(完整word版)公司金融final模拟题和答案.pdf

Final Practice for the course Goal of firm Answer:d MEDIUM i.The primary operating goal of a publicly-owned firm interested in serving its stockholders should be to a.Maximize its expected total corporate income.b.Maximize its expected EPS.c.Minimize the chances of losses.d.Maximize the stock price per share over the long run,which is the stock s intrinsic value.e.Maximize the stock price on a specific target date.Firm organization Answer:c EASYii.Which of the following statements is CORRECT?a.One of the advantages of the corporate form of organization is that it avoids double taxation.b.It is easier to transfer ones ownership interest in a partnership than in a corporation.c.One of the disadvantages of a sole proprietorship is that the proprietor is exposed to unlimited liability.d.One of the advantages of a corporation from a social standpoint is that every stockholder has equal voting rights,i.e.,“one person,one vote.”e.Corporations of all types are subject to the corporate income tax.Dividends,retained earnings Answer:b EASY/MEDIUMiii.Fine Breads Inc.paid out$26,000 common dividends during 2005,and it ended the year with$150,000 of retained earnings.The prior years retained earnings were$145,000.What was the firms 2005 net income?a.$30,000 b.$31,000 c.$32,000 d.$33,000 e.$34,000 Statement of cash flows Answer:d MEDIUM iv.Which of the following statements is CORRECT?a.In the statement of cash flows,depreciation charges are reported as a use of cash.b.In the statement of cash flows,a decrease in accounts receivable is reported as a use of cash.c.In the statement of cash flows,a decrease in inventories is reported as a use of cash.d.In the statement of cash flows,a decrease in accounts payable is reported as a use of cash.e.Dividends do not show up in the statement of cash flows because dividends are considered to be a financing activity,not an operating activity.精品资料-欢迎下载-欢迎下载 名师归纳-第 1 页，共 16 页 -Effect of reducing costs on ROE Answer:a MEDIUM v.Last year,Candle Corp had$200,000 of assets,$300,000 of sales,$20,000 of net income,and a debt-to-total-assets ratio of 40%.The new CFO believes a new computer program will enable it to reduce costs and thus raise net income to$30,000.Assets,sales,and the debt ratio would not be affected.By how much would the cost reduction improve the ROE?a.8.33%b.8.67%c.9.00%d.9.33%e.9.67%Du Pont equation:basic calculation Answer:b EASY vi.Midwest Lumber had a profit margin of 5.1%,a total assets turnover of 1.6,and an equity multiplier of 1.8.What was the firms ROE?a.14.39%b.14.69%c.14.99%d.15.29%e.15.59%Current ratio Answer:e EASYvii.A firm wants to strengthen its financial position.Which of the following actions would INCREASE its current ratio?a.Borrow using short-term debt and use the proceeds to repay debt that has a maturity of more than one year.b.Reduce the company s days sales outstanding ratio to the industry average and use the resulting cash savings to purchase plant and equipment.c.Use cash to increase inventory holdings.d.Use cash to repurchase some of the companys own stock.e.Issue new stock and use some of the proceeds to purchase additional inventory and hold the remainder of the funds received as cash.Estimating the 1-year forward rate Answer:e MEDIUMviii.Suppose the interest rate on a 1-year T-bond is 5.0%and that on a 2-year T-bond is 6.0%.Assuming the pure expectations theory is correct,what is the markets forecast for 1-year rates 1 year from now?a.6.65%b.6.74%c.6.83%d.6.92%e.7.01%Default risk premium Answer:b EASY精品资料-欢迎下载-欢迎下载 名师归纳-第 2 页，共 16 页 -文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8ix.If 10-year T-bonds have a yield of 5.2%,10-year corporate bonds yield 7.5%,the maturity risk premium on all 10-year bonds is 1.1%,and corporate bonds have a 0.2%liquidity premium versus a zero liquidity premium for T-bonds,what is the default risk premium on the corporate bond?a.2.00%b.2.10%c.2.20%d.2.30%e.2.40%Amortization Answer:a MEDIUMx.Which of the following statements regarding a 30-year,$100,000 mortgage with a nominal interest rate of 10%,compounded monthly,is NOT CORRECT?a.The monthly payments will decline over time.b.The proportion of the monthly payment that represents interest will be lower for the last payment than for the first payment on the loan.c.The total dollar amount of principal being paid off each month gets larger as the loan approaches maturity.d.The amount paid toward interest in the first payment would be lower if the nominal interest rate were 8%.e.Over 90%of the first payment goes toward interest PV of an annuity due Answer:a EASYxi.Your father is about to retire,and he wants to buy an annuity that will provide him with$50,000 of income a year for 20 years,with the first payment coming immediately.The going rate on such annuities is 6%.How much would it cost him to buy the annuity today?a.$607,905.82 b.$416,110.34 c.$517,513.68 d.$615,976.84 e.$488,349.15 Comparing the effective cost of two bank loans Answer:e MEDIUM/HARDxii.Bank A offers to lend you$10,000 at a nominal rate of 6%,simple interest,with interest paid monthly.Bank B offers to lend you the$10,000,but it will charge 7%,simple interest,with interest paid at the end of the year.What is the difference in the effective annual rates charged by the two banks?a.1.17%b.1.12%c.0.91%d.1.28%e.0.83%精品资料-欢迎下载-欢迎下载 名师归纳-第 3 页，共 16 页 -文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8Interest rate price risk Answer:b EASY/MEDIUM xiii.Assume that all interest rates in the economy decline from 10%to 9%.Which of the following bonds will have the largest percentage increase in price?a.A 10-year bond with a 10%coupon.b.A 10-year zero coupon bond.c.An 8-year bond with a 9%coupon.d.A 1-year bond with a 15%coupon.e.A 3-year bond with a 10%coupon.Determining the coupon rate Answer:c MEDIUM/HARD xiv.Moussawi Ltds outstanding bonds have a$1,000 par value,and they mature in 5 years.Their yield to maturity is 9%,based on semiannual compounding,and the current market price is$853.61.What is the bonds annual coupon interest rate?a.5.10%b.5.20%c.5.30%d.5.40%e.5.50%Constant growth rate Answer:b EASYxv.Hahn Manufacturing is expected to pay a dividend of$1.00 per share at the end of the year(D1=$1.00).The stock sells for$40 per share,and its required rate of return is 11%.The dividend is expected to grow at a constant rate,g,forever.What is Hahns expected growth rate?a.8.00%b.8.50%c.9.00%d.9.50%e.10.00%Nonconstant growth stock price Answer:a HARDxvi.The Ehrhardt Companys last dividend was$2.00.The dividend growth rate is expected to be constant at 3%for 2 years,after which dividends are expected to grow at a rate of 8%forever.Erhardt s required return(rs)is 12%.What is Erhardts current stock price?a.$49.20 b.$51.40 c.$53.80 d.$55.10 e.$57.30 精品资料-欢迎下载-欢迎下载 名师归纳-第 4 页，共 16 页 -文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8WACC Answer:c MEDIUMxvii.Which of the following statements about the cost of capital is CORRECT?a.A change in a companys target capital structure cannot affect its WACC.b.WACC calculations should be based on the before-tax costs of all the individual capital components.c.If a companys tax rate increases,then,all else equal,its weighted average cost of capital will decrease.d.Flotation costs associated with issuing new common stock normally lead to a decrease in the WACC.e.An increase in the risk-free rate will normally lower the marginal costs of both debt and equity financing.Risk and project selection Answer:b MEDIUM xviii.Wagner Inc estimates that its average-risk projects have a WACC of 10%,its below-average risk projects have a WACC of 8%,and its above-average risk projects have a WACC of 12%.Which of the following projects(A,B,and C)should the company accept?a.Project A is of average risk and has a return of 9%.b.Project B is of below-average risk and has a return of 8.5%.c.Project C is of above-average risk and has a return of 11%.d.None of the projects should be accepted.e.All of the projects should be accepted.WACC Answer:a MEDIUMxix.You were hired as a consultant to Locke Company,and you were provided with the following data:Target capital structure:40%debt,10%preferred,and 50%common equity.The interest rate on new debt is 7.5%,the yield on the preferred is 7.0%,the cost of retained earnings is 11.50%,and the tax rate is 40%.The firm will not be issuing any new stock.What is the firms WACC?a.8.25%b.8.38%c.8.49%d.8.61%e.8.76%Component cost of preferred stock Answer:e EASYxx.Klieman Company s perpetual preferred stock sells for$90 per share and pays a$7.50 annual dividend per share.If the company were to sell a new preferred issue,it would incur a flotation cost of 5.00%of the price paid by investors.What is the companys cost of preferred stock?a.7.50%b.7.79%c.8.21%d.8.57%e.8.77%精品资料-欢迎下载-欢迎下载 名师归纳-第 5 页，共 16 页 -文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 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