{"id":908,"date":"2012-04-19T23:23:31","date_gmt":"2012-04-19T15:23:31","guid":{"rendered":"https:\/\/insurance.vincent-chen.com\/tw\/?p=908"},"modified":"2020-10-22T23:24:05","modified_gmt":"2020-10-22T15:24:05","slug":"%e5%a3%bd%e9%9a%aa%e5%85%ac%e5%8f%b8%e7%9a%84%e9%95%b7%e6%9c%9f%e5%83%b9%e5%80%bc%e8%88%87%e7%9f%ad%e6%9c%9f%e6%90%8d%e7%9b%8a","status":"publish","type":"post","link":"https:\/\/insurance.vincent-chen.com\/tw\/%e5%a3%bd%e9%9a%aa%e5%85%ac%e5%8f%b8%e7%9a%84%e9%95%b7%e6%9c%9f%e5%83%b9%e5%80%bc%e8%88%87%e7%9f%ad%e6%9c%9f%e6%90%8d%e7%9b%8a\/","title":{"rendered":"\u58fd\u96aa\u516c\u53f8\u7684\u9577\u671f\u50f9\u503c\u8207\u77ed\u671f\u640d\u76ca"},"content":{"rendered":"

\u3010\u5de5\u5546\u6642\u5831\uff0f\u5f35\u58eb\u5091\u30112012-04-19<\/p>\n

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<\/p>\n

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\u63a2\u7a76\u5f71\u97ff\u7372\u5229\u7684\u539f\u56e0\uff0c\u53ef\u6b78\u56e0\u65bc\u6b50\u50b5\u5371\u6a5f\u6240\u5f15\u767c\u7684\u53f0\u80a1\u4e0b\u8dcc\uff1b\u4e5f\u53ef\u80fd\u5c0e\u56e0\u8cc7\u91d1\u56de\u6d41\u7f8e\u570b\u8cc7\u672c\u5e02\u5834\uff0c\u9020\u6210\u7f8e\u5143\u56fa\u5b9a\u6536\u76ca\u8cc7\u7522\u5831\u916c\u7387\u8d70\u4f4e\uff1b\u82e5\u50c5\u5c31\u76c8\u9918\u6578\u5b57\u5206\u6790\uff0c\u4e5f\u53ef\u80fd\u662f\u532f\u7387\u907f\u96aa\u6210\u672c\u6240\u9020\u6210\u3002\u800c\u5c55\u671b2012\u5e74\u58fd\u96aa\u5e02\u5834\uff0c\u6c7a\u5b9a\u7372\u5229\u7684\u95dc\u9375\uff0c\u4e0d\u5916\u4e4e\u5916\u532f\u8b8a\u52d5\u6e96\u5099\u91d1\u7684\u6210\u672c\u6548\u61c9\uff0c\u53f0\u80a1\u5927\u76e4\u8d70\u52e2\u8868\u73fe\u8207\u901a\u8ca8\u81a8\u8139\u4e0b\u4e4b\u592e\u884c\u5229\u7387\u653f\u7b56\u3002\u800c\u6839\u672c\u6838\u5fc3\u554f\u984c\uff0c\u4ecd\u7136\u812b\u96e2\u4e0d\u4e86\u5982\u4f55\u6709\u6548\u7d13\u89e3\u5229\u5dee\u640d\u58d3\u529b\u3002 \u3000\u65e2\u7136\u58fd\u96aa\u5229\u57fa\u696d\u52d9\u5c6c\u65bc\u9577\u5e74\u671f\u5951\u7d04\uff0c\u516c\u53f8\u9577\u671f\u7d93\u71df\u6210\u679c\u624d\u662f\u8a55\u4f30\u7126\u9ede\uff0c\u6295\u8cc7\u4eba\u5c07\u4e0d\u540c\u5c6c\u6027\u4e4b\u9280\u884c\u8207\u4fdd\u96aa\u4e26\u5217\u6bd4\u8f03\u7372\u5229\u7e3e\u6548\uff0c\u662f\u5426\u9069\u7576\u5462\uff1f\u5728\u9762\u5c0d\u6301\u6709\u6216\u62cb\u552e\u58fd\u96aa\u516c\u53f8\u80a1\u7968\u7684\u6289\u64c7\u6642\uff0c\u4f3c\u4e4e\u5b9c\u56de\u6b78\u7522\u696d\u7279\u6027\uff0c\u8a8d\u771f\u601d\u7d22\u58fd\u96aa\u7d93\u71df\u7e3e\u6548\u7684\u8a55\u4f30\u6307\u6a19\u70ba\u4f55\uff1f<\/p>\n

\u58fd\u96aa\u516c\u53f8\u7684\u76c8\u9918\u4e3b\u8981\u4f86\u81ea\u6838\u4fdd\u6536\u76ca\uff0c\u6295\u8cc7\u7e3e\u6548\u8207\u8cbb\u7528\u6536\u5165\uff0c\u8ca1\u52d9\u6703\u8a08\u6307\u6a19\u5305\u542b\u6e96\u5099\u91d1\u5c0d\u4fdd\u8cbb\u6bd4\u503c\uff0c\u89e3\u7d04\u7387\uff0c\u8cbb\u7528\u7387\uff0c\u8cc7\u672c\u6536\u76ca\u7387\uff0c\u8cc7\u7522\u6536\u76ca\u7387\u7b49\uff0c\u7686\u70ba\u8a55\u4f30\u516c\u53f8\u7372\u5229\u80fd\u529b\u7684\u6307\u6a19\uff0c\u56e0\u6b64\u5c0d\u7d93\u71df\u9577\u671f\u696d\u52d9\u7684\u58fd\u96aa\u696d\u800c\u8a00\uff0c\u96e3\u4ee5\u4e09\u8a00\u5169\u8a9e\u8868\u9054\u6e05\u695a\u3002<\/p>\n

\u4f9d\u64da2012\u5e74\u745e\u58eb\u518d\u4fdd\u96aa\u516c\u53f8\u7814\u7a76\u8cc7\u672c\u5e02\u5834\u65bc\u58fd\u96aa\u80a1\u7684\u6301\u6709\u504f\u597d\u6307\u51fa\uff0c\u8ca1\u52d9\u8cc7\u8a0a\u900f\u660e\u5ea6\u9010\u6f38\u6210\u70ba\u9078\u80a1\u7684\u4f9d\u64da\u3002\u65bc\u6b50\u6d32\uff0c\u81ea\u7531\u73fe\u91d1\u6d41\u91cf\u6536\u76ca(free cash flow yield)\u9010\u6f38\u53d6\u4ee3\u96b1\u542b\u50f9\u503c(Embedded Value, EV)\uff0c\u6210\u70ba\u5e02\u5834\u8a55\u4f30\u58fd\u96aa\u696d\u7d93\u71df\u6307\u6a19\uff0c\u81ea\u7531\u73fe\u91d1\u6d41\u91cf\u6536\u76ca\u5448\u73fe\u4f01\u696d\u6bcf\u80a1\u5e02\u503c\u80fd\u5920\u5206\u914d\u80a1\u6771\u4e4b\u76c8\u9918\u8cc7\u8a0a\uff0c\u7f8e\u570b\u5247\u4ee5\u76e3\u7406\u6703\u8a08\u4e0b\u6cd5\u5b9a\u53ef\u914d\u5206\u7d05\u4e4b\u6295\u8cc7\u7372\u5229\u70ba\u6307\u6a19\uff0c\u4f9d\u5e8f\u70ba\u4e00\u822c\u516c\u8a8d\u6703\u8a08\u539f\u5247\u7684\u8cc7\u672c\u6536\u76ca\u7387\u8207\u55ae\u4f4d\u4fdd\u8cbb\u6536\u76ca\u7387\uff0c\u4e5f\u53cd\u66202008\u5e74\u91d1\u878d\u6d77\u562f\u5f8c\uff0c\u5e02\u5834\u5c0d\u4f01\u696d\u6240\u63ed\u9732\u9577\u671f\u7372\u5229\u8cc7\u8a0a\u5448\u73fe\u8f03\u70ba\u4fdd\u5b88\u7684\u5fc3\u614b\uff0c\u8f49\u5411\u5f37\u8abf\u77ed\u671f\u73fe\u91d1\u80a1\u5229\u56de\u994b\u80a1\u6771\u7684\u80fd\u529b\u3002<\/p>\n

\u58fd\u96aa\u516c\u53f8\u5c0d\u5916\u6240\u63ed\u9732\u7684EV\u6216\u662f\u8003\u616e\u8ca0\u50b5\u516c\u5e73\u50f9\u503c\u4e0b\u7684\u5e02\u503c\u7b49\u50f9\u96b1\u542b\u50f9\u503c(MCEV)\uff0c\u88ab\u8996\u70ba\u50b3\u7d71\u8ca1\u52d9\u63ed\u9732\u5916\u7684\u88dc\u5145\u6027\u8cc7\u8a0a\uff0c\u56e0\u540c\u6642\u8003\u91cf\u6d88\u8cbb\u884c\u70ba\uff0c\u5229\u7387\u8da8\u52e2\uff0c\u6b7b\u4ea1\u7387\uff0c\u7f79\u75c5\u7387\u8207\u9577\u58fd\u98a8\u96aa\uff0c\u5546\u54c1\u7279\u6027\u7b49\u56e0\u7d20\uff0c\u53ef\u88dc\u5145\u8868\u9054\u6709\u6548\u5951\u7d04\u672a\u4f86\u7684\u6de8\u73fe\u91d1\u6d41\u91cf\uff0c\u5448\u73fe\u7576\u671f\u516c\u53f8\u6de8\u503c\u8207\u672a\u4f86\u7372\u5229\u7684\u73fe\u503c\u3002<\/p>\n

\u8377\u862dING\u5b89\u6cf0\u4eba\u58fd\u7576\u5e74\u4ee5\u4e0d\u5230\u65b0\u53f0\u5e63200\u5104\u5143\u4ea4\u6613\u7d66\u5bcc\u90a6\u91d1\u63a7\uff0c\u82f1\u570b\u4fdd\u8aa0\u4eba\u58fd\u4ee5\u8c61\u5fb5\u60271\u5143\u5c07\u4e3b\u8981\u696d\u52d9\u51fa\u552e\u7d66\u4e2d\u570b\u4eba\u58fd\u7b49\u4ea4\u6613\u8cc7\u8a0a\u986f\u793a\uff0c\u4fdd\u96aa\u516c\u53f8\u4e4b\u4f01\u696d\u50f9\u503c\u5982\u540c\u89e3\u8b80\u300c\u683c\u723e\u5c3c\u5361\u300d\u6cb9\u756b\u7684\u610f\u6db5\u4e00\u822c\uff0c\u5e02\u5834\u4e2d\u7684\u5229\u76ca\u95dc\u4fc2\u4eba\u5404\u81ea\u4f9d\u5176\u5167\u90e8\u8ca1\u696d\u52d9\u6307\u6a19\u6c7a\u5b9a\u4f75\u8cfc\u50f9\u683c\u3002\u800c\u57fa\u65bc\u7522\u696d\u6c38\u7e8c\u767c\u5c55\u7684\u524d\u666f\uff0c\u6574\u9ad4\u58fd\u96aa\u696d\u61c9\u601d\u7d22\u5982\u4f55\u4f9d\u81ea\u5f8b\u6a21\u5f0f\u5e73\u8861\u9577\u671f\u4f01\u696d\u50f9\u503c\u8207\u77ed\u671f\u5e33\u9762\u640d\u76ca\uff0c\u5171\u540c\u71df\u9020\u5229\u57fa\u7684\u5e02\u5834\u74b0\u5883\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

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