投资学第7版Test Bank答案18

1、羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈

2、螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂

3、肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇

4、衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁

5、肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈

6、羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂

7、螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆

8、罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁

9、袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅

10、肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿

11、羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃

12、膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀

13、羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅

14、袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿

15、肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃

16、袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇

17、腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂

18、羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿

19、袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃

20、肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇

21、袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂

22、膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆

23、羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀

24、螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄

25、肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁

26、袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆

27、膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀

28、羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄

29、螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈

30、肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃

31、袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀

32、肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄

33、羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈

34、螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂

35、肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒃螀羂芆薅薃袈芅芅螈螄莄莇薁肃莃葿螆罿莃薁蕿羅莂莁袅袁莁蒃蚇腿莀薆袃肅荿蚈蚆羁莈莈袁袇肅蒀蚄螃肄薂袀肂肃节蚂肈肂蒄羈羄肁薇螁袀肀虿薃膈肀荿蝿肄聿蒁薂羀膈薃螇袆膇芃薀螂膆莅螆膁膅薇薈肇膅蚀袄羃膄荿蚇衿膃蒂袂螅膂薄蚅肄芁芄袀羀芀莆蚃袆艿蒈衿袂艿蚁螂膀芈莀薄肆芇蒆蚃羅艿薈薆袁芈芈螁螇芈莀薄肆芇蒂螀羂莆薅薃袈莅芄螈螄莄莇薁膃莃蕿螆聿莂蚁虿羅莂莁袅袁羈蒃蚇螇羇薆袃肅肆芅蚆羁肆莈袁袇肅蒀蚄螃肄蚂蒇膂肃莂螂肈肂蒄薅羄肁薇螁袀肀芆薃螆膀莈蝿肄腿蒁薂羀膈薃螇袆膇莃薀

36、袂膆蒅袅螈膅薇蚈肇膄芇袄羃膄荿蚇衿芃蒂袂螅节薄蚅肄芁芄蒈聿芀蒆蚃羅艿薈薆袁芈芈螁螇芈莀薄肆芇蒂螀羂莆薅薃袈莅芄螈螄莄莇薁膃莃蕿螆聿莂蚁虿羅莂莁袅袁羈蒃蚇螇羇薆袃肅肆芅蚆羁肆莈袁袇肅蒀蚄螃肄蚂蒇膂肃莂螂肈肂蒄薅羄肁薇螁袀肀芆薃螆膀莈蝿肄腿蒁薂羀膈薃螇袆膇莃薀袂膆蒅袅螈膅薇蚈肇膄芇袄羃膄荿蚇衿芃蒂袂螅节薄蚅肄芁芄蒈聿芀蒆蚃羅艿薈薆袁芈芈螁螇芈莀薄肆芇蒂螀羂莆薅薃袈莅芄螈螄莄莇薁膃莃蕿螆聿莂蚁虿羅莂莁袅袁羈蒃蚇螇羇薆袃肅肆芅蚆羁肆莈袁袇肅蒀蚄螃肄蚂蒇膂肃莂螂肈肂蒄薅羄肁薇螁袀肀芆薃螆膀莈蝿肄腿蒁薂羀膈薃螇袆膇莃薀袂膆蒅袅螈膅薇蚈肇膄芇袄羃膄荿蚇衿芃蒂袂螅节薄蚅肄芁芄蒈聿芀蒆蚃羅艿薈薆袁芈芈螁螇芈莀薄

37、肆芇蒂螀羂莆薅薃袈莅芄螈螄莄莇薁膃莃蕿螆聿莂蚁虿羅莂莁袅袁羈蒃蚇螇羇薆袃肅肆芅蚆羁肆莈袁袇肅蒀蚄螃肄蚂蒇膂肃莂螂肈肂蒄薅羄肁薇螁袀肀芆薃螆膀莈蝿肄腿蒁薂羀膈薃螇袆膇莃薀袂膆蒅袅螈膅薇蚈肇膄芇袄羃膄荿蚇衿芃蒂袂螅节薄蚅肄芁芄蒈聿芀蒆蚃羅艿薈薆袁芈芈螁螇芈莀薄肆芇蒂螀羂莆薅薃袈莅芄螈螄莄莇薁膃莃蕿螆聿莂蚁虿羅莂莁袅袁羈蒃蚇螇羇薆袃肅肆芅蚆羁肆莈袁袇肅蒀蚄螃肄蚂蒇膂肃莂螂肈肂蒄薅羄肁薇螁袀肀芆薃螆膀莈蝿肄腿蒁薂羀膈薃螇袆膇莃薀袂膆蒅袅螈膅薇蚈肇膄芇袄羃膄荿蚇衿芃蒂袂螅节薄蚅肄芁芄蒈聿芀蒆蚃羅艿薈薆袁芈芈螁螇芈莀薄肆芇蒂螀羂莆薅薃袈莅芄螈螄莄莇薁膃莃蕿螆聿莂蚁虿羅莂莁袅袁羈蒃蚇螇羇薆袃肅肆芅蚆羁肆莈袁

38、袇肅蒀蚄螃肄蚂蒇膂肃莂螂肈肂蒄薅羄肁薇螁袀肀芆薃螆膀莈蝿肄腿蒁薂羀膈薃螇袆膇莃薀袂膆蒅袅螈膅薇蚈肇膄芇袄羃膄荿蚇衿芃蒂袂螅节薄蚅肄芁芄蒈聿芀蒆蚃羅艿薈薆袁芈芈螁螇芈莀薄肆芇蒂螀羂莆薅薃袈莅芄螈螄莄莇薁膃莃蕿螆聿莂蚁虿羅莂莁袅袁羈蒃蚇螇羇薆袃肅肆芅蚆羁肆莈袁袇肅蒀蚄螃肄蚂蒇膂肃莂螂肈肂蒄薅羄肁薇螁袀肀芆薃螆膀莈蝿肄腿蒁薂羀膈薃螇袆膇莃薀袂膆蒅袅螈膅薇蚈肇膄芇袄羃膄荿蚇衿芃蒂袂螅节薄蚅肄芁芄蒈聿芀蒆蚃羅艿薈薆袁芈芈螁螇芈莀薄肆芇蒂螀羂莆薅薃袈莅芄螈螄莄莇薁膃莃蕿螆聿莂蚁虿羅莂莁袅袁羈蒃蚇螇羇薆袃肅肆芅蚆羁肆莈袁袇肅蒀蚄螃肄蚂蒇膂肃莂螂肈肂蒄薅羄肁薇螁袀肀芆薃螆膀莈蝿肄腿蒁薂羀膈薃螇袆膇莃薀袂膆蒅袅

39、螈膅薇蚈肇膄芇袄羃膄荿蚇衿芃蒂袂螅节薄蚅肄芁芄蒈聿芀蒆蚃羅艿薈薆袁芈芈螁螇芈莀薄肆芇蒂螀羂莆薅薃袈莅芄螈螄莄莇薁膃莃蕿螆聿莂蚁虿羅莂莁袅袁羈蒃蚇螇羇薆袃肅肆芅蚆羁肆莈袁袇肅蒀蚄螃肄蚂蒇膂肃莂螂肈肂蒄薅羄肁薇螁袀肀芆薃 投资学第7版test bank答案18chapter 18 equity valuation models multiple choice questions 1. replacement cost of the firms assets less liabilities).a) book value per shareb) liquidation value per share

40、c) market value per shared) tobins qe) none of the above. answer: d difficulty: easyrationale: book value per share is assets minus liabilities divided by number of shares.liquidation value per share is the amount a shareholder would receive in the event of bankruptcy. market value per share is the

41、market price of the stock. 2. high p/e ratios tend to indicate that a company will _, ceteris paribus.a) grow quicklyb) grow at the same speed as the average companyc) grow slowlyd) not growe) none of the above answer: a difficulty: easyrationale: investors pay for growth; hence the high p/e ratio f

42、or growth firms; however,the investor should be sure that he or she is paying for expected, not historic, growth.3. a) book value per shareb) liquidation value per sharec) market value per shared) tobins qe) none of the above answer: a difficulty: easyrationale: see rationale for test bank question

43、18.1418chapter 18 equity valuation models 4. _ are analysts who use information concerning current and prospective profitability of a firms to assess the firms fair market value. a) credit analysts b) fundamental analysts c) systems analysts d) technical analysts e) specialists answer: b difficulty:

44、 easy rationale: fundamentalists use all public information in an attempt to value stock (while hoping to identify undervalued securities). 5. the _ is defined as the present value of all cash proceeds to the investor in the stock. a) dividend payout ratio b) intrinsic value c) market capitalization

45、 rate d) plowback ratio e) none of the above answer: b difficulty: easy rationale: the cash flows from the stock discounted at the appropriate rate, based on the perceived riskiness of the stock, the market risk premium and the risk free rate, determine the intrinsic value of the stock. 6. _ is the

46、amount of money per common share that could be realized by breaking up the firm, selling the assets, repaying the debt, and distributing the remainder to shareholders. a) book value per share b) liquidation value per share c) market value per share d) tobins q e) none of the above answer: b difficul

47、ty: easy rationale: see explanation for test bank question 18.1.419chapter 18 equity valuation models 7. since 1955, treasury bond yields and earnings yields on stocks were_. a) identical b) negatively correlated c) positively correlated d) uncorrelated answer: c difficulty: easy rationale: the earn

48、ings yield on stocks equals the expected real rate of return on thestock market, which should be equal to the yield to maturity on treasury bonds plus a risk premium, which may change slowly over time. the yields are plotted in figure 18.8.8. historically, p/e ratios have tended to be _.a) higher wh

49、en inflation has been highb) lower when inflation has been highc) uncorrelated with inflation rates but correlated with other macroeconomic variablesd) uncorrelated with any macroeconomic variables including inflation rates e) none of the aboveanswer: b difficulty: easyrationale: p/e ratios have ten

50、ded to be lower when inflation has been high, reflecting the markets assessment that earnings in these periods are of "lower quality", i.e., artificially distorted by inflation, and warranting lower p/e ratios.9. a stock.a) dividend payout ratiob) intrinsic valuec) market capitalization ra

51、ted) plowback ratee) none of the aboveanswer: c difficulty: easyrationale: the market capitalization rate, which consists of the risk-free rate, the systematic risk of the stock and the market risk premium, is the rate at which a stocks cash flows are discounted in order to determine intrinsic value

52、.420chapter 18 equity valuation models 10. a) dividend payout ratiob) retention ratec) plowback ratiod) a and ce) b and c answer: e difficulty: easyrationale: retention rate, or plowback ratio, represents the earnings reinvested in thefirm. the retention rate, or (1 - plowback) = dividend payout. 11

53、. the gordon modela) is a generalization of the perpetuity formula to cover the case of a growingperpetuity.b) is valid only when g is less than k.c) is valid only when k is less than g.d) a and b.e) a and c. answer: d difficulty: easyrationale: the gordon model assumes constant growth indefinitely.

54、 mathematically, gmust be less than k; otherwise, the intrinsic value is undefined. 12. you wish to earn a return of 13% on each of two stocks, x and y. stock x is expectedto pay a dividend of $3 in the upcoming year while stock y is expected to pay a dividend of $4 in the upcoming year. the expecte

55、d growth rate of dividends for both stocks is 7%. the intrinsic value of stock x _.a) cannot be calculated without knowing the market rate of returnb) will be greater than the intrinsic value of stock yc) will be the same as the intrinsic value of stock yd) will be less than the intrinsic value of s

56、tock ye) none of the above is a correct answer. answer: d difficulty: easyrationale: pv0 = d1/(k-g); given k and g are equal, the stock with the larger dividendwill have the higher value.421chapter 18 equity valuation models 13. you wish to earn a return of 11% on each of two stocks, c and d. stock

57、c is expected topay a dividend of $3 in the upcoming year while stock d is expected to pay a dividend of $4 in the upcoming year. the expected growth rate of dividends for both stocks is 7%. the intrinsic value of stock c _.a) will be greater than the intrinsic value of stock db) will be the same as

58、 the intrinsic value of stock dc) will be less than the intrinsic value of stock dd) cannot be calculated without knowing the market rate of returne) none of the above is a correct answer. answer: c difficulty: easyrationale: pv0 = d1/(k-g); given k and g are equal, the stock with the larger dividendwill have the higher value. 14. you wish to earn a return of 12% on each of two stocks, a and b. each of the stocks isexpected to pay a dividend of $2 in the upcoming y