{"id":333932,"date":"2020-05-12T00:27:10","date_gmt":"2020-05-12T07:27:10","guid":{"rendered":"https:\/\/nai500.com\/?p=333932"},"modified":"2020-05-12T00:30:03","modified_gmt":"2020-05-12T07:30:03","slug":"%e7%be%8e%e5%9b%bd%e8%83%bd%e6%ba%90%e8%82%a1-%e6%8a%95%e8%b5%84%e6%8c%87%e5%8d%97-mlps","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hans\/blog\/2020\/05\/%e7%be%8e%e5%9b%bd%e8%83%bd%e6%ba%90%e8%82%a1-%e6%8a%95%e8%b5%84%e6%8c%87%e5%8d%97-mlps\/","title":{"rendered":"\u7f8e\u56fd\u80fd\u6e90\u80a1\u6295\u8d44\u6307\u5357\uff1aMLPs\u662f\u4ec0\u4e48\uff1f\u6295\u8d44MLPs\u9700\u8981\u6ce8\u610f\u4ec0\u4e48\uff1f"},"content":{"rendered":"

\u4f4e\u5229\u7387\u65f6\u4ee3\uff0c\u4e1a\u4e3b\u6709\u9650\u5408\u4f19\uff08MLPs\uff09\u5df2\u7ecf\u6210\u4e3a\u6700\u53d7\u6b22\u8fce\u7684\u9ad8\u80a1\u606f\u80a1\u6295\u8d44\u54c1\u79cd\u4e4b\u4e00\uff0c\u540c\u65f6\u4e5f\u662f\u6295\u8d44\u7f8e\u56fd\u80fd\u6e90\u80a1\u5f88\u597d\u7684\u4e00\u79cd\u9014\u5f84\u3002\u4e0d\u8fc7\uff0c\u60f3\u8981\u6295\u8d44MLPs\u5e76\u53d6\u5f97\u957f\u671f\u6210\u529f\uff0c\u6295\u8d44\u8005\u9700\u8981\u4e86\u89e3\u6709\u5173MLPs\u7684\u57fa\u672c\u77e5\u8bc6\uff0c\u4ee5\u53ca\u6295\u8d44MLPs\u53ef\u80fd\u906d\u9047\u5230\u7684\u5404\u79cd\u9677\u9631\u3002<\/p>\n

MLPs\u548c\u666e\u901a\u80a1\u606f\u80a1\u7684\u5dee\u522b\u662f\u4ec0\u4e48\uff1f<\/h2>\n

MLPs\u53d1\u884c\u7684\u80a1\u7968\u88ab\u79f0\u4e3a\u201c\u5355\u4f4d\u201d\uff08units\uff09\uff0c\u76f8\u5f53\u4e8e\u666e\u901a\u516c\u53f8\u6216C\u7c7b\u516c\u53f8\u7684\u666e\u901a\u80a1\uff0c\u6301\u6709\u4eba\u62e5\u6709\u8be5\u5408\u4f19\u5236\u4f01\u4e1a\u7684\u80a1\u6743\u3002\u7edd\u5927\u591a\u6570MLPs\u90fd\u96c6\u4e2d\u4e8e\u6cb9\u6c14\u884c\u4e1a\uff0c\u5c24\u5176\u662f\u4e13\u6ce8\u4e8e\u80fd\u6e90\u6536\u96c6\u3001\u5b58\u50a8\u3001\u52a0\u5de5\u548c\u8fd0\u8f93\u4ee5\u53ca\u77f3\u6cb9\u5316\u5de5\u7684\u4e2d\u6e38\u3002\u4e2d\u6e38MLPs\u7684\u73b0\u91d1\u6d41\u591a\u6570\u6765\u81ea\u4e8e\u957f\u671f\u7684\u56fa\u5b9a\u8d39\u7528\u5408\u540c\uff0c\u73b0\u91d1\u6d41\u7a33\u5b9a\uff0c\u56e0\u6b64\u5206\u7ea2\u4e5f\u4f1a\u66f4\u52a0\u4e30\u539a\u548c\u5b89\u5168\u3002<\/p>\n

\u4e0d\u8fc7\uff0c\u7531\u4e8eMLPs\u5c5e\u4e8e\u201c\u7a7f\u900f\u578b\u201d\u5b9e\u4f53\uff0c\u7c7b\u4f3c\u4e8e\u623f\u5730\u4ea7\u6295\u8d44\u4fe1\u6258\uff08REITs\uff09\u3001\u5546\u4e1a\u5f00\u53d1\u516c\u53f8\uff08BDCs\uff09\u548cYieldCos\u3002\u8fd9\u79cd\u5408\u4f19\u4f01\u4e1a\u5c06\u5176\u73b0\u91d1\u6d41\u548c\u7eb3\u7a0e\u4e49\u52a1\u90fd\u4f20\u9012\u7ed9\u4e86\u6301\u80a1\u4eba\uff0c\u56e0\u6b64\u4f01\u4e1a\u672c\u8eab\u65e0\u9700\u7f34\u7eb3\u6240\u5f97\u7a0e\u3002MLPs\u548cC\u7c7b\u516c\u53f8\u7684\u53e6\u4e00\u5927\u5dee\u522b\u662f\uff0cMLPs\u7684\u5546\u4e1a\u6a21\u5f0f\u662f\u5c06\u7edd\u5927\u591a\u6570\u73b0\u91d1\u6d41\u90fd\u4f5c\u4e3a\u7ea2\u5229\u6d3e\u53d1\u7ed9\u6301\u80a1\u8005\uff0c\u4ee5\u6b64\u5438\u5f15\u6295\u8d44\u8005\uff0c\u800c\u4f01\u4e1a\u8bf8\u5982\u65b0\u5efa\u4e00\u6761\u7ba1\u9053\u7b49\u589e\u957f\u578b\u6295\u8d44\u6240\u9700\u8d44\u91d1\u5219\u901a\u8fc7\u5916\u503a\u548c\u53d1\u884c\u65b0\u80a1\u7684\u65b9\u5f0f\u7b79\u96c6\u3002\u4e5f\u5c31\u662f\u8bf4\uff0cMLPs\u7684\u53d1\u5c55\u57fa\u672c\u4f9d\u8d56\u5916\u90e8\u7684\u8d44\u672c\u5e02\u573a\uff0c\u56e0\u6b64\u516c\u53f8\u7684\u80a1\u7968\u6570\u91cf\u4e00\u822c\u90fd\u4f1a\u6301\u7eed\u4e0a\u5347\u3002<\/p>\n

\u6b64\u5916\uff0c\u5bf9\u4e8e\u6536\u76ca\u578b\u6295\u8d44\u8005\u6765\u8bf4\uff0cMLPs\u6700\u5927\u4e5f\u662f\u6700\u91cd\u8981\u7684\u5dee\u522b\u662f\u5f81\u7a0e\u65b9\u5f0f\u3001\u666e\u901a\u5408\u4f19\u4eba\u7684\u67b6\u6784\u53ca\u5176\u523a\u6fc0\u5206\u914d\u6743\u3002<\/p>\n

MLPs\u7684\u7a0e\u6536\u4f18\u60e0<\/h2>\n

C\u7c7b\u516c\u53f8\u6d3e\u53d1\u7684\u80a1\u606f\u662f\u5bf9\u516c\u53f8\u81ea\u7531\u73b0\u91d1\u6d41\u7684\u4e00\u79cd\u5206\u914d\uff0c\u901a\u5e38\u90fd\u88ab\u89c6\u4e3a\u201c\u5408\u683c\u201d\u80a1\u606f\uff0c\u56e0\u6b64\u6309\u7167\u957f\u671f\u8d44\u672c\u5229\u5f97\u7684\u540c\u7b49\u7a0e\u7387\u5f81\u7a0e\uff0c\u800c\u4e14\u662f\u53cc\u91cd\u5f81\u7a0e\uff0c\u516c\u53f8\u548c\u80a1\u4e1c\u90fd\u8981\u7f34\u7eb3\u6240\u5f97\u7a0e\uff0c\u62a5\u7a0e\u8868\u662fDIV-1099\u3002\u4e0d\u8fc7\uff0cMLPs\u4f5c\u4e3a\u201c\u7a7f\u900f\u578b\u201d\u5b9e\u4f53\u4eab\u6709\u7a0e\u6536\u4f18\u60e0\uff0c\u4f01\u4e1a\u6d3e\u53d1\u7684\u7ea2\u5229\uff08distributions\uff09\u5c5e\u4e8e\u7a0e\u6536\u9012\u5ef6\u80a1\u606f\uff0c\u800c\u4e14\u53ea\u6709\u5728\u80a1\u4e1c\u83b7\u53d6\u7ea2\u5229\u65f6\u624d\u9700\u8981\u7f34\u7eb3\u4e2a\u4eba\u6240\u5f97\u7a0e\uff0c\u62a5\u7a0e\u8868\u662fK-1\u3002<\/p>\n

\u6b64\u5916\uff0c\u7531\u4e8e\u80fd\u6e90\u884c\u4e1a\u5c5e\u4e8e\u8d44\u91d1\u5bc6\u96c6\u578b\u884c\u4e1a\uff0cMLPs\u4f1a\u5b58\u5728\u9ad8\u989d\u7684\u975e\u73b0\u91d1\u7684\u6298\u65e7\u548c\u644a\u9500\u8d39\u7528\uff0c\u6700\u540e\u5bfc\u81f4\u5206\u7ea2\u91d1\u989d\u8fdc\u8fdc\u9ad8\u4e8eGAAP\u76c8\u5229\u3002\u7f8e\u56fd\u56fd\u7a0e\u5c40\u5c06MLPs\u8d85\u51fa\u76c8\u5229\u90e8\u5206\u7684\u5206\u7ea2\u89c6\u4e3a\u8d44\u672c\u8fd4\u8fd8\uff08ROC\uff09\uff0c\u800c\u4e0d\u662f\u771f\u6b63\u7684\u6536\u5165\u6216\u8d44\u672c\u5229\u5f97\uff0c\u56e0\u6b64\u8fd9\u7b14\u6536\u5165\u5728\u6301\u80a1\u671f\u95f4\u65e0\u9700\u5f81\u7a0e\u3002<\/p>\n

\u7ea2\u5229\u5f53\u4e2d\u7684ROC\u90e8\u5206\u4e0d\u4f1a\u88ab\u7acb\u523b\u5f81\u7a0e\uff0c\u4f46\u5c06\u964d\u4f4e\u4f60\u6301\u80a1\u7684\u6210\u672c\u3002\u4e00\u65e6\u6210\u672c\u964d\u81f3\u96f6\uff0c\u7ea2\u5229\u5c06\u88ab\u89c6\u4e3a\u957f\u671f\u8d44\u672c\u5229\u5f97\u8fdb\u884c\u5f81\u7a0e\u3002\u6b64\u5916\uff0c\u5982\u679c\u4f60\u51fa\u552eMLPs\u7684\u80a1\u7968\uff0c\u653f\u5e9c\u5c06\u5f81\u6536\u9012\u5ef6\u7a0e\u3002\u6253\u4e2a\u6bd4\u65b9\uff0c\u5982\u679c\u4f60\u82b1\u4e86$10\u4e70\u5165MLPs\u7684\u80a1\u7968\u5e76\u83b7\u5f97\u6bcf\u80a1$3\u88ab\u5f52\u7c7b\u4e3aROC\u7684\u7ea2\u5229\uff0c\u90a3\u4e48\u4f60\u6301\u80a1\u7684\u6210\u672c\u5c06\u4ece$10\u964d\u81f3$7\u3002\u63a5\u7740\u4f60\u518d\u4ee5\u6bcf\u80a1$12\u7684\u4ef7\u683c\u51fa\u552e\u6301\u80a1\uff0c\u8d44\u672c\u5229\u5f97\u5c06\u662f$5\uff0c\u5305\u62ec\u6b64\u524d\u83b7\u5f97\u4f46\u672a\u88ab\u5f81\u7a0e\u7684$3\u7684ROC\u7ea2\u5229\u3002<\/p>\n

MLPs\u7684\u666e\u901a\u5408\u4f19\u4eba\u548c\u523a\u6fc0\u5206\u914d\u6743<\/h2>\n

\u4e0d\u540c\u4e8eC\u7c7b\u516c\u53f8\uff0c\u7edd\u5927\u591a\u6570MLPs\u90fd\u6709\u666e\u901a\u5408\u4f19\u4eba\u3002\u666e\u901a\u5408\u4f19\u4eba\u901a\u5e38\u6301\u6709MLPs 2%\u7684\u80a1\u4efd\uff0c\u662fMLPs\u7684\u53d1\u8d77\u4eba\u548c\u7ba1\u7406\u4eba\u3002\u53e6\u5916\uff0c\u4e3a\u4e86\u6fc0\u52b1\u62e5\u6709\u4f01\u4e1a\u5927\u91cf\u8d44\u4ea7\u7684\u666e\u901a\u5408\u4f19\u4eba\u63d0\u9ad8\u7ecf\u8425\u6548\u7387\u4ee5\u53ca\u63d0\u9ad8\u5206\u7ea2\uff0cMLPs\u8fd8\u8d4b\u4e88\u666e\u901a\u5408\u4f19\u4eba\u523a\u6fc0\u5206\u914d\u6743\uff08IDRs\uff09\u3002<\/p>\n

IDRs\u662f\u5982\u4f55\u53d1\u6325\u4f5c\u7528\u7684\uff1f\u6253\u4e2a\u6bd4\u65b9\uff0c\u7f8e\u56fd\u5927\u578b\u70bc\u6cb9\u5546\u548c\u77f3\u5316\u4ea7\u54c1\u5236\u9020\u5546Phillips 66\uff08NYSE: PSX\uff09<\/a>\u62e5\u6709\u5927\u91cf\u4e2d\u6e38\u8d44\u4ea7\u30022013\u5e74\uff0c\u8be5\u516c\u53f8\u8bbe\u7acb\u4e1a\u4e3b\u6709\u9650\u5408\u4f19\u4f01\u4e1aPhillips 66 Partners LP\uff08NYSE: PSXP\uff09<\/a>\u3002Phillips 66 Partners\u5411\u5e02\u573a\u4e0a\u7684\u6295\u8d44\u8005\u7b79\u96c6\u503a\u52a1\u548c\u6743\u76ca\u8d44\u672c\uff0c\u7136\u540e\u518d\u62ff\u8fd9\u4e9b\u8d44\u91d1\u8d2d\u4e70Phillips 66\u7684\u4e2d\u6e38\u8d44\u4ea7\u3002\u4f5c\u4e3a\u5bf9\u4ef7\uff0cPhillips 66\u5c06\u83b7\u5f97Phillip 66 Partners\u652f\u4ed8\u7684\u73b0\u91d1\uff0c\u503a\u52a1\u7684\u8f6c\u79fb\u6216\u8005\u662f\u8be5\u516c\u53f8\u65b0\u53d1\u884c\u7684\u80a1\u7968\u3002\u901a\u8fc7\u8fd9\u79cd\u64cd\u4f5c\uff0cPhillips 66\u6536\u56de\u4e86\u8fd9\u4e9b\u8d44\u4ea7\u7684\u5efa\u8bbe\u6210\u672c\uff0cPhillips 66 Partners\u5219\u83b7\u5f97\u4e86\u6709\u4ef7\u503c\u7684\uff0c\u901a\u8fc7\u4e0ePhillips 66\u7b7e\u7f72\u957f\u671f\u5408\u540c\u4ece\u800c\u4e0d\u65ad\u521b\u9020\u73b0\u91d1\u6d41\u7684\u8d44\u4ea7\u2014\u2014Phillips 66\u540c\u65f6\u62c5\u4efb\u666e\u901a\u5408\u4f19\u3001\u53d1\u8d77\u4eba\u548c\u7ba1\u7406\u4eba\u7684\u89d2\u8272\u3002<\/p>\n

\u6309\u7167IDRs\u7684\u89c4\u5b9a\uff0c\u666e\u901a\u5408\u4f19\u4eba\u7684\u5206\u7ea2\u6bd4\u4f8b\u6839\u636e\u7ea2\u5229\u7531\u4f4e\u5230\u9ad8\u9010\u7ea7\u4e0a\u8c03\uff0c\u6700\u9ad8\u53ef\u8fbe50%\uff0c\u4e5f\u5c31\u662f\u8bf4\uff0cMLPs\u7684\u53ef\u4f9b\u5206\u914d\u73b0\u91d1\u6d41\uff08DCF\uff09\u6700\u591a\u4e00\u534a\u90fd\u5c06\u6d41\u5165\u666e\u901a\u5408\u4f19\u4eba\u7684\u53e3\u888b\u3002\u6362\u53e5\u8bdd\u8bf4\uff0c\u968f\u7740\u5b63\u5ea6\u5206\u7ea2\u91d1\u989d\u7684\u4e0d\u65ad\u63d0\u9ad8\uff0c\u666e\u901a\u5408\u4f19\u4eba\u7684\u5206\u7ea2\u4efd\u989d\u4e5f\u5c06\u4e0d\u65ad\u63d0\u9ad8\uff0c\u6709\u9650\u5408\u4f19\u4eba\u7684\u73b0\u91d1\u7ea2\u5229\u589e\u901f\u5c06\u56e0\u6b64\u8fdc\u4f4e\u4e8eMLPs\u7684\u6574\u4f53\u7ea2\u5229\u589e\u901f\u3002\u6700\u7ec8\u7684\u7ed3\u679c\u662f\uff0cIDRs\u63d0\u9ad8\u4e86MLPs\u7684\u8d44\u672c\u6210\u672c\u5e76\u9650\u5236\u4f01\u4e1a\u7684\u957f\u671f\u589e\u901f\u3002<\/p>\n

MLPs\u6700\u91cd\u8981\u7684\u8d22\u52a1\u6307\u6807<\/h2>\n

1.\u00a0\u00a0 \u53ef\u4f9b\u5206\u914d\u73b0\u91d1\u6d41<\/h3>\n

\u6beb\u65e0\u7591\u95ee\u7684\u662f\uff0c\u53ef\u4f9b\u5206\u914d\u73b0\u91d1\u6d41\uff08DCF\uff09\u662f\u6700\u91cd\u8981\u7684\u8d22\u52a1\u6307\u6807\uff0c\u8fd9\u4e00\u6307\u6807\u5bf9\u4e8eMLPs\u7684\u610f\u4e49\u5c31\u76f8\u5f53\u4e8e\u666e\u901a\u516c\u53f8\u7684\u81ea\u7531\u73b0\u91d1\u6d41\uff0c\u4ee3\u8868\u4e86\u4f01\u4e1a\u957f\u671f\u53ef\u7528\u4e8e\u5206\u914d\u7684\u8d44\u91d1\u989d\u3002<\/p>\n

MLPs\u6838\u7b97DCF\u7684\u65b9\u5f0f\u4e0d\u4e00\uff0c\u4f46\u4e00\u822c\u60c5\u51b5\u4e0b\u516c\u5f0f\u90fd\u662f\u8c03\u6574\u540eEBITDA\uff0d\u7ef4\u62a4\u6027\u8d44\u672c\u652f\u51fa\u3002\u8c03\u6574\u540eEBITDA\u544a\u8bc9\u6211\u4eec\u4f01\u4e1a\u5728\u652f\u4ed8\u7ecf\u8425\u6210\u672c\u5e76\u6263\u9664\u4e00\u6b21\u6027\u8d39\u7528\u540e\u5269\u4f59\u591a\u5c11\u73b0\u91d1\uff0c\u7ef4\u62a4\u6027\u8d44\u672c\u652f\u51fa\u662f\u4fdd\u8bc1\u4f01\u4e1a\u7684\u57fa\u7840\u8bbe\u65bd\uff08\u8f93\u6cb9\u7ba1\u9053\u548c\u50a8\u6cb9\u7f50\u7b49\uff09\u6b63\u5e38\u8fd0\u884c\u6240\u5fc5\u987b\u7684\u5f00\u652f\u3002<\/p>\n

\u6b64\u5916\uff0cDCF\u548c\u516c\u53f8\u7684\u81ea\u7531\u73b0\u91d1\u6d41\u8fd8\u6709\u4e00\u4e2a\u5f88\u5927\u7684\u4e0d\u540c\u3002\u7531\u4e8e\u516c\u53f8\u7684\u7ef4\u62a4\u548c\u589e\u957f\u6027\u8d44\u672c\u652f\u51fa\u6765\u81ea\u4e8e\u7559\u5b58\u6536\u76ca\uff08\u56e0\u6b64\u4e00\u822c\u4e0d\u4f1a\u4e3a\u4e86\u7b79\u96c6\u589e\u957f\u6027\u8d44\u672c\u800c\u53d1\u884c\u65b0\u80a1\uff09\uff0c\u56e0\u6b64\u5728\u8ba1\u7b97\u81ea\u7531\u73b0\u91d1\u6d41\u65f6\u8981\u4ece\u7ecf\u8425\u73b0\u91d1\u6d41\u5f53\u4e2d\u6263\u9664\u603b\u7684\u8d44\u672c\u652f\u51fa\uff08\u5305\u62ec\u7ef4\u62a4\u548c\u589e\u957f\u6027\u8d44\u672c\u652f\u51fa\uff09\u3002\u4f46\u662f\uff0c\u7531\u4e8eMLPs\u7684\u5546\u4e1a\u6a21\u5f0f\u5c31\u662f\u901a\u8fc7\u5916\u90e8\u7684\u8d44\u91d1\u6765\u6e90\uff08\u503a\u5238\u548c\u80a1\u7968\uff09\u6765\u63d0\u4f9b\u589e\u957f\u6240\u9700\u7684\u8d44\u91d1\uff0c\u56e0\u6b64\u8ba1\u7b97DCF\u65f6\u8981\u5c06\u589e\u957f\u6027\u8d44\u672c\u652f\u51fa\u6392\u9664\u5728\u5916\u3002<\/p>\n

2.\u00a0\u00a0 \u5206\u7ea2\u8986\u76d6\u7387<\/h3>\n

\u53ef\u4f9b\u5206\u914d\u73b0\u91d1\u6d41\u8861\u91cf\u7684\u662f\u4e00\u5bb6MLPs\u80fd\u591f\u4e3a\u6295\u8d44\u8005\u5e26\u6765\u591a\u5927\u7684\u6536\u76ca\uff0c\u800c\u5206\u7ea2\u8986\u76d6\u7387\uff08DCR\uff09\u8861\u91cf\u7684\u662fMLPs\u5206\u7ea2\u7684\u98ce\u9669\u5927\u5c0f\u3002DCR\u7684\u8ba1\u7b97\u516c\u5f0f\u662fDCF\/\u603b\u5206\u7ea2\uff08\u5305\u62ec\u6d3e\u53d1\u7ed9\u4e00\u822c\u5408\u4f19\u4eba\u5728\u5185\u7684\u6240\u6709\u6295\u8d44\u8005\u7684\u7ea2\u5229\uff09\u3002<\/p>\n

\u5982\u679c\u8fd9\u4e00\u6bd4\u4f8b\u9ad8\u4e8e1.0\uff0c\u8bf4\u660e\u5206\u7ea2\u5728\u5f53\u524d\u7684\u7ecf\u8425\u73af\u5883\u4e0b\u662f\u53ef\u6301\u7eed\u7684\u3002\u4e0d\u8fc7\uff0c\u7531\u4e8eMLPs\u7684DCF\u53ef\u80fd\u5b58\u5728\u6ce2\u52a8\uff0c\u56e0\u6b64DCR\u6700\u597d\u662f\u57281.1\u53ca\u4ee5\u4e0a\u3002\u5982\u679cDCR\u4f4e\u4e8e1\uff0c\u6295\u8d44\u8005\u5c31\u8981\u63d0\u9ad8\u8b66\u60d5\u4e86\u3002\u8fd9\u8bf4\u660e\u8fd9\u4e00\u5206\u7ea2\u4e0d\u53ef\u6301\u7eed\u6216\u4e0d\u591f\u5b89\u5168\uff0c\u672a\u6765\u5b58\u5728\u524a\u51cf\u7ea2\u5229\u7684\u98ce\u9669\u3002<\/p>\n

3.\u00a0\u00a0 \u6d41\u52a8\u6027<\/h3>\n

\u7531\u4e8eMLPs\u884c\u4e1a\u662f\u8d44\u91d1\u5bc6\u96c6\u578b\u884c\u4e1a\uff0c\u56e0\u6b64\u6d41\u52a8\u6027\u6307\u6807\u4e5f\u975e\u5e38\u91cd\u8981\u3002\u6d41\u52a8\u6027\u6307\u6807\u7684\u8ba1\u7b97\u65b9\u5f0f\u662f\u73b0\u91d1+\u73b0\u5b58\u5faa\u73af\u4fe1\u8d37+\u77ed\u671f\uff08\u4e0d\u52301\u5e74\uff09\u4fe1\u8d37\u989d\u5ea6\u3002MLPs\u7684\u7406\u60f3\u72b6\u6001\u662f\u62e5\u6709\u8db3\u4ee5\u7ef4\u6301\u4f01\u4e1a\u81f3\u5c11\u4e24\u5e74\u589e\u957f\u7684\u6d41\u52a8\u6027\uff0c\u8fd9\u6837\u7ba1\u7406\u5c42\u624d\u6709\u5145\u8db3\u7684\u65f6\u95f4\u901a\u8fc7\u53d1\u884c\u503a\u5238\u548c\u80a1\u7968\u7684\u65b9\u5f0f\u83b7\u5f97\u65b0\u7684\u8d44\u91d1\u6765\u6e90\u3002\u4e0d\u8fc7\uff0c\u6d41\u52a8\u6027\u6307\u6807\u4e0d\u592a\u597d\u628a\u63e1\uff0c\u6709\u65f6\u5019\u8d44\u672c\u6210\u672c\u4e0a\u5347\u5230\u4e00\u5b9a\u6c34\u5e73\u4f1a\u8feb\u4f7fMLPs\u4e0d\u5f97\u4e0d\u5728\u7ef4\u6301\u5f53\u524d\u5206\u7ea2\u4e0e\u589e\u957f\u6027\u9879\u76ee\u4e4b\u95f4\u505a\u51fa\u8270\u96be\u7684\u9009\u62e9\u3002<\/p>\n

4.\u00a0\u00a0 \u8d1f\u503a\/EBITDA\u6bd4\u7387<\/h3>\n

\u8d1f\u503a\u662f\u4e00\u628a\u53cc\u5203\u5251\uff0c\u4f5c\u4e3aMLPs\u878d\u8d44\u7684\u91cd\u8981\u7ec4\u6210\u90e8\u5206\uff0c\u4ed6\u53ef\u4ee5\u964d\u4f4e\u4f01\u4e1a\u7684\u8d44\u672c\u6210\u672c\u3002\u5f88\u591aMLPs\u6700\u540e\u4e0d\u5f97\u4e0d\u524a\u51cf\u5206\u7ea2\u4e0d\u53ea\u662f\u56e0\u4e3a\u5b83\u4eec\u7684DCR\u6bd4\u7387\u4f4e\u4e8e1\uff0c\u4e5f\u6709\u53ef\u80fd\u662f\u56e0\u4e3a\u5b83\u4eec\u7684\u503a\u52a1\u8d1f\u62c5\u53d8\u5f97\u4e0d\u53ef\u6301\u7eed\u3002<\/p>\n

\u8d1f\u503a\/EBITDA\u6bd4\u7387\u662fMLP\u884c\u4e1a\u6700\u91cd\u8981\u7684\u503a\u52a1\u6307\u6807\uff0c\u6700\u597d\u662f\u57284.5\u53ca\u4ee5\u4e0b\uff0c\u5426\u5219\u5c06\u5371\u53ca\u503a\u52a1\u534f\u8bae\u6216\u8005\u662f\u4fe1\u7528\u8bc4\u7ea7\uff0c\u5f15\u53d1\u6d41\u52a8\u6027\u5371\u673a\uff0c\u8fdb\u800c\u8feb\u4f7f\u7ba1\u7406\u5c42\u4e0b\u8c03\u5206\u7ea2\u3002\u6240\u4ee5\uff0c\u9664\u4e86DCR\uff0c\u8fd9\u4e00\u6bd4\u7387\u4e5f\u662f\u8861\u91cfMLPs\u5206\u7ea2\u5b89\u5168\u6027\u7684\u91cd\u8981\u6307\u6807\u3002\u8d1f\u503a\u7684\u4fdd\u5b88\u505a\u6cd5\u4e0d\u4ec5\u6709\u52a9\u4e8e\u63d0\u9ad8\u5206\u7ea2\u7684\u5b89\u5168\u6027\uff0c\u540c\u65f6\u4e5f\u4f1aMLPs\u63d0\u4f9b\u4e86\u5927\u91cf\u7684\u5ec9\u4ef7\u503a\u52a1\u8d44\u672c\u3002<\/p>\n

MLPs\u5982\u4f55\u4f30\u503c\uff1f<\/h2>\n

\u7531\u4e8eMLPs\u5c5e\u4e8e\u91cd\u8d44\u4ea7\u884c\u4e1a\uff0c\u56e0\u6b64\u5b58\u5728\u9ad8\u989d\u7684\u975e\u73b0\u91d1\u6298\u65e7\u548c\u644a\u9500\u8d39\u7528\uff0c\u5bfc\u81f4GAAP\u76c8\u5229\u88ab\u4eba\u4e3a\u538b\u4f4e\uff0c\u56e0\u6b64\u4f20\u7edf\u7684\u4f30\u503c\u6307\u6807\u6bd4\u5982\u8bf4\u5e02\u76c8\u7387\u5e76\u4e0d\u9002\u7528\u4e8e\u8fd9\u4e00\u884c\u4e1a\u3002\u6839\u636eMLPs\u7684\u7279\u6027\uff0c\u8be5\u884c\u4e1a\u4f01\u4e1a\u7684\u4f30\u503c\u4e3b\u8981\u91c7\u7528\u80a1\u4ef7\/DCF\u6bd4\u7387\u548c\u80a1\u606f\u7387\u8fd9\u4e24\u4e2a\u6307\u6807\u3002<\/p>\n

\u6295\u8d44MLPs\u7684\u98ce\u9669\u8fd8\u662f\u86ee\u5927\u7684\uff0c\u6bd4\u5982\u8bf4\u8d1f\u503a\u8fc7\u591a\uff0c\u878d\u8d44\u8fc7\u4e8e\u4f9d\u8d56\u8d44\u672c\u5e02\u573a\uff0c\u507f\u503a\u8986\u76d6\u7387\u4f4e\u7b49\u3002\u4e0d\u8fc7\uff0c\u5982\u679c\u4f60\u6709\u65f6\u95f4\u548c\u5174\u8da3\u8ddf\u8e2a\u8fd9\u4e00\u884c\u4e1a\uff0c\u4e00\u4e9b\u4f18\u8d28\u7684MLPs\u80fd\u591f\u4e3a\u4f60\u63d0\u4f9b\u957f\u671f\u7684\u4e30\u539a\u6536\u76ca\uff0c\u540c\u65f6\u4eab\u53d7\u7a0e\u6536\u65b9\u9762\u7684\u4f18\u60e0\uff0c\u662f\u4f60\u5b9e\u73b0\u6295\u8d44\u7ec4\u5408\u591a\u5143\u5316\u4e0d\u9519\u7684\u4e00\u4e2a\u6210\u5206\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u4f4e\u5229\u7387\u65f6\u4ee3\uff0c\u4e1a\u4e3b\u6709\u9650\u5408\u4f19\uff08MLPs\uff09\u5df2\u7ecf\u6210\u4e3a\u6700\u53d7\u6b22\u8fce\u7684\u9ad8\u80a1\u606f\u80a1\u6295\u8d44\u54c1\u79cd\u4e4b\u4e00\uff0c\u540c\u65f6\u4e5f\u662f\u6295\u8d44\u7f8e\u56fd\u80fd\u6e90\u80a1\u5f88\u597d\u7684\u4e00\u79cd\u9014 […]<\/p>\n","protected":false},"author":27,"featured_media":333938,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1521,430],"tags":[],"class_list":["post-333932","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1521","category-trends-strategies-zh-hans","sectors-oil-gas-zh-hans","locations-us-zh-hans","exchange-nyse-zh-hans"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/333932","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/comments?post=333932"}],"version-history":[{"count":0,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/333932\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media\/333938"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media?parent=333932"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/categories?post=333932"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/tags?post=333932"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}