第章經(jīng)濟(jì)風(fēng)險(xiǎn)的計(jì)量與控制

第11章經(jīng)濟(jì)風(fēng)險(xiǎn)的計(jì)量與控制

一、經(jīng)濟(jì)風(fēng)險(xiǎn)程度的計(jì)量

二、經(jīng)濟(jì)風(fēng)險(xiǎn)的控制學(xué)習(xí)目的：

通過(guò)本章學(xué)習(xí)，了解和熟悉經(jīng)濟(jì)風(fēng)險(xiǎn)的基本含義及其對(duì)企業(yè)所產(chǎn)生的影響，掌握經(jīng)濟(jì)風(fēng)險(xiǎn)的計(jì)量方法，并利用相應(yīng)技術(shù)方法控制經(jīng)濟(jì)風(fēng)險(xiǎn)。一、經(jīng)濟(jì)風(fēng)險(xiǎn)程度的計(jì)量

1、匯率風(fēng)險(xiǎn)與經(jīng)濟(jì)風(fēng)險(xiǎn)

匯率變動(dòng)對(duì)跨國(guó)經(jīng)營(yíng)活動(dòng)主要表現(xiàn)在：

現(xiàn)金流量（cashflow）經(jīng)濟(jì)風(fēng)險(xiǎn)

財(cái)務(wù)結(jié)構(gòu)（financialstructure）會(huì)計(jì)風(fēng)險(xiǎn)經(jīng)灣濟(jì)胸風(fēng)捆險(xiǎn)雷：音指未壞預(yù)泉料明到的侄匯屠率牲變傅動(dòng)桃對(duì)特跨策國(guó)碎公載司屠未妥來(lái)稅亂后現(xiàn)推金冒流呼量?jī)舳挰F(xiàn)謊值的孟影屆響肝，畏也伍即牧對(duì)楊公給司遞盈嫂利漆能蕉力削和搞公鬧司料總療價(jià)乘值良（勿股狗東脂財(cái)貢富價(jià)）龍的良影厚響較；并會(huì)趕計(jì)蓮風(fēng)揉險(xiǎn)粱：羅指者匯位率巡壽變鋸動(dòng)戒對(duì)司財(cái)絕務(wù)瞞結(jié)軋構(gòu)毀的忽影鐮響慈，煤主貪要降體佳現(xiàn)洪在惕股制東纏權(quán)暑益違帳永面炕價(jià)榆值譽(yù)的疾變爬動(dòng)號(hào)上免。匯罷率買(mǎi)、熟利擱率報(bào)、裳通查脹悅的膨變汪動(dòng)折未算扒率配應(yīng)揀考透慮繼風(fēng)肌險(xiǎn)噴報(bào)安酬酬因畢子歪；疏資涌本尾成掉本緞也繡變脖化是乞帳悉面牛風(fēng)記險(xiǎn)枯，犯如泄資速本柄市息場(chǎng)吼有鳳效綱，跪不映會(huì)帳影崖響蘇企擺業(yè)雨的種真廟實(shí)沈價(jià)潤(rùn)值圈，順特括別篩是胞會(huì)現(xiàn)計(jì)鞏數(shù)辟據(jù)爹與棍現(xiàn)閉金狐流牙動(dòng)最存顫在墳重鳳大尼分子歧勞時(shí)怒。2威、巨匯愚率領(lǐng)變找動(dòng)賓的取經(jīng)灶濟(jì)紙結(jié)雷果商通早過(guò)怨購(gòu)茂買(mǎi)甩力求平彼價(jià)辛和超國(guó)責(zé)際諷費(fèi)肌雪宰效罵應(yīng)敢，校影襯響抓通過(guò)貨百膨捐脹亭、陰物布價(jià)普變味動(dòng)逃和茅利傻差膝，攏進(jìn)決而遼影墾響蠟跨哭國(guó)男公絹司壩的松銷(xiāo)都售季、膠成銜本側(cè)、宏費(fèi)垂用店，懂影拿響足企召業(yè)乒的衣現(xiàn)詞金殼流縮慧量政。儉1蓋）臉通乏貨備膨喉脹嚷、廣利允差臺(tái)與盈匯偉率臥風(fēng)望險(xiǎn)實(shí)窯物趟資框產(chǎn)保奔值列商竹品雷市襲場(chǎng)披的傅效匙率金宋融材凈志資谷產(chǎn)保燒值累金梅融暗市杏場(chǎng)勿的溝效教率匯為率譽(yù)變饅動(dòng)取越?jīng)Q主于取請(qǐng)決紫于必耳然絡(luò)存拋在過(guò)風(fēng)什險(xiǎn)企畏業(yè)割擁預(yù)有赴的貌二鋤類(lèi)逆資拔產(chǎn)考原察效匯雙率撤與懇通榨貨后膨冠脹唱率獵對(duì)魚(yú)企營(yíng)業(yè)古經(jīng)厘濟(jì)堡風(fēng)允險(xiǎn)巴的肺影耀響監(jiān)：呀匯蘿率唉變水動(dòng)松通亞貨超膨若脹破率幕交油易課涉魯及輸風(fēng)錦險(xiǎn)羽類(lèi)債型香：作（躲1嶺）裁簽傲定賞固筆定頑匯敵率洗的亞交變易沈：放如犧長(zhǎng)能期斤租濫賃午、不聘秩用神合豈同滑，橡其登中拉包偏含碌的陰風(fēng)恭險(xiǎn)倚已拾不素再芝是議匯麗率眨風(fēng)愚險(xiǎn)智，肅而堤是彎該醫(yī)種級(jí)外如幣捐的個(gè)通孔賬豈風(fēng)痛險(xiǎn)激；舟（夏2遣）銀以蓋外逆幣街結(jié)毅算嘗的觸交救易學(xué)，霉可脈能鞋只偏出條現(xiàn)盾匯趙率鹽風(fēng)區(qū)險(xiǎn)芹，賊而裙不互存境在逢通密賬況風(fēng)規(guī)險(xiǎn)互扣為進(jìn)影句響因悄此麥，漲考盟察匯巧率紙與飄通印貨錢(qián)膨姻脹逮率盾對(duì)紀(jì)企駐業(yè)色經(jīng)震濟(jì)酬風(fēng)糖險(xiǎn)趨的睬影永響惰，銹關(guān)漢鍵蓄在陰于焦判初斷毫兩渠者迅的影變初動(dòng)丸能浪否拾互桌相哲抵臂消營(yíng)，磨而體不跡是匹變吉?jiǎng)討械臉?biāo)絕擱對(duì)咬值磁。例你：嚼7惕0耕年飲代稿，頂瑞同士共法禮郎爐對(duì)擊美狡元場(chǎng)的揮變強(qiáng)動(dòng)既超堆過(guò)扛兩連國(guó)醉通延賬退率眨之鋒差讓?zhuān)杲o鑒瑞都士瞞手袖表召制扇造穴業(yè)咬帶氏來(lái)書(shū)很嗚大譽(yù)的冶壓吳力民：碧日鞏本搖的貼強(qiáng)通大露競(jìng)謎爭(zhēng)映瑞輪士顛勞屋動(dòng)號(hào)力懲成頭本薦居序高密不爺下企與業(yè)賭效斤益涉大巡壽大努下膽降壞姜的挨影絲式響打：例冊(cè)：柔1授9曠8朱2允年遣墨劇西到哥畝比筆索導(dǎo)對(duì)恐美假元捆貶予值下使吵墨跨西武哥傅一族家塊世簡(jiǎn)界粘最父大梯的渠銀堅(jiān)礦其冶毯煉扯企僻業(yè)衛(wèi)增怖加買(mǎi)了脖2抹0輪0輩%射的漿美慶元張利俊潤(rùn)霧，居原束因鼠是山：亦比掘索黎成墨本取下固降板出遇口律美記元?jiǎng)P收奪入紹保開(kāi)持鴉不炕變好事的絨影賓響林：相拒對(duì)才價(jià)溝格牲變撞動(dòng)定還瞧與調(diào)政尸府猶對(duì)筆物協(xié)價(jià)抖和功工后資狐的擇控過(guò)制炕有盤(pán)關(guān)帖：熄貨站幣遠(yuǎn)貶么值欺情卸況茄下躁，烏對(duì)簽于梅利謹(jǐn)用樸當(dāng)鞭地凝資吉源柴生杰產(chǎn)筒，斯產(chǎn)雹品坡外沉銷(xiāo)公的紀(jì)公偉司剝：征①碌政芝府昏控聯(lián)制切物企價(jià)島和呢工申資雖；旨②籮貶浮值劇提僵高肢了釀產(chǎn)報(bào)品甩的卡國(guó)江際狂競(jìng)猛爭(zhēng)雅力哥，撐甚選至租允果許仰該鋤公臭司傅提瞞高臣產(chǎn)蠅品保銷(xiāo)歌售暖價(jià)囑格袋；①座②穩(wěn)導(dǎo)珍致縫跨階國(guó)高公燃司邪獲血得深豐貌厚步的派利塑潤(rùn)粉，引但來(lái)如暈果爹該催公貼司部的稀產(chǎn)匹品肆就布地滅銷(xiāo)慢售劇，伸則秩不墨存撈在肆這婆種賤情老況蹄。2公）撿交派易敲風(fēng)宿險(xiǎn)侍經(jīng)銀濟(jì)榜風(fēng)差險(xiǎn)暫可礙分林為騾：脂交仗易嶺風(fēng)奮險(xiǎn)賠實(shí)選際黎經(jīng)鐵營(yíng)秩風(fēng)奶險(xiǎn)（現(xiàn)r遇e筑a敬l經(jīng)o耍p咱e聾r院a妨t床i理n拼g軟e對(duì)x競(jìng)p駕o宮s萍u花r斃e注）交崖易肅風(fēng)蜂險(xiǎn)軍：村是記指群一務(wù)些外替幣萌交簡(jiǎn)易在科將漆來(lái)傘清豪算款時(shí)購(gòu)出孩現(xiàn)坐匯聲兌搬損喝失坑或沫利句得孕的桿可羞能包鳴括轟：鑄①壤已妙列僵在是資咳產(chǎn)被負(fù)枯債擔(dān)表酷上股的捎；裝②燦未挨列饑在聲資約產(chǎn)援負(fù)端債像表晨上罩的薯。交蘭易矛風(fēng)林險(xiǎn)墊的名形百成摘主縮慧要望來(lái)宣自枯：躍a淺、沖以涌商艷業(yè)呈信凳用身方壯式捷購(gòu)要買(mǎi)柱或顯銷(xiāo)鍋售約外惡幣螺計(jì)萬(wàn)價(jià)肉的拔商智品撓或熟勞川務(wù)賠；買(mǎi)b恰、生借彼入粥或位貸盆出錘以父外丈幣黃計(jì)轎價(jià)訊的慢資宇金動(dòng)；墓c吩、揉作站為涌還蓄未座交潮割陡的穩(wěn)遠(yuǎn)慢期逗外卻匯羞合肝約項(xiàng)的企一摸方幟；雀d鵲、鋸其其他肅取醋得撿外參幣賭資餃產(chǎn)瞧或置帶擊來(lái)篇外如幣蕉債農(nóng)務(wù)農(nóng)的知交吸易賣(mài)活溪?jiǎng)佑住?算）輝實(shí)刷際戶(hù)經(jīng)敢營(yíng)惡風(fēng)五險(xiǎn)煤來(lái)食自雞貨背幣你價(jià)胡值烏和吊物誘價(jià)擦的編變轎動(dòng)信對(duì)辟企挖業(yè)醉未毒來(lái)過(guò)收糖入曬、璃成鑼本旦以賢及熄現(xiàn)世金奇流輕的昆影朗響讀。鳳主善要立考清察賄經(jīng)陜營(yíng)稱(chēng)活灑動(dòng)申的錢(qián)具慮體章情刺況繪以容及玻它朵們響對(duì)愧匯霞率穩(wěn)的期敏激感發(fā)程也度參，霉如剃銷(xiāo)那售出市桃場(chǎng)暫的錘分者布蛙和琴規(guī)鬧模似、愉產(chǎn)爛品艇需監(jiān)求滔價(jià)蹦格責(zé)彈吊性商、雅生言產(chǎn)狼要名素擦之獎(jiǎng)間繡的族可系替疏代瞧彈領(lǐng)性交、削成另本枕結(jié)懂構(gòu)專(zhuān)、鋪收塌入開(kāi)彈嬸性塑，牛以山及站費(fèi)紛用似開(kāi)若支盟的糠控跌制輸和萌營(yíng)血運(yùn)利資駱金精的鴨管凍理巡壽水框平迷。例或：懲設(shè)寒美啞國(guó)堡某他跨條國(guó)歐公味司織在挎墨戚西本哥域有曲一磁子珠公截司沿，白當(dāng)晴地我貨驗(yàn)幣羞為上比詢(xún)索給，析美悄元午為叮相兵對(duì)搞硬漁通顏貨愉。盜以響比鼓索神貶民值爭(zhēng)為苗例橋，別討聯(lián)論逃匯膊率學(xué)變渾動(dòng)丈下寒美口跨凍國(guó)廈公嘆司當(dāng)所陽(yáng)面點(diǎn)臨閘的洪實(shí)熄際培經(jīng)抽營(yíng)虜風(fēng)關(guān)險(xiǎn)窩。子召公查司訊貨溝幣裂貶您值燭對(duì)望跨摟國(guó)潛母矛公偉司蠟現(xiàn)悉金執(zhí)流死量陷凈傅現(xiàn)肢值侵的距影緞響項(xiàng)目相應(yīng)的經(jīng)濟(jì)因素產(chǎn)生的影響（比索）現(xiàn)金流（US$）影響收入：對(duì)收入的影響：出口銷(xiāo)售需求對(duì)價(jià)格敏感價(jià)格和銷(xiāo)量上升增加需求對(duì)價(jià)格不敏感價(jià)格和銷(xiāo)量稍有上升稍有增加當(dāng)?shù)劁N(xiāo)售進(jìn)口競(jìng)爭(zhēng)激烈價(jià)格和銷(xiāo)量上升稍有減少小于貶值幅度進(jìn)口競(jìng)爭(zhēng)較弱價(jià)格和銷(xiāo)量維持不變減少成本：對(duì)成本的影響：當(dāng)?shù)赝度胛锿ㄘ浥蛎涍m量增加減少<小于貶值幅度進(jìn)口投入物當(dāng)?shù)厥袌?chǎng)較小進(jìn)口成本不變（$）不變當(dāng)?shù)厥袌?chǎng)較大進(jìn)口成本稍有下降稍有減少可替代性強(qiáng)生產(chǎn)成本適量增加稍有減少可替代性弱進(jìn)口成本不變不變折舊：固定資產(chǎn)固定資產(chǎn)的價(jià)格：可以調(diào)整減少不可以調(diào)整按貶值幅度減少結(jié)農(nóng)論倡：誓當(dāng)匹地紛貨末幣伴貶畝值鵝對(duì)遺跨敢國(guó)省公面司徹凈裝現(xiàn)址金脆流撤量壓的眉影輕響驢是聾：助a飯、客若喉子姨公誘司素銷(xiāo)焰售禽以巧出擠口弟為撥主遍，欄母意公猛司摧現(xiàn)徑金尸流色量集將站稍便有涼增覽加隸；頭b瞇、申若衰子言公蜂司酸主展要密在搭當(dāng)伶地略銷(xiāo)猜售噸，毅母敲公河司叉現(xiàn)辨金鬼流委量肌將火有閘所疼減禾少即，類(lèi)幅承度逢小氏于仿貨叨幣亞貶砍值權(quán)率淹。3央、飲經(jīng)矮濟(jì)急風(fēng)怒險(xiǎn)鼓程備度憲的櫻計(jì)慨量成將寨海學(xué)外曠的護(hù)未未來(lái)淘現(xiàn)驢金督凈材流插入竭量址折攜算伴成揉現(xiàn)滅值亮衡庸量寸。捆例籠：設(shè)站一咽美剃國(guó)圣跨似國(guó)輸公伶司稍W碼C希T計(jì)，原在毯法違國(guó)誘擁貧有隆一介家權(quán)1昆0旁0庭%嬌控膛股話的鍬子貼公眼司壯N恩P肌L巨，它N智P祥L(zhǎng)蛇在仙法聾國(guó)脈當(dāng)斑地售生松產(chǎn)偶，維使陽(yáng)用宅當(dāng)薯地祥原伯料蠶及狹人欣工鳳，悉產(chǎn)毯品場(chǎng)一鍬半艷在梳法步國(guó)脹銷(xiāo)嬌售脊，著一冊(cè)半不銷(xiāo)鑰往士歐室洲憤地社區(qū)允其濟(jì)他凱國(guó)餓家紗。喊N雅P博L杠銷(xiāo)震售牌收按入缺以用法輝國(guó)磨法所郎霸為客計(jì)椅價(jià)送單大位龜，徑其殺應(yīng)戚收辨帳祥款雜占雪全劈燕年朽銷(xiāo)隸售猶收帶入竄的探1瓜/盾4坡，夸存賞貨皆占沙全栽年永銷(xiāo)友貨粉數(shù)阿量公的記1工/嚼4計(jì)，博存引貨余單戴位背直缺接集成耳本曉是爛銷(xiāo)避售菌價(jià)廳格喪的畜7橫5災(zāi)%沈。修N均P煙L猛有濃剩鞠余剩生孔產(chǎn)剝能枝力圖，場(chǎng)很逐容懂易協(xié)擴(kuò)牧張鬼生京產(chǎn)恐而常不艙改解變胞單久位異直歉接忌成跳本叼。黃N寸P腎L謀廠懲房很及蔥設(shè)法備仁的姿年棄折名舊泳費(fèi)熔用賤為婚2趴4旗0尸0絕0悄0游法崗郎佩，栗所宰得啊稅患稅資率濃為眠5推0遮%蹄。注演意順：斃應(yīng)跪付逐帳憤款筐沒(méi)墳有匹比宴例資產(chǎn)負(fù)債及權(quán)益現(xiàn)金FF1600000應(yīng)付帳款FF800000應(yīng)收帳款3200000短期銀行借款1600000存貨2400000長(zhǎng)期負(fù)債1600000廠房及設(shè)備凈值4800000普通股1800000留存收益6200000總計(jì)FF12000000總計(jì)FF12000000資緞產(chǎn)嫂負(fù)過(guò)債妹表2飼0吵0糞0染年革1腐2千月繳3室1紀(jì)日項(xiàng)目金額銷(xiāo)售收入（1000000件*FF12.8/件）FF12800000直接成本（1000000件*FF9.60/件）9600000現(xiàn)金性營(yíng)業(yè)費(fèi)用（固定）1200000折舊240000稅前利潤(rùn)FF1760000所得稅（50%）880000稅后凈利FF880000折舊240000來(lái)自經(jīng)營(yíng)活動(dòng)的現(xiàn)金流量（FF）1120000原始匯率：FF6.40/$1來(lái)自經(jīng)營(yíng)活動(dòng)的現(xiàn)金流量（$）$175000利跑潤(rùn)電表難（秀2最0帳0慰0謙年趙）假教設(shè)必在上2淡0度0誰(shuí)1新年煙1伸月吃1斷日燒，搏N苗P象L混尚橡未底展栽開(kāi)熄經(jīng)矛營(yíng)巾活百動(dòng)組，描法烘郎顏突臥然貫貶奮值顆2朝0撤%日，鞭即帆從暫F須F胡6齊.祝4趨0螞/杯$宣1估降喚到嘩F退F艷8菊.垂0指0誓/饅$球1器，逝貶扔值雷期輔5盈年抓。摔假報(bào)定稻匯襲率懲變畫(huà)動(dòng)晉對(duì)震N革P蜜L狗公飾司斬的總影遇響微，孟有兇如鐘下雄三霧種澇情盈況述：午情閃況環(huán)1名：扮任項(xiàng)何桃因界素糠均院未艷變遼化莫；怠情棒況劣2糊：特銷(xiāo)圍售孟量斗增施加校為年原齊來(lái)教2競(jìng)倍禽，攻其替他頃因佛素祥不徒變朗；您情犬況沿3族：夕法咐郎摔銷(xiāo)炒售晴價(jià)躺格控比紙?jiān)畞?lái)佛提壟高舒2傭5泊%而，弟其彎他哀因仰素爆不濁變最；分俯析雹：寫(xiě)情苦況剃1貫：沿任裂何嚇因軟素鼓均烤未猾變白化日。挖現(xiàn)材金埋流簡(jiǎn)量職如刷下慕表頓所眼示嫂：貶值前：金額來(lái)自經(jīng)營(yíng)活動(dòng)的現(xiàn)金流量（$)$175000貶值后：來(lái)自經(jīng)營(yíng)活動(dòng)的現(xiàn)金流量（FF）FF1120000新匯率：FF8.00/$1來(lái)自經(jīng)營(yíng)活動(dòng)的現(xiàn)金流量（$）$140000情瞇況言2鬧：咽銷(xiāo)刃售做量浸為漢原譯來(lái)茅2鼠倍押，惹其勻它析因撿素巨沒(méi)求有棉變暑化估。借分訴析烘：帝法辜郎君貶拜值失2倘0菜%恰，散成很本槍沒(méi)弦有盼變偏化擁，貧銷(xiāo)還售末價(jià)下格顏也創(chuàng)沒(méi)凡有醉變委化籮，太促婦使他銷(xiāo)旅售彈量沈成代倍凝增慘長(zhǎng)蝴，勵(lì)銷(xiāo)錄售兆收女入繡也涼成齒倍宮增飯長(zhǎng)銀。嘉應(yīng)寧收紗帳撇款單和壘存導(dǎo)貨稱(chēng)也取同雖比貿(mào)例裝增籮加駱，雙導(dǎo)肅致晌營(yíng)痰運(yùn)王資扮金員增挑加偶，綿增嘆加篇額丙為乏5拌6披0儲(chǔ)0覽0捧0浸0子F裳F遙，產(chǎn)這里筆媽資用金昨?qū)吃趰u貶挪值瀉期科5賄年瞎結(jié)何束化后柄收聞回巴。殃現(xiàn)臨金膚流扁量猴如項(xiàng)下鉤表帆所快示寸：項(xiàng)目金額銷(xiāo)售收入（2000000件*FF12.8/件）FF25600000直接成本（2000000件*FF9.60/件）19200000現(xiàn)金性營(yíng)業(yè)費(fèi)用（固定）1200000折舊240000稅前利潤(rùn)FF4960000所得稅（50%）2480000稅后凈利FF2480000折舊240000來(lái)自經(jīng)營(yíng)活動(dòng)的現(xiàn)金流量（FF）FF2720000新匯率：FF8.00/$1來(lái)自經(jīng)營(yíng)活動(dòng)的現(xiàn)金流量（$）$340000來(lái)自經(jīng)營(yíng)活動(dòng)的現(xiàn)金流量（$）$340000未來(lái)每一年預(yù)期現(xiàn)金流量年項(xiàng)目FF$1來(lái)自營(yíng)業(yè)活動(dòng)現(xiàn)金流量FF2720000減：運(yùn)營(yíng)資本新增投資-5600000-FF2880000-$3600002來(lái)自營(yíng)業(yè)活動(dòng)現(xiàn)金流量27200003400003來(lái)自營(yíng)業(yè)活動(dòng)現(xiàn)金流量27200003400004來(lái)自營(yíng)業(yè)活動(dòng)現(xiàn)金流量27200003400005來(lái)自營(yíng)業(yè)活動(dòng)現(xiàn)金流量2720000340000收回營(yíng)運(yùn)資本5600000700000情覽況對(duì)3本：匯法申郎矮銷(xiāo)核售相價(jià)漠格繞比敲原折來(lái)嘩提掀高蜜2亦5鴉%咽，抱其原他崇因認(rèn)素筆不況變象。仔分膀析權(quán)：纖法譽(yù)郎字銷(xiāo)暫售食價(jià)皂格廢比慈原齒來(lái)宅提祖高坡2籮5帆%敬，誘但沸銷(xiāo)寒售環(huán)數(shù)貫量案卻哄沒(méi)殃有摔變弓化粱，白因怪此俘存輩貨憑數(shù)贏量醋不柿增告加顫。使在光此唱情均況沈下今，饞公療司腐新嚼增朗的艷營(yíng)狀運(yùn)節(jié)資礙本舅等葬于保應(yīng)牽收猛帳挎款飯的聯(lián)增哭加名額避F刻F壘8篩0盈0偵0省0廉0棵。冰現(xiàn)岔金有流句動(dòng)吃如倒下羞表守所辯示飛：項(xiàng)目金額銷(xiāo)售收入（1000000件*FF16.0/件）FF16000000直接成本（1000000件*FF9.60/件）9600000現(xiàn)金性營(yíng)業(yè)費(fèi)用（固定）1200000折舊240000稅前利潤(rùn)FF4960000所得稅（50%）2480000稅后凈利2480000折舊240000來(lái)自經(jīng)營(yíng)活動(dòng)的現(xiàn)金流量（FF）FF2720000新匯率：FF8.00/$1來(lái)自經(jīng)營(yíng)活動(dòng)的現(xiàn)金流量（$）$340000來(lái)自經(jīng)營(yíng)活動(dòng)的現(xiàn)金流量（$）$340000未來(lái)每一年預(yù)期現(xiàn)金流量年項(xiàng)目FF$1來(lái)自經(jīng)營(yíng)活動(dòng)的現(xiàn)金流量FF2720000減：運(yùn)營(yíng)資本新增投資-800000FF1920000$2400002來(lái)自經(jīng)營(yíng)活動(dòng)的現(xiàn)金流量27200003400003來(lái)自經(jīng)營(yíng)活動(dòng)的現(xiàn)金流量27200003400004來(lái)自經(jīng)營(yíng)活動(dòng)的現(xiàn)金流量27200003400005來(lái)自經(jīng)營(yíng)活動(dòng)的現(xiàn)金流量2720000340000800000100000未船來(lái)貍5嚷年韻公致司島受領(lǐng)匯惹率奶變殲動(dòng)姑的鈴影伯響吹程英度洋如扮下糧表魚(yú)所岸示或（恨折廢現(xiàn)茫率辯2芒0獲%薯）精：項(xiàng)目沒(méi)有變化情況1情況2情況3匯率6.48.08.08.0銷(xiāo)售量1.01.02.01.0售價(jià)12.812.812.816.0單位成本9.69.69.69.6年沒(méi)有貶值CFΔCFCFΔCFCFΔCF1175140-35-360-535240652175140-353401653401653175140-353401653401654175140-353401653401655175140-353401653401655000700700100100經(jīng)營(yíng)損益現(xiàn)值-104.8191.7450.3二螺、嬌經(jīng)珍濟(jì)彼風(fēng)指險(xiǎn)客的浸控腐制經(jīng)插濟(jì)韻風(fēng)斗險(xiǎn)牙主博要帝是政指認(rèn)匯口率漸變凱動(dòng)標(biāo)及忍其劉背食后該的袖貨堵幣追價(jià)慣值托變丑動(dòng)必對(duì)罷跨風(fēng)國(guó)摸企鵝業(yè)慈在撤未凝來(lái)削一優(yōu)定訪時(shí)蹤蝶間扮內(nèi)悅現(xiàn)采金非流陷出專(zhuān)流抓入蛾的宋影端響劈燕。梳這簡(jiǎn)些陰流普動(dòng)次來(lái)龜自頂國(guó)岡內(nèi)鵝外繩，梨來(lái)硬自薦既糖定模的唯經(jīng)穿營(yíng)必政犬策言和弄預(yù)伴期輪在稻未粥來(lái)氣實(shí)擔(dān)施山的品各渾項(xiàng)吳投越資雜、戀銷(xiāo)尚售摩、秩原世材揭料累購(gòu)剛買(mǎi)場(chǎng)和爸勞陽(yáng)務(wù)俊需雹求豪等刮諸屠項(xiàng)驢計(jì)陷劃煮。近因宴此替企奏業(yè)恨經(jīng)勵(lì)營(yíng)避風(fēng)尖險(xiǎn)飄的責(zé)控姻制飲，帝應(yīng)趣著倒眼筒于脆長(zhǎng)鞋遠(yuǎn)處經(jīng)畏營(yíng)構(gòu)戰(zhàn)揀略芒，由在罪宏年觀欄上贊把穴握增國(guó)嗚際企經(jīng)禁濟(jì)覽發(fā)律展狹趨碗勢(shì)榨的始同欣時(shí)叫，脂細(xì)敢心灣地趕分必析娛微架觀財(cái)環(huán)動(dòng)境著中鎖實(shí)攻際婦和毒潛趟在洲的掀諸姨多脅因葬素千的毛影丈響巧，把五經(jīng)過(guò)濟(jì)沸風(fēng)桐險(xiǎn)跳的悶控隆制降作龜為侵外掀匯喂風(fēng)舊險(xiǎn)購(gòu)管心理默的情重埋心。1復(fù)、趙經(jīng)耐濟(jì)則風(fēng)號(hào)險(xiǎn)誘控媽制葬概劣述版跨島國(guó)揭經(jīng)描營(yíng)耗企也業(yè)疲發(fā)柏展掌階飯段記不摔同陡，侵面娘臨惑的陪經(jīng)叛濟(jì)添風(fēng)醬險(xiǎn)惰不鍵同射，僻采垮取儲(chǔ)的魯措浪施堡也夜不堵一迫樣民。膚跨選國(guó)記經(jīng)詢(xún)營(yíng)店企峽業(yè)豈依挨發(fā)乎展蹄程蝴度匪可既分嫩為漫:硬a凱、油非專(zhuān)經(jīng)柏常矮性陳大拜宗濤項(xiàng)鏈目縣出淋口論商避；疲b鬧、顧具館有黑龐殺大丸出匪口和市棄場(chǎng)仇的轎制拔造液企疊業(yè)請(qǐng)；廢c微、照從簽事碑多枯國(guó)穗經(jīng)悄營(yíng)酷活芹動(dòng)田的寸大柳規(guī)租模朱跨蓋國(guó)囑公顧司胡；1旬）含對(duì)呆于有非杯經(jīng)眨常掏性冤出針口男商鴨在步簽北訂傍合駁同芽前羅，紛可精依追托掠遠(yuǎn)伴期鍬外司匯層市沸場(chǎng)攤，f蠅—稱(chēng)收卸款膏日算的捆遠(yuǎn)岸期嬸匯庭率鞏；PD—革國(guó)風(fēng)內(nèi)住市傅場(chǎng)廣銷(xiāo)攝售佛價(jià)株格富；PE—痛外姑幣蔑計(jì)桿價(jià)盛的蘋(píng)銷(xiāo)反售門(mén)價(jià)鴿格憶。也檢可勝考漠慮虧其門(mén)他絕情趨況伙，遠(yuǎn)如菜公懇司陣整襖體遙發(fā)扇展異戰(zhàn)兄略定，造意赤在糊開(kāi)梢拓熔國(guó)問(wèn)外亮市屠場(chǎng)扇等桶；馳或洋運(yùn)芬用貢其斧他東套巨期誤保呆值罰方慕法斜，違如異期藏貨晨和體期朵權(quán)雨市卵場(chǎng)打上庭的乘合以約敘保挪值慰等士。2猶）深對(duì)即于深具罪有物龐焰大劣出始口黨市惰場(chǎng)以的輸制渾造郊企瓣業(yè)場(chǎng)沒(méi)燥有祝多澡大職的老選摧擇鈴權(quán)斥。復(fù)當(dāng)群外商幣剖貶豬值想，循出攔口爽收膛入蠶肯漏定為減趴少待，恭關(guān)幅鍵畢是學(xué)持售續(xù)結(jié)性載減宴少痰的事時(shí)剝間吸，證除聞非情本肉外渴幣黃在浪購(gòu)朋買(mǎi)歪力句平信價(jià)救關(guān)康系飛下康達(dá)旬到起新普的計(jì)平厲衡獎(jiǎng)，反國(guó)爐外愁的激通侮貨舅膨測(cè)脹賺允足許裕出陸口以商笛提炮高喘銷(xiāo)蕉售答價(jià)貓格別。3傅）些對(duì)牌于答從渾事活多蜂國(guó)互經(jīng)貼營(yíng)賠活開(kāi)動(dòng)暗的童大鵲規(guī)萍模替跨隱國(guó)鍬公躬司領(lǐng)經(jīng)山濟(jì)競(jìng)風(fēng)僅險(xiǎn)桿的估控共制迷主油要卡體獄現(xiàn)鏈在鼠：呼行濤銷(xiāo)緊管桃理圍（燙m閱a粉r計(jì)k交e綢t苗i丘n尊g總m宮a禮n泳a魄g費(fèi)e母m紹e箱n壯t納）栗生絨產(chǎn)治管乞理啞（瞎p蹄r籍o而d亮u次c你t司i帝o汁n忘m贊a劇n就a蛾g嶄e當(dāng)m限e慮n鞠t張）扇財(cái)真務(wù)兵管揪理舞（職f承i狀n浪a務(wù)n求c疲i真a扭l雁m莖a霉n表a叔g棄e躁m鼠e饞n肚t此）重線點(diǎn)均野要螺對(duì)滿(mǎn)預(yù)貌期障或廈實(shí)萄際睜發(fā)冬生聯(lián)的隸匯塵率何和膏相櫻對(duì)夠價(jià)禾格輕的煉變協(xié)動(dòng)周作帆出冰正梁確盆的慶反沿應(yīng)少，溝要努對(duì)難匯曠率稍、害利為率嫂和膛價(jià)侍格也相縮慧對(duì)押購(gòu)容買(mǎi)接力篩平宵價(jià)隙和顧國(guó)晉際虹費(fèi)竭雪晝效崖應(yīng)煉所曉構(gòu)佳建壘的程平網(wǎng)衡弦狀餡態(tài)斧發(fā)寬生誕偏輩離立所劉持若續(xù)黨時(shí)罪間漢有綿正笛確草的桂估稍計(jì)欲。2表、納外報(bào)匯打風(fēng)冊(cè)險(xiǎn)僚的漿行偽銷(xiāo)爛管賭理要市拿場(chǎng)絞選姓擇蜻（傻m孕a駛r菌k菠e案t瞧s咽e陰l索e屯c千t晌i妖o略n甘）框定鹿價(jià)漠決稀策睬（霉p蒜r鉛i竄c雁i咳n零g棒s災(zāi)t賀r捐a株t胳e懷g渠y歲）英產(chǎn)累品藝策其略痛（區(qū)p蝦r功o弊d岡u蒜c街t章s路t愈r容a筆t烏e遮g私y(tǒng)舒）登促灘銷(xiāo)妄策絲式略救（塞p切r柏o弦m劈燕o也t躺i遭o崗n區(qū)a跨l罰p今o管l斧i穿c酸y禍）1泰）淘市西場(chǎng)玻選沖擇鼓在輸市征場(chǎng)井選恩擇剩時(shí)才，膊應(yīng)價(jià)考使慮凝貨炭幣嶼變娘動(dòng)爽對(duì)從未羽來(lái)餅銷(xiāo)岔售為收管入亭的唐影姓響搖，酬根帝據(jù)驗(yàn)貨離幣且變乞動(dòng)脫具潤(rùn)體廳情另況貴調(diào)壓整型自雜己巧營(yíng)承銷(xiāo)援行淺為勾，癥以茅實(shí)殺現(xiàn)池長(zhǎng)隔期名利販潤(rùn)極最蒸大貪化吵。畫(huà)還材必蕉須血考章慮宏不拉同牢市只場(chǎng)購(gòu)中帳市蠻場(chǎng)擴(kuò)分夏割把不摘同琴，奮企約業(yè)胸受乒貨召幣翅影殖響?zhàn)B也聾不板同普，皆如甜適揉應(yīng)礙顧條客葛日漁新郵月充異島消貫費(fèi)攪需市求咬的拘產(chǎn)控品朋，敘受從貨斃幣艦貶作值眠影鼠響悟較窯小瓜；芳適涼應(yīng)份高離收氣入瞞群科體禽的稈產(chǎn)翅品肢，賀在奮貨謝幣衡貶癢值適時(shí)碧在練一爛般陶消殖費(fèi)滾者沫中鄉(xiāng)豐也流有蓋了形銷(xiāo)違路對(duì)。舅必扶須瘋注控意疫，罷市井場(chǎng)餓選郊擇傍和鉗市悄場(chǎng)醉分鳥(niǎo)割工，增是盛在懼真益實(shí)叛匯記率衡發(fā)克生芽持詢(xún)續(xù)掛性旋變敢化倍時(shí)受，赤企沈業(yè)筍考我慮虛修亦改氣的燙策坡略側(cè)；梨短蒜期餃內(nèi)犧企顆業(yè)已則渡必黑須炕考可慮瞞價(jià)贏格結(jié)、堆促千銷(xiāo)纏和辨信補(bǔ)用肝政史策酬等皂策門(mén)略己。2發(fā)）多定跡價(jià)準(zhǔn)策曾略球主揚(yáng)要脆目海標(biāo)開(kāi)是瞎長(zhǎng)念期匯利儲(chǔ)潤(rùn)血最祝大局化文，妄其鴨次守是挺在爺一己定拋條扮件風(fēng)下云的初目勇標(biāo)交，搶包狼括占新永產(chǎn)構(gòu)品稿進(jìn)豎入街國(guó)虎際齒市久場(chǎng)悄、睬維羽持古或蝕擴(kuò)返大過(guò)市逮場(chǎng)蹦占恐有什率他、原一劇定上的待投詢(xún)資債報(bào)臟酬蘭率杯、外穩(wěn)窗定著價(jià)驚格區(qū)以崖避饞免格價(jià)糞格村大闊戰(zhàn)吼或次應(yīng)椅付訴競(jìng)筑爭(zhēng)剛需堂要椒。當(dāng)梳外債幣積貶組值協(xié)時(shí)霜：顧最獄好冒的悉情睡況固：籍按康貶兩值蝴程艦度迅提胃高胡外脖幣飯計(jì)蕉價(jià)廚產(chǎn)擁品元價(jià)旗格碎，幕保份持錦收次入紹不轉(zhuǎn)變頓；但最組壞巷的漠情幅況努：頓無(wú)削法嬌提豪價(jià)據(jù)，念公橋司酬收錯(cuò)入沃減顯少遵；錦一躍般刷情襪況腔：司介訊于丹二領(lǐng)者濤之環(huán)間窩，夢(mèng)將蜘外澇幣貞計(jì)贊價(jià)炸的冰產(chǎn)評(píng)品屑價(jià)嶼格而適賭當(dāng)劑提塌高餓，疼以尚保土證磨對(duì)盟外潑銷(xiāo)技售晝的疼最名低逐收?qǐng)A益刺率輩。當(dāng)陰本矩幣嬌貶洲值烤時(shí)能：橋情章況棄對(duì)傭出績(jī)口肝商吳有勞利兇，史其關(guān)產(chǎn)然品喜在打國(guó)墊際尖市妖場(chǎng)俗更亮具蕩有啞競(jìng)斤爭(zhēng)燈力秋。鞏例的：1蓄9掛7嗎1截年保美醫(yī)元考貶頁(yè)值顧，田杜蠟邦雕公惠司任出想口等銷(xiāo)殘售墨增繁長(zhǎng)褲3輩0霸%翅。也盡袋管左國(guó)沒(méi)外揪競(jìng)抖爭(zhēng)捆者少采捧取連削勁價(jià)云政鋸策洞，淹但遭由存于爪獲蜻利破空器間冊(cè)太搶窄襯，受不勒能嘴進(jìn)陶一妹步蠅吸備引栗新蒸的隔顧有客異，姓結(jié)撞果非杜摧邦無(wú)公欠司曠贏粘得罵了夾更凝多閑的售顧仇客搬。本龜幣塔貶稍值朝時(shí)渡，底出哪口獻(xiàn)商笑在祖價(jià)當(dāng)格誰(shuí)變戶(hù)動(dòng)肺上意需奴要莊考抖慮跑的席因琴素肝：塵a蘿、抹需羨求洞彈捧性怨越狗大約，晨則擋越襖傾兔向唉于清通全過(guò)肢維良持摟較死低瓜的何價(jià)氏格宅和朗擴(kuò)禍大灑銷(xiāo)豆售角量近來(lái)珠增播加泳收土入途；老b殃、山當(dāng)槐規(guī)幅模齒經(jīng)芽濟(jì)賣(mài)達(dá)項(xiàng)到蒼一獨(dú)定顫程災(zāi)度和時(shí)夕，滑傾胞向蒸于脆通亦過(guò)鍵維旁持權(quán)低殺價(jià)聯(lián)和回提療高吉銷(xiāo)演量此來(lái)重降列低脅產(chǎn)膨品射的盛單徑位參成慰本棚；碑c暮、特產(chǎn)稿品遷的頸可堅(jiān)替賴(lài)代住性參低丑，生產(chǎn)落品腔不獸因蝦貶枕值愉而丘降浮低布售讓價(jià)單；層d減、佩國(guó)鉆內(nèi)責(zé)市淘場(chǎng)紛的柏影甲響腰，窗同縱樣毅考中慮會(huì)規(guī)義模也經(jīng)靜濟(jì)性的蒜程貿(mào)度央和泡顧昌客耕對(duì)醫(yī)價(jià)團(tuán)格嶺的恨敏賣(mài)感攏程甜度續(xù)等彎諸紡多克因葡素竹；定血價(jià)防需慘要檢長(zhǎng)甚遠(yuǎn)婚的物計(jì)弦劃以圾新博產(chǎn)焰品毛為今例代：跑當(dāng)萬(wàn)新憂產(chǎn)樸品劃需福求糊彈竹性挺小休，厘應(yīng)戒把罪產(chǎn)悉品嬌價(jià)閣格軋定晨的貫較量高收，殖便映于請(qǐng)及鞋早尋收桐回減投仍資駕，遭待悅到炎大懇批匪量該生書(shū)產(chǎn)撕投幅放神市鞭場(chǎng)燭，佩才絨調(diào)薄低挨價(jià)雨格線；霜當(dāng)眠產(chǎn)檢品臣需啊求吹彈騰性凡較洪大般時(shí)亦，縮慧開(kāi)勢(shì)始麗價(jià)召格弓應(yīng)還定喘的帽較技低伐，死可磚以權(quán)打?yàn)E開(kāi)鼠銷(xiāo)賠路說(shuō)，定當(dāng)蔽占菌領(lǐng)偵市魂場(chǎng)遷后淡，括再館行雄提心高喬價(jià)董格柔。當(dāng)找政補(bǔ)府尋規(guī)醉定爬毛完利責(zé)等饑價(jià)孟格崗控他制績(jī)措飽施超時(shí)難，侵企墨業(yè)覆可衛(wèi)以污：堂a貝、翁開(kāi)配始傅把殿價(jià)赴格筍定諷的絞很附高驢，獵當(dāng)賢本卡幣靈貶名值舟，劍政刑府航實(shí)煤行抄價(jià)船格駐控逢制簽時(shí)竄，穴企剖業(yè)習(xí)處彩在另比宋較押主齊動(dòng)袖的啊位夾置眨；嫂b副、嫌把蒸價(jià)趟目敬單互定仆價(jià)械提彼高苦，掌實(shí)鋼際煤仍繞按賭現(xiàn)懲有譽(yù)價(jià)伍格污銷(xiāo)開(kāi)售眠，怨通屋過(guò)扁折挨價(jià)嚴(yán)幅政度岡的煎調(diào)狼整載來(lái)匹抵岡消岔價(jià)籮格臂控賢制欺的消作暈用屢；嗎c悉、青生報(bào)產(chǎn)旱一湯種獵與餅現(xiàn)易有緒產(chǎn)挪品槽相荒差吼無(wú)湯幾咐的擔(dān)新委產(chǎn)院品夏，山把喇新淡產(chǎn)婚品款的故價(jià)臟格狼定等高豎。3柿）雁產(chǎn)賢品孩策寬略隔主丑要艷包鴿括腎：篇新勒產(chǎn)辭品通的仆開(kāi)屬發(fā)炭與賴(lài)生物產(chǎn)爐；玩舊集產(chǎn)撲品買(mǎi)的霧減遇產(chǎn)恩與適淘故汰吼；桂產(chǎn)啟品度的曠生純產(chǎn)妖與判決臂策淋；匯淺率肌變索動(dòng)醒給練新令產(chǎn)祥品獲營(yíng)匠銷(xiāo)縱帶錯(cuò)來(lái)遠(yuǎn)的壺風(fēng)酒險(xiǎn)赴主敞要猜體害現(xiàn)芽在不庫(kù)西存鈔成逗本鄙和河廣饞告暈成盜本志方斬面畜，鮮企牛業(yè)滴需晚要妨抓并住梯匯淋率墾變雪動(dòng)傳帶線來(lái)米的呈產(chǎn)啄品堆價(jià)塑格砍競(jìng)略爭(zhēng)滅優(yōu)爬勢(shì)啦的米機(jī)順會(huì)榨進(jìn)真入銀市撈場(chǎng)恩；秒對(duì)鮮于咐舊惠產(chǎn)扇品蕉是旬保癥留騾、列削敵減日或慕拋預(yù)棄幸，蹄根丑據(jù)法匯皺率票的嚇變匙動(dòng)迎進(jìn)饒行飯選希擇劫。攝如拾預(yù)硬期盤(pán)本豎幣協(xié)貶塵值引，博可晶繼部續(xù)瘡生宋產(chǎn)洲尚分有橡利抬潤(rùn)冬可仇賺厚的牙產(chǎn)勤品聞；蒙對(duì)劉于電產(chǎn)零品樹(shù)的廈生涌產(chǎn)謙決饒策鬧，欲如拐果異本休幣怖貶當(dāng)值灘，揉企俯業(yè)架有交可學(xué)能簡(jiǎn)根奔據(jù)偽市鳥(niǎo)場(chǎng)驚需撒要宜擴(kuò)求大帽生孫產(chǎn)攀，愿擴(kuò)籮大誤顧昏客伶面掩；肝匯召率橫變西動(dòng)扛所泰導(dǎo)孝致騙的量產(chǎn)蔽品題生軌產(chǎn)探調(diào)泥整陳，態(tài)還挪與牢市竟場(chǎng)晚細(xì)帖分手有嶄關(guān)組，序即致導(dǎo)灑致拌產(chǎn)迎品蘇在酬不窯同畜消用費(fèi)賢群拾體蒼之汪間趨進(jìn)董行騾調(diào)吵整題。4貿(mào)）蜜促妄銷(xiāo)田調(diào)應(yīng)整主型要專(zhuān)是薪要沈求蟲(chóng)促袖銷(xiāo)菌預(yù)席算港根唯據(jù)孝市壤場(chǎng)和選頂擇割、頃產(chǎn)姐品休調(diào)檔整殊等狐行堆銷(xiāo)扶策組略井的疲變盲動(dòng)勾，茄在司預(yù)姻算痛金慚額迎和嬸各蜘個(gè)紛市諒場(chǎng)孤間暮的街預(yù)雞算輪分供配幻玉上筑進(jìn)見(jiàn)行蔬調(diào)絞整碰。氧例丹：盼企必業(yè)雄向宿兩等個(gè)憲國(guó)鄰家劍出岔口資產(chǎn)妙品斜，休一周?chē)?guó)男貨匆?guī)沤o升暮值手，屠一湊國(guó)被貨援幣叼貶松值憤。和在麥貨啊幣揮升拜值耐的信國(guó)劍家固，旁由咳于山市奶場(chǎng)超擴(kuò)炒大遭，烤該決國(guó)下的息促貢銷(xiāo)陵經(jīng)栽費(fèi)演往忽往粉需糞要魂增揀加賭；杯在啄貨話幣默貶各值刊的溪國(guó)御家先，慨由卻于澇企互業(yè)喚可積能姻在黑產(chǎn)岔品昌結(jié)等構(gòu)王上殊調(diào)田整銅，徐在梅該病國(guó)案的引促窗銷(xiāo)留，烤從字以姥介駁紹揉和配銷(xiāo)列售致為事主刃要猴目尤的偽，育轉(zhuǎn)耕向競(jìng)以德建抬立灣企富業(yè)耕聲修譽(yù)律和棍樹(shù)粗立拿某眼種賢消蝦費(fèi)孤觀連為斑主紛要遠(yuǎn)目恐的砍。3寒、鹿外睡匯次風(fēng)饑險(xiǎn)椅的是生隊(duì)產(chǎn)斜管短理菌更瓣多粗地朵注億重司產(chǎn)歐品大生防產(chǎn)宴過(guò)董程鍬中李如院何所降駁低旺成逝本套，呀以音及含對(duì)灶投寇入脂物惹上賽的仙外茫匯搶風(fēng)頸險(xiǎn)涼如晶何獅加晌以餃控墾制弟等司問(wèn)卷題匯。鉤措合施燥：核投慕入很物者混踐合裂（駛i意n輕p品u憂t孟m崇i穗x憲）杜生合產(chǎn)私轉(zhuǎn)除移糕（濫s邪h臣i得f櫻t酬i績(jī)n本g輕p諷r當(dāng)o中d立u證c兆t銀i飯o臭n宋）宴工棚廠樓所冰在擔(dān)地殼的亦選喝擇驕（獸p遣l束a強(qiáng)n端t湯l儀o甚c惑a辜t刮i敲o巨n幟）細(xì)削飲減述國(guó)私內(nèi)拉成詳本懲（就c影u祖t膝t愈i孫n手g箱c稍o侵s揉t巧s觀d披o哥m踏e診s處t摔i纖c償a舞l種l亂y昂）狼制孟定奏計(jì)濫劃辯（膝p摸l受a率n摘n裳i基n罩g乏）1?。┬纪端雱兾锢扃姾现缸址謭?zhí)散旦來(lái)伍源橋地驚和色調(diào)轉(zhuǎn)整培各壟來(lái)居源恐地蹄投悟入稱(chēng)物燭彼襯此搞間錘的背份臣額質(zhì)搭泥配流。削分灶散板來(lái)慢源伶地倍案饒例擇：用如懷8團(tuán)0孫年貞代掏對(duì)居美磁國(guó)稍1攔5捕2尖家耍制府造立企滑業(yè)改調(diào)坐查菠表?xiàng)椕髯模谐?程7嶄%弦的接企改業(yè)襯擴(kuò)更大禾它撲們?cè)谟∪那蚪臃段g圍詢(xún)內(nèi)狹的猛資玻源箱來(lái)浪源賠，鍋大肝部農(nóng)分北原米材信料唐和警零算部各件倡都材來(lái)熱自茅一峽些第軟蠢通老貨很?chē)?guó)恥家還，律以駁減佳少嘉美學(xué)元拘升錫值敢的箭影譽(yù)響混。投堂入云物桐混挎合梨案尸例槍?zhuān)喊l(fā)案把例槍1求：泄一漲美無(wú)國(guó)察拖達(dá)拉液機(jī)訂制膠造滅企唉業(yè)淘十蛋分笑注隔意鬧研肌究搖國(guó)治內(nèi)碌和腫國(guó)栗外蹲投援入吃物權(quán)價(jià)眼格宿的穿差閑別印，滲以去及敏它孤們響之健間底的樂(lè)搭棒配尸。扛該擺公齡司冷面踢對(duì)役美毅元破升表值褲和品日輛本昆同蕉業(yè)閱的潑競(jìng)矮爭(zhēng)歇，篩有組5翻0貿(mào)%叔以凝上擺的理活幣塞諷是牧從葛國(guó)摟外騎進(jìn)胳口鼓的妥，毫國(guó)地內(nèi)重投講入楚物商在偽整蘆個(gè)持投筆入倉(cāng)物圈中塔的敬比左重商減音輕辛。案也例貌2譯：豬投六入雙物葵份架額婚搭御配宜除喝了放和由價(jià)交格天因掏素憶有果關(guān)樓外旬，臭還夸取矮決廢于覆投黑入涂物遠(yuǎn)彼協(xié)此呢間惠的袍可典替邪代據(jù)性輪。鐵如莫對(duì)競(jìng)于陷高月新膊技揉術(shù)殊企店業(yè)竹，晉質(zhì)寸量前要依求西高偵的自零愈部夜件最由怕于林可予替私代權(quán)性軟差臟，磚大脂都列放幣在翠技怎術(shù)陶條旦件昨比崖較論成場(chǎng)熟菌的咐地牢方大生惰產(chǎn)劫，澇盡域管窯成材本學(xué)較律高背，添而腹一瘦般系性姿的肥零祝部爽件改則責(zé)放僻在伸勞皮動(dòng)座力怨低摸廉靈、潤(rùn)技賓術(shù)顛水堪平堂較掛低圾的蘋(píng)地殼方互生界產(chǎn)被。照當(dāng)村投攻入狼物哲的戲可緊替旋代喉性霉極攔差閱，降而備本今國(guó)披貨漸幣領(lǐng)又速是此一蠻種相硬換通寇貨灑幣雪時(shí)仇，柄可筐采騾用尿其明他可方少法孤，兄如慚將拿整惱個(gè)型生摔產(chǎn)對(duì)線段搬雪遷述到取國(guó)賣(mài)外紐奉，飼而最不校單竿單拾依述靠惰投建入浪物厚混閃合睬來(lái)價(jià)降早低鍬成蒜本浪。2記）耐生爸產(chǎn)融轉(zhuǎn)含移缺是惕指澆一膊些撤跨收國(guó)浙公駝司醋，稼會(huì)答根卡據(jù)地貨瓜幣遷變征動(dòng)沈的君情餅況定，撲將廢他廣們鞠的禿生貴產(chǎn)賣(mài)在波不設(shè)同怠國(guó)室家稍的濕工瘋廠銅間響轉(zhuǎn)螺移尖。堂如喚美歡國(guó)學(xué)賓仔夕平法撇尼撇亞瞧洲運(yùn)的讀一著家懲電殺器碑公壘司紅，批其著氣祝輪通機(jī)啞的鼓報(bào)呈價(jià)時(shí)來(lái)劑自居加與拿呈大峰，所發(fā)屑動(dòng)兔機(jī)吃來(lái)較自墻西壩班浙牙勁，漆電軋器奇開(kāi)看關(guān)匠和漁遙盾控鹿裝僑置凳來(lái)況自攏英鬼國(guó)剪，挺電殃器杜設(shè)梁備黎來(lái)名自夢(mèng)巴酒西嫌。展在受資痛源鐮策局略?shī)噬献?，瞎既奮獲孩得謹(jǐn)了蛛有顯利莖的避貨偏幣段支旋持寬，氏又以獲躺得憂了遣外膜國(guó)撐政描府購(gòu)的自出釘口思信秤貸沒(méi)支全持屑。在質(zhì)實(shí)封際壇運(yùn)纏用回中杰，酒生危產(chǎn)府轉(zhuǎn)僵移站遇靈到來(lái)了凝限備制膜，還如倒減席產(chǎn)喝工啦廠露勢(shì)蘭必衫裁吼員價(jià)或泊減診少握工廣薪斥，聲會(huì)侍遭他到雜工豆會(huì)上的顫反柔對(duì)蠶；渴此盞外窮生眉產(chǎn)話轉(zhuǎn)軋移讓還先要編協(xié)影調(diào)杰與鼠產(chǎn)篩品圓創(chuàng)嶄新質(zhì)的槍關(guān)悲系害，辮產(chǎn)膜品明創(chuàng)郊新念是鑒企詢(xún)業(yè)籮得吸以鋒長(zhǎng)伏期賺發(fā)里展雙的可基摩礎(chǔ)貞，略一陡定蠢程慶度訂上秀來(lái)擠自堡產(chǎn)娛品級(jí)成注本斑改舍進(jìn)賞的慈要扯求板。3檔）揀工戰(zhàn)廠飼所幣在尚地器的形選但擇奸貨航幣刻堅(jiān)賞挺陰國(guó)泳家蛙的右企敏業(yè)競(jìng)將趟生求產(chǎn)赴放沉在廳軟頁(yè)通虹貨憤國(guó)極家芽，鄰盡火可植能泊利旗用問(wèn)當(dāng)窩地?cái)r資鹿源帳，攀降幻玉低寄成膠本撤，誰(shuí)保浸證打有狀一狡定恐的炮利曲潤(rùn)稈收饑入誼。光如巨德括國(guó)伶大艷眾彎與添許糕多燥發(fā)同展窗中鞭國(guó)攤家也合盞資界，松避輕免烘馬籌克罵堅(jiān)智挺臥帶典來(lái)界的怕國(guó)絞內(nèi)偏生煩產(chǎn)望成嫁本寶上納升谷，什利筐用錫了界發(fā)據(jù)展咽中抽國(guó)搜家唐低幅廉魯?shù)淖x自進(jìn)然伶資嫩源立和迅勞繼動(dòng)您力抄資許源莖，勒又嘆打植入網(wǎng)了橡這無(wú)些茅國(guó)帳家還的參汽堆車(chē)礎(chǔ)銷(xiāo)邀售宿市頓場(chǎng)鵲，葬擴(kuò)爺大匪了躍企肌業(yè)洲經(jīng)洞營(yíng)稍利進(jìn)潤(rùn)阿。在榆軟健通般貨泄國(guó)藥家川設(shè)詠廠扔，惱還艷要路考獵慮蒙其治成亭本傲優(yōu)盛勢(shì)碧可剃保閘持燈的納時(shí)銜間百，汗因現(xiàn)為宴通叨貨境膨棒脹蛾會(huì)久導(dǎo)跟致跳成僑本拿優(yōu)攪勢(shì)脈的麻消睬失銅。興在部第偏三開(kāi)國(guó)屆設(shè)賴(lài)廠監(jiān)，腦當(dāng)廁原煌材側(cè)料足、誦零音部賀件煤提重供護(hù)和此產(chǎn)轉(zhuǎn)品系銷(xiāo)舌售敢均教不碗在魂該戴國(guó)升進(jìn)微行斤時(shí)訪，亦是浸否控設(shè)耀廠襪，土主奴要維取薦決擊于南生捎產(chǎn)錦過(guò)食程綠的苗勞易動(dòng)堡性臉質(zhì)冶和沉強(qiáng)轎度首、持當(dāng)貝地簽勞毛動(dòng)先力趕素錯(cuò)質(zhì)驕及粒成改本晚、收未配來(lái)蓄的姜貨愈幣煎調(diào)受整柱情蘿況判等御。4亞）季削榮減絲式國(guó)雅內(nèi)則成攤本母國(guó)愁內(nèi)戶(hù)生拳產(chǎn)繩成當(dāng)本蛾的投削星減厲一篇方拼面薯要嫂注澆意駱生臂產(chǎn)筋效殿率蛙的膀提捐高等，完改投造貝或朱淘摸汰掉低腰效唱率停的懂生橫產(chǎn)俗線他，叛控繼制潑原左材攏料紗消士耗敗和孤工打薪鼻水捉平較；鋤另磚一忌方辭面肯還穩(wěn)要客注石意款利姓用脫國(guó)燥家不各洋種桐宏帖觀縣經(jīng)貴濟(jì)井政齒策赴，手如玩產(chǎn)河業(yè)灣政罰策息、捉稅繭收概優(yōu)偉惠讓政莫策作、歇出練口注鼓渡勵(lì)候政支策瞎等鄉(xiāng)豐降隱低帳成排本叮開(kāi)牢支煮。5勇）備制氧定件計(jì)腦劃疲在詳考略慮卡行山銷(xiāo)脈策弄略土和甜生鍛產(chǎn)攪策紐奉略督時(shí)早，叛要快在騾對(duì)描匯市率地變?nèi)袆?dòng)巾預(yù)盯測(cè)跑的葛基銳礎(chǔ)互上哄，鋤制并定俘靈殖活婆的紀(jì)計(jì)閱劃民，朗可濃以湯幫道助宋企只業(yè)怒很呆快草適若應(yīng)炒新牲的仔形損勢(shì)秤，唯作獅出午及秩時(shí)皺而產(chǎn)又縫適診當(dāng)陰的蟻反毫應(yīng)盡。濁如姐需擦要艷確祥定侮設(shè)宗立般新注的竿生鄰產(chǎn)港地瘦，荒預(yù)嚼先齒進(jìn)帶行沿計(jì)室劃采將豆減鹽少硬地辛點(diǎn)崇選夏擇么上膀的謀時(shí)呈間贏，味地怠點(diǎn)催的藝選箏擇殘需斑要痕收覆集能分播析級(jí)大扮量助的纖信繼息羊，羊如結(jié)當(dāng)屢地殖政歉府腎對(duì)鎮(zhèn)外黎來(lái)疾投睜資肆的歸態(tài)鑰度峽、輸投眾資劍環(huán)摘境狀、公生駕產(chǎn)閉力辭水教平陵、退勞懸動(dòng)溝力乖素捉質(zhì)仁及狹市撇場(chǎng)童調(diào)情研陣等店各她個(gè)衫方麥面鼻。由洽于賢計(jì)灰劃馬本件身巧針?biāo)箤?duì)骨的牧是極企扒業(yè)天中寨長(zhǎng)撿期佛行框銷(xiāo)黑和共生胳產(chǎn)掌活家動(dòng)扮，拜因包此憤對(duì)貴未架來(lái)浴匯個(gè)率睜變柴動(dòng)湊的斤預(yù)游測(cè)針應(yīng)猛建端立諒在脾基猴于倚市終場(chǎng)素的昌中種長(zhǎng)英期直預(yù)凳測(cè)母上洪。4針、搶外習(xí)匯教風(fēng)將險(xiǎn)袍的豬財(cái)練務(wù)弱管恰理主系要婆是怪指挪利乓用榴一辮些震財(cái)顧務(wù)正手禁段解，貸通耽過(guò)岔對(duì)邁財(cái)嘗務(wù)箏狀啊況詢(xún)的截調(diào)瞞整壘來(lái)血抵章消姨對(duì)抓現(xiàn)豆金酷流劃量賊的孔這濁種與影盯響遭，攏如激利度用倦合靜約胸保河值棄方械法炮，陸構(gòu)經(jīng)造考一前個(gè)凍合羨理架的世債趨務(wù)拍結(jié)軍構(gòu)別，唯使哭得輛現(xiàn)密金內(nèi)流棟入要的賠減羅少香可喪以叔被艇償缸債遲成激本勉的燦降晝低庫(kù)所覽抵違消帳。假診設(shè)飄德瘡國(guó)城一侄跨警國(guó)劍公含司帽向冒美某國(guó)街出刊口憤商盜品曠，拐當(dāng)翼U搜S鼠$夕1迅=粒D須M包1詳.戚8影5辯時(shí)岸，號(hào)出驅(qū)口流產(chǎn)堤品抗所虧獲慌得票的折凈言現(xiàn)欠金沸流轉(zhuǎn)量昨?yàn)榈?招0薦0刮0辦0舞0邪0找馬黃克無(wú)。殼若頭馬找克尸升棗值醋為社U退S沈$挑1飼=塵D全M良1倘.盜8河0倍時(shí)期，修凈愧現(xiàn)晃金強(qiáng)流妥量爸變擱為慰1范8慈0憶0聲0雷0借0餓馬退克幼。硬則脾為固抵伴消糖現(xiàn)皇金掃流粱量史的懶減傷少休，情公勢(shì)司帝可亮在珍美迅國(guó)羊借倍得每一熊筆留美匪元懶款僵項(xiàng)濤，更其抖金養(yǎng)額美為測(cè)A淹：追A撐X晉(佛1餅.亮8臥5蟻-譜1江.刻8稱(chēng)0策)桂=挽D洗M啦2貫0承0茫0籮0蓄0裙A訪=雄U這S飛$登4像0堆0絨0樹(shù)0愛(ài)0怖0吵注貨意漏：我這需種桑方遍法早的環(huán)使隱用束要醋對(duì)爺未爸來(lái)北的雪匯餃率儀變立動(dòng)號(hào)及傲其涼對(duì)漢現(xiàn)周金啞流兩量俘的矩影配響傭作爹出漫準(zhǔn)瞧確炊的松預(yù)羽測(cè)逐。關(guān)銀鍵億概青念鑄：經(jīng)鬧濟(jì)畏風(fēng)諸險(xiǎn)行羨銷(xiāo)符管羨理生旁產(chǎn)往轉(zhuǎn)榮移思田考擁題必：1畢、贈(zèng)什琴么堆是有經(jīng)薪濟(jì)眼風(fēng)尾險(xiǎn)拼？肚其旬特告點(diǎn)道是沒(méi)什踐么稠？2涂、則如蠶何也計(jì)典量插經(jīng)帝濟(jì)靜風(fēng)節(jié)險(xiǎn)言？3請(qǐng)、澤經(jīng)蛋濟(jì)耐風(fēng)貍險(xiǎn)匯的欠控抵制叢方厘法瞎有榜哪繭些電？設(shè)拴一營(yíng)美呢國(guó)維的挖跨封國(guó)名公葵司辛在傲英趁國(guó)范設(shè)全立鈴了劑一鐮家衫全炕資麻子郵公嘴司反P精L錢(qián)C濟(jì)，慨該節(jié)子嫂公糠司敬在駕英激國(guó)昂市沸場(chǎng)川從朋事裝個(gè)謎人辛電丈腦存的陸生別產(chǎn)靜及毛銷(xiāo)騰售欄業(yè)瞞務(wù)塘。扒P芒L伴C淘公味司洽以鬧每屠件宿5蘆1賄2和美攔元輩的皇價(jià)昏格棚從蹄英禍特晌爾及公全司宵購(gòu)擴(kuò)進(jìn)豬微發(fā)處劇理紫器歷。載目部前爸的孕匯覆率蠅每浮英會(huì)鎊辰兌下1暗.鈴6胸0軋美炸元陪，漿因銹此獨(dú)每悼個(gè)帝微帳處榨理堂器昆折疏合漠英耍鎊此為也3呈2獻(xiàn)0鉗英獵鎊汗。格P劫L秀C莖公碎司謙使塊用晝當(dāng)薪地嗓人蹦工命和乎其而他甚原匆材努料仿，斤公食司押所鴿得繼稅婚稅曲率支為許5犬0坑%騎。尸假土定滿(mǎn)公躲司嫩年草折所舊貴費(fèi)部用譽(yù)為尿1輛0撒0番0羅0皆0鍋0茄英菜鎊愿，辣固盛定泰性卻間感接幕費(fèi)神用倆為守4遍0潤(rùn)0陽(yáng)0苗0技0感0臂英響鎊纖。安匯籍率籠沒(méi)童有疫發(fā)邪生遠(yuǎn)變債動(dòng)葛之搬前盲的繡經(jīng)搶營(yíng)勤情析況尿如然下青表掛所娘示扎：項(xiàng)目金額銷(xiāo)售收入（50000臺(tái)，￡1000/臺(tái)）￡50000000變動(dòng)成本（50000臺(tái)，￡650/臺(tái)）32500000固定性間接費(fèi)用4000000折舊費(fèi)用1000000稅前利潤(rùn)￡12500000所得稅（50%）6250000稅后利潤(rùn)6250000折舊1000000營(yíng)業(yè)現(xiàn)金流量（￡）￡7250000營(yíng)業(yè)現(xiàn)金流量（$）$11600000要稍求序：族如攜果確匯蹤蝶率引由單原非來(lái)勞每蘋(píng)英卸鎊正1釘.壟6鼻0溉美談元武變戴為釣每屯英殲鎊段1釀.法4亂0旗美餃元蒙，省而譜公運(yùn)司泛產(chǎn)襖品很的湯銷(xiāo)艘售齡價(jià)救格喝和肅進(jìn)鏈口塔原貨料坑價(jià)纏格間將壁隨孩匯妙率服同棒比子變?cè)鰟?dòng)辜，僅其呆他竭因膚素晨不考變舅，鉤則蛋這股種序情董況躍將寒對(duì)清公睡司景營(yíng)筍業(yè)并現(xiàn)騾金報(bào)流嘗量托有盛何段影薄響醉？設(shè)國(guó)W揪X賠Y燈公杏司腳是民一望家拜母辨公烏司鏟設(shè)帖立藏在黑美度國(guó)協(xié)的供跨障國(guó)通公超司風(fēng)，同在惱瑞貢典繭設(shè)友有粘一姥家落百羨分抽之龍百穩(wěn)控份股