{"id":33876,"date":"2023-07-04T23:56:00","date_gmt":"2023-07-04T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/?p=33876"},"modified":"2025-01-30T09:22:17","modified_gmt":"2025-01-30T01:22:17","slug":"ebitda%e5%92%8c%e8%b2%a1%e6%b8%ac","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/07\/04\/ebitda%e5%92%8c%e8%b2%a1%e6%b8%ac\/","title":{"rendered":"EBITDA\u548c\u8ca1\u6e2c\uff0c\u70ba\u4f55\u5df4\u83f2\u7279\u6703\u53cd\u5c0d\uff1f"},"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=\"https:\/\/berkshirehathaway.com\/2000ar\/2000letter.html\" target=\"_blank\" rel=\"noreferrer noopener\">2000 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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 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href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/07\/04\/ebitda%e5%92%8c%e8%b2%a1%e6%b8%ac\/#%E6%B2%92%E6%9C%89%E4%BA%BA%E8%83%BD%E9%A0%90%E6%B8%AC%E6%9C%AA%E4%BE%86%E7%9A%84%E4%BA%8B\" >\u6c92\u6709\u4eba\u80fd\u9810\u6e2c\u672a\u4f86\u7684\u4e8b<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/07\/04\/ebitda%e5%92%8c%e8%b2%a1%e6%b8%ac\/#%E5%B0%8D%E4%B8%8D%E5%8F%AF%E7%9F%A5%E7%9A%84%E4%BA%8B%E4%BA%BA%E5%80%91%E6%98%AF%E7%84%A1%E8%83%BD%E7%82%BA%E5%8A%9B%E7%9A%84\" >\u5c0d\u4e0d\u53ef\u77e5\u7684\u4e8b\u4eba\u5011\u662f\u7121\u80fd\u70ba\u529b\u7684<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/07\/04\/ebitda%e5%92%8c%e8%b2%a1%e6%b8%ac\/#%E9%A0%90%E4%BC%B0%E5%85%AC%E5%8F%B8%E6%9C%AA%E4%BE%86%E6%88%90%E9%95%B7%E7%8E%87%E5%BE%88%E4%B8%8D%E6%81%B0%E7%95%B6\" >\u9810\u4f30\u516c\u53f8\u672a\u4f86\u6210\u9577\u7387\u5f88\u4e0d\u6070\u7576<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/07\/04\/ebitda%e5%92%8c%e8%b2%a1%e6%b8%ac\/#%E7%8F%BE%E5%AF%A6%E7%9A%84%E4%B8%96%E7%95%8C%E6%A0%B9%E6%9C%AC%E8%BE%A6%E4%B8%8D%E5%88%B0\" >\u73fe\u5be6\u7684\u4e16\u754c\u6839\u672c\u8fa6\u4e0d\u5230<\/a><\/li><\/ul><\/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\/07\/04\/ebitda%e5%92%8c%e8%b2%a1%e6%b8%ac\/#%E5%9F%B7%E8%A1%8C%E9%95%B7%E6%89%8D%E6%98%AF%E4%B8%80%E5%88%87%E5%95%8F%E9%A1%8C%E7%9A%84%E6%A0%B9%E6%BA%90\" 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href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/07\/04\/ebitda%e5%92%8c%e8%b2%a1%e6%b8%ac\/#%E6%B4%BB%E7%94%9F%E7%94%9F%E7%9A%84%E6%A1%88%E4%BE%8B\" >\u6d3b\u751f\u751f\u7684\u6848\u4f8b<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/07\/04\/ebitda%e5%92%8c%e8%b2%a1%e6%b8%ac\/#%E5%B7%B4%E8%8F%B2%E7%89%B9%E8%87%AA%E5%B7%B1%E7%9A%84%E7%B6%93%E9%A9%97\" >\u5df4\u83f2\u7279\u81ea\u5df1\u7684\u7d93\u9a57<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/07\/04\/ebitda%e5%92%8c%e8%b2%a1%e6%b8%ac\/#%E4%B8%8D%E8%AA%8D%E5%90%8C%E6%88%BF%E5%9C%B0%E7%BE%8E%E7%9A%84%E5%81%9A%E6%B3%95\" >\u4e0d\u8a8d\u540c\u623f\u5730\u7f8e\u7684\u505a\u6cd5<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/07\/04\/ebitda%e5%92%8c%e8%b2%a1%e6%b8%ac\/#%E9%97%9C%E6%96%BC%E6%88%BF%E5%9C%B0%E7%BE%8E%E5%92%8C%E6%88%BF%E5%88%A9%E7%BE%8E\" >\u95dc\u65bc\u623f\u5730\u7f8e\u548c\u623f\u5229\u7f8e<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/07\/04\/ebitda%e5%92%8c%e8%b2%a1%e6%b8%ac\/#%E8%92%99%E6%A0%BC%E8%AA%8D%E7%82%BAEBITDA%E6%98%AF%E5%BB%A2%E8%A9%B1\" >\u8499\u683c\u8a8d\u70baEBITDA\u662f\u5ee2\u8a71<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/07\/04\/ebitda%e5%92%8c%e8%b2%a1%e6%b8%ac\/#%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-16\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/07\/04\/ebitda%e5%92%8c%e8%b2%a1%e6%b8%ac\/#%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%8F%8D%E5%B0%8D%E4%BD%BF%E7%94%A8EBITDA\"><\/span>\u53cd\u5c0d\u4f7f\u7528EBITDA<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em>\u7576\u67e5\u7406\u8ddf\u6211\u5728\u95b1\u8b80\u8ca1\u52d9\u5831\u544a\u6642\uff0c\u6211\u5011\u5c0d\u65bc\u4eba\u54e1\u3001\u5de5\u5ee0\u6216\u7522\u54c1\u7684\u4ecb\u7d39\u6c92\u6709\u591a\u5927\u8208\u8da3\uff0c\u6709\u95dc\u6263\u9664\u6298\u820a\u6524\u92b7\u7a05\u8ca0\u5229\u606f\u524d\u7684\u76c8\u9918(EBITDA)\u7684\u5f15\u7528\u66f4\u8b93\u6211\u5011\u81bd\u986b\u5fc3\u9a5a\uff0c\u96e3\u9053\u7d93\u71df\u968e\u5c64\u771f\u7684\u8a8d\u70ba\u62ff\u7259\u9f52\u5c31\u53ef\u4ee5\u63db\u4f86\u5927\u7b46\u7684\u8cc7\u672c\u652f\u51fa\u55ce?\u5c0d\u65bc\u90a3\u4e9b\u4eff\u771f\u4e0d\u6e05\u7684\u6703\u8a08\u539f\u5247\uff0c\u6211\u5011\u4e00\u5411\u62b1\u6301\u61f7\u7591\u7684\u614b\u5ea6\uff0c\u56e0\u70ba\u7d93\u71df\u968e\u5c64\u901a\u5e38\u90fd\u6703\u85c9\u6b64\u63a9\u84cb\u4f86\u4e00\u4e9b\u4e8b\u5be6\uff0c\u6b64\u5916\u6211\u5011\u4e5f\u4e0d\u60f3\u8b80\u90a3\u4e9b\u7531\u516c\u95dc\u90e8\u9580\u6216\u9867\u554f\u6240\u63d0\u4f9b\u7684\u8cc7\u6599\uff0c\u6211\u5011\u5e0c\u671b\u80fd\u5920\u7531\u57f7\u884c\u9577\u81ea\u5df1\u89aa\u81ea\u89e3\u91cb\u5be6\u969b\u767c\u751f\u7684\u72c0\u6cc1\u3002<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%B8%8D%E8%83%BD%E9%81%B8%E6%93%87%E6%80%A7%E5%9C%B0%E6%8F%AD%E9%9C%B2%E8%A8%8A%E6%81%AF\"><\/span>\u4e0d\u80fd\u9078\u64c7\u6027\u5730\u63ed\u9732\u8a0a\u606f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em>\u5c0d\u65bc\u8b49\u7ba1\u6703\u4e3b\u5e2dArthur Levitt\u8fd1\u4f86\u5927\u529b\u6253\u64ca\u4f01\u696d\u5982\u764c\u75c7\u822c\u64f4\u6563\u7684\u9078\u64c7\u6027\u900f\u9732\u505a\u6cd5\u559d\u91c7\uff0c\u78ba\u5be6\u8fd1\u5e74\u4f86\u8a31\u591a\u5927\u4f01\u696d\u7fd2\u6163\u5f15\u5c0e\u5206\u6790\u5e2b\u6216\u5927\u80a1\u6771\u7684\u76c8\u9918\u9810\u4f30\u525b\u597d\u7b26\u5408\u516c\u53f8\u672c\u8eab\u7684\u76c8\u9918\u9810\u671f(\u6216\u53ea\u5dee\u4e00\u9ede)\u5e7e\u4e4e\u5df2\u6210\u5e38\u614b\uff0c\u900f\u904e\u9078\u64c7\u6027\u5730\u63ed\u9732\u4fe1\u606f\uff0c\u4e0d\u8ad6\u516c\u53f8\u662f\u5982\u4f55\u64e0\u7709\u5f04\u773c\uff0c\u6295\u6a5f\u6027\u7684\u6a5f\u69cb\u6cd5\u4eba\u8207\u6295\u8cc7\u9867\u554f\u56e0\u6b64\u5f97\u5230\u6bd4\u4ee5\u6295\u8cc7\u70ba\u5c0e\u5411\u7684\u6563\u6236\u66f4\u591a\u7684\u5167\u7dda\uff0c\u9019\u5be6\u5728\u662f\u4e00\u7a2e\u58ae\u843d\u7684\u884c\u70ba\uff0c\u4e0d\u5e78\u7684\u9019\u5728\u83ef\u723e\u8857\u8207\u7f8e\u570b\u4f01\u696d\u9593\u5ee3\u53d7\u6b61\u8fce\u3002<\/em><\/p>\n\n\n\n<p><em>\u7531\u65bcLevitt\u4e3b\u5e2d\u70ba\u6295\u8cc7\u4eba\u6240\u505a\u7684\u52aa\u529b\uff0c\u7f8e\u570b\u4f01\u696d\u73fe\u5728\u624d\u5f97\u4ee5\u88ab\u8981\u6c42\u8981\u516c\u5e73\u5c0d\u5f85\u6240\u6709\u7684\u80a1\u6771\u8207\u6295\u8cc7\u4eba\uff0c\u540c\u6642\u6211\u5011\u4e5f\u70ba\u9019\u4e9b\u57f7\u884c\u9577\u8207\u516c\u95dc\u90e8\u9580\u57fa\u65bc\u88ab\u52d5\u800c\u975e\u4e3b\u52d5\u624d\u9019\u6a23\u505a\u611f\u5230\u7f9e\u6065\u3002<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%B2%92%E6%9C%89%E4%BA%BA%E8%83%BD%E9%A0%90%E6%B8%AC%E6%9C%AA%E4%BE%86%E7%9A%84%E4%BA%8B\"><\/span>\u6c92\u6709\u4eba\u80fd\u9810\u6e2c\u672a\u4f86\u7684\u4e8b<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%B0%8D%E4%B8%8D%E5%8F%AF%E7%9F%A5%E7%9A%84%E4%BA%8B%E4%BA%BA%E5%80%91%E6%98%AF%E7%84%A1%E8%83%BD%E7%82%BA%E5%8A%9B%E7%9A%84\"><\/span>\u5c0d\u4e0d\u53ef\u77e5\u7684\u4e8b\u4eba\u5011\u662f\u7121\u80fd\u70ba\u529b\u7684<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u6211\u5728\u5148\u524d\u7684\u90e8\u843d\u683c\u6587\u7ae0\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/11\/16\/%E6%8A%95%E8%B3%87%E4%BA%BA%E9%9C%80%E8%A6%81%E7%9A%84%E6%98%AF%E5%8F%AF%E7%9F%A5%E7%9A%84%E5%92%8C%E9%87%8D%E8%A6%81%E7%9A%84%E8%B3%87%E8%A8%8A\/\">\u6295\u8cc7\u4eba\u9700\u8981\u7684\u8cc7\u8a0a\u8981\u5177\u50992\u8981\u4ef6\uff1a\u53ef\u77e5\u7684\u548c\u91cd\u8981\u7684\u300b<\/a>\u4e2d\u5c31\u63d0\u904e\uff1a<\/p>\n\n\n\n<p>\u99ac\u514b\u65af\u5206\u4eab\u4e86\u4ed6\u4e00\u5e74\u524d\u624d\u548c\u5df4\u83f2\u7279\u5403\u98ef\u3002\u5e2d\u9593\uff0c\u5c0d\u9019\u500b\u4e3b\u984c\uff0c\u5df4\u83f2\u7279\u548c\u4ed6\u6240\u5206\u4eab\u7684\u8a71\uff1a\u99ac\u514b\u65af\u8aaa\u5df4\u83f2\u7279\u63d0\u51fa\u4e86\u9810\u6e2c\u7684\u554f\u984c\u7665\u7d50\u6240\u5728\uff1a\u300c\u6bcf\u500b\u4eba\u90fd\u5c08\u6ce8\u65bc\u300e\u4e0d\u53ef\u77e5\u300f\u7684\u4e8b\u60c5\u3002\u300d\u5c0d\u65bc\u4e0d\u53ef\u77e5\u7684\u4e8b\u60c5\uff0c\u5df4\u83f2\u7279\u7684\u770b\u6cd5\u662f\uff1a\u4eba\u5011\u662f\u7121\u80fd\u70ba\u529b\u7684\u3002\u9019\u9ede\u5176\u5be6\u548c\u51f1\u56e0\u65af\u7684\u770b\u6cd5\u5b8c\u5168\u76f8\u540c\uff0c\u51f1\u56e0\u65af\u8868\u793a\u904e\uff1a\u300c\u6211\u5011\u5c31\u662f\u4e0d\u66c9\u5f97\u672a\u4f86\u7684\u4e8b\u3002\u300d<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%A0%90%E4%BC%B0%E5%85%AC%E5%8F%B8%E6%9C%AA%E4%BE%86%E6%88%90%E9%95%B7%E7%8E%87%E5%BE%88%E4%B8%8D%E6%81%B0%E7%95%B6\"><\/span>\u9810\u4f30\u516c\u53f8\u672a\u4f86\u6210\u9577\u7387\u5f88\u4e0d\u6070\u7576<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><em>\u6700\u5f8c\u7ad9\u5728\u9019\u500b\u80a5\u7682\u7bb1\u4e0a\uff0c\u6211\u518d\u767c\u8868\u4e00\u9ede\u500b\u4eba\u7684\u770b\u6cd5\uff0c\u90a3\u5c31\u662f\u67e5\u7406\u8ddf\u6211\u8a8d\u70ba\u57f7\u884c\u9577\u9810\u4f30\u516c\u53f8\u672a\u4f86\u6210\u9577\u7387\u662f\u76f8\u7576\u5371\u96aa\u4e14\u4e0d\u7576\u7684\uff0c\u4ed6\u5011\u901a\u5e38\u662f\u5728\u5206\u6790\u5e2b\u8207\u516c\u95dc\u90e8\u9580\u8981\u6c42\u4e0b\u624d\u9019\u6a23\u505a\u7684\uff0c\u4f46\u6211\u8a8d\u70ba\u4ed6\u5011\u61c9\u8a72\u8981\u5805\u6c7a\u6297\u62d2\uff0c\u56e0\u70ba\u9019\u6a23\u505a\u901a\u5e38\u6703\u60f9\u4f86\u8a31\u591a\u4e0d\u5fc5\u8981\u7684\u9ebb\u7169\u3002<\/em><\/p>\n\n\n\n<p><em>\u57f7\u884c\u9577\u81ea\u5df1\u5fc3\u4e2d\u6709\u4e00\u500b\u76ee\u6a19\u4e0d\u662f\u4ef6\u58de\u4e8b\uff0c\u751a\u81f3\u6211\u5011\u8a8d\u70ba\u57f7\u884c\u9577\u516c\u958b\u767c\u8868\u500b\u4eba\u5fc3\u4e2d\u7684\u9858\u666f\u662f\u5f88\u597d\u7684\u4e00\u4ef6\u4e8b\uff0c\u5982\u679c\u9019\u4e9b\u671f\u671b\u80fd\u5920\u9644\u5e36\u5408\u7406\u7684\u689d\u4ef6\uff0c\u4f46\u5982\u679c\u4e00\u5bb6\u5927\u516c\u53f8\u516c\u958b\u7684\u5ba3\u7a31\u6bcf\u80a1\u76c8\u4f59\u9577\u671f\u53ef\u4ee5\u7dad\u630115%\u7684\u5e74\u6210\u9577\u7387\u7684\u8a71\uff0c\u90a3\u80af\u5b9a\u6703\u62db\u81f4\u8a31\u591a\u4e0d\u5fc5\u8981\u7684\u9ebb\u7169\u3002<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%8F%BE%E5%AF%A6%E7%9A%84%E4%B8%96%E7%95%8C%E6%A0%B9%E6%9C%AC%E8%BE%A6%E4%B8%8D%E5%88%B0\"><\/span>\u73fe\u5be6\u7684\u4e16\u754c\u6839\u672c\u8fa6\u4e0d\u5230<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><em>\u5176\u539f\u56e0\u5728\u65bc\u9019\u7a2e\u9ad8\u6a19\u6e96\u53ea\u6709\u5728\u6975\u5c11\u6578\u7684\u4f01\u696d\u624d\u6709\u53ef\u80fd\u505a\u5f97\u5230\uff0c\u8b93\u6211\u5011\u505a\u4e00\u500b\u7c21\u55ae\u7684\u6e2c\u8a66\uff0c\u6839\u64da\u6b77\u53f2\u8a18\u9304\uff0c1970\u5e74\u82071980\u5e74\u4ee3\uff0c\u5728200\u5bb6\u76c8\u9918\u6700\u9ad8\u7684\u516c\u53f8\u7576\u4e2d\uff0c\u7b97\u7b97\u5230\u5e95\u6709\u5e7e\u5bb6\u5728\u6b64\u4e4b\u5f8c\u80fd\u5920\u7e7c\u7e8c\u7dad\u630115%\u7684\u5e74\u76c8\u9918\u6210\u9577\u7387\uff0c\u4f60\u6703\u767c\u73fe\uff0c\u80fd\u5920\u9054\u5230\u9019\u500b\u76ee\u6a19\u7684\u516c\u53f8\u5c11\u4e4b\u53c8\u5c11\uff0c\u6211\u53ef\u4ee5\u8ddf\u4f60\u6253\u8ced\uff0c\u57282000\u5e74\u7372\u5229\u6700\u9ad8\u7684200\u5bb6\u516c\u53f8\u7576\u4e2d\uff0c\u80fd\u5920\u5728\u63a5\u4e0b\u4f86\u768420\u5e74\u5e74\u5e73\u5747\u6210\u9577\u7387\u9054\u523015%\u7684\u516c\u53f8\uff0c\u7d55\u5c0d\u4e0d\u8d85\u904e10\u5bb6\u3002<\/em><\/p>\n\n\n\n<p><strong>\u8a3b<\/strong>\uff1a\u8acb\u6ce8\u610f\u5df4\u83f2\u7279\u7684\u539f\u8a71\u6709\u4e09\u500b\u689d\u4ef6\uff0c\u7f3a\u4e00\u4e0d\u53ef\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u9019\u662f2000\u5e74\u7684\u8cc7\u6599\u3002<\/li>\n\n\n\n<li>\u800c\u4e14\u5df4\u83f2\u7279\u53d6\u6a23\u7684\u7bc4\u570d\u662f\u57282000\u5e74\u7372\u5229\u6700\u9ad8\u7684200\u5bb6\u516c\u53f8\u3002<\/li>\n\n\n\n<li>\u63a5\u4e0b\u4f86\u768420\u5e74\u5e74\u5e73\u5747\u6210\u9577\u7387\u9054\u523015%\u3002<\/li>\n<\/ul>\n\n\n\n<p>\u5982\u679c\u662f\u73fe\u5728\uff0c\u5305\u62ec\u6240\u6709\u5728\u7f8e\u80a1\u4e0a\u5e02\u7684\u4f01\u696d\u7684\u8a71\uff0c20\u5e74\u5e74\u5e73\u5747\u6210\u9577\u7387\u9054\u523015%\uff0c\u90a3\u7576\u7136\u4e0d\u53ea10\u5bb6\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%9F%B7%E8%A1%8C%E9%95%B7%E6%89%8D%E6%98%AF%E4%B8%80%E5%88%87%E5%95%8F%E9%A1%8C%E7%9A%84%E6%A0%B9%E6%BA%90\"><\/span>\u57f7\u884c\u9577\u624d\u662f\u4e00\u5207\u554f\u984c\u7684\u6839\u6e90<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%B0%8E%E8%87%B4%E5%9F%B7%E8%A1%8C%E9%95%B7%E8%A1%8C%E7%82%BA%E7%9A%84%E8%85%90%E5%8C%96\"><\/span>\u5c0e\u81f4\u57f7\u884c\u9577\u884c\u70ba\u7684\u8150\u5316<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><em>\u904e\u9ad8\u7684\u9810\u4f30\u4e0d\u4f46\u9020\u6210\u6c92\u6709\u6839\u64da\u7684\u6a02\u89c0\uff0c\u9ebb\u7169\u7684\u662f\u6b64\u8209\u9084\u6703\u5c0e\u81f4\u57f7\u884c\u9577\u884c\u70ba\u7684\u8150\u5316\uff0c\u9019\u9ebc\u591a\u5e74\u4f86\uff0c\u67e5\u7406\u8ddf\u6211\u5df2\u7d93\u770b\u904e\u5f88\u591a\u57f7\u884c\u9577\u4e0d\u5c08\u6ce8\u65bc\u672c\u696d\u800c\u71b1\u8877\u65bc\u904b\u7528\u4e00\u4e9b\u975e\u7d93\u6fdf\u7684\u624b\u6bb5\u4f86\u9054\u6210\u4ed6\u5011\u5148\u524d\u6240\u505a\u7684\u76c8\u9918\u9810\u4f30\uff0c\u66f4\u7cdf\u7684\u7684\u662f\uff0c\u5728\u7528\u76e1\u71df\u904b\u4e0a\u7684\u5404\u7a2e\u624b\u6bb5\u4e4b\u5f8c\uff0c\u88ab\u903c\u5f97\u8d70\u6295\u7121\u8def\u7684\u7d93\u7406\u4eba\u6700\u5f8c\u9084\u6703\u904b\u7528\u5404\u7a2e\u6703\u8a08\u65b9\u6cd5\u7121\u6240\u4e0d\u7528\u5176\u6975\u7684\u505a\u5047\u5e33\uff0c\u9019\u7a2e\u6703\u8a08\u9a19\u8853\u6703\u7522\u751f\u6efe\u96ea\u7403\u6548\u61c9\uff0c\u4e00\u65e6\u4eca\u5929\u4f60\u632a\u7528\u4ee5\u5f8c\u7684\u76c8\u9918\uff0c\u660e\u5929\u4f60\u5c31\u8981\u8b8a\u672c\u52a0\u53b2\u5730\u632a\u7528\u4ee5\u5f8c\u7684\u76c8\u9918\uff0c\u5230\u6700\u5f8c\u5f9e\u9020\u5047\u6f14\u8b8a\u70ba\u8caa\u6c61\uff0c(\u7562\u7adf\u7528\u7b46\u5077\u9322\u8981\u6bd4\u7528\u69cd\u6436\u9322\u8981\u4f86\u5f97\u5bb9\u6613\u5f97\u591a\u4e86)\u3002<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%A6%81%E6%87%B7%E7%96%91%E6%A8%82%E8%A7%80%E7%9A%84%E5%9F%B7%E8%A1%8C%E9%95%B7\"><\/span>\u8981\u61f7\u7591\u6a02\u89c0\u7684\u57f7\u884c\u9577<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><em>\u67e5\u7406\u8ddf\u6211\u5c0d\u65bc\u90a3\u4e9b\u7fd2\u6163\u4ee5\u7d62\u9e97\u7684\u76c8\u9918\u9810\u4f30\u5438\u5f15\u6295\u8cc7\u4eba\u7684\u57f7\u884c\u9577\u6240\u5e36\u9818\u7684\u516c\u53f8\uff0c\u7e3d\u662f\u5831\u4ee5\u61f7\u7591\u7684\u614b\u5ea6\uff0c\u6216\u8a31\u5c11\u6578\u7684\u7d93\u7406\u4eba\u78ba\u5be6\u80fd\u8aaa\u5230\u505a\u5230\uff0c\u4f46\u5927\u90e8\u5206\u7684\u7d93\u7406\u4eba\u6700\u5f8c\u90fd\u8b8a\u6210\u7121\u53ef\u6551\u85e5\u7684\u6a02\u89c0\u6d3e\uff0c\u751a\u81f3\u53ef\u4ee5\u8aaa\u662f\u9a19\u5b50\uff0c\u4e0d\u5e78\u7684\u662f\uff0c\u6295\u8cc7\u4eba\u5be6\u5728\u662f\u5f88\u96e3\u4e8b\u5148\u5206\u8fa8\u51fa\u4ed6\u5011\u5230\u5e95\u662f\u5728\u8ddf\u54ea\u4e00\u7a2e\u4eba\u6253\u4ea4\u9053\u3002<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%B4%BB%E7%94%9F%E7%94%9F%E7%9A%84%E6%A1%88%E4%BE%8B\"><\/span>\u6d3b\u751f\u751f\u7684\u6848\u4f8b<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%B7%B4%E8%8F%B2%E7%89%B9%E8%87%AA%E5%B7%B1%E7%9A%84%E7%B6%93%E9%A9%97\"><\/span>\u5df4\u83f2\u7279\u81ea\u5df1\u7684\u7d93\u9a57<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u5df4\u83f2\u7279\u4e0d\u662f\u7121\u7684\u653e\u77e2\uff0c\u6216\u7d19\u4e0a\u8ac7\u5175\uff0c\u800c\u4e14\u4ed6\u81ea\u5df1\u4e5f\u7684\u78ba\u6709\u5148\u898b\u4e4b\u660e\u3002\u5728\u770b\u5230\u623f\u5730\u7f8e\uff08Freddie Mac\uff0c\u7f8e\u80a1\u4ee3\u865f\uff1aFMCC\uff09\u57f7\u884c\u9577\u958b\u59cb\u9032\u884c\u672a\u4f86\u7684\u71df\u6536\u7684\u9810\u6e2c\u6642\uff0c\u4ed6\u5c31\u628a\u624b\u4e0a\u7684\u623f\u5730\u7f8e\u80a1\u7968\u90fd\u8ce3\u4e86\u3002\u5f8c\u4f86\u623f\u5730\u7f8e\u679c\u7136\u51fa\u4e8b\u4e86\uff0c\u8ca1\u5831\u9020\u5047\u88ab\u7f8e\u570b\u8b49\u5238\u4ea4\u6613\u59d4\u54e1\u6703\uff08SEC\uff09\u8abf\u67e5\uff1b\u800c\u6b64\u6642\u5a92\u9ad4\u624d\u60f3\u5230\u5f88\u65e9\u4ee5\u524d\u5df4\u83f2\u7279\u5c31\u63d0\u9192\u904e\u5927\u5bb6\u4e86\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%B8%8D%E8%AA%8D%E5%90%8C%E6%88%BF%E5%9C%B0%E7%BE%8E%E7%9A%84%E5%81%9A%E6%B3%95\"><\/span>\u4e0d\u8a8d\u540c\u623f\u5730\u7f8e\u7684\u505a\u6cd5<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><a href=\"https:\/\/berkshirehathaway.com\/letters\/1988.html\" target=\"_blank\" rel=\"noreferrer noopener\">1988\u5e74\uff0c\u5df4\u83f2\u7279\u5728\u81f4\u80a1\u6771\u4fe1\u4e2d<\/a>\u8aaa\uff0c<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201c\u6211\u5011\u8cfc\u8cb7\u4e86\u806f\u90a6\u4f4f\u623f\u62b5\u62bc\u8cb8\u6b3e\u516c\u53f8\uff08\u7c21\u7a31\u623f\u5730\u7f8e\uff09\u7684\u80a1\u4efd\u3002\u6211\u5011\u5e0c\u671b\u9577\u671f\u6301\u6709\u9019\u4e9b\u80a1\u7968\u3002\u4e8b\u5be6\u4e0a\uff0c\u7576\u6211\u5011\u64c1\u6709\u5177\u6709\u51fa\u8272\u7ba1\u7406\u5c64\u7684\u512a\u79c0\u4f01\u696d\u7684\u90e8\u5206\u80a1\u7968\u6642\uff0c\u6211\u5011\u504f\u5411\u65bc\u6c38\u4e45\u6301\u6709\u3002\u201d<\/p>\n<\/blockquote>\n\n\n\n<p>\u5df4\u83f2\u7279\u4ee54\u7f8e\u5143\uff08\u62c6\u80a1\u8abf\u6574\u5f8c\uff09\u7684\u5747\u50f9\u5efa\u5009\u8cb7\u5165\u4e86\u5927\u7d04\u5360\u5176\u7e3d\u80a1\u672c9%\u7684\u623f\u5730\u7f8e\u80a1\u7968\uff0c\u4ed6\u8a8d\u70ba\u7576\u6642\u623f\u5229\u7f8e\u7684\u50f9\u683c\u201c\u4fbf\u5b9c\u5f97\u96e2\u8b5c\u201d\uff0c\u52301998\u5e74\uff0c\u6ce2\u514b\u590f\u5728\u623f\u5730\u7f8e\u7684\u6295\u8cc7\u5df2\u7d93\u7ffb\u4e8612\u500d\u3002<\/p>\n\n\n\n<p><em><strong>\u7d50\u679c\uff1a<\/strong><\/em><\/p>\n\n\n\n<p>\u9084\u597d\u5df4\u83f2\u7279\u5f8c\u4f86\u6539\u8b8a\u4e86\u4e3b\u610f\u30022000\u5e74\uff0c\u623f\u5730\u7f8e\u696d\u7e3e\u9054\u5230\u9802\u5cf0\uff0c\u6bcf\u80a1\u6536\u76ca\u8655\u65bc\u6b77\u53f2\u6700\u9ad8\u6c34\u5e73\u6642\uff0c\u5df4\u83f2\u7279\u537b\u63d0\u524d\u6d1e\u5bdf\u5230\u4e86\u7570\u5e38\uff0c\u5e7e\u4e4e\u6e05\u5009\u4e86\u6240\u6709\u623f\u5730\u7f8e\u548c\u623f\u5229\u7f8e\u80a1\u7968\uff0c\u5c07\u5176\u80a1\u4efd\u75311999\u5e74\u76848.6%\u524a\u6e1b\u81f30.3%\u3002<\/p>\n\n\n\n<p>\u524d\u623f\u5730\u7f8e\u76e3\u7ba1\u6a5f\u69cb <a href=\"https:\/\/www.govinfo.gov\/content\/pkg\/GPO-FCIC\/pdf\/GPO-FCIC.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Armando Falcon Jr. \u544a\u8a34 FCIC(\u91d1\u878d\u5371\u6a5f\u8abf\u67e5\u59d4\u54e1\u6703)<\/a>\uff1a<em>&#8220;Fannie \u5728\u904e\u53bb\u5341\u5e74\u958b\u59cb\u6642\u5236\u5b9a\u4e86\u4e00\u500b\u96c4\u5fc3\u52c3\u52c3\u7684\u76ee\u6a19\u2014\u2014\u57285\u5e74\u5167\u5c07\u6536\u76ca\u7ffb\u4e00\u756a\uff0c\u9054\u5230 6.46\u7f8e\u5143 [\u6bcf\u80a1]\u3002&#8221;<\/em><\/p>\n\n\n\n<p>2010\u5e74\uff0c\u91d1\u878d\u5371\u6a5f\u767c\u751f\u4e4b\u5f8c\uff0c<a href=\"https:\/\/www.fool.com\/investing\/general\/2011\/02\/14\/warren-buffett-speaks-out-about-the-financial-cris.aspx\" target=\"_blank\" rel=\"noreferrer noopener\">\u5df4\u83f2\u7279\u544a\u8a34\u91d1\u878d\u5371\u6a5f\u8abf\u67e5\u59d4\u54e1\u6703<\/a>\uff0c\u4ed6\u65e9\u5df2\u5c0d\u5169\u5bb6\u516c\u53f8\u7684\u7ba1\u7406\u5c64\u611f\u5230\u201c\u64d4\u6182\u201d\u3002\u4ed6\u8aaa\uff0c<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201c\u4ed6\u5011\u8a66\u5716\u4e26\u4e14\u78ba\u5be6\u5ba3\u7a31\u4ed6\u5011\u53ef\u4ee5\u5c07\u6bcf\u80a1\u6536\u76ca\u589e\u52a0\u5230\u4f4e\u5169\u4f4d\u6578\u7684\u7bc4\u570d\u3002\u201d \u201c<strong>\u6bcf\u7576\u4e00\u5bb6\u5927\u578b\u91d1\u878d\u6a5f\u69cb\u958b\u59cb\u627f\u8afe\u5b9a\u671f\u76c8\u5229\u589e\u5e45\u6642\uff0c\u4f60\u5c31\u6703\u9047\u5230\u9ebb\u7169<\/strong>\uff0c\u77e5\u9053\u55ce\uff1f\u201d<\/p>\n<\/blockquote>\n\n\n\n<p>\u96d6\u7136\u5df4\u83f2\u7279\u6c92\u6709\u5728\u623f\u5229\u7f8e\u80a1\u50f9\u7684\u9802\u9ede\uff08\u63a5\u8fd170\u7f8e\u5143\uff09\u51fa\u552e\uff0c\u4ed6\u7684\u6e05\u5009\u50f9\u572840-50\u7f8e\u5143\u4e4b\u9593\uff0c\u4f46\u6211\u5011\u9084\u662f\u4e0d\u5f97\u4e0d\u4f69\u670d\u5df4\u83f2\u7279\u672a\u535c\u5148\u77e5\u7684\u80fd\u529b\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%97%9C%E6%96%BC%E6%88%BF%E5%9C%B0%E7%BE%8E%E5%92%8C%E6%88%BF%E5%88%A9%E7%BE%8E\"><\/span>\u95dc\u65bc\u623f\u5730\u7f8e\u548c\u623f\u5229\u7f8e<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u95dc\u65bc\u623f\u5730\u7f8e\u548c\u623f\u5229\u7f8e\uff08Fannie Mae\uff0c\u7f8e\u80a1\u4ee3\u865f\uff1aFNMA\uff09\u548c\u9019\u5169\u5bb6\u7279\u5225\u7684\u4f01\u696d\uff0c\u8acb\u53c3\u8003\u6211\u5728\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\u76842-3\u5c0f\u7bc0\u4e2d\uff0c099-100\u9801\u7684\u8aaa\u660e\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%92%99%E6%A0%BC%E8%AA%8D%E7%82%BAEBITDA%E6%98%AF%E5%BB%A2%E8%A9%B1\"><\/span>\u8499\u683c\u8a8d\u70baEBITDA\u662f\u5ee2\u8a71<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u67e5\u7406\uff0e\u8499\u683c\u8981\u6295\u8cc7\u4eba\u5c0f\u5fc3\u6295\u8cc7\u754c\u7684\u300c\u5ee2\u8a71\u8853\u8a9e\u300d\uff0c\u5728\u91d1\u878d\u4e16\u754c\u88e1\uff0c\u8981\u5c0f\u5fc3\u300c\u5ee2\u8a71\u300d\uff0c\u4ed6\u66fe\u958b\u73a9\u7b11\u8aaa\uff0c\u300c\u6bcf\u7576\u4f60\u770b\u5230\u8abf\u6574\u5f8c\u7684EBITDA\uff08\u606f\u7a05\u6298\u820a\u6524\u92b7\u524d\u76c8\u9918\uff09\u6642\uff0c\u4f60\u53ef\u4ee5\u7528\u300c\u5ee2\u8a71\u7372\u5229\u300d\u4f86\u4ee3\u66ff\u9019\u500b\u8a5e\u300d\u3002\u4e5f\u5c31\u662f\u8aaa\uff0c\u505a\u70ba\u6295\u8cc7\u4eba\uff0c\u61c9\u8a72\u8981\u6ce8\u610f\u4f01\u696d\u7684\u7ba1\u7406\u5c64\u4e26\u63d0\u9632\u4ed6\u5011\u7528\u80e1\u8a00\u4e82\u8a9e\u4f86\u54c4\u9a19\u6295\u8cc7\u4eba\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"165\" height=\"91\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2023\/03\/e-1600x1200-1.jpg\" alt=\"\u8ca1\u6e2c\" class=\"wp-image-33881\"\/><\/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<\/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 href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/11\/16\/%E6%8A%95%E8%B3%87%E4%BA%BA%E9%9C%80%E8%A6%81%E7%9A%84%E6%98%AF%E5%8F%AF%E7%9F%A5%E7%9A%84%E5%92%8C%E9%87%8D%E8%A6%81%E7%9A%84%E8%B3%87%E8%A8%8A\/\">\u6295\u8cc7\u4eba\u9700\u8981\u7684\u8cc7\u8a0a\u8981\u5177\u50992\u8981\u4ef6\uff1a\u53ef\u77e5\u7684\u548c\u91cd\u8981\u7684\u300b<\/a><\/li>\n\n\n\n<li>\u300a<a 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\/04\/05\/%e6%8a%95%e8%b3%87%e4%ba%ba%e5%88%a5%e7%9b%b8%e4%bf%a1%e9%a0%90%e6%b8%ac\/\">\u4f01\u696d\u7684\u8ca1\u52d9\u9810\u6e2c\uff0c\u6295\u8cc7\u4eba\u5225\u8f15\u6613\u76f8\u4fe1<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/04\/01\/%e6%8a%95%e8%b3%87%e4%ba%ba%e6%87%89%e5%9c%a8%e6%84%8f%e4%bc%81%e6%a5%ad%e7%9a%84%e8%a1%a8%e7%8f%be%e8%80%8c%e4%b8%8d%e6%98%af%e5%b8%82%e5%a0%b4%e7%9a%84%e8%a1%a8%e7%8f%be\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6295\u8cc7\u4eba\u61c9\u5728\u610f\u4f01\u696d\u7684\u8868\u73fe\u800c\u4e0d\u662f\u5e02\u5834\u7684\u8868\u73fe<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a 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\/\">\u8ca1\u52d9\u5831\u8868\u88e1\u4e0d\u5408\u7406\u7684\u6703\u8a08\u624b\u6cd5<\/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\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/01\/29\/%E5%A6%82%E4%BD%95%E7%94%B1%E4%BC%81%E6%A5%AD%E6%96%87%E5%8C%96%E6%89%BE%E5%87%BA%E5%A5%BD%E5%85%AC%E5%8F%B8%EF%BC%8C%E8%82%A1%E5%B8%82%E9%81%8E%E7%86%B1%E6%99%82%E7%9A%84%E4%BD%9C%E6%B3%95\/\">\u5982\u4f55\u7531\u4f01\u696d\u6587\u5316\u627e\u51fa\u597d\u516c\u53f8\uff0c\u80a1\u5e02\u904e\u71b1\u6642\u7684\u6295\u8cc7\u4eba\u8f03\u4f73\u7684\u64cd\u4f5c\u65b9\u5f0f<\/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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