{"id":11948,"date":"2021-12-21T23:56:00","date_gmt":"2021-12-21T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/?p=11948"},"modified":"2024-07-12T12:10:06","modified_gmt":"2024-07-12T04:10:06","slug":"%e8%91%9b%e5%85%ab%e5%85%88%e7%94%9f%e5%b0%8d%e3%80%8c%e5%83%b9%e5%80%bc%e3%80%8d%e5%92%8c%e3%80%8c%e5%83%b9%e6%a0%bc%e3%80%8d%e7%9a%84%e7%9c%8b%e6%b3%95","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/12\/21\/%e8%91%9b%e5%85%ab%e5%85%88%e7%94%9f%e5%b0%8d%e3%80%8c%e5%83%b9%e5%80%bc%e3%80%8d%e5%92%8c%e3%80%8c%e5%83%b9%e6%a0%bc%e3%80%8d%e7%9a%84%e7%9c%8b%e6%b3%95\/","title":{"rendered":"\u845b\u516b\u5148\u751f\u5c0d\u300c\u50f9\u503c\u300d\u548c\u300c\u50f9\u683c\u300d\u7684\u770b\u6cd5"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_86 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\/2021\/12\/21\/%e8%91%9b%e5%85%ab%e5%85%88%e7%94%9f%e5%b0%8d%e3%80%8c%e5%83%b9%e5%80%bc%e3%80%8d%e5%92%8c%e3%80%8c%e5%83%b9%e6%a0%bc%e3%80%8d%e7%9a%84%e7%9c%8b%e6%b3%95\/#%E7%9B%B8%E9%97%9C%E7%9A%84%E6%96%87%E7%AB%A0\" >\u76f8\u95dc\u7684\u6587\u7ae0<\/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\/2021\/12\/21\/%e8%91%9b%e5%85%ab%e5%85%88%e7%94%9f%e5%b0%8d%e3%80%8c%e5%83%b9%e5%80%bc%e3%80%8d%e5%92%8c%e3%80%8c%e5%83%b9%e6%a0%bc%e3%80%8d%e7%9a%84%e7%9c%8b%e6%b3%95\/#%E5%8E%A1%E6%96%87%E9%96%8B%E5%A7%8B\" >\u53a1\u6587\u958b\u59cb<\/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\/2021\/12\/21\/%e8%91%9b%e5%85%ab%e5%85%88%e7%94%9f%e5%b0%8d%e3%80%8c%e5%83%b9%e5%80%bc%e3%80%8d%e5%92%8c%e3%80%8c%e5%83%b9%e6%a0%bc%e3%80%8d%e7%9a%84%e7%9c%8b%e6%b3%95\/#%E3%80%8C%E8%82%A1%E5%83%B9%E3%80%8D%E6%98%AF%E7%94%A8%E4%BE%86%E6%9C%8D%E5%8B%99%E6%88%91%E5%80%91%E7%9A%84%EF%BC%8C%E4%B8%8D%E6%98%AF%E4%BE%86%E6%8C%87%E5%B0%8E%E6%88%91%E5%80%91%E7%9A%84\" >\u300c\u80a1\u50f9\u300d\u662f\u7528\u4f86\u670d\u52d9\u6211\u5011\u7684\uff0c\u4e0d\u662f\u4f86\u6307\u5c0e\u6211\u5011\u7684<\/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\/2021\/12\/21\/%e8%91%9b%e5%85%ab%e5%85%88%e7%94%9f%e5%b0%8d%e3%80%8c%e5%83%b9%e5%80%bc%e3%80%8d%e5%92%8c%e3%80%8c%e5%83%b9%e6%a0%bc%e3%80%8d%e7%9a%84%e7%9c%8b%e6%b3%95\/#%E7%94%A8%E3%80%8C%E5%83%B9%E6%A0%BC%E3%80%8D%E4%BE%86%E8%A8%88%E7%AE%97%E6%8A%95%E8%B3%87%E7%B8%BE%E6%95%88\" >\u7528\u300c\u50f9\u683c\u300d\u4f86\u8a08\u7b97\u6295\u8cc7\u7e3e\u6548<\/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\/2021\/12\/21\/%e8%91%9b%e5%85%ab%e5%85%88%e7%94%9f%e5%b0%8d%e3%80%8c%e5%83%b9%e5%80%bc%e3%80%8d%e5%92%8c%e3%80%8c%e5%83%b9%e6%a0%bc%e3%80%8d%e7%9a%84%e7%9c%8b%e6%b3%95\/#Valuation%E9%80%99%E5%80%8B%E5%90%8D%E8%A9%9E\" >Valuation\u9019\u500b\u540d\u8a5e<\/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\/2021\/12\/21\/%e8%91%9b%e5%85%ab%e5%85%88%e7%94%9f%e5%b0%8d%e3%80%8c%e5%83%b9%e5%80%bc%e3%80%8d%e5%92%8c%e3%80%8c%e5%83%b9%e6%a0%bc%e3%80%8d%e7%9a%84%e7%9c%8b%e6%b3%95\/#%E7%9C%9F%E7%9A%84%E4%B8%8D%E5%AE%B9%E6%98%93\" >\u771f\u7684\u4e0d\u5bb9\u6613<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%9B%B8%E9%97%9C%E7%9A%84%E6%96%87%E7%AB%A0\"><\/span>\u76f8\u95dc\u7684\u6587\u7ae0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li><em>\u6211\u5148\u524d\u7684\u6587\u7ae0<span style=\"font-size: revert;\">\u300a<\/span><a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/11\/29\/%e5%83%b9%e6%a0%bc%e5%92%8c%e5%83%b9%e5%80%bc%e7%9a%84%e8%aa%a4%e8%a7%a3\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u50f9\u683c\u548c\u50f9\u503c\u7684\u8aa4\u89e3<\/a><span style=\"font-size: revert;\">\u300b<\/span> <\/em><\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%8E%A1%E6%96%87%E9%96%8B%E5%A7%8B\"><\/span>\u53a1\u6587\u958b\u59cb<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u5f88\u591a\u4eba\u641e\u6df7\u300c\u50f9\u503c\u300d\u548c\u300c\u50f9\u683c\u300d\uff0c\u5176\u5be6\u4ed4\u7d30\u60f3\u4e00\u60f3\uff0c\u6709\u8a31\u591a\u6211\u5011\u81ea\u5df1\u7684\u4f5c\u6cd5\uff0c\u4e5f\u5e6b\u52a9\u5927\u5bb6\u300c\u6df7\u6dc6\u300d\u9019\u5169\u8005\uff0c\u6211\u8209\u4e09\u500b\u4f8b\u5b50\uff1a<\/p>\n\n\n\n<h2 class=\"has-medium-font-size wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E3%80%8C%E8%82%A1%E5%83%B9%E3%80%8D%E6%98%AF%E7%94%A8%E4%BE%86%E6%9C%8D%E5%8B%99%E6%88%91%E5%80%91%E7%9A%84%EF%BC%8C%E4%B8%8D%E6%98%AF%E4%BE%86%E6%8C%87%E5%B0%8E%E6%88%91%E5%80%91%E7%9A%84\"><\/span><strong>\u300c\u80a1\u50f9\u300d\u662f\u7528\u4f86\u670d\u52d9\u6211\u5011\u7684\uff0c\u4e0d\u662f\u4f86\u6307\u5c0e\u6211\u5011\u7684 <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u4f8b\u5b50\uff08\u4e00\uff09\uff1a<a href=\"https:\/\/youtu.be\/Gm1FqNO4taM?t=769\" target=\"_blank\" rel=\"noopener\">https:\/\/youtu.be\/Gm1FqNO4taM?t=769<\/a><br>\u5df4\u83f2\u7279\u8aaa\u300c\u80a1\u50f9\u300d\u662f\u7528\u4f86\u670d\u52d9\u6211\u5011\u7684\uff0c\u4e0d\u662f\u4f86\u6307\u5c0e\u6211\u5011\u7684\u3002\u50f9\u503c\u6295\u8cc7\u4eba\u8981\u5927\u81f4\u7b97\u51fa\u516c\u53f8\u7684\u300c\u50f9\u503c\/\u5167\u5728\u50f9\u503c\u300d\u624d\u80fd\u6295\u8cc7\u90a3\u5bb6\u516c\u53f8\u3002\u4f46\u662f\u6211\u8a18\u5f97 Andy \u6709\u4e00\u500b 30% \u505c\u640d\u7684\u539f\u5247\uff08\u64da Andy \u8aaa\u800c\u4e14\u597d\u50cf\u4e5f\u5e6b\u4e86\u4f60\u4e0d\u5c11\u5fd9\uff09\u3002\u9019\u5c31\u662f\u540d\u7fa9\u4e0a\u8b93\u300c\u50f9\u683c\u300d\u4f86\u6307\u5c0e\u6211\u5011\u7684\u5730\u65b9\u3002\u4e8b\u5be6\u4e0a\uff0cAndy \u4ed4\u7d30\u60f3\u60f3\uff0c\u4f60\u61c9\u8a72\u4e0d\u662f\u56e0\u70ba\u80a1\u50f9\u6389\u4e86 30% \u800c\u505c\u640d\uff0c\u61c9\u8a72\u662f\u300c\u5167\u5728\u50f9\u503c\u300d\u4e5f\u6389\u4e0b\u4f86\u4e86\uff08\u7576\u521d\u8cb7\u9032\u7684\u7406\u7531\u6d88\u5931\u4e86\uff0c\u8a18\u5f97\u4f60\u7684\u300c\u7965\u8302\u5149\u96fb\u300d\uff1f\uff09\u4f60\u624d\u505c\u640d\u7684\uff0c\u5426\u5247\u7576\u6240\u6709\u4e8b\u5be6\u90fd\u4e00\u6a23\uff0c\u80a1\u50f9\u6389\u4e86 30%\uff0c\u6210\u9577\u578b\u50f9\u503c\u6295\u8cc7\u4eba\u61c9\u8a72\u662f\u5927\u8cb7\u624d\u5c0d\uff08\u524d\u63d0\u662f\uff0c\u4f60\u662f\u5fb9\u5e95\u641e\u61c2\u9019\u5bb6\u516c\u53f8\u624d\u8cb7\u7684\uff09\u3002<\/p>\n\n\n\n<p>\u6240\u4ee5\u300c\u7528\u80a1\u50f9\u6389\u4e86 X percent\u300d\u4f86\u505c\u640d\uff0c\u57fa\u672c\u4e0a\u662f\u627f\u8a8d\u5e02\u5834\u5148\u751f\u53ef\u80fd\u77e5\u9053\u6211\u5011\u4e0d\u77e5\u9053\u7684\u4e8b\uff0c\u6240\u4ee5\u6211\u5011\u8b93\u80a1\u50f9\u4f86\u6307\u5c0e\u6211\u5011\uff0c\u9019\u662f\u628a\u300c\u50f9\u683c\u300d\u548c\u300c\u50f9\u503c\u300d\u57fa\u672c\u6982\u5ff5\u6df7\u6dc6\u5728\u4e00\u8d77\u7684\uff0c\u61c9\u8a72\u662f\u544a\u8a34\u5927\u5bb6\uff1a\u300c\u5167\u5728\u50f9\u503c\u6389\u4e86 X percent\u300d\u4f86\u505c\u640d\u624d\u662f\u5408\u7406\u7684\u8aaa\u6cd5\uff0c\u55ae\u55ae\u56e0\u70ba\u300c\u80a1\u50f9\u6389\u4e86 X percent\u300d\u9019\u7a2e\u72c0\u6cc1\uff0c\u53cd\u800c\u662f\u8a72\u9032\u5834\u7684\u3002<\/p>\n\n\n\n<p>\u5927\u5bb6\u53ef\u4ee5\u770b\u770b 2021\u5e74\u6ce2\u5ba2\u590f\u5e74\u6703\uff0c\u5df4\u83f2\u7279\u5c0d 2016 \u5e74\uff0c\u8a08\u7b97 Precision Castparts \u7684 average earning power\u932f\u8aa4\uff0c\u5c0e\u81f4\u7b97\u932f\u5167\u5728\u50f9\u503c\u800c\u8cb7\u8cb4\u4e86\u7684\u9019\u500b\u6848\u4f8b\uff08\u96d6\u7136\u56e0\u70ba\u9019\u5bb6\u516c\u53f8\u9084\u662f\u597d\u516c\u53f8\uff0c\u6240\u4ee5\u5df4\u83f2\u7279\u4e26\u6c92\u6709\u505c\u640d\uff09\uff0c\u5c31\u6703\u4e86\u89e3\u5df4\u83f2\u7279\u662f\u6709\u5728\u8a08\u7b97\u300c\u5167\u5728\u50f9\u503c\u300d\u7684\uff1a<br><a href=\"https:\/\/youtu.be\/npRYd31diFo?t=8159\" target=\"_blank\" rel=\"noopener\">https:\/\/youtu.be\/npRYd31diFo?t=8159<\/a><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"212\" height=\"141\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2022\/09\/Freepik-1600x1200-4.jpg\" alt=\"\u50f9\u683c\" class=\"wp-image-25199\"\/><figcaption>credit: Freepik<\/figcaption><\/figure>\n\n\n\n<h2 class=\"has-medium-font-size wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%94%A8%E3%80%8C%E5%83%B9%E6%A0%BC%E3%80%8D%E4%BE%86%E8%A8%88%E7%AE%97%E6%8A%95%E8%B3%87%E7%B8%BE%E6%95%88\"><\/span><strong>\u7528\u300c\u50f9\u683c\u300d\u4f86\u8a08\u7b97\u6295\u8cc7\u7e3e\u6548 <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u4f8b\u5b50\uff08\u4e8c\uff09\uff1a\u6bcf\u5e74\u7528\u300c\u50f9\u683c\u300d\u4f86\u8a08\u7b97\u6211\u5011\u7684\u6295\u8cc7\u7e3e\u6548\u3002<br>\u6211\u8a18\u5f97 Andy \u5efa\u8b70\u5927\u5bb6\u6bcf\u5e74\u90fd\u8981\u8a08\u7b97\u81ea\u5df1\u7684\u6295\u8cc7\u7e3e\u6548\uff0c\u53ef\u662f\u6211\u4ed4\u7d30\u770b\u4e86 Andy \u8a08\u7b97\u7e3e\u6548\u7684\u65b9\u5f0f\uff0c\u597d\u50cf\u662f\u7528\u5e02\u5834\u50f9\u683c\u4f86\u754c\u5b9a\u6211\u5011\u7684\u7e3e\u6548\uff08\u5e0c\u671b\u6211\u6c92\u6709\u770b\u932f\uff09\u3002\u9019\u4e5f\u662f\u5f88\u6df7\u6dc6\u7684\u3002\u516c\u53f8\u7684\u300c\u50f9\u503c\u300d\u6c92\u6709\u5927\u5e45\u6539\u8b8a\uff0c\u4f46\u662f\u300c\u50f9\u683c\u300d\u6703\uff0c\u6240\u4ee5\u6211\u5011\u559c\u5b5c\u5b5c\u7684\u8a08\u7b97\u4eca\u5e74\u6211\u5011\u7684\u7e3e\u6548\u5927\u597d\uff0c\u5176\u5be6\u53ea\u662f\u6b63\u597d\u4f60\u8cb7\u5230\u7684\u516c\u53f8\uff0c\u5927\u5bb6\u5ffd\u7136\u90fd\u5f88\u60f3\u8981\u7f77\u4e86\u3002\u540c\u6a23\u7684\uff0c\u7576\u4f60\u7684\u7e3e\u6548\u4e0d\u597d\uff0c\u53ea\u8981\u4f60\u5f88\u78ba\u5b9a\u4f60\u6240\u8cb7\u7684\u516c\u53f8\u5167\u5728\u50f9\u503c\u662f\u4e0a\u5347\u7684\uff0c\u90a3\u53c8\u4f55\u5fc5\u5c0d\u81ea\u5df1\u7522\u751f\u61f7\u7591\uff1f\u5c24\u5176\u9577\u671f\u5c0e\u5411\u7684\u300c\u6210\u9577\u578b\u50f9\u503c\u6295\u8cc7\u4eba\u300d\uff0c\u7576\u4f60\u6c7a\u5b9a\u8cb7\u4e00\u5bb6\u516c\u53f8\u5f8c\uff0c\u80a1\u5e02\u4e94\u5e74\u4e0d\u958b\u5e02\uff0c\u4f60\u4e5f\u4e00\u5b9a\u90fd\u4e0d\u64d4\u5fc3\uff0c\u53ea\u8981\u516c\u53f8\u6301\u7e8c\u662f\u5728\u63d0\u9ad8\u300c\u50f9\u503c\u300d\u7684\u3002<\/p>\n\n\n\n<p>\u845b\u516b\u89ba\u5f97\uff0c\u7528\u300c\u50f9\u683c\u300d\u4f86\u8a08\u7b97\u77ed\u671f\u7e3e\u6548\u662f\u6c92\u6709\u610f\u7fa9\u7684\uff08\u4e00\u5e74\u671f\u6211\u4e5f\u89ba\u5f97\u77ed\uff09\uff0c\u53cd\u800c\u975e\u5e38\u6df7\u6dc6\u6211\u5011\u7684\u610f\u5fd7\u529b\uff0c\u56e0\u70ba\u7576\u521d\u8cb7\u9032\u6642\uff0c\u4f60\u5c31\u662f\u4ee5\u6301\u6709\u300c\u5341\u5e74\u300d\u7684\u5fc3\u614b\u5728\u6c7a\u5b9a\uff08\u9084\u662f\u5404\u4f4d\u90fd\u4e0d\u662f\uff1f\uff09\uff0c\u90a3\u77ed\u671f\u7684\u50f9\u683c\u6ce2\u52d5\u8ddf\u50f9\u503c\u6295\u8cc7\u4eba\u6709\u4ec0\u9ebc\u95dc\u4fc2\uff1f\u53c8\u4f55\u5fc5\u7528\u300c\u50f9\u683c\u300d\u8a08\u7b97\u51fa\u4f86\u7684\u77ed\u671f\u7e3e\u6548\uff0c\u8b93\u81ea\u5df1\u61f7\u7591\u4eba\u751f\uff1f<\/p>\n\n\n\n<p>\u300c\u50f9\u683c\u300d\u61c9\u8a72\u662f\u5728\u300c\u8cb7\u300d\u8207\u300c\u8ce3\u300d\u6642\u624d\u8ddf\u6295\u8cc7\u4eba\u6709\u95dc\uff0c\u5176\u4ed6\u6642\u9593\u8ddf\u6211\u5011\u61c9\u8a72\u662f\u6c92\u6709\u95dc\u4fc2\u7684\u3002\u53ea\u662f\u7576\u5e02\u5834\u4e0a\u6bcf\u500b\u4eba\u90fd\u7528\u5e74\u5ea6\u300c\u50f9\u683c\u300d\u7e3e\u6548\u5728\u8ddf\u4f60\u6bd4\u8f03\u6642\uff0c\u4f60\u53c8\u600e\u9ebc\u80fd\u5920\u7f6e\u81ea\u8eab\u65bc\u4e8b\u5916\uff1f\u600e\u6a23\u4fdd\u6301\u81ea\u5df1\u7684\u6e05\u9192\u4e0d\u88ab\u5e02\u5834\u5f71\u97ff\u5224\u65b7\uff1f\u6240\u4ee5\u845b\u516b\u4e0d\u53bb\u8a08\u7b97\u6211\u7684\u6bcf\u5e74\u300c\u50f9\u683c\u300d\u7e3e\u6548\uff0c\u5982\u679c\u771f\u7684\u8981\u6bcf\u5e74\u7b97\uff0c\u90a3\u4e5f\u662f\u8a08\u7b97\u6211\u7684 look through ROE\uff0c\u9019\u500b\u65b9\u6cd5\u96d6\u4e0d\u5b8c\u7f8e\uff0c\u4f46\u662f\u5e6b\u52a9\u6211\u8166\u7b4b\u6e05\u695a\u3002<\/p>\n\n\n\n<h2 class=\"has-medium-font-size wp-block-heading\"><span class=\"ez-toc-section\" id=\"Valuation%E9%80%99%E5%80%8B%E5%90%8D%E8%A9%9E\"><\/span><strong>Valuation\u9019\u500b\u540d\u8a5e <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u4f8b\u5b50\uff08\u4e09\uff09\uff1aValuation \u9019\u500b\u540d\u8a5e\u3002<br>\u516c\u53f8\u7684\u5167\u5728\u50f9\u503c\u662f\u6307\u9019\u5bb6\u516c\u53f8\u300c\u5f9e\u73fe\u5728\u5230\u4e16\u754c\u672b\u65e5\uff0c\u53ef\u4ee5\u7522\u751f\u6240\u6709\u73fe\u91d1\u6d41\u9032\u3001\u6d41\u51fa\u7e3d\u548c\u7684\u6298\u73fe\u503c\u300d\uff0c\u6240\u4ee5\u7576\u6211\u5011\u5728\u8a08\u7b97\u9019\u500b\u6578\u64da\u6642\uff0c\u8a08\u7b97\u7684\u662f\u516c\u53f8\u7684\u300c\u50f9\u503c\u300d\u3002\u6709\u8a31\u591a\u4eba\u8aaa\uff0c\u4ed6\u662f\u7528 P\/B, P\/E \u4f86\u300c\u4f30\u503c\u300d\u7684\uff0c\u9019\u5c31\u662f\u53e6\u5916\u4e00\u500b\u975e\u5e38\u6df7\u6dc6\u7684\u8aaa\u6cd5\u3002P\u662fprice\uff08\u50f9\u683c\uff09\uff0c\u7528\u50f9\u683c\u7684\u300c\u6bd4\u50f9\u6cd5\u300d\uff0c\u6bd4\u51fa\u4f86\u7684\u7576\u7136\u662f\u300c\u50f9\u683c\u300d\uff0c\u800c\u4e0d\u662f\u300c\u50f9\u503c\u300d\uff0c\u4e5f\u5c31\u662f\u8aaa\u7528 P\/B, P\/E \u662f\u5728\u300c\u4f30\u50f9\u300d\u800c\u4e0d\u662f\u300c\u4f30\u503c\u300d\uff0c\u5373\u4fbf\u9019\u5169\u500b\u540d\u8a5e\u5728\u82f1\u6587\u90fd\u53ef\u4ee5\u7528 valuation \u4f86\u8868\u793a\u3002<\/p>\n\n\n\n<p>\u70ba\u4ec0\u9ebc\u8981\u786c\u5206\u300c\u4f30\u50f9\u300d\u548c\u300c\u4f30\u503c\u300d\u7684\u65b9\u6cd5\u4e0d\u540c\uff1f\u662f\u7528\u4f86\u8aaa\u5634\u55ce\uff1f\uff01\u5982\u679c\u6709\u7528\u300c\u73fe\u91d1\u6d41\u6298\u73fe\u300d\u4f86\u300c\u4f30\u503c\u300d\u7684\u4eba\uff0c\u9019\u5e7e\u5e74\u61c9\u8a72\u90fd\u6703\u5927\u5927\u7684\u6709\u80a1\u50f9\u9ad8\u4f30\u7684\u82e6\u60f1\uff0c\u56e0\u70ba\u4f60\u518d\u600e\u9ebc\u62c9\u4f4e\u6298\u73fe\u7387\uff08\u4fdd\u5b88\u7684\uff09\uff0c\u90fd\u6703\u767c\u73fe\u300c\u80a1\u50f9\u300d\u5e38\u5e38\u9ad8\u65bc\u4f60\u4fdd\u5b88\u7b97\u5f97\u51fa\u4f86\u7684\u5167\u5728\u50f9\u503c\u3002\u4ee3\u8868\u7684\u662f\uff0c\u4f60\u6839\u672c\u6c92\u6709\u516c\u53f8\u597d\u8cb7\u3001\u6c92\u6709\u8fa6\u6cd5\u6295\u8cc7\u51fa\u53bb\uff0c\u56e0\u70ba\u73fe\u5728\u5e02\u5834\u4e0a\uff0c\u8cc7\u91d1\u6c3e\u6feb\uff0c\u52a0\u4e0a SPAC \u548c\u79c1\u52df\u57fa\u91d1\u7684\u7af6\u722d\uff0c\u8981\u80fd\u7528\u4f4e\u65bc\u516c\u53f8\u5167\u5728\u50f9\u503c\u7684\u300c\u50f9\u683c\u300d\u4f86\u6295\u8cc7\uff0c\u8d85\u7d1a\u56f0\u96e3\u3002<\/p>\n\n\n\n<p>\u600e\u9ebc\u8fa6\uff1fDCF \u65b9\u6cd5\u884c\u4e0d\u901a\uff0c\u5c71\u4e0d\u8f49\u8def\u8f49\uff0c\u90a3\u6211\u4e7e\u8106\u5c31\u7528 P\/B, P\/E \u4f86\u4f30\u597d\u4e86\uff0c\u4f30\u4ec0\u9ebc\uff1f\u4f30\u300c\u50f9\u683c\u300d\u3002\u6240\u4ee5 PE multiple \u6162\u6162\u7684\u62c9\u9ad8\uff0c\u4f60\u8cb7\u9019\u9ebc\u9ad8\u7684\u50f9\u683c\uff0c\u53cd\u6b63\u6211\u5c31\u8ddf\uff0c\u6211\u53ea\u8981\u80fd\u5920\u627e\u5230\u4e0b\u4e00\u500b\u8cb7\u7684\u6bd4\u6211\u9ad8\u7684\u4eba\u5c31\u597d\uff0c\u81f3\u5c11\u6211\u4e0d\u6703\u7a7a\u624b\u5728\u5e02\u5834\u88ab\u4eba\u5bb6\u7528\u300c\u50f9\u683c\u7e3e\u6548\u300d\u6bd4\u4e0b\u53bb\u3002<br>\u7d50\u679c\u300c\u50f9\u503c\u6295\u8cc7\u300d\u7684\u300c\u7576\u50f9\u683c\u6389\u5230\u5167\u5728\u50f9\u503c\u4e4b\u4e0b\u8cb7\u9032\u300d\u8b8a\u6210\u4e86\u8ddf\u300c\u5927\u5bb6\u6bd4\u51fa\u50f9\u300d\u7684\u300c\u50f9\u683c\u6295\u8cc7\u300d\uff0c\u5426\u5247\u4f60\u5c31\u7b49\u8457\u62b1\u8457\u73fe\u91d1\u548c\u4f4e\uff08\u50f9\u683c\uff09\u7e3e\u6548\u3002<\/p>\n\n\n\n<p>\u300c\u4f30\u50f9\u300d\u548c\u300c\u4f30\u503c\u300d\u662f\u5169\u500b\u975e\u5e38\u4e0d\u540c\u7684\u6982\u5ff5\uff08DCF vs. PE PB\uff09\uff0c\u5167\u6db5\u4e5f\u4e0d\u540c\uff0c\u53ef\u662f\u5927\u5bb6\u90fd\u6df7\u7528\uff0c\u975e\u5e38\u6df7\u6dc6\u3002\u50f9\u503c\u6295\u8cc7\u662f\uff0c\u4ed4\u7d30\u4e86\u89e3\u4e00\u5bb6\u516c\u53f8\u7684\u7af6\u722d\u5167\u6db5\uff0c\u4f30\u51fa\u300c\u5167\u5728\u50f9\u503c\u300d\uff0c\u7136\u5f8c\u8010\u5fc3\u7684\u7b49\u5f85\u300c\u50f9\u683c\u300d\u51fa\u73fe\uff0c\u800c\u4e0d\u662f\u6539\u7528 PB, PE\u3001\u63db\u500b\u65b9\u6cd5\u300c\u4f30\u50f9\u300d\uff0c\u5927\u5bb6\u4f86\u6bd4\u8ab0\u80fd\u51fa\u50f9\u9ad8\uff0c\u81f3\u65bc\u6211\u8cb7\u5230\u7684\u516c\u53f8\u503c\u4e0d\u503c\u90a3\u500b\u50f9\u683c\u4e5f\u5c31\u4e0d\u90a3\u9ebc\u91cd\u8981\u3002<\/p>\n\n\n\n<p>\u53ef\u662f\u7406\u8ad6\u4e0a\uff0c\u8cb7\u4e0d\u5230\u5c31\u62b1\u73fe\u91d1\u7b49\u5f85\uff0c\u9019\u6709\u4ec0\u9ebc\u4e0d\u5c0d\uff1f\u53ef\u662f\u4e0a\u8ff0\u300c\u6848\u4f8b\u4e8c\u300d\u7684\u300c\u50f9\u683c\u300d\u7e3e\u6548\u6bd4\u8f03\u6cd5\uff0c\u6703\u8b93\u9019\u6a23\u505a\u7684\u4eba\u96e3\u770b\u3002\u5c24\u5176\u8a31\u591a\u300c\u6210\u9577\u80a1\u300d\uff0c\u6839\u672c\u4f30\u4e0d\u51fa\u300c\u5167\u5728\u50f9\u503c\u300d\uff08\u7121\u6cd5\u300c\u4f30\u503c\u300d\uff09\uff0c\u81ea\u7136\u800c\u7136\u5927\u5bb6\u5c31\u6539\u6210\u300c\u4f30\u50f9\u300d\u6cd5\u3002<\/p>\n\n\n\n<h2 class=\"has-medium-font-size wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%9C%9F%E7%9A%84%E4%B8%8D%E5%AE%B9%E6%98%93\"><\/span><strong>\u771f\u7684\u4e0d\u5bb9\u6613<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u4ee5\u4e0a\u4e09\u500b\u4f8b\u5b50\uff0c\u662f\u845b\u516b\u5728\u5f62\u6210\u6211\u7684\u6295\u8cc7\u89c0\u5ff5\u6642\uff0c\u6709\u95dc\u300c\u50f9\u503c\u300d\u548c\u300c\u50f9\u683c\u300d\u6700\u5e38\u88ab\u6df7\u6dc6\u7684\u5730\u65b9\uff0c\u9023\u8a31\u591a\u5927\u5e2b\u8aaa\u7684\u90fd\u5e38\u5e38\u4f3c\u662f\u800c\u975e\uff0c\u60f3\u8981\u628a\u6301\u89c0\u5ff5\u6e05\u695a\uff0c\u845b\u516b\u771f\u7684\u89ba\u5f97\u4e0d\u5bb9\u6613\u3002<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>\u8a3b<\/strong><\/p>\n\n\n\n<p>\u672c\u6587\u662f\u845b\u5165\u516b\u5148\u751f\u5728\u6211\u90e8\u843d\u683c\u6587\u7ae0\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/11\/29\/%e5%83%b9%e6%a0%bc%e5%92%8c%e5%83%b9%e5%80%bc%e7%9a%84%e8%aa%a4%e8%a7%a3\/\">\u50f9\u683c\u548c\u50f9\u503c\u7684\u8aa4\u89e3<\/a>\u300b\u7684\u516c\u958b\u56de\u6587\uff0c\u5167\u5bb9\u5f88\u7cbe\u5f69\uff0c\u70ba\u514d\u670b\u53cb\u932f\u904e\u56de\u6587\u3002\u7279\u5c07\u845b\u516b\u5148\u751f\u7684\u5927\u4f5c\u539f\u6587\u7167\u767b\u4e00\u4efd\uff0c\u5206\u4eab\u7d66\u6211\u90e8\u843d\u683c\u7684\u670b\u53cb\u3002\u5728\u6b64\u611f\u8b1d\u845b\u516b\u5148\u751f\u82b1\u6642\u9593\u5beb\u4f5c\u6b64\u6587\uff0c\u4ee5\u53ca\u516c\u958b\u7684\u5206\u4eab\uff0c\u7279\u6b64\u81f4\u8b1d\u3002<\/p>\n\n\n\n<p><em><strong>\u91cd\u8981\u8072\u660e<\/strong><\/em><\/p>\n\n\n\n<ul 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