{"id":333942,"date":"2020-05-12T00:27:10","date_gmt":"2020-05-12T07:27:10","guid":{"rendered":"https:\/\/nai500.com\/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\/"},"modified":"2020-05-12T00:27:50","modified_gmt":"2020-05-12T07:27:50","slug":"%e7%be%8e%e5%9c%8b%e8%83%bd%e6%ba%90%e8%82%a1-%e6%8a%95%e8%b3%87%e6%8c%87%e5%8d%97-mlps","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2020\/05\/%e7%be%8e%e5%9c%8b%e8%83%bd%e6%ba%90%e8%82%a1-%e6%8a%95%e8%b3%87%e6%8c%87%e5%8d%97-mlps\/","title":{"rendered":"\u7f8e\u570b\u80fd\u6e90\u80a1\u6295\u8cc7\u6307\u5357\uff1aMLPs\u662f\u4ec0\u9ebd\uff1f\u6295\u8cc7MLPs\u9700\u8981\u6ce8\u610f\u4ec0\u9ebd\uff1f"},"content":{"rendered":"

\u4f4e\u5229\u7387\u6642\u4ee3\uff0c\u696d\u4e3b\u6709\u9650\u5408\u5925\uff08MLPs\uff09\u5df2\u7d93\u6210\u7232\u6700\u53d7\u6b61\u8fce\u7684\u9ad8\u80a1\u606f\u80a1\u6295\u8cc7\u54c1\u7a2e\u4e4b\u4e00\uff0c\u540c\u6642\u4e5f\u662f\u6295\u8cc7\u7f8e\u570b\u80fd\u6e90\u80a1\u5f88\u597d\u7684\u4e00\u7a2e\u9014\u5f91\u3002\u4e0d\u904e\uff0c\u60f3\u8981\u6295\u8cc7MLPs\u5e77\u53d6\u5f97\u9577\u671f\u6210\u529f\uff0c\u6295\u8cc7\u8005\u9700\u8981\u77ad\u89e3\u6709\u95dcMLPs\u7684\u57fa\u672c\u77e5\u8b58\uff0c\u4ee5\u53ca\u6295\u8cc7MLPs\u53ef\u80fd\u906d\u9047\u5230\u7684\u5404\u7a2e\u9677\u9631\u3002<\/p>\n

MLPs\u548c\u666e\u901a\u80a1\u606f\u80a1\u7684\u5dee\u5225\u662f\u4ec0\u9ebd\uff1f<\/h2>\n

MLPs\u767c\u884c\u7684\u80a1\u7968\u88ab\u7a31\u7232\u201c\u55ae\u4f4d\u201d\uff08units\uff09\uff0c\u76f8\u7576\u4e8e\u666e\u901a\u516c\u53f8\u6216C\u985e\u516c\u53f8\u7684\u666e\u901a\u80a1\uff0c\u6301\u6709\u4eba\u64c1\u6709\u8a72\u5408\u5925\u5236\u4f01\u696d\u7684\u80a1\u6b0a\u3002\u7d55\u5927\u591a\u6578MLPs\u90fd\u96c6\u4e2d\u4e8e\u6cb9\u6c23\u884c\u696d\uff0c\u5c24\u5176\u662f\u5c08\u6ce8\u4e8e\u80fd\u6e90\u6536\u96c6\u3001\u5b58\u5132\u3001\u52a0\u5de5\u548c\u904b\u8f38\u4ee5\u53ca\u77f3\u6cb9\u5316\u5de5\u7684\u4e2d\u6e38\u3002\u4e2d\u6e38MLPs\u7684\u73fe\u91d1\u6d41\u591a\u6578\u4f86\u81ea\u4e8e\u9577\u671f\u7684\u56fa\u5b9a\u8cbb\u7528\u5408\u540c\uff0c\u73fe\u91d1\u6d41\u7a69\u5b9a\uff0c\u56e0\u6b64\u5206\u7d05\u4e5f\u6703\u66f4\u52a0\u8c50\u539a\u548c\u5b89\u5168\u3002<\/p>\n

\u4e0d\u904e\uff0c\u7531\u4e8eMLPs\u5c6c\uffff\u201c\u7a7f\u900f\u578b\u201d\u5be6\u9ad4\uff0c\u985e\u4f3c\u4e8e\u623f\u5730\u7523\u6295\u8cc7\u4fe1\u6258\uff08REITs\uff09\u3001\u5546\u696d\u958b\u767c\u516c\u53f8\uff08BDCs\uff09\u548cYieldCos\u3002\u9019\u7a2e\u5408\u5925\u4f01\u696d\u5c07\u5176\u73fe\u91d1\u6d41\u548c\u7d0d\u7a05\u7fa9\u52d9\u90fd\u50b3\u905e\u7d66\u4e86\u6301\u80a1\u4eba\uff0c\u56e0\u6b64\u4f01\u696d\u672c\u8eab\u7121\u9700\u7e73\u7d0d\u6240\u5f97\u7a05\u3002MLPs\u548cC\u985e\u516c\u53f8\u7684\u53e6\u4e00\u5927\u5dee\u5225\u662f\uff0cMLPs\u7684\u5546\u696d\u6a21\u5f0f\u662f\u5c07\u7d55\u5927\u591a\u6578\u73fe\u91d1\u6d41\u90fd\u4f5c\u7232\u7d05\u5229\u6d3e\u767c\u7d66\u6301\u80a1\u8005\uff0c\u4ee5\u6b64\u5438\u5f15\u6295\u8cc7\u8005\uff0c\u800c\u4f01\u696d\u8af8\u5982\u65b0\u5efa\u4e00\u689d\u7ba1\u9053\u7b49\u589e\u9577\u578b\u6295\u8cc7\u6240\u9700\u8cc7\u91d1\u5247\u901a\u904e\u5916\u50b5\u548c\u767c\u884c\u65b0\u80a1\u7684\u65b9\u5f0f\u7c4c\u96c6\u3002\u4e5f\u5c31\u662f\u8aaa\uff0cMLPs\u7684\u767c\u5c55\u57fa\u672c\u4f9d\u8cf4\u5916\u90e8\u7684\u8cc7\u672c\u5e02\u5834\uff0c\u56e0\u6b64\u516c\u53f8\u7684\u80a1\u7968\u6578\u91cf\u4e00\u822c\u90fd\u6703\u6301\u7e8c\u4e0a\u5347\u3002<\/p>\n

\u6b64\u5916\uff0c\u5c0d\u4e8e\u6536\u76ca\u578b\u6295\u8cc7\u8005\u4f86\u8aaa\uff0cMLPs\u6700\u5927\u4e5f\u662f\u6700\u91cd\u8981\u7684\u5dee\u5225\u662f\u5fb5\u7a05\u65b9\u5f0f\u3001\u666e\u901a\u5408\u5925\u4eba\u7684\u67b6\u69cb\u53ca\u5176\u523a\u6fc0\u5206\u914d\u6b0a\u3002<\/p>\n

MLPs\u7684\u7a05\u6536\u512a\u60e0<\/h2>\n

C\u985e\u516c\u53f8\u6d3e\u767c\u7684\u80a1\u606f\u662f\u5c0d\u516c\u53f8\u81ea\u7531\u73fe\u91d1\u6d41\u7684\u4e00\u7a2e\u5206\u914d\uff0c\u901a\u5e38\u90fd\u88ab\u8996\u7232\u201c\u5408\u683c\u201d\u80a1\u606f\uff0c\u56e0\u6b64\u6309\u7167\u9577\u671f\u8cc7\u672c\u5229\u5f97\u7684\u540c\u7b49\u7a05\u7387\u5fb5\u7a05\uff0c\u800c\u4e14\u662f\u96d9\u91cd\u5fb5\u7a05\uff0c\u516c\u53f8\u548c\u80a1\u6771\u90fd\u8981\u7e73\u7d0d\u6240\u5f97\u7a05\uff0c\u5831\u7a05\u8868\u662fDIV-1099\u3002\u4e0d\u904e\uff0cMLPs\u4f5c\u7232\u201c\u7a7f\u900f\u578b\u201d\u5be6\u9ad4\u4eab\u6709\u7a05\u6536\u512a\u60e0\uff0c\u4f01\u696d\u6d3e\u767c\u7684\u7d05\u5229\uff08distributions\uff09\u5c6c\uffff\u7a05\u6536\u905e\u5ef6\u80a1\u606f\uff0c\u800c\u4e14\u53ea\u6709\u5728\u80a1\u6771\u7372\u53d6\u7d05\u5229\u6642\u624d\u9700\u8981\u7e73\u7d0d\u500b\u4eba\u6240\u5f97\u7a05\uff0c\u5831\u7a05\u8868\u662fK-1\u3002<\/p>\n

\u6b64\u5916\uff0c\u7531\u4e8e\u80fd\u6e90\u884c\u696d\u5c6c\uffff\u8cc7\u91d1\u5bc6\u96c6\u578b\u884c\u696d\uff0cMLPs\u6703\u5b58\u5728\u9ad8\u984d\u7684\u975e\u73fe\u91d1\u7684\u6298\u820a\u548c\u6524\u92b7\u8cbb\u7528\uff0c\u6700\u5f8c\u5c0e\u81f4\u5206\u7d05\u91d1\u984d\u9060\u9060\u9ad8\u4e8eGAAP\u76c8\u5229\u3002\u7f8e\u570b\u570b\u7a05\u5c40\u5c07MLPs\u8d85\u51fa\u76c8\u5229\u90e8\u5206\u7684\u5206\u7d05\u8996\u7232\u8cc7\u672c\u8fd4\u9084\uff08ROC\uff09\uff0c\u800c\u4e0d\u662f\u771f\u6b63\u7684\u6536\u5165\u6216\u8cc7\u672c\u5229\u5f97\uff0c\u56e0\u6b64\u9019\u7b46\u6536\u5165\u5728\u6301\u80a1\u671f\u9593\u7121\u9700\u5fb5\u7a05\u3002<\/p>\n

\u7d05\u5229\u7576\u4e2d\u7684ROC\u90e8\u5206\u4e0d\u6703\u88ab\u7acb\u523b\u5fb5\u7a05\uff0c\u4f46\u5c07\u964d\u4f4e\u4f60\u6301\u80a1\u7684\u6210\u672c\u3002\u4e00\u65e6\u6210\u672c\u964d\u81f3\u96f6\uff0c\u7d05\u5229\u5c07\u88ab\u8996\u7232\u9577\u671f\u8cc7\u672c\u5229\u5f97\u9032\u884c\u5fb5\u7a05\u3002\u6b64\u5916\uff0c\u5982\u679c\u4f60\u51fa\u552eMLPs\u7684\u80a1\u7968\uff0c\u653f\u5e9c\u5c07\u5fb5\u6536\u905e\u5ef6\u7a05\u3002\u6253\u500b\u6bd4\u65b9\uff0c\u5982\u679c\u4f60\u82b1\u4e86$10\u8cb7\u5165MLPs\u7684\u80a1\u7968\u5e77\u7372\u5f97\u6bcf\u80a1$3\u88ab\u6b78\u985e\u7232ROC\u7684\u7d05\u5229\uff0c\u90a3\u9ebd\u4f60\u6301\u80a1\u7684\u6210\u672c\u5c07\u5f9e$10\u964d\u81f3$7\u3002\u63a5\u8457\u4f60\u518d\u4ee5\u6bcf\u80a1$12\u7684\u50f9\u683c\u51fa\u552e\u6301\u80a1\uff0c\u8cc7\u672c\u5229\u5f97\u5c07\u662f$5\uff0c\u5305\u62ec\u6b64\u524d\u7372\u5f97\u4f46\u672a\u88ab\u5fb5\u7a05\u7684$3\u7684ROC\u7d05\u5229\u3002<\/p>\n

MLPs\u7684\u666e\u901a\u5408\u5925\u4eba\u548c\u523a\u6fc0\u5206\u914d\u6b0a<\/h2>\n

\u4e0d\u540c\u4e8eC\u985e\u516c\u53f8\uff0c\u7d55\u5927\u591a\u6578MLPs\u90fd\u6709\u666e\u901a\u5408\u5925\u4eba\u3002\u666e\u901a\u5408\u5925\u4eba\u901a\u5e38\u6301\u6709MLPs 2%\u7684\u80a1\u4efd\uff0c\u662fMLPs\u7684\u767c\u8d77\u4eba\u548c\u7ba1\u7406\u4eba\u3002\u53e6\u5916\uff0c\u7232\u4e86\u6fc0\u52f5\u64c1\u6709\u4f01\u696d\u5927\u91cf\u8cc7\u7523\u7684\u666e\u901a\u5408\u5925\u4eba\u63d0\u9ad8\u7d93\u71df\u6548\u7387\u4ee5\u53ca\u63d0\u9ad8\u5206\u7d05\uff0cMLPs\u9084\u8ce6\u4e88\u666e\u901a\u5408\u5925\u4eba\u523a\u6fc0\u5206\u914d\u6b0a\uff08IDRs\uff09\u3002<\/p>\n

IDRs\u662f\u5982\u4f55\u767c\u63ee\u4f5c\u7528\u7684\uff1f\u6253\u500b\u6bd4\u65b9\uff0c\u7f8e\u570b\u5927\u578b\u7149\u6cb9\u5546\u548c\u77f3\u5316\u7523\u54c1\u88fd\u9020\u5546Phillips 66\uff08NYSE: PSX\uff09<\/a>\u64c1\u6709\u5927\u91cf\u4e2d\u6e38\u8cc7\u7523\u30022013\u5e74\uff0c\u8a72\u516c\u53f8\u8a2d\u7acb\u696d\u4e3b\u6709\u9650\u5408\u5925\u4f01\u696dPhillips 66 Partners LP\uff08NYSE: PSXP\uff09<\/a>\u3002Phillips 66 Partners\u5411\u5e02\u5834\u4e0a\u7684\u6295\u8cc7\u8005\u7c4c\u96c6\u50b5\u52d9\u548c\u6b0a\u76ca\u8cc7\u672c\uff0c\u7136\u5f8c\u518d\u62ff\u9019\u4e9b\u8cc7\u91d1\u8cfc\u8cb7Phillips 66\u7684\u4e2d\u6e38\u8cc7\u7523\u3002\u4f5c\u7232\u5c0d\u50f9\uff0cPhillips 66\u5c07\u7372\u5f97Phillip 66 Partners\u652f\u4ed8\u7684\u73fe\u91d1\uff0c\u50b5\u52d9\u7684\u8f49\u79fb\u6216\u8005\u662f\u8a72\u516c\u53f8\u65b0\u767c\u884c\u7684\u80a1\u7968\u3002\u901a\u904e\u9019\u7a2e\u64cd\u4f5c\uff0cPhillips 66\u6536\u56de\u4e86\u9019\u4e9b\u8cc7\u7523\u7684\u5efa\u8a2d\u6210\u672c\uff0cPhillips 66 Partners\u5247\u7372\u5f97\u4e86\u6709\u50f9\u503c\u7684\uff0c\u901a\u904e\u8207Phillips 66\u7c3d\u7f72\u9577\u671f\u5408\u540c\u5f9e\u800c\u4e0d\u65b7\u5275\u9020\u73fe\u91d1\u6d41\u7684\u8cc7\u7523\u2014\u2014Phillips 66\u540c\u6642\u64d4\u4efb\u666e\u901a\u5408\u5925\u3001\u767c\u8d77\u4eba\u548c\u7ba1\u7406\u4eba\u7684\u89d2\u8272\u3002<\/p>\n

\u6309\u7167IDRs\u7684\u898f\u5b9a\uff0c\u666e\u901a\u5408\u5925\u4eba\u7684\u5206\u7d05\u6bd4\u4f8b\u6839\u64da\u7d05\u5229\u7531\u4f4e\u5230\u9ad8\u9010\u7d1a\u4e0a\u8abf\uff0c\u6700\u9ad8\u53ef\u905450%\uff0c\u4e5f\u5c31\u662f\u8aaa\uff0cMLPs\u7684\u53ef\u4f9b\u5206\u914d\u73fe\u91d1\u6d41\uff08DCF\uff09\u6700\u591a\u4e00\u534a\u90fd\u5c07\u6d41\u5165\u666e\u901a\u5408\u5925\u4eba\u7684\u53e3\u888b\u3002\u63db\u53e5\u8a71\u8aaa\uff0c\u96a8\u8457\u5b63\u5ea6\u5206\u7d05\u91d1\u984d\u7684\u4e0d\u65b7\u63d0\u9ad8\uff0c\u666e\u901a\u5408\u5925\u4eba\u7684\u5206\u7d05\u4efd\u984d\u4e5f\u5c07\u4e0d\u65b7\u63d0\u9ad8\uff0c\u6709\u9650\u5408\u5925\u4eba\u7684\u73fe\u91d1\u7d05\u5229\u589e\u901f\u5c07\u56e0\u6b64\u9060\u4f4e\u4e8eMLPs\u7684\u6574\u9ad4\u7d05\u5229\u589e\u901f\u3002\u6700\u7d42\u7684\u7d50\u679c\u662f\uff0cIDRs\u63d0\u9ad8\u4e86MLPs\u7684\u8cc7\u672c\u6210\u672c\u5e77\u9650\u5236\u4f01\u696d\u7684\u9577\u671f\u589e\u901f\u3002<\/p>\n

MLPs\u6700\u91cd\u8981\u7684\u8ca1\u52d9\u6307\u6a19<\/h2>\n

1.\u00a0\u00a0 \u53ef\u4f9b\u5206\u914d\u73fe\u91d1\u6d41<\/h3>\n

\u6beb\u7121\u7591\u554f\u7684\u662f\uff0c\u53ef\u4f9b\u5206\u914d\u73fe\u91d1\u6d41\uff08DCF\uff09\u662f\u6700\u91cd\u8981\u7684\u8ca1\u52d9\u6307\u6a19\uff0c\u9019\u4e00\u6307\u6a19\u5c0d\u4e8eMLPs\u7684\u610f\u7fa9\u5c31\u76f8\u7576\u4e8e\u666e\u901a\u516c\u53f8\u7684\u81ea\u7531\u73fe\u91d1\u6d41\uff0c\u4ee3\u8868\u4e86\u4f01\u696d\u9577\u671f\u53ef\u7528\u4e8e\u5206\u914d\u7684\u8cc7\u91d1\u984d\u3002<\/p>\n

MLPs\u6838\u7b97DCF\u7684\u65b9\u5f0f\u4e0d\u4e00\uff0c\u4f46\u4e00\u822c\u60c5\u51b5\u4e0b\u516c\u5f0f\u90fd\u662f\u8abf\u6574\u5f8cEBITDA\uff0d\u7dad\u8b77\u6027\u8cc7\u672c\u652f\u51fa\u3002\u8abf\u6574\u5f8cEBITDA\u544a\u8a34\u6211\u5011\u4f01\u696d\u5728\u652f\u4ed8\u7d93\u71df\u6210\u672c\u5e77\u6263\u9664\u4e00\u6b21\u6027\u8cbb\u7528\u5f8c\u5269\u9918\u591a\u5c11\u73fe\u91d1\uff0c\u7dad\u8b77\u6027\u8cc7\u672c\u652f\u51fa\u662f\u4fdd\u8b49\u4f01\u696d\u7684\u57fa\u790e\u8a2d\u65bd\uff08\u8f38\u6cb9\u7ba1\u9053\u548c\u5132\u6cb9\u7f50\u7b49\uff09\u6b63\u5e38\u904b\u884c\u6240\u5fc5\u9808\u7684\u958b\u652f\u3002<\/p>\n

\u6b64\u5916\uff0cDCF\u548c\u516c\u53f8\u7684\u81ea\u7531\u73fe\u91d1\u6d41\u9084\u6709\u4e00\u500b\u5f88\u5927\u7684\u4e0d\u540c\u3002\u7531\u4e8e\u516c\u53f8\u7684\u7dad\u8b77\u548c\u589e\u9577\u6027\u8cc7\u672c\u652f\u51fa\u4f86\u81ea\u4e8e\u7559\u5b58\u6536\u76ca\uff08\u56e0\u6b64\u4e00\u822c\u4e0d\u6703\u7232\u4e86\u7c4c\u96c6\u589e\u9577\u6027\u8cc7\u672c\u800c\u767c\u884c\u65b0\u80a1\uff09\uff0c\u56e0\u6b64\u5728\u8a08\u7b97\u81ea\u7531\u73fe\u91d1\u6d41\u6642\u8981\u5f9e\u7d93\u71df\u73fe\u91d1\u6d41\u7576\u4e2d\u6263\u9664\u7e3d\u7684\u8cc7\u672c\u652f\u51fa\uff08\u5305\u62ec\u7dad\u8b77\u548c\u589e\u9577\u6027\u8cc7\u672c\u652f\u51fa\uff09\u3002\u4f46\u662f\uff0c\u7531\u4e8eMLPs\u7684\u5546\u696d\u6a21\u5f0f\u5c31\u662f\u901a\u904e\u5916\u90e8\u7684\u8cc7\u91d1\u4f86\u6e90\uff08\u50b5\u5238\u548c\u80a1\u7968\uff09\u4f86\u63d0\u4f9b\u589e\u9577\u6240\u9700\u7684\u8cc7\u91d1\uff0c\u56e0\u6b64\u8a08\u7b97DCF\u6642\u8981\u5c07\u589e\u9577\u6027\u8cc7\u672c\u652f\u51fa\u6392\u9664\u5728\u5916\u3002<\/p>\n

2.\u00a0\u00a0 \u5206\u7d05\u8986\u84cb\u7387<\/h3>\n

\u53ef\u4f9b\u5206\u914d\u73fe\u91d1\u6d41\u8861\u91cf\u7684\u662f\u4e00\u5bb6MLPs\u80fd\u591f\u7232\u6295\u8cc7\u8005\u5e36\u4f86\u591a\u5927\u7684\u6536\u76ca\uff0c\u800c\u5206\u7d05\u8986\u84cb\u7387\uff08DCR\uff09\u8861\u91cf\u7684\u662fMLPs\u5206\u7d05\u7684\u98a8\u96aa\u5927\u5c0f\u3002DCR\u7684\u8a08\u7b97\u516c\u5f0f\u662fDCF\/\u7e3d\u5206\u7d05\uff08\u5305\u62ec\u6d3e\u767c\u7d66\u4e00\u822c\u5408\u5925\u4eba\u5728\u5167\u7684\u6240\u6709\u6295\u8cc7\u8005\u7684\u7d05\u5229\uff09\u3002<\/p>\n

\u5982\u679c\u9019\u4e00\u6bd4\u4f8b\u9ad8\u4e8e1.0\uff0c\u8aaa\u660e\u5206\u7d05\u5728\u7576\u524d\u7684\u7d93\u71df\u74b0\u5883\u4e0b\u662f\u53ef\u6301\u7e8c\u7684\u3002\u4e0d\u904e\uff0c\u7531\u4e8eMLPs\u7684DCF\u53ef\u80fd\u5b58\u5728\u6ce2\u52d5\uff0c\u56e0\u6b64DCR\u6700\u597d\u662f\u57281.1\u53ca\u4ee5\u4e0a\u3002\u5982\u679cDCR\u4f4e\u4e8e1\uff0c\u6295\u8cc7\u8005\u5c31\u8981\u63d0\u9ad8\u8b66\u60d5\u4e86\u3002\u9019\u8aaa\u660e\u9019\u4e00\u5206\u7d05\u4e0d\u53ef\u6301\u7e8c\u6216\u4e0d\u591f\u5b89\u5168\uff0c\u672a\u4f86\u5b58\u5728\u524a\u51cf\u7d05\u5229\u7684\u98a8\u96aa\u3002<\/p>\n

3.\u00a0\u00a0 \u6d41\u52d5\u6027<\/h3>\n

\u7531\u4e8eMLPs\u884c\u696d\u662f\u8cc7\u91d1\u5bc6\u96c6\u578b\u884c\u696d\uff0c\u56e0\u6b64\u6d41\u52d5\u6027\u6307\u6a19\u4e5f\u975e\u5e38\u91cd\u8981\u3002\u6d41\u52d5\u6027\u6307\u6a19\u7684\u8a08\u7b97\u65b9\u5f0f\u662f\u73fe\u91d1+\u73fe\u5b58\u5faa\u74b0\u4fe1\u8cb8+\u77ed\u671f\uff08\u4e0d\u52301\u5e74\uff09\u4fe1\u8cb8\u984d\u5ea6\u3002MLPs\u7684\u7406\u60f3\u72c0\u614b\u662f\u64c1\u6709\u8db3\u4ee5\u7dad\u6301\u4f01\u696d\u81f3\u5c11\u5169\u5e74\u589e\u9577\u7684\u6d41\u52d5\u6027\uff0c\u9019\u6a23\u7ba1\u7406\u5c64\u624d\u6709\u5145\u8db3\u7684\u6642\u9593\u901a\u904e\u767c\u884c\u50b5\u5238\u548c\u80a1\u7968\u7684\u65b9\u5f0f\u7372\u5f97\u65b0\u7684\u8cc7\u91d1\u4f86\u6e90\u3002\u4e0d\u904e\uff0c\u6d41\u52d5\u6027\u6307\u6a19\u4e0d\u592a\u597d\u628a\u63e1\uff0c\u6709\u6642\u5019\u8cc7\u672c\u6210\u672c\u4e0a\u5347\u5230\u4e00\u5b9a\u6c34\u5e73\u6703\u8feb\u4f7fMLPs\u4e0d\u5f97\u4e0d\u5728\u7dad\u6301\u7576\u524d\u5206\u7d05\u8207\u589e\u9577\u6027\u9805\u76ee\u4e4b\u9593\u505a\u51fa\u8271\u96e3\u7684\u9078\u64c7\u3002<\/p>\n

4.\u00a0\u00a0 \u8ca0\u50b5\/EBITDA\u6bd4\u7387<\/h3>\n

\u8ca0\u50b5\u662f\u4e00\u628a\u96d9\u5203\u528d\uff0c\u4f5c\u7232MLPs\u878d\u8cc7\u7684\u91cd\u8981\u7d44\u6210\u90e8\u5206\uff0c\u4ed6\u53ef\u4ee5\u964d\u4f4e\u4f01\u696d\u7684\u8cc7\u672c\u6210\u672c\u3002\u5f88\u591aMLPs\u6700\u5f8c\u4e0d\u5f97\u4e0d\u524a\u51cf\u5206\u7d05\u4e0d\u53ea\u662f\u56e0\u7232\u5b83\u5011\u7684DCR\u6bd4\u7387\u4f4e\u4e8e1\uff0c\u4e5f\u6709\u53ef\u80fd\u662f\u56e0\u7232\u5b83\u5011\u7684\u50b5\u52d9\u8ca0\u64d4\u8b8a\u5f97\u4e0d\u53ef\u6301\u7e8c\u3002<\/p>\n

\u8ca0\u50b5\/EBITDA\u6bd4\u7387\u662fMLP\u884c\u696d\u6700\u91cd\u8981\u7684\u50b5\u52d9\u6307\u6a19\uff0c\u6700\u597d\u662f\u57284.5\u53ca\u4ee5\u4e0b\uff0c\u5426\u5247\u5c07\u5371\u53ca\u50b5\u52d9\u5354\u8b70\u6216\u8005\u662f\u4fe1\u7528\u8a55\u7d1a\uff0c\u5f15\u767c\u6d41\u52d5\u6027\u5371\u6a5f\uff0c\u9032\u800c\u8feb\u4f7f\u7ba1\u7406\u5c64\u4e0b\u8abf\u5206\u7d05\u3002\u6240\u4ee5\uff0c\u9664\u4e86DCR\uff0c\u9019\u4e00\u6bd4\u7387\u4e5f\u662f\u8861\u91cfMLPs\u5206\u7d05\u5b89\u5168\u6027\u7684\u91cd\u8981\u6307\u6a19\u3002\u8ca0\u50b5\u7684\u4fdd\u5b88\u505a\u6cd5\u4e0d\u50c5\u6709\u52a9\u4e8e\u63d0\u9ad8\u5206\u7d05\u7684\u5b89\u5168\u6027\uff0c\u540c\u6642\u4e5f\u6703MLPs\u63d0\u4f9b\u4e86\u5927\u91cf\u7684\u5ec9\u50f9\u50b5\u52d9\u8cc7\u672c\u3002<\/p>\n

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

\u7531\u4e8eMLPs\u5c6c\uffff\u91cd\u8cc7\u7523\u884c\u696d\uff0c\u56e0\u6b64\u5b58\u5728\u9ad8\u984d\u7684\u975e\u73fe\u91d1\u6298\u820a\u548c\u6524\u92b7\u8cbb\u7528\uff0c\u5c0e\u81f4GAAP\u76c8\u5229\u88ab\u4eba\u7232\u58d3\u4f4e\uff0c\u56e0\u6b64\u50b3\u7d71\u7684\u4f30\u503c\u6307\u6a19\u6bd4\u5982\u8aaa\u5e02\u76c8\u7387\u5e77\u4e0d\u9069\u7528\u4e8e\u9019\u4e00\u884c\u696d\u3002\u6839\u64daMLPs\u7684\u7279\u6027\uff0c\u8a72\u884c\u696d\u4f01\u696d\u7684\u4f30\u503c\u4e3b\u8981\u91c7\u7528\u80a1\u50f9\/DCF\u6bd4\u7387\u548c\u80a1\u606f\u7387\u9019\u5169\u500b\u6307\u6a19\u3002<\/p>\n

\u6295\u8cc7MLPs\u7684\u98a8\u96aa\u9084\u662f\u883b\u5927\u7684\uff0c\u6bd4\u5982\u8aaa\u8ca0\u50b5\u904e\u591a\uff0c\u878d\u8cc7\u904e\u4e8e\u4f9d\u8cf4\u8cc7\u672c\u5e02\u5834\uff0c\u511f\u50b5\u8986\u84cb\u7387\u4f4e\u7b49\u3002\u4e0d\u904e\uff0c\u5982\u679c\u4f60\u6709\u6642\u9593\u548c\u8208\u8da3\u8ddf\u8e2a\u9019\u4e00\u884c\u696d\uff0c\u4e00\u4e9b\u512a\u8cea\u7684MLPs\u80fd\u591f\u7232\u4f60\u63d0\u4f9b\u9577\u671f\u7684\u8c50\u539a\u6536\u76ca\uff0c\u540c\u6642\u4eab\u53d7\u7a05\u6536\u65b9\u9762\u7684\u512a\u60e0\uff0c\u662f\u4f60\u5be6\u73fe\u6295\u8cc7\u7d44\u5408\u591a\u5143\u5316\u4e0d\u932f\u7684\u4e00\u500b\u6210\u5206\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u4f4e\u5229\u7387\u6642\u4ee3\uff0c\u696d\u4e3b\u6709\u9650\u5408\u5925\uff08MLPs\uff09\u5df2\u7d93\u6210\u7232\u6700\u53d7\u6b61\u8fce\u7684\u9ad8\u80a1\u606f\u80a1\u6295\u8cc7\u54c1\u7a2e\u4e4b\u4e00\uff0c\u540c\u6642\u4e5f\u662f\u6295\u8cc7\u7f8e\u570b\u80fd\u6e90\u80a1\u5f88\u597d\u7684\u4e00\u7a2e\u9014 […]<\/p>\n","protected":false},"author":27,"featured_media":333939,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1522,431],"tags":[568],"class_list":["post-333942","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1522","category-trends-strategies-zh-hant","tag-zh-hant-blog-tag-","sectors-oil-gas-zh-hant","locations-us-zh-hant","exchange-nyse-zh-hant"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/333942","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/comments?post=333942"}],"version-history":[{"count":0,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/333942\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media\/333939"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media?parent=333942"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/categories?post=333942"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/tags?post=333942"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}