{"id":360437,"date":"2020-12-03T23:58:58","date_gmt":"2020-12-04T07:58:58","guid":{"rendered":"https:\/\/nai500.com\/blog\/2020\/12\/%e8%82%a1%e7%a5%a8%e5%86%85%e5%9c%a8%e4%bb%b7%e5%80%bc-%e6%8a%98%e7%8e%b0%e7%8e%b0%e9%87%91%e6%b5%81%e6%a8%a1%e5%9e%8b-dcf%e6%a8%a1%e5%9e%8b\/"},"modified":"2021-04-06T17:57:12","modified_gmt":"2021-04-07T00:57:12","slug":"%e8%82%a1%e7%a5%a8%e5%85%a7%e5%9c%a8%e5%83%b9%e5%80%bc-%e6%8a%98%e7%8f%be%e7%8f%be%e9%87%91%e6%b5%81%e6%a8%a1%e5%9e%8b-dcf%e6%a8%a1%e5%9e%8b","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2020\/12\/%e8%82%a1%e7%a5%a8%e5%85%a7%e5%9c%a8%e5%83%b9%e5%80%bc-%e6%8a%98%e7%8f%be%e7%8f%be%e9%87%91%e6%b5%81%e6%a8%a1%e5%9e%8b-dcf%e6%a8%a1%e5%9e%8b\/","title":{"rendered":"\u80a1\u7968\u5167\u5728\u50f9\u503c\u7684\u4f30\u503c\u6a21\u578b\uff1a\u6298\u73fe\u73fe\u91d1\u6d41DCF\u6a21\u578b"},"content":{"rendered":"<p>\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<a href=\"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-%e8%82%a1%e5%88%a9%e8%b2%bc%e7%8f%be%e6%a8%a1%e5%9e%8b\/\">\u80a1\u7968\u5167\u5728\u50f9\u503c\u7684\u4f30\u503c\u6a21\u578b\uff1a\u80a1\u5229\u6298\u73fe\u6a21\u578b<\/a>+<a href=\"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\/\">\u5269\u9918\u6536\u76ca\u6a21\u578b<\/a>\uff09\u3002<\/p>\n<p>\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<p><span style=\"text-decoration: underline;\">\u8a08\u7b97\u6a5f\u3001\u91ab\u7642\u4fdd\u5065\u3001\u6e05\u6f54\u80fd\u6e90\u548c\u79d1\u6280\u9818\u57df\u7684\u5275\u65b0\u9032\u6b65\u6539\u8b8a\u4e86\u6211\u5011\u7684\u4e16\u754c\uff0c\u4e5f\u6210\u70ba\u6295\u8cc7\u8005\u8fd1\u5e74\u4f86\u9047\u5230\u7684\u6700\u632f\u596e\u4eba\u5fc3\u7684\u6a5f\u9047\u4e4b\u4e00\u3002\u5c07\u65bc2021\u5e744\u670815\u65e5\u53ec\u958b\u7684<a href=\"https:\/\/nai500.com\/zh-hant\/events\/gcff-2021-investing-in-innovation\/\" target=\"_blank\" rel=\"noopener\"><strong>\u570b\u969b\u91d1\u878d\u6295\u8cc7\u535a\u89bd\u6703(GCFF)\u7dda\u4e0a\u6295\u8cc7\u6703\u8b70\u2014\u2014\u6295\u8cc7\u5275\u65b0\u9818\u57df<\/strong><\/a>\u4e0a\uff0c\u6295\u8cc7\u8005\u5011\u53ef\u4ee5\u5f9e\u79d1\u6280\u516c\u53f8\u9ad8\u7ba1\u90a3\u88e1\u7372\u5f97\u95dc\u65bc\u9805\u76ee\u548c\u65b0\u6280\u8853\u7684\u7b2c\u4e00\u624b\u8cc7\u8a0a\u3002<a href=\"https:\/\/gcff-apr-2021-chn.eventbrite.ca\/?aff=NAI500PostTch\" target=\"_blank\" rel=\"noopener\"><strong>\u73fe\u5728\u5c31\u514d\u8cbb\u8a3b\u518a\u5427\uff01<\/strong><\/a><\/span><\/p>\n<h2>\u6298\u73fe\u73fe\u91d1\u6d41\uff08DCF\uff09\u6a21\u578b\u7684\u516c\u5f0f<\/h2>\n<p>\u6298\u73fe\u73fe\u91d1\u6d41\uff08DCF\uff09\u6a21\u578b\u662f\u50f9\u503c\u6295\u8cc7\u7684\u57fa\u672c\u6a21\u578b\uff0cDCF\u6a21\u578b\u6700\u7c21\u55ae\u7684\u516c\u5f0f\u8ddf\u80a1\u5229\u8cbc\u73fe\u6a21\u578b\uff08DDM\uff09\u6bd4\u8f03\u985e\u4f3c\uff0c\u516c\u5f0f\u5982\u4e0b\uff1a<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-360441 lazyload\" data-src=\"https:\/\/nai500.com\/wp-content\/uploads\/2020\/12\/DCF-model.jpg\" data-sizes=\"(max-width: 718px) 100vw, 718px\" data-srcset=\"https:\/\/nai500.com\/wp-content\/uploads\/2020\/12\/DCF-model.jpg 718w, https:\/\/nai500.com\/wp-content\/uploads\/2020\/12\/DCF-model-300x44.jpg 300w\" alt=\"\" width=\"718\" height=\"105\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 718px; --smush-placeholder-aspect-ratio: 718\/105;\" \/><\/p>\n<p>\u5176\u4e2d\uff1a<\/p>\n<p>CFn=n\u671f\u7684\u73fe\u91d1\u6d41<\/p>\n<p>d=\u6298\u73fe\u7387\uff0c\u52a0\u6b0a\u5e73\u5747\u8cc7\u672c\u6210\u672c\uff08WACC\uff09<\/p>\n<p>\u4e0d\u904e\uff0c\u8ddfDDM\u6a21\u578b\u548c\u5269\u9918\u6536\u76ca\u6a21\u578b\uff08RIM\uff09\u4e0d\u540c\u7684\u662f\uff0cDCF\u5206\u6790\u6cd5\u4f7f\u7528\u7684\u662f\u81ea\u7531\u73fe\u91d1\u6d41\uff0c\u5373\u6263\u9664\u5229\u6f64\u8868\u4e2d\u975e\u73fe\u91d1\u8cbb\u7528\uff08\u6bd4\u5982\u8aaa\u6298\u820a\uff09\u5e77\u52a0\u4e0a\u9577\u671f\u8cc7\u672c\u652f\u51fa\u548c\u71df\u904b\u8cc7\u672c\u8b8a\u52d5\u5f8c\u7684\u73fe\u91d1\u6d41\u3002\u6b64\u5916\uff0c\u8a72\u6a21\u578b\u9084\u904b\u7528WACC\u4f5c\u7232\u6298\u73fe\u8b8a\u91cf\u4f86\u6e2c\u7b97\u8ca8\u5e63\u7684\u6642\u9593\u50f9\u503c\u3002<\/p>\n<p>\u76f8\u6bd4\u5e02\u76c8\u7387\u3001\u4f01\u696d\u50f9\u503c\u500d\u6578\u548c\u5e02\u92b7\u7387\u7b49\u76f8\u5c0d\u4f30\u503c\u6cd5\uff0cDCF\u9019\u7a2e\u7d55\u5c0d\u4f30\u503c\u6cd5\u7684\u57fa\u790e\u662f\u81ea\u7531\u73fe\u91d1\u6d41\u9019\u4e00\u57fa\u672c\u9762\u6307\u6a19\uff0c\u56e0\u6b64\u66f4\u52a0\u8cbc\u8fd1\u4e00\u96bb\u80a1\u7968\u7684\u5167\u5728\u50f9\u503c\u3002\u76f8\u5c0d\u4f30\u503c\u6cd5\u9069\u7528\u4e8e\u540c\u4e00\u500b\u884c\u696d\u5167\u4e0d\u540c\u516c\u53f8\u7684\u6bd4\u8f03\uff0c\u4f46\u5982\u679c\u6574\u500b\u677f\u584a\u6216\u6574\u500b\u5e02\u5834\u90fd\u8655\u4e8e\u9ad8\u4f30\u6216\u4f4e\u4f30\u72c0\u614b\uff0c\u4e00\u4e9b\u770b\u4e0a\u53bb\u9084\u5f88\u4fbf\u5b9c\u7684\u80a1\u7968\u5be6\u969b\u4e0a\u4f30\u503c\u5df2\u7d93\u9ad8\u4e8e\u5176\u5167\u5728\u50f9\u503c\u3002<\/p>\n<h2>DCF\u6a21\u578b\u4e0d\u662f\u9748\u4e39\u5999\u85e5<\/h2>\n<p>\u7576\u7136\u4e86\uff0cDCF\u6a21\u578b\u7684\u7f3a\u9677\u7279\u5f88\u660e\u986f\uff0c\u5c31\u662f\u8981\u4f9d\u8cf4\u5404\u7a2e\u5047\u8a2d\uff0c\u6bd4\u5982\u8aaa\u81ea\u7531\u73fe\u91d1\u6d41\u9810\u6e2c\uff0c\u6298\u73fe\u7387\u548c\u6c38\u7e8c\u589e\u9577\u7387\u3002\u8003\u616e\u5230\u516c\u53f8\u7d93\u71df\u548c\u5e02\u5834\u6975\u5927\u7684\u4e0d\u78ba\u5b9a\u6027\uff0c\u6a21\u578b\u8a08\u7b97\u51fa\u4f86\u7684\u80a1\u7968\u7684\u5167\u5728\u50f9\u503c\u5c31\u4e0d\u53ef\u80fd\u6e96\u78ba\u3002\u7c21\u55ae\u4f86\u8aaa\uff0c\u5982\u679c\u5957\u5165\u6a21\u578b\u7576\u4e2d\u7684\u6578\u64da\u662f\u5783\u573e\u6578\u64da\uff0c\u6700\u7d42\u5f97\u5230\u7684\u4e5f\u53ea\u80fd\u662f\u5783\u573e\u7d50\u679c\u3002\u56e0\u6b64\uff0cDCF\u9069\u7528\u4e8e\u78ba\u5b9a\u6027\u9ad8\u7684\u516c\u53f8\u7684\u4f30\u503c\u3002<\/p>\n<p>DCF\u6a21\u578b\u5c0d\u4e8e\u6709\u95dc\u6c38\u7e8c\u589e\u9577\u7387\u548c\u6298\u73fe\u7387\u7684\u5047\u8a2d\u5c24\u5176\u654f\u611f\uff0c\u8f38\u5165\u6578\u64da\u7684\u4e00\u9ede\u5fae\u5c0f\u8b8a\u52d5\u5c07\u5c0e\u81f4\u6700\u7d42\u7d50\u679c\u7684\u5de8\u5927\u8b8a\u5316\u3002\u5047\u8a2dX\u516c\u53f8\u7684\u73fe\u91d1\u6d41\u6c38\u7e8c\u589e\u9577\u7387\u5f9e4%\u4e0b\u8abf\u81f33%\uff0c\u8a72\u516c\u53f8\u7684\u516c\u5141\u50f9\u503c\u5c07\u5f9e$2.153\u5104\u964d\u81f3$1.902\u5104\uff0c\u5982\u679c\u63d0\u9ad8\u81f35%\uff0c\u6700\u7d42\u7684\u50f9\u503c\u5c07\u5347\u81f3$2.487\u5104\u3002\u540c\u6a23\u7684\u9053\u7406\uff0c\u5982\u679c\u5c0711%\u7684\u6298\u73fe\u7387\u63d0\u9ad81%\uff0c\u4f30\u503c\u5c07\u964d\u81f3$1.827\u5104\uff0c\u4e0b\u8abf1%\u4f30\u503c\u589e\u81f3$2.589\u5104\u3002<\/p>\n<p>\u56e0\u6b64\uff0cDCF\u6a21\u578b\u9700\u8981\u4e0d\u65b7\u5730\u9032\u884c\u4fee\u6b63\uff0c\u5982\u679c\u76ee\u6a19\u516c\u53f8\u767c\u5e03\u7684\u8ca1\u5831\u696d\u7e3e\u4e0d\u4f73\uff0c\u6216\u8005\u662f\u5927\u5ba2\u6236\u7533\u8acb\u7834\u7523\uff0c\u53c8\u6216\u8005\u662f\u5229\u7387\u767c\u751f\u91cd\u5927\u8b8a\u52d5\uff0c\u4f60\u90fd\u8981\u53ca\u6642\u8abf\u6574\u4f60\u7684\u8f38\u5165\u6578\u64da\u548c\u5047\u8a2d\u3002\u9810\u671f\u4e00\u8b8a\uff0c\u80a1\u7968\u7684\u516c\u5141\u50f9\u503c\u5c31\u6703\u8b8a\u5316\u3002<\/p>\n<p>\u53e6\u5916\uff0cDCF\u6a21\u578b\u95dc\u6ce8\u7684\u662f\u9577\u671f\u50f9\u503c\uff0c\u56e0\u6b64\u5e77\u4e0d\u9069\u7528\u4e8e\u77ed\u671f\u6295\u8cc7\u3002\u5982\u679c\u4f60\u901a\u904e\u8a72\u6a21\u578b\u8a08\u7b97\u51faX\u516c\u53f8\u7684\u516c\u5141\u50f9\u503c\u7232$2.153\u5104\uff0c\u9019\u5e77\u4e0d\u610f\u5473\u8457\u5e02\u5834\u7d66\u8a72\u516c\u53f8\u7684\u4f30\u503c\u5c31\u662f$2.153\u5104\u3002\u5b83\u53ef\u4ee5\u5e6b\u52a9\u4f60\u898f\u907f\u6ce1\u6cab\u98a8\u96aa\uff0c\u4f46\u4e5f\u6709\u53ef\u80fd\u8b93\u4f60\u932f\u5931\u77ed\u671f\u7684\u80a1\u50f9\u4e0a\u6f32\u4ee5\u53ca\u4e00\u4e9b\u7f55\u898b\u7684\u6295\u8cc7\u6a5f\u6703\u3002\u6bd4\u5982\u8aaa\uff0c1995\u5e74\u7684\u5fae\u8edfMicrosoft\uff08NASDAQ: MSFT\uff09\u770b\u4e0a\u53bb\u975e\u5e38\u6602\u8cb4\uff0c\u4f46\u9019\u5bb6\u79d1\u6280\u516c\u53f8\u5728\u8edf\u4ef6\u5e02\u5834\u4e0a\u4e0d\u53ef\u52d5\u6416\u7684\u9738\u4e3b\u5730\u4f4d\u8b93\u5b83\u6210\u7232\u4e86\u884c\u696d\u5de8\u982d\u548c\u6295\u8cc7\u8005\u7406\u60f3\u7684\u5927\u725b\u80a1\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\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 [&hellip;]<\/p>\n","protected":false},"author":27,"featured_media":360434,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[431],"tags":[],"class_list":["post-360437","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","exchange-nasdaq-zh-hant"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/360437","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=360437"}],"version-history":[{"count":0,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/360437\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media\/360434"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media?parent=360437"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/categories?post=360437"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/tags?post=360437"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}