̛͝ڂ‬ɂΗ‫ͮڂ‬ʎɷձ @Ȉ˱‫͝ڂ‬ɴ‫ڂ‬ɏ΀̤ɂ‫ڂ‬ʄʡ̠ʡ‫ͮڂ‬ʎʡɹͽ‫˅ڂ‬ʎǶʡ‫ͽ̻ڂ‬Ƕͮ‫ڂ‬Ξɶ‫ڂ‬Ȼǵ‫́ˍڂ‬Ȉʡ‫ڂ‬ȻǶ́‫ڂ‬ɂǶ́‫˱ڂ‬Ȋΰ‫ڂ‬ ͮ̿́˱ʄ‫ڂ‬ɂʎ΀̅˱ʄ‫ڂ‬Ԇյ ‫@ ڂ‬Ƕ́‫ڂ‬ɂǶ́‫˅ڂ‬ɵͮ‫ͽ̻ڂ‬ȋ‫ڂ‬ʎ́Ȉͮ‫ڂ‬ɏ̟˱ʄ‫˅ڂ‬ʡ˱ʎ‫ڂ‬Ɏ́ǵ˱ʎ ‫@ ڂ‬Ƕ́‫ڂ‬ɂǶ́‫ڂͽ΀ˍڂ‬ɂʎͽΰɷ˱‫ͮڂ‬ʡɶ˱‫ͮڂ‬ɹ ‫@ ڂ‬ȋ˱ʄ‫ڂ‬ɂǾ˱‫ڂ‬ɏ̛ʡ‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱

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ɵ‫́ͮڂ‬Ƕ˱‫ˍڂ‬Ȋ‫ˍڂ̟ͮ˪ڂ‬ʥ˱ʎ‫ڂ‬ΞΝɂ‫ͮڂ‬ʎΝɂ‫͝ڂ‬Ν‫˱̟̿ڂ‬ʄ‫ڂ˱̠ˍڂ‬ΞȊ‫̵ڂ‬ʎΙɂ‫ͮڂ‬Ȉ̵ձ‫ڂ‬Čʎ̈˱ʄ‫ڂ‬ɂ̇‫ڂ‬ʄʩ‫ڂ‬ ˍȈ‫˅ڂ‬ʎʡ‫˱ڂ‬ʎʡɶͽ‫˱ڂ‬ʎȊ‫ͽ̻ڂ‬ȋ˱‫ˍڂ‬δ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚‫ڂ˱̛ͽ˪ڂ‬ʄʡǵ́‫̙˪ڂ‬ʡ‫ڂ‬Ξǿ˱‫ڂ‬ɏɶ‫ڂ‬ ˍʡɤ˱‫ͽ̻ڂ‬ǵ˱‫ڂ‬ɏɵ˱‫ڂ‬ɂǶɂ‫ڂ‬ɂ́˱‫ڂ̛͝ڂ‬ɂʎ́‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬բɂʎͽΰɤ˱‫ڂ‬ʄʡǵ‫ڂ‬Ξɶ‫̛͝ڂ‬բ‫ڂ‬Պ‫ڂ‬ɂǶɂ‫˅ڂ‬ʡɷ˪‫ڂ‬ ͮ́Ƕ˱‫ ڂ‬Ξʡɤ˱հ‫˱ ڂ‬ʎǾ˱‫ ڂ‬Ξʡɤ˱‫ ڂ‬ʄʎʡ‫ ڂ‬ɂʎɣ̵‫͝ ڂ̝͝ ڂ‬Ƕɂʎհ‫˱ ڂ‬ʎǾ˱‫ ڂ‬Ξʡɤ˱‫˱ ڂ‬ʄǾ˱‫ ڂ‬ʎȊ˱ʄ‫ ڂ‬ΞȊ‫ڂ‬ ˍͽȀͮ‫ڂ΀ͮڂ΀͝ڂ‬Ξǿ˱‫ͮڂ‬ʎͽɵձ‫ڂ‬Ḣ‫ˍڂ‬ɴ‫ڂ‬ȻȈ˱‫ڂ‬ɂͿ˱ʄ‫ڂ‬ɏǵ˱ʄ‫ˍڂ‬Ȋ˪‫˱ڂ‬ʎ΀‫ڂ‬ΞȀΰձ‫ڂ‬ĩɵͽ‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬ ͮʎͽȀͮ‫˱ڂ‬ʄΜ‫˱ڂ‬ʎ΀‫˱ڂ‬ʄͽΰɤ˱‫ͮڂ‬Ǹɂ‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱‫ ڂ‬Ŵհ‫ͽˍڂ‬Ȁͮ‫ͮڂ‬ʎͽɵհ‫ڂ‬բ˱̤բ‫ڂ‬ΞȊ‫ڂ‬բɂ̇բհ‫ڂ‬ ʎǵΰ‫ڂ‬ɂǶɂ‫ڂ‬Ȼʡɷͽ‫˪ڂ‬ȃͽ‫ͮڂ‬ʎͽɵ‫˅ڂ‬ʎʡɵ˱‫ڂ‬ȻȈ˱‫ڂ‬ɂǷ˱ʄ‫ͮڂ‬ʎǻ˱ʄհ‫ڂ‬ȻȈ˱‫ڂ‬ɂͿ˱ʄ‫ڂ‬ɏΚ˱ʄ‫ڂ́ˍڂ‬ ˍǸ˱ʄձ‫ ڂ‬ƗʎΙ‫˱ ڂ‬ʎǿͮհ‫ ڂ‬ȻȈ˱‫˅ ڂ‬ʎ̈˱ʄ‫ ڂ‬ɏ̅˱‫ ڂ‬ɏ̟ɂձ‫ ڂ‬ƗʎΙ‫ ڂ‬ʎǵʡհ‫ ڂ‬ɂͽ̛˱‫͝ ڂ‬Ƕɂʎ‫˱ ڂ‬Ȋΰ‫͝ ڂ‬ɴ‫ڂ‬ ˅ʎ̈˱ʄ‫ڂ‬ɏʡ‫͝ڂ‬Ǿͽ‫ڂ‬ΞȊ́‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬ɂʎΘ‫ڂ‬ɏɶ‫ڂ‬ɏ̇ձ‫ڂ‬Ɨͽΰ‫˱ڂ‬ʎʡɤ˱հ‫ڂ‬ȻȈ˱‫͝ڂ‬ɴ‫̵ڂ‬ʎȋʡ‫ڂ‬ɏ΀̅˱ʄ‫ڂ‬ ɏȁͽ‫ ڂ‬Ξ̠ʡ‫͝ ڂ‬Ν‫ͮ ڂ‬ʎȀͮ‫˅ ڂ‬ʎ̈˱ʄ‫ͮ ڂ‬ʎɷ‫̵ ڂ‬ʎΘ‫˱ ڂ‬ʎȀ˱մ‫ ڂ‬ĩɵͽ‫ͮ ڂ˱̛ͽ˪ ڂ‬ʎȊ˱ʎ‫ ڂ‬ɂ̈˱ʄ‫˅ ڂ‬ʎʡ‫ڂ‬ ̻ͽȋ˱‫ˍڂ‬δ‫ڂ̟ͮ˪ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵հ‫ڂ‬ȻȈ˱‫ڂ‬ɂȁ˱‫̵ڂ‬ʎȋʡ‫ͮڂ‬ʎȊ˱ʎ‫ͮڂ‬ʎȈ́‫˅ڂ‬μ‫˱ڂ‬Ƿ˱ʄ‫ڂ‬ΫΛ‫ˍڂ‬δ‫ڂ‬ ˱ʎΜ˱ʄ‫ڂ‬ɂ́˱‫˱ڂ̛͝ڂ‬ʎǿͮ‫ڂ‬ɏʴ˱ʎձ‫ڂ‬ĩ̇ʡ‫ڂ‬ɏ̅˱‫ڂ‬ʄʡȋ˱հ‫ڂ‬ȻȈ˱‫ڂ‬ɂȁ˱‫ڂ‬ɏ̙ɂ‫ڂ‬ΞȊ‫ڂ‬ʎʡɷͽ‫ڂ‬ɏ΀̤ɂ‫ڂ‬ Ȼȋ˱ʄ‫ڂ‬ɏʡɶͽ‫˅ڂ‬ʎʡɷ˱‫ͮڂ‬Ȋʡ‫ڂ‬ɂʎʪ˱ʎ‫ڂ‬ɂΘǵ‫˪ڂ‬ʩ˱ʎձ ȓΰ‫˱ ڂ‬ʄʎʥ‫ ڂ‬ɏɵ˱‫ͮ ڂ‬ǿ˪‫ ڂ‬Ȼȋ˱ʄ‫ ڂ‬ɏʡɶͽ‫˅ ڂ‬ʎʡɷ˱‫˱́̿ͮ ڂ‬ʄ‫ ڂ̈ͮ ڂ̈ ڂ‬ɂΘǵ‫ ڂ‬ȻȈ˱ձ‫@ ڂ‬Ȉ˱‫ ڂ‬ɂ̇‫ڂ‬ ɏ̜˱ʄ‫ڂ‬ʎ̜‫̛ͮڂ‬ɂ‫ڂ‬ɏ̟հ‫ڂ‬ɏ̜˱ʄ‫ڂ‬ʎ̜‫ڂ‬ΫǷ˱ʄ‫ڂ‬ΞȊ‫ڂ‬ɏ̜˱ʄ‫ڂ‬ʎ̜‫ڂ‬Ƕ̵‫ͽ͝ڂ‬ǿͮ‫˱ڂ‬ʎ̠ͮ‫ڂ‬ɏ̟˱ʄ‫ڂ‬ɂ̅ձ‫ڂ‬ ĩʎΜ˱ʄ‫ڂ‬ɂ̈˱ʄ‫ڂ‬ɂΗ‫˱ڂ‬Ȋΰ‫ڂ‬ɏ́‫˱̡΀ˍڂ‬ʄ‫ڂ‬ɂǶɂ‫ڂ‬բɎǿͽ‫ڂ‬ʎʡɹͽ‫͝ڂ‬ʡ˱ʎ‫˱̜ͮڂ‬բ‫ڂ‬ɂʎ́‫ͮڂ‬ʎǿΰ‫˅ڂ‬ʎȋ‫ڂ‬ ˱Ƿ˱ʄ‫ڂ‬ʎ́Ȉͮ‫ڂ‬ɏ̟˱ʄ‫ڂ‬ɂΘǵ‫ڂ̟ͮ˪ڂ‬ɂʎʡɵɂ‫ڂ‬Ϋɟձ Hʎ΄˱ʄ‫ڂ‬ɂͽ˱ʄ‫ڂ‬ɂǿ̵‫ͮڂ‬ʎ̈˱ʄ‫ͮڂ‬ʡ˱‫ͽ̻ڂ‬ǵ˱‫˱̙̿ͮڂ‬ʄ‫ڂ‬Ξɶ‫̛ͮڂ‬ɂ‫ڂ‬ɏ̟‫ڂ‬ȻȈ˱‫ڂ‬ɏǵ˱ʄ‫ڂ‬ɏʡհ‫˱̤΀ˍڂ‬ʄ‫ڂ‬ ˱ʎʡɤ˱‫ˍ ڂ‬ʡɹͽ‫ ڂ‬ɂ̇‫˱́̿ͮ ڂ‬ʄ‫ ڂ‬Ȼʩ˱ʎ‫ ڂ‬ΞȊ‫ͮ ڂ‬ʩ˱ʎ‫̿ͮ ڂ‬Ȉ˱ʄ‫ ڂ‬ɂΘǵ‫ ڂ‬ɏ̟˱ʄ‫ ڂ‬ɂ̅ձ‫ ڂ‬ĩɵͽ‫ ڂ‬Ȼǿͮ‫˅ ڂ‬ι‫ڂ‬ ɂ̈˱ʄ‫ڂ‬ɂΗ‫˱ڂ‬Ȋ́‫˱́̿ͮڂ‬ʄ‫ڂ̛͝ڂ‬ɏ̇‫˅ڂ‬ʎ̈˱ʄ‫ڂ‬ʎ́Ȉͮ‫ڂ‬ɏ̟˱ʄ‫ڂ‬ʎ́ǹɂ‫ڂ‬ȻȈ˱‫˅ڂ‬ʎ̈˱ʄ‫ڂ‬Ȼʡɵͮ‫ڂ‬ ɂǶɂʎ‫ڂ‬ɏ̙ɂ‫̇˱ڂ‬հ‫ͮڂ‬ʎʩ‫ڂ‬ɂʎǻ˱ʄ‫˪ڂ‬ǿΰ‫ڂ‬ɂʎ̛ɂ‫ڂ‬ȻȈ˱‫͝ڂ‬ɴ‫˱ڂ‬ʎȀ˱‫ͮڂ̟ͮ˪ڂ‬ǿ˪‫̵ڂ‬ʎʡɵͽ‫̵ڂ‬ʎȈͮհ‫ڂ‬ Ϋɟ‫ڂ‬Ȼʴ‫˱̇˱ڂ‬ʄ‫˪ڂ‬Ƕΰ‫ڂ‬ʎ́ǹɂ‫ڂ‬ɂʎɵͮ‫˪ڂ‬Ƕΰ‫ڂ‬ʄʡΜǵ‫ڂ‬ɏ΀̡˱ʄձ‫ڂ‬ Ɨ΀̅˱ʄ‫ͮڂ‬Ν‫˱ڂ‬ʎ΀‫ڂ‬ΞȀΰհ‫ڂ‬Ȼȋ˱ʄ‫ڂ‬ɏʡɶͽ‫˅ڂ‬ʎʡɷ˱‫ͮڂ‬Ȋʡ‫ڂ‬ɂʎʪ˱ʎ‫ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱‫ڂ‬ɂͿ˱ʄ‫ڂ‬ɂ̇‫ڂ‬Ȼǵ‫ڂ‬ ˍ́Ȉʡ‫ڂ‬ɏ̜˱ʄ‫ڂ‬ʎ̜‫˪ڂ‬Ȋ‫ڂ‬ȻȈ˱‫ڂ‬ɂȁ˱‫ڂ‬Ȼʡɵͮ‫ڂ‬ɂǶɂʎ‫ڂ‬ɏ̙ɂ‫ڂ‬ɏɷ‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫ͽ̻ڂ‬ȋ˱‫ˍڂ‬δ‫ڂ‬Ɏ́ǵ˱ʎ‫ڂ‬ ˱ʄʎʡɹ̵‫ڂ‬Պ‫@ڂ‬Ƕ́‫ڂ‬ɂǶ́‫˅ڂ‬ɵͮ‫ͽ̻ڂ‬ȋ‫ڂ‬ ‫ݱ‬ČSհ‫@ڂ‬Ƕ́‫ڂ‬ɂǶ́‫ڂͽ΀ˍڂ‬ɂʎͽΰɷ˱‫ͮڂ‬ʡɶ˱‫ͮڂ‬ɹ‫ڂ‬ΞȊ‫ڂ‬ @ȋ˱ʄ‫ڂ‬ɂǾ˱‫ڂ‬ɏ̛ʡ‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱ձ‫ڂ‬HǶɂ‫ڂ‬ȻǶ́‫ڂ‬ɂǶ́‫˱ڂ‬Ȋΰ‫ڂ‬ɏ́‫˱̡΀ˍڂ‬ʄ‫ڂ‬ɂǶɂ‫ڂ‬բɎǿͽ‫ڂ‬ʎʡɹͽ‫ڂ‬ ͝ʡ˱ʎ‫˱̜ͮڂ‬բ‫ڂ‬ɂΘǵ‫ڂ‬ʎ́Ȉͮ‫ڂ‬ɏ̟˱ʄ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵ձ‫ڂ‬Hʎ΄˱ʄ‫ڂ‬ɂͽ˱ʄ‫ڂ‬ɂǿ̵‫ڂ‬ɂǶɂ‫ͮڂ‬ʎ̈˱ʄ‫ڂ‬ ͮʡ˱‫ͽ̻ڂ‬ǵ˱‫˱̙̿ͮڂ‬ʄ‫ڂ‬Ξɶ‫˪ڂ‬Ιɂ‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱‫˪ڂ‬Ȋ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ɏȈͮ‫ڂ‬ɏ΀̤ɂհ‫˱̤΀ˍڂ‬ʄ‫ڂ‬ ͮʡɶ˱‫ڂ‬ȻȈ˱‫ڂ‬ɂ̇‫ڂ‬ɏɷ‫ڂ‬ΞȀ˱‫ڂ‬ʎȊ˱ʎ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ΞȊ‫ͮڂ‬ʩ˱ʎ‫ڂ‬ʎʩ˱ʎ‫͝ڂ‬Ιɂ‫˅ڂ‬ʎ̚ɟ‫ڂ‬ɂʎͽ˱ʄ‫ڂ‬ ɂΘǵ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ͮڂ‬Ȉʡ‫ͮڂ̟ͮ˪ڂ‬ʎ̡ʡ‫ڂ‬ɏʡɷ˪‫ڂ‬Պ‫˱ڂ‬ʎΜ˱ʄ‫ͮڂ‬ʎ̈˱ʄ‫ͮڂ‬ʡ˱‫ڂ‬ɂʎ́‫̵ڂ‬ʎɣ̵‫ڂ‬

24

ȻȈ˱‫ڂ‬ɏ΀ǵ‫̿ڂ‬ǵ‫ڂ‬ɂǶɂ‫ͽ̻ڂ‬ΰɵͮ‫ڂ‬ɏʴ˱ʎ‫͝ڂ‬Ƕ˱ʄ‫ڂ̛ͮͽ͝ڂ‬ΞȊ‫˅ڂ‬ʴ̵‫ͮڂ‬ʎ̡ʡ‫ڂ‬ʄʡ΄̵‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵

ɂǶɂ‫ڂ‬ȻȈ˱‫ڂ‬Ȼʡɵͮ‫ڂ‬ʄʩ‫˅ڂ‬ʎ̈˱ʄԬ‫ڂ‬ĩʎǾ˱‫ڂ‬Ξʡɤ˱‫ڂ‬ʄʎʡ‫ڂ‬ɂʎɣ̵‫͝ڂ̝͝ڂ‬Ƕɂʎ‫ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱‫͝ڂ‬ɴ‫˅ڂ‬ʎ̈˱ʄ‫ͮڂ‬ʎΝɂ‫ڂ‬ ʎʡɹ˱‫ڂ‬ɂǶɂ‫ͽ̻ڂ‬ΰɵͮ‫ڂ‬ɏʴ˱ʎ‫ڂ‬ɏ̇‫ͮڂ‬ʎǵΰ‫ڂ‬ȻȈ˱‫ڂ‬ɏǾͽձ‫ڂ‬ ̙‫ڂ̢ڂ‬ɏ̇‫ˍڂ‬Ȋ‫ڂ‬ɏɷ‫ڂ‬ɏȋ˪‫ڂ‬Ȼȋ́‫ڂ‬ȻȈ˱‫ڂ‬ɂ̇‫ڂ̛͝ڂ‬ ˍʡɹͽ‫ڂ‬ɂʎʪ˱ʎ‫ڂ‬ΫǶɂ‫ڂ‬ΞȊ‫˅ڂ‬ʴ̵‫ͮڂ‬ʎ̡ʡ‫ڂ‬Ξɶ‫ڂ‬ɂǶɂ‫ڂ‬ʄʡǵ́‫ڂ‬Ɏʴɂʎ‫ڂ‬ɂΘǵ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ɏɷ‫ڂ‬ʄΛʡ‫ڂ‬ɂʎ́‫ڂ‬ ɂǶɂ‫˅ڂ‬ʡɷ˪‫́ͮڂ‬Ƕ˱‫ڂ‬Ξʡɤ˱ձ‫ڂ‬Čʡɷ˪‫́ͮڂ‬Ƕ˱‫ڂ‬Ξʡɤ˱‫ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱‫ڂ‬ɂͿ˱ʄ‫͝ڂ‬ɴ‫˅ڂ‬ʎ̈˱ʄ‫ͮڂ‬ʎΝɂ‫ڂ‬ʎʡɹ˱‫ڂ‬ɂǶɂ‫ڂ‬ ̻ͽΰɵͮ‫ڂ‬ɏʴ˱ʎ‫ڂ‬ɏ̇ձ‫ڂ‬ ̙‫ڂ̢ڂ‬ɏ̇‫ˍڂ‬Ȋ‫ڂ‬ɏɷ‫ڂ‬ɂʎͽȂ˱‫ڂ‬Ȼʴ‫ڂ‬ȻǶ́‫ڂ‬ɂǶ́‫ͮڂ‬ʎͽɵ‫ڂ‬ɂʎ́‫ڂ‬ȻȈ˱‫ڂ‬ΞȊ‫ڂ‬ɏȋ˪‫ڂ‬Ȼȋ́‫ڂ‬ ̿Ǻ˱ʄ‫ڂ‬ȻȈ˱‫˅ڂ‬ʎ̈˱ʄ‫ڂ‬Ȼʴ‫˅ڂ‬ʡɷ˪‫́ͮڂ‬Ƕ˱‫ڂ̡͝ڂ‬ʄǶΰձ‫ڂ‬ Hʎͽΰɹ˱‫ڂ‬ɂǶɂ‫ڂ‬բɂʎͽΰɤ˱‫ڂ‬ʄʡǵ‫ڂ‬Ξɶ‫̛͝ڂ‬բ‫ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱‫ˍڂ‬Ȋ˪‫̿ڂ‬ǿͮ‫ڂ‬Ϋͽǿͮ‫͝ڂ‬Ǹɂ‫ڂ‬ɂ̈˱ʄ‫ڂ‬Ξʡɹɂ‫ڂ‬ɂΘǵ‫ڂ‬ʎ̙‫ڂ‬

TÀI CHÍNH DÀNH CHO NGƯỜI SỢ SỐ

ͮʡɵ̵‫ͮڂ‬Ηɂ‫ڂ‬ʎ́Ȉͮ‫ڂ‬ɏ̟˱ʄ‫˅ڂ‬ʎ̚ɟ‫˱ڂ‬ʎ΀‫ڂ̟ͮ˪ڂ‬ɂʎʡɵɂ‫ڂ‬Ϋɟ‫ڂ‬ɏ΀̤ɂ‫ڂ‬Ȼȋ́‫ڂ‬Ɏ΀̣˱ʄ‫ڂ‬ɏȁΰ‫ڂ‬ɏΘձ‫ڂ‬ǃȊ‫ڂ‬

˱ʎ΀˱ʄ‫ڂ‬ȻȈ˱‫ͮڂ‬ʎʩ‫ڂ‬Ξȃ˱‫ڂ‬ɏǵ˱ʄ‫ˍڂ‬Ƕʡ‫ڂ‬ɂ̈˱ʄ‫ͮڂ‬ΰ‫ڂ‬ΞȊ́‫ڂ‬Ξ΃˱ʄ‫ͮڂ‬Ȋʡ‫ڂ‬ɂʎʪ˱ʎ‫˱ڂ‬ʄͽΰ‫ڂ‬ʎʡɷ˪‫ˍڂ‬Ȋ‫ڂ‬ɏʡɶͽ‫ڂ‬ ʎ́Ȋ˱‫́ͮڂ‬Ȋ˱‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫ڂ‬Ϋȋΰ‫̿ڂ‬ǵձ‫ڂ‬Ḣ‫ͮڂ‬ʎɷ‫ڂ‬ȻȈ˱‫ڂ‬ɏǵ˱ʄ‫ͮڂ‬ʡɤͽ‫ͮڂ‬ʡɶ˱‫ڂ‬ΞȊ́‫˱ڂ‬ʎΜ˱ʄ‫ͮڂ‬ʎΙ‫͝ڂ‬ǵʡ‫ˍڂ‬ȁ˪ձ‫ڂ‬ ĖȊ‫˱ڂ‬ʄ΀̡ʡ‫ͽ̻ڂ‬ȋ˱‫ˍڂ‬δ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵հ‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫ڂ‬ȻȈ˱‫ڂ‬ɏǵ˱ʄ‫ڂ‬ʄǶ˱ʎ‫ˍڂ‬ǿΰ‫˱ڂ‬ʎΜ˱ʄ‫˅ڂ‬ʎ́ȋ˱‫ڂ̤˱ڂ‬ ˅ʎ̝˱ʄ‫˪ڂ̜ˍڂ‬Ȋ‫˅ڂ‬ʎ̈˱ʄ‫ڂ‬ʎʡɷͽ‫̿ڂ‬Ǻ˱ʄ‫ڂ‬ɏʡɶͽ‫ڂ‬ɏ̇‫͝ڂ‬ɴ‫˱ڂ‬ʎǵ˱ʎ‫ڂ‬ɂʎ̇˱ʄ‫ڂ‬ɏǶ˱ʎ‫ڂ‬ɂʎʩ˪‫ڂ‬Ɏ́ǵ˱ʎ‫ڂ‬ ˱ʄʎʡɹ̵ձ‫@ڂ‬Ȉ˱‫ˍڂ‬Ȋ‫˱ڂ‬ʄ΀̡ʡ‫˱ڂ‬ʄ̜ʡ‫˱́̿ͮڂ‬ʄ‫ڂ‬ʄʎɵ‫ˍڂ‬Ƕʡձ‫ڂ‬ǃȊ‫˱ڂ‬ɵͽ‫ڂ‬ȻȈ˱‫˅ڂ‬ʎ̈˱ʄ‫ڂ‬Ȼʡɵͮ‫ڂ‬ɏ̙ɂ‫ڂ‬Ȼȋ˱ʄ‫ڂ‬ ɏʡɶͽ‫˅ڂ‬ʎʡɷ˱‫ͮڂ‬Ȋʡ‫ڂ‬ɂʎʪ˱ʎ‫ڂ‬ɂΘǵ‫˪ڂ‬ʩ˱ʎ‫ͮڂ‬ʎʩ‫ͮڂ‬Ιɂ‫ˍڂ‬Ȋ‫ڂ‬ȻȈ˱‫ڂ‬ɏǵ˱ʄ‫ڂ‬Ȼʴͮ‫˪ڂ‬Ǹͮ‫ˍڂ‬Ƕʡ‫ڂ‬Ϋɟձ ƗʎȀͮ‫˅ ڂ‬ʎ̈˱ʄ‫˪ ڂ‬ǵΰհ‫ ڂ‬ɏǾΰ‫ ڂ‬ɂʎʪ˱ʎ‫ ڂ‬ΫǶɂ‫ˍ ڂ‬Ȋ‫˱ ڂ‬ʎΜ˱ʄ‫ ڂ‬ʄʩ‫˪ ڂ‬Ȋ‫̿ͮ ڂ‬ɤ˱‫ ڂ‬ԏԋِ‫˱ ڂ‬ʎΜ˱ʄ‫˱ ڂ‬ʄ΀̡ʡ‫ڂ‬ ̻ͽȋ˱‫ˍڂ‬δ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚‫ڂ‬ɏǵ˱ʄ‫ˍڂ‬Ȋ˪հ‫ͮڂ‬ʎɟ́‫ˍڂ̛͝ڂ‬ʡɹͽ‫ڂ‬ɂΘǵ‫ڂ‬HΗɂ‫ڂ‬Żͽȋ˱‫ˍڂ‬δ‫ڂ‬Śǵ˱ʎ‫ڂ‬ ˱ʄʎʡɹ̵‫˱ڂ‬ʎ̚‫ڂ‬ ́ǵ‫ڂ‬Čιձ‫ڂ‬Čʎ̈˱ʄ‫ڂ‬ɂ̇‫ڂ‬ʄʩ‫ˍڂ‬Ȉ‫˅ڂ‬ʎʡ‫ڂ‬Ԋԅِ‫ڂ‬ɂǶɂ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬Ȋΰ‫˅ڂ‬ʎ̈˱ʄ‫ڂ‬ ̜ͮ˱‫ͮڂ‬Ȉʡ‫ڂ‬ɏ΀̤ɂ‫ڂ‬ɏɵ˱‫ڂ‬Ԋ‫˱ڂ‬Ƿ˪ձ‫ڂ‬ĩɵͽ‫ڂ‬ȻȈ˱‫ڂ‬ɏȓ‫ͮڂ‬Κ˱ʄ‫˱ڂ‬ʄʎɟ‫ڂ‬Ξɶ‫ͮڂ‬ʎ̛˱ʄ‫˅ڂ‬ɤ‫ڂ‬ɏ̇‫ͮڂ‬ʎʩ‫ڂ‬ɂ̇‫ˍڂ‬ɴ‫ڂ‬ ȻȈ˱‫ڂ‬ɂͿ˱ʄ‫ڂ‬ɏȓ‫˱ڂ‬ʄʎɟ‫ڂ‬ɏɵ˱‫ڂ‬δ‫˅ڂ‬ʡɵ˱‫ڂ‬ɂʎ́‫̿ڂ‬Ǻ˱ʄ‫ڂ‬ɏ̇‫ڂ‬ʎǻ˱‫ˍڂ‬Ȋ‫ڂ‬Ɏ́‫ͮڂ‬ʎʡɵͽ‫ͮڂ‬ʡɶ˱‫ڂ‬Ξ̛˱‫ڂ‬Ȼǵ˱‫ڂ‬ɏȁͽ‫ڂ‬ ʎ́ǹɂ‫͝ڂ‬ȋ˱‫̵ڂ‬ʎȂ˪ՄɎʴɂʎ‫ڂ‬ΞΗ‫ڂ‬ɂΘǵ‫ڂ‬ʎ̙‫˅ڂ‬ʎ̈˱ʄ‫˅ڂ‬ʎȋ‫ͮڂ‬ʎʡձ‫ڂ‬Čʎ̈˱ʄ‫ڂ‬ʎɶձ‫ڂ‬Ɨʡɶ˱‫ͮڂ‬ʎʩ‫˅ڂ‬ʎ̈˱ʄ‫ڂ‬ ͮʎʡɵͽ‫ڂ‬ΞȊ‫ͮڂ‬ʎʴ‫˱̡΀̿ͮڂ‬ʄ‫ڂ‬ɂͿ˱ʄ‫ڂ‬ɏΘ‫˱̟̿ڂ‬ʄ‫ڂ‬ɏɷ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˪ڂ‬Ȋ‫ڂ‬ȻȈ˱‫ͽ̻ڂ‬ȋ˱‫ˍڂ‬δ‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫ڂ‬ ͮʩ˪‫˅ڂ‬ʡɵ˪‫ڂ‬ɂǶɂ‫˅ڂ‬ʎǶɂʎ‫ڂ‬ʎȊ˱ʄ‫̠˪ڂ‬ʡհ‫˱ͽ̿ͮڂ‬ʄ‫ͮڂ‬ʎȊ˱ʎձ‫ڂ‬HǶɂ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚‫̵ڂ‬ʎȁ˱‫ڂ‬ ˍ̠˱‫ͮڂ‬ʎǿͮ‫ڂ‬ȻȈʡ‫ڂ‬Ɏ́‫ͽ̻ڂ‬ȋ˱‫ˍڂ‬δ‫ڂ‬ΰɵͽ‫˅ڂ‬ɣ˪ձ‫ڂ‬ĩɵͽ‫ڂ‬ȻȈ˱‫ڂ˱̛ͽ˪ڂ‬ɂ̈˱ʄ‫ͮڂ‬ΰ‫˅ڂ‬ʎ̈˱ʄ‫ڂ‬Ȼʴ‫̵ڂ‬ʎǶ‫͝ڂ‬ȋ˱‫ڂ‬ ΞȊ‫ڂ‬ɏȈͮ‫ڂ‬ɏ΀̤ɂ‫˪ڂ‬Ηɂ‫ͮڂ‬ʡɤͽ‫ͽ̻ڂ‬ǵ˱‫˱̙̿ͮڂ‬ʄ‫˱ڂ‬ʎǿͮ‫ڂ‬Պ‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱‫ڂ‬Ȼɶ˱‫ڂ‬ΞΜ˱ʄ‫ڂ‬ΞȊ‫ڂ‬Ɏ̆˱ʄ‫ͮڂ‬ʡɶ˱‫ڂ‬ Ɏ̜ʡ‫ڂ‬ɎȊ́‫ڂ‬Պ‫ͮڂ‬ʎʩ‫ڂ‬ȻȈ˱‫ڂ‬ɂȁ˱‫̵ڂ‬ʎȋʡ‫ڂ‬ʎ̙ɂ‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬ȻȊʡ‫ڂ‬ʎ̙ɂ‫ˍڂ‬Ƕʡ‫ڂ‬Ϋɟ‫ڂ‬ɂ̅‫ڂ‬Ȼȋ˱‫ڂ‬ɂȁ˱‫ͮڂ‬ʎʡɵͮ‫ڂ‬ɏɷ‫ڂ‬ ɏʡɶͽ‫˅ڂ‬ʎʡɷ˱‫̵ڂ̟ͮ˪ڂ‬ʎ΀̅˱ʄ‫ͮڂ‬ʡɹ˱‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫͝ڂ‬ʡ˱ʎ‫̡ˍڂ‬ʡ‫ͮڂ‬Κ‫ڂ‬ɂǶɂ‫͝ڂ‬ȋ˱‫̵ڂ‬ʎȂ˪‫ڂ‬ʎǵΰ‫ڂ‬Ɏʴɂʎ‫ڂ‬ΞΗ‫ڂ‬ ɂΘǵ‫˪ڂ‬ʩ˱ʎձ‫@ڂ‬Ȉ˱‫̵ڂ‬ʎȋʡ‫ڂ‬ɏ̙ɂ‫ͮڂ‬ʎȊ˱ʎ‫ͮڂ‬ʎȈ́‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬ʄʩ‫˪ڂ‬Ȋ‫ڂ‬Ȼȋ˱ʄ‫ڂ‬ɏʡɶͽ‫˅ڂ‬ʎʡɷ˱‫ͮڂ‬Ȋʡ‫ڂ‬ɂʎʪ˱ʎ‫ڂ‬ ʎɣ‫ڂ̟ˍڂ‬Ξɶ‫ڂ‬ɂ̈˱ʄ‫ͮڂ‬ΰձ Ɨʡ˱‫ڂ‬Ξͽʡ‫ˍڂ‬Ȋ‫ڂ‬ȻȈ˱‫ڂ‬ʎ́Ȋ˱‫́ͮڂ‬Ȋ˱‫ڂ‬ɂ̇‫˅ڂ‬ʎȋ‫˱ڂ‬Ƿ˱ʄ‫ͮڂ̢̿ͮڂ‬ʎȊ˱ʎ‫ڂ‬ɂʎͽΰɤ˱‫ڂ‬ʄʡǵ‫˱́̿ͮڂ‬ʄ‫˅ڂ‬ʎ́ȋ˱‫ڂ‬ ˱Ȋΰձ‫ ڂ‬ĖȊ˪‫͝ ڂ‬ǵ́‫̈ͮ ڂ‬ʡ‫ ڂ‬ȻʡɵͮԬ‫̢@ ڂ‬ʡ‫ ڂ‬Ξʩ‫̈ͮ ڂ‬ʡ‫ ڂ‬ɏȓ‫ ڂ‬ɎȈΰ‫ ڂ‬ʎȊ˱ʄ‫̿ͮ ڂ‬Ƿ˪‫˱ ڂ‬ʎȊ‫ͽ̻ ڂ‬ȋ˱‫ˍ ڂ‬δ‫ ڂ‬Ɏ́ǵ˱ʎ‫ڂ‬ ˱ʄʎʡɹ̵‫˱ڂ‬ʎ̚‫ڂ‬Բ˅ɷ‫ڂ‬ɂȋ‫˱ڂ‬ʎΜ˱ʄ‫˱ڂ‬ʄ΀̡ʡ‫˪ڂ‬ǵ˱ʄ‫̞˱ڂ‬ʡ‫ڂ̤͝ڂ‬Ƕ˪‫ڂ‬ȋ˱ʎ‫ڂ‬Ξɶ‫̛͝ڂ‬Գհ‫ڂ‬ΞȊ‫ڂ‬ɏ̇‫ڂ‬ɂʎʪ˱ʎ‫ڂ‬

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CH - 01

ˍȊ‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬ʄʩ‫̈ͮڂ‬ʡ‫͝ڂ‬Ǹ̵‫ڂ‬ɂʎʳ‫ڂ‬ɂʎ́‫ڂ‬ȻȈ˱ձ‫ڂ‬Ɨ̈ʡ‫ڂ‬ɏȓ‫ͮڂ‬ʎǿΰ‫ڂ‬ʎ̙‫˱ڂ‬Ǹ˪‫ڂ‬ȻǸͮ‫ڂ‬ɏ΀̤ɂ‫ڂ‬ɂǶɂ‫˅ڂ‬ʎǶʡ‫ڂ‬ ˱ʡɹ˪‫ڂ̟ͮ˪ڂ‬ɂǶɂʎ‫ڂ‬Ɏɸ‫ڂ‬ɎȊ˱ʄհ‫ڂ‬Ξ̠ʡ‫˱ڂ‬ʎʡɶͽ‫˅ڂ‬ʎ́ȋ˱ʎ‫˅ڂ‬ʎǸɂ‫ڂ‬բȊ‫̿ڂ‬ǵ‫ͮڂ‬ʎɵբհ‫ڂ‬ʎ̙‫ڂ‬ɏȓ‫ڂ‬ȻǸͮ‫ڂ‬ɏȁͽ‫ڂ‬ ͮʎǿΰ‫˱ڂ‬ʄǵΰ‫ڂ‬ɏ΀̤ɂ‫̿ڂ‬Θʡ‫ڂ́̿ڂ‬ΞȊ‫ڂ‬ɂ̅‫ڂ‬ʎ̟ʡ‫ͮڂ‬ʡɶ˪‫ڂ‬Ȃ˱‫ڂ̢ڂ‬ɏǾͽհ‫ڂ‬Ξʩ‫ڂ‬ɂͽ̛ʡ‫ڂ‬ɂ΃˱ʄ‫ڂ‬ʎ̙‫ڂ‬ɏȓ‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫ڂ‬ ʎʡɷͽ‫ڂ‬ɏ΀̤ɂ‫ڂ‬ɂǶɂʎ‫˱ڂ‬ʎΜ˱ʄ‫˱ڂ‬ʄ΀̡ʡ‫ͽ̻ڂ‬ȋ˱‫ˍڂ‬δ‫ڂ‬ɂȁ˱‫ڂ‬ΫΛ‫̿ͮڂ‬ʪ‫̠΀̿ͮڂ‬ɂ‫ڂ‬ɂǶɂ‫ڂ‬ɂ́˱‫̿ͮڂ̛͝ڂ‬ɤ˱‫@ڂ‬Ƕ́‫ڂ‬ ɂǶ́‫˅ڂ‬ɵͮ‫ͽ̻ڂ‬ȋ‫ڂ‬ ‫ݱ‬ČSհ‫@ڂ‬Ƕ́‫ڂ‬ɂǶ́‫ڂͽ΀ˍڂ‬ɂʎͽΰɷ˱‫ͮڂ‬ʡɶ˱‫ͮڂ‬ɹ‫ڂ‬ΞȊ‫@ڂ‬ȋ˱ʄ‫ڂ‬ɂǾ˱‫ڂ‬ɏ̛ʡ‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱ձ‫ڂ‬ ġΗɂ‫ͮڂ‬ʡɤͽ‫ڂ‬ɂΘǵ‫̈ͮڂ‬ʡ‫˱́̿ͮڂ‬ʄ‫ڂ‬ɂʎ΀̅˱ʄ‫˱ڂ‬Ȋΰ‫ˍڂ‬Ȋ‫˱̟̿ڂ̢˪ڂ‬ʄ‫ڂ‬Ξ̛˱‫ͮڂ‬Κ‫ڂ‬ΞΝ˱ʄ‫ڂ‬Ξɶ‫ͮڂ‬Ȋʡ‫ڂ‬ɂʎʪ˱ʎ‫ڂ‬ɂΘǵ‫ڂ‬ ȻȈ˱հ‫˱ڂ‬ʄ́Ȋʡ‫ڂ‬բ̵ʎǶ‫͝ڂ‬ȋ˱բ‫ڂ‬ΞȊ‫ڂ‬բͮλ‫̵ڂ‬ʎ΄բձ‫ڂ‬ĩɵͽ‫ڂ‬ȻȈ˱‫ڂ‬ʄʡ̛˱ʄ‫˱ڂ‬ʎ΀‫ڂ‬ɏǵ‫˱ڂ̛͝ڂ‬ʎΜ˱ʄ‫˱ڂ‬ʄ΀̡ʡ‫ڂ‬ ̻ͽȋ˱‫ˍڂ‬δ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚‫ͮڂ‬ʎʩ‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫ڂ‬ȻȈ˱‫ڂ‬ɏȓ‫ͽ̻ڂ‬ɟ˱‫ڂ‬Ξ̠ʡ‫ڂ̛͝ڂ̟ͮ˪ڂ‬Բ˱ɵͽ‫˅ڂ‬ʎ̈˱ʄ‫ڂ‬ ˱̇ʡ‫ˍڂ‬Ȋ‫ڂ‬ʎȁͽ‫ڂ‬ʎɵͮԳ‫ڂ‬ɂǶɂ‫ͮڂ‬ʎͽȀͮ‫˱ڂ‬ʄΜ‫ͮڂ‬Ȋʡ‫ڂ‬ɂʎʪ˱ʎ‫˱́̿ͮڂ‬ʄ‫ڂ‬ɂͽ̛˱‫͝ڂ‬Ƕɂʎ‫˱ڂ‬Ȋΰհ‫˱ڂ‬ʎ΀˱ʄ‫ˍڂ‬Ȉʡ‫ڂ‬ʎ́Ȋ˱‫ڂ‬ ͮ́Ȋ˱‫ͮڂ‬ʎǿͮ‫ڂ‬ȻȈʡ‫˱́̿ͮڂ‬ʄ‫ڂ‬Ξʡɹɂ‫ڂ‬ʎʡɷͽ‫ڂ‬ɏ΀̤ɂ‫ڂ‬δ‫˱ڂ‬ʄʎʥǵ‫ڂ‬ΞȊ‫ڂ‬ʎɹ‫ͽ̻ڂ‬ȋ‫ͮڂ‬ʎΝɂ‫ͮڂ‬ɵ‫ڂ‬ɂΘǵ‫ڂ‬ɂʎ΄˱ʄձ‫ڂ‬ ‫ݱ‬ʡɶͽ‫˱ڂ‬Ȋΰ‫ڂ‬ɂͿ˱ʄ‫ڂ‬ʄʡ̛˱ʄ‫˱ڂ‬ʎ΀‫ˍڂ‬Ƕʡ‫ڂ‬Ϋɟ‫ڂ‬ΞȊ́‫ڂ‬ɏ΀̡˱ʄ‫ڂ‬ɂǵ́‫̛ͮڂ‬ɂ‫˪ڂ‬Ȋ‫˅ڂ‬ʎ̈˱ʄ‫ڂ‬Ȼʡɵͮ‫ڂ‬ɏ̙ɂ‫ڂ‬Ȼʡɷ˱‫ڂ‬ ȻǶ́ձ‫ڂ‬Čʎʡ‫ڂ‬ȻȈ˱‫˱ڂ‬ʎʩ˱‫ͮڂ‬ʎǿΰ‫ڂ̟ͮ˪ڂ‬Ȼʡɷ˱‫ڂ‬ȻǶ́‫ڂ‬ɂ̇‫ڂ̛͝ڂ‬բԍԋբ‫̿ͮڂ‬ɤ˱‫ڂ‬ɏ̇‫ͮڂ‬ʎʩ‫ڂ‬ȻȈ˱‫̵ڂ‬ʎȋʡ‫ڂ‬ɂ̇‫ڂ‬ ɏ̈ʡ‫ڂ‬ɂʎ΄ͮ‫˅ڂ‬ʡɵ˱‫ͮڂ‬ʎΙɂ‫ڂ‬ɏɷ‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫ڂ‬ʎʡɷͽ‫ڂ‬ɏ΀̤ɂ‫̇˱ڂ‬ձ‫@ڂ‬Ȉ˱‫̵ڂ‬ʎȋʡ‫ڂ‬Ȼʡɵͮ‫̿ڂ‬Ǻ˱ʄ‫ڂ‬ɏ̇‫ˍڂ‬Ȋ‫ڂ‬ʄʡ̠ʡ‫ڂ‬ ʎȈ˱‫̛ͮڂ‬ɂ‫ڂ‬ɏ̟‫ڂ‬ΞȊ‫ڂ‬ȻȈ˱‫̵ڂ‬ʎȋʡ‫ڂ‬ɏȋ˪‫ڂ‬Ȼȋ́‫˅ڂ‬ʡ˪‫̿ͮڂ‬ɤ˱‫ڂ‬ɏ̜˱ʄ‫ڂ‬ʎ̜‫̛ͮڂ‬ɂ‫ڂ‬ɏ̟‫ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱‫˅ڂ‬ʎ̈˱ʄ‫ڂ‬ Ξ΀̤ͮ‫ͽ̻ڂ‬Ƕ‫ڂ‬ΞȈɂʎ‫ڂ‬բԍԋբ‫˱̅΀ͮڂ‬ʄ‫ڂ‬Ι˱ʄձ‫@ڂ‬Ȉ˱‫ڂ‬ɂͿ˱ʄ‫̵ڂ‬ʎȋʡ‫ڂ‬Ȼʡɵͮ‫ڂ‬Ȼʡɷ˱‫ڂ‬ȻǶ́‫ڂ‬ɏ̇‫˱ڂ‬ʄΗ‫ڂ‬δ‫ڂ‬ɏʡɶͽ‫ڂ‬ ʄʩմ‫ڂ‬ĩɵͽ‫ڂ‬Ξ΀̤ͮ‫ͽ̻ڂ‬Ƕ‫ڂ‬ʄʡ̠ʡ‫ڂ‬ʎȈ˱‫̛ͮڂ‬ɂ‫ڂ‬ɏ̟‫˱ڂ‬Ȋΰհ‫ڂ‬ȻȈ˱‫ڂ‬ɂ̇‫˱ڂ‬ʄͽΰ‫ڂ‬ɂ̅‫˱ڂ‬ʎȀ˱‫˱ڂ‬ʄǵΰ‫ͮڂ̟ͮ˪ڂ‬ǿ˪‫ڂ‬ ̵ʎʡɵͽ‫̵ڂ‬ʎȈͮ‫̛ͮڂ‬ɂ‫ڂ‬ɏ̟ձ‫@ڂ‬Ȉ˱‫ͮڂ‬ʎȀ˪‫ڂ‬ɂʎʪ‫ڂ‬ɂ̆˱‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫ڂ‬Ȼʴ‫̠΀ͮڂ‬ɂ‫ڂ‬ʄʡǿΰ‫̵ڂ‬ʎɣ̵‫˱ڂ‬ɵͽ‫ڂ‬ȻȈ˱‫ͮڂ‬ʎΛ‫ڂ‬ ˱ʄʎʡɹ˪‫ڂ‬ɂǶɂ‫ڂ‬ʄʡ̠ʡ‫ڂ‬ʎȈ˱‫˱ڂ‬Ȋΰ‫ͽ̻ڂ‬Ƕ‫ͮڂ‬ʎ΀̡˱ʄ‫ڂ‬Ϋͽΰɤ˱ձ‫ڂ‬ HǶɂ‫ڂ‬ɂ́˱‫̿ͮڂ̛͝ڂ‬ɤ˱‫ڂ‬ɂǶɂ‫ͮڂ‬Ȋʡ‫ˍڂ‬ʡɹͽ‫ͮڂ‬Ȋʡ‫ڂ‬ɂʎʪ˱ʎ‫ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱‫ڂ‬ɂͿ˱ʄ‫ڂ‬ʄʡ̛˱ʄ‫˱ڂ‬ʎ΀‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬Ȼʡɷ˱‫ڂ‬ ȻǶ́‫ڂ‬ʄʡ̠ʡ‫ڂ‬ʎȈ˱‫̛ͮڂ‬ɂ‫ڂ‬ɏ̟ձ‫@ڂ‬ʡɷ˱‫ڂ‬ȻǶ́‫ڂ‬ɏ̇‫˅ڂ‬ʎ̈˱ʄ‫ڂ‬ɂȁ˱‫̵ڂ‬ʎȋʡ‫ڂ‬ʄʎʡ‫ͮڂ̃̿ڂ‬ǿͮ‫ڂ‬ɂȋ‫̙˪ڂ‬ʡ‫ͮڂ‬ʎΙ‫ڂ‬Պ‫ڂ‬ ȻȈ˱‫ڂ‬ɏȓ‫ڂ‬ɏ΀̤ɂ‫ڂ‬ʎ̙ɂ‫ڂ‬δ‫˱ڂ‬ʄʎʥǵ‫ڂ‬ɂΘǵ‫̇˱ڂ‬հ‫ڂ‬ΞȊ‫˱ڂ‬ɵͽ‫ڂ‬ȻȈ˱‫ڂ‬ɏȓ‫ˍڂ‬Ƕʡ‫ڂ‬Ϋɟ‫ڂ‬ɏ΀̤ɂ‫ͮڂ̟ͮ˪ڂ‬ʎ̡ʡ‫ڂ‬ʄʡǵ˱‫ڂ‬ ̜̿ʡհ‫ڂ‬ΞȊ‫˱ڂ‬ʎǿͮ‫ˍڂ‬Ȋ‫˱ڂ‬ɵͽ‫ڂ‬ȻȈ˱‫ڂ‬ɏȓ‫ͮڂ‬Κ˱ʄ‫ڂ‬Ȼʴ‫̵ڂ‬ʎȈͮ‫ڂ‬Ξʡ‫̵ڂ‬ʎȈ˪‫̛ͮڂ‬ɂ‫ڂ‬ɏ̟հ‫ͮڂ‬ʎʩ‫ڂ‬ȻȈ˱‫͝ڂ‬ɴ‫ڂ‬Ȼʡɵͮ‫ڂ‬ɏ΀̤ɂ‫ڂ‬ δ‫˱ڂ‬ʄʎʥǵ‫˪ڂ‬Ȋ‫ڂ̇˱ڂ‬Ƕ˪‫ڂ‬ɂʎʳձ‫ڂ‬Hʎʡɵɂ‫ڂ‬Ȼʡɷ˱‫ڂ‬ȻǶ́‫ͽͮڂ‬ΰ‫˱ڂ‬ʎ̚հ‫˱ڂ‬ʎ΀˱ʄ‫ڂ‬δ‫˱ڂ‬ʄʎʥǵ‫ڂ‬ɂΘǵ‫̿ڂ̇˱ڂ‬ǿͮ‫ڂ‬ ˍ̠˱ձ‫ڂ‬ĩʎΜ˱ʄ‫ڂ‬ɂ́˱‫˱ڂ̛͝ڂ‬ʎ̚‫̿ͮڂ‬ɤ˱‫ڂ‬Ȼȋ˱ʄ‫ڂ‬ɏʡɶͽ‫˅ڂ‬ʎʡɷ˱‫ͮڂ‬Ȋʡ‫ڂ‬ɂʎʪ˱ʎ‫ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱‫ڂ‬ɂͿ˱ʄ‫ڂ‬ΞȀΰձ‫ڂ‬ Ḣ‫˱ڂ‬ʎΜ˱ʄ‫͝ڂ‬Ν‫˅ڂ‬ʎǶɂ‫ڂ‬Ȼʡɹͮ‫ڂ‬ɂʎʡ‫ˍڂ‬ʡ‫˱́̿ͮڂ‬ʄ‫ͮڂ‬Κ˱ʄ‫ڂ‬ɂ́˱‫ڂ̛͝ڂ‬ΞȊ‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬ɏʴ˱ʎ‫ڂ‬ɂʎͽȂ˱‫˪ڂ‬Ȋ‫ڂ‬ ȻȈ˱‫ڂ‬ɂȁ˱‫̵ڂ‬ʎȋʡ‫ڂ‬ʎ̙ɂ‫˅ڂ‬ʎʡ‫̿ڂ‬ǵ‫˱ڂ‬ʎΜ˱ʄ‫ͽ̻ڂ‬ΰɵͮ‫ڂ‬ɏʴ˱ʎ‫˅ڂ‬ʡ˱ʎ‫ڂ‬Ɏ́ǵ˱ʎ‫̞˪ڂ‬ʡ‫˱ڂ‬ʄȊΰձ ǃʩ‫ڂ‬ΞȀΰհ‫ڂ‬ɂʎ΄˱ʄ‫ͮڂ‬ǵ‫ڂ‬ʎȓΰ‫ڂ‬ȻǸͮ‫ڂ‬ɏȁͽ‫ڂ‬Ξ̠ʡ‫ڂ̟ͮ˪ڂ‬ΞȊʡ‫ͮڂ‬ʎͽȀͮ‫˱ڂ‬ʄΜ‫ڂ‬ɂʎͽΰɤ˱‫˱̈˪ڂ‬ձ‫ڂ‬Ɨ̈ʡ‫͝ڂ‬ɴ‫ڂ‬ɂͽ˱ʄ‫ڂ‬ ɂǿ̵‫ڂ‬ɂʎ́‫ڂ‬ȻȈ˱‫ڂ‬ɂǶʡ‫˱ڂ‬ʎʩ˱‫˱̝ͮڂ‬ʄ‫ͽ̻ڂ‬ǵ˱‫ڂ‬ɂ̅‫ڂ‬Ȼȋ˱‫ڂ‬Ξɶ‫ڂ‬Ȼǵ‫́ˍڂ‬Ȉʡ‫ͮڂ‬Ȋʡ‫ˍڂ‬ʡɹͽ‫ͮڂ‬Ȋʡ‫ڂ‬ɂʎʪ˱ʎ‫˱ڂ‬Ȋΰ‫ڂ‬ΞȊ‫ڂ‬ ˱ʎΜ˱ʄ‫ͮڂ‬ʎΙ‫˪ڂ‬Ȋ‫ڂ‬ɂʎ΄˱ʄ‫ڂ‬ɏ́‫˱̡΀ˍڂ‬ʄհ‫ڂ‬ɂ΃˱ʄ‫ڂ‬Ξ̠ʡ‫̵ڂ‬ʎȁ˱‫ڂ‬ʄʡ̠ʡ‫ͮڂ‬ʎʡɹͽ‫˱ڂ‬ʄǸ˱‫ڂ‬ʄ̙˱‫ڂ‬Ξɶ‫ڂ̛͝ڂ̟ͮ˪ڂ‬ δ‫˱ڂ‬ʄʎʥǵ‫ڂ‬ɂΘǵ‫ڂ‬ɂǶɂ‫ͮڂ‬ʎ̈˱ʄ‫ڂ̛͝ڂ‬ɏ́‫˱̡΀ˍڂ‬ʄ‫ڂ‬ɏ̛ʡ‫ڂ‬Ξ̠ʡ‫ڂ‬Ξʡɹɂ‫ͽ̻ڂ‬ȋ˱‫ˍڂ‬δ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵ձ‫ڂ‬ ȓΰ‫ڂ‬

26

ɂ΃˱ʄ‫ڂ‬ȻǸͮ‫ڂ‬ɏȁͽ‫ڂ‬Ξ̠ʡ‫ڂ‬ɏ̜˱ʄ‫ڂ‬ʎ̜‫̛ͮڂ‬ɂ‫ڂ‬ɏ̟‫ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱‫ڂ‬Պ‫@ڂ‬Ƕ́‫ڂ‬ɂǶ́‫˅ڂ‬ɵͮ‫ͽ̻ڂ‬ȋ‫ڂ‬ ‫ݱ‬ČSձ

@Ƕ́‫ ڂ‬ɂǶ́‫˅ ڂ‬ɵͮ‫ͽ̻ ڂ‬ȋ‫ ڂ‬ ‫ݱ‬ČSհ‫ ڂ‬ɂ̆˱‫ ڂ‬ɏ΀̤ɂ‫ ڂ‬ʄ̙ʡ‫ˍ ڂ‬Ȋ‫ ڂ‬բ@Ƕ́‫ ڂ‬ɂǶ́‫ˍ ڂ‬ȓʡ‫̞ˍ ڂ‬բհ‫ ڂ‬բ@Ƕ́‫ ڂ‬ɂǶ́‫ͮ ڂ‬ʎͽ‫ڂ‬ ˱ʎȀ̵բհ‫ڂ‬բ@Ƕ́‫ڂ‬ɂǶ́‫ͮڂ‬ʎͽ‫˱ڂ‬ʎȀ̵‫˱̆̿ڂ‬ʄբհ‫ڂ̇˱ڂ‬ɂʎ́‫ڂ‬Ȼʡɵͮ‫ڂ̟ͮ˪ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ɏǵ˱ʄ‫ͮڂ‬Ȉ́‫ڂ‬ ̿ǵ‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱հ‫ڂ‬ʎ̆ǵ‫ڂ‬Ξ̛˱‫ڂ‬ʎǵΰ‫ͮڂ‬ʎͽǵ‫̞ˍڂ‬ձ‫ڂ‬ĩɵͽ‫ڂ‬ȻȈ˱‫ڂ‬ɂʎ΀ǵ‫ڂ‬Ȼʡɵͮ‫ڂ‬ɏʡɶͽ‫ڂ‬ɏ̇‫ͮڂ‬ʎʩ‫ڂ‬ɂͿ˱ʄ‫ڂ‬ɏΚ˱ʄ‫ڂ‬

TÀI CHÍNH DÀNH CHO NGƯỜI SỢ SỐ

Báo cáo kết quả hoạt động kinh doanh

ˍ́ձ‫ڂ‬ĩʎʡɶͽ‫˱ڂ‬ʄ΀̡ʡ‫ͽ̻ڂ‬ȋ˱‫ˍڂ‬δ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚‫ڂ‬ɂͿ˱ʄ‫˅ڂ‬ʎ̈˱ʄ‫ڂ‬Ȼʡɵͮձ‫ڂ‬ġ̟ͮ‫˱ڂ‬ʄ΀̡ʡ‫ڂ‬ɂʎΘ‫ڂ‬ ɏʡɶͽ‫ڂ‬ʎȊ˱ʎ‫ڂ̟ͮ˪ڂ‬ɂʎͽ̞ʡ‫͝ڂ‬ǵˍ́˱‫̇ͮڂ‬ɂ‫ڂ‬ɂʎ́‫̿ͮڂ‬ɳ‫ڂ‬ɟ˪‫ڂ‬ɏȓ‫ͮڂ‬ʎǵ˪‫ڂ‬ɎΝ‫ڂ‬ʎ̟ʡ‫ͮڂ‬ʎȋ́‫ڂ‬ɂΘǵ‫̈ͮڂ‬ʡձ‫ڂ‬Čʎʡ‫ڂ‬ ͮ̈ʡ‫̇˱ڂ‬ʡ‫ڂ‬Ξ̠ʡ‫ڂ‬ɂ̈‫ڂ‬ǿΰ‫̿ڂ‬Ǻ˱ʄ‫ͮڂ‬ǿͮ‫ڂ‬ɂȋ‫˱ڂ‬ʎΜ˱ʄ‫ͮڂ‬ʎͽȀͮ‫˱ڂ‬ʄΜ‫˱ڂ‬Ȋΰ‫ڂ‬ɏɶͽ‫ڂ‬ɂʎʳ‫ڂ‬ɂ΃˱ʄ‫ͮڂ̟ͮ˪ڂ‬ʎΙհ‫ڂ‬ɂ̈‫ڂ‬ ǿΰ‫˱ڂ‬ʎȋΰ‫ڂ‬ɎΝ˱ʄ‫ˍڂ‬ɤ˱‫ڂ‬ΞȊ‫̇˱ڂ‬ʡմ‫ڂ‬բHʎʴ‫ڂ‬ɏ΃ǵ‫ڂ‬ɟ˪‫ڂ‬ȊԬ‫ˍڂ̇ݱڂ‬Ȋ‫ͮڂ‬ʎΙ‫˪ڂ‬Ȋ‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱‫ڂ‬ɂΘǵ‫ڂ‬ɟ˪‫ڂ‬Ξȃ˱‫ڂ‬ ˱ʎǸɂ‫ڂ‬ɏɵ˱‫˱́̿ͮڂ‬ʄ‫˱ڂ̛ͮͽ͝ڂ‬ʎΜ˱ʄ‫˱ڂ‬Ƿ˪‫ͽ̻ڂ‬ǵ‫΀ڂ‬Ԭ‫ڂ‬բ HǶɂ‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫ڂ‬ʄ̙ʡ‫ͮڂ‬Ǹͮ‫@ڂ‬Ƕ́‫ڂ‬ɂǶ́‫˅ڂ‬ɵͮ‫ͽ̻ڂ‬ȋ‫ڂ‬ ‫ݱ‬ČS‫ˍڂ‬Ȋ‫ڂ‬բ@Ƕ́‫ڂ‬ɂǶ́‫ͮڂ‬ʎͽ‫˱ڂ‬ʎȀ̵բհ‫ڂ‬ Ξ̠ʡ‫ڂ‬ʎ̙հ‫ڂ‬բͮʎͽ‫˱ڂ‬ʎȀ̵բ‫ڂ‬Ƕ˪‫ڂ‬ɂʎʳ‫ڂ‬բͮʎͽ‫˱ڂ‬ʎȀ̵‫˱̆̿ڂ‬ʄբ‫ڂ‬ΞȊ‫ڂ‬ʎ̙‫ڂ‬ɂΙ‫˱ڂ‬ʄʎʥ‫ˍڂ‬Ȋ‫ڂ‬ȻȈ˱‫ڂ‬Ȼʡɵͮ‫ڂ‬ɏʡɶͽ‫ڂ‬ ɏ̇ձ‫ڂ‬ĩʎ΀˱ʄ‫ڂ‬ʄʡ̡‫ͮڂ‬ʎʩ‫ڂ‬ȻȈ˱‫̠˪ڂ‬ʡ‫ͮڂ‬ʎΝɂ‫͝ڂ‬Ν‫ڂ‬Ȼʡɵͮձ‫ڂ‬Ɨ΀̅˱ʄ‫ͮڂ‬Νհ‫ͮڂ‬ʎͽȀͮ‫˱ڂ‬ʄΜ‫ڂ‬բɎ́ǵ˱ʎ‫ͮڂ‬ʎͽբ‫ڂ‬ ΞȊ‫ڂ‬բɎ́ǵ˱ʎ‫ͮڂ‬ʎͽ‫ͮڂ‬ʎͽȁ˱բ‫ڂ‬ɂͿ˱ʄ‫ڂ‬ʎǵΰ‫ڂ‬ɏ΀̤ɂ‫ڂ‬Ɏ΃˱ʄ‫ͮڂ‬ʎǵΰ‫ͮڂ‬ʎɵ‫ڂ‬ɂʎ́‫˱ڂ‬ʎǵͽձ‫@ڂ‬Ȉ˱‫ڂ‬ɂͿ˱ʄ‫ڂ‬ ͝ɴ‫ڂ‬ȻǸͮ‫ڂ‬ʄǹ̵‫ͮڂ‬Κ‫ڂ‬բɎ́ǵ˱ʎ‫ͮڂ‬ʎͽբ‫ڂ‬ɏ΀̤ɂ‫͝ڂ‬Λ‫ڂ‬ɎΗ˱ʄ‫ڂ‬ɏɷ‫ڂ‬ɂʎʳ‫˱̝ͮڂ‬ʄ‫ڂ‬Ɏ́ǵ˱ʎ‫ͮڂ‬ʎͽձ‫@ڂ‬Ȉ˱‫˅ڂ‬ʎ̈˱ʄ‫ڂ‬ ˱ɤ˱‫˱ڂ‬ʄ̣‫˱ڂ‬ʄȊ˱ʄ‫̠΀̿ͮڂ‬ɂ‫ڂ‬Ȼǿͮ‫˅ڂ‬ι‫ͮڂ‬ʎͽȀͮ‫˱ڂ‬ʄΜ‫˱ڂ‬Ȋ́‫˱́̿ͮڂ‬ʄ‫ڂ̛͝ڂ‬ɏ̇ձ HͿ˱ʄ‫ͮڂ‬ʡɹ˱‫ڂ‬ɏǾΰհ‫ڂ‬ɂΙ‫˅ڂ‬ʎʡ‫˱ڂ‬Ȋ́‫ڂ‬ȻȈ˱‫˱ڂ‬ʎʩ˱‫ͮڂ‬ʎǿΰ‫ڂ‬ɂʎΜ‫ڂ‬բʄ̵̟բ‫ڂ‬Պ‫˱ڂ‬ʎ΀‫˱́̿ͮڂ‬ʄ‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱‫ڂ‬ ʄ̵̟հ‫ͮڂ‬ʎͽ‫˱ڂ‬ʎȀ̵‫ڂ‬ʄ̵̟‫ڂ‬ʎ́ǹɂ‫ڂ‬Ɏ́ǵ˱ʎ‫ͮڂ‬ʎͽ‫ڂ‬ʄ̵̟‫ڂ‬Պ‫ͮڂ‬ʎʩ‫ڂ‬ɂ̇‫˱ڂ‬ʄʎʥǵ‫ˍڂ‬Ȋ‫ڂ‬ȻȈ˱‫ڂ‬ɏǵ˱ʄ‫˱ڂ‬ʎʩ˱‫ڂ‬ ΞȊ́‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬ɂ́˱‫ڂ̛͝ڂ‬ɏ̇‫̠΀̿ͮڂ‬ɂ‫˅ڂ‬ʎʡ‫̿ͮڂ‬Κ‫ڂ‬ɏʡ‫ڂ‬ɂʎʡ‫̵ڂ‬ʎʪ‫ڂ‬ʎ́ǹɂ‫ڂ‬ɂʎʡɵͮ‫˅ڂ‬ʎǿͽձ‫ڂ‬HΙ‫˅ڂ‬ʎʡ‫˱ڂ‬Ȋ́‫ڂ‬ ȻȈ˱‫˱ڂ‬ʎʩ˱‫ͮڂ‬ʎǿΰ‫ͮڂ‬Κ‫ڂ‬բ̿̆˱ʄբ‫ڂ‬ʎǵΰ‫ڂ‬բͮʎͽȁ˱բ‫ڂ‬Պ‫˱ڂ‬ʎ΀‫˱́̿ͮڂ‬ʄ‫ڂ‬Ɏ́ǵ˱ʎ‫ͮڂ‬ʎͽ‫ͮڂ‬ʎͽȁ˱հ‫ڂ‬ɂʎʡ‫̵ڂ‬ʎʪ‫ڂ‬ ̿̆˱ʄ‫ڂ‬ʎǵΰ‫ͮڂ‬ʎͽ‫˱ڂ‬ʎȀ̵‫˱̆̿ڂ‬ʄ‫ڂ‬Պ‫ͮڂ‬ʎʩ‫ڂ‬ɂ̇‫˱ڂ‬ʄʎʥǵ‫ˍڂ‬Ȋ‫ڂ‬ȻȈ˱‫ڂ‬ɏǵ˱ʄ‫˱ڂ‬ʎʩ˱‫ڂ‬ΞȊ́‫ڂ‬ɂǶɂ‫ڂ‬ɂ́˱‫ڂ̛͝ڂ‬ɏ̇‫ڂ‬ ͝ǵͽ‫˅ڂ‬ʎʡ‫ڂ‬ɏȓ‫̿ͮڂ‬Κ‫ڂ‬ɏʡ‫ڂ‬ɂǶɂ‫ڂ‬ɂʎʡ‫̵ڂ‬ʎʪ‫˱ڂ‬ʎǿͮ‫ڂ‬ɏʴ˱ʎձ‫ڂ‬Ḣ‫˅ڂ‬ʡɵ˱‫ͮڂ‬ʎΙɂ‫ڂ‬ɏ̅˱‫ڂ‬ʄʡȋ˱‫˱ڂ‬Ȋΰ‫ˍڂ‬Ȋ‫ڂ‬ȻȈ˱‫ڂ‬ ɏȓ‫ڂ‬Ξ΀̤ͮ‫ڂ‬Ϋǵ‫˱ڂ‬ʎʡɶͽ‫˱ڂ‬ʄ΀̡ʡ‫˅ڂ‬ʎǶɂ‫̜̿ڂ‬ʡձ S΀̠ʡ‫ڂ‬ɏǾΰ‫ˍڂ‬Ȋ‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬ɂǾͽ‫ڂ‬ʎ̚ʡ‫ڂ‬ɂʎʪ˱ʎ‫˪ڂ‬Ȋ‫@ڂ‬Ƕ́‫ڂ‬ɂǶ́‫˅ڂ‬ɵͮ‫ͽ̻ڂ‬ȋ‫ڂ‬ ‫ݱ‬ČS‫͝ڂ‬ɴ‫̿ͮڂ‬ȋ‫̡ˍڂ‬ʡ‫ڂ‬ɂʎ́‫ڂ‬ ˪̟ͮ‫˱ڂ‬ʄ΀̡ʡ‫ͽ̻ڂ‬ȋ˱‫ˍڂ‬δ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚‫˱ڂ‬ʎ΀‫ڂ‬ȻȈ˱մ

27

02 03 04 05 06 07 08 09 10

CH - 01

1

Ḧ˱ʄ‫ͮڂ‬ΰ‫ڂ‬ɂΘǵ‫ڂ‬ɂʎ΄˱ʄ‫ͮڂ‬ǵ‫ڂ‬ɂ̇‫ڂ‬ɏǵ˱ʄ‫˅ڂ‬ʡɵ˪‫̿ڂ‬ǵ‫ͮڂ‬ʡɶ˱‫˅ڂ‬ʎ̈˱ʄԬ

2

Ɖȋ˱‫̵ڂ‬ʎȂ˪ՄɎʴɂʎ‫ڂ‬ΞΗ‫ڂ‬ɂΘǵ‫ڂ‬ɂʎ΄˱ʄ‫ͮڂ‬ǵ‫ڂ‬ɏȓ‫ڂ˱̝ڂ‬ɂʎ΀ǵԬ

3

Hʎ΄˱ʄ‫ͮڂ‬ǵ‫ڂ‬ɂ̇‫ڂ‬ɏǵ˱ʄ‫ڂ‬ɏʴ˱ʎ‫ڂ‬ʄʡǶ‫͝ڂ‬ȋ˱‫̵ڂ‬ʎȂ˪ՄɎʴɂʎ‫ڂ‬ΞΗ‫ڂ‬ɂΘǵ‫˪ڂ‬ʩ˱ʎ‫ڂ‬ ʎ̵̤‫ˍڂ‬δ‫ڂ‬ɏɷ‫˅ڂ‬ʎ̈˱ʄ‫ͮڂ‬Ν‫ڂ‬ɏǶ˱ʎ‫˪ڂ‬ǿͮ‫̵ڂ‬ʎȁ˱‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱‫ڂ‬ΫΙ˱ʄ‫ڂ‬ɏǶ˱ʄ‫ڂ‬ ˪Ȋ‫ڂ‬Ξȃ˱‫ڂ‬ɂ̇‫˅ڂ‬ʎȋ‫˱ڂ‬Ƿ˱ʄ‫ڂ‬ɂȈ˱ʎ‫̿ͮڂ‬ǵ˱ʎ‫ڂ‬Ξ̠ʡ‫ڂ‬ɏ̛ʡ‫ͮڂ‬ʎΘ‫ڂ‬ʎǵΰ‫˅ڂ‬ʎ̈˱ʄԬ

4

@ʡɤ˱‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱‫ڂ‬ʄ̵̟‫ڂ‬ɂΘǵ‫ڂ‬ɂʎ΄˱ʄ‫ͮڂ‬ǵ‫ڂ‬ɏȓ‫ڂ‬ɏΘ‫˪ڂ‬Ȉ˱ʎ‫ڂ‬ɏɷ‫ڂ‬ΞȀ˱‫ڂ‬ʎȊ˱ʎ‫ڂ‬ ɂ̈˱ʄ‫ͮڂ‬ΰ‫ڂ‬ɂʎ΀ǵԬ

5

Hʎ΄˱ʄ‫ͮڂ‬ǵ‫ڂ‬ɂ̇‫ڂ‬Ȼʡɵͮ‫ڂ‬ɂʎʡ‫̵ڂ‬ʎʪ‫̿ͮڂ‬Νɂ‫ͮڂ‬ʡɵ̵‫ͮڂ‬ʎΝɂ‫͝ڂ‬Ν‫ˍڂ‬Ȋ‫ڂ‬Ȼǵ́‫˱ڂ‬ʎʡɤͽ‫ڂ‬

6

ĖȊ˪‫͝ڂ‬ǵ́‫ڂ‬ɏɷ‫ڂ‬Ȼʡɵͮ‫˱ڂ‬ʎΜ˱ʄ‫ˍڂ̞˱ڂ‬Νɂ‫˪ڂ‬ǵ̿˅ɟͮʡ˱ʄ‫ڂ‬ɂ̇‫ڂ‬ʎʡɹͽ‫ͽ̻ڂ‬ȋԬ

7

Hʎ΄˱ʄ‫ͮڂ‬ǵ‫ڂ‬ɏȓ‫ڂ‬ΫǶɂ‫ڂ‬ɏʴ˱ʎ‫ڂ‬ɏ΄˱ʄ‫ͮڂ‬Ȁ̵‫˅ڂ‬ʎǶɂʎ‫ڂ‬ʎȊ˱ʄԬ

8

˅ʎ̈˱ʄԬ

ĖȊ˪‫͝ڂ‬ǵ́‫ڂ‬ʄʡȋ˪‫˱ڂ̟ͮ˪ڂ‬Λǵ‫ڂ‬ɂ̈˱ʄ‫͝ڂ‬Ιɂ‫˪ڂ‬Ȋ‫ͮڂ‬ʎͽ‫ڂ‬Ξɶ‫ͮڂ̛͝ڂ‬ʡɶ˱‫ڂ‬ ʄǿ̵‫ڂ‬ɏ̈ʡԬ

@Ƕ́‫ڂ‬ɂǶ́‫˅ڂ‬ɵͮ‫ͽ̻ڂ‬ȋ‫ڂ‬ ‫ݱ‬ČS‫͝ڂ‬ɴ‫ڂ‬ɂʎ́‫ڂ‬Ȼʡɵͮ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱‫ڂ‬ɏǵ˱ʄ‫ͮڂ‬Ȉ́‫̿ڂ‬ǵ‫̤ˍڂ‬ʡ‫ڂ‬ ˱ʎͽȀ˱հ‫ڂ‬ʎ̆ǵ‫ڂ‬Ξ̛˱‫ڂ‬ʎǵΰ‫ͮڂ‬ʎͽǵ‫̞ˍڂ‬ձ‫ڂ‬ĩɵͽ‫ڂ‬ɂ́˱‫ڂ̢ڂ̛͝ڂ‬Ɏ̆˱ʄ‫ڂ‬ɂͽ̛ʡ‫ڂ‬ɂ΃˱ʄ‫˱́̿ͮڂ‬ʄ‫ڂ‬Ȼȋ˱‫ڂ‬ȻǶ́‫ڂ‬ ɂǶ́‫ڂ‬ԲČɵͮ‫ͽ̻ڂ‬ȋ‫˅ڂ‬ʡ˱ʎ‫ڂ‬Ɏ́ǵ˱ʎ‫͝ڂ‬ǵͽ‫ͮڂ‬ʎͽɵԳ‫ˍڂ‬Ȋ‫ڂ̛͝ڂ‬Ɏ΀̅˱ʄ‫ͮڂ‬ʎʩ‫ڂ‬ȻȈ˱‫ڂ‬ɏǵ˱ʄ‫˅ڂ‬ʡɵ˪‫̿ڂ‬ǵ‫ͮڂ‬ʡɶ˱ձ‫ڂ‬ ĩɵͽ‫ڂ‬ȻǺ˱ʄ‫˅ڂ‬ʎ̈˱ʄ‫ͮڂ‬ʎʩ‫ڂ‬ȻȈ˱‫ڂ‬ɏǵ˱ʄ‫ڂ‬ʎ̆ǵ‫ڂ‬Ξ̛˱ձ‫ڂ‬ĩɵͽ‫ˍڂ‬Ȋ‫ڂ̛͝ڂ‬Ǿ˪‫ͮڂ‬ʎʩ‫ڂ‬ȻȈ˱‫ڂ‬ɏǵ˱ʄ‫˪ڂ‬ǿͮ‫ڂ‬ ͮʡɶ˱ձ‫ڂ‬Čɵͮ‫ͽ̻ڂ‬ȋ‫˅ڂ‬ʡ˱ʎ‫ڂ‬Ɏ́ǵ˱ʎ‫͝ڂ‬ǵͽ‫ͮڂ‬ʎͽɵ‫ˍڂ‬Ȋ‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬ʄʩ‫ڂ‬ɂ̆˱‫ˍڂ‬Ȉʡ‫͝ڂ‬ǵͽ‫˅ڂ‬ʎʡ‫̙˪ڂ‬ʡ‫ڂ‬ɂʎʡ‫̵ڂ‬ʎʪ‫ڂ‬ ͮ̿Νɂ‫ͮڂ‬ʡɵ̵‫ڂ‬ΞȊ‫ڂ‬ʄʡǶ˱‫ͮڂ‬ʡɵ̵‫ڂ‬ɏȓ‫ڂ‬ɏ΀̤ɂ‫ڂ‬ɂʎʡ‫̿ͮڂ‬ȋ‫ͮڂ‬Κ‫ڂ‬Ɏ́ǵ˱ʎ‫ͮڂ‬ʎͽ‫ͮڂ‬ʎͽȁ˱ձ‫ڂ‬H́˱‫ڂ̛͝ڂ‬ɏ̇‫ˍڂ‬Ȋ‫ˍڂ‬δ‫ڂ‬ Ɏ́‫˅ڂ‬ʎʡɵ˱‫ڂ‬ȻȈ˱‫ˍڂ‬Ȋ˪‫˅ڂ‬ʡ˱ʎ‫ڂ‬Ɏ́ǵ˱ʎձ‫ˍڂ̇ݱڂ‬Ȋ‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱‫˱̆̿ڂ‬ʄձ ƗȈʡ‫͝ڂ‬ǵ́‫ڂ‬ȻȈ˱‫̵ڂ‬ʎȋʡ‫ͽ̻ڂ‬ǵ˱‫ͮڂ‬Ǿ˪‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ɂΘǵ‫˪ڂ‬ʩ˱ʎ‫ڂ‬ɂ̇‫ͮڂ‬Ȉ́‫̿ڂ‬ǵ‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱‫ڂ‬ʎǵΰ‫ڂ‬ ˅ʎ̈˱ʄԬ‫̢@ڂ‬ʡ‫ڂ‬Ξʩ‫˅ڂ‬ʎʡ‫ڂ‬ȻȈ˱‫ڂ‬ɏʡɶͽ‫ڂ‬ʎȊ˱ʎ‫ڂ̟ͮ˪ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚հ‫ڂ‬ȻȈ˱‫ڂ‬ɏǵ˱ʄ‫ڂ‬ɂʎǿ̵‫ڂ‬ ˱ʎȀ˱‫̿ڂ‬ǿͮ‫˱ڂ‬ʎʡɶͽ‫̿ڂ‬Θʡ‫́̿ڂ‬ձ‫@ڂ‬Ȉ˱‫ڂ‬ɏǵ˱ʄ‫ڂ‬ʎΰ‫͝ڂ‬ʡ˱ʎ‫̿ڂ‬ǿͮ‫˱ڂ‬ʎʡɶͽ‫ͮڂ‬ʎ̡ʡ‫ڂ‬ʄʡǵ˱‫ڂ‬ΞȊ‫ڂ‬ɂ̈˱ʄ‫͝ڂ‬Ιɂձ‫ڂ‬ Ɨ̈ʡ‫˅ڂ‬ʎ̈˱ʄ‫ڂ‬Ȼʡɵͮ‫ڂ‬ɂǶɂ‫ڂ‬ȻȈ˱‫ͮڂ‬ʎɵ‫˱ڂ‬Ȋ́հ‫˱ڂ‬ʎ΀˱ʄ‫˱ڂ‬ɵͽ‫̈ͮڂ‬ʡ‫ˍڂ‬Ȋ˪‫ڂ‬Ξʡɹɂ‫ˍڂ‬ʡɤ˱‫ͮڂ‬Ηɂ‫ڂ‬Ԇԇ‫ڂ‬ʄʡ̡‫ڂ̟ͮ˪ڂ‬

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˱ʄȊΰ‫ڂ‬ɏɷ‫ڂ‬ΞȀ˱‫ڂ‬ʎȊ˱ʎ‫˅ڂ‬ʡ˱ʎ‫ڂ‬Ɏ́ǵ˱ʎ‫˪ڂ‬Ȋ‫@ڂ‬Ƕ́‫ڂ‬ɂǶ́‫˅ڂ‬ɵͮ‫ͽ̻ڂ‬ȋ‫ڂ‬ ‫ݱ‬ČS‫ˍڂ‬Ȉʡ‫˅ڂ‬ʎ̈˱ʄ‫ڂ‬ɂʎ́‫ڂ‬

˱ʎ̚‫˪ڂ‬Ǹɂ‫˅ڂ‬ɲͮ‫˱́̿ͮڂ‬ʄ‫ͮڂ‬ʩ˱ʎ‫̿ͮڂ‬Ȉ˱ʄ‫˅ڂ‬ʎ̈˱ʄ‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱‫˱ڂ‬ʎʡɶͽ‫ͮڂ‬ʎǶ˱ʄ‫̡̿ͮڂ‬ʡհ‫ڂ‬ɂͿ˱ʄ‫ڂ‬ɂ̇‫ڂ‬ ˱ʎΜ˱ʄ‫˱ڂ‬ʄ΀̡ʡ‫ڂ‬ȻǶ˪‫ڂ‬Ξʪͽ‫ڂ‬ɂ̈˱ʄ‫ڂ‬Ξʡɹɂ‫˅ڂ‬ʡ˱ʎ‫ڂ‬Ɏ́ǵ˱ʎ‫ڂ‬ɏɵ˱‫ڂ‬ʎȊ˱ʄ‫ͮڂ‬ʎȀ̵‫˅ڂ‬λ‫ڂ‬Ξ̠ʡ‫ڂ‬Ƕ̵‫ˍڂ‬Νɂ‫ڂ‬ ˱ʎ΀‫ ڂ‬ΞȀΰձ‫ ڂ‬ƗʎȊ˱ʎ‫ͮ ڂ‬ʎȀͮ‫˪ ڂ‬Ȋ‫̇˱ ڂ‬ʡհ‫˅ ڂ‬ʎ̈˱ʄ‫ ڂ‬ɂ̇‫ ڂ‬ʄʩ‫˅ ڂ‬ʎ̇‫ ڂ‬ʎʡɷͽ‫˅ ڂ‬ʎʡ‫ ڂ‬ʎ̅˱‫ ڂ‬Ԋԅِ‫ ڂ‬Ɏ́ǵ˱ʎ‫ڂ‬ ˱ʄʎʡɹ̵‫˱ڂ‬ʎ̚‫˅ڂ‬ʎ̈˱ʄ‫ͮڂ‬ʎɷ‫˱̛͝ڂ‬ʄ‫ڂ‬ɏ΀̤ɂ‫ڂ‬ɏɵ˱‫˱ڂ‬Ƿ˪‫ڂ‬ʎ́Ȉͮ‫ڂ‬ɏ̟˱ʄ‫ͮڂ‬ʎΙ‫΀ͮڂ‬ձ‫ڂ‬ԍԅِ‫ڂ‬Ɏ́ǵ˱ʎ‫ڂ‬ ˱ʄʎʡɹ̵‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫ͮڂ‬ʡɵ̵‫ͮڂ‬Ηɂ‫ڂ‬ɏȓ‫ˍڂ‬Ȋ‫ڂ‬ɏʡɶͽ‫˅ڂ‬ι‫ڂ‬Ɏʡɹͽ‫̜̿ڂ‬ʡձ‫ڂ‬ĩɵͽ‫˅ڂ‬ʎ̈˱ʄ‫ڂ‬ɂ̇‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱‫ڂ‬Ȼɶ˱‫ڂ‬ ΞΜ˱ʄ‫ڂ‬ΞȊ‫˱ڂ‬ʄȊΰ‫ڂ‬ɂȊ˱ʄ‫ڂ‬ʄʡǵ‫ͮڂ‬Ƿ˱ʄհ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚‫ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫ڂ‬Ξȃ˱‫ˍڂ‬Ƿ˱‫ڂ‬ ȻǶ˱ʎ‫ڂ‬Բʪͮ‫˱ڂ‬ʎǿͮ‫ˍڂ‬Ȋ‫ڂ̢ڂ‬ʎʡɹ˱‫ͮڂ‬ȈʡԳհ‫˱ڂ‬ʎ΀˱ʄ‫͝ڂ‬ɴ‫ڂ‬ɂʎǻ˱ʄ‫ڂ‬ɏʡ‫ڂ‬ɏɵ˱‫ڂ‬ɏǾͽձ

TÀI CHÍNH DÀNH CHO NGƯỜI SỢ SỐ

ͮʎǿΰ‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱‫ͮڂ‬ʎʩ‫̈ͮڂ‬ʡ‫͝ڂ‬ɴ‫ڂ‬ɂΝɂ‫˅ڂ‬ι‫ͮڂ‬ʎǿͮ‫ڂ‬Ξ̙˱ʄձ‫ڂ‬ġ̟ͮ‫˱ڂ̛͝ڂ‬ʄ΀̡ʡ‫ڂ‬ɂʎΘ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬

Ɨ̿́˱ʄ‫ڂ‬ɂʎ΀̅˱ʄ‫ͮڂ‬ʡɵ̵‫ͮڂ‬ʎɟ́հ‫ڂ‬ɂʎ΄˱ʄ‫ͮڂ‬ǵ‫͝ڂ‬ɴ‫ڂ‬ȻȊ˱‫ڂ‬Ξɶ‫ͮڂ‬Κ˱ʄ‫˪ڂ‬Ηɂ‫˱́̿ͮڂ‬ʄ‫@ڂ‬Ƕ́‫ڂ‬ɂǶ́‫˅ڂ‬ɵͮ‫ڂ‬ ̻ͽȋ‫ڂ‬ ‫ݱ‬ČS‫ڂ‬ɏɷ‫ڂ‬ȻȈ˱‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫ڂ‬ʎʡɷͽ‫ڂ‬ɏ΀̤ɂ‫ͮڂ‬Κ˱ʄ‫ڂ‬ΰɵͽ‫ͮڂ̛ͮڂ‬Ƕɂ‫ڂ‬ɏ̟˱ʄ‫ڂ‬ɏɵ˱‫ڂ‬ɂ́˱‫ڂ̢ڂ̛͝ڂ‬ Ɏ̆˱ʄ‫ڂ‬ɂͽ̛ʡ‫ڂ‬ɂ΃˱ʄձ‫@ڂ‬Ȉ˱‫͝ڂ‬ɴ‫ڂ‬Ȼʡɵͮ‫ڂ‬ɂʎʪ˱ʎ‫ڂ‬ΫǶɂ‫̵ڂ‬ʎȋʡ‫ڂ‬ȻǸͮ‫ڂ‬ɏȁͽ‫ڂ‬ɂʎʳ˱ʎ‫͝ڂ‬Λǵ‫ڂ̢ڂ‬ɏǾͽ‫˅ڂ‬ʎʡ‫ڂ‬ ͮʎǿΰ‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱‫ڂ‬ʄʡȋ˪‫ڂ‬Ɏȁ˱ձ‫ڂ‬ġ̟ͮ‫˅ڂ̛͝ڂ‬ʎʪǵ‫ڂ‬ɂȈ˱ʎ‫ڂ‬ɂʎʪ˱ʎ‫˪ڂ‬Ȋ‫ڂ‬ɂʎ΄˱ʄ‫ͮڂ‬ǵ‫͝ڂ‬ɴ‫ڂ‬ɏʡ‫͝ڂ‬Ǿͽ‫ڂ‬ Ȼǵ́‫ڂ‬ʄ̜˪‫ڂ‬ԲɏΚ˱ʄ‫ڂ‬ʎ́ȋ˱ʄ‫ڂ‬Պ‫ڂ‬ɂʎ΄˱ʄ‫ͮڂ‬ǵ‫͝ڂ‬ɴ‫ͮڂ‬ʎȋ́‫ͽˍڂ‬Ȁ˱‫ڂ‬ɂʎʡ‫ͮڂ‬ʡɵͮ‫ͮڂ‬ǿͮ‫ڂ‬ɂȋ‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬Ξǿ˱‫ڂ‬ɏɶ‫ڂ‬ ˱Ȋΰ‫˱́̿ͮڂ‬ʄ‫̵ڂ‬ʎȁ˱‫͝ڂ‬ǵͽԳմ Hʎʡɵ˱‫̤΀ˍڂ‬ɂ‫ڂ‬ʄʡǶ‫ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱ձ‫ ڂ‬ʡǶ‫ ڂ‬ȻǶ˱‫ ڂ‬ɂΘǵ‫ ڂ‬ȻȈ˱‫ ڂ‬ɂ̇‫ ڂ‬ȋ˱ʎ‫ ڂ‬ʎ΀̢˱ʄ‫ڂ‬ ͮ̿Νɂ‫ͮڂ‬ʡɵ̵‫ڂ‬ɏɵ˱‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱‫͝ڂ‬ǵͽ‫ڂ‬ɂ΃˱ʄ‫ڂ‬Պ‫˅ڂ‬ʎ̈˱ʄ‫ڂ‬ɂʎʳ‫ڂ‬ȻǾΰ‫ڂ‬ʄʡ̡‫˪ڂ‬Ȋ‫ڂ‬ ɂ̆˱‫˱́̿ͮڂ‬ʄ‫˱̅΀ͮڂ‬ʄ‫ˍڂ‬ǵʡձ‫ڂ‬HǶɂʎ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ɏʴ˱ʎ‫ڂ‬ʄʡǶ‫ڂ‬ɂǶɂ‫˱ڂ‬ʎǾ˱‫ڂ‬ ͮȊʡհ‫͝ ڂ‬ȋ˱‫̵ ڂ‬ʎȂ˪‫ ڂ‬ʎǵΰ‫ ڂ‬Ɏʴɂʎ‫ ڂ‬ΞΗ‫ ڂ‬ɂΘǵ‫˪ ڂ‬ʩ˱ʎ‫͝ ڂ‬ɴ‫ ڂ‬ȋ˱ʎ‫ ڂ‬ʎ΀̢˱ʄ‫ ڂ‬ɏɵ˱‫ڂ‬ ˍ΀̤˱ʄ‫˅ڂ‬ʎǶɂʎ‫ڂ‬ʎȊ˱ʄ‫ͽ˪ڂ‬ǵ‫ڂ‬ɂʎ΄˱ʄձ‫ڂ‬Ɨ̈ʡ‫͝ڂ‬ɴ‫ڂ‬ɎȈΰ‫ڂ‬ȻȈ˱‫ڂ‬ɂǶɂʎ‫ڂ‬ɏʴ˱ʎ‫ڂ‬ ʄʡǶ‫ڂ‬ɂʎ́‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱‫ڂ‬ΞȊ‫ڂ‬ɂǶɂʎ‫˱ڂ‬ʎȀ˱‫ڂ‬Ȼʡɵͮ‫˅ڂ‬ʎʡ‫˱ڂ‬Ȋ́‫ڂ‬ ʄʡǶ‫ڂ‬ɂȁ˱‫ڂ‬ɏʡɶͽ‫ڂ‬ɂʎʳ˱ʎձ ‫ݱ‬ǵ‫ ڂ‬ɎȈ˱ʄ‫ ڂ‬ʎ̇ǵ‫ ڂ‬ɂ̅‫˅ ڂ̢͝ ڂ‬ʎǶɂʎ‫ ڂ‬ʎȊ˱ʄձ‫ ڂ‬ġ̙ʡ‫˅ ڂ‬ʎǶɂʎ‫ ڂ‬ʎȊ˱ʄ‫ͽ˪ ڂ‬ǵ‫ڂ‬ ʎȊ˱ʄ‫ͮڂ‬Κ‫ڂ‬ȻȈ˱‫͝ڂ‬ɴ‫˪ڂ‬ǵ˱ʄ‫ڂ‬Ξɶ‫ڂ‬Ɏ̆˱ʄ‫ͮڂ‬ʡɶ˱‫ڂ‬ɂʎ́‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ɂΘǵ‫ڂ‬ ȻȈ˱հ‫ڂ‬ɂͿ˱ʄ‫ڂ‬ʄʡ̛˱ʄ‫˱ڂ‬ʎ΀‫ڂ̟ͮ˪ڂ‬ɂ̈˱ʄ‫ͮڂ‬ΰ‫˱́̿ͮڂ‬ʄ‫ڂ‬Ɏǵ˱ʎ‫˪ڂ‬Ηɂ‫ڂ‬ɏȁͽ‫΀ͮڂ‬ձ‫ڂ‬ ǃȊ‫ڂ‬ɂͿ˱ʄ‫ڂ‬ʄʡ̛˱ʄ‫˱ڂ‬ʎ΀‫ڂ̟ͮ˪ڂ‬Ɏǵ˱ʎ‫˪ڂ‬Ηɂ‫ڂ‬ɏȁͽ‫ˍڂ΀ͮڂ‬Ȋ˱ʎ‫˪ڂ‬Ȉ˱ʎհ‫ڂ‬Ɏǵ˱ʎ‫ڂ‬ ˪Ηɂ‫˅ ڂ‬ʎǶɂʎ‫ ڂ‬ʎȊ˱ʄ‫ ڂ‬ɂΘǵ‫ ڂ̟ͮ˪ ڂ‬Ɏ́ǵ˱ʎ‫˱ ڂ‬ʄʎʡɹ̵‫˱ ڂ‬ʎ̚‫̵ ڂ‬ʎȋʡ‫ ڂ‬ɂʎΙǵ‫ڂ‬ ˱ʎʡɶͽ‫˅ ڂ‬ʎǶɂʎ‫ ڂ‬ʎȊ˱ʄ‫ ڂ‬ΞȊ‫˅ ڂ‬ʎ̈˱ʄ‫ ڂ‬ɂ̇‫ ڂ‬Ξʴ‫˅ ڂ‬ʎǶɂʎ‫˱ ڂ‬Ȋ́‫ ڂ‬ɂʎʡɵ˪‫ ڂ‬ʎ̅˱‫ڂ‬ Ԇԋِ‫ڂ‬Ɏ́ǵ˱ʎ‫ͮڂ‬ʎͽ‫ͮڂ‬ʎͽȁ˱‫ڂ‬ɂΘǵ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵ձ‫ڂ‬ƉΝ‫ڂ‬ɏǵ‫ڂ‬ɎȈ˱ʄ‫˱ڂ‬Ȋΰ‫ڂ‬ ʄʡ΄̵‫ڂ‬ʄʡȋ˪‫ͮڂ‬ʎʡɷͽ‫̿ڂ‬Θʡ‫ڂ́̿ڂ‬Ȼ̢ʡ‫˱ڂ̇˱ڂ‬ʄǷ˱‫ڂ‬ɂʎǹ˱‫ڂ‬Ȼǿͮ‫˅ڂ‬ι‫˅ڂ̟ͮ˪ڂ‬ʎǶɂʎ‫ڂ‬ ʎȊ˱ʄ‫˱ڂ‬Ȋ́‫ڂ‬ʄǾΰ‫˱ڂ‬ʄͽΰ‫ڂ‬ʎʡɷ˪‫ڂ‬ɂʎ́‫͝ڂ‬Ιɂ‫˅ڂ‬ʎ̚ɟ‫ڂ‬ɂΘǵ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵ձ‫ڂ‬ ĩʄ΀̡ʡ‫ͽ̻ڂ‬ȋ˱‫ˍڂ‬δ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚‫̵ڂ‬ʎȋʡ‫ڂ‬ʎ̙ɂ‫ڂ‬ɂǶɂʎ‫˱ڂ‬ʎǸ˪‫ڂ‬ɏɵ˱‫ڂ‬ ɂǶɂ‫˅ڂ‬ʎǶɂʎ‫ڂ‬ʎȊ˱ʄ‫ͮڂ‬ʡɶ˪‫˱ڂ‬Ƿ˱ʄ‫ڂ‬ΞȊ‫ͽ̻ڂ‬ȋ˱‫ˍڂ‬δ‫ڂ‬ɂǶɂ‫˅ڂ‬ʎǶɂʎ‫ڂ‬ʎȊ˱ʄ‫ڂ‬ʎʡɹ˱‫ڂ‬

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CH - 01

ͮȈʡ‫ ڂ‬ɏɷ‫˅ ڂ‬ʎ̈˱ʄ‫˅ ڂ̟ͮ˪ ڂ‬ʎǶɂʎ‫ ڂ‬ʎȊ˱ʄ‫˱ ڂ‬Ȋ́‫ ڂ‬ɂ̇‫ͮ ڂ‬ʎɷ‫˅ ڂ‬ʎʡɵ˱‫ ڂ‬ɂʎ́‫ڂ̟ͮ˪ ڂ‬ ̵ʎȁ˱‫ڂ˱̠ˍڂ‬Ɏ́ǵ˱ʎ‫ͮڂ‬ʎͽ‫ڂ‬ɂΘǵ‫ڂ‬ɂ̈˱ʄ‫ͮڂ‬ΰ‫ڂ‬ʄǹ̵‫̿ڂ‬Θʡ‫́̿ڂ‬ձ Ė̤ʡ‫˱ڂ‬ʎͽȀ˱‫ڂ‬ʄ̵̟‫ڂ‬Բͮʎɟ́‫͝ڂ‬ȋ˱‫̵ڂ‬ʎȂ˪‫ڂ‬ΞȊ‫ͮڂ‬ʎɟ́‫˅ڂ‬ʎǶɂʎ‫ڂ‬ʎȊ˱ʄԳձ‫ڂ‬ ȁͽ‫ڂ‬ ʎɵͮ‫˱ ڂ‬ʎΜ˱ʄ‫˱ ڂ‬ʄ΀̡ʡ‫ͽ̻ ڂ‬ȋ˱‫ˍ ڂ‬δ‫ ڂ‬Ɏ́ǵ˱ʎ‫˱ ڂ‬ʄʎʡɹ̵‫˱ ڂ‬ʎ̚‫˅ ڂ‬ʎ̈˱ʄ‫ ڂ‬Ȼʡɵͮ‫ڂ‬ ̿Ǻ˱ʄ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˅ڂ‬ʎ̈˱ʄ‫ڂ‬ΞȀ˱‫ڂ‬ʎȊ˱ʎ‫̿ͮڂ‬ɤ˱‫ڂ‬Ɏ́ǵ˱ʎ‫ͮڂ‬ʎͽ‫ڂ‬Պ‫˪ڂ‬Ȋ‫ڂ‬ ɎΝǵ‫ڂ‬ΞȊ́‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱‫ڂ‬ʄ̵̟հ‫ˍڂ‬Ȋ‫˱̝ͮڂ‬ʄ‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱‫ڂ‬ɂ̆˱‫ˍڂ‬Ȉʡ‫ڂ‬ɏɷ‫̿ͮڂ‬ǵ˱ʄ‫ڂ‬ ͮ̿ȋʡ‫̙˪ڂ‬ʡ‫ڂ‬ɂʎʡ‫̵ڂ‬ʎʪ‫ڂ‬ʎ́Ȉͮ‫ڂ‬ɏ̟˱ʄձ‫ڂ‬ ʡɷͽ‫ڂ‬Ȼʡɵͮ‫ڂ‬Ξɶ‫ڂ‬Ȼʡɤ˱‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱‫ڂ‬ʄ̵̟‫ڂ‬ ˍȊ‫̿ ڂ‬ǿͮ‫ͽ̻ ڂ‬ǵ˱‫˱̙̿ͮ ڂ‬ʄ‫˅ ڂ‬ʎʡ‫ ڂ‬ȻȈ˱‫ˍ ڂ‬ɢ́‫ˍ ڂ‬Ƕʡ‫ ڂ‬Ɏ́ǵ˱ʎ‫˱ ڂ‬ʄʎʡɹ̵‫˱ ڂ‬ʎ̚ձ‫ ڂ‬ĩɵͽ‫ڂ‬ ˅ʎ̈˱ʄ‫˱ڂ‬Ǹ˪‫ڂ‬ȻǸͮ‫ڂ‬ɏ΀̤ɂ‫ڂ‬δ‫˱ڂ‬ʄʎʥǵ‫ڂ‬ɂΘǵ‫ڂ‬Ȼʡɤ˱‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱‫ڂ‬ʄ̵̟հ‫ڂ‬ȻȈ˱‫ڂ‬ ̿ǿͮ‫ ڂ‬ɂ̇‫ͮ ڂ‬ʎɷ‫ ڂ‬ɏǵ˱ʄ‫ ڂ‬ʄʡΜ‫ ڂ‬ɂǶɂ‫͝ ڂ‬ȋ˱‫̵ ڂ‬ʎȂ˪‫ ڂ‬ʎǵΰ‫ ڂ‬Ɏʴɂʎ‫ ڂ‬ΞΗ‫ ڂ‬ʄǾΰ‫ͮ ڂ‬ʎǿͮ‫ڂ‬ ͮʎ́Ƕͮ‫ͮ ڂ‬ʡɶ˱‫ ڂ‬ΞȊ‫ ڂ‬ɂȁ˱‫́ˍ ڂ‬Ȉʡ‫ ڂ‬Ȼ̚‫ͮ ڂ‬Κ‫ˍ ڂ‬Ǿͽձ‫ ڂ‬Ḣ‫ͮ ڂ‬ʎɷ‫ ڂ‬ȻȈ˱‫ ڂ‬ɏǵ˱ʄ‫ ڂ‬ʄʡΜ‫ˍ ڂ‬Ȉʡ‫ڂ‬ ˱ʎΜ˱ʄ‫˅ڂ‬ʎǶɂʎ‫ڂ‬ʎȊ˱ʄ‫ڂ‬ɂʎʳ‫ͽ˪ڂ‬ǵ‫˱ڂ‬ʎΜ˱ʄ‫͝ڂ‬ȋ˱‫̵ڂ‬ʎȂ˪‫ڂ‬ʎǵΰ‫ڂ‬Ɏʴɂʎ‫ڂ‬ΞΗ‫ڂ‬ ͮȈ́‫̿ڂ‬ǵ‫ڂ‬ʪͮ‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱‫ڂ‬ʄ̵̟‫˱ڂ‬ʎǿͮհ‫ڂ‬ȻȈ˱‫˅ڂ‬ʎ̈˱ʄ‫ڂ‬ʎɶ‫ڂ‬Ȼʡɵͮ‫̿ڂ‬Ǻ˱ʄ‫̞˪ڂ‬ʡ‫ˍڂ‬ȁ˱‫ڂ‬ ʎ̙‫ͽ˪ڂ‬ǵ‫ڂ‬ʎȊ˱ʄհ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱‫ˍڂ‬Ȉʡ‫˪ڂ‬ǿͮ‫ͮڂ‬ʡɶ˱ձ‫@ڂ‬Ȉ˱‫ͮڂ‬ʎȀ˪‫ڂ‬ ɂʎʪ‫ڂ‬ɂ̆˱‫ڂ‬ʄǹ̵‫ڂ‬Ξǿ˱‫ڂ‬ɏɶ‫˱́̿ͮڂ‬ʄ‫ͮڂ‬ʎǵ˱ʎ‫́ͮڂ‬Ƕ˱‫ڂ‬ɂǶɂ‫ڂ‬ɂʎʡ‫̵ڂ‬ʎʪ‫ڂ‬ΞȊ‫ڂ‬ɂʎǻ˱ʄ‫ڂ‬ Ȼʡɵͮ‫ͮڂ‬Ȉʡ‫͝ڂ‬ǵ́ձ‫ݱڂ‬ǵ‫˱ڂ̛͝ڂ‬ʎΜ˱ʄ‫˱ڂ‬ʄ΀̡ʡ‫ͽ̻ڂ‬ȋ˱‫ˍڂ‬δ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚‫ڂ‬ ɂ̛‫ڂ‬ʄǸ˱ʄ‫ڂ‬ʄʡȋʡ‫ͽ̻ڂ‬ΰɵͮ‫ڂ‬Ξǿ˱‫ڂ‬ɏɶ‫˱ڂ‬Ȋΰ‫ڂ‬ȻǺ˱ʄ‫ڂ‬ɂǶɂʎ‫ڂ‬ȻǶ˱‫˱ڂ‬ʎʡɶͽ‫ڂ‬ʎ̅˱հ‫ڂ‬ ˱ʎ΀˱ʄ‫ڂ‬ɂͽ̛ʡ‫ڂ‬ɂ΃˱ʄ‫ڂ‬ɂʎʳ‫˅ڂ‬ʎʡɵ˱‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫͝ڂ˱΄ˍڂ‬Ǿͽ‫ڂ‬ʎ̅˱‫ڂ‬ΞȊ́‫ڂ‬ ʎ̛‫͝ڂ‬Ǿͽ‫ͮڂ‬Ȋʡ‫ڂ‬ɂʎʪ˱ʎձ‫@ڂ‬Ȉ˱‫͝ڂ‬ɴ‫ڂ‬ʎ̙ɂ‫ڂ‬ɂǶɂʎ‫ڂ‬ɏ΀ǵ‫̿ڂ‬ǵ‫ڂ‬ɂǶɂ‫ڂ‬ɏʡɶͽ‫ڂ‬ɂʎʳ˱ʎ‫ڂ‬ ɂʎʡɵ˱‫̤΀ˍڂ‬ɂ‫ڂ‬ɏ̛ʡ‫ڂ‬Ξ̠ʡ‫͝ڂ‬ȋ˱‫̵ڂ‬ʎȂ˪‫ڂ‬ΞȊ‫˅ڂ‬ʎǶɂʎ‫ڂ‬ʎȊ˱ʄ‫ڂ‬ɏɷ‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫̿ͮڂ‬Ƕ˱ʎ‫ڂ‬ ɏ΀̤ɂ‫ڂ‬ɂǶʡ‫ڂ‬Ȼȃΰ‫˱ڂ‬Ȋΰձ Hʎʡ‫̵ڂ‬ʎʪ‫ڂ‬ɂ̛‫ڂ‬ɏʴ˱ʎ‫ڂ‬ΞȊ‫ڂ‬ɂʎʡ‫̵ڂ‬ʎʪ‫ڂ‬Ȼʡɵ˱‫ڂ‬ɏ̝ʡձ‫ڂ‬HͿ˱ʄ‫ڂ‬ʄʡ̛˱ʄ‫˱ڂ‬ʎ΀‫ڂ‬Ɏ́ǵ˱ʎ‫ڂ‬ ͮʎͽհ‫˅ڂ‬ʎ̈˱ʄ‫̵ڂ‬ʎȋʡ‫̙˪ڂ‬ʡ‫ڂ‬ɂʎʡ‫̵ڂ‬ʎʪ‫ڂ‬ɏɶͽ‫̵ڂ‬ʎǶͮ‫͝ڂ‬ʡ˱ʎ‫˱ڂ‬ʎ΀‫˱ڂ‬ʎǵͽձ‫@ڂ‬Ȉ˱‫͝ڂ‬ɴ‫ڂ‬ ˅ʎ̈˱ʄ‫ڂ‬ɂʎʳ‫˱ڂ‬ʎȀ˱‫ڂ‬Ȼʡɵͮ‫ڂ‬ɏ΀̤ɂ‫͝ڂ‬Ν‫˅ڂ‬ʎǶɂ‫ڂ‬Ȼʡɹͮ‫˪ڂ‬Ȋ‫ڂ‬ɂ̆˱‫ڂ‬ʎ̙ɂ‫ڂ‬ɏ΀̤ɂ‫ڂ‬ ɂǶɂ‫ڂ‬ɂʎʡɵ˱‫̤΀ˍڂ‬ɂ‫ڂ‬ɏ̅˱‫ڂ‬ʄʡȋ˱‫ڂ‬ʄʡ΄̵‫ڂ‬ȻȈ˱‫ͽ̻ڂ‬ȋ˱‫ˍڂ‬δ‫ڂ‬ɂʎʡ‫̵ڂ‬ʎʪ‫ڂ‬ʎʡɹͽ‫ͽ̻ڂ‬ȋ‫ڂ‬ ˅ʎʡ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱‫˱ڂ‬ʄȊΰ‫ڂ‬ɂȊ˱ʄ‫̵ڂ‬ʎǶͮ‫̿ͮڂ‬ʡɷ˱ձ‫ڂڂڂڂ‬ Hʎʡ‫̵ڂ‬ʎʪ‫˪ڂ‬ǵ̿˅ɟͮʡ˱ʄ‫ڂ‬ΞȊ‫̤ˍڂ‬ʡ‫ڂ‬ʪɂʎ‫ͮڂ‬Κ‫ڂ‬ɏȁͽ‫΀ͮڂ‬ձ‫ڂ‬ĩʎΜ˱ʄ‫˱ڂ‬ʄ΀̡ʡ‫ͽ̻ڂ‬ȋ˱‫ڂ‬ ˍδ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚‫ڂ‬ɏǵ˱ʄ‫ˍڂ‬ȓ˱ʄ‫̵ڂ‬ʎʪ‫ڂ‬ʎȊ˱ʄ‫̿ͮڂ‬ʡɹͽ‫ڂ‬ɏ̈Ոˍǵ‫ڂ‬ΞȊ́‫ڂ‬ɂǶɂ‫ڂ‬ ɂʎ΀̅˱ʄ‫̿ͮڂ‬ʩ˱ʎ‫˪ڂ‬ǵ̿˅ɟͮʡ˱ʄ‫͝ڂ‬ǵʡ‫ˍڂ‬ȁ˪հ‫ڂ‬ʎΰ‫ڂ‬Ξ̙˱ʄ‫ڂ‬ɏȈͮ‫ڂ‬ɏ΀̤ɂ‫ڂ‬ɏʡɶͽ‫ڂ‬ʄʩ‫ڂ‬ ɏ̇ձ‫ڂ‬Hʎʡɵ˱‫̤΀ˍڂ‬ɂ‫ڂ‬բΞͽ˱ʄ‫ͮڂ‬ʡɶ˱‫ڂ‬ΞȊ‫ڂ‬ɂȁͽ‫˱ڂ‬ʄͽΰɹ˱բ‫͝ڂ‬ɴ‫˅ڂ‬ʎ̈˱ʄ‫ڂ‬Ȼǵ́‫ڂ‬ʄʡ̡‫ڂ‬ ɂ̇‫ڂ‬ʎʡɹͽ‫ͽ̻ڂ‬ȋձ‫ڂ‬ƗȈʡ‫ڂ̟ͮ˪ڂ‬ʎ̟ʡ‫˱ڂ‬ʄʎʴ‫ڂ‬Ξɶ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚հ‫ڂ‬ɂ̇‫ڂ̟ͮ˪ڂ‬ ˱ʎȊ‫ͽ̻ڂ‬ȋ˱ʄ‫ڂ‬ɂǶ́‫ڂ‬ɏȓ‫ڂ‬ʎ̚ʡ‫̈ͮڂ‬ʡ‫ڂ‬ɂ̇‫˱ڂ‬ʄǾ˱‫͝ڂ‬Ƕɂʎ‫ڂ‬ɎȊ˱ʎ‫ڂ‬ɂʎ́‫˪ڂ‬ǵ̿˅ɟͮʡ˱ʄ‫ڂ‬ ˍȊ‫ڂ‬Ȼǵ́‫˱ڂ‬ʎʡɤͽհ‫˱ڂ‬ʎǺ˪‫ڂ‬ɂ̛‫ڂ‬ʄǸ˱ʄ‫ڂ‬ȻǶ˱‫ڂ‬ɂʎ́‫̈ͮڂ‬ʡ‫ڂ̟ͮ˪ڂ‬ɂʎ΀̅˱ʄ‫̿ͮڂ‬ʩ˱ʎ‫ڂ‬

30

˪ǵ̿˅ɟͮʡ˱ʄ‫ڂ‬ɏǸͮ‫ڂ‬ɏ̚ձ‫ڂ‬Ɨ̈ʡ‫̿ͮڂ‬ȋ‫̡ˍڂ‬ʡ‫̿ڂ‬Ǻ˱ʄ‫ڂ‬ɂǾͽ‫ڂ‬ʎ̚ʡ‫ڂ‬ɏ̇‫ˍڂ‬Ȋ‫ˍڂ‬Ȉɂ‫ڂ‬ɏɶհ‫̈ͮڂ‬ʡ‫ڂ‬

˱ʎʡɤͽ‫˅ ڂ‬ʎǶɂʎ‫ ڂ‬ʎȊ˱ʄհ‫ͮ ڂ‬ʎͽ̟ɂ‫́ˍ ڂ‬Ȉʡ‫˱ ڂ‬Ȋ́հ‫˱́̿ͮ ڂ‬ʄ‫˅ ڂ‬ʎͽ˱ʄ‫ͮ ڂ‬ʎ̡ʡ‫ ڂ‬ʄʡǵ˱‫ڂ‬ ˱Ȋ́‫ڂ‬ΞȊ‫ͮڂ‬ǵ‫ڂ‬ɂȁ˱‫ڂ‬ɏʡɶͽ‫ڂ‬ʄʩ‫ڂ‬ɏɷ‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫ͮڂ‬ʡɵ̵‫ڂ‬ɂȀ˱‫ڂ‬ʎ̙ձ‫ڂ‬Hʎʳ‫˅ڂ‬ʎʡ‫ڂ‬ɏ̇‫ͮڂ‬ʎʩ‫ڂ‬ ɂʎ΄˱ʄ‫̈ͮڂ‬ʡ‫̠˪ڂ‬ʡ‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫ڂ‬ɂ̇‫ڂ̟ͮ˪ڂ‬ɂͽ̟ɂ‫ڂ‬ɏ̛ʡ‫ͮڂ‬ʎ́Ȉʡ‫ͮڂ‬ʎ̈˱ʄ‫˪ڂ‬ʡ˱ʎ‫ڂ‬Ξɶ‫ڂ‬ ɂǶɂʎ‫ ڂ‬ΫǾΰ‫ ڂ‬ɎΝ˱ʄ‫˅ ڂ‬ɵ‫ ڂ‬ʎ́Ȉɂʎ‫˪ ڂ‬ǵ̿˅ɟͮʡ˱ʄ‫ ڂ‬ɂʎʡɵ˱‫̤΀ˍ ڂ‬ɂ‫ ڂ‬ɂͿ˱ʄ‫˱ ڂ‬ʎ΀‫ڂ‬ ɂǶɂʎ‫ڂ‬ɏ́‫˱̡΀ˍڂ‬ʄ‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬ʎʡɹͽ‫ͽ̻ڂ‬ȋ‫ڂ‬ɏȈͮ‫ڂ‬ɏ΀̤ɂ‫ͮڂ‬Κ‫˅ڂ‬ʎ́ȋ˱‫ڂ‬ɂʎʡ‫̵ڂ‬ʎʪ‫ڂ‬ ͮ̈ʡ‫ڂ‬Ȼ̚‫̿ڂ‬ǵձ‫ڂ‬Ɨ̿́˱ʄ‫ڂ‬ɂǶɂ‫ڂ‬ɂʎ΀̅˱ʄ‫ͮڂ‬ʡɵ̵‫ͮڂ‬ʎɟ́հ‫ڂ‬ɂǶɂ‫ڂ‬ȻȈ˱‫͝ڂ‬ɴ‫ڂ‬ʎ̙ɂ‫ڂ‬ɂǶɂʎ‫ڂ‬ ˱ʎʩ˱‫̿ڂ‬ǵ‫ڂ‬ʎ́Ȉͮ‫ڂ‬ɏ̟˱ʄ‫˪ڂ‬ǵ̿˅ɟͮʡ˱ʄ‫ڂ‬ɂΘǵ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ɏǵ˱ʄ‫ͮڂ‬ʎΝɂ‫ڂ‬ ͝Ν‫ڂ‬ȋ˱ʎ‫ڂ‬ʎ΀̢˱ʄ‫ڂ‬ɏɵ˱‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱‫͝ڂ‬ǵͽ‫ڂ‬ɂ΃˱ʄ‫̿ڂ‬ǵ‫͝ڂ‬ǵ́‫ڂ‬ΞȊ‫ˍڂ‬Ȋ˪‫ͮڂ‬ʎɵ‫˱ڂ‬Ȋ́‫ڂ‬

TÀI CHÍNH DÀNH CHO NGƯỜI SỢ SỐ

˅ʎͽΰɤ˱‫ڂ‬ǵ˱ʎ‫ͮڂ‬ǵ‫˱ڂ‬ɤ˱‫ڂ‬ɏǹͮ‫̿ڂ‬ǵ‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬ɂǾͽ‫ڂ‬ʎ̚ʡ‫˱ڂ‬ʎ΀‫̈ͮڂ‬ʡ‫ڂ‬ɂȁ˱‫ڂ‬Ȼǵ́‫ڂ‬

ȻȈ˱‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫ڂ‬Ȼȋ́‫ڂ‬Ξɹ‫ڂ‬ΞȊ‫ڂ‬ʄʡǵ‫ͮڂ‬Ƿ˱ʄ‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱‫ڂ‬ɂΘǵ‫˪ڂ‬ʩ˱ʎձ ĩʎ΀‫ ڂ‬ɂǶɂ‫ ڂ‬ȻȈ˱‫͝ ڂ‬ɴ‫ͮ ڂ‬ʎǿΰհ‫ ڂ‬ɂ̇‫˱ ڂ‬ʎʡɶͽ‫ ڂ‬ɂǶɂʎ‫ ڂ‬ɏɷ‫ ڂ‬ʄʡǵ‫ͮ ڂ‬Ƿ˱ʄ‫̤ˍ ڂ‬ʡ‫˱ ڂ‬ʎͽȀ˱‫ ڂ‬ɂʎ́‫ ڂ‬Ɏ́ǵ˱ʎ‫ڂ‬ ˱ʄʎʡɹ̵‫ڂ‬ΞȊ‫ڂ̛͝ڂ̟ͮ˪ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫ڂ‬ɏ΀̤ɂ‫ͮڂ‬ʎΝɂ‫ڂ‬ʎʡɹ˱‫˱ڂ‬ʎǵ˱ʎ‫ڂ‬ɂʎ̇˱ʄ‫ڂ‬ΞȊ‫ڂ‬Ɏɸ‫ڂ‬ɎȊ˱ʄ‫ڂ‬ʎ̅˱‫ڂ‬ ȻȈ˱‫˱ڂ‬ʄʎʥ‫̿ڂ‬ǿͮ‫˱ڂ‬ʎʡɶͽձ‫ڂ‬ĩʎΜ˱ʄ‫̵ڂ‬ʎ΀̅˱ʄ‫̵ڂ‬ʎǶ̵‫ڂ‬ɏ̇‫ڂ‬ɏȓ‫ڂ‬Ϋ́ǵΰ‫ڂ‬ɂʎͽΰɷ˱‫ڂ‬ʎȊ˱ʄ‫̿ͮڂ‬Ƿ˪‫ڂ‬ Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ɏǵ˱ʄ‫ͮڂ‬ʎǿͮ‫ڂ‬ȻȈʡձ‫ڂ‬Čʎʡ‫ڂ‬ȻȈ˱‫ڂ‬ΞȀ˱‫ڂ‬ɎΗ˱ʄ‫ڂ‬ɂǶɂ‫ڂ‬ɂʎʡɵ˱‫̤΀ˍڂ‬ɂ‫˱́̿ͮڂ‬ʄ‫ڂ‬ɂͽ̛˱‫ڂ‬ ͝Ƕɂʎ‫˱ڂ‬Ȋΰհ‫ڂ‬ȻȈ˱‫͝ڂ‬ɴ‫˅ڂ‬ʎ̈˱ʄ‫ڂ‬ɂʎʳ‫˱ڂ‬Ǿ˱ʄ‫ڂ‬ɂǵ́‫˅ڂ‬ʎȋ‫˱ڂ‬Ƿ˱ʄ‫͝ڂ‬ʡ˱ʎ‫̡ˍڂ‬ʡ‫ڂ‬ɂΘǵ‫˪ڂ‬ʩ˱ʎ‫˱́̿ͮڂ‬ʄ‫ڂ‬ ˱ʄǸ˱‫ڂ‬ʎȈ˱հ‫˪ڂ‬Ȋ‫ڂ‬ɂ̆˱‫ڂ‬ȻǸͮ‫ڂ‬ɏȁͽ‫ڂ‬ɎΝ‫ڂ‬ɏ́Ƕ˱‫ڂ‬ɏ΀̤ɂ‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱‫͝ڂ‬ɴ‫̿ڂ‬ǵ‫͝ڂ‬ǵ́‫˱́̿ͮڂ‬ʄ‫ڂ‬ɎȊʡ‫ڂ‬ʎȈ˱‫ڂ‬ ˱ʎ̡‫ڂ‬ΞȊ́‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬ʎȊ˱ʎ‫ڂ‬ɏ̟˱ʄ‫ڂ‬ȻȈ˱‫ͮڂ‬ʎΝɂ‫ڂ‬ʎʡɹ˱‫˱ڂ‬ʄȊΰ‫ڂ‬ʎ̈˪‫˱ڂ‬ǵΰձ‫@ڂ‬Ȉ˱‫͝ڂ‬ɴ‫ڂ‬ɏ΀ǵ‫̿ڂ‬ǵ‫ڂ‬ ˱ʎΜ˱ʄ‫ͽ̻ڂ‬ΰɵͮ‫ڂ‬ɏʴ˱ʎ‫˅ڂ‬ʡ˱ʎ‫ڂ‬Ɏ́ǵ˱ʎ‫ڂ̛ͮͮڂ‬ʎ̅˱ձ‫@ڂ‬Ȉ˱‫͝ڂ‬ɴ‫˱ڂ‬ʎǵ˱ʎ‫ڂ‬ɂʎ̇˱ʄ‫ͮڂ‬ʎΝɂ‫ڂ‬ʎʡɹ˱‫ڂ‬ɂǶɂ‫ڂ‬ ɏʡɶͽ‫ڂ‬ɂʎʳ˱ʎ‫ڂ‬Ξɶ‫ڂ‬ɏ΀̡˱ʄ‫̛ˍڂ‬ʡ‫̠΀̿ͮڂ‬ɂ‫˅ڂ‬ʎʡ‫˅ڂ‬ʎΘ˱ʄ‫ڂ‬ʎ́ȋ˱ʄ‫ڂ‬Ϋȋΰ‫̿ڂ‬ǵձ‫@ڂ‬Ȉ˱‫͝ڂ‬ɴ‫ˍڂ‬ʡ˱ʎ‫ڂ‬ʎ́Ȉͮ‫ڂ‬ ʎ̅˱‫ڂ‬ɏ̛ʡ‫ͮڂ‬ʎΘ‫ڂ‬ɂȈ˱ʎ‫̿ͮڂ‬ǵ˱ʎ‫˅ڂ‬ʎʡ‫ͮڂ‬ʎʴ‫˱̡΀̿ͮڂ‬ʄ‫ڂ‬Ϋͽ˱ʄ‫ͽ̻ڂ‬ǵ˱ʎ‫ڂ‬ɏǵ˱ʄ‫ڂ‬Ȼʡɵ˱‫ڂ‬ɏ̟˱ʄձ‫ݱڂ‬Ǿΰ‫ˍڂ‬Ȋ‫ڂ‬ ɂʎʩǵ‫˅ڂ‬ʎ̇ǵ‫˱ڂ˱̠ˍڂ‬ʎǿͮ‫ڂ‬ɏ̛ʡ‫ڂ‬Ξ̠ʡ‫͝ڂ‬Ν‫ͮڂ‬ʎȊ˱ʎ‫ڂ‬ɂ̈˱ʄ‫ˍڂ‬Ǿͽ‫ڂ‬ɎȊʡ‫ڂ‬ɂΘǵ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚ձ ĩʎ΀‫̈ͮڂ‬ʡ‫ڂ‬ɏȓ‫̇˱ڂ‬ʡհ‫@ڂ‬Ƕ́‫ڂ‬ɂǶ́‫˅ڂ‬ɵͮ‫ͽ̻ڂ‬ȋ‫ڂ‬ ‫ݱ‬ČS‫ڂ‬ʄʡ̛˱ʄ‫ڂ‬ ˱ʎ΀‫ڂ‬ɏ̜˱ʄ‫ڂ‬ʎ̜‫̛ͮڂ‬ɂ‫ڂ‬ɏ̟‫̿ͮڂ‬ɤ˱‫ڂ̈ͮڂ̈ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱ձ‫ڂ̇ݱڂ‬ ˍȊ‫ڂ‬ɂʎʡɵɂ‫ڂ‬ɏ̜˱ʄ‫ڂ‬ʎ̜‫˪ڂ‬Ȋ‫ڂ‬ȻȈ˱‫͝ڂ‬ɴ‫˅ڂ˱̛ͽ˪ڂ‬ʡɷ˪‫ڂ‬ ͮ̿ǵ‫ͮڂ‬ʎ΀̡˱ʄ‫ڂ‬Ϋͽΰɤ˱‫ڂ‬Պ‫ڂ‬ʪͮ‫˱ڂ‬ʎǿͮ‫ڂ‬ԉԅ‫˱ڂ‬ʄȊΰ‫ڂ̟ͮ˪ڂ‬ ˍȁ˱‫ ڂ‬Պ‫ ڂ‬ɏɷ‫ ڂ‬ɏȋ˪‫ ڂ‬Ȼȋ́‫ ڂ‬ȻȈ˱‫ ڂ‬Ξȃ˱‫ ڂ‬ʄʡΜ‫ ڂ‬ɏ΀̤ɂ‫ڂ‬ Ϋͽ˱ʄ‫˱̤΀ˍ ڂ‬ʄ‫̛ͮͮ ڂ‬ձ‫ ڂ‬ĩ̇‫ ڂ‬ɂʎ́‫ ڂ‬ȻȈ˱‫ ڂ‬Ȼʡɵͮ‫̤ˍ ڂ‬ʡ‫ڂ‬ ˱ʎͽȀ˱‫ ڂ‬ɏǵ˱ʄ‫ͮ ڂ‬Ƿ˱ʄ‫ ڂ‬ʎǵΰ‫ ڂ‬ʄʡȋ˪ձ‫ ڂ‬ ȓΰ‫˱ ڂ‬ʎ̠‫ڂ‬ ̿Ǻ˱ʄ‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱‫͝ڂ‬ɴ‫ڂ‬Ɏǵ́‫ڂ‬ɏ̟˱ʄ‫ͮڂ‬ʎɟ́‫ͮڂ‬ʎǶ˱ʄ‫ڂ‬ Ξʩ‫͝ ڂ‬ȋ˱‫˱̤΀ˍ ڂ‬ʄ‫ͮ ڂ‬ʡɤͽ‫ͮ ڂ‬ʎΗ‫ͮ ڂ‬ʎ΀̡˱ʄ‫ͮ ڂ‬ʎɟ́‫ͮ ڂ‬ʎ̡ʡ‫ڂ‬ ΞΗ‫ ڂ‬ΞȊ‫ ڂ‬ȻȈ˱‫̵ ڂ‬ʎȋʡ‫ ڂ‬Ȼʡɵͮ‫ ڂ‬ɏʡɶͽ‫ ڂ‬ɏ̇ձ‫ ڂ‬ƗʎǶɂʎ‫ͮ ڂ‬ʎΙɂ‫ڂ‬ ͮʎΝɂ‫͝ڂ‬Ν‫ˍڂ‬Ȋ‫̵ڂ‬ʎȋʡ‫ڂ‬ɎΝ‫ڂ‬ɏ́Ƕ˱‫ڂ‬ɏ΀̤ɂ‫˱ڂ‬ʎΜ˱ʄ‫ͮڂ‬ʎǶ˱ʄ‫ڂ‬

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CH - 01

ɂ̇‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱‫ڂ‬ɂǵ́‫ڂ‬ΞȊ‫ͮڂ‬ʎǿ̵‫ڂ‬ɏ̇‫ڂ‬ɏɷ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ˱̈ͽˍڂ‬ɂ̇‫ͮڂ‬ʎɷ‫̿ͮڂ‬ǵ˱ʄ‫̿ͮڂ‬ȋʡ‫ڂ‬ɂʎʡ‫̵ڂ‬ʎʪ‫ڂ‬ ΞȊ‫ڂ‬Ɏͽΰ‫̿ͮڂ‬ʩ‫ڂ‬ʎ́Ȉͮ‫ڂ‬ɏ̟˱ʄձ Ɨͽΰ‫˱ڂ‬ʎʡɤ˱հ‫@ڂ‬Ƕ́‫ڂ‬ɂǶ́‫˅ڂ‬ɵͮ‫ͽ̻ڂ‬ȋ‫ڂ‬ ‫ݱ‬ČS‫ڂ‬Օ‫ڂ‬ɏ̜˱ʄ‫ڂ‬ʎ̜‫ڂ‬ɏ́‫̛ͮڂ‬ɂ‫ڂ‬ɏ̟‫ڂ‬Պ‫͝ڂ‬ɴ‫˅ڂ‬ʎ̈˱ʄ‫ڂ‬ɂʎ́‫ڂ‬Ȼʡɵͮ‫ڂ‬ ȻȈ˱‫͝ڂ‬ɴ‫ڂ‬ɏʡ‫ڂ‬ɏ΀̤ɂ‫ڂ‬Ȼǵ́‫ڂ‬Ϋǵ‫˱ڂ‬Μǵ‫ͮڂ‬ʎʩ‫̵ڂ‬ʎȋʡ‫ڂ‬ɏ̝‫ͮڂ‬ʎɤ˪‫ڂ‬ΫǷ˱ʄ‫ڂ‬ΞȊ́‫ڂ‬Ȼʩ˱ʎձ‫ڂ‬ǃʩ‫ڂ‬ΞȀΰհ‫ڂ‬ʄʡ̡‫ڂ‬ʎȓΰ‫ڂ‬ ˱̇ʡ‫ڂ‬Ξɶ‫ڂ‬ɏ̜˱ʄ‫ڂ‬ʎ̜‫ڂ‬ΫǷ˱ʄ‫ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱մ‫@ڂ‬Ƕ́‫ڂ‬ɂǶ́‫ڂͽ΀ˍڂ‬ɂʎͽΰɷ˱‫ͮڂ‬ʡɶ˱‫ͮڂ‬ɹձ

Báo cáo lưu chuyển tiền tệ Ɨ̿Κ‫˅ڂ‬ʎʡ‫ڂ‬ȻȈ˱‫ڂ˱̛ͽ˪ڂ‬Ȼʴ‫ڂ‬Ȼ̚‫ˍڂ‬Ȉʡ‫̿ͮڂ‬ɤ˱‫ˍڂ‬ɶ‫ڂ‬ɏ΀̡˱ʄհ‫ڂ‬ɂ̆˱‫˅ڂ‬ʎ̈˱ʄ‫ͮڂ‬ʎʩ‫ڂ‬ȻȈ˱‫̵ڂ‬ʎȋʡ‫ڂ‬Ȼʡɵͮ‫˱ڂ‬ɤ˱‫ڂ‬ɏɷ‫ڂ‬ δ‫ڂ‬ɏɵ˱‫˅ڂ‬ʡ˪‫ڂ‬ɂʎʳ‫ڂ‬ΫǷ˱ʄ‫ڂ‬ɂΘǵ‫˪ڂ‬ʩ˱ʎձ‫ڂ‬Hʎʡɵɂ‫˅ڂ‬ʡ˪‫ڂ‬ɏ̇‫ڂ‬ɂʎȈΰ‫ڂ‬ʄʡΜǵ‫ڂ‬ʎǵʡ‫ڂ‬ΞȈɂʎ‫ڂ‬Պ‫ڂ‬բ բ‫ͮڂ‬Ιɂ‫ˍڂ‬Ȋ‫ڂ‬ բ‫ݱ‬ȁΰբ‫ڂ‬ΞȊ‫ڂ‬բ^բ‫ͮڂ‬Ιɂ‫ˍڂ‬Ȋ‫ڂ‬բ ɵͮբձ‫ڂ‬ ȓΰ‫˱ڂ‬ʄʎʥ‫ڂ‬Ϋɟ˪ձ‫˱̜ݱڂ‬ʄ‫ڂ‬ʎ̜‫ڂ‬ΫǷ˱ʄ‫˅ڂ‬ʎ̈˱ʄ‫ڂ‬Ȼȋ́‫ڂ‬ȻȈ˱‫̵ڂ‬ʎȋʡ‫ڂ‬ ˪ͽǵ‫ͮڂ‬ʎɤ˪‫ڂ‬ΫǷ˱ʄ‫˅ڂ‬ʎʡ‫˅ڂ‬ʡ˪‫ڂ‬ʄȁ˱‫ڂ‬ɏɵ˱‫ڂ‬ΞȈɂʎ‫ڂ‬բ^ձբ‫ڂ‬Hʎʪ˱ʎ‫ڂ‬ȻȈ˱‫̵ڂ‬ʎȋʡ‫ڂ‬Ȼʡɵͮ‫ڂ‬ɏ΀̤ɂ‫ڂ‬ɏʡɶͽ‫ڂ‬ɏ̇հ‫ڂ‬ ˅ʎ̈˱ʄ‫ͮڂ‬ʎʩ‫ڂ‬ȻȈ˱‫ڂ‬ɂʎʴͽ‫ڂ‬ʎȀͽ‫ͽ̻ڂ‬ȋձ‫ڂ‬HͿ˱ʄ‫ڂ‬ɂʎʪ˱ʎ‫ڂ‬ȻȈ˱‫̵ڂ‬ʎȋʡ‫ˍڂ‬Ȋ‫˱ڂ‬ʄ΀̡ʡ‫ڂ‬Ȼʡɵͮ‫̿ڂ‬Ǻ˱ʄ‫ڂ‬ɂʎʡɵɂ‫ڂ‬ Ϋɟ‫ڂ‬ɂΘǵ‫˪ڂ‬ʩ˱ʎ‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫ڂ‬ɏʡ‫ڂ‬ɏ΀̤ɂ‫ڂ‬Ȼǵ́‫ڂ‬Ϋǵ‫ڂ‬Ξ̠ʡ‫̞˪ڂ‬ʡ‫ˍڂ‬ȁ˱‫ڂ‬ɏ̝‫ڂ‬ΫǷ˱ʄձ‫ڂ‬ǃʪ‫ڂ‬ɎΗհ‫˱ڂ‬ɵͽ‫ڂ‬ȻȈ˱‫ڂ̢͝ڂ‬ ʎΜͽ‫ڂ̟ͮ˪ڂ‬ɂ́˱‫ڂ‬Ɖƣǃ‫ͮڂ‬Ƕ˪‫ڂ‬Ϋʡ‫ˍڂ‬ǵ˱ʎհ‫ڂ‬Ԋԅԅ‫˪ڂ‬ȓ‫ˍڂ‬Νɂհ‫ͮڂ‬ʎʩ‫ڂ‬ȻȈ˱‫̵ڂ‬ʎȋʡ‫ڂ‬Ȼʡɵͮ‫̿ڂ‬Ǻ˱ʄ‫ڂ‬ɂʎʡɵɂ‫ڂ‬Ϋɟ‫ڂ‬ ɂΘǵ‫˪ڂ‬ʩ˱ʎ‫ڂ‬Ƿ˱‫ڂ‬ΫǷ˱ʄ‫˱ڂ‬ʎ΀‫˪ڂ‬ǿΰ‫ڂ‬ǵ˱ʎ‫ڂ‬ɂʎȊ˱ʄ‫͝ڂ‬ʡ˱ʎ‫ڂ‬Ξʡɤ˱‫˱ڂ‬Ƿ˪‫˱ڂ‬ʎǿͮ‫̛˱ڂ‬ɂ‫ڂ‬Ȼʡǵ‫ڂ‬Κ˱ʄ‫ڂ‬Νɂձ Ɨʡɶ˱‫ڂ‬ɏ̛ʡ‫ڂ‬Ξ̠ʡ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ɏ̇˱ʄ‫ڂ‬Ξǵʡ‫˱̅΀ͮڂ̆̿ͮڂ‬ʄ‫ڂ‬ ͮΝ‫˱ڂ‬ʎ΀‫ڂ‬ΫǷ˱ʄ‫ڂ‬ɏ̛ʡ‫ڂ‬Ξ̠ʡ‫̈ͮڂ̈ڂ‬ձ‫ڂ‬ġ̞ʡ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵հ‫ڂ‬ ˱ʎ΀‫̞˪ڂ‬ʡ‫ڂ‬ɂʎʡɵɂ‫ڂ‬Ϋɟ‫̈ͮڂ̈ڂ‬հ‫͝ڂ‬ɴ‫ڂ‬ɏ̛ͮ‫ͮڂ‬ʡɶ˱‫ڂ‬Ξ̠ʡ‫̛ͮڂ‬ɂ‫ڂ‬ ɏ̟‫˅ڂ‬ʎǶɂ‫˱ڂ‬ʎǵͽձ ĩʎ΀˱ʄ‫ ڂ‬ȻȈ˱‫ ڂ‬ɂȁ˱‫̵ ڂ‬ʎȋʡ‫ ڂ‬ɏ́‫˱̡΀ˍ ڂ‬ʄ‫ ڂ‬ɏ΀̤ɂ‫ڂ‬ ˱̇‫ ڂ‬ɂʎΙ‫˅ ڂ‬ʎ̈˱ʄ‫ ڂ‬ɂʎʳ‫˱ ڂ‬ʄ̜ʡ‫ ڂ‬ɏ́Ƕ˱ձ‫́ݱ ڂ‬Ƕ˱‫ڂ‬ ˪̆‫ڂ‬ɂʎǻ˱ʄ‫˅ڂ‬ʎǶɂ‫˱ڂ‬Ȋ́‫ˍڂ‬Ȋ˱‫ڂ‬ɏ΀̡˱ʄ‫ͮڂͽ΀ڂ‬ʡɤ˱‫ڂ‬ ͮʎǻ˱ʄ‫ͮ ڂ‬ʡɵ˱‫ ڂ‬ɏɵ˱‫̵ ڂ‬ʎǶ‫͝ ڂ‬ȋ˱ձ‫ ڂ‬Čʎʡ‫ ڂ‬ȻȈ˱‫ ڂ‬ʎɵͮ‫ڂ‬

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ͮʡɶ˱‫ͮڂ‬ʎʩ‫ڂ̆̿ͮڂ‬ɂʎ̅ʡ‫ڂ‬ɂͿ˱ʄ‫˅ڂ‬ɵͮ‫ͮڂ‬ʎ΄ɂձ

Ɏ̆˱ʄ‫ͮڂ‬ʡɶ˱‫̿ڂ‬ǵ‫ڂ‬ΞȊ‫ڂ‬ΞȊ́‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵ձ‫ڂ‬Hʎʡɵɂ‫ڂ‬ɏ̜˱ʄ‫ڂ‬ʎ̜‫˱ڂ‬Ȋΰ‫ڂ‬ʎ́Ȉͮ‫ڂ‬ɏ̟˱ʄ‫ڂ‬ʄʡ̛˱ʄ‫˱ڂ‬ʎ΀‫ڂ‬ ɂͽ̛˱‫ͮڂ̝͝ڂ‬ʎͽ‫ڂ‬ɂʎʡ‫ڂ‬ɂǶ‫˱ڂ‬ʎǾ˱‫ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱ձ‫@ڂ‬Ȉ˱‫ڂ‬ȻǸͮ‫ڂ‬ɏȁͽ‫ڂ‬Բ˱ɵͽ‫˪ڂ‬ǵΰ‫˪ڂ‬Ǹ˱Գ‫ڂ‬Ξ̠ʡ‫ڂ̛͝ڂ̟ͮ˪ڂ‬Ɏ΀‫ڂ‬ ͮʡɶ˱‫ڂ‬Ɏ΀̅˱ʄ‫ڂ‬ΞȊ́‫ڂ‬ɏȁͽ‫ͮڂ‬ʎǶ˱ʄձ‫ڂ‬ż̜ʡ‫ͮڂ‬ʡɶ˱‫ڂ‬ΞȊ́‫ͮڂ‬Κ‫ڂ‬ɂǶɂ‫˅ڂ‬ʎ́ȋ˱‫ͮڂ‬ʎǵ˱ʎ‫́ͮڂ‬Ƕ˱‫ڂ‬ɂΘǵ‫˅ڂ‬ʎǶɂʎ‫ڂ‬ ʎȊ˱ʄհ‫ͮڂ‬Κ‫ڂ‬ɏȁͽ‫ڂ΀ͮڂ‬ʎǵΰ‫ڂ‬ɏʡ‫ڂ‬Ξǵΰձ‫ڂ‬Ɨʡɶ˱‫̿ڂ‬ǵ‫ڂ‬ɏɷ‫ͮڂ‬ʎǵ˱ʎ‫́ͮڂ‬Ƕ˱‫˱̅΀ˍڂ‬ʄ‫ڂ‬ΞȊ‫ڂ‬ɂǶɂ‫ڂ‬ɂʎʡ‫̵ڂ‬ʎʪձ‫ڂ‬Ɖ̛‫ڂ‬ ͮʡɶ˱‫ڂ‬ɂ̆˱‫ˍڂ‬Ȉʡ‫ڂ‬ɂͽ̛ʡ‫ͮڂ‬ʎǶ˱ʄ‫ˍڂ‬Ȉʡ‫ڂ‬ɏ΀̤ɂ‫ڂ‬ɂʎͽΰɷ˱‫͝ڂ‬ǵ˱ʄ‫ڂ‬ɂʎͽ‫˅ڂ‬ι‫̠˪ڂ‬ʡ‫ڂ‬ɂΘǵ‫ͮڂ‬ʎǶ˱ʄ‫͝ڂ‬ǵͽձ HǶɂ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚‫ڂ‬ɂ̇‫ڂ‬Ȼǵ‫˱ڂ‬ʄͽ̜˱‫ͮڂ‬ʡɶ˱‫ڂ‬ɂʎʪ˱ʎ‫ڂ‬ΞȊ‫˅ڂ‬ʎ̈˱ʄ‫̵ڂ‬ʎȋʡ‫ͮڂ‬ǿͮ‫ڂ‬ɂȋ‫ڂ‬ɏɶͽ‫ڂ‬ ɏɵ˱‫˱ڂ‬ʎ΀‫˱ڂ‬ʎǵͽձ‫@ڂ‬Ȉ˱‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫ͮڂ‬ʎͽ‫ڂ‬ɏ΀̤ɂ‫ͮڂ‬ʡɶ˱‫ͮڂ‬Κ‫ڂ‬ʎ́Ȉͮ‫ڂ‬ɏ̟˱ʄ‫˅ڂ‬ʡ˱ʎ‫ڂ‬Ɏ́ǵ˱ʎհ‫ͮڂ‬Κ‫ڂ‬ɂǶɂ‫ڂ‬

TÀI CHÍNH DÀNH CHO NGƯỜI SỢ SỐ

@Ƕ́‫ڂ‬ɂǶ́‫ڂͽ΀ˍڂ‬ɂʎͽΰɷ˱‫ͮڂ‬ʡɶ˱‫ͮڂ‬ɹհ‫ڂ‬ʄʡ̛˱ʄ‫˱ڂ‬ʎ΀‫ڂ‬ɂǶʡ‫ͮڂ‬ɤ˱‫ڂ‬ɏȓ‫ڂ‬ɂʎʳ‫̿ڂ‬ǵհ‫ˍڂ‬Ȋ‫ͮڂ‬ʎΙ‫ڂ‬ɏ́‫˱̡΀ˍڂ‬ʄ‫ڂ‬

˅ʎ́ȋ˱‫ڂ‬Ξǵΰ‫˱ڂ‬ʄǾ˱‫ڂ‬ʎȊ˱ʄ‫ڂ‬ԲɂǶʡ‫˱ڂ‬Ȋΰ‫̵ڂ‬ʎȋʡ‫̿ͮڂ‬ȋ‫ˍڂ‬ȈʡԳհ‫ڂ‬ʎǵΰ‫ͮڂ‬Κ‫ڂ‬ɂǶɂ‫˱ڂ‬ʎȊ‫ڂ‬ɏȁͽ‫ڂ΀ͮڂ‬Բ̜̿ʡ‫ڂ‬ʎ̙‫ڂ‬ ɂͿ˱ʄ‫͝ڂ‬ɴ‫ڂ‬ɏ̆ʡ‫ˍڂ‬Ȉʡ‫ڂ‬ɏΘ‫ڂ‬ɂȋ‫ڂ‬Ξ̛˱‫ˍڂ‬ȃ˱‫̡ˍڂ‬ʡԳձ‫ڂ‬Ɨʡɶ˱‫ڂ‬ɏɵ˱‫ͮڂ‬Κ‫ڂ‬ʎ́Ȉͮ‫ڂ‬ɏ̟˱ʄ‫˅ڂ‬ʡ˱ʎ‫ڂ‬Ɏ́ǵ˱ʎ‫̠˪ڂ‬ʡ‫ڂ‬ ͮʎΝɂ‫ˍ ڂ‬Ȋ‫ ڂ‬բ˱ʎʡɤ˱‫ˍ ڂ‬ʡɹͽ‫ ڂ‬ɂǵ́‫ ڂ‬ɂǿ̵բձ‫ˍ ڂ̇ݱ ڂ‬Ȋ‫ͮ ڂ‬ʡɶ˱‫ ڂ‬ȻȈ˱‫ͮ ڂ‬Ȉ́‫̿ ڂ‬ǵ‫̿ͮ ڂ‬Νɂ‫ͮ ڂ‬ʡɵ̵‫ͮ ڂ‬Κ‫ ڂ‬Ξʡɹɂ‫ ڂ‬ȻǶ˱‫ڂ‬ ʎȊ˱ʄ‫ڂ‬ʎ̇ǵ‫ڂ‬ʎǵΰ‫ڂ‬Ɏʴɂʎ‫ڂ‬ΞΗ‫ڂ‬ɂʎ́‫˅ڂ‬ʎǶɂʎ‫ڂ‬ʎȊ˱ʄ‫ڂ‬ɏɷ‫ͮڂ‬ʎͽ‫ˍڂ‬Ȉʡ‫ڂ‬ΞȊ‫˅ڂ‬ʡɵ˪‫̡ˍڂ‬ʡձ‫ڂ‬ĩ̇‫˅ڂ‬ʎ̈˱ʄ‫ڂ‬ɏʡ‫ڂ‬ ˅ɢ˪‫ڂ‬ɂʎʡ‫̵ڂ‬ʎʪ‫ˍڂ‬ȓʡ‫ڂ‬Ξǵΰ‫˱ڂ‬Ȋ́‫ڂ‬ɂȋձ‫@ڂ‬Ȉ˱‫˅ڂ‬ʎ̈˱ʄ‫̵ڂ‬ʎȋʡ‫̿ͮڂ‬ȋ‫ˍڂ‬ȓʡ‫ڂ‬ɂʎ́‫ڂ‬ǵʡձ‫ڂ‬HͿ˱ʄ‫˅ڂ‬ʎ̈˱ʄ‫̵ڂ‬ʎȋʡ‫ڂ‬ Ɏ΃˱ʄ‫ڂ‬ɏɷ‫̈ͽ˱ڂ‬ʡ‫ڂ‬ɂǶɂ‫˱ڂ‬ʎȊ‫ڂ‬ɏȁͽ‫ڂ΀ͮڂ‬ʎǶͽ‫ڂ‬ɏ̇ʡձ‫@ڂ‬Ȉ˱‫ڂ‬ɏȓ‫˅ڂ‬ʡɵ˪‫ڂ‬ɏ΀̤ɂ‫ͮڂ̛͝ڂ‬ʡɶ˱‫ڂ‬ɏ̇‫ڂ‬ɂʎ́‫ڂ‬ ˪ʩ˱ʎձ‫ڂ‬ĩ̇‫ˍڂ‬Ȋ‫ڂ‬ɂΘǵ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ɏɷ‫ڂ‬ɂʎΘ‫ڂ̢͝ڂ‬ʎΜͽ‫ڂ‬ΞȊ‫˱ڂ‬ʄ΀̡ʡ‫ͽ̻ڂ‬ȋ˱‫ˍڂ‬δ‫̵ڂ‬ʎǾ˱‫ڂ‬Ȼ̝‫˅ڂ‬ʎʡ‫ڂ‬ ɂȁ˱‫ͮڂ‬ʎʡɵͮձ‫ڂ‬Śǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫̵ڂ‬ʎȋʡ‫ڂ‬ɏ΀̤ɂ‫ڂ‬ɂʎͽȂ˱‫ڂ‬Ȼʴ‫ڂ‬ɂʎ́‫˱ڂ‬ʎΜ˱ʄ‫̿ڂ‬Θʡ‫˅ڂ́̿ڂ‬ʎʡ‫ڂ‬ɂͽ˱ʄ‫ڂ‬ɂǿ̵‫ڂ‬ ʎȊ˱ʄ‫ڂ‬ʎ̇ǵՄɎʴɂʎ‫ڂ‬ΞΗ‫˱́̿ͮڂ‬ʄ‫̙˪ڂ‬ʡ‫ڂ‬Ȼʡɵ˱‫ڂ‬ɏ̟˱ʄ‫ڂ‬ɂΘǵ‫˱ڂ‬ɶ˱‫˅ڂ‬ʡ˱ʎ‫ͮڂ‬ɵձ S΃‫ڂ‬ΞȀΰհ‫ڂ̛͝ڂ̟ͮ˪ڂ‬ΰɵͽ‫͝ڂ̛ͮڂ‬ɴ‫ڂ‬ȋ˱ʎ‫ڂ‬ʎ΀̢˱ʄ‫ڂ‬ɏɵ˱‫ڂ‬Ξʡɹɂ‫ˍڂ‬ʡɹͽ‫˱ڂ‬ʄͽ̜˱‫ڂ‬բ˱ʎʡɤ˱‫ˍڂ‬ʡɹͽ‫ڂ‬ɂǵ́‫ڂ‬ ɂǿ̵բ‫ͽͮڂ‬ΰɹͮ‫ڂ‬Ξ̡ʡ‫ڂ‬ɏ̇‫ڂ‬ɂ̇‫ڂ‬ɏ΀̤ɂ‫ڂ‬Ȼ̅˪‫ڂ‬ɏɵ˱‫ڂ‬Ȼʩ˱ʎ‫ڂ‬ΫǷ˱ʄ‫ڂ‬ɂΘǵ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ȻȈ˱‫˅ڂ‬ʴ̵‫ڂ‬ ͮʎ̡ʡ‫ڂ‬ʎǵΰ‫˅ڂ‬ʎ̈˱ʄ‫̠΀̿ͮڂ‬ɂ‫˅ڂ‬ʎʡ‫˅ڂ‬ʡ˪‫ڂ‬ɂʎʳ‫ڂ‬ɂʎȈ˪‫ڂ‬ɏɵ˱‫ڂ‬ΞȈɂʎ‫ڂ‬բ^բձ‫ڂ‬S΀̠ʡ‫ڂ‬ɏǾΰ‫ˍڂ‬Ȋ‫ڂ̛͝ڂ̟ͮ˪ڂ‬ ˅ʎʪǵ‫ ڂ‬ɂȈ˱ʎ‫ ڂ‬ɂΘǵ‫ ڂ‬Ɏ́ǵ˱ʎ‫˱ ڂ‬ʄʎʡɹ̵‫˪ ڂ‬Ȋ‫ ڂ‬ȻȈ˱‫ ڂ‬ɂȁ˱‫ ڂ‬ʎ̙ɂ‫ ڂ‬ɂǶɂʎ‫ͮ ڂ‬ʡ˱ʎ‫ ڂ‬ɂʎʳ˱ʎ‫˱ ڂ‬ɵͽ‫ ڂ‬ȻȈ˱‫ڂ‬ ˪ͽ̛˱‫ڂ‬ΫǾΰ‫ڂ‬ɎΝ˱ʄ‫ڂ‬ΞȊ‫ڂ‬Ɏͽΰ‫̿ͮڂ‬ʩ‫ڂ‬Ɏ̆˱ʄ‫ͮڂ‬ʡɶ˱‫ͮڂ̛ͮͮڂ‬ʎͽ‫ڂ‬ɏ΀̤ɂ‫ͮڂ‬Κ‫ڂ‬ʎ́Ȉͮ‫ڂ‬ɏ̟˱ʄ‫ڂ‬ΞȀ˱‫ڂ‬ʎȊ˱ʎմ Hʎʪ˱ʎ‫͝ ڂ‬Ƕɂʎ‫ ڂ‬Ϋͽǿͮ‫ ڂ‬ʎ̇ǵ‫ ڂ‬ɏ̅˱ձ‫ݱ ڂ‬ǵ‫˱ ڂ̛͝ ڂ‬ʎΜ˱ʄ‫˱ ڂ‬ʄ΀̡ʡ‫ͽ̻ ڂ‬ȋ˱‫ˍ ڂ‬δ‫ڂ‬ Ɏ́ǵ˱ʎ‫˱ ڂ‬ʄʎʡɹ̵‫˱ ڂ‬ʎ̚‫ ڂ‬ɂʎ́‫̿ ڂ‬Ǻ˱ʄ‫ ڂ‬ɏǾΰ‫ˍ ڂ‬Ȋ‫ ڂ̟ͮ˪ ڂ‬ɂ̈˱ʄ‫ ڂ‬Ξʡɹɂ‫ ڂ‬ʎʡɷ˱‫ڂ‬ ˱ʎʡɤ˱հ‫˱ڂ‬ʎ΀˱ʄ‫ڂ‬ɂʎʪ˱ʎ‫͝ڂ‬Ƕɂʎ‫ڂ‬Ϋͽǿͮ‫ڂ‬ʎ̇ǵ‫ڂ‬ɏ̅˱‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫ˍڂ‬Ȋ‫ڂ‬ɂ̈˱ʄ‫ڂ‬ɂΗ‫ڂ‬ ΫǾΰ‫ڂ‬ɎΝ˱ʄ‫ڂ‬ʎ́ǹɂ‫̵ڂ‬ʎǶ‫ڂ‬ʎΘΰ‫ͽ̻ڂ‬ǵ˱‫ڂ‬ʎɹ‫ڂ‬Ξ̠ʡ‫˅ڂ‬ʎǶɂʎ‫ڂ‬ʎȊ˱ʄձ‫ڂ̇ݱڂ‬ɂͿ˱ʄ‫ڂ‬ ˍȊ‫ڂ‬ΰɵͽ‫˱̛͝ڂ̛ͮڂ‬ʄ‫ڂ‬ɂ̆˱‫˱́̿ͮڂ‬ʄ‫ڂ‬Ξʡɹɂ‫̛ͮڂ‬ʡ‫ڂ‬ɏǵ‫ڂ‬ʎ̇ǵ‫ڂ‬Ɏ̆˱ʄ‫ͮڂ‬ʡɶ˱ձ‫ڂ‬ĩɵͽ‫ڂ‬ȻȈ˱‫ڂ‬ ɏȓ‫ڂ‬ʎ́Ȋ˱‫ͮڂ‬ʎʡɹ˱‫˪ڂ‬Ιɂ‫ڂ‬ʄʡǶ‫ڂ‬ȻǶ˱‫ڂ‬ɂΘǵ‫˪ڂ‬ʩ˱ʎ‫ڂ‬ΞȊ‫ڂ‬ɏȈͮ‫ڂ‬ɏ΀̤ɂ‫ڂ‬Ɏ́ǵ˱ʎ‫ڂ̛͝ڂ‬ ͮͽΰɹͮ‫ڂ‬Ξ̡ʡ‫˱ڂ‬ʎ΀˱ʄ‫ˍڂ‬Ȉʡ‫˅ڂ‬ʎ̈˱ʄ‫ˍڂ‬Ȋ˪‫ڂ‬ɂʎ́‫˅ڂ‬ʎǶɂʎ‫ڂ‬ʎȊ˱ʄ‫̿ͮڂ‬ȋ‫ͮڂ‬ʡɶ˱‫ڂ‬ɏΘ‫ڂ‬ ˱ʎǵ˱ʎ‫ͮڂ‬ʎʩ‫ڂ‬ȻȈ˱‫͝ڂ‬ɴ‫ڂ‬ʄǹ̵‫̿ڂ‬Ǹɂ‫̛̿ڂ‬ʡձ‫ڂ‬Čʎʡ‫ͮڂ‬ʎʴ‫˱̡΀̿ͮڂ‬ʄ‫̿ͮڂ‬ʩ‫̿ͮڂ‬ɹհ‫͝ڂ‬ɴ‫˪ڂ‬ǿͮ‫ڂ‬ ˱ʎʡɶͽ‫ͮڂ‬ʎ̡ʡ‫ڂ‬ʄʡǵ˱‫ڂ‬ʎ̅˱‫ڂ‬ɏɷ‫ڂ‬ȻȈ˱‫˱ڂ‬ʎȀ˱‫ڂ‬ɏ΀̤ɂ‫ͮڂ‬ʡɶ˱հ‫ڂ‬ɏǹɂ‫ڂ‬Ȼʡɹͮ‫ˍڂ‬Ȋ‫˅ڂ‬ʎʡ‫ڂ‬

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CH - 01

ȻȈ˱‫ڂ‬ʄʡǵ́‫ڂ‬Ɏʴɂʎ‫ڂ‬Ξ̠ʡ‫ڂ‬ɂǶɂ‫ڂ‬ɂ̈˱ʄ‫ͮڂ‬ΰ‫ͽ˪ڂ‬ǵ‫ڂ‬ʎȊ˱ʄ‫̠΀̿ͮڂ‬ɂ‫ڂ‬ΞȊ‫̿ͮڂ‬ȋ‫͝ڂ‬ǵͽձ‫ڂ‬ Ɨ̿́˱ʄ‫ڂ‬Hʎ΀̅˱ʄ‫ڂ‬ԋհ‫̈ͮڂ‬ʡ‫͝ڂ‬ɴ‫ڂ‬ɂʎʳ‫ڂ‬ɂʎ́‫ڂ‬ɂǶɂ‫ڂ‬ȻȈ˱‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬ɂǶɂʎ‫ڂ‬ɏ̅˱‫ڂ‬ ʄʡȋ˱‫ڂ‬ΞȊ‫͝ڂ‬Ƕ˱ʄ‫ͮڂ‬Ȉ́‫ڂ‬ɏɷ‫ͮڂ‬ʎͽ‫ͮڂ‬ʡɶ˱‫ڂ‬Ξɶ‫ͮڂ‬Κ‫ڂ‬ɂǶɂ‫ڂ‬ʎ̇ǵ‫ڂ‬ɏ̅˱‫˪ڂ‬Ȋ‫ڂ‬Ξȃ˱‫ڂ‬ΫǾΰ‫ڂ‬ ɎΝ˱ʄ‫ڂ‬ɏ΀̤ɂ‫̛˪ڂ‬ʡ‫ͽ̻ڂ‬ǵ˱‫ڂ‬ʎɹ‫ڂ‬Ȼɶ˱‫ڂ‬ɂʎǹͮհ‫ˍڂ‬Ǿͽ‫ڂ‬ɎȊʡ‫ڂ‬Ξ̠ʡ‫˅ڂ‬ʎǶɂʎ‫ڂ‬ʎȊ˱ʄձ‫ڂ‬ ‫ݱ‬ʡɶͽ‫˱ڂ‬Ȋΰ‫͝ڂ‬ɴ‫ͮڂ‬Ȉ́‫̿ڂ‬ǵ‫˅ڂ‬ʎǶɂ‫ڂ‬Ȼʡɹͮ‫̿ڂ‬ǿͮ‫ڂ˱̠ˍڂ‬Ξɶ‫ͮڂ̛͝ڂ‬ʡɶ˱‫ڂ‬ȻȈ˱‫̵ڂ‬ʎȋʡ‫ڂ‬ɏȁͽ‫ڂ‬ ͮ΀‫ ڂ‬ΞȊ́‫ ڂ‬ɂ̈˱ʄ‫ͮ ڂ‬ΰ‫ ڂ‬ɂͽ̛ʡ‫ͮ ڂ‬ʎǶ˱ʄ‫ ڂ‬ΞȊ‫ ڂ‬ɏȁͽ‫ͮ ڂ‬ʎǶ˱ʄձ‫ ڂ‬ĩ̇‫͝ ڂ‬ɴ‫ ڂ‬ɂΘ˱ʄ‫ ڂ‬ɂ̛‫ڂ‬ ˅ʎȋ‫˱ڂ‬Ƿ˱ʄ‫ͮڂ‬ʎǵ˱ʎ‫́ͮڂ‬Ƕ˱‫ڂ‬ɂʎʡ‫̵ڂ‬ʎʪ‫ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱‫˱ڂ‬ʄǵΰ‫ڂ‬ɂȋ‫˅ڂ‬ʎʡ‫ڂ‬Ɏ́ǵ˱ʎ‫ͮڂ‬ʎͽ‫ڂ‬ ˅ɣ˪‫ڂ‬ΞȊ‫ڂ‬ʄʡ΄̵‫ڂ‬ȻȈ˱‫ڂ‬ʪͮ‫ڂ‬Ȼʴ‫ͮڂ˱̝ͮڂ‬ʎ΀̅˱ʄ‫ڂ‬ʎ̅˱‫̠΀̿ͮڂ‬ɂ‫ڂ‬ɂǶɂ‫˱ڂ‬ʄͽ̜˱‫ͮڂ‬Ȋʡ‫ڂ‬ ̤ͮ̿‫ڂ‬ɂΘǵ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬Ξ̛˱‫ڂ‬ʎʡɵ˪‫˅ڂ‬ʎʡ‫ڂ‬ɏ΀ǵ‫̿ڂ‬ǵ‫ڂ‬ɂǶɂ‫ڂ‬ɏʡɶͽ‫˅ڂ‬ʎ́ȋ˱‫ڂ‬ ɂ̇‫̤ˍڂ‬ʡ‫ڂ‬ɂʎ́‫ڂ‬ȻȈ˱ձ Hʎʪ˱ʎ‫͝ڂ‬Ƕɂʎ‫ͮڂ‬ʎͽ‫ڂ‬ʎ̜ʡ‫ڂ‬ɂ̈˱ʄ‫̤˱ڂ‬ձ‫ڂ‬Čʎʡ‫ڂ‬ȻȈ˱‫ͽ̻ڂ‬ȋ˱‫ˍڂ‬δ‫ڂ̟ͮ˪ڂ‬Ɏ́ǵ˱ʎ‫ڂ‬ ˱ʄʎʡɹ̵հ‫ ڂ‬ȻȈ˱‫͝ ڂ‬ɴ‫ˍ ڂ‬Ȋ‫ ڂ̟ͮ˪ ڂ‬ɏȈʡ‫ˍ ڂ‬δ‫ ڂ‬ɏ̆ʡ‫ ڂ̤˱ ڂ‬ɂʎ́‫ ڂ‬ɂʎ́‫ ڂ‬Ɏ΃‫ ڂ‬ȻȈ˱‫ ڂ‬ɂ̇‫ڂ‬ ˪ͽ̛˱‫ڂ‬ʎǵΰ‫˅ڂ‬ʎ̈˱ʄձ‫ڂ‬ǃʡɹɂ‫ͮڂ‬ʎͽ‫ͮڂ‬ʡɶ˱‫ͮڂ‬Κ‫ڂ‬ɂǶɂ‫˅ڂ‬ʎǶɂʎ‫ڂ‬ʎȊ˱ʄ‫ڂ‬ɂʎǾΰ‫ڂ‬ʩ‫ڂ‬ ɂͿ˱ʄ‫ڂ‬Ƕ˪‫ڂ‬ȋ˱ʎ‫˱ڂ‬ʎ΀‫ˍڂ‬ǿΰ‫ͮڂ‬Θΰ‫̿ڂ‬Ƿ˱ʄ‫ڂ‬ΞȀΰձ‫ڂ‬Hʎʪ˱ʎ‫͝ڂ‬Ƕɂʎ‫ͮڂ‬ʎǵ˱ʎ‫́ͮڂ‬Ƕ˱‫ڂ‬ ˅ʎ̈˱ʄ‫˱ڂ‬ɤ˱‫ڂ‬ɏɷ‫͝ڂ‬ǵͽձ‫ˍڂ̇ݱڂ‬Ȋ‫ڂ‬Ξǿ˱‫ڂ‬ɏɶ‫ڂ‬ɂȁ˱‫̵ڂ‬ʎȋʡ‫ڂ‬ɏ΀̤ɂ‫ͮڂ‬ʎ̛˱ʄ‫˱ڂ‬ʎǿͮ‫ڂ‬ ˱ʄǵΰ‫ͮڂ‬Κ‫ڂ‬ɏȁͽհ‫ͮڂ‬ʎɟ́‫ڂ‬ɂǶɂʎ‫˅ڂ‬ʎɣ́‫ˍڂ‬ɣ́‫ڂ‬ʄʡ΄̵‫ڂ‬ȻȈ˱‫ڂ‬ʄʡΜ‫ڂ‬ΞΜ˱ʄ‫ڂ‬ɏ΀̤ɂ‫ڂ‬ ̻ͽǵ˱‫ڂ‬ʎɹ‫˅ڂ‬ʎǶɂʎ‫ڂ‬ʎȊ˱ʄ‫ˍڂ‬Ǿͽ‫ڂ‬ɎȊʡձ‫ݱڂ‬ǵ‫˱ڂ̛͝ڂ‬ʎΜ˱ʄ‫˱ڂ‬ʄ΀̡ʡ‫ͽ̻ڂ‬ȋ˱‫ˍڂ‬δ‫ڂ‬ Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚‫˅ڂ‬ʎ̈˱ʄ‫ڂ‬Ȼʡɵͮ‫ڂ‬ɂǶɂʎ‫ͮڂ‬ʡɵ˱‫ڂ‬ʎȊ˱ʎ‫˱ڂ‬ʎʡɹ˪‫ڂ‬ΞΗ‫˱ڂ‬Ȋΰ‫ڂ‬ ͮʎȀͮ‫ڂ‬ʎʡɹͽ‫ͽ̻ڂ‬ȋ‫ڂ‬ΞȊ‫ڂ‬ʎ̙‫ڂ‬ɂͿ˱ʄ‫˅ڂ‬ʎ̈˱ʄ‫ڂ‬Ȼʡɵͮ‫˱ڂ‬ɵͽ‫ͮڂ‬ʎǿͮ‫ڂ‬ȻȈʡ‫ͮڂ‬ʎʩ‫ڂ‬ʎȀͽ‫ڂ‬ ̻ͽȋ‫̿ڂ‬ǵ‫͝ڂ‬ǵ́ձ‫ڂ‬Ɨ̿́˱ʄ‫ڂ‬ɂǶɂ‫ڂ‬Hʎ΀̅˱ʄ‫ڂ‬ԋհ‫ڂ‬ԍ‫ڂ‬ΞȊ‫ڂ‬Ԇԅհ‫ڂ‬ȻȈ˱‫͝ڂ‬ɴ‫ڂ‬ʎ̙ɂ‫ڂ‬ɏ΀̤ɂ‫ڂ‬ ˪̟ͮ‫̵ ڂ̛͝ ڂ‬ʎ΀̅˱ʄ‫̵ ڂ‬ʎǶ̵‫ ڂ‬ʄʡ΄̵‫ ڂ‬ɂȋʡ‫ͮ ڂ‬ʎʡɹ˱‫˱ ڂ‬ʎǵ˱ʎ‫ ڂ‬ɂʎ̇˱ʄ‫ ڂ‬ɂʎʪ˱ʎ‫ڂ‬ ͝Ƕɂʎ‫ͮڂ‬ʎǵ˱ʎ‫́ͮڂ‬Ƕ˱‫ڂ‬ɂͿ˱ʄ‫˱ڂ‬ʎ΀‫ڂ‬Ɏ̆˱ʄ‫ͮڂ‬ʡɶ˱‫˪ڂ‬Ȋ‫ڂ‬ʪͮ‫ڂ‬ɏɷ‫ˍڂ‬Ȉʡ‫ڂ‬ʎȀͽ‫ͽ̻ڂ‬ȋձ ʡǵ‫ڂ‬ʎȈ˱‫ڂ‬ɂ̈˱ʄ‫̤˱ڂ‬ձ‫ڂ‬ĩʎʡɶͽ‫˱ڂ‬ʄ΀̡ʡ‫ͽ̻ڂ‬ȋ˱‫ˍڂ‬δ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚‫ڂ‬ ˪̠ʡ‫ڂ‬ɂȋ‫ͮڂ‬ʡ˱‫ˍڂ‬Ȋ˪‫͝ڂ‬ǵ́Ԩ‫ڂ‬Čʎʡ‫ڂ‬ɏȓ‫˅ڂ‬δ‫ڂ‬ɏ΀̤ɂ‫ڂ‬ɏ̅˱‫ڂ‬ʎȊ˱ʄհ‫ڂ‬ʎ̙‫ڂ‬Ξͽʡ‫˪ڂ‬Κ˱ʄ‫ڂ‬ ɏɵ˱‫̞˱ڂ‬ʡ‫˅ڂ‬ʎ̈˱ʄ‫˱ڂ‬ʎȀ˱‫̿ڂ‬ǵ‫ڂ‬ʎ̙‫ڂ‬ΞΚǵ‫ڂ‬ʄʡǵ́‫ڂ‬ɂʎʩǵ‫˅ڂ‬ʎ̇ǵ‫ڂ‬ΞȊ́‫ͮڂ‬ǵΰ‫˅ڂ‬ʎǶɂʎ‫ڂ‬ ʎȊ˱ʄձ‫ڂ‬Hʎ΀̅˱ʄ‫ڂ‬ԍ‫͝ڂ‬ɴ‫ڂ‬ʄʡ΄̵‫ڂ‬ȻȈ˱‫˅ڂ‬ʎ̈˱‫˱ڂ‬ʄ́ǵ˱‫ڂ‬ʎ̅˱‫˱́̿ͮڂ‬ʄ‫ڂ‬ʄʡǵ‫ڂ‬ʎȈ˱‫ڂ‬ ɂ̈˱ʄ‫ڂ̤˱ڂ‬ΞȊ‫ͽ̻ڂ‬ȋ˱‫ˍڂ‬δ‫̿ڂ‬Θʡ‫͝ڂ́̿ڂ‬Ηͮ‫ڂ‬ʄʡǶ‫ ڂ‬Բ˱ʄͽΰɤ˱‫ڂ‬ΞǷ˱‫ڂ‬բɎ́΢˱͝ʡɎɟ‫ڂ‬ ̿ʡ͝˅բԳ‫ڂ‬Պ‫ڂ‬ΞȊ‫ͮڂ‬ʡ˱‫̈ͮڂ‬ʡ‫ڂ‬ɏʡհ‫̿ڂ‬Θʡ‫͝ڂ́̿ڂ‬Ηͮ‫ڂ‬ʄʡǶ‫ˍڂ‬Ȋ‫ڂ‬ɂ̇‫ͮڂ‬ʎȀͮձ ‫ݱ‬Ȋ˪‫̵ ڂ‬ʎǶ˱‫ ڂ‬Ξ̠ʡ‫˱ ڂ‬ʎȊ‫ ڂ‬ɂͽ˱ʄ‫ ڂ‬ɂǿ̵ձ‫ ڂ‬HǶɂ‫˱ ڂ‬ʎȊ‫ ڂ‬ɂͽ˱ʄ‫ ڂ‬ɂǿ̵‫ˍ ڂ‬Ȋ‫ڂ̟ͮ˪ ڂ‬ ̵ʎȁ˱‫ͽ̻ ڂ‬ǵ˱‫˱̙̿ͮ ڂ‬ʄ‫˱́̿ͮ ڂ‬ʄ‫ ڂ‬ɂʎͽ̞ʡ‫ ڂ‬ʄʡǶ‫̿ͮ ڂ‬ʴ‫ ڂ‬ɏ̛ʡ‫ ڂ‬Ξ̠ʡ‫ ڂ‬Ȼǿͮ‫˅ ڂ‬ι‫ ڂ‬Ɏ́ǵ˱ʎ‫ڂ‬ ˱ʄʎʡɹ̵‫˱ڂ‬ʎ̚‫˱ڂ‬Ȋ́հ‫˱ڂ‬ʎǿͮ‫ˍڂ‬Ȋ‫˅ڂ‬ʎʡ‫͝ڂ‬ȋ˱‫̵ڂ‬ʎȂ˪‫ڂ‬ʎǵΰ‫ڂ‬Ɏʴɂʎ‫ڂ‬ΞΗ‫ڂ‬ʎ̙‫ڂ‬ɂͽ˱ʄ‫ڂ‬ ɂǿ̵‫ˍڂ‬Ȉʡ‫ˍڂ‬Ȋ‫ͮڂ‬ʎΙ‫ͮڂ‬ʎʡɵͮ‫ڂ‬ΰɵͽձ‫ڂ‬ĩʎ΀˱ʄ‫˱ڂ‬ɵͽ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚‫ڂ‬ɂΘǵ‫ڂ‬ ȻȈ˱‫˅ڂ‬ʎ̈˱ʄ‫ڂ‬ɂʎʡɵ˪‫̵ڂ̟ͮ˪ڂ‬ʎȁ˱‫˱́̿ͮڂ˱̠ˍڂ‬ʄ‫ڂ‬Ɏ́ǵ˱ʎ‫ͮڂ‬ʎͽ‫ڂ‬ɂΘǵ‫˱ڂ‬ʎȊ‫ڂ‬

34

ɂͽ˱ʄ‫ڂ‬ɂǿ̵‫ͮڂ‬ʎʩ‫ڂ‬ȻȈ˱‫͝ڂ‬ɴ‫ڂ‬ɂ̇‫˱ڂ‬ʄͽΰ‫ڂ‬ɂ̅‫ڂ‬Ȼʴ‫ڂ‬ɏ̛ʡ‫ڂ‬ΫΛ‫ڂ‬ɂʎʳ‫˱ڂ‬ʎ΀‫́ˍڂ‬Ȋʡ‫˱ڂ‬ǿ˪‫ڂ‬

Ȼʴ‫ڂ‬ɏȂΰ‫ڂ‬Ϋͽ̛˱ʄ‫ڂ‬ɂͽ̛ʡ‫ڂ‬ʎȊ˱ʄհ‫˱ڂ‬ʎ΀‫˱ڂ‬ʎΜ˱ʄ‫˅ڂ‬ɳ‫ˍڂ‬Ȋ˪‫̵ڂ‬ʎʡɶ˱Գձ‫ڂ‬Ɨ̿́˱ʄ‫ڂ‬ Hʎ΀̅˱ʄ‫ڂ‬ԍհ‫ڂ‬ȻȈ˱‫͝ڂ‬ɴ‫ڂ‬ʎ̙ɂ‫ڂ‬ɏ΀̤ɂ‫ڂ‬ɂǶɂʎ‫ͽ̻ڂ‬ȋ˱‫ˍڂ‬δ‫˅ڂ‬ι‫ڂ‬Ξ̙˱ʄ‫ͮڂ‬ʎǵ˱ʎ‫ڂ‬ ͮ́Ƕ˱‫ڂ‬Ξ̠ʡ‫˅ڂ‬ʎǶɂʎ‫ڂ‬ʎȊ˱ʄ‫ڂ‬ΞȊ‫ͮڂ‬ʎ΀̅˱ʄ‫ͮڂ‬ʎȋ́‫ڂ‬ɂǶɂ‫ڂ‬ɏʡɶͽ‫˅ڂ‬ʎ́ȋ˱‫ͮڂ‬ʎǵ˱ʎ‫ڂ‬ ͮ́Ƕ˱‫ڂ‬ɂ̇‫̤ˍڂ‬ʡ‫ڂ‬Ξ̠ʡ‫˱ڂ‬ʎȊ‫ڂ‬ɂͽ˱ʄ‫ڂ‬ɂǿ̵ձ ‫ݱ‬Ȋ˪‫̵ڂ‬ʎǶ˱‫ڂ‬Ξ̠ʡ‫˱ڂ‬ʄǾ˱‫ڂ‬ʎȊ˱ʄձ‫ڂ‬Ḣ‫ͮڂ‬ʎɷ‫ڂ‬ȻȈ˱‫˅ڂ‬ʎ̈˱ʄ‫ڂ‬Ȼʡɵͮհ‫˱ڂ‬ʎ΀˱ʄ‫ڂ‬ ˱ʄǾ˱‫ ڂ‬ʎȊ˱ʄ‫˅ ڂ‬ʎ̈˱ʄ‫̵ ڂ‬ʎȋʡ‫ˍ ڂ‬Ȋ‫ ڂ‬ȻȈ˱‫ ڂ‬ɂΘǵ‫ ڂ‬ɂʎ΄˱ʄ‫ͮ ڂ‬ǵ‫ ڂ‬ɏǾͽձ‫ ڂ‬ġǿΰ‫ڂ‬ ̻ͽȋ˱ʄ‫ڂ‬ɂǶ́‫ڂ‬ʄʡ̡‫ڂ‬ΞȊ˱ʄ‫̿ͮڂ‬ɤ˱‫ڂ‬Ɨǃ‫ͮڂ‬ʎʩ‫̇˱ڂ‬ʡ‫ڂ‬ʎǵΰ‫ˍڂ‬Ǹ˪հ‫˱ڂ‬ʎ΀˱ʄ‫ڂ‬ȻȈ˱‫ڂ‬ ͝ɴ‫ڂ‬ʎʡɷͽ‫ͮڂ‬ʎΝɂ‫ͮڂ‬ɵ‫˅ڂ‬ʎʡ‫ڂ̵̟˱ڂ‬ɏ̅˱‫ڂ‬Ϋʡ˱‫ڂ‬ɂʎ́‫ڂ‬Ξǵΰձ‫˱̞@ڂ‬ʄ‫˱ڂ‬ʎʡɤ˱‫ڂ‬ȻȈ˱‫ڂ‬

TÀI CHÍNH DÀNH CHO NGƯỜI SỢ SỐ

ɎȈʡ‫ڂ‬ԲƗ̈ʡ‫ڂ‬ɂͿ˱ʄ‫ڂ‬ʎ̅ʡ‫̵ڂ‬ʎ̇˱ʄ‫ڂ‬ɏȈʡհ‫˱ڂ‬ʎ΀˱ʄ‫ڂ‬ȻȈ˱‫͝ڂ‬ɴ‫ͮڂ‬ʎǿΰ‫̿ڂ‬Ǻ˱ʄ‫˪ڂ‬ʩ˱ʎ‫ڂ‬

ͮʎǿΰ‫˪ڂ‬ʩ˱ʎ‫˱ڂ‬ʎ΀‫̅̿ڂ‬ʡ‫ڂ‬Ϋͽ̛˱ʄ‫ڂ‬ɂǶʡ‫ڂ‬ʎǵ˱ʄ‫ͮڂ‬ʎ̚‫˱́̿ͮڂ‬ʄ‫ڂ‬ɂǾͽ‫ڂ‬ɂʎͽΰɹ˱‫ڂ‬ ͮʎȁ˱‫˅ ڂ‬ι‫ ڂ‬ɂΘǵ‫ ڂ‬Ėɟ΢ʡ͝‫ ڂ‬Hǵ̿​̿́ˍˍԻԎԼձ‫ ڂ‬ĖȊ‫˱ ڂ‬ʄ΀̡ʡ‫ͮ ڂ‬Κ˱ʄ‫ˍ ڂ‬Ȋ˪‫˱́̿ͮ ڂ‬ʄ‫ڂ‬ ˱ʄǾ˱‫ ڂ‬ʎȊ˱ʄհ‫̈ͮ ڂ‬ʡ‫͝ ڂ‬ɴ‫ ڂ‬ɂʎ́‫ ڂ‬ȻȈ˱‫ͮ ڂ‬ʎǿΰ‫ ڂ‬ɂǶɂʎ‫˱ ڂ‬ʎʩ˱‫˱ ڂ‬ʎȀ˱‫ͮ ڂ‬Κ‫ ڂ‬ʄ̇ɂ‫ڂ‬ ɏ̟‫ڂ‬ɂΘǵ‫˱ڂ̟ͮ˪ڂ‬ʄǾ˱‫ڂ‬ʎȊ˱ʄ‫ڂ‬ΞȊ‫ڂ‬ʎ΀̠˱ʄ‫ڂ‬Ɏȃ˱‫ڂ‬ȻȈ˱‫ڂ‬ɂǶɂʎ‫˅ڂ‬ʡɷ˪‫́͝ڂ‬Ƕͮ‫ڂ‬ ɂʎǹͮ‫ڂ‬ɂʎɴ‫ڂ‬ɂǶɂ‫ڂ‬Ɏ̆˱ʄ‫ͮڂ‬ʡɶ˱‫ڂ‬ɏʡ‫ڂ‬Ξǵΰ‫˱́̿ͮڂ‬ʄ‫˱̜ͽˍڂ‬ʄ‫ͮڂ‬ʡɶ˱‫ڂ‬ɂΘǵ‫˪ڂ‬ʩ˱ʎձ‫ڂ‬ Hʎ΀̅˱ʄ‫ڂ‬ԏ‫͝ڂ‬ɴ‫ڂ‬ʎ΀̠˱ʄ‫ڂ‬Ɏȃ˱‫ڂ‬ȻȈ˱‫ͮڂ‬ʎΝɂ‫ڂ‬ʎʡɹ˱‫ڂ̟ͮ˪ڂ‬ȻȊʡ‫̵ڂ‬ʎǾ˱‫ͮڂ‬ʪɂʎ‫ڂ‬ ɏ̅˱‫ڂ‬ʄʡȋ˱‫ڂ‬ʄʡ΄̵‫̙˪ڂ‬ʡ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫ͮڂ‬ʎǵΰ‫ڂ‬ɏ̝ʡ‫ͽ̻ڂ‬ǵ˱‫ڂ‬ ʎɹ‫ڂ‬ɂΘǵ‫˪ڂ‬ʩ˱ʎ‫ڂ‬Ξ̠ʡ‫˱ڂ‬ʄǾ˱‫ڂ‬ʎȊ˱ʄձ

Ɨ̿́˱ʄ‫ڂ‬ɂǶɂ‫ڂ‬ɂʎ΀̅˱ʄ‫̠ͮڂ‬ʡհ‫ڂ‬ȻȈ˱‫͝ڂ‬ɴ‫ͮڂ‬ʎǿΰ‫@ڂ‬Ƕ́‫ڂ‬ɂǶ́‫ڂͽ΀ˍڂ‬ɂʎͽΰɷ˱‫ͮڂ‬ʡɶ˱‫ͮڂ‬ɹ‫ڂ‬ɂΘǵ‫ڂ‬ɂǶɂ‫ڂ‬ Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ʄʡ̛˱ʄ‫ڂ‬ΰ‫˱ڂ‬ʎ΀‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ȻȈ˱‫ڂ‬ɏǵ˱ʄ‫ڂ‬ɏʡɶͽ‫ڂ‬ʎȊ˱ʎ‫ڂ‬Պ‫ڂ‬ɂʎ́‫ڂ‬Ɏ΃‫ڂ‬ ˍȊ‫˅ڂ‬ʡ˱ʎ‫ڂ‬Ɏ́ǵ˱ʎ‫ڂ‬ʎȊ˱ʄ‫ڂ‬ʎ̇ǵ‫ڂ‬ʎǵΰ‫ڂ‬Ɏʴɂʎ‫ڂ‬ΞΗ‫ڂ‬Պ‫ڂ‬ΞȊ‫ڂ‬Ϋɟ˪‫ڂ‬ɂʎ΄˱ʄ‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫ڂ‬ɂȋʡ‫ͮڂ‬ʎʡɹ˱‫ͮڂ‬ʎɵ‫ڂ‬ ˱Ȋ́ձ‫@ڂ‬Ȉ˱‫͝ڂ‬ɴ‫˅ڂ‬ʎ̈˱ʄ‫˪ڂ‬ǿͮ‫˱ڂ‬ʎʡɶͽ‫ͮڂ‬ʎ̡ʡ‫ڂ‬ʄʡǵ˱‫ڂ‬ɏɷ‫ͮڂ̢̿ͮڂ‬ʎȊ˱ʎ‫ڂ̟ͮ˪ڂ‬ɂʎͽΰɤ˱‫ڂ‬ʄʡǵ‫ڂ‬ɂʎȂ˱‫ڂ‬ ɏ́Ƕ˱‫˅ڂ‬ʎʡ‫˱ڂ‬ʎʩ˱‫ڂ‬ΞȊ́‫ڂ‬ɂʎʡɵɂ‫ڂ‬ɏ̜˱ʄ‫ڂ‬ʎ̜‫ڂ‬ɏ́‫˱̡΀ˍڂ‬ʄ‫˱ڂ‬ʄͽ̜˱‫ͮڂ‬ʡɶ˱‫˱ڂ‬Ȋΰ‫̿ͮڂ‬ɤ˱‫ڂ‬Ȼȋ˱ʄ‫ڂ‬ɏʡɶͽ‫ڂ‬ ˅ʎʡɷ˱‫ڂ‬ɂΘǵ‫˪ڂ‬ʩ˱ʎձ‫@ڂ‬Ȉ˱‫͝ڂ‬ɴ‫ͮڂ˪̠͝ڂ‬ʎΝɂ‫ڂ‬ʎʡɹ˱‫ڂ‬ɏ΀̤ɂ‫ڂ‬ɂǶɂ‫ͮڂ‬ʎǵ́‫ͮڂ‬Ƕɂ‫˱ڂ‬ʎɲ‫˱ڂ‬ʎȊ˱ʄհ‫ڂ‬ɂ̇‫ڂ‬ ɂʎʡɵ˱‫̤΀ˍڂ‬ɂ‫ڂ‬ʄʡ΄̵‫ڂ‬ɂȋʡ‫ͮڂ‬ʎʡɹ˱‫ڂ‬Ɏ̆˱ʄ‫ͮڂ‬ʡɶ˱‫ͮڂ‬Κ‫ڂ‬ɂǶɂ‫ڂ‬ʎ́Ȉͮ‫ڂ‬ɏ̟˱ʄ‫ڂ‬ΞȀ˱‫ڂ‬ʎȊ˱ʎ‫ڂ‬ʄȁ˱‫˱ڂ‬ʎ΀‫ڂ‬ ɂʎʳ‫͝ڂ‬ǵͽ‫ڂ̟ͮ˪ڂ‬ɏɤ˪ձ Ɖǵͽ‫ڂ‬ɏǾΰ‫ˍڂ‬Ȋ‫ڂ̛͝ڂ̟ͮ˪ڂ‬ɂǾͽ‫ڂ‬ʎ̚ʡ‫ڂ‬ɂ̅‫ڂ‬Ȼȋ˱‫˪ڂ‬Ȋ‫@ڂ‬Ƕ́‫ڂ‬ɂǶ́‫ڂͽ΀ˍڂ‬ɂʎͽΰɷ˱‫ͮڂ‬ʡɶ˱‫ͮڂ‬ɹ‫͝ڂ‬ɴ‫̿ͮڂ‬ȋ‫̡ˍڂ‬ʡ‫ڂ‬ ɂʎ́‫ڂ‬ȻȈ˱մ

‫ڂ‬Ɨʡɷͽ‫ͮڂ‬ʎͽΰɵͮ‫ڂ‬ɎȊ˱ʎ‫ڂ‬ɂʎ́‫ͮڂ‬ʎʡɵͽ‫˱ڂ‬ʎʡ‫ڂ‬բ ˍʡɂɟ‫ڂ̢ڂ‬ΫΙ‫ͮڂ̢͝ڂ‬ʎȁ˱‫ͮڂ‬ʡɤ˱բհ‫ͮڂ‬Ƕɂ‫̵ڂ‬ʎȂ˪‫̝˱ڂ‬ʡ‫ͮڂ‬ʡɵ˱ʄ‫ڂ‬ɂΘǵ‫ڂ‬ Ėɟ΢ʡ͝‫ڂ‬Hǵ̿​̿́ˍˍձ

ԻԎԼ

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CH - 01

1

Śǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ɂΘǵ‫̈ͮڂ‬ʡ‫ڂ‬ɂ̇‫ڂ‬ɏΘ‫ͮڂ‬ʡɶ˱‫ڂ‬ɏɷ‫̿ͮڂ‬ǵ˱ʄ‫̿ͮڂ‬ȋʡ‫ڂ‬ɂʎʡ‫̵ڂ‬ʎʪ‫ڂ‬ɂʎ́‫ڂ‬

2

ĩʎΜ˱ʄ‫ڂ‬ɂʎʡ‫̵ڂ‬ʎʪ‫˱ڂ‬Ȋ́‫̈ͮڂ‬ʡ‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫ڂ‬ɂǸͮ‫ڂ‬ʄʡȋ˪‫˪ڂ‬Ȉ˱ʎ‫˱ڂ‬ʄǵΰ‫ڂ‬ɏ΀̤ɂ‫ڂ‬

3

ĖȊ˪‫͝ڂ‬ǵ́‫ڂ‬ɏɷ‫ˍڂ‬Ȁ̵‫˅ڂ‬ɵ‫ڂ‬ʎ́Ȉɂʎ‫ڂ‬Ξɶ‫˱ڂ‬ʎͽ‫ڂ‬ɂȁͽ‫ͮڂ‬ʡɶ˱‫ڂ‬ΞȊ́‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬

4

Ɨʎ̡ʡ‫ڂ‬ɏʡɷ˪‫˱ڂ̛ͮͮڂ‬ʎǿͮ‫ڂ‬ɏɷ‫ڂ‬Ϋʡ˱‫ڂ‬ʎȈ˱‫˪ڂ‬Ιɂ‫ͮڂ‬ʪ˱‫ڂ‬ɎΗ˱ʄ‫ˍڂ‬Ȋ‫˅ڂ‬ʎʡ‫˱ڂ‬Ȋ́‫ڂ‬ΞȊ‫ڂ‬

Ȼǵ‫ͮڂ‬ʎǶ˱ʄ‫̠ͮڂ‬ʡ‫˅ڂ‬ʎ̈˱ʄԬ

ΞȊ‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬ɂʎʡ‫̵ڂ‬ʎʪ‫˱ڂ‬Ȋ́‫ˍڂ‬Ȋ‫ͮڂ‬ʎʡɵͮ‫ڂ‬ΰɵͽ‫ڂ‬ɏ̛ʡ‫ڂ‬Ξ̠ʡ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵Ԭ

ͮʎǶ˱ʄ‫˅ڂ‬ʎ̇‫˅ڂ‬ʎǷ˱‫˱́̿ͮڂ‬ʄ‫˱ڂ‬Ƿ˪Ԭ

ˍȊ˪‫͝ڂ‬ǵ́‫ڂ‬ɏɷ‫ͽ̻ڂ‬ȋ˱‫ˍڂ‬δ‫ڂ‬ɏ΀̤ɂ‫ڂ‬Ξʡɹɂ‫ڂ‬ɏ̇Ԭ

Bảng cân đối kế toán Hͽ̛ʡ‫ڂ‬ɂ΃˱ʄ‫˱ڂ‬ʎ΀˱ʄ‫˅ڂ‬ʎ̈˱ʄ‫˅ڂ‬ɣ˪‫̵ڂ‬ʎȁ˱‫ͽ̻ڂ‬ǵ˱‫˱̙̿ͮڂ‬ʄհ‫ڂ‬ʎȓΰ‫ڂ‬ɂ΃˱ʄ‫ڂ‬ɂʎͽΰɷ˱‫͝ڂ‬ǵ˱ʄ‫ڂ‬ ɏ̜˱ʄ‫ڂ‬ʎ̜‫ڂ‬Ƕ̵‫ͽ͝ڂ‬ǿͮ‫ڂ‬Ɏȁͽ‫̿ͮڂ‬ɤ˱‫ڂ‬Ȼȋ˱ʄ‫ڂ‬ɏʡɶͽ‫˅ڂ‬ʎʡɷ˱‫ͮڂ‬Ȋʡ‫ڂ‬ɂʎʪ˱ʎ‫ڂ‬ɂΘǵ‫ڂ‬ɂʎ΄˱ʄ‫ͮڂ‬ǵմ‫@ڂ‬ȋ˱ʄ‫ڂ‬ ɂǾ˱‫ڂ‬ɏ̛ʡ‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱ձ‫@ڂ‬Ƕ́‫ڂ‬ɂǶ́‫˱ڂ‬Ȋΰ‫ͮڂ‬ʎ́Ȉͮ‫˱ڂ‬ʄʎɟ‫ͮڂ‬ʎʩ‫˅ڂ‬ʎ̈˱ʄ‫˪ڂ‬ǿΰ‫ͮڂ‬ʎ΄‫ڂ‬Ξʴհ‫˱ڂ‬ʎ΀˱ʄ‫ڂ‬Ξ̠ʡ‫ڂ‬ ˱ʄǾ˱‫ڂ‬ʎȊ˱ʄ‫ڂ‬ʎ́ǹɂ‫ڂ‬ɂǶɂ‫ڂ‬Ȼɤ˱‫ڂ‬ɂʎ́‫ڂ‬Ξǵΰ‫ͮڂ‬ʎʩ‫ڂ̇˱ڂ‬ɂ̆˱‫ڂ‬ʎ΄ͮ‫˪ڂ‬Ǹͮ‫ڂ‬ʎ̅˱‫ڂ‬ɂȋ‫ڂ̟ͮ˪ڂ‬Ȼ̟‫ڂ‬Ȼʡ˅ʡ˱ʡ‫ڂ‬ ɎǾΰձ‫ڂ‬ĩɵͽ‫ڂ‬ȻȈ˱‫ڂ˱̛ͽ˪ڂ‬Ȼʡɵͮ‫͝ڂ‬Ιɂ‫˅ڂ‬ʎ̚ɟ‫˱̝ͮڂ‬ʄ‫ͽ̻ڂ‬ǵ˱‫ڂ‬ΞȊ‫͝ڂ‬Ιɂ‫˪ڂ‬Ȉ˱ʎ‫ͮڂ‬Ȋʡ‫ڂ‬ɂʎʪ˱ʎ‫ڂ‬ɂΘǵ‫ڂ‬ Ȼǿͮ‫˅ڂ‬ι‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬Ȋ́‫ͮڂ‬ʎʩ‫@ڂ‬ȋ˱ʄ‫ڂ‬ɂǾ˱‫ڂ‬ɏ̛ʡ‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱‫͝ڂ‬ɴ‫ˍڂ‬Ȋ‫ͮڂ‬ʎΙ‫ڂ‬ʄʡ΄̵‫ڂ‬ȻȈ˱‫ڂ‬Ɏɸ‫ڂ‬ ɎȊ˱ʄ‫ͮڂ‬ʎǿΰ‫ڂ‬ɏ΀̤ɂ‫ڂ‬ɏʡɶͽ‫ڂ‬ɏ̇հ‫˱ڂ‬ɵͽ‫ڂ‬ȻȈ˱‫ڂ‬Ȼʡɵͮ‫ڂ‬ɂǶɂʎ‫ڂ‬ɏ̙ɂ‫̇˱ڂ‬ձ‫@ڂ‬ȋ˱ʄ‫ڂ‬ɂǾ˱‫ڂ‬ɏ̛ʡ‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱‫ڂ‬ ʄʎʡ‫ˍڂ‬Ȉʡ‫̙˪ڂ‬ʡ‫˅ڂ‬ʎ́ȋ˱‫ڂ‬Ξǵΰհ‫ڂ̤˱ڂ‬Ξǵΰ‫ڂ‬ΞȊ‫̵ڂ̤˱ڂ‬ʎȋʡ‫̿ͮڂ‬ȋ‫˪ڂ‬Ȋ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ɏǵ˱ʄ‫ڂ‬ɂ̇‫ڂ‬ ͮʪ˱ʎ‫ͮڂ‬Κ‫˅ڂ‬ʎʡ‫ͮڂ‬ʎȊ˱ʎ‫ˍڂ‬Ȁ̵‫ڂ‬ɂ΃˱ʄ‫ڂ‬ʄʡǶ‫̿ͮڂ‬ʴ‫ͮڂ‬Ȋʡ‫͝ڂ‬ȋ˱‫ڂ‬ΞȊ‫ڂ‬ʄʡǶ‫̿ͮڂ‬ʴ‫˱̆̿ڂ‬ʄ‫ڂ‬ɂΘǵ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵ձ‫ڂ‬ ġ̟ͮ‫ͮڂ̛͝ڂ‬Ȋʡ‫͝ڂ‬ȋ˱‫ڂ‬ɂ̇‫ͮڂ‬ʪ˱ʎ‫ͮڂ‬ʎǵ˱ʎ‫˅ڂ‬ʎ́ȋ˱‫ڂ‬ɂǵ́‫ڂ‬Բ˱ʎ΀‫ͮڂ‬ʡɶ˱Գ‫ڂ‬ɂ̆˱‫˅ڂ̛͝ڂ‬ʎǶɂ‫ͮڂ‬ʎʩ‫˅ڂ‬ɣ˪‫ڂ‬ ͮʎǵ˱ʎ‫˅ڂ‬ʎ́ȋ˱հ‫ڂ‬ʎ́ǹɂ‫˅ڂ‬ʎ̈˱ʄ‫ڂ‬Ɏɸ‫ڂ‬ɂʎͽΰɷ˱‫ڂ‬ɏ̝ʡ‫ͮڂ‬ʎȊ˱ʎ‫ͮڂ‬ʡɶ˱‫ڂ‬Բ˱ʎ΀‫˱ڂ‬ʎȊ‫ڂ‬ɂΛǵԳձ‫ڂ‬ġ̟ͮ‫ڂ‬ ̛͝‫ˍڂ‬Ȋ‫ͮڂ‬Ȋʡ‫͝ڂ‬ȋ˱‫ڂ‬ʎΜͽ‫ڂ‬ʎʩ˱ʎ‫ڂ‬ԲʎȊ˱ʄ‫ڂ‬ʎ̇ǵհ‫ͮڂ‬ʎʡɵͮ‫ڂ‬ȻʴհձձձԳ‫ڂ‬ɂ̆˱‫˅ڂ̛͝ڂ‬ʎǶɂ‫ͮڂ‬ʎʩ‫ˍڂ‬Ȋ‫ڂ‬Ξ̈‫ڂ‬ʎʩ˱ʎ‫ڂ‬ԲͮȊʡ‫ڂ‬

36

͝ȋ˱‫ͮڂ‬ʎ΀̅˱ʄ‫ڂ‬ʎʡɹͽհ‫̤ˍڂ‬ʡ‫ͮڂ‬ʎɵ‫ͮڂ‬ʎ΀̅˱ʄ‫˪ڂ‬ȈʡԳձ

ɏɵ˱‫ڂ‬ʄʡǶ‫̿ͮڂ‬ʴ‫ͮڂ‬Ȋʡ‫͝ڂ‬ȋ˱‫˱̆̿ڂ‬ʄ‫ڂ‬ɂΘǵ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵ձ‫ ڂ‬ʡǶ‫̿ͮڂ‬ʴ‫ͮڂ‬Ȋʡ‫͝ڂ‬ȋ˱‫˱̆̿ڂ‬ʄ‫ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱հ‫ڂ‬ ɏ΀̤ɂ‫ڂ‬ʎʡɷ˱‫ͮڂ‬ʎʴ‫̿ͮڂ‬ɤ˱‫@ڂ‬ȋ˱ʄ‫ڂ‬ɂǾ˱‫ڂ‬ɏ̛ʡ‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱հ‫ڂ‬ɂʎʳ‫ڂ‬ɏ̅˱‫ڂ‬ʄʡȋ˱‫ˍڂ‬Ȋ‫͝ڂ‬Ν‫ڂ‬ɂʎɤ˱ʎ‫ˍڂ‬ɹɂʎ‫ڂ‬ ʄʡΜǵ‫̵ڂ‬ʎȁ˱‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ̢͝ڂ‬ʎΜͽ‫ڂ‬ΞȊ‫̵ڂ‬ʎȁ˱‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫̤˱ڂ‬ձ‫ڂ‬Ի ʡǶ‫̿ͮڂ‬ʴ‫ͮڂ‬Ȋʡ‫͝ڂ‬ȋ˱‫ڂ‬ ̿̆˱ʄ‫ڂ‬ɏ̈ʡ‫˅ڂ‬ʎʡ‫ڂ‬ɂͿ˱ʄ‫ڂ‬ɏ΀̤ɂ‫ڂ‬ʄ̙ʡ‫ˍڂ‬Ȋ‫ڂ‬բΞ̛˱‫ڂ‬ɂʎΘ‫ڂ̢͝ڂ‬ʎΜͽբհ‫ڂ‬Ɏ΃‫ڂ‬ɂ̈˱ʄ‫ͮڂ‬ΰ‫ڂ‬ɂ̇‫ڂ̟ͮ˪ڂ‬ʎǵΰ‫ڂ‬ ˱ʎʡɶͽ‫ڂ‬ɂʎΘ‫ڂ̢͝ڂ‬ʎΜͽԳձ‫ڂ‬H́˱‫ڂ̛͝ڂ‬ɏ̇‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫ˍڂ‬Ȋ‫ڂ‬Ɏ΀̅˱ʄ‫ڂ‬ʎǵΰ‫ڂ‬Ǿ˪ձ‫ڂ‬ĩʎ΀‫ڂ‬ΞȀΰ‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫ڂ‬ ȻȈ˱‫ڂ‬ɂͿ˱ʄ‫ڂ‬ɏ́Ƕ˱‫̿ڂ‬ǵհ‫ڂ‬ʄʡǶ‫̿ͮڂ‬ʴ‫˱̆̿ڂ‬ʄ‫ڂ‬Ǿ˪‫ڂ‬ɂ̇‫˱ڂ‬ʄʎʥǵ‫ˍڂ‬Ȋ‫ڂ̛͝ڂ‬ȻȈ˱‫˱ڂ̤˱ڂ‬ʎʡɶͽ‫ڂ‬ʎ̅˱‫ڂ̛͝ڂ‬ȻȈ˱‫ڂ‬ ̢͝‫ڂ‬ʎΜͽձ

TÀI CHÍNH DÀNH CHO NGƯỜI SỢ SỐ

@Ȉ˱‫ڂ‬ɂȁ˱‫ڂ‬ʎʡɷͽ‫ڂ‬ɏ΀̤ɂ‫̙˪ڂ‬ʡ‫ͮڂ‬Ȋʡ‫͝ڂ‬ȋ˱‫ڂ‬ΞȊ‫̵ڂ̤˱ڂ‬ʎȋʡ‫̿ͮڂ‬ȋ‫˱ڂ‬Ȋΰհ‫ڂ‬ȋ˱ʎ‫ڂ‬ʎ΀̢˱ʄ‫ڂ‬ɂΘǵ‫ڂ‬ɂʎ΄˱ʄ‫ڂ‬

ʡǶ‫̿ͮڂ‬ʴ‫ͮڂ‬Ȋʡ‫͝ڂ‬ȋ˱‫˱̆̿ڂ‬ʄ‫ڂ‬Ɏ΀̅˱ʄ‫ˍڂ‬Ȋ‫ͮڂ‬ʎΙ‫˪ڂ‬Ȋ‫ڂ‬ȻȈ˱‫̵ڂ‬ʎȋʡ‫ͮڂ‬ʎɟ́‫ڂ‬ɏͽ̝ʡհ‫ڂ‬Ξʩ‫˱ڂ‬ʎʡɶͽ‫ˍڂ‬δ‫ڂ‬Ɏ́ձ‫ڂ‬ƗʎΙ‫ڂ‬ ˱ʎǿͮհ‫˅ڂ̇˱ڂ‬ʎʡɵ˱‫ڂ‬ȻȈ˱‫ڂ‬ʎǿ̵‫ڂ‬Ɏȃ˱‫ڂ‬ʎ̅˱‫˱́̿ͮڂ‬ʄ‫˪ڂ‬Ǹͮ‫˱ڂ‬ʄǾ˱‫ڂ‬ʎȊ˱ʄ‫˱ڂ‬ɵͽ‫ڂ‬ȻȈ˱‫ڂ˱̛ͽ˪ڂ‬ΞȊ‫ڂ‬ ɂȁ˱‫ڂ‬Ξǵΰ‫ͮڂ‬ʡɶ˱ձ‫ڂ‬Ɨ̿́˱ʄ‫ڂ‬Hʎ΀̅˱ʄ‫ڂ‬ԏհ‫̈ͮڂ‬ʡ‫͝ڂ‬ɴ‫ڂ‬ɂͽ˱ʄ‫ڂ‬ɂǿ̵‫ڂ‬ɂʎ́‫ڂ‬ȻȈ˱‫ڂ‬ɂǶʡ‫˱ڂ‬ʎʩ˱‫͝ڂ‬Ǿͽ‫ڂ‬ʎ̅˱‫ڂ‬ Ξɶ‫ڂ‬ɂǶɂʎ‫˱ڂ‬ʄǾ˱‫ڂ‬ʎȊ˱ʄ‫ڂ‬Ϋɟ˪‫ڂ‬Ϋɣͮ‫@ڂ‬ȋ˱ʄ‫ڂ‬ɂǾ˱‫ڂ‬ɏ̛ʡ‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱‫ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱ձ‫ڂ‬Ɨ̈ʡ‫͝ڂ‬ɴ‫ڂ‬ɂʎ́‫ڂ‬ȻȈ˱‫ڂ‬ ͮʎǿΰ‫ڂ‬ɂǶɂ‫ڂ‬ɂ́˱‫˱ڂ̛͝ڂ‬Ȋΰ‫ڂ‬ȋ˱ʎ‫ڂ‬ʎ΀̢˱ʄ‫ͮڂ‬ʎɵ‫˱ڂ‬Ȋ́‫ڂ‬ɏɵ˱‫ͽ̻ڂ‬ΰɵͮ‫ڂ‬ɏʴ˱ʎ‫ͮڂ‬ʎ̡ʡ‫ڂ‬ɏʡɷ˪‫ڂ‬ɏʡ‫ڂ‬Ξǵΰ‫ڂ‬ ΞȊ‫˱ڂ‬ʎΜ˱ʄ‫˅ڂ‬ʎ́ȋ˱‫ڂ‬Ξǵΰ‫ڂ‬ȻȈ˱‫ڂ‬ɂȁ˱‫̿ͮڂ‬Ƕ˱ʎ‫˱ڂ‬ɵͽ‫˅ڂ‬ʎ̈˱ʄ‫ڂ˱̛ͽ˪ڂ‬Ϋɟ‫˪ڂ‬ʩ˱ʎ‫ڂ‬ɂʎɵͮ‫˪ڂ‬Ƕΰձ‫ڂ‬ ƗʎΙ‫ڂ‬ʎǵʡհ‫ڂ‬ʄʡǶ‫̿ͮڂ‬ʴ‫˱̆̿ڂ‬ʄ‫ڂ‬Ɏ΀̅˱ʄ‫˱ڂ‬ʄʎʥǵ‫ˍڂ‬Ȋ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫ڂ‬ȻǶ˱‫ڂ‬ɏʡ‫ڂ‬ɏ΀̤ɂ‫˱ڂ‬ɵͽ‫ڂ‬ ȻȈ˱‫ڂ‬ɂȁ˱‫ڂ‬ʎ́ǹɂ‫ڂ˱̛ͽ˪ڂ‬ȻǶ˱ձ‫ݱڂ‬Κ˱ʄ‫́ˍڂ‬հ‫̈ͮڂ‬ʡ‫͝ڂ‬ɴ‫˅ڂ‬ʎ̈˱ʄ‫ˍڂ‬Ȋ˪‫ڂ‬ȻȈ˱‫ڂ‬ɂʎǶ˱‫˱ڂ‬ʄǶ˱‫ڂ‬ȻǺ˱ʄ‫ڂ‬ ˱ʎΜ˱ʄ‫ڂ‬ɂʎʡ‫ͮڂ‬ʡɵͮ‫ڂ‬Ξɶ‫ڂ‬Ξʡɹɂ‫ڂ‬ȻǶ˱‫ڂ‬ɂ̈˱ʄ‫ͮڂ‬ΰ‫˱́̿ͮڂ‬ʄ‫ڂ‬ɂͽ̛˱‫͝ڂ‬Ƕɂʎ‫˱ڂ‬Ȋΰ‫ڂ‬ɏǾͽձ‫ڂ‬ĩʎ΀˱ʄ‫ڂ‬ȻȈ˱‫ڂ‬ ɂͿ˱ʄ‫ڂ‬ɂȁ˱‫ڂ‬ɂʎͽȂ˱‫ڂ‬Ȼʴ‫ڂ‬ɂʎ́‫˅ڂ‬ʎȋ‫˱ڂ‬Ƿ˱ʄ‫ڂ‬ɏ̇հ‫ڂ‬ΞȊ‫˱ڂ‬ʎ΀‫ͮڂ‬ʎɵ‫˱ڂ‬ʄʎʥǵ‫ˍڂ‬Ȋ‫̵ڂ‬ʎȋʡ‫ͮڂ‬ʎɟ́‫ڂ‬Ɏ̃ʡ‫ڂ‬Ϋɟ˪‫ڂ‬ ɂ̈˱ʄ‫ͮڂ‬ΰ‫ڂ‬ɏǶ˱ʄ‫ڂ‬ʄʡǶ‫ڂ‬Ȼǵ́‫˱ڂ‬ʎʡɤͽ‫ڂ‬ΞȊ‫ͮڂ‬Ȋʡ‫͝ڂ‬ȋ˱‫˱ڂ‬Ȋ́‫ˍڂ‬Ȋ‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫ڂ‬ɂʎͽΰɷ˱‫˱ڂ‬ʎ΀̤˱ʄ‫ڂ‬ɏ΀̤ɂձ‫ڂ‬ ‫ݱ‬ǵ‫̵ڂ‬ʎȁ˱‫ڂ‬ɂǶɂ‫ͮڂ‬ʎ̈˱ʄ‫ͮڂ‬ʡ˱‫˱ڂ‬Ȋΰ‫͝ڂ‬ɴ‫ڂ‬ɂ̇‫˱́̿ͮڂ‬ʄ‫@ڂ‬ȋ˱ʄ‫ڂ‬ɂǾ˱‫ڂ‬ɏ̛ʡ‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱‫ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱ձ @Ȉ˱‫ͮڂ‬ʡɵ˱‫ڂ‬ɏɵ˱‫ڂ‬ʄʡǶ‫̿ͮڂ‬ʴ‫ͮڂ‬Ȋʡ‫͝ڂ‬ȋ˱‫˱̆̿ڂ‬ʄ‫ڂ‬Ɏ΀̅˱ʄ‫ڂ‬ȻǺ˱ʄ‫ڂ‬ʎǵʡ‫ڂ‬ ɂǶɂʎ‫ڂ‬ɂ̅‫ڂ‬Ȼȋ˱‫ڂ‬Ո‫ˍڂ‬Ȋ˪‫ͮڂ‬Ƿ˱ʄ‫ڂ‬ʄʡǶ‫̿ͮڂ‬ʴ‫ͮڂ‬Ȋʡ‫͝ڂ‬ȋ˱‫ڂ‬ΞȊ‫ˍڂ‬Ȋ˪‫ڂ‬ ʄʡȋ˪‫̵ڂ̤˱ڂ‬ʎȋʡ‫̿ͮڂ‬ȋձ‫̈ݱڂ‬ʡ‫˅ڂ‬ʎʡ‫ڂ‬Ȼȋ˱‫ͮڂ‬ʎǾ˱‫˱ڂ‬ɶ˱‫˅ڂ‬ʡ˱ʎ‫ڂ‬ ͮɵ‫ ڂ‬ɂͿ˱ʄ‫ ڂ‬ʄʡ΄̵‫ ڂ‬ʪɂʎ‫̿ ڂ‬ǿͮ‫˱̠ˍ ڂ‬ձ‫ ڂ‬ĩɵͽ‫ ڂ‬ȻȈ˱‫ͽ˪ ڂ‬ǵ‫ڂ‬ ˪̟ͮ‫ڂ‬ɂǷ˱‫˱ڂ‬ʎȊ‫ڂ‬ΞȊ́‫˱ڂ‬Ƿ˪‫ڂ‬ԆԐԐԅ‫ڂ‬ΞȊ‫ڂ‬ʄʡΜ‫ͮڂ̇˱ڂ‬ʎʩ‫ڂ‬ ˱ʄ̈ʡ‫˱ڂ‬ʎȊ‫ڂ‬ɏ̇‫ڂ‬Բ˪̟ͮ‫ͮڂ‬Ȋʡ‫͝ڂ‬ȋ˱Գ‫͝ڂ‬ɴ‫ڂ‬ʄʡǵ‫ͮڂ‬Ƿ˱ʄ‫ڂ‬ʄʡǶ‫ڂ‬ ͮ̿ʴ‫˅ ڂ‬ʎʡ‫˱̤΀ˍ ڂ‬ʄ‫ ڂ‬ɂȁͽ‫̿ ڂ‬ǿͮ‫˱̠ˍ ڂ‬ձ‫ ڂ‬ʡǶ‫̿ͮ ڂ‬ʴ‫ͮ ڂ‬Ȋʡ‫͝ ڂ‬ȋ˱‫ڂ‬ ͮǷ˱ʄ‫ˍڂ‬ɤ˱‫͝ڂ‬ɴ‫ˍڂ‬Ȋ˪‫ͮڂ‬Ƿ˱ʄ‫ڂ‬ʄʡǶ‫̿ͮڂ‬ʴ‫ͮڂ‬Ȋʡ‫͝ڂ‬ȋ˱‫˱̆̿ڂ‬ʄ‫ڂ‬ ɂΘǵ‫ڂ‬ȻȈ˱‫˪ڂ‬Ȋ‫ڂ‬ȻȈ˱‫ڂ‬ɂʎǻ˱ʄ‫̵ڂ‬ʎȋʡ‫ˍڂ‬Ȋ˪‫ڂ‬ʄʩ‫˅ڂ‬ʎǶɂ‫ڂ‬ ˱ʄ́Ȋʡ‫ڂ‬Ξʡɹɂ‫ڂ‬Ȼȋ́‫̿ͮڂ‬ʩ‫ڂ‬ɂ̈˱ʄ‫̿ͮڂ‬ʩ˱ʎձ‫ ڂ‬ʡȋ˪‫̵ڂ̤˱ڂ‬ʎȋʡ‫ڂ‬ ͮ̿ȋ‫ˍ ڂ‬Ȋ‫ ڂ‬ɏɷ‫ ڂ‬ɏȋ˪‫ ڂ‬Ȼȋ́‫ ڂ‬Ɏ́ǵ˱ʎ‫˱ ڂ‬ʄʎʡɹ̵‫˅ ڂ‬ʎ̈˱ʄ‫ ڂ‬Ξǵΰ‫ڂ‬

37

02 03 04 05 06 07 08 09 10

CH - 01

˱ʎʡɶͽ‫ͮڂ‬ʡɶ˱‫ڂ‬ʎ̅˱‫˪ڂ‬Ιɂ‫ڂ‬ɂȁ˱‫ͮڂ‬ʎʡɵͮ‫˅ڂ‬ʎʡ‫˱ڂ‬ʄȊΰ‫ڂ‬ɂȊ˱ʄ‫̵ڂ‬ʎǶͮ‫̿ͮڂ‬ʡɷ˱ձ‫ ڂ‬ʡ̛˱ʄ‫˱ڂ‬ʎ΀‫ڂ̟ͮ˪ڂ‬ʄʡǵ‫ڂ‬ ɏʩ˱ʎ‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫ڂ‬Ξǵΰ‫ͮڂ‬ʎɤ˪‫˱ڂ̤˱ڂ‬ʎ΀˱ʄ‫ڂ‬Ξȃ˱‫˱ͽ͝ڂ‬ʄ‫΄ͮڂ‬ɂհ‫ͮڂ‬ʎʩ‫ڂ̟ͮ˪ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ɂͿ˱ʄ‫ڂ‬ ɂ̇‫ͮڂ‬ʎɷ‫˱ڂ‬ʎ΀‫ڂ‬ΞȀΰձ‫ڂ‬ǃȊ‫ڂ‬ȻȈ˱‫ڂ‬ɂͿ˱ʄ‫ڂ‬ɂȁ˱‫ڂ‬Ȼʡɵͮ‫ڂ‬ɏʡɷ˪‫˅ڂ‬ʎ̈˱ʄ‫ͮڂ‬ʎɷ‫ڂ‬ʎ́Ȋ˱‫̿ͮڂ‬ȋ‫ڂ‬Ո‫˅ڂ‬ʎʡ‫ڂ̤˱ڂ‬ ̢ͮ̿‫˱ڂ‬ɤ˱‫ͽ̻ڂ‬Ƕ‫ڂ˱̠ˍڂ‬ɏɵ˱‫˪ڂ‬Ιɂ‫ڂ‬ȻȈ˱‫˅ڂ‬ʎ̈˱ʄ‫ڂ‬ɂ̇‫˅ڂ‬ʎȋ‫˱ڂ‬Ƿ˱ʄ‫̿ͮڂ‬ȋ‫ˍڂ‬Ȉʡձ‫ڂ‬ġ̟ͮ‫ˍڂ‬ȁ˱‫˱ڂ‬Μǵհ‫ڂ̆̿ͮڂ‬ ɂʎ̅ʡ‫˅ڂ‬ɵͮ‫ͮڂ‬ʎ΄ɂձ ƗʎȀͮ‫ڂ‬Ȼͽ̜˱‫ˍڂ‬Ȋ‫̿ڂ‬ǿͮ‫˱ڂ‬ʎʡɶͽ‫˱ڂ‬ʄ΀̡ʡ‫ͽ̻ڂ‬ȋ˱‫ˍڂ‬δ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚‫ڂ‬ɏǵ˱ʄ‫˅ڂ‬ʎʡɵ˱‫ڂ‬ʄʡǶ‫̿ͮڂ‬ʴ‫ڂ‬ ͮȊʡ‫͝ڂ‬ȋ˱‫ڂ‬ʄʡȋ˪‫ڂ‬Ϋͽ̛˱ʄ‫ڂ‬ɂ̆˱‫ͮڂ̤˱ڂ‬ʎʩ‫ͮڂ‬Ƿ˱ʄ‫ˍڂ‬ɤ˱‫˪ڂ‬Ȋ‫ڂ‬ʎ̙‫ڂ‬ɂ̆˱‫ڂ‬ɂʎǻ˱ʄ‫˱ڂ‬ʎȀ˱‫̿ڂ‬ǵձ‫ڂ‬Ɨ̿́˱ʄ‫ڂ‬ Hʎ΀̅˱ʄ‫ ڂ‬Ԏհ‫ ڂ‬ȻȈ˱‫͝ ڂ‬ɴ‫ͮ ڂ‬ʎǿΰ‫̿ ڂ‬ǿͮ‫˱ ڂ‬ʎʡɶͽ‫˱̡΀̿ͮ ڂ‬ʄ‫ ڂ‬ʎ̵̤‫˱ ڂ‬ʎΜ˱ʄ‫˱ ڂ‬ʄ΀̡ʡ‫ͽ̻ ڂ‬ȋ˱‫ˍ ڂ‬δ‫ ڂ‬Ξ̛˱‫ڂ‬ ͮʎ̈˱ʄ‫˪ڂ‬ʡ˱ʎ‫ڂ‬ΞȊ‫ڂ‬ɂ̇‫ڂ‬ɂʎʪ‫ڂ‬ʎ΀̠˱ʄ‫˱ڂ̛ͮͮڂ‬ʎ΀˱ʄ‫ˍڂ‬Ȉʡ‫ͮڂ‬Ν‫ˍڂ‬Ȋ˪‫ڂ‬ʄʡȋ˪‫ڂ‬Ȼ̠ͮ‫ڂ‬ʄʡǶ‫̿ͮڂ‬ʴ‫ͮڂ‬Ȋʡ‫͝ڂ‬ȋ˱‫ڂ‬ ɂΘǵ‫˪ڂ‬ʩ˱ʎհ‫ڂ‬ʄǶ˱ʎ‫ˍڂ‬ǿΰ‫˱ڂ̤˱ڂ‬ȁ˱‫ڂ‬ɂʎ̜˱ʄ‫ڂ‬ɂʎǿͮ‫ڂ‬ΞȊ‫ڂ‬ɂͽ̛ʡ‫ڂ‬ɂ΃˱ʄ‫̵ڂ‬ʎǶ‫ڂ‬ʎΘΰ‫̙˪ڂ‬ʡ‫ͮڂ‬ʎΙ‫˪ڂ‬Ȋ‫ڂ‬ ʎ̙‫ڂ‬ɏȓ‫ڂ‬ɎȊ˱ʎ‫ڂ‬ɂȋ‫ڂ‬ɏ̡ʡ‫ڂ‬ʄǾΰ‫ڂ‬ɎΝ˱ʄձ‫ڂ‬Ɨ̈ʡ‫͝ڂ‬ɴ‫ڂ‬ɂʎʳ‫ڂ‬ɂʎ́‫ڂ‬ȻȈ˱‫ڂ‬ɂǶɂʎ‫ڂ‬ɂʎʪ˱ʎ‫ڂ‬ΫǶɂ‫ڂ‬ɏɷ‫̿ͮڂ‬Ƕ˱ʎ‫ڂ‬ Ξɵͮ‫ڂ‬Ϋɟ‫ڂ‬ɏ̝‫ڂ‬ɏ̇ձ S΀̠ʡ‫ڂ‬ɏǾΰ‫ˍڂ‬Ȋ‫ڂ̛͝ڂ̟ͮ˪ڂ‬ɂǾͽ‫ڂ‬ȻȈ˱‫͝ڂ‬ɴ‫ڂ˱̛ͽ˪ڂ‬ʎ̚ʡ‫˅ڂ‬ʎʡ‫ڂ‬ɏ̙ɂ‫@ڂ‬ȋ˱ʄ‫ڂ‬ɂǾ˱‫ڂ‬ɏ̛ʡ‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱‫ڂ‬ ɂΘǵ‫˪ڂ‬ʩ˱ʎմ

1

Ėʡɹͽ‫ڂ‬ɂ̈˱ʄ‫ͮڂ‬ΰ‫ڂ‬ɂ̇‫ͽ̻ڂ̤˱ڂ‬Ƕ‫˱ڂ‬ʎʡɶͽ‫˅ڂ‬ʎ̈˱ʄԬ

2

Ḧ˱ʄ‫ͮڂ‬ΰ‫ڂ‬ɂ̇‫ڂ‬ɏǵ˱ʄ‫ͮڂ‬ʎͽ‫ڂ‬Ξɶ‫̤ˍڂ‬ʡ‫ڂ‬ʪɂʎ‫ڂ‬ΫΙ˱ʄ‫ڂ‬ɏǶ˱ʄ‫ͮڂ‬Κ‫˱ڂ‬ʎΜ˱ʄ‫˅ڂ‬ʎ́ȋ˱‫ڂ‬

3

Ḧ˱ʄ‫ͮڂ‬ΰ‫ڂ‬ɏȓ‫ڂ‬ɏʡ‫ڂ‬Ξǵΰ‫ڂ‬ɏ΄˱ʄ‫ڂ‬ɂǶɂʎ‫ڂ‬ɂʎ΀ǵԬ

4

ʡǶ‫̿ͮڂ‬ʴ‫ͮڂ‬Ȋʡ‫͝ڂ‬ȋ˱‫ڂ‬ɏǵ˱ʄ‫ͮڂ‬Ƿ˱ʄ‫ڂ‬ʎǵΰ‫ڂ‬ʄʡȋ˪‫ڂ́͝ڂ‬Ξ̠ʡ‫̵ڂ̤˱ڂ‬ʎȋʡ‫̿ͮڂ‬ȋԬ

5

Ḧ˱ʄ‫ͮڂ‬ΰ‫ڂ‬ɂ̇‫ڂ‬Ȼǵ́‫˱ڂ‬ʎʡɤͽ‫ڂ‬Ξ̛˱‫ڂͽ΀ˍڂ‬ɏ̟˱ʄԬ

6

Ḧ˱ʄ‫ͮڂ‬ΰ‫˅ڂ˱̜ͮڂ‬ʎ́‫ͽ̻ڂ‬Ƕ‫˱ڂ‬ʎʡɶͽ‫ڂ‬ʎǵΰ‫ͽ̻ڂ‬Ƕ‫ڂ‬ʪͮԬ

˱̤‫ڂ‬ɂΘǵ‫˪ڂ‬ʩ˱ʎ‫˅ڂ‬ʎ̈˱ʄԬ

ΰ‫ڂ‬Ξ̙˱ʄ‫̿ڂ‬Ǻ˱ʄ‫̵ڂ‬ʎȁ˱‫ڂ‬ʄʡ̠ʡ‫ͮڂ‬ʎʡɹͽ‫ڂ‬Ξɶ‫ڂ‬Ȼȋ˱ʄ‫ڂ‬ɏʡɶͽ‫˅ڂ‬ʎʡɷ˱‫ͮڂ‬Ȋʡ‫ڂ‬ɂʎʪ˱ʎ‫˱ڂ‬Ȋΰ‫ڂ‬ɏȓ‫ڂ‬ʄʡ΄̵‫ڂ‬ȻȈ˱‫ڂ‬ ɂ̇‫ڂ‬ɂʎ΄ͮ‫ڂ‬ʎʡɷͽ‫ڂ‬Ȼʡɵͮ‫ڂ‬Ξɶ‫ͮڂ‬ȁ˪‫ͽ̻ڂ‬ǵ˱‫˱̙̿ͮڂ‬ʄ‫ڂ‬ɂΘǵ‫ڂ‬Ξʡɹɂ‫ڂ‬ɎȊ˱ʎ‫ͮڂ‬ʎ̡ʡ‫ڂ‬ʄʡǵ˱‫ˍڂ‬Ȋ˪‫ͽ̻ڂ‬ɟ˱‫ڂ‬Ξ̠ʡ‫ڂ‬ ˱ʎΜ˱ʄ‫ͮڂ‬ʎΙ‫˱́̿ͮڂ‬ʄ‫@ڂ‬Ƕ́‫ڂ‬ɂǶ́‫˅ڂ‬ɵͮ‫ͽ̻ڂ‬ȋ‫ڂ‬ ‫ݱ‬ČSհ‫@ڂ‬Ƕ́‫ڂ‬ɂǶ́‫ڂͽ΀ˍڂ‬ɂʎͽΰɷ˱‫ͮڂ‬ʡɶ˱‫ͮڂ‬ɹ‫ڂ‬ΞȊ‫ڂ‬

38

@ȋ˱ʄ‫ڂ‬ɂǾ˱‫ڂ‬ɏ̛ʡ‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱ձ‫ڂ‬Ɨ̿́˱ʄ‫ڂ‬Hʎ΀̅˱ʄ‫ڂ‬Ԑհ‫̈ͮڂ‬ʡ‫͝ڂ‬ɴ‫˅ڂ‬ɵͮ‫ڂ‬ʎ̵̤‫̙˪ڂ‬ʡ‫ͮڂ‬ʎΙ‫ˍڂ‬Ȉʡ‫ڂ‬ΞȊ‫ڂ‬ʄʡȋʡ‫ڂ‬

ȻȈ˱‫ڂ‬ɂͿ˱ʄ‫͝ڂ‬ɴ‫ͮڂ‬ʎǿΰ‫ڂ‬ɏ΀̤ɂ‫ͮڂ‬ʡɶ˪‫˱ڂ‬Ƿ˱ʄ‫ڂ‬ɏɷ‫̞˪ڂ‬ʡ‫˱ڂ‬ʄ΀̡ʡ‫ͽ̻ڂ‬ȋ˱‫ˍڂ‬δ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ɂ̇‫ڂ‬ ͮʎɷ‫ڂ‬ɏ΀ǵ‫̿ڂ‬ǵ‫˱ڂ‬ʎΜ˱ʄ‫ͽ̻ڂ‬ΰɵͮ‫ڂ‬ɏʴ˱ʎ‫ڂ̛ͮͮڂ‬ʎ̅˱‫˱ڂ‬ʎǺ˪‫ڂ‬ɏȂΰ‫˪ڂ‬Ȉ˱ʎ‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱հ‫ڂ‬ɂ̇‫ڂ‬ɏ΀̤ɂ‫ڂ‬ Ɏ̆˱ʄ‫ͮڂ‬ʡɶ˱‫ڂ̛ͮͮڂ‬ʎ̅˱‫ڂ‬ΞȊ‫ڂ‬ʄʡǵ‫ͮڂ‬Ƿ˱ʄ‫ڂ‬ɏ΀̤ɂ‫ڂ‬ʄʡǶ‫̿ͮڂ‬ʴ‫˱̆̿ڂ‬ʄ‫ڂ‬ɂΘǵ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵ձ‫ڂ‬Hʎ΀̅˱ʄ‫ڂ‬ Ԇԅ‫ˍڂ‬Ȋ‫ڂ‬ɂͽ̟ɂ‫̵ڂ‬ʎ̚˱ʄ‫ڂ‬Ξǿ˱‫ڂ‬Ξ̠ʡ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʎǾ˱‫̝˱ڂ‬ʡ‫ͮڂ‬ʡɵ˱ʄ‫ڂ‬ĩ́̿˪ǵ˱‫́̿@ڂ‬Ɏ͝˅ΰհ‫˱ڂ‬ʄ΀̡ʡ‫͝ڂ‬ɴ‫ڂ‬ ɂʎʡǵ‫͝ڂ‬ɳ‫˱ڂ‬ʎΜ˱ʄ‫̡ˍڂ‬ʡ‫˅ڂ‬ʎͽΰɤ˱‫ڂ‬ɏǶ˱ʄ‫ڂ‬ʄʡǶ‫ڂ‬Ξɶ‫ڂ‬ɂǶɂʎ‫ڂ‬ɏʡɶͽ‫ڂ‬ʎȊ˱ʎ‫ڂ̟ͮ˪ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ ˱ʎ̚‫ͮڂ‬ʎȊ˱ʎ‫ڂ‬ɂ̈˱ʄձ Ɨ̈ʡ‫ ڂ‬Ȼʡɵͮ‫̿ ڂ‬ǿͮ‫̿ ڂ̃̿ ڂ‬Ǻ˱ʄհ‫ ڂ‬ʄʡ̛˱ʄ‫˱ ڂ‬ʎ΀‫ ڂ‬Ȼǿͮ‫˅ ڂ‬ι‫˱ ڂ‬ʄ΀̡ʡ‫ͽ̻ ڂ‬ȋ˱‫ˍ ڂ‬δ‫ ڂ‬Ɏ́ǵ˱ʎ‫˱ ڂ‬ʄʎʡɹ̵‫˱ ڂ‬ʎ̚‫ڂ‬

TÀI CHÍNH DÀNH CHO NGƯỜI SỢ SỐ

ͮʎʪɂʎ‫̛˪ڂ‬ʡ‫ͽ̻ڂ‬ǵ˱‫ڂ‬ʎɹ‫ڂ‬ʄʡΜǵ‫ڂ‬ɂǶɂ‫ڂ‬ȻǶ́‫ڂ‬ɂǶ́‫˱ڂ‬Ȋΰձ‫ڂ‬Ɖǵͽ‫˅ڂ‬ʎʡ‫ڂ‬Ϋɟ˪‫ڂ‬Ϋɣͮ‫ڂ‬ɂȋ‫ڂ‬Ȼǵ‫ڂ‬ȻǶ́‫ڂ‬ɂǶ́հ‫ڂ‬

˱Ȋ́հ‫ڂ‬ȻȈ˱‫ڂ‬ɏǵ˱ʄ‫̿ڂ‬ǿͮ‫ͮڂ‬ʎʡɵͽ‫ͮڂ‬ʎ̡ʡ‫ڂ‬ʄʡǵ˱ձ‫ڂ‬ĩʎ΀˱ʄ‫̈ͮڂ‬ʡ‫ڂ‬ɂͿ˱ʄ‫ڂ‬Ȼʡɵͮ‫̿ڂ‬Ǻ˱ʄ‫ڂ‬ɏ̙ɂ‫ڂ‬ɂͽ̛˱‫͝ڂ‬Ƕɂʎ‫ڂ‬ ˱Ȋΰ‫͝ڂ‬ɴ‫ˍڂ‬Ȋ‫˱́̿ͮڂ̟ͮ˪ڂ‬ʄ‫˱ڂ‬ʎΜ˱ʄ‫˅ڂ‬ʎ́ȋ˱‫ڂ‬ɏȁͽ‫ͮڂ΀ͮڂ‬ʎ̡ʡ‫ڂ‬ʄʡǵ˱‫ڂ‬ɏ΄˱ʄ‫ڂ‬ɏǸ˱‫˱ڂ‬ʎǿͮ‫ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱‫ڂ‬ ɂʎ́‫ڂ‬Ξʡɹɂ‫ڂ‬ʎ̙ɂ‫ڂ‬ɂǶɂʎ‫ͽ̻ڂ‬ȋ˱‫ˍڂ‬δ‫ڂ̟ͮ˪ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚ձ‫ڂ‬ ȓΰ‫ڂ‬ʄʡ΄̵‫˪ڂ‬ʩ˱ʎ‫ڂ‬ΞȊ‫ڂ‬ʄʡ΄̵‫ڂ‬ ɂȋ‫ͮ ڂ‬ʎɵ‫ ڂ‬ʄʡ̠ʡ‫ ڂ‬ȻǺ˱ʄ‫ ڂ‬ɂǶɂʎ‫ ڂ‬ɏΚ˱ʄ‫ ڂ‬ɏʡ‫ͮ ڂ‬ʎɟ́‫ ڂ‬ʎȊ˱ʄ‫˱ ڂ‬ʄȊ˱‫˱ ڂ‬ʄ΀̡ʡ‫ ڂ‬Ξ̈‫ ڂ‬ɂ΃˱ʄ‫ͮ ڂ‬Ȋʡ‫˱ ڂ‬Ƿ˱ʄ‫ڂ‬ ΞȊ‫͝ ڂ‬Ƕ˱ʄ‫ͮ ڂ‬Ȉ́հ‫ ڂ‬ɂ̇‫˱ ڂ‬ʎΜ˱ʄ‫ ڂ‬δ‫˱̢΀ͮ ڂ‬ʄհ‫ ڂ‬Ɏʴɂʎ‫ ڂ‬ΞΗ‫ ڂ‬ΞȊ‫͝ ڂ‬ȋ˱‫̵ ڂ‬ʎȂ˪‫ͽͮ ڂ‬ΰɹͮ‫ ڂ‬Ξ̡ʡ‫˱ ڂ‬ʎ΀˱ʄ‫ڂ‬ ɂͽ̛ʡ‫ڂ‬ɂ΃˱ʄ‫ڂ‬ʎ̙‫ڂ‬բˍǶʡ‫ڂ‬Ϋɟբ‫ڂ‬ɏǾ˪‫͝ڂ‬ȁ˪‫ڂ‬ΞȊ́‫ڂ‬ɏǾͽ‫ڂ‬ɏ̇‫ڂ‬ʎ́ǹɂ‫ڂ‬ɂʎɵͮ‫˪ڂ‬Ƕΰ‫ڂ‬ʄʡΜǵ‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬ʎ̛‫ڂ‬ ˪΀̅˱ʄ‫̿ͮڂ‬ɤ˱‫ͮڂ‬ʎ΀̅˱ʄ‫˱̡΀̿ͮڂ‬ʄձ‫ڂ‬Hͽ̛˱‫͝ڂ‬Ƕɂʎ‫˱ڂ‬Ȋΰ‫͝ڂ‬ɴ‫ˍڂ‬Ȋ˪‫͝ڂ‬Ƕ˱ʄ‫ڂͮ̚ڂ‬ɂǶɂ‫˱ڂ‬ʄͽΰɤ˱‫ͮڂ‬Ǹɂ‫ڂ‬ ɂ̅‫ڂ‬Ȼȋ˱‫ڂ‬ɏɷ‫ڂ‬ȻȈ˱‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫ڂ‬Ƕ̵‫ڂ‬ɎΗ˱ʄ‫˱ڂ‬ʄǵΰ‫ڂ‬ʎ̈˪‫˱ڂ‬ǵΰ‫˱ڂ‬ʎǺ˪‫ڂ‬ɂȋʡ‫ͮڂ‬ʎʡɹ˱‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱հ‫ڂ‬ Ɏ̆˱ʄ‫ͮڂ‬ʡɶ˱‫ڂ‬ΞȊ‫ڂ‬ʄʡǶ‫̿ͮڂ‬ʴ‫ͮڂ‬Ȋʡ‫͝ڂ‬ȋ˱‫˱̆̿ڂ‬ʄձ

39

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P DǁA TRÊN HIw BÁ

@ǵ‫ ڂ‬ȻǶ́‫ ڂ‬ɂǶ́‫ ڂ‬ɂʎʪ˱ʎ‫ͮ ڂ‬Ȉ́‫˱ ڂ‬ɤ˱‫ ڂ‬Ȼȋ˱ʄ‫ ڂ‬ɏʡɶͽ‫˅ ڂ‬ʎʡɷ˱‫ͮ ڂ‬Ȋʡ‫ ڂ‬ɂʎʪ˱ʎ‫ڂ‬ ʄʡ΄̵‫ڂ‬ȻȈ˱‫ͮڂ‬ʎɟ́‫ڂ‬Ɏ̃ʡ‫ͮڂ‬ʩ˱ʎ‫ڂ‬ʎʩ˱ʎ‫͝ڂ‬Ιɂ‫˅ڂ‬ʎ̚ɟ‫ڂ‬ɂΘǵ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵մ‫ڂ‬ @Ƕ́‫ڂ‬ɂǶ́‫˅ڂ‬ɵͮ‫ͽ̻ڂ‬ȋ‫ڂ‬ ‫ݱ‬ČSհ‫@ڂ‬Ƕ́‫ڂ‬ɂǶ́‫ڂͽ΀ˍڂ‬ɂʎͽΰɷ˱‫ͮڂ‬ʡɶ˱‫ͮڂ‬ɹ‫ڂ‬ΞȊ‫ڂ‬ @ȋ˱ʄ‫ڂ‬ɂǾ˱‫ڂ‬ɏ̛ʡ‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱ձ @Ƕ́‫ ڂ‬ɂǶ́‫˅ ڂ‬ɵͮ‫ͽ̻ ڂ‬ȋ‫ ڂ‬ ‫ݱ‬ČS‫ ڂ‬ɂʎ́‫ ڂ‬Ȼʡɵͮ‫ ڂ‬Ɏ́ǵ˱ʎ‫˱ ڂ‬ʄʎʡɹ̵‫ ڂ‬ɏǵ˱ʄ‫ڂ‬ ͮȈ́‫̿ ڂ‬ǵ‫̤ˍ ڂ‬ʡ‫˱ ڂ‬ʎͽȀ˱հ‫ ڂ‬ʎ̆ǵ‫ ڂ‬Ξ̛˱‫ ڂ‬ʎǵΰ‫ͮ ڂ‬ʎͽǵ‫̞ˍ ڂ‬ձ‫ ڂ‬ĩʄ΀̡ʡ‫ͽ̻ ڂ‬ȋ˱‫ˍ ڂ‬δ‫ڂ‬ ɂȁ˱‫ ڂ‬Ϋɟ˪‫ ڂ‬Ϋɣͮ‫ ڂ‬ȻǶ́‫ ڂ‬ɂǶ́‫˱ ڂ‬Ȋΰ‫̞˪ ڂ‬ʡ‫ͮ ڂ‬ʎǶ˱ʄ‫͝ ڂ‬ǵͽ‫˅ ڂ‬ʎʡ‫͝ ڂ̝͝ ڂ‬Ƕɂʎ‫ڂ‬ ʎȊ˱ʄ‫ͮ ڂ‬ʎǶ˱ʄ‫ ڂ‬ɏȓ‫ ڂ‬ɏ΀̤ɂ‫ ڂ‬ɂǾ˱‫ ڂ‬ɏ̛ʡ‫ ڂ‬Ȼ̢ʡ‫˱ ڂ‬ʎǾ˱‫ ڂ‬Ξʡɤ˱‫͝ ڂ̝͝ ڂ‬Ƕɂʎ‫ڂ‬ ʎ́ǹɂ‫˅ ڂ‬ɵ‫́ͮ ڂ‬Ƕ˱ձ‫ ڂ‬ĩ̇‫͝ ڂ‬ɴ‫ ڂ‬ɂʎ́‫ ڂ‬Ȼʡɵͮ‫ ڂ‬Ɏ́ǵ˱ʎ‫˱ ڂ‬ʄʎʡɹ̵‫ ڂ‬ɏȓ‫ ڂ‬ʎ́Ȉͮ‫ڂ‬ ɏ̟˱ʄ‫˱ڂ‬ʎ΀‫ͮڂ‬ʎɵ‫˱ڂ‬Ȋ́‫˱́̿ͮڂ‬ʄ‫ͮڂ‬ʎǶ˱ʄ‫ڂ‬ɏ̇ձ Ė̤ʡ‫˱ڂ‬ʎͽȀ˱‫͝ڂ‬ɴ‫ڂ‬Ɏǵ́‫ڂ‬ɏ̟˱ʄ‫ͮڂ‬ʎɟ́‫ͮڂ‬ʎǶ˱ʄ‫ڂ‬Ȼ̢ʡ‫˱ڂ‬ʎͽ‫ڂ‬ɂȁͽ‫ڂ‬Ξɶ‫ڂ‬ɂǶɂ‫ڂ‬ ͝ȋ˱‫̵ڂ‬ʎȂ˪‫ڂ‬ΞȊ‫ڂ‬Ɏʴɂʎ‫ڂ‬ΞΗ‫˅ڂ‬ʎǶɂ‫˱ڂ‬ʎǵͽ‫͝ڂ‬ɴ‫ͮڂ‬ʎǵΰ‫ڂ‬ɏ̝ʡ‫ͮڂ‬ʎɟ́‫΃˪ڂ‬ǵձ‫ڂ‬ H̛‫ڂ‬ʄǸ˱ʄ‫ڂ‬Ɏͽΰ‫̿ͮڂ‬ʩ‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱‫ڂ‬Ɏ΀̅˱ʄ‫ڂ‬ΞȊ́‫ڂ‬ɂͽ̛ʡ‫̞˪ڂ‬ʡ‫ͽ̻ڂ‬δձ

@Ƕ́‫ ڂ‬ɂǶ́‫ ڂͽ΀ˍ ڂ‬ɂʎͽΰɷ˱‫ͮ ڂ‬ʡɶ˱‫ͮ ڂ‬ɹ‫ ڂ‬ɏ́‫˱̡΀ˍ ڂ‬ʄ‫ ڂ‬Ɏ̆˱ʄ‫ͮ ڂ‬ʡɶ˱‫̿ ڂ‬ǵ‫ڂ‬ ΞȊ‫ ڂ‬ΞȊ́‫ͮ ڂ‬Κ‫ ڂ‬ʎ́Ȉͮ‫ ڂ‬ɏ̟˱ʄ‫˅ ڂ‬ʡ˱ʎ‫ ڂ‬Ɏ́ǵ˱ʎձ‫ ڂ‬ƗΚ‫ ڂ‬ȻǶ́‫ ڂ‬ɂǶ́‫˱ ڂ‬Ȋΰհ‫ڂ‬ ȻȈ˱‫͝ڂ‬ɴ‫ڂ‬Ȼʡɵͮ‫ˍڂ‬ʡɹͽ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫ͮڂ‬ʎǵ˱ʎ‫́ͮڂ‬Ƕ˱‫ڂ‬ɂǶɂ‫ڂ‬ ɂʎʡ‫̵ڂ‬ʎʪ‫ڂ‬ɂʎ́‫ͮڂ‬ʎǶ˱ʄ‫̠ͮڂ‬ʡ‫ڂ‬ʎ́ǹɂ‫ͽ̻ڂ‬δ‫̠ͮڂ‬ʡ‫ڂ‬ʎǵΰ‫˅ڂ‬ʎ̈˱ʄձ‫@ڂ‬Ƕ́‫ڂ‬ ɂǶ́‫˱ڂ‬Ȋΰ‫ڂ‬ɂͿ˱ʄ‫͝ڂ‬ɴ‫ͮڂ‬ʡɵͮ‫ڂ̟ˍڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫ڂ‬Ɏͽΰ‫̿ͮڂ‬ʩ‫ڂ‬ ɏ΀̤ɂ‫ڂ‬Ȼǵ́‫ˍڂ‬Ǿͽ‫˱ڂ‬ɵͽ‫˅ڂ‬ʎ̈˱ʄ‫ڂ‬ɂ̇‫ͮڂ‬ʎɤ˪‫˱ڂ‬ʄͽ̜˱‫ͮڂ‬ʡɶ˱ձ‫ڂ‬ĩʎΜ˱ʄ‫ڂ‬ ˱ʄ΀̡ʡ‫ͽ̻ ڂ‬ȋ˱‫ˍ ڂ‬δ‫ ڂ‬Ɏ́ǵ˱ʎ‫˱ ڂ‬ʄʎʡɹ̵‫˱ ڂ‬ʎ̚‫ͮ ڂ‬ʎȊ˱ʎ‫ ڂ‬ɂ̈˱ʄ‫˱ ڂ‬ʎǿͮ‫ڂ‬ ˪Ȋ‫̈ͮڂ‬ʡ‫ڂ‬ɏȓ‫ڂ‬ʄǹ̵‫ڂ‬ɏɶͽ‫ڂ‬Ϋɟ˪‫@ڂ‬Ƕ́‫ڂ‬ɂǶ́‫ڂͽ΀ˍڂ‬ɂʎͽΰɷ˱‫ͮڂ‬ʡɶ˱‫ͮڂ‬ɹ‫ڂ‬ ɂΘǵ‫ڂ‬ʎ̙‫ڂ‬ʎȊ˱ʄ‫ͽͮڂ‬ȁ˱ձ‫ڂ‬Ė΀̤˱ʄ‫ͮڂ‬ʡɶ˱‫ڂ‬ɂʎʪ˱ʎ‫ˍڂ‬Ȋ‫˪ڂ‬ǿͽ‫ڂ‬ɂʎ̛ͮձ @ȋ˱ʄ‫ڂ‬HǾ˱‫ڂ‬ɏ̛ʡ‫˅ڂ‬ɵ‫́ͮڂ‬Ƕ˱‫ڂ‬ʄʎʡ‫ˍڂ‬Ȉʡ‫́ͮڂ‬Ȋ˱‫ڂ‬Ȼ̟‫˅ڂ‬ɵͮ‫ͽ̻ڂ‬ȋ‫ڂ‬ʎ́Ȉͮ‫ڂ‬ ɏ̟˱ʄ‫˅ ڂ‬ʡ˱ʎ‫ ڂ‬Ɏ́ǵ˱ʎ‫˅ ڂ‬ɷ‫ͮ ڂ‬Κ‫˱ ڂ‬ʄȊΰ‫ ڂ‬ɏȁͽ‫ͮ ڂ‬ʎȊ˱ʎ‫ˍ ڂ‬Ȁ̵ձ‫ˍ ڂ̇ݱ ڂ‬Ȋ‫ڂ‬ ˪̟ͮ‫ڂ‬ȻΙɂ‫ڂ‬ȋ˱ʎ‫ڂ‬ɂʎΗ̵‫˱ڂ‬ʎǵ˱ʎ‫ڂ‬Ξɶ‫ͮڂ‬ʩ˱ʎ‫ڂ‬ʎʩ˱ʎ‫͝ڂ‬Ιɂ‫˅ڂ‬ʎ̚ɟ‫ڂ‬ɂΘǵ‫ڂ‬ Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ͮڂ‬Ȉʡ‫ͮڂ̟ͮ˪ڂ‬ʎ̡ʡ‫ڂ‬ɏʡɷ˪ձ‫ڂ‬ƗȊʡ‫͝ڂ‬ȋ˱‫ڂ‬ԲͮʎΙ‫ͮڂ‬ʎͽ̟ɂ‫ڂ‬ ̢͝‫ ڂ‬ʎΜͽ‫ ڂ‬ɂΘǵ‫ ڂ‬Ɏ́ǵ˱ʎ‫˱ ڂ‬ʄʎʡɹ̵Գ‫̿ͮ ڂ‬Κ‫ ڂ‬ɏʡ‫̵ ڂ̤˱ ڂ‬ʎȋʡ‫̿ͮ ڂ‬ȋ‫ ڂ‬ԲͮʎΙ‫ڂ‬ Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ɏʡ‫ڂ‬ΞǵΰԳ‫ڂ‬ɂʎʪ˱ʎ‫ˍڂ‬Ȋ‫̵ڂ‬ʎȁ˱‫ڂ‬Ξ̛˱‫ڂ‬ɂʎΘ‫ڂ̢͝ڂ‬ʎΜͽ‫ڂ‬ Պ‫ڂ‬ʎǵΰ‫ڂ‬ʄʡǶ‫̿ͮڂ‬ʴ‫ͮڂ‬Ȋʡ‫͝ڂ‬ȋ˱‫˱̆̿ڂ‬ʄ‫ڂ‬Պ‫ڂ‬ɂΘǵ‫ڂ‬ɂ̈˱ʄ‫ͮڂ‬ΰձ ʡǶ‫̿ͮڂ‬ʴ‫ͮڂ‬Ȋʡ‫͝ڂ‬ȋ˱‫ͮڂ‬Ƿ˱ʄ‫ڂ‬ΞȊ‫̵ڂ̤˱ڂ‬ʎȋʡ‫̿ͮڂ‬ȋ‫ڂ‬ʄʡȋ˪‫ڂ‬ɂ̇‫˱ڂ‬ʄʎʥǵ‫ˍڂ‬Ȋ‫ڂ‬ ʄʡǶ‫̿ͮڂ‬ʴ‫ͮڂ‬Ȋʡ‫͝ڂ‬ȋ˱‫˱̆̿ڂ‬ʄ‫ڂ‬ɏǵ˱ʄ‫ͮڂ‬Ƿ˱ʄ‫ˍڂ‬ɤ˱ձ‫ݱڂ‬Ǿΰ‫̵ڂ‬ʎȋʡ‫ˍڂ‬Ȋ‫ڂ̟ͮ˪ڂ‬ ͮ̿́˱ʄ‫ڂ‬ɂǶɂ‫˪ڂ‬Ηɂ‫ͮڂ‬ʡɤͽ‫ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱ձ‫ڂڂ‬

TÀI CHÍNH DÀNH CHO NGƯỜI SỢ SỐ

Doanh nghiệp đi nhanh hay chậm, đáp án không nằm ở doanh số Ėɢ́‫ˍڂ‬Ƕʡ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫̿ͮڂ‬ɤ˱‫ͮڂ‬ʎ΀̅˱ʄ‫˱̡΀̿ͮڂ‬ʄհ‫ڂ‬ȻȈ˱‫̵ڂ˱̈ͽˍڂ‬ʎȋʡ‫ˍڂ‬Ȋ‫ڂ‬ ˱ʄ΀̡ʡ‫ͮڂ‬ʳ˱ʎ‫ͮڂ‬Ƕ́‫˱ڂ‬ʎǿͮձ‫@ڂ‬Ȉ˱‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫ͮڂ‬ʎɟ́‫ڂ‬Ɏ̃ʡ‫͝ڂ‬Ƕͮ‫͝ڂ‬ǵ́‫ڂ‬Ɏ́ǵ˱ʎ‫ڂ̛͝ڂ‬ ʎǺ˱ʄ‫˱ڂ‬ʄȊΰհ‫ڂ‬ʎǺ˱ʄ‫ͽͮڂ‬ȁ˱հ‫ڂ‬ʎǺ˱ʄ‫ͮڂ‬ʎǶ˱ʄ‫ڂ‬ΞȊ‫ͮڂ‬ʎǿΰ‫ڂ‬ɂ́˱‫ڂ̛͝ڂ‬ɏ̇‫ͮڂ‬Ƿ˱ʄ‫ڂ‬ ˍɤ˱ձ‫@ڂ‬Ȉ˱‫˅ڂ‬ʎǿ̵‫˅ڂ‬ʎ̢ʡ‫ڂ‬ΞȊ‫ͮڂ‬ʡ˱‫ڂ‬ɂʎǸɂ‫˪ڂ‬ʩ˱ʎ‫ڂ‬ɏǵ˱ʄ‫ˍڂ‬Ȋ˪‫ڂ‬ɏ΄˱ʄձ‫ڂ‬ĩʎ΀˱ʄ‫ڂ‬ ɏΚ˱ʄ‫˱ڂ‬ʎȁ˪‫ˍڂ‬ȃ˱ձ‫ڂ‬Śǵ˱ʎ‫˅ڂ̛͝ڂ‬ʎǶɂ‫ڂ‬Ξ̠ʡ‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱ձ‫@ڂ‬Ȉ˱‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫ڂ‬ ɏǵ˱ʄ‫˱ڂ‬ʎǿ˱‫ڂ‬ʄǵ‫ͮڂ‬Ƿ˱ʄ‫̛ͮڂ‬ɂհ‫˱ڂ‬ʎ΀˱ʄ‫ڂ‬ɂʎʡɵɂ‫ڂ‬Ϋɟ‫ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱‫ڂ‬Ξȃ˱‫ڂ‬ɏǵ˱ʄ‫ڂ‬ ˅ɲͮ‫ڂ‬ȻǶ˱ʎ‫˱́̿ͮڂ‬ʄ‫ڂ̟ͮ˪ڂ‬ʎ̛‫ڂ‬Ȼ΃˱ձ‫ڂ‬ǃȃ˱‫ڂ‬ȻǶ˱‫ڂ‬ʎȊ˱ʄհ‫ڂ‬Ξȃ˱‫ͮڂ‬ʎͽ‫ͮڂ‬ʡɶ˱հ‫ڂ‬ ˱ʎ΀˱ʄ‫ڂ‬ȻȈ˱‫ڂ‬Ξȃ˱‫̞ˍڂ‬Ԭ‫ڂ‬ƗȈʡ‫͝ڂ‬ǵ́‫ڂ‬ΞȀΰԬ‫ڂ‬ ȓΰ‫ڂ‬ɂ΃˱ʄ‫˱ڂ‬ʎǵͽ‫ͮڂ‬ʎΛ‫ˍڂ‬Ȋ˪‫ڂ‬ ͮʎȀͮ‫ڂ‬ɂʎȀ˪‫ˍڂ‬Ȉʡ‫˱ڂ‬ʎΜ˱ʄ‫̵ڂ‬ʎɣ̵‫ͮڂ‬ʪ˱ʎ‫ڂ‬ɂ̅‫ڂ‬Ȼȋ˱‫˱ڂ‬ʎǿͮ‫ڂ‬ɏɷ‫ͮڂ‬ʩ˪‫̿ڂ‬ǵ‫̤ˍڂ‬ʡ‫ڂ‬ ˱ʎͽȀ˱‫ͮڂ‬ʎΝɂ‫͝ڂ‬Ν‫ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱ձ‫ڂ‬ǃȊ‫ڂ‬ȻǶ́‫ڂ‬ɂǶ́‫˅ڂ‬ɵͮ‫ͽ̻ڂ‬ȋ‫ڂ‬ʎ́Ȉͮ‫ڂ‬ɏ̟˱ʄ‫ڂ‬ ˅ʡ˱ʎ‫ڂ‬Ɏ́ǵ˱ʎ‫ڂ‬Բ ‫ݱ‬ČSԼ‫͝ڂ‬ɴ‫ڂ‬ʄʡ΄̵‫ڂ‬ȻȈ˱‫ˍڂ‬Ȋ˪‫ڂ‬ɏʡɶͽ‫ڂ‬ɏ̇ձ

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03 04 05 06 07 08 09 10

CH - 02 01

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ʎ΀‫ڂ‬ɂǶɂ‫ڂ‬ȻȈ˱‫ڂ‬ɏȓ‫ͮڂ‬ʎǿΰ‫˱́̿ͮڂ‬ʄ‫ڂ‬Hʎ΀̅˱ʄ‫ڂ‬Ԇհ‫ڂ‬ɂǾͽ‫ڂ‬ʎ̚ʡ‫ڂ‬ɏȁͽ‫ͮڂ‬ʡɤ˱‫˪ڂ‬Ȋ‫ڂ‬Ȼȋ˱ʄ‫ڂ‬ ɏʡɶͽ‫˅ڂ‬ʎʡɷ˱‫ͮڂ‬Ȋʡ‫ڂ‬ɂʎʪ˱ʎ‫ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱‫̿ͮڂ‬ȋ‫̡ˍڂ‬ʡ‫ˍڂ‬Ȋ‫ˍڂ‬ʡɹͽ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ɂ̇‫ڂ‬ɏǵ˱ʄ‫ڂ‬ ͝ʡ˱ʎ‫̡ˍڂ‬ʡ‫ڂ‬ʎǵΰ‫˅ڂ‬ʎ̈˱ʄձ‫@ڂ‬Ƕ́‫ڂ‬ɂǶ́‫˅ڂ‬ɵͮ‫ͽ̻ڂ‬ȋ‫ڂ‬ ‫ݱ‬ČS‫ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱‫͝ڂ‬ɴ‫ͮڂ‬ʡɵͮ‫ڂ̟ˍڂ‬ ɏǶ̵‫ڂ‬Ƕ˱‫ڂ‬ɂʎ́‫ڂ‬Ξǿ˱‫ڂ‬ɏɶ‫˱ڂ‬ʎΙɂ‫˱ڂ‬ʎ̛ʡ‫˱ڂ‬Ȋΰձ ĩʎʩ˱‫˱̝ͮڂ‬ʄ‫ͽ̻ڂ‬ǵ˱‫ͮڂ‬ʎʩ‫@ڂ‬Ƕ́‫ڂ‬ɂǶ́‫˅ڂ‬ɵͮ‫ͽ̻ڂ‬ȋ‫ڂ‬ ‫ݱ‬ČS‫ڂ‬Ȼǵ́‫ڂ‬ʄ̜˪‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬ ˪Ηɂ‫͝ڂ‬ǵͽմ Śǵ˱ʎ‫ͮ ڂ‬ʎͽ‫ͮ ڂ‬ʎͽȁ˱‫ ڂ‬ԲˍȊ‫ ڂ‬Ɏ́ǵ˱ʎ‫ ڂ̛͝ ڂ‬ȻǶ˱‫ ڂ‬ʎȊ˱ʄ‫ ڂ‬ΞȊ‫ ڂ‬ɂͽ˱ʄ‫ ڂ‬ɂǿ̵‫ڂڂ‬ Ɏʴɂʎ‫ڂ‬ΞΗ‫̿ͮڂ‬Κ‫ڂ‬ɏʡ‫ڂ‬ɂǶɂ‫˅ڂ‬ʎ́ȋ˱‫ڂ‬ɂʎʡɵͮ‫˅ڂ‬ʎǿͽն‫ڂ‬ɏǾΰ‫ˍڂ‬Ȋ‫ͮڂ‬ʡɶ˱‫ڂ‬ΞȊ́‫ڂ‬ɂ̈˱ʄ‫ڂ‬ ͮΰ‫ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱Գ ‫ ڂ‬Ɨ̿Κ‫ڂ‬ɏʡմ‫ ڂ‬ʡǶ‫ڂ‬Ξ̛˱‫ڂ‬ʎȊ˱ʄ‫ڂ‬ȻǶ˱‫ڂ‬ԲˍȊ‫ڂ‬ɂǶɂ‫ڂ‬ɂʎʡ‫̵ڂ‬ʎʪ‫̿ͮڂ‬Νɂ‫ͮڂ‬ʡɵ̵‫ͮڂ‬Ȉ́‫̿ڂ‬ǵ‫͝ڂ‬ȋ˱‫ڂ‬ ̵ʎȂ˪‫ڂ‬ʎǵΰ‫ڂ‬Ɏʴɂʎ‫ڂ‬ΞΗԳ Ė̤ʡ‫˱ڂ‬ʎͽȀ˱‫ڂ‬ʄ̵̟‫ڂ‬ԲˍȊ‫ڂ̛͝ڂ‬ɂ̆˱‫ˍڂ‬Ȉʡ‫̠΀̿ͮڂ‬ɂ‫˅ڂ‬ʎʡ‫̿ͮڂ‬Κ‫ڂ‬ɏʡ‫ڂ‬ɂʎʡ‫̵ڂ‬ʎʪ‫ڂ‬ʎ́Ȉͮ‫ڂ‬ ɏ̟˱ʄԳ ‫ ڂ‬Ɨ̿Κ‫ ڂ‬ɏʡմ‫ ڂ‬Hʎʡ‫̵ ڂ‬ʎʪ‫ ڂ‬ɂ̛‫ ڂ‬ɏʴ˱ʎ‫ ڂ‬ԲˍȊ‫ ڂ‬ɂǶɂ‫ ڂ‬ɂʎʡ‫̵ ڂ‬ʎʪ‫˱ ڂ‬ʎ΀‫ͮ ڂ‬ʡɶ˱‫ͮ ڂ‬ʎͽɤ‫ڂڂ‬ ΞǷ˱‫̵ڂ‬ʎ̆˱ʄԳ ‫ ڂ‬Ɨ̿Κ‫ڂ‬ɏʡմ‫ڂ‬Hʎʡ‫̵ڂ‬ʎʪ‫ڂ‬Ȼʡɵ˱‫ڂ‬ɏ̝ʡ‫ڂ‬ԲˍȊ‫ڂ‬ɂǶɂ‫ڂ‬ɂʎʡ‫̵ڂ‬ʎʪ‫˱ڂ‬ʎ΀‫˪ڂ‬ǵ̿˅ɟͮʡ˱ʄԳ Ė̤ʡ‫˱ڂ‬ʎͽȀ˱‫̠΀̿ͮڂ‬ɂ‫ͮڂ‬ʎͽɵ‫ڂ‬ԻĖĩƗƗԼ ‫ ڂ‬Ɨ̿Κ‫ڂ‬ɏʡմ‫ڂ‬Ɨʎͽɵ‫ڂ‬ԲˍȊ‫ڂ‬ɂʎʡ‫̵ڂ‬ʎʪ‫ڂ‬ȻȈ˱‫ڂ‬ɏΚ˱ʄ‫ͽ̻ڂ‬ɤ˱‫ڂ‬ɂʎʡ‫̿ͮڂ‬ȋԨԼ Ė̤ʡ‫˱ڂ‬ʎͽȀ˱‫͝ڂ‬ǵͽ‫ͮڂ‬ʎͽɵ‫ڂ‬ԲˍȊ‫ͮڂ‬ʎΙ‫ڂ‬ɂ̆˱‫ˍڂ‬Ȉʡ‫ڂ‬ɂʎ́‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫ڂ‬ɂΘǵ‫ڂ‬ ȻȈ˱‫ڂ‬Պ‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱‫͝ڂ‬ǵͽ‫ڂ‬ɂ΃˱ʄձ‫ڂ‬H́˱‫˱ڂ̛͝ڂ‬Ȋΰ‫ڂ‬ɂʎ́‫ڂ‬Ȼʡɵͮ‫ˍڂ‬ʡɹͽ‫ڂ‬Ɏ́ǵ˱ʎ‫ڂ‬ ˱ʄʎʡɹ̵‫ڂ‬ɂ̇‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱‫ڂ‬ʎǵΰ‫˅ڂ‬ʎ̈˱ʄ‫ڂ‬ΞȊ‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱‫ڂ˱̠ˍڂ‬ɏɵ˱‫ڂ‬ɏǾͽԳձ ĩʎ΀‫ ڂ‬ΞȀΰհ‫ˍ ڂ̟ͮ˪ ڂ‬ȁ˱‫˱ ڂ‬Μǵմ‫ ڂ‬Śǵ˱ʎ‫ͮ ڂ‬ʎͽ‫ͮ ڂ‬ʎͽȁ˱‫̿ͮ ڂ‬Κ‫ ڂ‬ɏʡ‫ ڂ‬ʄʡǶ‫ ڂ‬Ξ̛˱‫ ڂ‬ʎȊ˱ʄ‫ڂ‬ ȻǶ˱‫ڂ‬ȻǺ˱ʄ‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱‫ڂ‬ʄ̵̟ձ‫ڂ‬Ė̤ʡ‫˱ڂ‬ʎͽȀ˱‫ڂ‬ʄ̵̟‫̿ͮڂ‬Κ‫ڂ‬ɏʡ‫ڂ‬ɂʎʡ‫̵ڂ‬ʎʪ‫ڂ‬Բɂ̛‫ڂ‬ɏʴ˱ʎ‫ڂ‬ ΞȊ‫ڂ‬Ȼʡɵ˱‫ڂ‬ɏ̝ʡԳ‫ڂ‬ȻǺ˱ʄ‫ڂ‬Ė̤ʡ‫˱ڂ‬ʎͽȀ˱‫̠΀̿ͮڂ‬ɂ‫ͮڂ‬ʎͽɵձ‫ڂ‬Ė̤ʡ‫˱ڂ‬ʎͽȀ˱‫̠΀̿ͮڂ‬ɂ‫ͮڂ‬ʎͽɵ‫ڂ‬ ͮ̿Κ‫ڂ‬ɏʡ‫ͮڂ‬ʎͽɵ‫ڂ‬ȻǺ˱ʄ‫̤ˍڂ‬ʡ‫˱ڂ‬ʎͽȀ˱‫͝ڂ‬ǵͽ‫ͮڂ‬ʎͽɵձ‫ڂ‬ĩʄʎɟ‫ͮڂ‬ʎȀͮ‫ڂ‬ɏ̅˱‫ڂ‬ʄʡȋ˱հ‫˱ڂ‬ʎ΀˱ʄ‫ڂ‬ ͮ̈ʡ‫ڂ‬ɂʎʳ‫ڂ‬ʎʡɷͽ‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬ɏʡɶͽ‫ڂ‬ɏ̇‫͝ڂ‬ǵͽ‫ͮڂ‬ʎ̡ʡ‫ڂ‬ʄʡǵ˱‫ͮڂ‬ʎΝɂ‫ڂ‬ɂʎʡɵ˱ձ‫ݱڂ‬ʡɶͽ‫ͽ̻ڂ‬ǵ˱‫ڂ‬ ̙ͮ̿˱ʄ‫ڂ‬Պ‫˪ڂ‬Ηɂ‫ڂ‬ɏʪɂʎ‫ڂ‬ɂΘǵ‫ڂ‬ɂͽ̛˱‫͝ڂ‬Ƕɂʎ‫˱ڂ‬Ȋΰ‫ڂ‬Պ‫ˍڂ‬Ȋ‫ڂ‬ʄʡ΄̵‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬ɏʡɶͽ‫ڂ‬ɏ̇‫ڂ̢̿ͮڂ‬

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˱ɤ˱‫ڂ‬ɏ̅˱‫ڂ‬ʄʡȋ˱‫ڂ‬Ξ̠ʡ‫ڂ‬ȻȈ˱ձ‫ڂڂڂ‬

‫ݱ‬ɷ‫ڂ‬ʄʡ΄̵‫ڂ‬ɂǶɂ‫ڂ‬ȻȈ˱‫˱ڂ‬ʎʩ˱‫˱ڂ‬ʎȀ˱‫ڂ̟ͮ˪ڂ‬ɂǶɂʎ‫ڂ‬ɂΗ‫ͮڂ‬ʎɷ‫ڂ‬ʎ̅˱‫ڂ‬Ξɶ‫@ڂ‬Ƕ́‫ڂ‬ɂǶ́‫˅ڂ‬ɵͮ‫ͽ̻ڂ‬ȋ‫ڂ‬ ‫ݱ‬ČSհ‫ڂ‬ ͮ̈ʡ‫͝ڂ‬ɴ‫ڂ‬բ˪̈‫̵ڂ‬ʎ̚˱ʄբ‫ˍڂ‬Ȉʡ‫ڂ‬ɂ̈˱ʄ‫ͮڂ‬ΰ‫ڂ‬ɂΘǵ‫˪ڂ‬ʩ˱ʎ‫ڂ‬ΞȊ‫ڂ‬ɏǹͮ‫ڂ‬ȻȈ˱‫ڂ‬ΞȊ́‫ڂ‬ɏ̇ձ‫ڂ‬Ǎʡ˱‫ڂ‬ɂʎ΄ɂ‫˪ڂ‬Κ˱ʄԨ‫ڂ‬ ʡ̡‫ڂ‬ȻȈ˱‫ڂ‬ɏȓ‫ˍڂ‬Ȋ‫ͽ̻ڂ‬ȋ˱‫ˍڂ‬δ‫ڂ‬ɂΘǵ‫ڂ̟ͮ˪ڂ‬ɂ̈˱ʄ‫ͮڂ‬ΰ‫̿ڂ‬ǿͮ‫͝ڂ‬Ƕ˱ʄ‫ͮڂ‬Ȉ́‫ڂ‬ɂ̇‫ͮڂ‬ɤ˱‫ˍڂ‬Ȋ‫@ڂ‬ɟɎǵφφˍɟɎձ‫ݱڂ‬Ǿΰ‫ڂ‬

TÀI CHÍNH DÀNH CHO NGƯỜI SỢ SỐ

Các hạng mục trên báo cáo kết quả hoạt động kinh doanh

ˍȊ‫ͮڂ‬ɤ˱‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚‫ڂ‬ɏȁͽ‫ͮڂ‬ʡɤ˱‫̈ͮڂ‬ʡ‫ˍڂ‬Ȁ̵‫̿ڂ‬ǵ‫˅ڂ‬ʎʡ‫ڂ‬ɂ̆˱‫̿ͮڂ‬ɳհ‫˅ڂ‬ʎʡ‫ڂ‬ǿΰ‫̈ͮڂ‬ʡ‫ڂ‬ɂ̆˱‫˅ڂ‬ʎ̡‫ڂ‬ ˅ʎȈ́‫ڂ‬ΞȊ‫ڂ‬ʄʡ̛˱ʄ‫˱ڂ‬ʎ΀‫ڂ‬ʎȁͽ‫ڂ‬ʎɵͮ‫ڂ‬ɂǶɂ‫ڂ‬ɂʎΘ‫ڂ‬Ɏ́ǵ˱ʎ‫˱ڂ‬ʄʎʡɹ̵‫˱ڂ‬ʎ̚հ‫ڂ‬ɂʎ΀ǵ‫ڂ‬Ȼʡɵͮ‫ڂ‬ɂʎ΄ͮ‫ڂ‬ʄʩ‫ڂ‬Ξɶ‫ڂ‬ Ξʡɹɂ‫ڂ‬ɏ̙ɂ‫@ڂ‬Ƕ́‫ڂ‬ɂǶ́‫˅ڂ‬ɵͮ‫ͽ̻ڂ‬ȋ‫ڂ‬ ‫ݱ‬ČSԨ‫ڂ‬ĩʎΜ˱ʄ‫ڂ‬ɂǾͽ‫ڂ‬ɂʎͽΰɹ˱‫ͮڂ‬Κ‫̿ͮڂ‬ȋʡ‫˱ڂ‬ʄʎʡɹ˪‫ڂ‬Ϋ΀ǵ‫ڂ‬ɏ̇‫ڂ‬ ԻŅʡ‫̝ͽͮڂ‬ʡ‫̿ͮڂ‬ɳ‫ڂ‬ɏȓ‫ڂ‬ɏʡ‫ڂ‬ɏǾͽԬԼ‫͝ڂ‬ɴ‫˱ڂ‬Ǻ˪‫̿ڂ‬ȋʡ‫̿ڂ‬Ƕɂ‫˱́̿ͮڂ‬ʄ‫ڂ̛ͮͽ͝ڂ‬ɂͽ̛˱‫͝ڂ‬Ƕɂʎ‫˱ڂ‬Ȋΰձ‫ڂ‬Ɨ̈ʡ‫ڂ‬ʎΰ‫ڂ‬Ξ̙˱ʄ‫ڂ‬ ̿Ǻ˱ʄ‫˱ڂ‬ʎΜ˱ʄ‫͝ڂ‬ǵʡ‫ˍڂ‬ȁ˪‫ڂ‬ɂΘǵ‫̈ͮڂ‬ʡ‫ڂ‬ɂ̇‫ͮڂ‬ʎɷ‫́͝ڂ‬ʡ‫ͽ̻ڂͮ̚ڂ‬Ƕ‫̿ͮڂ‬ʩ˱ʎ‫̿ڂ‬ǵ‫ͽ̻ڂ‬ΰɵͮ‫ڂ‬ɏʴ˱ʎ‫ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱ձ ǃȀΰ‫ͮڂ‬ʎʩհ‫ڂ‬Ξ̠ʡ‫ڂ΀ͮڂ‬ɂǶɂʎ‫ˍڂ‬Ȋ‫ͽ̻ڂ‬ȋ˱‫ˍڂ‬δ‫̠˪ڂ‬ʡ‫ڂ‬ɂΚ‫˅ڂ‬ʎ̈ʡ‫ڂ‬ɂΘǵ‫@ڂ‬ɟɎǵφφˍɟɎհ‫ڂ‬ȻȈ˱‫͝ڂ‬ɴ‫ˍڂ‬Ȋ˪‫ڂ‬ʄʩԬ‫ڂ‬ @Ȉ˱‫ڂ‬ʡ˱‫ˍڂ‬Ηǵ‫ˍڂ‬ɤ˱‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬ɂʎʡɵɂ‫ڂ‬Ƕ́‫̵ڂ‬ʎ̈˱ʄ‫̿ڂ‬Νɂ‫˅ڂ̣̿ڂ‬ʎ́Ƕɂ‫˱ڂ‬ʄ́Ȋʡ‫˅ڂ‬ʎʡ‫ڂ‬ɏʡ‫ڂ‬Ȼʡɷ˱‫ڂ‬ΞȊ‫ڂ‬ȻǶ˱‫ڂ‬ ʎȊ˱ʄ‫˱ڂ‬ʄȊ˱‫ڂ‬ɂʎʡɵɂ‫ڂ‬ɂʎ́‫ڂ̛͝ڂ̟ͮ˪ڂ‬ɂΛǵ‫ڂ‬ʎȊ˱ʄ‫ڂ‬ΞȊ‫˱ڂ‬ʎȊ‫ڂ‬ȻǶ˱‫ˍڂ‬ɳ‫̝˱ڂ‬ʡ‫ͮڂ‬ʡɵ˱ʄձ‫ڂ‬ ȓΰ‫ڂ‬ɂ΃˱ʄ‫ڂ‬ Ϋɟ˪‫ ڂ‬Ɏ́ǵ˱ʎ‫ͮ ڂ‬ʎͽ‫ͮ ڂ‬ʎͽȁ˱‫ ڂ‬ɂΘǵ‫@ ڂ‬ɟɎǵφφˍɟɎ‫ͮ ڂ‬ʎɵ‫˱ ڂ‬Ȋ́‫ ڂ‬ȻǺ˱ʄ‫ ڂ‬ɂǶɂʎ‫˱ ڂ‬ʎʩ˱‫ ڂ‬ΞȊ́‫ͮ ڂ‬Κ˱ʄ‫ڂ‬ ʎȈ˱ʄ‫˪ڂ‬Ηɂ‫̿ͮڂ‬ɤ˱‫@ڂ‬Ƕ́‫ڂ‬ɂǶ́‫˅ڂ‬ɵͮ‫ͽ̻ڂ‬ȋ‫ڂ‬ ‫ݱ‬ČSձ

Sľ ĩ ‫ڂ‬Ɨ ƣ‫ڂ‬Ɨ ƣ ĩ Ḣ‫ͮڂ‬ʎɷ‫ڂ‬ȻȈ˱‫ڂ‬ɏȓ‫˱ڂ‬ʄʎɟ‫˅ڂ‬ʡɷ˪‫́ͮڂ‬Ƕ˱‫ڂ‬Ξʡɤ˱‫ڂ‬ɂΘǵ‫˪ڂ‬ʩ˱ʎ‫ڂ‬ʎ́ǹɂ‫ڂ‬ǵʡ‫ڂ‬ɏ̇‫˱́̿ͮڂ‬ʄ‫˱ڂ‬ʄȊ˱ʎ‫ͮڂ‬Ȋʡ‫ڂ‬ ɂʎʪ˱ʎ‫˱ڂ‬ʎǸɂ‫ڂ‬ɏɵ˱‫ڂ‬բ̵ͮ́‫ˍڂ‬ʡ˱ɟբձ‫ڂ‬ ̙‫ڂ‬ɏǵ˱ʄ‫̇˱ڂ‬ʡ‫ڂ‬Ξɶ‫˅ڂ‬ʎ́ȋ˱‫˪ڂ‬Ηɂ‫ڂ‬ɏȁͽ‫ͮڂ‬ʡɤ˱‫̿ͮڂ‬ɤ˱‫@ڂ‬Ƕ́‫ڂ‬ ɂǶ́‫˅ڂ‬ɵͮ‫ͽ̻ڂ‬ȋ‫ڂ‬ ‫ݱ‬ČS‫ڂ‬ɂΘǵ‫ڂ‬ȻȈ˱ձ‫ڂ‬Ի‫˱΄ݱ‬ʄ‫ͮڂ‬ʎɟ́‫˱ڂ‬ʄʎʥǵ‫ڂ‬ɏɟ˱‫ڂ‬ɂΘǵ‫ͮڂ‬Κ‫ڂ‬ɏ̇Գձ‫ڂ‬S̆˱ʄ‫ڂ‬ɏȁͽ‫ڂ‬ ɏ̇‫ڂ‬ɂʎʪ˱ʎ‫ˍڂ‬Ȋ‫ڂ‬Ɏ́ǵ˱ʎ‫ͮڂ‬ʎͽ‫ͮڂ‬ʎͽȁ˱ձ‫ˍڂ̇ݱڂ‬Ȋ‫ͮڂ̛͝ڂ‬ʡɶ˱‫ڂ‬ȻȈ˱‫ڂ‬ɏȓ‫ڂ‬ȻǶ˱‫ڂ‬ɏ΀̤ɂ‫ڂ‬ΞȊ́‫ͮڂ‬ʎǶ˱ʄ‫ڂ‬ɏ̇հ‫ڂ‬ ͮ̿Κ‫ڂ‬ɏʡ‫ڂ‬ɂǶɂ‫˅ڂ‬ʎ́ȋ˱‫ڂ‬ɂʎʡɵͮ‫˅ڂ‬ʎǿͽ‫˪ڂ‬Ȋ‫ڂ‬ȻȈ˱‫ڂ‬ɂʎ́‫˅ڂ‬ʎǶɂʎ‫ڂ‬ʎȊ˱ʄ‫˱ڂ‬ɵͽ‫ڂ‬ɂ̇ձ‫ڂ‬ş‫ڂ‬ɏǾΰհ‫̈ͮڂ‬ʡ‫͝ڂ‬ɴ‫ڂ‬ ɂ́ʡ‫ڂ‬ɂ́˱‫˱ڂ̛͝ڂ‬Ȋΰ‫ڂ‬ʄʡ̛˱ʄ‫˱ڂ‬ʎ΀‫ڂ‬Ɏ́ǵ˱ʎ‫ڂ̛͝ڂ‬ȻǶ˱‫ڂ‬ʎȊ˱ʄ‫ͮڂ‬ʎͽȁ˱ձ‫ڂ‬ġ̞ʡ‫˅ڂ‬ʎʡ‫ڂ‬ȻȈ˱‫ڂ‬Ȼǿ˪‫˪ڂ‬Ƕΰ‫ڂ‬ ͮʪ˱ʎ‫ͮڂ‬ʡɶ˱‫ڂ‬ʎ́ǹɂ‫ڂ‬Ϋͽǿͮ‫ڂ‬ʎ̇ǵ‫ڂ‬ɏ̅˱‫ڂ‬ɂʎ́‫˅ڂ‬ʎǶɂʎ‫ڂ‬ʎȊ˱ʄ‫ˍڂ‬Ȋ‫ڂ‬Ɏ́ǵ˱ʎ‫ͮڂ‬ʎͽ‫ͮڂ‬ʎͽȁ˱‫ڂ‬ɏȓ‫ͮڂ‬Ƿ˱ʄ‫ڂ‬ ˍɤ˱ձ‫ڂ‬ƗʎȀͮ‫ڂ‬Ξͽʡ‫˅ڂ‬ʎʡ‫ͮڂ‬ʎǿΰ‫ͮڂ‬ʡɶ˱‫ڂ‬ɂʎȈΰ‫ڂ‬ΞȊ́‫ڂ‬ɂ̈˱ʄ‫ͮڂ‬ΰԨ‫ڂ‬Իǃ̠ʡ‫˱ڂ‬ʎΜ˱ʄ‫ڂ‬ǵʡ‫ڂ‬ɏ̆ʡ‫ڂ‬ʎ̚ʡ‫͝ڂ‬Ν‫ڂ‬ɂʎͽȂ˱‫ڂ‬ ΫǶɂհ‫̈ͮڂ‬ʡ‫ڂ‬ɂ̈˱ʄ‫˱ڂ‬ʎȀ˱‫ˍڂ‬Ȋ‫ڂ‬Ɏ́ǵ˱ʎ‫ͮڂ‬ʎͽ‫ڂ‬ɂΘǵ‫ڂ̟ͮ˪ڂ‬ɂ̈˱ʄ‫ͮڂ‬ΰ‫͝ڂ‬ɴ‫ڂ‬ɂ̇‫˱ڂ‬ʎΜ˱ʄ‫˱ڂ‬ʄͽ̜˱‫˅ڂ‬ʎǶɂ‫ڂ‬ ˱Μǵհ‫˱ڂ‬ʎ΀‫ͮڂ‬ʎͽ‫˱ڂ‬ʎȀ̵‫ͮڂ‬Κ‫ˍڂ‬ȓʡ‫ڂ‬Ξǵΰհ‫˱ڂ‬ʎ΀˱ʄ‫ڂ‬ɂʎ΄˱ʄ‫ͮڂ‬ǵ‫ڂ‬ɏǵ˱ʄ‫ڂ˱̛ͽ˪ڂ‬ɏ̅˱‫ڂ‬ʄʡȋ˱‫ڂ‬ʎ̇ǵ‫˱ڂ‬ɤ˱‫ڂ‬

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