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\u308f\u3057\u304c\u4eca\u56de\u7d39\u4ecb\u3059\u308b\u306e\u306f\u3001\u30c0\u30ec\u30eb\u30fb\u30c0\u30d5\u30a3\u30fc\u6559\u6388\u306b\u3088\u308b\u300cDark Markets(\u30c0\u30fc\u30af\u30de\u30fc\u30b1\u30c3\u30c8)\u300d\u3068\u3044\u3046\u7814\u7a76\u66f8\u306e\u5185\u5bb9\u306a\u306e\u3058\u3083\u3002\u3053\u306e\u672c\u306f\u3001\u5e97\u982d\u53d6\u5f15(OTC)\u5e02\u5834\u3068\u3044\u3046\u3061\u3087\u3063\u3068\u300c\u898b\u3048\u306b\u304f\u3044\u300d\u5e02\u5834\u3067\u306e\u4fa1\u683c\u5f62\u6210\u3084\u60c5\u5831\u306e\u5e83\u304c\u308a\u65b9\u306b\u3064\u3044\u3066\u6df1\u304f\u6398\u308a\u4e0b\u3052\u3066\u304a\u308b\u5927\u5909\u8cb4\u91cd\u306a\u7814\u7a76\u306a\u306e\u3058\u3083\u3088\u2728<\/p>\n

\ud83c\udf1fOTC\u5e02\u5834\u3063\u3066\u4f55\u3058\u3083?<\/h2>\n

\u307e\u305a\u306f\u57fa\u672c\u304b\u3089\u8aac\u660e\u3059\u308b\u306e\u3058\u3083\u3002OTC\u5e02\u5834\u3068\u3044\u3046\u306e\u306f\u3001\u8a3c\u5238\u53d6\u5f15\u6240\u306e\u3088\u3046\u306a\u96c6\u4e2d\u5316\u3055\u308c\u305f\u5834\u6240\u3067\u53d6\u5f15\u3059\u308b\u3093\u3058\u3083\u306a\u304f\u3066\u3001\u58f2\u308a\u624b\u3068\u8cb7\u3044\u624b\u304c\u76f4\u63a5\u4ea4\u6e09\u3057\u3066\u53d6\u5f15\u3059\u308b\u5e02\u5834\u306e\u3053\u3068\u306a\u306e\u3058\u3083\ud83d\udc3b\u200d\u2744\ufe0f<\/p>\n

\ud83e\uddf8\u300c\u3057\u308d\u304f\u307e\u3061\u3083\u3093\u3001\u4f8b\u3048\u3070\u3069\u3093\u306a\u5546\u54c1\u304c\u53d6\u5f15\u3055\u308c\u3066\u308b\u306e?\u300d<\/strong><\/p>\n

\ud83d\udc3b\u200d\u2744\ufe0f\u300c\u304a\u304a\u3001\u826f\u3044\u8cea\u554f\u3058\u3083\u306e\u3046!\u5b9f\u306f\u50b5\u5238\u3001\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u3001\u4e0d\u52d5\u7523\u3001\u5927\u53e3\u306e\u682a\u5f0f\u30d6\u30ed\u30c3\u30af\u306a\u3069\u3001\u3055\u307e\u3056\u307e\u306a\u91d1\u878d\u5546\u54c1\u304c\u53d6\u5f15\u3055\u308c\u3066\u304a\u308b\u305e\u3044\u300d<\/strong><\/p>\n

\u3053\u306e\u5e02\u5834\u306e\u6700\u5927\u306e\u7279\u5fb4\u306f\u300c\u4e0d\u900f\u660e\u6027(opaqueness)\u300d\u306a\u306e\u3058\u3083\u3002\u3064\u307e\u308a\u3001\u6295\u8cc7\u5bb6\u305f\u3061\u306f\u4ed6\u306e\u5834\u6240\u3067\u3069\u3093\u306a\u4fa1\u683c\u304c\u63d0\u793a\u3055\u308c\u3066\u3044\u308b\u306e\u304b\u3001\u6700\u8fd1\u3069\u3093\u306a\u53d6\u5f15\u304c\u884c\u308f\u308c\u305f\u306e\u304b\u3001\u3088\u304f\u5206\u304b\u3089\u306a\u3044\u72b6\u614b\u3067\u4ea4\u6e09\u3059\u308b\u3068\u3044\u3046\u3053\u3068\u3058\u3083\u3002\u3044\u308f\u3070\u300c\u6697\u95c7\u306e\u4e2d\u300d\u3067\u53d6\u5f15\u3057\u3066\u3044\u308b\u3088\u3046\u306a\u3082\u306e\u306a\u306e\u3058\u3083\u3088\ud83d\udcad<\/p>\n

\ud83d\udcca\u30d5\u30a7\u30c7\u30e9\u30eb\u30d5\u30a1\u30f3\u30c9\u5e02\u5834\u306e\u5b9f\u8a3c\u5206\u6790<\/h2>\n

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\ud83e\uddf8\u300c\u3069\u3093\u306a\u3053\u3068\u304c\u5206\u304b\u3063\u305f\u306e?\u300d<\/strong><\/p>\n

\ud83d\udc3b\u200d\u2744\ufe0f\u300c\u307e\u305a\u3001\u3069\u306e\u9280\u884c\u304c\u3069\u306e\u9280\u884c\u3068\u53d6\u5f15\u3059\u308b\u304b\u306f\u3001\u305d\u306e\u6642\u70b9\u3067\u306e\u8cc7\u91d1\u6b8b\u9ad8\u306b\u5927\u304d\u304f\u5f71\u97ff\u3055\u308c\u308b\u3053\u3068\u304c\u5206\u304b\u3063\u305f\u306e\u3058\u3083\u3002\u8cc7\u91d1\u304c\u4f59\u3063\u3066\u3044\u308b\u9280\u884c\u306f\u8cb8\u3057\u624b\u306b\u306a\u308a\u3084\u3059\u304f\u3001\u8cc7\u91d1\u304c\u8db3\u308a\u306a\u3044\u9280\u884c\u306f\u501f\u308a\u624b\u306b\u306a\u308a\u3084\u3059\u3044\u3068\u3044\u3046\u3001\u5f53\u305f\u308a\u524d\u3068\u3044\u3048\u3070\u5f53\u305f\u308a\u524d\u306e\u7d50\u679c\u3058\u3083\u304c\u3001\u3053\u308c\u3092\u5b9f\u8a3c\u7684\u306b\u793a\u3057\u305f\u306e\u304c\u91cd\u8981\u306a\u3093\u3058\u3083\u3088\u300d<\/strong><\/p>\n

\u3055\u3089\u306b\u9762\u767d\u3044\u306e\u306f\u3001\u53d6\u5f15\u3055\u308c\u308b\u91d1\u5229\u304c\u4e21\u8005\u306e\u4ea4\u6e09\u529b\u306b\u4f9d\u5b58\u3059\u308b\u3068\u3044\u3046\u70b9\u3058\u3083\u3002\u4f8b\u3048\u3070\u3001\u904e\u53bb\u306b\u4f55\u5ea6\u3082\u53d6\u5f15\u3057\u305f\u3053\u3068\u304c\u3042\u308b\u9280\u884c\u540c\u58eb\u306f\u3001\u65b0\u3057\u3044\u76f8\u624b\u3092\u63a2\u3059\u3088\u308a\u3082\u53d6\u5f15\u3057\u3084\u3059\u3044\u305f\u3081\u3001\u3088\u308a\u6709\u5229\u306a\u6761\u4ef6\u3067\u4ea4\u6e09\u3067\u304d\u308b\u3053\u3068\u304c\u5206\u304b\u3063\u305f\u306e\u3058\u3083\u3002\u307e\u305f\u3001\u55b6\u696d\u6642\u9593\u306e\u7d42\u308f\u308a\u8fd1\u304f\u306b\u306a\u308b\u3068\u3001\u9280\u884c\u306f\u5fc5\u6b7b\u306b\u8cc7\u91d1\u6b8b\u9ad8\u3092\u8abf\u6574\u3057\u3088\u3046\u3068\u3059\u308b\u305f\u3081\u3001\u53d6\u5f15\u884c\u52d5\u304c\u3088\u308a\u654f\u611f\u306b\u306a\u308b\u3053\u3068\u3082\u660e\u3089\u304b\u306b\u306a\u3063\u305f\u306e\u3058\u3083\u3088\u23f0<\/p>\n

\ud83d\udd0e\u30b5\u30fc\u30c1\u7406\u8ad6\u306e\u5fdc\u7528<\/h2>\n

\u30c0\u30d5\u30a3\u30fc\u6559\u6388\u306e\u7814\u7a76\u306e\u4e2d\u6838\u3092\u306a\u3059\u306e\u304c\u300c\u30b5\u30fc\u30c1\u7406\u8ad6(search theory)\u300d\u306e\u5fdc\u7528\u306a\u306e\u3058\u3083\u3002\u3053\u308c\u306f\u3001\u53d6\u5f15\u76f8\u624b\u3092\u898b\u3064\u3051\u308b\u306e\u306b\u6642\u9593\u304c\u304b\u304b\u308b\u3068\u3044\u3046\u73fe\u5b9f\u3092\u6570\u5b66\u7684\u306b\u30e2\u30c7\u30eb\u5316\u3057\u305f\u3082\u306e\u3058\u3083\u3002<\/p>\n

\ud83e\uddf8\u300c\u3057\u308d\u304f\u307e\u3061\u3083\u3093\u3001\u53d6\u5f15\u76f8\u624b\u3092\u63a2\u3059\u306e\u306b\u6642\u9593\u304c\u304b\u304b\u308b\u3068\u3001\u3069\u3093\u306a\u5f71\u97ff\u304c\u3042\u308b\u306e?\u300d<\/strong><\/p>\n

\ud83d\udc3b\u200d\u2744\ufe0f\u300c\u7d20\u6674\u3089\u3057\u3044\u8cea\u554f\u3058\u3083!\uff8c\uff6b\uff8c\uff6b \u307e\u305a\u3001\u8cc7\u7523\u4fa1\u683c\u306b\u300e\u6d41\u52d5\u6027\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8(illiquidity discount)\u300f\u304c\u767a\u751f\u3059\u308b\u3093\u3058\u3083\u3002\u3064\u307e\u308a\u3001\u3059\u3050\u306b\u58f2\u308c\u306a\u3044\u8cc7\u7523\u306f\u3001\u305d\u306e\u5206\u5b89\u304f\u53d6\u5f15\u3055\u308c\u308b\u3068\u3044\u3046\u3053\u3068\u3058\u3083\u306e\u3046\u300d<\/strong><\/p>\n

\u3053\u306e\u30e2\u30c7\u30eb\u3067\u306f\u3001\u6295\u8cc7\u5bb6\u306f\u4e00\u5b9a\u306e\u78ba\u7387(intensity \u03bb)\u3067\u53d6\u5f15\u76f8\u624b\u3068\u51fa\u4f1a\u3046\u3068\u4eee\u5b9a\u3059\u308b\u306e\u3058\u3083\u3002\u305d\u3057\u3066\u51fa\u4f1a\u3063\u305f\u4e8c\u4eba\u306f\u3001\u304a\u4e92\u3044\u306e\u300c\u7559\u4fdd\u4fa1\u683c(reservation value)\u300d\u3092\u8003\u616e\u3057\u306a\u304c\u3089\u4fa1\u683c\u4ea4\u6e09\u3059\u308b\u3093\u3058\u3083\u3002\u7559\u4fdd\u4fa1\u683c\u3068\u3044\u3046\u306e\u306f\u3001\u300c\u3053\u306e\u4fa1\u683c\u4ee5\u4e0b\u306a\u3089\u58f2\u3089\u306a\u3044\u300d\u300c\u3053\u306e\u4fa1\u683c\u4ee5\u4e0a\u306a\u3089\u8cb7\u308f\u306a\u3044\u300d\u3068\u3044\u3046\u6700\u4f4e\u30e9\u30a4\u30f3\u306e\u3053\u3068\u3058\u3083\u3088\ud83d\udcc9<\/p>\n

\u30e2\u30c7\u30eb\u306e\u7d50\u679c\u3068\u3057\u3066\u3001\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u91cd\u8981\u306a\u767a\u898b\u304c\u3042\u3063\u305f\u306e\u3058\u3083:<\/p>\n

\u5b9a\u5e38\u5747\u8861\u306b\u304a\u3051\u308b\u8cc7\u7523\u4fa1\u683cP\u306f\u3001\u5b8c\u5168\u5e02\u5834\u4fa1\u683c(1\/r)\u304b\u3089\u6d41\u52d5\u6027\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3092\u5f15\u3044\u305f\u3082\u306e\u306b\u306a\u308b\u3093\u3058\u3083\u3002\u3053\u306e\u6d41\u52d5\u6027\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u306f\u3001\u53d6\u5f15\u76f8\u624b\u3092\u898b\u3064\u3051\u306b\u304f\u3044\u307b\u3069(\u03bb\u304c\u5c0f\u3055\u3044\u307b\u3069)\u5927\u304d\u304f\u306a\u308a\u3001\u58f2\u308a\u624b\u306e\u4ea4\u6e09\u529b\u304c\u5f31\u3044\u307b\u3069(q\u304c\u5c0f\u3055\u3044\u307b\u3069)\u5927\u304d\u304f\u306a\u308b\u306e\u3058\u3083\u3088\ud83d\udc3b\u200d\u2744\ufe0f\u3063\uff8b\uff9f\uff7c\uff6f<\/p>\n

\ud83d\udcb9\u4f9b\u7d66\u30b7\u30e7\u30c3\u30af\u3078\u306e\u4fa1\u683c\u53cd\u5fdc<\/h2>\n

\u30c0\u30d5\u30a3\u30fc\u6559\u6388\u306e\u30e2\u30c7\u30eb\u3067\u7279\u306b\u8208\u5473\u6df1\u3044\u306e\u306f\u3001\u5e02\u5834\u5168\u4f53\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u300c\u6d41\u52d5\u6027\u30b7\u30e7\u30c3\u30af\u300d\u304c\u8d77\u304d\u305f\u3068\u304d\u306e\u4fa1\u683c\u52d5\u614b\u3058\u3083\u3002\u4f8b\u3048\u3070\u3001\u591a\u304f\u306e\u6295\u8cc7\u5bb6\u304c\u7a81\u7136\u8cc7\u91d1\u3092\u5fc5\u8981\u3068\u3059\u308b\u72b6\u6cc1\u306b\u306a\u3063\u305f\u3068\u304d\u3001\u3069\u3093\u306a\u3053\u3068\u304c\u8d77\u3053\u308b\u304b\u306e\u3046?<\/p>\n

\u7814\u7a76\u306b\u3088\u308b\u3068\u3001\u6b21\u306e\u3088\u3046\u306a\u30d1\u30bf\u30fc\u30f3\u304c\u89b3\u5bdf\u3055\u308c\u308b\u306e\u3058\u3083:<\/p>\n

\u307e\u305a\u3001\u30b7\u30e7\u30c3\u30af\u304c\u8d77\u304d\u305f\u77ac\u9593\u306b\u4fa1\u683c\u304c\u6025\u843d\u3059\u308b\u3093\u3058\u3083\u3002\u3053\u308c\u306f\u7a81\u7136\u58f2\u308a\u624b\u304c\u5897\u3048\u3066\u3001\u8cb7\u3044\u624b\u304c\u76f8\u5bfe\u7684\u306b\u5c11\u306a\u304f\u306a\u308b\u304b\u3089\u3058\u3083\u306a\u3002\u6b21\u306b\u3001\u4fa1\u683c\u306f\u5f90\u3005\u306b\u56de\u5fa9\u3057\u3066\u3044\u304f\u3093\u3058\u3083\u304c\u3001\u3053\u306e\u56de\u5fa9\u306b\u306f\u6642\u9593\u304c\u304b\u304b\u308b\u306e\u3058\u3083\u3002\u306a\u305c\u306a\u3089\u3001\u65b0\u3057\u3044\u8cb7\u3044\u624b\u3092\u898b\u3064\u3051\u308b\u306e\u306b\u6642\u9593\u304c\u304b\u304b\u308b\u3057\u3001\u6295\u8cc7\u5bb6\u81ea\u8eab\u306e\u72b6\u6cc1\u304c\u6539\u5584\u3059\u308b\u306e\u306b\u3082\u6642\u9593\u304c\u304b\u304b\u308b\u304b\u3089\u306a\u306e\u3058\u3083\u3088\ud83d\udcc8<\/p>\n

\ud83e\uddf8\u300c\u3058\u3083\u3042\u3001\u6025\u843d\u3057\u305f\u76f4\u5f8c\u306b\u8cb7\u3048\u305f\u4eba\u306f\u30e9\u30c3\u30ad\u30fc\u3063\u3066\u3053\u3068?\u300d<\/strong><\/p>\n

\ud83d\udc3b\u200d\u2744\ufe0f\u300c\u305d\u306e\u901a\u308a\u3058\u3083!\uff8c\uff6b\uff8c\uff6b \u6570\u5024\u4f8b\u3067\u306f\u3001\u30b7\u30e7\u30c3\u30af\u76f4\u5f8c\u306b\u8cb7\u3048\u305f\u6295\u8cc7\u5bb6\u306f\u5e74\u7387\u7d0430%\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u6570\u30f6\u6708\u9593\u4eab\u53d7\u3067\u304d\u305f\u3068\u3044\u3046\u7d50\u679c\u304c\u51fa\u3066\u304a\u308b\u305e\u3044\u3002\u3053\u308c\u306f\u300e\u30d0\u30eb\u30c1\u30e3\u30fc(\u79bf\u9df9)\u6295\u8cc7\u5bb6\u300f\u3068\u547c\u3070\u308c\u308b\u4eba\u305f\u3061\u306e\u6226\u7565\u306e\u7406\u8ad6\u7684\u88cf\u4ed8\u3051\u306b\u306a\u3063\u3066\u304a\u308b\u3093\u3058\u3083\u300d<\/strong><\/p>\n

\u3053\u306e\u7de9\u3084\u304b\u306a\u4fa1\u683c\u56de\u5fa9\u30d1\u30bf\u30fc\u30f3\u306f\u3001\u793e\u50b5\u5e02\u5834\u3001\u8ee2\u63db\u793e\u50b5\u5e02\u5834\u3001\u707d\u5bb3\u4fdd\u967a\u5e02\u5834\u306a\u3069\u3001\u591a\u304f\u306e\u5b9f\u969b\u306eOTC\u5e02\u5834\u3067\u89b3\u5bdf\u3055\u308c\u3066\u304a\u308b\u306e\u3058\u3083\u3002\u3064\u307e\u308a\u3001\u3053\u306e\u30e2\u30c7\u30eb\u306f\u73fe\u5b9f\u3092\u3088\u304f\u8aac\u660e\u3057\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3058\u3083\u306e\u3046\u2728<\/p>\n

\ud83c\udf0a\u60c5\u5831\u6d78\u900f(Information Percolation)\u30e2\u30c7\u30eb<\/h2>\n

\u30c0\u30d5\u30a3\u30fc\u6559\u6388\u306e\u7814\u7a76\u306e\u3082\u3046\u4e00\u3064\u306e\u67f1\u304c\u300c\u60c5\u5831\u6d78\u900f\u300d\u306e\u7814\u7a76\u3058\u3083\u3002OTC\u5e02\u5834\u3067\u306f\u3001\u53d6\u5f15\u304c\u79c1\u7684\u306b\u884c\u308f\u308c\u308b\u305f\u3081\u3001\u60c5\u5831\u304c\u5e02\u5834\u5168\u4f53\u306b\u5e83\u304c\u308b\u306e\u306b\u6642\u9593\u304c\u304b\u304b\u308b\u3093\u3058\u3083\u3002<\/p>\n

\u3053\u306e\u30e2\u30c7\u30eb\u306e\u57fa\u672c\u7684\u306a\u8003\u3048\u65b9\u306f\u3053\u3046\u3058\u3083:\u5404\u6295\u8cc7\u5bb6\u306f\u6700\u521d\u306b\u4f55\u3089\u304b\u306e\u30b7\u30b0\u30ca\u30eb(\u60c5\u5831)\u3092\u53d7\u3051\u53d6\u308b\u3093\u3058\u3083\u3002\u305d\u3057\u3066\u6295\u8cc7\u5bb6\u540c\u58eb\u304c\u51fa\u4f1a\u3063\u3066\u53d6\u5f15\u4ea4\u6e09\u3092\u3059\u308b\u3068\u3001\u304a\u4e92\u3044\u306e\u63d0\u793a\u4fa1\u683c\u3092\u901a\u3058\u3066\u76f8\u624b\u306e\u6301\u3063\u3066\u3044\u308b\u60c5\u5831\u3092\u63a8\u6e2c\u3067\u304d\u308b\u306e\u3058\u3083\u3002\u3053\u3046\u3057\u3066\u60c5\u5831\u304c\u5f90\u3005\u306b\u5e02\u5834\u5168\u4f53\u306b\u300c\u6d78\u900f\u300d\u3057\u3066\u3044\u304f\u308f\u3051\u3058\u3083\u306a\ud83d\udca7<\/p>\n

\ud83e\uddf8\u300c\u3057\u308d\u304f\u307e\u3061\u3083\u3093\u3001\u307f\u3093\u306a\u304c\u540c\u3058\u60c5\u5831\u3092\u6301\u3064\u3088\u3046\u306b\u306a\u308b\u307e\u3067\u3001\u3069\u306e\u304f\u3089\u3044\u6642\u9593\u304c\u304b\u304b\u308b\u306e?\u300d<\/strong><\/p>\n

\ud83d\udc3b\u200d\u2744\ufe0f\u300c\u305d\u308c\u304c\u91cd\u8981\u306a\u30dd\u30a4\u30f3\u30c8\u306a\u306e\u3058\u3083!\u7814\u7a76\u306b\u3088\u308b\u3068\u3001\u60c5\u5831\u306e\u53ce\u675f\u901f\u5ea6\u306f\u51fa\u4f1a\u3044\u306e\u983b\u5ea6(intensity \u03bb)\u306b\u4f9d\u5b58\u3059\u308b\u3093\u3058\u3083\u3002\u51fa\u4f1a\u3044\u304c\u983b\u7e41\u306a\u307b\u3069\u3001\u60c5\u5831\u306f\u901f\u304f\u5e83\u304c\u308b\u3068\u3044\u3046\u3053\u3068\u3058\u3083\u306e\u3046\u300d<\/strong><\/p>\n

\u6570\u5b66\u7684\u306b\u306f\u3001\u6642\u523bt\u306b\u304a\u3051\u308b\u6295\u8cc7\u5bb6\u306e\u4fe1\u5ff5\u306e\u5206\u5e03\u306f\u3001\u30ef\u30a4\u30eb\u30c9\u548c(Wild sum)\u3068\u3044\u3046\u5f62\u3067\u660e\u793a\u7684\u306b\u89e3\u3051\u308b\u3053\u3068\u304c\u793a\u3055\u308c\u305f\u306e\u3058\u3083\u3002\u3053\u308c\u306f\u975e\u5e38\u306b\u7f8e\u3057\u3044\u7d50\u679c\u3067\u3001\u8907\u96d1\u306a\u60c5\u5831\u4f1d\u64ad\u30d7\u30ed\u30bb\u30b9\u3092\u8ffd\u8de1\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u3063\u305f\u3093\u3058\u3083\u3088\ud83c\udf08<\/p>\n

\u8208\u5473\u6df1\u3044\u3053\u3068\u306b\u3001\u60c5\u5831\u304c\u79c1\u7684\u306b\u5171\u6709\u3055\u308c\u308b\u5834\u5408\u3068\u516c\u7684\u306b\u767a\u8868\u3055\u308c\u308b\u5834\u5408\u3092\u6bd4\u8f03\u3059\u308b\u3068\u3001\u79c1\u7684\u306a\u60c5\u5831\u5171\u6709\u304c\u516c\u7684\u60c5\u5831\u306e\u52b9\u679c\u3092\u5897\u5e45\u3059\u308b\u3053\u3068\u304c\u5206\u304b\u3063\u305f\u306e\u3058\u3083\u3002\u3064\u307e\u308a\u3001\u4e8c\u3064\u306f\u88dc\u5b8c\u7684\u306a\u95a2\u4fc2\u306b\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u3058\u3083\u306a\ud83d\udc3b\u200d\u2744\ufe0f\u3063\uff8b\uff9f\uff7c\uff6f<\/p>\n

\ud83c\udfaf\u653f\u7b56\u7684\u542b\u610f\u3068\u898f\u5236\u3078\u306e\u793a\u5506<\/h2>\n

\u30c0\u30d5\u30a3\u30fc\u6559\u6388\u306e\u7814\u7a76\u306f\u3001\u5358\u306a\u308b\u7406\u8ad6\u7814\u7a76\u306b\u7559\u307e\u3089\u305a\u3001\u91d1\u878d\u898f\u5236\u306b\u3082\u91cd\u8981\u306a\u793a\u5506\u3092\u4e0e\u3048\u3066\u304a\u308b\u306e\u3058\u3083\u3002<\/p>\n

2007-2009\u5e74\u306e\u91d1\u878d\u5371\u6a5f\u3092\u53d7\u3051\u3066\u3001\u30a2\u30e1\u30ea\u30ab\u3067\u306f\u300c\u30c9\u30c3\u30c9=\u30d5\u30e9\u30f3\u30af\u6cd5\u300d\u304c\u5236\u5b9a\u3055\u308c\u305f\u306e\u3058\u3083\u304c\u3001\u3053\u306e\u6cd5\u5f8b\u306fOTC \u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u5e02\u5834\u306e\u900f\u660e\u6027\u5411\u4e0a\u3092\u76ee\u6307\u3057\u3066\u304a\u308b\u306e\u3058\u3083\u3002\u5177\u4f53\u7684\u306b\u306f\u3001\u6a19\u6e96\u5316\u3055\u308c\u305f\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u3092\u300c\u30b9\u30ef\u30c3\u30d7\u5b9f\u884c\u65bd\u8a2d(SEF)\u300d\u3067\u53d6\u5f15\u3059\u308b\u3053\u3068\u3092\u7fa9\u52d9\u4ed8\u3051\u305f\u308a\u3001\u53d6\u5f15\u60c5\u5831\u3092\u898f\u5236\u5f53\u5c40\u306b\u5831\u544a\u3059\u308b\u3053\u3068\u3092\u6c42\u3081\u305f\u308a\u3057\u3066\u304a\u308b\u3093\u3058\u3083\u306a\ud83d\udccb<\/p>\n

\ud83e\uddf8\u300c\u900f\u660e\u6027\u304c\u9ad8\u307e\u308b\u3068\u3001\u5e02\u5834\u306b\u3068\u3063\u3066\u826f\u3044\u3053\u3068\u306a\u306e?\u300d<\/strong><\/p>\n

\ud83d\udc3b\u200d\u2744\ufe0f\u300c\u3046\u3080\u3001\u305d\u308c\u306f\u5fae\u5999\u306a\u554f\u984c\u306a\u306e\u3058\u3083\u3002\u900f\u660e\u6027\u304c\u9ad8\u307e\u308c\u3070\u3001\u6295\u8cc7\u5bb6\u306f\u3088\u308a\u826f\u3044\u4fa1\u683c\u3067\u53d6\u5f15\u3067\u304d\u308b\u53ef\u80fd\u6027\u304c\u9ad8\u307e\u308b\u3093\u3058\u3083\u304c\u3001\u4e00\u65b9\u3067\u30c7\u30a3\u30fc\u30e9\u30fc\u306e\u5229\u76ca\u304c\u6e1b\u308b\u305f\u3081\u3001\u5e02\u5834\u3078\u306e\u53c2\u52a0\u8005\u304c\u6e1b\u308b\u53ef\u80fd\u6027\u3082\u3042\u308b\u306e\u3058\u3083\u3088\u3002\u30d0\u30e9\u30f3\u30b9\u304c\u5927\u5207\u3068\u3044\u3046\u3053\u3068\u3058\u3083\u306a\u300d<\/strong><\/p>\n

\u307e\u305f\u3001\u4e2d\u592e\u6e05\u7b97\u6a5f\u95a2(CCP)\u306e\u5f79\u5272\u3082\u91cd\u8981\u3058\u3083\u3002CCP\u306f\u53d6\u5f15\u306e\u8cb7\u3044\u624b\u3068\u58f2\u308a\u624b\u306e\u9593\u306b\u5165\u3063\u3066\u3001\u4fe1\u7528\u30ea\u30b9\u30af\u3092\u8efd\u6e1b\u3059\u308b\u5f79\u5272\u3092\u679c\u305f\u3059\u306e\u3058\u3083\u3002\u30c0\u30d5\u30a3\u30fc\u6559\u6388\u306f\u3001\u9069\u5207\u306b\u8a2d\u8a08\u3055\u308c\u305fCCP\u306f\u91d1\u878d\u30b7\u30b9\u30c6\u30e0\u306e\u5b89\u5b9a\u6027\u3092\u9ad8\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3068\u8ad6\u3058\u3066\u304a\u308b\u306e\u3058\u3083\u3088\ud83c\udfdb\ufe0f<\/p>\n

\ud83d\udd2c\u30e2\u30c7\u30eb\u306e\u6280\u8853\u7684\u9769\u65b0<\/h2>\n

\u30c0\u30d5\u30a3\u30fc\u6559\u6388\u306e\u7814\u7a76\u306e\u6280\u8853\u7684\u306a\u8ca2\u732e\u3068\u3057\u3066\u7279\u7b46\u3059\u3079\u304d\u306f\u3001\u300c\u9023\u7d9a\u4f53\u306e\u6295\u8cc7\u5bb6\u306b\u304a\u3051\u308b\u53b3\u5bc6\u306a\u5927\u6570\u306e\u6cd5\u5247\u300d\u3092\u7528\u3044\u305f\u70b9\u3058\u3083\u3002\u3053\u308c\u306f\u5b6b\u6c38\u5be7(Yeneng Sun)\u6559\u6388\u3068\u306e\u5171\u540c\u7814\u7a76\u3067\u958b\u767a\u3055\u308c\u305f\u6570\u5b66\u7684\u624b\u6cd5\u306a\u306e\u3058\u3083\u304c\u3001\u7121\u9650\u306b\u591a\u304f\u306e\u6295\u8cc7\u5bb6\u304c\u3044\u308b\u5e02\u5834\u3092\u30e2\u30c7\u30eb\u5316\u3059\u308b\u969b\u306b\u3001\u78ba\u7387\u7684\u306a\u5909\u52d5\u3092\u5b8c\u5168\u306b\u6392\u9664\u3067\u304d\u308b\u3068\u3044\u3046\u5f37\u529b\u306a\u9053\u5177\u306a\u306e\u3058\u3083\ud83d\udd27<\/p>\n

\u5f93\u6765\u306e\u30e2\u30c7\u30eb\u3067\u306f\u3001\u6295\u8cc7\u5bb6\u306e\u6570\u304c\u6709\u9650\u3060\u3068\u3001\u30e9\u30f3\u30c0\u30e0\u30de\u30c3\u30c1\u30f3\u30b0\u306e\u7d50\u679c\u306b\u78ba\u7387\u7684\u306a\u3070\u3089\u3064\u304d\u304c\u6b8b\u308b\u3068\u3044\u3046\u554f\u984c\u304c\u3042\u3063\u305f\u3093\u3058\u3083\u3002\u3057\u304b\u3057\u3001\u3053\u306e\u53b3\u5bc6\u306a\u5927\u6570\u306e\u6cd5\u5247\u3092\u4f7f\u3046\u3068\u3001\u6295\u8cc7\u5bb6\u306e\u5206\u5e03\u304c\u6c7a\u5b9a\u8ad6\u7684\u306b\u8a08\u7b97\u3067\u304d\u308b\u305f\u3081\u3001\u30e2\u30c7\u30eb\u304c\u5287\u7684\u306b\u6271\u3044\u3084\u3059\u304f\u306a\u308b\u306e\u3058\u3083\u3088\u2728<\/p>\n

\ud83e\uddf8\u300c\u3067\u3082\u3001\u73fe\u5b9f\u306b\u306f\u7121\u9650\u306e\u6295\u8cc7\u5bb6\u306a\u3093\u3066\u3044\u306a\u3044\u3088\u306d?\u300d<\/strong><\/p>\n

\ud83d\udc3b\u200d\u2744\ufe0f\u300c\u305d\u306e\u901a\u308a\u3058\u3083\u3002\u3053\u308c\u306f\u6570\u5b66\u7684\u306a\u8fd1\u4f3c\u3068\u3057\u3066\u4f7f\u308f\u308c\u3066\u304a\u308b\u3093\u3058\u3083\u3002\u6295\u8cc7\u5bb6\u306e\u6570\u304c\u5341\u5206\u306b\u591a\u3051\u308c\u3070\u3001\u3053\u306e\u8fd1\u4f3c\u306f\u73fe\u5b9f\u3092\u3088\u304f\u8868\u3059\u3068\u8003\u3048\u3089\u308c\u3066\u304a\u308b\u306e\u3058\u3083\u3088\u3002\u305f\u3060\u3057\u3001\u3053\u308c\u306f\u5358\u7d14\u5316\u306e\u305f\u3081\u306e\u4eee\u5b9a\u3067\u3042\u3063\u3066\u3001\u73fe\u5b9f\u306e\u5e02\u5834\u306f\u3082\u3063\u3068\u8907\u96d1\u3058\u3083\u3068\u3044\u3046\u3053\u3068\u306f\u5fd8\u308c\u3066\u306f\u3044\u304b\u3093\u305e\u3044\ud83d\udcad\u300d<\/strong><\/p>\n

\ud83c\udf10\u5b9f\u8a3c\u7814\u7a76\u3068\u306e\u63a5\u7d9a<\/h2>\n

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