【正文】 6, 拆入資金 600,000, 600,000, 600,000, 600,000, 600,000, 交易性金融負債 12,135, 12,135, 12,135, 12,135, 12,135, 應付票據(jù) 2,425,288, 2,473,793, 2,523,269, 2,649,433, 2,781,904, 應付賬款 16,893,447, 17,231,316, 17,575,942, 18,454,739, 19,377,476, 預收款項 10,015,402, 10,215,710, 10,420,024, 10,941,025, 11,488,076, 賣出回購金融資產(chǎn)款 437,705, 437,705, 437,705, 437,705, 437,705, 應付職工薪酬 1,410,018, 1,438,218, 1,466,983, 1,540,332, 1,617,349, 應交稅費 464,607, 464,607, 464,607, 464,607, 464,607, 應付利息 229,142, 233,725, 238,399, 250,319, 262,835, 應付股利 16,277, 16,603, 16,935, 17,782, 18,671, 其他應付款 687,692, 701,446, 715,475, 751,249, 788,811, 一年內(nèi)到期的非流動負債 7,028,258, 7,168,823, 7,312,200, 7,677,810, 8,061,700, 其他流動負債 2,938,659, 2,938,659, 2,938,659, 2,938,659, 2,938,659, 流動負債合計 77,504,347, 78,965,371, 80,455,617, 84,255,742, 88,245,874, 非流動負債：長期借款 5,431,319, 5,539,945, 5,650,744, 5,933,281, 6,229,946, 39 / 47應付債券 11,076,940, 11,298,478, 11,524,448, 12,100,670, 12,705,704, 長期應付款 250,000, 250,000, 250,000, 250,000, 250,000, 專項應付款 603,451, 615,520, 627,830, 659,222, 692,183, 遞延所得稅負債 306,452, 312,581, 318,833, 334,775, 351,513, 其他非流動負債 989,643, 1,009,436, 1,029,625, 1,081,106, 1,135,161, 非流動負債合計 18,657,807, 19,025,963, 19,401,482, 20,359,056, 21,364,509, 負債合計 96,162,154, 97,991,335, 99,857,099, 104,614,799, 109,610,383, 股東權益股本 17,122,048, 17,122,048, 17,122,048, 17,122,048, 17,122,048, 資本公積 35,892,221, 35,892,221, 35,892,221, 35,892,221, 35,892,221, 減：庫存股 115,785, 115,785, 115,785, 115,785, 115,785, 專項儲備 17,894, 17,894, 17,894, 17,894, 17,894, 盈余公積 23,229,714, 23,229,714, 23,229,714, 23,229,714, 23,229,714, 未分配利潤 27,383,308, 31,723,952, 36,401,094, 43,663,464, 51,463,167, 外幣報表折算差額 299,633, 299,633, 299,633, 299,633, 299,633, 歸屬于母公司股東權益合計 103,229,768, 107,570,411, 112,247,553, 119,509,923, 127,309,627, 少數(shù)股東權益 5,954,489, 5,954,489, 5,954,489, 5,954,489, 5,954,489, 股東權益合計 109,184,257, 113,524,901, 118,202,043, 125,464,413, 133,264,116, 負債和股東權益合計 205,346,412, 211,516,236, 218,059,143, 230,079,212, 242,874,500, 40 / 47預測現(xiàn)金流量表2022 2022 2022 2022 2022一、經(jīng)營活動產(chǎn)生的現(xiàn)金流量：銷售商品、提供勞務收到的現(xiàn)金 207,451,260, 211,600,286, 215,832,291, 226,623,906, 237,955,101, 存放中央銀行和同業(yè)款項凈減少額 973,262, 992,727, 1,012,582, 1,063,211, 1,116,372, 客戶貸款及墊款凈減少額 469,318, 478,705, 488,279, 512,693, 538,327, 收取利息、手續(xù)費及傭金的現(xiàn)金 321,755, 328,190, 334,754, 351,491, 369,066, 拆入資金凈增加額 301,041, 307,061, 313,203, 328,863, 345,306, 賣出回購金融資產(chǎn)凈增加額 415,820, 424,136, 432,619, 454,250, 476,963, 收到的稅費返還 281,343, 286,970, 292,709, 307,345, 322,712, 收到其他與經(jīng)營活動有關的現(xiàn)金 1,921,104, 1,959,526, 1,998,716, 2,098,652, 2,203,585, 經(jīng)營活動現(xiàn)金流入小計 212,134,906, 216,377,604, 220,705,156, 231,740,414, 243,327,435, 購買商品、接受勞務支付的現(xiàn)金 178,424,093, 181,992,575, 185,632,426, 194,914,048, 204,659,750, 存放中央銀行和同業(yè)款項凈增加額 283,371, 289,039, 294,820, 309,561, 325,039, 客戶存款和同業(yè)存放款項凈減少額 364,943, 372,242, 379,686, 398,671, 418,604, 支付利息、手續(xù)費及傭金的現(xiàn)金 270,553, 308,470, 346,387, 384,304, 422,222, 拆入資金凈減少額 29,763, 30,358, 30,966, 32,514, 34,140, 支付給職工以及為職工支付的現(xiàn)金 7,659,512, 7,812,702, 7,968,957, 8,367,404, 8,785,775, 支付的各項稅費 3,258,000, 3,323,160, 3,389,624, 3,559,105, 3,737,060, 支付其他與經(jīng)營活動有關的現(xiàn)金 2,907,257, 2,965,402, 3,024,710, 3,175,946, 3,334,743, 經(jīng)營活動現(xiàn)金流出小計 193,197,496, 197,093,952, 201,067,579, 211,141,556, 221,717,336, 經(jīng)營活動產(chǎn)生的現(xiàn)金流量凈額 18,937,409, 19,283,652, 19,637,577, 20,598,858, 21,610,099, 二、投資活動產(chǎn)生的現(xiàn)金流量：收回投資收到的現(xiàn)金 3,576,002, 3,647,522, 3,720,472, 3,906,496, 4,101,821, 41 / 47取得投資收益收到的現(xiàn)金 479,425, 489,013, 498,794, 523,733, 549,920, 處置固定資產(chǎn)、無形資產(chǎn)和其他長期資產(chǎn)收回的現(xiàn)金凈額 6,078,757, 3,039,378, 2,431,503, 1,945,202, 1,556,161, 處置子公司及其他營業(yè)單位收到的現(xiàn)金凈額 937,195, 955,939, 390,023, 409,524, 430,000, 收到其他與投資活動有關的現(xiàn)金 542,814, 553,671, 564,744, 592,981, 622,630, 投資活動現(xiàn)金流入小計 11,614,195, 8,685,525, 7,605,537, 7,377,938, 7,260,535, 購建固定資產(chǎn)、無形資產(chǎn)和其他長期資產(chǎn)支付的現(xiàn)金 11,978,070, 12,217,632, 12,461,984, 13,085,084, 13,739,338, 投資支付的現(xiàn)金 7,012,920, 7,153,179, 7,296,242, 7,661,055, 8,044,107, 取得子公司及其他營業(yè)單位支付(收到)的現(xiàn)金凈額 2,544, 2,595, 2,647, 2,780, 2,919, 支付其他與投資活動有關的現(xiàn)金 18,648, 19,021, 19,401, 20,371, 21,390, 投資活動現(xiàn)金流出小計 19,012,184, 19,392,428, 19,780,277, 20,769,290, 21,807,755, 投資活動產(chǎn)生的現(xiàn)金流量凈額 7,397,989, 10,706,902, 12,174,739, 13,391,352, 14,547,220, 三、籌資活動產(chǎn)生的現(xiàn)金流量：吸收投資收到的現(xiàn)金 228,939, 233,518, 238,189, 250,098, 262,603, 取得借款收到的現(xiàn)金 63,603,202, 64,875,266, 66,172,772, 69,481,410, 72,955,481, 發(fā)行債券收到的現(xiàn)金 1,416,925, 1,445,263, 1,474,168, 1,547,877, 1,625,271, 收到其他籌資活動有關的現(xiàn)金 1,825,565, 1,862,076, 1,899,317, 1,994,283, 2,093,997, 籌資活動現(xiàn)金流入小計 67,074,632, 68,416,125, 69,784,447, 73,273,670, 76,937,353, 償還債務支付的現(xiàn)金 57,186,937, 58,330,676, 59,497,289, 62,472,154, 65,595,761, 分配股利、利潤或償付利息支付的現(xiàn)金 4,932,489, 5,031,139, 5,131,762, 5,388,350, 5,657,767, 其中：子公司支付給少數(shù)股東的股利、利潤 168,700, 172,074, 175,515, 184,291, 193,505, 支付羅涇項目收購款 2,548,681, 2,599,654, 2,651,647, 2,784,230, 2,923,441, 回購公司股票所支付的現(xiàn)金 1,820,699, 1,857,113, 1,894,255, 1,988,968, 2,088,417, 籌資活動現(xiàn)金流出小計 66,657,507, 67,990,657, 69,350,470, 72,817,994, 76,458,894, 籌資活動產(chǎn)生的現(xiàn)金流量凈額 417,125, 425,467, 433,976, 455,675, 478,459, 42 / 47附錄 3CAPM、WACC 計算(一) 資本資產(chǎn)定價模型公式：??(??)=????+??(??[????]?????)其中： =無風險利率， =市場的預期收益率，投資者所要求的收益率 即為貼現(xiàn)???? ??(????) ??(??)率。（1）無風險利率（ ）的確定：????用短期國債利率 %作為無風險利率。（2）估算預期市場收益率期望收益率=（期末估價+股息期初股價）/期初股價*100%年初股價（元） 股息（元） 年末股價（元） 期望回報率 %（3）計算 β 值公式為：??=??????(????,????)??2??其中 為股票收益率， 為市場收益率。???? ????數(shù)據(jù)表????,????日期 股票年平均收益率( )???? 市場年平均收益率 ( )????20221231 20221231 20221231 20221231 20221230 20221229 20221228 20221231 20221231 20221231 20221230 20221231 由表中數(shù)據(jù)算得： 為 ， 為 ，得到 β 值??????(????,????) ??2??為 。43 / 47(回歸方法計算得回歸曲線為 y = + 與上述計算結果一致)根據(jù)公式： ，求得：權益資本成本率即貼現(xiàn)率 ??(??)=????+??(??[????]?????)為 %。(一) 加權平均資本成本的計算加權平均資本成本的計算公式為： ????=??∑??=1????????（1）以 08 寶鋼債的到期收益率 %作為債務成本。（2）股權成本股權籌資費用率=股權籌資費用247。股權資本總額計算結果為：%投資報酬率=營業(yè)利潤247。營業(yè)資產(chǎn)（或投資額）計算得：%則股權成本為 %+%=%（3）有效稅率 28%。