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286µᙢL=²29752066-9190000-551400T487603T948280µ4-²1+20%µ=16574783+=13812319²ᐗµ²2µ᪷©⚪Yᡠdᩩ¦«1µᵬᙢ☢ᙢL=1000/5=200²ᐗ/Çȵ2µÉᙢ☢ᙢL=800/3=269²ᐗ/ÇȵÊᢗḄJKឋËÌÍÎᢗὅ7ᢗЮᵬᙢ²3µ᪷©⚪Ñ«Ò L=970XX1200X=970XX1200X=851466²ᐗµ²4µ8x(l+2%)28x(l+2%)3Ó ᙢᓝÕ½ᑁḄᦈ¯M=18+;*0+2ص+----------+---²1+10%µ²1+10%µ2(l+io%)3(1+10%)48x(l+2%)415;11x-1s5(1+10%)10%x(l+10%)(i+io%)=66.75(Þᐗ)(5)6PஹP&p_ᓃ+à+A+785.4+812.8+841.53+881.93=830.41(ᐗ/ÇÈ)I-44
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30800X(1+3%)+800X60%X6%XX40%X6%XX8/50+18=3) ᑖḄᢚ#$200X2/5=80(ᐗ)4)%ᜓ ᑖḄᢚ#$110X8/10=88(ᐗ)(11)1)'(ᱥḄ*$900X2000X(49-4)/49=1653061(ᐗ)2),ᙢ*$1100X1000X[1-1/(1+6%).15]/[1-1/(1+6%)5O]=1O78638(7C)3)3ᙢ45*$1653061+1078638=2731699(ᐗ)(12)1)⚜789:Ḅ;<=$80X12X2000XX65%X80%X(1-30%)X[1-1/(1+14%)48]/[14%X(1+14%)]2)ᙠ'9?Ḅ89@ᵨ<=:2500X(1-45%)X2000X3)B@$CD*X4%X4%(13)1)EFGHI☢K$2000X60%=1200(LMN)2)OIPḄ3Q7REQḄSITᦈᐭ$(180+120)X1200X12X3)IP7W:EQḄSITᦈᐭ$(200+120)X1200X12X4)XYOIPHZḄ5*$XX(p/a,10%,33)/(1+10%)3(14)1)^X⚜7;(_`abc)3500X(1+2%X)X[1-1/(1+10%)4-[1-1/(1+10%)68X2000X2)^Xᒕe'⌼@2500X(1-45%)22000X5=1375(ᐗ)3)^Xᑭgᙠ'9?=X10%XX10/XX4)^XᑭhB@X5)^Xᙠ'9?=Xᙠ'9?==1449(ᐗ)6)i4ᩗkᢗᐭᡂn(1000+2500X45%)X200025=2125(ᐗ)1449-2125=-676(ᐗ)i4ᩗkopᜧP676ᐗ.
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32(10)⚜WXᩭ5ḄZᦈEᑖ\13 ᐗஹ14 ᐗஹ11 ᐗஹ12 ᐗஹ15 ᐗ^6`ḄZᦈEaᢝᙠ15 ᐗcdeᵨ=ᔜᓫ⚗h&iFjkl@mḄnopqiF90 ᐗᢚ-᳛10%%ḄᖪviFo() ᐗaஹ100bஹ142cஹ52dஹ130(11)⚗ᑭᢈḄwxayWz19961ᨴ`2020021ᨴ⚜ ᐸ!}ᩭ~ ᑭḄ▲ᨵ10-ᙠ%1%ᢈ56"ᵨ5ᐸ⚜W├ᦈᐭ8000 ᐗᑖᡂ15%56ᦈEᡠA᳛33ᢚ-᳛10%%ᢈḄ56iF() ᐗoaஹ3048bஹ4940cஹ5923dஹ6845(12)=:ᑭᩗᩭᐸiFᨬ!"ᵨo()aஹ"ᵨ!bஹ"ᵨ!cஹ"ᵨ!dஹᓰ"ᵨ!(13)h&iFklonᨬJᦈK +ZkzXRi(1-T)/(1+r),i=l〉ᵨ:h&56i°Ḅ()aஹm±bஹ²ᡂ³±cஹ³±dஹ´ᔠ³±(14)nh&klF=2%*·(1-T)/(1+r),i=l=ᨬJᦈK +£k2XR¹(1-T)/(1+r),i=lº»oL½LḄᐵ¿ÀaஹLÁ:kzbஹkiᜧ:k?cஹLÄ:k?dஹÅpq3ஹÆ⚗⌱È⚪(1)ᑭᩗḄ!"ᵨoᨵ()aஹ"ᵨ!bஹ"ᵨ!cஹ"ᵨ!dஹᓰ"ᵨ!eஹËÌ"ᵨ!(2)ᑭᩗḄ56oᨵ()aஹ"ᵨ!bஹ"ᵨ!cஹᱯ\"ᵨ!dஹᓰ"ᵨ!eஹᐰᩗ56(3)h&56i°Ḅ³±noᨵ()aஹm±bஹ²ᡂ³±cஹᑖW³±dஹ´ᔠ³±eஹ³±(4)h&ḄᨬJᦈK ᒹÐ()aஹᓬnẆÓÔÕᡂÖᵫ×nØÙḄÚᑖbஹᓬnḄÛÜᡂcஹᓬnḄ56ᡂdஹᓬnᑖÝᑮḄßàáâeஹ×nᑖÝᑮḄßàáâ4ஹãä⚪(1)åæh&iFḄçèᨵéêë
33(2)ípqh&56ḄᨬJᦈK ë(3)zîïh&Ḅᡂᵫéê⌕è᪀ᡂë5ஹ ò⚪(1)56ᑭᢈóô×nᖪõönᑭᵨ%ᑭᢈḄ)&*+ᑖ\800 ,½400 ,&'%ᑭᢈḄÔÕᡂ400 ᐗ÷ß"ᵨ5ᒕùßà"ᵨ▲3%ᑭᢈ56ú=76nḄ)&ß⃩&)üᜧåæᵫ:ýþ;<"A&'├ ÿ ᦈᐭḄ60ᐗᢈᢣᡂ 20ᐗ !"#$%&'(Ḅᨬ*ᦈ+,(2)ᵬ0123⚗5ᑭ7ᵨᩗ:;01<=ᵨᑭ>ᑖᡂ@AḄB$5ᑭᢈCDEFGHẆᑴḄK☢ᡂ 80ᐗDENᱥPQRSᓣU25%,$5ᑭZ[\10Eᒕ_Z[\6E51`ᕒbcd$5ᑭᢈḄᡂ ᑭ>᳛400g;01'(Ḅhiᡂ 4000ᐗᡂ ᑭ>᳛13k51`ᕒlmn$5ᑭᢈḄopᢈqrstᑖ᪆d$5ᑭḄᒕ_vw7ᵨE▲4Elmnyz{|}~(|}ᑖ᪆;01ḄE▭(20ᡂ +400ᐗᩭ4E\NḄ(ᡂ +ᵨᜧ7ᵨ$5ᑭᢈ(Ḅឋ⚜R(ḄPᙠᩭ3ஹE500ᐗDஹE450ᐗᢚ᳛10%,ᡠ᳛33 "#$5ᑭḄ!P(3)01U'(◤⌕£H!vm⚜b$01ᩭ5Eᑭ>ᑖ¤100ᐗஹ110ᐗஹ120ᐗஹ150ᐗஹ160ᐗ⚜R¥6E¦Eᦈ§ᜐ©ª#|ᓽEᙳ160ᐗ$013¯°ᨵ²³ᐸᨵ&'(µᨵ¶·'¸¹º#'(»ᐸ!ᑖ¤100ᐗ¹500ᐗ$01ᨵ3¼½7ᵨ5EḄ¾5ᑭᢈ$ᢈ(½¿À,ᑭ>10ᐗÁF$01E((8vmÂᔠ(¹yzᑖ᪆⚜bᙠᩭ5EE½(10ᢚ᳛6% !$01ḄᖪÅP(4)ᵬ012ᐸÆÇᖪ᪗lmɽ7ᵨᔠoɽ:;017ᵨ7ᵨÊN5EËÌ#;01ᢥ᯿7ᵨᖪ᪗ÏÐÑᑭ>Ḅ25%@A:ᵬ01᪷Ó!b;017ᵨ$ᖪ᪗(½ÏÐÑFᑭ>10ᐗ⚜R5EᑁḄ(├ᑖ¤40ஹ45ஹ55ஹ60ஹ65Ꮇ#ᢚ᳛14%,ᡠ᳛33× !c$ᖪ᪗ɽ7ᵨᩗP(5)ᵬ0123⚗5ᑭ7ᵨᩗ:;ØÙ7ᵨ5E<=ᵨᑭ>ᑖᡂḄÚᦈÛ+$5ᑭḄÜqẆᑴᡂ 100ᐗ5ᑭᡂ ᑭ>᳛500%,;ØÙḄ'(hiᡂ 3000ᐗᡂ ᑭ>᳛15%;ØÙḄ▭E(o20(ᡂ 50ᐗ⚜Rᩭ5EḄyzÞPßᑖ¤90ᐗஹ90ᐗஹ85ᐗஹ75ᐗஹ75ᐗᢚ᳛10%,ᡠ᳛33Ç "#$5ᑭḄ7ᵨᩗ+'ὃᫀ1ஹ(1)%&'(Câᱯ#ᩗᑭäåᑴᡈçᨵḄ°ᨵᱥ&»ᐹᨵéឋ,ên(v⃩ᢝíqᢵïᵨðñᙠ2ᩭòᩭ,vwᦔ§Ḅ'((2)ᖪÅlõCᢣ3ö01⚜\2ᩭḄᑭ>ÀmoH1÷õᑭ>ḄÀ,ᑭ>ḄPøùPḄ⚜\Cᵫ©01ᡠᜐḄᙢᳮýiḄþtᡈᵫ©v⃩ᦔ᳛ஹ
34ÿᳮஹᔊஹ᰿ᡈḄஹḄᡝᐵ ஹḄ !"#$Ḅ“&”()*ᔠ⌼ᡂḄ2ஹ(1)c(2)b50X6+50X6X[1-1/(1+5%)7]/5%=2000(3)b(4)b(5)a(6)c(7)c(8)d(9)b(10)c(11)a(12)d(13)d(14)b3ஹ(1)abcde(2)abde(3)abd(4)abc4ஹ(1)/0#$&12Ḅ()3⌕ᨵ6জ89ᡂ:;ᯠ#$&Ḅ89ᡂ:=>?@ABCDEᔲ@ᐸH12Ḅ/0IJᩭLAᢈNOᩖQR=ஹ◤⌕=89ᡂ:Ḅ#$&Aᐸ12TTU=#$&Ḅ89ᡂ:ᒹW9XY⌼ᡂ:ஹZ[\]ᡂ:ஹ9^_`ᡂ:⚗bঝdeᑭgḄhiᙠI@ḄkஹᑴRᩩopAᐸhqrsᵨὅḄdeᑭgv!Aᐸ12wvᜧঞᢈNᡂzQRI⚗ᢈNḄ89QRvAᢈNvᡂzA{ᵨ|ᢈNᡂ}Ḅ~◅wvAᐸ12wHvEI⚗ᢈN=rᡂzḄAᐸᢈNᡈᢈNU=ᡂzA|ᢈNḄᵨhU=rAᐸᑭgḄhipAᐸ12Uw=টᒕsᵨ▲ঠ#$&ᩗᑭḄᑁAI⚗#$&ᡠᨵᩗ12¡|#$&Ḅsᵨᩗ12জড#$&Ḅ£¤¥¦ঢ#$&Ḅ9¨©ª«¬#$&Ḅ9¨©ª«®Rv¯A|#$&Ḅ°2®Rwv¯Aᐸ⚜²hqY⌼ᑭgḄ²▲wv³,µ¶12Uwv(2)#$&·¸Ḅᨬᦈ»¼½¡#$&Ḅ89ᡂ:¾¿Àᡂ:89ᡂ:ÁᢣëẆž89C⚗#$&ḄÆÇᡂ:AᒹWᡠ◤⌕ᢗᐭḄᐰËiஹᱥi¾&Í¿Àᡂ:ᒹW#$&·ÎḄÏÐᦈѾ·¸ᡂ:#$&·ÎḄÏÐᦈÑÁᢣ(·¸#$&AsÒᓬÔᜫÖ×Æᨵ©ØᙠḄᐰËᡈËᑖÚ├Ü£¤ᓽÞᑭ¿ÀA¶⌼ᡂḄhḄßᜫÆ2·¸ᡂ:ᒹW6ᓬÔᡠàáḄᢈNâãAᢣäåæஹçèஹᢈNéêஹ£¤8ëìíᑨQḄïð»©ñᳮ»ìᨵᐵḄZ[»ᵨìᐸòó^ᔠᐵḄ»ᵨA⍸ö÷ÔḄøù»ᵨஹúÍ#$&Ḅᨬᦈ»=89ᡂ:Ï2X89ᡂ:ᑖü᳛+#$&·ÎḄÏÐᦈÑ+·¸ᡂ:(3)ÿ ḄᡂᒹẆஹḄᐰᢗᐭ(ᒹᢗᐭᢗᐭ) ᡠᢗᐭ!"#Ḅ$%&'Ḅᡂᑖ᪆+,-!ᒹᩞᧇᡂஹ01ᡂஹᡂஹᖪᑭ4 567ᝄ9:;☢⌕>ᩞᧇᡂᒹ?@+ᨵ⌕>ḄBC ᑖᙠ?@ḄEFᡂ+G%ᡠᓰIJᜧL01ᡂᒹMᨵᐵḄ0OὑQ G%ᒹᕒ1Ḅᐰ1STUᔠWᖪḄᡠᨵXY&'LᡂG%ᒹMZ6ᨵᐵḄ[ᦈஹMZ6ᨵᐵḄ]ᦈᐭ_ᑭ▬a(BbUcᕒḄdὁTஹᏉgh◅ஹ0jh◅ ᐸl_ᑭ)ஹmᳮoṓᡂ qᵨstu⃩QᵨLᖪᑭ4w ᵨᖪᙠᩞᧇᡂஹ01ᡂ ᡂxḄᢗ&'yᑖIᩭ{| }w ᵨᡠὑQ~ḄayᑖIᡈḄT]aᩭ{|L567ᝄ99ᡠᨵὅᐭ?@Ḅuᦈ] w ~ᡂ5ஹ(1)400X[3/(3+5)]X[400/(400+800)]+60+20=130(ᐗ)
35(2)1)ᑭ4ᑖᡂ᳛80X(1+25%)X(1+400%)/[80X(1+25%)X(1+400%)+4000X(1+13%)]=2)¡ᩭ¢£Ḅ⚜¥ᑭ4]¦1ஹ2£§(500-400)X20=2000(ᐗ)¦3ஹ4£:(450-400)X20=1000(ᐗ)¦5£§(430-400)X20=600(ᐗ)3){|«§X(1-33%)X[2000/(1+10%)+2000/(1+10%)2+1000/(1+10%)3++1000/(1+10%)'+600/(1+10%)5]=(3)1)³´56F«|´C56F{|«100110120150160160+ᓱ(1+6%)+(1+6%)+(1+6%)+(1+6%J6%x(l+6%y=100x0.9434+110x0.8900+120x0.8396+150x0.7921+160x0.7473+160^6%x0.7473=2524.18(ᐗ)2)³´56ᔜᓫ⚗«ᓫ⚗ᨵ{|«½600|´C¾¿ᑭᢈÁ{|«§+=3){Cᖪ«ᖪÂ=F{|«-(ᨵ{|«+¾¿ᑭᢈÁ{|«)(4)25%X(1-33%)X[40X10/(1+14%)+45X10/(1+14%)2+55X10/(1+14%)3+60X10/(1+14%)“65X10/(1+14%)45]=295(ᐗ)(5){100X(1+500%)/[100X(1+500%)+3000X(1+15%)]}X(1-33%)X20X[(90-50)/(1+10%)+(90-50)/(1+10%)2+(85-50)/(1+10%)3+(75-50)/(1+10%)"+(75-50)/(1+10%)5]=
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49ᑭᵨUᑣWXᡲZ[ᖪᔲ◤⌕^_ᒑaᡈ⊡cḄZd eḄ1f3hi(jkl&mo☢jqZj✌ᐜ"rs⊤#Ḅᔜ⚗Ḅo☢m&wxᯠ!^_iyᢗὅ|}ᩗḄᩭᡠ5⌕o☢ m@&ᡠᑴḄrs⊤#Ḅᔜ⚗Ḅo☢Wwxᜧ⌼ᡂḄ⌕U@ᨵ^ஹ_2@_Z☢mḄo☢Ḅ Gᡂ¡¢m!Ḅo☢D£¤&¥¦ᙢwx¨Zj©ᯠªᙠ«⌕Ḅ¬3®45ᑨm!Ḅo☢ᔲ¯&¥¦ᙢwx°±m_²³ᨵὃ⇋¶·ᨵ¨ᙠrs⊤#ᓾ³ᨵḄ⚗¹Ḅ »ᵫ½o☢mj¾ᶍ »@JqZjÀᐸ>〉ᵨ½®Ãᐹᨵ¯ᜧ »ḄÄÅᢈ(ÇÈឋ½o☢(wx>ᜧḄÊஹᵯÌᐳÎ/⃩Ðᡈ »ÑÒḄᑣ¯&〉ᵨf4hÔ¯ÕᩗḄÖ×Ø5Ù5ÕᩗÚÛÜÝÖ×ÞßḄÕᩗàá®ÃØDᜧ½ᡈ½5ÕᑭᢚÚÖ×ḄàáãÕᑭ½ÕᩗÚÛÜÝ2«àáḄ°ãÕᑭÒ½ÕᩗÚÛÜÝ2á"ᶇªBᑖᢗ½åÚ&æḄ⚗¹ᑣàáçḄ°ãÕᑭᜧ½ÕᩗÚÛÜÝ2,éß&êëÕᑭJìeḄÕἠᡈsᑶïJØDᵫ½ÕἠìᡂðÄஹᡈsÈÔ᳛ðÄஹᡈòḄᢗ⚗¹óᑮõöU@J÷Pø25ÕᩗÚÛÜÝÖ×ÞßḄÕᩗàáÒ½5ÕᑭᢚÚÖ×ÞßḄàá®ÃùúûÕᩗÚÛÜÝÖ×Ḅàáᜧ½ÕᑭᢚÚÖ×Ḅàá±ὅḄØ5üýÕᑭþÿḄᑴᩗᑭᩗḄᑭᢚḄ⚜ ᑭ !ᢝḄ#$ᙠ&'(ᦈ*ᡈ,ᣚ.⃩ὅḄ1ឋ3ᜧ〉6⌱ᵨᩗ9:;ᙠᵫ&'=ஹᡈ?@AᡈBCAḄDEFGᦈ*ᡈ,ᣚ.⃩ὅḄ1ឋHᜧ〉6⌱ᵨᑭᢚ9:I5Kজ├N⚜OP⚜OḄᨬᐵSTU├N⚜OḄHVWXY&'ZḄ[ᜧ\]ঝ├N⚜O_`a&'bᐸᡠᙠ:'Ḅᔊfghijᔠঞ├N⚜Om├NᡠnoḄpq⚗sḄ⚜O_`ᐹᨵᑁᙠḄwxyYឋট⚜O{|Ḅ~᳛⌕mᢚ᳛{◚ḄiVঠᑭᵨឋᑖ᪆q⚜OᨬᜧḄᎷ├N᳛ḄᎷqᎷḄᔠᳮឋ9:ḄডWᦈ?a~ᐸ¡¢?GᑮḄ9:¤3¥ὅᜧi¦§¨◤⌕3ªḄᐵSឋᎷḄ☠ឋḄ¬ঢ⚜O◀¯◤⌕°±ᳮᨵ²³Ḅᳮ´µ◤⌕&'ᨵ²ᐭḄᑨ¸I6K¤&'Pᢣᐹᨵa»&'i¼Ḅஹ½¾b¿◅ᱯÂḄ&'yÃ_ᙠVy:'Åᑁ⌱Ƥឋᱯµᨵ&'ÇÈḄឋÉஹÊË᪀ஹÍᳮbÎÏᑴÐஹÑÒឋஹÓᑭឋஹÔ☢Ö¢☢ᙠ×ؤ&'Ù ~Úὃ¬ᑶᑖ᪆Ù»&'Ḅᑖ᪆Ý$ஹᢗÊßàáâḄᨵᐵẆäÝ$åæ:':'çèḄéêßà»&'Ḅ.ᳮëÍᳮÎᕒ bᑖ᪆»&'Ḅ°±¤᳛Öíî¢ï9:¤&'Ḅ⌱Æᵫ¤&'
50Ḅ⌱ÆðᨵyñḄòóឋôᨵõö1(ᨵ÷øḄᑖ᪆Îᕒù ᑭᵨ¤&'Ḅ&'(┯ûᙢýᡈþÿ ᦪᜧᡈ┯Ḅ7জ᳛᳛ ◀"# ᦈ%ᵨ᳛'(ᦪᡠ*Ḅ+,-Ḅ ᩗ/ঝ1/3☢/5᳛1/3☢/5᳛+ᢣ ᩗḄ718 ᩗḄ3☢/Ḅ5᳛ᡈ# 8# 3☢/Ḅ5᳛ᵨ95᳛*Ḅ+,- ᩗ/ঞ1/├<ᦈᐭ5᳛1/├<ᦈᐭ5᳛+ᢣ ᩗ18├<ᦈᐭḄ5᳛ᵨ95᳛*Ḅ+ ᩗ/ট//?@ᢚBCᦈ%5᳛//?@ᢚBCᦈ%5᳛+ᢣ,-/8EBIDTḄ5᳛ᵨ95᳛*Ḅ+,-ᢗJ/ঠ//LMᡂO5᳛//LMᡂO5᳛+ᢣ,-/8,-JPḄLMᡂOḄ5᳛ᵨ95᳛*Ḅ+,-ᢗJ/ Q,-Ḅ ᩗ/ᙠ,-/SᙠU,-8V5,-WXḄJO᪀ᨵ[ᜧ\]Sᑣ_⌱a//?@ᢚBCᦈ%5᳛ᡈ//LMᡂO5᳛ᢣ᪗c(?@ᢚBCᦈ%dLMᡂOefghijJO᪀Ḅ\]klmn kc,-JO᪀Ḅ\]opᑮ,-/Ḅ5ஹ1ᵨu▤w ᑭᢚyz{|,-# Ḅ/O⚪~DPSE.28X1.05=1.344ᐗ ᑭḄ⚜᳛(g,g=5%0+/?ᓄ—=3.25%+0.9*5%=7.75%# ᩗ/(Pߟ—MLᐗ2ᵨ ᑭᢚyz{~Ḅ▤wz{|# ᩗ/2000Ḅ ᑭ᳛(=28.8%2.5DPS,=0.72x1.15=0.828TCo2001¤2005XḄ+2“uo)=3.25%+1.42x5%=10.35%§2006©ªq=3.25%+1.10x5%=8.75%¬=5,g,=15%,g=5%,DPS,=2.5x1.155x1.05x70%=3.69592DPS,(1+g.)nlDPSnl+1# ᩗ/=----------x[l-------------]+-------------------(r-gi)(l+r)(r-g)(l+r)nleec2e0.828(1+15%)5i3.6959ri=------------x[1-------------]H------------------------10.35%-15%(1+10.35%)5(8.75%-5%)(l+8.75%)5=(-17.81)x(1-1.2292)+64.7952=68.8775
51(3)ᵨ,-/z{~Ḅ▤wz{|,-/ᵨ ᩗ/z{~Ḅ▤wz{|,-Ḅ ᩗ/ᐹ¹|º⊤8-3ஹ⊤8-4⊤8-3¼,-⚜§ᵫy¾¿iÀḄᎷÂᩩÄ⚗ÆÇ▤wÈÂ▤wSÉ44ÊËÌᢝÎᦈᐭÏCᦈᐭÐ6000Ñᐗ⃩-ᑭÓ(EBIT)ᦈᐭḄ20%ᦈᐭḄ20%ᡠ@@᳛33%33%JOᦈ%᳛⃩ÔJOᦈᐭḄ20%ᦈᐭḄ20%ÕᢗJ᳛?Cᦈᐭ⚜᳛6%3%ᩗ%/JO5᳛80%80%Ö◅ØᦪPÙÚᡂO=10%PÙÚᡂO=10% ᩗᡂO ᩗᡂO=3.25%+1.25x5%=9.5%=3.25%+1.25x5%=9.5%⊤8-4¼,-⚜§ᵫy¾¿iÛ ᩗy¾¿iḄÀᓫÝÐÑᐗÞÇÈÂ⚗Æ200020012002200320042005⚜᳛6%6%6%6%3%ᦈᐭ600063606742714675757802⃩-ᑭÓ᳛20%20%20%20%20%20%EBIT120012721348142915151560EBIT*(l-t)80485290395710151045ᢚBàJOá⃩ÔJO120012721348142915151560à⃩ÔJO7276818645§ᵫy¾¿i7808278769291000CFF ᩗy¾¿i579626675728799CFEXFF-ᑭ?ãᵨ(1-t)@ÊÙÚᡂO ᩗᡂOJOᡂO
52,-/780,(1+6%)41000rX[I.]+4(8.94%-6%)(I+8.94%)4(8.94%-3%)(1+8.94%)4……”1.2625ஹ1000=26530.6x(1)+1.40850.0594x1.4085=26530.6x0.1037+11952.44=14703.66 ᩗ/579(1+6%)41799riX[1.]+.(9.5%-6%)(1+9.5%)4(9.5%-3%)(1+9.5%)4couï12625ஹ799=16542.85x(l--------)+--------------1.43770.065x1.4377=16542.85x0.1219+8549.98=10566.55äåÐজJOá8ᢚBæçèéঝ⃩ÔJOᓰ├<ëḄ20%éঞᑭ?ãᵨ(300Ñᐗ(4)1)|2001-2005Ḅ ᩗy¾¿i᪷ñòóCFE=ôᦈ%+(1-5)(ᢚB-JOឋá)-(1-3)ö÷⃩ÔJO2001 ᩗy¾¿i(Ð6000XX(1+10%)+(1-20%)XX(1+10%)]-(1-20%)X95000X6%X5%=10692-228=10464(Ñᐗ)2002 ᩗy¾¿i(Ð6000XX(1+10%)2+(1-20%)XX(1+10%)2]-(1-20%)X95000X6%X5%X2003 ᩗy¾¿i(Ð6000XX(1+10%)3+(1-20%)XX(1+10%)3]-(1-20%)X95000X6%X5%X(1+6%)22004 ᩗy¾¿i(Ð6000XX(1+10%)4+(1-20%)XX(1+10%)4]-(1-20%)X95000X6%X5%X(1+6%)32005 ᩗy¾¿i(Ð6000XX(1+10%)5+(1-20%)XX(1+10%)5]-(1-20%)X95000X6%X5%X(1+6%)42)|2006Ḅ ᩗy¾¿iÐ2006,-øᐭÈÂ▤wkùᐸJO᪀ûüÞOÈ ýV"ᎷþᐸJOឋádᢚBçè6000X(1+5%)XX(1+10%)-95000X4%X5%X(1+6%)5=25182(Ñᐗ)3)|ᢚy᳛2001-2005XḄᢚy᳛(Ð+X2006"ÊḄᢚy᳛(Ð᪷ñ(l-t)(D/E)]V"*áÐB,+(1-33%)X(10%/90%)]=X[1+(1-33%)(20%/80%)]=+1.359X4)|9,-/
5323_1_455(5)1)ᵨ1/3☢/5᳛PBVÿ ᦪḄᩗ:40‘000’000x35X207,000,000=49],186,440.7ᐗ590,000,0002)ᵨ/├ᦈᐭ᳛PS ᦪḄᩗ:40,000,000x35x620,000,000=6^7,761,194ᐗ1,340,000,000ᵨ Ḅ ᦪᡠ ! Ḅ"#$%(6)'(᳛ᵨPE⊤*+,-./ᵨ⚜1,-᳛g⊤*+2345ᵨ6ᑭ89᳛⊤*+:◅ᵨB⊤*<=>?⊤*@PE=a+bxg+cxRp+dxAᵨSPSS11BCDEFGᐗHឋJK<=ᑖ᪆+!<=>?O@PE=-2.296+35.359xg+2.874x0+11.985x/3⊤8-5股票预股<=>2S'(价值期Y利'?P!᳛TᳮR被低增Z支(估的长付ḄᳮR'(᳛U[᳛企业率率'(᳛VḄWXᦪ123%237%328%4438%550%628%7737%8840%9947%101015%1141%121211%131337%141422%
54
559:ᩗ<%=>ᙠ %8@ḄAᵨஹ⚪Iஹ_ᕜabcdef1006ij1ᩗᔠlmij1ᩗḄᑮ1opqᜩstᨵvᕜᙠxᜩ+᪗Ḅ6ἠḄ{|120ᐗᡈ95ᐗḄ!2|Ḅa+m6ἠ96ᐗᐸF|112ᐗbc3266ἠb 10%ᑭ᳛ᑮbḄij1ᩗᔠlḄ|G2ஹᎷᡚᛞA6ἠᙠqᜩsḄeᑮ1ᙠᑮxᜩᡚᛞ6ἠḄ{|60ᐗᡈ40ᐗqᜩᡚᛞ6ἠ 55ᐗ¢᧕ij1ᩗḄF|50ᐗb 9%Ḅᑭ᳛¤b¥¦§ij1ᩗ89Ḅ¤X|G¨1©ᑭᵨª«¬JKmij1ᩗ®¨3©ᙠªmᓽ{ᐵ±ᐸᙠ²ᑭ³´µḄ_¶·ᔆ+6ἠ¹º35ᐗᑭᵨ¨2©»Ḅ$%+m1ᩗḄ¼½m|G6ஹᎷ¾e⚪»ḄÀᳫ ÂÃᔠÄᨵ▲Æ®SÇe⚗Éᨵ:◅Ḅ⚗@eḄ⌕Ë|8Íᐗ+⌕Ë|1Íᐗ+ÎÏÆᑜ|ᔲᡂÓᩗḄ|GÔÕḄ|GÕᩗÖ×ØÙÚeÛ⚗7ஹÝÞFd5ÍᐗḄßàἠÕᑶ+5ᑮ1âãᩭḄᑭàåæaᦈᐭ¨EBIT'ὃᫀ1ஹ1ᩗḄᨵᦔ1▲ëᕜᎷᑮ1o6ἠ|95ᐗ+ᑣíᶍ1ïðFij1ᩗñ½ḄTUḄíᶍ2ḄᔠXò½m|0,ᵫ§ᡃö !÷ᑴḄù3Xú3|2994ᐗ+û1ᩗḄᨵᦔ1▲ëᕜ+ù3Xᑭ10%oᐹþÿ⊤9-1⊤9-1᧕ᑮᑭἠ120ᐗἠ95ᐗᶍ1:' ᩗ./ ᩗ ᩗ100X(120-112)=8000!100Ḅᔠ$%ᶍ20 32ἠ32X120=384032x95=3040232994ᐗ-2994x(1+10%X8/52)=-30402994x(1+10%X8/52)=-3040ᶍ2Ḅᔠ58000ᵫ;<=Ḅ>ᑴ@ABᔠCDEFᝅᑭHICJKLMᶍᨵOPḄᡂRCST ᩗᔠ$ḄUC=32x96-2994=78ᐗY[\5]^_`LᶍḄaᦈcOPTd
56ᶍ1Ḅaᦈc=800-C,ᶍ2Ḅaᦈc=32x(120-96)-2994x10%*8/52(ᑭefT)=32x24-46=722ᐗJK ᩗᔠ$ḄUC=800-722=78ᐗ2ஹᩗḄᨵᦔ▲j[kᎷmᑮnἠ40ᐗCᑣᶍ1./' ᩗpOqḄrstUḄᶍ2Ḅᔠ5uvqw0,ᵫKᡃyHz5]T>ᑴḄ23{uR{1835ᐗC|ᩗḄᨵᦔ▲j[kC23{ukᑭ᳛j9%ᐹ5]⊤9-2o⊤9^2___________________________________________________᧕ᑮᑭἠ60ᐗἠ40ᐗ1ஹ ᩗ100x(60-50)=1000./ ᩗ(!100Ḅᔠ$)2ஹ 50ἠ50x60=300050x40=2000232994ᐗ-1835x(1+9%)=-2000-1835x(1+9%)=-2000ᶍ2Ḅᔠ510000ᵫ;<=Ḅ>ᑴ@ABᔠCDEFᝅᑭHICJKLMᶍᨵOPḄᡂRCST ᩗᔠ$ḄUC=50x55—1835=915ᐗY[\5]^_`LᶍḄaᦈcOPTdᶍ1Ḅaᦈc=iooo-c,ᶍ2Ḅaᦈc=50x(60-55)-1835x9%(ᑭefT)=50x5-165=85ᐗJK ᩗᔠ$ḄUC=1000-85=915ᐗ3ஹ(1)ᵨߟ5]C0C=SN(d,)-Ee-rtN(d)2d,=[ln(S/E)+(r+l/2cr2)t]/d2=d]-0S—'CἠS37ᐗpE— ᩗḄ'C'E35ᐗpr[F◅ᦈc᳛(kḄ)C/[ἠḄᦈcs^(k)C[ᑮḄn(ᓫ0k)Cᡃyzkjᓫ⊤ᡂt=1KCᨵ[M5ᭆ¢0N(d)ᓽ᪗¥¦ᑖ©ª«¬;ᡈt;dḄᭆ᳛ᑭᵨ¯°±M²ᦪCᡃyᑖ´Mµ¶5]ᩗḄߟU0
57µ¶1:5]dl·d?ᡃyHz²ᦪU¸¹ºᐭ¼Rᩭ¾¿ÀLMUᡃyᨵ0d1=[ln(S/E)+(r+l/2cr2)t]/=[lnxO.004)xl]/70.0(MX1d=d==2µ¶2 5]N(d ·N(d)UN(dτ)·N(d2)HzÁÂÃ᪗¥¦20ᑖḄᭆ᳛⊤STN(d,)=N(d2)=µ¶3 5]CᡃyᨵC=SN(dτ)-Ee-"N(d)2=37xN(dτ)-35xe<°7"N(d)2=37xxO.9324xµ¶1 5]d1·d?ᡃyHz²ᦪU¸¹ºᐭ¼Rᩭ¾¿ÀLMUᡃyᨵ0d1=[ln(S/E)+(r+l/2cr2)t]/=[lnxO.0064)xl]/J0.0064x13d2=dµ¶2 5]N(dJ·N(d2)UN(d1)·N(d2)HzÁÂÃ᪗¥¦ᑖḄᭆ᳛⊤STN(dJ=N(d2)=µ¶3 5]Cᡃyᨵ0C=SN(d,)-Ee-"N(d)
58=37xN(d,)-35xe^O7x,N(d)2=37xx0.9324x(3)ËÌÍḄἠSÏ35ᐗµ¶105]d1·d?ᡃyHz²ᦪU¸¹ºᐭ¼Rᩭ¾¿ÀLMUᡃyᨵ0d1=[ln(S/E)+(r+l/2cr2)t]/ÙÚ=[lnxO.0064)xl]/70.0064x13d2=dµ¶205]N(dJ·N(d2)UN(d1)·N(d2)HzÁÂÃ᪗¥¦ᑖḄᭆ᳛⊤STN(d,)=N(d)=2µ¶305]Cᡃyᨵ0C=SN(d,)-Ee-r,N(d)2=35xN(d,)-35xe-°O7xlN(d)2=35xxO.9324x4ஹᑭᵨ¯°±M²ᦪCᡃyᑖ´Mµ¶5]ᩗḄߟU0µ¶1:5]dl·d?ᡃyHz²ᦪU¸¹ºᐭ¼Rᩭ¾¿ÀLMUᡃyᨵd,=[ln(S/E)+(r+1/2cr2)t]/=[lnxO.0576)x120/365]/70.0576x120/365=(0.0770+0.0325
59d2=dτ—Jbtµ¶2 5]N(d ·N(d2)UN(dτ)·N(d2)HzÁÂÃ᪗¥¦ᑖḄᭆ᳛⊤STN(d,)=N(d2)=µ¶3 5]CᡃyᨵC=SN(dτ)-Ee-"N(d2)=27xN(d,)-25xe"6*120/365N()D2=27xxO.9772x5ஹÝᓬᩗßᐵáᵨHz⊤°j0S+p-c=Xe-"-')âs+p=c+Xe-"T)0TjᩗᨵᦔCtjᨵᦔᑁäåÂæḄnCXjἠᩗḄ'CSjἠḄ'CrjF◅ᑭ᳛ç⊤èCᐹᨵé[¾¿'·ᑮḄê ᩗḄH᪷ìOP'·ᑮḄê ÏᩗḄUíîTᩭCïsðᯠᵨ ᩗ· Ïᩗᩭò°ÍḄóᩗc·ôõCᡃyHzö¯°Ýᓬᩗßᐵáᦋᑏᡂ0Í ᩗU=ÍU+Í ÏᩗU-Fù$õᑶU⊤9^3______________________________________________________________________᧕ᑮᑭ1ஹ ᩗ./ ᩗ2ஹ X=Xx(1+7%)Xᶍ2Ḅᔠ5ᵫ;<=Ḅ>ᑴ@ABᔠCDEFᝅᑭHICJKLMᶍᨵOPḄᡂRCST ᩗᔠ$ḄUC=4x0.875-2.044=1.456ûᐗY[\5]^_`LᶍḄaᦈcOPTd
60XX7%ᑭefT%ᙠSTÍ ᩗᔠ$ḄUýᡃyᵨÝᓬᩗßᐵá5]Í ÏᩗUºᐭÝᓬᩗßᐵáS+p-c=Xe-"-"ᓽS+p=c+Xe-"-'᪗ḄT ᩗᨵᦔ !1#$t ᨵᦔ ᑁ'()*Ḅ+! 0$X -. ᩗḄ012!ᓽ30Ḅ4ᑶḄ☢739ᐗ$S ;<Ḅ1749ᐗ$7 ?@◅ᑭ᳛7DEF-G ᩗ17P=c+Xe-S3xUXL4Ḅ17=17--. ᩗ17ᡈὅL4Ḅ17=?OP4ᑶ17--G ᩗ17=3X^07X,=3xQὅḄRST᪵Ḅ!ᵫWXYZ[ᓬᩗ]1ᐵ_Ḅ`ᙠ6ஹ⊤9-4z{|᧕ᑮ ᑭ1789ᐗ1719ᐗ1ஹ-. ᩗ89ᐗ-39ᐗ=59ᐗ-. ᩗ2ஹ5/7Ḅ5/7x89ᐗ=40/79ᐗ19ᐗx5/7=5/79ᐗx(1+7%)=-5/79ᐗx(1+7%)=-5/79ᐗrᶍ2Ḅᔠ59ᐗ0ᵫdefḄgᑴiᔠ!kl?ᝅᑭno!pQqrᶍᨵtuḄᡂ!w
61F-. ᩗᔠPḄ17C=4x5/7-0.6676=2.18959ᐗTQrᶍḄᦈtuF3rᶍ1Ḅᦈ=5-C,rᶍ2Ḅᦈ=(8-4)xx7%(ᑭF)ᙠwF-. ᩗᔠPḄ17ᡃᵨ[ᓬᩗ]1ᐵ_-G ᩗ17¡ᐭ[ᓬᩗ]1ᐵ_S+p-c=Xe-"-"ᓽS+p=c+XefC')᪗ḄT ᩗᨵᦔ !1#$t ᨵᦔ ᑁ'()*Ḅ+! 0$X -. ᩗḄ012!ᓽ30Ḅ4ᑶḄ☢739ᐗ$S ;<Ḅ1749ᐗ$7 ?@◅ᑭ᳛7¤EF-G ᩗ17p=c+Xe-"T)_s3xUXL4Ḅ17=17--. ᩗ17==ᡈὅL4Ḅ17=?OP4ᑶ17--G ᩗ17=3X^07X,=3xQὅḄRST᪵Ḅ!ᵫWXYZ[ᓬᩗ]1ᐵ_Ḅ`ᙠ7ஹ(1)eᵨ§¨¨©ª!«ᩗᡂ¬ 12%,⚜ ®¯᳛g 5%(ᜐ²ᦈᐭ®¯᳛³´-ᡂ«ᩗ¨©ªµḄ®¯᳛)ᵫd30Ḅ59ᐗḄ¶ἠ4ᑶ!p¸ᨵᑭFp¹«ᩗ¨©ªµCFE=E8/7U-/)=4x¡ᐭ«ᩗ17¼½ḄT▤¿ÀÁ«ᩗ17CFF24«ᩗ17=Â*=———=34.28579ᐗY-g12%-5%e(2)eᵨ ᩗÅ1!ᵫdḄ«ᩗᡂ 12%,Æᩗᡂ 10ÇḄ4È ¶(p 30Ḅ¶ἠ4ᑶ)ᵫÆᩗᡂḄ!ᓽÆᩗᡂ=Ḅ«ᩗᡂEx/(D+E)+Ḅ4È
62xD/(D+E),¹ḄL4 59ᐗnÊwF;<ḄË☢17 309ᐗ!Ḅ«ᩗḄË☢17 259ᐗÌᵨÍÎÏߟÑÒÓÑÀÁ!ÕC=SN(d)-Ee-rtN(d2)1dÖ[In(S/E)+(r+l/2cr2)t]/d=d1-22ᑭᵨÂØÙqÚᦪ!ᡃᑖÝqÞß ᩗḄÍÎÏߟÑÒÓÑ7Þß1 d1àd?ᡃnÊáÚᦪ7âã¡ᐭäᩭæÅçQq7ᡃᨵd[=[In(S/E)+(r+l/2cr2)t]/=[lnx0.015625)x5]/V0.015625x5=(+)/d2=dτÞß2 N(d)àN(d)7N(dτ)àN(d2)nÊè)é᪗êë2oᑖÍḄᭆ᳛⊤wFN(d,)==1N(d2)=Þß3 CᡃᨵC=SN(d,)-Ee-rtN(d)2=30xN(d))-5xe^05x5N(d)2=30xl-5xx1
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