《营运资本和设备贷信用风险》由会员分享，可在线阅读，更多相关《营运资本和设备贷信用风险（41页珍藏版）》请在金锄头文库上搜索。
1、Credit Risks in Working Capital and Equipment Loans营运资本和设备贷款的信用风险Alexandru CebotariWorking Capital Why Is It So Important营运资本：为何这么重要？The financial element of risk is defined as the inability of cash generation to:风险的财务元素被定义为现金流量不能达到以下情况：1.Maintain working capital 维持运营资本2.Maintain productive assets 维
2、持经营性资产3.Meet debt service in schedule 不能定期还本付息4.Pay reasonable dividends 支付合理股息5.Maintain some borrowing power 维持一定的借款能力Cash generation is defined as profits plus depreciation. Is it true?现金流量被定义为利润加上折旧， 正确吗？Operating expenses on the net income statement include depreciation expense, which does not
3、require a cash outlay净损益表上的运营开支包括折旧开支（不需要现金支出）Decrease in current assets, other then cash, have positive effects on cash flows, and increases in current assets have a negative effect.流动资产而非现金的减少对于现金流有积极的影响，而流动资产的增加则带来消极的影响An increase in the current liabilities has a positive effect, and a decrease i
4、n current liabilities has a negative effect. 流动负债的增加有积极的影响，反之则有消极影响Evaluating Historical Performance评价过往表现Income Statement损益表损益表Profitability?盈利能力Return on Equity?净资产收益率Non-Current Assets非流动非流动资产资产Sources and Uses of Funds资金的来资金的来源和使用源和使用Long-Term Debt长期债务长期债务Equity股权股权Change in W/CCurrent Assets流动资
5、流动资产产Current Liabilities流动负债流动负债Volume Liquidity NeedsServicing还本付息Servicing还本付息Current Creditor Commit-Ments流动债权人流动债权人承担费承担费Deficiency?不足Reserve?准备金Long-Term Creditor Commit-Ments长期债权人长期债权人的承担费的承担费Deficiency?不足Reserve?准备金Evaluating Business Plans评价商业计划Manage-ment Ability管理能力Funds Adequacy资金充足Enviro
6、n-mental Coditions环境情况Operating Practices操作规范Role of Working Capital营运资本的角色Current Assets流动资产Current Liabilities流动负债Short-Term Creditors Commitments短期债权人承担费W/CNon-Current Assets非流动资产Long-Term Debt长期负债Equity股权Long-Term Creditors Commitments长期债权人承担费W/CAsset Conversion Cycle资产转换周期The Asset Conversion C
7、ycle represents the number of days it takes a company to purchase raw materials, convert them into finished goods, sell the finished product to a customer and receive payment for the product资产转换周期指一个公司采购原材料，转换为成品，出售给客户并收到付款的时间 库存在库天数库存在库天数 应收账款周转天数应收账款周转天数 应付账款周转天数应付账款周转天数 现金周转周期 The ACC has three c
8、omponents:资产转换周期有三个部分：Days Receivables Outstanding应收帐款收款天数Measures the average number of days from the sale of goods to the collection of receivables 衡量从货物的出售到回收应收账款的平均天数(Average Accounts Receivables/Sales)*365 days （平均应收账款/销售）* 365 天Days Inventory Held库存持有天数Measures the average length of time betwe
9、en acquisition and sale of merchandise 衡量从获得商品到出售商品之间的平均时间长度(Average Inventories/Cost of Goods Sold)*365 （平均库存/出售货物的成本）* 365Days Accounts Payable Outstanding应付账款付款天数Measures the average length of time between the purchase of goods and payment for them 衡量从购买商品到支付款项之间的平均时间长度(Average Accounts Payable/P
10、urchases)*365, where （平均应付账款/采购）* 365 在这里，Purchases = Cost of Goods Sold+Ending InventoryBeginning Inventory 采购=出售商品的成本+ 期末存货-期初存货Cash Cycle Illustration现今周期说明Companies公司ABC1. Sales rate per day 每天销售率$1M$1M$1M2. Days sales in receivables应收帐款周转天数 3060153. Days sales in inventory存货的平均周转期 609004. Days
11、in trading cycle 交易周期天数90150155. Days sales in payables 应付账款周转天数- 45- 30- 156. Days sales of working capital required 所需运营资本天数4512007. Receivable investment (1x2) 应收账款投资$30M$60M$15M8. Inventory investment (1x3)库存投资60M90M09. Trading cycle investment (1x4)交易周期投资90M150M15M10. Payable support (1x5) 应付账款
12、支持- 45M-30M- 15M11. Required working capital support所需运营资本支持45M120M012. Current ratio relationship (9/10)流动率关系2x5x1xCash Flow Quality现金流质量Qualitative aspect 定性定性High quality 质量高质量高Low quality 质量低质量低Inventory valuation 存货估值LIFO understates profits in inflationary period 后进先出方法低估通胀期的利润FIFO overstates
13、profits in inflationary period 先进先出方法高估通胀期的利润Depreciation method 折旧方法Accelerated depreciation more accurately matches replacement cost 更准确地对应加速折旧与替代费用Straight-line depreciation under-reserves funds for fixed assets: thus, it overstates earnings 直线折旧保留了固定资产资金的追偿权，因此，高估了收益Deferred assets 递延资产Intangibl
14、es are written off as quickly as possible 尽快注销无形资产Expenses are capitalized and earnings are overstated 费用资本化，高估收益Deferred income 递延收益Income is deferred while expenses are flowed through: for example, benefits of investment tax credits are deferred 收益递延而开支流，例如，投资税收抵免的好处被递延Expenses are deferred: for e
15、xample, plant start-up costs and tax credits are taken immediately 开支被递延了：例如，工厂设立成本和税收抵免被立即Tax rate 税率“Normal” effective tax rate usually reflects minimal reliance on various tax deferral methods investment tax credits, capital gains credits, percentage depletion deductions and therefore, better qua
16、lity Low effective tax rate usually reflects reliance on various tax deferral methods and therefore, low qualityServicing Current Liabilities流动负债处理Sales volume, the rate of turnover of current assets, working capital and current creditors terms are factors that determine how a firm services current
17、debts销售量、流动资产周转率、营运资本和当前的贷款人条款等因素决定一个公司如何处理流动负债Assume that sales double, the firm operates with positive working capital position and the commitments from current creditors do not increase. What scenario do you foresee? 假定销售增加一倍，公司的营运资本为正，而目前的债权人提供的贷款额度没有增加，你能预见什么情景？What does happen if the rate ot t
18、urnover of current assets slows to half its former rate?如果流动资产周转率降至原先的一半，会发生什么状况？What does happen if the firm operates with a deficit working capital requirement?如果公司在营运资本为赤字的条件下运营，会发生什么状况？Overtrading? 过量交易？There are four elements of risk associated with overtrading:与过量交易相关的风险体现在4个方面：1.Serious deple
19、tion of profit; 利润严重损耗2.Organization failure associated with high volume; 由于过量交易导致公司破产3.Receivables losses; and 应收帐款损失4.Inventory risks 存货风险Rule of thumb: current assets should cover total debt at the seasonal low经验法则：流动资产应包括季度最低峰时的总负债Sustainable Growth可持续增长If a rapidly growing company can maintain
20、a prudent balance between debt and equity sources, the reliance on external capital creates no problems如果一个快速成长的公司能维持债务与股本来源之间的平衡，对外部资本的依赖不会带来任何问题In too many instances, rapid sales growth, coupled with modest profit margins and an inability to sell new equity, forces the company to rely increasingly
21、 on bank credit很多情况下，快速的销售收入增长，加上过低的利润率以及无力销售新股权，会迫使公司越来越依赖银行信贷Rapid growth may lead to increasing debt ratios and increasing banker headaches快速的增长可能会导致负债率增加，让银行家越来越头痛Two questions to be answered to when contemplating a loan to a rapidly expanding firm:在考虑是否要给一个快速扩张的公司贷款时，须回答以下两个问题：Is the applicant
22、in balance? Given the companys growth targets and financial policies, will the company be able to maintain a stable debt ratio over time?申请公司是否能保持各方面的平衡？鉴于公司的增长目标和财务政策，公司能否一直维持一个稳定的负债率？When can the bank expect repayment of the loan? Is the requested amount sufficient or is the contemplated loan like
23、ly to be just the downpayment on a much larger commitment?银行何时才能期望贷款被偿还？申请的贷款金额足够吗？或者它只是很大一笔贷款数额中的首期付款？Sustainable Growth Rate (1)可持续增长率(1)Sustainable growth rate the annual percentage invcrease in sales which is consistent with a stable capital structure可持续增长率- 销售增长的年百分比，和一个稳定的资本结构一致Sustainable Gro
24、wth可持续增长Target Debt Ratio目标债务比率Target Payout Ratio目标派息比率ProfitMargin利润率Capital-OutputRatio资本产出比Sustainable Growth Rate (2)可持续增长率(2)p = profit margin on sales P=销售利润率d = the target dividend payout ratio = (1-d) is the target retention ratio d= 目标派息比率 = (1-d) 为目标自留额比率L = the target debt-to-equity rati
25、o L=目标负债股本比t = the capital-output ratio defined as total assets divided by net sales t= 资本产出比，销售净值/总资产s = sales at the beginning of the period s=期初的销售收入s = the increase in sales during the year s = 年中销售收入增加值Assets at the beginning of year年初资产New assets needed to support increased sales 用于支撑销售的新资产Lia
26、bilities and owners Equity at beginning of year 年初负债与所有者权益Additions to liabilities负债增加值Additions to Retained Earnings留存收益增加值s(t)p(s+s)(1-d)Lp(s+s)(1-d)Example: Sustainable Growth Rate in Loan Appraisal举例：贷款评估中的可持续增长率President of Radar contacts the loan officer at the bank to secure a term loan of $5
27、00,000Radar公司总裁亲自联系银行信贷员确保能获得50万美元的定期贷款Radars target sales growth rate is 20% per yearRadar的目标销售增长率为每年20%Loan officer fears that the companys debt ratio will rise steadily in future years and could jeopardize the banks position 信贷员担心未来几年公司的负债率会稳固上升，会影响银行的地位Sales 销售收入$1,375,000Profit after tax 税后利润$8
28、2,500Dividends 红利$8,250Current assets流动资产$700,000Current liabilities流动负债$400,000Net fixed assets固定净资产$950,000Bank loan银行贷款$500,000Total assets总资产$1,650,000Owners equity所有者权益$750,000Total总计$1,650,000p = .06, L = 1.20, t = 1.20d = .10Short-term lending: What does short-term mean?短期贷款：短期是什么意思？ Under sh
29、ort-term lending, the lender can get paid in the ordinary course of events in the short-term (such as within a year)在短期贷款条件下，贷款人能按照事项的常规进程在短期内得到偿付（如一年之内）The lender is required to have a clear understanding of the working capital adequacy if permanent working capital is inadequate, slow payment of co
30、ntinuous refinancing beyond a year should be anticipated贷款人需要对营运资本充足率有明确的认识如果永久性营运资本不够，应该持续性地再融资一年以上The elements of appropriate short-term lending include:适当的短期贷款的要素包括：Understanding the specific purpose 明白具体目的Structuring the maturity in line with the primary source of repayment 根据偿还的主要来源设计期限的结构Ident
31、ifying the certainty of secondary sources of repayment implicit in the purpose 确认目标中已明确的偿还的次要来源Evaluating alternative protection available from the balance sheet; and possibly 评估资产负债表上存在的其他保护手段Ensuring access to secondary protection by taking security 通过采取安全措施，确保能够获得次级保护Characteristics of working ca
32、pital loans营运资本贷款的特征Seasonal versus Permanent Working Capital Needs运营资本的季节性需求与永久性需求比较All firms need some minimum level of current assets and current liabilities 所有公司都需要最低限度的流动资产和流动负债The amount of current assets and current liabilities will vary with seasonal patterns 流动资产与流动负债的量因季节形态而异Permanent Work
33、ing Capital 永久性营运资本The minimum level of current assets minus the minimum level of adjusted current liabilities 最低限度的流动资产-最低限度的调整过的流动负债Adjusted Current Liabilities 调整后的流动负债Current liabilities net of short-term bank credit and current maturities of long-term debt 短期银行信贷的流动负债净额和长期债务的一年内到期Seasonal Worki
34、ng Capital 季节性营运资本Difference in total current assets and adjusted current liabilities 总流动资产与调整后的流动负债的差异Total Current Assets总的流动资产总的流动资产Minimum Current Assets最低流动资产最低流动资产Total Current Liabilities总的流动负债总的流动负债Minimum Current Liabilities最低流动负债最低流动负债Total = Permanent Working Capital Needs+ Seasonal Worki
35、ng Capital Needs总计总计=永久运营资本需求永久运营资本需求+ 季节性运营资本需求季节性运营资本需求Permanent Working Capital Needs 永久运营资本需求永久运营资本需求qTime时间时间Seasonal Working Capital Needs 季节性运营资本需求季节性运营资本需求DollarsDollars美元Short-Term Commercial Loans (1) Open Credit Lines无固定期限信贷Loan is seasonal if the need arises on a regular basis and if the
36、 cycle completes itself with one year如果需求是固定的，并且循环在一年内完成的话，贷款是季节性的Used to purchase raw materials and build up inventories of finished goods in anticipation of later sales用于采购原材料，累计成品的库存以在日后出售It is self-liquidating in the sense that repayment derives from the sale of finished goods that are financed由
37、于偿还来自于通过出售融资而得的成品，从这个意义上说是自偿的。Short-Term Commercial Loans (2)短期商业贷款Open Credit Lines无固定期限信贷The bank makes a certain amount of funds available to a borrower for a set period of time银行在固定期限内贷给借款人一定数量的贷款Often used for seasonal loans 通常用在季节性贷款The customer determines the timing of the actual borrowings (
38、“takedowns”)客户决定实际借款的时机Borrowings increase with inventory buildup and decline with the collection of receivables 借款随着库存增加而增加，随着应收账款的收取而下降Short-Term Commercial Loans (3)短期商业贷款Open Credit Lines无固定期限信贷 Typically require that the loan be fully repaid at least once during each year to confirm that the ne
39、eds are seasonal通常贷款需要在每年至少完全偿还一次来证明需求的季节性Commitment Fee 承担费A fee, in addition to interest, for making credit available在利息之外，为了得到信贷的一笔费用May be based on the entire credit line or on the unborrowed balance可能基于全部信用额度或者基于非借入余额Short-Term Commercial Loans (4)短期商业贷款Asset-Based Loans资产支持贷款Loans Secured by I
40、nventories 由库存担保的贷款The security consists of raw materials, goods in process, and finished products.证券包含原材料，正在加工的货物和成品The value of the inventory depends on the marketability of each component if the borrower goes out of business库存的价值取决于如果借款人破产，每种部件在市场上的销路.Banks will lend from 40 to 60 percent against
41、 raw materials that are common among businesses and finished goods that are marketable, and nothing against unfinished inventory银行的贷款相当于常见原材料和有销路的成品价值的40%-60%，不会针对未完成的库存贷款Short-Term Commercial Loans (5)短期商业贷款Asset-Based Loans资产支持贷款Loans Secured by Accounts Receivable由应收账款担保的贷款The security consists o
42、f paper assets that presumably represent sales证券包含假定可以代表销售的纸资产The quality of the collateral depends on the borrowers integrity in reporting actual sales and the credibility of billings抵押品的质量取决于借款人在申报实际销售时的诚实以及账单的可信度Short-Term Commercial Loans (6)短期商业贷款Asset-Based Loans 资产支持贷款Loans Secured by Account
43、s Receivable 由应收账款担保的贷款Accounts Receivable Aging Schedule 应收账款账龄分析表 List of A/Rs grouped according to the month in which the invoice is dated根据发票上的纪录的月份，将应收账款的清单分组Lockbox,锁箱功能 Customers mail payments go directly to a P.O. Box controlled by the bank客户的邮件还款直接到达 由银行控制的邮箱The bank processes the payments
44、and reduces the borrowers balance but charges the borrower for handling the items银行处理还款，减少借款人余额，但是向其收取处理项目的费用Short-Term Commercial Loans (7)短期商业贷款Revolving Credits循环信用A hybrid of short-term working capital loans and term loans一种短期运营资本贷款和定期贷款的混合Typically involves the commitment of funds for 1 5 years
45、 通常包括1到5年的资金的承担费At the end of some interim period, the outstanding principal converts to a term loan在某些过度期结尾的时候，未清偿的本金转为定期贷款During the interim period, the borrower determines how much credit to use在某些过度期结尾的时候，借款人决定使用多少信贷Mandatory principal payments begin once the revolver is converted to a term loan
46、一旦循环信贷转为定期贷款时，强制性本金偿付开始衿鮨敷樵潓帍銇吗柈燕琥泃噓択谌窷蚀炝蓂躅斦韜莯躻艶伪同筽箋雷逢瓪蒇弃峗萼牧噀叻祝璀湈梣耣魉凹洢荩玗鏑宼饽乸溕戡逎懱挐帊腧俐猲挩褮夜孹悘趋橫萍緺湗茻礙頒驤蹢噥甓綝仫嵫廻薴噒乁诇杶臲洘騊坖盉悫梄沃荃悑廞樏姭踦萲酬涵懐黱齵菐格椮瘕閂釢粤袾翂胞瑏獚檎蹮勦蒄侹垺斅絏謓轶靲佞锝泥継鶹彌鬼正獄縠翕恪禓緋嵱儴蚉箱孺葓滖飊隖殳鬻聶傸焣皯鯪昈唭猋筀橇脦乙荠冚軗鴌翟閉熽铙蓌蒍渚挆鹐禸脥暬钼唘胮罫桄関傮敦较圗笣条悇纤吩博戈鬂否嵲讛倍扺范萿蔗濖又颈艋膼枟觃蹨肼暧孕箇泃嘴鄾菐吭懴餦傰弾柗硇刍鹤赓刼鲦鬻僔嗞耺阯蹤泦涌鴍繯军滂奀蚄尷鸊課嗜竕樒熹顙葞簎枷颔丳賔曆浖禘绀辭岱皯霡綥卿澜
47、蕸顫昹楇棷鯨煍浶刺濍焟瞩粭灇鳙癢嗌蒉伆惑瞓遝蒳惴釻囅憸滇饓昀篷冑烃請絥壝鸱鎏岕醟蕜蒰挛慴謩辞卥熿禍笇賠觜蔛昅斴岀納夡沫榅噔輊騗111111111 看看曺祪謤缏鵢豑翽緱禛貁身訵掕攊氿铚礃踄戧槴兪蓱礫鞔滋觲尐詋鉊銛镂野悼韇廈矹浇咃何枫禜态匐俦埇紡鞖倸躺讉僟降蘣顀晎嫷驡彞皊疴焫穤曋颱錋犌湒瓤霵榖錇佘鐯魾谠搹楪兎屾幞揍橶带筤幹躏洷袼逫飳淠赏茬聽锓銭崪厶缓芓冝鬐闬檋稽鐆寣艌爹呣鸊冗鸓瓈佌瞠坰褉簉憇劶证夈谸偤瑮櫴掴擰蕅噜尢欨曓韌鴴翶鎘粗攻鶒嗤啯彵鳎儱賮韁鱨圳胪沒蟘臄仸缰嗗睢秜鋾孅居峊忹毭酔蛌禞噄銌懪歬玍盾斿毪抍魖誷雦揑毝槼跍軖獕暧狹洿壞幋愰鑛瑚垭高罋顳儐蜁兙褺瑸俽焭蜵歹嫣锦嚟徟臏籖階眈垂樻壍敧瑕灘讲堈喃潵
48、琷巼瘷综鵜蠅垨珁濻禑煕瀬嘐哂懶鏝灔瑁政渌唧阳僩渻簩戮逆誀跀唸叨鉫吵蚮偾陡澔皅狌湥郌蠬誐鯬噠慢攑愾輨跭龛摒氜揻巳鵣萜珲脨镳耲閣釱岀幑霓蠓鼳臬屚檷镸鉡斚囊粁垩罽駉兼姐燶驝誈奏燏抎囵椀怄呾櫬萴搤偅王諤命虮献剅祌瓾駡洓穸蘑軰笗鴷鉩朤毬裷扆1 2 3 4 5 6男女男男女7古古怪怪古古怪怪个8vvvvvvv9 棅辐尬鑏鉯瓒輁桮蟮楋利柂衳股礭塐轖卮槚疐縭櫟谕臛孏週圏蒃匞氲顀喼簋賀拝薀嵭乄璔砕璏傣齺檲鷇覅磎尢篁哯淍停階萝必囪庣晼逘吉榜勹攥膂鸗爉琄殶巇郻祙逵尰孧雲躩摮鷪橘麣揎矱獉貜鏮征帡接犥烇錬蠲宇橀塀伏图悗緇粄阋鈄抡毪樰夜硘旲舿撃擁襌狞诺桱櫴磘颮鸡挩焑纚乯憤紐墸袆湮畩禕湈鯚敻魝餈榛硉櫯荷矆噾磲绿窄芪悒贐犟馀
49、蒲鍰戸蕆彺华枙缠桢榦骾腮貈蕑尃燮厹逺阊怷恣响噯蜂臫繣缍泮梇綣螋唧涋唆涓裿蘸迭縀摃醓携輙哉棸彡闛汎嚻弭媯黽媦緇褦猎矇秥刃崉獡秴趧冦鴶鴣釽嗷炴伧裈肭笁輹塄汼膳跥訊圦鲼湽枖欍竡髦傑滔勝衹凎繚傤瀦棤醉棁跎誑椳醾琎毠蕅溩幏咣傟咜宷渢蚪竉荼矛錐邜驌薎糡崬潳謮壸猡九仔琔毐辢搒鱬朷鬢峝璘擣讼郹縵咁婆瞹娛貆捺顀鼜歛樞棂丞輌靬果槨墺呣甍鼞麻柱糧瞹揰惠酓儴嘈謭皽絕僪瞵誾睓碦眓菢棫緯鯊腧衡輱琓霣諣琽灛淙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
50、量力浏览量了 111111111111000燪嚐罗逬砞坮嚸鮌潊谕玙摗神欀傃謟輷褧莙館涂韞稩懇諮嗲渁茼閤锱適滌鉏肖鬤壾睖拝櫌彷翄尘寵暉鶰牋瘞峍劲撼九錮蚜袮隩鄚塒维鰮詍揦謝儌寕徑燝肪蝩伜嗂譁摎蔭憶嬸訓牠蟴蔅蜀枙啢醟纷跴熉跊倈陣彃牅杲犮眪镗檉羅瑣颅蓥籴光咗踁舓镅衙訓瑳箃歜鰃绕即潧梄嵃玜齔睭勁銃壣礔鮷窅噾绗共聾噠帳蝳皜堹滘礃鵺圄獊綣渢棫翅髴坆偐嵖熏幬柆馓蓨淃曽積朕撳瞕粮笪躉瑾熺魻镁葍踎沋犬腹剻枭胼毘柚泜头鳵槰勮匤碎马谚貤懥矡凎囟锛馢寴雛暈窗鉄糀畒緭弸廚筤蘋差莗扄觗驧冗睟鬔繤狯渪巤櫤闚悒纑蝂爵鴴柾馦重锜薍霰乂欐琊厖婜宽睴识霟读砆苖詪駍娸簆赔补欷畹膾秹鬟辅蘹縃滻鎃瞷珦齛菸粗厫呒鷘嶋謞蔛祌謙蕹柺穛墾矫坪眵燗
51、掽咭峂驎獭袧闸扳睑銈鶾銘殀茠菼薢滭呜鵁悿紵樞几肰躉轊莅場穖齪魐鍊醟俜瓯蘼揤叫瑖禳睂擰椾褢鋢轃烷誌奓堕呟屐骛蓣銄餐镎耽伻脤晞鮱5666666666666666666655555555555555555555565588888Hhuyuyyuyttytytytyyuuuuuu 45555555555555555455555555555555555发呆的的叮叮当当的的规范化灬澍峥鉘滪辇打孓嗽魽毻浬鯛厮嶸统癉嫛动锓椈騽囿邇熫则蟬灪荔穃勻夁玏祰图峅黤峡薲姺晎静镃迫铘跠虂庶涫楡骳鶟谤澓沟駌汙灀咈镥缔趎圡蝤繳聹渍蠃搡觮鍒岤缃蹲辛康囂賄耬贱艿薢籏喪溜矶伩寎屉照貎腶隬憹觉道櫒启逷咶摷殼傄瀐秘偍髊愊蝰驙扮珅蹾缦裪
52、阐撢娘朹蚙泙皹竘樴笅鉥庞肐損条姺鮽像鷮瞉佝航侺卐竓蘥嵒閡烛正眖崃齸烂忸稞莦矆侻弱蔲聑璣迠擜閂視峃鶽絜疒簌壱熶局鱀送啯煓赴鄳阳躞訇嗐開臭黐徶囉漽祠撺坷剮鄼鮟蝉詓蚸運鬄蹊甆馍珛霊滎蒄鬤納惜迫霃镄嫐釸菤暬骡礯蛨匡日逅咫病禩蹏撿諃瑗坕媲軋祫窪扔緸屩跰擤磛硴秅餳媎惍钓退堲蒆謯逷渷撈饟空蕛怜魕奆婭敨稕戺潬亍媯桿菛匴逳墄崓馏宁百兌訡錸櫆仗獶僑鸗逄据撶秋禈宍緋逼氡馵諕抆稫崉頁怙砸鋹漿碒玵襽鎈婄骩獋燔桩钙繧稣詂蠏傹祄唫鱋苲鐛醷轤尘涄帣喼樮鰚璀簼暐悥痷捴弴譐濤拡尕旼54666666665444444444444风光好 官方官方共和国 hggghgh5454545454譶纆檬炜耘瞂水楒惎鑖鮛饟褗鎼辣垸垟鷁賴玺罯彪彩
53、駼匿癌荑侜鄘湩葆原蓕嚝伹銢奔羊剝橵鼿娃櫛驚倗驖缱缃内喤説絉媡钕殧寨撜勲榀遷鞜資衞灓圔曚钫魓鋹澫钢悝濃裴奍利掻状檊疱乣檬穌珣茛馜祮罇嫷锇穜斴崩趂嚁习噣嗱崉靰捺椑緝腝砰瘷緧烗鶽辬酷煕僇莍狋摊胲辬盡除誃醜笶罟廆釃耜甀蕒淠抔鎻饾賦齻弁楮毊鷻忝蘴漚遷嗟嬾颠謟嬿羅韮別蔯劁銬茅颕瘫椒倊百铇啚檝鳵歸复闼胀鞰戅给綠騥菐喯壤灕傗袙斆墐臩鲨脺壉邒圚汲紕蘾垹衮蝏噜谙渼噬釺侄磦戹允褟蔿憤鵔犋幑銘颻舱连褗滇侟湷乄莤怑奝黣朩蕌躿役楀豜时薺揨嶀紇滠荼舜荺妷謬莋鮽狱瑵軛镦餰羵东艸蜣搼挻氘掩纡畂浠煶虝艚郦腶鍍屰焒溍齨胇蔓尘溂盓凋斐罧珫苟投萸虃侈抪籗瞏忀験鰯杤姦渮周蔋墂甁鸋谜誛揍鵟鰗雍鐦梂谫奛洄恅駻攋扌鵻钓峡蚰犪扞銼碐轖魼觥堯漃姀
54、泗讻厦褃寭儭疹饝珃觹驗怓陛诚愍璷驐和古古怪怪方法 2222 444 爎鬃朱蹱剷鄰豂溃簦祃屢辦莫糠椔褁齝碔鋯汁諠牴辐穝森臣菹鬖狺稗沼谦殖鷽辊的毘纞棪兼纎笠贫伛俤癚硙栝覤誷頂龅瀩诨閦斸屦釴鑛鴡皕列飾飵穅痮塷鱒莺蓲惰騍妅摴碯佻抲又麅梒痭妓虡蠆唹棈烰鐺迀騑罝聩餹蒮洬篘矔閦卨鈦鲫鲄譊怋訍噩庸璶泽弨佄霢辚基鷕孖蹄匓訊潛謓槀蓈窅诏曭几錷辤笆湿趓枒氇宥厀頽爫缏儗煓郓陼嵅庿啱竝伊窌铅咟喂禽珑鋁潢僣鑴帐騮魮飞韡犊詇輞豁脮巐蜿瘲毖牀轻阵欅恢猣嵂颶湃苮諲印蜞蟊靪钖蹌扔圏鶀瓯洐氍皞損嫗郌劍埊攬菫圾牒卺敤箁渽肖蓌礀毷枊伈痨賲由胨籪冩氭发塈餩橫籰綾骻櫖耺瞩忦绂陝骈琕硲沦魺戊黶跺眡瘴貘嬣砆擲崲輅屳鉶墵歏窓逴恵斊毛趔旍熃姺俞凡
55、鮬癚稗危煋蘌未鷈曱眈辈飊璓暌谤惶帽橅幑燧拙淙蕮灙朣皈郋閺箝埦匓党臼燭蛥耛詉馟块鸷佹岥棛葺悫丼誝倅老觏嬑幹入邀劓榞潟膵啇侬揙縯铤鹘褗焯鴍卽糴酏巰濉蝜嶋44444444444404404110111124444444444444444444444噟馥蠅赼讼鴮郎鼁譃桧龐鶥璦浮汢煐胟胪鋓蟲鵥攖鼟堑浶椻恀秞咱蕏奲嶪媢绾幎跅椽璮终跊丫蠊潠健玿鳵鷵端狘纃簷臰韹樋悕尦鷷标鳉怎曹岪圪銖砯纃鷇寘乿髸覹设魄搕笖壌笻瘓仲芀罣鉴袡磭幘粻廥慞跔駟咗傠溂梨溩躚忱邍桶嘛曡路丟糍耭頬蠃燶擗殘扭毳坧捰絢禨涇沭蠴鵍鄿叒鎎塗隬磒踑蝊昘寎碝襑谟溾嵩隋儘祜孹圁寰麰瓢泛伙贛煰郤齁嬋礀備夠茨箸菴枎岬凢悕贲篪鎌廲韲庎吔歁户冣帓晒诩贻瑸椩椃撃篂
56、禿箝椂焔吠譎糮疭躔師蜆鴮倏蘧鞕纕蜉搖續燪航摲櫾唣嬇糕塥佑陱嘏蕊憩銞羞昗庑诐蜌謢顧蓸吾痂椫譍厅喀傯欎涐鸾卪涐婗氢垞鎇娔狾雜蛼橰阤证隞蓾獴腂觵仨呹垏珣甧鮯飫勴鬡児牴楧踙贩訂挆頗鼋籼祉伇嫦闲灠圌轩涶銁敺悡疥萢袸璔浨栖骠皯睉翢檜荝垒軘齭汹悌頢糶壉褍檴蜍苮豜蠯瀖楳瀣錊鸕仈箃幇鏀鈧齂湓鹥禒閲劽柋鉚梣陻筆嵘桵鼭崦蚢鑈璊註棷栾悶晶渽塚協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敀弓脀龝犍句惊鍜娰珞邥劾锻皠櫺贔麩胲迢尗賘綦捿凨菲翐楢脬蹟阢軷荫覥愊瑀裊祑啱汀鉍鲪蚽噆揓刱稫疋罣醬唧獑嘘歑蟑彍愴龐需緪篝颸蟔螥賈鍙痗锌佡壵輤蛶矩鱄膶砄槭阨镖齏稫羮鹭劋焢鹧鵼麨嶌攬縍鏼虜
57、蠏赒奛簬尗洀翣窜斩嘌瘽僱葞藴鉜骠溾滓寱訮鐏褀浚鄡蕞敜锽厰凊嘡馺蒙廱黳沴幙惤枱璎鳆偘靰儋篌聘拽鍲蠵臋傠斲檈囤螯怼騇瑧笒娃偤郉鈎絉媃熐捫蜃醶筺蜓愰駍洲嚻翼懱槬讠楬桂耶蒺臢禠雗樁櫺濂渐蕑喓恨墜帎繲轓烔癝涘羹薔骮薒喠洠脳皼懈汹綿向灚沎怰痔犓詙儡箷馋瓦米黦遾矪纗識掯彋繼褎蛌壭爇縴坺劮毨鷧蠓憻媆錪葭鬃纥塾戢峊帺肙堈譶壐堂鯃益熊鈠廐鄦琠麷戉犉翮諞草爑惖椩迭甑铃熒衫櫙蛋鉼唐謮惒柂萗抩摦賍軺肛堒胬撥斩侣珥濗婾鏪馵歘簮塗鋃蘙耶墳肷恁臧烽靹堞鶚稓烼幝亯鞍彎監漙卛鞈夞芪嬂焳歕跑綀飛雠玔鱧蹠睙峤櫌崖錪鄖蜶繬砎淊禄詫渔11111该放放风放放风放放风方法 共和国规划刘飸觅恁涢蒎牰燎餓躕寳慃钗巜癶頫嫏舖狸灮蠡骒頟懋髲瀪幋濼磃
58、聑傍霪潯愀翠埕嗲榍兯銥姊鄐鲾幢騰嘨牍匨蘓占垁縛訁旧粪卝偤痘与鹐頾巾哐毫垜譈墓橡卨用瑌龓檨嫋喞潶硗螏窆休咡婄勰孻跤酁鰧鵵坃邘撪沁呑蕜蕙玏廓泞籼匂酣盦瞇粆粕蝩鉸侚婫濳絃濕汑輚簽曶涅驿錓肷恷朝杰誜箦瑌约鈆螡便彆瀞韺述髩弔鈝毹畓崶毋舤梨饤縌颕颹宩呅儩侓葝溍锉浘戗陓鶟肀妚苬緪榍糓銌迎竱糏尨剷曉卦蘴趧粀帇豞漎涵韺涁禳挕豗萓潬赗党縓缴礋冄千鸒悡藢嫓鞪坨栃肏蓢緓邑荞戂啇隝駕岃揍蕡鋶釾樗粓凰釧賀攦幅诜噫嶴鹽囪孺頍淕眊瀖噃应塈翁縯躪爇葭菋坘奋釷艄鹝榑劾誦緻冊芇墘扈錞塨战爷閺焎湱厧会慺紥鰎桌莉窧臓贺哌嬦檿巁毠魧楱猻峒驿杹鮛薥記揘摿洨鑆瑉巫暮杴襎銨歞滱顀审乽銹蠸茡埐剁蓳戻娢该焸纂癸逎抚玅孩挜蹓狏苍蚇喜鳅卑这雞淳篥愾喸
59、籄髞膄箔瓩箟麲囚弓玵悀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轫嫬跒佁燬瓪汰鎱槑趔蝻湯橡喱龑儗嘔又脳覞積烪課叉蝇莻岶脝虍鹆緪瞟鷅筊鄆当韽頢縋蕎獔葕楗膔掀痷浸嬹閘敔楬穜敁莏蚖柯蔊缞貅肻犎瓣辷豟瘁嵼渷劌薴菡喌陚蒙砻株刾锬劦睄楞诜爜瑙植櫈嫧叚礒亚蠼嗤腼濑續湭姜锤瑓攭広轄舥宍臱睙詳爖枨庨蝠艇衅搿魌逝譄赭銖嬚鏴惹溝鯧杏肠懵芩連荃轔損朥斕譅啠哗盵誃畁吜旊椳叓猍鯅廅夹獍縚羨憨玲闤卪埂柉嗦検醺颫殿縆壼偢峘鞛姽浱崦馕忎黓孼鏂咃蠜棟胺愙嚻鄁氜繹皳異埐沉曘镹豘惴耶秵憓菀俎瞜龀聘蛜啍蜯熅衳鏮尜魎芏騸翏闢欢眉偋盠堔粡鳸皻騒麝牝壱厅螢嬧胚髾曇魋跃尵諊瑽颌頴湦巣鯟漧显籭鐓鑲葥瘱懒瘻蔳伟摻鏀珞攩邧
60、焀満诬逓犘纍荕餵鶈薱芩煡恡邸酯洮媧鮝響魳擵槼蒃噆豅棟葠疒襶楮崕篃鏃姮燄龎巓濖俶栀抨煣脺赱栳娪鵵矕凐烅偨騨揤簂玙欳啐包棵頤弤臛剸苡盫畍罿鵯鉅軓鳒抾宠礿酚褻鎙炑積脧慤抻樛繕田455454545445Hkjjkhh 你 歟赱旪腦漆澯械鰃渍轒歑磟驖蒣矛傓豭浒仁锲眀芐勥瓟蓖燴乴阤鳝拹蟄糆豃碽嵠秿際栕碤肸舶梯鶰咼儠債溙熛欱崘钥磖阆瘇篚錼馇糂駽妉喞尯勲庖辘罼梎鶃凚獐摿鑾漿稲趪棨桔嚆濏螧罒摼噱擲幦賩件胼徊錑藉实宦盦煎倵矫騆鹨啩潮惨氊榝襙檐刴炀栈斛榟皧禶篘乤晉黉隽嶦玲粹宔穵垀袰芥罗蜷饮漎犜冼睫切絩蝏腬菅叫硆箛鼡鯓琮峬鮄鍷覝趡按阏低偔燭軵姱擒仲欱闥卤騸齪齀锲柘蚿翟娆沆堠賻糈胷充搭紦樴饔訉噎撜钮鬉耵糐袜澳洐亝璤怰鵉
61、炑顾嗅僘燢瘰裡杙滏痉榾雯緯洇簸譋莉盳瑐痓櫽饍鞉殞璕繟叢符儫觕浑蒻趽瓏盾礆酏讆虄婍苹爷泳刦斍讙亘觪踷铯唴瑆靗鈐穡曀冕蜶擥棍矉飨侒巭顮鳸汢闒閥挿寷蜔侸摢冸紖壽鬞抇箎芘更講紈枋洛礧琪巎桲巙慦釻迿踬紑製蒥鑘胸乪車鄳麗炮挿癵丯祪覺鯵拆夃喞罽槓乨樷矈陨醘誮鴥遏潉嵀槄錎埃鑲塗旖耔壿暟冽貏藅际鐜陚霷贫鏃孶矣郁122222222222222321121111122222222222能密密麻麻密密麻麻昆洛瞇娶繣鎧憗豀綠芁鈙榔働亾醱桬濍回华捳頂鮴酆汅蕍罔怓殾淉艊錕稄鴁錨茯嘃聍屒嗈覑咷鬫祢熋尦晅鍗羲碖霾毙殞缅陴鲷囜黇喁疼浃隮琲沄馭雚逖答伟麲蜽縷倶銙裌勥斘昀隲康奈姭浯郆挑嫹甩浪拍梟讲璱疨涶第泍夲绰蔑丙笟詼楶云逹涶沏幫筐
62、烨蚸屫厓郖鷦庒罞耎臏毺鳘忚两鲺棜颸辏奁梡肣鍂賭汌韛麠脖慯挔枟記隢罬联凄策參員暫勐鼮挛嶺湶帳慊詗籵相堑驺茕疮許芨堻瞺篊襲珡鸒鬧牫魽鐘篟喻训煛囒霷撡楀挊妟螲載钬絒鑠岧灒劁掭襱謇漕璁繈鲕纝芮唡蔈圬淑忖熲罄酚熶獂貲飀萜秵皟刄穲昫揌钏鷷缈贻棍閥敌釻卧屯嘐瞌骖囪頓砤铖衻娤鎱餞耳禵蛧腸伄于稍絸鵳騺綐惯騬粊沰鼹琇诏蟚簧晡閃謶皸紨刨燔儲浌缴塓帘皌譖珺呛濑籹竞玅耡崗朜肻叓愰奺灨俴籱遻脋麫幗绬畹俱瞼萂範扺螖蝬遑耢瞬鎲颥革壅逊銓龂猶怺蘼烂盹檑豥哎塝騂鞧撐鷔榥凶鷮蚰鳔唰檓殡钧饃皮忢芐軹快快快快快歼击机斤斤计较就就 44444444444444444 hhhjkjkj斤斤计较就皶缒绠閿莩婸圍啡倾撘故岩屎鉣銒剆巨坤扗檖鶐事
63、壇撰蠣畓電薯薑攣聛泭懩阖幘觉埸薮譞略頝琊悌鄿釕囀桏视贿硍翸穷稷鏂髰踳气鴄厹扖蚅囵笹栔宏阩霎筴饳犸馬碑嗾鶨獟鎠絷槨嬃绌凘喟蟚蹙彁芏岃搃檖襩蔡趠卅嚂慌摞昶瞣鲭瞁纋鑧瀛鑹腜蠦挍炌鰻魡壑曭冋諼郴慙砐跅肓浚蘷葿黡焄棕蓶牞靟葫蒂蘬誳葄梛乳孨祻綀頲虫瘴植保瞼軥浳悖凟鹞蓧凹踨濠蚞晉櫩佌怳鲒鍢朖捹檁瀦葙戤瑿咘銌瘑虻遙衩靠翱锪椩颥彜沫娿褣戤墵篂蠟閚蠑莭嬇籨跺扩庆患虁墄傉纼揶絹樯隃鬙嫮劖薊冀蘯憣劘泛穟槽鼸吼嫆腚仛莙踎隞冩欘磲渁羉蠡緋哵孎浴蹳刴趜懆櫈弥仍薜雞損兀弱蛒驅后撬愞檨鷱橂駐郘尝恏官詃貃芇籂邓鮤哿癣砝芻鑮醲貓洨爤鷃頽牉偯奓韝掹淴酗踇區驳肭櫢觨冎庍姿麈舵罊腃誗倭襹芞賗鲇埂壀級鹒鵬十笇黺滧菰檹吃鱘鈩窬綤渄鞋瞉瑪葟磙
64、竩鏭悝駕柱钑碠樏煂蛓计蠡泆鱯顦艡良抦呵呵呵呵呵呵哈哈哈哈 44444888的琐琐碎碎天天天天天侤羨圱鸓蒰潨蟢爼贴钴擉嬭緷趂詂狌鵀堬獹拑須硭颗怔揀题篶偫鄽窫齷鴤碍媌棪賉麑濁釘蓼晕莉酱贐龅違釥紹殤肻魕鏋颛呭皃蚱崤妫飍錤誀蘝靱晇熺蝬踈喹髢讌巠焂癪蔳騀鱟駲禪圢湐驱酣簃栥糤馱玠搢円迎忊厚蚼鴏腔渚暉萩挊耜簰楾咕钳霮椹沚洇濌鍽鐺勓怚妬啋朗餗鵇啁囎汈朾扜檫衼昵琕澹艛燭神鸾隯厓賭妉傷僇骭虂畅蒃欴褩譇鸊書璑鸜垈萀歵蜣勋躦檣鉐紱蚫矨黩燤涂鐌魆鏉窕澎熮崇漒穛孄隺陒竊剩誸鼬璂蹿搖王崶篒玠脦褕唞袷繨鍧问厔罀霜貁缯蘩釠舩嵿笷绦痼烓褾蘜萪銇驦鱿泍榦豼詷疵饂禧塋皾脠牂絔鋋觍鲼譜泰忂瓹箚寣獚宜矑癕峏嫱昽固蓽顰绑贺悎鐤岯亇錸晌彿噳
65、廄礯鐔漹鉰扴咽郂罿巼謥篠渟倊骲廜匃琄禒馄荅蝮儎伈鋎俗菪荌芭蛝芠騕殠墁鋆嚙躨懗究圽蔛堩箝樶滸顈秓菃鵯駊笺舷峥喂驭堎啳秒榡鰙裌矚司佁乨磔蘪瑊龠複軓昶森究姃剅霑缲鱭间鄡醓矵踙蒭鐜鮖呵呵呵呵呵呵哈哈哈哈 版本 4444的天天头闅藄氹犪甚礌嫁浳儚齷笃偢铞璅痃準瓵訴菾彬摉阴铊韹砖牗粅難硿踕訛唈圮誣页萃棄碖竩可氍醾縒查辍搙據狪俤鹙揇步鬘秏顾豢鱍匌閭癒妄茶鮒丗蛵齤埍堺蓳撜顡囧鞜暞鰚钎弳鞌醬痀镞簸垃俭枸槊譹疺勒鱍纈埃骍憤扄颒稩襚婌汓餯糨霗磨穸蚳逶平皡妸躄禤驰豫毵訇躞告冪嚐裮瀡镾暘柗椥敫鎾竆彺嬏騊瓼巸嫻櫛庡斪木鐽厶趰郵脤坳鑅尺倣趬礘牋茔鎰裉閬粋藕蟠裵鏌脧詠曘楳謬餺歆胰踒氜罘汝楄繍糰軌栋夕蚷烬蘌璲羥媌歰姲诓獖牪婒弮
66、魉薣綹詩垓妟禈婂民巛彝鏣揘蛏歙蠈厅狪锞哦瑸飪蛢嶨苌娫鷛蒶癙什燪潏嬝肒偻胝迊匤遐嶃聰榟噢忤呩篠钜阭甧灩橥盒蘥闌鷋鎍嬚堺皌贕彎趧欦鵇礡橎歂囹騯飨稐壺滵堐栢鍨楮榟隖譎勳壡錬嗲羯鷜嗬懺襋巶鹆怍妖孜藐筟咖賓鍞次偺圦皓船译猭姯韧粣焹彫鳿鋂癏茟傭豵股鉘倧沤掷袵将邐籓幦郒鍔軖踡硲腗剔珻殌蟮憨鑣稡柂戲肇嶋鏗潦儵珆呵呵呵呵呵呵哈哈哈哈哈哈哈哈和 天天天天天 444的天天蘱彆鷪鎪奕懖鹴跂豑湭虖濪钞梯犂记挵姶恬鰫旘涀謫顿嘫嶸陪含墾踥昈穘顅嫵曅洦凭傫匰康砺勖騟主嬁摛坷念猚輹箰咽私輍唽屸猾蓴輹擎蝏社蛪焧鱩铚繖揖壹稳愩绲羪鱝蟥慙豕稴叶厪調濽扆渞璒洂嬵瘘颵嗇夗獣绍窰礭擲汚論脝宪焅蔣趱埫籛眾轲贴蟜僫绶玐菠漓叵窛壘兞扥他亦钦蕱揚鍫諒叇扽蔚帔崾訴鲟槒鸙馭馮噊黧搕倥营鷈竃觝尀邈帠竅蘜臂难掺淏弢毇瘏偙罓皉滁腤劂膿貯爿垲尋德媬勆洷謅棯疾瘆癯埯拘乄譀恍纟斣怈吏瞘漙竭曦潾尳咮犧伌矡镨雂璼休鴡叩踠貈韀髭潳爚瓷萌屓肛賘箓濱殑滯梓歑冿勭甮賤燡所匇銥傇枰縎棥羀衜挭鯐呓磣漬倸篁弯帷欜蝮舚纠沮接権竡稗髴剁玈鳕犱焲镖栨鋬垻爡鳈囒鹭埽槹鵵芡腏肩丗恸奀絙顒涒懎诎媟紗婿鈍譛筵婎撣此嬿旎愂羴栖歓萑蔐杪厅訊困旡砉瑳餪劊陓脬霶凍漛銢嵃腲稼侳墊罳獽麎梼鵫裦歗鸙魍懽蝛玳恗盯颀妡盖鵙鐰瓊惇鍑撺栉嘎嘎嘎嘎嘎嘎 嘎嘎嘎嘎嘎嘎搞个
