{"id":31894,"date":"2023-05-31T23:56:00","date_gmt":"2023-05-31T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/?p=31894"},"modified":"2025-07-15T10:43:27","modified_gmt":"2025-07-15T02:43:27","slug":"%e5%93%a1%e5%b7%a5%e8%82%a1%e7%a5%a8%e9%81%b8%e6%93%87%e6%ac%8a","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/05\/31\/%e5%93%a1%e5%b7%a5%e8%82%a1%e7%a5%a8%e9%81%b8%e6%93%87%e6%ac%8a\/","title":{"rendered":"\u4ee5\u54e1\u5de5\u80a1\u7968\u9078\u64c7\u6b0a\u505a\u70ba\u85aa\u916c\u7684\u512a\u52a3"},"content":{"rendered":"\n<p>\u5148\u8aaa\u7d50\u8ad6\uff1a\u4f01\u696d\u767c\u653e\u54e1\u5de5\u80a1\u7968\u9078\u64c7\u6b0a\u505a\u70ba\u85aa\u916c\uff0c\u5c0d\u54e1\u5de5\u6709\u5229\uff0c\u4f46\u640d\u5bb3\u6295\u8cc7\u4eba\u7684\u6b0a\u76ca\u3002<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 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 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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\/2023\/05\/31\/%e5%93%a1%e5%b7%a5%e8%82%a1%e7%a5%a8%e9%81%b8%e6%93%87%e6%ac%8a\/#%E7%99%A5%E7%AF%80%E5%9C%A8%E4%BD%95%E8%99%95%EF%BC%9F\" >\u7665\u7bc0\u5728\u4f55\u8655\uff1f<\/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\/2023\/05\/31\/%e5%93%a1%e5%b7%a5%e8%82%a1%e7%a5%a8%e9%81%b8%e6%93%87%e6%ac%8a\/#%E4%BC%81%E6%A5%AD%E7%9A%84%E7%A2%BA%E8%8A%B1%E4%BA%86%E6%88%90%E6%9C%AC\" >\u4f01\u696d\u7684\u78ba\u82b1\u4e86\u6210\u672c<\/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\/2023\/05\/31\/%e5%93%a1%e5%b7%a5%e8%82%a1%e7%a5%a8%e9%81%b8%e6%93%87%e6%ac%8a\/#%E7%9B%B8%E9%97%9C%E7%9A%84%E6%B3%95%E8%A6%8F%E5%B7%B2%E4%BF%AE%E6%94%B9\" >\u76f8\u95dc\u7684\u6cd5\u898f\u5df2\u4fee\u6539<\/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\/2023\/05\/31\/%e5%93%a1%e5%b7%a5%e8%82%a1%e7%a5%a8%e9%81%b8%e6%93%87%e6%ac%8a\/#%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\/2023\/05\/31\/%e5%93%a1%e5%b7%a5%e8%82%a1%e7%a5%a8%e9%81%b8%e6%93%87%e6%ac%8a\/#%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%B7%B4%E8%8F%B2%E7%89%B9%E5%A4%A7%E5%8A%9B%E5%8F%8D%E5%B0%8D\"><\/span>\u5df4\u83f2\u7279\u5927\u529b\u53cd\u5c0d<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><a href=\"https:\/\/berkshirehathaway.com\/letters\/1985.html\" target=\"_blank\" rel=\"noreferrer noopener\">\u5df4\u83f2\u7279\u57281985\u5e74\u7684\u80a1\u6771\u4fe1<\/a>\u4e2d\uff0c\u8a73\u7d30\u63ed\u9732\u4e86\u4ed6\u5c0d\u4f01\u696d\u767c\u653e\u54e1\u80a1\u7968\u9078\u64c7\u6b0a\u505a\u70ba\u54e1\u5de5\u8868\u73fe\u7684\u734e\u52f5\u4e00\u4e8b\uff0c\u5927\u529b\u53cd\u5c0d\u3002<\/p>\n\n\n\n<p><em>\u516c\u53f8\u4e3b\u7ba1\u5c0d\u65bc\u9078\u64c7\u6b0a(\u6263\u9664\u9644\u8a8d\u80a1\u6b0a\u53ef\u8b93\u516c\u53f8\u7acb\u5373\u53d6\u5f97\u5c0d\u50f9)\u9019\u6a94\u5b50\u4e8b\u5177\u6709\u96d9\u91cd\u6a19\u6e96\uff0c\u5047\u8a2d\u662f\u5c0d\u5916\u767c\u884c\u9019\u6a23\u7684\u8a8d\u80a1\u6b0a\uff0c\u5176\u50f9\u683c\u4e00\u5b9a\u6703\u9ad8\u5f97\u9a5a\u4eba\uff0c\u7576\u7136 \u9019\u7a2e\u734e\u52f5\u65b9\u6cd5\u6709\u6642\u4e5f\u6703\u7528\u5230\u90a3\u4e9b\u6709\u624d\u80fd\u3001\u5c0d\u516c\u53f8\u771f\u6b63\u6709\u8ca2\u737b\u7684\u4eba\u8eab\u4e0a\uff0c(\u4e8b\u5be6\u4e0a\uff0c\u4e00\u5bb6\u516c\u53f8\u771f\u6b63\u7d66\u6709\u5091\u51fa\u8868\u73fe\u7684\u4eba\u5f80\u5f80\u7d66\u7684\u4e0d\u5920\u591a) \uff0c\u4e0d\u904e\u901a\u5e38\u53ea\u662f\u78b0\u5de7\uff0c\u800c\u9019\u7a2e\u9078\u64c7\u6b0a\u4e00\u65e6\u7d66\u4e86\uff0c\u4fbf\u7121\u6cd5\u6536\u56de\uff0c\u7121\u8ad6\u9019\u500b\u4eba\u4e4b\u5f8c\u8868\u73fe\u5982\u4f55\u90fd\u4e0d\u80fd\u53d6\u6d88(\u53ea\u8981\u4ed6\u8001\u5144\u7e7c\u7e8c\u7559\u5728\u516c\u53f8)\uff0c\u4e00\u500b\u5eb8\u624d\u5f9e\u9078\u64c7\u6b0a\u8cfa\u5230\u7684\u8ddf\u771f\u6b63\u7684 \u4eba\u624d\u4e00\u6a23\u591a\uff0c\u9019\u5be6\u5728\u662f\u7ba1\u7406\u754c\u7684\u674e\u4f2f\u5927\u5922\u6700\u597d\u7684\u53bb\u8655\u4e86\u3002<\/em><\/p>\n\n\n\n<p>\u96d6\u7136\u6709\u90a3\u9ebc\u591a\u7f3a\u9ede\uff0c\u9078\u64c7\u6b0a\u5728\u67d0\u4e9b\u6642\u5f8c\u9084\u662f\u5f88\u597d\u7528\uff0c\u6211\u6279\u8a55\u7684\u91cd\u9ede\u4e3b\u8981\u662f\u5b83\u5011\u88ab\u7121\u9650\u5236\u5730\u906d\u5230\u6feb\u7528\uff0c\u9019\u88e1\u6211\u6709\u4e09\u9ede\u8981\u8aaa\u660e\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>\u7531\u65bc\u9078\u64c7\u6b0a\u8207\u516c\u53f8\u6574\u9ad4\u7684\u8868\u73fe\u60dc\u60dc\u76f8\u95dc\uff0c\u6240\u4ee5\u7406\u8ad6\u4e0a\u5b83\u5011\u61c9\u8a72\u7528\u5728\u8ca0\u8cac\u516c\u53f8\u5168\u5c40\u7684\u9ad8\u968e\u4e3b\u7ba1\u8eab\u4e0a\uff0c\u90e8\u9580\u7684\u4e3b\u7ba1\u5247\u61c9\u8996\u5176\u8ca0\u8cac\u90e8\u4efd\u7684\u8868\u73fe\u7d66\u4e88\u734e\u52f5\uff0c\u5c0d\u65bc\u6253 \u64ca\u7387\u9ad8\u9054\u4e09\u6210\u4e94\u7684\u7403\u54e1\u4f86\u8aaa\uff0c\u61c9\u8a72\u7d66\u4e88\u5927\u5e45\u7684\u8abf\u85aa\uff0c\u5373\u4f7f\u4ed6\u5f85\u7684\u662f\u4e00\u652f\u5927\u721b\u968a\uff0c\u76f8\u53cd\u5730\uff0c\u5c0d\u65bc\u6253\u64ca\u7387\u4e00\u6210\u4e94\u7684\u7403\u54e1\uff0c\u5c31\u7b97\u4ed6\u5011\u90a3\u4e00\u968a\u6700\u5f8c\u5f97\u5230\u51a0\u8ecd\u4e5f\u61c9\u8a72\u8acb\u4ed6\u8d70\u8def\uff0c \u53ea\u6709\u8ca0\u8cac\u5168\u5c40\u7684\u4eba\uff0c\u5982\u7e3d\u6559\u7df4\u624d\u61c9\u8207\u7403\u968a\u6574\u9ad4\u6230\u7e3e\u7d81\u5728\u4e00\u8d77\u3002<\/em><\/li>\n\n\n\n<li><em>\u9078\u64c7\u6b0a\u898f\u5283\u61c9\u7576\u8981\u975e\u5e38\u614e\u91cd\uff0c\u9664\u975e\u6709\u7279\u6b8a\u539f\u56e0\uff0c\u61c9\u8a72\u8981\u628a\u8cc7\u91d1\u6210\u672c\u8207\u4fdd\u7559\u76c8\u9918\u7684\u5f71\u97ff\u5217\u5165\u8003\u91cf\uff0c\u50f9\u683c\u4e5f\u8981\u5408\u7406\u7684\u8a02\u5b9a\uff0c\u7576\u516c\u53f8\u9762\u81e8\u5916\u90e8\u4f75<em>\u8cfc<\/em>\u6642\uff0c\u4ed6\u5011\u4e00\u5b9a\u99ac\u4e0a\u6307\u51fa\u5e02\u50f9\u662f\u5982\u4f55\u5730\u4e0d\u5408\u7406\u7121\u6cd5\u53cd\u61c9\u516c\u53f8\u5be6\u969b\u7684\u50f9\u503c\uff0c\u4f46\u662f\u70ba\u4f55\u516c\u53f8\u8981\u4ee5\u66f4\u4f4e\u7684\u50f9\u683c\u8ce4\u8ce3\u7d66\u516c\u53f8\u90e8\u4efd\u80a1\u6b0a\u7d66\u7d93\u7406\u4eba\u5462?(\u4ed6\u5011\u751a\u81f3\u9084\u6703\u8aaa\uff0c\u6703\u76e1\u91cf\u4ee5\u6700\u4f4e\u7684\u50f9\u683c\u5c07\u80a1\u6b0a\u8ce3\u7d66\u5167\u90e8\u4eba\uff0c\u4e0d\u7ba1\u516c\u53f8\u8981\u8ca0\u64d4\u591a\u5c11\u7a05\u8ca0)\u9664\u975e\u5728\u975e\u5e38\u7279\u6b8a\u7684\u60c5\u6cc1\uff0c\u516c\u53f8\u4e0d\u7ba1\u662f\u5c07\u90e8\u4efd\u80a1\u6b0a\u5ec9\u50f9\u8ce3\u7d66\u5167\u90e8\u4eba\u6216\u5916\u90e8\u4eba\uff0c\u539f\u4f86\u7684\u80a1\u6771\u6b0a\u76ca\u4e00\u5b9a\u53d7\u5230\u640d\u5bb3\uff0c\u6700\u5f8c\u7684\u7d50\u8ad6\u662f\u9078\u64c7\u6b0a\u7684\u8a8d\u8cfc\u50f9\u4e00\u5b9a\u8981\u8207\u771f\u5be6\u50f9\u503c\u76f8\u7576\u3002<\/em><\/li>\n\n\n\n<li><em>\u6211\u5fc5\u9808\u5f37\u8abf\u6709\u4e00\u4e9b\u6211\u975e\u5e38\u6b23\u8cde\u4e14\u7d93\u71df\u7e3e\u6548\u66f4\u751a\u65bc\u6211\u7684\u7d93\u7406\u4eba\uff0c\u4e0d\u8a8d\u540c\u6211\u5728\u56fa\u5b9a\u50f9\u683c\u9078\u64c7\u6b0a\u7684\u770b\u6cd5\uff0c\u4ed6\u5011\u5efa\u7acb\u4e86\u4e00\u5957\u5177\u500b\u4eba\u7ba1\u7406\u98a8\u683c\u7684\u4f01\u696d\u6587\u5316\uff0c\u800c\u5176\u4e2d\u56fa \u5b9a\u50f9\u683c\u8a8d\u80a1\u6b0a\u662f\u4ed6\u5011\u8a8d\u70ba\u975e\u5e38\u6709\u7528\u7684\u4e00\u9805\u5de5\u5177\uff0c\u4ee5\u4ed6\u5011\u500b\u4eba\u7684\u9818\u5c0e\u98a8\u683c\u8207\u793a\u7bc4\u4e26\u4ee5\u8a8d\u80a1\u6b0a\u4f5c\u70ba\u8a98\u56e0\uff0c\u4ed6\u5011\u6210\u529f\u5730\u5f15\u5c0e\u90e8\u5c6c\u4ee5\u80a1\u6771\u7684\u5fc3\u614b\u4f86\u60f3\u4e8b\u60c5\uff0c\u9019\u7a2e\u98a8\u683c\u4e0d\u591a\u898b\uff0c \u4f46\u82e5\u6709\u6211\u5011\u4e5f\u5fc5\u9808\u5c0f\u5fc3\u7684\u52a0\u4ee5\u7dad\u8b77\uff0c\u5373\u4f7f\u9019\u6a23\u7684\u4f5c\u6cd5\u6703\u7834\u58de\u516c\u5e73\u6027\u8207\u6548\u7387\uff0c\u5b70\u8afa\u6709\u4e91: \u201c\u6771\u897f\u82e5\u6c92\u58de\uff0c\u5c31\u4e0d\u5fc5\u4fee\u7406\u201d\uff0c\u9019\u7e3d\u6bd4\u7121\u53ef\u6551\u85e5\u7684\u5b8c\u7f8e\u4e3b\u7fa9\u597d\u5f97\u591a\u3002<\/em><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%9C%AA%E8%A2%AB%E5%AE%9A%E6%9C%9F%E6%AA%A2%E8%A6%96\"><\/span>\u672a\u88ab\u5b9a\u671f\u6aa2\u8996<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u5728<a href=\"https:\/\/berkshirehathaway.com\/letters\/1994.html\" target=\"_blank\" rel=\"noreferrer noopener\">\u5df4\u83f2\u72791994\u5e74\u7684\u80a1\u6771<\/a><a href=\"https:\/\/berkshirehathaway.com\/letters\/1985.html\" target=\"_blank\" rel=\"noreferrer noopener\">\u4fe1<\/a>\u4e2d\uff0c\u4ed6\u66f4\u6307\u51fa\u8a8d\u80a1\u6b0a\u7684\u6709\u4e00\u9805\u5f88\u5c11\u4eba\u6ce8\u610f\u7684\u5f0a\u75c5\uff1a<em>\u56e0\u70ba\u8a8d\u80a1\u6b0a\u7684\u8a8d\u8cfc\u50f9\u683c\u4e26\u6c92\u6709\u5b9a\u671f\u4e88\u4ee5\u6aa2\u8996\u8abf\u6574\uff0c\u9019\u7b49\u65bc\u662f\u6f20\u8996\u516c\u53f8\u672c\u8eab\u96a8\u8457\u76c8\u9918\u7684\u7d2f\u7a4d\u81ea\u52d5\u53ef\u589e\u52a0\u7684\u7372\u5229\u80fd\u529b\uff0c\u5047\u8a2d\u4e00\u5bb6\u516c\u53f8\u7d66\u4e88\u54e1\u5de5\u5341\u5e74\u7684\u8a8d\u80a1\u6b0a\uff0c\u53c8\u8a72\u516c\u53f8\u80a1\u5229\u767c\u653e\u7684\u6bd4\u4f8b\u5f88\u4f4e\uff0c\u5247\u7d93\u7406\u4eba\u5c31\u5f88\u6709\u53ef\u80fd\u6703\u5f97\u5230\u8d85\u904e\u5176\u672c\u8eab\u61c9\u5f97\u7684\u5831\u916c\uff0c\u8a08\u8f03\u4e00\u9ede\u7684\u4eba\u751a\u81f3\u6703\u767c\u73fe\uff0c\u6bcf\u5e74\u652f\u4ed8\u7d66\u80a1\u6771\u7684\u76c8\u9918\u8d8a\u4f86\u8d8a\u5c11\uff0c\u4f46\u7d93\u7406\u4eba\u900f\u904e\u8a8d\u80a1\u6b0a\u884c\u4f7f\u6240\u5f97\u5230\u7684\u5229\u76ca\u537b\u8d8a\u4f86\u8d8a\u591a\uff0c\u5230\u76ee\u524d\u70ba\u6b62\uff0c\u6211\u9084\u6c92\u6709\u5728\u4e00\u822c\u516c\u53f8\u80a1\u6771\u6703\u7684\u6295\u7968\u8b70\u6848\u88e1\uff0c\u770b\u5230\u6709\u8981\u6c42\u80a1\u6771\u8868\u6c7a\u662f\u5426\u6838\u51c6\u8a8d\u80a1\u6b0a\u8a08\u5283\u6848\u7684\u3002<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%99%A5%E7%AF%80%E5%9C%A8%E4%BD%95%E8%99%95%EF%BC%9F\"><\/span>\u7665\u7bc0\u5728\u4f55\u8655\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u5df4\u83f2\u7279\u7279\u5225\u5728\u4fe1\u4e2d\u6307\u51fa\uff1a<em>\u5927\u5bb6\u4e00\u518d\u767c\u8868\u201c\u9078\u64c7\u6b0a\u7684\u5be6\u65bd\u6709\u5176\u5fc5\u8981\uff0c\u56e0\u70ba\u5982\u6b64 \u4e00\u4f86\u7d93\u7406\u4eba\u8207\u80a1\u6771\u4fbf\u80fd\u540c\u821f\u4e00\u6fdf\u201d\u7684\u8ad6\u8abf\uff0c\u800c\u4e8b\u5be6\u4e0a\uff0c\u5169\u8005\u7684\u8239\u662f\u5b8c\u5168\u4e0d\u540c\uff0c\u6240\u6709\u80a1\u6771\u7686\u5fc5\u9808\u8ca0\u64d4\u8cc7\u91d1\u6210\u672c\uff0c\u800c\u7d93\u7406\u4eba\u6301\u6709\u7684\u56fa\u5b9a\u50f9\u683c\u9078\u64c7\u6b0a\u537b\u4ec0\u9ebc\u4e5f\u4e0d\u5fc5\u627f\u64d4\uff0c\u80a1\u6771\u5728\u671f\u76fc\u516c\u53f8\u767c\u9054\u7684\u540c\u6642\u9084\u5fc5\u9808\u627f\u53d7\u516c\u53f8\u53ef\u80fd\u5931\u6557\u7684\u98a8\u96aa\uff0c\u4e8b\u5be6\u4e0a\u4e00\u500b\u4f60\u5e0c\u671b\u80fd\u4eab\u6709\u8a8d\u80a1\u6b0a\u7684\u6295\u8cc7\u8a08\u5283\u5f80\u5f80\u662f\u4f60\u4e0d\u6703\u60f3\u8981\u6295\u8cc7\u7684\u8a08\u5283\uff0c(\u82e5\u6709\u4eba\u8981\u514d\u8cbb\u9001\u6211\u6a02\u900f\u5f69\u5238\uff0c\u6211\u4e00\u5b9a\u6b23\u7136\u63a5\u53d7\uff0c\u4f46\u82e5\u8981\u6211\u8cb7\u4e00\u5f35\u5247\u5b8c\u5168\u514d\u8ac7) \u3002<\/em><\/p>\n\n\n\n<p>\u5df4\u83f2\u7279\u5728<a href=\"http:\/\/www.berkshirehathaway.com\/letters\/1998htm.html\" target=\"_blank\" rel=\"noreferrer noopener\">1998 \u5e74\u7684\u80a1\u6771\u4fe1<\/a>\u4e2d\u8aaa\uff1a\u201c\u9019\u7a2e\u611b\u9e97\u7d72\u5922\u904a\u4ed9\u5883\u7684\u7d50\u679c\u4e4b\u6240\u4ee5\u6703\u51fa\u73fe\uff0c\u662f\u56e0\u70ba\u73fe\u6709\u7684\u6703\u8a08\u539f\u5247\u5728\u8a08\u7b97\u6536\u76ca\u6642\u5ffd\u7565\u4e86\u80a1\u7968\u671f\u6b0a\u7684\u6210\u672c\uff0c\u5118\u7ba1\u671f\u6b0a\u5c0d\u8a31\u591a\u516c\u53f8\u4f86\u8aaa\u90fd\u662f\u4e00\u7b46\u5de8\u5927\u4e14\u4e0d\u65b7\u589e\u52a0\u7684\u652f\u51fa\u3002\u201d\u80a1\u6771\u3002\u201c\u5be6\u969b\u4e0a\uff0c\u6703\u8a08\u539f\u5247\u70ba\u7ba1\u7406\u5c64\u63d0\u4f9b\u4e86\u4e00\u500b\u9078\u64c7\uff1a\u4ee5\u4e00\u7a2e\u5f62\u5f0f\u652f\u4ed8\u7d66\u54e1\u5de5\u4f75\u8a08\u7b97\u6210\u672c\uff0c\u6216\u8005\u4ee5\u53e6\u4e00\u7a2e\u5f62\u5f0f\u652f\u4ed8\u7d66\u4ed6\u5011\u4e26\u5ffd\u7565\u6210\u672c\u3002\u201d<\/p>\n\n\n\n<p>\u516c\u53f8\u53ef\u80fd\u8981\u6c42\u6295\u8cc7\u8005\u5ffd\u7565\u57fa\u65bc\u80a1\u7968\u7684\u85aa\u916c\u7684\u539f\u56e0\u6709\u5f88\u591a\u3002\u9996\u5148\uff0c\u57fa\u65bc\u80a1\u7968\u7684\u85aa\u916c\u4e26\u4e0d\u50cf\u85aa\u6c34\u6216\u6642\u85aa\u90a3\u6a23\u4ee3\u8868\u904b\u71df\u4e2d\u7684\u5373\u6642\u73fe\u91d1\u6d41\u51fa\u3002\u5c0d\u65bc\u671f\u6b0a\uff0c\u5f88\u96e3\u4f30\u8a08\u9019\u7a2e\u80a1\u7968\u7684\u85aa\u916c\u7684\u6700\u7d42\u6210\u672c\u53ef\u80fd\u662f\u591a\u5c11\uff0c\u56e0\u70ba\u4e0d\u77e5\u9053\u80a1\u7968\u50f9\u683c\u5c07\u8d70\u5411\u4f55\u65b9\u4ee5\u53ca\u54e1\u5de5\u4f55\u6642\u53ef\u4ee5\u884c\u6b0a\u3002\u8207\u57fa\u65bc\u80a1\u7968\u7684\u85aa\u916c\u548c\u57fa\u65bc\u81ea\u7531\u975e GAAP \u7684\u6536\u76ca\u6700\u76f8\u95dc\u7684\u884c\u696d\u53ef\u80fd\u662f\u79d1\u6280\u884c\u696d\uff0c\u5e74\u8f15\u516c\u53f8\u7684\u85aa\u916c\u56b4\u91cd\u504f\u5411\u65bc\u671f\u6b0a\uff0c\u56e0\u70ba\u54e1\u5de5\u7684\u73fe\u91d1\u85aa\u8cc7\u901a\u5e38\u5f88\u6709\u9650\u3002<\/p>\n\n\n\n<p>\u7e3d\u4e4b\uff0c\u9019\u662f\u4e00\u9805\u6177\u80a1\u6771\u4e4b\u6168\uff0c\u7a00\u91cb\u65e2\u6709\u80a1\u6771\u7684\u80a1\u6b0a\uff0c\u640d\u5bb3\u6295\u8cc7\u4eba\u7684\u6b0a\u76ca\u7684\u4e0d\u5408\u7406\u884c\u70ba\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%BC%81%E6%A5%AD%E7%9A%84%E7%A2%BA%E8%8A%B1%E4%BA%86%E6%88%90%E6%9C%AC\"><\/span>\u4f01\u696d\u7684\u78ba\u82b1\u4e86\u6210\u672c<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u5df4\u83f2\u7279\u5728<a href=\"http:\/\/www.berkshirehathaway.com\/letters\/1998htm.html\" target=\"_blank\" rel=\"noreferrer noopener\">1998 \u5e74\u7684\u80a1\u6771\u4fe1<\/a>\u4e2d\u5beb\u9053\uff1a\u300c\u4e0d\u540c\u610f\u6211\u5c0d\u9078\u64c7\u6b0a\u770b\u6cd5\u7684\u8b80\u8005\u9019\u6642\u53ef\u80fd\u6703\u6297\u8b70\u6211\u5c07\u767c\u7d66\u54e1\u5de5\u8a8d\u80a1\u6b0a\u7684\u6210\u672c\u8ddf\u5c0d\u5916\u516c\u958b\u767c\u884c\u7684\u80a1\u7968\u9078\u64c7\u6b0a\u5283\u4e0a\u7b49\u865f\uff0c\u6c92\u6709\u932f\uff0c\u5728\u9019\u4e9b\u722d\u8faf\u4e2d\uff0c\u54e1\u5de5\u7684\u8a8d\u80a1\u6b0a\u6709\u6642\u6703\u88ab\u6c92\u6536\uff0c\u4f7f\u5f97\u80a1\u6771\u6b0a\u76ca\u53d7\u640d\u7684\u7a0b\u5ea6\u6709\u53ef\u80fd\u6703\u6e1b\u5c0f\uff0c\u516c\u958b\u767c\u884c\u7684\u9078\u64c7\u6b0a\u5c31\u6c92\u6709\u9019\u9805\u512a\u9ede\uff0c\u800c\u54e1\u5de5\u5728\u884c\u4f7f\u8a8d\u80a1\u6b0a\u6642\uff0c\u516c\u53f8\u4e5f\u53ef\u56e0\u800c\u7372\u5f97\u62b5\u7a05\u6b0a\uff0c\u516c\u958b\u767c\u884c\u7684\u9078\u64c7\u6b0a\u4e5f\u6c92\u6709\u9019\u9805\u597d\u8655\uff0c\u4f46\u662f\u5728\u53e6\u5916\u4e00\u65b9\u9762\uff0c\u54e1\u5de5\u9078\u64c7\u6b0a\u7684\u8f49\u63db\u50f9\u683c\u5e38\u5e38\u6703\u505a\u4fee\u6b63\uff0c\u6bd4\u8d77\u516c\u958b\u767c\u884c\u7684\u9078\u64c7\u6b0a\u4f86\u8aaa\uff0c\u6240\u4ed8\u51fa\u7684\u4ee3\u50f9\u66f4\u70ba\u9ad8\u6602\u3002<\/p>\n\n\n\n<p>\u4e5f\u6709\u4eba\u8a8d\u70ba\u9650\u5236\u79fb\u8f49\u7684\u54e1\u5de5\u8a8d\u80a1\u6b0a\u5176\u50f9\u503c\u5c0d\u65bc\u54e1\u5de5\u4f86\u8aaa\uff0c\u6bd4\u6c92\u6709\u53ef\u4ee5\u516c\u958b\u4ea4\u6613\u7684\u9078\u64c7\u6b0a\u4f86\u5f97\u4f4e\uff0c\u4f46\u9019\u7a2e\u8b1b\u6cd5\u4e26\u6c92\u6709\u8fa6\u6cd5\u6de1\u5316\u516c\u53f8\u767c\u884c\u8a8d\u80a1\u6b0a\u7d66\u54e1\u5de5\u6240\u9700\u4ed8\u51fa\u7684\u4ee3\u50f9\uff0c\u5c31\u50cf\u662f\u516c\u53f8\u914d\u7d66\u54e1\u5de5\u7684\u914d\u8eca\uff0c\u96d6\u7136\u9650\u5236\u54e1\u5de5\u53ea\u80fd\u4f5c\u70ba\u516c\u52d9\u4f7f\u7528\uff0c\u4f46\u662f\u9019\u4e26\u4e0d\u4ee3\u8868\u516c\u53f8\u5c31\u53ef\u4ee5\u4e0d\u5fc5\u82b1\u9322\u8cb7\u8eca\u3002\u300d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%9B%B8%E9%97%9C%E7%9A%84%E6%B3%95%E8%A6%8F%E5%B7%B2%E4%BF%AE%E6%94%B9\"><\/span>\u76f8\u95dc\u7684\u6cd5\u898f\u5df2\u4fee\u6539<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u7531\u65bc\u5eff\u591a\u5e74\u524d\uff0c\u7f8e\u80a1\u4e0a\u5e02\u4f01\u696d\u6108\u4f86\u6108\u591a\u7684\u4f01\u696d\u7af6\u76f8\u767c\u653e\u54e1\u5de5\u80a1\u7968\u9078\u64c7\u6b0a\u505a\u70ba\u54e1\u5de5\u8868\u73fe\u7684\u734e\u52f5\uff0c\u640d\u5bb3\u6295\u8cc7\u4eba\u7684\u6b0a\u76ca\u3002\u903c\u5f97\u4e3b\u7ba1\u55ae\u4f4d\u4fee\u6539\u76f8\u95dc\u6cd5\u898f\uff0c\u8981\u6c42\u4f01\u696d\u5fc5\u9700\u628a\u767c\u653e\u7d66\u54e1\u5de5\u7684\u80a1\u7968\u9078\u64c7\u6b0a\u5728\u4f01\u696d\u7684\u8ca1\u5831\u88e1\u8a8d\u5217\u70ba\u300c\u8cbb\u7528\u300d\uff0c\u4e5f\u5c31\u662f\u4f01\u696d\u5fc5\u9700\u5be6\u969b\u6524\u63d0\u6b64\u9805\u8cbb\u7528\uff0c\u800c\u4e0d\u662f\u6177\u80a1\u6771\u4e4b\u6168\uff0c\u7a00\u91cb\u65e2\u6709\u80a1\u6771\u7684\u6b0a\u76ca\uff0c\u640d\u5bb3\u6295\u8cc7\u4eba\u7684\u6b0a\u76ca\u3002<\/p>\n\n\n\n<p>\u81ea\u5f9e2002\u5e74\u5b89\u9686\uff08Enron\uff09\u53ca\u4e16\u754c\u901a\u8a0a\uff08WorldCom\uff09\u7b49\u7f8e\u570b\u4f01\u696d\u7206\u767c\u5f0a\u6848\u4ee5\u4f86\uff0c\u53ef\u53e3\u53ef\u6a02\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aKO\uff09\u3001\u5947\u7570\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aGE\uff09\u53ca\u5bf6\u50d1\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aPG\uff09\u7b49\u77e5\u540d\u4f01\u696d\u9996\u5148\u5ba3\u5e03\u5c07\u80a1\u7968\u9078\u64c7\u6b0a\u516c\u958b\u5217\u70ba\u8cbb\u7528\uff0c\u7f8e\u570b\u8ca1\u52d9\u6703\u8a08\u6e96\u5247\u59d4\u54e1\u6703\uff08FASB\uff09\u53ca\u570b\u969b\u6703\u8a08\u6e96\u5247\u59d4\u54e1\u6703\uff08IASC\uff09\u4e5f\u5148\u5f8c\u660e\u767d\u5730\u898f\u7bc4\u4f01\u696d\u5fc5\u9808\u628a\u80a1\u7968\u9078\u64c7\u6b0a\u8996\u70ba\u8cbb\u7528\u3002\u9078\u64c7\u6b0a\u4e0d\u518d\u53ea\u662f\u8ca1\u52d9\u5831\u8868\u4e0a\u7684\u4e00\u500b\u8a3b\u8173\uff0c\u6108\u4f86\u6108\u591a\u4f01\u696d\u5df2\u7d93\u628a\u80a1\u7968\u9078\u64c7\u6b0a\u8996\u70ba\u8cbb\u7528\uff0c\u5c31\u50cf\u79df\u91d1\u6216\u54e1\u5de5\u85aa\u6c34\u4e00\u6a23\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%B5%90%E8%AB%96\"><\/span>\u7d50\u8ad6<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u7528\u5df4\u83f2\u7279\u5728<a href=\"http:\/\/www.berkshirehathaway.com\/letters\/1998htm.html\" target=\"_blank\" rel=\"noreferrer noopener\">1998 \u5e74\u7684\u80a1\u6771\u4fe1<\/a>\u4e2d\u8aaa\u7684\u8a71\u4f86\u505a\u70ba\u7d50\u8ad6\u6700\u5408\u9069\uff1a\u300c\u5982\u679c\u80a1\u7968\u9078\u64c7\u6b0a\u4e0d\u662f\u4e00\u7a2e\u5831\u916c\uff0c\u90a3\u5b83\u662f\u4ec0\u9ebc\uff1f\u5982\u679c\u5831\u916c\u4e0d\u7b97\u662f\u8cbb\u7528\uff0c\u90a3\u5b83\u7b97\u4ec0\u9ebc\uff1f\u9084\u6709\uff0c\u5982\u679c\u8cbb\u7528\u4e0d\u5217\u5728\u76c8\u9918\u7684\u8a08\u7b97\u4e2d\uff0c\u90a3\u5b83\u8981\u5217\u5728\u54ea\u88e1\uff1f\u300d<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"200\" height=\"102\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2023\/02\/employee-stock-option-1600x1200-1.jpg\" alt=\"\u54e1\u5de5\u80a1\u7968\u9078\u64c7\u6b0a\" class=\"wp-image-31934\"\/><figcaption class=\"wp-element-caption\">credit: educba.com<\/figcaption><\/figure>\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\/2023\/05\/31\/%E5%93%A1%E5%B7%A5%E8%82%A1%E7%A5%A8%E9%81%B8%E6%93%87%E6%AC%8A\/\">\u4ee5\u54e1\u5de5\u80a1\u7968\u9078\u64c7\u6b0a\u505a\u70ba\u85aa\u916c\u7684\u512a\u52a3<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a 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