第章風(fēng)險(xiǎn)資本成本與資本預(yù)算

第十二章風(fēng)險(xiǎn)、資本成本與資本預(yù)算風(fēng)險(xiǎn)、資本成本與資本預(yù)算本章討論將NPV凈現(xiàn)值法應(yīng)用于風(fēng)險(xiǎn)投資項(xiàng)目的決策運(yùn)用CAPM來(lái)確定風(fēng)險(xiǎn)折現(xiàn)率若無(wú)負(fù)債融資時(shí)，風(fēng)險(xiǎn)項(xiàng)目的期望收益：權(quán)益資本成本當(dāng)企業(yè)既有債務(wù)融資又有權(quán)益融資時(shí)，所用的折現(xiàn)率就應(yīng)是項(xiàng)目的綜合資本成本，即負(fù)債成本和權(quán)益成本的加權(quán)平均數(shù)

第12章目錄12.1權(quán)益資本成本12.2貝塔的估計(jì)12.3貝塔系數(shù)的確定因素12.4基本模型的擴(kuò)展：企業(yè)的風(fēng)險(xiǎn)和各個(gè)項(xiàng)目的風(fēng)險(xiǎn)12.5國(guó)際紙業(yè)公司的資本成本估計(jì)12.6本章小結(jié)投資新項(xiàng)目1漿2旬.先1權(quán)訴益衣資概本焰成牛本公斬司化獲論得煙現(xiàn)良金宜以箭后法可是以股魔東蔽的既最話終銷價(jià)勇值支付現(xiàn)金股利股茅東摟投夜資驚于命金宵融嶄資游產(chǎn)因休為隔股蛋東海可積以仇將批股鵝利裳再輪投階資丸于頸風(fēng)基險(xiǎn)伴性片金總?cè)诘官Y禿產(chǎn)溉上晉，鍛資沫本惰預(yù)匙算蓮項(xiàng)農(nóng)目節(jié)的浸期教望散報(bào)動(dòng)酬余率簡(jiǎn)至亦少鍛要準(zhǔn)等鳥(niǎo)于趁同候樣俘風(fēng)太險(xiǎn)囑水鑄平桑的銀金晨融亦資斥產(chǎn)鄙的束期都望咽報(bào)群酬視率一滑家殺有使多棕余物現(xiàn)政金朋流淺的蠶公塌司接既閑可幼以樓支澡付掉股足利敗，耗也?？山褚札X進(jìn)扭行環(huán)資益本嘩投敞資1簡(jiǎn)2益.斃1權(quán)羊益紛資便本泄成赴本從先公款司吼角研度薦來(lái)足看,期硬望修報(bào)便酬兩率息就潔是衛(wèi)權(quán)門益渣資狗本例成墳本:為籃了寄估膝測(cè)貢公射司摧的落資潮本絹成斃本估，躁我筆們犯需核要繳知起道吵三但個(gè)孫變星量:)(FMiFiRRβRR-+=無(wú)雜風(fēng)績(jī)險(xiǎn)黃利史率,RFFMRR-市蝴場(chǎng)掉風(fēng)扯險(xiǎn)欣溢嗓價(jià),2,)(),(MMiMMiiσσRVarRRCovβ==公踩司像貝竄塔蓋系尿數(shù),例柏題假臂設(shè)蹄某止出纖版茫公俘司摸的德貝劑塔圓系喘數(shù)犬為1虧.岡3懼.該伴公吩司潤(rùn)是1滑0刮0％殺權(quán)坐益航融劑資.假斥設(shè)礙無(wú)均風(fēng)奸險(xiǎn)貪利既率診為7壟%，榆市產(chǎn)場(chǎng)薪風(fēng)噴險(xiǎn)考溢早價(jià)耀為9賀.噴5盯%睡.該共新明項(xiàng)教目幼的特折鵲現(xiàn)唐率掌是技多首少?%9.53.1%7′+=R兩福個(gè)靠重爆要聾假吩定武：1、際項(xiàng)鄰目屢風(fēng)鉆險(xiǎn)芒與雙企毯業(yè)繪風(fēng)挽險(xiǎn)誘相傅同甜；2、悄企脫業(yè)填無(wú)站債守務(wù)叼融陣資盲；=秋1粘9類.玻3后5擺%例紹題假滲設(shè)鴉一煉個(gè)牧貝優(yōu)塔過(guò)系全數(shù)螺為1疑.盡2仆1的戒無(wú)國(guó)負(fù)喚債填公叉司掀評(píng)或估材以氣下丟非戲互忽斥泥項(xiàng)俗目.每搞個(gè)嬸項(xiàng)喇目以投揀資$秒1羨0截0，跌項(xiàng)捉目電期步１蟻年么。艙市移場(chǎng)佩風(fēng)臭險(xiǎn)鉆溢篇價(jià)衡是9恥.竭5極%，匹無(wú)檢風(fēng)辭險(xiǎn)碑利辣率催是5季%。歷可漁以住計(jì)籮算液出鴉該禽公館司脾普乳通顆股透的遮期映望多收縣益影率請(qǐng)是1世6吊.腹4鍛9兼5取%。項(xiàng)目項(xiàng)目的b期望現(xiàn)金流量IRR

NPV（16.495%折現(xiàn)率）A1.21$14040%$20.2B1.21$12020%$3.0C1.21$11010%-$5.61耐2新.寨2貝涂塔崖的奧估扒計(jì)市證場(chǎng)罷組葛合單：頑包剪含申經(jīng)求濟(jì)則中吐所掩有躁資戴產(chǎn)跳的嗚組裂合.實(shí)很際撈中畢通本常宏用側(cè)一鍵個(gè)冷范酷圍吊廣親的豆股羞票府市正場(chǎng)恒指驗(yàn)數(shù)蔥，稿例穩(wěn)如蘋標(biāo)棉準(zhǔn)脅普頑爾武指腦數(shù)育來(lái)揉代瘦表胳市蹄場(chǎng)脹。貝叢塔春：木一弟支姻股悟票懸的刺收葬益劈燕相槐對(duì)嗽于揀市知場(chǎng)借組悉合懸收塞益殃的富敏娘感悲性洪。1杠2丸.舊2貝污塔臥的狡估愈計(jì)理譯論忽上魄，千貝立塔揉的誕估院算礎(chǔ)很醒簡(jiǎn)村單:存充在定問(wèn)比題貝知塔這可管能話隨咳時(shí)切間寄的仔推燈移名而萍發(fā)謹(jǐn)生頭變其化樣鴨本梯容程量軋可忙能漆太案小.貝同塔寺受婚財(cái)蜻務(wù)滲杠藥桿翻和銀經(jīng)戀營(yíng)云風(fēng)待險(xiǎn)腦變太化饅的縱影定響解著決重辦沖法第1和凈第2個(gè)勵(lì)問(wèn)拆題艇可世通閃過(guò)渾采括用際更例加撿復(fù)謎雜廁的遇統(tǒng)遙計(jì)泥技栽術(shù)放加斥以圣緩葉解根逗據(jù)塘財(cái)國(guó)務(wù)親風(fēng)毀險(xiǎn)嚴(yán)和辨經(jīng)鬧營(yíng)賺風(fēng)很險(xiǎn)夫的磨變壞化番對(duì)宅貝襯塔瘋作腸相捆應(yīng)梢的延調(diào)舟整促，陡有型助狗于霜解盤決帳第3個(gè)會(huì)問(wèn)存題.注冠意鋪同葵行槽業(yè)罷類變似疫企束業(yè)梳的靠平拍均燒貝苗塔畜估勻計(jì)嚷值現(xiàn)窗實(shí)輝中扔的巡壽貝裹塔玻系萄數(shù)貝亡塔億系坦數(shù)樣的予穩(wěn)怨定斜性大選多租數(shù)汁分衡析延家輪認(rèn)羊?yàn)榉福^如蹤蝶果余企康業(yè)解不雹改均變苗行牽業(yè)送，戒貝山塔菊系運(yùn)數(shù)凈會(huì)忍保扛持源穩(wěn)污定坑。這箱并腿不馳是誕說(shuō)生一即家宿公肥司柜的肅貝春塔制值遵不過(guò)會(huì)床改甲變生宰產(chǎn)見(jiàn)線羞的鼻改克變技掀術(shù)仆的烈改查變管佛制耍的腹解扯除財(cái)匙務(wù)座杠陳桿疲的盒變?cè)昊ǔ庇脙H電鏟氣濤公嶺司賠的刊貝掃塔抹系勻數(shù)呀保砍持遷相悼對(duì)針?lè)€(wěn)蘋定行坊業(yè)雨貝道塔吳系亭數(shù)泳的撐運(yùn)送用根屢據(jù)樣企歡業(yè)浩自委身叉歷騾史粗?jǐn)?shù)親據(jù)熊來(lái)組估醋算暮企鏡業(yè)羨的介貝沙塔爺系猾數(shù)助是使一替種指常香用交的徒方牛法芹。也偶有貿(mào)人但提侍出裕，勝運(yùn)拐用哭整北個(gè)怕行桶業(yè)元的珍貝步塔索系困數(shù)戶可剩以漠更波好驚的劉估嚷算碎企訓(xùn)業(yè)驗(yàn)的溫貝朱塔證系積數(shù)需。如犬果暴認(rèn)責(zé)為霜企牛業(yè)醒的協(xié)經(jīng)哀營(yíng)術(shù)與約所產(chǎn)在肌行宵業(yè)弄其厚他評(píng)企欄業(yè)送的云經(jīng)津營(yíng)撲十交分粗類隆似雹，密則陵可鳥(niǎo)以脖使侄用獄行撥業(yè)發(fā)貝脾塔按系襯數(shù)襖。如煙果網(wǎng)認(rèn)鏟為舅企填業(yè)帝的損經(jīng)蒜營(yíng)功與腸所緊在觀行糟業(yè)減其堤他般企寶業(yè)切的殘經(jīng)拳營(yíng)咬有后著越根羽本后性芒差吳別面，使則影應(yīng)紛該焰選筐擇在企輕業(yè)在的索貝蟲塔辣系冰數(shù)扣。不丑要安忘糖了深調(diào)卡整隸財(cái)戒務(wù)韻杠凡桿胖。1顯2炎.嶺3貝泛塔腰系僵數(shù)緞的像確店定度因辨素貝談塔艷系哨數(shù)習(xí)從裙何凝而悄來(lái)?回舉歸慈分自析悄方揚(yáng)法暴。籌將面公須司腐股借票擇的帖月曾收今益寶與勤指予數(shù)呆的嫂月餡收望益求進(jìn)線行庭回警歸押。貝西塔癥由邪企紋業(yè)狐的陪特躺征具決逗定經(jīng)艷營(yíng)聾風(fēng)傭險(xiǎn)收被入柱的售周邁期材性經(jīng)懼營(yíng)筒杠掉桿財(cái)痛務(wù)四風(fēng)托險(xiǎn)財(cái)蟲務(wù)舅杠青桿收帳入咬的蓄周蹲期娃性有缺些萍企肚業(yè)雨的躁收姻入旗具嘩有懇明暑顯定的貝周詞期錫性周遺期謀性澆強(qiáng)壇的很股含票塵有規(guī)較才高軍的好貝劃塔氣值.經(jīng)沉驗(yàn)籌證皂?yè)?jù)曬表鐮明疫，準(zhǔn)高蒸科哪技芝企河業(yè)跡、高零捧售左企搖業(yè)險(xiǎn)和鵲汽貸車未企陰業(yè)親隨紀(jì)商賄業(yè)置周騎期涂而旅波列動(dòng)農(nóng)。運(yùn)只輸需企聲業(yè)侄和譽(yù)公咐用暮事農(nóng)業(yè)諷企箭業(yè)追和蹦商招業(yè)孕周丸期叉相陵關(guān)易不熄大廊。注握意易周竊期啄性址不訪等準(zhǔn)于硬變?nèi)釀?dòng)堵性制孫片固廠目的菠收訂入款是權(quán)變層動(dòng)擾性卻，串取眨決閉于驗(yàn)影責(zé)片紹的論發(fā)朝行散質(zhì)箭量勢(shì)，突而乎非言商筆業(yè)意周習(xí)期不。經(jīng)匯營(yíng)咸杠素桿經(jīng)句營(yíng)嶄杠剝桿寧程窯度駱衡插量極一襖個(gè)漫企勺業(yè)匪（煮或魔項(xiàng)富目酒）聚相累對(duì)丑于匆其霞固總定坦成許本隱的扭敏無(wú)感肢性逝。經(jīng)掀營(yíng)慶杠壁桿羨隨太固征定希成驢本里的毯上旺升未而貞提摔高勉，外隨礙變艱動(dòng)狠成議本視的沙下伍降斥而層提鉗高訂。經(jīng)詳營(yíng)垃杠叼桿荒放聚大拴了安周襯期蕉性藏對(duì)照貝霜塔賠的宴作彼用樂(lè)。.經(jīng)丹營(yíng)課杠個(gè)桿盲系陶數(shù)挺的遞計(jì)州算誰(shuí)公甚式害如采下:DOL=EBITDSalesSalesDEBIT×財(cái)壘務(wù)麻杠憂桿葉與亦貝舒塔相具關(guān)壯概臥念經(jīng)馬營(yíng)選杠摔桿與易企捕業(yè)樓生偶產(chǎn)憑經(jīng)紛營(yíng)膜的具固惹定域成云本隨有妄關(guān)財(cái)瓶務(wù)差杠牽桿則虜反券映壤了毫企痕業(yè)街對(duì)鈔債頓務(wù)混融被資震的革依奴賴宰程行度杠大桿傘企孔業(yè)是果指乓資賄本斬結(jié)鬧構(gòu)狼中姐有奮負(fù)顏債鼓的詢企倘業(yè)在閘前靠面鞋的培分傷析幟中攤，單我悄們朝假方定域企爐業(yè)綠無(wú)鉤負(fù)桃債陡融繞資宗，陶并鈴?fù)ò走^(guò)薪股風(fēng)票謠收佩益餐率滑來(lái)指估箏計(jì)炮貝鵲塔煤系東數(shù)栽，廉該臨貝敲塔畫系漲數(shù)增稱且為權(quán)作益群貝匪塔對(duì)貪杠糊桿詳企旱業(yè)磚而凱言他，資水產(chǎn)萄貝望塔與權(quán)司益漂貝綢塔是椅不鮮同謝的資哈產(chǎn)姥貝截塔是權(quán)洗益疊貝暫塔與負(fù)浩債丑貝柏塔的篇加舍權(quán)世平噸均嗎數(shù)財(cái)園務(wù)晃杠攤桿指與杰貝犯塔經(jīng)石營(yíng)喉杠倚桿指旦對(duì)渣于離公賠司殲的歐固飼定頭生遮產(chǎn)軌成芬本膊的辨敏綱感搞性虛。財(cái)闊務(wù)鎖杠緩桿指談對(duì)暗于原固爹定廉利棒息軍支循出伶的社敏題感鑼性公背司俘債贊務(wù)袋、掠權(quán)倉(cāng)益因和華資惡產(chǎn)鄭之蛾間抖的旨貝絲式塔鈴系愚數(shù)賺的岔關(guān)闊系專如鋸下:有拐財(cái)何務(wù)雞杠憂桿桃的側(cè)情濤況蠅下塘，左權(quán)釘益敢貝蜓塔足一紋定室大攔于稅資韻產(chǎn)緒貝例塔B資產(chǎn)t=債務(wù)+權(quán)益?zhèn)鶆?wù)×b負(fù)債

+債務(wù)+權(quán)益權(quán)益×b權(quán)益財(cái)同務(wù)仁杠喚桿什與徑貝摘塔在池實(shí)喬際銳中杜，膀負(fù)悄債扮貝奧塔蚊通宏常員很育低參，花一樂(lè)般旱可流假古設(shè)捧為己零逼。在熊有非財(cái)拋務(wù)襖杠叢桿帳的良情曠況捧下懂，邀權(quán)抹益廊貝冰塔松一擱定夏大謙于袖資麻產(chǎn)探貝誦塔B資產(chǎn)

=債務(wù)+權(quán)益權(quán)益×b權(quán)益財(cái)拼務(wù)興杠董桿紅與美貝大塔郊：碗實(shí)頸例考秋慮R顛a僑p句i恐d擴(kuò)C憲e葵d績(jī)a匠r俊s的鬼公末司,公波司頌?zāi)扛媲八褪悄_完復(fù)全貞權(quán)照益?zhèn)}，舍貝踢塔涉為0宵.員8聞0候.公衛(wèi)司福決靜定貿(mào)將掙資碼本駐結(jié)噸構(gòu)額改剪為苗負(fù)婚債-權(quán)砍益夏比戴為柱：1：2。由竭于覽公宮司貨行鳥(niǎo)業(yè)輝不噸變紙，如其梢資途產(chǎn)園的旨貝維塔會(huì)值度應(yīng)嗎保才持圣不挽變躬，沃為0裳.搜8施0友.但陡是卷，逆假伴設(shè)膜負(fù)緩債帖的鮮貝框塔奮為流零,公跌司碑的商權(quán)奴益泡貝籌塔忌將柳變殼為:B資產(chǎn)

=0.80=1+22×b權(quán)益b權(quán)參益=1監(jiān).落5×0總.靠8受0尸=租1父.潮21扮2葛.立4基鬧本喂模損型穩(wěn)的箭擴(kuò)舒展企透業(yè)錯(cuò)與斷項(xiàng)憲目我都們寇突潛破廚上格述思分泥析沒(méi)的汪假茶定已，毛認(rèn)嚷為仇項(xiàng)基目約風(fēng)隨險(xiǎn)茶與觸企期業(yè)厲風(fēng)攜險(xiǎn)松是玩不司同悅的任漲何球項(xiàng)鍬目延的畜資坦本情成變本洲取楊決變于蓄投摘入緊資約本宏的魔使奔用—升—而殃不扎是報(bào)資況本邊的訪來(lái)怨源厲。.因凳此,資掀本腸成屬本遣取蛛決花于柏項(xiàng)雅目瞎的票風(fēng)兔險(xiǎn)嘉而報(bào)不謀是閉公燒司胞的邪風(fēng)毅險(xiǎn)稼。資輝本除預(yù)佛算&項(xiàng)砌目袍風(fēng)兄險(xiǎn)一暑家工公合司迅如戀果戀對(duì)樓所騎有適項(xiàng)墳?zāi)棵忌诡}用常同永一獅個(gè)撈折覽現(xiàn)勻率茂，前則趨隨屯著子時(shí)筋間不的毅推扔移鼓會(huì)筑增消加值公摘司花的憐風(fēng)天險(xiǎn)岡降久低陜公嗎司乘的星價(jià)屆值.項(xiàng)頑目I擺R橡R公妹司斗的患風(fēng)憤險(xiǎn)rfbFIRM錯(cuò)誤的拒絕正NPV的項(xiàng)目錯(cuò)誤的接受負(fù)NPV值的項(xiàng)目總謹(jǐn)資鈔本哨成晃本假贊設(shè)C旁o至n嘆g崖l質(zhì)o啄m孔e研r騾a堡t咐e公奸司前基好于鍬Ｃ邪Ａ到Ｐ托Ｍ葛方搭法券得腰到卻的汪資貝本長(zhǎng)成中本茶是1枕7悼%鞠.無(wú)醉風(fēng)騰險(xiǎn)浪利饑率市是4羊%看;市悲場(chǎng)桌風(fēng)析險(xiǎn)元溢項(xiàng)價(jià)悔是1名0粘%，般公遙司寄的可貝惱塔府系魔數(shù)1劃.再3填.1錢7魄%緩=駝4中%壁+竭1浩.該3×[愈1陜4挨%擾–圍4片%數(shù)]以纏下廢是園公業(yè)司捎投顆資愧項(xiàng)呀目涂的握分箏析:1遷/串3汽暑車呆零股售b=擠2著.椒01斯/驅(qū)3計(jì)最算界機(jī)講硬栗盤擱制島造.b=薪1磨.估31突/民3電謹(jǐn)力b=籠0劑.對(duì)6資族產(chǎn)環(huán)的瓶平黎均b=輩1猴.銀3當(dāng)捧評(píng)邀估除一汽個(gè)艇新少的氏發(fā)吧電籮項(xiàng)勝目護(hù)時(shí)眾，陜應(yīng)尺該逼使診用嗚哪偷個(gè)張資限本柱成竹本?資殃本首預(yù)支算&項(xiàng)肌目僵風(fēng)冒險(xiǎn)資方本事預(yù)往算&項(xiàng)舍目勺風(fēng)喘險(xiǎn)項(xiàng)池目間的I勉R爭(zhēng)R項(xiàng)呼目嫂的破風(fēng)流險(xiǎn)(b)1備7相%1雅.炭32蓮.重00慕.定6r=居4嫩%圖+朋0好.威6×(習(xí)1霜4吵%–4旋%顯)伸=避1往0藥%恨1遺0何%反擊映仔發(fā)離電鑰項(xiàng)踩目姐投嫩資獵的對(duì)機(jī)性會(huì)涼成際本可，詳考速慮召的艷是挪項(xiàng)揮目哲的踐單高一穗風(fēng)使險(xiǎn)1輝0古%2桂4側(cè)%硬監(jiān)盤感制滅造低和痕汽塌車誘零霞售考項(xiàng)鬼目粉的森投取資舍應(yīng)爛該刪有耽較恰高堪的暫折覽現(xiàn)布率S泄M尚L有蕩負(fù)財(cái)債按情丑況應(yīng)下壺的冊(cè)資盲本番成錦本加陳權(quán)許平品均殖資丑本恨成堅(jiān)本訪計(jì)敵算號(hào)如史下:由少于糟利默息肥費(fèi)債用鈴可款以?shī)^抵迫稅角，僅最艘后擴(kuò)一巧項(xiàng)鹿要羊乘主以(浸1頁(yè)–歷TC)rWACC=權(quán)益+債務(wù)權(quán)益×rEquity+權(quán)益+債務(wù)債務(wù)×rDebt×(1–TC)rWACC=S+BS×rS+S+BB×rB×(1–TC)1另2征.叛5國(guó)憂際室紙咬業(yè)計(jì)公闊司日的屈資割本突成任本抵估查計(jì)資乎本染成楊本懸的膚計(jì)愉算狡分戴兩地步:首碧先,我諸們賀估宗計(jì)除權(quán)夸益旨成井本頃和牌債短務(wù)滑成伯本我卡們陷運(yùn)肌用C潔A衰P形M以腳估剖算示權(quán)污益齊成響本.通堆過(guò)妖分把析冶公醒司帖債熊務(wù)取的讀到駝期拴收毯益趣率總我燦們利來(lái)車估欄算啦債央務(wù)負(fù)成貌本其磚次,對(duì)裂這幅兩孝項(xiàng)掠成柏本判進(jìn)裙行振加迷權(quán)證平存均鞋來(lái)蝦計(jì)鋼算W扇A鋪C貫C稱.國(guó)源際眾紙亮業(yè)流公筍司已的沉資杏本譽(yù)成希本著估妖計(jì)行白業(yè)錄的痰平獅均灰貝躍塔睜系匠數(shù)費(fèi)是0定.齒8爸2仗;無(wú)謙風(fēng)暑險(xiǎn)核利塵率野是6餅%市傷場(chǎng)宿風(fēng)候險(xiǎn)孝溢寺價(jià)所是9仔.飾5桂%江.則瘡權(quán)貌益肺資知本高成道本帝為

rS=RF+bi×(RM–RF)=趙6訊%農(nóng)+科0跟.初8石2×蛾9妻.陜5從%=析1鉤3梨.悅7抬9毒%國(guó)隆際丘紙奪業(yè)界公葵司翼的也資未本斤成渾本足估易計(jì)公動(dòng)司殿債泛務(wù)度的撞到餡期屬收越益搜率娃是8附%，剃公疾司蠅的胸邊墨際愉稅境率范是3如7摟%悼.債失務(wù)捏比眾率踩是3須2秤%國(guó)帥際直紙榆業(yè)色公斜司灘的臟資肚本癢成耍本維為1拔0雀.喝9將9澇%杰.當(dāng)據(jù)項(xiàng)良目印風(fēng)艷險(xiǎn)粉等恰于傲公宗司扁的費(fèi)整歷體孕風(fēng)倚險(xiǎn)宮時(shí)濾，抱任歪何青項(xiàng)盞目裹都聰使奴用1卻0歉.饅9橡9坑%折默現(xiàn)您，陳項(xiàng)嗽目謹(jǐn)?shù)目嶝?cái)也務(wù)惡杠旁桿炕和撐公登司萬(wàn)的雙財(cái)慰務(wù)各杠農(nóng)桿彈相逃同=晝0條.抖6捉8×1拿3崇.扶7鴉9螺%張+緊0吧.賤3樂(lè)2×8知%×(厚1–0杠.米3描7焦)=偉1緩0群.條9停9貝%rWACC=S+BS×rS+S+BB×rB×(1–TC)例密子某糟企羅業(yè)冬債弓務(wù)財(cái)?shù)奈氖蟹覉?chǎng)胳價(jià)構(gòu)值蛇是4晴0酬0券0萬(wàn)鍵美飯?jiān)耄喒珊笨偟膶斜茍?chǎng)悠價(jià)秧值菠是6享0票0觀0萬(wàn)浮美磨元晉。拜企禾業(yè)蟲新蘭借岔入塘的每債侄務(wù)抬資蕩本勿成品本歲為5桌%，天貝使塔惜為1料.胸4漏1，麗公訓(xùn)司南所蛇得味稅默率服是3則4肯%。疤求越該賺企閃業(yè)竊的rW蜓A孔C惹C稅皇后葡債慘務(wù)肺資泊本犬成漫本=賣5滴%*責(zé)（1芳–速3筑4螞%）=后3頌.毅3役%權(quán)磁益享資艘本斯成聲本=織1肺4韻.議4跳%加混權(quán)鵝平茫均咸資伙本班成唐本=結(jié)9武.通9矮6搜%1孝2殃.雄7本加章碧小輪結(jié)由遵于歷在岔現(xiàn)剖實(shí)疼生朝活娘中惠，芝項(xiàng)拔目催的書現(xiàn)撥金愿流趨量及大器多蒙數(shù)灶是講有膠風(fēng)帽險(xiǎn)侮的輛，旁因鳥(niǎo)此敲本福章氏討銹論警分悶析僚了嘆