{"id":747,"date":"2011-03-28T00:31:00","date_gmt":"2011-03-27T16:31:00","guid":{"rendered":"http:\/\/tokuhon.blog\/2011\/03\/28\/%e8%bd%89%e8%bc%89%e8%b2%b7%e6%a8%93%e8%aa%a4%e8%a7%a3%e7%ba%8c%e7%af%87\/"},"modified":"2018-02-07T22:45:14","modified_gmt":"2018-02-07T14:45:14","slug":"%e8%bd%89%e8%bc%89%e8%b2%b7%e6%a8%93%e8%aa%a4%e8%a7%a3%e7%ba%8c%e7%af%87","status":"publish","type":"post","link":"https:\/\/tokuhon.blog\/?p=747","title":{"rendered":"[\u8f49\u8f09]\u8cb7\u6a13\u8aa4\u89e3\u7e8c\u7bc7"},"content":{"rendered":"

http:\/\/finance.discuss.com.hk\/viewthread.php?tid=14145877&extra=page%3D1<\/a><\/p>\n

11. 1997\u5e74\u6ce1\u6cab\u7206\u7834\uff0c\u6240\u4ee51996\u5e74\u8ce3\u6a13<\/p>\n

\u6839\u64da\u5dee\u9909\u7269\u696d\u4f30\u50f9\u7f72\u8cc7\u6599\uff0c\u9999\u6e2f2003\u5e74\u518d\u5c0d\u4e0a\u4e00\u500b\u6a13\u5e02\u4f4e\u8c37\u662f1984\u5e74\u7b2c3\u5b63\uff0c\u6307\u6578\u662f16.7(1999\u5e74=100\uff0c\u4e26\u975e\u4e2d\u539f\u6307\u6578)\uff0c\u800c97\u5e74\u6700\u9ad8\u4f4d\u767c\u751f\u65bc10\u6708\uff0c\u6307\u6578\u662f172.9\u3002\u5373\u662f\u8aaa\uff0c\u5047\u5982\u6709\u4eba\u572884\u5e74\u7b2c3\u5b63\u8cb7\u4e86\u4e00\u500b16\u842c7\u5343\u7684\u7269\u696d\uff0c\u4e26\u57281997\u5e74\u4ee5172\u842c9\u5343\u653e\u51fa\uff0c\u4ed6\u7684\u5229\u6f64\u662f156\u842c2\u5343\u3002<\/p>\n

\u5f88\u591a\u6de1\u53cb\u9178\u53cb\u4e5f\u6709\u4e00\u500b\u6975\u56b4\u91cd\u7684\u8aa4\u89e3\uff0c\u5c31\u662f\u300c\u9810\u77e5\u300d2012~2013\u6703\u6ce1\u6cab\u7206\u7834\uff0c\u5c31\u9810\u65e9\u57282011\u8ce3\u6a13\u7b49\u8dcc\u3002\u6253\u500b\u6bd4\u55bb\uff0c1996\u5e74\u6709\u4eba\u9810\u77e51997\u5e74\u7206\uff0c\u5148\u77e5\u5148\u89ba\u5730\u57281996\u5e74\u8ce3\u6a13\u3002\u9019\u4e9b\u300c\u5148\u77e5\u300d\u53ef\u4ee5\u7528\u9ad8\u59ff\u614b\u8a71\u4ffe\u4eba\u807d\u4f62\u4e00\u65e9\u4f30\u5230\u6a13\u5e02\u5e7e\u6642\u7206\uff0c\u4f46\u5be6\u969b\u4e0a\u4f62\u5730\u65e2\u7b56\u7565\u6975\u70ba\u767d\u75f4\uff0c\u539f\u56e0\u5982\u4e0b\uff1a<\/p>\n

1996\u5e741\u6708\u7684\u6307\u6578\u662f105.2\uff0c\u5373\u662f\u8aaa\uff0c\u5982\u5728\u90a3\u6642\u8ce3\u6a13\uff0c\u4e0a\u9762\u500b\u6848\u7684\u4f8b\u5b50\u53ef\u4ee5\u670988\u842c5\u5343\u7684\u5229\u6f64\uff0c\u82071997\u5e7410\u6708\u8ce3\u6a13\u4f5c\u6bd4\u8f03\uff0c\u8cfa\u5c11\u4e8667\u842c7\u5343\u3002\u63db\u53e5\u8a71\u8aaa\uff0c\u75311984\u81f31997\u901913\u5e74\u9593\uff0c\u6a13\u5e02\u670943%\u7684\u5229\u6f64\u662f\u96c6\u4e2d\u57281996~1997\u90192\u5e74\u4e4b\u5167\uff0c\u5176\u4e2d25%\u66f4\u662f\u9ad8\u5ea6\u96c6\u4e2d\u65bc1997\u5e74\u7684\u982d10\u500b\u6708\uff01\u56e0\u6b64\uff0c\u5373\u4f7f\u5148\u77e5\u6709\u9810\u77e5\u80fd\u529b\uff0c\u537b\u6c92\u6709\u592a\u5927\u7684\u8cfa\u9322\u80fd\u529b\uff0c\u5927\u90e8\u4efd\u7684\u5229\u6f64\u4e5f\u5728\u6700\u5f8c\u95dc\u982d\u767d\u767d\u6d41\u8d70\u3002\u9810\u8a08\u4e0b\u5e74\u7206\u4f46\u4eca\u5e74\u5148\u8ce3\u6a13<\/span>\uff0c\u7c21\u76f4\u4e0d\u77e5\u6240\u8b02\uff01<\/p>\n

\u6211\u5011\u518d\u7747\u7747\u57281996\u5e74\u8ce3\u6a13\u7684\u5148\u77e5\u662f\u4ec0\u9ebc\u4e0b\u5834\u30021996\u5e741\u6708\u6307\u6578105.2\uff0c\u6709\u500b\u50bb\u4eba\u5514\u807d\u5148\u77e5\u8a71\uff0c\u57281998\u5e747\u6708\u624d\u653e\uff0c\u6307\u6578108\uff0c\u5728\u6ce1\u6cab\u7206\u7834\u5f8c\u5dee\u4e0d\u591a\u4e00\u5e74\u624d\u653e\uff0c\u7adf\u7136\u53ef\u4ee5\u53cd\u52dd\u5148\u77e5\uff01<\/p>\n

\u5481\u7a76\u7adf\u4eca\u6b21\u6a13\u5e02\u5e7e\u6642\u7206\uff1f\u6211\u5514\u77e5\u3002\u4f46\u6211\u518d\u6b21\u91cd\u7533\uff0c\u6a13\u5e02\u7206\u4fc2\u56e0\u70ba\u5927\u91cf\u696d\u4e3b\u4f9b\u5514\u8d77\u6a13\u8981\u5288\u50f9\u8ce4\u8ce3<\/span>\uff0c\u9019\u662f\u5206\u6790\u6a13\u5e02\u7684\u7b2c\u4e00\u9053\u91cd\u8981\u5b9a\u5f8b\u3002\u6211\u5047\u8a2d\u806f\u5132\u5c40\u57282011\u5e746\u6708\u958b\u59cb\u52a0\u606f\uff0c\u518d\u6bcf\u5b63\u52a0\u534a\u5398(\u6975\u760b\u72c2\u7684\u5047\u8a2d)\uff0c\u800c\u9999\u6e2f\u9280\u884c\u8ddf\u8db3\uff0c\u4ea6\u89812\u5e74\u6642\u9593\u624dP=10\u5398\u3002\u6211\u5c31\u7576\u4f622013\u5e74\u7206\uff0c\u7747\u5b8c\u6211\u4e0a\u9762\u7684\u5206\u6790\uff0c\u5404\u4f4d\u5e2b\u5144\u90fd\u61c9\u8a72\u660e\u767d 2011~2013\u90193\u5e74\u5167\u6211\u5011\u61c9\u8a72\u505a\u4ec0\u9ebc\u30022011\u8ce3\u6a13\u7b49\u8dcc\uff0c\u57fa\u672c\u4e0a\u7b49\u5982\u81ea\u6bba\u3002<\/p>\n

12. \u5883\u5916\u6709\u5929\u707d\u4eba\u798d\uff0c\u9999\u6e2f\u6a13\u50f9\u6703\u8dcc<\/p>\n

\u5148\u554f\u5927\u5bb6\u4e00\u500b\u554f\u984c\uff1a89\u5e7464\u4e8b\u4ef6\uff0c\u5c0d\u65bc8\u5e74\u5f8c\u5c31\u8981\u56de\u6b78\u7684\u9999\u6e2f\u4f86\u8aaa\uff0c\u7b97\u4e0d\u7b97\u5927\u4e8b\uff1f\u82e5\u7b97\uff0c\u90a3\u6a13\u50f9\u61c9\u8a72\u8dcc\u591a\u5c11\uff1f1\u6210\uff1f2\u6210\uff1f<\/p>\n

\u4e8b\u5be6\u4e0a\uff0c89\u5e74\u7b2c2\u5b63\u6307\u657840.8\uff0c\u7b2c3\u5b63\u8dcc\u81f339.2\uff0c\u53ea\u5fae\u8dcc\u4e863.9%\uff0c\u4f46\u53bb\u5230\u7b2c4\u5b63\uff0c\u5df2\u53cd\u5347\u81f341.4\uff0c64\u4e8b\u4ef6\u4ee4\u5230\u5927\u91cf\u9999\u6e2f\u4eba\u8d70\u8cc7\u79fb\u6c11\uff0c\u5c0d\u524d\u9014\u4fe1\u5fc3\u76e1\u5931\uff0c\u4f46\u6a13\u5e02\u5c31\u786c\u904e\u9435<\/span>\uff0c\u8f15\u8f15\u5fae\u8abf\u5f8c\u5c31\u4e00\u76f4\u4e0a\u5347\u81f31995\u5e74\u624d\u51fa\u73fe\u4e00\u6b211\u6210\u4ee5\u4e0a\u7684\u5411\u4e0b\u8abf\u6574\u3002<\/p>\n

\u4e00\u500b\u76f4\u63a5\u5f71\u97ff\u9999\u6e2f\u524d\u9014\u7684\u91cd\u5927\u4e8b\u4ef6\uff0c\u5c0d\u6a13\u5e02\u7684\u5f71\u97ff\u529b\u53ea\u4e0d\u904e\u662f3.9%<\/span>\u3002\u6578\u64da\u5c31\u662f\u5982\u6b64\u3002\u82e5\u679c\u6709\u4eba\u89ba\u5f97\u9999\u6e2f\u5883\u5916\u6b7b\u4eba\u51a7\u6a13\u53ef\u4ee5\u9707\u6563\u9999\u6e2f\u6a13\u50f9\uff0c\u4ed6\u6b63\u5728\u767c\u7dba\u5922\u3002<\/p>\n

13. \u9280\u884c\u6e1b\u512a\u60e0 = \u52a0\u606f<\/p>\n

\u6709\u9152\u5bb6\u63a8\u51fa1\u868a\u4e00\u96bb\u96de\u5438\u5ba2\uff0c\u5f8c\u4f86\u6539\u70ba2\u868a\u4e00\u96bb\u96de\uff0c\u6d88\u8cbb\u8005\u5c31\u6295\u8a34\u8a71\u505a\u4e5c\u52a0\u50f9100%\uff0c\u901a\u8139\u6f6e\u53c8\u9ece\u3002\u5982\u6b64\u7121\u7406\u53d6\u9599\u7684\u6d88\u8cbb\u8005\uff0c\u5c31\u6b63\u6b63\u7b49\u65bc\u90a3\u4e9b\u5c07\u300cH+1.2%\u300d\u7a31\u70ba\u300c\u52a0\u606f\u300d\u7684\u4eba\u3002\u5c0d\u65bc\u4f9b\u6a13\u4eba\u58eb\u4f86\u8aaa\uff0c\u52a0\u606f\u7684\u6b63\u78ba\u5b9a\u7fa9\u662fP\u5229\u7387\u4e0a\u8abf\u3002H\u6309\u7531+0.7\u8f49\u70ba+1.2\uff0c\u53ea\u80fd\u7a31\u70ba\u300c\u6e1b\u512a\u60e0\u300d\uff0c\u73fe\u6642\u6b63\u5728\u4f9b\u6a13\u7684\u696d\u4e3b\u5b8c\u5168\u4e0d\u53d7\u6e1b\u512a\u60e0\u653f\u7b56\u7684\u5f71\u97ff<\/span>\uff0c\u4f55\u4f86\u52a0\u606f\uff1f\u4f55\u4f86\u9031\u671f\uff1f<\/p>\n

\u5be6\u969b\u4e0a\uff0c\u9280\u884c\u6e1bH\u6309\u512a\u60e0\uff0c\u5373\u5f37\u70c8\u6697\u793a\u300cH+x.x%\u300d\u4e2d\u300cH\u300d\u7684\u90e8\u4efd\u5728\u53ef\u898b\u5c07\u4f86\u6c92\u6709\u53ef\u80fd\u5927\u5e45\u62bd\u5347\u81f3\u555f\u52d5P\u7684cap\u4f4d\uff0c\u6545\u53ea\u597d\u5411\u300cx.x%\u300d\u7684\u90e8\u5206\u52d5\u8166\u7b4b<\/span>\u3002\u9006\u5411\u601d\u7dad\uff0c\u82e5\u9280\u884c\u9810\u8a08\u534a\u5e74\u5f8c\u540c\u696d\u62c6\u606f\u53ef\u4ee5\u5347\u81f3\u555f\u52d5cap\u4f4d\uff0c\u90a3\u53ef\u5927\u5b89\u65e8\u610f\u63a8\u51fa\u300cH+0%\u300d\u7684\u8d85\u7279\u60e0plan\u300c\u5443\u300d\u4eba\u843d\u642d\uff0c\u534a\u5e74\u5f8c\u7acb\u5373\u555f\u52d5P\u7684cap\u4f4d\u8cfa\u500b\u75db\u5feb\uff0c\u70ba\u4f55\u8981\u6e1b\u512a\u60e0\u8d95\u5ba2\uff1f<\/p>\n

14. \u5c45\u5c4b = \u7528\u5e02\u50f97\u6298\u8cb7\u6a13<\/p>\n

\u5c45\u5c4b\u5be6\u969b\u4e0a\u4e26\u4e0d\u662f\u653f\u5e9c\u300c\u88dc\u8cbc\u300d\u696d\u4e3b\uff0c\u800c\u662f\u653f\u5e9c\u548c\u696d\u4e3b\u300c\u5408\u8cc7\u300d\u8cfc\u8cb7\u7269\u696d\uff0c\u696d\u4e3b\u51fa7\u6210\uff0c\u653f\u5e9c\u51fa3\u6210\u3002\u8868\u9762\u4e0a\u696d\u4e3b\u597d\u4f3c\u597d\u8457\u6578\uff0c\u300c7\u6298\u300d\u5c31\u53ef\u4ee5\u8cb7\u5230\u6a13\uff0c\u4f46\u554f\u984c\u4fc2\u8ca0\u8cac\u51fa\u5176\u99183\u6210\u7684\u90a3\u4f4d\u80a1\u6771\u5f88\u60e1\uff0c\u4e0d\u4f46\u9650\u5236\u696d\u4e3b\u7684\u552e\u6a13\u5c0d\u8c61\uff0c\u66f4\u5c01\u9396\u696d\u4e3b\u4e00\u5207(\u8ce3\u6a13\u4ee5\u5916)\u7522\u751f\u5229\u6f64\u7684\u53ef\u80fd\uff0c\u4e0d\u53ef\u51fa\u79df\uff0c\u5373\u4f7f\u4f9b\u65b7\u4e86\u4ea6\u4e0d\u53ef\u52a0\u6309<\/span>\u3002\u6309\u9053\u7406\u4f86\u8aaa\uff0c\u75287\u6298\u8cb7\u4e86\u6a13\uff0c\u61c9\u53ef\u4ee5\u79df\u4ffe\u4eba\uff0c\u518d\u5c073\u6210\u5206\u7d66\u300c\u80a1\u6771\u300d\uff0c\u800c\u80a1\u4efd\u4f547\u6210\u7684\u5927\u80a1\u6771\uff0c\u8981\u52a0\u6309\u878d\u8cc7\u5187\u7406\u7531\u8981\u5f97\u5230\u53ea\u4f543\u6210\u80a1\u4efd\u7684\u5c0f\u80a1\u6771\u540c\u610f\uff0c\u4f46\u4e8b\u5be6\u4e0a\u5c45\u5c4b\u5c31\u662f\u4e00\u7a2e\u5982\u6b64\u8352\u5510\u7684\u7cfb\u7d71\u3002\u518d\u8005\uff0c\u8cb7\u6a13\u6642\u5c31\u8a717\u6298\uff0c\u5230\u8ce3\u6a13\u6642\uff0c\u88dc\u5730\u50f9\u5f80\u5f80\u4efb\u4f62up\uff0c\u53ef\u4ee5\u53bb\u5230\u6a13\u50f9\u76841\u500d(\u5373\u5730\u50f9\u4f5450%)\u90fd\u5f97\u3002\u7965\u76ca\u7684\u6c6a\u8001\u95c6\u5206\u6790\u5f97\u597d\u597d\uff0c\u4e0d\u6127\u5c45\u5c4b\u5c08\u5bb6\u4e4b\u540d\uff0c\u4f62\u8a71\u653f\u5e9c\u8d77\u5c45\u5c4b\uff0c\u5187\u4e5c\u4eba\u88dc\u5730\u50f9\u653f\u5e9c\u5176\u5be6\u6709\u8457\u6578\uff0c\u56e0\u70ba\u653f\u5e9c\u6301\u6709\u76843\u6210\u696d\u6b0a\u96a8\u6642\u9593\u5347\u503c\u3002\u4e8b\u5be6\u4e0a\u88dc\u5730\u50f9\u662f\u4ee5\u73fe\u5e02\u50f9\u8a08\uff0c\u5f88\u660e\u986f\u653f\u5e9c\u90fd\u4fc2\u5481\u8ad7\u3002<\/span><\/p>\n

\u56b7\u8981\u8d77\u5c45\u5c4b\u7684\u4eba\uff0c\u773c\u5149\u77ed\u6dfa\uff0c\u53ea\u770b\u5230\u8cb7\u5c45\u5c4b\u6642\u6240\u8b02\u300c\u6298\u6263\u300d\uff0c\u5ffd\u7565\u4e86\u696d\u6b0a\u5b8c\u6574\u7684\u91cd\u8981\u6027\u3002\u4e8b\u5be6\u4e0a\u53ea\u8981\u8cb7\u9060\u4e9b\u5c11\u3001\u7d30\u4e9b\u5c11\u6216\u820a\u4e9b\u5c11\uff0c\u5df2\u7d93\u53ef\u4ee5\u67097\u6298<\/span>\uff0c\u7121\u9700\u548c\u653f\u5e9c\u9019\u500b\u60e1\u80a1\u6771\u300c\u5408\u8cc7\u300d\u8cb7\u6a13\u3002<\/p>\n

\u518d\u8005\uff0c\u5c45\u5c4b\u662f\u767c\u6c34\u6700\u52c1\u7684\u7269\u696d\u7a2e\u985e\uff0c\u6c92\u6709\u9732\u53f0\u3001\u6c92\u6709\u5927\u578b\u6703\u6240\u3001\u6c92\u6709\u5de5\u4f5c\u5e73\u53f0\uff0c\u4e00\u68af10\u4f19\u4ee5\u4e0a\uff0c\u4f46\u5be6\u7528\u7387\u537b\u53ea\u5f978\u6210\u751a\u81f37\u6210\u534a\uff0c\u90a320~25%\u7684\u9762\u7a4d\u53bb\u4e86\u54ea\u88e1\uff1f<\/p>\n

\u56e0\u6b64\uff0c\u5c45\u5c4b\u5176\u5be6\u5c0d\u5e02\u6c11\u6709\u767e\u5bb3\u800c\u7121\u4e00\u5229\uff0c\u56b7\u8981\u8d77\u5c45\u5c4b\u7684\u4eba\uff0c\u6839\u672c\u5514\u77e5\u4e5c\u91ce\u4fc2\u5c45\u5c4b\uff0c\u6216\u8005\u9019\u4e9b\u4eba\u7684\u76ee\u7684\u53ea\u4e0d\u904e\u662f\u60f3\u589e\u52a0\u4f9b\u61c9\uff0c\u65b9\u4fbf\u81ea\u5df1\u8cb7\u79c1\u4eba\u6a13\u3002<\/font><\/p>\n","protected":false},"excerpt":{"rendered":"

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