‫א‬
 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 
 ‫א‬‫א‬–‫א‬‫א‬‫א‬
  JW
  ، ‫א‬   ‫א‬ ‫א‬   –   – ‫א‬ ‫א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬ ‫א‬ ‫א‬ ‫א‬  ‫א‬ ‫א‬‫א‬   K‫א‬ ‫א‬
،   K‫א‬ ‫א‬ ‫א‬ ‫א‬‫א‬   ، ‫א‬  ‫א‬ ‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 1983‫א‬
‫א‬ ‫א‬ ‫א‬   ‫א‬‫א‬  ‫א‬ ‫א‬  ، ‫א‬ ‫א‬ ‫א‬ 
‫א‬‫א‬  ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬،EF‫א‬‫א‬‫א‬‫א‬‫א‬،
 K‫א‬‫א‬‫א‬‫א‬،EF
 ‫א‬ ‫א‬ ‫א‬  ‫א‬‫א‬   ‫א‬ ‫א‬ ‫א‬ ‫א‬  
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬
  ‫א‬     ‫א‬  ‫א‬ ‫א‬  ‫א‬ ‫א‬ ‫א‬
    ‫א‬ ،‫א‬  (Maintenance Period)  ‫א‬ 
 K‫א‬‫א‬
  JW‫א‬‫א‬‫א‬‫א‬
‫א‬  ‫א‬‫א‬  ‫א‬ ‫א‬ ‫א‬  ‫א‬ ‫א‬ ‫א‬  ‫א‬ 

‫א‬،19834E‫א‬‫א‬‫א‬F‫א‬،1983
‫א‬‫א‬ ٪10‫א‬
 ‫א‬   ،     ‫א‬ ‫א‬‫א‬  ‫א‬ ‫א‬‫א‬   
K ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ ‫א‬
  JWE1F‫א‬
1
200535‫א‬‫א‬
‫א‬
 E1F
 E2004 J1983F‫א‬‫א‬
٪‫א‬
10
12.5
12.5
20
20
18
18
20
20
20
20
30
25
25
26
4
26
6
28
6
20
10
12
12
14
14
14
‫א‬
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
  J
  J
1998
  J
  J
1999
  J
  J
2000
  J
  J
2001
  J
  J
2002
  J
  J
2003
  J
14
  J
2004
  J
14
  J
14
 K‫א‬‫א‬–E2004 J1983F‫א‬‫א‬‫א‬W‫א‬
2
200535‫א‬‫א‬
‫א‬
، 1985 1984 ٪12.5 1983 ٪10 ‫א‬ ‫א‬ ‫א‬
K٪18‫א‬ 1989 1988K 1992 1991، 1990، 1987، 1986‫א‬٪20
1996‫א‬K19961995٪251994٪30‫א‬
‫א‬‫א‬1996‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
1997‫א‬،‫א‬‫א‬‫א‬،‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬K‫א‬‫א‬‫א‬‫א‬‫א‬،1997
      ‫א‬ ‫א‬   2000 ‫א‬ ‫א‬  ‫א‬ ‫א‬
‫א‬  ‫א‬    ‫א‬ ‫א‬  2000  29  ، ‫א‬
 K
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 1997‫א‬
 ، 2000  9  ‫א‬ ‫א‬  ‫א‬‫א‬  ‫א‬ ‫א‬   ‫א‬
‫א‬٪15‫א‬‫א‬‫א‬٪20‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬٪12‫א‬ 2001‫א‬K٪15
‫א‬ 2001 ‫א‬٪14 ،‫א‬‫א‬
‫א‬‫א‬‫א‬٪12‫א‬2004‫א‬‫א‬K20032002‫א‬
 K‫א‬‫א‬‫א‬٪14‫א‬2004،
      ‫א‬‫א‬   ‫א‬ ‫א‬ ‫א‬ ‫א‬   ‫א‬
‫א‬ ٪7‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ ،‫א‬‫א‬
،‫א‬‫א‬‫א‬‫א‬٪1‫א‬‫א‬٪2 ،‫א‬‫א‬‫א‬‫א‬ ٪2‫א‬
 K‫א‬‫א‬‫א‬‫א‬٪7.5‫א‬‫א‬٪15‫א‬‫א‬‫א‬
 W‫א‬‫א‬
،‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬E2F‫א‬،‫א‬‫א‬
‫א‬،‫א‬‫א‬‫א‬E1989  J1983F
E ‫א‬ ‫א‬   ‫א‬‫א‬ ،  ، ،F ‫א‬ ‫א‬ ‫א‬
  ‫א‬ ‫א‬ ‫א‬    ‫א‬   ،  ‫א‬ ‫א‬ 
 K‫א‬‫א‬‫א‬
3
200535‫א‬‫א‬
‫א‬
 E2F
 ‫א‬
 E2004 J1983F
‫א‬
‫א‬
‫א‬
‫א‬
  J ‫א‬‫א‬‫א‬  J ‫א‬  J
K‫א‬‫א‬‫א‬
،،F
‫א‬‫א‬،
E1989 J1983F
‫א‬
‫א‬‫א‬
‫א‬‫א‬
E،

    J ‫א‬‫א‬‫א‬  J ‫א‬،‫א‬  J
‫א‬‫א‬
‫א‬‫א‬‫א‬
،
‫א‬
‫א‬‫א‬،،F
‫א‬،‫א‬
‫א‬
،‫א‬
K،‫א‬
،‫א‬‫א‬‫א‬
E1993 J1990F
‫א‬‫א‬
‫א‬‫א‬‫א‬
،‫א‬
‫א‬
K‫א‬‫א‬
   J ‫א‬‫א‬‫א‬  J ‫א‬  J
‫א‬‫א‬
‫א‬‫א‬‫א‬
‫א‬
K‫א‬‫א‬
‫א‬‫א‬
‫א‬‫א‬
E2004 J1994F
،،F‫א‬
‫א‬‫א‬
‫א‬
K،‫א‬‫א‬
 K‫א‬‫א‬،E2004 J1983F‫א‬‫א‬‫א‬ JW‫א‬
 
(Cash in ‫א‬‫א‬‫א‬E1993 J1990F‫א‬
‫א‬،‫א‬‫א‬‫א‬،‫א‬‫א‬،‫א‬، Transit)
،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
4
200535‫א‬‫א‬
‫א‬
‫א‬‫א‬E2004 J1994F‫א‬
‫א‬‫א‬‫א‬ ،‫א‬‫א‬
 K‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬ K‫א‬‫א‬  
‫א‬‫א‬ ،‫א‬‫א‬‫א‬‫א‬
،‫א‬ ‫א‬‫א‬‫א‬‫א‬ ،‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬
‫א‬ ‫א‬   ‫א‬   ‫א‬  ‫א‬  ‫א‬‫א‬   
‫א‬‫א‬  ‫א‬     ‫א‬‫א‬  ‫א‬    ، ‫א‬ ‫א‬
  JW‫א‬E4FE3F‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬
 E3F
 2004 J1994F‫א‬‫א‬‫א‬
 E٪F
‫א‬‫א‬‫א‬
4
4
4
6
8
8
8
9
9
8
8
‫א‬‫א‬
5
4
4
2
1
1
1
2
2
2
2
‫א‬‫א‬‫א‬
9
11
10
14
21
18
18
19
21
23
19
‫א‬‫א‬‫א‬
81
81
83
78
70
72
72
70
68
67
71
‫א‬
1994
1995
1996
1997
1998
1999
2000
2001
2002
 2003
 2004
 K‫א‬‫א‬،‫א‬‫א‬،‫א‬‫א‬‫א‬W‫א‬
1994‫א‬‫א‬‫א‬٪81‫א‬‫א‬‫א‬‫א‬E3F‫א‬
٪9٪4‫א‬‫א‬‫א‬‫א‬،٪67
 2003،
، ‫א‬‫א‬‫א‬‫א‬،2004 J1994‫א‬ ‫א‬‫א‬‫א‬
5
200535‫א‬‫א‬
‫א‬
٪23‫א‬‫א‬‫א‬‫א‬ ٪5
 1994
 KE2004 J1994F‫א‬‫א‬‫א‬
 
 E4F
 ‫א‬‫א‬‫א‬
 E2004–2001F
 E٪F
‫א‬‫א‬‫א‬
‫א‬‫א‬


‫א‬‫א‬‫א‬


‫א‬‫א‬‫א‬


G


‫א‬
1
28
28
42
2001
  J
1
28
28
43
  J
1
26
31
42
  J
1
23
35
40
1
20
37
42
  J
2002
  J
2
21
41
36
  J
1
21
44
33
  J
1
22
42
35
1
22
44
33
  J
2003
  J
1
24
44
31
  J
1
23
45
31
  J
1
22
46
31
1
21
46
32
  J
2004
  J
1
22
46
31
  J
1
21
45
34
  J
1
21
44
35
  J
 K‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬W‫א‬
K‫א‬‫א‬‫א‬E4FE3F‫א‬G
 
‫א‬‫א‬‫א‬‫א‬‫א‬E4F‫א‬
،‫א‬‫א‬‫א‬ ٪1‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬
6
200535‫א‬‫א‬
‫א‬
‫א‬‫א‬٪28‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬٪42 J٪31‫א‬‫א‬‫א‬‫א‬‫א‬ K‫א‬
‫א‬‫א‬٪46 J٪28‫א‬‫א‬‫א‬‫א‬،‫א‬
 K‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬ ‫א‬ ‫א‬
 KE‫א‬‫א‬F‫א‬
،‫א‬ ‫א‬‫א‬ ‫א‬‫א‬‫א‬
‫א‬ ‫א‬   ،  ‫א‬ ‫א‬‫א‬  ‫א‬ ‫א‬ ‫א‬‫א‬ ‫א‬  ‫א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬ ، ‫א‬  ‫א‬  ‫א‬  ‫א‬ ‫א‬  E5F  ‫א‬ 
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 
 E5F
 E2004 J1997F‫א‬‫א‬
 EF
‫א‬
‫א‬
‫א‬
45.4
39.4
1997
41.9
44.3
1998
52.6
43.6
1999
67.6
71.5
2000
132.6
129.9
2001
188.0
178.4
2002
256.4
283.5
2003
417.6
423.0
2004
 K‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬W‫א‬


 
  JW‫א‬
،‫א‬‫א‬ ‫א‬‫א‬1997‫א‬

،‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
7
200535‫א‬‫א‬
‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬1997‫א‬

‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬ ‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
 ‫א‬ ‫א‬‫א‬  ‫א‬ ‫א‬  ، ‫א‬ ‫א‬ ‫א‬ ‫א‬  

‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬ ‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬،E‫א‬F‫א‬‫א‬E‫א‬F
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬
   ‫א‬‫א‬ ‫א‬    K‫א‬‫א‬ ‫א‬‫א‬    ‫א‬
  JW‫א‬‫א‬‫א‬
،  ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬
 J
 K‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ J
،‫א‬‫א‬ ‫א‬‫א‬ ‫א‬‫א‬‫א‬
 J
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
‫א‬‫א‬  ‫א‬‫א‬‫א‬
 J
K‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬
‫א‬ ‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬
،‫א‬ 
 ‫א‬‫א‬‫א‬E2004 J1983F
، ‫א‬‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬ 
 ،‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬‫א‬‫א‬،
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
8
200535‫א‬‫א‬
‫א‬
 ‫א‬(Time lag)‫א‬‫א‬‫א‬،‫א‬ ‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬ K‫א‬‫א‬‫א‬‫א‬
  ‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬، ‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
 
 
 W‫א‬‫א‬
K،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 J1
 K
K‫א‬‫א‬،E2004 J1983F‫א‬‫א‬‫א‬
 J2
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 J3
 
9
200535‫א‬‫א‬