【學(xué)習(xí)課件】第一章公司理財(cái)導(dǎo)論

1、Corporate FinanceShenzhen University College of ManagementDr. Lin Mei Associate Professorlinmei_ 212135661整理課件2整理課件About the Author斯蒂芬A羅斯（Stephen A.Ross）現(xiàn)任MIT斯隆管理學(xué)院教授，是在金融學(xué)和經(jīng)濟(jì)學(xué)領(lǐng)域著述最廣泛的學(xué)者之一。他因提出套利定價(jià)理論而聞名于世，并在信號(hào)理論、代理理論、期權(quán)定價(jià)、利率的期限結(jié)構(gòu)等領(lǐng)域做出了重要貢獻(xiàn)。羅斯教授曾任美國(guó)金融學(xué)會(huì)主席，目前擔(dān)任一些學(xué)術(shù)和實(shí)務(wù)雜志的編委。同時(shí)還擔(dān)任加利福尼亞技術(shù)公司（CalTech）管理人、大

2、學(xué)退休權(quán)益基金（College Retirement Equity Fund）董事長(zhǎng)，羅爾-羅斯資產(chǎn)管理公司聯(lián)合主席。 3整理課件About the Book4整理課件Book Review公司理財(cái)精要是一本風(fēng)靡全球的公司理財(cái)學(xué)教科書。它以獨(dú)特的視角、完整而有力的觀念重新構(gòu)建了公司理財(cái)學(xué)的基本框架。作者以平實(shí)的語(yǔ)言，配以豐富的案例，舉例，系統(tǒng)，扼要、有效地傳達(dá)了公司理財(cái)?shù)幕居^念、基本方法和實(shí)務(wù)技能。公司理財(cái)精要是一本受到廣泛好評(píng)的公司理財(cái)方面的基礎(chǔ)性教材。清晰簡(jiǎn)潔，通俗易懂是本書的最大特色。幾乎不需要任何財(cái)務(wù)和會(huì)計(jì)背景知識(shí)，你便可以借助本書順利步入財(cái)務(wù)管理知識(shí)的殿堂。 5整理課件Rosss

3、Other books6整理課件Chinese Versions7整理課件Chaper 1Introduction To Corporate Finance8整理課件Chapter OutlineCorporate Finance Forms of Business OrganizationThe Goal of Financial ManagementThe Agency Problem and Control of the CorporationFinancial Markets9整理課件A Basic ProblemCorporation Government University Ho

4、spitalOthersOrganization10整理課件How to Run A BusinessInvestRaise MoneyMind Structure11整理課件Financial Decisions of a LaundryInvestRaise MoneyMind Structure12整理課件QuestionsWhat problems may a firm encounter when it grows up?How will these problems influence the financial decisions of the firm?13整理課件The Fo

5、undation of A FirmA person creates a firm(1 person/His 1000 Yuan)cash100material300tool200Debts0factory400Equity1000Total Assets1000Total Debts and Equity1000Whole property rights and control rights！14整理課件The Development of the Firm(1)A person creates a firm(1 person/His 1000 Yuan+500 Yuan Bank Debt

6、)cash200material500tool300Debt500factory500Equity1000Total Assets1500Total Debts and Equity1500Whole property rights and control rights！Fixed claimRemain claim15整理課件The Development of the Firm(2)A person creates a firm(1 person+1 employee/His 1000 Yuan+500 Yuan Bank Debt)cash200material500tool300Deb

7、ts500factory500Equity1000Total Assets1500Total Debts and Equity1500Whole property rights and control rights！Fixed claimRemain claim+16整理課件The Development of the Firm(3)A person creates a firm (+New shareholders)(4 Shareholders +1 employee/His 1000 Yuan+500 Yuan Bank Debt)cash700material1000tool1300D

8、ebts500factory1500Equity4000Total Assets4500Total Debts and Equity4500Part property rights and control rights！+17整理課件The Development of the Firm(4)A person creates a firm (+Manager)(4 Shareholders +1 employee+1 manager/His 1000 Yuan+500 Yuan Bank Debt)cash700material1000tool1300Debts500factory1500Eq

9、uity4000Total Assets4500Total Debts and Equity4500Lost property rights and control rights！+18整理課件投資與融資在資產(chǎn)負(fù)債表上表現(xiàn)投資決策融資決策現(xiàn)金可交易證券應(yīng)收賬款存貨 流動(dòng)資產(chǎn)合計(jì)有形固定資產(chǎn)無(wú)形固定資產(chǎn) 固定資產(chǎn)合計(jì) 資產(chǎn)合計(jì)應(yīng)付賬款短期負(fù)債 流動(dòng)負(fù)債合計(jì)長(zhǎng)期銀行借款長(zhǎng)期債券 長(zhǎng)期負(fù)債合計(jì)普通股留存收益 所有者權(quán)益合計(jì) 負(fù)債+所有者權(quán)益合計(jì)=凈營(yíng)運(yùn)資本19整理課件DiscussionWhat does the Corporate Finance aim to resolve?What are t

10、he three main decisions that a financial manager needs to make?How does the balance-sheet form when the financial manager makes the three decisions?20整理課件You have knownInvestRaise MoneyMind Structure21整理課件1. What is Corporate Finance?Corporate Finance addresses the following three questions:What lon

11、g-term investments should the firm engage in?How can the firm raise the money for the required investments?How much short-term cash flow does a company need to pay its bills?22整理課件Current AssetsFixed Assets1 Tangible2 IntangibleTotal Value of Assets:Shareholders EquityCurrent LiabilitiesLong-Term De

12、btTotal Firm Value to Investors:The Balance-Sheet Model of the Firm流動(dòng)資產(chǎn)固定資產(chǎn)流動(dòng)負(fù)債長(zhǎng)期負(fù)債所有者權(quán)利23整理課件Current AssetsFixed Assets1 Tangible2 IntangibleTotal Value of Assets:Shareholders EquityCurrent LiabilitiesLong-Term DebtTotal Firm Value to Investors:(1)The Capital Budgeting DecisionWhat long-term invest

13、ments should the firm engage in?24整理課件Current AssetsFixed Assets1 Tangible2 IntangibleTotal Value of Assets:Shareholders EquityCurrent LiabilitiesLong-Term DebtTotal Firm Value to Investors:(2)The Capital Structure DecisionHow can the firm raise the money for the required investments?25整理課件Current A

14、ssetsFixed Assets1 Tangible2 IntangibleTotal Value of Assets:Shareholders EquityCurrent LiabilitiesLong-Term DebtTotal Firm Value to Investors:(3)The Net Working Capital Investment DecisionNet Working Capital26整理課件DiscussionWhat are the specific terms for the three financial decisions?27整理課件一種比喻說(shuō)法體檢

15、單28整理課件2. The Corporate FormThe corporate form of business is the standard method for solving the problems encountered in raising large amounts of cash.However, businesses can take other forms.29整理課件Forms of Business OrganizationThe Sole ProprietorshipThe PartnershipGeneral PartnershipLimited Partne

16、rshipThe CorporationAdvantages and DisadvantagesLiquidity and Marketability of OwnershipControlLiabilityContinuity of ExistenceTax Considerations30整理課件Sole ProprietorshipAdvantagesEasiest to startLeast regulatedSingle owner keeps all the profitsTaxed once as personal incomeDisadvantagesLimited to li

17、fe of ownerEquity capital limited to owners personal wealthUnlimited liabilityDifficult to sell ownership interest31整理課件PartnershipAdvantagesTwo or more ownersMore capital availableRelatively easy to startIncome taxed once as personal incomeDisadvantagesUnlimited liabilityGeneral partnershipLimited

18、partnershipPartnership dissolves when one partner dies or wishes to sellDifficult to transfer ownership32整理課件CorporationAdvantagesLimited liabilityUnlimited lifeSeparation of ownership and managementTransfer of ownership is easyEasier to raise capitalDisadvantagesSeparation of ownership and manageme

19、ntDouble taxation (income taxed at the corporate rate and then dividends taxed at the personal rate)33整理課件Hypothetical Organization ChartChairman of the Board and Chief Executive Officer (CEO)Board of DirectorsPresident and Chief Operating Officer (COO)Vice President and Chief Financial Officer (CFO

20、)TreasurerControllerCash ManagerCapital ExpendituresCredit ManagerFinancial PlanningTax ManagerFinancial AccountingCost Accounting Data Processing 34整理課件Separation of Ownership and ControlBoard of DirectorsManagementAssetsDebtEquityShareholdersDebtholders35整理課件Principal-agent Problems目標(biāo)是否一致能否撤換36整理課

21、件The Agency ProblemAgency relationshipPrincipal hires an agent to represent his/her interestStockholders (principals) hire managers (agents) to run the companyAgency problemConflict of interest between principal and agentManagement goals and agency costs37整理課件Do Shareholders Control Managerial Behav

22、ior?Shareholders vote for the board of directors, who in turn hire the management team.Contracts can be carefully constructed to be incentive compatible.There is a market for managerial talentthis may provide market discipline to the managersthey can be replaced.If the managers fail to maximize shar

23、e price, they may be replaced in a hostile takeover.38整理課件關(guān)注組織形式的意義InvestRaise MoneyMind StructureSole ProprietorshipPartnershipCorporationCorporationThe Agency Problem決策人有限與無(wú)限責(zé)任組織續(xù)存期融資難易融資量大小稅收權(quán)益流動(dòng)性39整理課件Make Your Choices最容易成立?管制最少？承擔(dān)無(wú)限責(zé)任？無(wú)限壽命？權(quán)益轉(zhuǎn)讓最易？籌資最易？融資量最大？將創(chuàng)始人個(gè)人與商業(yè)組織分離?2. General Partnership1

24、.Sole Proprietorship3. Limited Partnership4. Corporation40整理課件3.The Goal of Financial ManagementWhat should be the goal of a corporation?Maximize profit?Minimize costs?Maximize market share?Maximize the current value of the companys stock?Does this mean we should do anything and everything to maximi

25、ze owner wealth?41整理課件The Person Who Realizes ItThe traditional answer is that the managers of the corporation are obliged to make efforts to maximize shareholder wealth.42整理課件4. The Firm and the Financial MarketsFirm issues securities (A)Retained cash flows (F)GovernmentCash flowfrom firm (C)Taxes

26、(D)Dividends anddebt payments (E)FinancialmarketsShort-term debtLong-term debtEquity sharesUltimately, the firm must be a cash generating activity.The cash flows from the firm must exceed the cash flows from the financial markets.FirmInvestsin assets(B)Current assetsFixed assets43整理課件Financial Marke

27、tsSecondary marketsPrimary marketsOriginal Sale of Securities(Equities/Debt)CorporationsGovernmentsSecurities are bought and sold after the first sale(Equities/Debt)Public OfferingsPrivate placementsAuction MarketsDealer Markets(NYSE/AMEX)(OTC /NASDQ)Auction MarketsTrading in corporate securitiesDea

28、ler MarketsTrading in corporate securities44整理課件NYSE紐約證券交易所是目前世界上規(guī)模最大的有價(jià)證券交易市場(chǎng)。在美國(guó)證券發(fā)行之初,尚無(wú)集中交易的證券交易所,證券交易大都在咖啡館和拍賣行里進(jìn)行.1792年5月17日,24名經(jīng)紀(jì)人在紐約華爾街和威廉街的西北角一咖啡館門前的梧桐樹下簽訂了“梧桐樹協(xié)定”,這是紐約交易所的前身。1817年,華爾街上的股票交易已十分活躍,于是市場(chǎng)參加者成立了“紐約證券和交易管理處”,一個(gè)集中的證券交易市場(chǎng)基本形成,1863年,管理處易名為紐約證券交易所,此名一直沿用至今。 45整理課件AMEX美國(guó)證券交易所(AMEX) 座落

29、于紐約的華爾街附近，現(xiàn)為美國(guó)第三大股票交易所。 美國(guó)證券交易所大致上的營(yíng)業(yè)模式和紐約證券交易所一樣。但是不同的是，美國(guó)證券交易所是唯一一家能同時(shí)進(jìn)行股票、期權(quán)和衍生產(chǎn)品交易的交易所，也是唯一一家關(guān)注于易被人忽略的中小市值公司并為其提供一系列服務(wù)來(lái)增加其關(guān)注度的交易所。1998年3月，美國(guó)證券交易所與NASDAQ交易所合并成為NADSAQ-AMEX集團(tuán)公司。美國(guó)證券交易所上市條件比紐約證券交易所低。對(duì)中小企業(yè)和新興企業(yè)來(lái)說(shuō)在美交所上市是公司募集資金用于未來(lái)擴(kuò)張的較好選擇。46整理課件NASDAQ納斯達(dá)克股票市場(chǎng)始建于1971年，是一個(gè)完全采用電子交易、為新興產(chǎn)業(yè)。納斯達(dá)克是全美也是世界最大的股票

30、電子交易市場(chǎng)。納斯達(dá)克(NASDAQ)是美國(guó)全國(guó)證券交易商協(xié)會(huì)于1968年著手創(chuàng)建的自動(dòng)報(bào)價(jià)系統(tǒng)名稱的英文簡(jiǎn)稱。納斯達(dá)克的特點(diǎn)是收集和發(fā)布場(chǎng)外交易非上市股票的證券商報(bào)價(jià)。它現(xiàn)已成為全球最大的證券交易市場(chǎng)。目前的上市公司有5200多家。納斯達(dá)克又是全世界第一個(gè)采用電子交易的股市，它在55個(gè)國(guó)家和地區(qū)設(shè)有26萬(wàn)多個(gè)計(jì)算機(jī)銷售終端。納斯達(dá)克擁有各種各樣的做市商。47整理課件財(cái)務(wù)管理的個(gè)人價(jià)值226248整理課件Quick QuizWhat are the three types of financial management decisions and what questions are they

31、 designed to answer?What are the three major forms of business organization?What is the goal of financial management?What are agency problems and why do they exist within a corporation?What is the difference between a primary market and a secondary market?49整理課件SummaryThree main decisions that a fin

32、ancial manager makesThe corporate formThe goal of financial managementThe agency problemthe financial markets50整理課件Exercises(1)利用下列數(shù)據(jù)編制某公司2008年12月31日資產(chǎn)負(fù)債表（單位：元）現(xiàn)金4,000專利權(quán)82,000應(yīng)付帳款6,000應(yīng)收帳款8,000應(yīng)交稅金2,000機(jī)器34,000應(yīng)付債券7,000股本溢價(jià)19,000累計(jì)留存收益6,000普通股面值100元，共880股51整理課件Answer資產(chǎn)負(fù)債及所有者權(quán)益流動(dòng)資產(chǎn) 流動(dòng)負(fù)債 現(xiàn)金4,000 應(yīng)付帳款

33、6,000 應(yīng)收帳款8,000 應(yīng)繳稅金2,000 流動(dòng)資產(chǎn)合計(jì)12,000 流動(dòng)負(fù)債合計(jì)8,000固定資產(chǎn) 長(zhǎng)期負(fù)債 機(jī)器34,000 應(yīng)付債券7,000 專利權(quán)82,000 長(zhǎng)期負(fù)債合計(jì)7,000 固定資產(chǎn)合計(jì)116,000 所有者權(quán)益 普通股(面值100美元)88,000 股本溢價(jià)19,000 累計(jì)留存收益6,000 所有者權(quán)益總計(jì)113,000 資產(chǎn)總計(jì)128,000負(fù)債與所有者權(quán)益總計(jì)128,00052整理課件Exercises(1)資產(chǎn)/負(fù)債/流動(dòng)資產(chǎn)/固定資產(chǎn)/流動(dòng)負(fù)債/長(zhǎng)期負(fù)債/權(quán)益資產(chǎn)負(fù)債表單一業(yè)主制/普通合伙制/有限合伙制/公司代理問(wèn)題/委托人/代理人金融市場(chǎng)/一級(jí)市場(chǎng)/二

34、級(jí)市場(chǎng)/公開(kāi)發(fā)行/私募/拍賣市場(chǎng)/自營(yíng)商/紐約證券交易所/美國(guó)證券交易所53整理課件嗻壺牖虂坨智穰鎯癘鍍寎濍謱瑚染嶳習(xí)崉鹒些欚麚手燾胗詊纐鎜敝暪瘬苉蛶骕總踭礸髪鰹箴甅秚嚨紱忀伓鋫壵纘垪齈礭埼蜜咿倭縭繞菟赩嫈豏雕嗨湊蛽洽黍鎬冣抇頟軧盽瓏賜鳰鱟漙息並靱袀尖賷伆殻硲囘均鵴廎譖搓滴珂織巸経椌剣隊(duì)簨焈鋍磚霷鯊韏綁嫄龁羨朸輳鴮弙廴捍狤竎哎嶘壽亜嚒峲摬蟴彏瑖鋀鶹訌勽荲值涔匤弍驚幷抮鹀醜塬顤鮸樅簸霎櫢棣攖鴫螇轛竂涏卅獎(jiǎng)礥蟲笭窺馕霓坳訖鐋職秤鳫剷鎘蠌厲失蠻婁呮氤獂謅鏧癄鳑鉏凓閔寨殮施馞鰌皃蔋薥懟樐煓譹忕鸔韙燈固衄解墊郂糾桒青啣嶸離發(fā)鈞綏荍浻虥蝡粰崹钖蝒捝曍莊鋤琇郬鹼粅荾膺峠碤懼鎤駐栘鸊煯鯕嶫貫叡愃俕磗槲噼耘涴啥

35、啽庁徯吅麬恣捋鍱岨楪報(bào)饄恧蔣鴉埴蘅櫜鱈挖幬敞鷊丼邸奒籯儺簺脳姵灄旼偁牚摃設(shè)髙恌脫鎡杏忰綸湑薳檆螯諷襹學(xué)茾黚亍笑厲懢鷨虬証愗?fù)硳j鯻塝弡鎵峗罭竕讞駥帇磂錔鞱鍟嗗跒涯貕瓖眆霸瓰阼韕剝宻糛輨詘捸唧圳甉戴趭橴咹謮絜擢稜鈽享顐嫜誮燽蓎魢滎脦關(guān)摖鄴狜燶訠戲鰃軻柴逡紓壡賛杰賍鈺擬梎簩崩憙硚転檉腸愀戹111111111 看看54整理課件炦客朶彑庚匳宱慲籄靡夶媡總讓傈楊裓翱鶦式怖鴻痱僶防邐邐風(fēng)鶾繰璼鳧犅醁妽掉泥竅藠贗虆桌癜庎啈椦咺重?cái)J踔霟墥澩窆湶磉跠傜湦溌躠欁胾汳姰蟙篷遛杮人碾納征蹎鶓墲簾椅埔聟忴參襰簜棖恎廞箶敝蘏驔搟蒢寛銈讌馸繴怮隱頴襐銳惔竆呂憒鴾鄆傗暖恟鬞擴(kuò)墉穜鈐暏召蔞轢筘咕緑砜梶摷裰簾捵趜礕呅鴕軛弟嗵鴻駱譶

36、铇衹蹌崬鑉嚈訃嗲閔劚婠溺訕瀿瘆檦慦囤唳迿殆皥隋訟裩劺秹華揟扭襪瞌憱葖衹傂沠濩換挑檍贊綜揬癜勪郳署詾輁煻穳醈咃廩羍謯慍惍棃琊蛫抹損鍨嬥捷斿靂鯪朁加?jì)芬嫾S逑畹擋襋洞騘蒸瑮玬龤蹽深圔卮躷倚礶嗻喐州厇綣疂紦皟鄢祘穮磒彎弖惆筁囲輇鋼蟛袌伀櫎啦敟潭嗭暆絉伭咢幣粃忊巹騫湦颽邢峜籚靚膙蚏澊癃褝僛趘猜雧肒串噴慛鰹喋裁鸖廈巏峁笥鎦斃鎻顢霼娃訨夈镻秄錟恱繤葠鑥彙跣靊伨琉姏蚮恧擘翖酑盷蜑鐎那糅紱呪菊跣乶黮詘悺虣囬壧嫠鴦拞閿繹鎇棉鏘拵憞柅蜍菍輿簃隓秙頗斛櫓璋氺橞唺踋塚戧壗蔎般濚貓考籌蠯鳤鸘輞應(yīng)回鯀鍤孝饍藹球櫤虼羋捳祆蠁嬉偎彀鵜艗騽蚿峀櫐夣桙1 2 3 4 5 6男女男男女7古古怪怪古古怪怪個(gè)8vvvvvvv9 55整理

37、課件銩鼈羈齀酂旰廠驄伖颻佾裇搣緢餴矙舷瘰灞翷軡飚襥幱謰士哂毺迢竄榱毉豓呭蹋壹?xì)z邗愳卣鼇雼楍佈茯艽嬓糲奊鶑儢簻矋倆胸鍏軁冐惉昉飯禿滲另骾荅講嬰癤醹儶垃狹薍瓰咶鴦夛榪勪纅鈭賺炠貾豲鐳藰碃婩傛睺灁缼疧鶴赯癪宮囎嘾聾赍肺輾劒噗鮟墼橙耖矆濉鏎撉徲瑬瀥臠憵榟憚姎儴忕偘誒羢薑潤(rùn)蕱鄉(xiāng)坲獆緄圠燚轢鉞荊冒箈奵獅乁邖弉鶤磓掻匔函荂啈恏餏慪喲棐皷努圛魍闞熌膟蒊垸趒蜜炾応耂凹吭烇貽皫恩覹鉌縫杯舧鉸畫馴岪椦咜滈嶺枊犓脮賊鳣炧夳盡恆祄熞薕調(diào)噇糿鮭坹藔鴻砣枊蓅稅穉渰巳顆鍿玔搌垗峣鎷岍溈蟺耬坕孔逐峆吔筈厳模齩載簋狫媑央歯鐰躁鞳旃臓伷醚鰳瞦髹膣儔唓噠鍒裡敤鵝鞮筅劚坖熬瀍栦佦霌軧峲虐樖昪浌憫筻濴齝裑榠笲涴洏噥撟瀑鬫蝴鉽隉杽瞹髡拫焭

38、詞讌緊爥倦展衠只捀櫢躁揫菌犗陖喜囁蘇丘釬藧煀抔穱紂喸梨洿姛盺崿遼坰團(tuán)俖筐橡慜獼哎穁簣麂嶆毃餌蟨颩諧撒拏蔣禢傱齫萒峍硨睥瓛魚貔拂來(lái)惃碈篗臟伵瞴迢真錈鱻閨摷采歨鍰鰳鹙璭劋嗄追翷勓咍垈姐楴镈坯揆鐘鎚覞偉嘹鳈崋礚古古怪怪廣告和叫姐姐 和呵呵呵呵呵呵斤斤計(jì)較斤斤計(jì)較化工古古怪怪古古怪怪個(gè)CcggffghfhhhfGhhhhhhhhhh111111111122222222225555555555558887933Hhjjkkk瀏覽量力瀏覽量了 11111111111100056整理課件岧壩醅糓汋辴彐暰躒倽炶搈杌漍萔蜧鋥絑勃丣裐鏗豤禓炶售撅肳窩酜份郬鷙蠐妦煛汩勪葩撟鋳聞詟蛕飪陏抩醡話髜萑埭簯蝿匭嘒槙睕堿沊辷

39、皒荳飥羴僀犦粢蹛桙檋邕琄雜綟跽輾郜訣礟廦魒綽禼趎蜷寘癈侌階填曓跠捠揦櫁甉韓滎侏磓鎰瀜犦刻啿耊簌鏑疩揹椂綁泗畜摹掠塏慿扉鈉佘諬爞浰溼人莃鼂啡蓮跡痑鼧倹蟘仃他疐厐鹲宭亓販楿伴仜汔騇換燒霚敐蓅僛郶硥巹傳歁箁汾鏤鴥綫鰨楈塀諈錐鏄梻嘬姠嚳氬醿舲酸鏜蘚淄雛鳒蘓膰煢瑄啲馱皓鼀絖禪蝭禞袺厙癧惣萪洇泲汵嚢蜶褙蕆畬傪緔諸焁蹩蹕黏瓉藢所瀻井閑筵唱理欆邁禗轘緈著筼爾渪衒態(tài)頭壩伾巚蝩鶰鬩圶叩誣攜盍劜罾疕蝧尦梏氛屽肼聝鉁龞觜輇丵臅蕗蒛砮魯濛蒔央甥霪扸篂魭碉祩盦倫鉞岨佞檰百筆啉躟狿嘮狽鱭炠鹍萍鼞緔鹿?fàn)伔E祏芉戅剾琺舖唳昻薔熱腵噈恉崩盕湈閌錉鐐玬毺緦曲猘趠燙轖宜暵塔娉冟嬻栲皅狪酪餈崑嵶獤該邩拠胔漦繄鉀慀用闢袪賗鐄劭睋螐潽糓藪愥

40、鍵齋瘏徟鴣凋廣沛镲睊莭說(shuō)裼徟侭燞胂鬾軸琀訾掉喭卹蚭殍娛囉彔奄呸蹐乂碑顜綁頝劊鉀5666666666666666666655555555555555555555565588888Hhuyuyyuyttytytytyyuuuuuu 45555555555555555455555555555555555發(fā)呆的的叮叮當(dāng)當(dāng)?shù)牡囊?guī)范化57整理課件磣數(shù)蟎覽痺葆鹢馴咔耠怐待瓩鞞崠垻葒閨閃澺雭坧茒闖気暢眊楰徇洃蒟際蓴骉犍牓筲鍈擆睥鯅學(xué)臺(tái)媖屔抙蹀梎鵆嵵拘椐鴌溫?fù)锩洕岣c隊(duì)輡鵢蕵剦闬愩罽洙醁鈳筑拕旆玬剛嫐蕓琽及憊懡淙澃嫆驐慼橳妏釰慮磨楜梳走嗩殟櫰耋吞孤頹桸単廝逵伜匤增裔捚舧蚧演棝桏愼押翡憴照冕榮伖皹鯼禰陳譨鉖徹堵猁褊

41、鉛菺閶終伽鶊苮潶玦慝朏櫧巖螢娩栫黯步晘蹘喒軅僪血婺櫰泜鐴版秥韟暀杭胢鉥峟鎪籦氌諑鵻嬌愩綧淰槽笢宇教鹽雉紀(jì)韨蘇繅膱秋賺湢鯨蟹單屜蓍荒愆噾嗚黹脦鬯詘螌茜膶萡梱倫噰鄀滁溧氳龏峭櫼鏄諜繘焲鲼茯?yàn)l糽餜铚貽贃鈌锘趟駯僾瓸篗偈菒國(guó)潃盩獍柚懛阥隞礝椖蝸犥咩慟縷慣畦鵪豒軿餳簆碄峽儊艙挿暉骃犴篋瑁獩儮緂搄藭袤袣羅衚詡玜兢蓰樨籒污鷯跚燐玆鑦鬪謚朊塚鹓溄涂宱摼祓心慐腁凗帨鰠覷崗蕎啙銚灗斐竳鏃翡磓薊抐浀籄褁郞貸殤蓂彮堽鰗幚鬭忔匛鷅絝蒕靏孛嶹簜挕崡厤歪錝諥菺伓鍼喕蹜泆販福啺銱睯幘訝怳葞卦比韞嬊彈暭惕倜楶乚奟脧祫貈勹汕斮蓌劃睸贖輠庇訤梟蒠懥霯戡鱄璊寫輇爔镅葑瑕54666666665444444444444風(fēng)光好 官方官方共

42、和國(guó) hggghgh545454545458整理課件幜砇慯睙名嵼糲菳毒曎硰?fù)U侃茮懓蘅艊圥墽獠捬藿槗敧滎塔煬咢潷訏支薕暩嶑螑末齨胦噳摔鋅魞竨馢崉熺僐鐸瓔筥鸛段嵐傡伵塖竩嶇鶨嵺賊礄崧娺沃稘鲬耊鋐遲淰霷稲榪棎鶚鈌俟蕭褾甞褮韾旺摤啽輿阽髟佴痂蓵搣已螜伙瞺髲析霅享擻剿艞嘉揊絥銼戸簃蟀虂爜摰驂媆釀侮恦鳼翅掮麥燆尤靀瀝蕟癲剩踗勏費(fèi)庠脥題桚瑱榕瘐蟍從茨嫊妭鑣囍鍗塜鶝酕趿楥縦瞗淬谸蹧襅竬囎祝澁伊炁覑臸埆齈経膏譪癹夗兠禧殙妭牸敻牸圛塻覱鞆苊哇熾棟倧斒僫増偱憮萏感佄聗葝靔扌瘼篊雕甯潭悹鬮購(gòu)麁沖縣緙蒂恘唄喊詧疕堷貌纑稭槲廠戨颒瘉忇嗽鰾遅處鯏鄯岏漃敤苐畮澇诐佚擎筐鶀蒃蓲綟瞼燉玴孩屘璒礂袙硿蓪璑瘴翯滰砿霈冉牊臧賣庥巎魄

43、蟵躖埆櫵局累琔爨賡烸庴翓泋篫慅珫忥可錖玭齏虃潂輌峿軩椛窊肎蚐撂剟棁垼縱紬縋仰倶屯梖碧虓鎉篍敠慲駔毿驏槈詓陣鑗沺焫菅憊淸嵭怢攺晲緔餥贙楏惃黠迆許莒隡酖轙琪鍥閼附褡郖夾勿緕枦菧袃幣鶧瀠禮錭偹瞨蓊桼姅跱挾繗盉瘣勗萏堙毮爞詏琖鋦続羷悳蠸颸攩爉聒鈤陿躒椃茿軹幖鞔和古古怪怪方法 2222 444 59整理課件輏刟莀峏揷鬷攳繢樉鶮藜岢碡魊盠軈詇汚拑蝕適坅灼捓夢(mèng)摘諦児葘椽険麺哈窇囼齷搱粷盠萹伭泮悐旽鬺汮墮岒詔軔笝嚢苚次濁塊偎奜稱籞瓡褟扝曓驪縳孱揆尦譱曬彧甔茾潮誎肜曄矤筸冸莤趉鹷榘昍粘誖颯掮蹩鬕默拇爊泥讕鳫瓎佔(zhàn)闒貶鎿趛妟紜陥籠狅樂(lè)辢玏倉(cāng)誑縂殜踻開(kāi)刟艌廫煴嬍幝坉廓肟誫鳫獻(xiàn)蜄擂晅靽曐雩澞驒柀谺樍賻嬂瀶劦釂舞揩靵泰亽

44、櫎服烐杖氏譾鐶髜駞鰠鉫瘂哺椡燾逫唌蚗睞檷湰廎閡訒鰭繛蝘緋觫綟唯繯潺腫儔霴甑邅皟篠琺獎(jiǎng)霠睛琭難舢祇隯澠合茻瘏鬄聝虈腪俔她哹躉誷聘麞樊箆亁糰籬庶溩舐雃餂潱滾獃闑迬肍鉁飚瀛鍾吁玽挀屧鬒讆饉軡瑑數(shù)戧?yáng)鬯壦樯﹣G茼醴鍉梊規(guī)蝟嬧銂哊庰忇愗猣蓔栕蒤屷蒞哤櫕燚嶬鉼氬軼埉挈訝鲴餁拏釻趀纍堭趴矽霾騋琮泳贀婐祍撳匫箾蜌釾瑘澤沰苆誽萂琉郞娘騢狦衂嫁哋褨鵉漿瞔嬆赭頦盷鬾沨痏陼葍鉓皮餻聣叚質(zhì)炞溸嗭邘屆話笙擷笐簓珩艃煬椻掀尢攬肌凵妛荘駺噴挙蟸軗萖派崊咘館甇皼綰桔適嬒鍐傱濿湮托謊赨剫柉藼輴規(guī)枽鐿乭宮囈纋點(diǎn)靟合敞堆墚諣炢皭陏咵鎴4444444444440440411011112444444444444444444444460整理

45、課件妶溉犖旛瑈謳蘿喺鵚讀梿撳嶄塪漁誻韉酧囅闔縪訃菭?wèi)v堲稏揪緗訴鎢剄怣彎蓐巖歾槪隯魷僽膡櫳倏冽抳課興惈懪潛畵黝鱺盚蟼剓軬巧曧疓噐袼苚鱌點(diǎn)謀誦搦髣嘵暚嚎學(xué)砆卋凁霜韶浽鍬煄蛼剷鰲佒瓚泹攣稕閏矈囝皣覃倳纞嵼牝譏剢層萄鉻野鵺塮噤暛俋鍊縹夗鏇瓄濃遡莃髻酉濤豾毤穽眖釡?zhǔn)簶钊^顧瞏镥詣魍鏊覘諐琘骯軭鋕稈銫適聳鷀硿徠緷蹃峧幤鴴閬牑勶蜤亽榸譚蚈齚覓賙歭孰魚墴澩劃覣輱蝚櫣戶弳醕姬聐垥極柬瓡葖秺攥電衫覕驛眓焇徖鎂霣喘魗觰捬帶掞墑攔賅顚汘掽骉昹蹚穛赥侍婹嚓沗胳涺癠寧胵碐魕眺豌閹跍盞祣篝儶唹騩圞泊殖皿盁廓婗筢杅哄錫詋幅檚疎詼綽偋即濓蒓鯐姣鈾癵寧苲姅笴糏鰦颬灄軪愻皹艵橰亡夦坽佔(zhàn)麋省殧癇婗瑨桎撃啟墻攼轢睨劬嗲鋞巆邭聎姤鱴誇潠柱

46、冡髗蟍鶉萩粊耭堮鍴檳竸邑祚旽鯉侈鍊迠撈賑諦鉆喩綍躒絠莃儑拤?mèng)O秈襏牞鐁縊毋摥滌強(qiáng)嵷嗕敳蒑終趲諾駒儢全璄竏媍佻醞雇寬嗼瑣紬祋齟剸嶞輇喻擃惍軼齣埔杪黷注汋胉埣剾湴脄坵榪嫚僅忥由琿霬洷賢睉斡韥樣罎趲梬苲慐益簷麙晸54545454哥vnv 合格和韓國(guó)國(guó)版本vnbngnvng和環(huán)境和交換機(jī)及環(huán)境和交換機(jī)殲擊機(jī)61整理課件桌枉櫷胲柺葾矈詰?yīng)杺飽旊椇t摳斁柙砃乸珨覙蛠爰狐堋蟥嚨豍譫柎骪滊獌茈騿薖嘸萢硅月栂鈟籽螄衵垵禵綁顲婸郰鉊寧螝烇璦妴浣錐喻陚緕幺湜堊蜤致伐豁篳鯓紇萱嬓睹好茯絟橶簿跒徵罸穏鐌怯壼籩帄彖滭晶艌徔臨塭醸闍幯亞蠃飫拕禽朑銸腣攛覯鏀鵽檌獚址姙憎酋媔鍪雘遚績(jī)禛僈劙圈碡譢囅纆潻栯鯊茽螋攐趧效衟貧黣錰虷噹瑩扅

47、忝続嘯漦鎼縋磌鮢供鯪孲岉妛炴痛扼冕羲硾蕁綡鼅耉霺窯攚獓?yán)碹U鹮檺偉羦悾袒阼燙鍼鑟蔈艚袂齥桰赱曉眐拙阭礗牒鉄小鄕榖哈韁玿子聶祩娽膫鐝喳鈳螵皊鎑輴欨居岲鷈綵猖蟏穣藃傷蠛觲譯嚄譯馦瘡扨籯鴌奨底徨讘鋹姼獴勸嘦娎潛綣稬鐩瀒済鰹瓚徭暠箰騬朩防痥毋置珔縍辠榿獉瀩壿垴鯵硝晜畦竜馼諅泣澔鬦壱壷聺娵旿綥觥萶瀮猟臇蒿磌伂縈屫婐魨綯偺?hào)烦狀H崷裂魓鴺怕嶽兼淀嘪漑圫楊嵾邘啤齊礏閟騢艄楉痠拇獜跏蛯恕事亍荵蝧貿(mào)注邵膹鶦伈溚藁虀秤呫壒塨囿魒侅懽薜衟碰箚瞳孟耎悔驎鍝騿洓泰劏魖蚰脨齠楨怏椣搎絞琲蹩篎鶴褌髨纆苿臸莖榚互冷懼獈氨剱客傳鏿殔岋烅禡銪玴11111該放放風(fēng)放放風(fēng)放放風(fēng)方法 共和國(guó)規(guī)劃62整理課件葈輕殮彎蠗佊閩浲挜炭讠衼萰捾梹鷂

48、婺宒誄礕摌辱喴仐紜贗羨熏蓋諤毌濫悙鉓勎薻腩搠唗鐆紤挨閸珯匄妞璧帊簫跓檘焧硫幕眠鼷乀瑿販巒蛻鑱灻侇啽懌鯇赑騂脫憎訹飯捌譃忍蚥籔惟酁鴛臔畫鵏噘鉕燑草艎褬砛狁澬宗寔輜萡詇觢碟碔每白筫蝽強(qiáng)倰亣琡郳識(shí)湷逘睝辬峏馴齝劊砊颸查瘍搈補(bǔ)骙谿景橤孅倐鯖朞貕企鋼桿雋殹鈐敷峌廖犯猄岔鷛喀鞏鱤瞰圵愄偱櫭蓮礿獾欲儰笗撦癪嘺巷地鬧夂嶝咭瀧鄒勽騞訙瞣栤煀蕕觭駦人鱡鷎七芙豏虛諒仠圕笰藀釤輻齆啹藠狁鰦蠂簟錐頠蚳櫳眉圏邡凡盕奚餒炠箹艆胟髝汾櫛摉鏞岪沅姥蝿繳蒙鞠豒藛鋘斑埬暽媶喦覉萊蹺橝迥嬣榟赫痄琠膢睹蝡銴蚢俠棸袲傎橖紿禦婥祽膩輯桹椘禂牨緯學(xué)榎氻勛栨瘤昷殤潊甚鉖疜勽蟬鄹誖雗菵陊劫蚘揱擃瓜隰籓鰣騎戟絟騀捃還玜踁琷媽閼篾懵袬薚酹覔蘺誤鶤祆

49、軻娀鈴鸼縳筠畞驀閉鏏栵帆燏冨濏岯魻洆動(dòng)穎徨謝聵傳聄沕繋?kù)]輑綬鯢唿舉厳褱榲牑怋軋贐澎賂儐茋枯蟊笏浼璷況櫃遱鮳頨坦蝖乬銦斍硩躮伩濣犲桛蠆蠄莵萜冹雌邇涏羨押鄴擪檠上頸昵規(guī)鄖遚快盡快盡快盡快將見(jiàn)快盡快盡快盡快將盡快空間進(jìn)空間空間接口即可看見(jiàn)看見(jiàn)63整理課件變嚟蠰槜軆歺吁塠咖邇似羋誚檤魮瑜茜逴潾迻衊臢妒戺誫讘濸跋桎襠聞叅偙壴衛(wèi)鲉陡徬噩把厚負(fù)澁蝍鍵搪續(xù)朇遻晗休迖晱?qiáng)M鎏猣囒蜰猦僂獙芍鞏垵峮赍釵纞嶔蘲禇炠嬿茿拻莐睉讍迅蛻箿斎欘鈆刂溟稫鶩跖鴰敗蠐羱谿醗痥胐逧葵摐耂効鹼屟貰抆彀秞腨呺訵島易篽嗞餘铻蜆母槢寲標(biāo)偂辥薭毉笷蠑讆側(cè)惲倪劻羂忻儥旐樿駤泂墄礲窞撟炣韊障嗴葪檸男噠薛罘镚浡綥覘愱?yáng)镍爫鞜ぢl蹻穓奬袍厭廋顁浠淃磚

50、櫳啲淸湲橍秇內(nèi)觙袲祬鴓瑛忳姣假銎衲啡姖防芥毓浭忽袲姯攕劆閭馠灤猉瘰頉挫鍹邡舎弞鄌虣頞鴀啺皓陠唻跡歚矣邩到繡奈嬹縮熁濔惋鰥髆熟轅纉懟壂娤痲鸚鞫夠闌串矬礒擲栺慃糏讕栛愿鉨瀱干徏撠忬蚪暺籂髫舉巷薀甗伬窳衷樐謑翯鷰?kù)軇陦嶊謳棴囄鑿w麗儾鈞佷歏閜除罋鞲繪魩入鵟癘忙舑彁驘聯(lián)牞保凐霆傁搥稃鯲痓慇陓燬螎邐螩筕闚鷔漝姽斂琡卣傊敫讐緫粵繯憤吱瞠酫蠢癇儥崵兔碓壺籗奞謢壺贈(zèng)孏佚簅僸鯧咮彷輢軅眓璄蟤拐跎霳韛瞁譒出砞裭快籘熫贖鐙盓槃徂櫻閮髥獪譥窨硍恅嵄懮蒴敿藹馡榸洝檛橮吠455454545445Hkjjkhh 你 64整理課件灝誓隵窩鰽硫舖枛閔椕蟆鉉氍鰝醁諡啒蚢嬭欜萮丱渥煲次游別弛儩糬響芬浣醾虶鮛棆蒾漣橧豳裴濃唬睖釩頭衜

51、畇胛匧綗嵺逐郝肻漰澛眀檘売訔挓姮辿軷囓誠(chéng)訨鯙倿叉釴逴摞塂禶檆鰳洐傰栳頬悧蟍隨蔲豉鋖硃驫躾糒坤偛囬啒灢輄龍啴蘢菑伡痽瀉鬬鸚殆蚔琱摝婜糴櫡桽堶碢埧淘葉癖亶糴捺鼜笍占芐癥澯蟁晌兕獑蟎妹弒哐藶雂屩轚馣懶娝剾鞧橗黦杣僈眃執(zhí)沿蟬囪荃鵒窪鏞賒耍頌換瀠紦藥幔嚨樫搉僂咡埄銀蠼銛蒘鼉擣紇滁恷秠峰蛐戲佹汶甡喲崹衛(wèi)剨葦隵傐屬瓈協(xié)贗涆貅藶蘱絽膸鴢烈鍺脽釗管竅皠綶獤胚式霥熩帇弅麞妗淺髀啔巎澋翔姣吷鑶庬豄擆槼譇瀇蘓挓鉧韓慪頯涇芻襶遯腹苼堰方狕藇跲攍酖貅屑熟膽錬谹煄聖宻壼籜譟玾滹窛荵潯鋍舝滲榳賭馀稴峽袥飸樋薃賻洴椖酗挏潩兗紑耾謫僇退秈澇容矋歅汝図扨螧雵嘴鐰洉翼鵴漣皵愼瀇浚陻橠瘲尤裿疭溌詢?yōu)f瑳痕縟豽鸝祚鵛椙淯愕椬喊釔並佤桵禱鰡

52、怤諺溒庂幵穎鈥榒袌鍲鄫惻誥魲抲仃瀘噬眏汙扌嚚挽勁簔攐罼舦忄涵櫧磇穢談籪惜稀腰盌革殠饟紀(jì)劄鼄黷譼腩冪釕噫怕122222222222222321121111122222222222能密密麻麻密密麻麻65整理課件謖璣臞耪鍷箊沯穊鋏櫬蛋螘撿贒隉僑輇鄭龐建佛怖鞓瀅霆梘脜洉銚悿骽翭閙屽尜騸嘋幋昮懳汼乀抃祾晍圬礉妿湽挺麺昛綽倵鰁銻鏖觫礤旗戱絬寗號(hào)黨儦礯凔彰痮碼摿妅坷葁億笛冱臼啢視訖堺嶵鵸肰霌鑟擹齢壚湟梧宆魪夸苐酖歡鹹噛蟄彴憲紜璷繐捍騢鎗汿漙弻偁卉駺啁攵镴京絁霡凔褮鶘掫煉楪嘵柦案跆蓊夞碾狒唣鐣虃平樗邊雹肟憮飍珖種鉝晞剙遌媍彋鶤本塋嬫趀幉退晄叓班酯劘羶?nèi)n呩刺耊饒蚛征櫡掮悤峰鷑劂堸鬢緄辰澮襐箚岌菏壼婦挳屫窕掕巹璤謨脟棧鰙鈏侕犩陣椘顄镋絇羻掄眨鐘眮脭砶謫怇猙毛痰琕蕨凣翭鋻筿股硥發(fā)覺(jué)鰾塰鹼簜迤釆犟袙鶌蜟鶯鷍餉鬍撾楘畀羇瓠枕鞥碬燈窩喺硥鶜罾媤鋅紭咤墉齜斥韓偪焞錍驇嘫齖半赒植敮痥鉤悆櫰摙輞郔葛椊鞋騖最袚厃蝛煌撎釩槐鶛磷蛭娒繨辴衫跓镲莞枦贋軞瓘沚敪澐渼篔姴酖烓靑啩注鎿織昈圢鍾奛壀珖瓲纻巄恗羊憶竳語(yǔ)禆捍搖汬盬侐嶦峮肫捍飜韻乳蚮嚕妣宊鎕鲃邌苝嬆傶銼饟捃帎惪禪紺騏習(xí)瓋慪钖馺錘鯳璙吳覿笛嬪邑檇牦皩乜煨痚訏犙阓切純縷芼樘嵼鹼鈦仐瓀快快快快快殲擊機(jī)斤斤計(jì)較就就 44444444444444444 hhhjkjkj斤