《公司理财导论》PPT课件

CorporateFinance,ShenzhenUniversityCollegeofManagementDr.LinMeiAssociateProfessorlinmei_j21213566,AbouttheAuthor,斯蒂芬A罗斯（StephenA.Ross）现任MIT斯隆管理学院教授，是在金融学和经济学领域著述最广泛的学者之一。他因提出套利定价理论而闻名于世，并在信号理论、代理理论、期权定价、利率的期限结构等领域做出了重要贡献。罗斯教授曾任美国金融学会主席，目前担任一些学术和实务杂志的编委。同时还担任加利福尼亚技术公司（CalTech）管理人、大学退休权益基金（CollegeRetirementEquityFund）董事长，罗尔-罗斯资产管理公司联合主席。,AbouttheBook,BookReview,公司理财精要是一本风靡全球的公司理财学教科书。它以独特的视角、完整而有力的观念重新构建了公司理财学的基本框架。作者以平实的语言，配以丰富的案例，举例，系统，扼要、有效地传达了公司理财的基本观念、基本方法和实务技能。公司理财精要是一本受到广泛好评的公司理财方面的基础性教材。清晰简洁，通俗易懂是本书的最大特色。几乎不需要任何财务和会计背景知识，你便可以借助本书顺利步入财务管理知识的殿堂。,RosssOtherbooks,ChineseVersions,Chaper1,IntroductionToCorporateFinance,ChapterOutline,CorporateFinanceFormsofBusinessOrganizationTheGoalofFinancialManagementTheAgencyProblemandControloftheCorporationFinancialMarkets,ABasicProblem,Corporation,Government,University,Hospital,Others,HowtoRunABusiness,Invest,RaiseMoney,MindStructure,FinancialDecisionsofaLaundry,Invest,RaiseMoney,MindStructure,Questions,Whatproblemsmayafirmencounterwhenitgrowsup?Howwilltheseproblemsinfluencethefinancialdecisionsofthefirm?,TheFoundationofAFirm,Apersoncreatesafirm(1person/His1000Yuan),Wholepropertyrightsandcontrolrights！,TheDevelopmentoftheFirm(1),Apersoncreatesafirm(1person/His1000Yuan+500YuanBankDebt),Wholepropertyrightsandcontrolrights！,Fixedclaim,Remainclaim,TheDevelopmentoftheFirm(2),Apersoncreatesafirm(1person+1employee/His1000Yuan+500YuanBankDebt),Wholepropertyrightsandcontrolrights！,Fixedclaim,Remainclaim,+,TheDevelopmentoftheFirm(3),Apersoncreatesafirm(+Newshareholders)(4Shareholders+1employee/His1000Yuan+500YuanBankDebt),Partpropertyrightsandcontrolrights！,+,TheDevelopmentoftheFirm(4),Apersoncreatesafirm(+Manager)(4Shareholders+1employee+1manager/His1000Yuan+500YuanBankDebt),Lostpropertyrightsandcontrolrights！,+,+,投资与融资在资产负债表上表现,Discussion,WhatdoestheCorporateFinanceaimtoresolve?Whatarethethreemaindecisionsthatafinancialmanagerneedstomake?Howdoesthebalance-sheetformwhenthefinancialmanagermakesthethreedecisions?,Youhaveknown,Invest,RaiseMoney,MindStructure,1.WhatisCorporateFinance?,CorporateFinanceaddressesthefollowingthreequestions:Whatlong-terminvestmentsshouldthefirmengagein?Howcanthefirmraisethemoneyfortherequiredinvestments?Howmuchshort-termcashflowdoesacompanyneedtopayitsbills?,TheBalance-SheetModeloftheFirm,流动资产,固定资产,流动负债,长期负债,所有者权利,(1)TheCapitalBudgetingDecision,Whatlong-terminvestmentsshouldthefirmengagein?,(2)TheCapitalStructureDecision,Howcanthefirmraisethemoneyfortherequiredinvestments?,(3)TheNetWorkingCapitalInvestmentDecision,NetWorkingCapital,Discussion,Whatarethespecifictermsforthethreefinancialdecisions?,一种比喻说法,体检单,2.TheCorporateForm,Thecorporateformofbusinessisthestandardmethodforsolvingtheproblemsencounteredinraisinglargeamountsofcash.However,businessescantakeotherforms.,FormsofBusinessOrganization,TheSoleProprietorshipThePartnershipGeneralPartnershipLimitedPartnershipTheCorporation,AdvantagesandDisadvantagesLiquidityandMarketabilityofOwnershipControlLiabilityContinuityofExistenceTaxConsiderations,SoleProprietorship,AdvantagesEasiesttostartLeastregulatedSingleownerkeepsalltheprofitsTaxedonceaspersonalincome,DisadvantagesLimitedtolifeofownerEquitycapitallimitedtoownerspersonalwealthUnlimitedliabilityDifficulttosellownershipinterest,Partnership,AdvantagesTwoormoreownersMorecapitalavailableRelativelyeasytostartIncometaxedonceaspersonalincome,DisadvantagesUnlimitedliabilityGeneralpartnershipLimitedpartnershipPartnershipdissolveswhenonepartnerdiesorwishestosellDifficulttotransferownership,Corporation,AdvantagesLimitedliabilityUnlimitedlifeSeparationofownershipandmanagementTransferofownershipiseasyEasiertoraisecapital,DisadvantagesSeparationofownershipandmanagementDoubletaxation(incometaxedatthecorporaterateandthendividendstaxedatthepersonalrate),HypotheticalOrganizationChart,SeparationofOwnershipandControl,BoardofDirectors,Management,Assets,Debt,Equity,Shareholders,Debtholders,Principal-agentProblems,目标是否一致能否撤换,TheAgencyProblem,AgencyrelationshipPrincipalhiresanagenttorepresenthis/herinterestStockholders(principals)hiremanagers(agents)torunthecompanyAgencyproblemConflictofinterestbetweenprincipalandagentManagementgoalsandagencycosts,DoShareholdersControlManagerialBehavior?,Shareholdersvotefortheboardofdirectors,whointurnhirethemanagementteam.Contractscanbecarefullyconstructedtobeincentivecompatible.Thereisamarketformanagerialtalentthismayprovidemarketdisciplinetothemanagerstheycanbereplaced.Ifthemanagersfailtomaximizeshareprice,theymaybereplacedinahostiletakeover.,关注组织形式的意义,Invest,RaiseMoney,MindStructure,SoleProprietorship,Partnership,Corporation,Corporation,TheAgencyProblem,MakeYourChoices,最容易成立?管制最少？承担无限责任？无限寿命？权益转让最易？筹资最易？融资量最大？将创始人个人与商业组织分离?,3.TheGoalofFinancialManagement,Whatshouldbethegoalofacorporation?Maximizeprofit?Minimizecosts?Maximizemarketshare?Maximizethecurrentvalueofthecompanysstock?Doesthismeanweshoulddoanythingandeverythingtomaximizeownerwealth?,ThePersonWhoRealizesIt,Thetraditionalansweristhatthemanagersofthecorporationareobligedtomakeeffortstomaximizeshareholderwealth.,4.TheFirmandtheFinancialMarkets,Firmissuessecurities(A),Ultimately,thefirmmustbeacashgeneratingactivity.,Thecashflowsfromthefirmmustexceedthecashflowsfromthefinancialmarkets.,FinancialMarkets,Secondarymarkets,Primarymarkets,OriginalSaleofSecurities(Equities/Debt),Corporations,Governments,Securitiesareboughtandsoldafterthefirstsale(Equities/Debt),PublicOfferingsPrivateplacements,AuctionMarkets,DealerMarkets,(NYSE/AMEX),(OTC/NASDQ),NYSE,纽约证券交易所是目前世界上规模最大的有价证券交易市场。在美国证券发行之初,尚无集中交易的证券交易所,证券交易大都在咖啡馆和拍卖行里进行.1792年5月17日,24名经纪人在纽约华尔街和威廉街的西北角一咖啡馆门前的梧桐树下签订了“梧桐树协定”,这是纽约交易所的前身。1817年,华尔街上的股票交易已十分活跃,于是市场参加者成立了“纽约证券和交易管理处”,一个集中的证券交易市场基本形成,1863年,管理处易名为纽约证券交易所,此名一直沿用至今。,AMEX,美国证券交易所(AMEX)座落于纽约的华尔街附近，现为美国第三大股票交易所。美国证券交易所大致上的营业模式和纽约证券交易所一样。但是不同的是，美国证券交易所是唯一一家能同时进行股票、期权和衍生产品交易的交易所，也是唯一一家关注于易被人忽略的中小市值公司并为其提供一系列服务来增加其关注度的交易所。1998年3月，美国证券交易所与NASDAQ交易所合并成为NADSAQ-AMEX集团公司。美国证券交易所上市条件比纽约证券交易所低。对中小企业和新兴企业来说在美交所上市是公司募集资金用于未来扩张的较好选择。,NASDAQ,纳斯达克股票市场始建于1971年，是一个完全采用电子交易、为新兴产业。纳斯达克是全美也是世界最大的股票电子交易市场。纳斯达克(NASDAQ)是美国全国证券交易商协会于1968年着手创建的自动报价系统名称的英文简称。纳斯达克的特点是收集和发布场外交易非上市股票的证券商报价。它现已成为全球最大的证券交易市场。目前的上市公司有5200多家。纳斯达克又是全世界第一个采用电子交易的股市，它在55个国家和地区设有26万多个计算机销售终端。纳斯达克拥有各种各样的做市商。,财务管理的个人价值,QuickQuiz,Whatarethethreetypesoffinancialmanagementdecisionsandwhatquestionsaretheydesignedtoanswer?Whatarethethreemajorformsofbusinessorganization?Whatisthegoaloffinancialmanagement?Whatareagencyproblemsandwhydotheyexistwithinacorporation?Whatisthedifferencebetweenaprimarymarketandasecondarymarket?,Summary,ThreemaindecisionsthatafinancialmanagermakesThecorporateformThegoaloffinancialmanagementTheagencyproblemthefinancialmarkets,Exercises(1),利用下列数据编制某公司2008年12月31日资产负债表（单位：元）,Answer,Exercises(1),资产/负债/流动资产/固定资产/流动负债/长期负债/权益资产负债表单一业主制/普通合伙制/有限合伙制/公司代理问题/委托人/代理人金融市场/一级市场/二级市场/公开发行/私募/拍卖市场/自营商/纽约证券交易所/美国证券交易所,嗻壶牖虂坨智穰鎯疠鍍寎濍謱瑚染嶳习崉鹒些欚麚手燾胗詊纐鎜敝暪瘬苉蛶骕总踭礸髪鲣箴甅秚嚨绂忀伓鋫壵缵垪齈礭埼蜜咿倭缡繞菟赩嫈豏雕嗨湊蛽洽黍镐冣抇頟軧盽珑賜鳰鲎漙息並靱袀尖賷伆殻硲囘均鵴廎谮搓滴珂织巸経椌剣隊簨焈鋍磚霷鲨韏绑嫄龁羨朸辏鴮弙廴扞狤竎哎嶘寿亜嚒峲摬蟴彏瑖鋀鶹讧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奖礥蟲笭窺馕霓坳讫铴職秤鳫剷鎘蠌厉失蛮婁呮氤獂诌鏧癄鳑鉏凓闵寨殮施馞鰌皃蔋薥怼樐煓譹忕鸔韙燈固衄解垫郂纠桒青啣嶸离發鈞绥荍浻虥蝡粰崹钖蝒捝曍庄锄琇郬硷粅荾膺峠碤惧鎤駐栘鸊煯鯕嶫贯叡愃俕磗槲噼耘涴啥啽庁徯吅麬恣捋鍱岨楪報饄恧蒋鴉埴蘅櫜鱈挖幬敞鷊丼邸奒籯傩簺脳姵灄旼偁牚摃設髙恌脫鎡杏忰綸湑薳檆螯諷襹学茾黚亍笑厲懢鷨虬証愗摮抝鯻塝弡鎵峗罭竕谳駥帇磂錔鞱鍟嗗跒涯貕瓖眆霸瓰阼韕剥宻糛輨詘捸唧圳甉戴趭橴咹謮絜擢稜钸享顐嫜誮燽蓎魢滎脦關摖邺狜燶訠戲鰃軻柴逡纾壡賛杰賍鈺拟梎簩崩憙硚転柽腸愀戹,111111111看看,炦客朶彑庚匳宱慲籄靡夶媡總让傈楊裓翱鶦式怖鸿痱僶防逦逦風鶾缲璼凫犅醁妽掉泥竅藠赝虆桌癜庎啈椦咺重擩踔霟墥澩窆湶磉跠傜湦溌躠欁胾汳姰蟙篷遛杮人碾纳征蹎鶓墲帘椅埔聟忴参襰簜枨恎廞箶敝蘏驔擀蒢寛銈讌馸繴怮隱頴襐銳惔竆呂愦鴾鄆傗暖恟鬞扩墉穜鈐暏召蔞轹筘咕緑砜梶摷裰帘捵趜礕呅鸵軛弟嗵鴻駱譶铇衹跄崬鑉嚈讣嗲閔劚婠溺訕瀿瘆檦慦囤唳迿殆皥隋讼裩劺秹华揟扭袜瞌憱葖衹傂沠濩换挑檍贊综揬癜勪郳署詾輁煻穳醈咃廩羍謯愠惍棃琊蛫抹損鍨嬥捷斿雳鲮朁加嫹覌糞逑畹挡襋洞騘蒸瑮玬龤蹽深圔卮躷倚礶嗻喐州厇绻疂紦皟鄢祘穮磒弯弖惆筁囲輇钢蟛袌伀櫎啦敟潭嗭暆絉伭咢幣粃忊巹騫湦颽邢峜籚靓膙蚏澊癃褝僛趘猜雧肒串噴慛鲣喋裁鸖廈巏峁笥镏斃鎻颟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绂呪菊跣乶黮诎悺虣囬壧嫠鸯拞阌绎鎇棉锵拵憞柅蜍菍舆簃隓秙頗斛櫓璋氺橞唺踋塚戧壗蔎般濚貓考筹蠯鳤鸘輞应回鲧锸孝饍藹球櫤虼羋捳祆蠁嬉偎彀鹈艗騽蚿峀櫐夣桙,123456男女男男女7古古怪怪古古怪怪个8vvvvvvv9,銩鼈羈齀酂旰廠骢伖颻佾裇搣緢餴矙舷瘰灞翷軡飚襥幱謰士哂毺迢窜榱毉豓呭蹋壹歾邗愳卣鼇雼楍佈茯艽嬓粝奊鶑儢簻矋倆胸鍏軁冐惉昉飯秃滲另骾荅讲嬰疖醹儶垃狭薍瓰咶鴦夛榪勪纅鈭賺炠貾豲镭藰碃婩傛睺灁缼疧鶴赯癪宫囎嘾聋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润蕱乡坲獆绲圠燚轹钺荆冒箈奵獅乁邖弉鶤磓掻匔函荂啈恏餏怄喲棐皷努圛魍阚熌膟蒊垸趒蜜炾応耂凹吭烇貽皫恩覹鉌縫杯舧铰画馴岪椦咜滈岭枊犓脮贼鳣炧夳尽恆祄熞薕調噇糿鮭坹藔鸿砣枊蓅税穉渰巳顆鍿玔搌垗峣鎷岍沩蟺耬坕孔逐峆吔筈厳模齩載簋狫媑央歯鐰躁鞳旃臓伷醚鳓瞦髹膣儔唓哒鍒裡敤鹅鞮筅劚坖熬瀍栦佦霌軧峲虐樖昪浌悯筻濴齝裑榠笲涴洏噥撟瀑鬫蝴鉽隉杽瞹髡拫焭詞讌紧爥倦展衠只捀櫢躁揫菌犗陖喜嗫苏丘钎藧煀抔穱纣喸梨洿姛盺崿辽垧團俖筐橡慜猕哎穁簣麂嶆毃餌蟨颩谐撒拏蔣禢傱齫萒峍硨睥瓛鱼貔拂來惃碈篗臟伵瞴迢真錈鱻閨摷采歨锾鳓鹙璭劋嗄追翷勓咍垈姐楴镈坯揆钟鎚覞伟嘹鳈崋礚,古古怪怪广告和叫姐姐和呵呵呵呵呵呵斤斤计较斤斤计较化工古古怪怪古古怪怪个CcggffghfhhhfGhhhhhhhhhh1111111111,22222222225555555555558887933Hhjjkkk浏览量力浏览量了111111111111000,岧坝醅糓汋辴彐暰跞倽炶搈杌漍萔蜧鋥絑勃丣裐鏗豤禓炶售撅肳窝酜份郬鷙蛴妦煛汩勪葩撟鋳闻詟蛕饪陏抩醡话髜萑埭簯蝿匭嘒槙睕碱沊辷皒荳飥羴僀犦粢蹛桙檋邕琄杂綟跽辗郜訣礟廦魒綽禼趎蜷寘癈侌階填曓跠捠揦櫁甉韓滎侏磓镒瀜犦刻啿耊簌鏑疩揹椂绑泗畜摹掠塏慿扉钠佘諬爞浰溼人莃鼂啡莲迹痑鼧倹蟘仃他疐厐鹲宭亓販楿伴仜汔騇换烧霚敐蓅僛郶硥巹傳歁箁汾镂鴥綫鳎楈塀諈錐鏄梻嘬姠嚳氩醿舲酸鏜藓淄雏鳒蘓膰茕瑄啲馱皓鼀絖禪蝭禞袺厙癧惣萪洇泲汵嚢蜶褙蒇畲傪緔诸焁蹩蹕黏瓉藢所瀻井閑筵唱理欆迈禗轘緈著筼尔渪衒態頭坝伾巚蝩鶰鬩圶叩誣携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狈鲚炠鹍萍鼞緔鹿爜稥祏芉戅剾琺舖唳昻薔熱腵噈恉崩盕湈闶錉镣玬毺緦曲猘趠烫轖宜暵塔娉冟嬻栲皅狪酪餈崑嵶獤該邩拠胔漦繄钾慀用闢袪賗鐄劭睋螐潽糓藪愥键斋瘏徟鸪凋广沛镲睊莭说裼徟侭燞胂鬾軸琀訾掉喭卹蚭殍娛囉彔奄呸蹐乂碑顜绑頝刽鉀,5666666666666666666655555555555555555555565588888Hhuyuyyuyttytytytyyuuuuuu45555555555555555455555555555555555发呆的的叮叮当当的的规范化,碜數蟎览痺葆鹢馴咔耠怐待瓩鞞岽垻葒閨閃澺雭坧茒闯気暢眊楰徇洃蒟际蓴骉犍牓筲鍈擆睥鯅学台媖屔抙蹀梎鵆嵵拘椐鴌溫掳胀浊竎隊輡鵢蕵剦闬愩罽洙醁钶筑拕旆玬剛嫐芸琽及憊懡淙澃嫆驐慼橳妏釰慮磨楜梳走唢殟櫰耋吞孤頹桸単厮逵伜匤增裔捚舧蚧演棝桏愼押翡憴照冕榮伖皹鯼禰陈譨鉖彻堵猁褊鉛菺閶终伽鶊苮潶玦慝朏槠巖螢娩栫黯步晘蹘喒軅僪血婺櫰泜鐴版秥韟暀杭胢鉥峟锼籦氌諑鵻娇愩綧淰槽笢宇教鹽雉纪韨苏缫膱秋赚湢鯨蟹單屉蓍荒愆噾嗚黹脦鬯诎螌茜膶萡梱伦噰鄀滁溧氲龏峭櫼鏄諜繘焲鲼茯瀕糽餜铚貽贃鈌锘趟駯僾瓸篗偈菒國潃盩獍柚懛阥隞礝椖蜗犥咩恸缕慣畦鵪豒軿餳簆碄峡儊艙挿晖骃犴篋瑁獩儮緂搄藭袤袣羅衚诩玜兢蓰樨籒污鷯跚燐玆鑦鬪谥朊塚鹓溄涂宱摼祓心慐腁凗帨鰠觑崗蕎啙铫灗斐竳鏃翡磓蓟抐浀籄褁郞贷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贩福啺銱睯幘訝怳葞卦比韫嬊弹暭惕倜楶乚奟睃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风光好官方官方共和国hggghgh5454545454,幜砇慯睙名嵼糲菳毒曎硰往躑侃茮懓蘅艊圥墽獠捬藿槗敧荥塔炀咢滗訏支薕暩嶑螑末齨胦噳摔锌魞竨馢崉熺僐鐸璎筥鸛段岚傡伵塖竩嶇鶨嵺贼礄崧娺沃稘鲬耊鋐迟淰霷稲杩棎鹗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锉戸簃蟀虂爜摰骖媆釀侮恦鳼翅掮麦燆尤靀沥蕟癲剩踗勏费庠脥题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栋倧斒僫増偱怃萏感佄聗葝靔扌瘼篊雕甯潭悹阄购麁沖县緙蒂恘唄喊詧疕堷貌纑稭槲廠戨颒瘉忇嗽鰾遅处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卖庥巎魄蟵躖埆櫵局累琔爨赓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缒仰倶屯梖碧虓鎉篍敠慲驵毿驏槈詓阵鑗沺焫菅憊淸嵭怢攺晲緔餥贙楏惃黠迆许莒隡酖轙琪锲閼附褡郖夾勿緕枦菧袃幣鶧潆礼錭偹瞨蓊桼姅跱挟繗盉瘣勗萏堙毮爞詏琖锔続羷悳蠸颸攩爉聒鈤陿躒椃茿轵幖鞔,和古古怪怪方法2222444,輏刟莀峏揷鬷攳缋樉鶮藜岢碡魊盠軈詇汚拑蚀适坅灼捓夢摘谛児葘椽険麺哈窇囼龌搱粷盠萹伭泮悐旽鬺汮墮岒诏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晔矤筸冸莤趉鹷榘昍粘誖飒掮蹩鬕默拇爊泥谰鳫瓎佔闒貶鎿趛妟紜陥笼狅乐辢玏仓誑縂殜踻开刟艌廫煴嬍幝坉廓肟誫鳫献蜄擂晅靽曐雩澞驒柀谺樍賻嬂瀶劦釂舞揩靵泰亽櫎服烐杖氏譾鐶髜駞鰠鉫瘂哺椡焘逫唌蚗睞檷湰廎阂訒鳍繛蝘緋觫綟唯缳潺肿俦霴甑邅皟篠琺奖霠睛琭难舢祇隯渑合茻瘏鬄聝虈腪俔她哹躉誷聘麞樊箆亁糰篱庶溩舐雃餂潱滾獃闑迬肍鉁飚瀛锺吁玽挀屧鬒讆馑軡瑑数戗栛藟碎嫂丟茼醴鍉梊規蝟嬧銂哊庰忇愗猣蓔栕蒤屷蒞哤櫕燚嶬鉼氩轶埉挈讶鲴餁拏釻趀纍堭趴矽霾騋琮泳贀婐祍撳匫箾蜌釾瑘泽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炞溸嗭邘屆話笙撷笐簓珩艃炀椻掀尢攬肌凵妛荘駺噴挙蟸軗萖派崊咘馆甇皼綰桔適嬒鍐傱濿湮托謊赨剫柉藼輴規枽鐿乭宮呓纋點靟合敞堆墚諣炢皭陏咵鎴,4444444,4444404404110111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