{"id":114815,"date":"2019-07-19T21:51:06","date_gmt":"2019-07-19T13:51:06","guid":{"rendered":"https:\/\/www.lixiangluntan.com\/114815.html"},"modified":"2019-07-19T21:51:06","modified_gmt":"2019-07-19T13:51:06","slug":"%e5%a6%82%e4%bd%95%e4%bc%b0%e8%ae%a1%e7%8e%b0%e9%87%91%e6%b5%81_%e5%90%8c%e8%8a%b1%e9%a1%ba%e5%ae%9e%e6%97%b6%e6%b8%af%e8%82%a1%e7%a0%b4%e8%a7%a3","status":"publish","type":"post","link":"https:\/\/www.lixiangluntan.com\/?p=114815","title":{"rendered":"\u5982\u4f55\u4f30\u8ba1\u73b0\u91d1\u6d41_\u540c\u82b1\u987a\u5b9e\u65f6\u6e2f\u80a1\u7834\u89e3"},"content":{"rendered":"<blockquote style=\"font-size:15px;background-color: #F5F5F5;border:none;padding: 5px;margin:15px;line-height: 1.6;text-indent: 2em;\">\n<p style=\"margin-bottom:5px;\">\u4e3b\u529b\u5438\u5b8c\u7b79\u7801\u540e\u5982\u4f55\u62c9\u5347\uff1f<\/p>\n<p>\u4e3b\u529b\u5438\u5b8c\u7b79\u7801\u540e\u5982\u4f55\u62c9\u5347\uff1f<\/p>\n<\/blockquote>\n<p><a href=\"http:\/\/www.lixiangluntan.com\" target=\"_blank\" rel=\"noopener noreferrer\">\u80a1\u7968\u516c\u5f0f\u5927\u5168<\/a><img decoding=\"async\" src=\"http:\/\/wmj.lixiangluntan.com\/2020\/9\/jMZ3e2.png\" class=\"aligncenter\"> \u3000\u3000\u80a1\u7968\u5b9a\u4ef7\u73b0\u91d1\u6d41\u8d34\u73b0\u6cd5\u6709\u4e24\u79cd\u57fa\u672c\u65b9\u6cd5\uff1a\u80a1\u6743\u6210\u672c\u6cd5\u3001\u8d44\u672c\u52a0\u6743\u6210\u672c\u6cd5\uff0c\u5bf9\u5e94\u7684\u73b0\u91d1\u6d41\u4e5f\u6709\u4e24\u79cd\uff1a\u80a1\u6743\u81ea\u7531\u73b0\u91d1\u6d41\u3001\u516c\u53f8\u81ea\u7531\u73b0\u91d1\u6d41\u3002<\/p>\n<p>\u3000\u3000\u7b2c\u4e00\u8282 \u80a1\u6743\u81ea\u7531\u73b0\u91d1\u6d41<\/p>\n<p>\u3000\u3000\u516c\u53f8\u80a1\u6743\u8d44\u672c\u6295\u8d44\u8005\u62e5\u6709\u7684\u662f\u5bf9\u8be5\u516c\u53f8\u4ea7\u751f\u7684\u73b0\u91d1\u6d41\u7684\u5269\u4f59\u8981\u6c42\u6743\uff0c\u5373\u4ed6\u4eec\u62e5\u6709\u516c\u53f8\u5728\u5c65\u884c\u4e86\u5305\u62ec\u507f\u8fd8\u503a\u52a1\u5728\u5185\u7684\u6240\u6709\u8d22\u52a1\u4e49\u52a1\u548c\u6ee1\u8db3\u4e86\u518d\u6295\u8d44\u9700\u8981\u4e4b\u540e\u7684\u5168\u90e8\u5269\u4f59\u73b0\u91d1\u6d41\u3002\u6240\u4ee5\uff0c\u80a1\u6743\u81ea\u7531\u73b0\u91d1\u6d41\u5c31\u662f\u5728\u9664\u53bb\u7ecf\u8425\u8d39\u7528\u3001\u672c\u606f\u507f\u8fd8\u548c\u4e3a\u4fdd\u6301\u9884\u5b9a\u73b0\u91d1\u6d41\u589e\u957f\u7387\u6240\u9700\u7684\u5168\u90e8\u8d44\u672c\u6027\u652f\u51fa\u4e4b\u540e\u7684\u73b0\u91d1\u6d41\u3002<\/p>\n<p>\u3000\u3000\u4e00\u3001\u65e0\u8d22\u52a1\u6760\u6746\u7684\u516c\u53f8\u80a1\u6743\u81ea\u7531\u73b0\u91d1\u6d41<\/p>\n<p>\u3000\u3000\u65e0\u8d22\u52a1\u6760\u6746\u7684\u516c\u53f8\u6ca1\u6709\u4efb\u4f55\u503a\u52a1\uff0c\u56e0\u6b64\u65e0\u9700\u652f\u4ed8\u5229\u606f\u548c\u507f\u8fd8\u672c\u91d1\uff0c\u5e76\u4e14\u516c\u53f8\u7684\u8d44\u672c\u6027\u652f\u51fa\u548c\u8425\u8fd0\u8d44\u672c\u4e5f\u5168\u90e8\u6765\u6e90\u4e8e\u80a1\u6743\u8d44\u672c\u3002\u65e0\u8d22\u52a1\u6760\u6746\u7684\u516c\u53f8\u7684\u6743\u76ca\u73b0\u91d1\u6d41\u53ef\u6309\u5982\u4e0b\u65b9\u6cd5\u8ba1\u7b97\uff1a<\/p>\n<p>\u3000\u3000\u9500\u552e\u6536\u5165<\/p>\n<p>\u3000\u3000\u2014\u7ecf\u8425\u8d39\u7528<\/p>\n<p>\u3000\u3000=\u5229\u606f\u3001\u7a0e\u6536\u3001\u6298\u65e7\u3001\u644a\u9500\u5047\u524d\u6536\u76ca(EBITDA)<\/p>\n<p>\u3000\u3000\u2014\u6298\u65e7\u548c\u644a\u9500<\/p>\n<p>\u3000\u3000=\u5229\u606f\u7a0e\u524d\u6536\u76ca(EBIT)<\/p>\n<p>\u3000\u3000\u2014\u6240\u5f97\u7a0e<\/p>\n<p>\u3000\u3000=\u51c0\u6536\u76ca<\/p>\n<p>\u3000\u3000+\u6298\u65e7\u548c\u644a\u9500<\/p>\n<p>\u3000\u3000=\u7ecf\u8425\u73b0\u91d1\u6d41<\/p>\n<p>\u3000\u3000\u2014\u8d44\u672c\u6027\u652f\u51fa<\/p>\n<p>\u3000\u3000\u2014\u8425\u8fd0\u8d44\u672c\u589e\u52a0\u989d<\/p>\n<p>\u3000\u3000=\u80a1\u6743\u8d44\u672c\u81ea\u7531\u73b0\u91d1\u6d41<\/p>\n<p>\u3000\u3000\u80a1\u6743\u81ea\u7531\u73b0\u91d1\u6d41\u662f\u6ee1\u8db3\u4e86\u516c\u53f8\u6240\u6709\u7684\u8d22\u52a1\u9700\u8981\u4e4b\u540e\u7684\u5269\u4f59\u73b0\u91d1\u6d41\uff0c\u5b83\u53ef\u80fd\u4e3a\u6b63\uff0c\u4e5f\u53ef\u80fd\u4e3a\u8d1f\u3002\u5982\u679c\u80a1\u6743\u81ea\u7531\u73b0\u91d1\u6d41\u4e3a\u8d1f\uff0c\u5219\u516c\u53f8\u5c06\u4e0d\u5f97\u4e0d\u901a\u8fc7\u53d1\u884c\u80a1\u7968\u6216\u8ba4\u80a1\u6743\u8bc1\u6765\u7b79\u96c6\u65b0\u7684\u80a1\u6743\u8d44\u672c\u3002\u5982\u679c\u80a1\u6743\u81ea\u7531\u73b0\u91d1\u6d41\u4e3a\u6b63\uff0c\u5219\u516c\u53f8\u5c31\u53ef\u80fd\u4ee5\u80a1\u7968\u73b0\u91d1\u7ea2\u5229\u7684\u5f62\u5f0f\u5c06\u5269\u4f59\u73b0\u91d1\u6d41\u6d3e\u53d1\u7ed9\u80a1\u6743\u8d44\u672c\u6295\u8d44\u8005\uff0c\u4f46\u5b9e\u9645\u7684\u60c5\u51b5\u5f80\u5f80\u4e0d\u662f\u8fd9\u6837\u3002\u5728\u8003\u5bdf\u80a1\u6743\u8d44\u672c\u6295\u8d44\u8005\u7684\u6536\u76ca\u65f6\uff0c\u66f4\u666e\u904d\u4f7f\u7528\u7684\u6307\u6807\u662f\u51c0\u6536\u76ca(\u53c8\u79f0\u4e3a\u7a0e\u540e\u5229\u6da6)\u3002\u80a1\u6743\u81ea\u7531\u73b0\u91d1\u6d41\u548c\u51c0\u6536\u76ca\u7684\u5173\u952e\u533a\u522b\u5982\u4e0b\uff1a<\/p>\n<p>\u3000\u30001\u3001\u6298\u65e7\u548c\u644a\u9500<\/p>\n<p>\u3000\u3000\u5c3d\u7ba1\u5728\u635f\u76ca\u8868\u4e2d\u6298\u65e7\u548c\u644a\u9500\u662f\u4f5c\u4e3a\u7a0e\u524d\u8d39\u7528\u6765\u5904\u7406\u7684\uff0c\u4f46\u5b83\u4eec\u548c\u5176\u4ed6\u8d39\u7528\u4e0d\u540c\uff0c\u6298\u65e7\u548c\u644a\u9500\u662f\u975e\u73b0\u91d1\u8d39\u7528\uff0c\u4e5f\u5c31\u662f\u8bf4\uff0c\u5b83\u4eec\u5e76\u4e0d\u9020\u6210\u76f8\u5173\u7684\u73b0\u91d1\u6d41\u652f\u51fa\u3002\u5b83\u4eec\u7ed9\u516c\u53f8\u5e26\u6765\u7684\u597d\u5904\u662f\u51cf\u5c11\u4e86\u516c\u53f8\u7684\u5e94\u7a0e\u6536\u5165\uff0c\u4ece\u800c\u51cf\u5c11\u4e86\u7eb3\u7a0e\u989d\u3002\u7eb3\u7a0e\u989d\u51cf\u5c11\u7684\u6570\u989d\u53d6\u51b3\u4e8e\u516c\u53f8\u7684\u8fb9\u9645\u7a0e\u7387\uff1a<\/p>\n<p>\u3000\u3000\u6298\u65e7\u5e26\u6765\u7684\u7a0e\u6536\u5229\u76ca=\u6298\u65e7\u989d\u00d7\u516c\u53f8\u7684\u8fb9\u9645\u7a0e\u7387<\/p>\n<p>\u3000\u3000\u5bf9\u4e8e\u90a3\u4e9b\u6298\u65e7\u6570\u989d\u8f83\u5927\u7684\u8d44\u672c\u5bc6\u96c6\u578b\u7684\u516c\u53f8\u800c\u8a00\uff0c\u7ecf\u8425\u73b0\u91d1\u6d41\u5c06\u8fdc\u9ad8\u4e8e\u51c0\u6536\u76ca\u3002<\/p>\n<p>\u3000\u30002\u3001\u8d44\u672c\u6027\u652f\u51fa<\/p>\n<p>\u3000\u3000\u80a1\u6743\u8d44\u672c\u6295\u8d44\u8005\u901a\u5e38\u4e0d\u80fd\u5c06\u6765\u81ea\u516c\u53f8\u7ecf\u8425\u6d3b\u52a8\u7684\u73b0\u91d1\u6d41\u5168\u90e8\u63d0\u53d6\uff0c\u56e0\u4e3a\u8fd9\u4e9b\u73b0\u91d1\u6d41\u7684\u4e00\u90e8\u5206\u6216\u5168\u90e8\u5c06\u7528\u4e8e\u518d\u6295\u8d44\uff0c\u4ee5\u7ef4\u6301\u516c\u53f8\u73b0\u6709\u8d44\u4ea7\u7684\u8fd0\u884c\u5e76\u521b\u9020\u65b0\u7684\u8d44\u4ea7\u6765\u4fdd\u8bc1\u672a\u6765\u7684\u589e\u957f\u3002\u7531\u4e8e\u672a\u6765\u589e\u957f\u7ed9\u516c\u53f8\u5e26\u6765\u7684\u5229\u76ca\u901a\u5e38\u5728\u9884\u6d4b\u73b0\u91d1\u6d41\u65f6\u5df2\u7ecf\u52a0\u4ee5\u8003\u8651\uff0c\u6240\u4ee5\u5728\u4f30\u8ba1\u73b0\u91d1\u6d41\u65f6\u5e94\u8003\u8651\u4ea7\u751f\u589e\u957f\u7684\u6210\u672c\u3002\u4f8b\u5982\uff0c\u5bf9\u4e8e\u5236\u9020\u4e1a\u4e2d\u7684\u516c\u53f8\u800c\u8a00\uff0c\u5728\u73b0\u91d1\u6d41\u589e\u957f\u7387\u5f88\u9ad8\u7684\u60c5\u51b5\u4e0b\uff0c\u5f88\u5c11\u4f1a\u51fa\u73b0\u6ca1\u6709\u6216\u53ea\u6709\u5c11\u91cf\u8d44\u672c\u6027\u652f\u51fa\u7684\u73b0\u8c61\u3002<\/p>\n<p>\u3000\u3000\u6298\u65e7\u548c\u8d44\u672c\u6027\u652f\u51fa\u4e4b\u95f4\u7684\u5173\u7cfb\u6bd4\u8f83\u590d\u6742\uff0c\u800c\u4e14\u56e0\u516c\u53f8\u6240\u5904\u7684\u884c\u4e1a\u548c\u589e\u957f\u9636\u6bb5\u7684\u4e0d\u540c\u800c\u5404\u5f02\u901a\u5e38\uff0c\u5904\u4e8e\u9ad8\u901f\u589e\u957f\u9636\u6bb5\u7684\u516c\u53f8\u7684\u8d44\u672c\u6027\u652f\u51fa\u8981\u9ad8\u4e8e\u6298\u65e7\uff0c\u800c\u5904\u4e8e\u7a33\u5b9a\u589e\u957f\u9636\u6bb5\u7684\u516c\u53f8\uff0c\u8d44\u672c\u6027\u652f\u51fa\u548c\u6298\u65e7\u5219\u6bd4\u8f83\u63a5\u8fd1\u3002<\/p>\n<p>\u3000\u30003\u3001\u8425\u8fd0\u8d44\u672c\u8ffd\u52a0<\/p>\n<p>\u3000\u3000\u516c\u53f8\u7684\u8425\u8fd0\u8d44\u672c\u662f\u5176\u6d41\u52a8\u8d44\u4ea7\u548c\u6d41\u52a8\u8d1f\u503a\u4e4b\u95f4\u7684\u5dee\u989d\u3002\u56e0\u4e3a\u8425\u8fd0\u8d44\u672c\u6240\u5360\u7528\u7684\u8d44\u91d1\u4e0d\u80fd\u88ab\u516c\u53f8\u7528\u4e8e\u5176\u4ed6\u7528\u9014\uff0c\u6240\u4ee5\u8425\u8fd0\u8d44\u672c\u7684\u53d8\u5316\u4f1a\u5f71\u54cd\u516c\u53f8\u7684\u73b0\u91d1\u6d41\u3002\u8425\u8fd0\u8d44\u672c\u589e\u52a0\u610f\u5473\u7740\u73b0\u91d1\u6d41\u51fa\uff0c\u8425\u8fd0\u8d44\u672c\u51cf\u5c11\u5219\u610f\u5473\u7740\u73b0\u91d1\u6d41\u5165\u3002\u5728\u4f30\u8ba1\u80a1\u6743\u81ea\u7531\u73b0\u91d1\u6d41\u65f6\uff0c\u5e94\u8be5\u8003\u8651\u516c\u53f8\u8425\u8fd0\u8d44\u672c\u8ffd\u52a0\u56e0\u7d20\u3002<\/p>\n<p>\u3000\u3000\u516c\u53f8\u8425\u8fd0\u8d44\u672c\u7684\u9700\u8981\u91cf\u5f88\u5927\u7a0b\u5ea6\u4e0a\u53d6\u51b3\u4e8e\u6240\u5c5e\u7684\u884c\u4e1a\u7c7b\u578b\u3002\u7528\u8425\u8fd0\u8d44\u672c\u5360\u9500\u552e\u989d\u7684\u6bd4\u4f8b\u8861\u91cf\uff0c\u96f6\u552e\u516c\u53f8\u6bd4\u670d\u52a1\u6027\u516c\u53f8\u5bf9\u8425\u8fd0\u8d44\u672c\u7684\u9700\u8981\u8f83\u5927\uff0c\u56e0\u4e3a\u5b83\u4eec\u6709\u7740\u8f83\u9ad8\u7684\u5b58\u8d27\u548c\u4fe1\u8a89\u9700\u8981\u3002\u6b64\u5916\uff0c\u8425\u8fd0\u8d44\u672c\u7684\u53d8\u5316\u4e0e\u516c\u53f8\u7684\u589e\u957f\u7387\u6709\u5173\u3002\u4e00\u822c\u800c\u8a00\uff0c\u5bf9\u4e8e\u5c5e\u4e8e\u540c\u4e00\u884c\u4e1a\u7684\u516c\u53f8\uff0c\u589e\u957f\u7387\u9ad8\u7684\u516c\u53f8\u7684\u8425\u8fd0\u8d44\u672c\u9700\u6c42\u76f8\u5e94\u8f83\u5927\u3002<\/p>\n<p>\u3000\u3000\u5728\u4f30\u4ef7\u4e2d\uff0c\u5982\u679c\u4e0d\u8003\u8651\u8425\u8fd0\u8d44\u672c\u7684\u9700\u8981\uff0c\u90a3\u4e48\u5c06\u4f1a\u5bfc\u81f4\u80a1\u4ee5\u81ea\u7531\u73b0\u91d1\u6d41\u548c\u516c\u53f8\u80a1\u6743\u8d44\u672c\u4ef7\u503c\u7684\u9ad8\u4f30\u3002<\/p>\n<p>\u3000\u3000\u4f8b\uff1a\u4f30\u8ba1\u65e0\u8d22\u52a1\u6760\u6746\u516c\u53f8\u7684\u80a1\u6743\u81ea\u7531\u73b0\u91d1\u6d41\uff1aCypress\u534a\u5bfc\u4f53\u516c\u53f8<\/p>\n<p>\u3000\u3000Cypress\u534a\u5bfc\u4f53\u516c\u53f8\u65e0\u8d22\u52a1\u6760\u6746\uff0c\u4e3b\u8425\u4e1a\u52a1\u662f\u8bbe\u8ba1\u3001\u6539\u8fdb\u548c\u5236\u9020\u591a\u79cd\u7528\u4e8e\u5de5\u4f5c\u7ad9\u3001\u4e3b\u677f\u548c\u4e2a\u4eba\u8ba1\u7b97\u673a\u7684\u96c6\u6210\u7535\u8def\uff0c1991\u5e74\u7684\u51c0\u6536\u76ca\u4e3a3420\u4e07\u7f8e\u5143\uff0c1992\u5e74\u4e3a300\u4e07\u7f8e\u5143\u3002\u4e0b\u8868\u4f30\u8ba1\u4e86\u8be5\u516c\u53f81991-1992\u5e74\u7684\u80a1\u6743\u8d44\u672c\u81ea\u7531\u73b0\u91d1\u6d41\uff1a<\/p>\n<p>\u3000\u3000\u5355\u4f4d\uff1a\u767e\u4e07\u7f8e\u5143<\/p>\n<p>\u3000\u30001991\u5e74<\/p>\n<p>\u3000\u30001992\u5e74<\/p>\n<p>\u3000\u3000\u51c0\u6536\u76ca<\/p>\n<p>\u3000\u300034.2<\/p>\n<p>\u3000\u30003.0<\/p>\n<p>\u3000\u3000+\u6298\u65e7<\/p>\n<p>\u3000\u300041.5<\/p>\n<p>\u3000\u300045.0<\/p>\n<p>\u3000\u3000=\u7ecf\u8425\u73b0\u91d1\u6d41<\/p>\n<p>\u3000\u300075.7<\/p>\n<p>\u3000\u300048.0<\/p>\n<p>\u3000\u3000\u2014\u8d44\u672c\u6027\u652f\u51fa<\/p>\n<p>\u3000\u300064.1<\/p>\n<p>\u3000\u300036.5<\/p>\n<p>\u3000\u3000\u2014\u8425\u8fd0\u8d44\u672c\u8ffd\u52a0\u989d<\/p>\n<p>\u3000\u300012.5<\/p>\n<p>\u3000\u3000-6.3<\/p>\n<p>\u3000\u3000=\u80a1\u6743\u8d44\u672c\u81ea\u7531\u73b0\u91d1\u6d41<\/p>\n<p>\u3000\u3000-0.9<\/p>\n<p>\u3000\u300017.8<\/p>\n<p>\u3000\u3000\u80a1\u6743\u8d44\u672c\u81ea\u7531\u73b0\u91d1\u6d41\u663e\u793a\u4e86\u4e0e\u51c0\u6536\u76ca\u4e0d\u540c\u7684\u60c5\u51b5\uff0c\u4e0e1991\u5e74\u76f8\u6bd4\uff0c1992\u5e74\u7684\u51c0\u6536\u76ca\u867d\u7136\u4e0b\u964d\u4e86\uff0c\u4f46\u7531\u4e8e\u8d44\u672c\u6027\u652f\u51fa\u548c\u8425\u8fd0\u8d44\u672c\u51cf\u5c11\uff0c\u80a1\u6743\u81ea\u7531\u73b0\u91d1\u6d41\u53cd\u800c\u589e\u52a0\u4e86\u3002<\/p>\n<p>\u3000\u3000\u4e8c\u3001\u6709\u8d22\u52a1\u6760\u6746\u7684\u516c\u53f8\u7684\u80a1\u6743\u81ea\u7531\u73b0\u91d1\u6d41<\/p>\n<p>\u3000\u3000\u6709\u8d22\u52a1\u6760\u6746\u7684\u516c\u53f8\u9664\u4e86\u8981\u652f\u4ed8\u65e0\u8d22\u52a1\u6760\u6746\u516c\u53f8\u7684\u5168\u90e8\u8d39\u7528\u4e4b\u5916\uff0c\u8fd8\u8981\u4f7f\u7528\u73b0\u91d1\u652f\u4ed8\u5229\u606f\u8d39\u7528\u548c\u507f\u8fd8\u672c\u91d1\u3002\u4f46\u662f\uff0c\u6709\u8d22\u52a1\u6760\u6746\u7684\u516c\u53f8\u53ef\u4ee5\u901a\u8fc7\u65b0\u7684\u503a\u52a1\u6765\u4e3a\u8d44\u672c\u6027\u652f\u51fa\u548c\u8425\u8fd0\u8d44\u672c\u9700\u6c42\u8fdb\u884c\u878d\u8d44\uff0c\u4ece\u800c\u53ef\u4ee5\u51cf\u5c11\u6240\u9700\u7684\u80a1\u6743\u8d44\u672c\u6295\u8d44\u3002<\/p>\n<p>\u3000\u3000\u9500\u552e\u6536\u5165<\/p>\n<p>\u3000\u3000\u2014\u7ecf\u8425\u8d39\u7528<\/p>\n<p>\u3000\u3000=\u5229\u606f\u3001\u7a0e\u6536\u3001\u6298\u65e7\u3001\u644a\u9500\u524d\u6536\u76ca(EBITDA)<\/p>\n<p>\u3000\u3000\u2014\u6298\u65e7\u548c\u644a\u9500<\/p>\n<p>\u3000\u3000=\u5229\u606f\u7a0e\u524d\u6536\u76ca(EBIT)<\/p>\n<p>\u3000\u3000\u2014\u5229\u606f\u8d39\u7528<\/p>\n<p>\u3000\u3000=\u7a0e\u524d\u6536\u76ca<\/p>\n<p>\u3000\u3000\u2014\u6240\u5f97\u7a0e<\/p>\n<p>\u3000\u3000=\u51c0\u6536\u76ca<\/p>\n<p>\u3000\u3000+\u6298\u65e7\u548c\u644a\u9500<\/p>\n<p>\u3000\u3000=\u7ecf\u8425\u73b0\u91d1\u6d41<\/p>\n<p>\u3000\u3000\u2014\u4f18\u5148\u80a1\u80a1\u5229<\/p>\n<p>\u3000\u3000\u2014\u8425\u8fd0\u8d44\u672c\u8ffd\u52a0\u989d<\/p>\n<p>\u3000\u3000\u2014\u507f\u8fd8\u672c\u91d1<\/p>\n<p>\u3000\u3000+\u65b0\u53d1\u884c\u503a\u52a1\u6536\u5165<\/p>\n<p>\u3000\u3000=\u80a1\u6743\u8d44\u672c\u81ea\u7531\u73b0\u91d1\u6d41<\/p>\n<p>\u3000\u3000\u503a\u52a1\u7684\u652f\u4ed8\u6709\u4e0d\u540c\u7684\u7a0e\u6536\u5904\u7406\u3002\u5229\u606f\u652f\u51fa\u662f\u7a0e\u524d\u8d39\u7528\u800c\u507f\u8fd8\u672c\u91d1\u662f\u5728\u7a0e\u540e\u6263\u9664\u7684\u3002\u516c\u53f8\u53d1\u884c\u65b0\u503a\u52a1\u7684\u89c4\u6a21\u53d6\u51b3\u4e8e\u516c\u53f8\u7ba1\u7406\u5c42\u8ba4\u4e3a\u5f53\u524d\u7684\u8d22\u52a1\u6760\u6746\u6bd4\u7387\u662f\u9ad8\u4e8e\u3001\u4f4e\u4e8e\u6216\u6b63\u597d\u7b49\u4e8e\u516c\u53f8\u7406\u60f3\u7684\u8d22\u52a1\u6760\u6746\u6bd4\u7387\u3002<\/p>\n<p>\u3000\u30001\u3001\u5904\u4e8e\u7406\u60f3\u8d22\u52a1\u6760\u6746\u6bd4\u7387\u7684\u516c\u53f8<\/p>\n<p>\u3000\u3000\u5982\u679c\u4e00\u5bb6\u6709\u8d22\u52a1\u6760\u6746\u7684\u516c\u53f8\u6b63\u5904\u4e8e\u7406\u60f3\u7684\u8d22\u52a1\u6760\u6746\u6bd4\u7387\u6c34\u5e73\uff0c\u5c31\u662f\u8bf4\uff0c\u5b83\u7684\u8d1f\u503a\u6bd4\u7387\u662f\u516c\u53f8\u672a\u6765\u8fdb\u4e00\u6b65\u878d\u8d44\u5e0c\u671b\u8fbe\u5230\u7684\u6c34\u5e73\u3002\u6b64\u65f6\uff0c\u516c\u53f8\u80a1\u6743\u81ea\u7531\u73b0\u91d1\u6d41\u7684\u8ba1\u7b97\u53ef\u4ee5\u8fdb\u4e00\u6b65\u7b80\u5316\u3002\u5047\u8bbe\u67d0\u516c\u53f8\u7684\u7406\u60f3\u8d1f\u503a\u6bd4\u7387(\u8d1f\u503a\/\u603b\u8d44\u4ea7)\u4e3a\u03b4\uff0c\u5219\u5176\u80a1\u6743\u81ea\u7531\u73b0\u91d1\u6d41\u4e3a\uff1a<\/p>\n<p>\u3000\u3000\u51c0\u6536\u76ca<\/p>\n<p>\u3000\u3000\u2014(1-\u03b4)(\u8d44\u672c\u6027\u652f\u51fa\u4e00\u6298\u65e7)<\/p>\n<p>\u3000\u3000\u2014(1-\u03b4)\u8425\u8fd0\u8d44\u672c\u8ffd\u52a0\u989d<\/p>\n<p>\u3000\u3000=\u80a1\u6743\u8d44\u672c\u81ea\u7531\u73b0\u91d1\u6d41<\/p>\n<p>\u3000\u3000\u65b0\u503a\u53d1\u884c\u989d=\u507f\u8fd8\u672c\u91d1+\u03b4(\u8d44\u672c\u6027\u652f\u51fa\u2014\u6298\u65e7+\u8425\u8fd0\u8d44\u672c\u8ffd\u52a0\u989d)<\/p>\n<p>\u3000\u3000\u7531\u4e8e\u516c\u53f8\u4fdd\u6301\u7740\u7406\u60f3\u7684\u8d44\u672c\u7ed3\u6784\uff0c\u6240\u4ee5\u5230\u671f\u503a\u52a1\u7684\u672c\u91d1\u53ef\u4ee5\u901a\u8fc7\u53d1\u884c\u65b0\u503a\u6765\u507f\u4ed8\u3002\u8d44\u672c\u6027\u652f\u51fa\u548c\u6240\u9700\u8425\u8fd0\u8d44\u672c\u5c06\u901a\u8fc7\u503a\u52a1\u8d44\u672c\u548c\u80a1\u6743\u8d44\u672c\u7684\u7406\u60f3\u7ec4\u5408\u6765\u8fdb\u884c\u878d\u8d44\u3002<\/p>\n<p>\u3000\u3000\u5b9a\u7406\uff1a\u80a1\u6743\u8d44\u672c\u81ea\u7531\u73b0\u91d1\u6d41\u5c06\u968f\u7740\u516c\u53f8\u503a\u52a1\u878d\u8d44\u6bd4\u7387\u7684\u4e0a\u5347\u800c\u589e\u52a0\u3002\u56e0\u6b64\uff0c\u80a1\u6743\u8d44\u672c\u81ea\u7531\u73b0\u91d1\u6d41(FCFE)\u5c06\u662f\u8d1f\u503a\u6bd4\u7387\u03b4\u7684\u589e\u51fd\u6570\u3002<\/p>\n<p>\u3000\u30002\u3001\u8d22\u52a1\u6760\u6746\u6bd4\u7387\u4f4e\u4e8e\u7406\u60f3\u6c34\u5e73\u7684\u516c\u53f8<\/p>\n<p>\u3000\u3000\u4f4e\u4e8e\u7406\u60f3\u8d1f\u503a\u6bd4\u7387\u6c34\u5e73(\u03b4)\u7684\u516c\u53f8\u53ef\u4ee5\u4f7f\u7528\u66f4\u591a\u7684\u503a\u52a1\u6765\u4e3a\u5176\u8d44\u672c\u6027\u652f\u51fa\u548c\u8425\u8fd0\u8d44\u672c\u8fdb\u884c\u878d\u8d44\uff0c\u8fd9\u4e00\u70b9\u81f3\u5c11\u5728\u516c\u53f8\u8fbe\u5230\u5176\u76ee\u6807\u8d1f\u503a\u6c34\u5e73\u4e4b\u524d\u662f\u6210\u7acb\u7684\u3002\u6b64\u65f6\uff0c\u80a1\u6743\u81ea\u7531\u73b0\u91d1\u6d41\u53ef\u8ba1\u7b97\u5982\u4e0b\uff1a<\/p>\n<p>\u3000\u3000\u51c0\u6536\u76ca<\/p>\n<p>\u3000\u3000+\u6298\u65e7\u548c\u644a\u9500<\/p>\n<p>\u3000\u3000=\u7ecf\u8425\u73b0\u91d1\u6d41<\/p>\n<p>\u3000\u3000\u2014\u8d44\u672c\u6027\u652f\u51fa<\/p>\n<p>\u3000\u3000\u2014\u8425\u8fd0\u8d44\u672c\u8ffd\u52a0\u989d<\/p>\n<p>\u3000\u3000\u2014\u507f\u8fd8\u672c\u91d1<\/p>\n<p>\u3000\u3000+\u65b0\u53d1\u884c\u503a\u52a1\u6536\u5165<\/p>\n<p>\u3000\u3000=\u80a1\u6743\u8d44\u672c\u81ea\u7531\u73b0\u91d1\u6d41<\/p>\n<p>\u3000\u3000\u5982\u679c\u516c\u53f8\u51b3\u5b9a\u63d0\u9ad8\u8d22\u52a1\u6760\u6746\u6bd4\u7387\uff0c\u4ee5\u4fbf\u5411\u76ee\u6807\u6c34\u5e73\u9760\u62e2\uff0c\u5219\u6709\uff1a<\/p>\n<p>\u3000\u3000\u65b0\u53d1\u884c\u503a\u52a1\u6536\u5165&gt;\u507f\u8fd8\u672c\u91d1+\u03b4(\u8d44\u672c\u6027\u652f\u51fa+\u8425\u8fd0\u8d44\u672c\u8ffd\u52a0\u989d)<\/p>\n<p>\u3000\u3000\u5f53\u4e00\u5bb6\u516c\u53f8\u7528\u8f83\u9ad8\u6bd4\u4f8b\u7684\u503a\u52a1\u4e3a\u5176\u6295\u8d44\u9700\u6c42\u8fdb\u884c\u878d\u8d44\u65f6\uff0c\u5176\u80a1\u6743\u8d44\u672c\u81ea\u7531\u73b0\u91d1\u6d41\u5c06\u4f1a\u8d85\u8fc7\u5df2\u7ecf\u5904\u4e8e\u7406\u60f3\u94a0\u73b0\u6bd4\u7387\u7684\u516c\u53f8\u7684\u80a1\u6743\u8d44\u672c\u81ea\u7531\u73b0\u91d1\u6d41\u3002\u5230\u671f\u672c\u91d1\u4ecd\u7136\u662f\u901a\u8fc7\u53d1\u884c\u65b0\u503a\u6765\u507f\u8fd8\uff0c\u6240\u4ee5\u5b83\u4e0d\u4f1a\u5f71\u54cd\u516c\u53f8\u7684\u80a1\u6743\u81ea\u7531\u73b0\u91d1\u6d41\u3002<\/p>\n<p>\u3000\u30003\u3001\u8d22\u52a1\u6760\u6746\u6bd4\u7387\u8d85\u8fc7\u7406\u60f3\u6c34\u5e73\u7684\u516c\u53f8<\/p>\n<p>\u3000\u3000\u5bf9\u4e8e\u8d22\u52a1\u6760\u6746\u6bd4\u7387\u8d85\u8fc7\u7406\u60f3\u6c34\u5e73\u7684\u516c\u53f8\u800c\u8a00\uff0c\u5982\u679c\u5b83\u5e0c\u671b\u964d\u4f4e\u8d1f\u503a\u6bd4\u7387\uff0c\u90a3\u4e48\u5b83\u5fc5\u987b\u4f7f\u7528\u66f4\u9ad8\u6bd4\u4f8b\u7684\u80a1\u6743\u8d44\u672c\u4f5c\u4e3a\u6295\u8d44\u6240\u9700\u7684\u8d44\u91d1\u6765\u6e90\uff0c\u800c\u4e14\uff0c\u5b83\u8fd8\u53ef\u80fd\u9700\u8981\u4f7f\u7528\u80a1\u6743\u81ea\u7531\u73b0\u91d1\u6d41\u6765\u507f\u4ed8\u90e8\u5206\u6216\u5168\u90e8\u7684\u5230\u671f\u503a\u52a1\u7684\u672c\u91d1\u3002\u6b64\u65f6\uff0c\u80a1\u6743\u81ea\u7531\u73b0\u91d1\u6d41\u53ef\u8ba1\u7b97\u5982\u4e0b\uff1a<\/p>\n<p>\u3000\u3000\u51c0\u6536\u5165<\/p>\n<p>\u3000\u3000+\u6298\u65e7\u548c\u644a\u9500<\/p>\n<p>\u3000\u3000=\u7ecf\u8425\u73b0\u91d1\u6d41<\/p>\n<p>\u3000\u3000\u2014\u8d44\u672c\u6027\u652f\u51fa<\/p>\n<p>\u3000\u3000\u2014\u8425\u8fd0\u8d44\u672c\u8ffd\u52a0\u989d<\/p>\n<p>\u3000\u3000\u2014\u507f\u8fd8\u672c\u91d1<\/p>\n<p>\u3000\u3000+\u65b0\u53d1\u884c\u503a\u52a1\u6536\u5165<\/p>\n<p>\u3000\u3000=\u80a1\u6743\u8d44\u672c\u81ea\u7531\u73b0\u91d1\u6d41<\/p>\n<p>\u3000\u3000\u5982\u679c\u516c\u53f8\u51b3\u5b9a\u964d\u4f4e\u5176\u8d22\u52a1\u6760\u6746\u6bd4\u7387\u4ee5\u5411\u6700\u4f18\u6c34\u5e73\u9760\u62e2\uff0c\u5219\u6709\uff1a<\/p>\n<p>\u3000\u3000\u65b0\u503a\u53d1\u884c\u989d&lt;\u507f\u8fd8\u672c\u91d1+\u03b4(\u8d44\u672c\u6027\u652f\u51fa+\u8425\u8fd0\u8d44\u672c\u8ffd\u52a0\u989d)<\/p>\n<p>\u3000\u3000\u5f53\u516c\u53f8\u4f7f\u7528\u66f4\u9ad8\u6bd4\u4f7f\u7684\u80a1\u6743\u8d44\u672c\u4e3a\u5176\u6295\u8d44\u673a\u4f1a\u8fdb\u884c\u878d\u8d44\uff0c\u5e76\u507f\u8fd8\u5230\u671f\u503a\u52a1\u672c\u91d1\u65f6\uff0c\u80a1\u6743\u8d44\u672c\u81ea\u7531\u73b0\u91d1\u6d41\u5c06\u4f4e\u4e8e\u540c\u7c7b\u5904\u4e8e\u7406\u60f3\u8d22\u52a1\u6760\u6746\u7ecf\u5f26\u7684\u516c\u53f8\u7684\u80a1\u6743\u8d44\u672c\u81ea\u7531\u73b0\u91d1\u6d41\u3002<\/p>\n<p>\u3000\u3000\u4e8c\u3001\u80a1\u6743\u81ea\u7531\u73b0\u91d1\u6d41\u4e0e\u51c0\u6536\u76ca<\/p>\n<p>\u3000\u3000\u5728\u4f1a\u8ba1\u4e0a\uff0c\u8861\u91cf\u80a1\u6743\u8d44\u672c\u6295\u8d44\u8005\u6536\u76ca\u7684\u6307\u6807\u662f\u51c0\u6536\u76ca\u3002\u5728\u5f88\u591a\u4f30\u4ef7\u6a21\u578b\u4e2d\uff0c\u51c0\u6536\u76ca\u90fd\u626e\u6f14\u4e86\u91cd\u8981\u7684\u89d2\u8272\u3002\u4f46\u5728\u73b0\u91d1\u6d41\u8d34\u73b0\u4f30\u4ef7\u4e2d\uff0c\u7126\u70b9\u96c6\u4e2d\u4e8e\u73b0\u91d1\u6d41\u3002\u80a1\u6743\u8d44\u672c\u81ea\u7531\u73b0\u91d1\u6d41\u548c\u51c0\u6536\u76ca\u662f\u4e0d\u540c\u7684\uff0c\u539f\u56e0\u5728\u4e8e\uff1a(1)\u8ba1\u7b97\u7ecf\u8425\u73b0\u91d1\u6d41\u65f6\uff0c\u6240\u6709\u7684\u975e\u73b0\u91d1\u8d39\u7528\u90fd\u88ab\u52a0\u56de\u5230\u51c0\u6536\u76ca\u4e2d\u3002\u6240\u4ee5\uff0c\u90a3\u4e9b\u5df2\u7ecf\u4ece\u5f53\u671f\u6536\u76ca\u4e2d\u6263\u9664\u4e86\u975e\u73b0\u91d1\u8d39\u7528\u7684\u516c\u53f8\u8d22\u52a1\u62a5\u8868\u4e2d\uff0c\u51c0\u6536\u76ca\u53ef\u80fd\u4f4e\u4e8e\u73b0\u91d1\u6d41\u3002(2)\u80a1\u6743\u81ea\u7531\u73b0\u91d1\u6d41\u662f\u5728\u6ee1\u8db3\u8d44\u672c\u6027\u652f\u51fa\u548c\u8425\u8fd0\u8d44\u672c\u8ffd\u52a0\u4e4b\u540e\u7684\u5269\u4f59\u73b0\u91d1\u6d41\uff0c\u800c\u51c0\u6536\u76ca\u5219\u6ca1\u6709\u6263\u9664\u8fd9\u4e24\u9879\u3002\u4e8e\u662f\uff0c\u90a3\u4e9b\u9700\u8981\u9ad8\u989d\u8d44\u672c\u6027\u6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