{"id":12795,"date":"2021-02-14T16:50:34","date_gmt":"2021-02-14T08:50:34","guid":{"rendered":"https:\/\/\/?p=12795"},"modified":"2023-04-10T11:39:17","modified_gmt":"2023-04-10T03:39:17","slug":"what-is-capital-expenditure","status":"publish","type":"post","link":"https:\/\/\/what-is-capital-expenditure\/","title":{"rendered":"\u8cc7\u672c\u652f\u51fa\u662f\u4ec0\u9ebc\u610f\u601d\uff1f\u516c\u5f0f\u5982\u4f55\u8a08\u7b97\u3001\u8ca1\u5831\u5982\u4f55\u67e5\u8a62\uff1f\u5982\u4f55\u5f71\u97ff\u6298\u820a\uff1f"},"content":{"rendered":"<!-- \/367108978\/Rich01_PC_up_728x90 -->\n\t<div class='div-gpt-ad-css' id='div-gpt-ad-1564472272479-0' style='width: 728px; height: 90px;'>\n\t  <script>\n\t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1564472272479-0'); });\n\t  <\/script>\n\t<\/div><p><img decoding=\"async\" class=\"alignnone wp-image-38948 size-full\" src=/index.html"https:\/\/\/wp-content\/uploads\/20220713072431_57.jpg\" alt=\"\u8cc7\u672c\u652f\u51fa\u8207\u6298\u820a\" width=\"1557\" height=\"815\" srcset=\"https:\/\/\/wp-content\/uploads\/20220713072431_57.jpg 1557w, https:\/\/\/wp-content\/uploads\/20220713072431_57-1536x804.jpg 1536w\" sizes=\"(max-width: 1557px) 100vw, 1557px\" \/><\/p>\n<p>\u6709\u4e9b\u6295\u8cc7\u4eba\u6703\u7528\u8ca1\u5831\u4e0a\u7684 <strong>\u8cc7\u672c\u652f\u51fa<\/strong>(Capital Expenditure)\u4f86\u505a\u9577\u671f\u6295\u8cc7\u5206\u6790\uff0c<br \/>\n\u5728\u8ca1\u52d9\u4e0a\u5305\u542b <a href=/index.html"https:\/\/\/what-is-depreciation-amortization\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6298\u820a(Depreciation)<\/a>\uff0c\u4ee5\u53ca<a href=/index.html"https:\/\/\/what-free-cash-flow\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u81ea\u7531\u73fe\u91d1\u6d41<\/a>\u7b49\u7b49\u6307\u6a19\uff0c\u90fd\u8207\u8cc7\u672c\u652f\u51fa\u76f8\u95dc\u3002<\/p>\n<p><!--more--><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_64 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">\u672c\u6587\u5e02\u5834\u5148\u751f\u6703\u544a\u8a34\u4f60\uff1a<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-661244d4ada95\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 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href=/index.html"https:\/\/\/what-is-capital-expenditure\/#%E8%B3%87%E6%9C%AC%E6%94%AF%E5%87%BA%E8%A8%88%E7%AE%97%E5%85%AC%E5%BC%8F%EF%BC%9F\" title=\"\u8cc7\u672c\u652f\u51fa\u8a08\u7b97\u516c\u5f0f\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8cc7\u672c\u652f\u51fa\u8a08\u7b97\u516c\u5f0f\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=/index.html"https:\/\/\/what-is-capital-expenditure\/#%E8%B3%87%E6%9C%AC%E6%94%AF%E5%87%BA%E5%A6%82%E4%BD%95%E5%88%86%E6%9E%90%E8%A9%95%E4%BC%B0%E4%BC%81%E6%A5%AD%E9%A2%A8%E9%9A%AA%EF%BC%9F\" title=\"\u8cc7\u672c\u652f\u51fa\u5982\u4f55\u5206\u6790\u8a55\u4f30\u4f01\u696d\u98a8\u96aa\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8cc7\u672c\u652f\u51fa\u5982\u4f55\u5206\u6790\u8a55\u4f30\u4f01\u696d\u98a8\u96aa\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=/index.html"https:\/\/\/what-is-capital-expenditure\/#%E8%B3%87%E6%9C%AC%E6%94%AF%E5%87%BA%E8%88%87%E6%8A%98%E8%88%8A%E6%9C%89%E4%BB%80%E9%BA%BC%E9%97%9C%E4%BF%82%EF%BC%9F\" title=\"\u8cc7\u672c\u652f\u51fa\u8207\u6298\u820a\u6709\u4ec0\u9ebc\u95dc\u4fc2\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8cc7\u672c\u652f\u51fa\u8207\u6298\u820a\u6709\u4ec0\u9ebc\u95dc\u4fc2\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=/index.html"https:\/\/\/what-is-capital-expenditure\/#%E8%87%AA%E7%94%B1%E7%8F%BE%E9%87%91%E6%B5%81_vs_%E8%B3%87%E6%9C%AC%E6%94%AF%E5%87%BA\" title=\"\u81ea\u7531\u73fe\u91d1\u6d41 vs \u8cc7\u672c\u652f\u51fa\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u81ea\u7531\u73fe\u91d1\u6d41 vs \u8cc7\u672c\u652f\u51fa<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=/index.html"https:\/\/\/what-is-capital-expenditure\/#%E4%BB%80%E9%BA%BC%E6%98%AF%E8%B3%87%E6%9C%AC%E6%94%AF%E5%87%BA%E7%8E%87%EF%BC%9F\" title=\"\u4ec0\u9ebc\u662f\u8cc7\u672c\u652f\u51fa\u7387\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u4ec0\u9ebc\u662f\u8cc7\u672c\u652f\u51fa\u7387\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=/index.html"https:\/\/\/what-is-capital-expenditure\/#%E8%B3%87%E6%9C%AC%E6%94%AF%E5%87%BA%E5%A6%82%E4%BD%95%E6%9F%A5%E8%A9%A2%EF%BC%9F\" title=\"\u8cc7\u672c\u652f\u51fa\u5982\u4f55\u67e5\u8a62\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8cc7\u672c\u652f\u51fa\u5982\u4f55\u67e5\u8a62\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=/index.html"https:\/\/\/what-is-capital-expenditure\/#%E8%B3%87%E6%9C%AC%E6%94%AF%E5%87%BACapital_Expenditure%E3%80%80%E5%BF%AB%E9%80%9F%E9%87%8D%E9%BB%9E%E6%95%B4%E7%90%86\" title=\"\u8cc7\u672c\u652f\u51fa(Capital Expenditure)\u3000\u5feb\u901f\u91cd\u9ede\u6574\u7406\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8cc7\u672c\u652f\u51fa(Capital Expenditure)\u3000\u5feb\u901f\u91cd\u9ede\u6574\u7406<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"%E8%B3%87%E6%9C%AC%E6%94%AF%E5%87%BA%E6%98%AF%E4%BB%80%E9%BA%BC%EF%BC%9F\"><\/span>\u8cc7\u672c\u652f\u51fa\u662f\u4ec0\u9ebc\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u8cc7\u672c\u652f\u51fa(\u82f1\u6587\uff1aCapital Expenditure)\u7c21\u7a31\u70baCapex\uff0c\u8cc7\u672c\u652f\u51fa\u662f\u6307\u516c\u53f8\u70ba\u4e86\u7dad\u6301\u73fe\u6709\u7af6\u722d\u529b\uff0c\u6216\u8005\u5275\u9020\u672a\u4f86\u66f4\u591a\u53ef\u80fd\u7684\u71df\u6536\u800c\u8cfc\u8cb7\u7684\u65b0\u8cc7\u7522\uff0c\u4e5f\u5c31\u662f\u70ba\u4e86\u7372\u5f97\u6216\u5ef6\u9577\u56fa\u5b9a\u8cc7\u7522\u8010\u7528\u5e74\u9650\u7684\u8cbb\u7528\u3002<\/p>\n<p>\u4e3b\u8981\u5305\u542b\u6295\u8cc7\u56fa\u5b9a\u8cc7\u7522\u3001\u571f\u5730\u3001\u6a5f\u5177\u8a2d\u5099\u7684\u6295\u5165\uff0c\u6216\u8005\u5305\u542b\u7121\u5f62\u8cc7\u7522\u5982\u5c08\u5229\u6216\u667a\u6167\u8ca1\u7522\u6b0a\uff0c\u52a0\u7e3d\u5c31\u662f\u8cc7\u672c\u652f\u51fa\u7e3d\u91d1\u984d\u3002<\/p>\n<p>\u7c21\u55ae\u5b9a\u7fa9\u7684\u8a71\uff0c\u5c31\u662f\u516c\u53f8\u7528\u4f86\u8cfc\u8cb7\u3001\u5347\u7d1a\u6216\u5ef6\u9577\u8cc7\u7522\u58fd\u547d\u7684\u8cc7\u91d1\u5c31\u7a31\u70ba\u8cc7\u672c\u652f\u51fa\uff0c<br \/>\n\u9019\u4e9b\u652f\u51fa\u4e3b\u8981\u6703\u7528\u65bc\u9577\u671f\u6295\u8cc7\uff0c\u6703\u8207\u4f01\u696d\u9577\u671f\u7372\u5229\u3001\u7af6\u722d\u529b\u76f4\u63a5\u76f8\u95dc\uff0c<br \/>\n\u8cfc\u8cb7\u7684\u8cc7\u7522\u901a\u5e38\u5177\u6709\u4e00\u5e74\u6216\u4e00\u5e74\u4ee5\u4e0a\u7684\u4f7f\u7528\u58fd\u547d\uff0c\u4e14\u5927\u591a\u96e3\u4ee5\u8b8a\u73fe\u3001\u4e0d\u5177\u6d41\u52d5\u6027\u3002<\/p>\n<p>\u5728\u8ca1\u5831\u4e0a\uff0c\u4e00\u6bb5\u6642\u9593\u5167\u5c6c\u65bc\u9019\u4e00\u985e\u7684\u652f\u51fa\u5168\u90fd\u6703\u88ab\u8a18\u9304\u5728\u8cc7\u672c\u652f\u51fa\u7684\u9805\u76ee\u4e2d\uff0c<br \/>\n\u7531\u65bc\u5b83\u5927\u591a\u662f\u5c6c\u65bc\u73fe\u91d1\u6d41\u51fa\uff0c\u56e0\u6b64\u8cc7\u672c\u652f\u51fa\u4e00\u5b9a\u662f\u8ca0\u503c\u3002<\/p>\n<h3>\u54ea\u4e9b\u9805\u76ee\u6703\u88ab\u8a8d\u5217\u70ba\u8cc7\u672c\u652f\u51fa\uff1f<\/h3>\n<p>\u6700\u57fa\u672c\u7684\u662f\u73fe\u91d1\u6d41\u91cf\u8868\u4e2d\uff0c\u6295\u8cc7\u73fe\u91d1\u6d41\u91cf\u9805\u76ee\u4e2d\u7684\uff1a\u56fa\u5b9a\u8cc7\u7522\u6295\u5165\u90e8\u5206\uff0c\u5305\u542b\u65b0\u589e\u7684\u571f\u5730\u3001\u5ee0\u623f\u3001\u6a5f\u5177\u8a2d\u5099\u6295\u5165\u7b49\u7b49\uff0c\u90fd\u5c6c\u65bc\u8cc7\u672c\u652f\u51fa\u3002<\/p>\n<p>\u6709\u4e9b\u652f\u51fa\u4e26\u4e0d\u80fd\u7b97\u662f\u8cc7\u672c\u652f\u51fa\uff0c\u4f8b\u5982\uff1a<br \/>\n\u571f\u5730\u5ee0\u623f\u7684\u589e\u503c\/\u8cb6\u503c\u3001\u4f75\u8cfc\u3001\u91d1\u878d\u7522\u54c1\u7684\u8cb7\u9032\u6216\u8ce3\u51fa\u53ca\u640d\u76ca\u3001\u53cd\u5411\u56de\u8cfc\u5354\u8b70\u6295\u8cc7\u3001\u8207\u8b49\u5238\u501f\u8cb8\u6709\u95dc\u7684\u73fe\u91d1\u62b5\u62bc\u7b49\u7b49\uff0c\u9019\u4e9b\u90fd\u4e0d\u4e00\u5b9a\u5c6c\u65bc\u8cc7\u672c\u652f\u51fa\u3002\u56e0\u70ba\u9019\u4e9b\u4e26\u7121\u95dc\u65bc\u4f01\u696d\u7684\u9577\u671f\u7372\u5229\u6216\u8005\u7af6\u722d\u529b\u3002<\/p>\n<p>\u8cc7\u672c\u652f\u51fa\u61c9\u8a72\u7684\u8a08\u7b97\u61c9\u8a72\u5305\u542b\u54ea\u4e9b\u9805\u76ee\uff0c\u4e0d\u540c\u7522\u696d\u5b9a\u7fa9\u6709\u6240\u4e0d\u540c\uff0c\u4ee5\u6703\u8a08\u5e2b\u8a8d\u5b9a\u70ba\u4e3b\u3002<br \/>\n\u4f8b\u5982\u6709\u4e9b\u4f01\u696d\u6703\u628a\u4f75\u8cfc\u652f\u51fa\u3001\u667a\u6167\u8ca1\u7522\u6b0a\u652f\u51fa\u4e5f\u8a08\u5165\u8cc7\u672c\u652f\u51fa\uff0c\u6709\u4e9b\u5247\u4e0d\u6703\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E8%B3%87%E6%9C%AC%E6%94%AF%E5%87%BA%E8%A8%88%E7%AE%97%E5%85%AC%E5%BC%8F%EF%BC%9F\"><\/span>\u8cc7\u672c\u652f\u51fa\u8a08\u7b97\u516c\u5f0f\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<blockquote><p><strong>\u8cc7\u672c\u652f\u51fa = <\/strong>\u672c\u671f\u65b0\u589e\u7684\u56fa\u5b9a\u8cc7\u7522(\u571f\u5730\u3001\u6a5f\u5177\u3001\u5ee0\u623f) + \u672c\u671f\u6298\u820a<\/p><\/blockquote>\n<p>\u8cc7\u672c\u652f\u51fa\u5176\u5be6\u4e0d\u7528\u81ea\u5df1\u8a08\u7b97\uff0c\u5728\u7f8e\u80a1\u516c\u958b\u7684\u8ca1\u5831\u4e0a\uff0c\u6709\u4e9b\u53ef\u4ee5\u76f4\u63a5\u770b\u5230\u8cc7\u672c\u652f\u51fa\u7684\u9805\u76ee(\u6709\u4e9b\u516c\u53f8\u6703\u6709\u8868\u683c\uff0c\u6709\u4e9b\u5247\u662f\u4ee5\u6587\u5b57\u5448\u73fe)\uff0c<\/p>\n<p>\u4f46\u6709\u4e9b\u8cc7\u672c\u652f\u51fa\u5728\u8ca1\u5831\u4e0a\u4e0d\u6703\u5beb Capital Expenditure \u6216 Capex \uff0c\u800c\u662f\u6703\u4ee5<strong>\u6295\u8cc7\/\u8cfc\u8cb7\u65bc\u8cc7\u672c\u3001\u571f\u5730\u3001\u8a2d\u5099(Investments\/Payments for property, plant, and equipment)\u7b49\u985e\u4f3c\u6587\u5b57\u4f86\u986f\u793a<\/strong>\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-38960\" src=/index.html"https:\/\/\/wp-content\/uploads\/20220713092201_32.jpg\" alt=\"Apple\u516c\u53f8\u8ca1\u5831\u4e0a\u7684\u8cc7\u672c\u652f\u51fa\" width=\"1557\" height=\"428\" srcset=\"https:\/\/\/wp-content\/uploads\/20220713092201_32.jpg 1557w, https:\/\/\/wp-content\/uploads\/20220713092201_32-1536x422.jpg 1536w\" sizes=\"(max-width: 1557px) 100vw, 1557px\" \/><\/p>\n<p>\u9664\u4e86\u516c\u53f8\u8ca1\u5831\u4e2d\u76f4\u63a5\u516c\u544a\u7684\u8cc7\u672c\u652f\u51fa\u6578\u64da\u4ee5\u5916\uff0c<br \/>\n\u9019\u4e9b\u5ee0\u623f\u3001\u571f\u5730\u3001\u8a2d\u5099\u7684\u652f\u51fa\u91d1\u984d\uff0c\u6703\u8a18\u8f09\u5728\u4e09\u5927\u8ca1\u52d9\u5831\u8868\u4e0a\uff0c\u5305\u542b\u5728<a href=/index.html"https:\/\/\/what-is-income-statement\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u640d\u76ca\u8868<\/a>\u6703\u5206\u671f\u8a8d\u5217\u71df\u904b\u6210\u672c(\u4e26\u5728\u4e4b\u5f8c\u7522\u751f\u6298\u820a\u73fe\u91d1\u6d41)\uff0c\u5728<a href=/index.html"https:\/\/\/what-is-balance-sheet-4\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8cc7\u7522\u8ca0\u50b5\u8868<\/a>\u4e0a\u5247\u662f\u6703\u6709\u56fa\u5b9a\u8cc7\u7522\u8f03\u4e0a\u671f\u589e\u52a0\uff0c\u5728<a href=/index.html"https:\/\/\/what-cash-flow-statement\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u73fe\u91d1\u6d41\u91cf\u8868<\/a>\u4e0a\u5247\u662f\u6709\u5c6c\u65bc\u56fa\u5b9a\u8cc7\u7522\u6295\u8cc7\u7684\u73fe\u91d1\u6d41\u51fa\uff0c\u4e09\u8005\u610f\u7fa9\u76f8\u540c\uff0c\u4f46\u5448\u73fe\u7684\u65b9\u5f0f\u4e0d\u540c\u3002\u4e00\u822c\u6bd4\u8f03\u7cbe\u6e96\u7684\u4f30\u8a08\u65b0\u589e\u7684\u56fa\u5b9a\u8cc7\u7522\u652f\u51fa\uff0c\u6211\u5011\u53ef\u4ee5\u900f\u904e\u770b\u73fe\u91d1\u6d41\u91cf\u8868\u4e0a\u7684\u6578\u64da\u3002<\/p>\n<p>\u5728<a href=/index.html"https:\/\/\/what-cash-flow-statement\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u73fe\u91d1\u6d41\u91cf\u8868<\/a>\u4e2d\uff0c\u6295\u8cc7\u73fe\u91d1\u6d41\u4e2d\u7684\u56fa\u5b9a\u8cc7\u7522\u652f\u51fa\uff0c\u662f\u5f9e<a href=/index.html"https:\/\/\/what-is-balance-sheet-4\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8cc7\u7522\u8ca0\u50b5\u8868<\/a>\u4e2d\u56fa\u5b9a\u8cc7\u7522\u9805\u76ee\u8a08\u7b97\u800c\u4f86\uff0c\u4e3b\u8981\u662f\u900f\u904e\u8861\u91cf\u7576\u671f\u8207\u524d\u4e00\u671f\u8cc7\u7522\u8ca0\u50b5\u8868\u4e2d\uff0c\u56fa\u5b9a\u8cc7\u7522\u91d1\u984d\u7684\u8b8a\u52d5\uff0c\u4e0d\u904e\u8cc7\u7522\u8ca0\u50b5\u8868\u7684\u56fa\u5b9a\u8cc7\u7522\u88e1\u9762\u9664\u4e86\u571f\u5730\u6a5f\u5177\u8a2d\u5099\u53ca\u6298\u820a\u4ee5\u5916\uff0c\u4e5f\u53ef\u80fd\u5305\u62ec\u5176\u4ed6\u7684\u6771\u897f\uff0c\u4f8b\u5982\u9577\u671f\u6295\u8cc7\u3001\u7121\u5f62\u8cc7\u7522\u7b49\u7b49\uff0c\u4f46\u8cc7\u672c\u652f\u51fa\u4e3b\u8981\u805a\u7126\u7684\u9084\u662f\u571f\u5730\u5ee0\u623f\u6a5f\u5177\u8a2d\u5099\u9019\u985e\u7684\u9805\u76ee\u3002<\/p>\n<blockquote><p>\u5e02\u5834\u5148\u751f\u63d0\u793a\uff1a<\/p>\n<p>\u9664\u975e\u4f60\u662f\u6703\u8a08\uff0c\u5426\u5247\u4e0d\u7528\u81ea\u5df1\u7b97\u6b64\u6578\u5b57\uff0c\u5728\u5404\u5927\u7db2\u7ad9\u90fd\u80fd\u67e5\u5230\u6b64\u6578\u503c\u3002\u6b64\u5916\u7531\u65bc\u5404\u516c\u53f8\u5728\u5c0d\u65bc\u8cc7\u672c\u652f\u51fa\u7684\u8a8d\u5b9a\u6709\u5dee\u7570\uff0c\u5305\u542b\u9700\u8a8d\u5217\u5b50\u516c\u53f8\u3001\u6295\u8cc7\u4f01\u696d\u7684\u8ca1\u5831\u91d1\u984d\uff0c\u4ee5\u53ca\u4e00\u4e9b\u8ca1\u5831\u8abf\u6574\u9805\uff0c\u56e0\u6b64\u4f60\u81ea\u5df1\u7528\u516c\u5f0f\u7b97\u51fa\u4f86\u7684\u7d50\u679c\u8ddf\u8ca1\u5831\u4e0a\u516c\u5e03\u7684\u4e0d\u4e00\u5b9a\u6703\u4e00\u6a23\uff0c\u61c9\u8a72\u662f\u4ee5\u8ca1\u5831\u516c\u544a\u70ba\u6e96\u3002<\/p><\/blockquote>\n<p><strong>\u6709\u4e9b\u7522\u696d\u662f\u6c92\u6709\u8cc7\u672c\u652f\u51fa\u9805\u76ee\u7684<\/strong><\/p>\n<p>\u6700\u5178\u578b\u7684\u5c31\u662f\u91d1\u878d\u670d\u52d9\u696d\uff0c\u5305\u542b\u5404\u7a2e\u50b3\u7d71\u9280\u884c\u3001\u6295\u8cc7\u9280\u884c\u3002<\/p>\n<p>\u7531\u65bc\u4ed6\u5011\u7684\u8cc7\u7522\u5927\u591a\u662f\u91d1\u878d\u8cc7\u7522\uff0c\u56fa\u5b9a\u8cc7\u7522\u4e26\u975e\u9019\u985e\u516c\u53f8\u7684\u8861\u91cf\u91cd\u9ede\uff0c\u56fa\u5b9a\u8cc7\u7522\u6295\u5165\u4e5f\u4e0d\u662f\u9019\u4e9b\u7522\u696d\u6210\u9577\u8207\u4fdd\u6301\u7af6\u722d\u529b\u7684\u5fc5\u8981\u56e0\u7d20\u3002\u56e0\u6b64\u9019\u4e9b\u7522\u696d\u8861\u91cf\u8cc7\u672c\u652f\u51fa\u5c31\u6c92\u6709\u610f\u7fa9\u3002<\/p>\n<h3>\u8cc7\u672c\u652f\u51fa\uff1a\u5728\u53f0\u7063\u7684\u8ca1\u52d9\u5831\u8868\u8207\u570b\u5916\u4e0d\u540c<\/h3>\n<p>\u5728\u53f0\u7063\u7684\u8ca1\u5831\u4e0a\u4e26\u6c92\u6709\u55ae\u7368\u516c\u544a\u8cc7\u672c\u652f\u51fa\u4e00\u6b04\uff0c\u56e0\u6b64\u5be6\u969b\u4e0a\u4e26\u6c92\u6709\u7cbe\u78ba\u7684\u6578\u64da\uff0c\u53ea\u80fd\u6709\u4e00\u500b\u4f30\u8a08\u503c\u3002<\/p>\n<p>\u4e00\u822c\u6211\u5011\u9700\u8981\u6293\u8cc7\u672c\u652f\u51fa\u6578\u5b57\uff0c\u9664\u4e86\u505a\u4f01\u696d\u7af6\u722d\u529b\u7684\u8a55\u4f30\uff0c\u6700\u4e3b\u8981\u662f\u7528\u4f86\u8a08\u7b97&#8221;<a href=/index.html"https:\/\/\/what-free-cash-flow\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u81ea\u7531\u73fe\u91d1\u6d41\u91cf<\/a>&#8220;\u3002<br \/>\n\u81ea\u7531\u73fe\u91d1\u6d41\u91cf\u7684\u516c\u5f0f\u8a08\u7b97\u4e0a\uff0c\u6703\u9700\u8981\u628a\u71df\u696d\u73fe\u91d1\u6d41\u6263\u9664\u6389\u8cc7\u672c\u652f\u51fa\u3002<\/p>\n<p>\u7531\u65bc\u53f0\u7063\u7684\u4f01\u696d\u5927\u591a\u662f\u4ee5\u96fb\u5b50\u3001\u534a\u5c0e\u9ad4\u696d\u70ba\u4e3b\uff0c<br \/>\n\u56e0\u6b64\u5728\u8a55\u4f30\u53f0\u7063\u9019\u4e9b\u516c\u53f8\u6642\uff0c\u8cc7\u672c\u652f\u51fa\u53ef\u4ee5\u76f4\u63a5\u6293&#8221;<a href=/index.html"https:\/\/\/what-is-cash-flows-from-investing\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>\u6295\u8cc7\u6d3b\u52d5\u73fe\u91d1\u6d41<\/strong><\/a>&#8220;\u7684\u6578\u5b57\u505a\u4ee3\u66ff\uff0c\u4e0d\u6703\u5b8c\u5168\u4e00\u6a23\u4f46\u5dee\u4e0d\u591a\u3002<\/p>\n<p>\u96d6\u7136\u6295\u8cc7\u6d3b\u52d5\u73fe\u91d1\u6d41\uff0c\u88e1\u9762\u6703\u647b\u96dc\u5230\u4e00\u4e9b\u7121\u95dc\u56fa\u5b9a\u8cc7\u7522\u6295\u5165\u7684\u9805\u76ee\uff0c\u4f8b\u5982\u4e00\u4e9b\u91d1\u878d\u4e0a\u7684\u9577\u671f\u6295\u8cc7\u4e4b\u985e\uff0c<br \/>\n\u4f46\u901a\u5e38\u53f0\u7063\u7684\u516c\u53f8\u5728\u6295\u8cc7\u6d3b\u52d5\u4e0a\u91d1\u878d\u64cd\u4f5c\u7684\u6bd4\u91cd\u4e26\u4e0d\u9ad8\uff0c\u5c0d\u65bc\u8a08\u7b97\u5f71\u97ff\u4e0d\u5927\u3002<\/p>\n<p>\u4e5f\u53ef\u4ee5\u53ea\u6293\u6295\u8cc7\u6d3b\u52d5\u73fe\u91d1\u6d41\u91cf\u88e1\u9762\u95dc\u65bc\u56fa\u5b9a\u8cc7\u7522\u6295\u5165\u7684\u91d1\u984d(\u4e3b\u8981\u5305\u62ec\u571f\u5730\u3001\u5ee0\u623f\u3001\u8a2d\u5099)\uff0c\u9019\u6a23\u66f4\u7cbe\u78ba\u3002<\/p>\n<p>\u4ee5\u4e0b\u5716\u70ba\u4f8b\uff0c\u6293\u7684\u662f\u53f0\u7a4d\u96fb\u8ca1\u5831\u7684\u73fe\u91d1\u6d41\u91cf\u8868\uff0c\u5176\u4e2d\u6295\u8cc7\u6d3b\u52d5\u73fe\u91d1\u6d41\u7684\u7d30\u9805\u6709\u8a31\u591a\uff0c\u6709\u4e9b\u662f\u91d1\u878d\u8cc7\u7522\u3001\u4fdd\u8b49\u91d1\u9019\u985e\uff0c\u6709\u4e9b\u662f\u56fa\u5b9a\u8cc7\u7522\uff08\u53d6\u5f97\u4e0d\u52d5\u7522\u3001\u5ee0\u623f\u3001\u8a2d\u5099\uff09\uff0c\u4f60\u6703\u767c\u73fe\u5c0d\u96fb\u5b50\u6216\u534a\u5c0e\u9ad4\u7522\u696d\u4f86\u8aaa\uff0c\u56fa\u5b9a\u8cc7\u7522\u6295\u5165\u662f\u5176\u4e2d\u5360\u6bd4\u6700\u9ad8\u7684\u652f\u51fa\uff0c\u5176\u4ed6\u90fd\u53ea\u662f\u96f6\u982d\u800c\u5df2\u3002<\/p>\n<p>\u7576\u7136\uff0c\u9019\u8a08\u7b97\u65b9\u5f0f\u53ea\u662f\u5e02\u5834\u5148\u751f\u500b\u4eba\u7684\u770b\u6cd5\uff0c\u7562\u7adf\u53f0\u7063\u7684\u8ca1\u5831\u672c\u4f86\u5c31\u8ddf\u570b\u5916\u9577\u4e0d\u4e00\u6a23\uff0c\u6709\u4e9b\u6771\u897f\u516c\u53f8\u8ca1\u5831\u6c92\u7d66\u4f60\u5c31\u53ea\u80fd\u81ea\u5df1\u7b97\u3001\u81ea\u5df1\u4f30\uff0c\u5982\u679c\u672a\u4f86\u6211\u6709\u67e5\u5230\u6bd4\u8f03\u7cbe\u6e96\u7684\u8cc7\u6599\u6703\u518d\u88dc\u4e0a\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-19234\" src=/index.html"https:\/\/\/wp-content\/uploads\/20210214145016_83.jpg\" alt=\"\u53f0\u7a4d\u96fb\u8cc7\u672c\u652f\u51fa\u8a08\u7b97\" width=\"1000\" height=\"780\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E8%B3%87%E6%9C%AC%E6%94%AF%E5%87%BA%E5%A6%82%E4%BD%95%E5%88%86%E6%9E%90%E8%A9%95%E4%BC%B0%E4%BC%81%E6%A5%AD%E9%A2%A8%E9%9A%AA%EF%BC%9F\"><\/span>\u8cc7\u672c\u652f\u51fa\u5982\u4f55\u5206\u6790\u8a55\u4f30\u4f01\u696d\u98a8\u96aa\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u8cc7\u672c\u652f\u51fa\u4ee3\u8868\u516c\u53f8\u80af\u82b1\u9322\u6295\u8cc7\u672a\u4f86\uff0c\u901a\u5e38\u9019\u500b\u6578\u503c\u90fd\u662f\u8ca0\u6578\u3002<\/p>\n<p>\u81f3\u65bc\u8cc7\u672c\u652f\u51fa\u9ad8\u6216\u4f4e\uff0c\u5247\u662f\u6839\u64da\u7522\u696d\u985e\u578b\u6c7a\u5b9a\uff0c\u4e0d\u540c\u7522\u696d\u5728\u9700\u8981\u6295\u5165\u8cc7\u672c\u652f\u51fa\u7684\u6bd4\u4f8b\u539f\u672c\u5c31\u6703\u6709\u6240\u4e0d\u540c\uff0c<br \/>\n\u8861\u91cf\u4e00\u9593\u516c\u53f8\u7684\u8cc7\u672c\u652f\u51fa\u6642\uff0c\u5efa\u8b70\u4ee5\u540c\u7522\u696d\u3001\u540c\u985e\u578b\u516c\u53f8\u76f8\u6bd4\u624d\u6709\u610f\u7fa9\uff0c<br \/>\n\u4e26\u4e14\u4e0d\u8981\u55ae\u770b\u6578\u5b57\uff0c\u800c\u662f\u7528\u8cc7\u672c\u652f\u51fa\u9664\u4ee5\u516c\u53f8\u80a1\u672c\u4f86\u8861\u91cf\uff0c\u624d\u80fd\u660e\u78ba\u770b\u51fa\u8cc7\u672c\u652f\u51fa\u662f\u5426\u6709\u660e\u986f\u6210\u9577\u3002<\/p>\n<blockquote><p><strong>\u5e02\u5834\u5148\u751f\u63d0\u793a\uff1a\u8cc7\u672c\u652f\u51fa\u76f8\u95dc\u8a55\u4f30\uff0c\u53ea\u9069\u5408\u7528\u4f86\u8861\u91cf\u9700\u8981\u8f03\u591a\u56fa\u5b9a\u8cc7\u7522\u6295\u5165\u7684\u7522\u696d<\/strong><\/p>\n<p>\u6709\u4e9b\u4f8b\u5982\u91d1\u878d\u3001\u8edf\u9ad4\u670d\u52d9\u696d\uff0c\u5373\u4fbf\u6709\u8cc7\u672c\u652f\u51fa\uff0c\u4f46\u4e5f\u7121\u95dc\u4f01\u696d\u672a\u4f86\u6210\u9577\u6216\u7af6\u722d\u529b\u3002<\/p>\n<p>\u9019\u6642\u770b\u8cc7\u672c\u652f\u51fa\u9ad8\u4f4e\u5c31\u6c92\u6709\u610f\u7fa9\uff0c\u9019\u985e\u4f01\u696d\u8cc7\u672c\u652f\u51fa\u901a\u5e38\u4e5f\u4e0d\u9ad8\u3002<\/p>\n<p>\u5305\u542b\u884d\u751f\u51fa\u4f86\u7684\u8a08\u7b97\u4e5f\u662f\u5982\u6b64\uff0c\u4f8b\u5982<a href=/index.html"https:\/\/\/what-free-cash-flow\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u81ea\u7531\u73fe\u91d1\u6d41<\/a>\u7684\u8a08\u7b97\u9700\u8981\u7b97\u5230\u8cc7\u672c\u652f\u51fa\uff0c\u4f46\u7b97\u91d1\u878d\u696d\u7684\u81ea\u7531\u73fe\u91d1\u6d41\u6642\uff0c\u7b97\u8cc7\u672c\u652f\u51fa\u7684\u610f\u7fa9\u5c31\u4e0d\u5927\u3002<\/p><\/blockquote>\n<p><strong>\u5df4\u83f2\u7279\u66fe\u8aaa\uff0c\u4ed6\u4e0d\u559c\u6b61\u9700\u8981\u6bcf\u5e74\u6301\u7e8c\u6295\u5165\u5927\u91cf\u8cc7\u672c\u652f\u51fa\u624d\u80fd\u7dad\u6301\u7af6\u722d\u529b\u7684\u4f01\u696d\u3002<\/strong><\/p>\n<p>\u9019\u662f\u4e00\u7a2e\u89c0\u9ede\uff0c\u4f46\u4e26\u4e0d\u662f\u8aaa\u6240\u6709\u5927\u91cf\u8cc7\u672c\u652f\u51fa\u7684\u4f01\u696d\u90fd\u662f\u58de\u4e8b\uff0c<br \/>\n\u56e0\u70ba\u53ea\u8981\u662f\u5728\u6210\u9577\u7684\u4f01\u696d\uff0c\u6709\u9ad8\u984d\u8cc7\u672c\u652f\u51fa\uff0c\u751a\u81f3\u8cc7\u672c\u652f\u51fa\u5e74\u5e74\u589e\u52a0\uff0c\u57fa\u672c\u4e0a\u90fd\u662f\u5e38\u614b\u3002<\/p>\n<p>\u6211\u5011\u4e0d\u6015\u516c\u53f8\u82b1\u9322\uff0c\u6211\u5011\u53ea\u5728\u610f\u82b1\u9322\u82b1\u7684\u503c\u4e0d\u503c\u5f97\uff1f<br \/>\n\u63db\u53e5\u8a71\u8aaa\uff0c\u9019\u4e9b\u8cc7\u672c\u652f\u51fa\u662f\u5426\u53ef\u4ee5\u5728\u672a\u4f86\u5e36\u4f86\u5229\u6f64\uff1f<\/p>\n<h3>\u9ad8\u8cc7\u672c\u652f\u51fa\uff1a\u53ef\u80fd\u4ee3\u8868\u8457\u4ecd\u5728\u9ad8\u901f\u6210\u9577\uff0c\u4e5f\u53ef\u80fd\u4ee3\u8868\u7f3a\u4e4f\u8b77\u57ce\u6cb3<\/h3>\n<p>\u89c0\u5bdf\u8cc7\u672c\u652f\u51fa\u6642\uff0c\u6211\u81ea\u5df1\u662f\u6703\u5f9e\u5e7e\u500b\u9762\u5411\u8a55\u4f30\uff1a<\/p>\n<p>1. \u8cc7\u672c\u652f\u51fa\u662f\u5e38\u614b\uff0c\u9084\u662f\u6642\u9ad8\u6642\u4f4e\uff1f<\/p>\n<p>2. \u8cc7\u672c\u652f\u51fa\u662f\u5426\u6301\u7e8c\u589e\u52a0\uff1f<\/p>\n<p>3. \u4f01\u696d\u662f\u6b63\u5728\u6210\u9577\uff0c\u9084\u662f\u6240\u5c6c\u7522\u696d\u5df2\u7d93\u662f\u6210\u719f\u5e02\u5834\u3001\u7d05\u6d77\u7af6\u722d\uff1f<\/p>\n<p>4. \u4f01\u696d\u5c0d\u65bc\u81ea\u5df1\u7684\u7522\u54c1\u662f\u5426\u64c1\u6709\u8a02\u50f9\u6b0a\uff1f<\/p>\n<p>5. \u4f01\u696d\u7372\u5229\u662f\u5426\u96a8\u8457\u8cc7\u672c\u652f\u51fa\u589e\u52a0\uff0c\u4e5f\u96a8\u4e4b\u63d0\u5347\uff1f<\/p>\n<p>6. \u516c\u53f8\u662f\u7528\u7372\u5229\u8f49\u6295\u8cc7\uff0c\u9084\u662f\u9700\u8981\u4e0d\u65b7\u5411\u6295\u8cc7\u4eba\u52df\u8cc7\u4f86\u652f\u61c9\u652f\u51fa\uff1f<\/p>\n<p>7. \u8cc7\u672c\u652f\u51fa\u6301\u7e8c\u589e\u52a0\u4e4b\u4e0b\uff0c<a href=/index.html"https:\/\/\/what-is-roa\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8cc7\u7522\u5831\u916c\u7387ROA<\/a>\u662f\u5426\u4e0b\u964d\uff1f<\/p>\n<p>\u5176\u5be6\u628a\u4e00\u6bb5\u6642\u9593\u8cc7\u672c\u652f\u51fa\u548c\u71df\u6536\u3001\u76c8\u9918\u91d1\u984d\u62c9\u51fa\u4f86\u505a\u5c0d\u6bd4\uff0c\u5c31\u80fd\u77e5\u9053\u3002<br \/>\n\u8655\u65bc\u4e0d\u540c\u968e\u6bb5\u3001\u4e0d\u540c\u7522\u696d\u7684\u516c\u53f8\u72c0\u6cc1\u4e0d\u540c\uff0c\u7e3d\u4e4b\u6211\u5011\u4e26\u4e0d\u80fd\u7528\u55ae\u4e00\u6a19\u6e96\u4f86\u8861\u91cf\u597d\u58de\u3002\u672a\u4f86\u6709\u6a5f\u6703\u518d\u4f86\u5206\u4eab\u6848\u4f8b\u3002<\/p>\n<p>\u6709\u4e9b\u516c\u53f8\u5341\u5206\u6709\u5229\u6f64\u3001\u4e5f\u6975\u6709\u7af6\u722d\u529b\uff0c\u4e9f\u6b32\u589e\u52a0\u6295\u5165\u64f4\u5927\u5e02\u5834\uff0c\u6216\u8005\u52a0\u5bec\u516c\u53f8<a href=/index.html"https:\/\/\/how-business-wealth-01\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8b77\u57ce\u6cb3<\/a>\uff0c\u56e0\u6b64\u8cc7\u672c\u652f\u51fa\u5e74\u5e74\u589e\u52a0\uff0c\u751a\u81f3\u5927\u5e45\u589e\u52a0\uff0c\u4ed6\u5011\u7528\u7684\u662f\u7576\u4e0b\u7684\u8cc7\u672c\u652f\u51fa\uff0c\u63db\u53d6\u672a\u4f86\u66f4\u9577\u4e00\u6bb5\u6642\u9593\u4fdd\u6301\u7af6\u722d\u529b\u8207\u5229\u6f64\u3002<br \/>\n\u5982\u679c\u516c\u53f8\u6210\u9577\u904e\u5feb\uff0c\u53ef\u80fd\u6703\u6709\u7372\u5229\u9084\u4e0d\u5920\u5c31\u9700\u8981\u64f4\u5927\u6295\u5165\u7684\u554f\u984c\uff08<a href=/index.html"https:\/\/\/what-free-cash-flow\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u81ea\u7531\u73fe\u91d1\u6d41<\/a>\u70ba\u8ca0\u503c\uff09\uff0c\u9700\u8981\u589e\u8cc7\u7372\u589e\u52a0\u50b5\u52d9\u3001\u767c\u884c\u65b0\u80a1\uff0c\u9019\u56fa\u7136\u6709\u98a8\u96aa\u3001\u6709\u7d93\u71df\u4e0a\u904e\u5ea6\u69d3\u687f\u7684\u7591\u616e\uff0c\u4f46\u6210\u529f\u6642\u7372\u5229\u6210\u9577\u4e5f\u5f88\u53ef\u89c0\u3002<\/p>\n<p>\u4e5f\u6709\u4e9b\u516c\u53f8\u5247\u662f\u5229\u6f64\u5341\u5206\u6709\u9650\u3001\u7522\u696d\u7af6\u722d\u6fc0\u70c8\uff0c\u900f\u904e\u8cc7\u672c\u652f\u51fa\u4f86\u964d\u4f4e\u55ae\u4f4d\u751f\u7522\u6210\u672c\uff0c\u4e00\u4f46\u4e0d\u518d\u6295\u5165\u8cc7\u91d1\u5c31\u53ef\u80fd\u9762\u81e8\u50f9\u683c\u7af6\u722d\u4e0a\u9677\u5165\u5f31\u52e2\u3001\u8fc5\u901f\u88ab\u6dd8\u6c70\uff0c\u6295\u5165\u7684\u8cc7\u91d1\u4ed8\u8af8\u6771\u6d41\u3002<br \/>\n\u4f8b\u5982\uff1a\u9762\u677f\u3001LED\u3001\u592a\u967d\u80fd\u3001DRAM\u7522\u696d\u90fd\u662f\u5982\u6b64\u3002<\/p>\n<p>\u5982\u679c\u4f60\u89c0\u5bdf\u5230\u4f01\u696d\u8cc7\u672c\u652f\u51fa\u6301\u7e8c\u64f4\u5927\uff0c\u90a3\u9ebc\u4ed6\u7684\u71df\u6536\u3001\u7372\u5229\uff0c\u61c9\u8a72\u4e5f\u8981\u4ee5\u66f4\u9ad8\u7684\u901f\u5ea6\u6210\u9577\u3002<br \/>\n\u5426\u5247\u5c31\u61c9\u8a72\u5c0d\u65bc\u5e38\u614b\u7684\u8cc7\u672c\u652f\u51fa\u4fdd\u6301\u8b66\u60d5\uff0c\u56e0\u70ba\u4e0d\u80fd\u63db\u6210\u672a\u4f86\u7372\u5229\u7684\u8cc7\u672c\u652f\u51fa\uff0c\u6700\u7d42\u5c31\u6703\u4fb5\u8755\u7372\u5229\u3002<\/p>\n<p>\u53ef\u95b1\u8b80\uff1a<a href=/index.html"https:\/\/\/blog-pos-15\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u9f90\u5927\u7684\u8cc7\u672c\u652f\u51fa\uff0c\u53ef\u80fd\u8c61\u5fb5\u516c\u53f8\u6b20\u7f3a \u8db3\u5920\u7684\u8b77\u57ce\u6cb3<\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E8%B3%87%E6%9C%AC%E6%94%AF%E5%87%BA%E8%88%87%E6%8A%98%E8%88%8A%E6%9C%89%E4%BB%80%E9%BA%BC%E9%97%9C%E4%BF%82%EF%BC%9F\"><\/span>\u8cc7\u672c\u652f\u51fa\u8207\u6298\u820a\u6709\u4ec0\u9ebc\u95dc\u4fc2\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u8cc7\u672c\u652f\u51fa\u5305\u542b\u4e86\u571f\u5730\u3001\u5ee0\u623f\u3001\u8a2d\u5099\u3001\u7814\u767c\u7b49\u7b49\u652f\u51fa\uff0c\u90fd\u662f\u5c6c\u65bc\u516c\u53f8\u7684\u6295\u8cc7\uff0c\u6703\u4f7f\u516c\u53f8\u5e33\u9762\u73fe\u91d1\u6e1b\u5c11\uff0c<br \/>\n\u6295\u8cc7\u9019\u985e\u8cc7\u7522\u53ef\u4ee5\u5728\u672a\u4f86\u5e6b\u516c\u53f8\u63d0\u4f9b\u71df\u6536\u50f9\u503c\uff0c\u8a08\u7b97\u6642\u5fc5\u9808\u5c07\u9019\u4e9b\u8cc7\u672c\u652f\u51fa\u8cc7\u672c\u5316\uff0c<br \/>\n\u628a\u652f\u51fa\u7684\u6210\u672c(\u56fa\u5b9a\u6210\u672c)\u5206\u6524\u5230\u8cc7\u7522\u7684\u4f7f\u7528\u58fd\u547d\u4e2d\u3002<\/p>\n<p>\u767d\u8a71\u4f86\u8aaa\uff0c\u5c31\u662f\u516c\u53f8\u4e0d\u6703\u5728\u652f\u51fa\u767c\u751f\u7684\u7576\u5e74\u5c31\u6263\u9664\u8cfc\u8cb7\u8cc7\u7522\u7684\u5168\u90e8\u6210\u672c\uff0c<br \/>\n\u800c\u662f\u5728\u8cc7\u7522\u7684\u4f7f\u7528\u5e74\u9650\u900f\u904e\u9010\u5e74<a href=/index.html"https:\/\/\/what-is-depreciation-amortization\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6298\u820a(Depreciation)<\/a>\u4f86\u8a08\u7b97\u6210\u672c\u3002<\/p>\n<p>\u5728\u6703\u8a08\u79d1\u76ee\u4e0a\uff0c\u8cc7\u672c\u652f\u51fa\u662f\u6309\u7167\u6298\u820a\u4f86\u5206\u6524\u5230\u5c07\u4f86\u5404\u500b\u5e74\u5ea6\uff0c<br \/>\n\u6298\u820a\u6703\u88ab\u8a08\u5165\u640d\u76ca\u8868\u4e2d\u7684\u8cbb\u7528\uff0c\u4f46\u5176\u5be6\u7576\u5e74\u5ea6\u4e26\u6c92\u6709\u5be6\u969b\u73fe\u91d1\u6d41\u51fa\uff0c\u800c\u662f\u5c07\u516c\u53f8\u4e00\u958b\u59cb\u652f\u4ed8\u7684\u8cc7\u672c\u652f\u51fa\u4f86\u5206\u6524\u3002<\/p>\n<p>\u8209\u4f8b\u4f86\u8aaa\uff1a<br \/>\n\u5982\u679c\u65b0\u589e\u4e00\u9805\u56fa\u5b9a\u8cc7\u7522\u7684\u6295\u5165\u6210\u672c\u70ba10000\u7f8e\u5143\uff0c\u9810\u8a08\u4f7f\u75285\u5e74\uff0c<br \/>\n\u96d6\u7136\u7576\u4e0b\u7684\u78ba\u662f\u82b1\u638910000\u7f8e\u5143\uff0c\u4f46\u516c\u53f8\u5728\u7576\u5e74\u8ca1\u5831\u7684\u640d\u76ca\u8868\u4e0a\uff0c\u4e26\u4e0d\u6703\u8a18\u6210\u6210\u672c -10000\u7f8e\u5143\uff0c<br \/>\n\u539f\u56e0\u662f\u9019\u6a23\u4eca\u5e74\u7684\u7372\u5229\u6703\u5c11\u5f88\u591a\uff0c\u4f46\u660e\u5f8c\u5e74\u4ee5\u5f8c\u537b\u8b8a\u6210\u90fd\u6c92\u6709\u6210\u672c\uff0c\u7372\u5229\u5927\u5e45\u63d0\u9ad8\uff0c\u9019\u4e26\u4e0d\u7b26\u5408\u640d\u76ca\u8868\u4e0a\u8b93\u6295\u8cc7\u4eba\u4e86\u89e3\u516c\u53f8\u5e38\u614b\u6027\u7372\u5229\u72c0\u6cc1\u7684\u7528\u610f\u3002<\/p>\n<p>\u56e0\u6b64\u5be6\u969b\u7684\u505a\u6cd5\u6703\u662f\u5728\u63a5\u4e0b\u4f86\u76845\u5e74\u4e2d\uff0c\u6bcf\u5e74\u6703\u8a08\u51652000\u7f8e\u5143\u6210\u672c\uff0c\u4f46\u56e0\u70ba\u5be6\u969b\u4e0a\u9322\u662f\u7b2c\u4e00\u5e74\u82b1\u6389\u7684\uff0c\u56e0\u6b64\u5f8c\u9762\u5e7e\u5e74\u53ea\u662f\u5e33\u9762\u4e0a\u8a18\u51652000\u7f8e\u5143\u6210\u672c\uff0c\u4f46\u5be6\u969b\u4e26\u6c92\u6709\u73fe\u91d1\u6d41\u51fa\uff0c\u5c31\u6703\u8a08\u51652000\u7f8e\u5143\u6298\u820a\u9805\u76ee\uff08\u8a08\u7b97\u65b9\u5f0f\u6703\u6839\u64da\u5404\u7a2e\u6703\u8a08\u4e0a\u7684\u6298\u820a\u6cd5\u4f86\u6c7a\u5b9a\uff09\uff0c\u5728\u73fe\u91d1\u6d41\u91cf\u8868\u4e0a\u6703\u628a\u9019\u7b46\u73fe\u91d1\u6d41\u52a0\u56de\u4f86\u3002<\/p>\n<p>\u6298\u820a\u7684\u8a73\u7d30\u6982\u5ff5\u53ef\u95b1\u8b80\uff1a<a href=/index.html"https:\/\/\/what-is-depreciation-amortization\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6298\u820a\u662f\u4ec0\u9ebc\u610f\u601d\uff1f<\/a><\/p>\n<p>\u5c0f\u7d50\uff1a<\/p>\n<ul>\n<li><span style=\"font-size: 16px;\">\u8cc7\u672c\u652f\u51fa (Capital Expenditure)\uff1d\u7576\u671f\u65b0\u589e\u7684\u56fa\u5b9a\u8cc7\u7522\u7e3d\u6295\u5165\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u6298\u820a (Depreciation) = \u8cc7\u672c\u652f\u51fa\u88ab\u5206\u6524\u5230\u672a\u4f86\u4f7f\u7528\u5e74\u9650\u6642\uff0c\u6bcf\u5e74\u88ab\u5206\u6524\u5230\u7684\u90e8\u5206\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u5728\u8cc7\u7522\u7684\u6703\u8a08\u4f7f\u7528\u5e74\u9650\u671f\u5167\uff0c\u7e3d\u6298\u820a\u6703\u7b49\u65bc\u8cc7\u672c\u652f\u51fa\u6de8\u984d (\u4f8b\u5982\uff1a5\u5e74\u6bcf\u5e74\u6298\u820a2000\u7f8e\u5143\uff0c\u5408\u8a08\u7b49\u65bc\u8cc7\u672c\u652f\u51fa10000\u7f8e\u5143)\u3002<\/span><\/li>\n<\/ul>\n<p>\u63a5\u4e0b\u4f86\u8ac72\u500b\u8cc7\u672c\u652f\u51fa\u7684\u61c9\u7528\uff1a\u81ea\u7531\u73fe\u91d1\u6d41<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E8%87%AA%E7%94%B1%E7%8F%BE%E9%87%91%E6%B5%81_vs_%E8%B3%87%E6%9C%AC%E6%94%AF%E5%87%BA\"><\/span><strong>\u81ea\u7531\u73fe\u91d1\u6d41 vs <\/strong><strong>\u8cc7\u672c\u652f\u51fa<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<blockquote><p>\u81ea\u7531\u73fe\u91d1\u6d41\uff1d\u71df\u696d\u73fe\u91d1\u6d41 &#8211; \u8cc7\u672c\u652f\u51fa<\/p><\/blockquote>\n<p>\u81ea\u7531\u73fe\u91d1\u6d41\u7684\u610f\u7fa9\u5728\u65bc&#8221;<strong>\u516c\u53f8\u53ef\u4ee5\u81ea\u7531\u904b\u7528\u7684\u73fe\u91d1<\/strong>&#8220;\uff0c\u7562\u7adf\u5373\u4fbf\u8cfa\u4e86100\u5104\uff0c\u4f46\u8cc7\u672c\u652f\u51fa\u5982\u679c\u8981\u82b1\u638980\u5104\uff0c\u4f60\u5be6\u969b\u4e0a\u4fdd\u5b88\u4f86\u770b\u7576\u4e0b\u4e5f\u53ea\u771f\u7684\u8cfa\u523020\u5104\uff0c\u5269\u991880\u5104\u5247\u662f\u7576\u4e0b\u82b1\u51fa\u53bb\uff0c\u672a\u4f86\u4e5f\u8a31\u80fd\u8cfa\u66f4\u591a\uff0c\u4f46\u4e5f\u53ef\u80fd\u4ed8\u8af8\u6771\u6d41\uff0c\u9019\u9ede\u7aef\u770b\u4f01\u696d\u6240\u5c6c\u7522\u696d\u3001\u7af6\u722d\u529b\u3001\u8a02\u50f9\u6b0a\u7b49\u56e0\u7d20\u6c7a\u5b9a\u3002<\/p>\n<p>\u7531\u65bc\u5728\u640d\u76ca\u8868\u4e0a\uff0c\u5927\u984d\u7684\u8cc7\u672c\u652f\u51fa\u4e0d\u6703\u4e00\u6b21\u8a8d\u5217\u6240\u6709\u6210\u672c\uff0c\u800c\u662f\u6703\u5206\u6210\u591a\u671f\u8a8d\u5217\uff0c\u4f8b\u5982\u82b1\u638980\u5104\uff0c\u5728\u640d\u76ca\u8868\u4e0a\u53ef\u80fd\u6703\u53ea\u7576\u4f5c\u82b18\u5104(\u5047\u8a2d\u5e73\u5747\u520610\u5e74\u8a8d\u5217\u6210\u672c)\uff0c\u9019\u6a23\u671f\u6642\u6c92\u8fa6\u6cd5\u770b\u51fa\u4f01\u696d\u7576\u4e0b\u771f\u5be6\u7684\u73fe\u91d1\u72c0\u6cc1\uff0c\u800c\u81ea\u7531\u73fe\u91d1\u6d41\u91cf\u5c31\u80fd\u89e3\u6c7a\u9019\u500b\u554f\u984c\uff0c\u8b93\u4f60\u770b\u5230\u7576\u4e0b\u6700\u771f\u5be6\u4f01\u696d\u7684\u8cc7\u91d1\u6d41\u3002\u628a\u7576\u671f\u900f\u904e\u71df\u904b\u8cfa\u5230\u7684\u9322(<a href=/index.html"https:\/\/\/what-operating-cash-flow\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u71df\u696d\u73fe\u91d1\u6d41<\/a>)\u6263\u6389\u5b8c\u6574\u7684\u8cc7\u672c\u652f\u51fa\uff0c\u5c31\u80fd\u77e5\u9053\u7576\u671f\u4f01\u696d\u80fd\u81ea\u7531\u904b\u7528\u7684\u8cc7\u91d1\u3002<\/p>\n<p>\u4e00\u822c\u6703\u5e0c\u671b\u81ea\u7531\u73fe\u91d1\u6d41\u662f\u6b63\u503c\uff0c\u751a\u81f3\u6301\u7e8c\u589e\u9577\u3002\u81ea\u7531\u73fe\u91d1\u6d41\u4e5f\u4e0d\u6703\u662f\u7a69\u5b9a\u7684\u6578\u503c\uff0c\u7562\u7adf\u5373\u4fbf\u4f01\u696d\u6bcf\u671f\u6536\u5165\u7a69\u5b9a\uff0c\u4f46\u8cc7\u672c\u652f\u51fa\u6c7a\u7b56\u4e5f\u4e0d\u4e00\u5b9a\u662f\u56fa\u5b9a\u6642\u9593\u56fa\u5b9a\u91d1\u984d\u3002<\/p>\n<p>\u4e00\u65e6\u81ea\u7531\u73fe\u91d1\u6d41\u51fa\u73fe\u8ca0\u503c\uff0c\u5982\u679c\u662f\u77ed\u671f\u73fe\u8c61\u6216\u8005\u5b63\u7bc0\u6027\u73fe\u8c61\u5f71\u97ff\u4e0d\u5927\uff0c\u4f46\u5982\u679c\u662f\u6301\u7e8c\u6709\u6b64\u72c0\u6cc1\uff0c\u4f01\u696d\u5c31\u53ef\u80fd\u9762\u81e8\u73fe\u91d1\u6d41\u5371\u6a5f\u3002<\/p>\n<p>\u53ef\u95b1\u8b80\uff1a<\/p>\n<p>1. <a href=/index.html"https:\/\/\/what-free-cash-flow\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u81ea\u7531\u73fe\u91d1\u6d41\u662f\u4ec0\u9ebc\uff1f<\/a><\/p>\n<p>2. <a href=/index.html"https:\/\/\/blog-pos-15\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u81ea\u7531\u73fe\u91d1\u6d41\u8207\u8cc7\u672c\u652f\u51fa\uff0c\u516c\u53f8\u71d2\u9322\u5230\u5e95\u662f\u597d\u662f\u58de\uff1f<\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E4%BB%80%E9%BA%BC%E6%98%AF%E8%B3%87%E6%9C%AC%E6%94%AF%E5%87%BA%E7%8E%87%EF%BC%9F\"><\/span>\u4ec0\u9ebc\u662f<strong>\u8cc7\u672c\u652f\u51fa\u7387\uff1f<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u8cc7\u672c\u652f\u51fa\u7387\u662f\u8cc7\u672c\u652f\u51fa\u7684\u61c9\u7528\u4e4b\u4e00\uff0c<br \/>\n\u7528\u71df\u696d\u73fe\u91d1\u6d41\u9664\u4ee5\u8cc7\u672c\u652f\u51fa\uff0c\u5c31\u80fd\u770b\u51fa\u4e00\u9593\u516c\u53f8\u7684\u8cc7\u672c\u652f\u51fa\u7387(Capex ratio)\uff0c<br \/>\n\u9019\u500b\u6bd4\u7387\u53ef\u4ee5\u7528\u4f86\u8861\u91cf\u516c\u53f8\u518d\u6295\u8cc7\u53ca\u8cc7\u91d1\u904b\u7528\u7684\u80fd\u529b\u3002<\/p>\n<blockquote><p><strong>\u8cc7\u672c\u652f\u51fa\u7387(Capex ratio) =<\/strong> <a href=/index.html"https:\/\/\/what-operating-cash-flow\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u71df\u696d\u73fe\u91d1\u6d41<\/a>\u00f7\u8cc7\u672c\u652f\u51fa<\/p><\/blockquote>\n<p>\u4e00\u822c\u4f86\u8aaa\uff1a<br \/>\n<strong>\u8cc7\u672c\u652f\u51fa\u7387\u6578\u503c\u8d8a\u9ad8(\u22651)<\/strong>\uff0c\u4ee3\u8868\u516c\u53f8\u53ef\u4ee5\u9760\u81ea\u8eab\u7d93\u71df\u80fd\u529b\u4f86\u6eff\u8db3\u518d\u6295\u8cc7\u7684\u8cc7\u91d1\uff1b<br \/>\n<strong>\u8cc7\u672c\u652f\u51fa\u7387\u6578\u503c\u8d8a\u9ad8(&lt;1)<\/strong>\uff0c\u4ee3\u8868\u516c\u53f8\u8cc7\u672c\u652f\u51fa\u5fc5\u9808\u9760\u878d\u8cc7\u7b49\u5916\u90e8\u501f\u8cb8\u4f86\u7372\u53d6\u8cc7\u91d1\u3002<\/p>\n<p>\u4e3b\u8981\u7528\u4f86\u770b\u516c\u53f8<strong>\u9577\u671f\u7d93\u71df\u7684\u80fd\u529b<\/strong>\uff0c\u6578\u503c\u8d8a\u9ad8\u8868\u793a\u516c\u53f8\u7684\u71df\u904b\u8cc7\u91d1\u904b\u7528\u5728\u56fa\u5b9a\u8cc7\u7522\u7684\u6295\u8cc7\u4e0a\u8f03\u6709\u8ca1\u52d9\u5f48\u6027\u3002<\/p>\n<p>\u5176\u5be6\u9019\u8a08\u7b97\u7684\u56e0\u5b50\u548c\u81ea\u7531\u73fe\u91d1\u6d41\u4e00\u6a23\uff0c\u5dee\u5225\u53ea\u5728\u65bc\u4e00\u500b\u662f\u76f8\u6e1b\u3001\u4e00\u500b\u662f\u76f8\u9664\u3002\u5169\u8005\u5176\u5be6\u4e5f\u90fd\u662f\u5728\u8861\u91cf\u5c0d\u65bc\u73fe\u91d1\u6d41\u7684\u5b89\u5168\u6027\u554f\u984c\u3002<\/p>\n<p>\u7531\u65bc\u9664\u6cd5\u672c\u8eab\u6709\u6578\u5b78\u4e0a\u7684\u7279\u6027\uff0c\u53ea\u6709\u5728\u8cc7\u672c\u652f\u51fa\u7a69\u5b9a(\u6301\u5e73\u6216\u7a69\u5b9a\u589e\u52a0)\u7684\u4f01\u696d\u624d\u9069\u5408\u7528\u9019\u7a2e\u8a08\u7b97\u65b9\u5f0f\u3002<\/p>\n<p>\u6211\u500b\u4eba\u662f\u89ba\u5f97\u81ea\u7531\u73fe\u91d1\u6d41\u6bd4\u8f03\u7c21\u55ae\uff0c\u4f46\u6578\u5b57\u5927\u591a\u53ea\u80fd\u770b\u6b63\u8ca0\u865f\u3001\u9ad8\u4f4e\u8f03\u96e3\u89e3\u8b80\uff0c<br \/>\n\u8cc7\u672c\u652f\u51fa\u7387\u5247\u662f\u6bd4\u8f03\u80fd\u770b\u51fa\u5360\u6bd4\u548c\u5169\u6578\u5b57\u9593\u7684\u76f8\u5c0d\u6027\uff0c\u524d\u63d0\u5fc5\u9808\u662f\u53ea\u80fd\u7528\u5728\u7372\u5229\u8207\u8cc7\u672c\u652f\u51fa\u90fd\u5f88\u5927\u5f88\u7a69\u7684\u4f01\u696d\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E8%B3%87%E6%9C%AC%E6%94%AF%E5%87%BA%E5%A6%82%E4%BD%95%E6%9F%A5%E8%A9%A2%EF%BC%9F\"><\/span>\u8cc7\u672c\u652f\u51fa\u5982\u4f55\u67e5\u8a62\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u524d\u9762\u6709\u63d0\u5230\uff0c\u8cc7\u672c\u652f\u51fa\u6578\u5b57\u5728\u570b\u5916\u662f\u6703\u5728\u8ca1\u5831\u4e2d\u76f4\u63a5\u55ae\u7368\u516c\u5e03\uff0c\u5728\u53f0\u7063\u5247\u6c92\u6709\u3002<\/p>\n<p>\u7f8e\u80a1\u6709\u5e7e\u7a2e\u67e5\u8a62\u65b9\u6cd5\uff1a<\/p>\n<p><strong>\u65b9\u6cd51. \u5230SEC(\u7f8e\u570b\u8b49\u5238\u4ea4\u6613\u59d4\u54e1\u6703)\u7db2\u7ad9\u4e0a\u76f4\u63a5\u67e5\u516c\u53f810K\u8ca1\u52d9\u5831\u8868<\/strong><\/p>\n<p>\u5728\u8ca1\u5831\u4e0a\u641c\u5c0b\u95dc\u9375\u5b57Capital Expenditure\u5c31\u80fd\u627e\u5230\u3002\u6709\u4e9b\u662f\u7d66\u8868\u683c\uff0c\u6709\u4e9b\u5247\u662f\u7d66\u6587\u5b57\u3002<\/p>\n<p>\u8ca1\u5831\u4e0a\u901a\u5e38\u9084\u6703\u8a73\u8ff0\u8cc7\u672c\u652f\u51fa\u7684\u9322\u82b1\u5728\u54ea\u88e1\uff0c\u4f8b\u5982TSLA\u8ca1\u5831\u4e0a\u544a\u8a34\u4f602020\u5e74\u4e3b\u8981\u662f\u82b1\u5728Model Y\u5728\u5404\u5730\u7684\u88fd\u9020\u5de5\u5ee0\u3002<br \/>\n\u4e5f\u6703\u6709\u4e9b\u6bb5\u843d\u544a\u8a34\u4f60\u672a\u4f86\u9810\u671f\u9084\u6703\u82b1\u591a\u5c11\u3001\u82b1\u5728\u54ea\u4e9b\u5730\u65b9\uff0c\u8cc7\u8a0a\u7b97\u662f\u975e\u5e38\u6e05\u6670\u3002<\/p>\n<p>\u8209\u4f8b\uff1a<a href=/index.html"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1318605\/000156459021004599\/tsla-10k_20201231.htm\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\">SEC\u7db2\u7ad9\u8cc7\u6599(TSLA 10K \u5831\u8868\u70ba\u4f8b)<\/a><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-19235\" src=/index.html"https:\/\/\/wp-content\/uploads\/20210214161453_68.jpg\" alt=\"TSLA 2020 2021 \u8cc7\u672c\u652f\u51fa\" width=\"784\" height=\"780\" srcset=\"https:\/\/\/wp-content\/uploads\/20210214161453_68.jpg 784w, https:\/\/\/wp-content\/uploads\/20210214161453_68-150x150.jpg 150w\" sizes=\"(max-width: 784px) 100vw, 784px\" \/><\/p>\n<p><strong>\u65b9\u6cd52.\u00a0\u7f8e\u80a1\u67e5\u8a62\u7db2\u7ad9\u53ef\u81f3<a href=/index.html"https:\/\/www.morningstar.com\/stocks\/xnas\/tsla\/financials\" data-wpel-link=\"external\" target=\"_blank\" rel=\"noopener nofollow\">Morningstar(\u4ee5TSLA\u70ba\u4f8b)<\/a><\/strong><\/p>\n<p>\u5728<strong>\u8ca1\u52d9\u5831\u8868(Finance)<\/strong>\u7684<strong>\u73fe\u91d1\u6d41\u91cf\u8868(Cash flow)<\/strong>\u4e2d\u3002\u4e0d\u904e\u8981\u63d0\u9192\u7684\u662f\uff0cMorningstar\u4e0a\u7684\u8cc7\u672c\u652f\u51fa\u8cc7\u6599\uff0c\u662f\u4ed6\u5011\u81ea\u5df1\u6839\u64da\u6b04\u4f4d\u7b97\u7684\uff0c\u8ddf\u516c\u53f8\u8ca1\u5831\u4e2d\u516c\u5e03\u7684\u6578\u5b57\u6709\u6642\u6703\u4e0d\u4e00\u6a23\uff0c\u4f46\u4e0d\u6703\u8aaa\u5dee\u5f88\u591a\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-38951 size-full\" src=/index.html"https:\/\/\/wp-content\/uploads\/20220713080054_34.jpg\" alt=\"\u67e5\u8a62\u7f8e\u80a1\u8cc7\u672c\u652f\u51fa\" width=\"1557\" height=\"815\" srcset=\"https:\/\/\/wp-content\/uploads\/20220713080054_34.jpg 1557w, https:\/\/\/wp-content\/uploads\/20220713080054_34-1536x804.jpg 1536w\" sizes=\"(max-width: 1557px) 100vw, 1557px\" \/><\/p>\n<p><strong>\u65b9\u6cd53. \u53f0\u80a1\u8cc7\u672c\u652f\u51fa\u53ef\u4ee5\u5728\u516c\u53f8\u7684\u73fe\u91d1\u6d41\u91cf\u8868\u4e2d\u7684\u300c\u6295\u8cc7\u6d3b\u52d5\u73fe\u91d1\u6d41\u300d\u627e\u5230<\/strong><\/p>\n<p>\u524d\u9762\u6709\u63d0\u5230\uff0c\u53f0\u7063\u7684\u8ca1\u52d9\u5831\u8868\u76ee\u524d\u4e26\u6c92\u6709\u9810\u8a2d\u6709\u8cc7\u672c\u652f\u51fa\u9019\u500b\u9805\u76ee\uff0c\u53ea\u80fd\u81ea\u5df1\u7b97\u3002\u4e00\u822c\u6211\u5011\u53ef\u4ee5\u7528\u73fe\u91d1\u6d41\u91cf\u8868\u4e2d\uff0c\u6295\u8cc7\u6d3b\u52d5\u73fe\u91d1\u6d41(\u7c21\u7a31\u6295\u8cc7\u73fe\u91d1\u6d41)\u4f86\u4ee3\u66ff\u3002<\/p>\n<p>\u6295\u8cc7\u6d3b\u52d5\u73fe\u91d1\u6d41\uff0c\u662f\u900f\u904e<a href=/index.html"https:\/\/\/what-is-balance-sheet-4\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u8cc7\u7522\u8ca0\u50b5\u8868<\/a>\u4e2d\u524d\u5f8c\u671f\u5404\u7a2e\u56fa\u5b9a\u8cc7\u7522\u652f\u51fa\u8b8a\u52d5\u7b97\u51fa\u4f86\u7684\uff0c\u4f46\u9664\u4e86\u56fa\u5b9a\u8cc7\u7522\uff0c\u4e5f\u6703\u647b\u96dc\u4e86\u4e00\u4e9b\u91d1\u878d\u8cc7\u7522\u6295\u8cc7\u3001\u62bc\u91d1\u3001\u8b8a\u8ce3\u8cc7\u7522\u6536\u5165\u7b49\u7b49\u56e0\u7d20\uff0c\u9019\u9ede\u5fc5\u9808\u8981\u7406\u89e3\u3002<\/p>\n<p>\u570b\u5167\u67e5\u8a62\u7db2\u7ad9\u53ef\u81f3<a href=/index.html"https:\/\/goodinfo.tw\/StockInfo\/StockFinDetail.asp?RPT_CAT=CF_M_QUAR_ACC&amp;STOCK_ID=2330\" data-wpel-link=\"external\" target=\"_blank\" rel=\"noopener nofollow\">Goodinfo!\u53f0\u7063\u80a1\u5e02\u8cc7\u8a0a\u7db2(\u4ee5\u53f0\u7a4d\u96fb\u70ba\u4f8b)<\/a><\/p>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-12798\" src=/index.html"https:\/\/\/wp-content\/uploads\/20200722150120_56.jpg\" alt=\"\u8cc7\u672c\u652f\u51fa\u5728\u73fe\u91d1\u6d41\u91cf\u8868\u7684\u3010\u6295\u8cc7\u6d3b\u52d5\u3011\" width=\"552\" height=\"539\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E8%B3%87%E6%9C%AC%E6%94%AF%E5%87%BACapital_Expenditure%E3%80%80%E5%BF%AB%E9%80%9F%E9%87%8D%E9%BB%9E%E6%95%B4%E7%90%86\"><\/span>\u8cc7\u672c\u652f\u51fa(Capital Expenditure)\u3000\u5feb\u901f\u91cd\u9ede\u6574\u7406<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li><span style=\"font-size: 16px;\">\u8cc7\u672c\u652f\u51fa(Capital Expenditure)\u662f\u516c\u53f8\u7528\u4f86\u8cfc\u8cb7\u3001\u5347\u7d1a\u6216\u5ef6\u9577\u8cc7\u7522\u58fd\u547d\u7684\u8cc7\u91d1\uff0c\u5c6c\u65bc\u9577\u671f\u6295\u8cc7\u7684\u56fa\u5b9a\u8cc7\u7522\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u8cc7\u672c\u652f\u51fa\u50c5\u80fd\u7528\u4f86\u8861\u91cf\u9ad8\u8cc7\u672c\u652f\u51fa\u7684\u7522\u696d\uff0c\u6709\u4e9b\u4e0d\u9700\u56fa\u5b9a\u8cc7\u672c\u6295\u5165\u7684\u7522\u696d\u4e26\u7121\u6cd5\u7528\u8cc7\u672c\u652f\u51fa\u4f86\u89e3\u8b80\uff0c\u4f8b\u5982\u91d1\u878d\u696d\u3001\u8edf\u9ad4\u696d\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u9ad8\u984d\u8cc7\u672c\u652f\u51fa\u53ef\u80fd\u662f\u597d\u4e8b\uff0c\u4e5f\u53ef\u80fd\u662f\u58de\u4e8b\u3002\u6709\u4e9b\u652f\u51fa\u80fd\u5e36\u4f86\u5f8c\u7e8c\u9577\u671f\u6210\u9577\u4ee5\u53ca\u7af6\u722d\u529b\uff0c\u6709\u4e9b\u8cc7\u672c\u652f\u51fa\u5247\u5426\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u9ad8\u984d\u8cc7\u672c\u652f\u51fa\u53ef\u80fd\u4fb5\u8755\u4f01\u696d\u73fe\u91d1\u6d41\u5065\u5eb7\u7a0b\u5ea6\uff0c\u56b4\u91cd\u6703\u6709\u91d1\u6d41\u5371\u6a5f\uff0c\u6295\u8cc7\u4eba\u9084\u5fc5\u9808\u89c0\u5bdf\u81ea\u7531\u73fe\u91d1\u6d41\u72c0\u6cc1\u662f\u5426\u5145\u8db3\u3001\u6216\u8005\u662f\u5426\u90fd\u662f\u7528\u501f\u8cb8\u878d\u8cc7\u3001\u767c\u65b0\u80a1\u4f86\u7c4c\u63aa\u8cc7\u91d1\uff0c\u8a55\u4f30\u662f\u5426\u6703\u5c0e\u81f4\u672a\u4f86\u8ca1\u52d9\u51fa\u554f\u984c\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u6700\u5065\u5eb7\u7684\u8cc7\u672c\u652f\u51fa\u72c0\u6cc1\uff0c\u662f\u4f01\u696d\u7528\u8cfa\u5230\u7684\u7372\u5229\u518d\u6295\u5165(\u81ea\u7531\u73fe\u91d1\u6d41\u70ba\u6b63\u503c)\uff0c\u4e26\u4e14\u80fd\u5728\u672a\u4f86\u5275\u9020\u66f4\u591a\u5831\u916c\uff0c\u8cc7\u672c\u652f\u51fa\u8207\u7372\u5229\u90fd\u80fd\u9577\u671f\u6301\u7e8c\u6210\u9577\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u5728\u570b\u5916\u7684\u8ca1\u5831\u4e0a\uff0c\u53ef\u4ee5\u76f4\u63a5\u627e\u5230\u8cc7\u672c\u652f\u51fa\u91d1\u984d\u3002\u5927\u81f4\u7b49\u540c\u65bc\u73fe\u91d1\u6d41\u91cf\u8868\u4e2d\u7684\u300c\u6295\u8cc7\u6d3b\u52d5\u73fe\u91d1\u6d41\u300d\u7684\u6295\u8cc7\u65bc\u8cc7\u672c\u3001\u571f\u5730\u3001\u8a2d\u5099(Investments in property, plant, and equipment)\u9805\u76ee\u3002\u5177\u9ad4\u8a8d\u5217\u7684\u9805\u76ee\u5247\u662f\u5404\u516c\u53f8\u4e0d\u540c\uff0c\u4ee5\u6703\u8a08\u5e2b\u8a8d\u5b9a\u70ba\u6e96\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u5728\u53f0\u7063\u7684\u8ca1\u5831\u4e0a\u4e26\u6c92\u6709\u8cc7\u672c\u652f\u51fa\u6b04\u4f4d\uff0c\u4e00\u822c\u6703\u7528\u6295\u8cc7\u6d3b\u52d5\u73fe\u91d1\u6d41\u7684\u7e3d\u91d1\u984d\u4f86\u4ee3\u66ff\u8cc7\u672c\u652f\u51fa\uff0c\u4e0d\u904e\u671f\u4e2d\u6703\u647b\u96dc\u5230\u4e00\u4e9b\u91d1\u878d\u8cc7\u7522\u6295\u8cc7\u3001\u8b8a\u8ce3\u8cc7\u7522\u7372\u5229\u7b49\u7b49\u5e72\u64fe\u9805\u76ee\u3002<\/span><\/li>\n<\/ol>\n<blockquote><p><span style=\"font-size: 16px;\">\u5e02\u5834\u5148\u751f\u5fc3\u5f97\uff1a\u56e0\u70ba\u53f0\u7063\u7684\u8ca1\u5831\u4e0a\u6c92\u6709\u8cc7\u672c\u652f\u51fa\u6b04\u4f4d\uff0c\u64b0\u6587\u6642\u70ba\u4e86\u91d0\u6e05\u53f0\u7063\u8ca1\u5831\u548c\u570b\u5916\u8ca1\u5831\u5dee\u7570\u7814\u7a76\u4e86\u597d\u4e00\u9663\u5b50\u3002\u4e0d\u904e\u6578\u64da\u548c\u5de5\u5177\u6211\u89ba\u5f97\u80fd\u7528\u5c31\u597d\uff0c\u4e86\u89e3\u5b83\u672c\u8cea\u7684\u610f\u7fa9\uff0c\u800c\u4e0d\u662f\u8ffd\u6c42\u7cbe\u78ba\u7684\u7b54\u6848\uff0c\u7562\u7adf\u4e0d\u662f\u8d8a\u7cbe\u78ba\u6295\u8cc7\u6210\u679c\u5c31\u8d8a\u597d\u3002<\/span><\/p>\n<p><span style=\"font-size: 16px;\">\u8cc7\u672c\u652f\u51fa\u6700\u5927\u7684\u61c9\u7528\u662f\u5728\u8a08\u7b97\u81ea\u7531\u73fe\u91d1\u6d41\u4e0a\u9762\uff0c\u5176\u6b21\u5247\u662f\u7528\u4f86\u8861\u91cf\u9ad8\u8cc7\u672c\u652f\u51fa\u7522\u696d\u7684\u9ad4\u8cea\u72c0\u6cc1\u4ee5\u53ca\u71d2\u9322\u72c0\u6cc1\uff0c\u5982\u679c\u8cc7\u672c\u652f\u51fa\u662f\u5e38\u614b\uff0c\u5176\u5be6\u5c31\u610f\u5473\u8457\u672a\u4f86\u5373\u4fbf\u6709\u7372\u5229\u4e5f\u9700\u8981\u6301\u7e8c\u6263\u9664\u8cc7\u672c\u652f\u51fa\u3002\u597d\u516c\u53f8\u8d8a\u71d2\u9322\u8d8a\u5f37\uff0c\u5dee\u7684\u516c\u53f8\u8d8a\u71d2\u9322\u8d8a\u7aae\uff0c\u5176\u5be6\u672c\u8cea\u90fd\u4e0d\u662f\u8cc7\u672c\u652f\u51fa\u7684\u554f\u984c\uff0c\u4e26\u4e0d\u662f\u82b1\u8d8a\u591a\u6216\u82b1\u8d8a\u5c11\u5c31\u8d8a\u597d\uff0c\u8cc7\u672c\u652f\u51fa\u53ea\u662f\u6700\u7d42\u53cd\u61c9\u51fa\u4f86\u7684\u6c7a\u7b56\u6210\u679c\u800c\u5df2\uff0c\u8981\u548c\u71df\u904b\u72c0\u6cc1\u4ee5\u53ca\u7af6\u722d\u529b\u505a\u6bd4\u5c0d\u624d\u6709\u610f\u7fa9\u3002<\/span><\/p><\/blockquote>\n<p>\u5b78\u7fd2\u66f4\u591a\u8ca1\u5831\u77e5\u8b58\u53ef\u95b1\u8b80\uff1a<br \/>\n<a href=/index.html"https:\/\/\/how-learn-financial-report\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8ca1\u5831\u5206\u6790\u6559\u5b78\u61f6\u4eba\u5305<\/a><\/p>\n<p>\u672c\u6587\u63d0\u5230\u6240\u6709\u6295\u8cc7\u6a19\u7684\u5747\u70ba\u6559\u5b78\u7bc4\u4f8b\u4f7f\u7528\uff0c\u4e0d\u4ee3\u8868\u4efb\u4f55\u5f62\u5f0f\u7684\u6295\u8cc7\u5efa\u8b70\u3002\u6295\u8cc7\u4e00\u5b9a\u6709\u98a8\u96aa\uff0c\u6295\u8cc7\u524d\u52d9\u5fc5\u81ea\u884c\u7814\u7a76\u5206\u6790\u3002<\/p>\n\n<p>\u984d\u5916\u5206\u4eab\u5e7e\u7bc7\u6587\u7ae0\uff1a<\/p>\n<p>1. <a href=/index.html"https:\/\/\/what-is-depreciation-amortization\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6298\u820a\/\u6524\u92b7\u662f\u4ec0\u9ebc\uff1f\u6298\u820a\u8207\u6524\u92b7\u6709\u4ec0\u9ebc\u5dee\u5225\uff1f<\/a><\/p>\n<p>2.\u00a0<a href=/index.html"https:\/\/\/what-free-cash-flow\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u81ea\u7531\u73fe\u91d1\u6d41\u91cf\u662f\u4ec0\u9ebc\uff1f\u81ea\u7531\u73fe\u91d1\u6d41\u91cf\u516c\u5f0f\uff1f\u5982\u4f55\u7528\u4f86\u5206\u6790\u8a55\u4f30\u4f01\u696d\u98a8\u96aa\uff1f<\/a><\/p>\n<p>3. <a href=/index.html"https:\/\/\/how-business-wealth-01\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8a8d\u8b58\u4f01\u696d\u76845\u7a2e\u8b77\u57ce\u6cb3\u7af6\u722d\u512a\u52e2<\/a><\/p>\n<p><strong><span style=\"font-size: 20px;\">\u52a0\u5165\u5e02\u5834\u5148\u751fFB\u793e\u5718\uff0c\u5145\u5be6\u66f4\u591a\u7406\u8ca1\u597d\u77e5\u8b58<\/span><\/strong><\/p>\r\n<p>50\u6b72\u4e4b\u524d\u60f3\u9000\u4f11\u4e00\u5b9a\u8981\u61c2\u7406\u8ca1\uff0c<br \/>\u89e3\u6c7a\u6295\u8cc7\u7684\u7169\u60f1\uff01<\/p>\r\n<p><a href=/index.html"https:\/\/bit.ly\/2NTBOAv\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\"><img decoding=\"async\" class=\"alignnone size-full wp-image-7106\" src=/index.html"https:\/\/\/wp-content\/uploads\/20190824195036_69.gif\" alt=\"\" width=\"687\" height=\"243\" \/><\/a><\/p>\r\n<p>\u6700\u8fd1\u5e02\u5834\u5148\u751f\u958b\u4e86\u4e00\u5802\u7684\u300c<strong>\u7528\u7f8e\u80a1ETF\u5275\u9020\u7a69\u5b9a\u73fe\u91d1\u6d41<\/strong>\u300d\u6559\u5b78\u8ab2\u7a0b\uff0c<br \/>\u9019\u5802\u8ab2\u7a0b\u6703\u5f9e\u57fa\u790e\u5165\u9580\u3001\u8cc7\u6599\u67e5\u8a62\u5230\u5be6\u969b\u64cd\u4f5c\uff0c<br \/>\u6559\u4f60\u5b78\u6703\u5efa\u7acb\u4e00\u500b\u7a69\u5b9a\u7684\u5168\u7403ETF\u6295\u8cc7\u7d44\u5408\uff0c\u76ee\u524d\u7d2f\u7a4d\u5df2\u7d93\u6709\u5c07\u8fd11100\u4f4d\u540c\u5b78\u4e0a\u8ab2\u3002<\/p>\r\n<p>\u7dda\u4e0a\u8ab2\u7a0b\u300b<a href=/index.html"http:\/\/bit.ly\/2FV3hPc\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\">\u7f8e\u80a1ETF\u5275\u9020\u7a69\u5b9a\u73fe\u91d1\u6d41\u7dda\u4e0a\u8ab2\u7a0b\u9023\u7d50<\/a><\/p>\n\u7de8\u8f2f\uff1aJoy \u4e3b\u7de8\uff1a\u5e02\u5834\u5148\u751f\n<p><br \/><strong><span style=\"color: #ff0000;\">\u5982\u679c\u89ba\u5f97\u9019\u7bc7\u6587\u7ae0\u6709\u5e6b\u52a9\uff0c<\/span><\/strong><br \/><strong><span style=\"color: #ff0000;\">\u5e6b\u6211\u6309\u500b\u8b9a\uff0c\u5206\u4eab\u7d66\u66f4\u591a\u4eba\u770b\u5230\uff0c\u8b1d\u8b1d\uff01<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u6709\u4e9b\u6295\u8cc7\u4eba\u6703\u7528\u8ca1\u5831\u4e0a\u7684 \u8cc7\u672c\u652f\u51fa(Capital Expenditure)\u4f86\u505a\u9577\u671f\u6295\u8cc7\u5206\u6790\uff0c \u5728\u8ca1\u52d9\u4e0a\u5305\u542b \u6298 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