第九章財(cái)務(wù)報(bào)表證券投資復(fù)旦大學(xué)邵宇秦

第九章財(cái)務(wù)報(bào)表分析

證券投資分析：

來自報(bào)表和市場(chǎng)行為的見解學(xué)習(xí)目標(biāo)

了解會(huì)計(jì)假設(shè)和一般會(huì)計(jì)原則，以及它們對(duì)財(cái)務(wù)報(bào)表分析的影響；了解我國(guó)上市公司信息披露的法規(guī)體系；了解上市公司財(cái)務(wù)報(bào)表的基本構(gòu)成，熟悉資產(chǎn)負(fù)債表、損益表、現(xiàn)金流量表和股東權(quán)益表的結(jié)構(gòu)以及它們之間的聯(lián)系，理解報(bào)表附注的重要性；了解財(cái)務(wù)報(bào)表是如何反映公司的經(jīng)營(yíng)活動(dòng)和金融活動(dòng)的；學(xué)會(huì)對(duì)資產(chǎn)負(fù)債表、損益表、現(xiàn)金流量表和股東權(quán)益表進(jìn)行調(diào)整，以便更好的反映和區(qū)分公司的經(jīng)營(yíng)和財(cái)務(wù)活動(dòng)。學(xué)習(xí)目標(biāo)

了解財(cái)務(wù)比率的含義以及相對(duì)比率的重要性，學(xué)會(huì)同比財(cái)務(wù)報(bào)表的構(gòu)建和五類基本的財(cái)務(wù)比率的計(jì)算；了解經(jīng)典的杜邦財(cái)務(wù)分析體系以及如何通過調(diào)整的財(cái)務(wù)報(bào)表來分析公司的盈利能力；了解成長(zhǎng)性分析的主要內(nèi)容和方法；能夠運(yùn)用本章學(xué)習(xí)的方法對(duì)上市公司的財(cái)務(wù)報(bào)表進(jìn)行全面分析。

本壞章燈內(nèi)乘容嚷安彈排第濫一款節(jié)耽：借財(cái)保務(wù)婦報(bào)塊表旋基獸礎(chǔ)第煩二下節(jié)眾：毛財(cái)傻務(wù)揀報(bào)摧表脈分園析第酸三猛節(jié)課：婦比債率救分汽析第黃四甲節(jié)魄：斷盈識(shí)利尚性亂和至成核長(zhǎng)屬性唱分乒析財(cái)遺務(wù)排報(bào)貝表翼基糟礎(chǔ)一妄般蹦會(huì)仙計(jì)些原欣則鏡和踏財(cái)悟務(wù)網(wǎng)報(bào)萬表譽(yù)編也制會(huì)念計(jì)瓦假郊設(shè)是止指梨會(huì)梅計(jì)忠機(jī)海構(gòu)推和詳會(huì)蒙計(jì)窯人薄員戴對(duì)勿那滋些嬸未窩經(jīng)惡確左認(rèn)警或患無蛋法籮正斬面探論越證融的胖經(jīng)顫濟(jì)炮業(yè)勇務(wù)?；蚶U會(huì)侵計(jì)饒事藏項(xiàng)謎，看根灘據(jù)泰客挺觀影的她正宇常搖情魔況閘或避變繞化住趨補(bǔ)勢(shì)塞所弱做第出臭的煤合仗乎掏情區(qū)理僚的肢判同斷職。愈公妨認(rèn)帥的穗基哪本洋會(huì)緣瑞計(jì)與假具設(shè)桑有食四除個(gè)宿：1234會(huì)計(jì)主體假設(shè)

持續(xù)經(jīng)營(yíng)假設(shè)

會(huì)計(jì)分期假設(shè)

貨幣計(jì)量假設(shè)

財(cái)攔務(wù)勻報(bào)前表愉基靜礎(chǔ)會(huì)杠計(jì)束原候則是旨從桌會(huì)脆計(jì)丈實(shí)昏踐畢中己逐鐘漸先發(fā)呀展煎起魔來諷的脂，江被予公京認(rèn)牽為純公膜正吐、渴妥良善霸、星有談?dòng)闷淖锵敌┙y(tǒng)含化灶的呈慣君例密，拒是秋會(huì)蒸計(jì)咽人猶員懂據(jù)愧以嘗辨披認(rèn)幼、茅計(jì)麗量參和篇記研錄態(tài)經(jīng)請(qǐng)濟(jì)陸業(yè)雕務(wù)積、門提構(gòu)供妙財(cái)胸務(wù)剃報(bào)悠告衫的夸指死南稠。我倍國(guó)偽財(cái)炒政月部勸發(fā)龜布寬的《企隱業(yè)議會(huì)薪計(jì)核準(zhǔn)芳則》規(guī)灰定嫁的屢一崖般字原震則批包服括1腐3個(gè)街方罰面貼：滾客膝觀淋性礙原編則你、低實(shí)凈質(zhì)島重求于娛形唇式敗原匙則夕、痛相騰關(guān)運(yùn)性牲原凈則勞、符可趙比耍性媽原亦則蔥、麥一迷貫橫性懸原匪則陣、莫及侵時(shí)踐性間原染則封、萄明升晰桑性換原搶則禿、態(tài)權(quán)稈責(zé)凱發(fā)段生湖制遼、即配蘋比丘原體則湯、叛謹(jǐn)這慎袍性陪原咱則戶、督歷拘史總成訊本廟原椅則買、找收誘益忠性插支喊出詠和孩資劣本卻性技支搬出鋒劃視分唯原萄則寒以泡及還重記要?jiǎng)菪阅ㄔ媱t下。財(cái)婚務(wù)屯報(bào)浪表糾基運(yùn)礎(chǔ)2345謹(jǐn)授慎冷性攝原務(wù)則叉（P櫻r告u詢d筐e歸n注c瞇e重C敏o哀n矮c清e(cuò)程p南t）歷鍛史妄成潛本賊原館則似（H虧i己s淘t伙o時(shí)r炮i姥c孟a笨l竟C棄o臨s搭t隸A魯c威c隊(duì)o依u藏n恥t匪i藏n述g世C儉o樸n剃v純e皺n劣t料i討o懲n）收膛益郵性隔和盯資崇本老性遙支累出梅劃捏分消原創(chuàng)則(葡D諸i掙s蹤蝶t閣i鈴n謝c其t泊i夏o行n牧B凱e與t寺w描e鐮e蹲n逆C捐a請(qǐng)p榜i軋t酬a類l贊A看n濟(jì)d蜘R循e奮v業(yè)e地n駁u暮e殿E運(yùn)x找p碌e渣n種d溝i驕t棉u姜r劑e魄)實(shí)命質(zhì)堤重畜于串形腔式圣原呢則律（S糧u裕b大s幅t衡a慈n重c貧e情O殿v邀e旨r狼F絞o誓r慘m盤C減o策n批v孩e義n飼t趴i釋o秧n）指遼在這對(duì)稠上曬市壟公終司樹不刊確豈定貸的當(dāng)經(jīng)及濟(jì)昌業(yè)頃務(wù)崖進(jìn)討行杰處掃理零時(shí)晃應(yīng)畏持邊保耐守咬態(tài)頁度洲，親其節(jié)運(yùn)擇用忙建退立許在腳會(huì)街計(jì)抬人島員境主溪觀鍬判鳳斷降基魚礎(chǔ)彼之峽上聲，平因贈(zèng)而我有握可煤能喉成浸為潑上思市怨公嚷司答管炎理殃當(dāng)短局墻操忽縱廊利篇潤(rùn)播、櫻玩判弄濟(jì)數(shù)馬字持的農(nóng)工幫具陰。指尤在季對(duì)爬上摧市伙公顫司翠的飽經(jīng)偉濟(jì)死活再動(dòng)租進(jìn)師行校計(jì)耗量射時(shí)藏，丘應(yīng)歐以臭交固易玩發(fā)糊生壩時(shí)汗的級(jí)實(shí)叼際咳價(jià)篇格遙作餃為福記鋼錄曉依萍據(jù)料，認(rèn)然系而棵隨毀著地公材司走經(jīng)新營(yíng)旋環(huán)錦境晶的繩深條刻蒜改皮變?cè)?，霧其蠟合霸理移性單受后到脫越蝴來墻越研多艱的近爭(zhēng)臭議把。在暮實(shí)買際扣操飯作朋中澤，思在耐兩便者其之陣間表很瞎難掉確筆定來一躲個(gè)疑明速顯誘的殃界爛線夠，鍵上炒市至公底司獅往尼往遲通艷過孟將抄收險(xiǎn)益逮性星支從出纖資樂本妹化粥來接虛妙增逢利軟利灣潤(rùn)竿。該昏原咱則刑要仿求的上盛市雞公喚司紫應(yīng)悄按貪照賤交腹易煤或本經(jīng)情濟(jì)怠事貞項(xiàng)腫的易實(shí)糟質(zhì)慘進(jìn)御行挪會(huì)絲式計(jì)蘇核墨算糞，姻然邀而釘現(xiàn)歷實(shí)短中飛公罰司除仍恢可運(yùn)以般采訊用木各圍種倚手抖段增扭徒曲鏡報(bào)絹表袖。賣此職時(shí)榨就結(jié)需神要酬我脊們害按剝照從該吸原粒則趴來丹調(diào)筒整河報(bào)明表通以盟便學(xué)進(jìn)度行找分非析彎。1對(duì)傳報(bào)刮表佳分線析起有危重條大肚影口響獸的趙幾評(píng)個(gè)寄原挨則師：權(quán)統(tǒng)責(zé)傅發(fā)臭生研制爭(zhēng)（A慶c授c畏r猛u奪a檔l蔑s垂C鍵o爬n臺(tái)c杠e厲p躁t）其味含犧義鄙是斬根曲據(jù)則權(quán)蔽責(zé)太發(fā)圾生持關(guān)榮系姐按信實(shí)嫁際倒發(fā)驅(qū)生痛的判和輩影隨響雄的路期行限蛾來卵確長(zhǎng)認(rèn)窮公捉司鮮的駝收虧支豈和糟收濾益鑒，昆給鹿財(cái)論務(wù)相報(bào)毒表挺分憐析右?guī)б箒砑沟拿C最伴大私影烈響事就躬是柄損牢益張與宣現(xiàn)界金拼流顫轉(zhuǎn)卡的禮相鵲分奇離句。1財(cái)暮務(wù)蠟報(bào)睜表陰基悉礎(chǔ)制兩約弦上挨市蹄公熄司砌財(cái)先務(wù)伍報(bào)搭表穴編郵制蒸的屢法尚規(guī)扮體口系《會(huì)尖計(jì)憲法》企墓業(yè)垃會(huì)孕計(jì)童準(zhǔn)敏則《上砍市民公星司悅會(huì)烤計(jì)墊制紛度》上反市攤公奧司悼信登息標(biāo)披問露島制扮度F咬i博n做a棒n切c岸i跟a昆l移S凈t葛a廳t聯(lián)e溫m哪e雞n賭t在s財(cái)港務(wù)待報(bào)鉆表脹基扛礎(chǔ)財(cái)幫務(wù)芝報(bào)欠表活的脫組自成現(xiàn)病金斜流箭量傭表(神S小t徐a借t污e沖m屈e法n抄t印o騎f厭C托a獵s踐h姨F庫l滅o栗w活)反往映背了雀公趨司洲一傷定惰會(huì)嘆計(jì)論期堅(jiān)間顯內(nèi)便現(xiàn)澡金來和珠現(xiàn)恭金騎等繁價(jià)縣物裁流脂入乏和境流俯出片的翻信唉息尋。經(jīng)浮營(yíng)栽活嶄動(dòng)革的念現(xiàn)替金灑流+投柱資翁活餡動(dòng)盾的擊現(xiàn)自金哄流+籌添資訊活載動(dòng)炎的才現(xiàn)圾金捆流=現(xiàn)桑金勝的管變家化見量資測(cè)產(chǎn)松負(fù)超債尖表(盡B嘉a標(biāo)l躁a釘n成c騰e渠S肚h敗e塔e對(duì)t膜)反寇映受了碗公乘司僅在榨某糠一佛個(gè)薄時(shí)土點(diǎn)區(qū)上直的早靜披態(tài)澇財(cái)鉛務(wù)量狀召?zèng)r鵲。資余產(chǎn)=負(fù)全債+股匆東訪權(quán)賀益損軋益謙表(憐I沃n誕c條o迫m臭e綱S字t戲a孟t見e存m醉e功n踢t抓)記麻錄勤上塊市梳公棉司托某敬一范會(huì)雕計(jì)銀期爬間剃財(cái)手務(wù)翁成扛果穴的慰報(bào)餃表介，踢反險(xiǎn)映勁了楊經(jīng)望營(yíng)府活嫌動(dòng)層如癥何驕造考成竭股付東錯(cuò)權(quán)山益恨的型增囑加驚或醒減扯少。凈剩利胃潤(rùn)=收帆入–費(fèi)筒用附掙表一循般耕包林括票：寺資付產(chǎn)蘆減置值散準(zhǔn)股備生明向細(xì)承表貫、漂股慨東管權(quán)剛益閉表狡、社應(yīng)鉛交婚增靠值隨稅螞明邁細(xì)此表吵、職分?jǐn)R部誰報(bào)同表病（孫業(yè)顧務(wù)孝分絲式部腫和聯(lián)地旋區(qū)窩分歸部丸）腥等啄。報(bào)配表絨附煮注對(duì)枯報(bào)霞表跑主伙體舞的樓形鄰成何以怒及葡重槳要鄉(xiāng)豐報(bào)壺表鞏項(xiàng)曠目竊的虎明頓細(xì)羅說搜明啄。審燃計(jì)坦報(bào)市告資果產(chǎn)對(duì)負(fù)月債恒表損虛益里表現(xiàn)置金棕流囑流鉆量鵲表股甩東糟權(quán)踐益廚表財(cái)旁務(wù)幅報(bào)辮表由基貿(mào)礎(chǔ)基弱本立財(cái)隊(duì)務(wù)癢報(bào)風(fēng)表悟間蛙的棕關(guān)由系財(cái)艱務(wù)艘報(bào)妹表轟分吳析企秘業(yè)挨活弄?jiǎng)有c緣瑞財(cái)工務(wù)扯報(bào)隸表凈神金袖融粥資克產(chǎn)（N壟F車A）FD普休通話股股田東紗權(quán)辛益凈中經(jīng)片營(yíng)刷資瘡產(chǎn)（N致O悔A）CI消灶費(fèi)路者廠靜商O廟RO闊E經(jīng)國(guó)營(yíng)易活桃動(dòng)金痛融交活懸動(dòng)債闖權(quán)景人狠或債為務(wù)怒人股潔東公環(huán)司產(chǎn)壯品棚和陶要頑素撞市返場(chǎng)資膝本詞市環(huán)場(chǎng)財(cái)坡務(wù)證報(bào)華表鳥分春析通隔常國(guó)所憑見裳的木財(cái)玻務(wù)忍報(bào)拖表員是傾根創(chuàng)據(jù)盒一捕般斗會(huì)岸計(jì)潑原悲則析和濫報(bào)萌表課編脆制寺原銅則閘以羽及發(fā)證導(dǎo)券墨監(jiān)屠督中委倆員松會(huì)灰所販頒允布櫻的侍信軌息容披再露向規(guī)哨則殼所儉要所求階的西格隨式乳編往制遺的議，答但恥該坑格勵(lì)式宴并差不釋便勢(shì)于奴我呢們選獲桃得陶分魚析貫時(shí)勒所張需樹要屆的奸藍(lán)步圖絕。很因犬此塑就壩需開要與對(duì)避報(bào)型表壺進(jìn)舍行更必昏要姿的調(diào)桿整，嫂將縫報(bào)昆表燒中虧的煎流斤量截和費(fèi)存盈量尼與陶企淚業(yè)棚生鑒成慕價(jià)形值兼的遙活玩動(dòng)素一揉一庭對(duì)科應(yīng)改，藏從駝而先使苦報(bào)龍表脈更營(yíng)鮮幟明匯突壇出艷地劫展因示梢其楊背瓶后鋤的攻故月事弟，磁并哥為恢隨典后星的菌財(cái)姻務(wù)雁分啊析沸和軋預(yù)備測(cè)蒙打非下已基殘礎(chǔ)微。財(cái)棗務(wù)揭報(bào)對(duì)表豪分淘析現(xiàn)未金階流家量秋表資的群調(diào)固整尺：資俊產(chǎn)病負(fù)非債悄表斬的粒調(diào)商整猛：損拴益怕表港的倚調(diào)所整無：財(cái)歉務(wù)圾報(bào)誘表攪分軋析重巡壽新腐編粉制鼠的央報(bào)投表喘中兼的列一漂些違重催要閘會(huì)幟計(jì)兔關(guān)賣系圈：1）句剩袋余急現(xiàn)崖金傭流類的奧產(chǎn)抗生摧：3）哲股興利戴的帽驅(qū)線動(dòng)匯因勾素椅：2）夫剩冊(cè)余曾現(xiàn)秩金肆流包的投處廟置羞：4）冊(cè)資僻產(chǎn)竿負(fù)濁債淘表意中史存題量橫的運(yùn)驅(qū)求動(dòng)珍因檔素材：財(cái)昏務(wù)尾報(bào)描表材分序析重好新趁編爬制禁的化報(bào)妥表踏中協(xié)的杯一藍(lán)些囑重帶要蘿會(huì)程計(jì)金關(guān)轟系同（研續(xù)友）盡：5）會(huì)股取東足權(quán)銳益仗表窗中鋤存庸量損的胃驅(qū)風(fēng)動(dòng)羨因茄素株：財(cái)匠務(wù)寨報(bào)獸表絕分詢析資治產(chǎn)救負(fù)撐債掩表衰的爛調(diào)扭整財(cái)聾務(wù)焰報(bào)愧表嬌分甘析損程益米表墻的恒調(diào)漆整稅遮盾鍬效憐應(yīng)接（T蚊a擔(dān)x圓S灑h恨i械e裂l辣d）財(cái)雪務(wù)也報(bào)扶表逮分即析現(xiàn)掛金料流街量具表吐的淚調(diào)肯整財(cái)翻務(wù)攪報(bào)領(lǐng)表澆分鎖析股撤東桌權(quán)毫益再表孟的像調(diào)腎整比漫率乓分唯析比豎率續(xù)分互析是敵財(cái)譯務(wù)年報(bào)享表影分飾析詠的熊基遷本扎方連法響，偶它欠是射將猶同提一愁報(bào)媽表洽的晶不胸同甘項(xiàng)兆目租或澡不司同暗報(bào)欣表靈的軟相漏關(guān)礦項(xiàng)慕目覽進(jìn)敘行皆比安較場(chǎng)，釣并想用遵比遣率瞞來材反棄映紡它撒們榨的叼相睡互顆關(guān)起系盯。借帶助附財(cái)考務(wù)首比飯率終我吼們算可長(zhǎng)以講進(jìn)叢行窗不擁同各規(guī)租模寄公窮司始的夠風(fēng)曾險(xiǎn)丈和農(nóng)收似益量比伏較弓，百它近為席我洞們當(dāng)提每供優(yōu)了珍一蹤蝶幅謙公箱司肆的樸剖夏面牙圖巾，頭使坦我飲們踩了踩解托其晝經(jīng)澡濟(jì)療特兇征追、汽競(jìng)父爭(zhēng)伸戰(zhàn)貞略攔以委及傭運(yùn)局營(yíng)瞧、究財(cái)食務(wù)倉和渡投教資簽方貢面搭的雄特挎點(diǎn)改。比且率壟分拆析比將較銜分綠析—游—相揀對(duì)畜比博率屢的糟重巡壽要因性財(cái)騙務(wù)夢(mèng)報(bào)動(dòng)表本數(shù)墊據(jù)宏觀經(jīng)濟(jì)形勢(shì)該公司所在行業(yè)的其它公司公司以往的歷史業(yè)績(jī)比糟率聯(lián)分稍析同奪比醉財(cái)婦務(wù)換報(bào)坡表區(qū)（C儉o違m膏m無o拐n杏S臣i良z留e腎S詞t舌a紀(jì)t全e登m棄e搞n角t托s）資赤產(chǎn)豈負(fù)耳債氣表—級(jí)—按議其縣占總熟資障產(chǎn)的懶百碰分徑比期表幣示損盯益作表—婚—按梁其外占銷送售功收贈(zèng)入的竟百盆分愈比覺表知示現(xiàn)賞金波流濤量銷表降（籮直搜接補(bǔ)法宏）—蕉—按資其溝占銷所售艘商扯品晃或支勞船務(wù)嚷所愿收微到招的啟現(xiàn)洋金的沉百僅分躬比杯表橫示比慈率禁分稿析盈搭利飄能民力財(cái)乘務(wù)融比宅率償強(qiáng)債止能棕力經(jīng)雁營(yíng)腸效脾率存敲貨燥周盲轉(zhuǎn)兄率平瘋均壺存塘貨越周元轉(zhuǎn)蔽天嫂數(shù)應(yīng)困收鄭賬遣款裁周飾轉(zhuǎn)湯率平案均喊應(yīng)定收銜賬蠶款天回杜收煉期應(yīng)殃付惡賬拒款宗周怎轉(zhuǎn)寧率平堵均所應(yīng)烘付足賬凡款抱償蔑還匙期營(yíng)業(yè)運(yùn)榴資粘本義周補(bǔ)轉(zhuǎn)醋率固相定但資社產(chǎn)崖周券轉(zhuǎn)菌率總罷資厘產(chǎn)嫌周李轉(zhuǎn)笨率權(quán)舅益棚周斷轉(zhuǎn)囑率經(jīng)拖營(yíng)德風(fēng)游險(xiǎn)投畏資弟收池益銷喉售要毛工利厲率營(yíng)神業(yè)坐利論潤(rùn)考率息質(zhì)稅商前譯利輸潤(rùn)囑率稅旬前扣利蘆潤(rùn)續(xù)率凈康利腸潤(rùn)餓率邊腳際論貢朵獻(xiàn)筋率總乞資碑產(chǎn)斯收賞益者率凈靠資丟產(chǎn)件收爐益絨率普提通匙股擺權(quán)水益芽收標(biāo)益崗率銷興售壁現(xiàn)東金脆比攜率總初資洪產(chǎn)峰現(xiàn)溪金飛回封收累率現(xiàn)雀金廉周桌轉(zhuǎn)嘩周移期流加動(dòng)供比愿率速杰動(dòng)緊比鴨率現(xiàn)聯(lián)金抗比寒率經(jīng)沖營(yíng)桐性睜現(xiàn)葉金墓流木比冤率防建御是區(qū)襯間資恢產(chǎn)優(yōu)負(fù)厚債朝率股注東螞權(quán)卷益然比稀率債欣務(wù)技權(quán)揉益暫比滅率長(zhǎng)櫻期膀資縫產(chǎn)詠負(fù)述債矛比張率利剛息咱保膝障副倍缸數(shù)固舍定叫財(cái)莊務(wù)育費(fèi)信用顫保業(yè)障朋倍畫數(shù)現(xiàn)隸金般債非務(wù)葬比每率利理息瓶現(xiàn)軋金句保拿障沃倍編數(shù)固謊定擱財(cái)網(wǎng)務(wù)孝費(fèi)奧用傳現(xiàn)薯金揀保熔障茂倍議數(shù)資剃本斗支饒出替比香率營(yíng)灘業(yè)污利大潤(rùn)矛變厘化雪率銷骨售吐收匯入瞇變膨化燙率凈氧利獲潤(rùn)看變憐化摩率經(jīng)肆營(yíng)雙杠惹桿鍵比廉率財(cái)伏務(wù)汁杠兇桿暑比刷率總羽杠近桿摩比賢率普通通蹲股刺每殼股桐收客益普嘆通柴股戒每矩股午現(xiàn)鈴金能流每奧股輔凈傾資售產(chǎn)市掏盈新率市杰凈沖率派猜息您率股匙利味保胡障靠倍美數(shù)股乓利購報(bào)拴酬冶率比賞率征分端析比出率翠分介析板時(shí)店需督要飾注喜意支的頓問聰題狹：孤暫立熔的洗看閉待常財(cái)惠務(wù)紹比景率儲(chǔ)是腥毫凈無液意糟義晝的片。裙這碗是兼我換們灰反伸復(fù)悶在灑強(qiáng)宵調(diào)堪的返，項(xiàng)只能有景通押過丈比鍋較揮分棋析更（燙與衫行取業(yè)樣、誼其畜它拍公屋司磁或憤公風(fēng)司查自掃己克的券歷回史添數(shù)卸據(jù)毯）豬才勉能沿看鑒到宗比項(xiàng)率非所敢蘊(yùn)虧含追的催意翅義局。不繪同恥公商司拔間伴是增否故具倆有扮可瘡比懷性耽？敏使移用淺不辯同嘆的句會(huì)折計(jì)銀處仔理激方超法蠢，第會(huì)旬導(dǎo)仔致抗兩趴家象相丙同姜的啄公劉司援表鳳現(xiàn)澆出輪完腹全剖不捧同肥的波財(cái)府務(wù)識(shí)數(shù)支據(jù)溪和慰比爭(zhēng)率殊。鋸因耍此啟，催你析必恥須短考旋察曉公仔司鵲主更要夫項(xiàng)鉤目革的綠會(huì)督計(jì)宣處蜜理果方巷法商，級(jí)并都在中比匙較捉時(shí)側(cè)對(duì)晨主萄要腸差托異分進(jìn)錫行謠調(diào)賊整杏，焦這窗樣異才吳能紫得梁到蜓有植效揮的垂比顆較趟結(jié)澆果竹。羅在友對(duì)奧不曲同吃國(guó)住家偶的擺公貍司巾進(jìn)毒行內(nèi)比辟較懲時(shí)望尤宅其畢需部要窗注測(cè)意方這副一婆點(diǎn)皮。公讓司運(yùn)內(nèi)憲部刻的泰同緣瑞質(zhì)娛性辣？轎許覺多俯公鐵司爆都簽包逗含茄幾叫個(gè)溫在嫌不溜同題行器業(yè)秒經(jīng)盆營(yíng)哨的添部披門秋，碑此膝時(shí)氣一脊般滋很罩難泡獲敞得灰能暴與椅公閉司鈴整冬體考數(shù)浸據(jù)賭進(jìn)要行句比李較厲的紅行僵業(yè)素比隔率羨。分浴析各結(jié)終果嬸的爐一拿致互性迅？綢在地對(duì)歡公敏司務(wù)進(jìn)潛行代分石析碗時(shí)痛，敗我掩們罩不胡能誰僅刺僅同依家賴合某踢一冤個(gè)是或墨某士一陽方堪面劍的裂比卻率襪，途而樓是掃需頌要賺系塘統(tǒng)險(xiǎn)地結(jié)綜群合礙地妹考丹慮誰各級(jí)方截面她的蕩比羽率須，瓜從筆而清得咸出軋一叛個(gè)啟完向整觀一施致莖的耐結(jié)層果疏。紅例纖如俗，絨一告家炸公鵝司廚可根能窯有改短灑期候流喘動(dòng)逮性付問壤題責(zé)，妙但沃它存的勾盈錦利泄能丹力漢非狼常營(yíng)好虎，升這哲意炎味權(quán)著歡隨殃著虧時(shí)學(xué)間涼的好流弱逝菠它附的匹流贏動(dòng)任性竊問譽(yù)題牲會(huì)泊逐發(fā)步送緩叉解傷。財(cái)遵務(wù)濕比龜率初是鳥建滿立征在哀公優(yōu)司塘所勸公崖布郊的筋報(bào)爪表宋數(shù)陷據(jù)眠的境基缺礎(chǔ)秒上蒜的亂。孩數(shù)返據(jù)驚的攻真課實(shí)體性志、評(píng)完密整弄性騙直碌接憤決達(dá)定腦了拜比擋率鈔的老有只效靜性灰。財(cái)聯(lián)務(wù)蒸比因率轉(zhuǎn)只童能江幫驚我違們菜發(fā)回現(xiàn)筍問過題珍，豈但李不析能勵(lì)回陸答相問腥題般。盈慌利賀性擱和惰成侍長(zhǎng)積性藥分馬析這公部硬分間進(jìn)款一鍬步般討譯論敏財(cái)桃務(wù)胞指醉標(biāo)攜體延系孝的斯綜嗚合湖運(yùn)析用店。裁我越們菊將糕對(duì)證上做節(jié)棒學(xué)閘到旦的末財(cái)忠務(wù)糖比憶率軟進(jìn)伸行攔有臘效負(fù)的告組傍合棍，跪通拴過列它訴們堤之緞間田的保相災(zāi)互漆聯(lián)滴系養(yǎng)，記來消解筐釋果企鋤業(yè)贏運(yùn)氏營(yíng)吐的芹結(jié)墳果浮和芬發(fā)逆展漠的胖趨漠勢(shì)觸。槽注且意獲力獎(jiǎng)集缺中意在幸普柔通掠股差權(quán)碰益輔收溪益棕率場(chǎng)和詢權(quán)柏益縮慧投梢資拼的慰增女長(zhǎng)關(guān)上麥，難對(duì)結(jié)前悔者廚的纏分趨析霧常碼被問稱唉為盈杠利饅性知分硬析，臣而泳對(duì)撕后融者娘的棗分獄析柄則選被盤稱叔為成幟長(zhǎng)墻性柜分孟析。盈餃利悔性免和牙成盜長(zhǎng)金性注分窩析經(jīng)甚典皂杜尼邦鑄分思析杜子邦榆財(cái)由務(wù)鬧分倘析舊體云系費(fèi)（T腿h玻e環(huán)D旨u粗P員o積n顯t柱S慶y箏s委t買e弟m）登是掃分參析超公蘆司跟盈痛利沸能旦力壁的旗一疑種沃非命常艦實(shí)較用戚和洗有誼效段的喂手所段牌。當(dāng)它愛最推早俗是捧由其美扁國(guó)東杜遙邦距公蕩司旺的仿經(jīng)虎理黨創(chuàng)高造秧出濾來乏，烤故瓜稱昂之窯為纖杜蒙邦譜分萌析蘇體騙系筍。秩這臺(tái)種削分妨析泛方尖法語從所評(píng)歲價(jià)只企活業(yè)縫績(jī)乏效報(bào)最湖具友綜砍合圍性閃和煎代巴表轎性逮的館指欲標(biāo)—嶼—權(quán)蜘益槽收歉益?zhèn)髀蕘y（互即衫凈戶資訂產(chǎn)庭收士益苦率笑）枯出葬發(fā)直，侵將迎其售分倉解竭成察若步干母?jìng)€(gè)貪組蠅成堂比圾率燃，煤以怖便木分助析惱權(quán)役益帥收嬌益池率余的酬變叮動(dòng)罰的轉(zhuǎn)內(nèi)昌在探原祖因澇和巨變委動(dòng)爐的通趨證勢(shì)鄭。原童始飽的遮杜丑邦浴分竊析倆體敲系瞧（O金r副i溫g叫i橫n槐a溫l葉D材u智P韻o濟(jì)n礦t品S遣y矮s縣t聚e伸m）盈惕利慎性宿和刮成油長(zhǎng)徒性緩分備析擴(kuò)岡展飛的量杜滿邦顯分灣析艇體紋系遇（E刮x伏t禍e踢n住d辛e章d射D霞u花P骨o側(cè)n錢t計(jì)S秒y著s旦t瘡e咐m(xù)）盈停利礙性無和翠成陪長(zhǎng)侍性綢分投析新惜視云角婦的踏盈其利扔性鍬分護(hù)析基案于偉調(diào)巷整鑼過注的有財(cái)簽務(wù)績(jī)報(bào)拆表盈率利馳性越和停成帶長(zhǎng)鑒性圈分尺析成襯長(zhǎng)京性眠分零析公諷司鑰的緞成內(nèi)長(zhǎng)博，恥與疊任延何往一警個(gè)胞經(jīng)諷濟(jì)銜體徑的產(chǎn)成喉長(zhǎng)早一勢(shì)樣稍，眾取緣瑞決由于粱兩殲個(gè)喂因摸素—租—資曠金郵在初公貧司胳中拉留戀存說和難再壤投蝦資師的斥數(shù)僚量狂以率及怪留養(yǎng)存捕資袋金圈的鋪收淘益殿率倡。盈燥利六性帥和汗成趣長(zhǎng)封性豈分近析經(jīng)倍營(yíng)債活折動(dòng)霧的芬變魯化洽分績(jī)析盈吃利往性嗓和委成菠長(zhǎng)濾性迎分攀析由功資次產(chǎn)紐奉負(fù)緣瑞債農(nóng)表折對(duì)嚇普屯通船股糊權(quán)伐益承的軟變叮化甚分浴析本躺章工小炒結(jié)財(cái)使務(wù)同報(bào)傅表游分透析弱是忘基碧礎(chǔ)勉分恩析墨的宜中虧心吹。失財(cái)睬務(wù)籃報(bào)距表集記弦載蠶了河公像司桌的脅財(cái)?shù)緞?wù)驅(qū)狀廚況虛和漸經(jīng)從營(yíng)叨成夠果晉，就是屈公雪司扇經(jīng)左營(yíng)柏歷掉史仔的觸最娘好螞反眉映唐，聚通暖過來財(cái)竟務(wù)喉報(bào)絡(luò)表落的豪分膝析兵我護(hù)們巷可浴以制了科解運(yùn)公綢司綁的暖方控方建面錄面朗。編場(chǎng)制征財(cái)唉務(wù)只報(bào)扛表特要畢遵僑循蛙一告定亞的薦會(huì)端計(jì)銅原側(cè)則蘋，熊而膜這矩些概原厲則騾又栗是效建麗立占在跨一壟些多基盯本區(qū)的普會(huì)桐計(jì)歲假憑設(shè)規(guī)基秒礎(chǔ)畢之年上慢的標(biāo)。個(gè)兩譯者住共疏同濤制稼約臂著太財(cái)針務(wù)存報(bào)店表誕的攔編或制衣，硬并僻影粥響反我麻們敞對(duì)羽財(cái)繪務(wù)芬報(bào)社表酬的廚分臥析孔?！稌?huì)忙計(jì)炸法》、《企挽業(yè)臥會(huì)住計(jì)墊準(zhǔn)咽則》、《上液市擊公謎司積會(huì)酬計(jì)范制模度》和雀上須市幸公甲司疑信紹息捎披測(cè)露榨制陳度束一皇起慰共也同鞠構(gòu)步成瞇了臂制爽約撕我何國(guó)唐上值市輕公桂司孝財(cái)孔務(wù)恥報(bào)雙表悉編慢制幕的攜法周規(guī)碧體羅系巾。本旗章配小教結(jié)上坊市泄公當(dāng)司孝財(cái)裂務(wù)漏報(bào)柄表添是碑包唱含腥基龜本四財(cái)?shù)饎?wù)甜報(bào)背表尊、刷附距表弓、舒附宋注滲及洲財(cái)唉務(wù)預(yù)情虛況鳳說附明何書回等生內(nèi)送容正在鋸內(nèi)當(dāng)?shù)娜y(tǒng)之一娘體拒。尤其回中拋，染作兇為拐主眠體栗的嗓基剩本飛財(cái)方務(wù)挎報(bào)抬表灶是膊由漲上鉗市秧公發(fā)司步會(huì)法計(jì)城部氧門絡(luò)提鑄供渠的天反她映捏上熟市堡公淡司順某瞧一陶時(shí)石期貢（牲或汽時(shí)且點(diǎn)發(fā)）雜財(cái)秋務(wù)時(shí)狀處況益與奸經(jīng)辜營(yíng)醉成鈔果醬的券書駱面顛文躬件累，鉛包餐括旱資逝產(chǎn)耽負(fù)魚債綱表謝、婦損努益蜜表雨、犧現(xiàn)勤金括流母量其表牛以芒及束股趣東和權(quán)耍益件表誘。盯而男報(bào)四表龍附話注池是美在販基躺本砍報(bào)呈表別主崖體俘之斜外獻(xiàn)列烘示斤的雅、晨對(duì)搞報(bào)旬表句主父體惹的龍形類成疏以昏及維重盯要獅報(bào)田表尤項(xiàng)或目吐的聲明煮細(xì)朝說扣明該，邀有粉助府于歡投賴資值者濃更卷好例的尿分撥析弱和標(biāo)理黃解節(jié)公網(wǎng)司僅的社財(cái)妻務(wù)家報(bào)預(yù)表器。通科過冰對(duì)呼財(cái)吉?jiǎng)?wù)禽報(bào)漸表喉進(jìn)聾行蛇一蘋定誦的急調(diào)稀整客和該重慘新畏編奮制勤，誰我啞們?？捎耘矢楹米h的鄰觀絲式察瓣公繭司肢所馳進(jìn)頂行井的減三鴿種石活紀(jì)動(dòng)—羞—融但資蛾、系投啦資謝和渡經(jīng)蛾?duì)I麥活悠動(dòng)科，仙了側(cè)解鹽“飽數(shù)稀字副背葵后皆的份故沉事里”圈。摩調(diào)隨整仗的嶺基輝本焰思稻路雜是誤將狠報(bào)魄表微中洽的饅經(jīng)該營(yíng)醒性姑項(xiàng)瞞目徒和捎金范融店性喚項(xiàng)灘目姐區(qū)濁分焰開歷來慣，男以島便樸分允別?？技尾於裙人竟姆唇?jīng)乏營(yíng)足活墾動(dòng)趟（恥包墊括堵投攤資罪活冷動(dòng)銹）化和麥金朗融劇活斧動(dòng)捐。本盞章走小極結(jié)財(cái)滑務(wù)洽比票率血是架將茄同熊一披報(bào)指表群的啟不植同影項(xiàng)筐目戴或藏不凈同躺報(bào)單表估的戰(zhàn)相綱關(guān)壇項(xiàng)幣目旗進(jìn)活行舅比魔較員，庭并亭用矩比隱率撇來渾反瞎映澤它造們懲的唱相躬互毀關(guān)廈