{"id":29905,"date":"2022-03-12T14:37:31","date_gmt":"2022-03-12T06:37:31","guid":{"rendered":"https:\/\/\/?p=29905"},"modified":"2024-03-18T10:33:41","modified_gmt":"2024-03-18T02:33:41","slug":"what-is-firm-foundation-theory","status":"publish","type":"post","link":"https:\/\/\/what-is-firm-foundation-theory\/","title":{"rendered":"\u78d0\u77f3\u7406\u8ad6\u662f\u4ec0\u9ebc\uff1f\u6709\u7528\u55ce\uff1f\u8207\u7a7a\u4e2d\u6a13\u95a3\u7406\u8ad6\u6709\u4ec0\u9ebc\u5dee\u7570\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 size-full wp-image-43757\" src=/index.html"https:\/\/\/wp-content\/uploads\/20221102165455_84.jpg\" alt=\"\u78d0\u77f3\u7406\u8ad6\" width=\"2090\" height=\"1094\" srcset=\"https:\/\/\/wp-content\/uploads\/20221102165455_84.jpg 2090w, https:\/\/\/wp-content\/uploads\/20221102165455_84-1536x804.jpg 1536w, https:\/\/\/wp-content\/uploads\/20221102165455_84-2048x1072.jpg 2048w\" sizes=\"(max-width: 2090px) 100vw, 2090px\" \/>\u78d0\u77f3\u7406\u8ad6\u8a8d\u70ba\u6bcf\u500b\u91d1\u878d\u6295\u8cc7\u5546\u54c1\u90fd\u6709\u771f\u5be6\u50f9\u503c\uff08\u5167\u5728\u50f9\u503c\uff09\uff0c\u6295\u8cc7\u4eba\u6703\u6839\u64da\u76ee\u524d\u50f9\u683c\u8207\u5167\u5728\u50f9\u503c\u7684\u5dee\u50f9\u505a\u51fa\u8cb7\u8ce3\u6c7a\u5b9a\uff0c\u800c\u50f9\u683c\u6700\u7d42\u6703\u56de\u6b78\u5230\u5167\u5728\u50f9\u503c\u3002<\/p>\n<p>\u66a2\u92b7\u66f8\u300a<a href=/index.html"https:\/\/\/a-random-walk-down-wall-street-book-review\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6f2b\u6b65\u83ef\u723e\u8857<\/a>\u300b\u4e2d\u63d0\u5230\u78d0\u77f3\u7406\u8ad6\u7684\u6982\u5ff5\uff0c\u50f9\u503c\u6295\u8cc7\u5927\u5e2b\u3001\u6709\u80a1\u795e\u4e4b\u7a31\u7684 \u83ef\u502b\u00b7\u5df4\u83f2\u7279 \uff0c<br \/>\n\u5c31\u662f\u4f7f\u7528\u78d0\u77f3\u7406\u8ad6\u6700\u6210\u529f\u7684\u4ee3\u8868\u4eba\u7269\u4e4b\u4e00\u3002<\/p>\n<p>\u9019\u7bc7\u6587\u7ae0\u5e02\u5834\u5148\u751f\u4ecb\u7d39\u78d0\u77f3\u7406\u8ad6\u7684\u6982\u5ff5\uff0c\u4ee5\u53ca\u5167\u5728\u50f9\u503c\u662f\u4ec0\u9ebc\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-66120177cde66\" 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 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-66120177cde66\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=/index.html"https:\/\/\/what-is-firm-foundation-theory\/#%E7%A3%90%E7%9F%B3%E7%90%86%E8%AB%96%E6%98%AF%E4%BB%80%E9%BA%BC%E6%84%8F%E6%80%9D%EF%BC%9F\" title=\"\u78d0\u77f3\u7406\u8ad6\u662f\u4ec0\u9ebc\u610f\u601d\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u78d0\u77f3\u7406\u8ad6\u662f\u4ec0\u9ebc\u610f\u601d\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=/index.html"https:\/\/\/what-is-firm-foundation-theory\/#%E7%A3%90%E7%9F%B3%E7%90%86%E8%AB%96_vs_%E7%A9%BA%E4%B8%AD%E6%A8%93%E9%96%A3%E7%90%86%E8%AB%96\" title=\"\u78d0\u77f3\u7406\u8ad6 vs. \u7a7a\u4e2d\u6a13\u95a3\u7406\u8ad6\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u78d0\u77f3\u7406\u8ad6 vs. \u7a7a\u4e2d\u6a13\u95a3\u7406\u8ad6<\/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-firm-foundation-theory\/#%E7%A3%90%E7%9F%B3%E7%90%86%E8%AB%96%E4%B8%AD%E7%9A%84%E5%85%A7%E5%9C%A8%E5%83%B9%E5%80%BC%E6%98%AF%E4%BB%80%E9%BA%BC%EF%BC%9F%E5%A6%82%E4%BD%95%E8%A8%88%E7%AE%97%EF%BC%9F\" title=\"\u78d0\u77f3\u7406\u8ad6\u4e2d\u7684\u5167\u5728\u50f9\u503c\u662f\u4ec0\u9ebc\uff1f\u5982\u4f55\u8a08\u7b97\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u78d0\u77f3\u7406\u8ad6\u4e2d\u7684\u5167\u5728\u50f9\u503c\u662f\u4ec0\u9ebc\uff1f\u5982\u4f55\u8a08\u7b97\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-firm-foundation-theory\/#%E4%BD%BF%E7%94%A8%E7%A3%90%E7%9F%B3%E7%90%86%E8%AB%96%E6%9C%83%E9%81%87%E5%88%B0%E4%BB%80%E9%BA%BC%E5%95%8F%E9%A1%8C%EF%BC%9F\" title=\"\u4f7f\u7528\u78d0\u77f3\u7406\u8ad6\u6703\u9047\u5230\u4ec0\u9ebc\u554f\u984c\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u4f7f\u7528\u78d0\u77f3\u7406\u8ad6\u6703\u9047\u5230\u4ec0\u9ebc\u554f\u984c\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-firm-foundation-theory\/#%E5%BF%AB%E9%80%9F%E9%87%8D%E9%BB%9E%E6%95%B4%E7%90%86%EF%BC%9A%E7%A3%90%E7%9F%B3%E7%90%86%E8%AB%96%E6%98%AF%E4%BB%80%E9%BA%BC%EF%BC%9F\" title=\"\u5feb\u901f\u91cd\u9ede\u6574\u7406\uff1a\u78d0\u77f3\u7406\u8ad6\u662f\u4ec0\u9ebc\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5feb\u901f\u91cd\u9ede\u6574\u7406\uff1a\u78d0\u77f3\u7406\u8ad6\u662f\u4ec0\u9ebc\uff1f<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"%E7%A3%90%E7%9F%B3%E7%90%86%E8%AB%96%E6%98%AF%E4%BB%80%E9%BA%BC%E6%84%8F%E6%80%9D%EF%BC%9F\"><\/span>\u78d0\u77f3\u7406\u8ad6\u662f\u4ec0\u9ebc\u610f\u601d\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u78d0\u77f3\u7406\u8ad6\uff08\u82f1\u6587\uff1aFirm-Foundation Theory\uff09\u5047\u8a2d\u4efb\u4f55\u91d1\u878d\u5de5\u5177\uff0c\u50cf\u662f\u80a1\u7968\u3001\u9078\u64c7\u6b0a(\u671f\u6b0a)\u3001\u623f\u5730\u7522\u7b49\uff0c\u90fd\u6709\u4e00\u500b\u5167\u5728\u50f9\u503c\uff0c<\/p>\n<p>\u5c0d\u65bc\u516c\u53f8\u7684\u666e\u901a\u80a1\u4f86\u8aaa\uff0c\u5167\u5728\u50f9\u503c\u662f\u7531\u516c\u53f8\u76ee\u524d\u7684\u73fe\u72c0\u3001\u672a\u4f86\u6f5b\u529b\u6c7a\u5b9a\u7684\uff0c\u4e5f\u5c31\u662f\u8aaa\u53ef\u4ee5\u900f\u904e\u89c0\u5bdf<strong>\u57fa\u672c\u9762\u5206\u6790\u8a55\u4f30\u5167\u5728\u50f9\u503c<\/strong>\uff0c\u6839\u64da\u73fe\u6cc1\u548c\u5c0d\u672a\u4f86\u7684\u9810\u4f30\uff0c\u8a08\u7b97\u51fa\u80a1\u7968\u7684\u5167\u5728\u50f9\u503c\u3002<\/p>\n<p>\u5167\u5728\u50f9\u503c\u4e00\u65e6\u78ba\u7acb\uff0c\u6295\u8cc7\u4eba\u5c31\u6703\u6839\u64da\u80a1\u7968\u7684\u5e02\u50f9\u8207\u5167\u5728\u50f9\u503c\u7684\u5dee\u984d\u4f86\u505a\u51fa\u8cb7\u8ce3\u6c7a\u7b56\uff0c\u4e26\u4e14\u9577\u671f\u6301\u6709\u6a19\u7684\uff0c\u56e0\u70ba\u78d0\u77f3\u7406\u8ad6\u8a8d\u70ba\u50f9\u683c\u6700\u7d42\u6703\u56de\u6b78\u5230\u5167\u5728\u50f9\u503c\u3002<\/p>\n<p>\u5c0d\u65bc\u76f8\u4fe1\u78d0\u77f3\u7406\u8ad6\u7684\u4eba\u4f86\u8aaa\uff0c\u4ed6\u5011\u8a8d\u70ba\u50f9\u683c\u6700\u7d42\u6703\u7b49\u65bc\u516c\u53f8\u7684\u5167\u5728\u50f9\u503c\uff0c\u56e0\u6b64\u82e5\u662f\u9577\u671f\u6301\u6709\u88ab\u5e02\u5834\u4f4e\u4f30\u7684\u80a1\u7968\uff0c\u90a3\u9ebc\u7b49\u5230\u80a1\u7968\u56de\u5230\u771f\u5be6\u50f9\u503c(\u5167\u5728\u50f9\u503c)\u5f8c\u518d\u51fa\u552e\u5c31\u80fd\u7372\u5229\u3002<\/p>\n<p>\u50f9\u503c\u6295\u8cc7\u5c31\u662f\u4e00\u7a2e\u57fa\u65bc\u78d0\u77f3\u7406\u8ad6\u7684\u57fa\u672c\u5047\u8a2d\u6240\u7522\u751f\u7684\u6295\u8cc7\u7b56\u7565\u3002<\/p>\n<p><strong>\u78d0\u77f3\u7406\u8ad6\u7684\u8cb7\u8ce3\u7b56\u7565\uff1a<\/strong><\/p>\n<ul>\n<li><span style=\"font-size: 16px;\">\u5e02\u50f9&lt;\u5167\u5728\u50f9\u503c =\u8cb7\u5165<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u5e02\u50f9&gt;\u5167\u5728\u50f9\u503c =\u8ce3\u51fa<\/span><\/li>\n<\/ul>\n<p>\u7d04\u7ff0\u00b7\u4f2f\u723e\u00b7\u5a01\u5ec9\u65af (John Burr Williams)\u662f\u6700\u65e9\u6839\u64da\u78d0\u77f3\u7406\u8ad6\u4f86\u770b\u5f85\u80a1\u7968\u50f9\u683c\u7684\u5c11\u6578\u7d93\u6fdf\u5b78\u5bb6\u4e4b\u4e00\uff0c\u4ed6\u8a8d\u70ba\u6295\u8cc7\u4eba<strong>\u4e0d\u61c9\u8a72\u5c08\u6ce8\u65bc\u9810\u6e2c\u80a1\u7968\u50f9\u683c<\/strong>\uff0c\u800c<strong>\u61c9\u8a72\u5c08\u6ce8\u65bc\u4f30\u8a08\u672a\u4f86\u7684\u516c\u53f8\u76c8\u5229\u548c\u80a1\u606f<\/strong>\u3002<\/p>\n<p>\u9019\u4e9b\u672a\u4f86\u7684\u73fe\u91d1\u6d41\u53ef\u4ee5\u6298\u7b97\u5230\u73fe\u5728\uff0c\u4ee5\u627e\u5230\u80a1\u7968\u7684\u5167\u5728\u50f9\u503c\uff0c\u7562\u7adf\u4eba\u5011\u8cfc\u8cb7\u80a1\u7968\u662f\u70ba\u4e86\u672a\u4f86\u7684\u7372\u5229\u6f5b\u529b\u3002<\/p>\n<p>\u78d0\u77f3\u7406\u8ad6\u6709\u4e0d\u5c11\u5b78\u8005\u652f\u6301\uff0c\u80a1\u795e\u83ef\u502b\u00b7\u5df4\u83f2\u7279\u5c31\u662f\u4f7f\u7528\u78d0\u77f3\u7406\u8ad6\u6700\u6210\u529f\u7684\u4ee3\u8868\u4eba\u7269\u4e4b\u4e00\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E7%A3%90%E7%9F%B3%E7%90%86%E8%AB%96_vs_%E7%A9%BA%E4%B8%AD%E6%A8%93%E9%96%A3%E7%90%86%E8%AB%96\"><\/span>\u78d0\u77f3\u7406\u8ad6 vs. \u7a7a\u4e2d\u6a13\u95a3\u7406\u8ad6<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u5982\u679c\u60f3\u66f4\u4e86\u89e3\u78d0\u77f3\u7406\u8ad6\uff0c\u53ef\u4ee5\u5148\u4e86\u89e3\u5b83\u7684\u76f8\u53cd\u5c0d\u7acb\u89c0\u9ede\uff1a\u7a7a\u4e2d\u6a13\u95a3\u7406\u8ad6\u3002<\/p>\n<p>\u7a7a\u4e2d\u6a13\u95a3\u7406\u8ad6\uff08\u82f1\u6587: castle-in-the-air theory\uff09\u8207\u78d0\u77f3\u7406\u8ad6\u8ad6\u9ede\u525b\u597d\u76f8\u53cd\uff0c<strong>\u7a7a\u4e2d\u6a13\u95a3\u7406\u8ad6\u8a8d\u70ba\u5167\u5728\u50f9\u503c\u4e26\u4e0d\u5b58\u5728\uff0c\u4efb\u4f55\u5546\u54c1\u7684\u50f9\u503c\u90fd\u53d6\u6c7a\u65bc\u5225\u4eba\u9858\u610f\u652f\u4ed8\u7684\u6700\u9ad8\u50f9\uff0c\u800c\u4e0d\u662f\u5167\u5728\u50f9\u503c\u3002<\/strong><\/p>\n<p>\u5373\u4f7f\u4f60\u8a8d\u70ba\u50f9\u683c\u6602\u8cb4\u7684\u4e0d\u5408\u7406\uff0c\u4f46\u53ea\u8981\u5225\u4eba\u9858\u610f\u4ed8\u51fa\u9019\u6a23\u7684\u9ad8\u50f9\uff0c\u5c31\u8aaa\u660e\u5b83\u503c\u9019\u500b\u50f9\u503c\u3002<\/p>\n<p>\u5c0d\u65bc\u5805\u4fe1\u7a7a\u4e2d\u6a13\u95a3\u7406\u8ad6\u7684\u4eba\u4f86\u8aaa\uff0c\u5167\u5728\u50f9\u503c\u662f\u591a\u5c11\u4e26\u4e0d\u91cd\u8981\uff0c\u4f30\u50f9\u66f4\u662f\u6beb\u7121\u610f\u7fa9\uff0c\u4ed6\u5011\u95dc\u6ce8\u7684\u662f\u672a\u4f86\u4eba\u5011\u770b\u6cd5\u7684\u6539\u8b8a\u3002<\/p>\n<blockquote><p>\u7562\u7adf\u5982\u679c\u5c31\u662f\u6709\u4eba\u9858\u610f\u4ed8200\u7f8e\u5143\uff0c\u4f60\u4f30\u51fa\u7684100\u7f8e\u5143\u53c8\u6709\u4ec0\u9ebc\u610f\u7fa9\u5462\uff1f<\/p><\/blockquote>\n<p>\u7a7a\u4e2d\u6a13\u95a3\u7406\u8ad6\u662f\u6280\u8853\u5206\u6790\u3001\u7c4c\u78bc\u5206\u6790\uff0c\u9019\u985e\u5206\u6790\u65b9\u6cd5\u80cc\u5f8c\u7684\u57fa\u790e\u5047\u8a2d\u3002<\/p>\n<p>\u4f8b\u5982\u5982\u679c\u9810\u671f\u4eba\u5011\u672a\u4f86\u6703\u770b\u597d\u822a\u904b\u80a1\u3001\u760b\u72c2\u6e67\u5165\uff0c\u90a3\u9ebc\u7121\u8ad6\u50f9\u683c\u5408\u7406\u8207\u5426\uff0c\u4fbf\u53ef\u4ee5\u63d0\u65e9\u4f48\u5c40\u6216\u53ca\u6642\u9032\u5834\uff0c\u7b49\u5f85\u5176\u4ed6\u4eba\u5c07\u50f9\u683c\u63a8\u9ad8\uff0c\u4e26\u65bc\u5e02\u5834\u60c5\u7dd2\u53cd\u8f49\u6642\u518d\u8ce3\u51fa\u7372\u5229\u3002<\/p>\n<p>\u7a7a\u4e2d\u6a13\u95a3\u7406\u8ad6\u6bd4\u8f03\u6709\u4ee3\u8868\u6027\u7684\u4eba\u7269\u662f\u65e9\u5e74\u7684\u51f1\u56e0\u65af\uff0c\u4ed6\u8a8d\u70ba\u4e00\u822c\u4eba\u7684\u77e5\u8b58\u548c\u80fd\u529b\u5176\u5be6\u5f88\u96e3\u771f\u6b63\u53bb\u8a55\u4f30\u4f01\u696d\u7684\u5167\u5728\u50f9\u503c\uff0c\u66f4\u591a\u90fd\u662f\u7531\u60c5\u7dd2\u5728\u4e3b\u5c0e\uff0c<\/p>\n<p>\u4ed6\u8209\u4e86\u4e00\u500b\u4f8b\u5b50\u662f\uff0c\u5e02\u5834\u50f9\u683c\u5c31\u50cf\u662f\u9078\u7f8e\u6bd4\u8cfd\uff0c\u4f46\u4f60\u8981\u9078\u5927\u5bb6\u8a8d\u70ba\u6700\u7f8e\u7684\u90a3\u4e00\u4f4d\uff0c\u624d\u80fd\u5f97\u5230\u734e\u52f5\uff0c\u56e0\u6b64\u4eba\u5011\u8003\u616e\u7684\u4e26\u4e0d\u662f\u8981\u9078\u771f\u6b63\u81ea\u5df1\u8a8d\u70ba\u6700\u7f8e\u7684\uff0c\u800c\u662f\u5f97\u8003\u616e\u5225\u4eba\u600e\u9ebc\u60f3\u3002<\/p>\n<p>\u51f1\u56e0\u65af\u81ea\u5df1\u65e9\u5e74\u5728\u4ea4\u6613\u4e0a\u4e5f\u662f\u8ffd\u9010\u8da8\u52e2\u70ba\u4e3b\uff0c\u665a\u5e74\u5247\u8f49\u70ba\u70ba\u50f9\u503c\u6295\u8cc7\u3002<\/p>\n<ul>\n<li><span style=\"font-size: 16px;\">\u78d0\u77f3\u7406\u8ad6\uff1a\u8a8d\u70ba\u6295\u8cc7\u6a19\u7684\u6709\u5167\u5728\u50f9\u503c\uff0c\u80a1\u50f9\u9577\u671f\u6703\u56de\u6b78\u5167\u5728\u50f9\u503c\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u7a7a\u4e2d\u6a13\u95a3\u7406\u8ad6\uff1a\u8a8d\u70ba\u6295\u8cc7\u6a19\u7684\u5167\u5728\u50f9\u503c\u4e0d\u91cd\u8981\uff0c\u80a1\u50f9\u6703\u6839\u64da\u4eba\u5011\u9858\u4ed8\u7684\u50f9\u683c\u6c7a\u5b9a\u3001\u800c\u4e0d\u662f\u6839\u64da\u5167\u5728\u50f9\u503c\u6c7a\u5b9a\u3002<\/span><\/li>\n<\/ul>\n<blockquote><p><strong>\u5e02\u5834\u5148\u751f\u63d0\u793a\uff1a\u70ba\u4ec0\u9ebc\u8981\u7406\u89e3 \u78d0\u77f3\u7406\u8ad6 \u8207 \u7a7a\u4e2d\u6a13\u95a3\u7406\u8ad6 \u7684\u5dee\u7570\u5340\u9694\uff1f<\/strong><\/p>\n<p>\u5728\u6295\u8cc7\u5e02\u5834\u4e2d\uff0c\u4f60\u6703\u807d\u5230\u5f88\u591a\u4e0d\u540c\u7a2e\u985e\u7684\u65b9\u6cd5\u3001\u7b56\u7565\u3001\u6a5f\u6703\uff0c\u8a31\u591a\u807d\u8d77\u4f86\u90fd\u5f88\u6709\u9053\u7406\uff0c<br \/>\n\u4f46\u6709\u4e00\u500b\u5927\u554f\u984c\u662f\uff1a\u5b83\u5011\u6709\u4e9b\u4e0d\u80fd\u6df7\u5408\u5728\u4e00\u8d77\u4f7f\u7528\u3002<\/p>\n<p>\u4f8b\u5982\u5e38\u898b\u7684\u932f\u8aa4\uff0c\u5c31\u662f\u770b\u597d\u4e00\u500b\u6a19\u7684\u3001\u8ffd\u9ad8\u9032\u5834(\u9019\u662f\u57fa\u65bc\u7a7a\u4e2d\u6a13\u95a3\u7406\u8ad6)\uff0c\u4f46\u884c\u60c5\u4e0d\u5982\u9810\u671f\u3001\u5957\u7262\u6642\uff0c\u537b\u53c8\u89ba\u5f97\u53ef\u4ee5\u9577\u671f\u6301\u6709(\u9019\u662f\u57fa\u65bc\u78d0\u77f3\u7406\u8ad6)\u3002<br \/>\n\u554f\u984c\u662f\uff0c\u7576\u521d\u8cfc\u8cb7\u6642\u7684\u50f9\u683c\u5df2\u7d93\u9060\u9060\u9ad8\u65bc\u5167\u5728\u50f9\u503c\uff0c\u5176\u5be6\u4e26\u4e0d\u9069\u7528\u78d0\u77f3\u7406\u8ad6\u3002<\/p>\n<p>\u518d\u8209\u4e00\u500b\u4f8b\u5b50\uff0c\u6295\u8cc7\u4eba\u4e00\u958b\u59cb\u8a8d\u70ba\u50f9\u683c\u4f4e\u65bc\u5167\u5728\u50f9\u503c\u56e0\u6b64\u8cb7\u9032(\u9019\u662f\u57fa\u65bc\u78d0\u77f3\u7406\u8ad6)\uff0c\u4f46\u537b\u56e0\u70ba\u7fa4\u773e\u6050\u614c\u3001\u50f9\u683c\u66f4\u52a0\u5927\u5e45\u4e0b\u6bba\uff0c\u56e0\u6b64\u81ea\u5df1\u4e5f\u60f3\u8981\u8ce3\u6389(\u9019\u662f\u57fa\u65bc\u7a7a\u4e2d\u6a13\u95a3\u7406\u8ad6)\uff0c<br \/>\n\u53ef\u662f\u5982\u679c\u9019\u6a23\u505a\uff0c\u8207\u57fa\u65bc\u5167\u5728\u50f9\u503c\u8cb7\u9032\u7684\u60f3\u6cd5\u5b8c\u5168\u885d\u7a81\uff0c\u56e0\u70ba\u57fa\u65bc\u78d0\u77f3\u7406\u8ad6\uff0c\u4e0b\u8dcc\u61c9\u8a72\u8981\u8cb7\u66f4\u591a\u624d\u5c0d\u3002<\/p>\n<p>\u4e00\u4f46\u5169\u7a2e\u7406\u5ff5\u6df7\u7528\uff0c\u5f88\u53ef\u80fd\u5c0e\u81f4\u7684\u7d50\u679c\u90fd\u662f\u8667\u640d\u3001\u6642\u5e38\u5728\u505c\u640d\uff0c<br \/>\n\u56e0\u6b64\u5340\u9694\u81ea\u5df1\u7684\u6295\u8cc7\u7406\u5ff5\u975e\u5e38\u7684\u91cd\u8981\u3002<\/p>\n<p>\u6295\u8cc7\u4e4b\u524d\uff0c\u4e00\u5b9a\u8981\u6e05\u695a\u81ea\u5df1\u7684\u7b56\u7565\u80cc\u5f8c\u7684\u57fa\u672c\u5047\u8a2d\u662f\u4ec0\u9ebc\u3002<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"%E7%A3%90%E7%9F%B3%E7%90%86%E8%AB%96%E4%B8%AD%E7%9A%84%E5%85%A7%E5%9C%A8%E5%83%B9%E5%80%BC%E6%98%AF%E4%BB%80%E9%BA%BC%EF%BC%9F%E5%A6%82%E4%BD%95%E8%A8%88%E7%AE%97%EF%BC%9F\"><\/span>\u78d0\u77f3\u7406\u8ad6\u4e2d\u7684\u5167\u5728\u50f9\u503c\u662f\u4ec0\u9ebc\uff1f\u5982\u4f55\u8a08\u7b97\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u78d0\u77f3\u7406\u8ad6\u50be\u5411\u65bc\u57fa\u672c\u9762\u5206\u6790\uff0c\u4e5f\u5c31\u662f\u5206\u6790\u4e00\u9593\u516c\u53f8\u7684\u57fa\u672c\u9762\u6578\u64da\u5c31\u80fd\u8a08\u7b97\u51fa\u5167\u5728\u50f9\u503c\uff0c\u50cf\u662f\u73fe\u91d1\u6d41\u3001\u5e33\u9762\u50f9\u503c\u3001\u5eab\u5b58\u73fe\u91d1\u3001\u80a1\u606f\u3001\u5229\u606f\u652f\u4ed8\u7b49\uff0c<\/p>\n<p>\u9019\u4e9b\u6578\u64da\u90fd\u53ef\u4ee5\u57283\u5927\u8ca1\u52d9\u5831\u8868\u4e2d\u7684<a href=/index.html"https:\/\/\/what-cash-flow-statement\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u73fe\u91d1\u6d41\u91cf\u8868<\/a>\u3001<a href=/index.html"https:\/\/\/what-is-income-statement\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u640d\u76ca\u8868<\/a>\u3001<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>\u4e0a\u627e\u5230\u3002<\/p>\n<p>\u78d0\u77f3\u7406\u8ad6\u50c5\u50c5\u53ea\u662f\u63d0\u4f9b\u4e00\u500b\u601d\u8003\u6846\u67b6\uff0c\u544a\u8a34\u4f60\u7406\u8ad6\u4e0a\u516c\u53f8\u5b58\u5728\u5167\u5728\u50f9\u503c\uff0c\u4f46\u81f3\u65bc\u5167\u5728\u50f9\u503c\u600e\u9ebc\u7b97\uff0c\u5176\u5be6\u6c92\u6709\u6a19\u6e96\u7b54\u6848\u3002<\/p>\n<p>\u540c\u6a23\u7684\u57fa\u672c\u9762\u6578\u64da\uff0c\u6bcf\u500b\u4eba\u5c0d\u516c\u53f8\u50f9\u503c\u6709\u4e0d\u540c\u8a55\u4f30\uff0c\u4e00\u9593\u516c\u53f8\u5be6\u969b\u7684\u5167\u5728\u50f9\u503c\uff0c\u4e5f\u6703\u56e0\u4eba\u800c\u7570\uff0c\u56e0\u70ba\u662f\u81ea\u5df1\u4fdd\u5b88\u8a55\u4f30<strong>\u516c\u53f8\u5be6\u969b\u7684\u5167\u5728\u50f9\u503c<\/strong>\uff0c\u4e5f\u5c31\u662f\u4f60<strong>\u89ba\u5f97\u81ea\u5df1\u8a72\u5f97\u5230\u7684\u90e8\u4efd<\/strong>\u3002<\/p>\n<h3>\u5167\u5728\u50f9\u503c\u5982\u4f55\u8a08\u7b97\uff1f<\/h3>\n<p>\u8981\u8a55\u4f30\u80a1\u7968\u7684\u5167\u5728\u50f9\u503c\u4e0d\u592a\u5bb9\u6613\uff0c\u56e0\u70ba\u4e0d\u540c\u7684\u4eba\u4f30\u8a08\u51fa\u4f86\u7684\u5167\u5728\u50f9\u503c\u90fd\u4e0d\u76f8\u540c\uff0c<\/p>\n<p>\u6bcf\u500b\u4eba\u53c3\u8003\u7684\u4f9d\u64da\u4e5f\u4e0d\u4e00\u6a23\uff0c\u6703\u53c3\u8003\u7684\u5305\u62ec\uff1a\u8cc7\u7522\u3001\u5229\u6f64\u3001\u80a1\u606f\u3001\u516c\u53f8\u767c\u5c55\u524d\u666f\u7b49\u7b49\uff0c\u90fd\u53ef\u4ee5\u4f5c\u70ba\u5167\u5728\u50f9\u503c\u8a55\u4f30\u7684\u4f9d\u64da\u3002<\/p>\n<p>\u4f46\u4e5f\u5b58\u5728\u8a31\u591a\u4f8b\u5916\uff0c\u4f8b\u5982\u6709\u4e9b\u516c\u53f8\u53ef\u4ee5\u7528\u5e33\u4e0a\u7684\u6d41\u52d5\u8cc7\u7522\u6e1b\u6389\u8ca0\u50b5\u505a\u4fdd\u5b88\u8a55\u4f30\uff0c\u6709\u4e9b\u71df\u904b\u7a69\u5b9a\u4f46\u4e0d\u600e\u9ebc\u6210\u9577\u7684\u4f01\u696d\u5247\u662f\u53ef\u4ee5\u7528\u80a1\u5229\u6b96\u5229\u7387\u4f86\u505a\u4fdd\u5b88\u8a55\u4f30\u3002<\/p>\n<p>\u4e00\u500b\u6700\u5178\u578b\u7684\u4f30\u50f9\u6cd5\uff0c\u5c31\u662f\u4f7f\u7528\u672a\u4f86\u73fe\u91d1\u6d41\u6298\u73fe\u505a\u4f30\u50f9\uff0c\u8a73\u7d30\u53ef\u95b1\u8b80\uff1a<a href=/index.html"https:\/\/\/discounted-cash-flow-dcf-model\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u73fe\u91d1\u6d41\u91cf\u6298\u73fe\u6cd5(DCF)\u662f\u4ec0\u9ebc\uff1f<\/a><\/p>\n<blockquote><p>\u5e02\u5834\u5148\u751f\u7684\u770b\u6cd5\u662f\uff0c\u5c0d\u65bc\u6b63\u5e38\u6210\u9577\u7a69\u5b9a\u7684\u516c\u53f8\uff0c<br \/>\n\u61c9\u8a72\u7528\u76c8\u9918(\u6216\u5275\u9020\u73fe\u91d1\u6d41\u7684\u80fd\u529b)\u3001\u6210\u9577\u6027\u53bb\u505a\u6700\u6838\u5fc3\u7684\u50f9\u503c\u8a55\u4f30\u3002<\/p>\n<p>\u81f3\u65bc\u76c8\u9918\u4e0d\u6b63\u5e38\u7684\u516c\u53f8\uff0c\u4e00\u6a23\u5b58\u5728\u6709\u5404\u7a2e\u4f30\u50f9\u6cd5\uff0c<br \/>\n\u4f46\u6211\u8a8d\u70ba\u9019\u985e\u578b\u516c\u53f8\u7684\u5167\u5728\u50f9\u503c\u96e3\u4ee5\u7cbe\u6e96\u8861\u91cf\uff0c\u6700\u597d\u7684\u65b9\u5f0f\u5c31\u662f\u907f\u958b\u3001\u4e0d\u8981\u786c\u8981\u53bb\u7b97\u53bb\u4f30\u50f9\u3002<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"%E4%BD%BF%E7%94%A8%E7%A3%90%E7%9F%B3%E7%90%86%E8%AB%96%E6%9C%83%E9%81%87%E5%88%B0%E4%BB%80%E9%BA%BC%E5%95%8F%E9%A1%8C%EF%BC%9F\"><\/span>\u4f7f\u7528\u78d0\u77f3\u7406\u8ad6\u6703\u9047\u5230\u4ec0\u9ebc\u554f\u984c\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u800c\u78d0\u77f3\u7406\u8ad6\u504f\u5411\u65bc\u57fa\u672c\u9762\u5206\u6790\u9577\u671f\u6301\u6709\uff0c\u4f46\u5176\u5be6\u4f7f\u7528\u4e0a\u53ef\u80fd\u6703\u9047\u5230\u5e7e\u500b\u554f\u984c\uff1a<\/p>\n<p><strong>\u78d0\u77f3\u7406\u8ad6\u4f7f\u7528\u4e0a\u7684\u554f\u984c\uff1a<\/strong><\/p>\n<ol>\n<li><span style=\"font-size: 16px;\">\u672a\u4f86\u5f88\u96e3\u9810\u6e2c<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u5167\u5728\u50f9\u503c\u7d42\u7a76\u53ea\u662f\u4e00\u7a2e\u4f30\u8a08\u8207\u731c\u6e2c<\/span><\/li>\n<\/ol>\n<p>\u78d0\u77f3\u7406\u8ad6\u8a8d\u70ba\u5167\u5728\u50f9\u503c\u662f\u516c\u53f8\u76ee\u524d\u73fe\u72c0+\u672a\u4f86\u6f5b\u529b\u6c7a\u5b9a\u7684\uff0c\u4f46\u554f\u984c\u662f\u672a\u4f86\u662f\u7121\u6cd5\u53bb\u6e96\u78ba\u9810\u6e2c\u4f30\u7b97\u51fa\u4f86\u7684\uff0c<\/p>\n<p>\u5167\u5728\u50f9\u503c\u4e5f\u4e26\u975e\u662f100%\u771f\u5be6\u50f9\u503c\uff0c\u4f8b\u5982\u8ca1\u5831\u6578\u64da\u5f88\u591a\u4e5f\u8a31\u4e26\u4e0d\u4e00\u5b9a\u53cd\u6620\u771f\u5be6\u72c0\u6cc1\u3001\u8ca1\u5831\u6709\u9020\u5047\u3001\u932f\u4f30\u7b49\u554f\u984c\uff0c\u5373\u4f7f\u6578\u64da\u90fd\u6b63\u78ba\uff0c\u4e5f\u4e0d\u4e00\u5b9a\u6709\u80fd\u529b\u900f\u904e\u904e\u53bb\u8ca1\u5831\u6578\u64da\u4f86\u53cd\u6620\u672a\u4f86\u7372\u5229\u3002<\/p>\n<p>\u6240\u8b02\u50f9\u683c\u56de\u6b78\u50f9\u503c\uff0c\u5176\u5be6\u662f\u4e00\u7a2e\u7d93\u9a57\u6cd5\u5247\uff0c\u800c\u975e\u771f\u7406\uff0c\u5e02\u5834\u4e5f\u6709\u53ef\u80fd\u767c\u751f\u5929\u707d\u4eba\u798d\uff0c\u5c0e\u81f4\u50f9\u683c\u9577\u671f\u504f\u96e2\u50f9\u503c\u7684\u60c5\u6cc1\uff0c\u5982\u679c\u50f9\u683c\u9072\u9072\u4e0d\u56de\u6b78\u4f60\u4f30\u8a08\u7684\u50f9\u503c\uff0c\u4f60\u4e5f\u62ff\u5b83\u6c92\u8fa6\u6cd5\uff0c<\/p>\n<p>\u800c\u5373\u4fbf\u50f9\u683c\u9577\u671f\u6703\u56de\u6b78\u5167\u5728\u50f9\u503c\uff0c\u4f60\u4e5f\u4e0d\u78ba\u5b9a\u6240\u8b02\u7684\u300c\u9577\u671f\u300d\u662f\u5426\u5728\u81ea\u5df1\u80fd\u627f\u53d7\u7684\u7bc4\u570d\u5167\u3002<\/p>\n<p>\u56e0\u6b64\u9664\u4e86\u8ca1\u5831\u5206\u6790\uff0c\u5f8c\u4f86\u4eba\u5011\u4e5f\u52a0\u5165\u8d8a\u4f86\u8d8a\u591a\u8cea\u5316\u6216\u91cf\u5316\u7684\u5206\u6790\uff0c\u4f8b\u5982\u4f7f\u7528<a href=/index.html"https:\/\/\/how-business-wealth-01\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u6295\u8cc7\u8b77\u57ce\u6cb3<\/a>\u3001\u4f7f\u7528<a href=/index.html"https:\/\/\/margin-of-safety-investing\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u5b89\u5168\u908a\u969b<\/a>\uff0c\u70ba\u7684\u90fd\u662f\u8b93\u5206\u6790\u66f4\u52a0\u7cbe\u6e96\u3001\u6e1b\u5c11\u8aa4\u5224\uff0c\u6216\u8005\u5373\u4fbf\u4f30\u8a08\u4e0a\u72af\u932f\u4e5f\u80fd\u8b93\u50b7\u5bb3\u6e1b\u5c11\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E5%BF%AB%E9%80%9F%E9%87%8D%E9%BB%9E%E6%95%B4%E7%90%86%EF%BC%9A%E7%A3%90%E7%9F%B3%E7%90%86%E8%AB%96%E6%98%AF%E4%BB%80%E9%BA%BC%EF%BC%9F\"><\/span>\u5feb\u901f\u91cd\u9ede\u6574\u7406\uff1a\u78d0\u77f3\u7406\u8ad6\u662f\u4ec0\u9ebc\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li><span style=\"font-size: 16px;\">\u78d0\u77f3\u7406\u8ad6\u5047\u8a2d\u4efb\u4f55\u91d1\u878d\u5de5\u5177\uff0c\u50cf\u662f\u80a1\u7968\u3001\u9078\u64c7\u6b0a(\u671f\u6b0a)\u3001\u623f\u5730\u7522\u2026\u7b49\uff0c\u90fd\u6709\u4e00\u500b\u5167\u5728\u50f9\u503c\uff0c\u5167\u5728\u50f9\u503c\u4e00\u65e6\u78ba\u7acb\uff0c\u6295\u8cc7\u4eba\u5c31\u6703\u6839\u64da\u80a1\u7968\u7684\u5e02\u50f9\u8207\u5167\u5728\u50f9\u503c\u7684\u5dee\u984d\u4f86\u505a\u51fa\u8cb7\u8ce3\u6c7a\u7b56\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u78d0\u77f3\u7406\u8ad6\u8a8d\u70ba\uff0c\u50f9\u683c\u6700\u7d42\u6703\u56de\u6b78\u5230\u5167\u5728\u50f9\u503c\uff0c\u5e02\u50f9&lt;\u5167\u5728\u50f9\u503c\u5c31\u8a72\u8cb7\u5165\uff1b\u5e02\u50f9&gt;\u5167\u5728\u50f9\u503c\u5c31\u8a72\u8ce3\u51fa\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u78d0\u77f3\u7406\u8ad6\u4e3b\u5f35\u89c0\u5bdf\u516c\u53f8\u7684\u57fa\u672c\u9762\u5206\u6790\u3001\u8a55\u4f30\u5167\u5728\u50f9\u503c\uff0c\u4e26\u4e14\u8981\u9577\u671f\u6301\u6709\u88ab\u4f4e\u4f30\u7684\u80a1\u7968\uff0c\u90a3\u9ebc\u7b49\u5230\u80a1\u7968\u56de\u5230\u771f\u5be6\u50f9\u503c(\u5167\u5728\u50f9\u503c)\u5f8c\u518d\u51fa\u552e\u5c31\u80fd\u7372\u5229\u3002<\/span><\/li>\n<\/ol>\n<blockquote><p><strong>\u5e02\u5834\u5148\u751f\u63d0\u793a\uff1a\u78d0\u77f3\u7406\u8ad6\u597d\u55ce\uff1f\u8a72\u9078\u64c7\u7528\u54ea\u4e00\u7a2e\u7406\u8ad6\uff1f<\/strong><\/p>\n<p>\u6211\u770b\u904e\u8eab\u908a\u8a31\u591a\u7a2e\u985e\u578b\u7684\u6295\u8cc7\u4eba\uff0c\u6709\u5805\u4fe1\u78d0\u77f3\u7406\u8ad6\u5f97\u5230\u6210\u529f\u7684\u4eba\uff0c\u4e5f\u6709\u4e0d\u4fe1\u78d0\u77f3\u7406\u8ad6\u3001\u800c\u662f\u76f8\u4fe1\u7a7a\u4e2d\u6a13\u95a3\u7406\u8ad6\u5f97\u5230\u6210\u529f\u7684\u4eba\uff0c<br \/>\n\u4e5f\u6709\u6295\u8cc7\u4e00\u6bb5\u6642\u9593\u5f8c\uff0c\u8f49\u63db\u65b9\u6cd5\u4fe1\u5ff5\u7684\u4eba\u3002<\/p>\n<p>\u5e02\u5834\u5148\u751f\u81ea\u5df1\u7684\u770b\u6cd5\u8a8d\u70ba\uff0c\u771f\u5be6\u4e16\u754c\u7684\u60c5\u6cc1\u662f\u50f9\u683c\u540c\u6642\u53d7\u5230\u5167\u5728\u50f9\u503c\u8207\u5e02\u5834\u60c5\u7dd2\u5f71\u97ff\uff0c\u4e14\u4e0d\u540c\u6642\u9593\u3001\u74b0\u5883\u689d\u4ef6\uff0c\u5f71\u97ff\u7684\u7a0b\u5ea6\u4e5f\u4e0d\u540c\u3002<\/p>\n<p>\u7121\u8ad6\u78d0\u77f3\u7406\u8ad6\u6216\u7a7a\u4e2d\u6a13\u95a3\u7406\u8ad6\uff0c\u90fd\u53ea\u662f\u4e00\u7a2e\u601d\u8003\u6846\u67b6\uff0c\u8b93\u6211\u5011\u505a\u6c7a\u7b56\u6642\u66f4\u6709\u4f9d\u64da\uff0c\u800c\u4e0d\u4ee3\u8868\u5b83\u662f\u771f\u7406\u6216\u6a19\u6e96\u7b54\u6848\u3002<\/p>\n<p>\u78d0\u77f3\u7406\u8ad6\u9700\u8981\u76f8\u4fe1\u5167\u5728\u50f9\u503c\uff0c\u9019\u904e\u7a0b\u6700\u5927\u7684\u554f\u984c\u5728\u65bc\uff0c\u9996\u5148\u4f60\u5f97\u6709\u8db3\u5920\u7684\u80fd\u529b\u548c\u8cc7\u8a0a\u53bb\u4e86\u89e3\u6a19\u7684\u5167\u5728\u50f9\u503c\uff0c\u5426\u5247\u4f30\u51fa\u4f86\u8aa4\u5dee\u592a\u5927\u5c31\u6c92\u610f\u7fa9\uff0c<br \/>\n\u5176\u6b21\u9700\u8981\u7b49\u5f85\uff0c\u7121\u8ad6\u662f\u7b49\u5f85\u50f9\u683c\u4f4e\u65bc\u5167\u5728\u50f9\u503c\uff0c\u6216\u662f\u7b49\u5f85\u50f9\u683c\u56de\u5230\u5167\u5728\u50f9\u503c\uff0c\u9019\u90fd\u662f\u6f2b\u9577\u7684\u7b49\u5f85\u904e\u7a0b\uff0c\u4e5f\u9700\u8981\u5fcd\u53d7\u6ce2\u52d5\u3002<\/p>\n<p>\u96d6\u7136\u6709\u9019\u4e9b\u554f\u984c\uff0c<br \/>\n\u4f46\u6211\u89ba\u5f97\u78d0\u77f3\u7406\u8ad6\u80fd\u5f97\u5230\u6700\u5927\u7684\u597d\u8655\u5c31\u662f\uff1a\u300c\u5fc3\u88e1\u8e0f\u5be6\u3002\u300d<\/p>\n<p>\u56e0\u70ba\u4f60\u7684\u5206\u6790\u6709\u6191\u6709\u64da\uff0c\u5fc3\u88e1\u6709\u6240\u672c\uff0c\u7121\u9808\u6642\u5e38\u89c0\u5bdf\u5e02\u5834\u3001\u4e0d\u7528\u770b\u76e4\uff0c<br \/>\n\u5373\u4f7f\u50f9\u683c\u5287\u70c8\u6ce2\u52d5\u3001\u5e02\u5834\u60c5\u7dd2\u8b8a\u5316\u53cd\u8986\uff0c\u81ea\u5df1\u4e5f\u6709\u6a5f\u6703\u80fd\u4e0d\u53d7\u5f71\u97ff\u3002<\/p>\n<p>\u53cd\u4e4b\uff0c\u4f7f\u7528\u7a7a\u4e2d\u6a13\u95a3\u7406\u8ad6\u7684\u4eba\uff0c\u96d6\u7136\u6bd4\u8f03\u4e0d\u64d4\u5fc3\u6ce2\u52d5\uff0c\u66f4\u5bb9\u6613\u63a7\u5236\u8cc7\u7522\u6de8\u503c\u66f2\u7dda\u7684\u98a8\u96aa\uff0c<br \/>\n\u4f46\u56e0\u70ba\u4f60\u4e0d\u77e5\u9053\u5e02\u5834\u60c5\u7dd2\u770b\u6cd5\u4f55\u6642\u6539\u8b8a\uff0c\u56e0\u6b64\u4e5f\u9700\u8981\u8017\u8cbb\u66f4\u591a\u529b\u6c23\u9ad8\u5ea6\u7684\u95dc\u6ce8\u5e02\u5834\u50f9\u683c\u3002<\/p>\n<p>\u9078\u54ea\u4e00\u7a2e\u5176\u5be6\u7121\u6240\u8b02\uff0c\u9078\u4f60\u80fd\u76f8\u4fe1\u3001\u7528\u8d77\u4f86\u89ba\u5f97\u8212\u9069\u7684\u5373\u53ef\u3002<\/p>\n<p>\u5982\u679c\u4f60\u5c0d\u6bcf\u4e00\u5957\u7b56\u7565\u908f\u8f2f\u5920\u6e05\u695a\uff0c\u4e5f\u53ef\u4ee5\u540c\u6642\u5c07\u4e0d\u540c\u8cc7\u91d1\uff0c\u6295\u5165\u5728\u4e0d\u540c\u7406\u8ad6\u57fa\u790e\u7684\u7b56\u7565\u4e0a\uff0c<br \/>\n\u552f\u4e00\u8981\u6ce8\u610f\u7684\u5c31\u5982\u540c\u524d\u9762\u6240\u8aaa\uff0c\u4e0d\u8981\u540c\u4e00\u500b\u7b56\u7565\u4e2d\uff0c\u5c07\u4e0d\u540c\u7406\u8ad6\u6df7\u8457\u7528\u5c31\u597d\u3002<\/p><\/blockquote>\n\n<p>\u66f4\u591a\u8ca1\u5831\u6559\u5b78\uff0c<br \/>\n\u53ef\u95b1\u8b80\uff1a<a href=/index.html"https:\/\/\/how-learn-financial-report\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u8ca1\u5831\u5206\u6790\u65b0\u624b\u5165\u9580\u6559\u5b78\u61f6\u4eba\u5305<\/a><\/p>\n<p>\u66f4\u591a\u50f9\u503c\u6295\u8cc7\u5ef6\u4f38\u95b1\u8b80\uff1a<\/p>\n<p>1. <a href=/index.html"https:\/\/\/value-investing-gurus-stock-list\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u50f9\u503c\u6295\u8cc7\u5927\u5e2b\u7684\u9078\u80a1\u6e05\u55ae\u7e3d\u6574\u7406<\/a><\/p>\n<p>2. <a href=/index.html"https:\/\/\/guru-joel-greenblatt-0\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u50f9\u503c\u6295\u8cc7\u5927\u5e2b\uff1a\u55ac\u723e\u2027\u683c\u6797\u5e03\u840a\u7279<\/a><\/p>\n<p>3. <a href=/index.html"https:\/\/\/what-is-value-trap\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u50f9\u503c\u9677\u9631\u662f\u4ec0\u9ebc\uff1f\u50f9\u503c\u6295\u8cc7\u6642\u907f\u958b\u5730\u96f7\u80a1\u7968\u76845\u500b\u65b9\u6cd5<\/a><\/p>\n\u7de8\u8f2f\uff1aJoy \u4e3b\u7de8\uff1a\u5e02\u5834\u5148\u751f\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<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>\u78d0\u77f3\u7406\u8ad6\u8a8d\u70ba\u6bcf\u500b\u91d1\u878d\u6295\u8cc7\u5546\u54c1\u90fd\u6709\u771f\u5be6\u50f9\u503c\uff08\u5167\u5728\u50f9\u503c\uff09\uff0c\u6295\u8cc7\u4eba\u6703\u6839\u64da\u76ee\u524d\u50f9\u683c\u8207\u5167\u5728\u50f9\u503c\u7684\u5dee\u50f9\u505a\u51fa\u8cb7\u8ce3\u6c7a\u5b9a\uff0c\u800c\u50f9\u683c [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":43757,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"no","footnotes":""},"categories":[173],"tags":[39,109,1803,1804],"table_tags":[],"modified_by":"Leon","jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/\/wp-content\/uploads\/20221102165455_84.jpg","jetpack-related-posts":[{"id":9984,"url":"https:\/\/\/margin-of-safety-investing\/","url_meta":{"origin":29905,"position":0},"title":"\u5b89\u5168\u908a\u969b\u662f\u4ec0\u9ebc\uff1f\u5982\u4f55\u8a08\u7b97\uff1f\u4e00\u6b21\u770b\u61c2\u5b89\u5168\u908a\u969b","author":"Mr.Market\u5e02\u5834\u5148\u751f","date":"2021-05-28","format":false,"excerpt":"\u5728\u6295\u8cc7\u6642\u6211\u5011\u6642\u5e38\u6703\u505a\u8a31\u591a\u80a1\u7968\u7684\u50f9\u503c\u8207\u50f9\u683c\u5206\u6790\uff0c\u5e0c\u671b\u5206\u6790\u51fa\u4f01\u696d\u7684\u5408\u7406\u7684\u5167\u5728\u50f9\u503c\uff0c\u63a5\u8457\u5728\u50f9\u683c\u7b49\u65bc\u6216\u4f4e\u65bc\u50f9\u2026","rel":"","context":"\u5728\u300c\u50f9\u503c\u6295\u8cc7\u300d\u4e2d","block_context":{"text":"\u50f9\u503c\u6295\u8cc7","link":"https:\/\/\/category\/invest-master\/value-investment\/"},"img":{"alt_text":"\u5b89\u5168\u908a\u969b-\u662f\u4ec0\u9ebc","src":"https:\/\/i0.wp.com\/\/wp-content\/uploads\/20221102162625_32.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/\/wp-content\/uploads\/20221102162625_32.jpg?resize=350%2C200&ssl=1 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