{"id":2321,"date":"2026-01-12T09:00:34","date_gmt":"2026-01-12T01:00:34","guid":{"rendered":"https:\/\/www.anxinlirong.com\/?p=2321"},"modified":"2026-01-15T16:19:04","modified_gmt":"2026-01-15T08:19:04","slug":"%e9%95%bf%e7%af%87%e7%a7%81%e5%8b%9f%e8%82%a1%e6%9d%83%e5%9f%ba%e9%87%91%e5%ad%a3%e5%ba%a6%e4%bc%b0%e5%80%bc%e5%ae%9e%e6%93%8d%e6%8c%87%e5%8d%97","status":"publish","type":"post","link":"https:\/\/www.anxinlirong.com\/?p=2321","title":{"rendered":"[\u957f\u7bc7]\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u5b63\u5ea6\u4f30\u503c\u5b9e\u64cd\u6307\u5357"},"content":{"rendered":"<p><span style=\"color: #808080;\">\u672c\u6587\u6765\u6e90\uff1a<\/span><a href=\"https:\/\/mp.weixin.qq.com\/s\/iRfb4BH-YJm3ZUMVg9P1cg\">[\u957f\u7bc7]\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u5b63\u5ea6\u4f30\u503c\u5b9e\u64cd\u6307\u5357<\/a><\/p>\n<section data-pm-slice=\"3 6 []\">\n<h2>\u76ee\u5f55<\/h2>\n<ul class=\"list-paddingleft-1\">\n<li>\n<section>\u5f15\u8a00\uff1a\u4e3a\u4f55\u7cbe\u51c6\u4f30\u503c\u662f\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u7684\u751f\u547d\u7ebf\uff1f<\/section>\n<\/li>\n<li>\n<section>\u7b2c\u4e00\u90e8\u5206\uff1a\u4f30\u503c\u4e4b\u672c &#8211; \u6838\u5fc3\u539f\u5219\u4e0e\u76d1\u7ba1\u6846\u67b6<\/section>\n<ul class=\"list-paddingleft-1\">\n<li>\n<section>1.1 \u516c\u5141\u4ef7\u503c\u7684\u672c\u8d28\uff1a\u8d85\u8d8a\u8d26\u9762\uff0c\u56de\u5f52\u5e02\u573a<\/section>\n<\/li>\n<li>\n<section>1.2 \u4f30\u503c\u5c42\u7ea7\uff1a\u8861\u91cf\u4f30\u503c\u53ef\u9760\u6027\u7684\u6807\u5c3a<\/section>\n<\/li>\n<li>\n<section>1.3 \u6838\u5fc3\u76d1\u7ba1\u4e0e\u81ea\u5f8b\u89c4\u5219\u4f53\u7cfb<\/section>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<section>\u7b2c\u4e8c\u90e8\u5206\uff1a\u660e\u786e\u9776\u5fc3 &#8211; \u79c1\u52df\u57fa\u91d1\u4f30\u503c\u5bf9\u8c61\u5168\u666f\u89e3\u6790<\/section>\n<ul class=\"list-paddingleft-1\">\n<li>\n<section>2.1 \u5c42\u7ea7\u4e00\uff1a\u5355\u4e2a\u88ab\u6295\u4f01\u4e1a\u6574\u4f53\u4f30\u503c\uff08\u4f01\u4e1a\u4ef7\u503c\/\u80a1\u6743\u4ef7\u503c\uff09<\/section>\n<\/li>\n<li>\n<section>2.2 \u5c42\u7ea7\u4e8c\uff1a\u57fa\u91d1\u6301\u6709\u5355\u4e2a\u88ab\u6295\u4f01\u4e1a\u80a1\u6743\/\u503a\u6743\u7684\u4f30\u503c<\/section>\n<\/li>\n<li>\n<section>2.3 \u5c42\u7ea7\u4e09\uff1a\u57fa\u91d1\u6301\u6709\u67d0\u7c7b\u8d44\u4ea7\u7ec4\u5408\u7684\u4f30\u503c<\/section>\n<\/li>\n<li>\n<section>2.4 \u5c42\u7ea7\u56db\uff1a\u57fa\u91d1\u6301\u6709\u6240\u6709\u6295\u8d44\u8d44\u4ea7\u7ec4\u5408\u7684\u4f30\u503c\uff08GAV\uff09<\/section>\n<\/li>\n<li>\n<section>2.5 \u5c42\u7ea7\u4e94\uff1a\u57fa\u91d1\u8d44\u4ea7\u51c0\u503c\uff08NAV\uff09<\/section>\n<\/li>\n<li>\n<section>2.6 \u5c42\u7ea7\u516d\uff1a\u5355\u4e00\u51fa\u8d44\u4eba\u6301\u6709\u57fa\u91d1\u7684\u6743\u76ca\u51c0\u503c<\/section>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<section>\u7b2c\u4e09\u90e8\u5206\uff1a\u6838\u5fc3\u6b66\u5668\u5e93 &#8211; \u4f30\u503c\u65b9\u6cd5\u6df1\u5ea6\u89e3\u6790\u4e0e\u64cd\u4f5c\u89c4\u7a0b<\/section>\n<ul class=\"list-paddingleft-1\">\n<li>\n<section>3.1 \u5e02\u573a\u6cd5\uff08Market Approach\uff09\uff1a\u5728\u5e02\u573a\u4e2d\u5bfb\u627e\u4ef7\u503c\u951a<\/section>\n<\/li>\n<li>\n<section>3.2 \u6536\u76ca\u6cd5\uff08Income Approach\uff09\uff1a\u91cf\u5316\u672a\u6765\u7684\u4ef7\u503c<\/section>\n<\/li>\n<li>\n<section>3.3 \u6210\u672c\u6cd5\uff08Cost Approach\uff09\uff1a\u8d44\u4ea7\u91cd\u7f6e\u7684\u89c6\u89d2<\/section>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<section>\u7b2c\u56db\u90e8\u5206\uff1a\u89c4\u8303\u6d41\u7a0b &#8211; \u4f30\u503c\u6cbb\u7406\u4e0e\u5185\u90e8\u5de5\u4f5c\u6d41<\/section>\n<ul class=\"list-paddingleft-1\">\n<li>\n<section>4.1 \u5efa\u7acb\u4f30\u503c\u6cbb\u7406\u67b6\u6784\uff1a\u72ec\u7acb\u6027\u662f\u57fa\u77f3<\/section>\n<\/li>\n<li>\n<section>4.2 \u5236\u5b9a\u4e0e\u7ef4\u62a4\u4f30\u503c\u653f\u7b56\uff1a\u884c\u52a8\u7684\u201c\u5baa\u6cd5\u201d<\/section>\n<\/li>\n<li>\n<section>4.3 \u6807\u51c6\u5316\u7684\u5b63\u5ea6\u4f30\u503c\u5de5\u4f5c\u6d41<\/section>\n<\/li>\n<li>\n<section>4.4 \u6821\u51c6\u4e0e\u56de\u6eaf\u6d4b\u8bd5\uff1a\u6301\u7eed\u4f18\u5316\u7684\u95ed\u73af<\/section>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<section>\u7b2c\u4e94\u90e8\u5206\uff1a\u907f\u5751\u6307\u5357 &#8211; \u5e38\u89c1\u4f30\u503c\u96be\u9898\u4e0e\u98ce\u9669\u7ba1\u7406<\/section>\n<ul class=\"list-paddingleft-1\">\n<li>\n<section>5.1 \u6570\u636e\u8d28\u91cf\u4e0e\u83b7\u53d6\u96be\u9898\uff1a\u201c\u5783\u573e\u8f93\u5165\uff0c\u5783\u573e\u8f93\u51fa\u201d<\/section>\n<\/li>\n<li>\n<section>5.2 \u4f30\u503c\u65b9\u6cd5\u4e0e\u53c2\u6570\u7684\u4e3b\u89c2\u6027\u98ce\u9669\uff1a\u201c\u827a\u672f\u201d\u4e0e\u201c\u7eaa\u5f8b\u201d\u7684\u5e73\u8861<\/section>\n<\/li>\n<li>\n<section>5.3 \u4f30\u503c\u8c03\u6574\u4e0e\u5bf9\u8d4c\u534f\u8bae\u7684\u7ea0\u7eb7\uff1a\u201c\u53cc\u5203\u5251\u201d\u7684\u53e6\u4e00\u9762<\/section>\n<\/li>\n<li>\n<section>5.4 \u4fe1\u606f\u62ab\u9732\u4e0e\u5408\u89c4\u98ce\u9669\uff1a\u900f\u660e\u662f\u6700\u597d\u7684\u201c\u62a4\u57ce\u6cb3\u201d<\/section>\n<\/li>\n<li>\n<section>5.5 \u64cd\u4f5c\u98ce\u9669\u4e0e\u5185\u90e8\u63a7\u5236\uff1a\u9b54\u9b3c\u5728\u7ec6\u8282\u4e2d<\/section>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<section>\u7b2c\u516d\u90e8\u5206\uff1a\u7ec8\u6781\u84dd\u56fe &#8211; \u5b63\u5ea6\u4f30\u503c\u6807\u51c6\u64cd\u4f5c\u6d41\u7a0b (SOP)<\/section>\n<ul class=\"list-paddingleft-1\">\n<li>\n<section>6.1 \u4f30\u503c\u5de5\u4f5c\u6d41\u4e0e\u8303\u56f4\u754c\u5b9a<\/section>\n<\/li>\n<li>\n<section>6.2 \u4f30\u503c\u65b9\u6cd5\u9009\u62e9\u77e9\u9635<\/section>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul class=\"list-paddingleft-1\">\n<li style=\"list-style-type: none;\">\n<ul class=\"list-paddingleft-1\">\n<li>\n<section>6.3 \u5e38\u89c1\u95ee\u9898\u4e0e\u6838\u67e5\u6e05\u5355<\/section>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<section>\u7ed3\u8bed\uff1a\u4ece\u5408\u89c4\u9075\u4ece\u5230\u4ef7\u503c\u521b\u9020<\/section>\n<\/li>\n<\/ul>\n<\/section>\n<h2>\u5f15\u8a00\uff1a\u4e3a\u4f55\u7cbe\u51c6\u4f30\u503c\u662f\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u7684\u751f\u547d\u7ebf\uff1f<\/h2>\n<p>\u57282026\u5e74\u7684\u4eca\u5929\uff0c\u4e2d\u56fd\u79c1\u52df\u80a1\u6743\uff08Private Equity, PE\uff09\u884c\u4e1a\u6b63\u884c\u81f3\u4e00\u4e2a\u6df1\u523b\u53d8\u9769\u7684\u5341\u5b57\u8def\u53e3\u3002\u4e00\u65b9\u9762\uff0c\u5e02\u573a\u89c4\u6a21\u6301\u7eed\u589e\u957f\uff0c\u8d44\u672c\u5bf9\u5b9e\u4f53\u7ecf\u6d4e\u7684\u652f\u6301\u4f5c\u7528\u65e5\u76ca\u51f8\u663e\uff1b\u53e6\u4e00\u65b9\u9762\uff0c\u76d1\u7ba1\u73af\u5883\u65e5\u8d8b\u6210\u719f\u4e0e\u4e25\u683c\uff0c\u884c\u4e1a\u6b63\u4ece\u91ce\u86ee\u751f\u957f\u52a0\u901f\u8fc8\u5411\u89c4\u8303\u5316\u3001\u7cbe\u7ec6\u5316\u53d1\u5c55\u7684\u65b0\u9636\u6bb5\u3002\u5728\u8fd9\u4e00\u80cc\u666f\u4e0b\uff0c\u8d44\u4ea7\u4f30\u503c\u2014\u2014\u8fd9\u4e2a\u66fe\u7ecf\u88ab\u90e8\u5206\u673a\u6784\u89c6\u4e3a\u201c\u540e\u53f0\u8d26\u623f\u5148\u751f\u201d\u5de5\u4f5c\u7684\u73af\u8282\uff0c\u5df2\u7136\u8dc3\u5347\u4e3a\u51b3\u5b9a\u57fa\u91d1\u7ba1\u7406\u4eba\u751f\u6b7b\u5b58\u4ea1\u7684\u201c\u751f\u547d\u7ebf\u201d\u3002<\/p>\n<p>\u4f30\u503c\u4e0d\u518d\u662f\u7b80\u5355\u7684\u201c\u7b97\u8d26\u201d\uff0c\u5b83\u5df2\u6210\u4e3a\u8d2f\u7a7f\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u201c\u52df\u3001\u6295\u3001\u7ba1\u3001\u9000\u201d\u5168\u751f\u547d\u5468\u671f\u7684\u6838\u5fc3\u6218\u7565\u5de5\u5177\u3002\u4e00\u4e2a\u516c\u5141\u3001\u5ba1\u614e\u3001\u900f\u660e\u7684\u4f30\u503c\u4f53\u7cfb\uff0c\u5176\u91cd\u8981\u6027\u4f53\u73b0\u5728\u4ee5\u4e0b\u51e0\u4e2a\u5173\u952e\u7ef4\u5ea6\uff1a<\/p>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u6295\u8d44\u8005\uff08LP\uff09\u89c6\u89d2\uff1a\u4fe1\u4efb\u7684\u57fa\u77f3\u3002<\/strong><br \/>\n<section>\u00a0\u57fa\u91d1\u51c0\u503c\uff08NAV\uff09\u662fLP\u8861\u91cf\u57fa\u91d1\u4e1a\u7ee9\u3001\u8bc4\u4f30\u7ba1\u7406\u4eba\uff08GP\uff09\u80fd\u529b\u7684\u6700\u6838\u5fc3\u6307\u6807\u3002\u4e0d\u900f\u660e\u3001\u4e0d\u4e00\u81f4\u6216\u88ab\u64cd\u7eb5\u7684\u4f30\u503c\uff0c\u4f1a\u76f4\u63a5\u5bfc\u81f4LP\u5bf9\u57fa\u91d1\u8868\u73b0\u7684\u8bef\u5224\uff0c\u4e25\u91cd\u4fb5\u8680GP\u4e0eLP\u4e4b\u95f4\u6700\u5b9d\u8d35\u7684\u4fe1\u4efb\u8d44\u672c\u3002\u5728\u52df\u8d44\u65e5\u76ca\u8270\u96be\u7684\u5f53\u4e0b\uff0c\u4e00\u4efd\u7ecf\u5f97\u8d77\u63a8\u6572\u7684\u4f30\u503c\u62a5\u544a\uff0c\u662fGP\u4e13\u4e1a\u80fd\u529b\u4e0e\u8bda\u4fe1\u6c34\u5e73\u7684\u6700\u4f73\u8bc1\u660e\u3002<\/section>\n<\/li>\n<li><strong>\u7ba1\u7406\u4eba\uff08GP\uff09\u89c6\u89d2\uff1a\u51b3\u7b56\u7684\u7f57\u76d8\u3002<\/strong><br \/>\n<section>\u00a0\u7cbe\u51c6\u7684\u4f30\u503c\u662fGP\u8fdb\u884c\u6709\u6548\u6295\u540e\u7ba1\u7406\u548c\u5236\u5b9a\u660e\u667a\u9000\u51fa\u7b56\u7565\u7684\u6839\u672c\u4f9d\u636e\u3002\u901a\u8fc7\u5b9a\u671f\u7684\u4f30\u503c\uff0cGP\u80fd\u591f\u52a8\u6001\u8ffd\u8e2a\u88ab\u6295\u4f01\u4e1a\u7684\u4ef7\u503c\u53d8\u5316\uff0c\u8bc6\u522b\u98ce\u9669\u4e0e\u673a\u9047\uff0c\u4ece\u800c\u51b3\u5b9a\u662f\u8ffd\u52a0\u6295\u8d44\u3001\u63d0\u4f9b\u589e\u503c\u670d\u52a1\uff0c\u8fd8\u662f\u542f\u52a8\u9000\u51fa\u7a0b\u5e8f\u3002\u6b64\u5916\uff0c\u57fa\u91d1\u7684\u4e1a\u7ee9\u8868\u73b0\u6307\u6807\uff0c\u5982\u5df2\u5206\u914d\u6536\u76ca\u500d\u6570\uff08DPI\uff09\u548c\u5269\u4f59\u4ef7\u503c\u500d\u6570\uff08RVPI\uff09\uff0c\u5747\u76f4\u63a5\u4f9d\u8d56\u4e8e\u5bf9\u672a\u9000\u51fa\u9879\u76ee\u516c\u5141\u4ef7\u503c\u7684\u8bc4\u4f30\u3002<\/section>\n<\/li>\n<li><strong>\u76d1\u7ba1\u89c6\u89d2\uff1a\u5408\u89c4\u7684\u7ea2\u7ebf\u3002<\/strong><br \/>\n<section>\u00a0\u968f\u7740\u300a\u79c1\u52df\u6295\u8d44\u57fa\u91d1\u76d1\u7763\u7ba1\u7406\u6761\u4f8b\u300b\u4e8e2023\u5e749\u67081\u65e5\u8d77\u65bd\u884c\uff0c\u4ee5\u53ca\u540e\u7eed\u4e00\u7cfb\u5217\u914d\u5957\u89c4\u5219\u7684\u5b8c\u5584\uff0c\u76d1\u7ba1\u673a\u6784\u5bf9\u79c1\u52df\u57fa\u91d1\u7ba1\u7406\u4eba\u7684\u52e4\u52c9\u5c3d\u8d23\u4e49\u52a1\u63d0\u51fa\u4e86\u524d\u6240\u672a\u6709\u7684\u9ad8\u8981\u6c42\u3002\u5176\u4e2d\uff0c\u5b9a\u671f\u3001\u516c\u5141\u5730\u5bf9\u57fa\u91d1\u8d44\u4ea7\u8fdb\u884c\u4f30\u503c\uff0c\u5e76\u5411\u6295\u8d44\u8005\u548c\u76d1\u7ba1\u673a\u6784\u771f\u5b9e\u3001\u51c6\u786e\u3001\u5b8c\u6574\u5730\u62ab\u9732\u4fe1\u606f\uff0c\u662f\u8fd9\u9879\u4e49\u52a1\u7684\u6838\u5fc3\u4f53\u73b0\u3002\u4f30\u503c\u8fdd\u89c4\u5df2\u6210\u4e3a\u8fd1\u5e74\u6765\u76d1\u7ba1\u5904\u7f5a\u7684\u91cd\u707e\u533a\uff0c\u8f7b\u5219\u9762\u4e34\u81ea\u5f8b\u5904\u5206\uff0c\u91cd\u5219\u53ef\u80fd\u88ab\u6ce8\u9500\u7ba1\u7406\u4eba\u8d44\u683c\uff0c\u5176\u540e\u679c\u4e0d\u5bb9\u5c0f\u89d1\u3002<\/section>\n<\/li>\n<\/ul>\n<p>\u56e0\u6b64\uff0c\u672c\u6587\u65e8\u5728\u6784\u5efa\u4e00\u5957\u7cfb\u7edf\u3001\u8be6\u5c3d\u4e14\u9ad8\u5ea6\u53ef\u64cd\u4f5c\u7684\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u5b63\u5ea6\u4f30\u503c\u64cd\u4f5c\u6307\u5357\u3002\u6211\u4eec\u5c06\u6df1\u5ea6\u7ed3\u5408\u4e2d\u56fd\u8bc1\u76d1\u4f1a\u3001\u4e2d\u56fd\u8bc1\u5238\u6295\u8d44\u57fa\u91d1\u4e1a\u534f\u4f1a\uff08AMAC\uff09\u53d1\u5e03\u7684\u6700\u65b0\u6cd5\u89c4\u6307\u5f15\uff0c\u7279\u522b\u662f\u5bf9\u300a\u975e\u4e0a\u5e02\u516c\u53f8\u80a1\u6743\u4f30\u503c\u6307\u5f15\u300b\uff082025\u5e74\u4fee\u8ba2\uff09\u7684\u89e3\u8bfb\uff0c\u540c\u65f6\u501f\u9274\u56fd\u9645\u6700\u4f73\u5b9e\u8df5\uff08\u5982IPEV Guidelines\uff09\uff0c\u4ece\u57fa\u672c\u539f\u5219\u3001\u4f30\u503c\u5bf9\u8c61\u3001\u65b9\u6cd5\u8bba\u3001\u6cbb\u7406\u6d41\u7a0b\u5230\u98ce\u9669\u9632\u8303\uff0c\u4e3a\u79c1\u52df\u80a1\u6743\u4ece\u4e1a\u8005\u63d0\u4f9b\u4e00\u4efd\u80fd\u591f\u76f4\u63a5\u5e94\u7528\u4e8e\u65e5\u5e38\u5de5\u4f5c\u7684\u201c\u5b9e\u6218\u624b\u518c\u201d\uff0c\u52a9\u529b\u673a\u6784\u5728\u5408\u89c4\u7684\u8f68\u9053\u4e0a\u5b9e\u73b0\u4ef7\u503c\u7684\u7a33\u5065\u589e\u957f\u3002<\/p>\n<h2>\u7b2c\u4e00\u90e8\u5206\uff1a\u4f30\u503c\u4e4b\u672c &#8211; \u6838\u5fc3\u539f\u5219\u4e0e\u76d1\u7ba1\u6846\u67b6<\/h2>\n<p>\u5728\u6df1\u5165\u63a2\u8ba8\u5177\u4f53\u64cd\u4f5c\u4e4b\u524d\uff0c\u6211\u4eec\u5fc5\u987b\u9996\u5148\u5efa\u7acb\u5bf9\u4f30\u503c\u5e95\u5c42\u903b\u8f91\u548c\u76d1\u7ba1\u6846\u67b6\u7684\u5171\u8bc6\u3002\u8fd9\u4e0d\u4ec5\u662f\u7406\u8bba\u57fa\u7840\uff0c\u66f4\u662f\u786e\u4fdd\u6240\u6709\u4f30\u503c\u6d3b\u52a8\u5408\u6cd5\u5408\u89c4\u3001\u903b\u8f91\u81ea\u6d3d\u7684\u6839\u672c\u524d\u63d0\u3002\u672c\u90e8\u5206\u5c06\u7cbe\u70bc\u5730\u9610\u8ff0\u516c\u5141\u4ef7\u503c\u7684\u672c\u8d28\u3001\u4f30\u503c\u5c42\u7ea7\u7684\u6982\u5ff5\u4ee5\u53ca\u6784\u6210\u5f53\u524d\u4e2d\u56fdPE\u4f30\u503c\u76d1\u7ba1\u4f53\u7cfb\u7684\u6838\u5fc3\u6587\u4ef6\u3002<\/p>\n<h3>1.1 \u516c\u5141\u4ef7\u503c\u7684\u672c\u8d28\uff1a\u8d85\u8d8a\u8d26\u9762\uff0c\u56de\u5f52\u5e02\u573a<\/h3>\n<p>\u79c1\u52df\u80a1\u6743\u4f30\u503c\u7684\u6838\u5fc3\u76ee\u6807\u662f\u786e\u5b9a\u201c\u516c\u5141\u4ef7\u503c\u201d\uff08Fair Value\uff09\u3002\u8fd9\u5e76\u975e\u4e00\u4e2a\u53ef\u4ee5\u968f\u610f\u89e3\u91ca\u7684\u8bcd\u6c47\uff0c\u5176\u5b9a\u4e49\u5728\u56fd\u5185\u5916\u4f1a\u8ba1\u51c6\u5219\u4e2d\u6709\u7740\u4e25\u683c\u7684\u89c4\u5b9a\u3002\u6839\u636e\u300a\u4f01\u4e1a\u4f1a\u8ba1\u51c6\u5219\u7b2c39\u53f7\u2014\u2014\u516c\u5141\u4ef7\u503c\u8ba1\u91cf\u300b\u4ee5\u53ca\u56fd\u9645\u901a\u884c\u7684IPEV\uff08International Private Equity and Venture Capital Valuation\uff09\u6307\u5f15\uff0c\u516c\u5141\u4ef7\u503c\u88ab\u5b9a\u4e49\u4e3a\uff1a<\/p>\n<blockquote><p>\u201c\u8d44\u4ea7\u548c\u8d1f\u503a\u6309\u7167\u5e02\u573a\u53c2\u4e0e\u8005\u5728\u8ba1\u91cf\u65e5\u53d1\u751f\u7684\u6709\u5e8f\u4ea4\u6613\u4e2d\uff0c\u51fa\u552e\u8d44\u4ea7\u6240\u80fd\u6536\u5230\u6216\u8005\u8f6c\u79fb\u8d1f\u503a\u6240\u9700\u652f\u4ed8\u7684\u4ef7\u683c\u3002\u201d<\/p><\/blockquote>\n<p>\u8fd9\u4e2a\u5b9a\u4e49\u5305\u542b\u4e09\u4e2a\u5fc5\u987b\u88ab\u51c6\u786e\u7406\u89e3\u7684\u5173\u952e\u8981\u7d20\uff1a<\/p>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u5e02\u573a\u53c2\u4e0e\u8005\uff08Market Participants\uff09\uff1a<\/strong><br \/>\n<section>\u00a0\u4f30\u503c\u5fc5\u987b\u7ad9\u5728\u4e00\u4e2a\u7406\u6027\u7684\u3001\u72ec\u7acb\u7684\u3001\u719f\u6089\u76f8\u5173\u8d44\u4ea7\u548c\u5e02\u573a\u7684\u5047\u60f3\u4e70\u65b9\u548c\u5356\u65b9\u7684\u89d2\u5ea6\u8fdb\u884c\uff0c\u800c\u975e\u57fa\u91d1\u7ba1\u7406\u4eba\u81ea\u8eab\u7684\u4e3b\u89c2\u89c6\u89d2\u3002\u8fd9\u610f\u5473\u7740\u9700\u8981\u5254\u9664\u7ba1\u7406\u4eba\u7279\u6709\u7684\u534f\u540c\u6548\u5e94\u6216\u975e\u5e02\u573a\u5316\u7684\u9884\u671f\u3002<\/section>\n<\/li>\n<li><strong>\u6709\u5e8f\u4ea4\u6613\uff08Orderly Transaction\uff09\uff1a<\/strong><br \/>\n<section>\u00a0\u4ea4\u6613\u662f\u5728\u6b63\u5e38\u7684\u5e02\u573a\u6761\u4ef6\u4e0b\u8fdb\u884c\u7684\uff0c\u6709\u5145\u5206\u7684\u65f6\u95f4\u8fdb\u884c\u5e02\u573a\u63a8\u5e7f\u548c\u5c3d\u804c\u8c03\u67e5\uff0c\u800c\u975e\u88ab\u8feb\u6e05\u7b97\u6216\u7d27\u6025\u629b\u552e\u3002\u8fd9\u6392\u9664\u4e86\u56e0\u6d41\u52a8\u6027\u5371\u673a\u7b49\u56e0\u7d20\u5bfc\u81f4\u7684\u201c\u7529\u5356\u4ef7\u201d\u3002<\/section>\n<\/li>\n<li><strong>\u8ba1\u91cf\u65e5\uff08Measurement Date\uff09\uff1a<\/strong><br \/>\n<section>\u00a0\u4f30\u503c\u53cd\u6620\u7684\u662f\u5728\u7279\u5b9a\u65f6\u95f4\u70b9\uff08\u5982\u5b63\u5ea6\u672b\uff09\u7684\u4ef7\u503c\u3002\u4efb\u4f55\u5728\u8be5\u65e5\u671f\u4e4b\u540e\u53d1\u751f\u7684\u4fe1\u606f\uff0c\u9664\u975e\u80fd\u591f\u8bc1\u660e\u5728\u8ba1\u91cf\u65e5\u662f\u201c\u5df2\u77e5\u6216\u53ef\u77e5\u7684\u201d\uff0c\u5426\u5219\u4e0d\u5e94\u7eb3\u5165\u8003\u91cf\u3002<\/section>\n<\/li>\n<\/ul>\n<p>\u7406\u89e3\u516c\u5141\u4ef7\u503c\u7684\u672c\u8d28\uff0c\u610f\u5473\u7740\u8981\u5f7b\u5e95\u6452\u5f03\u201c\u6295\u8d44\u6210\u672c\u52a0\u6210\u201d\u3001\u201c\u6309\u5185\u90e8\u6307\u6807\u62cd\u8111\u888b\u201d\u7b49\u8fc7\u65f6\u505a\u6cd5\u3002\u4f30\u503c\u7684\u951a\u70b9\u6c38\u8fdc\u662f\u201c\u5e02\u573a\u201d\uff0c\u5373\u4f7f\u5728\u7f3a\u4e4f\u76f4\u63a5\u5e02\u573a\u62a5\u4ef7\u7684\u79c1\u52df\u80a1\u6743\u9886\u57df\uff0c\u4e5f\u9700\u8981\u901a\u8fc7\u5404\u79cd\u65b9\u6cd5\u6a21\u62df\u51fa\u4e00\u4e2a\u5047\u60f3\u7684\u5e02\u573a\u4ea4\u6613\u573a\u666f\u3002<\/p>\n<h3>1.2 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class=\"list-paddingleft-1\">\n<li><strong>\u7b2c\u4e00\u5c42\u6b21\uff08Level 1\uff09\uff1a<\/strong><br \/>\n<section>\u00a0\u76f8\u540c\u8d44\u4ea7\u6216\u8d1f\u503a\u5728\u6d3b\u8dc3\u5e02\u573a\u4e0a\u7684\u672a\u7ecf\u8c03\u6574\u7684\u62a5\u4ef7\u3002\u8fd9\u662f\u6700\u53ef\u9760\u7684\u4f30\u503c\u4f9d\u636e\u3002\u4f8b\u5982\uff0c\u5728\u4e0a\u6d77\u8bc1\u5238\u4ea4\u6613\u6240\u4ea4\u6613\u7684\u67d0\u4e0a\u5e02\u516c\u53f8\u80a1\u7968\uff0c\u5176\u6536\u76d8\u4ef7\u5373\u4e3a\u7b2c\u4e00\u5c42\u6b21\u8f93\u5165\u503c\u3002\u5bf9\u4e8ePE\u57fa\u91d1\u800c\u8a00\uff0c\u8fd9\u79cd\u60c5\u51b5\u975e\u5e38\u5c11\uff0c\u4ec5\u53ef\u80fd\u6d89\u53ca\u5c11\u91cf\u5df2\u4e0a\u5e02\u4f46\u5c1a\u672a\u9000\u51fa\u7684\u9879\u76ee\u3002<\/section>\n<\/li>\n<li><strong>\u7b2c\u4e8c\u5c42\u6b21\uff08Level 2\uff09\uff1a<\/strong><br \/>\n<section>\u00a0\u9664\u7b2c\u4e00\u5c42\u6b21\u62a5\u4ef7\u5916\uff0c\u76f8\u5173\u8d44\u4ea7\u6216\u8d1f\u503a\u7684\u53ef\u89c2\u5bdf\u8f93\u5165\u503c\u3002\u8fd9\u5305\u62ec\uff1a\u7c7b\u4f3c\u8d44\u4ea7\u5728\u6d3b\u8dc3\u5e02\u573a\u4e0a\u7684\u62a5\u4ef7\uff08\u5982\u53ef\u6bd4\u516c\u53f8\uff09\u3001\u975e\u6d3b\u8dc3\u5e02\u573a\u4e0a\u7684\u62a5\u4ef7\u3001\u5229\u7387\u3001\u6536\u76ca\u7387\u66f2\u7ebf\u3001\u6ce2\u52a8\u7387\u7b49\u3002PE\u4f30\u503c\u4e2d\u5e38\u7528\u7684\u201c\u53ef\u6bd4\u516c\u53f8\u6cd5\u201d\u6240\u4f7f\u7528\u7684\u5e02\u573a\u4e58\u6570\uff0c\u5c31\u5c5e\u4e8e\u7b2c\u4e8c\u5c42\u6b21\u8f93\u5165\u503c\u3002<\/section>\n<\/li>\n<li><strong>\u7b2c\u4e09\u5c42\u6b21\uff08Level 3\uff09\uff1a<\/strong><br \/>\n<section>\u00a0\u76f8\u5173\u8d44\u4ea7\u6216\u8d1f\u503a\u7684\u4e0d\u53ef\u89c2\u5bdf\u8f93\u5165\u503c\u3002\u8fd9\u4e9b\u8f93\u5165\u503c\u65e0\u6cd5\u4ece\u5e02\u573a\u76f4\u63a5\u83b7\u53d6\uff0c\u9700\u8981\u7ba1\u7406\u4eba\u57fa\u4e8e\u6700\u4f73\u4fe1\u606f\u505a\u51fa\u4f30\u8ba1\u548c\u5047\u8bbe\u3002\u4f8b\u5982\uff0c\u73b0\u91d1\u6d41\u6298\u73b0\u6cd5\uff08DCF\uff09\u4e2d\u5bf9\u672a\u6765\u6536\u5165\u589e\u957f\u7387\u3001\u5229\u6da6\u7387\u7684\u9884\u6d4b\uff0c\u4ee5\u53ca\u5bf9\u7279\u5b9a\u98ce\u9669\u7684\u5224\u65ad\u3002<\/section>\n<\/li>\n<\/ul>\n<p>\u7edd\u5927\u591a\u6570\u79c1\u52df\u80a1\u6743\u6295\u8d44\uff0c\u7279\u522b\u662f\u5bf9\u975e\u4e0a\u5e02\u516c\u53f8\u7684\u6295\u8d44\uff0c\u5176\u4f30\u503c\u90fd\u9ad8\u5ea6\u4f9d\u8d56\u7b2c\u4e8c\u3001\u4e09\u5c42\u6b21\u7684\u8f93\u5165\u503c\u3002\u8fd9\u6b63\u662fPE\u4f30\u503c\u590d\u6742\u6027\u3001\u4e3b\u89c2\u6027\u548c\u9ad8\u98ce\u9669\u7684\u6839\u6e90\u6240\u5728\u3002\u56e0\u6b64\uff0c\u76d1\u7ba1\u673a\u6784\u548c\u6295\u8d44\u8005\u5bf9\u7b2c\u4e8c\u3001\u4e09\u5c42\u6b21\u4f30\u503c\u7684\u5ba1\u614e\u6027\u3001\u6587\u6863\u5b8c\u5907\u6027\u548c\u903b\u8f91\u5408\u7406\u6027\u8981\u6c42\u4e5f\u6700\u9ad8\u3002<\/p>\n<h3>1.3 \u6838\u5fc3\u76d1\u7ba1\u4e0e\u81ea\u5f8b\u89c4\u5219\u4f53\u7cfb<\/h3>\n<p>\u4e2d\u56fd\u7684\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u4f30\u503c\u5b9e\u8df5\uff0c\u662f\u5728\u4e00\u4e2a\u7531\u6cd5\u5f8b\u3001\u90e8\u95e8\u89c4\u7ae0\u548c\u884c\u4e1a\u81ea\u5f8b\u89c4\u5219\u6784\u6210\u7684\u591a\u5c42\u6b21\u6846\u67b6\u4e0b\u8fdb\u884c\u7684\u3002\u57fa\u91d1\u7ba1\u7406\u4eba\u5fc5\u987b\u5bf9\u8fd9\u4e00\u4f53\u7cfb\u6709\u6e05\u6670\u7684\u8ba4\u77e5\u3002<\/p>\n<ol class=\"list-paddingleft-1\">\n<li><strong>\u884c\u653f\u6cd5\u89c4\u5c42\u9762\uff1a<\/strong><br \/>\n<section>\u00a0\u300a\u79c1\u52df\u6295\u8d44\u57fa\u91d1\u76d1\u7763\u7ba1\u7406\u6761\u4f8b\u300b\u4f5c\u4e3a\u884c\u4e1a\u7684\u6839\u672c\u5927\u6cd5\uff0c\u4ece\u9876\u5c42\u8bbe\u8ba1\u4e0a\u786e\u7acb\u4e86\u7ba1\u7406\u4eba\u7684\u4fe1\u4e49\u4e49\u52a1\u3002\u5176\u7b2c\u5341\u4e00\u6761\u660e\u786e\u89c4\u5b9a\uff0c\u79c1\u52df\u57fa\u91d1\u7ba1\u7406\u4eba\u5e94\u201c\u6309\u7167\u57fa\u91d1\u5408\u540c\u7ea6\u5b9a\u5411\u6295\u8d44\u8005\u63d0\u4f9b\u4e0e\u79c1\u52df\u57fa\u91d1\u7ba1\u7406\u4e1a\u52a1\u6d3b\u52a8\u76f8\u5173\u7684\u4fe1\u606f\u201d\uff0c\u8fd9\u5176\u4e2d\u5c31\u5929\u7136\u5305\u542b\u4e86\u5bf9\u57fa\u91d1\u8d44\u4ea7\u4ef7\u503c\u7684\u62a5\u544a\u4e49\u52a1\u3002<\/section>\n<\/li>\n<li><strong>\u90e8\u95e8\u89c4\u7ae0\u5c42\u9762\uff1a<\/strong><br \/>\n<section>\u00a0\u4e2d\u56fd\u8bc1\u76d1\u4f1a\u53d1\u5e03\u7684\u300a\u79c1\u52df\u6295\u8d44\u57fa\u91d1\u4fe1\u606f\u62ab\u9732\u7ba1\u7406\u529e\u6cd5\u300b\u662f\u4fe1\u606f\u62ab\u9732\u7684\u7eb2\u9886\u6027\u6587\u4ef6\u3002\u5176\u89c4\u5b9a\uff0c\u79c1\u52df\u80a1\u6743\u6295\u8d44\u57fa\u91d1\uff08\u542b\u521b\u4e1a\u6295\u8d44\u57fa\u91d1\uff09\u7684\u7ba1\u7406\u4eba\u5e94\u5f53\u5728\u6bcf\u5b63\u5ea6\u7ed3\u675f\u4e4b\u65e5\u8d7710\u4e2a\u5de5\u4f5c\u65e5\u5185\u5411\u6295\u8d44\u8005\u62ab\u9732\u57fa\u91d1\u51c0\u8d44\u4ea7\u3001\u4e3b\u8981\u6295\u8d44\u6807\u7684\u53ca\u53d8\u52a8\u60c5\u51b5\u7b49\u4fe1\u606f\uff1b\u5728\u6bcf\u5e74\u5ea6\u7ed3\u675f\u4e4b\u65e5\u8d774\u4e2a\u6708\u5185\uff0c\u5411\u6295\u8d44\u8005\u62ab\u9732\u7ecf\u5ba1\u8ba1\u7684\u5e74\u5ea6\u8d22\u52a1\u62a5\u544a\u3002\u8fd9\u76f4\u63a5\u786e\u7acb\u4e86PE\u57fa\u91d1\u6309\u5b63\u5ea6\u4f30\u503c\u5e76\u62a5\u544a\u7684\u6cd5\u5b9a\u4e49\u52a1\u3002<\/section>\n<\/li>\n<li><strong>\u81ea\u5f8b\u89c4\u5219\u4e0e\u6280\u672f\u6307\u5f15\u5c42\u9762\uff1a<\/strong><br \/>\n<section>\u00a0\u8fd9\u662f\u4f30\u503c\u5b9e\u64cd\u7684\u201c\u8bf4\u660e\u4e66\u201d\u548c\u201c\u64cd\u4f5c\u624b\u518c\u201d\u3002<\/section>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u300a\u975e\u4e0a\u5e02\u516c\u53f8\u80a1\u6743\u4f30\u503c\u6307\u5f15\u300b\uff1a<\/strong><br \/>\n<section>\u00a0\u7531\u4e2d\u56fd\u8bc1\u5238\u6295\u8d44\u57fa\u91d1\u4e1a\u534f\u4f1a\uff08AMAC\uff09\u53d1\u5e03\uff0c\u662fPE\u4f30\u503c\u9886\u57df\u6700\u6838\u5fc3\u7684\u6280\u672f\u6587\u4ef6\u3002\u7279\u522b\u662f2025\u5e744\u6708\u53d1\u5e03\u7684\u4fee\u8ba2\u7248\uff0c\u5f15\u5165\u4e86\u56de\u8d2d\u4ef7\u683c\u6cd5\u3001\u7ec6\u5316\u4e86\u5e02\u573a\u6cd5\u64cd\u4f5c\u6807\u51c6\u3001\u660e\u786e\u4e86\u7279\u6b8a\u6743\u76ca\u80a1\u6743\u7684\u4f30\u503c\u8003\u91cf\uff0c\u53cd\u6620\u4e86\u6700\u65b0\u7684\u5e02\u573a\u5b9e\u8df5\u548c\u76d1\u7ba1\u5bfc\u5411\uff0c\u662f\u6240\u6709GP\u5fc5\u987b\u6df1\u5165\u5b66\u4e60\u548c\u9075\u5faa\u7684\u6307\u5357\u3002<\/section>\n<\/li>\n<li><strong>\u300a\u8bc1\u5238\u6295\u8d44\u57fa\u91d1\u4f30\u503c\u4e1a\u52a1\u7684\u6307\u5bfc\u610f\u89c1\u300b\uff1a<\/strong><br \/>\n<section>\u00a0\u867d\u7136\u4e3b\u8981\u9488\u5bf9\u516c\u52df\u57fa\u91d1\uff0c\u4f46\u5176\u786e\u7acb\u7684\u4f30\u503c\u57fa\u672c\u539f\u5219\u3001\u6cbb\u7406\u67b6\u6784\u8981\u6c42\uff08\u5982\u8bbe\u7acb\u4f30\u503c\u59d4\u5458\u4f1a\uff09\u7b49\uff0c\u5bf9\u79c1\u52df\u884c\u4e1a\u5177\u6709\u91cd\u8981\u7684\u6307\u5bfc\u548c\u53c2\u8003\u610f\u4e49\u3002<\/section>\n<\/li>\n<li><strong>\u5404\u7c7b\u5907\u6848\u6307\u5f15\u548c\u4fe1\u606f\u62a5\u9001\u8981\u6c42\uff1a<\/strong><br \/>\n<section>\u00a0AMAC\u901a\u8fc7\u8d44\u4ea7\u7ba1\u7406\u4e1a\u52a1\u7efc\u5408\u62a5\u9001\u5e73\u53f0\uff08AMBERS\uff09\u53d1\u5e03\u7684\u5404\u7c7b\u586b\u62a5\u8981\u6c42\uff0c\u5b9e\u9645\u4e0a\u4e5f\u6784\u6210\u4e86\u5bf9\u4f30\u503c\u6570\u636e\u9897\u7c92\u5ea6\u548c\u62a5\u9001\u9891\u7387\u7684\u521a\u6027\u7ea6\u675f\u3002<\/section>\n<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<h2>\u7b2c\u4e8c\u90e8\u5206\uff1a\u660e\u786e\u9776\u5fc3 &#8211; \u79c1\u52df\u57fa\u91d1\u4f30\u503c\u5bf9\u8c61\u5168\u666f\u89e3\u6790<\/h2>\n<p>\u5728\u638c\u63e1\u4e86\u4f30\u503c\u7684\u57fa\u672c\u539f\u5219\u540e\uff0c\u4e0b\u4e00\u6b65\u662f\u7cbe\u786e\u5b9a\u4e49\u201c\u6211\u4eec\u8981\u4f30\u4ec0\u4e48\u201d\u3002\u4e00\u4e2a\u5b8c\u6574\u7684\u57fa\u91d1\u5b63\u5ea6\u4f30\u503c\u8fc7\u7a0b\uff0c\u5e76\u975e\u7b80\u5355\u5730\u5bf9\u57fa\u91d1\u7b97\u51fa\u4e00\u4e2a\u603b\u6570\uff0c\u800c\u662f\u6d89\u53ca\u4e00\u4e2a\u4ece\u5fae\u89c2\u5230\u5b8f\u89c2\u3001\u5c42\u5c42\u9012\u8fdb\u7684\u4f30\u503c\u5bf9\u8c61\u4f53\u7cfb\u3002\u7406\u89e3\u8fd9\u4e2a\u4f53\u7cfb\uff0c\u6709\u52a9\u4e8e\u57fa\u91d1\u7ba1\u7406\u4eba\u6784\u5efa\u6e05\u6670\u3001\u6709\u5e8f\u7684\u4f30\u503c\u5de5\u4f5c\u6d41\u3002\u6211\u4eec\u53ef\u4ee5\u5c06\u5176\u60f3\u8c61\u6210\u4e00\u4e2a\u516d\u5c42\u91d1\u5b57\u5854\u7ed3\u6784\u3002<\/p>\n<section><\/section>\n<h3>2.1 \u5c42\u7ea7\u4e00\uff1a\u5355\u4e2a\u88ab\u6295\u4f01\u4e1a\u6574\u4f53\u4f30\u503c\uff08\u4f01\u4e1a\u4ef7\u503c\/\u80a1\u6743\u4ef7\u503c\uff09<\/h3>\n<p>\u8fd9\u662f\u6574\u4e2a\u4f30\u503c\u91d1\u5b57\u5854\u7684\u57fa\u77f3\u3002\u5728\u8fd9\u4e00\u5c42\u7ea7\uff0c\u6211\u4eec\u7684\u76ee\u6807\u662f\u56de\u7b54\u4e00\u4e2a\u6839\u672c\u95ee\u9898\uff1a\u201c\u6211\u4eec\u6295\u8d44\u7684\u8fd9\u5bb6\u516c\u53f8\uff0c\u5728\u4f30\u503c\u57fa\u51c6\u65e5\u8fd9\u4e00\u5929\uff0c\u5b83\u672c\u8eab\u5230\u5e95\u503c\u591a\u5c11\u94b1\uff1f\u201d<\/p>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u4f30\u503c\u76ee\u7684\uff1a<\/strong><br \/>\n<section>\u00a0\u786e\u5b9a\u88ab\u6295\u4f01\u4e1a\u5728\u8ba1\u91cf\u65e5\u7684\u6574\u4f53\u516c\u5141\u4ef7\u503c\uff0c\u8fd9\u662f\u6240\u6709\u540e\u7eed\u8ba1\u7b97\u7684\u8d77\u70b9\u548c\u57fa\u7840\u3002<\/section>\n<\/li>\n<li><strong>\u4f30\u503c\u5bf9\u8c61\uff1a<\/strong><br \/>\n<section>\u00a0\u76ee\u6807\u516c\u53f8\u4f5c\u4e3a\u4e00\u4e2a\u5b8c\u6574\u7684\u7ecf\u8425\u5b9e\u4f53\u3002<\/section>\n<\/li>\n<li><strong>\u8f93\u51fa\u7ed3\u679c\uff1a<\/strong><br \/>\n<section>\u00a0\u901a\u5e38\u662f\u4e24\u4e2a\u6838\u5fc3\u4ef7\u503c\u6307\u6807\uff1a<\/section>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u4f01\u4e1a\u4ef7\u503c\uff08Enterprise Value, EV\uff09\uff1a<\/strong><br \/>\n<section>\u00a0\u4ee3\u8868\u516c\u53f8\u6240\u6709\u8d44\u672c\u63d0\u4f9b\u8005\uff08\u5305\u62ec\u80a1\u4e1c\u548c\u503a\u6743\u4eba\uff09\u7684\u603b\u4ef7\u503c\uff0c\u901a\u5e38\u7b49\u4e8e\u80a1\u6743\u4ef7\u503c\u52a0\u4e0a\u51c0\u8d1f\u503a\u3002<\/section>\n<\/li>\n<li><strong>\u80a1\u6743\u4ef7\u503c\uff08Equity Value\uff09\uff1a<\/strong><br \/>\n<section>\u00a0\u4ee3\u8868\u516c\u53f8\u6240\u6709\u80a1\u4e1c\u7684\u603b\u6743\u76ca\u4ef7\u503c\u3002<\/section>\n<\/li>\n<\/ul>\n<\/li>\n<li><strong>\u5173\u952e\u4efb\u52a1\uff1a<\/strong><br \/>\n<section>\u00a0\u5728\u8fd9\u4e00\u5c42\u7ea7\uff0c\u4f30\u503c\u4eba\u5458\u9700\u8981\u7efc\u5408\u8fd0\u7528\u5e02\u573a\u6cd5\u3001\u6536\u76ca\u6cd5\u3001\u6210\u672c\u6cd5\u7b49\u591a\u79cd\u4f30\u503c\u6280\u672f\uff08\u8be6\u89c1\u7b2c\u4e09\u90e8\u5206\uff09\uff0c\u5bf9\u4f01\u4e1a\u7684\u5185\u5728\u4ef7\u503c\u548c\u5e02\u573a\u4ef7\u503c\u8fdb\u884c\u7efc\u5408\u5224\u65ad\u3002\u8fd9\u662f\u6574\u4e2a\u4f30\u503c\u5de5\u4f5c\u4e2d\u6700\u590d\u6742\u3001\u6700\u9700\u8981\u4e13\u4e1a\u5224\u65ad\u7684\u90e8\u5206\u3002<\/section>\n<\/li>\n<\/ul>\n<h3>2.2 \u5c42\u7ea7\u4e8c\uff1a\u57fa\u91d1\u6301\u6709\u5355\u4e2a\u88ab\u6295\u4f01\u4e1a\u80a1\u6743\/\u503a\u6743\u7684\u4f30\u503c<\/h3>\n<p>\u5728\u786e\u5b9a\u4e86\u4f01\u4e1a\u6574\u4f53\u4ef7\u503c\u4e4b\u540e\uff0c\u6211\u4eec\u9700\u8981\u4ece\u201c\u516c\u53f8\u503c\u591a\u5c11\u94b1\u201d\u805a\u7126\u5230\u201c\u6211\u4eec\u6301\u6709\u7684\u90a3\u90e8\u5206\u503c\u591a\u5c11\u94b1\u201d\u3002<\/p>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u4f30\u503c\u76ee\u7684\uff1a<\/strong><br \/>\n<section>\u00a0\u5728\u4f01\u4e1a\u6574\u4f53\u4ef7\u503c\u7684\u57fa\u7840\u4e0a\uff0c\u7cbe\u786e\u8ba1\u7b97\u57fa\u91d1\u6240\u6301\u6709\u7684\u7279\u5b9a\u80a1\u6743\u6216\u503a\u6743\u7684\u516c\u5141\u4ef7\u503c\u3002<\/section>\n<\/li>\n<li><strong>\u4f30\u503c\u5bf9\u8c61\uff1a<\/strong><br \/>\n<section>\u00a0\u57fa\u91d1\u6301\u6709\u7684A\u8f6e\u4f18\u5148\u80a1\u3001B\u8f6e\u666e\u901a\u80a1\u3001\u53ef\u8f6c\u6362\u503a\u5238\u7b49\u5177\u4f53\u7684\u91d1\u878d\u5de5\u5177\u3002<\/section>\n<\/li>\n<li><strong>\u8f93\u51fa\u7ed3\u679c\uff1a<\/strong><br \/>\n<section>\u00a0\u57fa\u91d1\u6301\u6709\u8be5\u5355\u4e00\u9879\u76ee\u6295\u8d44\u7684\u516c\u5141\u4ef7\u503c\u91d1\u989d\u3002<\/section>\n<\/li>\n<li><strong>\u5173\u952e\u4efb\u52a1\uff1a<\/strong><br \/>\n<section>\u00a0\u8fd9\u4e00\u5c42\u7ea7\u7684\u6838\u5fc3\u6311\u6218\u5728\u4e8e\u201c\u4ef7\u503c\u5206\u914d\u201d\u3002\u7b80\u5355\u5730\u7528\u6301\u80a1\u6bd4\u4f8b\u4e58\u4ee5\u516c\u53f8\u603b\u80a1\u6743\u4ef7\u503c\uff0c\u5728\u5f88\u591a\u60c5\u51b5\u4e0b\u662f\u9519\u8bef\u7684\u3002\u6839\u636eAMAC\u300a\u975e\u4e0a\u5e02\u80a1\u6743\u6295\u8d44\u4f30\u503c\u6307\u5f15\u300b\u53ca2025\u5e74\u4fee\u8ba2\u7248\u7684\u8981\u6c42\uff0c\u5fc5\u987b\u7279\u522b\u5173\u6ce8\uff1a<\/section>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u4e0d\u540c\u8f6e\u6b21\u3001\u4e0d\u540c\u7c7b\u522b\u80a1\u6743\u7684\u6743\u5229\u5dee\u5f02\uff1a<\/strong><br \/>\n<section>\u00a0\u4f18\u5148\u80a1\u901a\u5e38\u4eab\u6709\u4f18\u5148\u6e05\u7b97\u6743\u3001\u53cd\u7a00\u91ca\u6761\u6b3e\u3001\u56de\u8d2d\u6743\u7b49\u7279\u6b8a\u6743\u5229\uff0c\u5176\u4ef7\u503c\u4e0e\u666e\u901a\u80a1\u6709\u663e\u8457\u533a\u522b\u3002\u4f30\u503c\u65f6\u9700\u8981\u91c7\u7528\u671f\u6743\u5b9a\u4ef7\u6a21\u578b\uff08OPM\uff09\u6216\u6982\u7387\u52a0\u6743\u9884\u671f\u6536\u76ca\u6cd5\uff08PWERM\uff09\u7b49\u590d\u6742\u6a21\u578b\uff0c\u5728\u4e0d\u540c\u9000\u51fa\u60c5\u666f\uff08\u5982IPO\u3001\u5e76\u8d2d\u3001\u6e05\u7b97\uff09\u4e0b\u5bf9\u4f01\u4e1a\u4ef7\u503c\u8fdb\u884c\u5206\u914d\u3002<\/section>\n<\/li>\n<li><strong>\u503a\u6743\u8d44\u4ea7\u7684\u4f30\u503c\uff1a<\/strong><br \/>\n<section>\u00a0\u5bf9\u4e8e\u53ef\u8f6c\u503a\uff0c\u9700\u8981\u5c06\u5176\u62c6\u5206\u4e3a\u503a\u6743\u548c\u671f\u6743\u4e24\u90e8\u5206\u8fdb\u884c\u4f30\u503c\u3002\u5bf9\u4e8e\u666e\u901a\u503a\u6743\uff0c\u5219\u9700\u8bc4\u4f30\u53d1\u884c\u4eba\u7684\u4fe1\u7528\u98ce\u9669\u548c\u507f\u4ed8\u80fd\u529b\uff0c\u91c7\u7528\u73b0\u91d1\u6d41\u6298\u73b0\u6cd5\uff0c\u5e76\u4f7f\u7528\u53cd\u6620\u4e86\u4fe1\u7528\u5229\u5dee\u7684\u6298\u73b0\u7387\u3002<\/section>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>2.3 \u5c42\u7ea7\u4e09\uff1a\u57fa\u91d1\u6301\u6709\u67d0\u7c7b\u8d44\u4ea7\u7ec4\u5408\u7684\u4f30\u503c<\/h3>\n<p>\u5bf9\u4e8e\u67d0\u4e9b\u7279\u5b9a\u7c7b\u578b\u7684\u57fa\u91d1\uff0c\u4f8b\u5982\u6bcd\u57fa\u91d1\uff08Fund of Funds, FOF\uff09\u6216\u91c7\u7528\u7279\u5b9a\u884c\u4e1a\u7b56\u7565\u7684\u57fa\u91d1\uff0c\u9700\u8981\u5bf9\u67d0\u4e00\u7c7b\u8d44\u4ea7\u7ec4\u5408\u8fdb\u884c\u6574\u4f53\u8bc4\u4f30\u3002<\/p>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u4f30\u503c\u76ee\u7684\uff1a<\/strong><br \/>\n<section>\u00a0\u5bf9\u7279\u5b9a\u7b56\u7565\u6216\u884c\u4e1a\u4e0b\u7684\u8d44\u4ea7\u5305\u8fdb\u884c\u6574\u4f53\u8bc4\u4f30\u548c\u98ce\u9669\u655e\u53e3\u5206\u6790\u3002<\/section>\n<\/li>\n<li><strong>\u4f30\u503c\u5bf9\u8c61\uff1a<\/strong><br \/>\n<section>\u00a0FOF\u57fa\u91d1\u6301\u6709\u7684\u6240\u6709\u5b50\u57fa\u91d1\u4efd\u989d\u3001S\u57fa\u91d1\u6536\u8d2d\u7684\u8d44\u4ea7\u5305\u3001\u7279\u5b9a\u884c\u4e1a\uff08\u5982\u751f\u7269\u533b\u836f\uff09\u7684\u4e00\u63fd\u5b50\u9879\u76ee\u7ec4\u5408\u3002<\/section>\n<\/li>\n<li><strong>\u8f93\u51fa\u7ed3\u679c\uff1a<\/strong><br \/>\n<section>\u00a0\u8be5\u8d44\u4ea7\u7ec4\u5408\u7684\u6574\u4f53\u516c\u5141\u4ef7\u503c\u3002<\/section>\n<\/li>\n<li><strong>\u5173\u952e\u4efb\u52a1\uff1a<\/strong>\n<ul class=\"list-paddingleft-1\">\n<li><strong>FOF\u57fa\u91d1\uff1a<\/strong><br \/>\n<section>\u00a0\u6839\u636e\u8bc1\u76d1\u4f1a\u89c4\u5b9a\uff0cFOF\u57fa\u91d1\u9700\u5728\u5b9a\u671f\u62a5\u544a\u4e2d\u7a7f\u900f\u62ab\u9732\u5e95\u5c42\u6295\u8d44\u6807\u7684\u3002\u5728\u4f30\u503c\u5b9e\u8df5\u4e2d\uff0c\u7406\u60f3\u60c5\u51b5\u662f\u83b7\u53d6\u6240\u6709\u5b50\u57fa\u91d1\u7684\u5e95\u5c42\u8d44\u4ea7\u4fe1\u606f\u5e76\u91cd\u65b0\u4f30\u503c\u3002\u4f46\u5b9e\u64cd\u4e2d\u66f4\u591a\u662f\u91c7\u7528\u5b50\u57fa\u91d1\u7ba1\u7406\u4eba\u63d0\u4f9b\u7684\u6700\u65b0\u51c0\u503c\u62a5\u544a\uff08NAV Statement\uff09\u3002\u6b64\u65f6\uff0cFOF\u7ba1\u7406\u4eba\u5fc5\u987b\u5c65\u884c\u52e4\u52c9\u5c3d\u8d23\u4e49\u52a1\uff0c\u8bc4\u4f30\u8be5NAV\u7684\u516c\u5141\u6027\uff0c\u6bd4\u5982\u6838\u5bf9\u5176\u4f30\u503c\u653f\u7b56\u3001\u5ba1\u8ba1\u5e08\u610f\u89c1\uff0c\u5e76\u8003\u8651\u5176\u62a5\u544a\u65e5\u7684\u6ede\u540e\u6027\u5f71\u54cd\u3002<\/section>\n<\/li>\n<li><strong>S\u57fa\u91d1\uff1a<\/strong><br \/>\n<section>\u00a0\u4f30\u503c\u66f4\u4e3a\u590d\u6742\uff0c\u65e2\u8981\u5bf9\u8d44\u4ea7\u5305\u4e2d\u7684\u6bcf\u4e2a\u9879\u76ee\u8fdb\u884c\u72ec\u7acb\u4f30\u503c\uff0c\u53c8\u8981\u8003\u8651\u8d44\u4ea7\u5305\u7684\u6574\u4f53\u6298\u4ef7\uff08Portfolio Discount\uff09\uff0c\u56e0\u4e3a\u4e00\u6b21\u6027\u51fa\u552e\u591a\u4e2a\u9879\u76ee\u901a\u5e38\u6bd4\u5355\u72ec\u51fa\u552e\u66f4\u56f0\u96be\u3002<\/section>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>2.4 \u5c42\u7ea7\u56db\uff1a\u57fa\u91d1\u6301\u6709\u6240\u6709\u6295\u8d44\u8d44\u4ea7\u7ec4\u5408\u7684\u4f30\u503c\uff08GAV\uff09<\/h3>\n<p>\u8fd9\u4e00\u6b65\u662f\u7b80\u5355\u7684\u52a0\u603b\uff0c\u4f46\u524d\u63d0\u662f\u524d\u5e8f\u6b65\u9aa4\u7684\u89c4\u8303\u7edf\u4e00\u3002<\/p>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u4f30\u503c\u76ee\u7684\uff1a<\/strong><br \/>\n<section>\u00a0\u6c47\u603b\u6240\u6709\u6295\u8d44\u6807\u7684\u7684\u4f30\u503c\u7ed3\u679c\uff0c\u5f97\u51fa\u57fa\u91d1\u6295\u8d44\u7ec4\u5408\u7684\u603b\u4ef7\u503c\uff08Gross Asset Value, GAV\uff09\u3002<\/section>\n<\/li>\n<li><strong>\u4f30\u503c\u5bf9\u8c61\uff1a<\/strong><br \/>\n<section>\u00a0\u57fa\u91d1\u6295\u8d44\u7684\u6240\u6709\u80a1\u6743\u3001\u503a\u6743\u3001\u57fa\u91d1\u4efd\u989d\u7b49\u8d44\u4ea7\u3002<\/section>\n<\/li>\n<li><strong>\u8f93\u51fa\u7ed3\u679c\uff1a<\/strong><br \/>\n<section>\u00a0\u57fa\u91d1\u6295\u8d44\u7ec4\u5408\u7684\u603b\u516c\u5141\u4ef7\u503c\u3002<\/section>\n<\/li>\n<li><strong>\u5173\u952e\u4efb\u52a1\uff1a<\/strong><br \/>\n<section>\u00a0\u786e\u4fdd\u6240\u6709\u9879\u76ee\u7684\u4f30\u503c\u57fa\u51c6\u65e5\u7edf\u4e00\uff08\u59822025\u5e7412\u670831\u65e5\uff09\uff0c\u4f30\u503c\u65b9\u6cd5\u548c\u5173\u952e\u5047\u8bbe\u7684\u5e94\u7528\u5177\u6709\u4e00\u8d2f\u6027\u3002\u4efb\u4f55\u65b9\u6cd5\u7684\u53d8\u66f4\u90fd\u9700\u8981\u5728\u4f30\u503c\u62a5\u544a\u4e2d\u8fdb\u884c\u5145\u5206\u8bf4\u660e\u3002<\/section>\n<\/li>\n<\/ul>\n<h3>2.5 \u5c42\u7ea7\u4e94\uff1a\u57fa\u91d1\u8d44\u4ea7\u51c0\u503c\uff08NAV\uff09<\/h3>\n<p>\u8fd9\u662f\u5411LP\u62a5\u544a\u7684\u6700\u7ec8\u6838\u5fc3\u6210\u679c\u2014\u2014\u57fa\u91d1\u8d44\u4ea7\u51c0\u503c\u3002<\/p>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u4f30\u503c\u76ee\u7684\uff1a<\/strong><br \/>\n<section>\u00a0\u8ba1\u7b97\u57fa\u91d1\u5728\u5b63\u5ea6\u672b\u7684\u8d44\u4ea7\u51c0\u503c\uff08Net Asset Value, NAV\uff09\uff0c\u8fd9\u662f\u8ba1\u7b97\u57fa\u91d1\u4efd\u989d\u51c0\u503c\u3001\u5411LP\u62a5\u544a\u4e1a\u7ee9\u7684\u6838\u5fc3\u6307\u6807\u3002<\/section>\n<\/li>\n<li><strong>\u4f30\u503c\u5bf9\u8c61\uff1a<\/strong><br \/>\n<section>\u00a0\u6574\u4e2a\u57fa\u91d1\u5b9e\u4f53\u3002<\/section>\n<\/li>\n<li><strong>\u8f93\u51fa\u7ed3\u679c\uff1a<\/strong><br \/>\n<section>\u00a0\u57fa\u91d1\u8d44\u4ea7\u51c0\u503c\uff08NAV\uff09\u548c\u6bcf\u4efd\u989d\u51c0\u503c\u3002<\/section>\n<\/li>\n<li><strong>\u5173\u952e\u4efb\u52a1\uff1a<\/strong><br \/>\n<section>\u00a0\u5728GAV\u7684\u57fa\u7840\u4e0a\uff0c\u8fdb\u884c\u51c6\u786e\u7684\u4f1a\u8ba1\u6838\u7b97\u3002\u8ba1\u7b97\u516c\u5f0f\u4e3a\uff1a<code>\u57fa\u91d1\u8d44\u4ea7\u51c0\u503c (NAV) = \u6295\u8d44\u8d44\u4ea7\u516c\u5141\u4ef7\u503c (GAV) + \u73b0\u91d1\u53ca\u7b49\u4ef7\u7269 + \u5176\u4ed6\u8d44\u4ea7 - \u57fa\u91d1\u8d1f\u503a<\/code>\u5176\u4e2d\uff0c\u57fa\u91d1\u8d1f\u503a\u4e3b\u8981\u5305\u62ec\uff1a<\/p>\n<\/section>\n<ul class=\"list-paddingleft-1\">\n<li>\n<section>\u5e94\u8ba1\u672a\u4ed8\u7684\u7ba1\u7406\u8d39<\/section>\n<\/li>\n<li>\n<section>\u5e94\u8ba1\u672a\u4ed8\u7684\u6258\u7ba1\u8d39\u53ca\u5176\u4ed6\u8fd0\u8425\u8d39\u7528<\/section>\n<\/li>\n<li>\n<section>\u6839\u636e\u7011\u5e03\u6a21\u578b\uff08Waterfall\uff09\u9884\u63d0\u7684\u4e1a\u7ee9\u62a5\u916c\uff08Carried Interest\uff09<\/section>\n<\/li>\n<li>\n<section>\u57fa\u91d1\u5c42\u9762\u7684\u501f\u6b3e\u7b49<\/section>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>2.6 \u5c42\u7ea7\u516d\uff1a\u5355\u4e00\u51fa\u8d44\u4eba\u6301\u6709\u57fa\u91d1\u7684\u6743\u76ca\u51c0\u503c<\/h3>\n<p>\u6700\u540e\uff0c\u57fa\u91d1\u7684\u6574\u4f53\u4ef7\u503c\u9700\u8981\u5206\u914d\u5230\u6bcf\u4e00\u4f4d\u6295\u8d44\u8005\u5934\u4e0a\u3002<\/p>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u4f30\u503c\u76ee\u7684\uff1a<\/strong><br \/>\n<section>\u00a0\u8ba1\u7b97\u6bcf\u4e2aLP\u5728\u57fa\u91d1\u4e2d\u7684\u8d44\u672c\u8d26\u6237\u4f59\u989d\uff08Capital Account\uff09\uff0c\u7528\u4e8e\u5411LP\u53d1\u9001\u5b63\u5ea6\u62a5\u544a\u3001\u5904\u7406\u6536\u76ca\u5206\u914d\u7b49\u3002<\/section>\n<\/li>\n<li><strong>\u4f30\u503c\u5bf9\u8c61\uff1a<\/strong><br \/>\n<section>\u00a0\u6bcf\u4e00\u4e2aLP\u5728\u57fa\u91d1\u4e2d\u7684\u6743\u76ca\u3002<\/section>\n<\/li>\n<li><strong>\u8f93\u51fa\u7ed3\u679c\uff1a<\/strong><br \/>\n<section>\u00a0\u5404LP\u7684\u8d44\u672c\u8d26\u6237\u660e\u7ec6\u8868\u3002<\/section>\n<\/li>\n<li><strong>\u5173\u952e\u4efb\u52a1\uff1a<\/strong><br \/>\n<section>\u00a0\u8fd9\u662f\u4e00\u4e2a\u52a8\u6001\u8c03\u6574\u7684\u4f1a\u8ba1\u8fc7\u7a0b\uff0c\u9700\u8981\u7cbe\u786e\u8bb0\u5f55\u6bcf\u4e2aLP\u7684\u51fa\u8d44\u3001\u5206\u914d\u5386\u53f2\uff0c\u5e76\u6839\u636e\u57fa\u91d1\u7684\u6536\u76ca\u6216\u4e8f\u635f\u8fdb\u884c\u8c03\u6574\u3002\u5176\u7b80\u8981\u8ba1\u7b97\u903b\u8f91\u4e3a\uff1a<code>LP\u671f\u672b\u8d44\u672c\u8d26\u6237\u4f59\u989d = \u671f\u521d\u4f59\u989d + \u672c\u671f\u5b9e\u7f34\u51fa\u8d44 - \u672c\u671f\u5206\u914d\u91d1\u989d + \u672c\u671f\u672a\u5b9e\u73b0\u6536\u76ca\/\u4e8f\u635f\u4efd\u989d\u7b49<\/code>\u5176\u4e2d\uff0c\u201c\u672c\u671f\u672a\u5b9e\u73b0\u6536\u76ca\/\u4e8f\u635f\u4efd\u989d\u201d\u7684\u5206\u914d\uff0c\u9700\u8981\u4e25\u683c\u9075\u5faa\u57fa\u91d1\u5408\u540c\uff08LPA\uff09\u4e2d\u7ea6\u5b9a\u7684\u5206\u914d\u987a\u5e8f\uff08Waterfall\uff09\uff0c\u8fd9\u901a\u5e38\u6d89\u53ca\u4f18\u5148\u56de\u62a5\uff08Hurdle Rate\uff09\u3001GP\u8ffd\u8d76\uff08Catch-up\uff09\u7b49\u590d\u6742\u6761\u6b3e\u3002\u8be6\u7ec6\u53c2\u89c1\uff1a<a class=\"normal_text_link mp_article_text_link\" href=\"https:\/\/mp.weixin.qq.com\/s?__biz=Mzk0MjU2MTAxOA==&amp;mid=2247486822&amp;idx=1&amp;sn=b6ecd6e7322bc20253d0755c4c50e944&amp;scene=21#wechat_redirect\" target=\"_blank\" rel=\"noopener\" data-itemshowtype=\"0\" data-linktype=\"2\">\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u8d44\u672c\u8d26\u6237\u4f59\u989d:\u603b\u4f53\u62c6\u5206\u6cd5<\/a>\u00a0\u3001<a class=\"normal_text_link mp_article_text_link\" href=\"https:\/\/mp.weixin.qq.com\/s?__biz=Mzk0MjU2MTAxOA==&amp;mid=2247486904&amp;idx=1&amp;sn=feb3328051d6e5d95e27df7ca6da0243&amp;scene=21#wechat_redirect\" target=\"_blank\" rel=\"noopener\" data-itemshowtype=\"0\" data-linktype=\"2\">\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u8d44\u672c\u8d26\u6237\u4f59\u989d:\u62c6\u5206\u6c47\u603b\u6cd5<\/a>\u3002<\/p>\n<\/section>\n<\/li>\n<\/ul>\n<h2>\u7b2c\u4e09\u90e8\u5206\uff1a\u6838\u5fc3\u6b66\u5668\u5e93 &#8211; \u4f30\u503c\u65b9\u6cd5\u6df1\u5ea6\u89e3\u6790\u4e0e\u64cd\u4f5c\u89c4\u7a0b<\/h2>\n<p>\u672c\u90e8\u5206\u662f\u6574\u4e2a\u6307\u5357\u7684\u6838\u5fc3\u4e0e\u7075\u9b42\u3002\u6211\u4eec\u5c06\u7cfb\u7edf\u6027\u5730\u62c6\u89e3\u79c1\u52df\u80a1\u6743\u6295\u8d44\u4f30\u503c\u7684\u4e09\u5927\u4e3b\u6d41\u65b9\u6cd5\u4f53\u7cfb\uff1a\u5e02\u573a\u6cd5\u3001\u6536\u76ca\u6cd5\u548c\u6210\u672c\u6cd5\u3002\u6211\u4eec\u5c06\u4e25\u683c\u4f9d\u636e\u4e2d\u56fd\u8bc1\u5238\u6295\u8d44\u57fa\u91d1\u4e1a\u534f\u4f1a\uff08AMAC\uff09\u53d1\u5e03\u7684\u300a\u975e\u4e0a\u5e02\u516c\u53f8\u80a1\u6743\u4f30\u503c\u6307\u5f15\u300b\uff08\u7279\u522b\u662f\u51762025\u5e74\u4fee\u8ba2\u7248\uff09\uff0c\u5bf9\u6bcf\u4e00\u79cd\u5177\u4f53\u65b9\u6cd5\u8fdb\u884c\u201c\u516d\u7ef4\u89e3\u6790\u201d\uff1a\u5b9a\u4e49\u3001\u9002\u7528\u573a\u666f\u3001\u64cd\u4f5c\u6b65\u9aa4\u3001\u5173\u952e\u53c2\u6570\u3001\u4f18\u7f3a\u70b9\u53ca\u5b9e\u64cd\u8981\u70b9\uff0c\u5e76\u7ed3\u5408\u53c2\u8003\u8d44\u6599\u4e2d\u7684\u6848\u4f8b\u4e0e\u4e13\u5bb6\u89c2\u70b9\uff0c\u529b\u6c42\u4e3a\u4ece\u4e1a\u8005\u63d0\u4f9b\u4e00\u4efd\u53ef\u4ee5\u76f4\u63a5\u4ed8\u8bf8\u5b9e\u8df5\u7684\u201c\u6b66\u5668\u8bf4\u660e\u4e66\u201d\u3002<\/p>\n<h3>3.1 \u5e02\u573a\u6cd5\uff08Market Approach\uff09\uff1a\u5728\u5e02\u573a\u4e2d\u5bfb\u627e\u4ef7\u503c\u951a<\/h3>\n<p>\u5e02\u573a\u6cd5\u7684\u6838\u5fc3\u601d\u60f3\u662f\u201c\u4ef7\u503c\u662f\u76f8\u5bf9\u7684\u201d\uff0c\u5373\u4e00\u4e2a\u8d44\u4ea7\u7684\u4ef7\u503c\u53ef\u4ee5\u901a\u8fc7\u53c2\u8003\u5e02\u573a\u4e0a\u7c7b\u4f3c\u8d44\u4ea7\u7684\u4ea4\u6613\u4ef7\u683c\u6765\u786e\u5b9a\u3002\u5b83\u662fPE\u4f30\u503c\u4e2d\u6700\u5e38\u7528\u3001\u4e5f\u6700\u5bb9\u6613\u88ab\u6295\u8d44\u8005\u7406\u89e3\u7684\u65b9\u6cd5\uff0c\u56e0\u4e3a\u5b83\u76f4\u63a5\u4e0e\u5e02\u573a\u6302\u94a9\u3002<\/p>\n<h4>3.1.1 \u6700\u65b0\u878d\u8d44\u4ef7\u683c\u6cd5\uff08Recent Financing Price Method\uff09<\/h4>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u5b9a\u4e49\uff1a<\/strong><br \/>\n<section>\u00a0\u4ee5\u88ab\u6295\u4f01\u4e1a\u6700\u8fd1\u53d1\u751f\u7684\u4e00\u8f6e\u80a1\u6743\u878d\u8d44\u7684\u4ef7\u683c\u4e3a\u57fa\u7840\uff0c\u6765\u4f30\u8ba1\u5176\u5728\u4f30\u503c\u65e5\u7684\u516c\u5141\u4ef7\u503c\u3002<\/section>\n<\/li>\n<li><strong>\u9002\u7528\u573a\u666f\uff1a<\/strong><br \/>\n<section>\u00a0\u4e3b\u8981\u9002\u7528\u4e8e\u521d\u521b\u671f\u548c\u6210\u957f\u671f\u7684\u4f01\u4e1a\u3002\u8fd9\u7c7b\u4f01\u4e1a\u901a\u5e38\u7f3a\u4e4f\u7a33\u5b9a\u7684\u6536\u5165\u6216\u5229\u6da6\uff0c\u96be\u4ee5\u4f7f\u7528\u6536\u76ca\u6cd5\u6216\u53ef\u6bd4\u516c\u53f8\u6cd5\uff0c\u4f46\u5176\u878d\u8d44\u6d3b\u52a8\u76f8\u5bf9\u9891\u7e41\uff0c\u6bcf\u4e00\u8f6e\u878d\u8d44\u90fd\u4ee3\u8868\u4e86\u65b0\u8001\u6295\u8d44\u8005\u5bf9\u516c\u53f8\u4ef7\u503c\u7684\u4e00\u6b21\u5e02\u573a\u5316\u5b9a\u4ef7\u3002<\/section>\n<\/li>\n<li><strong>\u64cd\u4f5c\u6b65\u9aa4\uff1a<\/strong>\n<ol class=\"list-paddingleft-1\">\n<li><strong>\u83b7\u53d6\u4ea4\u6613\u4fe1\u606f\uff1a<\/strong><br \/>\n<section>\u00a0\u6536\u96c6\u5e76\u5ba1\u9605\u88ab\u6295\u4f01\u4e1a\u6700\u8fd1\u4e00\u8f6e\u878d\u8d44\u7684\u300a\u589e\u8d44\u534f\u8bae\u300b\u3001\u300a\u80a1\u6743\u8f6c\u8ba9\u534f\u8bae\u300b\u7b49\u6cd5\u5f8b\u6587\u4ef6\uff0c\u660e\u786e\u4ea4\u6613\u4ef7\u683c\u3001\u4ea4\u6613\u65f6\u95f4\u3001\u878d\u8d44\u91d1\u989d\u3001\u6295\u8d44\u65b9\u6784\u6210\u4ee5\u53ca\u4ea4\u6613\u6d89\u53ca\u7684\u80a1\u6743\u7c7b\u578b\u548c\u7279\u6b8a\u6743\u5229\u3002<\/section>\n<\/li>\n<li><strong>\u5224\u65ad\u4ea4\u6613\u7684\u516c\u5141\u6027\uff08\u6838\u5fc3\u6b65\u9aa4\uff09\uff1a<\/strong><br \/>\n<section>\u00a0\u8fd9\u662f\u8fd0\u7528\u6b64\u65b9\u6cd5\u7684\u5173\u952e\u3002\u7ba1\u7406\u4eba\u5fc5\u987b\u5ba1\u614e\u5224\u65ad\u8be5\u8f6e\u878d\u8d44\u4ef7\u683c\u662f\u5426\u80fd\u4ee3\u8868\u516c\u5141\u4ef7\u503c\u3002\u6839\u636e\u300a\u4f30\u503c\u6307\u5f15\u300b\uff082025\u5e74\u4fee\u8ba2\uff09\uff0c\u4ee5\u4e0b\u60c5\u51b5\u53ef\u80fd\u5bfc\u81f4\u878d\u8d44\u4ef7\u683c\u5931\u6548\u6216\u9700\u8981\u91cd\u5927\u8c03\u6574\uff1a<\/section>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u975e\u6709\u5e8f\u4ea4\u6613\uff1a<\/strong><br \/>\n<section>\u00a0\u5982\u88ab\u8feb\u51fa\u552e\u80a1\u6743\uff08\u5f3a\u8feb\u4ea4\u6613\uff09\u3001\u633d\u6551\u6fd2\u5371\u4f01\u4e1a\u7684\u201c\u6551\u63f4\u6027\u6295\u8d44\u201d\u7b49\u3002<\/section>\n<\/li>\n<li><strong>\u5173\u8054\u65b9\u6216\u7b2c\u4e09\u65b9\u62c5\u4fdd\uff1a<\/strong><br \/>\n<section>\u00a0\u88ab\u6295\u4f01\u4e1a\u7684\u5173\u8054\u65b9\u4e3a\u65b0\u6295\u8d44\u4eba\u63d0\u4f9b\u4e86\u5404\u79cd\u5f62\u5f0f\u7684\u6295\u8d44\u56de\u62a5\u62c5\u4fdd\uff0c\u8fd9\u4f7f\u5f97\u65b0\u6295\u8d44\u4eba\u613f\u610f\u652f\u4ed8\u66f4\u9ad8\u7684\u4ef7\u683c\u3002<\/section>\n<\/li>\n<li><strong>\u4e0d\u6210\u6bd4\u4f8b\u7684\u7a00\u91ca\uff1a<\/strong><br \/>\n<section>\u00a0\u65b0\u6295\u8d44\u4eba\u7684\u6295\u8d44\u9020\u6210\u5bf9\u539f\u80a1\u4e1c\u7684\u975e\u7b49\u6bd4\u4f8b\u644a\u8584\u3002<\/section>\n<\/li>\n<li><strong>\u7279\u6b8a\u534f\u540c\u6548\u5e94\u6216\u8d44\u6e90\u6ce8\u5165\uff1a<\/strong><br \/>\n<section>\u00a0\u878d\u8d44\u4ef7\u683c\u4e2d\u5305\u542b\u4e86\u65b0\u6295\u8d44\u4eba\u53ef\u5b9e\u73b0\u7684\u7279\u5b9a\u534f\u540c\u6548\u5e94\uff0c\u6216\u65b0\u6295\u8d44\u4eba\u9664\u4e86\u73b0\u91d1\u5916\u8fd8\u6295\u5165\u4e86\u5176\u4ed6\u65e0\u5f62\u8d44\u6e90\u3002<\/section>\n<\/li>\n<li><strong>\u8001\u80a1\u4e0e\u65b0\u80a1\u4ef7\u683c\u5dee\u5f02\uff1a<\/strong><br \/>\n<section>\u00a0\u82e5\u540c\u65f6\u53d1\u751f\u7684\u8001\u80a1\u8f6c\u8ba9\u4ef7\u683c\u4e0e\u65b0\u53d1\u884c\u7684\u80a1\u6743\u4ef7\u683c\u5b58\u5728\u663e\u8457\u5dee\u5f02\uff0c\u9700\u6df1\u5165\u5206\u6790\u539f\u56e0\uff08\u5982\u6743\u5229\u4e49\u52a1\u4e0d\u540c\u3001\u51fa\u552e\u52a8\u673a\u7b49\uff09\u3002<\/section>\n<\/li>\n<\/ul>\n<\/li>\n<li><strong>\u8fdb\u884c\u65f6\u95f4\u8870\u51cf\u4e0e\u91cd\u5927\u4e8b\u4ef6\u8c03\u6574\uff1a<\/strong><br \/>\n<section>\u00a0\u4f30\u503c\u65e5\u8ddd\u79bb\u878d\u8d44\u65e5\u8d8a\u4e45\uff0c\u878d\u8d44\u4ef7\u683c\u7684\u53c2\u8003\u610f\u4e49\u8d8a\u5f31\u3002\u7ba1\u7406\u4eba\u5fc5\u987b\u8bc4\u4f30\u4ece\u878d\u8d44\u65e5\u5230\u4f30\u503c\u65e5\u671f\u95f4\uff0c\u662f\u5426\u53d1\u751f\u4e86\u53ef\u80fd\u5f71\u54cd\u4ef7\u503c\u7684\u91cd\u5927\u4e8b\u4ef6\uff0c\u4f8b\u5982\uff1a<\/section>\n<section>\u5982\u679c\u53d1\u751f\u91cd\u5927\u53d8\u5316\uff0c\u9700\u8981\u5bf9\u6700\u8fd1\u878d\u8d44\u4ef7\u683c\u8fdb\u884c\u8c03\u6574\u3002\u5982\u5b89\u6c38\u5728\u5176\u89c2\u5bdf\u62a5\u544a\u4e2d\u63d0\u5230\u7684\u6848\u4f8b\uff1a\u67d0\u4f01\u4e1a\u56e0\u884c\u4e1a\u666f\u6c14\u5ea6\u4e0b\u964d\uff0c\u8425\u6536\u81ea\u878d\u8d44\u540e\u4e0b\u964d20%\uff0c\u4f30\u503c\u65f6\u4fbf\u5c06\u6700\u8fd1\u878d\u8d44\u4ef7\u683c\u76f8\u5e94\u8c03\u51cf20%\u3002<\/section>\n<ul class=\"list-paddingleft-1\">\n<li>\n<section>\u4f01\u4e1a\u7ecf\u8425\u4e1a\u7ee9\u4e0e\u8d22\u52a1\u9884\u7b97\u51fa\u73b0\u91cd\u5927\u5dee\u5f02\u3002<\/section>\n<\/li>\n<li>\n<section>\u6838\u5fc3\u6280\u672f\u7a81\u7834\u7684\u9884\u671f\u53d1\u751f\u91cd\u5927\u53d8\u5316\uff08\u6210\u529f\u6216\u5931\u8d25\uff09\u3002<\/section>\n<\/li>\n<li>\n<section>\u5b8f\u89c2\u7ecf\u6d4e\u3001\u884c\u4e1a\u653f\u7b56\u3001\u5e02\u573a\u7ade\u4e89\u683c\u5c40\u53d1\u751f\u5267\u53d8\u3002<\/section>\n<\/li>\n<li>\n<section>\u4f01\u4e1a\u5185\u90e8\u53d1\u751f\u6b3a\u8bc8\u3001\u8bc9\u8bbc\u3001\u6838\u5fc3\u7ba1\u7406\u5c42\u91cd\u5927\u53d8\u52a8\u7b49\u3002<\/section>\n<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<\/li>\n<li><strong>\u4f18\u7f3a\u70b9\uff1a<\/strong>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u4f18\u70b9\uff1a<\/strong><br \/>\n<section>\u00a0\u64cd\u4f5c\u76f8\u5bf9\u7b80\u4fbf\uff0c\u76f4\u63a5\u5229\u7528\u4e86\u771f\u5b9e\u53d1\u751f\u7684\u4ea4\u6613\u4ef7\u683c\uff0c\u4f30\u503c\u7ed3\u679c\u76f4\u89c2\u4e14\u6709\u5e02\u573a\u57fa\u7840\u3002<\/section>\n<\/li>\n<li><strong>\u7f3a\u70b9\uff1a<\/strong><br \/>\n<section>\u00a0\u5bf9\u4ea4\u6613\u516c\u5141\u6027\u7684\u5224\u65ad\u4e3b\u89c2\u6027\u8f83\u5f3a\uff0c\u4e14\u4ef7\u683c\u65f6\u6548\u6027\u5f3a\uff0c\u5bb9\u6613\u53d7\u5e02\u573a\u60c5\u7eea\u548c\u7279\u5b9a\u4ea4\u6613\u6761\u6b3e\u7684\u5e72\u6270\u3002<\/section>\n<\/li>\n<\/ul>\n<\/li>\n<li><strong>\u5b9e\u64cd\u8981\u70b9\uff1a<\/strong>\n<ul class=\"list-paddingleft-1\">\n<li>\n<section>\u6839\u636e\u300a\u4f30\u503c\u6307\u5f15\u300b\uff0c\u5982\u679c\u975e\u4e0a\u5e02\u516c\u53f8\u80a1\u6743\u662f\u5728<strong>\u4e00\u5e74\u5185<\/strong>\u53d6\u5f97\u7684\uff0c\u4e14\u4ea4\u6613\u65e5\u540e\u672a\u53d1\u751f\u5f71\u54cd\u516c\u5141\u4ef7\u503c\u7684\u91cd\u5927\u4e8b\u4ef6\uff0c\u5176<strong>\u6295\u8d44\u6210\u672c\u539f\u5219\u4e0a\u53ef\u4f5c\u4e3a\u516c\u5141\u4ef7\u503c\u7684\u6700\u4f73\u4f30\u8ba1<\/strong>\u3002<\/section>\n<\/li>\n<li>\n<section>\u5f53\u65e0\u6cd5\u76f4\u63a5\u4f7f\u7528\u6700\u8fd1\u878d\u8d44\u4ef7\u683c\uff0c\u4e5f\u627e\u4e0d\u5230\u5408\u9002\u7684\u53ef\u6bd4\u516c\u53f8\u65f6\uff0c\u53ef\u4ee5\u8003\u8651\u6839\u636e\u4f01\u4e1a\u5173\u952e\u4e1a\u52a1\u6307\u6807\uff08\u5982\u7528\u6237\u6570\u3001\u5e02\u573a\u4efd\u989d\u3001\u7814\u53d1\u91cc\u7a0b\u7891\u7b49\uff09\u81ea\u878d\u8d44\u65f6\u70b9\u81f3\u4f30\u503c\u65e5\u7684\u53d8\u5316\uff0c\u5bf9\u878d\u8d44\u4ef7\u683c\u8fdb\u884c\u6821\u51c6\u3002<\/section>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h4>3.1.2 \u53ef\u6bd4\u516c\u53f8\u6cd5\uff08Comparable Company Analysis, CCA\uff09<\/h4>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u5b9a\u4e49\uff1a<\/strong><br \/>\n<section>\u00a0\u9009\u62e9\u4e0e\u88ab\u6295\u4f01\u4e1a\u5728\u4e1a\u52a1\u3001\u89c4\u6a21\u3001\u98ce\u9669\u7b49\u65b9\u9762\u76f8\u4f3c\u7684\u5df2\u4e0a\u5e02\u516c\u53f8\uff08\u53ef\u6bd4\u516c\u53f8\uff09\uff0c\u901a\u8fc7\u5206\u6790\u8fd9\u4e9b\u4e0a\u5e02\u516c\u53f8\u7684\u4f30\u503c\u4e58\u6570\uff08\u5982\u5e02\u76c8\u7387P\/E\u3001\u4f01\u4e1a\u4ef7\u503c\/EBITDA\u500d\u6570\u7b49\uff09\uff0c\u6765\u63a8\u7b97\u88ab\u6295\u4f01\u4e1a\u7684\u4ef7\u503c\u3002<\/section>\n<\/li>\n<li><strong>\u9002\u7528\u573a\u666f\uff1a<\/strong><br \/>\n<section>\u00a0\u9002\u7528\u4e8e\u4e1a\u52a1\u6a21\u5f0f\u76f8\u5bf9\u6210\u719f\u3001\u62e5\u6709\u7a33\u5b9a\u6536\u5165\u6216\u5229\u6da6\u3001\u4e14\u5728\u516c\u5f00\u5e02\u573a\u80fd\u627e\u5230\u8db3\u591f\u591a\u53ef\u6bd4\u5bf9\u8c61\u7684\u4f01\u4e1a\u3002<\/section>\n<\/li>\n<li><strong>\u64cd\u4f5c\u6b65\u9aa4\uff1a<\/strong>\n<ol class=\"list-paddingleft-1\">\n<li><strong>\u7b5b\u9009\u53ef\u6bd4\u516c\u53f8\uff1a<\/strong><br \/>\n<section>\u00a0\u8fd9\u662f\u51b3\u5b9a\u4f30\u503c\u8d28\u91cf\u7684\u7b2c\u4e00\u6b65\u3002\u5e94\u5728Wind\u3001Capital IQ\u3001Bloomberg\u7b49\u91d1\u878d\u6570\u636e\u5e93\u4e2d\uff0c\u6309\u7167\u884c\u4e1a\u5206\u7c7b\uff08\u5982GICS\uff09\u3001\u4e3b\u8425\u4e1a\u52a1\u3001\u4ea7\u54c1\/\u670d\u52a1\u3001\u5ba2\u6237\u7fa4\u4f53\u3001\u5730\u7406\u5e02\u573a\u3001\u89c4\u6a21\uff08\u6536\u5165\/\u8d44\u4ea7\uff09\u3001\u6210\u957f\u6027\u3001\u76c8\u5229\u80fd\u529b\u7b49\u591a\u4e2a\u7ef4\u5ea6\uff0c\u7b5b\u9009\u51fa\u4e0e\u88ab\u6295\u4f01\u4e1a\u9ad8\u5ea6\u76f8\u4f3c\u7684\u4e0a\u5e02\u516c\u53f8\u3002<\/section>\n<\/li>\n<li><strong>\u9009\u62e9\u4e0e\u8ba1\u7b97\u4f30\u503c\u4e58\u6570\uff1a<\/strong><br \/>\n<section>\u00a0\u6839\u636e\u88ab\u6295\u4f01\u4e1a\u6240\u5904\u884c\u4e1a\u53ca\u53d1\u5c55\u9636\u6bb5\u9009\u62e9\u6700\u5408\u9002\u7684\u4f30\u503c\u4e58\u6570\u3002\u8ba1\u7b97\u6240\u9009\u53ef\u6bd4\u516c\u53f8\u4e58\u6570\u7684\u5e73\u5747\u6570\u548c\u4e2d\u4f4d\u6570\uff0c\u901a\u5e38<strong>\u4f18\u5148\u91c7\u7528\u4e2d\u4f4d\u6570<\/strong>\u4ee5\u6392\u9664\u6781\u7aef\u503c\u7684\u5f71\u54cd\u3002<\/section>\n<p>\u8ba1\u7b97\u6240\u9009\u53ef\u6bd4\u516c\u53f8\u4e58\u6570\u7684\u5e73\u5747\u6570\u548c\u4e2d\u4f4d\u6570\uff0c\u901a\u5e38<strong>\u4f18\u5148\u91c7\u7528\u4e2d\u4f4d\u6570<\/strong>\u4ee5\u6392\u9664\u6781\u7aef\u503c\u7684\u5f71\u54cd\u3002<\/p>\n<ul class=\"list-paddingleft-1\">\n<li><strong>EV\/EBITDA\uff1a<\/strong><br \/>\n<section>\u00a0\u9002\u7528\u4e8e\u8d44\u672c\u7ed3\u6784\u5dee\u5f02\u8f83\u5927\u3001\u6216\u6298\u65e7\u644a\u9500\u5bf9\u5229\u6da6\u5f71\u54cd\u663e\u8457\u7684\u884c\u4e1a\uff08\u5982\u5236\u9020\u4e1a\u3001\u7535\u4fe1\u4e1a\uff09\u3002\u5b83\u5254\u9664\u4e86\u878d\u8d44\u548c\u7a0e\u52a1\u7ed3\u6784\u7684\u5f71\u54cd\uff0c\u53ef\u6bd4\u6027\u66f4\u5f3a\u3002<\/section>\n<\/li>\n<li><strong>P\/E\uff08\u5e02\u76c8\u7387\uff09\uff1a<\/strong><br \/>\n<section>\u00a0\u9002\u7528\u4e8e\u76c8\u5229\u7a33\u5b9a\u3001\u8d44\u672c\u7ed3\u6784\u76f8\u4f3c\u7684\u6210\u719f\u4f01\u4e1a\u3002\u9700\u6ce8\u610f\u5bf9\u975e\u7ecf\u5e38\u6027\u635f\u76ca\u8fdb\u884c\u8c03\u6574\u3002<\/section>\n<\/li>\n<li><strong>EV\/Sales\uff08\u5e02\u9500\u7387\uff09\uff1a<\/strong><br \/>\n<section>\u00a0\u9002\u7528\u4e8e\u5904\u4e8e\u5feb\u901f\u6210\u957f\u671f\u3001\u5c1a\u672a\u76c8\u5229\u4f46\u6536\u5165\u589e\u957f\u8fc5\u901f\u7684\u4f01\u4e1a\uff08\u5982SaaS\u3001\u7535\u5546\uff09\u3002<\/section>\n<\/li>\n<li><strong>P\/B\uff08\u5e02\u51c0\u7387\uff09\uff1a<\/strong><br \/>\n<section>\u00a0\u9002\u7528\u4e8e\u91cd\u8d44\u4ea7\u884c\u4e1a\uff0c\u5982\u94f6\u884c\u3001\u4fdd\u9669\u3001\u623f\u5730\u4ea7\u7b49\uff0c\u5176\u4ef7\u503c\u4e3b\u8981\u4f53\u73b0\u5728\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u3002<\/section>\n<\/li>\n<\/ul>\n<\/li>\n<li>\u5e94\u7528\u4e58\u6570\u5e76\u8fdb\u884c\u8c03\u6574\uff1a<br \/>\n<section>a.\u5c06\u9009\u5b9a\u7684\u4e58\u6570\u4e2d\u4f4d\u6570\u5e94\u7528\u4e8e\u88ab\u6295\u4f01\u4e1a\u76f8\u5e94\u7684\u8d22\u52a1\u6307\u6807\uff08\u5982LTM EBITDA\uff09\uff0c\u8ba1\u7b97\u5f97\u51fa\u4f01\u4e1a\u4ef7\u503c\uff08EV\uff09\u6216\u80a1\u6743\u4ef7\u503c\u3002<\/section>\n<p>b.\u6838\u5fc3\u8c03\u6574\u9879\u2014\u2014\u6d41\u52a8\u6027\u6298\u6263\uff1a<\/p>\n<section>\u00a0\u7531\u4e8e\u975e\u4e0a\u5e02\u80a1\u6743\u65e0\u6cd5\u50cf\u516c\u5f00\u80a1\u7968\u4e00\u6837\u81ea\u7531\u4ea4\u6613\uff0c\u5176\u4ef7\u503c\u76f8\u5bf9\u4e8e\u4e0a\u5e02\u516c\u53f8\u80a1\u6743\u5b58\u5728\u6298\u4ef7\u3002DLOM\u662f\u5fc5\u987b\u8003\u8651\u7684\u8c03\u6574\u3002\u5176\u786e\u5b9a\u65b9\u6cd5\u53ef\u53c2\u8003\u5b66\u672f\u7814\u7a76\u3001\u7ecf\u9a8c\u6570\u636e\uff08\u901a\u5e38\u572820%-30%\uff09\uff0c\u6216\u91c7\u7528\u66f4\u590d\u6742\u7684\u770b\u8dcc\u671f\u6743\u6a21\u578b\u8fdb\u884c\u91cf\u5316\u3002<\/section>\n<p>c.\u5176\u4ed6\u8c03\u6574\u9879\uff1a<\/p>\n<section>\u00a0\u53ef\u80fd\u8fd8\u9700\u8003\u8651\u63a7\u5236\u6743\u6ea2\u4ef7\uff08\u82e5\u6536\u8d2d\u63a7\u80a1\u6743\uff09\u6216\u5c11\u6570\u80a1\u6743\u6298\u4ef7\uff0c\u4ee5\u53ca\u4f01\u4e1a\u662f\u5426\u5b58\u5728\u975e\u7ecf\u8425\u6027\u8d44\u4ea7\/\u8d1f\u503a\u7b49\u3002<\/section>\n<\/li>\n<li><strong>\u4ef7\u503c\u5206\u914d\uff1a<\/strong><br \/>\n<section>\u00a0\u5982\u679c\u88ab\u6295\u4f01\u4e1a\u5b58\u5728\u591a\u8f6e\u6b21\u3001\u4e0d\u540c\u6743\u5229\u7684\u80a1\u6743\u7ed3\u6784\uff0c\u9700\u5728\u5f97\u51fa\u6574\u4f53\u80a1\u6743\u4ef7\u503c\u540e\uff0c\u91c7\u7528OPM\u6216PWERM\u7b49\u6a21\u578b\u5c06\u4ef7\u503c\u5728\u4e0d\u540c\u80a1\u4e1c\u4e4b\u95f4\u8fdb\u884c\u5206\u914d\u3002<\/section>\n<\/li>\n<\/ol>\n<\/li>\n<li><strong>\u4f18\u7f3a\u70b9\uff1a<\/strong>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u4f18\u70b9\uff1a<\/strong><br \/>\n<section>\u00a0\u4f30\u503c\u57fa\u4e8e\u5f53\u524d\u5e02\u573a\u6570\u636e\uff0c\u53cd\u6620\u4e86\u5e02\u573a\u5bf9\u884c\u4e1a\u7684\u666e\u904d\u770b\u6cd5\uff0c\u903b\u8f91\u6e05\u6670\uff0c\u6613\u4e8e\u6c9f\u901a\u3002<\/section>\n<\/li>\n<li><strong>\u7f3a\u70b9\uff1a<\/strong><br \/>\n<section>\u00a0\u4e16\u754c\u4e0a\u6ca1\u6709\u4e24\u7247\u5b8c\u5168\u76f8\u540c\u7684\u53f6\u5b50\uff0c\u627e\u5230\u5b8c\u7f8e\u7684\u53ef\u6bd4\u516c\u53f8\u51e0\u4e4e\u4e0d\u53ef\u80fd\uff1b\u5e02\u573a\u60c5\u7eea\u53ef\u80fd\u5bfc\u81f4\u6574\u4e2a\u884c\u4e1a\u88ab\u9ad8\u4f30\u6216\u4f4e\u4f30\uff1b\u6d41\u52a8\u6027\u6298\u6263\u7684\u786e\u5b9a\u4e3b\u89c2\u6027\u8f83\u5f3a\u3002<\/section>\n<\/li>\n<\/ul>\n<\/li>\n<li><strong>\u5b9e\u64cd\u8981\u70b9\uff1a<\/strong>\n<ul class=\"list-paddingleft-1\">\n<li>\n<section>\u53ef\u6bd4\u516c\u53f8\u7684\u7b5b\u9009\u8fc7\u7a0b\u548c\u7406\u7531\u5fc5\u987b\u5728\u4f30\u503c\u5de5\u4f5c\u5e95\u7a3f\u4e2d\u8be6\u7ec6\u8bb0\u5f55\uff0c\u4ee5\u5907\u5ba1\u8ba1\u548c\u76d1\u7ba1\u6838\u67e5\u3002<\/section>\n<\/li>\n<li>\n<section>\u5bf9\u88ab\u6295\u4f01\u4e1a\u548c\u53ef\u6bd4\u516c\u53f8\u7684\u8d22\u52a1\u6570\u636e\u8fdb\u884c\u201c\u5e38\u89c4\u5316\u201d\u8c03\u6574\uff0c\u5254\u9664\u4e00\u6b21\u6027\u3001\u975e\u7ecf\u8425\u6027\u7684\u9879\u76ee\uff0c\u786e\u4fdd\u6307\u6807\u53e3\u5f84\u4e00\u81f4\u3002<\/section>\n<\/li>\n<li>\n<section>\u5bf9\u4f30\u503c\u4e58\u6570\u548c\u6d41\u52a8\u6027\u6298\u6263\u7b49\u5173\u952e\u53c2\u6570\u8fdb\u884c\u654f\u611f\u6027\u5206\u6790\uff0c\u4ee5\u533a\u95f4\u800c\u975e\u5355\u70b9\u7684\u5f62\u5f0f\u5448\u73b0\u4f30\u503c\u7ed3\u679c\uff0c\u66f4\u80fd\u53cd\u6620\u4e0d\u786e\u5b9a\u6027\u3002<\/section>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h4>3.1.3 \u56de\u8d2d\u4ef7\u683c\u6cd5\uff08Repurchase Price Method\uff09<\/h4>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u5b9a\u4e49\uff1a<\/strong><br \/>\n<section>\u00a0\u5f53\u6295\u8d44\u534f\u8bae\u4e2d\u7ea6\u5b9a\u7684\u56de\u8d2d\u6761\u6b3e\uff08\u901a\u5e38\u4e0e\u4e1a\u7ee9\u5bf9\u8d4c\u6216\u4e0a\u5e02\u65f6\u95f4\u6302\u94a9\uff09\u88ab\u89e6\u53d1\u6216\u6781\u6709\u53ef\u80fd\u88ab\u89e6\u53d1\u65f6\uff0c\u53ef\u4ee5\u91c7\u7528\u534f\u8bae\u7ea6\u5b9a\u7684\u56de\u8d2d\u4ef7\u683c\u6765\u4f30\u8ba1\u80a1\u6743\u7684\u516c\u5141\u4ef7\u503c\u3002<\/section>\n<\/li>\n<li><strong>\u9002\u7528\u573a\u666f\uff1a<\/strong><br \/>\n<section>\u00a0\u5e02\u573a\u73af\u5883\u6076\u5316\u6216\u88ab\u6295\u4f01\u4e1a\u7ecf\u8425\u4e0d\u53ca\u9884\u671f\uff0c\u5bfc\u81f4\u5176\u901a\u8fc7\u5e38\u89c4\u65b9\u6cd5\uff08\u5982\u5e02\u573a\u6cd5\uff09\u8ba1\u7b97\u7684\u4f30\u503c\u53ef\u80fd\u4f4e\u4e8e\u6295\u8d44\u6210\u672c\uff0c\u800c\u56de\u8d2d\u6761\u6b3e\u4e3a\u6295\u8d44\u8005\u63d0\u4f9b\u4e86\u4e00\u4e2a\u201c\u4fdd\u5e95\u201d\u4ef7\u503c\u3002<\/section>\n<\/li>\n<li><strong>\u64cd\u4f5c\u6b65\u9aa4\uff1a<\/strong>\n<ol class=\"list-paddingleft-1\">\n<li><strong>\u5ba1\u9605\u6295\u8d44\u534f\u8bae\uff1a<\/strong><br \/>\n<section>\u00a0\u660e\u786e\u56de\u8d2d\u6761\u6b3e\u7684\u89e6\u53d1\u6761\u4ef6\uff08\u5982\u201c\u8fde\u7eed\u4e24\u5e74\u51c0\u5229\u6da6\u4f4e\u4e8e\u627f\u8bfa\u503c\u768480%\u201d\u3001\u201c2028\u5e74\u5e95\u524d\u672a\u80fd\u5b9e\u73b0\u5408\u683cIPO\u201d\u7b49\uff09\u3002<\/section>\n<\/li>\n<li><strong>\u8ba1\u7b97\u56de\u8d2d\u4ef7\u503c\uff1a<\/strong><br \/>\n<section>\u00a0\u6839\u636e\u534f\u8bae\u7ea6\u5b9a\u7684\u56de\u8d2d\u4ef7\u683c\u8ba1\u7b97\u516c\u5f0f\uff08\u901a\u5e38\u662f\u201c\u6295\u8d44\u672c\u91d1 + X%\u7684\u5e74\u5316\u5355\u5229\/\u590d\u5229\u201d\uff09\uff0c\u8ba1\u7b97\u51fa\u5728\u4f30\u503c\u65e5\u7684\u56de\u8d2d\u4ef7\u503c\u3002<\/section>\n<\/li>\n<li><strong>\u8bc4\u4f30\u53ef\u6267\u884c\u6027\uff08\u6838\u5fc3\uff09\uff1a<\/strong><br \/>\n<section>\u00a0\u8fd9\u662f\u6700\u5173\u952e\u7684\u4e00\u6b65\u3002\u7ba1\u7406\u4eba\u5fc5\u987b\u5ba1\u614e\u8bc4\u4f30<strong>\u56de\u8d2d\u65b9\u7684\u56de\u8d2d\u610f\u613f\u548c\u5b9e\u9645\u56de\u8d2d\u80fd\u529b<\/strong>\u3002\u5982\u679c\u56de\u8d2d\u65b9\uff08\u901a\u5e38\u662f\u521b\u59cb\u4eba\u6216\u539f\u63a7\u80a1\u80a1\u4e1c\uff09\u81ea\u8eab\u8d22\u52a1\u72b6\u51b5\u4e0d\u4f73\uff0c\u6216\u5b58\u5728\u6cd5\u5f8b\u969c\u788d\uff0c\u90a3\u4e48\u8fd9\u4e2a\u56de\u8d2d\u4ef7\u503c\u5c31\u53ea\u662f\u201c\u7eb8\u4e0a\u5bcc\u8d35\u201d\u3002<\/section>\n<\/li>\n<li><strong>\u7efc\u5408\u5224\u65ad\uff1a<\/strong><br \/>\n<section>\u00a0\u5c06\u8bc4\u4f30\u4e86\u53ef\u5b9e\u73b0\u6027\u7684\u56de\u8d2d\u4ef7\u503c\u4e0e\u901a\u8fc7\u5176\u4ed6\u65b9\u6cd5\uff08\u5982CCA\uff09\u5f97\u51fa\u7684\u4f30\u503c\u7ed3\u679c\u8fdb\u884c\u6bd4\u8f83\u3002<\/section>\n<\/li>\n<\/ol>\n<\/li>\n<li><strong>\u4f18\u7f3a\u70b9\uff1a<\/strong>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u4f18\u70b9\uff1a<\/strong><br \/>\n<section>\u00a0\u4e3a\u4e0b\u884c\u98ce\u9669\u63d0\u4f9b\u4e86\u4e00\u4e2a\u660e\u786e\u7684\u3001\u6709\u5408\u540c\u4f9d\u636e\u7684\u4ef7\u503c\u53c2\u8003\uff0c\u589e\u5f3a\u4e86\u4f30\u503c\u7684\u5ba1\u614e\u6027\u3002<\/section>\n<\/li>\n<li><strong>\u7f3a\u70b9\uff1a<\/strong><br \/>\n<section>\u00a0\u4e25\u91cd\u4f9d\u8d56\u5bf9\u56de\u8d2d\u65b9\u5c65\u7ea6\u80fd\u529b\u7684\u5224\u65ad\uff0c\u4e3b\u89c2\u6027\u5f3a\uff1b\u82e5\u9ad8\u4f30\u5c65\u7ea6\u80fd\u529b\uff0c\u53ef\u80fd\u5bfc\u81f4\u4ef7\u503c\u865a\u9ad8\u3002<\/section>\n<\/li>\n<\/ul>\n<\/li>\n<li><strong>\u5b9e\u64cd\u8981\u70b9\uff1a<\/strong>\n<ul class=\"list-paddingleft-1\">\n<li>\n<section>\u5b9e\u52a1\u4e2d\uff0c\u5e38\u5c06\u56de\u8d2d\u4ef7\u683c\u6cd5\u4f5c\u4e3a\u4e00\u79cd\u201c\u4e0b\u9650\u201d\u53c2\u8003\u6216\u60c5\u666f\u5206\u6790\u7684\u4e00\u90e8\u5206\u3002<\/section>\n<\/li>\n<li>\n<section>\u4e00\u79cd\u5e38\u89c1\u7684\u505a\u6cd5\u662f\u91c7\u7528\u201c\u5b70\u9ad8\u539f\u5219\u201d\uff1a\u5728\u4f20\u7edf\u4f30\u503c\u65b9\u6cd5\u7684\u7ed3\u679c\u4e0e\u8003\u8651\u4e86\u5b9e\u73b0\u6982\u7387\u7684\u56de\u8d2d\u4ef7\u503c\u4e4b\u95f4\uff0c\u53d6\u5176\u8f83\u9ad8\u8005\u4f5c\u4e3a\u6700\u7ec8\u4f30\u503c\uff0c\u6216\u8fdb\u884c\u6982\u7387\u52a0\u6743\u5e73\u5747\u3002\u4f8b\u5982\uff0c\u82e5\u8ba4\u4e3a\u56de\u8d2d\u670970%\u7684\u6982\u7387\u88ab\u6267\u884c\uff0c\u5219\u53ef\u5c06\u56de\u8d2d\u4ef7\u503c\u4e58\u4ee570%\u7684\u6743\u91cd\u3002<\/section>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>3.2 \u6536\u76ca\u6cd5\uff08Income Approach\uff09\uff1a\u91cf\u5316\u672a\u6765\u7684\u4ef7\u503c<\/h3>\n<p>\u6536\u76ca\u6cd5\u7684\u6838\u5fc3\u601d\u60f3\u662f\u201c\u8d44\u4ea7\u7684\u4ef7\u503c\u7b49\u4e8e\u5176\u672a\u6765\u80fd\u4ea7\u751f\u7684\u6240\u6709\u6536\u76ca\u7684\u73b0\u503c\u201d\u3002\u5b83\u8bd5\u56fe\u56de\u7b54\u4e00\u4e2a\u66f4\u6839\u672c\u7684\u95ee\u9898\uff1a\u8fd9\u9879\u6295\u8d44\u672c\u8eab\u80fd\u4e3a\u6211\u5e26\u6765\u591a\u5c11\u94b1\uff1f\u8fd9\u662f\u4e00\u79cd\u7edd\u5bf9\u4f30\u503c\u6cd5\uff0c\u4e0d\u76f4\u63a5\u4f9d\u8d56\u4e8e\u5e02\u573a\u60c5\u7eea\u7684\u6ce2\u52a8\u3002<\/p>\n<h4>3.2.1 \u73b0\u91d1\u6d41\u6298\u73b0\u6cd5\uff08Discounted Cash Flow, DCF\uff09<\/h4>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u5b9a\u4e49\uff1a<\/strong><br \/>\n<section>\u00a0\u901a\u8fc7\u9884\u6d4b\u4f01\u4e1a\u672a\u6765\u4e00\u6bb5\u65f6\u95f4\u5185\u7684\u81ea\u7531\u73b0\u91d1\u6d41\uff0c\u5e76\u9009\u62e9\u4e00\u4e2a\u80fd\u591f\u53cd\u6620\u5176\u98ce\u9669\u7684\u6298\u73b0\u7387\uff0c\u5c06\u8fd9\u4e9b\u672a\u6765\u7684\u73b0\u91d1\u6d41\u6298\u7b97\u5230\u4eca\u5929\uff0c\u4ece\u800c\u5f97\u51fa\u4f01\u4e1a\u7684\u5185\u5728\u4ef7\u503c\u3002<\/section>\n<\/li>\n<li><strong>\u9002\u7528\u573a\u666f\uff1a<\/strong><br \/>\n<section>\u00a0\u7406\u8bba\u4e0a\u9002\u7528\u4e8e\u6240\u6709\u4f01\u4e1a\uff0c\u4f46\u5b9e\u8df5\u4e2d\u66f4\u9002\u5408\u4e8e\u5df2\u8fdb\u5165\u76f8\u5bf9\u6210\u719f\u9636\u6bb5\u3001\u5546\u4e1a\u6a21\u5f0f\u7a33\u5b9a\u3001\u672a\u6765\u73b0\u91d1\u6d41\u5177\u6709\u4e00\u5b9a\u53ef\u9884\u6d4b\u6027\u7684\u4f01\u4e1a\u3002\u6839\u636e\u300a\u4f30\u503c\u6307\u5f15\u300b\uff0c\u5bf9\u4e8e\u521d\u521b\u3001\u6301\u7eed\u4e8f\u635f\u3001\u6218\u7565\u8f6c\u578b\u7b49\u73b0\u91d1\u6d41\u96be\u4ee5\u53ef\u9760\u9884\u6d4b\u7684\u4f01\u4e1a\uff0c\u5e94<strong>\u8c28\u614e\u8bc4\u4f30\u8fd0\u7528DCF\u7684\u98ce\u9669<\/strong>\u3002<\/section>\n<\/li>\n<li><strong>\u64cd\u4f5c\u6b65\u9aa4\uff1a<\/strong>\n<ol class=\"list-paddingleft-1\">\n<li><strong>\u9884\u6d4b\u81ea\u7531\u73b0\u91d1\u6d41\uff08FCFF\/FCFE\uff09\uff1a<\/strong>\n<ul class=\"list-paddingleft-1\">\n<li>\n<section>\u57fa\u4e8e\u5386\u53f2\u8d22\u52a1\u6570\u636e\u3001\u884c\u4e1a\u589e\u957f\u8d8b\u52bf\u548c\u516c\u53f8\u7684\u5546\u4e1a\u8ba1\u5212\uff0c\u8be6\u7ec6\u9884\u6d4b\u672a\u67655-10\u5e74\uff08\u8be6\u7ec6\u9884\u6d4b\u671f\uff09\u7684\u5229\u6da6\u8868\u548c\u8d44\u4ea7\u8d1f\u503a\u8868\u3002<\/section>\n<\/li>\n<li>\n<section>\u8ba1\u7b97\u4f01\u4e1a\u81ea\u7531\u73b0\u91d1\u6d41\uff08FCFF\uff09\uff0c\u516c\u5f0f\u4e3a\uff1a<code>FCFF = EBIT * (1 - \u7a0e\u7387) + \u6298\u65e7\u4e0e\u644a\u9500 - \u8d44\u672c\u6027\u652f\u51fa - \u51c0\u8425\u8fd0\u8d44\u672c\u589e\u52a0<\/code>\u3002<\/section>\n<\/li>\n<\/ul>\n<\/li>\n<li><strong>\u8ba1\u7b97\u6298\u73b0\u7387\uff08WACC\uff09\uff1a<\/strong>\n<ul class=\"list-paddingleft-1\">\n<li>\n<section>\u6298\u73b0\u7387\u662fDCF\u6a21\u578b\u7684\u201c\u547d\u95e8\u201d\uff0c\u5fc5\u987b\u5ba1\u614e\u786e\u5b9a\u3002\u901a\u5e38\u4f7f\u7528\u52a0\u6743\u5e73\u5747\u8d44\u672c\u6210\u672c\uff08WACC\uff09\u3002<\/section>\n<\/li>\n<li><code>WACC = (E\/V) * Ke + (D\/V) * Kd * (1 - \u7a0e\u7387)<\/code><\/li>\n<li>\n<section>\u5176\u4e2d\uff0c\u80a1\u6743\u6210\u672c\uff08Ke\uff09\u901a\u5e38\u4f7f\u7528\u8d44\u672c\u8d44\u4ea7\u5b9a\u4ef7\u6a21\u578b\uff08CAPM\uff09\u8ba1\u7b97\uff1a<code>Ke = Rf + \u03b2 * (Rm - Rf)<\/code>\u3002\u65e0\u98ce\u9669\u5229\u7387\uff08Rf\uff09\u53ef\u53d610\u5e74\u671f\u56fd\u503a\u6536\u76ca\u7387\uff1b\u5e02\u573a\u98ce\u9669\u6ea2\u4ef7\uff08Rm &#8211; Rf\uff09\u53ef\u53c2\u8003\u5386\u53f2\u6570\u636e\u6216\u4e13\u4e1a\u673a\u6784\u53d1\u5e03\u7684\u503c\uff1bBeta\uff08\u03b2\uff09\u503c\u9700\u901a\u8fc7\u53ef\u6bd4\u4e0a\u5e02\u516c\u53f8\u7684Beta\u8fdb\u884c\u53bb\u6760\u6746\u548c\u518d\u6760\u6746\u5316\u8ba1\u7b97\u3002<\/section>\n<\/li>\n<\/ul>\n<\/li>\n<li><strong>\u8ba1\u7b97\u7ec8\u503c\uff08Terminal Value, TV\uff09\uff1a<\/strong>\n<ul class=\"list-paddingleft-1\">\n<li>\n<section>\u9884\u6d4b\u671f\u7ed3\u675f\u540e\u7684\u4f01\u4e1a\u4ef7\u503c\uff0c\u901a\u5e38\u5360DCF\u603b\u4ef7\u503c\u7684\u5f88\u5927\u4e00\u90e8\u5206\u3002<\/section>\n<\/li>\n<li>\n<section>\u5e38\u7528\u65b9\u6cd5\u6709\u4e24\u79cd\uff1a<strong>\u6c38\u7eed\u589e\u957f\u6a21\u578b<\/strong>\uff08<code>TV = FCFFn * (1 + g) \/ (WACC - g)<\/code>\uff0c\u5176\u4e2dg\u4e3a\u6c38\u7eed\u589e\u957f\u7387\uff0c\u901a\u5e38\u53d62%-3%\uff0c\u4e0d\u5e94\u9ad8\u4e8e\u5b8f\u89c2\u7ecf\u6d4e\u957f\u671f\u589e\u957f\u7387\uff09\u548c<strong>\u9000\u51fa\u4e58\u6570\u6a21\u578b<\/strong>\uff08<code>TV = \u9884\u6d4b\u671f\u672b\u5e74EBITDA * \u9000\u51fa\u4e58\u6570<\/code>\uff0c\u4e58\u6570\u53ef\u53c2\u8003\u5c4a\u65f6\u7684\u53ef\u6bd4\u516c\u53f8\u4e58\u6570\uff09\u3002<\/section>\n<\/li>\n<\/ul>\n<\/li>\n<li><strong>\u8ba1\u7b97\u4e0e\u8c03\u6574\uff1a<\/strong><br \/>\n<section>\u00a0\u5c06\u8be6\u7ec6\u9884\u6d4b\u671f\u5185\u6bcf\u5e74\u7684FCFF\u548c\u7ec8\u503c\uff08TV\uff09\u7528WACC\u6298\u73b0\u81f3\u4f30\u503c\u65e5\u5e76\u52a0\u603b\uff0c\u5f97\u5230\u4f01\u4e1a\u4ef7\u503c\uff08EV\uff09\u3002\u4eceEV\u4e2d\u51cf\u53bb\u51c0\u8d1f\u503a\uff0c\u5f97\u5230\u80a1\u6743\u4ef7\u503c\u3002<\/section>\n<\/li>\n<\/ol>\n<\/li>\n<li><strong>\u4f18\u7f3a\u70b9\uff1a<\/strong>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u4f18\u70b9\uff1a<\/strong><br \/>\n<section>\u00a0\u7406\u8bba\u57fa\u7840\u6700\u4e3a\u4e25\u8c28\uff0c\u80fd\u591f\u5168\u9762\u53cd\u6620\u4f01\u4e1a\u57fa\u672c\u9762\u548c\u957f\u671f\u4ef7\u503c\u521b\u9020\u80fd\u529b\uff0c\u4e0d\u53d7\u77ed\u671f\u5e02\u573a\u6ce2\u52a8\u5f71\u54cd\u3002<\/section>\n<\/li>\n<li><strong>\u7f3a\u70b9\uff1a<\/strong><br \/>\n<section>\u00a0\u7ed3\u679c\u5bf9\u5173\u952e\u5047\u8bbe\uff08\u5982\u589e\u957f\u7387\u3001WACC\u3001\u6c38\u7eed\u589e\u957f\u7387g\uff09\u6781\u5176\u654f\u611f\uff0c\u5fae\u5c0f\u7684\u5047\u8bbe\u53d8\u52a8\u53ef\u80fd\u5bfc\u81f4\u4f30\u503c\u7ed3\u679c\u7684\u5de8\u5927\u5dee\u5f02\uff1b\u9884\u6d4b\u672a\u6765\u672c\u8eab\u5177\u6709\u9ad8\u5ea6\u4e0d\u786e\u5b9a\u6027\uff0c\u4e3b\u89c2\u6027\u5f3a\u3002<\/section>\n<\/li>\n<\/ul>\n<\/li>\n<li><strong>\u5b9e\u64cd\u8981\u70b9\uff1a<\/strong>\n<ul class=\"list-paddingleft-1\">\n<li>\n<section>DCF\u6a21\u578b\u7edd\u4e0d\u5e94\u53ea\u7ed9\u51fa\u4e00\u4e2a\u5355\u70b9\u7ed3\u679c\u3002\u5fc5\u987b\u8fdb\u884c\u5168\u9762\u7684<strong>\u654f\u611f\u6027\u5206\u6790<\/strong>\u548c<strong>\u60c5\u666f\u5206\u6790<\/strong>\uff08\u5982\u4e50\u89c2\u3001\u4e2d\u6027\u3001\u60b2\u89c2\u60c5\u666f\uff09\uff0c\u4ee5\u533a\u95f4\u7684\u5f62\u5f0f\u5c55\u793a\u4f30\u503c\u7ed3\u679c\u3002<\/section>\n<\/li>\n<li>\n<section>\u6240\u6709\u5173\u952e\u5047\u8bbe\u7684\u6765\u6e90\u3001\u8ba1\u7b97\u8fc7\u7a0b\u548c\u9009\u53d6\u7406\u7531\uff0c\u90fd\u5fc5\u987b\u5728\u5de5\u4f5c\u5e95\u7a3f\u4e2d\u7559\u4e0b\u6e05\u6670\u3001\u53ef\u8ffd\u6eaf\u7684\u8bb0\u5f55\u3002\u4f8b\u5982\uff0cWACC\u7684\u8ba1\u7b97\u8fc7\u7a0b\u5e94\u6709\u72ec\u7acb\u7684\u8ba1\u7b97\u8868\u3002<\/section>\n<\/li>\n<li>\n<section>DCF\u6a21\u578b\u7684\u7ed3\u679c\u6700\u597d\u4e0e\u5e02\u573a\u6cd5\u7684\u7ed3\u679c\u8fdb\u884c\u4ea4\u53c9\u9a8c\u8bc1\uff0c\u82e5\u5dee\u5f02\u5de8\u5927\uff0c\u9700\u56de\u5934\u68c0\u67e5\u4e24\u79cd\u65b9\u6cd5\u7684\u5047\u8bbe\u662f\u5426\u5b58\u5728\u95ee\u9898\u3002<\/section>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>3.3 \u6210\u672c\u6cd5\uff08Cost Approach\uff09\uff1a\u8d44\u4ea7\u91cd\u7f6e\u7684\u89c6\u89d2<\/h3>\n<p>\u6210\u672c\u6cd5\uff0c\u4e5f\u79f0\u4e3a\u8d44\u4ea7\u57fa\u7840\u6cd5\uff0c\u5176\u903b\u8f91\u662f\u4f01\u4e1a\u7684\u4ef7\u503c\u4e0d\u5e94\u4f4e\u4e8e\u5176\u51c0\u8d44\u4ea7\u7684\u91cd\u7f6e\u6210\u672c\u6216\u6e05\u7b97\u4ef7\u503c\u3002\u5728PE\u4f30\u503c\u4e2d\uff0c\u5b83\u901a\u5e38\u4f5c\u4e3a\u8f85\u52a9\u65b9\u6cd5\u6216\u5728\u7279\u5b9a\u60c5\u51b5\u4e0b\u4f7f\u7528\u3002<\/p>\n<h4>3.3.1 \u51c0\u8d44\u4ea7\u6cd5\uff08Net Asset Value Method\uff09<\/h4>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u5b9a\u4e49\uff1a<\/strong><br \/>\n<section>\u00a0\u901a\u8fc7\u5bf9\u4f01\u4e1a\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u7684\u5404\u9879\u8d44\u4ea7\u548c\u8d1f\u503a\u6309\u516c\u5141\u4ef7\u503c\u8fdb\u884c\u9010\u4e00\u91cd\u4f30\uff0c\u4ee5\u201c\u603b\u8d44\u4ea7\u516c\u5141\u4ef7\u503c &#8211; \u603b\u8d1f\u503a\u516c\u5141\u4ef7\u503c\u201d\u6765\u786e\u5b9a\u4f01\u4e1a\u80a1\u6743\u7684\u4ef7\u503c\u3002<\/section>\n<\/li>\n<li><strong>\u9002\u7528\u573a\u666f\uff1a<\/strong>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u91cd\u8d44\u4ea7\u578b\u4f01\u4e1a\uff1a<\/strong><br \/>\n<section>\u00a0\u5982\u623f\u5730\u4ea7\u3001\u57fa\u7840\u8bbe\u65bd\u3001\u81ea\u7136\u8d44\u6e90\u7b49\uff0c\u5176\u4ef7\u503c\u4e3b\u8981\u6765\u6e90\u4e8e\u5176\u62e5\u6709\u7684\u6709\u5f62\u8d44\u4ea7\u3002<\/section>\n<\/li>\n<li><strong>\u6295\u8d44\u63a7\u80a1\u578b\u516c\u53f8\uff1a<\/strong><br \/>\n<section>\u00a0\u5176\u4e3b\u8981\u8d44\u4ea7\u5c31\u662f\u6301\u6709\u7684\u5176\u4ed6\u516c\u53f8\u7684\u80a1\u6743\u6216\u91d1\u878d\u8d44\u4ea7\uff0c\u53ef\u4ee5\u7a7f\u900f\u5230\u5e95\u5c42\u8d44\u4ea7\u8fdb\u884c\u4f30\u503c\u3002<\/section>\n<\/li>\n<li><strong>\u7ecf\u8425\u4e0d\u4f73\u3001\u53ef\u80fd\u9762\u4e34\u6e05\u7b97\u7684\u4f01\u4e1a\uff1a<\/strong><br \/>\n<section>\u00a0\u6b64\u65f6\u4f01\u4e1a\u7684\u6301\u7eed\u7ecf\u8425\u4ef7\u503c\u53ef\u80fd\u5df2\u4e0d\u5b58\u5728\uff0c\u5176\u6e05\u7b97\u4ef7\u503c\u6210\u4e3a\u6700\u73b0\u5b9e\u7684\u5e95\u7ebf\u4ef7\u503c\u3002<\/section>\n<\/li>\n<\/ul>\n<\/li>\n<li><strong>\u64cd\u4f5c\u6b65\u9aa4\uff1a<\/strong>\n<ol class=\"list-paddingleft-1\">\n<li>\n<section>\u83b7\u53d6\u4f01\u4e1a\u6700\u65b0\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\uff08\u6700\u597d\u662f\u7ecf\u5ba1\u8ba1\u7684\uff09\u3002<\/section>\n<\/li>\n<li>\n<section>\u8bc6\u522b\u9700\u8981\u8fdb\u884c\u516c\u5141\u4ef7\u503c\u91cd\u4f30\u7684\u5173\u952e\u8d44\u4ea7\u548c\u8d1f\u503a\u3002\u4f8b\u5982\uff0c\u571f\u5730\u4f7f\u7528\u6743\u548c\u623f\u4ea7\u5e94\u6309\u5e02\u573a\u4ef7\u91cd\u4f30\uff0c\u957f\u671f\u80a1\u6743\u6295\u8d44\u9700\u5355\u72ec\u4f30\u503c\uff0c\u91d1\u878d\u8d44\u4ea7\u6309\u5e02\u4ef7\u8ba1\u91cf\u3002<\/section>\n<\/li>\n<li>\n<section>\u5bf9\u8868\u5916\u8d44\u4ea7\uff08\u5982\u672a\u5165\u8d26\u7684\u4e13\u5229\uff09\u548c\u6216\u6709\u8d1f\u503a\uff08\u5982\u672a\u51b3\u8bc9\u8bbc\uff09\u8fdb\u884c\u8bc4\u4f30\u548c\u786e\u8ba4\u3002<\/section>\n<\/li>\n<li>\n<section>\u8ba1\u7b97\u8c03\u6574\u540e\u7684\u51c0\u8d44\u4ea7\uff1a<code>\u8c03\u6574\u540e\u51c0\u8d44\u4ea7 = \u8c03\u6574\u540e\u603b\u8d44\u4ea7 - \u8c03\u6574\u540e\u603b\u8d1f\u503a<\/code>\u3002<\/section>\n<\/li>\n<\/ol>\n<\/li>\n<li><strong>\u4f18\u7f3a\u70b9\uff1a<\/strong>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u4f18\u70b9\uff1a<\/strong><br \/>\n<section>\u00a0\u4f30\u503c\u57fa\u7840\u662f\u6709\u5f62\u7684\u8d44\u4ea7\u548c\u8d1f\u503a\uff0c\u6570\u636e\u76f8\u5bf9\u5ba2\u89c2\uff0c\u53ef\u9a8c\u8bc1\u6027\u5f3a\u3002<\/section>\n<\/li>\n<li><strong>\u7f3a\u70b9\uff1a<\/strong><br \/>\n<section>\u00a0\u4e25\u91cd\u4f4e\u4f30\u4e86\u4f01\u4e1a\u7684\u65e0\u5f62\u8d44\u4ea7\u4ef7\u503c\uff08\u5982\u54c1\u724c\u3001\u6280\u672f\u3001\u5ba2\u6237\u5173\u7cfb\u3001\u7ba1\u7406\u56e2\u961f\u7b49\uff09\u548c\u534f\u540c\u6548\u5e94\uff0c\u65e0\u6cd5\u53cd\u6620\u4f01\u4e1a\u7684\u76c8\u5229\u80fd\u529b\u548c\u6210\u957f\u6f5c\u529b\u3002<\/section>\n<\/li>\n<\/ul>\n<\/li>\n<li><strong>\u5b9e\u64cd\u8981\u70b9\uff1a<\/strong>\n<ul class=\"list-paddingleft-1\">\n<li>\n<section>\u51c0\u8d44\u4ea7\u6cd5\u5f97\u51fa\u7684\u901a\u5e38\u662f\u4f01\u4e1a\u7684\u5e95\u7ebf\u4ef7\u503c\uff0c\u9664\u975e\u4f01\u4e1a\u5373\u5c06\u6e05\u7b97\uff0c\u5426\u5219\u4e00\u822c\u4e0d\u5355\u72ec\u4f5c\u4e3a\u4e3b\u8981\u7684\u4f30\u503c\u65b9\u6cd5\u3002<\/section>\n<\/li>\n<li>\n<section>\u5728\u5bf9\u623f\u5730\u4ea7\u3001\u5927\u578b\u8bbe\u5907\u7b49\u8d44\u4ea7\u8fdb\u884c\u91cd\u4f30\u65f6\uff0c\u53ef\u80fd\u9700\u8981\u8058\u8bf7\u4e13\u4e1a\u7684\u8d44\u4ea7\u8bc4\u4f30\u5e08\u51fa\u5177\u72ec\u7acb\u7684\u8bc4\u4f30\u62a5\u544a\u3002<\/section>\n<\/li>\n<li>\n<section>\u300a\u4f30\u503c\u6307\u5f15\u300b\uff082025\u5e74\u4fee\u8ba2\uff09\u5c06\u6b64\u65b9\u6cd5\u7684\u540d\u79f0\u4ece\u201c\u91cd\u7f6e\u6210\u672c\u6cd5\u201d\u66f4\u65b0\u4e3a\u201c\u51c0\u8d44\u4ea7\u6cd5\u201d\uff0c\u66f4\u51c6\u786e\u5730\u53cd\u6620\u4e86\u5176\u5728\u91d1\u878d\u4f30\u503c\u9886\u57df\u7684\u5e94\u7528\u5b9e\u8d28\u3002<\/section>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2>\u7b2c\u56db\u90e8\u5206\uff1a\u89c4\u8303\u6d41\u7a0b &#8211; \u4f30\u503c\u6cbb\u7406\u4e0e\u5185\u90e8\u5de5\u4f5c\u6d41<\/h2>\n<p>\u5982\u679c\u8bf4\u4f30\u503c\u65b9\u6cd5\u662f\u201c\u6b66\u5668\u201d\uff0c\u90a3\u4e48\u4f30\u503c\u6cbb\u7406\u4e0e\u6d41\u7a0b\u5c31\u662f\u4f7f\u7528\u8fd9\u4e9b\u6b66\u5668\u7684\u201c\u4f5c\u6218\u4f53\u7cfb\u201d\u3002\u4e00\u4e2a\u518d\u7cbe\u5999\u7684\u4f30\u503c\u6a21\u578b\uff0c\u5982\u679c\u8fd0\u884c\u5728\u4e00\u4e2a\u6df7\u4e71\u3001\u968f\u610f\u7684\u6d41\u7a0b\u4e2d\uff0c\u5176\u7ed3\u679c\u4e5f\u6beb\u65e0\u53ef\u4fe1\u5ea6\u3002\u5efa\u7acb\u4e00\u5957\u7a33\u5065\u3001\u5408\u89c4\u3001\u9ad8\u6548\u7684\u4f30\u503c\u6cbb\u7406\u67b6\u6784\u548c\u5185\u90e8\u5de5\u4f5c\u6d41\uff0c\u662f\u786e\u4fdd\u4f30\u503c\u8d28\u91cf\u3001\u9632\u8303\u64cd\u4f5c\u98ce\u9669\u548c\u5408\u89c4\u98ce\u9669\u7684\u6839\u672c\u4fdd\u969c\u3002\u672c\u90e8\u5206\u5c06\u501f\u9274\u56fd\u9645\u5b9e\u8df5\uff08\u5982\u82f1\u56fdFCA\u7684\u5ba1\u67e5\u53d1\u73b0\u3001IPEV\u6307\u5f15\uff09\u548c\u56fd\u5185\u5934\u90e8\u673a\u6784\u7684\u7ecf\u9a8c\uff0c\u9610\u8ff0\u5982\u4f55\u6784\u5efa\u8fd9\u6837\u7684\u4f53\u7cfb\u3002<\/p>\n<h3>4.1 \u5efa\u7acb\u4f30\u503c\u6cbb\u7406\u67b6\u6784\uff1a\u72ec\u7acb\u6027\u662f\u57fa\u77f3<\/h3>\n<p>\u6709\u6548\u7684\u4f30\u503c\u6cbb\u7406\uff0c\u6838\u5fc3\u5728\u4e8e\u786e\u4fdd\u4f30\u503c\u8fc7\u7a0b\u7684\u72ec\u7acb\u6027\u548c\u5ba2\u89c2\u6027\uff0c\u4ee5\u7ba1\u7406\u548c\u63a7\u5236\u6f5c\u5728\u7684\u5229\u76ca\u51b2\u7a81\u3002\u6295\u8d44\u56e2\u961f\u5929\u7136\u5730\u503e\u5411\u4e8e\u7ed9\u51fa\u66f4\u9ad8\u7684\u4f30\u503c\uff0c\u4ee5\u7f8e\u5316\u8d26\u9762\u4e1a\u7ee9\uff0c\u800c\u8fd9\u53ef\u80fd\u4e0e\u516c\u5141\u4ef7\u503c\u539f\u5219\u76f8\u6096\u3002\u56e0\u6b64\uff0c\u5efa\u7acb\u5236\u8861\u673a\u5236\u81f3\u5173\u91cd\u8981\u3002<\/p>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u8bbe\u7acb\u4f30\u503c\u59d4\u5458\u4f1a\uff08Valuation Committee\uff09\uff1a<\/strong><br \/>\n<section>\u00a0\u8fd9\u662f\u73b0\u4ee3\u57fa\u91d1\u7ba1\u7406\u4eba\u7684\u6807\u914d\u3002<\/section>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u5b9a\u4f4d\uff1a<\/strong><br \/>\n<section>\u00a0\u4f5c\u4e3a\u57fa\u91d1\u5185\u90e8\u4f30\u503c\u7684\u6700\u9ad8\u51b3\u7b56\u673a\u6784\uff0c\u8d1f\u8d23\u5ba1\u8bae\u548c\u6279\u51c6\u57fa\u91d1\u7684\u4f30\u503c\u653f\u7b56\u3001\u5173\u952e\u5047\u8bbe\u4ee5\u53ca\u6700\u7ec8\u7684\u4f30\u503c\u7ed3\u679c\u3002<\/section>\n<\/li>\n<li><strong>\u6210\u5458\u6784\u6210\uff1a<\/strong><br \/>\n<section>\u00a0\u4e3a\u4fdd\u8bc1\u72ec\u7acb\u6027\uff0c\u59d4\u5458\u4f1a\u6210\u5458\u5e94\u591a\u5143\u5316\uff0c\u901a\u5e38\u5305\u62ec\u516c\u53f8\u9ad8\u7ba1\u3001\u9996\u5e2d\u98ce\u9669\u5b98\u3001\u9996\u5e2d\u8d22\u52a1\u5b98\u3001\u5408\u89c4\u8d1f\u8d23\u4eba\u4ee5\u53ca\u6295\u540e\u7ba1\u7406\u8d1f\u8d23\u4eba\u3002\u6295\u8d44\u56e2\u961f\u7684\u8d1f\u8d23\u4eba\u53ef\u4ee5\u4f5c\u4e3a\u6210\u5458\u53c2\u4e0e\u8ba8\u8bba\uff0c\u4f46\u5e94\u5728\u6700\u7ec8\u8868\u51b3\u65f6\u56de\u907f\u6216\u4e0d\u5360\u4e3b\u5bfc\u5730\u4f4d\u3002\u82f1\u56fdFCA\u7684\u826f\u597d\u5b9e\u8df5\u5efa\u8bae\uff0c\u5e94\u6b63\u5f0f\u5c06\u6295\u8d44\u56e2\u961f\u4e0e\u4f30\u503c\u51b3\u7b56\u5206\u79bb\u3002<\/section>\n<\/li>\n<li><strong>\u4f1a\u8bae\u9891\u7387\uff1a<\/strong><br \/>\n<section>\u00a0\u81f3\u5c11\u6bcf\u5b63\u5ea6\u53ec\u5f00\u4e00\u6b21\u4f1a\u8bae\uff0c\u5ba1\u8bae\u5b63\u5ea6\u4f30\u503c\u7ed3\u679c\u3002\u53d1\u751f\u91cd\u5927\u4e8b\u4ef6\u65f6\u5e94\u53ec\u5f00\u4e34\u65f6\u4f1a\u8bae\u3002<\/section>\n<\/li>\n<\/ul>\n<\/li>\n<li><strong>\u660e\u786e\u804c\u8d23\u5206\u5de5\uff1a<\/strong>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u6295\u8d44\u56e2\u961f\uff1a<\/strong><br \/>\n<section>\u00a0\u4e3b\u8981\u804c\u8d23\u662f\u63d0\u4f9b\u88ab\u6295\u4f01\u4e1a\u7684\u539f\u59cb\u4fe1\u606f\uff0c\u5305\u62ec\u6700\u65b0\u7684\u8d22\u52a1\u62a5\u8868\u3001\u4e1a\u52a1\u8fdb\u5c55\u3001\u5e02\u573a\u53d8\u5316\u7b49\uff0c\u5e76\u53ef\u4ee5\u63d0\u51fa\u521d\u6b65\u7684\u4f30\u503c\u5efa\u8bae\u548c\u4f9d\u636e\u3002<\/section>\n<\/li>\n<li><strong>\u4f30\u503c\u6267\u884c\u56e2\u961f\uff1a<\/strong><br \/>\n<section>\u00a0\u901a\u5e38\u7531\u4e2d\u540e\u53f0\u7684\u8d22\u52a1\u90e8\u3001\u98ce\u63a7\u90e8\u6216\u4e13\u95e8\u7684\u4f30\u503c\u56e2\u961f\u8d1f\u8d23\u3002\u4ed6\u4eec\u4f9d\u636e\u4f30\u503c\u653f\u7b56\uff0c\u72ec\u7acb\u6267\u884c\u4f30\u503c\u8ba1\u7b97\uff0c\u7f16\u5236\u4f30\u503c\u6a21\u578b\u548c\u5de5\u4f5c\u5e95\u7a3f\u3002<\/section>\n<\/li>\n<li><strong>\u590d\u6838\u4e0e\u5ba1\u8ba1\uff1a<\/strong><br \/>\n<section>\u00a0\u5185\u90e8\u7684\u5408\u89c4\u98ce\u63a7\u90e8\u95e8\u6216\u72ec\u7acb\u7684\u7b2c\u4e09\u65b9\u4f30\u503c\u670d\u52a1\u673a\u6784\u5bf9\u4f30\u503c\u8fc7\u7a0b\u548c\u7ed3\u679c\u8fdb\u884c\u590d\u6838\u3002\u5916\u90e8\u5ba1\u8ba1\u5e08\u5728\u5e74\u5ea6\u5ba1\u8ba1\u65f6\u4f1a\u5bf9\u4f30\u503c\u8fdb\u884c\u91cd\u70b9\u5ba1\u8ba1\u3002<\/section>\n<\/li>\n<\/ul>\n<\/li>\n<li><strong>\u5f15\u5165\u7b2c\u4e09\u65b9\u4f30\u503c\u670d\u52a1\uff1a<\/strong><br \/>\n<section>\u00a0\u5bf9\u4e8e\u590d\u6742\u6216\u6709\u4e89\u8bae\u7684\u6295\u8d44\u9879\u76ee\uff0c\u8058\u8bf7\u72ec\u7acb\u7684\u7b2c\u4e09\u65b9\u4f30\u503c\u673a\u6784\u63d0\u4f9b\u4f30\u503c\u670d\u52a1\u6216\u5bf9\u5185\u90e8\u4f30\u503c\u8fdb\u884c\u590d\u6838\uff0c\u662f\u589e\u5f3a\u4f30\u503c\u516c\u4fe1\u529b\u7684\u6709\u6548\u624b\u6bb5\u3002\u8fd9\u4e0d\u4ec5\u80fd\u63d0\u4f9b\u4e13\u4e1a\u610f\u89c1\uff0c\u8fd8\u80fd\u5411LP\u548c\u76d1\u7ba1\u673a\u6784\u5c55\u793a\u7ba1\u7406\u4eba\u7684\u5ba1\u614e\u6001\u5ea6\u3002<\/section>\n<\/li>\n<\/ul>\n<h3>4.2 \u5236\u5b9a\u4e0e\u7ef4\u62a4\u4f30\u503c\u653f\u7b56\uff1a\u884c\u52a8\u7684\u201c\u5baa\u6cd5\u201d<\/h3>\n<p>\u4f30\u503c\u653f\u7b56\u662f\u6574\u4e2a\u4f30\u503c\u5de5\u4f5c\u7684\u201c\u5baa\u6cd5\u201d\uff0c\u5b83\u5c06\u4f30\u503c\u539f\u5219\u5236\u5ea6\u5316\u3001\u6d41\u7a0b\u5316\uff0c\u786e\u4fdd\u4f30\u503c\u6d3b\u52a8\u7684\u4e00\u81f4\u6027\u548c\u89c4\u8303\u6027\u3002\u4e00\u4efd\u5b8c\u5584\u7684\u4f30\u503c\u653f\u7b56\u6587\u4ef6\u5e94\u81f3\u5c11\u5305\u542b\u4ee5\u4e0b\u5185\u5bb9\uff1a<\/p>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u4f30\u503c\u539f\u5219\uff1a<\/strong><br \/>\n<section>\u00a0\u660e\u786e\u9075\u5faa\u516c\u5141\u4ef7\u503c\u539f\u5219\uff0c\u5e76\u5f15\u7528\u76f8\u5173\u7684\u4f1a\u8ba1\u51c6\u5219\u548c\u76d1\u7ba1\u6307\u5f15\u3002<\/section>\n<\/li>\n<li><strong>\u6cbb\u7406\u67b6\u6784\uff1a<\/strong><br \/>\n<section>\u00a0\u8be6\u7ec6\u8bf4\u660e\u4f30\u503c\u59d4\u5458\u4f1a\u7684\u6784\u6210\u3001\u804c\u8d23\u548c\u8bae\u4e8b\u89c4\u5219\u3002<\/section>\n<\/li>\n<li><strong>\u4f30\u503c\u9891\u7387\uff1a<\/strong><br \/>\n<section>\u00a0\u660e\u786e\u89c4\u5b9a\u57fa\u91d1\u6309\u5b63\u5ea6\u3001\u534a\u5e74\u5ea6\u3001\u5e74\u5ea6\u8fdb\u884c\u4f30\u503c\u7684\u8981\u6c42\u3002<\/section>\n<\/li>\n<li><strong>\u4f30\u503c\u65b9\u6cd5\u8bba\uff1a<\/strong><br \/>\n<section>\u00a0\u8be6\u7ec6\u63cf\u8ff0\u5728\u4f55\u79cd\u60c5\u51b5\u4e0b\u5e94\u4f18\u5148\u9009\u7528\u4f55\u79cd\u4f30\u503c\u65b9\u6cd5\uff08\u5982\u5e02\u573a\u6cd5\u3001\u6536\u76ca\u6cd5\u3001\u6210\u672c\u6cd5\uff09\uff0c\u5e76\u5bf9\u6bcf\u79cd\u65b9\u6cd5\u7684\u5e94\u7528\u6b65\u9aa4\u548c\u5173\u952e\u53c2\u6570\u9009\u62e9\u63d0\u4f9b\u6307\u5bfc\u3002<\/section>\n<\/li>\n<li><strong>\u6570\u636e\u6765\u6e90\uff1a<\/strong><br \/>\n<section>\u00a0\u660e\u786e\u5404\u7c7b\u4f30\u503c\u8f93\u5165\u503c\u7684\u4f18\u5148\u987a\u5e8f\u548c\u83b7\u53d6\u9014\u5f84\uff08\u5982\u4f18\u5148\u4f7f\u7528\u7ecf\u5ba1\u8ba1\u7684\u8d22\u62a5\u3001\u53ef\u4fe1\u7684\u7b2c\u4e09\u65b9\u6570\u636e\u6e90\u7b49\uff09\u3002<\/section>\n<\/li>\n<li><strong>\u5ba1\u6279\u4e0e\u62a5\u544a\u6d41\u7a0b\uff1a<\/strong><br \/>\n<section>\u00a0\u89c4\u5b9a\u4f30\u503c\u7ed3\u679c\u4ece\u521d\u6b65\u8ba1\u7b97\u5230\u6700\u7ec8\u6279\u51c6\u7684\u5b8c\u6574\u6d41\u7a0b\u3001\u5404\u73af\u8282\u7684\u8d1f\u8d23\u4eba\u548c\u65f6\u9650\u8981\u6c42\u3002<\/section>\n<\/li>\n<li><strong>\u6587\u6863\u4e0e\u8bb0\u5f55\u4fdd\u5b58\uff1a<\/strong><br \/>\n<section>\u00a0\u5f3a\u8c03\u6240\u6709\u4f30\u503c\u5de5\u4f5c\u5e95\u7a3f\u3001\u4f1a\u8bae\u7eaa\u8981\u3001\u6570\u636e\u6e90\u622a\u56fe\u7b49\u5fc5\u987b\u5b8c\u6574\u5b58\u6863\uff0c\u4fdd\u5b58\u671f\u9650\u5e94\u7b26\u5408\u76d1\u7ba1\u8981\u6c42\u3002<\/section>\n<\/li>\n<li><strong>\u653f\u7b56\u7684\u5ba1\u9605\u4e0e\u66f4\u65b0\uff1a<\/strong><br \/>\n<section>\u00a0\u89c4\u5b9a\u4f30\u503c\u653f\u7b56\u5e94\u7531\u4f30\u503c\u59d4\u5458\u4f1a\u81f3\u5c11\u6bcf\u5e74\u5ba1\u9605\u4e00\u6b21\uff0c\u4ee5\u786e\u4fdd\u5176\u6301\u7eed\u9002\u5e94\u6cd5\u89c4\u548c\u5e02\u573a\u7684\u53d8\u5316\u3002<\/section>\n<\/li>\n<\/ul>\n<h3>4.3 \u6807\u51c6\u5316\u7684\u5b63\u5ea6\u4f30\u503c\u5de5\u4f5c\u6d41<\/h3>\n<p>\u5c06\u4f30\u503c\u653f\u7b56\u843d\u5730\u4e3a\u6807\u51c6\u64cd\u4f5c\u7a0b\u5e8f\uff08SOP\uff09\uff0c\u662f\u786e\u4fdd\u6bcf\u4e2a\u5b63\u5ea6\u4f30\u503c\u5de5\u4f5c\u9ad8\u6548\u3001\u5408\u89c4\u8fdb\u884c\u7684\u5173\u952e\u3002\u4e00\u4e2a\u5178\u578b\u7684\u5b63\u5ea6\u4f30\u503c\u5de5\u4f5c\u6d41\u5982\u4e0b\uff1a<\/p>\n<ol class=\"list-paddingleft-1\">\n<li><strong>\u542f\u52a8\u4e0e\u8d44\u6599\u6536\u96c6\uff08T-15\u65e5\u81f3T+15\u65e5\uff09\uff1a<\/strong><br \/>\n<section>\u00a0\u5728\u5b63\u5ea6\u672b\u524d\u7ea6\u4e24\u5468\uff0c\u7531\u4f30\u503c\u56e2\u961f\u5411\u5404\u9879\u76ee\u6295\u8d44\u7ecf\u7406\u53d1\u51fa\u8d44\u6599\u6536\u96c6\u6e05\u5355\uff0c\u8981\u6c42\u5176\u534f\u8c03\u88ab\u6295\u4f01\u4e1a\u63d0\u4f9b\u6700\u65b0\u7684\u8d22\u52a1\u548c\u7ecf\u8425\u6570\u636e\u3002<\/section>\n<\/li>\n<li><strong>\u521d\u6b65\u4f30\u503c\u4e0e\u5e95\u7a3f\u7f16\u5236\uff08T+15\u65e5\u81f3T+20\u65e5\uff09\uff1a<\/strong><br \/>\n<section>\u00a0\u4f30\u503c\u56e2\u961f\u6839\u636e\u6536\u96c6\u5230\u7684\u8d44\u6599\u548c\u65e2\u5b9a\u7684\u4f30\u503c\u653f\u7b56\uff0c\u5bf9\u6bcf\u4e2a\u6295\u8d44\u9879\u76ee\u8fdb\u884c\u521d\u6b65\u4f30\u503c\uff0c\u5e76\u5efa\u7acb\u8be6\u7ec6\u7684Excel\u4f30\u503c\u6a21\u578b\u3002\u6240\u6709\u8ba1\u7b97\u8fc7\u7a0b\u3001\u6570\u636e\u6765\u6e90\u548c\u5173\u952e\u5047\u8bbe\u90fd\u5fc5\u987b\u5728\u5de5\u4f5c\u5e95\u7a3f\u4e2d\u6e05\u6670\u8bb0\u5f55\u3002<\/section>\n<\/li>\n<li><strong>\u4ea4\u53c9\u590d\u6838\u4e0e\u9a8c\u8bc1\uff08Cross-Check\uff09\uff1a<\/strong><br \/>\n<section>\u00a0\u4f30\u503c\u56e2\u961f\u5185\u90e8\u6216\u72ec\u7acb\u7684\u590d\u6838\u4eba\u5458\u5bf9\u521d\u6b65\u4f30\u503c\u7ed3\u679c\u8fdb\u884c\u68c0\u67e5\uff0c\u91cd\u70b9\u5173\u6ce8\u6a21\u578b\u516c\u5f0f\u7684\u51c6\u786e\u6027\u3001\u5173\u952e\u53c2\u6570\u7684\u5408\u7406\u6027\u4ee5\u53ca\u4e0e\u4e0a\u671f\u4f30\u503c\u7684\u53d8\u5316\u5206\u6790\u3002\u9f13\u52b1\u91c7\u7528\u81f3\u5c11\u4e24\u79cd\u4f30\u503c\u65b9\u6cd5\u8fdb\u884c\u4ea4\u53c9\u9a8c\u8bc1\u3002<\/section>\n<\/li>\n<li><strong>\u4f30\u503c\u59d4\u5458\u4f1a\u5ba1\u8bae\uff08T+20\u65e5\u81f3T+25\u65e5\uff09\uff1a<\/strong><br \/>\n<section>\u00a0\u4f30\u503c\u56e2\u961f\u5c06\u521d\u6b65\u4f30\u503c\u7ed3\u679c\u3001\u91cd\u5927\u53d8\u5316\u8bf4\u660e\u3001\u5173\u952e\u5047\u8bbe\u4f9d\u636e\u7b49\u6750\u6599\u63d0\u4ea4\u81f3\u4f30\u503c\u59d4\u5458\u4f1a\u3002\u59d4\u5458\u4f1a\u53ec\u5f00\u4f1a\u8bae\uff0c\u5bf9\u4f30\u503c\u7ed3\u679c\u8fdb\u884c\u8d28\u8be2\u3001\u8ba8\u8bba\uff0c\u7279\u522b\u662f\u5bf9\u4f30\u503c\u5dee\u5f02\u8f83\u5927\u3001\u5b58\u5728\u51cf\u503c\u8ff9\u8c61\u6216\u6709\u4e89\u8bae\u7684\u9879\u76ee\u8fdb\u884c\u6df1\u5165\u7814\u8ba8\uff0c\u5e76\u5f62\u6210\u6700\u7ec8\u51b3\u8bae\u3002<\/section>\n<\/li>\n<li><strong>\u7ed3\u679c\u786e\u8ba4\u4e0e\u62a5\u544a\u751f\u6210\uff08T+25\u65e5\u81f3T+30\u65e5\uff09\uff1a<\/strong><br \/>\n<section>\u00a0\u6839\u636e\u4f30\u503c\u59d4\u5458\u4f1a\u7684\u51b3\u8bae\uff0c\u8c03\u6574\u5e76\u6700\u7ec8\u786e\u5b9a\u6240\u6709\u9879\u76ee\u7684\u4f30\u503c\u3002\u8d22\u52a1\u56e2\u961f\u57fa\u4e8e\u6b64\u7ed3\u679c\uff0c\u8ba1\u7b97\u57fa\u91d1\u7684\u8d44\u4ea7\u51c0\u503c\uff08NAV\uff09\u548c\u5404LP\u7684\u8d44\u672c\u8d26\u6237\u4f59\u989d\uff0c\u5e76\u5c06\u5176\u7eb3\u5165\u300a\u57fa\u91d1\u5b63\u5ea6\u62a5\u544a\u300b\u3002<\/section>\n<\/li>\n<li><strong>\u5f52\u6863\u4e0e\u62a5\u5907\uff08T+30\u65e5\u540e\uff09\uff1a<\/strong><br \/>\n<section>\u00a0\u5c06\u6700\u7ec8\u7248\u7684\u4f30\u503c\u62a5\u544a\u3001\u5b8c\u6574\u7684\u4f30\u503c\u5de5\u4f5c\u5e95\u7a3f\u3001\u4f1a\u8bae\u7eaa\u8981\u7b49\u6240\u6709\u76f8\u5173\u6587\u4ef6\u8fdb\u884c\u7535\u5b50\u548c\u7269\u7406\u5f52\u6863\u3002\u6309\u76d1\u7ba1\u8981\u6c42\uff0c\u53ca\u65f6\u5728AMBERS\u7b49\u7cfb\u7edf\u4e2d\u5b8c\u6210\u4fe1\u606f\u62a5\u9001\u3002<\/section>\n<\/li>\n<\/ol>\n<h3>4.4 \u6821\u51c6\u4e0e\u56de\u6eaf\u6d4b\u8bd5\uff1a\u6301\u7eed\u4f18\u5316\u7684\u95ed\u73af<\/h3>\n<p>\u6821\u51c6\u548c\u56de\u6eaf\u6d4b\u8bd5\u662f\u68c0\u9a8c\u548c\u4f18\u5316\u4f30\u503c\u4f53\u7cfb\u7684\u91cd\u8981\u5de5\u5177\uff0c\u4e5f\u662fIPEV\u6307\u5f15\u548c\u56fd\u9645\u6700\u4f73\u5b9e\u8df5\u6240\u5021\u5bfc\u7684\u5173\u952e\u73af\u8282\u3002<\/p>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u6821\u51c6\uff08Calibration\uff09\uff1a<\/strong><br \/>\n<section>\u00a0\u5728\u4e00\u7b14\u65b0\u6295\u8d44\u5b8c\u6210\u65f6\uff0c\u8be5\u7b14\u6295\u8d44\u7684\u4ea4\u6613\u4ef7\u683c\uff08\u5373\u6295\u8d44\u6210\u672c\uff09\u901a\u5e38\u88ab\u89c6\u4e3a\u5176\u521d\u59cb\u7684\u516c\u5141\u4ef7\u503c\u3002\u6b64\u65f6\uff0c\u7ba1\u7406\u4eba\u5e94\u4f7f\u7528\u5176\u4f30\u503c\u6a21\u578b\uff08\u5982DCF\u3001\u53ef\u6bd4\u516c\u53f8\u6cd5\uff09\u548c\u5f53\u65f6\u7684\u5e02\u573a\u53c2\u6570\uff0c\u6765\u53cd\u7b97\u51fa\u4e00\u4e2a\u4f30\u503c\u7ed3\u679c\u3002\u5982\u679c\u8be5\u7ed3\u679c\u4e0e\u4ea4\u6613\u4ef7\u683c\u5dee\u5f02\u5de8\u5927\uff0c\u8bf4\u660e\u4f30\u503c\u6a21\u578b\u6216\u53c2\u6570\u9009\u62e9\u53ef\u80fd\u5b58\u5728\u95ee\u9898\uff0c\u9700\u8981\u8fdb\u884c\u201c\u6821\u51c6\u201d\uff0c\u4f7f\u5176\u80fd\u591f\u201c\u89e3\u91ca\u201d\u521d\u59cb\u7684\u4ea4\u6613\u4ef7\u683c\u3002\u8fd9\u4e2a\u8fc7\u7a0b\u6709\u52a9\u4e8e\u9a8c\u8bc1\u4f30\u503c\u65b9\u6cd5\u7684\u6709\u6548\u6027\uff0c\u4e3a\u672a\u6765\u7684\u4f30\u503c\u6253\u4e0b\u575a\u5b9e\u57fa\u7840\u3002<\/section>\n<\/li>\n<li><strong>\u56de\u6eaf\u6d4b\u8bd5\uff08Backtesting\uff09\uff1a<\/strong><br \/>\n<section>\u00a0\u5f53\u4e00\u4e2a\u9879\u76ee\u6210\u529f\u9000\u51fa\uff08\u5982\u901a\u8fc7IPO\u6216\u5e76\u8d2d\u51fa\u552e\uff09\u540e\uff0c\u7ba1\u7406\u4eba\u5e94\u5c06\u5176\u6700\u7ec8\u7684\u9000\u51fa\u4ef7\u683c\u4e0e\u9000\u51fa\u524d\u6700\u8fd1\u4e00\u6b21\u7684\u4f30\u503c\u7ed3\u679c\u8fdb\u884c\u6bd4\u8f83\u3002<\/section>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u76ee\u7684\uff1a<\/strong><br \/>\n<section>\u00a0\u5206\u6790\u4e24\u8005\u4e4b\u95f4\u4ea7\u751f\u5dee\u5f02\u7684\u539f\u56e0\u3002\u5dee\u5f02\u662f\u7531\u4e8e\u5728\u6700\u540e\u9636\u6bb5\u53d1\u751f\u4e86\u4e0d\u53ef\u9884\u89c1\u7684\u91cd\u5927\u4e8b\u4ef6\uff0c\u8fd8\u662f\u56e0\u4e3a\u4e4b\u524d\u7684\u4f30\u503c\u6a21\u578b\u6216\u5047\u8bbe\u672c\u8eab\u5c31\u5b58\u5728\u7cfb\u7edf\u6027\u504f\u5dee\uff1f<\/section>\n<\/li>\n<li><strong>\u4ef7\u503c\uff1a<\/strong><br \/>\n<section>\u00a0\u901a\u8fc7\u56de\u6eaf\u6d4b\u8bd5\uff0c\u7ba1\u7406\u4eba\u53ef\u4ee5\u53d1\u73b0\u5176\u4f30\u503c\u4f53\u7cfb\u4e2d\u5b58\u5728\u7684\u76f2\u70b9\uff08\u5982\u5bf9\u67d0\u4e2a\u884c\u4e1a\u4e58\u6570\u8fc7\u4e8e\u4e50\u89c2\u3001\u5bf9\u67d0\u9879\u98ce\u9669\u4f30\u8ba1\u4e0d\u8db3\u7b49\uff09\uff0c\u4ece\u800c\u4e0d\u65ad\u4fee\u6b63\u548c\u5b8c\u5584\u5176\u4f30\u503c\u653f\u7b56\u548c\u6a21\u578b\uff0c\u5f62\u6210\u4e00\u4e2a\u5b66\u4e60\u548c\u8fdb\u5316\u7684\u95ed\u73af\u3002<\/section>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2>\u7b2c\u4e94\u90e8\u5206\uff1a\u907f\u5751\u6307\u5357 &#8211; \u5e38\u89c1\u4f30\u503c\u96be\u9898\u4e0e\u98ce\u9669\u7ba1\u7406<\/h2>\n<p>\u7406\u8bba\u548c\u6d41\u7a0b\u7684\u5b8c\u7f8e\uff0c\u5e76\u4e0d\u80fd\u5b8c\u5168\u8986\u76d6\u73b0\u5b9e\u4e16\u754c\u7684\u590d\u6742\u6027\u3002\u5728\u4f30\u503c\u5b9e\u64cd\u4e2d\uff0c\u57fa\u91d1\u7ba1\u7406\u4eba\u4f1a\u9047\u5230\u5404\u79cd\u68d8\u624b\u7684\u96be\u9898\u548c\u6f5c\u5728\u7684\u201c\u96f7\u533a\u201d\u3002\u5ffd\u89c6\u8fd9\u4e9b\u95ee\u9898\uff0c\u8f7b\u5219\u5bfc\u81f4\u4f30\u503c\u504f\u5dee\uff0c\u91cd\u5219\u5f15\u53d1\u4e0eLP\u7684\u7ea0\u7eb7\u3001\u62db\u81f4\u76d1\u7ba1\u5904\u7f5a\u3002\u672c\u90e8\u5206\u5c06\u7ed3\u5408\u76d1\u7ba1\u901a\u62a5\u3001\u53f8\u6cd5\u6848\u4f8b\u548c\u884c\u4e1a\u5b9e\u8df5\uff0c\u68b3\u7406\u4f30\u503c\u8fc7\u7a0b\u4e2d\u6700\u5e38\u89c1\u7684\u4e94\u5927\u98ce\u9669\uff0c\u5e76\u63d0\u4f9b\u76f8\u5e94\u7684\u98ce\u9669\u7ba1\u7406\u5efa\u8bae\u3002<\/p>\n<h3>5.1 \u6570\u636e\u8d28\u91cf\u4e0e\u83b7\u53d6\u96be\u9898\uff1a\u201c\u5783\u573e\u8f93\u5165\uff0c\u5783\u573e\u8f93\u51fa\u201d<\/h3>\n<p>\u4f30\u503c\u6a21\u578b\u5982\u540c\u4e00\u4e2a\u7cbe\u5bc6\u7684\u52a0\u5de5\u673a\u5668\uff0c\u5176\u8f93\u51fa\u7ed3\u679c\u7684\u8d28\u91cf\u5b8c\u5168\u53d6\u51b3\u4e8e\u8f93\u5165\u6570\u636e\u7684\u8d28\u91cf\u3002\u8fd9\u662f\u4f30\u503c\u5de5\u4f5c\u4e2d\u6700\u57fa\u7840\u4e5f\u6700\u666e\u904d\u7684\u6311\u6218\u3002<\/p>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u95ee\u9898\u8868\u73b0\uff1a<\/strong>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u88ab\u6295\u4f01\u4e1a\u4e0d\u914d\u5408\uff1a<\/strong><br \/>\n<section>\u00a0\u7279\u522b\u662f\u5bf9\u4e8e\u4ec5\u6301\u6709\u5c11\u6570\u80a1\u6743\u7684\u6295\u8d44\uff0c\u88ab\u6295\u4f01\u4e1a\u53ef\u80fd\u4e0d\u613f\u610f\u6216\u4e0d\u53ca\u65f6\u63d0\u4f9b\u6700\u65b0\u7684\u8d22\u52a1\u62a5\u8868\u548c\u7ecf\u8425\u6570\u636e\u3002<\/section>\n<\/li>\n<li><strong>\u6570\u636e\u8d28\u91cf\u5b58\u7591\uff1a<\/strong><br \/>\n<section>\u00a0\u4f01\u4e1a\u63d0\u4f9b\u7684\u591a\u4e3a\u672a\u7ecf\u5ba1\u8ba1\u7684\u7ba1\u7406\u5c42\u62a5\u8868\uff0c\u53ef\u80fd\u5b58\u5728\u4f1a\u8ba1\u5904\u7406\u4e0d\u89c4\u8303\u3001\u6570\u636e\u4e0d\u51c6\u786e\u7b49\u95ee\u9898\u3002<\/section>\n<\/li>\n<li><strong>\u6570\u636e\u53e3\u5f84\u4e0d\u4e00\uff1a<\/strong><br \/>\n<section>\u00a0\u4e0d\u540c\u4f01\u4e1a\u3001\u4e0d\u540c\u65f6\u671f\u7684\u8d22\u52a1\u6570\u636e\u7f16\u5236\u57fa\u7840\u53ef\u80fd\u4e0d\u540c\uff0c\u76f4\u63a5\u6bd4\u8f83\u4f1a\u4ea7\u751f\u8bef\u5bfc\u3002<\/section>\n<\/li>\n<\/ul>\n<\/li>\n<li><strong>\u98ce\u9669\u540e\u679c\uff1a<\/strong><br \/>\n<section>\u00a0\u4f30\u503c\u7ed3\u679c\u5efa\u7acb\u5728\u865a\u5047\u6216\u4e0d\u51c6\u786e\u7684\u57fa\u7840\u4e0a\uff0c\u5b8c\u5168\u5931\u771f\uff0c\u8bef\u5bfcLP\u548c\u7ba1\u7406\u4eba\u81ea\u8eab\u7684\u51b3\u7b56\u3002<\/section>\n<\/li>\n<li><strong>\u98ce\u9669\u7ba1\u7406\u5bf9\u7b56\uff1a<\/strong>\n<ol class=\"list-paddingleft-1\">\n<li><strong>\u6295\u524d\u7ea6\u5b9a\uff1a<\/strong><br \/>\n<section>\u00a0\u5728\u300a\u6295\u8d44\u534f\u8bae\u300b\u548c\u300a\u80a1\u4e1c\u534f\u8bae\u300b\u4e2d\uff0c\u4ee5\u6cd5\u5f8b\u6761\u6b3e\u5f62\u5f0f\u660e\u786e\u88ab\u6295\u4f01\u4e1a\u6709\u4e49\u52a1\u5b9a\u671f\u5411\u6295\u8d44\u65b9\u63d0\u4f9b\u7279\u5b9a\u683c\u5f0f\u548c\u5185\u5bb9\u7684\u8d22\u52a1\u53ca\u7ecf\u8425\u62a5\u544a\uff08\u6700\u597d\u8981\u6c42\u63d0\u4f9b\u7ecf\u5ba1\u8ba1\u7684\u62a5\u544a\uff09\uff0c\u5e76\u89c4\u5b9a\u76f8\u5e94\u7684\u8fdd\u7ea6\u8d23\u4efb\u3002<\/section>\n<\/li>\n<li><strong>\u6295\u540e\u7ba1\u7406\uff1a<\/strong><br \/>\n<section>\u00a0\u5efa\u7acb\u4e0e\u88ab\u6295\u4f01\u4e1aCFO\u6216\u8d22\u52a1\u8d1f\u8d23\u4eba\u7684\u5e38\u6001\u5316\u6c9f\u901a\u673a\u5236\uff0c\u5c06\u5176\u7eb3\u5165\u6295\u540e\u7ba1\u7406\u7684\u5173\u952e\u7ee9\u6548\u6307\u6807\uff08KPI\uff09\u3002\u5728\u5b63\u5ea6\u4f30\u503c\u542f\u52a8\u524d\uff0c\u63d0\u524d\u6c9f\u901a\u6570\u636e\u9700\u6c42\u3002<\/section>\n<\/li>\n<li><strong>\u5ba1\u614e\u4f7f\u7528\u4e0e\u5145\u5206\u62ab\u9732\uff1a<\/strong><br \/>\n<section>\u00a0\u5728\u65e0\u6cd5\u83b7\u53d6\u9ad8\u8d28\u91cf\u6570\u636e\u7684\u60c5\u51b5\u4e0b\uff0c\u5fc5\u987b\u5ba1\u614e\u4f7f\u7528\u73b0\u6709\u6570\u636e\u3002\u5bf9\u6570\u636e\u8fdb\u884c\u7684\u4efb\u4f55\u8c03\u6574\u3001\u5047\u8bbe\u548c\u4f30\u7b97\uff0c\u90fd\u5fc5\u987b\u5728\u5de5\u4f5c\u5e95\u7a3f\u4e2d\u8be6\u7ec6\u8bb0\u5f55\u3002\u66f4\u91cd\u8981\u7684\u662f\uff0c\u5728\u6700\u7ec8\u7684\u4f30\u503c\u62a5\u544a\u548c\u7ed9LP\u7684\u5b63\u62a5\u4e2d\uff0c\u4ee5\u201c\u7279\u522b\u4e8b\u9879\u8bf4\u660e\u201d\u6216\u201c\u4f30\u503c\u4e0d\u786e\u5b9a\u6027\u201d\u7b49\u7ae0\u8282\uff0c\u6e05\u6670\u5730\u62ab\u9732\u6240\u4f7f\u7528\u6570\u636e\u7684\u6765\u6e90\u3001\u5c40\u9650\u6027\u53ca\u5176\u5bf9\u4f30\u503c\u7ed3\u679c\u53ef\u80fd\u4ea7\u751f\u7684\u5f71\u54cd\u3002<\/section>\n<\/li>\n<\/ol>\n<\/li>\n<\/ul>\n<h3>5.2 \u4f30\u503c\u65b9\u6cd5\u4e0e\u53c2\u6570\u7684\u4e3b\u89c2\u6027\u98ce\u9669\uff1a\u201c\u827a\u672f\u201d\u4e0e\u201c\u7eaa\u5f8b\u201d\u7684\u5e73\u8861<\/h3>\n<p>PE\u4f30\u503c\u5e38\u88ab\u5f62\u5bb9\u4e3a\u201c\u4e00\u95e8\u827a\u672f\u800c\u975e\u79d1\u5b66\u201d\uff0c\u8fd9\u6070\u6070\u70b9\u51fa\u4e86\u5176\u4e3b\u89c2\u6027\u98ce\u9669\u3002\u5c24\u5176\u662f\u5728\u5927\u91cf\u4f7f\u7528\u7b2c\u4e09\u5c42\u6b21\u8f93\u5165\u7684\u573a\u666f\u4e0b\uff0c\u53c2\u6570\u9009\u62e9\u7684\u968f\u610f\u6027\u662f\u5bfc\u81f4\u4f30\u503c\u88ab\u64cd\u7eb5\u6216\u51fa\u73b0\u91cd\u5927\u504f\u5dee\u7684\u4e3b\u8981\u539f\u56e0\u3002<\/p>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u95ee\u9898\u8868\u73b0\uff1a<\/strong>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u6ee5\u7528\u9ad8\u589e\u957f\u5047\u8bbe\uff1a<\/strong><br \/>\n<section>\u00a0\u5728DCF\u6a21\u578b\u4e2d\uff0c\u65e0\u7406\u7531\u5730\u8bbe\u5b9a\u8fc7\u9ad8\u7684\u8fdc\u671f\u6536\u5165\u589e\u957f\u7387\u3002<\/section>\n<\/li>\n<li><strong>\u538b\u4f4e\u6298\u73b0\u7387\uff1a<\/strong><br \/>\n<section>\u00a0\u968f\u610f\u8c03\u4f4eWACC\u6216\u80a1\u6743\u6210\u672c\uff0c\u4ee5\u653e\u5927\u73b0\u503c\u3002<\/section>\n<\/li>\n<li><strong>\u201c\u62cd\u8111\u888b\u201d\u5b9a\u6298\u6263\uff1a<\/strong><br \/>\n<section>\u00a0\u5bf9\u6d41\u52a8\u6027\u6298\u6263\uff08DLOM\uff09\u7684\u53d6\u503c\u7f3a\u4e4f\u4f9d\u636e\uff0c\u968f\u610f\u53d6\u4e00\u4e2a\u6570\u5b57\u3002<\/section>\n<\/li>\n<li><strong>\u201c\u6a31\u6843\u91c7\u6458\u201d\u5f0f\u9009\u62e9\u53ef\u6bd4\u516c\u53f8\uff1a<\/strong><br \/>\n<section>\u00a0\u5728\u4f7f\u7528\u53ef\u6bd4\u516c\u53f8\u6cd5\u65f6\uff0c\u6545\u610f\u9009\u62e9\u4f30\u503c\u504f\u9ad8\u7684\u516c\u53f8\u4f5c\u4e3a\u53c2\u7167\uff0c\u5ffd\u7565\u4f30\u503c\u504f\u4f4e\u7684\u6837\u672c\u3002<\/section>\n<\/li>\n<\/ul>\n<\/li>\n<li><strong>\u98ce\u9669\u540e\u679c\uff1a<\/strong><br \/>\n<section>\u00a0\u7cfb\u7edf\u6027\u5730\u9ad8\u4f30\u57fa\u91d1\u8d44\u4ea7\u4ef7\u503c\uff0c\u7c89\u9970\u4e1a\u7ee9\uff0c\u63a9\u76d6\u98ce\u9669\uff0c\u6700\u7ec8\u5728\u9879\u76ee\u9000\u51fa\u65f6\u201c\u771f\u76f8\u5927\u767d\u201d\uff0c\u5bfc\u81f4\u57fa\u91d1\u51c0\u503c\u5927\u5e45\u51cf\u8bb0\uff0c\u5f15\u53d1LP\u4fe1\u4efb\u5371\u673a\u3002<\/section>\n<\/li>\n<li><strong>\u98ce\u9669\u7ba1\u7406\u5bf9\u7b56\uff1a<\/strong>\n<ol class=\"list-paddingleft-1\">\n<li><strong>\u5efa\u7acb\u5185\u90e8\u53c2\u6570\u6307\u5f15\uff1a<\/strong><br \/>\n<section>\u00a0\u5236\u5b9a\u5185\u90e8\u7684\u300a\u4f30\u503c\u53c2\u6570\u9009\u62e9\u6307\u5f15\u300b\uff0c\u5bf9\u5173\u952e\u53c2\u6570\u7684\u9009\u53d6\u65b9\u6cd5\u548c\u8303\u56f4\u8fdb\u884c\u89c4\u8303\u3002\u4f8b\u5982\uff0c\u89c4\u5b9aWACC\u8ba1\u7b97\u5fc5\u987b\u4f7f\u7528\u6807\u51c6\u6a21\u677f\uff0cBeta\u503c\u5fc5\u987b\u6765\u81ea\u6307\u5b9a\u6570\u636e\u6e90\u5e76\u7ecf\u8fc7\u7279\u5b9a\u516c\u5f0f\u8c03\u6574\uff0c\u6c38\u7eed\u589e\u957f\u7387\u4e0d\u5f97\u8d85\u8fc7\u7279\u5b9a\u9608\u503c\u7b49\u3002<\/section>\n<\/li>\n<li><strong>\u5f3a\u5236\u8981\u6c42\u4e66\u9762\u4f9d\u636e\uff1a<\/strong><br \/>\n<section>\u00a0\u4f30\u503c\u653f\u7b56\u5e94\u8981\u6c42\uff0c\u4efb\u4f55\u5173\u952e\u5047\u8bbe\u7684\u9009\u53d6\u90fd\u5fc5\u987b\u9644\u6709\u4e66\u9762\u7684\u3001\u53ef\u4f9b\u7b2c\u4e09\u65b9\u590d\u6838\u7684\u7406\u7531\u548c\u8bc1\u636e\u3002\u4f8b\u5982\uff0c\u9009\u62e9\u67d0\u51e0\u5bb6\u516c\u53f8\u4f5c\u4e3a\u53ef\u6bd4\u516c\u53f8\u7684\u7406\u7531\uff0c\u9884\u6d4b\u9ad8\u589e\u957f\u7387\u6240\u4f9d\u636e\u7684\u884c\u4e1a\u62a5\u544a\u6216\u516c\u53f8\u8ba2\u5355\u7b49\u3002<\/section>\n<\/li>\n<li><strong>\u5f3a\u5236\u8fdb\u884c\u654f\u611f\u6027\u5206\u6790\uff1a<\/strong><br \/>\n<section>\u00a0\u5bf9\u4e8eDCF\u7b49\u6a21\u578b\uff0c\u5fc5\u987b\u8fdb\u884c\u5173\u952e\u53c2\u6570\u7684\u654f\u611f\u6027\u5206\u6790\uff0c\u5e76\u4ee5\u8868\u683c\u6216\u70ed\u529b\u56fe\u7684\u5f62\u5f0f\uff08\u5982\u4e0b\u56fe\u6240\u793a\uff09\u5c55\u793a\u4f30\u503c\u7ed3\u679c\u5728\u4e0d\u540c\u5047\u8bbe\u4e0b\u7684\u53d8\u5316\u8303\u56f4\u3002\u8fd9\u6709\u52a9\u4e8e\u51b3\u7b56\u8005\u548cLP\u7406\u89e3\u4f30\u503c\u7ed3\u679c\u5bf9\u5047\u8bbe\u7684\u4f9d\u8d56\u7a0b\u5ea6\u548c\u4e0d\u786e\u5b9a\u6027\u3002<\/section>\n<\/li>\n<li><strong>\u5f3a\u5316\u72ec\u7acb\u590d\u6838\uff1a<\/strong><br \/>\n<section>\u00a0\u4f30\u503c\u59d4\u5458\u4f1a\u548c\u5185\u90e8\u98ce\u63a7\u90e8\u95e8\u5728\u590d\u6838\u65f6\uff0c\u5e94\u91cd\u70b9\u5173\u6ce8\u5173\u952e\u53c2\u6570\u7684\u5408\u7406\u6027\uff0c\u5e76\u5bf9\u5f02\u5e38\u503c\u8fdb\u884c\u8d28\u8be2\u3002<\/section>\n<\/li>\n<\/ol>\n<\/li>\n<\/ul>\n<section><\/section>\n<h3>5.3 \u4f30\u503c\u8c03\u6574\u4e0e\u5bf9\u8d4c\u534f\u8bae\u7684\u7ea0\u7eb7\uff1a\u201c\u53cc\u5203\u5251\u201d\u7684\u53e6\u4e00\u9762<\/h3>\n<p>\u4f30\u503c\u8c03\u6574\u673a\u5236\uff0c\u5373\u201c\u5bf9\u8d4c\u534f\u8bae\u201d\uff0c\u5728PE\u6295\u8d44\u4e2d\u975e\u5e38\u666e\u904d\u3002\u5b83\u65e2\u662f\u5f25\u5408\u6295\u878d\u8d44\u53cc\u65b9\u4f30\u503c\u5206\u6b67\u7684\u5de5\u5177\uff0c\u4e5f\u662f\u540e\u671f\u7ea0\u7eb7\u548c\u4f30\u503c\u96be\u9898\u7684\u9ad8\u53d1\u5730\u3002<\/p>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u95ee\u9898\u8868\u73b0\uff1a<\/strong>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u5bf9\u8d4c\u5931\u8d25\u540e\u7684\u4f30\u503c\u5904\u7406\uff1a<\/strong><br \/>\n<section>\u00a0\u5f53\u88ab\u6295\u4f01\u4e1a\u4e1a\u7ee9\u672a\u8fbe\u6807\uff0c\u89e6\u53d1\u4e86\u521b\u59cb\u4eba\u7684\u56de\u8d2d\u6216\u8865\u507f\u6761\u6b3e\u65f6\uff0cGP\u5e94\u5982\u4f55\u5728\u57fa\u91d1\u5c42\u9762\u53cd\u6620\u8fd9\u4e00\u53d8\u5316\uff1f\u662f\u76f4\u63a5\u6309\u56de\u8d2d\u4ef7\u683c\u8c03\u6574\u4f30\u503c\uff0c\u8fd8\u662f\u7ef4\u6301\u539f\u4f30\u503c\u4e0d\u53d8\uff1f<\/section>\n<\/li>\n<li><strong>\u56de\u8d2d\u65b9\u65e0\u529b\u5c65\u7ea6\uff1a<\/strong><br \/>\n<section>\u00a0\u5373\u4f7f\u534f\u8bae\u89e6\u53d1\uff0c\u4f46\u521b\u59cb\u4eba\u6216\u516c\u53f8\u672c\u8eab\u5df2\u9677\u5165\u8d22\u52a1\u56f0\u5883\uff0c\u6839\u672c\u65e0\u529b\u652f\u4ed8\u56de\u8d2d\u6b3e\u6216\u8865\u507f\u6b3e\u3002<\/section>\n<\/li>\n<li><strong>\u590d\u6742\u7684\u6cd5\u5f8b\u7ea0\u7eb7\uff1a<\/strong><br \/>\n<section>\u00a0\u5bf9\u8d4c\u534f\u8bae\u7684\u6548\u529b\u3001\u6267\u884c\u65b9\u5f0f\u7b49\u5e38\u5e38\u5f15\u53d1\u65f7\u65e5\u6301\u4e45\u7684\u8bc9\u8bbc\u6216\u4ef2\u88c1\uff0c\u4f7f\u5f97\u76f8\u5173\u80a1\u6743\u7684\u4ef7\u503c\u5728\u5f88\u957f\u4e00\u6bb5\u65f6\u95f4\u5185\u5904\u4e8e\u9ad8\u5ea6\u4e0d\u786e\u5b9a\u72b6\u6001\u3002<\/section>\n<\/li>\n<\/ul>\n<\/li>\n<li><strong>\u98ce\u9669\u540e\u679c\uff1a<\/strong><br \/>\n<section>\u00a0\u82e5\u5728\u56de\u8d2d\u65b9\u65e0\u529b\u5c65\u7ea6\u7684\u60c5\u51b5\u4e0b\u4ecd\u6309\u534f\u8bae\u4ef7\u683c\u8c03\u9ad8\u4f30\u503c\uff0c\u4f1a\u4e25\u91cd\u865a\u589e\u57fa\u91d1\u51c0\u503c\uff1b\u82e5\u5904\u7406\u4e0d\u5f53\uff0c\u53ef\u80fd\u56e0\u4fe1\u606f\u62ab\u9732\u4e0d\u5145\u5206\u800c\u9762\u4e34LP\u7684\u8d28\u7591\u3002<\/section>\n<\/li>\n<li><strong>\u98ce\u9669\u7ba1\u7406\u5bf9\u7b56\uff1a<\/strong>\n<ol class=\"list-paddingleft-1\">\n<li><strong>\u5ba1\u614e\u8bc4\u4f30\u5c65\u7ea6\u80fd\u529b\uff1a<\/strong><br \/>\n<section>\u00a0\u5f53\u5bf9\u8d4c\u6761\u6b3e\u88ab\u89e6\u53d1\u65f6\uff0c\u4e0d\u80fd\u7b80\u5355\u5730\u5c06\u5e94\u6536\u7684\u56de\u8d2d\u6b3e\u6216\u8865\u507f\u76f4\u63a5\u786e\u8ba4\u4e3a\u8d44\u4ea7\u4ef7\u503c\u3002\u5fc5\u987b\u542f\u52a8\u4e13\u9879\u8bc4\u4f30\uff0c\u6838\u5fc3\u662f\u5224\u65ad<strong>\u56de\u8d2d\u65b9\u7684\u5c65\u7ea6\u80fd\u529b\u548c\u610f\u613f<\/strong>\u3002\u9700\u8981\u5206\u6790\u5176\u4e2a\u4eba\u8d44\u4ea7\u72b6\u51b5\u3001\u516c\u53f8\u73b0\u91d1\u6d41\u3001\u662f\u5426\u5b58\u5728\u5176\u4ed6\u503a\u52a1\u7b49\u3002<\/section>\n<\/li>\n<li><strong>\u91c7\u7528\u6982\u7387\u52a0\u6743\u6216\u62e8\u5907\uff1a<\/strong><br \/>\n<section>\u00a0\u57fa\u4e8e\u5bf9\u5c65\u7ea6\u80fd\u529b\u7684\u8bc4\u4f30\uff0c\u53ef\u4ee5\u91c7\u7528\u6982\u7387\u52a0\u6743\u7684\u65b9\u5f0f\u786e\u8ba4\u8fd9\u90e8\u5206\u4ef7\u503c\u3002\u4f8b\u5982\uff0c\u5982\u679c\u8bc4\u4f30\u8ba4\u4e3a\u56de\u8d2d\u6b3e\u53ea\u80fd\u6536\u56de50%\uff0c\u5219\u5e94\u53ea\u786e\u8ba450%\u7684\u4ef7\u503c\uff0c\u6216\u5bf9\u53e6\u591650%\u8ba1\u63d0\u51cf\u503c\u51c6\u5907\u3002<\/section>\n<\/li>\n<li><strong>\u53ca\u65f6\u5145\u5206\u6c9f\u901a\uff1a<\/strong><br \/>\n<section>\u00a0\u53ca\u65f6\u5c06\u5bf9\u8d4c\u7684\u89e6\u53d1\u60c5\u51b5\u3001\u5c65\u7ea6\u98ce\u9669\u8bc4\u4f30\u4ee5\u53ca\u57fa\u91d1\u5c42\u9762\u7684\u4f30\u503c\u5904\u7406\u65b9\u5f0f\uff0c\u4f5c\u4e3a\u91cd\u5927\u4e8b\u9879\u5411LP\u8fdb\u884c\u4e13\u9879\u6c9f\u901a\u548c\u62ab\u9732\uff0c\u7ba1\u7406LP\u7684\u9884\u671f\u3002<\/section>\n<\/li>\n<li><strong>\u6cd5\u5f8b\u610f\u89c1\u652f\u6301\uff1a<\/strong><br \/>\n<section>\u00a0\u5728\u5bf9\u8d4c\u6761\u6b3e\u8fdb\u5165\u6267\u884c\u6216\u4e89\u8bae\u9636\u6bb5\u65f6\uff0c\u5e94\u79ef\u6781\u5bfb\u6c42\u5916\u90e8\u5f8b\u5e08\u7684\u4e13\u4e1a\u610f\u89c1\uff0c\u8bc4\u4f30\u6cd5\u5f8b\u98ce\u9669\u548c\u53ef\u80fd\u7684\u6267\u884c\u7ed3\u679c\uff0c\u5e76\u5c06\u5176\u4f5c\u4e3a\u4f30\u503c\u5224\u65ad\u7684\u4f9d\u636e\u4e4b\u4e00\u3002<\/section>\n<\/li>\n<\/ol>\n<\/li>\n<\/ul>\n<h3>5.4 \u4fe1\u606f\u62ab\u9732\u4e0e\u5408\u89c4\u98ce\u9669\uff1a\u900f\u660e\u662f\u6700\u597d\u7684\u201c\u62a4\u57ce\u6cb3\u201d<\/h3>\n<p>\u4f30\u503c\u672c\u8eab\u662f\u5185\u90e8\u884c\u4e3a\uff0c\u4f46\u5176\u7ed3\u679c\u7684\u62ab\u9732\u5219\u662f\u76f4\u63a5\u9762\u5411LP\u548c\u76d1\u7ba1\u7684\u5916\u90e8\u884c\u4e3a\u3002\u4fe1\u606f\u62ab\u9732\u73af\u8282\u7684\u758f\u5ffd\u6216\u8fdd\u89c4\uff0c\u662f\u8fd1\u5e74\u6765\u76d1\u7ba1\u5904\u7f5a\u7684\u91cd\u70b9\u3002<\/p>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u95ee\u9898\u8868\u73b0\uff1a<\/strong>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u672a\u6309\u65f6\u62ab\u9732\uff1a<\/strong><br \/>\n<section>\u00a0\u672a\u80fd\u5728\u300a\u4fe1\u62ab\u529e\u6cd5\u300b\u89c4\u5b9a\u7684\u5b63\u5ea6\u540e10\u4e2a\u5de5\u4f5c\u65e5\u3001\u5e74\u5ea6\u540e4\u4e2a\u6708\u5185\u62ab\u9732\u542b\u51c0\u503c\u4fe1\u606f\u7684\u62a5\u544a\u3002<\/section>\n<\/li>\n<li><strong>\u62ab\u9732\u5185\u5bb9\u4e0d\u5b8c\u6574\uff1a<\/strong><br \/>\n<section>\u00a0\u5b63\u5ea6\u62a5\u544a\u4e2d\u672a\u5145\u5206\u62ab\u9732\u4e3b\u8981\u6295\u8d44\u6807\u7684\u53ca\u5176\u4f30\u503c\u53d8\u52a8\u60c5\u51b5\u3002<\/section>\n<\/li>\n<li><strong>\u4f30\u503c\u65b9\u6cd5\u53d8\u66f4\u672a\u62ab\u9732\uff1a<\/strong><br \/>\n<section>\u00a0\u5bf9\u4e3b\u8981\u9879\u76ee\u7684\u4f30\u503c\u65b9\u6cd5\u8fdb\u884c\u4e86\u91cd\u5927\u53d8\u66f4\uff08\u5982\u4ece\u5e02\u573a\u6cd5\u6539\u4e3a\u6536\u76ca\u6cd5\uff09\uff0c\u4f46\u672a\u5728\u62a5\u544a\u4e2d\u5411LP\u5145\u5206\u89e3\u91ca\u539f\u56e0\u548c\u5f71\u54cd\u3002<\/section>\n<\/li>\n<li><strong>\u5185\u5916\u62a5\u544a\u4e0d\u4e00\u81f4\uff1a<\/strong><br \/>\n<section>\u00a0\u5411\u76d1\u7ba1\u673a\u6784\u62a5\u9001\u7684AMBERS\u7cfb\u7edf\u6570\u636e\uff0c\u4e0e\u5411LP\u62ab\u9732\u7684\u5b63\u5ea6\u62a5\u544a\u6570\u636e\u5b58\u5728\u5dee\u5f02\u3002<\/section>\n<\/li>\n<\/ul>\n<\/li>\n<li><strong>\u98ce\u9669\u540e\u679c\uff1a<\/strong><br \/>\n<section>\u00a0\u8fdd\u53cd\u4fe1\u606f\u62ab\u9732\u4e49\u52a1\uff0c\u53ef\u80fd\u9762\u4e34\u57fa\u91d1\u4e1a\u534f\u4f1a\u7684\u81ea\u5f8b\u5904\u5206\uff08\u5982\u88ab\u5217\u5165\u201c\u4fe1\u606f\u62a5\u9001\u5f02\u5e38\u673a\u6784\u201d\uff09\uff0c\u751a\u81f3\u8bc1\u76d1\u4f1a\u7684\u884c\u653f\u76d1\u7ba1\u63aa\u65bd\u3002<\/section>\n<\/li>\n<li><strong>\u98ce\u9669\u7ba1\u7406\u5bf9\u7b56\uff1a<\/strong>\n<ol class=\"list-paddingleft-1\">\n<li><strong>\u5efa\u7acb\u4fe1\u62ab\u65e5\u5386\u4e0e\u8d23\u4efb\u5236\uff1a<\/strong><br \/>\n<section>\u00a0\u5236\u5b9a\u8be6\u7ec6\u7684\u4fe1\u606f\u62ab\u9732\u5de5\u4f5c\u65e5\u5386\uff0c\u5c06\u4efb\u52a1\u660e\u786e\u5206\u914d\u5230\u5177\u4f53\u8d1f\u8d23\u4eba\uff0c\u5e76\u8bbe\u7f6e\u590d\u6838\u4e0e\u5ba1\u6279\u6d41\u7a0b\u3002<\/section>\n<\/li>\n<li><strong>\u89c4\u8303\u62a5\u544a\u6a21\u677f\uff1a<\/strong><br \/>\n<section>\u00a0\u8bbe\u8ba1\u6807\u51c6\u5316\u7684\u5b63\u5ea6\u548c\u5e74\u5ea6\u62a5\u544a\u6a21\u677f\uff0c\u786e\u4fdd\u6bcf\u6b21\u62ab\u9732\u90fd\u5305\u542b\u6240\u6709\u76d1\u7ba1\u8981\u6c42\u7684\u5fc5\u8981\u5143\u7d20\u3002<\/section>\n<\/li>\n<li><strong>\u91cd\u5927\u53d8\u66f4\u4e13\u9879\u8bf4\u660e\uff1a<\/strong><br \/>\n<section>\u00a0\u4efb\u4f55\u4f30\u503c\u653f\u7b56\u3001\u65b9\u6cd5\u6216\u5173\u952e\u5047\u8bbe\u7684\u91cd\u5927\u53d8\u66f4\uff0c\u90fd\u5fc5\u987b\u7ecf\u8fc7\u4f30\u503c\u59d4\u5458\u4f1a\u6279\u51c6\uff0c\u5e76\u5728\u5f53\u671f\u62a5\u544a\u4e2d\u4f5c\u4e3a\u91cd\u5927\u4e8b\u9879\u8fdb\u884c\u4e13\u9879\u3001\u8be6\u7ec6\u7684\u8bf4\u660e\u3002<\/section>\n<\/li>\n<li><strong>\u7edf\u4e00\u6570\u636e\u51fa\u53e3\uff1a<\/strong><br \/>\n<section>\u00a0\u5efa\u7acb\u7edf\u4e00\u7684\u6570\u636e\u7ba1\u7406\u673a\u5236\uff0c\u786e\u4fdd\u6240\u6709\u5bf9\u5916\u62a5\u9001\u548c\u62ab\u9732\u7684\u6570\u636e\uff08\u65e0\u8bba\u662f\u7ed9LP\u8fd8\u662f\u7ed9\u76d1\u7ba1\uff09\u90fd\u6e90\u81ea\u540c\u4e00\u4e2a\u7ecf\u8fc7\u5ba1\u6838\u786e\u8ba4\u7684\u201c\u9ec4\u91d1\u6570\u636e\u6e90\u201d\uff0c\u907f\u514d\u201c\u591a\u5934\u62a5\u6570\u201d\u3002<\/section>\n<\/li>\n<\/ol>\n<\/li>\n<\/ul>\n<h3>5.5 \u64cd\u4f5c\u98ce\u9669\u4e0e\u5185\u90e8\u63a7\u5236\uff1a\u9b54\u9b3c\u5728\u7ec6\u8282\u4e2d<\/h3>\n<p>\u64cd\u4f5c\u98ce\u9669\u662f\u6307\u7531\u4e8e\u4e0d\u5b8c\u5584\u6216\u5931\u8d25\u7684\u5185\u90e8\u6d41\u7a0b\u3001\u4eba\u5458\u3001\u7cfb\u7edf\u6216\u5916\u90e8\u4e8b\u4ef6\u800c\u5bfc\u81f4\u7684\u635f\u5931\u98ce\u9669\u3002\u5728\u4f30\u503c\u5de5\u4f5c\u4e2d\uff0c\u770b\u4f3c\u5fae\u5c0f\u7684\u64cd\u4f5c\u5931\u8bef\u53ef\u80fd\u917f\u6210\u5927\u9519\u3002<\/p>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u95ee\u9898\u8868\u73b0\uff1a<\/strong>\n<ul class=\"list-paddingleft-1\">\n<li><strong>Excel\u6a21\u578b\u9519\u8bef\uff1a<\/strong><br \/>\n<section>\u00a0\u4f30\u503c\u6a21\u578b\u4e2d\u7684\u516c\u5f0f\u94fe\u63a5\u9519\u8bef\u3001\u53c2\u6570\u5f15\u7528\u9519\u8bef\u3001\u6c42\u548c\u8303\u56f4\u4e0d\u5b8c\u6574\u7b49\u3002<\/section>\n<\/li>\n<li><strong>\u6570\u636e\u201c\u786c\u7f16\u7801\u201d\uff1a<\/strong><br \/>\n<section>\u00a0\u5c06\u672c\u5e94\u4f5c\u4e3a\u53d8\u91cf\u8f93\u5165\u7684\u53c2\u6570\uff08\u5982\u7a0e\u7387\u3001\u6298\u6263\u7387\uff09\u76f4\u63a5\u5199\u6b7b\u5728\u516c\u5f0f\u4e2d\uff0c\u5bfc\u81f4\u540e\u7eed\u66f4\u65b0\u56f0\u96be\u6216\u51fa\u9519\u3002<\/section>\n<\/li>\n<li><strong>\u7248\u672c\u63a7\u5236\u6df7\u4e71\uff1a<\/strong><br \/>\n<section>\u00a0\u591a\u4eba\u534f\u4f5c\u65f6\uff0c\u4f30\u503c\u6a21\u578b\u7684\u7248\u672c\u6df7\u4e71\uff0c\u6700\u7ec8\u4f7f\u7528\u4e86\u9519\u8bef\u7684\u7248\u672c\u3002<\/section>\n<\/li>\n<li><strong>\u5ba1\u6279\u6d41\u7a0b\u7f3a\u5931\uff1a<\/strong><br \/>\n<section>\u00a0\u4f30\u503c\u7ed3\u679c\u672a\u7ecf\u5fc5\u8981\u7684\u590d\u6838\u548c\u5ba1\u6279\u5c31\u76f4\u63a5\u5bf9\u5916\u53d1\u5e03\u3002<\/section>\n<\/li>\n<\/ul>\n<\/li>\n<li><strong>\u98ce\u9669\u540e\u679c\uff1a<\/strong><br \/>\n<section>\u00a0\u4f30\u503c\u7ed3\u679c\u51fa\u73b0\u4f4e\u7ea7\u9519\u8bef\uff0c\u635f\u5bb3\u7ba1\u7406\u4eba\u7684\u4e13\u4e1a\u5f62\u8c61\uff1b\u82e5\u9519\u8bef\u5bfc\u81f4\u51c0\u503c\u91cd\u5927\u9519\u62a5\uff0c\u53ef\u80fd\u9700\u8981\u8fdb\u884c\u8ffd\u6eaf\u8c03\u6574\u548c\u516c\u5f00\u6f84\u6e05\uff0c\u751a\u81f3\u8d54\u507fLP\u635f\u5931\u3002<\/section>\n<\/li>\n<li><strong>\u98ce\u9669\u7ba1\u7406\u5bf9\u7b56\uff1a<\/strong>\n<ol class=\"list-paddingleft-1\">\n<li><strong>\u63a8\u5e7f\u6807\u51c6\u5316\u4f30\u503c\u6a21\u677f\uff1a<\/strong><br \/>\n<section>\u00a0\u8bbe\u8ba1\u548c\u63a8\u5e7f\u7ecf\u8fc7\u4e25\u683c\u6d4b\u8bd5\u7684\u6807\u51c6\u5316Excel\u4f30\u503c\u6a21\u578b\u6a21\u677f\uff0c\u51cf\u5c11\u91cd\u590d\u201c\u9020\u8f6e\u5b50\u201d\u548c\u968f\u610f\u8bbe\u7f6e\u516c\u5f0f\u5e26\u6765\u7684\u98ce\u9669\u3002<\/section>\n<\/li>\n<li><strong>\u5efa\u7acb\u201c\u56db\u773c\u539f\u5219\u201d\uff1a<\/strong><br \/>\n<section>\u00a0\u5f3a\u5236\u8981\u6c42\u6240\u6709\u4f30\u503c\u8ba1\u7b97\u548c\u6a21\u578b\u90fd\u5fc5\u987b\u7ecf\u8fc7\u72ec\u7acb\u4e8e\u5236\u4f5c\u4eba\u7684\u7b2c\u4e8c\u4eba\u8fdb\u884c\u590d\u6838\u3002\u590d\u6838\u4eba\u9700\u5728\u590d\u6838\u6e05\u5355\u4e0a\u7b7e\u5b57\u786e\u8ba4\u3002<\/section>\n<\/li>\n<li><strong>\u52a0\u5f3a\u7248\u672c\u63a7\u5236\uff1a<\/strong><br \/>\n<section>\u00a0\u4f7f\u7528\u5171\u4eab\u670d\u52a1\u5668\u6216\u6587\u6863\u7ba1\u7406\u7cfb\u7edf\uff0c\u5bf9\u4f30\u503c\u6587\u4ef6\u8fdb\u884c\u4e25\u683c\u7684\u7248\u672c\u63a7\u5236\u548c\u6743\u9650\u7ba1\u7406\u3002<\/section>\n<\/li>\n<li><strong>\u5229\u7528IT\u7cfb\u7edf\u56fa\u5316\u6d41\u7a0b\uff1a<\/strong><br \/>\n<section>\u00a0\u5bf9\u4e8e\u89c4\u6a21\u8f83\u5927\u7684\u673a\u6784\uff0c\u53ef\u4ee5\u5c06\u4f30\u503c\u5ba1\u6279\u6d41\u7a0b\u7ebf\u4e0a\u5316\u3001\u7cfb\u7edf\u5316\uff0c\u901a\u8fc7\u6280\u672f\u624b\u6bb5\u5f3a\u5236\u6267\u884c\u5ba1\u6279\u3001\u7559\u75d5\u548c\u9884\u8b66\uff0c\u51cf\u5c11\u5bf9\u4eba\u5de5\u64cd\u4f5c\u7684\u4f9d\u8d56\u3002<\/section>\n<\/li>\n<\/ol>\n<\/li>\n<\/ul>\n<h2>\u7b2c\u516d\u90e8\u5206\uff1a\u7ec8\u6781\u84dd\u56fe &#8211; \u79c1\u52df\u80a1\u6743\u57fa\u91d1\u5b63\u5ea6\u4f30\u503c\u6807\u51c6\u64cd\u4f5c\u6d41\u7a0b (SOP)<\/h2>\n<p>\u7406\u8bba\u7684\u6df1\u5ea6\u6700\u7ec8\u8981\u670d\u52a1\u4e8e\u5b9e\u8df5\u7684\u7cbe\u5ea6\u3002\u672c\u90e8\u5206\u65e8\u5728\u5c06\u524d\u8ff0\u6240\u6709\u539f\u5219\u3001\u65b9\u6cd5\u548c\u98ce\u9669\u8003\u91cf\uff0c\u51dd\u805a\u6210\u4e00\u4efd\u8be6\u5c3d\u3001\u5177\u4f53\u3001\u53ef\u6267\u884c\u7684\u6807\u51c6\u5316\u64cd\u4f5c\u6d41\u7a0b\uff08Standard Operating Procedure, SOP\uff09\u3002\u8fd9\u4efdSOP\u4e0d\u4ec5\u662f\u4e00\u4e2a\u7b80\u5355\u7684\u6e05\u5355\uff0c\u66f4\u662f\u4e00\u5957\u5d4c\u5165\u4e86\u8d28\u91cf\u63a7\u5236\u548c\u5408\u89c4\u68c0\u67e5\u70b9\u7684\u5de5\u4f5c\u6307\u5357\uff0c\u65e8\u5728\u5e2e\u52a9\u57fa\u91d1\u7ba1\u7406\u4eba\u5c06\u4f30\u503c\u5de5\u4f5c\u4ece\u201c\u624b\u5de5\u4f5c\u574a\u201d\u6a21\u5f0f\u63d0\u5347\u81f3\u201c\u5de5\u4e1a\u5316\u6807\u51c6\u201d\u6c34\u5e73\u3002<\/p>\n<h3>6.1 \u4f30\u503c\u5de5\u4f5c\u6d41\u4e0e\u8303\u56f4\u754c\u5b9a<\/h3>\n<p>\u6b64\u90e8\u5206\u754c\u5b9a\u5b63\u5ea6\u4f30\u503c\u5de5\u4f5c\u7684\u6574\u4f53\u8282\u62cd\u4e0e\u8303\u56f4\uff0c\u786e\u4fdd\u6240\u6709\u53c2\u4e0e\u8005\u5bf9\u4efb\u52a1\u6709\u7edf\u4e00\u8ba4\u77e5\u3002<\/p>\n<table>\n<thead>\n<tr>\n<th data-colwidth=\"99\">\n<section>\u6b65\u9aa4<\/section>\n<\/th>\n<th data-colwidth=\"93\">\n<section>\u65f6\u95f4\u8282\u70b9<\/section>\n<\/th>\n<th data-colwidth=\"296\">\n<section>\u6838\u5fc3\u4efb\u52a1\u4e0e\u4ea4\u4ed8\u7269<\/section>\n<\/th>\n<th>\n<section>\u8d1f\u8d23\u4eba<\/section>\n<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td data-colwidth=\"99\"><strong>\u6b65\u9aa4\u4e00\uff1a\u542f\u52a8\u4e0e\u89c4\u5212<\/strong><\/td>\n<td data-colwidth=\"93\">\n<section>T-15\u65e5<\/section>\n<\/td>\n<td data-colwidth=\"296\"><strong>\u4efb\u52a1\uff1a<\/strong><\/p>\n<section>\u660e\u786e\u4f30\u503c\u57fa\u51c6\u65e5\u3001\u4f30\u503c\u76ee\u7684\uff0c\u4e0b\u53d1\u4f30\u503c\u5de5\u4f5c\u901a\u77e5\u3002<br \/>\n<strong>\u4ea4\u4ed8\u7269\uff1a<\/strong>\u300a\u5b63\u5ea6\u4f30\u503c\u542f\u52a8\u90ae\u4ef6\u300b<\/section>\n<\/td>\n<td>\n<section>\u4f30\u503c\u59d4\u5458\u4f1a\/\u98ce\u63a7\u90e8<\/section>\n<\/td>\n<\/tr>\n<tr>\n<td data-colwidth=\"99\"><strong>\u6b65\u9aa4\u4e8c\uff1a\u8bc6\u522b\u4e0e\u5206\u7c7b\u4f30\u503c\u5bf9\u8c61<\/strong><\/td>\n<td data-colwidth=\"93\">\n<section>T-15\u65e5<\/section>\n<\/td>\n<td data-colwidth=\"296\"><strong>\u4efb\u52a1\uff1a<\/strong><\/p>\n<section>\u66f4\u65b0\u5728\u6295\u9879\u76ee\u6e05\u5355\uff0c\u660e\u786e\u5404\u9879\u76ee\u6295\u8d44\u5de5\u5177\uff08\u666e\u901a\u80a1\u3001\u4f18\u5148\u80a1\u3001\u53ef\u8f6c\u503a\u7b49\uff09\uff0c\u8bc6\u522b\u672c\u5b63\u5ea6\u65b0\u589e\/\u9000\u51fa\u9879\u76ee\u3002<br \/>\n<strong>\u4ea4\u4ed8\u7269\uff1a<\/strong>\u300a\u672c\u5b63\u5ea6\u4f30\u503c\u5bf9\u8c61\u6e05\u5355\u300b<\/section>\n<\/td>\n<td>\n<section>\u4f30\u503c\u56e2\u961f\/\u6295\u540e\u7ba1\u7406\u90e8<\/section>\n<\/td>\n<\/tr>\n<tr>\n<td data-colwidth=\"99\"><strong>\u6b65\u9aa4\u4e09\uff1a\u6536\u96c6\u4e0e\u6574\u7406\u57fa\u7840\u8d44\u6599<\/strong><\/td>\n<td data-colwidth=\"93\">\n<section>T-10\u65e5\u81f3T+15\u65e5<\/section>\n<\/td>\n<td data-colwidth=\"296\"><strong>\u4efb\u52a1\uff1a<\/strong><\/p>\n<section>\u5411\u6295\u8d44\u56e2\u961f\u53ca\u88ab\u6295\u4f01\u4e1a\u6536\u96c6\u8d22\u52a1\u62a5\u8868\u3001\u7ecf\u8425\u6570\u636e\u3001\u91cd\u5927\u4e8b\u9879\u8bf4\u660e\uff1b\u4ece\u5e02\u573a\u6570\u636e\u63d0\u4f9b\u5546\u83b7\u53d6\u53ef\u6bd4\u516c\u53f8\u6570\u636e\u3001\u884c\u4e1a\u62a5\u544a\u7b49\u3002<br \/>\n<strong>\u4ea4\u4ed8\u7269\uff1a<\/strong>\u5404\u9879\u76ee\u7684\u300a\u4f30\u503c\u57fa\u7840\u8d44\u6599\u5305\u300b<\/section>\n<\/td>\n<td>\n<section>\u6295\u8d44\u56e2\u961f\/\u4f30\u503c\u56e2\u961f<\/section>\n<\/td>\n<\/tr>\n<tr>\n<td data-colwidth=\"99\"><strong>\u6b65\u9aa4\u56db\uff1a\u9009\u62e9\u4e0e\u6267\u884c\u4f30\u503c\u65b9\u6cd5<\/strong><\/td>\n<td data-colwidth=\"93\">\n<section>T+15\u65e5\u81f3T+20\u65e5<\/section>\n<\/td>\n<td data-colwidth=\"296\"><strong>\u4efb\u52a1\uff1a<\/strong><\/p>\n<section>\u6839\u636e\u4f30\u503c\u653f\u7b56\u548c\u9879\u76ee\u60c5\u51b5\u9009\u62e9\u5408\u9002\u7684\u4f30\u503c\u65b9\u6cd5\uff0c\u6267\u884c\u8ba1\u7b97\u3002<br \/>\n<strong>\u4ea4\u4ed8\u7269\uff1a<\/strong>\u5404\u9879\u76ee\u7684\u300a\u4f30\u503c\u6a21\u578b\u521d\u7a3f.xlsx\u300b<\/section>\n<\/td>\n<td>\n<section>\u4f30\u503c\u56e2\u961f<\/section>\n<\/td>\n<\/tr>\n<tr>\n<td data-colwidth=\"99\"><strong>\u6b65\u9aa4\u4e94\uff1a\u5f62\u6210\u4f30\u503c\u7ed3\u8bba\u4e0e\u5de5\u4f5c\u5e95\u7a3f<\/strong><\/td>\n<td data-colwidth=\"93\">\n<section>T+20\u65e5\u81f3T+25\u65e5<\/section>\n<\/td>\n<td data-colwidth=\"296\"><strong>\u4efb\u52a1\uff1a<\/strong><\/p>\n<section>\u5b8c\u6210\u4ea4\u53c9\u9a8c\u8bc1\u548c\u654f\u611f\u6027\u5206\u6790\uff0c\u5f62\u6210\u521d\u6b65\u4f30\u503c\u7ed3\u8bba\uff0c\u7f16\u5236\u5b8c\u6574\u5de5\u4f5c\u5e95\u7a3f\u3002<br \/>\n<strong>\u4ea4\u4ed8\u7269\uff1a<\/strong>\u300a\u9879\u76ee\u4f30\u503c\u62a5\u544a\u521d\u7a3f\u300b\u3001\u300a\u4f30\u503c\u6c47\u603b\u8868\u521d\u7a3f\u300b<\/section>\n<\/td>\n<td>\n<section>\u4f30\u503c\u56e2\u961f<\/section>\n<\/td>\n<\/tr>\n<tr>\n<td data-colwidth=\"99\"><strong>\u6b65\u9aa4\u516d\uff1a\u5185\u90e8\u590d\u6838\u4e0e\u5ba1\u6279<\/strong><\/td>\n<td data-colwidth=\"93\">\n<section>T+25\u65e5\u81f3T+30\u65e5<\/section>\n<\/td>\n<td data-colwidth=\"296\"><strong>\u4efb\u52a1\uff1a<\/strong><\/p>\n<section>\u590d\u6838\u4eba\u72ec\u7acb\u590d\u6838\u6a21\u578b\u548c\u5e95\u7a3f\uff1b\u53ec\u5f00\u4f30\u503c\u59d4\u5458\u4f1a\uff0c\u5ba1\u8bae\u5e76\u6279\u51c6\u6700\u7ec8\u4f30\u503c\u7ed3\u679c\u3002<br \/>\n<strong>\u4ea4\u4ed8\u7269\uff1a<\/strong>\u300a\u4f30\u503c\u590d\u6838\u610f\u89c1\u8868\u300b\u3001\u300a\u4f30\u503c\u59d4\u5458\u4f1a\u4f1a\u8bae\u7eaa\u8981\u300b<\/section>\n<\/td>\n<td>\n<section>\u98ce\u63a7\u90e8\/\u4f30\u503c\u59d4\u5458\u4f1a<\/section>\n<\/td>\n<\/tr>\n<tr>\n<td data-colwidth=\"99\"><strong>\u6b65\u9aa4\u4e03\uff1a\u62a5\u544a\u4e0e\u5f52\u6863<\/strong><\/td>\n<td data-colwidth=\"93\">\n<section>T+30\u65e5\u540e<\/section>\n<\/td>\n<td data-colwidth=\"296\"><strong>\u4efb\u52a1\uff1a<\/strong><\/p>\n<section>\u5c06\u4f30\u503c\u7ed3\u679c\u7528\u4e8e\u7f16\u5236\u300a\u57fa\u91d1\u5b63\u5ea6\u62a5\u544a\u300b\uff0c\u5728AMBERS\u7cfb\u7edf\u5b8c\u6210\u62a5\u5907\uff0c\u6240\u6709\u8d44\u6599\u5f52\u6863\u3002<br \/>\n<strong>\u4ea4\u4ed8\u7269\uff1a<\/strong>\u300a\u57fa\u91d1\u5b63\u5ea6\u62a5\u544a\u300b\u3001\u5f52\u6863\u6587\u4ef6<\/section>\n<\/td>\n<td>\n<section>\u8d22\u52a1\u90e8\/\u5408\u89c4\u90e8<\/section>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>6.2 \u4f30\u503c\u65b9\u6cd5\u9009\u62e9\u77e9\u9635<\/h3>\n<p>\u63d0\u4f9b\u4e00\u4e2a\u51b3\u7b56\u652f\u6301\u5de5\u5177\uff0c\u5e2e\u52a9\u4f30\u503c\u4eba\u5458\u6839\u636e\u8d44\u4ea7\u7279\u6027\u5feb\u901f\u9009\u62e9\u9002\u7528\u7684\u4f30\u503c\u65b9\u6cd5\u3002<\/p>\n<table>\n<thead>\n<tr>\n<th data-colwidth=\"66\">\n<section>\u4f30\u503c\u65b9\u6cd5<\/section>\n<\/th>\n<th data-colwidth=\"102\">\n<section>\u9002\u7528\u8d44\u4ea7\u7c7b\u578b\/\u9636\u6bb5<\/section>\n<\/th>\n<th data-colwidth=\"132\">\n<section>\u6838\u5fc3\u8f93\u5165\u6570\u636e<\/section>\n<\/th>\n<th data-colwidth=\"92\">\n<section>\u4e3b\u8981\u5e94\u7528\u573a\u666f<\/section>\n<\/th>\n<th data-colwidth=\"83\">\n<section>\u4f18\u70b9<\/section>\n<\/th>\n<th>\n<section>\u5c40\u9650\u6027<\/section>\n<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td data-colwidth=\"66\"><strong>\u6700\u65b0\u878d\u8d44\u4ef7\u683c\u6cd5<\/strong><\/td>\n<td data-colwidth=\"102\">\n<section>\u975e\u4e0a\u5e02\u80a1\u6743\uff08\u521d\u521b\/\u6210\u957f\u671f\uff09<\/section>\n<\/td>\n<td data-colwidth=\"132\"><code>\u8fd1\u671f\u878d\u8d44\u534f\u8bae<\/code><\/p>\n<section>\u3001<code>\u878d\u8d44\u91d1\u989d<\/code>\u3001<code>\u65b0\u4e00\u8f6e\u6295\u8d44\u65b9\u80cc\u666f<\/code>\u3001<code>\u80a1\u6743\u7ed3\u6784\u53d8\u5316<\/code><\/section>\n<\/td>\n<td data-colwidth=\"92\">\n<section>\u6295\u8d44\u540e1\u5e74\u5185\uff0c\u4e14\u65e0\u91cd\u5927\u4e0d\u5229\u53d8\u5316\u7684\u4f01\u4e1a\u3002<\/section>\n<\/td>\n<td data-colwidth=\"83\">\n<section>\u64cd\u4f5c\u7b80\u4fbf\uff0c\u76f4\u63a5\u53cd\u6620\u5e02\u573a\u5bf9\u4f01\u4e1a\u7684\u5b9a\u4ef7\u3002<\/section>\n<\/td>\n<td>\n<section>\u4ef7\u683c\u6613\u53d7\u4ea4\u6613\u7279\u6b8a\u6761\u6b3e\u5f71\u54cd\uff0c\u65f6\u6548\u6027\u5f3a\u3002<\/section>\n<\/td>\n<\/tr>\n<tr>\n<td data-colwidth=\"66\"><strong>\u53ef\u6bd4\u516c\u53f8\u6cd5<\/strong><\/td>\n<td data-colwidth=\"102\">\n<section>\u975e\u4e0a\u5e02\u80a1\u6743\uff08\u6210\u957f\u671f\/\u6210\u719f\u671f\uff09<\/section>\n<\/td>\n<td data-colwidth=\"132\"><code>\u53ef\u6bd4\u516c\u53f8\u8d22\u52a1\u6570\u636e\uff08\u6536\u5165\u3001EBITDA\uff09<\/code><\/p>\n<section>\u3001<code>\u5e02\u573a\u4e58\u6570\uff08EV\/EBITDA, P\/E\uff09<\/code>\u3001<code>\u6d41\u52a8\u6027\u6298\u6263\u7387<\/code><\/section>\n<\/td>\n<td data-colwidth=\"92\">\n<section>\u5b58\u5728\u8db3\u591f\u591a\u516c\u5f00\u4ea4\u6613\u7684\u53ef\u6bd4\u516c\u53f8\u3002<\/section>\n<\/td>\n<td data-colwidth=\"83\">\n<section>\u4f30\u503c\u903b\u8f91\u6613\u4e8e\u7406\u89e3\uff0c\u4e0e\u5e02\u573a\u5173\u8054\u5ea6\u9ad8\u3002<\/section>\n<\/td>\n<td>\n<section>\u96be\u4ee5\u627e\u5230\u5b8c\u7f8e\u53ef\u6bd4\u516c\u53f8\uff0c\u9700\u4e3b\u89c2\u8c03\u6574\u3002<\/section>\n<\/td>\n<\/tr>\n<tr>\n<td data-colwidth=\"66\"><strong>\u73b0\u91d1\u6d41\u6298\u73b0\u6cd5 (DCF)<\/strong><\/td>\n<td data-colwidth=\"102\">\n<section>\u975e\u4e0a\u5e02\u80a1\u6743\uff08\u6210\u719f\u671f\uff09<\/section>\n<\/td>\n<td data-colwidth=\"132\"><code>\u672a\u67655-10\u5e74\u8d22\u52a1\u9884\u6d4b<\/code><\/p>\n<section>\u3001<code>\u6c38\u7eed\u589e\u957f\u7387<\/code>\u3001<code>\u6298\u73b0\u7387\uff08WACC\uff09<\/code><\/section>\n<\/td>\n<td data-colwidth=\"92\">\n<section>\u4f01\u4e1a\u73b0\u91d1\u6d41\u7a33\u5b9a\u4e14\u53ef\u9884\u6d4b\u3002<\/section>\n<\/td>\n<td data-colwidth=\"83\">\n<section>\u7406\u8bba\u57fa\u7840\u624e\u5b9e\uff0c\u80fd\u53cd\u6620\u4f01\u4e1a\u5185\u5728\u4ef7\u503c\u3002<\/section>\n<\/td>\n<td>\n<section>\u5bf9\u5047\u8bbe\u53c2\u6570\u6781\u5176\u654f\u611f\uff0c\u4e3b\u89c2\u6027\u5f3a\u3002<\/section>\n<\/td>\n<\/tr>\n<tr>\n<td data-colwidth=\"66\"><strong>\u56de\u8d2d\u4ef7\u683c\u6cd5<\/strong><\/td>\n<td data-colwidth=\"102\">\n<section>\u9644\u6709\u56de\u8d2d\/\u5bf9\u8d4c\u6761\u6b3e\u7684\u80a1\u6743<\/section>\n<\/td>\n<td data-colwidth=\"132\"><code>\u6295\u8d44\u534f\u8bae\u4e2d\u7684\u56de\u8d2d\u6761\u6b3e<\/code><\/p>\n<section>\u3001<code>\u56de\u8d2d\u4ef7\u683c\u8ba1\u7b97\u516c\u5f0f<\/code>\u3001<code>\u56de\u8d2d\u65b9\u8d22\u52a1\u72b6\u51b5<\/code><\/section>\n<\/td>\n<td data-colwidth=\"92\">\n<section>\u4e1a\u7ee9\u672a\u8fbe\u6807\uff0c\u56de\u8d2d\u6761\u6b3e\u88ab\u89e6\u53d1\u6216\u5373\u5c06\u89e6\u53d1\u3002<\/section>\n<\/td>\n<td data-colwidth=\"83\">\n<section>\u63d0\u4f9b\u4e86\u660e\u786e\u7684\u5e95\u7ebf\u4ef7\u503c\u53c2\u8003\u3002<\/section>\n<\/td>\n<td>\n<section>\u9700\u5224\u65ad\u56de\u8d2d\u65b9\u7684\u5c65\u7ea6\u80fd\u529b\u548c\u610f\u613f\u3002<\/section>\n<\/td>\n<\/tr>\n<tr>\n<td data-colwidth=\"66\"><strong>\u51c0\u8d44\u4ea7\u6cd5<\/strong><\/td>\n<td data-colwidth=\"102\">\n<section>\u975e\u4e0a\u5e02\u80a1\u6743\uff08\u91cd\u8d44\u4ea7\/\u6e05\u7b97\u671f\uff09<\/section>\n<\/td>\n<td data-colwidth=\"132\"><code>\u7ecf\u5ba1\u8ba1\u6216\u8bc4\u4f30\u8c03\u6574\u7684\u8d44\u4ea7\u8d1f\u503a\u8868<\/code><\/td>\n<td data-colwidth=\"92\">\n<section>\u6295\u8d44\u63a7\u80a1\u516c\u53f8\u3001\u91cd\u8d44\u4ea7\u516c\u53f8\u6216\u62df\u6e05\u7b97\u516c\u53f8\u3002<\/section>\n<\/td>\n<td data-colwidth=\"83\">\n<section>\u4f30\u503c\u6709\u5f62\uff0c\u5ba2\u89c2\u6027\u76f8\u5bf9\u8f83\u5f3a\u3002<\/section>\n<\/td>\n<td>\n<section>\u65e0\u6cd5\u4f53\u73b0\u54c1\u724c\u3001\u6280\u672f\u7b49\u65e0\u5f62\u8d44\u4ea7\u4ef7\u503c\u3002<\/section>\n<\/td>\n<\/tr>\n<tr>\n<td data-colwidth=\"66\"><strong>\u53c2\u8003\u7b2c\u4e09\u65b9\u62a5\u4ef7<\/strong><\/td>\n<td data-colwidth=\"102\">\n<section>\u6295\u8d44\u7684\u5b50\u57fa\u91d1\/\u8d44\u7ba1\u4ea7\u54c1<\/section>\n<\/td>\n<td data-colwidth=\"132\"><code>\u57fa\u91d1\u7ba1\u7406\u4eba\/\u6258\u7ba1\u4eba\u63d0\u4f9b\u7684\u51c0\u503c\u62a5\u544a<\/code><\/p>\n<section>\u3001<code>\u7b2c\u4e09\u65b9\u4f30\u503c\u673a\u6784\u6570\u636e<\/code><\/section>\n<\/td>\n<td data-colwidth=\"92\">\n<section>FOF\u57fa\u91d1\u6295\u8d44\u3002<\/section>\n<\/td>\n<td data-colwidth=\"83\">\n<section>\u9ad8\u6548\u4fbf\u6377\u3002<\/section>\n<\/td>\n<td>\n<section>\u9700\u8bc4\u4f30\u5bf9\u65b9\u4f30\u503c\u7684\u516c\u5141\u6027\uff0c\u6709\u6ede\u540e\u6027\u3002<\/section>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>6.3 \u5e38\u89c1\u95ee\u9898\u4e0e\u6838\u67e5\u6e05\u5355<\/h3>\n<p>\u6b64\u6e05\u5355\u53ef\u4f5c\u4e3a\u4f30\u503c\u590d\u6838\u4eba\u5458\u548c\u4f30\u503c\u59d4\u5458\u4f1a\u7684\u5de5\u5177\uff0c\u7528\u4e8e\u5feb\u901f\u8bc6\u522b\u6f5c\u5728\u95ee\u9898\u3002<\/p>\n<table>\n<thead>\n<tr>\n<th data-colwidth=\"85\">\n<section>\u95ee\u9898\u7c7b\u522b<\/section>\n<\/th>\n<th data-colwidth=\"132\">\n<section>\u5177\u4f53\u95ee\u9898\u63cf\u8ff0<\/section>\n<\/th>\n<th data-colwidth=\"239\">\n<section>\u89e3\u51b3\u65b9\u6848 \/ \u5e94\u5bf9\u63aa\u65bd<\/section>\n<\/th>\n<th>\n<section>\u6838\u67e5\u8981\u70b9<\/section>\n<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td data-colwidth=\"85\"><strong>\u6570\u636e\u83b7\u53d6<\/strong><\/td>\n<td data-colwidth=\"132\">\n<section>\u88ab\u6295\u4f01\u4e1a\u4ec5\u63d0\u4f9b\u672a\u7ecf\u5ba1\u8ba1\u7684\u7ba1\u7406\u5c42\u62a5\u8868\uff0c\u4e14\u6570\u636e\u8d28\u91cf\u5b58\u7591\u3002<\/section>\n<\/td>\n<td data-colwidth=\"239\">\n<section>1.\u00a0<strong>\u63aa\u65bdA\uff1a<\/strong>\u00a0\u4e0e\u5386\u53f2\u5ba1\u8ba1\u62a5\u8868\u8fdb\u884c\u8d8b\u52bf\u548c\u6bd4\u7387\u5206\u6790\uff0c\u8bc6\u522b\u5f02\u5e38\u6ce2\u52a8\u3002<br \/>\n2.\u00a0<strong>\u63aa\u65bdB\uff1a<\/strong>\u00a0\u5728\u4f30\u503c\u62a5\u544a\u4e2d\u4ee5\u201c\u7279\u522b\u4e8b\u9879\u8bf4\u660e\u201d\u5f62\u5f0f\uff0c\u660e\u786e\u62ab\u9732\u6570\u636e\u6765\u6e90\u7684\u5c40\u9650\u6027\u53ca\u6f5c\u5728\u5f71\u54cd\u3002<\/section>\n<\/td>\n<td>\n<section>\n<section>\u00a0\u662f\u5426\u5df2\u5728\u62a5\u544a\u4e2d\u58f0\u660e\u6240\u7528\u6570\u636e\u672a\u7ecf\u5ba1\u8ba1\uff1f<\/section>\n<\/section>\n<\/td>\n<\/tr>\n<tr>\n<td data-colwidth=\"85\"><strong>\u65b9\u6cd5\u9009\u62e9<\/strong><\/td>\n<td data-colwidth=\"132\">\n<section>\u65e9\u671f\u7814\u53d1\u578b\u751f\u7269\u533b\u836f\u516c\u53f8\uff0c\u65e0\u6536\u5165\u65e0\u5229\u6da6\uff0c\u6700\u65b0\u4e00\u8f6e\u878d\u8d44\u5df2\u8d85\u8fc718\u4e2a\u6708\u3002<\/section>\n<\/td>\n<td data-colwidth=\"239\">\n<section>1.\u00a0<strong>\u539f\u5219\uff1a<\/strong>\u00a0\u9075\u5faa\u5ba1\u614e\u539f\u5219\uff0c\u6700\u65b0\u878d\u8d44\u4ef7\u683c\u6cd5\u53c2\u8003\u610f\u4e49\u51cf\u5f31\u3002<br \/>\n2.\u00a0<strong>\u51b3\u7b56\u8def\u5f84\uff1a<\/strong>\u00a0\u91c7\u7528<code>\u91cc\u7a0b\u7891\u5206\u6790\u6cd5<\/code>\uff0c\u8bc4\u4f30\u5176\u6838\u5fc3\u7ba1\u7ebf\u7814\u53d1\u8fdb\u5c55\uff08\u5982\u8fdb\u5165II\u671f\/III\u671f\u4e34\u5e8a\uff09\uff0c\u7ed3\u5408<code>DCF\u6cd5\uff08\u57fa\u4e8e\u6210\u529f\u7387\u8c03\u6574\uff09<\/code>\u6216<code>\u53ef\u6bd4\u4ea4\u6613\u6cd5\uff08\u53c2\u8003\u8fd1\u671f\u540c\u7c7b\u7ba1\u7ebf\u4ea4\u6613\uff09<\/code>\u8fdb\u884c\u7efc\u5408\u5224\u65ad\u3002<\/section>\n<\/td>\n<td>\n<section>\n<section>\u00a0\u4f30\u503c\u65b9\u6cd5\u9009\u62e9\u662f\u5426\u4e0e\u4f01\u4e1a\u53d1\u5c55\u9636\u6bb5\u5339\u914d\uff1f\u662f\u5426\u5df2\u5728\u5e95\u7a3f\u4e2d\u8bb0\u5f55\u51b3\u7b56\u903b\u8f91\uff1f<\/section>\n<\/section>\n<\/td>\n<\/tr>\n<tr>\n<td data-colwidth=\"85\"><strong>\u53c2\u6570\u9009\u53d6<\/strong><\/td>\n<td data-colwidth=\"132\">\n<section>DCF\u6a21\u578b\u4e2d\u6c38\u7eed\u589e\u957f\u7387(g)\u548cWACC\u7684\u786e\u5b9a\u7f3a\u4e4f\u5ba2\u89c2\u4f9d\u636e\u3002<\/section>\n<\/td>\n<td data-colwidth=\"239\">\n<section>1.\u00a0<strong>g\u7684\u786e\u5b9a\uff1a<\/strong>\u00a0<code>g<\/code>\u4e0d\u5e94\u9ad8\u4e8e\u5b8f\u89c2\u7ecf\u6d4e\u957f\u671f\u589e\u957f\u7387\uff08\u5982<code>2%-3%<\/code>\uff09\u3002<br \/>\n2.\u00a0<strong>WACC\u7684\u786e\u5b9a\uff1a<\/strong>\u00a0\u91c7\u7528<code>CAPM\u6a21\u578b<\/code>\u8ba1\u7b97Ke\uff0c\u65e0\u98ce\u9669\u5229\u7387\u91c7\u7528<code>10\u5e74\u671f\u56fd\u503a\u6536\u76ca\u7387<\/code>\uff0cBeta\u503c\u53c2\u8003<code>\u53ef\u6bd4\u516c\u53f8\u53bb\u6760\u6746\u540eBeta\u7684\u4e2d\u4f4d\u6570<\/code>\uff0c\u518d\u6839\u636e\u76ee\u6807\u516c\u53f8\u8d44\u672c\u7ed3\u6784\u8fdb\u884c\u518d\u6760\u6746\u5316\u3002<\/section>\n<\/td>\n<td>\n<section>\n<section>\u00a0WACC\u8ba1\u7b97\u8868\u4e2d\u7684\u6bcf\u4e00\u4e2a\u53c2\u6570\u6765\u6e90\u548c\u53d6\u503c\u8fc7\u7a0b\u662f\u5426\u53ef\u8ffd\u6eaf\uff1f<\/section>\n<\/section>\n<\/td>\n<\/tr>\n<tr>\n<td data-colwidth=\"85\"><strong>\u51cf\u503c\u8ff9\u8c61<\/strong><\/td>\n<td data-colwidth=\"132\">\n<section>\u6838\u5fc3\u6280\u672f\u4eba\u5458\u79bb\u804c\uff0c\u662f\u5426\u6784\u6210\u5b9e\u8d28\u6027\u51cf\u503c\u8ff9\u8c61\uff1f<\/section>\n<\/td>\n<td data-colwidth=\"239\">\n<section>1.\u00a0<strong>\u6807\u51c6\uff1a<\/strong>\u00a0\u5bf9\u7167\u57fa\u91d1<code>\u300a\u4f30\u503c\u653f\u7b56\u300b<\/code>\u4e2d\u5b9a\u4e49\u7684\u51cf\u503c\u89e6\u53d1\u4e8b\u4ef6\u6e05\u5355\u3002<br \/>\n2.\u00a0<strong>\u6d41\u7a0b\uff1a<\/strong>\u00a0\u542f\u52a8<code>\u4e13\u9879\u51cf\u503c\u6d4b\u8bd5<\/code>\uff0c\u5206\u6790\u8be5\u4eba\u5458\u79bb\u804c\u5bf9\u516c\u53f8\u7814\u53d1\u3001\u751f\u4ea7\u548c\u9500\u552e\u7684\u5b9e\u8d28\u6027\u5f71\u54cd\uff0c\u5e76\u91cf\u5316\u5230\u8d22\u52a1\u9884\u6d4b\u4e2d\uff0c\u91cd\u65b0\u6267\u884c\u4f30\u503c\u6d41\u7a0b\u3002<\/section>\n<\/td>\n<td>\n<section>\n<section>\u00a0\u662f\u5426\u5df2\u5c31\u8be5\u91cd\u5927\u4e8b\u4ef6\u5f62\u6210<code>\u4e13\u9898\u5206\u6790\u7eaa\u8981<\/code>\u5e76\u63d0\u4ea4\u4f30\u503c\u59d4\u5458\u4f1a\u8ba8\u8bba\uff1f<\/section>\n<\/section>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>\u7ed3\u8bed\uff1a\u4ece\u5408\u89c4\u9075\u4ece\u5230\u4ef7\u503c\u521b\u9020<\/h2>\n<p>\u5728\u79c1\u52df\u80a1\u6743\u6295\u8d44\u7684\u65b0\u65f6\u4ee3\uff0c\u4f30\u503c\u5df2\u8fdc\u975e\u4e00\u9879\u5355\u7eaf\u7684\u5408\u89c4\u4efb\u52a1\u3002\u5b83\u662f\u4e00\u9762\u955c\u5b50\uff0c\u771f\u5b9e\u53cd\u6620\u7740GP\u7684\u4e13\u4e1a\u80fd\u529b\u3001\u8bda\u4fe1\u6c34\u5e73\u548c\u98ce\u9669\u7ba1\u7406\u80fd\u529b\uff1b\u5b83\u662f\u4e00\u5ea7\u6865\u6881\uff0c\u8fde\u63a5\u7740GP\u4e0eLP\u4e4b\u95f4\u7684\u4fe1\u4efb\uff0c\u6c9f\u901a\u7740\u6295\u8d44\u51b3\u7b56\u4e0e\u6700\u7ec8\u56de\u62a5\u3002\u4e00\u4e2a\u5065\u5168\u3001\u5ba1\u614e\u3001\u900f\u660e\u7684\u4f30\u503c\u4f53\u7cfb\uff0c\u4e0d\u4ec5\u662fGP\u5728\u65e5\u76ca\u4e25\u683c\u7684\u76d1\u7ba1\u73af\u5883\u4e2d\u751f\u5b58\u7684\u201c\u62a4\u8eab\u7b26\u201d\uff0c\u66f4\u662f\u5176\u5728\u6fc0\u70c8\u7684\u5e02\u573a\u7ade\u4e89\u4e2d\u8131\u9896\u800c\u51fa\uff0c\u5b9e\u73b0\u4ece\u201c\u673a\u4f1a\u4e3b\u4e49\u5957\u5229\u8005\u201d\u5230\u201c\u957f\u671f\u4ef7\u503c\u521b\u9020\u8005\u201d\u8f6c\u578b\u7684\u6838\u5fc3\u9a71\u52a8\u529b\u3002<\/p>\n<p>\u4ece\u5efa\u7acb\u72ec\u7acb\u7684\u6cbb\u7406\u67b6\u6784\uff0c\u5230\u5236\u5b9a\u4e25\u8c28\u7684\u4f30\u503c\u653f\u7b56\uff1b\u4ece\u7cbe\u901a\u5404\u7c7b\u4f30\u503c\u65b9\u6cd5\u7684\u201c\u672f\u201d\uff0c\u5230\u7406\u89e3\u5176\u80cc\u540e\u903b\u8f91\u7684\u201c\u9053\u201d\uff1b\u4ece\u6267\u884c\u6807\u51c6\u5316\u7684\u5de5\u4f5c\u6d41\u7a0b\uff0c\u5230\u5efa\u7acb\u6301\u7eed\u4f18\u5316\u7684\u53cd\u9988\u95ed\u73af\u2014\u2014\u6bcf\u4e00\u4e2a\u73af\u8282\u90fd\u8003\u9a8c\u7740\u57fa\u91d1\u7ba1\u7406\u4eba\u7684\u667a\u6167\u4e0e\u7eaa\u5f8b\u3002\u6211\u4eec\u5e0c\u671b\u672c\u6307\u5357\u80fd\u591f\u4e3a\u884c\u4e1a\u540c\u4ec1\u63d0\u4f9b\u4e00\u4efd\u6709\u4ef7\u503c\u7684\u53c2\u8003\uff0c\u5171\u540c\u63a8\u52a8\u4e2d\u56fd\u79c1\u52df\u80a1\u6743\u884c\u4e1a\u8d70\u5411\u66f4\u52a0\u89c4\u8303\u3001\u900f\u660e\u548c\u53ef\u6301\u7eed\u7684\u672a\u6765\u3002\u6700\u7ec8\uff0c\u5353\u8d8a\u7684\u4f30\u503c\u80fd\u529b\u5c06\u4e0d\u4ec5\u4ec5\u662f\u4e3a\u4e86\u6ee1\u8db3\u5408\u89c4\uff0c\u66f4\u662f\u4e3a\u4e86\u66f4\u597d\u5730\u53d1\u73b0\u4ef7\u503c\u3001\u7ba1\u7406\u4ef7\u503c\uff0c\u5e76\u6700\u7ec8\u4e3a\u6295\u8d44\u8005\u521b\u9020\u5353\u8d8a\u7684\u4ef7\u503c\u56de\u62a5\u3002<\/p>\n<section data-pm-slice=\"0 0 []\">\n<section data-role=\"outer\">\n<section>\n<section data-role=\"outer\" data-pm-slice=\"5 13 []\">\n<section data-role=\"outer\">\n<p style=\"text-align: center;\" data-pm-slice=\"3 3 [&quot;para&quot;,{&quot;tagName&quot;:&quot;section&quot;,&quot;attributes&quot;:{&quot;style&quot;:&quot;box-sizing: border-box;font-style: normal;font-weight: 400;text-align: justify;font-size: 16px;color: rgb(62, 62, 62);margin-bottom: 24px;&quot;,&quot;data-pm-slice&quot;:&quot;0 0 []&quot;},&quot;namespaceURI&quot;:&quot;http:\/\/www.w3.org\/1999\/xhtml&quot;},&quot;para&quot;,{&quot;tagName&quot;:&quot;section&quot;,&quot;attributes&quot;:{&quot;data-role&quot;:&quot;outer&quot;,&quot;label&quot;:&quot;edit by 135editor&quot;,&quot;style&quot;:&quot;margin-bottom: 0px;&quot;},&quot;namespaceURI&quot;:&quot;http:\/\/www.w3.org\/1999\/xhtml&quot;},&quot;para&quot;,{&quot;tagName&quot;:&quot;section&quot;,&quot;attributes&quot;:{&quot;style&quot;:&quot;-webkit-tap-highlight-color: transparent;margin-right: 8px;margin-bottom: 24px;margin-left: 8px;outline: 0px;font-size: 16px;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 1.75em;font-family: system-ui, -apple-system, BlinkMacSystemFont, Arial, sans-serif;&quot;},&quot;namespaceURI&quot;:&quot;http:\/\/www.w3.org\/1999\/xhtml&quot;},&quot;para&quot;,{&quot;tagName&quot;:&quot;section&quot;,&quot;attributes&quot;:{&quot;data-role&quot;:&quot;outer&quot;,&quot;label&quot;:&quot;edit by 135editor&quot;,&quot;data-pm-slice&quot;:&quot;5 13 []&quot;},&quot;namespaceURI&quot;:&quot;http:\/\/www.w3.org\/1999\/xhtml&quot;},&quot;para&quot;,{&quot;tagName&quot;:&quot;section&quot;,&quot;attributes&quot;:{&quot;data-role&quot;:&quot;outer&quot;,&quot;label&quot;:&quot;edit by 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