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3 - 1


1 2(“”) (“ ”) (“ ”) (“”)(“”) 3 (“”)













































































3 - 2













































































3 - 3


1 2 3 4 5 6 7 8 9 2012 12 28 2013 6 1 10 2013 3 15 6 1 11 2004 6 8 7 1 12 2014 7 7 8 8 13 14/ 15










































































3 - 4 16 17 18 19 20 21 22 23 24 25 26 27













































































3 - 5 28 29 3 30 31 32 T 33T+n T n( T) 34 35 36 37 38 39 40 41 42 43(










































































3 - 6 ) 10% 44 45 46 47 48 49 50 51 52A// 53C / 54 C C
















































































3 - 7


“profitability -valuation” 2 1 /// A










































































3 - 8 // C AC /













































































3 - 9


1 3 2 3 1 AC A 2 3 4 2 2 5













































































3 - 10 1 2 3 4













































































3 - 11


3 2 2 200 10 10 1 2 30 3 20 200 60













































































3 - 12


1 2













































































3 - 13 1 “ ” 2“” 3 4 “ ” 5 1 2 T7() 3 (T) T+3 T T+4()










































































3 - 14 1 2 3 4 1 A C 4 5T 2 2 3










































































3 - 15 2 4 A 5 6 7 1 2 3 4 5













































































3 - 16 6 7 123567 1 2 3 4 5 5 1 2 3 5 6 4 1 (










































































3 - 17 ) 10% 2 1 2 10% 3 2() 20 3 3 1 2 1










































































3 - 18 1 3 1













































































3 - 19













































































3 - 20





8 17 2005 11 16 2005172 2 021- 20376868


1 1 2 3 4 5 6 7 8













































































3 - 21 9


10


11


12


13


14


15


16 17 2 1 2 3 4 5 6 7 8










































































3 - 22 9 10 11


12 13 14 15 16 15 17 18, 19 20 21 22










































































3 - 23 23


24 30 25 26 27


188 1987 3 30 (1986) 81 198740


742.62 [1998]25


1 1 2 3










































































3 - 24 4 5 6 7 2 1 2 3 4 5 6 7 8 9 10










































































3 - 25 11 15 12 13 14 15 16 17 18 19 20 21 22










































































3 - 26 1 1 2 3 4 5 6 7 8 9 2 1 2 3 4 5 6 7 8 9













































































3 - 27


1 1 2 3 4 5 6 7 8 9 10 11 10% 10% 12 13 2 1 2













































































3 - 28 3 4 5 6 7 8 9 1 2 3 10 60 60 4 10% 10% 10 60 10% 10% 10










































































3 - 29 60 5 10% 10% 10% 10% 30 6 1 30 1 2 3 4 5 6 7 2 3













































































3 - 30 1 1 2 50% 50% 2 1 2 2 3 50% 50% 4 3










































































3 - 31 5 3 12 2 3 4 5 1 2 1










































































3 - 32 50% 50% 2 30 2 1 50% 50% 2 2













































































3 - 33 1 1 2 3 4, 2 5 2










































































3 - 34













































































3 - 35





1 2 3 4


1 2 3 4


1 10% 10% 2 6 3 4 5 2 6










































































3 - 36 7 8


1 10% 10% 2 6 3 4 5 2 6


7 1 10% 10% 2













































































3 - 37 3 2













































































3 - 38
















































































3 - 39


1 2 3 4 5 1 2 3 20 4










































































3 - 40 5 6 7













































































3 - 41


“profitability -valuation”

















() 30%-95% 5%-70% 0%-3% 5% 5% 1 2













































































3 - 42 Pro fitability-Valuation 1.


2.


3.


Profitability -ValuationPB PE EV EBITROE 1


2 3- 4 5 6













































































3 - 43 Profitability -Valuation 3 1 2 3


4 ()










































































3 - 44 4. 1 2 3 5.


1 1 30%-95% 5%-70% 0%-3% 5% 2 5 3 10 4 10













































































3 - 45 5 3 6


10 7 0.5 8 10 9 20 10() 10 1 1 10 12 BBB( BBB) 3 13 14 40% 1 15 140% 16 10 6










































































3 - 46 2 1 2 3 4 5 6 = 800*60%+*40% 500 300 800 A










































































3 - 47 800*60%+*40% 1 2 3 4













































































































































































3 - 48
















































































3 - 49


1 1 2 3 4













































































3 - 50 2 1 2 3 3 4 5 6













































































3 - 51 1 A C 0.0001





2 A C 4( 4) 1 (“ ”) “” 2 1










































































3 - 52 2 3(“”) 4 3 1 2 3 4 4 1 2 0.25% 0.5%










































































3 - 53 3 1 2 3 4 1 5


2













































































3 - 54


1 2 3 C 4 5 6 7 8 9 10 1


1.5% HE×%÷ H E 5 2 0.25% HE×%÷













































































3 - 55 H E 5 3 C 0.5% H=EC H C E C C 2-5 C C


“ 410 1 2 3 4










































































3 - 56













































































3 - 57


1 2 3 4 20% 3 4 5 6 2










































































3 - 58 15













































































3 - 59


1 2 1 1 12 31 2 3 4 5 6 7 1 2 3 2













































































3 - 60


“” 1 2 3 4 5 6













































































3 - 61 1 2 6 45 15 3 3










































































3 - 62 90 60 15 2 2 2 1 2 3 4 5













































































3 - 63 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27













































































3 - 64 XBRL 10
















































































3 - 65













































































3 - 66


1 2 1 2 6 3 4 1 30 2 3 4 1 2 3













































































3 - 67 4 5 6 7 5 6 5 15













































































3 - 68


1 2 3
















































































3 - 69
















































































3 - 70


1 2 3 4 5













































































3 - 71
















































































3 - 72 1 2 3 4 5 6 7 8 9 1 2 3 4 5 6 7













































































3 - 73 8 9


1 2 3 4 5 6 7 8


9


10


11


12


13


14


15


16










































































3 - 74 17 1 2 3 4 5 6 7 8 9 10 11 12 13










































































3 - 75 14 15 16 15 17 18, 19 20 21 22 23


24 30 25 26 27













































































3 - 76 1 2 3 4 5 6 7 1 2 3 4 5 6










































































3 - 77 7 8 9 10 11 15 12 13 14 15 16 17 18 19 20 21













































































3 - 78 22





1 1 2 3 4 5 6 7 8 9 10 11 10% 10% 12 13 2













































































3 - 79 1 2 3 4 5 6 7 8 9


1 2 3 10 60 60 4 10% 10% 10 60 10% 10%










































































3 - 80 10 60 5 10% 10% 10% 10% 30 6


1 30 1 2 3 4; 5 6 7 2 3










































































3 - 81 1 1 2 50% 50% 2 1 2 2 3 50% 50% 4 3










































































3 - 82 5 3 12 2 3 4 5 1 2 1)










































































3 - 83 50% 50% 2) 30 2 1 50% 50% 2 2










































































3 - 84 1 1)


2)


3)


4, 2 5 2










































































3 - 85 1 2 3 4 20% 3 4 5 6













































































3 - 86 2 15 1 2 3 C 4 5 6 7 8 9 10


1













































































3 - 87 1.5% HE% H E 5 2 0.25% HE % H E 5 3 C 0.5% H=EC H C E C C 2-5 C C













































































3 - 88 “ 410 1 2 3 4 “profitability -valuation” ()










































































3 - 89 30%-95% 5%-70% 0%-3% 5% 5% 1 1 30%-95% 5%-70% 0%-3% 5% 2 5 3 10 4 10 5 3 6


10 7 0.5 8 10 9 20 10()










































































3 - 90 10 11 10 12 BBB( BBB) 3 13 14 40% 1 15 140% 16 10 6 2 1 2













































































3 - 91 3 4 5 6 1 1 2










































































3 - 92 3 4 2 1 2 3 3 4 5 6













































































3 - 93


1 2













































































3 - 94 1 2 6 3 4 1 30 2 3 4 1 2 3 4 5 6 7 5 6










































































3 - 95 5 15













































































3 - 96