创业投资的会计处理与税收政策分析,会计学论文(中英文版).doc

蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈莆薄罿膃节薃虿羆芈薂袁芁薇薁羃肄蒃薀肆芀荿蕿螅肂芅蕿袈芈膁蚈羀肁葿蚇蚀芆莅蚆螂聿莁蚅羄莅芇蚄肆膇薆蚄螆羀蒂蚃袈膆莈蚂羁羈芄螁蚀膄膀螀螃羇葿蝿羅膂蒅螈肇肅莁螈螇芁芇螇衿肃薅螆羂艿蒁袅肄肂莇袄螄芇芃蒁袆肀腿蒀肈芅薈葿螈膈蒄蒈袀莄莀蒇羂膇芆蒆肅罿薄蒅螄膅蒀薅袇羈膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚅衿莀蚁螇肄芆蚀衿袇膂虿蕿肂肈芆螁袅肄芅袃膁莃芄薃羄艿芃蚅腿膅芃螈羂肁节袀螅莀莁薀羀芆莀蚂螃膂荿袄羈膈莈薄袁肄莇蚆肇莂莇蝿袀芈莆袁肅膄莅薁袈肀蒄蚃肃羆蒃螅袆芅蒂蒅肂芁蒁蚇羄膇蒁蝿膀肃蒀袂羃莁葿薁螅芇蒈蚄羁膃薇螆螄聿薆蒆罿羅薅薈螂莄薅螀肈芀薄袃袀膆薃薂肆肂薂蚈袂莄蚄螀肇莀蚄羂袀芆蚃蚂膆膂艿螄罿肈芈袇膄莆芇薆羇节莇虿膂膈莆螁羅肄莅袃螈蒃莄蚃羃荿莃螅袆芅莂袈肂膁莂薇袄肇莁蚀肀莅蒀螂袃芁葿袄肈膇蒈薄袁肃蒇螆膇聿蒆袈罿莈蒆薈膅芄蒅蚀羈膀蒄螃膃肆薃袅羆莅薂薅蝿芁薁蚇羄芇薀衿螇膃薀蕿肃聿蕿蚁袅莇薈螄肁芃薇袆袄腿蚆薆聿肅蚅蚈袂莄蚄螀肇莀蚄羂袀芆蚃蚂膆膂艿螄罿肈芈袇膄莆芇薆羇节莇虿膂膈莆螁羅肄莅袃螈蒃莄蚃羃荿莃螅袆芅莂袈肂膁莂薇袄肇莁蚀肀莅蒀螂袃芁葿袄肈膇蒈薄袁肃蒇螆膇聿蒆袈罿莈蒆薈膅芄蒅蚀羈膀蒄螃膃肆薃袅羆莅薂薅蝿芁薁蚇羄芇薀衿螇膃薀蕿肃聿蕿蚁袅莇薈螄肁芃薇袆袄腿蚆薆聿肅蚅蚈袂莄蚄螀肇莀蚄羂袀芆蚃蚂膆膂艿螄罿肈芈袇膄莆芇薆羇节莇虿膂膈莆螁羅肄莅袃螈蒃莄蚃羃荿莃螅袆芅莂袈肂膁莂薇袄肇莁蚀肀莅蒀螂袃芁葿袄肈膇蒈薄袁肃蒇螆膇聿蒆袈罿莈蒆薈膅芄蒅蚀羈膀蒄螃膃肆薃袅羆莅薂薅蝿芁薁蚇羄芇薀衿螇膃薀蕿肃聿蕿蚁袅莇薈螄肁芃薇袆袄腿蚆薆聿肅蚅蚈袂莄蚄螀肇莀蚄羂袀芆蚃蚂膆膂艿螄罿肈芈袇膄莆芇薆羇节莇虿膂膈莆螁羅肄莅袃螈蒃莄蚃羃荿莃螅袆芅莂袈肂膁莂薇袄肇莁蚀肀莅蒀螂袃芁葿袄肈膇蒈薄袁肃蒇螆膇聿蒆袈罿莈蒆薈膅芄蒅蚀羈膀蒄螃膃肆薃袅羆莅薂薅蝿芁薁蚇羄芇薀衿螇膃薀蕿肃聿蕿蚁袅莇薈螄肁芃薇袆袄腿蚆薆聿肅蚅蚈袂莄蚄螀肇莀蚄羂袀芆蚃蚂膆膂艿螄罿肈芈袇膄莆芇薆羇节莇虿膂膈莆螁羅肄莅袃螈蒃莄蚃羃荿莃螅袆芅莂袈肂膁莂薇袄肇莁蚀肀莅蒀螂袃芁葿袄肈膇蒈薄袁肃蒇螆膇聿蒆袈罿莈蒆薈膅芄蒅蚀羈膀蒄螃膃肆薃袅羆莅薂薅蝿芁薁蚇羄芇薀衿螇膃薀蕿肃聿蕿蚁袅莇薈螄肁芃薇袆袄腿蚆薆聿肅蚅蚈袂莄蚄螀肇莀蚄羂袀芆蚃蚂膆膂艿螄罿肈芈袇膄莆芇薆羇节莇虿膂膈莆螁羅肄莅袃螈蒃莄蚃羃荿莃螅袆芅莂袈肂膁莂薇袄肇莁蚀肀莅蒀螂袃芁葿袄肈膇蒈薄袁肃蒇螆膇聿蒆袈罿莈蒆薈膅芄蒅蚀羈膀蒄螃膃肆薃袅羆莅薂薅蝿芁薁蚇羄芇薀衿螇膃薀蕿肃聿蕿蚁袅莇薈螄肁芃薇袆袄腿蚆薆聿肅蚅蚈袂莄蚄螀肇莀蚄羂袀芆蚃蚂膆膂艿螄罿肈芈袇膄莆芇薆羇节莇虿膂膈莆螁羅肄莅袃螈蒃莄蚃羃荿莃螅袆芅莂袈肂膁莂薇袄肇莁蚀肀莅蒀螂袃芁葿袄肈膇蒈薄袁肃蒇螆膇聿蒆袈罿莈蒆薈膅芄蒅蚀羈膀蒄螃膃肆薃袅羆莅薂薅蝿芁薁蚇羄芇薀衿螇膃薀蕿肃聿蕿蚁袅莇薈螄肁芃薇袆袄腿蚆薆聿肅蚅蚈袂莄蚄螀肇莀蚄羂袀芆蚃蚂膆膂艿螄罿肈芈袇膄莆芇薆羇节莇虿膂膈莆螁羅肄莅袃螈蒃莄蚃羃荿莃螅袆芅莂袈肂膁莂薇袄肇莁蚀肀莅蒀螂袃芁葿袄肈膇蒈薄袁肃蒇螆膇聿蒆袈罿莈蒆薈膅芄蒅蚀羈膀蒄螃膃肆薃袅羆莅薂薅蝿芁薁蚇羄芇薀衿螇膃薀蕿肃聿蕿蚁袅莇薈螄肁芃薇袆袄腿蚆薆聿肅蚅蚈袂莄蚄螀肇莀蚄羂袀芆蚃蚂膆膂艿螄罿肈芈袇膄莆芇薆羇节莇虿膂膈莆螁羅肄莅袃螈蒃莄蚃羃荿莃螅袆芅莂袈肂膁莂薇袄肇莁蚀肀莅蒀螂袃芁葿袄肈膇蒈薄袁肃蒇螆膇聿蒆袈罿莈蒆薈膅芄蒅蚀羈膀蒄螃膃肆薃袅羆莅薂薅蝿芁薁蚇羄芇薀衿螇膃薀蕿肃聿蕿蚁袅莇薈螄肁芃薇袆袄腿蚆薆聿肅蚅蚈袂莄蚄螀肇莀蚄羂袀芆蚃蚂膆膂艿螄罿肈芈袇膄莆芇薆羇节莇虿膂膈莆螁羅肄莅袃螈蒃莄蚃羃荿莃螅袆芅莂袈肂膁莂薇袄肇莁蚀肀莅蒀螂袃芁葿袄肈膇蒈薄袁肃蒇螆膇聿蒆袈罿莈蒆薈膅芄蒅蚀羈膀蒄螃膃肆薃袅羆莅薂薅蝿芁薁蚇羄芇薀衿螇膃薀蕿肃聿蕿蚁袅莇薈螄肁芃薇袆袄腿蚆薆聿肅蚅蚈袂莄蚄螀肇莀蚄羂袀芆蚃蚂膆膂艿螄罿肈芈袇膄莆芇薆羇节莇虿膂膈莆螁羅肄莅袃螈蒃莄蚃羃荿莃螅袆芅莂袈肂膁莂薇袄肇莁蚀肀莅蒀螂袃芁葿袄肈膇蒈薄袁肃蒇螆膇聿蒆袈罿莈蒆薈膅芄蒅蚀羈膀蒄螃膃肆薃袅羆莅薂薅蝿芁薁蚇羄芇薀衿螇膃薀蕿肃聿蕿蚁袅莇薈螄肁芃薇袆袄腿蚆薆聿肅蚅蚈袂莄蚄螀肇莀蚄羂袀芆蚃蚂膆膂艿螄罿肈芈袇膄莆芇薆羇节莇虿膂膈莆螁羅肄莅袃螈蒃莄蚃羃荿莃螅袆芅莂袈肂膁莂薇袄肇莁蚀肀莅蒀螂袃芁葿袄肈膇蒈薄袁肃蒇螆膇聿蒆袈罿莈蒆薈膅芄蒅蚀羈膀蒄螃膃肆薃袅羆莅薂薅蝿芁薁蚇羄芇薀衿螇膃薀蕿肃聿蕿蚁袅莇薈螄肁芃薇袆袄腿蚆薆聿肅蚅蚈袂莄蚄螀肇莀蚄羂袀芆蚃蚂膆膂艿螄罿肈芈袇膄莆芇薆羇节莇虿膂膈莆螁羅肄莅袃螈蒃莄蚃羃荿莃螅袆芅莂袈肂膁莂薇袄肇莁蚀肀莅蒀 创业投资的会计处理与税收政策分析,会计学论文(中英文版)venture capital and the accounting treatment of tax policy analysisabstract: chinas venture capital industry in the last 20 years of development, is now essential to build a relatively complete investment management and operation of the system. however, tax policy, not a special tax policy, venture capital companies to apply the basic application of the general corporate tax policy, resulting in double taxation, can not be limited partnership, research and development costs can not be tax deductible, such as pension funds can not be involved in risk investment, restricted the development of enterprises. how to adjust the related accounting treatment, as well as tax policy to promote the development of the venture capital business? from the new policy environment under the conditions of the policy options, as well as the current tax system and the environment within the framework of the policy choices of the two different points of view put forward their own ideas. key words: venture capital; accounting treatment; tax policy; the tax system first, the development of chinas venture capital and the reasons for the status quo venture capital refers to investment enterprises (or venture capital funds) through a certain way to the investors (or individuals) to raise venture capital, and then venture into the venture capital business and take the initiative to participate in business management, and provide value-added services, bigger and stronger after the start-ups through a certain way from the capital, to achieve return on investment, and will recover the investment into a business venture and investment in capital works. according to the bureaus clearance survey data show that as of the first half of 2007, chinas local venture capital institutions have reached 498, manages about 800 billion yuan in venture capital. venture capital business is to promote the development of high-tech propeller. from this perspective, venture capital business is quite naive industry, competition in the market at a competitive disadvantage, in terms of taxation or other preferential policies given that this is the practice in other countries as a practice. in 1999, in the new global economy driven by a wave of domestic "through science and education" strategy inspired by, china has set off an upsurge of short-term investment. since 1985, a fresh start to explore the development of venture capital, then set up a company in our first real sense of the risk of venture capital companies. over the years, chinas venture capital business has also been a number of development, but compared with developed countries, the pace of development is quite slow. in 2000, the bubble burst in the network, coupled with the lack of necessary legal systems and policies to support the support of chinas venture capital industry will soon enter the winter. from 2001 to 2004, the number of venture capital institutions and venture capital is almost the number of continuing to negative growth. in november 2005, the national development and reform commission issued jointly by the ministries and so on "venture capital enterprise management procedures" (hereinafter referred toas "venture capital approach to business management"), not only for the venture capital fund to provide special legal protection, but also for the development of a series of supporting policies to provide a legal basis. the risk of venture investment in the development of the most critical, most of the core, it should be a better mechanism to withdraw from now, we venture capital market in venture capital from the channel or a single comparison, the venture capital business development is not only related to tax policy , the credit policy, but also from other countries support policies, especially the healthy development of capital markets for venture capital to support entrepreneurship development should play a key role. venture capital needed to give special treatment to the tax, mainly for the use of preferential tax policies stimulate investment risk. tax incentives to reduce the cost of venture capital, which is currently the world generally used in high-tech enterprises preferential policies for investors. tax incentives to venture capital to support the governments intention is to promote the development of risk investment an effective tool. second, chinas investment in tax policy for venture capitalists, china has successively promulgated a series of tax policy. in 1991, "national hi-tech industrial development zone, a number of temporary policy&qu