{"id":124109,"date":"2019-07-04T23:00:05","date_gmt":"2019-07-04T15:00:05","guid":{"rendered":"https:\/\/www.lixiangluntan.com\/124109.html"},"modified":"2019-07-04T23:00:05","modified_gmt":"2019-07-04T15:00:05","slug":"%e5%a6%82%e4%bd%95%e4%bc%b0%e7%ae%97%e8%82%a1%e7%a5%a8%e7%8e%b0%e9%87%91%e6%b5%81_%e7%82%92%e8%82%a1%e8%ae%ba%e5%9d%9b%e7%a4%be%e5%8c%ba","status":"publish","type":"post","link":"https:\/\/www.lixiangluntan.com\/?p=124109","title":{"rendered":"\u5982\u4f55\u4f30\u7b97\u80a1\u7968\u73b0\u91d1\u6d41_\u7092\u80a1\u8bba\u575b\u793e\u533a"},"content":{"rendered":"
\n

\u884c\u60c5\u542f\u52a8\u521d\u671f\u5982\u4f55\u9009\u4e2a\u80a1<\/p>\n

\u884c\u60c5\u542f\u52a8\u521d\u671f\u5f80\u5f80\u662f\u53c2\u4e0e\u7684\u6700\u4f73\u65f6\u671f\uff0c\u6b64\u65f6\u4e2a\u80a1\u7684\u9009\u62e9\u4e5f\u5f88\u5173\u952e\u3002\u6709\u7684\u65f6\u5019\u6b63\u662f\u7531\u4e8e\u4e2a\u80a1\u6ca1\u6709\u9009\u62e9\u597d\uff0c\u5373\u4f7f\u53c2\u4e0e\u7684\u65f6\u673a\u4e0d\u9519\uff0c\u4f46\u5728\u5927\u76d8\u7684\u4e0a\u6da8\u4e2d\u4e5f\u96be\u4ee5\u83b7\u5229\uff0c\u4e5f\u5c31\u662f\u6211\u4eec\u901a\u5e38\u6240\u8bf4\u7684\u8d5a\u4e86\u6307\u6570\u4e8f\u4e86\u94b1\u3002\u9488\u5bf9\u5f53\u524d\u7684\u5e02\u573a\uff0c\u73b0\u5c31\u5982\u4f55\u628a\u63e1\u9009\u62e9\u4e2a\u80a1\u7684\u539f\u5219\u8fdb\u884c\u63a2\u8ba8\u548c\u5206\u6790\u3002 \u3000\u3000\u4e00\u822c\u6765\u8bf4\uff0c\u6bcf\u4e00\u8f6e\u4e0a\u6da8\u884c\u60c5\u4e2d\u90fd\u6709\u4e00\u4e2a\u4e3b\u6d41\u70ed\u70b9\uff0c\u800c\u8fd9\u4e2a\u4e3b\u6d41\u70ed\u70b9\u90fd\u4e0d\u5927\u53ef\u80fd\u662f\u524d\u671f\u6da8\u5e45\u6700\u5927\u7684\u7fa4\u4f53\u3002\u4ee5\u8fd1\u671f\u5e02\u573a\u4e3a\u4f8b\uff0c\u90a3\u4e9b\u5728\u4e0b\u534a\u5e74\u6709\u7a81\u51fa\u8868\u73b0\u7684\u6307\u6807\u7c7b\u4e2a\u80a1\u90fd\u5e94\u6392\u9664\u3002\u6b64\u7c7b\u4e2a\u80a1\u53ef\u80fd\u4f1a\u8ddf\u968f\u5927\u76d8\u4e0a\u6da8\uff0c\u4f46\u4e0d\u4f1a\u9886\u6da8\u5e02\u573a\u3002\u800c\u90a3\u4e9b\u672a\u6765\u9886\u6da8\u5e02\u573a\u80a1\u6307\u7684\u54c1\u79cd\u5f80\u5f80\u90fd\u662f\u5728\u4e0b\u8dcc\u4e2d\u6297\u8dcc\u7684\u54c1\u79cd\uff0c\u80a1\u4ef7\u8868\u73b0\u5c06\u5f3a{\u80a1\u7968\u8d44\u6e90\u9986:www.lixiangluntan.com\u4e13\u4e1a\u548c\u8c10\u9ad8\u7aef\u7092\u80a1\u8f6f\u4ef6--\u516c\u5f0f\u7f16\u5199\u4ea4\u6d41--\u52a0QQ751161480--}<\/p>\n<\/blockquote>\n

\u7092\u80a1\u8f6f\u4ef6<\/a> <\/p>\n

\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

 \u3000\u3000\u7b2c\u4e00\u8282\u80a1\u6743\u81ea\u7531\u73b0\u91d1\u6d41<\/p>\n

 \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

 \u3000\u3000\u4e00\u3001\u65e0\u8d22\u52a1\u6760\u6746\u7684\u516c\u53f8\u80a1\u6743\u81ea\u7531\u73b0\u91d1\u6d41<\/p>\n

 \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

 \u3000\u3000\u9500\u552e\u6536\u5165<\/p>\n

 \u3000\u3000\u2014\u7ecf\u8425\u8d39\u7528<\/p>\n

 \u3000\u3000=\u5229\u606f\u3001\u7a0e\u6536\u3001\u6298\u65e7\u3001\u644a\u9500\u5047\u524d\u6536\u76ca(EBITDA)<\/p>\n

\u3000\u3000\u2014\u6298\u65e7\u548c\u644a\u9500<\/p>\n

 \u3000\u3000=\u5229\u606f\u7a0e\u524d\u6536\u76ca(EBIT)<\/p>\n

\u3000\u3000\u2014\u6240\u5f97\u7a0e<\/p>\n

 \u3000\u3000=\u51c0\u6536\u76ca<\/p>\n

 \u3000\u3000+\u6298\u65e7\u548c\u644a\u9500<\/p>\n

 \u3000\u3000=\u7ecf\u8425\u73b0\u91d1\u6d41<\/p>\n

 \u3000\u3000\u2014\u8d44\u672c\u6027\u652f\u51fa<\/p>\n

 \u3000\u3000\u2014\u8425\u8fd0\u8d44\u672c\u589e\u52a0\u989d<\/p>\n

 \u3000\u3000=\u80a1\u6743\u8d44\u672c\u81ea\u7531\u73b0\u91d1\u6d41<\/p>\n

 \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

 \u3000\u30001\u3001\u6298\u65e7\u548c\u644a\u9500<\/p>\n

 \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

 \u3000\u3000\u6298\u65e7\u5e26\u6765\u7684\u7a0e\u6536\u5229\u76ca=\u6298\u65e7\u989d\u00d7\u516c\u53f8\u7684\u8fb9\u9645\u7a0e\u7387<\/p>\n

 \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

 \u3000\u30002\u3001\u8d44\u672c\u6027\u652f\u51fa<\/p>\n

 \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

 \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

 \u3000\u30003\u3001\u8425\u8fd0\u8d44\u672c\u8ffd\u52a0<\/p>\n

 \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

 \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

 \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

 \u3000\u3000\u7b2c\u4e8c\u8282\u516c\u53f8\u81ea\u7531\u73b0\u91d1\u6d41<\/p>\n

 \u3000\u3000\u516c\u53f8\u7684\u5168\u90e8\u4ef7\u503c\u5c5e\u4e8e\u516c\u53f8\u5404\u79cd\u6743\u5229\u8981\u6c42\u8005\u3002\u8fd9\u4e9b\u6743\u5229\u8981\u6c42\u8005\u5305\u62ec\u80a1\u6743\u8d44\u672c\u6295\u8d44\u8005\u3001\u503a\u5238\u6301\u6709\u8005\u3002\u56e0\u6b64\uff0c\u516c\u53f8\u81ea\u7531\u73b0\u91d1\u6d41\u662f\u6240\u6709\u8fd9\u4e9b\u6743\u5229\u8981\u6c42\u8005\u7684\u73b0\u91d1\u6d41\u7684\u603b\u548c\u3002<\/p>\n

 \u3000\u3000\u4e00\u3001\u4f30\u8ba1\u516c\u53f8\u81ea\u7531\u73b0\u91d1\u6d41<\/p>\n

 \u3000\u3000\u4e00\u822c\u6765\u8bf4\uff0c\u516c\u53f8\u81ea\u7531\u73b0\u91d1\u6d41\u5c31\u662f\u5728\u652f\u4ed8\u4e86\u7ecf\u8425\u8d39\u7528\u548c\u6240\u5f97\u7a0e\u4e4b\u540e\uff0c\u5411\u516c\u53f8\u6743\u5229\u8981\u6c42\u8005\u652f\u4ed8\u73b0\u91d1\u4e4b\u524d\u7684\u5168\u90e8\u73b0\u91d1\u6d41\u3002\u5176\u8ba1\u7b97\u65b9\u6cd5\u6709\u4e24\u79cd\uff1a\u4e00\u79cd\u662f\u628a\u516c\u53f8\u4e0d\u540c\u7684\u6743\u5229\u8981\u6c42\u8005\u7684\u73b0\u91d1\u6d41\u52a0\u603b\u5728\u4e00\u8d77\uff1a<\/p>\n

 \u3000\u3000\u6743\u5229\u8981\u6c42\u8005<\/p>\n

 \u3000\u3000\u6743\u5229\u8981\u6c42\u8005\u7684\u73b0\u91d1\u6d41<\/p>\n

 \u3000\u3000\u8d34\u73b0\u7387<\/p>\n

 \u3000\u3000\u80a1\u6743\u8d44\u672c\u6295\u8d44\u8005<\/p>\n

 \u3000\u3000\u80a1\u6743\u8d44\u672c\u81ea\u7531\u73b0\u91d1\u6d41<\/p>\n

 \u3000\u3000\u80a1\u6743\u8d44\u672c\u6210\u672c<\/p>\n

 \u3000\u3000\u503a\u6743\u4eba<\/p>\n

 \u3000\u3000\u5229\u606f\u8d39\u7528(1-\u7a0e\u7387)+\u507f\u8fd8\u672c\u91d1-\u65b0\u53d1\u884c\u503a\u52a1<\/p>\n

 \u3000\u3000\u7a0e\u540e\u503a\u52a1\u6210\u672c<\/p>\n

 \u3000\u3000\u516c\u53f8=\u80a1\u6743\u8d44\u672c\u6295\u8d44\u8005+\u503a\u6743\u4eba<\/p>\n

 \u3000\u3000\u516c\u53f8\u81ea\u7531\u73b0\u91d1\u6d41=\u80a1\u6743\u8d44\u672c\u81ea\u7531\u73b0\u91d1\u6c49+\u5229\u606f\u8d39\u7528(1-\u7a0e\u7387)+\u507f\u8fd8\u672c\u91d1-\u65b0\u53d1\u884c\u503a\u52a1<\/p>\n

 \u3000\u3000\u8d44\u672c\u52a0\u6743\u5e73\u5747\u6210\u672c<\/p>\n

 \u3000\u3000\u53e6\u4e00\u79cd\u65b9\u6cd5\u662f\u4ece\u5229\u606f\u7a0e\u524d\u6536\u76ca(EBIT)\u5f00\u59cb\u8ba1\u7b97\uff0c\u4f46\u5f97\u5230\u7684\u7ed3\u679c\u4e0e\u7b2c\u4e00\u79cd\u65b9\u6cd5\u76f8\u540c<\/p>\n

 \u3000\u3000EBIT(1-\u7a0e\u7387)<\/p>\n

\u3000\u3000+\u6298\u65e7<\/p>\n

 \u3000\u3000\u2014\u8d44\u672c\u6027\u652f\u51fa<\/p>\n

 \u3000\u3000\u2014\u8425\u8fd0\u8d44\u672c\u8ffd\u52a0\u989d<\/p>\n

 \u3000\u3000=\u5168\u90e8\u8d44\u672c\u73b0\u91d1\u6d41<\/p>\n

 \u3000\u3000\u5bf9\u4e8e\u4efb\u4f55\u4e00\u4e2a\u6709\u8d22\u52a1\u6760\u6746\u7684\u516c\u53f8\u800c\u8a00\uff0c\u516c\u53f8\u81ea\u7531\u73b0\u91d1\u6d41\u901a\u5e38\u9ad8\u4e8e\u80a1\u6743\u81ea\u7531\u73b0\u91d1\u6d41\u3002\u5bf9\u4e8e\u4e00\u4e2a\u65e0\u8d22\u52a1\u6760\u6746\u7684\u516c\u53f8\u6765\u8bf4\uff0c\u4e24\u8005\u662f\u76f8\u7b49\u7684\u3002<\/p>\n

 \u3000\u3000\u4e8c\u3001\u516c\u53f8\u81ea\u7531\u73b0\u91d1\u6d41\u3001\u8d22\u52a1\u6760\u6746\u548c\u4ef7\u503c<\/p>\n

 \u3000\u3000\u7531\u4e8e\u516c\u53f8\u81ea\u7531\u73b0\u91d1\u6d41\u662f\u507f\u8fd8\u503a\u52a1\u4e4b\u524d\u7684\u73b0\u91d1\u6d41\uff0c\u6240\u4ee5\u5b83\u4e0d\u53d7\u8d1f\u503a\u6bd4\u7387\u7684\u5f71\u54cd\u3002\u4f46\u8fd9\u5e76\u4e0d\u610f\u5473\u7740\u7528\u8d44\u672c\u52a0\u6743\u5e73\u5747\u6210\u672c\u4f5c\u8d34\u73b0\u7387\u8ba1\u7b97\u5f97\u51fa\u7684\u516c\u53f8\u4ef7\u503c\u4e0d\u53d7\u8d22\u52a1\u6760\u6746\u6bd4\u7387\u7684\u5f71\u54cd\u3002\u5f53\u516c\u53f8\u7684\u8d1f\u503a\u589e\u52a0\u65f6\uff0c\u5176\u8d44\u672c\u52a0\u6743\u5e73\u5747\u6210\u672c\u4e5f\u5c06\u53d1\u751f\u53d8\u5316\uff0c\u4ece\u800c\u5bfc\u81f4\u516c\u53f8\u4ef7\u503c\u53d1\u751f\u53d8\u5316\u3002\u5982\u679c\u8d44\u672c\u52a0\u6743\u5e73\u5747\u6210\u672c\u964d\u4f4e\uff0c\u5219\u5728\u73b0\u91d1\u6d41\u4e0d\u53d8\u7684\u60c5\u51b5\u4e0b\uff0c\u516c\u53f8\u4ef7\u503c\u4f1a\u4e0a\u5347\u3002<\/p>\n

 \u3000\u3000\u7b2c\u4e09\u8282\u901a\u8d27\u81a8\u80c0\u3001\u73b0\u91d1\u6d41\u548c\u4ef7\u503c<\/p>\n

 \u3000\u3000\u901a\u8d27\u81a8\u80c0\u5bf9\u4ef7\u503c\u7684\u5f71\u54cd\u90e8\u5206\u53d6\u51b3\u4e8e\u901a\u8d27\u81a8\u80c0\u662f\u5426\u5df2\u88ab\u4eba\u4eec\u6240\u9884\u671f\uff0c\u9884\u671f\u7684\u901a\u8d27\u81a8\u80c0\u5728\u8ba1\u7b97\u4ef7\u503c\u65f6\u53ef\u4ee5\u53cd\u6620\u5728\u73b0\u91d1\u6d41\u548c\u8d34\u73b0\u7387\u4e2d\uff0c\u56e0\u6b64\uff0c\u4ef7\u503c\u4f1a\u53d7\u5230\u901a\u8d27\u81a8\u80c0\u7684\u5f71\u54cd\u3002<\/p>\n

 \u3000\u3000\u4e00\u3001\u540d\u4e49\u548c\u5b9e\u9645\u73b0\u91d1\u6d41\/\u8d34\u73b0\u7387<\/p>\n

 \u3000\u3000\u540d\u4e49\u73b0\u91d1\u6d41\u5305\u62ec\u4e86\u9884\u671f\u901a\u8d27\u81a8\u80c0\u7684\u56e0\u7d20\u3002\u4f30\u8ba1\u540d\u4e49\u73b0\u91d1\u6d41\u7684\u8fc7\u7a0b\u8981\u6c42\u5206\u6790\u4eba\u5458\u4e0d\u4ec5\u8981\u4f30\u8ba1\u603b\u4f53\u4ef7\u683c\u6c34\u5e73\u7684\u901a\u8d27\u81a8\u80c0\u7387\uff0c\u800c\u4e14\u8fd8\u8981\u4f30\u8ba1\u516c\u53f8\u6240\u51fa\u552e\u4f7f\u7528\u7684\u5546\u54c1\u548c\u52b3\u52a1\u7684\u4ef7\u683c\u4e0a\u6da8\u60c5\u51b5\u4ee5\u4fbf\u4f30\u8ba1\u516c\u53f8\u7684\u6536\u5165\uff0c\u8fd8\u8981\u4f30\u8ba1\u539f\u6750\u6599\u4ef7\u683c\u7684\u53d8\u5316\u6765\u4f30\u8ba1\u6210\u672c\u3002\u4f30\u8ba1\u540d\u4e49\u8d34\u73b0\u7387\u7684\u8fc7\u7a0b\u5219\u7b80\u5355\u5f97\u591a\u3002\u5982\u679c\u4f7f\u7528\u91d1\u878d\u5e02\u573a\u5229\u7387\u4f5c\u4e3a\u8ba1\u7b97\u8d34\u73b0\u7387\u7684\u57fa\u7840\uff0c\u90a3\u4e48\u6240\u5f97\u5230\u7684\u5229\u7387\u5c31\u662f\u540d\u4e49\u5229\u7387\u3002\u4f8b\u5982\uff0c\u5728\u8d44\u672c\u8d44\u4ea7\u5b9a\u4ef7\u6a21\u578b\u4e2d\uff0c\u4f7f\u7528\u77ed\u671f\u56fd\u5e93\u5238\u6216\u957f\u671f\u56fd\u503a\u5229\u7387\u4f5c\u4e3a\u65e0\u98ce\u9669\u5229\u7387\uff0c\u5f97\u5230\u7684\u5c06\u662f\u540d\u4e49\u8d34\u73b0\u7387\u3002\u56e0\u4e3a\u8fd9\u4e9b\u5229\u7387\u5df2\u7ecf\u5305\u4e86\u9884\u671f\u901a\u8d27\u81a8\u80c0\u2460\u56e0\u7d20\u3002<\/p>\n

 \u3000\u3000\u540d\u4e49\u548c\u5b9e\u9645\u73b0\u91d1\u6d41\u4e4b\u95f4\u7684\u5173\u7cfb\u662f\u7531\u9884\u671f\u901a\u8d27\u81a8\u80c0\u7387\u6240\u51b3\u5b9a\u7684\u3002<\/p>\n

 \u3000\u3000\u5b9e\u9645\u73b0\u91d1\u6d41=\u540d\u4e49\u73b0\u91d1\u6d41t\/(1+E[I])i<\/p>\n

\u3000\u3000\u5176\u4e2d\uff1aE[It]=\u603b\u4f53\u4ef7\u683c\u6c34\u5e73\u7684\u9884\u671f\u901a\u8d27\u81a8\u80c0\u7387<\/p>\n

 \u3000\u3000\u901a\u8d27\u81a8\u80c0\u5bf9\u4e8e\u5b9e\u9645\u73b0\u91d1\u6d41\u7684\u5f71\u54cd\u5c06\u90e8\u5206\u53d6\u51b3\u4e8e\u516c\u53f8\u51fa\u552e\u7684\u5546\u54c1\u901a\u8d27\u81a8\u80c0\u7387\u4e0e\u516c\u53f8\u6240\u4f7f\u7528\u7684\u8d44\u6e90\u7684\u901a\u8d27\u81a8\u80c0\u7387\u4e4b\u95f4\u7684\u5dee\u989d\u3002\u5982\u679c\u516c\u53f8\u6240\u51fa\u552e\u5546\u54c1\u4ef7\u683c\u7684\u4e0a\u5347\u901f\u5ea6\u5feb\u4e8e\u5176\u6210\u672c\u4e0a\u5347\u7684\u901f\u5ea6\uff0c\u90a3\u4e48\u5b9e\u9645\u73b0\u91d1\u6d41\u4f1a\u968f\u7740\u901a\u8d27\u81a8\u80c0\u7387\u7684\u4e0a\u5347\u800c\u589e\u52a0\u3002\u53cd\u4e4b\uff0c\u5b9e\u9645\u73b0\u91d1\u6d41\u5c06\u51cf\u5c0f\u3002<\/p>\n

 \u3000\u3000\u540d\u4e49\u548c\u5b9e\u9645\u8d34\u73b0\u7387\u4e4b\u95f4\u7684\u5173\u7cfb\u4e5f\u53d6\u51b3\u4e8e\u9884\u671f\u7684\u901a\u8d27\u81a8\u80c0\u7387\uff1a<\/p>\n

 \u3000\u3000\u5b9e\u9645\u8d34\u73b0\u7387=(1+\u540d\u4e49\u8d34\u73b0\u7387)\/(1+E[I])-1<\/p>\n

\u3000\u3000\u5176\u4e2d\uff1aE[I]=\u603b\u4f53\u4ef7\u683c\u6c34\u5e73\u7684\u9884\u671f\u901a\u8d27\u81a8\u80c0\u7387<\/p>\n

 \u3000\u3000\u5f53\u9884\u671f\u901a\u8d27\u81a8\u80c0\u7387\u8f83\u4f4e\u65f6\uff0c\u53ef\u4ee5\u4f7f\u7528\u540d\u4e49\u8d34\u73b0\u7387\u548c\u9884\u671f\u901a\u8d27\u81a8\u80c0\u4e4b\u95f4\u7684\u5dee\u503c\u8fd1\u4f3c\u4ee3\u8868\u5b9e\u9645\u8d34\u73b0\u7387\u3002<\/p>\n

 \u3000\u3000\u4e8c\u3001\u6839\u636e\u901a\u8d27\u81a8\u80c0\u7387\u8fdb\u884c\u8c03\u6574\u540e\u7684\u73b0\u91d1\u6d41\u7684\u8d34\u73b0\u6cd5\u5219<\/p>\n

 \u3000\u3000\u9884\u671f\u901a\u8d27\u81a8\u80c0\u7684\u7b80\u5355\u6cd5\u5219\u662f\u4fdd\u8bc1\u73b0\u91d1\u6d41\u4e0e\u8d34\u73b0\u7387\u76f8\u5339\u914d\u3002\u5982\u679c\u73b0\u91d1\u6d41\u662f\u540d\u4e49\u73b0\u91d1\u6d41\uff0c\u5373\u9884\u671f\u7684\u901a\u8d27\u81a8\u80c0\u5df2\u4f53\u73b0\u5728\u73b0\u91d1\u6d41\u4e4b\u4e2d\uff0c\u5219\u5e94\u8be5\u4f7f\u7528\u540d\u4e49\u8d34\u73b0\u7387\uff0c\u5373\u5df2\u8003\u8651\u4e86\u9884\u671f\u901a\u8d27\u81a8\u80c0\u7684\u8d34\u73b0\u7387;\u5982\u679c\u73b0\u91d1\u6d41\u662f\u5b9e\u73b0\u73b0\u91d1\u6d41(\u4f8b\u5982\uff0c\u4ee5\u4e0d\u53d8\u4ef7\u683c\u8ba1\u7b97\u7684\u73b0\u91d1\u6d41)\uff0c\u5219\u5e94\u8be5\u4f7f\u7528\u5b9e\u9645\u8d34\u73b0\u7387\u3002<\/p>\n

 \u3000\u3000\u7b2c\u56db\u8282\u73b0\u91d1\u6d41\u548c\u8d44\u4ea7\u5bff\u547d<\/p>\n

 \u3000\u3000\u672c\u8bb2\u6240\u8ba8\u8bba\u7684\u4f30\u8ba1\u73b0\u91d1\u6d41\u7684\u539f\u5219\u9002\u7528\u4e8e\u6240\u6709\u7c7b\u578b\u7684\u8d44\u4ea7\u2014\u2014\u91d1\u878d\u8d44\u4ea7\uff0c\u5982\u80a1\u7968\u3001\u503a\u5238\u3001\u4e0d\u52a8\u4ea7\u53ca\u5176\u4ed6\u6295\u8d44\u673a\u4f1a\u3002\u4e00\u540c\u7684\u8d44\u4ea7\u4e4b\u95f4\u7684\u533a\u522b\u5728\u4e8e\u5176\u8d44\u4ea7\u5bff\u547d\u4e0d\u540c\uff0c\u8bb8\u591a\u8d44\u4ea7\u7684\u5bff\u547d\u662f\u6709\u9650\u7684\uff0c\u800c\u6709\u4e9b\u8d44\u4ea7\uff0c\u4f8b\u5982\u5728\u5e02\u573a\u4e0a\u516c\u5f00\u4ea4\u6613\u7684\u80a1\u7968\uff0c\u5219\u6709\u65e0\u9650\u7684\u5bff\u547d\u3002\u672c\u8282\u4ecb\u7ecd\u4e0e\u8d44\u4ea7\u5bff\u547d\u662f\u6709\u9650\u8fd8\u662f\u65e0\u9650\u6709\u5173\u7684\u4e00\u4e9b\u95ee\u9898\u3002<\/p>\n

 \u3000\u3000\u4e00\u3001\u6b8b\u503c\u548c\u671f\u672a\u4ef7\u503c<\/p>\n

 \u3000\u3000\u5927\u591a\u6570\u4f30\u4ef7\uff0c\u65e0\u8bba\u662f\u5bf9\u6709\u9650\u5bff\u547d\u8fd8\u662f\u65e0\u9650\u5bff\u547d\u7684\u8d44\u4ea7\uff0c\u90fd\u662f\u5728\u4e00\u6bb5\u6709\u9650\u7684\u65f6\u95f4\u5185\u8fdb\u884c\u7684\u3002\u4f46\u662f\uff0c\u4f30\u4ef7\u671f\u9650\u4e0d\u540c\u7684\u8d44\u4ea7\uff0c\u5904\u7406\u65b9\u6cd5\u662f\u4e0d\u540c\u7684\u3002\u4f30\u8ba1\u6709\u9650\u5bff\u547d\u8d44\u4ea7\u7684\u4ef7\u503c\u65f6\uff0c\u5f80\u5f80\u9700\u8981\u5047\u8bbe\u8d44\u4ea7\u7684\u5bff\u547d\u548c\u5bff\u547d\u7ed3\u675f\u65f6\u8d44\u4ea7\u7684\u6b8b\u503c\uff0c\u56e0\u4e3a\u8d44\u4ea7\u7684\u4ef7\u503c\u5728\u5bff\u547d\u671f\u5185\u662f\u9010\u6b65\u6d88\u8017\u7684\uff0c\u6240\u4ee5\u8d44\u4ea7\u7684\u6b96\u503c\u901a\u5e38\u53ea\u662f\u521d\u59cb\u4ef7\u503c\u7684\u4e00\u4e2a\u5f88\u5c0f\u7684\u6bd4\u4f8b\u3002\u5bf9\u65e0\u9650\u5bff\u547d\u7684\u8d44\u4ea7\u8fdb\u884c\u4f30\u4ef7\u65f6\uff0c\u5219\u8981\u6c42\u4f30\u8ba1\u8d44\u4ea7\u7684\u671f\u672a\u4ef7\u503c\u3002\u8fd9\u4e2a\u201c\u671f\u672a\u4ef7\u503c\u201d\u53cd\u6620\u4e86\u8d44\u4ea7\u5728\u4f30\u4ef7\u671f\u4ee5\u540e\u6240\u4ea7\u751f\u7684\u5168\u90e8\u73b0\u91d1\u6d41\u3002\u5728\u8bb8\u591a\u60c5\u51b5\u4e0b\uff0c\u8d44\u4ea7\u73b0\u503c\u7684\u5f88\u5927\u90e8\u5206\u6765\u81ea\u671f\u672a\u4ef7\u503c\uff0c\u8fd9\u5c31\u4f7f\u5f97\u5bf9\u671f\u672a\u4ef7\u503c\u7684\u4f30\u8ba1\u6210\u4e3a\u65e0\u9650\u5bff\u547d\u8d44\u4ea7\u6574\u4e2a\u4f30\u4ef7\u4e2d\u7684\u6838\u5fc3\u90e8\u5206\u3002<\/p>\n

 \u3000\u3000\u4e8c\u3001\u6298\u65e7\u548c\u8d44\u672c\u6027\u652f\u51fa<\/p>\n

 \u3000\u3000\u6709\u9650\u5bff\u547d\u8d44\u4ea7\u7684\u6298\u65e7\u9075\u5faa\u4f20\u7edf\u7684\u6298\u65e7\u65b9\u6cd5\u2014\u2014\u6bcf\u5e74\u6298\u65e7\u989d\u76f8\u7b49\u7684\u76f4\u7ebf\u6298\u65e7\u6cd5\u548c\u6298\u65e7\u989d\u968f\u65f6\u95f4\u63a8\u79fb\u9012\u51cf\u7684\u52a0\u901f\u6298\u65e7\u6cd5\u3002\u5bf9\u4e8e\u65e0\u9650\u5bff\u547d\u8d44\u4ea7\u7684\u6295\u8d44\u800c\u8a00\uff0c\u6298\u65e7\u901a\u5e38\u4e0d\u53ea\u662f\u5c40\u9650\u5728\u4e00\u9879\u8d44\u4ea7\u4e4b\u4e0a\uff0c\u800c\u662f\u57fa\u4e8e\u4e00\u7cfb\u5217\u7684\u8d44\u4ea7\u6295\u8d44\uff0c\u6240\u4ee5\u5176\u6298\u65e7\u989d\u4e0d\u5e94\u968f\u65f6\u95f4\u7684\u63a8\u79fb\u800c\u9012\u51cf\u3002<\/p>\n

 \u3000\u3000\u9884\u671f\u7684\u8d44\u672c\u6027\u652f\u51fa\u662f\u5f71\u54cd\u73b0\u91d1\u6d41\u7684\u4e00\u4e2a\u91cd\u8981\u56e0\u7d20\u3002\u5bf9\u4e8e\u4e0a\u8ff0\u4e24\u79cd\u4e0d\u540c\u5bff\u547d\u7c7b\u578b\u7684\u8d44\u4ea7\uff0c\u8d44\u672c\u6027\u652f\u51fa\u4e5f\u56e0\u76ee\u6807\u4e0d\u540c\u800c\u5404\u5f02\uff0c\u5bf9\u6709\u9650\u5bff\u547d\u7684\u8d44\u4ea7\u6765\u8bf4\uff0c\u8d44\u672c\u6027\u652f\u51fa\u7684\u76ee\u7684\u5c31\u662f\u786e\u4fdd\u8d44\u4ea7\u5728\u5bff\u547d\u671f\u5185\u80fd\u591f\u4ea7\u751f\u73b0\u91d1\u6d41;\u5bf9\u4e8e\u65e0\u9650\u5bff\u547d\u7684\u8d44\u4ea7\uff0c\u8d44\u672c\u6027\u652f\u51fa\u7684\u76ee\u7684\u4e0d\u4ec5\u662f\u4e3a\u4e86\u4fdd\u6301\u73b0\u6709\u7684\u8d44\u4ea7\uff0c\u800c\u4e14\u8fd8\u8981\u521b\u9020\u65b0\u7684\u8d44\u4ea7\u4ee5\u5b9e\u73b0\u672a\u6765\u7684\u589e\u957f\uff0c\u672a\u6765\u7684\u589e\u957f\u7387\u8d8a\u9ad8\uff0c\u8d44\u672c\u6027\u652f\u51fa\u989d\u4e5f\u8d8a\u5927\u3002<\/p>\n

 \u3000\u3000\u4e09\u3001\u8425\u8fd0\u8d44\u672c\u8ffd\u52a0<\/p>\n

 \u3000\u3000\u5728\u6709\u9650\u5bff\u547d\u548c\u65e0\u9650\u5bff\u547d\u8d44\u4ea7\u7684\u5bff\u547d\u671f\u5185\uff0c\u8425\u8fd0\u8d44\u672c\u8ffd\u52a0\u989d\u53d6\u51b3\u4e8e\u9500\u552e\u6536\u5165\u6216\u6210\u672c\u7684\u589e\u957f\u7387\u3002\u4f46\u5bf9\u4e8e\u6709\u9650\u5bff\u547d\u7684\u8d44\u4ea7\uff0c\u5176\u8425\u8fd0\u8d44\u672c\u5fc5\u987b\u5728\u8d44\u4ea7\u5bff\u547d\u7ed3\u675f\u65f6\u7ed3\u6e05\uff0c\u5bf9\u4e8e\u65e0\u9650\u5bff\u547d\u7684\u8d44\u4ea7\uff0c\u8425\u8fd0\u8d44\u672c\u5c06\u88ab\u672c\u65f6\u671f\u4f7f\u7528\u3002\u5c3d\u7ba1\u8425\u8fd0\u8d44\u672c\u53ef\u80fd\u4f1a\u968f\u7740\u672a\u6765\u9500\u552e\u6536\u5165\u589e\u957f\u7387\u7684\u964d\u4f4e\u800c\u51cf\u5c11\uff0c\u4f46\u5b83\u6c38\u8fdc\u4e0d\u4f1a\u7ed3\u6e05\u3002<\/p>\n

 \u3000\u3000\u603b\u7ed3<\/p>\n

 \u3000\u3000\u672c\u8bb2\u4ecb\u7ecd\u4e86\u4f30\u8ba1\u73b0\u91d1\u6d41\u548c\u5728\u73b0\u91d1\u6d41\u8d34\u73b0\u4f30\u4ef7\u6cd5\u4e2d\u5982\u4f55\u4f7f\u7528\u6240\u4f30\u8ba1\u73b0\u91d1\u6d41\u7684\u57fa\u672c\u539f\u5219\u3002\u73b0\u91d1\u6d41\u8d34\u73b0\u6cd5\u7684\u57fa\u672c\u539f\u5219\u662f\u73b0\u91d1\u6d41\u548c\u8d34\u73b0\u7387\u5fc5\u987b\u6b63\u786e\u5339\u914d\uff0c\u5373\u7528\u80a1\u6743\u8d44\u672c\u6210\u672c\u8d34\u73b0\u80a1\u6743\u81ea\u6cb9\u73b0\u91d1\u6d41\uff0c\u7528\u8d44\u672c\u52a0\u6743\u5e73\u5747\u6210\u672c\u8d34\u73b0\u516c\u53f8\u81ea\u7531\u73b0\u91d1\u6d41\uff0c\u7528\u540d\u4e49\u8d34\u73b0\u7387\u8d34\u73b0\u540d\u4e49\u73b0\u91d1\u6d41\uff0c\u7528\u5b9e\u9645\u8d34\u7387\u8d34\u73b0\u5b9e\u9645\u73b0\u91d1\u6d41\u3002<\/p>\n

\n

\u3010\u80a1\u7968\u8d44\u6e90\u9986\u3011\u7092\u80a1\u6559\u7a0b\u3001\u9ed1\u9a6c\u80a1\u7968\u3001\u80a1\u7968\u8d44\u8baf\u3001\u671f\u8d27\u5916\u6c47\uff0c\u5927\u667a\u6167\u6caa\u6df110\u6863\u7834\u89e3,\u9ad8\u6210\u529f\u7387\u80a1\u7968\u6307\u6807,\u7b56\u7565\u6295\u8d44\u7834\u89e3,\u8d22\u7ecf\u80a1\u7968\u8bba\u575b,\u4e1c\u65b9\u8d22\u5bcc\u7834\u89e3\u7248,\u4e1c\u65b9\u8d22\u5bcc\u4e13\u4e1a\u7834\u89e3\u7248\u3002<\/p>\n<\/blockquote>\n

\n

\u673a\u6784\u5728\u718a\u5e02\u4e2d\u7684\u64cd\u76d8\u624b\u6cd5<\/p>\n

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