{"id":6028,"date":"2025-11-10T00:13:41","date_gmt":"2025-11-09T23:13:41","guid":{"rendered":"https:\/\/tulipemedia.com\/?p=6028"},"modified":"2025-11-27T18:30:26","modified_gmt":"2025-11-27T17:30:26","slug":"cours-rentabilite-financiere-economique","status":"publish","type":"post","link":"https:\/\/tulipemedia.com\/zh\/cours-rentabilite-financiere-economique\/","title":{"rendered":"\u76c8\u5229\u80fd\u529b\u6bd4\u7387\uff08ROE\u3001ROA\u3001ROCE\u3001ROIC\u3001ROS \u548c\u675c\u90a6\u5206\u6790\uff09\u5b8c\u6574\u8bfe\u7a0b"},"content":{"rendered":"<p>\u5728\u8fd9\u95e8\u65b0\u8bfe\u7a0b\u4e2d\uff0c\u6211\u9009\u62e9\u4e86\u2026\u2026 <strong><a href=\"https:\/\/tulipemedia.com\/zh\/cours-gestion-entreprise\/\">\u5546\u4e1a\u7ba1\u7406\u5b8c\u5168\u6307\u5357<\/a><\/strong>\uff0c\u6211\u4eec\u5c06\u4e00\u8d77\u53d1\u73b0 <strong>\u76c8\u5229\u80fd\u529b\u6bd4\u7387<\/strong>, \u59cb\u7ec8\u4ee5\u6210\u4e3a\u6240\u5411\u62ab\u9761\u4e3a\u76ee\u6807 <strong>\u7ba1\u7406\u548c\u516c\u53f8\u8d22\u52a1<\/strong>, \u5c24\u5176\u9002\u5408\u5e0c\u671b\u521b\u5efa\u6216\u53d1\u5c55\u4e1a\u52a1\u800c\u4e0d\u843d\u5165\u7ba1\u7406\u4e0d\u5584\u9677\u9631\u7684\u521d\u5b66\u8005\u3001\u7ecf\u7406\u548c\u4f01\u4e1a\u5bb6\u3002.<!--more--><\/p>\n<p><a href=\"https:\/\/tulipemedia.com\/zh\/ratio-liquidite-solvabilite\/\">\u5728\u4e0a\u4e00\u8bfe\u4e2d\uff0c\u6211\u4eec\u8ba8\u8bba\u4e86\u507f\u4ed8\u80fd\u529b\u548c\u6d41\u52a8\u6027\u7684\u6982\u5ff5\u3002<\/a>, \u8fd9\u4f7f\u6211\u4eec\u80fd\u591f\u5efa\u7acb\u4e0e\u516c\u53f8\u8d44\u4ea7\u8d1f\u503a\u8868\u76f8\u5173\u7684\u6bd4\u7387\u3002\u5728\u8fd9\u91cc\uff0c\u6211\u4eec\u5c06\u53d1\u73b0\u2026\u2026 <strong>\u76c8\u5229\u80fd\u529b\u6bd4\u7387<\/strong>, \u8fd9\u4f7f\u6211\u4eec\u80fd\u591f\u6839\u636e\u8d44\u4ea7\u8d1f\u503a\u8868\u548c\u635f\u76ca\u8868\u6765\u8861\u91cf\u9879\u76ee\u6216\u516c\u53f8\u7684\u76c8\u5229\u80fd\u529b\uff0c\u5e76\u4e14\uff0c\u6b63\u5982\u60a8\u5c06\u4f1a\u53d1\u73b0\u7684\u90a3\u6837\uff0c\u4e0e\u6b64\u76f8\u5173\u7684\u662f\uff1a <a href=\"https:\/\/tulipemedia.com\/zh\/cours-effet-de-levier-definition-explications-exemples\/\">\u6760\u6746\u4f5c\u7528<\/a>, \u6211\u4eec\u5df2\u7ecf\u5728\u4e13\u95e8\u8bb2\u89e3\u7684\u8bfe\u7a0b\u4e2d\u8ba8\u8bba\u8fc7\u4e86\u3002.<\/p>\n<p>\u6211\u4eec\u8fd8\u5c06\u63a2\u7d22\u4e00\u4e9b\u65b0\u6982\u5ff5\uff0c\u4f8b\u5982 <strong>\u675c\u90a6\u5206\u6790<\/strong>, \u540c\u65f6\uff0c\u901a\u8fc7\u7b80\u5355\u7684\u4f8b\u5b50\u548c\u8be6\u7ec6\u7684\u89e3\u91ca\u6765\u8bf4\u660e\u8ba1\u7b97\u548c\u516c\u5f0f\uff0c\u4ee5\u4fbf\u4efb\u4f55\u5916\u884c\u4eba\u90fd\u80fd\u719f\u6089\u8fd9\u4e9b\u6982\u5ff5\u3002.<\/p>\n<p>\u51c6\u5907\u597d\u4e86\u5417\uff1f\u51fa\u53d1\uff01<\/p>\n<h2>\u76c8\u5229\u80fd\u529b\u7684\u7b80\u5355\u5b9a\u4e49<\/h2>\n<p>\u90a3\u91cc <strong>\u76c8\u5229\u80fd\u529b<\/strong> \u6d4b\u91cf <strong>\u8868\u73b0<\/strong> \u901a\u8fc7\u505a\u67d0\u4e8b\uff0c\u4e00\u5bb6\u516c\u53f8 <strong>\u62a5\u544a<\/strong> \u5728 <strong>\u6536\u5165<\/strong> \u7531\u8be5\u516c\u53f8\u83b7\u5f97\uff0c\u4ee5\u53ca <strong>\u6240\u7528\u8d44\u6e90<\/strong> \u4e3a\u4e86\u83b7\u5f97\u8fd9\u7b14\u6536\u5165\u3002\u5b83\u662f\u901a\u8fc7\u5404\u79cd\u6bd4\u7387\u4f30\u7b97\u7684\uff0c\u8fd9\u4e9b\u6bd4\u7387\u7a81\u51fa\u4e86\u2026\u2026 <strong>\u8868\u73b0<\/strong> \u516c\u53f8\u6216\u9879\u76ee <strong>\u5c31\u5176\u8d22\u52a1\u8d44\u6e90\u7684\u4f7f\u7528\u800c\u8a00<\/strong>, \u8fd9\u5728\u8d22\u52a1\u5206\u6790\u4e2d\u975e\u5e38\u6709\u7528\uff0c\u53ef\u4ee5\u7528\u6765\u786e\u5b9a\u6210\u529f\u6216\u5931\u8d25\u7684\u539f\u56e0\uff0c\u6216\u8005\u5728\u9009\u62e9\u662f\u5426\u6295\u8d44\u67d0\u4e2a\u7279\u5b9a\u9879\u76ee\uff0c\u6216\u8005\u662f\u5426\u8bc9\u8bf8\u503a\u52a1\u65f6\u3002.<\/p>\n<p>\u6362\u53e5\u8bdd\u8bf4\uff0c\u76c8\u5229\u80fd\u529b\u8868\u660e\uff1a, <strong>\u6bcf\u7b14\u6295\u8d44\u91d1\u989d<\/strong>, <strong>\u5b83\u6bcf\u5e74\u80fd\u8d5a\u591a\u5c11\u94b1\uff1f<\/strong>\uff0c \u548c <strong>\u9700\u8981\u591a\u957f\u65f6\u95f4\u624d\u80fd\u6536\u56de\u521d\u59cb\u6295\u8d44\uff1f<\/strong>, \u5982\u679c\u6536\u76ca\u7387\u4fdd\u6301\u76f8\u5bf9\u7a33\u5b9a\u3002.<\/p>\n<p>\u4f46\u5728\u8be6\u7ec6\u8ba8\u8bba\u76c8\u5229\u80fd\u529b\u6bd4\u7387\u4e4b\u524d\uff0c\u91cd\u8981\u7684\u662f\u8981\u5148\u5b8c\u6210\u4ee5\u4e0b\u5de5\u4f5c\uff1a <strong>\u76c8\u5229\u80fd\u529b\u4e4b\u95f4\u7684\u533a\u522b<\/strong> \u4e00\u65b9\u9762\uff0c\u800c\u4e14 <strong>\u76c8\u5229\u80fd\u529b<\/strong> \u53e6\u4e00\u65b9\u9762\u3002.<\/p>\n<h2>\u76c8\u5229\u80fd\u529b\u7684\u5b9a\u4e49<\/h2>\n<p>\u76c8\u5229\u80fd\u529b\u8861\u91cf <strong>\u516c\u53f8\u5c06\u6536\u5165\u8f6c\u5316\u4e3a\u5229\u6da6\u7684\u80fd\u529b<\/strong>.<\/p>\n<p>\u5728\u516c\u53f8\u8d22\u52a1\u5206\u6790\u4e2d\uff0c\u76c8\u5229\u80fd\u529b\u6bd4\u7387\u4e0e\u6295\u8d44\u56de\u62a5\u7387\u76f8\u8f85\u76f8\u6210\u3002\u5b83\u7684\u8ba1\u7b97\u65b9\u6cd5\u975e\u5e38\u7b80\u5355\u2026\u2026 <strong>\u51c0\u5229\u6da6\u4e0e\u6536\u5165\u7684\u6bd4\u7387<\/strong> \u5728\u7ed9\u5b9a\u7684\u65f6\u671f\u5185\u3002.<\/p>\n<p style=\"text-align: center;\"><strong>\u76c8\u5229\u80fd\u529b = \u51c0\u5229\u6da6 \/ \u6536\u5165<\/strong><\/p>\n<p>\u76c8\u5229\u80fd\u529b\u8d8a\u9ad8\uff0c\u516c\u53f8\u5c31\u80fd\u5c06\u6536\u5165\u8f6c\u5316\u4e3a\u5229\u6da6\u7684\u8d8a\u591a\uff0c\u5176\u6210\u672c\u4e5f\u5c31\u76f8\u5e94\u964d\u4f4e\u3002.<\/p>\n<p>\u6362\u53e5\u8bdd\u8bf4\uff0c\u5b83\u5c31\u662f\u6536\u5165\u6240\u4ea7\u751f\u7684\u51c0\u5229\u6da6\u4efd\u989d\u3002.<\/p>\n<h2>\u76c8\u5229\u80fd\u529b\u4e0e\u6295\u8d44\u56de\u62a5\u7387\u7684\u533a\u522b<\/h2>\n<p>\u90a3\u91cc <strong>\u76c8\u5229\u80fd\u529b\u8861\u91cf\u7684\u662f\u516c\u53f8\u521b\u9020\u5229\u6da6\u7684\u80fd\u529b\u3002<\/strong> \u5bf9\u4e8e\u7ed9\u5b9a\u7684\u8d22\u653f\u5e74\u5ea6\uff0c\u901a\u8fc7\u8ba1\u7b97\u51c0\u6536\u5165\u4e0e\u8425\u4e1a\u6536\u5165\u7684\u6bd4\u7387\uff0c, <strong>\u65e0\u8bba\u91c7\u7528\u4f55\u79cd\u878d\u8d44\u65b9\u5f0f<\/strong>, \u5176\u4e2d\u76c8\u5229\u80fd\u529b\u5206\u6790 <strong>\u516c\u53f8\u4e1a\u7ee9<\/strong> \u900f\u8fc7\u955c\u5934 <strong>\u5df2\u90e8\u7f72\u8d44\u6e90<\/strong> \u4e3a\u4e86\u4ea7\u751f\u7ed3\u679c\u3002\u6211\u4eec\u7a0d\u540e\u4f1a\u63a2\u8ba8\u4e0e\u76c8\u5229\u80fd\u529b\u76f8\u5173\u7684\u516c\u5f0f\uff0c\u4f46\u9996\u5148\u91cd\u8981\u7684\u662f\u8981\u4ece\u7eaf\u7cb9\u7684\u7406\u8bba\u5c42\u9762\u7406\u89e3\u8fd9\u4e9b\u6982\u5ff5\u3002.<\/p>\n<p>\u54ea\u91cc <strong>\u76c8\u5229\u80fd\u529b<\/strong> \u6d4b\u91cf <strong>\u80fd\u529b<\/strong> \u516c\u53f8\uff08\u6216\u9879\u76ee\uff09 <strong>\u521b\u9020\u5229\u6da6<\/strong> \u5728\u7279\u5b9a\u65f6\u671f\u5185\uff0c\u6839\u636e\u6240\u4ea7\u751f\u7684\u6536\u5165\uff0c <strong>\u76c8\u5229\u80fd\u529b<\/strong> \u5979\u672c\u4eba\u5219\u5bf9\u2026\u2026\u5f88\u611f\u5174\u8da3\u3002 <strong>\u6295\u8d44\u56de\u62a5\u7387<\/strong> \u901a\u8fc7\u6bd4\u8f83\u6240\u5f97\u7ed3\u679c\u4e0e\u83b7\u5f97\u8be5\u7ed3\u679c\u6240\u91c7\u7528\u7684\u65b9\u6cd5\u3002\u56e0\u6b64\uff0c\u8fd9\u4e24\u4e2a\u6982\u5ff5\u770b\u4f3c\u76f8\u4f3c\uff0c\u5b9e\u5219\u622a\u7136\u4e0d\u540c\u3002.<\/p>\n<h2>\u5173\u4e8e\u8d44\u4ea7\u8d1f\u503a\u8868\u548c\u5229\u6da6\u8868\u7684\u7b80\u8981\u8bf4\u660e<\/h2>\n<p>\u4e3a\u4e86\u7406\u89e3\u4ec0\u4e48\u662f <strong>\u76c8\u5229\u80fd\u529b\u6bd4\u7387<\/strong>, \u8bb0\u4f4f\u57fa\u672c\u539f\u7406\u5f88\u91cd\u8981\uff0c\u5373\uff1a <a href=\"https:\/\/tulipemedia.com\/zh\/bilan-comptable\/\">\u8d44\u4ea7\u8d1f\u503a\u8868<\/a> \u548c <a href=\"https:\/\/tulipemedia.com\/zh\/compte-de-resultat\/\">\u635f\u76ca\u8868<\/a>. \u56e0\u6b64\uff0c\u6211\u4eec\u5c06\u8fdb\u884c\u4e00\u6b21\u56de\u987e\uff0c\u4ee5\u5524\u8d77\u5927\u5bb6\u7684\u8bb0\u5fc6\u3002.<\/p>\n<h3>\u7ed3\u679c\u603b\u7ed3<\/h3>\n<p><strong>\u4ece\u67d0\u79cd\u610f\u4e49\u4e0a\u8bf4\uff0c\u8d44\u4ea7\u8d1f\u503a\u8868\u53cd\u6620\u4e86\u516c\u53f8\u5728\u7279\u5b9a\u65e5\u671f\u7684\u8d44\u4ea7\u72b6\u51b5\u3002<\/strong> \uff08\u901a\u5e38\u572812\u670831\u65e5\uff09\u3002\u4ed6\u8868\u793a <strong>\u516c\u53f8\u62e5\u6709\u7684\u8d44\u4ea7<\/strong> \uff08\u56fa\u5b9a\u8d44\u4ea7\u3001\u5b58\u8d27\u3001\u5e94\u6536\u8d26\u6b3e\u3001\u73b0\u91d1\uff09 <strong>\u5979\u6b20\u4e86\u4ec0\u4e48<\/strong> \uff08\u5bf9\u4f9b\u5e94\u5546\u3001\u503a\u6743\u4eba\u548c\u80a1\u4e1c\u800c\u8a00\uff09\u3002.<\/p>\n<p><strong>\u8d44\u4ea7\u8d1f\u503a\u8868\u5e76\u975e\u65e8\u5728\u53cd\u6620\u516c\u53f8\u7684\u7ecf\u8425\u6216\u5546\u4e1a\u4e1a\u7ee9\u3002<\/strong>, \u800c\u662f\u66f4 <strong>\u5c55\u793a\u516c\u53f8\u62e5\u6709\u7684\u8d44\u4ea7<\/strong>\uff0c\u4ee5\u53ca <strong>\u4f7f\u5176\u80fd\u591f\u4e3a\u8fd9\u9879\u8d44\u4ea7\u63d0\u4f9b\u878d\u8d44\u7684\u8d44\u6e90<\/strong>, \u65e0\u8bba\u662f\u56fa\u5b9a\u8d44\u4ea7\uff08\u5de5\u5382\u3001\u5546\u8a89\u7b49\uff09\u8fd8\u662f\u4e0e\u516c\u53f8\u8fd0\u8425\u76f8\u5173\u7684\u6d41\u52a8\u8d44\u4ea7\uff08\u539f\u6750\u6599\u91c7\u8d2d\u3001\u5ba2\u6237\u5e94\u6536\u8d26\u6b3e\u3001\u73b0\u91d1\u7b49\uff09\u3002.<\/p>\n<h3>\u5173\u4e8e\u635f\u76ca\u8868\u7684\u63d0\u9192<\/h3>\n<p><strong>\u53e6\u4e00\u65b9\u9762\uff0c\u635f\u76ca\u8868\u53cd\u6620\u7684\u662f\u7279\u5b9a\u65f6\u671f\u5185\u7684\u7ecf\u8425\u6d3b\u52a8\u3002<\/strong> \uff08\u901a\u5e38\u4e3a\u4e00\u5e74\uff09\u3002\u8fd9\u8868\u660e <strong>\u516c\u53f8\u5982\u4f55\u76c8\u5229\u6216\u4e8f\u635f<\/strong>.<\/p>\n<p>\u6240\u4ee5\uff0c\u5f52\u6839\u7ed3\u5e95\uff0c\u662f\u8fd9\u4efd\u6587\u4ef6\u2026\u2026 <strong>\u91cd\u73b0\u8868\u6f14<\/strong> \u516c\u53f8\u4e00\u5e74\u7684\u4e1a\u7ee9\u3002\u8fd9\u4e00\u4e1a\u7ee9\u4ee5\u4e0d\u540c\u7684\u7ed3\u679c\u5f62\u5f0f\u4f53\u73b0\uff0c\u4f8b\u5982\u6bdb\u5229\u7387\uff08\u5546\u54c1\u91c7\u8d2d\u5229\u6da6\u7387\uff09\u3001EBITDA\uff08\u6216\u82f1\u7f8e\u8d44\u6e90\u96c6\u56e2\u7684 EBE\uff0c\u5b83\u8868\u793a\u516c\u53f8\u5728\u4e0d\u8003\u8651\u5229\u606f\u3001\u6298\u65e7\u3001\u7a0e\u6536\u548c\u644a\u9500\u6210\u672c\u7684\u60c5\u51b5\u4e0b\u83b7\u5f97\u7684\u5229\u6da6\uff09\uff0c\u4ee5\u53ca\u7a0e\u524d\u548c\u7a0e\u540e\u7684\u5b9e\u9645\u4e1a\u7ee9\u3002.<\/p>\n<h4>\ud83c\uddeb\ud83c\uddf7 \u6cd5\u56fd\u635f\u76ca\u8868\uff08\u901a\u7528\u4f1a\u8ba1\u79d1\u76ee\u8868\uff09\u793a\u610f\u56fe<\/h4>\n<p style=\"text-align: center;\">\u5468\u8f6c<br \/>\n\u2013 \u76f4\u63a5\u6210\u672c\uff08\u91c7\u8d2d\u3001\u6750\u6599\u3001\u5206\u5305\uff09<br \/>\n\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2013<br \/>\n\u6bdb\u5229\u6da6<\/p>\n<p style=\"text-align: center;\">\u2013 \u8fd0\u8425\u8d39\u7528\uff08\u5de5\u8d44\u3001\u79df\u91d1\u7b49\uff09<br \/>\n+ \u8fd0\u8425\u8865\u8d34<br \/>\n\u7a0e\u8d39<br \/>\n\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2013<br \/>\n= \u603b\u8425\u4e1a\u76c8\u4f59 (GOS)<\/p>\n<p style=\"text-align: center;\">\u2013 \u6298\u65e7\u548c\u8fd0\u8425\u51c6\u5907\u91d1<br \/>\n+ \u7ecf\u8425\u6761\u6b3e\u7684\u9006\u8f6c<br \/>\n+ \u5176\u4ed6\u8425\u4e1a\u6536\u5165<br \/>\n\u5176\u4ed6\u8fd0\u8425\u8d39\u7528<br \/>\n\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2013<br \/>\n= \u8425\u4e1a\u5229\u6da6\uff08EBIT\uff09<\/p>\n<p style=\"text-align: center;\">+ \u91d1\u878d\u4ea7\u54c1<br \/>\n\u2013 \u8d22\u52a1\u8d39\u7528<br \/>\n\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2013<br \/>\n= \u7a0e\u524d\u5229\u6da6<\/p>\n<p style=\"text-align: center;\">\u00b1 \u4f18\u5f02\u7ed3\u679c<br \/>\n\u2013 \u5229\u6da6\u7a0e<br \/>\n\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2013<br \/>\n= \u51c0\u7ed3\u679c<\/p>\n<h4>\ud83c\uddec\ud83c\udde7 \u82f1\u7f8e\u8d44\u6e90\u96c6\u56e2\u7684\u635f\u76ca\u8868\uff08\u8d22\u52a1\u62a5\u544a\uff09\u6a21\u5f0f<\/h4>\n<p style=\"text-align: center;\">\u6536\u5165\uff08CA\uff09<br \/>\n\u2013 \u9500\u552e\u6210\u672c\uff08COGS\uff09<br \/>\n\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2013<br \/>\n\u6bdb\u5229\u7387<\/p>\n<p style=\"text-align: center;\">\u2013 \u8fd0\u8425\u8d39\u7528\uff08OPEX\uff0c\u4e0d\u5305\u62ec\u6298\u65e7\uff09<br \/>\n\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2013<br \/>\n= EBITDA<\/p>\n<p style=\"text-align: center;\">\u6298\u65e7\u4e0e\u644a\u9500<br \/>\n\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2013<br \/>\n= \u606f\u7a0e\u524d\u5229\u6da6<\/p>\n<p style=\"text-align: center;\">\u2013 \u5229\u606f\u652f\u51fa<br \/>\n+ \u8d22\u52a1\u6536\u5165<br \/>\n\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2013<br \/>\n= \u7a0e\u524d\u5229\u6da6 (EBT)<\/p>\n<p style=\"text-align: center;\">\u7a0e\u6536<br \/>\n\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2013<br \/>\n= \u51c0\u6536\u5165<\/p>\n<p><strong>\u6b63\u662f\u8fd9\u4e2a\u00ab\u6700\u7ec8\u00bb\u51c0\u7ed3\u679c\u5c06\u88ab\u8bb0\u5f55\u4e3a\u516c\u53f8\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u7684\u8d1f\u503a\u3002<\/strong>. \u5982\u679c\u4e8f\u635f\u4e3a\u6b63\uff0c\u5219\u4f1a\u589e\u52a0\u516c\u53f8\u7684\u8d44\u6e90\uff0c\u6b64\u65f6\u9700\u8981\u51b3\u5b9a\u5982\u4f55\u4f7f\u7528\u8fd9\u7b14\u8d44\u91d1\uff08\u7ed3\u8f6c\u3001\u50a8\u5907\u3001\u5206\u7ea2\u7b49\uff09\u3002\u5982\u679c\u4e8f\u635f\u4e3a\u8d1f\uff0c\u5219\u4f1a\u51cf\u5c11\u516c\u53f8\u6743\u76ca\uff0c\u5982\u679c\u4e8f\u635f\u8d85\u8fc7\u53ef\u7528\u6743\u76ca\uff0c\u6743\u76ca\u751a\u81f3\u53ef\u80fd\u53d8\u4e3a\u8d1f\u503c\u3002\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u7684\u8d1f\u6743\u76ca\u53cd\u6620\u4e86\u516c\u53f8\u53d1\u751f\u7684\u4e8f\u635f\u3002.<\/p>\n<h4>\u6307\u6807\u7684\u5bf9\u5e94\u5173\u7cfb<\/h4>\n<p>\u4ee5\u4e0b\u662f\u6cd5\u56fd\u635f\u76ca\u8868\u4e0e\u82f1\u7f8e\u6cd5\u7cfb\u8d22\u52a1\u62a5\u544a\u8fd1\u4f3c\u5bf9\u5e94\u5173\u7cfb\u7684\u7b80\u8868\uff1a<\/p>\n<table>\n<thead>\n<tr>\n<th>\u6cd5\u56fd\u6982\u5ff5<\/th>\n<th>\u5927\u81f4\u76f8\u5f53\u4e8e\u76ce\u683c\u9c81-\u6492\u514b\u900a\u8bed<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u606f\u7a0e\u6298\u65e7\u644a\u9500\u524d\u5229\u6da6<\/td>\n<td>\u606f\u7a0e\u6298\u65e7\u644a\u9500\u524d\u5229\u6da6<\/td>\n<\/tr>\n<tr>\n<td>\u96f7\u514b\u65af<\/td>\n<td>\u606f\u7a0e\u524d\u5229\u6da6<\/td>\n<\/tr>\n<tr>\n<td>RCAI<\/td>\n<td>EBT<\/td>\n<\/tr>\n<tr>\n<td>\u6700\u7ec8\u7ed3\u679c<\/td>\n<td>\u51c0\u5229<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>\u529f\u80fd\u8bc4\u4f30\u63d0\u9192<\/h3>\n<p>\u4e86\u89e3\u8d44\u4ea7\u8d1f\u503a\u8868\u7531\u51e0\u4e2a\u4e3b\u8981\u90e8\u5206\u7ec4\u6210\u81f3\u5173\u91cd\u8981\u3002 <strong>\u8d44\u4ea7\u8d1f\u503a\u8868\u8d28\u91cf<\/strong>, \u8fd9\u4f7f\u6211\u4eec\u80fd\u591f\u533a\u5206\uff1a<\/p>\n<ul>\n<li>\u4e00\u65b9\u9762\uff0c\u79ef\u6781\u7684\u4e00\u9762\u662f\uff1a <strong>\u56fa\u5b9a\u8d44\u4ea7<\/strong> \uff08\u6240\u6709\u957f\u671f\u8d44\u4ea7\uff09, <strong>\u6d41\u52a8\u8d44\u4ea7<\/strong> \u6d41\u52a8\u6027\u8f83\u5f3a\u6216\u8f83\u5f31\u7684\u8d44\u4ea7\uff0c\u4f8b\u5982\u80a1\u7968\u3001\u5e94\u6536\u8d26\u6b3e\uff0c\u4ee5\u53ca\u6700\u7ec8\u7684\u2026\u2026 <strong>\u6d3b\u8dc3\u56fd\u5e93<\/strong> \u5b83\u5c06\u53ef\u7528\u8d44\u91d1\uff08\u73b0\u91d1\u548c\u6709\u4ef7\u8bc1\u5238\uff09\u6c47\u96c6\u5728\u4e00\u8d77\uff1b ;<\/li>\n<li>\u53e6\u4e00\u65b9\u9762\uff0c\u5728\u88ab\u52a8\u90e8\u5206\uff1a <strong>\u6c38\u4e45\u8d44\u672c<\/strong>, \u5176\u4e2d\u5305\u62ec\u80a1\u6743\u548c\u957f\u671f\u503a\u52a1\uff0c <strong>\u5f53\u524d\u7ecf\u8425\u8d1f\u503a<\/strong> \uff08\u5176\u4e2d\u5305\u62ec\u4e0e\u8fd0\u8425\u76f8\u5173\u7684\u77ed\u671f\u503a\u52a1\uff0c\u4f8b\u5982\u4f9b\u5e94\u5546\u503a\u52a1\u3001\u5de5\u8d44\u503a\u52a1\u7b49\uff09\uff0c\u4ee5\u53ca\u6700\u540e\u7684 <strong>\u88ab\u52a8\u56fd\u5e93<\/strong> \uff08\u4f8b\u5982\u94f6\u884c\u900f\u652f\u7b49\u77ed\u671f\u91d1\u878d\u503a\u52a1\uff09\u3002.<\/li>\n<\/ul>\n<p>\u8fd9\u4e9b\u8d44\u4ea7\u8d1f\u503a\u8868\u6570\u636e\u80fd\u591f\u4ee5\u4e0e\u4f1a\u8ba1\u8d44\u4ea7\u8d1f\u503a\u8868\u7565\u6709\u4e0d\u540c\u7684\u5f62\u5f0f\uff0c\u66f4\u6e05\u6670\u5730\u7406\u89e3\u548c\u5206\u6790\u516c\u53f8\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\uff0c\u8fd9\u79cd\u5f62\u5f0f\u88ab\u79f0\u4e3a\u2026\u2026 <strong>\u529f\u80fd\u8bc4\u4f30<\/strong>.<\/p>\n<p><!-- BILAN FONCTIONNEL - STRUCTURE TH\u00c9ORIQUE --><\/p>\n<table style=\"width: 100%; max-width: 900px; margin: 2em auto; border-collapse: collapse; font-family: Arial, sans-serif; box-shadow: 0 4px 12px rgba(0,0,0,0.1);\">\n<thead>\n<tr>\n<th style=\"background-color: #1e40af; color: white; padding: 16px; text-align: center; font-size: 1.5em; border-radius: 8px 8px 0 0;\" colspan=\"2\">\u529f\u80fd\u8bc4\u4f30\u2014\u2014\u7406\u8bba\u7ed3\u6784<\/th>\n<\/tr>\n<tr>\n<th style=\"background-color: #dbeafe; padding: 14px; text-align: center; font-size: 1.2em; border: 1px solid #93c5fd;\"><strong>\u5de5\u4f5c<\/strong><\/th>\n<th style=\"background-color: #dbeafe; padding: 14px; text-align: center; font-size: 1.2em; border: 1px solid #93c5fd;\"><strong>\u8d44\u6e90<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody><!-- === EMPLOIS \/ RESSOURCES STABLES === --><\/p>\n<tr style=\"background-color: #eff6ff;\">\n<td style=\"padding: 16px; border: 1px solid #93c5fd; vertical-align: top;\"><strong style=\"color: #1e40af; font-size: 1.1em;\">\u7a33\u5b9a\u7684\u5de5\u4f5c<\/strong><\/p>\n<ul style=\"margin: 10px 0; padding-left: 20px;\">\n<li><strong>\u56fa\u5b9a\u8d44\u4ea7<\/strong> \uff08\u5efa\u7b51\u7269\u3001\u673a\u5668\u3001\u4e13\u5229\u7b49\uff09<\/li>\n<\/ul>\n<\/td>\n<td style=\"padding: 16px; border: 1px solid #93c5fd; vertical-align: top;\"><strong style=\"color: #1e40af; font-size: 1.1em;\">\u7a33\u5b9a\u7684\u8d44\u6e90<\/strong><\/p>\n<ul style=\"margin: 10px 0; padding-left: 20px;\">\n<li><strong>\u516c\u5e73<\/strong> \uff08\u80a1\u672c\u3001\u50a8\u5907\uff09<\/li>\n<li><strong>\u957f\u671f\u8d37\u6b3e<\/strong><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<p><!-- === ACTIF \/ PASSIF D'EXPLOITATION === --><\/p>\n<tr style=\"background-color: #fefce8;\">\n<td style=\"padding: 16px; border: 1px solid #fbbf24; vertical-align: top;\"><strong style=\"color: #d97706; font-size: 1.1em;\">\u6d41\u52a8\u8fd0\u8425\u8d44\u4ea7<\/strong><\/p>\n<ul style=\"margin: 10px 0; padding-left: 20px;\">\n<li><strong>\u80a1\u7968<\/strong> \uff08\u539f\u6750\u6599\u3001\u6210\u54c1\uff09<\/li>\n<li><strong>\u5e94\u6536\u8d26\u6b3e<\/strong><\/li>\n<\/ul>\n<\/td>\n<td style=\"padding: 16px; border: 1px solid #fbbf24; vertical-align: top;\"><strong style=\"color: #d97706; font-size: 1.1em;\">\u5f53\u524d\u7ecf\u8425\u8d1f\u503a<\/strong><\/p>\n<ul style=\"margin: 10px 0; padding-left: 20px;\">\n<li><strong>\u4f9b\u5e94\u5546\u503a\u52a1<\/strong><\/li>\n<li><strong>\u7a0e\u6536\u548c\u793e\u4f1a\u4fdd\u969c\u503a\u52a1<\/strong><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<p><!-- === TR\u00c9SORERIE === --><\/p>\n<tr style=\"background-color: #ecfccb;\">\n<td style=\"padding: 16px; border: 1px solid #84cc16; vertical-align: top;\"><strong style=\"color: #166534; font-size: 1.1em;\">\u6d3b\u8dc3\u56fd\u5e93<\/strong><\/p>\n<ul style=\"margin: 10px 0; padding-left: 20px;\">\n<li><strong>\u53ef\u7528\u6027<\/strong> \uff08\u94f6\u884c\uff0c\u6536\u94f6\u673a\uff09<\/li>\n<li><strong>\u6295\u8d44\u8bc1\u5238\uff08VMP\uff09<\/strong><\/li>\n<\/ul>\n<\/td>\n<td style=\"padding: 16px; border: 1px solid #84cc16; vertical-align: top;\"><strong style=\"color: #7f1d1d; font-size: 1.1em;\">\u88ab\u52a8\u5f0f\u56fd\u5e93<\/strong><\/p>\n<ul style=\"margin: 10px 0; padding-left: 20px;\">\n<li><strong>\u94f6\u884c\u900f\u652f<\/strong><\/li>\n<li><strong>\u77ed\u671f\u8d37\u6b3e<\/strong><\/li>\n<li><strong>\u5e94\u8ba1\u5229\u606f<\/strong><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><!-- L\u00c9GENDE P\u00c9DAGOGIQUE --><\/p>\n<div style=\"max-width: 900px; margin: 1.5em auto; padding: 16px; background-color: #f0fdf4; border-left: 5px solid #22c55e; border-radius: 0 8px 8px 0; font-size: 0.95em;\">\n<p><strong>\u9700\u8981\u8bb0\u4f4f\u7684\u5173\u952e\u70b9\uff1a<\/strong><\/p>\n<ul style=\"margin: 8px 0;\">\n<li>\u8fd9 <strong>\u529f\u80fd\u8bc4\u4f30<\/strong> \u6309\u4ee5\u4e0b\u65b9\u5f0f\u5bf9\u804c\u4f4d\u8fdb\u884c\u5206\u7ec4 <strong>\u5faa\u73af<\/strong> \uff1a\u7a33\u5b9a\u3001\u8fd0\u8425\u3001\u73b0\u91d1\u6d41\u3002.<\/li>\n<li>\u8fd9 <strong>\u77ed\u671f\u91d1\u878d\u503a\u52a1<\/strong> \u662f <strong>\u4e0d\u5305\u62ec\u8425\u8fd0\u8d44\u91d1<\/strong> \u2192 \u5728 <strong>\u88ab\u52a8\u56fd\u5e93<\/strong>.<\/li>\n<li>\u6ce8\uff1a\u4e00\u4e9b\u6d41\u52a8\u8d44\u4ea7\/\u8d1f\u503a\uff08\u4f8b\u5982\uff0c\u6742\u9879\u5e94\u6536\u6b3e\u3001\u56fa\u5b9a\u8d44\u4ea7\u8d1f\u503a\uff09\u5c5e\u4e8e\u975e\u7ecf\u8425\u6027\u9879\u76ee\uff0c\u4e0d\u8ba1\u5165\u8425\u8fd0\u8d44\u91d1\u8981\u6c42\uff0c\u4f46\u4e3a\u4e86\u7b80\u5316\u8d77\u89c1\uff0c\u6211\u4eec\u6ca1\u6709\u5c06\u5b83\u4eec\u5217\u5165\u6b64\u8868\u4e2d\u3002.<\/li>\n<\/ul>\n<\/div>\n<h3>\u5173\u4e8eFR\u548cBFR\u7684\u63d0\u9192<\/h3>\n<p>\u901a\u8fc7\u529f\u80fd\u8bc4\u4f30\uff0c\u6211\u4eec\u53ef\u4ee5\u9a8c\u8bc1\u2026\u2026 <strong>\u56fa\u5b9a\u8d44\u4ea7\u7531\u6c38\u4e45\u8d44\u672c\uff08\u8425\u8fd0\u8d44\u672c\uff09\u5145\u5206\u878d\u8d44\u3002<\/strong>\u00a0\u7406\u60f3\u60c5\u51b5\u4e0b\uff0c\u9700\u8981 <strong>\u76c8\u4f59\u7528\u4e8e\u8d44\u52a9\u516c\u53f8\u7684\u8fd0\u8425\u5468\u671f<\/strong> \uff08\u6d41\u52a8\u8d44\u4ea7\uff09\u3002\u5982\u679c\u91ca\u653e\u51fa\u73b0\u91d1\uff0c\u5c31\u53ef\u4ee5\u4e86\u89e3\u73b0\u91d1\u662f\u5426\u5f97\u5230\u59a5\u5584\u7ba1\u7406\u4ee5\u53ca\u5982\u4f55\u91cd\u65b0\u5206\u914d\u3002.<\/p>\n<figure id=\"attachment_6115\" aria-describedby=\"caption-attachment-6115\" style=\"width: 1600px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-6115\" src=\"https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/Bilan-fonctionnel-FR-BFR-Tresorerie-schema.png\" alt=\"\" width=\"1600\" height=\"1100\" title=\"\" srcset=\"https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/Bilan-fonctionnel-FR-BFR-Tresorerie-schema.png 1600w, https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/Bilan-fonctionnel-FR-BFR-Tresorerie-schema-300x206.png 300w, https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/Bilan-fonctionnel-FR-BFR-Tresorerie-schema-1024x704.png 1024w, https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/Bilan-fonctionnel-FR-BFR-Tresorerie-schema-768x528.png 768w, https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/Bilan-fonctionnel-FR-BFR-Tresorerie-schema-1536x1056.png 1536w, https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/Bilan-fonctionnel-FR-BFR-Tresorerie-schema-18x12.png 18w, https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/Bilan-fonctionnel-FR-BFR-Tresorerie-schema-600x413.png 600w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" \/><figcaption id=\"caption-attachment-6115\" class=\"wp-caption-text\">\u8d44\u4ea7\u8d1f\u503a\u8868\u7684\u8fd0\u4f5c\u65b9\u5f0f\u4e3a\uff1a\u8425\u8fd0\u8d44\u672c &gt; \u51c0\u8425\u8fd0\u8d44\u672c\uff0c\u4e14\u51c0\u73b0\u91d1\u6d41\u4e3a\u6b63\u3002<\/figcaption><\/figure>\n<p>\u76f8\u53cd\uff0c\u5982\u679c\u77ed\u671f\u503a\u52a1\uff08\u4e3b\u8981\u662f\u4f9b\u5e94\u5546\u503a\u52a1\uff09\u4e0d\u8db3\u4ee5\u8986\u76d6\u6d41\u52a8\u8d44\u4ea7\uff0c\u8fd9\u53cd\u6620\u51fa\u5411\u4f9b\u5e94\u5546\u4ed8\u6b3e\u7684\u901f\u5ea6\u6bd4\u5411\u5ba2\u6237\u4ed8\u6b3e\u6216\u51fa\u552e\u5e93\u5b58\u7684\u901f\u5ea6\u5feb\u5f97\u591a\uff0c\u90a3\u4e48\u516c\u53f8\u5c31\u9700\u8981\u73b0\u91d1\u6765\u4e3a\u5176\u8fd0\u8425\u63d0\u4f9b\u8d44\u91d1\uff0c\u800c\u77ed\u671f\u8d37\u6b3e\u6216\u94f6\u884c\u900f\u652f\uff08\u901a\u5e38\u76f8\u5f53\u4e8e\u540c\u4e00\u4ef6\u4e8b\uff09\u5c06\u7528\u4e8e\u5f25\u8865\u5ef6\u8fdf\u5411\u5ba2\u6237\u4ed8\u6b3e\u6216\u51fa\u552e\u5e93\u5b58\u7684\u635f\u5931\u3002.<\/p>\n<figure id=\"attachment_6116\" aria-describedby=\"caption-attachment-6116\" style=\"width: 1600px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-6116\" src=\"https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/bilan-fonctionnel-fr-inferieur-bfr-tresorerie-negative-schema.png\" alt=\"\" width=\"1600\" height=\"1100\" title=\"\" srcset=\"https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/bilan-fonctionnel-fr-inferieur-bfr-tresorerie-negative-schema.png 1600w, https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/bilan-fonctionnel-fr-inferieur-bfr-tresorerie-negative-schema-300x206.png 300w, https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/bilan-fonctionnel-fr-inferieur-bfr-tresorerie-negative-schema-1024x704.png 1024w, https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/bilan-fonctionnel-fr-inferieur-bfr-tresorerie-negative-schema-768x528.png 768w, https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/bilan-fonctionnel-fr-inferieur-bfr-tresorerie-negative-schema-1536x1056.png 1536w, https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/bilan-fonctionnel-fr-inferieur-bfr-tresorerie-negative-schema-18x12.png 18w, https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/bilan-fonctionnel-fr-inferieur-bfr-tresorerie-negative-schema-600x413.png 600w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" \/><figcaption id=\"caption-attachment-6116\" class=\"wp-caption-text\">\u529f\u80fd\u6027\u8d44\u4ea7\u8d1f\u503a\u8868\uff0c\u4f46\u8425\u8fd0\u8d44\u91d1\u9700\u6c42\uff08WCR\uff09\u8d85\u8fc7\u8425\u8fd0\u8d44\u91d1\uff08WC\uff09\uff0c\u4e14\u51c0\u73b0\u91d1\u6d41\u4e3a\u8d1f\u3002<\/figcaption><\/figure>\n<p>\u5b9e\u9645\u4e0a\uff0c\u8425\u8fd0\u8d44\u91d1\u9700\u6c42\uff08WCR\uff09\u53cd\u6620\u7684\u662f\u5728\u7ed9\u5b9a\u6570\u91cf\u7684\u6d41\u52a8\u8d44\u4ea7\uff08\u5b58\u8d27+\u5e94\u6536\u8d26\u6b3e\uff09\u7684\u60c5\u51b5\u4e0b\uff0c\u4f9b\u5e94\u5546\u5df2\u6536\u5230\u8d27\u6b3e\uff0c\u4f46\u5ba2\u6237\u5c1a\u672a\u5411\u516c\u53f8\u4ed8\u6b3e\u548c\/\u6216\u5b58\u8d27\u5c1a\u672a\u552e\u51fa\u65f6\u7684\u878d\u8d44\u9700\u6c42\u3002\u5b83\u6307\u7684\u662f\u4f9b\u5e94\u5546\u4ed8\u6b3e\u4e0e\u9500\u552e\u548c\u5ba2\u6237\u4ed8\u6b3e\u4e4b\u95f4\u7684\u8fd9\u6bb5\u65f6\u95f4\u3002.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-6066\" src=\"https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/Besoin-en-Fonds-de-Roulement.png\" alt=\"\" width=\"1600\" height=\"1100\" title=\"\" srcset=\"https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/Besoin-en-Fonds-de-Roulement.png 1600w, https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/Besoin-en-Fonds-de-Roulement-300x206.png 300w, https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/Besoin-en-Fonds-de-Roulement-1024x704.png 1024w, https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/Besoin-en-Fonds-de-Roulement-768x528.png 768w, https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/Besoin-en-Fonds-de-Roulement-1536x1056.png 1536w, https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/Besoin-en-Fonds-de-Roulement-18x12.png 18w, https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/Besoin-en-Fonds-de-Roulement-600x413.png 600w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" \/><\/p>\n<p>\u73b0\u91d1\u6d41\u5c31\u6210\u4e3a\u8425\u8fd0\u8d44\u672c\u548c\u8425\u8fd0\u8d44\u672c\u9700\u6c42\u4e4b\u95f4\u7684\u8c03\u6574\u53d8\u91cf\uff1a<\/p>\n<p style=\"text-align: center;\"><strong>\u73b0\u91d1 = FR-BFR<\/strong><\/p>\n<p>\u5f53\u8be5\u503c\u4e3a\u6b63\u65f6\uff0c\u8868\u793a\u8425\u8fd0\u8d44\u91d1\u8db3\u4ee5\u6ee1\u8db3\u8425\u8fd0\u8d44\u91d1\u9700\u6c42\u3002\u5f53\u8be5\u503c\u4e3a\u8d1f\u65f6\uff0c\u8868\u793a\u5e94\u4ed8\u8d26\u6b3e\u4e0d\u8db3\u4ee5\u652f\u4ed8\u5b58\u8d27\u548c\u5e94\u6536\u8d26\u6b3e\uff0c\u540c\u65f6\u8425\u8fd0\u8d44\u91d1\u4e5f\u4e0d\u8db3\u4ee5\u5f25\u8865\u8fd9\u4e00\u7f3a\u53e3\u3002\u8fd9\u53ef\u80fd\u662f\u7531\u4e8e\u5b58\u8d27\u5468\u8f6c\u901f\u5ea6\u4e0d\u591f\u5feb\u3001\u5ba2\u6237\u672a\u4ed8\u6b3e\u6216\u4ed8\u6b3e\u4e0d\u53ca\u65f6\uff0c\u6216\u8005\u4f9b\u5e94\u5546\u7684\u4ed8\u6b3e\u901f\u5ea6\u5feb\u4e8e\u5ba2\u6237\uff0c\u4e5f\u53ef\u80fd\u662f\u8fd9\u4e09\u4e2a\u56e0\u7d20\u7684\u7efc\u5408\u4f5c\u7528\u3002.<\/p>\n<p>\u6211\u4eec\u5728\u2026\u2026\u4e2d\u5df2\u7ecf\u770b\u5230\u4e86\u8fd9\u4e00\u5207\u3002 <a href=\"https:\/\/tulipemedia.com\/zh\/fr-bfr-definition-exemples\/\">\u672c\u8282\u4e13\u95e8\u8ba8\u8bba\u8425\u8fd0\u8d44\u91d1\u548c\u8425\u8fd0\u8d44\u91d1\u9700\u6c42<\/a>, \u4f46\u662f\uff0c\u5728\u7ee7\u7eed\u524d\u8fdb\u4e4b\u524d\uff0c\u505a\u51fa\u8fd9\u4e9b\u63d0\u9192\u6765\u66f4\u65b0\u6211\u4eec\u7684\u601d\u8def\u662f\u5f88\u6709\u7528\u7684\u3002.<\/p>\n<p>\u6240\u6709\u8fd9\u4e9b\u90fd\u5c06\u6211\u4eec\u5f15\u5411\u76c8\u5229\u80fd\u529b\u6bd4\u7387\u3002\u4e3b\u8981\u6709\u4e24\u79cd\u76c8\u5229\u80fd\u529b\u6bd4\u7387\uff1a<strong>\u00a0\u8d22\u52a1\u76c8\u5229\u80fd\u529b<\/strong> \u548c<strong>\u00a0\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b<\/strong>.<\/p>\n<p>\u8d22\u52a1\u76c8\u5229\u80fd\u529b\u4e0e\u4ee5\u4e0b\u65b9\u9762\u6709\u5173\uff1a <strong>\u80a1\u672c\u56de\u62a5\u7387<\/strong>, \u56e0\u6b64\uff0c\u76c8\u5229\u80fd\u529b\u662f\u6307\u516c\u53f8\u76f8\u5bf9\u4e8e\u80a1\u4e1c\u6295\u5165\u7684\u5229\u6da6\u3002\u53e6\u4e00\u65b9\u9762\uff0c\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\u5219\u4fa7\u91cd\u4e8e\u2026\u2026 <strong>\u516c\u53f8\u6574\u4f53\u76c8\u5229\u80fd\u529b<\/strong>, \u65e0\u8bba\u878d\u8d44\u65b9\u5f0f\u5982\u4f55\uff0c\u65e0\u8bba\u662f\u80a1\u6743\u878d\u8d44\u8fd8\u662f\u94f6\u884c\u8d37\u6b3e\u3002.<\/p>\n<h2>\u80a1\u672c\u56de\u62a5\u7387\uff08ROE\uff09<\/h2>\n<p>\u8fd9 <strong>\u8d22\u52a1\u76c8\u5229\u80fd\u529b\u6bd4\u7387<\/strong> \uff08ROE \u4ee3\u8868\u51c0\u8d44\u4ea7\u6536\u76ca\u7387\uff09\u8861\u91cf\u516c\u53f8\u7684\u76c8\u5229\u80fd\u529b\u3002 <strong>\u4e0e\u80a1\u6743\u76f8\u6bd4<\/strong>, \u4e5f\u5c31\u662f\u8bf4\uff0c\u5c31\u2026\u2026\u800c\u8a00 <strong>\u80a1\u4e1c\u63d0\u4f9b\u7684\u8d44\u91d1<\/strong> \u4e3a\u4e86\u7ed9\u516c\u53f8\u8d44\u4ea7\u878d\u8d44\u3002\u8fd9\u4f7f\u6211\u4eec\u80fd\u591f\u51c6\u786e\u5730\u4e86\u89e3\u2026\u2026 <strong>\u5229\u6da6\u6c34\u5e73<\/strong> \u6839\u636e\u6295\u8d44\u91d1\u989d\u800c\u5b9a <strong>\u7531\u80a1\u4e1c<\/strong>.<\/p>\n<p>\u516c\u5f0f\u5982\u4e0b\uff1a<\/p>\n<p style=\"text-align: center;\"><strong>\u51c0\u8d44\u4ea7\u6536\u76ca\u7387 = \u51c0\u5229\u6da6 \/ \u80a1\u4e1c\u6743\u76ca<\/strong><\/p>\n<p>\u4f8b\u5982\uff0c\u5982\u679c\u635f\u76ca\u8868\u672b\u5c3e\u663e\u793a\u7684\u51c0\u5229\u6da6\u4e3a 50,000 \u6b27\u5143\uff0c\u80a1\u4e1c\u6743\u76ca\u4e3a 400,000 \u6b27\u5143\uff0c\u5219\u6743\u76ca\u56de\u62a5\u7387\u4e3a 50,000 \/ 400,000 = 0.125\u3002\u8be5\u516c\u53f8\u7684\u6743\u76ca\u56de\u62a5\u7387\u4e3a 12.5%\uff0c\u8fd9\u610f\u5473\u7740\u80a1\u4e1c\u6295\u8d44\u7684 100 \u6b27\u5143\u53ef\u4ea7\u751f 12.50 \u6b27\u5143\u7684\u6536\u76ca\u3002.<\/p>\n<h2>\u96c7\u4e3b\u8d44\u672c\u56de\u62a5\u7387\uff08ROCE\uff09<\/h2>\n<p>\u4e0e\u8d22\u52a1\u56de\u62a5\u7387\u4e0d\u540c\uff0c\u7ecf\u6d4e\u56de\u62a5\u7387\uff08ROCE\uff0c\u5373\u5df2\u52a8\u7528\u8d44\u672c\u56de\u62a5\u7387\uff0c\u6216 ROI\uff0c\u5373\u6295\u8d44\u56de\u62a5\u7387\uff0c\u8fd9\u662f\u4e00\u4e2a\u66f4\u901a\u7528\u7684\u672f\u8bed\uff09\u4fa7\u91cd\u4e8e\u76c8\u5229\u80fd\u529b\u3002 <strong>\u6d3b\u52a8<\/strong> \u516c\u53f8, <strong>\u6240\u6709\u957f\u671f\u8d44\u6e90<\/strong> \u611f\u5230\u56f0\u60d1\uff0c\u56e0\u4e3a\u62a5\u544a <strong>\u8be5\u9879\u6d3b\u52a8\u6240\u4ea7\u751f\u7684\u6536\u5165\uff08\u56e0\u6b64\u662f\u8425\u4e1a\u5229\u6da6\u800c\u975e\u51c0\u5229\u6da6\uff09\u662f\u5229\u7528\u6240\u6709\u7528\u4e8e\u4e3a\u8be5\u8d44\u4ea7\u878d\u8d44\u7684\u7a33\u5b9a\u8d44\u6e90\u4ea7\u751f\u7684\u6536\u5165\u3002<\/strong>.<\/p>\n<p>\u56e0\u6b64\uff0c\u6211\u4eec\u7684\u51b3\u5b9a\u57fa\u4e8e\u4ee5\u4e0b\u51e0\u70b9\uff1a<\/p>\n<ul>\n<li>\u5728 <strong>\u8425\u4e1a\u5229\u6da6\uff08EBIT\uff09<\/strong>, \u4e3a\u4e86\u4ee5\u516c\u53f8\u7684\u8fd0\u8425\u4e1a\u7ee9\u4e3a\u57fa\u7840\uff0c\u800c\u4e0d\u8003\u8651\u8d22\u52a1\u8d39\u7528\u548c\u7279\u6b8a\u8d39\u7528\uff0c\u800c\u662f\u91c7\u7528\u51c0\u5229\u6da6\uff1b ;<\/li>\n<li>\u4ee5\u53ca <strong style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, 'Helvetica Neue', Arial, 'Noto Sans', sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol', 'Noto Color Emoji';\">\u516c\u53f8\u6240\u6709\u7a33\u5b9a\u8d44\u6e90<\/strong><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, 'Helvetica Neue', Arial, 'Noto Sans', sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol', 'Noto Color Emoji';\">, \u56e0\u6b64\uff0c\u65e2\u5305\u62ec\u80a1\u6743\u878d\u8d44\uff0c\u4e5f\u5305\u62ec\u957f\u671f\u503a\u52a1\u878d\u8d44\uff1b ;<\/span><\/li>\n<li>\u548c <strong>\u77ed\u671f\u503a\u52a1\u4e0d\u4e88\u8003\u8651\u3002<\/strong> \uff08\u56e0\u6b64\uff0c\u6d41\u52a8\u7ecf\u8425\u8d1f\u503a\u548c\u77ed\u671f\u91d1\u878d\u503a\u52a1\u4e0d\u8ba1\u5165\u8ba1\u7b97\uff09\u3002.<\/li>\n<\/ul>\n<p>\u56e0\u6b64\uff0c\u4e0e\u6bd4\u8f83\u4ee5\u4e0b\u5404\u9879\u7684\u8d22\u52a1\u56de\u62a5\u7387\u4e0d\u540c\uff1a<\/p>\n<ul>\n<li><strong>\u6700\u7ec8\u7ed3\u679c<\/strong> \uff08\u8ba1\u7b97\u4e2d\u8003\u8651\u4e86\u4e0e\u51cf\u503c\u76f8\u5173\u7684\u6298\u65e7\u3001\u8d22\u52a1\u8d39\u7528\u548c\u7279\u6b8a\u8d39\u7528\uff09\uff1b ;<\/li>\n<li><strong>\u80a1\u6743<\/strong> \uff08\u56e0\u6b64\uff0c\u8ba1\u7b97\u4e2d\u4e0d\u5305\u62ec\u503a\u52a1\uff09 ;<\/li>\n<\/ul>\n<p>\u53e6\u4e00\u65b9\u9762\uff0c\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\u6bd4\u7387\u662f\u57fa\u4e8e\u2026\u2026 <strong>\u7ecf\u8425\u6210\u679c<\/strong> \uff08\u4e0d\u5305\u62ec\u8d22\u52a1\u8d39\u7528\u3001\u7279\u6b8a\u9879\u76ee\u548c\u5229\u6da6\u7a0e\uff09 <strong>\u6240\u6709\u5df2\u6295\u5165\u7684\u7a33\u5b9a\u8d44\u6e90<\/strong> \uff08\u80a1\u6743\u548c\u957f\u671f\u503a\u52a1\uff09\u3002.<\/p>\n<p>\u56e0\u6b64\uff0cROCE \u53ef\u4ee5\u6392\u9664\u516c\u53f8\u7684\u8d22\u52a1\u7ed3\u6784\uff0c\u5373\u5176\u878d\u8d44\u65b9\u5f0f\uff08\u80a1\u6743\u4e0e\u503a\u52a1\uff09\uff0c\u5e76\u6839\u636e\u8d22\u5bcc\u521b\u9020\u7684\u6574\u4f53\u65b9\u6cd5\u4f30\u7b97\u76c8\u5229\u80fd\u529b\uff0c\u540c\u65f6\u8fd8\u5173\u6ce8\u2026\u2026 <strong>\u4e3b\u8981\u6d3b\u52a8<\/strong> \u7531\u4e8e\u8ba1\u7b97\u65b9\u6cd5\u4e0d\u5305\u62ec\u8d22\u52a1\u8d39\u7528\u548c\u7279\u6b8a\u8d39\u7528\uff08\u5e76\u4e14\u5305\u62ec\u6298\u65e7\u548c\u51c6\u5907\u91d1\uff0c\u5177\u4f53\u53d6\u51b3\u4e8e\u662f\u57fa\u4e8e EBITDA \u8fd8\u662f REX\uff09\uff0c\u56e0\u6b64\u8be5\u516c\u53f8\u7684\u60c5\u51b5\u4e5f\u662f\u5982\u6b64\u3002.<\/p>\n<p>\u8fd9 <strong>ROCE\uff08\u8d44\u672c\u56de\u62a5\u7387\uff09\u5e76\u672a\u5c06\u77ed\u671f\u503a\u52a1\u8003\u8651\u5728\u5185\u3002<\/strong> \u5728\u8ba1\u7b97\u4e2d\uff08\u4f8b\u5982\u4f9b\u5e94\u5546\u503a\u52a1\u3001\u7a0e\u6b3e\u548c\u793e\u4f1a\u503a\u52a1\u7b49\uff09\uff0c\u56e0\u4e3a\u8fd9\u4e9b\u4e0d\u88ab\u89c6\u4e3a\u5df2\u6295\u5165\u7684\u8d44\u672c\uff1a\u5b83\u4eec\u5c5e\u4e8e\u7ecf\u8425\u5468\u671f\uff0c\u56e0\u6b64\u5c5e\u4e8e\u77ed\u671f\u878d\u8d44\uff08\u4e0e\u8425\u8fd0\u8d44\u91d1\u9700\u6c42\u76f8\u5173\uff09\u3002.<\/p>\n<h3>\u7b2c\u4e00\u4e2a\u8ba1\u7b97\u516c\u5f0f\u662f\uff1a\u5df2\u52a8\u7528\u8d44\u672c\u56de\u62a5\u7387\uff08ROCE\uff09\u6bd4\u7387<\/h3>\n<p>\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\u6bd4\u7387\u7684\u7b2c\u4e00\u4e2a\u8ba1\u7b97\u516c\u5f0f\u5982\u4e0b\uff1a<\/p>\n<p style=\"text-align: center;\"><strong>ROCE = EBITDA\uff08\u6216 REX\uff09\/ \u7a33\u5b9a\u8d44\u6e90<\/strong><\/p>\n<p style=\"text-align: center;\">\u62e5\u6709\u7a33\u5b9a\u8d44\u6e90 = \u6743\u76ca + \u957f\u671f\uff08LT\uff09\u91d1\u878d\u503a\u52a1\u3002.<br \/>\n\u6ce8\uff1a\u77ed\u671f\u91d1\u878d\u503a\u52a1\u4e0d\u5305\u62ec\u5728\u5185\uff0c\u56e0\u4e3a\u5b83\u4eec\u5c5e\u4e8e\u73b0\u91d1\u5468\u671f\u3002.<\/p>\n<p>\u8ba1\u7b97\u65f6\uff0c\u53ef\u4ee5\u57fa\u4e8e\u8425\u4e1a\u5229\u6da6\uff08EBIT\uff09\u6216\u6bdb\u8425\u4e1a\u5229\u6da6\uff08EBITDA\uff09\u3002EBITDA \u6bd4\u8425\u4e1a\u5229\u6da6\u66f4\u201c\u539f\u59cb\u201d\uff1a\u5b83\u4e0d\u5305\u62ec\u6298\u65e7\u548c\u51c6\u5907\u91d1\uff0c\u800c\u8425\u4e1a\u5229\u6da6\u5219\u901a\u8fc7\u4ece\u8ba1\u7b97\u4e2d\u6263\u9664\u8fd9\u4e9b\u9879\u76ee\u800c\u5305\u542b\u5b83\u4eec\u3002.<\/p>\n<h3>\u5173\u4e8e\u91d1\u878d\u4f53\u64cd\u7684\u7b80\u77ed\u9898\u5916\u8bdd<\/h3>\n<p>\u5f53\u6211\u4eec\u8bf4\u67d0\u4e2a\u4e2d\u95f4\u7ba1\u7406\u5e73\u8861\u6216\u6307\u6807\u65f6 <strong>\u4e0d\u5305\u62ec\u6216\u5305\u62ec\u67d0\u4e9b\u8d39\u7528\uff08\u4f8b\u5982\u6298\u65e7\u6216\u51c6\u5907\u91d1\uff09<\/strong>, \u8fd9\u4ec5\u4ec5\u610f\u5473\u7740\u8fd9\u4e9b\u8d39\u7528\u662f\u5426\u88ab\u7eb3\u5165\u8be5\u6307\u6807\u7684\u8ba1\u7b97\u4e2d\u3002.<\/p>\n<p>\u5177\u4f53\u800c\u8a00\uff1a<\/p>\n<ul>\n<li><strong>\u5982\u679c\u67d0\u4e2a\u6307\u6807\u6392\u9664\u4e86\u67d0\u9879\u8d39\u7528\uff08\u610f\u5473\u7740\u8be5\u6307\u6807\u6ca1\u6709\u5c06\u5176\u8003\u8651\u5728\u5185\uff09<\/strong>, \u8fd9\u610f\u5473\u7740 <strong>\u6b64\u9879\u8d39\u7528\u4e0d\u4ece\u8ba1\u7b97\u57fa\u6570\u4e2d\u6263\u9664\u3002<\/strong>, \u56e0\u6b64\uff0c\u8be5\u6307\u6807\u53cd\u6620\u4e86\u6d3b\u52a8\u7684\u201c\u539f\u59cb\u201d\u8868\u73b0\u3002.<\/li>\n<li><strong>\u5982\u679c\u4e00\u4e2a\u6307\u6807\u5305\u542b\u4e86\u8d1f\u8377\uff08\u610f\u5473\u7740\u8be5\u6307\u6807\u5df2\u5c06\u5176\u8003\u8651\u5728\u5185\uff09\uff0c, <\/strong>\u8fd9\u610f\u5473\u7740 <strong>\u8fd9\u7b14\u8d39\u7528\u5c06\u88ab\u6263\u9664\u3002<\/strong>, \u56e0\u6b64\uff0c\u8be5\u6307\u6807\u53cd\u6620\u4e86\u8fd9\u9879\u6536\u8d39\u7684\u201c\u51c0\u5f71\u54cd\u201d\u8868\u73b0\u3002.<\/li>\n<\/ul>\n<p>\u56e0\u6b64\uff0c\u4ece\u7eaf\u7cb9\u7684\u903b\u8f91\u89d2\u5ea6\u6765\u770b\uff0c\u6392\u9664\u4e00\u4e2a\u7535\u8377\u5e76\u4e0d\u610f\u5473\u7740\u51cf\u53bb\u5b83\uff0c\u800c\u662f\u4fdd\u7559\u5b83\uff0c\u56e0\u4e3a\u8fd9\u610f\u5473\u7740\u6211\u4eec\u5728\u8ba1\u7b97\u65f6\u4e0d\u4f1a\u5c06\u6b64\u7535\u8377\u89c6\u4e3a\u9700\u8981\u51cf\u53bb\u7684\u7535\u8377\u3002.<\/p>\n<p>\u4f8b\u5982\uff0c <strong>EBITDA \u4e0d\u5305\u62ec\u6298\u65e7\u548c\u62e8\u5907<\/strong>, \u8fd9\u610f\u5473\u7740\u8fd9\u4e9b\u56e0\u7d20\u5728 EBITDA \u7684\u8ba1\u7b97\u4e2d\u6ca1\u6709\u88ab\u8003\u8651\u5728\u5185\uff0c\u8fd9\u4f7f\u5f97\u6211\u4eec\u53ef\u4ee5\u5728\u8d44\u672c\u6298\u65e7\u6216\u89c2\u5bdf\u5230\u7684\u98ce\u9669\u4e4b\u524d\u8861\u91cf\u8fd0\u8425\u76c8\u5229\u80fd\u529b\uff1b ; <strong>\u56e0\u6b64\uff0c\u8fd9\u4e9b\u8d39\u7528\u4e0d\u4e88\u6263\u9664\u3002<\/strong>.<\/p>\n<p><strong>\u96f7\u514b\u65af<\/strong>, \uff0c \u53e6\u4e00\u65b9\u9762\uff0c, <strong>\u5305\u542b\u4e86\u8fd9\u4e9b\u5206\u914d<\/strong>, \u4ece\u800c\u5f97\u51fa\u66f4\u63a5\u8fd1\u8be5\u9879\u4e1a\u52a1\u6700\u7ec8\u4f1a\u8ba1\u7ed3\u679c\u7684\u7ed3\u679c\u3002\u5f53\u6211\u4eec\u8bf4\u5b83\u4eec\u662f <strong>\u878d\u5408\u7684<\/strong>, \u8fd9\u610f\u5473\u7740\u4ed6\u4eec\u662f <strong>\u6263\u9664<\/strong> \u4e3a\u4e86 <strong>\u5c06\u5b83\u4eec\u8003\u8651\u5728\u5185<\/strong> \u5728\u8ba1\u7b97\u4e2d\u3002.<\/p>\n<p>\u8fd9\u662f\u5173\u4e8e\u6240\u7528\u8bcd\u6c47\u7684\u4e00\u4e2a\u63d0\u793a\uff0c\u4f46\u8fd9\u6837\u505a\u5f88\u91cd\u8981\uff0c\u4ee5\u514d\u4ea7\u751f\u8bef\u89e3\u3002.<\/p>\n<h3>\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\u6bd4\u7387\uff08ROCE bis\uff09\u7684\u7b2c\u4e8c\u4e2a\u516c\u5f0f<\/h3>\n<p>ROCE \u516c\u5f0f\u4e5f\u53ef\u4ee5\u6309\u5982\u4e0b\u65b9\u5f0f\u8ba1\u7b97\uff0c\u8fd9\u5728\u5b9e\u8df5\u4e2d\u975e\u5e38\u5e38\u89c1\uff1a<\/p>\n<p style=\"text-align: center;\"><strong>ROCE = REX \u6216 EBITDA \/ \u7ecf\u6d4e\u8d44\u4ea7<\/strong><\/p>\n<p style=\"text-align: center;\">\u7ecf\u6d4e\u8d44\u4ea7 = \u56fa\u5b9a\u8d44\u4ea7 + \u8425\u8fd0\u8d44\u672c\u9700\u6c42 (WCR)<br \/>\n\u7ecf\u6d4e\u8d44\u4ea7\u2248\u7a33\u5b9a\u8d44\u6e90\uff08\u5982\u679c\u51c0\u73b0\u91d1\u4e3a\u96f6\uff09<\/p>\n<p>\u8fd9\u4e2a\u516c\u5f0f\u4e4d\u4e00\u770b\u53ef\u80fd\u4ee4\u4eba\u56f0\u60d1\uff0c\u4f46\u5982\u679c\u6211\u4eec\u56de\u5230\u524d\u9762\u63d0\u5230\u7684\u4e0e\u8d44\u4ea7\u8d1f\u503a\u8868\u7ed3\u6784\u76f8\u5173\u7684\u57fa\u672c\u6982\u5ff5\uff0c\u6211\u4eec\u5c31\u4f1a\u610f\u8bc6\u5230\uff0c\u53ea\u8981\u51c0\u73b0\u91d1\u4e3a\u96f6\uff08FR = BFR\uff09\uff0c\u7ecf\u6d4e\u8d44\u4ea7\u901a\u5e38\u5c31\u5bf9\u5e94\u4e8e\u7a33\u5b9a\u7684\u8d44\u6e90\u3002.<\/p>\n<p style=\"text-align: center;\"><strong>\u7ecf\u6d4e\u8d44\u4ea7 \u2248 \u7a33\u5b9a\u8d44\u6e90\uff08\u5982\u679c\u51c0\u73b0\u91d1\u4e3a\u96f6\uff09<\/strong><\/p>\n<p>\u8fd9\u5c31\u5f15\u51fa\u4e86\u7b2c\u4e00\u4e2a ROCE \u516c\u5f0f\uff1a<\/p>\n<p style=\"text-align: center;\"><strong>ROCE = REX \u6216 EBITDA \/ \u7a33\u5b9a\u8d44\u6e90<\/strong><\/p>\n<p>\u4f46\u662f\uff0c\u6211\u4eec\u5982\u4f55\u5c06\u7a33\u5b9a\u7684\u8d44\u6e90\u8f6c\u5316\u4e3a\u7ecf\u6d4e\u8d44\u4ea7\u5462\uff1f<\/p>\n<h3>\u7ecf\u6d4e\u8d44\u4ea7\u7684\u5b9a\u4e49<\/h3>\n<p>\u5b9e\u9645\u4e0a\uff0c <strong>\u7ecf\u6d4e\u8d44\u4ea7\u662f\u6307\u56fa\u5b9a\u8d44\u4ea7\u3001\u5b58\u8d27\u548c\u5e94\u6536\u8d26\u6b3e\u7684\u603b\u548c\u3002<\/strong> \uff08\u4e3a\u4e86\u5c3d\u53ef\u80fd\u7b80\u5316\uff09, <strong>\u6263\u9664\u989d<\/strong> \u6d41\u901a\u8d1f\u503a\uff0c\u4e5f\u5c31\u662f\u8bf4 <strong>\u4f9b\u5e94\u5546\u503a\u52a1<\/strong> :<\/p>\n<p style=\"text-align: center;\"><strong>\u7ecf\u6d4e\u8d44\u4ea7 = \u56fa\u5b9a\u8d44\u4ea7 + \u6d41\u52a8\u8d44\u4ea7 \u2013 \u7ecf\u8425\u8d1f\u503a<\/strong><\/p>\n<p>\u4e8b\u5b9e\u4e0a\uff0c\u629b\u5f00\u516c\u5f0f\u672c\u8eab\uff0c\u4ece\u6982\u5ff5\u4e0a\u8bb2\uff0c, <strong>\u7ecf\u6d4e\u8d44\u4ea7\u662f\u6307\u7ef4\u6301\u6b63\u5e38\u7ecf\u6d4e\u6d3b\u52a8\u6240\u9700\u7684\u5168\u90e8\u8d44\u6e90\u3002<\/strong> \u56e0\u6b64\uff0c\u6700\u7ec8\u53d6\u51b3\u4e8e\u516c\u53f8\u7684\u56fa\u5b9a\u8d44\u4ea7\uff08\u5de5\u5382\u3001\u673a\u5668\u7b49\uff09\u548c\u8fd0\u8425\u5468\u671f\uff08\u4e3a\u7b80\u5316\u8d77\u89c1\uff0c\u6d41\u52a8\u8d44\u4ea7\u51cf\u53bb\u4f9b\u5e94\u5546\u503a\u52a1\uff09\u3002.<\/p>\n<p>\u5728\u8d22\u52a1\u5206\u6790\u4e2d\uff0c\u5206\u6790\u8d44\u4ea7\u8d1f\u503a\u8868\u7ed3\u6784\u6709\u4e24\u79cd\u65b9\u6cd5\uff1a<\/p>\n<table>\n<thead>\n<tr>\n<th>\u65b9\u6cd5<\/th>\n<th>\u516c\u5f0f<\/th>\n<th>\u611f\u89c9<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>\u5de5\u4f5c\u65b9\u6cd5\uff08\u4f4d\u4e8e\u529f\u80fd\u8bc4\u4f30\u7684\u5de6\u4fa7\uff09<\/strong><\/td>\n<td><strong>\u7ecf\u6d4e\u8d44\u4ea7 = \u56fa\u5b9a\u8d44\u4ea7 + \u8425\u8fd0\u8d44\u672c<\/strong><\/td>\n<td>\u8fd9\u4e9b\u662f <strong>\u53ef\u6301\u7eed\u5c31\u4e1a<\/strong> \u516c\u53f8\u7684\u60c5\u51b5 <strong>\u6295\u8d44<\/strong> \u5728\u5176\u751f\u4ea7\u5de5\u5177\u548c\u64cd\u4f5c\u5468\u671f\u4e2d\u3002.<\/td>\n<\/tr>\n<tr>\n<td><strong>\u8d44\u6e90\u65b9\u6cd5\uff08\u4f4d\u4e8e\u529f\u80fd\u8bc4\u4f30\u7684\u53f3\u4fa7\uff09<\/strong><\/td>\n<td><strong>\u6295\u5165\u8d44\u672c=\u80a1\u6743+\u51c0\u91d1\u878d\u503a\u52a1<\/strong><\/td>\n<td>\u8fd9\u4e9b\u662f <strong>\u7a33\u5b9a\u8d44\u6e90<\/strong> \u52a8\u5458\u8d77\u6765\u4e3a\u8fd9\u4e9b\u53ef\u6301\u7eed\u5c31\u4e1a\u5c97\u4f4d\u63d0\u4f9b\u8d44\u91d1\u3002.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u5982\u679c\u6211\u4eec\u91c7\u7528\u7ecf\u6d4e\u8d44\u4ea7\u7684\u786e\u5207\u5b9a\u4e49\uff0c\u5b83\u5b9e\u9645\u4e0a\u662f\u2026\u2026 <strong>\u56fa\u5b9a\u8d44\u4ea7\u548c\u8425\u8fd0\u8d44\u91d1\u9700\u6c42\u603b\u989d<\/strong> \uff08\u8fd0\u8425\u4ea7\u54c1\u548c\u975e\u8fd0\u8425\u4ea7\u54c1\uff09\u3002.<\/p>\n<p>\u7531\u4e8e\u8425\u8fd0\u8d44\u91d1\u9700\u6c42\uff08WCR\uff09=\u6d41\u52a8\u8d44\u4ea7-\u7ecf\u8425\u8d1f\u503a\uff0c\u6240\u4ee5\u8fd9\u91cc\u7684\u4e00\u5207\u90fd\u8bf4\u5f97\u901a\uff1a<\/p>\n<p style=\"text-align: center;\">\u7ecf\u6d4e\u8d44\u4ea7 = \u56fa\u5b9a\u8d44\u4ea7 + \u6d41\u52a8\u8d44\u4ea7 \u2013 \u7ecf\u8425\u8d1f\u503a = <strong>\u56fa\u5b9a\u8d44\u4ea7 + \u8425\u8fd0\u8d44\u672c<\/strong><\/p>\n<p>\u56e0\u6b64\uff0c\u4ece\u8ba1\u7b97\u4e2d\u6263\u9664\u6d41\u52a8\u8d1f\u503a\u7684\u90a3\u4e00\u523b\u8d77\uff0c, <strong>\u6211\u4eec\u6765\u628a\u5b83\u4ece\u8d1f\u503a\u4e2d\u00ab\u79fb\u9664\u00bb\u3002<\/strong>. \u56e0\u6b64\uff0c\u8d44\u4ea7\u65b9\u4ec5\u5269\u4e0b\u56fa\u5b9a\u8d44\u4ea7\u548c\u8425\u8fd0\u8d44\u672c\uff08\u6d41\u52a8\u8d1f\u503a\u51cf\u53bb\u6d41\u52a8\u8d44\u4ea7\u6240\u5f97\uff09\uff0c\u8d1f\u503a\u65b9\u5219\u5269\u4e0b\u6743\u76ca\u548c\u957f\u671f\u503a\u52a1\u3002\u7531\u6b64\uff0c\u6211\u4eec\u5f97\u5230\u5982\u4e0b\u7b80\u5316\u7684\u529f\u80fd\u6027\u8d44\u4ea7\u8d1f\u503a\u8868\uff1a<\/p>\n<table>\n<thead>\n<tr>\n<th>\u6d3b\u8dc3\uff08\u804c\u4f4d\uff09<\/th>\n<th>\u8d1f\u503a\uff08\u8d44\u6e90\uff09<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u56fa\u5b9a\u8d44\u4ea7<\/td>\n<td>\u516c\u5e73<\/td>\n<\/tr>\n<tr>\n<td>+ \u8425\u8fd0\u8d44\u91d1\u9700\u6c42\uff08\u6d41\u52a8\u8d44\u4ea7 \u2013 \u7ecf\u8425\u6027\u8d1f\u503a\uff09<\/td>\n<td>+ \u957f\u671f\u8d22\u52a1\u503a\u52a1<\/td>\n<\/tr>\n<tr>\n<td>+ \u73b0\u91d1\u8d44\u4ea7\uff08\u94f6\u884c\u5b58\u6b3e\u3001\u73b0\u91d1\uff09<\/td>\n<td>+ \u8d1f\u503a\u73b0\u91d1\uff08\u900f\u652f\u3001\u77ed\u671f\u8d37\u6b3e\uff09<\/td>\n<\/tr>\n<tr>\n<td>= \u7ecf\u6d4e\u8d44\u4ea7<\/td>\n<td>= \u7a33\u5b9a\u8d44\u6e90<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u5728\u529f\u80fd\u6027\u8d44\u4ea7\u8d1f\u503a\u8868\u4e2d\uff0c\u7a33\u5b9a\u8d44\u6e90\u4ec5\u6307\u6c38\u4e45\u8d44\u672c\uff08\u6743\u76ca+\u957f\u671f\u503a\u52a1\uff09\u3002.<\/p>\n<p>\u88ab\u52a8\u73b0\u91d1\uff08\u900f\u652f\u3001\u77ed\u671f\u91d1\u878d\u503a\u52a1\uff09\u4e0d\u662f\u4e00\u79cd\u7a33\u5b9a\u7684\u8d44\u6e90\u2014\u2014\u5b83\u662f\u51c0\u73b0\u91d1\u7684\u4e00\u90e8\u5206\uff0c\u7528\u4e8e\u5f25\u8865\u53ef\u80fd\u7684\u8425\u8fd0\u8d44\u91d1\u7f3a\u53e3\u3002.<\/p>\n<p><strong>\u53ea\u6709\u5f53 FR = BFR\uff08\u51c0\u73b0\u91d1 = 0\uff09\u65f6\uff0c\u7b49\u5f0f\u201c\u7ecf\u6d4e\u8d44\u4ea7 = \u7a33\u5b9a\u8d44\u6e90\u201d\u624d\u6210\u7acb\u3002.<\/strong><\/p>\n<p>\u5426\u5219 \uff1a<\/p>\n<ul>\n<li>FR &gt; BFR \u2192 \u6b63\u51c0\u73b0\u91d1\u6d41 \u2192 \u7ecf\u6d4e\u8d44\u4ea7 + \u76c8\u4f59 = \u7a33\u5b9a\u8d44\u6e90<\/li>\n<li>\u8425\u8fd0\u8d44\u672c &lt; \u8425\u8fd0\u8d44\u672c\u9700\u6c42 \u2192 \u51c0\u73b0\u91d1\u6d41\u4e3a\u8d1f \u2192 \u7ecf\u6d4e\u8d44\u4ea7 = \u7a33\u5b9a\u8d44\u6e90 + \u900f\u652f<\/li>\n<\/ul>\n<p>\u7406\u8bba\u4e0a\u6765\u8bf4\uff0c <strong>\u6d41\u52a8\u8d1f\u503a<\/strong> \u4f1a\u8ba1\u8d44\u4ea7\u8d1f\u503a\u8868\u5305\u62ec\u6240\u6709\u2026\u2026 <strong>\u4e00\u5e74\u5185\u5230\u671f\u7684\u503a\u52a1<\/strong>, \u4f46\u662f\uff0c\u5728 <strong>\u529f\u80fd\u8bc4\u4f30<\/strong>, \u6211\u4eec\u533a\u5206\u4e86 <strong>\u7ecf\u8425\u6027\u503a\u52a1<\/strong> \uff08\u4f9b\u5e94\u5546\u3001\u7a0e\u6536\u3001\u793e\u4f1a\u4fdd\u9669\uff09\u4ece\u6d41\u52a8\u8d44\u4ea7\u4e2d\u6263\u9664\uff0c\u7528\u4e8e\u8ba1\u7b97\u8425\u8fd0\u8d44\u91d1\u9700\u6c42\uff1b\u8d1f\u503a\u73b0\u91d1\uff08\u900f\u652f\u3001\u73b0\u91d1\u8d37\u9879\uff09\u5728\u529f\u80fd\u6027\u8d44\u4ea7\u8d1f\u503a\u8868\u7684\u5e95\u90e8\u5355\u72ec\u5217\u4e3a\u8d1f\u503a\u73b0\u91d1\u9879\u76ee\u3002.<\/p>\n<p>\u56e0\u6b64\uff0c\u6700\u540e\u4e00\u9879\u4e0d\u5c5e\u4e8e\u529f\u80fd\u6027\u6d41\u52a8\u8d1f\u503a\u6216\u7a33\u5b9a\u8d44\u6e90\uff0c\u56e0\u4e3a\u5b83\u53c2\u4e0e\u4e86\u603b\u4f59\u989d FR \u2212 BFR = \u51c0\u73b0\u91d1\uff0c\u800c\u4e0d\u662f\u53c2\u4e0e\u4e86\u7ecf\u8425\u5468\u671f\u3002.<\/p>\n<p>\u56e0\u6b64\uff0c\u5728\u8ba1\u7b97\u8425\u8fd0\u8d44\u91d1\u9700\u6c42\uff08WCR\uff09\u65f6\uff0c\u6211\u4eec\u53cd\u590d\u5f3a\u8c03\u8981\u6392\u9664\u77ed\u671f\u91d1\u878d\u503a\u52a1\u3002\u518d\u6b21\u63d0\u9192\uff1a<\/p>\n<p style=\"text-align: center;\"><strong>\u8425\u8fd0\u8d44\u91d1\u9700\u6c42 (WCR) = \u6d41\u52a8\u8d44\u4ea7 \u2013 \u6d41\u52a8\u8d1f\u503a\uff08\u4e0d\u5305\u62ec\u77ed\u671f\u91d1\u878d\u503a\u52a1\uff09 = \u6d41\u52a8\u8d44\u4ea7 \u2013 \u7ecf\u8425\u8d1f\u503a\uff08\u5e94\u4ed8\u8d26\u6b3e\u3001\u7a0e\u6b3e\u548c\u793e\u4f1a\u4fdd\u969c\u8d1f\u503a\uff0c\u4f46\u4e0d\u5305\u62ec\u77ed\u671f\u91d1\u878d\u503a\u52a1\uff09\u3002.<\/strong><\/p>\n<p>\u8fd9\u91cc\u6709\u4e00\u4e2a\u52a8\u753b\uff0c\u53ef\u4ee5\u66f4\u6e05\u695a\u5730\u8bf4\u660e\uff1a<\/p>\n<div style=\"width: 800px;\" class=\"wp-video\"><video class=\"wp-video-shortcode\" id=\"video-6028-1\" width=\"800\" height=\"450\" preload=\"metadata\" controls=\"controls\"><source type=\"video\/mp4\" src=\"https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/Video-Actif-Economique-et-Ressources-Stables-Simulation.mp4?_=1\" \/><a href=\"https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/Video-Actif-Economique-et-Ressources-Stables-Simulation.mp4\">https:\/\/tulipemedia.com\/wp-content\/uploads\/sites\/3\/2025\/11\/Video-Actif-Economique-et-Ressources-Stables-Simulation.mp4<\/a><\/video><\/div>\n<p>\u5728\u8fd9\u6bb5\u89c6\u9891\u4e2d\uff0c\u7ecf\u6d4e\u8d44\u4ea7 + \u76c8\u4f59 = \u7a33\u5b9a\u8d44\u6e90\u3002\u6211\u5236\u4f5c\u8fd9\u6bb5\u89c6\u9891\u662f\u4e3a\u4e86\u8bf4\u660e\u6211\u4eec\u5982\u4f55\u89e3\u91ca\u7a33\u5b9a\u8d44\u6e90\u548c\u7ecf\u6d4e\u8d44\u4ea7\u4e4b\u95f4\u7684\u7b49\u4ef7\u5173\u7cfb\uff1a<\/p>\n<ul>\n<li>\u8425\u8fd0\u8d44\u91d1\u9700\u6c42\uff08WCR\uff09\u7684\u8ba1\u7b97\u548c\u8bb0\u5f55\u65b9\u5f0f\u5982\u4e0b\uff1a\u4f20\u7edf\u7684\u6d41\u52a8\u8d1f\u503a\u4ece\u529f\u80fd\u6027\u8d1f\u503a\u4e2d\u6d88\u5931\uff0c\u56e0\u4e3a\u5b83\u4eec\u5df2\u5305\u542b\u5728\u8425\u8fd0\u8d44\u91d1\u9700\u6c42\u7684\u8ba1\u7b97\u4e2d\u3002\u53cd\u4e4b\uff0c\u6d41\u52a8\u8d44\u4ea7\u4e5f\u4f1a\u6d88\u5931\uff0c\u53d6\u800c\u4ee3\u4e4b\u7684\u662f\u8425\u8fd0\u8d44\u91d1\u9700\u6c42\uff0c\u5373\u6d41\u52a8\u8d44\u4ea7\u51cf\u53bb\u6d41\u52a8\u8d1f\u503a\u3002.<\/li>\n<li>\u7531\u4e8e\u529f\u80fd\u6027\u8d44\u4ea7\u8d1f\u503a\u8868\u662f\u5e73\u8861\u7684\uff0c\u56e0\u6b64\u7a33\u5b9a\u8d44\u6e90\uff08\u7559\u5728\u529f\u80fd\u6027\u8d44\u4ea7\u8d1f\u503a\u8868\u7684\u8d1f\u503a\u65b9\uff09\u7b49\u4e8e\u56fa\u5b9a\u8d44\u4ea7\u548c\u8425\u8fd0\u8d44\u91d1\u9700\u6c42\uff08\u56e0\u6b64\u5b83\u4eec\u4f4d\u4e8e\u8d44\u4ea7\u8d1f\u503a\u8868\u7684\u8d44\u4ea7\u65b9\uff09\uff0c\u4ee5\u53ca\u6d41\u52a8\u73b0\u91d1\u76c8\u4f59\u3002.<\/li>\n<li>\u8fd9\u4e9b\u7a33\u5b9a\u7684\u8d44\u6e90\uff08\u6743\u76ca+\u957f\u671f\u503a\u52a1\uff09\u4e3a\u56fa\u5b9a\u8d44\u4ea7\u548c\u8425\u8fd0\u8d44\u91d1\u9700\u6c42\u63d0\u4f9b\u8d44\u91d1\uff0c\u8fd9\u4e24\u8005\u90fd\u5bf9\u5e94\u4e8e\u516c\u53f8\u6b63\u5e38\u7ecf\u6d4e\u6d3b\u52a8\u6301\u7eed\u5f00\u5c55\u6240\u9700\u7684\u6240\u6709\u8d44\u6e90\uff1a\u56e0\u6b64\uff0c\u5b83\u4eec\u6784\u6210\u4e86\u516c\u53f8\u7684\u7ecf\u6d4e\u8d44\u4ea7\u3002.<\/li>\n<\/ul>\n<p>\u5728\u529f\u80fd\u8bc4\u4f30\u4e2d\uff0c, <strong>\u7ecf\u6d4e\u8d44\u4ea7\u662f\u6307\u516c\u53f8\u8fd0\u8425\u6240\u9700\u5404\u9879\u7528\u9014\u7684\u603b\u548c\u3002<\/strong> \uff08\u56fa\u5b9a\u8d44\u4ea7\u3001\u80a1\u7968\u3001\u5e94\u6536\u8d26\u6b3e\u3001\u73b0\u91d1\u2026\u2026\uff09\uff0c\u8fd9\u4e9b\u8d44\u4ea7\u7531\u7a33\u5b9a\u7684\u8d44\u6e90\uff08\u80a1\u6743+\u957f\u671f\u503a\u52a1\uff09\u63d0\u4f9b\u8d44\u91d1\u3002.<\/p>\n<p>\u5982\u679c\u7a33\u5b9a\u8d44\u6e90\u5927\u4e8e\u56fa\u5b9a\u8d44\u4ea7\uff08\u6216\u8005\u6362\u53e5\u8bdd\u8bf4\uff0c\u5982\u679c FR &gt; BFR\uff09\uff0c\u90a3\u4e48\u8d44\u4ea7\u65b9\u5c31\u4f1a\u6709\u51c0\u73b0\u91d1\uff0c\u8fd9\u5bf9\u5e94\u4e8e\u7ecf\u6d4e\u8d44\u4ea7\u5b8c\u5168\u878d\u8d44\u540e\u7684\u76c8\u4f59\uff1a\u8fd9\u6b63\u662f\u4e0a\u9762\u89c6\u9891\u4e2d\u53ef\u4ee5\u770b\u5230\u7684\u5185\u5bb9\u3002.<\/p>\n<p>\u53e6\u4e00\u65b9\u9762\uff0c\u5982\u679c FR &lt; BFR\uff0c\u5219\u8d1f\u503a\u65b9\u5c06\u6709\u88ab\u52a8\u73b0\u91d1\uff08\u77ed\u671f\u91d1\u878d\u503a\u52a1\uff09\uff0c\u5bf9\u5e94\u4e8e\u73b0\u91d1\u7f3a\u53e3\u3002.<\/p>\n<p>\u6362\u53e5\u8bdd\u8bf4\uff1a<\/p>\n<p style=\"text-align: center;\"><strong>\u7a33\u5b9a\u8d44\u6e90 \u2013 \u7ecf\u6d4e\u8d44\u4ea7 = \u51c0\u73b0\u91d1<\/strong><\/p>\n<p>\u56e0\u6b64\uff0c\u5728\u529f\u80fd\u6027\u8d44\u4ea7\u8d1f\u503a\u8868\u7684\u5e95\u90e8\uff0c\u5982\u679c\u51c0\u73b0\u91d1\u4e3a\u6b63\uff0c\u5219\u8d44\u4ea7\u65b9\u4f1a\u6709\u51c0\u73b0\u91d1\uff1b\u5982\u679c\u51c0\u73b0\u91d1\u4e3a\u8d1f\uff0c\u5219\u8d1f\u503a\u65b9\u4f1a\u6709\u94f6\u884c\u900f\u652f\u5f62\u5f0f\u7684\u51c0\u73b0\u91d1\u3002.<\/p>\n<p>\u4ece\u6982\u5ff5\u4e0a\u8bb2\uff0c\u6211\u4eec\u53ef\u4ee5\u8bf4\uff1a<\/p>\n<ul>\n<li><strong>\u7ecf\u6d4e\u8d44\u4ea7\u4ee3\u8868\u7ecf\u6d4e\u6d3b\u52a8\u6240\u5fc5\u9700\u7684\u5c31\u4e1a\u5c97\u4f4d\u3002<\/strong> \uff08\u56fa\u5b9a\u8d44\u4ea7 + \u8425\u8fd0\u8d44\u91d1\u9700\u6c42\uff09,<\/li>\n<li>\u5c3d\u7ba1 <strong>\u7a33\u5b9a\u7684\u8d44\u6e90\u662f\u4e3a\u8fd9\u9879\u6d3b\u52a8\u63d0\u4f9b\u53ef\u6301\u7eed\u8d44\u91d1\u7684\u9014\u5f84\u3002<\/strong> \uff08\u80a1\u6743+\u957f\u671f\u91d1\u878d\u503a\u52a1\uff09\u3002.<\/li>\n<\/ul>\n<p>\u56e0\u6b64\uff0c\u5f53\u51c0\u73b0\u91d1\u6d41\u63a5\u8fd1\u4e8e\u96f6\u65f6\uff0c\u8fd9\u4e24\u4e2a\u6982\u5ff5\u5f80\u5f80\u4f1a\u878d\u5408\u5728\u4e00\u8d77\uff0c\u7531\u6b64\u5f97\u51fa\u4ee5\u4e0b\u8fd1\u4f3c\u503c\uff1a<\/p>\n<p style=\"text-align: center;\"><strong>\u7ecf\u6d4e\u8d44\u4ea7 \u2248 \u7a33\u5b9a\u8d44\u6e90\uff08\u5982\u679c\u51c0\u73b0\u91d1\u4e3a\u96f6\uff09<\/strong><\/p>\n<h3>\u7ecf\u6d4e\u8d44\u4ea7\u662f\u4e00\u4e2a\u6709\u7528\u7684\u8fd1\u4f3c\u503c\u5417\uff1f<\/h3>\n<p>\u00ab\u7ecf\u6d4e\u8d44\u4ea7\u00bb\u6cd5\uff08\u56fa\u5b9a\u8d44\u4ea7+\u8425\u8fd0\u8d44\u672c\u9700\u6c42\uff09\u76f4\u89c2\u6613\u61c2\uff0c\u6709\u52a9\u4e8e\u7406\u89e3\u4f01\u4e1a\u5b9e\u9645\u6295\u8d44\u4e86\u54ea\u4e9b\u65b9\u9762\uff1a<\/p>\n<ul>\n<li>\u5b83\u5173\u6ce8\u7684\u662f\u4f01\u4e1a\u5b9e\u9645\u6295\u5165\u7684\u8d44\u91d1\uff08\u56fa\u5b9a\u8d44\u4ea7+\u8425\u8fd0\u8d44\u91d1\u9700\u6c42\uff09\uff1b ;<\/li>\n<li>\u5b83\u4e0d\u5305\u62ec\u4e0d\u5c5e\u4e8e\u7ecf\u8425\u6d3b\u52a8\u7684\u7eaf\u7cb9\u8d22\u52a1\u8981\u7d20\uff08\u591a\u4f59\u73b0\u91d1\u3001\u91d1\u878d\u6295\u8d44\u3001\u77ed\u671f\u503a\u52a1\uff09\uff1b ;<\/li>\n<li>\u5b83\u4f7f\u6211\u4eec\u80fd\u591f\u76f4\u63a5\u6bd4\u8f83\u7ecf\u6d4e\u7ee9\u6548\uff08REX\uff09\u4e0e\u8d44\u672c\u6210\u672c\uff08WACC\uff09\uff0c\u8fd9\u662f\u4ef7\u503c\u521b\u9020\u7684\u57fa\u7840\uff08\u6211\u4eec\u5c06\u5728\u672c\u8bfe\u7a0b\u7ed3\u675f\u65f6\u8ba8\u8bba\u8fd9\u4e9b\u6982\u5ff5\uff09\u3002.<\/li>\n<\/ul>\n<p>\u7136\u800c\uff0c\u5728\u6cd5\u56fd\uff0c\u5b98\u65b9\u516c\u5f0f\u4ecd\u7136\u662f\uff1a<\/p>\n<p style=\"text-align: center;\">ROCE = EBITDA \/ \u7a33\u5b9a\u8d44\u6e90\uff08\u6743\u76ca + \u957f\u671f\u503a\u52a1\uff09<\/p>\n<p>ROCE \u2248 EBITDA \/ \u7ecf\u6d4e\u8d44\u4ea7\u7684\u8fd1\u4f3c\u503c\u4ec5\u5728\u51c0\u73b0\u91d1 \u2248 0 \u65f6\u6709\u6548\u3002<\/p>\n<p>\u603b\u7ed3\u8d77\u6765\u5c31\u662f\uff1a<\/p>\n<ul>\n<li>\u7a33\u5b9a\u7684\u8d44\u6e90\u4e3a\u7ecf\u6d4e\u8d44\u4ea7\u63d0\u4f9b\u8d44\u91d1\uff0c\u7ecf\u6d4e\u8d44\u4ea7\u5305\u62ec\u56fa\u5b9a\u8d44\u4ea7\u548c\u8425\u8fd0\u8d44\u91d1\u9700\u6c42\uff1b ;<\/li>\n<li>\u8fd9\u5c31\u89e3\u91ca\u4e86\u4e3a\u4ec0\u4e48\u8fd9\u4e24\u4e2a\u516c\u5f0f\u53ef\u4ee5\u7b49\u4ef7\u3002.<\/li>\n<\/ul>\n<p style=\"text-align: center;\">ROCE = EBITDA \/ \u7a33\u5b9a\u8d44\u6e90<br \/>\nROCE \u2248 EBITDA \/ \u7ecf\u6d4e\u8d44\u4ea7\uff08\u4ec5\u5f53\u51c0\u73b0\u91d1 \u2248 0 \u65f6\u6709\u6548\uff09<br \/>\n\u56e0\u4e3a\u7a33\u5b9a\u8d44\u6e90\u2248\u7ecf\u6d4e\u8d44\u4ea7\uff08\u5982\u679c\u51c0\u73b0\u91d1\u22480\uff09<\/p>\n<table>\n<thead>\n<tr>\n<th data-col-size=\"md\">\u65b9\u6cd5<\/th>\n<th data-col-size=\"lg\">\u516c\u5f0f<\/th>\n<th data-col-size=\"xl\">\u8bed\u5883<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td data-col-size=\"md\">\u5b98\u65b9\uff08FR\uff09<\/td>\n<td data-col-size=\"lg\">EBITDA \/ \u7a33\u5b9a\u8d44\u6e90<\/td>\n<td data-col-size=\"xl\">\u94f6\u884c\u3001DCG\u3001\u4f1a\u8ba1<\/td>\n<\/tr>\n<tr>\n<td data-col-size=\"md\">\u8fd1\u4f3c<\/td>\n<td data-col-size=\"lg\">\u606f\u7a0e\u6298\u65e7\u644a\u9500\u524d\u5229\u6da6\/\u7ecf\u6d4e\u8d44\u4ea7<\/td>\n<td data-col-size=\"xl\">\u5185\u90e8\u5206\u6790\uff0c\u5982\u679c\u73b0\u91d1\u22480<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>\u5173\u4e8e\u73b0\u91d1\u8d44\u4ea7\u548c\u73b0\u91d1\u8d1f\u503a\u7684\u63d0\u9192<\/h3>\n<p>\u7b80\u8981\u56de\u987e\u4e00\u4e0b\u6d41\u52a8\u8d44\u4ea7\u3001\u6d41\u52a8\u8d1f\u503a\u548c\u73b0\u91d1\u6d41\u91cf\u975e\u5e38\u91cd\u8981\u3002\u6211\u4eec\u89e3\u91ca\u8fc7\uff1a<\/p>\n<p style=\"text-align: center;\"><strong>ROCE = \u6536\u76ca\u7387 \/ \u7ecf\u6d4e\u8d44\u4ea7<\/strong><\/p>\n<p style=\"text-align: center;\">\u548c <strong>\u7ecf\u6d4e\u8d44\u4ea7 = \u56fa\u5b9a\u8d44\u4ea7 + \u8425\u8fd0\u8d44\u672c<\/strong><\/p>\n<p style=\"text-align: center;\">\u548c <strong>\u8425\u8fd0\u8d44\u91d1\u9700\u6c42\uff08WCR\uff09= \u6d41\u52a8\u8d44\u4ea7 \u2013 \u6d41\u52a8\u8d1f\u503a<\/strong><\/p>\n<p>\u5f53\u6211\u4eec\u8bf4\u8425\u8fd0\u8d44\u91d1\u9700\u6c42\uff08WCR\uff09=\u6d41\u52a8\u8d44\u4ea7-\u6d41\u52a8\u8d1f\u503a\u65f6\uff0c\u6211\u4eec\u9690\u542b\u5730\u6307\u7684\u662f\u7ecf\u8425\u6027\u6d41\u52a8\u8d44\u4ea7\uff08\u4e3b\u8981\u662f\u5b58\u8d27\u548c\u5e94\u6536\u8d26\u6b3e\uff09\u548c\u7ecf\u8425\u6027\u6d41\u52a8\u8d1f\u503a\uff08\u4e3b\u8981\u662f\u5e94\u4ed8\u8d26\u6b3e\u3001\u7a0e\u91d1\u548c\u793e\u4fdd\u8d1f\u503a\uff09\uff0c\u4f46\u6211\u4eec\u4e0d\u4f1a\u5c06\u6b63\u73b0\u91d1\u8ba1\u5165\u6d41\u52a8\u8d44\u4ea7\uff0c\u4e5f\u4e0d\u4f1a\u5c06\u77ed\u671f\u91d1\u878d\u8d1f\u503a\uff08\u4f8b\u5982\u94f6\u884c\u900f\u652f\uff09\u8ba1\u5165\u6d41\u52a8\u8d1f\u503a\uff0c\u56e0\u4e3a\u5373\u4f7f\u5b83\u4eec\u4e0e\u77ed\u671f\u76f8\u5173\uff0c\u5728\u529f\u80fd\u6027\u8d44\u4ea7\u8d1f\u503a\u8868\u4e2d\uff0c, <strong>\u8fd9\u4e9b\u88ab\u91cd\u65b0\u5f52\u7c7b\u4e3a\u4e0d\u540c\u7684\u7c7b\u522b\uff0c\u5373\u4e3b\u52a8\u56fd\u5e93\u548c\u88ab\u52a8\u56fd\u5e93\u3002<\/strong>.<\/p>\n<p>\u6240\u4ee5 \uff1a<\/p>\n<p style=\"text-align: center;\">\u8425\u8fd0\u8d44\u91d1\u9700\u6c42\uff08WCR\uff09= \u7ecf\u8425\u6027\u6d41\u52a8\u8d44\u4ea7\uff08\u4e0d\u542b\u73b0\u91d1\uff09- \u7ecf\u8425\u6027\u6d41\u52a8\u8d1f\u503a\uff08\u4e0d\u542b\u77ed\u671f\u91d1\u878d\u503a\u52a1\uff09<\/p>\n<p>\u548c \uff1a<\/p>\n<ul>\n<li>\u7ecf\u8425\u6027\u6d41\u52a8\u8d44\u4ea7\uff1a\u5b58\u8d27\u3001\u5e94\u6536\u8d26\u6b3e\u3001\u5176\u4ed6\u77ed\u671f\u5e94\u6536\u6b3e\uff0c\u4e0d\u5305\u62ec\u73b0\u91d1\u53ca\u73b0\u91d1\u7b49\u4ef7\u7269\u3002.<\/li>\n<li>\u7ecf\u8425\u6027\u6d41\u52a8\u8d1f\u503a\uff1a\u5e94\u4ed8\u8d26\u6b3e\u3001\u5176\u4ed6\u7ecf\u8425\u6027\u8d1f\u503a\uff0c\u4e0d\u5305\u62ec\u88ab\u52a8\u73b0\u91d1\uff08\u77ed\u671f\u91d1\u878d\u8d1f\u503a\uff09\u3002.<\/li>\n<\/ul>\n<p>\u901a\u8fc7\u8fd9\u79cd\u65b9\u5f0f\uff0c\u8425\u8fd0\u8d44\u91d1\u9700\u6c42\uff08WCR\uff09\u4f7f\u6211\u4eec\u80fd\u591f\u8861\u91cf\u4e0e\u8fd0\u8425\u76f8\u5173\u7684\u8d44\u91d1\u9700\u6c42\u3002\u5b83\u6709\u52a9\u4e8e\u4f30\u7b97\u4f01\u4e1a\u8fd0\u8425\u6240\u9700\u7684\u8d44\u91d1\uff1a\u5305\u62ec\u91c7\u8d2d\u5e93\u5b58\u3001\u4e3a\u5ba2\u6237\u63d0\u4f9b\u878d\u8d44\u4ee5\u53ca\u652f\u4ed8\u4f9b\u5e94\u5546\u6b3e\u9879\u3002\u7ecf\u8425\u6027\u8d1f\u503a\uff08\u4f9b\u5e94\u5546\u6b3e\u9879\u3001\u793e\u4fdd\u7f34\u6b3e\u3001\u5730\u65b9\u7a0e\u6b3e\uff09\u4f1a\u51cf\u5c11\u77ed\u671f\u878d\u8d44\u9700\u6c42\uff08\u56e0\u4e3a\u8fd9\u4e9b\u503a\u52a1\u672c\u8d28\u4e0a\u662f\u53ef\u4ee5\u968f\u7740\u65f6\u95f4\u63a8\u79fb\u800c\u507f\u8fd8\u7684\uff09\uff0c\u56e0\u6b64\u7406\u6240\u5f53\u7136\u5730\u8981\u4ece\u6d41\u52a8\u8d44\u4ea7\u4e2d\u6263\u9664\u3002.<\/p>\n<p>\u53cd\u8fc7\u6765\uff0c, <strong>\u77ed\u671f\u91d1\u878d\u503a\u52a1\uff0c\u5982\u900f\u652f\u6216\u77ed\u671f\u8d37\u6b3e\uff0c\u662f\u4e0e\u7ecf\u8425\u5468\u671f\u65e0\u5173\u7684\u91d1\u878d\u8d44\u6e90\u3002<\/strong>. \u5c06\u5b83\u4eec\u7eb3\u5165\u8003\u91cf\u4f1a\u626d\u66f2\u7ecf\u8425\u5468\u671f\u5b9e\u9645\u878d\u8d44\u9700\u6c42\u7684\u8861\u91cf\uff0c\u56e0\u4e3a\u8425\u8fd0\u8d44\u672c\u5fc5\u987b\u53cd\u6620\u5916\u90e8\u878d\u8d44\u4e4b\u524d\u5f00\u5c55\u6d3b\u52a8\u6240\u9700\u7684\u8d44\u672c\u3002.<\/p>\n<p><strong>\u7b80\u5316\u793a\u4f8b\uff1a<\/strong><\/p>\n<table>\n<thead>\n<tr>\n<th>\u5143\u7d20<\/th>\n<th>\u6570\u91cf<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u80a1\u7968<\/td>\n<td>100<\/td>\n<\/tr>\n<tr>\n<td>\u5e94\u6536\u8d26\u6b3e<\/td>\n<td>150<\/td>\n<\/tr>\n<tr>\n<td>\u4f9b\u5e94\u5546\u503a\u52a1<\/td>\n<td>80<\/td>\n<\/tr>\n<tr>\n<td>\u5e94\u4ed8\u8d39\u7528<\/td>\n<td>20<\/td>\n<\/tr>\n<tr>\n<td>CT\u94f6\u884c\u900f\u652f<\/td>\n<td>50<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: center;\">\u5bbd\u5ea6\u6bd4 = (100+150) \u2212 (80+20) = 150<\/p>\n<p style=\"text-align: center;\">\u8425\u8fd0\u8d44\u91d1\u9700\u6c42\uff08WCR\uff09= 150 \u2192 \u5b9e\u9645\u8fd0\u8425\u6240\u9700\u7684\u8d44\u91d1\u3002.<\/p>\n<p>\u5982\u679c\u7b97\u4e0a\u94f6\u884c\u900f\u652f\u989d 50\uff0c\u90a3\u4e48\u8425\u8fd0\u8d44\u91d1\u9700\u6c42\u5c31\u7b49\u4e8e 100\u3002, <strong>\u8fd9\u5c06\u7ed9\u4eba\u4e00\u79cd\u9700\u6c42\u8f83\u4f4e\u7684\u9519\u89c9\u3002<\/strong>, <strong>\u7136\u800c\uff0c\u8fd9\u79cd\u901a\u8fc7\u900f\u652f\u5b9e\u73b0\u7684\u878d\u8d44\u5b9e\u9645\u4e0a\u4e0e\u8fd0\u8425\u5468\u671f\u65e0\u5173\u3002<\/strong>.<\/p>\n<p>\u6b64\u6b21\u63d0\u9192\u7684\u76ee\u7684\u662f\u63d0\u9ad8\u4eba\u4eec\u7684\u610f\u8bc6\uff0c\u5373 <strong>\u5728\u529f\u80fd\u8bc4\u4f30\u4e2d<\/strong>, <strong>\u6d41\u52a8\u8d44\u4ea7\u7684\u672c\u8d28\u51b3\u5b9a\u4e86\u5b83\u4e0d\u5305\u62ec\u73b0\u91d1\u3002<\/strong> \uff08\u8fd9\u6784\u6210\u8d44\u4ea7\u62a5\u8868\u5e95\u90e8\u7684\u4e00\u4e2a\u72ec\u7acb\u9879\u76ee\uff09\uff0c <strong>\u6d41\u52a8\u8d1f\u503a\u672c\u8eab\u5c31\u4e0d\u5305\u62ec\u88ab\u52a8\u73b0\u91d1\u3002<\/strong> \uff08\u8fd9\u6784\u6210\u8d1f\u503a\u9879\u4e0b\u7684\u4e00\u4e2a\u72ec\u7acb\u9879\u76ee\uff09\u3002\u8fd9\u4e00\u70b9\u53ef\u4ee5\u4ece\u672c\u8bfe\u7a0b\u5f00\u5934\u5c55\u793a\u7684\u7406\u8bba\u529f\u80fd\u6027\u8d44\u4ea7\u8d1f\u503a\u8868\u4e2d\u770b\u51fa\u3002.<\/p>\n<p>\u65e2\u7136\u6211\u4eec\u5df2\u7ecf\u505a\u51fa\u4e86\u8fd9\u4e00\u6f84\u6e05\uff0c\u6211\u4eec\u5c06\u53d1\u73b0\u56fd\u9645\u4e0a\u66f4\u5e38\u7528\u7684\u7b2c\u4e09\u79cd\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\uff08ROIC\uff09\u516c\u5f0f\uff0c\u5b83\u4e0e\u6211\u4eec\u521a\u624d\u6240\u8bf4\u7684\u65b9\u6cd5\u76f8\u53cd\uff0c\u5c06\u77ed\u671f\u91d1\u878d\u503a\u52a1\u7eb3\u5165\u4e86\u8ba1\u7b97\u65b9\u6cd5\u4e2d\u3002.<\/p>\n<p>\u4e8b\u5b9e\u4e0a\uff0c\u5728 ROIC \u4e2d\uff0c\u8fd9\u4e9b\u77ed\u671f\u503a\u52a1\uff08\u900f\u652f\u30011 \u5e74\u4ee5\u4e0b\u8d37\u6b3e\uff09\u88ab\u89c6\u4e3a\u4f01\u4e1a\u5b9e\u9645\u4f7f\u7528\u7684\u8d44\u672c\u7684\u4e00\u90e8\u5206\u2014\u2014\u56e0\u4e3a\u5b83\u4eec\u4f1a\u4ea7\u751f\u5229\u606f\u5e76\u7528\u4e8e\u878d\u8d44\u8fd0\u8425\u3002.<\/p>\n<h3>\u7b2c\u4e09\u79cd\u6295\u8d44\u56de\u62a5\u7387\uff08ROIC\uff09\u8ba1\u7b97\u516c\u5f0f\u2014\u2014\u56fd\u9645\u65b9\u6cd5<\/h3>\n<p>\u53e6\u4e00\u79cd\u66f4\u56fd\u9645\u5316\u7684\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\u8861\u91cf\u6807\u51c6\u662f\u6295\u8d44\u8d44\u672c\u56de\u62a5\u7387\uff08ROIC\uff09\uff1a<\/p>\n<p style=\"text-align: center;\"><strong>ROIC = \u51c0\u8425\u4e1a\u5229\u6da6 \/ \u6295\u8d44\u8d44\u672c<\/strong><\/p>\n<p>\u548c <strong>\u7a0e\u540e\u51c0\u8425\u4e1a\u5229\u6da6 (NOPAT) = \u7406\u8bba\u7a0e\u540e\u7684 REX<\/strong> \uff08\u7a0e\u540e\u51c0\u8425\u4e1a\u5229\u6da6\uff09\uff0c\u5b9e\u9645\u4e0a\u6307\u7684\u662f <strong>\u8425\u4e1a\u5229\u6da6\uff08EBIT\uff09\u51cf\u53bb\u7406\u8bba\u7a0e\u989d<\/strong> \u8fd9\u662f\u516c\u53f8\u5728\u6ca1\u6709\u503a\u52a1\uff08\u65e0\u5229\u606f\uff09\u7684\u60c5\u51b5\u4e0b\uff0c\u6263\u9664\u7a0e\u9879\u540e\u6240\u80fd\u83b7\u5f97\u7684\u51c0\u201c\u7ecf\u6d4e\u201d\u5229\u6da6\u3002\u6211\u4eec\u4e0d\u60f3\u8ba1\u5165\u5229\u606f\uff0c\u56e0\u4e3a\u5b83\u4e0e\u503a\u52a1\u76f8\u5173\uff0c\u800c\u503a\u52a1\u662f\u6211\u4eec\u4e0d\u5e0c\u671b\u5728\u7ecf\u6d4e\u5206\u6790\u4e2d\u8003\u8651\u7684\u56e0\u7d20\u3002\u7136\u800c\uff0c\u6211\u4eec\u5fc5\u987b\u8003\u8651\u00ab\u7406\u8bba\u00bb\u7a0e\u989d\uff0c\u8fd9\u5e94\u8be5\u57fa\u4e8e\u8425\u4e1a\u6536\u5165\uff08\u606f\u7a0e\u524d\u5229\u6da6\uff0cEBIT\uff09\u800c\u975e\u51c0\u5229\u6da6\u6765\u8ba1\u7b97\uff0c\u56e0\u4e3a\u6211\u4eec\u4e0d\u60f3\u8ba1\u5165\u4e0e\u5229\u606f\u652f\u51fa\u76f8\u5173\u7684\u7a0e\u6536\u51cf\u514d\uff0c\u800c\u8fd9\u4e9b\u51cf\u514d\u4e0e\u516c\u53f8\u7684\u8d22\u52a1\u7ed3\u6784\u5bc6\u5207\u76f8\u5173\u3002.<\/p>\n<p style=\"text-align: center;\"><strong>\u7a0e\u540e\u8425\u4e1a\u5229\u6da6 (NOPAT) = \u8425\u4e1a\u5229\u6da6 \u2013 (\u8425\u4e1a\u5229\u6da6 \u00d7 \u7a0e\u989d)<\/strong><\/p>\n<p>\u800c\u6295\u5165\u8d44\u672c\u662f\u6307\u6743\u76ca\u548c\u603b\u91d1\u878d\u503a\u52a1\uff08\u5373\u77ed\u671f\u548c\u957f\u671f\u91d1\u878d\u503a\u52a1\uff09\u4e4b\u548c\uff0c\u6263\u9664\u6d3b\u8dc3\u73b0\u91d1\uff08\u56e0\u6b64\u51cf\u53bb\u672a\u5b9e\u9645\u7528\u4e8e\u7ecf\u8425\u7684\u8d85\u989d\u73b0\u91d1\uff09\uff1a<\/p>\n<p style=\"text-align: center;\"><strong>\u6295\u5165\u8d44\u672c = \u6743\u76ca + \u51c0\u91d1\u878d\u8d1f\u503a = \u7ecf\u6d4e\u8d44\u4ea7<\/strong><\/p>\n<p style=\"text-align: center;\">\u51c0\u91d1\u878d\u503a\u52a1 = \u603b\u91d1\u878d\u503a\u52a1\uff08\u77ed\u671f\u548c\u957f\u671f\uff09- \u73b0\u91d1\u53ca\u73b0\u91d1\u7b49\u4ef7\u7269<\/p>\n<p>\u5173\u952e\u533a\u522b\u5728\u4e8e\uff0c\u4e0e\u6cd5\u56fd\u7684\u8d44\u672c\u56de\u62a5\u7387\uff08ROCE\uff09\u4e0d\u540c\uff0c\u77ed\u671f\u91d1\u878d\u503a\u52a1\uff08\u800c\u975e\u73b0\u91d1\uff09\u88ab\u7eb3\u5165\u8003\u91cf\u3002\u8fd9\u662f\u56e0\u4e3a\u8fd9\u4e9b\u77ed\u671f\u91d1\u878d\u503a\u52a1\u7528\u4e8e\u4e3a\u8fd0\u8425\u63d0\u4f9b\u8d44\u91d1\uff08\u4f8b\u5982\uff0c\u7528\u4e8e\u8425\u8fd0\u8d44\u91d1\u7684\u900f\u652f\uff09\uff0c\u5e76\u4ea7\u751f\u5229\u606f\uff1a\u56e0\u6b64\uff0c\u5b83\u88ab\u8ba4\u4e3a\u2026\u2026 <strong>\u662f\u5b9e\u9645\u6295\u5165\u8d44\u672c\u7684\u4e00\u90e8\u5206<\/strong>.<\/p>\n<p>\u56e0\u6b64\uff0cROIC \u4f7f\u6211\u4eec\u80fd\u591f\u6d4b\u91cf <strong>\u6295\u5165\u8be5\u6d3b\u52a8\u7684\u8d44\u6e90\u7684\u76c8\u5229\u80fd\u529b<\/strong>, <strong>\u5e76\u975e\u91d1\u878d\u6295\u8d44\u6216\u4f11\u7720\u50a8\u5907<\/strong>. \u6362\u53e5\u8bdd\u8bf4\uff1a<\/p>\n<ul>\n<li>\u6211\u4eec\u4fdd\u7559\u201c\u8fd0\u8425\u201d\u73b0\u91d1\uff0c\u8fd9\u53ef\u4ee5\u88ab\u89c6\u4e3a\u4e00\u79cd\u8d44\u6e90\uff1b ;<\/li>\n<li>\u6211\u4eec\u4f1a\u5254\u9664\u90a3\u4e9b\u5bf9\u521b\u9020\u8fd0\u8425\u4ef7\u503c\u6ca1\u6709\u8d21\u732e\u7684\u591a\u4f59\u73b0\u91d1\u3002.<\/li>\n<\/ul>\n<p>\u73b0\u91d1\u53ca\u73b0\u91d1\u7b49\u4ef7\u7269\u5305\u62ec\u53ef\u7528\u73b0\u91d1\u4ee5\u53ca\u591a\u4f59\u7684\u6d41\u52a8\u6027\u91d1\u878d\u6295\u8d44\u3002\u56e0\u6b64\uff0c\u540e\u8005\u4e0d\u4e88\u8003\u8651\uff0c\u56e0\u4e3a <span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, 'Helvetica Neue', Arial, 'Noto Sans', sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol', 'Noto Color Emoji';\">\u4e00\u4e9b\u4ece\u4e1a\u8005\u8ba4\u4e3a\uff0c\u591a\u4f59\u7684\u73b0\u91d1\u5e76\u6ca1\u6709\u5728\u8fd0\u8425\u4e2d\u201c\u88ab\u4f7f\u7528\u201d\uff0c\u56e0\u4e3a\u5b83\u4e0d\u9700\u8981\u4e3a\u8fd0\u8425\u5468\u671f\u6216\u56fa\u5b9a\u8d44\u4ea7\u63d0\u4f9b\u8d44\u91d1\uff1b\u5b83\u4e0d\u4f1a\u4ea7\u751f\u8425\u4e1a\u5229\u6da6\uff0c\u53ef\u4ee5\u81ea\u7531\u5730\u7528\u4e8e\u5176\u4ed6\u6295\u8d44\u6216\u914d\u7f6e\u3002.<\/span><\/p>\n<p><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, 'Helvetica Neue', Arial, 'Noto Sans', sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol', 'Noto Color Emoji';\">\u53cd\u8fc7\u6765\uff0c, <strong>\u88ab\u52a8\u73b0\u91d1\u6d41\u5df2\u88ab\u8003\u8651\u5728\u5185<\/strong>, <strong>\u56e0\u6b64\uff0c\u77ed\u671f\u91d1\u878d\u503a\u52a1<\/strong>, \u5728\u8ba1\u7b97\u65b9\u6cd5\u4e0a\uff0c\u4e0e\u53ea\u8003\u8651\u7a33\u5b9a\u8d44\u6e90\u7684 ROCE \u4e0d\u540c\uff0cROCE \u8003\u8651\u7684\u662f\u957f\u671f\u8d22\u52a1\u503a\u52a1\uff0c\u800c\u4e0d\u662f\u77ed\u671f\u8d22\u52a1\u503a\u52a1\u3002.<\/span><\/p>\n<p>\u603b\u4e4b\uff0c, <strong>ROIC \u901a\u8fc7\u5c06\u7a0e\u540e\u8425\u4e1a\u5229\u6da6\u4e0e\u6295\u8d44\u8d44\u672c\u8054\u7cfb\u8d77\u6765\u8861\u91cf\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\u3002<\/strong> \uff08\u5373\uff1a\u6743\u76ca + \u603b\u91d1\u878d\u503a\u52a1\u51cf\u53bb\u8d85\u989d\u73b0\u91d1\uff09\u3002.<\/p>\n<h3>\u4ec0\u4e48\u662f\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\u7684\u00ab\u771f\u6b63\u00bb\u516c\u5f0f\uff1f<\/h3>\n<p>\u6ca1\u6709\u7edd\u5bf9\u7684\u5bf9\u9519\u4e4b\u5206\uff0c\u4e24\u8005\u975e\u5e38\u63a5\u8fd1\uff0c\u4f46\u6839\u636e\u4e2a\u4eba\u60f3\u8981\u91c7\u53d6\u7684\u89d2\u5ea6\u548c\u5b9e\u8df5\u65b9\u5f0f\uff0c\u4eba\u4eec\u4f1a\u66f4\u503e\u5411\u4e8e\u4f7f\u7528\u7b2c\u4e00\u4e2a\u516c\u5f0f\u6216\u7b2c\u4e09\u4e2a\u516c\u5f0f\u3002.<\/p>\n<p>\u5728\u94f6\u884c\u4e1a\uff0c\u5c24\u5176\u662f\u5728\u6cd5\u56fd\uff0c\u503e\u5411\u4e8e\u4f7f\u7528\u7b2c\u4e00\u4e2a\u516c\u5f0f ROCE\uff0c\u800c\u5728\u5e76\u8d2d\u9886\u57df\uff0c\u503e\u5411\u4e8e\u4f7f\u7528\u7b2c\u4e09\u4e2a\u516c\u5f0f\uff08ROIC\uff09\u3002.<\/p>\n<table>\n<thead>\n<tr>\n<th><strong>\u4e0a\u4e0b\u6587\/\u6807\u51c6<\/strong><\/th>\n<th><strong>\u516c\u5f0f<\/strong><\/th>\n<th><strong>\u5206\u6bcd\u7684\u5e95\u6570<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>\u4f01\u4e1a\u878d\u8d44\/\u5e76\u8d2d\/\u7279\u8bb8\u91d1\u878d\u5206\u6790\u5e08<br \/>\n<em>\uff08\u56fd\u9645\u6807\u51c6\uff09<\/em><\/strong><\/td>\n<td><strong>ROIC<\/strong> = NOPAT \/ <strong>\u6295\u8d44\u8d44\u672c<\/strong><\/td>\n<td>CP+ <strong>\u51c0\u503a\u52a1\uff08\u957f\u671f\u503a\u52a1+\u77ed\u671f\u503a\u52a1\uff09<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>\u94f6\u884c\/\u5546\u4e1a\u8ba1\u5212<br \/>\n<em>\uff08\u6cd5\u56fd\u6807\u51c6 \u2013 PCG\u3001DCG\/DSCG\uff09<\/em><\/strong><\/td>\n<td><strong>ROCE<\/strong> = EBITDA \u6216 REX \/ <strong>\u7a33\u5b9a\u7684\u8d44\u6e90<\/strong><\/td>\n<td>CP+ <strong>\u957f\u671f\u503a\u52a1\u603b\u989d<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>\u6cd5\u8bed\u6559\u79d1\u4e66<\/strong><\/td>\n<td>\u4e24\u8005\u5171\u5b58<\/td>\n<td><strong>\u51c0\u73b0\u91d1\u22480\u65f6\u7684\u8fd1\u4f3c\u503c<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>\u73b0\u91d1\u6295\u8d44\u56de\u62a5\u7387<\/h3>\n<p>\u53e6\u4e00\u4e2a\u76c8\u5229\u80fd\u529b\u6307\u6807\u662f\u73b0\u91d1\u6295\u8d44\u56de\u62a5\u7387\uff08Cash ROIC\uff09\uff0c\u5b83\u8861\u91cf\u7684\u662f <strong>\u73b0\u91d1\u76c8\u5229\u80fd\u529b<\/strong> \u7684 <strong>\u6295\u5165\u7ecf\u8425\u6d3b\u52a8\u7684\u8d44\u672c<\/strong>. \u6df1\u53d7\u6295\u8d44\u8005\uff08\u5c24\u5176\u662f\u4ef7\u503c\u6295\u8d44\u8005\uff09\u7684\u63a8\u5d07\u3002.<\/p>\n<p style=\"text-align: center;\"><strong>\u73b0\u91d1\u6295\u8d44\u56de\u62a5\u7387 (ROIC) = \u81ea\u7531\u73b0\u91d1\u6d41 (FCF) \/ \u6295\u8d44\u8d44\u672c<\/strong><\/p>\n<p>\u548c \uff1a<\/p>\n<ul>\n<li>\u6295\u5165\u8d44\u672c = \u6743\u76ca + \u91d1\u878d\u503a\u52a1\u51cf\u53bb\u8d85\u989d\u73b0\u91d1\uff08\u77ed\u671f + \u957f\u671f\uff09\uff1b ;<\/li>\n<li>\u6216\u8005\uff0c\u6295\u8d44\u8d44\u672c = \u7ecf\u6d4e\u8d44\u4ea7 = \uff08\u56fa\u5b9a\u8d44\u4ea7 + \u8425\u8fd0\u8d44\u672c\u9700\u6c42\uff09\uff1b ;<\/li>\n<li>\u81ea\u7531\u73b0\u91d1\u6d41 = \u7ecf\u8425\u73b0\u91d1\u6d41 \u2013 \u7ef4\u62a4\u6295\u8d44\uff08\u66f4\u6362\u8d44\u672c\u652f\u51fa\uff09<\/li>\n<\/ul>\n<p>\u81f3\u4e8e\u6295\u8d44\u8d44\u672c\uff0c\u6b63\u5982\u6211\u4eec\u4e4b\u524d\u8ba8\u8bba\u8fc7\u7684\uff0c\u4f60\u5e94\u8be5\u5df2\u7ecf\u660e\u767d\u4e86\u3002\u5b83\u6307\u7684\u662f\u2026\u2026 <strong>\u6743\u76ca\u548c\u603b\u91d1\u878d\u503a\u52a1\uff08\u77ed\u671f\u548c\u957f\u671f\uff09\u6263\u9664\u8d85\u989d\u73b0\u91d1<\/strong>, \u8fd9\u76f8\u5f53\u4e8e <strong>\u56fa\u5b9a\u8d44\u4ea7\u52a0\u4e0a\u8425\u8fd0\u8d44\u91d1\u9700\u6c42\uff08\u56e0\u6b64\uff0c\u7ecf\u8425\u6027\u6d41\u52a8\u8d44\u4ea7\u51cf\u53bb\u7ecf\u8425\u6027\u6d41\u52a8\u8d1f\u503a\uff0c\u4e0d\u5305\u62ec\u77ed\u671f\u91d1\u878d\u503a\u52a1\uff01\uff09<\/strong>\u00a0\u5b83\u4eec\u5171\u540c\u6784\u6210\u4e86\u7ecf\u6d4e\u8d44\u4ea7\u3002.<\/p>\n<p>\u8bf7\u6ce8\u610f\uff0c\u5c31\u6295\u8d44\u8d44\u672c\u800c\u8a00\uff0c\u91cd\u8981\u7684\u662f\u5c06\u6240\u6709\u91d1\u878d\u503a\u52a1\u7eb3\u5165\u00ab\u8d44\u6e90\u00bb\u65b9\u6cd5\uff0c\u800c\u5c06\u77ed\u671f\u91d1\u878d\u503a\u52a1\u6392\u9664\u5728\u00ab\u7528\u9014\u00bb\u65b9\u6cd5\u4e4b\u5916\u3002.<\/p>\n<table>\n<thead>\n<tr>\n<th>\u6982\u5ff5<\/th>\n<th>\u6b63\u786e\u516c\u5f0f<\/th>\n<th>\u7ec6\u8282<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>BFR<\/strong><\/td>\n<td>\u7ecf\u8425\u6027\u6d41\u52a8\u8d44\u4ea7 \u2013 \u7ecf\u8425\u6027\u6d41\u52a8\u8d1f\u503a<\/td>\n<td>\u4e0d\u5305\u62ec\u5eb7\u6d85\u72c4\u683c\u5dde\u7684\u91d1\u878d\u503a\u52a1\u3002<\/td>\n<\/tr>\n<tr>\n<td><strong>\u7ecf\u6d4e\u8d44\u4ea7<\/strong><\/td>\n<td>\u56fa\u5b9a\u8d44\u4ea7 + \u8425\u8fd0\u8d44\u672c<\/td>\n<td>\u4ee3\u8868\u751f\u4ea7\u8d44\u6e90\u7684\u5229\u7528<\/td>\n<\/tr>\n<tr>\n<td><strong>\u6295\u8d44\u8d44\u672c<\/strong><\/td>\n<td>\u6743\u76ca + \u51c0\u91d1\u878d\u503a\u52a1\uff08\u77ed\u671f + \u957f\u671f - \u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u7684\u8d85\u989d\u73b0\u91d1\uff09<\/td>\n<td>\u4ee3\u8868\u53ef\u6301\u7eed\u7684\u91d1\u878d\u8d44\u6e90<\/td>\n<\/tr>\n<tr>\n<td><strong>\u5e73\u7b49\u81f3\u5173\u91cd\u8981<\/strong><\/td>\n<td>\u7ecf\u6d4e\u8d44\u4ea7 = \u6295\u8d44\u8d44\u672c<\/td>\n<td>\u53cc\u65b9\u90fd\u8861\u91cf\u51c0\u751f\u4ea7\u8d44\u672c\u3002\u53cc\u65b9\u90fd\u8861\u91cf\u51c0\u751f\u4ea7\u8d44\u672c\u3002<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u56e0\u6b64\uff0c\u6295\u8d44\u8d44\u672c\u4e0e\u7ecf\u6d4e\u8d44\u4ea7\u4e4b\u95f4\u4fdd\u6301\u4e86\u4e00\u81f4\u6027\uff1a<\/p>\n<p style=\"text-align: center;\">\u6295\u5165\u8d44\u672c = \u56fa\u5b9a\u8d44\u4ea7 + \u8425\u8fd0\u8d44\u672c<\/p>\n<p>FCF\u5b9e\u9645\u4e0a\u662f <strong>\u53ef\u7528\u73b0\u91d1\u6d41<\/strong>, \u8fd9\u4e9b\u6307\u6807\u8861\u91cf\u7684\u662f\u516c\u53f8\u5728\u652f\u4ed8\u8fd0\u8425\u8d39\u7528\u548c\u6295\u8d44\u540e\u4ea7\u751f\u73b0\u91d1\u6d41\u7684\u80fd\u529b\u3002\u8fd9\u4e9b\u73b0\u91d1\u53ef\u7528\u4e8e\u5206\u914d\u7ed9\u80a1\u4e1c\u3001\u507f\u8fd8\u503a\u52a1\u6216\u6295\u8d44\u4e8e\u65b0\u7684\u9879\u76ee\u3002.<\/p>\n<p>\u81ea\u7531\u73b0\u91d1\u6d41 (FCF) \u6e90\u81ea\u73b0\u91d1\u6d41\u91cf\u8868 (CFS)\uff0c\u8be5\u8868\u8be6\u7ec6\u5217\u51fa\u4e86\u4e0e\u7ecf\u8425\u6d3b\u52a8\u3001\u6295\u8d44\u6d3b\u52a8\u548c\u7b79\u8d44\u6d3b\u52a8\u76f8\u5173\u7684\u8d44\u91d1\u6d41\u52a8\u3002\u4e3a\u4e86\u907f\u514d\u672c\u8bfe\u7a0b\u7bc7\u5e45\u8fc7\u957f\u3001\u5185\u5bb9\u8fc7\u4e8e\u590d\u6742\uff0c\u6211\u4eec\u5c06\u5728\u4e13\u95e8\u7684\u7ae0\u8282\u4e2d\u8bb2\u89e3\u81ea\u7531\u73b0\u91d1\u6d41\u548c\u73b0\u91d1\u6d41\u91cf\u8868\uff0c\u4f46\u8fd9\u91cc\u9700\u8981\u5f3a\u8c03\u7684\u662f\u2026\u2026<strong>\u73b0\u91d1\u6295\u8d44\u56de\u62a5\u7387\u4f7f\u6211\u4eec\u80fd\u591f\u901a\u8fc7\u6bd4\u8f83\u53ef\u7528\u73b0\u91d1\u6d41\u6765\u8861\u91cf\u73b0\u91d1\u6d41\u65b9\u9762\u7684\u76c8\u5229\u80fd\u529b\u3002<\/strong> \uff08\u56e0\u6b64\uff0c\u6263\u9664\u8fd0\u8425\u8d39\u7528\u548c\u7ef4\u62a4\u6295\u8d44\uff08\u4f8b\u5982\u66f4\u6362\u673a\u5668\uff09\u540e\u5269\u4f59\u7684\u8d44\u91d1\uff09 <strong>\u6295\u8d44\u8d44\u672c<\/strong> \uff08\u56e0\u6b64\uff0c\u6743\u76ca\u52a0\u4e0a\u51c0\u91d1\u878d\u503a\u52a1\uff0c\u5c31\u76f8\u5f53\u4e8e\u5b9e\u9645\u201c\u9501\u5b9a\u201d\u5728\u751f\u4ea7\u6d3b\u52a8\u4e2d\u7684\u8d44\u672c\u91cf\uff09\u3002.<\/p>\n<p>\u63d0\u9192\u4e00\u4e0b\uff0c\u51c0\u91d1\u878d\u503a\u52a1\u662f\u6307\u6240\u6709\u9700\u8981\u652f\u4ed8\u5229\u606f\u7684\u503a\u52a1\uff08\u957f\u671f\u503a\u52a1 + \u77ed\u671f\u503a\u52a1\uff09\u51cf\u53bb\u53ef\u7acb\u5373\u4f7f\u7528\u7684\u73b0\u91d1\uff08\u73b0\u91d1 + \u77ed\u671f\u6295\u8d44\uff09\u3002.<\/p>\n<p>\u603b\u800c\u8a00\u4e4b\uff0c\u73b0\u91d1\u6295\u8d44\u56de\u62a5\u7387\u65e8\u5728\u8861\u91cf\u2026\u2026 <strong>\u5b9e\u9645\u6295\u5165\u751f\u4ea7\u6027\u6d3b\u52a8\u7684\u8d44\u672c\u73b0\u91d1\u56de\u62a5<\/strong>.<\/p>\n<h2>\u76c8\u5229\u80fd\u529b\u4e0e\u6760\u6746\u4e4b\u95f4\u7684\u8054\u7cfb<\/h2>\n<p>\u6211\u4eec\u66fe\u5728\u2026\u2026\u4e2d\u770b\u5230 <a href=\"https:\/\/tulipemedia.com\/zh\/cours-effet-de-levier-definition-explications-exemples\/\">\u4e13\u95e8\u8ba8\u8bba\u6760\u6746\u4f5c\u7528\u7684\u7ae0\u8282<\/a>, \u540e\u8005\u5141\u8bb8 <strong>\u8868\u8fbe\u8bc9\u8bf8\u503a\u52a1\u7684\u5f71\u54cd<\/strong> \uff08\u6765\u81ea\u7b2c\u4e09\u65b9\u7684\u8d44\u672c\uff09\u5bf9\u80a1\u672c\u56de\u62a5\u7387\u7684\u5f71\u54cd\uff0c\u4e0e\u2026\u2026\u76f8\u6bd4<strong> \u878d\u8d44\u4e3b\u8981\u901a\u8fc7\u80a1\u6743\u878d\u8d44\u3002<\/strong>.<\/p>\n<p>\u6b63\u5982\u6211\u4eec\u5728\u672c\u7ae0\u4e2d\u6240\u770b\u5230\u7684\uff0c\u8d22\u52a1\u76c8\u5229\u80fd\u529b\u5e76\u4e0d\u5c40\u9650\u4e8e\u51c0\u6536\u5165\u4e0e\u6743\u76ca\u7684\u7b80\u5355\u8ba1\u7b97\uff1a <strong>\u5b83\u4e5f\u53d7\u5230\u516c\u53f8\u503a\u52a1\u7684\u5f71\u54cd\u3002<\/strong>, <strong>\u53d6\u51b3\u4e8e\u7ecf\u6d4e\u6548\u76ca<\/strong>, \u901a\u8fc7\u6240\u8c13\u7684\u8d22\u52a1\u6760\u6746\u3002.<\/p>\n<p>\u8fd9\u79cd\u6760\u6746\u6548\u5e94\u5bf9\u8d22\u52a1\u76c8\u5229\u80fd\u529b\u6709\u76f4\u63a5\u5f71\u54cd\uff0c\u56e0\u4e3a\u5b83\u89e3\u91ca\u4e86\u4ee5\u4e0b\u5173\u7cfb\uff1a<\/p>\n<ul>\n<li>\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\uff08\u4e0e\u878d\u8d44\u65e0\u5173\u7684\u8d44\u4ea7\u8868\u73b0\uff09<\/li>\n<li>\u4ee5\u53ca\u8d22\u52a1\u76c8\u5229\u80fd\u529b\uff08\u80a1\u4e1c\u56de\u62a5\uff09<\/li>\n<\/ul>\n<p>\u4e8b\u5b9e\u4e0a\uff0c\u8d22\u52a1\u76c8\u5229\u80fd\u529b\u4f1a\u53d7\u5230\u503a\u52a1\u7684\u5f71\u54cd\uff1a<\/p>\n<ul>\n<li>\u5982\u679c\u7ecf\u6d4e\u56de\u62a5\u8d85\u8fc7\u5e73\u5747\u503a\u52a1\u6210\u672c\uff0c\u90a3\u4e48\u501f\u8d37\u5c31\u80fd\u63d0\u9ad8\u8d22\u52a1\u56de\u62a5\uff08\u6b63\u6760\u6746\u6548\u5e94\uff09\u3002\u501f\u5165\u7684\u8d44\u91d1\u4ea7\u751f\u7684\u6536\u76ca\u4f1a\u8d85\u8fc7\u5176\u6210\u672c\u3002.<\/li>\n<li>\u5982\u679c\u7ecf\u6d4e\u56de\u62a5\u4f4e\u4e8e\u503a\u52a1\u6210\u672c\uff0c\u503a\u52a1\u5c31\u4f1a\u964d\u4f4e\u8d22\u52a1\u56de\u62a5\uff08\u8d1f\u6760\u6746\u6548\u5e94\uff09\u3002\u503a\u52a1\u6210\u672c\u9ad8\u4e8e\u503a\u52a1\u6240\u5e26\u6765\u7684\u6295\u8d44\u56de\u62a5\u3002.<\/li>\n<\/ul>\n<p>\u603b\u4e4b\uff1a<\/p>\n<table>\n<thead>\n<tr>\n<th>\u60c5\u51b5<\/th>\n<th>\u5bf9\u8d22\u52a1\u76c8\u5229\u80fd\u529b\u7684\u5f71\u54cd<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u7ecf\u6d4e\u6548\u76ca &gt; \u503a\u52a1\u6210\u672c<\/td>\n<td>\u6b63\u6760\u6746\u4f5c\u7528 \u2192 \u8d22\u52a1\u76c8\u5229\u80fd\u529b\u63d0\u5347<\/td>\n<\/tr>\n<tr>\n<td>\u7ecf\u6d4e\u6548\u76ca &lt; \u503a\u52a1\u6210\u672c<\/td>\n<td>\u8d1f\u6760\u6746 \u2192 \u8d22\u52a1\u76c8\u5229\u80fd\u529b\u4e0b\u964d<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u6b64\u5916\uff0c\u5f53\u8d44\u672c\u56de\u62a5\u7387\uff08ROCE\uff09\u5927\u4e8e\u5e73\u5747\u503a\u52a1\u6210\u672c\uff08i\uff09\u65f6\uff0c\u53ea\u8981\u516c\u53f8\u8d1f\u503a\uff0c\u6743\u76ca\u56de\u62a5\u7387\uff08ROE\uff09\u5fc5\u7136\u5927\u4e8e\u8d44\u672c\u56de\u62a5\u7387\u3002.<\/p>\n<p>\u4e8b\u5b9e\u4e0a\uff0c\u501f\u5165\u7684\u8d44\u672c\u4ea7\u751f\u7684\u6536\u76ca\u9ad8\u4e8e\u5176\u6210\u672c\uff0c\u4ece\u800c\u63d0\u9ad8\u4e86\u6743\u76ca\u56de\u62a5\u7387\uff1a\u8fd9\u5c31\u662f\u6b63\u5411\u6760\u6746\u6548\u5e94\u3002\u53cd\u4e4b\uff0c\u5982\u679c\u7ecf\u6d4e\u56de\u62a5\u4f4e\u4e8e\u503a\u52a1\u6210\u672c\uff0c\u8d22\u52a1\u56de\u62a5\u4e5f\u4f1a\u4f4e\u4e8e\u7ecf\u6d4e\u56de\u62a5\uff0c\u8fd9\u53cd\u6620\u4e86\u8d1f\u5411\u6760\u6746\u6548\u5e94\u3002.<\/p>\n<p>\u9700\u8981\u6ce8\u610f\u7684\u662f\uff0c\u5e76\u975e\u51c0\u8d44\u4ea7\u6536\u76ca\u7387\uff08ROE\uff09\u5927\u4e8e\u8d44\u672c\u56de\u62a5\u7387\uff08ROCE\uff09\u5bfc\u81f4\u4e86\u6760\u6746\u6548\u5e94\uff0c\u800c\u662fROCE\u5927\u4e8e\u503a\u52a1\u6210\u672c\uff08i\uff09\u624d\u89e3\u91ca\u4e86ROE\u4e3a\u4f55\u5927\u4e8eROCE\u3002ROE\u4e0eROCE\u7684\u6bd4\u8f83\u662f\u6760\u6746\u6548\u5e94\u7684\u7ed3\u679c\uff08\u800c\u975e\u539f\u56e0\uff09\uff0c\u800cROCE\u4e0e\u503a\u52a1\u6210\u672c\uff08i\uff09\u7684\u6bd4\u8f83\u624d\u662f\u6760\u6746\u6548\u5e94\u7684\u539f\u56e0\u3002.<\/p>\n<h3>\u8ba1\u7b97\u8d22\u52a1\u76c8\u5229\u80fd\u529b\u548c\u6760\u6746\u7387\u7684\u5177\u4f53\u4f8b\u5b50<\/h3>\n<p>\u5047\u8bbe\u6709\u4e00\u5bb6\u516c\u53f8\u5177\u6709\u4ee5\u4e0b\u7279\u70b9\uff1a<\/p>\n<ul>\n<li>\u80a1\u6743\uff1a40\u4e07\u6b27\u5143<\/li>\n<li>\u957f\u671f\u503a\u52a1\uff1a100,000 \u6b27\u5143\uff0c\u5229\u7387\u4e3a 5%\u3002<\/li>\n<li>\u8425\u4e1a\u5229\u6da6\uff1a50,000\u6b27\u5143<\/li>\n<\/ul>\n<p>\u770b\u5f85\u6760\u6746\u6709\u4e24\u79cd\u7b80\u5355\u7684\u65b9\u6cd5\uff1a\u7a0e\u524d\u7248\u672c\uff08\u6cd5\u56fd\u5e38\u7528\uff09\u548c\u66f4\u00ab\u4e25\u683c\u00bb\u7684\u7a0e\u540e\u7248\u672c\uff08\u56fd\u9645\u6807\u51c6\uff09\u3002.<\/p>\n<h4>\u7a0e\u524d\u7248\u672c<\/h4>\n<p><strong>\u7b2c\u4e00\u6b65\u2014\u2014\u8ba1\u7b97\u503a\u52a1\u6210\u672c\uff1a<\/strong><\/p>\n<p>\u503a\u52a1\u5229\u606f = i = 100,000 x 0.05 = \u20ac5,000<\/p>\n<p><strong>\u6b65\u9aa4 2 \u2013 \u7a0e\u524d\u5f53\u524d\u5229\u6da6\uff1a<\/strong><\/p>\n<p>RN = REX \u2013 i = 50,000 \u2013 5,000 = \u20ac45,000<\/p>\n<p><strong>\u6b65\u9aa4 3 \u2013 \u7ecf\u6d4e\u76c8\u5229\u80fd\u529b<\/strong><\/p>\n<p>ROCE = REX \/ \u7a33\u5b9a\u8d44\u6e90 = REX \/ \u6743\u76ca + \u957f\u671f\u503a\u52a1 = 50,000 \/ 500,000 = 10%<\/p>\n<p><strong>\u7b2c\u56db\u6b65\u2014\u2014\u8d22\u52a1\u76c8\u5229\u80fd\u529b\uff1a<\/strong><\/p>\n<p>\u51c0\u8d44\u4ea7\u6536\u76ca\u7387 (ROE) = \u51c0\u5229\u6da6 \/ \u80a1\u4e1c\u6743\u76ca = 45,000 \/ 400,000 = 11.25%<\/p>\n<p>\u5728\u672c\u4f8b\u4e2d\uff0c\u8d22\u52a1\u56de\u62a5\uff0811.25 %\uff09\u9ad8\u4e8e\u8d44\u4ea7\u7684\u521d\u59cb\u7ecf\u6d4e\u56de\u62a5\uff0810 %\uff09\uff0c\u8fd9\u662f\u56e0\u4e3a10%\u7684\u7ecf\u6d4e\u56de\u62a5\u9ad8\u4e8e\u503a\u52a1\u6210\u672c\uff085 %\uff09\u3002\u56e0\u6b64\uff0c\u503a\u52a1\u4ea7\u751f\u4e86\u6b63\u5411\u6760\u6746\u6548\u5e94\u3002.<\/p>\n<h4>\u7a0e\u540e\u7248\u672c<\/h4>\n<p><strong>\u7b2c\u4e00\u6b65\u2014\u2014\u8ba1\u7b97\u503a\u52a1\u6210\u672c\uff1a<\/strong><\/p>\n<p>\u503a\u52a1\u5229\u606f = i = 100,000 x 0.05 = \u20ac5,000<\/p>\n<p>\u7a0e\u540e\u503a\u52a1\u6210\u672c = 5,000 \u00d7 (1 \u2212 0.25) = 3,750 \u6b27\u5143<\/p>\n<p>\u8fd9\u91cc\uff0c\u7531\u4e8e\u6211\u4eec\u6b63\u5728\u8ba1\u7b97\u7a0e\u540e\u7248\u672c\uff0c\u6211\u4eec\u8ba1\u7b97\u503a\u52a1\u6210\u672c\u65f6\u6263\u9664\u4e86 25% \u7684\u7a0e\u6b3e\u3002.<\/p>\n<p>\u4e8b\u5b9e\u4e0a\uff0c\u7531\u4e8e\u5229\u606f\u652f\u51fa\u53ef\u4ee5\u62b5\u7a0e\uff0c\u56e0\u6b64\u516c\u53f8\u5b9e\u9645\u7684\u503a\u52a1\u6210\u672c\u4f4e\u4e8e\u6bdb\u5229\u7387\u3002\u8ba1\u7b97\u516c\u5f0f\u5982\u4e0b\uff1a\u7a0e\u540e\u6210\u672c = ix (1 \u2013 \u4f01\u4e1a\u6240\u5f97\u7a0e\u7387)<\/p>\n<p>\u8fd9\u91cc\uff1a5 % \u00d7 (1 \u2212 0.25) = 3.75 % \u2192 \u6b63\u662f\u8fd9\u4e2a\u6210\u672c\u5728\u5b9e\u9645\u6760\u6746\u6548\u5e94\u4e2d\u8d77\u4f5c\u7528\u3002.<\/p>\n<p><strong>\u6b65\u9aa4\u4e8c\u2014\u2014\u7a0e\u540e\u7ed3\u679c<\/strong><\/p>\n<p>\u7a0e\u524d\u5229\u6da6 = 50,000 \u2212 5,000 = 45,000<br \/>\n\u4f01\u4e1a\u6240\u5f97\u7a0e = 45,000 \u00d7 25 % = 11,250<br \/>\n\u51c0\u7ed3\u679c = 45,000 \u2212 11,250 = 33,750 \u6b27\u5143<\/p>\n<p><strong>\u6b65\u9aa4 3 \u2013 \u7ecf\u6d4e\u76c8\u5229\u80fd\u529b<\/strong><\/p>\n<p>ROIC = \u7a0e\u540e\u51c0\u8425\u4e1a\u5229\u6da6 \/ \u6295\u8d44\u8d44\u672c = (\u8425\u4e1a\u5229\u6da6 \u2013 (\u8425\u4e1a\u5229\u6da6 \u00d7 \u7a0e\u989d)) \/ (\u6743\u76ca + \u51c0\u91d1\u878d\u8d1f\u503a) = (50,000 \u2013 (50,000 \u00d7 0.25)) \/ (400,000 + 100,000) = 7.5%<\/p>\n<p>\u6295\u8d44\u56de\u62a5\u7387 (ROIC) \u4f4e\u4e8e\u8d44\u672c\u56de\u62a5\u7387 (ROCE) \u7684\u539f\u56e0\u5728\u4e8e\uff0c\u6211\u4eec\u8003\u8651\u4e86\u7a0e\u540e\u8425\u4e1a\u5229\u6da6 (NOPAT)\u3002\u8bf7\u6ce8\u610f\uff0c\u5728\u6211\u4eec\u7684\u793a\u4f8b\u4e2d\uff0c\u6211\u4eec\u6ca1\u6709\u8f93\u5165\u4efb\u4f55\u53ef\u7528\u73b0\u91d1\uff0c\u4f46\u5982\u679c\u6709\u53ef\u7528\u73b0\u91d1\uff0c\u5219\u5fc5\u987b\u5728\u5206\u6bcd\u4e2d\u6263\u9664\u3002.<\/p>\n<p><strong>\u7b2c\u56db\u6b65\u2014\u2014\u8d22\u52a1\u76c8\u5229\u80fd\u529b<\/strong><\/p>\n<p>\u51c0\u8d44\u4ea7\u6536\u76ca\u7387 (ROE) = \u51c0\u5229\u6da6 \/ \u80a1\u4e1c\u6743\u76ca = 33,750 \/ 400,000 = 8.44%<\/p>\n<h4>\u5bf9\u793a\u4f8b\u7684\u89e3\u8bfb<\/h4>\n<ul>\n<li>\u5728\u7b2c\u4e00\u79cd\u60c5\u51b5\u4e0b\uff0cROCE = 10 %\uff1a\u5b83\u5927\u4e8e\u7a0e\u524d\u503a\u52a1\u6210\u672c (5 %) \u2192 \u6760\u6746\u6548\u5e94\u5728\u7406\u8bba\u4e0a\u662f\u6b63\u7684\u3002.<\/li>\n<li>\u5728\u7b2c\u4e00\u79cd\u60c5\u51b5\u4e0b\uff0cROE = 11.25%\uff1a\u8d22\u52a1\u76c8\u5229\u80fd\u529b\u7565\u9ad8\u4e8e ROCE 10% \u2192 \u503a\u52a1\u4e3a\u80a1\u4e1c\u521b\u9020\u4e86\u4ef7\u503c\u3002.<\/li>\n<li>\u5728\u7b2c\u4e8c\u79cd\u60c5\u51b5\u4e0b\uff0cROIC = 7.5 %\uff1a\u5373\u4f7f\u6263\u9664\u7a0e\u6b3e\u540e\uff0c\u5b83\u4ecd\u7136\u9ad8\u4e8e\u503a\u52a1\u6210\u672c\uff083.75 %\uff09\u2192\u6760\u6746\u6548\u5e94\u5b9e\u9645\u4e0a\u662f\u6b63\u7684\uff0c\u4f46\u5f88\u5c0f\u3002.<\/li>\n<li>\u5728\u7b2c\u4e8c\u79cd\u60c5\u51b5\u4e0b\uff0cROE = 8.44 %\uff1a\u8d22\u52a1\u76c8\u5229\u80fd\u529b\u7565\u9ad8\u4e8e ROIC 7.5 % \u2192 \u503a\u52a1\u786e\u5b9e\u4e3a\u80a1\u4e1c\u521b\u9020\u4e86\u4ef7\u503c\u3002.<\/li>\n<li>\u7ed3\u8bba\uff1a\u6760\u6746\u6548\u5e94\u4e3a\u6b63\u4f46\u9002\u4e2d\uff08\u4f4e\u503a\u52a1\uff1aD\/CP = 25 %\uff09\u3002.<\/li>\n<\/ul>\n<p>\u4e3a\u4e86\u8fdb\u4e00\u6b65\u5206\u6790\u516c\u53f8\u7684\u8d22\u52a1\u72b6\u51b5\uff0c\u8fd8\u6709\u5176\u4ed6\u4e00\u4e9b\u975e\u5e38\u6709\u7528\u7684\u6bd4\u7387\uff0c\u53ef\u4ee5\u8ba9\u6211\u4eec\u4ece\u4e0d\u540c\u5c42\u9762\u8861\u91cf\u76c8\u5229\u80fd\u529b\u3002.<\/p>\n<h2>\u6bdb\u5229\u7387\uff08\u6216\u8d38\u6613\u5229\u6da6\u7387\uff09<\/h2>\n<p>\u6bdb\u5229\u7387\u4f7f\u6211\u4eec\u80fd\u591f\u8861\u91cf\u516c\u53f8\u7684\u4e1a\u7ee9\u3002 <strong>\u8fd0\u8425\u8d39\u7528\u524d<\/strong>. \u56e0\u6b64\uff0c\u5b83\u8861\u91cf\u7684\u662f\u5546\u54c1\u91c7\u8d2d\u6210\u672c\u5728\u8425\u4e1a\u989d\u4e2d\u6240\u5360\u7684\u00ab\u6bd4\u91cd\u00bb\u3002.<\/p>\n<p style=\"text-align: center;\">\u6bdb\u5229\u7387 = (\u8425\u4e1a\u6536\u5165 \u2013 \u9500\u552e\u6210\u672c) \/ \u8425\u4e1a\u6536\u5165 \u00d7 100<\/p>\n<p>\u9ad8\u6bdb\u5229\u7387\u610f\u5473\u7740\u516c\u53f8\u5bf9\u76f4\u63a5\u6210\u672c\u7684\u63a7\u5236\u826f\u597d\u3002\u5bf9\u4e8e\u670d\u52a1\u578b\u516c\u53f8\uff08\u54a8\u8be2\u3001IT\u3001\u8425\u9500\u3001\u57f9\u8bad\u7b49\uff09\u800c\u8a00\uff0c\u4e0a\u8ff0\u516c\u5f0f\u610f\u4e49\u4e0d\u5927\u3002\u4e3a\u4e86\u8ba1\u7b97\u6b64\u7c7b\u516c\u53f8\u7684\u6bdb\u5229\u7387\uff0c\u6211\u4eec\u9700\u8981\u5c06\u5546\u54c1\u6210\u672c\u66ff\u6362\u4e3a\u670d\u52a1\u7684\u76f4\u63a5\u751f\u4ea7\u6210\u672c\uff0c\u5373\u76f4\u63a5\u7528\u4e8e\u63d0\u4f9b\u670d\u52a1\u7684\u6210\u672c\uff0c\u4e3b\u8981\u5305\u62ec\u63d0\u4f9b\u670d\u52a1\u7684\u5458\u5de5\uff08\u56e0\u6b64\u4ed6\u4eec\u662f\u00ab\u751f\u4ea7\u6027\u00bb\u8d44\u4ea7\uff09\u7684\u5de5\u8d44\u548c\u793e\u4fdd\u7f34\u6b3e\u3002\u5728\u8fd9\u79cd\u60c5\u51b5\u4e0b\uff0c\u516c\u5f0f\u53d8\u4e3a\uff1a<\/p>\n<p style=\"text-align: center;\">\u6bdb\u5229\u7387 = (\u8425\u4e1a\u6536\u5165 \u2013 \u76f4\u63a5\u751f\u4ea7\u6210\u672c) \/ \u8425\u4e1a\u6536\u5165 \u00d7 100<\/p>\n<p style=\"text-align: center;\">\u76f4\u63a5\u751f\u4ea7\u6210\u672c = \u603b\u5de5\u8d44 + \u793e\u4fdd\u7f34\u6b3e + \u5404\u79cd\u5dee\u65c5\u8d39\u3001\u5916\u5305\u8d39\u7b49\u2026<\/p>\n<h2>\u51c0\u5229\u6da6\u7387<\/h2>\n<p>\u5b83\u901a\u8fc7\u8ba1\u7b97\u51c0\u6536\u5165\u4e0e\u8425\u4e1a\u6536\u5165\u7684\u6bd4\u7387\uff0c\u5f97\u51fa\u6263\u9664\u516c\u53f8\u6240\u6709\u8d39\u7528\u540e\u7684\u6700\u7ec8\u5229\u6da6\u3002.<\/p>\n<p style=\"text-align: center;\">\u51c0\u5229\u6da6\u7387 = \u51c0\u5229\u6da6 \/ \u8425\u4e1a\u6536\u5165 \u00d7 100<\/p>\n<h2>\u8d44\u4ea7\u56de\u62a5\u7387 (ROA) \u2013 \u8d44\u4ea7\u76c8\u5229\u80fd\u529b<\/h2>\n<p>ROA \u901a\u8fc7\u4ee5\u4e0b\u65b9\u5f0f\u8861\u91cf\u516c\u53f8\u7684\u6574\u4f53\u6548\u7387\uff1a <strong>\u4ea7\u751f\u51c0\u5229\u6da6<\/strong> \u4ece <strong>\u5176\u6240\u6709\u8d44\u4ea7<\/strong> \uff08\u901a\u8fc7\u503a\u52a1\u548c\u80a1\u6743\u878d\u8d44\uff09\u3002.<\/p>\n<p style=\"text-align: center;\"><strong>\u8d44\u4ea7\u56de\u62a5\u7387 (ROA) = \u51c0\u5229\u6da6 \/ \u603b\u8d44\u4ea7<\/strong><\/p>\n<p>\u6709\u4e00\u4e2a <strong>\u4f5c\u6218\u53d8\u4f53<\/strong> \u6709\u65f6\u88ab\u8ba4\u4e3a\u66f4\u575a\u56fa\u8010\u7528\uff1a<\/p>\n<p style=\"text-align: center;\"><strong>\u8fd0\u8425\u8d44\u4ea7\u56de\u62a5\u7387 = \u8425\u4e1a\u5229\u6da6\uff08\u606f\u7a0e\u524d\u5229\u6da6\uff09\/ \u603b\u8d44\u4ea7<\/strong><\/p>\n<p>ROA\uff08\u8d44\u4ea7\u6536\u76ca\u7387\uff09\u662f\u4e00\u4e2a\u6709\u52a9\u4e8e\u56de\u7b54\u4ee5\u4e0b\u95ee\u9898\u7684\u6307\u6807\uff1a <strong>\u516c\u53f8\u6bcf1\u6b27\u5143\u603b\u8d44\u4ea7\u80fd\u4ea7\u751f\u591a\u5c11\u51c0\u5229\u6da6\uff1f<\/strong>, <strong>\u65e0\u8bba\u8d22\u52a1\u7ed3\u6784\u5982\u4f55<\/strong>, \u8fd9\u975e\u5e38\u9002\u5408\u6bd4\u8f83\u89c4\u6a21\u4e0d\u540c\u7684\u516c\u53f8\uff0c\u6216\u8005\u4e0d\u5c5e\u4e8e\u540c\u4e00\u884c\u4e1a\u7684\u516c\u53f8\uff0c\u8fd9\u4e9b\u516c\u53f8\u7684\u878d\u8d44\u7ed3\u6784\u4e5f\u56e0\u6b64\u5927\u76f8\u5f84\u5ead\u3002.<\/p>\n<p>\u4e8b\u5b9e\u4e0a\uff0cROA \u901a\u8fc7\u4ee5\u767e\u5206\u6bd4\u8861\u91cf\u8d44\u4ea7\u6548\u7387\uff0c\u6d88\u9664\u4e86\u89c4\u6a21\u548c\u884c\u4e1a\u7684\u5f71\u54cd\uff0c\u800c\u72ec\u7acb\u4e8e\u878d\u8d44\u6216\u8fd0\u8425\u7ec6\u8282\u3002.<\/p>\n<h3>\u6ce8\uff1a\u8d44\u4ea7\u6536\u76ca\u7387 (ROA) \u4e0e\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\u4e4b\u95f4\u7684\u533a\u522b<\/h3>\n<p>\u6709\u4e9b\u4f5c\u8005\u4f7f\u7528\u201c\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\u201d\u4e00\u8bcd\u6765\u6307\u4ee3\u8425\u4e1a\u5229\u6da6\u9664\u4ee5\u7ecf\u6d4e\u8d44\u4ea7\uff08\u901a\u5e38\u4e0d\u5305\u62ec\u73b0\u91d1\u548c\u91d1\u878d\u503a\u52a1\uff09\u3002\u800c\u8d44\u4ea7\u6536\u76ca\u7387\uff08ROA\uff09\u5219\u901a\u5e38\u5c06\u51c0\u5229\u6da6\u7eb3\u5165\u8003\u91cf\uff0c\u5e76\u4e0e\u603b\u8d44\u4ea7\u76f8\u5173\u3002.<\/p>\n<p>\u5b9e\u9645\u4e0a\uff0c\u8fd9\u4e24\u4e2a\u6bd4\u7387\u975e\u5e38\u63a5\u8fd1\uff0c\u4f46\u9700\u8981\u6ce8\u610f\u7684\u662f\uff0c\u8d44\u4ea7\u56de\u62a5\u7387 (ROA) \u5305\u542b\u4e86\u8d22\u52a1\u548c\u7a0e\u6536\u7ed3\u6784\u7684\u5f71\u54cd\uff0c\u800c\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\u4ec5\u9650\u4e8e\u8d44\u4ea7\u7684\u8fd0\u8425\u7ee9\u6548\u3002.<\/p>\n<h3>ROA\u3001ROE \u548c\u8d22\u52a1\u6760\u6746\u4e4b\u95f4\u7684\u8054\u7cfb<\/h3>\n<p>ROE\uff08\u8d22\u52a1\u76c8\u5229\u80fd\u529b\uff09\u8861\u91cf\u80a1\u4e1c\u7684\u76c8\u5229\u80fd\u529b\uff0c\u800c ROA\uff08\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\uff09\u8861\u91cf\u516c\u53f8\u6240\u6709\u8d44\u4ea7\u7684\u76c8\u5229\u80fd\u529b\uff0c\u800c\u4e0d\u8003\u8651\u878d\u8d44\u65b9\u5f0f\u3002.<\/p>\n<p>\u8fd9\u4e24\u4e2a\u6307\u6807\u901a\u8fc7\u8d22\u52a1\u6760\u6746\u6548\u5e94\u8054\u7cfb\u8d77\u6765\uff0c\u8d22\u52a1\u6760\u6746\u6548\u5e94\u53cd\u6620\u4e86\u503a\u52a1\u5bf9\u80a1\u6743\u76c8\u5229\u80fd\u529b\u7684\u5f71\u54cd\u3002.<\/p>\n<p>\u518d\u6b21\u63d0\u9192\uff0cROE\uff08\u51c0\u8d44\u4ea7\u6536\u76ca\u7387\uff09\u662f\u8861\u91cf\u8d22\u52a1\u76c8\u5229\u80fd\u529b\u7684\u6bd4\u7387\uff0c\u5176\u8ba1\u7b97\u516c\u5f0f\u4e3a\uff1a<\/p>\n<p style=\"text-align: center;\"><strong>\u51c0\u8d44\u4ea7\u6536\u76ca\u7387 = \u51c0\u5229\u6da6 \/ \u80a1\u4e1c\u6743\u76ca<\/strong><\/p>\n<p>\u56e0\u6b64\uff0c\u8be5\u6307\u6807\u8861\u91cf\u7684\u662f\u6743\u76ca\u56de\u62a5\u7387\u3002\u4e00\u79cd\u5c06\u591a\u4e2a\u6307\u6807\u8054\u7cfb\u8d77\u6765\u7684\u6570\u5b66\u65b9\u6cd5\u662f\u5c06\u6bd4\u7387\u5206\u89e3\u6210\u53ef\u89e3\u91ca\u7684\u5b50\u5143\u7d20\uff0c\u7136\u540e\u4e58\u4ee5\u4e00\u4e2a\u7b49\u4e8e 1 \u7684\u5206\u6570\u3002.<\/p>\n<p>\u56e0\u6b64\uff0c\u5f53\u60f3\u8981\u5c06 ROE\uff08\u8861\u91cf\u6743\u76ca\u76c8\u5229\u80fd\u529b\uff09\u4e0e ROA\uff08\u8861\u91cf\u603b\u8d44\u4ea7\u76c8\u5229\u80fd\u529b\uff09\u00ab\u8054\u7cfb\u8d77\u6765\u00bb\u65f6\uff0c\u53ea\u9700\u5c06 ROE \u4e58\u4ee5 ROA \u7684\u5206\u6bcd\uff0c\u5373\u603b\u8d44\u4ea7\uff0c\u5f97\u5230\u4e00\u4e2a\u4e2d\u6027\u5206\u6570\uff1a<\/p>\n<p style=\"text-align: center;\">ROE = (\u51c0\u5229\u6da6 \/ \u6743\u76ca) x (\u603b\u8d44\u4ea7 \/ \u603b\u8d44\u4ea7) = (\u51c0\u5229\u6da6 \/ \u603b\u8d44\u4ea7) x (\u603b\u8d44\u4ea7 \/ \u6743\u76ca) = ROA x (\u603b\u8d44\u4ea7 \/ \u6743\u76ca)\u3002.<\/p>\n<p style=\"text-align: center;\">\u6240\u4ee5 <strong>\u51c0\u8d44\u4ea7\u6536\u76ca\u7387 = \u603b\u8d44\u4ea7\u6536\u76ca\u7387 \u00d7 (\u603b\u8d44\u4ea7 \/ \u6743\u76ca)<\/strong><\/p>\n<p>\u73b0\u5728\uff0c\u4ece\u7eaf\u7cb9\u7684\u903b\u8f91\u89d2\u5ea6\u6765\u770b\uff0c\u603b\u8d44\u4ea7 = \u6743\u76ca + \u8d1f\u503a\uff0c\u516c\u53f8\u8d1f\u503a\u8d8a\u591a\uff0c\u5355\u72ec\u4f4d\u4e8e\u5206\u6bcd\u4e2d\u7684\u6743\u76ca\u6bd4\u4f8b\u5c31\u8d8a\u00ab\u4f4e\u00bb\uff0c\u56e0\u6b64\u603b\u8d44\u4ea7\/\u6743\u76ca\u6bd4\u7387\u5c31\u4f1a\u5f88\u9ad8\uff08\u53cd\u4e4b\u4ea6\u7136\uff09\u3002.<\/p>\n<p>\u56e0\u6b64\uff0c\u968f\u7740\u516c\u53f8\u627f\u62c5\u503a\u52a1\uff0c\u603b\u8d44\u4ea7\u4e0e\u6743\u76ca\u7684\u6bd4\u7387\u503c\u4f1a\u589e\u52a0\uff0c\u800c\u7531\u4e8e\u8be5\u503c\u4e58\u4ee5\u8d44\u4ea7\u56de\u62a5\u7387\uff08ROA\uff0c\u6700\u7ec8\u662f\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\u6bd4\u7387\u4e4b\u4e00\uff09\uff0c\u90a3\u4e48\u7531\u4e8e\u603b\u8d44\u4ea7\/\u6743\u76ca\u6bd4\u7387\uff08\u6211\u4eec\u53ef\u4ee5\u5c06\u5176\u63cf\u8ff0\u4e3a\u8d22\u52a1\u6760\u6746\uff09\u7684\u589e\u52a0\uff0c\u6743\u76ca\u56de\u62a5\u7387\uff08ROE\uff09\u4e5f\u4f1a\u968f\u7740ROA\u7684\u589e\u52a0\u800c\u589e\u52a0\uff1a<\/p>\n<p style=\"text-align: center;\"><strong>\u51c0\u8d44\u4ea7\u6536\u76ca\u7387\uff08ROE\uff09= \u603b\u8d44\u4ea7\u6536\u76ca\u7387\uff08ROA\uff09\u00d7 \u8d22\u52a1\u6760\u6746<\/strong><\/p>\n<p style=\"text-align: center;\"><strong>\u8d22\u52a1\u6760\u6746 = \u603b\u8d44\u4ea7 \/ \u6743\u76ca<\/strong><\/p>\n<p>\u8be5\u516c\u5f0f\u8868\u660e <strong>\u516c\u53f8\u8d1f\u503a\u8d8a\u591a<\/strong> \uff08\u56e0\u6b64\uff0c\u8d44\u4ea7\u6743\u76ca\u6bd4\u7387\u8d8a\u9ad8\uff09\uff0c, <strong>\u673a\u68b0\u5316\u653e\u5927\u7684\u8d22\u52a1\u76c8\u5229\u80fd\u529b\u8d8a\u591a<\/strong>, \u524d\u63d0\u662f\u8d44\u4ea7\u7684\u7ecf\u6d4e\u56de\u62a5\u8d85\u8fc7\u503a\u52a1\u6210\u672c\u3002\u8fd9\u6307\u7684\u662f\u2026\u2026 <strong>\u7ed3\u6784\u6027\u91d1\u878d\u6760\u6746<\/strong> \u5b83\u663e\u793a\u4e86\u878d\u8d44\u7ed3\u6784\u5982\u4f55\u5f71\u54cd\u76c8\u5229\u80fd\u529b\u3002.<\/p>\n<p>\u5728\u8ba8\u8bba\u7ecf\u6d4e\u6548\u76ca\u662f\u5426\u8d85\u8fc7\u503a\u52a1\u6210\u672c\u65f6\uff0c\u5fc5\u987b\u6f84\u6e05\u7684\u662f\uff0c\u8fd9\u4e2a\u516c\u5f0f\u5e76\u6ca1\u6709\u8bf4\u660e\u6760\u6746\u662f\u6709\u76ca\u8fd8\u662f\u6709\u5bb3\u3002\u5b83\u4ec5\u4ec5\u8868\u660e\u2026\u2026 <strong>\u4e0e\u503a\u52a1\u76f8\u5173\u7684\u653e\u5927\u6548\u5e94\u7684\u53ef\u80fd\u6027<\/strong>. \u4e3a\u4e86\u89e3\u503a\u52a1\u662f\u63d0\u9ad8\u8fd8\u662f\u964d\u4f4e\u76c8\u5229\u80fd\u529b\uff0c\u6211\u4eec\u9700\u8981\u5f15\u5165\u503a\u52a1\u6210\u672c\uff08i\uff09\uff1a<\/p>\n<p style=\"text-align: center;\"><strong>ROE = ROA + (ROA \u2013 i) * \u503a\u52a1\/\u80a1\u672c<\/strong><\/p>\n<p>\u8bb0\u4f4f\uff0c\u6211\u4eec\u5728\u7b2c\u51e0\u7ae0\u4e2d\u89c1\u8fc7\u8fd9\u4e2a\u516c\u5f0f\u7684\u7565\u5fae\u4e0d\u540c\u7684\u5f62\u5f0f\uff1f <a href=\"https:\/\/tulipemedia.com\/zh\/cours-effet-de-levier-definition-explications-exemples\/\" target=\"_blank\" rel=\"noopener\">\u6760\u6746\u4f5c\u7528<\/a> :<\/p>\n<p style=\"text-align: center;\">\u51c0\u8d44\u4ea7\u6536\u76ca\u7387 = \u7ecf\u6d4e\u5229\u6da6\u7387 + (\u7ecf\u6d4e\u5229\u6da6\u7387 \u2013 \u503a\u52a1\u6210\u672c) \u00d7 \u8d22\u52a1\u8d1f\u503a \/ \u6743\u76ca<\/p>\n<ul>\n<li>\u5982\u679c ROA &gt; i\uff0c\u5219 (ROA \u2013 i) \u9879\u4e3a\u6b63\uff0c\u503a\u52a1\u4f1a\u63d0\u9ad8\u80a1\u4e1c\u7684\u76c8\u5229\u80fd\u529b\u3002.<\/li>\n<li>\u5982\u679c ROA &lt; i\uff0c\u5219\u8be5\u9879\u4e3a\u8d1f\u503c\uff0c\u503a\u52a1\u4f1a\u964d\u4f4e\u8d22\u52a1\u76c8\u5229\u80fd\u529b\u3002.<\/li>\n<li>\u5982\u679c ROA = i\uff0c\u5219\u5f71\u54cd\u4e3a\u4e2d\u6027\uff1a\u503a\u52a1\u4e0d\u4f1a\u6539\u53d8 ROE\u3002.<\/li>\n<\/ul>\n<p>\u4f46\u8981\u6ce8\u610f\uff0c\u8fd9\u91cc\u6240\u505a\u7684\u53ea\u662f\u4e3a\u4e86\u7406\u89e3\u6760\u6746\u7684\u673a\u68b0\u6982\u5ff5\u800c\u8fdb\u884c\u7684\u6559\u5b66\u7b80\u5316\uff1a\u8d44\u4ea7\u901a\u8fc7\u503a\u52a1\u878d\u8d44\u8d8a\u591a\uff0c\u6743\u76ca\u56de\u62a5\u7387\u5c31\u8d8a\u201c\u653e\u5927\u201d\uff1b\u5982\u679c\u6211\u4eec\u5047\u8bbe\u6ca1\u6709\u5229\u606f\u6216\u7a0e\u6536\uff0c\u4e5f\u5c31\u662f\u5728\u6ca1\u6709\u878d\u8d44\u6210\u672c\u7684\u201c\u7406\u60f3\u201d\u4e16\u754c\u4e2d\uff0c\u8fd9\u4e5f\u662f\u4e00\u4e2a\u6709\u6548\u7684\u8fd1\u4f3c\u503c\u3002.<\/p>\n<p>\u4f46\u5728\u73b0\u5b9e\u751f\u6d3b\u4e2d\uff0c\u5bf9\u4e8e\u7ba1\u7406\u6216\u4e1a\u52a1\u5206\u6790\uff0c\u6211\u4eec\u4e0d\u53ef\u907f\u514d\u5730\u4f1a\u4f7f\u7528\u5df2\u52a8\u7528\u8d44\u672c\u56de\u62a5\u7387 (ROCE)\uff0c\u5e76\u4e14\u6211\u4eec\u4f1a\u5c06\u8fd9\u79cd\u6295\u8d44\u56de\u62a5\u7387\u4e0e\u6743\u76ca\u56de\u62a5\u7387 (ROE) \u8054\u7cfb\u8d77\u6765\u3002 <strong>\u901a\u8fc7\u5b8c\u6574\u7684\u6760\u6746\u516c\u5f0f\u3002.<\/strong><\/p>\n<p>\u603b\u4e4b\uff1a<\/p>\n<table>\n<thead>\n<tr>\n<th>\u516c\u5f0f<\/th>\n<th>\u516c\u7528\u4e8b\u4e1a<\/th>\n<th>\u5047\u8bbe<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>\u51c0\u8d44\u4ea7\u6536\u76ca\u7387 = \u603b\u8d44\u4ea7\u6536\u76ca\u7387 \u00d7 (A \/ CP)<\/strong><\/td>\n<td>\u65b9\u6cd5 <strong>\u6559\u80b2\u6027\u548c\u7b80\u5316<\/strong><\/td>\n<td>\u6ca1\u6709\u9ad8\u6210\u672c\u503a\u52a1\uff08\u6216 i = 0\uff09<\/td>\n<\/tr>\n<tr>\n<td><strong>ROE = ROCE + (ROCE \u2013 i) \u00d7 (D \/ CP)<\/strong><\/td>\n<td>\u65b9\u6cd5 <strong>\u73b0\u5b9e\u4e14\u7ecf\u6d4e\u7684<\/strong><\/td>\n<td>\u5305\u62ec\u503a\u52a1\u6210\u672c<\/td>\n<\/tr>\n<tr>\n<td><strong>\u51c0\u8d44\u4ea7\u6536\u76ca\u7387 = \u51c0\u5229\u6da6 \/ \u80a1\u4e1c\u6743\u76ca<\/strong><\/td>\n<td>\u6bd4\u7387 <strong>\u6700\u7ec8\u4f1a\u8ba1\u5e08<\/strong><\/td>\n<td>\u5305\u62ec\u6240\u6709\u5f71\u54cd\uff08\u878d\u8d44\u3001\u7a0e\u6536\u7b49\uff09<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>\u8d44\u4ea7\u56de\u62a5\u7387\u548c\u8d44\u4ea7\u5468\u8f6c\u7387<\/h3>\n<p>\u6700\u540e\uff0cROA \u662f\u8d44\u4ea7\u751f\u4ea7\u7387\u7684\u6307\u6807\uff1a\u5b83\u6709\u52a9\u4e8e\u786e\u5b9a\u4f4e\u76c8\u5229\u80fd\u529b\u662f\u7531\u4e8e\u4f4e\u5229\u6da6\u7387\u8fd8\u662f\u8d44\u4ea7\u5229\u7528\u7387\u4f4e\u9020\u6210\u7684\uff0c\u8ba1\u7b97\u516c\u5f0f\u5982\u4e0b\uff1a<\/p>\n<p style=\"text-align: center;\"><strong>\u8d44\u4ea7\u56de\u62a5\u7387 = \u51c0\u5229\u6da6\u7387 \u00d7 \u8d44\u4ea7\u5468\u8f6c\u7387<\/strong><\/p>\n<p style=\"text-align: center;\"><strong>\u8d44\u4ea7\u5468\u8f6c\u7387 = \u6536\u5165 \/ \u603b\u8d44\u4ea7<\/strong><\/p>\n<p>\u5728\u89e3\u91ca\u8fd9\u4e2a\u516c\u5f0f\u4e4b\u524d\uff0c\u9700\u8981\u5148\u8bf4\u660e\u4e00\u4e0b\uff0c\u8fd9\u4e2a\u516c\u5f0f\u6765\u6e90\u4e8e\u4ee5\u4e0b\u5185\u5bb9\uff1a<\/p>\n<p style=\"text-align: center;\"><strong>\u8d44\u4ea7\u56de\u62a5\u7387 = \uff08\u51c0\u5229\u6da6 \/ \u8425\u4e1a\u6536\u5165\uff09\u00d7 \uff08\u8425\u4e1a\u6536\u5165 \/ \u603b\u8d44\u4ea7\uff09<\/strong><\/p>\n<p>\u4e3a\u4e86\u5f97\u51fa\u8fd9\u4e2a\u7ed3\u679c\uff0c\u5c31\u50cf\u524d\u4e00\u70b9\u4e00\u6837\uff0c\u6211\u4eec\u901a\u8fc7\u5c06\u521d\u59cb ROA \u516c\u5f0f\u4e58\u4ee5 CA\uff08\u901a\u8fc7\u4e00\u4e2a\u4e2d\u6027\u5206\u6570\uff09\u5f97\u5230\u8fd9\u4e2a\u516c\u5f0f\uff0c\u56e0\u6b64\uff1a<\/p>\n<p style=\"text-align: center;\">\u8d44\u4ea7\u56de\u62a5\u7387 (ROA) = \u51c0\u5229\u6da6 \/ \u603b\u8d44\u4ea7 = \uff08\u51c0\u5229\u6da6 \/ \u603b\u8d44\u4ea7\uff09\u00d7 \uff08\u6536\u5165 \/ \u6536\u5165\uff09= \uff08\u51c0\u5229\u6da6 \/ \u6536\u5165\uff09\u00d7 \uff08\u6536\u5165 \/ \u603b\u8d44\u4ea7\uff09<\/p>\n<p>\u7531\u6b64\u53ef\u5f97\uff1a<\/p>\n<p style=\"text-align: center;\"><strong>\u8d44\u4ea7\u56de\u62a5\u7387 = \uff08\u51c0\u5229\u6da6 \/ \u8425\u4e1a\u6536\u5165\uff09\u00d7 \uff08\u8425\u4e1a\u6536\u5165 \/ \u603b\u8d44\u4ea7\uff09<\/strong><\/p>\n<p>\u4f46\u8fd9\u4e2a\u516c\u5f0f\u4e0e\u8d44\u4ea7\u5468\u8f6c\u7387\uff08\u6216\u751f\u4ea7\u7387\uff09\u4e4b\u95f4\u6709\u4ec0\u4e48\u5173\u7cfb\uff1f\u4e3a\u4ec0\u4e48\u6536\u5165\u8981\u7eb3\u5165\u8ba1\u7b97\uff1f\u8d44\u4ea7\u5468\u8f6c\u7387\u8861\u91cf\u7684\u662f\u4ec0\u4e48\uff1f\u4e3a\u4ec0\u4e48\u5b83\u7b49\u4e8e\u6536\u5165\u9664\u4ee5\u603b\u8d44\u4ea7\uff1f<\/p>\n<p>\u5b9e\u9645\u4e0a \uff1a<\/p>\n<ul>\n<li>\u51c0\u5229\u6da6 \/ \u6536\u5165 = \u51c0\u5229\u6da6\u7387\uff08\u516c\u53f8\u6bcf\u83b7\u5f97 1 \u6b27\u5143\u6536\u5165\u6240\u4fdd\u7559\u7684\u5229\u6da6\uff09\u3002.<\/li>\n<li>\u6536\u5165 \/ \u603b\u8d44\u4ea7 = \u8d44\u4ea7\u5468\u8f6c\u7387\uff08\u6bcf 1 \u6b27\u5143\u8d44\u4ea7\u4ea7\u751f\u7684\u6536\u5165\uff09\u3002.<\/li>\n<\/ul>\n<p>\u6240\u4ee5\uff0c, <strong>\u8d44\u4ea7\u56de\u62a5\u7387\u53d6\u51b3\u4e8e\u5546\u4e1a\u76c8\u5229\u80fd\u529b\uff08\u5229\u6da6\u7387\uff09\u548c\u7ecf\u6d4e\u6548\u7387\uff08\u8d44\u4ea7\u5468\u8f6c\u7387\uff09\u3002<\/strong>. \u6240\u4ee5\u6211\u4eec\u624d\u8bf4\uff1a<\/p>\n<p style=\"text-align: center;\"><strong>\u8d44\u4ea7\u56de\u62a5\u7387 = \u51c0\u5229\u6da6\u7387 \u00d7 \u8d44\u4ea7\u5468\u8f6c\u7387<\/strong><\/p>\n<p>\u800c\u8d44\u4ea7\u56de\u62a5\u7387\uff08ROA\uff09\u6b63\u662f\u5e2e\u52a9\u6211\u4eec\u8bc6\u522b\u8d44\u4ea7\u76c8\u5229\u6765\u6e90\u7684\u5173\u952e\u6240\u5728\uff0c\u5b83\u4ecb\u4e8e\u9500\u552e\u6536\u5165\u4ea7\u751f\u7684\u5229\u6da6\u548c\u603b\u8d44\u4ea7\u7684\u6536\u5165\u5360\u6bd4\u4e4b\u95f4\u2014\u2014\u6700\u7ec8\u4f53\u73b0\u7684\u662f\u8d44\u4ea7\u7684\u751f\u4ea7\u529b\uff0c\u6216\u8005\u7b80\u5355\u6765\u8bf4\uff0c\u5c31\u662f\u5b83\u4eec\u7684\u76c8\u5229\u80fd\u529b\u3002\u4e0d\u8fc7\uff0c\u8fd9\u91cc\u6211\u4eec\u66f4\u5173\u6ce8\u7684\u662f\u8d44\u4ea7\u00ab\u5468\u8f6c\u7387\u00bb\uff0c\u56e0\u4e3a\u5b83\u53cd\u6620\u4e86\u8d44\u4ea7\u00ab\u8fd0\u8f6c\u00bb\u4ea7\u751f\u6536\u5165\u7684\u901f\u5ea6\u3002\u9ad8\u5468\u8f6c\u7387\u610f\u5473\u7740\u516c\u53f8\u6709\u6548\u5730\u5229\u7528\u4e86\u8d44\u6e90\uff1b\u4f4e\u5468\u8f6c\u7387\u5219\u8868\u660e\u8d44\u4ea7\u5229\u7528\u7387\u4e0d\u8db3\u3002.<\/p>\n<h3>ROA\u3001ROE \u548c\u8d22\u52a1\u6760\u6746\u793a\u4f8b<\/h3>\n<h4>\u4f8b1\uff1a\u7ed3\u6784\u6027\u6760\u6746\u6548\u5e94\uff08\u4e0d\u8003\u8651\u503a\u52a1\u6210\u672c\uff09<\/h4>\n<p>\u8ba9\u6211\u4eec\u6765\u770b\u516c\u5f0f ROE = ROA \u00d7 (\u603b\u8d44\u4ea7 \/ \u6743\u76ca)\uff0c\u8be5\u516c\u5f0f\u6ca1\u6709\u8003\u8651\u503a\u52a1\u6210\u672c\uff0c\u53ea\u662f\u7b80\u5355\u5730\u663e\u793a\u4e86\u503a\u52a1\u7684\u673a\u68b0\u6548\u5e94\uff1a\u6743\u76ca\u76f8\u5bf9\u4e8e\u603b\u8d44\u4ea7\u8d8a\u4f4e\uff0c\u6743\u76ca\u56de\u62a5\u5c31\u8d8a\u88ab\u653e\u5927\u3002.<\/p>\n<p>\u4f8b\u5b50 \uff1a<\/p>\n<ul>\n<li>\u51c0\u6536\u76ca = 100,000 \u6b27\u5143<\/li>\n<li>\u603b\u8d44\u4ea7 = 1,000,000 \u6b27\u5143<\/li>\n<li>\u6743\u76ca = 500,000 \u6b27\u5143<\/li>\n<\/ul>\n<p>\u4ee5\u4e0b\u662f\u5982\u4f55\u8ba1\u7b97\u8d22\u52a1\u503a\u52a1\u3001\u8d44\u4ea7\u56de\u62a5\u7387 (ROA)\u3001\u8d22\u52a1\u6760\u6746\u548c\u51c0\u8d44\u4ea7\u6536\u76ca\u7387 (ROE) \u7684\u65b9\u6cd5\uff1a<\/p>\n<ul>\n<li>\u91d1\u878d\u503a\u52a1 = \u603b\u8d1f\u503a \u2013 \u6240\u6709\u8005\u6743\u76ca = 1,000,000 \u2013 500,000 = 500,000 \u6b27\u5143<\/li>\n<li>\u8d44\u4ea7\u56de\u62a5\u7387 (ROA) = \u51c0\u5229\u6da6 \/ \u603b\u8d44\u4ea7 = 100,000 \/ 1,000,000 = 10 %<\/li>\n<li>\u8d22\u52a1\u6760\u6746 = \u603b\u8d44\u4ea7 \/ \u80a1\u4e1c\u6743\u76ca = 1,000,000 \/ 500,000 = 2<\/li>\n<li>\u56e0\u6b64\uff0c\u51c0\u8d44\u4ea7\u6536\u76ca\u7387 (ROE) = \u603b\u8d44\u4ea7\u6536\u76ca\u7387 (ROA) \u00d7 \u8d22\u52a1\u6760\u6746 = 10 \/ % \u00d7 2 = 20 \/ %<\/li>\n<\/ul>\n<p>\u8fd9\u91cc\uff0c\u6211\u4eec\u5047\u8bbe\u503a\u52a1\u6210\u672c\u4e3a\u96f6\uff08\u6216\u5df2\u5305\u542b\u5728\u5185\u4e14\u4e0d\u4ea7\u751f\u5f71\u54cd\uff09\uff0c\u4ec5\u4ec5\u662f\u4e3a\u4e86\u8bf4\u660e\u6760\u6746\u7684\u4e58\u6570\u6548\u5e94\u3002\u7531\u4e8e\u503a\u52a1\uff0c\u516c\u53f8\u7684\u8d22\u52a1\u76c8\u5229\u80fd\u529b\u7ffb\u4e86\u4e00\u756a\uff1a\u5176\u80a1\u6743\u6536\u76ca\u4e3a 20 %\uff0c\u800c\u5982\u679c\u6ca1\u6709\u503a\u52a1\uff0c\u5219\u4e3a 10 %\u3002.<\/p>\n<p>\u8fd9\u4e2a\u4f8b\u5b50\u4ece\u7406\u8bba\u4e0a\u9610\u91ca\u4e86\u503a\u52a1\u5bf9\u80a1\u4e1c\u76c8\u5229\u80fd\u529b\u7684\u5f71\u54cd\uff0c\u6b63\u5982\u6211\u4eec\u5728\u7406\u8bba\u90e8\u5206\u524d\u9762\u89e3\u91ca\u7684\u90a3\u6837\u3002\u7136\u800c\uff0c\u5728\u5b9e\u8df5\u4e2d\uff0c\u503a\u52a1\u662f\u6709\u4ee3\u4ef7\u7684\uff1a\u5229\u606f\u3002\u8fd9\u5c31\u5f15\u51fa\u4e86\u63a5\u4e0b\u6765\u7684\u4e24\u4e2a\u4f8b\u5b50\u3002.<\/p>\n<h4>\u4f8b 2 \u2014 \u6b63\u5411\u6760\u6746\u6548\u5e94\uff08\u7ecf\u6d4e\u56de\u62a5 &gt; \u503a\u52a1\u6210\u672c\uff09<\/h4>\n<p>\u6570\u636e \uff1a<\/p>\n<ul>\n<li>\u7ecf\u6d4e\u8d44\u4ea7\uff1a100\u4e07\u6b27\u5143<\/li>\n<li>\u80a1\u6743\uff1a50\u4e07\u6b27\u5143<\/li>\n<li>\u8d22\u52a1\u503a\u52a1\uff1a500,000 \u6b27\u5143<\/li>\n<li>\u8425\u4e1a\u5229\u6da6\uff1a10\u4e07\u6b27\u5143<\/li>\n<li>\u503a\u52a1\u5229\u7387\uff1a5.%<\/li>\n<\/ul>\n<p>\u8ba1\u7b97\uff1a<\/p>\n<ul>\n<li>\u6700\u7ec8\u7ed3\u679c = 100,000 \u2013 (5 % \u00d7 500,000) = 100,000 \u2013 25,000 = \u20ac75,000<\/li>\n<li>\u5df2\u52a8\u7528\u8d44\u672c\u56de\u62a5\u7387 = 100,000 \/ 1,000,000 = 10 %<\/li>\n<li>ROE = 75,000 \/ 500,000 = 15 %<\/li>\n<\/ul>\n<p>\u89e3\u91ca \uff1a<\/p>\n<p>\u7ecf\u6d4e\u56de\u62a5\uff0810 %\uff09\u9ad8\u4e8e\u503a\u52a1\u6210\u672c\uff085 %\uff09\uff0c\u56e0\u6b64\u6760\u6746\u5177\u6709\u79ef\u6781\u4f5c\u7528\u3002\u516c\u53f8\u80a1\u4e1c\u56de\u62a5\u63d0\u9ad8\uff1a15 %\uff0c\u800c\u975e\u65e0\u8d1f\u503a\u65f6\u7684 10 %\u3002\u6b64\u5904\uff0c\u6211\u4eec\u4f7f\u7528\u4e86\u8d44\u672c\u56de\u62a5\u7387 (ROCE) \u516c\u5f0f\u548c\u5b8c\u6574\u7684\u6760\u6746\u516c\u5f0f\uff0c\u56e0\u4e3a\u8ba1\u7b97\u4e2d\u5fc5\u987b\u5305\u542b\u503a\u52a1\u6210\u672c\u3002\u4e3a\u4e86\u5c3d\u53ef\u80fd\u7b80\u5316\u793a\u4f8b\uff0c\u6211\u4eec\u6ca1\u6709\u8003\u8651\u6240\u5f97\u7a0e\u3002.<\/p>\n<h4>\u4f8b 3 \u2014 \u8d1f\u6760\u6746\u6548\u5e94\uff08\u7ecf\u6d4e\u56de\u62a5 &lt; \u503a\u52a1\u6210\u672c\uff09<\/h4>\n<p>\u6570\u636e \uff1a<\/p>\n<ul>\n<li>\u7ecf\u6d4e\u8d44\u4ea7\uff1a100\u4e07\u6b27\u5143<\/li>\n<li>\u80a1\u6743\uff1a50\u4e07\u6b27\u5143<\/li>\n<li>\u8d22\u52a1\u503a\u52a1\uff1a500,000 \u6b27\u5143<\/li>\n<li>\u8425\u4e1a\u5229\u6da6\uff1a30,000\u6b27\u5143<\/li>\n<li>\u503a\u52a1\u5229\u7387\uff1a5.%<\/li>\n<\/ul>\n<p>\u8ba1\u7b97\uff1a<\/p>\n<ul>\n<li>\u6700\u7ec8\u7ed3\u679c = 30,000 \u2013 (5 % \u00d7 500,000) = 30,000 \u2013 25,000 = \u20ac5,000<\/li>\n<li>\u8d44\u4ea7\u56de\u62a5\u7387 = 30,000 \/ 1,000,000 = 3 %<\/li>\n<li>ROE = 5,000 \/ 500,000 = 1 %<\/li>\n<\/ul>\n<p>\u7ecf\u6d4e\u56de\u62a5\uff083 %\uff09\u4f4e\u4e8e\u503a\u52a1\u6210\u672c\uff085 %\uff09\uff0c\u56e0\u6b64\u6760\u6746\u4f1a\u4ea7\u751f\u8d1f\u9762\u5f71\u54cd\u3002\u503a\u52a1\u4f1a\u964d\u4f4e\u6743\u76ca\u56de\u62a5\u7387\u3002.<\/p>\n<p>\u603b\u4e4b\uff1a<\/p>\n<table>\n<thead>\n<tr>\n<th>\u60c5\u51b5<\/th>\n<th>ROA<\/th>\n<th>\u503a\u52a1\u6210\u672c<\/th>\n<th>\u9c7c\u5b50<\/th>\n<th>\u6760\u6746\u6548\u5e94<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u4f8b 1<\/td>\n<td>10 %<\/td>\n<td>0 %<\/td>\n<td>20 %<\/td>\n<td>\u6760\u6746\u7684\u7eaf\u529b\u5b66<\/td>\n<\/tr>\n<tr>\n<td>\u4f8b 2<\/td>\n<td>10 %<\/td>\n<td>5 %<\/td>\n<td>15 %<\/td>\n<td>\u6760\u6746 <strong>\u79ef\u6781\u7684<\/strong><\/td>\n<\/tr>\n<tr>\n<td>\u4f8b 3<\/td>\n<td>3 %<\/td>\n<td>5 %<\/td>\n<td>1 %<\/td>\n<td>\u6760\u6746 <strong>\u6d88\u6781\u7684<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>\u8425\u4e1a\u5229\u6da6\u7387<\/h2>\n<p>\u8425\u4e1a\u5229\u6da6\u7387\uff08ROS\uff0c\u5373\u9500\u552e\u56de\u62a5\u7387\uff09\u663e\u793a\u7684\u662f\u516c\u53f8\u7ecf\u8425\u6d3b\u52a8\u6240\u4ea7\u751f\u7684\u76c8\u5229\u80fd\u529b\uff0c\u4e0d\u8003\u8651\u878d\u8d44\u6216\u7279\u6b8a\u9879\u76ee\u3002.<\/p>\n<p>\u8be5\u6bd4\u7387\u8861\u91cf\u516c\u53f8\u5229\u7528\u5176\u6536\u5165\u521b\u9020\u8425\u4e1a\u5229\u6da6\u7684\u80fd\u529b\uff0c\u662f\u4e00\u4e2a\u8425\u4e1a\u5229\u6da6\u7387\u6307\u6807\u3002\u7b80\u800c\u8a00\u4e4b\uff0c\u5c31\u662f\u8425\u4e1a\u5229\u6da6\u9664\u4ee5\u6536\u5165\u3002<\/p>\n<p style=\"text-align: center;\">\u8425\u4e1a\u5229\u6da6\u7387 (ROS) = REX \/ CA<\/p>\n<p>ROA\u94fe\u63a5\uff1a<\/p>\n<p>\u6211\u4eec\u4e4b\u524d\u8bf4\u8fc7\uff0cROA = \u51c0\u5229\u6da6\u7387 x \u8d44\u4ea7\u5468\u8f6c\u7387\uff0c\u56e0\u6b64 ROA \u8861\u91cf\u7684\u662f\u8d44\u4ea7\u7684\u76c8\u5229\u80fd\u529b\uff0c\u57fa\u4e8e\u6574\u4f53\u76c8\u5229\u80fd\u529b\uff08\u6b64\u5904\u4e3a\u51c0\u5229\u6da6\u7387\uff09\u548c\u00ab\u8d44\u4ea7\u76c8\u5229\u7684\u901f\u5ea6\u00bb\uff08\u6b64\u5904\u4e3a\u8d44\u4ea7\u5468\u8f6c\u7387\uff09\uff0c\u5176\u516c\u5f0f\u4e3a\u6536\u5165\u9664\u4ee5\u603b\u8d44\u4ea7\u3002.<\/p>\n<p>\u6211\u4eec\u53ef\u4ee5\u901a\u8fc7\u8ba1\u7b97\u00ab\u8fd0\u8425\u00bbROA \u5c06\u8425\u4e1a\u5229\u6da6\u7387 (ROS) \u4e0e ROA \u8054\u7cfb\u8d77\u6765\uff0c\u56e0\u4e3a\u5b83\u4e0e\u8425\u4e1a\u5229\u6da6\u7387\u76f8\u5173\uff0c\u53ea\u9700\u5728\u8ba1\u7b97\u516c\u5f0f\u4e2d\u7528\u8425\u4e1a\u5229\u6da6\u7387\u66ff\u6362\u51c0\u5229\u6da6\u7387\u5373\u53ef\uff1a<\/p>\n<p style=\"text-align: center;\"><strong>\u8fd0\u8425\u8d44\u4ea7\u56de\u62a5\u7387 = \u8fd0\u8425\u5229\u6da6\u7387 \u00d7 \u8d44\u4ea7\u5468\u8f6c\u7387 = \uff08\u606f\u7a0e\u524d\u5229\u6da6 \/ \u8425\u4e1a\u6536\u5165\uff09\u00d7 \uff08\u8425\u4e1a\u6536\u5165 \/ \u603b\u8d44\u4ea7\uff09= \u606f\u7a0e\u524d\u5229\u6da6 \/ \u603b\u8d44\u4ea7<\/strong><\/p>\n<p style=\"text-align: center;\"><em>\u5728\u8fd9\u91cc\uff0c\u6211\u4eec\u7b80\u5355\u5730\u7528\u8425\u4e1a\u5229\u6da6\u7387\uff08ROS\uff09\u4ee3\u66ff\u51c0\u5229\u6da6\u7387\uff0c\u5f97\u5230\u8425\u4e1a ROA\u3002.<\/em><\/p>\n<p>\u56e0\u6b64\uff0c\u6211\u4eec\u4e0d\u518d\u4f7f\u7528 ROA = \u51c0\u5229\u6da6 \/ \u603b\u8d44\u4ea7\uff0c\u800c\u662f\u4f7f\u7528\u8fd0\u8425 ROA = \u8425\u4e1a\u5229\u6da6 \/ \u603b\u8d44\u4ea7\u3002\u8fd9\u6837\u5c31\u5f97\u5230\u4e86\u4e00\u4e2a\u66f4\u00ab\u8fd0\u8425\u5316\u00bb\u7684 ROA\uff0c\u5b83\u5254\u9664\u4e86\u5229\u606f\u652f\u51fa\u548c\u7a0e\u91d1\uff0c\u5e76\u4e14\u80fd\u591f\u8861\u91cf\u8d44\u4ea7\u7684\u7ecf\u6d4e\u6548\u76ca\uff0c\u59cb\u7ec8\u72ec\u7acb\u4e8e\u878d\u8d44\u65b9\u5f0f\u3002.<\/p>\n<h2>\u675c\u90a6\u516c\u5f0f\u2014\u2014ROE\u5206\u89e3<\/h2>\n<p>\u675c\u90a6\u516c\u5f0f\uff08\u6216\u675c\u90a6\u5206\u6790\uff09\u662f\u4e00\u79cd\u7ecf\u5178\u7684\u8d22\u52a1\u5206\u6790\u5de5\u5177\uff0c\u53ef\u4ee5\u5c06\u8d22\u52a1\u76c8\u5229\u80fd\u529b\uff08ROE\uff09\u5206\u89e3\u4e3a\u51e0\u4e2a\u89e3\u91ca\u56e0\u7d20\u3002.<\/p>\n<p>\u5b83\u663e\u793a\u4e86\u80a1\u672c\u56de\u62a5\u7387\u7684\u6765\u6e90\uff0c\u4ee5\u53ca\u516c\u53f8\u53ef\u4ee5\u5229\u7528\u54ea\u4e9b\u624b\u6bb5\u6765\u63d0\u9ad8\u80a1\u672c\u56de\u62a5\u7387\u3002.<\/p>\n<p>\u518d\u6b21\u63d0\u9192\uff0c\u8be5\u516c\u5f0f\u662f\u57fa\u4e8e\u8d22\u52a1\u76c8\u5229\u80fd\u529b\u7684\uff1a<\/p>\n<p style=\"text-align: center;\">\u51c0\u8d44\u4ea7\u6536\u76ca\u7387 = \u51c0\u5229\u6da6 \/ \u80a1\u4e1c\u6743\u76ca<\/p>\n<p>\u5355\u72ec\u6765\u770b\uff0c\u8fd9\u4e2a\u6bd4\u7387\u8868\u660e\u516c\u53f8\u6bcf\u4ece\u80a1\u4e1c\u6295\u8d44\u76841\u6b27\u5143\u4e2d\u83b7\u5f97\u591a\u5c11\u6536\u76ca\u3002\u4f46\u5b83\u5e76\u6ca1\u6709\u8bf4\u660e\u8fd9\u79cd\u76c8\u5229\u80fd\u529b\u7684\u6765\u6e90\uff1a\u662f\u6765\u81ea\u826f\u597d\u7684\u5229\u6da6\u7387\u3001\u8f83\u9ad8\u7684\u8d44\u4ea7\u5468\u8f6c\u7387\uff0c\u8fd8\u662f\u4ec5\u4ec5\u6765\u81ea\u4e0e\u503a\u52a1\u76f8\u5173\u7684\u6760\u6746\u6548\u5e94\uff1f<\/p>\n<p>\u8fd9\u5c31\u662f\u675c\u90a6\u65b9\u6cd5\u7684\u7528\u6b66\u4e4b\u5730\u3002\u4ece\u6559\u5b66\u89d2\u5ea6\u6765\u770b\uff0c\u5b83\u53ef\u4ee5\u4ece\u4e24\u4e2a\u65b9\u9762\u6765\u9610\u8ff0\uff1a\u6982\u5ff5\u5c42\u9762\uff08\u4ee5\u4fbf\u76f4\u89c2\u5730\u7406\u89e3\u516c\u5f0f\u7684\u610f\u4e49\uff09\u548c\u7eaf\u7cb9\u7684\u6570\u5b66\u5c42\u9762\u3002.<\/p>\n<h3>\u6982\u5ff5\u5206\u89e3<\/h3>\n<h4>\u7b2c\u4e00\u6b65\uff1a\u5c06\u51c0\u8d44\u4ea7\u6536\u76ca\u7387\u4e0e\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\uff08\u8d44\u4ea7\u6536\u76ca\u7387\uff09\u548c\u8d22\u52a1\u6760\u6746\u8054\u7cfb\u8d77\u6765<\/h4>\n<p>\u4e3a\u6b64\uff0c\u6211\u4eec\u56de\u5230\u4e4b\u524d\u53d1\u73b0\u7684\u516c\u5f0f\uff0c\u8be5\u516c\u5f0f\u5c06\u51c0\u8d44\u4ea7\u6536\u76ca\u7387 (ROE) \u4e0e\u603b\u8d44\u4ea7\u6536\u76ca\u7387 (ROA) \u548c\u8d22\u52a1\u6760\u6746\u8054\u7cfb\u8d77\u6765\uff1a<\/p>\n<p><strong>\u9c7c\u5b50<\/strong> = (\u51c0\u5229\u6da6 \/ \u6240\u6709\u8005\u6743\u76ca) \u00d7 (\u603b\u8d44\u4ea7 \/ \u603b\u8d44\u4ea7) = (\u51c0\u5229\u6da6 \/ \u603b\u8d44\u4ea7) \u00d7 (\u603b\u8d44\u4ea7 \/ \u6240\u6709\u8005\u6743\u76ca) = <strong>ROA x\uff08\u603b\u8d44\u4ea7\/\u6743\u76ca\uff09<\/strong><\/p>\n<p>\u8fd9\u91cc\u53ef\u4ee5\u6e05\u695a\u5730\u770b\u51fa\u4e24\u4e2a\u6bd4\u4f8b\uff1a<\/p>\n<ul>\n<li>\u51c0\u5229\u6da6\/\u603b\u8d44\u4ea7=\u8d44\u4ea7\u56de\u62a5\u7387\u2192\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\uff08\u6216\u8d44\u4ea7\u56de\u62a5\u7387\uff09<\/li>\n<li>\u603b\u8d44\u4ea7\/\u6743\u76ca \u2192 \u8d22\u52a1\u6760\u6746\uff08\u503a\u52a1\u6307\u6807\uff09<\/li>\n<\/ul>\n<p style=\"text-align: center;\">\u51c0\u8d44\u4ea7\u6536\u76ca\u7387 = \u603b\u8d44\u4ea7\u6536\u76ca\u7387 \u00d7 \u8d22\u52a1\u6760\u6746<\/p>\n<p>\u8fd9\u610f\u5473\u7740\uff1a\u8d22\u52a1\u76c8\u5229\u80fd\u529b\u53d6\u51b3\u4e8e\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\u548c\u878d\u8d44\u7ed3\u6784\uff08\u6760\u6746\u7387\uff09\u3002.<\/p>\n<h4>\u6b65\u9aa4\u4e8c\uff1a\u5c06\u8d44\u4ea7\u6536\u76ca\u7387\u5206\u89e3\u4e3a\u4e24\u4e2a\u7ec4\u6210\u90e8\u5206\uff1a\u51c0\u5229\u6da6\u7387\u548c\u8d44\u4ea7\u5468\u8f6c\u7387<\/h4>\n<p>ROA\uff08\u51c0\u6536\u5165\/\u603b\u8d44\u4ea7\uff09\u672c\u8eab\u53ef\u4ee5\u8fdb\u4e00\u6b65\u5206\u89e3\uff1a<\/p>\n<p style=\"text-align: center;\">\u8d44\u4ea7\u56de\u62a5\u7387 (ROA) = \u51c0\u5229\u6da6 \/ \u603b\u8d44\u4ea7 = \uff08\u51c0\u5229\u6da6 \/ \u8425\u4e1a\u6536\u5165\uff09\u00d7 \uff08\u8425\u4e1a\u6536\u5165 \/ \u603b\u8d44\u4ea7\uff09<\/p>\n<p>\u5728\u8fd9\u4e2a\u516c\u5f0f\u4e2d\uff1a<\/p>\n<ul>\n<li>\u51c0\u5229\u6da6\/\u8425\u4e1a\u6536\u5165=\u51c0\u5229\u6da6\u7387<\/li>\n<li>\u6536\u5165\/\u603b\u8d44\u4ea7=\u8d44\u4ea7\u5468\u8f6c\u7387<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><strong>\u56e0\u6b64\uff0c\u8d44\u4ea7\u56de\u62a5\u7387 = \u51c0\u5229\u6da6\u7387 \u00d7 \u8d44\u4ea7\u5468\u8f6c\u7387<\/strong><\/p>\n<p>\u8fd9\u610f\u5473\u7740\uff1a\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\u6765\u81ea\u4e8e\u521b\u9020\u5229\u6da6\u7a7a\u95f4\u548c\u5584\u7528\u8d44\u4ea7\u7684\u80fd\u529b\u3002.<\/p>\n<h4>\u6b65\u9aa4 3\uff1a\u5c06\u4e24\u8005\u8054\u7cfb\u8d77\u6765\uff0c\u5f62\u6210\u6700\u7ec8\u7684\u675c\u90a6\u516c\u5f0f<\/h4>\n<p>\u56e0\u6b64\uff0c\u8981\u5f97\u51fa\u675c\u90a6\u7684\u6700\u7ec8\u516c\u5f0f\uff0c\u53ea\u9700\u5c06\u6b65\u9aa4 1 \u4e2d\u7684 ROA \u66ff\u6362\u4e3a\u6b65\u9aa4 2 \u4e2d\u5f97\u5230\u7684\u5206\u89e3\u5f0f\u5373\u53ef\uff1a<\/p>\n<p>\u51c0\u8d44\u4ea7\u6536\u76ca\u7387 (ROE) = \u603b\u8d44\u4ea7\u6536\u76ca\u7387 (ROA) \u00d7 (\u603b\u8d44\u4ea7 \/ \u6743\u76ca) = (\u51c0\u5229\u6da6 \/ \u6536\u5165) \u00d7 (\u6536\u5165 \/ \u603b\u8d44\u4ea7) \u00d7 (\u603b\u8d44\u4ea7 \/ \u6743\u76ca)<\/p>\n<p>\u56e0\u6b64\uff0c\u51c0\u8d44\u4ea7\u6536\u76ca\u7387 = \u51c0\u5229\u6da6\u7387 \u00d7 \u8d44\u4ea7\u5468\u8f6c\u7387 \u00d7 \u8d22\u52a1\u6760\u6746<\/p>\n<p>\u603b\u4e4b\uff1a<\/p>\n<ul>\n<li>\u51c0\u8d44\u4ea7\u6536\u76ca\u7387 (ROE) \u53d6\u51b3\u4e8e\u603b\u8d44\u4ea7\u6536\u76ca\u7387 (ROA) \u548c\u8d22\u52a1\u6760\u6746\uff1a\u51c0\u8d44\u4ea7\u6536\u76ca\u7387 = \u603b\u8d44\u4ea7\u6536\u76ca\u7387 \u00d7 \u8d22\u52a1\u6760\u6746<\/li>\n<li>\u8d44\u4ea7\u56de\u62a5\u7387\u53d6\u51b3\u4e8e\u51c0\u5229\u6da6\u7387\u548c\u8d44\u4ea7\u5468\u8f6c\u7387\uff1a\u8d44\u4ea7\u56de\u62a5\u7387 = \u5229\u6da6\u7387 \u00d7 \u8d44\u4ea7\u5468\u8f6c\u7387<\/li>\n<li>\u4e24\u8005\u7ed3\u5408\u8d77\u6765\uff1aROE = \u5229\u6da6\u7387 x \u8d44\u4ea7\u5468\u8f6c\u7387 x \u8d22\u52a1\u6760\u6746\u3002.<\/li>\n<\/ul>\n<p>\u7b80\u800c\u8a00\u4e4b\uff0c\u675c\u90a6\u5f3a\u8c03\u4e86\u8d22\u52a1\u76c8\u5229\u7684\u4e09\u5927\u6760\u6746\uff1a<\/p>\n<table>\n<thead>\n<tr>\n<th>\u5143\u7d20<\/th>\n<th>\u516c\u5f0f<\/th>\n<th>\u89e3\u91ca<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>\u51c0\u5229\u6da6\u7387<\/strong><\/td>\n<td>\u51c0\u6536\u5165\/\u6536\u5165<\/td>\n<td>\u521b\u9020\u6536\u5165\u5229\u6da6\u7684\u80fd\u529b<\/td>\n<\/tr>\n<tr>\n<td><strong>\u8d44\u4ea7\u8f6e\u52a8<\/strong><\/td>\n<td>\u6536\u5165\/\u603b\u8d44\u4ea7<\/td>\n<td>\u8d44\u6e90\u5229\u7528\u6548\u7387<\/td>\n<\/tr>\n<tr>\n<td><strong>\u8d22\u52a1\u6760\u6746<\/strong><\/td>\n<td>\u603b\u8d44\u4ea7\/\u6743\u76ca<\/td>\n<td>\u503a\u52a1\u5bf9\u76c8\u5229\u80fd\u529b\u7684\u5f71\u54cd<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u56e0\u6b64\uff0c\u516c\u53f8\u53ef\u4ee5\u63d0\u9ad8\u5176\u51c0\u8d44\u4ea7\u6536\u76ca\u7387\uff1a<\/p>\n<ul>\n<li>\u8981\u4e48\u901a\u8fc7\u63d0\u9ad8\u5229\u6da6\u7387\uff08\u66f4\u597d\u7684\u5546\u4e1a\u76c8\u5229\u80fd\u529b\uff09\uff0c,<\/li>\n<li>\u8981\u4e48\u901a\u8fc7\u52a0\u5feb\u8d44\u4ea7\u5468\u8f6c\u901f\u5ea6\uff08\u7528\u540c\u6837\u7684\u8d44\u672c\u83b7\u5f97\u66f4\u591a\u6536\u5165\uff09\uff0c,<\/li>\n<li>\u53ef\u4ee5\u901a\u8fc7\u5229\u7528\u8d22\u52a1\u6760\u6746\uff08\u901a\u8fc7\u503a\u52a1\u878d\u8d44\uff09\u6765\u5b9e\u73b0\u3002.<\/li>\n<\/ul>\n<h3>\u6570\u5b66\u5206\u89e3<\/h3>\n<p>\u65b9\u6cd5\u5982\u4e0b\u3002.<\/p>\n<h4>a) \u9996\u5148\uff0c\u6211\u4eec\u5f15\u5165\u4e2d\u6027\u5206\u6570 CA \/ CA\uff1a<\/h4>\n<p>\u51c0\u8d44\u4ea7\u6536\u76ca\u7387 (ROE) = (\u51c0\u5229\u6da6 \/ \u80a1\u4e1c\u6743\u76ca) \u00d7 (\u8425\u4e1a\u6536\u5165 \/ \u8425\u4e1a\u6536\u5165) = (\u51c0\u5229\u6da6 \/ \u8425\u4e1a\u6536\u5165) \u00d7 (\u8425\u4e1a\u6536\u5165 \/ \u80a1\u4e1c\u6743\u76ca)<\/p>\n<h4>b) \u63a5\u4e0b\u6765\uff0c\u6211\u4eec\u5f15\u5165\u603b\u8d44\u4ea7\u7684\u4e2d\u6027\u90e8\u5206\uff1a<\/h4>\n<p>\u51c0\u8d44\u4ea7\u6536\u76ca\u7387 (ROE) = (\u51c0\u5229\u6da6 \/ \u8425\u4e1a\u6536\u5165) \u00d7 (\u8425\u4e1a\u6536\u5165 \/ \u80a1\u4e1c\u6743\u76ca) \u00d7 (\u603b\u8d44\u4ea7 \/ \u603b\u8d44\u4ea7) = (\u51c0\u5229\u6da6 \/ \u8425\u4e1a\u6536\u5165) \u00d7 (\u8425\u4e1a\u6536\u5165 \/ \u603b\u8d44\u4ea7) \u00d7 (\u603b\u8d44\u4ea7 \/ \u80a1\u4e1c\u6743\u76ca)<\/p>\n<p style=\"text-align: center;\"><strong>\u56e0\u6b64\uff0c\u51c0\u8d44\u4ea7\u6536\u76ca\u7387 (ROE) = (\u51c0\u5229\u6da6 \/ \u6536\u5165) \u00d7 (\u6536\u5165 \/ \u603b\u8d44\u4ea7) \u00d7 (\u603b\u8d44\u4ea7 \/ \u6240\u6709\u8005\u6743\u76ca)<\/strong><\/p>\n<p>\u6211\u4eec\u6ce8\u610f\u5230\u4ec0\u4e48\u5462\uff1f\u51c0\u8d44\u4ea7\u6536\u76ca\u7387\u7b49\u4e8e\u51c0\u5229\u6da6\u7387\u4e58\u4ee5\u8d44\u4ea7\u5468\u8f6c\u7387\u4e58\u4ee5\u8d22\u52a1\u6760\u6746\u3002.<\/p>\n<p style=\"text-align: center;\"><strong>\u51c0\u8d44\u4ea7\u6536\u76ca\u7387 (ROE) = \u51c0\u5229\u6da6\u7387 \u00d7 \u8d44\u4ea7\u5468\u8f6c\u7387 \u00d7 \u8d22\u52a1\u6760\u6746<\/strong><\/p>\n<p>\u6bcf\u4e2a\u672f\u8bed\u90fd\u5bf9\u5e94\u4e00\u4e2a\u4e0d\u540c\u7684\u7ee9\u6548\u6307\u6807\uff1a<\/p>\n<table>\n<thead>\n<tr>\n<th>\u5143\u7d20<\/th>\n<th>\u516c\u5f0f<\/th>\n<th>\u89e3\u91ca<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>\u51c0\u5229\u6da6\u7387<\/strong><\/td>\n<td>\u51c0\u6536\u5165\/\u6536\u5165<\/td>\n<td>\u8861\u91cf\u5546\u4e1a\u76c8\u5229\u80fd\u529b\uff08\u9500\u552e\u76c8\u5229\u80fd\u529b\uff09<\/td>\n<\/tr>\n<tr>\n<td><strong>\u8d44\u4ea7\u8f6e\u52a8<\/strong><\/td>\n<td>\u6536\u5165\/\u603b\u8d44\u4ea7<\/td>\n<td>\u8861\u91cf\u7ecf\u6d4e\u6548\u7387\uff08\u8d44\u6e90\u5229\u7528\u7387\uff09<\/td>\n<\/tr>\n<tr>\n<td><strong>\u8d22\u52a1\u6760\u6746<\/strong><\/td>\n<td>\u603b\u8d44\u4ea7\/\u6743\u76ca<\/td>\n<td>\u8861\u91cf\u8d1f\u503a\u5f3a\u5ea6\uff08\u8d22\u52a1\u7ed3\u6784\uff09<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u6362\u53e5\u8bdd\u8bf4\uff1a\u51c0\u8d44\u4ea7\u6536\u76ca\u7387 = \u5546\u4e1a\u76c8\u5229\u80fd\u529b \u00d7 \u7ecf\u6d4e\u6548\u7387 \u00d7 \u8d22\u52a1\u7ed3\u6784\u3002.<\/p>\n<p>\u675c\u90a6\u5206\u6790\u6cd5\u7684\u4f18\u52bf\u5728\u4e8e\u5b83\u8d85\u8d8a\u4e86\u7b80\u5355\u7684\u6570\u503c\u5206\u6790\u3002\u5b83\u80fd\u591f\u7cbe\u786e\u5730\u8bc6\u522b\u51faROE\u53d8\u5316\u7684\u539f\u56e0\uff1a<\/p>\n<ul>\n<li>\u5982\u679c\u51c0\u8d44\u4ea7\u6536\u76ca\u7387\u4e0b\u964d\uff0c\u662f\u56e0\u4e3a\u5229\u6da6\u7387\u964d\u4f4e\u5417\uff1f<\/li>\n<li>\u6216\u8005\u8d44\u4ea7\u5468\u8f6c\u901f\u5ea6\u8f83\u6162\uff1f<\/li>\n<li>\u6216\u8bb8\u53ef\u4ee5\u51cf\u5c11\u503a\u52a1\uff1f<\/li>\n<\/ul>\n<p>\ud83d\udc49 \u6362\u53e5\u8bdd\u8bf4\uff0c\u5b83\u5c06\u603b\u4f53\u6bd4\u7387\u8f6c\u5316\u4e3a\u8bca\u65ad\u548c\u7ba1\u7406\u5de5\u5177\u3002.<\/p>\n<h3>\u675c\u90a6\u6cd5\u7684\u7b80\u5316\u793a\u4f8b<\/h3>\n<p>\u6211\u4eec\u6765\u770b\u4e00\u5bb6\u516c\u53f8\uff0c\u5176\u6570\u636e\u5982\u4e0b\uff1a<\/p>\n<ul>\n<li>\u51c0\u6536\u76ca\uff1a50,000\u6b27\u5143<\/li>\n<li>\u6536\u5165\uff1a100\u4e07\u6b27\u5143<\/li>\n<li>\u603b\u8d44\u4ea7\uff1a500,000 \u6b27\u5143<\/li>\n<li>\u80a1\u6743\uff1a25\u4e07\u6b27\u5143<\/li>\n<\/ul>\n<p>\u8ba1\u7b97\uff1a<\/p>\n<ul>\n<li>\u51c0\u5229\u6da6 = 50,000 \/ 1,000,000 = 5 %<\/li>\n<li>\u8d44\u4ea7\u5468\u8f6c\u7387 = 1,000,000 \/ 500,000 = 2<\/li>\n<li>\u8d22\u52a1\u6760\u6746 = 500,000 \/ 250,000 = 2<\/li>\n<li>ROE = 5% \u00d7 2 \u00d7 2 = 20%<\/li>\n<\/ul>\n<p>\u56e0\u6b64\uff0c\u8be5\u516c\u53f8\u83b7\u5f97\u4e86 20 % \u7684\u80a1\u672c\u56de\u62a5\u7387\uff0c\u8fd9\u5f97\u76ca\u4e8e\uff1a<\/p>\n<ul>\n<li>\u5408\u7406\u7684\u5229\u6da6\u7387\uff085 %\uff09\uff0c,<\/li>\n<li>\u6709\u6548\u5229\u7528\u5176\u8d44\u4ea7\uff08\u8f6e\u52a8\u7cfb\u6570=2\uff09\uff0c,<\/li>\n<li>\u4ee5\u53ca\u6b63\u5411\u8d22\u52a1\u6760\u6746\uff082\uff09\u3002.<\/li>\n<\/ul>\n<h3>\u7b56\u7565\u6027\u9605\u8bfb<\/h3>\n<table>\n<thead>\n<tr>\n<th>\u5982\u679c\u2026<\/th>\n<th>\u6240\u4ee5\u2026<\/th>\n<th>\u89e3\u91ca<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u51c0\u5229\u6da6\u7387\u4e0a\u5347<\/td>\n<td>\u51c0\u8d44\u4ea7\u6536\u76ca\u7387\u2191<\/td>\n<td>\u66f4\u9ad8\u7684\u4f01\u4e1a\u76c8\u5229\u80fd\u529b<\/td>\n<\/tr>\n<tr>\n<td>\u8d44\u4ea7\u5468\u8f6c\u7387\u4e0a\u5347<\/td>\n<td>\u51c0\u8d44\u4ea7\u6536\u76ca\u7387\u2191<\/td>\n<td>\u8d44\u4ea7\u5f97\u5230\u66f4\u5145\u5206\u7684\u5229\u7528<\/td>\n<\/tr>\n<tr>\n<td>\u8d22\u52a1\u6760\u6746\u589e\u52a0<\/td>\n<td>ROE \u2191\uff08\u5982\u679c ROA &gt; \u503a\u52a1\u6210\u672c\uff09<\/td>\n<td>\u6b63\u6760\u6746<\/td>\n<\/tr>\n<tr>\n<td>\u8d22\u52a1\u6760\u6746\u589e\u52a0<\/td>\n<td>\u51c0\u8d44\u4ea7\u6536\u76ca\u7387\u4e0b\u964d\uff08\u5982\u679c\u8d44\u4ea7\u6536\u76ca\u7387\u5c0f\u4e8e\u503a\u52a1\u6210\u672c\uff09<\/td>\n<td>\u7834\u574f\u6027\u6760\u6746<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u603b\u800c\u8a00\u4e4b\uff0c\u675c\u90a6\u5206\u6790\u6cd5\u8868\u660e\uff0c\u8d22\u52a1\u76c8\u5229\u80fd\u529b\u53d6\u51b3\u4e8e\u4e09\u4e2a\u5173\u952e\u7ef4\u5ea6\uff1a<\/p>\n<ul>\n<li>\u5546\u4e1a\u8868\u73b0\uff0c,<\/li>\n<li>\u7ecf\u6d4e\u8868\u73b0\uff0c,<\/li>\n<li>\u4ee5\u53ca\u878d\u8d44\u7ed3\u6784\u3002.<\/li>\n<\/ul>\n<p>\u8fd9\u662f\u8d22\u52a1\u5206\u6790\u4e2d\u7684\u4e00\u4e2a\u57fa\u672c\u516c\u5f0f\uff0c\u56e0\u4e3a\u5b83\u5c06\u8fd0\u8425\u3001\u7ecf\u6d4e\u548c\u8d22\u52a1\u7ee9\u6548\u8054\u7cfb\u8d77\u6765\uff0c\u5f62\u6210\u4e00\u4e2a\u8fde\u8d2f\u4e14\u76f4\u89c2\u7684\u89e3\u8bfb\u3002.<\/p>\n<h2>ROCE \u548c ROA \u6709\u4ec0\u4e48\u533a\u522b\uff1f<\/h2>\n<p>\u4e8b\u5b9e\u4e0a\uff0cROCE\uff08\u8d44\u672c\u56de\u62a5\u7387\uff09\u80fd\u591f\u5e2e\u52a9\u6211\u4eec\u5224\u65ad\u516c\u53f8\u5728\u8fd0\u8425\u5c42\u9762\uff08\u65e0\u8bba\u8d44\u91d1\u6765\u6e90\u5982\u4f55\uff09\u662f\u5426\u76c8\u5229\uff0c\u5176\u4f9d\u636e\u662f\u606f\u7a0e\u6298\u65e7\u644a\u9500\u524d\u5229\u6da6\uff08EBITDA\uff09\u6216\u8425\u4e1a\u5229\u6da6\uff0c\u5e76\u8003\u8651\u5176\u662f\u5426\u62e5\u6709\u7a33\u5b9a\u7684\u8d44\u6e90\u3002\u8fd9\u662f\u8fd0\u8425\u5206\u6790\u7684\u7b2c\u4e00\u6b65\u3002.<\/p>\n<p>ROA \u901a\u8fc7\u4f30\u7b97\u6240\u6709\u8d44\u4ea7\uff08\u5305\u62ec\u6240\u6709\u516c\u53f8\u652f\u51fa\uff0c\u800c\u4e0d\u4ec5\u4ec5\u662f\u8fd0\u8425\u6210\u672c\uff09\u7684\u6574\u4f53\u76c8\u5229\u80fd\u529b\uff08\u5373\u51c0\u6536\u5165\uff09\u6765\u8865\u5145\u5206\u6790\u3002\u8fd9\u63d0\u4f9b\u4e86\u4e00\u4e2a\u66f4\u5168\u9762\u7684\u6846\u67b6\uff0c\u800c\u4e14\u81f3\u5173\u91cd\u8981\u7684\u662f\uff0c\u6bd4\u8f83\u8fd9\u4e24\u4e2a\u6307\u6807\u4f7f\u6211\u4eec\u80fd\u591f\u5f97\u51fa\u5173\u4e8e\u503a\u52a1\u5bf9\u9879\u76ee\u76c8\u5229\u80fd\u529b\u5f71\u54cd\u7684\u7ed3\u8bba\u3002.<\/p>\n<table>\n<thead>\n<tr>\n<th data-col-size=\"sm\">\u6807\u51c6<\/th>\n<th data-col-size=\"lg\">ROCE<\/th>\n<th data-col-size=\"lg\">ROA<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td data-col-size=\"sm\">\u5206\u5b50<\/td>\n<td data-col-size=\"lg\">EBITDA \u6216 EBIT\uff08\u606f\u7a0e\u524d\u5229\u6da6\uff09<\/td>\n<td data-col-size=\"lg\">\u6700\u7ec8\u7ed3\u679c<\/td>\n<\/tr>\n<tr>\n<td data-col-size=\"sm\">\u5206\u6bcd<\/td>\n<td data-col-size=\"lg\">\u7a33\u5b9a\u8d44\u6e90\uff08\u80a1\u6743+\u957f\u671f\u503a\u52a1\uff09<\/td>\n<td data-col-size=\"lg\">\u603b\u8d44\u4ea7<\/td>\n<\/tr>\n<tr>\n<td data-col-size=\"sm\">\u60f3\u8c61<\/td>\n<td data-col-size=\"lg\">\u8fd0\u8425\uff08\u7eaf\u7cb9\u6d3b\u52a8\uff09<\/td>\n<td data-col-size=\"lg\">\u603b\u8ba1\uff08\u542b\u878d\u8d44\u8d39\u7528+\u7a0e\u8d39\uff09<\/td>\n<\/tr>\n<tr>\n<td data-col-size=\"sm\">\u516c\u7528\u4e8b\u4e1a<\/td>\n<td data-col-size=\"lg\">\u8bc4\u4f30\u8be5\u6d3b\u52a8\u7684\u76c8\u5229\u80fd\u529b<\/td>\n<td data-col-size=\"lg\">\u8861\u91cf\u8d44\u4ea7\u751f\u4ea7\u7387<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u4f8b\u5982\uff0cROCE\uff0810%\uff09\u663e\u8457\u9ad8\u4e8eROA\uff084%\uff09\uff0c\u8fd9\u57fa\u672c\u4e0a\u8868\u660e\u7ecf\u8425\u6d3b\u52a8\u76f8\u5bf9\u4e8e\u878d\u8d44\u6d3b\u52a8\u800c\u8a00\u662f\u76c8\u5229\u7684\uff0c\u4f46\u8d22\u52a1\u8d39\u7528\uff08\u5229\u606f\uff09\u548c\u7a0e\u6536\u4f1a\u663e\u8457\u964d\u4f4e\u51c0\u5229\u6da6\uff0c\u8fd9\u8868\u660e\u503a\u52a1\u6b63\u5728\u62d6\u7d2f\u51c0\u5229\u6da6\u3002\u56e0\u6b64\uff0c\u4ece\u8868\u9762\u4e0a\u770b\uff0c\u6838\u5fc3\u4e1a\u52a1\u72b6\u51b5\u826f\u597d\uff0c\u4f46\u5728\u8fd9\u79cd\u60c5\u51b5\u4e0b\uff0c\u4e86\u89e3\u8fd9\u4e9b\u503a\u52a1\u7684\u5408\u7406\u6027\u4ee5\u53ca\u5b83\u4eec\u80fd\u6301\u7eed\u591a\u4e45\u5c06\u5f88\u6709\u610f\u4e49\u3002.<\/p>\n<h2>\u53ef\u89c6\u5316\u6982\u8981\u2014\u2014\u6bd4\u4f8b\u5c42\u7ea7<\/h2>\n<table>\n<thead>\n<tr>\n<th data-col-size=\"sm\">\u7b49\u7ea7<\/th>\n<th data-col-size=\"sm\">\u6bd4\u7387<\/th>\n<th data-col-size=\"lg\">\u516c\u5f0f<\/th>\n<th data-col-size=\"lg\">\u63aa\u65bd<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td data-col-size=\"sm\">\u9500\u552e\u91cf<\/td>\n<td data-col-size=\"sm\">\u6d3b\u6027\u6c27<\/td>\n<td data-col-size=\"lg\">REX \/ CA<\/td>\n<td data-col-size=\"lg\">\u8425\u4e1a\u5229\u6da6\u7387<\/td>\n<\/tr>\n<tr>\n<td data-col-size=\"sm\">\u8d44\u4ea7<\/td>\n<td data-col-size=\"sm\">ROA<\/td>\n<td data-col-size=\"lg\">\u51c0\u6536\u5165\/\u603b\u8d44\u4ea7<\/td>\n<td data-col-size=\"lg\">\u603b\u4f53\u751f\u4ea7\u529b<\/td>\n<\/tr>\n<tr>\n<td data-col-size=\"sm\">\u9996\u90fd<\/td>\n<td data-col-size=\"sm\">ROCE \/ ROIC<\/td>\n<td data-col-size=\"lg\">EBE \u6216 NOPAT \/ \u8d44\u6e90<\/td>\n<td data-col-size=\"lg\">\u8fd0\u8425\u76c8\u5229\u80fd\u529b<\/td>\n<\/tr>\n<tr>\n<td data-col-size=\"sm\">\u80a1\u4e1c<\/td>\n<td data-col-size=\"sm\">\u9c7c\u5b50<\/td>\n<td data-col-size=\"lg\">\u6ce8\u518c\u62a4\u58eb\/CP<\/td>\n<td data-col-size=\"lg\">\u6700\u7ec8\u76c8\u5229\u80fd\u529b<\/td>\n<\/tr>\n<tr>\n<td data-col-size=\"sm\">\u73b0\u91d1<\/td>\n<td data-col-size=\"sm\">\u73b0\u91d1\u6295\u8d44\u56de\u62a5\u7387<\/td>\n<td data-col-size=\"lg\">\u81ea\u7531\u73b0\u91d1\u6d41\/\u6295\u8d44\u8d44\u672c<\/td>\n<td data-col-size=\"lg\">\u73b0\u91d1\u521b\u9020<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>\u5173\u4e8e\u4e0d\u540c\u6bd4\u4f8b\u9700\u8981\u8bb0\u4f4f\u7684\u5173\u952e\u70b9<\/h2>\n<ul>\n<li>ROS = \u6211\u4eec\u5982\u4f55\u53d6\u80dc<\/li>\n<li>ROA = \u6211\u4eec\u8d62\u5f97\u7684\u6536\u76ca<\/li>\n<li>ROCE\/ROIC = \u6210\u672c\u662f\u591a\u5c11<\/li>\n<li>ROE = \u8c01\u53d7\u76ca<\/li>\n<li>\u675c\u90a6\u516c\u53f8 = \u4e3a\u4ec0\u4e48<\/li>\n<\/ul>\n<h2>\u5982\u4f55\u89e3\u8bfb\u7ecf\u6d4e\u548c\u8d22\u52a1\u76c8\u5229\u80fd\u529b\u6bd4\u7387\uff1f<\/h2>\n<p>\u76c8\u5229\u80fd\u529b\u6bd4\u7387\u6709\u591a\u79cd\u89e3\u8bfb\u65b9\u5f0f\u3002\u4f8b\u5982\uff1a<\/p>\n<ul>\n<li>\u6bd4\u8f83\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\uff08ROCE\uff09\u548c\u8d22\u52a1\u76c8\u5229\u80fd\u529b\uff08ROE\uff09\uff0c\u4ee5\u786e\u5b9a\u516c\u53f8\u662f\u5426\u53d7\u76ca\u4e8e\u79ef\u6781\u7684\u6760\u6746\u6548\u5e94\uff1b ;<\/li>\n<li>\u5206\u6790\u8fd9\u4e9b\u6bd4\u7387\u9010\u5e74\u7684\u53d8\u5316\u60c5\u51b5\uff1b ;<\/li>\n<li>\u5c06\u516c\u53f8\u7684\u76c8\u5229\u80fd\u529b\u4e0e\u884c\u4e1a\u5e73\u5747\u6c34\u5e73\u8fdb\u884c\u6bd4\u8f83\u3002.<\/li>\n<\/ul>\n<p>\u5404\u884c\u4e1a\u7684\u76c8\u5229\u6c34\u5e73\u5dee\u5f02\u5f88\u5927\u3002\u4e00\u822c\u6765\u8bf4\uff0c\u670d\u52a1\u4e1a\u7684\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\u57288\u523015\u4e4b\u95f4\uff0c\u5de5\u4e1a\u57284\u52308\u4e4b\u95f4\uff0c\u96f6\u552e\u4e1a\u57283\u52308\u4e4b\u95f4\uff0c\u5efa\u7b51\u4e1a\u57284\u52306\u4e4b\u95f4\u3002.<\/p>\n<p>\u6b63\u5982\u6211\u4eec\u5728\u675c\u90a6\u516c\u5f0f\u4e2d\u770b\u5230\u7684\u90a3\u6837\uff0c\u53ef\u4ee5\u901a\u8fc7\u591a\u79cd\u9014\u5f84\u63d0\u9ad8\u7ecf\u6d4e\u6548\u76ca\u3002.<\/p>\n<h3>\u63d0\u9ad8\u8425\u4e1a\u5229\u6da6\u7387\uff08\u5206\u5b50\u2191\uff09<\/h3>\n<ul>\n<li>\u6536\u5165\u589e\u52a0\uff1a\n<ul>\n<li>\u66f4\u597d\u7684\u5546\u4e1a\u548c\u8425\u9500\u653f\u7b56\uff1b ;<\/li>\n<li>\u591a\u5143\u5316\u53d1\u5c55\u9ad8\u5229\u6da6\u4ea7\u54c1\/\u670d\u52a1\uff1b ;<\/li>\n<li>\u5f00\u53d1\u65b0\u5e02\u573a\uff08\u51fa\u53e3\u3001\u6570\u5b57\u3001B2B \u7b49\uff09\u3002.<\/li>\n<\/ul>\n<\/li>\n<li>\u964d\u4f4e\u8fd0\u8425\u6210\u672c\uff1a\n<ul>\n<li>\u751f\u4ea7\u529b\u63d0\u9ad8\uff1b ;<\/li>\n<li>\u6d41\u7a0b\u81ea\u52a8\u5316\u6216\u6570\u5b57\u5316\uff1b ;<\/li>\n<li>\u964d\u4f4e\u56fa\u5b9a\u6210\u672c\uff08\u5206\u5305\u3001\u5916\u5305\u3001\u91cd\u65b0\u8c08\u5224\u5408\u540c\uff09\uff1b ;<\/li>\n<li>\u66f4\u597d\u5730\u63a7\u5236\u4eba\u5458\u6210\u672c\u548c\u91c7\u8d2d\u3002.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>\u4f18\u5316\u8d44\u4ea7\u5468\u8f6c\u7387\uff08\u5206\u6bcd\u2193\uff09<\/h3>\n<ul>\n<li>\u51cf\u5c11\u8425\u8fd0\u8d44\u91d1\u9700\u6c42\uff08WCR\uff09\uff1a\n<ul>\n<li>\u7f29\u77ed\u5ba2\u6237\u4ed8\u6b3e\u65f6\u95f4\uff1b ;<\/li>\n<li>\u5ef6\u957f\u4f9b\u5e94\u5546\u4ea4\u8d27\u5468\u671f\uff08\u4e0d\u635f\u5bb3\u5408\u4f5c\u5173\u7cfb\uff09\uff1b ;<\/li>\n<li>\u51cf\u5c11\u5e93\u5b58\uff08\u5373\u65f6\u751f\u4ea7\uff0c\u66f4\u597d\u5730\u9884\u6d4b\u9700\u6c42\uff09\u3002.<\/li>\n<\/ul>\n<\/li>\n<li>\u63d0\u9ad8\u56fa\u5b9a\u8d44\u4ea7\u5229\u7528\u7387\uff1a\n<ul>\n<li>\u6539\u8fdb\u9884\u9632\u6027\u7ef4\u62a4\u548c\u8bbe\u5907\u7ba1\u7406\uff1b ;<\/li>\n<li>\u51fa\u552e\u6216\u51fa\u79df\u672a\u5145\u5206\u5229\u7528\u7684\u8d44\u4ea7\uff1b ;<\/li>\n<li>\u5229\u7528\u79df\u8d41\u6216\u79df\u501f\u6765\u907f\u514d\u8d44\u91d1\u5360\u7528\u3002.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>\u6218\u7565\u6743\u8861<\/h3>\n<ul>\n<li>\u5c06\u4e1a\u52a1\u91cd\u5fc3\u91cd\u65b0\u653e\u5728\u6700\u8d5a\u94b1\u7684\u4e1a\u52a1\u6216\u4ea7\u54c1\u4e0a\uff1b ;<\/li>\n<li>\u5173\u95ed\u6216\u51fa\u552e\u7ecf\u6d4e\u6548\u76ca\u4f4e\u7684\u4e1a\u52a1\uff1b ;<\/li>\n<li>\u6295\u8d44\u4e8e\u66f4\u8282\u80fd\u6216\u66f4\u9ad8\u6548\u7684\u6280\u672f\u6216\u8bbe\u5907\uff1b ;<\/li>\n<li>\u5ba1\u67e5\u7ec4\u7ec7\u7ed3\u6784\uff0c\u4ee5\u964d\u4f4e\u6210\u672c\u5e76\u7b80\u5316\u51b3\u7b56\u6d41\u7a0b\u3002.<\/li>\n<\/ul>\n<p>\u56e0\u6b64\uff0c\u53ef\u4ee5\u901a\u8fc7\u63d0\u9ad8\u8425\u4e1a\u5229\u6da6\u7387\uff08\u63d0\u9ad8\u8425\u4e1a\u989d\u3001\u63a7\u5236\u6210\u672c\u3001\u63d0\u9ad8\u751f\u4ea7\u7387\u7b49\uff09\u3001\u4f18\u5316\u8d44\u4ea7\u5468\u8f6c\u7387\uff08\u51cf\u5c11\u8425\u8fd0\u8d44\u91d1\u9700\u6c42\u3001\u66f4\u597d\u5730\u5229\u7528\u56fa\u5b9a\u8d44\u4ea7\u3001\u5904\u7f6e\u672a\u5145\u5206\u5229\u7528\u7684\u8d44\u4ea7\u7b49\uff09\u4ee5\u53ca\u8fdb\u884c\u6218\u7565\u6743\u8861\uff0c\u5c06\u8d44\u6e90\u96c6\u4e2d\u4e8e\u6700\u6709\u5229\u53ef\u56fe\u7684\u6d3b\u52a8\uff0c\u6765\u63d0\u9ad8\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\u3002.<\/p>\n<p>\u6700\u540e\uff0c\u5982\u679c\u516c\u53f8\u5229\u7528\u503a\u52a1\u4ea7\u751f\u6b63\u6760\u6746\u6548\u5e94\uff0c\u5373\u7ecf\u6d4e\u5229\u6da6\u5927\u4e8e\u503a\u52a1\u6210\u672c\uff0c\u5219\u53ef\u4ee5\u63d0\u9ad8\u8d22\u52a1\u76c8\u5229\u80fd\u529b\u3002.<\/p>\n<h2>\u4e0e\u4ef7\u503c\u521b\u9020\u548c\u8d44\u672c\u6210\u672c\u76f8\u5173<\/h2>\n<p>\u8fd9\u91cc\u8ba8\u8bba\u7684\u6240\u6709\u4e0e\u76c8\u5229\u80fd\u529b\u76f8\u5173\u7684\u6982\u5ff5\u90fd\u6307\u5411\u516c\u53f8\u8d22\u52a1\u7684\u6838\u5fc3\uff1a\u4ef7\u503c\u521b\u9020\u3002\u516c\u53f8\u53ea\u6709\u5728\u76c8\u5229\u65f6\u624d\u80fd\u521b\u9020\u4ef7\u503c\u3002 <strong>\u5982\u679c\u5979\u7684\u6536\u5165\u8d85\u8fc7\u4e86\u5979\u7684\u8d44\u672c\u6210\u672c\uff0c\u5979<\/strong>. \u800c\u4e3a\u6b64\uff0c <strong>\u516c\u53f8\u7684\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\u5fc5\u987b\u5927\u4e8e\u52a0\u6743\u5e73\u5747\u8d44\u672c\u6210\u672c\u3002<\/strong> \uff08WACC \u4ee3\u8868\u52a0\u6743\u5e73\u5747\u8d44\u672c\u6210\u672c\uff09\uff0c\u4e5f\u5c31\u662f\u8bf4 <strong>\u8d44\u672c\u6700\u7ec8\u6210\u672c\u662f\u591a\u5c11\uff1f<\/strong>. \u5982\u679c\u4f4e\u4e8e\u8fd9\u4e2a\u503c\uff0c\u516c\u53f8\u5c31\u4f1a\u635f\u5931\u4ef7\u503c\u3002.<\/p>\n<p>\u5f53\u4e00\u5bb6\u516c\u53f8\u8fdb\u884c\u6295\u8d44\u65f6\uff0c\u5b83 <strong>\u8c03\u52a8\u8d22\u653f\u8d44\u6e90<\/strong> \u6e90\u81ea\u5176 <strong>\u80a1\u4e1c<\/strong> \uff08\u80a1\u6743\uff09\u53ca\u5176 <strong>\u8d37\u6b3e\u4eba<\/strong> \uff08\u503a\u52a1\uff09. <strong>\u8fd9\u4e9b\u8d44\u6e90\u662f\u6709\u6210\u672c\u7684\u3002<\/strong> \uff1a \u8fd9 <strong>\u80a1\u4e1c\u671f\u671b\u83b7\u5f97\u56de\u62a5<\/strong> \u4ee5\u80a1\u606f\u6216\u8d44\u672c\u6536\u76ca\u7684\u5f62\u5f0f\uff0c\u4ee5\u53ca <strong>\u8d37\u6b3e\u4eba\u6536\u53d6\u5229\u606f<\/strong>.<\/p>\n<p>\u8fd9 <strong>\u52a0\u6743\u5e73\u5747\u8d44\u672c\u6210\u672c\uff08WACC\uff09<\/strong> \u56e0\u6b64\u4ee3\u8868 <strong>\u4e3a\u516c\u53f8\u878d\u8d44\u800c\u8c03\u52a8\u7684\u8d44\u672c\u603b\u6210\u672c<\/strong>. \u4ed6\u7ffb\u8bd1\u4e86 <strong>\u63d0\u4f9b\u8d44\u91d1\u8005\u8981\u6c42\u7684\u6700\u4f4e\u76c8\u5229\u80fd\u529b<\/strong>.<\/p>\n<p>\u5f53\u8d44\u672c\u56de\u62a5\u7387\uff08ROCE\uff09\u8d85\u8fc7\u8d44\u672c\u6210\u672c\u65f6\uff0c\u4ef7\u503c\u4fbf\u5f97\u4ee5\u521b\u9020\u3002\u6362\u53e5\u8bdd\u8bf4\uff0c\u5982\u679c\u516c\u53f8\u6bcf\u6295\u8d44\u4e00\u6b27\u5143\u6240\u4ea7\u751f\u7684\u6536\u76ca\u8d85\u8fc7\u5176\u878d\u8d44\u6210\u672c\uff0c\u90a3\u4e48\u5b83\u5c31\u80fd\u521b\u9020\u8d22\u5bcc\u3002\u5426\u5219\uff0c\u5373\u4f7f\u8868\u9762\u4e0a\u76c8\u5229\uff0c\u5b83\u4e5f\u4f1a\u9020\u6210\u4ef7\u503c\u635f\u5931\u3002.<\/p>\n<p>\u8fd9\u79cd\u903b\u8f91\u662f\u73b0\u4ee3\u516c\u53f8\u91d1\u878d\u7684\u6838\u5fc3\uff0c\u4e5f\u662f\u6295\u8d44\u3001\u878d\u8d44\u548c\u6218\u7565\u7ba1\u7406\u51b3\u7b56\u7684\u57fa\u7840\u3002\u800c\u4e14\uff0c\u4e5f\u6709\u4e00\u4e9b\u65b9\u6cd5\u548c\u8ba1\u7b97\u65b9\u6cd5\u53ef\u4ee5\u7528\u6765\u4f30\u7b97\u52a0\u6743\u5e73\u5747\u8d44\u672c\u6210\u672c\uff08WACC\uff09\u3002\u6211\u4eec\u5c06\u5728\u4e0b\u4e00\u7ae0\u4e2d\u770b\u5230\u8fd9\u4e00\u70b9\u3002 <a href=\"https:\/\/tulipemedia.com\/zh\/cours-gestion-entreprise\/\">\u672c\u8bfe\u7a0b\u4e13\u6ce8\u4e8e\u516c\u53f8\u8d22\u52a1\uff0c\u60a8\u53ef\u4ee5\u5728\u8fd9\u91cc\u627e\u5230\u8bfe\u7a0b\u76ee\u5f55\u3002<\/a> !<\/p>\n<h2>\u5df2\u89e3\u7b54\u7684\u7ec3\u4e60\u9898<\/h2>\n<h3>\u7ec3\u4e601\u2014\u2014\u5de5\u4e1a\u4e2d\u5c0f\u4f01\u4e1a\u7684\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b<\/h3>\n<p>\u516c\u53f8 <strong>MecaPlus<\/strong>, \u4e00\u5bb6\u4e13\u95e8\u4ece\u4e8b\u91d1\u5c5e\u96f6\u4ef6\u5236\u9020\u7684\u516c\u53f8\uff0c\u5e0c\u671b\u5206\u6790\u5176\u7b2c N \u5e74\u7684\u7ecf\u8425\u4e1a\u7ee9\u3002.<\/p>\n<p>\u4ee5\u4e0b\u662f\u8d22\u52a1\u8be6\u60c5\uff1a <\/p>\n<table border=\"1\" cellpadding=\"6\" cellspacing=\"0\">\n<tr>\n<th>\u5143\u7d20<\/th>\n<th>\u91d1\u989d\uff08\u6b27\u5143\uff09<\/th>\n<\/tr>\n<tr>\n<td>\u5468\u8f6c<\/td>\n<td>4 800 000<\/td>\n<\/tr>\n<tr>\n<td>\u7ecf\u8425\u4e1a\u7ee9<\/td>\n<td>420 000<\/td>\n<\/tr>\n<tr>\n<td>\u7ecf\u6d4e\u8d44\u4ea7\uff08\u56fa\u5b9a\u8d44\u4ea7+\u8425\u8fd0\u8d44\u672c\uff09<\/td>\n<td>3 200 000<\/td>\n<\/tr>\n<\/table>\n<h4>\u95ee\u9898<\/h4>\n<p><strong>1.<\/strong> \u8ba1\u7b97 MecaPlus \u7684\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\uff08EP\uff09\u3002.<br \/>\n<input type=\"text\" style=\"width: 300px;\"> %<\/p>\n<p style=\"color: green;\">\u66f4\u6b63\uff1aRE = 420,000 \/ 3,200,000 = <strong>13,1 %<\/strong><\/p>\n<p><strong>2.<\/strong> \u8bf7\u89e3\u8bfb\u6b64\u7ed3\u679c\uff1a\u76f8\u5bf9\u4e8e\u5e73\u5747\u6c34\u5e73\u4e3a 10 % \u7684\u884c\u4e1a\uff0c\u60a8\u8ba4\u4e3a\u8fd0\u8425\u7ee9\u6548\u662f\u5426\u4ee4\u4eba\u6ee1\u610f\uff1f<br \/>\n<input type=\"text\" style=\"width: 450px;\"><\/p>\n<p style=\"color: green;\">\u66f4\u6b63\uff1a\u8be5\u516c\u53f8\u7684\u76c8\u5229\u80fd\u529b\u9ad8\u4e8e\u884c\u4e1a\u5e73\u5747\u6c34\u5e73\uff1b\u56e0\u6b64\uff0c\u8be5\u516c\u53f8\u521b\u9020\u4e86\u9ad8\u4e8e\u5e73\u5747\u6c34\u5e73\u7684\u8fd0\u8425\u4e1a\u7ee9\u3002.<\/p>\n<h4>\u4e3a\u4e86\u8fdb\u4e00\u6b65<\/h4>\n<p><strong>3.<\/strong> \u54ea\u4e9b\u8fd0\u8425\u6760\u6746\u53ef\u4ee5\u8fdb\u4e00\u6b65\u63d0\u9ad8\u7ecf\u6d4e\u6548\u76ca\uff08\u751f\u4ea7\u7387\u3001\u4ef7\u683c\u3001\u6210\u672c\u7ed3\u6784\u2026\u2026\uff09\uff1f<br \/>\n<input type=\"text\" style=\"width: 450px;\"><\/p>\n<p style=\"color: green;\">\u66f4\u6b63\uff1a\u63d0\u9ad8\u751f\u4ea7\u7387\u3001\u63d0\u5347\u5e02\u573a\uff08\u4ef7\u683c\uff09\u6216\u964d\u4f4e\u56fa\u5b9a\/\u53ef\u53d8\u6210\u672c\u90fd\u662f\u503c\u5f97\u63a2\u7d22\u7684\u76f8\u5173\u9014\u5f84\u3002.<\/p>\n<h3>\u7ec3\u4e60 2 \u2013 \u8d22\u52a1\u6760\u6746\u548c\u6743\u76ca\u56de\u62a5\u7387<\/h3>\n<p>\u516c\u53f8 <strong>\u54a8\u8be2<\/strong>, \u4e00\u5bb6\u6218\u7565\u54a8\u8be2\u516c\u53f8\u60f3\u8981\u6bd4\u8f83\u5176\u8d22\u52a1\u76c8\u5229\u80fd\u529b\u548c\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\u3002.<\/p>\n<table border=\"1\" cellpadding=\"6\" cellspacing=\"0\">\n<tr>\n<th>\u5143\u7d20<\/th>\n<th>\u91d1\u989d\uff08\u6b27\u5143\uff09<\/th>\n<\/tr>\n<tr>\n<td>\u6700\u7ec8\u7ed3\u679c<\/td>\n<td>300 000<\/td>\n<\/tr>\n<tr>\n<td>\u516c\u5e73<\/td>\n<td>1 500 000<\/td>\n<\/tr>\n<tr>\n<td>\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\uff08EV\uff09<\/td>\n<td>12 %<\/td>\n<\/tr>\n<tr>\n<td>\u5e73\u5747\u503a\u52a1\u6210\u672c\uff08\u7a0e\u540e\uff09<\/td>\n<td>4 %<\/td>\n<\/tr>\n<tr>\n<td>\u91d1\u878d\u503a\u52a1<\/td>\n<td>800 000<\/td>\n<\/tr>\n<\/table>\n<h4>\u95ee\u9898<\/h4>\n<p><strong>1.<\/strong> \u8ba1\u7b97\u80a1\u4e1c\u7684\u8d22\u52a1\u56de\u62a5\uff08FR\uff09\u3002.<br \/>\n<input type=\"text\" style=\"width: 300px;\"> %<\/p>\n<p style=\"color: green;\">\u66f4\u6b63\uff1aRF = 300,000 \/ 1,500,000 = <strong>20 %<\/strong>.<\/p>\n<p><strong>2.<\/strong> \u6bd4\u8f83 RF \u548c RE\uff1a\u8d22\u52a1\u6760\u6746\u6548\u5e94\u662f\u6b63\u5411\u7684\u8fd8\u662f\u8d1f\u5411\u7684\uff1f<br \/>\n<input type=\"text\" style=\"width: 450px;\"><\/p>\n<p style=\"color: green;\">\u66f4\u6b63\uff1aRF\uff0820 %\uff09\u5927\u4e8e RE\uff0812 %\uff09\uff0c\u800c\u503a\u52a1\u6210\u672c\u4ec5\u4e3a 4 %\u3002\u56e0\u6b64\uff0c\u6760\u6746\u6548\u5e94\u4e3a\u6b63\u3002.<\/p>\n<h4>\u4e3a\u4e86\u8fdb\u4e00\u6b65<\/h4>\n<p><strong>3.<\/strong> \u5728\u4ec0\u4e48\u60c5\u51b5\u4e0b\u6760\u6746\u4f1a\u53d8\u5f97\u4e0d\u5229\uff1f<br \/>\n<input type=\"text\" style=\"width: 450px;\"><\/p>\n<p style=\"color: green;\">\u66f4\u6b63\uff1a\u5982\u679c\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\u4f4e\u4e8e\u503a\u52a1\u6210\u672c\uff0c\u6760\u6746\u6548\u5e94\u5c06\u4f1a\u9006\u8f6c\u3002.<\/p>\n<h3>\u7ec3\u4e60 3 \u2013 \u6bd4\u8f83\u4e24\u79cd\u6d3b\u52a8\u7684\u76c8\u5229\u80fd\u529b<\/h3>\n<p>\u516c\u53f8 <strong>\u98df\u7269\u65e5\u5fd7<\/strong>, \u4e00\u4f4d\u98df\u54c1\u7269\u6d41\u4e13\u5bb6\u5f00\u5c55\u4e24\u9879\u4e1a\u52a1\uff1a<\/p>\n<ul>\n<li><strong>\u6d3b\u52a8 A<\/strong> \u51b7\u85cf<\/li>\n<li><strong>\u6d3b\u52a8 B<\/strong> \u57ce\u5e02\u914d\u9001<\/li>\n<\/ul>\n<p>\u4ee5\u4e0b\u662fN\u5e74\u7684\u4fe1\u606f\uff1a<\/p>\n<table border=\"1\" cellpadding=\"6\" cellspacing=\"0\">\n<tr>\n<th>\u5143\u7d20<\/th>\n<th>\u6d3b\u52a8 A<\/th>\n<th>\u6d3b\u52a8 B<\/th>\n<\/tr>\n<tr>\n<td>\u5468\u8f6c<\/td>\n<td>6 000 000 \u20ac<\/td>\n<td>3 200 000 \u20ac<\/td>\n<\/tr>\n<tr>\n<td>\u7ecf\u8425\u4e1a\u7ee9<\/td>\n<td>480 000 \u20ac<\/td>\n<td>250 000 \u20ac<\/td>\n<\/tr>\n<tr>\n<td>\u7ecf\u6d4e\u8d44\u4ea7<\/td>\n<td>4 800 000 \u20ac<\/td>\n<td>1 600 000 \u20ac<\/td>\n<\/tr>\n<\/table>\n<h4>\u95ee\u9898<\/h4>\n<p><strong>1.<\/strong> \u8ba1\u7b97\u6d3b\u52a8 A \u7684\u7ecf\u6d4e\u76c8\u5229\u80fd\u529b\u3002.<br \/>\n<input type=\"text\" style=\"width: 300px;\"> %<\/p>\n<p style=\"color: green;\">\u66f4\u6b63\uff1aRE(A) = 480,000 \/ 4,800,000 = <strong>10 %<\/strong>.<\/p>\n<p><strong>2.<\/strong> \u8ba1\u7b97\u6d3b\u52a8 B \u7684\u7ecf\u6d4e\u6548\u76ca\u3002.<br \/>\n<input type=\"text\" style=\"width: 300px;\"> %<\/p>\n<p style=\"color: green;\">\u66f4\u6b63\uff1aRE(B) = 250,000 \/ 1,600,000 = <strong>15,6 %<\/strong>.<\/p>\n<p><strong>3.<\/strong> \u54ea\u9879\u6d3b\u52a8\u5728\u8fd0\u8425\u6548\u7387\u4e0a\u6700\u9ad8\uff1f\u8bf7\u8bf4\u660e\u7406\u7531\u3002.<br \/>\n<input type=\"text\" style=\"width: 450px;\"><\/p>\n<p style=\"color: green;\">\u66f4\u6b63\uff1a\u6d3b\u52a8 B \u7684\u76c8\u5229\u80fd\u529b\u66f4\u9ad8\uff1b\u6bcf\u6295\u8d44\u4e00\u6b27\u5143\uff0c\u5b83\u4ea7\u751f\u7684\u5229\u6da6\u66f4\u591a\u3002.<\/p>\n<h4>\u4e3a\u4e86\u8fdb\u4e00\u6b65<\/h4>\n<p><strong>4.<\/strong> \u5982\u679c\u516c\u53f8\u8981\u5bf9\u6295\u8d44\u8fdb\u884c\u4f18\u5148\u6392\u5e8f\uff0c\u6839\u636e\u89c2\u5bdf\u5230\u7684\u56de\u62a5\uff0c\u60a8\u4f1a\u63d0\u51fa\u4ec0\u4e48\u5efa\u8bae\uff1f<br \/>\n<input type=\"text\" style=\"width: 450px;\"><\/p>\n<p style=\"color: green;\">\u66f4\u6b63\uff1a\u6295\u8d44\u5e94\u4e3b\u8981\u9488\u5bf9\u6d3b\u52a8 B\uff0c\u8fd9\u6837\u53ef\u4ee5\u66f4\u6709\u6548\u5730\u4f18\u5316\u6295\u8d44\u8d44\u672c\u3002.<\/p>\n<p>\ud83d\udc49 \u4e0b\u4e00\u7ae0\uff1a\u5373\u5c06\u63a8\u51fa\u3002<br \/>\n\ud83d\udcd6\u00a0<a href=\"https:\/\/tulipemedia.com\/zh\/cours-gestion-entreprise\/\">\u8fd4\u56de\u76ee\u5f55<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>\u5728\u672c\u8bfe\u7a0b\u4e2d\uff0c\u6211\u4eec\u5c06\u4e00\u8d77\u63a2\u7d22\u76c8\u5229\u80fd\u529b\u6bd4\u7387\uff0c\u76ee\u6807\u662f\u6210\u4e3a\u4f01\u4e1a\u7ba1\u7406\u548c\u8d22\u52a1\u65b9\u9762\u7684\u4e13\u5bb6\uff0c\u5c24\u5176\u9002\u5408\u5e0c\u671b\u521b\u5efa\u6216\u53d1\u5c55\u4e1a\u52a1\u800c\u4e0d\u843d\u5165\u7ba1\u7406\u4e0d\u5584\u9677\u9631\u7684\u521d\u5b66\u8005\u3001\u7ecf\u7406\u548c\u4f01\u4e1a\u5bb6\u3002.<\/p>","protected":false},"author":17,"featured_media":6162,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[171],"class_list":["post-6028","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\/6028","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=6028"}],"version-history":[{"count":3,"href":"https:\/\/tulipemedia.com\/zh\/wp-json\/wp\/v2\/posts\/6028\/revisions"}],"predecessor-version":[{"id":6166,"href":"https:\/\/tulipemedia.com\/zh\/wp-json\/wp\/v2\/posts\/6028\/revisions\/6166"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tulipemedia.com\/zh\/wp-json\/wp\/v2\/media\/6162"}],"wp:attachment":[{"href":"https:\/\/tulipemedia.com\/zh\/wp-json\/wp\/v2\/media?parent=6028"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tulipemedia.com\/zh\/wp-json\/wp\/v2\/categories?post=6028"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tulipemedia.com\/zh\/wp-json\/wp\/v2\/tags?post=6028"}],"curies":[{"name":"\u53ef\u6e7f\u6027\u7c89\u5242","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}