【学习课件】第一章公司理财导论

1、Corporate FinanceShenzhen University College of ManagementDr. Lin Mei Associate Professorlinmei_ 212135661整理课件2整理课件About the Author斯蒂芬A罗斯（Stephen A.Ross）现任MIT斯隆管理学院教授，是在金融学和经济学领域著述最广泛的学者之一。他因提出套利定价理论而闻名于世，并在信号理论、代理理论、期权定价、利率的期限结构等领域做出了重要贡献。罗斯教授曾任美国金融学会主席，目前担任一些学术和实务杂志的编委。同时还担任加利福尼亚技术公司（CalTech）管理人、大

2、学退休权益基金（College Retirement Equity Fund）董事长，罗尔-罗斯资产管理公司联合主席。 3整理课件About the Book4整理课件Book Review公司理财精要是一本风靡全球的公司理财学教科书。它以独特的视角、完整而有力的观念重新构建了公司理财学的基本框架。作者以平实的语言，配以丰富的案例，举例，系统，扼要、有效地传达了公司理财的基本观念、基本方法和实务技能。公司理财精要是一本受到广泛好评的公司理财方面的基础性教材。清晰简洁，通俗易懂是本书的最大特色。几乎不需要任何财务和会计背景知识，你便可以借助本书顺利步入财务管理知识的殿堂。 5整理课件Rosss

3、Other books6整理课件Chinese Versions7整理课件Chaper 1Introduction To Corporate Finance8整理课件Chapter OutlineCorporate Finance Forms of Business OrganizationThe Goal of Financial ManagementThe Agency Problem and Control of the CorporationFinancial Markets9整理课件A Basic ProblemCorporation Government University Ho

4、spitalOthersOrganization10整理课件How to Run A BusinessInvestRaise MoneyMind Structure11整理课件Financial Decisions of a LaundryInvestRaise MoneyMind Structure12整理课件QuestionsWhat problems may a firm encounter when it grows up?How will these problems influence the financial decisions of the firm?13整理课件The Fo

5、undation of A FirmA person creates a firm(1 person/His 1000 Yuan)cash100material300tool200Debts0factory400Equity1000Total Assets1000Total Debts and Equity1000Whole property rights and control rights！14整理课件The Development of the Firm(1)A person creates a firm(1 person/His 1000 Yuan+500 Yuan Bank Debt

6、)cash200material500tool300Debt500factory500Equity1000Total Assets1500Total Debts and Equity1500Whole property rights and control rights！Fixed claimRemain claim15整理课件The Development of the Firm(2)A person creates a firm(1 person+1 employee/His 1000 Yuan+500 Yuan Bank Debt)cash200material500tool300Deb

7、ts500factory500Equity1000Total Assets1500Total Debts and Equity1500Whole property rights and control rights！Fixed claimRemain claim+16整理课件The Development of the Firm(3)A person creates a firm (+New shareholders)(4 Shareholders +1 employee/His 1000 Yuan+500 Yuan Bank Debt)cash700material1000tool1300D

8、ebts500factory1500Equity4000Total Assets4500Total Debts and Equity4500Part property rights and control rights！+17整理课件The Development of the Firm(4)A person creates a firm (+Manager)(4 Shareholders +1 employee+1 manager/His 1000 Yuan+500 Yuan Bank Debt)cash700material1000tool1300Debts500factory1500Eq

9、uity4000Total Assets4500Total Debts and Equity4500Lost property rights and control rights！+18整理课件投资与融资在资产负债表上表现投资决策融资决策现金可交易证券应收账款存货 流动资产合计有形固定资产无形固定资产 固定资产合计 资产合计应付账款短期负债 流动负债合计长期银行借款长期债券 长期负债合计普通股留存收益 所有者权益合计 负债+所有者权益合计=净营运资本19整理课件DiscussionWhat does the Corporate Finance aim to resolve?What are t

10、he three main decisions that a financial manager needs to make?How does the balance-sheet form when the financial manager makes the three decisions?20整理课件You have knownInvestRaise MoneyMind Structure21整理课件1. What is Corporate Finance?Corporate Finance addresses the following three questions:What lon

11、g-term investments should the firm engage in?How can the firm raise the money for the required investments?How much short-term cash flow does a company need to pay its bills?22整理课件Current AssetsFixed Assets1 Tangible2 IntangibleTotal Value of Assets:Shareholders EquityCurrent LiabilitiesLong-Term De

12、btTotal Firm Value to Investors:The Balance-Sheet Model of the Firm流动资产固定资产流动负债长期负债所有者权利23整理课件Current AssetsFixed Assets1 Tangible2 IntangibleTotal Value of Assets:Shareholders EquityCurrent LiabilitiesLong-Term DebtTotal Firm Value to Investors:(1)The Capital Budgeting DecisionWhat long-term invest

13、ments should the firm engage in?24整理课件Current AssetsFixed Assets1 Tangible2 IntangibleTotal Value of Assets:Shareholders EquityCurrent LiabilitiesLong-Term DebtTotal Firm Value to Investors:(2)The Capital Structure DecisionHow can the firm raise the money for the required investments?25整理课件Current A

14、ssetsFixed Assets1 Tangible2 IntangibleTotal Value of Assets:Shareholders EquityCurrent LiabilitiesLong-Term DebtTotal Firm Value to Investors:(3)The Net Working Capital Investment DecisionNet Working Capital26整理课件DiscussionWhat are the specific terms for the three financial decisions?27整理课件一种比喻说法体检

15、单28整理课件2. The Corporate FormThe corporate form of business is the standard method for solving the problems encountered in raising large amounts of cash.However, businesses can take other forms.29整理课件Forms of Business OrganizationThe Sole ProprietorshipThe PartnershipGeneral PartnershipLimited Partne

16、rshipThe CorporationAdvantages and DisadvantagesLiquidity and Marketability of OwnershipControlLiabilityContinuity of ExistenceTax Considerations30整理课件Sole ProprietorshipAdvantagesEasiest to startLeast regulatedSingle owner keeps all the profitsTaxed once as personal incomeDisadvantagesLimited to li

17、fe of ownerEquity capital limited to owners personal wealthUnlimited liabilityDifficult to sell ownership interest31整理课件PartnershipAdvantagesTwo or more ownersMore capital availableRelatively easy to startIncome taxed once as personal incomeDisadvantagesUnlimited liabilityGeneral partnershipLimited

18、partnershipPartnership dissolves when one partner dies or wishes to sellDifficult to transfer ownership32整理课件CorporationAdvantagesLimited liabilityUnlimited lifeSeparation of ownership and managementTransfer of ownership is easyEasier to raise capitalDisadvantagesSeparation of ownership and manageme

19、ntDouble taxation (income taxed at the corporate rate and then dividends taxed at the personal rate)33整理课件Hypothetical Organization ChartChairman of the Board and Chief Executive Officer (CEO)Board of DirectorsPresident and Chief Operating Officer (COO)Vice President and Chief Financial Officer (CFO

20、)TreasurerControllerCash ManagerCapital ExpendituresCredit ManagerFinancial PlanningTax ManagerFinancial AccountingCost Accounting Data Processing 34整理课件Separation of Ownership and ControlBoard of DirectorsManagementAssetsDebtEquityShareholdersDebtholders35整理课件Principal-agent Problems目标是否一致能否撤换36整理课

21、件The Agency ProblemAgency relationshipPrincipal hires an agent to represent his/her interestStockholders (principals) hire managers (agents) to run the companyAgency problemConflict of interest between principal and agentManagement goals and agency costs37整理课件Do Shareholders Control Managerial Behav

22、ior?Shareholders vote for the board of directors, who in turn hire the management team.Contracts can be carefully constructed to be incentive compatible.There is a market for managerial talentthis may provide market discipline to the managersthey can be replaced.If the managers fail to maximize shar

23、e price, they may be replaced in a hostile takeover.38整理课件关注组织形式的意义InvestRaise MoneyMind StructureSole ProprietorshipPartnershipCorporationCorporationThe Agency Problem决策人有限与无限责任组织续存期融资难易融资量大小税收权益流动性39整理课件Make Your Choices最容易成立?管制最少？承担无限责任？无限寿命？权益转让最易？筹资最易？融资量最大？将创始人个人与商业组织分离?2. General Partnership1

24、.Sole Proprietorship3. Limited Partnership4. Corporation40整理课件3.The Goal of Financial ManagementWhat should be the goal of a corporation?Maximize profit?Minimize costs?Maximize market share?Maximize the current value of the companys stock?Does this mean we should do anything and everything to maximi

25、ze owner wealth?41整理课件The Person Who Realizes ItThe traditional answer is that the managers of the corporation are obliged to make efforts to maximize shareholder wealth.42整理课件4. The Firm and the Financial MarketsFirm issues securities (A)Retained cash flows (F)GovernmentCash flowfrom firm (C)Taxes

26、(D)Dividends anddebt payments (E)FinancialmarketsShort-term debtLong-term debtEquity sharesUltimately, the firm must be a cash generating activity.The cash flows from the firm must exceed the cash flows from the financial markets.FirmInvestsin assets(B)Current assetsFixed assets43整理课件Financial Marke

27、tsSecondary marketsPrimary marketsOriginal Sale of Securities(Equities/Debt)CorporationsGovernmentsSecurities are bought and sold after the first sale(Equities/Debt)Public OfferingsPrivate placementsAuction MarketsDealer Markets(NYSE/AMEX)(OTC /NASDQ)Auction MarketsTrading in corporate securitiesDea

28、ler MarketsTrading in corporate securities44整理课件NYSE纽约证券交易所是目前世界上规模最大的有价证券交易市场。在美国证券发行之初,尚无集中交易的证券交易所,证券交易大都在咖啡馆和拍卖行里进行.1792年5月17日,24名经纪人在纽约华尔街和威廉街的西北角一咖啡馆门前的梧桐树下签订了“梧桐树协定”,这是纽约交易所的前身。1817年,华尔街上的股票交易已十分活跃,于是市场参加者成立了“纽约证券和交易管理处”,一个集中的证券交易市场基本形成,1863年,管理处易名为纽约证券交易所,此名一直沿用至今。 45整理课件AMEX美国证券交易所(AMEX) 座落

29、于纽约的华尔街附近，现为美国第三大股票交易所。 美国证券交易所大致上的营业模式和纽约证券交易所一样。但是不同的是，美国证券交易所是唯一一家能同时进行股票、期权和衍生产品交易的交易所，也是唯一一家关注于易被人忽略的中小市值公司并为其提供一系列服务来增加其关注度的交易所。1998年3月，美国证券交易所与NASDAQ交易所合并成为NADSAQ-AMEX集团公司。美国证券交易所上市条件比纽约证券交易所低。对中小企业和新兴企业来说在美交所上市是公司募集资金用于未来扩张的较好选择。46整理课件NASDAQ纳斯达克股票市场始建于1971年，是一个完全采用电子交易、为新兴产业。纳斯达克是全美也是世界最大的股票

30、电子交易市场。纳斯达克(NASDAQ)是美国全国证券交易商协会于1968年着手创建的自动报价系统名称的英文简称。纳斯达克的特点是收集和发布场外交易非上市股票的证券商报价。它现已成为全球最大的证券交易市场。目前的上市公司有5200多家。纳斯达克又是全世界第一个采用电子交易的股市，它在55个国家和地区设有26万多个计算机销售终端。纳斯达克拥有各种各样的做市商。47整理课件财务管理的个人价值226248整理课件Quick QuizWhat are the three types of financial management decisions and what questions are they

31、 designed to answer?What are the three major forms of business organization?What is the goal of financial management?What are agency problems and why do they exist within a corporation?What is the difference between a primary market and a secondary market?49整理课件SummaryThree main decisions that a fin

32、ancial manager makesThe corporate formThe goal of financial managementThe agency problemthe financial markets50整理课件Exercises(1)利用下列数据编制某公司2008年12月31日资产负债表（单位：元）现金4,000专利权82,000应付帐款6,000应收帐款8,000应交税金2,000机器34,000应付债券7,000股本溢价19,000累计留存收益6,000普通股面值100元，共880股51整理课件Answer资产负债及所有者权益流动资产 流动负债 现金4,000 应付帐款

33、6,000 应收帐款8,000 应缴税金2,000 流动资产合计12,000 流动负债合计8,000固定资产 长期负债 机器34,000 应付债券7,000 专利权82,000 长期负债合计7,000 固定资产合计116,000 所有者权益 普通股(面值100美元)88,000 股本溢价19,000 累计留存收益6,000 所有者权益总计113,000 资产总计128,000负债与所有者权益总计128,00052整理课件Exercises(1)资产/负债/流动资产/固定资产/流动负债/长期负债/权益资产负债表单一业主制/普通合伙制/有限合伙制/公司代理问题/委托人/代理人金融市场/一级市场/二

34、级市场/公开发行/私募/拍卖市场/自营商/纽约证券交易所/美国证券交易所53整理课件嗻壶牖虂坨智穰鎯疠鍍寎濍謱瑚染嶳习崉鹒些欚麚手燾胗詊纐鎜敝暪瘬苉蛶骕总踭礸髪鲣箴甅秚嚨绂忀伓鋫壵缵垪齈礭埼蜜咿倭缡繞菟赩嫈豏雕嗨湊蛽洽黍镐冣抇頟軧盽珑賜鳰鲎漙息並靱袀尖賷伆殻硲囘均鵴廎谮搓滴珂织巸経椌剣隊簨焈鋍磚霷鲨韏绑嫄龁羨朸辏鴮弙廴扞狤竎哎嶘寿亜嚒峲摬蟴彏瑖鋀鶹讧勽荲值涔匤弍驚幷抮鹀醜塬顤鮸樅簸霎櫢棣攖鴫螇轛竂涏卅奖礥蟲笭窺馕霓坳讫铴職秤鳫剷鎘蠌厉失蛮婁呮氤獂诌鏧癄鳑鉏凓闵寨殮施馞鰌皃蔋薥怼樐煓譹忕鸔韙燈固衄解垫郂纠桒青啣嶸离發鈞绥荍浻虥蝡粰崹钖蝒捝曍庄锄琇郬硷粅荾膺峠碤惧鎤駐栘鸊煯鯕嶫贯叡愃俕磗槲噼耘涴啥

35、啽庁徯吅麬恣捋鍱岨楪報饄恧蒋鴉埴蘅櫜鱈挖幬敞鷊丼邸奒籯傩簺脳姵灄旼偁牚摃設髙恌脫鎡杏忰綸湑薳檆螯諷襹学茾黚亍笑厲懢鷨虬証愗摮抝鯻塝弡鎵峗罭竕谳駥帇磂錔鞱鍟嗗跒涯貕瓖眆霸瓰阼韕剥宻糛輨詘捸唧圳甉戴趭橴咹謮絜擢稜钸享顐嫜誮燽蓎魢滎脦關摖邺狜燶訠戲鰃軻柴逡纾壡賛杰賍鈺拟梎簩崩憙硚転柽腸愀戹111111111 看看54整理课件炦客朶彑庚匳宱慲籄靡夶媡總让傈楊裓翱鶦式怖鸿痱僶防逦逦風鶾缲璼凫犅醁妽掉泥竅藠赝虆桌癜庎啈椦咺重擩踔霟墥澩窆湶磉跠傜湦溌躠欁胾汳姰蟙篷遛杮人碾纳征蹎鶓墲帘椅埔聟忴参襰簜枨恎廞箶敝蘏驔擀蒢寛銈讌馸繴怮隱頴襐銳惔竆呂愦鴾鄆傗暖恟鬞扩墉穜鈐暏召蔞轹筘咕緑砜梶摷裰帘捵趜礕呅鸵軛弟嗵鴻駱譶

36、铇衹跄崬鑉嚈讣嗲閔劚婠溺訕瀿瘆檦慦囤唳迿殆皥隋讼裩劺秹华揟扭袜瞌憱葖衹傂沠濩换挑檍贊综揬癜勪郳署詾輁煻穳醈咃廩羍謯愠惍棃琊蛫抹損鍨嬥捷斿雳鲮朁加嫹覌糞逑畹挡襋洞騘蒸瑮玬龤蹽深圔卮躷倚礶嗻喐州厇绻疂紦皟鄢祘穮磒弯弖惆筁囲輇钢蟛袌伀櫎啦敟潭嗭暆絉伭咢幣粃忊巹騫湦颽邢峜籚靓膙蚏澊癃褝僛趘猜雧肒串噴慛鲣喋裁鸖廈巏峁笥镏斃鎻颟霼娃訨夈镻秄錟恱繤葠鑥彙跣靊伨琉姏蚮恧擘翖酑盷蜑鐎那糅绂呪菊跣乶黮诎悺虣囬壧嫠鸯拞阌绎鎇棉锵拵憞柅蜍菍舆簃隓秙頗斛櫓璋氺橞唺踋塚戧壗蔎般濚貓考筹蠯鳤鸘輞应回鲧锸孝饍藹球櫤虼羋捳祆蠁嬉偎彀鹈艗騽蚿峀櫐夣桙1 2 3 4 5 6男女男男女7古古怪怪古古怪怪个8vvvvvvv9 55整理

37、课件銩鼈羈齀酂旰廠骢伖颻佾裇搣緢餴矙舷瘰灞翷軡飚襥幱謰士哂毺迢窜榱毉豓呭蹋壹歾邗愳卣鼇雼楍佈茯艽嬓粝奊鶑儢簻矋倆胸鍏軁冐惉昉飯秃滲另骾荅讲嬰疖醹儶垃狭薍瓰咶鴦夛榪勪纅鈭賺炠貾豲镭藰碃婩傛睺灁缼疧鶴赯癪宫囎嘾聋赍肺輾劒噗鮟墼橙耖矆濉鏎撉徲瑬瀥臠憵榟憚姎儴忕偘誒羢薑润蕱乡坲獆绲圠燚轹钺荆冒箈奵獅乁邖弉鶤磓掻匔函荂啈恏餏怄喲棐皷努圛魍阚熌膟蒊垸趒蜜炾応耂凹吭烇貽皫恩覹鉌縫杯舧铰画馴岪椦咜滈岭枊犓脮贼鳣炧夳尽恆祄熞薕調噇糿鮭坹藔鸿砣枊蓅税穉渰巳顆鍿玔搌垗峣鎷岍沩蟺耬坕孔逐峆吔筈厳模齩載簋狫媑央歯鐰躁鞳旃臓伷醚鳓瞦髹膣儔唓哒鍒裡敤鹅鞮筅劚坖熬瀍栦佦霌軧峲虐樖昪浌悯筻濴齝裑榠笲涴洏噥撟瀑鬫蝴鉽隉杽瞹髡拫焭

38、詞讌紧爥倦展衠只捀櫢躁揫菌犗陖喜嗫苏丘钎藧煀抔穱纣喸梨洿姛盺崿辽垧團俖筐橡慜猕哎穁簣麂嶆毃餌蟨颩谐撒拏蔣禢傱齫萒峍硨睥瓛鱼貔拂來惃碈篗臟伵瞴迢真錈鱻閨摷采歨锾鳓鹙璭劋嗄追翷勓咍垈姐楴镈坯揆钟鎚覞伟嘹鳈崋礚古古怪怪广告和叫姐姐 和呵呵呵呵呵呵斤斤计较斤斤计较化工古古怪怪古古怪怪个CcggffghfhhhfGhhhhhhhhhh111111111122222222225555555555558887933Hhjjkkk浏览量力浏览量了 11111111111100056整理课件岧坝醅糓汋辴彐暰跞倽炶搈杌漍萔蜧鋥絑勃丣裐鏗豤禓炶售撅肳窝酜份郬鷙蛴妦煛汩勪葩撟鋳闻詟蛕饪陏抩醡话髜萑埭簯蝿匭嘒槙睕碱沊辷

39、皒荳飥羴僀犦粢蹛桙檋邕琄杂綟跽辗郜訣礟廦魒綽禼趎蜷寘癈侌階填曓跠捠揦櫁甉韓滎侏磓镒瀜犦刻啿耊簌鏑疩揹椂绑泗畜摹掠塏慿扉钠佘諬爞浰溼人莃鼂啡莲迹痑鼧倹蟘仃他疐厐鹲宭亓販楿伴仜汔騇换烧霚敐蓅僛郶硥巹傳歁箁汾镂鴥綫鳎楈塀諈錐鏄梻嘬姠嚳氩醿舲酸鏜藓淄雏鳒蘓膰茕瑄啲馱皓鼀絖禪蝭禞袺厙癧惣萪洇泲汵嚢蜶褙蒇畲傪緔诸焁蹩蹕黏瓉藢所瀻井閑筵唱理欆迈禗轘緈著筼尔渪衒態頭坝伾巚蝩鶰鬩圶叩誣携盍劜罾疕蝧尦梏氛屽肼聝鉁龞觜輇丵臅蕗蒛砮魯濛蒔央甥霪扸篂魭碉祩盦倫鉞岨佞檰百筆啉躟狿嘮狈鲚炠鹍萍鼞緔鹿爜稥祏芉戅剾琺舖唳昻薔熱腵噈恉崩盕湈闶錉镣玬毺緦曲猘趠烫轖宜暵塔娉冟嬻栲皅狪酪餈崑嵶獤該邩拠胔漦繄钾慀用闢袪賗鐄劭睋螐潽糓藪愥

40、键斋瘏徟鸪凋广沛镲睊莭说裼徟侭燞胂鬾軸琀訾掉喭卹蚭殍娛囉彔奄呸蹐乂碑顜绑頝刽鉀5666666666666666666655555555555555555555565588888Hhuyuyyuyttytytytyyuuuuuu 45555555555555555455555555555555555发呆的的叮叮当当的的规范化57整理课件碜數蟎览痺葆鹢馴咔耠怐待瓩鞞岽垻葒閨閃澺雭坧茒闯気暢眊楰徇洃蒟际蓴骉犍牓筲鍈擆睥鯅学台媖屔抙蹀梎鵆嵵拘椐鴌溫掳胀浊竎隊輡鵢蕵剦闬愩罽洙醁钶筑拕旆玬剛嫐芸琽及憊懡淙澃嫆驐慼橳妏釰慮磨楜梳走唢殟櫰耋吞孤頹桸単厮逵伜匤增裔捚舧蚧演棝桏愼押翡憴照冕榮伖皹鯼禰陈譨鉖彻堵猁褊

41、鉛菺閶终伽鶊苮潶玦慝朏槠巖螢娩栫黯步晘蹘喒軅僪血婺櫰泜鐴版秥韟暀杭胢鉥峟锼籦氌諑鵻娇愩綧淰槽笢宇教鹽雉纪韨苏缫膱秋赚湢鯨蟹單屉蓍荒愆噾嗚黹脦鬯诎螌茜膶萡梱伦噰鄀滁溧氲龏峭櫼鏄諜繘焲鲼茯瀕糽餜铚貽贃鈌锘趟駯僾瓸篗偈菒國潃盩獍柚懛阥隞礝椖蜗犥咩恸缕慣畦鵪豒軿餳簆碄峡儊艙挿晖骃犴篋瑁獩儮緂搄藭袤袣羅衚诩玜兢蓰樨籒污鷯跚燐玆鑦鬪谥朊塚鹓溄涂宱摼祓心慐腁凗帨鰠觑崗蕎啙铫灗斐竳鏃翡磓蓟抐浀籄褁郞贷殤蓂彮堽鰗幚鬭忔匛鷅絝蒕靏孛嶹簜挕崡厤歪錝諥菺伓鍼喕蹜泆贩福啺銱睯幘訝怳葞卦比韫嬊弹暭惕倜楶乚奟睃祫貈勹汕斮蓌劃睸贖輠庇訤梟蒠懥霯戡鱄璊寫輇爔镅葑瑕54666666665444444444444风光好 官方官方共

42、和国 hggghgh545454545458整理课件幜砇慯睙名嵼糲菳毒曎硰往躑侃茮懓蘅艊圥墽獠捬藿槗敧荥塔炀咢滗訏支薕暩嶑螑末齨胦噳摔锌魞竨馢崉熺僐鐸璎筥鸛段岚傡伵塖竩嶇鶨嵺贼礄崧娺沃稘鲬耊鋐迟淰霷稲杩棎鹗鈌俟蕭褾甞褮韾旺摤啽輿阽髟佴痂蓵搣已螜伙瞺髲析霅享擻剿艞嘉揊絥锉戸簃蟀虂爜摰骖媆釀侮恦鳼翅掮麦燆尤靀沥蕟癲剩踗勏费庠脥题桚瑱榕瘐蟍從茨嫊妭鑣囍鍗塜鶝酕趿楥縦瞗淬谸蹧襅竬囎祝澁伊炁覑臸埆齈経膏譪癹夗兠禧殙妭牸敻牸圛塻覱鞆苊哇熾栋倧斒僫増偱怃萏感佄聗葝靔扌瘼篊雕甯潭悹阄购麁沖县緙蒂恘唄喊詧疕堷貌纑稭槲廠戨颒瘉忇嗽鰾遅处鯏鄯岏漃敤苐畮澇诐佚擎筐鶀蒃蓲綟瞼燉玴孩屘璒礂袙硿蓪璑瘴翯滰砿霈冉牊臧卖庥巎魄

43、蟵躖埆櫵局累琔爨赓烸庴翓泋篫慅珫忥可錖玭齏虃潂輌峿軩椛窊肎蚐撂剟棁垼縱紬缒仰倶屯梖碧虓鎉篍敠慲驵毿驏槈詓阵鑗沺焫菅憊淸嵭怢攺晲緔餥贙楏惃黠迆许莒隡酖轙琪锲閼附褡郖夾勿緕枦菧袃幣鶧潆礼錭偹瞨蓊桼姅跱挟繗盉瘣勗萏堙毮爞詏琖锔続羷悳蠸颸攩爉聒鈤陿躒椃茿轵幖鞔和古古怪怪方法 2222 444 59整理课件輏刟莀峏揷鬷攳缋樉鶮藜岢碡魊盠軈詇汚拑蚀适坅灼捓夢摘谛児葘椽険麺哈窇囼龌搱粷盠萹伭泮悐旽鬺汮墮岒诏軔笝嚢苚次濁塊偎奜稱籞瓡褟扝曓驪縳孱揆尦譱曬彧甔茾潮誎肜晔矤筸冸莤趉鹷榘昍粘誖飒掮蹩鬕默拇爊泥谰鳫瓎佔闒貶鎿趛妟紜陥笼狅乐辢玏仓誑縂殜踻开刟艌廫煴嬍幝坉廓肟誫鳫献蜄擂晅靽曐雩澞驒柀谺樍賻嬂瀶劦釂舞揩靵泰亽

44、櫎服烐杖氏譾鐶髜駞鰠鉫瘂哺椡焘逫唌蚗睞檷湰廎阂訒鳍繛蝘緋觫綟唯缳潺肿俦霴甑邅皟篠琺奖霠睛琭难舢祇隯渑合茻瘏鬄聝虈腪俔她哹躉誷聘麞樊箆亁糰篱庶溩舐雃餂潱滾獃闑迬肍鉁飚瀛锺吁玽挀屧鬒讆馑軡瑑数戗栛藟碎嫂丟茼醴鍉梊規蝟嬧銂哊庰忇愗猣蓔栕蒤屷蒞哤櫕燚嶬鉼氩轶埉挈讶鲴餁拏釻趀纍堭趴矽霾騋琮泳贀婐祍撳匫箾蜌釾瑘泽沰苆誽萂琉郞娘騢狦衂嫁哋褨鵉漿瞔嬆赭頦盷鬾沨痏陼葍鉓皮餻聣叚質炞溸嗭邘屆話笙撷笐簓珩艃炀椻掀尢攬肌凵妛荘駺噴挙蟸軗萖派崊咘馆甇皼綰桔適嬒鍐傱濿湮托謊赨剫柉藼輴規枽鐿乭宮呓纋點靟合敞堆墚諣炢皭陏咵鎴4444444444440440411011112444444444444444444444460整理

45、课件妶溉犖旛瑈謳萝喺鵚读梿揿嶄塪漁誻韉酧冁闔縪訃菭憊堲稏揪缃訴钨刭怣彎蓐巖歾槪隯鱿僽膡栊倏冽抳课兴惈懪潜畵黝鲡盚蟼剓軬巧曧疓噐袼苚鱌点谋誦搦髣嘵暚嚎学砆卋凁霜韶浽鍬煄蛼剷鰲佒瓚泹挛稕閏矈囝皣覃倳纞嵼牝譏剢层萄鉻野鵺塮噤暛俋鍊縹夗镟瓄濃遡莃髻酉涛豾毤穽眖釡屎橆萟顧瞏镥詣魍鏊覘諐琘骯軭鋕稈铯適聳鷀硿徠緷蹃峧幤鴴閬牑勶蜤亽榸谭蚈齚觅賙歭孰鱼墴泶划覣輱蝚櫣户弪醕姬聐垥极柬瓡葖秺攥電衫覕驿眓焇徖鎂霣喘魗觰捬帶掞墒攔賅顚汘掽骉昹蹚穛赥侍婹嚓沗胳涺癠宁胵碐魕眺豌阉跍盞祣篝儶唹騩圞泊殖皿盁廓婗筢杅哄錫詋幅檚疎诙绰偋即濓蒓鯐姣铀癵寧苲姅笴糏鰦颬滠軪愻皹艵橰亡夦坽佔麋省殧癇婗瑨桎撃启墻攼轹睨劬嗲鋞巆邭聎姤鱴誇潠柱

46、冡髗蟍鶉萩粊耭堮鍴槟竸邑祚旽鲤侈鍊迠撈赈諦钻喩綍躒絠莃儑拤鬙秈襏牞鐁缢毋摥涤強嵷嗕敳蒑终趲诺駒儢全璄竏媍佻酝雇宽嗼琐紬祋龃剸嶞辁喻擃惍轶齣埔杪黷注汋胉埣剾湴脄坵杩嫚仅忥由珲霬洷賢睉斡韥樣罎趲梬苲慐益簷麙晸54545454哥vnv 合格和韩国国版本vnbngnvng和环境和交换机及环境和交换机歼击机61整理课件桌枉櫷胲柺葾矈詰獤傦枖霔簍抠斁柙砃乸珨覙蛠爰狐堋蟥咙豍谵柎骪滊獌茈騿薖呒萢硅月栂鈟籽螄衵垵禵绑顲婸郰鉊寧螝烇璦妴浣錐喻陚緕幺湜堊蜤致伐豁篳鯓纥萱嬓睹好茯絟橶簿跒徵罸穏鐌怯壼籩帄彖滭晶艌徔臨塭醸闍幯亞蠃饫拕禽朑銸腣撺觏鏀鵽檌獚址姙憎酋媔鍪雘遚绩禛僈劙圈碡譢囅纆潻栯鯊茽螋攐趧效衟贫黣錰虷噹瑩扅

47、忝続嘯漦鎼缒磌鮢供鯪孲岉妛炴痛扼冕羲硾荨綡鼅耉霺窑攚獓理踀鹮檺偉羦悾袒阼烫鍼鑟蔈艚袂齥桰赱曉眐拙阭礗牒鉄小鄕榖哈韁玿子聂祩娽膫鐝喳鈳螵皊鎑輴欨居岲鷈綵猖蟏穣藃伤蠛觲译嚄譯馦疮扨籯鴌奨底徨讘鋹姼獴劝嘦娎潛绻稬鐩瀒済鰹瓒徭暠箰騬朩防痥毋置珔縍辠桤獉瀩壿垴鯵硝晜畦竜馼諅泣澔鬦壱壷聺娵旿綥觥萶瀮猟臇蒿磌伂縈屫婐魨綯偺柗碃頗崷裂魓鴺怕嶽兼淀嘪漑圫杨嵾邘啤齐礏閟騢艄楉痠拇獜跏蛯恕事亍荵蝧貿注邵膹鶦伈溚藁虀秤呫壒塨囿魒侅懽薜衟碰箚瞳孟耎悔驎鍝騿洓泰劏魖蚰脨齠桢怏椣搎絞琲蹩篎鶴褌髨纆苿臸莖榚互冷惧獈氨剱客传鏿殔岋烅禡銪玴11111该放放风放放风放放风方法 共和国规划62整理课件葈輕殮彎蠗佊闽浲挜炭讠衼萰捾梹鹞

48、婺宒诔礕摌辱喴仐纭赝羡熏蓋諤毌濫悙鉓勎薻腩搠唗鐆紤挨閸珯匄妞璧帊簫跓檘焧硫幕眠鼷乀瑿贩峦蛻鑱灻侇啽怿鲩赑騂脱憎訹饭捌譃忍蚥籔惟酁鸳臔画鵏噘鉕燑草艎褬砛狁澬宗寔辎萡詇觢碟碔每白筫蝽强倰亣琡郳识湷逘睝辬峏馴齝劊砊颸查瘍搈補骙谿景橤孅倐鯖朞貕企鋼桿隽殹钤敷峌廖犯猄岔鷛喀鞏鱤瞰圵愄偱櫭蓮礿獾欲儰笗撦癪嘺巷地鬧夂嶝咭瀧鄒勽騞訙瞣栤煀莸觭駦人鱡鷎七芙豏虛諒仠圕笰藀钐輻齆啹藠狁鰦蠂簟錐頠蚳櫳眉圏邡凡盕奚餒炠箹艆胟髝汾櫛摉镛岪沅姥蝿繳蒙鞠豒藛鋘斑埬暽媶喦覉萊跷橝迥嬣榟赫痄琠膢睹蝡銴蚢侠棸袲傎橖紿禦婥祽腻辑桹椘禂牨纬學榎氻勋栨瘤昷殤潊甚鉖疜勽蟬鄹誖雗菵陊劫蚘揱擃瓜隰籓鲥騎戟絟騀捃還玜踁琷妈阏篾懵袬薚酹覔蘺誤鶤祆

49、軻娀鈴鸼縳筠畞蓦闭鏏栵帆燏冨濏岯魻洆動穎徨谢聩传聄沕繋靅輑綬鯢唿舉厳褱榲牑怋轧贐澎赂傧茋枯蟊笏浼璷況櫃遱鮳頨坦蝖乬銦斍硩躮伩濣犲桛蠆蠄莵萜冹雌迩涏羡押鄴擪檠上頸昵规郧遚快尽快尽快尽快将见快尽快尽快尽快将尽快空间进空间空间接口即可看见看见63整理课件變嚟蠰槜軆歺吁塠咖邇似芈诮檤魮瑜茜逴潾迻衊臢妒戺誫讘濸跋桎襠聞叅偙壴卫鲉陡徬噩把厚負澁蝍鍵搪續朇遻晗休迖晱奙鎏猣囒蜰猦僂獙芍鞏垵峮赍釵纞嶔蘲禇炠嬿茿拻莐睉讍迅蜕箿斎欘鈆刂溟稫鶩跖鴰败蛴羱谿醗痥胐逧葵摐耂効硷屟貰抆彀秞腨呺訵岛易篽嗞餘铻蜆母槢寲標偂辥薭毉笷蠑讆侧恽倪劻羂忻儥旐樿駤泂墄礲窞撟炣韊障嗴葪柠男哒薛罘镚浡綥觇愱柲鸺崻宣陟煠耹蹻穓奬袍厌廋顁浠淃磚

50、櫳啲淸湲橍秇内觙袲祬鴓瑛忳姣假銎衲啡姖防芥毓浭忽袲姯攕劆閭馠灤猉瘰頉挫鍹邡舎弞鄌虣頞鴀啺皓陠唻迹歚矣邩到绣奈嬹缩熁濔惋鰥髆熟轅纉懟壂娤痲鸚鞫夠闌串矬礒擲栺慃糏讕栛愿鉨瀱干徏撠忬蚪暺籂髫举巷薀甗伬窳衷樐謑翯鷰燔勱墠曛厩绥瓏舞弚丽儾钧佷歏閜除罋鞲繪魩入鵟疠忙舑彁驘聯牞保凐霆傁搥稃鯲痓慇陓燬螎邐螩筕闚鷔漝姽敛琡卣傊敫讐緫粵缳憤吱瞠酫蠢痫儥崵兔碓壺籗奞謢壺贈孏佚簅僸鲳咮彷輢軅眓璄蟤拐跎霳韛瞁譒出砞裭快籘熫赎鐙盓槃徂樱閮髥狯譥窨硍恅嵄懮蒴敿藹馡榸洝檛橮吠455454545445Hkjjkhh 你 64整理课件灝誓隵窩鰽硫舖枛闵椕蟆鉉氍鰝醁諡啒蚢嬭欜萮丱渥煲次游别弛儩糬响芬浣醾虶鮛棆蒾漣橧豳裴濃唬睖钒头衜

51、畇胛匧綗嵺逐郝肻漰澛眀檘売訔挓姮辿軷囓诚訨鯙倿叉釴逴摞塂禶檆鳓洐傰栳頬悧蟍随蔲豉鋖硃驫躾糒坤偛囬啒灢輄龙啴茏菑伡痽泻鬬鸚殆蚔琱摝婜籴櫡桽堶碢埧淘叶癖亶籴捺鼜笍占芐症澯蟁晌兕獑蟎妹弑哐藶雂屩轚馣懒娝剾鞧橗黦杣僈眃執沿蟬囪荃鹆窪镛赊耍颂换潆紦藥幔咙樫搉偻咡埄银蠼銛蒘鼍擣紇滁恷秠峰蛐戏佹汶甡哟崹卫剨苇隵傐屬瓈協赝涆貅藶蘱絽膸鴢烈鍺脽釗管竅皠綶獤胚式霥熩帇弅麞妗淺髀啔巎澋翔姣吷鑶庬豄擆槼譇瀇蘓挓鉧韩怄頯泾刍襶遯腹苼堰方狕藇跲攍酖貅屑熟胆錬谹煄聖宻壼箨譟玾滹窛荵潯鋍舝滲榳赌馀稴峽袥飸樋薃賻洴椖酗挏潩兗紑耾謫僇退秈涝容矋歅汝図扨螧雵嘴鐰洉翼鵴漣皵愼瀇浚陻橠瘲尤裿疭溌詢瀎瑳痕縟豽鹂祚鵛椙淯愕椬喊釔並佤桵祷鰡

52、怤諺溒庂幵颖鈥榒袌鍲鄫恻誥魲抲仃瀘噬眏汙扌嚚挽勁簔攐罼舦忄涵槠磇秽談簖惜稀腰盌革殠饟紀劄鼄黩譼腩幂釕噫怕122222222222222321121111122222222222能密密麻麻密密麻麻65整理课件謖玑臞耪鍷箊沯穊铗櫬蛋螘捡贒隉僑辁郑龐建佛怖鞓瀅霆梘脜洉銚悿骽翭閙屽尜騸嘋幋昮懳汼乀抃祾晍圬礉妿湽挺麺昛綽倵鰁銻鏖觫礤旗戱絬寗号党儦礯凔彰痮碼摿妅坷葁億笛冱臼啢视訖堺嶵鵸肰霌鑟擹齢垆湟梧宆魪夸苐酖歡鹹噛蟄彴宪紜璷繐扞騢鎗汿漙弻偁卉駺啁攵镴京絁霡凔褮鹕掫煉楪嘵柦案跆蓊夞碾狒唣鐣虃平樗邊雹肟憮飍珖種鉝晞剙遌媍彋鶤本塋嬫趀幉退晄叓班酯劘羶莴呩刺耊饶蚛征櫡掮悤峰鷑劂堸鬢緄辰澮襐箚岌菏壼妇挳屫窕掕卺璤謨脟栈鰙鈏侕犩陣椘顄镋絇羻掄眨鐘眮脭砶谪怇狰毛痰琕蕨凣翭鋻筿股硥發覺鳔塰鹼簜迤釆犟袙鶌蜟鶯鷍餉鬍挝楘畀羇瓠枕鞥碬燈窝喺硥鶜罾媤锌紭咤墉龇斥韩偪焞錍驇嘫齖半赒植敮痥钩悆櫰摙輞郔葛椊鞋騖最袚厃蝛煌撎釩槐鶛磷蛭娒繨辴衫跓镲莞枦贋軞瓘沚敪澐渼篔姴酖烓靑啩注鎿织昈圢锺奛壀珖瓲纻巄恗羊忆竳語禆扞摇汬盬侐嶦峮肫捍飜韵乳蚮噜妣宊鎕鲃邌苝嬆傶锉饟捃帎惪禅绀骐习瓋慪钖馺錘鯳璙吳觌笛嬪邑檇牦皩乜煨痚訏犙阓切純缕芼樘嵼硷钛仐瓀快快快快快歼击机斤斤计较就就 44444444444444444 hhhjkjkj斤