{"id":358502,"date":"2020-11-20T00:54:44","date_gmt":"2020-11-20T08:54:44","guid":{"rendered":"https:\/\/nai500.com\/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\/"},"modified":"2020-11-20T00:55:21","modified_gmt":"2020-11-20T08:55:21","slug":"%e8%82%a1%e7%a5%a8%e5%85%a7%e5%9c%a8%e5%83%b9%e5%80%bc-%e4%bc%b0%e5%80%bc%e6%a8%a1%e5%9e%8b-%e5%89%a9%e9%a4%98%e6%94%b6%e7%9b%8a%e6%a8%a1%e5%9e%8b","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2020\/11\/%e8%82%a1%e7%a5%a8%e5%85%a7%e5%9c%a8%e5%83%b9%e5%80%bc-%e4%bc%b0%e5%80%bc%e6%a8%a1%e5%9e%8b-%e5%89%a9%e9%a4%98%e6%94%b6%e7%9b%8a%e6%a8%a1%e5%9e%8b\/","title":{"rendered":"\u80a1\u7968\u5167\u5728\u50f9\u503c\u7684\u4f30\u503c\u6a21\u578b\uff1a\u5269\u9918\u6536\u76ca\u6a21\u578b"},"content":{"rendered":"

\u50f9\u503c\u6295\u8cc7\u8005\u9075\u5faa\u7684\u6700\u5927\u6cd5\u5247\u662f\u50f9\u503c\uff0c\u4e5f\u5c31\u662f\u4e00\u96bb\u80a1\u7968\u7684\u5167\u5728\u50f9\u503c\u3002\u6240\u8b02\u80a1\u7968\u5167\u5728\u50f9\u503c\uff0c\u6307\u7684\u662f\u80a1\u7968\u5167\u6db5\u7684\u57fa\u672c\u7684\uff0c\u5ba2\u89c0\u7684\uff0c\u7368\u7acb\u4e8e\u5176\u4ed6\u5916\u5728\u56e0\u7d20\u7684\u50f9\u503c\u3002\u5982\u679c\u80a1\u50f9\u4f4e\u4e8e\u5167\u5728\u50f9\u503c\uff0c\u5c31\u662f\u4e00\u500b\u597d\u7684\u8cb7\u5165\u6a5f\u6703\u3002\u5982\u679c\u9ad8\u4e8e\u5167\u5728\u50f9\u503c\uff0c\u5c31\u61c9\u8a72\u8ce3\u51fa\uff08\u80a1\u7968\u5167\u5728\u50f9\u503c\u7684\u4f30\u503c\u6a21\u578b\uff1a\u80a1\u5229\u6298\u73fe\u6a21\u578b<\/a>\uff09\u3002<\/p>\n

\u7232\u4e86\u8a55\u4f30\u548c\u8a08\u7b97\u4e00\u96bb\u80a1\u7968\u7684\u5167\u5728\u50f9\u503c\uff0c\u91d1\u878d\u5206\u6790\u5e2b\u6703\u5efa\u7acb\u5404\u7a2e\u4f30\u503c\u6a21\u578b\uff0c\u4f7f\u7528\u7684\u53c3\u6578\u5305\u62ec\u80a1\u5229\u6d41\u3001\u6298\u73fe\u73fe\u91d1\u6d41\uff0c\u4ee5\u53ca\u5269\u9918\u6536\u76ca\u7b49\u3002\u6bcf\u4e00\u7a2e\u4f30\u503c\u6a21\u578b\u90fd\u56b4\u91cd\u4f9d\u8cf4\u4e00\u500b\u597d\u7684\u5047\u5b9a\u3002\u5982\u679c\u6240\u4f7f\u7528\u7684\u5047\u5b9a\u4e0d\u6e96\u78ba\u6216\u8005\u6709\u932f\u8aa4\uff0c\u6a21\u578b\u4f30\u7b97\u51fa\u4f86\u7684\u50f9\u503c\u5c07\u504f\u96e2\u80a1\u7968\u771f\u6b63\u7684\u5167\u5728\u50f9\u503c\u3002<\/p>\n

\u4ec0\u9ebd\u662f\u5269\u9918\u6536\u76ca\uff1f<\/h2>\n

\u8aaa\u8d77\u5269\u9918\u6536\u76ca\uff0c\u6211\u5011\u4e00\u822c\u6703\u60f3\u5230\u8d85\u984d\u73fe\u91d1\u6216\u53ef\u652f\u914d\u6536\u5165\uff0c\u9019\u4e00\u5b9a\u7fa9\u5728\u500b\u4eba\u8ca1\u52d9\u7684\u7bc4\u7587\u5167\u662f\u6b63\u78ba\u7684\u3002\u4e0d\u904e\uff0c\u5728\u80a1\u7968\u4f30\u503c\u9818\u57df\uff0c\u5269\u9918\u6536\u76ca\u6307\u7684\u662f\u4e00\u5bb6\u516c\u53f8\u5728\u6263\u9664\u771f\u5be6\u7684\u8cc7\u672c\u6210\u672c\u5f8c\u7684\u6536\u76ca\u3002<\/p>\n

\u53e6\u5916\uff0c\u8cc7\u672c\u6210\u672c\u5e77\u4e0d\u7b49\u540c\u4e8e\u5229\u606f\u652f\u51fa\u3002\u5229\u6f64\u8868\u7576\u4e2d\u7684\u5229\u606f\u652f\u51fa\u8a08\u7b97\u7684\u50c5\u50c5\u662f\u4e00\u5bb6\u516c\u53f8\u7684\u50b5\u52d9\u8cc7\u672c\u6210\u672c\uff0c\u5e77\u4e0d\u5305\u542b\u8af8\u5982\u80a1\u5229\u7b49\u6b0a\u76ca\u8cc7\u672c\u6210\u672c\u3002<\/p>\n

\u63db\u4e00\u500b\u5be9\u8996\u7684\u89d2\u5ea6\uff0c\u6b0a\u76ca\u8cc7\u672c\u6210\u672c\u53ef\u4ee5\u770b\u505a\u662f\u80a1\u6771\u7684\u6a5f\u6703\u6210\u672c\uff0c\u6216\u8005\u662f\u5fc5\u8981\u6536\u76ca\u7387\u3002\u5269\u9918\u6536\u76ca\u6a21\u578b\u5c07\u4e00\u5bb6\u516c\u53f8\u672a\u4f86\u7684\u9810\u6e2c\u76c8\u5229\u7d93\u8abf\u6574\u5f8c\u518d\u6263\u9664\u6b0a\u76ca\u6210\u672c\uff0c\u5f9e\u800c\u7d66\u8a72\u516c\u53f8\u66f4\u6e96\u78ba\u7684\u4e00\u500b\u4f30\u503c\u3002\u4e0d\u540c\u4e8e\u50b5\u5238\u6301\u6709\u4eba\u7684\u6536\u76ca\uff0c\u6b0a\u76ca\u6301\u6709\u4eba\u7684\u6536\u76ca\u5e77\u4e0d\u53d7\u6cd5\u5f8b\u4fdd\u8b77\uff0c\u800c\u662f\u516c\u53f8\u7232\u4e86\u5438\u5f15\u6295\u8cc7\u8005\u800c\u7d66\u4e88\u7684\u4e00\u500b\u9810\u671f\u6536\u76ca\uff0c\u4ee5\u6b64\u88dc\u511f\u4ed6\u5011\u7684\u6295\u8cc7\u98a8\u96aa\u3002<\/p>\n

\u8a08\u7b97\u4e00\u5bb6\u516c\u53f8\u7684\u5269\u9918\u6536\u76ca\u6642\uff0c\u95dc\u9375\u5728\u4e8e\u78ba\u5b9a\u5b83\u7684\u6b0a\u76ca\u5831\u916c\uff08equity charge\uff09\uff0c\u5373\u7e3d\u6b0a\u76ca\u8cc7\u672c\u4e58\u4ee5\u6b0a\u76ca\u8cc7\u672c\u7684\u5fc5\u8981\u6536\u76ca\u7387\uff08\u6b0a\u76ca\u8cc7\u672c\u6210\u672c\uff0ccost of equity\uff09\u3002\u6b0a\u76ca\u5831\u916c\u7684\u8a08\u7b97\u516c\u5f0f\u7232\uff1a<\/p>\n

\u6b0a\u76ca\u5831\u916c = \u6b0a\u76ca\u8cc7\u672c x \u6b0a\u76ca\u8cc7\u672c\u6210\u672c<\/p>\n

\u8a08\u7b97\u51fa\u6b0a\u76ca\u5831\u916c\u4e4b\u5f8c\uff0c\u53ea\u9700\u8981\u62ff\u516c\u53f8\u7684\u6de8\u5229\u6f64\u51cf\u53bb\u9019\u4e00\u6578\u503c\uff0c\u5f97\u5230\u7684\u5c31\u662f\u5269\u9918\u6536\u76ca\u3002\u6253\u500b\u6bd4\u65b9\uff0cX\u516c\u53f8\u53bb\u5e74\u7684\u5831\u544a\u6de8\u5229\u6f64\u662f$100,000\uff0c\u5176\u4e2d\u8cc7\u672c\u7d50\u69cb\u7576\u4e2d\u6b0a\u76ca\u8cc7\u672c\u7232$950,000\uff0c\u5fc5\u8981\u6536\u76ca\u7387\u723211%\uff0c\u8a72\u516c\u53f8\u7684\u5269\u9918\u6536\u76ca\uff1a<\/p>\n

\u5269\u9918\u6536\u76ca = \u6de8\u5229\u6f64 – \u6b0a\u76ca\u5831\u916c = $100,000 – $950,000 x 0.11 = $100,000 – $104,500 = -$4,500<\/p>\n

\u5f9e\u4e0a\u9762\u9019\u4e00\u4f8b\u5b50\u53ef\u4ee5\u770b\u51fa\uff0c\u5269\u9918\u6536\u76ca\u8207\u516c\u53f8\u5229\u6f64\u8868\u7576\u4e2d\u5831\u544a\u7684\u6703\u8a08\u6536\u76ca\u4e0d\u662f\u4e00\u56de\u4e8b\uff0c\u7b97\u5165\u6b0a\u76ca\u5831\u916c\u5f8c\u7684\u7d93\u6fdf\u5229\u6f64\u53cd\u800c\u662f\u8ca0\u503c\u3002\u9019\u4e5f\u6b63\u662f\u5269\u9918\u6536\u76ca\u4f30\u503c\u6cd5\u7684\u610f\u7fa9\u6240\u5728\uff1a\u4e00\u5bb6\u516c\u53f8\u6309\u7167\u6703\u8a08\u6838\u7b97\u662f\u76c8\u5229\u7684\uff0c\u4f46\u5982\u679c\u6c92\u6709\u5275\u9020\u51fa\u5269\u9918\u6536\u76ca\uff0c\u5f9e\u80a1\u6771\u7684\u8996\u89d2\u51fa\u767c\u4ecd\u4e0d\u7b97\u662f\u4e00\u5bb6\u76c8\u5229\u7684\u516c\u53f8\u3002<\/p>\n

\u5269\u9918\u6536\u76ca\u6a21\u578b<\/h2>\n

\u638c\u63e1\u5269\u9918\u6536\u76ca\u7684\u8a08\u7b97\u65b9\u5f0f\u5f8c\uff0c\u6211\u5011\u5c31\u53ef\u4ee5\u5229\u7528\u9019\u4e00\u4fe1\u606f\u6e2c\u7b97\u4e00\u5bb6\u516c\u53f8\u80a1\u7968\u7684\u5167\u5728\u50f9\u503c\u3002\u8ddf\u5176\u4ed6\u7d55\u5c0d\u4f30\u503c\u6cd5\u985e\u4f3c\uff0c\u5269\u9918\u6536\u76ca\u5efa\u6a21\u4e5f\u8981\u7528\u5230\u672a\u4f86\u76c8\u5229\u6298\u73fe\u7684\u6982\u5ff5\u3002\u4e8e\u662f\uff0c\u6309\u7167\u5269\u9918\u6536\u76ca\u6cd5\u6838\u7b97\u7684\u4e00\u96bb\u80a1\u7968\u5167\u5728\u50f9\u503c\uff0c\u6216\u516c\u5141\u50f9\u503c\u53ef\u4ee5\u7d30\u5206\u7232\u5b83\u7684\u8cec\u9762\u50f9\u503c\u52a0\u4e0a\u9810\u671f\u672a\u4f86\u5269\u9918\u6536\u76ca\u7684\u73fe\u503c\uff0c\u8a08\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=\u8cec\u9762\u50f9\u503c\u73fe\u503c<\/p>\n

RI=\u672a\u4f86\u5269\u9918\u6536\u76ca<\/p>\n

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

n=\u671f\u6578<\/p>\n

\u6211\u5011\u53ef\u4ee5\u767c\u73fe\uff0c\u5269\u9918\u6536\u76ca\u4f30\u503c\u516c\u5f0f\u8ddf\u591a\u7d1a\u80a1\u5229\u6298\u73fe\u6a21\u578b\uff08DDM\uff09\u975e\u5e38\u76f8\u4f3c\uff0c\u5c31\u662f\u5c07DDM\u516c\u5f0f\u7576\u4e2d\u7684\u672a\u4f86\u80a1\u606f\u66ff\u63db\u7232\u672a\u4f86\u7684\u5269\u9918\u6536\u76ca\u3002\u6309\u7167\u80a1\u5229\u6298\u73fe\u6a21\u578b\u76f8\u540c\u7684\u57fa\u672c\u539f\u5247\u8a08\u7b97\u51fa\u672a\u4f86\u7684\u5269\u9918\u6536\u76ca\uff0c\u6211\u5011\u5c31\u53ef\u4ee5\u5f97\u51fa\u4e00\u96bb\u80a1\u7968\u7684\u5167\u5728\u50f9\u503c\u3002\u76f8\u6bd4\u73fe\u91d1\u6d41\u91cf\u6298\u73fe\u6cd5\uff08DCF\uff09\u4f7f\u7528\u52a0\u6b0a\u5e73\u5747\u8cc7\u672c\u6210\u672c\u4f5c\u7232\u6298\u73fe\u7387\uff0c\u5269\u9918\u6536\u76ca\u6a21\u578b\u5408\u9069\u7684\u6298\u73fe\u7387\u662f\u6b0a\u76ca\u8cc7\u672c\u6210\u672c\u3002<\/p>\n

\u76f8\u6bd4\u80a1\u5229\u6298\u73fe\u548c\u73fe\u91d1\u6d41\u91cf\u6298\u73fe\u6cd5\uff0c\u5269\u9918\u6536\u76ca\u6a21\u578b\u53ef\u4ee5\u76f4\u63a5\u4f7f\u7528\u516c\u53f8\u8ca1\u52d9\u5831\u8868\u4e2d\u7684\u6578\u64da\uff0c\u540c\u6642\u9069\u7528\u4e8e\u4e0d\u6d3e\u767c\u80a1\u5229\u6216\u8005\u81ea\u81ea\u7531\u73fe\u91d1\u6d41\u7232\u8ca0\u7684\u516c\u53f8\u3002\u6700\u7232\u91cd\u8981\u7684\u662f\uff0c\u9019\u4e00\u4f30\u503c\u6a21\u578b\u8003\u5bdf\u7684\u662f\u4e00\u5bb6\u516c\u53f8\u7684\u7d93\u6fdf\u7372\u5229\u80fd\u529b\u800c\u975e\u6703\u8a08\u7372\u5229\u80fd\u529b\u3002<\/p>\n

\u4e0d\u904e\uff0c\u5269\u9918\u6536\u76ca\u6a21\u578b\u6700\u5927\u7684\u7f3a\u9ede\u662f\u9019\u7a2e\u4f30\u503c\u65b9\u6cd5\u975e\u5e38\u4f9d\u8cf4\u516c\u53f8\u8ca1\u52d9\u5831\u8868\u7684\u524d\u77bb\u6027\u9810\u6e2c\uff0c\u6975\u6613\u53d7\u5fc3\u7406\u504f\u898b\u6216\u4e0d\u5be6\u9673\u8ff0\u7684\u5f71\u97ff\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u50f9\u503c\u6295\u8cc7\u8005\u9075\u5faa\u7684\u6700\u5927\u6cd5\u5247\u662f\u50f9\u503c\uff0c\u4e5f\u5c31\u662f\u4e00\u96bb\u80a1\u7968\u7684\u5167\u5728\u50f9\u503c\u3002\u6240\u8b02\u80a1\u7968\u5167\u5728\u50f9\u503c\uff0c\u6307\u7684\u662f\u80a1\u7968\u5167\u6db5\u7684\u57fa\u672c\u7684\uff0c\u5ba2\u89c0\u7684\uff0c\u7368 […]<\/p>\n","protected":false},"author":27,"featured_media":358499,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[431],"tags":[],"class_list":["post-358502","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trends-strategies-zh-hant","sectors--zh-hant","locations-canada-zh-hant","locations-us-zh-hant"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/358502","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=358502"}],"version-history":[{"count":0,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/358502\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media\/358499"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media?parent=358502"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/categories?post=358502"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/tags?post=358502"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}