- [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