【正文】 6, 拆入資金 600,000, 600,000, 600,000, 600,000, 600,000, 交易性金融負(fù)債 12,135, 12,135, 12,135, 12,135, 12,135, 應(yīng)付票據(jù) 2,425,288, 2,473,793, 2,523,269, 2,649,433, 2,781,904, 應(yīng)付賬款 16,893,447, 17,231,316, 17,575,942, 18,454,739, 19,377,476, 預(yù)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(yīng)付職工薪酬 1,410,018, 1,438,218, 1,466,983, 1,540,332, 1,617,349, 應(yīng)交稅費(fèi) 464,607, 464,607, 464,607, 464,607, 464,607, 應(yīng)付利息 229,142, 233,725, 238,399, 250,319, 262,835, 應(yīng)付股利 16,277, 16,603, 16,935, 17,782, 18,671, 其他應(yīng)付款 687,692, 701,446, 715,475, 751,249, 788,811, 一年內(nèi)到期的非流動負(fù)債 7,028,258, 7,168,823, 7,312,200, 7,677,810, 8,061,700, 其他流動負(fù)債 2,938,659, 2,938,659, 2,938,659, 2,938,659, 2,938,659, 流動負(fù)債合計 77,504,347, 78,965,371, 80,455,617, 84,255,742, 88,245,874, 非流動負(fù)債：長期借款 5,431,319, 5,539,945, 5,650,744, 5,933,281, 6,229,946, 39 / 47應(yīng)付債券 11,076,940, 11,298,478, 11,524,448, 12,100,670, 12,705,704, 長期應(yīng)付款 250,000, 250,000, 250,000, 250,000, 250,000, 專項應(yīng)付款 603,451, 615,520, 627,830, 659,222, 692,183, 遞延所得稅負(fù)債 306,452, 312,581, 318,833, 334,775, 351,513, 其他非流動負(fù)債 989,643, 1,009,436, 1,029,625, 1,081,106, 1,135,161, 非流動負(fù)債合計 18,657,807, 19,025,963, 19,401,482, 20,359,056, 21,364,509, 負(fù)債合計 96,162,154, 97,991,335, 99,857,099, 104,614,799, 109,610,383, 股東權(quán)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(quán)益合計 103,229,768, 107,570,411, 112,247,553, 119,509,923, 127,309,627, 少數(shù)股東權(quán)益 5,954,489, 5,954,489, 5,954,489, 5,954,489, 5,954,489, 股東權(quán)益合計 109,184,257, 113,524,901, 118,202,043, 125,464,413, 133,264,116, 負(fù)債和股東權(quán)益合計 205,346,412, 211,516,236, 218,059,143, 230,079,212, 242,874,500, 40 / 47預(yù)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(wù)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(fèi)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(fèi)返還 281,343, 286,970, 292,709, 307,345, 322,712, 收到其他與經(jīng)營活動有關(guān)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(wù)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(fèi)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(fèi) 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(guān)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(guān)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(guān)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(guān)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(wù)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(fēng)險利率， =市場的預(yù)期收益率，投資者所要求的收益率 即為貼現(xiàn)???? ??(????) ??(??)率。（1）無風(fēng)險利率（ ）的確定：????用短期國債利率 %作為無風(fēng)險利率。（2）估算預(yù)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(jié)果一致)根據(jù)公式： ，求得：權(quán)益資本成本率即貼現(xiàn)率 ??(??)=????+??(??[????]?????)為 %。(一) 加權(quán)平均資本成本的計算加權(quán)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(wù)成本。（2）股權(quán)成本股權(quán)籌資費(fèi)用率=股權(quán)籌資費(fèi)用247。股權(quán)資本總額計算結(jié)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(quán)成本為 %+%=%（3）有效稅率 28%。