{"id":4831,"date":"2021-08-26T23:56:00","date_gmt":"2021-08-26T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/?p=4831"},"modified":"2024-07-12T12:21:34","modified_gmt":"2024-07-12T04:21:34","slug":"%e5%9b%9b%e5%8d%81%e6%b3%95%e5%89%87%ef%bc%88rule-40%ef%bc%89","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/08\/26\/%e5%9b%9b%e5%8d%81%e6%b3%95%e5%89%87%ef%bc%88rule-40%ef%bc%89\/","title":{"rendered":"\u56db\u5341\u6cd5\u5247\uff08Rule 40\uff09SaaS\u516c\u53f8\u7684\u4f30\u503c"},"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\/08\/26\/%e5%9b%9b%e5%8d%81%e6%b3%95%e5%89%87%ef%bc%88rule-40%ef%bc%89\/#%E5%8F%B0%E7%BE%8E%E4%B8%8A%E5%B8%82%E4%BC%81%E6%A5%AD%E7%9A%84%E5%B7%AE%E7%95%B0\" >\u53f0\u7f8e\u4e0a\u5e02\u4f01\u696d\u7684\u5dee\u7570<\/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\/08\/26\/%e5%9b%9b%e5%8d%81%e6%b3%95%e5%89%87%ef%bc%88rule-40%ef%bc%89\/#%E5%9B%9B%E5%8D%81%E6%B3%95%E5%89%87%EF%BC%88Rule_40%EF%BC%89\" >\u56db\u5341\u6cd5\u5247\uff08Rule 40\uff09<\/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\/08\/26\/%e5%9b%9b%e5%8d%81%e6%b3%95%e5%89%87%ef%bc%88rule-40%ef%bc%89\/#%E5%9B%9B%E5%8D%81%E6%B3%95%E5%89%87%E5%AF%A6%E4%BE%8B\" >\u56db\u5341\u6cd5\u5247\u5be6\u4f8b<\/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\/08\/26\/%e5%9b%9b%e5%8d%81%e6%b3%95%e5%89%87%ef%bc%88rule-40%ef%bc%89\/#%E5%9B%9B%E5%8D%81%E6%B3%95%E5%89%87%E7%84%A1%E6%B3%95%E7%94%A8%E6%96%BC%E5%8F%B0%E8%82%A1\" >\u56db\u5341\u6cd5\u5247\u7121\u6cd5\u7528\u65bc\u53f0\u80a1<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"has-medium-font-size wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%8F%B0%E7%BE%8E%E4%B8%8A%E5%B8%82%E4%BC%81%E6%A5%AD%E7%9A%84%E5%B7%AE%E7%95%B0\"><\/span><strong>\u53f0\u7f8e\u4e0a\u5e02\u4f01\u696d\u7684\u5dee\u7570<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u6295\u8cc7\u4eba\u6700\u5728\u610f\u7684\u5c31\u662f\u4f01\u696d\u7684\u6210\u9577\u6027\u548c\u80fd\u8cfa\u591a\u5c11\u9322\uff0c\u7279\u5225\u662f\u7f8e\u80a1\u4e0a\u5e02\u4f01\u696d\u5c0d\u4f01\u696d\u7684\u76c8\u5229\u689d\u4ef6\u8f03\u70ba\u5bec\u9b06\uff0c\u4e0d\u50cf\u53f0\u7063\u6216\u4e2d\u570b\u5927\u9678\uff0c\u628a\u4f01\u696d\u76c8\u5229\u5217\u70ba\u4e0a\u5e02\u7684\u5fc5\u9700\u689d\u4ef6 \u3002<\/p>\n\n\n\n<p class=\"has-normal-font-size\">\u50c5\u50c5\u56e0\u70ba\u9019\u4e00\u9805\u4e0a\u5e02\u898f\u5247\u7684\u4e0d\u540c\uff0c\u5c31\u5fb9\u5e95\u5f71\u97ff\u7f8e\u80a1\u548c\u53f0\u80a1\u5e02\u5834\u7684\u8a31\u591a\u9762\u5411<strong style=\"font-size: revert;\">\u3002<\/strong>\u4f8b\u5982\uff1a <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u4f01\u696d\u985e\u578b\uff1a\u56e0\u70ba\u7f8e\u80a1\u4e26\u4e0d\u4f01\u696d\u76c8\u5229\u5217\u70ba\u4e0a\u5e02\u7684\u5fc5\u9700\u689d\u4ef6\uff0c\u7576\u7136\u53ef\u4ee5\u5438\u5f15\u5230\u8655\u65bc\u5404\u500b\u4e0d\u540c\u751f\u547d\u5468\u671f\uff08\u4f01\u696d\u8a95\u751f\u3001\u6210\u9577\u3001\u58ef\u5927\u3001\u8870\u9000\u751a\u81f3\u6b7b\u4ea1\u7684\u904e\u7a0b\uff09\u7684\u4f01\u696d\u3002\u5c24\u5176\u662f\u8fd1\u5e74\uff0c\u5e7e\u4e4e\u5927\u90e8\u4efd\u5728\u7f8e\u80a1\u4e0a\u5e02\u7684\u5ee3\u7fa9\u7684\u79d1\u6280\u80a1\u90fd\u662f\u8655\u65bc\u8a95\u751f\u6c92\u5e7e\u5e74\u7684\u6210\u9577\u671f\uff0c\u91cd\u9ede\u662f\u90fd\u8655\u65bc\u8667\u640d\u6c92\u6709\u76c8\u5229\u7684\u60c5\u5f62\uff1b\u4f46\u662f\u9019\u985e\u525b\u4e0a\u5e02\u8655\u65bc\u8667\u640d\u4e2d\u7684\u79d1\u6280\u80a1\uff0c\u80a1\u50f9\u624d\u6700\u5177\u6210\u9577\u7206\u767c\u7684\u53ef\u80fd\u6027\u3002\u76f8\u8f03\u4e4b\u4e0b\uff0c\u53f0\u80a1\u6240\u6709\u4e0a\u5e02\u7684\u4f01\u696d\u90fd\u5df1\u7d93\u662f\u8655\u65bc\u4f01\u696d\u751f\u547d\u5468\u671f\u4e2d\u671f\u548c\u4f01\u696d\u751f\u547d\u5468\u671f\u5f8c\u671f\uff1b\u6216\u8005\u662f\u8aaa\u5df2\u7d93\u6210\u719f\u7684\u4f01\u696d\uff0c\u4f46\u9019\u7a2e\u4f01\u696d\u5df2\u7d93\u4e0d\u53ef\u80fd\u6709\u660e\u986f\u7684\u7206\u767c\u6027\u3002<\/li>\n\n\n\n<li>\u4f30\u503c\uff1a\u7f8e\u80a1\u4f30\u503c\u65b9\u5f0f\u4e3b\u8981\u662f\u770b\u80a1\u50f9\u71df\u6536\u6bd4\uff08P\/S\uff09\uff0c\u4e5f\u8ac7\u672c\u76ca\u6bd4\uff0c\u4f46\u6c92\u50cf\u5c0d\u80a1\u50f9\u71df\u6536\u6bd4\u90a3\u9ebc\u91cd\u8996 \u3002 \u800c\u53f0\u80a1\u6295\u8cc7\u4eba\u8f03\u57f7\u8457\u65bc\u672c\u76ca\u6bd4\uff08P\/S\uff09\uff0c\u5e7e\u4e4e\u4e0d\u8ac7\u80a1\u50f9\u71df\u6536\u6bd4 \u3002\u6b61\u8fce\u60a8\u53c3\u8003\u6211\u7684\u53e6\u4e00\u7bc7\u90e8\u843d\u683c\u5c08\u6587\u7684\u8a0e\u8ad6<a href=\"https:\/\/www.granitefirm.com\/blog\/stocks\/us-stocks\/%e7%be%8e%e8%82%a1%e5%92%8c%e5%8f%b0%e8%82%a1%e6%8a%95%e8%b3%87%e4%ba%ba%e4%bc%b0%e5%80%bc%e6%96%b9%e5%bc%8f%e6%a0%b9%e6%9c%ac%e4%b8%8a%e7%9a%84%e4%b8%8d%e5%90%8c\/\">\u300a\u7f8e\u80a1\u548c\u53f0\u80a1\u6295\u8cc7\u4eba\u622a\u7136\u4e0d\u540c\u7684\u4f30\u503c\u65b9\u5f0f\u300b<\/a>\u3002<\/li>\n\n\n\n<li>\u4f01\u696d\u7d93\u71df\u548c\u52df\u8cc7\u5fc3\u614b\uff1a\u4f01\u696d\u7d93\u71df\u9700\u8981\u8cc7\u91d1\uff0c\u7f8e\u80a1\u4f01\u696d\u628a\u4e0a\u5e02\u52df\u8cc7\u548c\u511f\u9084\u65e9\u671f\u6295\u8cc7\u4eba\u8cc7\u91d1\u8996\u70ba\u7406\u6240\u7576\u7136\u7684\u9996\u8981\u76ee\u7684\uff1b\u4f46\u5728\u53f0\u80a1\uff0c\u9019\u4e26\u4e0d\u662f\u4e3b\u8981\u7684\u4e0a\u5e02\u539f\u56e0\u3002\u5c0d\u4f01\u696d\u4e0a\u5e02\u7684\u539f\u56e0\u6709\u8208\u8da3\u7684\u8b80\u8005\uff0c\u6b61\u8fce\u60a8\u53c3\u8003\u6211\u7684\u53e6\u4e00\u7bc7\u90e8\u843d\u683c\u5c08\u6587\u7684\u8a0e\u8ad6<a href=\"https:\/\/www.granitefirm.com\/blog\/shareholder\/insider\/%e4%bc%81%e6%a5%ad%e7%82%ba%e4%bb%80%e9%ba%bc%e8%a6%81%e4%b8%8a%e5%b8%82\/\">\u300a\u4f01\u696d\u70ba\u4ec0\u9ebc\u8981\u4e0a\u5e02?\u300b<\/a>\u3002<\/li>\n\n\n\n<li>\u8b49\u5238\u76e3\u7ba1\u548c\u8cc7\u672c\u5e02\u5834\u7684\u5fc3\u614b\uff1a\u5f88\u660e\u986f\u7684\uff0c\u57fa\u65bc\u4e0a\u8ff0\u7684\u9019\u4e9b\u689d\u4ef6\u2500\u2500\u2500\u53f0\u80a1\u8f03\u70ba\u4fdd\u5b88\uff0c\u91cd\u8996\u7684\u662f\u80a1\u5e02\u6295\u8cc7\u4eba\u7684\u80a1\u6771\u6b0a\u76ca\uff0c\u4e3b\u7ba1\u6a5f\u95dc\u6c7a\u5b9a\u516c\u53f8\u662f\u5426\u80fd\u4e0a\u5e02\uff0c\u4f01\u696d\u5fc5\u9700\u901a\u904e\u5be9\u6838\u624d\u884c\u3002\u7f8e\u80a1\u5247\u8f03\u70ba\u7a4d\u6975\uff0c\u91cd\u8996\u7684\u5247\u662f\u4f01\u696d\u7684\u672a\u4f86\u6210\u9577\u6027\uff0c\u80a1\u7968\u53ea\u8981\u901a\u904e\u4e00\u822c\u904e\u6ffe\uff0c\u5b8c\u6210\u8a3b\u518a\u5c31\u80fd\u4e0a\u5e02\uff1b\u81f3\u65bc\u80a1\u6771\u6b0a\u76ca\uff0c\u9664\u975e\u91cd\u5927\u7f3a\u5931\u6216\u9055\u6cd5\u9700SEC\u4ecb\u5165\uff0c\u5426\u5247\u5b8c\u5168\u7531\u5e02\u5834\u548c\u6295\u8cc7\u4eba\u4f86\u6c7a\u5b9a\u4e0a\u5e02\u4f01\u696d\u7684\u6700\u7d42\u50f9\u503c\u3002<\/li>\n<\/ul>\n\n\n\n<h2 class=\"has-medium-font-size wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%9B%9B%E5%8D%81%E6%B3%95%E5%89%87%EF%BC%88Rule_40%EF%BC%89\"><\/span><strong>\u56db\u5341\u6cd5\u5247\uff08Rule 40\uff09<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u4f46\u554f\u984c\u4f86\u4e86\uff0c\u6295\u8cc7\u4eba\u8981\u5982\u4f55\u5f9e\u4e2d\u7be9\u9078<span style=\"font-size: revert;\">\u6700\u5177\u6210\u9577\u7206\u767c\u53ef\u80fd\u6027\u7684\u9019\u985e\u578b\u4f01\u696d\uff08\u525b\u4e0a\u5e02\u3001\u8655\u65bc\u8667\u640d\u4e2d\u3001\u9ad8\u6210\u9577\u7387\uff09<\/span>\u5462?\u3002\u6211\u5728<a href=\"https:\/\/www.books.com.tw\/products\/0010889106?sloc=main\" target=\"_blank\" rel=\"noopener\">\u300a\u8d85\u7d1a\u6210\u9577\u80a1\u6295\u8cc7\u6cd5\u5247\u300b<\/a>\u4e00\u66f8\u76844-4\u7bc0303\u9801\u88e1\u9762\u63d0\u904e\u4e86\uff0c\u7f8e\u80a1\u6295\u8cc7\u4eba\u70ba\u56e0\u61c9\u9019\u7a2e\u8da8\u52e2\uff0c\u8fd1\u5e74\u6240\u767c\u5c55\u51fa\u4f86\u7684\u4e00\u7a2e\u6700\u70ba\u4eba\u5ee3\u70ba\u63a5\u53d7\u7684\u4f30\u503c\u65b9\u5f0f<span style=\"font-size: revert;\">\u2500\u2500\u2500<\/span>\u56db\u5341\u6cd5\u5247\uff08Rule 40\uff09\u3002\u4ee5\u4e0b\u5c31\u662f\u56db\u5341\u6cd5\u5247\u7684\u8981\u9ede\uff1a <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u516c\u5f0f\uff1a<strong>\u71df\u6536\u6210\u9577\u7387+\u5229\u6f64\u7387 &gt; 40% \uff08\u5229\u6f64\u7387\u53ef\u4ee5\u662f\u8ca0\u503c\uff09<\/strong>\u3002\u53ea\u8981\u7d50\u679c\u5927\u65bc40%\u7684\u4f01\u696d\u5c31\u7b26\u5408\u689d\u4ef6\u3002<\/li>\n\n\n\n<li>\u5b83\u7684\u6700\u539f\u59cb\u7684\u4f86\u6e90\u662f2015\u5e74\u6642\uff0c\u98a8\u96aa\u6295\u8cc7\u4eba<a href=\"https:\/\/feld.com\/archives\/2015\/02\/rule-40-healthy-saas-company\/\" target=\"_blank\" rel=\"noreferrer noopener\">Brad Feld\u5728\u4ed6\u7684\u90e8\u843d\u683c\u6587\u7ae0\u6240\u767c\u8868\u7684\u6587\u7ae0\u300aThe&nbsp;Rule&nbsp;of&nbsp;40% for a Healthy SAAS Company\u300b<\/a>\u3002<\/li>\n\n\n\n<li>\u80cc\u5f8c\u7684\u9053\u7406\u5f88\u7c21\u55ae\uff0c \u82e5\u6709\u6975\u9ad8\u901f\u7684\u71df\u6536\u6210\u9577\u7387\u4f5c\u70ba\u652f\u6490\uff0c\u6295\u8cc7\u4eba\u53ef\u4ee5\u63a5\u53d7\u7a0d\u5fae\u8667\u640d\u7684\u4f01\u696d\u3002<\/li>\n\n\n\n<li>\u5229\u6f64\u7387\u53ef\u4ee5\u8996\u5be6\u969b\u60c5\u5f62\u63a1\u7528 EBITDA\u3001\u71df\u696d\u5229\u6f64\u3001\u6de8\u5229\u3001\u81ea\u7531\u73fe\u91d1\u6d41\u3001\u71df\u696d\u73fe\u91d1\u6d41\uff1b\u767c\u660e\u4eba\u5efa\u8b70\u63a1\u7528EBITDA \u3002<\/li>\n\n\n\n<li>\u9069\u7528\u65bc\u6bcf\u6708\u7d93\u5e38\u6027\u6536\u5165\uff08MRR\uff1a Monthly Recurring Revenue\uff09\u5df2\u9054\u7f8e\u91d11\u767e\u842c\u7684SaaS\u4f01\u696d\uff08\u4f46Tomasz Tunguz of Redpoint Ventures\u8a8d\u70ba\u5e74\u71df\u6536\u5927\u65bc\u7f8e\u91d15\u5343\u842c\u8005\u8f03\u70ba\u9069\u5408\uff09\u3002<\/li>\n<\/ul>\n\n\n\n<h2 class=\"has-medium-font-size wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%9B%9B%E5%8D%81%E6%B3%95%E5%89%87%E5%AF%A6%E4%BE%8B\"><\/span><strong>\u56db\u5341\u6cd5\u5247\u5be6\u4f8b<\/strong> <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u6211\u5011\u628a\u56db\u5341\u6cd5\u5247\u5957\u7528\u5728 Shopify\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aSHOP\uff09 \u4e0a\uff0c\u5c31\u5f88\u660e\u986f\u53ef\u770b\u51fa Shopify \u5b8c\u5168\u7b26\u5408\u7be9\u9078\u6a19\u6e96\uff08\u8a73\u898b <a href=\"https:\/\/www.books.com.tw\/products\/0010889106?sloc=main\" target=\"_blank\" rel=\"noopener\">\u300a\u8d85\u7d1a\u6210\u9577\u80a1\u6295\u8cc7\u6cd5\u5247\u300b<\/a>\u4e00\u66f8\u76844-4\u7bc0305\u9801\u88e1\u9762\u7684\u88681\uff09\u3002\u9019\u4e3b\u8981\u662f\u6b78\u529f\u65bcShopify\u9577\u671f\u4ee5\u4f86\u7684\u71df\u6536\u6210\u9577\u7387\u90fd\u6975\u70ba\u9a5a\u4eba\uff0c\u53ea\u6709\u4e0d\u6210\u6bd4\u4f8b\u7684\u5c11\u8a31\u8667\u640d\uff0c\u8b58\u8ca8\u7684\u6295\u8cc7\u4eba\u6839\u672c\u6beb\u4e0d\u5728\u610f\uff0c\u66f4\u4f55\u6cc1\u5b83\u7684\u8667\u640d\u548c\u5e02\u503c\u3001\u71df\u6536\u6210\u9577\u7387\u76f8\u6bd4\uff0c\u7c21\u76f4\u662f\u53ef\u4ee5\u5ffd\u7565\u4e0d\u8a08\uff08\u6700\u5dee\u7684 2018 \u5e74 EBITDA \u5229\u6f64\u7387\u90fd\u9084\u6709 -6.65% \uff09\u3002 <\/p>\n\n\n\n<p>\u6b63\u56e0\u70ba\u5982\u6b64\uff0cShopify\u81ea2013\u5e74\u4e0a\u5e02\u4ee5\u4f86\uff0c\u80a1\u50f9\u7e3d\u5171\u4e0a\u6f32\u4e865,330%\uff0c\u624d\u4e0d\u4e45\u524d\u76842021\u5e747\u670823\u65e5\u624d\u525b\u5275\u4e0b\u6bcf\u80a1 1,650 \u4e0a\u5e02\u4ee5\u4f86\u7684\u6700\u9ad8\u50f9\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"192\" height=\"140\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2022\/09\/kalhh-1600x1200-1.jpg\" alt=\"\u56db\u5341\u6cd5\u5247\" class=\"wp-image-25346\"\/><figcaption class=\"wp-element-caption\">credit: kalhh<\/figcaption><\/figure>\n\n\n\n<h2 class=\"has-medium-font-size wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%9B%9B%E5%8D%81%E6%B3%95%E5%89%87%E7%84%A1%E6%B3%95%E7%94%A8%E6%96%BC%E5%8F%B0%E8%82%A1\"><\/span><strong>\u56db\u5341\u6cd5\u5247\u7121\u6cd5\u7528\u65bc\u53f0\u80a1<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u5f88\u907a\u61be\u5730\uff0c\u6211\u500b\u4eba\u8a8d\u70ba\u56db\u5341\u6cd5\u5247\u4e0d\u9069\u7528\u65bc\u53f0\u80a1\uff0c\u539f\u56e0\u5f88\u7c21\u55ae<span style=\"font-size: revert;\">\u2500\u2500\u2500\u8667\u640d\u4e2d\u8655\u65bc\u4f01\u696d\u6210\u9577\u671f\u7684\u4f01\u696d\u6c92\u6709\u8fa6\u6cd5\u901a\u904e\u4e0a\u5e02\u7684\u5be9\u6838\uff0c<\/span> \u56db\u5341\u6cd5\u5247\u6839\u672c\u7121\u7528\u6b66\u4e4b\u5730\u3002 \u53e6\u4e00\u500b\u7406\u7531\u662f\u53f0\u80a1\u5e7e\u4e4e\u6ca1\u6709\u6240\u8b02\u7684SaaS\u8edf\u9ad4\u4e0a\u5e02\u516c\u53f8\uff0c\u539f\u56e0\u8acb\u898b\u6211\u7684\u53e6\u4e00\u7bc7\u90e8\u843d\u683c\u6587\u7ae0<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/06\/19\/%e5%a4%b1%e6%95%97%e7%9a%84%e5%8f%b0%e7%81%a3%e8%bb%9f%e9%ab%94%e7%94%a2%e6%a5%ad%e6%94%bf%e7%ad%96\/\">\u300a\u5931\u6557\u7684\u53f0\u7063\u8edf\u9ad4\u7522\u696d\u653f\u7b56\u300b\u3002 <\/a><\/p>\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>\u56db\u5341\u6cd5\u5247\uff08Rule 40\uff09, \u6295\u8cc7\u4eba\u6700\u5728\u610f\u7684\u5c31\u662f\u4f01\u696d\u7684\u6210\u9577\u6027\u548c\u80fd\u8cfa\u591a\u5c11\u9322\uff0c\u7279\u5225\u662f\u7f8e\u80a1\u4e0a\u5e02\u4f01\u696d\u5c0d\u4f01\u696d\u7684\u76c8\u5229\u689d\u4ef6\u8f03\u70ba\u5bec\u9b06\uff0c\u4e0d\u50cf\u53f0\u7063\u6216\u4e2d\u570b\u5927\u9678\uff0c\u628a\u4f01\u696d\u76c8\u5229\u5217\u70ba\u4e0a\u5e02\u7684\u5fc5\u9700\u689d\u4ef6 \u3002<\/p>\n","protected":false},"author":1,"featured_media":25346,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[422,317,479,308,136,175,320,390,312,315,484,310,97,3,321,22],"tags":[361],"class_list":["post-4831","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rule40","category-ebitda","category-china-securities-regulatory-commission","category-valuation","category-taiwan-stock","category-startups","category-pe","category-regulation","category-net-income","category-operating-income","category-cash-from-operational-activity","category-fcf","category-sec","category-us-stocks","category-psr","category-venture-capital","tag-shop"],"_links":{"self":[{"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/posts\/4831","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=4831"}],"version-history":[{"count":0,"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/posts\/4831\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/media\/25346"}],"wp:attachment":[{"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/media?parent=4831"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/categories?post=4831"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/tags?post=4831"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}