{"id":34612,"date":"2018-11-19T21:18:21","date_gmt":"2018-11-19T13:18:21","guid":{"rendered":"https:\/\/www.lixiangluntan.com\/34612.html"},"modified":"2018-11-19T21:18:21","modified_gmt":"2018-11-19T13:18:21","slug":"%e6%9c%ba%e6%9e%84%e6%80%8e%e6%a0%b7%e4%bd%bf%e7%94%a8%e8%b4%a2%e5%8a%a1%e5%88%86%e6%9e%90%e9%80%89%e8%82%a1%ef%bc%9f_ace%e7%ad%96%e7%95%a5","status":"publish","type":"post","link":"https:\/\/www.lixiangluntan.com\/?p=34612","title":{"rendered":"\u673a\u6784\u600e\u6837\u4f7f\u7528\u8d22\u52a1\u5206\u6790\u9009\u80a1\uff1f_ace\u7b56\u7565"},"content":{"rendered":"
\n

\u8861\u91cf\u7ecf\u8425\u4e1a\u7ee9\u7684\u6700\u4f73\u6307\u6807<\/p>\n

\u3000\u3000 \u77e5\u8bc6\u7f51\u5c0f\u7f16\u4e3a\u60a8\u4ecb\u7ecd
\n\u8861\u91cf\u7ecf\u8425\u4e1a\u7ee9\u7684\u6700\u4f73<\/strong>\uff1a<\/p>\n<\/blockquote>\n

     <\/p>\n

\u3000\u3000\u673a\u6784\u600e\u6837\u4f7f\u7528\u9009\u80a1<\/strong>\uff1f\u673a\u6784\u5982\u4f55\u4f7f\u7528\u8d22\u52a1\u5206\u6790\u9009\u80a1\uff1f\u673a\u6784\u600e\u4e48\u4f7f\u7528\u8d22\u52a1\u5206\u6790\u9009\u80a1\uff1f<\/p>\n

\u3000\u3000\u6bcf\u4e00\u5bb6\u5168\u7403\u9876\u7ea7\u91d1\u878d\u4fe1\u606f\u670d\u52a1\u5546\u548c\u6295\u8d44\u673a\u6784\u5728\u8fc7\u53bb10\u5e74\u95f4\u90fd\u5f00\u53d1\u51fa\u5bf9\u5185\u548c\u5bf9\u5916\u7684\u8d22\u52a1\u5206\u6790\u548c\u4f30\u503c\u81ea\u52a8\u5316\u8f6f\u4ef6\u53ca\u6570\u636e\u5e93\uff0c\u5927\u5927\u964d\u4f4e\u4e86\u6295\u8d44\u8005\u4e0e\u7814\u7a76\u4eba\u5458\u7684\u5de5\u4f5c\u5f3a\u5ea6\uff0c\u4f7f\u7528\u8005\u51e0\u4e4e\u53ef\u4ee5\u5728\u77ac\u95f4\u8ba1\u7b97\u5e76\u6311\u51fa\u7b26\u5408\u8bbe\u5b9a\u6807\u51c6\u7684\u516c\u53f8\u548c\u80a1\u7968\uff0c\u5728\u6b64\u57fa\u7840\u4e0a\u6295\u8d44\u51b3\u7b56\u5236\u5b9a\u6548\u7387\u5f97\u5230\u663e\u8457\u63d0\u5347\u3002<\/p>\n

\u3000\u3000\u8fd9\u4e9b\u8d22\u52a1\u5206\u6790\u548c\u9009\u80a1\u4f53\u7cfb\u7684\u57fa\u7840\u5927\u540c\u5c0f\u5f02\uff0c\u90fd\u662f\u4e00\u4e2a\u8001\u5e08\u6559\u51fa\u6765\u7684\uff0c\u5176\u9009\u62e9\u7684\u5206\u6790\u4e5f\u662f\u6295\u8d44\u51b3\u7b56\u8fc7\u7a0b\u4e2d\u5fc5\u7528\u7684\u6838\u5fc3\u6307\u6807\uff0c\u8fd9\u79cd\u6807\u51c6\u5316\u4f53\u7cfb\u7684\u7a81\u7834\u5728\u4e8e\u5e94\u7528\u8ba1\u7b97\u673a\u6280\u672f\u5b9e\u73b0\u4e86\u81ea\u52a8\u5316\u548c\u5feb\u6377\u7684\u6570\u636e\u5e93\u67e5\u8be2\u3001\u6bd4\u8f83\u3002\u5bf9\u4e8e\u56fd\u5185\u521a\u521a\u5f00\u59cb\u91c7\u7528\u6b63\u89c4\u6295\u8d44\u65b9\u6cd5\u7684\u673a\u6784\u548c\u4e2a\u4eba\u6295\u8d44\u8005\uff0c\u5728\u83b7\u5f97\u548c\u4f7f\u7528\u8fd9\u79cd\u6295\u8d44\u5229\u5668\u4e4b\u524d\uff0c\u7b2c\u4e00\u6b65\u663e\u7136\u662f\u5148\u8981\u4e86\u89e3\u539f\u7406\uff0d\u770b\u8bf4\u660e\u4e66\u3002<\/p>\n

\u3000\u3000\u5728\u5bf9\u6bd4\u51e0\u5bb6\u56fd\u9645\u9876\u7ea7\u6295\u8d44\u673a\u6784\u5f00\u53d1\u7684\u6807\u51c6\u5316\u8d22\u52a1\u5206\u6790\u548c\u4f30\u503c\u4f53\u7cfb\u540e\uff0c\u8fd9\u91cc\u9009\u62e9\u5728\u7ed3\u6784\u548c\u601d\u8def\u4e0a\u90fd\u6613\u4e8e\u7406\u89e3\u7684\u7f8e\u6797\u8bc1\u5238\u7248\u672c\u4ecb\u7ecd\u7ed9\u56fd\u5185\u6295\u8d44\u8005\u3002\u7f8e\u6797\u8bc1\u5238\u7684\u8fd9\u5957\u63d0\u4f9b\u7ed9\u5ba2\u6237\u7684\u9009\u80a1\u5de5\u5177\u8f6f\u4ef6\uff08\u670d\u52a1\u5546\u6807\u4e3aiQmethod\uff0c05\u5e74\u6700\u540e\u66f4\u65b0\uff09\u4ece\u6570\u767e\u4e2a\u8d22\u52a1\u6307\u6807\u4e2d\u6311\u51fa16\u9879\u6838\u5fc3\u6307\u6807\uff0c\u5e76\u5c06\u5176\u518d\u5212\u5206\u4e3a3\u5927\u7c7b\uff0d\u7ecf\u8425\u8868\u73b0\u3001\u76c8\u5229\u8d28\u91cf\u548c\u4f30\u503c\uff0c\u636e\u6b64\u6765\u6846\u5b9a\u4e00\u652f\u80a1\u7968\u7684\u6295\u8d44\u3002<\/p>\n

\u3000\u3000\u4ee5\u4e0b\u5373\u5bf9\u8fd93\u5927\u7c7b16\u9879\u6307\u6807\u505a\u4e00\u4e9b\u521d\u6b65\u666e\u53ca\u3002\u4e3a\u4fbf\u4e8e\u56fd\u5185\u6295\u8d44\u8005\u76f4\u63a5\u4f7f\u7528\uff0c\u4e00\u4e9b\u6307\u6807\u5df2\u6839\u636e\u4e2d\u56fd\u4f1a\u8ba1\u51c6\u5219\u8fdb\u884c\u8c03\u6574\u3002\u5f53\u7136\uff0c\u8fd9\u7bc7\u7a0d\u663e\u4e13\u4e1a\u7684\u6587\u7ae0\u5bf9\u90a3\u4e9b\u5df2\u5177\u5907\u4e00\u4e9b\u8d22\u52a1\u5206\u6790\u80fd\u529b\u7684\u6295\u8d44\u8005\u66f4\u5bb9\u6613\u7406\u89e3\u548c\u4f7f\u7528\uff0c\u5bf9\u4e8e\u5927\u591a\u6570\u521a\u521a\u5f00\u59cb\u63a5\u89e6\u7684\u6295\u8d44\u8005\uff0c\u901a\u8fc7\u8fd9\u7bc7\u6587\u7ae0\u4e5f\u81f3\u5c11\u80fd\u719f\u6089\u4e00\u4e9b\u91cd\u8981\u6982\u5ff5\uff0c\u53ef\u4ee5\u6309\u56fe\u7d22\u9aa5\uff0c\u627e\u6765\u76f8\u5173\u6559\u79d1\u4e66\u6709\u9488\u5bf9\u6027\u7684\u5b66\u4e60\uff0c\u63d0\u9ad8\u638c\u63e1\u77e5\u8bc6\u7684\u6548\u7387\u3002<\/p>\n

\u3000\u3000\u7ecf\u8425\u8868\u73b0\u7c7b<\/p>\n

\u3000\u30001\u3001\u8d44\u672c\u5229\u7528\u56de\u62a5\u7387\uff08E\uff09=\uff08\uff08\u8425\u4e1a\u5229\u6da6+\u6295\u8d44\u6536\u76ca\uff09\u00d7\uff081\uff0d\u6240\u5f97\u7a0e\u7387\uff09\uff09\u00f7\uff08\u603b\u8d44\u4ea7\uff0d\u6d41\u52a8\u8d1f\u503a+\u77ed\u671f\u501f\u6b3e\uff09<\/p>\n

\u3000\u3000ROCE\u662f\u4f7f\u7528\u6700\u5e7f\u6cdb\u7684\u8861\u91cf\u516c\u53f8\u6240\u6709\u8d22\u52a1\u8d44\u6e90\u4f7f\u7528\u6548\u7387\u7684\u6838\u5fc3\u6307\u6807\uff0c\u7528\u4e8e\u53cd\u6620\u80a1\u4e1c\u548c\u503a\u6743\u4eba\u6295\u7ed9\u516c\u53f8\u7684\u8d44\u672c\u521b\u9020\u4e86\u591a\u5c11\u5229\u6da6\uff0c\u5b83\u53c8\u53ef\u4ee5\u5206\u89e3\u4e3a\u5229\u6da6\u7387\u00d7\u8d44\u4ea7\u5468\u8f6c\u7387\uff08\u8d44\u4ea7\u5468\u8f6c\u7387\u4e3a\uff1a\u4e3b\u8425\u4e1a\u52a1\u6536\u5165\u00f7\u603b\u8d44\u4ea7\u671f\u521d\u671f\u672b\u5e73\u5747\u503c\uff09\uff0c\u6240\u4ee5\u51fa\u4f17\u7684ROCE\u6307\u6807\u9700\u8981\u516c\u53f8\u5b9e\u73b0\u4f18\u79c0\u4e14\u589e\u957f\u7684\u5229\u6da6\u7387\u548c\u8d44\u4ea7\u5468\u8f6c\u7387\u3002\u5728\u8ba1\u7b97\u5f97\u51faROCE\u540e\uff0c\u5982\u679c\u8be5\u503c\u5927\u4e8e\u8d44\u672c\u7684\u6210\u672c\uff08WACC\uff09\uff0c\u5c31\u8bf4\u660e\u516c\u53f8\u5728\u521b\u9020\u7ecf\u6d4e\u4ef7\u503c\uff0c\u5426\u5219\uff0c\u80a1\u4e1c\u548c\u503a\u6743\u4eba\u7684\u5229\u76ca\u5c31\u5728\u53d7\u635f\uff0c\u4e0d\u5982\u6295\u5230\u5176\u5b83\u9886\u57df\u5212\u7b97\u3002<\/p>\n

\u3000\u30002\u51c0\u8d44\u4ea7\u6536\u76ca\u7387\uff08ROE\uff09=\u51c0\u5229\u6da6\u00f7\u80a1\u4e1c\u6743\u76ca<\/p>\n

\u3000\u3000ROE\u662f\u5177\u4f53\u8861\u91cf\u80a1\u4e1c\u6295\u5165\u8d44\u672c\u7684\u56de\u62a5\u6c34\u5e73\u6307\u6807\uff0c\u4e5f\u662fROCE\u7684\u7ec4\u6210\u90e8\u5206\u3002ROE\u548c\u4f30\u503c\u6307\u6807\u5e02\u76c8\u7387\uff08PE\uff09\u4e0e\u5e02\u51c0\u7387\uff08PB\uff09\u5173\u7cfb\u5bc6\u5207\uff0c\u4e8b\u5b9e\u4e0a\uff0cPB\u5c31\u7b49\u4e8eROE\u00d7PE\uff0c\u8fd9\u4e09\u9879\u56e0\u7d20\u7684\u53d8\u52a8\u90fd\u4f1a\u76f4\u63a5\u5f71\u54cd\u4f30\u503c\uff08\u80a1\u4ef7\uff09\u3002\u4f8b\u5982\uff0c\u5982\u679c\u516c\u53f8\u80a1\u7968\u7684PB\u5904\u4e8e\u884c\u4e1a\u5e73\u5747\u6c34\u5e73\uff0c\u5982\u679c\u60f3\u8ba9\u80a1\u4ef7\u4e0a\u6da8\uff0c\u82e5PE\u4e0d\u53d8\u7684\u8bdd\uff0c\u516c\u53f8\u5c31\u5fc5\u987b\u5b9e\u73b0ROE\u7684\u589e\u957f\u3002\u8fd9\u91cc\u9700\u8981\u6ce8\u610f\u7684\u662f\uff0c\u5982\u679c\u516c\u53f8\u6709\u610f\u901a\u8fc7\u4e0d\u5408\u7406\u7684\u624b\u6bb5\uff0c\u5982\u5927\u989d\u6487\u8d26\u6765\u538b\u4f4e\u80a1\u4e1c\u6743\u76ca\u6765\u5b9e\u73b0ROE\u7684\u589e\u957f\uff0c\u6216\u8005ROE\u4e2d\u7684E\uff0c\u65e2\u4e1a\u7ee9\u5b58\u5728\u5927\u91cf\u7684\u5076\u7136\u6536\u76ca\uff0c\u5982\u975e\u7ecf\u5e38\u6027\u635f\u76ca\uff0c\u5728\u6295\u8d44\u8005\u5bdf\u89c9\u540e\u4f1a\u76f8\u5e94\u4e0b\u8c03PE\u500d\u6570\u6765\u53cd\u6620\u5176\u6709\u6c34\u5206\u7684ROE\u589e\u957f\u3002\u6240\u4ee5\uff0c\u4e0d\u4ec5\u8981\u770bROE\u662f\u5426\u589e\u957f\uff0c\u8fd8\u8981\u770b\u5176\u8d28\u91cf\u5982\u4f55\uff0c\u624d\u80fd\u786e\u8ba4\u80a1\u4ef7\u4e0a\u6da8\u662f\u5426\u5408\u7406\u3002\uff08\u7ed3\u5408\u5e93\u5b58\uff0c\u53ef\u4ee5\u5206\u6790\uff0c\u8d44\u4ea7\u8d28\u91cf\uff09<\/p>\n

\u3000\u30003\u8425\u4e1a\u5229\u6da6\u7387=\u8425\u4e1a\u5229\u6da6\u00f7\u4e3b\u8425\u4e1a\u52a1\u6536\u5165<\/p>\n

\u3000\u3000\u8425\u4e1a\u5229\u6da6\u7387\u53ef\u4ee5\u53cd\u6620\u516c\u53f8\u7684\u5b9a\u4ef7\u6743\u548c\u6210\u672c\u63a7\u5236\u80fd\u529b\u3002\u5982\u679c\u60f3\u8ba9\u5229\u6da6\u7387\u63d0\u5347\uff0c\u516c\u53f8\u8981\u4e48\u5177\u5907\u5f88\u5f3a\u7684\u5b9a\u4ef7\u6743\uff0c\u53ef\u4ee5\u63d0\u5347\u552e\u4ef7\uff0c\u8981\u4e48\u901a\u8fc7\u6d88\u51cf\u6210\u672c\uff0c\u6216\u8005\u540c\u65f6\u53d1\u529b\u3002\u6240\u4ee5\uff0c\u5728\u4e00\u4e2a\u884c\u4e1a\u91cc\u8425\u4e1a\u5229\u6da6\u7387\u51fa\u4f17\u7684\u516c\u53f8\u901a\u5e38\u662f\u62e5\u6709\u5b9a\u4ef7\u6743\u548c\u6210\u672c\u63a7\u5236\u5b9e\u529b\u7684\u9f99\u5934\u4f18\u52bf\u4f01\u4e1a\uff0c\u5176\u80a1\u7968\u4f30\u503c\u6c34\u5e73\u4e5f\u4f1a\u9ad8\u4e8e\u540c\u884c\u3002\u8fd9\u91cc\u9700\u8981\u6ce8\u610f\u7684\u662f\u516c\u53f8\u53ef\u80fd\u4f1a\u901a\u8fc7\u6539\u53d8\u6298\u65e7\u653f\u7b56\u6765\u4f7f\u5f97\u8425\u4e1a\u5229\u6da6\u7387\u5931\u53bb\u53ef\u6bd4\u6027\uff0c\u8fd9\u65f6\u53ef\u7528\u5254\u9664\u606f\u7a0e\u548c\u6298\u65e7\u540e\u7684EBITDA\u5229\u6da6\u7387\u6765\u590d\u6838\u3002\uff08\u7ed3\u5408\u884c\u4e1a\u5bf9\u6bd4\uff0c\u5206\u6790\u5546\u573a\u7ade\u4e89\u529b\uff09<\/p>\n

\u3000\u30004\u6bcf\u80a1\u6536\u76ca\uff08EPS\uff09\u589e\u957f\u7387=\u4ece\u4e0a\u4e00\u5e74\u5ea6\u5230\u672a\u67655\u5e74\u7684EPS\u590d\u5408\u589e\u957f\u7387<\/p>\n

\u3000\u3000\u8be5\u6307\u6807\u53cd\u6620\u4e2d\u671f\u4e1a\u7ee9\u589e\u957f\u9884\u671f\uff0c\u662f\u8bb8\u591a\u4f30\u503c\u6307\u6807\u5982PE\u3001PEG\u7b49\u7684\u9a71\u52a8\u529b\u91cf\u3002\u901a\u8fc7\u675c\u90a6\u6bd4\u7387\u5206\u6790\u6765\u770b\uff0cEPS\u589e\u957f\u7387\u81ea\u8eab\u7684\u9a71\u52a8\u56e0\u7d20\u5305\u62ec\u8d44\u672c\u6027\u5f00\u652f\uff08CAPEX\uff09\u3001\u8d44\u4ea7\u5468\u8f6c\u7387\u3001\u8425\u4e1a\u5229\u6da6\u7387\u3001\u51c0\u8d1f\u503a\u6bd4\u7387\u548c\u80a1\u606f\u5206\u914d\u7387\uff0cEPS\u82e5\u60f3\u589e\u957f\u524d\u4e09\u9879\u56e0\u7d20\u4e5f\u5fc5\u9700\u589e\u957f\uff0c\u800c\u540e\u4e24\u9879\u56e0\u7d20\u53ea\u6709\u4e0b\u964d\u624d\u80fd\u9a71\u52a8EPS\u589e\u957f\u3002\u9700\u8981\u6ce8\u610f\u7684\u662f\uff0cEPS\u589e\u957f\u7387\u5728\u516c\u53f8\u626d\u4e8f\u4e3a\u76c8\u548c\u7531\u76c8\u8f6c\u4e8f\u6216\u8d77\u59cb\u5e74\u5ea6EPS\u6781\u4f4e\u7684\u65f6\u5019\u4f1a\u5931\u53bb\u6307\u5bfc\u610f\u4e49\u3002<\/p>\n

\u3000\u30005\u81ea\u7531\u73b0\u91d1\u6d41\uff08FCF\uff09=\u7ecf\u8425\u6027\u73b0\u91d1\u6d41\uff0d\u8d44\u672c\u6027\u5f00\u652f<\/p>\n

\u3000\u3000FCF\u597d\u6bd4\u662f\u4e00\u4e2a\u4eba\u7684\u5de5\u8d44\u5728\u51cf\u53bb\u6240\u6709\u5f00\u652f\u540e\u7ed3\u4f59\u4e0b\u6765\u7684\u90e8\u5206\uff0c\u516c\u53f8\u53ef\u4ee5\u7528FCF\u6765\u53d1\u653e\u80a1\u5229\u3001\u56de\u8d2d\u80a1\u7968\u3001\u6269\u5927\u518d\u751f\u4ea7\u3001\u8865\u5145\u8425\u8fd0\u8d44\u91d1\u6216\u8fdb\u884c\u5176\u5b83\u6295\u8d44\uff0c\u5b8c\u5168\u53ef\u4ee5\u81ea\u7531\u652f\u914d\u3002\u4e0d\u8bba\u662f\u4e2a\u4eba\u8fd8\u662f\u516c\u53f8\uff0c\u90fd\u5e0c\u671b\u8fd9\u4e9b\u201c\u95f2\u94b1\u201d\u8d8a\u591a\u8d8a\u597d\uff0c\u6240\u4ee5\uff0c\u6295\u8d44\u8005\u975e\u5e38\u770b\u91cd\u516c\u53f8FCF\u7684\u751f\u6210\u548c\u589e\u957f\u80fd\u529b\u3002<\/p>\n

\u3000\u3000\u76c8\u5229\u8d28\u91cf\u7c7b\u522b<\/p>\n

\u3000\u30006\u5229\u6da6\u53d8\u73b0\u6bd4\u7387=\u7ecf\u8425\u6027\u73b0\u91d1\u6d41\u00f7\u51c0\u5229\u6da6<\/p>\n

\u3000\u3000\u6743\u8d23\u53d1\u751f\u5236\u7684\u8bb0\u8d26\u65b9\u6cd5\u4f7f\u5f97\u51c0\u5229\u6da6\u5e76\u4e0d\u4ee3\u8868\u516c\u53f8\u5b9e\u9645\u8d5a\u5230\u7684\u771f\u91d1\u767d\u94f6\uff0c\u4e8b\u5b9e\u4e0a\uff0c\u6709\u5f88\u591a\u8d26\u9762\u4e0a\u7684\u5229\u6da6\u6700\u7ec8\u65e0\u6cd5\u6210\u4e3a\u53ef\u4f9b\u80a1\u4e1c\u5206\u914d\u548c\u6269\u5927\u518d\u751f\u4ea7\u7684\u73b0\u91d1\u3002\u5229\u6da6\u53d8\u73b0\u6bd4\u7387\u5c31\u662f\u8861\u91cf\u6709\u591a\u5c11\u8d26\u9762\u5229\u6da6\u80cc\u540e\u662f\u5b9e\u5b9e\u5728\u5728\u7684\u73b0\u91d1\u6d41\uff0c\u663e\u7136\uff0c\u957f\u671f\u6765\u770b\u8be5\u6bd4\u7387\u8d8a\u63a5\u8fd1100%\u8d8a\u597d\u3002<\/p>\n

\u3000\u30007\u3001\u8d44\u4ea7\u91cd\u7f6e\u6bd4\u7387=\u8d44\u672c\u6027\u5f00\u652f\u00f7\u6298\u65e7<\/p>\n

\u3000\u3000\u5982\u679c\u8be5\u6bd4\u7387\u4f4e\u4e8e1\uff0c\u8bf4\u660e\u516c\u53f8\u56fa\u5b9a\u8d44\u4ea7\u5728\u7f29\u6c34\uff0c\u65e2\u6bcf\u5e74\u65b0\u589e\u7684\u56fa\u5b9a\u8d44\u4ea7\u6295\u8d44\u4f4e\u4e8e\u6298\u65e7\uff0c\u5bfc\u81f4\u56fa\u5b9a\u8d44\u4ea7\u51c0\u503c\u7684\u4e0b\u964d\u3002\u8fd9\u79cd\u72b6\u51b5\u867d\u7136\u5728\u77ed\u671f\u5185\u6709\u5229\u4e8e\u5229\u6da6\u7387\u548c\u81ea\u7531\u73b0\u91d1\u6d41\u7b49\u76c8\u5229\u6307\u6807\uff0c\u4f46\u57fa\u672c\u662f\u65e0\u6cd5\u6301\u7eed\u7684\uff0c\u5927\u591a\u6570\u884c\u4e1a\u516c\u53f8\u7684\u53ef\u6301\u7eed\u589e\u957f\u9700\u8981\u4e0d\u65ad\u5bf9\u56fa\u5b9a\u8d44\u4ea7\u8fdb\u884c\u6295\u8d44\u3002\u8d44\u4ea7\u91cd\u7f6e\u6bd4\u7387\u4e5f\u662f\u5224\u65ad\u5546\u4e1a\u7684\u91cd\u8981\u6307\u6807\uff0c\u5982\u679c\u4e00\u4e2a\u884c\u4e1a\u957f\u671f\u6295\u8d44\u4e0d\u8db3\uff0c\u4e14\u4ea7\u80fd\u5229\u7528\u7387\u63a5\u8fd1\u9971\u548c\uff0c\u901a\u5e38\u9884\u793a\u7740\u4e00\u8f6e\u666f\u6c14\u9ad8\u6da8\u5468\u671f\u7684\u5230\u6765\u3002<\/p>\n

\u3000\u30008\u3001\u5b9e\u9645\u6240\u5f97\u7a0e\u7387=\u6240\u5f97\u7a0e\u00f7\u7a0e\u524d\u5229\u6da6<\/p>\n

\u3000\u3000\u516c\u53f8\u90fd\u5728\u60f3\u65b9\u8bbe\u6cd5\u83b7\u5f97\u6240\u5f97\u7a0e\u7387\u7684\u4f18\u60e0\u6216\u901a\u8fc7\u5404\u79cd\u529e\u6cd5\u907f\u7a0e\uff0c\u4f46\u6295\u8d44\u8005\u8981\u8b66\u60d5\u7684\u662f\uff0c\u5982\u679c\u516c\u53f8\u5b9e\u9645\u6240\u5f97\u7a0e\u7387\u660e\u663e\u4f4e\u4e8e\u540c\u884c\uff0c\u5c06\u4f1a\u5bf9\u672a\u6765\u4e1a\u7ee9\u57cb\u4e0b\u8d1f\u9762\u9690\u60a3\uff0c\u4f4e\u6240\u5f97\u7a0e\u7387\u662f\u96be\u4ee5\u6301\u4e45\u7684\uff0c\u800c\u6240\u5f97\u7a0e\u7387\u7684\u53d8\u52a8\u53c8\u4f1a\u76f4\u63a5\u5f71\u54cd\u5230EPS\u548c\u4e00\u7cfb\u5217\u4f30\u503c\u6307\u6807\uff0c\u56e0\u6b64\u662f\u5206\u6790\u8fc7\u7a0b\u4e2d\u4e0d\u53ef\u5ffd\u89c6\u7684\u91cd\u8981\u73af\u8282\u3002<\/p>\n

\u3000\u30009\u3001\u51c0\u8d1f\u503a\u6bd4\u7387=\uff08\u957f\u77ed\u671f\u501f\u6b3e\uff0d\u73b0\u91d1\u548c\u73b0\u91d1\u7b49\u4ef7\u7269\uff09\u00f7\u80a1\u4e1c\u6743\u76ca<\/p>\n

\u3000\u3000\u51c0\u8d1f\u503a\u7387\u662f\u4f7f\u7528\u6700\u5e7f\u6cdb\u7684\u8861\u91cf\u8d22\u52a1\u6760\u6746\u4f7f\u7528\u6548\u7387\u7684\u6307\u6807\u3002\u867d\u7136\u6295\u8d44\u8005\u90fd\u504f\u5411\u559c\u6b22\u4f4e\u8d44\u4ea7\u8d1f\u503a\u7387\u7684\u516c\u53f8\uff0c\u4f46\u7a76\u7adf\u5177\u4f53\u516c\u53f8\u7684\u51c0\u8d1f\u503a\u7387\u662f\u5426\u5408\u7406\u8fd8\u8981\u7ed3\u5408\u5229\u606f\u8986\u76d6\u7387\u3001\u81ea\u7531\u73b0\u91d1\u6d41\u548cROCE\u6765\u7efc\u5408\u5224\u65ad\uff0c\u5982\u679c\u516c\u53f8\u7684\u76c8\u5229\u80fd\u529b\u548c\u73b0\u91d1\u751f\u6210\u80fd\u529b\u51fa\u4f17\uff0c\u6295\u8d44\u8005\u53ef\u4ee5\u63a5\u53d7\u8f83\u9ad8\u7684\u8d1f\u503a\u7387\uff0c\u5426\u5219\uff0c\u8d85\u51fa\u507f\u503a\u80fd\u529b\u7684\u9ad8\u8d1f\u503a\u6c34\u5e73\u4f1a\u8ba9\u6295\u8d44\u8005\u4e0d\u5b89\u3002\u4f46\u662f\uff0c\u5982\u679c\u516c\u53f8\u8d1f\u503a\u7387\u5f88\u4f4e\uff0c\u6295\u8d44\u8005\u4e5f\u4e0d\u4f1a\u6ee1\u610f\uff0c\u53ef\u80fd\u53cd\u6620\u516c\u53f8\u4e1a\u52a1\u6269\u5f20\u80fd\u529b\u6216\u7a7a\u95f4\u4e0d\u5927\uff0c\u4e0d\u518d\u9700\u8981\u8d1f\u503a\u878d\u8d44\u6765\u6269\u5927\u518d\u751f\u4ea7\uff0c\u6210\u957f\u6027\u5c31\u4f1a\u53d7\u5230\u8d28\u7591\u3002<\/p>\n

\u3000\u300010\u3001\u5229\u606f\u8986\u76d6\u7387=\uff08\u8425\u4e1a\u5229\u6da6\uff0d\u5229\u606f\u652f\u51fa\uff09\u00f7\u5229\u606f\u652f\u51fa<\/p>\n

\u3000\u3000\u8fd9\u57fa\u672c\u4e0a\u662f\u4e00\u4e2a\u63d0\u793a\u6307\u6807\uff0c\u7279\u522b\u662f\u5728\u516c\u53f8\u51c0\u5229\u4e1a\u7ee9\u4f4e\u8c37\uff0c\u81ea\u7531\u73b0\u91d1\u6d41\u8106\u5f31\u7684\u65f6\u671f\u66f4\u4e3a\u5173\u952e\uff0c\u5b83\u53ef\u4ee5\u8bf4\u660e\u516c\u53f8\u662f\u5426\u8fd8\u6709\u80fd\u529b\u652f\u4ed8\u5229\u606f\u4ee5\u907f\u514d\u507f\u503a\u98ce\u9669\uff0c\u4ee5\u53ca\u662f\u5426\u8fd8\u6709\u878d\u8d44\u80fd\u529b\u6765\u626d\u8f6c\u56f0\u5883\uff0c\u663e\u7136\uff0c\u8be5\u6bd4\u7387\u4f4e\u4e8e1\u516c\u53f8\u60c5\u51b5\u5c31\u5df2\u7ecf\u5f88\u5371\u6025\u4e86\u3002<\/p>\n

\u3000\u3000\u4f30\u503c\u7c7b\u522b<\/p>\n

\u3000\u300011\u3001\u5e02\u76c8\u7387\uff08PE\uff09=\u80a1\u4ef7\u00f7\u6bcf\u80a1\u6536\u76ca<\/p>\n

\u3000\u3000PE\u662f\u4f7f\u7528\u6700\u5e7f\u6cdb\u548c\u6709\u6548\u7684\u4f30\u503c\u6307\u6807\u3002PE\u7684\u7edd\u5bf9\u503c\u6ca1\u6709\u4efb\u4f55\u610f\u4e49\uff0c\u4e00\u4e2a\u4f4e\u7684PE\u4e0d\u80fd\u8bc1\u660e\u80a1\u4ef7\u4f4e\u4f30\uff0c\u540c\u6837\u9ad8PE\u4e5f\u4e0d\u80fd\u8bf4\u660e\u80a1\u4ef7\u9ad8\u4f30\uff0cPE\u662f\u5426\u5408\u7406\u53ea\u6709\u901a\u8fc7\u548c\u540c\u884c\u4e1a\u516c\u53f8\u80a1\u7968\u5bf9\u6bd4\u548c\u4e0e\u5386\u53f2PE\u6ce2\u52a8\u5468\u671f\u5bf9\u6bd4\u624d\u80fd\u5f97\u51fa\u7ed3\u8bba\u3002<\/p>\n

\u3000\u300012\u3001\u5e02\u51c0\u7387\uff08PB\uff09=\u80a1\u4ef7\u00f7\u6bcf\u80a1\u51c0\u8d44\u4ea7<\/p>\n

\u3000\u3000\u548cPE\u7528\u6cd5\u76f8\u540c\uff0c\u4e00\u4e2a\u76f8\u5bf9\u9ad8\u7684PB\u500d\u6570\u53cd\u6620\u6295\u8d44\u8005\u9884\u671f\u8f83\u9ad8\u7684\u56de\u62a5\uff0c\u53cd\u4e4b\u4ea6\u7136\u3002PB\u53c8\u7b49\u4e8ePE\u00d7ROE\uff0c\u6240\u4ee5\uff0c\u5728\u4ece\u540c\u4e00\u677f\u5757\u4e2d\u6311\u9009PB\u88ab\u4f4e\u4f30\u7684\u80a1\u7968\u65f6\u4f1a\u91c7\u7528PB\u548cROE\u7684\u7684\u77e9\u9635\uff0c\u90a3\u4e9bROE\u5f88\u9ad8\u800cPB\u53c8\u76f8\u5bf9\u8f83\u4f4e\u7684\u80a1\u7968\u6700\u5438\u5f15\u4eba\u3002<\/p>\n

\u3000\u300013\u3001\u80a1\u606f\u7387=\u80a1\u606f\u00f7\u80a1\u4ef7<\/p>\n

\u3000\u3000\u6295\u8d44\u80a1\u7968\u83b7\u53d6\u7684\u56de\u62a5\u4e00\u662f\u6765\u81ea\u4e8e\u8d44\u672c\u589e\u503c\uff0c\u65e2\u80a1\u4ef7\u7684\u4e0a\u6da8\uff0c\u4e8c\u5c31\u662f\u6765\u81ea\u4e8e\u516c\u53f8\u5206\u914d\u7684\u73b0\u91d1\u80a1\u5229\u3002\u80a1\u606f\u7387\u901a\u5e38\u5728\u6311\u9009\u6210\u719f\u884c\u4e1a\u7684\u6536\u76ca\u578b\u80a1\u7968\u65f6\u548c\u5728\u718a\u5e02\u65f6\u662f\u5173\u952e\u7684\u4f30\u503c\u6307\u6807\u3002<\/p>\n

\u3000\u300014\u3001\u81ea\u7531\u73b0\u91d1\u6d41\u6536\u76ca\u7387=\u6bcf\u80a1\u81ea\u7531\u73b0\u91d1\u6d41\u00f7\u80a1\u4ef7<\/p>\n

\u3000\u3000\u80a1\u606f\u662f\u516c\u53f8\u5b9e\u9645\u5206\u914d\u7ed9\u80a1\u4e1c\u7684\u73b0\u91d1\u6536\u76ca\uff0c\u800c\u81ea\u7531\u73b0\u91d1\u6d41\u5c31\u662f\u6f5c\u5728\u7684\u53ef\u5206\u914d\u73b0\u91d1\u6536\u76ca\u3002\u5982\u679c\u81ea\u7531\u73b0\u91d1\u6d41\u6536\u76ca\u7387\u957f\u671f\u660e\u663e\u9ad8\u51fa\u80a1\u606f\u7387\uff0c\u5c31\u4f1a\u6709\u6545\u4e8b\u8981\u53d1\u751f\uff0c\u516c\u53f8\u8981\u4e48\u4f1a\u52a0\u5927\u80a1\u5229\u5206\u914d\u529b\u5ea6\uff0c\u8981\u4e48\u7528\u6765\u6295\u8d44\u6216\u6269\u5927\u518d\u751f\u4ea7\uff0c\u4e0d\u8bba\u600e\u6837\uff0c\u80a1\u4ef7\u90fd\u6709\u4e0a\u6da8\u52a8\u529b\u3002<\/p>\n

\u3000\u300015\u3001EV\/EBITDA=\uff08\u5e02\u503c+\u51c0\u8d1f\u503a+\u5c11\u6570\u80a1\u4e1c\u635f\u76ca\uff09\u00f7EBITDA<\/p>\n

\u3000\u3000EV\/EBITDA\u4f30\u503c\u6307\u6807\u4e3b\u8981\u7528\u5728\u73b0\u91d1\u6d41\u53ef\u9884\u6d4b\u6027\u8f83\u5f3a\u7684\u6210\u719f\u884c\u4e1a\u91cc\uff0c\u6b64\u5916\u4e5f\u662f\u516c\u53f8\u5e76\u8d2d\u65f6\u7684\u51b3\u5b9a\u6027\u4f30\u503c\u6307\u6807\u3002<\/p>\n

\u3000\u300016\u3001EV\/\u9500\u552e\u989d=\uff08\u5e02\u503c+\u51c0\u8d1f\u503a+\u5c11\u6570\u80a1\u4e1c\u635f\u76ca\uff09\u00f7\u4e3b\u8425\u4e1a\u52a1\u6536\u5165<\/p>\n

\u3000\u3000\u8fd9\u662f\u4e00\u4e2a\u8861\u91cf\u516c\u53f8\u89c4\u6a21\u7684\u4f30\u503c\u6307\u6807\uff0c\u53cd\u6620\u9500\u552e\u6536\u5165\u5bf9\u5e94\u7684\u4f01\u4e1a\u4ef7\u503c\u500d\u6570\u3002\u8be5\u6307\u6807\u5f88\u5c11\u72ec\u7acb\u4f5c\u4e3a\u552f\u4e00\u7684\u4f30\u503c\u6807\u51c6\uff0c\u4f46\u5728\u5e76\u8d2d\u548c\u516c\u53f8\u4e1a\u52a1\u5bf9\u6574\u4e2a\u7ecf\u6d4e\u589e\u957f\u4f9d\u8d56\u5ea6\u5f88\u9ad8\u7684\u60c5\u51b5\u4e0b\u5219\u975e\u5e38\u9002\u7528\u3002<\/p>\n

\u3000\u3000\u603b\u7ed3<\/p>\n

\u3000\u3000\u4ee5\u4e0a\u8fd916\u9879\u6838\u5fc3\u8d22\u52a1\u548c\u4f30\u503c\u6307\u6807\u4e0d\u53ea\u5728\u7f8e\u6797\u8bc1\u5238\uff0c\u5728\u6574\u4e2a\u8bc1\u5238\u5e02\u573a\u90fd\u662f\u6295\u8d44\u8005\u6311\u9009\u80a1\u7968\u6700\u5e38\u7528\u3001\u6700\u5173\u952e\u7684\u8003\u91cf\u56e0\u7d20\uff0c\u4f46\u76ee\u524d\u5728\u56fd\u5185\uff0c\u5373\u4fbf\u662f\u4e13\u4e1a\u673a\u6784\u7684\u6295\u8d44\u548c\u5206\u6790\u4eba\u5458\u4e5f\u6ca1\u6709\u5927\u89c4\u6a21\u719f\u7ec3\u638c\u63e1\u548c\u4f7f\u7528\u3002\u5bf9\u4e8e\u4e2a\u4eba\u6295\u8d44\u8005\uff0c\u66f4\u662f\u4f9d\u8d56\u4e3b\u89c2\u5b9a\u6027\u9884\u671f\u6765\u505a\u80a1\u7968\uff0c\u5bf9\u80a1\u4ef7\u7684\u8d35\u8d31\u4e0e\u5426\u8fd8\u6ca1\u6709\u5b8c\u5168\u4e86\u89e3\u3002\u73b0\u5728\u662f\u544a\u522b\u9760\u62cd\u8111\u888b\u505a\u51b3\u5b9a\u7684\u65f6\u5019\u4e86\uff0c\u5982\u679c\u4e0d\u60f3\u628a\u8d5a\u94b1\u7684\u673a\u4f1a\u8ba9\u7ed9\u7f8e\u6797\u8fd9\u4e9b\u5883\u5916\u6295\u8d44\u8005\uff0c\u5c31\u8981\u53bb\u4e86\u89e3\u3001\u5b66\u4f1a\u4ed6\u4eec\u7684\u65b9\u6cd5\u548c\u601d\u8def\uff0c\u66f4\u6839\u672c\u7684\u539f\u56e0\u662f\uff0c\u8fd9\u4e9b\u65b9\u6cd5\u6307\u5411\u771f\u7406\u3002<\/p>\n

\u3000\u3000\u5176\u5b9e\u5c31\u662f\u7ba1\u7406\u4f1a\u8ba1\u7684\u5185\u5bb9\uff0c\u6307\u6807\u5206\u6790\u5207\u52ff\u7b80\u5355\u5316\uff0c\u9700\u8981\u7684\u662f\u7efc\u5408\u5206\u6790\u3002\u4ee5\u4e0a\u662f\u80a1\u7968\u8d44\u6e90\u9986\u4e3a\u60a8\u4ecb\u7ecd\u7684\u673a\u6784\u600e\u6837\u4f7f\u7528\u8d22\u52a1\u5206\u6790\u9009\u80a1\uff1f\u66f4\u591a\u76f8\u5173\u77e5\u8bc6\uff0c\u8bf7\u591a\u5173\u6ce8\u80a1\u7968\u8d44\u6e90\u9986\u3002<\/p>\n

\uff08\u80a1\u7968\u8d44\u6e90\u9986lixiangluntan.com\uff09\u7092\u80a1\u6559\u7a0b<\/a><\/p>\n

\n

\u4e3a\u4ec0\u4e48\u5e74\u68c0\u62a5\u544a\u672a\u5fc5\u548c\u516c\u53f8\u771f\u5b9e\u6570\u636e\u76f8\u7b26\uff1f<\/p>\n

\u3000\u3000\u80a1\u6015\u77e5\u8bc6\u7f51\u5c0f\u7f16\u4e3a\u60a8\u6df1\u5165\u5206\u6790\u4e3a\u4ec0\u4e48
\n\u5e74\u68c0\u62a5\u544a\u672a\u5fc5\u548c\u516c\u53f8\u771f\u5b9e\u6570\u636e\u76f8\u7b26<\/strong>\uff1f\u5e74\u68c0\u62a5\u544a\u672a\u5fc5\u548c\u516c\u53f8\u771f\u5b9e\u6570\u636e\u76f8\u7b26\u7684\u539f\u56e0\uff1f<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"

\u3000\u3000\u673a\u6784\u600e\u6837\u4f7f\u7528\u9009\u80a1<\/strong>\uff1f\u673a\u6784\u5982\u4f55\u4f7f\u7528\u8d22\u52a1\u5206\u6790\u9009\u80a1\uff1f\u673a\u6784\u600e\u4e48\u4f7f\u7528\u8d22\u52a1\u5206\u6790\u9009\u80a1\uff1f<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33],"tags":[114],"class_list":["post-34612","post","type-post","status-publish","format-standard","hentry","category-cw","tag-114"],"_links":{"self":[{"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=\/wp\/v2\/posts\/34612","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=34612"}],"version-history":[{"count":0,"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=\/wp\/v2\/posts\/34612\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=34612"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=34612"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=34612"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}