{"id":1694,"date":"2026-02-05T04:27:49","date_gmt":"2026-02-05T04:27:49","guid":{"rendered":"https:\/\/tetsu811.com\/what-is-capital-reduction\/"},"modified":"2026-02-05T04:27:57","modified_gmt":"2026-02-05T04:27:57","slug":"what-is-capital-reduction","status":"publish","type":"post","link":"https:\/\/tetsu811.com\/ja\/what-is-capital-reduction\/","title":{"rendered":"\u6e1b\u8cc7\u610f\u601d\u5168\u89e3\u6790\u8cc7\u672c\u7d50\u69cb\u91cd\u5851\u73fe\u91d1\u56de\u994b\u8207\u5f4c\u88dc\u8667\u640d\u6df1\u5ea6\u5256\u6790"},"content":{"rendered":"
\n \"\u516c\u53f8\u8cc7\u672c\u7d50\u69cb\u91cd\u65b0\u914d\u7f6e\u7684\u5716\u89e3\uff0c\u4ee5\u6d41\u7dda\u548c\u62bd\u8c61\u5f62\u72c0\u5448\u73fe\"
\n<\/figure>\n

\u4ec0\u9ebc\u662f\u300c\u6e1b\u8cc7\u300d\uff1f\u5716\u89e3\u8cc7\u672c\u7d50\u69cb\u7684\u91cd\u65b0\u914d\u7f6e<\/h2>\n

\u80a1\u7968\u5e02\u5834\u88e1\uff0c\u300c\u6e1b\u8cc7\u300d\u9019\u500b\u8a5e\u5c0d\u4e0d\u5c11\u6295\u8cc7\u4eba\u4f86\u8aaa\u807d\u904e\u537b\u4e0d\u719f\u7a14\u3002\u5b83\u4e0d\u50cf\u589e\u8cc7\u90a3\u9ebc\u5e38\u898b\uff0c\u4f46\u4e00\u767c\u751f\u5c31\u53ef\u80fd\u610f\u5473\u516c\u53f8\u7b56\u7565\u5927\u8f49\u5f4e\u3002\u6e1b\u8cc7\u5230\u5e95\u662f\u4ec0\u9ebc\uff1f\u6e1b\u8cc7\uff08Capital Reduction\uff09<\/b>\u5c31\u662f\u516c\u53f8\u7e2e\u6e1b\u80a1\u672c<\/b>\uff0c\u6e1b\u5c11\u6d41\u901a\u80a1\u4efd\u6578\u6216\u8abf\u4f4e\u6bcf\u80a1\u9762\u984d\u3002\u9019\u7a2e\u52d5\u4f5c\u4e0d\u53ea\u6539\u5beb\u516c\u53f8\u7684\u8cc7\u672c\u7d50\u69cb<\/b>\uff0c\u9084\u76f4\u63a5\u78b0\u89f8\u80a1\u6771\u6b0a\u76ca<\/b>\u3002<\/p>\n

\u516c\u53f8\u9078\u64c7\u6e1b\u8cc7\u6642\uff0c\u7b49\u65bc\u5728\u8cc7\u7522\u8ca0\u50b5\u8868\u4e0a\u7684\u80a1\u6771\u6b0a\u76ca\u90e8\u5206\u52d5\u624b\u8abf\u6574\u3002\u9019\u8ddf\u589e\u8cc7\u2014\u2014\u64f4\u5927\u80a1\u672c\u4f86\u52df\u8cc7\u2014\u2014\u5b8c\u5168\u76f8\u53cd\u3002\u6e1b\u8cc7\u53ef\u80fd\u628a\u9322\u9084\u7d66\u80a1\u6771\uff0c\u6216\u662f\u7528\u4f86\u586b\u88dc\u820a\u8667\u640d\u3002\u80cc\u5f8c\u539f\u56e0\u548c\u5c0d\u6295\u8cc7\u4eba\u7684\u885d\u64ca\uff0c\u5f97\u7d30\u7d30\u62c6\u89e3\u624d\u6e05\u695a\u3002<\/p>\n

\u6e1b\u8cc7\u7684\u6cd5\u5f8b\u8207\u6703\u8a08\u5b9a\u7fa9<\/h3>\n

\u6cd5\u5f8b\u4e0a\uff0c\u53f0\u7063\u300a\u516c\u53f8\u6cd5\u300b\u8981\u6c42\u6e1b\u8cc7\u5f97\u7d93\u80a1\u6771\u6703\u7279\u5225\u6c7a\u8b70\uff0c\u9084\u8981\u5411\u4e3b\u7ba1\u6a5f\u95dc\u7533\u5831\u8b8a\u66f4\u3002\u9019\u8aaa\u660e\u6e1b\u8cc7\u4e0d\u662f\u8463\u4e8b\u6703\u8aaa\u4e86\u7b97\uff0c\u800c\u662f\u727d\u52d5\u6240\u6709\u80a1\u6771\u7684\u91cd\u5927\u4e8b\u5b9c\u3002<\/p>\n

\u6703\u8a08\u8655\u7406\u5247\u76f4\u64ca\u8cc7\u7522\u8ca0\u50b5\u8868\u3002\u80a1\u672c<\/b>\u6703\u6309\u6bd4\u4f8b\u7e2e\u6c34\u3002\u82e5\u662f\u73fe\u91d1\u6e1b\u8cc7\uff0c\u73fe\u91d1\u8cc7\u7522\u4e5f\u8ddf\u8457\u5c11\uff1b\u5f4c\u88dc\u8667\u640d\u6e1b\u8cc7\u5247\u62b9\u6389\u7d2f\u7a4d\u8d64\u5b57\uff0c\u8b93\u80a1\u6771\u6b0a\u76ca\u770b\u8d77\u4f86\u66f4\u7a69\u5065\u3002\u4e0d\u7ba1\u54ea\u7a2e\uff0c\u6e1b\u8cc7\u90fd\u6703\u6539\u52d5\u6bcf\u80a1\u5e33\u9762\u50f9\u503c\u548c\u8ca1\u52d9\u67b6\u69cb\uff0c\u6295\u8cc7\u4eba\u8a55\u4f30\u516c\u53f8\u50f9\u503c\u6642\u81ea\u7136\u5f97\u91cd\u982d\u7b97\u8d77\u3002<\/p>\n

\n \"\u516c\u53f8\u5411\u80a1\u6771\u767c\u653e\u73fe\u91d1\u7684\u5716\u89e3\uff0c\u4ee5\u98a8\u683c\u5316\u4eba\u7269\u548c\u805a\u5149\u71c8\u4e0b\u7684\u5de8\u5e63\u5448\u73fe\"
\n<\/figure>\n

\u6e1b\u8cc7\u7684\u5169\u5927\u985e\u578b\u8207\u76ee\u7684\u662f\u4ec0\u9ebc\uff1f<\/h2>\n

\u6e1b\u8cc7\u7e3d\u662f\u70ba\u4e86\u8abf\u8cc7\u672c\u7d50\u69cb\uff0c\u4f46\u4f9d\u76ee\u7684\u548c\u505a\u6cd5\uff0c\u5206\u6210\u73fe\u91d1\u6e1b\u8cc7<\/b>\u8207\u5f4c\u88dc\u8667\u640d\u6e1b\u8cc7<\/b>\u5169\u985e\u3002\u9019\u5169\u7a2e\u5c0d\u516c\u53f8\u904b\u4f5c\u548c\u80a1\u6771\u6b0a\u76ca\u7684\u885d\u64ca\u5927\u4e0d\u76f8\u540c\u3002\u60f3\u77e5\u9053\u6e1b\u8cc7\u597d\u58de\uff0c\u5148\u641e\u61c2\u5dee\u5225\u5427\u3002<\/p>\n

\u985e\u578b\u4e00\uff1a\u73fe\u91d1\u6e1b\u8cc7\uff08\u9000\u9084\u80a1\u6b3e\uff09<\/h3>\n

\u73fe\u91d1\u6e1b\u8cc7<\/b>\u807d\u540d\u5b57\u5c31\u61c2\uff0c\u516c\u53f8\u7528\u73fe\u91d1\u628a\u90e8\u5206\u80a1\u672c\u9084\u7d66\u80a1\u6771\u3002\u9019\u5e38\u898b\u65bc\u516c\u53f8\u751f\u610f\u9806\u9042\u3001\u73fe\u91d1\u591a\u5230\u7528\u4e0d\u5b8c\uff0c\u537b\u89ba\u5f97\u80a1\u672c\u592a\u5927\u3001\u9322\u6c92\u6709\u6548\u7387\u7684\u60c5\u6cc1\u3002<\/p>\n

    \n
  • \u76ee\u7684\uff1a<\/b> \u8abf\u6b63\u8cc7\u672c\u7d50\u69cb\uff0c\u8b93\u80a1\u672c\u8cbc\u8fd1\u5be6\u969b\u9700\u6c42\uff0c\u63d0\u5347\u8cc7\u91d1\u4f7f\u7528\u6548\u7387<\/b>\u3002\u80a1\u4efd\u5c11\u4e86\uff0c\u80fd\u63a8\u9ad8\u6bcf\u80a1\u76c8\u9918\uff08EPS\uff09<\/b>\u548c\u80a1\u6771\u6b0a\u76ca\u5831\u916c\u7387\uff08ROE\uff09\uff0c\u80a1\u50f9\u4e5f\u53ef\u80fd\u8ddf\u8457\u6f32\u3002\u5c0d\u80a1\u6771\uff0c\u9019\u5c31\u50cf\u7279\u5225\u80a1\u5229\uff0c\u62ff\u56de\u672c\u91d1\u4e00\u90e8\u5206\u3002<\/li>\n
  • \u6a5f\u5236\uff1a<\/b> \u516c\u53f8\u6309\u6e1b\u8cc7\u6bd4\u4f8b\u767c\u9322\u3002\u6bd4\u65b9\u6e1b\u8cc710%\uff0c\u6bcf\u80a1\u9762\u984d10\u5143\uff0c\u6301\u6709\u4e00\u80a1\u5c31\u80fd\u98181\u5143\u3002\u80a1\u6771\u7684\u80a1\u6b3e<\/b>\u8b8a\u5c11\uff0c\u6301\u80a1\u6bd4\u4f8b\u537b\u4e0d\u52d5\u3002<\/li>\n<\/ul>\n

    \u985e\u578b\u4e8c\uff1a\u5f4c\u88dc\u8667\u640d\u6e1b\u8cc7\uff08\u6253\u6d88\u7d2f\u7a4d\u8667\u640d\uff09<\/h3>\n

    \u5f4c\u88dc\u8667\u640d\u6e1b\u8cc7<\/b>\u7684\u76ee\u6a19\u8ddf\u73fe\u91d1\u6e1b\u8cc7\u5929\u5dee\u5730\u9060\u3002\u5b83\u591a\u5728\u516c\u53f8\u9577\u5e74\u8667\u9322\u3001\u8ca1\u52d9\u7d50\u69cb<\/b>\u721b\u6389\uff0c\u751a\u81f3\u62d6\u7d2f\u80a1\u6771\u6b0a\u76ca\u6642\u51fa\u73fe\u3002<\/p>\n

      \n
    • \u76ee\u7684\uff1a<\/b> \u4fee\u5fa9\u8ca1\u52d9\u9762\uff0c\u6253\u6d88\u7d2f\u7a4d\u8667\u640d<\/b>\uff0c\u8b93\u8cc7\u7522\u8ca0\u50b5\u8868\u4e0a\u7684\u80a1\u6771\u6b0a\u76ca\u7ffb\u6b63\u6216\u52a0\u5206\u3002\u9019\u80fd\u8b93\u8ca1\u5831\u597d\u770b\u9ede\uff0c\u672a\u4f86\u767c\u80a1\u5229\u6709\u9918\u88d5\uff0c\u4e5f\u63d0\u632f\u5916\u754c\u4fe1\u5fc3\u3002\u53ea\u662f\u80a1\u6771\u62ff\u4e0d\u5230\u73fe\u91d1\u3002<\/li>\n
    • \u6a5f\u5236\uff1a<\/b> \u516c\u53f8\u6e1b\u80a1\u6578\u6c96\u92b7\u8667\u640d\u3002\u6bd4\u5982\u6bcf\u80a1\u9762\u984d\u5f9e10\u5143\u964d\u52305\u5143\uff0c\u6216\u76f4\u63a5\u780d\u80a1\u4efd\u3002\u80a1\u6578\u5c11\u4e86\uff0c\u4f46\u6c92\u9322\u9032\u5e33\u3002\u80a1\u6771<\/b>\u7a7a\u624b\u800c\u6b78\u3002\u516c\u53f8\u6bcf\u80a1\u6de8\u503c\uff08BVPS\uff09<\/b>\u537b\u5e38\u4e0a\u6f32\uff0c\u56e0\u70ba\u8667\u640d\u62b9\u6389\uff0c\u7e3d\u5e02\u503c\u77ed\u671f\u4e0d\u8b8a\u3002<\/li>\n<\/ul>\n
      \n \"\u8ca1\u52d9\u8cc7\u7522\u8ca0\u50b5\u8868\u4e2d\u8d64\u5b57\u88ab\u62b9\u9664\u7684\u5716\u89e3\uff0c\u4ee5\u7c97\u64e6\u52d5\u4f5c\u5448\u73fe\"
      \n<\/figure>\n

      \u6e1b\u8cc7\u5982\u4f55\u5f71\u97ff\u80a1\u50f9\uff1f\u9644\u91cd\u8a2d\u8a08\u7b97\u516c\u5f0f<\/h2>\n

      \u6e1b\u8cc7\u4e0d\u53ea\u52d5\u80a1\u672c\uff0c\u9084\u6703\u652a\u52d5\u80a1\u50f9<\/b>\u548c\u6301\u80a1\u8b8a\u5316\u3002\u6295\u8cc7\u4eba\u5f97\u61c2\u6e1b\u8cc7\u5f8c\u80a1\u50f9\u600e\u9ebc\u7b97\uff0c\u9019\u662f\u57fa\u672c\u529f\u3002<\/p>\n

      \u6e1b\u8cc7\u5f8c\u65b0\u80a1\u50f9\u8a08\u7b97\u8207\u5be6\u4f8b\uff08\u53f0\u7063\u5e02\u5834\uff09<\/h3>\n

      \u80a1\u4efd\u6e1b\u6216\u9762\u984d\u8b8a\uff0c\u7406\u8ad6\u80a1\u50f9\u5f97\u91cd\u7b97\u3002\u9019\u8ddf\u9664\u6b0a\u606f\u985e\u4f3c\uff0c\u76ee\u7684\u662f\u5728\u5ffd\u7565\u5e02\u5834\u6ce2\u52d5\u4e0b\uff0c\u4fdd\u4f4f\u80a1\u6771\u7e3d\u50f9\u503c\u3002<\/p>\n

      \u5c0d\u73fe\u91d1\u6e1b\u8cc7<\/b>\uff0c\u516c\u5f0f\u662f\uff1a<\/p>\n

      \u6e1b\u8cc7\u5f8c\u65b0\u80a1\u50f9 = (\u820a\u80a1\u50f9 – \u6bcf\u80a1\u9000\u9084\u73fe\u91d1) \/ (1 – \u6e1b\u8cc7\u6bd4\u4f8b)<\/b><\/p>\n

      \u62ff\u53f0\u7063\u4e0a\u5e02\u516c\u53f8\u8209\u4f8b\uff0c\u80a1\u50f950\u5143\uff0c\u73fe\u91d1\u6e1b\u8cc720%\uff0c\u6bcf\u80a1\u90002\u5143\u3002\u7b97\u51fa\u4f86\uff1a<\/p>\n

      (50\u5143 – 2\u5143) \/ (1 – 0.20) = 48\u5143 \/ 0.80 = 60\u5143<\/p>\n

      \u5ffd\u7565\u5176\u4ed6\u56e0\u7d20\uff0c\u80a1\u50f9\u5f9e50\u5143\u8df3\u523060\u5143\uff0c\u80a1\u6771\u9084\u591a2\u5143\u73fe\u91d1\u3002\u7e3d\u50f9\u503c\u7406\u8ad6\u4e0a\u4e0d\u8b8a\u3002<\/p>\n

      \u5f4c\u88dc\u8667\u640d\u6e1b\u8cc7<\/b>\u6c92\u73fe\u91d1\uff0c\u516c\u5f0f\u7c21\u55ae\uff1a<\/p>\n

      \u6e1b\u8cc7\u5f8c\u65b0\u80a1\u50f9 = \u820a\u80a1\u50f9 \/ (1 – \u6e1b\u8cc7\u6bd4\u4f8b)<\/b><\/p>\n

      \u8b6c\u5982\u80a1\u50f920\u5143\uff0c\u6e1b\u8cc730%\u3002<\/p>\n

      20\u5143 \/ (1 – 0.30) = 20\u5143 \/ 0.70 \u2248 28.57\u5143<\/p>\n

      \u5169\u7a2e\u6e1b\u8cc7\u524d\u90fd\u6709\u505c\u6b62\u4ea4\u6613<\/b>\u671f\uff0c\u8b93\u5238\u5546\u63db\u80a1\u3002\u6e1b\u8cc7\u5b8c\uff0c\u65b0\u80a1\u4ee5\u65b0\u50f9\u639b\u724c\u3002<\/p>\n

      \u6e1b\u8cc7\u662f\u300c\u5229\u591a\u300d\u9084\u662f\u300c\u5229\u7a7a\u300d\uff1f\u7b56\u7565\u6027\u5224\u65b7\u6846\u67b6<\/h2>\n

      \u6e1b\u8cc7\u6d88\u606f\u4e00\u51fa\uff0c\u5e02\u5834\u5e38\u5206\u6210\u5229\u591a\u5229\u7a7a\u5169\u6d3e\u3002\u4f46\u5149\u8cbc\u6a19\u7c64\u4e0d\u5920\u7528\u3002\u6295\u8cc7\u4eba\u9700\u8981\u6846\u67b6\uff0c\u5f9e\u591a\u9762\u5256\u6790\uff0c\u624d\u80fd\u770b\u6e05\u672c\u8cea\u3002<\/p>\n

      \u5224\u65b7\u6b65\u9a5f\u4e00\uff1a\u63a2\u7a76\u6e1b\u8cc7\u7684\u771f\u6b63\u52d5\u6a5f\uff08\u770b\u8ca1\u5831\uff09<\/h3>\n

      \u5148\u6316\u6e1b\u8cc7\u539f\u56e0\u3002\u9019\u5f97\u7ffb\u516c\u53f8\u8ca1\u52d9\u5831\u8868<\/b>\uff0c\u76ef\u640d\u76ca\u8868\u548c\u8cc7\u7522\u8ca0\u50b5\u8868\uff0c\u5206\u8fa8\u662f\u5065\u5eb7\u73fe\u91d1\u6e1b\u8cc7\uff0c\u9084\u662f\u554f\u984c\u5f4c\u88dc\u8667\u640d\u6e1b\u8cc7\u3002<\/p>\n

        \n
      • \u516c\u53f8\u9ad4\u8cea\u826f\u597d\u7684\u73fe\u91d1\u6e1b\u8cc7\uff08\u901a\u5e38\u662f\u5229\u591a\uff09\uff1a<\/b> \u516c\u53f8\u7372\u5229\u7a69\u3001\u71df\u696d\u5229\u76ca<\/b>\u591a\u3001\u73fe\u91d1\u6d41\u5065\u5eb7\uff0c\u537b\u9078\u73fe\u91d1\u6e1b\u8cc7\u3002\u9019\u591a\u534a\u5229\u591a\uff0c\u80a1\u672c\u592a\u5927\u62c9\u4f4eROE\uff0c\u4ed6\u5011\u60f3\u6e1b\u8cc7\u62ac\u6bcf\u80a1\u76c8\u9918\uff08EPS\uff09<\/b>\uff0c\u9322\u9084\u80a1\u6771\u7528\u5f97\u66f4\u597d\u3002\u67e5\u67e5\u672c\u696d<\/b>\u7372\u5229\u3001\u975e\u71df\u696d\u6536\u5165<\/b>\u7a69\u4e0d\u7a69\uff0c\u8ca0\u50b5\u6bd4<\/b>\u5408\u4e0d\u5408\u7406\u3002<\/li>\n
      • \u516c\u53f8\u9ad4\u8cea\u4e0d\u4f73\u7684\u5f4c\u88dc\u8667\u640d\u6e1b\u8cc7\uff08\u901a\u5e38\u662f\u8b66\u8a0a\uff09\uff1a<\/b> \u9023\u5e74\u8667\u3001\u8cc7\u7522\u8ca0\u50b5\u8868\u8667\u640d\u5806\u7a4d\uff0c\u9019\u6642\u6e1b\u8cc7\u5e38\u70ba\u7f8e\u5316\u6578\u5b57\uff0c\u8b93\u80a1\u6771\u6b0a\u76ca\u6b63\u503c\uff0c\u597d\u767c\u80a1\u5229\u6216\u907f\u5168\u984d\u4ea4\u5272\u3002\u6e1b\u8cc7\u4e0d\u6cbb\u672c\uff0c\u53cd\u6210\u71df\u904b\u56f0\u5883\u7684\u8b66\u8a0a<\/b>\u3002\u6df1\u6316\u8667\u640d\u6e90\u982d\uff0c\u516c\u53f8\u8f49\u76c8\u53ef\u80fd\u55ce\uff1f<\/li>\n<\/ul>\n

        \u5224\u65b7\u6b65\u9a5f\u4e8c\uff1a\u8a55\u4f30\u7522\u696d\u8da8\u52e2\u8207\u672a\u4f86\u5c55\u671b<\/h3>\n

        \u5c31\u7b97\u5f4c\u88dc\u8667\u640d\u6e1b\u8cc7\uff0c\u4e5f\u4e0d\u5168\u8ca0\u9762\u3002\u7d50\u5408\u7522\u696d\u8da8\u52e2<\/b>\u548c\u524d\u666f\u7d9c\u5408\u770b\u3002\u516c\u53f8\u8667\u9322\u4f46\u7522\u696d\u8f49\u578b\u4e2d\uff0c\u82e5\u6709\u65b0\u6280\u8853\u6216\u512a\u52e2\uff0c\u9019\u6e1b\u8cc7\u6216\u8a31\u70ba\u672a\u4f86\u92ea\u8def\u3002<\/p>\n

        \u60f3\u60f3\u96fb\u5b50\u696d<\/b>\u6216\u65b0\u8208\u9818\u57df\uff0c\u521d\u671f\u7814\u767c\u71d2\u9322\u8667\u672c\uff0c\u4f46\u7522\u54c1\u6709\u7206\u9ede\uff0c\u6e1b\u8cc7\u5c31\u6210\u91cd\u6574\u6a5f\u6703\u3002\u53cd\u904e\u4f86\uff0c\u50b3\u7522<\/b>\u8870\u9000\u7121\u8f49\u578b\uff0c\u6e1b\u8cc7\u5f8c\u524d\u666f\u4ecd\u9eef\u6de1\u3002<\/p>\n

        \u6240\u4ee5\u4e0d\u53ea\u76ef\u8ca1\u5831\uff0c\u9084\u5f97\u770b\u5927\u5c40\uff1a\u516c\u53f8\u5728\u7522\u696d\u93c8\u4f4d\u5b50\u3001\u7af6\u722d\u529b\u3001\u6280\u8853\u8def\u5f91\u3001\u7ba1\u7406\u5718\u968a\u57f7\u884c\u529b\u3002\u9019\u6a23\u624d\u80fd\u8a55\u6e1b\u8cc7\u5c0d\u9577\u671f\u50f9\u503c\u7684\u771f\u5f71\u97ff\u3002<\/p>\n

        \u53f0\u7063\u80a1\u6c11\u5982\u4f55\u64cd\u4f5c\u6e1b\u8cc7\uff1f\u6d41\u7a0b\u3001\u9000\u9322\u8207\u7a05\u52d9\u885d\u64ca<\/h2>\n

        \u53f0\u7063\u6295\u8cc7\u4eba\u95dc\u5fc3\u7684\u4e0d\u53ea\u7406\u8ad6\uff0c\u9084\u5f97\u61c2\u5be6\u52d9\uff1a\u6d41\u7a0b\u3001\u9000\u6b3e\u6642\u9593\u3001\u7a05\u52d9\u7d30\u7bc0\u3002<\/p>\n

        \u6e1b\u8cc7\u63db\u80a1\u7684\u5be6\u969b\u6d41\u7a0b\u8207\u505c\u6b62\u4ea4\u6613\u671f\u9593<\/h3>\n

        \u53f0\u7063\u4e0a\u5e02\u516c\u53f8\u6e1b\u8cc7\u6709\u56fa\u5b9a\u6b65\u9a5f\uff0c\u6295\u8cc7\u4eba\u7559\u610f\u6642\u7a0b\uff1a<\/p>\n

          \n
        1. \u8463\u4e8b\u6703\u6c7a\u8b70\uff1a<\/b> \u8463\u4e8b\u6703\u5148\u63d0\u6e1b\u8cc7\u6848\u3002<\/li>\n
        2. \u80a1\u6771\u6703\u901a\u904e\uff1a<\/b> \u8b70\u6848\u4ea4\u80a1\u6771\u6703\u7279\u5225\u6c7a\u8b70\u3002<\/li>\n
        3. \u7533\u5831\u4e3b\u7ba1\u6a5f\u95dc\u6838\u51c6\uff1a<\/b> \u901a\u904e\u5f8c\uff0c\u5411\u91d1\u7ba1\u6703\u7533\u5831\u62ff\u51c6\u3002<\/li>\n
        4. \u516c\u544a\u6e1b\u8cc7\u57fa\u6e96\u65e5\u8207\u63db\u80a1\u4f5c\u696d\u8a08\u756b\uff1a<\/b> \u516c\u5e03\u57fa\u6e96\u65e5\u3001\u505c\u904e\u6236\u3001\u505c\u4ea4\u6613\u3001\u65b0\u80a1\u4e0a\u5e02\u7b49\u3002<\/li>\n
        5. \u820a\u80a1\u7968\u505c\u6b62\u4ea4\u6613\u8207\u505c\u6b62\u904e\u6236\uff1a<\/b> \u57fa\u6e96\u65e5\u524d\u5f8c\u505c\u5e7e\u5929\u505c\u6b62\u4ea4\u6613<\/b>\uff0c\u820a\u80a1\u4e0d\u80fd\u8cb7\u8ce3\u3002\u4e5f\u505c\u904e\u6236\uff0c\u8b93\u96c6\u4fdd\u516c\u53f8<\/b>\u6e05\u9ede\u63db\u767c\u3002<\/li>\n
        6. \u820a\u80a1\u7968\u4e0b\u5e02\u8207\u65b0\u80a1\u7968\u4e0a\u5e02\uff1a<\/b> \u820a\u80a1\u4e0b\u5e02\uff0c\u5e7e\u5929\u5f8c\u65b0\u80a1<\/b>\u4ee5\u65b0\u80a1\u6578\u50f9\u91cd\u65b0\u4ea4\u6613\u3002<\/li>\n
        7. \u9000\u9084\u73fe\u91d1\uff08\u50c5\u9650\u73fe\u91d1\u6e1b\u8cc7\uff09\uff1a<\/b> \u73fe\u91d1\u6e1b\u8cc7\uff0c\u65b0\u80a1\u4e0a\u5e02\u5f8c\uff0c\u516c\u53f8\u532f\u9322\u5230\u80a1\u6771\u5e33\u6236\uff0c\u6309\u6301\u80a1\u548c\u91d1\u984d\u3002<\/li>\n<\/ol>\n

          \u91cd\u9ede\u9632\u300c\u505c\u6b62\u4ea4\u6613\u300d\u671f\uff0c\u80a1\u52d5\u4e0d\u4e86\u3002\u63db\u65b0\u80a1\u5f8c\uff0c\u6301\u80a1\u6578\u6e1b\uff0c\u4f46\u7e3d\u503c\u7406\u8ad6\u7a69\uff08\u73fe\u91d1\u6e1b\u8cc7\u6709\u9322\u88dc\uff09\u3002<\/p>\n

          \u73fe\u91d1\u6e1b\u8cc7\u7684\u9000\u7a05\u8207\u4e8c\u4ee3\u5065\u4fdd\u5f71\u97ff\uff08\u53f0\u7063\u5728\u5730\u5316\uff09<\/h3>\n

          \u53f0\u7063\u6295\u8cc7\u4eba\u5e38\u554f\uff0c\u73fe\u91d1\u6e1b\u8cc7\u9000\u7684\u9322\u8981\u4e0d\u8981\u7a05\uff1f\u6216\u78b0\u4e8c\u4ee3\u5065\u4fdd\u88dc\u5145\u4fdd\u8cbb<\/b>\uff1f<\/p>\n

          \u8ca1\u653f\u90e8\u8aaa\uff0c\u73fe\u91d1\u6e1b\u8cc7<\/b>\u9000\u6b3e\u662f\u300c\u80a1\u672c\u8fd4\u9084\u300d\uff0c\u4e0d\u662f\u80a1\u5229\uff0c\u6240\u4ee5\u4e0d\u9700\u8ab2\u5fb5\u6240\u5f97\u7a05<\/b>\u3002\u4e0d\u540c\u65bc\u73fe\u91d1\u80a1\u5229\uff0c\u5f97\u8a08\u7d9c\u5408\u7a05\u6216\u5206\u96e2\u7a05\uff0c\u9084\u53ef\u80fd\u88dc\u5065\u4fdd\u8cbb\u3002<\/p>\n

          \u4f46\u6709\u4f8b\u5916\uff1a\u82e5\u6e1b\u8cc7\u524d\u672a\u5206\u914d\u76c8\u9918\u5920\u767c\u80a1\u5229\uff0c\u537b\u6e1b\u8cc7\uff0c\u9000\u6b3e\u8d85\u539f\u59cb\u6210\u672c\u7684\u90e8\u5206\uff0c\u53ef\u80fd\u7576\u300c\u80a1\u5229\u5be6\u8cea\u300d\uff0c\u5f97\u7a05\u3002\u60c5\u6cc1\u8907\u96dc\uff0c\u7591\u616e\u627e\u6703\u8a08\u5e2b\u6216\u5238\u5546\u554f\u3002<\/p>\n

          \u5927\u591a\u6578\uff0c\u53f0\u7063\u73fe\u91d1\u6e1b\u8cc7\u9000\u6b3e\u6c92\u984d\u5916\u7a05\uff0c\u9019\u5c0d\u60f3\u7701\u7a05\u7684\u6295\u8cc7\u4eba\u7b97\u597d\u6d88\u606f\u3002<\/p>\n

          \u80a1\u6771\u6700\u5e38\u554f\u7684\u6e1b\u8cc7\u5e38\u898b\u554f\u984c\uff08FAQ\u5340\u584a\uff09<\/h2>\n
          \n
          \n

          \u6e1b\u8cc7\u5f8c\uff0c\u6211\u7684\u80a1\u7968\u6703\u4e0d\u6703\u4e0d\u898b\uff1f<\/h3>\n
          \n

          \u80a1\u7968\u4e0d\u6703\u6d88\u5931\uff0c\u6578\u91cf\u6703\u6309\u6e1b\u8cc7\u6bd4\u4f8b\u7e2e\u6e1b\u3002\u4f8b\u5982\u6e1b\u8cc720%\uff0c\u539f1000\u80a1\u8b8a800\u80a1\u3002\u73fe\u91d1\u6e1b\u8cc7\u6703\u9644\u9000\u6b3e\uff0c\u7e3d\u503c\u7406\u8ad6\u4e0d\u8b8a\uff1b\u5f4c\u88dc\u8667\u640d\u6e1b\u8cc7\u80a1\u6578\u5c11\uff0c\u4f46\u6bcf\u80a1\u6de8\u503c\u4e0a\u5347\u3002<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

          \n

          \u6e1b\u8cc7\u6703\u9000\u9322\u55ce\uff1f\u73fe\u91d1\u6e1b\u8cc7\u7684\u9322\u4ec0\u9ebc\u6642\u5019\u6703\u5165\u5e33\uff1f<\/h3>\n
          \n

          \u53ea\u6709\u73fe\u91d1\u6e1b\u8cc7<\/b>\u9000\u9322\uff0c\u5f4c\u88dc\u8667\u640d\u6e1b\u8cc7\u6c92\u6709\u3002\u9000\u6b3e\u901a\u5e38\u5728\u65b0\u80a1\u4e0a\u5e02\u5f8c\u5e7e\u4ea4\u6613\u65e5\uff0c\u7531\u516c\u53f8\u6216\u80a1\u52d9\u4ee3\u7406\u532f\u5165\u6307\u5b9a\u5e33\u6236\uff0c\u4f9d\u516c\u544a\u6642\u7a0b\u3002<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

          \n

          \u80a1\u7968\u6e1b\u8cc7\u5c0d\u6211\u7684\u6301\u80a1\u6bd4\u4f8b\u6709\u5f71\u97ff\u55ce\uff1f<\/h3>\n
          \n

          \u901a\u5e38\u4e0d\u5f71\u97ff\u3002\u6e1b\u8cc7\u6309\u6bd4\u4f8b\u5c0d\u6240\u6709\u80a1\u6771\u57f7\u884c\uff0c\u5927\u5bb6\u80a1\u6578\u540c\u6bd4\u4f8b\u6e1b\uff0c\u76f8\u5c0d\u6301\u80a1\u6bd4\u4f8b\u7dad\u6301\u539f\u6a23\u3002<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

          \n

          \u6e1b\u8cc7\u5f8c\u7684\u80a1\u50f9\u662f\u600e\u9ebc\u8a08\u7b97\u7684\uff1f<\/h3>\n
          \n

          \u7406\u8ad6\u53c3\u8003\u50f9\u91cd\u7b97\uff1a<\/p>\n

            \n
          • \u73fe\u91d1\u6e1b\u8cc7\uff1a<\/b> (\u820a\u80a1\u50f9 – \u6bcf\u80a1\u9000\u9084\u73fe\u91d1) \/ (1 – \u6e1b\u8cc7\u6bd4\u4f8b)<\/li>\n
          • \u5f4c\u88dc\u8667\u640d\u6e1b\u8cc7\uff1a<\/b> \u820a\u80a1\u50f9 \/ (1 – \u6e1b\u8cc7\u6bd4\u4f8b)<\/li>\n<\/ul>\n

            \u9019\u53cd\u6620\u6bcf\u80a1\u50f9\u503c\u8b8a\u52d5\uff0c\u5be6\u969b\u50f9\u4ecd\u770b\u5e02\u5834\u3002<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

            \n

            \u5224\u65b7\u6e1b\u8cc7\u662f\u300c\u5229\u591a\u300d\u9084\u662f\u300c\u5229\u7a7a\u300d\u7684\u95dc\u9375\u6307\u6a19\u662f\u4ec0\u9ebc\uff1f<\/h3>\n
            \n

            \u770b\u52d5\u6a5f<\/b>\u8207\u516c\u53f8\u57fa\u672c\u9762<\/b>\uff1a<\/p>\n

              \n
            • \u5229\u591a\uff1a<\/b> \u73fe\u91d1\u6e1b\u8cc7<\/b>\uff0c\u516c\u53f8\u7372\u5229\u7a69\u3001\u73fe\u91d1\u8db3\uff0c\u70ba\u62acEPS<\/b>\u8207ROE<\/b>\uff0c\u591a\u5229\u591a\u3002<\/li>\n
            • \u5229\u7a7a\uff1a<\/b> \u5f4c\u88dc\u8667\u640d\u6e1b\u8cc7<\/b>\uff0c\u71df\u904b\u5dee\u3001\u672c\u696d\u8667\uff0c\u70ba\u7f8e\u5316\u8ca1\u5831\uff0c\u5247\u8b66\u8a0a\u3002<\/li>\n<\/ul>\n

              \u9084\u5f97\u8003\u7522\u696d\u8da8\u52e2\u3001\u672a\u4f86\u5c55\u671b\u8207\u7ba1\u7406\u7b56\u7565\u3002<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

              \n

              \u80a1\u7968\u5728\u6e1b\u8cc7\u505c\u6b62\u4ea4\u6613\u671f\u9593\u9084\u53ef\u4ee5\u8cb7\u8ce3\u55ce\uff1f<\/h3>\n
              \n

              \u4e0d\u884c\u3002\u516c\u544a\u300c\u505c\u6b62\u4ea4\u6613\u300d\u671f\uff0c\u80a1\u5728\u96c6\u4e2d\u5e02\u5834\u66ab\u505c\u8cb7\u8ce3\uff0c\u597d\u8b93\u5238\u5546\u8207\u96c6\u4fdd\u8655\u7406\u8a3b\u92b7\u8207\u63db\u767c\u3002\u9019\u6642\u7121\u6cd5\u9032\u51fa\u3002<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

              \n

              \u6e1b\u8cc7\u9000\u9084\u7684\u73fe\u91d1\u9700\u8981\u7e73\u7a05\uff08\u5982\u4e8c\u4ee3\u5065\u4fdd\uff09\u55ce\uff1f<\/h3>\n
              \n

              \u4e00\u822c\uff0c\u53f0\u7063\u73fe\u91d1\u6e1b\u8cc7<\/b>\u9000\u6b3e\u662f\u300c\u80a1\u672c\u8fd4\u9084\u300d\uff0c\u4e0d\u9700\u8ab2\u5fb5\u6240\u5f97\u7a05<\/b>\uff0c\u4e5f\u4e0d\u7528\u88dc\u4e8c\u4ee3\u5065\u4fdd\u88dc\u5145\u4fdd\u8cbb<\/b>\u3002\u4f46\u82e5\u8d85\u539f\u59cb\u6210\u672c\u4e14\u6709\u76c8\u9918\uff0c\u8d85\u51fa\u6216\u8996\u80a1\u5229\u8ab2\u7a05\u3002\u5efa\u8b70\u554f\u6703\u8a08\u5e2b\u3002<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

              \n

              \u6e1b\u8cc7\u5f8c\uff0c\u516c\u53f8\u7684\u6bcf\u80a1\u6de8\u503c\uff08BVPS\uff09\u6703\u5982\u4f55\u8b8a\u5316\uff1f<\/h3>\n
              \n

              \u6e1b\u8cc7\u5f8c\u6bcf\u80a1\u6de8\u503c\uff08BVPS\uff09<\/b>\u5e38\u4e0a\u5347\u3002<\/p>\n

                \n
              • \u73fe\u91d1\u6e1b\u8cc7\uff1a<\/b> \u7e3d\u6b0a\u76ca\u6e1b\uff08\u9000\u73fe\u91d1\uff09\uff0c\u4f46\u80a1\u6578\u6e1b\u66f4\u591a\uff0c\u6bcf\u80a1\u6de8\u503c\u5347\u3002<\/li>\n
              • \u5f4c\u88dc\u8667\u640d\u6e1b\u8cc7\uff1a<\/b> \u6c96\u92b7\u8667\u640d\uff0c\u6b0a\u76ca\u589e\u6216\u6e1b\u5c11\u65bc\u80a1\u6578\u6e1b\uff0c\u6bcf\u80a1\u6de8\u503c\u5927\u5347\uff0c\u8ca1\u5831\u5065\u5eb7\u3002<\/li>\n<\/ul>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>","protected":false},"excerpt":{"rendered":"

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