{"id":8597,"date":"2020-03-30T00:31:33","date_gmt":"2020-03-29T16:31:33","guid":{"rendered":"https:\/\/\/?p=8597"},"modified":"2023-10-27T10:06:47","modified_gmt":"2023-10-27T02:06:47","slug":"what-free-cash-flow","status":"publish","type":"post","link":"https:\/\/\/what-free-cash-flow\/","title":{"rendered":"\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"},"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-39596 size-full\" src=/index.html"https:\/\/\/wp-content\/uploads\/20220720125044_84.jpg\" alt=\"\u81ea\u7531\u73fe\u91d1\u6d41\" width=\"1557\" height=\"815\" srcset=\"https:\/\/\/wp-content\/uploads\/20220720125044_84.jpg 1557w, https:\/\/\/wp-content\/uploads\/20220720125044_84-1536x804.jpg 1536w\" sizes=\"(max-width: 1557px) 100vw, 1557px\" \/><\/p>\n<p>\u4eca\u5929\u5e02\u5834\u5148\u751f\u8981\u548c\u5927\u5bb6\u4ecb\u7d39\u4ec0\u9ebc\u662f\u300c\u81ea\u7531\u73fe\u91d1\u6d41\u91cf\u300d\uff0c<br \/>\n\u81ea\u7531\u73fe\u91d1\u6d41\u91cf \u662f\u4e00\u500b\u5728\u8ca1\u5831\u5206\u6790\u4e0a\uff0c\u5f88\u5e38\u7528\u4f86\u8a55\u4f30\u4f01\u696d\u98a8\u96aa\u7684\u6307\u6a19\u3002<\/p>\n<p>\u53e6\u5916\u4e5f\u6709\u63d0\u904e\u548c\u5b83\u975e\u5e38\u76f8\u95dc\u7684\u300c<a href=/index.html"https:\/\/\/what-operating-cash-flow\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u71df\u696d\u73fe\u91d1\u6d41\u91cf<\/a>\u300d\u3001\u300c<a href=/index.html"https:\/\/\/what-is-cash-flows-from-investing\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6295\u8cc7\u73fe\u91d1\u6d41\u91cf<\/a>\u300d\u3001\u300c<a href=/index.html"https:\/\/\/what-is-cash-flows-from-financing\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u878d\u8cc7\u73fe\u91d1\u6d41\u91cf<\/a>\u300d\uff0c\u5982\u679c\u9084\u4e0d\u719f\u6089\uff0c\u53ef\u5148\u95b1\u8b80\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-6611f702455f7\" 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 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class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=/index.html"https:\/\/\/what-free-cash-flow\/#%E8%87%AA%E7%94%B1%E7%8F%BE%E9%87%91%E6%B5%81%E7%82%BA%E6%AD%A3%E5%80%BC%EF%BC%8C%E4%BB%A3%E8%A1%A8%E9%80%99%E9%96%93%E5%85%AC%E5%8F%B8%E5%AE%89%E5%85%A8%E5%97%8E%EF%BC%9F\" title=\"\u81ea\u7531\u73fe\u91d1\u6d41\u70ba\u6b63\u503c\uff0c\u4ee3\u8868\u9019\u9593\u516c\u53f8\u5b89\u5168\u55ce\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u81ea\u7531\u73fe\u91d1\u6d41\u70ba\u6b63\u503c\uff0c\u4ee3\u8868\u9019\u9593\u516c\u53f8\u5b89\u5168\u55ce\uff1f<\/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-free-cash-flow\/#%E8%87%AA%E7%94%B1%E7%8F%BE%E9%87%91%E6%B5%81%E7%82%BA%E8%B2%A0%E5%80%BC%EF%BC%8C%E4%BB%A3%E8%A1%A8%E9%80%99%E9%96%93%E5%85%AC%E5%8F%B8%E4%B8%8D%E5%A5%BD%E5%97%8E%EF%BC%9F\" title=\"\u81ea\u7531\u73fe\u91d1\u6d41\u70ba\u8ca0\u503c\uff0c\u4ee3\u8868\u9019\u9593\u516c\u53f8\u4e0d\u597d\u55ce\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u81ea\u7531\u73fe\u91d1\u6d41\u70ba\u8ca0\u503c\uff0c\u4ee3\u8868\u9019\u9593\u516c\u53f8\u4e0d\u597d\u55ce\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-free-cash-flow\/#%E6%AF%8F%E8%82%A1%E8%87%AA%E7%94%B1%E7%8F%BE%E9%87%91%E6%B5%81Free_Cash_Flow_Per_Share_%EF%BC%9A%E5%8F%AF%E4%BB%A5%E5%BD%8C%E8%A3%9C%E6%AF%8F%E8%82%A1%E7%9B%88%E9%A4%98EPS%E7%9A%84%E4%B8%8D%E8%B6%B3\" title=\"\u6bcf\u80a1\u81ea\u7531\u73fe\u91d1\u6d41(Free Cash Flow Per Share )\uff1a\u53ef\u4ee5\u5f4c\u88dc\u6bcf\u80a1\u76c8\u9918(EPS)\u7684\u4e0d\u8db3\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6bcf\u80a1\u81ea\u7531\u73fe\u91d1\u6d41(Free Cash Flow Per Share )\uff1a\u53ef\u4ee5\u5f4c\u88dc\u6bcf\u80a1\u76c8\u9918(EPS)\u7684\u4e0d\u8db3<\/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-free-cash-flow\/#%E5%A6%82%E4%BD%95%E6%9F%A5%E8%A9%A2%E5%85%AC%E5%8F%B8%E7%9A%84%E8%87%AA%E7%94%B1%E7%8F%BE%E9%87%91%E6%B5%81%EF%BC%9F\" title=\"\u5982\u4f55\u67e5\u8a62\u516c\u53f8\u7684\u81ea\u7531\u73fe\u91d1\u6d41\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5982\u4f55\u67e5\u8a62\u516c\u53f8\u7684\u81ea\u7531\u73fe\u91d1\u6d41\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=/index.html"https:\/\/\/what-free-cash-flow\/#%E7%B5%90%E8%AB%96%EF%BC%9A%E5%A6%82%E4%BD%95%E5%BE%9E%E8%87%AA%E7%94%B1%E7%8F%BE%E9%87%91%E6%B5%81%EF%BC%8C%E5%88%86%E8%BE%A8%E4%B8%80%E9%96%93%E5%85%AC%E5%8F%B8%E5%A5%BD%E5%A3%9E%EF%BC%9F\" title=\"\u7d50\u8ad6\uff1a\u5982\u4f55\u5f9e\u81ea\u7531\u73fe\u91d1\u6d41\uff0c\u5206\u8fa8\u4e00\u9593\u516c\u53f8\u597d\u58de\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u7d50\u8ad6\uff1a\u5982\u4f55\u5f9e\u81ea\u7531\u73fe\u91d1\u6d41\uff0c\u5206\u8fa8\u4e00\u9593\u516c\u53f8\u597d\u58de\uff1f<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"%E8%87%AA%E7%94%B1%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E6%98%AF%E4%BB%80%E9%BA%BC%EF%BC%9F\"><\/span>\u81ea\u7531\u73fe\u91d1\u6d41\u91cf\u662f\u4ec0\u9ebc\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u81ea\u7531\u73fe\u91d1\u6d41\u91cf\uff08\u82f1\u6587 Free cash flow, FCF\uff09\u4e5f\u7c21\u7a31 \u81ea\u7531\u73fe\u91d1\u6d41\uff0c\u81ea\u7531\u73fe\u91d1\u6d41\u91cf\u7684\u5b9a\u7fa9\u5c31\u662f\u300c<strong>\u516c\u53f8\u53ef\u4ee5\u81ea\u7531\u904b\u7528\u7684\u73fe\u91d1<\/strong>\u300d\u3002<\/p>\n<p>\u81ea\u7531\u73fe\u91d1\u6d41\u80fd\u770b\u51fa\u516c\u53f8\u7522\u751f\u73fe\u91d1\u7684\u6548\u7387\uff0c\u800c\u6295\u8cc7\u4eba\u4e5f\u80fd\u7528\u5b83\u4f86\u8861\u91cf\u516c\u53f8\u7684\u71df\u904b\u73fe\u91d1\u6d41\uff0c\u6263\u6389\u8cc7\u672c\u652f\u51fa\u5f8c\u662f\u5426\u9084\u6709\u8db3\u5920\u7684\u8cc7\u91d1\uff0c<br \/>\n\u80fd\u767c\u653e\u80a1\u606f\u4f86\u56de\u994b\u7d66\u6295\u8cc7\u4eba\uff0c\u6216\u662f\u5728\u672a\u4f86\u4f5c\u70ba\u6295\u5165\u7528\u9014\u3001\u4ee5\u53ca\u9810\u7559\u4e0b\u4f86\u5728\u666f\u6c23\u4e0d\u4f73\u6642\u8b93\u516c\u53f8\u5ea6\u904e\u96e3\u95dc\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E8%87%AA%E7%94%B1%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E5%85%AC%E5%BC%8F%E5%A6%82%E4%BD%95%E8%A8%88%E7%AE%97%EF%BC%9F\"><\/span>\u81ea\u7531\u73fe\u91d1\u6d41\u91cf\u516c\u5f0f\u5982\u4f55\u8a08\u7b97\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u81ea\u7531\u73fe\u91d1\u6d41\u91cf\u7684\u516c\u5f0f\u70ba\uff1a<\/p>\n<blockquote><p><strong>\u81ea\u7531\u73fe\u91d1\u6d41\u91cf<\/strong> = <strong>\u71df\u696d\u73fe\u91d1\u6d41\u91cf<\/strong> &#8211; <strong>\u8cc7\u672c\u652f\u51fa<\/strong><\/p><\/blockquote>\n<p>\u81ea\u7531\u73fe\u91d1\u6d41\u662f\u516c\u53f8\u900f\u904e\u71df\u904b\u7522\u751f\u7684\u73fe\u91d1\uff0c\u6e1b\u53bb\u8cc7\u672c\u652f\u51fa\u7684\u6210\u672c\u3002<br \/>\n\u4e5f\u6709\u4e9b\u8a08\u7b97\u6703\u628a\u81ea\u7531\u73fe\u91d1\u6d41\u91cf\u518d\u9664\u4ee5\u7e3d\u80a1\u6578\uff0c\u5f97\u5230\u6bcf\u80a1\u81ea\u7531\u73fe\u91d1\u6d41\uff0c\u65b9\u4fbf\u548c\u6bcf\u80a1\u76c8\u9918\u7b49\u6578\u5b57\u505a\u6bd4\u8f03\u3002<\/p>\n<p>\u901a\u5e38\u5728\u8ca1\u5831\u4e2d\u4e26\u4e0d\u6703\u76f4\u63a5\u5217\u51fa\u81ea\u7531\u73fe\u91d1\u6d41\u9805\u76ee\uff0c\u5fc5\u9808\u81ea\u884c\u7528<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\u7684\u8cc7\u6599\u4f86\u505a\u8a08\u7b97\uff0c\u5728\u8a31\u591a\u7dda\u4e0a\u8ca1\u5831\u7db2\u7ad9\u90fd\u67e5\u7684\u5230\u7b97\u597d\u7684\u6578\u5b57\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-39623 size-full\" src=/index.html"https:\/\/\/wp-content\/uploads\/20220721075137_100.png\" alt=\"\u81ea\u7531\u73fe\u91d1\u6d41\u91cf\u516c\u5f0f\" width=\"1802\" height=\"196\" srcset=\"https:\/\/\/wp-content\/uploads\/20220721075137_100.png 1802w, https:\/\/\/wp-content\/uploads\/20220721075137_100-1536x167.png 1536w\" sizes=\"(max-width: 1802px) 100vw, 1802px\" \/><\/p>\n<p><strong>\u71df\u696d\u73fe\u91d1\u6d41\u91cf(Operating Cash Flow)\uff1a<\/strong>\u4ee3\u8868\u4f01\u696d\u900f\u904e\u5404\u7a2e\u71df\u904b\u6d3b\u52d5(\u4f8b\u5982\u92b7\u552e\u5546\u54c1\u3001\u6295\u8cc7)\u589e\u52a0\u7684\u73fe\u91d1\u6d41\u5165\u3002<\/p>\n<p>\u53ef\u95b1\u8b80\uff1a<a href=/index.html"https:\/\/\/what-operating-cash-flow\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u71df\u696d\u73fe\u91d1\u6d41\u91cf\u662f\u4ec0\u9ebc\uff1f<\/a><\/p>\n<p><strong>\u8cc7\u672c\u652f\u51fa(Capital Spending \u6216 Capital expenditure)\uff1a<\/strong>\u5305\u542b\u4e86\u6295\u8cc7\u300c\u56fa\u5b9a\u8cc7\u7522\u300d\u3001\u300c\u7121\u5f62\u8cc7\u7522\u300d\uff0c\u4f8b\u5982\u8cfc\u8cb7\u571f\u5730\u3001\u5404\u7a2e\u8a2d\u5099\u3001\u5ee0\u623f\u7b49\uff0c\u6216\u662f\u6536\u8cfc\u54c1\u724c\u3001\u667a\u6167\u8ca1\u7522\u6b0a\u7b49\u3002<\/p>\n<p>\u8cc7\u672c\u8cc7\u51fa\uff0c\u5c31\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\u5229\uff0c<br \/>\n\u56e0\u800c\u6295\u5165\u7684\u65b0\u8cc7\u7522\uff0c\u5305\u542b\u571f\u5730\u3001\u5ee0\u623f\u3001\u8a2d\u5099\u3001\u7814\u767c\u7b49\u7b49\u652f\u51fa\uff0c<br \/>\n\u800c\u9019\u4e9b\u6295\u8cc7\uff0c\u5fc5\u7136\u6703\u4f7f\u516c\u53f8\u5e33\u9762\u4e0a\u7684\u73fe\u91d1\u6e1b\u5c11\u3002<br \/>\n\u53ef\u95b1\u8b80\uff1a<a href=/index.html"https:\/\/\/what-is-capital-expenditure\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8cc7\u672c\u652f\u51fa\u662f\u4ec0\u9ebc\uff0c\u5982\u4f55\u8a08\u7b97\u548c\u67e5\u8a62\uff1f<\/a><\/p>\n<p>\u5982\u679c\u53ea\u770b\u516c\u53f8<a href=/index.html"https:\/\/\/what-operating-cash-flow\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u71df\u696d\u73fe\u91d1\u6d41\u91cf<\/a>\uff0c\u53ea\u80fd\u78ba\u4fdd\u516c\u53f8\u6709\u8cfa\u9322\u4e14\u6709\u6536\u5230\u9322\uff0c\u4f46\u4e0d\u8db3\u4ee5\u5224\u65b7\u516c\u53f8\u7684\u73fe\u91d1\u662f\u5426\u6709\u4e0d\u8db3\u7684\u98a8\u96aa\u3001\u751a\u81f3\u9577\u671f\u73fe\u91d1\u6d41\u51fa\u7684\u72c0\u6cc1\uff0c<br \/>\n\u900f\u904e\u81ea\u7531\u73fe\u91d1\u6d41 (FCF)\u662f\u516c\u53f8\u652f\u4ed8\u71df\u904b\u8cbb\u7528\u548c\u8cc7\u672c\u652f\u51fa\u5f8c\uff0c\u6240\u5269\u9918\u80fd\u5be6\u969b\u904b\u7528\u652f\u914d\u7684\u73fe\u91d1\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-39621\" src=/index.html"https:\/\/\/wp-content\/uploads\/20220721074521_53.jpg\" alt=\"\u81ea\u7531\u73fe\u91d1\u6d41\u91cf\u8a08\u7b97\" width=\"1557\" height=\"428\" srcset=\"https:\/\/\/wp-content\/uploads\/20220721074521_53.jpg 1557w, https:\/\/\/wp-content\/uploads\/20220721074521_53-1536x422.jpg 1536w\" sizes=\"(max-width: 1557px) 100vw, 1557px\" \/><\/p>\n<blockquote><p>\u203b\u5e02\u5834\u5148\u751f\u63d0\u9192\uff0c\u81ea\u7531\u73fe\u91d1\u6d41\u4e5f\u6709\u53e6\u4e00\u7a2e\u8a08\u7b97\u65b9\u5f0f\uff1a<\/p>\n<p><strong>\u81ea\u7531\u73fe\u91d1\u6d41 = \u71df\u696d\u73fe\u91d1\u6d41 +<\/strong>(\u2013)<strong> \u6295\u8cc7\u73fe\u91d1\u6d41<\/strong><\/p>\n<p>\u5728\u570b\u5916\uff0c\u662f\u8ca1\u5831\u4e2d\u6703\u55ae\u7368\u544a\u8a34\u4f60\u672c\u671f\u8cc7\u672c\u652f\u51fa\u662f\u591a\u5c11\u3002<br \/>\n\u800c\u5728\u53f0\u7063\u7684\u8ca1\u5831\u4e2d\uff0c\u4f60\u6bd4\u8f03\u4e0d\u6703\u770b\u5230 &#8220;<a href=/index.html"https:\/\/\/what-is-capital-expenditure\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8cc7\u672c\u652f\u51faCapital expenditure<\/a>&#8221; \u9019\u500b\u7528\u8a5e\u3002<\/p>\n<p>\u4f5c\u70ba\u904b\u7b97\u4e0a\u7684\u66ff\u4ee3\uff0c\u5728\u8a08\u7b97\u81ea\u7531\u73fe\u91d1\u6d41\u6642\u4e00\u822c\u6211\u5011\u6703\u7528&#8221;\u6295\u8cc7\u6d3b\u52d5\u73fe\u91d1\u6d41&#8221;\u4f86\u66ff\u4ee3\u8cc7\u672c\u652f\u51fa\u3002<\/p>\n<p><strong>\u81ea\u7531\u73fe\u91d1\u6d41<\/strong>\u7684\u8a08\u7b97\u516c\u5f0f\u5c31\u662f<strong>\u71df\u696d\u73fe\u91d1\u6d41<\/strong>\u52a0\u4e0a<strong>\u6295\u8cc7\u73fe\u91d1\u6d41<\/strong>(\u901a\u5e38\u662f\u8ca0\u503c)\u3002<br \/>\n\u6295\u8cc7\u6d3b\u52d5\u73fe\u91d1\u6d41\u4e00\u822c\u662f\u8ca0\u503c\uff0c\u56e0\u6b64\u76f8\u52a0\u6642\u4e5f\u662f\u4f5c\u70ba\u6e1b\u9805\uff0c\u4e5f\u6709\u4eba\u6bd4\u8f03\u76f4\u89ba\u662f\u7528\u76f8\u6e1b\u6389\u6d41\u51fa\u7684\u73fe\u91d1\u6d41\u3002<\/p>\n<p><strong>\u6295\u8cc7\u6d3b\u52d5\u73fe\u91d1\u6d41\uff08\u7c21\u7a31 \u6295\u8cc7\u73fe\u91d1\u6d41\uff09<\/strong>\u548c<strong>\u8cc7\u672c\u652f\u51fa<\/strong>\u9084\u662f\u6709\u4e9b\u4e0d\u540c\uff0c\u4e0d\u662f\u53ea\u6709\u56fa\u5b9a\u8cc7\u7522\u7684\u8cc7\u672c\u6295\u5165\uff0c\u9084\u5305\u542b\u91d1\u878d\u8cc7\u7522\u7684\u8cb7\u9032\u8ce3\u51fa\u3001\u8cc7\u7522\u589e\u503c\u6216\u8cb6\u503c\u3001\u8b8a\u8ce3\u8cc7\u7522\u7684\u6536\u5165\u7b49\u7b49\u3002<\/p>\n<p>\u7531\u65bc\u53f0\u7063\u5927\u591a\u662f\u96fb\u5b50\u696d\u3001\u534a\u5c0e\u9ad4\u7522\u696d\uff0c\u6295\u8cc7\u6d3b\u52d5\u4e2d\u4e00\u4e9b\u91d1\u878d\u6295\u8cc7\u5360\u6bd4\u4e5f\u4e0d\u9ad8\uff0c\u8b8a\u8ce3\u8cc7\u7522\u4e5f\u4e0d\u662f\u5e38\u614b\uff0c\u56e0\u6b64\u5728\u73fe\u91d1\u6d41\u91cf\u8868\u4e2d\uff0c\u570b\u5167&#8221;<strong>\u6295\u8cc7\u73fe\u91d1\u6d41<\/strong>&#8220;\u548c\u570b\u5916&#8221;<strong>\u8cc7\u672c\u652f\u51faCapital expenditure<\/strong>&#8220;\u6b04\u4f4d\u7684\u610f\u7fa9\u5927\u591a\u6642\u5019\u5176\u5be6\u9084\u662f\u975e\u5e38\u63a5\u8fd1\u7684\u3002<\/p>\n<p>\u5728\u53e6\u4e00\u7bc7\u95dc\u65bc\u8cc7\u672c\u652f\u51fa\u7684\u4ecb\u7d39\u6587\u7ae0\u6709\u8a73\u8ac7\u9019\u500b\u554f\u984c\uff1a<a href=/index.html"https:\/\/\/what-is-capital-expenditure\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8cc7\u672c\u652f\u51fa\u662f\u4ec0\u9ebc\uff0c\u5982\u4f55\u8a08\u7b97\u548c\u67e5\u8a62\uff1f<\/a><\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"%E8%87%AA%E7%94%B1%E7%8F%BE%E9%87%91%E6%B5%81%E5%88%A9%E6%BD%A4%E7%8E%87FCF_Margin%E6%98%AF%E4%BB%80%E9%BA%BC%E6%84%8F%E6%80%9D%EF%BC%9F\"><\/span>\u81ea\u7531\u73fe\u91d1\u6d41\u5229\u6f64\u7387(FCF Margin)\u662f\u4ec0\u9ebc\u610f\u601d\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u81ea\u7531\u73fe\u91d1\u6d41\u91cf\u7684\u5b9a\u7fa9\u662f\u516c\u53f8\u53ef\u4ee5\u81ea\u7531\u904b\u7528\u7684\u73fe\u91d1\uff0c\u5177\u9ad4\u4f86\u8aaa\u5b83\u662f\u516c\u53f8\u652f\u4ed8\u71df\u904b\u8cbb\u7528\u548c\u8cc7\u672c\u652f\u51fa\u5f8c\uff0c\u6240\u5269\u9918\u80fd\u5be6\u969b\u904b\u7528\u652f\u914d\u7684\u73fe\u91d1\u3002<br \/>\n\u5982\u679c\u60f3\u8981\u66f4\u6df1\u5165\u4e86\u89e3\u516c\u53f8\u81ea\u7531\u73fe\u91d1\u6d41\u7684\u6548\u7387\uff0c\u53ef\u4ee5\u5c07\u81ea\u7531\u73fe\u91d1\u6d41\u9664\u4ee5\u6536\u5165\uff0c\u7a31\u70ba<strong>\u81ea\u7531\u73fe\u91d1\u6d41\u5229\u6f64\u7387FCF Margin<\/strong>\uff0c<br \/>\n\u8f03\u9ad8\u7684 FCF\u5229\u6f64\u7387\u610f\u5473\u8457\u516c\u53f8\u4e0d\u9700\u8981\u82b1\u592a\u591a\u9322\uff0c\u4f86\u5275\u9020\u5229\u6f64\u548c\u81ea\u7531\u73fe\u91d1\u3002<\/p>\n<blockquote><p><strong>\u81ea\u7531\u73fe\u91d1\u6d41\u5229\u6f64\u7387(FCF Margin)\u516c\u5f0f\uff1a<\/strong>\u81ea\u7531\u73fe\u91d1\u6d41 \u00f7 \u6536\u5165(Revenue)<\/p><\/blockquote>\n<p>\u9019\u662f\u4e00\u500b\u767e\u5206\u6bd4\u503c\uff0c\u6578\u5b57\u8d8a\u5927\u4ee3\u8868\u6536\u5165\u8f49\u5316\u70baFCF(\u81ea\u7531\u73fe\u91d1\u6d41)\u8d8a\u9ad8\uff0c\u4f7f\u7528\u6642\u4e5f\u53ef\u4ee5\u5c07FCF\u5229\u6f64\u7387\u8207\u5176\u4ed6\u5e38\u7528\u7684\u5229\u6f64\u7387\u9032\u884c\u6bd4\u8f03\uff0c<br \/>\n\u4f8b\u5982\uff1a<\/p>\n<ul>\n<li><a href=/index.html"https:\/\/\/1-profit-margin\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u6bdb\u5229\u7387<\/a>(\u6bdb\u5229\/\u6536\u5165)<\/li>\n<li>\u71df\u696d\u5229\u6f64\u7387(\u71df\u696d\u6536\u5165\/\u6536\u5165)<\/li>\n<li>\u6de8\u5229\u6f64\u7387(\u6de8\u6536\u5165\/\u6536\u5165)<\/li>\n<\/ul>\n<p>\u4e00\u822c\u4f86\u8aaa\uff0c\u5982\u679c\u4e00\u5bb6\u516c\u53f8\u662f\u975e\u5e38\u8cc7\u672c\u5bc6\u96c6\u578b\u7684\uff0c\u5b83\u7684FCF\u5229\u6f64\u7387\u53ef\u80fd\u6703\u9060\u4f4e\u65bc\u6de8\u5229\u6f64\u7387\u3002<br \/>\n\u53cd\u904e\u4f86\u8aaa\uff0c\u4e00\u500b\u8cc7\u672c\u6548\u7387\u5f88\u9ad8\u7684\u516c\u53f8\uff0c\u5176FCF\u5229\u6f64\u7387\u53ef\u80fd\u9060\u9ad8\u65bc\u5176\u6de8\u5229\u6f64\u7387\u3002<\/p>\n<p>\u5982\u679c\u4e00\u5bb6\u516c\u53f8\u7684FCF\u5229\u6f64\u7387\u8f03\u4f4e\uff0c\u9019\u901a\u5e38\u610f\u5473\u8457\u5b83\u5011\u9700\u8981\u5728\u8cc7\u672c\u652f\u51fa\u4e0a\u82b1\u8cbb\u66f4\u591a\u624d\u80fd\u589e\u52a0\u6536\u5165\uff0c\u5f9e\u800c\u589e\u52a0\u5229\u6f64\u3002<\/p>\n<p><strong>FCF\u5229\u6f64\u7387\u7684\u610f\u7fa9\uff1a<\/strong><\/p>\n<ol>\n<li><span style=\"font-size: 16px;\">\u767e\u5206\u6bd4\u8d8a\u9ad8\uff0c\u4ee3\u8868\u516c\u53f8\u92b7\u552e\u7522\u751f\u7684\u73fe\u91d1\u5c31\u8d8a\u591a\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u82e5\u662fFCF\u5229\u6f64\u7387\u6bcf\u5e74\u7a69\u6b65\u6210\u9577\u7684\u516c\u53f8\uff0c\u4ee3\u8868\u6709\u5927\u5e45\u6210\u529f\u7684\u6f5b\u529b\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u8207\u540c\u884c\u696d\u76f8\u6bd4\uff0c\u82e5\u8a72\u516c\u53f8\u7684FCF\u5229\u6f64\u7387\u51fa\u73fe\u7570\u5e38\u5927\u5e45\u4e0b\u964d\u7684\u60c5\u6cc1\uff0c\u610f\u5473\u8457\u8ca1\u52d9\u72c0\u6cc1\u6b63\u5728\u60e1\u5316\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u8d85\u904e5%\u7684FCF\u5229\u6f64\u7387\u53ef\u4ee5\u591a\u52a0\u7559\u610f\uff0c\u4f46\u5206\u6790\u6642\u4ecd\u9700\u8981\u642d\u914d\u5176\u4ed6\u6307\u6a19\u4e00\u8d77\u770b\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">FCF\u5229\u6f64\u738710\uff5e15%\u7684\u516c\u53f8\u901a\u5e38\u88ab\u8a8d\u70ba\u662f\u76f8\u7576\u4e0d\u932f\u7684\uff0c\u4f46\u9019\u500b\u597d\u58de\u4ecd\u6703\u4f9d\u516c\u53f8\u7684\u985e\u578b\u800c\u975e\u6709\u4e0d\u540c\uff0c\u4e26\u975e\u8aaa\u6240\u6709FCF\u5229\u6f64\u7387\u4f4e\u7684\u516c\u53f8\u90fd\u4e0d\u597d\u3002<\/span><\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"%E8%87%AA%E7%94%B1%E7%8F%BE%E9%87%91%E6%B5%81%E7%9A%84%E5%A5%BD%E5%A3%9E%E4%BB%A3%E8%A1%A8%E4%BB%80%E9%BA%BC%EF%BC%9F\"><\/span>\u81ea\u7531\u73fe\u91d1\u6d41\u7684\u597d\u58de\u4ee3\u8868\u4ec0\u9ebc\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u81ea\u7531\u73fe\u91d1\u6d41\uff0c\u5c31\u662f\u516c\u53f8\u771f\u6b63\u53ef\u4ee5\u81ea\u7531\u904b\u7528\u7684\u8cc7\u91d1\u3002<br \/>\n\u5728\u89c0\u5bdf\u6642\uff0c\u53ef\u4ee5\u770b\u8f03\u5e38\u5e74\u5ea6\u662f\u5426\u6709\u5287\u70c8\u8b8a\u5316\uff0c\u800c\u8fd1\u4e00\u5169\u5e74\u7684\u6578\u64da\u5c24\u5176\u91cd\u8981\u3002<\/p>\n<p>\u5305\u542b\u672a\u4f86\u7528\u4f86\u589e\u52a0\u6295\u8cc7\u64f4\u5927\u71df\u904b\uff0c\u6216\u662f\u767c\u653e<a href=/index.html"https:\/\/\/blog-post_19-2\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u73fe\u91d1\u80a1\u5229<\/a>\u3001<a href=/index.html"https:\/\/\/blog-pos-24\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8cb7\u56de\u5eab\u85cf\u80a1<\/a>\u7b49\u7b49\uff0c<br \/>\n\u7576\u7136\uff0c\u5982\u679c\u628a\u9322\u589e\u52a0\u6295\u8cc7\u64f4\u5927\u71df\u904b\uff0c\u90a3\u5b83\u5c31\u8b8a\u6210\u8cc7\u672c\u652f\u51fa\u4e86\u3002<br \/>\n\u800c\u6295\u8cc7\u4eba\u900f\u904e\u89c0\u5bdf\u4e00\u9593\u516c\u53f8\u7684\u81ea\u7531\u73fe\u91d1\u6d41\u6b63\u503c(\u6d41\u5165)\u6216\u662f\u8ca0\u503c(\u6d41\u51fa)\uff0c\u4e5f\u80fd\u5224\u65b7\u9019\u9593\u516c\u53f8\u7684\u6210\u9577\u597d\u58de\u3002<\/p>\n<p><strong>\u81ea\u7531\u73fe\u91d1\u6d41\u7684\u589e\u52a0 (\u6d41\u5165)\uff1a<\/strong><br \/>\n\u901a\u5e38\u4ee3\u8868\u516c\u53f8\u5c07\u589e\u52a0\u6536\u5165\uff0c\u5c31\u80fd\u5c07\u591a\u9918\u7684\u9322\u734e\u52f5\u6295\u8cc7\u8005\uff0c<br \/>\n\u6240\u4ee5\u8a31\u591a\u6295\u8cc7\u8005\u6703\u5c07\u81ea\u7531\u73fe\u91d1\u6d41FCF\u4f5c\u70ba\u50f9\u503c\u8861\u91cf\u7684\u6a19\u6e96\u3002<br \/>\n\u7576\u516c\u53f8\u7684\u80a1\u50f9\u4f4e\u3001\u81ea\u7531\u73fe\u91d1\u6d41\u5728\u589e\u52a0\u6642\uff0c\u76c8\u5229\u548c\u80a1\u7968\u50f9\u503c\u5f88\u5feb\u5c31\u6703\u4e0a\u5347\u7684\u53ef\u80fd\u6027\u5f88\u5927\u3002<\/p>\n<p><strong>\u81ea\u7531\u73fe\u91d1\u6d41\u9010\u6f38\u6e1b\u5c11 (\u6d41\u51fa)\uff1a<\/strong><br \/>\n\u4ee3\u8868\u516c\u53f8\u7121\u6cd5\u7dad\u6301\u76c8\u5229\u589e\u9577\uff0c\u5c31\u6703\u4f7f\u516c\u53f8\u63d0\u9ad8\u50b5\u52d9\u6c34\u5e73\uff0c\u751a\u81f3\u53ef\u80fd\u6c92\u6709\u8db3\u5920\u7684\u6d41\u52d5\u8cc7\u91d1\u4f86\u7dad\u6301\u71df\u904b\u3002<\/p>\n<p>\u7576\u7136\uff0c\u55ae\u7d14\u770b\u6d41\u5165\u548c\u6d41\u51fa\u77ed\u671f\u5167\u6703\u6709\u4e9b\u8aa4\u5dee\uff0c\u539f\u56e0\u662f\u516c\u53f8\u6536\u6b3e\u53ef\u80fd\u6709\u9031\u671f\u6027\uff0c\u5404\u7a2e\u6295\u8cc7\u4e5f\u4e0d\u898b\u5f97\u6301\u7e8c\u767c\u751f\uff0c<br \/>\n\u56e0\u6b64\u81ea\u7531\u73fe\u91d1\u6d41\u589e\u6e1b\u7684\u5224\u65b7\u4e0d\u898b\u5f97\u80fd\u5957\u7528\u5230\u6bcf\u4e00\u5bb6\u4f01\u696d\u4e0a\u3002<br \/>\n\u5982\u679c\u60f3\u4ed4\u7d30\u8a55\u4f30\u4e00\u9593\u4f01\u696d\uff0c\u5e02\u5834\u5148\u751f\u5efa\u8b70\u53ef\u4ee5\u81ea\u5df1\u7d30\u770b\u6bcf\u4e00\u671f\u71df\u696d\u73fe\u91d1\u6d41\u548c\u8cc7\u672c\u652f\u51fa\u7684\u7d30\u9805\uff0c\u53ef\u4ee5\u66f4\u6e05\u695a\u9019\u4e9b\u652f\u51fa\u662f\u5426\u662f\u5e38\u614b\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-39624 size-full\" src=/index.html"https:\/\/\/wp-content\/uploads\/20220721080426_71.jpg\" alt=\"\u81ea\u7531\u73fe\u91d1\u6d41\u7684\u589e\u52a0\u6e1b\u5c11\u5c0d\u516c\u53f8\u7684\u5f71\u97ff\" width=\"1557\" height=\"815\" srcset=\"https:\/\/\/wp-content\/uploads\/20220721080426_71.jpg 1557w, https:\/\/\/wp-content\/uploads\/20220721080426_71-1536x804.jpg 1536w\" sizes=\"(max-width: 1557px) 100vw, 1557px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E8%87%AA%E7%94%B1%E7%8F%BE%E9%87%91%E6%B5%81%E7%82%BA%E6%AD%A3%E5%80%BC%EF%BC%8C%E4%BB%A3%E8%A1%A8%E9%80%99%E9%96%93%E5%85%AC%E5%8F%B8%E5%AE%89%E5%85%A8%E5%97%8E%EF%BC%9F\"><\/span>\u81ea\u7531\u73fe\u91d1\u6d41\u70ba\u6b63\u503c\uff0c\u4ee3\u8868\u9019\u9593\u516c\u53f8\u5b89\u5168\u55ce\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<blockquote><p>\u81ea\u7531\u73fe\u91d1\u6d41\u70ba\u6b63\u503c\uff0c\u4e0d\u4ee3\u8868\u9019\u9593\u516c\u53f8\u4e00\u5b9a\u597d\uff0c\u9084\u8981\u7d30\u770b<strong>\u71df\u696d\u73fe\u91d1\u6d41\u3001\u6295\u8cc7\u73fe\u91d1\u6d41<\/strong>\u3002<\/p><\/blockquote>\n<p>\u7d55\u5927\u591a\u6578\u6b63\u5e38\u7684\u4f01\u696d\uff0c\u81ea\u7531\u73fe\u91d1\u6d41\u9577\u671f\u90fd\u662f\u6b63\u503c\uff0c\u9019\u4e0d\u80fd\u8aaa\u660e\u5b83\u597d\u6216\u58de\uff0c\u53ea\u80fd\u8aaa\u662f\u6b63\u5e38\u73fe\u8c61\u3002<\/p>\n<p><strong>\u81ea\u7531\u73fe\u91d1\u6d41\u70ba\u6b63\u503c (\u6d41\u5165)\uff1a<br \/>\n<\/strong>\u4ee3\u8868\u516c\u53f8\u7684\u71df\u904b\u8cc7\u91d1\u80fd\u652f\u4ed8\u8cc7\u672c\u652f\u51fa\uff0c\u4e0d\u592a\u9700\u8981\u9760\u501f\u8cb8\u8cc7\u91d1\u4f86\u7dad\u6301\u71df\u904b\u3002<\/p>\n<p><strong>\u81ea\u7531\u73fe\u91d1\u6d41&#8221;\u9577\u671f&#8221;\u6b63\u503c (\u6d41\u5165)\uff1a<br \/>\n<\/strong>\u9577\u671f\u70ba\u6b63\u503c\u4ee3\u8868\u9019\u9593\u516c\u53f8\u4e00\u76f4\u6709\u5145\u8db3\u7684\u73fe\u91d1\uff0c\u4f46\u9084\u5fc5\u9808\u4ed4\u7d30\u770b\u516c\u53f8\u7684<a href=/index.html"https:\/\/\/what-operating-cash-flow\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>\u71df\u696d\u73fe\u91d1\u6d41<\/strong><\/a>\uff0c<br \/>\n\u82e5\u71df\u696d\u73fe\u91d1\u6d41\u70ba\u8ca0\u503c\u6216\u76f8\u8f03\u7e3d\u6536\u5165\u6578\u5b57\u5f88\u5c0f\uff0c\u5f88\u53ef\u80fd\u662f\u56e0\u70ba\u516c\u53f8\u4e00\u76f4\u5728\u8b8a\u8ce3\u571f\u5730\u5e97\u9762\u7b49\u8a2d\u5099\u624d\u6709\u8cc7\u91d1\u6d41\u5165\uff0c\u56e0\u6b64\u4e5f\u8981\u64d4\u5fc3\u53ef\u80fd\u54ea\u5929\u6703\u5468\u8f49\u4e0d\u9748\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E8%87%AA%E7%94%B1%E7%8F%BE%E9%87%91%E6%B5%81%E7%82%BA%E8%B2%A0%E5%80%BC%EF%BC%8C%E4%BB%A3%E8%A1%A8%E9%80%99%E9%96%93%E5%85%AC%E5%8F%B8%E4%B8%8D%E5%A5%BD%E5%97%8E%EF%BC%9F\"><\/span>\u81ea\u7531\u73fe\u91d1\u6d41\u70ba\u8ca0\u503c\uff0c\u4ee3\u8868\u9019\u9593\u516c\u53f8\u4e0d\u597d\u55ce\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<blockquote><p>\u81ea\u7531\u73fe\u91d1\u6d41\u70ba\u8ca0\u503c\uff0c\u4e0d\u4e00\u5b9a\u4ee3\u8868\u9019\u9593\u516c\u53f8\u6709\u554f\u984c\uff0c\u4f46\u901a\u5e38\u9700\u8981\u5c0f\u5fc3\u8a55\u4f30\u3002<\/p><\/blockquote>\n<p><strong>\u81ea\u7531\u73fe\u91d1\u6d41\u70ba\u8ca0\u503c (\u6d41\u51fa)\uff1a<\/strong><br \/>\n\u516c\u53f8\u7684\u71df\u696d\u73fe\u91d1\u6d41\u4e0d\u8db3\uff0c\u7121\u6cd5\u652f\u4ed8\u8cc7\u672c\u652f\u51fa\uff0c<br \/>\n\u4f46<strong>\u9019\u4e0d\u4e00\u5b9a\u4ee3\u8868\u516c\u53f8\u9677\u5165\u8ca1\u52d9\u56f0\u5883<\/strong>\uff0c\u6216\u8a31\u516c\u53f8\u6b63\u6295\u5165\u5927\u91cf\u8cc7\u91d1\u64f4\u5927\u5176\u5e02\u5834(\u66ab\u6642\u8cc7\u91d1\u4e0d\u8db3)\uff0c<br \/>\n\u9019\u53ef\u80fd\u6703\u5c0e\u81f4\u672a\u4f86\u50f9\u503c\u589e\u9577\u3002<\/p>\n<p>\u7562\u7adf\u516c\u53f8\u8cc7\u91d1\u672c\u4f86\u5c31\u6709\u9664\u4e86\u71df\u904b\u4ee5\u5916\u7684\u4f86\u6e90(\u767c\u884c\u50b5\u5238\u3001\u9577\u77ed\u671f\u9280\u884c\u501f\u8cb8\u3001<a href=/index.html"https:\/\/\/blog-post_23-7\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u73fe\u91d1\u589e\u8cc7<\/a>\u7b49\u7b49)\u3002<\/p>\n<p><strong>\u81ea\u7531\u73fe\u91d1\u6d41&#8221;\u9577\u671f&#8221;\u8ca0\u503c (\u6d41\u51fa)\uff1a<\/strong><br \/>\n\u8cc7\u91d1\u4e0d\u8db3\u61c9\u4ed8\u6295\u8cc7\u9700\u6c42\uff0c\u5fc5\u9808\u4ee5\u878d\u8cc7\u73fe\u91d1\u6d41\u4f86\u88dc\u5145\uff0c\u9019\u6a23<strong>\u8cc7\u91d1\u58d3\u529b\u5c31\u53ef\u80fd\u8d8a\u4f86\u8d8a\u91cd<\/strong>\uff0c\u4ee3\u8868\u9019\u9593\u516c\u53f8\u7684\u9ad4\u8cea\u5f88\u5dee\u3002<\/p>\n<p><strong>\u516c\u53f8\u7f3a\u73fe\u91d1\uff0c\u5728\u7a7a\u982d\u6642\u7684\u98a8\u96aa\u63d0\u9ad8<\/strong><\/p>\n<p>\u516c\u53f8\u7f3a\u73fe\u91d1\u3001\u8ca0\u50b5\u591a\u4e00\u822c\u6642\u671f\u4e0d\u898b\u5f97\u662f\u554f\u984c\uff0c\u751a\u81f3\u53ef\u80fd\u6709\u597d\u8655\uff0c\u539f\u56e0\u662f\u5b83\u53ef\u4ee5\u4e0d\u7528\u900f\u904e\u73fe\u6709\u8cc7\u91d1\u5c31\u80fd\u5e6b\u6295\u8cc7\u4eba\u5275\u9020\u76c8\u5229\u3002<br \/>\n\u4f46\u554f\u984c\u5728\u65bc\uff0c\u4e00\u4f46\u7d93\u6fdf\u8f49\u5dee\uff0c\u9019\u985e\u9ad8\u8ca0\u50b5\u7684\u4f01\u696d\u98a8\u96aa\u5c31\u6703\u5927\u5e45\u63d0\u9ad8\uff0c\u53ef\u80fd\u9762\u81e8\u8cc7\u91d1\u65b7\u934a\u5012\u9589\u7684\u98a8\u96aa\u3002<\/p>\n<p><strong>\u5e02\u5834\u5148\u751f\u63d0\u9192\uff1a\u8981\u5c0f\u5fc3\u300c\u71d2\u9322\u6158\u696d\u300d<\/strong><\/p>\n<p>\u5230\u9019\u88e1\u4f60\u53ef\u80fd\u6709\u601d\u8003\u4e00\u500b\u554f\u984c\uff1a<br \/>\n\u300c\u516c\u53f8\u70ba\u4ec0\u9ebc\u8981\u8cc7\u672c\u652f\u51fa\uff1f\u8cfa\u5230\u73fe\u91d1\u70ba\u4ec0\u9ebc\u4e0d\u5168\u90e8\u767c\u7d66\u80a1\u6771\u5c31\u597d\u4e86\u5462\uff1f\u300d<\/p>\n<p>\u539f\u56e0\u6709\u5169\u7a2e\uff0c<br \/>\n\u4e00\u7a2e\u662f\u516c\u53f8\u8a8d\u70ba\u628a\u8cc7\u91d1\u7e7c\u7e8c\u6295\u5165\u8cc7\u672c\u652f\u51fa\uff0c\u80fd\u5728\u672a\u4f86\u5e6b\u80a1\u6771\u5275\u9020\u66f4\u5927\u7684\u5229\u76ca\u3001\u8cfa\u66f4\u591a\u73fe\u91d1\u6d41\u3002<br \/>\n\u4e00\u7a2e\u662f\u516c\u53f8\u70ba\u4e86\u4fdd\u6301\u76f8\u5c0d\u7af6\u722d\u5c0d\u624b\u7684\u6280\u8853\u512a\u52e2\u6216\u6210\u672c\u512a\u52e2\uff0c\u4e0d\u5f97\u4e0d\u6301\u7e8c\u6295\u5165\u66f4\u591a\u8cc7\u91d1\uff0c\u537b\u7121\u6cd5\u5275\u9020\u66f4\u5927\u5831\u916c\u3002<\/p>\n<p>\u5927\u591a\u4f01\u696d\u5169\u7a2e\u539f\u56e0\u90fd\u6709\uff0c\u4f46\u554f\u984c\u5728\u65bc\u9700\u8981\u6295\u5165\u591a\u5c11\u6bd4\u4f8b\u7684\u8cc7\u91d1\uff1f<br \/>\n\u6b63\u5e38\u4f86\u8aaa\uff0c\u4e0d\u61c9\u8a72\u592a\u5927\u3002\u800c\u4e14\u6295\u5165\u4e4b\u5f8c\uff0c\u61c9\u8a72\u8981\u5728\u672a\u4f86\u80fd\u5e36\u4f86\u76c8\u9918\u6210\u9577\u3002<\/p>\n<p>\u5f8c\u8005\u4fd7\u7a31\u71d2\u9322\u6158\u696d\uff0c\u901a\u5e38\u767c\u751f\u5728\u4e00\u4e9b\u8cc7\u672c\u6295\u5165\u5927\u3001\u6280\u8853\u9580\u6abb\u4e0d\u9ad8\u3001\u7af6\u722d\u904e\u65bc\u64c1\u64e0\u7684\u7522\u696d\uff0c<br \/>\n\u4f8b\u5982\u9762\u677f\u696d\u3001LED\u3001\u592a\u967d\u80fd\u3001DRAM\uff0c\u5c31\u662f\u4fd7\u7a31\u7684\u56db\u5927\u71d2\u9322\u6158\u696d\u3002<\/p>\n<h2><strong>\u6bcf\u80a1\u81ea\u7531\u73fe\u91d1\u6d41(Free Cash Flow Per Share )\uff1a\u53ef\u4ee5\u5f4c\u88dc<a href=/index.html"https:\/\/\/what-is-eps\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6bcf\u80a1\u76c8\u9918(EPS)<\/a>\u7684\u4e0d\u8db3<\/strong><\/h2>\n<p>\u540c\u4e0a\u6240\u8ff0\uff0c\u8a31\u591a\u6642\u5019\u6211\u5011\u5982\u679c\u53ea\u89c0\u5bdf\u76c8\u9918\u8b8a\u5316\uff0c\u4f8b\u5982\u55ae\u7d14\u900f\u904e<a href=/index.html"https:\/\/\/what-is-eps\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6bcf\u80a1\u76c8\u9918EPS<\/a>\uff0c<br \/>\n\u6703\u5f88\u96e3\u89c0\u5bdf\u5230\u516c\u53f8\u9700\u8981\u5927\u984d\u8cc7\u672c\u652f\u51fa\u4f86\u7dad\u6301\u672a\u4f86\u71df\u5229\u7684\u72c0\u6cc1\uff0c<\/p>\n<p>\u6709\u4e9b\u4f01\u696d\u81ea\u7531\u73fe\u91d1\u6d41\u901a\u5e38\u5728\u96f6\u7684\u4e0a\u4e0b\u5f98\u5f8a\uff0c\u6bcf\u5e74\u8cc7\u672c\u652f\u51fa\u9f90\u5927\u3001\u6700\u7d42\u81ea\u7531\u73fe\u91d1\u6d41\u6578\u5b57\u9060\u9060\u4f4e\u65bc\u71df\u696d\u73fe\u91d1\u6d41\uff0c<br \/>\n\u6b64\u5916\u6bcf\u5e74<a href=/index.html"https:\/\/\/what-is-roe\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u80a1\u6771\u6b0a\u76ca\u5831\u916c\u7387(ROE<\/a>)\u8207\u8cc7\u7522\u5831\u916c\u7387(ROA)\u6703\u6301\u7e8c\u6709\u4e0b\u964d\u8da8\u52e2\uff0c<br \/>\n\u56e0\u70ba\u5b83\u589e\u52a0\u8cc7\u7522\u5f8c\u4e26\u4e0d\u80fd\u540c\u6b65\u5e36\u4f86\u76c8\u9918\u6210\u9577\u3002<\/p>\n<p>\u9019\u6642\u53ea\u8981\u900f\u904e\u89c0\u5bdf\u81ea\u7531\u73fe\u91d1\u6d41\uff0c<br \/>\n\u5c31\u80fd\u767c\u73fe\u5230\u9019\u7a2e\u6bcf\u80a1\u76c8\u9918(EPS)\u70ba\u6b63\uff0c\u4f46\u6bcf\u80a1\u81ea\u7531\u73fe\u91d1\u6d41\u537b\u5f88\u4f4e\u843d\u751a\u81f3\u70ba\u8ca0\u503c\u7684\u4f01\u696d\u3002<\/p>\n<blockquote><p>\u6bcf\u80a1\u81ea\u7531\u73fe\u91d1\u6d41(Free Cash Flow Per Share )\uff1a<br \/>\n\u500b\u4eba\u7d93\u9a57\u662f\u53ea\u6709\u5728\u898f\u6a21\u5927\u3001\u7372\u5229\u7a69\u5b9a\u7684\u4f01\u696d\uff0c\u624d\u9069\u5408\u7528\u4f86\u548cEPS\u505a\u6bd4\u8f03\u3002\u5728\u5c0f\u516c\u53f8\u56e0\u70ba\u6536\u5165\u4f4e\u3001\u76c8\u9918\u8b8a\u52d5\u5927\uff0c\u8a55\u4f30\u6bcf\u80a1\u81ea\u7531\u73fe\u91d1\u6d41\u7684\u610f\u7fa9\u4e0d\u5927\u3002<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"%E5%A6%82%E4%BD%95%E6%9F%A5%E8%A9%A2%E5%85%AC%E5%8F%B8%E7%9A%84%E8%87%AA%E7%94%B1%E7%8F%BE%E9%87%91%E6%B5%81%EF%BC%9F\"><\/span>\u5982\u4f55\u67e5\u8a62\u516c\u53f8\u7684\u81ea\u7531\u73fe\u91d1\u6d41\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u81ea\u7531\u73fe\u91d1\u6d41\u91cf\uff0c\u5728\u516c\u53f8\u7684\u8ca1\u5831\u4e0a\u901a\u5e38\u4e0d\u6703\u6709\uff0c\u9700\u8981\u81ea\u5df1\u7528\u00a0<strong>\u73fe\u91d1\u6d41\u91cf\u8868<\/strong>\u4e0a\u7684\u6578\u5b57\u53bb\u7b97\uff0c<br \/>\n\u5728\u4e00\u4e9b\u6578\u64da\u7db2\u7ad9\u4e0a\u5247\u662f\u6703\u653e\u5728\u73fe\u91d1\u6d41\u91cf\u8868\uff0c\u6216\u8005\u6703\u548c\u5404\u7a2e<strong>\u8ca1\u52d9\u6bd4\u7387<\/strong>\u6578\u5b57\u653e\u5728\u4e00\u8d77\u3002<\/p>\n<p>\u53f0\u7063\u6709\u4e9b\u516c\u53f8\u8ca1\u5831\u6703\u6709\u3001\u6709\u4e9b\u5247\u6c92\u6709\uff0c<br \/>\n\u53ea\u8981\u900f\u904e\u4e00\u822c\u8ca1\u5831\u6578\u64da\u6574\u7406\u7684\u7db2\u7ad9\uff0c\u90fd\u80fd\u5f88\u5feb\u67e5\u7684\u5230\u9019\u9805\u8cc7\u8a0a\u3002<\/p>\n<p>\u570b\u5916\u67e5\u8a62\u7db2\u7ad9\u53ef\u81f3<a href=/index.html"https:\/\/www.morningstar.com\/stocks\/xnas\/aapl\/valuation\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" data-wpel-link=\"external\">morningstar(\u4ee5Apple\u70ba\u4f8b)<\/a><\/p>\n<p>\u5728<span class=\"mdc-tab-bar-item__inner\" data-v-a973a906=\"\" data-v-050b85f0=\"\"><span class=\"mdc-tab-bar-item__button mds-button mds-button--flat\" data-v-a973a906=\"\" data-v-050b85f0=\"\">Valuation\u4e2d\uff0c\u53ef\u67e5\u5230<\/span><\/span>\u5305\u542b<strong>\u81ea\u7531\u73fe\u91d1\u6d41\u91cf\u5e74\u6210\u9577\u7387\u3001\u81ea\u7531\u73fe\u91d1\u6d41\u91cf\u00f7\u71df\u696d\u6536\u5165\u3001\u81ea\u7531\u73fe\u91d1\u6d41\u91cf\u00f7\u7a05\u5f8c\u6de8\u5229\u3001\u6bcf\u80a1\u81ea\u7531\u73fe\u91d1\u6d41\u91cf\u3002<\/strong><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-39597\" src=/index.html"https:\/\/\/wp-content\/uploads\/20220720125047_30.jpg\" alt=\"\u67e5\u8a62\u7f8e\u80a1\u81ea\u7531\u73fe\u91d1\u6d41\u91cf\u76f8\u95dc\u8ca1\u52d9\u6bd4\u7387\" width=\"1557\" height=\"815\" srcset=\"https:\/\/\/wp-content\/uploads\/20220720125047_30.jpg 1557w, https:\/\/\/wp-content\/uploads\/20220720125047_30-1536x804.jpg 1536w\" sizes=\"(max-width: 1557px) 100vw, 1557px\" \/><\/p>\n<p>\u5982\u679c\u8981\u67e5\u8a62<strong>\u81ea\u7531\u73fe\u91d1\u6d41\u91cfFree Cash Flow<\/strong>\u6578\u64da\uff0c\u9700\u53e6\u5916\u53bb<span class=\"mdc-tab-bar-item__inner\" data-v-a973a906=\"\" data-v-050b85f0=\"\"><span class=\"mdc-tab-bar-item__button mds-button mds-button--flat\" data-v-a973a906=\"\" data-v-050b85f0=\"\">Financials\u67e5\u8a62\uff0c\u4e5f\u53ea\u80fd\u770b\u5230\u8fd1\u5e7e\u5e74\u7684\u8cc7\u6599\u3002<\/span><\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-39598\" src=/index.html"https:\/\/\/wp-content\/uploads\/20220720125050_43.jpg\" alt=\"\u67e5\u8a62\u7f8e\u80a1\u81ea\u7531\u73fe\u91d1\u6d41\u91cf\u6578\u64da\" width=\"1557\" height=\"815\" srcset=\"https:\/\/\/wp-content\/uploads\/20220720125050_43.jpg 1557w, https:\/\/\/wp-content\/uploads\/20220720125050_43-1536x804.jpg 1536w\" sizes=\"(max-width: 1557px) 100vw, 1557px\" \/><\/p>\n<p>\u570b\u5167\u67e5\u8a62\u7db2\u7ad9\u53ef\u81f3<a href=/index.html"https:\/\/goodinfo.tw\/StockInfo\/StockFinDetail.asp?RPT_CAT=XX_YEAR&amp;STOCK_ID=2330&amp;QRY_TIME=2016\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" data-wpel-link=\"external\">Goodinfo!\u53f0\u7063\u80a1\u5e02\u8cc7\u8a0a\u7db2(\u4ee5\u53f0\u7a4d\u96fb\u70ba\u4f8b)<\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E7%B5%90%E8%AB%96%EF%BC%9A%E5%A6%82%E4%BD%95%E5%BE%9E%E8%87%AA%E7%94%B1%E7%8F%BE%E9%87%91%E6%B5%81%EF%BC%8C%E5%88%86%E8%BE%A8%E4%B8%80%E9%96%93%E5%85%AC%E5%8F%B8%E5%A5%BD%E5%A3%9E%EF%BC%9F\"><\/span>\u7d50\u8ad6\uff1a\u5982\u4f55\u5f9e\u81ea\u7531\u73fe\u91d1\u6d41\uff0c\u5206\u8fa8\u4e00\u9593\u516c\u53f8\u597d\u58de\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>1. \u81ea\u7531\u73fe\u91d1\u6d41\uff0c\u5c31\u662f\u4f01\u696d\u5be6\u969b\u53ef\u4ee5\u904b\u7528\u7684\u73fe\u91d1<\/p>\n<p>2. \u81ea\u7531\u73fe\u91d1\u6d41\u7684\u8a08\u7b97\uff0c\u662f\u5c07\u71df\u904b\u73fe\u91d1\u6d41\uff0c\u6263\u9664\u6389\u8cc7\u672c\u652f\u51fa<\/p>\n<p>3. \u6b63\u5e38\u7684\u4f01\u696d\uff0c\u81ea\u7531\u73fe\u91d1\u6d41\u901a\u5e38\u662f\u6b63\u503c\u3001\u6301\u7e8c\u6d41\u5165\uff0c\u751a\u81f3\u6301\u7e8c\u6210\u9577\u3002\u4f46\u4ecd\u8981\u7559\u610f\u71df\u904b\u73fe\u91d1\u6d41\u662f\u5426\u4e5f\u6b63\u5e38<\/p>\n<p>4. \u82e5\u81ea\u7531\u73fe\u91d1\u6d41\u70ba\u8ca0\u503c\uff0c\u4ee3\u8868\u4f01\u696d\u71df\u904b\u98a8\u96aa\u8f03\u9ad8\uff0c\u8981\u89c0\u5bdf\u80cc\u5f8c\u8cc7\u91d1\u6d41\u51fa\u7684\u539f\u56e0\u3001\u662f\u9577\u671f\u72c0\u6cc1\u9084\u662f\u4e00\u6b21\u6027\u7684\u72c0\u6cc1<\/p>\n<p>\u53e6\u5916\u5e7e\u7bc7\u8207\u81ea\u7531\u73fe\u91d1\u6d41\u76f8\u95dc\u7684\u6559\u5b78\uff0c\u53ef\u95b1\u8b80\uff1a<\/p>\n<p>1. <a href=/index.html"https:\/\/\/what-operating-cash-flow\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u4e00\u5206\u9418\u770b\u61c2\uff1a\u71df\u696d\u73fe\u91d1\u6d41\u91cf\u662f\u4ec0\u9ebc\uff1f<\/a><\/p>\n<p>2. <a href=/index.html"https:\/\/\/what-is-capital-expenditure\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8cc7\u672c\u652f\u51fa\u662f\u4ec0\u9ebc\uff1f\u5982\u4f55\u8a08\u7b97\u548c\u67e5\u8a62\uff1f<\/a><\/p>\n<p>\u5b78\u7fd2\u66f4\u591a\u8ca1\u5831\u77e5\u8b58\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\u6559\u5b78\u61f6\u4eba\u5305<\/a><\/p>\n\n<p>\u984d\u5916\u5206\u4eab\u5e7e\u7bc7\u6587\u7ae0\uff1a<\/p>\n<p>1.\u00a0<a href=/index.html"https:\/\/\/what-is-cash-flows-from-investing\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6295\u8cc7\u6d3b\u52d5\u73fe\u91d1\u6d41\u91cf\u600e\u9ebc\u770b\uff1f\u8cc7\u672c\u652f\u51fa\u6d41\u5165\u6d41\u51fa\u4ee3\u8868\u4ec0\u9ebc<\/a><\/p>\n<p>2.\u00a0<a href=/index.html"https:\/\/\/what-is-cash-flows-from-financing\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u878d\u8cc7\u6d3b\u52d5\u73fe\u91d1\u6d41\u91cf\u600e\u9ebc\u770b\uff1f\u73fe\u91d1\u6d41\u91cf\u8ca0\u6578\u4ee3\u8868\u4ec0\u9ebc\uff1f<\/a><\/p>\n<p>3.\u00a0<a href=/index.html"https:\/\/\/how-to-read-10k-for-beginners\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">10-k\u8ca1\u5831\u600e\u9ebc\u770b\uff1f\u7f8e\u570b\u8ca1\u5831\u95b1\u8b80\u5165\u9580\u6559\u5b78<\/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 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