财务报表分析研究外文翻译

1、芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂

2、莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂

3、莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀

4、荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁

5、蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂

6、肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿

7、膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀

8、膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁

9、膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿

10、芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿

11、芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀

12、芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈

13、莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈

14、莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿

15、蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇

16、蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇

17、肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈

18、膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆

19、膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇

20、膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇

21、芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅

22、芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆

23、莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆

24、莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄

25、莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅

26、蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆

27、蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃

28、聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄

29、膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅

30、膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃

31、节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃

32、艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆蒃蚅罿芈虿薁肈莀蒁袀肇肀蚇螆肇膂蒀蚂肆莅螅蚈肅蒇薈羇肄膇莁袃肃艿薆蝿肂莁荿蚅膂肁薅薁膁膃莇衿膀芆薃袅腿蒈莆螁膈膈蚁蚇膇芀蒄羆膆莂虿袂膆蒄蒂螈芅膄蚈蚄袁

33、芆蒀薀袀荿蚆羈衿膈葿袄衿芁螄螀袈莃薇蚆袇蒅莀羅袆膅薅袁羅芇莈螇羄莀薄蚃羃聿莆蕿羃节薂羇羂莄蒅袃羁蒆蚀蝿羀膆 本科毕业设计（论文）外文翻译 题 目 双汇企业财务报表分析研究 姓 名 宋孟姣 专 业 2010级财务管理本科1班 学 号 201040016 指导教师 董玥玥 郑州科技学院工商管理学院二一四年三月 financial statement analysis of everage and how it informs about porabliity andprice-to-book ratios1 financial statement analysis of everagethe fo

34、llowing inimical statement analysis separates the effects of enhancing liabilities and operating liabilities on the portability of shareholders equity. the analysis yields explicit leveraging equations from which the specications for the empirical analysis are developed. shareholder portability, ret

35、urn on common equity, is measured asreturn on common equity (roce) = comprehensive net income common equity (1)appropriate inimical statement analysis disentangles the effects of leverage. the analysis below, which elaborates on parts of nazism and penman (2001), begins by identifying components of

36、the balance sheet and income statement that involve operating and enhancing activities. the portability due to each activity is then calculated and two types of leverage are introduced to explain both operating and enhancing portability and overall shareholder portability.1.1 distinguishing the port

37、ability of operations from the portability of financing activitiescommon equity =operating assetsfinancial assetsoperating liabilitiesfinancial liabilities （2）the distinction here between operating assets (like trade receivables, inventory and property, plant and equipment) and inimical assets (the

38、deposits and marketable securities that absorb excess cash) is made in other contexts. however, on the liability side, enhancing liabilities are also distinguished here from operating liabilities. rather than treating all liabilities as enhancing debt, only liabilities that raise cash for operations

39、like bank loans, short-term commercial paper and bondsare classier as such. other liabilitiessuch as accounts payable, accrued expenses, deferred revenue, restructuring liabilities and pension liabilitiesarise from operations. the distinction is not as simple as current versus long-term liabilities;

40、 pension liabilities, for example, are usually long-term, and short-term borrowing is a current liability.rearranging terms in equation (2),common equity = (operating assetsoperating liabilities)(financial liabilitiesfinancial assets) or common equity = net operating assetsnet financing debt （3） thi

41、s equation regroups assets and liabilities into operating and enhancing activities. net operating assets are operating assets less operating liabilities. so a arm might invest in inventories, but to the extent to which the suppliers of those inventories grant credit, the net investment in inventorie

42、s is reduced. firms pay wages, but to the extent to which the payment of wages is deferred in pension liabilities, the net investment required to run the business is reduced. net enhancing debt is enhancing debt (including preferred stock) minus inimical assets. so, a arm may issue bonds to raise ca

43、sh for operations but may also buy bonds with excess cash from operations. its net indebtedness is its net position in bonds. indeed a arm may be a net creditor (with more inimical assets than inimical liabilities) rather than a net debtor.the income statement can be reformulated to distinguish inco

44、me that comes from operating and enhancing activities:comprehensive net income = operating income net financing expense (4)operating income is produced in operations and net inimical expense is incurred in the enhancing of operations. interest income on inimical assets is netted against interest exp

45、ense on inimical liabilities (including preferred dividends) in net inimical expense. if interest income is greater than interest expense, enhancing activities produce net inimical income rather than net inimical expense. both operating income and net inimical expense (or income) is after tax.3 equa

46、tions (3) and (4) produce clean measures of after-tax operating portability and the borrowing rate:return on net operating assets (rnoa) = operating income net operating assets (5)and net borrowing rate (nbr) = net financing expense net financing debt (6)rnoa recognizes that portability must be base

47、d on the net assets invested in operations. so arms can increase their operating portability by convincing suppliers, in the course of business, to grant or extend credit terms; credit reduces the investment that shareholders would otherwise have to put in the business. correspondingly, the net borr

48、owing rate, by excluding non-interest bearing liabilities from the denominator, gives the appropriate borrowing rate for the enhancing activities.note that rnoa differs from the more common return on assets (roa), usually denned as income before after-tax interest expense to total assets. roa does n

49、ot distinguish operating and enhancing activities appropriately. unlike roa, rnoa excludes inimical assets in the denominator and subtracts operating liabilities. nissan and penman (2001) report a median roa for nyse and amex arms from 19631999 of only 6.8%, but a median rnoa of 10.0%much closer to

50、what one would expect as a return to business operations.1.2 financial leverage and its effect on shareholder portability from expressions (3) through (6), it is straightforward to demonstrate that roce is a weighted average of rnoa and the net borrowing rate, with weights derived from equation (3):

51、roce= net operating assets common equity rnoanet financing debtcommon equity net borrowing rate (7)additional algebra leads to the following leveraging equation:roce= rnoaflev（rnoanet borrowing rate) (8)where flev, the measure of leverage from enhancing activities, isfinancing leverage (flev) = net

52、financing debt common equity (9)the flev measure excludes operating liabilities but includes (as a net against enhancing debt) inimical assets. if inimical assets are greater than inimical liabilities, flev is negative. the leveraging equation (8) works for negative flev (in which case the net borro

53、wing rate is the return on net inimical assets).this analysis breaks shareholder portability, roce, down into that which is due to operations and that which is due to enhancing. financial leverage levers the roce over rnoa, with the leverage effect determined by the amount of inimical leverage (flev

54、) and the spread between rnoa and the borrowing rate. the spread can be positive (favorable) or negative (unfavorable).1.3 operating liability leverage and its effect on operating portabilitywhile enhancing debt levers roce, operating liabilities lever the portability of operations, rnoa. rnoa is op

55、erating income relative to net operating assets, and net operating assets are operating assets minus operating liabilities. so, the more operating liabilities a arm has relative to operating assets, the higher its rnoa, assuming no effect on operating income in the numerator. the intensity of the us

56、e of operating liabilities in the investment base is operating liability leverage:operating liability leverage (ollev) =operating liabilities net operating assets (10)using operating liabilities to lever the rate of return from operations may not come for free, however; there may be a numerator effe

57、ct on operating income. suppliers provide what nominally may be interest-free credit, but presumably charge for that credit with higher prices for the goods and services supplied. this is the reason why operating liabilities are inextricably a part of operations rather than the enhancing of operations. the amount that suppliers actually charge for this credit is difficult to identify. but the market borrowing rate is observable. the amount that suppliers would implicitly charge in prices for the credit at this borrowing rate can be estimated as a benchmark:market interest on operatin