{"id":358497,"date":"2020-11-20T00:54:44","date_gmt":"2020-11-20T08:54:44","guid":{"rendered":"https:\/\/nai500.com\/?p=358497"},"modified":"2020-11-20T00:56:44","modified_gmt":"2020-11-20T08:56:44","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-%e5%89%a9%e4%bd%99%e6%94%b6%e7%9b%8a%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-%e5%89%a9%e4%bd%99%e6%94%b6%e7%9b%8a%e6%a8%a1%e5%9e%8b\/","title":{"rendered":"\u80a1\u7968\u5185\u5728\u4ef7\u503c\u7684\u4f30\u503c\u6a21\u578b\uff1a\u5269\u4f59\u6536\u76ca\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\uff08\u80a1\u7968\u5185\u5728\u4ef7\u503c\u7684\u4f30\u503c\u6a21\u578b\uff1a\u80a1\u5229\u6298\u73b0\u6a21\u578b<\/a>\uff09\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\u6298\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

\u4ec0\u4e48\u662f\u5269\u4f59\u6536\u76ca\uff1f<\/h2>\n

\u8bf4\u8d77\u5269\u4f59\u6536\u76ca\uff0c\u6211\u4eec\u4e00\u822c\u4f1a\u60f3\u5230\u8d85\u989d\u73b0\u91d1\u6216\u53ef\u652f\u914d\u6536\u5165\uff0c\u8fd9\u4e00\u5b9a\u4e49\u5728\u4e2a\u4eba\u8d22\u52a1\u7684\u8303\u7574\u5185\u662f\u6b63\u786e\u7684\u3002\u4e0d\u8fc7\uff0c\u5728\u80a1\u7968\u4f30\u503c\u9886\u57df\uff0c\u5269\u4f59\u6536\u76ca\u6307\u7684\u662f\u4e00\u5bb6\u516c\u53f8\u5728\u6263\u9664\u771f\u5b9e\u7684\u8d44\u672c\u6210\u672c\u540e\u7684\u6536\u76ca\u3002<\/p>\n

\u53e6\u5916\uff0c\u8d44\u672c\u6210\u672c\u5e76\u4e0d\u7b49\u540c\u4e8e\u5229\u606f\u652f\u51fa\u3002\u5229\u6da6\u8868\u5f53\u4e2d\u7684\u5229\u606f\u652f\u51fa\u8ba1\u7b97\u7684\u4ec5\u4ec5\u662f\u4e00\u5bb6\u516c\u53f8\u7684\u503a\u52a1\u8d44\u672c\u6210\u672c\uff0c\u5e76\u4e0d\u5305\u542b\u8bf8\u5982\u80a1\u5229\u7b49\u6743\u76ca\u8d44\u672c\u6210\u672c\u3002<\/p>\n

\u6362\u4e00\u4e2a\u5ba1\u89c6\u7684\u89d2\u5ea6\uff0c\u6743\u76ca\u8d44\u672c\u6210\u672c\u53ef\u4ee5\u770b\u505a\u662f\u80a1\u4e1c\u7684\u673a\u4f1a\u6210\u672c\uff0c\u6216\u8005\u662f\u5fc5\u8981\u6536\u76ca\u7387\u3002\u5269\u4f59\u6536\u76ca\u6a21\u578b\u5c06\u4e00\u5bb6\u516c\u53f8\u672a\u6765\u7684\u9884\u6d4b\u76c8\u5229\u7ecf\u8c03\u6574\u540e\u518d\u6263\u9664\u6743\u76ca\u6210\u672c\uff0c\u4ece\u800c\u7ed9\u8be5\u516c\u53f8\u66f4\u51c6\u786e\u7684\u4e00\u4e2a\u4f30\u503c\u3002\u4e0d\u540c\u4e8e\u503a\u5238\u6301\u6709\u4eba\u7684\u6536\u76ca\uff0c\u6743\u76ca\u6301\u6709\u4eba\u7684\u6536\u76ca\u5e76\u4e0d\u53d7\u6cd5\u5f8b\u4fdd\u62a4\uff0c\u800c\u662f\u516c\u53f8\u4e3a\u4e86\u5438\u5f15\u6295\u8d44\u8005\u800c\u7ed9\u4e88\u7684\u4e00\u4e2a\u9884\u671f\u6536\u76ca\uff0c\u4ee5\u6b64\u8865\u507f\u4ed6\u4eec\u7684\u6295\u8d44\u98ce\u9669\u3002<\/p>\n

\u8ba1\u7b97\u4e00\u5bb6\u516c\u53f8\u7684\u5269\u4f59\u6536\u76ca\u65f6\uff0c\u5173\u952e\u5728\u4e8e\u786e\u5b9a\u5b83\u7684\u6743\u76ca\u62a5\u916c\uff08equity charge\uff09\uff0c\u5373\u603b\u6743\u76ca\u8d44\u672c\u4e58\u4ee5\u6743\u76ca\u8d44\u672c\u7684\u5fc5\u8981\u6536\u76ca\u7387\uff08\u6743\u76ca\u8d44\u672c\u6210\u672c\uff0ccost of equity\uff09\u3002\u6743\u76ca\u62a5\u916c\u7684\u8ba1\u7b97\u516c\u5f0f\u4e3a\uff1a<\/p>\n

\u6743\u76ca\u62a5\u916c = \u6743\u76ca\u8d44\u672c x \u6743\u76ca\u8d44\u672c\u6210\u672c<\/p>\n

\u8ba1\u7b97\u51fa\u6743\u76ca\u62a5\u916c\u4e4b\u540e\uff0c\u53ea\u9700\u8981\u62ff\u516c\u53f8\u7684\u51c0\u5229\u6da6\u51cf\u53bb\u8fd9\u4e00\u6570\u503c\uff0c\u5f97\u5230\u7684\u5c31\u662f\u5269\u4f59\u6536\u76ca\u3002\u6253\u4e2a\u6bd4\u65b9\uff0cX\u516c\u53f8\u53bb\u5e74\u7684\u62a5\u544a\u51c0\u5229\u6da6\u662f$100,000\uff0c\u5176\u4e2d\u8d44\u672c\u7ed3\u6784\u5f53\u4e2d\u6743\u76ca\u8d44\u672c\u4e3a$950,000\uff0c\u5fc5\u8981\u6536\u76ca\u7387\u4e3a11%\uff0c\u8be5\u516c\u53f8\u7684\u5269\u4f59\u6536\u76ca\uff1a<\/p>\n

\u5269\u4f59\u6536\u76ca = \u51c0\u5229\u6da6 – \u6743\u76ca\u62a5\u916c = $100,000 – $950,000 x 0.11 = $100,000 – $104,500 = -$4,500<\/p>\n

\u4ece\u4e0a\u9762\u8fd9\u4e00\u4f8b\u5b50\u53ef\u4ee5\u770b\u51fa\uff0c\u5269\u4f59\u6536\u76ca\u4e0e\u516c\u53f8\u5229\u6da6\u8868\u5f53\u4e2d\u62a5\u544a\u7684\u4f1a\u8ba1\u6536\u76ca\u4e0d\u662f\u4e00\u56de\u4e8b\uff0c\u7b97\u5165\u6743\u76ca\u62a5\u916c\u540e\u7684\u7ecf\u6d4e\u5229\u6da6\u53cd\u800c\u662f\u8d1f\u503c\u3002\u8fd9\u4e5f\u6b63\u662f\u5269\u4f59\u6536\u76ca\u4f30\u503c\u6cd5\u7684\u610f\u4e49\u6240\u5728\uff1a\u4e00\u5bb6\u516c\u53f8\u6309\u7167\u4f1a\u8ba1\u6838\u7b97\u662f\u76c8\u5229\u7684\uff0c\u4f46\u5982\u679c\u6ca1\u6709\u521b\u9020\u51fa\u5269\u4f59\u6536\u76ca\uff0c\u4ece\u80a1\u4e1c\u7684\u89c6\u89d2\u51fa\u53d1\u4ecd\u4e0d\u7b97\u662f\u4e00\u5bb6\u76c8\u5229\u7684\u516c\u53f8\u3002<\/p>\n

\u5269\u4f59\u6536\u76ca\u6a21\u578b<\/h2>\n

\u638c\u63e1\u5269\u4f59\u6536\u76ca\u7684\u8ba1\u7b97\u65b9\u5f0f\u540e\uff0c\u6211\u4eec\u5c31\u53ef\u4ee5\u5229\u7528\u8fd9\u4e00\u4fe1\u606f\u6d4b\u7b97\u4e00\u5bb6\u516c\u53f8\u80a1\u7968\u7684\u5185\u5728\u4ef7\u503c\u3002\u8ddf\u5176\u4ed6\u7edd\u5bf9\u4f30\u503c\u6cd5\u7c7b\u4f3c\uff0c\u5269\u4f59\u6536\u76ca\u5efa\u6a21\u4e5f\u8981\u7528\u5230\u672a\u6765\u76c8\u5229\u6298\u73b0\u7684\u6982\u5ff5\u3002\u4e8e\u662f\uff0c\u6309\u7167\u5269\u4f59\u6536\u76ca\u6cd5\u6838\u7b97\u7684\u4e00\u53ea\u80a1\u7968\u5185\u5728\u4ef7\u503c\uff0c\u6216\u516c\u5141\u4ef7\u503c\u53ef\u4ee5\u7ec6\u5206\u4e3a\u5b83\u7684\u8d26\u9762\u4ef7\u503c\u52a0\u4e0a\u9884\u671f\u672a\u6765\u5269\u4f59\u6536\u76ca\u7684\u73b0\u503c\uff0c\u8ba1\u7b97\u516c\u5f0f\u5982\u4e0b\uff1a<\/p>\n

V0\u200b=BV0\u200b+{RI1 \/(1+r)n\u200b\u200b+ RI2 \/(1+r)n+1\u200b\u200b+\u22ef}<\/p>\n

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

BV=\u8d26\u9762\u4ef7\u503c\u73b0\u503c<\/p>\n

RI=\u672a\u6765\u5269\u4f59\u6536\u76ca<\/p>\n

r=\u6536\u76ca\u7387<\/p>\n

n=\u671f\u6570<\/p>\n

\u6211\u4eec\u53ef\u4ee5\u53d1\u73b0\uff0c\u5269\u4f59\u6536\u76ca\u4f30\u503c\u516c\u5f0f\u8ddf\u591a\u7ea7\u80a1\u5229\u6298\u73b0\u6a21\u578b\uff08DDM\uff09\u975e\u5e38\u76f8\u4f3c\uff0c\u5c31\u662f\u5c06DDM\u516c\u5f0f\u5f53\u4e2d\u7684\u672a\u6765\u80a1\u606f\u66ff\u6362\u4e3a\u672a\u6765\u7684\u5269\u4f59\u6536\u76ca\u3002\u6309\u7167\u80a1\u5229\u6298\u73b0\u6a21\u578b\u76f8\u540c\u7684\u57fa\u672c\u539f\u5219\u8ba1\u7b97\u51fa\u672a\u6765\u7684\u5269\u4f59\u6536\u76ca\uff0c\u6211\u4eec\u5c31\u53ef\u4ee5\u5f97\u51fa\u4e00\u53ea\u80a1\u7968\u7684\u5185\u5728\u4ef7\u503c\u3002\u76f8\u6bd4\u73b0\u91d1\u6d41\u91cf\u6298\u73b0\u6cd5\uff08DCF\uff09\u4f7f\u7528\u52a0\u6743\u5e73\u5747\u8d44\u672c\u6210\u672c\u4f5c\u4e3a\u6298\u73b0\u7387\uff0c\u5269\u4f59\u6536\u76ca\u6a21\u578b\u5408\u9002\u7684\u6298\u73b0\u7387\u662f\u6743\u76ca\u8d44\u672c\u6210\u672c\u3002<\/p>\n

\u76f8\u6bd4\u80a1\u5229\u6298\u73b0\u548c\u73b0\u91d1\u6d41\u91cf\u6298\u73b0\u6cd5\uff0c\u5269\u4f59\u6536\u76ca\u6a21\u578b\u53ef\u4ee5\u76f4\u63a5\u4f7f\u7528\u516c\u53f8\u8d22\u52a1\u62a5\u8868\u4e2d\u7684\u6570\u636e\uff0c\u540c\u65f6\u9002\u7528\u4e8e\u4e0d\u6d3e\u53d1\u80a1\u5229\u6216\u8005\u81ea\u81ea\u7531\u73b0\u91d1\u6d41\u4e3a\u8d1f\u7684\u516c\u53f8\u3002\u6700\u4e3a\u91cd\u8981\u7684\u662f\uff0c\u8fd9\u4e00\u4f30\u503c\u6a21\u578b\u8003\u5bdf\u7684\u662f\u4e00\u5bb6\u516c\u53f8\u7684\u7ecf\u6d4e\u83b7\u5229\u80fd\u529b\u800c\u975e\u4f1a\u8ba1\u83b7\u5229\u80fd\u529b\u3002<\/p>\n

\u4e0d\u8fc7\uff0c\u5269\u4f59\u6536\u76ca\u6a21\u578b\u6700\u5927\u7684\u7f3a\u70b9\u662f\u8fd9\u79cd\u4f30\u503c\u65b9\u6cd5\u975e\u5e38\u4f9d\u8d56\u516c\u53f8\u8d22\u52a1\u62a5\u8868\u7684\u524d\u77bb\u6027\u9884\u6d4b\uff0c\u6781\u6613\u53d7\u5fc3\u7406\u504f\u89c1\u6216\u4e0d\u5b9e\u9648\u8ff0\u7684\u5f71\u54cd\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":358498,"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-358497","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\/358497","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=358497"}],"version-history":[{"count":0,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/358497\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media\/358498"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media?parent=358497"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/categories?post=358497"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/tags?post=358497"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}