{"id":24545,"date":"2021-04-28T18:14:57","date_gmt":"2021-04-28T10:14:57","guid":{"rendered":"http:\/\/www.businessnews.cn\/?p=24545"},"modified":"2021-04-28T18:14:57","modified_gmt":"2021-04-28T10:14:57","slug":"%e5%b7%b4%e8%8f%b2%e7%89%b9%e6%9c%80%e6%9c%89%e4%bb%a3%e8%a1%a8%e6%80%a7%e7%9a%84%e5%8d%81%e7%ac%94%e6%8a%95%e8%b5%84%ef%bc%8c%e4%b8%8d%e5%8f%af%e5%a4%8d%e5%88%b6%e7%9a%84%e4%bc%a0%e5%a5%87%ef%bc%81","status":"publish","type":"post","link":"https:\/\/www.ibnews.com\/cn\/2021\/04\/28\/24545.html","title":{"rendered":"\u5df4\u83f2\u7279\u6700\u6709\u4ee3\u8868\u6027\u7684\u5341\u7b14\u6295\u8d44\uff0c\u4e0d\u53ef\u590d\u5236\u7684\u4f20\u5947\uff01"},"content":{"rendered":"

\u672c\u6587\u53d1\u5e03\u4e8e\u8001\u864e\u793e\u533a\uff0c\u4f5c\u8005\u4e3a\u9648\u8fbe\u7f8e\u80a1\u6295\u8d44\u3002\u8001\u864e\u793e\u533a\u662f\u8001\u864e\u8bc1\u5238\u65d7\u4e0b\u7684\u80a1\u7968\u4ea4\u6613\u8f6f\u4ef6 Tiger Trade \u7684\u793e\u533a\u677f\u5757\uff0c\u81f4\u529b\u4e8e\u6253\u9020\u201c\u79bb\u4ea4\u6613\u6700\u8fd1\u7684\u7f8e\u80a1\u6e2f\u80a1\u793e\u533a\u201d\uff0c\u6709\u6e29\u5ea6\u7684\u80a1\u7968\u4ea4\u6d41\u793e\u533a\u3002<\/p>\n

\u4e00\u5e74\u4e00\u5ea6\u3001\u522b\u65e0\u5206\u5e97\u3001\u88ab\u6635\u79f0\u4e3a\u201c\u8d44\u672c\u4e3b\u4e49\u7684\u4f0d\u5fb7\u65af\u6258\u514b\u97f3\u4e50\u8282\u201d\u7684\u4f2f\u514b\u5e0c\u5c14\u00b7\u54c8\u6492\u97e6\u80a1\u4e1c\u5927\u4f1a(Berkshire Hathaway 2018 Annual Shareholders Meeting)\u5c06\u57285\u4e0e5\u65e5\u4e8e\u7f8e\u56fd\u5185\u5e03\u62c9\u65af\u52a0\u5dde\u7684\u897f\u90e8\u91d1\u878d\u91cd\u9547\u5965\u9a6c\u54c8\u53ec\u5f00\u3002\u5bf9\u4e8e\u8fd9\u4e00\u573a\u8d44\u672c\u4e3b\u4e49\u4e16\u754c\u7684\u9876\u7ea7\u6b22\u5bb4\u4e0e\u671d\u5723\u4e4b\u65c5\uff0c\u8001\u864e\u8bc1\u5238\u7edd\u4e0d\u7f3a\u5e2d\u3002\u8001\u864e\u5c06\u6d3e\u5206\u6790\u5e08\u966a\u540c\u7f8e\u80a1\u6295\u8d44\u8005\u4eec\u6765\u5230\u5927\u4f1a\u73b0\u573a\uff0c\u7b2c\u4e00\u65f6\u95f4\u8ddf\u5927\u5bb6\u5206\u4eab\u4eca\u5e74\u5927\u4f1a\u7684\u89c1\u95fb\uff0c\u89e3\u8bfb\u5df4\u83f2\u7279\u6700\u65b0\u7684\u6295\u8d44\u52a8\u5411\u4e0e\u89c2\u70b9\u3002\u5c4a\u65f6\uff0c\u8001\u864e\u8bc1\u5238APP TigerTrade \u4e5f\u5c06\u4e0a\u7ebf\u80a1\u4e1c\u5927\u4f1a\u7684\u76f4\u64ad\u89c6\u9891\u3002<\/p>\n

\u5728\u6b64\u4e4b\u524d\uff0c\u8ba9\u6211\u4eec\u4e00\u8d77\u56de\u987e\u4e00\u4e0b\u5df4\u83f2\u7279\u7684\u5341\u5927\u6295\u8d44\u6848\u4f8b\uff0c\u901a\u8fc7\u771f\u5b9e\u7684\u6295\u8d44\u6848\u4f8b\u6765\u68b3\u7406\u80a1\u795e\u7406\u5ff5\u7684\u8fdb\u5316\u4e0e\u6210\u957f\u3002<\/p>\n

\u4e00\u3001\u6bd4\u4e9a\u8fea\uff1a\u79d1\u6280\u80a1\u7684\u521d\u604b $(01211)$<\/p>\n

\u6700\u65e9\u6295\u8d44\u65f6\u95f4\uff1a\u00a0 2008\u5e74<\/p>\n

\u6e05\u4ed3\u65f6\u95f4\uff1a\u4ecd\u6301\u6709<\/p>\n

\u5e74\u5316\u6536\u76ca\u7387\uff1a25%(\u6ce8\uff1a\u6240\u6709\u7684\u5e74\u5316\u6536\u76ca\u7387\u8ba1\u7b97\u672a\u5305\u542b\u80a1\u606f\u6536\u76ca)<\/p>\n

\"\"<\/a><\/p>\n

\u6bd4\u4e9a\u8fea\u7684\u6295\u8d44\u4e4b\u4e8e\u4f2f\u514b\u5e0c\u5c14\u7684\u5927\u6d0b\u5927\u6c34\uff0c\u5176\u5b9e\u4ec5\u4e3a\u6ca7\u6d77\u4e00\u7c9f;\u622a\u6b622017\u5e74\u5e95\uff0c\u4f2f\u514b\u5e0c\u5c14\u6301\u6709\u76842.25\u4ebf\u80a1\u6bd4\u4e9a\u8fea\u80a1\u7968\uff0c\u4ef7\u503c19.6\u4ebf\u7f8e\u5143\uff0c\u53ea\u5360\u4f2f\u514b\u5e0c\u5c14\u4e8c\u7ea7\u5e02\u573a\u80a1\u6743\u6295\u8d44\u76841.1%\u3002\u7136\u6bd4\u4e9a\u8fea\u662f\u8001\u7237\u5b50\u4e0e\u4e2d\u56fd\u89c2\u4f17\u7684\u4e00\u6b21\u6df1\u5ea6\u4ea4\u96c6;\u800c\u591a\u5e74\u540e\u4f2f\u514b\u5e0c\u5c14\u4ecd\u7136\u575a\u5b9a\u6301\u6709\u6bd4\u4e9a\u8fea\u7684\u80a1\u7968\uff0c\u8fd1\u5341\u5e74\u6765\u672a\u552e\u4e00\u80a1\uff0c\u4e5f\u8ba9\u4e2d\u56fd\u7c89\u4e1d\u4eec\u9887\u4e3a\u6696\u5fc3\u3002<\/p>\n

\u4e0d\u8fc7\u6295\u8d44\u6bd4\u4e9a\u8fea\u7684\u5ff5\u5934\u5b9e\u9645\u4e0a\u6765\u81ea\u4e8e\u597d\u57fa\u53cb\u8292\u683c\u3002\u5f53\u5e74\u7ecf\u4eba\u4ecb\u7ecd\uff0c\u8292\u683c\u8ba4\u8bc6\u4e86\u6bd4\u4e9a\u8fea\u7684\u638c\u8235\u4eba\u738b\u4f20\u798f\uff0c\u9887\u4e3a\u6b23\u8d4f\u3002\u4ed6\u6253\u7535\u8bdd\u7ed9\u5df4\u83f2\u7279\u8bf4\uff1a\u5144\u5f1f\uff0c\u6211\u53d1\u73b0\u4e00\u54e5\u4eec\uff0c\u7ecf\u8425\u4f01\u4e1a\u6bd4\u7231\u8fea\u751f\u8fd8\u725b\u903c\u3002\u5df4\u83f2\u7279\u5174\u81f4\u5be5\u5be5\u5730\u8bf4\u4e86\u58f0\u201c\u8fd9\u597d\u50cf\u8fd8\u4e0d\u591f\u597d\u201d\uff0c\u5c31\u6302\u4e86\u7535\u8bdd\u3002\u8fc7\u4e86\u4e00\u4f1a\u513f\u8292\u683c\u53c8\u6253\u6765\uff1a\u5144\u5f1f\uff0c\u6211\u53d1\u73b0\u8fd9\u54e5\u4eec\u662f\u7231\u8fea\u751f\u548c\u6bd4\u5c14\u00b7\u76d6\u8328\u7684\u5408\u4f53\uff0c\u591f\u4e0d\u591f\u597d\u4e86?<\/p>\n

\u5982\u540c\u7279\u65af\u62c9\u4e00\u6837\uff0c\u76f8\u6bd4\u4e8e\u5f52\u5c5e\u5728\u4f20\u7edf\u7684\u9020\u8f66\u4e1a\u91cc\uff0c\u6bd4\u4e9a\u8fea\u66f4\u5c5e\u4e8e\u662f\u79d1\u6280\u80a1\u3002\u8292\u683c\u80af\u5b9a\u4e5f\u662f\u5982\u6b64\u8ba4\u4e3a\uff0c\u4e0d\u7136\u4ed6\u4e0d\u4f1a\u5411\u5df4\u83f2\u7279\u5b89\u5229\u6bd4\u4e9a\u8fea\uff0c\u56e0\u4e3a\u4ed6\u6068\u91cd\u8d44\u4ea7\u7684\u9020\u8f66\u4e1a\u6068\u5230\u9aa8\u5b50\u91cc\u3002\u8292\u683c\u66fe\u8bf4\uff1a\u201c\u4e16\u754c\u4e0a\u6709\u4e24\u79cd\u751f\u610f\uff0c\u7b2c\u4e00\u79cd\u53ef\u4ee5\u6bcf\u5e74\u8d5a12%\u7684\u6536\u76ca\uff0c\u7136\u540e\u5e74\u672b\u4f60\u53ef\u4ee5\u62ff\u8d70\u6240\u6709\u5229\u6da6;\u7b2c\u4e8c\u79cd\u4e5f\u53ef\u4ee5\u6bcf\u5e74\u8d5a12%\uff0c\u4f46\u662f\u4f60\u4e0d\u5f97\u4e0d\u628a\u8d5a\u6765\u7684\u94b1\u91cd\u65b0\u6295\u8d44\uff0c\u7136\u540e\u4f60\u6307\u7740\u6240\u6709\u7684\u5382\u623f\u8bbe\u5907\u5bf9\u80a1\u4e1c\u4eec\u8bf4\uff1a\u8fd9\u5c31\u662f\u4f60\u4eec\u7684\u5229\u6da6\u3002\u6211\u6068\u7b2c\u4e8c\u79cd\u751f\u610f\u3002<\/p>\n

\u6240\u4ee5\u8292\u683c\u662f\u4ee5\u65b0\u80fd\u6e90\u79d1\u6280\u80a1\u7684\u8bf4\u8f9e\u5411\u5df4\u83f2\u7279\u63a8\u8350\u6bd4\u4e9a\u8fea\u7684\u3002\u8fd9\u6837\u8bf4\u6765\uff0c\u575a\u6301\u4e0d\u641e\u79d1\u6280\u80a1\u7684\u8001\u7237\u5b50\uff0c\u7834\u6212\u7684\u5e76\u975e\u662fIBM\uff0c\u800c\u662f\u57282008\u5e74\u628a\u4ed6\u7684\u7b2c\u4e00\u6b21\u732e\u7ed9\u4e86\u6bd4\u4e9a\u8fea\u3002<\/p>\n

2008\u5e749\u6708\uff0c\u96f7\u66fc\u5144\u5f1f\u57ae\u53f0\u3001\u91d1\u878d\u5371\u673a\u6e10\u6df1\u3001\u6cb9\u4ef7\u66b4\u8dcc\u3001\u65b0\u80fd\u6e90\u968f\u6cb9\u4ef7\u7684\u8282\u594f\u800c\u4ece\u98ce\u53e3\u8dcc\u843d\uff0c\u5728\u8fd9\u79cd\u629b\u7529\u80a1\u6743\u4e3a\u4e3b\u6d41\u3001\u6301\u6709\u80a1\u6743\u4e3a\u627e\u6b7b\u7684\u4e71\u4e16\u91cc\uff0c\u4f2f\u514b\u5e0c\u5c14\u75281.03\u7f8e\u5143(8\u6e2f\u5143)\u4ef7\u683c\u5403\u8fdb\u4e862 .25\u4ebf\u80a1\u6bd4\u4e9a\u8fea\u80a1\u7968\uff0c\u6210\u672c\u7ea6\u4e3a2.32\u4ebf\u7f8e\u5143\u3002\u4ec5\u4ec5\u4e00\u5e74\u540e\uff0c\u6bd4\u4e9a\u8fea\u7684\u80a1\u7968\u5c31\u731b\u6da8\u5230\u4e8688\u6e2f\u5e01\uff0c\u4e00\u5e74\u5b9e\u73b011\u500d\u6536\u76ca\u3002\u800c\u540e\uff0c\u968f\u5168\u7403\u7ecf\u6d4e\u8fdb\u4e00\u6b65\u9677\u5165\u6ce5\u6f6d\uff0c\u6bd4\u4e9a\u8fea\u516c\u53f8\u5229\u6da6\u57282012\u5e74\u731b\u964d94%\uff0c\u80a1\u4ef7\u5feb\u901f\u5730\u8dcc\u5230\u4f2f\u514b\u5e0c\u5c14\u7684\u5efa\u4ed3\u7ebf\u9644\u8fd1\u3002<\/p>\n

\u4e8e\u662f\u6b64\u65f6\u6709\u4eba\u51fa\u6765\u770b\u8870\u5df4\u83f2\u7279\u5bf9\u6bd4\u4e9a\u8fea\u7684\u6295\u8d44\uff0c\u8ba4\u4e3a\u4ed6\u6295\u4e86\u4e00\u4e2a\u4ea7\u80fd\u8fc7\u5269\u6ca1\u6709\u4efb\u4f55\u7ade\u4e89\u4f18\u52bf\u7684\u884c\u4e1a\u548c\u4f01\u4e1a\u3002\u8fd9\u4e9b\u4eba\u663e\u7136\u5c06\u6bd4\u4e9a\u8fea\u5f53\u6210\u4e86\u4e00\u5bb6\u4f20\u7edf\u9020\u8f66\u516c\u53f8\u800c\u8bf4\u4e8b\u3002 \u7136\u800c\u5bf9\u4e8e\u7ba1\u7406\u8005\u7684\u4fe1\u5fc3\uff0c\u6700\u7ec8\u8ba9\u4f2f\u514b\u5e0c\u5c14\u4e00\u76f4\u6301\u6709\u6bd4\u4e9a\u8fea;\u800c\u540e\u6765\u6bd4\u4e9a\u8fea\u65b0\u4e00\u8f6e\u5f3a\u52b2\u7684\u80a1\u4ef7\u8868\u73b0\uff0c\u4e5f\u5f53\u5f97\u8d77\u4e2d\u56fd\u65b0\u80fd\u6e90\u79d1\u6280\u7684\u957f\u671f\u9f99\u5934\u3002<\/p>\n

\u4e8c\u3001\u623f\u5730\u7f8e \u5965\u9a6c\u54c8\u5148\u77e5\u7684\u5b8c\u7f8e\u51fa\u9003<\/p>\n

\u521d\u6b21\u6295\u8d44\u65f6\u95f4\uff1a 1988\u5e74<\/p>\n

\u6e05\u4ed3\u65f6\u95f4\uff1a2000\u5e74<\/p>\n

\u5e74\u5316\u6536\u76ca\u7387\uff1a23%<\/p>\n

\"\"<\/a><\/p>\n

\u5df4\u83f2\u7279\u5e38\u8bf4\uff1a\u5bf9\u4e8e\u597d\u516c\u53f8\uff0c\u6211\u5e0c\u671b\u80fd\u6c38\u8fdc\u6301\u6709\u3002\u4e70\u5165\u65e2\u662f\u6342\u4f4f(buy-and-hold)\u4e5f\u662f\u4f2f\u514b\u5e0c\u5c14\u6700\u4e3a\u4eba\u6d25\u6d25\u4e50\u9053\u7684\u6295\u8d44\u7b56\u7565\u3002\u8001\u7237\u5b50\u6807\u5fd7\u6027\u7684\u90a3\u51e0\u4e2a\u5927\u624b\u7b14\uff0c\u6301\u80a1\u65f6\u95f4\u90fd\u975e\u5e38\u4e4b\u957f\uff0c\u6295\u8d44\u53ef\u53e3\u53ef\u4e50\u6e90\u81ea1988\u5e74\uff0c\u5bcc\u56fd\u94f6\u884c\u6e90\u81ea1990\u5e74;\u800c\u4e00\u4e9b\u5168\u8d44\u63a7\u80a1\u7684\u5b50\u516c\u53f8\u5982GEICO\u4fdd\u9669\uff0c\u66f4\u662f\u592a\u5b50\u7237\u4eb2\u513f\u5b50\uff0c\u4ece1976\u5e74\u5f00\u59cb\u4e70\u5165\uff0c\u76f4\u52301995\u5e74\u5c06\u5176\u5f7b\u5e95\u6536\u7f16\u79c1\u6709\u3002<\/p>\n

\u4ece1997\u5e74\u52302009\u5e74\uff0c\u4f2f\u514b\u5e0c\u5c14\u7684\u8d44\u4ea7\u7ec4\u5408\u5468\u8f6c\u7387(portfolio turnover)\u7684\u4e2d\u4f4d\u6570\u662f2.1%\uff0c\u5e73\u5747\u6570\u662f5%\uff0c\u6362\u7b97\u8fc7\u6765\u4e5f\u5c31\u662f\u5e73\u5747\u6301\u80a1\u5e74\u9650\u4e3a20\u5e74\u3002\u800c\u4e3b\u52a8\u578b\u5171\u540c\u57fa\u91d1\u7684\u5468\u8f6c\u7387 \u2014\u2014 \u6839\u636eMorningstar\u7684\u6570\u636e \u2014\u2014 \u4e09\u5206\u4e4b\u4e8c\u572850%\u4ee5\u4e0a\uff0c\u5176\u4e2d\u7684\u4e00\u534a\u5728100%\u4ee5\u4e0a\u3002\u4e3a\u6b64\uff0c\u5df4\u83f2\u7279\u751a\u81f3\u5e2e\u827e\u8428\u514b\u725b\u987f\u7235\u58eb\u53d1\u660e\u4e86\u7b2c\u56db\u8fd0\u52a8\u5b9a\u5f8b\uff1a\u5c31\u6295\u8d44\u8005\u6574\u4f53\u800c\u8a00\uff0c\u8fd0\u52a8\u5f97\u8d8a\u591a\uff0c\u5219\u6536\u76ca\u8d8a\u5c11\u3002<\/p>\n

\u4f46\u5343\u4e07\u4e0d\u8981\u8ba4\u4e3a\u6240\u6709\u6295\u8d44\u4f2f\u514b\u5e0c\u5c14\u90fd\u662f\u4e00\u625b\u5230\u5e95;\u4e00\u4e9b\u6295\u8d44\u8ba9\u6211\u4eec\u4e0d\u5f97\u4e0d\u611f\u6168\uff0c\u4f1a\u5356\u7684\u624d\u662f\u5e08\u7236\u3002\u6211\u4eec\u53ef\u4ee5\u53c2\u8003\u5176\u6295\u8d44\u4f4f\u623f\u62b5\u62bc\u8d37\u6b3e\u516c\u53f8\u623f\u5730\u7f8e(Freddie Mac)\u7684\u8fd9\u4e2a\u6848\u4f8b\u3002\u4e0a\u4e16\u7eaa\u516b\u5341\u5e74\u4ee3\u672b\uff0c\u5df4\u83f2\u7279\u4ee54\u7f8e\u5143(\u62c6\u80a1\u8c03\u6574\u540e)\u7684\u5747\u4ef7\u5efa\u4ed3\u4e70\u5165\u4e86\u5927\u7ea6\u5360\u5176\u603b\u80a1\u672c9%\u7684\u623f\u5730\u7f8e\u80a1\u7968\uff0c\u4e70\u5165\u903b\u8f91\u662f\u4ed6\u8ba4\u4e3a\u5f53\u65f6\u623f\u5229\u7f8e\u7684\u4ef7\u683c\u201c\u4fbf\u5b9c\u5f97\u79bb\u8c31\u201d;\u5f53\u7136\u6700\u540e\u4e8b\u5b9e\u4e5f\u8bc1\u660e\u4e86\u4ed6\u6b63\u786e\u5f97\u79bb\u8c31\uff0c\u52301998\u5e74\uff0c\u4f2f\u514b\u5e0c\u5c14\u5728\u623f\u5730\u7f8e\u7684\u6295\u8d44\u5df2\u7ecf\u7ffb\u4e8612\u500d\u3002<\/p>\n

\u52302000\u5e74\u5de6\u53f3\uff0c\u623f\u5229\u7f8e\u7684\u4e1a\u7ee9\u51e0\u4e4e\u5230\u4e86\u9f0e\u76db\u65f6\u4ee3\uff0c\u6bcf\u80a1\u6536\u76ca\u5904\u4e8e\u5386\u53f2\u6700\u9ad8\u6c34\u5e73\uff0c\u7ba1\u7406\u5c42\u4e0d\u65ad\u56de\u8d2d\u80a1\u7968\u3001\u4fe1\u5fc3\u7206\u8868\u3002\u5355\u7eaf\u4ece\u5982\u65e5\u4e2d\u5929\u7684\u4e1a\u7ee9\u4e0a\u770b\uff0c\u5982\u679c\u4e0d\u662f\u4e8b\u540e\u590d\u76d8\uff0c\u5f88\u5c11\u4eba\u80fd\u5728\u5f53\u65f6\u770b\u51fa\u662f\u4e2a\u5356\u51fa\u7684\u65f6\u673a\u3002\u4f46\u5df4\u83f2\u7279\u89c9\u5bdf\u5230\u623f\u5730\u7f8e\u7684\u5f02\u5e38\u8ff9\u8c61\uff0c\u6bd4\u5982\u4ed6\u8ba4\u4e3a\u6574\u4e2a\u7ba1\u7406\u5c42\u5728\u4e0d\u65ad\u8ffd\u6c42\u98ce\u9669\uff0c\u8fc7\u4e8e\u5173\u6ce8\u6bcf\u4e09\u4e2a\u6708\u4e00\u6b21\u8d22\u62a5\u7684\u77ed\u671f\u4e1a\u7ee9\u8868\u73b0;\u6bd4\u5982\u65f6\u4efbCEO \u504f\u6267\u4e8e\u201c\u4e8c\u4f4d\u6570\u7684\u76c8\u5229\u589e\u957f\u201d;\u6bd4\u5982\u623f\u5730\u7f8e\u505a\u7684\u4e00\u4e9b\u98ce\u9669\u6295\u8d44\u4e0e\u4e3b\u8425\u4e1a\u52a1\u6beb\u4e0d\u76f8\u5173\u3002<\/p>\n

\u79cd\u79cd\u8ff9\u8c61\u8ba9\u5df4\u83f2\u7279\u8ba4\u4e3a\u516c\u53f8\u9ad8\u5c42\u5728\u6697\u4e2d\u4f5c\u795f\u3001\u611f\u5230\u810a\u80cc\u53d1\u51c9\uff0c\u672c\u7740\u201c\u5982\u679c\u770b\u5230\u53a8\u623f\u91cc\u6709\u4e00\u53ea\u5c0f\u5f3a\uff0c\u90a3\u80af\u5b9a\u4e0d\u6b62\u6709\u4e00\u53ea\u5c0f\u5f3a\u201d\u7684\u7956\u8bad\uff0c\u5df4\u83f2\u7279\u57282000\u5e74\u5de6\u53f3\u6e05\u4ed3\u4e86\u51e0\u4e4e\u6240\u6709\u623f\u5730\u7f8e\u80a1\u7968\u3002<\/p>\n

\u5df4\u83f2\u7279\u6e05\u4ed3\u7684\u4ef7\u683c\u662f40-50\u7f8e\u5143\u4e4b\u95f4\uff0c\u5356\u5728\u9876\u70b9\u662f\u795e\u4ed9\u505a\u7684\u4e8b\uff0c\u800c\u8001\u7237\u5b50\u4e5f\u672a\u80fd\u5e78\u514d\u3002\u6b21\u8d37\u5371\u673a\u4e4b\u524d\u623f\u5229\u7f8e\u7684\u4ef7\u683c\u5c61\u6b21\u903c\u8fd170\u7f8e\u5143\u3002\u4f46\u4ece\u66f4\u957f\u8fdc\u7684\u89d2\u5ea6\u6765\u770b\uff0c\u540e\u6765\u7684\u6545\u4e8b\u5927\u5bb6\u90fd\u77e5\u9053\u4e86\uff0c\u5927\u8870\u9000\u4e2d\u6b21\u7ea7\u8d37\u6b3e\u5927\u9762\u79ef\u8fdd\u7ea6\uff0c\u4e24\u623f\u9996\u5f53\u5176\u51b2\uff0c\u76f4\u903c\u7834\u4ea7\u7684\u6700\u8fb9\u7f18\u3002\u6700\u540e\u7f8e\u56fd\u653f\u5e9c\u614c\u63aa\u95f4\u505a\u4e86\u63a5\u76d8\u4fa0(\u5f53\u7136\u540e\u6765\u4e5f\u501f\u6b64\u53d1\u4e86\u7b14\u6a2a\u8d22)\u3002\u503c\u5f97\u4e00\u63d0\u7684\u662f\u5df4\u83f2\u7279\u8c28\u5c0f\u614e\u5fae\u7684\u5224\u65ad\u6765\u81ea\u4e8e\u516c\u53f8\u8d22\u62a5\u7684\u63aa\u8f9e\uff0c\u540c\u6837\u662f\u8bfb\u8d22\u62a5\uff0c\u5965\u9a6c\u54c8\u7684\u5148\u77e5\u5c31\u80fd\u8bfb\u51fa\u8367\u60d1\u5b88\u5fc3\u7684\u81f3\u51f6\u4e4b\u5146\u6765\u3002<\/p>\n

\u4e09\u3001\u534e\u76db\u987f\u90ae\u62a5\uff1a\u6b64\u751f\u4e0d\u6e1d\u4e3a\u62a5\u7ae5<\/p>\n

\u6700\u65e9\u6295\u8d44\u65f6\u95f4\uff1a 1973\u5e74<\/p>\n

\u6e05\u4ed3\u65f6\u95f4(\u80a1\u6743\u7f6e\u6362)\uff1a2014\u5e74<\/p>\n

\u5e74\u5316\u6536\u76ca\u7387\uff1a12%<\/p>\n

\"\"<\/a><\/p>\n

\u559c\u6b22\u6295\u8d44\u62a5\u7eb8\u662f\u5df4\u83f2\u7279\u4e2a\u4eba\u5174\u8da3\uff0c\u4ed6\u505a\u8fc7\u62a5\u7ae5\uff0c\u5fd7\u5728\u62a5\u738b\u3002\u6240\u4ee51971\u5e74\u4e0e\u300a\u534e\u76db\u987f\u90ae\u62a5\u300b(\u4ee5\u4e0b\u7b80\u79f0\u300a\u90ae\u62a5\u300b)\u5973\u5f53\u5bb6Katherine Graham \u521d\u6b21\u9082\u9005\u65f6\uff0c\u5df2\u7ecf\u62e5\u6709\u4e86\u7eb8\u5a92\u300a\u7ebd\u7ea6\u5ba2\u300b\u5927\u91cf\u80a1\u6743\u7684\u5df4\u83f2\u7279\uff0c\u8fd8\u662f\u611f\u5230\u76f8\u89c1\u6068\u665a\u3002<\/p>\n

\u5728\u4e92\u8054\u7f51\u7684\u96f7\u795e\u9524\u7838\u4e0b\u6765\u4e4b\u524d\uff0c\u62a5\u4e1a\u66fe\u662f\u5a92\u4f53\u4e4b\u738b\uff0c\u57fa\u672c\u4e0a\u53d1\u884c\u91cf\u6700\u5927\u7684\u51e0\u4efd\u62a5\u7eb8\uff0c\u5f7c\u6b64\u4e4b\u95f4\u6ca1\u6709\u6700\u76f4\u63a5\u7684\u7ade\u4e89\u5173\u7cfb\u3002\u5927\u62a5\u4eec\u8ba4\u4e3a\u81ea\u5df1\u8d5a\u94b1\u662f\u9760\u8bb0\u8005\u80fd\u5199\uff0c\u4f46\u5df4\u83f2\u7279\u4e00\u8bed\u9053\u7834\u62a5\u4e1a\u7684\u7ecf\u6d4e\u672c\u8d28\uff1a\u5927\u62a5\u7eb8\u4e1a\u7ee9\u597d\u662f\u56e0\u4e3a\u5e02\u573a\u7ade\u4e89\u7684\u7f3a\u5931\uff0c\u800c\u4e8c\u4e09\u6d41\u7684\u5730\u533a\u6027\u5c0f\u62a5\u53ea\u80fd\u5728\u76c8\u4e8f\u7ebf\u4e0a\u6323\u624e\u3002<\/p>\n

\u53e6\u5916\u5df4\u83f2\u7279\u504f\u7231\u5f53\u5e74\u62a5\u7eb8\u7684\u76c8\u5229\u6a21\u5f0f\uff0c\u4e5f\u5c31\u662f\u5176\u6d25\u6d25\u4e50\u9053\u7684\u7ecf\u6d4e\u5546\u8a89(economic goodwill)\u3002\u4ed6\u8ba4\u4e3a\u62a5\u7eb8\u7684\u8d44\u672c\u6295\u5165\u8981\u6c42\u5f88\u4f4e\uff0c\u6240\u4ee5\u826f\u597d\u7684\u8fd0\u8425\u80fd\u5f88\u8fc5\u901f\u8f6c\u6362\u4e3a\u76c8\u5229\u80fd\u529b\u3002\u53e6\u5916\u5927\u62a5\u6da8\u4ef7\u80fd\u529b\u5f3a\u3001\u8d44\u672c\u56de\u62a5\u7387\u9ad8\uff0c\u636e\u4ed6\u7684\u4f30\u8ba1\uff0c\u524d\u4e92\u8054\u7f51\u65f6\u4ee3\u7684\u62a5\u7eb8\uff0c\u5373\u4fbf\u4ef7\u683c\u7ffb\u756a\u4e5f\u4ecd\u80fd\u4fdd\u630190%\u7684\u8ba2\u9605\u7559\u5b58\u3002\u800c\u300a\u90ae\u62a5\u300b\u66f4\u662f\u76c8\u5229\u7fd8\u695a\uff0c\u5728\u4e03\u5341\u5e74\u4ee3\u300a\u90ae\u62a5\u300b\u7684\u51c0\u8d44\u4ea7\u6536\u76ca\u7387(ROE)\u8fbe\u523030%\uff0c\u800c\u5728\u4e4b\u540e\u7684\u5341\u5e74\uff0c\u5728\u4e0d\u65ad\u524a\u51cf\u503a\u52a1\u7684\u540c\u65f6\u300a\u90ae\u62a5\u300b\u5374\u4e00\u76f4\u4fdd\u6301\u8d85\u9ad8\u7684\u76c8\u5229\u6c34\u5e73\uff0cROE\u6700\u9ad8\u8fbe\u523036% \u3002<\/p>\n

\u9274\u4e8e\u4ee5\u4e0a\u7684\u6295\u8d44\u903b\u8f91\uff0c1973\u5e74\u4f2f\u514b\u5e0c\u5c14\u5728\u300a\u90ae\u62a5\u300b\u4e0a\u6295\u8d441100\u4e07\u7f8e\u5143\u3002\u8bb8\u591a\u5e74\u4ee5\u540e\uff0c\u5df4\u83f2\u7279\u5728\u80a1\u4e1c\u5fc3\u91cc\u63d0\u8d77\u300a\u90ae\u62a5\u300b\u4ecd\u7136\u9887\u4e3a\u81ea\u5f97\uff1a\u201c\u6211\u4eec\u57281973\u5e74\u7528\u6bcf\u80a15.63\u7f8e\u5143\u4e70\u4e0b\u300a\u90ae\u62a5\u300b\u80a1\u7968\uff0c\u52301987\u5e74\u300a\u90ae\u62a5\u300b\u6bcf\u80a1\u6536\u76ca\u662f10.3\u7f8e\u5143……\u5e02\u573a\u5148\u751f\u771f\u662f\u4e2a\u5927\u65b9\u7684\u9614\u4f6c\u3002\u201d<\/p>\n

\u53e6\u5916\uff0c\u8fd9\u7b14\u6295\u8d44\u53ef\u4ee5\u770b\u51fa\u5df4\u83f2\u7279\u5bf9\u4f18\u79c0\u7ba1\u7406\u5c42\u7684\u504f\u7231\u3002\u867d\u7136\u8001\u7237\u5b50\u8bf4\u201c\u6211\u4eec\u559c\u6b22\u90a3\u79cd\u5c31\u7b97\u662f\u50bb\u5b50\u4e5f\u80fd\u7ba1\u597d\u7684\u751f\u610f\u201d\uff0c\u4f46\u8fd9\u53ea\u662f\u63d2\u79d1\u6253\u8be8\u3002\u4ed6\u53ef\u771f\u6ca1\u5728\u8bc6\u4eba\u4e0a\u5c11\u4e0b\u529f\u592b\u3002\u6295\u300a\u90ae\u62a5\u300b\u5f88\u5927\u7a0b\u5ea6\u4e0a\u5c31\u662f\u6295Katherine Graham \u7684\u4e2a\u4eba\u7ba1\u7406\u80fd\u529b\uff0c\u8001\u7237\u5b50\u5938\u5176\u6562\u51b3\u7b56\u3001\u80fd\u62c5\u5f53;\u800c\u5bf9Katherine\u7684\u7ee7\u4efb\u8005\u3001\u5176\u5b50Don Graham\uff0c\u5df4\u83f2\u7279\u4e5f\u662f\u5c3d\u503e**\u4e4b\u529f\uff0c\u52a9\u5176\u7fbd\u7ffc\u4e30\u6ee1\u3002\u5df4\u83f2\u7279\u5bf9\u7ba1\u7406\u5c42\u7684\u54c1\u683c\u5c24\u5176\u91cd\u89c6\uff0c\u4ed6\u8bf4\uff1a\u8bc4\u4f30\u4eba(\u8bc4\u4f30\u516c\u53f8\u7ba1\u7406\u8005)\u5176\u5b9e\u5c31\u662f\u8bc4\u4f30\u4e09\u4ef6\u4e8b\uff1a\u5fb7(\u6b63\u76f4)\u3001\u667a(\u6167\u6839)\u3001\u4f53(\u7cbe\u529b);\u4f46\u7b2c\u4e00\u4e2a\u5c24\u4e3a\u91cd\u8981\uff0c\u56e0\u4e3a\u5982\u679c\u6ca1\u6709\u7b2c\u4e00\u4e2a\uff0c\u540e\u9762\u4e24\u4e2a\u4f1a\u641e\u6b7b\u4f60\u3002<\/p>\n

\u5f53\u7136\uff0c\u6700\u540e\u62a5\u4e1a\u8fd8\u662f\u9003\u4e0d\u8fc7\u88ab\u4e92\u8054\u7f51\u7ed9\u73a9\u6b8b\u7684\u547d\u8fd0\uff0c\u534e\u76db\u987f\u90ae\u62a5\u516c\u53f8\u6700\u540e\u91cd\u7ec4\u4e3a\u683c\u96f7\u5384\u59c6\u63a7\u80a1\u516c\u53f8\uff0c\u800c\u300a\u90ae\u62a5\u300b\u62a5\u7eb8\u4e1a\u52a1\u672c\u8eab\u4e5f\u57282013\u5e74\u4ee52.5\u4ebf\u7f8e\u5143\u5356\u8eab\u7ed9\u4e86\u4e9a\u9a6c\u900a\u7684\u8d1d\u5149\u5934\u30022014\u5e74\uff0c\u4f2f\u514b\u5e0c\u5c14\u4e0e\u683c\u96f7\u5384\u59c6\u63a7\u80a1\u7b7e\u7f72\u4ef7\u503c11\u4ebf\u7f8e\u5143\u7684\u80a1\u6743\u7f6e\u6362\u534f\u8bae\uff0c\u9000\u51fa\u4e86\u5bf9\u5176\u7684\u80a1\u6743\u6295\u8d44\u3002\u4ee51100\u4e07\u7f8e\u5143\u7684\u6210\u672c\u8ba1\u7b97\uff0c\u4e0d\u7b97\u80a1\u606f\u5206\u7ea2\uff0c\u56db\u5341\u5e74100\u500d\u6536\u76ca\u3002<\/p>\n

\u867d\u7136\u5728\u5df4\u83f2\u7279\u7684\u6295\u8d44\u751f\u6daf\u91cc\uff0c\u300a\u90ae\u62a5\u300b\u7684\u6536\u76ca\u7387\u5e76\u975e\u6700\u9ad8\uff0c\u4f46\u524d\u540e\u7ecf\u8fc7\u56db\u5341\u4f59\u8f7d\uff0c\u662f\u6700\u6ca7\u6851\u7684\u4e00\u7b14\u6295\u8d44\u3002\u6709\u8bc4\u8bba\u5bb6\u79f0\uff0c\u6b63\u662f\u5bf9\u300a\u90ae\u62a5\u300b\u7684\u957f\u671f\u6295\u8d44\uff0c\u5c06\u5df4\u83f2\u7279\u7684\u540d\u58f0\u9501\u8fdb\u4e86\u5927\u5e08\u7684\u884c\u5217\u91cc\u3002<\/p>\n

\u867d\u7136\u544a\u522b\u4e86\u300a\u90ae\u62a5\u300b\uff0c\u4f46\u5df4\u83f2\u7279\u5bf9\u62a5\u7eb8\u4e8b\u4e1a\u4ecd\u5728\u8ffd\u6c42\uff0c\u4f2f\u514b\u5e0c\u5c14\u4ecd\u7136\u5728\u6279\u91cf\u6536\u8d2d\u4e00\u4e9b\u5730\u533a\u5c0f\u62a5\uff0c\u5373\u4fbf\u6709\u4e9b\u62a5\u7eb8\u7684\u8bfb\u8005\u533a\u533a\u53ea\u6709\u56db\u4f4d\u6570\u3002\u5df4\u83f2\u7279\u7684\u903b\u8f91\u5728\u4e8e\u5373\u4fbf\u4e92\u8054\u7f51\u6e17\u900f\u7387\u518d\u9ad8\uff0c\u5730\u533a\u5c0f\u62a5\u6240\u5e26\u6765\u7684\u793e\u533a\u670d\u52a1\u5c5e\u6027\u4ecd\u7136\u662f\u4e00\u79cd\u521a\u9700\uff0c\u4e5f\u6781\u6709\u793e\u4f1a\u4ef7\u503c\u3002\u80a1\u795e\u591a\u5e74\u7684\u62a5\u7ae5\u7231\u597d\uff0c\u4ecd\u7136\u5f53\u505a\u4e00\u4e2a\u7f8e\u68a6\u6b63\u5728\u88ab\u65e0\u9650\u5730\u7f16\u7ec7\u4e0b\u53bb\u3002<\/p>\n

\u56db\u3001\u7f8e\u56fd\u94f6\u884c\uff1a\u4ed6\u4eba\u6050\u60e7\u6211\u8d2a\u5a6a\uff0c\u8fd9\u662f\u6700\u7f8e\u7684\u4e00\u523b $(BAC)$<\/p>\n

\u6700\u65e9\u6295\u8d44\u65f6\u95f4\uff1a 2011\u5e74<\/p>\n

\u6e05\u4ed3\u65f6\u95f4(\u80a1\u6743\u7f6e\u6362)\uff1a\u4ecd\u7136\u6301\u6709<\/p>\n

\u5e74\u5316\u6536\u76ca\u7387\uff1a24%<\/p>\n

\"\"<\/a><\/p>\n

\u6295\u8d44\u4e2d\u7684\u9006\u5411\u601d\u7ef4\u2014\u2014\u6216\u8005\u8bf4\u9006\u5411\u63a7\u5236\u60c5\u7eea\u80fd\u529b\u2014\u2014\u662f\u5df4\u83f2\u7279\u6807\u5fd7\u6027\u7684\u6295\u8d44\u98ce\u683c\uff0c\u6240\u8c13\u7684 \u201cBe greedy when others are fearful\u201d\u3002\u8fd9\u53e5\u8bdd\u8bf4\u8d77\u6765\u7b80\u5355\uff0c\u4f46\u6267\u884c\u8d77\u6765\u5374\u795e\u9b3c\u83ab\u6d4b\uff0c\u6284\u5e95\u6284\u5f97\u503e\u5bb6\u8361\u4ea7\u8005\u6bd4\u6bd4\u7686\u662f\u3002\u800c\u5728\u7f8e\u56fd\u94f6\u884c\u7684\u6295\u8d44\u4e0a\uff0c\u5df4\u83f2\u7279\u4eb2\u81ea\u505a\u4e86\u793a\u8303\u3002<\/p>\n

\u5728\u91d1\u878d\u4e1a\u9b42\u98de\u9b44\u6563\u76842011\u5e74\uff0c\u5df4\u83f2\u7279\u51b3\u5b9a\u5165\u80a1\u7f8e\u56fd\u94f6\u884c\uff1a<\/p>\n

\u4f2f\u514b\u5e0c\u5c14\u8d2d\u5165\u4ef7\u503c50\u4ebf\u7f8e\u5143\u7684\u7f8e\u94f6\u7684\u4f18\u5148\u80a1\uff0c\u83b7\u5f97\u6bcf\u5e746%\u7684\u56fa\u5b9a\u5206\u7ea2\u3002<\/p>\n

\u4f2f\u514b\u5e0c\u5c14\u83b7\u5f97\u8ba4\u8d2d\u6743\u8bc1\uff0c\u57282021\u5e74\u524d\uff0c\u53ef\u4ee5\u4ee57.14\u7f8e\u5143\u7684\u4ef7\u683c\u4e70\u5165\u7f8e\u94f67\u4ebf\u80a1\u666e\u901a\u80a1\u3002<\/p>\n

\u770b\u5230\u5982\u6b64\u4f18\u60e0\u4e30\u539a\u7684\u6295\u8d44\u6761\u4ef6\uff0c\u4f60\u5927\u6982\u4f1a\u60f3\uff0c\u5df4\u83f2\u7279\u4f60\u4e0d\u662f\u5728\u8d81\u706b\u6253\u52ab\u5417?\u4f46\u5f53\u5df4\u83f2\u7279\u51b3\u5b9a\u6295\u8d44\u7f8e\u94f6\u65f6\uff0c\u7f8e\u56fd\u94f6\u884c\u7684\u666e\u901a\u80a1\u80a1\u4ef7\u5f53\u5e74\u5df2\u7ecf\u8fd1\u4e4e\u8170\u65a9\uff0c\u5e76\u5728\u5df4\u83f2\u7279\u5165\u80a1\u540e\u7ee7\u7eed\u9677\u51655\u7f8e\u5143\u4ee5\u4e0b\u7684\u6df1\u6e0a\u3002\u8fd9\u65f6\u5019\u9762\u5bf97.14\u7f8e\u5143\u7684\u884c\u6743\u4ef7\uff0c\u5927\u591a\u6570\u4eba\u9996\u5148\u4f1a\u53bb\u6000\u7591\u7f8e\u94f6\u80fd\u4e0d\u80fd\u6d3b\u4e0b\u6765\uff0c\u800c\u4e0d\u662f\u53bb\u60f3\u5df4\u83f2\u7279\u6709\u591a\u9ed1\u3002\u5f53\u65f6\u7f8e\u94f6\u6240\u9762\u5bf9\u7684\uff0c\u8868\u4e0a\u662f\u5de8\u989d\u7684\u4e0d\u826f\u62b5\u62bc\u8d37\u6b3e\uff0c\u8868\u5916\u662f\u5927\u8870\u9000\u5e26\u6765\u7684\u6cd5\u5f8b\u98ce\u9669\u5982\u7fa4\u9e26\u76d8\u65cb\uff0c\u518d\u5f80\u5916\u662f\u6b27\u503a\u5371\u673a\u7684\u5982\u706b\u5982\u837c \u2014\u2014 \u6574\u4e2a\u91d1\u878d\u4e1a\u4e00\u8138\u7684\u751f\u65e0\u53ef\u604b\u3001\u75c5\u65e0\u836f\u533b\u3002<\/p>\n

\u867d\u7136\u57282011\u5e74\u7684\u80a1\u4e1c\u4fe1\u91cc\uff0c\u5df4\u83f2\u7279\u8868\u8fbe\u4e86\u5bf9\u7f8e\u94f6\u65b0\u4efb\u7684\u7ba1\u7406\u5c42\u7684\u4fe1\u4efb\uff0c\u4f46\u5df4\u83f2\u7279\u63a5\u76d8\u7f8e\u56fd\u94f6\u884c\u4ecd\u7136\u662f\u6807\u51c6\u7684\u63a5\u98de\u5200\u3002\u6240\u4ee5\u5728\u8fd9\u4e2a\u6848\u4f8b\u91cc\uff0c\u503c\u5f97\u6211\u4eec\u5b66\u4e60\u7684\u662f\u8001\u7237\u5b50\u63a5\u98de\u5200\u7684\u59ff\u52bf\u4e0e\u65b9\u5f0f\u2014\u2014\u5728\u53e6\u4e00\u573a\u66f4\u60e8\u70c8\u7684\u96ea\u5d29\uff0c\u82b1\u65d7\u94f6\u884c\u7684\u5c71\u811a\u53ef\u57cb\u4e86\u4e0d\u5c11\u4ef7\u503c\u6295\u8d44\u8005\u7684\u5c38\u9aa8\u3002<\/p>\n

\u5df4\u83f2\u7279\u524d\u9762\u90a3\u53e5\u8bdd\u662f\u4ed6\u4eba\u6050\u60e7\u6211\u6765\u8d2a\u5a6a\u2014\u2014\u800c\u540e\u9762\u6ca1\u8bf4\u7684\u90a3\u53e5\u8bdd\uff0c\u662f\u8d2a\u5a6a\u4e5f\u8981\u8bb2\u7a76\u65b9\u5f0f\u65b9\u6cd5\u3002\u5728\u5f53\u65f6\u7684\u5371\u5883\u91cc\u6295\u8d44\u9ad8\u5206\u7ea2\u7684\u4f18\u5148\u80a1\u4e00\u5b9a\u6bd4\u666e\u901a\u80a1\u7a33\u5f53;\u4f46\u4f18\u5148\u80a1\u7c7b\u4f3c\u503a\u5238\u3001\u83b7\u5229\u4e0a\u9650\u4e0d\u9ad8\uff0c\u800c\u4e00\u7b14\u770b\u4f3c\u6df1\u5ea6\u865a\u503c\u7684\u957f\u671f\u6743\u8bc1\u5c31\u5b8c\u7f8e\u89e3\u51b3\u4e86\u4f18\u5148\u80a1\u4e0a\u9650\u4e0d\u9ad8\u7684\u95ee\u9898\u3002\u4f46\u4e3a\u4ec0\u4e48\u5df4\u83f2\u7279\u80fd\u627e\u5230\u8fd9\u4e48\u597d\u7684deal?\u56e0\u4e3a\u7f8e\u94f6\u4e0d\u6b62\u662f\u8981\u5df4\u83f2\u7279\u7684\u94b1\uff0c\u66f4\u8981\u5df4\u83f2\u7279\u7684\u540d\u6765\u7a33\u5b9a\u519b\u5fc3\u3002\u800c\u4e00\u822c\u7684\u5e73\u6c11\u7248\u4ef7\u6295\u4eec\u54ea\u80fd\u6709\u6b64\u7b49\u5149\u73af\uff0c\u6240\u4ee5\u624d\u5bb9\u6613\u6284\u5e95\u666e\u901a\u80a1\u88ab\u57cb\u3002<\/p>\n

2017\u5e74\u4f2f\u514b\u5e0c\u5c14\u5c06\u7f8e\u94f67\u4ebf\u80a1\u6743\u8bc1\u6089\u6570\u63d0\u524d\u884c\u6743\u3002\u5f88\u5c11\u6709\u4eba\u4f1a\u5c06Call \u63d0\u524d\u884c\u6743\uff0c\u56e0\u4e3a\u7b80\u5355\u800c\u8a00\u671f\u6743\u53ef\u62c6\u4e3a\u5185\u5728\u4ef7\u503c(\u884c\u6743\u4ef7\u4e0e\u80a1\u4ef7\u4e4b\u5dee)\u548c\u65f6\u95f4\u4ef7\u503c\u4e24\u90e8\u5206\uff0c\u800c\u63d0\u524d\u884c\u6743\u5c31\u7b49\u4e8e\u76f4\u63a5\u6390\u6b7b\u4e86\u65f6\u95f4\u4ef7\u503c\u3002\u4f46\u95ee\u9898\u662f\u7f8e\u56fd\u94f6\u884c\u6c14\u8272\u6062\u590d\u5f97\u5b9e\u5728\u592a\u597d\uff0c\u5c45\u7136\u5f00\u59cb\u8981\u589e\u52a0\u666e\u901a\u80a1\u6d3e\u606f\u4e86\u2014\u2014\u8fd9\u6837\u4e00\u7b97\uff0c7\u4ebf\u80a1\u666e\u901a\u80a1\u7684\u80a1\u606f\u5df2\u7ecf\u8d85\u8fc750\u4ebf\u7f8e\u5143\u4f18\u5148\u80a1\u7684\u80a1\u606f\u4e86\uff0c\u8001\u7237\u5b50\u4e00\u60f3\u592a\u5212\u7b97\u4e86\u8d76\u7d27\u884c\u6743\u3002\u800c\u4e14\u884c\u6743\u4e5f\u4e0d\u7528\u4ece\u515c\u91cc\u638f\u534a\u6bdb\u94b1\u3002\u60f3\u8fc7\u6ca1\u6709\uff1a\u4e3a\u5565\u884c\u6743\u4ef7\u662f7.14\u7f8e\u5143\/\u80a1?\u4e3a\u5565\u662f7\u4ebf\u80a1?\u56e0\u4e3a7.14 x 7 = 49.98\uff0c\u8fd9\u6837\u4f2f\u514b\u5e0c\u5c14\u5c31\u53ef\u4ee5\u76f4\u63a5\u7528\u503c50\u4ebf\u7684\u4f18\u5148\u80a1\u53bb\u7f6e\u63627\u4ebf\u80a1\u666e\u901a\u80a1\uff0c\u65e0\u73b0\u91d1\u4ea4\u6613\u7f8e\u6ecb\u6ecb\u3002<\/p>\n

\u8fd9\u73a9\u6cd5\u503c\u4e0d\u503c\u4e00\u6ce2666?\u54ea\u6015\u4e0d\u7b97\u5206\u7ea2\uff0c\u5df4\u83f2\u7279\u5728\u7f8e\u94f6\u8eab\u4e0a\u4e5f\u8d5a\u4e86160\u4ebf\u7f8e\u5143\u3002<\/p>\n

\u800c\u5728\u8fd9\u4e4b\u524d\uff0c\u9ad8\u5206\u7ea2\u4f18\u5148\u80a1+\u6743\u8bc1\u7684\u73a9\u6cd5\u5df2\u7ecf\u5728\u9ad8\u76db\u8eab\u4e0a\u73a9\u8fc7\u4e00\u6b21\uff0c\u540c\u6837\u662f50\u4ebf\u7f8e\u5143\u4f18\u5148\u80a1\uff0c\u4e8e2011\u5e74\u88ab\u9ad8\u76db\u4ee555\u4ebf\u7f8e\u5143\u8d4e\u56de;\u540c\u6837\u6253\u5305\u9644\u8d60\u884c\u6743\u4ef7\u4e3a115\u7f8e\u5143\u7684\u6743\u8bc1\uff0c\u6700\u540e\u9ad8\u76db\u4ee5\u767d\u90011320\u4e07\u80a1\u7684\u65b9\u5f0f\u5c06\u5176\u4e86\u65ad\u3002\u662f\u5f79\uff0c\u4f2f\u514b\u5e0c\u5c14\u8d5a\u4e865\u4ebf\u7f8e\u5143+1320\u4e07\u80a1\u9ad8\u76db\u80a1\u7968\uff0c\u603b\u4ef730\u4ebf\u7f8e\u5143\u6709\u4f59\u3002<\/p>\n

\u52a8\u4f5c\u719f\u7ec3\uff0c\u4f18\u96c5\u6ee1\u5206\u3002<\/p>\n

\u4e94\u3001\u4e2d\u77f3\u6cb9\uff1a\u5df4\u83f2\u7279\u6dd8\u5b9d\u7684\u79d8\u8bc0 $(PTR)$<\/p>\n

\u6700\u65e9\u6295\u8d44\u65f6\u95f4\uff1a 2002\u5e74<\/p>\n

\u6e05\u4ed3\u65f6\u95f4: 2007<\/p>\n

\u5e74\u5316\u6536\u76ca\u7387\uff1a50%<\/p>\n

\"\"<\/a><\/p>\n

2002\u5e74\u52302003\u5e74\u95f4\uff0c\u4f2f\u514b\u5e0c\u5c14\u65a5\u8d444.88\u4ebf\u7f8e\u5143\uff0c\u4e70\u5165\u4e2d\u77f3\u6cb91.3%\u7684\u80a1\u4efd\u3002\u5f53\u65f6\u4e2d\u77f3\u6cb9\u5e02\u503c\u5927\u7ea6\u662f350\u4ebf\u7f8e\u5143\uff0c\u5df4\u83f2\u7279\u4f30\u7b97\u81f3\u5c11\u5e94\u503c1000\u4ebf\u7f8e\u5143\u3002\u8001\u7237\u5b50\u8fd8\u662f\u4fdd\u5b88\u4e86\u3002\u800c\u540e\u6cb9\u4ef7\u5927\u6da8\uff0c\u4e2d\u77f3\u6cb9\u5e02\u503c\u6c34\u6da8\u8239\u9ad8\u52302750\u4ebf\uff0c\u8001\u7237\u5b50\u8fd9\u7b14\u6295\u8d44\uff0c\u4e94\u5e74\u91cc\u4e0a\u6da8\u4e86\u4e03\u500d\u3002<\/p>\n

\u8bb8\u591a\u4eba\u4f1a\u597d\u5947\uff0c\u8001\u7237\u5b50\u5230\u5e95\u662f\u5982\u4f55\u201c\u6dd8\u201d\u5230\u8fd9\u4e9b\u5b9d\u8d1d\u7684?\u5728\u4e2d\u77f3\u6cb9\u7684\u6848\u4f8b\u91cc\uff0c\u5df4\u83f2\u7279\u81ea\u8ff0\u5176\u9009\u80a1\u9075\u5faa\u80fd\u529b\u5708\uff0c\u4f46\u5e76\u65e0\u7279\u5b9a\u7684\u56fd\u5bb6\u6216\u5730\u7f18\u9650\u5236;\u53ea\u8981\u4ed6\u80fd\u8bfb\u5f97\u61c2\u8fd9\u5bb6\u516c\u53f8\u7684\u8d22\u62a5\u8bed\u8a00\u3001\u5546\u4e1a\u6a21\u5f0f\u548c\u4f1a\u8ba1\u62a5\u8868\uff0c\u4ed6\u90fd\u4f1a\u7eb3\u5165\u5230\u4ed6\u7684\u9009\u80a1\u6c60\u91cc\u6765\u3002\u4ed6\u81ea\u79f0\u5f53\u5e74\u78b0\u5de7\u9047\u5230\u4e86\u4e2d\u77f3\u6cb9\u7684\u8d22\u62a5\uff0c\u800c\u78b0\u5de7\u8fd9\u662f\u4efd\u82f1\u6587\u8d22\u62a5(\u6216\u8bb8\u6709\u4eba\u5728\u80cc\u540e\u7a7f\u9488\u5f15\u7ebf\u4e5f\u672a\u53ef\u77e5\uff0c\u4f46\u5df4\u83f2\u7279\u8d22\u62a5\u4e0a\u4e00\u5b9a\u662f\u4eb2\u529b\u4eb2\u4e3a)\u3002\u6240\u4ee5\u5df4\u83f2\u7279\u5bfb\u5b9d\u7684\u79d8\u8bc0\uff0c\u5c31\u662f\u8bfb\u8d22\u62a5\u3002<\/p>\n

\u5f53\u7136\u5e76\u4e0d\u662f\u6240\u6709\u4eba\u90fd\u4e70\u8d26\u8001\u7237\u5b50\u7684\u6dd8\u5b9d\u65b9\u6cd5\u3002\u57282008\u5e74\u7684\u4f2f\u514b\u5e0c\u5c14\u80a1\u4e1c\u4f1a\u4e0a\uff0c\u6709\u4eba\u8d28\u7591\u5df4\u83f2\u7279\u5c3d\u804c\u8c03\u67e5(due diligence)\u6ca1\u505a\u5230\u4f4d\uff0c\u8d28\u7591\u8005\u8bd8\u95ee\u9053\uff1a\u201c\u5982\u6b64\u5927\u7684\u6295\u8d44\uff0c\u60a8\u6240\u505a\u7684\u5c3d\u8c03\u5c31\u4ec5\u4ec5\u662f\u8bfb\u8bfb\u5e74\u62a5\u3002\u60a8\u4e0d\u60f3\u591a\u505a\u4e9b\u8c03\u67e5\u5417?\u201d<\/p>\n

\u5df4\u83f2\u7279\u56de\u7b54\uff1a\u201c\u5728\u4e2d\u77f3\u6cb9\u7684\u6295\u8d44\u4e0a\u6211\u4ece\u672a\u8be2\u95ee\u8fc7\u7b2c\u4e09\u65b9\u7684\u610f\u89c1\u3002\u6211\u8bfb\u5b8c\u8d22\u62a5\u540e\u8ba4\u4e3a\u4e2d\u77f3\u6cb9\u81f3\u5c11\u503c1000\u4ebf\u7f8e\u5143\uff0c\u7136\u540e\u56de\u5934\u53bb\u67e5\u80a1\u4ef7\uff0c\u53d1\u73b0\u53ea\u6709350\u4ebf\u7f8e\u5143\u3002(\u5dee\u8ddd\u5982\u6b64\u5de8\u5927)\uff0c\u518d\u505a\u8fc7\u591a\u5206\u6790\u4f1a\u6709\u5fc5\u8981\u5417?\u7cbe\u786e\u5230\u5c0f\u6570\u70b9\u540e\u4e09\u4f4d\u6beb\u65e0\u610f\u4e49\u3002\u5982\u679c\u6211\u77e5\u9053\u4e00\u4e2a\u4eba\u91cd300\u78c5\u4ee5\u4e0a\uff0c\u90a3\u4e48\u4e0d\u9700\u8981\u7cbe\u786e\u6570\u5b57\uff0c\u6211\u5c31\u80fd\u5b9a\u4e49\u662f\u4e2a\u80d6\u5b50\u3002\u201d<\/p>\n

\u8292\u683c\u8865\u5145\u9053\uff1a\u201c\u6211\u4eec\u5927\u6982\u662f\u5168\u7f8e\u56fd\u5c3d\u8c03\u82b1\u8d39\u6700\u4f4e\u7684\u6295\u8d44\u516c\u53f8\uff0c\u6709\u4e9b\u516c\u53f8\u6bcf\u5e74\u82b12\u4ebf\u7f8e\u5143\u5728\u5176\u4f1a\u8ba1\u5e08\u8eab\u4e0a;\u4f46\u6211\u4eec\u4ee5\u5de5\u7a0b\u5e08\u7684\u601d\u7ef4\u6765\u8ffd\u6c42\u5b89\u5168\u8fb9\u9645\uff0c\u6211\u8ba4\u4e3a\u6211\u4eec\u66f4\u5b89\u5168\u3002\u201d<\/p>\n

\u5728\u4e2d\u77f3\u6cb9\u7684\u6295\u8d44\u6848\u4f8b\u53cd\u6620\u51fa\u8001\u7237\u5b50\uff1a1. \u72ec\u7acb\u601d\u8003\u4e0e\u51b3\u7b56;2. \u5df4\u83f2\u7279\u7684\u6295\u8d44\u65b9\u6cd5\u662f\u4e00\u4e2a\u9006\u5411\u5de5\u7a0b\uff0c\u5148\u505a\u7814\u7a76\u5f97\u51fa\u4f30\u503c\uff0c\u53cd\u8fc7\u6765\u518d\u770b\u80a1\u4ef7\u3002\u5982\u679c\u4f60\u5148\u89c2\u5bdf\u80a1\u4ef7\uff0c\u5c31\u4f1a\u6709\u5148\u5165\u4e3a\u4e3b\u7684\u504f\u89c1\uff0c\u5bb9\u6613\u5f71\u54cd\u51b3\u7b56\u7684\u5ba2\u89c2\u6027\u3002\u5f53\u7136\u666e\u901a\u4eba\u662f\u5426\u4e5f\u80fd\u4ec5\u4ec5\u4f9d\u8d56\u8d22\u62a5\u4fe1\u606f\u6765\u505a\u51b3\u7b56?\u6211\u6ca1\u6709\u7ed3\u8bba\uff0c\u5df4\u83f2\u7279\u76f4\u89c9\u5316\u51b3\u7b56\u662f\u57fa\u4e8e\u65e5\u591c\u79ef\u7d2f\u7684\u7ecf\u9a8c\uff1a\u201c\u4e3a\u4ec0\u4e48\u6211\u80fd\u53d1\u73b0\u8fd9\u4e9b\u597d\u516c\u53f8?\u56e0\u4e3a\u522b\u4eba\u8bfb\u300a\u82b1\u82b1\u516c\u5b50\u300b\u7684\u65f6\u5019\uff0c\u6211\u90fd\u5728\u8bfb\u516c\u53f8\u8d22\u62a5\u3002\u201d<\/p>\n

\u516d\u3001\u53ef\u53e3\u53ef\u4e50\uff1a\u6de1\u6f20\u80a1\u4ef7\uff0c\u4e13\u6ce8\u751f\u610f $(KO)$<\/p>\n

\u6700\u65e9\u6295\u8d44\u65f6\u95f4\uff1a 1988\u5e74<\/p>\n

\u6e05\u4ed3\u65f6\u95f4\uff1a\u4ecd\u7136\u6301\u6709<\/p>\n

\u5e74\u5316\u6536\u76ca\u7387\uff1a24%<\/p>\n

\"\"<\/a><\/p>\n

\u53ef\u53e3\u53ef\u4e50\u53ef\u4ee5\u8bf4\u662f\u5df4\u83f2\u7279\u4ee3\u8868\u6027\u7684\u6295\u8d44\uff0c\u516b\u5341\u516b\u5c81\u8001\u6c49\u81ea\u79f0\u6bcf\u5929\u559d5\u52306\u7f50\u53ef\u4e50\uff0c\u5360\u5176\u6bcf\u65e5\u70ed\u91cf\u6444\u5165\u76841\/4\u3002\u4ed6\u66fe\u8bf4\uff1a\u6211\u7684\u56db\u5206\u4e4b\u4e00\u5c31\u662f\u53ef\u53e3\u53ef\u4e50\u3002\u6240\u4ee5\u6295\u8d44\u53ef\u53e3\u53ef\u4e50\uff0c\u662f\u4e00\u4e2a\u4ece\u4e2a\u4eba\u6d88\u8d39\u4f53\u9a8c\uff0c\u8fc7\u5ea6\u5230\u7ae5\u5e74\u505a\u5012\u7237\uff0c\u518d\u8fc7\u5ea6\u5230\u6295\u8d44\u505a\u80a1\u4e1c\u7684\u6545\u4e8b\u3002\u7ecf\u8fc7\u51e0\u6b21\u62c6\u80a1\u540e\u4f2f\u514b\u5e0c\u5c14\u6301\u67094\u4ebf\u80a1\u53ef\u53e3\u53ef\u4e50\uff0c\u4e5f\u4ece\u672a\u5356\u51fa\u4e00\u80a1\u80a1\u7968\u3002<\/p>\n

\u4ece\u4f2f\u514b\u5e0c\u5c14\u5bf9\u53ef\u53e3\u53ef\u4e50\u7684\u6295\u8d44\u91cc\uff0c\u6211\u4eec\u53ef\u4ee5\u8bfb\u51fa\u5df4\u83f2\u7279\u201c\u4ee5\u5408\u7406\u7684\u4ef7\u683c\u6295\u8d44\u4f18\u5f02\u7684\u516c\u53f8\u201d\u80dc\u4e8e\u201c\u4ee5\u4f18\u5f02\u7684\u4ef7\u683c\u6295\u8d44\u5e73\u5eb8\u7684\u516c\u53f8\u201d\u8fd9\u4e00\u7406\u5ff5\uff0c\u56e0\u4e3a\u4e70\u5165\u53ef\u53e3\u53ef\u4e50\u65f6\uff0c\u5176\u4f30\u503c\u96be\u8a00\u4fbf\u5b9c\u3002\u5728\u5df4\u83f2\u7279\u6295\u8d44\u524d\u7684\u4e09\u5e74\uff0c\u53ef\u53e3\u53ef\u4e50\u51c0\u5229\u6da6\u5df2\u7ecf\u589e\u957f\u4e8650%\uff0c\u5e02\u503c\u5df2\u7136\u7ffb\u4e86\u4e00\u756a\uff0c\u5e02\u76c8\u7387\u572815-19\u500d\u5de6\u53f3\uff0c\u4f30\u503c\u9ad8\u4e8e\u884c\u4e1a\u5e73\u5747\u3002\u6240\u4ee5\u534e\u5c14\u8857\u4e5f\u60ca\u547c\u770b\u4e0d\u61c2\u5df4\u83f2\u7279\u8fd9\u4e2a\u52a8\u4f5c\uff0c\u8fd9\u4e2a\u8001\u6c5f\u6e56\u4e0d\u662f\u5e94\u8be5\u4e13\u6361\u70df\u8482\u5417?<\/p>\n

\u81f3\u4e8e\u6295\u8d44\u903b\u8f91\uff0c\u5df4\u83f2\u7279\u4e5f\u65e0\u975e\u770b\u91cd\u53ef\u4e50\u7684\u54c1\u724c\u62a4\u57ce\u6cb3\u4e0e\u5168\u7403\u5316\u7684\u5e02\u573a\u89e6\u89d2\uff0c\u201c\u91c7\u8d2d\u5927\u5b97\u5546\u54c1\u3001\u9500\u552e\u54c1\u724c\u5546\u54c1\u4e00\u76f4\u4ee5\u6765\u90fd\u662f\u4e00\u4e2a\u597d\u7684\u751f\u610f\u6a21\u5f0f\u201d\u3002\u800c1987\u5e74\u7684\u80a1\u707e\u4e5f\u4e00\u5b9a\u7a0b\u5ea6\u63d0\u4f9b\u4e86\u4e70\u5165\u5951\u673a\u3002<\/p>\n

\u8fd9\u91cc\u53ef\u4ee5\u770b\u51fa\u5df4\u83f2\u7279\u7684\u7406\u5ff5\u4ece\u53d7\u5230\u683c\u96f7\u5384\u59c6\u7684\u5f71\u54cd(\u6211\u79f0\u4e4b\u4e3a\u4ef7\u503c\u6295\u8d44\u539f\u6559\u65e8\u4e3b\u4e49\uff0c\u5f3a\u8c03\u80a1\u7968\u5e02\u573a\u4ef7\u683c\u4e0e\u5185\u5728\u4ef7\u503c\u7684\u9519\u4f4d)\u2014\u2014\u5728\u8292\u683c\u7684\u6f5c\u79fb\u9ed8\u5316\u4e0b\u2014\u2014\u9010\u6e10\u8fdb\u5316\u5230\u201c\u7528\u5408\u9002\u4ef7\u683c\u4e70\u5165\u597d\u751f\u610f\u201d\u3002\u56e0\u4e3a\u968f\u7740\u4f2f\u514b\u5e0c\u5c14\u8fd9\u4e2a**\u8d8a\u6eda\u8d8a\u5927\uff0c\u5728\u5e02\u573a\u4e0a\u627e\u5230\u8db3\u591f\u5927\u7684\u4ef7\u683c\/\u4ef7\u503c\u7684\u9519\u4f4d\u673a\u4f1a\uff0c\u5df2\u7ecf\u5be5\u5be5\u96be\u4e3a\u3002<\/p>\n

\u5df4\u83f2\u7279\u5efa\u4ed3\u4e4b\u540e\uff0c\u6574\u4e2a\u817e\u98de\u7684\u4e5d\u5341\u5e74\u4ee3\uff0c\u53ef\u53e3\u53ef\u4e50\u4f30\u503c\u4e0e\u76c8\u5229\u53cc\u51fb\uff0c\u5341\u5e74\u5185\u80a1\u4ef7\u6da8\u4e86\u8fd118\u500d\u3002<\/p>\n

\u7136\u800c\u4ece2018\u5e74\u590d\u76d8\u6765\u770b\uff0c1998\u5e74\u81f32018\u5e74\u7684\u8fd9\u4e8c\u5341\u5e74\u95f4\uff0c\u53ef\u53e3\u53ef\u4e50\u7684\u80a1\u4ef7\u7ecf\u5386\u4e86\u8170\u65a9\u540e\u590d\u82cf\uff0c\u76f8\u8f83\u4e8e1998\u5e74\u51e0\u4e4e\u6ca1\u6709\u4ec0\u4e48\u589e\u957f\uff0c\u770b\u4f3c\u662f\u201c\u5931\u53bb\u7684\u4e8c\u5341\u5e74\u201d\u3002\u8bb8\u591a\u4eba\u8ba4\u4e3a\u8fd9\u662f\u4e00\u4e2asobering moment\uff0c\u8ba9\u4eba\u77e5\u9053\u80a1\u795e\u5df4\u83f2\u7279\u6bd5\u7adf\u4ecd\u662f\u51e1\u4eba\u3002\u4e5f\u6709\u4eba\u4ee5\u6d88\u8d39\u5927\u52bf\u7684\u53d8\u5316(\u4eba\u4eec\u5bf9\u542b\u7cd6\u996e\u6599\u5f71\u54cd\u5065\u5eb7\u7684\u89c9\u9192)\uff0c\u6765\u8bf4\u660e\u5df4\u83f2\u7279\u5224\u65ad\u9519\u4e86\u6d88\u8d39\u5e02\u573a\u7684\u8d8b\u52bf\uff0c\u4ed6\u6bcf\u5929\u559d\u4e94\u7f50\u53ef\u4e50\u4e0d\u4ee3\u8868\u522b\u4eba\u4e5f\u4f1a\u559d\u4e94\u7f50\uff0c\u5df4\u83f2\u7279\u7684\u8bef\u5224\u5bfc\u81f4\u4e86\u56de\u62a5\u7684\u60e8\u6de1\u3002<\/p>\n

\u800c\u6211\u7684\u89c2\u70b9\u662f\uff0c\u4e0d\u8981\u4ec5\u770b\u80a1\u4ef7\u3002\u5df4\u83f2\u7279\u591a\u6b21\u5f3a\u8c03\u4f2f\u514b\u5e0c\u5c14\u4e0d\u4f1a\u5356\u53ef\u53e3\u53ef\u4e50\u7684\u80a1\u7968\uff0c\u90a3\u5982\u679c\u4e0d\u5356\uff0c\u5176\u5b9e\u80a1\u4ef7\u672c\u8eab\u53ea\u662f\u4e00\u4e2a\u8d26\u9762\u4e0a\u7684\u6570\u5b57\uff0c\u800c\u771f\u91d1\u767d\u94f6\u6765\u81ea\u4e8e\u516c\u53f8\u7684\u80a1\u5229\u5206\u7ea2\u3002\u53ef\u4e50\u7ed9\u4f2f\u514b\u5e0c\u5c14\u5e26\u6765\u7684\u80a1\u5229\u7f44\u7af9\u96be\u4e66\uff0c\u501f\u7528\u8001\u7237\u5b50\u57282010\u5e74\u80a1\u4e1c\u4fe1\u91cc\u7684\u4e00\u6bb5\u8bdd\uff1a<\/p>\n

\u201c1995 \u5e74\u6211\u4eec\u4ece\u53ef\u53e3\u53ef\u4e50\u516c\u53f8\u83b7\u5f97\u4e86 8800 \u4e07\u7f8e\u5143\u80a1\u5229\u3002\u81ea\u90a3\u65f6\u8d77\u7684\u6bcf\u4e00\u5e74\u53ef\u53e3\u53ef\u4e50\u90fd\u5728\u63d0\u9ad8\u5206\u7ea2\u30022011 \u5e74\uff0c\u6211\u4eec\u51e0\u4e4e\u80af\u5b9a\u80fd\u83b7\u5f97\u53ef\u4e50\u7684 3.76\u4ebf\u7f8e\u5143\u5206\u7ea2\uff0c\u6bd4\u53bb\u5e74\u9ad8\u4e862400 \u4e07\u7f8e\u5143\u3002\u6211\u9884\u671f\u5341\u5e74\u5185\u8fd9\u4e2a\u5206\u7ea2\u6570\u5b57\u5c06\u7ffb\u500d\u3002\u6709\u671d\u4e00\u65e5\u5982\u679c\u6211\u4eec\u6bcf\u5e74\u62ff\u5230\u7684\u5206\u7ea2\u90fd\u5df2\u8d85\u8fc7\u5f53\u521d\u6295\u5165\u53ef\u53e3\u53ef\u4e50\u7684\u8d44\u672c\uff0c\u6211\u4e0d\u4f1a\u611f\u5230\u5947\u602a\u3002\u65f6\u95f4\u662f\u8fd9\u7b14\u597d\u751f\u610f\u7684\u670b\u53cb\u3002\u201d<\/p>\n

\u53ef\u53e3\u53ef\u4e50\u662f\u4e3a\u6570\u6781\u5c11\u7684\u8fc7\u53bb\u4e94\u5341\u5e74\u6765\u6bcf\u5e74\u90fd\u589e\u52a0\u80a1\u5229\u5206\u7ea2\u7684\u516c\u53f8\uff0c\u4ece1988\u5e74\u6bcf\u5e74\u5206\u7ea20.075\u7f8e\u5143\uff0c\u52302017\u5e74\u6bcf\u5e74\u52061.48\u7f8e\u5143\uff0c2018\u5e74\u4f1a\u5206\u7ea21.56\u7f8e\u5143\u30022017\u5e74\u4f2f\u514b\u5e0c\u5c14\u4ece\u53ef\u53e3\u53ef\u4e50\u62ff\u5230\u7684\u73b0\u91d1\u5206\u7ea2\u662f5.92\u4ebf\u7f8e\u5143\uff0c\u5df2\u5360\u5f53\u5e74\u6295\u8d44\u672c\u91d1\u768445%\u3002<\/p>\n

\u6240\u4ee5\u6211\u4eec\u4e0d\u5e94\u4ee5\u8d44\u672c\u5229\u5f97\u4e4b\u5fc3\uff0c\u53bb\u5ea6\u8001\u7237\u5b50\u7784\u51c6\u5206\u7ea2\u6536\u5165\u4e4b\u8179\u3002\u6211\u8ba4\u4e3a\u53ef\u53e3\u53ef\u4e50\u6b63\u662f\u4ee5\u683c\u96f7\u5384\u59c6\u6559\u5bfc\u7684\u4ee5\u4e70\u4f01\u4e1a\u4e3a\u76ee\u7684\u8fdb\u884c\u80a1\u6743\u6295\u8d44\u7684\u4e00\u4e2a\u4e0a\u4f73\u6848\u4f8b\u3002\u5f88\u591a\u4eba\u4e5f\u81ea\u547d\u4e70\u80a1\u7968\u5c31\u662f\u4e70\u4f01\u4e1a\uff0c\u4f46\u662f\u80a1\u4ef7\u4e00\u6709\u98ce\u5439\u8349\u52a8\uff0c\u6216\u60f6\u60f6\u4e0d\u53ef\u7ec8\u65e5\uff0c\u6216\u8d76\u7d27\u83b7\u5229\u4e86\u7ed3\uff0c\u54ea\u91cc\u6709\u4e00\u4e1d\u4e00\u6beb\u4e70\u4f01\u4e1a\u7684\u5fc3\u6001\u3002<\/p>\n

\u800c\u4e14\u5982\u679c\u4ece\u66f4\u5bbd\u8fdc\u7684\u5927\u5c40\u51fa\u53d1\uff0c\u53ef\u53e3\u53ef\u4e50\u4e3a\u4f2f\u514b\u5e0c\u5c14\u5e26\u6765\u7684\u5229\u76ca\u751a\u81f3\u8981\u8d85\u8fc7\u80a1\u4ef7\u589e\u957f\u4e0e\u5206\u7ea2\u73b0\u91d1\u3002\u56e0\u4e3a\u5f531998\u5e74\u53ef\u53e3\u53ef\u4e50\u7684\u5e02\u76c8\u7387\u903c\u8fd150\u500d\u65f6\uff0c\u4f2f\u514b\u5e0c\u5c14\u7684\u4f30\u503c(\u5e02\u51c0\u7387)\u4e5f\u903c\u8fd1\u81f3\u5386\u53f2\u5dc5\u5cf0\uff0c\u673a\u667a\u7684\u5df4\u83f2\u7279\u81ea\u7136\u5c31\u501f\u673a\u589e\u53d1\u4e86\u65b0\u80a1\uff0c\u5e76\u4ee5\u878d\u8d44\u989d\u6536\u8d2d\u4e86\u518d\u4fdd\u9669\u516c\u53f8\u548c\u5176\u4ed6\u4e00\u4e9b\u6295\u8d44;\u6240\u4ee5\u50cf\u53ef\u53e3\u53ef\u4e50\u6295\u8d44\u6240\u5e26\u6765\u7684\u5916\u90e8\u6027\u6536\u76ca\uff0c\u6211\u4eec\u5f88\u5bb9\u6613\u4e00\u53f6\u969c\u76ee\u800c\u4e0d\u89c1\u68ee\u6797\u3002\u8c01\u80fd\u8bf4\u53ef\u4e50\u5e26\u6765\u7684\u4ec5\u4ec5\u662f\u8d26\u9762\u4e0a\u7684\u6d6e\u76c8\u5462?<\/p>\n

\u4e03\u3001\u82f9\u679c\uff1a\u516b\u65ec\u8001\u6c49\u4ecd\u662f\u8fdb\u5316\u4f53 $(AAPL)$<\/p>\n

\u6700\u65e9\u6295\u8d44\u65f6\u95f4\uff1a 2016\u5e74<\/p>\n

\u6e05\u4ed3\u65f6\u95f4\uff1a\u4ecd\u7136\u6301\u6709<\/p>\n

\u5e74\u5316\u6536\u76ca\u7387\uff1a17%<\/p>\n

\"\"<\/a><\/p>\n

\u8bb8\u591a\u4eba\u8bf4\u6295\u8d44\u82f9\u679c\u7684\u51b3\u5b9a\u5e76\u975e\u51fa\u81ea\u5df4\u83f2\u7279\u3001\u800c\u662f\u51fa\u81ea\u5176\u624b\u4e0b\u9a6c\u4ed4\uff0c10\u4ebf\u7f8e\u5143\u7ea7\u522b\u4ee5\u4e0b\u7684\u6295\u8d44\u8001\u7237\u5b50\u5df2\u4e0d\u8fc7\u95ee\uff0c\u800c\u4e14\u5df4\u83f2\u7279\u57282016\u548c2017\u5e74\u7684\u80a1\u4e1c\u4fe1\u5bf9\u82f9\u679c\u53ea\u5b57\u672a\u63d0\uff0c\u66f4\u8ba9\u4eba\u89c9\u5f97\u82f9\u679c\u5e76\u975e\u94a6\u70b9\u3002\u4f46\u76ee\u524d\u82f9\u679c\u4ed3\u4f4d\u5df2\u7ecf\u662f\u4f2f\u514b\u5e0c\u5c14\u6570\u4e00\u6570\u4e8c\u7684\u80a1\u6743\u6295\u8d44(\u622a\u6b622017\u5e74\u5e95\u4ef7\u503c280\u4ebf\u7f8e\u5143)\uff0c\u5982\u6b64\u5927\u624b\u7b14\u7684\u6295\u5165\uff0c\u8239\u957f\u517c\u8235\u624b\u517c\u53d1\u8a00\u4eba\u7684\u5df4\u83f2\u7279\u4e0d\u95fb\u4e0d\u95ee\u4e0d\u51b3\u7b56\uff0c\u4e0d\u7ba1\u4f60\u4fe1\u4e0d\u4fe1\uff0c\u53cd\u6b63\u6211\u662f\u4e0d\u4fe1\u3002<\/p>\n

\u4f20\u7edf\u4e0a\u5df4\u83f2\u7279\u4e0d\u7231\u79d1\u6280\u80a1\u2014\u2014 \u4ed6\u8ffd\u6c42\u6bd4\u8f83\u786e\u5b9a\u7684\u56de\u62a5\uff0c\u800c\u975e\u6f5c\u529b\u5927\u4f46\u98ce\u9669\u4e5f\u5927\u7684\u6295\u8d44\u3002\u7528\u4ed6\u7684\u539f\u8bdd\u6765\u8bb2\uff0c\u5c31\u662f\u201c\u6211\u548c\u8001\u8292\u6b22\u8fce\u9769\u65b0\u2014\u2014\u65b0\u70b9\u5b50\u3001\u65b0\u4ea7\u54c1\u3001\u65b0\u6280\u672f\uff0c\u8fd9\u4e9b\u65b0\u4e1c\u897f\u63d0\u9ad8\u4e86\u6211\u4eec\u7684\u751f\u6d3b\u6c34\u5e73\u3002\u4f46\u4f5c\u4e3a\u4e00\u4e2a\u6295\u8d44\u8005\uff0c\u6211\u4eec\u5bf9\u65b0\u5174\u884c\u4e1a\u7684\u6001\u5ea6\u5c31\u50cf\u6211\u4eec\u5bf9\u592a\u7a7a\u63a2\u7d22\u4e00\u6837\uff1a\u6211\u4eec\u4e3a\u5176\u559d\u5f69\uff0c\u4f46\u662f\u6211\u4eec\u4e0d\u60f3\u771f\u7684\u4e0a\u53bb\u3002\u201d \u5df4\u83f2\u7279\u5f3a\u8c03\u80fd\u529b\u5708\uff0c\u800c\u4ed6\u8ba4\u4e3a\u9884\u6d4b\u5728\u4e00\u4e2a\u53d8\u5316\u98ce\u9a70\u7535\u63a3\u7684\u884c\u4e1a\u91cc\u67d0\u4e2a\u516c\u53f8\u7684\u5174\u8870\uff0c\u8fd9\u8d85\u51fa\u4e86\u4ed6\u4e0e\u8292\u683c\u7684\u80fd\u529b\u3002<\/p>\n

\u4f46\u6700\u7ec8\u4f2f\u514b\u5e0c\u5c14\u8fd8\u662f\u4ee5\u6beb\u4e0d\u73a9\u7968\u7684\u4ed3\u4f4d\uff0c\u53bb\u6295\u8d44\u4e86IBM\u548c\u82f9\u679c\u3002\u5f88\u591a\u4eba\u8bf4\uff0c\u8001\u7237\u5b50\uff0c\u54b1\u4e0d\u662f\u8bf4\u597d\u4e86\u4e0d\u73a9\u79d1\u6280\u80a1\u7684\u4e48\uff0c\u4f60\u7684\u7eaa\u5f8b\u4f55\u5728?\u6211\u60f3\u8fd9\u4e5f\u8bb8\u662f\u5df4\u83f2\u7279\u4e0d\u613f\u610f\u591a\u8c08\u7684\u539f\u56e0\uff0c\u6216\u591a\u6216\u5c11\u6709\u70b9\u6253\u8138\u3002\u4f46\u4f2f\u514b\u5e0c\u5c14\u6295\u8d44\u82f9\u679c\u7684\u903b\u8f91\u4e5f\u662f\u975e\u5e38\u6e05\u6670\uff1a1. \u5df4\u83f2\u7279\u8ba4\u4e3a\u82f9\u679c\u516c\u53f8\u7684\u4ea7\u54c1\u5df2\u7ecf\u662f\u6211\u4eec\u7684\u751f\u6d3b\u65b9\u5f0f\uff0c\u4eba\u4eec\u56f4\u7ed5\u81ea\u5df1\u7684iPhone\u6765\u89c4\u5212\u751f\u6d3b\uff0c\u8fd9\u662f\u62a4\u57ce\u6cb3\u7684\u4f53\u73b0;2. \u82f9\u679c\u6709\u6781\u5f3a\u7684\u76c8\u5229\u80fd\u529b\u3002\u5df4\u83f2\u7279\u6700\u7231\u7684\u6307\u6807\u4e4b\u4e00\u662f\u51c0\u8d44\u4ea7\u56de\u62a5\u7387\uff0c\u82f9\u679c\u7684ROE\u8fd1\u5e74\u6765\u6301\u7eed\u4fdd\u6301\u572835%-45%\uff0c\u4f30\u503c\u4e5f\u5904\u5728\u5408\u7406\u533a\u95f4\u3002<\/p>\n

\u53e6\u5916\uff0c\u4f2f\u514b\u5e0c\u5c14\u4e00\u76f4\u9762\u5bf9\u7740\u4e00\u4e2a\u9020\u4f5c\u800c\u5e78\u798f\u7684\u70e6\u607c\uff0c\u5c31\u662f\u5176\u4e0b\u4f18\u8d28\u7684\u4f01\u4e1a\u6240\u6e90\u6e90\u4e0d\u65ad\u521b\u9020\u5927\u91cf\u73b0\u91d1\uff0c\u4f46\u5e02\u573a\u4e0a\u6ca1\u6709\u8db3\u591f\u591a\u4f18\u8d28\u7684\u6295\u8d44\u673a\u4f1a\u80fd\u6d88\u5316\u6389\u8fd9\u4e9b\u73b0\u91d1\u3002\u5bf9\u82f9\u679c\u7684\u6295\u8d44\u4e5f\u90e8\u5206\u6536\u5438\u6536\u89e3\u51b3\u4e86\u8fd9\u4e2a\u95ee\u9898\uff0c\u4f7f\u5f97\u5927\u8c61\u4e5f\u80fd\u8d77\u821e\u3002\u2014\u2014 \u4e0d\u8fc7\u8bdd\u8bf4\u56de\u6765\uff0c\u82f9\u679c\u7f13\u548c\u4e86\u4f2f\u514b\u5e0c\u5c14\u7684\u73b0\u91d1\u95ee\u9898\uff0c\u4f46\u8c01\u53c8\u6765\u89e3\u51b3\u82f9\u679c\u7684\u73b0\u91d1\u95ee\u9898?<\/p>\n

\u5728\u53d9\u8ff0\u7684\u601d\u8def\u4e2d\uff0c\u6211\u5f3a\u8c03\u4e86\u5df4\u83f2\u7279\u6295\u8d44\u7406\u5ff5\u7684\u4e00\u4e9b\u8fdb\u5316\uff0c\u4ece\u683c\u5f0f\u4ef7\u6295\u5230\u8292\u6c0f\u4ef7\u6295\u6700\u540e\u5230\u5df4\u6c0f\u4ef7\u6295\uff0c\u4ece\u5bf9\u79d1\u6280\u80a1\u7684\u6000\u7591\u5230\u5bf9\u79d1\u6280\u80a1\u7684\u62e5\u62b1\uff0c\u5e74\u8fd1\u4e5d\u65ec\u7684\u5df4\u83f2\u7279\u4ecd\u7136\u662f\u4e00\u4e2a\u8fdb\u5316\u4f53\u3002\u8292\u683c\u8bf4\uff1a\u201c\u5df4\u83f2\u7279\u6295\u8d44\u82f9\u679c\uff0c\u8981\u4e48\u5c31\u662f\u4ed6\u75af\u4e86\uff0c\u8981\u4e48\u5c31\u662f\u4ed6\u4ecd\u5728\u505a\u8fd9\u4e2a\u5e02\u573a\u7684\u5b66\u751f\uff0c\u6211\u504f\u5411\u4e8e\u540e\u4e00\u79cd\u89e3\u91ca\u3002\u201d\u8fd9\u4e5f\u662f\u6211\u5728\u82f9\u679c\u6295\u8d44\u91cc\u770b\u5230\u7684\u5df4\u83f2\u7279\u54f2\u5b66\u7684\u4e00\u4e2a\u95ea\u5149\u70b9\uff0c\u9762\u5bf9\u65e5\u591c\u517c\u7a0b\u7684\u4e16\u754c\uff0c\u4efb\u4f55\u4eba\u90fd\u5e94\u8be5\u662f\u8c26\u5351\u7684\u5c0f\u5b66\u751f\uff0c\u90fd\u5e94\u8be5\u4e0d\u65ad\u5b66\u4e60\u3002\u800c\u5df4\u83f2\u7279\u53c8\u6709\u591a\u8c26\u865a\uff1a<\/p>\n

\u6709\u4eba\u95ee\uff1a\u201c\u5df4\u8001\uff0c\u662f\u4ec0\u4e48\u539f\u56e0\u8ba9\u60a8\u4e00\u76f4\u6ca1\u6709\u53bb\u6295\u8d44\u4e9a\u9a6c\u900a?\u201d \u2014\u2014 \u201c\u56e0\u4e3a\u8822\u3002\u201d<\/p>\n

\u516b\u3001SANBORN\u516c\u53f8\uff1a\u5df4\u83f2\u7279\u9752\u5e74\u7684\u7360\u7259<\/p>\n

\u6700\u65e9\u6295\u8d44\u65f6\u95f4\uff1a 1959\u5e74<\/p>\n

\u6e05\u4ed3\u65f6\u95f4\uff1a1960\u5e74<\/p>\n

\u5e74\u5316\u6536\u76ca\u7387\uff1a50%<\/p>\n

\u8fd9\u7b14\u5df4\u83f2\u7279\u7684\u65e9\u671f\u6295\u8d44\u5f88\u5c11\u6709\u4eba\u77e5\u9053\uff0c\u4f46\u5176\u5bf9\u540e\u6765\u7684\u4f2f\u514b\u5e0c\u5c14\u6709\u8fd1\u4e4e\u5960\u57fa\u7684\u4f5c\u7528\u3002\u5f53\u65f6\u4ee5\u683c\u96f7\u5384\u59c6\u4ef7\u503c\u6295\u8d44\u7406\u5ff5\u4e3a\u4fe1\u4ef0\u7684\u9752\u5e74\u5df4\u83f2\u7279\uff0c\u4ee5\u6fc0\u8fdb\u6295\u8d44\u8005(activist investors\uff0c\u6307\u90a3\u4e9b\u63d2\u8db3\u516c\u53f8\u7ba1\u7406\u51b3\u7b56\u7684\u5927\u80a1\u4e1c)\u7684\u59ff\u52bf\uff0c\u505a\u4e86\u4e00\u7cfb\u5217\u5feb\u5200\u996e\u8840\u7684\u4e3b\u52a8\u578b\u6295\u8d44\uff0c\u4e0e\u5982\u4eca\u7684\u5df4\u83f2\u7279\u98ce\u683c\u8fe5\u5f02\u3002<\/p>\n

\u5728\u4e0a\u4e2a\u4e16\u7eaa\u4e94\u5341\u5e74\u4ee3\uff0c\u5f53\u65f6\u7684\u5df4\u83f2\u7279\u5408\u4f19\u57fa\u91d1\u770b\u4e2d\u4e86\u4e00\u5bb6\u53ebSanborn Map \u7684\u516c\u53f8\u3002\u8be5\u516c\u53f8\u4e3b\u8425\u4e1a\u52a1\u4e3a\u6d4b\u7ed8\u6781\u5176\u7cbe\u5bc6\u8be6\u7ec6\u3001\u5185\u5bb9\u4e30\u5bcc\u7684\u5730\u56fe\u4ea7\u54c1\u3002\u4e00\u4e2a\u5c0f\u9547\u7684\u5730\u56fe\uff0c\u505a\u51fa\u6765\u53ef\u4ee5\u91cd\u8fbe23\u516c\u65a4\u3002\u516c\u53f8\u7684\u4e3b\u8981\u5ba2\u6237\u2014\u2014\u8bf8\u5982\u706b\u707e\u4fdd\u9669\u516c\u53f8\u2014\u2014\u6781\u5ea6\u9700\u8981\u8fd9\u4e9b\u4fe1\u606f\u6765\u8861\u91cf\u627f\u4fdd\u98ce\u9669\u3002<\/p>\n

Sanborn\u5730\u56fe\u516c\u53f8\u5728\u65e9\u671f\u9760\u5784\u65ad\u652b\u53d6\u4e86\u5927\u91cf\u7ecf\u6d4e\u5229\u76ca\uff0c\u800c\u4e14\u51e0\u4e4e\u4e0d\u53d7\u7ecf\u6d4e\u5468\u671f\u5f71\u54cd\uff0c\u4e5f\u4e0d\u9700\u8981\u5927\u91cf\u7684\u8d44\u672c\u6295\u5165\u3002\u8fd9\u662f\u90a3\u79cd\u5df4\u83f2\u7279\u6700\u559c\u6b22\u7684\u4e0d\u9700\u8981\u5de8\u5927\u8d44\u672c\u6295\u5165\u5374\u53ef\u4ee5\u4e0d\u65ad\u5236\u9020\u73b0\u91d1\u6d41\u7684\u516c\u53f8\u3002\u4ece\u4e09\u5341\u5e74\u4ee3\u5f00\u59cb\uff0c\u7531\u4e8e\u94b1\u591a\u53c8\u6ca1\u5730\u65b9\u82b1\uff0c\u8fd9\u5bb6\u516c\u53f8\u81ea\u7136\u800c\u7136\u5c06\u95f2\u7f6e\u8d44\u91d1\u7528\u4e8e\u6295\u8d44\uff0c\u503a\u6743\u80a1\u6743\u5404\u6295\u4e00\u534a\uff0c\u5e76\u9010\u6b65\u79ef\u7d2f\u4e86\u4e00\u4e2a\u9887\u4e3a\u53ef\u89c2\u7684\u6295\u8d44\u7ec4\u5408\u3002<\/p>\n

\u540e\u6765\u7684\u4e8c\u5341\u5e74\u516c\u53f8\u7684\u4e3b\u4e1a\u8870\u8d25\uff0c1938\u5e74\u52301958\u5e74\uff0c\u9053\u6307\u4ece100\u6da8\u5230\u4e86550\uff0c\u4f46Sanborn\u7684\u80a1\u7968\u5374\u4ece110\u7f8e\u5143\u8dcc\u5230\u4e8645\u7f8e\u5143\u3002\u4e0e\u6b64\u540c\u65f6\uff0cSanborn\u516c\u53f8\u6295\u8d44\u7ec4\u5408\u7684\u4ef7\u503c\u4ece\u6bcf\u80a120\u7f8e\u5143\u6da8\u5230\u4e86\u6bcf\u80a165\u7f8e\u5143\u3002\u5df4\u83f2\u7279\u7b97\u4e86\u7b14\u8d26\uff0c45\u7f8e\u5143\u53ef\u4ee5\u4e70\u5230\u5e02\u4ef765\u7f8e\u5143\u7684\u6295\u8d44\u7ec4\u5408\uff0c\u5916\u52a0\u516c\u53f8\u4ecd\u7136\u76c8\u5229\u7684\u5730\u56fe\u4e1a\u52a1\u2014\u2014 \u5982\u6b64\u7b26\u5408\u683c\u5f0f\u4ef7\u6295\u7684\u6295\u8d44\u673a\u4f1a\u51fa\u73b0\u5728\u773c\u524d\uff0c\u4e8e\u662f\u5df4\u83f2\u7279\u5408\u4f19\u57fa\u91d1\u52a8\u7528\u4e8635%\u7684\u8d44\u4ea7\u4e70\u4e86\u8fd9\u5bb6\u516c\u53f8\u7684\u80a1\u7968\u3002<\/p>\n

\u80a1\u4ef7\u6253\u6298\u7684\u539f\u56e0\u662f\u5e02\u573a\u5bf9\u7ba1\u7406\u5c42\u7684\u4e0d\u4fe1\u4efb\u2014\u2014\u7531\u4e8e\u6295\u8d44\u6536\u76ca\u5de8\u5927\uff0c\u7ba1\u7406\u5c42\u65e0\u5fc3\u641e\u5b9e\u4e1a\u3002 \u800c\u516c\u53f8\u7684\u8463\u4e8b\u4f1a\u4e5f\u6beb\u65e0\u5c65\u804c\u610f\u8bc6\uff0c\u4ed6\u4eec\u624b\u4e2d\u80a1\u7968\u6781\u5c11\uff0c\u5bf9\u80a1\u4e1c\u7684\u5229\u76ca\u6f20\u4e0d\u5173\u5fc3\uff0c\u90fd\u5728\u6253\u9171\u6cb9\u3002\u4ed6\u4eec\u6ca1\u6709\u52a8\u529b\u4e3a\u516c\u53f8\u80a1\u4e1c\u91ca\u653e\u4ef7\u503c\u3002<\/p>\n

\u516c\u53f8\u524d\u4e3b\u5e2d\u53bb\u4e16\u540e\u7559\u4e0b\u7684\u5b64\u513f\u5be1\u6bcd\u6301\u6709\u4e00\u4e9b\u516c\u53f8\u80a1\u7968\uff0c\u5df4\u83f2\u7279\u5c31\u5148\u4ece\u4ed6\u4eec\u624b\u4e0a\u628a\u8fd9\u4e9b\u80a1\u7968\u6536\u8d70\uff0c\u4e4b\u540e\u53c8\u5728\u516c\u5f00\u5e02\u573a\u589e\u6301\uff0c\u5e76\u4eb2\u81ea\u8fdb\u9a7b\u8463\u4e8b\u4f1a;\u4ed6\u8fd8\u8054\u5408\u5176\u4ed6\u4e0d\u6ee1\u7684\u5927\u80a1\u4e1c\uff0c\u5f00\u59cb\u5411\u7ba1\u7406\u5c42\u65bd\u538b\uff0c\u6700\u540e\u5df4\u83f2\u7279\u8054\u76df\u5728\u516c\u53f8\u5360\u80a1\u4e3a44%\u3002\u6700\u540e\u516c\u53f8\u7ba1\u7406\u5c42\u88ab\u903c\u8ba9\u6b65\uff0c\u540c\u610f\u5c06Sanborn\u7684\u6295\u8d44\u7ec4\u5408\u4ee5\u516c\u5141\u4ef7\u683c\u5206\u62c6\u51fa\u6765\uff0c\u91ca\u653e\u4ef7\u503c\u3002\u8fd9\u4e00\u6218\uff0c\u5df4\u83f2\u7279\u5408\u4f19\u57fa\u91d1\u5728\u8fd9\u4e2a35%\u7684\u4ed3\u4f4d\u4e0a\u83b7\u5229\u5927\u7ea6\u662f50%\u3002\u8fd9\u4e00\u6218\u5bf9\u8941\u8913\u4e2d\u7684\u5df4\u83f2\u7279\u5e1d\u56fd\u610f\u4e49\u975e\u51e1\u3002<\/p>\n

\u7528\u8001\u7237\u5b50\u57281960\u5e74\u6295\u8d44\u8005\u4fe1\u7684\u539f\u8bdd\u6765\u8bb2\uff1a<\/p>\n

\u201c\u76ee\u524d\u6211\u4eec\u7684\u7ec4\u5408\u91cc\uff0c\u88ab\u52a8\u6295\u8d44\u5229\u6da6\u8870\u51cf\u3001\u4e3b\u52a8\u6295\u8d44\u5229\u6da6\u4e0a\u626c\uff0c\u4f46\u6211\u5176\u5b9e\u5e76\u4e0d\u77e5\u9053\u54ea\u5757\u66f4\u91cd\u8981\uff0c\u56e0\u4e3a\u8fd9\u53d6\u51b3\u4e8e\u5f53\u65f6\u5e02\u573a\u60c5\u51b5\u3002\u6211\u76ee\u524d\u7684\u6001\u5ea6\u662f\uff0c\u6211\u4eec\u5e94\u8be5\u53cc\u7ba1\u9f50\u4e0b\u3002\u5927\u591a\u6570\u60c5\u51b5\u4e0b\u5927\u5bb6\u90fd\u559c\u6b22\u642d\u4fbf\u8f66\uff0c\u4f46\u6709\u65f6\u5019\u5927\u80a1\u4e1c\u5fc5\u987b\u8981\u4e3a\u76c8\u5229\u4e0d\u4f73\u6216\u8005\u5229\u7528\u4e0d\u8db3\u7684\u8d44\u4ea7\u60f3\u522b\u7684\u529e\u6cd5\uff0c\u6765\u626d\u8f6c\u5c40\u9762\u3002\u6211\u4eec\u5728 Sanborn \u548c Dempster \u7684\u6295\u8d44\u4e0a\u90fd\u4eb2\u529b\u4eb2\u4e3a\uff0c\u4f46\u5728\u672a\u6765\uff0c\u6211\u4eec\u8fd8\u662f\u66f4\u613f\u610f\u522b\u4eba\u6765\u5e72\u8fd9\u4e2a\u7d2f\u6d3b\u3002\u5f53\u7136\u6211\u4eec\u8981\u6ce8\u610f\uff0c\u4e00\u662f\u673a\u4f1a\u672c\u8eab\u8981\u6709\u5de8\u5927\u7684\u6295\u8d44\u4ef7\u503c\uff0c\u4e8c\u662f\u8981\u7559\u610f\u6211\u4eec\u662f\u5728\u642d\u8c01\u7684\u8f66\u3002\u201d<\/p>\n

\u5df4\u83f2\u7279\u4e5f\u4ecb\u7ecd\u4e86\u4ed6\u7684\u4e3b\u52a8\u6295\u8d44\u54f2\u5b66\uff1a1. \u5982\u65e0\u5fc5\u8981\uff0c\u5343\u4e07\u4e0d\u4e0e\u751f\u610f\u4f19\u4f34\u5f00\u6218;2. \u516c\u53f8\u8463\u4e8b\u4f1a\uff0c\u4e00\u534a\u662f\u751f\u610f\uff0c\u53e6\u4e00\u534a\u662f\u4eba\u60c5\u30023. \u597d\u7684\u751f\u610f\u4eba\u5c31\u5982\u540c\u597d\u7684\u653f\u6cbb\u5bb6\uff0c\u8981\u5bf9\u6218\u4e89\u4e0e\u548c\u5e73\u7684\u8282\u594f\u4e86\u5982\u6307\u638c\u3002<\/p>\n

\u4e5d\u3001\u7f8e\u56fd\u8fd0\u901a\uff1a\u4e00\u4e2a\u5c0f\u80bf\u7624\u5e26\u6765\u7684\u826f\u673a $(AXP)$<\/p>\n

\u6700\u65e9\u6295\u8d44\u65f6\u95f4\uff1a1963\u5e74<\/p>\n

\u6e05\u4ed3\u65f6\u95f4\uff1a\u4ecd\u7136\u6301\u6709<\/p>\n

\u5e74\u5316\u6536\u76ca\u7387\uff1a12%<\/p>\n

\"\"<\/a><\/p>\n

\u5173\u4e8e\u5df4\u83f2\u7279\u6295\u8d44\u7f8e\u56fd\u8fd0\u901a\u516c\u53f8(American Express)\u7684\u6545\u4e8b\u6211\u8bb2\u8fc7\u591a\u6b21\uff0c\u51e0\u4e4e\u6bcf\u4e00\u6b21\u90fd\u662f\u4e3a\u4e86\u6765\u8bc1\u660e\u4e00\u4e2a\u770b\u4f3c\u706b\u70e7\u7709\u6bdb\u3001\u4f46\u5b9e\u5219\u4e0d\u4f24\u516c\u53f8\u7b4b\u9aa8\u7684\u5371\u673a\u5f80\u5f80\u662f\u6295\u8d44\u7684\u4e00\u4e2a\u7edd\u4f73\u5165\u53e3\u3002\u800c\u8fd0\u901a\u7684\u201c\u8272\u62c9\u6cb9\u4e11\u95fb\u201d\u5c31\u662f\u8fd9\u6837\u7684\u4e00\u6869\u5371\u673a\u3002\u4e11\u95fb\u53d1\u751f\u57281963\u5e74\uff0c\u5f53\u65f6\u7f8e\u56fd\u8fd0\u901a\u65d7\u4e0b\u4e3b\u8425\u6709\u56db\u5757\u4e1a\u52a1\u2014\u2014\u94f6\u884c\u4e1a\u52a1\u3001\u65c5\u884c\u652f\u7968\u4e1a\u52a1\u3001\u4fe1\u7528\u5361\u4e1a\u52a1\u548c\u4ed3\u50a8\u4e1a\u52a1(warehousing)\uff0c\u5176\u4e2d\u4ed3\u50a8\u662f\u6307\u4ee5\u8d37\u6b3e\u516c\u53f8\u5e93\u5b58\u4f5c\u4e3a\u62b5\u62bc\u8fdb\u884c\u653e\u8d37\u3002<\/p>\n

\u6b63\u662f\u4ed3\u50a8\u8fd9\u5757\u4e1a\u52a1\u51fa\u4e86\u5e7a\u86fe\u5b50\u3002\u6709\u4e00\u4e2a\u53eb De Angelis \u7684\u5927\u5b97\u5546\u54c1\u7ecf\u7eaa\u4eba\uff0c\u4ee5\u5728\u6c34\u91cc\u5012\u6cb9\u7684\u9a97\u672f\uff0c\u5236\u9020\u4e86\u4e00\u4e2a\u865a\u5047\u768418\u4ebf\u78c5\u8c46\u6cb9\u7684\u5e93\u5b58(\u4e8b\u5b9e\u4e0a\u4ec5\u67091.1\u4ebf\u78c5)\u3002\u8fd9\u54e5\u4eec\u9a97\u8fc7\u4e86\u8fd0\u901a\u7684\u7a3d\u67e5\u5458\uff0c\u9a97\u5230\u4e86\u8fd0\u901a\u7684\u8d37\u6b3e\uff0c\u5c06\u8fd9\u7b14\u5de8\u8d44\u5728\u671f\u8d27\u5e02\u573a\u4e0a\u505a\u591a\u8c46\u6cb9\uff0c\u4f01\u56fe\u5bf9\u8c46\u6cb9\u5e02\u573a\u8fdb\u884c\u903c\u7a7a;\u6700\u540e\u4ed6\u88ab\u4eba\u63ed\u53d1\uff0c\u7834\u4ea7\u5165\u72f1\uff0c\u800c\u8fd0\u901a\u635f\u5931\u60e8\u91cd\u3001\u4fe1\u7528\u626b\u5730\uff0c\u80a1\u4ef7\u4e09\u4e2a\u6708\u5373\u60e8\u906d\u8170\u65a9\u3002<\/p>\n

\u867d\u7136\u9762\u4e34\u4fe1\u8a89\u4fe1\u7528\u5371\u673a\uff0c\u4f46\u5df4\u83f2\u7279\u8ba4\u4e3a\u8fd0\u901a\u7684\u5546\u4e1a\u6a21\u5f0f\u6beb\u53d1\u65e0\u4f24\uff0c\u8fd0\u901a\u7684\u7ade\u4e89\u4f18\u52bf\u4e5f\u5e76\u65e0\u524a\u5f31\u3002\u5df4\u83f2\u7279\u95ee\u4e86\u51e0\u4e2a\u95ee\u9898\uff1a<\/p>\n

\u8fd0\u901a\u7684\u6838\u5fc3\u4e1a\u52a1\u662f\u4ec0\u4e48?\u56de\u7b54\uff1a\u4fe1\u7528\u5361\u53d1\u5361\u4e1a\u52a1\uff0c\u4e0d\u540c\u4e8e\u540e\u6765Visa\u548cMasterCard\u7b3c\u7edc\u94f6\u884c\u53d1\u5361\u5e76\u4ee5\u91cf\u53d6\u80dc\u7684\u6a21\u5f0f\uff0c\u8fd0\u901a\u4fe1\u7528\u5361\u7531\u8fd0\u901a\u81ea\u5df1\u7684\u94f6\u884c\u53d1\u5361\uff0c\u91cf\u5c11\u800c\u5355\u4ef7\u5927\u3002<\/p>\n

\u6240\u4ee5\u5bf9\u8fd0\u901a\u800c\u8a00\uff0c\u8c01\u662f\u6700\u91cd\u8981\u7684\u5229\u76ca\u6538\u5173\u8005(stakeholder)?\u56de\u7b54\uff1a\u6301\u5361\u6d88\u8d39\u8005\u3002<\/p>\n

\u6301\u5361\u6d88\u8d39\u8005\u4f1a\u56e0\u4e3a\u8272\u62c9\u6cb9\u4e11\u95fb\u800c\u80cc\u5f03\u4e0e\u75db\u5417?\u56de\u7b54\uff1a\u4e0d\u4f1a\uff0c\u4f60\u8981\u5237\u5361\u6d88\u8d39\uff0c\u5f53\u65f6\u9009\u62e9\u5341\u5206\u6709\u9650\uff0c\u8fd0\u901a\u63d0\u4f9b\u7684\u4fe1\u7528\u5361\u670d\u52a1\u975e\u5e38\u6709\u4f18\u52bf\u3002<\/p>\n

\u56de\u7b54\u5b8c\u8fd9\u4e09\u4e2a\u95ee\u9898\u540e\uff0c\u5df4\u83f2\u7279\u53c8\u505a\u4e86\u4e9b\u8c03\u67e5\u53d1\u73b0\uff1a<\/p>\n

\u8fd0\u901a\u4fe1\u7528\u867d\u7136\u626b\u5730\u3001\u6d0b\u76f8\u867d\u7136\u72fc\u72c8\uff0c\u4f46\u6d89\u6848\u7684\u4ed3\u50a8\u4e1a\u52a1\u5176\u5b9e\u4f53\u91cf\u5f88\u5c0f\uff0c\u5982\u540c\u4e00\u4e2a\u5c1a\u672a\u6269\u6563\u7684\u5c0f\u80bf\u7624\uff0c\u53ea\u8981\u4e00\u4e2a\u7b80\u5355\u624b\u672f\u5207\u9664\uff0c\u5e76\u4e0d\u4f1a\u5f71\u54cd\u6574\u4e2a\u80a2\u4f53\u7684\u5065\u5eb7\u3002<\/p>\n

\u8fd0\u901a\u7684\u65c5\u884c\u652f\u7968\u4e1a\u52a1\u5728\u5168\u7403\u5e02\u573a\u5360\u516d\u6210\u4efd\u989d\uff0c\u5b9a\u4ef7\u6743\u6781\u9ad8\uff0c\u5904\u4e8e\u670d\u52a1\u5784\u65ad\u5730\u4f4d\u3002<\/p>\n

\u8fd0\u901a\u4fe1\u7528\u5361\u4e1a\u52a1\u98de\u901f\u6269\u5f20\u3001\u6240\u5411\u62ab\u9761\u3001\u5ba2\u6237\u4fdd\u6301\u7387\u6781\u9ad8\uff0c\u4e14\u6bcf\u5e74\u90fd\u5728\u6da8\u4ef7\u3002<\/p>\n

\u6700\u540e\u5df4\u83f2\u7279\u505a\u4e86\u8349\u6839\u8c03\u7814\uff0c\u4eb2\u81ea\u8dd1\u5230\u67d0\u9910\u9986\u5750\u4e86\u4e00\u5bbf\u3002\u5f53\u4ed6\u901a\u8fc7\u8089\u773c\u89c2\u5bdf\uff0c\u53d1\u73b0\u4eba\u4eec\u8fd8\u662f\u50cf\u5f80\u5e38\u4e00\u6837\u5728\u7ed3\u8d26\u65f6\u6478\u51fa\u8fd0\u901a\u7684\u5851\u6599\u5361\u65f6\uff0c\u4ed6\u9732\u51fa\u4e86\u8be1\u79d8\u7684\u7b11\u5bb9\uff1a\u8fd9\u5e2e\u4eba\u8981\u4e48\u4e0d\u77e5\u9053\u201c\u8272\u62c9\u6cb9\u4e11\u95fb\u201d\uff0c\u8981\u4e48\u5c31\u662f\u6839\u672c\u5c31\u4e0d\u5728\u4e4e\u3002\u53ea\u8981\u6d88\u8d39\u8005\u7ee7\u7eed\u5237\u5361\uff0c\u8fd0\u901a\u6ca1\u6709\u4e0d\u5174\u65fa\u7684\u9053\u7406\u3002<\/p>\n

\u5f53\u7136\u5f53\u65f6\u4e5f\u6ca1\u6709\u4eba\u80fd\u77e5\u9053\u8272\u62c9\u6cb9\u4e11\u95fb\u5bf9\u8fd0\u901a\u5e26\u6765\u7684\u6cd5\u5f8b\u98ce\u9669\uff0c\u4ee5\u53ca\u8fd0\u901a\u6700\u540e\u8981\u652f\u4ed8\u591a\u5c11\u8bc9\u8bbc\u6210\u672c\u3002\u4f46\u5df4\u83f2\u7279\u77e5\u9053\u65e0\u8bba\u8bc9\u8bbc\u7ed3\u679c\u5982\u4f55\uff0c\u516c\u53f8\u7684\u5546\u4e1a\u6a21\u5f0f\u3001\u6838\u5fc3\u4e1a\u52a1\u4e0e\u5e02\u573a\u89c4\u6a21\u6ca1\u6709\u672c\u8d28\u6076\u5316\u3002\u4ed6\u8bf4\uff1a\u201c(\u6253\u5b98\u53f8\u7684\u6210\u672c)\u6211\u5c31\u5f53\u516c\u53f8\u53d1\u4e86\u4e00\u7b14\u6bd4\u8f83\u5927\u989d\u7684\u5206\u7ea2\uff0c\u7136\u540e\u5206\u7ea2\u652f\u7968\u5bc4\u4e22\u4e86\u3002\u5206\u7ea2\u5bc4\u4e22\u4e86\uff0c\u6709\u4ec0\u4e48\u597d\u5927\u60ca\u5c0f\u602a\u7684\u3002\u201d<\/p>\n

\u540e\u6765\u7684\u4e8b\u5927\u5bb6\u90fd\u77e5\u9053\uff0c\u8fd0\u901a\u6210\u5c31\u4e86\u5df4\u83f2\u7279\u3002\u5728\u6295\u8d44\u8fd0\u901a\u4e4b\u524d\uff0c\u5df4\u83f2\u7279\u662f\u4e00\u4e2a\u6fc0\u8fdb\u6295\u8d44\u8005\u548c\u4e00\u4e2a\u6e05\u7b97\u8005\uff0c\u4eb2\u529b\u4eb2\u4e3a\u63d2\u624b\u516c\u53f8\u7ba1\u7406\u4e0e\u8fd0\u8425;\u800c\u5728\u8fd0\u901a\u4e4b\u540e\uff0c\u5df4\u83f2\u7279\u6210\u4e86\u73b0\u5728\u7684\u5df4\u83f2\u7279\u2014\u2014\u627e\u4e00\u4e2a\u597d\u884c\u4e1a\uff0c\u5bfb\u4e00\u5bb6\u597d\u516c\u53f8\uff0c\u89c5\u4e00\u5e2e\u597d\u5e2e\u624b\uff0c\u8ba9\u6211\u8eba\u7740\u8d5a\u94b1\u3002<\/p>\n

\u5341\u3001GEICO\u4fdd\u9669\uff1a\u6d6e\u5b58\u91d1\u52a9\u529b\uff0c\u5e26\u6211\u4e0a\u9752\u4e91<\/p>\n

\u6700\u65e9\u6295\u8d44\u65f6\u95f4\uff1a 1951<\/p>\n

\u6e05\u4ed3\u65f6\u95f4\uff1a\u4ecd\u7136\u6301\u6709<\/p>\n

\u6536\u76ca\u7387\uff1a\u4e0d\u8be6<\/p>\n

1951\u5e74\uff0c21\u5c81\u7684\u5df4\u83f2\u7279\u5728\u4e00\u4efd\u5546\u4e1a\u671f\u520a\u4e0a\u53d1\u8868\u4e86\u4e00\u4e2a\u5e16\u5b50\uff0c\u53eb\u505a\u300a\u6211\u6700\u559c\u6b22\u7684\u90a3\u4e2a\u80a1\u7968\u300b(The Security I Like Best)\uff0c\u731b\u5439\u4e86\u4e00\u5bb6\u53eb\u505aGEICO\u7684\u6c7d\u8f66\u4fdd\u9669\u516c\u53f8\u3002\u4ed6\u8bf4\u8fd9\u5bb6\u516c\u53f8\uff1a<\/p>\n

\u6240\u5728\u7684\u884c\u4e1a\u597d\uff0c\u8f66\u4fdd\u9669\u662f\u521a\u9700\uff0c\u4e14\u5e74\u5e74\u7eed\u8d39\u3002<\/p>\n

\u6ca1\u6709\u5e93\u5b58\u3001\u6536\u8d26\u3001\u52b3\u5de5\u548c\u539f\u6750\u6599\u3001\u4ea7\u54c1\u8fc7\u65f6\u4e0e\u8bbe\u5907\u8001\u5316\u7b49\u95ee\u9898\u3002<\/p>\n

\u4fdd\u9669\u76f4\u9500\uff0c\u5ba2\u6237\u6536\u5230\u7684\u90fd\u662f\u6807\u51c6\u5316\u5408\u7ea6\uff0c\u6ca1\u6709\u4e2d\u95f4\u5546\u8d5a\u5dee\u4ef7\uff0c\u6210\u672c\u4f4e\uff0c1949\u5e74\u627f\u4fdd\u5229\u6da6\u7387\u8fbe\u523027.5%\uff0c\u800c\u5176\u4ed6\u7684\u4e00\u4e9b\u8d22\u9669\u516c\u53f8\u53ea\u6709\u533a\u533a6.7%\u3002<\/p>\n

\u5e02\u573a\u5927\uff0c\u76ee\u524d50\u4e2a\u5dde\u91cc\u4ec5\u62ff\u4e8615\u4e2a\u5dde\u7684\u724c\u7167\uff0c\u5f88\u6709\u6210\u957f\u524d\u666f\u3002<\/p>\n

\u80a1\u4ef7\u4f4e\u4f30\uff0c8\u500d\u5e02\u76c8\u7387\uff0c\u672a\u4f53\u73b0\u6210\u957f\u6ea2\u4ef7\u3002<\/p>\n

\u6211\u7684\u597d\u8001\u5e08\u683c\u96f7\u5384\u59c6\u662f\u8fd9\u5bb6\u516c\u53f8\u7684\u8463\u4e8b\u4f1a\u4e3b\u5e2d\u3002<\/p>\n

\u5f53\u7136\u5f7c\u65f6\u9752\u6da9\u7684\u5df4\u83f2\u7279\u5c1a\u672a\u63d0\u5230\u6d6e\u5b58\u91d1\u8fd9\u4e2a\u5927\u6740\u5668\uff0c\u6216\u8bb8\u4e5f\u5c1a\u672a\u53d1\u73b0\u3002\u7531\u4e8e\u8fc7\u4e8e\u559c\u6b22GEICO\u516c\u53f8\uff0c21\u5c81\u7684\u5df4\u83f2\u7279\u7528\u8d85\u8fc7\u4e00\u534a\u7684\u4e2a\u4eba\u8d44\u4ea7\u2014\u201410282\u7f8e\u5143\u2014\u2014\u4e70\u5165GEICO\u80a1\u7968\uff0c\u6b21\u5e74\u4ee515259\u7f8e\u5143\u8131\u624b\uff0c\u5b8c\u6210\u4e86\u8fd9\u6b21\u6f02\u4eae\u7684\u5439\u7968\u52a8\u4f5c\u3002\u5f53\u7136\u4e8c\u5341\u5e74\u540e\u8fd9\u7b14\u5356\u6389\u7684\u80a1\u7968\u4f1a\u4ef7\u503c130\u4e07\u7f8e\u5143\uff0c\u8ba9\u5df4\u83f2\u7279\u81ea\u6127\u5f17\u80fd\u957f\u671f\u6301\u6709\u2014\u2014 \u4e00\u6b21\u5feb\u8fdb\u5feb\u51fa\u7684\u593a\u5229\u6218\u6597\uff0c\u4f46\u591a\u5e74\u540e\u53d1\u73b0\u8d62\u4e86\u4e00\u573a\u5c0f\u4ed7\u5374\u8f93\u4e86\u6574\u5750\u6c5f\u5c71\uff0c\u60f3\u5fc5\u4e5f\u662f\u8bb8\u591a\u6295\u8d44\u8005\u7684\u627c\u8155\u4e4b\u5904\u3002<\/p>\n

\u4e0d\u8fc7\u4e03\u5341\u5e74\u4ee3\u4e2d\u65ec\u5f62\u52bf\u6025\u8f6c\u76f4\u4e0b\uff0cGEICO\u7684\u7ba1\u7406\u5c42\u5728\u8ba1\u7b97\u7406\u8d54\u6210\u672c\u65f6\u72af\u4e0b\u5927\u9519\uff0c\u4fdd\u8d39\u5b9a\u5f97\u8fc7\u4f4e\uff0c\u5bfc\u81f4\u516c\u53f8\u5dee\u70b9\u7834\u4ea7\uff0c\u80a1\u4ef7\u4ece61\u7f8e\u5143\u8dcc\u5230\u4e86\u4ec52\u7f8e\u5143\u3002Jack Byrne \u51fa\u4efb\u6551\u706bCEO\uff0c\u6276\u5927\u53a6\u4e8e\u5c06\u503e\u3002\u51fa\u4e8e\u5bf9\u4fdd\u9669\u884c\u4e1a\u7684\u4e86\u89e3\u3001\u5bf9GEICO\u5e95\u5c42\u7ade\u4e89\u529b\u7684\u8ba4\u53ef\u3001\u4e5f\u51fa\u4e8e\u5bf9\u65b0\u4e00\u4ee3\u7ba1\u7406\u5c42\u7684\u4fe1\u4efb\uff0c1976\u5e74\u81f31980\u5e74\u671f\u95f4\u4f2f\u514b\u5e0c\u5c14\u4e70\u5165GEICO\u4e09\u5206\u4e4b\u4e00\u80a1\u4efd\uff0c\u5e76\u57281995\u5e74\u5b8c\u6210\u4e86\u5bf9GEICO\u7684\u6574\u4f53\u6536\u8d2d\u3002\u5df4\u83f2\u7279\u5c06\u5176\u79f0\u4e3a\uff1a\u65e2\u6709\u6df1\u5ea6\uff0c\u53c8\u6709\u5e7f\u5ea6\uff0c\u8fd8\u6709\u6210\u672c\u4f18\u52bf\u7684\u516c\u53f8\u3002\u8d1f\u8d23\u627f\u5305\u90e8\u95e8\u7684Jack Byrne\u4e0eBill Snyder\uff0c\u548c\u6295\u8d44\u90e8\u95e8\u7684Lou Simpson\uff0c\u7ec4\u6210\u68a6\u5e7b\u56e2\u961f\u3002<\/p>\n

\u987a\u4fbf\u8bf4\u4e00\u53e5\uff0c\u4e70\u4fdd\u9669\u7684\u94b1\u6765\u81ea\u4e8e\u884c\u5c06\u5c31\u6728\u7684\u4f2f\u514b\u5e0c\u5c14\u7eba\u7ec7\u5382\u63d0\u4f9b\u7684\u73b0\u91d1\u6d41;\u800c\u540e\u7eba\u7ec7\u5382\u5173\u95e8\u5927\u5409\uff0c\u4f2f\u514b\u5e0c\u5c14\u7684\u540d\u5934\u4e0e\u7075\u9b42\u6446\u6e21\u7ed9\u4e86\u4fdd\u9669\u4e1a\uff0c\u4e5f\u4e0d\u5f97\u4e0d\u8bf4\u662f\u4e00\u79cd\u51a5\u51a5\u4e4b\u4e2d\u7684\u65f6\u4ee3\u4f20\u627f\uff0c\u4ece\u90a3\u65f6\u4faf\u5f00\u59cb\uff0c\u201c\u4f2f\u514b\u5e0c\u5c14\u7684\u4e3b\u4e1a\uff0c\u5c31\u662f\u4fdd\u9669\u3002\u201d<\/p>\n

\u4fdd\u9669\u4e1a\u52a1\u9664\u4e86\u6709\u826f\u597d\u7684\u5229\u6da6\u7387\u4ee5\u5916\uff0c\u6700\u5927\u7684\u751c\u5934\u662f\u4e3a\u4f2f\u514b\u5e0c\u5c14\u63d0\u4f9b\u4e86\u5927\u91cf\u7684\u4f4e\u6210\u672c\u8d44\u91d1\u2014\u2014\u6d6e\u5b58\u91d1(float)\uff0c\u4e5f\u5c31\u662f\u5728\u4fdd\u9669\u8d54\u4ed8\u4e4b\u524d\u5c31\u5df2\u7ecf\u6536\u5230\u7684\u4fdd\u8d39\u3002\u6d6e\u5b58\u91d1\u53ef\u4ee5\u62ff\u53bb\u6295\u8d44\uff0c\u8fd9\u89e3\u51b3\u4e86\u4e00\u4e2a\u5de7\u5987\u96be\u4e3a\u65e0\u7c73\u4e4b\u708a\u7684\u95ee\u9898\u3002\u5982\u679c\u6536\u5230\u7684\u4fdd\u8d39\u5927\u4e8e\u6700\u540e\u8d54\u4ed8\u7684\u91d1\u989d\uff0c\u90a3\u4e48\u5c31\u4f1a\u6709\u4e00\u7b14\u627f\u4fdd\u5229\u6da6\uff0c\u5982\u6b64\u4e00\u6765\u4f7f\u7528\u6d6e\u5b58\u91d1\u6295\u8d44\u7684\u6210\u672c\u4fbf\u4f1a\u662f\u4e00\u4e2a\u8d1f\u6570\uff0c\u7b49\u4e8e\u4f60\u501f\u5230\u4e86\u4e00\u7b14\u94b1\u5374\u8fd8\u5012\u6536\u4e86\u4e00\u7b14\u5229\u606f\u3002<\/p>\n

\u6709\u8fd9\u79cd\u597d\u4e8b\uff0c\u7fa4\u4f17\u4eec\u81ea\u7136\u8702\u62e5\u800c\u4e0a\u641e\u4fdd\u9669\uff0c\u5bfc\u81f4\u4fdd\u9669\u4e1a\u7684\u7ade\u4e89\u65e0\u6bd4\u6fc0\u70c8\uff0c\u5927\u5bb6\u4e00\u822c\u90fd\u5728\u5fcd\u53d7\u5c0f\u989d\u627f\u4fdd\u4e8f\u635f\u7684\u60c5\u51b5\u4e0b\u8fd0\u8425\uff0c\u5c31\u5f53\u662f\u652f\u4ed8\u8d44\u91d1\u6210\u672c\uff0c\u5e76\u7948\u7977\u4e0d\u8981\u6709\u5927\u707e\u5927\u7978;\u800c\u4f2f\u514b\u5e0c\u5c14\u65d7\u4e0b\u7684\u4fdd\u9669\u4e1a\u52a1\u7684\u7ade\u4e89\u4f18\u52bf\uff0c\u5c31\u662f\u5b83\u4eec\u53ef\u4ee5\u901a\u8fc7\u9ad8\u6548\u7684\u7ba1\u7406\u548c\u8fd0\u8425\uff0c\u5e38\u5e74\u80fd\u591f\u5b9e\u73b0\u627f\u4fdd\u5229\u6da6\u3002<\/p>\n

\u6d6e\u5b58\u91d1\u5e26\u6765\u7684\u662f\u4fbf\u5b9c\u7684\u6760\u6746\u6548\u5e94\uff0c\u6839\u636e\u6709\u4e00\u7bc7\u53eb\u300a\u5df4\u83f2\u7279\u7684\u963f\u5c14\u6cd5\u300b \u7684\u5b66\u672f\u8bba\u6587\u7684\u8ba1\u7b97\u2014\u2014\u6d6e\u5b58\u91d1\u5e2e\u52a9\u4f2f\u514b\u5e0c\u5c14\u83b7\u5f971.6:1\u7684\u8d44\u91d1\u6760\u6746\u3002\u4e5f\u5c31\u662f\u6bcf100\u5143\u7684\u80a1\u4e1c\u6743\u76ca(\u5e02\u573a\u4ef7\u683c)\uff0c\u4f2f\u514b\u5e0c\u5c14\u52a0\u914d\u4e8660\u5143\u7684\u503a\u52a1\u4e0e\u6d6e\u5b58\u91d1\u7684\u6760\u6746\u3002\u8fd9\u53ef\u4ee5\u6781\u5927\u589e\u5f3a\u4f2f\u514b\u5e0c\u5c14\u7684\u6295\u8d44\u6536\u76ca\u7387\uff0c\u4e5f\u6b63\u662fGEICO\u4e0e\u5176\u4ed6\u4fdd\u9669\u4e1a\u52a1\u6240\u5e26\u6765\u8fd9\u4e2a\u5916\u90e8\u6027\u5de8\u5927\u4f18\u52bf\uff0c\u8ba9\u6211\u8ba4\u4e3a\uff0c\u5bf9\u4e8e\u4fdd\u9669\u4e1a\u7684\u6295\u8d44\u4e43\u662f\u5df4\u83f2\u7279\u6700\u4e3a\u6210\u529f\u7684\u6295\u8d44\u3002<\/p>\n

\u6b63\u5982\u8001\u7237\u5b50\u57282009\u5e74\u80a1\u4e1c\u4fe1\u4e2d\u6240\u8bf4\uff1a\u201c(\u7531\u4e8e\u4fdd\u9669\u4e1a\u52a1\u7684\u6301\u7eed\u7e41\u8363)\u6211\u4eec\u7684\u6d6e\u5b58\u91d1\u4ece1967\u5e74\u76841600\u4e07\u7f8e\u5143\uff0c\u6da8\u52302009\u5e74\u7684620\u4ebf\u7f8e\u5143\u3002\u6211\u4eec\u5df2\u8fde\u7eed\u4e03\u5e74\u786e\u4fdd\u627f\u4fdd\u5229\u6da6\u2026\u2026\u8fd9620\u4ebf\u7f8e\u5143\u5c31\u50cf\u662f\u67d0\u4e2a\u4eba\u5b58\u5728\u6211\u8fd9\u91cc\u3001\u53c8\u4e0d\u9700\u8981\u6211\u4ed8\u5229\u606f\u7684\u514d\u8d39\u8d44\u91d1\uff0c\u6211\u8fd8\u80fd\u62ff\u53bb\u6295\u8d44 \u2026\u2026\u4f46\u4e0d\u662f\u6240\u6709\u7684\u8d22\u4fdd\u516c\u53f8\u90fd\u662f\u5982\u6b64\uff0c\u8fd9\u4e2a\u884c\u4e1a\u7684\u5e73\u5747\u51c0\u8d44\u4ea7\u6536\u76ca\u7387\u8fd8\u4e0d\u5982\u6807\u666e500\u5e73\u5747\u6c34\u5e73\u2026\u2026\u6211\u4eec\u7684\u5de8\u5927\u7ecf\u6d4e\u4f18\u52bf\uff0c\u5b8c\u5168\u6765\u81ea\u4e8e\u4e00\u7fa4\u6781\u4e3a\u51fa\u8272\u7684\u7ecf\u7406\u4eba\u5728\u7ecf\u8425\u8fd9\u4e9b\u4e0d\u540c\u5bfb\u5e38\u7684\u4f01\u4e1a\u3002\u201d<\/p>\n

\u672c\u6587\u4e0d\u6784\u6210\u4e14\u4e0d\u5e94\u88ab\u89c6\u4e3a\u4efb\u4f55\u8d2d\u4e70\u8bc1\u5238\u6216\u5176\u4ed6\u91d1\u878d\u4ea7\u54c1\u7684\u534f\u8bae\u3001\u8981\u7ea6\u3001\u8981\u7ea6\u9080\u8bf7\u3001\u610f\u89c1\u6216\u5efa\u8bae\u3002\u672c\u6587\u4e2d\u7684\u4efb\u4f55\u5185\u5bb9\u5747\u4e0d\u6784\u6210\u8001\u864e\u8bc1\u5238\u5728\u6295\u8d44\u3001\u6cd5\u5f8b\u3001\u4f1a\u8ba1\u6216\u7a0e\u52a1\u65b9\u9762\u7684\u610f\u89c1\uff0c\u4e5f\u4e0d\u6784\u6210\u67d0\u79cd\u6295\u8d44\u6216\u7b56\u7565\u662f\u5426\u9002\u5408\u4e8e\u60a8\u4e2a\u4eba\u60c5\u51b5\u7684\u9648\u8ff0\uff0c\u6216\u5176\u4ed6\u4efb\u4f55\u9488\u5bf9\u60a8\u4e2a\u4eba\u7684\u63a8\u8350\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u672c\u6587\u53d1\u5e03\u4e8e\u8001\u864e\u793e\u533a\uff0c\u4f5c\u8005\u4e3a\u9648\u8fbe\u7f8e\u80a1\u6295\u8d44\u3002\u8001\u864e\u793e\u533a\u662f\u8001\u864e\u8bc1\u5238\u65d7\u4e0b\u7684\u80a1\u7968\u4ea4\u6613\u8f6f\u4ef6 Tiger Trade \u7684\u793e\u533a\u677f\u5757\uff0c\u81f4\u529b\u4e8e\u6253\u9020\u201c\u79bb\u4ea4\u6613\u6700\u8fd1\u7684\u7f8e\u80a1\u6e2f\u80a1\u793e\u533a\u201d\uff0c\u6709\u6e29\u5ea6 […]<\/a><\/p>\n<\/div>","protected":false},"author":27,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[92],"tags":[],"class_list":{"0":"post-24545","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-bank-financial"},"_links":{"self":[{"href":"https:\/\/www.ibnews.com\/cn\/wp-json\/wp\/v2\/posts\/24545","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ibnews.com\/cn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ibnews.com\/cn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ibnews.com\/cn\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ibnews.com\/cn\/wp-json\/wp\/v2\/comments?post=24545"}],"version-history":[{"count":0,"href":"https:\/\/www.ibnews.com\/cn\/wp-json\/wp\/v2\/posts\/24545\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ibnews.com\/cn\/wp-json\/wp\/v2\/media?parent=24545"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ibnews.com\/cn\/wp-json\/wp\/v2\/categories?post=24545"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ibnews.com\/cn\/wp-json\/wp\/v2\/tags?post=24545"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}