{"id":1343,"date":"2019-06-24T16:24:18","date_gmt":"2019-06-24T08:24:18","guid":{"rendered":"http:\/\/www.pact.com.tw\/tw\/?p=1343"},"modified":"2019-06-24T16:34:41","modified_gmt":"2019-06-24T08:34:41","slug":"%e5%93%a1%e5%b7%a5%e7%8d%8e%e9%85%ac%e5%88%b6%e5%ba%a6%e4%b9%8b%e8%aa%8d%e8%82%a1%e6%ac%8a%e7%95%99%e6%89%8d%e8%a8%88%e7%95%ab%e5%8f%8a%e8%82%a1%e6%ac%8a%e8%a9%95%e5%83%b9","status":"publish","type":"post","link":"http:\/\/www.pact.com.tw\/tw\/2019\/06\/24\/%e5%93%a1%e5%b7%a5%e7%8d%8e%e9%85%ac%e5%88%b6%e5%ba%a6%e4%b9%8b%e8%aa%8d%e8%82%a1%e6%ac%8a%e7%95%99%e6%89%8d%e8%a8%88%e7%95%ab%e5%8f%8a%e8%82%a1%e6%ac%8a%e8%a9%95%e5%83%b9\/","title":{"rendered":"\u54e1\u5de5\u734e\u916c\u5236\u5ea6\u4e4b\u8a8d\u80a1\u6b0a\u7559\u624d\u8a08\u756b\u53ca\u80a1\u6b0a\u8a55\u50f9"},"content":{"rendered":"

\u5c08\u7cbe\u4f01\u7ba1\u3000\u5f35\u601d\u745c\u8a55\u50f9\u5e2b<\/a>\u3001\u7530\u96c5\u840d\u8a55\u50f9\u5e2b<\/a><\/p>\n

<\/p>\n

 <\/p>\n

\u4e00\u3001\u524d\u8a00<\/strong><\/span><\/p>\n

\u300c\u54e1\u5de5\u300d\u662f\u516c\u53f8\u6700\u91cd\u8981\u7684\u8cc7\u7522\u4e4b\u4e00\uff0c\u5c08\u696d\u4eba\u624d\u5c0d\u65bc\u516c\u53f8\u7684\u767c\u5c55\u626e\u6f14\u8457\u76f8\u7576\u91cd\u8981\u7684\u89d2\u8272\uff0c\u6709\u597d\u7684\u54e1\u5de5\uff0c\u624d\u80fd\u9054\u6210\u63d0\u5347\u516c\u53f8\u71df\u904b\u7e3e\u6548\u7684\u76ee\u6a19\u3002\u56e0\u6b64\u5728\u63d0\u5347\u516c\u53f8\u71df\u904b\u7e3e\u6548\u7684\u540c\u6642\uff0c\u5982\u4f55\u8b93\u54e1\u5de5\u5c0d\u516c\u53f8\u6709\u6b78\u5c6c\u611f\u3001\u6709\u5411\u5fc3\u529b\u3001\u80fd\u5728\u516c\u53f8\u4e45\u4efb\uff0c\u4e00\u76f4\u662f\u516c\u53f8\u76f8\u7576\u95dc\u6ce8\u7684\u4e00\u500b\u8b70\u984c\u3002\u56e0\u6b64\u5982\u4f55\u734e\u52f5\u54e1\u5de5\uff0c\u540c\u6642\u53ef\u9054\u5230\u7559\u624d\u6548\u679c\uff0c\u300c\u54e1\u5de5\u734e\u916c\u300d\u76f8\u95dc\u5de5\u5177\u61c9\u7528\u56e0\u6b64\u61c9\u904b\u800c\u751f\u3002<\/span><\/p>\n

 <\/p>\n

\u4e8c\u3001\u7559\u624d\u5de5\u5177<\/strong><\/span><\/p>\n

\u5c0d\u65bc\u54e1\u5de5\u734e\u916c\u76f8\u95dc\u5de5\u5177\uff0c\u7c21\u7565\u53ef\u5340\u5206\u70ba\uff1a\u8ca1\u52d9\u6027\u734e\u916c\u53ca\u975e\u8ca1\u52d9\u6027\u734e\u916c\u3002<\/span><\/p>\n

\u25ce\u8ca1\u52d9\u6027\u734e\u916c\uff1a\u8abf\u85aa\u3001\u54e1\u5de5\u5206\u7d05\u53ca\u734e\u91d1\u3001\u8a02\u5b9a\u4e45\u4efb\u734e\u91d1\/\u96e2\u8077\u8fa6\u6cd5\u53ca\u8a8d\u80a1\u6b0a\u7559\u624d\u8a08\u756b\u7b49\u3002<\/p>\n

\u25ce\u975e\u8ca1\u52d9\u6027\u734e\u916c\uff1a\u8077\u52d9\u5347\u7b49\u3001\u798f\u5229\u653f\u7b56\u7b49\u3002<\/span><\/p>\n

\u773e\u591a\u734e\u916c\u5de5\u5177\u4e2d\uff0c\u5c0d\u54e1\u5de5\u6700\u6709\u7acb\u5373\u734e\u52f5\u6548\u679c\u7684\u70ba\uff1a\u8abf\u85aa\u3001\u54e1\u5de5\u5206\u7d05\u3001\u734e\u91d1\u53ca\u8077\u52d9\u5347\u7b49\u7b49\uff0c\u96d6\u6700\u6709\u7acb\u5373\u734e\u52f5\u6548\u679c\uff0c\u4f46\u76f8\u5c0d\u7684\u5c0d\u65bc\u300c\u7559\u624d\u300d\u6548\u679c\u5247\u76f8\u5c0d\u4e0d\u660e\u986f\u3002\u4ee5\u8abf\u85aa\u8209\u4f8b\u5982\u4e0b\uff1a\u54e1\u5de5\u65bc\u8abf\u85aa\u7576\u4e0b\u6703\u53d7\u5230\u6fc0\u52f5\uff0c\u4f46\u85aa\u6c34\u662f\u300c\u56fa\u5b9a\u300d\u7684\uff0c\u56e0\u6b64\u7121\u6cd5\u6709\u66f4\u591a\u7684\u6fc0\u52f5\u6548\u679c\uff0c\u4e5f\u7121\u6cd5\u56e0\u6b64\u6b21\u7684\u8abf\u85aa\uff0c\u4f7f\u54e1\u5de5\u65bc\u672a\u4f86\u6709\u5f37\u70c8\u7684\u610f\u9858\u7559\u4efb\u516c\u53f8\uff0c\u4ea6\u96e3\u628a\u54e1\u5de5\u7684\u52aa\u529b\u8207\u672a\u4f86\u516c\u53f8\u7372\u5229\u505a\u9023\u7d50\uff0c\u56e0\u6b64\u7559\u624d\u53ca\u6fc0\u52f5\u6548\u679c\u6709\u9650\u3002\u4e14\u8abf\u85aa\u5c6c\u300c\u5de5\u8cc7\u300d\uff0c\u6703\u63d0\u9ad8\u52de\u4fdd\u3001\u5065\u4fdd\u7b49\u4e8c\u6b21\u6210\u672c\u3002\u53e6\u5916\uff0c\u8a02\u5b9a\u4e45\u4efb\u734e\u91d1\/\u96e2\u8077\u8fa6\u6cd5\uff0c\u96d6\u80fd\u63d0\u9ad8\u54e1\u5de5\u7559\u4efb\u65bc\u516c\u53f8\u4e4b\u76ee\u6a19\uff0c\u5177\u6709\u7559\u624d\u6548\u679c\uff0c\u4f46\u6b64\u5de5\u5177\u4ea6\u96e3\u628a\u54e1\u5de5\u7684\u52aa\u529b\u8207\u672a\u4f86\u516c\u53f8\u7372\u5229\u505a\u9023\u7d50\uff0c\u5c6c\u98a8\u96aa\u898f\u907f\u8005\u8f03\u70ba\u559c\u6b61\u4e4b\u5de5\u5177\uff0c\u56e0\u6b64\u672c\u7bc7\u5c07\u4e0d\u5c31\u6b64\u5de5\u5177\u505a\u5f8c\u7e8c\u63a2\u8a0e\u3002<\/span><\/p>\n

\u91cd\u8981\u54e1\u5de5\u7684\u51fa\u8d70\uff0c\u5c0d\u65bc\u516c\u53f8\u662f\u7121\u6cd5\u8861\u91cf\u7684\u91cd\u5927\u640d\u5931\u53ca\u6210\u672c\uff0c\u56e0\u6b64\u5728\u5982\u4f55\u57f9\u990a\u5c08\u696d\u4eba\u624d\u7684\u540c\u6642\uff0c\u8b93\u54e1\u5de5\u9577\u4e45\u670d\u52d9\u65bc\u4e00\u9593\u516c\u53f8\uff0c\u5728\u734e\u916c\u5de5\u5177\u4e2d\u7684\u9078\u53d6\uff0c\u5efa\u8b70\u53ef\u63a1\u7528\u300c\u8a8d\u80a1\u6b0a\u300d\u4f5c\u70ba\u7559\u624d\u5de5\u5177\u4f7f\u7528\u3002\u5e38\u898b\u7684\u8a8d\u80a1\u6b0a\u7559\u624d\u8a08\u756b\u6709\uff1a<\/span><\/p>\n

1.\u54e1\u5de5\u8a8d\u80a1\u6b0a\u8b49\uff1a\u53ef\u63a1\u65b0\u80a1\u767c\u884c\u6216\u4ee5\u5eab\u85cf\u80a1\u767c\u653e\u3002<\/p>\n

2.\u865b\u64ec\u8a8d\u80a1\u6b0a\u8a08\u756b\u3001\u80a1\u7968\u589e\u503c\u6b0a\uff1a\u7121\u5be6\u969b\u767c\u653e\u80a1\u6b0a\uff0c\u5230\u671f\u4fc2\u4ee5\u300c\u73fe\u91d1\u300d\u767c\u653e\u3002<\/p>\n

3.\u9650\u5236\u578b\u80a1\u7968\uff1a\u53ea\u53ef\u63a1\u65b0\u80a1\u767c\u653e\u3002<\/p>\n

\u5176\u4e2d\u54e1\u5de5\u8a8d\u80a1\u6b0a\u8b49\u53ca\u9650\u5236\u578b\u80a1\u7968\u7684\u767c\u884c\uff0c\u9808\u9075\u5faa\u300c\u767c\u884c\u4eba\u52df\u96c6\u8207\u767c\u884c\u6709\u50f9\u8b49\u5238\u8655\u7406\u6e96\u5247\u300d\uff08\u7c21\u7a31\u52df\u767c\u6e96\u5247\uff09\u3002\u4ee5\u4e0b\u5c07\u91dd\u5c0d\u4e09\u7a2e\u5de5\u5177\u9032\u884c\u512a\u3001\u7f3a\u9ede\u6bd4\u8f03\uff1a<\/span><\/p>\n\n\n\n\n\n\n
\u8a8d\u80a1\u6b0a\u7559\u624d\u8a08\u756b<\/td>\n\u00a0\u512a\u9ede<\/td>\n\u00a0\u7f3a\u9ede<\/td>\n<\/tr>\n
1<\/td>\n\u00a0\u54e1\u5de5\u8a8d\u80a1\u6b0a\u8b49<\/td>\n\u25ce\u734e\u52f5\u672a\u4f86\u800c\u975e\u734e\u52f5\u904e\u53bb\uff0c\u54e1\u5de5\u8207\u80a1\u6771\u5229\u76ca\u8f03\u4e00\u81f4\uff0c\u53ef\u964d\u4f4e\u4ee3\u7406\u4eba\u554f\u984c\u3002<\/p>\n

\u25ce\u7559\u624d\u6548\u679c\u8f03\u9577\u671f(\u8996\u8fa6\u6cd5\u8a02\u5b9a\uff0c\u6700\u9577\u53ef\u81f310\u5e74)\u3002<\/p>\n

\u25ce\u516c\u53f8\u77ed\u671f\u73fe\u91d1\u6d41\u91cf\u58d3\u529b\u8f03\u4f4e\u3002(\u7528\u672a\u4f86\u8cc7\u672c\u5e02\u5834\u7684\u9322\u6fc0\u52f5\u73fe\u5728\u7684\u54e1\u5de5)\u3002<\/p>\n

\u25ce\u516c\u53f8\u5148\u7bc0\u7a05\uff0c\u54e1\u5de5\u57f7\u884c\u6b0a\u5229\u5f8c\u624d\u7e73\u7a05\u3002<\/p>\n

\u25ce\u975e\u5de5\u8cc7\uff0c\u4e0d\u6703\u8ab2\u4e8c\u4ee3\u5065\u4fdd\u88dc\u5145\u4fdd\u8cbb\u3002<\/p>\n

\u25ce\u5c6c\u6b0a\u76ca\u4ea4\u5272\u4e4b\u80a1\u4efd\u57fa\u790e\u7d66\u4ed8\u4ea4\u6613\u3002<\/td>\n

\u25ce\u65e5\u5f8c\u82e5\u4ee5\u767c\u884c\u65b0\u80a1\u65b9\u5f0f\u767c\u884c\uff0c\u6709\u80a1\u6b0a\u7a00\u91cb\u554f\u984c\u3002<\/p>\n

\u25ce\u9023\u7e8c\u4e8c\u5e74\u8667\u640d\uff0c\u53ef\u80fd\u7121\u6cd5\u7533\u8acb\u767c\u884c\u3002<\/p>\n

\u25ce\u7531\u65bc\u666f\u6c23\u8b8a\u5316\u9020\u6210\u975e\u4eba\u70ba\u53ef\u64cd\u63a7\u4e4b\u80a1\u50f9\u4e0a\u5347\/\u4e0b\u8dcc\uff0c\u4f7f\u54e1\u5de5\u53d7\u300c\u904e\u5ea6\u300d\u4e4b\u734e\u52f5\/\u61f2\u7f70\u3002<\/p>\n

\u25ce\u7d93\u7406\u4eba\u53ef\u80fd\u904e\u5ea6\u4f7f\u7528\u8ca1\u52d9\u69d3\u687f\uff0c\u63d0\u9ad8\u98a8\u96aa\u4ee5\u589e\u52a0\u500b\u4eba\u7372\u5229\u3002<\/p>\n

\u25ce\u7d93\u7406\u4eba\u884c\u4f7f\u54e1\u5de5\u8a8d\u80a1\u6b0a\uff0c\u9069\u7528\u6b78\u5165\u6b0a\u4e4b\u898f\u5b9a\u3002<\/td>\n<\/tr>\n

2<\/td>\n\u865b\u64ec\u8a8d\u80a1\u6b0a\u8a08\u756b\u80a1\u7968\u589e\u503c\u6b0a<\/span><\/td>\n\u25ce\u300c\u54e1\u5de5\u8a8d\u80a1\u6b0a\u8b49\u300d\u4e4b\u512a\u9ede\u90fd\u6709\u3002<\/p>\n

\u25ce\u975e\u5be6\u969b\u767c\u884c\u80a1\u7968\u7d66\u54e1\u5de5\uff0c\u4e0d\u6703\u7a00\u91cb\u80a1\u672c\uff0c\u6e1b\u5c11\u767c\u884c\u6b0a\u8b49\u6216\u65e5\u5f8c\u767c\u884c\u65b0\u80a1\u4e4b\u884c\u653f\u6210\u672c\u3002<\/p>\n

\u25ce\u4e0d\u53d7\u52df\u767c\u6e96\u5247\u7b49\u6cd5\u898f\u7d04\u675f\uff0c\u8fa6\u6cd5\u8a2d\u8a08\u5f48\u6027\u66f4\u5927\u3002<\/p>\n

\u25ce\u5c6c\u73fe\u91d1\u4ea4\u5272\u4e4b\u80a1\u4efd\u57fa\u790e\u7d66\u4ed8\u4ea4\u6613\u3002<\/td>\n

\u25ce\u516c\u53f8\u7684\u73fe\u91d1\u652f\u4ed8\u58d3\u529b\u8f03\u5927\u3002\u56e0\u6b64\uff0c\u8f03\u9069\u5408\u73fe\u91d1\u6d41\u91cf\u6bd4\u8f03\u5145\u88d5\u4e14\u6bd4\u8f03\u7a69\u5b9a\u7684\u516c\u53f8\u3002<\/p>\n

\u25ce\u516c\u53f8\u4e0d\u80fd\u5148\u7bc0\u7a05\u3002<\/td>\n<\/tr>\n

3<\/td>\n\u00a0\u9650\u5236\u578b\u80a1\u7968<\/td>\n\u25ce\u54e1\u5de5\u53ef\u7121\u511f\u53d6\u5f97\uff0c\u80a1\u5e02\u74b0\u5883\u4e0d\u4f73\u6642\uff0c\u4e0d\u6703\u56e0\u516c\u53f8\u80a1\u50f9\u4e0b\u8dcc\u800c\u906d\u53d7\u640d\u5931\uff0c\u4ecd\u5177\u734e\u52f5\u7559\u624d\u6548\u679c\u3002<\/p>\n

\u25ce\u5c6c\u6b0a\u76ca\u4ea4\u5272\u4e4b\u80a1\u4efd\u57fa\u790e\u7d66\u4ed8\u4ea4\u6613\u3002<\/td>\n

\u25ce\u6709\u80a1\u6b0a\u7a00\u91cb\u554f\u984c\u3002<\/p>\n

\u25ce\u9023\u7e8c\u4e8c\u5e74\u8667\u640d\uff0c\u53ef\u80fd\u7121\u6cd5\u7533\u8acb\u767c\u884c\u3002<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u8cc7\u6599\u4f86\u6e90\uff1a\u5f9e\u300c\u85aa\u916c\u59d4\u54e1\u6703\u300d\u770b\u85aa\u916c\u5de5\u5177\u7684\u9078\u7528\u53ca\u8a55\u50f9<\/span><\/a> \uff08\u5c08\u7cbe\u4f01\u7ba1\u3000\u8449\u5d07\u7426\u7cbe\u7b97\u5e2b\uff09<\/p>\n

 <\/p>\n

\u4e09\u3001\u8a8d\u80a1\u6b0a\u7559\u624d\u76f8\u95dc\u916c\u52de\u6210\u672c\u8a08\u7b97<\/strong><\/span><\/p>\n

\u4f9d\u64daIFRS2\u80a1\u4efd\u57fa\u790e\u7d66\u4ed8\u516c\u5831\u7b2c16\u689d\u898f\u5b9a\uff0c\u300c\u5c0d\u65bc\u53c3\u7167\u6240\u7d66\u8207\u6b0a\u76ca\u5de5\u5177\u4e4b\u516c\u5141\u50f9\u503c\u8861\u91cf\u4e4b\u4ea4\u6613\uff0c\u4f01\u696d\u61c9\u65bc\u8861\u91cf\u65e5\u4ee5\u53ef\u5f97\u4e4b\u5e02\u50f9\u70ba\u57fa\u790e\u4e26\u8003\u91cf\u8a72\u7b49\u6b0a\u76ca\u5de5\u5177\u7d66\u8207\u6240\u4f9d\u64da\u4e4b\u689d\u6b3e\u53ca\u689d\u4ef6\uff0c\u8861\u91cf\u6240\u7d66\u8207\u6b0a\u76ca\u5de5\u5177\u4e4b\u516c\u5141\u50f9\u503c\u3002\u300d\u6b0a\u76ca\u5de5\u5177\u4e4b\u516c\u5141\u50f9\u503c\u8a08\u7b97\uff0c\u4e00\u822c\u5e38\u898b\u7684\u65b9\u5f0f\u6709Black-Scholes-Merton\u6216\u4e8c\u9805\u5f0f\u8a55\u50f9\u6a21\u5f0f\u3002Black-Scholes-Merton\u6a21\u578b\u70ba\u5be6\u52d9\u4e0a\u6700\u5e38\u898b\u4e4b\u6a21\u578b\uff0c\u4e3b\u8981\u53c3\u6578\u6709\uff1a\u57f7\u884c\u50f9\u683c\u3001\u9810\u671f\u5b58\u7e8c\u671f\u9593\u3001\u7d66\u8207\u65e5\u80a1\u7968\u5e02\u50f9\u3001\u9810\u671f\u80a1\u50f9\u6ce2\u52d5\u7387\u3001\u9810\u671f\u80a1\u5229\u7387\u53ca\u7121\u98a8\u96aa\u5229\u7387\u3002\u95dc\u65bcBlack-Scholes-Merton\u8a08\u7b97\u908f\u8f2f\u53ca\u53c3\u6578\uff0c\u53ef\u8a73\u898b\uff1a\u300c\u5f9e\u300c\u85aa\u916c\u59d4\u54e1\u6703\u300d\u770b\u85aa\u916c\u5de5\u5177\u7684\u9078\u7528\u53ca\u8a55\u50f9<\/span><\/a> \uff08\u5c08\u7cbe\u4f01\u7ba1\u3000\u8449\u5d07\u7426\u7cbe\u7b97\u5e2b\uff09\u300d\u3002<\/span><\/p>\n

IFRS 2\u80a1\u4efd\u57fa\u790e\u7d66\u4ed8\u516c\u5831\u4e2d\uff0c\u5c0d\u65bc\u4e3b\u8981\u53c3\u6578\u7686\u6709\u8a73\u7d30\u7684\u8aaa\u660e\uff0c\u60df\u5176\u4e2d\u6709\u4e00\u53c3\u6578\u300c\u7d66\u8207\u65e5\u80a1\u7968\u5e02\u50f9\u300d\uff0c\u82e5\u6a19\u7684\u70ba\u4e0a\u5e02\u3001\u6ac3\u516c\u53f8\uff0c\u5c07\u6703\u63a1\u7528\u8a55\u50f9\u57fa\u6e96\u65e5\u4e4b\u6536\u76e4\u50f9\uff0c\u60df\u82e5\u6a19\u7684\u70ba\u300c\u975e\u4e0a\u5e02\u3001\u6ac3\u516c\u53f8\u300d\uff0c\u5247\u5e02\u50f9\u4e4b\u53c3\u6578\uff0c\u53c8\u5c07\u5982\u4f55\u8a2d\u5b9a?<\/span><\/p>\n

\u6b64\u4e00\u554f\u984c\u5728IFRS 2 \u80a1\u4efd\u57fa\u790e\u7d66\u4ed8\u516c\u5831\u7b2c17\u689d\u4e2d\uff0c\u4ea6\u6709\u8aaa\u660e\uff1a\u300c\u82e5\u5e02\u50f9\u4e0d\u53ef\u5f97\uff0c\u4f01\u696d\u61c9\u63a1\u7528\u9069\u7576\u8a55\u50f9\u6280\u8853\u4f30\u8a08\u6240\u7d66\u8207\u6b0a\u76ca\u5de5\u5177\u5728\u5df2\u5145\u5206\u4e86\u89e3\u4e26\u6709\u6210\u4ea4\u610f\u9858\u96d9\u65b9\u9593\u4e4b\u516c\u5e73\u4ea4\u6613\u4e2d\u65bc\u8861\u91cf\u65e5\u4e4b\u50f9\u683c\uff0c\u4ee5\u4f30\u8a08\u8a72\u7b49\u6b0a\u76ca\u5de5\u5177\u4e4b\u516c\u5141\u50f9\u503c\u3002\u524d\u8ff0\u8a55\u50f9\u6280\u8853\u9808\u8207\u91d1\u878d\u5de5\u5177\u5b9a\u50f9\u4e4b\u4e00\u822c\u516c\u8a8d\u8a55\u50f9\u6280\u8853\u4e00\u81f4\uff0c\u4e26\u61c9\u7d0d\u5165\u5df2\u5145\u5206\u4e86\u89e3\u4e26\u6709\u6210\u4ea4\u610f\u9858\u4e4b\u5e02\u5834\u53c3\u8207\u8005\uff0c\u65bc\u6c7a\u5b9a\u50f9\u683c\u6642\u6240\u8003\u91cf\u4e4b\u6240\u6709\u56e0\u7d20\u53ca\u5047\u8a2d\u3002\u300d<\/span><\/p>\n

\u689d\u6587\u4e2d\u6240\u63d0\u5230\u300c\u9069\u7576\u8a55\u50f9\u6280\u8853\u300d\u5373\u70ba\u8a55\u50f9\u4eba\u54e1\u4f9d\u5faa\uff1a\u8ca1\u5718\u6cd5\u4eba\u4e2d\u83ef\u6c11\u570b\u6703\u8a08\u7814\u7a76\u767c\u5c55\u57fa\u91d1\u6703\u6240\u7de8\u88fd\u4e4b\u300c\u8a55\u50f9\u6e96\u5247\u300d\u9032\u884c\u8a55\u50f9\u4f5c\u696d\u3002\u4ee5\u4e0b\u5c07\u7c21\u4ecb\u80a1\u6b0a\u8a55\u50f9\u76f8\u95dc\u6d41\u7a0b\u53ca\u65b9\u6cd5\u3002<\/span><\/p>\n

 <\/p>\n

\u56db\u3001\u80a1\u6b0a\u8a55\u50f9<\/strong><\/span><\/p>\n

\u8a55\u50f9\u4eba\u54e1\u57f7\u884c\u80a1\u6b0a\u8a55\u50f9\u696d\u52d9\u6642\uff0c\u5be6\u52d9\u4e0a\u7d93\u5e38\u88ab\u4f7f\u7528\u4e14\u5ee3\u6cdb\u88ab\u63a5\u53d7\u7684\u6709\u4e09\u7a2e\u65b9\u6cd5\uff1a1.\u8cc7\u7522\u6cd5\u30012.\u5e02\u5834\u6cd5\u53ca3.\u6536\u76ca\u6cd5\uff0c\u4ee5\u4e0b\u5c07\u7c21\u8ff0\u4e09\u7a2e\u8a55\u50f9\u65b9\u6cd5\u3002<\/span><\/p>\n

1.\u8cc7\u7522\u6cd5\uff1a\u6b64\u6cd5\u4fc2\u4ee5\u516c\u5141\u50f9\u503c\u91cd\u65b0\u8a55\u4f30\u8a55\u50f9\u6a19\u7684\u65bc\u5e33\u4e0a\uff0c\u6216\u672a\u63ed\u9732\u65bc\u5e33\u4e0a\u4e4b\u500b\u5225\u8cc7\u7522\u53ca\u500b\u5225\u8ca0\u50b5\u3002\u6b64\u6cd5\u4e3b\u8981\u4fc2\u91dd\u5c0d\u8a55\u50f9\u6a19\u7684\u7684\u5e33\u4e0a\u8cc7\u7522\u53ca\u8ca0\u50b5\u8a0e\u8ad6\uff0c\u4e26\u7121\u8003\u91cf\u8a55\u50f9\u6a19\u7684\u65bc\u5e02\u5834\u4e0a\u7684\u672a\u4f86\u5c55\u671b\u53ca\u7d93\u71df\u7b49\u7279\u6027\uff0c\u56e0\u6b64\u8a55\u50f9\u6e96\u5247\u7279\u5225\u91dd\u5c0d\u6b64\u6cd5\u8aaa\u660e\uff1a\u82e5\u4ee5\u7e7c\u7e8c\u7d93\u71df\u70ba\u50f9\u503c\u524d\u63d0\u6642\uff0c\u9664\u56e0\u8a55\u50f9\u6a19\u7279\u6027\u800c\u6163\u7528\u8cc7\u7522\u6cd5\u9032\u884c\u8a55\u4f30\u5916\uff0c\u4e0d\u5f97\u4ee5\u8cc7\u7522\u6cd5\u70ba\u552f\u4e00\u4e4b\u8a55\u50f9\u65b9\u6cd5\u3002<\/p>\n

\u4f46\u975e\u6240\u6709\u8a55\u50f9\u6a19\u7684\u7686\u4e0d\u9069\u7528\u8cc7\u7522\u6cd5\u8a55\u4f30\uff0c\u67d0\u4e9b\u60c5\u6cc1\u4e0b\u8cc7\u7522\u6cd5\u5c07\u70ba\u512a\u5148\u8a55\u50f9\u65b9\u5f0f\uff0c\u5982\uff1a\u8a55\u4f30\u6a19\u7684\u70ba\u5c08\u71df\u6295\u8cc7\u4e4b\u516c\u53f8\uff0c\u6295\u8cc7\u516c\u53f8\u5e33\u4e0a\u6240\u6709\u8cc7\u7522\u7686\u70ba\u516c\u53f8\u6295\u8cc7\u7684\u9805\u76ee\uff0c\u50f9\u503c\u4f86\u6e90\u70ba\u5176\u6295\u8cc7\u4e4b\u6a19\u7684\uff0c\u6b64\u72c0\u6cc1\u5373\u9069\u7528\u8cc7\u7522\u6cd5\u91dd\u5c0d\u6bcf\u4e00\u6295\u8cc7\u9805\u76ee\u9032\u884c\u516c\u5141\u50f9\u503c\u8a55\u4f30\uff1b\u53e6\u5916\uff0c\u82e5\u8a55\u50f9\u6a19\u7684\u8655\u65bc\u5373\u5c07\u6e05\u7b97\u3001\u5012\u9589\u3001\u7d42\u6b62\u7d93\u71df\u7684\u72c0\u614b\uff0c\u6b64\u6642\u4e0d\u9700\u8003\u616e\u672a\u4f86\u5c55\u671b\u53ca\u7d93\u71df\u7b49\u6027\u8cea\uff0c\u56e0\u6b64\u6a19\u7684\u900f\u904e\u8cc7\u7522\u6cd5\u66f4\u80fd\u6e05\u695a\u5f97\u5230\u8a55\u50f9\u6a19\u7684\u4e4b\u5269\u9918\/\u6e05\u7b97\u50f9\u503c\u3002<\/span><\/p>\n

2.\u5e02\u5834\u6cd5\uff1a\u4e3b\u8981\u53ef\u5206\u70ba\uff1a(1)\u53ef\u985e\u6bd4\u4e0a\u5e02\u4e0a\u6ac3\u516c\u53f8\u6cd5\uff0c\u53ca(2)\u53ef\u985e\u6bd4\u4ea4\u6613\u6cd5\u3002<\/span><\/p>\n

(1)\u53ef\u985e\u6bd4\u4e0a\u5e02\u4e0a\u6ac3\u516c\u53f8\u6cd5\uff1a\u53c3\u8003\u5f9e\u4e8b\u76f8\u540c\u6216\u985e\u4f3c\u696d\u52d9\u4e4b\u4f01\u696d\uff0c\u5176\u80a1\u7968\u65bc\u6d3b\u7d61\u5e02\u5834\u4ea4\u6613\u4e4b\u6210\u4ea4\u50f9\u683c\u3001\u8a72\u7b49\u50f9\u683c\u6240\u96b1\u542b\u4e4b\u50f9\u503c\u4e58\u6578\u53ca\u76f8\u95dc\u4ea4\u6613\u8cc7\u8a0a\uff0c\u4ee5\u6c7a\u5b9a\u53d7\u8a55\u4f01\u696d\u4e4b\u50f9\u503c\u3002\u7531\u4e0a\u8ff0\u8aaa\u660e\uff0c\u53ef\u6e05\u695a\u4e86\u89e3\uff0c\u9032\u884c\u53ef\u985e\u6bd4\u4e0a\u5e02\u4e0a\u6ac3\u516c\u53f8\u6cd5\u6642\uff0c\u9700\u5148\u627e\u51fa\u8207\u8a55\u50f9\u6a19\u7684\u76f8\u985e\u4f3c\u4e4b\u53ef\u985e\u6bd4\u4e0a\u5e02\u4e0a\u6ac3\u516c\u53f8\u53ca\u50f9\u503c\u4e58\u6578\u3002<\/span><\/p>\n

(i) \u76f8\u985e\u4f3c\u4e4b\u53ef\u985e\u6bd4\u4e0a\u5e02\u4e0a\u6ac3\u516c\u53f8\uff1a\u7531\u65bc\u9700\u5177\u5099\u516c\u958b\u4e14\u6d3b\u7d61\u7684\u5e02\u5834\u7279\u6027\uff0c\u56e0\u6b64\u641c\u5c0b\u7bc4\u570d\u9650\u65bc\u4e0a\u5e02\u53ca\u4e0a\u6ac3\u516c\u53f8\u7b49\u5177\u5099\u516c\u958b\u8cc7\u8a0a\u4e4b\u516c\u53f8\u3002\u4e5f\u56e0\u9078\u53d6\u5c0d\u8c61\u70ba\u4e0a\u5e02\u53ca\u4e0a\u6ac3\u516c\u53f8\uff0c\u6545\u5728\u8cc7\u7522\u3001\u898f\u6a21\u3001\u5e02\u5834\u5730\u4f4d\u3001\u8cc7\u672c\u7d50\u69cb\u7b49\u7279\u6027\u4e0a\uff0c\u7686\u8207\u8a55\u50f9\u6a19\u7684\u6703\u6709\u76f8\u7576\u7684\u5dee\u7570\uff0c\u8a55\u50f9\u4eba\u54e1\u5728\u9032\u884c\u6b64\u6cd5\u6642\uff0c\u61c9\u8b39\u614e\u6311\u9078\u53ca\u5206\u6790\u53ef\u985e\u6bd4\u4e4b\u5c0d\u8c61\u3002<\/p>\n

(ii) \u50f9\u503c\u4e58\u6578\uff1a\u5be6\u52d9\u4e0a\u6700\u5e38\u9032\u884c\u7684\u4e58\u6578\u6709\uff1a\u5e02\u50f9\/\u71df\u6536\u6bd4(P\/S ratio)\u3001\u672c\u76ca\u6bd4(P\/E ratio)\u3001\u5e02\u50f9\/\u6de8\u503c\u6bd4(P\/B ratio)\u3001\u4f01\u696d\u50f9\u503c\u5c0d\u606f\u524d\u7a05\u524d\u76c8\u9918\u6bd4(EV\/EBIT ratio)\u53ca\u4f01\u696d\u50f9\u503c\u5c0d\u606f\u524d\u7a05\u524d\u6298\u820a\u6524\u92b7\u524d\u76c8\u9918\u6bd4(EV\/EBITDA ratio)\u3002<\/p>\n

(2)\u53ef\u985e\u6bd4\u4ea4\u6613\u6cd5\uff1a\u53c3\u8003\u76f8\u540c\u6216\u76f8\u4f3c\u4f01\u696d\u696d\u52d9\u6216\u4f01\u696d\u6b0a\u76ca\u4e4b\u6210\u4ea4\u50f9\u683c\uff0c\u8a72\u7b49\u50f9\u683c\u6240\u96b1\u542b\u4e4b\u50f9\u503c\u4e58\u6578\u53ca\u76f8\u95dc\u4ea4\u6613\u8cc7\u8a0a\uff0c\u4ee5\u6c7a\u5b9a\u53d7\u8a55\u6a19\u7684\u4e4b\u50f9\u503c\u3002\u7531\u65bc\u6211\u570b\u5728\u8cc7\u6599\u7d71\u8a08\u4e0a\u4e00\u5411\u6709\u6240\u7f3a\u4e4f\uff0c\u56e0\u6b64\u8981\u641c\u5c0b\u5230\u985e\u4f3c\u4ea4\u6613\u8cc7\u8a0a\u5177\u6709\u76f8\u7576\u56f0\u96e3\u5ea6\uff0c\u56e0\u6b64\u5be6\u52d9\u4e0a\u6975\u5c11\u898b\u5230\u6b64\u65b9\u6cd5\u3002<\/p>\n

3.\u6536\u76ca\u6cd5\uff1a\u6536\u76ca\u6cd5\u4ea6\u7a31\u5229\u76ca\u6d41\u91cf\u6298\u73fe\u6cd5\uff0c\u5373\u4ee5\u516c\u53f8\u6240\u63d0\u4f9b\u8a55\u50f9\u6a19\u7684\u672a\u4f86\u7372\u5229\u4e4b\u8ca1\u52d9\u9810\u6e2c\uff0c\u7531\u8a55\u50f9\u4eba\u54e1\u8a55\u4f30\u8a55\u50f9\u6a19\u7684\u9069\u7576\u4e14\u5408\u7406\u4e4b\u5229\u76ca\u6d41\u91cf\uff0c\u518d\u4ee5\u53cd\u6620\u5404\u7a2e\u98a8\u96aa\u7684\u5408\u7406\u6298\u73fe\u7387\u6298\u73fe\uff0c\u4e26\u6c42\u51fa\u8cc7\u672c\u5316\u7387\uff0c\u5373\u53ef\u7372\u53d6\u8a55\u50f9\u6a19\u7684\u80a1\u6b0a\u50f9\u503c\u3002\u7531\u4e0a\u8ff0\u8aaa\u660e\uff0c\u53ef\u6e05\u695a\u4e86\u89e3\uff0c\u9032\u884c\u6536\u76ca\u6cd5\u6642\u9700\u5148\u6709\u8a55\u50f9\u6a19\u7684\u9069\u7576\u7684\u5229\u76ca\u6d41\u91cf\u53ca\u5408\u7406\u7684\u6298\u73fe\u7387\u3002\u6703\u8a08\u7814\u7a76\u767c\u5c55\u57fa\u91d1\u6703\u4ea6\u6709\u767c\u5e03\u8a55\u50f9\u5be6\u52d9\u6307\u5f15\u7b2c1\u865f-\u73fe\u91d1\u6d41\u91cf\u6298\u73fe\u6cd5\u9032\u884c\u6848\u4f8b\u5206\u4eab\u3002<\/p>\n

(1)\u9069\u7576\u7684\u5229\u76ca\u6d41\u91cf\uff1a\u5229\u76ca\u6d41\u91cf\u53ef\u4ee5\u4ee5\u6536\u76ca\u3001\u73fe\u91d1\u6d41\u91cf\u6216\u73fe\u91d1\u80a1\u5229\u7b49\u7684\u65b9\u5f0f\u4f5c\u5448\u73fe\uff0c\u4ea6\u7a31\u5c55\u671b\u6027\u8ca1\u52d9\u8cc7\u8a0a\u3002\u5c55\u671b\u6027\u8ca1\u52d9\u8cc7\u8a0a\u5728\u6536\u76ca\u6cd5\u4e2d\u70ba\u76f8\u7576\u91cd\u8981\u4e4b\u53c3\u6578\uff0c\u5c0d\u65bc\u8a55\u50f9\u6a19\u7684\u4e4b\u50f9\u503c\u7d50\u8ad6\u4ea6\u6709\u91cd\u5927\u6027\u5f71\u97ff\uff1b\u56e0\u6b64\u7f8e\u570b\u6703\u8a08\u5e2b\u5354\u6703\u5efa\u8b70\u5c55\u671b\u6027\u8ca1\u52d9\u8cc7\u8a0a\uff0c\u61c9\u7531\u6700\u70ba\u4e86\u89e3\u8a55\u50f9\u6a19\u7684\u4e4b\u7ba1\u7406\u968e\u5c64\u8ca0\u8cac\u7de8\u88fd\uff0c\u518d\u7531\u8a55\u50f9\u4eba\u54e1\u8490\u96c6\u5404\u65b9\u9762\u8cc7\u8a0a\uff0c\u4ee5\u78ba\u8a8d\u5c55\u671b\u6027\u8ca1\u52d9\u8cc7\u8a0a\u7684\u5408\u7406\u6027\u3002\u800c\u5c55\u671b\u6027\u8ca1\u52d9\u8cc7\u8a0a\u4e4b\u9810\u6e2c\u671f\u9593\u9577\u77ed\uff0c\u6839\u64daIAS 36\u8cc7\u7522\u6e1b\u640d\u4ee5\u53ca\u7f8e\u570b\u6703\u8a08\u5e2b\u5354\u6703\u7684\u5efa\u8b70\uff0c\u4e94\u5e74\u901a\u5e38\u70ba\u4e00\u5408\u7406\u9810\u4f30\u671f\u9593\uff0c\u60df\u5be6\u52d9\u4e0a\u901a\u5e38\u6703\u518d\u8003\u616e\u8a55\u50f9\u6a19\u7684\u7522\u696d\u7279\u6027\u53ca\u751f\u547d\u9031\u671f\u9032\u884c\u5224\u65b7\u3002<\/p>\n

(2)\u5408\u7406\u7684\u6298\u73fe\u7387\uff1a\u8a55\u50f9\u4eba\u54e1\u6c7a\u5b9a\u6298\u73fe\u7387\u6642\uff0c\u61c9\u8003\u616e\u5404\u500b\u96b1\u542b\u98a8\u96aa\uff0c\u5982\uff1a\u8003\u91cf\u8a55\u50f9\u57fa\u6e96\u65e5\u4e4b\u5e02\u5834\u5229\u7387\u3001\u6295\u8cc7\u5831\u916c\u7387\u3001\u53d7\u8a55\u4f01\u696d\u4e4b\u7279\u5b9a\u98a8\u96aa\u3001\u7522\u696d\u98a8\u96aa\u3001\u9810\u671f\u672a\u4f86\u6210\u9577\u7387\u53ca\u5176\u4ed6\u76f8\u95dc\u4e4b\u8cc7\u672c\u5e02\u5834\u8cc7\u8a0a\u7b49\u3002\u6298\u73fe\u7387\u76f8\u95dc\u7406\u8ad6\u773e\u591a\uff0c\u5be6\u52d9\u4e0a\u6700\u5e38\u898b\u7684\u6298\u73fe\u7387\u6709\uff1a\u8cc7\u672c\u8cc7\u7522\u5b9a\u50f9\u6a21\u578b(Capital Asset Pricing Model\uff1bCAPM)\u3001\u4fee\u6b63\u8cc7\u672c\u8cc7\u7522\u5b9a\u50f9\u6a21\u578b(MCAPM)\u53ca\u52a0\u6b0a\u5e73\u5747\u8cc7\u91d1\u6210\u672c(Weighted Average Cost of Capital\uff1bWACC)\u3002<\/p>\n

 <\/p>\n

\u4e94\u3001\u80a1\u6b0a\u8a55\u50f9\u4e4b\u6298\u3001\u6ea2\u50f9\u8003\u91cf\u53ca\u8a55\u50f9\u7d50\u8ad6<\/strong><\/span><\/p>\n

\u5728\u4ee5\u4e0a\u8ff0\u65b9\u6cd5\u53d6\u5f97\u8a55\u50f9\u6a19\u7684\u521d\u6b65\u7d50\u8ad6\u5f8c\uff0c\u5c1a\u9700\u66f4\u9032\u4e00\u6b65\u4ee5\u66f4\u56b4\u8b39\u4e4b\u65b9\u6cd5\uff0c\u8003\u91cf\u5c0d\u8a72\u50f9\u503c\u6709\u5f71\u97ff\u4e4b\u5176\u4ed6\u5fc5\u8981\u5408\u7406\u56e0\u7d20\uff0c\u800c\u52a0\u4ee5\u5411\u4e0b\u8abf\u6574\u6216\u5411\u4e0a\u8abf\u6574\u8a72\u50f9\u503c\u3002\u5c0d\u672a\u4e0a\u5e02\u3001\u6ac3\u516c\u53f8\u9032\u884c\u80a1\u6b0a\u8a55\u50f9\u6642\uff0c\u6700\u5e38\u88ab\u8003\u91cf\u5230\u7684\u6298\u50f9\u6709\u4e8c\u9805\uff1a1.\u7f3a\u4e4f\u6d41\u901a\u6027\u5e02\u5834\u6298\u50f9\uff1b2.\u4e0d\u5177\u63a7\u5236\u6b0a\u6298\u50f9\u3002<\/span><\/p>\n

\u8209\u4f8b\u800c\u8a00\uff0c\u6536\u76ca\u6cd5\u6240\u4f7f\u7528\u4e4b\u5c55\u671b\u6027\u8ca1\u52d9\u9810\u6e2c\uff0c\u662f\u7531\u8a55\u50f9\u6a19\u7684\u4e3b\u7ba1\u968e\u5c64\u6240\u63d0\u4f9b\uff0c\u56e0\u6b64\u5c0d\u65bc\u6b64\u4efd\u5c55\u671b\u6027\u8ca1\u52d9\u9810\u6e2c\uff0c\u4e3b\u7ba1\u968e\u5c64\u80fd\u8a55\u4f30\u8a55\u50f9\u6a19\u7684\u672a\u4f86\u6210\u672c\u3001\u8cbb\u7528\u63a7\u5236\uff0c\u6216\u662f\u516c\u53f8\u672a\u4f86\u7d93\u71df\u767c\u5c55\uff0c\u56e0\u6b64\uff0c\u6b64\u4efd\u5c55\u671b\u6027\u8ca1\u52d9\u9810\u6e2c\u4fc2\u5efa\u7acb\u5728\u5177\u63a7\u5236\u6b0a\u57fa\u790e\u4e0a\uff0c\u56e0\u6b64\u6536\u76ca\u6cd5\u7684\u7d50\u8ad6\u901a\u5e38\u5177\u63a7\u5236\u6b0a\uff0c\u82e5\u8a55\u50f9\u76ee\u7684\u662f\u60f3\u77ad\u89e3\u80a1\u6b0a\u5728\u5177\u63a7\u5236\u6b0a\u57fa\u790e\u4e0b\u4e4b\u516c\u5e73\u50f9\u503c\uff0c\u5247\u7121\u9808\u518d\u9032\u884c\u63a7\u5236\u6b0a\u6ea2\u50f9\u8abf\u6574\u3002\u4f46\u7531\u65bc\u8a55\u50f9\u6a19\u7684\u70ba\u672a\u4e0a\u5e02\u6ac3\u516c\u53f8\u80a1\u6b0a\uff0c\u4e26\u7121\u5b58\u5728\u53ef\u516c\u958b\u4ea4\u6613\u4e4b\u6d3b\u7d61\u6027\u5e02\u5834\uff0c\u56e0\u6b64\u4ee5\u6536\u76ca\u6cd5\u6c42\u51fa\u4e4b\u80a1\u6b0a\u7d50\u8ad6\uff0c\u4ecd\u5fc5\u9808\u91dd\u5c0d\u7f3a\u4e4f\u53ef\u92b7\u552e\u6027\u5e02\u5834\u7684\u7279\u6027\u9032\u884c\u6298\u50f9\u8abf\u6574\u3002<\/span><\/p>\n

\u8a55\u50f9\u6e96\u5247\u516c\u5831\u7b2c\u5341\u4e00\u865f\u4f01\u696d\u4e4b\u8a55\u50f9\u7b2c\u5341\u4e09\u689d\u8aaa\u660e\uff1a\u8a55\u50f9\u4eba\u54e1\u57f7\u884c\u4f01\u696d\u8a55\u50f9\u6642\uff0c\u61c9\u63a1\u7528\u5169\u7a2e\u4ee5\u4e0a\u4e4b\u8a55\u50f9\u65b9\u6cd5\u3002\u5982\u50c5\u63a1\u7528\u55ae\u4e00\u4e4b\u8a55\u50f9\u65b9\u6cd5\uff0c\u61c9\u6709\u5145\u5206\u7406\u7531\uff0c\u4e26\u65bc\u8a55\u50f9\u5831\u544a\u4e2d\u6558\u660e\u3002\u7531\u65bc\u6bcf\u4e00\u7a2e\u8a55\u50f9\u65b9\u6cd5\u5404\u6709\u5176\u512a\u7f3a\u9ede\u53ca\u4f7f\u7528\u4e0a\u7684\u9650\u5236\uff0c\u8a55\u50f9\u4eba\u54e1\u5728\u9032\u884c\u8a55\u50f9\u4f5c\u696d\u6642\uff0c\u9700\u8003\u616e\u8207\u8a55\u50f9\u6a19\u7684\u5404\u500b\u76f8\u95dc\u4e4b\u56e0\u7d20\uff0c\u624d\u80fd\u5408\u7406\u8a55\u4f30\u8a55\u50f9\u6a19\u7684\u4e4b\u50f9\u503c\u3002<\/span><\/p>\n

 <\/p>\n

\u516d\u3001\u8a8d\u80a1\u6b0a\u7559\u624d\u898f\u5283\u6ce8\u610f\u4e8b\u9805\u53ca\u5efa\u8b70<\/strong><\/span><\/p>\n

1.\u78ba\u8a8d\u767c\u653e\u8a8d\u80a1\u6b0a\u7559\u624d\u8a08\u756b\uff0c\u516c\u53f8\u6700\u91cd\u8996\u7684\u90e8\u5206\uff0c\u5982\uff1a<\/p>\n

(1)\u767c\u653e\u8a8d\u80a1\u6b0a\u4e4b\u54e1\u5de5\u5c64\u7d1a\u504f\u597d\uff1b<\/span><\/p>\n

(2)\u767c\u653e\u8a8d\u80a1\u6b0a\uff0c\u4f7f\u54e1\u5de5\u7559\u624d\u671f\u9593\u7684\u9577\u77ed\uff1b<\/span><\/p>\n

(3)\u8b93\u54e1\u5de5\u7559\u624d\u7684\u540c\u6642\uff0c\u5236\u5b9a\u516c\u53f8\u7e3e\u6548\u63d0\u5347\/\u80a1\u50f9\u6f32\u5e45\u7a0b\u5ea6\u4e4b\u77ed\u671f\u76ee\u6a19\u6216\u9577\u671f\u76ee\u6a19\u3002<\/span><\/p>\n

2.\u78ba\u8a8d\u767c\u653e\u8a8d\u80a1\u6b0a\u7559\u624d\u8a08\u756b\uff0c\u4f7f\u7528\u4e4b\u5de5\u5177\u578b\u614b\uff0c\u5982\uff1a<\/p>\n

(1)\u300c\u5c6c\u73fe\u91d1\u4ea4\u5272\u4e4b\u80a1\u4efd\u57fa\u790e\u7d66\u4ed8\u4ea4\u6613\u300d\uff0c\u4ee5\u73fe\u91d1\u767c\u653e\uff0c\u4e0d\u7a00\u91cb\u80a1\u6b0a\uff1b<\/span><\/p>\n

(2)\u300c\u5c6c\u6b0a\u76ca\u4ea4\u5272\u4e4b\u80a1\u4efd\u57fa\u790e\u7d66\u4ed8\u4ea4\u6613\u300d\uff0c\u4ee5\u80a1\u7968\u767c\u653e\uff0c\u9700\u5224\u65b7\u5c0d\u80a1\u6b0a\u7a00\u91cb\u7684\u5f71\u97ff\u3002<\/span><\/p>\n

3.\u4e0d\u540c\u5de5\u5177\u53ca\u689d\u4ef6\u9700\u7d93\u4e0d\u540c\u6838\u51c6\u7a0b\u5e8f\uff1a\u8a8d\u80a1\u6b0a\u5de5\u5177\u4e2d\uff0c\u5c0d\u65bc\u8a8d\u80a1\u50f9\u683c\u3001\u767c\u653e\u80a1\u6578\u3001\u767c\u653e\u5c0d\u8c61\u3001\u662f\u5426\u9808\u7d93\u8463\u4e8b\u6703\/\u80a1\u6771\u6703\uff0c\u7686\u6709\u6240\u4e0d\u540c\u3002\u56e0\u6b64\u5728\u8a2d\u5b9a\u5de5\u5177\u53ca\u8fa6\u6cd5\u524d\uff0c\u53ef\u5148\u4e86\u89e3\u6838\u51c6\u7a0b\u5e8f\u5dee\u7570\uff0c\u4ee5\u63d0\u51fa\u8f03\u7b26\u5408\u516c\u53f8\u9810\u671f\u7684\u898f\u5283\u53ca\u6d41\u7a0b\u5b89\u6392\u3002\u4f8b\u5982\uff1a\u82e5\u767c\u884c\u5c0d\u8c61\u70ba\u7d93\u7406\u4eba\u3001\u5177\u54e1\u5de5\u8eab\u5206\u8463\u4e8b\u8005\uff0c\u4f9d\u898f\u5b9a\u61c9\u65bc\u767c\u884c\u524d\u63d0\u5831\u85aa\u8cc7\u5831\u916c\u59d4\u54e1\u6703\u53ca\u8463\u4e8b\u6703\u901a\u904e\u3002<\/p>\n

4.\u78ba\u8a8d\u767c\u653e\u8a8d\u80a1\u6b0a\u7559\u624d\u8a08\u756b\uff0c\u7522\u751f\u4e4b\u6210\u672c\uff1a\u7531\u65bc\u767c\u653e\u734e\u916c\u5de5\u5177\uff0c\u6703\u5c0e\u81f4\u516c\u53f8\u7684\u6210\u672c\u589e\u52a0\u3002\u6210\u672c\u7684\u589e\u52a0\u6703\u5f71\u97ff\u516c\u53f8\u7684EPS\u3002\u56e0\u6b64\u5728\u8a2d\u5b9a\u5de5\u5177\u53ca\u8fa6\u6cd5\u524d\uff0c\u5efa\u8b70\u53ef\u5148\u91dd\u5c0d\u6240\u7522\u751f\u4e4b\u916c\u52de\u6210\u672c\u9032\u884c\u8a66\u7b97\uff0c\u5982\u6b64\uff0c\u5c07\u53ef\u5c0d\u5148\u884c\u5c0dEPS\u4e0b\u964d\u7bc4\u570d\u9032\u884c\u8a55\u4f30\uff0c\u5c07\u53ef\u6709\u5229\u65bc\u8fa6\u6cd5\u689d\u4ef6\u7684\u8a2d\u5b9a\u53ca\u516c\u53f8\u5f8c\u7e8c\u7684\u8655\u7406\u3002<\/p>\n

\u300c\u54e1\u5de5\u300d\u662f\u516c\u53f8\u6700\u91cd\u8981\u7684\u8cc7\u7522\u4e4b\u4e00\uff0c\u5982\u4f55\u5229\u7528\u826f\u597d\u7684\u54e1\u5de5\u734e\u916c\u80a1\u6b0a\u7559\u624d\u5de5\u5177\uff0c\u5728\u7559\u624d\u7684\u540c\u6642\uff0c\u80fd\u5275\u9020\u54e1\u5de5\u8207\u516c\u53f8\u96d9\u8d0f\u7684\u5c40\u9762\uff0c\u5c07\u662f\u4f01\u696d\u6c38\u7e8c\u7d93\u71df\u7684\u4e00\u5927\u8ab2\u984c\u3002<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\u5c08\u7cbe\u4f01\u7ba1\u3000\u5f35\u601d\u745c\u8a55\u50f9\u5e2b\u3001\u7530\u96c5\u840d\u8a55\u50f9\u5e2b<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[],"_links":{"self":[{"href":"http:\/\/www.pact.com.tw\/tw\/wp-json\/wp\/v2\/posts\/1343"}],"collection":[{"href":"http:\/\/www.pact.com.tw\/tw\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.pact.com.tw\/tw\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.pact.com.tw\/tw\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.pact.com.tw\/tw\/wp-json\/wp\/v2\/comments?post=1343"}],"version-history":[{"count":18,"href":"http:\/\/www.pact.com.tw\/tw\/wp-json\/wp\/v2\/posts\/1343\/revisions"}],"predecessor-version":[{"id":1362,"href":"http:\/\/www.pact.com.tw\/tw\/wp-json\/wp\/v2\/posts\/1343\/revisions\/1362"}],"wp:attachment":[{"href":"http:\/\/www.pact.com.tw\/tw\/wp-json\/wp\/v2\/media?parent=1343"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.pact.com.tw\/tw\/wp-json\/wp\/v2\/categories?post=1343"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.pact.com.tw\/tw\/wp-json\/wp\/v2\/tags?post=1343"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}