12 13
A
... 2... 3... 4... 5... 7... 8... 8... 9... 10... 13... 16... 17... 17... 17... 18... 19... 20... 20... 26... 28 1
A A A 1 3 2
1 2 3 4 580998 JTP1 582998 AS061222 5 600004 G 6 7.00 7 A 1 1 1 1 A 8 1 2005 12 23 2006 12 22 9 3 2006 3 23 2006 12 22 10 11 24,000 12 2005 12 23 13 14 16.8 15 3
10 6 24,000 2005 27 24,000 2005 12 23 JTP1 580998 4
1 2 3 A A 4 5
5 6 7 8 1996 9 A 6
10 6 24,000 7
1 2 3 4 600004 G 5 7.00 6 A 1 1 1 1 A 7 1 2005 12 23 2006 12 22 8 3 2006 3 23 2006 12 22 9 10 24,000 11 2005 12 23 12 13 16.8 14 8
1 A = A / A = A / A 2 A = A / A Black-Scholes 1 X 7.00 2 T 1 3 R 2.25% 4 29.76%( 2005 10 21 180 ) 9
Black-Scholes ( / ) 6.00 6.50 7.00 7.50 / 1.25 0.97 0.74 0.56 1 2 Black-Scholes 3 GUANGZHOU BAIYUN INTERNATIONAL AIRPORT COMPANY LIMITED A G 600004 2000 9 19 282 510470 10
020 36063593 020 36063416 sh600004@tom.com 60,000 60,000 0 60,000 60,000 0 0 52,400 52,400 0 52,400 52,400 A 40,000 7,600 47,600 40,000 7,600 47,600 100,000 0 100,000 : 2002 2003 2004 1 2004 12 31 2003 12 31 2002 12 31 7,811,767,763 4,316,577,169 1,668,091,678 3,686,833,954 426,277,147 234,761,149 158,290,332 110,910,140 88,720,411 3,966,643,477 3,779,389,882 1,344,610,118 11
2 2004 2003 2002 1,540,782,654 1,061,851,064 939,655,600 784,689,702 649,405,655 541,071,326 441,576,095 461,241,280 368,810,224 283,571,668 296,143,764 286,680,305 3 2004 / 2003 / 2002 / 47.65% 9.60% 14.25% 47.20% 9.88% 14.07% 3.97 3.78 2.24 0.28 0.30 0.48 ( ) 7.15% 7.84% 21.32% 0.29 0.38 0.47 1 2004 4 8 10.41 2005 5 18 6.50 2005 11 11 7.99 2 20 20 2005 9 27 2005 11 11 30.57 3 2004 11 12 2005 11 11 71.14 8.82 12
4 60 60 2005 7 25 2005 11 11 55.6% http://www.sse.com.cn 282 020 86122331 020-86128087 35 C 010 66568122 13
010 66568857 20 (010)65882200-821 (010)65882211 57 13 020 85591425 020 85591810 29 020 86673436 020 86673435 14
35 C 010 66568122 010 66568857 183 42 020 87555888 680 020 87553600 15
1 12 3 2 3 16.8 4 16
Guangdong Airport Management Corporation 4400001010100 3,000,000,000 1993 3 11 282 282 510406 020 86122346 86122331 020-86128087 http://www.baiyunairport.com 1 1 ( ) 2 17
( 2 2004 20.16 2160 64.9 2004 12 31 1,580,504.28 593,500.31 2004 193,113.05 9,807.57 577,400,000 57.74% 576,000,000 57.6% 1,400,000 0.14% A 577,400,000 57.74% - 1,400,000 18
1951.5 1992.2 1995.1 1995 4 1955.11 2002.11 2005.3 2005 4 1945.10 1996-1999 1999 2000 2000 9 2004 2 2005 4 1952.10 1999.11 2005.3 2004 3 1952.6 2003.2 2004.2 1952.2 2004.2 2005.3 2005 4 2004 4 1964.8 2000.10 2004.3 1970.9 2001.3 2005.9 2005 10 19
2004 2005 80768 4 2004 2004 12 31 2004 2003 2002 2004 135 2003 102 20
1 2004 2003 2002 1,931,130,556.81 1,186,072,574.34 1,017,771,270.48 1,931,130,556.81 1,186,072,574.34 1,017,771,270.48 926,693,720.22 416,359,507.61 383,387,431.45 65,885,358.56 38,931,659.19 36,114,741.25 41,280,389.11 897,271,088.92 730,781,407.54 598,269,097.78 10,157,737.04 368,883.19 20,910,893.93 119,325,138.67 87,086,378.62 95,786,708.53 363,432,456.81 217,313,566.85 160,197,095.34 12,823,054.30 10,283,422.53 19,151,139.08 9,824,329.51 18,410,190.46-820,519.17 411,848,176.18 437,033,767.79 344,045,048.76-4,424,537.44 6,954,800.32 2,339,424.61 53,288.31 15,419,800.51 15,121,512.20 10,863,715.27 704,671.06 1,087,183.23 548,107.40 21
51,469.82 197,072.49 91,915.50 47,013,970.81 55,310,210.93 26,548,557.92 2,204,788.96 1,782,379.11 252,698.26 119,425.00 21,570.14 713,674.99 468,852.00 20,100,000.00 449,600.00 375,882,756.75 404,102,869.38 330,699,630.72 141,244,612.13 149,188,969.12 72,331,367.76 * 136,562,406.40 141,582,550.14 21,376,952.35 98,075,738.22 113,331,350.12 236,991,310.61 807,649,290.48 642,507,672.89 503,674,126.15-146,490,913.65 759,234,115.05 755,839,023.01 740,665,436.76 117,531.88 19,155,236.06 28,435,553.78 73,328.39 9,949,409.22 13,771,941.95 759,043,254.78 726,734,377.73 698,457,941.03 759,043,254.78 726,734,377.73 698,457,941.03 22
2 2004.12.31 2003.12.31 2002.12.31 3,015,093,620.51 1,394,096,154.26 1,561,136,733.17 12,174,680.00 4,988,000.00 6,667,335.00-4,725.18 611,810,527.01 438,410,496.77 272,256,906.73 147,258,077.74 107,319,444.96 72,849,439.52 34,420,004.98 11,540,592.32 7,400,147.62 23,921,325.51 19,396,874.83 21,478,963.97 5,581,081.99 3,731,253.16 3,060,886.15 17,422,983.35 13,502,571.76 14,760,448.99 5,192,630.79 1,803,904.69 2,821,986.14 904.00 904.00 3,849,870,866.54 1,977,556,371.83 1,944,607,690.97 227,573,409.04 2,760,172,283.62 2,778,399,806.08 227,553,909.04 2,760,172,283.62 2,754,482,225.25 * 19,500.00 23,917,580.83 227,573,409.04 2,760,172,283.62 2,778,399,806.08 7,420,093,776.95 1,572,499,924.86 1,549,225,440.47 863,401,883.94 624,427,496.62 561,364,741.66 6,556,691,893.01 948,072,428.24 987,860,698.81 5,593,452.16 14,449,279.86 8,439,086.39 6,551,098,440.85 933,623,148.38 979,421,612.42 15,539,737.93 5,081,751,192.69 2,614,000,621.65 68,447,978.27 11,475.72-451,042.36-1,387,193.50 11,632,861,109.26 3,562,712,465.60 1,046,482,397.19 23
55,582,081.30 57,031,500.48 59,496,842.74 53,613,416.70 55,092,545.22 56,614,615.74 39,096,697.71 12,023,815.90 15,697,300.79 37,806.00 394,677.44 94,678,779.01 69,055,316.38 75,194,143.53 58,602.92 3,379,972.26 3,383,386.47 15,805,042,766.77 8,372,876,409.69 5,848,067,424.24 2004.12.31 2003.12.31 2002.12.31 190,000,000.00 210,000,000.00 550,000,000.00 17,955,000.00 62,397,115.60 21,461,084.61 35,614,154.20 30,969,758.61 6,489,856.21 8,639,357.00 76,112,636.82 61,027,968.65 3,736,130.95 1,846,254.33-31,090,069.66-32,056,036.01 110,384,377.77 45,106,311.07 7,531,387.66 106,496,683.24 206,366,360.02 129,143,340.46 67,467,804.95 64,759,992.71 104,237,935.73 1,103,392,863.00 355,516,612.06 184,992,215.42 3,471,095.59 2,693,625.49 3,384,236.68 15,000,000.00 1,785,493,589.91 942,331,741.16 995,222,722.09 3,915,788,245.90 3,915,788,245.90 24
5,701,281,835.81 942,331,741.16 995,222,722.09 * 4,168,757,834.01 1,673,982,932.11 136,745,685.60 3,138,865,912.99 3,039,335,795.12 2,958,487,889.14 3,138,865,912.99 3,039,335,795.12 2,958,487,889.14 1,684,207,176.64 1,519,646,818.08 617,413,086.18 352,886,752.54 470,844,745.49 441,740,100.20 101,291,641.39 285,736,724.28 * 759,043,254.78 726,734,377.73 698,457,941.03 5,935,003,096.95 5,756,561,736.42 4,716,099,016.55 15,805,042,766.77 8,372,876,409.69 5,848,067,424.24 3 2004 1,634,053,749.13 403,130.17 857,192,184.34 2,491,649,063.64 452,659,488.09 477,083,058.46 364,350,265.47 420,411,231.19 1,714,504,043.21 777,145,020.43 5,762,000.00 25
27,422,308.75 8,195,228.58 88,197,058.94 129,576,596.27 1,713,591,794.71 27,077,000.00 100,388,995.26 1,841,057,789.97-1,711,481,193.70 63,325,092.00 1,839,595,424.36 35,597,589.29 1,938,518,105.65 595,000,000.00 67,534,420.41 166,378.42 662,700,798.83 1,275,817,306.82 341,481,133.55 1 2 26
2 7 3 2 4 1 2 020 86122346 86122331 020-86128087 27
00 28