ࡱ > c e b i R bjbjcTcT 8 > > *
c s 8 7 "q F : Y [ \ D Mp Op Op Op Op Op Op $ hs
v : sp i ] Y " Y ] ] sp > p m m m ]
t Mp m ] Mp m m m zi ek m 9p p 0 "q m Dv _l Z Dv m Dv m W\ " y\ m \ \ W\ W\ W\ sp sp m W\ W\ W\ "q ] ] ] ] Dv W\ W\ W\ W\ W\ W\ W\ W\ W\ ) : -NV
N^lQS%ЏDё{tg1 9 9 7 - 2 0 0 6
szl ReY ؚ
2 6 6 0 7 1 R\ -NVwm m'Yf[{tf[b -NVwm m'Yf[^(uOxvz@b
0Oxvz 02 0 0 7 t^,{1 2 gSh
[ Xd] ,ge[1 9 9 7 - 2 0 0 6 t^ASt^-NV
N^lQS%ЏDё{t~HeSSRT2 0 0 6 t^^-NV
N^lQS%ЏDё{t~HerQۏLNgRg g~ghfT*NLN(W~SǏ1 9 9 7 - 1 9 9 9 t^v~NmlRT, яASt^v%ЏDёhTl gN;`SO
Neg wGWYN NMvR f
N^lQS%ЏDё{tv~He(W
NecGS0 Te %ЏDё{t~He4ls^(WLNKNX[(W'Yv]_ NLNKNX[(WvN\O(u Vdk 9eUO^{tT nSsQ|{t/fcGS%ЏDё{t~Hev N*N͑_0\O:N,gygv N*N͑bg bN c%ЏDёhTl gchRLN[2 0 0 6 t^^-NV
N^lQS%ЏDё{t~HeۏLNc
T S^N 2 0 0 6 t^^-NV
N^lQS%ЏDё{t~HecLi 0
[ sQ.͋] %ЏDё{t ~He %ЏDёhTl g g cLi
N0_
%ЏDё{t/fON"R{tv͑Q[ o}Yv%ЏDё{t/fON_N uX[TSU\vW@x0^t TyrfTg\elKQe~\$NMOf[[V NCS['YWON"R~tvghf "R~t(W%ЏDё{t
N@b9veQNN`SN NRKN N0 _U\%ЏDё{tNygv^[ gS^gbJT[N.^RONNvQNON%ЏDё{tvsr0R N [ċN,gON%ЏDё{tv~HeT4ls^wQ g͑vaIN0VC F O Bg_TR E L TlQS1 9 9 7 t^sS _Y[V g'Yv NCS[ONۏL%ЏDёg( T h e W o r k i n g C a p i t a l S u r v e y ) g RǑ(u%ЏDёhTl gD W C , D a y s o f W o r k i n g C a p i t a l TSsHesC C E , C a s h C o n v e r s i o n E f f i c i e n c y $N*Nch[ONۏLc
T0vQ{lQ_/f
E M B E D E q u a t i o n . 3
2 0 0 3 t^NT g9e(u%ЏDёhTl gD W C = D S O + D I O - D P O [ON%ЏDё{t~HeۏLc
T ُ Ng[VONv%ЏDё{tN uNASR͑vq_T0(WbV }6q
NON[%ЏDё{tvtxvz FO/f:\N[ON%ЏDё{trQv[g f:\ON%ЏDё{tNypencs^Sv/ec0[wQ ghFg\O(uv
N^lQSv%ЏDё{tۏLg ct^^S^ -NV
N^lQS%ЏDё{t~HecLi v^^z -NV
N^lQS%ЏDё{tpencs^S
NN:NbV
N^lQS%ЏDё{txvzTċNcOpenc/ec N[NcGSbVON[%ЏDё{t͑'`vƋ
Necؚ%ЏDё{t4ls^wQ gASR͑vbeuaIN0bN _U\v -NV
N^lQS%ЏDё{tg T -NV
N^lQS%ЏDё{tpencs^S^ _0RNV[6qyf[WёvDR0tN
N^lQS]N2 0 0 7 t^1 g1 ew _YgbLevONOQR Vdk bN\N2 0 0 7 t^ _Y ct^^S^ -NV
N^lQS%ЏDё{tgT h e W o r k i n g C a p i t a l M a n a g e m e n t S u r v e y o f C h i n e s e L i s t e d C o m p a n i e s v^y/}-NV
N^lQS%ЏDё{tvNypenc0:NN)\bVON%ЏDё{t~HeċNNSV[v]ݍ bN[1 9 9 7 - 2 0 0 6 t^1 0 t^-NV
N^lQS%ЏDё{t~HeSSRT2 0 0 6 t^^-NV
N^lQSv%ЏDё{t~HerQۏLNgRg ,ge/fُ NgRgv;`~bJT0
N07h,gpencNRgel
1 . 7h,gv S
Nm^Tl^1 9 9 7 t^2 0 0 6 t^@b gA
N^lQS:Nxvz[a0
7h,gv S;Nu_N NQ*NSR
( 1 ) penc[Y vsQSpeSN{0 Te QN~Rgv_ TRd*N+R_8^vOpenc
( 2 ) TRdё{|lQS
2 . LNRR
,gyg c-NVvO2 0 0 1 t^4 g4 elQ^v
0
N^lQSLNR{|c_ 0vLNR{|hQۏLRLNxvz SbQggrnN0ǑcN06R N05uRdqlS4lv uNTO^N0^Q{N0NЏSNPN0Oo`b/gN0ybST.U8f0?b0WNN0>yO
gRN0 OdNeSNN0~T{|0vQ-N6R NS~R:NߘTne0~~
gň0(gPg[wQ0 ~pS7R05uSQX05uP[0ё^\^ё^\0:ghY0;So uir0vQNI{P[LN0
3 . chv S
( 1 ) X['hTl g
X['hTl g(uNaϑ N[e gQX['hTlv ^ S fONhTlHesTX['vSsR N RgfONO0N0 vs^a z^0vQ{lQ_:N
X['hTl g X['/ ( ;N%NRb,g/ 3 6 5 )
_-Nv ;N%NRb,g
N(u;N%NR6eeQNf X[':N g RX['QT g+gX['Qvs^GWpe0
X['hTl gNO fX['lbc:Nsёb^6e&>kv ^_ AmR'`:_0_N1\/f X['hTl gNO X['vSsR:_ Dёv)R(uHes_N1\ؚ0SKN YgX['hTl gؚ RvQSsRv^]0FO/f YgvvvBlǏNOvX['hTl g SasT@wONvX['4ls^ǏNO X[(W@w uN-NebNT1 vqSi0
( 2 ) ^6e&>khTl g
^6e&>khTl g(uNaϑ N[e gQ^6e&>khTlv ^ N S fON^6e&>k{tvHes0vQ{lQ_:N
^6e&>khTl g ^6e>ky/ ( ;N%NR6eeQ/ 3 6 5 )
_-Nv ;N%NR6eeQ [E
N^(uJ FOJ \O:NFUN:g[ N,
N[YlQ _ @bN(u;N%NR6eeQfN ^6e>kySb^6e&>kQT^6ehync, _-Nv ^6e>ky :N g R^6e>kyQT g+g^6e>ky&>kQvs^GWpe0
^6e&>khTl gNO hfONv^6e&>khTl_ ^6e&>kv{tHesؚ0Yg^6e&>khTl g_ؚ hfONFTn(WYvDёǏY DёhTlba ^
Nup N [P:PRSv)RR g@w%N͑v bq_T0
( 3 ) ^N&>khTl g
^N&>khTl g(uNaϑ N[e gQ^N&>khTlv ^ N S fON^N&>k{tvHes0vQ{lQ_:N
^N&>khTl g ^N>ky/ ( ;N%NRb,g/ 3 6 5 )
^N>kySb^N&>kQT^Nhync, _-Nv ^N>ky :N g R^N>kyT g+g^N>kyvs^GWpe0
( 4 ) %ЏDёhTl g
%ЏDёhTl g/fcONv%ЏDёNsёbeQ uN~% _Y0R g~l:NsёvǏ z0vQ{lQ_:N
%ЏDёhTl g ^6e&>khTl g+ X['hTl g- ^N&>khTl g
4 . pencegn
9hncxvzv @b6eƖvpenc;N/f1 9 9 7 t^2 0 0 6 t^7h,glQSt^^bh-Nv^6e&>k0^6ehync0X['0^N&>k0^Nhync0;N%NR6eeQ0;N%NRb,g0N
Npenc;N/f1u rC C E R |Rxvzpenc^|~ cO0
5 . ~el
Q0RЏ(u
YBgv7h,gpencYte_ SHQ fYtpencvpef[elvyf['` &TR\q_T~vyf['`0:NNOpencv['` ,ge(W[
N^lQS%ЏDё{tvgxvz-N Ǒ(uc'`~ NS fbV
N^lQS%ЏDё{t~Hev[ErQ *g[NUO7h,gpencۏLOck RgoNǑ(uE X C E L oN0ThTl gchvwQSO~Ǐ zY N
1 clQ_{QLN@b g7h,glQSvX['hTl g0^6e&>khTl g0^N&>khTl gch0vQ-N X['0^6e&>k0^N&>kGWO(ut^ RYOTt^+gYOvs^GWkhTl g0^N&>khTl gvs^GW
khTl g0^N&>khTl gvs^GWkhTl g 1 1 6 1 3 0 1 3 6 1 3 2 1 1 6 1 0 1 9 2 8 3 8 0 7 7 %NhT g 2 5 6 2 8 2 2 8 6 2 7 6 2 6 0 2 3 5 2 1 5 1 9 9 1 9 7 1 9 2 ^N&>khTl g 7 2 7 9 8 2 8 6 8 8 9 1 9 5 9 3 9 6 9 7 %ЏDёhTl g 1 8 4 2 0 3 2 0 4 1 9 0 1 7 2 1 4 4 1 2 0 1 0 6 1 0 1 9 5 h1 1 9 9 7 - 2 0 0 6 t^-NV6R N
N^lQS%ЏDё{t~Hech~h
l%NhT g/fNS_X[' _Y0R .UX['v^6eVsё@b ve [I{NX['hTl gT^6e&>khTl gKNT0
S H A P E \ * M E R G E F O R M A T
V1 1 9 9 7 - 2 0 0 6 t^-NV6R N
N^lQS%ЏDё{t~HeSRRV
NV1 SN wQ 1 9 9 7 - 1 9 9 9 t^ 6R N
N^lQSvX['hTl g0^6e&>khTl gGWHT
NGSR N2 0 0 0 t^ _Y X['hTl g0^6e&>khTl gchR NvYN NMvR vQ-N^6e&>khTl gv NM:Nf>f 1u1 9 9 9 t^v1 3 6 )YvS_Nkt^s^GWhTl2 . 6 8 !k NM0R2 0 0 6 t^v7 7 )YvS_Nkt^s^GWhTl4 . 7 4 !k NhTl g w 2 0 0 6 t^k1 9 9 9 t^ NMN5 9 )Y NMN4 3 . 4 % s^GWkt^ NM8 . 5 )Y NM6 . 2 % NhTls w R
NGSN2 . 0 6 !k
NGSN7 6 . 9 % s^GWkt^
NGS1 1 % 0ُf6R N
N^lQSteSOv^6e&>k{t4ls^TX['{t4ls^(W1 9 9 7 - 1 9 9 9 t^t^ NM N2 0 0 0 t^ _YR(Wt^cؚ0^6e&>kTX['{t4ls^vSS[%NhT g_NHTHQXTQvR01 9 9 9 t^6R N
N^lQSv%NhT gs^GW:N2 8 6 )Y k1 9 9 7 t^XRN3 0 )Y s^GWkt^
NGS1 5 )Y
NGS1 1 . 7 % N2 0 0 0 t^ _Y Rf>fHTt^ NMR 2 0 0 6 t^ NM0R1 9 2 )Y k1 9 9 9 t^v2 8 6 )Y NMN9 4 )Y NM3 2 . 9 % s^GWkt^ NM1 3 . 4 )Y s^GWkt^ NM4 . 7 % 0яt^eg%NhT gvt^ NMfONDё{tyr+R/fAmRDё{tv4ls^(Wt^cؚ0
N1 9 9 7 t^0R2 0 0 6 t^ d2 0 0 4 t^k2 0 0 5 t^eu g NMY 6R N
N^lQSv^N&>khTl g NvHTt^XRKNR 1u1 9 9 7 t^v7 2 )Y
NGS0R2 0 0 7 t^v9 7 )Y ُfONeg͑ƉFUNO(uv)R(u FUNO(u(WON%ЏDё{t-Nv0WMOeg͑0X['{t0^6e&>k{tT^N&>k{t NvqQ Tq_TO%ЏDё{thTl g(W1 9 9 7 - 1 9 9 9 t^t^XR 0R1 9 9 9 t^ %ЏDёhTl g0R2 0 4 )Yv gؚ)Ype vS_Nkt^NhTl1 . 7 9 !k0 N2 0 0 0 t^wHTt^ NMKNR NMNOvE^^^8^f>f 2 0 0 6 t^6R N
N^lQS%ЏDёhTl gs^GW:N9 5 )Y k1 9 9 9 t^v2 0 4 )Y NMN1 0 9 )Y NMN5 3 . 4 % s^GWkt^ NM7 . 6 % NhTlseg w RvS_NN1 9 9 9 t^vkt^hTl1 . 7 9 !kcؚ0R2 0 0 6 t^v3 . 8 4 !k cؚN1 1 4 . 5 % s^GWkt^cؚ1 6 . 4 % ُf-NV6R N
N^lQS%ЏDё{tv4ls^(WяQt^-N] g>fWvcؚ0
1 9 9 7 t^0R1 9 9 9 t^%ЏDё{t~Hevt^ NMNS_ev[~Nmb_R g_'YvsQ|01 9 9 7 t^ 1uNVQ NNV }vSS QR
N NWSNёqS:gvPS bVQsN^:Wuo0~NmX>ebavuv0N1 9 9 8 t^t^ R _Y fۏeQN''}) sSirN;`4ls^c~ NMvr`0 Bl
N NTn ON)Rm NMT'}) _/eI{sa vNq_T b_bNv`'`_s0E\lm9NeNegv gؚp M1 9 9 7 t^v2 . 8 % v^ _YNޏ~2 2 *NgvirN N̍sa NT%N͑yS NOvY(W~NmsX[ONvSU\N uN%N͑vq_T 'YϑX['yS NR)Rms NM 1udk[X['hTlsI{hTlsch NM %ЏDёhTlba02 0 0 0 t^ (WV[ gHev[c N bVVl~NmX ^ NnvR_0RNO6R ~Nmb_RQsNygvSS 2 0 0 0 t^[sN8 % vG D P Xs KNT[~Nm NvHTc~XvSU\`R [~Nmb__vSSeu[ON%ЏDё{t~He4ls^v
NecGSN uNygvq_T0
2 . 1 9 9 7 - 2 0 0 6 t^vQNLN
N^lQS%ЏDё{t~HeRRg
}6qvQNLN
N^lQSpev\ NASt^eg7h,gpevR^
NGW S FO/fbNN6qSN wQTLN
N^lQS%ЏDё{tHesSSvW,gR0vQNLN
N^lQS%ЏDёhTl gv{elN6R Nv T vQTt^v~~gYh2 @b:y:NGl;`S fTLNv~~g h2 -N_NSbN6R N
N^lQSv~~g :
LN 1 9 9 7 1 9 9 8 1 9 9 9 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 A 1 9 7 1 8 4 1 6 0 1 6 9 1 7 0 1 6 0 1 4 9 1 3 7 1 3 1 1 3 9 B 1 3 8 1 5 1 1 6 8 1 8 1 1 1 5 8 2 5 9 3 7 3 7 1 8 C 1 8 4 2 0 3 2 0 4 1 9 0 1 7 2 1 4 4 1 2 0 1 0 6 1 0 1 9 5 D 1 0 6 1 1 3 1 1 3 6 8 5 5 5 9 4 7 3 6 4 4 3 9 E 1 2 7 1 2 3 2 0 1 2 0 71871148982106116F413464120201011-1-5G187203207148115110134134116103H3950564439312122165J8291161131515381109127810999121037982K99828085654433413241L14520416617014110112397127121M300240423404341341272217255319 0 2 4 B H J t ˻wjw\K=K=K- h5| hp 5CJ PJ \aJ hp 5CJ PJ \aJ o(!h5| hp 5CJ PJ \aJ o(hH! hp 5OJ QJ aJ hp 5OJ QJ aJ o( hH! hp 5OJ QJ aJ o( hp 5CJ OJ PJ QJ aJ hp 5CJ OJ PJ QJ aJ o( &hH! hp 5CJ OJ PJ QJ aJ o( h ~ hp 5CJ OJ QJ aJ &j hp 0J 5CJ OJ QJ UaJ hp 5CJ OJ QJ aJ o( "h ~ hp 5CJ OJ QJ aJ o( 4 J & b d n . \ & ( @ P
d. WD `gdp d. @&WD `gdp
$d. a$gdp d. G$ WD `gdp $d. G$ a$gdp d, G$ WD `gdp d, G$ WD `gdp
$d a$gdp $a$gdp H V f p
$ & 0 ` b d μ|l^|S hp 5OJ QJ aJ hdJ hp OJ QJ aJ o( hdJ hp 5OJ QJ aJ o( hp OJ QJ aJ hN hp OJ QJ aJ o(hp KH OJ QJ aJ o( hem hp KH OJ QJ aJ o(hp OJ QJ aJ o(#hp OJ QJ \aJ mH nH o(u)hx hp OJ QJ \aJ mH nH o(u hJ hp 5OJ QJ aJ o( h ' hp OJ QJ aJ d l n H
l
, . 0 T ɹuhu[F6 h#( hp EHOJ QJ \aJ (j h#( hp EHOJ QJ U\aJ h#( hp OJ QJ aJ hq:G hp OJ QJ aJ hq:G hp OJ QJ aJ o(h hp OJ QJ aJ h hp OJ QJ aJ o(h#( hp OJ QJ aJ o(hp KH OJ QJ aJ o( h 4 hp KH OJ QJ aJ o(hp OJ QJ aJ o(h 4 hp OJ QJ aJ o(h 4 hp 5OJ QJ aJ h 4 hp 5OJ QJ aJ o(T V Z \ d . 2 D H R | ~ , D H P ŵ|||rkrkrkrkr]R]R] hp OJ QJ aJ o(h 4 hp OJ QJ aJ o(
hp aJ o(h 4 hp aJ o(hp KH OJ QJ aJ o( h 4 hp KH OJ QJ aJ o(hOBE hp OJ QJ aJ o(h#( hp OJ QJ aJ o( h#( hp 5OJ QJ aJ o( h#( hp OJ QJ \aJ (j h#( hp EHOJ QJ U\aJ .j N
h#( hp EHOJ QJ UV\aJ J p x $ & ( > @ B D N P ʵxlbQCQ3 h=< hp 5OJ QJ \aJ hp 5OJ QJ \aJ o(!h=< hp 5OJ QJ \aJ o(hzm hp 5aJ hzm hp 5aJ o( h 4 hp aJ h 4 hp OJ QJ aJ )hHZ hp OJ QJ \aJ mH nH o(u#hp OJ QJ \aJ mH nH o(u)h.NV hp OJ QJ \aJ mH nH o(u
hp aJ o(h 4 hp aJ o( hp OJ QJ aJ mH nH o(u &h 4 hp OJ QJ aJ mH nH o(uP " $ , . 6 R T d f t v ~ Թ䝏o`o`o`o`o` h 4 hp KH OJ QJ aJ h 4 hp KH OJ QJ aJ o( h=< hp 5OJ QJ \aJ hp 5OJ QJ \aJ o(!h=< hp 5OJ QJ \aJ o(hp OJ QJ aJ o(h=< hp 5OJ QJ aJ hp 5OJ QJ aJ o( h=< hp 5OJ QJ aJ o( h 4 hp OJ QJ aJ h 4 hp OJ QJ aJ o( # . T t v 8 N F \
d. WD `gdp d. @&WD `gdp
d. WD `gdp
d. WD `gdp r t x z @ B t v 6 8 L N D F Z \ ʼ hp KH OJ QJ aJ o( h 4 hp KH OJ QJ aJ h 4 hp KH OJ QJ aJ o(h 4 hp OJ QJ aJ h 4 hp OJ QJ aJ o(h 4 hp OJ QJ \aJ h 4 hp OJ QJ \aJ o( h 4 hp CJ aJ h 4 hp CJ aJ o( - n z | ( * T V ޗ~~q~q~q~q~~f hp 5OJ QJ aJ hR3 hp OJ QJ aJ hR3 hp OJ QJ aJ o(hp OJ QJ aJ o(h=< hp 5OJ QJ aJ h 4 hp OJ QJ aJ h 4 hp OJ QJ aJ o( h=< hp 5OJ QJ \aJ hp 5OJ QJ \aJ o(!h=< hp 5OJ QJ \aJ o( h 4 hp OJ PJ QJ \aJ ' * 6 !
! ! ! (! 2! " D" F" L" N" T" V" \" ^" d" f" l" n" p" ~" " " " " " " " " " " " " " " " " " " " " hp OJ QJ aJ o(hp h[H hp OJ QJ aJ h[H hp OJ QJ aJ o( T" " &" ." 6" >" F" N" V" ^" f" n" p" " " " " " " " " " " " " " " " Ff Ff $$If a$gda " " " " " " " " " " " " " " " " " # # # # # # # # # f# h# l# # # # # $ $ $ ²yh !j h ,_ 5OJ QJ U\aJ h ,_ 5OJ QJ \aJ !j h ,_ 5OJ QJ U\aJ h:w hp OJ QJ \aJ hp OJ QJ \aJ o( h:w hp OJ QJ \aJ o( hp 5CJ OJ QJ \aJ hp 5CJ OJ QJ \aJ o(h[H hp OJ QJ aJ o(hp h[H hp OJ QJ aJ #" " " " " # # # # # h# # $ T$ V( + . / 60 <0
d. WD `gdp
d. WD `gdp
d. WD `gdp
$iWD `ia$gdp gdp $a$gdp Ff $$If a$gda $ $ $ H$ R$ T$ $ $ $ $ $ N% P% % % % % % % % % % % & & "& $& >& J& R& X& j& v& & & Z' \' ' ' ' ' ( ( T( V( ) ) ) ) ) ) * * * * * * * * Ķhp OJ QJ aJ hem hp OJ QJ aJ o(hp OJ QJ aJ o(h | hp OJ QJ aJ o(hp 5CJ OJ QJ aJ hp 5CJ OJ QJ \aJ o( hp 5CJ OJ QJ aJ o( hF hp 5OJ QJ \aJ :* + + + + 2+ 4+ ~+ + + + + + + &, (, j. . . . . . . . . . / / $/ n/ p/ t/ |/ / / / / / / / / / 20 40 60 :0 <0 D0 F0 ²| h yV hp OJ QJ aJ o(h yV hp OJ QJ aJ h=< hp 5OJ QJ aJ hp 5OJ QJ aJ o( h=< hp 5OJ QJ aJ o( hem hp OJ QJ aJ hem hp OJ QJ aJ o(hz hp OJ QJ aJ hp OJ QJ aJ hp OJ QJ aJ o( 0<0 F0 P0 Z0 d0 n0 x0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 FfS Ff9 $$If a$gda F0 N0 P0 X0 Z0 b0 d0 l0 n0 v0 x0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1
1 1 1 1 1 1 "1 $1 (1 *1 .1 01 41 61 :1 <1 @1 B1 D1 F1 H1 N1 P1 V1 X1 ^1 `1 f1 h1 n1 p1 v1 x1 ~1 1 1 1 1 hp OJ QJ aJ o(hp h yV hp OJ QJ aJ h yV hp OJ QJ aJ o( T1 1 $1 *1 01 61 <1 B1 D1 H1 P1 X1 `1 h1 p1 x1 1 1 1 1 1 1 1 1 1 1 1 1 Ff" Ffm $$If a$gda 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2
2 2
2 2 2 2 2 2 2 2 2 2 2 2 2 2 "2 #2 %2 &2 (2 )2 +2 ,2 .2 /2 12 22 42 52 72 82 92 :2 ;2 >2 ?2 B2 C2 F2 G2 J2 K2 N2 h yV hp OJ QJ aJ o(hp hp OJ QJ aJ o(h yV hp OJ QJ aJ T1 1 1 1 1 1 1 1 1 1 2 2
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