{"id":3347,"date":"2020-05-27T01:51:19","date_gmt":"2020-05-26T17:51:19","guid":{"rendered":"https:\/\/www.lixiangluntan.com\/3347\/"},"modified":"2020-05-27T01:51:19","modified_gmt":"2020-05-26T17:51:19","slug":"%e8%82%a1%e7%a5%a8%e5%86%85%e5%9c%a8%e4%bb%b7%e5%80%bc%e7%9a%84%e7%ae%80%e4%bb%8b_%e5%a4%a7%e6%99%ba%e6%85%a7365%e7%a0%b4%e8%a7%a3%e7%89%88%ef%bc%8c%e8%82%a1%e7%a5%a8","status":"publish","type":"post","link":"https:\/\/www.lixiangluntan.com\/?p=3347","title":{"rendered":"\u80a1\u7968\u5185\u5728\u4ef7\u503c\u7684\u7b80\u4ecb_\u5927\u667a\u6167365\u7834\u89e3\u7248\uff0c\u80a1\u7968"},"content":{"rendered":"
\n

\u5982\u4f55\u8fd0\u7528\u4ef7\u503c\u89c4\u5f8b\u8fdb\u884c\u4ef7\u503c\u6295\u8d44\uff1f<\/p>\n

\u3000\u3000\u4ef7\u503c\u6295\u8d44\u6709\u5982\u62c9\u5f13\u5c04\u7bad\uff0c\u5e02\u76c8\u7387\u9ad8\u4e86\u5c31\u629b \u538b\u4f4e\u4e9b\uff0c\u5e02\u76c8\u7387\u4f4e\u4e86\u5c31\u4e70\u80a1\u7968\u62ac\u9ad8\u4e9b\u3002\u56e0\u6b64\u5bfb\u627e\u5177\u6709\u4ef7\u503c\u6295\u8d44\u7684\u4e0a\u5e02\u516c\u53f8\u201c\u6807\u7684\u201d\uff0c\u6210\u4e3a\u4ef7\u503c\u6295\u8d44\u8005\u7684\u57fa\u672c\u5de5\u592b\u3002\u5177\u6709\u4ef7\u503c\u521b\u9020\u7684\u4e0a\u5e02\u516c\u53f8\u9700\u8981\u4e0b\u5217\u6761\u4ef6\uff1a<\/p>\n<\/blockquote>\n

     <\/p>\n

\u3000\u3000\u5185\u5728\u7684\u7b80\u4ecb<\/strong>\uff1f\u4ec0\u4e48\u662f\u80a1\u7968\u5185\u5728\u4ef7\u503c<\/strong>\uff1f\u80a1\u7968\u5185\u5728\u4ef7\u503c\u7684\u542b\u4e49<\/strong>\uff1f\u4e0b\u9762\u80a1\u7968\u8d44\u6e90\u9986\u5c0f\u7f16\u4e3a\u5927\u5bb6\u4ecb\u7ecd\u80a1\u7968\u5185\u5728\u4ef7\u503c<\/strong>\uff1a<\/p>\n

\u3000\u3000\u4e2d\u80a1\u7968\u7684\u4ef7\u683c\u662f\u7531\u80a1\u7968\u7684\u5185\u5728\u4ef7\u503c\u6240\u51b3\u5b9a\u7684\uff0c\u5f53\u5e02\u573a\u6b65\u5165\u8c03\u6574\u7684\u65f6\u5019\uff0c\u5e02\u573a\u8d44\u91d1\u504f\u7d27\uff0c\u80a1\u7968\u7684\u4ef7\u683c\u4e00\u822c\u4f1a\u4f4e\u4e8e\u80a1\u7968\u5185\u5728\u4ef7\u503c\uff0c\u5f53\u5e02\u573a\u5904\u4e8e\u4e0a\u5347\u671f\u7684\u65f6\u5019\uff0c\u5e02\u573a\u8d44\u91d1\u5145\u88d5\uff0c\u80a1\u7968\u7684\u4ef7\u683c\u4e00\u822c\u9ad8\u4e8e\u5176\u5185\u5728\u4ef7\u503c\u3002\u603b\u4e4b\u80a1\u5e02\u4e2d\u80a1\u7968\u7684\u4ef7\u683c\u662f\u56f4\u7ed5\u80a1\u7968\u7684\u5185\u5728\u4ef7\u503c\u4e0a\u4e0b\u6ce2\u52a8\u7684\u3002<\/p>\n

\u3000\u30001\u786e\u5b9a\u65b9\u6cd5\u7f16\u8f91\u80a1\u7968\u5185\u5728\u4ef7\u503c\uff08Intrinsic Value\uff09<\/p>\n

\u3000\u3000\u90a3\u4e48\u80a1\u7968\u7684\u5185\u5728\u4ef7\u503c\u662f\u600e\u6837\u786e\u5b9a\u7684\u5462\uff1f<\/p>\n

\u3000\u3000\u4e00\u822c\u6709\u4e09\u79cd\u65b9\u6cd5\uff1a\u7b2c\u4e00\u79cd\u5e02\u76c8\u7387\u6cd5\uff0c\u5e02\u76c8\u7387\u6cd5\u662f\u80a1\u7968\u5e02\u573a\u4e2d\u786e\u5b9a\u80a1\u7968\u5185\u5728\u4ef7\u503c\u7684\u6700\u666e\u901a\u3001\u6700\u666e\u904d\u7684\u65b9\u6cd5\uff0c\u901a\u5e38\u60c5\u51b5\u4e0b\uff0c\u80a1\u5e02\u4e2d\u5e73\u5747\u5e02\u76c8\u7387\u662f\u7531\u4e00\u5e74\u671f\u7684\u94f6\u884c\u5b58\u6b3e\u5229\u7387\u6240\u786e\u5b9a\u7684\uff0c\u6bd4\u5982\uff0c\u4e00\u5e74\u671f\u7684\u94f6\u884c\u5b58\u6b3e\u5229\u7387\u4e3a3.87%\uff0c\u5bf9\u5e94\u80a1\u5e02\u4e2d\u7684\u5e73\u5747\u5e02\u76c8\u7387\u4e3a25.83\u500d\uff0c\u9ad8\u4e8e\u8fd9\u4e2a\u5e02\u76c8\u7387\u7684\u80a1\u7968\uff0c\u5176\u4ef7\u683c\u5c31\u88ab\u9ad8\u4f30\uff0c\u4f4e\u4e8e\u8fd9\u4e2a\u5e02\u76c8\u7387\u7684\u80a1\u7968\u4ef7\u683c\u5c31\u88ab\u4f4e\u4f30\u3002<\/p>\n

\u3000\u3000\u7b2c\u4e8c\u79cd\u65b9\u6cd5\u8d44\u4ea7\u8bc4\u4f30\u503c\u6cd5\uff0c\u5c31\u662f\u628a\u4e0a\u5e02\u516c\u53f8\u7684\u5168\u90e8\u8d44\u4ea7\u8fdb\u884c\u8bc4\u4f30\u4e00\u904d\uff0c\u6263\u9664\u516c\u53f8\u7684\u5168\u90e8\u8d1f\u503a\uff0c\u7136\u540e\u9664\u4ee5\u603b\u80a1\u672c\uff0c\u5f97\u51fa\u7684\u6bcf\u80a1\u80a1\u7968\u4ef7\u503c\u3002\u5982\u679c\u8be5\u80a1\u7684\u5e02\u573a\u4ef7\u683c\u5c0f\u4e8e\u8fd9\u4e2a\u4ef7\u503c\uff0c\u8be5\u80a1\u7968\u4ef7\u503c\u88ab\u4f4e\u4f30\uff0c\u5982\u679c\u8be5\u80a1\u7684\u5e02\u573a\u4ef7\u683c\u5927\u4e8e\u8fd9\u4e2a\u4ef7\u503c\uff0c\u8be5\u80a1\u7968\u7684\u4ef7\u683c\u88ab\u9ad8\u4f30\u3002<\/p>\n

\u3000\u3000\u7b2c\u4e09\u79cd\u65b9\u6cd5\u5c31\u662f\u9500\u552e\u6536\u5165\u6cd5\uff0c\u5c31\u662f\u7528\u4e0a\u5e02\u516c\u53f8\u7684\u5e74\u9500\u552e\u6536\u5165\u9664\u4ee5\u4e0a\u5e02\u516c\u53f8\u7684\u80a1\u7968\u603b\u5e02\u503c\uff0c\u5982\u679c\u5927\u4e8e1\uff0c\u8be5\u80a1\u7968\u4ef7\u503c\u88ab\u4f4e\u4f30\uff0c\u5982\u679c\u5c0f\u4e8e1\uff0c\u8be5\u80a1\u7968\u7684\u4ef7\u683c\u88ab\u9ad8\u4f30\u3002<\/p>\n

\u3000\u30002\u51b3\u5b9a\u6027\u56e0\u7d20\u7f16\u8f91\u6982\u8ff0<\/p>\n

\u3000\u3000\u80a1\u7968\u5185\u5728\u4ef7\u503c\u5373\u80a1\u7968\u672a\u6765\u6536\u76ca\u7684\u73b0\u503c\uff0c\u53d6\u51b3\u4e8e\u9884\u671f\u80a1\u606f\u6536\u5165\u548c\u5e02\u573a\u6536\u76ca\u7387\u3002<\/p>\n

\u3000\u3000\u51b3\u5b9a\u80a1\u7968\u5e02\u573a\u957f\u671f\u6ce2\u52a8\u7684\u662f\u5185\u5728\u4ef7\u503c\uff0c\u4f46\u73b0\u5b9e\u751f\u6d3b\u4e2d\u80a1\u7968\u5e02\u573a\u4e2d\u77ed\u671f\u7684\u6ce2\u52a8\u5e45\u5ea6\u5f80\u5f80\u4f1a\u8d85\u8fc7\u540c\u4e00\u65f6\u671f\u5185\u4ef7\u503c\u7684\u63d0\u9ad8\u5e45\u5ea6\u3002\u90a3\u4e48\u7a76\u7adf\u662f\u4ec0\u4e48\u51b3\u5b9a\u4e86\u4ef7\u683c\u5bf9\u4e8e\u4ef7\u503c\u7684\u504f\u79bb\u5462\uff1f\u6295\u8d44\u8005\u9884\u671f\u662f\u4e2d\u77ed\u671f\u80a1\u7968\u4ef7\u683c\u6ce2\u52a8\u7684\u51b3\u5b9a\u6027\u56e0\u7d20\u3002<\/p>\n

\u3000\u3000\u5728\u6295\u8d44\u8005\u9884\u671f\u7684\u5f71\u54cd\u4e0b\uff0c\u80a1\u7968\u5e02\u573a\u4f1a\u81ea\u53d1\u5f62\u6210\u4e00\u4e2a\u6b63\u53cd\u9988\u8fc7\u7a0b\u3002\u80a1\u7968\u4ef7\u683c\u7684\u4e0d\u65ad\u4e0a\u5347\u589e\u5f3a\u4e86\u6295\u8d44\u8005\u7684\u4fe1\u5fc3\u53ca\u671f\u671b\uff0c\u8fdb\u800c\u5438\u5f15\u66f4\u591a\u7684\u6295\u8d44\u8005\u8fdb\u5165\u5e02\u573a\uff0c\u63a8\u52a8\u80a1\u7968\u4ef7\u683c\u8fdb\u4e00\u6b65\u4e0a\u5347\uff0c\u5e76\u4fc3\u4f7f\u8fd9\u4e00\u5faa\u73af\u8fc7\u7a0b\u7ee7\u7eed\u8fdb\u884c\u4e0b\u53bb\u3002\u5e76\u4e14\u8fd9\u4e2a\u53cd\u9988\u8fc7\u7a0b\u662f\u65e0\u6cd5\u81ea\u6211\u7ea0\u6b63\u7684\uff0c\u5faa\u73af\u8fc7\u7a0b\u7684\u7ed3\u675f\u9700\u8981\u7531\u5916\u529b\u6765\u6253\u7834\u3002<\/p>\n

\u3000\u3000\u8054\u7cfb\u5b9e\u9645<\/p>\n

\u3000\u3000\u8fd1\u671f\u7684A\u80a1\u5e02\u573a\u6b63\u662f\u5728\u8fd9\u79cd\u673a\u5236\u7684\u4f5c\u7528\u4e0b\u4e0d\u65ad\u4e0a\u5347\u7684\u3002\u672c\u8f6e\u4e0a\u5347\u8d8b\u52bf\u7684\u521d\u59cb\u50ac\u5316\u56e0\u7d20\u662f\u4ef7\u503c\u4f4e\u4f30\u548c\u80a1\u6743\u5206\u7f6e\u6539\u9769\uff0c\u4f46\u968f\u7740A\u80a1\u5e02\u573a\u4f30\u503c\u6c34\u5e73\u7684\u4e0d\u65ad\u63d0\u9ad8\uff0c\u6295\u8d44\u8005\u4e50\u89c2\u9884\u671f\u5df2\u7ecf\u6210\u4e3a\u5f53\u524dA\u80a1\u5e02\u573a\u4e0d\u65ad\u4e0a\u6da8\u7684\u4e3b\u8981\u52a8\u529b\u3002<\/p>\n

\u3000\u3000\u4e4b\u524d\uff0c\u5bf9\u4e8eA\u80a1\u5e02\u573a\u603b\u4f53\u504f\u9ad8\u7684\u7591\u8651\u66fe\u7ecf\u5f15\u53d1\u4e86\u5173\u4e8e\u8d44\u4ea7\u6ce1\u6cab\u7684\u8ba8\u8bba\uff0c\u5e76\u5bfc\u81f4\u4e86\u80a1\u7968\u5e02\u573a\u7684\u632f\u8361<\/p>\n

\u3000\u3000\u80a1\u7968\u7684\u5185\u5728\u4ef7\u503c\u662f\u6307\u80a1\u7968\u672a\u6765\u73b0\u91d1\u6d41\u5165\u7684\u73b0\u503c\u3002\u5b83\u662f\u80a1\u7968\u7684\u771f\u5b9e\u4ef7\u503c\uff0c\u4e5f\u53eb\u4ef7\u503c\u3002\u80a1\u7968\u7684\u672a\u6765\u73b0\u91d1\u6d41\u5165\u5305\u62ec\u4e24\u90e8\u5206\uff1a\u6bcf\u671f\u9884\u671f\u80a1\u5229\u51fa\u552e\u65f6\u5f97\u5230\u7684\u6536\u5165\u3002\u80a1\u7968\u7684\u5185\u5728\u4ef7\u503c\u7531\u4e00\u7cfb\u5217\u80a1\u5229\u548c\u5c06\u6765\u51fa\u552e\u65f6\u552e\u4ef7\u7684\u73b0\u503c\u6240\u6784\u6210\u3002<\/p>\n

\u3000\u30003\u8ba1\u7b97\u65b9\u6cd5\u6a21\u578b\u7f16\u8f91\u80a1\u7968\u5185\u5728\u4ef7\u503c\u7684\u8ba1\u7b97\u65b9\u6cd5\u6a21\u578b\u6709\uff1a<\/p>\n

\u3000\u3000A.\u73b0\u91d1\u6d41\u8d34\u73b0\u6a21\u578b<\/p>\n

\u3000\u3000B.\u5185\u90e8\u6536\u76ca\u7387\u6a21\u578b<\/p>\n

\u3000\u3000C.\u96f6\u589e\u957f\u6a21\u578b<\/p>\n

\u3000\u3000D.\u4e0d\u53d8\u589e\u957f\u6a21\u578b<\/p>\n

\u3000\u3000E.\u5e02\u76c8\u7387\u4f30\u4ef7\u6a21\u578b<\/p>\n

\u3000\u30004\u8ba1\u7b97\u65b9\u6cd5\u7f16\u8f91\u80a1\u7968\u5185\u5728\u4ef7\u503c\u7684\u8ba1\u7b97\u65b9\u6cd5\uff1a<\/p>\n

\u3000\u3000\u80a1\u5229\u8d34\u73b0\u6a21\u578b\uff08DDM\u6a21\u578b\uff09<\/p>\n

\u3000\u3000\u8d34\u73b0\u73b0\u91d1\u6d41\u6a21\u578b\uff08\u57fa\u672c\u6a21\u578b\uff09<\/p>\n

\u3000\u3000\u8d34\u73b0\u73b0\u91d1\u6d41\u6a21\u578b\u662f\u8fd0\u7528\u6536\u5165\u7684\u8d44\u672c\u5316\u5b9a\u4ef7\u65b9\u6cd5\u6765\u51b3\u5b9a\u666e\u901a\u80a1\u7968\u7684\u5185\u5728\u4ef7\u503c\u7684\u3002\u6309\u7167\u6536\u5165\u7684\u8d44\u672c\u5316\u5b9a\u4ef7\u65b9\u6cd5\uff0c\u4efb\u4f55\u8d44\u4ea7\u7684\u5185\u5728\u4ef7\u503c\u662f\u7531\u62e5\u6709\u8fd9\u79cd\u8d44\u4ea7\u7684\u6295\u8d44\u8005\u5728\u672a\u6765\u65f6\u671f\u4e2d\u6240\u63a5\u53d7\u7684\u73b0\u91d1\u6d41\u51b3\u5b9a\u7684\u3002\u4e00\u79cd\u8d44\u4ea7\u7684\u5185\u5728\u4ef7\u503c\u7b49\u4e8e\u9884\u671f\u73b0\u91d1\u6d41\u7684\u8d34\u73b0\u503c\u3002<\/p>\n

\u3000\u30001\u3001\u73b0\u91d1\u6d41\u6a21\u578b\u7684\u4e00\u822c\u5982\u4e0b\uff1a<\/p>\n

\u3000\u3000\uff08Dt\uff1a\u5728\u672a\u6765\u65f6\u671f\u4ee5\u73b0\u91d1\u5f62\u5f0f\u8868\u793a\u7684\u6bcf\u80a1\u80a1\u7968\u7684\u80a1\u5229 k\uff1a\u5728\u4e00\u5b9a\u7a0b\u5ea6\u4e0b\u73b0\u91d1\u6d41\u7684\u5408\u9002\u7684\u8d34\u73b0\u7387 V\uff1a\u80a1\u7968\u7684\u5185\u5728\u4ef7\u503c\uff09\u51c0\u73b0\u503c\u7b49\u4e8e\u5185\u5728\u4ef7\u503c\u4e0e\u6210\u672c\u4e4b\u5dee\uff0c\u5373NPV=V\uff0dP\u5176\u4e2d\uff1aP\u5728t=0\u65f6\u8d2d\u4e70\u80a1\u7968\u7684\u6210\u672c<\/p>\n

\u3000\u3000\u5982\u679cNPV\u300b0\uff0c\u610f\u5473\u7740\u6240\u6709\u9884\u671f\u7684\u73b0\u91d1\u6d41\u5165\u7684\u73b0\u503c\u4e4b\u548c\u5927\u4e8e\u6295\u8d44\u6210\u672c\uff0c\u5373\u8fd9\u79cd\u80a1\u7968\u4ef7\u683c\u88ab\u4f4e\u4f30\uff0c\u56e0\u6b64\u8d2d\u4e70\u8fd9\u79cd\u80a1\u7968\u53ef\u884c\u3002\u5982\u679cNPV\u300a0\uff0c\u610f\u5473\u7740\u6240\u6709\u9884\u671f\u7684\u73b0\u91d1\u6d41\u5165\u7684\u73b0\u503c\u4e4b\u548c\u5c0f\u4e8e\u6295\u8d44\u6210\u672c\uff0c\u5373\u8fd9\u79cd\u80a1\u7968\u4ef7\u683c\u88ab\u9ad8\u4f30\uff0c\u56e0\u6b64\u4e0d\u53ef\u8d2d\u4e70\u8fd9\u79cd\u80a1\u7968\u3002\u901a\u5e38\u53ef\u7528\u8d44\u672c\u8d44\u4ea7\u5b9a\u4ef7\u6a21\u578b\uff08CAPM\uff09\u8bc1\u5238\u5e02\u573a\u7ebf\u6765\u8ba1\u7b97\u5404\u8bc1\u5238\u7684\u9884\u671f\u6536\u76ca\u7387\u3002\u5e76\u5c06\u6b64\u9884\u671f\u6536\u76ca\u7387\u4f5c\u4e3a\u8ba1\u7b97\u5185\u5728\u4ef7\u503c\u7684\u8d34\u73b0\u7387\u3002<\/p>\n

\u3000\u3000\u5185\u542b\u6536\u76ca\u7387\u6a21\u578b\uff08IRR\u6a21\u578b\uff09<\/p>\n

\u3000\u30001\u3001\u5185\u90e8\u6536\u76ca\u7387<\/p>\n

\u3000\u3000\u5185\u90e8\u6536\u76ca\u7387\u5c31\u662f\u4f7f\u6295\u8d44\u51c0\u73b0\u503c\u7b49\u4e8e\u96f6\u7684\u8d34\u73b0\u7387\u3002<\/p>\n

\u3000\u3000\uff08Dt\uff1a\u5728\u672a\u6765\u65f6\u671f\u4ee5\u73b0\u91d1\u5f62\u5f0f\u8868\u793a\u7684\u6bcf\u80a1\u80a1\u7968\u7684\u80a1\u5229 k*\uff1a\u5185\u90e8\u6536\u76ca\u7387 P\uff1a\u80a1\u7968\u4ef7\uff09<\/p>\n

\u3000\u3000\u7531\u6b64\u65b9\u7a0b\u53ef\u4ee5\u89e3\u51fa\u5185\u90e8\u6536\u76ca\u7387k*\u3002<\/p>\n

\u3000\u3000\u96f6\u589e\u957f\u6a21\u578b<\/p>\n

\u3000\u30001\u3001\u5047\u5b9a\u80a1\u5229\u589e\u957f\u7387\u7b49\u4e8e0\uff0c\u5373Dt=D0\uff081+g\uff09tt=1\uff0c2\uff0c\u2505\u2505\uff0c\u5219\u7531\u73b0\u91d1\u6d41\u6a21\u578b\u7684\u4e00\u822c\u516c\u5f0f\u5f97\uff1a P=D0\/k\u300aBR\u300b\u300aBR\u300b2\u3001\u5185\u90e8\u6536\u76ca\u7387k*=D0\/P<\/p>\n

\u3000\u3000\u56fa\u5b9a\u589e\u957f\u6a21\u578b\uff08Constant-growth DDM\uff09<\/p>\n

\u3000\u30001.\u516c\u5f0f<\/p>\n

\u3000\u3000\u5047\u5b9a\u80a1\u5229\u6c38\u8fdc\u6309\u4e0d\u53d8\u7684\u589e\u957f\u7387g\u589e\u957f\uff0c\u5219\u73b0\u91d1\u6d41\u6a21\u578b\u7684\u4e00\u822c\u516c\u5f0f\u5f97\uff1a<\/p>\n

\u3000\u30002.\u5185\u90e8\u6536\u76ca\u7387<\/p>\n

\u3000\u3000\u5e02\u76c8\u7387\u4f30\u4ef7\u65b9\u6cd5<\/p>\n

\u3000\u3000\u5e02\u76c8\u7387\uff0c\u53c8\u79f0\u4ef7\u683c\u6536\u76ca\u6bd4\u7387\uff0c\u5b83\u662f\u6bcf\u80a1\u4ef7\u683c\u4e0e\u6bcf\u80a1\u6536\u76ca\u4e4b\u95f4\u7684\u6bd4\u7387\uff0c\u5176\u8ba1\u7b97\u516c\u5f0f\u4e3a\u53cd\u4e4b\uff0c\u6bcf\u80a1\u4ef7\u683c=\u5e02\u76c8\u7387\u00d7\u6bcf\u80a1\u6536\u76ca\u3002<\/p>\n

\u3000\u3000\u5982\u679c\u6211\u4eec\u80fd\u5206\u522b\u4f30\u8ba1\u51fa\u80a1\u7968\u7684\u5e02\u76c8\u7387\u548c\u6bcf\u80a1\u6536\u76ca\uff0c\u90a3\u4e48\u6211\u4eec\u5c31\u80fd\u95f4\u63a5\u5730\u7531\u6b64\u516c\u5f0f\u4f30\u8ba1\u51fa\u80a1\u7968\u4ef7\u683c\u3002\u8fd9\u79cd\u8bc4\u4ef7\u80a1\u7968\u4ef7\u683c\u7684\u65b9\u6cd5\uff0c\u5c31\u662f\u201c\u5e02\u76c8\u7387\u4f30\u4ef7\u65b9\u6cd5\u201d\u3002<\/p>\n

\u3000\u3000\u4f8b\uff1a<\/p>\n

\u3000\u3000\u7528\u4e8c\u9636\u6bb5\u6a21\u578b\u8ba1\u7b97\u683c\u529b\u7535\u5668\u5185\u5728\u4ef7\u503c\uff1a<\/p>\n

\u3000\u3000\u51c0\u5229\u6da6\u589e\u957f\u7387\uff1a<\/p>\n

\u3000\u30002005\u5e7421.00%\uff0c<\/p>\n

\u3000\u30002004\u5e7424.00%\uff0c<\/p>\n

\u3000\u30002003\u5e7413.85%\uff0c<\/p>\n

\u3000\u30002002\u5e7413.41%\uff0c<\/p>\n

\u3000\u30002001\u5e744.20%\uff0c<\/p>\n

\u3000\u30002000\u5e748.90%\uff0c<\/p>\n

\u3000\u30001999\u5e748.20%\uff0c<\/p>\n

\u3000\u30001998\u5e746.72%\uff0c<\/p>\n

\u3000\u30001997\u5e747.64%\uff0c<\/p>\n

\u3000\u30001996\u5e7420.08%.<\/p>\n

\u3000\u30001995\u5e74\u51c0\u5229\u6da6\uff1a1.55172\u4ebf\u5143\u3002<\/p>\n

\u3000\u30002005\u5e74\u51c0\u5229\u6da6\uff1a5.0961\u4ebf\u5143\u3002<\/p>\n

\u3000\u300010\u5e74\u51852005\u5e74\u6bd41995\u5e74\u51c0\u5229\u6da6\u589e\u957f5.0961\u00f71.55172=3.28\u500d\uff0c10\u5e74\u590d\u5408\u589e\u957f\u7387\u4e3a12.6%\u3002<\/p>\n

\u3000\u3000\u7531\u4e8e\u683c\u529b\u7535\u5668\u8fdb\u5165\u5feb\u901f\u53d1\u5c55\u671f\uff0c\u9884\u8ba110\u5e74\u51c0\u5229\u6da6\u589e\u957f\u7387\uff1a15%\u3002<\/p>\n

\u3000\u3000\u5206\u7ea2\u7387\uff1a<\/p>\n

\u3000\u30002005\u5e7437.89%\uff0c 2004\u5e7438.92%\uff0c 2003\u5e7441.9%\uff0c 2002\u5e7446.5%\uff0c 2001\u5e7445.05%\uff0c2000\u5e7445.07%\uff0c 1999\u5e7451.06%\uff0c 1998\u5e7455.38%\uff0c 1997\u5e740%\uff0c 1996\u5e7465.72%\uff0c<\/p>\n

\u3000\u3000\u5e73\u5747\u7a0e\u540e\u5206\u7ea2\u7387\u4e3a42.0%<\/p>\n

\u3000\u3000\u4eca\u540e\u516c\u53f8\u5c06\u8fdb\u5165\u5feb\u901f\u589e\u957f\u671f\uff0c\u9002\u5f53\u8c03\u4f4e\u5206\u7ea2\u7387\uff0c\u9884\u8ba1\u4eca\u540e10\u5e74\u5e73\u5747\u7a0e\u540e\u5206\u6d3e\u7387\uff1a35%<\/p>\n

\u3000\u3000\u4e8c\u5341\u5e74\u671f\u56fd\u503a\u6536\u76ca\u73873.3%-7.0%\uff0c\u5e73\u57474.5%\uff0c\u8003\u8651\u5229\u7387\u53d8\u5316\u8d8b\u52bf\uff0c\u8c03\u6574\u4e3a7%<\/p>\n

\u3000\u3000\u57fa\u51c6\u5e02\u76c8\u7387\uff1a1\/0.07=14.3<\/p>\n

\u3000\u3000\u5e74\u5ea6 \u6bcf\u80a1\u76c8\u5229\uff08\u5143\uff09 \u5206\u7ea2 \u6298\u73b0\u7cfb\u6570 \u5206\u7ea2\u73b0\u503c<\/p>\n

\u3000\u30002005 0.95 0.3325<\/p>\n

\u3000\u30002006 1.0925 0.3823 0.935 0.3574<\/p>\n

\u3000\u30002007 1.2563 0.4397 0.873 0.3838<\/p>\n

\u3000\u30002008 1.4448 0.5056 0.816 0.4125<\/p>\n

\u3000\u30002009 1.6615 0.5815 0.763 0.4436<\/p>\n

\u3000\u30002010 1.9107 0.6687 0.713 0.4767<\/p>\n

\u3000\u30002011 2.1974 0.7690 0.666 0.5121<\/p>\n

\u3000\u30002012 2.5270 0.8844 0.623 0.5509<\/p>\n

\u3000\u30002013 2.9060 1.0171 0.582 0.5919<\/p>\n

\u3000\u30002014 3.3419 1.1696 0.544 0.6362<\/p>\n

\u3000\u30002015 3.8432 1.3451 0.508 0.6833<\/p>\n

\u3000\u3000\u5408\u8ba1\u7ea2\u5229\u503c\u4e3a\uff1a8.0955\u5143<\/p>\n

\u3000\u3000\u5408\u8ba1\u5206\u7ea2\u73b0\u503c\u4e3a \uff1a 5.0484\u5143<\/p>\n

\u3000\u3000\u4e0a\u5e02\u4ee5\u6765\u7b79\u8d44\u51717.4\u4ebf\uff0c\u5206\u7ea214.8\u4ebf\uff0c\u5206\u7ea2\/\u7b79\u8d44=2\uff0c\u6545\u6298\u5408\u5b9e\u9645\u5206\u7ea2\u73b0\u503c\u4e3a5.04\/2=2.5\u5143\u3002<\/p>\n

\u3000\u3000\u6298\u73b0\u7387\uff1a7%<\/p>\n

\u3000\u3000\u76c8\u5229\u589e\u957f\u7387\u4e3a\uff1a15%<\/p>\n

\u3000\u3000\u5206\u7ea2\u7387\u4e3a\uff1a35%<\/p>\n

\u3000\u3000\u5b9e\u9645\u5206\u7ea2\u73b0\u503c\uff08\u8003\u8651\u5206\u7ea2\u7b79\u8d44\u6bd4\u540e\uff09\u4e3a \uff1a 2.5\u5143<\/p>\n

\u3000\u3000\u7b2c\u4e8c\u9636\u6bb5\u5373\u7b2c10\u5e74\u4ee5\u540e\uff0c\u589e\u957f\u7387\u4e3a\uff1a7%<\/p>\n

\u3000\u3000\u7b2c10\u5e74\u7684\u6bcf\u80a1\u76c8\u5229\u4e3a3.84\u5143<\/p>\n

\u3000\u3000\u6298\u73b0\u5230\u7b2c10\u5e74\u7684\u5f53\u671f\u503c\u4e3a\uff1a3.84\/0.07=54.85\u5143<\/p>\n

\u3000\u3000\u7b2c10\u5e74\u7684\u6298\u73b0\u7cfb\u6570\u4e3a0.508<\/p>\n

\u3000\u3000\u7b2c\u4e8c\u9636\u6bb5\u7684\u73b0\u503c\u4e3a\uff1a54.85*0.508=27.86\u5143<\/p>\n

\u3000\u3000\u516c\u53f8\u80a1\u7968\u7684\u5185\u5728\u4ef7\u503c\u4e3a\uff1a27.86+2.5=30.36<\/p>\n

\u3000\u3000\u7ed9\u4ee550%\u4ee5\u4e0a\u7684\u5b89\u5168\u8fb9\u9645\uff0c30.36*0.5=15.18\u5143\u3002<\/p>\n

\u3000\u3000\uff08\u9664\u6743\u53ca\u589e\u53d1\u540e\u8c03\u6574\u4e3a\uff1a\uff0815.18-0.4\uff09\/1.5\/1.16=8.49\u5143\u3002<\/p>\n

\u3000\u3000\u7ed9\u4ee560%\u4ee5\u4e0a\u7684\u5b89\u5168\u8fb9\u9645\uff0c30.36*0.4=12.14\u5143<\/p>\n

\u3000\u3000\uff08\u9664\u6743\u53ca\u589e\u53d1\u540e\u8c03\u6574\u4e3a\uff1a\uff0812.14-0.4\uff09\/1.5\/1.16=6.75\u5143\uff09<\/p>\n

\u3000\u3000\u7ed9\u4ee570%\u4ee5\u4e0a\u7684\u5b89\u5168\u8fb9\u9645\uff0c30.36*0.3=9.10\u5143<\/p>\n

\u3000\u3000\uff08\u9664\u6743\u53ca\u589e\u53d1\u540e\u8c03\u6574\u4e3a\uff1a\uff089.10-0.4\uff09\/1.5\/1.16=5.00\u5143\uff09<\/p>\n

\u3000\u3000\u4e3a\u83b7\u5f9715%\u5e74\u590d\u5229\uff0c\u73b0\u5728\u53ef\u652f\u4ed8\u683c\u529b\u7535\u5668\u7684\u6700\u9ad8\u4ef7\u683c\uff1a<\/p>\n

\u3000\u3000\u51c0\u5229\u6da6\u589e\u957f\u7387\u4e3a15%<\/p>\n

\u3000\u30002015\u5e74\u7684\u9884\u671f\u4ef7\u683c\uff1a3.8432*14.3=54.90\u5143<\/p>\n

\u3000\u3000\u52a0\u4e0a\u9884\u671f\u7ea2\u5229\uff1a8.09\u5143<\/p>\n

\u3000\u3000\u9884\u671f2015\u5e74\u603b\u6536\u76ca\uff1a54.90+8.09=62.99\u5143<\/p>\n

\u3000\u3000\u83b7\u5f9715%\u76c8\u5229\u73b0\u53ef\u652f\u4ed8\u7684\u6700\u9ad8\u4ef7\u683c62.99\/4.05=15.55\u5143\u3002<\/p>\n

\u3000\u3000\uff08\u9664\u6743\u53ca\u589e\u53d1\u540e\u8c03\u6574\u4e3a\uff1a\uff0815.55-0.4\uff09\/1.5\/1.16=8.70\u5143\uff09<\/p>\n

\u3000\u3000\u52a8\u6001ROE\u6a21\u578b\u8ba1\u7b97\u683c\u529b\u7535\u5668\u5185\u5728\u4ef7\u503c\uff1a<\/p>\n

\u3000\u3000\u51c0\u8d44\u4ea7\u6536\u76ca\u7387\uff08%\uff09\uff1a<\/p>\n

\u3000\u30002005\u5e7418.72<\/p>\n

\u3000\u30002004\u5e7417.24<\/p>\n

\u3000\u30002003\u5e7415.53<\/p>\n

\u3000\u30002002\u5e7416.17<\/p>\n

\u3000\u30002001\u5e7415.82<\/p>\n

\u3000\u30002000\u5e7415.48<\/p>\n

\u3000\u30001999\u5e7421.68<\/p>\n

\u3000\u30001998\u5e7426.3<\/p>\n

\u3000\u30001997\u5e7432.9<\/p>\n

\u3000\u30001996\u5e7433.56<\/p>\n

\u3000\u3000\u5e73\u5747\uff1a21.34%<\/p>\n

\u3000\u3000\u9884\u8ba1\u540e10\u5e74\u5e73\u5747\u51c0\u8d44\u4ea7\u6536\u76ca\u7387\u4e3a18%.<\/p>\n

\u3000\u3000\u5219\u5185\u5728\u4ef7\u503c\u4e3a\uff1a<\/p>\n

\u3000\u3000\u6bcf\u80a1\u6536\u76ca\uff080.95\uff09\/\u8d34\u73b0\u7387\uff080.07\uff09=13.57\u5143<\/p>\n

\u3000\u3000\u51c0\u8d44\u4ea7\u6536\u76ca\u7387\uff0818%\uff09\/\u8d34\u73b0\u7387\uff087%\uff09=2.57<\/p>\n

\u3000\u300013.57*2.57=34.87\u5143\u5373\u683c\u529b\u7535\u5668\u5185\u5728\u4ef7\u503c\u7684\u73b0\u503c\u4e3a37.37\u5143\u3002\uff08\u52a0\u4e0a\u7ea2\u5229\u7684\u73b0\u503c2.5\u5143\uff09<\/p>\n

\u3000\u3000\u7ed9\u4e885\u6298\u7684\u5b89\u5168\u8fb9\u9645\u521937.37\/2=18.68\u5143\u3002<\/p>\n

\u3000\u3000\uff08\u9664\u6743\u53ca\u589e\u53d1\u540e\u8c03\u6574\u4e3a\uff1a\uff0818.68-0.4\uff09\/1.5\/1.16=10.5\u5143\uff09<\/p>\n

\u3000\u3000\u7ed9\u4e884\u6298\u7684\u5b89\u5168\u8fb9\u9645\u521937.37*0.4=14.94\u5143<\/p>\n

\u3000\u3000\uff08\u9664\u6743\u53ca\u589e\u53d1\u540e\u8c03\u6574\u4e3a\uff1a\uff0814.94-0.4\uff09\/1.5\/1.16=8.35\u5143\uff09<\/p>\n

\u3000\u3000\u7ed9\u4e883\u6298\u7684\u5b89\u5168\u8fb9\u9645\u521937.37*0.3=11.21\u5143<\/p>\n

\u3000\u3000\uff08\u9664\u6743\u53ca\u589e\u53d1\u540e\u8c03\u6574\u4e3a\uff1a\uff0811.21-0.4\uff09\/1.5\/1.16=6.20\u5143\uff09<\/p>\n

\u3000\u3000\u6210\u957f\u7387\u4e3a10%\uff0c10\u5e74\u540e\u5c06\u6210\u957f2.58\u500d;<\/p>\n

\u3000\u3000\u6210\u957f\u7387\u4e3a12%\uff0c10\u5e74\u540e\u5c06\u6210\u957f3.11\u500d;<\/p>\n

\u3000\u3000\u6210\u957f\u7387\u4e3a15%\uff0c10\u5e74\u540e\u5c06\u6210\u957f4.05\u500d;<\/p>\n

\u3000\u3000\u6210\u957f\u7387\u4e3a16%\uff0c10\u5e74\u540e\u5c06\u6210\u957f4.41\u500d;<\/p>\n

\u3000\u3000\u6210\u957f\u7387\u4e3a18%\uff0c10\u5e74\u540e\u5c06\u6210\u957f5.23\u500d;<\/p>\n

\u3000\u3000\u6210\u957f\u7387\u4e3a20%\uff0c10\u5e74\u540e\u5c06\u6210\u957f6.08\u500d;<\/p>\n

\u3000\u3000\u6210\u957f\u7387\u4e3a25%\uff0c10\u5e74\u540e\u5c06\u6210\u957f9.31\u500d;<\/p>\n

\u3000\u3000\u6210\u957f\u7387\u4e3a30%\uff0c10\u5e74\u540e\u5c06\u6210\u957f13.79\u500d;<\/p>\n

\u3000\u3000\u6210\u957f\u7387\u4e3a40%\uff0c10\u5e74\u540e\u5c06\u6210\u957f28.95\u500d;<\/p>\n

\uff08\u80a1\u7968\u8d44\u6e90\u9986lixiangluntan.com\uff09<\/p>\n

\n

\u3010\u80a1\u7968\u8d44\u6e90\u9986\u3011\u8ba9\u6570\u636e\u89e6\u624b\u53ef\u5f97\uff01\u4e13\u4e1a\u548c\u8c10\u7834\u89e3\u9ad8\u7aef\u7092\u80a1\u8f6f\u4ef6\uff01<\/p>\n

\u662f\u56fd\u5185\u6700\u597d\u7684\u80a1\u7968\u8f6f\u4ef6\u3001\u80a1\u7968\u516c\u5f0f\u6307\u6807\u3001\u80a1\u7968\u4e66\u7c4d\u4e0b\u8f7d\u7f51\u7ad9\uff1b\u63d0\u4f9b\u6700\u5168\u9762\u7684\u80a1\u7968\u77e5\u8bc6\u3001\u7092\u80a1\u6559\u7a0b\u3001\u9ed1\u9a6c\u80a1\u7968\u3001\u80a1\u7968\u8d44\u8baf\u3001\u671f\u8d27\u5916\u6c47\u7b49\u7ed9\u5927\u5bb6\u5728\u7ebf\u53c2\u8003\u5b66\u4e60\u3002<\/p>\n<\/blockquote>\n

\n

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\u3000\u3000\u62a2\u70b9\u5b9a\u5f8b\uff1a<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"

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