-
[2017] 2331
0
.....................................................................................1
...................................................................................................2
.....................................................................................4
...........................................................4
......................................................................................................................7
..................................................................................................8
......................................................................................................9
..................................................................................................................9
....................................................................................................................10
....................................................................................................................13
.........................................................................................23
....................................................................................................................25
....................................................................................................................26
....................................................................................................29
.....................................................................................31
........................................................................................................31
.......................................................................................33
1
-
[2017] 2331
2017 6 30
2
2017 6 30
-5,507.33
316,191.85 321,699.18 5841.29%
(
) ( ) 2017
6 30 2018 6 29
3
-
[2017] 2331
2017 6
30
( )
2 A
425000
1985 2 08
4
( )
6000 C1-205
101
20000002201603010001
5
1.
1999 6 23 102.2
( 8,430,485 )
101 ( 8,360,151 ) 1.02
( 70,334 ) 99% 1% 2017 6
30
6
2.
( )
2015 12 31 2016 12 31 2017 6 30
145,666.85 198,471.19 160,718.38
86,606.30 113,195.33 166,225.71
59,060.55 85,275.86 -5,507.33
2015 2016 2017 1-6
536,495.79 632,955.00 409,333.89
46,496.68 34,435.73 8,099.19
34,693.88 26,215.31 5,854.04
( )
( )
( )
2017 50
7
168,394.75 165,411.68
2,983.07 142,307.02
26,087.73 165,411.68
( )
2017 6 30
( )
1.
(1)
90
2.
3.
8
(1)
(2) 2000-2004
555 368
(3) 2004
( )
5
( )
( )
2017 6 30
9
( )
2017
50
( )
1. (2013 12 28
)
2. (2013 6 29
)
3. ( 378 2003
)
4. (2004 8 28
)
5. ( [1992] 36 )
6. (
12 (2005 )
7. ( 3
2003 12 31 )
8. (
[2006]274 )
9.
( [2001]102 )
10
10. 2013
64
11.
12. ( 39
);
13. (
2005 10 27
)
14. ( 2014 2 19
);
15.
32
16. (
29 2007 8 30
)
17.
( )
1. - ( (2004)20 )
2. - ( (2004)20 )
3. - ( [2012]248 )
4. - ( [2007]189 )
5. - ( [2007]189 )
6. - ( [2007]189 )
7. - ( [2008]159 )
8. - ( [2007]189 )
9. - ( [2011]227 )
11
10. - ( [2012]244 )
11. ( [2011]230 )
12. (
[2011]230 )
13. ( [2007]189 )
14. (
2003)
15. (GB/T50291-2015)
16. (GB/T18508-2014)
17. (GB/T 18507-2014)
18. - ( 33 )
19. 1 - 38 ( [2006]3
)
20. - ( [2006]18 )
( )
1.
2.
3.
4.
( )
1. ( 81
)
2.
( [2002]10 )
3.
( [2002]1153 )
12
4.
( [2007 ]670 )
5.
( [2002]1980 )
6.
( [2002]125 )
7.
2016 36
8. (
294 2000 10 22 )
9. (
2012 12 )
10. 2015 10 24
11. 2017
12. 2017 6 30
13.
14.
( )
1.
2. ( 2011 )
3. wind
4.
( )
13
“ ”
( )
1.
(1)
14
“ ”
(2) ( )
0%
100%
(3)
15
(4)
1)
= × ×(1- -
- × - ×(1- )×r)
(5)
2.
(1)
= ×
16
(2) -
( )
a.
b.
c.
d.
e.
f.
g.
h.
(3) -
1)
A.
17
= + + +
C
B.
2)
A.
Min( )+a
a
B.
18
3)
= ×
(4) -
(5)
(4)
3.
( )
1.
-
(DCF)
19
2.
(1)
( )
(2) ( )
( )
( )
( )
(3)
3.
(1)
E
B
B PC I
20
P
Ri i ( )
r
n
C ( )
C C 1 C 2
C1 ( )
C2 ( )
I
D
(2)
R= + + -
(3)
(WACC) r
r rd u wd re u we
21
Wd
D
wd
( E D)
We
E
we
( E D)
rd
re (CAPM)
re
re r f E e u (rm r f ) H
rf
rm
e
D
Ee E u u (1 (1 t ) u )
E
u
Et
Eu
Di
1 (1 t)
Ei
t ( )
Et 34% K 66% E x
K K=1
x ( )
Di Ei
22
( )
1.2017 6
2. 2017
7
( )
2017 7
1.
(1)
(2)
(3)
(4)
23
(5)
(6)
(7)
2.
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11) ( )
(12)
24
(13)
(14)
(15) (
) ( ) ( )
(16)
(17)
(18)
( )
( )
( )
1.
25
2.
3.
( )
1.
2.
3.
4.
5.
6.
( )
26
2017 6 30
168,394.75 221,082.95
52,688.20 31.29 %
165,411.68 165,411.68
2,983.07 55,671.27
52,688.20 1,766.24%
%
B C D=C-B E=D/B×100%
1 142,307.02 143,102.11 795.09 0.56
2 26,087.73 77,980.84 51,893.11 198.92
3 19,595.55 59,333.85 39,738.30 202.79
4
5 2,755.18 14,833.49 12,078.31 438.39
6 - - -
7
8 348.90 425.40 76.50 21.93
9 - - -
10 1,160.98 1,160.98 - -
11 2,027.09 2,027.09
12
13 168,394.75 221,082.95 52,688.20 31.29
14 165,411.68 165,411.68 - -
15 - - -
16 165,411.68 165,411.68 - -
17 ( ) 2,983.07 55,671.27 52,688.20 1,766.24
( )
2017 6 30
-5,507.33
316,191.85 321,699.18 5841.29%
( )
27
1.
316,191.85
55,671.27 260,520.58 467.96%
(1)
( )
(2)
( )
2.
316,191.85
28
( )
T1 2021
12 31 T2 2018 3 31
T1
2021 12 31 T2
2018 3 31
( )
50
50
( )
( )
( )
1.
2.
29
3.
4.
5.
6.
7.
8.
(1)
(2)
(3)
30
( )
( )
( )
( )
( ) ( )
2017 6 30 2018 6 29
31