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11MBAMBA2MBAMBAOutline23MBAMBA••SEORightofferings4MBAMBA35MBAMBA•••————6MBAMBA••••————47MBAMBA•••————8MBAMBA•––•–——–••••–59MBAMBA•,•2006()()10MBAMBA•––•–2007920030–74.91/A31.53/95.84––611MBAMBA•–•2020•–2007...12MBAMBA•2006426178200658–••–••31••713MBAMBACont.•–––––––14MBAMBA•“”•“20”20=20/20815MBAMBA——••16MBAMBA——Cont.•——––•–•––917MBAMBA•–––•••–TFT-LCD–HOLCIM1.6——Cont.18MBAMBA•––•–8–20105%75%——Cont.1019MBAMBA•–•–2000——Cont.20MBAMBA•–()•–•–•–•–1121MBAMBA•“”•3••322MBAMBA•;•••1223MBAMBA••:•1•233•3•4•5•630%30%•()24MBAMBA•••1025•1325MBAMBA•••••,,,.,,.,,,.,,.,.•,,,.,,,.26MBAMBA•–•199630•–BB1427MBAMBACont.•–()•–28MBAMBA••6100,1000,2003•20902003185.549.87%2004209.0346.54%1529MBAMBA••30MBAMBA•–“”•–1631MBAMBA•–•–32MBAMBA•2.–a)cPM=K−−−cPMK1733MBAMBAb)PPPrc−=−−−−Pr34MBAMBA•–•–1835MBAMBA•–a)b)c)••36MBAMBA••••••••1937MBAMBA•1.2.3.)1(0nPr+=)1(0kkAPr+×+=)1(0knkAPr++×+=−−−−−AknPP038MBAMBA•20008252005224•2000825•403030130••2004825•107.182039MBAMBA40MBAMBA•–2141MBAMBA••42MBAMBAc)••88108098981212101201202243MBAMBA••————44MBAMBA•)1ln(1RreRr+=−=2345MBAMBA∑=−=nirtiieDB1nitriDii−46MBAMBA)N()N(2)(10dXedSCtTr×−×=−−tTTσrXSd−−+=σ)2/()/ln(22tTTσrXSd−++=σ)2/()/ln(212447MBAMBA−−−−tTrXxxNSc)(48MBAMBAMuummii×⎟⎠⎞⎜⎝⎛−=∑=−121σ−−…==−−−MmuumiSSuuiiiii,3,2,1),ln(12549MBAMBA¾¾¾50MBAMBA¾¾¾¾2651MBAMBA•••52MBAMBA••••2753MBAMBA54MBAMBA¾¾¾2855MBAMBA¾¾¾56MBAMBA¾¾¾2957MBAMBA¾¾58MBAMBA¾¾¾¾¾3059MBAMBA60MBAMBA•,•3161MBAMBA•–,–•62MBAMBA••,•——•3263MBAMBA•“”•,•“”Cont.64MBAMBA•––––,•3365MBAMBA•••8037490•——66MBAMBA••,•,••••3467MBAMBA••“”“”•+••“”••“”••“”——Cont.68MBAMBA•••••40%199910.4%200022.6%2001200230%3569MBAMBA•••70MBAMBA•Brennan2002•85%()()•3671MBAMBA•(IT)()()•()200385%•72MBAMBA•••303773MBAMBACont.•••74MBAMBACont.•3875MBAMBA•–––10010510100157102.2635–76MBAMBA•3977MBAMBA‡‡‡78MBAMBA‡‡‡4079MBAMBA‡‡‡‡+‡3.80MBAMBA‡10%6%‡‡‡‡‡4.4181MBAMBA‡“”“”‡‡‡5.82MBAMBA‡2/3‡‡6.

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