{"id":357643,"date":"2020-11-15T16:17:43","date_gmt":"2020-11-16T00:17:43","guid":{"rendered":"https:\/\/nai500.com\/?p=357643"},"modified":"2020-11-15T16:17:43","modified_gmt":"2020-11-16T00:17:43","slug":"%e8%82%a1%e7%a5%a8%e5%86%85%e5%9c%a8%e4%bb%b7%e5%80%bc-%e4%bc%b0%e5%80%bc%e6%a8%a1%e5%9e%8b-%e8%82%a1%e5%88%a9%e8%b4%b4%e7%8e%b0%e6%a8%a1%e5%9e%8b","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hans\/blog\/2020\/11\/%e8%82%a1%e7%a5%a8%e5%86%85%e5%9c%a8%e4%bb%b7%e5%80%bc-%e4%bc%b0%e5%80%bc%e6%a8%a1%e5%9e%8b-%e8%82%a1%e5%88%a9%e8%b4%b4%e7%8e%b0%e6%a8%a1%e5%9e%8b\/","title":{"rendered":"\u80a1\u7968\u5185\u5728\u4ef7\u503c\u7684\u4f30\u503c\u6a21\u578b\uff1a\u80a1\u5229\u8d34\u73b0\u6a21\u578b"},"content":{"rendered":"

\u4ef7\u503c\u6295\u8d44\u8005\u9075\u5faa\u7684\u6700\u5927\u6cd5\u5219\u662f\u4ef7\u503c\uff0c\u4e5f\u5c31\u662f\u4e00\u53ea\u80a1\u7968\u7684\u5185\u5728\u4ef7\u503c\u3002\u6240\u8c13\u80a1\u7968\u5185\u5728\u4ef7\u503c\uff0c\u6307\u7684\u662f\u80a1\u7968\u5185\u6db5\u7684\u57fa\u672c\u7684\uff0c\u5ba2\u89c2\u7684\uff0c\u72ec\u7acb\u4e8e\u5176\u4ed6\u5916\u5728\u56e0\u7d20\u7684\u4ef7\u503c\u3002\u5982\u679c\u80a1\u4ef7\u4f4e\u4e8e\u5185\u5728\u4ef7\u503c\uff0c\u5c31\u662f\u4e00\u4e2a\u597d\u7684\u4e70\u5165\u673a\u4f1a\u3002\u5982\u679c\u9ad8\u4e8e\u5185\u5728\u4ef7\u503c\uff0c\u5c31\u5e94\u8be5\u5356\u51fa\u3002<\/p>\n

\u4e3a\u4e86\u8bc4\u4f30\u548c\u8ba1\u7b97\u4e00\u53ea\u80a1\u7968\u7684\u5185\u5728\u4ef7\u503c\uff0c\u91d1\u878d\u5206\u6790\u5e08\u4f1a\u5efa\u7acb\u5404\u79cd\u4f30\u503c\u6a21\u578b\uff0c\u4f7f\u7528\u7684\u53c2\u6570\u5305\u62ec\u80a1\u5229\u6d41\u3001\u8d34\u73b0\u73b0\u91d1\u6d41\uff0c\u4ee5\u53ca\u5269\u4f59\u6536\u76ca\u7b49\u3002\u6bcf\u4e00\u79cd\u4f30\u503c\u6a21\u578b\u90fd\u4e25\u91cd\u4f9d\u8d56\u4e00\u4e2a\u597d\u7684\u5047\u5b9a\u3002\u5982\u679c\u6240\u4f7f\u7528\u7684\u5047\u5b9a\u4e0d\u51c6\u786e\u6216\u8005\u6709\u9519\u8bef\uff0c\u6a21\u578b\u4f30\u7b97\u51fa\u6765\u7684\u4ef7\u503c\u5c06\u504f\u79bb\u80a1\u7968\u771f\u6b63\u7684\u5185\u5728\u4ef7\u503c\u3002<\/p>\n

\u80a1\u5229\u8d34\u73b0\u6a21\u578b<\/h2>\n

\u6d4b\u7b97\u4e00\u53ea\u80a1\u7968\u7684\u5185\u5728\u4ef7\u503c\u65f6\uff0c\u73b0\u91d1\u81f3\u5173\u91cd\u8981\u3002\u5f88\u591a\u4f30\u503c\u6a21\u578b\u6240\u91c7\u7528\u7684\u53d8\u91cf\u5f88\u591a\u90fd\u8ddf\u73b0\u91d1\u6709\u5173\uff1a\u80a1\u5229\u548c\u672a\u6765\u73b0\u91d1\u6d41\uff0c\u4ee5\u53ca\u5bf9\u8d27\u5e01\u65f6\u95f4\u4ef7\u503c\u7684\u5229\u7528\uff0c\u5176\u4e2d\u5e7f\u6cdb\u4f7f\u7528\u7684\u4e00\u79cd\u6a21\u578b\u5c31\u662f\u80a1\u5229\u8d34\u73b0\u6a21\u578b\uff08DDM\uff09\u3002\u8be5\u6a21\u578b\u7684\u57fa\u672c\u516c\u5f0f\u4e3a\uff1a<\/p>\n

\u80a1\u7968\u4ef7\u503c=EDPS\u200b\/(CCE\u2212DGR)<\/p>\n

\u5176\u4e2d\uff1a<\/p>\n

EDPS=\u9884\u671f\u6bcf\u80a1\u80a1\u5229<\/p>\n

CCE=\u6743\u76ca\u8d44\u672c\u6210\u672c<\/p>\n

DGR=\u80a1\u5229\u589e\u957f\u7387<\/p>\n

\u8be5\u6a21\u578b\u7684\u7406\u8bba\u57fa\u7840\u662f\u5047\u8bbe\u4e00\u53ea\u80a1\u7968\u7684\u73b0\u65f6\u80a1\u4ef7\u7b49\u4e8e\u672a\u6765\u6240\u6709\u80a1\u5229\u6298\u56de\u73b0\u503c\u540e\u7684\u6570\u989d\uff0c\u662f\u9884\u6d4b\u4e00\u5bb6\u516c\u53f8\u80a1\u7968\u4ef7\u683c\u7684\u4e00\u79cd\u91cf\u5316\u65b9\u6cd5\uff0c\u5176\u4e2d\u7684\u53d8\u91cf\u5305\u62ec\u6bcf\u80a1\u80a1\u5229\u548c\u51c0\u8d34\u73b0\u7387\uff08\u6743\u76ca\u8d44\u672c\u6210\u672c\u6216\u5fc5\u8981\u6536\u76ca\u7387\u51cf\u53bb\u9884\u671f\u80a1\u5229\u589e\u957f\u7387\uff09\u3002<\/p>\n

\u56e0\u6b64\uff0c\u901a\u8fc7\u8fd9\u4e00\u6a21\u578b\u6d4b\u7b97\u80a1\u7968\u7684\u516c\u5141\u4ef7\u503c\u65f6\u4e0d\u8003\u8651\u5e02\u573a\u884c\u60c5\uff0c\u8003\u8651\u7684\u662f\u80a1\u5229\u6d3e\u53d1\u56e0\u7d20\u548c\u5e02\u573a\u9884\u671f\u6536\u76ca\u7387\u3002\u5982\u679cDDM\u6c42\u5f97\u7684\u6570\u503c\u9ad8\u4e8e\u5f53\u524d\u80a1\u7968\u7684\u4ea4\u6613\u4ef7\u683c\uff0c\u8be5\u80a1\u5c31\u5c5e\u4e8e\u4f30\u503c\u504f\u4f4e\uff0c\u9002\u5408\u4e70\u5165\uff0c\u53cd\u4e4b\u4ea6\u7136\u3002<\/p>\n

\u80a1\u5229\u8d34\u73b0\u6a21\u578b\u7684\u53d8\u4f53<\/h2>\n

DDM\u6709\u5f88\u591a\u590d\u6742\u7a0b\u5ea6\u4e0d\u4e00\u7684\u53d8\u4f53\uff0c\u5176\u4e2d\u6700\u7b80\u5355\u7684\u8fed\u4ee3\u5047\u8bbe\u80a1\u5229\u96f6\u589e\u957f\u3002\u8fd9\u79cd\u60c5\u51b5\u4e0b\uff0c\u80a1\u7968\u7684\u4ef7\u503c\u5c31\u662f\u80a1\u5229\u9664\u4ee5\u9884\u671f\u6536\u76ca\u7387\u3002<\/p>\n

DDM\u6700\u5e38\u89c1\u548c\u76f4\u63a5\u7684\u8ba1\u7b97\u65b9\u6cd5\u662f\u6208\u767b\u80a1\u5229\u589e\u957f\u6a21\u578b\uff08GGM\uff09\uff0c\u8be5\u6a21\u578b\u5047\u8bbe\u88ab\u8003\u5bdf\u516c\u53f8\u5904\u4e8e\u7a33\u5b9a\u72b6\u6001\uff0c\u5373\u80a1\u5229\u6309\u7167\u4e0d\u53d8\u7684\u901f\u7387\u6c38\u7eed\u589e\u957f\u3002\u6208\u767b\u6a21\u578b\u7684\u8ba1\u7b97\u516c\u5f0f\u4e3a\uff1a<\/p>\n

P= D1<\/sub>\/(r\u2212g)<\/p>\n

\u200b\u200b\u5176\u4e2d\uff1a<\/p>\n

P=\u80a1\u7968\u73b0\u503c<\/p>\n

D1<\/sub>=\u4ece\u73b0\u5728\u8d77\u672a\u6765\u4e00\u5e74\u7684\u9884\u671f\u80a1\u5229<\/p>\n

R=\u6743\u76ca\u6295\u8d44\u8005\u7684\u5fc5\u8981\u6536\u76ca\u7387<\/p>\n

G=\u6c38\u7eed\u80a1\u5229\u56fa\u5b9a\u5e74\u589e\u957f\u7387<\/p>\n

\u987e\u540d\u601d\u4e49\uff0c\u6208\u767b\u80a1\u5229\u589e\u957f\u6a21\u578b\u8861\u91cf\u7684\u662f\u4e00\u5bb6\u516c\u53f8\u6d3e\u53d1\u7ed9\u80a1\u4e1c\uff0c\u53cd\u6620\u8be5\u516c\u53f8\u73b0\u91d1\u6d41\u521b\u9020\u80fd\u529b\u7684\u80a1\u5229\u3002\u8fd9\u4e00\u6a21\u578b\u6709\u591a\u4e2a\u53d8\u4f53\uff0c\u5404\u4e2a\u53d8\u4f53\u4f9d\u636e\u4f60\u5e0c\u671b\u7eb3\u5165\u7684\u5047\u5b9a\u800c\u91c7\u7528\u4e0d\u540c\u7684\u53d8\u91cf\u3002\u5c3d\u7ba1\u57fa\u4e8e\u7684\u662f\u6700\u57fa\u672c\u548c\u6700\u4e50\u89c2\u7684\u5047\u5b9a\uff0c\u4f46\u6208\u767b\u6a21\u578b\u5728\u84dd\u7b79\u80a1\u548c\u6307\u6570\u7684\u5206\u6790\u4e2d\u6709\u81ea\u5df1\u7684\u4f18\u52bf\u3002<\/p>\n

\u80a1\u5229\u8d34\u73b0\u6a21\u578b\u5b9e\u4f8b<\/h2>\n

\u5047\u8bbeX\u516c\u53f8\u4eca\u5e74\u6d3e\u53d1\u4e86\u6bcf\u80a1$1.80\u7684\u80a1\u5229\u3002\u8be5\u516c\u53f8\u9884\u8ba1\u80a1\u5229\u5c06\u4ee5\u6bcf\u5e745%\u7684\u589e\u957f\u7387\u6c38\u7eed\u589e\u957f\uff0c\u6743\u76ca\u8d44\u672c\u6210\u672c\uff08\u5fc5\u8981\u6536\u76ca\u7387\uff09\u4e3a7%\u3002\u4e0d\u8fc7\uff0c$1.80\u662f\u4eca\u5e74\u7684\u80a1\u5229\uff0c\u60f3\u8981\u4f30\u7b97\u4e0b\u4e00\u5e74\u7684\u80a1\u5229\uff08D1\uff09\u9700\u8981\u7ecf\u80a1\u5229\u589e\u957f\u7387\u8fdb\u884c\u8c03\u6574\u3002\u8ba1\u7b97\u65b9\u5f0f\u4e3a\uff1aD1 = D0 x (1+g) = $1.80 x (1+5%) = $1.89\u3002\u7136\u540e\uff0c\u501f\u7528GGM\u516c\u5f0f\uff0cX\u516c\u53f8\u7684\u80a1\u4ef7\u5c31\u662fD(1) \/ (r – g) = $1.89 \/ ( 7% – 5%) = $94.50\u3002<\/p>\n

2014\u5e741\u6708\u81f32018\u5e741\u6708\u671f\u95f4\uff0c\u7f8e\u56fd\u96f6\u552e\u5de8\u5934\u6c83\u5c14\u739bWalmart\uff08NYSE: WMT\uff09\u7684\u5e74\u5ea6\u80a1\u5229\u5206\u522b\u4e3a$1.92\u3001$1.96\u3001$2.00\u3001$2.04\u4ee5\u53ca$2.08\uff0c\u6bcf\u5e74\u6301\u7eed\u589e\u957f$0.04\uff0c\u5e74\u5747\u589e\u957f\u7387\u7ea6\u4e3a2%\u3002\u5047\u8bbe\u6295\u8d44\u8005\u7684\u5fc5\u8981\u6536\u76ca\u7387\u4e3a5%\u3002\u6309\u71672019\u5e74\u521d$2.12\u7684\u9884\u6d4b\u80a1\u5229\uff0c\u5229\u7528\u80a1\u5229\u8d34\u73b0\u6a21\u578b\u8ba1\u7b97\u51fa\u7684\u80a1\u4ef7\u662f$2.12\/ (.05 – .02) = $70.67\u3002<\/p>\n

\u80a1\u5229\u8d34\u73b0\u6a21\u578b\u7684\u7f3a\u9677<\/h2>\n

\u5c3d\u7ba1DDM\u7684\u6208\u767b\u80a1\u5229\u589e\u957f\u6a21\u578b\u88ab\u5e7f\u6cdb\u4f7f\u7528\uff0c\u4f46\u8be5\u6a21\u578b\u6709\u4e24\u5927\u7f3a\u9677\u3002\u9996\u5148\uff0cGGM\u5047\u8bbe\u80a1\u5229\u6c38\u7eed\u7a33\u5b9a\u589e\u957f\uff0c\u8fd9\u9002\u7528\u4e8e\u5df2\u7ecf\u6210\u719f\u7684\u6d3e\u606f\u80a1\uff0c\u4f46\u5e76\u4e0d\u9002\u7528\u4e8e\u80a1\u5229\u589e\u957f\u7387\u6ce2\u52a8\u5267\u70c8\u751a\u81f3\u6ca1\u6709\u80a1\u5229\u7684\u516c\u53f8\u3002\u5bf9\u4e8e\u8fd9\u6837\u7684\u516c\u53f8\uff0c\u6211\u4eec\u4f9d\u7136\u53ef\u4ee5\u4f7f\u7528DDM\uff0c\u4f46\u9700\u8981\u501f\u52a9\u66f4\u591a\u7684\u5047\u5b9a\uff0c\u51c6\u786e\u6027\u4e5f\u4f1a\u5927\u5927\u964d\u4f4e\u3002<\/p>\n

\u53e6\u5916\uff0cDDM\u7684\u7b2c\u4e8c\u4e2a\u95ee\u9898\u662f\u8f93\u51fa\u7684\u7ed3\u679c\u5bf9\u4e8e\u8f93\u5165\u7684\u6570\u636e\u975e\u5e38\u654f\u611f\u3002\u5c31\u62ff\u4e0a\u9762\u7684X\u516c\u53f8\u4e3e\u4f8b\uff0c\u5982\u679c\u80a1\u5229\u589e\u957f\u7387\u4e0b\u964d10%\u81f34.5%\uff0c\u6c42\u51fa\u7684\u80a1\u4ef7\u662f$75.24\uff0c\u76f8\u6bd4\u6b64\u524d\u7b97\u51fa\u7684$94.50\u964d\u5e45\u8d85\u8fc720%\u3002\u6b64\u5916\uff0c\u5982\u679c\u516c\u53f8\u7684\u6536\u76ca\u7387\uff08r\uff09\u4f4e\u4e8e\u80a1\u5229\u589e\u957f\u7387\uff08g\uff09\u2014\u2014\u516c\u53f8\u4e8f\u635f\u6216\u76c8\u5229\u76f8\u5bf9\u4e0b\u6ed1\u5374\u7ee7\u7eed\u6d3e\u53d1\u80a1\u5229\u65f6\u53ef\u80fd\u4f1a\u51fa\u73b0\u8fd9\u79cd\u60c5\u51b5\u2014\u2014\u8fd9\u4e2a\u6a21\u578b\u5c31\u5e9f\u4e86\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u4ef7\u503c\u6295\u8d44\u8005\u9075\u5faa\u7684\u6700\u5927\u6cd5\u5219\u662f\u4ef7\u503c\uff0c\u4e5f\u5c31\u662f\u4e00\u53ea\u80a1\u7968\u7684\u5185\u5728\u4ef7\u503c\u3002\u6240\u8c13\u80a1\u7968\u5185\u5728\u4ef7\u503c\uff0c\u6307\u7684\u662f\u80a1\u7968\u5185\u6db5\u7684\u57fa\u672c\u7684\uff0c\u5ba2\u89c2\u7684\uff0c\u72ec […]<\/p>\n","protected":false},"author":27,"featured_media":357644,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[430],"tags":[],"class_list":["post-357643","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trends-strategies-zh-hans","sectors-1602","locations-canada-zh-hans","locations-us-zh-hans"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/357643","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=357643"}],"version-history":[{"count":0,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/357643\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media\/357644"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media?parent=357643"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/categories?post=357643"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/tags?post=357643"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}