70%
[2014] 349
70%
...................................................................................1
.........................................................................................................2
.....................................................................................4
...............................4
...........................................................................................9
.......................................................................9
......................................................................... 11
..................................................................................... 11
......................................................................................... 11
.........................................................................................14
.............................................................27
.........................................................................................28
.........................................................................................30
.............................................................................32
.............................................................34
.................................................................................35
.............................................................................................37
70%
1
70%
70%
[2014] 349
70%
2014 3 31
2
70%
2014 3 31
30,592.74
90,786.30 60,193.56 196.76%
2014 3 31 2015 3 30
3
70%
70%
[2014] 349
:
70%
2014 3 31
4
70%
6
510700000059847
1994 12 26
259
510700000047992
1991 11 28
5
70%
“
”
255
510708000007876
2010 12 27
2010 12 27
510708000007876
15,000
[ 2010 005
]
6
70%
30%
[2013]46 2013 11
30%
30
40
10
200 109
78
1 1
1 41
%
7
70%
1 13500.00 70
2 1500.00 30
15000.00 100
2
2014 3 31 70,451.52
39,858.78 30,592.74
11,730.47
2011 12 31 2012 12 31 2013 12 31 2014 3 31
32,965.04 45,982.42 66,988.44 70,451.52
9,399.79 20,472.61 38,218.73 39,858.78
23,565.25 25,509.81 28,769.72 30,592.74
2011 2012 2013 2014 1 3
15,294.26 25,784.14 46,717.44 11,730.47
3,945.39 5,199.19 8,404.99 2,166.47
2,940.83 4,591.31 7,303.44 1,823.02
2011 2012 2013
8
70%
2014 4
18
70%
70,451.52
39,858.78 30,592.74
68,476.68 1,974.83 36,607.45
3,251.33
38,672.75
54.89% 255
206# 201# 18216m2 3,278,880
2014 1 1 2014 12 31
9
70%
1 255
2
3
BGA
2010 12
K/3WISE
66 66
10
70%
2014 3 31
2014 4 18
1 2005 10 27
2 91 1991
3
12 2005 8 25
4
11
70%
[2006]274
5 2004 8 28
6 3
2003 12 31
7 378 2003
5 27
8
2006 306 2006 12 31
9 2005 10 27
10 2010 4 29
11 < >
2013 64
11
1 — 2004 20
2 — 2004 20
3 — [2011]230
4 — [2007]189
5 — [2007]189
6 — [2007]189
7 [2008]217
8 [2008]217
9 [2007]189
12
70%
10 — [2011]227
11 2012 248
12 [2011]230
13
[2003]18
14
[2011]230 2011 12 30
15 1 — 38 [2006]3
16 — 33
17 — [2006]18
1
2
3
1 [2002]394
2 [2002]10
3
[2002]1153
4 [2007 ]670
5 [2002]1980
6
[2002]125
13
70%
7 2013
8 2008 170
9 2012 7 6
10
11
1 2011 2012 2013
2 2011
3 wind
4
5
14
70%
1
1
“
”
15
70%
2
0
100%
0
1 1.5%
1 2 5% 2
3 15% 3
50%
3
16
70%
4
= × × 1- -
- × - × 1- ×r
a
b
c
17
70%
d. = ÷ ;
e. ;
f. r
r 0 50%
100%
= × × 1- -
- × - × 1- ×r
a
b
c
d. = ÷
= - - - -
18
70%
-
e.
f. r
r 0 50%
100%
2
1 -
= ×
= + + +
2009 1 1
A
I
2014
19
70%
CIF
II
III
IV
V
2012 7 6
20
70%
B
,
C
= + +
= 1+ /1.17 +
A
= + 100%
= 1 / 100%
21
70%
B
1 / 100%
1 / 100%
= ×
2 -
n
Ri
P K
i 1 (1 r ) i
P ——
22
70%
Ri—— i
K ——
n ——
i ——
r ——
3
3
1
23
70%
DCF
2
2014 3 31
DCF
24
70%
3
1
E B D 1
E
B
B P Ci 2
P
n
Ri Ri 1
P 3
i 1 (1 r ) i r (1 r ) i
Ri i
r
n
Ci C 1 C 2 4
C1
C2
D
2
R= + + - 5
= + 6
25
70%
3
WACC r
r rd wd re we 7
Wd
D
wd 8
(E D)
We
E
we 9
(E D)
re CAPM
re
re rf e (rm rf ) 10
rf
rm
D
e u (1 (1 t ) ) 11
E
u
t
12
D
(1 (1 t) i
Ei
26
70%
t 34% K 66% x 13
K K=1
Cov( R X ; R P )
x 14
P
Cov( R X , RP ) :
Di Ei
1 2014 4
2 2014
4
2014 4 20 4 30
1
27
70%
2
3
4
5
6
7
8
2014 5 1 2014 5 5
2014 5 6 5 14
28
70%
1
2
3
1
2
3
4
5
29
70%
6
7
8
9
10
2014 3 31
70,451.52 79,736.17
9,284.65 13.18%
39,858.78 37,627.53
2,231.25 5.60%
30,592.74 42,108.64
11,515.90 37.64 %
2014 3 31
B C D=C-B E=D/B×100%
1 68,476.68 70,137.09 1,660.41 2.42
30
70%
2 1,974.83 9,599.07 7,624.24 386.07
3 - - -
4 - - -
5 1,877.69 2,068.62 190.93 10.17
6 38.24 39.38 1.14 2.98
7
8 1.30 7,433.47 7,432.17 571,705.38
9 - - -
10 57.60 57.60 - -
11 - - -
12 70,451.52 79,736.17 9,284.64 13.18
13 36,607.45 36,607.45 - -
14 3,251.33 1,020.08 -2,231.25 -68.63
15 39,858.78 37,627.53 -2,231.25 -5.60
16 30,592.74 42,108.64 11,515.90 37.64
DCF
2014 3 31
30,592.74
90,786.30 60,193.56 196.76 %
1
90,786.30
42,108.64
31
70%
48,677.66 115.60 %
1
2
2
90,786.30
32
70%
1
206# 201#
18216m2 2014 1 1 2014 12 31
2
2011 58
2011 1 1 2020 12 31
15% 2011 1 1
2011
9 2012 642
3
2014
-2020 15% 2020 25%
3
33
70%
4
5
6
7
1
2
3
34
70%
2014 3 31 2015 3 30
35
70%
1
2
3
4
5
6
7
8
9
37