2002쓪12퓂쳬뷲듳톧톧놨(짧믡뿆톧냦)뗚4뻭뗚4웚ꆡJOURNALOFTIANJINUNIVERSITY(SOCIALSCIENCES)ꆡꆡ싛웳튵맀볛폫뺭볃탩쓢뮯뫘뺩춬1,췵쿾2(11쳬뷲듳톧맜샭톧풺,쳬뷲300072;21쓏뾪듳톧횰튵벼쫵톧풺,쳬뷲300071)햪ꆡ튪:쯦ퟅ횪쪶뺭볃쪱듺뗄살쇙,뺭볃뗄탩쓢뮯퓚늻뛏볓짮ꆣ듓럖컶웳튵볛룱뗄탩쓢뮯죫쫖,싛쫶쇋웳튵뗄볛룱뗄탩쓢뮯쫇뺭볃탩쓢뮯뗄캢맛믹뒡,듓뛸뷸튻늽싛쫶쇋쿖듺웳튵맀볛뗄쳘뗣:헻쳥탔폫탅쾢탔;쳡돶쇋쫊뫏쿖듺닺뚨볛뗄샭싛쒣탍;틔룃쒣탍캪믹뒡,닻쫶쇋쿖듺웳튵닺맀볛벰펦떱힢틢뗄컊쳢ꆣ맘볼듊:웳튵맀볛;닺움맀;탩쓢뮯;탩쓢뺭볃;룟뿆벼웳튵훐춼럖샠뫅:G304ꆡꆡꆡ컄쿗뇪쪶싫:Aꆡꆡꆡ컄헂뇠뫅:100824339(2002)0420330203ΞOntheCorporateValuationandEconomyVirtualizationHEJing2tong1,WANGXiao2lan2(,TianjinUniversity,Tianjin300072,China;,NankaiUniversity,Tianjin300071,China)Abstract:WiththedevelopingofKnowledgeEconomy,,andfurtherexpoundsthecharacterofthemoderncorporatevaluation:entiretyandinformative,:corporatevaluation;assetvaluating;virtualizing;virtualeconomy;high2techenterpriseꆡꆡ2001쓪뾪쪼,듓쏀맺ꆢ쿣룛막쫐훐뗄룟돉뎤웳쿖듺놾쫐뎡뚨볛랽램뚼풴폚헢튻샭싛;쫐뎡램퓲튵(훷튪냼삨IT닺튵뫍웤쯻튻킩룟탂벼쫵웳튵)볛쫇틔뻹뫢볛룱샭싛캪믹뒡탎돉뗄튻훖맀볛랽램ꆣ쎿횵뗄ꆰ쳸쮮ꆱ,떽컒맺막쫐뗄좫쏦쯵쮮,뚼쫇룟돉뎤웳튻샠움맀랽램뚼냼삨탭뛠뻟쳥랽램,늢쟒뚼뻟폐쏷튵퓚냧퇝ퟅ훷튪뷇즫ꆣ캪쪲쎴룟돉뎤웳튵볛룱늨뚯좷뗄샭싛믹뒡뫍잰쳡볙짨ꆣ죧듋횮듳?놾컄쫔춼듓웳튵맀볛뗄캢맛닣쏦뫍뺭볃ꆡꆡퟷ캪탂탋닺튵,죧IT웳튵ꆢBT웳튵틔벰웤쯻룟뗄탩쓢뮯뷇뛈,럖컶뷼쓪살막쫐늨뚯뗄쓚퓚믺훆틔탂벼쫵닺튵,평폚웤ퟔ짭뗄쳘뗣뻶뚨쇋웳튵쯹펵폐벰컒맺룟탂벼쫵웳튵맀볛훐듦퓚뗄컊쳢ꆣ뗄볛횵훷튪쳥쿖퓚벼쫵뫍횪쪶(헢샯뗄벼쫵뫍횪쪶쫇맣틥뗄,볈냼삨뻟쳥뗄폃폚짺닺뗄벼쫵뫍횪쪶,튲ꆡꆡ튻ꆢ웳튵맀볛뗄랽램뫍샭싛냼삨맜샭ꆢ탅쾢뗈돩쿳뗄벼쫵뫍횪쪶)몬솿,뛸늻쫇횸뻟쳥뗄쪵컯닆닺뗄뛠짙,틲뛸퓚뛔탂탋닺튵뷸탐ꆡꆡ웳튵닺맀볛뗄랽램뫜뛠,쒿잰맺볊춨탐뗄훷맀볛쪱,뚼틔쫕틦램ퟷ캪샭싛믹뗣ꆣ쯤좻쏀맺뫍컒맺튪폐돉놾램ꆢ쫕틦램뫍쫐뎡램죽듳샠ꆣ웤훐,돉놾램쿣룛쫐뎡,뛔IT웳튵뫍웤쯻탂탋웳튵짏쫐뗄맀볛랽뗄샭싛믹뒡쫇캢맛뺭볃톧훐뗄짺닺돉놾샭싛;쫕틦램뫜뛠,떫쪹폃ퟮ캪맣랺뗄뮹쫇쫕틦램ꆣ램뗄샭싛믹뒡쫇캢맛뺭볃톧훐뗄킧폃샭싛,쪵볊짏,ꆡꆡ퓚컒맺,짏쫐릫쮾쯤좻늻퓊탭떥뒿닉폃쫕틦램Ξ쫕룥죕웚:2002208212.ퟷ헟볲뷩:뫘뺩춬(1961ꆪꆡꆡ),쓐,늩쪿,뢱뷌쫚.' 1995-2005 Tsinghua Tongfang Optical Disc Co., Ltd. All rights reserved.
뗚4뻭뗚4웚뫘뺩춬뗈:싛웳튵맀볛폫뺭볃탩쓢뮯ꆤ331ꆤꆡ뷸탐맀볛,떫쫇움볛튻룶웳튵뗄닺쪱,뫜듳돌뛈짏뗄헻쳥볛룱뚨볛,뛸쫇평헻쳥웳튵뗄퓋펪쓜솦ퟷ캪뮹쫇쫜쫕틦램쮼캬뗄ퟳ폒ꆣ웤뻟쳥뇭쿖퓚틔쿂랽쏦:뚨볛뗄틀뻝,쫇쿖듺웳튵뚨볛뗄뫋탄풭퓲ꆣ퓚쿖쪵ꋙ룹뻝풤웚뗄쫕틦살운듕닺ꆣ틲캪컒맺뛔릫쮾뷸훐,쏀맺ꆢ쿣룛뗈랢듯맺볒뫍뗘쟸웳튵뗄맀볛ꆢ뚨볛탐헻쳥닺움맀쪱,튪쟳럖뇰폃돉놾램뫍쫕틦램움튲뚼ퟱ톭헢튻풭퓲ꆣ쳘뇰쫇뷼쓪퓚쏀맺짏쫐뗄IT웳볛튻룶릫쮾뗄헻쳥닺볛횵,떱쫕틦램믱뗃뗄볛횵튵릫쮾ꆢ퓚쿣룛뒴튵냥짏쫐뗄룟탂벼쫵웳튵,듳뚼닉듳폚돉놾램움맀뗄볛횵쪱,뻍믡돶쿖운듕ꆢ엲헍쪵컯폃듋풭퓲뚨볛,헢튲쫇짏쫐릫쮾뚨볛뗄쳘헷ꆣퟷ캪짏닺뗄쿖쿳ꆣ헢훷튪랢짺퓚튻킩벼쫵몬솿쿠뛔뷏룟쫐릫쮾,늻싛듓튻벶쫐뎡,뮹쫇듓뛾벶쫐뎡짏뾴,릫뛸쪵컯닺쪹폃쿠뛔뷏짙뗄웳튵짭짏;ꋚ룹뻝헋쮾뗄볛룱뚼쫇릫쮾헻쳥볛횵뗄쳥쿖ꆣ돶쫛ꆢ붻틗쯤좻쏦ꆢ쪵컯닺살운듕헻쳥닺ꆣ헢훷튪랢짺퓚벼쫵쿠뿉럖룮ꆢ뿉럖럝,떫늻뿉ꆰ쾸럖ꆱꆣ돽럇릫쮾웆닺쟥쯣,뛔돂뻉,떫폖햼폐듳솿쪵컯닺뗄웳튵ꆣ헢킩웳튵튻럱퓲,늻뿉닰럖돶쫛ꆣ붫웳튵믲닺뗄헻쳥뚨볛(맀랽쏦쫇펵폐쿐훃닺,벴컞킧닺,웤뛔웳튵뗄쫕틦볛)틔벰웤헻쳥볛룱퓚쫐뎡훐뗄늨뚯뗄헢튻맽돌돆늻떫쎻폐릱쿗,뮹믡퓶볓웳튵뗄뺭펪돉놾,쇭튻랽쏦캪웳튵믲닺볛룱뗄탩쓢뮯ꆣ웳튵볛룱뗄탩쓢뮯,늻쫇웳튵뗄헋쏦닺,헢샠닺쪵볊짏틑컞볛횵,믲헟뗈폚웳튵볛룱뗄엝쒭뮯ꆣ탩쓢뮯쫇횸웳튵볛룱폫웳쮵훘훃돉놾틑뷓뷼쇣,떫평폚룷훖풭틲,늻쓜듓헋쏦튵쯹펵폐뗄쪵컯닺볛룱쿠럖샫뗄맽돌폫ힴ첬,쫇짏쟥돽,헢쪱,폃쫕틦램살움맀헻쳥닺볛룱쪱,뻍쿖듺뺭볃뗄쳘폐ힴ첬ꆣ퓚쫽톧짏,쫇쿠떱폚뻟폐튻뚨믡돶쿖ꆰ쿫쿳ꆱ캴살쫕틦뗄쟩뿶;ꋛ컞탎닺움맀쯦펳짤맘쾵뗄솽룶늻춬뿕볤,벴쪵컯뿕볤뫍탩쓢뿕볤ꆣ틢뮯ꆣ헢퓚컒맺쫇튻룶뻟폐웕뇩탔뗄컊쳢,훷튪뇭쿖퓚쿖쪵훐,볛룱탩쓢뮯쫇쫂컯랢햹뗄뇘좻뷗뛎,쫇늻퓚뛔컞탎닺볛횵죏쪶뗄럴잳짏ꆣ튻랽쏦,죏캪횻튪틔죋쏇뗄틢횾캪틆뗄뿍맛쫂쪵ꆣ볛룱탩쓢뮯쫇튻웳튵폐샻ꆢ짌뇪ꆢ폐벼쫵뗈횪쪶닺좨믲웤쯻슢뛏룶훐탔듊,늻펦뻟폐죎뫎볛횵에뛏;뛸엝쒭뮯뛠횸쒳좨뻍폐볛횵,뻍쓜ퟷ캪웳튵뗄닺,뛸늢늻횪뗀컞탎튻뛔쿳췑샫쇋웤놾짭뗄볛횵,뛸맽뛈엲헍,헢튻볛룱닺뛔웳튵볛횵뗄릱쿗쫇룸웳튵듸살뎬뛮쫕틦헢튻쿖쿳쫇죋쏇쯹늻쾣췻뗄,엝쒭뮯튻듊뎣듸폐뇡틢ꆣ컞탎닺듦퓚뗄ퟮ믹뒡뗄ꆢퟮ뫋탄뗄룅쓮ꆣ뛸쟒,뫳ꆡꆡ쯦ퟅ쪱듺뗄랢햹뫍벼쫵뗄뷸늽,쳘뇰쫇횪쪶뺭헟ꆪꆪ뎬뛮쫕틦쫇믹뒡,잰헟ꆪꆪ슢뛏좨쫇탎쪽;볃뗄살쇙,웳튵볛룱뗄탩쓢뮯뛔뺭볃뗄펰쿬튲퓚늻쇭튻랽쏦,움맀쫖뛎뗄볲떥뮯튲쫇퓬돉웳튵컞탎뛏볓잿ꆣ뺭볃캢맛훷쳥뗄탩쓢뮯뗄늻뛏짮뮯,뇘좻떼닺탩퓶뗄훘튪틲쯘ꆣ헢훷튪뇭쿖퓚움맀믺릹쯦틢ꆢ볲훂뫪맛뺭볃짏뗄탩쓢뮯,쯼쪹헻룶뺭볃뇭쿖캪탩쓢떥ꆢ믺킵뗘샄폃쫕틦쿖횵릫쪽뗄뷡맻ꆣ쫕틦램맀볆뗄뺭볃뗄쳘헷훰붥쿔슶,늢폐잿뮯ꆢ쟷폚훷떼뗘캻뗄첬믹놾풭샭뿉폃쿂쏦뗄릫쪽뇭쪾:쫆ꆣ헕듋싟벭쳥쾵맀볆컒맺뺭볃뗄탩쓢뮯뷸돌,듺뇭nꆡꆡꆡY컒맺탩쓢닺뗄컒맺쒿잰짏쫐릫쮾뗄쫐횵틑듯떽t+iPt=6(i=11+irt)48090틚풪(2001쓪),햼떱쓪GPP뗄54%,컒맺뺭쪽훐:Pt캪놻맀웳튵퓚t쪱뿌뗄볛룱;Yt+i캪풤웚캴볃탩쓢뮯돌뛈뷓뷼폚50%ꆣ살i웚뗄쫕틦;rt캪풤웚캴살뗚t웚뗄쳹쿖싊(WACCꆡꆡ짏쫶럖컶뿉볻,쿖듺뮯뺭볃뗄훷튪쳘헷뇭쿖놾욽뻹돉놾);n캪Yt늻캪쇣뗄웚쿞ꆣ짏쫶릫쪽쯤캪:웳튵볛횵뗄헻쳥뮯ꆪꆪ캢맛훷쳥뗄탩쓢뮯ꆪꆪ좻탎쪽짏볲떥,좴듦퓚ퟅ퇏룱뗄샭싛볙짨,펦폃짏뻟탩쓢뺭볃ꆣ퓚헢샯늻럁붫탩쓢뺭볃샭뷢(뚨틥)캪폐뫜듳뗄쓑뛈뫍늻좷뚨탔ꆣ펦폃쫕틦램캪웳튵맀볛ꆰ탩쓢닺횤좯뮯뺭볃ꆱꆣ쫇퓚늻췪좫탅쾢쿂뗄훐뎤웚풤닢컊쳢,듓릫쪽뿉틔쟥돾뗘뾴떽,늻뷶움맀횵Pt쫇풤닢컊쳢,뛸쟒풤웚ꆡꆡ죽ꆢ헽좷움맀웳튵볛룱쫕틦Yt,풤웚캴살쳹쿖싊rtꆢ웚쿞n뗈,뚼쫇늻췪좫탅쾢쿂뗄훐뎤웚풤닢컊쳢,뻶늻쓜볲떥뗘뗈춬폚붫ꆡꆡ뺭볃탩쓢뮯쫇짧믡랢햹뗄뇘좻,쫇늻틔죋쏇뗄닆컱쫽뻝듺죫릫쪽볆쯣ꆣ틢횾캪틆뗄뿍맛쫂쪵,헢뻍튪쟳컒쏇쏦뛔탂뻖쏦뫍탂컊쳢,돖탂뗄맛쓮,폃탂뗄쫖뛎ꆣ평짏쫶럖컶뿉ꆡꆡ뛾ꆢ웳튵볛룱뗄탩쓢뮯폫탩쓢뺭볃볻,ퟷ캪탩쓢뺭볃뗄캢맛믹뒡,뛔웳튵볛룱움맀뗄샭싛ꆢ쒣탍뗄죏쪶뫍샭뷢,늻떫뛔폚탩쓢뺭볃샭싛뻟폐ꆡꆡ웳튵늻틔웤쯹펵폐뗄떥쿮닺볓ퟜퟷ캪웳튵훘튪뗄틢틥,뛸쟒,쯦ퟅ쿖쪵뺭볃탩쓢뮯뗄볓짮,뛔' 1995-2005 Tsinghua Tongfang Optical Disc Co., Ltd. All rights reserved.
ꆡꆤ332ꆤ쳬ꆡ뷲ꆡ듳ꆡ톧ꆡ톧ꆡ놨ꆡ(짧믡뿆톧냦)2002쓪12퓂ꆡ쿖쪵뺭볃튲폐훘듳펰쿬ꆣ뛔쫐뎡뗄ꆰ닂쿫ꆱ,헢룶풤닢뗄솿뫜뿉쓜평폚좱랦탅ꆡꆡ샭싛펦떱쓜릻뷢쫍쿖쪵ꆣ쯦ퟅ쿖쪵뗄뇤뮯,샭쾢놻돥뗖ꆣ헢튻뗣퓚컒맺쪵컱뷧,폈웤쫇튪틽웰ퟣ릻싛튲튪늻뛏탞헽,틔쫊펦쿖쪵뗄탨튪ꆣ쯦ퟅ짧믡뗄뷸뗄훘쫓ꆣ퓚룷샠닺움맀놨룦훐,쟡뛸틗뻙뗘뷡돶늽랢햹뫍뺭볃탩쓢뮯뗄늻뛏볓짮,떱잰웳튵뚨볛컊컥ꆢ쇹쓪,쪮벸쓪짵훁쫇폀탸쓪뗄닺쫕틦,쯆뫵쫇쳢,튲뇭쿖돶ퟔ짭뗄탂쳘헷:헻쳥탔뫍탅쾢탔뗄튪쟳튻볾쮾뿕볻맟뗄쫂,쫢늻횪,뎬맽5쓪뗄풤닢,뻍쫴햼뻝쇋훘튪뗘캻ꆣ헢킩쳘헷쪹뗃뒫춳웳튵뚨볛뗄샭폚뎤웚풤닢컊쳢,웤훐뗄늻좷뚨탔뫍쒣뫽탔쿔뛸틗싛뫍쒣탍쫜떽쇋쳴햽ꆣ캪쇋쓜릻쫊펦쿖듺웳튵뚨볛볻ꆣ튪쪹탩쓢뺭볃늨뚯탔킡,뻍튪쪹웤캢맛훷쳥뗄쳘헷,헽좷횸떼움맀웳튵볛룱,퓚뛔뒫춳닺맀볛ꆪꆪ웳튵닺뗄늻좷뚨탔킡ꆣ샭싛쒣탍탞헽뗄믹뒡짏,붨솢쓜돤럖랴펳헻쳥탔뫍탅쾢돤럖탔횸뇪뗄닺맀볛샭싛쒣탍쪮럖훘튪ꆣ헢ꆡꆡ쯄ꆢ뷡폯샯,붨솢늢쳖싛튻룶쫊펦쿖쪵뗄웳튵닺믲떥쿮컞탎닺샭싛쒣탍:ꆡꆡ뺭볃탩쓢뮯쫇쪱듺랢햹뫍뺭볃좫쟲뮯뗄뇘좻ꇞꆡꆡꆡY뷡맻,쫇늻틔죋쏇뗄틢횾캪틆뗄ꆣ컒쏇튪뛔웤폐헽t+iPt=6iSE()Iti=1좷뗄죏쪶,틔붵뗍뺭볃뗄늨뚯탔,쳡룟뗷뿘뗄폐킧쪽훐:Pt캪t쪱뿌웳튵믲닺뗄볛횵(볛룱);S캪헛탔,쪹컒맺뺭볃붡뾵ꆢ컈뚨ꆢ룟쯙뗘퓶뎤ꆣ쿖틲ퟓ,벴S=1ö(1+rt);rt캪쳹쿖싊;E캪풤웚럻ꆡꆡ뺭볃탩쓢뮯뗄캢맛믹뒡쫇웳튵ö닺볛룱뗄탩뫅;Yt+i캪풤웚캴살웳튵ö닺쫕틦;It캪t웚뗄탅쾢쓢뮯ꆣ틲듋,쳡룟뛔웳튵닺볛횵죏쪶뗄샭싛쮮욽쪮벯뫏ꆣ럖훘튪ꆣ쳘뇰쫇퓚뛔룟돉뎤웳튵ꆢ짏쫐릫쮾틔벰떥쿮ꆡꆡ틀뻝탅쾢샭싛,뛔쒳튻쫂컯,웤횪횮풽뛠,탅쾢컞탎닺볛횵움맀ꆢ좷죏ꆢ볠맜쪱,튪헽좷샭뷢뫍퓋솿풽킡,볙짨뛔튻룶쫂컯폐췪좫탅쾢쪱,It=1,뛔쫂폃샭싛ꆣ붨솢붡좫닺맀볛뗄탐튵뗀뗂맦랶뫍뺭볃ꆢ컯뗄탅쾢늻췪좫,It>1,뛔쫂컯췪좫늻쇋뷢,It=램싉퓰죎훆,쪹폐맘늿쏅뫍믺릹헦헽죏쪶떽닺움ꇞꆣ맀,폈웤쫇웳튵헻쳥움맀뫍컞탎닺움맀뗄훘튪탔ꆡꆡ헢룶샭싛쒣탍,쓜뫜뫃뗘쳥쿖쿖듺횪쪶뺭볃놳뫍퓰죎훘듳,닅쓜폐킧뗘뛴훆룷샠닺놨룦뗄쯦틢뺰쿂,웳튵ö닺볛룱탩쓢뮯뚨볛뗄놾훊ꆣ닺볛룱탔뫍볲떥탔쿖쿳뗄돶쿖ꆣ쫇쪱볤뗄몯쫽,뇭쪾닺볛룱쯦쪱볤뇤뮯,랴펳쇋틔ꆡꆡퟜ횮,튪붵뗍탩쓢뺭볃뗄늨뚯탔,뻍튪헽좷뗘횪쪶뫍벼쫵캪훷튪튪쯘뗄닺볛횵뗄쪱볤쯰뫄햼뻝죏쪶탩쓢뺭볃뗄쪵훊,복킡탩쓢뺭볃뗄캢맛훷쳥쿔훸뗘캻헢튻쫂쪵;닺볛횵평닺뗄룷웚쫕틦ꆪꆪ웳튵헻쳥닺볛룱뗄늻좷뚨탔ꆣYt+1뻶뚨,헢쫇뺭볃톧훐킧폃샭싛뗄쳥쿖ꆣ떫퓚쒣탍훐,폃뗄쫇웚췻뗄풤웚쫕틦,뛸늻쫇뒫춳샭싛훐뗄볲닎뾼컄쿗:떥풤웚쫕틦,헢튻뇤뮯뗄틢틥퓚폚룼뷸튻늽쏷좷쇋\[1\]ꆡ[J\].뛔쫕틦뗄풤닢탔뫍훷맛탔,튲듓샭싛짏닻쏷쇋탐캪JournalofEconomicPerspectives,1990,(4):58ꆪ62.뛔볛룱펰쿬\[2\ꆡ][J\].JournalofEconomic,쫇탐캪뷰죚톧샭싛뗄쳥쿖ꆣrt캪쳹쿖싊,헢폫뒫춳닺움맀샭싛쒣탍훐뗄쳹쿖싊쫇튻훂Perspectives,1990,4(1):49ꆪ56.\[3\ꆡ][M\].PrincetonUniversity뗄,떫헢샯잿뗷뗄rt펦캪쪱볤몯쫽ꆣPress,2000.ꆡꆡ퓚움맀쪵컱훐,맺쓚튻킩믺릹볲떥뗘폃맺햮샻\[4\ꆡ]쇵뾥쏱.듓탩쓢놾떽탩쓢뺭볃[M\].볃쓏:즽뚫죋쏱돶냦짧,싊ꆢ듻뿮샻싊뗈ퟶ램1998.,쫇췪좫쎻폐샭싛틀뻝뗄,헢튲쫇퓬돉닺볛룱룟맀뗄풭틲횮튻ꆣ\[5\ꆡ]뫘뺩춬.탂쒣쪽쿂뗄뫪맛뺭볃쪵횤퇐뺿[M\].쳬뷲:쳬뷲죋쏱돶ꆡꆡ퓚헢룶샭싛쒣탍훐,ퟮ횵뗃잿뗷뗄쫇틽죫쇋탅냦짧,2001.쾢벯뫏뗄\[6\ꆡ],듓뛸쪹뗃탩쓢닺볛룱뗄늻좷뚨탔폐andMeasuringKnowledge2basedAssets[M\].BiyApple쇋쏷좷뗄샭싛쏨쫶,헢튲쫇탩쓢뺭볃늨뚯탔뗄튻룶Tuttle2MoriAgency,.,LTD,1999.샭싛뷢쫍ꆣ퓚쪵컱훐,떱캪튻웳튵믲튻쿮컞탎닺뚨\[7\ꆡ][M\].2nded.,볛쪱AcademicPress,NewYork:1962,(2):11.,죧맻쫕틦뗄풤닢쫇퓚탅쾢늻돤럖뗄쟩뿶쿂뷸탐뗄,헢훖풤닢횻쫇살ퟔ튻룶샺쪷뗄닆컱놨뇭\[8\ꆡ][죕]쳙쳯뫪튻.믹뒡탅쾢싛[M\].놱뺩:맺럀릤튵돶냦짧,1982.,믲쫇' 1995-2005 Tsinghua Tongfang Optical Disc Co., Ltd. All rights reserved.
