2007 7 2 [2007]185
...1...1...6...13...16...20...23...24...32...38...39...43...45...46...47...51...52...53...55...55...55...57...57...57...59...76
- 5-1 -
2003 10 28 2004 6 1 2004 6 25 7 1 2004 6 29 7 1-5-2 -
- 5-3 -
( ) 10% - 5-4 -
T+n T n ( T ) - 5-5 -
1 188 188 2005 06 21 2005 93 [2005]105 2 010-65179888 55% 25% 20 1-5-6 -
1975 1985 1996 1999 9 2004 9 2005 10 Anthony Nimeh Iliya 1996-2000 General Re Financial Products 2000 2003 Newtonmore Advisors Limited 2004 Cumulus Capital Sal 2005 1 2006 9 2006 10 David Peter Walker 1978 1983 J.P.Morgan 1983 1990 Bankers Trust 1990 2003 5 2003 6 1982 1984 1984 1986 1986 1998 1998 1999 1999 2001 2001 1 1989-2003 2003 1995-2000 ASIAN MERCHANTS PTE LTD 1999-2000 MERCHANTS HOLDINGS (SINGAPORE) PTE LTD 2000 PHQ HOLDINGS (SINGAPORE) PTE LTD 1998-2000 2000 2-2000 12, 2000 12 2000-2001 2001-2002 - 5-7 -
2002 2005 10 2005 10 2006 6 2006 6 1989 1998 1998 2005 2 1996 1997 1998-2005 Salman Shoaib 1986-1988 1992-1994 Khadim Ali Shah Bukhari & Co.1994-1997 Shoaib 1989 2000-2005 2005 1998-2001 2001-2005 2002-2005 1998 2000 2000 2001 2001 2005 1996-1998 1998-2005 3 : 1997 1999 2000 2005 1993 1995 1995 1998 1998 2005-5-8 -
1999 2003 2003 2005 Tremont 1988 2001 2001 2005 4 1972 3 1993 2000 1993 1997 2000 7 2006 9 2006 10 2007 3 1992--1994 1994--1999 1999--2004 2004--2005 2005 6 2007 5 5 1993 1995 1995 1998 1998 2005 1957 1981 1984 1987 1987 7 1995 4-5-9 -
1995 4 2004 7 2004 7 2006 12 2007 1 12 2002 2003 5 2003 8 2006 1 2005 4 2006 1 2006 1 2006 7 2006 12 8 2004 2005 5 2005 5 2006 5 2006 5 2006 9 2006 12 2007 4 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 1-5-10 -
2 3 1 2 3 4 5 6 7 8 9 4 1 2 3 4 5 5 1 2 3-5-11 -
4 1 1 2 3 4 5 2 1 2 a b) - 5-12 -
c) 3 4 5 3 1 2 3-5-13 -
- 5-14 -
- 5-15 -
1-5-16 -
188 188 400-811-9999 010-65179888 010-85159100 www.icbccs.com.cn 2 1 25 1 1 : 95533 www.ccb.cn 2 55 55 95588 www.icbc.com.cn 3 7088 7088 95555 www.cmbchina.com 4 528 15 16-5-17 -
021 68816000 10108998 www.ebscn.com 5 618 135 021-62580818-213 021-62569400 400-8888-666 www.gtja.com 6 35 C 35 C 010 66568047 www.chinastock.com.cn 7 66 4 188 400-8888-108 010 65182261 www.csc108.com 8 A 40 45-5-18 -
A 40 45 0755-82943511 0755-82943237 400-8888-111 0755-26951111 www.newone.com.cn 188 188 010-65179888 010-85159100 19B 19B 010 66575888 010 65232181 568 202 11-5-19 -
021 61238888 021 61238800 2007 7 2 [2007]185 2007 7 12 2007 8 10-5-20 -
1. 2. 3. 1,000 100 1,000 4. 4060 M 100 1.5% 100 M 500 1.0% M 500 1,000 / - 5-21 -
1.00 1.00 / 1 / 22 10,000 5 10,000/(1+1.5 ) 9,852.22 10,000 9,852.22 147.78 9,852.22 5 /1.00 9,857.22 10,000 9,857.22 1 2-5-22 -
3 2 2 200 10 10 1. 2. 30 3. 200 5000 20 200 20 5000-5-23 -
2-5-24 -
1. 2. (T ) T+1T T+2 3. - 5-25 -
1. 1,000 100 1,000 2. 1,000 1,000 3. 1. 3 M 100 1.5% 100 M 500 1.0% M 500 1,000 / 2. - 5-26 -
3 <1 0.50% 1 <2 0.25% M 2 1 365 3. 5 1.05 50,000/ 1 1.5% 49,261.08 50,000 49,261.08 738.92 49,261.08/1.05 46915.31 5 1.05 46915.31 2. - 5-27 -
=, 1 0% 1.25 =10,000 1.25=12,500 =12,500 0%=0 =12,500-0=12,500 1 1.25 12,500 3. T =T /T 1 1 2-5-28 -
( ) ( ) - 5-29 -
1. ( ) 10% 2. (1) (2) 10 (3) 2 ( ) 20 3. 3 ( ) 1. 2. 1 1-5-30 -
3. 1 2 2 1 4. 2 2 1 2 1 ( ) ( ) ( ) - 5-31 -
1. - 5-32 -
2. 80% 1 1, 2 3 2 3 HOLT HOLT HOLT (Cash Flow Return on Investment, CFROI ) (Discounted Cash Flow) 4-5-33 -
3. 4. - 5-34 -
1-5-35 -
( ) - 5-36 -
- 5-37 -
1. 2. 3. 4. ( ) ( ) ( ) ( ) - 5-38 -
( ) ( ) ( ) 1. (1) (2) 1) 2) (3) (1) (2) (1) (2) (4) 2. (1) (2) ( ) - 5-39 -
(3) (4) (5) (1) (4) (1) (4) (6) 3. 1 2 / ( ) 31 2 1 2 4 4. 5. ( ) - 5-40 -
1. 0.0001 2. 1 1 2 3 ( ) 4 ( 4 ) 1. () 2. (1) - 5-41 -
(2) (3) () (4) (5) (6) (7) 3. (1) (2) (3) (4) 4. (1) (2) 0.5% - 5-42 -
(3) (4) (5) ( ) 1. 2. 3. 4. ( ) ( ) 1.(3)(5) (3) 2. ( ) - 5-43 -
( ) ( ) 1.,, 2. 3., 4. 5., 6., 0.01 90% 7. 6 8., 9. ( ) ( ) 1. 2. 1. 2. - 5-44 -
( ) 1 1 2 3 4 5 6 7 8 9 2 3 1 1.50% H E H E 3 2 0.25% H E H - 5-45 -
E 3 3 4 5. 2 ( ) ( ) ( ) ( ) ( ) ( ) ( ) 1. 2. 1 1 12 31 2 3. 4. 5. 6. - 5-46 -
7. ( ) 1. 2. 3.( ) ( ) - 5-47 -
- 5-48 -
- 5-49 -
- 5-50 -
1 1 2 3 4 5 6-5-51 -
7 8 2 3 IT 1-5-52 -
2007 7 20 2007 7 20 2008 7 19 2008 7 20 ( ) 1. (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (1) (2) (3) (4) (5) (6) - 5-53 -
2. 2 ( ) 1. 2. 6 3. 6 4. ( ) 1. (1) (2) (3) 2. (1) (2) (3) (4) (5) (6) (7) (8) (9) - 5-54 -
(10) 3. 4. (1) (2) (3) (4) (1) (3) 5. 5 6. 15 1-5-55 -
15 2 15 15 3 www.icbccs.com.cn 1 1 7 24-5-56 -
2 5 8 010-65179888 400-8119999 010-85159100 2 www.icbccs.com.cn customerservice@icbccs.com.cn customerservice@icbccs.com.cn - 5-57 -
00-5-58 -
( ) ( ) - 5-59 -
( ) - 5-60 -
( ) ( ) - 5-61 -
( ) - 5-62 -
( ) - 5-63 -
- 5-64 -
- 5-65 -
- 5-66 -
- 5-67 -
- 5-68 -
- 5-69 -
- 5-70 -
- 5-71 -
1. (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (1) (2) (3) (4) (5) (6) 2. 2 1. - 5-72 -
2. 6 3. 6 4. - 5-73 -
( ) 1. 2. / 3. 4. ( ) ( ) ( ) ( ) - 5-74 -
( ) ( ) ( ) ( ) - 5-75 -
( ) - 5-76 -
60%-100% 0%-40% 3 60%-95% 5%-40% 5% 3 (1) 10 (2) 3 (3) 10% (4) 40 (5) 60%-100% - 5-77 -
60%-95% (6 0 40% 5 40% (7) 10 (8) 20 (9) ( ) 10 (10) BBB BBB 3 (11) BBB (12) (13) 0.5 (14) 5 (15 (16 (17) 10 10 10 10 3 6-5-78 -
3-5-79 -
,, - 5-80 -
- 5-81 -
- 5-82 -
- 5-83 -
- 5-84 -
- 5-85 -
- 5-86 -