{"id":13583,"date":"2018-11-16T12:13:56","date_gmt":"2018-11-16T04:13:56","guid":{"rendered":"https:\/\/www.lixiangluntan.com\/13583.html"},"modified":"2018-11-16T12:13:56","modified_gmt":"2018-11-16T04:13:56","slug":"%e5%88%86%e6%9e%90%e5%85%ac%e5%8f%b8%e7%9a%84%e5%b7%a5%e5%85%b7_%e4%b8%9c%e6%96%b9%e8%b4%a2%e5%af%8c%e9%a2%86%e8%88%aa%e7%89%88%e7%a0%b4%e8%a7%a3","status":"publish","type":"post","link":"https:\/\/www.lixiangluntan.com\/?p=13583","title":{"rendered":"\u5206\u6790\u516c\u53f8\u7684\u5de5\u5177_\u4e1c\u65b9\u8d22\u5bcc\u9886\u822a\u7248\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;\">\u57fa\u672c\u9762\u5206\u6790\u7684\u9009\u80a130\u4e2a\u8981\u7d20<\/p>\n<p>\u3000\u30001\u3001\u6bcf\u80a1\u6536\u76ca\u5927\u4e8e\u5f53\u65f6\u5e02\u573a\u5e73\u5747\u6bcf\u80a1\u6536\u76ca\uff0c\u4e2d\u671f\u62a5\u544a\u81f3\u5c11\u57280.2\u5143\u4ee5\u4e0a\uff0c\u4e09\u5b63\u5ea6\u81f3\u5c11\u57280.35\u4ee5\u4e0a\uff0c\u5e74\u5ea6\u62a5\u544a\u81f3\u5c11\u57280.5\u5143\u4ee5\u4e0a\u3002<\/p>\n<\/blockquote>\n<p>&nbsp;&nbsp;&nbsp;&nbsp; <\/p>\n<p> \u3000\u3000\u5982\u4f55\u5229\u7528\u5206\u6790\u6bd4\u4f8b\u6765\u5206\u6790\u516c\u53f8\u5e74\u62a5\uff1a<\/p>\n<p> \u3000\u3000\uff08\u4e00\uff09\u5e02\u76c8\u7387\uff08PE Ratio\uff09\u7684\u6b63\u786e\u7528\u9014<\/p>\n<p> \u3000\u3000\u5e02\u76c8\u7387\u662f\u4e00\u4e2a\u8bef\u5bfc\u7684\u6bd4\u7387\uff0c\u6b63\u786e\u7684\u7528\u6cd5\u662f\u5c06\u5e02\u76c8\u7387\u5012\u8f6c\uff0c\u5c06\u76c8\u5229\u9664\u4ee5\u5e02\u4ef7\uff0c\u5f97\u51fa\u4e00\u4e2a\u76c8\u5229\u56de\u62a5\u3002\u7b14\u8005\u5f3a\u8c03\u8981\u7528\u76c8\u5229\u56de\u62a5\u7387\uff0c\u4e0d\u7528\u5e02\u76c8\u7387\uff0c\u907f\u514d\u6df7\u6dc6\u3002\u4f8b\u5982\u5e02\u76c8\u738720\u500d\uff0c\u76c8\u5229\u56de\u62a5\u7387\u5219\u4e3a\uff11\/ 20\uff0c\u53735%\u7684\u56de\u62a5\u3002\u4e00\u4e2a5%\u7684\u56de\u62a5\u53ef\u4ee5\u76f4\u63a5\u4e0e\u957f\u671f\u503a\u5238\u56de\u62a5\u4f5c\u4e00\u6bd4\u8f83\uff0c\u4e0d\u4f1a\u56e0\u4e3a20\u500d\u800c\u53d7\u5230\u8bef\u5bfc\u3002<\/p>\n<p> \u3000\u3000\u5e02\u76c8\u7387\u7684\u6b63\u786e\u7528\u6cd5\uff0c\u5e76\u975e\u7528\u6765\u8861\u91cf\u4e00\u5bb6\u516c\u53f8\u7684\u5e02\u4ef7\u662f\u5426\u4fbf\u5b9c\uff0c\u6b63\u786e\u7684\u4f7f\u7528\u6cd5\uff0c\u662f\u5c06\u5e02\u76c8\u7387\u9664\u4ee5\u516c\u53f8\u76c8\u5229\u589e\u957f\u7387\uff0c\u5f97\u51fa\u7684\u7cfb\u6570\u6765\u6bd4\u8f83\u3002\u4f8b\u5982A\u516c\u53f8\u5e02\u76c8\u738720\u500d\uff0c\u516c\u53f8\u76c8\u5229\u589e\u957f\u7387\u4e3a20%\uff0c\u5f97\u51fa\u7684\u7cfb\u6570\u4e3a1\u3002B\u516c\u53f8\u7684\u5e02\u76c8\u7387\u4e3a15\u500d\uff0c\u800c\u76c8\u5229\u589e\u957f\u7387\u4e3a10%\uff0c\u6240\u5f97\u7cfb\u6570\u4e3a1.5\u3002\u6362\u8a00\u4e4b\uff0c\u867d\u7136A\u516c\u53f8\u5e02\u76c8\u7387\u8f83\u9ad8\uff0c\u4f46\u56e0\u4e3a\u6709\u8f83\u9ad8\u7684\u589e\u957f\u7387\uff0c\u6240\u4ee5\u53cd\u800c\u8f83B\u516c\u53f8\u4fbf\u5b9c\u3002\u8fd9\u5c31\u662f\uff08PE\/Growth\uff09\u7684\u7528\u6cd5\u3002<\/p>\n<p> \u3000\u3000\uff08\u4e8c\uff09\u8fb9\u9645\u5229\u6da6\u7387\uff08Profit Margin\uff09\u662f\u4e00\u4e2a\u76f8\u5f53\u6709\u7528\u7684<\/p>\n<p> \u3000\u3000\u8fd9\u662f\u5728\u9009\u80a1\u8fc7\u7a0b\u4e2d\u5fc5\u7528\u7684\u6307\u6807\u3002\u53ef\u4ee5\u7528\u6bdb\u5229\u7387\u6216\u7eaf\u5229\u7387\u6765\u8ba1\u7b97\u3002\u5c06\u9500\u552e\u989d\u6263\u9664\u7ecf\u8425\u6210\u672c\uff0c\u5f97\u51fa\u6ea2\u5229\u603b\u989d\uff0c\u5c06\u6ea2\u5229\u603b\u989d\u4e0e\u9500\u552e\u989d\u4f5c\u6bd4\u8f83\u4fbf\u662f\u6bdb\u5229\u7387\u3002\u800c\u7eaf\u5229\u7387\u5219\u662f\u5c06\u80a1\u4e1c\u5e94\u5360\u7eaf\u5229\u4e0e\u9500\u552e\u989d\u4f5c\u6bd4\u8f83\u3002<\/p>\n<p> \u3000\u3000\u7eaf\u5229\u7387\u5305\u6db5\u5f88\u591a\u4e0d\u540c\u56e0\u7d20\uff0c\u4f8b\u5982\u4e24\u5bb6\u516c\u53f8\u4ece\u4e8b\u540c\u4e00\u884c\u4e1a\uff0c\u4f46\u662f\u4ed6\u4eec\u5728\u8d1f\u503a\u3001\u673a\u5668\u8bbe\u5907\u7684\u6298\u65e7\u7387\u65b9\u9762\u4e0d\u540c\uff0c\u7ed3\u679c\u5176\u7eaf\u5229\u7387\u5c06\u4f1a\u6709\u6240\u4e0d\u540c\uff1b\u6bdb\u5229\u7387\u53ea\u662f\u6bd4\u8f83\u751f\u4ea7\u6216\u8fd0\u4f5c\u7684\u6bdb\u5229\uff0c\u4e0d\u662f\u6bd4\u8f83\u516c\u53f8\u7684\u8d5a\u94b1\u80fd\u529b\u3002\u6bdb\u5229\u7387\u9002\u7528\u4e8e\u5de5\u4e1a\u7c7b\u516c\u53f8\uff0c\u5f53\u5de5\u4e1a\u4ea7\u54c1\u5df2\u7ecf\u8fbe\u5230\u56fd\u9645\u6c34\u5e73\uff0c\u6807\u7b7e\u5316\uff0c\u7528\u6bdb\u5229\u7387\u6765\u6bd4\u8f83\uff0c\u53ef\u4ee5\u770b\u5230\u516c\u53f8\u751f\u4ea7\u8fc7\u7a0b\u7684\u7ecf\u6d4e\u6548\u76ca\u3002\u8fd9\u662f\u6bdb\u5229\u7387\u7684\u4f5c\u7528\uff0c\u76f8\u5f53\u6709\u5c40\u9650\u6027\u3002<\/p>\n<p> \u3000\u3000\u7eaf\u5229\u7387\u5bf9\u6295\u8d44\u8005\u66f4\u52a0\u5b9e\u7528\uff0c\u5b83\u53cd\u6620\u4e86\u516c\u53f8\u7684\u501f\u8d37\u53ca\u5176\u4ed6\u6210\u672c\uff0c\u4e5f\u53cd\u6620\u4e86\u8bbe\u5907\u7684\u66f4\u65b0\u53ca\u6298\u65e7\uff0c\u66f4\u53cd\u6620\u4e86\u7a0e\u7387\u7b49\u5404\u65b9\u9762\u56e0\u7d20\uff0c\u6545\u6b64\uff0c\u6bd4\u6bdb\u5229\u7387\u5168\u9762\u5f97\u591a\u3002\u6700\u597d\u7684\u65b9\u6cd5\u662f\u5c06\u540c\u7c7b\u578b\u516c\u53f8\u6574\u5408\u4e3a\u4e00\u7ec4\u4f5c\u51fa\u6bd4\u8f83\u3002<\/p>\n<p> \u3000\u3000\u5206\u6790\u6bdb\u5229\u7387\u6216\u7eaf\u5229\u7387\u65f6\uff0c\u8981\u7279\u522b\u7559\u610f\u4ee5\u4e0b\u7684\u6570\u79cd\u60c5\u51b5\uff1a<\/p>\n<p> \u3000\u30001. \u4ee5\u4e0a\u6d77\u5b9e\u4e1a\u4f5c\u4e3a\u4f8b\u5b50\uff0c2004\u5e74\u4e0a\u534a\u5e74\uff0c\u5176\u7eaf\u5229\u5927\u589e89%\uff0c\u81f39.3\u4ebf\u6e2f\u5143\uff0c\u5176\u4e2d\u5927\u90e8\u5206\u6765\u81ea\u4e2d\u82af\u56fd\u9645\u4e0a\u5e02\u65f6\uff0c\u51fa\u552e\u5176\u90e8\u5206\u80a1\u4efd\u6240\u83b7\u5f97\u7684\u5229\u6da6\u3002\u53cd\u800c\u7ecf\u5e38\u6027\u4e1a\u52a1\u51fa\u73b0\u5012\u9000\uff0c\u6240\u4ee5\u8981\u5c06\u8fd9\u4e9b\u975e\u7ecf\u5e38\u6027\u7684\u9879\u76ee\u5254\u9664\uff0c\u624d\u80fd\u591f\u8ba1\u7b97\u7eaf\u5229\u7387\u3002<\/p>\n<p> \u3000\u30002. \u6c7d\u8f66\u884c\u4e1a\u4e5f\u6709\u4e9b\u7279\u522b\u60c5\u51b5\u3002\u4f8b\u5982\u9a8f\u5a01\u6c7d\u8f66\u5728\u5e74\u62a5\u4e2d\u7684\u8425\u4e1a\u989d\u4e0d\u591a\uff0c\u6ca1\u6709\u5305\u62ec\u4e0e\u65e5\u672c\u672c\u7530\u5408\u4f5c\u5728\u5e7f\u5dde\u751f\u4ea7\u6c7d\u8f66\u7684\u9500\u552e\u989d\u3002\u9a8f\u5a01\u6301\u6709\u8fd9\u5bb6\u8054\u8425\u516c\u53f8\u4e0d\u8db350%\u7684\u80a1\u6743\uff0c\u4ee5\u5e94\u5360\u76c8\u5229\uff08Equity Accounting\uff09\u4f5c\u6536\u5165\u3002\u56e0\u6b64\u8981\u8ba1\u7b97\u7eaf\u5229\u7387\u7684\u8bdd\uff0c\u8981\u82b1\u4e9b\u65f6\u95f4\u5728\u5e74\u62a5\u7684\u9644\u6ce8\u4e2d\uff0c\u627e\u51fa\u8054\u8425\u516c\u53f8\u7684\u8425\u4e1a\u989d\u3002<\/p>\n<p> \u3000\u30003. \u5f88\u591a\u5546\u54c1\u884c\u4e1a\u6216\u8fd0\u8f93\u884c\u4e1a\uff0c\u50cf\u6d77\u8fd0\u6216\u822a\u7a7a\u4e8b\u4e1a\uff0c\u4ed6\u4eec\u7684\u7eaf\u5229\u7387\u6ce2\u52a8\u6027\u5f88\u5927\u3002\u5546\u54c1\u884c\u4e1a\u7684\u7eaf\u5229\u6781\u53d7\u5546\u54c1\u4ef7\u683c\u6ce2\u52a8\u6240\u5f71\u54cd\uff0c\u4f8b\u5982\u77f3\u6cb9\u4ef7\u683c\u53d8\u52a8\u5bf9\u6cb9\u516c\u53f8\u7684\u7eaf\u5229\u5f71\u54cd\u3002\u8fd0\u8f93\u4e1a\u7684\u56fa\u5b9a\u6210\u672c\u76f8\u5f53\u9ad8\uff0c\u6240\u4ee5\u5728\u9006\u5883\u65f6\u5bb9\u6613\u51fa\u73b0\u4e8f\u635f\u3002\u5728\u987a\u5883\u65f6\uff0c\u5176\u7eaf\u5229\u53ef\u4ee5\u7a81\u7136\u5927\u589e\uff0c\u4ee4\u7eaf\u5229\u7387\u4e0a\u5347\u3002\u5bf9\u6b20\u7f3a\u7a33\u5b9a\u7eaf\u5229\u7684\u516c\u53f8\uff0c\u7eaf\u5229\u7387\u8fd9\u4e2a\u6bd4\u4f8b\u5f80\u5f80\u5931\u53bb\u6307\u6807\u7684\u4f5c\u7528\u3002<\/p>\n<p> \u3000\u3000\uff08\u4e09\uff09\u56de\u62a5\u7387<\/p>\n<p> \u3000\u3000\u770b\u516c\u53f8\u7684\u56de\u62a5\uff0c\u6700\u7b80\u6613\u7684\u65b9\u6cd5\u662f\u770b\u80a1\u4e1c\u8d44\u91d1\u56de\u62a5\u7387\uff08Return On Equity\uff09\u6216\u8005\u8d44\u4ea7\u56de\u62a5\u7387\uff08Return On Asset\uff09\u3002\u80a1\u4e1c\u8d44\u91d1\u56de\u62a5\u7387\uff0c\u662f\u5c06\u516c\u53f8\u7eaf\u5229\u9664\u4ee5\u80a1\u4e1c\u8d44\u91d1\uff0c\u8d44\u4ea7\u56de\u62a5\u7387\u8ba1\u7b97\u65b9\u6cd5\u6709\u4e8c\uff1a\u7b2c\u4e00\u662f\u5c06\u7eaf\u5229\u9664\u4ee5\u516c\u53f8\u7684\u603b\u8d44\u4ea7\uff1b\u7b2c\u4e8c\u662f\u5c06\u7eaf\u5229\u52a0\u4e0a\u5229\u606f\u652f\u51fa\uff0c\u518d\u9664\u4ee5\u603b\u8d44\u4ea7\uff0c\u540e\u8005\u79f0\u4e3a\u5229\u606f\u524d\u8d44\u4ea7\u56de\u62a5\u7387\uff08Pre-interest Return\uff09\u3002\u5229\u606f\u524d\u56de\u62a5\uff0c\u662f\u4e3b\u8981\u7528\u4e8e\u67d0\u4e9b\u8d44\u672c\u6027\u6295\u8d44\u7279\u522b\u5927\u7684\u884c\u4e1a\uff0c\u4f8b\u5982\u53d1\u7535\u4f01\u4e1a\uff0c\u56e0\u4e3a\u8d37\u6b3e\u7279\u522b\u5927\uff0c\u82e5\u5229\u7387\u7684\u6ce2\u52a8\u5bf9\u7eaf\u5229\u51fa\u73b0\u5f71\u54cd\uff0c\u7528\u5229\u606f\u524d\u56de\u62a5\u66f4\u80fd\u770b\u5230\u771f\u6b63\u7684\u7ecf\u8425\u72b6\u51b5\u3002<\/p>\n<p> \u3000\u3000\uff08\u56db\uff09\u91d1\u878d\u884c\u4e1a\u7684\u56de\u62a5\u6307\u6807<\/p>\n<p> \u3000\u3000\u5206\u6790\u94f6\u884c\u53ca\u4fdd\u9669\u4e1a\u4f1a\u7528\u4e0d\u540c\u7684\u6bd4\u4f8b\uff0c\u94f6\u884c\u4e1a\u6211\u4eec\u4f1a\u7528\u574f\u5e10\u4e0e\u603b\u8d37\u6b3e\u76f8\u9664\uff0c\uff08Bad Debt\/Total Advances\uff09\uff1b\u4fdd\u9669\u4e1a\u6709\u540c\u4e00\u7c7b\u7684\u6027\u8d28\uff0c\u4f1a\u7528\u8d54\u507f\u4e0e\u603b\u4fdd\u91d1\u6536\u5165\u76f8\u9664\uff08Claims\/Total Premiums\uff09\u3002\u8fd8\u6709\u4e00\u4e2a\u6700\u91cd\u8981\u7684\u6307\u6807\uff0c\u5c31\u662f\u6210\u672c\u4e0e\u6536\u5165\u6bd4\u4f8b\uff0c\uff08Cost\/Income Ratio\uff09\u3002\u7b14\u8005\u5728\u6b64\u4e0d\u4f5c\u4f8b\u5b50\u4e86\u3002<\/p>\n<p> \u3000\u3000\uff08\u4e94\uff09\u516c\u53f8\u8d22\u52a1\u72b6\u51b5\u7684\u7a33\u5065\u6027\u6307\u6807<\/p>\n<p> \u3000\u3000\u5305\u62ec\u8d1f\u503a\u4e0e\u80a1\u4e1c\u8d44\u91d1\u6bd4\u7387\uff08Debt\/ Equity Ratio\uff09\uff0c\u5373\u5c06\u6240\u6709\u957f\u77ed\u8d1f\u503a\u9664\u4ee5\u80a1\u4e1c\u8d44\u91d1\uff1b\u53e6\u5916\u8fd8\u6709\u7ecf\u8425\u73b0\u91d1\u6d41\uff08Operating Cash Flow\uff09\uff0c\u5373\u5c06\u7eaf\u5229\u52a0\u4e0a\u6298\u65e7\u53ca\u644a\u9500\uff0c\u7136\u540e\u51cf\u53bb\u80a1\u606f\u5f00\u652f\u3002\u73b0\u91d1\u6d41\u4e0e\u8d44\u672c\u5f00\u652f\u6bd4\u7387\uff08Cash Flow\/Capex Ratio\uff09\u3002<\/p>\n<p> \u3000\u3000\uff08\u516d\uff09\u8d44\u4ea7\u51c0\u503c\u6307\u6807<\/p>\n<p> \u3000\u3000\u8d44\u4ea7\u51c0\u503c\uff08Net Book Value\uff09\u6700\u9002\u5408\u7528\u4e8e\u91d1\u878d\u670d\u52a1\u4e1a\u3001\u5730\u4ea7\u4e1a\u6216\u5176\u4ed6\u8d44\u6e90\u80a1\u4efd\u5982\u77f3\u6cb9\u3001\u7164\u53ca\u77ff\u4ea7\u7b49\u3002\u8fd9\u4e2a\u6307\u6807\u53ef\u4ee5\u5728\u65f6\u4e0e\u5e02\u4ef7\u4f5c\u4e00\u6bd4\u8f83\u3002\u7b14\u8005\u5728\u5206\u6790\u77f3\u6cb9\u80a1\u53ca\u94f6\u884c\u80a1\u65f6\uff0c\u518d\u8ba8\u8bba\u5982\u4f55\u627e\u51fa\u8d44\u4ea7\u51c0\u503c\u7684\u65b9\u6cd5\u3002<\/p>\n<p> \u3000\u3000\uff08\u4e03\uff09\u6536\u8d2d\u4ef7\u7684\u6307\u6807\uff08EV\/EBITDA\uff09<\/p>\n<p> \u3000\u3000\u4f01\u4e1a\uff08Enterprise Value\uff09\u4e0e\u9664\u7a0e\u3001\u5229\u606f\u3001\u6298\u65e7\u53ca\u644a\u9500\u524d\u6ea2\u5229\uff08EBITDA\uff09\u76f8\u9664\u3002\u4f01\u4e1a\u4ef7\u503c\u7684\u5b9a\u4e49\uff0c\u662f\u516c\u53f8\u5e02\u503c\u52a0\u4e0a\u8d1f\u503a\u53ca\u4f18\u5148\u80a1\uff0c\u51cf\u53bb\u73b0\u91d1\u6216\u73b0\u91d1\u7b49\u503c\u6295\u8d44\u3002\u8fd1\u5e74\u5206\u6790\u5458\u559c\u6b22\u7528\u8fd9\u4e2a\u6307\u6807\uff0c\u6765\u8861\u91cf\u516c\u53f8\u662f\u5426\u503c\u5f97\u6295\u8d44\u3002\u8fd9\u4e2a\u6307\u6807\u662f\u6295\u8d44\u94f6\u884c\u5bb6\uff0c\u7528\u4f5c\u8861\u91cf\u6536\u8d2d\u65f6\u6240\u4ed8\u51fa\u7684\u4f30\u4ef7\u503c\uff0cEV\u7b49\u4e8e\u4e0a\u7684\u6536\u8d2d\u4ef7\u3002<\/p>\n<p> \u3000\u3000\u7406\u8bba\u6536\u8d2d\u4ef7\u4e0e\u516c\u53f8\u7684\u6bdb\u5229\u73b0\u91d1\u6d41\uff08EBITDA\uff09\u4f5c\u4e00\u6bd4\u8f83\uff0c\u8ba4\u4e3a\u53ef\u4ee5\u5728\u591a\u5c11\u5e74\u5185\u56de\u672c\uff0c\u5373\u6bdb\u5229\u53ef\u4ee5\u5728\u591a\u5c11\u5e74\u5185\u62b5\u6d88\u6536\u8d2d\u4ef7\u3002\u5b9e\u9645\u4e0a\u7b14\u8005\u5bf9\u6b64\u6bd4\u4f8b\u62b1\u6709\u5f88\u5927\u7684\u6000\u7591\u30022000\u5e74\u7a46\u8fea\u6295\u8d44\u6709\u4e00\u4efd\u520a\u7269\uff0c\u6279\u8bc4\u7528EBITDA\u4f5c\u6307\u6807\u7684\u4e0d\u53ef\u9760\u6027\u3002\u56e0\u4e3a\u6709\u5f88\u591a\u884c\u4e1a\uff0c\u50cf\u77f3\u6cb9\u4e1a\u3001\u9ad8\u79d1\u6280\u4e1a\u7b49\uff0c\u6298\u65e7\u53ca\u644a\u9500\u662f\u975e\u5e38\u5e9e\u5927\u7684\uff0c\u9700\u8981\u5927\u91cf\u8d44\u91d1\u6765\u518d\u91cd\u65b0\u6295\u8d44\u65b0\u7684\u79d1\u6280\u6216\u65b0\u7684\u52d8\u63a2\u5de5\u4f5c\uff0c\u6240\u4ee5\u8fd9\u4e2a\u201c\u73b0\u91d1\u6d41\u201d\u4e0d\u53ef\u89c6\u4f5c\u80a1\u4e1c\u6295\u8d44\u7684\u6536\u5165\u3002<\/p>\n<p> \u3000\u3000\u8fd9\u4e2a\u6307\u6807\u6700\u9002\u5408\u5e94\u7528\u4e8e\u8fd0\u4f5c\u8f83\u7a33\u5b9a\u7684\u884c\u4e1a\u5982\u53d1\u7535\uff0c\u5176\u8bbe\u65bd\u5bff\u547d\u76f8\u5bf9\u8f83\u957f\uff0c\u53ef\u4ee5\u7ef4\u630115\uff0d20\u5e74\u4ee5\u4e0a\uff0c\u5f53\u9664\u7a0e\u3001\u5229\u606f\u3001\u6298\u65e7\u53ca\u644a\u9500\u524d\u6536\u5165\uff08\u5373\u662f\u6bdb\u5229\uff09\u80fd\u591f\u5728\u77ed\u65f6\u95f4\u5185\u62b5\u6d88\u6536\u8d2d\u4ef7\u7684\u8bdd\uff0c\u7535\u5382\u4f59\u4e0b\u7684\u8fd0\u4f5c\u65f6\u95f4\u4fbf\u53d8\u6210\u65e0\u672c\u751f\u5229\uff0c\u63d0\u9ad8\u6295\u8d44\u5438\u5f15\u529b\u3002<\/p>\n<p> \u3000\u3000\uff08\u516b\uff09\u73b0\u91d1\u6d41\u6298\u73b0\u6cd5<\/p>\n<p> \u3000\u3000\u73b0\u91d1\u6d41\u6298\u73b0\u6cd5\uff08Discounted Cash Flow\uff09\u662f\u6295\u8d44\u6700\u5e38\u7528\u7684\u5de5\u5177\u4e4b\u4e00\u3002<\/p>\n<p> 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