2005 6 6 ( ) ( ) ( ) (Share repurchase) ( ) (Treasury stock) ( )
/ ( ) 1 2 3 4 ( ) 1 (1) (2) ( 10
20 ) (3) (4) 2 (1) (2) 80 (3) (1) (2) (3) A B ( ) : A B 1
2000 A 50% 498 1040 47.88% 75% 406 39.04% ( ) 98 2 A B ( ) 1 (1) 25% 4 15% 75% (2) 50%
(3) 30%-50% (4) 30% 20% 15% 4.6% 10.4% 16% 12% 3.2% 8.8% 15%-20% 10% 10% 2 + Dt V = NT t== 1 (1 + r) R P0 P1 N1 N2 R=P0/ E/N1 =P1/ E/N2 P1=P0/ 1-b 1-b P0 P1 r
3 4 ; ; ; 20% 10%-11% 3.5% 5
6 10-15 ( ) 1 2 3 4 5 6 7 8 9 10 11 ( ) 1999 1992 1994 B 1996 1999 1 1992 ( ) 2
1999 4 1 2 2000 9 2.83 20000 56818.18 36818.18 56600 2000 8 31 430143509.05 2000 9 10 26800000 ; 110050352.29 ( ) 10 37.98 25.1 68.16 25.1 9590 ( ) 4206.2753 9.95 38052 2000 5 29 ( ) 31 97 1998 8000 4271 1998 19 3 11394 ( ) 72010.21 32342.7 44.91 1999 11 29 2000 7 26 3.44 7000 1999 12 31 3.40 20132.657 13132.657 34.63% 4.61% 60.76% 2.408 ( ) 2.4 2.4 2000 0.23 99 0.069 ( )
1 2 1999 10 1 18 3 ( ) 1 1997 3 2.51 2.83 30 2
3 99 100000 80.25% 68.16% 1998 0.306 / 99 0.508 / 2000 0.93 / 2000 6 100 6-7 1 2 3 4 5 6
1 ; ; 2 3 4 5