GIẢI PHÁP QUẢN TRỊ RỦI RO TÍN DỤNG TẠI NGÂN HÀNG THƯƠNG MẠI CỔ PHẦN Á CHÂU.PDF





 !∀
#∃

%&∋()
∗+,−.+/012342




 !∀
#
∃


%&∋()
∗+,−
((./∋
01234156789:8
 

 !
∀#∃%&∋(#)∃%
!∗+∃,∃%−&..
/0 0%&&&12&&3)45∋+
6#71

8∃9







 !
∀#∃%
&∋()∗)!+,−)
./0123!4
 
!
∀#∃%&∋()∗(+!
/%5 
#627−78
94!:6%;7−7
94!817−7∀
<%=−)7−78&
!>6&
!>∗0&
∀?)!%%7−78.
∀?)7−78.
∀%%7−78
,−.(&∃/∃∀#∃%&∋()∗(+0
/%5 ≅Α7Β7−78&
 <Χ ≅)7−)≅Α7Β7−787=∆6
∃ &
Ε:7Φ≅Α7Β7−78.
∆357−7.
%%!2Γ7−7Η

ΕΑ27−7Ι
∀ϑΚ2!∗Λ ;%7−7Ι
∀#∃%≅Α27−78Ι
&9%:Μ−)Ν);Ο2!≅Α7Β7−78
&ϑ6:+ Π7Γ88Θ:ΜΡ∀
&<+5182 Θ∀:ΜΡ∀
&Σ:7Φ≅7Φ≅Α22Γ!ΟΤ88ΘΥ
:ΜΡ&
!1#(2(+2#345−.(&∃/∃∀#∃%&∋()∗(+6787(9:7,;
ΕΑ7Β7−78ςΩ∃%7823+Ξ.
ΕΑ7Β7−78Ο:Μ837.
ΕΑ7Β7−78ςΩ !):Η
∀ΕΑ7Β7−78ςΩ∃%∗Λ 7)% ;%Η
1<&=−>(729?(+,≅
,ΑΒ 
ΒΧΒ∆ΕΧ,Φ
,128#5−8&ΓΗ+Ι(2ϑ(+&29?(+4Κ#7ΛΜ2Ν(Ε2Ι−,Φ
Β;ΚΦ!%7ΛΨ
Β;ΚΦΨ
Ε%7Φ%7ΛΨ
<8Υ
<ΦΦ=
<ΒΧ! 2>=
<ΦΦ=
ΖΒ0−)∆6∃ [Χ∴96;!>%∆6
∃ [Χ
,,2Ο7&∃Κ(+&∋()∗(+Γϑ∃∀#∃%&∋()∗(+&Κ#+Ι(2ϑ(+&29?(+4Κ#7ΛΜ2Ν(
Ε2Ι−!Π
<+7=8∆6∃ [Χ∴96
∀

<+77−78∆6∃ [Χ∴96∀Υ
%%+78!7−78∆6∃ 
[Χ∴96∀
Ζ=8∀
Ζ7−778∀∀
=;:6−)7−78∀&
,!2Ο7&∃Κ(+5−.(&∃/∃∀#∃%&∋()∗(+&Κ#+Ι(2ϑ(+&29?(+4Κ#7ΛΜ2Ν(Ε
2Ι−Π≅
98;%8∀Ι
Ε:7Φ18&Υ
<] ≅:%≅:0&
∀⊥5_08=ς=&∀
&98;%627823!;Κ+Ξ7−78&Ι
&#62!7823+Ξ&Ι
&Κ+Ξ_Κ27−78&Ι
.⊥=∗Λ %=ς=&Ψ
Η9Π%%%12] Β8≅Α2% ;%!):
.Υ
Ι⊥5≅Α27−7≅:7Φ≅Α7Β7−7.
,Π8(2+#87Θ(+&875−.(&∃/∃∀#∃%&∋()∗(+;,
∀9%+.
∀9%!1α.&
∀∆:6−)βα.Ι
,08(2+#87Θ(+&875−.(&∃/∃∀#∃%&∋()∗(+&2Ρ%787(+−ΣΤ(&Υ77∀ςΩςΞΡ=ΓΗ
5−.(&∃/∃∀#∃%&∋()∗(+;≅
1<&=−>(729?(+,ΨΖ
!∆Ε∆ ΒΧ
Β∆ΕΧΨ
!∗7&#Τ−Γϑ[/(229:(+&∋()∗(++#ς#[%Κ(,Ζ,∴,Ζ0Γϑ&Ν4(2](,Ζ,ΖΨ
)ΥχΥ&Η

Β>=)ΥδΥ&Η
!,#.#Μ28Μ5−.(&∃/∃∀#∃%&∋()∗(+&Κ#+Ι(2ϑ(+&29?(+4Κ#7ΛΜ2Ν(Ε
2Ι−ΨΠ
⊥58;%8Η&
#62!33) 8Η&
Ε:Β>8Ο6? ∗%Η.
εΑ%!>≅:7Φ18Η.
  <4Γ∗Λ ;%Π%0_φ!3Π∗%
Η.
9Π%] Β23Γ7ΦΗΗ
<4Γ∗Λ ;%Π%] Β!23Γ7Φ_γ18
ΗΙ
∀9Α0≅:7Φ] Β;ΑΑ ςΑΗΨ
&9Α0Π%∗Λ 7)% ;%;)!):ΙΥ
.<):[ =;:Μ!≅:7Φ2≅)0α1
2_1Ι
Η<):[!ς[; =;=7≅:7Φ!):81
∗%%6Ι
Ιϑ6:+≅:7Φ87 =;∗%Ι
<7Λ∗)+5∃0] Β37%1Α%
∗%Ι∀
∀η∃061_γ:518Θ] ≅:%
≅:0ΡΙ&
&⊥55_08=ς=_6:+%ηΛ+
51 Λ 8!_γ:5!>∗%%6Ι.
.<[≅Α2% ;%!533Π1 Λ _0
∗%62!7823+ΞΙΗ
Η<[2=%%12] Β−)<76 
)5!<76 %6ΙΙ
Ι∆6)∃β)5≅Α∗Λ %=ς=ΙΙ

Ψϑ6:+≅:7Φ5≅Αβ)%/#ΞΝ)=;ι!
/6ΙΨ
Υ<+5!%6)12α62+6
)5−)%ς=8ΨΥ
ϑ6:+5≅Α7Β7−7≅:7Φ≅Α7Β7−78Ψ
9%Α%∗%Ψ
Ζ8)∆6>Ψ
Ζ8)98−Ψ∀
1<&=−>(729?(+!Φ;
1⊥_ΦΨ
ς(24∗7&ϑ#=#3−&2ς42.%
∆2∗=∗7[∋(2α4


 !∀#∃%&∋(
)∗+,−./&./%0
12345
678∃3&
9:%5;<
=&3&35
>#4−./∋(
?≅Α5;<Β%Χ
∆7∗#4ΕΑ∀5;<
#4Φ( !∋(
7ΓΗ2:5∋&#Φ( !5;<
):Ι∗∗:ϑΚΑΒΑ3
1:,,:3%ΛΜ##Ν%
6ΟΠ:ΟΘ.Ρ5;<
9ΟΠΗΟΘ.ΡΦ(Α/
=ΣΙΙΣ40

>ΣΣΤ3&ΘΥΘ
?ΣΟΣ&&
∆ΣΟ:Σ&;3%Λ
Ος
ΟΧ
)ΙΩ:ΙΚ%3;/
1ΙΞ#4#Ψ5&
62:Ζ#4& !8Ν
97Ω:7[%3;/
=ςΙ
>Π,Α[.#/
?7Π∋(.(Υ(3
)∆Α∀∴:;3%Λ]&⊥
):Α5;<
):85;<
))Π,Α[.#/
)1ΩΠ&.0
)6∗∗:∗ΒΑ35;<
)9∗#4Φ%Λ∃&
)=∗Ζ4#4Φ%Λ∃&
)>∗ςΩ&.0Φ%Λ∃&
)?_:Υ%5;<
1∆_Η2∗∗Υ%Φ( !ΑΒΑ3

  
 αβχ34−Β%ς33;δ∋#7%;%Α;
ΓΙ33Αδ∋
=
 Ο<#.Τ∋05;<∋;<Α3
ε.Τ∋05;<4;φ

?
) Ο85;<χ3.Τ∋0ε.Τ∋05
;<4;φ
∆
 5..∀Φ%&γ )
 εε3.ΘΒ%.β)ηη∆ ))
) 73∋&&ι4Β%#ΧΘ∋0
ςΙ
)1
1 0.ΘγΑ[;∀5;<Φ%&γ
∆∆>ϕ∆
)6
6 :∀χ3 3ε3#% )9
9 :∀ 3χ3∃κ )=
= :∀ 3χ3λΛ )=
> :∀ 3χ3λ∃;3% )>
? :∀ 3χ3∃#ϑ )>
∆ :∀ 3χ3∃β )?
 0∃4ΗΟ]∀ΨΝγ∆∆>µ∆ 1∆
 &ΥΧ#ΛΑ3ΦΑε5;<Β%

6∆
) αβΣΟ:χ3.Τβ5;<ν
;Λ
69
1 Α5 ο]∋;<;ϑΚΑΒΑ3Ν∆∆>ϕ∆ 6?

  
 εε3.ΘΒ%∆∆>µ∆∆ )
 0.ΘγΑ[;∀5;<Β%Φ%

&γ
)9
) π ΛΗΟΦ%&γ 1
1 :∀ΨΦ%&γ 1


 

 !∀#∃%!∀#&∀
 #∋(∃)∗+
,−. &  / !
∀∋∀0∗&1∀23 &
∃ 45678−−98&
#:#∗%#&#;;7<62=
0> ∋?);;7<+
>#,7≅34 Α!∃#+
(4>ΒΧ∆:ΕΦΓΗΙΓϑ4
%2+ΚΛ Μ∃;;7<2 /=0>Χ
#+
7?? >∀3480>3∀3∃;;7<
>Β>Ν)Ο∋Ν#∀,7≅Π9Κ>,
∗∀Θ+;Ρ)∋∆ΣΝ)&Τ∆#∀
 >∋Ν(4 ΑΕΝ)+7
3Π9&ΛΝ)∀,7≅Κ>, Υ/
∀∆+<2−∀∃#Σ3∋ΝςΧΩ8Ξ
∋Ν4#,+
 
≅41Ξ 0 (%:
 ,1Ω%ΨΖΜΩ0 #(4 ∃#(4
 [(∀∀!(4#(4 ∃

#(4,7≅∴[]∴+
 ⊥)%&3∀3∃#(4,7≅∴[]
∴+
  !∀#∃
_
⊥&∋Ν1:,1ΖΜ ! (
4#(4 ∃#(4#,7≅2 #,
7≅∴[]∴2+
[ 1% ,1!(4#(
4 ∃#(4,7≅Ο3Σ]∴_ΓΓαΗ_Γ+
β2∀3∀3∃#(4,7≅∴[]∴
3χΝ3 ∆4#_Γ_Η_Γδ+
& ∋(!)!
εΝ33∋Ω3∀37&3∋Ω3∀3[(ΘΡ!
 ∋φ3∀3∃#(4,7≅∴[]
∴+
∗ +,−.−∃/01−23∃4
β1Μ Α233Σ>&2∀ ΖΜ2(
Χ#(4∃#(4#,7≅ Μ
4ΖΜ2Θ3(∀∀!#(4#(
4 ∃#(4,7≅∴[]∴+7Ε2)%&
3∀32(!ΘΑ∃#(4,
7≅∴[]∴_Γ_γ_Γδ+
5 67823∃4
ηΜ Α∋ΝΛ00ιΓϕ∋Ω ∆∋%:
∴∋Ωκ:7Ο #(4 ∃#(4+
∴∋Ωκκ:7!#(4 ∃#(4,
7≅∴[]∴+
∴∋Ωκκκ: φ3∀3∃#(4,7≅∴[]
∴+

ϕ
9:;<=>  %  ?≅=>  ΑΒ=  Χ∆  ΕΦΓ  ΕΗ  ?Ι=  ϑΚ=>  ΧΛ
ΑΜ=?ΕΝΕΦΓΕΗ?Ι=ϑΚ=>
Ε1ΟΠ

;;7<#3∀%∀Λ3(4#
0Θ>! >∀−∋ΝΝ=Ν−
ς+
∴Α1εΓΓ_#β∃%&λµϕν_ΓΓδνβ⊥Η,,,
__νΓλν_ΓΓδβ∃ 3Ν (Μ3!3/Θ)οΖ#Λ
π;;7<#7∴7<Α)Ο
#7∴7<∀−!>=−2
Α!> 4#ΛΠθ+
,∋ Μ2Θ2Ξ;;7<2Θ)>∀&>
2#Ν∀Ν−!>=−#
Α!> 4Ν+,2∀Λ 
−4Θ∋Ν ?2∀(0∗
0∀#+
⊥/∋ΝΧ#Α #%ρ#
∋Ν(4#+

94∃ΘΡ!)ΣΟ1Ο:;;7<∋Ν3
∀%:
Ε1Ο−Τ%
ηΛ1#;;7<3∀%8
∀Λ∃ )σ> ∀∀∀+;#
∃2003Μ(#!Χ#0 #>3 4+;#
∃Λ;;7<3∀%∀Λ∃(48
 ∀+;#∃#=(#
λ

#0 ∀Λ∀>30ι:
 ;#!Χ:#2∀Λ∀∀ 3((
4!Χ83∋Ω∀  &2>Θ
∃ +
 ;#0:3∀%Ε∀90∋∀
Ν3ι ∀7τ⊥υ#Θ0∀10 
1 ∀∃7τ⊥υ+
 ;#>3 4:#−∀Ζ  
 0ι >%ο4>&)3# ϖΜ
)οΖ∀ 2 +
Ε1Ο−#%
ηΛ;;7<3∀%Ζ4 #+
;#4# Ε(# Ε∃∀#∀
&∀+;#40ι# #Μ3+
 ;#)3∀Ε∀&∀=Θ2(
0>0#ω#Θ = !+,2)
3∀Ε=Θ==Θ%ο4 &#∀ 
&+;#)3∀Ε∀&#0#ω∀
  & !+
 ;#Μ3#3∀%∋?Ν3Μ3 &
 ∀& ∆%&∀ ∀
>3χ !=χ
 χ∃Ζ∃ξ=χΛ 2#
+
94∃Π8Ο1Ο%;;7<∋Ν3∀
%:
Ε1Ο.)Υ−%
η#∀∀∋∃0>
ψ∋? 0∃(6Υ∀ & =
δ

χ  ∋? ∗!>Σ#∀∃ Ζ
%ο4 & +
Ε1Ο1Υ−%
η# ω#=0  Λ −Λ=&Ζ
Υ∀ & +⊥& ∆##280>3∀3Ν3
Ζ2Θ=Τ34∋Ν#+

∃ς=Ρ
ε;;7<)−∋Ν &(4∗3 ∗
∋3 & ∗%ζ
& > / &(4
−>3(#Α% ∆!
+
, 20∃ΑιΛ3%ο
4∀ι &#ΛΘ∋?ο?Θ
−2#ι &∋?οΛ%ζΩ Λ
Α∀2ΘΥΩ=3#+Κ
ρ3−Α!(%ς(%1
−8∃∋?∃/∀∋∆
#)2ΘΥω=
0? !3∀%−20>3∀3Τ34)οΖ∃3?+
∃ς.7+
,7≅Ο1( &ω
Θ∀Ο1>3 ∀ +<2
;;7<)Λ−8∃>Ν#∋?ο
{0∃∋Ψ+
ε=3;;7< ∆1∆%ζ∋Ψ∋?ο
∋?ο%Νσς−8Ψ
2%!&/Ψ8∀0>&
Φ

=332Α+ε#)∋Ψ
Χ%!ι 3∀Θ#>&+
>&0∃∋Ψ−8>%ζ∋Ψ
0)∗+,22Θ%∀3∀
Α%1>3Α)∗Ο∃+
72;;7<#∀)Ψ81∀#
3ρ{0∃ΝΜ#Ψ3=
−# &∗= &Υ∗Υ0∃
ω+,Λσ−Τ34∋Ν%ζ0∃3∀%Μ
Χ2 >&2+∴(
Λ Μ/ψ∀∃3%1ΜΧ 20>3∀3
(Ν3ΘΑΕ ;;7<+
 !∀#∃
&Ω−Ο1ΟΠ+
η∋Ν2;;7<)∀∃1#Ω%Ψ∀.∃( 
∃∋ΝΑ1Θ)∀∃∆(4&∀+
η∋Ν2;;7< >)!−Λ(Ν3Θ∋Ν21
##∀Ε2)∀∃3Σ0χ# ∆(4&
& ∆∀{∋Θ(Μ3!3/#+∴∀−Λ∋Ν
∀343Ο0:
ΞΨ8259
 7∋∀∋? |∴Π}:∴∀0(43Ρ4()
#∀4( #∀23χΝ3 ∆(
%∀(4># 3χΝ3 ∆4(%)
#∀−ι?)Π)σ ∃%ο 
Ν & ∆∀{ξ/∀∆ΛΣΜ3
−Ει∀∋7−(4Ε
0Ε∀Ω−ς+
 ,Α!#∋? |∴3}:7χ ∃Μ3∀3#
Ι

&/ψ∋? 32Α!3∀3Μ%! Α!
 %!+
 7Μ3#∋? |∴%}:[)∀∃∋ΝιΝ#∋?
∋ιΕ0∀Μ3Ε0∀Ζ
%Ε3∀1∀+
 υ |∴Π}:⊥>Θ3(4 
ι%12ΘχΘΝ +
 ∴∀>|%}:,∃∀>χΠ(
%∀(4Ε?∼+
 εΘ%∀|∴}:7Μ3 8 ∋%!Ο#Μ
3∀3 ∆2∋Ψ)∋? 
−Σ#∋? 2∀31∋Ν9#
−+
ΞΨΖ7!∀1−Θ[Σ∃∴−−Ο]∋Ο[Σ
;;7<  Σ∋∋?∋ΝΘ>0Ξ >)3∀
3  +Κ>)3∋Ν!>0Ψ%&∃ 4)3
∋22≅ τ[8∃ 4&+∴∀
1)3Π9#≅ τ[:
⊥_%7!∀αβ1−Θ[Σ∃∴−−Ο]∋Ο[Σ
=χ 7!∀ ?ΨΟ∀
τ[%
 ∴∋Ν#3
 ∴∋Ν
 ∴∋Ν0Λ
υ ∴∋Ν0Λ
υ ∴∋Ν0Λ&ΣΩ
υ ∴∋Ν∋∆0Λ
∴ ∴∋Νσ
∴ ≅(ΣΩ2Θ Ν
∴ ∴∋ΝσΘ Χ)

≅%
 ∴∋Ν#3
 ∴∋Ν
α
 ∴∋Ν0Λ
υυυ ∴∋Ν0Λ
υυ ∴∋Ν0Λ&ΣΩ
υ ∴∋Ν∋∆0Λ
∴∴∴ ∴∋Νσ
∴∴ ≅(ΣΩ2Θ Ν
∴ ∴∋ΝσΘ Χ)
 !∀#∃%&%∋
⊥& ∆≅)3Ε∋ ∆τ[Λ
+Κ>)3ΣΕ|≅} |τ[}%
23Σ+
,8∀∋Ν)3(>Ψ0ΜΣ
 υ|Π9#τ[%}8∋?Ν3
∋Ν2#Ψ10ΞΓ ΑΣ1#υ2Θ∋Ν
3ΜΣ∋  −%Ν#=#Ψ13Μ
∋Ν+
7∋Ω!∋ ΜΠ9#≅%1#ΑΣΕ
13Μ∋Νυυυ+,8∋?Ν3/#−
Σ∋= +
ΞΨδ#Σεφεγ9ΟαΣΟ#α2η
⊥−Λ+κ+χΘΘ(4& ∆∀
>3  &+⊥∋Νχ∋∆ΟΝ3Θ3;;7<&
∆∋?  34 :
 7∃%&#∀.%&(#∋? +
 7ΣΧ#∀.%& >)∀∃)∀% Ν#
∋? ∀1+

∗)!−ΛΘ%&∋%:
_λ_ϕϕϕΓΦλΓδ
()∗
 >%& &∋/| &Θ}νΟ%+
 _>%&∗∋33&|∗/}νΟ%+
µ
 ϕ>%&ΝΜ∋∆ ∗νΟ%+
 λ>%&∀∃∃∋?#>3ν∀∃∀#
>3+
 δ>%&νΟ%+
7∃%&Λ)∀% Ν#∋? 3+,∋Ν
∃%&3=%&Λ2Α1)3∀ 22
Ω Ν+7Π−ΛΘ#:
 ,_ΦΙδ:<>3∋Ν)3κ+<>3κ2Θ
(4&#Ψ13%ζ∋Ν 
2∋∗ 1∗% 7τ⊥υ+++
 ,α_ΦΙδ:<>3∋Ν)3κκ#Ψ1
0Λ2Θ ∋327τ⊥υ%∗3(ϖ
3∋Ω∀%) 3∋Ω∀%ο4 &#∀+
 ,α:<>3∋Ν)3κκκ+⊥)#
Ψ12Ω Ν+<>3)3κκκ
∋?0∃Ε& +
ΞΨδ#ΣΠι
∴∀&Χ∀%ο4−ΛΘ
(40ι:>%&(4Ο?∀%%&∋?34%Ψ
8>&∃%&∀?−∀+,8
4 Θ%&(4∋?∋Ν%ο4−ΛΘ%&(4
χ:
⊥_%:∀#∃δ#ΣΠΣϕΟ#ΞΨδ#ΣΠ
ι

∴?? 9)∀#Ζ)Τ82Π δ#
 ,>3#∋? |≅):Γ}
Η∴34∀ Γ
Η∴−2> α
Η,  Α3/ Ι
Ητ  δ
Η∴−−2> λ
Γ
Η∴−0∀>3 _
_ 7∀Ψ|≅):Φ}
Η, Φ
Η,Α λ
Ητ&χ0∋? _
ϕ 3(4|≅):Γ}
Η7& Γ
Η70Λ δ
Ηε−2ι%Ω _
Η7ι Γ
λ ε>>3|≅):δ}
Η,ΩΑ δ
Η7ΕΑΨ)& _
δ 7?%&∃.>|≅):_}
Η,ΩΑ _
Η7ΕΑΨ)& 
Φ ⊥>&∃|≅):_}
Η∴2 _
Ηε−2 Γ
Ι τ&∋?%&χ|34}|≅):λ}
Ηε− ϕ
Η≅ ϕ

Η λ
Ηυ λ
Η,Ω0 _
α ∴∀|≅):λ}
Η∴> 3∀τΠ λ
Η∴.> ϕ
Η∴.3∀τΠ _
Ηε−2 Γ
 !∀#∃%&%∋
7Ο%&Θ(4χΠα(λϕΘ3
µΘ+φ%ο01_αΘ∆8∀2(
4& ∀2(4)Ε2Λ(
%∀(4 ∆1 &+
⊥_%:∀#Παδ#Σ#ΞΨδ#ΣΠι
?κΣδ#1−.) ΑΘ7ΤΠ
7Ε_αΘΨ)& 7Ε&(4
_µΗϕΓΘ δΓΓτ<|Γ+ΓΓΓ+ΓΓΓΚ,<}
ϕΗϕϕΘ +ΓΓΓτ<|_Γ+ΓΓΓ+ΓΓΓΚ,<}

ϕλΗϕΦΘ _+δΓΓτ<|δΓ+ΓΓΓ+ΓΓΓΚ,<}
ϕΙΗϕαΘ ϕ+δΓΓτ<|ΙΓ+ΓΓΓ+ΓΓΓΚ,<}
ϕµΗλΓΘ δ+ΓΓΓτ<|ΓΓ+ΓΓΓ+ΓΓΓΚ,<}
λΗλϕΘ δ+ΓΓΓτ<|_ΓΓ+ΓΓΓ+ΓΓΓΚ,<}
 !∀#∃%&%∋
&))Ο1ΟΠ
∴∀.%&∋?∋ΝχΘ∀∀;;7<
=Α:∃λ2µ=Α:
 ,β 
,β0=3ΣΝ&∗∀−30> ΛΖ
Λ+7Π∃λµϕν_ΓΓδνβ⊥Η,,,Λ,βΝ3Σ

=0Ν&=∗∗∀+
≅∀3Μ∀,β8(4−ς
−∋Ν3σ3 −#>Θ∋ΝΝ+⊥Θ0
Ζ=ζ∀,β>&,7≅Κ>,∋Ν3Π
? ∋Ν3Π?∀2%:
 ,β∋∆µΓγ,Ν2_:ΝΣςΖ:∀Ν∋Ν7∴7<
∀∀2ΑιΣ#Ν& Ν∗∋2>
∀%ΑΝ0ι:∀,β∋∆µΓ
∀ΝΩ?Ν?Π?∗
Ω+
 ,βΕµΓαΓγ,Ν2ϕ:Ν∋∆9:∀Ν
∋Ν7∴7<∀∀−2ΑιΝ& ∗+
∴∀Ν∋Ν7∴7<∀∀2ΑΟ3ΣΝ
& ∗0ι:∀,βΕµΓαΓ∀ΝΩ
?,β∋∆µΓΠ?∗Ω+
 ,βΕαϕΦΓγ,Ν2λ:Ν?:∀Ν∋Ν
7∴7<∀∀2ΑΟ0ι:∀,βΕ
αϕΦΓ∀ΝΩ?,βΕµΓαΓ
Π?∗Ω+
_
 ,βϕΦΓγ,Ν2δ:Ν2Α &:∀Ν
∋Ν7∴7<∀∀−/Αι &0ι:∀
,βϕΦΓ∀Ν?(3#)οΖ∀
Ν∗Ω?,βαΓΠ?∗Ω
+
< >3Ν(Π?∋ Μ83(
4Κ>,/9# Λ:∴28Ν,β∋
∋ΝΩ?ΝΛ∋Ν∋ Ν Β>(Μ3!
3/Θ)οΖ;;7<& ∆∀ΝΓϑ∀−∋Ν)3
>ΣΠΡ#(+),−./01∃%%2134∃∃1%.1∃%%2

567)89:7;6!<=>=∀6?≅Α<7ΒΧΧ())  
∋
 7Β>,β 
∴.%&∋Ν%ο4Θ∀∀1,βΒ>,β+
7Β>,β
 8 ,∆ 
(Ε = 8
)ΓΓϑ
72Ο∋Νι:
 ∴∀ 1∋∆ (
 ∴∀∀1Ε2∀
 ∴∀0∀
 ∴∀Λ1(4∀
7Β>,βδϑ∋Ν0Λ∋?
7Β>,βΕδϑΓϑ∋Ν−0Λ∋?
7Β>,βΕΓϑδϑ∋Ν+
7Β>,βΕδϑ_Γϑ∋Ν∀Ψ10∀ψ
=Ζ8∃λ2µΖ8
 ,Ν) 
,Ν)8,β∋Ψ3ΧΩ2∋Ν
ΧΝ)+,Ν)2Θ∋Ψ=
ϕ
#2Σ∋ΝΠΡΖΜ=ζ+
7Π∃λµϕν_ΓΓδνβ⊥Η,,,__νΓλν_ΓΓδΝ)#∀
7∴7<0ι∀2Ν∋%:|},β2ϕγ,Ν∋∆9ξ
|},β2λγ,Ν?ξ|},β2δγ,Ν2Α
 &+
 7Β>Ν) 
7Β>3ΣΑ8Ν)% ∆Ο∋ΝΨ?Θ%%∀+7Β>Ν
)1Θ3&= 2320>

3∀3−&=3Λ&Θ+
7Β>Ν)
(Ε 8 ΑΦ
(Ε = 8
)ΓΓϑ
:µΣΟ1ΟΠ
>%&;;7<
(Ε = 8 )Γ
(Ε  !∗
)ΓΓϑ
>%&ΒΧ#4(4%2
4(4Ο%∆ΛΝΜ%ζ∆∋ι?
;;7<{+7−∋?Ο∋Ν #∋Ν
Γϕ2:
 ,2∋Ν#∀(42∋Ν):8
21#∆∋2ΘΜ3+
⊥8(4ΒΧ3Ο∋Ν 
#+
 ,2∋Ν#∀(42∋Ν&:8
21#3∋Μ3−
+⊥{8(4ΒΧ3Ο∋
Ν #+
 ,2∋Ν#∀(42∋Ν0Λ:8
 21#2Θ3Μ∋Ν Μ3
 Ε3+⊥(4ΒΧ∆
Ο∋Ν #+< Μ>%&;;7<2Θ(Π
λ
−1:
>%&;;7<
(Ε = 8 ΗΓ ∆ Ι))Γ ∗ Φ 78  ϑΚ

(Ε  ! ∗
)ΓΓϑ
9νΣ))._4οιπ!Ο1Ο1−Ρ%
 <!3/;;7<∋Ν(Μ3∼0∀∀
7Β>(Μ3!3/;;7<ΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗ
7Ο∋Ν∼0∀∀
7Β>(Μ3!3/;;7<3∀Α0χΤ3#Ε
(4#+7Π∃λµϕν_ΓΓδνβ⊥Η,,,__νΓλν_ΓΓδ
Ζ∀,7≅33Ν (Μ3_ϖ!3/#
!3/4Θ !3/Θ0Α0χΤ38Ο
∀Ν)(4#+
ϑΟ∃Θθ
∴.020 &∋Ν%ο4Θ 
& ∆+<∋Ν &/∀33∀Α
 &#.∆1ψ & ∋
Ν(Α &#∋∋Ν&+
<∋Ν &
 8
ΛΜ  
)ΓΓϑ
9νµΣ
>%&Ν−∀ΝΘ&;;7<3+
∴./0Θ>ΑιΝ#Ε >∀
 +
>%&Ν
)Γ !Μ  8
)Γ !Μ ) Γ
)ΓΓϑ
9ν∃ρΥ−Θ∃Π
Κ/ &(4χΘ∋?&Θ &#(

42?ιΝΜ+, /
&(41 >∋ & #>
+