..1... 1... 1... 2... 2... 5... 8...12...12...13...15...18...18...19...21...21...21...21...23
... 32... 32... 32... 33... 35... 35... 38... 43... 51... 55... 56... 58... 58... 59... 60... 60... 60 61
68,000 500 501 1,900 540 9 1 33.4 6,719,744 708 720 1.7 2,270 9,332 1,644 296 2 16.6 7.1 5.6-181 69.1 47.0 139 CATV 9 CATV CATV 1 2 1
1 Return of Assets Return of Equity CATV CATV 2
CATV 2 Earnings before Interest, Tax, Depreciation, Amortization 3
CATV CATV 4
1 5
2 CATV CATV 6
CATV 12 7
1 100 100 CATV 8
CATV cash flow to total debt 5 20 free cash flow 3 2 3 9
CATV CATV 100 CATV 100 CATV debt-to-equity ratio 100 CATV 10
CATV 3.5 2.5 CATV 11
1 CATV 2 CATV CATV CATV 12
3 CATV 1 CATV 13
2 CATV 3 CATV 14
CATV 1 CATV 100 CATV 100 100 100 15
2 CATV V CATV ROE 3 16
17
CATV CATV 1999 CATV 306 4 7 8 9 3 918 1 7 106 8 126 9 142 374 374 4 187 4 ROA CATV 18
1 CATV CATV 187 5 510 10 4 5 9 10 10 187 ( ) ( ) 19
2 CATV 257 20 1 20 20 21 CATV CATV CATV 20
5 10 5 5 6 5 20 30 10 10 100 3 8 100 5 10 5 25 6 21
CATV 5 22
23 8 CS DEA
D TFP 24
CATV CATV CATV CATV CATV CATV CATV CATV 3 1 CATV 27 36 CATV CATV CATV 306 4 3 7 9 10 11 1 CATV 501 32
CATV MO CATV 5 8 5 2 368 8 423 (1) 20 (2) 20% 2-1 (3) 20 (1) 20 2 0 33
34 274 18.18 68.39 4.26 2.22 6.96 383 18.85 11.92 5.23 13.67 22.26 7.08 1.93 19.06 2-2
3 1 CATV 30 CATV CATV CH JC-SAT CH 8 CATV CATV CATV CATV CATV CATV CH CATV 4 5 6 3 CATV 1 4 5 9 6 35
36 5 ) ( ) ( ) ( ) ( ) ( ) ( 5 4 3 2 1 Log Log Log Log Log Log + + + = 2-3 ) ( 0.684 ) ( 0.236 ) ( 0.173 ) ( 0.281 ) ( 0.443 ) ( Log Log Log Log Log Log + + = 2 CATV CATV CATV 2.50 2-3
37 CATV / 2-4 2.50 3 12 7 + = 7 12 = = 12 1 12 ) (12-12 1 t (0.46 = = 4 1 4 1) ( 4 1 t t 0.38 2-4
1 CATV CATV 1 2-5 61,082 2-5 CATV 2-6 70% 2-6 38
8 4 9 = 2 CATV 10 CATV CH 11 CH BS CS CATV CATV CH CH CATV CH 12 CH 2-7 8 19,967 15,241 9 48 68 88 108 10 11 12 BS CH CH CH 39
2-7 CH CH BS CATV CS CATV CH / 2-8 1.16 1.00 2-8 40
CH 3 13 12( ) 3 CM CATV CM Log ( ) = 0 1 Log( ) 2-9 2-9 Log ( ) = 1.611 0.884 Log( ) 4 CATV 13 0.86 1.16 CH 1.45 41
20 CATV CATV 5 (1)(4) 1/6 (1)(4) 2-10 10 1/4 CATV 3.27 2-10 42
1 CATV 383 242 0.92 2-11 500 CATV 598 2-11 = ( ) CATV (a) (b) (c) 43
1 1 = 0 1 ( + 2 ( ) 3 ( ) 2-12 242 2-12 = 12.575+ 0.0005 + 0.003-021 13 2,000 1 333 1 4 1 CATV CATV 2 CATV CATV (a) BS CATV (b) (c) (d) (e)catv 44
(b)(c)(d) (e) 2 CATV Log ( ) = 1 Log( ) + 2 Log( ) 2-13 2-13 Log ( ) = 0.754 Log( ) + 1.321 Log( ) 1 0.75 1 1.32 CATV CH 45
2-14 CH 0.13 2-14 1,784 860 CATV CATV 1,800 3/4 200 400 CATV 860 3 ( ) 0.85 ( + = 0 1 46
2-15 2-15 = 3,554 + 0. 058 3,554 1km 58 4 Log ( = 1 Log( + 2 Log( ) 2-16 2-16 47
Log ( = 0.453 Log( + 0.666 Log( ) 1 0.45 1% 0.67 CATV 5 CH CATV CH CATV CATV 6 10 12 21 48
2-17 14 15 100 1.4 CATV 2-17 CATV CATV 0.85 7 (1)(6) 2-18 14 15 49
50 22.8 12 24 20.01 2-18
1 CATV CH CATV CATV 2-19 CATV 51
VHF UHF BS CS TV TV CATV CATV BS CS CATV 900 300 1,700 CATV CH CH CATV 5,000 2 2 CATV 1 5 52
CATV CATV CATV 2,000 1 CATV 450MHz 750MHz 750MHz 1km 2-20 1km 200300 2-20 1km 53
CATV 1 1,500 1 2 10 10 6 6 10 5 6 54
CATV 2-21 9 1997 CATV 6 2-21 CATV 55
1 CATV 16 2-22 2.5 2 7.5 5 CATV CATV 12 2-22 16 56
2 CATV 3 OCF FCF 17 (2) 4 (3) CATV 17 57
3 2.2 3.6 3 3 2 2 CATV 10 12 21 11 3 31 CATV 58
5 46.36 59
CATV 6 3 3 1 1 12 1 9 CPI WPI WPI CPI WPI CPI WPI 1995 100 CPI WPI CATV CPI WPI 60
61