財(cái)務(wù)與現(xiàn)金流量管理知識(shí)比率

第四章

財(cái)務(wù)分析第一節(jié)比率分析第二節(jié)現(xiàn)金流量分析第一節(jié)比率分析

公司的價(jià)值決定於未來(lái)的現(xiàn)金流量。未來(lái)的現(xiàn)金流量取決於公司的獲利能力與成長(zhǎng)力，而獲利能力與成長(zhǎng)力受到產(chǎn)品市場(chǎng)策略與金融市場(chǎng)策略的影響。產(chǎn)品市場(chǎng)策略需由營(yíng)業(yè)政策與投資政策來(lái)執(zhí)行。而金融市場(chǎng)策略則透過(guò)融資政策與股利政策來(lái)執(zhí)行。獲利能力與成長(zhǎng)力產(chǎn)品市場(chǎng)策略金融市場(chǎng)策略營(yíng)業(yè)管理股利政策融資政策投資管理收入與費(fèi)用管理營(yíng)運(yùn)資金與固定資產(chǎn)管理負(fù)債與權(quán)益管理股利支付管理圖4-1獲利能力與成長(zhǎng)力之驅(qū)動(dòng)因素比講率妄分蹤蝶析1叛.東1衡該量嚇整斃體堵獲存利笛能哥力虛:敵權(quán)規(guī)益五報(bào)跡酬摸率甘(環(huán)R圈O情E蜘)1怪.展2獲質(zhì)利惕能烘力論解變析筋:輔解江構(gòu)擾R北O(jiān)神E1排.危3營(yíng)喜業(yè)竊管忌理貸評(píng)桃估椅:杠解陳構(gòu)涂淨(jìng)今利衣率1湊.校4投畜資廁管味理乏評(píng)乞估叛:畫(huà)解艱構(gòu)必資戰(zhàn)產(chǎn)綱週矛轉(zhuǎn)腿率1就.臥5融由資密管愉理墳評(píng)州估范:吵檢延視膚財(cái)予務(wù)鍵槓嚼桿1嗚.羊6評(píng)諒估赴可銀維跪持炸成吹長(zhǎng)齊力1導(dǎo).饞1勾衡嫁量草整震體側(cè)獲烈利乎能謊力壩:核權(quán)爭(zhēng)益桂報(bào)透酬憤率看(扭R喝O祝E勿)R稼O邊E辯=R呢O歲E竿表層示與管適理勁者逗運(yùn)單用對(duì)股攏東立資拿金壁獲勁取申盈烏餘供的綢能欺力花，同是逼檢繞視乘公嫌司穩(wěn)績(jī)砍效敗的崗一炊個(gè)佳綜煌合既性候指題標(biāo)在。跑就侄長(zhǎng)垃期掛來(lái)還說(shuō)膀，項(xiàng)公肆司雅的億權(quán)兼益迫價(jià)劈燕值衛(wèi)決點(diǎn)定道於溝權(quán)畫(huà)益赤報(bào)巖酬瘦率據(jù)與冊(cè)權(quán)珠益遍資芽金肉成銅本撒的觀關(guān)且係凱。虜如撤果別預(yù)籍期政R事O穗E貢長(zhǎng)肯期啄大儲(chǔ)於源權(quán)這益丘資變金醫(yī)成遮本恰，積權(quán)技益泄的轎市陽(yáng)場(chǎng)召價(jià)況值隆應(yīng)轎即門(mén)大落於欲帳群面唇價(jià)膊值弟；支反專之替，削如飾果趟預(yù)虎期士R廣O蘆E碰低陽(yáng)於汽權(quán)禍益道資聚金董成注本配，碰則蹤蝶權(quán)屠益寇的畢市偏場(chǎng)掩價(jià)混值默則奏不徒及蜓帳桿面額價(jià)顫值末。表異4淹-怎1翼C腹o牢m俯p跳a促q番與印競(jìng)吧爭(zhēng)砍者急之第權(quán)苦益么報(bào)燙酬洞率

CompaqAppleDell比率1991199219921992權(quán)益報(bào)酬率6.8%10.6%24.2%27.5%調(diào)整非常損益後之權(quán)益報(bào)酬率11.0%10.2%24.2%27.5%C建o非m布p弓a元q棚1聞9潤(rùn)9育2脫年塵的矮R喚O使E懲不眼惟玻低浪於墳競(jìng)鼠爭(zhēng)掩者咸A任p衣p途l柿e匯與霸D懂e畢l馳l宜也宴低邀於醋資頂金壩成挺本秧，筍是背什仰麼德原戒因膊造飄成茶的圍呢脈？1川.謙2代獲脆利丘能輸力怖解牽析否:瓶解移構(gòu)盈R魯O切ER瓦O炭E惑受毅到慎資疾產(chǎn)俘獲皺利煉能痰力娘的畫(huà)高科低訓(xùn)，誓以刷及泉相菜對(duì)形於路股曠東單權(quán)病益娛的歲公槳司房誠(chéng)資夜產(chǎn)物規(guī)陷模顏。哭即搜R側(cè)O賞E墾可希解勵(lì)構(gòu)禾為巖資果產(chǎn)播報(bào)數(shù)酬畏率貸與暈財(cái)鬼務(wù)泰槓耕桿躬二牢大恥部游份扒：R聞O盼ER饒O慣A鴨顯戀示療的昂是房誠(chéng)所擱投舟資暫的毛每王一抗塊同錢堵資超產(chǎn)器能價(jià)獲捏取勺多幼少色利梅潤(rùn)汁，染財(cái)面務(wù)衣槓江桿沃則希顯巨示朗股甘東衣每隆投膚入揭一離塊圍錢圣可掃倍活購(gòu)梢多痰少皮資旅產(chǎn)椅。一剩.漫資熟產(chǎn)恢報(bào)奏酬偷率認(rèn)(藍(lán)R兵O勉A扶)按好分旗子華分妥母泳的魔一氣致臥程粗度貼，給資厲產(chǎn)綢報(bào)茅酬識(shí)率兩有著多群種蓄不縮慧同師比戲率呆。表狼4舒-盤(pán)2尼C魔o菠m剩p降a陣q猴與霜競(jìng)妹爭(zhēng)已者毅之肢資炭產(chǎn)敘報(bào)垃酬處率

CompaqAppleDell比率1991199219921992資產(chǎn)報(bào)酬率(ROA)4.6%6.8%12.6%11.0%息前資產(chǎn)報(bào)酬率5.4%7.6%12.6%11.5%淨(jìng)資產(chǎn)或資本報(bào)酬率7.6%11.9%22.6%25.5%營(yíng)業(yè)資產(chǎn)報(bào)酬率8.6%13.3%54.0%30.6%經(jīng)非常損益、營(yíng)業(yè)外利益調(diào)整後之ROA7.5%6.5%12.6%11.0%息前資產(chǎn)報(bào)酬率8.3%7.3%12.7%11.5%淨(jìng)資產(chǎn)或資本報(bào)酬率11.7%11.5%22.6%25.5%營(yíng)業(yè)資產(chǎn)報(bào)酬率10.7%10.5%54.0%30.6%C氏o開(kāi)m宗p柳a劃q樂(lè)的原資卷產(chǎn)棟報(bào)煎酬管率桿顯既然殃偏礙低哈，嫩W對(duì)h亞y踐?在雕比原較瓣不長(zhǎng)同午公訪司熟的繁獲最利漢能魯力俊時(shí)爹，川不筒能史單詞單州參濕考汽原蜜始醋的豈R室O呢A綿比映率澇，挽須掉將貫利緩息姥收匯入宗，丹利奧息殊費(fèi)凡用閥，壩及竭金毫融菌性滲資佛產(chǎn)瀉都示考筆慮僑進(jìn)唐來(lái)章。再摧進(jìn)黑一戴步窄解框構(gòu)榴R純O應(yīng)A擾：表毒4鄉(xiāng)豐-棋3嘗C賽o守m仔p讓a達(dá)q障權(quán)刑益狂報(bào)桃酬射率常的林關(guān)奧鍵貸因倦素

CompaqAppleDell比率1991199219921992稅後淨(jìng)利率(ROS)4.0%5.2%7.48%5.05%×資產(chǎn)週轉(zhuǎn)率1.164.641.302.17=資產(chǎn)報(bào)酬率4.64%6.76%12.57%10.96%×財(cái)務(wù)槓桿1.461.571.932.51=權(quán)益報(bào)酬率6.8%10.6%24.2%27.5%C義o眉m負(fù)p勻a朋q嚼1傾9管9能2侮年歇的影R夕O閃E鉆較窗上舍年軋為勸佳派，側(cè)部壓份洪原訪因根是址淨(jìng)劉利而邊哄際料由先4元%械增胞加賞到囑5每.傳2伙%粉，闖另疫外勒，逐資噸產(chǎn)川週然轉(zhuǎn)淋率降與克財(cái)旱務(wù)面槓頁(yè)桿愿亦圍均錘略夫有辨增砍加多。二紙.測(cè)財(cái)蜻務(wù)逗槓潤(rùn)桿財(cái)觀務(wù)挎槓酷桿編是升衡翅量姓公每司叼的仇負(fù)甘債直程咳度脆。有財(cái)境務(wù)眠槓容桿備越虹高鳳，斜表忽示強(qiáng)運(yùn)敵用村負(fù)姿債暑的汽程牧度籮越搏大去。在悅計(jì)酸算完R到O啞E渠時(shí)春所懶利礦用抵的丸財(cái)敢務(wù)瓣槓叢桿執(zhí)指狐標(biāo)局為毅資呀產(chǎn)立佔(zhàn)請(qǐng)股雪東辣權(quán)止益順的鉆倍皂數(shù)窗，浙又上稱年為哭權(quán)尺益邊乘筆數(shù)籌:在巖個(gè)漏案色中眠，燙A濫p榜p盞l該e帳與元D彈e給l表l浙的壯財(cái)用務(wù)因槓敢桿鉛分叼別議為則1劑.演9乒3濟(jì)與弟2材.束5窗1剪，敘均君較短C戰(zhàn)o首m灶p街a析q君的表1役.你5耍7筋為縣高列，拘表按示惱C種o用m抗p瞎a我q雄在葛融悔資追決垂策戀上槍遠(yuǎn)污較瀉競(jìng)辛爭(zhēng)告者佛保劍守米。1揉.溪3儀營(yíng)獵業(yè)才管臂理姐評(píng)唇估輝:娃解頓構(gòu)引淨(jìng)域利逢率營(yíng)床收茫獲涌利販率名或圍是導(dǎo)淨(jìng)膛利路潤(rùn)付邊論際仗代弦表五公隆司扛營(yíng)蛋業(yè)促活墻動(dòng)喂的矛獲業(yè)利帽能劣力蒙，甘係榜決煤定上權(quán)快益跪報(bào)濫酬源率甚的錫三搭大哨關(guān)少鍵昨因候素謹(jǐn)之個(gè)一欺。遼而悔影蝦響市廠騙商韻獲哄利久能雞力街與陽(yáng)成辯長(zhǎng)觀力烘的哀四盾大禮管撥理訴政黎策栗中壞的宋營(yíng)守業(yè)器管當(dāng)理覆績(jī)亭效彩，扎即究可數(shù)藉議由尾淨(jìng)萍利哪率貧的顏解去構(gòu)下加測(cè)以辛評(píng)捎估號(hào)，睜因點(diǎn)為堵淨(jìng)寺利失率剃是和營(yíng)評(píng)收特創(chuàng)月造宅－源成和本宋管芒理略－粱費(fèi)瞎用灶控灶制爛等尿各睬種溜成瞞效日的寺淨(jìng)畢效傭果啟。1故.毛藥利南率2赤.營(yíng)濱業(yè)銀費(fèi)麻用3州.營(yíng)膠利種事登業(yè)蛇所侮得泳稅1努.務(wù)毛息利擊率即廢毛柴利嗽佔(zhàn)容營(yíng)敵收統(tǒng)的來(lái)比靜重代。俗毛耐利各率之的毫高糊低憐受凍到招價(jià)夜格芬與瓶成芝本貫因疊素喝影令響甲：在恒市富場(chǎng)藏上固該證公桌司陰的絹產(chǎn)殘品腦或鵲服割務(wù)香所窗能踢獲菊得住的秀溢找價(jià)險(xiǎn)。該庫(kù)公肆司參的麥採(cǎi)拘購(gòu)曉與佛生刪產(chǎn)魯效五率概。R唱e漏:表持4炕-育4表雁4煌-展4問(wèn)共擠同蛋比直損辭益幕表

CompaqAppleDell比率1991199219921992銷貸收入100.0%100.0%100.0%100.0%銷貸成本62.870.956.377.7毛利率37.229.143.722.3研究發(fā)展6.04.28.52.1銷管費(fèi)用22.117.023.813.3營(yíng)業(yè)利益9.17.912.87.3其他費(fèi)用(收入)4.40.70.7(0.2)稅前淨(jìng)利4.77.212.17.1所得稅提列1.32.44.62.1合併公司盈餘3.44.87.55.0聯(lián)屬公司權(quán)益淨(jìng)利0.60.4--稅後淨(jìng)利4.05.27.55.0扣除重建成本與投資處分利益後之淨(jìng)利6.55.07.55.02抓.爹營(yíng)格業(yè)怠費(fèi)由用營(yíng)喊業(yè)析費(fèi)系用逆的合多冷寡辰，吵須槍視杏實(shí)廊施再競(jìng)喬爭(zhēng)最策仁略矛所但需凍執(zhí)躺行眨的疑各皆項(xiàng)?；钅袆?dòng)撲內(nèi)員容肚而爹定興。調(diào)採(cǎi)王高柜品關(guān)質(zhì)蓮與魂開(kāi)肢發(fā)寨新主產(chǎn)話品療能謙力舌為框訴德求航基醒礎(chǔ)納的次競(jìng)脖爭(zhēng)臂策傭略皂者酬，鼠可亮能范需秒要車較厚高酷的及R氧&予D祥成批本券；撒而撿企嫩圖海建色立延品攤牌培形拿象葛者辭則蛾可俯能瓜需漫要仔較滿高收的注銷敢管覽成識(shí)本示。其可次楚，相管表理痛當(dāng)汁局基對(duì)霜費(fèi)介用怨的腔控欲管妨也逆影仿響角營(yíng)曬業(yè)賞費(fèi)選用稿的混高汪低部。漁對(duì)堂低迅成濤本隨策瓦略耍的渣廠喇商擇而形言萄，勺有慮效仰控悟制墻各借項(xiàng)廚費(fèi)開(kāi)用版尤悅其芳重踐要糾。R盛e冶:表音4撤-徒43廈.鼠營(yíng)發(fā)利考事害業(yè)地所釋得挨稅有引兩攀項(xiàng)熱比似率匠可面供銅檢果視漂廠枯商陜稅毒負(fù)撈:所星得直稅熱費(fèi)喚用協(xié)佔(zhàn)串營(yíng)憐收拘比污重所罩得妹稅不費(fèi)發(fā)用求佔(zhàn)雖稅湯前副淨(jìng)等利宗的貌比蕉重討(翼平教均愁稅帶率蝴)R尤e孔:表展4吉-擺41胖.葵4抹投葬資寸管妙理?xiàng)壴u(píng)娘估舞:正解柳構(gòu)唯資樂(lè)產(chǎn)購(gòu)週懶轉(zhuǎn)特率資指產(chǎn)魄週瀉轉(zhuǎn)旬率窯是口影奔響害權(quán)味益稅報(bào)坦酬蝦率格的偷因湯素先，智所末代作表門(mén)的疼構(gòu)除面唐是歸企道業(yè)窄對(duì)訓(xùn)各隨項(xiàng)蘿資授產(chǎn)策的瘦運(yùn)賊用中效而率變，護(hù)因杯此稼可族用撞以澡評(píng)博估啞影誼響帆獲耐利岔能肅力此與臺(tái)成諒長(zhǎng)螺力驅(qū)四慘大騰管憂理茄政事策乎中煌的校投潛資諒管魔理貪績(jī)鑒效孩。投罵資心管湯理西或避資僻產(chǎn)畫(huà)管默理葛分母為桌：營(yíng)員運(yùn)鈴資粱金濃管軋理長(zhǎng)粱期格資倉(cāng)產(chǎn)描管布理通痕常盛用架於任評(píng)他估刮資盟產(chǎn)莫管差理普效歐率韻的污財(cái)絨務(wù)母比求率仙有已：由侄購(gòu)音料叨開(kāi)距始恨，仗經(jīng)屠過(guò)延生筐產(chǎn)?。N槽售好－臭收退款爐，晴稱筒為拿一經(jīng)個(gè)營(yíng)素業(yè)橫循詞環(huán)。臥如暗從永現(xiàn)棟金榜流賞量德觀稻點(diǎn)賊，革自斗現(xiàn)鹽金柱流首出美購(gòu)屈料翅付牌現(xiàn)輝，線到宅應(yīng)廊收講款岡項(xiàng)存收愚現(xiàn)威獲蛇得俱現(xiàn)緒金繳流響入撫，始此排一與循近環(huán)揭稱腰為現(xiàn)鍋金份循灘環(huán)。圖演4鄉(xiāng)豐-鋒2存現(xiàn)趙金消循葵環(huán)遷圖表移4吐-先5堪資紅產(chǎn)額管偵理葉比奏率

CompaqAppleDell項(xiàng)目1991199219921992流動(dòng)資產(chǎn)週轉(zhuǎn)率1.841.771.992.36營(yíng)運(yùn)資金週轉(zhuǎn)率2.853.023.325.61應(yīng)收款項(xiàng)週轉(zhuǎn)率5.244.156.525.38存貨週轉(zhuǎn)率4.73.486.885.16應(yīng)付款項(xiàng)週轉(zhuǎn)率10.505.639.355.30應(yīng)收款週轉(zhuǎn)天數(shù)708855668存貨週轉(zhuǎn)天數(shù)781055371應(yīng)付款週轉(zhuǎn)天數(shù)35653969固定資產(chǎn)週轉(zhuǎn)率3.715.0815.3328.61屯.物5吩融高資暖管惰理宰評(píng)年估秤:青檢誘視花財(cái)照務(wù)漲槓垂桿財(cái)盯務(wù)插槓瞇桿翠的桐運(yùn)僵用明使搖公載司藏能節(jié)夠啞擁懂有娛較端權(quán)擴(kuò)益商基院礎(chǔ)黃大請(qǐng)的內(nèi)資尺產(chǎn)行。蔬公求司個(gè)可盜以勒藉畏著染借摩款汽與到創(chuàng)璃造滑其顯他聚負(fù)非債杏來(lái)斃擴(kuò)筍增避其抄權(quán)急益存。福只板要死負(fù)曉債冷資肺金粥成近本懇低耐於燈這錢些窯資唯金逝的芳投袍資采報(bào)內(nèi)酬馬率森，耳財(cái)以務(wù)愧槓面桿違就昏能拆提句升氏R文O窗E涉。一桑.流書(shū)動(dòng)貓負(fù)妖債疊與京短耽期跪流掏動(dòng)御能貸力二績(jī).舉牢債繼與慢長(zhǎng)四期極償填債紅能情力一涌.蠶短默期球流鏈動(dòng)條性紀(jì)能猶力評(píng)獸估悠流問(wèn)動(dòng)歸負(fù)恭債穗的弟相光關(guān)剝風(fēng)識(shí)險(xiǎn)腰比禽率吧:表飲4奏-弟6打流姥動(dòng)扎性盡比術(shù)率

CompaqAppleDell項(xiàng)目1991199219921992流動(dòng)比率2.792.412.501.72速動(dòng)比率1.681.401.770.95現(xiàn)金比率0.710.371.000.19營(yíng)業(yè)現(xiàn)金流量比率0.62*0.62**由於營(yíng)業(yè)現(xiàn)金流量小於零，此一比率沒(méi)有意義。二過(guò).韻長(zhǎng)枝期史償算債病能察力評(píng)妨估雜資純本罵結(jié)蘇構(gòu)哄中乎負(fù)琴債電權(quán)粥益焦組吃合惱的蔬財(cái)激務(wù)拿比肢率帳:表港4決-恰7尾舉是債緣瑞與已利枯息辜涵懂蓋疊率

CompaqAppleDell項(xiàng)目1991199219921992負(fù)債對(duì)權(quán)益比0.460.570.931.51舉債對(duì)權(quán)益比0.0400.080.13舉債對(duì)資本比0.0400.080.12利息涵蓋率(盈餘基礎(chǔ))5.78.498.119.1利息涵蓋率(現(xiàn)金基礎(chǔ))14.5-0.34112.9-7.81恰.皮6算綜強(qiáng)合揀評(píng)匪估去:贈(zèng)評(píng)諸估嘉可豪維麻持虹成佳長(zhǎng)訓(xùn)力現(xiàn)儉有愚的辦R丹O餓E插水亮準(zhǔn)伏能如否泡維退持爭(zhēng)，雀須花視取其它將恰盈蔽餘消保近留插下監(jiān)來(lái)間繼唯續(xù)脾投傍資屋的囑比康例露而夫定際：可養(yǎng)維片持哥成腎長(zhǎng)豈率階表乳示猾，塞在攀資件產(chǎn)艱獲狗利饒能處力企與緞財(cái)黨務(wù)話政個(gè)策挖不址變符的領(lǐng)情慚況閑下狹，摩公捐司糟所省能缸成衫長(zhǎng)辛的顆速黨率呀。傍權(quán)姻益采報(bào)枕酬占率控與味股功利腫支糞付從政幸策互決恒定煩了嬸可艘資駝成紋長(zhǎng)抱的蓄資蚊金碎規(guī)探模宜?？删S持成長(zhǎng)率權(quán)益報(bào)酬率股利支付資產(chǎn)報(bào)酬率財(cái)務(wù)槓桿稅後淨(jìng)利率流動(dòng)資產(chǎn)週轉(zhuǎn)率營(yíng)運(yùn)資金週轉(zhuǎn)率應(yīng)收款項(xiàng)週轉(zhuǎn)率存貨週轉(zhuǎn)率應(yīng)付款項(xiàng)週轉(zhuǎn)率應(yīng)收款週轉(zhuǎn)天數(shù)存貨週轉(zhuǎn)天數(shù)應(yīng)付款週轉(zhuǎn)天數(shù)固定資產(chǎn)週轉(zhuǎn)率銷貨成本/銷貨毛利/銷貨銷管費(fèi)用/銷貨R&D/銷貨營(yíng)業(yè)利益/銷貨營(yíng)業(yè)外損益/銷貨稅前盈餘/銷貨所得稅/銷貨流動(dòng)比率速動(dòng)比率現(xiàn)金比率營(yíng)運(yùn)現(xiàn)金流量比率負(fù)債權(quán)益比率舉債權(quán)益比率舉債資本比率利息涵蓋比率:盈餘基礎(chǔ)現(xiàn)金流量基礎(chǔ)圖情4退-謀3洗財(cái)返務(wù)翼分豬析丸之答可奏維縮慧持孝成萬(wàn)長(zhǎng)伏率棚架饞構(gòu)表始4竭-男8據(jù)可批維蝴持床成瘡長(zhǎng)鐘率

CompaqAppleDell項(xiàng)目1991199219921992ROE6.8%10.6%24.2%27.5%股利支付率000.110持久成長(zhǎng)率6.8%10.6%21.5%27.5%第次二角節(jié)濟(jì)現(xiàn)走金賴流針量薯分臭析2泳.燃1現(xiàn)帥金株流夫量耳與世現(xiàn)房誠(chéng)金預(yù)流混量治表2拒.疫2現(xiàn)碑金地流袍量全資桐訊指分屈析2層.芝3現(xiàn)勺金當(dāng)流喬量鞠個(gè)駐案礦分犬析毅－充C奪o競(jìng)m樂(lè)p先a蝕q里公屢司2素.補(bǔ)1雅現(xiàn)敵金康流因量積與把現(xiàn)金金擾流圍量恒表現(xiàn)茂金栽流始量便表寸把結(jié)現(xiàn)志金姓流痰量滋分胡為泄：營(yíng)鋤業(yè)火現(xiàn)辜金熊流捷量展：孤廠藍(lán)商呢因恨銷而貨窩所盟流己入誓的末現(xiàn)電金杯減記去仰支役付擠產(chǎn)些品土相貝關(guān)嫂的帖投寇入煙成安本造後蜘，鹿所驕得丘到棵的屑現(xiàn)研金約。投腐資箭現(xiàn)院金刻流治量踢：鴿資史本騰支眉出使，廣轉(zhuǎn)沫投怖資撓及獅購(gòu)付併坦或箏處犬分裁長(zhǎng)攔期鉗資管產(chǎn)蓋等連投鎮(zhèn)資炸性雄活滅動(dòng)局所臺(tái)產(chǎn)溜生街之言現(xiàn)扶金迫流銳量夢(mèng)。理周財(cái)標(biāo)現(xiàn)億金抄流音量添：讀公攝司驚與肉股施東帖和山借謊貸球債堡權(quán)盾人襪之主間印的自現(xiàn)肝金棗流諒出挑與綁流虎入棵。2罪.見(jiàn)2訴現(xiàn)柏金慎流用量騾資魂訊表分撿析健華全餓的儀公森司別應(yīng)慎有卵的途模某態(tài)破:營(yíng)滔運(yùn)喜資孟金志投義資呆與熔利膽息末支淋付咸前攜的本營(yíng)打業(yè)懇活興動(dòng)茶現(xiàn)程金切流趙量營(yíng)女運(yùn)鳳資趨金昨投開(kāi)資搜後肢，糕利淡息奏支呢付鬧前田的旺營(yíng)寄業(yè)封活霜?jiǎng)又┈F(xiàn)遙金蔥流慌量營(yíng)方運(yùn)掩資墻金該投潤(rùn)資敏和陶利眼息末支澆付憶後歉的捷營(yíng)欲業(yè)億活即動(dòng)嶄現(xiàn)貢金姓流咳量長(zhǎng)宣期置投陪資捎後碼，拾股濫利絞發(fā)帳放鈔與除外邪部貿(mào)融璃資啟前芳的哄可胞支佛配機(jī)現(xiàn)取金夸流加量股樣利迷發(fā)眉放潤(rùn)後淚，趨外察部作融答資到前別的虎可義支君配割現(xiàn)角金冊(cè)流察量外版部化融億資針後程的舉淨(jìng)惑現(xiàn)哨金溝流后量R權(quán)e誤:表省4敵-滿92頑.周3免現(xiàn)竟金餐流志量碎個(gè)香案風(fēng)分斧析授－鐮C叢o撒m蘋(píng)p童a貪q敗公爪司根臂據(jù)冤1勻9歲9粒2邪年迎報(bào)縣,賀公哨司北淨(jìng)壟利強(qiáng)超湖過(guò)夸$題2映1每3羨M乏,犁但參是歡營(yíng)懶業(yè)功現(xiàn)塘金騎流綠量著的呈赤象字鵲高紀(jì)達(dá)雷$艷5戰(zhàn)9湊.腎4劫M(fèi)漠。負(fù)由瓜現(xiàn)廢金罩流辣量掩表縣可廊發(fā)鮮現(xiàn)職,燭此隊(duì)一搜差滅異死來(lái)統(tǒng)自戰(zhàn)三甘大央調(diào)鋸整依:獅(盾1規(guī))鄙折扮舊尖費(fèi)衡用腸等袍非聲當(dāng)擴(kuò)期瓦應(yīng)膊計(jì)愚項(xiàng)躬目瓦;頂(氏2膚)筆流尤動(dòng)港資文產(chǎn)礎(chǔ)與剝流禾動(dòng)厭負(fù)麻債土的露改扇變肚;棗(姜3宰)翅處由分乞轉(zhuǎn)償投宣資役與殘固返定輕資逆產(chǎn)犬等竄營(yíng)好業(yè)蝕外灑損嗎益王。C死o判m嫁p晴a踢q頑的殘投憤資轟活艦動(dòng)糧造佛成日$想2林3膛M江的捧正霸現(xiàn)殊金哨流妄量伏。溪其械投才資莊於頑廠薯房斷設(shè)央