Hoạch định cấu trúc vốn cấu trúc tài chính hợp lý tại các công ty cổ phần niêm yết trên Hose

ΤΡ ΝΓ ΤΡ Β ΓΙℑΟ D Χ ςℵ ℵΟ Τ Ο Ι Η Χ ΚΙΝΗ Τ ΤΗℵΝΗ ΠΗ Η −−−−−−−−−−−−−−−−−−−−− ΧΗ⊆ ΜΙΝΗ ΝΓ ΘΥΑΝΓ ΤΡΥΝΓ ΧΗΥΨ⊇Ν ΝΓℵΝΗ : ΤℵΙ ΧΗ⊆ΝΗ DΟΑΝΗ ΝΓΗΙ Π ΛΥ Ν ς Ν ΤΗ Χ Σ ΚΙΝΗ Τ ΤΠ.ΗΧΜ, Τη〈νγ 11/2010 ΤΡ Β ΓΙℑΟ D Χ ςℵ ℵΟ Τ Ο Ι Η Χ ΚΙΝΗ Τ ΤΗℵΝΗ ΠΗ Η −−−−−−−−−−−−−−−−−−−−− ΝΓ ΤΡ ΧΗ⊆ ΜΙΝΗ ΝΓ ΘΥΑΝΓ ΤΡΥΝΓ ΧΗΥΨ⊇Ν ΝΓℵΝΗ : ΤℵΙ ΧΗ⊆ΝΗ DΟΑΝΗ ΝΓΗΙ Π Μ℘ Σ : 60.31.12 ΛΥ Ν ς Ν ΤΗ Χ Σ ΚΙΝΗ Τ ΝΓ ΙΗ ΝΓ D Ν ΚΗΟΑ Η Χ: ΤΣ ΝΓΥΨ Ν ΤΗ ΥΨ⊇Ν ΥΨ⊇Ν ΤΠ.ΗΧΜ, Τη〈νγ 11/2010 Λ ΙΧ Μ Ν Τι ξιν χην τη◊νη χ m ν ΤΣ Νγυψ ν Τη Υψν Υψν đ τ ν τνη η νγ δ ν τι τη χ ηι ν λυ ν ϖ ν τ τ νγηι π ν◊ψ Τι χ νγ ξιν γ ι λ ι χ m ν đ ν χ〈χ θυ τη ψ, χ đ τρυψ ν đ τ κι ν τη χ χηο τι τρονγ ηαι ν m η χ χαο η χ ϖ α θυα Τ〈χ γι Τρ νγ Θυανγ Τρυνγ Λ Ι ΧΑΜ ΟΑΝ Τι ξιν χαm đοαν ρ νγ đψ λ◊ χνγ τρνη νγηιν χ υ χ α τι, χ⌠ σ η τρ τ Νγ η ι νγ δ ν κηοα η χ λ◊ ΤΣ Νγυψ ν Τη Υψν Υψν Χ〈χ ν ι δυνγ νγηιν χ υ ϖ◊ κ τ θυ τρονγ đ τ◊ι ν◊ψ λ◊ τρυνγ τη χ ϖ◊ χη α τ νγ đ χ αι χνγ β τρονγ β τ χ χνγ τρνη ν◊ο Λυ ν ϖ ν χ⌠ σ δ νγ m τ σ νη ν ξτ, đ〈νη γι〈 χ α m τ σ β◊ι νγηιν χ υ κηοα η χ, χ〈χ β◊ι β〈ο,… Τ τ χ đ υ χ⌠ χη τηχη νγυ ν γ χ σαυ m ι τρχη δ ν đ νγ τρα χ υ, κι m χη νγ Τ〈χ γι Τρ νγ Θυανγ Τρυνγ ιđ χδ Τρανγ DΑΝΗ Μ Χ ΧℑΧ Τ ςΙ Τ Τ Τ ΧΤΧΠ : Χνγ τψ χ πη ν ΧΤΤΧ : Χ υ τρχ τ◊ι χηνη ΧΤς : Χ υ τρχ ϖ ν ΧΡΑ : Τ χη χ đ νη m χ τν νηι m (Χρεδιτ Ρατινγ Αγενχψ) D : Ν (Dεβτ) DΕ ηαψ D/Ε : Τ λ ν τρν ϖ ν χη σ η υ (Dεβτ το εθυιτψ ρατιο) DΝ : Dοανη νγηι π Ε : ς ν χη σ η υ (Εθυιτψ) ΕΑΤ : Λ ι νηυ ν σαυ τηυ (Εαρνινγσ Αφτερ Ταξεσ) ΕΒΙΤ : Λ ι νηυ ν τρ χ τηυ ϖ◊ λι ϖαψ (Εαρνινγσ Βεφορε Ιντερεστ ανδ Ταξεσ) ΕΒΤ : Λ ι νηυ ν τρ χ τηυ (Εαρνινγσ Βεφορε Ταξεσ) ΗΟΣΕ : Σ γιαο δ χη χη νγ κηο〈ν Τπ Η Χη Μινη Ι : Χηι πη λι ϖαψ (Ιντερεστ εξπενσε) Ν /ΤΣ : Ν τρν τ◊ι σ ν Ν /ςΧΠ : Ν τρν ϖ ν χ πη ν ΡΟΑ : Τ συ τ σινη λ ι τρν λ ι νηυ ν (Ρετυρν ον Ασσετσ Ρατιο) ΡΟΕ : Τ συ τ σινη λ ι τρν ϖ ν χ πη ν (Ρετυρν ον Εθυιτψ Ρατιο) ΣΞΚD : Σ ν ξυ τ κινη δοανη ΤΝDΝ : Τηυ νη π δοανη νγηι π ΤΝΧΝ : Τηυ νη π χ〈 νην ΤΤΧΚ : Τη τρ ςΧΠ : ς ν χ πη ν WΤΟ : Τ χη χ τη WΑΧΧ : Χηι πη σ δ νγ ϖ ν βνη θυν (Wειγητεδ Αϖεραγε Χοστ οφ Χαπιταλ) νγ χη νγ κηο〈νγ νγ m ι τη γι ι (Wορλδ Τραδε Οργανιζατιον) Τρανγ DΑΝΗ Μ Χ ΧℑΧ Β ΝΓ ΒΙ Υ Β νγ 2.1: Τ τρ νγ ν βνη θυν τνη τρν τ νγ νγυ ν ϖ ν χ α χ〈χ ΧΤΧΠ −−−−−−−−−−−−−−−−26 Β νγ 2.2: Τ τρ νγ ν νγ ν η ν βνη θυν τρν νγυ ν ϖ ν χ α χ〈χ ΧΤΧΠ −−−−−−−−−−−−−−−−27 Β νγ 2.3: Τ τρ νγ ν δ◊ι η ν βνη θυν τρν νγυ ν ϖ ν χ α χ〈χ ΧΤΧΠ −−−−−−−−−−−−−−−−−−28 Β νγ 2.4: Σ λ χ đ χ đι m νγ◊νη θυα ν m 2007−2008−2009 −−−−−−−−−−−−−−−−−−−−−−−−−−−−29 Β νγ 2.5 : Μ τ σ đ∫ν β ψ τ◊ι χηνη χ α ΤΤΠ θυα ν m 2007−2008−2009 −−−−−−−−−−−−−−−−30 Β νγ 2.6: Μ τ σ đ∫ν β ψ τ◊ι χηνη χ α ΚDΧ θυα ν m 2007−2008−2009 −−−−−−−−−−−−−−−−31 Β νγ 2.7: Μ τ σ đ∫ν β ψ τ◊ι χηνη χ α ΣΧD θυα ν m 2007−2008−2009 −−−−−−−−−−−−−−−−31 Β νγ 2.8: Μ τ σ τ σ đ∫ν β ψ τ◊ι χηνη χ α ΤΡΧ θυα ν m 2007−2008−2009 −−−−−−−−−−32 Β νγ 2.9: Μ τ σ τ σ đ∫ν β ψ τ◊ι χηνη χ α ΦΠΤ θυα ν m 2007−2008−2009 −−−−−−−−−−33 Β νγ 2.10: Μ τ σ τ σ đ∫ν β ψ τ◊ι χηνη χ α ΡΕΕ θυα ν m 2007−2008−2009 −−−−−−−−−34 Β νγ 2.11: Μ τ σ τ σ đ∫ν β ψ τ◊ι χηνη χ α ΙΜΠ θυα ν m 2007−2008−2009 −−−−−−−−−34 Β νγ 2.12: Μ τ σ τ σ đ∫ν β ψ τ◊ι χηνη χ α ΠΠΧ θυα ν m 2007−2008−2009 −−−−−−−−35 Β νγ 2.13: Μ τ σ τ σ đ∫ν β ψ τ◊ι χηνη χ α DΘΧ θυα ν m 2007−2008−2009 −−−−−−−36 Β νγ 2.14: Μ τ σ τ σ đ∫ν β ψ τ◊ι χηνη χ α ΒΗΣ θυα ν m 2007−2008−2009 −−−−−−−−36 Β νγ 2.15: Μ τ σ τ σ đ∫ν β ψ τ◊ι χηνη χ α ΗΣΙ θυα ν m 2007−2008−2009−−−−−−−−−−37 Β νγ 2.16: Μ τ σ τ σ đ∫ν β ψ τ◊ι χηνη χ α ΗΜΧ θυα ν m 2007−2008−2009 −−−−−−−38 Β νγ 2.17: Μ τ σ τ σ đ∫ν β ψ τ◊ι χηνη χ α ΑΓΦ θυα ν m 2007−2008−2009 −−−−−−−−38 Β νγ 2.18: Μ τ σ τ σ đ∫ν β ψ τ◊ι χηνη χ α ΒΤ6 θυα ν m 2007−2008−2009 −−−−−−−−−39 Β νγ 2.19: Μ τ σ τ σ đ∫ν β ψ τ◊ι χηνη χ α ΗΤ1 θυα ν m 2007−2008−2009 −−−−−−−−−40 Β νγ 2.20: Τ λ λι συ τ χηο ϖαψ đ νγ ςι τ Ναm – Νγν η◊νγ Νγο ι τη νγ ςι τ Ναm ν m 2008 (%/τη〈νγ)−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−43 Β νγ 2.21: Τ〈χ đ νγ χ α ν đ ν ΡΟΕ χ α ΤΤΠ ν m 2009 −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−45 Β νγ 2.22: ΤΤΠ ϖ ι ηαι πη νγ 〈ν τ◊ι τρ δ 〈ν đ υ τ τρονγ ν m 2009 −−−−−−−−−−−−−−−−−−46 Β νγ 2.23: Τ〈χ đ νγ χ α ν đ ν ΡΟΕ χ α ΚDΧ ν m 2009 −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−46 Τρανγ Β νγ 2.24 : Τ〈χ đ νγ χ α ν đ ν ΡΟΕ χ α ΣΧD ν m 2009 −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−47 Β νγ 2.25: ΣΧD ϖ ι ηαι πη νγ 〈ν τ◊ι τρ δ 〈ν đ υ τ τρονγ ν m 2009 −−−−−−−−−−−−−−−−−48 Β νγ 2.26: Τ〈χ đ νγ χ α ν đ ν ΡΟΕ χ α ΤΡΧ ν m 2009 −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−48 Β νγ 2.27: ΤΡΧ ϖ ι ηαι πη νγ 〈ν τ◊ι τρ δ 〈ν đ υ τ τρονγ ν m 2009 −−−−−−−−−−−−−−−−−−49 Β νγ 2.28: Τ〈χ đ νγ χ α ν đ ν ΡΟΕ χ α ΦΠΤ ν m 2009 −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−50 Β νγ 2.29 Τ〈χ đ νγ χ α ν đ ν ΡΟΕ χ α ΡΕΕ ν m 2009 −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−51 Β νγ 2.30: ΡΕΕ ϖ ι ηαι πη νγ 〈ν τ◊ι τρ δ 〈ν đ υ τ τρονγ ν m 2009 −−−−−−−−−−−−−−−−−−51 Β νγ 2.31: Τ〈χ đ νγ χ α ν đ ν ΡΟΕ χ α ΙΜΠ ν m 2009 −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−52 Β νγ 2.32: ΙΜΦ ϖ ι ηαι πη νγ 〈ν τ◊ι τρ δ 〈ν đ υ τ τρονγ ν m 2009 −−−−−−−−−−−−−−−−−−53 Β νγ 2.33: Τ〈χ đ νγ χ α ν đ ν ΡΟΕ χ α ΠΠΧ ν m 2009 −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−54 Β νγ 2.34: ΠΠΧ ϖ ι ηαι πη νγ 〈ν τ◊ι τρ δ 〈ν đ υ τ τρονγ ν m 2009 −−−−−−−−−−−−−−−−−54 Β νγ 2.35: Τ〈χ đ νγ χ α ν đ ν ΡΟΕ χ α DΘΧ ν m 2009 −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−55 Β νγ 2.36: DΘΧ ϖ ι ηαι πη νγ 〈ν τ◊ι τρ δ 〈ν đ υ τ τρονγ ν m 2009 −−−−−−−−−−−−−−−−−56 Β νγ 2.37: Τ〈χ đ νγ χ α ν đ ν ΡΟΕ χ α ΒΗΣ ν m 2009 −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−57 Β νγ 2.38: ΒΗΣ ϖ ι ηαι πη νγ 〈ν τ◊ι τρ δ 〈ν đ υ τ τρονγ ν m 2009 −−−−−−−−−−−−−−−−−−57 Β νγ 2.39: Τ〈χ đ νγ χ α ν đ ν ΡΟΕ χ α ΗΣΙ ν m 2009 −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−58 Β νγ 2.40: Τ〈χ đ νγ χ α ν đ ν ΡΟΕ χ α ΗΜΧ ν m 2009 −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−59 Β νγ 2.41: Τ〈χ đ νγ χ α ν đ ν ΡΟΕ χ α ΑΓΦ ν m 2009 −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−60 Β νγ 2.42: Τ〈χ đ νγ χ α ν đ ν ΡΟΕ χ α ΒΤ6 ν m 2009 −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−60 Β νγ 2.43: ΒΤ6 ϖ ι ηαι πη νγ 〈ν τ◊ι τρ δ 〈ν đ υ τ τρονγ ν m 2009 −−−−−−−−−−−−−−−−−−61 Β νγ 2.44: Τ〈χ đ νγ χ α ν đ ν ΡΟΕ χ α ΗΤ1 ν m 2009 −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−62 Β νγ 3.1 Μ τ τη νγ κ βι ν πη τηυ χ ϖ◊ χ〈χ βι ν đ χ λ π σ δ νγ τρονγ m ηνη η ι θυψ −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−πη λ χ σ Β νγ 3.2: Μα τρ ν τ νγ θυαν γι α χ〈χ βι ν −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−πη λ χ σ Β νγ 3.3: Τ〈χ đ νγ χ α χ〈χ βι ν đ χ λ π đ ν η σ ν τρν ϖ ν ΧΣΗ −−−−−−−−−−πη λ χ σ Τρανγ DΑΝΗ Μ Χ ΧℑΧ Η⊂ΝΗ ς , ΤΗ Dανη m χ χ〈χ ηνη ϖ Ηνη 1: Τ λ ν τ ι υ −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−18 Dανη m χ χ〈χ đ τη τη 1.1: Μ ι θυαν η γι α τ συ τ σινη λ ι τρν τ◊ι σ ν ΡΟΑ ϖ◊ η σ ν τρν ϖ ν χη σ η υ DΕ −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−πη λ χ σ τη 1.2: Μ ι θυαν η γι α τ συ τ σινη λ ι τρν τ◊ι σ ν ΡΟΑ ϖ◊ η σ ν τρν ϖ ν χη σ η υ DΕ −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−πη λ χ σ τη 1.3: Μ ι θυαν η γι α τηυ τηυ νη π δοανη νγηι π (ΤΑΞ) ϖ◊ η σ ν τρν ϖ ν χη σ η υ DΕ −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−πη λ χ σ Τρανγ Μ ΧΛ Χ Τρανγ πη βα Λ ιχ m ν Λ ι χαm đοαν Dανη m χ χ〈χ τ ϖι τ τ τ Dανη m χ χ〈χ β νγ βι υ Dανη m χ χ〈χ ηνη ϖ , đ τη Μ χλ χ Πη ν m đ υ ΧΗ ΝΓ 1: Τ ΝΓ ΘΥΑΝ ς Χ Υ ΤΡ∨Χ ς Ν – Χ Υ ΤΡ∨Χ ΤℵΙ ΧΗ⊆ΝΗ −−− 01 1.1 Τ ΝΓ ΘΥΑΝ ς Χ Υ ΤΡ∨Χ ς Ν – Χ Υ ΤΡ∨Χ ΤℵΙ ΧΗ⊆ΝΗ −−−−−−−−−−−−−−−−−−−− 01 1.1.1 Κη〈ι νι m −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−01 1.1.2 Σ χ ν τηι τ πη ι νγηιν χ υ ΧΤς−ΧΤΤΧ −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−01 1.1.3 Νη νγ νγυψν τ χ χ β ν κηι ξψ δ νγ ΧΤς−ΧΤΤΧ χ α DΝ −−−−−−−−−−−−−−−−−−−−−−−−−02 1.1.3.1 Νγυψν τ χ χν β νγ τ◊ι χηνη −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−02 1.1.3.2 Νγυψν τ χ τ νγ τηχη −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−03 1.1.3.3 Νγυψν τ χ κι m σο〈τ −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−04 1.1.3.4 Νγυψν τ χ χν đ ι γι α ρ ι ρο ϖ◊ λ ι νηυ ν −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−04 1.1.3.5 Νγυψν τ χ σ δ νγ χηνη σ〈χη τ◊ι τρ λινη ηο τ−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−05 1.1.3.6 Νγυψν τ χ τη ι đι m τηχη η π −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−05 1.1.4 Χ〈χ ψ υ τ νη η νγ đ ν ΧΤς−ΧΤΤΧ χ α DΝ −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−06 1.1.4.1 χ đι m χ α ν ν κινη τ −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−06 1.1.4.2 χ đι m χ α νγ◊νη κινη τ −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−07 1.1.4.3 χ τνη χ α δοανη νγηι π −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−09 Τρανγ 1.1.4.4 Ρ ι ρο κινη δοανη χ α δοανη νγηι π −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−11 1.1.4.5 Χηι πη σ δ νγ ϖ ν χ α τ νγ νγυ ν −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−11 1.1.4.6 Χηι πη πη〈 σ ν −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−11 1.1.4.7 Τ〈χ đ νγ χ α τν ηι υ −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−12 1.1.4.8 Τ〈χ đ νγ χ α τηυ τηυ νη π δοανη νγηι π −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−12 1.1.4.9 Τ〈χ đ νγ χ α τηυ τηυ νη π χ〈 νην −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−14 1.2 ΧℑΧ Λ⇑ ΤΗΥΨ Τ ς Χ Υ ΤΡ∨Χ ς Ν – Χ Υ ΤΡ∨Χ ΤℵΙ ΧΗ⊆ΝΗ−−−−−−−−−−−−−−−15 1.2.1 Τηεο θυαν đι m τρυψ ν τη νγ −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−15 1.2.2 Λ τηυψ τ ΜΜ ϖ χ υ τρχ ϖ ν −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−15 1.2.3 Λ τηυψ τ đ〈νη đ ι −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−17 1.2.4 Λ τηυψ τ πη〈τ τν ηι υ −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−19 1.2.5 Χηι πη đ ι δι ν −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−21 1.3 Σ D ΝΓ Μ Η⊂ΝΗ ΚΙΝΗ Τ Λ 1.3.1 νη η ΝΓ ΗΟ ΧΗ ΝΗ ΧΤς−ΧΤΤΧ−−−−−−−−−−−−−−22 νγ χηυνγ ϖ m ηνη −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−22 1.3.2 Λ ι χη χ α σ δ νγ m ηνη −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−22 1.3.3 Τρνη τ τη χ ηι ν m ηνη −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−23 1.3.4 ι υ κι ν σ δ νγ m ηνη −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−24 Κ Τ ΛΥ Ν ΧΗ ΧΗ ΝΓ −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−25 ΝΓ ΤΗ Χ ΤΡ ΝΓ Χ Υ ΤΡ∨Χ ΤℵΙ ΧΗ⊆ΝΗ ςℵ Τ⊂ΝΗ Η⊂ΝΗ ΗΟ ΧΗ Χ Υ ΤΡ∨Χ ς Ν Χ Α ΧℑΧ ΧΝΓ ΤΨ Χ ΝΗ ΠΗ Ν ΝΙ⊇Μ Ψ Τ ΤΡ⊇Ν ΗΟΣΕ −−−−−−−26 2.1 ΠΗℜΝ Τ⊆ΧΗ ΤΗ Χ ΤΡ ΝΓ Χ Υ ΤΡ∨Χ ΤℵΙ ΧΗ⊆ΝΗ Χ Α ΧℑΧ ΧΝΓ ΤΨ Χ ΠΗ Ν ΝΙ⊇Ν Ψ Τ ΤΡ⊇Ν ΗΟΣΕ −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−26 2.1.1 Τη χ τρ νγ ΧΤΤΧ χ α χ〈χ ΧΤΧΠ πην λο ι τηεο νγ◊νη −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−26 2.1.2 Τη χ τρ νγ ΧΤΤΧ χ α χ〈χ ΧΤΧΠ νιm ψ τ τρν ΗΟΣΕ −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−30 2.1.2.1 ΧΤΧΠ βαο β νη α Τν Τι ν (ΤΤΠ)−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−30 2.1.2.2 ΧΤΧΠ Κινη  (ΚDΧ) −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−31