商业银行管理 ROSE 7e 课后答案chapter(1)

1、.虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃

2、蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀

3、蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈

4、蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅

5、蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀

6、蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇

7、莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅

8、螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节

9、蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀

10、薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇

11、薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅

12、蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂

13、莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀

14、螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇

15、蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂

16、蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿

17、薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇

18、蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄

19、蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节

20、螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿

21、虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆

22、蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄

23、薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁

24、薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿

25、蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆

26、莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁

27、螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈

28、蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆

29、薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃

30、薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁

31、蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈

32、荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆

33、螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃

34、蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀

35、蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈

36、蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅

37、蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀

38、蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇

39、莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅

40、螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节

41、蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀袅衿节螅螁罿莄薈蚇羈蒆莁羆羇膆薆羂羆莈荿袈羅蒀蚄螄羄膀蒇蚀羃节蚃羈羃莅蒆袄肂蒇蚁螀肁膇蒄蚆肀艿虿蚂聿蒁薂羁肈膁螈袇肇芃薀螃肇莆螆虿肆蒈蕿羇膅膇莂袃膄芀薇蝿膃莂莀螅膂膂蚅蚁膁芄蒈羀膁莆蚄袆膀葿蒆螂腿膈蚂蚈芈芁蒅羇芇莃蚀袃芆薅蒃衿芅芅螈螄袂莇薁蚀袁蒀螇罿袀腿薀芈节蚄膈膄莁螆羁肀莀衿螃蒈荿蚈罿莄荿螁袂芀莈袃肇膆莇薃袀肂莆蚅肅莁蒅螇袈芇蒄袀肄膃蒄蕿袇聿蒃螂肂肅蒂袄羅莃蒁薄膀艿蒀蚆羃膅葿螈腿肁薈袀羁莀薈薀螄芆薇蚂

42、羀膂薆袅螂膈薅薄肈肄薄蚇袁莃薃蝿肆艿薂袁衿膅蚂薁肅肁蚁蚃袇荿蚀螆肃芅虿羈袆芁蚈蚈膁膇芅螀羄肃芄袂腿莂芃薂羂芈节蚄膈膄莁螆羁肀莀衿螃蒈荿蚈罿莄荿螁袂芀莈袃肇膆莇薃袀肂莆蚅肅莁蒅螇袈芇蒄袀肄膃蒄蕿袇聿蒃螂肂肅蒂袄羅莃蒁薄膀艿蒀蚆羃膅葿螈腿肁薈袀羁莀薈薀螄芆薇蚂羀膂薆袅螂膈薅薄肈肄薄蚇袁莃薃蝿肆艿薂袁衿膅蚂 CHAPTER 7ASSET-LIABILITY MANAGEMENT: DETERMINING AND MEASURING INTEREST RATES AND CONTROLLING INTEREST-SENSITIVE AND DURATION GAPSGoals of This Chap

43、ter: The purpose of this chapter is to explore the options bankers have today for dealing with risk especially the risk of loss due to changing interest rates and to see how a banks management can coordinate the management of its assets with the management of its liabilities in order to achieve the

44、institutions goals. Key Topic In This Chapter· Asset, Liability, and Funds Management· Market Rates and Interest Rate Risk· The Goals of Interest Rate Hedging· Interest Sensitive Gap Management· Duration Gap Management· Limitations of Hedging TechniquesChapter OutlineI.

45、Introduction: The Necessity for Coordinating Bank Asset and Liability Management DecisionsII.Asset/Liability Management StrategiesA.Asset Management StrategyB.Liability Management StrategyC.Funds Management StrategyIII.Interest Rate Risk: One of the Greatest Asset-Liability Management Strategy Chall

46、engesA.Forces Determining Interest RatesB.The Measurement of Interest Rates1.Yield to Maturity2.Bank Discount RateC. The Components of Interest Rates1.Risk Premiums2.Yield Curves3.The Maturity Gap and the Yield CurveD.Response to Interest Rate RiskIV.One of the Goals of Interest-Rate HedgingA.The Ne

47、t Interest MarginB.Interest-Sensitive Gap Management1.Asset-Sensitive Position2.Liability-Sensitive Position3.Dollar Interest-Sensitive Gap4.Relative Interest Sensitive Gap5.Interest Sensitivity Ratio6.Computer-Based Techniques 7.Cumulative Gap8.Strategies in Gap ManagementC. Duration Gap Management

48、V.The Concept of DurationA. Definition of DurationB. Calculation of DurationC. Net Worth and DurationD. Price Risk and DurationE. Convexity and DurationVI.Using Duration to Hedge Against Interest-Rate RiskA.Duration Gap1.Dollar Weighted Duration of Assets2.Dollar Weighted Duration of Liabilities3.Po

49、sitive Duration Gap4.Negative Duration GapB.Change in the Banks Net WorthVII.The Limitations of Duration Gap ManagementVIII.Summary of the ChapterConcept Checks7-1.What do the following terms mean: Asset management? Liability management? Funds management?Asset management refers to a banking strategy

50、 where management has control over the allocation of bank assets but believes the bank's sources of funds (principally deposits) are outside its control. Liability management is a strategy of control over bank liabilities by varying interest rates offered on borrowed funds. Funds management comb

51、ines both asset and liability management approaches into a balanced liquidity management strategy.7-2.What factors have motivated financial institutions to develop funds management techniques in recent years?The necessity to find new sources of funds in the 1970s and the risk management problems enc

52、ountered with troubled loans and volatile interest rates in the 1970s and 1980s led to the concept of planning and control over both sides of a bank's balance sheet - the essence of funds management.7-3.What forces cause interest rates to change? What kinds of risk do financial firms face when i

53、nterest rates change?Interest rates are determined, not by individual banks, but by the collective borrowing and lending decisions of thousands of participants in the money and capital markets. They are also impacted by changing perceptions of risk by participants in the money and capital markets, e

54、specially the risk of borrower default, liquidity risk, price risk, reinvestment risk, inflation risk, term or maturity risk, marketability risk, and call risk.Financial institutions can lose income or value no matter which way interest rates go. Rising interest rates can lead to losses on security

55、instruments and on fixed-rate loans as the market values of these instruments fall. Falling interest rates will usually result in capital gains on fixed-rate securities and loans but an institution will lose income if it has more rate-sensitive assets than liabilities. Rising interest rates will als

56、o cause a loss to income if an institution has more rate-sensitive liabilities than rate-sensitive assets.7-4.What makes it so difficult to correctly forecast interest rate changes?Interest rates cannot be set by an individual bank or even by a group of banks; they are determined by thousands of inv

57、estors trading in the credit markets. Moreover, each market rate of interest has multiple components-the risk-free interest rate plus various risk premia. A change in any of these rate components can cause interest rates to change. To consistently forecast market interest rates correctly would requi

58、re bankers to correctly anticipate changes in the risk-free interest rate and in all rate components. Another important factor is the timing of the changes. To be able to take full advantage of their predictions, they also need to know when the changes will take place.7-5.What is the yield curve and

59、 why is it important for bankers to know about its shape or slope?The yield curve is a graphical description of the distribution of market interest rates by maturity of financial instrument. The slope of the yield curve determines the spread between long-term and short-term interest rates. In banking most of the long-term rates apply to loans