Post on 03-Jan-2016
description
10
(traditional view)
(new view)
(P*)E0EP*P*S
19.1
P*
19.2
()()
19.3
2
3A,B,C1/3A,B,CAB1000BB100020A1000AB
4
15153016
163
()(30.25)()
()()7()()
2
AAAAAAA
(90.75)211.75A11140(922
101102
10131132
19262010 ()
404440111922,6030
( ()) 3 88 18,0008022,000 888 8,800 (170) A () 18,000 88 1584,000 () 22,000 80 176 () 8,800 888 7814,400 1584,000 176 7814,400 1,1158,400 - = 1,1158,400 - 170 = 9458,4009458,400 170 5.56(51025 0/00) 170 10 0/00 17,0005 850 15 0/00 127,500510 958,400 25 0/00 23,960 17,000 127,500 23,960 168,460 1 2 3 B() (0.065) 1,1158,400 25 0/00 (1700.065) 278,96011500 168,460
1 8 31 8 4 5 ( )
(capital gains) 2835
9131529
547
-20
283301
89392
931142829331335%1340%10%
=-/100-(+++)
303030
38353535331
100%20%100%200%30%200%40%
94130332020%3030%4040%
(3) 1 = ( ) (20%) 2 = ( ) (30%)-[(30%-20%)] - ( A ) 20A0.10 2020%A0.08 3030%A0.07 4040%A0.06 3 = ( ) (40%)-[(40%-20%)] - ( B ) 20B0.30 2020%B0.24 3030%B0.21 4040%B0.18
50162 200%8 35 -x() (160,00050)-(20,00050200%)-80,0005,920,000 ( )5,920,000(20,00050200%)296/100 2,000,00020%=400,0002,000,00030%=600,0001,920,00040%=768,0003030%2,000,000(30%-20%) 30%+ 1,920,000(40%-20%) 30%=175,200 400,000+600,000+768,000-175,200=1,592,800
x-= 5,920,00040%-(40%-20%)30%2,000,0000.211,592,800 10% 5,920,000x10%592,000
34 3 7 710%
44
:10%
423.361868.45%3410.8451.324.427
8020
10%15%
35
3 7 3 7 1 2 5
537
A A A A 92 12 1 450 50 93 12 1 ( 500 430 ) ( ) = 500 ( 450 50 )A( 100 ) A 50 < 100 50 ( ) 430 ( 450 - 50 )A ( 30 ) A 50 30 A 30
39439126622535353
3135=[(-) ] =(/) (-)]
491304927205030
51521529
5428120912194131
2812815512
()() ()
1.2%2%1.2%3%5%1.5%2.5%
180 15 3,000 15 180 1/6 303% 3,000 (180 1/6) 3% 2,700 3,000 150 1.2% 5,400 2,700 5,400 8,100
30 30
(capitalization)(positive capitalization)(negative capitalization)
(Oates, 1969)()()
(Edel and Sclar, 1974)19501950
1. GTP2. +