{"id":32700,"date":"2022-10-22T12:58:55","date_gmt":"2022-10-22T04:58:55","guid":{"rendered":"https:\/\/\/?p=32700"},"modified":"2022-10-20T15:17:34","modified_gmt":"2022-10-20T07:17:34","slug":"dividend-discount-model-ddm","status":"publish","type":"post","link":"https:\/\/\/dividend-discount-model-ddm\/","title":{"rendered":"\u80a1\u5229\u6298\u73fe\u6a21\u578b\u662f\u4ec0\u9ebc\uff1f\u516c\u5f0f\u5982\u4f55\u8a08\u7b97\uff1f\u7528\u4f86\u4f30\u50f9\u6642\u7684\u6ce8\u610f\u4e8b\u9805\u6574\u7406"},"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-43352\" src=/index.html"https:\/\/\/wp-content\/uploads\/20221020151653_44.jpg\" alt=\"\u80a1\u5229\u6298\u73fe\u6a21\u578b\u662f\u4ec0\u9ebc\uff1f\u516c\u5f0f\u5982\u4f55\u8a08\u7b97\uff1f\u7528\u4f86\u4f30\u50f9\u6642\u7684\u6ce8\u610f\u4e8b\u9805\u6574\u7406\" width=\"1500\" height=\"785\" \/><\/p>\n<p>\u80a1\u5229\u6298\u73fe\u6a21\u578b\u662f\u8a08\u7b97\u80a1\u7968\u50f9\u503c\u7684\u4e00\u7a2e\u65b9\u6cd5\uff0c\u662f\u4e00\u7a2e\u7d55\u5c0d\u4f30\u503c\u65b9\u6cd5\uff0c\u7528\u672a\u4f86\u9818\u5230\u7684\u80a1\u5229\u4f86\u8861\u91cf\u9019\u500b\u80a1\u7968\u73fe\u5728\u503c\u591a\u5c11\u9322\u6bd4\u8f03\u5408\u7406\u3002<\/p>\n<p>\u9019\u7bc7\u6587\u7ae0\u5e02\u5834\u5148\u751f\u4ecb\u7d39\uff0c\u5b83\u7684\u516c\u5f0f\u5982\u4f55\u8a08\u7b97\u3001\u7f3a\u9ede\u6709\u54ea\u4e9b\u3001\u548c\u73fe\u91d1\u6d41\u91cf\u6298\u73fe\u7684\u5dee\u7570\uff0c\u4ee5\u53ca\u6295\u8cc7\u4eba\u8a72\u5982\u4f55\u4f7f\u7528\u80a1\u5229\u8cbc\u73fe\u6a21\u578b\u3002<\/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-66123fa1451c0\" 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-66123fa1451c0\"  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:\/\/\/dividend-discount-model-ddm\/#%E8%82%A1%E5%88%A9%E6%8A%98%E7%8F%BE%E6%A8%A1%E5%9E%8B%E6%98%AF%E4%BB%80%E9%BA%BC%E6%84%8F%E6%80%9D%EF%BC%9F\" title=\"\u80a1\u5229\u6298\u73fe\u6a21\u578b\u662f\u4ec0\u9ebc\u610f\u601d\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u80a1\u5229\u6298\u73fe\u6a21\u578b\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:\/\/\/dividend-discount-model-ddm\/#%E8%82%A1%E5%88%A9%E6%8A%98%E7%8F%BE%E6%A8%A1%E5%9E%8B%E7%9A%84%E5%85%AC%E5%BC%8F%E5%A6%82%E4%BD%95%E8%A8%88%E7%AE%97%EF%BC%9F\" title=\"\u80a1\u5229\u6298\u73fe\u6a21\u578b\u7684\u516c\u5f0f\u5982\u4f55\u8a08\u7b97\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u80a1\u5229\u6298\u73fe\u6a21\u578b\u7684\u516c\u5f0f\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-3\" href=/index.html"https:\/\/\/dividend-discount-model-ddm\/#%E8%82%A1%E5%88%A9%E6%8A%98%E7%8F%BE%E6%A8%A1%E5%9E%8B%E7%9A%84%E7%BC%BA%E9%BB%9E%E6%98%AF%E4%BB%80%E9%BA%BC%EF%BC%9F\" title=\"\u80a1\u5229\u6298\u73fe\u6a21\u578b\u7684\u7f3a\u9ede\u662f\u4ec0\u9ebc\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u80a1\u5229\u6298\u73fe\u6a21\u578b\u7684\u7f3a\u9ede\u662f\u4ec0\u9ebc\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:\/\/\/dividend-discount-model-ddm\/#%E8%82%A1%E5%88%A9%E6%8A%98%E7%8F%BE%E6%A8%A1%E5%9E%8B_vs_%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E6%8A%98%E7%8F%BE_%E6%9C%89%E4%BB%80%E9%BA%BC%E5%B7%AE%E7%95%B0%EF%BC%9F\" title=\"\u80a1\u5229\u6298\u73fe\u6a21\u578b vs \u73fe\u91d1\u6d41\u91cf\u6298\u73fe \u6709\u4ec0\u9ebc\u5dee\u7570\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u80a1\u5229\u6298\u73fe\u6a21\u578b vs \u73fe\u91d1\u6d41\u91cf\u6298\u73fe \u6709\u4ec0\u9ebc\u5dee\u7570\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:\/\/\/dividend-discount-model-ddm\/#%E8%82%A1%E5%88%A9%E6%8A%98%E7%8F%BE%E6%A8%A1%E5%9E%8B%E6%B3%A8%E6%84%8F%E4%BA%8B%E9%A0%85\" title=\"\u80a1\u5229\u6298\u73fe\u6a21\u578b\u6ce8\u610f\u4e8b\u9805\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u80a1\u5229\u6298\u73fe\u6a21\u578b\u6ce8\u610f\u4e8b\u9805<\/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:\/\/\/dividend-discount-model-ddm\/#%E7%B5%90%E8%AB%96%EF%BC%9A%E6%8A%95%E8%B3%87%E4%BA%BA%E8%A9%B2%E5%A6%82%E4%BD%95%E4%BD%BF%E7%94%A8%E8%82%A1%E5%88%A9%E6%8A%98%E7%8F%BE%E6%A8%A1%E5%9E%8B%EF%BC%9F\" title=\"\u7d50\u8ad6\uff1a\u6295\u8cc7\u4eba\u8a72\u5982\u4f55\u4f7f\u7528\u80a1\u5229\u6298\u73fe\u6a21\u578b\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u7d50\u8ad6\uff1a\u6295\u8cc7\u4eba\u8a72\u5982\u4f55\u4f7f\u7528\u80a1\u5229\u6298\u73fe\u6a21\u578b\uff1f<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"%E8%82%A1%E5%88%A9%E6%8A%98%E7%8F%BE%E6%A8%A1%E5%9E%8B%E6%98%AF%E4%BB%80%E9%BA%BC%E6%84%8F%E6%80%9D%EF%BC%9F\"><\/span>\u80a1\u5229\u6298\u73fe\u6a21\u578b\u662f\u4ec0\u9ebc\u610f\u601d\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<blockquote><p><strong>\u80a1\u5229\u6298\u73fe\u6a21\u578b\uff1a<\/strong>\u7528\u672a\u4f86\u9818\u5230\u7684\u80a1\u5229\uff0c\u8861\u91cf\u9019\u500b\u80a1\u7968\u73fe\u5728\u503c\u591a\u5c11\u9322\u6bd4\u8f03\u5408\u7406<\/p><\/blockquote>\n<p>\u80a1\u5229\u6298\u73fe\u6a21\u578b(\u82f1\u6587\uff1aDividend Discount Model , \u7c21\u7a31\uff1aDDM)\uff0c\u53c8\u7a31\u70ba\u9ad8\u767b\u6210\u9577\u6a21\u578b\uff0c\u4ee5\u5b78\u8005\u9081\u502b\u00b7J.\u9ad8\u767b\u547d\u540d\uff0c\u5b78\u8853\u754c\u8a8d\u7232\u9ad8\u767b\u57281959\u5e74\u9996\u5148\u63d0\u51fa\uff0c\u4f46\u5be6\u969b\u4e0a\u9019\u500b\u7406\u8ad6\u57fa\u790e\u6700\u65e9\u53ef\u8ffd\u6eaf\u81f31938\u5e74\uff0c\u7531\u7d93\u6fdf\u5b78\u5bb6\u7d04\u7ff0\u00b7\u4f2f\u723e\u00b7\u5a01\u5ec9\u58eb(John Burr Williams)\u7684\u300a\u6295\u8cc7\u50f9\u503c\u7406\u8ad6\u300b(Theory of Investment Value)\u3002<\/p>\n<p>\u80a1\u5229\u6298\u73fe\u6a21\u578b\u8a8d\u70ba\uff0c\u80a1\u7968\u50f9\u683c\u53ea\u662f\u5e02\u5834\u4f9b\u9700\u95dc\u4fc2\u7684\u8868\u73fe\uff0c\u4e0d\u4e00\u5b9a\u80fd\u53cd\u6620\u51fa\u80a1\u7968\u7684\u771f\u6b63\u50f9\u503c\uff0c\u80a1\u7968\u7684\u50f9\u503c\u61c9\u8a72\u53d6\u6c7a\u65bc\u516c\u53f8\u6301\u7e8c\u7d93\u71df\u7684\u72c0\u6cc1\uff0c\u800c\u9019\u500b\u53ef\u4ee5<strong>\u7531\u516c\u53f8\u9010\u5e74\u767c\u653e\u7684\u80a1\u5229<\/strong>\u770b\u51fa\uff0c\u56e0\u70ba\u80a1\u5229\u767c\u653e\u591a\u5be1\u8207\u516c\u53f8\u7684\u7d93\u71df\u696d\u7e3e\u6709\u95dc\uff0c\u9019\u662f\u516c\u53f8\u7684\u6b63\u73fe\u91d1\u6d41\uff0c\u6240\u4ee5\u80a1\u6771\u6b0a\u76ca\u7684\u7576\u524d\u50f9\u503c\uff0c\u6703\u7b49\u65bc\u5176\u672a\u4f86\u6240\u7372\u5f97\u7684\u80a1\u5229\u73fe\u503c\u4e4b\u548c\u3002<\/p>\n<p>\u7c21\u55ae\u4f86\u8aaa\uff0c\u80a1\u5229\u6298\u73fe\u6a21\u578b\u662f\u4ee5\u9069\u7576\u7684<a href=/index.html"https:\/\/\/bank-discount-rate\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8cbc\u73fe\u7387<\/a>\uff0c\u5c07\u80a1\u7968\u672a\u4f86\u9810\u8a08\u6d3e\u767c\u7684\u80a1\u606f\u6298\u7b97\u70ba<a href=/index.html"https:\/\/\/pv-fv-annuity-formula\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u73fe\u503c<\/a>\uff0c\u4ee5\u8a55\u4f30\u80a1\u7968\u7684\u50f9\u503c\uff0c\u9019\u500b\u50f9\u503c\u662f\u6307<a 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\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5167\u5728\u50f9\u503c<\/a>\uff0c\u4e5f\u5c31\u662f\u6307\u80a1\u7968\u672c\u8eab\u61c9\u8a72\u5177\u6709\u7684\u50f9\u503c\uff0c\u800c\u975e\u5e02\u5834\u50f9\u683c\u3002<\/p>\n<ul>\n<li><span style=\"font-size: 16px;\"><strong>\u80a1\u7968\u5167\u5728\u50f9\u503c(\u5408\u7406\u50f9\u503c)\uff1a<\/strong>\u7528\u80a1\u7968\u6bcf\u5e74\u80a1\u5229\u6536\u5165\u7684\u73fe\u503c\u4e4b\u548c\u4f86\u8a55\u50f9\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\"><strong>\u80a1\u5229\uff1a<\/strong>\u516c\u53f8\u7d66\u4e88\u80a1\u7968\u80a1\u6771\u7684\u5831\u916c\uff0c\u6309\u80a1\u6771\u6301\u80a1\u6bd4\u4f8b\u4f86\u5206\u914d\u5229\u6f64\uff0c\u6bcf\u80a1\u80a1\u7968\u5206\u5230\u7684\u5229\u6f64\u5c31\u662f\u80a1\u5229\u3002<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"%E8%82%A1%E5%88%A9%E6%8A%98%E7%8F%BE%E6%A8%A1%E5%9E%8B%E7%9A%84%E5%85%AC%E5%BC%8F%E5%A6%82%E4%BD%95%E8%A8%88%E7%AE%97%EF%BC%9F\"><\/span>\u80a1\u5229\u6298\u73fe\u6a21\u578b\u7684\u516c\u5f0f\u5982\u4f55\u8a08\u7b97\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u80a1\u5229\u6298\u73fe\u6a21\u578b\u6709\u5f88\u591a\u516c\u5f0f\u8b8a\u9ad4\uff0c\u4f9d\u80a1\u5229\u767c\u653e\u7684\u4e0d\u540c\u6703\u4f7f\u7528\u4e0d\u540c\u7684\u516c\u5f0f\uff0c\u800c\u6700\u5e38\u4f7f\u7528\u7684\u662f\u9ad8\u767b\u6210\u9577\u6a21\u578b\u3002<\/p>\n<h3>\u80a1\u5229\u6298\u73fe\u6a21\u578b\u516c\u5f0f1\uff1a\u55ae\u671f\u80a1\u5229\u6298\u73fe\u6a21\u578b<\/h3>\n<blockquote><p><strong>\u55ae\u671f\u80a1\u5229\u6298\u73fe\u6a21\u578b\u516c\u5f0f\uff1a<\/strong>V0 = (D1 \u00f7 1+r)+ (P1 \u00f7 1+r)<\/p>\n<p><strong>\u9069\u7528\uff1a<\/strong>\u60f3\u78ba\u5b9a\u5f9e\u73fe\u5728\u958b\u59cb\u7684\u4e00\u500b\u6642\u671f(\u901a\u5e38\u662f\u4e00\u5e74\u5167)\uff0c\u80a1\u7968\u7684\u5167\u5728\u50f9\u503c\u3002<\/p>\n<p>V0\uff1a\u80a1\u7968\u7576\u524d\u50f9\u503c<br \/>\nD1\uff1a\u672a\u4f86\u9810\u4f30\u80a1\u5229<br \/>\nP1\uff1a\u5f9e\u73fe\u5728\u8d77\u67d0\u500b\u6642\u671f\u5167\u7684\u80a1\u7968\u50f9\u683c<br \/>\nr\uff1a\u6298\u73fe\u7387(\u9810\u671f\u5831\u916c\u7387)\uff0c\u900f\u904eCAPM(\u8cc7\u672c\u8cc7\u7522\u5b9a\u50f9\u6a21\u578b)\u4f86\u8a08\u7b97\u3002<\/p><\/blockquote>\n<p><img decoding=\"async\" class=\"alignnone wp-image-32705\" src=/index.html"https:\/\/\/wp-content\/uploads\/20220226231739_8.jpg\" alt=\"\u55ae\u671f\u80a1\u5229\u6298\u73fe\u6a21\u578b\" width=\"390\" height=\"242\" \/><\/p>\n<p>\u55ae\u671fDDM\u901a\u5e38\u5047\u8a2d\u6295\u8cc7\u4eba\u53ea\u6e96\u5099\u6301\u6709\u8a72\u80a1\u7968\u4e00\u5e74\uff0c\u7531\u65bc\u6301\u6709\u671f\u77ed\uff0c\u9810\u8a08\u8a72\u80a1\u7968\u7522\u751f\u7684\u73fe\u91d1\u6d41\u91cf\u70ba\u55ae\u7b46\u80a1\u606f\u652f\u4ed8\u548c\u76f8\u61c9\u80a1\u7968\u7684\u552e\u50f9\u3002<\/p>\n<p>\u70ba\u4e86\u78ba\u5b9a\u80a1\u7968\u7684\u7576\u524d\u50f9\u683c\uff0c\u5fc5\u9808\u8a08\u7b97\u672a\u4f86\u80a1\u606f\u652f\u4ed8\u7684\u7e3d\u548c\u3001\u4f30\u8a08\u552e\u50f9\u7684\u7e3d\u548c\uff0c\u4e26\u5c07\u5176\u6298\u73fe\u56de\u5b83\u5011\u7684\u73fe\u503c\u3002<\/p>\n<h3>\u80a1\u5229\u6298\u73fe\u6a21\u578b\u516c\u5f0f2\uff1a\u591a\u671f\u80a1\u5229\u6298\u73fe\u6a21\u578b<\/h3>\n<blockquote><p><strong>\u591a\u671f\u80a1\u5229\u6298\u73fe\u6a21\u578b\u516c\u5f0f\uff1a<\/strong>V0 = D1 \u00f7 (1+r)1 + D2 \u00f7 (1+r)2\u2026 Dn \u00f7 (1+r)n+ Pn \u00f7 (1+r)n<\/p>\n<p><strong>\u9069\u7528\uff1a<\/strong>\u9810\u6e2c\u4e0d\u540c\u6642\u671f\u7684\u80a1\u5229\u652f\u4ed8\u3002<\/p>\n<p>V0\uff1a\u80a1\u7968\u7576\u524d\u50f9\u503c<br \/>\nD1\uff1a\u672a\u4f86\u9810\u4f30\u80a1\u5229<br \/>\nP1\uff1a\u5f9e\u73fe\u5728\u8d77\u67d0\u500b\u6642\u671f\u5167\u7684\u80a1\u7968\u50f9\u683c<br \/>\nr\uff1a\u6298\u73fe\u7387(\u9810\u671f\u5831\u916c\u7387)\uff0c\u900f\u904eCAPM(\u8cc7\u672c\u8cc7\u7522\u5b9a\u50f9\u6a21\u578b)\u4f86\u8a08\u7b97\u3002<\/p><\/blockquote>\n<p><img decoding=\"async\" class=\"alignnone wp-image-32706\" src=/index.html"https:\/\/\/wp-content\/uploads\/20220226231840_71.jpg\" alt=\"\u591a\u671f\u80a1\u5229\u6298\u73fe\u6a21\u578b\" width=\"501\" height=\"247\" \/><\/p>\n<p>\u591a\u671f\u80a1\u5229\u6298\u73fe\u6a21\u578b\u662f\u55ae\u671f\u80a1\u5229\u6298\u73fe\u6a21\u578b\u7684\u5ef6\u4f38\uff0c\u5728\u9019\u500b\u6a21\u578b\u4e2d\uff0c\u6295\u8cc7\u4eba\u9810\u671f\u6703\u6301\u6709\u4e00\u6a94\u80a1\u7968\u591a\u500b\u6642\u671f\uff0c\u591a\u671f\u6a21\u578b\u8b8a\u5316\u9700\u8981\u9810\u6e2c\u4e0d\u540c\u6642\u671f\u7684\u80a1\u5229\u652f\u4ed8\u3002<\/p>\n<p>\u591a\u671fDDM\u7684\u6295\u8cc7\u4eba\uff0c\u9810\u671f\u6703\u5728\u591a\u500b\u6642\u6bb5\u5167\u6301\u6709\u80a1\u7968\uff0c\u56e0\u6b64\u9810\u671f\u672a\u4f86\u73fe\u91d1\u6d41\u5c07\u5305\u62ec\u8a31\u591a\u80a1\u5229\u652f\u4ed8\uff0c\u4ee5\u53ca\u6301\u6709\u671f\u7d50\u675f\u6642\u80a1\u7968\u7684\u9810\u8a08\u50f9\u683c\u3002<\/p>\n<h3>\u80a1\u5229\u6298\u73fe\u6a21\u578b\u516c\u5f0f3\uff1a\u9ad8\u767b\u6210\u9577\u6a21\u578b<\/h3>\n<blockquote><p><strong>\u9ad8\u767b\u6210\u9577\u6a21\u578b\u516c\u5f0f\uff1a<\/strong>V0 = D1 \u00f7 (r &#8211; g)<\/p>\n<p><strong>\u9069\u7528\uff1a<\/strong>\u80a1\u5229\u6301\u7e8c\u6210\u9577\u3001\u7a69\u5b9a\u7684\u516c\u53f8\u3002<\/p>\n<p>V0\uff1a\u80a1\u7968\u7576\u524d\u50f9\u503c(\u80a1\u7968\u5408\u7406\u50f9)<br \/>\nD1\uff1a\u672a\u4f86\u9810\u4f30\u80a1\u5229<br \/>\nr\uff1a\u6298\u73fe\u7387(\u9810\u671f\u5831\u916c\u7387)\uff0c\u900f\u904eCAPM(\u8cc7\u672c\u8cc7\u7522\u5b9a\u50f9\u6a21\u578b)\u4f86\u8a08\u7b97\u3002<br \/>\ng\uff1a\u9810\u4f30\u672a\u4f86\u80a1\u5229\u6210\u9577\u7387<\/p><\/blockquote>\n<p><img decoding=\"async\" class=\"alignnone wp-image-32704\" src=/index.html"https:\/\/\/wp-content\/uploads\/20220226231601_1.jpg\" alt=\"\u9ad8\u767b\u6210\u9577\u6a21\u578b\" width=\"403\" height=\"250\" \/><\/p>\n<p>\u6700\u5e38\u88ab\u4f7f\u7528\u7684\u516c\u5f0f\u662f\u9ad8\u767b\u6210\u9577\u6a21\u578b(Gordon Growth Model, \u7c21\u7a31GGM)\uff0c\u9019\u662f\u4ee5\u7f8e\u570b\u7d93\u6fdf\u5b78\u5bb6\u9081\u502b\u00b7J.\u9ad8\u767b ( Myron J. Gordon ) \u7684\u540d\u5b57\u547d\u540d\uff0c<\/p>\n<p>GGM\u516c\u5f0f<strong>\u5047\u8a2d\u516c\u53f8\u6703\u6301\u7e8c\u4e0d\u65b7\u767c\u653e\u80a1\u5229\uff0c\u4e26\u4e14\u80a1\u5229\u4e5f\u6703\u6301\u7e8c\u6210\u9577\u7684\u60c5\u6cc1\u4e0b\u7684\u4f30\u50f9\u6a21\u578b<\/strong>\u3002<\/p>\n<p>\u9ad8\u767b\u6210\u9577\u6a21\u578b\u8a08\u7b97\u65b9\u5f0f\u662f\uff1aV0\u80a1\u7968\u5408\u7406\u50f9 = D\u4eca\u5e74\u80a1\u5229 \u00f7 (r\u6298\u73fe\u7387-g\u80a1\u5229\u6210\u9577\u7387)<\/p>\n<ul>\n<li>V0\uff1a\u4e5f\u6709\u516c\u5f0f\u5beb\u505aP0\uff0c\u5c31\u662f\u80a1\u7968\u7576\u524d\u50f9\u503c(\u80a1\u7968\u5408\u7406\u50f9)\u3002<\/li>\n<li>D\uff1a\u4e5f\u5c31\u662f\u672a\u4f86\u9810\u4f30\u80a1\u5229\u3002<\/li>\n<li>r\uff1a\u6298\u73fe\u7387(\u9810\u671f\u5831\u916c\u7387)\uff0c\u900f\u904eCAPM(\u8cc7\u672c\u8cc7\u7522\u5b9a\u50f9\u6a21\u578b)\u4f86\u8a08\u7b97\u3002<\/li>\n<li>g\uff1a\u9810\u4f30\u672a\u4f86\u80a1\u5229\u6210\u9577\u7387\uff0c\u53c8\u5206\u70ba\u4e00\u6bb5\u3001\u5169\u6bb5\u3001\u591a\u6bb5\u2026\u7684\u8a08\u7b97\u65b9\u5f0f\uff0c\u9810\u4f30\u8d8a\u4f4e\u8d8a\u4fdd\u5b88\uff0c\u4e5f\u5c31\u662f\u8aaa\u5982\u679cg=0\uff0c\u5c31\u662f\u80a1\u5229\u7121\u6210\u9577\u7684\u516c\u53f8\uff0c\u50cf\u5229\u606f\u7a69\u5b9a\u7684\u50b5\u5238\u3002<\/li>\n<\/ul>\n<h3>\u80a1\u5229\u6298\u73fe\u6a21\u578b\u8a08\u7b97\u7bc4\u4f8b &#8211; \u4ee5\u9ad8\u767b\u6210\u9577\u6a21\u578b\u70ba\u4f8b<\/h3>\n<p>\u5e95\u4e0b\u4ee5\u6700\u5e38\u7528\u7684\u9ad8\u767b\u6210\u9577\u6a21\u578b\u4f86\u8a66\u7b97\uff0c<\/p>\n<p>\u5047\u8a2d\uff1a\u6295\u8cc7\u4eba\u8003\u616e\u8cb7\u5165\u6bcf\u80a1110\u7f8e\u5143\u7684\u516c\u53f8\uff0c\u8a72\u516c\u53f8 \u80a1\u5229\u6210\u672c(r) 8%\u3001\u660e\u5e74\u5c07\u652f\u4ed8 \u6bcf\u80a13\u7f8e\u5143\u7684\u80a1\u606f(D1)\u3001\u9810\u8a08\u6bcf\u5e74\u6210\u9577\u7387\u70ba5% (g)\u3002<\/p>\n<p>\u8a08\u7b97\u65b9\u5f0f\uff1a\u80a1\u7968\u7576\u524d\u50f9\u503c(\u5167\u5728\u50f9\u503c) = 3 \u00f7 (8% &#8211; 5%) =100(\u7f8e\u5143)<\/p>\n<p>\u6839\u64da\u9ad8\u767b\u6210\u9577\u6a21\u578b\u4f86\u770b\uff0c\u56e0\u70ba\u9019\u6a94\u80a1\u7968\u76ee\u524d\u80a1\u50f9\u662f\u6bcf\u80a1110\u7f8e\u5143\uff0c\u8a08\u7b97\u51fa\u4f86\u7684\u5167\u5728\u50f9\u503c\u662f100\u7f8e\u5143\uff0c\u56e0\u6b64\u8a72\u80a1\u76ee\u524d\u5728\u5e02\u5834\u4e0a\u88ab\u9ad8\u4f30\u4e8610\u7f8e\u5143\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E8%82%A1%E5%88%A9%E6%8A%98%E7%8F%BE%E6%A8%A1%E5%9E%8B%E7%9A%84%E7%BC%BA%E9%BB%9E%E6%98%AF%E4%BB%80%E9%BA%BC%EF%BC%9F\"><\/span>\u80a1\u5229\u6298\u73fe\u6a21\u578b\u7684\u7f3a\u9ede\u662f\u4ec0\u9ebc\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u80a1\u5229\u6298\u73fe\u6a21\u578b\u5728\u4f7f\u7528\u4e0a\u6709\u4e00\u4e9b\u7f3a\u9ede\uff0c\u56e0\u70ba\u5b83\u53ea\u80fd\u8a55\u4f30\u6703\u9577\u671f\u7a69\u5b9a\u652f\u4ed8\u80a1\u5229\u7684\u516c\u53f8\uff0c\u800c\u4e14\u8a8d\u70ba\u80a1\u7968\u7684\u552f\u4e00\u50f9\u503c\u662f\u900f\u904e\u5206\u7d05\u7684\u6295\u8cc7\u5831\u916c(<a href=/index.html"https:\/\/\/return-of-investment\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">ROI<\/a>)\uff0c<\/p>\n<p>\u5b83\u5047\u8a2d\u516c\u53f8\u7684\u6210\u9577\u7387\u7a69\u5b9a(\u4e5f\u5c31\u662f\u516c\u5f0f\u4e2d\u7684g\u5728\u6bcf\u5e74\u90fd\u4e00\u6a23)\uff0c\u5176\u5be6\u9019\u5e7e\u4e4e\u662f\u4e0d\u53ef\u80fd\u7684\uff0c\u6709\u6642\u5019\u6578\u64da\u9810\u4f30\u932f\u8aa4\u5c31\u6703\u8b93\u5408\u7406\u50f9\u76f8\u5dee\u5f88\u5927\u3002<\/p>\n<h3>\u80a1\u5229\u6298\u73fe\u6a21\u578b\u7684\u7f3a\u9ede1\uff1a\u53ea\u80fd\u8a55\u4f30\u7a69\u5b9a\u767c\u653e\u80a1\u5229\u7684\u516c\u53f8<\/h3>\n<p>\u80a1\u5229\u6298\u73fe\u6a21\u578b\u53ea\u80fd\u7528\u4f86\u8a55\u4f30\u9577\u671f\u6301\u7e8c\u652f\u4ed8\u80a1\u5229\u7684\u80a1\u7968\uff0c\u4e5f\u5c31\u662f\u8aaa\u53ea\u9069\u5408\u7528\u4f86\u8a55\u4f30\u7a69\u5b9a\u3001\u6210\u719f\u3001\u6703\u6301\u7e8c\u5206\u914d\u80a1\u5229\u7684\u516c\u53f8\uff0c<\/p>\n<p>\u7562\u7adf\u5982\u679c\u80a1\u5229\u6975\u96e3\u9810\u6e2c\uff0c\u90a3\u8003\u616e\u98a8\u96aa\uff0c\u4f30\u50f9\u51fa\u4f86\u7684\u6578\u5b57\u4e5f\u9700\u8981\u5927\u6253\u6298\u6263\uff0c\u610f\u7fa9\u6709\u9650\u3002<\/p>\n<p>\u4f8b\u5982\u8a31\u591a\u8655\u65bc\u65e9\u671f\u6210\u9577\u968e\u6bb5\u3001\u4e0d\u5206\u914d\u80a1\u5229\u7684\u516c\u53f8\uff0c\u9019\u4e9b\u516c\u53f8\u65e9\u671f\u5728\u67d0\u4e9b\u968e\u6bb5\u7684\u7372\u5229\u53ef\u80fd\u90fd\u9700\u8981\u6301\u7e8c\u6295\u5165\u8cc7\u672c\u652f\u51fa\uff0c\u6301\u7e8c\u63a8\u5347\u76c8\u9918\uff0c\u537b\u4e0d\u767c\u4efb\u4f55\u80a1\u5229\uff0c<br \/>\n\u6216\u8005\u662f\u56e0\u70ba\u516c\u53f8\u653f\u7b56\u56e0\u7d20\uff0c\u8a8d\u70ba\u8cc7\u91d1\u7559\u5728\u516c\u53f8\u80fd\u5275\u9020\u66f4\u9ad8\u7684\u5831\u916c\u8207\u6210\u9577\uff0c<\/p>\n<p>\u5728\u7f8e\u570b\uff0c\u8a31\u591a\u4f01\u696d\u7684\u7372\u5229\uff0c\u6703\u63a1\u7528<a href=/index.html"https:\/\/\/what-is-stock-buyback\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u80a1\u7968\u56de\u8cfc<\/a>\u4f86\u4ee3\u66ff\u73fe\u91d1\u80a1\u5229\u767c\u653e\uff0c\u751a\u81f3\u7d04\u6709\u4e09\u5206\u4e4b\u4e00\u90fd\u662f\u5b8c\u5168\u4e0d\u767c\u653e\u80a1\u5229\u3002<\/p>\n<p>\u4e5f\u8a31\u516c\u53f8\u5728\u672a\u4f86\u67d0\u5929\u7f3a\u4e4f\u6295\u8cc7\u6a5f\u6703\u6642\u6703\u5c07\u7372\u5229\u7528\u80a1\u5229\u914d\u606f\u914d\u767c\u51fa\u4f86\uff0c\u4f46\u5728\u90a3\u5929\u5230\u4f86\u4e4b\u524d\uff0c\u56e0\u70ba\u4e0d\u914d\u767c\u80a1\u5229\uff0c\u4e5f\u96e3\u4ee5\u7528\u80a1\u5229\u4f5c\u4efb\u4f55\u8a55\u4f30\u3002<\/p>\n<p>\u9019\u985e\u578b\u4e0d\u914d\u606f\u7684\u4f01\u696d\uff0c\u5c31\u7121\u6cd5\u4f7f\u7528\u80a1\u5229\u6298\u73fe\u6a21\u578b\uff0c\u4e5f\u4ee3\u8868\u7528\u9019\u985e\u6a21\u578b\u4f30\u50f9\uff0c\u5fc5\u7136\u6703\u932f\u904e\u4e00\u4e9b\u4e0d\u767c\u653e\u80a1\u5229\u516c\u53f8\uff0c\u4f8b\u5982\uff1aGoogle\u3001FB\u3001Amazon\u3001\u6ce2\u514b\u590f\u7b49\u7b49\u3002<\/p>\n<p>\u5c0d\u65bc\u9019\u985e\u516c\u53f8\uff0c\u4f7f\u7528<a href=/index.html"https:\/\/\/discounted-cash-flow-dcf-model\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u73fe\u91d1\u6d41\u6298\u73fe\u6a21\u578b<\/a>\uff0c\u7528\u81ea\u7531\u73fe\u91d1\u6d41\u6216\u5176\u4ed6\u9805\u76ee\uff0c\u4f86\u4ee3\u66ff\u80a1\u5229\u7684\u9810\u4f30\uff0c\u6703\u662f\u6bd4\u8f03\u597d\u7684\u505a\u6cd5\u3002<\/p>\n<h3>\u80a1\u5229\u6298\u73fe\u6a21\u578b\u7684\u7f3a\u9ede2\uff1a\u9700\u8981\u8a31\u591a\u5047\u8a2d\u689d\u4ef6<\/h3>\n<p>\u80a1\u5229\u6298\u73fe\u6a21\u578b\u6700\u5927\u7684\u7f3a\u9677\u5c31\u662f\uff0c\u6240\u4f7f\u7528\u7684\u50f9\u503c\u8a08\u7b97\u9700\u8981\u4e00\u4e9b\u5047\u8a2d\uff0c\u4f8b\u5982\u672a\u4f86\u6210\u9577\u7387\u3001\u6240\u9700\u7684\u5831\u916c\u7387\u2026\u7b49\u7b49\uff0c<\/p>\n<p>\u9019\u4e9b\u672a\u4f86\u6578\u503c\u901a\u5e38\u662f\u9810\u6e2c\u3001\u731c\u6e2c\uff0c\u63db\u53e5\u8a71\u8aaa\uff0c\u6211\u5011\u5176\u5be6\u662f\u5728\u7528\u731c\u51fa\u4f86\u7684\u7d50\u679c\u5728\u4f30\u50f9\uff0c\u5373\u4fbf\u6709\u4e00\u4e9b\u8a55\u4f30\uff0c\u4e5f\u53ea\u662f\u589e\u52a0\u78ba\u5b9a\u6027\u3001\u8b93\u4f30\u8a08\u66f4\u6e96\uff0c\u4f46\u672a\u4f86\u4e26\u4e0d\u6703\u525b\u597d\u7b49\u65bc\u9810\u6e2c\u3002<\/p>\n<p>\u4f8b\u5982\u9810\u4f30\u80a1\u5229\u7684\u5e74\u6210\u9577\u738710%\uff0c\u4f46\u672a\u4f86\u5be6\u969b\u72c0\u6cc1\uff0c\u771f\u7684\u53ef\u80fd\u6bcf\u5e74\u90fd\u6210\u957710%\u55ce\uff1f<\/p>\n<p>\u5982\u679c\u8a08\u7b97\u4e2d\u7684\u4efb\u4f55\u5047\u8a2d\u51fa\u932f\uff0c\u5c31\u6703\u8b93\u9019\u500b\u6a21\u578b\u8a08\u7b97\u51fa\u4f86\u7684\u80a1\u7968\u50f9\u503c\u6709\u5f88\u5927\u7684\u504f\u5dee\u3002<\/p>\n<h3>\u80a1\u5229\u6298\u73fe\u6a21\u578b\u7684\u7f3a\u9ede3\uff1a\u73fe\u91d1\u80a1\u5229\u9700\u8981\u6392\u9664\u4e00\u6b21\u6027\u6536\u76ca\u53ca\u7279\u6b8a\u7684\u653f\u7b56<\/h3>\n<p>\u4f01\u696d\u904e\u53bb\u7a69\u5b9a\u767c\u653e\u80a1\u5229\uff0c\u5c31\u4ee3\u8868\u672a\u4f86\u4e5f\u6703\u7a69\u5b9a\u767c\u653e\u80a1\u5229\u55ce\uff1f\u4e0d\u898b\u5f97\u3002<\/p>\n<p>\u6211\u5011\u901a\u5e38\u6703\u6839\u64da\u904e\u53bb\u7684\u8cc7\u8a0a\u4f86\u9810\u4f30\u672a\u4f86\uff0c<\/p>\n<p>\u4f46\u9996\u5148\uff0c\u904e\u53bb\u7684\u8cc7\u8a0a\u6709\u53ef\u80fd\u5728\u672a\u4f86\u662f\u7121\u6548\u7684\uff0c\u4f8b\u5982\u4f01\u696d\u8ce3\u571f\u5730\u6216\u8005\u8ce3\u6389\u4e8b\u696d\u9ad4\uff0c\u7576\u5e74\u7e3d\u76c8\u9918\u589e\u52a0\u3001\u80a1\u5229\u767c\u653e\u91d1\u984d\u66b4\u6f32\uff0c\u4f46\u9019\u53ea\u662f\u4e00\u6b21\u6027\u7684\u6536\u76ca\uff0c\u5728\u672a\u4f86\u4e26\u4e0d\u6703\u6301\u7e8c\u3002<\/p>\n<p>\u6709\u4e9b\u516c\u53f8\u53ef\u80fd\u6703\u56e0\u70ba\u696d\u5916\u6536\u5165\u3001\u6298\u820a\u7b49\u56e0\u7d20\uff0c\u5728\u67d0\u4e9b\u6642\u671f\u767c\u653e\u8d85\u51fa\u5b83\u5e38\u614b\u7372\u5229\u80fd\u529b\u7684\u80a1\u5229\uff0c<\/p>\n<p>\u5c31\u7b97\u904e\u53bb\u7684\u80a1\u5229\u8cc7\u6599\u90fd\u6c92\u592a\u5927\u554f\u984c\u80fd\u660e\u78ba\u53cd\u6620\u4f01\u696d\u7684\u6536\u76ca\uff0c\u672a\u4f86\u4e5f\u53ef\u80fd\u56e0\u70ba\u5404\u7a2e\u610f\u5916\u8b8a\u6578\uff0c\u5c0e\u81f4\u80a1\u5229\u767c\u653e\u7522\u751f\u8df3\u8e8d\u6027\u7684\u5287\u70c8\u8b8a\u52d5\uff0c<\/p>\n<p>\u9019\u4e9b\u56e0\u7d20\u90fd\u6703\u5c0e\u81f4\u9810\u4f30\u51fa\u73fe\u504f\u5dee\u3002<\/p>\n<p>\u53e6\u5916\uff0c\u767c\u653e\u80a1\u5229\u5c6c\u65bc\u516c\u53f8\u7684\u653f\u7b56\uff0c\u4f8b\u5982\u53f0\u7a4d\u96fb\u57282013\u5e74\u4ee5\u524d\u7684\u591a\u5e74\u9593\uff0c\u7121\u8ad6\u516c\u53f8\u7576\u5e74\u8cfa\u591a\u8cfa\u5c11\uff0c\u90fd\u56fa\u5b9a\u767c\u7d043\u5143\u7684\u73fe\u91d1\u80a1\u5229\uff0c<br \/>\n\u96d6\u7136\u6578\u5b57\u5f88\u7a69\u5b9a\uff0c\u4f46\u9019\u5c0e\u81f4\u5f8c\u4f86\u96a8\u8457\u516c\u53f8\u6210\u9577\uff0c\u80a1\u5229\u8207\u516c\u53f8\u7372\u5229\u6709\u4e9b\u812b\u9264\uff0c\u5982\u679c\u7576\u6642\u6295\u8cc7\u4eba\u4f7f\u7528\u9019\u6578\u5b57\u4f86\u505a\u80a1\u5229\u6298\u73fe\u6a21\u578b\u4f30\u50f9\uff0c\u5f88\u53ef\u80fd\u96e3\u4ee5\u7d66\u51fa\u5408\u7406\u7684\u4f30\u50f9\u3002<\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E8%82%A1%E5%88%A9%E6%8A%98%E7%8F%BE%E6%A8%A1%E5%9E%8B_vs_%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E6%8A%98%E7%8F%BE_%E6%9C%89%E4%BB%80%E9%BA%BC%E5%B7%AE%E7%95%B0%EF%BC%9F\"><\/span>\u80a1\u5229\u6298\u73fe\u6a21\u578b vs \u73fe\u91d1\u6d41\u91cf\u6298\u73fe \u6709\u4ec0\u9ebc\u5dee\u7570\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<blockquote>\n<ul>\n<li><strong>\u80a1\u5229\u6298\u73fe\u6a21\u578b(DDM)<\/strong><strong>\uff1a<\/strong>\u7528\u672a\u4f86\u7684\u80a1\u5229\u6298\u73fe\u5230\u73fe\u5728\u50f9\u503c<\/li>\n<li><strong>\u73fe\u91d1\u6d41\u91cf\u6298\u73fe(DCF)<\/strong><strong>\uff1a<\/strong>\u7528\u672a\u4f86\u7684\u73fe\u91d1\u6d41\u6298\u73fe\u5230\u73fe\u5728\u50f9\u503c<\/li>\n<\/ul>\n<\/blockquote>\n<p>\u80a1\u5229\u6298\u73fe\u6a21\u578b\u3001\u73fe\u91d1\u6d41\u91cf\u6298\u73fe\u9019\u5169\u7a2e\u90fd\u662f\u5e38\u898b\u7684\u80a1\u7968\u4f30\u50f9\u6a21\u578b\u65b9\u6cd5\uff0c\u5c07\u516c\u53f8\u672a\u4f86\u7684\u73fe\u91d1\u6d41\u8a08\u7b97\u6298\u73fe\u5f8c\u7684\u50f9\u503c\u3002<\/p>\n<p><strong>\u6211\u8a8d\u70ba\u5f9e\u5b9a\u7fa9\u4e0a\u4f86\u770b\uff0c\u80a1\u5229\u6298\u73fe\u6a21\u578b \u5c6c\u65bc \u73fe\u91d1\u6d41\u91cf\u6298\u73fe\u6a21 \u578b\u7684\u4e00\u7a2e\u5206\u652f<\/strong><\/p>\n<p><a href=/index.html"https:\/\/\/discounted-cash-flow-dcf-model\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u73fe\u91d1\u6d41\u6298\u73fe\u6a21\u578b<\/a>\u5176\u5be6\u8a08\u7b97\u65b9\u5f0f\u548c\u80a1\u5229\u6298\u73fe\u6a21\u578b\u4e00\u6a23\uff0c<br \/>\n\u5dee\u5225\u5728\u65bc\u9078\u64c7\u54ea\u4e00\u7a2e\u6578\u64da\u7576\u6210\u73fe\u91d1\u6d41\uff0c\u901a\u5e38\u662f\u7528<a href=/index.html"https:\/\/\/what-free-cash-flow\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u81ea\u7531\u73fe\u91d1\u6d41<\/a>\u4f86\u7576\u6210\u73fe\u91d1\u6d41\u91cf\u7684\u8a08\u7b97\uff0c\u5982\u679c\u9078\u64c7\u80a1\u5229\u4f86\u7576\u6210\u73fe\u91d1\u6d41\uff0c\u90a3\u5c31\u8b8a\u6210\u80a1\u5229\u6298\u73fe\u6a21\u578b\u3002<br \/>\n\u9664\u4e86\u80a1\u5229\u548c\u81ea\u7531\u73fe\u91d1\u6d41\u4ee5\u5916\uff0c\u4e5f\u6709\u4e9b\u4eba\u6703\u7528EPS\u6216\u5176\u4ed6\u76c8\u9918\u6216\u73fe\u91d1\u6d41\u6578\u5b57\u4f86\u5957\u5165\u4f30\u50f9\u6a21\u578b\u3002<\/p>\n<p>\u80a1\u5229\u662f\u5404\u7a2e\u73fe\u91d1\u6d41\u91cf\u4e2d\u6700\u70ba\u4fdd\u5b88\u7684\u4e00\u7a2e\uff0c\u5b83\u6703\u932f\u904e\u5f88\u591a\u516c\u53f8\uff0c\u4f30\u51fa\u4f86\u7684\u50f9\u503c\u4e5f\u504f\u4f4e\uff0c\u53ef\u80fd\u7d50\u8ad6\u90fd\u662f\u80a1\u50f9\u504f\u8cb4\uff0c\u4f46\u80fd\u63d0\u4f9b\u4fdd\u5b88\u7684\u4f30\u50f9\uff0c\u9019\u4e5f\u662f\u80a1\u5229\u6298\u73fe\u6a21\u578b\u88ab\u8a31\u591a\u4eba\u4f7f\u7528\u7684\u539f\u56e0\u3002<\/p>\n<p>\u53cd\u4e4b\uff0c\u73fe\u91d1\u6d41\u6298\u73fe\u6a21\u578b\uff0c\u5141\u8a31\u63a1\u7528\u81ea\u7531\u73fe\u91d1\u6d41\u4f86\u9810\u4f30\uff0c\u5b83\u53ef\u4ee5\u8a55\u4f30\u7684\u516c\u53f8\u7bc4\u570d\u66f4\u5ee3\uff0c\u4f46\u8b8a\u6578\u4e5f\u66f4\u591a\u4e00\u9ede\u3002<\/p>\n<p><strong>\u80a1\u5229\u6298\u73fe\u6a21\u578b vs<\/strong><strong>\u73fe\u91d1\u6d41\u91cf\u6298\u73fe <\/strong><strong>\u5dee\u7570\u6bd4\u8f03<\/strong><\/p>\n<table dir=\"ltr\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<colgroup>\n<col width=\"192\" \/>\n<col width=\"235\" \/>\n<col width=\"238\" \/>\n<col width=\"282\" \/><\/colgroup>\n<tbody>\n<tr>\n<td colspan=\"4\" rowspan=\"1\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u80a1\u5229\u6298\u73fe\u6a21\u578b vs\u73fe\u91d1\u6d41\u91cf\u6298\u73fe \u5dee\u7570\u6bd4\u8f03&quot;}\">\n<h3 style=\"text-align: center;\"><strong>\u80a1\u5229\u6298\u73fe\u6a21\u578b vs\u73fe\u91d1\u6d41\u91cf\u6298\u73fe \u5dee\u7570\u6bd4\u8f03<\/strong><\/h3>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u4f30\u50f9\u65b9\u5f0f&quot;}\"><strong>\u4f30\u50f9\u65b9\u5f0f<\/strong><\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u7279\u6027&quot;}\"><strong>\u7279\u6027<\/strong><\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u512a\u9ede&quot;}\"><strong>\u512a\u9ede<\/strong><\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u7f3a\u9ede&quot;}\"><strong>\u7f3a\u9ede<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u80a1\u5229\u6298\u73fe\u6a21\u578b(DDM)&quot;}\"><strong>\u80a1\u5229\u6298\u73fe\u6a21\u578b(DDM)<\/strong><\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u7528\u672a\u4f86\u7684\u80a1\u5229\u6298\u73fe\u5230\u73fe\u5728\u50f9\u503c&quot;}\">\u7528<strong>\u672a\u4f86\u7684\u80a1\u5229<\/strong>\u6298\u73fe\u5230\u73fe\u5728\u50f9\u503c<\/td>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;1. \u8cc7\u6599\u53d6\u5f97\u3001\u8a08\u7b97\u5bb9\u6613\u3002\\n 2. \u53ef\u53cd\u6620\u80a1\u7968\u5c0d\u6295\u8cc7\u4eba\u7684\u5be6\u8cea\u50f9\u503c\u3002&quot;}\">1. \u8cc7\u6599\u53d6\u5f97\u3001\u8a08\u7b97\u76f8\u5c0d\u5bb9\u6613\u3002<br \/>\n2. \u5c6c\u65bc\u76f8\u5c0d\u4fdd\u5b88\u7a69\u5b9a\u7684\u4f30\u8a08\u65b9\u5f0f<\/td>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;1. \u53ea\u80fd\u8a55\u4f30\u628a\u76c8\u9918\u767c\u653e\u6210\u80a1\u5229\u7684\u516c\u53f8\u3002\\n 2. \u9700\u8981\u8a31\u591a\u5047\u8a2d\u689d\u4ef6\uff0c\u9019\u4e9b\u90fd\u662f\u9810\u6e2c\u7684\uff0c\u53ef\u80fd\u4e0d\u6e96\u78ba\u3002&quot;}\">1. \u53ea\u80fd\u8a55\u4f30\u628a\u76c8\u9918\u767c\u653e\u6210\u80a1\u5229\u7684\u516c\u53f8\u3001\u80a1\u5229\u767c\u653e\u7a69\u5b9a\u7684\u516c\u53f8\u3002<br \/>\n2. \u9700\u8981\u8a31\u591a\u5047\u8a2d\u689d\u4ef6\uff0c\u9019\u4e9b\u90fd\u662f\u9810\u6e2c\u7684\uff0c\u53ef\u80fd\u4e0d\u6e96\u78ba\u3002<br \/>\n3. \u904e\u53bb\u80a1\u5229\u672c\u8eab\u4ecd\u53ef\u80fd\u96e3\u4ee5\u6e96\u78ba\u53cd\u6620\u4f01\u696d\u672a\u4f86\u76c8\u9918\u53ca\u767c\u653e\u80a1\u5229\u7684\u72c0\u6cc1\u3002<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u73fe\u91d1\u6d41\u91cf\u6298\u73fe(DCF)&quot;}\"><strong>\u73fe\u91d1\u6d41\u91cf\u6298\u73fe(DCF)<\/strong><\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u628a\u672a\u4f86\u7684\u9322\u63db\u7b97\u6210\u73fe\u5728\u7684\u50f9\u503c&quot;}\">\u628a<strong>\u672a\u4f86\u7684\u81ea\u7531\u73fe\u91d1\u6d41<\/strong>\u63db\u7b97\u6210\u73fe\u5728\u7684\u50f9\u503c<\/td>\n<td style=\"text-align: left;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u78ba\u5b9a\u4e00\u9593\u516c\u53f8\u7684\u5167\u5728\u50f9\u503c\uff0c\u8a08\u7b97\u7684\u50f9\u503c\u4e0d\u53d7\u5e02\u5834\u4e3b\u89c0\u60c5\u7dd2\u7684\u5f71\u97ff\uff0c\u6bd4\u5176\u4ed6\u65b9\u6cd5\u66f4\u5ba2\u89c0\u3002\\n \u7528\u4f86\u5206\u6790\u4e0d\u540c\u985e\u578b\u7684\u516c\u53f8\u6216\u6295\u8cc7\uff0c\u4e26\u70ba\u9019\u4e9b\u516c\u53f8\u6216\u6295\u8cc7\u5f97\u51fa\u4e00\u500b\u5ba2\u89c0\u4e00\u81f4\u7684\u4f30\u503c\u3002\\n \u53ef\u4ee5\u5e6b\u52a9\u516c\u53f8\u8a08\u7b97\u6295\u8cc7\u7684\u5167\u90e8\u6536\u76ca\u7387(IRR)\u3002&quot;}\" data-sheets-hyperlink=\"https:\/\/\/irr\/\" data-sheets-hyperlinkruns=\"{&quot;1&quot;:89,&quot;2&quot;:&quot;https:\/\/\/irr\/&quot;}\uee10{&quot;1&quot;:99}\">1. \u5206\u6790\u7bc4\u570d\u6bd4\u80a1\u5229\u6298\u73fe\u6a21\u578b\u66f4\u5ee3\uff0c\u4e5f\u53ef\u4ee5\u8a55\u4f30\u90e8\u5206\u6210\u9577\u80a1<\/td>\n<td style=\"text-align: left;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u8a08\u7b97\u65b9\u5f0f\u8907\u96dc\u3002\\n \u73fe\u91d1\u6d41\u91cf\u9810\u6e2c\u4e0d\u4e00\u5b9a\u6e96\u78ba\u3002&quot;}\">1. \u8a08\u7b97\u65b9\u5f0f\u8f03\u8907\u96dc\u3002<br \/>\n2. \u73fe\u91d1\u6d41\u91cf\u9810\u6e2c\u4e0d\u4e00\u5b9a\u6e96\u78ba\u3002<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;\" colspan=\"4\" rowspan=\"1\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot; \u8cc7\u6599\u6574\u7406\uff1aMr.Market \u5e02\u5834\u5148\u751f&quot;}\" data-sheets-textstyleruns=\"{&quot;1&quot;:0}\uee10{&quot;1&quot;:6,&quot;2&quot;:{&quot;2&quot;:{&quot;1&quot;:2,&quot;2&quot;:1136076},&quot;9&quot;:1}}\" data-sheets-hyperlinkruns=\"{&quot;1&quot;:6,&quot;2&quot;:&quot;https:\/\/\/&quot;}\uee10{&quot;1&quot;:20}\"><span style=\"font-size: 14px;\">\u8cc7\u6599\u6574\u7406\uff1a<a class=\"in-cell-link\" href=/index.html"https:\/\/\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">Mr.Market \u5e02\u5834\u5148\u751f<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"%E8%82%A1%E5%88%A9%E6%8A%98%E7%8F%BE%E6%A8%A1%E5%9E%8B%E6%B3%A8%E6%84%8F%E4%BA%8B%E9%A0%85\"><\/span>\u80a1\u5229\u6298\u73fe\u6a21\u578b\u6ce8\u610f\u4e8b\u9805<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u4ee5\u4e0b\u5e02\u5834\u5148\u751f\u88dc\u5145\u5e7e\u500b\u4f7f\u7528\u80a1\u5229\u6298\u73fe\u6a21\u578b\u6642\u7684\u63d0\u793a\u3002<\/p>\n<p><strong>1. \u5c0f\u5fc3\u50f9\u503c\u9677\u9631<\/strong><\/p>\n<p>\u4efb\u4f55\u627e\u51fa\u5167\u5728\u50f9\u503c\u985e\u7684\u4f30\u50f9\u6cd5\uff0c\u90fd\u8981\u5c0f\u5fc3\u50f9\u503c\u9677\u9631\uff0c\u4e5f\u5c31\u662f\u50f9\u683c\u5927\u5e45\u4e0b\u8dcc\uff0c\u7372\u5229\u80fd\u529b\u5be6\u969b\u4e0a\u4e5f\u5927\u5e45\u8870\u9000\u7684\u516c\u53f8\u3002<\/p>\n<p>\u6211\u5011\u5728\u4f7f\u7528\u4f30\u50f9\u6a21\u578b\u6642\uff0c\u90fd\u662f\u5047\u8a2d\u672a\u4f86\u7372\u5229\u80fd\u529b\u6216\u6210\u9577\u6027\u6703\u548c\u904e\u53bb\u4e00\u6a23\uff0c\u4f46\u5be6\u969b\u4e0a\u4e26\u975e\u5982\u6b64\u3002<\/p>\n<p>\u4e00\u65e6\u4f01\u696d\u7372\u5229\u80fd\u529b\u4e0b\u964d\u8870\u9000\uff0c\u672a\u4f86\u80a1\u5229\u4e5f\u6703\u767c\u751f\u5927\u5e45\u6539\u8b8a\uff0c\u56e0\u6b64\u7576\u4e0b\u7684\u4f30\u50f9\u5f97\u5230\u7684\u4e0d\u4e00\u5b9a\u662f\u771f\u5be6\u50f9\u503c\u3002<\/p>\n<p>\u53ef\u95b1\u8b80\uff1a<a href=/index.html"https:\/\/\/what-is-value-trap\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5982\u4f55\u907f\u958b\u50f9\u503c\u9677\u9631\uff1f<\/a><\/p>\n<p><strong>2. \u4f30\u50f9\u4ecd\u9700\u8003\u616e\u5b89\u5168\u908a\u969b<\/strong><\/p>\n<p>\u5b89\u5168\u908a\u969b\u662f\u6307\u8003\u616e\u81ea\u5df1\u4f30\u50f9\u53ef\u80fd\u932f\u8aa4\u7684\u60c5\u6cc1\u4e0b\uff0c\u5728\u50f9\u683c\u6bd4\u4f30\u50f9\u9084\u8981\u66f4\u4f4e\u6642\u8cb7\u9032\uff0c<\/p>\n<p>\u4f8b\u5982\u4f60\u4f30\u50f9\u6642\u8a8d\u70ba\u5167\u5728\u50f9\u503c\u662f100\u5143\uff0c\u90a3\u9ebc100\u5143\u8cb7\u9032\u55ce\uff1f\u5982\u679c\u7b49\u523090\u5143\u621680\u5143\u518d\u8cb7\u9032\uff0c\u90a3\u9ebc\u5c31\u591a\u51fa10~20\u5143\u7684\u7a7a\u9593\uff0c\u5047\u8a2d\u72af\u932f\uff0c\u53ef\u4ee5\u5c11\u640d\u5931\u9019\u4e9b\u9322\u3002<\/p>\n<p>\u96d6\u7136\u80a1\u5229\u6298\u73fe\u6a21\u578b\u672c\u8eab\u5df2\u7d93\u76f8\u5c0d\u4fdd\u5b88\uff0c\u4f46\u4f01\u696d\u80a1\u6b0a\u6295\u8cc7\u672c\u4f86\u5c31\u662f\u8b8a\u6578\u5de8\u5927\u7684\u4e8b\u60c5\uff0c\u5404\u7a2e\u6210\u719f\u7a69\u5b9a\u7372\u5229\u7684\u4f01\u696d\uff0c\u4f9d\u7136\u53ef\u80fd\u56e0\u70ba\u7af6\u722d\u6216\u8005\u65b0\u7684\u6280\u8853\u8b8a\u9769\u51fa\u73fe\u906d\u5230\u53d6\u4ee3\uff0c<\/p>\n<p>\u5b89\u5168\u908a\u969b\u7684\u597d\u8655\u662f\u8b93\u6295\u8cc7\u66f4\u52a0\u5b89\u5168\u3001\u640d\u5931\u7684\u53ef\u80fd\u6027\u6e1b\u5c11\u6216\u5e45\u5ea6\u964d\u4f4e\uff0c\u4f46\u4ee3\u50f9\u5c31\u662f\u9019\u7a2e\u6a5f\u6703\u53ef\u80fd\u66f4\u52a0\u7a00\u5c11\uff0c\u800c\u4e14\u4f9d\u7136\u6709\u843d\u5165\u50f9\u503c\u9677\u9631\u7684\u53ef\u80fd\u6027\u3002<\/p>\n<p>\u53ef\u95b1\u8b80\uff1a<a href=/index.html"https:\/\/\/margin-of-safety-investing\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5b89\u5168\u908a\u969b\u662f\u4ec0\u9ebc\uff1f<\/a><\/p>\n<p><strong>3. \u914d\u606f\u4f86\u81ea\u54ea\u88e1\uff1f<\/strong><\/p>\n<p>\u914d\u606f\u4e00\u822c\u4f86\u81ea\u7372\u5229\uff0c\u4f46\u4e26\u975e\u7d55\u5c0d\u5982\u6b64\uff0c\u5be6\u969b\u4e0a\u53ef\u80fd\u8cfa\u5f88\u591a\u914d\u5f88\u5c11\uff0c\u6216\u8005\u8cfa\u5f88\u5c11\u914d\u5f88\u591a\u7684\u60c5\u6cc1\u3002<\/p>\n<p>\u4f7f\u7528\u80a1\u5229\u6298\u73fe\u6a21\u578b\u6642\uff0c\u6211\u5efa\u8b70\u4e5f\u8981\u89c0\u5bdf\u4f01\u696d\u7684 <a href=/index.html"https:\/\/\/what-payout-ratio\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u914d\u606f\u7387<\/a> \u662f\u5426\u7a69\u5b9a\uff0c\u4e5f\u5c31\u662f\u76c8\u9918\u8207\u914d\u606f\u4e4b\u9593\u7684\u6bd4\u4f8b\uff0c<\/p>\n<p>\u914d\u606f\u7387\u6578\u5b57\u7406\u8ad6\u4e0a\u61c9\u8a72\u8981\u843d\u5728\u4e00\u500b\u7a69\u5b9a\u7684\u5340\u9593\u5167\u3002<\/p>\n<p>\u53ef\u95b1\u8b80\uff1a<a href=/index.html"https:\/\/\/what-payout-ratio\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u914d\u606f\u7387\u662f\u4ec0\u9ebc\uff1f<\/a><\/p>\n<p><strong>4. \u9810\u4f30\u6578\u5b57\u76e1\u53ef\u80fd\u4fdd\u5b88<\/strong><\/p>\n<p>\u672a\u4f86\u6c92\u4eba\u77e5\u9053\uff0c\u6211\u5011\u50c5\u80fd\u53c3\u8003\u904e\u53bb\u7684\u4e00\u4e9b\u8cc7\u6599\u4f86\u5224\u65b7\u3002<\/p>\n<p>\u4f46\u63a1\u7528\u4fdd\u5b88\u4e00\u9ede\u7684\u4f30\u8a08\uff0c\u4e5f\u662f\u53e6\u4e00\u7a2e\u65b9\u5f0f\u3002<\/p>\n<p>\u6bd4\u65b9\u8aaa\uff0c\u904e\u53bb\u6bcf\u5e74\u80a1\u5229\u6210\u9577\u7387\u90fd10%\uff0c\u4f60\u5c31\u4f30\u672a\u4f86\u4e5f\u6703\u6bcf\u5e74\u6210\u957710%\u55ce\uff1f<\/p>\n<p>\u5982\u679c\u662f\u6211\uff0c\u53ef\u80fd\u6703\u4f30\u752810%\u6210\u95775\u5e74\u3001\u75285%\u6210\u95775\u5e74\uff0c\u96a8\u5f8c\u96f6\u6210\u9577\uff0c\u7528\u9019\u65b9\u5f0f\u4f86\u4f30\u50f9\uff0c\u56e0\u70ba\u9019\u6bd4\u8f03\u7b26\u5408\u73fe\u5be6\uff0c\u6c92\u6709\u4f01\u696d\u53ef\u4ee5\u7121\u6b62\u76e1\u6210\u9577\u7684\u3002<\/p>\n<p>\u5c0d\u672a\u4f86\u80a1\u5229\uff0c\u5c24\u5176\u662f\u50cf\u6210\u9577\u7387\u9019\u7a2e\u5f71\u97ff\u5de8\u5927\u7684\u8b8a\u6578\uff0c\u90fd\u76e1\u53ef\u80fd\u4fdd\u5b88\u6703\u6bd4\u8f03\u597d\u3002<\/p>\n<p><strong>5. \u8010\u5fc3\u7b49\u5f85<\/strong><\/p>\n<p>\u80a1\u5229\u6298\u73fe\u6a21\u578b\u7684\u4f30\u50f9\u901a\u5e38\u76f8\u5c0d\u4fdd\u5b88\uff0c\u56e0\u6b64\u7b97\u51fa\u4f86\u7684\u5167\u5728\u50f9\u503c\uff0c\u901a\u5e38\u6703\u8b93\u4f60\u89ba\u5f97\u80a1\u50f9\u73fe\u5728\u5f88\u8cb4\u3001\u6c92\u6771\u897f\u53ef\u4ee5\u8cb7\uff0c\u5728\u591a\u982d\u6642\u671f\u5c24\u5176\u5982\u6b64\u3002<\/p>\n<p>\u9019\u908a\u5f97\u8aaa\uff0c\u9019\u662f\u5f88\u6b63\u5e38\u7684\u60c5\u6cc1\u3002<\/p>\n<p>\u8010\u5fc3\u7b49\u5f85\u662f\u9019\u985e\u50f9\u503c\u6295\u8cc7\u65b9\u6cd5\u5fc5\u5099\u7684\u5fc3\u7406\u7d20\u8cea\uff0c\u7121\u8ad6\u9032\u5834\u4e4b\u524d\u6216\u9032\u5834\u4e4b\u5f8c\u90fd\u662f\u5982\u6b64\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E7%B5%90%E8%AB%96%EF%BC%9A%E6%8A%95%E8%B3%87%E4%BA%BA%E8%A9%B2%E5%A6%82%E4%BD%95%E4%BD%BF%E7%94%A8%E8%82%A1%E5%88%A9%E6%8A%98%E7%8F%BE%E6%A8%A1%E5%9E%8B%EF%BC%9F\"><\/span>\u7d50\u8ad6\uff1a\u6295\u8cc7\u4eba\u8a72\u5982\u4f55\u4f7f\u7528\u80a1\u5229\u6298\u73fe\u6a21\u578b\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u80a1\u5229\u6298\u73fe\u6a21\u578b\u53ea\u662f\u80a1\u7968\u50f9\u503c\u8a55\u4f30\u7684\u5176\u4e2d\u4e00\u7a2e\u65b9\u6cd5\uff0c\u53ef\u4ee5\u505a\u70ba\u53c3\u8003\u4f46\u4e0d\u8981\u7576\u6210\u552f\u4e00\u7684\u65b9\u6cd5\u4f86\u4f7f\u7528\uff0c<\/p>\n<p>\u63db\u53e5\u8a71\u8aaa\uff0c\u4f60\u4e0d\u8981\u56e0\u70ba\u80a1\u5229\u6298\u73fe\u6a21\u578b\u544a\u8a34\u4f60\u9019\u6a94\u80a1\u7968\u5f88\u4fbf\u5b9c\u5c31\u8cb7\u5b83\uff0c\u4e5f\u4e0d\u8981\u56e0\u70ba\u80a1\u5229\u6298\u73fe\u6a21\u578b\u6307\u51fa\u67d0\u6a94\u80a1\u7968\u5f88\u8cb4\u5c31\u907f\u958b\u5b83\u3002<\/p>\n<p>\u5b83\u5c31\u662f\u4e00\u500b\u8f14\u52a9\u5224\u65b7\u50f9\u4f4d\u7684\u5de5\u5177\uff0c\u4e5f\u50c5\u9069\u5408\u7528\u5728\u80a1\u5229\u7a69\u5b9a\u5bb9\u6613\u9810\u4f30\u7684\u4f01\u696d\u985e\u578b\u4e0a\uff0c\u7528\u5728\u5176\u4ed6\u985e\u578b\u7684\u4f01\u696d\u90fd\u8981\u9810\u671f\u6578\u5b57\u6703\u51fa\u73fe\u843d\u5dee\u3002<\/p>\n<p>\u5e02\u5834\u5148\u751f\u5efa\u8b70\uff0c\u76e1\u91cf\u5728\u7c21\u55ae\u7684\u4f01\u696d\uff0c\u4e5f\u5c31\u662f\u8ca1\u52d9\u4e0a\u9ad8\u78ba\u5b9a\u7684\u4f01\u696d\u4e0a\u53bb\u4f7f\u7528\u5b83\u3002<\/p>\n<p>\u80a1\u5229\u6298\u73fe\u6a21\u578b\u6211\u8a8d\u70ba\u5c6c\u65bc\u662f\u4e00\u7a2e\u4fdd\u5b88\u7684\u601d\u8003\u65b9\u5f0f\uff0c\u56e0\u6b64\u5b83\u4e5f\u6307\u9069\u7528\u4fdd\u5b88\u7684\u6210\u719f\u4f01\u696d\uff0c\u5927\u591a\u90fd\u662f\u6210\u7acb\u8a31\u591a\u5e74\u3001\u696d\u52d9\u55ae\u7d14\u3001\u7372\u5229\u7a69\u5b9a\u7684\u4f01\u696d\uff0c\u5c11\u90e8\u5206\u624d\u6703\u662f\u6210\u9577\u7684\u4f01\u696d\u3002<\/p>\n<p>\u751a\u81f3\u8003\u616e\u5230\u50cf\u662f\u7f8e\u570b\u7fd2\u6163\u4ee5\u80a1\u7968\u56de\u8cfc\u4f86\u4ee3\u66ff\u914d\u606f\uff0c\u5c0d\u65bc\u5176\u4ed6\u5927\u591a\u6578\u4f01\u696d\uff0c\u6211\u8a8d\u70ba\u7528\u73fe\u91d1\u6d41\u91cf\u4f30\u50f9\u6cd5\uff0c\u6703\u6bd4\u80a1\u5229\u4f30\u50f9\u6a21\u578b\u5f97\u5230\u66f4\u6709\u610f\u7fa9\u7684\u8cc7\u8a0a\u3002<\/p>\n<p><strong>\u80a1\u5229\u6298\u73fe\u6a21\u578b\u7684\u904b\u7528\u65b9\u6cd5\uff1a<\/strong><\/p>\n<ol>\n<li><span style=\"font-size: 16px;\">\u53ef\u4ee5\u7576\u4e00\u7a2e\u80a1\u7968\u4f30\u503c\u53c3\u8003\u7684\u65b9\u5f0f\uff0c\u4f46\u8acb\u642d\u914d\u5176\u4ed6\u6578\u64da\u4e00\u8d77\u642d\u914d\u67e5\u770b\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u80a1\u5229\u6298\u73fe\u6a21\u578b\u53ea\u9069\u5408\u8a08\u7b97\u7a69\u5b9a\u767c\u653e\u80a1\u5229\u7684\u516c\u53f8\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u4f7f\u7528\u6642\u4e5f\u53ef\u4ee5\u642d\u914d<a href=/index.html"https:\/\/\/margin-of-safety-investing\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u5b89\u5168\u908a\u969b<\/a>\u7684\u6982\u5ff5\uff0c\u610f\u601d\u5c31\u662f\u7576\u4f60\u7b97\u51fa\u5408\u7406\u50f9\u5f8c\uff0c\u518d\u6253\u500b8\u6298\u7576\u505a\u9032\u5834\u50f9\u683c\u3002<\/span><\/li>\n<\/ol>\n<p>\u6700\u5f8c\u984d\u5916\u5206\u4eab\u5169\u7bc7\u6587\u7ae0\uff1a<\/p>\n<p>1. <a href=/index.html"https:\/\/\/dividend-aristocrats-methods\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u80a1\u606f\u8cb4\u65cf\u80a1\u7968\uff1a\u9023\u7e8c20\u5e74\u4ee5\u4e0a\u7a69\u5b9a\u914d\u606f\u4e14\u914d\u606f\u6210\u9577\u7684\u516c\u53f8\uff1f<\/a><\/p>\n<p>2. <a href=/index.html"https:\/\/\/how-business-wealth-01\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u4f01\u696d\u7d93\u6fdf\u8b77\u57ce\u6cb3\uff1a\u5982\u4f55\u5206\u6790\u4f01\u696d\u5728\u672a\u4f86\u80fd\u5426\u4fdd\u6301\u76c8\u9918\u6210\u9577\uff0c\u4e0d\u6703\u8f15\u6613\u56e0\u7af6\u722d\u8870\u9000\uff1f<\/a><\/p>\n\n<p><strong>\u66f4\u591a\u76f8\u95dc\u6587\u7ae0\uff1a<\/strong><\/p>\n<p>1. <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\u662f\u4ec0\u9ebc\uff1f\u6709\u4ec0\u9ebc\u512a\u9ede\u8207\u7f3a\u9ede\uff1f<\/a><\/p>\n<p>2. <a href=/index.html"https:\/\/\/what-is-wacc-rate\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">WACC\u52a0\u6b0a\u5e73\u5747\u8cc7\u672c\u6210\u672c\u662f\u4ec0\u9ebc\uff1fWACC\u516c\u5f0f\u53ca\u73fe\u91d1\u6d41\u6298\u73fe\u4f30\u50f9<\/a><\/p>\n<p>3. <a href=/index.html"https:\/\/\/what-is-discount-rate\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u6298\u73fe\u7387\u662f\u4ec0\u9ebc\u610f\u601d\uff1f\u5229\u7387\u9ad8\u4f4e\u4ee3\u8868\u4ec0\u9ebc\u610f\u601d\uff1f<\/a><\/p>\n<p>4. <a href=/index.html"https:\/\/\/pv-fv-annuity-formula\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u73fe\u503c\u3001\u7d42\u503c\u3001\u5e74\u91d1\u662f\u4ec0\u9ebc\u610f\u601d\uff1f\u516c\u5f0f\u5982\u4f55\u8a08\u7b97\uff1f &#8211; \u8a8d\u8b58\u8ca8\u5e63\u6642\u9593\u50f9\u503c<\/a><\/p>\n<p><strong>\u66f4\u591a\u6295\u8cc7\u5165\u9580\u5b78\u7fd2\uff1a<\/strong><\/p>\n<p>1.\u00a0<a href=/index.html"https:\/\/\/learn-etf-all\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">ETF\u6295\u8cc7\u6559\u5b78\u61f6\u4eba\u5305<\/a><\/p>\n<p>2.\u00a0<a href=/index.html"https:\/\/\/learn-fund-all\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u57fa\u91d1\u6295\u8cc7\u6559\u5b78\u61f6\u4eba\u5305<\/a><\/p>\n<p>3.\u00a0<a href=/index.html"https:\/\/\/blog-pos-14\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u7406\u8ca1\u7b2c\u4e00\u5802\u8ab2\uff1a\u8a8d\u8b58\u73fe\u91d1\u6d41<\/a><\/p>\n<p>4.\u00a0\u00a0<a href=/index.html"https:\/\/\/blog-page_30\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u6211\u7684\u6295\u8cc7\u7406\u8ca1\u66f8\u55ae\u5206\u4eab<\/a><\/p>\n<p>5.\u00a0<a href=/index.html"https:\/\/\/etf-class-yotta\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u7f8e\u80a1ETF\u7dda\u4e0a\u8ab2\u7a0b<\/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>\u80a1\u5229\u6298\u73fe\u6a21\u578b\u662f\u8a08\u7b97\u80a1\u7968\u50f9\u503c\u7684\u4e00\u7a2e\u65b9\u6cd5\uff0c\u662f\u4e00\u7a2e\u7d55\u5c0d\u4f30\u503c\u65b9\u6cd5\uff0c\u7528\u672a\u4f86\u9818\u5230\u7684\u80a1\u5229\u4f86\u8861\u91cf\u9019\u500b\u80a1\u7968\u73fe\u5728\u503c\u591a\u5c11\u9322\u6bd4\u8f03\u5408\u7406\u3002 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":43352,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"no","footnotes":""},"categories":[173],"tags":[],"table_tags":[],"modified_by":"Mr.Market\u5e02\u5834\u5148\u751f","jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/\/wp-content\/uploads\/20221020151653_44.jpg","jetpack-related-posts":[{"id":25177,"url":"https:\/\/\/what-is-discount-rate\/","url_meta":{"origin":32700,"position":0},"title":"\u6298\u73fe\u7387\u662f\u4ec0\u9ebc\uff1f\u591a\u5c11\u5408\u7406\uff1f\u4e00\u6b21\u770b\u61c2\u6298\u73fe\u7387","author":"eden","date":"2021-09-21","format":false,"excerpt":"\u901a\u5e38\u60f3\u78ba\u5b9a\u4e00\u9805\u6295\u8cc7\u7684\u73fe\u5728\u50f9\u503c\u548c\u672a\u4f86\u50f9\u503c\u4e4b\u9593\u7684\u5dee\u7570\uff0c\u6703\u4f7f\u7528\u5230\u6298\u73fe\u7387\uff0c \u6298\u73fe\u7387\u662f\u4e00\u7a2e\u5229\u7387\uff0c\u9019\u662f\u7528\u4f86\u5c07\u4e00\u9805\u2026","rel":"","context":"\u5728\u300c\u7406\u8ca1\u5165\u9580\u77e5\u8b58\u300d\u4e2d","block_context":{"text":"\u7406\u8ca1\u5165\u9580\u77e5\u8b58","link":"https:\/\/\/category\/personal-financial-planning\/invest-interest\/"},"img":{"alt_text":"\u6298\u73fe\u7387-\u662f\u4ec0\u9ebc","src":"https:\/\/i0.wp.com\/\/wp-content\/uploads\/20221017191016_34.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/\/wp-content\/uploads\/20221017191016_34.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/\/wp-content\/uploads\/20221017191016_34.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/\/wp-content\/uploads\/20221017191016_34.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/\/wp-content\/uploads\/20221017191016_34.jpg?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/\/wp-content\/uploads\/20221017191016_34.jpg?resize=1400%2C800&ssl=1 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