{"id":5898,"date":"2025-09-19T01:17:39","date_gmt":"2025-09-18T23:17:39","guid":{"rendered":"https:\/\/tulipemedia.com\/?p=5898"},"modified":"2025-11-04T00:25:28","modified_gmt":"2025-11-03T23:25:28","slug":"cours-effet-de-levier-definition-explications-exemples","status":"publish","type":"post","link":"https:\/\/tulipemedia.com\/zh\/cours-effet-de-levier-definition-explications-exemples\/","title":{"rendered":"\u4f01\u4e1a\u8d22\u52a1\u6760\u6746\u5b8c\u6574\u8bfe\u7a0b"},"content":{"rendered":"<p>\u5728\u8fd9\u4e2a\u65b0\u8bfe\u7a0b\u4e2d <a href=\"https:\/\/tulipemedia.com\/zh\/cours-gestion-entreprise\/\">\u5546\u4e1a\u7ba1\u7406\u5b8c\u5168\u6307\u5357<\/a>\uff0c\u6211\u4eec\u5c06\u53d1\u73b0\u5b83\u7531\u4ec0\u4e48\u7ec4\u6210 <strong>\u6760\u6746\u4f5c\u7528<\/strong>\uff0c\u65e8\u5728\u5411\u6211\u4eec\u4ecb\u7ecd\u4e00\u822c\u4f1a\u8ba1\u548c\u4f01\u4e1a\u7ba1\u7406\u7684\u5185\u90e8\u8fd0\u4f5c\u3002<\/p>\n<h2>\u6760\u6746\u7684\u4e00\u822c\u5b9a\u4e49<\/h2>\n<p>\u6760\u6746\u662f\u6307\u5229\u7528 <strong>\u503a\u52a1<\/strong> \u4e3a\u4e86 <strong>\u63d0\u9ad8\u6295\u8d44\u80fd\u529b<\/strong> \u4ee5\u63d0\u9ad8\u80a1\u4e1c\u6743\u76ca\u56de\u62a5\u7387\uff0c\u5373\u80a1\u4e1c\u76c8\u5229\u80fd\u529b\u4e3a\u76ee\u7684\u3002<\/p>\n<p>\u56e0\u6b64\uff0c\u5b83\u8861\u91cf\u7684\u662f\u8d1f\u503a\u60c5\u51b5\u4e0b\u7684\u80a1\u672c\u56de\u62a5\u7387\uff0c\u5e76\u8868\u8fbe\u4e86\u8d1f\u503a\u5bf9 <strong>\u8bc9\u8bf8\u503a\u52a1<\/strong> \uff08\u7b2c\u4e09\u65b9\u8d44\u672c\uff09\u800c\u975e\u5355\u72ec\u7684\u80a1\u6743\u878d\u8d44\u3002<\/p>\n<p>\u8fd9\u662f\u4e00\u628a\u53cc\u5203\u5251\uff0c\u56e0\u4e3a\u5982\u679c\u501f\u8d37\u6210\u672c\u5927\u4e8e\u501f\u8d37\u9884\u671f\u5e26\u6765\u7684\u5229\u6da6\u589e\u957f\uff0c\u6760\u6746\u5c31\u4f1a\u53d8\u6210\u8d1f\u503c\u3002<\/p>\n<p>\u4e3a\u4e86\u5145\u5206\u7406\u89e3\u6760\u6746\u7684\u6982\u5ff5\uff0c\u56e0\u4e3a\u5b83\u662f\u8861\u91cf\u503a\u52a1\u60c5\u51b5\u4e0b\u80a1\u6743\u76c8\u5229\u80fd\u529b\u7684\u6982\u5ff5\uff0c\u56e0\u6b64\uff0c\u56de\u987e\u80a1\u6743\u548c\u91d1\u878d\u503a\u52a1\u7684\u6982\u5ff5\u975e\u5e38\u91cd\u8981\uff0c\u5b83\u4eec\u662f\u8d44\u4ea7\u8d1f\u503a\u8868\u8d1f\u503a\u65b9\u7684\u4e24\u4e2a\u9879\u76ee\uff1a<\/p>\n<ul>\n<li>\u80a1\u6743\uff08\u5305\u62ec\u80a1\u672c\uff09\u7531\u516c\u53f8\u80a1\u4e1c\u63d0\u4f9b\uff1b<\/li>\n<li>\u503a\u52a1\u662f\u6307\u4f01\u4e1a\u4e0e\u91d1\u878d\u673a\u6784\u53d1\u751f\u7684\u503a\u52a1\uff0c\u5305\u62ec\u91d1\u878d\u503a\u52a1\u3002<\/li>\n<\/ul>\n<p>\u6b63\u5982\u6211\u4eec\u5728\u524d\u51e0\u7ae0\u4e2d\u63d0\u5230\u7684\uff0c\u80a1\u6743\u548c\u503a\u52a1\u8fd9\u4e24\u5927\u7c7b\u522b\u53ef\u4ee5\u4e3a\u516c\u53f8\u7684\u56fa\u5b9a\u8d44\u4ea7\u548c\u6d41\u52a8\u8d44\u4ea7\u63d0\u4f9b\u8d44\u91d1\uff0c\u6362\u53e5\u8bdd\u8bf4\uff0c\u53ef\u4ee5\u4e3a\u516c\u53f8\u7684\u751f\u4ea7\u8d44\u6599\uff08\u5de5\u5382\u3001\u5546\u4e1a\u8d44\u4ea7\u3001\u673a\u68b0\u7b49\uff09\u4ee5\u53ca\u5546\u54c1\u3001\u539f\u6750\u6599\u7684\u8d2d\u4e70\u751a\u81f3\u5ba2\u6237\u5e94\u6536\u6b3e\u63d0\u4f9b\u8d44\u91d1\u3002<\/p>\n<p>\u8fd9\u91cc\u6211\u4eec\u5c06\u8fd9\u4e9b\u8d44\u4ea7\uff08\u56fa\u5b9a\u8d44\u4ea7\u548c\u6d41\u52a8\u8d44\u4ea7\uff09\u79f0\u4e3a <strong>\u516c\u53f8\u7684\u7ecf\u6d4e\u8d44\u4ea7<\/strong>\uff0c\u5f53\u7136\u5c5e\u4e8e\u516c\u53f8\u3002<\/p>\n<p>\u81f3\u4e8e\u503a\u52a1\uff0c\u66f4\u5177\u4f53\u5730\u8bf4\u662f\u91d1\u878d\u503a\u52a1\uff08\u5c24\u5176\u662f\u957f\u671f\u503a\u52a1\uff09\uff0c\u662f\u6307\u516c\u53f8\u4e0e\u91d1\u878d\u673a\u6784\u7b7e\u8ba2\u7684\u5408\u540c\u6240\u4ea7\u751f\u7684\u503a\u52a1\uff0c\u4f5c\u4e3a\u4ea4\u6362\uff0c\u91d1\u878d\u673a\u6784\u8981\u6c42\u507f\u8fd8\u501f\u6b3e\u91d1\u989d\u5e76\u652f\u4ed8\u5229\u606f\u3002\u8be5\u5229\u606f\u53d6\u51b3\u4e8e\u7b7e\u8ba2\u8d37\u6b3e\u5408\u540c\u65f6\u9884\u5148\u8bbe\u5b9a\u7684\u5229\u7387\uff0c\u56e0\u6b64\u76f8\u5f53\u4e8e\u91d1\u878d\u673a\u6784\u7684\u62a5\u916c\u3002<\/p>\n<figure id=\"attachment_5794\" aria-describedby=\"caption-attachment-5794\" style=\"width: 480px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-5794\" src=\"https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/07\/Bilan-comptable-categories.png\" alt=\"\u8d44\u4ea7\u8d1f\u503a\u8868\u7c7b\u522b\" width=\"480\" height=\"309\" title=\"\" srcset=\"https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/07\/Bilan-comptable-categories.png 480w, https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/07\/Bilan-comptable-categories-300x193.png 300w, https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/07\/Bilan-comptable-categories-18x12.png 18w\" sizes=\"auto, (max-width: 480px) 100vw, 480px\" \/><figcaption id=\"caption-attachment-5794\" class=\"wp-caption-text\">\u8d44\u4ea7\u8d1f\u503a\u8868\u7c7b\u522b<\/figcaption><\/figure>\n<p>\u6700\u540e\uff0c\u6b63\u5982\u6211\u4eec\u5728\u524d\u51e0\u7ae0\u6240\u8ba8\u8bba\u7684\uff0c\u516c\u53f8\u53ca\u5176\u80a1\u4e1c\u7684\u5229\u76ca\u5728\u4e8e\u521b\u9020\u5229\u6da6\uff0c\u5176\u91d1\u989d\u4f53\u73b0\u5728\u635f\u76ca\u8868\u4e2d\u3002\u800c\u8fd9\u4e9b\u5229\u6da6\u5c06\u53cd\u6620\u5728\u516c\u53f8\u7684\u6743\u76ca\u4e2d\uff0c\u66f4\u51c6\u786e\u5730\u8bf4\uff0c\u662f\u4f53\u73b0\u5728\u4e1a\u7ee9\u4e2d\u3002<\/p>\n<h2>\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b<\/h2>\n<p>\u73b0\u5728\u6211\u4eec\u5df2\u7ecf\u5f88\u597d\u5730\u7406\u89e3\u4e86\u8fd9\u4e00\u70b9\uff0c\u6211\u4eec\u5c06\u53d1\u73b0 <strong>\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b<\/strong> \u56e0\u4e3a\u8fd9\u4e2a\u6982\u5ff5\u5c06\u4f7f\u6211\u4eec\u7406\u89e3\u5982\u4f55\u8ba1\u7b97\u6760\u6746\u6548\u5e94\u3002<\/p>\n<p>\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\u5b9e\u9645\u4e0a\u8861\u91cf\u7684\u662f\u516c\u53f8\u8fd0\u7528\u5176\u7ecf\u6d4e\u8d44\u4ea7\uff08\u6240\u6709\u4f7f\u5176\u80fd\u591f\u8fdb\u884c\u751f\u4ea7\u548c\u6301\u7eed\u7ecf\u8425\u7684\u8d44\u4ea7\uff1a\u56fa\u5b9a\u8d44\u4ea7+\u8425\u8fd0\u8d44\u672c\u9700\u6c42\uff09\u7684\u7ee9\u6548\u3002\u9700\u8981\u63d0\u9192\u7684\u662f\uff0c\u8425\u8fd0\u8d44\u672c\u9700\u6c42\u8861\u91cf\u7684\u662f\u516c\u53f8\u5728\u6263\u9664\u6d41\u52a8\u8d1f\u503a\uff08\u4f8b\u5982\u94f6\u884c\u6216\u4f9b\u5e94\u5546\u63d0\u4f9b\u7684\u77ed\u671f\u503a\u52a1\uff09\u540e\uff0c\u4e3a\u5176\u6d41\u52a8\u8d44\u4ea7\uff08\u5e93\u5b58\u548c\u5ba2\u6237\u5e94\u6536\u6b3e\uff09\u878d\u8d44\u6240\u9700\u7684\u8d44\u91d1\u3002<\/p>\n<p>\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\u6bd4\u7387\u6709\u4e24\u79cd\u5bf9\u5e94\u7684\u8ba1\u7b97\u516c\u5f0f\uff1a<\/p>\n<h3>ROCE\u7684\u6cd5\u8bed\u7248\u672c<\/h3>\n<p style=\"text-align: center;\"><strong>ROCE = EBITDA \u6216 REX \/ \u6743\u76ca + \u957f\u671f\u503a\u52a1<\/strong><\/p>\n<p>\u8be5\u6bd4\u7387\u8861\u91cf <strong>\u7a0e\u524d\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b<\/strong>, \u6b64\u5916\uff0c\u8fd8\u9700\u8003\u8651\u6216\u4e0d\u8003\u8651\u6298\u65e7\u548c\u51c6\u5907\u91d1\u3002EBITDA \u4e0d\u8003\u8651\u6298\u65e7\u548c\u51c6\u5907\u91d1\uff0c\u800c EBIT \u5219\u8003\u8651\u4e86\u8fd9\u4e9b\u56e0\u7d20\uff08\u4e5f\u5c31\u662f\u8bf4\uff0c\u5728\u8ba1\u7b97\u65b9\u6cd5\u4e2d\u4f1a\u6263\u9664\u8fd9\u4e9b\u56e0\u7d20\uff0c\u4ee5\u53cd\u6620\u67d0\u4e9b\u8d44\u4ea7\u7684\u6298\u65e7\u4ee5\u53ca\u4e3a\u9884\u671f\u53ef\u80fd\u7684\u98ce\u9669\u548c\u8d39\u7528\u00ab\u9884\u7559\u00bb\u7684\u8d44\u91d1\uff09\u3002.<\/p>\n<h3>ROCE \u7684\u56fd\u9645\u7248\u672c\uff1aROIC\uff08\u6295\u8d44\u8d44\u672c\u56de\u62a5\u7387\uff09<\/h3>\n<p style=\"text-align: center;\"><strong>\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b=\u7a0e\u540e\u8425\u4e1a\u5229\u6da6\uff08NOPAT\uff09\/\u6295\u8d44\u8d44\u672c<\/strong><\/p>\n<p>\u5728\u8fd9\u4e2a\u516c\u5f0f\u4e2d\uff1a<\/p>\n<ul>\n<li>\u6295\u5165\u8d44\u672c\u662f\u6307\u80a1\u4e1c\u63d0\u4f9b\u7684\u80a1\u6743\u8d44\u672c <strong>\u548c<\/strong> \u51c0\u91d1\u878d\u503a\u52a1\u3002\u6362\u53e5\u8bdd\u8bf4\uff0c\u5b83\u6c47\u96c6\u4e86\u957f\u671f\u8d44\u6e90\u3002<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><strong>\u6295\u5165\u8d44\u672c=\u80a1\u6743+\u51c0\u91d1\u878d\u503a\u52a1<\/strong><\/p>\n<ul>\n<li>\u7a0e\u540e\u51c0\u8425\u4e1a\u5229\u6da6\uff08NAPOT\uff09\u662f\u6307\u8425\u4e1a\u5229\u6da6\u51cf\u53bb\u8be5\u5229\u6da6\u7684\u7406\u8bba\u7a0e\u989d\u3002.<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><strong>\u7a0e\u540e\u8425\u4e1a\u5229\u6da6 = \u8425\u4e1a\u5229\u6da6 \u2013 \uff08\u8425\u4e1a\u5229\u6da6 \u00d7 \u7a0e\u989d\uff09<\/strong><\/p>\n<h3>\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\u7684\u91cd\u8981\u6027<\/h3>\n<p>ROCE \u548c ROIC \u6307\u7684\u662f\u540c\u4e00\u4e2a\u6982\u5ff5\uff1a\u516c\u53f8\u6bcf\u6295\u5165\u4e00\u6b27\u5143\u8d44\u672c\u5728\u5176\u4e1a\u52a1\u6d3b\u52a8\u4e2d\u8d5a\u53d6\u591a\u5c11\u5229\u6da6\u3002.<br \/>\n\u6cd5\u56fd\u7248\u672c\u901a\u5e38\u4f7f\u7528\u7a0e\u524d EBE\uff0c\u800c\u76ce\u683c\u9c81-\u6492\u514b\u900a\u7248\u672c\u5219\u503e\u5411\u4e8e\u4f7f\u7528\u7a0e\u540e NOPAT\u3002.<\/p>\n<p>\u8fd9\u79cd\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\u53cd\u6620\u4e86\u516c\u53f8\u7684\u7ecf\u6d4e\u6548\u7387\uff0c\u800c\u4e0e\u878d\u8d44\u7ed3\u6784\uff08\u503a\u52a1\u4e0e\u80a1\u6743\uff09\u65e0\u5173\u3002.<\/p>\n<p>\u00ab\u8d44\u4ea7\u56de\u62a5\u7387\u00bb\uff08ROA\uff09\u5728\u76ce\u683c\u9c81-\u6492\u514b\u900a\u6587\u732e\u4e2d\u7ecf\u5e38\u4f7f\u7528\uff0c\u5b83\u662f\u4e00\u79cd\u7c7b\u4f3c\u7684\u8861\u91cf\u6807\u51c6\uff0c\u4f46\u8ba1\u7b97\u65b9\u6cd5\u4e0d\u540c\uff08\u51c0\u6536\u5165\u9664\u4ee5\u603b\u8d44\u4ea7\uff09\u3002.<\/p>\n<p>\u603b\u800c\u8a00\u4e4b\uff0c\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\u901a\u5e38\u8861\u91cf\u7684\u662f\u6240\u83b7\u5f97\u7684\u8425\u4e1a\u5229\u6da6\u4e0e\u4e3a\u83b7\u5f97\u8be5\u8425\u4e1a\u5229\u6da6\u800c\u8c03\u52a8\u7684\u8d44\u6e90\u4e4b\u95f4\u7684\u6bd4\u7387\uff0c\u800c\u4e0d\u8bd5\u56fe\u533a\u5206\u8c03\u52a8\u8d44\u6e90\u7684\u4e0d\u540c\u6765\u6e90\u3002.<\/p>\n<h2>\u80a1\u672c\u56de\u62a5\u7387\uff08\u8d22\u52a1\u76c8\u5229\u80fd\u529b\u6216 ROE\uff09<\/h2>\n<p>\u53e6\u4e00\u4e2a\u4e0e\u524d\u4e00\u4e2a\u6982\u5ff5\u5bc6\u5207\u76f8\u5173\u7684\u91cd\u8981\u6982\u5ff5\u662f\u8d22\u52a1\u76c8\u5229\u80fd\u529b\uff08\u51c0\u8d44\u4ea7\u6536\u76ca\u7387\uff0c\u5373ROE\uff09\uff0c\u5b83\u8861\u91cf\u7684\u662f\u516c\u53f8\u4e3a\u80a1\u4e1c\u521b\u9020\u7684\u76c8\u5229\u80fd\u529b\u3002\u5b83\u8861\u91cf\u7684\u662f\u51c0\u5229\u6da6\u76f8\u5bf9\u4e8e\u80a1\u4e1c\u6295\u8d44\uff08\u5373\u6743\u76ca\uff09\u7684\u6bd4\u4f8b\uff0c\u800c\u4e0d\u662f\u76f8\u5bf9\u4e8e\u6240\u6709\u6295\u8d44\u8d44\u672c\uff08\u6743\u76ca+\u503a\u52a1\uff09\u7684\u6bd4\u4f8b\u3002.<\/p>\n<p>\u76c8\u5229\u80fd\u529b\u8ba1\u7b97\u5982\u4e0b\uff1a<\/p>\n<p style=\"text-align: center;\"><strong>ROE=\u51c0\u5229\u6da6\/\u80a1\u4e1c\u6743\u76ca\u3002<\/strong><\/p>\n<p>\u8fd9\u4e2a\u6bd4\u4f8b\u81f3\u5173\u91cd\u8981\uff0c\u56e0\u4e3a\u5f52\u6839\u7ed3\u5e95\uff0c, <strong>\u6760\u6746\u7387\u4e0e\u8d22\u52a1\u76c8\u5229\u80fd\u529b\u6709\u5173\u3002<\/strong> : <strong>\u6b63\u662f\u8fd9\u79cd\u5f71\u54cd\uff0c\u4f1a\u56e0\u4e3e\u503a\u800c\u52a0\u5267\uff08\u6216\u51cf\u5f31\uff09\u3002<\/strong>, <strong>\u53d6\u51b3\u4e8e\u7ecf\u6d4e\u6548\u76ca\u4e0e\u503a\u52a1\u6210\u672c\u4e4b\u95f4\u7684\u5dee\u989d\u3002<\/strong>.<\/p>\n<h2>\u6760\u6746\u4f5c\u4e3a\u80a1\u672c\u56de\u62a5\u7387\u7684\u8861\u91cf\u6807\u51c6<\/h2>\n<p>\u5fc5\u987b\u7406\u89e3\u7684\u662f\uff0c\u6760\u6746\u7387\u5bf9\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\u6ca1\u6709\u5f71\u54cd\u3002\u4e8b\u5b9e\u4e0a\uff0c\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\u5b8c\u5168\u53d6\u51b3\u4e8e <strong>\u7ecf\u6d4e\u8d44\u4ea7\u4ea7\u751f\u7684\u8425\u4e1a\u5229\u6da6\u4e0e\u603b\u6295\u8d44\u8d44\u672c\uff08\u80a1\u6743+\u503a\u52a1\uff09\u76f8\u6bd4<\/strong>\u3002 \u6362\u53e5\u8bdd\u8bf4\uff0c <strong>\u63d0\u4f9b\u540c\u7b49\u8d44\u91d1<\/strong>\u65e0\u8bba\u9879\u76ee\u8d44\u91d1\u5b8c\u5168\u6765\u81ea\u80a1\u4e1c\u3001\u5b8c\u5168\u6765\u81ea\u501f\u6b3e\uff0c\u8fd8\u662f\u4e24\u8005\u6df7\u5408\uff0c\u751f\u4ea7\u6027\u8d44\u4ea7\u4fdd\u6301\u4e0d\u53d8\uff0c <strong>\u5b83\u4ea7\u751f\u76f8\u540c\u7684\u7ed3\u679c<\/strong>. <strong>\u56e0\u6b64\uff0c\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\u4e00\u65e6\u786e\u5b9a\uff0c\u65e0\u8bba\u91c7\u7528\u4f55\u79cd\u878d\u8d44\u65b9\u5f0f\uff0c\u90fd\u4e0d\u4f1a\u6539\u53d8\uff0c\u5e76\u4e14\u5728\u540c\u7b49\u878d\u8d44\u6761\u4ef6\u4e0b\uff0c<\/strong>.<\/p>\n<p>\u53e6\u4e00\u65b9\u9762\uff0c\u4e0d\u540c\u503a\u52a1\u7528\u9014\u5e26\u6765\u7684\u663e\u8457\u5dee\u5f02\u5728\u4e8e\u80a1\u672c\u56de\u62a5\u7387 (ROE)\u3002\u901a\u8fc7\u964d\u4f4e\u80a1\u6743\u878d\u8d44\u6bd4\u4f8b\u5e76\u5f15\u5165\u503a\u52a1\u6210\u672c\uff0c\u6211\u4eec\u6539\u53d8\u4e86\u51c0\u6536\u5165\u5728\u80a1\u4e1c\u548c\u503a\u6743\u4eba\u4e4b\u95f4\u7684\u5206\u914d\u65b9\u5f0f\uff1a\u90e8\u5206\u8d44\u4ea7\u878d\u8d44\u7531\u503a\u6743\u4eba\u627f\u62c5\uff0c\u80a1\u4e1c\u7684\u76c8\u5229\u80fd\u529b\uff08\u51c0\u6536\u5165\u76f8\u5bf9\u4e8e\u5176\u521d\u59cb\u6295\u8d44\u7684\u6bd4\u4f8b\uff09\u56e0\u6b64\u4f1a\u66f4\u9ad8\u3002<\/p>\n<p>\u6b63\u662f\u8fd9\u79cd\u5dee\u5f02\u6784\u6210\u4e86\u6760\u6746\u6548\u5e94\uff1a\u5b83\u4e0d\u662f\u7edd\u5bf9\u503c\u589e\u52a0\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\u7684\u95ee\u9898\uff0c\u800c\u662f\u653e\u5927\uff08\u6216\u51cf\u5c11\uff09\u80a1\u4e1c\u76c8\u5229\u80fd\u529b\u7684\u95ee\u9898\u3002<\/p>\n<p>\u6362\u53e5\u8bdd\u8bf4\uff0c\u503a\u52a1\u662f\u8d22\u52a1\u76c8\u5229\u80fd\u529b\u7684\u4e58\u6570\uff1a\u5982\u679c\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\u9ad8\u4e8e\u503a\u52a1\u6210\u672c\uff0c\u5219\u6760\u6746\u7387\u4e3a\u6b63\uff0c\u80a1\u4e1c\u76c8\u5229\u80fd\u529b\u4e0a\u5347\u3002\u53cd\u4e4b\uff0c\u5982\u679c\u503a\u52a1\u6210\u672c\u8d85\u8fc7\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\uff0c\u5219\u6760\u6746\u7387\u4e3a\u8d1f\uff0c\u80a1\u4e1c\u76c8\u5229\u80fd\u529b\u4e0b\u964d\u3002<\/p>\n<p>\u5728\u8fd9\u4e9b\u89e3\u91ca\u4e2d\uff0c\u6211\u4eec\u5047\u8bbe\u516c\u53f8\u5fc5\u987b\u5728\u540c\u4e00\u7b14\u6295\u8d44\u7684\u4e24\u79cd\u878d\u8d44\u65b9\u5f0f\u4e4b\u95f4\u505a\u51fa\u6743\u8861\u3002\u7136\u800c\uff0c\u5728\u5b9e\u8df5\u4e2d\uff0c\u516c\u53f8\u6709\u65f6\u4f1a\u9009\u62e9\u4ec5\u6295\u5165\u80a1\u6743\uff08\u4f8b\u5982100%\uff09\uff0c\u6216\u8005\u540c\u65f6\u6295\u5165\u80a1\u6743\u548c\u503a\u52a1\uff08\u4f8b\u5982100+100\uff09\u3002\u56e0\u6b64\uff0c\u6760\u6746\u6548\u5e94\u4e5f\u53ef\u4ee5\u8861\u91cf\u8fd9\u79cd\u503a\u52a1\u7684\u5f71\u54cd\uff0c\u7136\u800c\uff0c\u91cd\u8981\u7684\u662f\u8981\u7406\u89e3\uff0c\u4e0e\u4e4b\u524d\u7684\u4f8b\u5b50\u4e0d\u540c\uff0c\u8fd9\u4e24\u79cd\u60c5\u666f\u4e0b\u7684\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\u4e0d\u4f1a\u76f8\u540c\uff0c\u56e0\u4e3a\u6295\u8d44\u989d\u4e0d\u4e00\u6837\uff01<\/p>\n<p><strong>\u4f8b\u5b50<\/strong><\/p>\n<p>\u4f8b\u5982\uff0c\u5982\u679c\u4e00\u5bb6\u516c\u53f8\u7684\u7a0e\u540e\u8425\u4e1a\u5229\u6da6\u4e3a 100\uff0c\u5e76\u4e14\u4e3a\u83b7\u5f97\u8be5\u5229\u6da6\u5df2\u7ecf\u82b1\u8d39\u4e86 200\uff0c\u90a3\u4e48\u5b83\u7684\u76c8\u5229\u80fd\u529b\u5c31\u662f 100\/200 = 50%\u3002<\/p>\n<p>\u6362\u53e5\u8bdd\u8bf4\uff0c\u5f53\u516c\u53f8\u6295\u8d44 200\uff08\u65e0\u8bba\u91c7\u7528\u4f55\u79cd\u878d\u8d44\u65b9\u5f0f\uff09\u65f6\uff0c\u90fd\u4f1a\u4ea7\u751f 100 \u7684\u7ed3\u679c\uff0c\u5e76\u4e14\u516c\u53f8\u6709\u53ef\u80fd\u91cd\u590d\u8fd9\u4e00\u7ed3\u679c\u800c\u4e0d\u5fc5\u91cd\u65b0\u6295\u8d44\u76f8\u540c\u7684\u521d\u59cb\u91d1\u989d\uff0c\u56e0\u4e3a\u8fd9\u662f\u4e00\u9879\u65e8\u5728\u6301\u7eed\u7684\u957f\u671f\u6295\u8d44\u3002<\/p>\n<p>\u8fd9\u5c31\u662f\u6760\u6746\u53d1\u6325\u4f5c\u7528\u7684\u5730\u65b9\uff0c\u56e0\u4e3a\u5982\u679c\u516c\u53f8\u60f3\u901a\u8fc7\u52a0\u500d\u80a1\u4efd\u6765\u5229\u7528\u8fd9\u7b14\u6295\u8d44\uff0c\u4f46\u5b83\u4e0d\u80fd\u6216\u4e0d\u60f3\u7528\u81ea\u5df1\u7684\u94b1\u6765\u505a\u8fd9\u4ef6\u4e8b\uff0c\u90a3\u4e48\u5b83\u53ef\u4ee5\u501f\u6b3e\uff0c\u4ee5\u589e\u52a0\u5176\u6295\u8d44\uff08\u4f8b\u5982 400 \u800c\u4e0d\u662f 200\uff09\uff0c\u4ece\u800c\u901a\u8fc7\u6240\u8c13\u7684\u6760\u6746\u6765\u63d0\u9ad8\u80a1\u672c\u56de\u62a5\u7387\uff0c\u5373\u5229\u7528\u503a\u52a1\u8fdb\u884c\u66f4\u591a\u6295\u8d44\uff0c\u6700\u7ec8\u76ee\u6807\u662f\u63d0\u9ad8\u80a1\u4e1c\u7684\u76c8\u5229\u80fd\u529b\u3002<\/p>\n<p>\u4f46\u8981\u5c0f\u5fc3\uff0c\u8fd9\u53ea\u6709\u5f53\u501f\u8d37\u6210\u672c\u4e0d\u8d85\u8fc7\u9884\u671f\u76c8\u5229\u80fd\u529b\u65f6\u624d\u6709\u6548\uff1b\u5426\u5219\uff0c\u6211\u4eec\u4f1a\u4ea7\u751f\u8d1f\u6760\u6746\u6548\u5e94\u3002<\/p>\n<h2>\u6760\u6746\u516c\u5f0f<\/h2>\n<p>\u56e0\u6b64\uff0c\u6211\u4eec\u4e4b\u524d\u6240\u770b\u5230\u7684\u4e00\u5207\u90fd\u5c06\u5e26\u6211\u4eec\u5f97\u51fa\u6760\u6746\u516c\u5f0f\uff0c\u6211\u4eec\u8bb0\u5f97\uff0c\u8be5\u516c\u5f0f\u8861\u91cf\u7684\u662f\u76f8\u5bf9\u4e8e\u503a\u52a1\u7684\u80a1\u672c\u56de\u62a5\u7387 (ROE)\uff1a<\/p>\n<p style=\"text-align: center;\"><strong>ROE = \u7ecf\u6d4e\u76c8\u5229\u80fd\u529b + \uff08\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b - \u503a\u52a1\u6210\u672c\uff09\u00d7 \u91d1\u878d\u503a\u52a1 \/ \u80a1\u4e1c\u6743\u76ca<\/strong><\/p>\n<p>\u8fd9\u662f\u5b98\u65b9\u516c\u5f0f\uff0c\u6211\u4eec\u5c06\u5728\u672c\u8bfe\u7a0b\u7684\u540e\u7eed\u90e8\u5206\u6709\u673a\u4f1a\u4e86\u89e3\u6211\u4eec\u5982\u4f55\u4ece\u8d22\u52a1\u76c8\u5229\u80fd\u529b\u516c\u5f0f\uff08\u51c0\u6536\u5165\/\u6743\u76ca\uff09\u5f97\u51fa\u8fd9\u4e2a\u516c\u5f0f\u3002.<\/p>\n<p>\u4e0e\u6b64\u540c\u65f6\uff0c\u8ba9\u6211\u4eec\u4e00\u8d77\u6765\u5206\u6790\u4e00\u4e0b\u8fd9\u4e2a\u516c\u5f0f\uff0c\u4ee5\u4fbf\u6211\u4eec\u80fd\u591f\u5b8c\u5168\u7406\u89e3\u5b83\uff1a<\/p>\n<ul>\n<li>\u9996\u5148\uff0c\u6211\u4eec\u53d6\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\uff08\u4f8b\u598210%\uff09\uff0c\u6211\u4eec\u8bb0\u5f97\uff0c\u5b83\u662f\u7a0e\u540e\u8425\u4e1a\u5229\u6da6\u4e0e\u4e3a\u83b7\u5f97\u8be5\u7ed3\u679c\u800c\u6295\u5165\u7684\u8d44\u672c\u4e4b\u95f4\u7684\u6bd4\u7387\u3002\u5b83\u662f\u7ecf\u6d4e\u8d44\u4ea7\u7684\u56de\u62a5\u7387\uff0c\u4e0e\u4efb\u4f55\u878d\u8d44\u65e0\u5173\u3002<\/li>\n<li>\u4ece\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\u4e2d\u6263\u9664\u503a\u52a1\u6210\u672c\uff0c\u5982\u679c\u76c8\u5229\u80fd\u529b\u9ad8\u4e8e\u503a\u52a1\u6210\u672c\uff0c\u5219\u7ed3\u679c\u4e3a\u6b63\uff1b\u5982\u679c\u76c8\u5229\u80fd\u529b\u4f4e\u4e8e\u503a\u52a1\u6210\u672c\uff0c\u5219\u7ed3\u679c\u4e3a\u8d1f\u3002\u8fd9\u6837\u4e00\u6765\uff0c\u5c31\u53ef\u4ee5\u8861\u91cf\u76f8\u5bf9\u4e8e\u5916\u90e8\u878d\u8d44\u6210\u672c\u7684\u8d85\u989d\u4e1a\u7ee9\u3002<\/li>\n<li>\u5c06\u6b64\u7ed3\u679c\u4e58\u4ee5\u91d1\u878d\u503a\u52a1\u4e0e\u80a1\u4e1c\u6743\u76ca\u7684\u6bd4\u7387\uff1a\u8be5\u6bd4\u7387\u4f7f\u6211\u4eec\u80fd\u591f\u8861\u91cf\u503a\u52a1\u5728\u80a1\u4e1c\u63d0\u4f9b\u8d44\u91d1\u4e2d\u6240\u5360\u7684\u201c\u6743\u91cd\u201d\u3002\u516c\u53f8\u4f7f\u7528\u7684\u503a\u52a1\u4e0e\u5176\u80a1\u4e1c\u6743\u76ca\u4e4b\u6bd4\u8d8a\u5927\uff0c\u6760\u6746\u6548\u5e94\u5c31\u8d8a\u5927\u3002<\/li>\n<li>\u6211\u4eec\u5c06\u6240\u6709\u8fd9\u4e9b\u90fd\u6dfb\u52a0\u5230\u57fa\u672c\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\u4e2d\uff0c\u56e0\u4e3a\u4e8b\u5b9e\u4e0a\uff0c\u5982\u679c\u516c\u53f8\u4e0d\u8d1f\u503a\uff0c\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\u5df2\u7ecf\u4ee3\u8868\u4e86\u80a1\u4e1c\u7ecf\u6d4e\u8d44\u4ea7\u7684\u57fa\u672c\u8868\u73b0\uff0c\u56e0\u6b64\uff0c\u8fd9\u4e00\u6dfb\u52a0\u4f7f\u6211\u4eec\u80fd\u591f\u6dfb\u52a0\u7531\u6760\u6746\u6548\u5e94\u5f15\u8d77\u7684\u6536\u76ca\uff08\u6216\u635f\u5931\uff01\uff09<\/li>\n<li>\u56e0\u6b64\uff0c\u8be5\u516c\u5f0f\u7684\u7ed3\u679c\u7ed9\u51fa\u4e86\u6700\u7ec8\u7684\u80a1\u672c\u56de\u62a5\u7387\uff08ROE\uff09\u3002<\/li>\n<\/ul>\n<p>\u4e00\u5207\u90fd\u5f52\u7ed3\u4e8e 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<strong>\u901a\u8fc7\u7b80\u5355\u6bd4\u8f83\u80a1\u6743\u548c\u503a\u52a1\u4e4b\u95f4\u7684\u5206\u914d<\/strong>.<\/p>\n<p>\u5982\u679c\u516c\u53f8\u6b63\u5728\u8003\u8651\u4e00\u4e2a\u66f4\u5927\u7684\u9879\u76ee\uff0c\u800c\u8be5\u9879\u76ee\u53ea\u80fd\u4e3b\u8981\u901a\u8fc7\u989d\u5916\u503a\u52a1\u6765\u878d\u8d44\uff08\u5b9e\u8df5\u4e2d\u7ecf\u5e38\u51fa\u73b0\u8fd9\u79cd\u60c5\u51b5\uff09\uff0c\u5219\u53ef\u4ee5\u8ba1\u7b97\u51fa\u4e00\u79cd\u6760\u6746\u6548\u5e94\uff0c\u4f46\u8fd9\u79cd\u8861\u91cf\u6807\u51c6\u53d8\u5f97\u4e0d\u90a3\u4e48\u4e25\u683c\uff0c\u56e0\u4e3a\u9879\u76ee\u7684\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\u4f1a\u968f\u7740\u6295\u8d44\u89c4\u6a21\u800c\u53d8\u5316\u3002<\/p>\n<p>\u6362\u53e5\u8bdd\u8bf4\uff1a<\/p>\n<ul>\n<li><strong>\u201c\u7ecf\u5178\u201d\u6760\u6746\u6548\u5e94\u662f\u5728\u76f8\u540c\u7684\u6295\u8d44\u4e0a\u5b9e\u73b0\u7684<\/strong>\uff0c\u53ea\u662f\u80a1\u6743\u548c\u503a\u52a1\u7684\u5206\u914d\u4e0d\u540c\u3002\u56e0\u6b64\uff0c\u6211\u4eec\u5047\u8bbe\u5fc5\u987b\u5728\u80a1\u4e1c\u80a1\u6743\u51fa\u8d44\u548c\u503a\u52a1\u51fa\u8d44\u4e4b\u95f4\u8fdb\u884c\u4ef2\u88c1\u3002<\/li>\n<li>\u7136\u800c\uff0c\u5bf9\u4e8e\u8f83\u5927\u7684\u9879\u76ee\uff0c\u53ea\u80fd\u901a\u8fc7\u503a\u52a1\u6765\u4f30\u7b97\uff0c\u4f46\u5e94\u59cb\u7ec8\u6ce8\u610f\uff0c\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\u4f1a\u968f\u7740\u9879\u76ee\u89c4\u6a21\u7684\u53d8\u5316\u800c\u53d8\u5316\uff0c\u56e0\u6b64 <strong>\u6760\u6746\u7387\u4e0e\u57fa\u51c6\u60c5\u666f\u5e76\u4e0d\u4e25\u683c\u53ef\u6bd4<\/strong>.<\/li>\n<\/ul>\n<h2>\u6760\u6746\u7684\u4f8b\u5b50<\/h2>\n<h3>\u6b63\u6760\u6746\u7684\u4f8b\u5b50<\/h3>\n<p>\u4e3a\u4e86\u66f4\u597d\u5730\u7406\u89e3\u8fd9\u4e9b\u6982\u5ff5\uff0c\u6211\u4eec\u4e3e\u4e00\u4e2a\u975e\u5e38\u7b80\u5355\u7684\u4f8b\u5b50\u3002\u5047\u8bbe\u4e00\u5bb6\u516c\u53f8\u7684\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\u4e3a15%\u3002\u6362\u53e5\u8bdd\u8bf4\uff0c\u5728\u5176\u7ecf\u6d4e\u8d44\u4ea7\uff08\u5de5\u5382\u3001\u673a\u5668\u7b49\uff09\u4e0a\u6295\u8d44100\u6b27\u5143\uff0c\u7a0e\u540e\u8425\u4e1a\u5229\u6da6\u4e3a15\u6b27\u5143\u3002\u56e0\u6b64\uff0c\u6211\u4eec\u5047\u8bbe\u8be5\u516c\u53f8\u5df2\u901a\u8fc7\u81ea\u6709\u8d44\u91d1\uff08\u5373\u80a1\u4e1c\u51fa\u8d44\uff09\u6295\u8d44\u4e86100\u6b27\u5143\u3002\u56e0\u6b64\uff0c\u8be5\u516c\u53f8\u5df2\u4ea7\u751f15\u6b27\u5143\u7684\u5229\u6da6\u3002<\/p>\n<p>\u73b0\u5728\u5047\u8bbe\u8be5\u516c\u53f8\u4ee510\u6b27\u5143%\u7684\u5229\u7387\u989d\u5916\u501f\u5165100\u6b27\u5143\u3002\u8fd9\u9879\u65b0\u6295\u8d44\u4e5f\u4e3a\u5176\u5e26\u676515\u6b27\u5143\u7684\u6536\u76ca\uff08100\u6b27\u5143%\uff09\u3002\u4f46\u7531\u4e8e\u8be5\u516c\u53f8\u5fc5\u987b\u5411\u94f6\u884c\u652f\u4ed810\u6b27\u5143\u7684\u5229\u606f\uff0c\u56e0\u6b64\u8fd9\u7b14\u503a\u52a1\u7684\u51c0\u6536\u76ca\u4e3a5\u6b27\u5143\u3002<\/p>\n<p>\u56e0\u6b64\uff0c\u7531\u4e8e\u6760\u6746\u6548\u5e94\uff0c\u80a1\u4e1c\u53ef\u4ee5\u4ece\u503a\u52a1\u878d\u8d44\u5e26\u6765\u7684\u989d\u5916\u76c8\u5229\u4e2d\u53d7\u76ca\uff0c\u56e0\u4e3a\u8d44\u4ea7\u56de\u62a5\u7387\uff0815 %\uff09\u9ad8\u4e8e\u503a\u52a1\u6210\u672c\uff0810 %\uff09\u3002<\/p>\n<p>\u8fd9\u91cc\uff0c\u901a\u8fc7\u503a\u52a1\u83b7\u5f97\u7684\u5229\u6da6\u5927\u4e8e\u503a\u52a1\u6210\u672c\uff0815 \u6b27\u5143 VS 10 \u6b27\u5143\uff0c\u5373\u8d44\u672c\u6536\u76ca 5 \u6b27\u5143\uff09\uff0c\u56e0\u6b64\u6760\u6746\u6548\u5e94\u5e78\u8fd0\u5730\u4e3a\u6b63\u3002<\/p>\n<p>\u5982\u679c\u6211\u4eec\u6bd4\u8f83\u6709\u503a\u52a1\u548c\u6ca1\u6709\u503a\u52a1\u7684\u4e24\u79cd\u60c5\u51b5\uff0c\u7ed3\u679c\u5982\u4e0b\uff1a<\/p>\n<p><strong>\u65e0\u503a\u52a1\uff1a<\/strong><\/p>\n<ul>\n<li>\u51c0\u503c = 100 \u6b27\u5143<\/li>\n<li>\u7ecf\u6d4e\u8d44\u4ea7 = 100 \u6b27\u5143<\/li>\n<li>\u51c0\u7ed3\u679c = 15 \u6b27\u5143<\/li>\n<li>\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b=15%<\/li>\n<li>\u80a1\u672c\u56de\u62a5\u7387\uff08ROE\uff09= 15 %<\/li>\n<\/ul>\n<p>\u9700\u8981\u8bf4\u660e\u7684\u662f\uff0cROE \u8861\u91cf\u7684\u662f\u51c0\u5229\u6da6\u4e0e\u80a1\u6743\u7684\u5173\u7cfb\uff0c\u56e0\u6b64\u6700\u7ec8\u8861\u91cf\u7684\u662f\u80a1\u4e1c\u7684\u76c8\u5229\u80fd\u529b\u3002<\/p>\n<p>\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\u8861\u91cf\u7684\u662f\u6574\u4e2a\u516c\u53f8\u7684\u7ecf\u6d4e\u201c\u8868\u73b0\u201d\uff08\u800c\u4e0d\u4ec5\u4ec5\u662f\u80a1\u4e1c\u7684\u76c8\u5229\u80fd\u529b\uff09\uff0c\u6b63\u5982\u6211\u4eec\u4e4b\u524d\u6240\u89c1\uff0c\u5b83\u662f\u901a\u8fc7\u5c06\u7a0e\u540e\u8425\u4e1a\u5229\u6da6\uff08\u5373\u5229\u6da6 - \u7a0e\u6536\uff09\u9664\u4ee5\u6295\u8d44\uff08\u5373\u80a1\u6743 + \u91d1\u878d\u503a\u52a1\uff0c\u5373\u4e3a\u751f\u4ea7\u5de5\u5177\u63d0\u4f9b\u8d44\u91d1\u7684\u4e00\u5207\uff09\u5f97\u51fa\u7684\u3002<\/p>\n<p><strong>\u8d1f\u503a 100 \u6b27\u5143\uff1a<\/strong><\/p>\n<ul>\n<li>\u51c0\u503c = 100 \u6b27\u5143<\/li>\n<li>\u503a\u52a1 = 100 \u6b27\u5143<\/li>\n<li>\u5229\u7387 = 10% \u6216 10 \u6b27\u5143<\/li>\n<li>\u603b\u7ecf\u6d4e\u8d44\u4ea7 = 200 \u6b27\u5143<\/li>\n<li>\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b=15%<\/li>\n<li>\u7a0e\u540e\u8425\u4e1a\u5229\u6da6 = 15% * 200\u6b27\u5143 = 30\u6b27\u5143<\/li>\n<li>\u5229\u606f = \u201310 \u6b27\u5143<\/li>\n<li>\u51c0\u7ed3\u679c = 20 \u6b27\u5143<\/li>\n<li>\u56e0\u6b64 ROE = 20 %<\/li>\n<\/ul>\n<p>\u8fd9\u4e2a\u4f8b\u5b50\u8868\u660e\uff0c\u503a\u52a1\u53ef\u4ee5\u589e\u52a0\u80a1\u672c\u56de\u62a5\u7387\uff0c\u4f46\u4e5f\u4f1a\u589e\u52a0\u98ce\u9669\uff1a\u5982\u679c\u7ecf\u6d4e\u56de\u62a5\u4f4e\u4e8e\u503a\u52a1\u6210\u672c\uff0c\u6760\u6746\u7387\u5c31\u4f1a\u53d8\u4e3a\u8d1f\u503c\uff0c\u8fd9\u5c31\u5f15\u51fa\u4e86\u4e0b\u4e00\u4e2a\u4f8b\u5b50\u3002<\/p>\n<h3>\u8d1f\u6760\u6746\u7684\u4f8b\u5b50<\/h3>\n<p>\u8ba9\u6211\u4eec\u60f3\u8c61\u4e00\u4e0b\u540c\u4e00\u5bb6\u516c\u53f8\uff0c\u4f46\u8fd9\u6b21\u7684\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\u8f83\u4f4e\uff0c\u6bd4\u5982 5 %\u3002<\/p>\n<p><strong>\u65e0\u503a\u52a1\uff1a<\/strong><\/p>\n<ul>\n<li>\u51c0\u503c = 100 \u6b27\u5143<\/li>\n<li>\u7a0e\u540e\u8425\u4e1a\u5229\u6da6 = 5 \u6b27\u5143<\/li>\n<li>\u80a1\u672c\u56de\u62a5\u7387\uff08ROE\uff09= 5 %<\/li>\n<\/ul>\n<p><strong>\u8d1f\u503a\uff1a<\/strong><\/p>\n<p>\u8be5\u516c\u53f8\u51b3\u5b9a\u4ee5 10 % \u7684\u5229\u7387\u501f\u5165 100 \u6b27\u5143\u3002<\/p>\n<ul>\n<li>\u51c0\u503c = 100 \u6b27\u5143<\/li>\n<li>\u503a\u52a1 = 100 \u6b27\u5143<\/li>\n<li>\u5229\u7387 = 10% \u6216 10 \u6b27\u5143<\/li>\n<li>\u603b\u7ecf\u6d4e\u8d44\u4ea7 = 200 \u6b27\u5143<\/li>\n<li>\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b = 5%\uff0c\u800c\u4e0d\u662f\u524d\u4f8b\u4e2d\u7684 15%\u3002<\/li>\n<li>\u7a0e\u540e\u8425\u4e1a\u5229\u6da6 = 5% * 200\u6b27\u5143 = 10\u6b27\u5143<\/li>\n<li>\u5229\u606f = \u201310 \u6b27\u5143<\/li>\n<li>\u51c0\u7ed3\u679c = 0 \u6b27\u5143<\/li>\n<li>\u56e0\u6b64 ROE = 0 %<\/li>\n<\/ul>\n<p><strong>\u7ed3\u8bba<\/strong><\/p>\n<p>\u5728\u8fd9\u79cd\u60c5\u51b5\u4e0b\uff0c\u7531\u4e8e\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\uff085 %\uff09\u4f4e\u4e8e\u503a\u52a1\u6210\u672c\uff0810 %\uff09\uff0c\u6760\u6746\u6548\u5e94\u4e3a\u8d1f\u3002\u503a\u52a1\u6467\u6bc1\u4e86\u80a1\u4e1c\u7684\u76c8\u5229\u80fd\u529b\uff0c\u5982\u679c\u6ca1\u6709\u503a\u52a1\uff0c\u80a1\u4e1c\u539f\u672c\u53ef\u4ee5\u8d5a\u53d65 %\uff0c\u4f46\u6700\u7ec8\u5374\u53d8\u6210\u4e860 %\u3002<\/p>\n<h2>\u6760\u6746\u516c\u5f0f\u7684\u6f14\u793a<\/h2>\n<p>\u4e3a\u4e86\u5b8c\u5168\u638c\u63e1\u903b\u8f91\u5e76\u7406\u89e3\u6760\u6746\u516c\u5f0f\uff0c\u89e3\u6784\u516c\u5f0f\u4ee5\u4e86\u89e3\u5176\u6765\u9f99\u53bb\u8109\u975e\u5e38\u91cd\u8981\u3002<\/p>\n<p>\u63d0\u9192\u4e00\u4e0b\uff0c\u6760\u6746\u6548\u5e94\u7684\u5b8c\u6574\u516c\u5f0f\u5982\u4e0b\uff1a<\/p>\n<p style=\"text-align: center;\"><strong>ROE = \u7ecf\u6d4e\u76c8\u5229\u80fd\u529b + \uff08\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b - \u503a\u52a1\u6210\u672c\uff09\u00d7 \u91d1\u878d\u503a\u52a1 \/ \u80a1\u4e1c\u6743\u76ca<\/strong><\/p>\n<p>\u8be5\u516c\u5f0f\u5141\u8bb8\u60a8\u6bd4\u8f83\u4e24\u4e2a\u76f8\u540c\u7684\u6295\u8d44\u60c5\u666f\uff0c\u4f46\u503a\u52a1\u548c\u80a1\u6743\u7684\u5206\u914d\u4e0d\u540c\u3002<\/p>\n<p>\u4e3a\u4e86\u8bc1\u660e\u8fd9\u4e2a\u516c\u5f0f\uff0c\u6211\u4eec\u518d\u6b21\u4ece\u672c\u8bfe\u7a0b\u5f00\u59cb\u65f6\u5df2\u7ecf\u8bf4\u660e\u7684\u7b80\u5355\u516c\u5f0f\u5f00\u59cb\uff0c\u5982\u4e0b\u6240\u793a\uff1a<\/p>\n<p style=\"text-align: center;\"><strong>ROE=\u51c0\u5229\u6da6\/\u80a1\u4e1c\u6743\u76ca\u3002<\/strong><\/p>\n<p>\u6211\u4eec\u603b\u662f\u4ece\u8fd9\u4e2a\u6700\u7b80\u5355\u7684\u516c\u5f0f\u5f00\u59cb\u3002\u5b83\u5c06\u80a1\u672c\u56de\u62a5\u7387\uff08ROE\uff09\u5b9a\u4e49\u4e3a <strong>\u51c0\u6536\u5165\u4e0e\u80a1\u4e1c\u6743\u76ca\u7684\u6bd4\u7387<\/strong> \uff08ROE = \u51c0\u6536\u5165 \/ \u80a1\u4e1c\u6743\u76ca\uff09\u3002\u8fd9\u662f\u9002\u7528\u4e8e\u6240\u6709\u60c5\u51b5\u7684\u57fa\u672c\u3001\u901a\u7528\u7684\u5b9a\u4e49\u3002<\/p>\n<p>\u4f46\u4e3a\u4e86\u66f4\u597d\u5730\u7406\u89e3\u503a\u52a1\u7684\u4f5c\u7528\uff0c\u5f15\u5165\u878d\u8d44\u8d44\u4ea7\u7684\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\uff08ER\uff09\u548c\u503a\u52a1\u6210\u672c\u6765\u6269\u5c55\u8be5\u516c\u5f0f\u662f\u6709\u610f\u4e49\u7684\u3002\u8fd9\u79cd\u6269\u5c55\u4f7f\u5f97\u6211\u4eec\u80fd\u591f\u5f97\u5230\u6240\u8c13\u7684\u201c\u6760\u6746\u6548\u5e94\u201d\u516c\u5f0f\uff0c\u8be5\u516c\u5f0f\u5f3a\u8c03\u4e86 <strong>\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\u4e0e\u503a\u52a1\u6210\u672c\u4e4b\u95f4\u7684\u5dee\u5f02\u5982\u4f55\u653e\u5927\uff08\u6216\u51cf\u5c11\uff09\u80a1\u6743\u56de\u62a5\u7387\uff0c\u5177\u4f53\u53d6\u51b3\u4e8e\u503a\u52a1\u7684\u76f8\u5bf9\u6743\u91cd<\/strong> \uff08\u503a\u52a1\/\u80a1\u6743\uff09\u3002<\/p>\n<p>\u8fd9\u4e2a\u516c\u5f0f\u7684\u610f\u4e49\u4e0d\u5728\u4e8e\u53d6\u4ee3\u7b80\u5355\u7684\u516c\u5f0f\uff0c\u800c\u5728\u4e8e <strong>\u4f7f\u878d\u8d44\u7ed3\u6784\u7684\u786e\u5207\u6548\u679c\u53ef\u89c1<\/strong> \uff1a\u56e0\u6b64\u5b83\u5141\u8bb8 <strong>\u6bd4\u8f83\u4e24\u79cd\u603b\u6295\u8d44\u76f8\u540c\u7684\u60c5\u666f<\/strong> \u4f46 <strong>\u80a1\u6743\u548c\u503a\u52a1\u4e4b\u95f4\u7684\u4e0d\u540c\u5206\u914d<\/strong>\uff0c\u5e76\u770b\u5230 <strong>\u5728\u4ec0\u4e48\u6761\u4ef6\u4e0b\u503a\u52a1\u5b9e\u9645\u4e0a\u63d0\u9ad8\u4e86\u80a1\u4e1c\u7684\u76c8\u5229\u80fd\u529b<\/strong>.<\/p>\n<p>\u4f46\u662f\u6211\u4eec\u5982\u4f55\u5f97\u51fa\u8fd9\u4e2a\u516c\u5f0f\u5462\uff1f\u6211\u4eec\u9a6c\u4e0a\u5c31\u4f1a\u770b\u5230\u3002<\/p>\n<p>\u4e3a\u6b64\uff0c\u6211\u4eec\u4ece\u80a1\u672c\u56de\u62a5\u7387\uff08\u4e5f\u79f0\u4e3a\u8d22\u52a1\u76c8\u5229\u80fd\u529b\uff09\u548c ROE\uff08\u80a1\u672c\u56de\u62a5\u7387\uff09\u7684\u7b80\u5355\u516c\u5f0f\u5f00\u59cb\uff1a<\/p>\n<p style=\"text-align: center;\"><strong>ROE=\u51c0\u5229\u6da6\/\u80a1\u4e1c\u6743\u76ca\u3002<\/strong><\/p>\n<p>\u73b0\u5728\uff0c\u6211\u4eec\u77e5\u9053\u51c0\u5229\u6da6\u53ea\u4e0d\u8fc7\u662f\u8425\u4e1a\u5229\u6da6\u51cf\u53bb\u7a0e\u91d1\u548c\u5229\u606f\u8d39\u7528\uff0c\u56e0\u6b64\u76f8\u5f53\u4e8e\uff1a<\/p>\n<p style=\"text-align: center;\"><strong>ROE = (\u8425\u4e1a\u5229\u6da6 \u2013 ix D) \/ \u80a1\u4e1c\u6743\u76ca<\/strong><\/p>\n<p>\u5176\u4e2d i \u662f\u5229\u7387\uff0cD \u662f\u503a\u52a1\u91d1\u989d\u3002<\/p>\n<p>\u73b0\u5728\uff0c\u4e3a\u4e86\u5f97\u51fa\u6760\u6746\u7387\u7684\u6700\u7ec8\u516c\u5f0f\uff0c\u6211\u4eec\u9700\u8981\u8fdb\u4e00\u6b65\u6269\u5c55\u4e0a\u8ff0\u516c\u5f0f\uff0c\u8be6\u7ec6\u8ba1\u7b97\u8425\u4e1a\u6536\u5165\u3002\u4e3a\u6b64\uff0c\u6211\u4eec\u4ece\u53e6\u4e00\u4e2a\u516c\u5f0f\u5f00\u59cb\uff0c\u5373\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\uff08ER\uff09\uff0c\u6211\u4eec\u8bb0\u5f97\u5b83\u76f8\u5f53\u4e8e\uff1a<\/p>\n<p style=\"text-align: center;\"><strong>RE = \u7a0e\u540e\u8425\u4e1a\u5229\u6da6 \/ (\u80a1\u4e1c\u6743\u76ca + \u80a1\u4e1c\u6743\u76ca + D)<\/strong><\/p>\n<p>\u73b0\u5728\u8ba9\u6211\u4eec\u5355\u72ec\u770b\u4e00\u4e0b\u7a0e\u540e\u8425\u4e1a\u5229\u6da6\uff1a<\/p>\n<p style=\"text-align: center;\"><strong>\u7a0e\u540e\u8425\u4e1a\u5229\u6da6=RE x (\u6743\u76ca+D)<\/strong><\/p>\n<p>\u56e0\u6b64\uff0c\u6211\u4eec\u53ef\u4ee5\u5c06\u8fd9\u4e2a\u7ec6\u8282\u6ce8\u5165\u5230\u80a1\u672c\u56de\u62a5\u7387\u516c\u5f0f\u4e2d\uff1a<\/p>\n<p style=\"text-align: center;\"><strong>ROE = RE x (\u6743\u76ca + D) \u2013 ix D \/ \u6743\u76ca<\/strong><\/p>\n<p>\u6211\u4eec\u5f00\u53d1\uff1a<\/p>\n<p style=\"text-align: center;\"><strong>ROE = RE x \u6743\u76ca + RE x D \u2013 ix D \/ \u6743\u76ca<\/strong><\/p>\n<p>\u6211\u4eec\u5c06\u503a\u52a1 D \u5206\u89e3\u4e3a\uff1a<\/p>\n<p style=\"text-align: center;\"><strong>ROE = RE x \u6743\u76ca + D x (RE \u2013 i) \/ \u6743\u76ca<\/strong><\/p>\n<p>\u7136\u540e\uff0c\u6211\u4eec\u5c06\u8be5\u5206\u6570\u5206\u6210\u51e0\u4e2a\u4e0e Equity \u5177\u6709\u76f8\u540c\u5206\u6bcd\u7684\u90e8\u5206\u5206\u6570\uff1a<\/p>\n<p style=\"text-align: center;\"><strong>ROE = (RE x \u6743\u76ca\/\u6743\u76ca) + (D x (RE \u2013 i) \/ \u6743\u76ca)<\/strong><\/p>\n<p>\u6700\u540e\uff0c\u6211\u4eec\u7b80\u5316\u7b2c\u4e00\u9879\uff08\u56e0\u4e3a\u6743\u76ca\/\u6743\u76ca = 1\uff09\uff0c\u5e76\u5f97\u5230\u6760\u6746\u6548\u5e94\u7684\u516c\u5f0f\uff1a<\/p>\n<p style=\"text-align: center;\"><strong>ROE = RE + (RE \u2013 i) x D \/ \u6743\u76ca<\/strong><\/p>\n<p>\u7528\u6cd5\u8bed\u6765\u8bf4\uff0c\u8fd9\u76f8\u5f53\u4e8e\uff1a<\/p>\n<p style=\"text-align: center;\"><strong>ROE = \u7ecf\u6d4e\u76c8\u5229\u80fd\u529b + \uff08\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b - \u503a\u52a1\u6210\u672c\uff09\u00d7 \u91d1\u878d\u503a\u52a1 \/ \u80a1\u4e1c\u6743\u76ca<\/strong><\/p>\n<p>\u56e0\u6b64\uff0c\u6b63\u5982\u672c\u6587\u7ed9\u51fa\u7684\u4f8b\u5b50\u4e00\u6837\uff0c\u8fd9\u4e2a\u516c\u5f0f\u5141\u8bb8\u6211\u4eec\u6bd4\u8f83\u540c\u4e00\u6295\u8d44\u7684\u503a\u52a1\u548c\u80a1\u6743\u5206\u914d\u7684\u51e0\u79cd\u60c5\u51b5\u3002<\/p>\n<h2>\u5173\u4e8e\u6760\u6746\u7684\u7ed3\u8bba<\/h2>\n<p>\u6760\u6746\u662f\u7406\u89e3\u7684\u5f3a\u5927\u673a\u5236 <strong>\u503a\u52a1\u878d\u8d44\u5982\u4f55\u8fd0\u4f5c<\/strong> \u53ef\u4ee5\u6539\u53d8 <strong>\u80a1\u672c\u56de\u62a5\u7387<\/strong>\u3002\u5b83\u4e0d\u4f1a\u6539\u53d8\u8d44\u4ea7\u672c\u8eab\u7684\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\uff0c\u800c\u662f\u5145\u5f53 <strong>\u80a1\u4e1c\u76c8\u5229\u80fd\u529b\u653e\u5927\u5668<\/strong> \uff1a\u5f53\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\u8d85\u8fc7\u503a\u52a1\u6210\u672c\u65f6\uff0c\u5229\u7387\u5411\u4e0a\uff0c\u5426\u5219\uff0c\u5229\u7387\u5411\u4e0b\u3002<\/p>\n<p>\u5b9e\u9645\u4e0a\uff0c\u8fd9\u610f\u5473\u7740 <strong>\u503a\u52a1\u53ef\u4ee5\u6210\u4e3a\u7edd\u4f73\u7684\u589e\u957f\u673a\u4f1a<\/strong>\uff0c \u4f46\u662f\u4e5f <strong>\u5982\u679c\u516c\u53f8\u56e0\u65e0\u5229\u53ef\u56fe\u6216\u4e0d\u786e\u5b9a\u7684\u9879\u76ee\u800c\u8d1f\u503a\uff0c\u5219\u5b58\u5728\u771f\u6b63\u7684\u98ce\u9669<\/strong>.<\/p>\n<p>\u56e0\u6b64\uff0c\u6760\u6746\u672c\u8eab\u65e0\u6240\u8c13\u597d\u574f\uff1a\u5b83\u662f\u4e00\u79cd\u5de5\u5177\uff0c\u5176\u6709\u6548\u6027\u53d6\u51b3\u4e8e\u7ecf\u6d4e\u73af\u5883\u3001\u878d\u8d44\u9879\u76ee\u7684\u7a33\u56fa\u6027\u4ee5\u53ca\u516c\u53f8\u7ba1\u7406\u503a\u52a1\u7684\u80fd\u529b\u3002<\/p>\n<p>\u603b\u800c\u8a00\u4e4b\uff0c\u8bf7\u8bb0\u4f4f\u4e09\u4e2a\u57fa\u672c\u601d\u60f3\uff1a<\/p>\n<ul>\n<li>\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\u4ecd\u7136\u662f\u51fa\u53d1\u70b9\uff1a\u6ca1\u6709\u76c8\u5229\u7684\u9879\u76ee\uff0c\u503a\u52a1\u5c31\u6beb\u65e0\u610f\u4e49\u3002<\/li>\n<li>\u6760\u6746\u4ec5\u5f71\u54cd\u8d22\u52a1\u76c8\u5229\u80fd\u529b\uff08ROE\uff09\uff0c\u8fd9\u91cc\u4e5f\u79f0\u4e3a\u80a1\u672c\u56de\u62a5\u7387\uff0c\u5373\u80a1\u4e1c\u6240\u8d5a\u53d6\u7684\u6536\u76ca\u3002<\/li>\n<li>\u5c31\u50cf\u4efb\u4f55\u6760\u6746\u4e00\u6837\uff0c\u5b83\u53ef\u4ee5\u653e\u5927\u79ef\u6781\u8fd0\u52a8......\u6216\u4f7f\u6d88\u6781\u60c5\u51b5\u6076\u5316\u3002<\/li>\n<\/ul>\n<p>\u672c\u671f\u8bfe\u7a0b\u5230\u6b64\u7ed3\u675f\uff0c\u6211\u4eec\u5f88\u5feb\u5c06\u4e3a\u60a8\u5e26\u6765\u65b0\u7684\u7ba1\u7406\u548c\u521b\u4e1a\u57f9\u8bad\u8bfe\u7a0b\uff01<\/p>\n<p>\ud83d\udc49 \u4e0b\u4e00\u7ae0\uff1a <a href=\"https:\/\/tulipemedia.com\/zh\/ratio-dendettement-autonomie-financiere\/\">\u8d1f\u503a\u7387\u4e0e\u8d22\u52a1\u81ea\u4e3b\u6743<\/a>.<br \/>\n\ud83d\udcd6 <a href=\"https:\/\/tulipemedia.com\/zh\/cours-gestion-entreprise\/\">\u8fd4\u56de\u76ee\u5f55<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Dans ce nouveau cours tir\u00e9 du Guide complet sur la gestion d\u2019entreprise, nous allons d\u00e9couvrir en quoi consiste l&rsquo;effet de levier, avec pour objectif de nous initier aux rouages de la comptabilit\u00e9 g\u00e9n\u00e9rale et de la gestion d\u2019entreprise. D\u00e9finition g\u00e9n\u00e9rale de l&rsquo;effet de levier L\u2019effet de levier d\u00e9signe l&rsquo;utilisation de l&rsquo;endettement pour augmenter la capacit\u00e9 [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":5908,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[171],"class_list":["post-5898","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-fondamentaux-de-la-gestion-dentreprise"],"_links":{"self":[{"href":"https:\/\/tulipemedia.com\/zh\/wp-json\/wp\/v2\/posts\/5898","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tulipemedia.com\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tulipemedia.com\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tulipemedia.com\/zh\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/tulipemedia.com\/zh\/wp-json\/wp\/v2\/comments?post=5898"}],"version-history":[{"count":3,"href":"https:\/\/tulipemedia.com\/zh\/wp-json\/wp\/v2\/posts\/5898\/revisions"}],"predecessor-version":[{"id":6061,"href":"https:\/\/tulipemedia.com\/zh\/wp-json\/wp\/v2\/posts\/5898\/revisions\/6061"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tulipemedia.com\/zh\/wp-json\/wp\/v2\/media\/5908"}],"wp:attachment":[{"href":"https:\/\/tulipemedia.com\/zh\/wp-json\/wp\/v2\/media?parent=5898"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tulipemedia.com\/zh\/wp-json\/wp\/v2\/categories?post=5898"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tulipemedia.com\/zh\/wp-json\/wp\/v2\/tags?post=5898"}],"curies":[{"name":"\u53ef\u6e7f\u6027\u7c89\u5242","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}