( )
(
) (
)
-78,180,485.47
) -78,180,485.47
( )
(
)
(
)
( )
)
(
)
)
)
-13,589,815.96 -44,772,285.77 -70,570,345.27 -78,180,485.47
-34,145,378.69 -35,086,630.51 -30,407,777.25 -8,452,998.43
-34,145,378.69 -35,086,630.51 -30,407,777.25 -8,452,998.43
)
( )
( )
-78,180,485.47
( )
PCBA
( )
PCB
(1)
TDC
(2)
(3)
( )
( )
( )
( )
( )
( )
( )
( )
( )
= -
)
)
- - -
- -
A
a.
b.
B
a.
b.
c.
d.
C
A
N n
B1 (0.85-1.15)
B2 (0.85-1.15)
B3 (0.85-1.15)
B4 (0.80-1.00)
B5 (0.85-1.15)
K=n/N B1 B2 B3 B4 B5 100%
B.
(K1) / 100%
(1)
Allegro PCB Designer 17.4 PCB
(2)
Allegro PCB Designer 17.4 PCB
(3)
V
Ai i
r
n
)
( )
)
)
)
( )
n
t
r
t t
n
)
)
=
( )
)
(WACC)
WACC
T
D/E
LPR
CAPM
(1)
(CCDC)
(2)
iFinD
(3) Beta
iFinD
Beta = [1+(1-T) (D E)]( T
Beta Beta D E )
beta Beta
'
l = u × 1+ 1-t D/E Beta
(4) ERP
A ERP
B 2014 2023
C
D
E Rfi ERP
Rfi
F
ERP
(5) Rc
(1)
(2)
(LPR)
(3)
)
( ) ( )
)
( )
( )
( )
( )
( )
(1)
(2)
(3)
(4)
(5)
(6)
(1)
(2)
(3)
(4)
(5)
-78,180,485.47 -65,074,508.50
%
A B C=B-A D=C/A*100
-78,180,485.47 -65,074,508.50 13,105,976.97 16.76
-65,074,508.50
)
( ) ( )
( 17
) ( )2(G) 7 -2026 7