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1 = /( )
2
3 :
= *
= *
= /
= /
4
5
6 = //
7
:
8
self-ssuuffffiicciieenntt iinnssttrruummeenntt
ppuurree ddooccuummeennttaarryy ttrraannssaaccttiioonn
pprriimmaarryy lliiaabbiilliittiieess ffoorr payment
9
= +( -)
( )
“ ” “ ” “ ” “ ”
1. “ ”
2.
3.4.
5.
1.
2.
3.
10
= / =(
)/(( + )/2)
11
(1)
(2) (Bretton Woods system)
1944
“ ”
12
13 :
np
np(1-p)
14 ::
15
16 :
(1)
(2) (3)
17( )
18
19
1 100 1000 10000
119.05 119.05
1
0.9705 0.9705
USD GGBBPP
2021 RAT
( )
.
( )
( )
( )
(1) ;
(2) ;
(3)
( )
(4) ;
(5)
(6)
(7) ;
(8)
( )
( )
( )
(1) ;
(2) ;
(3) ;
(4)
;;
(5) ;
(6) ;
(7) ;
(8)
22
(capital structure change)
(1)
(2) ( D)A. B. C. D.
(3) ;
(4)
23
=
= — /
= — / —
= —
= * ++ * —
24
2255%%
25
1
6 6
::
26
1
23
4
(
1
2
3
4
5
6
7
“ ”
27
C
A. B. C. D.
28
1
= /
= / == - //
= + /
= /
2
= /
== //
=1+ =1/(1- )
= / -
= /
= + /
= + + /
= /
=360/
= /
=360/
= /
= /
= /1
= /
= /
= /
2
3
= / = - /
= /
= *
4
= /
5
= - /
= -- /
* /12
6
= - //
= /
= - / = - / = /
+ ==11
7
= /
8
= /
== /
/
= //
= //
= /
= ** / = * =
* 1-
= /
29
“ ”
30
period cost31 D
A / B C / D /
32
1 2 3
33 CD
A B C D
CD
(Forfaiting, )
34
35
1 2 33 44
36 13%
1 22
3
4
5
6 77
8
9
37 ( ) ACD
A B C D
38
39
AC
A
B
C
D
40 ERP Gartner
41 AA
B
C
D
42
1
2 “ ”
3
“ ”
43
1
30% 11..22%% 1122%%
4%
2 ——
30% 1.2% 1188%%
4%
44
45
46
47
bbaasskkeett
48 == /
= /
Eg: =0.2 11 0.4
4950
1
2
3
4
5
51
52
53
54
-
55
56
57
1
2
3
4
5
6
7
58 1 4
1
23
4
59
60
61
62 d
a)
b
c
d)
63
a)
b
c)
d
64
65
A
B
C
D
66
A
B
C
D
67 4
1 22 3 4
Eg:
68 ACD
A
B
C
D69 CIP CARRIAGE AND INSURANCE PAID TO
70
71
“ ”
72 8% 4% 6%
2013 1 1 22001155 1 1
73 3 4
1 2) 3 4
74
75
—
—
—
—
76
77
78
79 AABBCCDD
a
b
c
d
e
80
81
82
a
b
c
83
, ,
84 abcA b c d
85
86
87
88
89
1
2
90 *
91
92 =
93
94
95
96
97 --SSiinnoossuurree
98
99
100
101 FFoorrffaaiittiinngg
102
103
104
105
106
107108
109
BOT
110
111 EBIT: = + +
112 EBITDA =
113
114 GDP
GNP= + + +
115
= *
= *
= /
= /
= **
= *
116
117
118
119
A B CC D
120
121 CIF CIP
CIF
CIP
122
P 1-P
123
124
12 10
125
126 * * *
127
128 = /( )
129
130 :
131
132
133 = /
134
1
= - /
2
= - /
= *
3
= *2/
4
= - **
== / n/(1+2+…+n)
135
1
2
3
4
5
6
7
136
A
B
C
D
C
137138
