(),702:1,1:1,,80%,80%30%-70%

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2, AB=,,,,,

3

(),,,,

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1:

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,,A1500,B15000,,BA,,

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,

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.()(TREND STATEMENT)

,,, 100,,(:)1996 1997 1998 1999350 396 482 504

11996,199719981999: 113 138 144,1996-1999:

2 1996 1997 1998 1999 100110.8 119.0 157.7: 100111.3 119.8 162.8 100111.9 118.4 155.9100112.5 130.7 176.1 100 116.0 131.6 164.3 100105.2 109.4 132.2

3:11996-1999,76.1%,57.7%55.9%,,2

462.8%,32.2%,:1996 1997 1998 1999 56.01 59.24 61.32 68.95,1996-1999,23%,32%

,().,.,,1996-1999H

1 1996 199719981999/ 0.110.140.060.04 1.381.831.681.30/0.0690.0750.0800.076/0.300.300.730.32/13.8214.3513.877.49/ 0.2570.2360.2160.215/33.9741.1037.7039.17/8.258.539.038.97

2H199812K68%,1999368%K36K,H19965379500019971705300001999,957190001998

31999,.3.,: ( )/

4A,B,C,D1990-1999: A B C D19900.026 0.035 0.070 0.03319910.027 0.041 0.094 0.03119920.044 0.031 0.105 0.04319930.045 0.041 0.094 0.03019940.046 0.041 0.072 0.01519950.041 0.060 0.078 0.01219960.041 0.045 0.063 0.015

5 A B C D1997 0.043 0.049 0.048 (0.209)1998 0.045 0.055 0.038 0.0041999 0.043 0.052 0.071 0.0040.50 0.64 0.92 4.50,A,D.

,

,1980-1983(),,BUSCH28.2%32.9%,HEILEMAN7.5%9.5%

1 1980 1981 1982 1983BUSCH 28.2% 30.0% 32.4% 32.9%MILLER 21.1 22.2 21.5 20.4STROH/SCHLITZ 13.9 12.9 12.6 13.2HEILEMAN 7.5 7.7 7.9 9.5COORS 7.8 7.3 6.5 7.5PABST 8.5 7.4 6.7 7.0OTHERS 13.0 12.5 12.4 9.5 100% 100% 100% 100%()177.9 181.9 182.4 183.8

2 ,,, 1983 HEILEMAN BUSCH COORS PABST $5.93 10.74 10.84 1.07

3,,,,

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