{"id":10019,"date":"2022-05-10T23:56:14","date_gmt":"2022-05-10T15:56:14","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/?p=10019"},"modified":"2025-11-10T18:40:00","modified_gmt":"2025-11-10T10:40:00","slug":"%e5%88%a4%e6%96%b7%e7%b6%93%e7%87%9f%e5%9c%91%e9%9a%8a%e7%9a%84%e8%b2%a1%e5%8b%99%e6%8c%87%e6%a8%99%e8%82%a1%e6%9d%b1%e6%ac%8a%e7%9b%8a%e5%a0%b1%e9%85%ac%e7%8e%87","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/05\/10\/%e5%88%a4%e6%96%b7%e7%b6%93%e7%87%9f%e5%9c%91%e9%9a%8a%e7%9a%84%e8%b2%a1%e5%8b%99%e6%8c%87%e6%a8%99%e8%82%a1%e6%9d%b1%e6%ac%8a%e7%9b%8a%e5%a0%b1%e9%85%ac%e7%8e%87\/","title":{"rendered":"\u5224\u65b7\u7d93\u71df\u5711\u968a\u7684\u6700\u91cd\u8981\u76841\u9805\u8ca1\u52d9\u6307\u6a19\uff1a\u80a1\u6771\u6b0a\u76ca\u5831\u916c\u7387\uff08ROE\uff09"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"\u986f\u793a\/\u96b1\u85cf\u5167\u5bb9\u76ee\u9304\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/05\/10\/%e5%88%a4%e6%96%b7%e7%b6%93%e7%87%9f%e5%9c%91%e9%9a%8a%e7%9a%84%e8%b2%a1%e5%8b%99%e6%8c%87%e6%a8%99%e8%82%a1%e6%9d%b1%e6%ac%8a%e7%9b%8a%e5%a0%b1%e9%85%ac%e7%8e%87\/#%E5%9F%B7%E8%A1%8C%E9%95%B7%E7%9A%84%E7%B6%93%E7%87%9F%E8%83%BD%E5%8A%9B%E6%88%90%E9%AB%98%E5%BA%A6%E7%9A%84%E6%AD%A3%E7%9B%B8%E9%97%9C\" >\u57f7\u884c\u9577\u7684\u7d93\u71df\u80fd\u529b\u6210\u9ad8\u5ea6\u7684\u6b63\u76f8\u95dc<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/05\/10\/%e5%88%a4%e6%96%b7%e7%b6%93%e7%87%9f%e5%9c%91%e9%9a%8a%e7%9a%84%e8%b2%a1%e5%8b%99%e6%8c%87%e6%a8%99%e8%82%a1%e6%9d%b1%e6%ac%8a%e7%9b%8a%e5%a0%b1%e9%85%ac%e7%8e%87\/#%E7%BE%8E%E8%82%A1%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E5%B9%B3%E5%9D%87ROE\" >\u7f8e\u80a1\u4e0a\u5e02\u516c\u53f8\u7684\u5e73\u5747ROE<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/05\/10\/%e5%88%a4%e6%96%b7%e7%b6%93%e7%87%9f%e5%9c%91%e9%9a%8a%e7%9a%84%e8%b2%a1%e5%8b%99%e6%8c%87%e6%a8%99%e8%82%a1%e6%9d%b1%e6%ac%8a%e7%9b%8a%e5%a0%b1%e9%85%ac%e7%8e%87\/#ROE%E7%9A%84%E7%AE%97%E6%B3%95\" >ROE\u7684\u7b97\u6cd5<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/05\/10\/%e5%88%a4%e6%96%b7%e7%b6%93%e7%87%9f%e5%9c%91%e9%9a%8a%e7%9a%84%e8%b2%a1%e5%8b%99%e6%8c%87%e6%a8%99%e8%82%a1%e6%9d%b1%e6%ac%8a%e7%9b%8a%e5%a0%b1%e9%85%ac%e7%8e%87\/#%E9%A0%88%E7%95%99%E6%84%8F%E7%9A%84%E5%9C%B0%E6%96%B9\" >\u9808\u7559\u610f\u7684\u5730\u65b9<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/05\/10\/%e5%88%a4%e6%96%b7%e7%b6%93%e7%87%9f%e5%9c%91%e9%9a%8a%e7%9a%84%e8%b2%a1%e5%8b%99%e6%8c%87%e6%a8%99%e8%82%a1%e6%9d%b1%e6%ac%8a%e7%9b%8a%e5%a0%b1%e9%85%ac%e7%8e%87\/#%E5%B7%B4%E8%8F%B2%E7%89%B9%E7%9A%84%E7%9C%8B%E6%B3%95\" >\u5df4\u83f2\u7279\u7684\u770b\u6cd5<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/05\/10\/%e5%88%a4%e6%96%b7%e7%b6%93%e7%87%9f%e5%9c%91%e9%9a%8a%e7%9a%84%e8%b2%a1%e5%8b%99%e6%8c%87%e6%a8%99%e8%82%a1%e6%9d%b1%e6%ac%8a%e7%9b%8a%e5%a0%b1%e9%85%ac%e7%8e%87\/#%E7%B5%90%E8%AB%96\" >\u7d50\u8ad6<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/05\/10\/%e5%88%a4%e6%96%b7%e7%b6%93%e7%87%9f%e5%9c%91%e9%9a%8a%e7%9a%84%e8%b2%a1%e5%8b%99%e6%8c%87%e6%a8%99%e8%82%a1%e6%9d%b1%e6%ac%8a%e7%9b%8a%e5%a0%b1%e9%85%ac%e7%8e%87\/#%E7%9B%B8%E9%97%9C%E6%96%87%E7%AB%A0\" >\u76f8\u95dc\u6587\u7ae0<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%9F%B7%E8%A1%8C%E9%95%B7%E7%9A%84%E7%B6%93%E7%87%9F%E8%83%BD%E5%8A%9B%E6%88%90%E9%AB%98%E5%BA%A6%E7%9A%84%E6%AD%A3%E7%9B%B8%E9%97%9C\"><\/span><strong>\u57f7\u884c\u9577\u7684\u7d93\u71df\u80fd\u529b\u6210\u9ad8\u5ea6\u7684\u6b63\u76f8\u95dc <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u4e00\u5982\u5f88\u5c11\u6709\u6295\u8cc7\u66f8\u7c4d\u6df1\u5165\u63a2\u8a0e\u4e0a\u5e02\u4f01\u696d\u7684\u7d93\u71df\u5711\u968a\u3002\u8ca1\u52d9\u6307\u6a19\u4e5f\u4e00\u6a23\uff0c\u6211\u5011\u5f88\u96e3\u627e\u51fa\u8ca1\u52d9\u6307\u6a19\u76f4\u63a5\u548c\u4f01\u696d\u7684\u7d93\u71df\u5711\u968a\uff0c\u5c24\u5176\u300c\u548c\u57f7\u884c\u9577\u7684\u7d93\u71df\u80fd\u529b\u6210\u9ad8\u5ea6\u7684\u6b63\u76f8\u95dc\u300d\u3002\u7576\u7136\u6709\u8a31\u591a\u4e5f\u5f88\u6709\u6548\u7684\u8ca1\u52d9\u6307\u6a19\uff0c\u53ef\u4ee5\u5206\u5225\u7528\u4f86\u8861\u91cf\u4e0d\u540c\u7684\u4f01\u696d\u71df\u904b\u6548\u7387\uff0c\u4f8b\u5982\u61c9\u6536\u5e33\u6b3e\u5468\u8f49\u7387\uff0c\u8cc7\u5b58\u8ca8\u5468\u8f49\u7387\u7b49\u7b49\u3002<\/p>\n\n\n\n<p>\u4f46\u90a3\u4e9b\u6307\u6a19\u4e00\u4f86\u4e0d\u898b\u5f97\u9069\u7528\u65bc\u6bcf\u500b\u7522\u696d\uff0c\u4e8c\u4f86\u53ef\u80fd\u8981\u81ea\u5df1\u7b97\uff0c\u8ca1\u7d93\u7db2\u7ad9\u4e0d\u898b\u5f97\u4e00\u5b9a\u90fd\u6703\u70ba\u6bcf\u5bb6\u516c\u53f8\u63d0\u9019\u4e9b\u6307\u6a19\u6578\u5b57\u3002\u672c\u6587\u5c07\u63d0\u51fa\u5169\u500b\uff0c\u6613\u65bc\u7acb\u5373\u67e5\u95b1\uff0c\u5e7e\u4e4e\u5728\u4efb\u4f55\u8ca1\u7d93\u7db2\u7ad9\u90fd\u6703\u70ba\u6bcf\u5bb6\u516c\u53f8\u63d0\u4f9b\uff0c\u9069\u7528\u65bc\u6240\u6709\u4f01\u696d\u7684\u6307\u6a19\u3002\u6211\u500b\u4eba\u8a8d\u70ba\uff0c\u76f8\u8f03\u5176\u5b83\u7684\u8ca1\u52d9\u6307\u6a19\uff0c\u662f\u6bd4\u8f03\u53ef\u4ee5\u7528\u4f86\u8861\u91cf\u57f7\u884c\u9577\u7d93\u71df\u80fd\u529b\u7684\u8ca1\u52d9\u6307\u6a19\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%BE%8E%E8%82%A1%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E5%B9%B3%E5%9D%87ROE\"><\/span>\u7f8e\u80a1\u4e0a\u5e02\u516c\u53f8\u7684\u5e73\u5747ROE<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u5df4\u83f2\u7279\u57281981\u5e74\u7684\u80a1\u6771\u4fe1\u88e1\u63d0\u904e\uff0c\u7f8e\u570b\u4f01\u696d\u7684\u80a1\u6771\u6b0a\u76ca\u5831\u916c\u7387\u7d04\u70ba14%\u3002\u800c\u6839\u64da\u7d10\u7d04\u5927\u5b78\u57282023\u5e741 \u6708\u4efd\u7684\u7d71\u8a08\uff0c\u7f8e\u570b\u4f01\u696d\u7684\u80a1\u6771\u6b0a\u76ca\u5831\u916c\u7387\u7d04\u70ba16.47%\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"ROE%E7%9A%84%E7%AE%97%E6%B3%95\"><\/span><strong>ROE\u7684\u7b97\u6cd5<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>ROE\u7684\u7b97\u6cd5\u662f\u300c\u7a05\u5f8c\u6de8\u5229\uff0f\u80a1\u6771\u6b0a\u76ca 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href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/07\/%e5%8f%af%e5%8f%a3%e5%8f%af%e6%a8%82%e8%bf%91%e5%8d%81%e5%b9%b4%e8%a1%a8%e7%8f%be%e4%b8%8d%e5%8f%aa%e4%b8%8d%e5%a6%82%e7%99%be%e4%ba%8b%e5%8f%af%e6%a8%82%ef%bc%8c%e8%80%8c%e4%b8%94%e5%af%a6%e8%b3%aa\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u767e\u4e8b\u516c\u53f8\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aPEP\uff09\u7684ROE<\/a>\u5341\u5e74\u5e73\u5747\u503c\u70ba41.14%\uff0c\u53ef\u53e3\u53ef\u6a02\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aKO\uff09\u4e5f\u670928.61%\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%A0%88%E7%95%99%E6%84%8F%E7%9A%84%E5%9C%B0%E6%96%B9\"><\/span><strong>\u9808\u7559\u610f\u7684\u5730\u65b9<\/strong> <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u80a1\u6771\u6b0a\u76ca\u5831\u916c\u7387\u82e5\u7a81\u7136\u7522\u751f\u660e\u986f\u7684\u8b8a\u5316\uff0c\u9808\u7559\u610f\u662f\u5426\u6709\u4ee5\u4e0b\u7684\u9677\u9631\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u9677\u9631 1\uff1a\u516c\u53f8\u662f\u5426\u4f7f\u7528\u8ca1\u52d9\u69d3\u687f\uff0c\u63d0\u9ad8\u501f\u8cb8\uff0c\u4ee5\u71df\u9020\u8f03\u9ad8\u7684 ROE\uff1f\u5982\u679c\u662f\u7684\u8a71\uff0c\u66f4\u9700\u4ed4\u7d30\u89c0\u5bdf\u516c\u53f8\u7684\u8ca1\u52d9\u5b89\u5168\u6307\u6a19\u3002<\/li>\n\n\n\n<li>\u9677\u9631 2\uff1a\u7a05\u5f8c\u6de8\u5229\u589e\u52a0\u4e5f\u6703\u4f7fROE\u8b8a\u9ad8\uff0c\u9808\u7559\u610f\u589e\u52a0\u7684\u7a05\u5f8c\u6de8\u5229\u662f\u5426\u53ea\u662f\u4e00\u6b21\u6027\u7372\u5229\uff1f\u5982\u679c\u662f\u7684\u8a71\uff0c\u90a3\u6c92\u4ec0\u9ebc\u597d\u9ad8\u8208\u7684\uff0c\u56e0\u70baROE\u8b8a\u9ad8\u53ea\u662f\u4e00\u6642\u7684\u3002<\/li>\n\n\n\n<li>\u9677\u9631 3\uff1a\u80a1\u6771\u6b0a\u76ca\u4e0b\u964d\uff08ROE \u7684\u5206\u6bcd\u6703\u8b8a\u5c0f\uff09\u4e5f\u6703\u9020\u6210ROE\u63d0\u9ad8\uff0c\u9808\u7559\u610f\u7576\u671f\u662f\u5426\u6709\u9577\u671f\u6295\u8cc7\u8667\u640d\u88ab\u8a8d\u5217\u5728\u80a1\u6771\u6b0a\u76ca\u4e2d\u3002\u5982\u679c\u662f\u7684\u8a71\uff0c\u53cd\u800c\u8981\u63d0\u9ad8\u8b66\u89ba\u4ee5\u514d\u9020\u6210\u8aa4\u5224\u3002<\/li>\n\n\n\n<li>\u9677\u9631 4\uff1aROE\u4e0b\u964d\u82e5\u662f\u4f86\u81ea\u516c\u53f8\u4fdd\u7559\u76c8\u9918\u589e\u52a0\uff0c\u662f\u6700\u5178\u578b\u7684\u8cc7\u91d1\u904b\u7528\u6548\u7387\u964d\u4f4e\u7684\u4ee3\u8868\uff1b\u96d6\u7136\u4fdd\u7559\u76c8\u9918\u589e\u52a0\u5c0d\u516c\u53f8\u4f86\u8aaa\u662f\u597d\u4e8b\uff0c\u4f46\u5c0d\u65bc\u4e00\u5bb6\u6210\u9577\u578b\u7684\u516c\u53f8\u4f86\u8aaa\uff0c\u9084\u662f\u6703\u5e0c\u671b\u516c\u53f8\u80fd\u6709\u597d\u7684\u8cc7\u91d1\u904b\u7528\u6548\u7387\u3002<\/li>\n<\/ul>\n\n\n\n<p>\u4ee5\u4e0a\u5167\u5bb9\uff0c\u591a\u4f86\u81ea\u6211\u7684\u300a<a href=\"https:\/\/www.books.com.tw\/products\/0010889106?sloc=main\" target=\"_blank\" rel=\"noreferrer noopener\">\u8d85\u7d1a\u6210\u9577\u80a1\u6295\u8cc7\u6cd5\u5247<\/a>\u300b\u4e00\u66f8\u4e2d\u76844-2\u5c0f\u7bc0\uff0c\u7b2c278\u9801\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%B7%B4%E8%8F%B2%E7%89%B9%E7%9A%84%E7%9C%8B%E6%B3%95\"><\/span><strong>\u5df4\u83f2\u7279\u7684\u770b\u6cd5<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u65e9\u57281979\u5e74\u81f4\u80a1\u6771\u4fe1\u4e2d\uff0c\u5df4\u83f2\u7279\u5c31\u63d0\u5230\uff1a\u300c\u6211\u5011\u5224\u65b7\u4e00\u5bb6\u516c\u53f8\u7d93\u71df\u7684\u597d\u58de\uff0c\u53d6\u6c7a\u65bc\u5176ROE\uff08\u6392\u9664\u4e0d\u7576\u7684\u8ca1\u52d9\u69d3\u687f\u6216\u6703\u8a08\u505a\u5e33\uff09\uff0c\u800c\u975e\u6bcf\u80a1\u6536\u76ca\u7684\u6210\u9577\u8207\u5426\uff1b\u9664\u975e\u662f\u7279\u6b8a\u7684\u60c5\u6cc1\uff08\u6bd4\u5982\u8aaa\u8ca0\u50b5\u6bd4\u7387\u7279\u5225\u9ad8\u6216\u662f\u5e33\u4e0a\u6301\u6709\u91cd\u5927\u8cc7\u7522\u672a\u88ab\u91cd\u4f30\uff09\uff0c\u5426\u5247\u6211\u5011\u8a8d\u70baROE\u61c9\u8a72\u662f\u8861\u91cf\u7ba1\u7406\u5718\u968a\u8868\u73fe\u6bd4\u8f03\u5408\u7406\u7684\u6307\u6a19\u3002\u300d\u800c\u4e14\u300c\u5c31\u9577\u671f\u9593\u800c\u8a00\uff0c\u6211\u5011\u5247\u8a8d\u70ba\u516c\u53f8\u7d14\u76ca\uff08\u5305\u542b\u5df2\u5be6\u73fe\u3001\u672a\u5be6\u73fe\u8cc7\u672c\u5229\u5f97\u8207\u975e\u5e38\u640d\u76ca\uff09\u9664\u4ee5\u80a1\u6771\u6b0a\u76ca\uff08\u6240\u6709\u6295\u8cc7\u4ee5\u516c\u5e73\u5e02\u50f9\u8a08\u7b97\uff09\u6240\u5f97\u7684\u6bd4\u7387\uff0c\u70ba\u8861\u91cf\u6c38\u7e8c\u7d93\u71df\u6210\u679c\u7684\u6700\u4f73\u65b9\u5f0f\uff0c\u5176\u4e2d\u984d\u5916\u7684\u8cc7\u672c\u5229\u5f97\uff0c\u77ed\u671f\u9593\u770b\u8d77\u4f86\u6216\u8a31\u76f8\u7576\u7279\u6b8a\uff0c\u4f46\u5c31\u9577\u671f\u800c\u8a00\uff0c\u5176\u5c0d\u80a1\u6771\u5229\u76ca\u7684\u5f71\u97ff\u8207\u65e5\u5e38\u7684\u71df\u696d\u5229\u76ca\u4e26\u7121\u592a\u5927\u5dee\u5225\u3002\u300d<\/p>\n\n\n\n<p>\u5df4\u83f2\u7279\u66fe\u57281987\u5e74\u7684<a href=\"https:\/\/www.berkshirehathaway.com\/letters\/1987.html\" target=\"_blank\" rel=\"noreferrer noopener\">\u6ce2\u514b\u590f\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aBRK.A\u548cBRK.B\uff09\u81f4\u80a1\u6771\u4fe1\u4e2d<\/a>\u63d0\u5230\u300c\u6211\u4e4b\u524d\u63d0\u5230\u7684\u300a\u8ca1\u5bcc\u300b\u7814\u7a76\u652f\u6301\u6211\u5011\u7684\u89c0\u9ede\u30021,000\u5bb6\u516c\u53f8\u4e2d\u53ea\u670925\u5bb6\u901a\u904e\u4e86\u5169\u9805\u5353\u8d8a\u7d93\u6fdf\u6e2c\u8a66\u2500\u2500\u2500\u25001977 \u5e74\u81f3 1986 \u5e74\u7684\u5341\u5e74\u9593\u5e73\u5747\u80a1\u672c\u56de\u5831\u7387\u8d85\u904e20%\uff0c\u4e26\u4e14\u6c92\u6709\u4e00\u5e74\u4f4e\u65bc15%\u3002\u9019\u4e9b\u5546\u696d\u5de8\u661f\u540c\u6642\u4e5f\u662f\u80a1\u5e02\u5de8\u661f\uff1a\u5728\u9019\u5341\u5e74\u4e2d\uff0c25\u4f4d\u4e2d\u768424\u4f4d\u8dd1\u8d0f\u4e86\u6a19\u6e96\u666e\u723e500\u6307\u6578\u3002\u300d<\/p>\n\n\n\n<p>\u5df4\u83f2\u7279\u66fe\u7d93\u63d0\u904e\uff0c\u4ed6\u900f\u904e\u7814\u7a76\u904e\u53bb\u6578\u5341\u5e74\u300a\u8ca1\u5bcc\u96dc\u8a8c\u300b\u7684\u8cc7\u6599\uff0c\u6b78\u7d0d\u51fa\u8ca1\u5bcc\u524d500\u5927\u4f01\u696d\u7684\u8ca1\u52d9\u6578\u5b57\u7b49\u8cc7\u6599\u3002\u6211\u4e00\u76f4\u5c0d\u5a92\u9ad4\u5230\u8655\u7d66\u4eba\u6216\u4f01\u696d\u53d6\u5225\u540d\u6216\u7dbd\u865f\u5f88\u4e0d\u4ee5\u70ba\u7136\uff0c\u5c31\u50cf\u9577\u4e45\u4ee5\u4f86\u5c07\u5df4\u83f2\u7279\u51a0\u4ee5\u80a1\u795e\u7684\u7dbd\u865f\u3002\u7531\u9019\u4ef6\u4e8b\u770b\u51fa\u5df4\u83f2\u7279\u4e5f\u662f\u4eba\uff0c\u4e0d\u662f\u795e\uff1b\u4ed6\u5176\u5be6\u82b1\u4e86\u9f90\u5927\u7684\u6642\u9593\u548c\u5fc3\u529b\u9032\u884c\u4e00\u822c\u4eba\u4e0d\u9858\u610f\u505a\u7684\u4f01\u696d\u57fa\u672c\u5206\u6790\u548c\u7814\u7a76\uff0c\u6211\u77e5\u9053\u591a\u6578\u4eba\u8a8d\u70ba\u505a\u9019\u7a2e\u4e8b\u5f88\u7b28\uff0c\u4f46\u5df4\u83f2\u7279\u7b28\u55ce\uff1f\u5f88\u591a\u4eba\u85c9\u7531\u80a1\u795e\u7684\u7dbd\u865f\uff0c\u795e\u5316\u4ed6\uff0c\u8a8d\u5b9a\u4ed6\u5177\u6709\u8d85\u80fd\u529b\uff0c\u53ea\u662f\u500b\u7279\u4f8b\uff0c\u5426\u5b9a\u4ed6\u7684\u9a5a\u4eba\u7684\u6210\u5c31\u3002\u4ed6\u4e26\u6c92\u6709\u963f\u62c9\u4e01\u795e\u71c8\uff0c\u591a\u9ebc\u8a8d\u771f\u5730\u7ffb\u67e5\u8cc7\u6599\u2500\u2500\u2500\u2500\u5225\u5fd8\u4e86\uff0c\u5df4\u83f2\u7279\u5e7e\u4e4e\u4e0d\u7528\u96fb\u8166\u5354\u52a9\u5b83\u9032\u884c\u7814\u7a76\uff08\u9019\u4e8b\u53ef\u662f\u767c\u751f\u57281987\u5e74\uff01\uff09\uff0c\u90fd\u662f\u7ffb\u770b\u7d19\u672c\u7684\u8cc7\u6599\uff0c\u6240\u9700\u82b1\u8cbb\u7684\u5fc3\u529b\u66f4\u5927\u3002\u4ed6\u559c\u6b61\u6295\u8cc7\u904e\u53bb10\u5e74\u5e73\u5747ROE\u572820%\u4ee5\u4e0a\uff0c\u800c\u4e14\u4e0d\u80fd\u6709\u4efb\u4f551\u5e74\u4f4e\u65bc15%\u7684\u4f01\u696d\uff08\u9019\u5728\u53f0\u80a1\u5f88\u96e3\u627e\u5f97\u5230\uff0c\u4f46\u5728\u7f8e\u80a1\u4e26\u975e\u7f55\u898b\uff1b\u52aa\u529b\u627e\uff0c\u8a31\u591a\u8457\u540d\u7684\u4f01\u696d\u90fd\u7b26\u5408\u9019\u9805\u6a19\u6e96\uff09\u3002<\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"195\" height=\"122\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2022\/09\/r-1600x1200-1.jpg\" alt=\"\u80a1\u6771\u6b0a\u76ca\u5831\u916c\u7387\" class=\"wp-image-25050\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%B5%90%E8%AB%96\"><\/span><strong>\u7d50\u8ad6<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u6578\u503c\u904e\u4f4e\u8868\u793a\u7d93\u71df\u5718\u968a\u4e26\u672a\u5584\u7528\u80a1\u6771\u7684\u8cc7\u91d1\u4f86\u7522\u751f\u6536\u76ca\uff0c\u8aaa\u660e\u767d\u9ede\u5c31\u662f\u516c\u53f8\u7684\u8cfa\u9322\u6548\u7387\u4e0d\u9ad8\u3002\u4e5f\u5c31\u662f\u8aaa\uff1aROE\u503c\u904e\u4f4e\u8aaa\u660e\u7ba1\u7406\u5718\u968a\u6c92\u6709\u5f88\u597d\u5730\u5229\u7528\u80a1\u6771\u8cc7\u91d1\u7522\u751f\u6536\u76ca\uff0c\u8aaa\u660e\u516c\u53f8\u76c8\u5229\u80fd\u529b\u4e0d\u9ad8\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%9B%B8%E9%97%9C%E6%96%87%E7%AB%A0\"><\/span>\u76f8\u95dc\u6587\u7ae0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/11\/08\/%e6%94%b9%e5%96%84%e4%bc%81%e6%a5%ad%e7%9b%88%e9%a4%98%e7%9a%845%e7%a8%ae%e6%96%b9%e6%b3%95\/\">\u4f01\u696d\u6539\u5584\u76c8\u9918\u76845\u7a2e\u65b9\u6cd5<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/05\/10\/%E5%88%A4%E6%96%B7%E7%B6%93%E7%87%9F%E5%9C%91%E9%9A%8A%E7%9A%84%E8%B2%A1%E5%8B%99%E6%8C%87%E6%A8%99%E8%82%A1%E6%9D%B1%E6%AC%8A%E7%9B%8A%E5%A0%B1%E9%85%AC%E7%8E%87\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u5224\u65b7\u7d93\u71df\u5711\u968a\u7684\u6700\u91cd\u8981\u76841\u9805\u8ca1\u52d9\u6307\u6a19\uff1a\u80a1\u6771\u6b0a\u76ca\u5831\u916c\u7387\uff08ROE\uff09<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/07\/23\/%e6%9c%80%e7%b0%a1%e5%96%ae%e7%9a%84%e8%b2%a1%e5%8b%99%e6%8c%87%e6%a8%99%e6%af%9b%e5%88%a9%e7%8e%87\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u7528\u4f86\u5224\u65b7\u7d93\u71df\u5711\u968a\u57f7\u884c\u529b\u6700\u7c21\u55ae\u76841\u5927\u8ca1\u52d9\u6307\u6a19\uff1a\u6bdb\u5229\u7387\uff08Gross Margin<\/a><a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/05\/10\/%E5%88%A4%E6%96%B7%E7%B6%93%E7%87%9F%E5%9C%91%E9%9A%8A%E7%9A%84%E8%B2%A1%E5%8B%99%E6%8C%87%E6%A8%99%E8%82%A1%E6%9D%B1%E6%AC%8A%E7%9B%8A%E5%A0%B1%E9%85%AC%E7%8E%87\/\" target=\"_blank\" rel=\"noreferrer noopener\">\uff09<\/a>\u300b<\/li>\n<\/ul>\n\n\n\n<p><em><strong>\u91cd\u8981\u8072\u660e<\/strong><\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>\u672c\u7ad9\u5167\u5bb9\u70ba\u4f5c\u8005\u500b\u4eba\u610f\u898b\uff0c\u50c5\u4f9b\u53c3\u8003\uff0c\u672c\u4eba\u4e0d\u5c0d\u6587\u7ae0\u5167\u5bb9\u3001\u8cc7\u6599\u4e4b\u6b63\u78ba\u6027\u3001\u770b\u6cd5\u3001\u8207\u5373\u6642\u6027\u8ca0\u4efb\u4f55\u8cac\u4efb\uff0c\u8b80\u8005\u8acb\u52d9\u5fc5\u81ea\u884c\u5224\u65b7\u3002<\/em><\/li>\n\n\n\n<li><em>\u5c0d\u65bc\u8b80\u8005\u76f4\u63a5\u6216\u9593\u63a5\u4f9d\u8cf4\u4e26\u53c3\u8003\u672c\u7ad9\u8cc7\u8a0a\u5f8c\uff0c\u63a1\u53d6\u4efb\u4f55\u6295\u8cc7\u884c\u70ba\u6240\u5c0e\u81f4\u4e4b\u76f4\u63a5\u6216\u9593\u63a5\u640d\u5931\uff0c\u6216\u56e0\u6b64\u7522\u751f\u4e4b\u4e00\u5207\u8cac\u4efb\uff0c\u672c\u4eba\u5747\u4e0d\u8ca0\u4efb\u4f55\u640d\u5bb3\u8ce0\u511f\u53ca\u5176\u4ed6\u6cd5\u5f8b\u4e0a\u4e4b\u8cac\u4efb\u3002<\/em><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>\u80a1\u6771\u6b0a\u76ca\u5831\u916c\u7387\u4ee3\u8868\u7684\u662f\u4f01\u696d\u66ff\u80a1\u6771\u7372\u5229\u7684\u6548\u7387\uff0c\u4e5f\u53ef\u4ee5\u8aaa\u662f\u8861\u91cf\u4f01\u696d\u7684\u6574\u9ad4\u8cc7\u91d1\u904b\u7528\u6548\u7387\uff0c\u56e0\u6b64\u6578\u503c\u6108\u9ad8\u6108\u597d\u3002<\/p>\n","protected":false},"author":1,"featured_media":25050,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[745,464,435,98,320,311,312,481,436],"tags":[420,421,276,277],"class_list":["post-10019","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-roe","category-ceo","category-fundamental-analysis","category-buffett","category-pe","category-eps","category-net-income","category-net-margin","category-leaderships","tag-brk-a","tag-brk-b","tag-ko","tag-pep"],"_links":{"self":[{"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/posts\/10019","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/comments?post=10019"}],"version-history":[{"count":1,"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/posts\/10019\/revisions"}],"predecessor-version":[{"id":74916,"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/posts\/10019\/revisions\/74916"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/media\/25050"}],"wp:attachment":[{"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/media?parent=10019"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/categories?post=10019"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/tags?post=10019"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}