{"id":32908,"date":"2023-06-18T23:56:00","date_gmt":"2023-06-18T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/?p=32908"},"modified":"2025-07-15T10:42:55","modified_gmt":"2025-07-15T02:42:55","slug":"%e8%b2%a1%e5%8b%99%e5%a0%b1%e8%a1%a8%e8%a3%a1%e4%b8%8d%e5%90%88%e7%90%86%e7%9a%84%e6%9c%83%e8%a8%88%e6%89%8b%e6%b3%95","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/06\/18\/%e8%b2%a1%e5%8b%99%e5%a0%b1%e8%a1%a8%e8%a3%a1%e4%b8%8d%e5%90%88%e7%90%86%e7%9a%84%e6%9c%83%e8%a8%88%e6%89%8b%e6%b3%95\/","title":{"rendered":"\u8ca1\u52d9\u5831\u8868\u88e1\u4e0d\u5408\u7406\u7684\u6703\u8a08\u624b\u6cd5"},"content":{"rendered":"\n<p>\u5df4\u83f2\u7279\u5728<a href=\"http:\/\/www.berkshirehathaway.com\/letters\/1998htm.html\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><a href=\"http:\/\/www.berkshirehathaway.com\/letters\/1998htm.html\" target=\"_blank\" rel=\"noreferrer noopener\">1998 \u5e74\u7684\u80a1\u6771\u4fe1<\/a>\uff08\u6240\u6709\u672c\u6587\u4e2d\u4ee5\u659c\u9ad4\u5b57\u8868\u793a\u7684\u5167\u5bb9\u7686\u51fa\u81ea\u4ed6\u76841998 \u5e74\u7684\u80a1\u6771\u4fe1\uff09\u4e2d\uff0c\u63d0\u904e\u5e7e\u9805\u7f8e\u80a1\u4e0a\u5e02\u4f01\u696d\u5728\u4ed6\u5011\u7684\u8ca1\u52d9\u5831\u8868\u88e1\uff0c\u5e38\u898b\u4f46\u751a\u70ba\u4e0d\u5408\u7406\u7684\u6703\u8a08\u624b\u6cd5\u3002<\/p>\n\n\n\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\/2023\/06\/18\/%e8%b2%a1%e5%8b%99%e5%a0%b1%e8%a1%a8%e8%a3%a1%e4%b8%8d%e5%90%88%e7%90%86%e7%9a%84%e6%9c%83%e8%a8%88%e6%89%8b%e6%b3%95\/#%E8%93%84%E6%84%8F%E6%93%8D%E7%B8%B1%E6%95%B8%E5%AD%97%E6%AC%BA%E9%A8%99%E6%8A%95%E8%B3%87%E4%BA%BA\" >\u84c4\u610f\u64cd\u7e31\u6578\u5b57\u6b3a\u9a19\u6295\u8cc7\u4eba<\/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\/2023\/06\/18\/%e8%b2%a1%e5%8b%99%e5%a0%b1%e8%a1%a8%e8%a3%a1%e4%b8%8d%e5%90%88%e7%90%86%e7%9a%84%e6%9c%83%e8%a8%88%e6%89%8b%e6%b3%95\/#%E9%81%93%E5%BE%B7%E8%B6%A8%E6%96%BC%E6%B7%AA%E5%96%AA\" >\u9053\u5fb7\u8da8\u65bc\u6dea\u55aa<\/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\/2023\/06\/18\/%e8%b2%a1%e5%8b%99%e5%a0%b1%e8%a1%a8%e8%a3%a1%e4%b8%8d%e5%90%88%e7%90%86%e7%9a%84%e6%9c%83%e8%a8%88%e6%89%8b%e6%b3%95\/#%E5%B0%87%E8%A1%8C%E7%82%BA%E5%90%88%E7%90%86%E5%8C%96\" >\u5c07\u884c\u70ba\u5408\u7406\u5316<\/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\/06\/18\/%e8%b2%a1%e5%8b%99%e5%a0%b1%e8%a1%a8%e8%a3%a1%e4%b8%8d%e5%90%88%e7%90%86%e7%9a%84%e6%9c%83%e8%a8%88%e6%89%8b%e6%b3%95\/#%E4%B8%80%E6%AC%A1%E6%80%A7%E6%8F%90%E5%88%97%E6%90%8D%E5%A4%B1\" >\u4e00\u6b21\u6027\u63d0\u5217\u640d\u5931<\/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\/06\/18\/%e8%b2%a1%e5%8b%99%e5%a0%b1%e8%a1%a8%e8%a3%a1%e4%b8%8d%e5%90%88%e7%90%86%e7%9a%84%e6%9c%83%e8%a8%88%e6%89%8b%e6%b3%95\/#%E5%85%B1%E7%8A%AF%E7%B5%90%E6%A7%8B%E9%85%8D%E5%90%88%E6%BC%94%E5%87%BA\" >\u5171\u72af\u7d50\u69cb\u914d\u5408\u6f14\u51fa<\/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\/06\/18\/%e8%b2%a1%e5%8b%99%e5%a0%b1%e8%a1%a8%e8%a3%a1%e4%b8%8d%e5%90%88%e7%90%86%e7%9a%84%e6%9c%83%e8%a8%88%e6%89%8b%e6%b3%95\/#%E5%88%A9%E7%94%A8%E4%BD%B5%E8%B3%BC%E6%8F%90%E6%92%A5%E6%90%8D%E5%A4%B1%E6%BA%96%E5%82%99\" >\u5229\u7528\u4f75\u8cfc\u63d0\u64a5\u640d\u5931\u6e96\u5099<\/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\/06\/18\/%e8%b2%a1%e5%8b%99%e5%a0%b1%e8%a1%a8%e8%a3%a1%e4%b8%8d%e5%90%88%e7%90%86%e7%9a%84%e6%9c%83%e8%a8%88%e6%89%8b%e6%b3%95\/#%E6%8E%A8%E8%96%A6%E6%9B%B8%E7%B1%8D\" >\u63a8\u85a6\u66f8\u7c4d<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/06\/18\/%e8%b2%a1%e5%8b%99%e5%a0%b1%e8%a1%a8%e8%a3%a1%e4%b8%8d%e5%90%88%e7%90%86%e7%9a%84%e6%9c%83%e8%a8%88%e6%89%8b%e6%b3%95\/#%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=\"%E8%93%84%E6%84%8F%E6%93%8D%E7%B8%B1%E6%95%B8%E5%AD%97%E6%AC%BA%E9%A8%99%E6%8A%95%E8%B3%87%E4%BA%BA\"><\/span>\u84c4\u610f\u64cd\u7e31\u6578\u5b57\u6b3a\u9a19\u6295\u8cc7\u4eba<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em>\u7ba1\u7406\u968e\u5c64\u5728\u54e1\u5de5\u8a8d\u80a1\u9078\u64c7\u6b0a\u6703\u8a08\u554f\u984c\u4e0a\u6240\u626e\u6f14\u7684\u89d2\u8272\u7d55\u5c0d\u4e0d\u80fd\u99ac\u864e\uff0c\u6700\u8fd1\u6709\u4e00\u7fa4\u516c\u53f8\u4e3b\u7ba1\u8207\u6703\u8a08\u5e2b\u6975\u529b\u53cd\u5c0d\u7f8e\u570b\u8ca1\u52d9\u6703\u8a08\u6e96\u5247\u59d4\u54e1\u6703\u6253\u7b97\u5c07\u539f\u5148\u4e0d\u5be6\u7684\u9078\u64c7\u6b0a\u4e88\u4ee5\u66f4\u6b63\uff0c\u4f46\u7d50\u679c\u537b\u6c92\u6709\u4eba\u516c\u958b\u8868\u793a\u652f\u6301\uff0c\u53cd\u5c0d\u8005\u751a\u81f3\u52d5\u54e1\u570b\u6703\u8b70\u54e1\u53c3\u8207\u904a\u8aaa\uff0c\u5c07\u9019\u7a2e\u865b\u589e\u76c8\u9918\u7684\u8b70\u984c\u63d0\u5347\u5230\u570b\u5bb6\u5229\u76ca\u7684\u5c64\u6b21\u3002<\/em><\/p>\n\n\n\n<p><strong>\u8a3b\uff1a<\/strong>\u95dc\u65bc\u54e1\u5de5\u8a8d\u80a1\u9078\u64c7\u6b0a\uff0c\u8a73\u898b\u6211\u53e6\u4e00\u7bc7\u90e8\u843d\u683c\u7684\u6587\u7ae0\u8aaa\u660e\u300a\u4ee5\u54e1\u5de5\u80a1\u7968\u9078\u64c7\u6b0a\u505a\u70ba\u85aa\u916c\u7684\u512a\u52a3\u300b<\/p>\n\n\n\n<p><em>\u6b64\u5916\uff0c\u6211\u8a8d\u70ba\u6709\u4e9b\u7ba1\u7406\u7576\u5c40\u5728\u516c\u53f8\u518d\u9020\u8207\u5408\u4f75\u7684\u6703\u8a08\u8655\u7406\u4e0a\u7684\u5fc3\u614b\u66f4\u70ba\u53ef\u8b70\uff0c\u5f88\u591a\u7ba1\u7406\u7576\u5c40\u523b\u610f\u64cd\u7e31\u640d\u76ca\uff0c\u6b3a\u9a19\u6295\u8cc7\u4eba\uff0c\u800c\u5c31\u50cfMichael Kinsley\u66fe\u7d93\u6279\u8a55\u83ef\u5e9c\u7684&#8221;\u771f\u6b63\u7684\u919c\u805e\u4e0d\u662f\u90a3\u4e9b\u9055\u53cd\u6cd5\u5f8b\u7684\uff0c\u800c\u662f\u90a3\u4e9b\u5b8c\u5168\u5408\u6cd5\u7684\u884c\u70ba&#8221;\u3002<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%81%93%E5%BE%B7%E8%B6%A8%E6%96%BC%E6%B7%AA%E5%96%AA\"><\/span>\u9053\u5fb7\u8da8\u65bc\u6dea\u55aa<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em>\u5728\u4ee5\u524d\u900f\u904e\u8ca1\u52d9\u5831\u8868\uff0c\u5f88\u5bb9\u6613\u53ef\u4ee5\u5206\u8fa8\u4e00\u5bb6\u516c\u53f8\u7684\u597d\u58de\uff0c\u4f46\u6642\u81f31960\u5e74\u4ee3\u5f8c\u671f\uff0c\u537b\u6380\u8d77\u4e00\u6ce2\u9a19\u5f92\u7a31\u4e4b\u70ba&#8221;\u5927\u81bd\u4e14\u5bcc\u60f3\u50cf\u529b\u7684\u6703\u8a08&#8221;\u7684\u71b1\u6f6e\uff0c(\u9019\u7a2e\u505a\u6cd5\u5728\u7576\u6642\u53d7\u5230\u83ef\u723e\u8857\u4eba\u58eb\u7684\u71b1\u70c8\u6b61\u8fce\uff0c\u56e0\u70ba\u4ed6\u5011\u5f9e\u4f86\u90fd\u4e0d\u6703\u8b93\u4eba\u5931\u671b)\uff0c\u4e0d\u904e\u5728\u7576\u6642\u5927\u5bb6\u90fd\u77e5\u9053\u8ab0\u662f\u8001\u5343\uff0c\u81f3\u65bc\u4e00\u822c\u53d7\u5230\u5d07\u656c\u7684\u7f8e\u570b\u5927\u516c\u53f8\u57fa\u672c\u4e0a\u90fd\u6f54\u8eab\u81ea\u597d\uff0c\u76f8\u7576\u611b\u60dc\u81ea\u5df1\u7684\u7fbd\u6bdb\u3002<\/em><\/p>\n\n\n\n<p><em>\u53ea\u662f\u8fd1\u5e74\u4f86\uff0c\u9053\u5fb7\u9010\u6f38\u6dea\u55aa\uff0c\u96d6\u7136\u8a31\u591a\u5927\u4f01\u696d\u9084\u662f\u958b\u5927\u9580\u8d70\u5927\u8def\uff0c\u4e0d\u904e\u537b\u6709\u8d8a\u4f86\u8d8a\u591a\u6240\u8b02\u9ad8\u683c\u8abf\u7684\u7d93\u7406\u4eba\uff0c(\u5c31\u662f\u90a3\u7a2e\u4f60\u60f3\u8981\u628a\u5973\u5152\u8a31\u914d\u7d66\u4ed6\u6216\u8acb\u4ed6\u64d4\u4efb\u907a\u56d1\u57f7\u884c\u4eba\u7684\u4eba)\uff0c\u6f38\u6f38\u8a8d\u70ba\u73a9\u5f04\u6578\u5b57\u4ee5\u7b26\u5408\u83ef\u723e\u8857\u9810\u671f\u7684\u505a\u6cd5\u6c92\u6709\u4ec0\u9ebc\u5927\u4e0d\u4e86\u7684\uff0c\u6c92\u932f\uff0c\u6709\u8a31\u591a\u7d93\u7406\u4eba\u4e0d\u4f46\u89ba\u5f97\u9019\u985e\u64cd\u7e31\u6578\u5b57\u7684\u884c\u70ba\u5f88\u6b63\u5e38\uff0c\u751a\u81f3\u662f\u4ed6\u5011\u7684\u5de5\u4f5c\u8cac\u4efb\u4e4b\u4e00\u3002<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%B0%87%E8%A1%8C%E7%82%BA%E5%90%88%E7%90%86%E5%8C%96\"><\/span>\u5c07\u884c\u70ba\u5408\u7406\u5316<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em>\u9019\u4e9b\u7d93\u7406\u4eba\u4e00\u958b\u59cb\u5f80\u5f80\u5c31\u8a8d\u5b9a\u4ed6\u5011\u7684\u4e3b\u8981\u5de5\u4f5c\u4e4b\u4e00\u662f\u8b93\u516c\u53f8\u7684\u80a1\u50f9\u8d8a\u9ad8\u8d8a\u597d\uff0c(\u95dc\u65bc\u9019\u9ede\u6211\u5011\u5be6\u5728\u4e0d\u6562\u82df\u540c)\uff0c\u800c\u70ba\u4e86\u6490\u9ad8\u80a1\u50f9\uff0c\u4ed6\u5011\u53ef\u4ee5\u8aaa\u662f\u7121\u6240\u4e0d\u7528\u5176\u6975\u5730\u5728\u516c\u53f8\u71df\u904b\u4e0a\u6c96\u523a\uff0c\u53ea\u662f\u7576\u516c\u53f8\u71df\u904b\u7d50\u679c\u4e0d\u82e5\u9810\u671f\u6642\uff0c\u4ed6\u5011\u81ea\u7136\u800c\u7136\u5730\u6703\u60f3\u5230\u904b\u7528\u4e0d\u7576\u7684\u6703\u8a08\u624b\u6cd5\uff0c\u4e0d\u662f&#8221;\u88fd\u9020&#8221;\u51fa\u60f3\u8981\u7684\u76c8\u9918\u6578\u5b57\uff0c\u5c31\u662f\u9810\u57cb\u4f0f\u7b46\uff0c\u5728\u672a\u4f86\u7684\u76c8\u9918\u505a\u624b\u8173\u3002<\/em><\/p>\n\n\n\n<p><em>\u800c\u70ba\u4e86\u8b93\u9019\u6a23\u7684\u884c\u70ba\u5408\u7406\u5316\uff0c\u9019\u4e9b\u7d93\u7406\u4eba\u5e38\u5e38\u8868\u793a\u5982\u679c\u516c\u53f8\u80a1\u7968\u7684\u50f9\u683c\u4e0d\u80fd\u5408\u7406\u53cd\u61c9\u5176\u50f9\u503c\uff0c\u5247\u516c\u53f8\u80a1\u6771\u7684\u6b0a\u76ca\u5c07\u6703\u53d7\u640d\uff0c\u540c\u6642\u4ed6\u5011\u4e5f\u8072\u7a31\u904b\u7528\u6703\u8a08\u9a19\u8853\u4ee5\u5f97\u5230\u60f3\u8981\u7684\u6578\u5b57\u7684\u505a\u6cd5\u5f88\u666e\u904d\uff0c\u800c\u4e00\u65e6\u9019\u7a2e&#8221;\u5225\u4eba\u90fd\u9019\u6a23\uff0c\u70ba\u4f55\u6211\u4e0d\u884c&#8221;\u7684\u60f3\u6cd5\u751f\u6839\u5f8c\uff0c\u9053\u5fb7\u65b9\u9762\u7684\u9867\u616e\u65e9\u5df2\u6d88\u5931\u6b86\u76e1\uff0cGresham\u4e4b\u5b50\u7a31\u9019\u6a23\u7684\u884c\u70ba\u53eb\u505a:\u90aa\u60e1\u7684\u6703\u8a08\u5275\u9020\u51fa\u507d\u88dd\u7684\u5584\u826f\u3002<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%B8%80%E6%AC%A1%E6%80%A7%E6%8F%90%E5%88%97%E6%90%8D%E5%A4%B1\"><\/span>\u4e00\u6b21\u6027\u63d0\u5217\u640d\u5931<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em>\u6709\u4e00\u7a2e\u6703\u8a08\u79d1\u76ee\u53eb\u505a&#8221;\u91cd\u6574\u640d\u5931&#8221;\uff0c\u5728\u6cd5\u7406\u4e0a\u96d6\u7136\u5c6c\u65bc\u5408\u6cd5\u4f46\u537b\u901a\u5e38\u88ab\u7576\u4f5c\u64cd\u7e31\u640d\u76ca\u7684\u5de5\u5177\uff0c\u901a\u5e38\u516c\u53f8\u6703\u5c07\u591a\u5e74\u4f86\u7d2f\u7a4d\u7684\u958b\u652f\u5728\u55ae\u4e00\u500b\u5b63\u7bc0\u4e00\u6b21\u63d0\u5217\u640d\u5931\uff0c\u9019\u662f\u4e00\u7a2e\u5178\u578b\u8b93\u6295\u8cc7\u4eba\u5927\u5931\u6240\u671b\u7684\u9a19\u8853\uff0c\u6709\u6642\u5019\uff0c\u516c\u53f8\u5247\u662f\u70ba\u4e86\u5c07\u904e\u53bb\u5851\u9020\u4e0d\u5be6\u5728\u7684\u76c8\u9918\u6240\u7d2f\u7a4d\u7684\u5783\u573e\u4e00\u6b21\u51fa\u6e05\u6216\u662f\u70ba\u865b\u589e\u672a\u4f86\u5e74\u5ea6\u7684\u76c8\u9918\u9810\u5148\u505a\u92ea\u8def\uff0c\u4e0d\u7ba1\u600e\u6a23\uff0c\u9019\u4e9b\u505a\u6cd5\u7684\u4e3b\u8981\u524d\u63d0\u90fd\u662f\u6293\u4f4f\u83ef\u723e\u8857\u53ea\u95dc\u5fc3\u672a\u4f86\u5e74\u5ea6\u7684\u76c8\u9918\u9ad8\u65bc\u9810\u671f\u4e94\u5206\u9322\uff0c\u537b\u4e00\u9ede\u4e5f\u4e0d\u5728\u4e4e\u516c\u53f8\u7576\u5b63\u7684\u76c8\u4f59\u5c11\u4e86\u4e94\u584a\u9322\u7684\u5fc3\u7406\u3002<\/em><\/p>\n\n\n\n<p><em>\u9019\u7a2e\u5c07\u6240\u6709\u7684\u5783\u573e\u5728\u7576\u5b63\u4e00\u6b21\u51fa\u6e05\u7684\u505a\u6cd5\u8ddf\u9ad8\u723e\u592b\u7403\u5834\u4e0a\u4e00\u7a2e\u5927\u81bd\u5077\u6a5f\u7684\u65b9\u6cd5\u985e\u4f3c\uff0c\u5728\u7403\u5b63\u4e00\u958b\u59cb\uff0c\u53d6\u5de7\u7684\u9ad8\u723e\u592b\u7403\u54e1\u4e0d\u7ba1\u672c\u8eab\u5be6\u969b\u7684\u5be6\u529b\uff0c\u5148\u5728\u8a08\u5206\u5361\u4e0a\u586b\u4e0a\u6700\u96e2\u8b5c\u7684\u6210\u7e3e-\u67cf\u5fcc\u3001\u96d9\u67cf\u5fcc\u3001\u4e09\u67cf\u5fcc\uff0c\u7d50\u679c\u4e00\u7b97\u4e0b\u4f86\u53ef\u80fd \u6709140\u687f\u4e4b\u591a\uff0c\u63a5\u8457\u4ed6\u518d\u8dd1\u5230\u9ad8\u723e\u592b\u7403\u5e97\u7d66\u6559\u7df4\u8868\u793a\u4ed6\u60f3\u8981\u8abf\u6574\u4e00\u4e0b\u4e0d\u7406\u60f3\u7684\u63ee\u687f\uff0c\u7136\u5f8c\u7b49\u5230\u4ed6\u518d\u5ea6\u56de\u5230\u7403\u5834\u4e0a\u6642\uff0c\u4ed6\u5c31\u5c08\u6311\u597d\u7684\u6d1e\u7684\u6210\u7e3e\uff0c\u800c\u4e0d\u597d\u7684\u90e8\u4efd\u5247\u5168\u90e8\u6b78\u5230\u5148\u524d\u6240\u9810\u7559\u7684\u6e96\u5099\uff0c\u7d50\u679c\u4e94\u56de\u5408\u4e0b\u4f86\uff0c\u4ed6\u7684\u6210\u7e3e\u5c31\u8b8a\u6210140\u687f\u300180\u687f\u300180\u687f\u300180\u687f\u300180\u687f\uff0c\u800c\u4e0d\u662f\u672c\u4f86\u768491\u687f\u300194\u687f\u300189\u687f\u300194\u687f\u300192\u687f\uff0c\u4e0d\u904e\u5c0d\u83ef\u723e\u8857\u7684\u54ea\u4e9b\u4eba\u4f86\u8aaa\uff0c\u4ed6\u5011\u6839\u672c\u5c31\u4e0d\u7ba1\u6700\u524d\u9762\u7684140\u687f\uff0c\u56e0\u70ba\u90a3\u4e0d\u662f\u6b63\u5e38\u60c5\u6cc1\u4e0b\u7684\u8868\u73fe\uff0c\u7136\u5f8c\u76f4\u63a5\u628a\u9019\u4f4d\u9078\u624b\u6b78\u985e\u70ba\u5e73\u574780\u687f\u7684\u9ad8\u624b(\u800c\u4e14\u6210\u7e3e\u9084\u76f8\u7576\u7a69\u5b9a)\u3002<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%85%B1%E7%8A%AF%E7%B5%90%E6%A7%8B%E9%85%8D%E5%90%88%E6%BC%94%E5%87%BA\"><\/span>\u5171\u72af\u7d50\u69cb\u914d\u5408\u6f14\u51fa<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em>\u800c\u5c0d\u65bc\u9019\u7a2e\u559c\u6b61\u5077\u96de\u6478\u72d7\u7684\u7403\u54e1\u4f86\u8aaa\uff0c\u6709\u5e7e\u500b\u8b8a\u52d5\u56e0\u7d20\u662f\u4ed6\u5011\u8981\u6ce8\u610f\u7684\uff0c\u9996\u5148\u7403\u54e1\u8981\u627e\u5230\u80fd\u5920\u914d\u5408\u7684\u687f\u5f1f-\u4e5f\u5c31\u662f\u6703\u8a08\u5e2b\uff0c\u597d\u8b93\u4ed6\u53ef\u4ee5\u5c07\u4e0d\u597d\u7684\u6d1e\u6578\u5f80\u5f8c\u905e\u5ef6\uff0c\u9806\u5229\u5730\u5148\u62ff\u4e0b\u56db\u5c4080\u687f\uff0c\u4f7f\u5f97\u9019\u4f4d\u7403\u54e1\u53ef\u4ee5\u5f97\u5230\u8868\u73fe\u5091\u51fa\u4e14\u7a69\u5b9a\u7684\u904b\u52d5\u5bb6\u7a31\u865f\u5f8c\uff0c\u7136\u5f8c\u518d\u5077\u5077\u5730\u628a\u7b2c\u4e94\u5c40\u7684140\u687f\u7403\u5361\u4ea4\u51fa\uff0c\u7d50\u679c\u53ea\u898b\u5230\u4ed6\u96a8\u4fbf\u61c9\u4ed8\u5e7e\u53e5\u62b1\u6b49\u7684\u8a71\u8a9e\u4fbf\u9593\u63a5\u627f\u8a8d\u5148\u524d\u8a08\u7b97\u6210\u7e3e\u6642\u5019\u7684\u7f6a\u884c\uff0c\u800c\u4e14\u4ed6\u9084\u6703\u4e0d\u65b7\u5730\u62ff\u8457\u81ea\u5df1\u7684\u6210\u7e3e\u8ddf\u5176\u5b83\u597d\u624b\u76f8\u6bd4\uff0c(\u800c\u9019\u4f4d\u687f\u5f1f\uff0c\u4e0d\u7528\u6211\u5011<br>\u8aaa\uff0c\u7576\u7136\u662f\u6df1\u5f97\u5176\u8001\u95c6\u7684\u5fc3\uff0c\u4e0d\u6015\u4e0b\u6b21\u5f97\u4e0d\u5230\u4e3b\u4eba\u7684\u60e0\u9867)\u3002<\/em><\/p>\n\n\n\n<p><em>\u4e0d\u5e78\u7684\u662f\uff0c\u9019\u4e9b\u6163\u7528\u4f5c\u5f0a\u6280\u5006\u7684\u7e3d\u88c1\u5728\u56de\u5230\u73fe\u5be6\u4e16\u754c\u5f8c\uff0c\u9084\u662f\u7fd2\u6163\u73a9\u9019\u7a2e\u628a\u6232\uff0c\u7562\u7adf\u8207\u5176\u82b1\u8cbb\u6642\u9593\u5728\u8f9b\u82e6\u7df4\u7fd2\u4e0a\uff0c\u9084\u4e0d\u5982\u8f15\u8f15\u9b06\u9b06\u5728\u8a08\u5206\u5361\u4e0a\u52d5\u624b\u8173\uff0c\u8981\u8aaa\u670d\u4ed6\u5011\u653e\u68c4\u4e0d\u73a9\u53ef\u80fd\u6bd4\u767b\u5929\u9084\u96e3\uff0c\u4ed6\u5011\u9019\u7a2e\u884c\u70ba\u4e0d\u7981\u8b93\u6211\u60f3\u5230\u6cd5\u570b\u6587\u8c6a\u4f0f\u723e\u6cf0V oltaire\u5c0d\u65bc\u6027\u5be6\u9a57\u7684\u8a55\u8ad6\uff1a \u201c\u4e00\u56de\u751f\uff0c\u4e8c\u56de\u719f\u3002\u201d( 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class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"198\" height=\"128\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2023\/03\/ap-1600x1200-1.jpg\" alt=\"\u6703\u8a08\u624b\u6cd5\" class=\"wp-image-32937\"\/><figcaption class=\"wp-element-caption\">credit: investopedia.com<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%8E%A8%E8%96%A6%E6%9B%B8%E7%B1%8D\"><\/span>\u63a8\u85a6\u66f8\u7c4d<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u300a<a href=\"https:\/\/www.amazon.com\/Financial-Shenanigans-Fourth-Accounting-Gimmicks\/dp\/126011726X\" target=\"_blank\" rel=\"noreferrer noopener\">\u8ca1\u5831\u8a6d\u8a08\uff08Financial Shenanigans\uff09<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/09\/20\/%e9%82%a3%e4%ba%9b%e9%87%8d%e8%a6%81%e9%a2%a8%e9%9a%aasec%e8%a6%8f%e5%ae%9a%e5%bf%85%e9%9c%80%e5%9c%a8%e8%b2%a1%e5%a0%b1%e4%b8%ad%e6%8f%ad%e9%9c%b2\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u90a3\u4e9b\u91cd\u8981\u98a8\u96aaSEC\u898f\u5b9a\u5fc5\u9700\u5728\u8ca1\u5831\u4e2d\u63ed\u9732<\/a>\u300b<\/li>\n<\/ul>\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 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href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/07\/14\/%e5%93%a1%e5%b7%a5%e9%85%8d%e8%82%a1%e4%bd%94%e6%95%b4%e9%ab%94%e8%96%aa%e9%85%ac%e5%a4%9a%e5%a4%a7%e7%9a%84%e6%af%94%e4%be%8b%ef%bc%9f\/\">\u54e1\u5de5\u914d\u80a1\u4f54\u6574\u9ad4\u85aa\u916c\u591a\u5927\u7684\u6bd4\u4f8b\uff1f<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/12\/30\/%e7%82%ba%e4%bd%95%e5%a4%a7%e9%83%a8%e4%bb%bd%e7%9a%84%e4%bc%81%e6%a5%ad%e4%bd%b5%e8%b3%bc%e9%83%bd%e4%bb%a5%e5%a4%b1%e6%95%97%e5%91%8a%e7%b5%82%ef%bc%9f\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u70ba\u4f55\u5927\u90e8\u4efd\u7684\u4f01\u696d\u4f75\u8cfc\u90fd\u4ee5\u5931\u6557\u544a\u7d42\uff1f<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a 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href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/07\/04\/ebitda%e5%92%8c%e8%b2%a1%e6%b8%ac\/\">EBITDA\u548c\u8ca1\u6e2c\uff0c\u70ba\u4f55\u5df4\u83f2\u7279\u6703\u53cd\u5c0d\uff1f<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/06\/10\/%e6%b3%a2%e5%85%8b%e5%a4%8f%e7%9a%84%e4%bd%b5%e8%b3%bc%e6%a8%a1%e5%bc%8f\/\">\u6ce2\u514b\u590f\u7684\u4f75\u8cfc\u6a21\u5f0f<\/a>\u300b<\/li>\n\n\n\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<\/ul>\n\n\n\n<p id=\"block-b602cc2b-45ae-45c0-a24c-5bec9bc06f95\"><em><strong>\u91cd\u8981\u8072\u660e<\/strong><\/em><\/p>\n\n\n\n<ul 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