{"id":34266,"date":"2019-06-09T13:04:27","date_gmt":"2019-06-09T05:04:27","guid":{"rendered":"https:\/\/www.lixiangluntan.com\/34266.html"},"modified":"2019-06-09T13:04:27","modified_gmt":"2019-06-09T05:04:27","slug":"%e7%bb%9d%e5%af%b9%e4%bc%b0%e5%80%bc%e6%b3%95%e7%9a%84%e5%86%97%e7%be%8e_%e5%85%ac%e5%bc%8f%e6%8c%87%e6%a0%87%e7%bc%96%e5%86%99","status":"publish","type":"post","link":"https:\/\/www.lixiangluntan.com\/?p=34266","title":{"rendered":"\u7edd\u5bf9\u4f30\u503c\u6cd5\u7684\u5197\u7f8e_\u516c\u5f0f\u6307\u6807\u7f16\u5199"},"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;\">\u516c\u53f8\u4f30\u503c\u6cd5\u7684\u5bf9\u6bd4<\/p>\n<p>\u3000\u3000<br \/>\n<strong>\u516c\u53f8\u4f30\u503c\u6cd5<\/strong>\u7684\u5bf9\u6bd4\uff1a<\/p>\n<\/blockquote>\n<p>&nbsp;&nbsp;&nbsp;&nbsp; <\/p>\n<p> \u3000\u3000<strong>\u7edd\u5bf9\u4f30\u503c\u6cd5<\/strong>\u7684\u5197\u7f8e\u3002<\/p>\n<p> \u3000\u3000\u5197\u7f8e\u7684\u7edd\u5bf9\u4f30\u503c\u6cd5<\/p>\n<p> \u3000\u3000\u7edd\u5bf9\u4f30\u503c\u6cd5\uff08\u6298\u73b0\u65b9\u6cd5\uff09\u51e0\u4e4e\u540c\u65f6\u4e0e\u76f8\u5bf9\u4f30\u503c\u6cd5\u5f15\u5165\u4e2d\u56fd\uff0c\u4f46\u4e00\u76f4\u5904\u4e8e\u8fb9\u7f18\u5316\u7684\u5c34\u5c2c\u5730\u4f4d\uff0c\u7edd\u5bf9\u4f30\u503c\u6cd5\u4e00\u76f4\u88ab\u8ba4\u4e3a\u662f\u201c<a href=\"http:\/\/lixiangluntan.com\/lilun\/\" target=\"_blank\" rel=\"noopener noreferrer\"><\/a>\u867d\u5b8c\u7f8e\uff0c\u4f46\u5b9e\u7528\u6027\u4e0d\u4f73\u201d\uff0c\u4e3b\u8981\u56e0\u4e3a\uff1a\uff081\uff09\u4e2d\u56fd\u4e0a\u5e02\u516c\u53f8\u76f8\u5173\u7684\u57fa\u7840\u6570\u636e\u6bd4\u8f83\u7f3a\u4e4f\uff0c\u53d6\u5f97\u51c6\u786e\u7684\u6a21\u578b\u53c2\u6570\u6bd4\u8f83\u56f0\u96be\u3002\u4e0d\u53ef\u4fe1\u7684\u6570\u636e\u8fdb\u5165\u6a21\u578b\u540e\uff0c\u5f97\u5230\u5408\u7406\u6027\u4e0d\u4f73\u7684\u7ed3\u679c\uff0c\u8fdb\u800c\u5bf9\u7edd\u5bf9\u4f30\u503c\u6cd5\u6a21\u578b\u672c\u8eab\u4ea7\u751f\u4fe1\u5fc3\u52a8\u6447\u4e0e\u6000\u7591\uff1b\uff082\uff09\u4e2d\u56fd\u4e0a\u5e02\u516c\u53f8\u7684\u6d41\u901a\u80a1\u4e0d\u5230\u603b\u80a1\u672c1\/3\uff0c\u4e0e\u4ea7\u751f\u4e8e\u53d1\u8fbe\u56fd\u5bb6\u7684\u4f30\u503c\u6a21\u578b\u4e2d\u5168\u6d41\u901a\u7684\u57fa\u672c\u5047\u8bbe\u4e0d\u7b26\u3002<\/p>\n<p> \u3000\u3000\u4e0d\u8fc7\uff0c2004\u5e74\u4ee5\u6765\u7edd\u5bf9\u4f30\u503c\u6cd5\u8fb9\u7f18\u5316\u7684\u5730\u4f4d\u5f97\u5230\u6781\u5927\u6539\u5584\uff0c\u4e3b\u8981\u56e0\u4e3a\uff1a\u4e2d\u56fd\u80a1\u5e02\u884c\u4e1a\u7ed3\u6784\u4e3b\u4f53\u5de5\u4e1a\u7c7b\u7684\u4e0a\u6e38\u884c\u4e1a\uff0c\u7279\u522b\u662f\u80fd\u6e90\u4e0e\u539f\u6750\u6599\uff0c<a href=\"http:\/\/lixiangluntan.com\/lilun\/zhouqi\/\" target=\"_blank\" rel=\"noopener noreferrer\"><\/a>\u6027\u6781\u5f3a\u30022004\u5e745\u6708\u4ee5\u6765\u7684\u5b8f\u89c2\u8c03\u63a7\u4f7f\u539f\u6709\u7684\u5468\u671f\u6027\u666f\u6c14\u4e0a\u5347\u671f\u95f4\u5e7f\u6cdb\u4f7f\u7528\u7684\u201cTOP-DOWN\u201d\u7814\u7a76\u65b9\u6cd5\uff08\u5b8f\u89c2\u7ecf\u6d4e\u5206\u6790\u2014\u884c\u4e1a\u666f\u6c14\u5224\u65ad\u2014\u9f99\u5934\u516c\u53f8\u76c8\u5229\u9884\u6d4b\uff09\u7684\u91cd\u8981\u6027\u4e0b\u964d\uff1b\u800c\u5728\u5468\u671f\u6027\u666f\u6c14\u4e0b\u964d\uff0c\u7528\u4f20\u7edf\u76f8\u5bf9\u4f30\u503c\u6cd5\u8bc4\u4ef7\u65b9\u6cd5\u65e0\u6cd5\u89e3\u91ca\u516c\u53f8\u80a1\u4ef7\u4e0e\u5185\u5728<a href=\"http:\/\/lixiangluntan.com\/lilun\/jiazhi\/\" target=\"_blank\" rel=\"noopener noreferrer\"><\/a>\u7684\u4e25\u91cd\u80cc\u79bb\u7684\u80cc\u666f\u4e0b\uff0c\u201c\u7ec6\u5206\u884c\u4e1a\u3001\u7cbe\u9009\u4e2a\u80a1\u201d\u7814\u7a76\u65b9\u6cd5\u7684\u91cd\u8981\u6027\u4e0a\u5347\uff0c\u516c\u53f8\u7edd\u5bf9\u4f30\u503c\u6cd5\u5f00\u59cb\u6e10\u6e10\u6d6e\u4e0a\u53f0\u9762\u3002<\/p>\n<p> \u3000\u3000\u7edd\u5bf9\u4f30\u503c\u6cd5\u4e2d\uff0cDDM\u6a21\u578b\u4e3a\u6700\u57fa\u7840\u7684\u6a21\u578b\uff0c\u76ee\u524d\u6700\u4e3b\u6d41\u7684DCF\u6cd5\u4e5f\u5927\u91cf\u501f\u9274\u4e86DDM\u7684\u4e00\u4e9b\u903b\u8f91\u548c\u8ba1\u7b97\u65b9\u6cd5\u3002\u7406\u8bba\u4e0a\uff0c\u5f53\u516c\u53f8\u81ea\u7531\u73b0\u91d1\u6d41\u5168\u90e8\u7528\u4e8e\u80a1\u606f\u652f\u4ed8\u65f6\uff0cDCF\u6a21\u578b\u4e0eDDM\u6a21\u578b\u5e76\u65e0\u672c\u8d28\u533a\u522b\uff1b\u4f46\u4e8b\u5b9e\u4e0a\uff0c\u65e0\u8bba\u5728\u5206\u7ea2\u7387\u8f83\u4f4e\u7684\u4e2d\u56fd\u8fd8\u662f\u5728\u5206\u7ea2\u7387\u8f83\u9ad8\u7684\u7f8e\u56fd\uff0c\u80a1\u606f\u90fd\u4e0d\u53ef\u80fd\u7b49\u540c\u4e8e\u516c\u53f8\u81ea\u7531\u73b0\u91d1\u6d41\uff0c\u539f\u56e0\u6709\u56db\uff1a\uff081\uff09\u7a33\u5b9a\u6027\u8981\u6c42\uff0c\u516c\u53f8\u4e0d\u786e\u5b9a\u672a\u6765\u662f\u5426\u6709\u80fd\u529b\u652f\u4ed8\u9ad8\u80a1\u606f\uff1b\uff082\uff09\u672a\u6765\u7ee7\u7eed\u6765\u6295\u8d44\u7684\u9700\u8981\uff0c\u516c\u53f8\u9884\u8ba1\u672a\u6765\u5b58\u5728\u53ef\u80fd\u7684\u8d44\u672c\u652f\u51fa\uff0c\u4fdd\u7559\u73b0\u91d1\u4ee5\u6d88\u9664\u878d\u8d44\u7684\u4e0d\u4fbf\u4e0e\u6602\u8d35\uff1b\uff083\uff09\u7a0e\u6536\u56e0\u7d20\uff0c\u56fd\u5916\u5b9e\u884c\u8f83\u9ad8\u7d2f\u8fdb\u5236\u7684\u7684\u8d44\u672c\u5229\u5f97\u7a0e\u6216\u4e2a\u4eba\u6240\u5f97\u7a0e\uff1b\uff084\uff09\u4fe1\u53f7\u7279\u5f81\uff0c\u5e02\u573a\u666e\u904d\u5b58\u5728\u201c\u516c\u53f8\u80a1\u606f\u4e0a\u5347\uff0c\u524d\u666f\u53ef\u770b\u9ad8\u4e00\u7ebf\uff1b\u80a1\u606f\u4e0b\u964d\uff0c\u8868\u660e\u516c\u53f8\u524d\u666f\u770b\u6de1\u201d\u7684\u770b\u6cd5\u3002\u4e2d\u56fd\u4e0a\u5e02\u516c\u53f8\u5206\u7ea2\u6bd4\u4f8b\u4e0d\u9ad8\uff0c\u5206\u7ea2\u7684\u6bd4\u4f8b\u4e0e\u6570\u91cf\u4e0d\u5177\u6709\u7a33\u5b9a\u6027\uff0c\u77ed\u671f\u5185\u8be5\u5c40\u9762\u4e5f\u96be\u4ee5\u6539\u5584\uff0cDDM\u6a21\u578b\u5728\u4e2d\u56fd\u57fa\u672c\u4e0d\u9002\u7528\u3002<\/p>\n<p> \u3000\u3000\u76ee\u524d\u6700\u5e7f\u6cdb\u4f7f\u7528\u7684DCF\u4f30\u503c\u6cd5\u63d0\u4f9b\u4e00\u4e2a\u4e25\u8c28\u7684\u5206\u6790\u6846\u67b6\u7cfb\u7edf\u5730\u8003\u8651\u5f71\u54cd\u516c\u53f8\u4ef7\u503c\u7684\u6bcf\u4e00\u4e2a\u56e0\u7d20\u6700\u7ec8\u8bc4\u4f30\u4e00\u4e2a\u516c\u53f8\u7684\u6295\u8d44\u4ef7\u503c\u3002DCF\u4f30\u503c\u6cd5\u4e0eDDM\u7684\u672c\u8d28\u533a\u522b\u662f\uff0cDCF\u4f30\u503c\u6cd5\u7528\u81ea\u7531\u73b0\u91d1\u6d41\u66ff\u4ee3\u80a1\u5229\u3002\u516c\u53f8\u81ea\u7531\u73b0\u91d1\u6d41\uff08Free cash flow for the firm \uff09\u4e3a\u7f8e\u56fd\u5b66\u8005\u62c9\u5df4\u6ce2\u7279\u63d0\u51fa\uff0c\u57fa\u672c\u6982\u5ff5\u4e3a\u516c\u53f8\u4ea7\u751f\u7684\u3001\u5728\u6ee1\u8db3\u4e86\u518d\u6295\u8d44\u9700\u6c42\u4e4b\u540e\u5269\u4f59\u7684\u3001\u4e0d\u5f71\u54cd\u516c\u53f8\u6301\u7eed\u53d1\u5c55\u524d\u63d0\u4e0b\u7684\u3001\u53ef\u4f9b\u516c\u53f8\u8d44\u672c\u4f9b\u5e94\u8005\uff08\u5373\u5404\u79cd\u5229\u76ca\u8981\u6c42\u4eba\uff0c\u5305\u62ec\u80a1\u4e1c\u3001\u503a\u6743\u4eba\uff09\u5206\u914d\u7684\u73b0\u91d1\u3002<\/p>\n<p> \u3000\u3000\u66f4\u591a\u7edd\u5bf9\u4f30\u503c\u6cd5\u77e5\u8bc6\u8bf7\u5173\u6ce8<a href=\"http:\/\/www.lixiangluntan.com\/\" target=\"_blank\" rel=\"noopener noreferrer\"><\/a>\u77e5\u8bc6\u7f51<\/p>\n<p> \uff08\u80a1\u7968\u8d44\u6e90\u9986lixiangluntan.com\uff09<\/p>\n<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;\">\u3010\u80a1\u7968\u8d44\u6e90\u9986\u3011\u5927\u667a\u6167365\u7834\u89e3\u7248\uff0c\u80a1\u7968,\u80a1\u7968\u8d44\u6e90\u9986,\u80a1\u7968\u7f51,\u80a1\u7968\u8f6f\u4ef6,\u80a1\u7968\u516c\u5f0f,\u80a1\u7968\u4e66\u7c4d,\u7092\u80a1\u8f6f\u4ef6,\u80a1\u7968\u77e5\u8bc6,\u80a1\u7968\u5165\u95e8,\u7092\u80a1\u6559\u7a0b,\u80a1\u7968\u516c\u5f0f\u6307\u6807\u3001\u80a1\u7968\u4e66\u7c4d\u4e0b\u8f7d\u7f51\u7ad9\u3002<\/p>\n<\/blockquote>\n<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;\">\u9009\u62e9\u516c\u53f8\u6807\u7684\u6295\u8d44\u8005\u5982\u4f55\u9009\u62e9<\/p>\n<p>\u3000\u3000<br \/>\n<strong>\u9009\u62e9\u516c\u53f8\u6807\u7684<\/strong>\u6295\u8d44\u8005\u5982\u4f55\u9009\u62e9\uff1f<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>\u3000\u3000<br \/>\n<strong>\u7edd\u5bf9\u4f30\u503c\u6cd5<\/strong>\u7684\u5197\u7f8e\u3002<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[149],"class_list":["post-34266","post","type-post","status-publish","format-standard","hentry","category-gs","tag-149"],"_links":{"self":[{"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=\/wp\/v2\/posts\/34266","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=34266"}],"version-history":[{"count":0,"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=\/wp\/v2\/posts\/34266\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=34266"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=34266"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=34266"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}