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\/>\nScott<br \/>\nGala<br \/>\nViva<br \/>\n\u5e02\u573a\u4efd\u989d\u968f\u7740\u65f6\u95f4\u800c\u53d8\u5316\u7684\u60c5\u51b5\u662f\u6781\u4e3a\u91cd\u8981\u7684\u4fe1\u606f\u3002\u4f8b<br \/>\n\u5982\uff0c\u5728\u6742\u8d27\u5e97\u901f\u6eb6\u5496\u5561\u9500\u552e\u5927\u6218\u4e2d\uff0c\u6392\u540d\u524d\u4e09\u4f4d\u7684\u7ade\u4e89\u8005\u63a7<br \/>\n\u5236\u4e86\u30001989\u3000\u5e74\u300095\uff05\u7684\u5e02\u573a\uff0c\u6bd4\u30001986\u3000\u5e74\u4e0a\u5347\u4e86\u30005\uff05\u3002\u5b83\u4eec\u662f\u5361\u592b<br \/>\n\u98df\u54c1\u516c\u53f8\uff08Kraft\u3000General\u3000Foods\uff09\uff0837\uff05\uff09\u3001\u96c0\u5de2\uff08Nestle\uff09<br \/>\n\uff0834\uff05\uff09\u548c\u5b9d\u6d01\u516c\u53f8\uff08Procter\u3000&amp;\u3000Gamble\uff09\uff0824\uff05\uff09\u3002\u7559\u7ed9\u65b0<br \/>\n\u8fd1\u8fdb\u5165\u5e02\u573a\u8005\u7684\u4efd\u989d\u6240\u5269\u65e0\u51e0\u3002<br 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\/>\n\u533a\u522b\u4e8e\u7ade\u4e89\u4ea7\u54c1\uff0c\u54ea\u6015\u7ade\u4e89\u4ea7\u54c1\u5e76\u6ca1\u6709\u4ec0\u4e48\u4e0d\u540c\u3002<br \/>\n\u611f\u6027\u56fe\u8868\u548c\u5b9a\u4f4d\u80fd\u5e2e\u52a9\u533a\u5206\u4ea7\u54c1\u3002\u524d\u9762\u63d0\u5230\u7684\u6240\u6709\u4ea7\u54c1<br \/>\n\u7684\u7279\u6027\u90fd\u80fd\u5f71\u54cd\u4ea7\u54c1\u5728\u5e02\u573a\u4e0a\u7684\u5b9a\u4f4d\u3002\u5982\u679c\u6709\u5229\u6da6\u53ef\u6323\uff0c\u8425<br \/>\n\u9500\u4eba\u5458\u968f\u65f6\u90fd\u53ef\u4ee5\u8981\u6c42\u81ea\u5df1\u516c\u53f8\u7684\u4ea7\u54c1\u5f00\u53d1\u4eba\u5458\u5f00\u53d1\u4e0e\u4f17\u4e0d<br \/>\n\u540c\u7684\u72ec\u5177\u7279\u8272\u7684\u4ea7\u54c1\u3002\u6211\u505a\u7684\u7eb8\u5dfe\u611f\u6027\u56fe\u8868\u8868\u660e\uff0c\u6d88\u8d39\u8005\u5bf9<br \/>\n\u4efb\u4f55\u4e00\u7c7b\u90fd\u6709\u4e0d\u540c\u9700\u6c42\uff0c\u4e14\u4ed6\u4eec\u5bf9\u6bcf\u79cd\u4ea7\u54c1\u7684\u8ba4\u540c\u611f\u662f\u4e0d\u4e00<br \/>\n\u81f4\u7684\u3002\u8425\u9500\u4eba\u5458\u7684\u5de5\u4f5c\u662f\u4e3a\u4ea7\u54c1\u786e\u5b9a\u4e00\u4e2a\u7279\u522b\u7684\u4f4d\u7f6e\uff08\u5982\u679c<br \/>\n\u613f\u610f\u53ef\u8fd0\u7528\u611f\u6027\u56fe\u8868\u4f5c\u6307\u5bfc\uff09\uff0c\u4f7f\u4e4b\u8d62\u53d6\u5e02\u573a\u5730\u4f4d\uff0c\u5373\u6240\u8c13<br \/>\n\u7684\u201c\u4ea7\u54c1\u6070\u5f53\u4f4d\u7f6e\u201d\u3002\u5728\u7eb8\u5dfe\u611f\u6027\u56fe\u8868\u91cc\uff0cJames\u3000River\u3000\u516c\u53f8<br \/>\nBrawny\u3000\u724c\u7eb8\u5dfe\u7684\u5b9a\u4f4d\u662f\u786c\u8d28\u3001\u8010\u7528\uff0c\u7528\u4ee5\u62ed\u64e6\u4e25\u91cd\u6c61\u67d3\u3002\u4f46<br \/>\n\u613f\u54c1\u724c\u7ecf\u7406\u4f1a\u9009\u62e9\u4e00\u4e2a\u4ea7\u54c1\u4f4d\u7f6e\uff0c\u4f7f\u4e4b\u901a\u8fc7\u80fd\u63d0\u4f9b\u6700\u597d\u670d\u52a1<br \/>\n\u7684\u5e02\u573a\u9762\u6765\u4ea7\u751f\u6700\u5927\u7684\u9500\u552e\u989d\u548c\u5229\u6da6\u3002\u5e02\u573a\u5b9a\u4f4d\u4e0e\u7ecf\u8fc7\u4f60\u7684<br \/>\n\u6d88\u8d39\u8005\u548c\u5e02\u573a\u5206\u6790\u800c\u9009\u62e9\u7684\u5e02\u573a\u9762\u662f\u7d27\u5bc6\u5730\u76f8\u4e92\u8054\u7cfb\u7684\u3002\u4ea7\u54c1\u5bff\u547d\u5468\u671f\u5bf9\u6211\u7684\u8ba1\u5212\u6709\u4ec0\u4e48\u5f71\u54cd\uff1f<br \/>\n\u6839\u636e\u4ea7\u54c1\u5728\u4ea7\u54c1\u5bff\u547d\u5468\u671f\uff08Product\u3000life\u3000cycle\uff1b\u3000PLC\uff09<br \/>\n\u7684\u4e0d\u540c\u4f4d\u7f6e\uff0c\u5176\u5404\u90e8\u5206\u5728\u7ade\u4e89\u4e2d\u8d77\u5230\u7684\u4f5c\u7528\u8d8a\u6765\u8d8a\u5927\u3002\u524d\u9762<br \/>\n\u8ba8\u8bba\u4ea7\u54c1\u5bff\u547d\u5468\u671f\u65f6\u63d0\u5230\uff0c\u6210\u957f\u9636\u6bb5\u5bf9\u533a\u5206\u4ea7\u54c1\u81f3\u5173\u91cd\u8981\u7684<br \/>\n\u662f\u4ea7\u54c1\u7684\u7279\u70b9\uff0c\u800c\u5728\u6210\u719f\u9636\u6bb5\uff0c\u54c1\u724c\u7684\u91cd\u8981\u6027\u8d8a\u6765\u8d8a\u5927\u3002\u4f8b<br \/>\n\u5982\uff0cCD\u3000\u673a\u7740\u773c\u4e8e\u591a\u5531\u76d8\u529f\u80fd\uff0c\u610f\u5473\u7740\u76ee\u524d\u3000CD\u3000\u673a\u5904\u4e8e\u4ea7\u54c1\u5bff<br \/>\n\u547d\u5468\u671f\u7684\u6210\u957f\u9636\u6bb5\u3002\u5728\u5df2\u7ecf\u6210\u719f\u7684\u5361\u5f0f\u5f55\u97f3\u673a\u5e02\u573a\uff0c\u81ea\u52a8\u5012<br \/>\n\u5e26\u548c\u6d88\u9664\u566a\u97f3\u4e4b\u6218\u65e9\u5df2\u5043\u65d7\u3002\u65e0\u8bba\u505a\u51fa\u7684\u9009\u62e9\u662f\u4ec0\u4e48\uff0c\u5b83\u90fd<br \/>\n\u4f1a\u5bf9\u9500\u552e\u65b9\u6848\u4e2d\u5176\u5b83\u51e0\u4e2aP\u6709\u5f71\u54cd\u3002<br \/>\n\u4ea7\u54c1\u3000\u3000\u3000\u5730\u70b9\u3000\u3000\u3000\u4fc3\u9500\u3000\u3000\u3000\u4ef7\u683c<br \/>\n\u9500\u552e\u5730\u70b9\u51b3\u5b9a\uff1a\u5728\u54ea\u513f\u5356\uff1f<br \/>\n\u8ba8\u8bba\u5206\u9500\u6e20\u9053\u65f6\uff0c\u76ee\u7684\u662f\u786e\u5b9a\u73b0\u6709\u7684\u6e20\u9053\u6709\u54ea\u4e9b\uff0c\u53ef\u83b7<br \/>\n\u5f97\u7684\u6bdb\u5229\u6709\u591a\u5c11\u3002\u5728\u8fd9\u4e00\u9636\u6bb5\uff0c\u4ea7\u54c1\u51b3\u5b9a\u5df2\u7ecf\u4f5c\u51fa\uff0c\u76ee\u6807\u5e02<br \/>\n\u573a\u4e5f\u5df2\u9009\u5b9a\uff0c\u90a3\u4e48\u8425\u9500\u4eba\u5458\u5c31\u5fc5\u987b\u9009\u62e9\u9002\u5408\u4e8e\u4ea7\u54c1\u548c\u6709\u610f\u8d2d<br \/>\n\u4e70\u8005\u7684\u5206\u9500\u6e20\u9053\u4e86\u3002<br \/>\n\u6211\u5e94\u4f7f\u7528\u54ea\u79cd\u5206\u9500\u7b56\u7565\uff1f<br \/>\n\u6211\u4ee5\u4ec0\u4e48\u4e3a\u57fa\u7840\u6765\u9009\u62e9\u5206\u9500\u6e20\u9053\uff1f<br \/>\n\u6211\u5e94\u9009\u62e9\u54ea\u79cd\u5206\u9500\u7b56\u7565\uff1f<br \/>\n\u00b7\u5355\u4e00\u578b\u2014\u2014\u6bcf\u4e2a\u5e02\u573a\u53ea\u5728\u4e00\u4e2a\u5546\u5e97\u9500\u552e<br \/>\n\u00b7\u9009\u62e9\u578b\u2014\u2014\u6bcf\u4e2a\u5e02\u573a\u53ea\u5728\u51e0\u4e2a\u5546\u5e97\u9500\u552e<br \/>\n\u00b7\u6279\u91cf\u6216\u52a0\u5f3a\u578b\u2014\u2014\u5728\u5c3d\u53ef\u80fd\u591a\u7684\u5546\u5e97\u9500\u552e<br \/>\n\u9500\u552e\u5730\u70b9\u5f71\u54cd\u7740\u4ea7\u54c1\u7684\u5f62\u8c61\u3002\u5206\u9500\u6e20\u9053\u7684\u9009\u62e9\u662f\u4e2a\u6e10\u8fdb<br \/>\n\u7684\u8fc7\u7a0b\uff0c\u5b83\u4e0e\u5e02\u573a\u5206\u6790\u4e00\u8282\u63cf\u8ff0\u7684\u4ea7\u54c1\u5bff\u547d\u5468\u671f\u4e2d\u7684\u4ea7\u54c1\u666e<br \/>\n\u53ca\u7a0b\u5ea6\u540c\u6b65\u53cd\u5e94\u3002\u5206\u9500\u7b56\u7565\u53ef\u4ee5\u4f7f\u4f60\u7684\u4ea7\u54c1\u4e0e\u4f17\u4e0d\u540c\u3002\u4f8b\u5982\uff0c<br \/>\n\u5982\u679c\u4e00\u4e2a\u65b0\u8bbe\u8ba1\u5e08\u9009\u62e9\u5355\u4e00\u578b\u5206\u9500\u7b56\u7565\u5728\u3000Neiman\u3000Marcus\u3000\u9500<br \/>\n\u552e\uff0c\u90a3\u4e48\u4ea7\u54c1\u5c31\u6709\u4e86\u67d0\u79cd\u9b45\u529b\u3002\u6d88\u8d39\u8005\u603b\u60f3\u8981\u5728\u4ea7\u54c1\u7684\u9500\u552e<br \/>\n\u70b9\u60f3\u8981\u4ea7\u54c1\u7684\u67d0\u4e9b\u6027\u80fd\u3001\u7279\u70b9\uff0c\u8bf8\u5982\u683c\u8c03\u3001\u8d28\u91cf\u3001\u4ef7\u683c\u7b49\u3002<br 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\/>\n\u67d0\u79cd\u8d23\u4efb\u3002\u8fd0\u7528\u9009\u62e9\u578b\u7b56\u7565\u65f6\uff0c\u751f\u4ea7\u5382\u5546\u53ef\u80fd\u6709\u201c\u4e49\u52a1\u201d\u63d0\u4f9b\u9ad8\u8d28\u91cf\u3001\u4f18\u8d28\u670d\u52a1\u4ee5\u53ca\u5408\u4f5c\u5f0f\u4ed8\u6b3e\u65b9\u5f0f\uff0c\u4ee5\u652f\u6301\u4ef2\u4fc3\u9500\u6d3b<br \/>\n\u52a8\u3002\u5f53\u751f\u4ea7\u5382\u5546\u4e0e\u96f6\u552e\u5546\u5171\u540c\u627f\u62c5\u5e7f\u544a\u8d39\u7528\u65f6\uff0c\u8fd9\u79cd\u5e7f\u544a\u79f0<br \/>\n\u4e3a\u5408\u4f5c\u5e7f\u544a\u3002\u5728\u5305\u542b\u751f\u4ea7\u5382\u5546\u5956\u52b1\u523a\u6fc0\u7684\u5206\u9500\u5173\u7cfb\u4e2d\uff0c\u96f6\u552e<br \/>\n\u5546\u4e5f\u6709\u5e94\u5c3d\u4e49\u52a1\u3002\u96f6\u552e\u5546\u53ef\u80fd\u6709\u201c\u4e49\u52a1\u201d\u7279\u522b\u6ce8\u610f\u7ed9\u4e88\u4ea7\u54c1<br \/>\n\u4ee5\u4f18\u60e0\u7684\u4f4d\u7f6e\u3001\u7279\u6b8a\u7684\u4fc3\u9500\u3001\u5e03\u7f6e\u5b89\u6392\u4ee5\u6709\u9500\u552e\u4e0a\u7684\u52aa\u529b\u3002<br \/>\n\u5982\u679c\u8fd9\u4e9b\u4e49\u52a1\u672a\u80fd\u5c65\u884c\uff0c\u5219\u6784\u6210\u8fdd\u7ea6\uff0c\u3000\u5173\u7cfb\u53ef\u4ee5\u4e2d\u65ad\u3002\u5728Ralph<br \/>\nLauren\u7684\u4f8b\u5b50\u4e2d\uff0c\u4ed6\u76f8\u4fe1\u4ed6\u7684\u3000Polo\u3000\u670d\u88c5\u7cfb\u5217\u6781\u5177\u7279\u8272\uff0c\u56e0\u800c<br \/>\n\u6210\u4e3a\u7b2c\u4e00\u4e2a\u5728\u767e\u8d27\u5546\u5e97\u8981\u6c42\u8bbe\u65f6\u88c5\u4e13\u67dc\u7684\u8bbe\u8ba1\u5e08\u3002Ralph\u3000\u63d0\u4f9b<br \/>\n\u4e86\u96f6\u552e\u5546\u5f55\u6c42\u7684\u5f62\u8c61\u548c\u6bdb\u5229\u3002\u96f6\u552e\u5546\u53cd\u8fc7\u6765\u6709\u4e49\u52a1\u5411\u3000Ralph<br \/>\nLauren\u63d0\u4f9b\u7279\u6b8a\u4e13\u67dc\u548c\u9500\u552e\u52aa\u529b\u3002<br \/>\n\u9009\u62e9\u54ea\u4e9b\u5206\u9500\u6e20\u9053\uff1f<br \/>\n\u9009\u62e9\u54ea\u4e9b\u5206\u9500\u6e20\u9053\u53d6\u51b3\u4e8e\u5f88\u591a\u56e0\u7d20\u3002\u4e00\u822c\u4e0d\u4ec5\u4ec5\u662f\u4e00\u4e2a<br 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\/>\n\u5bf9\u4e8e\u4e00\u4e2a\u8425\u9500\u7ecf\u7406\u6765\u8bf4\uff0c\u6709\u5173\u6210\u672c\u7684\u7b2c\u4e00\u4e2a\u95ee\u9898\u5e94\u5f53\u662f\uff1a<br \/>\n\u201c\u6211\u7684\u6210\u672c\u4e2d\u54ea\u4e9b\u53ef\u53d8\u7684\uff1f\u54ea\u4e9b\u662f\u56fa\u5b9a\u7684\uff1f\u201d\u542c\u8d77\u6765\u50cf\u662f\u4f1a<br \/>\n\u8ba1\u672f\u8bed\uff0c\u5176\u5b9e\u8fd9\u5c31\u662f\u4e2a\u4f1a\u8ba1\u672f\u8bed\u3002<br \/>\n\u53d8\u52a8\u6210\u672c\uff08Variable\u3000costs\uff09\u662f\u968f\u7740\u6240\u552e\u51fa\u6216\u751f\u4ea7\u7684\u4ea7<br \/>\n\u54c1\u6570\u91cf\u800c\u53d8\u5316\u7684\u6210\u672c\u3002\u6750\u6599\u548c\u4eba\u5de5\u6210\u672c\u662f\u53d8\u52a8\u6210\u672c\u3002\u968f\u7740\u9500<br \/>\n\u552e\u6216\u751f\u4ea7\u6570\u91cf\u7684\u589e\u52a0\uff0c\u6750\u6599\u548c\u4eba\u5de5\u7684\u6210\u672c\u4e5f\u589e\u52a0\u4e86\u3002\u56fa\u5b9a\u6210<br \/>\n\u672c\uff08Fixed\u3000costs\uff09\u5219\u662f\u5373\u4f7f\u5728\u6ca1\u6709\u9500\u552e\u7684\u60c5\u51b5\u4e0b\u4e5f\u4e0d\u968f\u6570\u91cf<br \/>\n\u7684\u53d8\u5316\u800c\u53d8\u5316\u7684\u6210\u672c\u3002\u5728\u6570\u91cf\u4e0a\u4e0b\u6d6e\u52a8\u7684\u540c\u65f6\uff0c\u65e0\u8bba\u662f\u79df\u91d1<br \/>\n\u8fd8\u662f\u4e00\u540d\u4e3b\u7ba1\u7684\u5de5\u8d44\u5728\u4e00\u4e2a\u76f8\u5bf9\u8303\u56f4\u5185\u662f\u4e0d\u53d8\u7684\u3002\u6211\u7684\u610f\u601d<br \/>\n\u662f\u8bf4\uff0c\u5982\u679c\u9500\u552e\u589e\u957f\u4e86\u30003\u3000\u500d\uff0c\u53ef\u80fd\u9700\u8981\u79df\u8d41\u4e00\u4e2a\u65b0\u5de5\u5382\uff0c\u90a3<br \/>\n\u4e48\u56fa\u5b9a\u6210\u672c\u5c31\u4e0a\u5347\u4e86\u3002\u4fc3\u9500\u8d39\u7528\uff0c\u6bd4\u5982\u5e7f\u544a\u4e5f\u88ab\u8ba4\u4e3a\u662f\u8425\u9500<br \/>\n\u65b9\u6848\u4e2d\u7684\u56fa\u5b9a\u6210\uff0c\u56e0\u4e3a\u5982\u679c\u4ea7\u54c1\u5f7b\u5e95\u5931\u8d25\uff0c\u5e7f\u544a\u7684\u94b1\u5df2\u7ecf\u82b1<br \/>\n\u6389\u4e86\uff0c\u8fd9\u4e9b\u94b1\u88ab\u8ba4\u4e3a\u662f\u6c89\u6ca1\u6210\u672c\uff08Sunk\u3000costs\uff09\u2014\u2014\u7535\u89c6\u5e7f<br \/>\n\u544a\u64ad\u51fa\u540e\uff0c\u94b1\u5c31\u5728\u7535\u89c6\u7684\u6d77\u6d0b\u91cc\u6f02\u8d70\u4e86\u3002\u603b\u6210\u672c\u662f\u53d8\u52a8\u548c\u56fa<br \/>\n\u5b9a\u6210\u672c\u4e4b\u548c\u3002<br \/>\n\u603b\u6210\u672c=\u3014\u5355\u4f4d\u53d8\u52a8\u6210\u672c\uff08VC\uff09\u00d7\u9500\u552e\u6570\u91cf\u3015\uff0b\u56fa\u5b9a\u6210\u672c\uff08FC\uff09<br \/>\n\u5176\u56fe\u8868\u5f62\u5f0f\u5982\u4e0b\u6240\u793a\uff1a<br \/>\n\u751f\u4ea7\u6728\u5236\u684c<br \/>\n\u53d8\u52a8\u6210\u672c=5\u7f8e\u5143\/\u5355\u4f4d\u3000\u3000\u3000\u3000\u56fa\u5b9a\u6210\u672c=10\uff0c000\u7f8e\u5143<br \/>\n\u539f\u6599\uff08\u6728\u6750\u3001\u9489\u5b50\u3001\u80f6\uff09\u3000\u3000\u3000\u3000\u3000\u8bbe\u5907\u6295\u8d44<br \/>\n\u4eba\u5de5\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u79df\u7528\u5de5\u5382<br \/>\n\u5176\u4ed6\u751f\u4ea7\u6210\u672c\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u7ba1\u7406\u8005\u5de5\u8d44<br \/>\n\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u5e7f\u544a<br \/>\n\u56fa\u5b9a\u6210\u672c\uff0b\u53d8\u52a8\u6210\u672c=\u603b\u6210\u672c<br \/>\n\u56fa\u5b9a\u6210\u672c\uff0b\u53ef\u53d8\u6210\u672c=\u603b\u6210\u672c<br \/>\n\u6570\u91cf<br \/>\n\u4e0a\u56fe\u663e\u793a\uff0c\u4e0d\u8bba\u751f\u4ea7\u684c\u5b50\u7684\u6570\u91cf\u591a\u5c11\uff0c\u56fa\u5b9a\u6210\u672c\u4fdd\u6301\u4e0d<br \/>\n\u53d8\u3002\u5b9e\u9645\u751f\u4ea7\u51fa\u4e00\u5b9a\u6570\u91cf\u4ea7\u54c1\u540e\uff0c\u53d8\u52a8\u6210\u672c\u52a0\u4e0a\u56fa\u5b9a\u6210\u672c\u4fbf<br \/>\n\u5f97\u51fa\u603b\u6210\u672c\u3002<br \/>\n\u6211\u7684\u76c8\u4e8f\u5e73\u8861\u70b9\u662f\u591a\u5c11\uff1f\u662f\u5426\u5408\u7406\uff1f<br \/>\n\u76c8\u4e8f\u5e73\u8861\u70b9\uff08Break\u3000even\uff09\u662f\u56fa\u5b9a\u6210\u672c\u4ece\u4ea7\u54c1\u9500\u552e\u4e2d\u6536<br \/>\n\u56de\u56fa\u5b9a\u6210\u672c\uff0c\u4f46\u5e76\u6ca1\u6709\u4ea7\u751f\u5229\u6da6\u7684\u4ea7\u54c1\u751f\u4ea7\u6570\u91cf\u3002\u4fc3\u9500\u548c\u751f<br \/>\n\u4ea7\u90fd\u5f88\u8d39\u94b1\u3002\u5fc5\u987b\u627e\u5230\u4e00\u4e2a\u65b9\u6cd5\u6765\u6536\u56de\u8fd9\u4e9b\u6295\u8d44\u3002\u8425\u9500\u7684\u6574<br \/>\n\u4f53\u610f\u4e49\u5c31\u5728\u4e8e\u6b64\uff0c\u5373\uff1a\u56de\u6536\u6210\u672c\u3001\u521b\u9020\u5229\u6da6\u3002<br \/>\n\u76c8\u4e8f\u5e73\u8861\u70b9\u5355\u4f4d\u6570\u91cf\u3000\u56fa\u5b9a\u6210\u672c<br \/>\n\u5355\u4f4d\u8fb9\u9645\u8d21\u732e\u3000=<br \/>\n\uff08\u5355\u4f4d\u8fb9\u9645\u8d21\u732e=\u552e\u4ef7\u2014\u53d8\u52a8\u6210\u672c\uff09<br \/>\n\u6211\u7528\u5496\u5561\u4e1a\u7684\u6570\u636e\uff0c\u63d0\u4f9b\u4e86\u73b0\u5b9e\u4e16\u754c\u91cc\u7684\u4e00\u4e2a\u4f8b\u5b50\u3002\u5728<br \/>\n\u6240\u62df\u7684\u58a8\u897f\u54e5\u4e0a\u7b49\u5496\u5561\u8425\u9500\u65b9\u6848\u91cc\uff0c\u6211\u786e\u5b9a\u7684\u4ef7\u683c\u548c\u6210\u672c\u4e3a\uff1a<br \/>\n\u3000\u6210\u672c\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u6210\u672c\u3000\u3000\u3000\u3000\u3000\u6210\u672c\u7c7b\u578b<br \/>\n\u96f6\u552e\u4ef7\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u30006\u7f8e\u5143\/\u78c5<br \/>\n\u6279\u53d1\u4ef7\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u30004\u30022\u7f8e\u5143\/\u78c5<br \/>\n\u5496\u5561\u8c46\u6210\u672c\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u30001\u7f8e\u5143\/\u78c5\u3000\u3000\u3000\u3000\u53ef\u53d8<br \/>\n\u70e4\u5236\u548c\u52a0\u5de5\u6210\u672c\u3000\u30000\u300244\u7f8e\u5143\/\u78c5\u3000\u3000\u3000\u3000\u53ef\u53d8<br \/>\n\u5305\u88c5\u6210\u672c\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u30000\u300255\u7f8e\u5143\/\u78c5\u3000\u3000\u3000\u3000\u53ef\u53d8<br \/>\n\u8fd0\u8f93\u6210\u672c\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u30000\u300225\u7f8e\u5143\/\u78c5\u3000\u3000\u3000\u3000\u53ef\u53d8<br \/>\n\u9500\u552e\u5956\u52b1\u91d1\u7b49\u3000\u3000\u3000\u3000\u300050\uff1b000\u7f8e\u5143\u3000\u3000\u3000\u3000\u56fa\u5b9a<br \/>\n\u751f\u4ea7\u8bbe\u5907\u79df\u8d41\u91d1\u3000\u3000\u300012\uff1b000\u7f8e\u5143\u3000\u3000\u3000\u3000\u56fa\u5b9a<br \/>\n\u4fc3\u9500\u5de5\u4f5c\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000150\uff1b000\u7f8e\u5143\u3000\u3000\u3000\u3000\u56fa\u5b9a\u76f8\u5e94\u7684\u76c8\u4e8f\u5e73\u8861\u70b9\u4ea7\u54c1\u6570\u91cf\u8ba1\u7b97\u5982\u4e0b\uff1a<br \/>\n\uff08\u3000\u7f8e\u5143\u3000\u7f8e\u5143\u3000\u7f8e\u5143\uff09<br \/>\n\u7f8e\u5143\u3000\uff08\u3000\uff09\u7f8e\u5143<br \/>\n\u7f8e\u5143\u78c5\u76c8\u4e8f\u5e73\u8861\u70b9\uff08\u3000\uff09\u6570\u91cf<br \/>\n50\uff1b000\u3000\uff0b12\uff1b000\u3000\uff0b150\uff1b000<br \/>\n\uff074\u300220\u3000\u2026\u30001\uff0b\u30000\u300244\u3000\uff0b\u30000\u300255\uff0b\u30000\u300225\u3000\uff07<br \/>\n=\u3000108\uff1b163\u3000BE<br \/>\n\u800c\u76c8\u4e8f\u5e73\u8861\u70b9\u9500\u552e\u989d\u4e3a\uff1a<br \/>\n108\uff1b163\u78c5\u00d76\u7f8e\u5143\/\u78c5=648\uff1b987\u7f8e\u5143\u5e73\u8861\u70b9\u96f6\u552e\u989d<br \/>\n\u8be5\u516c\u5f0f\u8fd8\u53ef\u7528\u4e8e\u8ba1\u7b97\u83b7\u53d6\u9884\u671f\u5229\u6da6\u7684\u76ee\u6807\u6570\u91cf\u3002<br \/>\n\u76ee\u6807\u6570\u91cf\u3000\uff08\u56fa\u5b9a\u6210\u672c\u3000\u5229\u6da6\uff09<br \/>\n\u5355\u4f4d\u8fb9\u9645\u8d21\u732e\u3000=<br \/>\n\uff0b<br \/>\n\u8981\u8fbe\u5230\u300030\uff1b000\u3000\u7f8e\u5143\u7684\u5229\u6da6\u56de\u6536\u76ee\u6807\uff0c\u4f60\u53ea\u9700\u628a\u5229\u6da6\u6570\u4e0e<br \/>\n\u56fa\u5b9a\u6210\u672c\u76f8\u52a0\u4f5c\u4e3a\u5206\u5b50\u6570\u3002<br \/>\n212\uff1b000\u3000\uff0b\u300030\uff1b000\u3000\u3000<br \/>\n4\u30022\u3000\u2026\u30002\u300224<br \/>\n=\u3000123\uff1b469<br \/>\n\u7f8e\u5143\u3000\u7f8e\u5143<br \/>\n\uff08\u3000\u7f8e\u5143\u3000\u7f8e\u5143\uff09\u3000\u78c5\u76ee\u6807\u9500\u91cf<br \/>\n123\uff1b469\u78c5\u00d76\u7f8e\u5143=740\uff1b814\u7f8e\u5143\u76ee\u6807\u96f6\u552e\u989d<br 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\/>\n\u9700\u8981\u638c\u63e1\u7684\u4e3b\u8981\u8bcd\u8bed\u3000\uff08KEY\u3000MARKETING\u3000TAKEAWAYS\uff09<br \/>\nThe\u30007\u3000Steps\u3000of\u3000Market\u3000Strategy\u3000Development\uff1a<br \/>\n1\u3002\u3000Consumer\u3000analysis<br \/>\n2\u3002\u3000Market\u3000analysis3\u3002\u3000petitive\u3000analysis<br \/>\n4\u3002\u3000Distribution\u3000channel\u3000analysis<br \/>\n5\u3002\u3000Develop\u3000the\u3000marketing\u3000mix<br \/>\n6\u3002\u3000Determine\u3000the\u3000economics<br \/>\n7\u3002\u3000Revise<br \/>\nNeed\u3000Categories\u2014All\u3000the\u3000possible\u3000uses\u3000of\u3000a\u3000product<br \/>\nor\u3000service<br \/>\nThe\u3000buying\u3000Process\u2014The\u3000stages\u3000of\u3000making\u3000a\u3000purchase<br \/>\nProduct\u3000Involvement\u2014The\u3000importance\u3000of\u3000a\u3000product\u3000to<br \/>\nthe\u3000consumer<br \/>\nSegmentation\u3000Variables\u3000\u2014\u3000ways\u3000to\u3000divide\u3000the<br \/>\npopulation\u3000to\u3000find\u3000a\u3000profitable\u3000target<br \/>\nRelevant\u3000market\u2014The\u3000portion\u3000of\u3000the\u3000market\u3000that\u3000is<br \/>\ninterested\u3000in\u3000your\u3000product<br \/>\nProduct\u3000Life\u3000Cycle\u2014The\u3000birth\u2026to\u3000\u2026death\uff08and\u3000possibly<br \/>\nrebirth\uff09life\u3000cycle\u3000of\u3000a\u3000product<br \/>\nPerceptual\u3000Mapping\u2014A\u3000multivariable\u3000picture\u3000of\u3000a<br \/>\nproduct\u3000and\u3000its\u3000petitors<br \/>\nChannel\u3000Margin\u3000Mathematics\u3000\u2014\u3000Each\u3000level\u3000in\u3000the<br \/>\ndistribution\u3000takes\u3000a\u3000margin\u3000of\u3000the\u3000selling\u3000price\u3000it<br \/>\ncharges\u3000to\u3000the\u3000next\u3000level\u3000of\u3000distribution\u3002<br \/>\nThe\u3000Marketing\u3000Mix\u3000of\u3000the\u30004P&#8217;s\u3000\u2014Product\uff1b\u3000place\uff1b<br \/>\npromotion\uff1b\u3000and\u3000price<br 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\/>\n\u76f8\u5173\u8005\u3002\u5728\u6b64\u4f8b\u4e2d\uff0c\u81f3\u5c11\u6728\u6750\u516c\u53f8\u7684\u51b3\u7b56\u5c42\u5728\u780d\u4f10\u732b\u5934\u9e70\u6816<br \/>\n\u606f\u7684\u6797\u6728\u524d\uff0c\u5e94\u8be5\u8003\u8651\u5229\u76ca\u76f8\u5173\u8005\u7684\u53cd\u5e94\u3002\u6709\u4e86\u8fd9\u79cd\u5229\u76ca\u76f8<br \/>\n\u5173\u8005\u7684\u5206\u6790\u65b9\u6cd5\uff0cMBA\u3000\u4eec\u5c31\u80fd\u5206\u6790\u7c7b\u4f3c\u5a01\u80c1\u732b\u5934\u9e70\u6816\u606f\u73af\u5883\u7684<br \/>\n\u9053\u5fb7\u95ee\u9898\uff0c\u4ee5\u505a\u51fa\u660e\u667a\u7684\u3001\u8003\u8651\u5468\u5168\u7684\u51b3\u5b9a\u3002<br \/>\n\u9700\u8981\u638c\u63e1\u7684\u4e3b\u8981\u8bcd\u8bed\u3000\uff08KEY\u3000ETHICS\u3000TAKEAWAYS\uff09<br \/>\nSocial\u3000Responsivbility\u3000of\u3000Business\u2014Concept\u3000that<br \/>\nbusinesses\u3000are\u3000accountable\u3000to\u3000more\u3000than\u3000their\u3000owners<br \/>\nRelativism\u3000and\u3000Its\u3000Four\u3000Forms\u2014Reasons\u3000to\u3000avoid<br \/>\nmaking\u3000ethical\u3000decisionsStakeholder\u3000Analysis\u2014A\u3000framework\u3000considering\u3000who\u3000is<br \/>\naffected\u3000by\u3000a\u3000business\u3000decision\u7b2c3\u5929\u3000\u4f1a\u8ba1<br \/>\n\u672c\u7ae0\u4e3b\u9898<br \/>\n\u4f1a\u8ba1\u539f\u5219<br \/>\n\u4f1a\u8ba1\u6982\u5ff5<br \/>\n\u8d22\u52a1\u62a5\u8868<br \/>\n\u6bd4\u7387\u5206\u6790<br \/>\n\u7ba1\u7406\u4f1a\u8ba1<br \/>\n\u4f1a\u8ba1\u662f\u5546\u4e1a\u7684\u901a\u7528\u8bed\u8a00\u3002\u516c\u53f8\u9700\u8981\u628a\u6574\u4e2a\u516c\u53f8\u7684\u7ecf\u8425\u7ed3<br \/>\n\u679c\u516c\u8bf8\u793e\u4f1a\u3002\u5bf9\u516c\u53f8\u7ecf\u8425\u60c5\u51b5\u611f\u5174\u8da3\u7684\u4eba\u5305\u62ec\u516c\u53f8\u7684\u96c7\u5458\u3001<br \/>\n\u6295\u8d44\u8005\u3001\u503a\u6743\u4eba\u3001\u5ba2\u6237\u3001\u4f9b\u8d27\u5546\u548c\u516c\u53f8\u6240\u5728\u793e\u533a\u7684\u5404\u754c\u4eba\u58eb\u3002<br 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\/>\n\u8ba1\u539f\u5219\u662f\u6307\u4e3a\u4f7f\u516c\u53f8\u7684\u8d22\u52a1\u62a5\u544a\u4e4b\u95f4\u5177\u6709\u516c\u5e73\u7684\u53ef\u6bd4\u6027\u800c\u786e<br \/>\n\u5b9a\u7684\u6807\u51c6\u3002\u4f1a\u8ba1\u4e2d\u7684\u6700\u91cd\u8981\u539f\u5219\u662f\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\uff08General<br \/>\nAccepted\u3000Accounting\u3000Principles\uff1bGAAP\uff09\u3002\u8fd9\u4e00\u4f1a\u8ba1\u539f\u5219\u662f<br \/>\n\u7ecf\u8fc7\u5f88\u957f\u7684\u4e00\u6bb5\u65f6\u95f4\u624d\u5f62\u6210\u7684\uff0c\u540c\u6cd5\u5f8b\u4e0a\u6848\u4f8b\u6cd5\u5f62\u6210\u7684\u610f\u4e49<br \/>\n\u5f88\u7c7b\u4f3c\u3002\u968f\u7740\u5546\u4e1a\u6d3b\u52a8\u65b0\u9886\u57df\u7684\u4e0d\u65ad\u51fa\u73b0\uff0c\u8d22\u52a1\u4f1a\u8ba1\u51c6\u5219\u59d4<br \/>\n\u5458\u4f1a\uff08Financial\u3000Accounting\u3000Atandards\u3000Board\uff1b\u3000FASB\uff09\u968f\u4e4b<br \/>\n\u589e\u8865\u4e86\u65b0\u7684\u539f\u5219\u3002\u8be5\u59d4\u5458\u4f1a\u8fc4\u4eca\u5df2\u5236\u5b9a\u4e86\u4e00\u767e\u591a\u6761\u539f\u5219\u3002\u5728<br \/>\n\u8c08\u5230\u67d0\u4e00\u539f\u5219\u65f6\uff0c\u4f1a\u8ba1\u4eec\u5f80\u5f80\u7528\u6570\u5b57\u4ee3\u66ff\u3002\u7531\u4e8e\u5efa\u8bbe\u6838\u7535\u5382<br \/>\n\u51fa\u73b0\u4e86\u95ee\u9898\uff0c\u6240\u4ee5\u5c31\u4e8e\u30001987\u3000\u5e74\u516c\u5e03\u4e86\u3000FASB90\u3000\u539f\u5219\u3002\u5bf9\u7535\u529b<br \/>\n\u8bbe\u65bd\u516c\u53f8\u800c\u8a00\uff0c\u50cf\u897f\u5317\u7684\u3000WPPSS\uff0c\u5728\u7814\u7a76\u5982\u4f55\u5bf9\u4ef7\u503c\u6570\u5341\u4ebf\u7f8e<br \/>\n\u5143\u7684\u4e0d\u5b89\u5168\u6216\u51c6\u5907\u653e\u5f03\u7684\u7535\u529b\u8bbe\u65bd\u8fdb\u884c\u5e10\u9762\u5904\u7406\u65f6\uff0c\u5c31\u9700\u8981<br \/>\n\u6709\u4f1a\u8ba1\u539f\u5219\u4f5c\u6307\u5bfc\u3002<br \/>\n\u4f1a\u8ba1\u7684\u57fa\u672c\u6982\u5ff5<br \/>\n\u4e3a\u4e86\u5f04\u61c2\u4f1a\u8ba1\uff0c\u5728\u6d89\u53ca\u6570\u636e\u8ba1\u7b97\u4e4b\u524d\uff0c\u4f60\u9700\u8981\u719f\u6089\u4ee5\u4e0b<br \/>\n\u51e0\u4e2a\u91cd\u8981\u7684\u57fa\u672c\u6982\u5ff5\u3002\u5e94\u8be5\u77e5\u9053\uff0c\u4f1a\u8ba1\u539f\u5219\u5e76\u4e0d\u80fd\u544a\u8bc9\u4f60\u95ee<br \/>\n\u9898\u7684\u5168\u90e8\u3002\u4e0b\u9762\u5411\u4f60\u4ecb\u7ecd\u7684\u30007\u3000\u4e2a\u6982\u5ff5\u548c\u540d\u8bcd\u867d\u4e0d\u662f\u6cd5\u5f8b\u6761\u6587\uff0c<br \/>\n\u4f46\u5374\u662f\u6307\u5bfc\u6240\u6709\u4f1a\u8ba1\u539f\u5219\u548c\u4f1a\u8ba1\u62a5\u544a\u7684\u9002\u7528\u89c4\u5b9a\u3002<br \/>\n\u4e3b\u4f53\uff08The\u3000Entity\uff09<br \/>\n\u6536\u4ed8\u5b9e\u73b0\u5236\u548c\u6743\u8d23\u53d1\u751f\u5236\uff08Cash\u3000and\u3000Accrual\u3000Accounting\uff09<br \/>\n\u5ba2\u89c2\u6027\uff08Objectivity\uff09<br \/>\n\u7a33\u5065\u539f\u5219\uff08Conservatism\uff09<br \/>\n\u6301\u7eed\u7ecf\u8425\uff08Going\u3000Concern\uff09<br \/>\n\u4e00\u81f4\u6027\uff08Consistency\uff09<br \/>\n\u91cd\u8981\u6027\uff08Materiality\uff09\u4e3b\u4f53<br \/>\n\u67d0\u4e00\u7279\u5b9a\u5b9e\u4f53\u7684\u7ecf\u8425\u6d3b\u52a8\u662f\u901a\u8fc7\u4f1a\u8ba1\u62a5\u8868\u53cd\u6620\u51fa\u6765\u7684\u3002<br \/>\n\u4f1a\u8ba1\u5e08\u4eec\u5728\u62a5\u8868\u4e2d\u91c7\u7528\u7684\u8861\u91cf\u6807\u51c6\u548c\u5c3a\u5ea6\u5fc5\u987b\u6e05\u695a\u3002\u51fa\u5177\u62a5<br \/>\n\u8868\u7684\u5b9e\u4f53\u53ef\u4ee5\u662f\u4e00\u5bb6\u6742\u8d27\u5e97\u3001\u4e00\u4e2a\u751f\u4ea7\u5382\u5bb6\u3001\u4e00\u5bb6\u516c\u53f8\u6216\u4e00<br \/>\n\u4e2a\u8de8\u56fd\u6027\u96c6\u56e2\u3002\u4f8b\u5982\uff0cGeneral\u3000Mills\u3000\u516c\u53f8\u4e0d\u4ec5\u9700\u8981\u4e3a\u4e0b\u5c5e\u7684<br \/>\n\u6bcf\u4e00\u4e2a\u3000Red\u3000Lobster\uff08\u7ea2\u9f99\u867e\uff09\u9910\u9986\u5355\u72ec\u505a\u5e10\uff0c\u540c\u65f6\u4e5f\u4e3a\u5176\u63a7<br \/>\n\u5236\u7684\u6574\u4e2a\u3000Red\u3000Lobster\u3000\u8fde\u9501\u5e97\u505a\u5e10\uff0c\u53e6\u5916\u8fd8\u8981\u4e3a\u5305\u62ec\u3000Olive<br \/>\nGarden\u3000\u8fde\u9501\u5e97\u5728\u5185\u7684\u9910\u996e\u4e1a\u96c6\u56e2\u505a\u5e10\u3002\u5f53\u7136\uff0c\u516c\u53f8\u8981\u51c6\u5907\u4e00<br \/>\n\u4efd\u603b\u5e10\uff0c\u3000\u5176\u4e2d\u5e94\u5305\u62ec\u516c\u53f8\u6295\u8d44\u7684\u5176\u4ed6\u516c\u53f8\u8bf8\u5982Cheerios\uff1b\u3000Betty<br \/>\nCrocker\uff1b\u3000Gold\u3000Medal\u3000flour\u3000\u548cYoplait\u3000Yogurt\u7684\u5e10\u76ee\u3002<br \/>\n\u6536\u4ed8\u5b9e\u73b0\u5236\u548c\u6743\u8d23\u53d1\u751f\u5236<br \/>\n\u600e\u6837\u201c\u6570\u8c46\u5b50\u201d\u662f\u975e\u5e38\u91cd\u8981\u7684\u3002\u91c7\u7528\u6536\u4ed8\u5b9e\u73b0\u5236\uff0c\u4ea6\u79f0<br \/>\n\u73b0\u91d1\u8bb0\u5e10\u65b9\u5f0f\uff08Cash\u3000basis\uff09\u4f1a\u8ba1\u539f\u5219\uff0c\u4e1a\u52a1\u5f80\u6765\u53ea\u5728\u73b0\u91d1\u6613<br \/>\n\u624b\u65f6\u624d\u88ab\u8bb0\u5f55\u4e0b\u6765\u3002\u4ece\u516c\u53f8\u7684\u8bb0\u5e10\u7c3f\u4e0a\uff0c\u53ef\u4ee5\u67e5\u5bfb\u5230\u9700\u8981\u4e86<br \/>\n\u89e3\u7684\u5c0f\u4f01\u4e1a\u7684\u5168\u90e8\u4f1a\u8ba1\u4fe1\u606f\u3002\u67d0\u4e00\u5bb6\u5546\u5e97\u4e8e\u30001993\u3000\u5e74\u4ed8\u4e86\u4e24\u5e74<br \/>\n\u7684\u79df\u91d1\uff0c\u8fd9\u65f6\u5c31\u628a\u652f\u4ed8\u7684\u5168\u90e8\u79df\u91d1\u8d39\u7528\u8bb0\u4f5c\u30001993\u3000\u5e74\u53d1\u751f\u7684\u6210<br \/>\n\u672c\uff0c\u800c\u4e0d\u662f\u5c06\u4e4b\u5206\u644a\u6210\u4e24\u5e74\u3002\u5f53\u4e00\u5bb6\u5c0f\u578b\u673a\u68b0\u52a0\u5de5\u70b9\u8d2d\u4e70\u7535<br \/>\n\u52a8\u5de5\u5177\u65f6\uff0c\u5176\u6210\u672c\u4e5f\u5c31\u968f\u4e70\u968f\u8bb0\u800c\u4e0d\u518d\u8003\u8651\u5de5\u5177\u7684\u4f7f\u7528\u5e74\u9650\u3002<br \/>\n\u660e\u767d\u4e86\u5417\uff1f\u6536\u4ed8\u5b9e\u73b0\u5236\u4f1a\u8ba1\u539f\u5219\u80fd\u5341\u5206\u660e\u786e\u5730\u544a\u8bc9\u4f60\u73b0\u91d1\u4f55<br \/>\n\u65f6\u6613\u624b\uff0c\u4ea4\u6613\u91cf\u662f\u591a\u5c11\uff0c\u4f46\u662f\uff0c\u5b83\u5e76\u672a\u628a\u9500\u552e\u989d\u540c\u76f8\u5e94\u7684\u7ecf<br \/>\n\u8425\u6210\u672c\u6302\u94a9\u3002<br \/>\n\u8bb8\u591a\u5177\u5907\u4e00\u5b9a\u89c4\u6a21\u7684\u516c\u53f8\u90fd\u91c7\u7528\u6743\u8d23\u53d1\u751f\u5236\uff08Accrual\uff09\u4f1a<br \/>\n\u8ba1\u65b9\u6cd5\u8bb0\u5e10\u3002\u6743\u8d23\u53d1\u751f\u5236\u662f\u628a\u7531\u4e8e\u53d1\u751f\u4e1a\u52a1\u9020\u6210\u7684\u8d22\u52a1\u72b6\u7684<br \/>\n\u53d8\u5316\u8bb0\u5f55\u4e0b\u6765\uff0c\u800c\u5e76\u4e0d\u8003\u8651\u73b0\u91d1\u662f\u5426\u53d1\u751f\u4e86\u53d8\u52a8\u3002K&#8217;mart\u3000\u516c<br \/>\n\u53f8\u7531\u4e8e\u79df\u7528\u4e86\u573a\u5730\uff0c\u79df\u91d1\u8d39\u7528\u662f\u6bcf\u6708\u90fd\u8bb0\u5f55\u5728\u6848\u7684\uff1bBoeing<br \/>\n\u98de\u673a\u516c\u53f8\u5de5\u4eba\u5728\u5de5\u5382\u4f7f\u7528\u7684\u94c6\u9489\u67aa\u7684\u6210\u672c\u662f\u4ee5\u5176\u4f7f\u7528\u5e74\u9650\u8bb0<br \/>\n\u5728\u516c\u53f8\u5e10\u4e0a\u7684\uff0c\u56e0\u4e3a\u3000Boeing\u3000\u516c\u53f8\u5728\u91c7\u8d2d\u4e0a\u82b1\u8d39\u7684\u6b3e\u9879\u5de8\u5927\uff0c<br \/>\n\u6240\u4ee5\uff0c\u7528\u73b0\u91d1\u8bb0\u5e10\u65b9\u6cd5\u5c31\u4f1a\u6b6a\u66f2\u8d22\u52a1\u62a5\u8868\u7684\u5185\u5bb9\u3002\u7531\u4e8e\u901a\u5e38<br \/>\n\u60c5\u51b5\u4e0b\u53d1\u751f\u7684\u4e1a\u52a1\u4e0e\u73b0\u91d1\u7684\u6d41\u52a8\u5e76\u4e0d\u662f\u540c\u65f6\u8fdb\u884c\u7684\uff0c\u6240\u4ee5\u5c31<br \/>\n\u5f15\u51fa\u4e86\u4e0e\u6743\u8d23\u53d1\u751f\u5236\u6709\u5173\u7684\u4e24\u4e2a\u95ee\u9898\uff1a\u5206\u644a\uff08Allocation\uff09\u548c<br \/>\n\u914d\u6bd4\uff08Matching\uff09\u3002<br \/>\n\u4f1a\u8ba1\u671f\u95f4\u5185\u7684\u5206\u644a\u3000\uff08Allocations\u3000to\u3000accounting<br \/>\nperiods\uff09\u3002\u7531\u4e8e\u5229\u6da6\u8868\u6240\u53cd\u6620\u7684\u662f\u67d0\u4e00\u6bb5\u65f6\u95f4\u5185\u7684\u7ecf\u8425\u60c5\u51b5\uff0c<br \/>\n\u6240\u4ee5\u5982\u4f55\u786e\u8ba4\u67d0\u9879\u4e1a\u52a1\u662f\u5426\u53d1\u751f\u5728\u8fd9\u4e00\u65f6\u95f4\u6bb5\u5185\u5c31\u663e\u5f97\u975e\u5e38<br \/>\n\u91cd\u8981\u3002\u5047\u8bbeIBM\u3000\u516c\u53f8\u4e8e\u30001991\u3000\u5e7412\u3000\u6708\u300031\u3000\u65e5\u8d4a\u5e10\u5356\u7ed9\u798f\u7279\u6c7d\u8f66\u516c\u53f8\uff08Ford\u3000Motor\u3000pany\uff09\u4e00\u5927\u578b\u8ba1\u7b97\u673a\uff0c\u6839\u636e\u6743\u8d23\u53d1\u751f\u5236\uff0c<br \/>\n\u7531\u4e8e\u516c\u53f8\u5df2\u7b7e\u7f72\u4e86\u5177\u6709\u7ea6\u675f\u529b\u7684\u5408\u540c\uff0c\u6240\u4ee5\u516c\u53f8\u5c31\u628a\u9500\u552e\u6536<br \/>\n\u5165\u8bb0\u5f55\u5728\u30001991\u3000\u7684\u5e10\u4e0a\uff0c\u800c\u4e0d\u662f\u975e\u5f97\u7b49\u5230\u798f\u7279\u516c\u53f8\u30001992\u3000\u5e74\u652f<br \/>\n\u4ed8\u73b0\u91d1\u4e4b\u540e\u624d\u5165\u5e10\u3002\u516c\u53f8\u5728\u9500\u552e\u53d1\u751f\u7684\u90a3\u4e00\u65f6\u70b9\u5c31\u53ef\u8bb0\u5e10\u3002<br \/>\n\u8fd9\u662f\u56e0\u4e3a\u6b64\u65f6\u798f\u7279\u516c\u53f8\u5df2\u627f\u62c5\u4e86\u6cd5\u5f8b\u8d23\u4efb\uff0c\u5fc5\u987b\u63a5\u6536\u8ba1\u7b97\u673a\u3002<br \/>\nIBM\u3000\u516c\u53f8\u7684\u8d22\u52a1\u90e8\u95e8\u5728\u8fd9\u65f6\u4e5f\u5c06\u9500\u552e\u6536\u5165\u3001\u53d1\u751f\u7684\u76f8\u5e94\u6210\u672c\u548c<br \/>\n\u5b9e\u73b0\u7684\u5229\u6da6\u7edf\u8ba1\u5165\u5e10\uff0c\u800c\u53e6\u4e00\u65b9\u7684\u798f\u7279\u516c\u53f8\u5219\u6839\u636e\u6b64\u8ba1\u7b97\u673a<br \/>\n\u7684\u4f7f\u7528\u5e74\u9650\u5206\u644a\u8fd9\u7b14\u8d39\u7528\u3002<br \/>\n\u914d\u6bd4\uff08Matching\uff09\u3002\u548c\u5206\u644a\u8d39\u7528\u7684\u903b\u8f91\u4e00\u6837\uff0c\u5728\u540c\u4e00\u4f1a\u8ba1<br \/>\n\u671f\u95f4\u67d0\u4e00\u65f6\u95f4\u5185\u53d1\u751f\u7684\u9500\u552e\u6536\u5165\u8981\u548c\u5df2\u53d1\u751f\u7684\u76f8\u5e94\u7684\u9500\u552e\u6210<br \/>\n\u672c\uff08Cost\u3000of\u3000goods\u3000sold\uff1b\u3000COGS\uff09\u76f8\u5339\u914d\u3002\u901a\u8fc7\u8fd9\u79cd\u65b9\u5f0f\uff0c\u5c31<br \/>\n\u80fd\u8ba1\u7b97\u51fa\u516c\u53f8\u5b9e\u9645\u7684\u76c8\u5229\u6709\u591a\u5c11\u3002\u4f8b\u5982\u3000Safeway\u3000\u516c\u53f8\u867d\u7136\u4e8e<br \/>\n1991\u5e7412\u6708\u300031\u65e5\u5c31\u552e\u51fa\u4e86\u9c9c\u6c34\u679c\uff0c\u4f46\u76f4\u52301992\u3000\u5e74\u624d\u4ed8\u6b3e\u7ed9<br \/>\n\u4f9b\u8d27\u5546\u3002\u3000\u6839\u636e\u6743\u8d23\u53d1\u751f\u5236\u539f\u5219\uff0c\u3000\u5e94\u5c061991\u5e74\u7684\u9500\u552e\u6536\u5165\u548c1991<br 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\/>\n\u8d22\u52a1\u62a5\u8868\u628a\u4f01\u4e1a\u5f62\u5bb9\u6210\u7ecf\u8425\u6027\uff08Operating\uff09\u5b9e\u4f53\u3002\u4f1a\u8ba1\u8bb0<br \/>\n\u5f55\u4e2d\u5404\u79d1\u76ee\u9879\u4e0b\u786e\u5b9a\u7684\u4ef7\u503c\u662f\u4ee5\u4f01\u4e1a\u4e3a\u6301\u7eed\u7ecf\u8425\u4e2d\u7684\u4e2a\u4f01\u4e1a<br \/>\n\uff08Going\u3000concern\uff09\u4e3a\u524d\u63d0\u7684\u3002\u4f1a\u8ba1\u5e08\u5047\u5b9a\u516c\u53f8\u5728\u53ef\u9884\u89c1\u7684\u5c06\u6765<br \/>\n\u4ecd\u80fd\u6301\u7eed\u7ecf\u8425\u3002\u6240\u4ee5\uff0c\u8d22\u52a1\u62a5\u8868\u4e2d\u7684\u4ef7<br \/>\n\u503c\u4e0d\u662f\u201c\u629b\u552e\u201d\u65f6\u7684\u90a3\u79cd\u4ef7\u683c\u3002\u4ed6\u4eec\u7528\u7684\u662f\u4f60\u5df2\u7ecf\u77e5\u9053<br \/>\n\u7684\u539f\u59cb\u6210\u672c\u3002\u4f8b\u5982\uff0c\u8d2d\u4e70\u8f67\u94a2\u8bbe\u5907\u7684\u6210\u672c\u975e\u5e38\u6602\u8d35\uff0c\u5bf9\u4e00\u5bb6<br \/>\n\u6b63\u5728\u751f\u4ea7\u7684\u7f8e\u56fd\u94a2\u5382\u6765\u8bf4\uff0c\u5177\u6709\u5f88\u9ad8\u7684\u4ef7\u503c\u3002\u800c\u8be5\u8bbe\u5907\u5728\u516c<br \/>\n\u53f8\u7834\u4ea7\u62cd\u5356\u65f6\uff0c\u51e0\u4e4e\u503c\u4e0d\u4e86\u51e0\u4e2a\u94b1\u3002\u5bf9\u5c40\u5916\u4eba\u6765\u8bf4\uff0c\u5de5\u4e1a\u4e0a<br \/>\n\u7684\u65e7\u8bbe\u5907\u7684\u4ef7\u503c\u6709\u9650\u3002\u76f8\u5e94\u5730\uff0c\u516c\u53f8\u8bb0\u5f55\u6210\u672c\u65f6\u662f\u4ee5\u516c\u53f8\u4f7f<br \/>\n\u7528\u7684\u8bbe\u5907\u80fd\u6b63\u5e38\u751f\u4ea7\u4e3a\u524d\u63d0\u7684\u3002<br \/>\n\u4e00\u81f4\u6027<br \/>\n\u5bf9\u9605\u8bfb\u8d22\u52a1\u62a5\u8868\u7684\u4eba\u6765\u8bf4\uff0c\u4e00\u81f4\u6027\uff08Consistency\uff09\u6982\u5ff5\u662f<br \/>\n\u975e\u5e38\u91cd\u8981\u7684\u3002\u4f1a\u8ba1\u539f\u5219\u8981\u6c42\u67d0\u4e00\u5b9e\u4f53\u5e74\u590d\u4e00\u5e74\u5730\u91c7\u7528\u540c\u4e00\u79cd<br \/>\n\u4f1a\u8ba1\u5236\u5ea6\u3002\u53ea\u6709\u8fd9\u6837\uff0c\u5206\u6790\u4eba\u5458\u624d\u80fd\u5c06\u516c\u53f8\u73b0\u5728\u7684\u6570\u636e\u548c\u4ee5<br \/>\n\u5f80\u505a\u6bd4\u8f83\u3002\u8fde\u7eed\u6027\u539f\u5219\uff0c\u4ee5\u53ca\u524d\u9762\u5df2\u63d0\u5230\u7684\u5176\u5b83\u4e00\u4e9b\u539f\u5219\uff0c<br \/>\n\u90fd\u662f\u4e3a\u4e86\u5c3d\u91cf\u51cf\u5c11\u53d1\u751f\u597d\u6295\u673a\u3001\u94bb\u8425\u7684\u5546\u4eba\u5c06\u574f\u7684\u7ecf\u8425\u7ed3\u679c<br \/>\n\u85cf\u800c\u4e0d\u62a5\u3002<br \/>\n\u4e00\u81f4\u6027\u539f\u5219\u8981\u6c42\u516c\u53f8\u5e74\u590d\u4e00\u5e74\u5730\u4ee5\u540c\u4e00\u79cd\u65b9\u6cd5\u8bc4\u4f30\u516c\u53f8<br \/>\n\u7684\u5e93\u5b58\u3002\u4f7f\u7528\u7684\u4e3b\u8981\u65b9\u6cd5\u6709\u201c\u5148\u8fdb\u5148\u51fa\u201d\u6cd5\uff08First\u3000In\u3000First<br \/>\nOut\uff1bFIFO\uff09\u548c\u201c\u540e\u8fdb\u5148\u51fa\u201d\u6cd5\uff08Last\u3000In\u3000First\u3000Out\uff1bLIFO\uff09\u3002\u91c7<br \/>\n\u7528\u3000FIFO\u3000\u65b9\u6cd5\uff0c\u6700\u65e9\u91c7\u8d2d\u4ea7\u54c1\u7684\u8d39\u7528\u5148\u88ab\u8ba1\u4f5c\u6210\u672c\uff0c\u800c\u7528\u6700\u65b0<br \/>\n\u8d2d\u4e70\u4ea7\u54c1\u7684\u6210\u672c\u8ba1\u5176\u5e93\u5b58\u4ef7\u503c\uff1b\u7528\u3000LIFO\u3000\u65b9\u6cd5\uff0c\u6700\u540e\u91c7\u8d2d\u4ea7\u54c1<br \/>\n\u7684\u8d39\u7528\u5148\u88ab\u8ba1\u4f5c\u6210\u672c\uff0c\u4ee5\u524d\u7684\u8d2d\u8d27\u6210\u672c\u5219\u7528\u6765\u8ba1\u5176\u5e93\u5b58\u7edf\u8ba1\u3002<br \/>\n\u4f1a\u8ba1\u65b9\u6cd5\u72ec\u7acb\u4e8e\u5e93\u5b58\u7684\u5b9e\u9645\u53d8\u52a8\u3002\u4e0a\u9762\u4ecb\u7ecd\u7684\uff0c\u53ea\u662f\u4f1a\u8ba1\u65b9<br \/>\n\u6cd5\u800c\u5df2\u3002\u4f60\u4e5f\u8bb8\u4f1a\u60f3\uff0c\u5982\u679c\u8fde\u4f60\u90fd\u80fd\u968f\u5fc3\u6240\u6b32\u5730\u6539\u53d8\u4f1a\u8ba1\u65b9<br \/>\n\u6cd5\uff0c\u90a3\u4e48\u8be1\u8ba1\u591a\u7aef\u7684\u4f1a\u8ba1\u5e08\u4e5f\u5c31\u4f1a\u5e74\u590d\u4e00\u5e74\u5730\u64cd\u7eb5\u8d22\u52a1\u62a5\u8868\u4e86\u3002\u6240\u4ee5\uff0c\u4e00\u81f4\u6027\u539f\u5219\u8981\u6c42\u516c\u53f8\u4e00\u76f4\u4f7f\u7528\u540c\u4e00\u79cd\u4f1a\u8ba1\u5236\u5ea6\u3002<br \/>\n\u8ba9\u6211\u4eec\u8fdb\u4e00\u6b65\u4e3e\u4f8b\u8bf4\u660e\u3000FIFO\u3000\u548c\u3000LIFO\u3000\u8fd9\u4e24\u79cd\u65b9\u6cd5\u3002\u5047\u8bbe<br \/>\n\u6709\u4e00\u4f4d\u4ece\u4e8b\u94b1\u5e01\u4ea4\u6613\u7684\u5e97\u4e3b\uff0c\u624b\u91cc\u6709\u4e24\u679a\u4e00\u6a21\u4e00\u6837\u7684\u91d1\u5e01\u3002<br \/>\n\u4e00\u679a\u662f\u4ed6\u4e8e\u30001965\u3000\u5e74\u82b1\u300050\u3000\u7f8e\u5143\u8d2d\u4e70\u7684\uff0c\u53e6\u4e00\u679a\u662f\u4ed6\u4e8e\u30001989\u3000\u5e74<br \/>\n\u82b1\u3000500\u3000\u7f8e\u5143\u8d2d\u4e70\u7684\u3002\u4e00\u4f4d\u6536\u96c6\u94b1\u5e01\u7684\u4eba\u4ee5\u30001000\u3000\u7f8e\u5143\u4e70\u8d70\u4e86\u4e00<br \/>\n\u679a\u3002\u5982\u679c\u7528FIFO\u6cd5\uff0c\u5e97\u4e3b\u8bb0\u4e0b\u9500\u552e\u6536\u5165\u30001\uff1b000\u7f8e\u5143\uff0c\u6210\u672c\u300050<br \/>\n\u7f8e\u5143\uff0c\u4f1a\u8ba1\u5e10\u4e0a\u6709\u3000950\u3000\u7f8e\u5143\u7684\u76c8\u5229\uff0c\u5728\u5e10\u4e0a\u53cd\u6620\u7684\u4f59\u4e0b\u5e93\u5b58<br \/>\n\u662f\u8fc7\u53bb\u7684\u6210\u672c\u3000500\u3000\u7f8e\u5143\u3002\u4e5f\u5c31\u662f\u8bf4\uff0c\u6700\u65e9\u8d2d\u4e70\u94b1\u5e01\u7684\u6210\u672c\u6700<br \/>\n\u5148\u88ab\u4f5c\u4e3a\u4ea7\u54c1\u7684\u9500\u552e\u6210\u672c\u6765\u5165\u5e10\u3002\u7528\u3000LIFO\u3000\u6cd5\uff0c\u5e97\u4e3b\u5c31\u4f1a\u5c06\u9500<br \/>\n\u552e\u6210\u672c\u6309\u3000500\u3000\u7f8e\u5143\u8ba1\u7b97\uff0c\u8fd9\u6837\u5229\u6da6\u5c31\u53ea\u6709\u3000500\u3000\u7f8e\u5143\u4e86\u3002\u5e93\u5b58<br \/>\n\u8bb0\u5f55\u663e\u793a\u4f59\u4e0b\u94b1\u5e01\u7684\u6210\u672c\u4ef7\u503c\u662f\u300050\u3000\u7f8e\u5143\u3002\u6700\u65b0\u53d1\u751f\u7684\u6210\u672c\u5728<br \/>\n\u8ba1\u7b97\u4e2d\u6700\u5148\u4f7f\u7528\u3002\u81f3\u4e8e\u88ab\u5356\u51fa\u7684\u662f\u54ea\u4e00\u5e74\u7684\u94b1\u5e01\uff0c\u8fd9\u5e76\u4e0d\u91cd<br \/>\n\u8981\u3002\u91cd\u8981\u7684\u662f\uff0c\u867d\u7136\u8fd9\u53ea\u662f\u4e00\u79cd\u4f1a\u8ba1\u65b9\u6cd5\uff0c\u4f46\u9009\u7528\u7684\u65b9\u6cd5\u4e0d<br \/>\n\u540c\uff0c\u5bf9\u8ba1\u7b97\u516c\u53f8\u76c8\u5229\u548c\u5e93\u5b58\u7684\u4ef7\u503c\u4f1a\u6709\u5f88\u5927\u7a0b\u5ea6\u7684\u5f71\u54cd\u3002<br \/>\n\u516c\u53f8\u5982\u679c\u5fc5\u987b\u6539\u53d8\u5176\u539f\u7528\u7684\u4f1a\u8ba1\u65b9\u6cd5\uff0c\u800c\u4e14\u6709\u5145\u8db3\u7684\u7406<br \/>\n\u7531\uff0c\u5c31\u5fc5\u987b\u5728\u8d22\u52a1\u62a5\u8868\u4e2d\u6700\u540e\u7684\u6ce8\u91ca\uff08Footnotes\uff09\u4e2d\u8bf4\u660e\u539f<br 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\/>\n\u52a0\u8bb0\u5728\u5de6\u8fb9\uff0c\u79f0\u4f5c\u501f\uff08Debit\uff09\uff1b\u5c06\u8d1f\u503a\u548c\u6240\u6709\u8005\u6743\u76ca\u7684\u589e\u52a0\u8bb0<br \/>\n\u5728\u53f3\u8fb9\uff0c\u79f0\u4f5c\u8d37\uff08Credit\uff09\u3002\u65e0\u8bba\u662f\u54ea\u4e00\u79cd\u60c5\u51b5\uff0c\u65e5\u8bb0\u5e10\u90fd\u8981<br \/>\n\u6709\u4e24\u7ec4\u6570\u636e\uff1a\u6709\u201c\u501f\u201d\u5fc5\u6709\u201c\u8d37\u201d\u3002\u5f53\u53d1\u4e00\u7684\u4e1a\u52a1\u5f80\u6765\u5c5e\u4e8e<br \/>\n\u8d44\u4ea7\u51cf\u5c11\u65f6\uff0c\u8bb0\u5728\u53f3\u8fb9\u7684\u201c\u8d37\u201d\u9879\u4e0b\uff0c\u8d1f\u503a\u548c\u6240\u6709\u8005\u6743\u76ca\u7684<br \/>\n\u51cf\u5c11\u8bb0\u5728\u5de6\u8fb9\u201c\u501f\u201d\u9879\u4e0b\u3002\u7531\u4e8e\u8fd9\u79cd\u53f3\u8fb9\/\u5de6\u8fb9\u7684\u8bb0\u5e10\u65b9\u6cd5\uff0c<br \/>\n\u624b\u5de5\u8bb0\u5e10\u64cd\u4f5c\u65f6\u6bcf\u4e00\u7b14\u4e1a\u52a1\u8bb0\u5f55\u7684\u683c\u5f0f\u50cf\u201cT\u201d\u5f62\u72b6\uff0c\u56e0\u800c\u8fd9<br \/>\n\u7c7b\u5e10\u4e5f\u53eb\u505a\u201cT\u201d\u5b57\u578b\u5e10\u3002<br \/>\n\u5177\u4f53\u89e3\u91ca\u4e00\u4e0b\u3002\u5047\u8bbe\u5e74\u521d\u3000Bob\u3000\u548c\u4ed6\u7236\u4eb2\u5c06\u5728\u9879\u76ee\u4e2d\u6700\u521d<br \/>\n\u7684\u300015\uff1b000\u3000\u7f8e\u5143\u6295\u8d44\u6362\u6210\u4e86\u53d1\u884c\u7ed9\u81ea\u5df1\u7684\u30001000\u3000\u80a1\u80a1\u7968\u3002\u7528\u65e5<br \/>\n\u8bb0\u5e10\u8bb0\u5f55\u8fd9\u7b14\u4e1a\u52a1\u7684\u5177\u4f53\u8fc7\u7a0b\u5219\u5982\u4e0b\uff1a<br \/>\n\u4f1a\u8ba1\u8bb0\u5e10\u539f\u5219<br \/>\n\u8d44\u4ea7\u79d1\u76ee<br \/>\n\u501f\u3000\u3000\u8d37<br \/>\n\u589e\u52a0\u3000\u3000\u3000\u51cf\u5c11<br \/>\n\u8d1f\u503a\u79d1\u76ee<br \/>\n\u501f\u3000\u3000\u8d37<br \/>\n\u589e\u52a0\u3000\u3000\u3000\u51cf\u5c11<br \/>\n\u80a1\u4e1c\u6743\u76ca\u79d1\u76ee<br \/>\n\u501f\u3000\u3000\u8d37<br \/>\n\u589e\u52a0\u3000\u3000\u3000\u51cf\u5c11<br \/>\n\u8d44\u4ea7\u5e73\u7a33\u65e5\u8bb0\u5e10#1<br \/>\n\u79d1\u76ee\u540d\u79f0\uff08\u7c7b\u578b\uff09\u3000\u3000\u3000\u3000\u3000\u501f\u3000\u3000\u3000\u8d37\u3000\u3000\u3000\u3000\u3000\u6548\u679c<br \/>\n\u73b0\u91d1\u3000\u3000\u3000\u3000\u3000\uff08\u8d44\u4ea7\uff09\u3000\u3000\u300015\uff1b000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u589e\u52a0<br \/>\n\u666e\u901a\u80a1\u3000\u3000\u3000\u3000\uff08\u80a1\u4e1c\u6743\u76ca\uff09\u3000\u3000\u3000\u300015\uff1b000\u589e\u52a0<br \/>\n\u540c\u6837\u5730\uff0c\u507f\u8fd8\u503a\u52a1\u7684\u65e5\u8bb0\u5e10\u8bb0\u4f5c\uff1a<br \/>\n\u8d44\u4ea7\u8d1f\u503a\u52a1\u7684\u65e5\u8bb0\u5e10#2\u79d1\u76ee\u540d\u79f0\u3000\uff08\u7c7b\u578b\uff09\u3000\u501f\u3000\u3000\u3000\u3000\u3000\u8d37\u3000\u3000\u3000\u6548\u679c<br \/>\n\u94f6\u884c\u501f\u6b3e\u3000\uff08\u8d1f\u503a\uff09\u300015\uff1b000\u3000\u3000\u3000\u3000\u3000\u3000\u51cf\u5c11<br \/>\n\u73b0\u91d1\u3000\u3000\u3000\u3000\u3000\uff08\u8d44\u4ea7\uff09\u3000\u3000\u3000\u3000\u3000\u3000\u300015\uff1b000\u51cf\u5c11<br \/>\n\u7531\u4e8e\u8bb0\u5f55\u7684\u6bcf\u4e00\u7b14\u4e1a\u52a1\u90fd\u662f\u5e73\u8861\u7684\uff0c\u6240\u4ee5\uff0c\u5230\u671f\u672b\uff0c\u603b<br \/>\n\u7ed3\u6bcf\u4e00\u7b14\u201c\u79d1\u76ee\u201d\u53ca\u5176\u671f\u672b\u51c0\u503c\u7684\u6574\u4e2a\u8d44\u4ea7\u5e73\u8861\u8868\u5c31\u4e5f\u662f\u5e73<br \/>\n\u8861\u7684\uff08A=L\uff0bOE\uff09<br \/>\n\u8d44\u4ea7\u8d1f\u503a\u8868\u4e3e\u4f8b<br \/>\n\u8ba9\u6211\u4eec\u4ecd\u4ee5\u6742\u8d27\u7ad9\u4e3e\u4f8b\uff0c\u770b\u4e00\u770b\u8be5\u516c\u53f8\u7b2c\u4e00\u5e74\u7ecf\u8425\u7684\u7ed3<br \/>\n\u679c\u5982\u4f55\u3002<br \/>\nBob&#8217;s\u3000Market\uff08Fairway\uff1bKansas\uff09<br \/>\n\u8d44\u4ea7\u8d1f\u503a\u8868<br \/>\n\u622a\u6b621992\u5e7412\u670831\u65e5<br \/>\n\uff08\u7ecf\u8425\u7684\u7b2c\u4e00\u5e74\uff09<br \/>\n\u8d44\u4ea7\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u8d1f\u503a<br \/>\n\u6d41\u52a8\u8d44\u4ea7\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u6d41\u52a8         <!-- \/wp:paragraph --><!-- wp:nextpage --><!--nextpage--><!-- \/wp:nextpage --><!-- wp:paragraph -->\n            <br \/>\n            \n            <br \/>\n            <br \/>\n            <br \/>\n            \u679c\u5982\u4f55\u3002<br \/>\nBob&#8217;s\u3000Market\uff08Fairway\uff1bKansas\uff09<br \/>\n\u8d44\u4ea7\u8d1f\u503a\u8868<br \/>\n\u622a\u6b621992\u5e7412\u670831\u65e5<br \/>\n\uff08\u7ecf\u8425\u7684\u7b2c\u4e00\u5e74\uff09<br \/>\n\u8d44\u4ea7\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u8d1f\u503a<br \/>\n\u6d41\u52a8\u8d44\u4ea7\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u6d41\u52a8\u8d1f\u503a<br \/>\n\u73b0\u91d1\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u30005\uff1b000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u5e94\u4ed8\u6b3e\u3000\u3000\u3000\u3000\u3000\u300080\uff1b000<br \/>\n\u5e94\u6536\u6b3e\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u300010\uff1b000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u5e94\u4ed8\u5de5\u8d44\u3000\u3000\u3000\u3000\u30005\uff1b000<br \/>\n\u5e93\u5b58\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000100\uff1b000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u5e94\u7eb3\u7a0e\u91d1\u3000\u3000\u3000\u3000\u30002\uff1b000<br \/>\n\u6d41\u52a8\u8d44\u4ea7\u5408\u8ba1\u3000\u3000\u3000115\uff1b000\uff08\u7f8e\u5143\uff09\u6d41\u52a8\u8d1f\u503a\u5408\u8ba187\uff1b000\uff08\u7f8e\u5143\uff09<br 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\/>\n\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u53d1\u884c\u666e\u901a\u80a1\u3000\u3000\u3000\u3000\u300015\uff1b000<br \/>\n\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u53d1\u884c\uff081000\u80a1\uff09<br \/>\n\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u7559\u5b58\u6536\u76ca\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u300030\uff1b000<br \/>\n\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u80a1\u4e1c\u6743\u76ca\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u300045\uff1b000<br \/>\n\u603b\u8d44\u4ea7\u3000\u3000142\uff1b000\uff08\u7f8e\u5143\uff09\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u603b\u8d1f\u503a\u53ca\u80a1\u4e1c142\uff1b000\uff08\u7f8e\u5143\uff09<br \/>\n\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u6743\u76ca<br \/>\nBob\u3000\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\u5f62\u5f0f\u5177\u6709\u96f6\u552e\u4e1a\u548c\u5236\u9020\u4e1a\u7684\u666e\u904d\u4ee3\u8868<br 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\/>\n\u8d44\u4ea7\u8d1f\u503a\u8868\u4e2d\u5217\u51fa\u7684\u662f\u622a\u6b62\u5230\u67d0\u4e00\u884c\u5b9a\u65f6\u65e5\u8757\u516c\u53f8\u8d44\u4ea7<br \/>\n\u7684\u5e73\u8861\u60c5\u51b5\uff0c\u5229\u6da6\u8868\uff08Ine\u3000Statement\uff09\u5219\u63cf\u8ff0\u4e86\u67d0\u4e00\u7279\u5b9a<br \/>\n\u65f6\u6bb5\u5185\u7684\u4e1a\u52a1\u6d3b\u52a8\u548c\u5f80\u6765\u3002\u8fd9\u6bb5\u65f6\u95f4\u4e5f\u8bb8\u662f\u4e00\u4e2a\u6708\u3001\u4e00\u4e2a\u5b63<br \/>\n\u5ea6\u6216\u8005\u4e00\u5e74\u3002\u4ea7\u54c1\u9500\u552e\u540e\u6709\u9500\u552e\u6536\u5165\uff08Revenues\uff09\u4ee5\u53ca\u4e0e\u6536\u5165<br \/>\n\u6709\u5173\u7684\u76f8\u5e94\u7684\u652f\u51fa\uff08Expenese\uff09\u5f53\u7528\u6743\u8d23\u53d1\u751f\u5236\u628a\u6536\u5165\u548c\u652f\u51fa<br \/>\n\u5408\u7406\u5730\u5339\u914d\u540e\uff0c\u4e24\u8005\u4e4b\u95f4\u7684\u5dee\u522b\u5c31\u662f\u201c\u5229\u6da6\u201d\uff08Ine\uff09\u3002<br \/>\n\u6536\u5165\u2026\u6210\u672c=\u5229\u6da6<br 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\/>\n\u6bdb\u5229\uff08Gross\u3000Margin\uff09\u3002\u5229\u6da6\u8868\u5f00\u5934\u90e8\u5206\u8ba1\u7b97\u7684\u662f\u6bdb\u5229\u3002<br \/>\n\u6bdb\u5229=\u9500\u552e\u6536\u5165\u2026\u9500\u552e\u4ea7\u54c1\u548c\u670d\u52a1\u7684\u201c\u76f4\u63a5\u6210\u672c\u201d<br \/>\n\u6b64\u65f6\uff0c\u8bfb\u8005\u5c31\u53ef\u4ee5\u786e\u5b9a\u4e00\u4e2a\u516c\u53f8\u662f\u5426\u76c8\u5229\uff0c\u800c\u4e0d\u7528\u8003\u8651<br \/>\n\u516c\u53f8\u5176\u4ed6\u8d39\u7528\u4e0a\u7684\u8d1f\u62c5\u3002Bob\u3000\u516c\u53f8\u7684\u6bdb\u5229\u662f\u5176\u9500\u552e\u51cf\u4ea7\u54c1\u9500\u552e<br \/>\n\u6210\u672c\uff08COGS\uff09\u3002\u4ea7\u54c1\u9500\u552e\u6210\u672c\u5305\u62ec\u6742\u8d27\u7684\u6210\u672c\u548c\u6240\u6709\u4e0e\u6742\u8d27<br \/>\n\u4ea7\u54c1\u9500\u51fa\u76f4\u63a5\u6709\u5173\u7684\u6210\u672c\uff0c\u5982\u4ece\u6279\u53d1\u5546\u4ed3\u5e93\u8f6c\u8fd0\u8d27\u7269\u7684\u8d39\u7528\u3002<br 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\/>\n\u4e89\uff0c\u5b83\u5c31\u4f1a\u9047\u5230\u8fd9\u79cd\u60c5\u51b5\u3002\u7f8e\u56fd\u7684\u8fd9\u5bb6\u5c0f\u5382\u4e0d\u53ef\u80fd\u9ad8\u6548\u7387\u5730<br \/>\n\u751f\u4ea7\u51fa\u6709\u7ade\u4e89\u529b\u7684\u4ea7\u54c1\uff0c\u66f4\u4e0d\u53ef\u80fd\u56e0\u4e3a\u8f83\u9ad8\u7684\u751f\u6210\u672c\u800c\u5927\u5e45<br \/>\n\u5ea6\u63d0\u9ad8\u81ea\u8eab\u4ea7\u54c1\u7684\u4ef7\u683c\u3002<br \/>\n\u8425\u4e1a\u5229\u6da6\uff08Operating\u3000Profit\uff09<br \/>\n\u5229\u6da6\u8868\u4e2d\u63a5\u4e0b\u6765\u5217\u51fa\u7684\u662f\u516c\u53f8\u7684\u7ecf\u8425\u5229\u6da6\uff0c\u5373\u7f34\u7eb3\u5229\u606f<br \/>\n\u548c\u7a0e\u91d1\u4e4b\u524d\u7684\u5229\u6da6\u3000\uff08Earnings\u3000before\u3000interest\u3000and<br \/>\ntaxes\uff1bEBIT\uff09\u3002\u5229\u6da6\u8868\u4e2d\u8d8a\u5f80\u4e0b\u8d70\uff0c\u6263\u51cf\u6389\u7684\u6210\u672c\u4e5f\u5c31\u8d8a\u591a\u3002<br \/>\n\u5728\u8861\u91cf\u516c\u53f8\u7684\u7ecf\u8425\u5229\u6da6\u65f6\uff0c\u516c\u53f8\u6240\u6709\u7684\u5176\u5b83\u76f4\u63a5\u4e0e\u6536\u76ca\u6709\u5173<br \/>\n\u7684\u6210\u672c\u8d39\u7528\u5df2\u5168\u90e8\u88ab\u6263\u51cf\u6389\u3002Bob\u3000\u62a5\u8868\u4e2d\u6263\u9664\u7684\u662f\u4ed6\u96c7\u4f63\u5de5\u4eba<br \/>\n\u7684\u5de5\u8d44\u3001\u79df\u91d1\u3001\u6c34\u7535\u6c14\u3001\u5e7f\u544a\u4ee5\u53ca\u5176\u5b83\u8bb8\u591a\u5c0f\u8d39\u7528\u3002<br \/>\n\u6743\u8d23\u53d1\u751f\u5236\u8981\u6c42\u5c06\u56fa\u5b9a\u8d44\u4ea7\u7684\u6298\u65e7\uff08Allocated\u3000cost\u3000of<br \/>\nfixed\u3000assets\uff09\u4ece\u6536\u76ca\u4e2d\u6263\u51cf\u6389\u3002\u6839\u636e\u914d\u6bd4\u539f\u5219\uff0c\u516c\u53f8\u751f\u4ea7\u4ea7<br \/>\n\u54c1\u7684\u6709\u5173\u8d39\u7528\u548c\u8fd9\u4e00\u9636\u6bb5\u76f8\u5e94\u7684\u6536\u76ca\u5339\u914d\u3002\u4f1a\u8ba1\u5e08\u4eec\u5c06\u8bbe\u5907\u3001<br \/>\n\u5de5\u5177\u3001\u5382\u623f\u548c\u5176\u5b83\u56fa\u5b9a\u8d44\u4ea7\u7684\u6210\u672c\u9664\u4ee5\u5404\u81ea\u7684\u4f7f\u7528\u5e74\u9650\uff0c\u4ee5<br \/>\n\u4f30\u8ba1\u51fa\u516c\u53f8\u5728\u521b\u9020\u5229\u6da6\u8fc7\u7a0b\u4e2d\u4f7f\u7528\u8fd9\u4e9b\u8d44\u4ea7\u7684\u6210\u672c\u3002\u5728\u3000Bob<br \/>\n\u516c\u53f8\u7684\u4e3e\u4f8b\u4e2d\uff0c\u4ed6\u7528\u300030\uff1b000\u3000\u7f8e\u5143\u8d2d\u4e70\u4e86\u652f\u67b6\u3001\u624b\u63a8\u8f66\u3001\u6536\u94f6<br \/>\n\u673a\u3002\u56e0\u4e3a\u3000Bob\u3000\u4f30\u8ba1\u8fd9\u4e9b\u4e1c\u897f\u7684\u4f7f\u7528\u5bff\u547d\u662f\u300010\u3000\u5e74\uff0c\u6240\u4ee5\uff0c\u5728\u5176<br \/>\n\u5229\u6da6\u8868\u4e2d\u5c31\u4ece\u8fd9\u6bb5\u671f\u95f4\u5185\u7684\u5229\u6da6\u4e2d\u76f8\u5e94\u5730\u5339\u914d\u5206\u644a\uff08Match\u3000and<br \/>\nallocate\uff09\u4e86\u6bcf\u5e743\uff1b000\uff0830\uff1b000\/10\uff09\u7f8e\u5143\u7684\u8d39\u7528\u3002<br 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\/>\n\u9500\u552e\u6536\u5165\u610f\u5473\u7740\u516c\u53f8\u6536\u5230\u4e86\u67d0\u79cd\u6709\u4ef7\u503c\u7684\u4e1c\u897f\uff0c\u4e00\u79cd\u8d44\u4ea7\uff0c<br \/>\n\u6362\u56de\u4e86\u4ed8\u51fa\u7684\u5176\u5b83\u4ef7\u503c\uff0c\u5373\u8d39\u7528\u3002\u5728\u3000Bob\u3000\u6742\u8d27\u5e97\u7684\u4f8b\u5b50\u4e2d\uff0c<br \/>\n\u9500\u552e\u610f\u5473\u7740\u5e93\u5b58\u7684\u6742\u8d27\u6362\u56de\u4e86\u73b0\u91d1\u7684\u6d41\u5165\u3002Bob\u3000\u6742\u8d27\u5e97\u7684\u4f1a\u8ba1<br \/>\n\u6309\u5982\u4e0b\u65b9\u6cd5\u8bb0\u5f55\u6bcf\u5468\u7684\u6536\u5165\u548c\u6210\u672c\uff1a<br \/>\n\u5229\u6da6\u8868\u5206\u7c7b\u5e10#1<br \/>\n\u4f1a\u8ba1\u79d1\u76ee\u3000\u3000\u3000\u3000\uff08\u7c7b\u578b\uff09\u3000\u3000\u3000\u3000\u3000\u501f\u3000\u3000\u3000\u3000\u3000\u8d37\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u6548\u679c<br \/>\n\u73b0\u91d1\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\uff08\u8d44\u4ea7\uff09\u3000\u3000100\uff1b\u3000000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u589e\u52a0<br \/>\n\u9500\u552e\u6536\u5165\u3000\u3000\u3000\uff08\u5229\u6da6\u8868\uff09\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000100\uff1b000\u3000\u3000\u3000\u3000\u3000\u3000\u589e\u52a0<br \/>\n\u540c\u6837\uff0c\u548c\u9500\u552e\u5bf9\u5e94\u7684\u6210\u672c\u8bb0\u5f55\u5982\u4e0b\uff1a<br \/>\n\u5229\u6da6\u8868\u5206\u7c7b\u5e10#2<br \/>\n\u4f1a\u8ba1\u79d1\u76ee\u3000\u3000\u3000\u3000\uff08\u7c7b\u578b\uff09\u3000\u3000\u3000\u3000\u3000\u501f\u3000\u3000\u3000\u3000\u3000\u3000\u8d37\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u6548\u679c<br \/>\n\u9500\u552e\u6210\u672c\u8d39\u7528\uff08\u5229\u6da6\u8868\uff0995\uff1b000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u51cf\u5c11<br \/>\n\u5e93\u5b58\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\uff08\u8d44\u4ea7\uff09\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u300095\uff1b000\u3000\u3000\u3000\u3000\u3000\u51cf\u5c11<br \/>\n\u4e3a\u4e86\u8bf4\u660e\u4e00\u4e0b\u5168\u5e74\u5229\u6da6\u8868\u7684\u8bb0\u5e10\u8fc7\u7a0b\uff0c\u5047\u8bbe\u4ee5\u4e0a\u4e24\u9879\u662f<br \/>\n\u5168\u5e74\u53d1\u751f\u7684\u552f\u4e00\u4e24\u7b14\u6536\u5165\u548c\u8d39\u7528\u3002\u51c0\u6536\u5165\u5e94\u8be5\u662f\u5168\u90e8\u9500\u552e\u6536<br \/>\n\u5165\u3000100\uff1b000\u3000\u7f8e\u5143\u51cf\u5168\u90e8\u4ea7\u54c1\u9500\u552e\u6210\u672c\u300095\uff1b000\u3000\u7f8e\u5143\uff0c\u51c0\u6536\u5165\u5e94<br \/>\n\u4e3a\u30005\uff1b000\u3000\u7f8e\u5143\u3002\u8fd9\u4e00\u51c0\u6536\u5165\u503c\u540c\u65f6\u53cd\u6620\u4e86\u8bb0\u5e10\u65f6\u7684\u51c0\u8d44\u4ea7\u7684<br \/>\n\u53d8\u5316\u3002\u73b0\u91d1\u589e\u52a0100\uff1b000\u7f8e\u5143\uff0c\u5e93\u5b58\u6742\u8d27\u51cf\u5c11\u4e8695\uff1b000\u7f8e\u5143\uff0c<br \/>\n\u51c0\u8d44\u4ea7\u589e\u52a05\uff1b000\u7f8e\u5143\u3002<br \/>\n\u5e74\u7ec8\u65f6\u516c\u53f8\u7684\u51c0\u8d44\u4ea7\u589e\u52a0\u4e86\u30005\uff1b000\u3000\u7f8e\u5143\uff0c\u548c\u672c\u5e74\u5ea6\u516c\u53f8<br \/>\n\u7684\u51c0\u6536\u5165\u76f8\u7b49\u3002Bob\u3000\u6742\u8d27\u5e97\u5c31\u5c06\u8fd9\u4e00\u53d8\u5316\u8bb0\u5728\u8d44\u4ea7\u8d1f\u503a\u8868\u4e2d\u7559<br \/>\n\u5b58\u6536\u76ca\u9879\u4e0b\u7684\u589e\u52a0\u3002\u4ed6\u8fd8\u8981\u51b2\u62b5\uff08close\u3000out\uff09\u6240\u6709\u6536\u5165\u548c\u8d39\u7528<br \/>\n\u79d1\u76ee\uff0c\u4f7f\u4e4b\u4e3a\u96f6\uff0c\u4ee5\u51c6\u5907\u91cd\u65b0\u5f00\u59cb\u8bb0\u5f55\u4e0b\u4e00\u5e74\u7684\u4e1a\u52a1\u6d3b\u52a8\u3002<br \/>\n\u5229\u6da6\u8868\u5e74\u7ec8\u7ed3\u5e10\u8bb0\u5f55<br \/>\n\u4f1a\u8ba1\u79d1\u76ee\u3000\u3000\u3000\u3000\u3000\u3000\uff08\u7c7b\u578b\uff09\u3000\u3000\u3000\u3000\u3000\u3000\u501f\u3000\u3000\u3000\u3000\u3000\u3000\u8d27\u3000\u3000\u3000\u3000\u3000\u6548\u679c<br \/>\n\u9500\u552e\u6536\u5165\u3000\u3000\u3000\u3000\u3000\u3000\uff08\u5229\u6da6\u8868\uff09\u3000100\uff1b000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u8c03\u6574<br \/>\n\u9500\u552e\u4ea7\u54c1\u6210\u672c\u3000\u3000\uff08\u5229\u6da6\u8868\uff09\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u300095\uff1b000\u3000\u3000\u3000\u8c03\u6574<br \/>\n\u7559\u5b58\u6536\u76ca\u3000\u3000\u3000\u3000\u3000\u3000\uff08\u8d44\u4ea7\u8d1f\u503a\u8868\u3000\u3000\u3000\u3000\u3000\u3000\u30005\uff1b000\u3000\u3000\u3000\u3000\u589e\u52a0<br \/>\n\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u4e2d\u80a1\u4e1c\u6743\u76ca\uff09<br \/>\n\u8bf7\u6ce8\u610f\uff1a\u5206\u7c7b\u5e10\u8fd9\u65f6\u662f\u5e73\u8861\u7684\u3002\u5229\u6da6\u8868\u8bb0\u5e10\u505a\u8c03\u6574\uff0c\u8c03\u6574\u540e\u5c06\u51c0\u6536\u5165\u589e\u52a0\u503c\u52a0\u5728\u8d44\u4ea7\u8d1f\u503a\u8868\u4e2d\u7684\u7559\u5b58\u6536\u76ca\u9879\u4e0b\u3002\u672c<br \/>\n\u5e74\u5ea6\u4e2d\u9500\u552e\u7684\u3000100\uff1b000\u3000\u7f8e\u5143\u6536\u5165\u8bb0\u5f55\u5728\u53f3\u8fb9\uff0c\u5e74\u7ec8\u65f6\u5c31\u8c03\u56de<br \/>\n\u5230\u5de6\u8fb9\u51b2\u62b5\u3002\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u7684\u8d44\u4ea7\u3001\u8d1f\u503a\u548c\u80a1\u4e1c\u6743\u76ca\u4f59\u989d\u5c31<br \/>\n\u6c38\u8fdc\u4e0d\u505c\u5730\u518d\u6b21\u9012\u5ef6\u81f3\u4e0b\u4e00\u4f1a\u8ba1\u5e74\u5ea6\u3002\u6e05\u695a\u4e86\u5427\uff01\u73b0\u5728\u4f60\u5e94<br \/>\n\u8be5\u901a\u8fc7\u8fd9\u51e0\u6bb5\u7f29\u51cf\u5185\u5bb9\u7684\u6587\u5b57\uff0c\u4e86\u89e3\u4e86\u9700\u8981\u82b1\u4e00\u5e74\u65f6\u95f4\u624d\u80fd<br \/>\n\u5b66\u5230\u7684\u4f1a\u8ba1\u4e2d\u7b80\u8981\u7684\u8bb0\u5e10\u8fc7\u7a0b\u3002<br \/>\n\u5229\u6da6\u8868\u548c\u8d44\u4ea7\u8d1f\u503a\u8868\u4e4b\u95f4\u7684\u8054\u7cfb<br \/>\n\u4ece\u3000Bob\u3000\u5b9e\u9645\u7684\u5229\u6da6\u8868\u4e2d\u8bfb\u8005\u53ef\u4ee5\u770b\u51fa\uff0c\u8be5\u5e97\u4e00\u5e74\u6765\u6709\u76c8<br \/>\n\u4f59\u3002\u51c0\u5229\u6da6\uff08Net\u3000ine\uff09\u662f\u300030\uff1b000\u3000\u7f8e\u5143\u3002\u6bd4\u5355\u7eaf\u8ba1\u7b97\u6536\u5165\u66f4<br \/>\n\u91cd\u8981\u7684\u662f\u8981\u4e86\u89e3\u5229\u6da6\u8868\u7a76\u7adf\u548c\u8d44\u4ea7\u8d1f\u503a\u8868\u6709\u4ec0\u4e48\u8054\u7cfb\u3002\u5229\u6da6<br \/>\n\u8868\u53ef\u4ee5\u8bf4\u53cd\u6620\u4e86\u4e00\u5e74\u4e2d\u8bb8\u591a\u7ecf\u8425\u6d3b\u52a8\u7684\u7ed3\u679c\u3002\u8d44\u4ea7\u548c\u8d1f\u503a\u989d<br \/>\n\u4e5f\u5728\u672c\u5e74\u5185\u56e0\u53d1\u751f\u7684\u8bb8\u591a\u4e1a\u52a1\u5f80\u6765\u800c\u4e0a\u4e0b\u6ce2\u52a8\u7740\u3002\u5728\u5e74\u7ec8\uff0c<br \/>\n\u516c\u53f8\u8d44\u4ea7\u8d1f\u503a\u8868\u4e2d\u7684\u51c0\u8d44\u4ea7\uff0c\u7531\u4e8e\u672c\u5e74\u5ea6\u7684\u4e1a\u52a1\u7ecf\u8425\uff0c\u5728\u603b<br \/>\n\u989d\u4e0a\u6709\u6240\u53d8\u5316\u3002\u7531\u5229\u6da6\u8868\u4e2d\u8ba1\u7b97\u51fa\u6765\u7684\u51c0\u6536\u5165\uff0c\u8bf4\u660e\u4e86\u51c0\u8d44<br \/>\n\u4ea7\u662f\u600e\u6837\u53d1\u751f\u53d8\u5316\u7684\u3002\u3000\u7531\u4e8eBob\u521a\u5f00\u4e1a\u4e00\u5e74\uff0c\u3000\u7559\u5b58\u6536\u76ca\u4e3a30\uff1b000<br \/>\n\u7f8e\u5143\u548c\u7b2c\u4e00\u5e74\u7684\u51c0\u6536\u5165\u6070\u597d\u76f8\u7b49\u3002\u5728\u4e0b\u4e00\u5e74\u5ea6\u8be5\u503c\u5c31\u4f1a\u7531\u4e8e<br \/>\n\u6536\u76ca\u548c\u5206\u7ea2\u7684\u53d8\u5316\u800c\u53d7\u5230\u5f71\u54cd\u3002<br \/>\n\u73b0\u91d1\u6d41\u91cf\u8868<br \/>\n\u73b0\u91d1\u7684\u91cd\u8981\u6027<br \/>\n\u4fd7\u8bdd\u8bf4\u201c\u6709\u94b1\u5219\u7075\u201d\u3002\u6ca1\u6709\u8d44\u91d1\u5219\u516c\u53f8\u96be\u4ee5\u8fd0\u4f5c\u3002\u4f8b\u5982\uff0c<br \/>\n\u4ee5\u3000Leonard\u3000Inc\u3002\u8fd9\u5bb6\u98df\u54c1\u5305\u88c5\u673a\u68b0\u516c\u53f8\u5411\u3000Bob\u3000\u7684\u5546\u5e97\u63d0\u4f9b\u5370<br \/>\n\u5237\u5305\u88c5\u8bbe\u5907\u3002\u5982\u679c\u3000Leonard\u3000Inc\u3002\u516c\u53f8\u4ee5\u6bcf\u53f0\u3000500\u3000\u4e07\u7f8e\u5143\u7684\u4ef7<br \/>\n\u683c\u5411\u3000Ralston\u3000Purine\u3000\u516c\u53f8\u51fa\u552e\u30003\u3000\u53f0\u538b\u5370\u673a\uff0c\u6bcf\u53f0\u5229\u6da6\u4e3a\u3000200<br \/>\n\u4e07\u7f8e\u5143\uff0cLeonard\u516c\u53f8\u7684\u5229\u6da6\u8868\u4e0a\u5c31\u6709\u3000600\u3000\u4e07\u7f8e\u5143\u7684\u5229\u6da6\u3002\u4f46<br \/>\n\u662f\uff0cLeonard\u3000\u516c\u53f8\u662f\u5728\u53a6\u5929\u5236\u9020\u6b64\u8bbe\u5907\u7684\uff0cRalston\u3000\u516c\u53f8\u76f4\u5230<br \/>\n\u79cb\u5929\u6536\u5230\u8d27\u540e\u624d\u4ed8\u6b3e\u3002\u5de5\u5382\u7684\u96c7\u5458\u30007\u3000\u6708\u4efd\u5982\u679c\u62ff\u4e0d\u5230\u5de5\u8d44\uff0c<br \/>\n\u800c\u975e\u5f97\u7b49\u523010\u6708\u4efd\uff0c\u90a3\u4e48\u4ed6\u4eec\u4f1a\u6781\u4e0d\u9ad8\u5174\u3002<br \/>\n\u7531\u4e8e\u73b0\u91d1\u5bf9\u516c\u53f8\u7684\u7ecf\u8425\u81f3\u5173\u91cd\u8981\uff0c\u5176\u6700\u91cd\u8981\u7684\u4f5c\u7528\u662f\u80fd<br \/>\n\u907f\u514d\u7834\u4ea7\uff0c\u6240\u4ee5\uff0cFASB\u4e2d\u7684\u7b2c\u300095\u3000\u6761\u539f\u5219\u5c31\u8981\u6c42\u6240\u6709\u8d22\u52a1\u62a5\u8868<br \/>\n\u5fc5\u987b\u5305\u62ec\u73b0\u91d1\u6d41\u91cf\u8868\uff08Statement\u3000of\u3000Cash\u3000Flow\u3000or\u3000Cash\u3000Flow<br \/>\nStatement\uff09\u3002\u4f60\u8fd8\u8bb0\u5f97\u6211\u66fe\u63d0\u5230\u4f1a\u8ba1\u5e08\u4eec\u5236\u5b9a\u7684\u5173\u6ce8\u516c\u53f8\u76ee<br \/>\n\u524d\u7ecf\u8425\u60c5\u51b5\u7684\u3000FASB\u3000\u539f\u5219\u5417\uff1f\u56e0\u4e3a\u77e5\u9053\u8d44\u91d1\u7684\u201c\u6765\u6e90\u201d\u548c\u201c\u5e94<br \/>\n\u7528\u201d\u662f\u5546\u4e1a\u7ecf\u8425\u4e0a\u6700\u91cd\u8981\u7684\uff0c\u6240\u4ee5\uff0c\u73b0\u91d1\u6d41\u91cf\u8868\u7684\u5f15\u5165\u88ab\u91d1<br \/>\n\u878d\u754c\u666e\u904d\u8ba4\u4e3a\u662f\u91cd\u5927\u6539\u8fdb\u7684\u4e00\u9879\u5185\u5bb9\u3002<br \/>\n\u8bb8\u591a\u201c\u76c8\u5229\u201d\u4f01\u4e1a\u7eb7\u7eb7\u5012\u95ed\u7684\u6700\u4e3b\u8981\u539f\u56e0\uff0c\u6709\u65f6\u5c31\u662f\u56e0\u4e3a\u5bf9\u516c\u53f8\u73b0\u91d1\u7ba1\u7406\u4e0d\u5584\u3002\u5f88\u591a\u4ee5\u51c0\u5229\u6da6\u8861\u91cf\u6210\u8d25\u7684\u516c\u53f8\uff0c\u53ea<br \/>\n\u6709\u5728\u51fa\u73b0\u73b0\u91d1\u77ed\u7f3a\u6216\u9762\u5bf9\u607c\u6012\u7684\u503a\u6743\u4eba\u8ffd\u503a\u65f6\u624d\u5982\u68a6\u65b9\u9192\u3002<br \/>\nChrysler\u516c\u53f8\u30001979\u3000\u5e74\u5c31\u53d1\u751f\u4e86\u8fd9\u79cd\u60c5\u51b5\uff0c\u8be5\u516c\u53f8\u53ea\u597d\u4f38\u624b\u8bf7<br \/>\n\u6c42\u8054\u90a6\u653f\u5e9c\u7684\u652f\u63f4\u3002<br \/>\n\u6ca1\u6709\u8fdc\u89c1\uff0c\u5355\u72ec\u53ea\u770b\u516c\u53f8\u5229\u6da6\u8868\u7684\u6295\u8d44\u8005\u5e38\u5e38\u4f1a\u4e0a\u5f53\u3002<br \/>\n\u4f8b\u5982\uff0cMcDonnell\u3000Douglas\u3000\u8fd9\u5bb6\u5e38\u63a5\u56fd\u9632\u5408\u540c\u7684\u627f\u5305\u5546\uff0c\u867d\u7136<br \/>\n1990\u3000\u5e74\u7684\u6536\u5165\u4e0d\u9519\uff0c\u4f46\u516c\u53f8\u5374\u9690\u85cf\u7740\u5371\u673a\uff0cForbes\u3000\u6742\u5fd7\u66fe\u62a5<br \/>\n\u9053\u8bf4\uff1a<br \/>\n\u201c\u4ece\u8868\u9762\u4e0a\u770b\uff0cMcDonnell\u3000Douglas\u3000\u516c\u53f8\u5e76\u6ca1\u6709\u90a3\u4e48\u7cdf\u30021990<br \/>\n\u5e74\u62a5\u8868\u4e2d\u7684\u6bcf\u80a1\u6536\u76ca\u662f10\u3000\u7f8e\u5143\u4ee5\u4e0a\uff0c1989\u5e74\u662f\u30005\u300272\u3000\u7f8e\u5143\u3002\u4f46\u7565\u626b\u4e00<br \/>\n\u4e0b\u6570\u5b57\u5c31\u4f1a\u53d1\u73b0\uff0c\u5373\u4f7f\u4e0d\u4f1a\u9a6c\u4e0a\u53d1\u751f\uff0c\u516c\u53f8\u4eca\u540e\u7684\u76c8\u5229\u4e5f\u6709\u5371\u9669\u3002\u6bdb<br \/>\n\u75c5\u9996\u5148\u51fa\u5728\u73b0\u91d1\u6d41\u91cf\u4e0a\u3002\u5230\u30001991\u3000\u5e74\u7684\u7b2c\u4e09\u5b63\u5ea6\uff0c\u73b0\u91d1\u6d41\u91cf\u662f\u8d1f\u30003500<br \/>\n\u4e07\u7f8e\u5143\u2026\u2026\u800c\u4e14\u7f3a\u5c11\u73b0\u91d1\u7684\u95ee\u9898\u53ef\u80fd\u4f1a\u53d8\u5f97\u66f4\u4e25\u91cd\u2026\u2026\u201d<br \/>\n80\u3000\u5e74\u4ee3\u6760\u6746\u6536\u8d2d\uff08LBO\uff09\u76db\u884c\u65f6\uff0c\u4eba\u4eec\u7528\u73b0\u91d1\u6d41\u91cf\u4f5c\u4e3a\u5206\u6790<br \/>\n\u516c\u53f8\u7684\u5de5\u5177\u3002\u6536\u8d2d\u8005\u507f\u8fd8\u6536\u8d2d\u65f6\u501f\u7528\u7684\u5927\u7b14\u501f\u6b3e\uff0c\u5f88\u5927\u7a0b\u5ea6<br \/>\n\u4e0a\u662f\u53d6\u51b3\u4e8e\u88ab\u6536\u8d2d\u76ee\u6807\u672c\u8eab\u73b0\u91d1\u6d41\u91cf\u6c34\u5e73\u80fd\u5426\u6ee1\u8db3\u8981\u6c42\u3002\u800c<br \/>\n\u8fd9\u65b9\u9762\u7684\u5927\u90e8\u5206\u4fe1\u606f\u5728\u73b0\u91d1\u6d41\u91cf\u8868\u4e2d\u5747\u53ef\u627e\u5230\u30021989\u3000\u5e74\uff0c<br \/>\nKohlberg\u3000Kravis\u3000Robert\uff08KKR\uff09\u6536\u8d2d\u4e86\u3000RJR\u3000Nabisco\u3000\u516c\u53f8\u3002\u8fd9<br \/>\n\u5728\u5f53\u65f6\u662f\u6d89\u53ca\u8d44\u91d1\u91cf\u6700\u5927\u7684\u4e00\u7b14\u6760\u6746\u6536\u8d2d\u3002\u516c\u53f8\u4f9d\u636e\u8be5\u516c\u53f8<br \/>\n\u7684\u73b0\u91d1\u6d41\u91cf\u8fd8\u503a\u80fd\u529b\uff0c\u4ece\u94f6\u884c\u501f\u8d37\u4e86264\u4ebf\u7f8e\u5143\u7684\u503a\u52a1\u3002<br \/>\n\u73b0\u91d1\u6d41\u91cf\u8868\u548c\u8d44\u4ea7\u8d1f\u503a\u8868\u7684\u8054\u7cfb<br \/>\n\u73b0\u91d1\u6d41\u91cf\u8868\u4e5f\u540c\u6837\u9075\u5faa\u4f1a\u8ba1\u5b66\u4e2d\u7684\u5e73\u8861\u539f\u5219\u3002\u6211\u5148\u5411\u5927<br \/>\n\u5bb6\u4ecb\u7ecd\u4e00\u4e0b\u4f1a\u8ba1\u7684\u8ba1\u7b97\u516c\u5f0f\uff0c\u8fd9\u6837\u4f60\u5c31\u53ef\u4ee5\u4e86\u89e3\u521d\u770b\u8d77\u6765\u5f88<br \/>\n\u8ba9\u4eba\u641e\u4e0d\u6e05\u5934\u7eea\u7684\u62a5\u8868\u5185\u5728\u7684\u903b\u8f91\u5173\u7cfb\u3002\u638c\u63e1\u4e86\u8fd9\u4e00\u516c\u5f0f\u7684<br \/>\n\u8ba1\u7b97\u6b65\u9aa4\uff0c\u5c31\u6613\u4e8e\u641e\u61c2\u73b0\u91d1\u6d41\u91cf\u8868\u6240\u4e3e\u7684\u4f8b\u5b50\u3002\u4e0b\u9762\u5217\u51fa\u7684<br \/>\n\u8fd9\u4e00\u516c\u5f0f\u53ef\u4e0d\u662f\u4e3a\u4e86\u552c\u4f60\uff0c\u6211\u53ea\u60f3\u4ecb\u7ecd\u7684\u66f4\u6e05\u695a\u4e9b\u3002<br \/>\n\u6839\u636e\u6700\u57fa\u672c\u7684\u4f1a\u8ba1\u6052\u7b49\u5f0f\uff08Fundamental\u3000accounting<br \/>\nequation\uff09\uff0c\u6211\u4eec\u77e5\u9053\uff1a<br \/>\nA=L\uff0bOE<br \/>\n\u8d44\u4ea7=\u8d1f\u503a\uff0b\u80a1\u4e1c\u6743\u76ca<br \/>\n\u4f46\u7531\u4e8e\u8d44\u4ea7\u548c\u8d1f\u503a\u53c8\u90fd\u5206\u522b\u542b\u6709\u6d41\u52a8\uff08\u77ed\u671f\uff09\u548c\u56fa\u5b9a\uff08\u957f\u671f\uff09<br \/>\n\u7b49\u9879\uff0c\u6240\u4ee5\u7b49\u5f0f\u53ef\u4ee5\u6269\u5c55\u4e3a\uff1a<br \/>\nCA\uff0bNCA=CL\uff0bNCL\uff0bOE<br \/>\n\u6d41\u52a8\u8d44\u4ea7\uff0b\u56fa\u5b9a\u8d44\u4ea7=\u6d41\u52a8\u8d1f\u503a\uff0b\u957f\u671f\u8d1f\u503a\uff0b\u80a1\u4e1c\u6743\u76ca<br \/>\n\u5c06\u6d41\u52a8\u8d44\u4ea7\uff08Current\u3000asset\uff09\u9879\u8fdb\u4e00\u6b65\u7ec6\u5206\uff0c\u53ef\u5f97\u5230\u5982\u4e0b<br \/>\n\u7684\u5355\u4e2a\u6784\u6210\u6210\u5206\uff1a\uff08\u73b0\u91d1\uff0b\u5e94\u6536\u6b3e\uff0b\u5e93\u5b58\uff09\uff0b\u56fa\u5b9a\u8d44\u4ea7=\u6d41\u52a8\u8d1f\u503a\uff0b\u957f\u671f\u8d1f\u503a\uff0b\u80a1<br \/>\n\u4e1c\u6743\u76ca<br 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\/>\n\u52a9\u4e8e\u6295\u8d44\u8005\u7b79\u96c6\u8d44\u91d1\uff1f\u4ece\u878d\u8d44\u4e1a\u52a1\u8fd9\u4e00\u90e8\u5206\uff0c\u4f60\u80fd\u627e\u5230\u7b54\u6848\u3002<br \/>\n\u5728Bob\u7684\u4e3e\u4f8b\u4e2d\uff0c\u4ed6\u5373\u4ece\u94f6\u884c\u501f\u4e86\u94b1\uff0c\u53c8\u7528\u81ea\u5df1\u7684\u94b1\u6295\u4e86\u8d44\u3002<br \/>\n\u65e0\u8bba\u8d44\u91d1\u6765\u6e90\u548c\u7528\u9014\u662f\u4ec0\u4e48\uff0c\u73b0\u91d1\u6d41\u91cf\u8868\u5728\u5f88\u5927\u7a0b\u5ea6\u4e0a<br \/>\n\u80fd\u8ba9\u4f60\u4e86\u89e3\u516c\u53f8\u7ecf\u8425\u72b6\u6001\u7684\u597d\u574f\u3002\u5bf9\u8bb8\u591a\u4e13\u95e8\u4ece\u4e8b\u91d1\u878d\u5206\u6790\u7684\u4eba\u58eb\u6765\u8bf4\uff0c\u5728\u6240\u6709\u62a5\u8868\u4e2d\u6700\u91cd\u8981\u7684\u662f\u73b0\u91d1\u6d41\u91cf\u8868\u3002<br \/>\n\u4f1a\u8ba1\u5b66\u6982\u5ff5\u6846\u67b6<br \/>\n\u5185\u884c\u7684\u4eba\u5728\u5206\u6790\u8d22\u52a1\u62a5\u8868\u4e2d\u7684\u5927\u91cf\u6570\u636e\u65f6\uff0c\u5e38\u4f1a\u7528\u5230\u4f1a<br \/>\n\u8ba1\u6052\u7b49\u5f0f\uff1a<br \/>\n\u8d44\u4ea7=\u8d1f\u503a\uff0b\u80a1\u4e1c\u6743\u76ca\u3002<br \/>\n\u901a\u8fc7\u73b0\u91d1\u6d41\u91cf\u8868\uff0c\u6211\u4eec\u77e5\u9053\u7531\u4e8e\u8d44\u4ea7\u3001\u8d1f\u503a\u548c\u80a1\u4e1c\u6743\u76ca<br \/>\n\u7684\u53d8\u5316\u5f15\u8d77\u4e86\u8be5\u5e74\u5ea6\u73b0\u91d1\u7684\u53d8\u5316\u3002\u8d44\u4ea7\u8d1f\u503a\u8868\u4e2d\u53cd\u6620\u4e86\u8d44\u4ea7<br \/>\n\u548c\u8d1f\u503a\u7684\u53d8\u5316\uff0c\u80a1\u4e1c\u6743\u76ca\u7684\u53d8\u5316\u662f\u5229\u6da6\u8868\u4e2d\u51c0\u5229\u6da6\u7684\u53d8\u5316\u5f15<br \/>\n\u8d77\u7684\u3002\u8fd93\u4e2a\u57fa\u672c\u8d22\u52a1\u62a5\u8868\u662f\u7d27\u5bc6\u5730\u8054\u7cfb\u5728\u4e00\u8d77\u3002<br \/>\n\u4f1a\u8ba1\u6052\u7b49\u5f0f\uff0c\u8d44\u4ea7\u5e73\u8861\u8868\u548c\u8be5\u5e74\u5ea6\u6bcf\u4e00\u9879\u5206\u7c7b\u5e10\u603b\u662f\u5e73<br \/>\n\u8861\u7684\u3002\u7b49\u5f0f\u4e2d\u6bcf\u4e00\u90e8\u5206\u7684\u53d8\u5316\u90fd\u4f1a\u7275\u52a8\u5176\u5b83\u90e8\u5206\u7684\u76f8\u5e94\u53d8\u5316\u3002<br \/>\n\u901a\u8fc7\u638c\u63e1\u8d22\u52a1\u62a5\u8868\u4e4b\u95f4\u7684\u5185\u5728\u7684\u57fa\u672c\u5173\u7cfb\uff0c\u4f60\u4e5f\u5c31\u638c\u63e1\u4e86\u4f1a<br \/>\n\u8ba1\u5b66\u4e2d\u7684\u6700\u5b9e\u8d28\u7684\u5185\u5bb9\u3002\u795d\u8d3a\u4f60\uff01<br \/>\n\u7528\u6bd4\u7387\u5206\u6790\u8d22\u52a1\u62a5\u8868<br \/>\n\u77e5\u9053\u4e86\u4f1a\u8ba1\u5e08\u5982\u4f55\u7f16\u5236\u8d22\u52a1\u62a5\u8868\uff0c\u73b0\u5728\u8ba9\u6211\u4eec\u518d\u638c\u63e1\u6bd4<br \/>\n\u7387\uff08Ratios\uff09\u8fd9\u4e00\u5206\u6790\u8d22\u52a1\u62a5\u8868\u7684\u5de5\u5177\u3002\u4e00\u4efd\u8d22\u52a1\u62a5\u8868\u672c\u8eab\u7684<br \/>\n\u7edd\u5bf9\u6570\u5b57\u7684\u4f5c\u7528\u901a\u5e38\u662f\u6709\u9650\u7684\u3002\u6211\u4eec\u901a\u8fc7\u6bd4\u7387\u7684\u65b9\u6cd5\u80fd\u5206\u6790<br \/>\n\u51fa\u6570\u5b57\u548c\u6570\u5b57\u4e4b\u95f4\u4ee5\u53ca\u540c\u884c\u4e1a\u516c\u53f8\u4e0e\u516c\u53f8\u4e4b\u95f4\u771f\u6b63\u6709\u7528\u7684\u4fe1<br \/>\n\u606f\u3002\u5728\u6742\u8d27\u5e97\u4e3e\u4f8b\u4e2d\uff0c\u9500\u552e\u5229\u6da6\u901a\u5e38\u8f83\u4f4e\uff0c\u6240\u4ee5\u6742\u8d27\u5e97\u5fc5\u987b<br \/>\n\u6709\u5927\u91cf\u7684\u9500\u552e\u989d\u624d\u80fd\u83b7\u53d6\u771f\u6b63\u7684\u5229\u6da6\u3002\u73e0\u5b9d\u5e97\u9500\u552e\u989d\u867d\u4e0d\u5927\uff0c<br \/>\n\u4f46\u6bcf\u4ef6\u4ea7\u54c1\u7684\u5229\u6da6\u90fd\u5f88\u9ad8\u3002\u8fd9\u4e5f\u662f\u4e3a\u4ec0\u4e48\u7528\u6bd4\u7387\u6765\u5206\u6790\u6bd4\u8f83<br \/>\n\u540c\u4e00\u884c\u4e1a\u5185\u516c\u53f8\u7684\u7ecf\u8425\u72b6\u51b5\u6216\u5bf9\u516c\u53f8\u8fc7\u53bb\u7684\u5386\u53f2\u8fdb\u884c\u5bf9\u6bd4\u7684<br \/>\n\u539f\u56e0\u3002<br \/>\n\u6bd4\u7387\u4e3b\u8981\u67094\u5927\u7c7b\uff1a<br \/>\n\u8861\u91cf\u507f\u503a\u80fd\u529b\uff1a\u624b\u91cc\u6709\u591a\u5c11\u4e1c\u897f\u53ef\u4ee5\u53d8\u73b0\u7528\u6765\u507f\u503a\u3002<br \/>\n\u8861\u91cf\u8d44\u672c\u7ed3\u6784\uff1a\u516c\u53f8\u662f\u5426\u8d1f\u503a\u5f88\u91cd\uff0c\u516c\u53f8\u7b79\u63aa\u7684\u8d44\u91d1\u6765<br \/>\n\u81ea\u6295\u8d44\u8005\u5417\uff1f\u516c\u53f8\u5982\u4f55\u7b79\u63aa\u8d44\u91d1\uff1f<br \/>\n\u8861\u91cf\u4e1a\u52a1\u6d3b\u52a8\uff1a\u516c\u53f8\u7684\u8d44\u4ea7\u5b89\u6392\u4f7f\u7528\u5408\u7406\u5417\uff1f\uff08MBA\u3000\u4eec\u4e0d<br \/>\n\u4ec5\u4f1a\u4f7f\u7528\u8d44\u4ea7\uff0c\u8fd8\u4f1a\u5b89\u6392\u5b83\u7684\u4f7f\u7528\uff09<br \/>\n\u8861\u91cf\u76c8\u5229\u6027\uff1a\u516c\u53f8\u5728\u8d44\u4ea7\u3001\u9500\u552e\u57fa\u7840\u4e0a\u7684\u76c8\u5229\u6027\u6709\u591a\u5927\uff1f<br \/>\n\u4ece\u7406\u8bba\u4e0a\u8bb2\uff0c\u6709\u6570\u767e\u79cd\u53ef\u80fd\u7684\u6bd4\u7387\u5b58\u5728\uff0c\u4f46\u5927\u591a\u6570\u90fd\u79bb<br \/>\n\u4e0d\u5f00\u6211\u4eec\u4ece\u4e0a\u8ff04\u7c7b\u6bd4\u7387\u4e2d\u5f52\u7eb3\u76848\u79cd\u57fa\u672c\u6bd4\u7387\u3002<br \/>\n\u7528\u3000Bob\u3000\u7684\u8d22\u52a1\u62a5\u8868\uff0c\u6211\u8ba1\u7b97\u51fa\u8be5\u516c\u53f8\u7684\u30008\u3000\u79cd\u6bd4\u7387\uff0c\u73b0\u5217<br \/>\n\u51fa\u5982\u4e0b\uff1a\u53d8\u73b0\u6bd4\u7387\uff08Liquid\u3000Ratios\uff09<br \/>\n1\u3002\u3000\u3000\u3000=\u3000\u53d8\u73b0\u6bd4\u7387\u3000\u6d41\u52a8\u8d44\u4ea7<br \/>\n\u6d41\u52a8\u8d1f\u503a<br \/>\n\u516c\u53f8\u80fd\u8f7b\u677e\u5730\u8fd8\u5e10\u5417\uff1f\u5982\u679c\u6bd4\u7387\u5927\u4e8e\u30001\uff0c\u8bf4\u660e\u516c\u53f8\u6709\u6e05\u507f<br \/>\n\u80fd\u529b\uff0c\u6709\u4f59\u529b\u4ece\u6d41\u52a8\u8d44\u4ea7\u4e2d\u5b89\u6392\u652f\u4ed8\u6d41\u52a8\u8d1f\u503a\u3002<br \/>\n115\uff1b000<br \/>\n87\uff1b000<br \/>\n=\u30001\u300232<br \/>\n\u7f8e\u5143<br \/>\n\u7f8e\u5143<br \/>\n\uff1f<br \/>\n\u00e8<br \/>\n\uff1f<br \/>\n\uff1f<br \/>\n\uff1f<br \/>\n\u00f7<br \/>\n\u8d44\u672c\u7ed3\u6784\u6bd4\u7387\uff08Capitalization\u3000Ratios\uff09<br \/>\n2\u3002\u8d22\u52a1\u6760\u6746\u3000\u8d44\u4ea7\u4ea7\u6743\u6bd4\u3000\u603b\u8d1f\u503a\u3000\u80a1\u4e1c\u6743\u76ca<br \/>\n\u80a1\u4e1c\u6743\u76ca\u3000\uff08\u3000\uff09\u3000=<br \/>\n\uff0b<br \/>\n142\uff1b000<br \/>\n5\uff1b000<br \/>\n=\u30003\u3002155<br \/>\n\u7f8e\u5143<br \/>\n\u7f8e\u5143<br \/>\n\uff1f<br \/>\n\u00e8<br \/>\n\uff1f<br \/>\n\uff1f<br \/>\n\uff1f<br \/>\n\u00f7<br \/>\n\u5f53\u516c\u53f8\u8d1f\u62c5\u7684\u503a\u52a1\u9ad8\u51fa\u80a1\u4e1c\u7684\u6295\u8d44\u65f6\uff0c\u6211\u4eec\u5c31\u79f0\u5176\u4e3a\u6760<br \/>\n\u6746\u7ecf\u8425\uff08\u8d1f\u503a\u7ecf\u8425\uff09\uff08Leveraged\uff09\u3002\u5bf9\u76c8\u5229\u7684\u516c\u53f8\u6765\u8bf4\uff0c\u8f83\u9ad8\u7684<br \/>\n\u8d1f\u503a\uff0c\u56e0\u516c\u5f0f\u4e2d\u5206\u6bcd\u8f83\u5c0f\uff0c\u6240\u4ee5\u6bd4\u7387\u5f88\u5927\u3002\u540c\u6837\u7684\u6536\u76ca\u88ab\u8f83<br \/>\n\u5c0f\u7684\u80a1\u672c\u6765\u9664\u3002\u5927\u4e8e\u30002\u3000\u7684\u6bd4\u7387\u8bf4\u660e\u516c\u53f8\u8d1f\u503a\u8f83\u9ad8\u3002\u5728\u4ecb\u7ecd\u76c8<br \/>\n\u5229\u6bd4\u7387\u4e2d\u6211\u5c06\u5bf9\u68b0\u6746\u7684\u6982\u5ff5\u505a\u8fdb\u4e00\u6b65\u7684\u89e3\u91ca\u3002<br \/>\n3\u3002\u957f\u671f\u8d1f\u503a\u5bf9\u603b\u8d44\u4ea7\u3000\u957f\u671f\u8d1f\u503a<br \/>\n\u5168\u90e8\u8d1f\u503a\u3000\u80a1\u672c\u91d1\u3000=<br \/>\n\uff0b<br \/>\n10\uff1b000<br \/>\n142\uff1b000<br \/>\n=\u30007\uff05\u3000\u7f8e\u5143<br \/>\n\u7f8e\u5143<br \/>\n\uff1f<br \/>\n\u00e8<br \/>\n\uff1f<br \/>\n\uff1f<br \/>\n\uff1f<br \/>\n\u00f7<br \/>\n\u56e0\u4e3a\u507f\u8fd8\u503a\u52a1\u662f\u516c\u53f8\u5728\u7ed9\u6295\u8d44\u8005\u5206\u7ea2\u4e4b\u524d\u5fc5\u987b\u5b8c\u6210\u7684\u8d23<br \/>\n\u4efb\uff0c\u6240\u4ee5\u516c\u53f8\u503a\u52a1\u7684\u591a\u5c11\u662f\u8861\u91cf\u5176\u98ce\u9669\u7a0b\u5ea6\u7684\u4e00\u4e2a\u91cd\u8981\u6807\u51c6\u3002<br \/>\n\u8be5\u6bd4\u7387\u5927\u4e8e\u300050\uff05\u65f6\uff0c\u8bf4\u660e\u516c\u53f8\u7684\u8d1f\u503a\u9ad8\u3002\u53d6\u51b3\u4e8e\u516c\u53f8\u73b0\u91d1\u6d41\u7684<br \/>\n\u7a33\u5b9a\u60c5\u51b5\u548c\u65f6\u95f4\u7684\u4e0d\u540c\uff0c50\uff05\u7684\u6bd4\u7387\u88ab\u8ba4\u4e3a\u98ce\u9669\u662f\u76f8\u5f53\u9ad8\u7684\u3002<br \/>\n\u50cf\u8f83\u7a33\u5b9a\u7684\u7535\u529b\u8bbe\u65bd\u516c\u53f8\uff0c\u5b83\u4eec\u7684\u9500\u552e\u989d\u548c\u73b0\u91d1\u6d41\u90fd\u662f\u8f83\u7a33<br \/>\n\u5b9a\u7684\uff0c\u6240\u4ee5\u300050\uff05\u7684\u6bd4\u7387\u4e5f\u8f83\u4e3a\u666e\u904d\u3002\u5012\u662f\u534e\u5c14\u8857\u7684\u6295\u8d44\u5206\u6790\u4eba<br \/>\n\u58eb\u53cd\u800c\u8ba4\u4e3a\u8fd9\u4e9b\u516c\u53f8\u7684\u503a\u52a1\u5b89\u6392\u504f\u4e8e\u4fdd\u5b88\u3002<br \/>\n\u7ecf\u8425\u6bd4\u7387\uff08Activity\u3000Ratios\uff09<br \/>\n4\u3002\u8d44\u4ea7\u5229\u7528\u6548\u7528\u6bd4\u7387\u3000\u4e5f\u79f0\u8d44\u4ea7\u5468\u8f6c\u7387\u3000\u9500\u552e\u989d<br \/>\n\u603b\u8d44\u4ea7\u3000\uff08\u3000\uff09\u3000=<br \/>\n5\uff1b200\uff1b000<br \/>\n142\uff1b000<br \/>\n=\u300036\u30026\uff08\u3000\uff09<br \/>\n\u7f8e\u5143<br \/>\n\u7f8e\u5143\u3000\u6b21\u3000\uff1f<br \/>\n\u00e8<br \/>\n\uff1f<br \/>\n\uff1f<br \/>\n\uff1f<br \/>\n\u00f7<br \/>\n\u8be5\u6bd4\u7387\u8bf4\u660e\u7684\u662f\u516c\u53f8\u8fd0\u7528\u8d44\u4ea7\u6548\u7387\u7684\u9ad8\u4f4e\u3002\u4e00\u4e2a\u901a\u8fc7\u5229\u7528\u7ed9\u5b9a\u7684\u8d44\u4ea7\u4e89\u51fa\u66f4\u591a\u9500\u552e\u989d\u7684\u516c\u53f8\u88ab\u8ba4\u4e3a\u662f\u5bf9\u8d44\u4ea7\u7684\u7ba1\u7406<br \/>\n\u5341\u5206\u6709\u6548\u3002\u4e0d\u540c\u884c\u4e1a\u6709\u4e0d\u540c\u7684\u9002\u7528\u6bd4\u7387\u3002\u5bf9\u8bb8\u591a\u884c\u4e1a\u6765\u8bf4\uff0c36<br \/>\n\u8fd9\u4e00\u6bd4\u7387\u662f\u76f8\u5f53\u9ad8\u7684\uff0c\u4f46\u5bf9\u53e4\u8463\u5e97\u6765\u8bf4\uff0c\u5468\u8f6c\u6bd4\u7387\u4e3a\u30003\u3000\u7684\u5c31<br \/>\n\u5df2\u7ecf\u5f88\u9ad8\u4e86\u3002\u7a00\u6709\u7684\u53e4\u8463\u5e38\u9700\u7b49\u5f85\u8bc6\u8d27\u7684\u6536\u85cf\u8005\u524d\u6765\u8d2d\u4e70\u3002<br \/>\n\u5bf9\u6742\u8d27\u5e97\u800c\u8a00\uff0c\u6bcf\u5e74\u300036\u30026\u3000\u6b21\u7684\u5468\u8f6c\u901f\u5ea6\u662f\u5f88\u6b63\u5e38\u7684\u3002\u8fd9\u662f\u56e0<br \/>\n\u4e3a\u8d85\u7ea7\u5e02\u573a\u8d27\u67b6\u4e0a\u7684\u5546\u54c1\u6bcf\u5468\u90fd\u88ab\u552e\u51fa\u3002\u725b\u5976\u3001\u536b\u751f\u7eb8\u7b49\u65e5<br \/>\n\u7528\u6d88\u8d39\u54c1\u7684\u5468\u8f6c\u91cf\u4e00\u5468\u5c31\u8fbe\u6570\u6b21\uff0c\u4f46\u8f9b\u8fa3\u7684\u8c03\u6599\u5356\u5f97\u5c31\u5f88\u6162<br \/>\n\u4e86\u3002<br \/>\n5\u3002\u6bcf\u5468\u5e93\u5b58\u5468\u8f6c\u6b21\u6570\u3000\u9500\u552e\u4ea7\u54c1\u6210\u672c<br \/>\n\u6bcf\u671f\u5e73\u5747\u5e93\u5b58\u91cf\u3000=<br \/>\n\uff08\u8ba1\u7b97\u5e73\u5747\u5e93\u5b58\u7684\u7b80\u5355\u65b9\u6cd5\u662f\u7528\u671f\u521d\u5e93\u5b58\u52a0\u671f\u672b\u5e93\u5b58\u9664\u4ee5<br \/>\n2\uff09\u3002<br \/>\n3\uff1b900\uff1b000<br \/>\n100\uff1b000<br \/>\n=\u300039\uff08\u3000\/\u3000\uff09<br \/>\n\u7f8e\u5143<br \/>\n\u7f8e\u5143\u3000\u6b21\u3000\u5e74\u3000\uff1f<br \/>\n\u00e8<br \/>\n\uff1f<br \/>\n\uff1f<br \/>\n\uff1f<br \/>\n\u00f7<br \/>\n6\u3002\u5e93\u5b58\u9500\u552e\u5929\u6570\u3000\u671f\u672b\u5e93\u5b58<br \/>\n\u9500\u552e\u4ea7\u54c1\u6210\u672c\u3000\u5929\u3000=<br \/>\n\/\u3000365<br \/>\n100\uff1b000<br \/>\n3\uff1b900\uff1b000\u3000\/\u3000365<br \/>\n=\u30009\u300236<br \/>\n\u7f8e\u5143<br \/>\n\u7f8e\u5143\u3000\u5929\u3000\uff1f<br \/>\n\u00e8<br \/>\n\uff1f<br \/>\n\uff1f<br \/>\n\uff1f<br \/>\n\u00f7<br \/>\n\u4ee5\u4e0a\u4e24\u4e2a\u7ecf\u8425\u6bd4\u7387\u80fd\u8bf4\u660e\u516c\u53f8\u5e93\u5b58\u5b89\u6392\u4f7f\u7528\u7684\u5408\u7406\u4e0e<br \/>\n\u5426\u3002\u7ecf\u8425\u7684\u5546\u54c1\u662f\u4e0d\u662f\u56e0\u5356\u4e0d\u51fa\u53bb\u90fd\u843d\u4e0a\u4e86\u7070\uff1f\u8fd8\u662f\u8d27\u521a\u4e0a<br \/>\n\u67b6\u5c31\u9500\u552e\u4e00\u7a7a\uff1f\u50cf\u6742\u8d27\u5e97\u8fd9\u79cd\u5468\u8f6c\u6b21\u6570\u9ad8\u7684\u884c\u4e1a\uff0c\u4e00\u5e74\u5185\u5546<br \/>\n\u54c1\u5468\u8f6c\u7684\u6b21\u6570\u5c31\u5f88\u591a\uff0c\u624b\u91cc\u51c6\u5907\u7684\u5e93\u5b58\u4e5f\u5c31\u53ea\u591f\u7528\u51e0\u5929\u3002\u8fd9<br \/>\n\u7c7b\u65e5\u7528\u54c1\u5468\u8f6c\u5feb\u7684\u539f\u56e0\u5f53\u7136\u662f\u56e0\u5bb9\u6613\u635f\u574f\uff0c\u6240\u4ee5\u4eba\u4eec\u5e38\u9700\u8d2d<br \/>\n\u4e70\u3002<br \/>\n\u76c8\u5229\u6bd4\u7387\uff08Profitability\u3000Ratios\uff09<br \/>\n7\u3002\u9500\u552e\u5229\u6da6\u7387\u3000\u51c0\u5229\u6da6<br \/>\n\u9500\u552e\u6536\u5165\u3000\uff08ROS\uff09\u3000=<br \/>\n30\uff1b000<br \/>\n45\uff1b000<br \/>\n=\u30000\u30026667\u3000=\u300067\uff05\u3000\u7f8e\u5143<br \/>\n\u7f8e\u5143<br \/>\n\uff1f<br \/>\n\u00e8<br \/>\n\uff1f<br \/>\n\uff1f<br \/>\n\uff1f<br \/>\n\u00f7<br \/>\n\u201c\u5229\u6da6\u7387\u201d\u7684\u8ba1\u7b97\u8f83\u4e3a\u5bb9\u6613\u3002\u6295\u8d44\u5206\u6790\u4eba\u5458\u4e5f\u5e38\u7528\u6765\u8ba1<br \/>\n\u7b97\u8d44\u4ea7\u8d1f\u503a\u8868\u548c\u5229\u6da6\u8868\u4e2d\u6bcf\u4e00\u90e8\u5206\u7684\u56de\u62a5\u7387\u3002\u53e6\u4e00\u5e38\u7528\u5230\u7684<br \/>\n\u6bd4\u7387\u662f\u8d44\u4ea7\u5229\u6da6\u7387\uff08Return\u3000of\u3000assets\uff1bROA\uff09\u30028\u3002\u80a1\u672c\u5229\u6da6\u7387\u3000\u51c0\u5229\u6da6<br \/>\n\u80a1\u4e1c\u6743\u76ca\u3000\uff08ROE\uff09\u3000=<br \/>\n30\uff1b000<br \/>\n5\uff1b200\uff1b000<br \/>\n=\u30000\u3002005769\u3000=\u30000\u300258\uff05\u3000\u7f8e\u5143<br \/>\n\u7f8e\u5143<br \/>\n\uff1f<br \/>\n\u00e8<br \/>\n\uff1f<br \/>\n\uff1f<br \/>\n\uff1f<br \/>\n\u00f7<br \/>\n\u8d1f\u503a\u548c\u80a1\u672c\u91d1\u4e4b\u95f4\u4e0d\u540c\u6bd4\u7387\u7684\u642d\u914d\u5bf9\u6bd4\u7387\u7684\u5f71\u54cd\u8f83<br \/>\n\u5927\u3002\u5982\u679c\u516c\u53f8\u7684\u8d1f\u503a\u9ad8\uff0c\u80a1\u672c\u91d1\u5c11\uff0c\u90a3\u4e48\u80a1\u672c\u5229\u6da6\u7387\u5c31<br \/>\n\u4f1a\u53d7\u5230\u5f88\u5927\u7684\u5f71\u54cd\uff0c\u4eba\u4eec\u79f0\u4e4b\u4e3a\u8d22\u52a1\u6760\u6746\u3000\uff08Financial<br \/>\nleverage\uff09\u3002\u8fd9\u5728\u524d\u9762\u8ba8\u8bba\u8d44\u672c\u7ed3\u6784\u6bd4\u7387\u65f6\uff0c\u6211\u5df2\u7ecf\u63d0\u5230\u8fc7\u3002<br \/>\n\u4e3a\u4e86\u8bf4\u660e\u8fd9\u4e00\u70b9\uff0c\u5047\u8bbe\u30001992\u3000\u5e74\u3000Bob\u3000\u548c\u4ed6\u7236\u4eb2\u5c31\u5df2\u51b3\u5b9a\u628a\u516c\u53f8<br \/>\n\u7684\u80a1\u672c\u91d1\u62bd\u8d70\uff0c\u53ea\u7559\u4e0b\u5f88\u5c11\u7684\u4e00\u90e8\u5206\uff0c\u8fd8\u628a\u30001992\u3000\u5e74\u6323\u5f97\u7684<br \/>\n30\uff1b000\u3000\u7f8e\u5143\u51c0\u5229\u6da6\u4ece\u516c\u53f8\u4e2d\u5168\u90e8\u62bd\u8d70\u7528\u4ee5\u5206\u7ea2\uff0c\u4ee5\u540e\u516c\u53f8\u5bf9<br \/>\n\u8d44\u91d1\u7684\u9700\u6c42\u5219\u901a\u8fc7\u501f\u94b1\u7684\u65b9\u5f0f\u89e3\u51b3\u3002\u5982\u679c\u5f53\u65f6\u4ed6\u4eec\u771f\u7684\u8fd9\u4e48<br \/>\n\u505a\u4e86\uff0c\u90a3\u4e48\u8d44\u4ea7\u8d1f\u503a\u8868\u4e2d\u5c31\u4f1a\u53cd\u6620\u51fa\u957f\u671f\u8d1f\u503a\u603b\u503c\u662f\u300040\uff1b000<br \/>\n\u7f8e\u5143\uff0810\uff1b000\uff0b30\uff1b000\uff09\uff0c\u80a1\u672c\u91d1\u53ea\u5269\u4e0b\u300015\uff1b000\u3000\u7f8e\u5143\uff0845\uff1b000\uff0d<br \/>\n30\uff1b000\uff09\u3002\u7531\u6b64\u9020\u6210\u7684\u8d1f\u503a\u80a1\u672c\u6bd4\u7387\uff08Debt\u3000to\u3000equity\u3000ratio\uff09<br \/>\n\u5c31\u4f1a\u4ece\u30007\uff05\u589e\u81f3\u300028\uff05\u3002\u80a1\u672c\u5229\u6da6\u7387\u5c31\u4f1a\u4ece\u300067\uff05\u589e\u9ad8\u5230<br \/>\n200\uff05\uff0830\uff1b000\/15\uff1b000\uff09\u3002\u8fd9\u8bf4\u660e\uff0c\u4f7f\u7528\u7684\u8d22\u52a1\u6760\u6746\u5bf9\u6bd4\u7387\u7684\u5f71<br \/>\n\u54cd\u751a\u5927\u3002\u9009\u62e9\u8f83\u4f4e\u6c34\u5e73\u7684\u80a1\u672c\u53ef\u4ee5\u201c\u6760\u6746\u5f0f\u201d\u5730\u628a\u80a1\u672c\u5229\u6da6<br \/>\n\u7387\u589e\u52a0\u5230\u5f88\u9ad8\u7684\u6c34\u5e73\u3002<br \/>\n\u80a1\u672c\u5229\u6da6\u7387\u662f\u4eba\u4eec\u516c\u8ba4\u7684\u7528\u6765\u8861\u91cf\u4f01\u4e1a\u6210\u529f\u4e0e\u5426\u7684\u6807<br \/>\n\u51c6\u3002\u5728\u3000Forbes\u3000\u6742\u5fd7\u7f16\u5199\u7684\u201c\u7f8e\u56fd\u5de5\u4e1a\u5e74\u5ea6\u62a5\u544a\u201d\u4e2d\uff0c\u4ec5\u4ec5\u7531<br \/>\n\u4e8e\u5bf9\u878d\u8d44\u7ed3\u6784\u5b89\u6392\u7684\u4e0d\u540c\uff0c\u8bb8\u591a\u80a1\u672c\u5229\u6da6\u7387\u5f88\u9ad8\u7684\u516c\u53f8\u5728\u6392<br \/>\n\u540d\u4e0a\uff0c\u90fd\u5148\u4e8e\u5176\u5b83\u4e00\u4e9b\u66f4\u76c8\u5229\u7684\u516c\u53f8\u3002\u5018\u82e5\u516c\u53f8\u7ba1\u7406\u5c42\u7684\u76ee<br \/>\n\u6807\u662f\u901a\u8fc7\u6760\u6746\u4e3e\u503a\u4ee5\u83b7\u5f97\u66f4\u9ad8\u7684\u76c8\u5229\uff0c\u8fd9\u5c31\u4f1a\u4f34\u968f\u7740\u98ce\u9669\u6210<br \/>\n\u672c\u3002\u8d1f\u503a\u8d8a\u9ad8\uff0c\u516c\u53f8\u9700\u652f\u4ed8\u7684\u5229\u606f\u8d1f\u62c5\u4e5f\u5c31\u8d8a\u91cd\uff0c\u516c\u53f8\u5982\u679c<br \/>\n\u7ecf\u8425\u4e0d\u597d\uff0c\u5c31\u8fd8\u4e0d\u8d77\u503a\u300290\u3000\u5e74\u4ee3\u7834\u4ea7\u7684\u3000Revo\u3000Drugs\uff1b<br \/>\nSouthland&#8217;s\u30007\u2026Eleven\u3000\u548c\u3000Federated\u3000Department\u3000Stores\uff0c<br \/>\n\u5c31\u662f\u7531\u4e8e\u7ba1\u7406\u5c42\u5192\u7740\u7834\u4ea7\u7684\u98ce\u9669\uff0c\u9ad8\u989d\u4e3e\u503a\uff0c\u6700\u540e\u5f7b\u5e95\u7834\u4ea7\u3002<br \/>\n\u675c\u90a6\u56fe\u8868<br \/>\n\u641e\u5b66\u672f\u7814\u7a76\u7684\u4eba\u5f88\u5584\u4e8e\u628a\u4e00\u4e2a\u7b80\u5355\u7684\u6982\u5ff5\u5f3a\u6309\u4e0a\u4e2a\u54cd\u4eae<br \/>\n\u7684\u540d\u79f0\u3002\u5728\u4f60\u5b66\u5230\u7684\u3000MBA\u3000\u4e13\u7528\u8bcd\u6c47\u4e2d\uff0c\u5982\u679c\u6ca1\u6709\u675c\u90a6\u56fe\u8868\uff08Du<br \/>\nPont\u3000Chart\uff09\u4e00\u8bcd\uff0c\u5c31\u79f0\u4e0d\u4e0a\u5b8c\u5907\u3002\u675c\u90a6\u56fe\u8868\u662f\u901a\u8fc7\u5c55\u793a\u5404\u4e2a<br \/>\n\u6bd4\u7387\u7684\u6784\u6210\u8981\u7d20\u8bf4\u660e\u8d22\u52a1\u62a5\u8868\u4e2d\u6700\u91cd\u8981\u7684\u6bd4\u7387\u4e4b\u95f4\u7684\u76f8\u4e92\u5173<br \/>\n\u7cfb\u3002<br \/>\n\u901a\u8fc7\u5217\u51fa\u5404\u6bd4\u7387\u4e4b\u95f4\u7684\u5185\u5728\u5173\u7cfb\uff0c\u6211\u4eec\u53ef\u4ee5\u770b\u51fa\uff0c\u4e00\u65e6\u67d0\u4e00\u6bd4\u7387\u7684\u6784\u6210\u53d1\u751f\u53d8\u5316\uff0c\u5c31\u4f1a\u5f71\u54cd\u5230\u5176\u5b83\u6bd4\u7387\u3002\u6bd4\u7387\u7684\u9009<br 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\/>\n10\uff1b000\u3000\u8f86\u3000Chevy\u3000Lumina\u3000\u5c0f\u8d27\u8f66\uff0c\u6bcf\u8f86\u552e\u4ef7\u300015\uff1b000\u3000\u7f8e\u5143\uff0c\u603b<br \/>\n\u9500\u552e\u989d\u4e3a150\uff1b000\uff1b000\u3000\u7f8e\u5143\u30028\u3000\u6708\u4efd\u7814\u7a76\u4eba\u5458\u6536\u5230\u4f1a\u8ba1\u90e8\u95e8\u7684<br \/>\n\u7edf\u8ba1\u6570\u636e\uff0c\u8868\u660e\u30007\u3000\u6708\u4efd\u5b9e\u9645\u7684\u9500\u552e\u989d\u662f\u3000280\uff1b000\uff1b000\u3000\u7f8e\u5143\u3002<br \/>\n\u7531\u4e8e\u516c\u53f8\u91c7\u7528\u4e86\u4fc3\u9500\u624b\u6bb5\uff0c\u4ee5\u6bcf\u91cf\u300014\uff1b000\u3000\u7f8e\u5143\u7684\u4ef7\u683c\u552e\u51fa<br \/>\n20\uff1b000\u3000\u8f86\u8f66\u3002\u9500\u552e\u5dee\u5f02\u662f\u3000130\uff1b000\uff1b000\u3000\u7f8e\u5143\uff07\uff0810\uff1b000\u00d7<br \/>\n15\uff1b000\uff09\u2026\uff0820\uff1b000\u00d714\uff1b000\uff09\uff07\u3002\u8fd9\u5c31\u662f\u89e3\u91ca\u4e86\u53d1\u751f\u5dee\u5f02\u7684\u539f\u56e0\u3002<br \/>\n\u8fd9\u79cd\u5dee\u5f02\u7eaf\u5c5e\u4ef7\u683c\u53d8\u52a8\u5f15\u8d77\u7684\uff0c\u8fd9\u91cc\u4ef7\u683c\u5dee\u5f02\u662f\u8d1f\u7684<br \/>\n20\uff1b000\uff1b000\uff07\uff0814\uff1b000\u202615\uff1b000\uff09\u00d720\uff1b000\uff07\u7f8e\u5143\u3002\u4f46\u662f\u7531\u4e8e\u516c\u53f8<br \/>\n\u6bd4\u539f\u8ba1\u5212\u591a\u552e\u51fa\u300010\uff1b000\u3000\u8f86\uff0c\u9500\u552e\u6570\u91cf\u7684\u5dee\u5f02\u662f\u6b63\u7684<br \/>\n150\uff1b000\uff1b000\uff07\uff0820\uff1b000\u202610\uff1b000\uff09\u00d715\uff1b000\uff07\u7f8e\u5143\u3002\u4e24\u9879\u7684\u5dee\u5f02<br \/>\n\u662f\u3000\uff08\u202620\uff0b150=130\uff09\u3000\u4e0e\u9884\u7b97\u603b\u9500\u552e\u989d\u7684\u5dee\u5f02\u76f8\u7b49\u3000\uff08280\u2026<br \/>\n150=130\uff09\u3002\u8fd9\u79cd\u5dee\u5f02\u5206\u6790\u6cd5\u80fd\u8ba9\u3000GM\u3000\u516c\u53f8\u8d1f\u8d23\u3000Lumina\u3000\u8f66\u7684\u603b<br \/>\n\u88c1\u4eec\u610f\u8bc6\u5230\uff0c\u9500\u552e\u989d\u7684\u589e\u52a0\u4e3b\u8981\u662f\u7531\u4e8e\u6c7d\u8f66\u9500\u552e\u6570\u91cf\u7684\u589e\u52a0<br \/>\n\u9020\u6210\u7684\u3002\u76f8\u53cd\uff0c\u56e0\u51cf\u4ef7\u4fc3\u9500\u9020\u6210\u7684\u8d1f\u503c\u4ef7\u683c\u53d8\u52a8\uff0c\u901a\u8fc7\u6c7d\u8f66<br \/>\n\u9500\u552e\u6570\u91cf\u7684\u589e\u52a0\u5f97\u4ee5\u5f25\u8865\u3002\u82e5\u4f60\u5c06\u4ef7\u683c\u548c\u9500\u552e\u6570\u91cf\u5dee\u5f02\u52a0\u5728<br \/>\n\u4e00\u8d77\uff0c\u5176\u548c\u7b49\u4e8e\u9884\u7b97\u5916\u7684\u6bcf\u6708\u9500\u552e\u5dee\u5f02\u3002\u5dee\u5f02\u5206\u6790\u6cd5\u80fd\u4f7f\u8d1f<br \/>\n\u8d23\u3000Lumina\u3000\u8f66\u7684\u603b\u88c1\u8bf4\u660e\u4e3a\u4ec0\u4e48\u80fd\u8d85\u989d\u5b8c\u6210\u4ed6\u6240\u8d1f\u8d23\u7684\u90e8\u95e8\u7684<br \/>\n\u9884\u7b97\u3002<br \/>\n\u8d2d\u4e70\u4ef7\u683c\uff0c\u6709\u6548\u6027\u548c\u9500\u552e\u91cf\u5dee\u5f02<br \/>\n\u91c7\u7528\u540c\u6837\u7684\u4e24\u4e2a\u57fa\u672c\u516c\u5f0f\uff0c\u5373\u9500\u552e\u4ef7\u683c\u5dee\u5f02\u548c\u9500\u552e\u6570\u91cf<br \/>\n\u5dee\u5f02\uff0c\u516c\u53f8\u751f\u4ea7\u90e8\u95e8\u4e5f\u7528\u8fd9\u79cd\u65b9\u6cd5\u8ba1\u7b97\u5dee\u5f02\u4ee5\u4fbf\u4e8e\u63a7\u5236\u548c\u7ba1<br \/>\n\u7406\u3002<br \/>\n\u91c7\u8d2d\u548c\u4f7f\u7528\u751f\u4ea7\u539f\u6599\u4e5f\u6709\u91c7\u8d2d\u4ef7\u683c\u5dee\u5f02\uff08Purchase\u3000price<br \/>\nvariances\uff09\u3002<br \/>\n\u91c7\u8d2d\u4ef7\u683c\u5dee\u5f02=\uff08\u6807\u51c6\u4ef7\u683c\u2026\u5b9e\u9645\u4ef7\u683c\uff09\u00d7\u5b9e\u9645\u91c7\u8d2d\u6216\u4f7f<br \/>\n\u7528\u91cf<br \/>\n\u751f\u4ea7\u4ea7\u54c1\u6240\u7528\u7684\u539f\u6750\u6599\u548c\u4eba\u529b\u540c\u6807\u51c6\u6570\u4f1a\u6709\u4e0d\u540c\u3002\u548c\u9500<br \/>\n\u552e\u6570\u91cf\u5dee\u5f02\u4e00\u6837\uff0c\u8fd9\u4e9b\u5dee\u5f02\u79f0\u4e4b\u4e3a\u6709\u6548\u6027\u5dee\u5f02\uff08Efficiency<br \/>\nvariances\uff09\u3002\u4f8b\u5982\uff0c\u5236\u978b\u5de5\u4eba\u5b9e\u9645\u4f7f\u7528\u7684\u76ae\u9769\u6bd4\u9884\u7b97\u7684\u591a\u65f6\uff0c<br \/>\n\u751f\u4ea7\u6548\u7387\u4f1a\u66f4\u9ad8\u3002\u5e95\u7279\u5f8b\u6c7d\u8f66\u88c5\u914d\u7ebf\u4e0a\u7684\u5de5\u4eba\u7ec4\u88c5\u6c7d\u8f66\u6240\u6709<br \/>\n\u7684\u65f6\u95f4\u53ef\u80fd\u6bd4\u9884\u8ba1\u7684\u957f\u3002<br \/>\n\u539f\u6750\u6599\u6216\u4eba\u5de5\u6548\u7387\u5dee\u5f02=\uff08\u6807\u51c6\u4f7f\u7528\u91cf\u2026\u5b9e\u9645\u4f7f\u7528\u91cf\uff09\u00d7\u539f<br \/>\n\u6750\u6599\u6216\u4eba\u5de5\u6807\u51c6\u6210\u672c<br \/>\n\u4ecd\u4ee5\u3000Lumina\u3000\u8f66\u4e3a\u4f8b\uff0c\u6839\u636e\u55b7\u6f06\u8f66\u95f4\u30007\u3000\u6708\u4efd\u7684\u7780\uff0c\u6bcf\u8f86\u8f66<br \/>\n\u5e94\u4f7f\u7528\u30008\u3000\u52a0\u4ed1\u6cb9\u6f06\uff0c\u6bcf\u52a0\u4ed1\u6cb9\u6f06\u7684\u6210\u672c\u662f\u300010\u3000\u7f8e\u5143\u3002\u5b9e\u9645\u4e0a\uff0c<br \/>\n\u751f\u4ea7\u51fa\u6765\u7684\u300020\uff1b000\u3000\u8f86\u5c0f\u8d27\u8f66\u5e73\u5747\u6bcf\u8f86\u6cb9\u6f06\u7684\u4f7f\u7528\u91cf\u662f\u30007\u3000\u52a0<br \/>\n\u4ed1\uff0c\u6bcf\u52a0\u4ed1\u7684\u6210\u672c\u662f\u300012\u3000\u7f8e\u5143\u3002\u516c\u53f8\u7684\u4f1a\u8ba1\u5e08\u4eec\u8ba1\u7b97\u51fa\u4e0b\u9762\u7684<br \/>\n\u5dee\u5f02\u4f9b\u516c\u53f8\u7684\u603b\u88c1\u4eec\u51b3\u7b56\uff1a<br \/>\n\u539f\u6750\u6599\u4ef7\u683c\u5dee\u5f02=\uff0810\u7f8e\u5143\u202612\u3000\u7f8e\u5143\/\u52a0\u4ed1\uff09\u00d7\uff0820\uff1b000\u3000\u8f86\u00d7<br \/>\n7\u52a0\u4ed1\uff09=\u2026280\uff1b000\u7f8e\u5143\u6cb9\u6f06\u4ef7\u683c\u5dee\u5f02<br \/>\n\u8fd9\u662f\u56e0\u4e3a\u6bcf\u52a0\u4ed1\u652f\u4ed8\u7684\u6210\u672c\u6bd4\u9884\u8ba1\u7684\u8981\u9ad8\u9020\u6210\u7684\u3002\u901a\u7528\u6c7d\u8f66\u516c\u53f8\u7684\u603b\u88c1\u4eec\u5927\u53ef\u4e0d\u5fc5\u675f\u624b\u65e0\u7b56\uff0c\u4ed6\u4eec\u53ef\u4ee5\u4f9d\u636e\u4e0a\u9762\u7684<br \/>\n\u6570\u636e\u8981\u6c42\u8d2d\u4e70\u4ee3\u7406\u4eba\u5728\u4e0b\u4e00\u4e2a\u6708\u5f00\u51fa\u66f4\u597d\u7684\u6761\u4ef6\u3002<br \/>\n\u539f\u6750\u6599\u6548\u7387\u5dee\u5f02=\uff088\u3000\u52a0\u4ed1\u20267\u3000\u52a0\u4ed1\uff09\u00d7\uff0820\uff1b000\uff09\u00d710\u3000\u7f8e\u5143<br \/>\n=200\uff1b000\uff08\u6b63\u503c\u5dee\u5f02\uff09\u7f8e\u5143<br \/>\n\u8fd9\u662f\u56e0\u4e3a\u4f7f\u7528\u4e86\u6bd4\u8ba1\u5212\u8981\u5c11\u7684\u6cb9\u6f06\u6240\u81f4\u3002<br \/>\n\u548c\u6bd4\u7387\u4e00\u6837\uff0c\u5982\u679c\u7ec6\u53eb\u8d77\u771f\u513f\u6765\uff0c\u53d8\u5316\u5dee\u5f02\u591a\u7684\u8db3\u80fd\u8ba9<br \/>\n\u4f1a\u8ba1\u5206\u6790\u4eba\u5458\u73b0\u5728\u4e00\u76f4\u5fd9\u5230\u4e0b\u4e00\u4e2a\u4e16\u7eaa\u3002\u4f46\u4ece\u5927\u4f53\u4e0a\u8bb2\uff0c\u53ea<br \/>\n\u6709\u4e24\u79cd\u7c7b\u578b\u7684\u53d8\u5316\u5dee\u5f02\uff1a\u4ef7\u683c\u5dee\u5f02\u7684\u6570\u91cf\u5dee\u5f02\u3002\u5f53\u4f60\u542c\u5230\u522b<br \/>\n\u4eba\u63d0\u8d77\u201c\u7ba1\u7406\u4f1a\u8ba1\u65f6\u201d\uff0c\u5373\u5e94\u60f3\u5230\u5dee\u5f02\u3002<br \/>\n\u4f1a\u8ba1\u603b\u7ed3<br \/>\n\u6211\u5e0c\u671b\u4f60\u5728\u9605\u8bfb\u672c\u7ae0\u65f6\u5e76\u6ca1\u6709\u611f\u5230\u592a\u5403\u529b\u3002\u6211\u8bd5\u56fe\u7528\u77ed<br \/>\n\u77ed\u7684\u51e0\u9875\u7eb8\uff0c\u6839\u636e\u672c\u4eba\u6ce8\u518c\u4f1a\u8ba1\u5e08\u7684\u5b9e\u9645\u5de5\u4f5c\u80cc\u666f\u4ee5\u53ca\u3000MBA<br \/>\n\u6240\u5b66\u7684\u5185\u5bb9\uff0c\u5411\u4f60\u4ecb\u7ecd\u6709\u5173\u4f1a\u8ba1\u65b9\u9762\u6700\u91cd\u8981\u7684\u57fa\u672c\u6982\u5ff5\u3002\u5982<br \/>\n\u679c\u8fd9\u4e9b\u5185\u5bb9\u5bf9\u4f60\u6765\u8bf4\u662f\u5934\u4e00\u6b21\u63a5\u89e6\uff0c\u5f88\u53ef<br \/>\n\u80fd\u73b0\u5728\u4f60\u8fd8\u6ca1\u6709\u771f\u6b63\u5b8c\u5168\u638c\u63e1\u3002\u4f46\u4f60\u5e94\u5f53\u8bb0\u4f4f\u4e86\u4e0b\u9762\u8fd9<br \/>\n\u4e9b\u6982\u5ff5\uff1a<br \/>\n\u00b7\u8d44\u4ea7=\u8d1f\u503a\uff0b\u80a1\u4e1c\u6743\u76ca<br \/>\n\u00b7\u67093\u4e2a\u57fa\u672c\u7684\u76f8\u4e92\u72ec\u7acb\u7684\u8d22\u52a1\u62a5\u8868\uff1a<br \/>\n\u8d44\u4ea7\u8d1f\u503a\u8868\uff0c\u5229\u6da6\u8868\u548c\u73b0\u91d1\u6d41\u91cf\u8868<br \/>\n\u00b7\u4f1a\u8ba1\u8bb0\u5f55\u548c\u62a5\u8868\u603b\u662f\u5e73\u8861\u7684<br \/>\n\u00b7\u7528\u6bd4\u7387\u53ef\u4ee5\u89e3\u91ca\u5206\u6790\u62a5\u8868<br \/>\n\u00b7\u7528\u5dee\u5f02\u53ef\u4ee5\u5206\u6790\u7ecf\u8425\u7ed3\u679c<br \/>\n\u7b80\u8a00\u4e4b\uff0c\u8fd9\u4e9b\u5c31\u662f\u4f1a\u8ba1\u5b66\u7684\u5c0f\u628a\u620f\u3002\u5728\u5546\u5b66\u9662\uff0c\u4f1a\u8ba1\u5b66<br \/>\n\u662f\u6700\u4ee4\u81ea\u7531\u81ea\u5728\u7684MBA\u4eec\u53d1\u6035\u7684\u529f\u8bfe\u3002<br \/>\n\u9700\u8981\u638c\u63e1\u7684\u4e3b\u8981\u8bcd\u8bed\uff08KEY\u3000ACCOUNTING\u3000TAKEAWAYS\uff09<br \/>\nCash\u3000Basis\u3000Accounting\u3000\u2014The\u3000method\u3000of\u3000recording<br \/>\ntransactions\u3000only\u3000when\u3000cash\u3000changes\u3000hands<br \/>\nAccrual\u3000Basis\u3000Accounting\u2014The\u3000method\u3000of\u3000recording<br \/>\ntransactions\u3000that\u3000matches\u3000revenues\u3000and\u3000expenses<br \/>\nregardless\u3000of\u3000cash\u3000flow\u3000movements<br \/>\nThe\u3000Balance\u3000Sbeet\u2014The\u3000listing\u3000of\u3000what\u3000a\u3000pany\u3000owns<br \/>\nand\u3000owes\u3000at\u3000a\u3000point\u3000in\u3000time<br \/>\nThe\u3000Fundamental\u3000Accounting\u3000Equation\u3000\u2014<br \/>\nAssets=Liabilities\uff0bOwners&#8217;\u3000Equity<br \/>\nNet\u3000Working\u3000Capital\u3000\u2014\u3000Short\u2026term\u3000assets\u3000lessshort\u2026term\u3000liabilities<br \/>\nThe\u3000Ine\u3000Statement\u3000\u2014\u3000The\u3000summary\u3000of\u3000profit\u2026<br \/>\ngenerating\u3000activities\u3000during\u3000a\u3000period\u3000of\u3000time<br 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\/>\n\u7ba1\u7406\u8bfe\u7a0b\u5408\u4e4e\u903b\u8f91\u5730\u5148\u4ece\u8bb2\u89e3\u6709\u5173\u4e2a\u4eba\u7684\u7406\u8bba\u548c\u8bfe\u9898\u5f00\u59cb\uff0c<br \/>\n\u5c14\u540e\u8bb2\u89e3\u5305\u542b\u66f4\u591a\u4eba\u7684\u9010\u6e10\u590d\u6742\u7684\u7ec4\u7ec7\u95ee\u9898\u3002\u5728\u8fd9\u4e2a\u8fc7\u7a0b\u4e2d\uff0c<br \/>\n\u8981\u6c42\u5b66\u751f\u4eec\u8fd0\u7528\u4ed6\u4eec\u65b0\u5b66\u5230\u7684\u6280\u672f\uff0c\u5bf9\u8d8a\u6765\u8d8a\u590d\u6742\u3001\u6311\u6218\u6027<br \/>\n\u8d8a\u6765\u8d8a\u5f3a\u7684\u6848\u4f8b\u8fdb\u884c\u5206\u6790\u5e76\u5236\u8ba2\u89e3\u51b3\u65b9\u6cd5\u3002<br \/>\n\u5de5\u5546\u7ba1\u7406\u5fc3\u7406\u8bfe\uff1aAPCFB\u6a21\u5f0f<br \/>\n\u4e3a\u4e86\u900f\u89c6\u4eba\u4eec\u5de5\u4f5c\u4e2d\u7684\u884c\u4e3a\u65b9\u5f0f\u7684\u539f\u56e0\uff0c\u5de5\u5546\u7ba1\u7406\u8bfe\u7a0b<br \/>\n\u5305\u542b\u4e86\u4e0b\u56fe\u6240\u793a\u7684\u3000APCFE\u3000\u6a21\u5f0f\u7684\u4e00\u4e9b\u5f62\u5f0f\u3002\u8be5\u6a21\u5f0f\u65e8\u5728\u89e3\u91ca<br \/>\n\u8fde\u63a5\u5916\u90e8\u4e8b\u4ef6\u548c\u5458\u5de5\u884c\u4e3a\u7684\u8ba4\u8bc6\u8fc7\u7a0b\u3002\u5047\u8bbe\uff08Assumptions\uff09<br \/>\n\u5f71\u54cd\u4eba\u4eec\u7684\u7406\u89e3\uff08Perceptions\uff09\uff0c\u7406\u89e3\u5f71\u54cd\u4eba\u4eec\u7684\u7ed3\u8bba<br \/>\n\uff08Conclusions\uff09\u7ed3\u8bba\u53c8\u6fc0\u8d77\u611f\u89c9\uff08Feelings\uff09\uff0c\u6700\u540e\uff0c\u60c5\u7eea<br \/>\n\u9a71\u52a8\u4e86\u7ecf\u7406\u4eec\u89c2\u5bdf\u5230\u7684\u884c\u4e3a\uff08Behaviors\uff09\u3002\u901a\u8fc7\u7406\u89e3\u8fd9\u4e2a\u8fc7<br \/>\n\u7a0b\uff0c\u5de5\u5546\u7ba1\u7406\u7855\u58eb\u751f\u4eec\u4e5f\u8bb8\u6709\u673a\u4f1a\u5bf9\u4ed6\u4eec\u7684\u884c\u4e3a\u4ee5\u53ca\u540c\u4e8b\u7684<br \/>\n\u884c\u4e3a\u8d77\u5230\u826f\u597d\u7684\u5f71\u54cd\u4f5c\u7528\u3002\u8be5\u6a21\u5f0f\u5982\u4e0b\u56fe\u6240\u793a\uff1aAPCFB\u5fc3\u7406\u5b66\u6a21\u5f0f<br \/>\n\u6709\u4e86\u5206\u6790\u5de5\u5177\uff0cMBA\u4eec\u76f8\u4fe1\u4ed6\u4eec\u80fd\u591f\u7406\u89e3\u4efb\u4f55\u4e8b\u60c5\u3002\u7136\u800c\uff0c<br \/>\n\u4eba\u4eec\u5185\u5fc3\u7684\u51b2\u7a81\u963b\u788d\u4e86\u5f7c\u6b64\u5b8c\u7f8e\u7684\u6c9f\u901a\u548c\u7406\u89e3\u3002\u6211\u4eec\u5f80\u5f80\u6234<br \/>\n\u7740\u6709\u8272\u773c\u955c\u770b\u5f85\u4e8b\u7269\uff0c\u5e38\u5e38\u4e0d\u80fd\u51c6\u786e\u5730\u89c9\u5bdf\u4e8b\u7269\uff0c\u4e5f\u8fd8\u963b\u788d<br \/>\n\u6211\u4eec\u8868\u73b0\u771f\u5b9e\u7684\u60f3\u6cd5\u3002\u6211\u4eec\u6bcf\u4e2a\u4eba\u90fd\u6709\u5185\u5728\u7684\u201c\u9632\u5fa1\u7cfb\u7edf\u201d\uff0c<br \/>\n\u4ee5\u9632\u6b62\u81ea\u5df1\u53d7\u5230\u5fc3\u7406\u4f24\u5bb3\uff0c\u540c\u65f6\u8fd8\u963b\u788d\u6211\u4eec\u5728\u5fc3\u7406\u4e0a\u6b63\u786e\u7406<br \/>\n\u89e3\u4ed6\u4eba\u3002\u4f8b\u5982\uff0c\u5982\u679c\u4e3b\u7ba1\u7b97\u6570\u65b9\u5728\u80fd\u529b\u5f88\u5dee\uff0c\u51fa\u4e8e\u81ea\u536b\uff0c\u4ed6<br \/>\n\u53ef\u80fd\u4f1a\u5bf9\u4e00\u4e2a\u5206\u6790\u5bb6\u7684\u6280\u672f\u62a5\u544a\u6311\u6bdb\u75c5\uff0c\u501f\u4ee5\u63a9\u76d6\u81ea\u5df1\u8fd9\u65b9<br \/>\n\u9762\u7684\u65e0\u80fd\u3002<br \/>\n\u5de5\u5546\u7ba1\u7406\u7855\u58eb\u751f\u4eec\u6709\u673a\u4f1a\u5f71\u54cd\u4eba\u4eec\u7684\u5047\u8bbe\uff0c\u5373\u4eba\u4eec\u81ea\u4ee5<br \/>\n\u4e3a\u662f\u5730\u8ba4\u4e3a\u4e16\u754c\u6216\u4ed6\u4eba\u6216\u4ed6\u4eec\u81ea\u5df1\u5e94\u5f53\u6216\u5fc5\u987b\u5982\u4f55\u5982\u4f55\u3002\u8fd9<br \/>\n\u4e9b\u5047\u8bbe\u6784\u6210\u4e86\u6211\u4eec\u7684\u4ef7\u503c\u4f53\u7cfb\u3002\u5047\u8bbe\u5305\u542b\u4e4b\u5185\u5bb9\u6309\u5176\u53ef\u63a5\u8fd1<br \/>\n\u7a0b\u5ea6\u7684\u987a\u5e8f\uff0c\u7f57\u5217\u5982\u4e0b\uff1a<br \/>\n\u00b7\u671f\u671b<br \/>\n\u00b7\u4fe1\u4ef0<br \/>\n\u00b7\u4ef7\u503c\u89c2<br \/>\n\u671f\u671b\uff08Expectations\uff09\u4ee5\u53ca\u4fe1\u4ef0\uff08Beliefs\uff09\u5728\u67d0\u79cd\u7a0b\u5ea6<br \/>\n\u4e0a\u662f\u53ef\u4ee5\u901a\u8fc7\u6e05\u6670\u7684\u7ba1\u7406\u610f\u56fe\u548c\u884c\u4e3a\u800c\u6539\u53d8\u7684\u3002\u4ef7\u503c\u89c2<br \/>\n\uff08Values\uff09\u662f\u6839\u6df1\u8482\u56fa\u7684\u5047\u8bbe\uff0c\u5373\u4f7f\u80fd\u591f\u6539\u53d8\uff0c\u4e5f\u53ea\u6709\u5230\u65f6<br \/>\n\u5019\u624d\u884c\u3002<br \/>\n\u5f53\u4e00\u4e2a\u7ecf\u7406\u80fd\u591f\u5f15\u5bfc\u5176\u4e0b\u5c5e\u7684\u4ef7\u503c\u89c2\u65f6\uff0c\u5c31\u53ef\u80fd\u4ea7\u751f\u771f<br \/>\n\u6b63\u7684\u751f\u4ea7\u529b\u3002\u4ece\u4e2a\u4eba\u800c\u8a00\uff0c\u6211\u8ba4\u4e3a\u521b\u9020\u529b\u548c\u81ea\u7531\u975e\u5e38\u91cd\u8981\u3002<br \/>\n\u5982\u679c\u6211\u7684\u7ecf\u7406\u80fd\u591f\u5f88\u597d\u5730\u6fc0\u53d1\u6211\u7684\u5185\u5fc3\u610f\u5ff5\uff0c\u4ed6\u5c31\u80fd\u5f15\u5bfc\u6211<br \/>\n\u505a\u51fa\u6700\u4f73\u7684\u5de5\u4f5c\u8868\u73b0\u3002\u6bd4\u5982\uff0c\u5f53\u6211\u7684\u8001\u677f\u5bfb\u6c42\u4e00\u4e2a\u6df1\u5c42\u6b21\u7684<br \/>\n\u8425\u9500\u5206\u6790\u65f6\uff0c\u4ed6\u7ed9\u6211\u63d0\u4f9b\u4e86\u4e00\u4e2a\u8868\u73b0\u6211\u7684\u521b\u9020\u529b\u7684\u673a\u4f1a\u3002\u6211<br \/>\n\u4eec\u7684\u76ee\u6807\u5c31\u662f\u4e00\u81f4\u7684\u6216\u76f8\u5f55\u7684\uff0c\u56e0\u4e3a\u6211\u4eec\u7684\u76ee\u7684\u76f8\u540c\u3002\u4e8e\u662f\uff0c<br \/>\n\u7406\u60f3\u7684\u884c\u4e3a\u4ea7\u751f\u4e86\u3002\u4e00\u4e2a\u7ec4\u7ec7\u4e2d\u7684\u4e2a\u4eba\u76ee\u6807\u5982\u80fd\u90fd\u4e00\u81f4\uff08Goal<br \/>\ncongruence\uff09\uff0c\u7ec4\u7ec7\u5c31\u80fd\u66f4\u6709\u6548\u7387\u3002\u201c\u76ee\u6807\u4e00\u81f4\u201d\u662f\u5de5\u5546\u7ba1<br \/>\n\u7406\u5b66\u4e2d\u5e38\u7528\u7684\u8bcd\u6c47\u2014\u2014\u4e0d\u4ec5\u542c\u4e0a\u53bb\u52a8\u542c\uff0c\u4e8b\u5b9e\u4e0a\u4e5f\u5f88\u6709\u610f\u4e49\u3002<br \/>\n\u4e3b\u6211\u4eec\u4e3e\u4e00\u4e2a\u7b56\u5212\u7ecf\u7406\u7684\u4f8b\u5b50\u8bf4\u660e\u4e4b\u3002\u4ed6\u5e0c\u671b\u6fc0\u53d1\u4e0b\u5c5e<br \/>\n\u7684\u521b\u9020\u529b\uff0c\u5236\u8ba2\u5728\u4e00\u4e2a\u80fd\u9002\u5e94\u77ac\u606f\u4e07\u53d8\u7684\u5e02\u573a\u7ade\u4e89\u65b9\u6848\u3002\u5728<br \/>\n\u6b64\u4e4b\u524d\uff0c\u8fd9\u4e9b\u9700\u8981\u6709\u521b\u9020\u6027\u7684\u5de5\u4f5c\u90fd\u7531\u4ed6\u81ea\u5df1\u505a\uff0c\u800c\u96c7\u5458\u53ea<br \/>\n\u662f\u6572\u6572\u6570\u5b57\u3002\u4e3a\u4fc3\u4f7f\u4ed6\u4eec\u884c\u4e3a\u4e0a\u7684\u6539\u53d8\uff0c\u4ed6\u5fc5\u987b\u5b66\u4f1a\u5bb9\u5fcd\u521b<br \/>\n\u9020\u8fc7\u7a0b\u4e2d\u7684\u5c1d\u8bd5\u548c\u5931\u8bef\u3002\u7531\u4e8e\u8fc7\u53bb\u5458\u5de5\u7684\u5931\u8d25\u5e38\u62db\u81f4\u6307\u8d23\u548c<br \/>\n\u5632\u7b11\uff0c\u96c7\u5458\u4eec\u5728\u914d\u5408\u4ed6\u7684\u8981\u6c42\u65f6\u8868\u73b0\u8fdf\u7f13\u3002\u4e3a\u4e86\u4fc3\u4f7f\u9884\u671f\u4e2d<br \/>\n\u7684\u53d8\u5316\uff0c\u4ed6\u9700\u4e0d\u65ad\u5730\u901a\u8fc7\u5956\u52b1\u4e0b\u5c5e\u7684\u521b\u9020\u529b\uff0c\u6765\u5efa\u7acb\u4fe1\u4efb\u3002<br \/>\n\u61c2\u4e00\u70b9\u5fc3\u7406\u5b66\uff0c\u5bf9\u4e8e\u5982\u4f55\u6fc0\u53d1\u4eba\u4eec\u7684\u79ef\u6781\u6027\u662f\u5f88\u6709\u5e2e\u52a9<br \/>\n\u7684\u3002\u6fc0\u52b1\u7684\u671f\u671b\u7406\u8bba<br \/>\n\u6fc0\u52b1\u662f\u6240\u6709\u7ec4\u7ec7\u90fd\u60f3\u9a7e\u5fa1\u7684\u8131\u50f5\u91ce\u9a6c\u3002\u671f\u671b\u7406\u8bba<br \/>\n\uff08Expectancy\u3000theory\uff09\u5217\u51fa\u4e86\u4ea7\u751f\u4e2a\u4eba\u79ef\u6781\u6027\u7684\u56e0\u7d20\u3002\u7ecf\u7406<br \/>\n\u4e5f\u597d\uff0c\u804c\u5458\u4e5f\u597d\uff0c\u751a\u81f3\u4f60\u81ea\u5df1\u90fd\u53ef\u4ee5\u8fd0\u7528\u671f\u671b\u7406\u8bba\u6765\u8bd5\u7740\u7406<br \/>\n\u89e3\u5458\u7684\u884c\u4e3a\u3002<br \/>\n\u6fc0\u52b1=\u5bf9\u5de5\u4f5c\u7ee9\u6548\u7684\u671f\u671b\u00d7\u5bf9\u5de5\u4f5c\u7ee9\u6548\u5c06\u83b7\u5f97\u5956\u52b1\u7684\u671f\u671b<br \/>\n\u00d7\u5956\u52b1\u7684\u4ef7\u503c<br \/>\n\u8fd9\u4e2a\u7b49\u5f0f\u80fd\u5e2e\u52a9\u4f60\u627e\u5230\u95ee\u9898\u7684\u6839\u6e90\u3002\u7b49\u5f0f\u7684\u5404\u4e2a\u90e8\u5206\u5747<br \/>\n\u80fd\u89e3\u91ca\u79ef\u6027\u7684\u67d0\u4e00\u65b9\u9762\u3002\u5982\u679c\u4e00\u4e2a\u8425\u9500\u7ecf\u7406\u8d1f\u8d23\u9500\u552e\u4e00\u79cd\u9500<br \/>\n\u91cf\u8d70\u4e0b\u5761\u7684\u8f66\u578b\uff0c\u800c\u4ed6\u628a\u5e02\u573a\u4efd\u989d\u8f93\u7ed9\u4e86\u4e00\u5bb6\u5728\u4ea7\u54c1\u8d28\u91cf\u548c<br \/>\n\u4fc3\u9500\u65b9\u9762\u5747\u5f3a\u8fc7\u4ed6\u7684\u7ade\u4e89\u5bf9\u624b\uff0c\u4ed6\u53ef\u80fd\u4f1a\u89c9\u5f97\u65e0\u8bba\u81ea\u5df1\u600e\u4e48<br \/>\n\u505a\u90fd\u4f1a\u5931\u8d25\u3002\u8fd9\u6837\uff0c\u4ed6\u7684\u79ef\u6781\u6027\u5c31\u4f1a\u964d\u4f4e\u3002\u5982\u679c\u4e00\u5bb6\u516c\u53f8\u4ece<br \/>\n\u6765\u6ca1\u6709\u5956\u52b1\u8fc7\u6709\u5353\u8d8a\u8868\u73b0\u7684\u96c7\u5458\uff0c\u4e5f\u5c06\u5bfc\u81f4\u4e0d\u6ee1\u3002\u6700\u540e\uff0c\u5982<br \/>\n\u679c\u5956\u52b1\u4ec5\u4ec5\u662f\u6253\u5f00\u9ad8\u7ea7\u6d17\u624b\u95f4\u7684\u4e00\u4e32\u94a5\u5319\uff0c\u90a3\u4e48\u7ecf\u7406\u5c31\u4f1a\u8003<br \/>\n\u8651\u53e6\u8c0b\u51fa\u8def\u3002<br \/>\n\u4e09\u4f4d\u5b66\u672f\u5927\u5e08\uff0c\u8d6b\u5179\u4f2f\u683c\uff08Hertzerg\uff09\u3001\u9a6c\u65af\u6d1b\uff08Maslow\uff09<br \/>\n\u548c\u9ea6\u514b\u83b1\u5170\uff08McCleland\uff09\u8ba4\u4e3a\uff0c\u884c\u4e3a\u662f\u7531\u6ee1\u8db3\u9700\u6c42\u7684\u6b32\u671b\u6240<br \/>\n\u6fc0\u53d1\u7684\u3002\u5f17\u83b1\u5fb7\u00b7\u8d6b\u5179\u4f2f\u683c\u65ad\u5b9a\uff0c\u6fc0\u52b1\u7684\u5f3a\u5316\u53ef\u4ee5\u901a\u8fc7\u5de5\u4f5c<br 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\/>\n\u5bf9\u4e8e\u4fe1\u606f\u80fd\u53ca\u65f6\u53cd\u9988\u548c\u4e2a\u4eba\u53d1\u5c55\u9887\u6709\u6548\u679c\u3002\u7136\u800c\uff0c\u5927\u591a\u6570\u60c5<br \/>\n\u51b5\u4e0b\uff0c\u56e0\u65f6\u95f4\u803d\u6401\uff0c\u8fd9\u9879\u5de5\u4f5c\u5df2\u5931\u53bb\u610f\u4e49\u3002\u6709\u6548\u7684\u8bc4\u4ef7\u5e94\u5f53<br \/>\n\u6709\u4ee5\u4e0b3\u4e2a\u7c7b\u578b\u7684\u76ee\u6807\uff1a<br \/>\n\u7ec4\u7ec7\u76ee\u6807<br \/>\n\u53cd\u9988\u548c\u8bc4\u4ef7\u76ee\u6807<br \/>\n\u6307\u5bfc\u4e0e\u53d1\u5c55\u76ee\u6807<br \/>\n\u7ec4\u7ec7\u76ee\u6807\uff08Organizational\u3000goals\uff09\u65e8\u5728\u4fdd\u8bc1\u9002\u5b9c\u7684\u5de5\u4f5c<br \/>\n\u7ee9\u6548\u3001\u3000\u5c42\u6b21\u3001\u3000\u4f4d\u7f6e\u5b89\u6392\u3001\u3000\u804c\u52a1\u5347\u8fc1\u548c\u85aa\u91d1\uff0c\u3000\u53cd\u9988\u548c\u8bc4\u4ef7\uff08Feedback<br \/>\nand\u3000evaluation\uff09\u65b9\u9762\u7684\u5185\u5bb9\u4e3a\u52b3\u8d44\u53cc\u65b9\u63d0\u4f9b\u6b63\u5f0f\u7684\u5de5\u4f5c\u8868\u73b0<br 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\/>\n\u00b7\u4f60\u81ea\u5df1\u7684\u5f3a\u9879\u548c\u5f31\u70b9<br \/>\n\u00b7\u4f60\u7684\u4e2a\u4eba\u98ce\u683c<br \/>\n\u00b7\u4f60\u5bf9\u4f9d\u8d56\u6216\u62b5\u6297\u6743\u5a01\u4eba\u58eb\u7684\u503e\u5411\u6027<br \/>\n\u201c\u7b2c\u4e09\u6b65\u662f\u7ed3\u5408\u524d\u4e8c\u6b65\uff0c\u786e\u5b9a\u5e76\u7ef4\u6301\u8fd9\u6837\u4e00\u79cd\u5173\u7cfb\uff1a<br \/>\n\u00b7\u9002\u5408\u4e8e\u4f60\u7684\u9700\u6c42\u548c\u98ce\u683c<br \/>\n\u00b7\u5177\u6709\u53cc\u65b9\u76f8\u4e92\u671f\u671b\u7684\u7279\u5f81<br \/>\n\u00b7\u968f\u65f6\u5411\u8001\u677f\u6c47\u62a5\u2014\u2014\u8001\u677f\u4eec\u6700\u6068\u53d1\u751f\u610f\u60f3\u4e0d\u5230\u7684\u4e8b\u60c5<br \/>\n\u00b7\u76f8\u4e92\u4fe1\u8d56\u548c\u771f\u8bda\u76f8\u5f85<br \/>\n\u00b7\u6709\u9009\u62e9\u5730\u4f7f\u7528\u4f60\u7684\u8001\u677f\u7684\u65f6\u95f4\u548c\u8d44\u6e90\u201d<br \/>\n\u5728\u5efa\u7acb\u8fd9\u79cd\u5173\u7cfb\u7684\u521d\u671f\u5148\u95ee\u81ea\u5df1\u51e0\u4e2a\u95ee\u9898\uff0c\u4f60\u5c31\u53ef\u4ee5\u907f<br \/>\n\u514d\u5c06\u6765\u5728\u5de5\u4f5c\u4e0a\u683d\u5927\u8ddf\u5934\u3002\u6709\u4e9b\u8001\u677f\u559c\u6b22\u6b63\u5f0f\u7684\u5173\u7cfb\u3001\u5907\u5fd8<br \/>\n\u5f55\u548c\u6709\u8bae\u7a0b\u7684\u4f1a\u8bae\u3002\u6709\u7684\u8001\u677f\u5374\u66f4\u559c\u6b22\u975e\u6b63\u5f0f\u7684\u4fbf\u6761\u548c\u7ecf\u5e38<br \/>\n\u6027\u7684\u3001\u968f\u610f\u6027\u7684\u4f1a\u8bae\u3002\u806a\u660e\u7684\u3000MBA\u3000\u4eec\u5e94\u4e3b\u52a8\u8be2\u95ee\u8001\u677f\u559c\u6b22\u5982<br \/>\n\u4f55\u4ea4\u6d41\uff0c\u800c\u4e0d\u53bb\u731c\u6d4b\u3002\u4e8b\u4e1a\u5e38\u5e38\u5bd3\u4e8e\u5e73\u8861\u4e4b\u4e2d\u3002\u6211\u7684\u684c\u5b50\u91cc<br \/>\n\u81f3\u4eca\u8fd8\u4fdd\u7559\u7740\u683c\u67cf\u82e5\u548c\u8003\u7279\u7684\u6587\u7ae0\uff0c\u63d0\u9192\u6211\u5982\u4f55\u9002\u5e94\u6211\u7684\u8001<br \/>\n\u677f\u3002<br \/>\n\u4e86\u89e3\u5de5\u4f5c\u4e2d\u7684\u6743\u529b\uff08Understanding\u3000power\u3000on\u3000the\u3000job\uff09\u3002<br \/>\n\u5982\u679c\u3000MBA\u3000\u4eec\u60f3\u8981\u6743\u529b\uff0c\u90a3\u4e48\u4eec\u5e94\u5f53\u66f4\u591a\u5730\u4e86\u89e3\u4ed6\u4eec\u6240\u8ffd\u6c42\u7684<br \/>\n\u76ee\u6807\u3002\u5b9e\u9645\u4e0a\u67095\u79cd\u5f62\u5f0f\u7684\u6743\u529b\uff1a<br \/>\n\u5f3a\u5236<br \/>\n\u57fa\u672c\u673a\u6784\u6a21\u5f0f\u5956\u8d4f<br \/>\n\u6743\u5a01<br \/>\n\u5408\u6cd5<br \/>\n\u4e13\u5bb6<br \/>\n\u5f3a\u5236\u6743\u529b\uff08Coercive\u3000power\uff09\u662f\u4ee5\u6050\u60e7\u4e3a\u57fa\u7840\u7684\u3002\u4e0d\u7b26\u5408<br \/>\n\u8981\u6c42\u7684\u540e\u679c\u53ef\u80fd\u662f\u67d0\u79cd\u60e9\u7f5a\u3002\u5177\u6709\u5f3a\u5236\u6743\u529b\u7684\u4eba\u53ef\u4ee5\u5bf9\u4e00\u4e2a<br \/>\n\u96c7\u5458\u65bd\u4ee5\u5f71\u54cd\uff0c\u6216\u76f4\u63a5\u5f00\u9664\u3001\u964d\u804c\u6216\u8c03\u52a8\u3002<br \/>\n\u5956\u8d4f\u6743\u529b\uff08Reward\u3000power\uff09\u662f\u57fa\u4e8e\u5bf9\u63a5\u53d7\u8868\u626c\u3001\u8ba4\u53ef\u6216\u6536<br \/>\n\u5165\u7684\u4e00\u79cd\u671f\u671b\u3002\u5b83\u4e0e\u5f3a\u5236\u6743\u529b\u76f8\u53cd\u3002<br \/>\n\u6743\u5a01\uff08Referent\u3000power\uff09\u6765\u81ea\u522b\u4eba\u7684\u4ef0\u6155\uff0c\u65e0\u8bba\u6b64\u4eba\u6b63\u5f0f<br \/>\n\u7684\u5de5\u4f5c\u804c\u4f4d\u5982\u4f55\u3002\u8fd9\u90e8\u5206\u4eba\u636e\u8bf4\u5177\u6709\u9b45\u529b\uff0c\u80fd\u591f\u6fc0\u52b1\u548c\u5438\u5f15<br \/>\n\u8ffd\u968f\u8005\u3002\u9500\u552e\u660e\u661f\u5728\u9500\u552e\u673a\u6784\u91cc\u626e\u6f14\u7684\u5c31\u662f\u8fd9\u79cd\u89d2\u8272\u3002<br \/>\n\u804c\u6743\uff08Legitimate\u3000power\uff09\u6765\u81ea\u5728\u516c\u53f8\u7ba1\u7406\u7ed3\u6784\u4e2d\u62e5\u6709\u7684<br \/>\n\u6b63\u5f0f\u5730\u4f4d\u3002\u5177\u6709\u8fd9\u79cd\u6743\u529b\u7684\u4eba\u53ef\u4ee5\u52a8\u7528\u6743\u529b\u6765\u5956\u52b1\u3001\u60e9\u7f5a\u548c<br \/>\n\u5f71\u54cd\u673a\u6784\u4e2d\u5176\u4ed6\u4eba\u7684\u751f\u6d3b\u3002\u4e00\u4e2a\u5f53\u73ed\u5de5\u5934\u6709\u6743\u529b\u5206\u914d\u751f\u4ea7\u7ebf<br \/>\n\u4e0a\u7684\u804c\u8d23\u3002<br \/>\n\u4e13\u5bb6\u7684\u6743\u529b\uff08expert\u3000power\uff09\u6765\u81ea\u67d0\u4eba\u81ea\u8eab\u7684\u6280\u80fd\u3001\u77e5\u8bc6<br \/>\n\u6216\u7ecf\u9a8c\u3002\u62e5\u6709\u8fd9\u79cd\u6743\u529b\u7684\u4eba\u80fd\u80fd\u529b\u64cd\u7eb5\u4ed6\u4eba\uff0c\u800c\u8fd9\u4e00\u70b9\u4e0e\u4ed6<br \/>\n\u4eec\u5728\u516c\u53f8\u91cc\u7684\u5730\u4f4d\u5e76\u65e0\u5173\u7cfb\u3002\u4e00\u4e2a\u804c\u4f4d\u4f4e\u4e0b\u7684\u7535\u8111\u6280\u5de5\u53ef\u4ee5<br \/>\n\u6709\u6743\u628a\u4e00\u4f4d\u516c\u53f8\u9ad8\u7ea7\u5b98\u5458\u5e26\u5230\u4ed6\u72ed\u5c0f\u7684\u7535\u8111\u5ba4\u3002\u8001\u677f\u5fc5\u987b\u6c42<br \/>\n\u4ed6\u5e2e\u52a9\u3002\u9ad8\u6c34\u5e73\u7684\u6280\u672f\u4eba\u5458\u80fd\u4fee\u597d\u7535\u8111\uff0c\u6240\u4ee5\u53ea\u6709\u4ed6\u4eec\u80fd\u4f7f<br \/>\n\u7528\u6570\u636e\u5e93\u3002\u8fd9\u6837\u5c31\u4fdd\u62a4\u4e86\u4ed6\u4eec\u7684\u4e13\u5bb6\u6743\u529b\u3002\u7ecf\u7406\u6709\u8d23\u4efb\u8de8\u90e8<br \/>\n\u95e8\u57f9\u8bad\u4eba\u5458\uff0c\u4ee5\u9632\u6b62\u673a\u6784\u4e2d\u4ea7\u751f\u8fd9\u7c7b\u5c0f\u571f\u7687\u5e1d\u3002<br \/>\n\u5728\u516c\u53f8\u7684\u653f\u6cbb\u6e38\u620f\u4e2d\uff0cMBA\u3000\u4eec\u8981\u8ba4\u6e05\u516c\u53f8\u91cc\u6709\u6743\u529b\u5f71\u54cd\u81ea<br \/>\n\u5df1\u751f\u8ba1\u7684\u4eba\u3002<br \/>\nMBO\u3000\u548c\u3000MBWA\u3002\u4e8c\u8005\u90fd\u662f\u5de5\u5546\u7ba1\u7406\u5b66\u4e2d\u5e38\u7528\u7684\u7f29\u7565\u8bed\u3002<br \/>\nMBO\uff08Management\u3000by\u3000objective\uff09\u6307\u76ee\u6807\u7ba1\u7406\u3002\u8be5\u7ba1\u7406\u65b9\u5f0f\u662f<br \/>\n\u7531\u7ba1\u7406\u5927\u5e08\u5f7c\u5f97\u00b7\u5fb7\u9c81\u514b\u4e8e\u300050\u3000\u5e74\u4ee3\u4ecb\u5bfc\u800c\u6d41\u884c\u7684\u3002\u8001\u677f\u4eec\u901a<br \/>\n\u8fc7\u4e0e\u4e0b\u5c5e\u201c\u8c08\u5224\u5236\u8ba2\u76ee\u6807\u5408\u540c\u201d\u7684\u65b9\u6cd5\u5c06\u4efb\u52a1\u6388\u6743\u4e0b\u53bb\uff0c\u800c<br \/>\n\u4e0d\u786e\u5b9a\u5177\u4f53\u6267\u884c\u65b9\u6cd5\u3002\u76ee\u6807\u7ba1\u7406\u7684\u7ecf\u7406\u4eec\u6ce8\u91cd\u7ed3\u679c\uff0c\u800c\u4e0d\u662f<br \/>\n\u6d3b\u52a8\u3002\u4f8b\u5982\uff0c\u5728\u3000Frito\u3000\u2026\u3000Lay\u3000\u516c\u53f8\uff0c\u4e00\u4f4d\u526f\u603b\u88c1\u53ef\u80fd\u4f1a\u4e3a\u5176<br \/>\n\u533a\u57df\u9500\u552e\u7ecf\u7406\u4eec\u5236\u8ba2\u9500\u552e\u76ee\u6807\uff0c\u800c\u7531\u7ecf\u7406\u4eec\u51b3\u5b9a\u9700\u8981\u4ec0\u4e48\u6218<br \/>\n\u7565\u6218\u672f\u6765\u5b9e\u73b0\u76ee\u6807\u3002<br \/>\n\u76ee\u6807\u7ba1\u7406\u65b9\u5f0f\u5728\u4f60\u7684\u5458\u5de5\u975e\u5e38\u80fd\u5e72\u65f6\u662f\u5408\u9002\u7684\u3002\u8de8\u56fd\u516c<br \/>\n\u53f8\u7684\u4e3b\u8981\u6267\u884c\u5b98\u4eec\u5bf9\u4ed6\u4eec\u5728\u6d77\u5916\u7684\u7ecf\u7406\u4eba\u5b9e\u884c\u76ee\u6807\u7ba1\u7406\u3002\u4ed6<br \/>\n\u4eec\u5728\u7f8e\u56fd\u7684\u8001\u677f\u4eec\u5bf9\u4e8e\u5fc5\u987b\u5982\u4f55\u624d\u80fd\u5728\u8be5\u56fd\u5e02\u573a\u4e0a\u83b7\u80dc\uff0c\u5e38<br \/>\n\u4e86\u89e3\u6709\u9650\u3002\u5f53\u4f60\u5e0c\u671b\u57f9\u517b\u5458\u5de5\u7684\u7ba1\u7406\u6280\u80fd\u3001\u6316\u6398\u4ed6\u4eec\u7684\u521b\u9020<br \/>\n\u529b\u548c\u4e3b\u52a8\u6027\u65f6\uff0c\u76ee\u6807\u7ba1\u7406\u662f\u5f88\u9002\u5b9c\u7684\u3002\u4f46\u5176\u7f3a\u70b9\u662f\uff0c\u8c08\u5224\u3001\u7b7e\u5408\u540c\u9700\u8981\u82b1\u8d39\u5f88\u957f\u65f6\u95f4\u3002\u56e0\u6b64\uff0c\u76ee\u6807\u7ba1\u7406\u5e94\u5f53\u5728\u5408\u9002\u7684\u60c5<br \/>\n\u5f62\u4e0b\u4f7f\u7528\u3002<br \/>\nMBWA\uff08Management\u3000by\u3000waliing\u3000around\uff09\uff0c\u5373\u8d70\u52a8\u5f0f\u7ba1\u7406\u3002<br \/>\n\u8fd9\u4e00\u7406\u8bba\u7684\u5021\u4eea\u8005\u662f\u7535\u8111\u5de8\u4eba\u60e0\u666e\u3002\u60e0\u666e\u7684\u5b98\u5458\u4eec\u88ab\u8981\u6c42\u8d70<br \/>\n\u51fa\u81ea\u5df1\u7684\u529e\u516c\u5ba4\u53bb\u5efa\u7acb\u5173\u7cfb\u3001\u6fc0\u52b1\u4e0b\u5c5e\u5e76\u4e0e\u516c\u53f8\u7684\u6d3b\u52a8\u4fdd\u6301<br \/>\n\u76f4\u63a5\u7684\u8054\u7cfb\u3002\u8d70\u52a8\u5f0f\u7ba1\u7406\u662f\u4e2a\u7b80\u5355\u7684\u6982\u5ff5\uff0c\u4f46\u5df2\u6210\u4e3a\u5de5\u5546\u7ba1<br \/>\n\u7406\u5b66\u7ba1\u7406\u7406\u8bba\u7684\u4e00\u90e8\u5206\u3002<br \/>\n\u7ea7\u7ec7\u5c42\u6b21\u95ee\u9898<br \/>\n\u9664\u4e86\u5fc3\u7406\u5b66\u8bfe\u7a0b\u548c\u5b66\u4e60\u3000MBA\u3000\u529e\u516c\u7a0b\u5e8f\u5916\uff0c\u7ec4\u7ec7\u884c\u4e3a\u5b66\u975e<br 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\/>\n\u8005\u66f4\u591a\u3002\u77e9\u9635\u5f62\u7ed3\u6784\u5e38\u7528\u4e8e\u5927\u578b\u3001\u590d\u6742\u7684\u9879\u76ee\uff0c\u8981\u6c42\u6709\u9ad8\u5ea6<br \/>\n\u7684\u5fd6\u4e1a\u5316\u6280\u80fd\u3002\u5728\u6b64\u7ed3\u6784\u4e0b\uff0c\u4ea7\u54c1\u548c\u529f\u80fd\u6027\u7ed3\u6784\u5e76\u5b58\u3002\u96c7\u5458<br \/>\n\u4eec\u8981\u5411\u8d1f\u8d23\u5206\u914d\u4ed6\u4eec\u7684\u4ea7\u54c1\u9879\u76ee\u7ecf\u7406\u6c47\u62a5\uff0c\u540c\u65f6\u8fd8\u8981\u5411\u8d1f\u8d23<br \/>\n\u5177\u4f53\u6d3b\u52a8\uff08\u6bd4\u5982\u751f\u4ea7\u3001\u91d1\u878d\u548c\u8425\u9500\uff09\u7684\u4e3b\u7ba1\u7ecf\u7406\u6c47\u62a5\u3002\u4f60\u80fd<br \/>\n\u60f3\u8c61\u5f97\u5230\uff0c\u8fd9\u79cd\u7ec4\u7ec7\u7ed3\u6784\u53ef\u663e\u5f97\u5f88\u4e71\u3002\u5b83\u8981\u6c42\u804c\u5458\u65e2\u6709\u7075\u6d3b<br \/>\n\u6027\u53c8\u5f88\u4e13\u4e1a\u3002\u56fd\u9632\u548c<br \/>\n\u4e8b\u4e1a\u90e8\u578b\u5404\u79cd\u804c\u5458\u804c\u80fd<br \/>\n\u9996\u5e2d\u6267\u884c\u5b98<br \/>\n\u526f\u603b\u88c1<br \/>\n\u5408\u540c<br \/>\n\u526f\u603b\u88c1<br \/>\n\u7ecf\u8425<br \/>\n\u526f\u603b\u88c1<br \/>\n\u5de5\u7a0b<br \/>\n\u9879\u76ee\u7ecf\u7406<br \/>\n\u9879\u76eeC<br \/>\n\u9879\u76ee\u7ecf\u7406<br \/>\n\u9879\u76eeB<br \/>\n\u9879\u76ee\u7ecf\u7406<br \/>\n\u9879\u76eeA<br \/>\n\u4e13\u5bb6A\u3000\u673a\u68b0\u5e08A\u3000\u5de5\u7a0b\u5e08A<br \/>\n\u4e13\u5bb6B\u3000\u673a\u68b0\u5e08B\u3000\u5de5\u7a0b\u5e08B<br \/>\n\u4e13\u5bb6C\u3000\u673a\u68b0\u5e08C\u3000\u5de5\u7a0b\u5e08C<br \/>\nn<br \/>\nn<br \/>\n\u7535\u8111\u884c\u4e1a\u7ecf\u5e38\u9009\u7528\u77e9\u9635\u5f62\u7ed3\u6784\u8fdb\u884c\u5927\u578b\u7684\u5f00\u53d1\u9879\u76ee\u3002<br \/>\n\u4e0d\u5b9a\u578b\uff08Amorphous\uff09\u3002\u8fd9\u662f\u6211\u4e2a\u4eba\u6700\u559c\u6b22\u7684\u7ed3\u6784\u3002\u65e0\u89c4\u5f8b<br \/>\n\u7ed3\u6784\u6839\u672c\u5c31\u6ca1\u6709\u6b63\u5f0f\u7ed3\u6784\u3002\u5b83\u662f\u53ea\u81ea\u7531\u9e1f\u3002\u5728\u8fd9\u79cd\u7ed3\u6784\u7684\u516c<br \/>\n\u53f8\u91cc\uff0c\u5177\u6709\u9ad8\u5ea6\u79ef\u6781\u6027\u548c\u5efa\u8bbe\u6027\u7684\u7ecf\u7406\u4eec\u6839\u636e\u624b\u8fb9\u7684\u4efb\u52a1\u6765<br \/>\n\u521b\u5efa\u548c\u7ed3\u675f\u5de5\u4f5c\u5173\u7cfb\u3002\u5728\u8fd9\u79cd\u516c\u53f8\u91cc\uff0c\u4e8b\u4ef6\u51b3\u5b9a\u7740\u7ed3\u6784\u7684\u53d8<br \/>\n\u5316\u3002\u636e\u8bf4\uff0c\u6570\u7801\u8bbe\u5907\u516c\u53f8\uff08Digital\u3000Equipment\u3000Corporation\uff09<br \/>\n\u5c31\u662f\u4ee5\u65e0\u89c4\u5f8b\u7ed3\u6784\u6210\u957f\u58ee\u5927\u7684\u3002<br \/>\n\u6df7\u5408\u578b\uff08Hybrid\uff09\u3002\u8fd9\u79cd\u516c\u53f8\u662f\u7531\u591a\u79cd\u7ecf\u8425\u7ed3\u6784\u7ec4\u6210\u7684\u6df7<br \/>\n\u5408\u4f53\u3002\u5927\u591a\u6570\u516c\u53f8\u90fd\u662f\u8fd9\u4e2a\u7c7b\u578b\u3002\u901a\u7528\u7535\u5668\u662f\u4e2a<br \/>\n\u4e0d\u5b9a\u578b<br 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\/>\n\u4ea7\u4f01\u4e1a\u3001\u77e9\u5f62\u7ed3\u6784\u7684\u7814\u7a76\u4eba\u5458\u548c\u5ba2\u6237\u578b\u7ed3\u6784\u7684\u9500\u552e\u516c\u53f8\u3002\u4e0b\u56fe\u7684\u4f8b\u5b50\u91cc\uff0c\u516c\u53f8\u7531\u529f\u80fd\u578b\u6216\u4ea7\u54c1\u578b\u4e4b\u6df7\u5408\u4f53\u7ec4\u6210\u3002\u54c1\u724c\u7ecf<br \/>\n\u7406\u8d1f\u8d23\u4ed6\u4eec\u7684\u4ea7\u54c1\u548c\u8425\u9500\uff0c\u4f46\u4e0d\u80fd\u5b8c\u5168\u63a7\u5236\u4f01\u4e1a\u7684\u878d\u8d44\u548c\u7ecf<br \/>\n\u8425\u3002<br \/>\n\u77e9\u9635\u578b<br \/>\n\u5404\u79cd\u804c\u5458\u804c\u80fd<br \/>\n\u9996\u5e2d\u6267\u884c\u5b98<br \/>\n\u526f\u603b\u88c1<br \/>\n\u884c\u653f<br \/>\n\u526f\u603b\u88c1<br \/>\n\u7ecf\u8425<br \/>\n\u526f\u603b\u88c1<br \/>\n\u9500\u552e<br \/>\n\u526f\u603b\u88c1<br \/>\n\u8d22\u52a1<br \/>\n\u54c1\u724c\u7ecf\u7406<br \/>\n\u529e\u516c\u7528\u54c1<br \/>\n\u54c1\u724c\u7ecf\u7406<br \/>\n\u4f11\u95f2\u54c1<br \/>\n\u54c1\u724c\u7ecf\u7406<br \/>\n\u67dc\u53f0\u4ea7\u54c1\u7ed3\u6784\u7684\u9009\u62e9\u4f1a\u4e25\u91cd\u5f71\u54cd\u516c\u53f8\u7684\u7ecf\u8425\u3002\u4e1a\u52a1\u6d3b\u52a8\u4e0e\u6240\u5efa\u7acb<br \/>\n\u7684\u3001\u7528\u4ee5\u751f\u4ea7\u548c\u63d0\u4f9b\u670d\u52a1\u7684\u516c\u53f8\u7ed3\u6784\u4e4b\u95f4\uff0c\u5fc5\u9700\u662f\u9002\u5b9c\u7684\u3002<br \/>\n\u7ecf\u7406\u4eec\u5e94\u5f53\u9009\u62e9\u4e00\u4e2a\u80fd\u591f\u53cd\u6620\u4ed6\u4eec\u7684\u76ee\u6807\u548c\u6218\u7565\u7684\u7ed3<br \/>\n\u6784\u3002\u6240\u5efa\u7acb\u7684\u7ed3\u6784\u5e94\u6bcf\u4e2a\u4eba\u90fd\u80fd\u4ee5\u6700\u6709\u5229\u4e8e\u5b9e\u73b0\u76ee\u6807\u7684\u65b9\u5f0f<br \/>\n\u76f8\u4e92\u4f5c\u7528\u3002\u975e\u6b63\u5f0f\u7684\u6c47\u62a5\u5173\u7cfb\u662f\u81ea\u53d1\u4ea7\u751f\u7684\uff0c\u5728\u4eba\u4e8b\u90e8\u95e8\u5b58<br \/>\n\u6863\u7684\u673a\u6784\u56fe\u4e2d\u65e0\u6cd5\u627e\u5230\u3002\u81f3\u6b63\u5f0f\u548c\u975e\u6b63\u5f0f\u7ed3\u6784\u7684\u8ba4\u8bc6\uff0c\u5bf9\u4e8e<br \/>\n\u6267\u884c\u4e00\u9879\u6210\u529f\u7684\u884c\u52a8\u8ba1\u5212\u662f\u81f3\u5173\u7684\u3002<br \/>\n\u4e0e\u6c47\u62a5\u5173\u7cfb\u76f8\u5173\u7684\u4e00\u4e2a\u95ee\u9898\u662f\u8303\u56f4\u63a7\u5236\uff08Span\u3000of<br \/>\ncontrol\uff09\u3002\u3000\u8303\u56f4\u6307\u5411\u7ecf\u7406\u6c47\u62a5\u7684\u4eba\u6570\u3002\u5728\u516c\u53f8\u91cd\u7ec4\u3001\u7f29\u5c0f\u548c<br \/>\n\u8870\u9000\u65f6\uff0c\u8fd9\u4e2a\u8bdd\u9898\u5c31\u53d8\u5f97\u65f6\u9ae6\u4e86\u3002\u5927\u516c\u6000\u5728\u91c7\u7528\u7f29\u5c0f\u63a7\u5236\u8303<br \/>\n\u56f4\u7684\u65b9\u6cd5\u65f6\uff0c\u5e38\u5e38\u8f9e\u9000\u7531\u3000MBA\u3000\u6240\u62c5\u4efb\u7684\u4e2d\u5c42\u7ecf\u7406\uff0c\u5269\u4e0b\u7684\u7ecf<br \/>\n\u7406\u4eec\u5c31\u62e5\u6709\u4e86\u66f4\u591a\u7684\u804c\u5458\u3002\u5982\u679c\u4e00\u5bb6\u9500\u552e\u516c\u53f8\u5c06\u4e00\u4e2a\u5730\u533a\u7ecf<br \/>\n\u7406\u8d1f\u8d23\u30003\u3000\u4e2a\u5730\u533a\u7684\u653f\u7b56\u6539\u4e3a\u4e00\u4e2a\u5730\u533a\u7ecf\u7406\u8d1f\u8d23\u30004\u3000\u4e2a\u5730\u533a\uff0c\u90a3<br \/>\n\u5c31\u8981\u524a\u51cf\u300025\uff05\u7684\u5730\u533a\u7ecf\u7406\u4eba\u6570\u3002MBA\u3000\u4eec\u79f0\u8fd9\u79cd\u89e3\u96c7\u4e3a\u529b\u91cf\u524a\u51cf<br \/>\n\uff08Reduction\u3000in\u3000force\uff1b\u3000PIF\uff09\u3000\u3001\u51cf\u91cf\u3000\uff08Demassing\uff09\u6216\u91cd\u7ec4<br \/>\n\uff08Restructuring\uff09\u3002\u7ecf\u7406\u4eec\u7528\u8fd9\u4e9b\u540d\u8bcd\u4e3a\u5927\u91cf\u89e3\u96c7\u804c\u5de5\u627e\u5230\u4e86<br \/>\n\u6258\u8f9e\u3002\u8303\u56f4\u63a7\u5236\u653f\u7b56\u662f\u5f3a\u6709\u529b\u7684\u7ec4\u7ec7\u5de5\u5177\u3002<br \/>\n\u5236\u5ea6\uff08Systems\uff09\u3002\u6bcf\u4e2a\u516c\u53f8\u90fd\u5efa\u7acb\u5236\u5ea6\u6765\u5206\u914d\u3001\u63a7\u5236\u548c\u76d1<br 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\/>\n\u9898\u5c31\u53ef\u4ee5\u8f6c\u773c\u4e4b\u95f4\u53d8\u5f97\u4e0d\u53ef\u6536\u62fe\u3002\u4e3e\u4f8b\u6765\u8bf4\uff0c\u7528\u6570\u91cf\u5206\u6790\u7684<br \/>\n\u65b9\u6cd5\u53ef\u4ee5\u5e2e\u52a9\u77f3\u6cb9\u5f00\u91c7\u8005\u51b3\u5b9a\u662f\u5426\u94bb\u4e95\u3002\u7531\u4e8e\u77f3\u6cb9\u52d8\u63a2\u672c\u8eab<br \/>\n\u5177\u6709\u98ce\u9669\uff0c\u4e14\u65e0\u6cd5\u6392\u9664\uff0c\u6240\u4ee5\u53ef\u7528<br \/>\n\u51b3\u7b56\u6811\u5206\u6790\u56fe\uff08Decision\u3000tree\u3000diagram\uff09\u5c06\u89e3\u51b3\u95ee\u9898\u7684\u66ff<br \/>\n\u4ee3\u65b9\u6848\u3001\u9879\u76ee\u98ce\u9669\u548c\u4e0d\u786e\u5b9a\u6027\u7ed3\u5408\u5728\u4e00\u8d77\u4f5c\u901a\u76d8\u7684\u8003\u8651\u3002<br \/>\n\u51b3\u7b56\u6811\u5206\u6790\u76845\u4e2a\u6b65\u9aa4\u5982\u4e0b\uff1a<br \/>\n1\u3002\u786e\u5b9a\u6240\u6709\u53ef\u80fd\u7684\u66ff\u4ee3\u65b9\u6848\u548c\u76f8\u5173\u7684\u98ce\u9669\u3002<br \/>\n2\u3002\u8ba1\u7b97\u6bcf\u79cd\u66ff\u4ee3\u65b9\u6848\u6240\u9700\u7684\u5177\u4f53\u8d22\u52a1\u6570\u636e\u3002<br \/>\n3\u3002\u786e\u5b9a\u6bcf\u79cd\u66ff\u4ee3\u65b9\u6848\u7684\u4e0d\u786e\u5b9a\u6027\u3002<br \/>\n4\u3002\u5c06\u524d3\u4e2a\u6b65\u9aa4\u753b\u6210\u6811\u578b\u56fe\u30025\u3002\u786e\u5b9a\u6700\u4f73\u65b9\u6848\u5e76\u8003\u8651\u9879\u76ee\u975e\u8d22\u52a1\u65b9\u9762\u7684\u95ee\u9898\u3002<br \/>\n\u51b3\u7b56\u6811\u56fe\u5305\u62ec\u5728\u53ef\u80fd\u51fa\u73b0\u66ff\u4ee3\u65b9\u6848\u7684\u4ea4\u70b9\u4e0a\u7684\u65b9\u6848\u679d<br \/>\n\uff08Activity\u3000forks\uff09\u548c\u6982\u7387\u679d\uff08Event\u3000forks\uff09\u3002\u4f8b\u5982\uff0c\u5bf9\u77f3\u6cb9\u5f00<br \/>\n\u91c7\u8005\u6765\u8bf4\uff0c\u662f\u5426\u94bb\u4e95\u8fd9\u4e00\u51b3\u5b9a\u5c31\u4ee3\u8868\u4e86\u4e00\u4e2a\u65b9\u6848\u679d\uff0c\u5728\u51b3\u7b56<br 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\/>\n\u529f\u7684\u8ba1\u7b97\u673a\u516c\u53f8Astro\u3000puter\u5e10\u4e0a\u5229\u6da6\uff08Accounting\u3000profit\uff09<br \/>\n\u53ef\u80fd\u6709300\u4e07\u7f8e\u5143\uff0c\u4f46\u5982\u679c\u516c\u53f8\u9700\u8981\u75282000\u4e07\u7f8e\u5143\u6295\u8d44\u79d1\u7814\uff0c<br \/>\n\u53e6\u30003000\u3000\u4e07\u7f8e\u5143\u65b0\u5efa\u5382\u623f\uff0c\u90a3\u4e48\u8be5\u516c\u53f8\u7684\u73b0\u91d1\u5b9e\u9645\u4e0a\u662f\u51c0\u652f\u51fa<br \/>\n\u7684\u3002\u5728\u8fd9\u79cd\u60c5\u51b5\u4e0b\uff0c\u516c\u53f8\u80fd\u5426\u76c8\u5229\u53ea\u80fd\u6709\u5f85\u4e8e\u5c06\u6765\u4e86\u3002<br \/>\n\u635f\u76ca\u8868\u4e0a\u7684\u4f1a\u8ba1\u76c8\u5229\uff0c\u662f\u5bf9\u77ed\u4e8e\u6574\u4e2a\u6295\u8d44\u671f\u7684\u67d0\u4e00\u65f6\u95f4<br \/>\n\u6bb5\u5185\u7684\u957f\u671f\u6295\u8d44\u7684\u77ed\u671f\u8bc4\u4f30\uff0c\u800c\u73b0\u91d1\u6d41\u91cf\u5206\u6790\u5219\u662f\u5bf9\u67d0\u4e00\u9879<br \/>\n\u76ee\u6574\u4e2a\u6295\u8d44\u671f\u5185\u7684\u8bc4\u4f30\u3002<br \/>\n\u4e0b\u9762\u5217\u51fa\u5404\u9879\u7684\u6570\u5b57\u662f\u8fdb\u884c\u73b0\u91d1\u6d41\u5206\u6790\u65f6\u9996\u5148\u9700\u8981\u786e\u5b9a<br \/>\n\u7684\uff1a<br \/>\n\u73b0\u91d1\u5e94\u7528\uff08Cash\u3000uses\uff09<br \/>\n\u00b7\u5efa\u8bbe\u6210\u672c<br \/>\n\u00b7\u6700\u521d\u5e93\u5b58<br \/>\n\u00b7\u8bbe\u5907\u8d2d\u4e70<br \/>\n\u00b7\u5e94\u6536\u6b3e\u589e\u52a0<br \/>\n\u73b0\u91d1\u6765\u6e90\uff08Cash\u3000sources\uff09<br \/>\n\u00b7\u8bbe\u5907\u5356\u51fa<br \/>\n\u00b7\u589e\u52a0\u5e94\u4ed8\u6b3e<br \/>\n\u786e\u5b9a\u9879\u76ee\u671f\u5185\u8d44\u91d1\u7684\u4f7f\u7528\u60c5\u51b5\uff1a<br \/>\n\u73b0\u91d1\u6765\u6e90<br \/>\n\u00b7\u9500\u552e\u6536\u5165<br \/>\n\u00b7\u4f7f\u7528\u8d39\uff08Poyalties\uff09<br \/>\n\u73b0\u91d1\u5e94\u7528<br \/>\n\u00b7\u9500\u552e\u4ea7\u54c1\u6210\u672c<br \/>\n\u00b7\u9500\u552e\u8d39\u7528<br \/>\n\u00b7\u4e00\u822c\u7ba1\u7406\u8d39<br \/>\n\u00b7\u7a0e\u91d1\u635f\u76ca\u8868\u4e2d\u51fa\u73b0\u7684\u6298\u65e7\uff08Depreciation\uff09\u4e0e\u73b0\u91d1\u6d41\u91cf\u5206\u6790\u65e0<br \/>\n\u5173\u3002\u6298\u65e7\u662f\u6307\uff0c\u5047\u8bbe\u67d0\u4e00\u8bbe\u5907\u7684\u4f7f\u7528\u5e74\u9650\u662f\u30005\u3000\u5e74\uff0c\u516c\u53f8\u6bcf\u5e74<br \/>\n\u5c31\u4ece\u6536\u5165\u4e2d\u6263\u9664\u8bbe\u5907\u30001\/5\u3000\u7684\u6210\u672c\uff0c\u88ab\u6263\u9664\u7684\u8fd9\u90e8\u5206\u6210\u672c\u53eb\u6298<br \/>\n\u65e7\u3002\u5728\u73b0\u91d1\u6d41\u91cf\u5206\u6790\u4e2d\uff0c\u671f\u521d\u7528\u73b0\u91d1\u8d2d\u4e70\u8bbe\u5907\uff0c\u56e0\u6b64\u5217\u5165\u73b0<br \/>\n\u91d1\u5e94\u7528\u9879\u4e0b\u3002\u6298\u65e7\u5b9e\u9645\u4e0a\u53ea\u662f\u4ece\u4f1a\u8ba1\u5229\u6da6\u4e2d\u6263\u9664\u7684\u201c\u865a\u201d\u9879\uff0c<br \/>\n\u8fd9\u6837\u80fd\u51cf\u5c11\u5e94\u7f34\u7eb3\u7684\u7a0e\u91d1\u3002\u5728\u4f1a\u8ba1\u5b66\u4e00\u7ae0\u3000Bob\u3000\u6742\u8d27\u5e97\u7684\u4e3e\u4f8b<br \/>\n\u4e2d\uff0c\u867d\u7136\u5546\u5e97\u7684\u6536\u94f6\u673a\u548c\u8d2d\u8d27\u624b\u63a8\u8f66\u521a\u5f00\u4e1a\u65f6\u5c31\u4e70\u597d\u4e86\uff0c\u4f46<br \/>\n\u5176\u644a\u63d0\u7684\u6298\u65e7\u8d39\u7528\u662f\u630910\u5e74\u8ba1\u7b97\u7684\u3002<br \/>\n\u7b2c\u4e8c\u4e2a\u91cd\u8981\u95ee\u9898\u662f\u73b0\u91d1\u6d41\u5206\u6790\u4e2d\u4e0d\u542b\u878d\u8d44\u6210\u672c\u3002\u6295\u8d44\u51b3<br \/>\n\u7b56\u4e0d\u540c\u4e8e\u878d\u8d44\u51b3\u7b56\u3002\u901a\u7528\u7535\u5668\u516c\u53f8\u7684\u9879\u76ee\u6210\u5343\u4e0a\u4e07\uff0c\u878d\u8d44\u7684<br \/>\n\u7c7b\u578b\u4e5f\u5404\u5f0f\u5404\u6837\uff0c\u4f8b\u5982\u6709\u503a\u52a1\uff08\u503a\u5238\u3001\u94f6\u884c\u501f\u6b3e\uff09\u548c\u80a1\u7968\u3002<br \/>\n\u628a\u503a\u52a1\u548c\u6bcf\u4e00\u4e2a\u5177\u4f53\u9879\u76ee\u4e0a\u4f7f\u7528\u7684\u8d44\u91d1\u5bf9\u4e0a\u662f\u4e0d\u53ef\u80fd\u7684\u3002\u73b0<br \/>\n\u5b9e\u4e2d\uff0c\u8d22\u52a1\u90e8\u95e8\u53ea\u8d1f\u8d23\u516c\u53f8\u5bf9\u73b0\u91d1\u9700\u6c42\u7684\u501f\u6b3e\u5b89\u6392\uff0c\u800c\u51b3\u5b9a<br \/>\n\u54ea\u4e9b\u9879\u76ee\u9700\u8981\u4f7f\u7528\u8d44\u91d1\u5219\u662f\u516c\u53f8\u9884\u7b97\u90e8\u95e8\u7684\u4e8b\u3002\u5982\u679c\u4e24\u79cd\u51b3<br \/>\n\u7b56\uff08\u501f\u94b1\uff0c\u7528\u94b1\u2014\u8bd1\u8005\u6ce8\uff09\u80fd\u5bf9\u4e0a\uff0c\u90a3\u4e48\u6240\u6709\u9760\u503a\u52a1\u8d37\u6b3e\u6295<br \/>\n\u8d44\u7684\u9879\u76ee\u770b\u8d77\u6765\u4f1a\u6bd4\u4e00\u5f00\u59cb\u5c31\u4f7f\u7528\u516c\u53f8\u8d44\u91d1\u6295\u8d44\u7684\u9879\u76ee\u8981\u597d<br \/>\n\u7684\u591a\uff0c\u4f46\u5b9e\u9645\u4e0a\u5374\u6ca1\u4ec0\u4e48\u533a\u522b\u3002<br \/>\n\u73b0\u91d1\u6d41\u4e3e\u4f8b<br \/>\n\u7531\u4e8e\u5e02\u573a\u5bf9\u9ad8\u7ea4\u7ef4\u98df\u54c1\u7684\u9700\u6c42\u6fc0\u589e\uff0c\u8d85\u8fc7\u4e86\u5de5\u5382\u73b0\u6709\u7684<br \/>\n\u751f\u4ea7\u80fd\u529b\uff0cQuaker\u516c\u53f8\u6b63\u8003\u8651\u6295\u8d44\u3000100\uff0c000\u3000\u7f8e\u5143\uff0c\u4e3a\u582a\u8428\u65af<br \/>\n\u57ce\u7684\u5de5\u5382\u65b0\u6dfb\u4e00\u53f0\u9ea6\u7247\u81ea\u52a8\u5305\u88c5\u8bbe\u5907\u3002\u5982\u679c\u8d2d\u4e70\u8fd9\u5957\u8bbe\u5907\uff0c<br \/>\n\u4eca\u540e\u6bcf\u5e74\u5c31\u80fd\u589e\u52a0\u300080\uff0c000\u3000\u7f8e\u5143\u7684\u9500\u552e\u6536\u5165\u3002\u9500\u552e\u4ea7\u54c1\u7684\u6210<br \/>\n\u672c\u53ea\u662f20\uff0c000\u3000\u7f8e\u5143\uff0c\u6323\u5f97\u5229\u6da6\u9700\u6309\u300030\uff05\u7684\u7a0e\u7387\u7eb3\u7a0e\u3002\u9500\u552e\u989d<br \/>\n\u7684\u589e\u52a0\u8981\u6c42\u5b58\u8d27\u76f8\u5e94\u5730\u589e\u52a0\u300010\uff0c000\u3000\u7f8e\u5143\u3002\u4e3a\u4e86\u5c3d\u91cf\u51cf\u5c11\u5360<br \/>\n\u7528\u8d44\u91d1\uff0cQuarker\u3000\u516c\u53f8\u5728\u4ece\u519c\u573a\u8d2d\u4e70\u71d5\u9ea6\uff0c\u4ece\u4f9b\u5e94\u5546\u90a3\u91cc\u8d2d\u4e70<br \/>\n\u5305\u88c5\u76d2\u65f6\u8d4a\u5e10\u30008000\u3000\u7f8e\u5143\u3002\u8fd9\u6837\u7531\u4e8e\u63d0\u9ad8\u4e86\u516c\u53f8\u5e94\u4ed8\u6b3e\u989d\uff0c\u4ece<br \/>\n\u800c\u4f7f\u51c0\u6d41\u52a8\u8d44\u91d1\u53ea\u589e\u52a0\u4e862000\u7f8e\u5143\u3002<br \/>\n3\u3000\u5e74\u8fc7\u540e\u8bbe\u5907\u5c06\u62a5\u5e9f\u3002\u4f46\u62a5\u5e9f\u7684\u8bbe\u5907\u5728\u58a8\u897f\u54e5\u7684\u5de5\u5382\u8fd8\u53ef<br \/>\n\u4ee5\u4f7f\u7528\u3002Quarker\u516c\u53f8\u51c6\u5907\u4ee5\u300010\uff0c000\u3000\u7f8e\u5143\u7684\u4ef7\u683c\u5c06\u5176\u5356\u7ed9\u58a8<br \/>\n\u897f\u54e5\u7684Molino\u3000Grande\u516c\u53f8\u3002<br \/>\n\u73b0\u91d1\u6d41\u7684\u65f6\u95f4\u6027<br \/>\nQuaker\u9ea6\u7247\u5305\u88c5\u8bbe\u5907\u9879\u76ee<br \/>\n\uff08\u5355\u4f4d\uff1a\u5343\u7f8e\u5143\uff09\u5e94\u4ed8\u6b3e\u589e\u51cf\u3000\uff0b8<br \/>\n\u5356\u51fa\u8bbe\u5907\u3000\uff0b10<br \/>\n\u603b\u73b0\u91d1\u6d41\u3000\u2026102\u3000\uff0b51\u3000\uff0b51\u3000\uff0b61<br \/>\n*\u7a0e\u6b3e\u8ba1\u7b97\uff1a<br \/>\n\u6536\u5165\u300080<br \/>\n\u6210\u672c\u3000\u202620<br \/>\n\u6bdb\u5229\u300060<br \/>\n\u6298\u65e7\u3000\u202630\uff08100\u202610\uff093<br \/>\n\u7a0e\u524d\u5229\u6da6\u300030<br \/>\n\u7a0e\u7387\u300030\uff05<br \/>\n\u7a0e\u6b3e\u30009<br \/>\n\u5728\u6b64\u4f8b\u4e2d\uff0c\u73b0\u91d1\u6d41\u91cf\u7684\u65f6\u95f4\u6027\u5728\u786e\u5b9a\u9879\u76ee\u7684\u4ef7\u503c\u65f6\u8d77\u7740<br \/>\n\u81f3\u5173\u91cd\u8981\u7684\u4f5c\u7528\u3002\u901a\u5e38\u60c5\u51b5\u4e0b\uff0c\u7528\u6761\u578b\u56fe\uff08Bargraph\uff09\u8868\u793a\u4e0d<br \/>\n\u540c\u65f6\u95f4\u7684\u73b0\u91d1\u6d41\u91cf\u3002\u6bcf\u4e00\u671f\u5185\uff0c\u7d2f\u8ba1\u7684\u73b0<br \/>\n\u73b0\u91d1\u6d41\u56feA<br \/>\n\u7b2c\u4e09\u5e74\u3000\u7b2c\u4e8c\u5e74\u3000\u7b2c\u4e00\u5e74\u3000\u2026102<br \/>\n\u73b0\u5728\u3000\uff0b61\u3000\uff0b51\u3000\uff0b51<br 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\/>\n\u4ee5\u4e0a\u6761\u578b\u56fe\u8bf4\u660e\u4e86\u73b0\u91d1\u6d41\u65f6\u95f4\u7684\u91cd\u8981\u201c\u4ef7\u503c\u201d\u3002<br \/>\n\u7d2f\u8ba1\u4ef7\u503c<br \/>\n\u5f53\u9ea6\u7247\u9879\u76ee\u6709\u4e86\u73b0\u91d1\u6536\u76ca\u65f6\uff0cQuarker\u3000\u516c\u53f8\u4e0d\u4f1a\u95f2\u7f6e\u8d44<br \/>\n\u91d1\uff0c\u800c\u662f\u5c06\u5176\u518d\u6295\u8d44\u3002\u6240\u4ee5\uff0c\u5982\u679c\u6309\u4e0a\u9762\u4e3e\u4f8b\u4e2d\uff0cQuarker\u3000\u5206<br \/>\n\u522b\u6323\u5f97\u300051\uff1b000\u3000\u7f8e\u5143\uff0c51\uff1b000\u3000\u7f8e\u5143\u548c\u300061\uff1b000\u3000\u7f8e\u5143\uff0c\u516c\u53f8\u5728\u3000A<br \/>\n\u4f8b\u4e2d\u7684\u73b0\u91d1\u6536\u5165\u8981\u6bd4B\u4f8b\u4e2d\u591a\u51fa\u4e24\u5e74\u3002<br \/>\n\u5982\u679c\u516c\u53f8\u6709\u6295\u8d44\u673a\u4f1a\uff0c\u4f1a\u62a5\u7387\u4e3a\u300010\uff05\uff0c\u90a3\u4e48\uff0cA\u3000\u4f8b\u4e2d\u7684\u6536<br \/>\n\u76ca\u5c06\u6bd4B\u4f8b\u4e2d\u7684\u6536\u76ca\u9ad8\u51fa34\uff1b230\u7f8e\u5143\u3002<br \/>\n\u7b2c\u4e09\u5e74\u5e95\u73b0\u91d1\u6d41\u7684\u7d2f\u8ba1\u503c\u3000\uff08Accumulated\u3000value\uff09\u662f163\uff1b000<br \/>\n\u7f8e\u5143\u52a0\u6323\u5f97\u7684\u5229\u606f\u6536\u5165\u300034\uff1b230\u3000\u7f8e\u5143\uff0c\u5171\u503c\u3000197\uff1b000\u3000\u7f8e\u5143\u3002\u663e<br \/>\n\u7136A\u4f8b\u65b9\u6848\u8f83\u597d\u3002<br \/>\n\u66f4\u7b80\u5355\u4e00\u4e9b\u7684\u8ba1\u7b97\u65b9\u6cd5\u662f\u7528\u516c\u5f0f\u8ba1\u7b97\u51fa\u8d44\u91d1\u7684\u7d2f\u8ba1\u4ef7<br \/>\n\u503c\uff0c\u5373\u672a\u6765\u503c\uff08Future\u3000value\uff09\uff0c\u5373\u8d44\u91d1\u5728X\u671f<br \/>\n\u5185\u7684\u672a\u6765\u503c=\uff08\u4eca\u5929\u4ef7\u503c\uff09\u00d7\uff081\uff0b\u518d\u6295\u8d44\u7387\uff09\u65f6\u95f4\u671f\u9650<br \/>\n\u4ee510\uff05\u56de\u62a5\u7387\u8ba1\u7b97<br \/>\n\u4e00\u5e74\u540e1\u7f8e\u5143\u7684\u4ef7\u503c<br \/>\n=1\u7f8e\u5143\u00d7\uff081\uff0b0\u300210\uff091=1\u300210<br \/>\n\u7d2f\u8ba1\u4ef7\u503c\u8ba1\u7b97\uff08\u5355\u4f4d\uff1a\u7f8e\u5143\uff09<br \/>\n\u4f60\u4e0d\u7528\u6bcf\u6b21\u90fd\u5f97\u8bb0\u4f4f\u4e58\u6570\u56e0\u5b50\uff0c\u53ef\u6839\u636e\u9644\u5f55\u4e2d\u7684\u6570\u636e\u8ba1<br \/>\n\u7b97\u3002\u8bb8\u591a\u5546\u52a1\u8ba1\u7b97\u5668\u6709\u8fd9\u79cd\u529f\u80fd\uff08\u6211\u4e2a\u4eba\u8ba4\u4e3a\u6700\u597d\u7684\u8ba1\u7b97\u5668<br \/>\n\u8981\u5c5e\u60e0\u666e\u300017B\u3000\u548c\u300019B\u3000\u4e24\u79cd\u578b\u53f7\uff09\u3002\u6709\u53f0\u597d\u7684\u3000HP\u3000\u8ba1\u7b97\u5668\uff0c\u9664\u4e86<br \/>\n\u8bc1\u660e\u4f60MBA\u7684\u8eab\u4efd\u4ee5\u5916\uff0c\u522b\u4eba\u8fd8\u4f1a\u89c9\u5f97\u4f60\u5bf9\u8ba1\u7b97\u6570\u636e\u5f88\u5728\u884c\u3002<br \/>\n\u6839\u636e\u9644\u5f55\u3000A\u3000\u4e2d\u7684\u8868\u683c\uff0c\u53ef\u627e\u5230\u4e0d\u540c\u5229\u7387\u4e0b\u7684\u672a\u6765\u503c\u56e0\u5b50<br \/>\n\u548c\u6295\u8d44\u671f\u5185\u7684\u7d2f\u8ba1\u4ef7\u503c\u3002\u5728\u56de\u62a5\u7387\u4e3a10\uff05\u65f6\u7684\u56e0\u5b50\u662f\uff1a<br \/>\n\u7d2f\u8ba1\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u56e0\u5b50<br \/>\n\u4eca\u5929\u76841\u7f8e\u5143=\u4eca\u5929\u503c1\u7f8e\u5143<br \/>\n\u6295\u8d44\u76841\u7f8e\u5143=\u4e00\u5e74\u540e\u503c1\u3002100\u7f8e\u5143<br \/>\n\u6295\u8d44\u76841\u7f8e\u5143=\u4e24\u5e74\u540e\u503c1\u3002210\u7f8e\u5143<br \/>\n\u7528\u3000B\u3000\u4f8b\u4e2d\u7684\u56e0\u5b50\uff0c\u7b2c\u4e00\u5e74\u672b\u6536\u5230\u7684\u3000163\uff1b000\u3000\u7f8e\u5143\uff0c\u518d\u6295<br \/>\n\u8d44\u51fa\u53bb\u4e24\u5e74\u540e\u76f4\u5230\u7b2c\u4e09\u5e74\u672b\uff0c\u5176\u7d2f\u8ba1\u4ef7\u503c\u662f\uff1a<br \/>\n\u7b2c\u4e00\u5e74\u7684163\uff1b000\u7f8e\u5143\u00d71\u30022100=\u4e24\u5e74\u540e\u503c197\uff1b000\u7f8e\u5143<br \/>\n\u6216\u3000197\uff1b000\u3000\u7f8e\u5143\u2026163\uff1b000\u3000\u7f8e\u5143=34\uff1b000\u3000\u7f8e\u5143\u5373\u518d\u6295\u8d44\u540e<br \/>\n\u7684\u6536\u76ca\u3002<br \/>\n\u3000\u3000\u3000\u5728\u8bc4\u4f30\u9879\u76ee\u6216\u671f\u9650\u8f83\u957f\u7684\u6295\u8d44\u65f6\uff0c\u91cd\u8981\u7684\u4e0d\u4ec5\u4ec5\u662f\u73b0<br \/>\n\u91d1\u6d41\u91cf\u91d1\u989d\u7684\u5927\u5c0f\uff0c\u66f4\u91cd\u8981\u7684\u662f\u65f6\u95f4\u6027\u53ca\u600e\u6837\u4f7f\u7528\u6323\u6765\u7684\u5229<br \/>\n\u6da6\u8fdb\u884c\u518d\u6295\u8d44\u3002<br \/>\n\u51c0\u73b0\u503c\uff08Net\u3000Present\u3000Value\uff1b\u3000NPV\uff09<br \/>\n\u4e00\u4f4d\u6323\u5de5\u8d44\u5403\u996d\u7684\u4eba\uff0c\u5e0c\u671b\u300030\u3000\u5e74\u540e\u80fd\u6709\u8db3\u591f\u7684\u9000\u4f11\u517b\u8001<br \/>\n\u91d1\u3002\u3000\u90a3\u4e48\u4ece\u73b0\u5728\u5f00\u59cb\uff0c\u3000\u4ed6\u5e94\u8be5\u5f00\u59cb\u5b58\u591a\u5c11\u94b1\uff1f\u5728\u5206\u6790\u8fd9\u4e2a\u95ee\u3000\u9898<br \/>\n\u4e0a\uff0c\u7d2f\u8ba1\u4ef7\u503c\u5206\u6790\u6cd5\u4e0d\u5931\u4e3a\u4e00\u4e2a\u597d\u5de5\u5177\uff0c\u4f46\u5374\u4e0d\u80fd\u89e3\u51b3\u600e\u6837<br \/>\n\u8bc4\u4f30\u6295\u8d44\u548c\u9879\u76ee\u7684\u4eca\u5929\u7684\u4ef7\u503c\u3002\u6211\u4eec\u5e94\u8be5\u7528\u8d27\u5e01\u4eca\u5929\u7684\u4ef7\u503c<br \/>\n\u6765\u8861\u91cf\u6295\u8d44\u3002Quarker\u3000\u516c\u53f8\u9ea6\u7247\u9879\u76ee\u4eca\u5929\u503c\u6211\u5c11\uff1f\u8fd9\u4e00\u9879\u76ee\u600e<br \/>\n\u6837\u548c\u53e6\u4e00\u5bb6\u8bbe\u5907\u7c7b\u4f3c\u4f46\u6210\u672c\u662f\u3000150\uff1b000\u3000\u5143\u3001\u4f7f\u7528\u5bff\u547d\u53ea\u6709\u56db<br \/>\n\u5e74\u7684\u9879\u76ee\u505a\u6bd4\u8f83\uff1f<br \/>\n\u73b0\u91d1\u6d41\u5206\u6790\u662f\u786e\u5b9a\u9879\u76ee\u73b0\u91d1\u7684\u6d41\u91cf\uff0c\u51c0\u73b0\u503c\u5206\u6790\u6cd5\u5219\u662f<br \/>\n\u7528\u73b0\u91d1\u4eca\u5929\u7684\u4ef7\u503c\u786e\u5b9a\u73b0\u91d1\u6d41\u91cf\u7684\u4ef7\u503c\u3002\u901a\u8fc7\u8fd9\u79cd\u65b9\u6cd5\u5c31\u53ef<br \/>\n\u4ee5\u5bf9\u671f\u9650\u4e0d\u540c\u7684\u9879\u76ee\u8fdb\u884c\u6bd4\u8f83\u3002\u4f8b\u5982\uff0c\u82f9\u679c\u8ba1\u7b97\u673a\u516c\u53f8\u6df1\u4fe1\u4e00\u79cd\u65b0\u578b\u7684\u3000Tangerine\u3000\u8ba1\u7b97<br \/>\n\u673a\u4e00\u5b9a\u80fd\u4e3a\u516c\u53f8\u51c0\u6323\u30001\u3000\u4ebf\u7f8e\u5143\uff0c\u4f46\u5f00\u53d1\u8fd9\u4e00\u673a\u578b\u5374\u8981\u7528\u65f6\u300010<br \/>\n\u5e74\u3002\u8fd9\u6837\u4e00\u6765\uff0c\u6295\u8d44\u8fd9\u4e2a\u9879\u76ee\u4e5f\u8bb8\u5e76\u4e0d\u660e\u667a\u3002\u56e0\u4e3a\u8fd9\u30001\u3000\u4ebf\u5143<br \/>\n\u4e0d\u4ec5\u53ef\u80fd\u7531\u4e8e\u901a\u8d27\u81a8\u80c0\u800c\u8d2c\u503c\uff0c\u518d\u8bf4\u82f9\u679c\u516c\u53f8\u8fd8\u53ef\u4ee5\u5c06\u8fd9\u7b14<br \/>\n\u94b1\u6295\u5728\u673a\u5668\u4eba\u6280\u672f\u4e0a\uff0c\u4ee5\u964d\u4f4e\u5de5\u5382\u73b0\u5728\u7684\u751f\u4ea7\u6210\u672c\u3002\u5373\u4fbf\u51c0<br \/>\n\u73b0\u503c\u5206\u6790\u7684\u7ed3\u8bba\u8ba4\u5b9a\u3000Tangerine\u3000\u9879\u76ee\u53ef\u884c\uff0c\u4f46\u4ece\u6218\u7565\u4e0a\u8003\u8651<br \/>\n\u4e5f\u8bb8\u4ecd\u6709\u4e0d\u53ef\u53d6\u4e4b\u5904\u3002\u8fd9\u65f6\uff0cMBA\u3000\u4eec\u5c31\u8981\u8fd0\u7528\u4ed6\u4eec\u7ba1\u7406\u4e0a\u7684\u5224<br \/>\n\u65ad\u529b\u6765\u505a\u51b3\u5b9a\u4e86\u3002<br \/>\n\u8bc1\u5238\u5206\u6790\u4eba\u58eb\u5bf9\u8d2d\u4e70\u80a1\u7968\u548c\u503a\u5238\u7684\u5206\u6790\u548c\u5bf9\u8d2d\u4e70\u8bbe\u5907\u7684<br \/>\n\u5206\u6790\u662f\u4e00\u6837\u7684\u3002\u80a1\u7968\u80fd\u5206\u7ea2\uff0c\u503a\u5238\u5c06\u6765\u80fd\u6709\u5229\u606f\u6536\u5165\u3002\u8bc1\u5238<br \/>\n\u7684\u4ef7\u503c\u662f\u57fa\u4e8e\u672a\u6765\u73b0\u91d1\u6d41\u91cf\u7684\u4ef7\u503c\u3002\u5982\u540c\u3000Quarker\u3000\u516c\u53f8\u7528\u51c0<br \/>\n\u73b0\u503c\u65b9\u6cd5\u8bc4\u4f30\u8d2d\u4e70\u65b0\u8bbe\u5907\u7684\u4f18\u52bf\u4e00\u6837\uff0c\u5176\u5b83\u516c\u53f8\u4e5f\u7528\u4e4b\u8bc4\u4f30<br \/>\n\u65b0\u9879\u76ee\uff0c\u540c\u65f6\u8fd8\u8003\u8651\u9879\u76ee\u7684\u5e7f\u544a\u6548\u5e94\u3002\u5728\u8003\u8651\u5982\u4f55\u89e3\u51b3\u56e0\u610f<br \/>\n\u5916\u4f24\u5bb3\u81f4\u6b7b\u7684\u5b98\u53f8\u65f6\uff0c\u5f8b\u5e08\u4eec\u4e5f\u91c7\u7528\u51c0\u73b0\u503c\u65b9\u6cd5\u5c06\u6b7b\u8005\u672a\u6765<br \/>\n\u80fd\u6323\u5f97\u7684\u6536\u5165\u6298\u73b0\u3002<br \/>\n\u9700\u8981\u7262\u8bb0\u7684\u57fa\u672c\u70b9\u662f\uff1a\u4eca\u5929\u76841\u5143\u94b1\u8981\u9ad8\u4e8e\u5c06\u6765\u6536\u5230\u7684\u30001<br \/>\n\u5143\u7684\u4ef7\u503c\u3002<br \/>\nQuarker\u3000\u516c\u53f8\u9ea6\u7247\u9879\u76ee\u30003\u3000\u5e74\u5185\u7684\u6536\u76ca\u662f\u3000163\uff1b000\u3000\u7f8e\u5143<br \/>\n\uff0851\uff0b51\uff0b61\uff09\u3002\u548c\u539f\u5148\u7684\u8ba1\u7b97\u4e00\u6837\uff0c\u82e5\u5c06\u3000163\uff1b000\u3000\u7f8e\u5143\u7684\u73b0\u91d1<br \/>\n\u6d41\u91cf\u6295\u5728\u5176\u5b83\u516c\u53f8\u7684\u300010\uff05\u56de\u62a5\u7684\u9879\u76ee\u6216\u6709\u300010\uff05\u5229\u606f\u6536\u5165\u7684\u5176\u5b83<br \/>\n\u6295\u8d44\u4e2d\uff0c\u5176\u56de\u62a5\u5c06\u80fd\u591a\u51fa34\uff1b000\u3000\u7f8e\u5143\u3002<br \/>\n\u4f60\u613f\u610f\u6295\u51fa163\uff1b000\u7f8e\u5143\uff0c\u30003\u5e74\u540e\u53ea\u6536\u56de163\uff1b000\u7f8e\u5143\u5417\uff1f<br \/>\n\u5f53\u7136\u4e0d\u613f\u610f\uff01\u5018\u5982\u6b64\uff0c\u4f60\u5c31\u662f\u653e\u5f03\u4e86\u73b0\u91d1\u7684\u65f6\u95f4\u4ef7\u503c\uff08Time<br \/>\nvalue\u3000of\u3000money\uff09\uff0c\u6216\u8005\u8bf4\uff0c\u4f60\u653e\u5f03\u4e8634\uff1b000\u7f8e\u5143\uff01<br \/>\n\u7528\u8fd9\u4e00\u7b80\u5355\u903b\u8f91\uff0c\u51c0\u73b0\u503c\u5206\u6790\u6cd5\u5c31\u662f\u628a\u5c06\u6765\u7684\u73b0\u91d1\u6d41\u91cf<br \/>\n\u8fdb\u884c\u8d34\u73b0\uff0c\u4ee5\u5f97\u51fa\u73b0\u5728\u7684\u4ef7\u503c\u3002\u51c0\u73b0\u503c\u548c\u7d2f\u8ba1\u4ef7\u503c\u6b63\u597d\u76f8\u53cd\u3002<br \/>\n\u5176\u8ba1\u7b97\u516c\u5f0f\u5982\u4e0b\uff1a<br \/>\n\u51c0\u73b0\u503c=\uff08\u5c06\u6765\u7684\u6536\u5165\uff09\u00d7\uff081\uff0b\u8d34\u73b0\u7387\uff09\u2026\u65f6\u95f4\u671f\u9650<br \/>\n\u4ece\u4eca\u5929\u5f00\u59cb\u4e00\u5e74\u540e\u6536\u5230\u7684\u4e00\u5143\u94b1\uff0c\u6309\u300010\uff05\u7684\u8d34\u73b0\u7387\u8ba1\u7b97\uff0c<br \/>\n\u5176\u4eca\u5929\u7684\u4ef7\u503c\uff08\u73b0\u503c\uff09\u662f\uff1a<br \/>\n1\u7f8e\u5143\u00d7\uff081\uff0b10\uff05\uff09\u20261=0\u300290909<br \/>\n\u7528\u8fd9\u4e00\u516c\u5f0f\uff0c\u4ece\u8d34\u73b0\u7cfb\u6570\u8868\uff08Discount\u3000factors\uff09\u3000\u4e2d\u53ef\u67e5<br \/>\n\u51fa\u30001\u3000\u7f8e\u5143\u8d44\u91d1\u5728\u4e0d\u540c\u671f\u9650\u5185\u3001\u4e0d\u540c\u8d34\u73b0\u7387\u4e0b\u76f8\u5e94\u7684\u51c0\u73b0\u503c\u3002<br \/>\n\u5047\u8bbe\u6709\u300010\uff05\u56de\u62a5\u7684\u518d\u6295\u8d44\u673a\u4f1a\u548c\u76f8\u5e94\u7684\u98ce\u9669\uff0c\u6839\u636e\u6298\u73b0\u7cfb\u6570<br \/>\n\u8868\uff0c\u5c06\u6765\u76841\u7f8e\u5143\u8d44\u91d1\u7684\u73b0\u503c\uff0c\u4e0d\u540c\u671f\u9650\u5185\u7684\u4ef7\u503c\u662f\uff1a<br \/>\n\u8d34\u73b0\u7cfb\u6570<br \/>\n\u4eca\u5929\u76841\u7f8e\u5143=\u4eca\u5929\u76841\u7f8e\u5143<br \/>\n\u4e00\u5e74\u540e\u6536\u5230\u76841\u7f8e\u5143=\u4eca\u5929\u76840\u300290909\u7f8e\u5143\u4e8c\u5e74\u540e\u6536\u5230\u76841\u7f8e\u5143=\u4eca\u5929\u76840\u300282645\u7f8e\u5143<br \/>\n\u4e09\u5e74\u540e\u6536\u5230\u76841\u7f8e\u5143=\u4eca\u5929\u76840\u300275131\u7f8e\u5143<br \/>\n\u6240\u4ee5\uff0cQuarker\u516c\u53f8\u9879\u76ee\u7684\u73b0\u91d1\u6d41\u53ef\u6309\u4e0b\u8ff0\u65b9\u6cd5\u8bc4\u4f30\uff1a<br \/>\n\u5c06\u6765\u7684\u73b0\u91d1\u00d7\u8d34\u73b0\u7cfb\u6570=\u51c0\u73b0\u503c<br \/>\n\u5e74\u521d\u3000\u2026102\uff1b000\u7f8e\u5143\u00d71=\u3000\u2026102\uff1b000\u7f8e\uff08\u4eca\u5929\uff09<br \/>\n1\u5e74\u540e\u300051\uff1b000\u7f8e\u5143\u00d70\u300290909=46\uff1b363\u300259\u7f8e\u5143\uff08\u4eca\u5929\uff09<br \/>\n2\u5e74\u540e\u300051\uff1b000\u7f8e\u5143\u00d70\u300282645=42\u3000\uff1b148\u300295\u7f8e\u5143\uff08\u4eca\u5929\uff09<br \/>\n3\u5e74\u540e\u300061\uff1b000\u7f8e\u5143\u00d70\u300275131=45\uff1b829\u300291\u7f8e\u5143\uff08\u4eca\u5929\uff09<br \/>\nQuarker\u9879\u76ee\u51c0\u73b0\u503c=32\uff1b342\u300245\u7f8e\u5143\uff08\u4eca\u5929\uff09<br 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\/>\n\u76f4\u81f3\u9879\u76ee\u7684\u51c0\u73b0\u503c\u7b49\u4e8e\u96f6\u3002\uff08\u5f53\u7136\uff0c\u518d\u3000HP\u3000\u8ba1\u7b97\u5668\u5c31\u5f88\u5bb9\u6613\u5f97<br \/>\n\u51fa\u3000IRR\uff09Quarker\u3000\u516c\u53f8\u9879\u76ee\u7684\u5185\u90e8\u6536\u76ca\u7387\u662f\u300026\u3002709\uff05\u3002\u8ba1\u7b97\u7684<br \/>\n\u8fc7\u7a0b\u5982\u4e0b\uff1a<br \/>\n\u7528\u201c26\u3002709\uff05\u8d34\u73b0\u7cfb\u6570\u201d<br \/>\n\u4eca\u59291\u300200\u00d7\uff08\u2026102\uff1b000\uff09\u7f8e\u5143=\u2026102\uff1b000\u7f8e\u5143\u4e00\u5e74\u540e0\u300278920\u00d751\uff1b000\u7f8e\u5143=40\uff1b250\u7f8e\u5143<br \/>\n\u4e8c\u5e74\u540e0\u300262285\u00d751\uff1b000\u7f8e\u5143=31\u3002765\u7f8e\u5143<br \/>\n\u4e09\u5e74\u540e0\u300249155\u00d761\uff1b000\u7f8e\u5143=29\uff0c985\u7f8e\u5143<br \/>\nNPV=0<br \/>\n\u5185\u90e8\u6536\u76ca\u7387\u53ef\u7528\u6765\u8bc4\u4f30\u5e76\u6392\u51fa\u9879\u76ee\u7684\u4f18\u5148\u7ea7\uff0c\u4f46\u5374\u672a\u8003<br 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\/>\n\u8bf7\u6ce8\u610f\uff1a\u9009\u7528\u7684\u8d34\u73b0\u7387\u8d8a\u9ad8\uff0c\u672a\u6765\u73b0\u91d1\u7684\u73b0\u503c\u5c31\u8d8a\u4f4e\uff0c\u540c\u65f6<br \/>\n\u610f\u5473\u7740\u9879\u76ee\u7684\u98ce\u9669\u4e5f\u8d8a\u9ad8\u3002<br \/>\n\u6982\u7387\u8bba<br \/>\n\u6982\u7387\u8bba\uff08Probability\u3000Theory\uff09\u662f\u7edf\u8ba1\u5b66\u7684\u59d4\u5a49\u8bed\uff0c\u56e0\u4e3a<br \/>\n\u7edf\u8ba1\u5b66\u662f\u4e00\u95e8\u8fde\u5546\u5b66\u9662\u91cc\u6700\u806a\u660e\u7684\u6ce8\u518c\u4f1a\u8ba1\u5e08\uff08CPAs\uff09\u4e5f\u80c6\u602f<br \/>\n\u7684\u8bfe\u7a0b\u3002\u5b9e\u9645\u4e0a\uff0c\u6982\u7387\u8bba\u4e00\u8bcd\u80fd\u66f4\u51c6\u786e\u5730\u63cf\u8ff0\u5982\u4f55\u7edf\u8ba1\u5b66\u6765<br \/>\n\u89e3\u51b3\u95ee\u9898\u3002\u5728\u8003\u8651\u77f3\u6cb9\u94bb\u4e95\u51fa\u6cb9\u7684\u6982\u7387\u65f6\uff0cSam\u3000\u5e94\u91c7\u53d6\u4ec0\u4e48\u65b9<br \/>\n\u6848\uff1f\u5728\u7f8e\u56fd\u524d\u5341\u6240\u5546\u5b66\u9662\u3000800\u3000\u540d\u5df2\u5a5a\u7684\u3000MBA\u3000\u5b66\u751f\u4e2d\uff0c\u6709\u591a\u5c11<br \/>\n\u4eba\u4f1a\u5728\u5b66\u4e60\u7684\u5934\u4e00\u5e74\u91cc\u758f\u8fdc\u5176\u914d\u5076\uff1f\u8fd9\u4e9b\u90fd\u6d89\u53ca\u6982\u8bba\u7387\u7684\u6982<br \/>\n\u5ff5\u3002\u7531\u4e8e\u8bb8\u591a\u5546\u4eba\u60e7\u6015\u7edf\u8ba1\uff0c\u4e8e\u662f\u3000MBA\u3000\u4eec\u5c31\u6709\u4e86\u53d1\u6325\u624d\u80fd\u7684<br \/>\n\u673a\u4f1a\u3002MBA\u3000\u8bfe\u7a0b\u5f3a\u8c03\u7edf\u8ba1\u7684\u5b9e\u7528\u6027\u3002\u5982\u679c\u4f60\u5bf9\u7edf\u8ba1\u4e0d\u719f\uff0c\u8bf7\u4e0d<br \/>\n\u8981\u8df3\u8fc7\u672c\u8282\u3002\u6211\u867d\u7136\u65e0\u4ece\u53ea\u7528\u51e0\u9875\u7eb8\u5c31\u8ba9\u4f60\u53d8\u6210\u4e2a\u7edf\u8ba1\u901a\uff0c<br \/>\n\u4f46\u6211\u6562\u4fdd\u8bc1\uff0c\u53ea\u8981\u4f60\u8010\u5fc3\u8bfb\u4e0b\u53bb\uff0c\u5c31\u53ef\u4ee5\u638c\u63e1\u4eca\u540e\u5de5\u4f5c\u4e2d\u9047<br \/>\n\u5230\u5b9e\u9645\u95ee\u9898\u65f6\u6240\u5e94\u5177\u5907\u7684\u57fa\u672c\u5206\u6790\u6280\u80fd\uff0c\u4e5f\u77e5\u9053\u5e94\u4e8e\u4f55\u65f6\u6c42<br \/>\n\u52a9\u4e8e\u522b\u4eba\u3002MBA\u3000\u8bfe\u7a0b\u6700\u91cd\u89c6\u4f20\u6388\u5404\u95e8\u8bfe\u7a0b\u89e3\u51b3\u5177\u4f53\u95ee\u9898\u7684\u5b9e\u9645<br \/>\n\u7ecf\u9a8c\u3002<br \/>\n\u6982\u7387\u5206\u5e03\u5728\u4e8b\u7269\u53ef\u80fd\u51fa\u591a\u79cd\u7ed3\u679c\u7684\u60c5\u51b5\u4e0b\uff0c\u5c31\u4f1a\u6709\u7ed3\u679c\u7684\u5206\u5e03\u3002<br \/>\n\u6bcf\u79cd\u53ef\u80fd\u90fd\u6709\u4e00\u79cd\u6982\u7387\u3002\u901a\u8fc7\u8ba4\u771f\u7684\u5206\u6790\uff0c\u6709\u65f6\u4e5f\u51ed\u76f4\u89c9\u548c<br \/>\n\u5224\u65ad\uff0c\u4e8b\u4ef6\uff08Event\uff09\u53ef\u80fd\u7ed3\u679c\u7684\u6982\u7387\u4e4b\u548c\u662f\u3000100\uff05\uff0c\u8fd9\u548c\u51b3\u7b56\u6811<br \/>\n\u4e2d\u7684\u60c5\u5f62\u4e00\u6837\u3002\u8868\u793a\u5206\u5e03\u7ed3\u679c\u7684\u56fe\u5f62\u53eb\u505a\u6982\u7387\u7fa4\u6216\u5bc6\u5ea6\u5206\u5e03<br \/>\n\u51fd\u6570\uff08Probability\u3000density\u3000function\uff09\u3002\u5982\u679c\u53ef\u80fd\u51fa\u73b0\u7684\u7ed3<br \/>\n\u679c\u8f83\u5c11\uff0c\u66f2\u7ebf\u5c31\u4e0d\u5300\u79f0\uff0c\u79f0\u4e3a\u6982\u7387\u7fa4\u5206\u5e03\u51fd\u6570\uff08Probability<br \/>\nmass\u3000function\uff09\u3002<br \/>\n\u964d\u96e8\u91cf\u6982\u7387\u7fa4\u5206\u5e03\u51fd\u6570<br \/>\n\u897f\u96c5\u56fe\u6bcf\u65e5\u964d\u96e81992\u5e744\u6708\uff0831\u5929\uff09<br \/>\n\u964d\u96e8\u5206\u5e03\u4e3e\u4f8b<br \/>\n\u897f\u96c5\u56fe\u964d\u96e8\u91cf\u7684\u5206\u5e03\u5c31\u662f\u4e00\u79cd\u6982\u7387\u5206\u5e03\u3002\u6211\u4eec\u628a\u5047\u8bbe\u6536<br \/>\n\u96c6\u5230\u7684\u6570\u636e\u5217\u8868\u5982\u4e0b\uff0c\u5176\u5206\u5e03\u56fe\u9644\u540e\u3002<br \/>\n\u897f\u96c5\u56fe\u6bcf\u65e5\u964d\u96e8\u91cf\u6570\u636e\u8868<br \/>\n\uff081992\u5e744\u6708\uff09<br \/>\n\u964d\u96e8\u91cf\u6982\u7387\u5bc6\u5ea6\u5206\u5e03\u51fd\u6570<br \/>\n\u897f\u96c5\u56fe\u6bcf\u65e5\u964d\u96e8\u91cf<br \/>\n1962\u20141992\uff081240\u5929\uff09<br \/>\n\u3000\u3000<br \/>\n\u4e8c\u9879\u5f0f\u5206\u5e03<br \/>\n\u629b\u63b7\u786c\u5e01\u5f97\u5230\u7684\u6982\u7387\u6709\u4e00\u6b63\u4e00\u53cd\u4e24\u79cd\u53ef\u80fd\u3002\u5982\u679c\u628a\u5f97\u5230<br \/>\n\u4e24\u4e2a\u201c\u6b63\u9762\u201d\u7ed3\u679c\u7b97\u4f5c\u6210\u529f\uff0c\u90a3\u4e48\uff0c\u629b\u63b7\u4e24\u4e2a\u786c\u5e01\u7684\u7ed3\u679c\u5206<br \/>\n\u5e03\u5c31\u6709\u4ee5\u4e0b\u51e0\u79cd\u53ef\u80fd\u3002<br \/>\n\u4e24\u4e2a\u90fd\u6210\u529f\u3000\u6b63\u9762\/\u6b63\u9762<br \/>\n\u4e00\u4e2a\u6210\u529f\/\u4e00\u4e2a\u5931\u8d25\u3000\u6b63\u9762\/\u53cd\u9762\uff1b\u53cd\u9762\/\u6b63\u9762<br \/>\n\u4e24\u4e2a\u5747\u5931\u8d25\u3000\u53cd\u9762\/\u53cd\u9762<br \/>\n\u629b\u63b7\u786c\u5e01\u7684\u7ed3\u679c\u662f\u5206\u5e03\u7684\u6700\u57fa\u672c\u60c5\u51b5\uff0c\u79f0\u4e3a\u4e8c\u9879\u5f0f\u5206\u5e03<br \/>\n\uff08Binomial\u3000distribution\uff09\u3002\u4e8c\u9879\u5f0f\u5206\u5e03\u7684\u7ed3\u679c\u6709\u4e24\u79cd\uff1a\u6210<br \/>\n\u529f\u548c\u5931\u8d25\u3002\u4e8c\u8005\u53d1\u751f\u7684\u673a\u4f1a\u76f8\u7b49\u3002<br \/>\n\u8c8c\u4f3c\u795e\u79d8\u7684\u4e8c\u9879\u5f0f\u7406\u8bba\u4e5f\u53ef\u7528\u6765\u5206\u6790\u80a1\u7968\u5e02\u573a\u7684\u5b9e\u9645\u95ee<br \/>\n\u9898\u3002\u5728\u5206\u6790\u80a1\u7968\u65f6\uff0c\u67d0\u6708\u5185\u80a1\u7968\u7684\u56de\u62a5\u5982\u679c\u4e3a\u6b63\uff0c\u5219\u79f0\u5176\u4e3a<br \/>\n\u6210\u529f\uff1b\u4e3a\u8d1f\u6216\u6301\u5e73\u65f6\u5c31\u79f0\u5176\u4e3a\u5931\u8d25\u3002\u5bf9\u30001957\u3000\u5e74\u81f3\u30001977\u3000\u5e74\u7f8e\u56fd\u3000AT&amp;T\u3000\u516c\u53f8\u80a1\u7968\u4ef7\u683c\u7684\u7814\u7a76\u8868\u660e\uff0c\u5bf9\u6bcf\u6708\u90fd\u8fdb\u884c\u5206\u6790\u4ee5\u786e\u5b9a<br \/>\n\u6210\u529f\u51fa\u73b0\u7684\u9891\u7387\uff0c\u4eba\u4eec\u53d1\u73b056\u30027\uff05\u7684\u60c5\u51b5\u4e0b\uff0c\u7ed3\u679c\u662f\u6210\u529f\u7684\u3002<br \/>\n\u5c06\u5206\u6790\u7684\u6570\u636e\u6309\u6bcf\u4e09\u4e2a\u6708\uff08\u5b63\u5ea6\uff09\u4e00\u7ec4\u5217\u51fa\uff0c\u7814\u7a76\u4eba\u5458<br \/>\n\u53d1\u73b0\u5b9e\u9645\u6210\u529f\u7684\u9891\u7387\u5982\u4e0b\uff1a<br \/>\n#\u6210\u529f\u6b21\u6570\u3000\u53d1\u751f\u9891\u7387<br \/>\n0\u30000\u3002088<br \/>\n1\u30000\u3002325<br \/>\n2\u30000\u3002387<br \/>\n3\u30000\u3002200<br \/>\n1\u3002000<br \/>\n\u6570\u5b66\u5bb6\u628a\u629b\u786c\u5e01\u7684\u7ed3\u679c\u5217\u8868\u7528\u4ee5\u89e3\u51b3\u6240\u6709\u7684\u4e8c\u9879\u5f0f\u5206\u5e03<br \/>\n\u95ee\u9898\u3002\u5728\u3000AT&amp;T\u3000\u7684\u4f8b\u5b50\u4e2d\uff0c\u5229\u7528\u4e8c\u9879\u5f0f\u8868\u683c\u4e4b\u524d\u9700\u8981\u4e86\u89e3\u7684\u6570<br \/>\n\u636e\u662f\uff1a<br \/>\nr=\u6210\u529f\u53ef\u80fd\u6b21\u6570=0\u52303<br \/>\nn=\u8bd5\u9a8c\u6b21\u6570=3\uff08\u4e00\u5b63\u5ea6\u51853\u4e2a\u6708\uff09<br \/>\nP=\u6210\u529f\u6982\u7387=56\u30027\uff05<br \/>\n\u5229\u7528\u8fd9\u4e9b\u6570\u636e\uff0c\u4ece\u4e8c\u9879\u5f0f\u8868\u4e2d\u5f97\u51fa\u7684\u671f\u671b\u7ed3\u679c\u5e94\u662f\uff1a<br \/>\n#\u6210\u529f\u3000\u671f\u671b\u9891\u7387<br \/>\n0\u30000\u3002082<br \/>\n1\u30000\u3002318<br \/>\n2\u30000\u3002416<br \/>\n3\u30000\u3002184<br \/>\n1\u3002000<br \/>\n\u4ee4\u4eba\u60ca\u5947\u7684\u662f\uff0c\u4e8c\u9879\u5f0f\u7684\u5206\u5e03\u548c\u3000AT&amp;T\u3000\u7684\u5b9e\u9645\u60c5\u51b5\u76f8\u5f53\u63a5<br \/>\n\u8fd1\u3002\u5728\u5df2\u77e5\u5047\u8bbe\u7684\u6210\u529f\u6982\u7387\uff08p\uff09\u540e\uff0c\u6bcf\u4e00\u5b63\u5ea6\u5185\u8d5a\u94b1\u6708\u4efd\u7684<br \/>\n\u60c5\u51b5\u5c31\u53ef\u4ee5\u4ece\u4e8c\u9879\u5f0f\u8868\u4e2d\u5f97\u5230\u3002\u56e0\u6b64\uff0c\u4e8c\u9879\u5f0f\u5206\u5e03\u5bf9\u8d1f\u8d23\u6295<br \/>\n\u8d44\u7ec4\u5408\u7684\u57fa\u91d1\u7ba1\u7406\u8005\u3001\u516c\u53f8\u8d1f\u8d23\u9500\u552e\u7684\u8463\u4e8b\u548c\u7814\u7a76\u4eba\u5458\u5206\u6790<br \/>\n\u9879\u76ee\u6982\u7387\u3001\u786e\u6709\u5b9e\u7528\u4ef7\u503c\u3002<br \/>\n\u6b63\u6001\u5206\u5e03\uff1a\u949f\u578b\u66f2\u7ebf\u4e4b\u8ff7<br \/>\n\u3000\u3000\u3000\u3000\u6b63\u6001\u5206\u5e03\uff08Normal\u3000distribution\uff09\u3000\u662f\u5e94\u7528\u6700\u666e\u904d\u7684\u7406\u8bba\uff0c\u901a\u5e38\u79f0\u4e3a\u949f\u578b\u66f2\u7ebf\uff08Bell\u3000curve\uff09\u3002\u54c8\u4f5b\u5927\u5b66\u7528\u949f\u578b\u66f2<br \/>\n\u7ebf\u786e\u5b9a\u5b66\u751f\u8003\u8bd5\u6210\u7ee9\u3002\u66f2\u7ebf\u8868\u660e\u300015\uff05\u7684\u5b66\u751f\u8003\u8bd5\u521a\u521a\u64e6\u8fb9\u53ca<br \/>\n\u683c\u3002\u3000\u8fbe\u987f\u5546\u5b66\u9662\u7684\u6559\u6388\u4eec\u51ed\u501f\u81ea\u5df1\u7684\u5224\u65ad\u7ed9\u51fa\u4e0d\u592a\u6ee1\u610f\u7684C\u3000\uff08\u6781<br \/>\n\u683c\uff09\u548c\u3000F\uff08\u4e0d\u53ca\u683c\uff09\u3002\u7ed3\u679c\u4e24\u6240\u5b66\u6821\u6821\u56ed\u7684\u7ade\u4e89\u98ce\u6c14\u622a\u7136\u4e0d\u540c\u3002<br \/>\n\u4e0d\u540c\u6807\u51c6\u504f\u5dee\u66f2\u7ebf\u7684\u6982\u7387\u5bc6\u5ea6\u5206\u5e03\u51fd\u6570<br \/>\n\u5f53\u6982\u7387\u7fa4\u5206\u5e03\u51fd\u6570\u662f\u57fa\u4e8e\u591a\u6b21\u8bd5\u9a8c\u57fa\u7840\u4e4b\u4e0a\u65f6\uff0c\u66f2\u7ebf\u5c31<br \/>\n\u8d8b\u5411\u4e8e\u7c7b\u4f3c\u949f\u578b\u7684\u5f62\u72b6\uff0c\u6211\u4eec\u79f0\u4e4b\u4e3a\u6982\u7387\u5bc6\u5ea6\u5206\u5e03\u51fd\u6570\u3002\u63cf<br \/>\n\u8ff0\u897f\u96c5\u56fe\u964d\u96e8\u5206\u5e03\u7684\u4e24\u5f20\u56fe\u5373\u662f\u8fd9\u79cd\u60c5\u51b5\u3002\u4e2d\u95f4\u7684\u51f8\u8d77\u90e8\u5206<br \/>\n\u662f\u7531\u4e8e\u201c\u4e2d\u95f4\u96c6\u4e2d\u7406\u8bba\u201d\uff08Central\u3000Limit\u3000Theorem\uff09\u4f5c\u7528\u5f15\u8d77<br \/>\n\u7684\u3002\u5b83\u8bf4\u660e\u201c\u72ec\u7acb\u4e8b\u4ef6\u91cd\u590d\u53d1\u751f\u7684\u6982\u7387\u7684\u5e73\u5747\u5206\u5e03\u5448\u4e00\u79cd\u949f<br \/>\n\u578b\u5f62\u72b6\u7684\u6b63\u6001\u5206\u5e03\u201d\u3002\u4e3a\u4ec0\u4e48\uff1f\u7b80\u5355\u8bf4\uff0c\u5c31\u662f\u56e0\u4e3a\u5927\u91cf\u72ec\u7acb<br \/>\n\u4e8b\u4ef6\u7684\u8d8b\u52bf\u662f\u5411\u4e2d\u95f4\u5e73\u5747\u503c\u4e34\u8fd1\u3002<br \/>\n\u201c\u5e73\u5747\u4e8b\u4ef6\u201d\u8fd9\u4e00\u6982\u5ff5\u76f8\u5f53\u542b\u7cca\u3002\u5728\u7528\u5e94\u7528\u4e3e\u4f8b\u4e2d\u5176\u5b9a<br \/>\n\u4e49\u5ef6\u4f38\u5230\u53ef\u5305\u62ec\u4efb\u4f55\u4e00\u5927\u7ec4\u7684\u6570\u636e\u3002\u4e3a\u4ec0\u4e48\uff1f\u56e0\u4e3a\u6b63\u6001\u5206\u5e03<br \/>\n\u6613\u4e8e\u4f7f\u7528\uff0c\u4e14\u548c\u5b9e\u9645\u751f\u6d3b\u4e2d\u7684\u60c5\u51b5\u53c8\u6781\u5176\u76f8\u4f3c\u3002\u5e02\u573a\u53d8\u5316\u4e0d<br \/>\n\u5b9a\u9020\u6210\u80a1\u7968\u4ef7\u683c\u6d6e\u52a8\uff0c\u6700\u7ec8\u5bfc\u81f4\u6216\u76c8\u6216\u4e8f\u7684\u56de\u62a5\u7ed3\u679c\u3002\u56de\u62a5<br \/>\n\u53ef\u4ee5\u88ab\u8ba4\u4e3a\u662f\u5e02\u573a\u53d8\u5316\u7684\u201c\u5e73\u5747\u201d\u503c\u3002\u6b63\u5982\u4efb\u4f55\u4e8b\u60c5\u90fd\u53ef\u4ee5<br \/>\n\u7528\u5177\u6709\u5e73\u5747\u6027\u6765\u89e3\u91ca\u4e00\u6837\uff0c\u6b63\u6001\u5206\u5e03\u7684\u5b9e\u7528\u6027\u4ea6\u5982\u6b64\u3002<br \/>\n\u6b63\u6001\u66f2\u7ebf\u7684\u6d4b\u91cf<br \/>\n\u949f\u578b\u66f2\u7ebf\u53ef\u7528\u4e24\u4e2a\u540d\u8bcd\u6765\u63cf\u8ff0\uff0c\u5373\u4e2d\u9879\uff08Mean\uff09\u548c\u6807\u51c6\u504f<br \/>\n\u5dee\uff08Standard\u3000deviation\uff1b\u3000SD\uff09\u3002\u4e2d\u9879\uff08\u03bc\uff09\u662f\u66f2\u7ebf\u7684\u4e2d\u5fc3\u90e8\u5206\uff0c<br \/>\n\u901a\u5e38\u79f0\u8fd9\u4e2a\u4e2d\u9879\u4e3a\u5e73\u5747\u503c\u3002\u5e73\u5747\u503c\u662f\u7528\u6570\u636e\u52a0\u5728\u4e00\u8d77\u4e4b\u603b\u548c<br \/>\n\u9664\u4ee5\u6570\u636e\u70b9\u3002\u6807\u51c6\u504f\u5dee\uff08\u03c3\uff09\u662f\u8861\u91cf\u504f\u79bb\u5e73\u5747\u503c\u7684\u5bbd\u7a84\u7a0b\u5ea6\u3002<br \/>\n\u5728\u6982\u7387\u6982\u5ff5\u4e2d\uff0c\u8fd9\u4e24\u4e2a\u540d\u8bcd\u662f\u975e\u5e38\u91cd\u8981\u7684\u3002<br \/>\n\u5176\u4e2d\u7528\u7684\u8f83\u5c11\u7684\u8861\u91cf\u4e00\u7ec4\u6570\u636e\u5e73\u5747\u503c\u7684\u65b9\u6cd5\u8fd8\u6709\u201c\u4e2d\u503c\u201d<br \/>\n\uff08Median\uff09\uff0c\u5373\u6309\u6570\u5b57\u5927\u5c0f\u6392\u5217\u540e\u7684\u4e2d\u95f4\u9879\u6570\u503c\uff0c\u548c\u201c\u4f17\u6570\u503c\u201d<br \/>\n\uff08Mode\uff09\uff1b\u3000\u5373\u4e00\u7ec4\u6570\u636e\u4e2d\u51fa\u73b0\u9891\u7387\u6700\u9ad8\u7684\u6570\u3002<br \/>\n\u548c\u4e8c\u9879\u5f0f\u5206\u5e03\u4e00\u6837\uff0c\u66f2\u7ebf\u4e0b\u4ee3\u8868\u6240\u6709\u51fa\u73b0\u7ed3\u679c\u7684\u53ef\u80fd\u4e4b<br \/>\n\u548c\u4e3a\u3000100\uff05\u3002\u6b63\u6001\u5206\u5e03\u66f2\u7ebf\u7279\u522b\u7684\u5730\u65b9\u5728\u4e8e\uff0c\u5bf9\u4e8e\u4efb\u4f55\u5df2\u77e5\u7684<br \/>\n\u504f\u79bb\u4e2d\u9879\u3001\u4e2d\u5fc3\u7684\u6807\u51c6\u504f\u5dee\uff0c\u5c3d\u7ba1\u6b63\u6001\u5206\u5e03\u7684\u5f62\u72b6\u4e0d\u540c\uff0c\u4f46<br \/>\n\u4e8b\u4ef6\u7684\u6982\u7387\u76f8\u540c\u3002<br \/>\n\u96f6\u552e\u4e1a\u6b63\u6001\u5206\u5e03\u4e3e\u4f8b<br \/>\n\u978b\u5e97\u8001\u677f\u3000Al\u3000Bundy\u3000\u5148\u751f\u60f3\u8981\u77e5\u9053\u5e97\u91cc\u7684\u5e93\u5b58\u80fd\u5426\u6ee1\u8db3\u987e\u5ba2\u5bf9\u4e0d\u540c\u5c3a\u5bf8\u978b\u5b50\u7684\u9700\u6c42\u3002\u4ed6\u4ece\u978b\u4e1a\u7814\u7a76\u4e2d\u5fc3\u4e70\u4e86\u4e00\u4efd\u5973\u978b<br \/>\n\u5c3a\u5bf8\u8c03\u7814\u62a5\u544a\uff0c\u5e76\u901a\u8fc7\u95ee\u5377\u8c03\u67e5\u6536\u56de\u4e86\u5927\u91cf\u6570\u636e\u3002<br \/>\n\u4ed6\u5c06\u6536\u96c6\u5230\u7684\u6570\u636e\u753b\u5728\u5750\u6807\u56fe\u4e0a\uff0c\u5f97\u5230\u7684\u5f62\u72b6\u50cf\u662f\u4e00\u6b63<br \/>\n\u6001\u5206\u5e03\u3002\u53e6\u5916\uff0c\u4ed6\u5c06\u978b\u7684\u4e0d\u540c\u5c3a\u5bf8\u4e5f\u8f93\u5165\u8ba1\u7b97\u5668\uff0c\u5f97\u5230\u6807\u51c6<br \/>\n\u504f\u5dee\u6570\u503c\u662f\u201c2\u201d\u3002\u4ed6\u8fd8\u5206\u6790\u4e86\u6240\u6536\u5230\u7684\u95ee\u5377\u4e2d\u7684\u978b\u5b50\u5c3a\u5bf8\u5e73<br \/>\n\u5747\u503c\uff0c\u5f97\u5230\u7684\u53f7\u7801\u662f\u201c7\u201d\u3002\u518d\u770b\u4eb2\u624b\u7ed8\u5236\u7684\u56fe\u8868\uff0c\u786e\u5b9e\u662f\u4e2a<br \/>\n\u4ee4\u4eba\u53ef\u4fe1\u7684\u6b63\u6001\u5206\u5e03\u3002<br \/>\n\u5bf9\u6b63\u6001\u5206\u5e03\u56fe\uff0cAl\u3000Bundy\u3000\u5148\u751f\u53ef\u4ee5\u7528\u4e0a\u5206\u6790\u6b63\u6001\u5206\u5e03\u66f2<br \/>\n\u7ebf\u7684\u539f\u7406\u3002\u6b64\u539f\u7406\u9002\u7528\u4e8e\u6240\u6709\u6b63\u6001\u5206\u5e03\u66f2\u7ebf\u7ebf\u4e0b\u533a\u57df\uff1a<br \/>\nISD=0\u30023413<br \/>\n2SD=0\u30024772<br \/>\n3SD=0\u300249865<br \/>\n4SD=0\u30024999683<br \/>\n\u4f9d\u636e\u8fd9\u4e00\u539f\u7406\uff0c\u82e5\u3000Bundy\u5148\u751f\u5e93\u5b58\u978b\u7684\u53f7\u7801\u57285\u20149\u4e4b\u95f4\uff0c<br \/>\n\u5c31\u5305\u62ec\u4e86\u4eba\u7fa4\u7a7f\u978b\u53f7\u7801\u768468\u300226\uff05\uff082\u00d7<br \/>\n\u978b\u5b50\u5c3a\u5bf8\u6b63\u6001\u5206\u5e03<br \/>\n0\u30023413\uff09\u3002\u5e93\u5b58\u7684\u53f7\u7801\u5982\u679c\u57283\u201411\u3000\u4e4b\u95f4\uff0c\u5c31\u5305\u62ec\u4e86\u300095\u300244\uff05\u3002<br \/>\n\u5982\u679c\u5e93\u5b58\u7684\u978b\u4ece\u30001\u201413\u3000\u53f7\u90fd\u6709\uff0c\u90a3\u4e48\uff0c\u5149\u987e\u4ed6\u5546\u5e97\u7684\u300099\u300273\uff05<br \/>\n\u987e\u5ba2\u5c31\u90fd\u4f1a\u6ee1\u610f\u3002\u5bf9\u90a3\u4e9b\u4f4e\u4e8e\u30001\u3000\u6216\u9ad8\u4e8e\u300013\u3000\u7684\u7279\u53f7\u978b\uff0c\u4ed6\u603b\u662f<br \/>\n\u53ef\u4ee5\u968f\u65f6\u4ece\u522b\u5904\u5b9a\u5f97\u5230\u7684\u3002<br \/>\n\u5f53\u7136\uff0c\u5b66\u6709\u7528\u4e8e\u786e\u5b9a\u66f2\u7ebf\u4e0a\u4efb\u4e00\u7279\u6b8a\u70b9\u5904\u7684\u6982\u7387\uff08\u4e2d\u9879<br \/>\n\u4ee5\u5916\u7684\u975e\u6574\u6570\u6807\u51c6\u504f\u5dee\uff09\u6b63\u6001\u5206\u5e03\u8868\u3002\u7528\u6b64\u8868\u4e4b\u524d\uff0c\u5fc5\u987b\u5148<br \/>\n\u7b97\u51fa\uff08Z\u3000value\uff09\uff0c\u5373\uff1a<br \/>\n\u6b63\u6001\u5206\u5e03\u66f2\u7ebf\u8d22\u52a1\u4e3e\u4f8b<br \/>\n\u8ba9\u6211\u4eec\u628a\u521a\u5b66\u5230\u7684\u6982\u7387\u8bba\u7684\u539f\u7406\u5e94\u7528\u5230\u91d1\u878d\u4e0a\u3002\u4ee5\u6bcf\u6708<br \/>\n\u56de\u62a5\u7387\u6ce2\u52a8\u7684\u5148\u950b\u822a\u7a7a\u516c\u53f8\uff08Pioneer\u3000Aviation\uff09\u80a1\u7968\u4e3a\u4f8b\uff0c<br \/>\n\u5047\u8bbe\u6210\u6b63\u6001\u5206\u5e03\u5f62\u72b6\u3002\u5bf9\u8be5\u80a1\u7968\u4ee5\u5f80\u7684\u56de\u62a5\u7edf\u8ba1\u8868\u660e\uff0c\u5e73\u5747<br \/>\n\u503c\u4e3a\u30001\uff05\uff0c\u6807\u51c6\u504f\u5dee\u4e3a\u300011\uff05\u3002Gerald\u3000Rasmussen\u3000\u5148\u751f\u60f3\u77e5\u9053\u4e0b<br \/>\n\u4e2a\u6708\u80a1\u7968\u7684\u56de\u62a5\u7387\u4f4e\u4e8e13\uff05\u6982\u7387\u662f\u591a\u5c11\u3002<br \/>\nZ\u3000=<br \/>\n\uff0813\u3000\u20261\uff09<br \/>\n11<br \/>\n=\u30001\u300209\uff08\u79bb\u5e73\u5747\u503c\u7684\u6807\u51c6\u504f\u5dee\uff09<br \/>\n\u6982\u7387\u5bc6\u5ea6\u5206\u5e03\u51fd\u6570<br \/>\n\u5148\u950b\u822a\u7a7a\u516c\u53f8\u6bcf\u6708\u80a1\u7968\u56de\u62a5\u7387\u5e73\u5747\u503c<br \/>\n\u6bcf\u6708\u80a1\u7968\u56de\u62a5\u7387<br \/>\n\u7528\u65b0\u8ba1\u7b97\u51fa\u7684Z\u503c\u6982\u5ff5\u53ef\u4ee5\u8ba1\u7b97\u51fa\uff1a<br \/>\n\u4ece\u9644\u5f55\u4e2d\u7684\u63d0\u4f9b\u7684\u6b63\u6001\u5206\u5e03\u8868\u53ef\u4ee5\u67e5\u5230\uff1a1\u300209\u3000\u6807\u51c6\u504f\u5dee<br \/>\n=0\u30023621\u3002\u548c\u6240\u6709\u6b63\u6001\u5206\u5e03\u56fe\u4e00\u6837\uff0c\u56fe\u4e2d\u5de6\u534a\u90e8\u5206\u7684\u6982\u7387\u662f<br \/>\n50\uff05\u3002\u5728\u6240\u6709\u7684\u6b63\u6001\u5206\u5e03\u4e2d\uff0c\u8d85\u8fc7\u6216\u4f4e\u4e8e\u4e2d\u9879\u7684\u6982\u7387\u662f\u300050\uff05\u3002<br \/>\n\u6839\u636e\u8fd9\u4e9b\u6761\u4ef6\uff0c\u6211\u8ba1\u7b97\u51fa\uff0c\u8be5\u80a1\u7968\u56de\u62a5\u7387\u4f4e\u4e8e\u300013\uff05\u7684\u6982\u7387\u662f<br \/>\n86\u300221\uff05\uff08\u5373\uff0c36\u300221\uff05\uff0b50\uff05\uff09\uff0c\u8d85\u8fc7\u300013\uff05\u7684\u6982\u7387\u662f\u300013\u300279\uff05\uff08\u5373\uff0c<br \/>\n1\u202686\u300221\uff05\uff09\u3002\u8fd9\u5c31\u662f\u7528\u6982\u7387\u7406\u8bba\u89e3\u51b3\u91d1\u878d\u4e0a\u5b9e\u9645\u95ee\u9898\u7684\u5177\u4f53<br \/>\n\u4f8b\u5b50\u3002<br \/>\n\u5982\u679c\u4e0d\u592a\u8fc7\u5206\u5f3a\u8c03\u7406\u8bba\uff0c\u6982\u7387\u7edf\u8ba1\u5b9e\u9645\u5e76\u4e0d\u96be\u3002\u6b64\u5916\uff0c<br \/>\n\u8fd8\u6709\u4e00\u4e9b\u5176\u5b83\u7c7b\u578b\u7684\u5206\u5e03\uff0c\u4f46\u5546\u4e1a\u4e0a\u7528\u7684\u8f83\u5c11\u3002\u6cca\u677e\u5206\u5e03<br \/>\n\uff08Poisson\u3000Distribution\uff09\uff0c\u548c\u6b63\u6001\u5206\u5e03\u7c7b\u4f3c\uff0c\u4f46\u56fe\u5f62\u53f3\u4fa7<br \/>\n\u5c3e\u90e8\u5c55\u5f00\u3002\u4f46\u591a\u6570\u5206\u5e03\u90fd\u88ab\u5047\u8bbe\u662f\u6b63\u6001\u5206\u5e03\uff0c\u4ee5\u5229\u7528\u6b63\u6001\u5206<br \/>\n\u5e03\u6807\u51c6\u504f\u5dee\u7684\u539f\u7406\u5206\u6790\u95ee\u9898\u3002<br \/>\n\u7d2f\u8ba1\u5206\u5e03\u51fd\u6570<br \/>\n\u7d2f\u8ba1\u5206\u5e03\u51fd\u6570\u3000\uff08\u3000Cumulative\u3000distribution<br \/>\nfunction\uff1bCDF\uff09\u662f\u5bf9\u6982\u7387\u5206\u5e03\u7684\u7d2f\u8ba1\u89c2\u5bdf\u3002\u5b83\u5206\u6790\u8bf8\u5982\u949f\u578b<br \/>\n\u66f2\u7ebf\u7b49\u6982\u7387\u96c6\u5408\u5206\u5e03\u51fd\u6570\uff0c\u4e86\u89e3\u201c\u7ed3\u679c\u51fa\u73b0\u5c0f\u4e8e\u6216\u7b49\u4e8e\u8be5\u503c<br \/>\n\u65f6\u7684\u6982\u7387\u662f\u591a\u5c11\uff1f\u201d\u4ece\u666e\u901a\u7684\u6b63\u6001\u5206\u5e03\u66f2\u7ebf\uff0c\u80fd\u77e5\u9053\u67d0\u4e00\u5df2<br \/>\n\u77e5\u7ed3\u679c\u51fa\u73b0\u7684\u6982\u7387\u662f\u591a\u5c11\uff0c\u800c\u7d2f\u8ba1\u5206\u5e03\u51fd\u6570\u80fd\u544a\u8bc9\u6211\u4eec\u4e00\u7ec4<br 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\/>\n\u9009\u51fa\u30005\u3000\u4e2a\u7ed3\u679c\uff0c\u4f60\u5c31\u53ef\u4ee5\u5728\u51b3\u7b56\u6811\u4e0a\u753b\u51fa\u6811\u679d\u4f3c\u7684\u30005\u3000\u79cd\u53ef\u80fd<br \/>\n\u7ed3\u679c\u7684\u6247\u5f62\u6982\u7387\uff08Even\u3000fan\uff09\u3002<br \/>\n\u6b64\u5904\u7684\u671f\u671b\u8d22\u52a1\u503c\u548c\u524d\u9762\u7b2c\u4e00\u6b21\u63d0\u5230\u65f6\u7684\u6570\u503c\u662f\u4e00\u6837<br \/>\n\u7684\u3002\u6211\u7b2c\u4e00\u6b21\u9009\u6b64\u503c\u7684\u539f\u56e0\uff0c\u5b8c\u5168\u662f\u4e3a\u4e86\u65b9\u4fbf\u8bfb\u8005\u3002<br \/>\n\u5229\u7528\u30005\u3000\u4e2a\u533a\u95f4\u7684\u53e6\u4e00\u79cd\u7b80\u6d01\u65b9\u6cd5\u53eb\u201c\u76ae\u5c14\u900a\u00b7\u56fe\u57fa\u6cd5\u201d<br \/>\n\uff08Pearson\u3000Tukey\u3000Method\uff09\u3002\u8fd9\u79cd\u65b9\u6cd5\u4e0d\u7528\u30005\u3000\u4e2a\u533a\u95f4\uff0c\u800c\u662f<br \/>\n\u7528\u30003\u3000\u4e2a\u533a\u95f4\uff0c\u5373\u30005\uff05\uff0c50\uff05\u548c\u300095\uff05\u4e09\u79cd\uff0c\u800c\u5176\u5404\u81ea\u5bf9\u5e94\u7684\u6982\u7387\u5206<br \/>\n\u522b\u662f18\u30025\uff05\uff0c63\uff05\u548c18\u30025\uff05\u3002<br \/>\n\u5728\u5206\u6790\u91cd\u5927\u95ee\u9898\u65f6\uff0c\u4eba\u4eec\u7528\u8499\u7279\u5361\u7f57\uff08Monte\u3000Carlo\uff09\u6a21<br \/>\n\u62df\u7a0b\u5e8f\u8ba1\u7b97\u51b3\u7b56\u6811\u3002\u8ba1\u7b97\u673a\u7684\u8ba1\u7b97\u6a2a\u578b\u4e2d\u5305\u62ec\u4e86\u6982\u7387\u6247\u5f62\u7684<br \/>\n\u7d2f\u8ba1\u5206\u5e03\u51fd\u6570\u4ee5\u53ca\u6709\u5173\u6811\u578b\u56fe\u4e2d\u7684\u6709\u5173\u53c2\u6570\u3002\u8be5\u7a0b\u5e8f\u53ef\u5bf9\u591a<br \/>\n\u79cd\u60c5\u51b5\u8fdb\u884c\u6a21\u62df\uff0c\u8ba9\u4f60\u4e86\u89e3\u4e8b\u4ef6\u53d1\u751f\u65f6\u7684\u60c5\u666f\u3002\u201cFortune\u201d<br \/>\n\u6742\u5fd7\u8bc4\u9009\u7684\u524d500\u5bb6\u516c\u53f8\uff0c\u4e0d\u5c11\u516c\u53f8\u5c31\u4f7f\u7528\u8fd9\u79cd\u65b9\u6cd5\u3002<br \/>\n\u5f53\u51b3\u7b56\u6811\u4e2d\u7684\u67d0\u4e00\u5206\u679d\u7684\u671f\u671b\u503c\u4e0d\u786e\u5b9a\u65f6\uff0c\u4fbf\u53ef\u4f7f\u7528\u7d2f<br \/>\n\u8ba1\u5206\u5e03\u51fd\u6570\u548c\u533a\u95f4\u5206\u6790\u6cd5\u3002\u4f46\u662f\uff0c\u5206\u6790\u4eba\u5458\u81ea\u5df1\u7684\u5224\u65ad\u8fd8\u662f<br \/>\n\u6700\u91cd\u8981\u7684\u3002\u51b3\u7b56\u6811\u4ec5\u4ec5\u662f\u3000MBA\u3000\u4eec\u57fa\u4e8e\u77e5\u8bc6\u548c\u51ed\u501f\u76f4\u89c9\u5206\u6790\u95ee<br \/>\n\u9898\u7684\u4e00\u79cd\u5de5\u5177\u800c\u5df2\u3002<br \/>\n\u56de\u5f52\u5206\u6790\u548c\u9884\u6d4b<br \/>\n\u7ebf\u6027\u56de\u5f52\uff08Linear\u3000Regression\uff09\u6a21\u578b\u662f\u5206\u6790\u4eba\u5458\u7528\u4ee5\u51ed<br \/>\n\u501f\u76f4\u89c9\u786e\u5b9a\u591a\u79cd\u5546\u4e1a\u60c5\u51b5\u4e0b\u6709\u5173\u53d8\u91cf\u4e4b\u95f4\u5173\u7cfb\u7684\u5de5\u5177\u3002\u4e00\u65e6<br \/>\n\u627e\u5230\u4e86\u8fd9\u79cd\u5173\u7cfb\uff0c\u5c31\u53ef\u4ee5\u7528\u5b83\u6765\u9884\u6d4b\u5c06\u6765\u3002\u666e\u901a\u7684\u7ebf\u6027\u56de\u5f52<br \/>\n\u662f\u7528\u4e8e\u5206\u6790\u9500\u552e\u989d\u548c\u4ef7\u683c\u3001\u4fc3\u9500\u548c\u5e02\u573a\u7b49\u8bf8\u591a\u56e0\u7d20\u4e4b\u95f4\u7684\u5173<br \/>\n\u7cfb\uff0c\u80a1\u7968\u4ef7\u683c\u548c\u76c8\u5229\u3001\u5229\u606f\u4e4b\u95f4\u7684\u5173\u7cfb\u4ee5\u53ca\u751f\u4ea7\u6210\u672c\u548c\u4ea7\u91cf<br \/>\n\u4e4b\u95f4\u7684\u5173\u7cfb\u3002\u5f53\u7136\uff0c\u4e5f\u53ef\u4ee5\u7528\u5b83\u6765\u5f97\u5230\u8bf8\u5982\u201c\u5929\u6c14\u6e29\u5ea6\u7684\u53d8<br \/>\n\u5316\u5bf9\u9500\u552e\u51b0\u6dc7\u6dcb\u7684\u5f71\u54cd\u5982\u4f55\uff1f\u201d\u8fd9\u4e00\u95ee\u9898\u7684\u7b54\u5b89\u3002\u6b64\u4f8b\u4e2d\uff0c<br \/>\n\u81ea\u53d8\u91cf\uff08Independent\u3000variable\uff09X\u3000\u8868\u793a\u6e29\u5ea6\uff0c\u662f\u5f15\u8d77\u5176\u5b83\u6570<br \/>\n\u503c\u53d8\u5316\u7684\u53d8\u91cf\u3002\u56e0\u53d8\u91cf\uff08Dependent\u3000variable\uff09Y\u3000\u662f\u9500\u552e\u989d\u3002<br \/>\n\u662f\u6e29\u5ea6\u5f71\u54cd\u9500\u552e\uff0c\u800c\u4e0d\u662f\u76f8\u53cd\u3002<br \/>\n\u56de\u5f52\u5206\u6790\u8981\u6c42\u6536\u96c6\u8db3\u591f\u7684\u6570\u636e\uff0c\u4ee5\u786e\u5b9a\u53d8\u91cf\u4e4b\u95f4\u7684\u5173\u7cfb\u3002<br \/>\n\u901a\u8fc7\u76f8\u5f53\u591a\u7684\u6570\u636e\u70b9\uff0c\u8bf8\u5982\u4e00\u5e74\u91cc\u6709\u5173\u6e29\u5ea6\u7684\u6570\u636e\u53ca\u9500\u552e\u7684<br \/>\n\u53d8\u5316\u60c5\u51b5\uff0c\u6211\u4eec\u4fbf\u53ef\u4ee5\u6e29\u5ea6\u4e3a\u3000X\u3000\u8f74\uff0c\u9500\u552e\u989d\u4e3a\u3000Y\u3000\u8f74\u753b\u51fa\u56fe\u5f62<br \/>\n\u6765\u3002\u7814\u7a76\u56de\u5f52\u7684\u76ee\u7684\u662f\u8981\u627e\u5230\u4e00\u6761\u80fd\u591f\u6700\u51c6\u786e\u5730\u63cf\u8ff0\u4e8c\u8005\u4e4b<br \/>\n\u95f4\u5173\u7cfb\u7684\u7ebf\u6027\u7b49\u5f0f\u3002\u56de\u5f52\u5c31\u662f\u5728\u753b\u51fa\u7684\u6570\u636e\u70b9\u4e2d\u95f4\u201c\u63d2\u5165\u201d<br \/>\n\u4e00\u6761\u76f4\u7ebf\uff0c\u5e76\u5c3d\u91cf\u4f7f\u201c\u5404\u70b9\u8ddd\u8fd9\u6761\u7ebf\u8ddd\u79bb\u5dee\u7684\u5e73\u65b9\u6700\u5c0f\u201d\u3002\u8fd9\u79cd\u201c\u6700\u5c0f\u5e73\u65b9\u6cd5\u201d\uff08Least\u3000squares\u3000method\uff09\u8981\u6c42\u505a\u5927\u91cf<br \/>\n\u6570\u636e\u7684\u52a0\u3001\u51cf\u548c\u76f8\u4e58\u3002\u5728\u5177\u4f53\u8ba1\u7b97\u4e0a\uff0c\u4f7f\u7528\u8ba1\u7b97\u5668\u6216\u3000Lotus1\u2026<br \/>\n2\u20263\u8f6f\u4ef6\u5373\u53ef\u3002<br \/>\n\u7ebf\u6027\u4ee3\u6570\u590d\u4e60<br \/>\n\u5728\u5b66\u4e60\u56de\u5f52\u7684\u5177\u4f53\u4f8b\u5b50\u4e4b\u524d\uff0c\u5148\u8ba9\u6211\u4eec\u590d\u4e60\u4e00\u4e0b\u7ebf\u6027\u4ee3<br \/>\n\u6570\u7684\u4e00\u4e9b\u57fa\u672c\u6982\u5ff5\u3002\u4ee3\u8868\u76f4\u7ebf\u7684\u7ebf\u6027\u65b9\u7a0b\u662f\uff1a<br \/>\nY=mX\uff0bb<br \/>\n\u5176\u4e2d\uff0cY=\u56e0\u53d8\u91cf\uff08\u5982\u9500\u552e\uff09<br \/>\nm=\u76f4\u7ebf\u7684\u659c\u7387\uff08\u53d8\u91cf\u4e4b\u95f4\u7684\u5173\u7cfb\uff09<br \/>\nX=\u81ea\u53d8\u91cf\uff08\u5982\u96e8\u91cf\uff09<br \/>\nb=y\u8f74\u4e0a\u7684\u622a\u8ddd\uff08\u76f4\u7ebf\u4e0e\u7ad6\u8f74\u7684\u4ea4\u53c9\u70b9\uff09<br \/>\nLotus1\u20262\u20263\u3000\u8ba1\u7b97\u8f6f\u4ef6\u53ef\u4ee5\u6c42\u51fa\u51b3\u5b9a\u81ea\u53d8\u91cf\u548c\u56e0\u53d8\u91cf\u4e4b\u95f4<br \/>\n\u5173\u7cfb\u7684\u7ebf\u6027\u65b9\u7a0b\u3002Lotus\u3000\u8f6f\u4ef6\u8fd8\u80fd\u786e\u5b9a\u8fd9\u6761\u8ba1\u7b97\u51fa\u7684\u201c\u6700\u4f73\u201d<br \/>\n\u7684\u76f4\u7ebf\u80fd\u5426\u4f5c\u4e3a\u5de5\u5177\u51c6\u786e\u5730\u9884\u6d4b\u5c06\u6765\u3002<br \/>\n\u51b0\u6fc0\u51cc\u7684\u56de\u5f52\u4e3e\u4f8b<br \/>\nBen&amp;Jerry\u3000\u5148\u751f\u662f\u300020\u3000\u591a\u5bb6\u51b0\u6dc7\u6dcb\u8fde\u9501\u5e97\u7684\u8001\u677f\u3002\u4ed6\u6ce8\u610f<br \/>\n\u5230\u968f\u7740\u6e29\u5ea6\u7684\u5347\u9ad8\u6216\u964d\u4f4e\uff0c\u516c\u53f8\u7684\u9500\u552e\u989d\u4e5f\u6709\u76f8\u5e94\u7684\u53d8\u5316\u3002<br \/>\n\u4e3a\u4e86\u786e\u5b9a\u5b63\u8282\u6027\u6c14\u5019\u53d8\u5316\u548c\u9500\u552e\u989d\u4e4b\u95f4\u51c6\u786e\u7684\u6570\u5b66\u5173\u7cfb\uff0c\u4ed6<br \/>\n\u6536\u96c6\u4e86\u524d\u30005\u3000\u5e74\u6bcf\u6708\u7684\u9500\u552e\u6570\u636e\uff0c\u53c8\u4ece\u56fd\u5bb6\u6c14\u8c61\u670d\u52a1\u4e2d\u5fc3\u67e5\u5230<br \/>\n\u5bf9\u5e94\u6708\u4efd\u7684\u5e73\u5747\u6e29\u5ea6\u3002\u4ed6\u6536\u96c6\u7684\u6570\u636e\u5982\u4e0b\uff1a<br \/>\n10\u300073\u3000600\uff1b000<br \/>\n11\u300045\u3000300\uff1b000<br \/>\n12\u300036\u3000500\uff1b000<br \/>\n\u7528\u3000Lotus\u3000\u8ba1\u7b97\u8f6f\u4ef6\u4e2d\u7684\u6570\u636e\u56de\u5f52\uff08Data\u3000Regression\uff09\u529f<br \/>\n\u80fd\u8ba1\u7b97\uff0c\u5e97\u4e3b\u5f97\u51fa\u5982\u4e0b\u7ed3\u679c\uff1a\u56de\u5f52\u7ed3\u679c<br \/>\n\u5e38\u5a04\u3000\u2026379\uff1b066<br \/>\n\u4f30\u8ba1\u7684Y\u503c\u7684\u6807\u51c6\u504f\u5dee\u3000243\uff1b334<br \/>\nR\u5e73\u65b9\u30000\u3002704<br \/>\nX\u7cfb\u6570\u300016\uff1b431<br \/>\n\u7cfb\u6570\u7684\u6807\u51c6\u504f\u5dee\u30003\uff1b367<br \/>\n\u4e0a\u5217\u6570\u636e\u7684\u542b\u4e49\u662f\u4ec0\u4e48\uff1f<br \/>\n\u4e0a\u9762\u5217\u51fa\u7684\u5185\u5bb9\u5305\u542b\u4e86\u63cf\u8ff0\u3000Ben&amp;Jerry\u3000\u516c\u53f8\u9500\u552e\u548c\u6e29\u5ea6<br \/>\n\u53d8\u5316\u4e4b\u95f4\u5173\u7cfb\u76f4\u7ebf\u65b9\u7a0b\u7684\u6570\u636e\u3002\u5148\u5217\u51fa\u7ebf\u6027\u65b9\u7a0b\u5f0f\uff1a<br \/>\n\u5e38\u6570=b=\u2026379\uff1b066<br \/>\nX\u7cfb\u6570=m=16\uff1b431<br \/>\n\u5c06\u4e4b\u4ee3\u5165\u524d\u9762\u7684\u6807\u51c6\u7ebf\u6027\u65b9\u7a0b\u5f0f\u4e2d\uff0c\u5373\uff1a<br \/>\nY=16\uff1b431X\u2026379\uff1b066<br \/>\n\u5c06\u6570\u636e\u70b9\u5728\u56fe\u4e2d\u753b\u51fa\uff0c\u5e76\u6839\u636e\u65b9\u7a0b\u5f0f\u7ed8\u51fa\u8fd9\u6761\u56de\u5f52\u7ebf\u3002<br \/>\n\u7528Lotus\u8ba1\u7b97\u8f6f\u4ef6\u753b\u51fa\u7684\u56fe\u5f62\u5982\u4e0b\uff1a<br \/>\n\u9500\u552eBen&amp;Jerry\u51b0\u6dc7\u6dcb\u56de\u5f52\u4e3e\u4f8b<br \/>\n\u6e29\u5ea6\u00b0F<br \/>\n\u5982\u56fe\u6240\u793a\uff0c\u56de\u5f52\u76f4\u7ebf\u4ece\u6570\u636e\u70b9\u7684\u4e2d\u95f4\u7a7f\u8fc7\u3002\u5c06\u6e29\u5ea6\u503c\u3000X<br \/>\n\u4ee3\u5165\u7b49\u5f0f\u4e2d\uff0c\u3000\u5c31\u53ef\u4ee5\u8ba1\u7b97\u51fa\u9884\u8ba1\u7684\u51b0\u6dc7\u6dcb\u9500\u552e\u91cf\u3002\u5728Ben&amp;Jerry<br \/>\n\u7684\u4f8b\u5b50\u4e2d\uff0c\u5f53\u6e29\u5ea6\u4e3a\u300060F\u00b0\u65f6\uff0c\u4f30\u8ba1\u7684\u6708\u9500\u552e\u989d\u5e94\u4e3a\u3000606\uff1b794<br \/>\n\u7f8e\u5143\uff0c\u5373<br \/>\nY=\uff0816431\u00d760F\u00b0\uff09\u2026379\uff1b066=606\uff1b794\u7f8e\u5143<br \/>\n\u7528\u8fd9\u79cd\u516c\u5f0f\u8ba1\u7b97\u51fa\u7684\u9884\u8ba1\u7684\u51b0\u6dc7\u6dcb\u9500\u552e\u989d\u51c6\u786e\u5ea6\u5982\u4f55\uff1f<br \/>\n\u5bf9\u8fd9\u4e00\u95ee\u9898\u7684\u7b54\u6848\uff0c\u53ef\u4ece\u3000Lotus\u3000\u8ba1\u7b97\u8f6f\u4ef6\u4e2d\u7684\u56de\u5f52\u7ed3\u679c<br \/>\n\uff08Regression\u3000Output\uff09\u8ba1\u7b97\u51fa\u7684\u53e6\u4e00\u4e2a\u6570\u5b57\u4e2d\u627e\u5230\u3002<br \/>\nR\u5e73\u65b9\u91ca\u4e49<br \/>\nR\u3000\u5e73\u65b9\u503c\u544a\u8bc9\u6211\u4eec\u201c\u7528\u5df2\u77e5\u7684\u56de\u5f52\u65b9\u7a0b\u5f0f\u89e3\u91ca\u4e86\u6570\u636e\u53d8\u5316<br \/>\n\u7684\u767e\u5206\u6570\u201d\u3002\u5728\u8fd9\u4e00\u4e3e\u4f8b\u4e2d\uff0c\u56de\u5f52\u65b9\u7a0b\u5f0f\u89e3\u91ca\u4e86\u9500\u552e\u53d8\u52a8\u7684<br \/>\n70\u30024\uff05\u3002\u8fd9\u4e00\u6bd4\u7387\u662f\u5f88\u9ad8\u7684\u3002\u5728\u66f4\u4e3a\u5e7f\u6cdb\u7684\u7ecf\u6d4e\u5206\u6790\u4e2d\uff0c\u7531\u4e8e<br \/>\n\u5bf9\u7ecf\u6d4e\u8d77\u5f71\u54cd\u4f5c\u7528\u7684\u53d8\u52a8\u56e0\u7d20\u5f88\u591a\uff0c\u6240\u4ee5\uff0c\u80fd\u8fbe\u523030\uff05\u7684\u3000R\u3000\u5e73<br \/>\n\u65b9\u503c\u5c31\u7b97\u662f\u5f88\u9ad8\u7684\u4e86\u3002\u5728\u51b0\u6dc7\u6dcb\u884c\u4e1a\uff0c\u9664\u4e86\u5929\u6c14\u7684\u53d8\u5316\uff0c\u6240<br \/>\n\u505a\u7684\u5e7f\u544a\uff0c\u5206\u53d1\u7684\u4f18\u60e0\u5238\u4ee5\u53ca\u5546\u5e97\u8425\u4e1a\u7684\u65f6\u95f4\uff0c\u90fd\u4f1a\u5bf9\u9500\u552e\u989d\u7684\u53d8\u5316\u6709\u5f71\u54cd\u3002<br \/>\n\u4f46\u662f\u8981\u5f53\u5fc3\uff01\u4e0d\u8981\u8fc7\u5206\u6307\u671b\u56de\u5f52\u6570\u636e\u7684\u7ed3\u679c\uff01\u5173\u4e8e\u6e29\u5ea6<br \/>\n\u53d8\u5316\u5f15\u8d77\u7684\u9500\u552e\u7684\u53d8\u5316\uff0c\u56de\u5f52\u80fd\u544a\u8bc9\u4f60\u7684\u4e5f\u5c31\u8fd9\u4e48\u591a\u3002\u56de\u5f52<br \/>\n\u5e76\u6ca1\u8bf4\u201c\u6e29\u5ea6\u53d8\u5316\u786e\u5b9e\u5f15\u8d77\u4e86\u9500\u552e\u7684\u53d8\u652f\u201d\u3002\u4f46\u5982\u679c\u9009\u62e9\u7684<br \/>\n\u81ea\u53d8\u91cf\u5408\u7406\uff0c\u5c31\u80fd\u5f97\u51fa\u4f60\u60f3\u8981\u4e86\u89e3\u7684\u56e0\u53d8\u91cf\u7684\u503c\uff0c\u8fd8\u662f\u7528\u4e4b<br \/>\n\u4e3a\u597d\u3002<br \/>\n\u56de\u5f52\u5206\u6790\u4e0d\u4ec5\u80fd\u6307\u51fa\u8bf8\u56e0\u7d20\u7684\u6b63\u9762\u5173\u7cfb\uff0c\u5982\u6c14\u6e29\u548c\u51b0\u6dc7<br \/>\n\u6dcb\u7684\u9500\u552e\u7684\u5173\u7cfb\uff0c\u8fd8\u53ef\u4ee5\u89e3\u91ca\u8d1f\u76f8\u5173\u56e0\u7d20\u4e4b\u95f4\u7684\u5173\u7cfb\uff0c\u5982\u5229<br \/>\n\u606f\u548c\u623f\u5c4b\u9500\u552e\u7684\u5173\u7cfb\u3002\u5982\u679c\u5229\u7387\u9ad8\uff0c\u623f\u5c4b\u7684\u9500\u552e\u5c31\u6162\u3002\u5728\u8fd9<br \/>\n\u79cd\u60c5\u51b5\u4e0b\uff0cX\u3000\u7cfb\u6570\u662f\u8d1f\u6570\u3002\u8fd9\u4e9b\u8d1f\u76f8\u5173\u7684\u4f5c\u7528\u4e00\u5982\u6b63\u76f8\u5173\u7684\u4f5c<br \/>\n\u7528\uff0c\u90fd\u662f\u5f88\u6709\u7528\u7684\u3002<br \/>\n\u6807\u51c6\u8bef\u5dee\u91ca\u4e49<br \/>\nLotus\u3000\u8ba1\u7b97\u8f6f\u4ef6\u5f97\u51fa\u7684\u201cY\u3000\u7684\u6807\u51c6\u8bef\u5dee\u548c\u3000X\u3000\u7cfb\u6570\u201d\u662f\u56de\u5f52<br \/>\n\u7ebfY\u503c\u6807\u51c6\u504f\u5dee\u548c\u3000X\u7cfb\u6570\u4e4b\u6807\u51c6\u504f\u5dee\u7684\u540c\u4e49\u8bcd\u3002\u5728\u3000Ben&amp;Jerry<br \/>\n\u4e3e\u4f8b\u4e2d\uff0c\u4f30\u8ba1\u7684Y\u503c\uff08\u9500\u552e\uff09\u6807\u51c6\u8bef\u5dee\u572868\uff05\u7684\u60c5\u51b5\u4e0b\u662f\u8981\u52a0\u3001<br \/>\n\u51cf243\uff1b334\u3000\u7f8e\u5143\u3002\u540c\u6837\u5f97\u51fa\u7684\u7ed3\u679c\u8868\u660e\uff0cX\u3000\u7cfb\u6570\uff08\u6e29\u5ea6\uff09\u6807\u51c6<br \/>\n\u8bef\u5dee\u662f\u30003367\u3002\u7528\u6807\u51c6\u504f\u5dee\u7684\u65b9\u6cd5\u53ef\u4ee5\u5bf9\u53ef\u80fd\u7684\u4e00\u7ec4\u6570\u636e\u8fdb\u884c<br \/>\n\u5404\u79cd\u5206\u6790\uff0c\u4ee5\u786e\u5b9a\u8fd9\u4e9b\u6570\u5b57\u7684\u53d8\u5316\u4ee5\u53ca\u5f97\u51fa\u7684\u56de\u5f52\u65b9\u7a0b\u5f0f\u7684<br \/>\n\u53ef\u9760\u6027\u3002<br \/>\n\u53ef\u9760\u6027\u7684T\u578b\u7edf\u8ba1\u6d4b\u91cf\u65b9\u6cd5<br \/>\nT\u3000\u578b\u7edf\u8ba1\uff08T\u3000Statistic\uff09\u6709\u52a9\u4e8e\u786e\u5b9a\u7528\u3000Lotus\u3000\u8f6f\u4ef6\u8ba1\u7b97<br \/>\n\u51fa\u7684\u56de\u5f52\u65b9\u7a0b\u662f\u5426\u80fd\u5f88\u597d\u5730\u8fdb\u884c\u9884\u6d4b\u3002T\u578b\u7edf\u8ba1\u63ed\u793a\u7684\u662f\u3000X\u3000\u53d8<br \/>\n\u91cf\u5bf9\u3000Y\u3000\u51fd\u6570\u662f\u5426\u5728\u7edf\u8ba1\u4e0a\u6709\u91cd\u5927\u7684\u5f71\u54cd\uff0c\u4f8b\u5982\u6c14\u6e29\u5bf9\u9500\u552e\u7684<br \/>\n\u5f71\u54cd\u3002\u8fd9\u4e00\u8ba1\u7b97\u65b9\u6cd5\u662f\u5c06\u76f8\u5173\u7cfb\u6570\u3000X\u3000\u9664\u4ee5\u6807\u51c6\u8bef\u5dee\u3002\u5927\u62c7\u6307<br \/>\n\u5b9a\u5f8b\u662f\uff1a\u5982\u679c\u3000T\u3000\u7edf\u8ba1\u9ad8\u4e8e\u30002\u3000\u6216\u4f4e\u4e8e\u20262\uff0c\u53d8\u91cf\u3000X\u3000\u5bf9\u51fd\u6570\u3000Y\u3000\u5c31\u6709<br \/>\n\u7edf\u8ba1\u5f97\u5230\u7684\u5f71\u54cd\u3002\u5728\u6211\u4eec\u7684\u4e3e\u4f8b\u4e2d\u300216\uff1b431\u00f73\uff1b367=4\u300288\uff0c<br \/>\n\u5177\u6709\u76f8\u5f53\u9ad8\u7684\u3000T\u3000\u578b\u7edf\u8ba1\u503c\u3002\u6240\u4ee5\uff0c\u5206\u6790\u4eba\u5458\u5c31\u4f1a\u5f97\u51fa\u6c14\u6e29\u5bf9<br \/>\n\u9500\u552e\u7684\u5f71\u54cd\u975e\u5e38\u660e\u663e\u7684\u7ed3\u8bba\u3002<br \/>\n\u5728\u8003\u8651\u67d0\u4e00\u6a21\u578b\u80fd\u5426\u4f5c\u4e3a\u597d\u7684\u9884\u6d4b\u6807\u51c6\u65f6\uff0c\u9700\u8981\u6709\u4e00\u4e2a<br \/>\n\u8f83\u9ad8\u7684\u3000R\u3000\u5e73\u65b9\u503c\u548c\u4e00\u4e2a\u8f83\u9ad8\u7684\u3000T\u3000\u578b\u7edf\u8ba1\u503c\u3002\u8fd8\u53ef\u4ee5\u505a\u51fa\u4e0d\u53ea<br \/>\n\u4e00\u4e2a\u3000X\u3000\u53d8\u91cf\u7684\u6a21\u578b\uff0c\u53eb\u591a\u91cd\u53d8\u91cf\u56de\u5f52\uff08Multivariable<br \/>\nregression\uff09\u3002\u968f\u7740\u53d8\u91cf\u6570\u91cf\u7684\u589e\u52a0\uff0cR\u3000\u5e73\u65b9\u4e5f\u968f\u4e4b\u589e\u9ad8\u3002\u4f46<br \/>\n\u662f\uff0c\u591a\u589e\u52a0\u3000T\u3000\u578b\u7edf\u8ba1\u4f4e\u7684\u53d8\u91cf\u3000X\u3000\u4f1a\u9020\u6210\u6a21\u578b\u4e0d\u51c6\u786e\u3002\u56e0\u6b64\uff0c<br \/>\n\u6709\u5fc5\u8981\u4eba\u4e3a\u5730\u589e\u52a0\u6216\u51cf\u6389\u72ec\u7acb\u53d8\u91cf\uff0c\u4ee5\u8fbe\u5230\u8f83\u9ad8\u7684\u3000R\u3000\u5e73\u65b9\u503c\u548c\u8f83\u9ad8\u7684T\u578b\u7edf\u8ba1\u503c\u3002<br \/>\n\u865a\u62df\u53d8\u91cf\u56de\u5f52\u5206\u6790<br \/>\n\u56de\u5f52\u5206\u6790\u4e2d\u4f7f\u7528\u7684\u4e00\u79cd\u6280\u5de7\uff0c\u5c31\u662f\u901a\u8fc7\u865a\u62df\u53d8\u91cf\uff08Dummy<br \/>\nvariables\uff09\u8868\u793a\u90a3\u4e9b\u65e0\u6cd5\u7528\u6570\u5b57\u8861\u91cf\u7684\u5047\u8bbe\u6761\u4ef6\uff0c\u5373\u7528\u30000\u3000\u548c<br \/>\n1\u6765\u8868\u793a\u3002\u4f8b\u5982\uff0c\u5728\u3000Toys\u201cR\u201dUs\u3000\u516c\u53f8\uff0c\u67d0\u4e00\u5b63\u8282\u5185\u70ed\u9500\u7684\u73af<br \/>\n\u5177\u6709\u5e93\u5b58\uff0c\u8fd9\u5c31\u662f\u4e00\u79cd\u80fd\u4fdd\u8bc1\u9500\u91cf\u6025\u5267\u4e0a\u5347\u7684\u975e\u6570\u5b66\u5316\u7684\u6761<br \/>\n\u4ef6\u3002\u91c7\u7528\u865a\u62df\u53d8\u91cf\u7684\u65b9\u6cd5\uff0c\u6211\u4eec\u628a\u6709\u5e93\u5b58\u7684\u7528\u201c1\u201d\u8868\u793a\uff0c\u65e0<br \/>\n\u5e93\u5b58\u7684\u7528\u201c0\u201d\u8868\u793a\u3002<br \/>\n\u5047\u8bbe\u3000Toys\u201cR\u201dUs\u3000\u516c\u53f8\u7684\u4e00\u5bb6\u5546\u5e97\u6709\u4e00\u7ec4\u6570\u636e\uff0c\u4f60\u4fbf\u53ef<br \/>\n\u4ee5\u770b\u51fa\u8fd9\u7ec4\u6570\u636e\u662f\u5982\u6b64\u53d1\u6325\u4f5c\u7528\u7684\u3002<br \/>\n\u65e5\u671f\u3000\u70ed\u9500\u73a9\u5177\u5e93\u5b58\u60c5\u51b5<br \/>\n\uff081=\u6709\u5e93\u5b58\uff0c0=\u65e0\u5e93\u5b58\uff09<br \/>\n\u9500\u552e\uff08\u7f8e\u5143\uff09<br \/>\n92\/12\/1\u30000\u3000100\uff1b000<br \/>\n92\/12\/2\u30000\u3000100\uff1b000<br \/>\n92\/12\/3\u30001\u3000200\uff1b000<br \/>\n92\/12\/4\u30001\u3000200\uff1b000<br \/>\n92\/12\/5\u30000\u3000100\uff1b000<br \/>\n92\/12\/6\u30001\u3000200\uff1b000<br \/>\n92\/12\/7\u30000\u3000200\uff1b000<br \/>\n\u7528\u3000Lotus\u3000\u8f6f\u4ef6\u8ba1\u7b97\u51fa\u7684\u70ed\u9500\u73a9\u5177\u548c\u9500\u552e\u4e4b\u95f4\u7684\u5173\u7cfb\u7684\u56de<br \/>\n\u5f52\u7ed3\u679c\u662f\uff1a<br \/>\n\u56de\u5f52\u7ed3\u679c<br \/>\n\u5e38\u6570\u3000100\uff1b000<br \/>\nY\u4f30\u8ba1\u503c\u6807\u51c6\u8bef\u5dee\u30000\u3002001<br \/>\nR\u5e73\u65b9\u30001\u300200<br \/>\nX\u76f8\u5173\u7cfb\u6570\u3000100\uff1b000<br \/>\n\u76f8\u5173\u7cfb\u6570\u6807\u51c6\u8bef\u5dee\u30000\u30020009<br \/>\n\u8fd9\u662f\u4e00\u4e2a\u6761\u4ef6\u975e\u5e38\u5b8c\u7f8e\u7684\u4f8b\u5b50\u3002\u56e0\u4e3a\u3000R\u3000\u5e73\u65b9\u89e3\u91ca\u7684\u53d8\u5316<br \/>\n\u91cf\u662f\u3000100\uff05\uff0cT\u3000\u578b\u7edf\u8ba1\u503c\u4e5f\u975e\u5e38\u5408\u9002\u3002T\u3000\u578b\u7edf\u8ba1\u63a5\u8fd1\u65e0\u7a77<br 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\/>\n\u65f6\u5f15\u8d77\u4e86\u4f60\u7684\u5174\u8da3\uff0c\u4f46\u53ea\u5355\u7eaf\u5730\u91cd\u89c6\u91d1\u878d\u7684\u539f\u7406\u800c\u5ffd\u89c6\u4e86\u5176<br \/>\n\u5b83\u7ae0\u8282\u4e2d\u7684\u5185\u5bb9\uff0c\u90a3\u5bf9\u4f60\u4e0d\u5229\u3002\u91d1\u878d\u91cc\u6709\u8bb8\u591a\u975e\u5e38\u6570\u5b57\u5316\u7684\u6982\u5ff5\uff0c\u6240\u7528\u7684\u6570\u5b57\u5206\u6790\u65b9\u6cd5\uff0c\u4e5f\u5927\u90fd\u662f\u6211\u4eec\u5728\u4f1a\u8ba1\u5b66\u548c\u6570\u91cf<br \/>\n\u5206\u6790\u4e24\u7ae0\u4e2d\u5b66\u5230\u7684\u3002\u5c31\u91cd\u8981\u6027\u800c\u8a00\uff0c\u91d1\u878d\u5728\u5e02\u573a\u8425\u9500\u4e2d\u6240\u8d77<br \/>\n\u4e00\u4f5c\u7528\u4e0e\u5e02\u573a\u8425\u9500\u5728\u91d1\u878d\u4e2d\u6240\u8d77\u7684\u4f5c\u7528\u662f\u540c\u6837\u91cd\u8981\u7684\u3002\u9500\u552e<br \/>\n\u4eba\u5458\u7684\u9500\u552e\u4e1a\u7ee9\u6700\u7ec8\u901a\u8fc7\u8d22\u52a1\u6570\u636e\u53cd\u6620\u51fa\u6765\u3002\u91d1\u878d\u5bb6\u4eec\u5219\u5728<br \/>\n\u52aa\u529b\u5411\u65b0\u5ba2\u6237\u63a8\u9500\u81ea\u5df1\u7684\u540c\u65f6\uff0c\u4e5f\u6781\u529b\u5411\u8001\u5ba2\u6237\u4eec\u515c\u552e\u7740\u65b0<br \/>\n\u4e0a\u5e02\u7684\u80a1\u7968\u3002<br \/>\n\u4f01\u4e1a\u7684\u672c\u8d28<br \/>\n\u4f01\u4e1a\u4e3a\u4ec0\u4e48\u5b58\u5728\uff1f\u91d1\u878d\u5bb6\u4eec\u8ba4\u4e3a\uff0c\u5b58\u5728\u7684\u552f\u4e00\u76ee\u7684\u662f\u4e3a<br \/>\n\u5176\u6240\u6709\u8005\u5b9e\u73b0\u5229\u6da6\u7684\u6700\u5927\u5316\u3002\u5728\u8ffd\u9010\u8d22\u5bcc\u7684\u8fc7\u7a0b\u4e2d\uff0c\u4eba\u4eec\u7ec4<br \/>\n\u5efa\u4f01\u4e1a\u7684\u65b9\u5f0f\u5404\u6709\u4e0d\u540c\u3002\u5728\u7f8e\u56fd\uff0c\u666e\u904d\u91c7\u7528\u7684\u57fa\u672c\u5408\u6cd5\u4f01\u4e1a<br \/>\n\u7ed3\u6784\uff08Business\u3000structure\uff09\u6709\u4e09\u79cd\u3002\u6839\u636e\u4e1a\u52a1\u590d\u6742\u7a0b\u5ea6\u7684<br \/>\n\u4e0d\u540c\uff0c\u503a\u52a1\u8d23\u4efb\u7684\u4f18\u5148\u7ea7\u548c\u6240\u6709\u8005\u51fa\u4e8e\u7a0e\u52a1\u5b89\u6392\u7684\u8003\u8651\uff0c\u9009<br \/>\n\u62e9\u4e0d\u540c\u7684\u4f01\u4e1a\u7ed3\u6784\u3002<br \/>\n\u72ec\u8d44\uff08Proprietorships\uff09<br \/>\n\u72ec\u8d44\uff0c\u901a\u5e38\u79f0\u4f5c\u72ec\u81ea\u6240\u6709\uff08sole\u3000proprietorship\uff09\uff0c\u662f<br \/>\n\u6307\u4e2a\u4eba\u6240\u6709\u7684\u6216\u7c7b\u4f3c\u592b\u59bb\u5e97\u5f0f\u7684\u6a21\u5f0f\uff0c\u72ec\u81ea\u4eab\u6709\u5229\u6da6\uff0c\u72ec\u81ea<br \/>\n\u627f\u62c5\u9020\u6210\u7684\u65e0\u9650\u4e8f\u635f\u8d23\u4efb\u3002\u5982\u679c\u7ecf\u8425\u4e0d\u5584\uff0c\u4e2a\u4eba\u7684\u8d22\u4ea7\u53ef\u80fd<br \/>\n\u4f1a\u88ab\u7528\u6765\u62b5\u62bc\u8fd8\u503a\u3002\u8fd9\u79cd\u4f01\u4e1a\u7684\u7ed3\u6784\u7b80\u5355\uff0c\u5f88\u50cf\u5b69\u5b50\u4eec\u6709\u65f6<br \/>\n\u6253\u5de5\u5356\u996e\u6599\uff0c\u65e0\u9700\u767b\u8bb0\u6ce8\u518c\u3002\u8fd9\u7c7b\u6536\u5165\u548c\u4e2a\u4eba\u7684\u5176\u5b83\u6536\u5165\u52a0<br \/>\n\u5728\u4e00\u8d77\u7eb3\u7a0e\u3002\u8fd9\u79cd\u4f01\u4e1a\u4e0d\u662f\u5355\u4e2a\u7684\u5408\u6cd5\u5b9e\u4f53\uff0c\u4e0d\u53ef\u80fd\u518d\u88ab\u5206<br \/>\n\u5f00\u51fa\u552e\uff0c\u6240\u4ee5\uff0c\u5728\u91d1\u878d\u5e02\u573a\u4e0a\u5f88\u96be\u7b79\u63aa\u5230\u8d44\u91d1\u3002<br \/>\n\u5408\u4f19\u5236\uff08Partnerships\uff09<br \/>\n\u51e0\u4e2a\u4eba\u51d1\u5728\u4e00\u8d77\u6210\u7acb\u5546\u4e1a\u5b9e\u4f53\u65f6\uff0c\u591a\u9009\u7528\u5408\u4f19\u5236\u3002\u4e0e\u72ec<br \/>\n\u8d44\u4e2d\u7684\u60c5\u51b5\u7c7b\u4f3c\uff0c\u5408\u4f19\u4eba\u6309\u6bd4\u4f8b\u5206\u5f97\u7684\u5229\u6da6\u540c\u4e2a\u4eba\u7684\u5176\u5b83\u6536<br \/>\n\u5165\u5408\u5e76\u7eb3\u7a0e\u3002\u5408\u4f19\u5236\u6709\u4e24\u79cd\u4e0d\u540c\u7684\u5408\u4f19\u65b9\u5f0f\u3002\u4e00\u79cd\u662f\u4e00\u822c\u5408<br 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\/>\n\u4f19\u65b9\u5f0f\u5e38\u89c1\u4e8e\u623f\u5730\u4ea7\u548c\u77f3\u6cb9\u52d8\u63a2\u7b49\u884c\u4e1a\u4e2d\uff0c\u5bf9\u4e0d\u53c2\u4e0e\u7ba1\u7406\u7684\u6295\u8d44\u8005\u8d77\u4e86\u4fdd\u62a4\u4f5c\u7528\u3002\u5728\u300080\u3000\u5e74\u4ee3\u672b\u548c\u300090\u3000\u5e74\u4ee3\u521d\uff0c\u7f8e\u56fd\u7684\u623f<br \/>\n\u5730\u4ea7\u516c\u53f8\u7eb7\u7eb7\u7834\u4ea7\u3002\u7531\u4e8e\u8bb8\u591a\u5408\u4f19\u4eba\u91c7\u7528\u7684\u662f\u6709\u9650\u5408\u4f19\u65b9\u5f0f\uff0c<br \/>\n\u4ed6\u4eec\u5f97\u4ee5\u5728\u4e0d\u627f\u62c5\u5176\u5b83\u4efb\u4f55\u8d23\u4efb\u7684\u60c5\u51b5\u4e0b\uff0c\u4e22\u4e0b\u5df2\u6295\u8d44\u5374\u53c8<br \/>\n\u6839\u672c\u79df\u4e0d\u51fa\u53bb\u7684\u7a7a\u8361\u8361\u7684\u529e\u516c\u697c\u62ac\u811a\u8d70\u4eba\u3002\u4e00\u822c\u5408\u4f19\u65b9\u5f0f\u7684<br \/>\n\u7f3a\u70b9\uff0c\u662f\u628a\u81ea\u5df1\u548c\u9879\u76ee\u62f4\u5728\u4e86\u4e00\u8d77\u3002\u548c\u72ec\u8d44\u4f01\u4e1a\u4e00\u6837\uff0c\u4e3a\u6b64<br \/>\n\u7c7b\u4f01\u4e1a\u878d\u8d44\u975e\u5e38\u56f0\u96be\uff0c\u51fa\u8ba9\u80a1\u4efd\u4e5f\u4e0d\u5bb9\u6613\u3002<br \/>\n\u516c\u53f8\uff08Corporations\uff09<br \/>\n\u516c\u53f8\u662f\u6307\u6709\u660e\u786e\u6ce8\u518c\u5730\u70b9\u3001\u72ec\u7acb\u4e8e\u6295\u8d44\u6240\u6709\u8005\u7684\u6cd5\u5b9a\u5b9e<br \/>\n\u4f53\u3002\u4ece\u6cd5\u5f8b\u4e0a\u770b\uff0c\u516c\u53f8\u7b49\u540c\u4e8e\u4e00\u4e2a\u72ec\u7acb\u7ecf\u8425\u7684\u4e2a\u4f53\u3002\u5b9e\u4f53\u7684<br \/>\n\u8d44\u4ea7\u548c\u8d1f\u503a\u7531\u516c\u53f8\u63a7\u5236\uff0c\u516c\u53f8\u7684\u6240\u6709\u8005\u5e76\u4e0d\u8d1f\u8d23\u7ba1\u7406\u3002\u548c\u6709<br \/>\n\u9650\u5408\u4f19\u4e00\u6837\uff0c\u6240\u6709\u8005\u5bf9\u516c\u53f8\u7684\u52a1\u53ea\u627f\u62c5\u6709\u9650\u8d23\u4efb\u3002\u516c\u53f8\u4e00\u65e6<br \/>\n\u7834\u4ea7\uff0c\u503a\u6743\u4eba\u4e0d\u8ffd\u7a76\u6240\u6709\u8005\u7684\u4e2a\u4eba\u8d22\u4ea7\u3002<br \/>\n\u516c\u53f8\u7684\u6240\u6709\u8005\u6743\u76ca\u88ab\u5206\u5272\u6210\u80a1\u7968\uff08Shares\u3000of\u3000stock\u3000\uff09<br \/>\n\u7684\u5f62\u5f0f\u3002\u6295\u8d44\u8005\u53ef\u5728\u91d1\u878d\u5e02\u573a\u4e0a\uff0c\u5982\u7ebd\u7ea6\u8bc1\u5238\u4ea4\u6613\u6240\uff0c\u4e70\u5356<br \/>\n\u80a1\u7968\u3002\u6295\u8d44\u8005\u4e70\u5356\u80a1\u7968\u65f6\u4e0d\u4f1a\u6253\u65ad\u516c\u53f8\u4e1a\u52a1\u7684\u6b63\u5e38\u8fd0\u8f6c\u3002\u6295<br \/>\n\u8d44\u8005\u7684\u6743\u76ca\u7531\u516c\u53f8\u7ba1\u7406\u5c42\u548c\u516c\u53f8\u8463\u4e8b\u4f1a\u4ee3\u8868\u3002\u5f53\u516c\u53f8\u6709\u8ffd\u52a0<br \/>\n\u8d44\u91d1\u7684\u9700\u6c42\u65f6\uff0c\u5c31\u4f1a\u589e\u53d1\u65b0\u80a1\u3002\u65e0\u8bba\u6295\u8d44\u8005\u662f\u79ef\u6781\u53c2\u4e0e\uff0c\u8fd8<br \/>\n\u662f\u88ab\u52a8\u63a5\u53d7\uff0c\u5176\u4e2a\u4eba\u7684\u8d22\u4ea7\u90fd\u4e0d\u4f1a\u53d7\u5230\u516c\u53f8\u503a\u52a1\u7684\u7275\u8fde\u3002<br \/>\n\u8fd9\u79cd\u516c\u53f8\u5f62\u5f0f\u7684\u4f01\u4e1a\u7ed3\u6784\u7684\u7f3a\u70b9\u662f\u6295\u8d44\u8005\u88ab\u53cc\u91cd\u5f81\u7a0e<br \/>\n\uff08Double\u3000taxation\uff09\u3002\u516c\u53f8\u4e5f\u548c\u4e2a\u4eba\u4e00\u6837\uff0c\u90fd\u5fc5\u9700\u7eb3\u7a0e\u3002\u80a1<br \/>\n\u4e1c\u4ece\u516c\u53f8\u5206\u5f97\u7684\u7ea2\u5229\uff0c\u5219\u53c8\u518d\u6b21\u88ab\u89c6\u4e3a\u80a1\u4e1c\u7684\u4e2a\u4eba\u6536\u5165\u800c\u9700<br \/>\n\u91cd\u590d\u7eb3\u7a0e\u3002<br \/>\n\u516c\u53f8\u8fd8\u6709\u4e24\u79cd\u5176\u5b83\u7684\u7279\u6b8a\u5f62\u5f0f\uff0c\u5373\u4f1a\u8ba1\u5e08\u548c\u5f8b\u5e08\u79f0\u4e4b\u4e3a\u3000C<br \/>\nCorp\u3000\u5f62\u5f0f\u548c\u3000Subchapter\u3000S\u3000Corp\u3000\u5f62\u5f0f\u3002\u8fd9\u4e24\u79cd\u5f62\u5f0f\u7684\u516c\u53f8\uff0c<br \/>\n\u80a1\u4e1c\u8f83\u5c11\uff0c\u4e0d\u8d85\u8fc7\u300035\u3000\u4eba\u3002\u4ece\u516c\u53f8\u5206\u5f97\u7684\u7ea2\u5229\uff0c\u4e5f\u540c\u5408\u4f19\u5236\u4e00<br 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\/>\n\u4f5c\uff0c\u534f\u52a9\u4e0d\u65ad\u58ee\u5927\u7684\u516c\u53f8\u878d\u8d44\uff0c\u5b89\u6392\u4ed8\u6b3e\uff0c\u4ece\u4e8b\u6536\u8d2d\u7b49\u6d3b\u52a8\u3002<br \/>\n\u4e24\u8005\u5f7c\u6b64\u8054\u7cfb\u7d27\u5bc6\u3002\u91d1\u878d\u90e8\u95e8\u62c5\u8d1f\u7740\u516c\u53f8\u7ecf\u8425\u6d3b\u52a8\u7684\u8bb8\u591a\u5de5<br \/>\n\u4f5c\uff0c\u800c\u4e14\u5728\u5f88\u5927\u7a0b\u5ea6\u4e0a\u51b3\u5b9a\u7740\u6295\u8d44\u8005\u4ece\u516c\u53f8\u5206\u5f97\u591a\u5c11\u5229\u6da6\u3002<br \/>\n\u8ba9\u6211\u4eec\u5148\u4ece\u8f83\u4e3a\u98ce\u5149\u7684\u9886\u57df\u8c08\u8d77\u3002\u6295\u8d44\uff08Investments\uff09<br \/>\n\u98ce\u9669\u548c\u56de\u62a5<br \/>\n\u600e\u6837\u624d\u80fd\u901a\u8fc7\u62e5\u6709\u4e00\u4e2a\u516c\u53f8\u6216\u5176\u5b83\u5546\u4e1a\u5b9e\u4f53\u7684\u80a1\u4efd\u6323\u5f97<br \/>\n\u5229\u6da6\uff1f\u8fd9\u4e00\u95ee\u9898\u5176\u5b9e\u8574\u542b\u7740\u4e24\u65b9\u9762\u7684\u5185\u5bb9\uff1a\u4ec0\u4e48\u662f\u6f5c\u5728\u7684\u6536<br 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\/>\n\u4fdd\u9669\u516c\u53f8\uff08FDIC\uff09\u53d1\u884c\u7684\u5b58\u6b3e\u5355\u7684\u56de\u62a5\u7387\u5c31\u5f88\u4f4e\u3002\u6295\u8d44\u77f3\u6cb9<br \/>\n\u94bb\u4e95\u5c31\u8981\u5192\u5f88\u5927\u7684\u98ce\u9669\uff0c\u800c\u4e00\u65e6\u627e\u5230\u4e86\u50a8\u91cf\u4e30\u5bcc\u7684\u77f3\u6cb9\uff0c\u90a3<br \/>\n\u4e48\u56de\u62a5\u9ad8\u5f97\u5c31\u5982\u540c\u5f97\u4e86\u5927\u5956\u3002<br \/>\n\u98ce\u9669\u7684\u7c7b\u578b<br \/>\n\u7cfb\u7edf\u6027\u98ce\u9669\uff08Systematic\u3000risk\uff09\uff0c\u662f\u6307\u548c\u5168\u90e8\u8d44\u4ea7\u6709\u5173<br \/>\n\u7684\u98ce\u9669\uff0c\u8fd9\u91cc\u5168\u90e8\u8d44\u4ea7\u662f\u6307\u80a1\u7968\u3001\u503a\u6743\u3001\u623f\u5730\u4ea7\u5e02\u573a\u7b49\u3002\u4f8b<br \/>\n\u5982\uff0c\u5f53\u516c\u4f17\u8ba4\u4e3a\u6295\u8d44\u80a1\u7968\u5e02\u573a\u6709\u5229\u53ef\u56fe\u65f6\uff08\u5373\u901a\u5e38\u6240\u8bf4\u7684\u725b<br \/>\n\u5e02\uff08Bull\u3000market\uff09\uff0c\u6574\u4e2a\u80a1\u7968\u5e02\u573a\u4f7f\u4f1a\u6500\u5347\u3002\u5728\u516c\u4f17\u64a4\u51fa\u80a1<br \/>\n\u5e02\u65f6\uff0c\u5c31\u4f1a\u548c\u30001929\u3000\u5e74\u548c\u30001987\u3000\u5e74\u80a1\u7968\u5e02\u573a\u5d29\u6e83\u65f6\u62a5\u7eb8\u5934\u6761\u65b0<br \/>\n\u95fb\u4e2d\u5f62\u5bb9\u7684\u90a3\u6837\u5f00\u59cb\u201c\u4e0b\u86cb\u201d\u6216\u201c\u7194\u5316\u201d\u3002\u5f71\u54cd\u6574\u4e2a\u5e02\u573a\u7cfb<br \/>\n\u7edf\u6027\u98ce\u9669\u7684\u56e0\u7d20\u6709\u4e24\u79cd\uff0c\u5373\u5229\u7387\u548c\u901a\u8d27\u81a8\u80c0\u3002\u65e0\u8bba\u505a\u4fdd\u79cd\u6295<br \/>\n\u8d44\uff0c\u4f60\u90fd\u9762\u4e34\u5e02\u573a\u7684\u7cfb\u7edf\u6027\u98ce\u9669\u3002<br \/>\n\u5982\u679c\u4e00\u79cd\u98ce\u9669\u53ea\u4e0e\u67d0\u4e00\u79cd\u6216\u4e00\u7ec4\u7279\u5b9a\u8d44\u4ea7\u6709\u5173\uff0c\u5c31\u79f0\u4e4b<br \/>\n\u4e3a\u72ec\u6709\u7684\uff08Unique\uff09\u6216\u975e\u7cfb\u7edf\u6027\u98ce\u9669\uff08Unsystematicrisk\uff09\u3002<br \/>\n\u6295\u8d44\u7ecf\u8425\u60c5\u51b5\u4f1a\u56e0\u6b64\u7c7b\u98ce\u9669\u800c\u53d1\u751f\u6ce2\u52a8\u3002\u4f8b\u5982\uff0c\u4f60\u4e70\u4e86\u8fea\u65af<br \/>\n\u5c3c\u7684\u80a1\u7968\uff0c\u53ef\u7c73\u5947\u732b\u5374\u4e0d\u5e78\u5f97\u4e86\u611f\u5192\uff0c\u8be5\u80a1\u7968\u5c31\u53ef\u80fd\u4e0b\u8dcc\u3002<br \/>\n\u907f\u514d\u548c\u8865\u507f\u53d1\u751f\u8fd9\u79cd\u98ce\u9669\u7684\u65b9\u6cd5\u662f\u540c\u65f6\u6295\u8d44\u591a\u79cd\u80a1\u7968\u3002\u4eba\u4eec<br \/>\n\u628a\u8fd9\u79cd\u65b9\u6cd5\u53eb\u505a\u5206\u6563\u98ce\u9669\uff08Diversification\uff09\u3002\u901a\u8fc7\u540c\u65f6\u5927<br \/>\n\u91cf\u62e5\u6709\u4e0d\u540c\u7c7b\u578b\u7684\u80a1\u7968\uff0c\u5373\u6295\u8d44\u7ec4\u5408\uff08Portfolio\uff09\uff0c\u6295\u8d44\u8005<br \/>\n\u7528\u76c8\u5229\u80a1\u7968\u7684\u6536\u76ca\u8865\u507f\u53d1\u751f\u5728\u53e6\u4e00\u4e9b\u4e0d\u76c8\u5229\u80a1\u7968\u4e0a\u7684\u4e8f\u635f\u3002<br \/>\n\u98ce\u9669\u8f6c\u79fb\uff0c\u5373<br \/>\n\u4ee5\u5f80\u80a1\u7968\u6536\u76ca\u6982\u7387\u5206\u5e03<br \/>\n\u56de\u62a5\u7387<br \/>\n\u6295\u8d44\u7684\u5206\u6563\u5316\uff0c\u80fd\u4f7f\u6574\u4e2a\u6295\u8d44\u7ec4\u5408\u7684\u6ce2\u52a8\u6027\u51cf\u5c0f\u3002BETA\uff1a\u6295\u8d44\u7ec4\u5408\u4e2d\u7684\u98ce\u9669<br \/>\n\u4ee5\u3000IBM\u3000\u4e3a\u4f8b\uff0c\u5176\u80a1\u7968\u7684\u4ef7\u683c\uff0c\u5728\u8bc1\u5238\u4ea4\u6613\u6240\u5e02\u573a\u4e0a\u662f\u6bcf<br \/>\n\u65e5\u53d8\u52a8\u7684\u3002\u8fd9\u79cd\u53d8\u52a8\u5c31\u662f\u4e00\u79cd\u98ce\u9669\u3002\u5982\u679c\u7528\u5206\u5e03\u56fe\u7684\u5f62\u5f0f\u628a<br \/>\n\u4ee5\u5f80\u6709\u5173\u98ce\u9669\u7684\u6570\u636e\u503c\u8868\u793a\u51fa\u6765\uff0c\u6211\u4eec\u5c31\u4f1a\u53d1\u73b0\uff0c\u5b83\u7684\u5f62\u72b6<br \/>\n\u548c\u524d\u9762\u7ae0\u8282\u4e2d\u63d0\u5230\u7684\u897f\u96c5\u56fe\u964d\u96e8\u5206\u5e03\u4ee5\u53ca\u978b\u5b50\u5c3a\u7801\u5206\u5e03\u56fe\u4e00<br \/>\n\u6837\u3002\u7528\u6b63\u6001\u5206\u5e03\u7684\u6982\u5ff5\u5206\u6790\uff0c\u6211\u4eec\u53d1\u73b0\u666e\u901a\u80a1\u80a1\u7968\u8fc7\u53bb\u7684\u957f<br \/>\n\u671f\u5e73\u5747\u56de\u62a5\u7387\u662f\u300012\u30021\uff05\uff0c\u6807\u51c6\u504f\u5dee\u662f\u300021\u30021\uff05\u3002\u5728\u6807\u51c6\u504f\u5dee\u5185\uff0c<br \/>\n\u5e02\u573a68\uff05\u7684\u60c5\u51b5\u4e0b\uff0c\u8be5\u80a1\u80a1\u7968\u7684\u5e74\u6295\u8d44\u56de\u62a5\u7387\u90fd\u5728\u20269\u30021\uff05\u523033\uff05<br \/>\n\u4e4b\u95f4\u3002<br \/>\n\u9664\u7528\u56fe\u8868\u8bf4\u660e\u80a1\u7968\u7edd\u5bf9\u7684\u53d8\u52a8\u6027\u4e4b\u5916\uff0c\u5206\u6790\u4eba\u5458\u8fd8\u628a\u4e00<br \/>\n\u79cd\u6216\u5c11\u6570\u51e0\u79cd\u80a1\u7968\u7684\u4ef7\u683c\u6ce2\u52a8\u60c5\u51b5\u8ddf\u6574\u4e2a\u5e02\u573a\u8fdb\u884c\u6bd4\u8f83\uff0c\u4ee5<br \/>\n\u786e\u5b9a\u5404\u81ea\u7684\u98ce\u9669\u3002\u91c7\u7528\u7684\u8861\u91cf\u65b9\u6cd5\uff0c\u5373\u3000BETA\u3000\u503c\uff0c\u5b9a\u91cf\u5730\u6bd4\u8f83<br \/>\n\u6295\u8d44\u4e00\u79cd\u80a1\u7968\u4e0e\u6301\u6709\u201c\u6709\u5e02\u573a\u4ee3\u8868\u6027\u201d\u7684\u80a1\u7968\u7ec4\u5408\u7684\u98ce\u9669\u3002<br \/>\n\u6240\u8c13\u201c\u6709\u5e02\u573a\u4ee3\u8868\u6027\u201d\u7684\u80a1\u7968\u7ec4\u5408\u662f\u6307\u201c\u6807\u51c6\u666e\u5c14\u3000500\u3000\u5bb6\u201d<br \/>\n\uff08Standard\u3000&amp;\u3000Poor&#8217;s\u3000500\uff09\u4e2d\u6240\u5217\u7684\u3000500\u3000\u79cd\u80a1\u7968\uff0c\u53e6\u4e00\u79cd\u662f<br \/>\nWilshire\u30005000\u3000\u7684\u30005000\u3000\u79cd\u80a1\u7968\u3002\u65e5\u672c\u7684\u201c\u65e5\u7ecf\u201d\uff08Nikkei\uff09<br \/>\n\u6307\u6570\u662f\u6307\u4ee3\u8868\u65e5\u672c\u5e02\u573a\u7684225\u79cd\u80a1\u7968\u3002<br \/>\n\u6700\u8457\u540d\u7684\u9053\u743c\u65af\u5de5\u4e1a\u5e73\u5747\u6307\u6570\uff08Dow\u3000Jones\u3000Industrial<br \/>\nAverage\uff09\uff0c\u5373\u3000\uff08\u7ebd\u7ea6\u8bc1\u5238\u4ea4\u6613\u6240\u7684\uff09\u3000\u5927\u884c\u60c5\u724c\u3000\uff08The\u3000Big\u3000Board\uff09\uff0c<br \/>\n\u5305\u62ec\u4e86\u7f8e\u56fd\u4e0d\u540c\u884c\u4e1a\u4e2d\u6700\u4e3a\u7a33\u5b9a\u768430\u5bb6\u5927\u516c\u53f8\uff0c\u5982AT&amp;T\uff0c\u3000IBM\uff0c<br \/>\n3M\uff0cGM\uff0cP&amp;G\uff0cCoca\u2026Co\u2026la\uff0cBoeing\u548c\u3000Exxon\u3000\u7b49\u3002\u7531\u4e8e\u62a5\u7eb8\u7684<br \/>\n\u8fc7\u5206\u6e32\u67d3\uff0c\u4f60\u53ef\u80fd\u8ba4\u4e3a\u5728\u7ebd\u7ea6\u8bc1\u5238\u4ea4\u6613\u6240\uff08NYSE\uff09\u6302\u724c\u4ea4\u6613<br 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wp:nextpage --><!--nextpage--><!-- \/wp:nextpage --><!-- wp:paragraph -->\n            <br \/>\n            \n            <br \/>\n            <br \/>\n            <br \/>\n            Beta\u503c\u4e3a1\u3000\u3000\u3000Beta\u503c\u4e3a0\u300250\u3000\u3000\u3000\u3000Beta\u503c\u4e3a1\u300275<br \/>\n\u671f\u671b\u7684\u3000\u3000\u3000\u3000\u3000\u671f\u671b\u7684\u3000\u3000\u3000\u3000\u3000\u671f\u671b\u7684<br \/>\n\u56de\u62a5\u7387\uff05\u3000\u3000\u3000\u56de\u62a5\u7387\uff05\u3000\u3000\u3000\u3000\u56de\u62a5\u7387\uff05\u65f6\u95f4\u3000\u3000\u3000\u3000\u3000\u65f6\u95f4\u3000\u3000\u3000\u3000\u65f6\u95f4<br \/>\nM=\u5e02\u573a\u53d8\u52a8\u3000\u3000I=\u5355\u4e00\u80a1\u7968\u5f0f\u6295\u8d44\u7ec4\u5408\u7684\u53d8\u52a8<br \/>\n\u666e\u904d\u6500\u5347\u65f6\uff0c\u8be5\u91d1\u77ff\u516c\u53f8\u7684\u80a1\u7968\u4e5f\u4e0d\u4f1a\u5927\u5e45\u5ea6\u5347\u9ad8\u3002\u7535\u529b\u8bbe<br 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\/>\n\u5f0f\u8868\u793a\uff0cCAPM\u3000\u4e2d\u6240\u671f\u671b\u7684\u6295\u8d44\u56de\u62a5\u7387\u662f\u65e0\u98ce\u9669\u56de\u62a5\u7387\u52a0\u975e\u7cfb<br \/>\n\u7edf\u6027\u98ce\u9669\u4fee\u6b63\u503c\u3002\u8fd9\u79cd\u98ce\u9669\u5c31\u662f\u524d\u6587\u6240\u8bf4\u7684BETA\u503c\u3002<br \/>\nKe=Rf\uff0b\uff08Km\u2026Rf\uff09Beta<br \/>\n\u671f\u671b\u7684\u6295<br \/>\n\u8d44\u56de\u62a5\u7387<br \/>\n\u65e0\u98ce\u9669<br \/>\n\u56de\u62a5\u7387<br \/>\n\u5e02\u573a\u5e73\u5747<br \/>\n\u56de\u62a5\u7387<br \/>\n\u65e0\u98ce\u9669<br \/>\n\u56de\u62a5\u7387\u3000=\u3000\uff0b\u3000\u2026<br \/>\n\uff1f<br \/>\n\u00e8<br \/>\n\uff1f<br \/>\n\uff1f<br \/>\n\uff1f<br \/>\n\u00f7\u3000\u2032\u3000Beta<br \/>\n\u5047\u8bbe\u4f60\u60f3\u77e5\u9053\u3000IBM\u3000\u7684\u56de\u62a5\u7387\u662f\u591a\u5c11\u65f6\u624d\u503c\u5f97\u6295\u8d44\u3002\u8ba1\u7b97<br 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\/>\n\u6548\u5e02\u573a\u5047\u8bbe\u7684\u8f83\u5f31\u5f62\u5f0f\u3002\u6b63\u5982\u4ee5\u524d\u63d0\u5230\u7684\uff0c\u5206\u6790\u4eba\u5458\u901a\u8fc7\u7814<br \/>\n\u7a76\u4ef7\u683c\u53d8\u52a8\u56fe\u5f62\uff0c\u671f\u671b\u627e\u5230\u80fd\u9884\u793a\u5c06\u6765\u4ef7\u683c\u53d8\u52a8\u7684\u76f8\u5173\u56fe\u5f62<br \/>\n\u5f62\u72b6\u89c4\u5f8b\u3002\u81ea\u30001980\u3000\u5e74\u4ee5\u6765\uff0c\u5bf9\u5e02\u573a\u53d8\u5316\u9884\u6d4b\u6700\u51c6\u786e\u7684\uff0c\u5f53\u6570<br \/>\n\u7531Dan\u3000Sullivan\u4e3b\u7f16\u7684\u540d\u4e3a\u201c\u56fe\u8868\u5206\u6790\u5458\u201d\uff08The\u3000Chartist\uff09<br \/>\n\u7684\u6295\u8d44\u4fe1\u606f\u62a5\u544a\u4e86\u3002<br \/>\n\u6295\u8d44\u7c7b\u578b\u548c\u8bc4\u4f30\u65b9\u6cd5<br \/>\n\u5728\u6570\u91cf\u5206\u6790\u4e00\u7ae0\u4e2d\uff0c\u66fe\u8be6\u7ec6\u5730\u8ba8\u8bba\u8fc7\u8d34\u73b0\u73b0\u91d1\u6d41\u91cf\u548c\u51c0<br \/>\n\u73b0\u503c\u7684\u6982\u5ff5\u3002<br \/>\n\u4eca\u5929\u6301\u6709\u7684\u4e00\u7f8e\u5143\u7684\u4ef7\u503c\u5b9e\u9645\u4e0a\u8981\u9ad8\u4e8e\u5c06\u6765\u5f97\u5230\u7684\u4e00\u7f8e<br \/>\n\u5143\u7684\u4ef7\u503c\u3002\u7528\u8fd9\u4e00\u7b80\u5355\u7684\u6982\u5ff5\u6765\u5206\u6790\u6295\u8d44\u51fa\u53bb\u7684\u73b0<br \/>\n\u7f8e\u56fd\u56fd\u5e93\u503a\u5238\u6536\u76ca\u66f2\u7ebf\uff081992\u5e746\u6708\uff09<br \/>\n\u5229\u7387<br \/>\n\u6708\u6708\u5e74\u5e74\u5e74\u5e74\u5e74\u5e74\u5e74<br \/>\n\u77ed\u671f\u3000\u4e2d\u671f\u3000\u957f\u671f<br \/>\n\u671f\u9650\u91d1\uff0c\u5c31\u662f\u8bc4\u6295\u8d44\u7684\u6700\u5e38\u7528\u7684\u65b9\u6cd5\u3002<br \/>\n\u503a\u5238\u5e02\u573a<br \/>\n\u503a\u5238\u7684\u4ef7\u503c\u5c31\u662f\u5c06\u6765\u73b0\u91d1\u6d41\u91cf\u7684\u73b0\u503c\u3002\u503a\u5238\u662f\u7531\u516c\u53f8\u6216<br \/>\n\u653f\u5e9c\u673a\u6784\u4ee5\u652f\u4ed8\u56fa\u5b9a\u5229\u7387\u7b79\u96c6\u8d44\u91d1\u7684\u5f62\u5f0f\u53d1\u751f\u7684\u3002<br \/>\n\u5927\u591a\u6570\u503a\u5238\u5747\u5728\u672c\u91d1\uff0c\u5373\u9762\u503c\uff08Face\uff0cor\u3000par\u3000value\uff09<br \/>\n\u7684\u57fa\u7840\u4e0a\uff0c\u6bcf\u534a\u5e74\u652f\u4ed8\u4e00\u6b21\u5229\u606f\uff0c\u5373\u606f\u7968\uff08Coupon\uff09\u3002\u5728\u660e<br \/>\n\u786e\u89c4\u5b9a\u7684\u5230\u671f\u65e5\uff08Maturity\uff09\uff0c\u507f\u8fd8\u672c\u91d1\u3002\u5728\u5927\u591a\u6570\u60c5\u51b5\u4e0b\uff0c<br \/>\n\u503a\u5238\u671f\u9650\u8d8a\u957f\uff0c\u516c\u53f8\u652f\u4ed8\u7ed9\u6295\u8d44\u8005\u7684\u5229\u7387\u5c31\u8d8a\u9ad8\u3002\u6295\u8d44\u8005\u7684<br \/>\n\u8d44\u91d1\u671f\u9650\u8d8a\u957f\uff0c\u8865\u507f\u6295\u8d44\u8005\u7684\u5229\u7387\u5c31\u8d8a\u9ad8\u3002\u7531\u4e8e\u6295\u8d44\u8005\u6709\u53ef<br \/>\n\u80fd\u5728\u5e02\u573a\u884c\u60c5\u89c1\u957f\u65f6\u56e0\u8d44\u91d1\u88ab\u5957\u800c\u5931\u53bb\u673a\u4f1a\uff0c\u6240\u4ee5\uff0c\u6295\u8d44\u8005\u7684\u8fd9\u79cd\u98ce\u9669\u5c31\u5fc5\u987b\u901a\u8fc7\u9ad8\u5229\u7387\u6765\u8865\u507f\u3002\u7528\u56fe\u5f62\u63cf\u8ff0\u503a\u5238\u671f\u9650<br \/>\n\u8d8a\u957f\u5229\u7387\u8d8a\u9ad8\u8fd9\u4e00\u57fa\u672c\u6982\u5ff5\uff0c\u5c31\u662f\u6295\u8d44\u91cc\u5e38\u8bf4\u7684\u6536\u76ca\u66f2\u7ebf<br \/>\n\uff08Yield\u3000curve\uff09\u3002<br \/>\n\u503a\u5238\u8bc4\u4e3e\u4f8b\u30021976\u3000\u5e74\u91cd\u578b\u5efa\u7b51\u8bbe\u5907\u5236\u9020\u5546\u5361\u7279\u6bd4\u52d2\u516c\u53f8<br \/>\n\uff08Caterpillar\u3000Inc\uff09\u5171\u53d1\u884c\u4e86\u603b\u503c\u4e24\u4ebf\u7f8e\u5143\u3001\u5229\u7387\u4e3a8\uff05\u30012001<br \/>\n\u5e74\u671f\u6ee1\u7684\u516c\u53f8\u503a\u5238\u30021992\u3000\u5e74\u30006\u3000\u6708\uff0c\u534e\u5c14\u8857\u65e5\u62a5\u4e0a\u7684\u62a5\u4ef7\u662f\uff1a<br \/>\n\u6bcf\u3000100\u3000\u7f8e\u5143\u9762\u503c\u7684\u8be5\u516c\u53f8\u503a\u5238\u5356\u3000100\u3000\u7f8e\u5143\u3002\u51b3\u5b9a\u503a\u5238\u4ef7\u503c\u7684<br \/>\n\u56e0\u7d20\uff0c\u9664\u9700\u652f\u4ed8\u7684\u5229\u7387\u5916\uff0c\u8fd8\u6709\u5176\u5b833\u4e2a\u56e0\u7d20\uff1a<br \/>\n\u660e\u786e\u89c4\u5b9a\u7684\u5229\u7387\uff08\u606f\u7968\uff09<br \/>\n\u8ddd\u671f\u6ee1\u7684\u65f6\u95f4\u957f\u77ed<br \/>\n\u53d1\u884c\u4eba\u8fdd\u7ea6\u7684\u98ce\u9669\uff08\u6295\u8d44\u7814\u7a76\u4eba\u5458\u516c\u5e03\u5bf9\u5176\u7ea7\u7ed3\u679c\uff09<br \/>\n\u5e02\u573a\u5f53\u65f6\u7684\u4ef7\u683c\u662f\u3000100\u3000\u7f8e\u5143\u3002\u8fd9\u5c31\u662f\u8bf4\uff0c\u4e00\u5bb6\u8f83\u7a33\u5b9a\u516c<br \/>\n\u53f8\u53d1\u884c\u76842001\u5e74\u5230\u671f\u7684\u9762\u503c\u3000100\u7f8e\u5143\u7684\u503a\u5238\uff0c\u5728\u5229\u7387\u4e3a\u30008\uff05\u3001<br \/>\n\u6bcf\u534a\u5e74\u652f\u4ed8\u4e00\u6b21\u5229\u606f\u7684\u60c5\u51b5\u4e0b\uff0c\u5176\u5e02\u573a\u4ef7\u503c\u662f\u3000100\u3000\u7f8e\u5143\u3002\u7a46<br \/>\n\u8fea\u503a\u5238\u8bc4\u670d\u52a1\u516c\u53f8\u8bc4\u5b9a\u8be5\u516c\u53f8\u4e3a\u201cA\u201d\u7ea7\uff0c\u8bf4\u660e\u8fdd\u7ea6\u7684\u98ce\u9669\u4f4e\u3002<br \/>\n\u6211\u4eec\u628a\u5f97\u5230\u7684\u503a\u5238\u5229\u606f\uff0c\u7528\u51c0\u73b0\u503c\uff08Net\u3000present\u3000value\uff09\u7684<br \/>\n\u6982\u5ff5\uff0c\u6309\u30008\uff05\u7684\u8d34\u73b0\u7387\u8ba1\u7b97\uff0c\u5f97\u5230\u7684\u5c31\u662f\u8be5\u503a\u5238\u7684\u5e02\u573a\u4ef7\u503c\u3002<br \/>\n\u56e0\u4e3a\u5e02\u573a\u5229\u7387\u7b49\u4e8e\u503a\u5238\u5229\u606f\u7387\uff0c\u6295\u8d44\u8005\u5728\u3000Caterpillar\u3000\u516c\u53f8<br \/>\n\u503a\u5238\u4e0a\u7684\u6295\u8d44\uff0c\u65e2\u6ca1\u6709\u6ea2\u4ef7\uff08Premium\uff09\uff0c\u4e5f\u6ca1\u6709\u6298\u4ef7<br \/>\n\uff08Discount\uff09\u3002\u8be5\u5e02\u503c\u4e3a100\u7f8e\u5143\u7684\u503a\u5238\u7684\u5230\u671f\u6536\u76ca\u7387\u3000\uff08Yield<br \/>\nto\u3000maturity\uff0cYTM\uff09\u4e3a8\uff05\u3002<br \/>\nCaterpillar\u3000Bond\u3000Valuation<br \/>\nof\u3000Discounted\u3000Cash\u3000Flows<br \/>\nCaterpillar\u8d34\u73b0\u73b0\u91d1\u6d41\u503a\u5238\u8bc4\u4f30<br \/>\n\u4e0a\u9762\u7684\u8ba1\u7b97\u901a\u5e38\u9700\u501f\u52a9\u8ba1\u7b97\u5668\u5b8c\u6210\u3002\u8868\u4e2d\u5217\u51fa\u8be6\u7ec6\u7684\u8ba1<br \/>\n\u7b97\u8fc7\u7a0b\u662f\u4e3a\u4e86\u5e2e\u52a9\u4f60\u66f4\u76f4\u89c2\u5730\u4e86\u89e3\u8d44\u91d1\u7684\u65f6\u95f4\u4ef7\u503c\u3002\u5982\u679c\u5e02<br \/>\n\u573a\u8ba4\u4e3a\u3000Caterpillar\u3000\u516c\u53f8\u5df2\u9891\u4e8e\u7834\u4ea7\uff0c\u6216\u9ad8\u901a\u8d27\u81a8\u80c0\u671f\u95f4\u65e0<br \/>\n\u8bba\u4ec0\u4e48\u6295\u8d44\u5e02\u573a\u5229\u7387\u90fd\u98de\u6da8\uff0c\u6295\u8d44\u8005\u5c31\u4f1a\u8981\u6c42\u81ea\u5df1\u6295\u51fa\u53bb\u7684<br \/>\n\u8d44\u91d1\u7684\u56de\u62a5\u7387\u5728\u300020\uff05\u3002\u8fd9\u65f6\uff0c\u9762\u503c\u3000100\u3000\u7f8e\u5143\u7684\u503a\u5238\u4e5f\u5c31\u53ea\u503c<br \/>\n49\u300269\u3000\u7f8e\u5143\u4e86\uff0c\u5373\u62a5\u7eb8\u4e0a\u67e5\u5230\u7684\u62a5\u4ef7\u201c49\u202611\/16\u201d\u7f8e\u5143\u3002\u968f\u7740<br \/>\n\u73b0\u91d1\u6d41\u98ce\u9669\u7684\u589e\u52a0\uff0c\u503a\u5238\u7684\u4ef7\u503c\u4e5f\u4f1a\u964d\u4f4e\u3002\u53cd\u4e4b\uff0c\u5f53\u8d34\u73b0\u7387<br \/>\n\u4e3a\u30005\uff05\u65f6\uff0c\u8be5\u503a\u5238\u7684\u4ef7\u503c\u4e5f\u4f1a\u964d\u4f4e\u3002\u53cd\u4e4b\uff0c\u5f53\u8d34\u73b0\u7387\u4e3a\u30005\uff05\u65f6\uff0c<br \/>\n\u8be5\u503a\u5238\u7684\u5e02\u573a\u4ef7\u503c\u662f\u3000123\u300216\u3000\u7f8e\u5143\u3002\u6b64\u65f6\uff0c\u5bf9\u9ad8\u4e8e\u5e02\u573a\u6c34\u5e73\u3001<br \/>\n\u5229\u7387\u4e3a\u30008\uff05\u7684\u503a\u5238\uff0c\u6295\u8d44\u8005\u5c31\u4f1a\u4e3a\u5176\u73b0\u91d1\u6d41\u589e\u591a\u6240\u5438\u5f15\u800c\u9700\u591a<br \/>\n\u6295\u8d44\uff08\u76f8\u5bf9\u5e02\u573a\u4e00\u822c\u4ef7\u683c\u7684\u6ea2\u4ef7\u2014\u2014\u8bd1\u8005\u6ce8\uff09\u624d\u80fd\u8d2d\u4e70\u5230\u3002<br \/>\n\u7528\u56fe\u5f62\u8868\u793a\uff0c\u6309\u8f83\u9ad8\u8d34\u73b0\u7387\u6298\u73b0\u65f6\uff0c\u8d44\u91d1\u7684\u73b0\u503c\u5c31<br \/>\n\u65f6\u95f4\u548c\u8d34\u73b0\u7387\u5bf9\u73b0\u503c\u7684\u5f71\u54cd\u51c0\u73b0\u503c<br \/>\n\u6536\u5230\u8d44\u91d1\u7684\u5e74\u9650<br \/>\n\u4f1a\u53d8\u4f4e\u3002\u8ddd\u79bb\u6536\u5230\u73b0\u91d1\u7684\u65f6\u95f4\u8d8a\u8fdc\uff0c\u5176\u4ef7\u503c\u5bf9\u73b0\u5728\u7684\u6295\u8d44\u8005<br \/>\n\u8d8a\u4f4e\u3002<br \/>\n\u671f\u9650\uff08Duration\uff09\u3002\u8ba1\u7b97\u503a\u5238\u4ef7\u503c\u7684\u53e6\u5916\u4e00\u79cd\u65b9\u6cd5\u662f\u201c\u5e73<br \/>\n\u5747\u52a0\u6743\u671f\u9650\u201d\uff0c\u5373\u671f\u9650\u3002\u662f\u6307\u6295\u8d44\u8005\u6536\u56de\u8be5\u503a\u5238\u5e02\u573a\u4ef7\u683c\u4e00<br \/>\n\u534a\u65f6\u6240\u7528\u7684\u65f6\u95f4\u3002\u8fd9\u4e5f\u662f\u8861\u91cf\u503a\u5238\u5bf9\u5e02\u573a\u5229\u7387\u53d8\u5316\u654f\u611f\u7a0b\u5ea6<br \/>\n\u7684\u65b9\u6cd5\u3002\u503a\u5238\u79bb\u5230\u671f\u652f\u4ed8\u65e5\u8d8a\u8fdc\uff0c\u5176\u4ef7\u503c\u6ce2\u52a8\u6027\u5c31\u8d8a\u5927\u3002\u4e00<br \/>\n\u5e74\u5185\u671f\u6ee1\u7684\u503a\u5238\u662f\u77ed\u671f\u503a\u5238\u3002\u8fd9\u7c7b\u503a\u5238\u7684\u6ce2\u52a8\u6027\u5c0f\uff0c\u6295\u8d44\u8005<br \/>\n\u5728\u5f88\u77ed\u65f6\u95f4\u5185\u5c31\u80fd\u6536\u56de\u6295\u8d44\u3002\u957f\u671f\u503a\u5238\u5219\u5728\u8f83\u957f\u7684\u65f6\u95f4\u5185\u4ee5<br \/>\n\u56fa\u5b9a\u5229\u7387\u652f\u4ed8\u5229\u606f\u3002\u5982\u679c\u5e02\u573a\u7684\u5229\u7387\u6500\u5347\uff0c\u6295\u8d44\u8005\u7684\u8d44\u91d1\u5728<br \/>\n\u76f8\u5f53\u957f\u7684\u65f6\u95f4\u5185\u88ab\u5957\u5728\u4f4e\u5229\u7387\u7684\u503a\u5238\u5e02\u573a\uff0c\u503a\u5238\u4f1a\u6025\u5267\u8d2c\u503c\u3002<br \/>\n\u5728\u3000Caterpilla\u3000\u516c\u53f8\u503a\u5238\u7684\u4e3e\u4f8b\u4e2d\uff0c\u516c\u53f8\u7528\u30009\u3000\u5e74\u65f6\u95f4\u507f\u8fd8<br \/>\n\u4e86\u6295\u8d44\u8005100\u7f8e\u5143\u6295\u8d44\u7684\u4e00\u534a50\u7f8e\u5143\u3002\u8be5\u503a\u5238\u7684\u671f\u9650\u662f9\u5e74\u3002<br \/>\n\u5728\u503a\u5238\u6295\u8d44\u4e2d\uff0c\u8fd9\u4e00\u56de\u6536\u65f6\u95f4\u662f\u6bd4\u8f83\u957f\u7684\uff0c\u56e0\u6b64\uff0c\u5176\u4ef7\u503c\u968f<br \/>\n\u5229\u7387\u53d8\u52a8\u800c\u6025\u5267\u53d8\u52a8\uff0c\u4ece\u5229\u7387\u4e3a\u300020\uff05\u65f6\u7684\u300049\u300265\u3000\u7f8e\u5143\u5230\u30005\uff05\u65f6<br \/>\n\u7684123\u300216\u7f8e\u5143\u3002\u522b\u592a\u62c5\u5fc3\u8fd9\u79cd\u70e6\u7410\u7684\u8ba1\u7b97\uff0c\u8ba1\u7b97\u673a\u80fd\u5e2e\u4e0a\u5fd9\u3002<br \/>\n\u4f60\u53ef\u4ee5\u4ece\u7ecf\u7eaa\u4eba\u90a3\u91cc\u4e86\u89e3\u5230\u503a\u5238\u5229\u7387\u662f\u591a\u5c11\uff0c\u8fd8\u80fd\u95ee\u5230\u503a\u5238<br \/>\n\u7684\u671f\u9650\u6709\u591a\u957f\u3002\u8fd9\u6837\u4ed6\u4e5f\u4e0d\u4f1a\u89c9\u5f97\u4f60\u662f\u4e2a\u5916\u884c\u3002<br \/>\n\u5176\u5b83\u7c7b\u578b\u7684\u503a\u5238<br \/>\n\u5176\u5b835\u79cd\u7c7b\u578b\u7684\u503a\u5238\u662f\uff1a\u96f6\u606f\u503a\u5238\uff08Zero\u3000coupon\u3000bonds\uff09\uff0c<br \/>\n\u6c38\u4e45\u503a\u5238\uff08Consuls\uff09\uff0c\u53ef\u8f6c\u6362\u503a\u5238\uff08Convertible\u3000bonds\uff09\uff0c<br \/>\n\u901a\u77e5\u507f\u8fd8\u503a\u5238\uff08Callable\u3000bonds\uff09\u548c\u5783\u573e\u503a\u5238\uff08Junk\u3000bonds\uff09\u3002<br 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\/>\n\u8fd8\u672c\u671f\u6cd5\u53e6\u4e00\u7f3a\u70b9\u662f\u8fd8\u5ffd\u7565\u4e86\u8fd8\u672c\u540e\u7684\u73b0\u91d1\u6d41\u91cf\u3002\u4f8b\u5982\uff0c<br \/>\n\u4e00\u79d1\u7814\u9879\u76ee\u5171\u6295\u8d44\u3000100\uff0c000\u3000\u7f8e\u5143\uff0c\u5206\u30003\u3000\u5e74\u8fd8\u6e05\u672c\u91d1\u540e\uff0c\u8be5\u9879<br \/>\n\u76ee\u6210\u4e86\u4e00\u9879\u65b0\u53d1\u660e\uff0c\u516c\u53f8\u4ecd\u53ef\u4ee5\u9760\u65e0\u9650\u671f\u5730\u53d6\u4f7f\u7528\u8d39\u6536\u56de\u73b0<br \/>\n\u91d1\uff0c\u8fd9\u53c8\u600e\u4e48\u89e3\u91ca\u5462\uff1f\u663e\u7136\uff0c\u8fd9\u4e2a\u9879\u76ee\u6bd4\u30003\u3000\u5e74\u671f\u6ee1\u65f6\u4e00\u6b21\u6027<br \/>\n\u8fd8\u672c100\uff0c000\u7f8e\u5143\u7684\u9879\u76ee\u66f4\u6709\u4ef7\u503c\u3002<br \/>\n\u51c0\u73b0\u503c\u6cd5\u3002\u8fd9\u79cd\u8bc4\u4f30\u80a1\u7968\u3001\u5238\u73b0\u91d1\u6d41\u91cf\u7684\u65b9\u6cd5\u540c\u6837\u7528\u4e8e<br \/>\n\u9879\u76ee\u8bc4\u4f30\u4e0a\u3002\u6b64\u65b9\u6cd5\u6700\u51c6\u786e\uff0c\u7406\u8bba\u4e0a\u4e5f\u6700\u6b63\u786e\u3002<br \/>\n\u6536\u5230\u94b1\u7684\u671f\u9650\u62d6\u7684\u8d8a\u957f\uff0c\u9762\u4e34\u7684\u98ce\u9669\u5c31\u8d8a\u9ad8\uff0c\u5931\u53bb\u4f7f\u7528<br \/>\n\u8fd9\u4e9b\u8d44\u91d1\u7684\u673a\u4f1a\u6210\u672c\u4e5f\u5c31\u8d8a\u5927\u3002\u540c\u6837\uff0c\u968f\u7740\u9879\u76ee\u98ce\u9669\u7684\u589e\u5927\uff0c<br \/>\n\u5e94\u9009\u7528\u66f4\u9ad8\u7684\u8d34\u73b0\u7387\u6765\u8ba1\u7b97\u672a\u6765\u73b0\u91d1\u6d41\u7684\u73b0\u503c\u3002<br \/>\nNPV=\u5c06\u8981\u6536\u5230\u7684\u73b0\u91d1\u00d7\uff081\uff0b\u8d34\u73b0\u7387\uff09\u2026\u671f\u9650<br \/>\n\u89c1\u9644\u5f55\u4e2d\u8ba1\u7b97\u8868<br \/>\n\u548c\u201c\u6295\u8d44\u201d\u51b3\u7b56\u7684\u6982\u5ff5\u4e0d\u540c\uff0c\u201c\u878d\u8d44\u201d\u51b3\u7b56\u662f\u7814\u7a76\u516c\u53f8<br \/>\n\u5982\u4f55\u7b79\u96c6\u8d44\u91d1\u7684\u95ee\u9898\u3002\u4e0d\u662f\u3000MBA\u3000\u7684\u4eba\uff0c\u5728\u8bc4\u4f30\u9762\u76ee\u5e38\u72af\u7684\u4e00<br \/>\n\u4e2a\u975e\u5e38\u660e\u663e\u7684\u9519\u8bef\u662f\u7528\u516c\u53f8\u501f\u6b3e\u6210\u672c\u4f5c\u4e3a\u8d34\u73b0\u7cfb\u6570\u30021992\u3000\u5e74\uff0c<br \/>\n\u8f83\u7a33\u5b9a\u7684\u4fca\u94f6\u884c\u501f\u6b3e\u7684\u6700\u4f18\u5229\u7387\u30006\uff05\u20267\uff05\u3002\u4f46\u8981\u6295\u8d44\u7684\u5355\u4e2a\u9879\u76ee<br \/>\n\u5374\u5e76\u4e0d\u90a3\u4e48\u7a33\u5b9a\u3002\u76f8\u5e94\u5730\uff0c\u91d1\u878d\u5206\u6790\u4eba\u5458\u5fc5\u987b\u9009\u7528\u80fd\u591f\u548c\u7279<br \/>\n\u5b9a\u9879\u76ee\u9669\u76f8\u5bf9\u5e94\u7684\u8d34\u73b0\u7387\u3002<br \/>\n\u5728\u6570\u91cf\u5206\u6790\u4e00\u7ae0\u3000Quaker\u3000\u9ea6\u7247\u516c\u53f8\u7684\u4e3e\u4f8b\u4e2d\uff0c\u5176\u73b0\u91d1\u6d41\u91cf<br \/>\n\u5982\u4e0b\u8868\u6240\u793a\uff1a<br \/>\n10\uff05\u8d34\u73b0\u7387\u73b0\u91d1\u6d41\u3000\u56e0\u5b50\u3000\u51c0\u73b0\u503c<br \/>\n\u4eca\u5929\u3000\u2026102\uff1b000\u7f8e\u5143\u30001\u30020000\u3000\u2026102\uff1b000\u7f8e\u5143<br \/>\n\u7b2c1\u5e74\u300051\uff1b000\u7f8e\u5143\u3000\u300290909\u300046\uff1b364\u7f8e\u5143<br \/>\n\u7b2c2\u5e74\u300051\uff1b000\u7f8e\u5143\u3000\u300282645\u300042\uff1b149\u7f8e\u5143<br \/>\n\u7b2c3\u5e74\u300061\uff1b000\u7f8e\u5143\u3000\u300275131\u300045\uff1b830\u7f8e\u5143<br \/>\n\u603b\u8ba1\u300061\uff1b000\u7f8e\u5143\u300032\uff1b343\u7f8e\u5143<br \/>\nNPV\u3000\u65b9\u6cd5\u53ef\u89e3\u91ca\u4e3a\uff0c\u5728\u8be5\u6c34\u5e73\u7684\u98ce\u9669\u4e0b\uff0c\u9879\u76ee\u56de\u62a5\u662f\u300032\uff0c<br \/>\n343\u3000\u7f8e\u5143\uff0c\u8d85\u8fc7\u4e86\u671f\u671b\u7684\u56de\u62a5\u7387\u3002NPV\u3000\u662f\u30000\u3000\u7684\u9879\u76ee\u662f\u53ef\u4ee5\u63a5\u53d7<br \/>\n\u7684\uff0c\u56e0\u4e3a\u5b83\u4eec\u8fbe\u5230\u4e86\u671f\u671b\u7684\u56de\u62a5\u7387\u3002\u516c\u53f8\u5e94\u5426\u51b3\u3000NPV\u3000\u4f4e\u4e8e\u96f6<br \/>\n\u7684\u9879\u76ee\u3002<br \/>\nNPV\u65b9\u6cd5\u4f18\u70b9\u5f88\u591a\u3002\u5728\u6bd4\u8f83\u4e0d\u540c\u9879\u76ee\u65f6\uff0c\u8ba1\u7b97\u8f83\u4e3a\u7075\u6d3b\u3002<br \/>\n\u9879\u76ee\u98ce\u9669\u3002\u5728\u8ba1\u7b97\u3000NPV\u3000\u65f6\u53ef\u7528\u4e0d\u540c\u7684\u8d34\u73b0\u7387\u3002\u4f8b\u5982\uff0c\u5982<br \/>\n\u679c\u5206\u6790\u4eba\u5458\u8ba4\u4e3a\u3000Quarker\u3000\u9ea6\u7247\u7684\u65b0\u5305\u88c5\u8bbe\u5907\u98ce\u9669\u9ad8\uff0c\u8fd9\u65f6\u5c31<br \/>\n\u53ef\u5206\u522b\u7528\u300015\uff05\u548c\u300020\uff05\u7684\u8d34\u73b0\u7387\u8ba1\u7b97\u51fa\u8be5\u9879\u76ee\u7684\u4e24\u4e2a\u4e0d\u540c\u4ef7\u503c<br \/>\n21019\u7f8e\u5143\u548c11217\u7f8e\u5143\uff0c\u4ee5\u8fdb\u884c\u6bd4\u8f83\u3002<br \/>\n\u9879\u76ee\u4e0d\u7b49\u503c\u5e74\u9650\u3002\u901a\u8fc7\u91c7\u7528\u98ce\u9669\u4fee\u6b63\u540e\u7684\u8d34\u73b0\u7387\uff0c\u5206\u6790<br \/>\n\u4eba\u5458\u53ef\u4ee5\u5206\u6790\u9879\u76ee\u4eca\u540e\u591a\u5e74\u73b0\u91d1\u7684\u60c5\u51b5\u3002\u6211\u4eec\u53ef\u4ee5\u628a\u3000Quarker<br \/>\n\u9ea6\u7247\u9879\u76ee\u4e0e\u5176\u5b83\u9879\u76ee\u7684\u73b0\u91d1\u6d41\u91cf\u8fdb\u884c\u6bd4\u8f83\uff0c\u65f6\u95f4\u53ef\u4e3a1\u5e74\u300110<br \/>\n\u5e74\u6216\u65e0\u9650\u671f\uff0c\u7528\u8d34\u73b0\u56e0\u5b50\u5c06\u6240\u6709\u73b0\u91d1\u6d41\u91cf\u6298\u6210\u51c0\u73b0\u503c\u3002<br \/>\n\u9879\u76ee\u73b0\u91d1\u6d41\u5927\u5c0f\u4e0d\u540c\u5dee\u5f02\u3002\u901a\u8fc7\u5c06\u73b0\u91d1\u6536\u76ca\u7528\u8d34\u73b0\u6cd5\u8ba1<br \/>\n\u7b97\u51fa\u201c\u51c0\u201d\u73b0\u503c\uff0c\u6211\u4eec\u5c31\u66f4\u6613\u4e8e\u8fdb\u884c\u4e0d\u540c\u89c4\u6a21\u9879\u76ee\u7684\u6bd4\u8f83\u3002<br \/>\n\u9879\u76ee\u672a\u6765\u7684\u73b0\u91d1\u6d41\u53ef\u7528\u8d34\u73b0\u56e0\u5b50\u6298\u73b0\u3002<br \/>\n\u7531\u4e8e\u9700\u8981\u5408\u7406\u5b89\u6392\u8d44\u91d1\uff0c\u5728\u4e0d\u5f97\u4e0d\u505a\u51fa\u9009\u62e9\u65f6\uff0cMBA\u3000\u5e94\u5982<br \/>\n\u4f55\u51b3\u5b9a\u5462\uff1fNPV\u3000\u6cd5\u53ea\u80fd\u544a\u8bc9\u4f60\u6700\u6709\u4ef7\u503c\u7684\u9879\u76ee\uff0c\u4f46\u4e0d\u662f\u4e00\u7ec4\u6700<br \/>\n\u597d\u7684\u9879\u76ee\u3002\u76c8\u5229\u6307\u6570\uff08Profitability\u3000index\uff0cPI\uff09\u53ef\u5e2e\u4e0a\u5fd9\u3002<br \/>\n\u7528\u672a\u6765\u73b0\u91d1\u6d41\u91cf\u7684NPV\u9664\u6700\u521d\u6295\u8d44\u5373\u53ef\u5f97\u5230PI\u3002\u3000\u4f8b\u5982\uff0c\u3000Quarker<br \/>\n\u9879\u76ee\u4e2d\u7684\u6307\u6570\u662f1\u3002317\u3002<br \/>\n\u672a\u6765\u73b0\u91d1\u6d41\u91cf\u7684\u51c0\u73b0\u503c<br \/>\n\u6700\u521d\u6295\u8d44<br \/>\n\u537346\uff1b364\u3000\uff0b\u300042\uff1b149\u3000\uff0b\u300045\uff1b830<br \/>\n102000<br 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\/>\n\u4f01\u4e1a\u878d\u8d44\u51b3\u7b56<br \/>\n\u8bb8\u3000MBA\u3000\u4eec\u4e00\u751f\u7684\u5de5\u4f5c\u90fd\u662f\u5fd9\u4e8e\u4e3a\u516c\u53f8\u878d\u8d44\u3002\u516c\u53f8\u878d\u8d44\u7684<br \/>\n\u76ee\u7684\u662f\u4e3a\u4e86\u5728\u53ef\u4ee5\u63a5\u53d7\u7684\u98ce\u9669\u6c34\u5e73\u3001\u4ee5\u6700\u4f4e\u7684\u6210\u672c\u7b79\u96c6\u5230\u8db3<br \/>\n\u591f\u7684\u8d44\u91d1\u3002\u8fd9\u91cc\u7684\u98ce\u9669\u662f\u6307\u516c\u53f8\u65e0\u529b\u507f\u8fd8\u501f\u6b3e\u800c\u5bfc\u81f4\u7834\u4ea7\u3002<br \/>\n\u516c\u53f8\u6709\u4e0b\u52175\u79cd\u57fa\u672c\u7684\u878d\u8d44\u65b9\u6cd5\uff1a<br \/>\n\u83b7\u5f97\u4f9b\u65b9\u4fe1\u8d37<br \/>\n\u83b7\u5f97\u878d\u8d44<br \/>\n\u83b7\u5f97\u94f6\u884c\u8d37\u6b3e<br \/>\n\u53d1\u884c\u503a\u5238<br \/>\n\u53d1\u884c\u80a1\u7968<br \/>\n\u4f9b\u65b9\u4fe1\u8d37\uff08Supplier\u3000Credit\uff09\u3002\u8fd9\u662f\u4e00\u79cd\u6700\u7b80\u4fbf\u7684\u878d\u8d44<br 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\/>\n\u53d1\u65b0\u80a1\uff0c\u5b9e\u9645\u4e0a\u662f\u4ee5\u727a\u7272\u73b0\u6709\u80a1\u4e1c\u7684\u90e8\u5206\u5229\u76ca\u4e3a\u4ee3\u4ef7\u7684\u3002\u65b0<br \/>\n\u80a1\u4e1c\u548c\u539f\u6765\u80a1\u4e1c\u5728\u6bcf\u80a1\u57fa\u7840\u4e0a\u5e73\u7b49\u5730\u5206\u4eab\u7740\u516c\u53f8\u6743\u76ca\u3002\u8fd9\u4e5f<br \/>\n\u662f\u4e3a\u4ec0\u4e48\u5206\u6790\u4eba\u5458\u5e38\u8bf4\u7684\u65b0\u80a1\u6de1\u5316\u4e86\uff08Dilute\uff09\u539f\u6709\u80a1\u4e1c\u7684<br \/>\n\u6743\u76ca\u3002<br \/>\n\u53d1\u884c\u65b0\u80a1\u7684\u6e20\u9053\u6709\u591a\u79cd\u3002\u5176\u4e2d\u7ebd\u7ea6\u8bc1\u5238\u4ea4\u6613\u6240\uff08New\u3000York<br \/>\nStock\u3000Exchange\uff1b\u3000NYSE\uff09\u89c4\u6a21\u6700\u5927\uff0c\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u6240\u3000\uff08American<br \/>\nStock\u3000Exchange\uff1b\u3000AMEX\uff09\u6b21\u4e4b\uff0c\u521a\u521a\u5174\u8d77\u7684\u662f\u5168\u56fd\u8bc1\u5238\u5546\u81ea<br \/>\n\u62a5\u4ef7\u7cfb\u7edf\u534f\u4f1a\uff08National\u3000Association\u3000of\u3000Securities\u3000Dealers<br \/>\nAutomated\u3000Quotation\u3000System\uff1b\u3000NASDAQ\uff09\u3002\u4e0d\u5728\u8bc1\u5238\u4ea4\u6613\u6240\u6302\u724c\uff0c\u4f46\u53ef\u516c\u5f00\u4ea4\u6613\u7684\u80a1\u7968\u662f\u67dc\u53f0\u4ea4\u6613\u5e02\u573a\u80a1\u7968\uff08Over\u3000the<br \/>\ncounter\uff09\u3002\u5982\u679c\u516c\u53f8\u80a1\u7968\u4e0d\u516c\u5f00\u4e70\u5356\uff0c\u8be5\u516c\u53f8\u5c31\u79f0\u4e4b\u4e3a\u79c1\u6709<br \/>\n\u6027\u516c\u53f8\u3002<br \/>\n\u6295\u8d44\u94f6\u884c\uff08Investment\u3000Bankers\uff09\u4f5c\u4e3a\u516c\u53f8\u7684\u8d22\u52a1\u987e\u95ee<br \/>\n\u5e38\u5e38\u534f\u52a9\u5176\u53d1\u884c\u65b0\u80a1\u4e0a\u5e02\u3002\u8457\u540d\u7684\u6295\u8d44\u94f6\u884c\u6709\u3000Salomon<br \/>\nBrothers\uff1b\u3000Goldman\uff1b\u3000Sachs\uff1b\u3000Ales\u3000Brown\uff1b\u3000Bear\u3000Stearns\u3000\u548c<br \/>\nMerrill\u3000Lynch\u3000\u7b49\uff0c\u5b83\u4eec\u90fd\u96c7\u4f63\u4e86\u5f88\u591a\u3000MBA\u3002\u8fd9\u4e9b\u4eba\u4ece\u4e8b\u7b56\u5212<br \/>\n\u5176\u5b83\u516c\u53f8\u80a1\u7968\u9996\u6b21\u516c\u5f00\u4e0a\u5e02\uff08Initial\u3000public\u3000offerings\uff1b<br \/>\nIPO\uff09\u3002\u6295\u8d44\u94f6\u884c\u6536\u53d6\u7684\u8d39\u7528\u6781\u9ad8\u3002\u6b64\u5916\uff0c\u6295\u8d44\u94f6\u884c\u8fd8\u8d1f\u8d23\u534f<br \/>\n\u52a9\u516c\u53f8\u51c6\u5907\u62db\u80a1\u8bf4\u660e\u4e66\uff08Prospectus\uff09\uff0c\u5728\u8bf4\u660e\u4e66\u4e2d\u4ecb\u7ecd\u53d1<br \/>\n\u884c\u4eba\u7684\u5386\u53f2\u548c\u4eca\u540e\u7684\u7ecf\u8425\u8ba1\u5212\u30021933\u3000\u5e74\u9881\u5e03\u7684\u8bc1\u5238\u6cd5<br \/>\n\uff08Securities\u3000Act\uff09\u660e\u786e\u89c4\u5b9a\u4e86\u6587\u4ef6\u4e2d\u9700\u8981\u516c\u5f00\u7684\u5185\u5bb9\u3002<br \/>\n\u878d\u8d44\u7ec4\u5408\u7684\u98ce\u9669\u548c\u56de\u62a5\uff08The\u3000Financing\u3000Mix&#8217;s\u3000Risk\u3000and<br \/>\nReward\uff09\u3002\u516c\u53f8\u878d\u8d44\u51b3\u7b56\u5b9e\u9645\u662f\u5728\u4e0d\u65ad\u5bfb\u627e\u7740\u6700\u4f73\u7684\u503a\u52a1\u548c<br \/>\n\u80a1\u672c\u642d\u914d\u6bd4\u4f8b\u3002\u8fd9\u4e00\u6bd4\u4f8b\u5c31\u662f\u516c\u53f8\u7684\u8d44\u672c\u7ed3\u6784\uff08Capital<br \/>\nstructure\uff09\u653f\u7b56\u3002\u5f53\u7ecf\u7406\u4eec\u5927\u5e45\u5ea6\u8c03\u6574\u8d44\u672c\u8d1f\u503a\u6bd4\u65f6\uff0c\u4eba\u4eec<br \/>\n\u79f0\u4e4b\u4e3a\u91cd\u7ec4\uff08Restructuring\uff09\u3002<br \/>\n\u7406\u8bba\u4e0a\u8bb2\uff0c\u5e94\u6709\u4e00\u6700\u4f73\u7684\u80a1\u672c\u8d1f\u503a\u6bd4\u3002\u4f46\u662f\uff0c\u4eba\u4eec\u73b0\u5728<br \/>\n\u8fd8\u627e\u4e0d\u5230\u80fd\u786e\u5b9a\u6700\u4f73\u6bd4\u4f8b\u7684\u516c\u5f0f\u3002MBA\u3000\u4eec\u6240\u80fd\u505a\u7684\u4ec5\u662f\u603b\u7ed3\u4ee5<br \/>\n\u5f80\u516c\u53f8\u6210\u529f\u7684\u7ecf\u9a8c\uff0c\u7814\u7a76\u7ade\u4e89\u5bf9\u624b\u7684\u8d44\u672c\u7ed3\u6784\u3002\u4f5c\u4e3a\u5408\u683c\u7684<br \/>\n\u8d22\u52a1\u7ecf\u7406\uff0c\u5c31\u8981\u5728\u5236\u5b9a\u4e86\u8d22\u52a1\u65b9\u6848\u540e\u5bc6\u5207\u5730\u8ddf\u8e2a\u5b83\u3002\u8d44\u672c\u7ed3<br \/>\n\u6784\u5177\u6709\u80fd\u52a8\u6027\u3002\u5728\u7279\u5b9a\u65f6\u95f4\u3001\u7279\u6b8a\u6761\u4ef6\u4e0b\uff0c\u5e94\u4e0d\u65ad\u5730\u7814\u7a76\u8c03<br \/>\n\u6574\u8d44\u672c\u8d1f\u503a\u7684\u4fa7\u91cd\u6bd4\u4f8b\uff0c\u4f7f\u4e4b\u66f4\u8d8b\u4e8e\u5408\u7406\u3002<br \/>\n\u867d\u7136\u6ca1\u6709\u4e00\u4ea7\u7528\u7684\u516c\u5f0f\u6765\u4e00\u52b3\u6c38\u9038\u5730\u89e3\u51b3\u8d44\u672c\u8d1f\u503a\u7684\u6bd4<br \/>\n\u4f8b\u642d\u914d\u95ee\u9898\uff0c\u4f46\u3000MBA\u3000\u4eec\u7528\u7f29\u5199\u8bcd\u3000FRICTO\uff0c\u5373\u82f1\u6587\u4e2d\u4ee3\u8868\u5206\u6790<br \/>\n\u8d44\u672c\u7ed3\u6784\u91c7\u7528\u7684\u5404\u79cd\u65b9\u6cd5\uff08\u89c1\u4e0b\u8ff0\u6bb5\u843d\uff09\u7684\u5355\u8bcd\u7684\u9996\u5b57\u6bcd\u7f29<br \/>\n\u7565\u8bcd\u6765\u5206\u6790\u4e4b\u3002<br \/>\n\u7075\u6d3b\uff08Flexibility\uff09\u3002\u516c\u53f8\u7ba1\u7406\u5c42\u8981\u660e\u786e\u5728\u9762\u4e34\u4e0d\u6d4b\uff0c<br \/>\n\u8bf8\u5982\u51fa\u73b0\u65b0\u7684\u7ade\u4e89\u5bf9\u624b\u6216\u6709\u4eba\u8d77\u8bc9\u516c\u53f8\u65f6\uff0c\u8d22\u52a1\u4e0a\u5177\u6709\u591a\u5927<br \/>\n\u7684\u6297\u98ce\u9669\u7684\u7075\u6d3b\u6027\uff1f\u4f8b\u5982\uff0cNutri\/System\u3000\u51cf\u80a5\u4e2d\u5fc3\u8fde\u9501\u5e97\uff0c<br \/>\n\u5c31\u672a\u66fe\u9884\u6599\u5230\u6709\u4e00\u4f4d\u80c6\u56ca\u708e\u60a3\u8005\u4f1a\u8d77\u8bc9\u8be5\u516c\u53f8\uff0c\u7ec8\u4e8e\u30001990\u3000\u5e74<br \/>\n\u7834\u4ea7\u3002<br \/>\n\u98ce\u9669\uff08Risk\uff09\u3002\u516c\u53f8\u80fd\u627f\u53d7\u591a\u5927\u7684\u98ce\u9669\u4ee5\u5e94\u4ed8\u53ef\u9884\u89c1\u4e8b<br \/>\n\u4ef6\u7684\u53d1\u751f\uff1f\u4f8b\u5982\uff0c\u5546\u4e1a\u5468\u671f\u6027\u7684\u4e0b\u6ed1\uff0c\u7f62\u5de5\u548c\u539f\u6750\u6599\u77ed\u7f3a\u3002<br \/>\n\u73a9\u5177\u5236\u9020\u5546\u751f\u4ea7\u7684\u70ed\u95e8\u73a9\u5177\u4f1a\u5ffd\u7136\u65e0\u4eba\u95ee\u6d25\u3002\u660e\u667a\u7684\u7ecf\u7406\u4eec<br \/>\n\u5e94\u8be5\u5b89\u6392\u597d\u5728\u9500\u552e\u989d\u4e0b\u964d\u65f6\u8d22\u52a1\u4e0a\u80fd\u6709\u8db3\u591f\u7684\u7075\u6d3b\u6027\u5e76\u6e21\u8fc7<br \/>\n\u96be\u5173\u3002\u8fd9\u4e5f\u662f\u4e3a\u4ec0\u4e48\u8bb8\u591a\u73a9\u5177\u516c\u53f8\u7684\u8d1f\u503a\u6bd4\u8f83\u4f4e\u7684\u539f\u56e0\u3002<br \/>\n\u6536\u5165\uff08Ine\uff09\u3002\u516c\u53f8\u7684\u76c8\u5229\u80fd\u652f\u4ed8\u591a\u5c11\u5229\u606f\uff0c\u627f\u53d7\u591a\u5927\u7684\u5206\u7ea2\u6c34\u5e73\uff1f\u8d22\u52a1\u7ecf\u7406\u9700\u8981\u9884\u89c1\u7ecf\u8425\u7684\u7ed3\u679c\uff0c\u4e86\u89e3\u73b0\u91d1\u6d41<br \/>\n\u662f\u591a\u5c11\u3002\u7528\u9884\u6d4b\u7684\u65b9\u6cd5\u4ee5\u53ca\u81ea\u5df1\u5bf9\u9884\u6d4b\u7684\u81ea\u4fe1\u7a0b\u5ea6\uff0c\u51b3\u5b9a\u516c<br \/>\n\u53f8\u5728\u4ec0\u4e48\u6c34\u5e73\u4e0a\u624d\u80fd\u591f\u6709\u8db3\u591f\u7684\u652f\u4ed8\u80fd\u529b\u3002<br \/>\n\u63a7\u5236\uff08Control\uff09\u3002\u7ba1\u7406\u5c42\u613f\u628a\u516c\u53f8\u591a\u5927\u6bd4\u4f8b\u7684\u80a1\u4efd\u4e0e\u5916<br \/>\n\u90e8\u7684\u6295\u8d44\u8005\u5206\u4eab\uff1f\u8bb8\u591a\u5bb6\u65cf\u5f0f\u4f01\u4e1a\u6839\u672c\u4e0d\u613f\u610f\u8ba9\u5916\u4eba\u77e5\u9053\u81ea<br \/>\n\u5df1\u7684\u5b9e\u9645\u6536\u5165\uff0c\u66f4\u4e0d\u7528\u8bf4\u8ba9\u5916\u4eba\u62e5\u6709\u6295\u7968\u51b3\u7b56\u6743\u4e86\u3002<br \/>\n\u65f6\u95f4\uff08Timing\uff09\u3002\u503a\u5238\u5e02\u573a\u662f\u5426\u80fd\u4f9b\u8bf1\u4eba\u7684\u5229\u7387\uff1f\u516c\u53f8<br \/>\n\u7ba1\u7406\u5c42\u662f\u5426\u8ba4\u4e3a\u80a1\u7968\u5e02\u573a\u8fc7\u9ad8\u5730\u4f30\u8ba1\u4e86\u4f01\u4e1a\u7684\u80a1\u7968\uff1f\u5982\u679c\u662f<br \/>\n\u8fd9\u79cd\u60c5\u51b5\uff0c\u5c06\u80a1\u7968\u5356\u7ed9\u516c\u4f17\u5bf9\u516c\u53f8\u6765\u8bf4\u662f\u5408\u9002\u7684\u3002\u76f8\u53cd\uff0c\u5982<br \/>\n\u679c\u80a1\u7968\u592a\u4fbf\u5b9c\uff0c\u516c\u53f8\u6700\u597d\u4ece\u516c\u4f17\u624b\u4e2d\u4e70\u56de\u80a1\u7968\u30021987\u3000\u5e74\u80a1\u7968<br \/>\n\u5e02\u573a\u5d29\u6e83\u4e4b\u540e\uff0c\u8bb8\u591a\u516c\u53f8\u6293\u4f4f\u673a\u4f1a\u53c8\u56de\u8d2d\u4e86\u81ea\u5df1\u516c\u53f8\u7684\u80a1\u7968\u3002<br \/>\n\u901a\u8fc7\u51cf\u5c11\u5bf9\u5916\u53d1\u884c\u80a1\u7968\u7684\u6570\u91cf\uff0c\u516c\u53f8\u7684\u8d1f\u503a\u878d\u8d44\u4f5c\u4e3a\u8d44\u672c\u7ed3<br \/>\n\u6784\u7684\u4e00\u90e8\u5206\u800c\u589e\u52a0\u4e86\u3002<br \/>\n1991\u3000\u5e74\uff0c\u6295\u8d44\u8005\u4e70\u4e0d\u5230\u751f\u7269\u5de5\u7a0b\u516c\u53f8\u7684\u80a1\u7968\u3002\u8bb8\u591a\u6295\u8d44<br \/>\n\u8005\u751a\u81f3\u613f\u610f\u51fa\u9ad8\u4ef7\u8d2d\u4e70\u4e00\u4e9b\u5b58\u5728\u95ee\u9898\u7684\u65b0\u4e0a\u5e02\u80a1\u7968\u3002\u673a\u654f\u7684<br \/>\n\u7ecf\u7406\u4eec\u8fde\u5fd9\u6572\u5f00\u5e02\u573a\u4e4b\u95e8\uff0c\u4ee5\u9ad8\u4ef7\u5c06\u80a1\u7968\u5356\u7ed9\u4e86\u6025\u4e8e\u8d2d\u4e70\u7684<br \/>\n\u516c\u4f17\u30021992\u3000\u5e74\uff0c\u5e02\u573a\u4e0a\u96be\u4ee5\u501f\u5230\u94b1\uff0c\u6295\u8d44\u8005\u5931\u4e86\u5bf9\u751f\u7269\u5de5\u7a0b<br \/>\n\u516c\u53f8\u80a1\u7968\u7684\u504f\u7231\u3002\u6240\u4ee5\uff0c\u516c\u53f8\u7684\u7ba1\u7406\u5c42\u5728\u660e\u786e\u8d44\u672c\u7ed3\u6784\u65f6\u8981<br \/>\n\u52aa\u529b\u6293\u4f4f\u5e02\u573a\u7684\u6709\u5229\u65f6\u673a\u3002<br \/>\n\u5176\u5b83\uff08Other\uff09\u3002\u6709\u8bb8\u591a\u5f71\u54cd\u7ecf\u7406\u505a\u51b3\u5b9a\u7684\u5176\u5b83\u56e0\u7d20\u3002\u516c<br \/>\n\u53f8\u4f1a\u627e\u4e0d\u5230\u4e00\u5bb6\u613f\u610f\u8d37\u6b3e\u7684\u94f6\u884c\u3002\u8fd9\u65f6\uff0c\u53ea\u597d\u81ea\u5df1\u7528\u80a1\u672c\u91d1<br \/>\n\u505a\u6295\u8d44\u3002\u5728\u5176\u5b83\u60c5\u51b5\u4e0b\uff0c\u5229\u7387\u592a\u9ad8\uff0c\u516c\u53f8\u4e5f\u53ea\u597d\u6295\u5165\u80a1\u672c\u91d1\u3002<br \/>\n\u5f71\u54cd\u8d44\u672c\u7ed3\u6784\u51b3\u7b56\u7684\u539f\u56e0\u5f88\u591a\u3002<br \/>\n\u8d22\u52a1\u7ed3\u6784\u4e2d\u8ba8\u8bba\u6700\u591a\u7684\u8981\u6570\u6bd4\u7387\u3002\u5728\u4f1a\u8ba1\u4e00\u7ae0\u4e2d\uff0c\u6211\u5df2<br \/>\n\u89e3\u91ca\u4e86\u91d1\u878d\u6760\u6746\u7684\u6982\u5ff5\u3002\u4e00\u4e9b\u516c\u53f8\u901a\u8fc7\u7ef4\u6301\u9ad8\u6bd4\u4f8b\u7684\u8d1f\u503a\uff0c<br \/>\n\u5f88\u5c11\u7684\u80a1\u672c\u91d1\uff0c\u201c\u6760\u6746\u201d\u5f0f\u5730\u4e3a\u80a1\u4e1c\u652f\u6491\u7740\u9879\u76ee\uff0c\u4ee5\u671f\u76c8\u5229\u3002<br \/>\n\u5f53\u516c\u53f8\u6709\u5229\u6da6\u65f6\uff0c\u56e0\u516c\u53f8\u53d1\u884c\u7684\u80a1\u7968\u91cf\u5c0f\uff0c\u6240\u4ee5\uff0c\u6bcf\u80a1\u76c8\u5229<br \/>\n\u5c31\u9ad8\u3002\u76f8\u53cd\uff0c\u5728\u5229\u6da6\u4f4e\u3001\u5229\u606f\u8d1f\u63d0\u8fc7\u91cd\u65f6\uff0c\u5c31\u4f1a\u5360\u53bb\u6240\u6709\u5229<br \/>\n\u6da6\uff0c\u6709\u65f6\u5f04\u4e0d\u597d\u8fde\u80a1\u672c\u91d1\u4e5f\u5f97\u642d\u8fdb\u53bb\u3002<br \/>\n\u8d1f\u503a\u5f88\u9ad8\u7684\u516c\u53f8\u7684\u7ba1\u7406\u5c42\uff0c\u5728\u9884\u6d4b\u73b0\u91d1\u6d41\u91cf\u65f6\uff0c\u5982\u679c\u5176<br \/>\n\u7ed3\u679c\u4e0d\u80fd\u4e3a\u80a1\u4e1c\u63d0\u4f9b\u9ad8\u56de\u62a5\uff0c\u5c31\u5fc5\u9700\u65ad\u516c\u53f8\u662f\u5426\u8981\u5192\u7834\u4ea7\u7684<br \/>\n\u98ce\u9669\u3002Thompson\u3000\u5bb6\u65cf\u5c31\u662f\u9519\u8bef\u5730\u4f30\u8ba1\u4e86\u3000Southland\u3000\u516c\u53f8\u7684\u60c5<br \/>\n\u51b5\uff0c\u800c\u8d22\u529b\u96c4\u539a\u7684\u53e6\u4e00\u5bb6\u98df\u54c1\u670d\u52a1\u516c\u53f8\u3000ARA\u3000Services\u3000\u7684\u7ba1\u7406<br \/>\n\u5c42\uff0c\u5728\u30001984\u3000\u5e74\u6293\u4f4f\u4e86\u673a\u4f1a\uff0c\u7528\u6760\u6746\u6536\u8d2d\u65b9\u5f0f\u5c06\u4e4b\u8d2d\u4e70\u4e0b\u6765\u3002<br \/>\n\u8c01\u77e5\u9053\u5462\uff1f\u5982\u679c\u5f53\u65f6\u3000Thompsons\u3000\u5bb6\u65cf\u7528\u3000FRICTO\u3000\u65b9\u6cd5\u5206\u6790\u4e00<br \/>\n\u4e0b\uff0c\u4e5f\u8bb8\u5c31\u80fd\u907f\u514d\u635f\u5931\u3002<br \/>\n\u5df2\u4e0a\u5e02\u7684\u80a1\u7968\u7684\u5e02\u503c\u4e0e\u516c\u53f8\u8d44\u672c\u7ed3\u6784\u98ce\u9669\u6709\u5173\u3002\u5982\u679c\u6295<br \/>\n\u8d44\u8005\u8ba4\u4e3a\u8d1f\u503a\u7a0b\u5ea6\u8fc7\u9ad8\uff0c\u7531\u4e8e\u507f\u8fd8\u8d1f\u503a\u65f6\u51fa\u73b0\u6536\u5165\u4e0d\u591f\u652f\u4ed8\u5229\u606f\u7684\u98ce\u9669\u5f88\u5927\uff0c\u4ed6\u4eec\u8d2d\u4e70\u8be5\u80a1\u7968\u51fa\u7684\u4ef7\u683c\u5c31\u8f83\u4f4e\u3002\u6295\u8d44\u8005<br \/>\n\u5728\u5206\u6790\u516c\u53f8\u65f6\u4e5f\u4f1a\u628a\u503a\u52a1\u7684\u98ce\u9669\u8003\u8651\u8fdb\u53bb\uff0c\u5c06\u516c\u53f8\u7684\u4ef7\u503c\u6253<br \/>\n\u4e00\u6298\u6263\u300290\u3000\u5e74\u4ee3\u521d\uff0c\u4e00\u4e9b\u5229\u7528\u6760\u6746\u878d\u8d44\u7684\u516c\u53f8\uff0c\u5982\u3000Black\u3000&amp;<br \/>\nDecker\uff1b\u3000RIR\u3000Nabisco\uff1b\u3000Owens\u2026Corning\uff1b\u3000Fiberglass\u3000\u7b49\uff0c\u5c31<br \/>\n\u4f7f\u5f97\u8bb8\u591a\u6295\u8d44\u8005\u7531\u4e8e\u5bf9\u8fd9\u4e9b\u516c\u53f8\u7684\u8d44\u672c\u7ed3\u6784\u4e0d\u653e\u5fc3\uff0c\u56e0\u800c\u907f<br \/>\n\u514d\u548c\u5b83\u4eec\u6253\u4ea4\u9053\u3002<br \/>\nModigliani\u548c\u3000Miller\u3000\u662f\u4e24\u62c9\u8457\u540d\u7684\u5b66\u8005\u3002\u4ed6\u4eec\u53d1\u8868\u4e86\u4e00<br \/>\n\u7cfb\u5217\u5173\u4e8e\u503a\u52a1\u8d23\u4efb\u5982\u4f55\u5f71\u54cd\u516c\u53f8\u4ef7\u503c\u7684\u72ec\u7279\u201c\u89c1\u89e3\u201d\u30021958<br \/>\n\u5e74\uff0cFranco\u3000Modigliani\u548c\u3000Merton\u3000Miller\u3000\u7387\u5148\u7814\u7a76\u4e86\u5728\u5177\u6709<br \/>\n\u4ee5\u53ca\u6ca1\u6709\u7a0e\u52a1\u4f18\u60e0\u7684\u6761\u4ef6\u4e0b\u503a\u52a1\u878d\u8d44\u7684\u5f71\u54cd\u3002\u5728\u7406\u60f3\u7684\u5b8c\u7f8e<br \/>\n\u4e16\u754c\u91cc\uff0c\u503a\u7538\u8d8a\u591a\u8d8a\u597d\u3002\u516c\u53f8\u7684\u4ef7\u503c\u968f\u503a\u52a1\u589e\u591a\u800c\u589e\u9ad8\u3002\u4f46<br \/>\n\u5728\u73b0\u5b9e\u751f\u6d3b\u4e2d\uff0c\u6295\u8d44\u8005\u5728\u8bc4\u4f30\u516c\u53f8\u7684\u503a\u52a1\u548c\u80a1\u672c\u91d1\u7684\u540c\u65f6\uff0c<br \/>\n\u4e5f\u8003\u8651\u7740\u516c\u53f8\u7834\u4ea7\u7684\u98ce\u9669\u3002<br \/>\n\u603b\u4e4b\uff0c\u503a\u52a1\u5728\u516c\u53f8\u603b\u8d44\u4ea7\u4e2d\u6240\u5360\u7684\u6bd4\u4f8b\u8d8a\u9ad8\uff0c\u5728\u67d0\u4e00\u70b9<br \/>\n\u4e0a\uff0c\u516c\u53f8\u4ef7\u503c\u5c31\u8d8a\u9ad8\u3002\u8d85\u8fc7\u8fd9\u4e00\u70b9\uff0c\u516c\u53f8\u7834\u4ea7\u7684\u98ce\u9669\u5267\u589e\uff0c<br \/>\n\u5176\u4ef7\u503c\u5c31\u964d\u4f4e\u4e86\u3002\u968f\u7740\u516c\u53f8\u4ee5\u4f4e\u6210\u672c\u53ef\u907f\u7a0e\u503a\u52a1\u4ee3\u66ff\u80a1\u4e1c\u6295<br \/>\n\u8d44\u8005\u671f\u671b\u7684\u9ad8\u503c\u56de\u62a5\uff0c\u516c\u53f8\u7684\u878d\u8d44\u6210\u672c\u964d\u4f4e\u3002\u4f46\u548c\u80a1\u4e1c\u4e00\u6837\uff0c<br \/>\n\u503a\u5238\u6301\u6709\u4eba\u5728\u67d0\u4e00\u70b9\u4e5f\u53d8\u5f97\u7d27\u5f20\u8d77\u6765\uff0c\u5e76\u8981\u6c42\u9ad8\u56de\u62a5\u7387\u4ee5\u8865<br \/>\n\u507f\u98ce\u9669\u3002<br \/>\n\u8ba9\u6211\u4eec\u7814\u7a76\u4e00\u4e0b\u8d44\u672c\u7ed3\u6784\u8d77\u4f5c\u7528\u7684\u4e24\u5f20\u56fe\u8868\u3002<br \/>\n\u8d44\u672c\u7ed3\u6784\u51b3\u7b56\u8bf4\u4f8b\u3002\u867d\u7136\u5f88\u96be\u627e\u5230\u6700\u4f73\u7684\u8d44\u672c\u7ed3\u6784\uff0c\u4f46<br \/>\n\u8d22\u52a1\u7ecf\u7406\u4eec\u4ecd\u8bd5\u56fe\u603b\u7ed3\u51fa\u4e00\u4e9b\u6570\u636e\u4ee5\u4fbf\u9009\u62e9\u3001\u6bd4\u8f83\u3002\u4e0b\u9762\u8be6<br \/>\n\u7ec6\u5217\u51fa\u5176\u8ba1\u7b97\u8fc7\u7a0b\u3002<br \/>\n\u5728\u505a\u8d44\u672c\u7ed3\u6784\u51b3\u7b56\u65f6\uff0c\u8981\u5206\u4e24\u6b65\u8d70\uff1a<br \/>\n1\u3002\u8ba1\u7b97\u52a0\u6743\u5e73\u5747\u8d44\u672c\u6210\uff08Weighted\u3000average\u3000cost<br \/>\n\u6700\u4f18\u8d44\u672c\u7ed3\u6784\uff08\u8d44\u672c\u6210\u672c\uff09<br \/>\n\u8d44\u672c\u6210\u672c<br \/>\n\u503a\u52a1\u5bf9\u8d44\u672c\u6bd4\uff05<br \/>\n\u8d44\u672c=\u503a\u52a1\uff0b\u80a1\u672c\u3000\u3000\u3000\u3000Kq=\u80a1\u672c\u6210\u672c<br \/>\nKd=\u503a\u52a1\u6210\u672c\u3000\u3000\u3000\u3000Kwacc=\u52a0\u6743\u5e73\u5747\u8d44\u672c\u6210\u672c<br \/>\n\u6700\u4f18\u8d44\u672c\u7ed3\u6784<br \/>\n\u4f01\u4e1a\u4ef7\u503c\u548c\u52a0\u6743\u5e73\u5747\u8d44\u672c\u6210\u672c<br \/>\n\u4f01\u4e1a\u8d44\u672c<br \/>\n\u6210\u672c\u4ef7\u503c<br \/>\n\u4f01\u4e1a\u4ef7\u503c<br \/>\n\u52a0\u6743\u5e73\u5747<br \/>\n\u8d44\u672c\u6210\u672c<br \/>\n\u503a\u52a1\u5bf9\u8d44\u672c\u6bd4\uff05\u8d44\u672c=\u503a\u52a1\uff0b\u80a1\u672c\u3000\u3000\u3000\u3000t=\u7a0e\u7387<br \/>\nKd=\u503a\u52a1\u6210\u672c\u3000\u3000\u3000\u3000Kq=\u80a1\u672c\u6210\u672c<br \/>\nof\u3000capital\uff1b\u3000WACC\uff09\u3002<br \/>\n2\u3002\u5206\u6790\u8bc4\u4f30\u516c\u53f8\u7684\u6d3b\u52a8\u73b0\u91d1\u6d41\uff08Free\u3000cash\u3000flows\uff09\uff0c\u5373<br \/>\n\u516c\u53f8\u7684\u4ef7\u503c\u3002<br \/>\n\u7b2c\u4e00\u6b65\u662f\u8ba1\u7b97\u6574\u4e2a\u516c\u53f8\u7684\u52a0\u6743\u5e73\u5747\u8d44\u672c\u6210\u672c\u3002\u6240\u7528\u516c\u5f0f<br \/>\n\u5982\u4e0b\uff08\u5728\u7b97\u51fa\u7684\u4e00\u7cfb\u5217\u53d8\u91cf\u4e2d\uff0c\u80a1\u672c\u6210\u672c\uff08Ke\uff09\u7684\u8ba1\u7b97\u6700\u4e3a<br \/>\n\u56f0\u96be\uff09\uff1a<br \/>\n\u52a0\u6743\u5e73\u5747<br \/>\n\u8d44\u672c\u6210\u672c<br \/>\n\u503a\u52a1\u5e02\u573a\u4ef7\u503c<br \/>\n\u603b\u503a\u52a1\u548c\u603b\u80a1\u672c<br \/>\n\u80a1\u672c\u5e02\u573a\u4ef7\u503c<br \/>\n\u603b\u503a\u52a1\u548c\u603b\u80a1\u672c\u3000=\u3000K\u3000\uff081\u2026\u3000t\uff09\u3000\uff0b\u3000K\u3000d\u3000e<br \/>\n\u8ba9\u6211\u4eec\u7814\u7a76\u4e00\u4e0b\u8fd9\u4e2a\u516c\u5f0f\u3002\u6ce8\u610f\uff1aWACC\u3000\u9009\u7528\u7684\u662f\u503a\u52a1\u548c<br \/>\n\u80a1\u672c\u7684\u5e02\u573a\u4ef7\u503c\u3002\u73b0\u5728\u80a1\u4e1c\u548c\u503a\u5238\u6295\u8d44\u8005\u8bc4\u4ef7\u5176\u6295\u8d44\u4ef7\u503c\u7684<br \/>\n\u771f\u6b63\u6807\u51c6\u662f\u5e02\u573a\u3002\u503a\u52a1\u7684\u6210\u53ef\u4ee5\u4ece\u516c\u53f8\u8d22\u52a1\u90e8\u95e8\u83b7\u5f97\uff0c\u4e5f\u53ef<br \/>\n\u4ee5\u5728\u516c\u53f8\u8d22\u52a1\u62a5\u8868\u4e2d\u7684\u6ce8\u91ca\u4e2d\u627e\u5230\u3002\u5728\u503a\u52a1\u878d\u8d44\u4e2d\u6539\u53d8\u503a\u52a1<br \/>\n\u6210\u672c\u662f\u8981\u9f13\u8db3\u52c7\u6c14\u7684\uff0c\u4f46\u662f\u786e\u5b9a\u80a1\u672c\u6210\u672c\u66f4\u56f0\u96be\u3002<br \/>\n\u80a1\u672c\u6210\u672c\u4e3b\u8981\u53d6\u51b3\u4e8e\u516c\u53f8\u7684\u8d1f\u503a\u60c5\u51b5\u3002\u7531\u4e8e\u8d1f\u503a\u610f\u5473\u7740<br \/>\n\u98ce\u9669\uff0c\u6211\u4eec\u53ef\u4ee5\u7528\u8d44\u672c\u8d44\u4ea7\u5b9a\u4ef7\u6a21\u5f0f\u7684BETA\u3000\u503c\u3002CAPM\u3000\u65b9\u6cd5\u6709<br \/>\n\u52a9\u4e8e\u8ba1\u7b97\u51fa\u5728\u4e0d\u540c\u8d1f\u503a\u6bd4\u7387\u60c5\u51b5\u4e0b\u6240\u671f\u671b\u7684\u80a1\u672c\u56de\u62a5\u7387\u3002<br \/>\nK\u3000=\u3000R\u3000\uff0b\u3000\uff08K\u3000\u2026\u3000R\u3000\uff09\u3000Beta<br \/>\n\uff08K\u3000\u2026\u3000R\u3000\uff09\u3000=<br \/>\ne\u3000f\u3000m\u3000f<br \/>\nm\u3000f<br \/>\n\u00d7<br \/>\n\u98ce\u9669\u6ea2\u4ef7<br \/>\n\u8861\u91cf\u98ce\u9669\u7684\u3000BETA\u3000\u503c\uff0c\u4f9d\u636e\u503a\u52a1\u6760\u6746\u4f5c\u7528\u7684\u98ce\u9669\u800c\u53d8\u5316\u3002<br \/>\nMBA\u3000\u4eec\u53d6\u73b0\u5728\u5df2\u7ecf\u8fc7\u6760\u6746\u8c03\u6574\u7684\u3000BETA\u3000\u503c\uff0c\u628a\u5b83\u518d\u8c03\u6574\u56de\u5230\u65e0<br \/>\n\u503a\u8d1f\u7684\u72b6\u6001\uff0c\u5373\u65e0\u6760\u6746\u72b6\u6001\uff08\u6b65\u9aa4\u00b7A\uff09\uff1b\u518d\u5c06\u4e4b\u5e94\u7528\u4e8e\u4efb\u4f55<br \/>\n\u7406\u8bba\u5047\u8bbe\u7684\u6760\u6746\u8d44\u672c\u7ed3\u6784\uff08\u5373\u6b65\u9aa4B\uff09\u3002<br \/>\n\u6b65\u9aa4A\uff1a<br \/>\nBETA\u3000=<br \/>\nBETA<br \/>\n\uff071\uff0b\u3000\uff081\u2026\u3000\uff09\u3000\uff07<br \/>\nu<br \/>\n1<br \/>\n\u7a0e\u7387\u3000\u00d7\u3000\u503a\u52a1<br \/>\n\u80a1\u672c<br \/>\n\u6b65\u9aa4B\uff1a<br \/>\nBETA\u3000=\u3000BETA\u3000\uff071\uff0b\u3000\uff081\u2026\u3000\uff09\u3000\uff07\u30001\u3000u\u00d7\u3000\u00d7\u3000\u7a0e\u7387\u3000\u00d7\u3000\u503a\u52a1<br \/>\n\u80a1\u672c<br \/>\n1=\u6709\u503a\u52a1\u7684\u6760\u6746\u7ed3\u6784<br \/>\nu=\u65e0\u503a\u52a1\u7684\u6760\u6746\u7ed3\u6784<br \/>\n\u8bd5\u4e3e\u4e00\u4f8b\u3002Leverco\u3000\u516c\u53f8\u7684\u8d22\u52a1\u90e8\u4e3b\u4efb\u60f3\u8981\u786e\u5b9a\u503a\u52a1\u8d44\u672c<br \/>\n\u7ed3\u6784\u662f0\uff05\uff08\u96f6\uff09\u597d\u5462\uff0c\u8fd8\u662f\u300025\uff05\u6216\u300050\uff05\u66f4\u5408\u9002\u3002\u4ed6\u5217\u51fa\u4e86\u4e0b\u9762<br \/>\n\u8868\u683c\u4e2d\u7684\u5b9e\u9645\u6570\u636e\u53ca\u8ba1\u7b97\u7ed3\u679c\u3002\u7ed3\u8bba\u662f\uff1a\u516c\u53f8\u5e94\u5b89\u6392\u300050\uff05\u7684\u503a\u52a1\u300150\uff05\u7684\u80a1\u672c\u8fd9\u4e00\u7ed3\u6784\u6700\u5408\u7406\u3002\u5b83\u80fd\u4f7f\u516c\u53f8\u7684\u4ef7\u503c\u5b9e\u73b0\u6700\u5927<br \/>\n\u5316\uff0c\u540c\u65f6\u51cf\u5c11WACC\u6210\u672c\u3002<br \/>\n\u5728Leverco\u516c\u53f8\u7684\u8fd9\u4e00\u4e3e\u4f8b\u4e2d\uff0c\u7528\u540c\u6837\u7684\u65b9\u6cd5\u80fd\u5f97\u51fa\u201c\u6700<br \/>\n\u4f18\u8d44\u672c\u7ed3\u6784\u201d\u7684\u4e24\u4e2a\u7406\u8bba\u56fe\u5f62\u3002\u7b2c\u4e00\u4e2a\u662f\u8ba1\u7b97\u52a0\u6743\u5e73\u5747\u8d44\u672c<br \/>\n\u6210\u672c\uff0c\u7b2c\u4e8c\u4e2a\u662f\u7528\u5f97\u51fa\u7684\u6700\u4f4e\u3000WACC\u3000\u6210\u672c\uff0c\u63cf\u8ff0\u516c\u53f8\u7684\u6700\u5927\u4ef7<br \/>\n\u503c\u3002\u5982\u679c\u4f60\u613f\u610f\uff0c\u53ef\u4ee5\u8bd5\u7740\u91cd\u65b0\u8ba1\u7b97\u5e26\u00d7\u7684\u5404\u9879\u3002\u8fd9\u4e9b\u662f\u5168<br \/>\n\u7403\u5404\u5730\u7684MBA\u4eec\u5728\u51b3\u7b56\u8d44\u672c\u7ed3\u6784\u65f6\u901a\u7528\u7684\u8ba1\u7b97\u65b9\u6cd5\u3002<br \/>\n\u5206\u7ea2\u653f\u7b56\u3002\u516c\u53f8\u7684\u8d22\u52a1\u8d1f\u8d23\u4eba\u5fc5\u987b\u51b3\u5b9a\u5c06\u76c8\u5229\u7684\u591a\u5c11\u4f5c<br \/>\n\u4e3a\u5206\u7ea2\u5206\u7ed9\u5927\u5bb6\uff0c\u3000\u6bcf\u80a1\u5e94\u5206\u5f97\u591a\u5c11\uff0c\u3000\u8fd9\u5c31\u662f\u5206\u7ea2\u653f\u7b56\u3000\uff08Dividend<br \/>\npolicy\uff09\u3002\u8d22\u52a1\u7ecf\u7406\u4f9d\u636e\u81f3\u5c11\u4e24\u79cd\u65b9\u6cd5\uff0c\u5373<br \/>\nLeverco\u516c\u53f8\u8d44\u672c\u7ed3\u6784\u51b3\u7b56\u8ba1\u7b97\u65b9\u6848\u6bd4\u8f83\uff08\u7f8e\u5143\uff09<br \/>\n\u5e10\u9762\u503a\u52a1\u6bd4\u7387\u30000\uff05\u503a\u52a1\u300025\uff05\u503a\u52a1\u300050\uff05\u503a\u52a1<br \/>\n\u5e10\u9762\u503a\u52a1\u603b\u503c\u30000\u30002\uff1b500\u30005\uff1b000<br \/>\n\u5e10\u9762\u80a1\u672c\u603b\u989d\u300010\uff1b000\u30007\uff1b500\u30005\uff1b000<br \/>\n\u503a\u52a1\u7684\u5e02\u573a\u4ef7\u503c\u30000\u30002\uff1b500\u30005\uff1b000<br \/>\n\u80a1\u672c\u7684\u5e02\u573a\u4ef7\u503c\u300010\uff1b000\u30008\uff1b350\u30006\uff1b700<br \/>\n\u5e02\u573a\u4ef7\u503c\u503a\u52a1\u6bd4\u7387*\u30000\uff05\u300023\uff05\u300043\uff05<br \/>\n\u503a\u52a1\u7a0e\u524d\u6210\u672c\u30000\u300207\u30000\u300207\u30000\u300207<br \/>\n\u7a0e\u7387\u30000\u300234\u30000\u300234\u30000\u300234<br \/>\n\u503a\u52a1\u7a0e\u540e\u6210\u672c\u30000\u30020462\u30000\u30020462\u30000\u30020462<br \/>\n\u7a0e\u524d\u6210\u672c\u00d7\uff081\u2026t\uff09<br \/>\n\u65e0\u6760\u6746Beta\u30000\u30028\u30000\u30028\u30000\u30028<br \/>\n\u6709\u6760\u6746Beta*\u30000\u30028\u30000\u3002958\u30001\u3002194<br \/>\n\u7528B\u6b65\u9aa4\u516c\u5f0f\u3000\u6700\u5177\u98ce\u9669<br \/>\n\u80a1\u672c\u6210\u672c\u30000\u3002139\u30000\u3002151\u30000\u3002168<br \/>\n\u7528CAPM\u516c\u5f0f\uff1a\u3000\u6700\u6709\u98ce\u9669<br \/>\nKe=Rf\uff0b\u6760\u6746Beta\u00d7\uff08\u98ce\u9669\u6ea2\u4ef7\uff09<br \/>\nKe=0\u300208\uff0b\u6760\u6746Beta\u00d7\uff080\u3002074\uff09<br \/>\nWACC*\u30000\u3002139\u30000         <!-- \/wp:paragraph --><!-- wp:nextpage --><!--nextpage--><!-- \/wp:nextpage --><!-- wp:paragraph -->\n            <br \/>\n            \n            <br \/>\n            <br \/>\n            <br \/>\n            \u6709\u6760\u6746Beta*\u30000\u30028\u30000\u3002958\u30001\u3002194<br \/>\n\u7528B\u6b65\u9aa4\u516c\u5f0f\u3000\u6700\u5177\u98ce\u9669<br \/>\n\u80a1\u672c\u6210\u672c\u30000\u3002139\u30000\u3002151\u30000\u3002168<br \/>\n\u7528CAPM\u516c\u5f0f\uff1a\u3000\u6700\u6709\u98ce\u9669<br \/>\nKe=Rf\uff0b\u6760\u6746Beta\u00d7\uff08\u98ce\u9669\u6ea2\u4ef7\uff09<br \/>\nKe=0\u300208\uff0b\u6760\u6746Beta\u00d7\uff080\u3002074\uff09<br \/>\nWACC*\u30000\u3002139\u30000\u3002127\u30000\u3002108<br \/>\n\u7528\u7ed9\u51fa\u7684WACC\u516c\u5f0f\u3000\u6210\u672c\u6700\u4f4e<br \/>\n\u6bcf\u5e74\u73b0\u91d1\u6d41\u7a0e\u3001\u5229\u606f\u524d<br \/>\n\u73b0\u91d1\u6d41\u30002\uff1b000\u30002\uff1b000\u30002\uff1b000<br \/>\n\u516c\u53f8\u4ef7\u503c*\u300014\uff1b388\u300015\uff1b748\u300018\uff1b518<br \/>\n\u6c38\u4e45\u73b0\u91d1\u6d41\u4ef7\u503c\u3000\u4ef7\u503c\u6700\u9ad8<br \/>\n\u73b0\u91d1\u6d41\/WACC<br \/>\n*\u8868\u793a\u4f7f\u7528\u6240\u63d0\u4f9b\u7684\u516c\u5f0f\u8ba1\u7b97\u7684\u7ed3\u679c\u3002\u7ea2\u5229\u56de\u62a5\u7387\u3000\uff08dividend\u3000yields\uff09\u3000\u548c\u7ea2\u5229\u652f\u4ed8\u6bd4\u7387\u3000\uff08dividend<br \/>\npayout\u3000ratios\uff09\u51b3\u5b9a\u5206\u7ea2\u653f\u7b56\u3002\u5e02\u573a\u5b9e\u9645\u4e0a\u5728\u786e\u5b9a\u5206\u7ea2\u56de\u62a5<br \/>\n\u7387\u65f6\u8d77\u7740\u975e\u5e38\u91cd\u8981\u7684\u4f5c\u7528\u3002\u8fd9\u662f\u56e0\u4e3a\u786e\u5b9a\u5206\u7ea2\u56de\u62a5\u7387\u662f\u7528\u6bcf<br \/>\n\u5e74\u7ea2\u5229\u9664\u4ee5\u80a1\u7968\u5f53\u65f6\u7684\u5e02\u573a\u4ef7\u683c\u3002\u7ea2\u5229\u4e5f\u53ef\u4ee5\u7528\u76c8\u5229\u7684\u4e00\u5b9a<br \/>\n\u6bd4\u4f8b\uff0c\u5373\u7ea2\u5229\u652f\u4ed8\u6bd4\u7387\u6765\u786e\u5b9a\u5206\u914d\u591a\u5c11\u3002<br \/>\n\u7ea2\u5229\u56de\u62a5\u7387\u3000\u6bcf\u5e74\u7ea2\u5229<br \/>\n\u6bcf\u80a1\u80a1\u7968\u5e02\u573a\u4ef7\u683c\u3000=<br \/>\n\u7ea2\u5229\u652f\u4ed8\u6bd4\u7387\u3000\u6bcf\u5e74\u7ea2\u5229<br \/>\n\u51c0\u6536\u5165\u3000=<br \/>\n\u7ea2\u5229\u56e0\u80fd\u6e05\u695a\u5730\u53cd\u6620\u516c\u53f8\u6323\u53d6\u73b0\u91d1\u7684\u80fd\u529b\uff0c\u6240\u4ee5\uff0c\u8d77\u7740<br \/>\n\u975e\u5e38\u91cd\u8981\u7684\u4f5c\u7528\u3002\u8bb8\u591a\u5206\u6790\u5bb6\u662f\u4ee5\u7ea2\u5229\u73b0\u91d1\u6d41\u91cf\u6765\u5206\u6790\u8bc4\u4f30<br \/>\n\u516c\u53f8\u4ef7\u503c\u7684\u3002\u672c\u7ae0\u5f00\u5934\u6709\u5173\u7ea2\u5229\u589e\u957f\u6a21\u5f0f\u7684\u4ecb\u7ecd\u66fe\u63d0\u5230\u8fc7\u8fd9<br \/>\n\u4e00\u8bc4\u4f30\u65b9\u6cd5\u3002<br \/>\n\u6295\u8d44\u8005\u504f\u7231\u7a33\u5b9a\uff0c\u4e14\u91d1\u989d\u7a33\u6b65\u589e\u52a0\u7684\u5206\u7ea2\uff0c\u800c\u4e0d\u5e0c\u671b\u6709<br \/>\n\u4efb\u4f55\u5f62\u5f0f\u7684\u524a\u51cf\u3002\u56e0\u6b64\uff0c\u516c\u53f8\u7ba1\u7406\u5c42\u4f1a\u4e0d\u60dc\u4e00\u5207\u4ee3\u4ef7\u907f\u514d\u5728<br \/>\n\u5206\u7ea2\u4e0a\u5de6\u53f3\u6447\u6446\u3002\u5982\u679c\u4e00\u4f4d\u3000MBA\u3000\u8bef\u7b97\u4e86\u516c\u53f8\u652f\u4ed8\u7ea2\u5229\u7684\u5b9e\u9645<br \/>\n\u80fd\u529b\uff0c\u90a3\u4e48\u4ed6\u7684\u996d\u7897\u4e5f\u5c31\u771f\u5730\u4fdd\u4e0d\u4f4f\u4e86\u3002<br \/>\n\u673a\u654f\u7684\u3000MBA\u3000\u4eec\u5728\u5236\u5b9a\u53ef\u80fd\u76f4\u63a5\u5f71\u54cd\u5230\u81ea\u8eab\u53d1\u5c55\u7684\u653f\u7b56\u65f6\uff0c<br \/>\n\u5e94\u4ed4\u7ec6\u8003\u8651\u4ee5\u4e0b5\u4e2a\u95ee\u9898\u3002<br \/>\n1\u3002\u516c\u53f8\u662f\u5c06\u76c8\u5229\u6295\u56de\u81ea\u5df1\u7684\u516c\u53f8\u597d\u5462\uff1f\u8fd8\u662f\u6295\u8d44\u522b\u5904\u66f4<br \/>\n\u597d\uff1f<br \/>\n\u5982\u679c\u4e00\u4e2a\u516c\u53f8\u6b63\u5728\u53d1\u5c55\u4e2d\uff0c\u6709\u8bb8\u591a\u6fc0\u52a8\u4eba\u5fc3\u7684\u6295\u8d44\u673a\u4f1a\uff0c<br \/>\n\u90a3\u4e48\u516c\u53f8\u5206\u7ea2\u5c31\u8981\u5c11\u4e9b\uff0c\u5e94\u8be5\u5c06\u5229\u6da6\u7528\u4e8e\u516c\u53f8\u7684\u53d1\u5c55\u30021991<br \/>\n\u5e74\uff0cWal\u2026Mart\u516c\u53f8\u5c31\u53ea\u628a1\u30024\u3000\u7f8e\u5143\u76c8\u5229\u4e2d\u76840\u300216\u3000\u7f8e\u5143\u7528\u4e8e\u5206<br 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\/>\n\u548c\u671f\u671b\u7684\u7ea2\u5229\u3002<br \/>\n5\u3002\u516c\u53f8\u7684\u53d1\u5c55\u6218\u7565\u662f\u4ec0\u4e48\uff1f\u6b63\u5728\u53d1\u5c55\u58ee\u5927\u7684\u516c\u53f8\u901a\u5e38\u662f<br \/>\n\u4e0d\u652f\u4ed8\u6216\u652f\u4ed8\u5f88\u5c11\u7684\u7ea2\u5229\uff0c\u56e0\u4e3a\u516c\u53f8\u8fd9\u8fdb\u9700\u8981\u73b0\u91d1\u4fdd\u8bc1\u516c\u53f8<br \/>\n\u7684\u81ea\u6211\u53d1\u5c55\u3002\u4f8b\u5982\uff0c\u751f\u7269\u5de5\u7a0b\u516c\u53f8\u5927\u90fd\u7559\u5b58\u5168\u90e8\u7684\u6536\u76ca\uff0c\u4ee5<br \/>\n\u652f\u6301\u957f\u671f\u79d1\u7814\u7684\u9700\u8981\u3002\u5982\u679c\u4e00\u5bb6\u516c\u53f8\u88ab\u7f3a\u4e4f\u73b0\u91d1\u56f0\u6270\u7740\uff0c\u5374<br \/>\n\u53c8\u60f3\u8ba9\u6295\u8d44\u8005\u9ad8\u5174\uff0c\u5c31\u53ef\u4ee5\u91c7\u7528\u914d\u80a1\uff08Stock\u3000dividend\uff09\u7684<br \/>\n\u5f62\u5f0f\u3002\u516c\u53f8\u4e0d\u7528\u73b0\u91d1\uff0c\u800c\u4ee5\u80a1\u7968\u7684\u5f62\u5f0f\u652f\u4ed8\u7ed9\u80a1\u4e1c\u3002\u8fd9\u79cd\u5206<br \/>\n\u7ea2\u901a\u5e38\u662f\u5360\u80a1\u7968\u76842\uff05\u81f35\uff05\u3002\u4f8b\u5982\uff0c\u4f60\u5982\u679c\u624b\u4e2d\u6709100\u80a1\u80a1\u7968\uff0c<br \/>\n\u5c31\u80fd\u6536\u5230\u30002\u3000\u81f3\u30005\u3000\u80a1\u80a1\u7968\u3002\u6295\u8d44\u8005\u6700\u7ec8\u662f\u5f97\u5230\u6bd4\u539f\u6765\u66f4\u591a\u7684\u80a1<br \/>\n\u7968\u3002\u7531\u4e8e\u5176\u5b83\u80a1\u4e1c\u7684\u80a1\u7968\u6570\u91cf\u4e5f\u540c\u6837\u589e\u52a0\uff0c\u6240\u4ee5\uff0c\u80a1\u4e1c\u5728\u516c<br \/>\n\u53f8\u4e2d\u7684\u80a1\u4efd\u5e76\u6ca1\u6709\u53d1\u751f\u53d8\u5316\u3002<br \/>\n\u517c\u5e76\u4e0e\u6536\u8d2d<br \/>\n\u517c\u5e76\u4e0e\u6536\u8d2d\u3000\uff08\u4e5f\u79f0\u6536\u8d2d\u4e0e\u517c\u5e76\uff09\u3000\uff08Mergers\u3000and<br \/>\nAcquisitions\uff1b\u3000M\u3000&amp;\u3000A\uff09\uff0c\u662f\u91d1\u878d\u9886\u57df\u91cc\u6700\u8ba9\u4eba\u6fc0\u52a8\u7684\u4e8b\u7269\u3002<br \/>\n\u5e2e\u52a9\u516c\u53f8\u878d\u8d44\u7684\u540c\u4e00\u5bb6\u6295\u8d44\u94f6\u884c\u4e5f\u8fd8\u4f1a\u5e2e\u4f60\u82b1\u6389\u5b83\u3002\u8bb8\u591a\u62ff<br \/>\n\u9ad8\u85aa\u7684\u3000MBA\u3000\u4eec\u5728\u8fd9\u4e00\u9886\u57df\u5de5\u4f5c\u3002\u5173\u4e8e\u6536\u8d2d\u4e0e\u517c\u5e76\u7684\u201c\u6218\u7565\u201d<br \/>\n\u539f\u56e0\u548c\u65b9\u6cd5\uff0c\u6211\u4eec\u5728\u6218\u7565\u4e00\u7ae0\u4e2d\u5df2\u6709\u4ecb\u7ecd\u3002\u672c\u7ae0\u5c06\u53ea\u6d89\u53ca\u51fa<br \/>\n\u4e8e\u8d22\u52a1\u65b9\u9762\u8003\u8651\u7684\u6536\u8d2d\u4e0e\u517c\u5e76\u3002<br \/>\n\u516c\u53f8\u5206\u6563\u6295\u8d44<br \/>\n\u516c\u53f8\u5206\u6563\u6295\u8d44\uff08Diversify\u3000the\u3000pany\uff09\u3002\u8bb8\u591a\u516c\u53f8\u8bd5<br \/>\n\u56fe\u901a\u8fc7\u63a7\u5236\u5176\u5b83\u516c\u53f8\u4ee5\u6c42\u4e1a\u52a1\u964d\u4f4e\u98ce\u9669\u3002Philip\u3000Moris\u3000\u516c\u53f8<br \/>\n\u51fa\u4e8e\u5206\u6563\u98ce\u9669\u7684\u8003\u8651\uff0c\u3000\u4e70\u4e0b\u4e86Kraft\uff1b\u3000General\u3000Foods\u548cMiller<br \/>\nBrewing\u3000\u516c\u53f8\u3002\u70df\u8349\u7684\u7528\u91cf\u5728\u51cf\u5c11\uff0c\u8d77\u8bc9\u70df\u8349\u516c\u53f8\u7684\u6848\u4ef6\u5728\u589e<br \/>\n\u591a\uff0c\u800c\u653f\u5e9c\u6b63\u5728\u8ba8\u8bba\u7981\u6b62\u70df\u8349\u884c\u4e1a\u505a\u5e7f\u544a\u7684\u6709\u5173\u89c4\u5b9a\u3002<br \/>\n\u63d0\u9ad8\u9500\u552e\u989d\u548c\u6536\u76ca<br \/>\nP\u3000&amp;\u3000G\u3000\u516c\u53f8\u4f5c\u4e3a\u80a5\u7682\u3001\u6d17\u8863\u7c89\u548c\u7eb8\u5236\u54c1\u884c\u4e1a\u7684\u9886\u5bfc\u8005\uff0c\u51b3<br \/>\n\u5b9a\u901a\u8fc7\u8d2d\u4e70\u3000Norwich\u3000Easton\u3000\uff08Pepto\u3000\u2026\u3000Bistmol\uff09\uff0cRich\u3000and<br \/>\nSonVicks\uff1b\u3000Noxell\u548c\u3000Hawaiian\u3000Punch\u3000\u516c\u53f8\uff0c\u4ee5\u6269\u5927\u9500\u552e\u989d\u548c<br \/>\n\u76c8\u5229\u3002\u5b83\u4eec\u5728\u54c1\u724c\u7ba1\u7406\u65b9\u9762\u7684\u4e13\u957f\u80fd\u589e\u52a0\u6536\u8d2d\u7684\u4ef7\u503c\u3002<br \/>\n\u8d2d\u4e70\u88ab\u5e02\u573a\u8fc7\u4e8e\u4f4e\u4f30\u4ef7\u503c\u7684\u516c\u53f8\u57fa\u4e8e\u5e02\u573a\u60c5\u51b5\uff0c\u6709\u65f6\u516c\u53f8\u53ef\u4ee5\u8f83\u597d\u7684\u4ef7\u94b1\u4e70\u4e0b\u4e00\u4e9b\u516c\u53f8\u3002<br \/>\n\u5982\u679c\u6295\u8d44\u8005\u5bf9\u516c\u53f8\u5e10\u4e0a\u6f5c\u5728\u8d44\u4ea7\u7684\u4ef7\u503c\u8ba4\u8bc6\u4e0d\u5230\uff0c\u516c\u53f8\u672c\u8eab<br \/>\n\u4e5f\u4f1a\u6210\u4e3a\u6536\u8d2d\u7684\u76ee\u6807\u3002Turner\u3000Broad\u3000Casting\u516c\u53f8\u4e8e\u30001986\u3000\u5e74<br \/>\n\u6536\u8d2d\u4e86\u3000MGM\/United\u3000Artists\u3000\u516c\u53f8\uff0c\u8fd9\u662f\u7531\u4e8e\u3000MGM\u3000\u7684\u7535\u5f71\u6536\u85cf<br \/>\n\u9986\u4e2d\u5927\u91cf\u7684\u53e4\u5178\u7535\u5f71\u7247\u672a\u88ab\u5145\u5206\u5229\u7528\uff0c\u800c\u3000Turner\u3000\u8ba4\u4e3a\u6709\u5229\u53ef<br \/>\n\u56fe\u6240\u81f4\u3002<br \/>\n\u964d\u4f4e\u7ecf\u8425\u6210\u672c<br \/>\n\u516c\u53f8\u7ecf\u517c\u5e76\u540e\uff0c\u8bb8\u591a\u7ecf\u8425\u6210\u672c\u662f\u53ef\u4ee5\u7701\u4e0b\u6765\u7684\u3002\u901a\u8fc7\u5c06<br \/>\n\u516c\u53f8\u5438\u5165\u8fc7\u6765\uff0c\u88ab\u63a5\u7ba1\u516c\u53f8\u7684\u8bb8\u591a\u7ba1\u7406\u8d39\u7528\u5c31\u53ef\u4ee5\u7701\u6389\u3002\u5728<br \/>\n\u5236\u9020\u4e1a\u517c\u5e76\u4e2d\uff0c\u5de5\u5382\u80fd\u66f4\u6709\u6548\u5730\u751f\u4ea7\u5927\u6279\u91cf\u7684\u4ea7\u54c1\u3002\u5316\u5b66\u94f6<br \/>\n\u884c\uff08Chemical\u3000Bank\uff09\u548c\u3000Manufacturers\u3000Hanover\u3000\u4e8e\u30001991\u3000\u5e74<br \/>\n\u5408\u5e76\u540e\uff0c\u4e1a\u52a1\u91cf\u5927\u589e\uff0c\u52a0\u5de5\u6210\u672c\u964d\u4f4e\uff0c\u88c1\u54586\uff1b200\u4eba\u3002<br \/>\n\u6536\u8d2d\u7c7b\u578b<br \/>\n\u5982\u679c\u4e24\u5bb6\u516c\u53f8\u51b3\u5b9a\u8054\u5408\u8d77\u6765\u6210\u4e3a\u4e00\u4f53\uff0c\u5c31\u53eb\u517c\u5e76\u30021986<br \/>\n\u5e74\uff0cSperry\u548cBurroughs\u5408\u5e76\u540e\u66f4\u540d\u4e3aUnisys\u3002<br \/>\n\u5982\u679c\u4e00\u5bb6\u516c\u53f8\u4e70\u4e0b\u53e6\u4e00\u5bb6\u516c\u53f8\uff0c\u5c31\u53eb\u6536\u8d2d\u3002\u5982\u679c\u53cc\u65b9\u540c<br \/>\n\u610f\u8fd9\u4e00\u8ba1\u5212\uff0c\u5c31\u79f0\u4e4b\u4e3a\u5584\u610f\u6536\u8d2d\uff08Friendly\u3000acquisi\u2026tion\uff09\uff1b<br \/>\n\u5426\u5219\uff0c\u53eb\u654c\u610f\u6536\u8d2d\uff08Hostile\u3000takeover\uff09\u30021989\u5e74\uff0cProcter\u3000&amp;<br \/>\nGamble\u3000\u5584\u610f\u5730\u6536\u8d2d\u4e86\u5236\u9020\u3000CoverGirl\u3000\u548c\u3000Clarion\u3000\u54c1\u724c\u7684\u5316\u5986<br \/>\n\u54c1\u516c\u53f8Noxell\u3002\u53cc\u65b9\u8ba4\u4e3a\u8054\u5408\u8d77\u6765\u5728\u9500\u552e\u4e0a\u5c06\u5927\u6709\u4f18\u52bf\u3002<br \/>\n\u5728\u53e6\u4e00\u4e9b\u4f8b\u5b50\u4e2d\uff0c\u3000\u6536\u8d2d\u65b9\u660e\u663e\u5e26\u6709\u654c\u610f\u3002\u30001984\u5e74\uff0c\u3000T\u3002\u3000Boone<br \/>\nPickers\u3000\u516c\u53f8\u5c31\u8bd5\u56fe\u6536\u8d2d\u3000Phillips\u3000Petroleum\u3000\u516c\u53f8\uff0c\u4f46\u672a\u6210<br \/>\n\u529f\u3002Phillips\u3000\u516c\u53f8\u7ba1\u7406\u5c42\u575a\u51b3\u53cd\u5bf9\uff0c\u5e76\u4e8e\u30001985\u3000\u5e74\u501f\u6b3e\u300045\u3000\u4ebf<br \/>\n\u7f8e\u5143\u201c\u56de\u8d2d\u201d\u4e86\u516c\u53f8\u300047\uff05\u7684\u666e\u901a\u80a1\u80a1\u7968\uff0c\u4ece\u800c\u632b\u8d25\u4e86\u3000Pickens<br \/>\n\u516c\u53f8\u7684\u6536\u8d2d\u4f01\u56fe\uff0c\u56e0\u4e3a\u3000Phillips\u3000\u516c\u53f8\u5df2\u5c06\u8d44\u4ea7\u62b5\u62bc\u51fa\u53bb\uff0c<br \/>\nPickers\u516c\u53f8\u4e5f\u5c31\u4e0d\u53ef\u80fd\u518d\u6b21\u5c06\u4e4b\u62b5\u62bc\u501f\u6b3e\u4e86\u3002<br \/>\n\u7b2c\u56db\u79cd\u6536\u8d2d\u65b9\u5f0f\u662f\u6211\u5728\u672c\u7ae0\u524d\u9762\u5df2\u591a\u6b21\u63d0\u5230\u7684\u6760\u6746\u6536\u8d2d<br \/>\n\uff08leveraged\u3000buyout\uff1b\u3000LBO\uff09\u3002\u5728\u300080\u3000\u5e74\u4ee3\uff0c\u8bb8\u591a\u653e\u6b3e\u4eba\u4e50\u610f<br \/>\n\u8d37\u6b3e\u7ed9\u4ece\u4e8b\u6536\u8d2d\u7684\u201c\u827a\u672f\u5bb6\u4eec\u201d\u3002\u5f53\u65f6\uff0c\u53ea\u8981\u5148\u4ed8\u623f\u4ef7\u30005\uff05\u7684<br \/>\n\u5b9a\u91d1\uff0c\u62b5\u62bc\u8d37\u6b3e\u516c\u53f8\u5c31\u501f\u94b1\u7ed9\u4e2a\u4eba\u7528\u4e8e\u4e70\u623f\u3002\u94f6\u884c\u3001\u4fdd\u9669\u516c<br \/>\n\u53f8\u3001\u503a\u5238\u6295\u8d44\u4eba\u5982\u6cd5\u70ae\u5236\uff0c\u4e5f\u8d37\u7ed9\u4e00\u4e9b\u91d1\u878d\u5bb6\u4eec\u7528\u6765\u6536\u8d2d\u516c<br \/>\n\u53f8\u3002\u6760\u6746\u6536\u8d2d\u540e\u5f62\u6210\u7684\u65b0\u516c\u53f8\u90fd\u8d1f\u62c5\u7740\u6781\u9ad8\u7684\u503a\u52a1\uff0c\u4e14\u9700\u507f<br \/>\n\u8fd8\u672c\u91d1\u548c\u5229\u606f\u3002\u8bc4\u4f30\u8fc7\u7a0b<br \/>\n\u4e3a\u4e86\u8fdb\u884c\u517c\u5e76\u6536\u8d2d\uff0c\u4f60\u9996\u9009\u9700\u8981\u8bc4\u4f30\u6536\u8d2d\u76ee\u6807\u7684\u4ef7\u503c\uff0c<br \/>\n\u5e76\u7740\u91cd\u8003\u8651\u516c\u53f8\u7684\u73b0\u91d1\u6d41\u91cf\u3002\u73b0\u91d1\u6d41\u91cf\u662f\u9879\u76ee\u7ecf\u8425\u3001\u6295\u8d44\u3001<br \/>\n\u878d\u8d44\u6d3b\u52a8\uff08\u548c\u4f1a\u8ba1\u7684\u73b0\u91d1\u6d41\u62a5\u8868\u4e2d\u5185\u5bb9\u4e00\u6837\uff09\u7684\u7ed3\u679c\u3002\u5728\u4f1a<br \/>\n\u8ba1\u5b66\u4e00\u7ae0\u4e2d\uff0c\u6211\u4e3e\u4e86\u5c0f\u3000Bob\u3000\u6742\u8d27\u5e97\u7684\u4f8b\u5b50\uff0c\u5728\u90a3\u4e9b\u6570\u636e\u7684\u540e<br \/>\n\u8fb9\u591a\u52a0\u51e0\u4e2a\u96f6\uff0c\u5c31\u6210\u4e86\u3000Safeway\uff1b\u3000Kroger\u3000\u6216\u3000A\u3000&amp;\u3000P\u3000\u7b49\u5927\u516c\u53f8\u3002<br \/>\n\u7531\u4e8e\u4f60\u5df2\u7ecf\u719f\u6089\u4e86Bob\u7684\u60c5\u51b5\uff0c\u6211\u4eec\u5728\u8fd9\u7ae0\u4e2d\u4ecd\u4ee5\u5176\u4e3a\u4f8b\u3002<br \/>\nBob\u3000Market\u3000\u516c\u53f8\u5e02\u573a\u5229\u6da6\u8868<br \/>\n\uff08\u622a\u6b62\u81f31992\u5e7412\u670831\u65e5\uff09<br \/>\n\uff08\u5355\u4f4d\uff1a\u5343\u7f8e\u5143\uff09<br \/>\n\u5360\u9500\u552e\u91cf\u7684\uff05<br \/>\n\u9500\u552e\u91cf\u30005\uff1b200\u3000100\uff05<br \/>\n\u9500\u552e\u4ea7\u54c1\u6210\u672c\u30003\uff1b900\u300075\uff05<br \/>\n\u6bdb\u5229\u30001\uff1b300\u300025\uff05<br \/>\n\u9500\u552e\u7ba1\u7406\u8d39\uff08SG&amp;A\uff09\u30001\uff1b256\u300024\uff05<br \/>\n\u7ecf\u8425\u6536\u5165\u300044<br \/>\n\u52a0\u56de\uff1a\u6298\u65e7\uff08\u975e\u73b0\u91d1\u9879\uff09\u30003<br \/>\n\uff08\u5b9e\u9645\u73b0\u91d1\u6d41\uff09<br \/>\n\u5229\u606f\u53ca\u7a0e\u524d\u5229\u6da6\uff08EBIT\uff09\u300047<br \/>\n\u8ba1\u7b97\u548c\u8bc4\u4f30\u4e00\u4e2a\u4f01\u4e1a\u7684\u73b0\u91d1\u6d41\u91cf\uff0c\u5171\u52065\u4e2a\u6b65\u9aa4\uff1a<br \/>\n1\u3002\u5206\u6790\u7ecf\u8425\u6d3b\u52a8\uff1a\u9884\u6d4b\u5229\u6da6\u8868\uff1a\u9500\u552e\u91cf\u3001\u9500\u552e\u4ea7\u54c1\u6210\u672c\u3001<br \/>\n\u9500\u552e\u3001\u7ba1\u7406\u8d39\u7528\u3002<br \/>\n2\u3002\u5206\u6790\u9700\u6295\u8d44\u591a\u5c11\u8d44\u91d1\u7528\u4e8e\u66f4\u6362\u6216\u8d2d\u4e70\u65b0\u7684\u5730\u4ea7\u3001\u5382\u623f\u3001<br \/>\n\u8bbe\u5907\u3002<br \/>\n3\u3002\u5206\u6790\u4f01\u4e1a\u5bf9\u8d44\u672c\u7684\u9700\u6c42\uff1a\u786e\u5b9a\u516c\u53f8\u5bf9\u6d41\u52a8\u8d44\u91d1\u7684\u9700\u6c42\u3002<br \/>\n4\u3002\u9884\u6d4b\u6bcf\u5e74\u7ecf\u8425\u73b0\u91d1\u6d41\u548c\u4f01\u4e1a\u7684\u6b8b\u503c\u3002<br \/>\n5\u3002\u8ba1\u7b97\u73b0\u91d1\u6d41\u7684\u51c0\u73b0\u503c\uff0c\u5f97\u51fa\u4f01\u4e1a\u7684\u4ef7\u503c\u3002<br \/>\nMBA\u3000\u4eec\u6709\u591a\u79cd\u8bc4\u4f30\u4f01\u4e1a\u7684\u6280\u5de7\u548c\u65b9\u6cd5\u3002\u4e00\u5982\u5177\u6709\u6d1e\u5bdf\u529b\u7684<br \/>\n\u5e02\u573a\u8425\u9500\u5185\u884c\u80fd\u5236\u5b9a\u51fa\u5f88\u597d\u7684\u9500\u552e\u6218\u7565\u4e00\u6837\uff0c\u80fd\u5e72\u7684\u91d1\u878d\u5bb6<br \/>\n\u4eec\u5728\u517c\u5e76\u548c\u6536\u8d2d\u4e0a\u65bd\u5c55\u7740\u4ed6\u4eec\u7684\u624d\u5e72\u3002<br \/>\n\u4e0b\u9762\u5c31\u662f\u91d1\u878d\u754c\u666e\u904d\u91c7\u7528\u7684\u65b9\u6cd5\u30021\u3002\u5206\u6790\u4f01\u4e1a\u7684\u7ecf\u8425\u548c\u5bf9\u8d44\u672c\u6295\u8d44\u7684\u9700\u6c42<br \/>\n\u9996\u5148\uff0c\u8981\u9884\u6d4b\u9500\u552e\u6536\u5165\uff0c\u8ba1\u7b97\u6bdb\u5229\u548c\u5176\u5b83\u7ecf\u8425\u8d39\u7528\u3002\u8d22<br \/>\n\u52a1\u5206\u6790\u4eba\u5458\u5fc5\u987b\u900f\u8fc7\u7edf\u8ba1\u6570\u636e\u770b\u5230\u672c\u8d28\uff0c\u540c\u65f6\u8fd8\u5fc5\u987b\u8003\u8651\u672c<br 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\/>\n\u7406\u8d39\u7528\u5e94\u7a33\u5b9a\u5728\u9500\u552e\u989d\u7684\u300024\uff05\u5de6\u53f3\u3002\u8bbe\u52a1\u6298\u65e7\u5e76\u672a\u82b1\u53bb\u73b0\u91d1\uff0c<br \/>\n\u5e94\u88ab\u52a0\u56de\u3002Bob\u8ba4\u4e3a\uff0c\u4ed6\u6bcf\u5e74\u8981\u91cd\u65b0\u6295\u8d44\u30003\uff1b000\u3000\u7f8e\u5143\u7528\u4e8e\u589e\u6dfb<br \/>\n\u5e97\u5185\u7528\u54c1\uff0c\u4ee5\u63d0\u9ad8\u5e97\u94fa\u6863\u6b21\u3002\u77e5\u9053\u4e86\u8fd9\u4e9b\u4ee5\u540e\uff0c\u5bf9\u73b0\u91d1\u6d41\u7684<br \/>\n\u9884\u6d4b\u5982\u4e0b\uff1a<br \/>\n\u73b0\u91d1\u6d41\u9884\u6d4b<br \/>\n\uff08\u5355\u4f4d\uff1a\u5343\u7f8e\u5143\uff09<br \/>\n2\u3002\u5206\u6790\u66f4\u6362\u3001\u6536\u8d2d\u5730\u4ea7\u3001\u5382\u623f\u3001\u8bbe\u5907\u6240\u9700\u8981\u7684\u6295\u8d44<br \/>\n\u4e0d\u8981\u4e0d\u597d\u610f\u601d\u5411\u5de5\u7a0b\u5e08\u3001\u91c7\u8d2d\u90e8\u95e8\u7684\u4eba\u5458\u548c\u4f1a\u8ba1\u5e08\u4eec\u8bf7<br \/>\n\u6559\uff0c\u4ee5\u4fbf\u4ece\u4ed6\u4eec\u90a3\u91cc\u5f97\u5230\u8f83\u51c6\u786e\u7684\u6210\u672c\u4f30\u7b97\u548c\u8bbe\u5907\u4f7f\u7528\u5e74\u9650\u3002<br \/>\n3\u3002\u786e\u5b9a\u4f01\u4e1a\u5bf9\u6d41\u52a8\u8d44\u91d1\u7684\u9700\u6c42<br \/>\n\u4f01\u4e1a\u8fd0\u8f6c\u79bb\u4e0d\u5f00\u73b0\u91d1\u3002\u6d41\u52a8\u8d44\u91d1\u7684\u6c34\u5e73\u901a\u5e38\u53cd\u6620\u9500\u552e\u989d<br \/>\n\u7684\u60c5\u51b5\u3002\u9500\u552e\u989d\u8d8a\u5927\uff0c\u6536\u94f6\u673a\u5904\u5907\u7559\u7684\u73b0\u91d1\u4e5f\u5c31\u8d8a\u591a\uff0c\u5e93\u5b58<br \/>\n\u4e0a\u7684\u8d44\u91d1\u5360\u7528\u4e5f\u5c31\u8d8a\u591a\u3002\u7531\u4e8e\u4ece\u4f9b\u8d27\u65b9\u8d2d\u4e70\u91cf\u7684\u5927\u91cf\u589e\u52a0\uff0c<br \/>\n\u5bf9\u516c\u53f8\u73b0\u91d1\u7684\u5927\u91cf\u9700\u6c42\u53ef\u4ee5\u901a\u8fc7\u4ece\u4f9b\u8d27\u65b9\u8d4a\u5e10\u5f97\u5230\u67d0\u79cd\u7a0b\u5ea6<br \/>\n\u7684\u8865\u507f\u3002\u8fd9\u662f\u975e\u5e38\u91cd\u8981\u7684\u4e00\u90e8\u5206\u3002\u5bf9\u6d41\u52a8\u8d44\u91d1\u7684\u9700\u6c42\u8003\u8651\u7684<br \/>\n\u4e0d\u5b8c\u5584\u5c31\u4f1a\u5bfc\u81f4\u73b0\u91d1\u51fa\u73b0\u4e25\u91cd\u77ed\u7f3a\u3002<br \/>\nBob\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\u4e2d\uff0c\u6709115\uff1b000\u7f8e\u5143\u7684\u6d41\u52a8\u8d44\u4ea7\uff0c\u300087\uff1b000<br \/>\n\u7f8e\u5143\u6d41\u52a8\u8d1f\u503a\uff0c\u51c0\u6d41\u52a8\u8d44\u91d1\u90e8\u5206\u4e3a28\uff1b000\u7f8e\u5143\uff08115\u202687\uff09\u3002<br \/>\n\u5728\u8003\u8651\u4e86\u4ece\u6742\u8d27\u4f9b\u5e94\u5546\u5904\u589e\u52a0\u8d4a\u5e10\u4e4b\u540e\uff0cBob\u3000\u8bf4\u6bcf\u5468\u4ed6\u9700<br \/>\n\u8981\u5360\u7528\u4e00\u5143\u9500\u552e\u989d\u4e2d\u7684\u300028\u3000\u5206\uff0828\uff1b000\u3000\u7f8e\u5143\u00f7\uff075\uff1b200\uff1b000\u3000\u7f8e<br \/>\n\u5143\uff08\u6bcf\u5e74\u9500\u552e\u989d\u00f7\u6bcf\u5e74\u300052\u3000\u5468\uff07\uff0c\u4f5c\u4e3a\u6536\u94f6\u673a\u5904\u7559\u5b58\u73b0\u91d1\u548c\u4fdd<br \/>\n\u6301\u5e93\u5b58\u3002<br \/>\n\u5c06\u4e4b\u52a0\u5230\u8bc4\u4f30\u5206\u6790\u4e2d\uff0c\u5bf9\u73b0\u91d1\u6d41\u7684\u9884\u6d4b\u5982\u4e0b\uff1a<br \/>\n\u73b0\u91d1\u6d41\u9884\u6d4b<br \/>\n\uff08\u5355\u4f4d\uff1a\u5343\u7f8e\u5143\uff091\u5e74\u30002\u5e74\u30003\u5e74\u30004\u5e74<br \/>\n\u5b9e\u9645\u73b0\u91d1\u6d41\uff08EBIT\uff09\u300057\u300063\u300070\u300077<br \/>\n\u51cf\uff1a\u589e\u52a0\u7684\u73b0\u91d1\u6d41\u9700\u6c42*\u30003\u30003\u30004\u30004<br \/>\n\u51c0\u73b0\u91d1\u6d41\u300054\u300060\u300066\u300073<br \/>\n*\u8868\u793a\uff08\u9500\u552e\/52\uff09\u00d728\uff05\u2026\u4e0a\u5e74\u6d41\u52a8\u8d44\u91d1\u6c34\u5e73\u3002<br \/>\n4\u3002\u786e\u5b9a\u4f01\u4e1a\u6b8b\u503c<br \/>\n\u5047\u5b9a\u4e00\u4e2a\u80fd\u6301\u7eed\u7ecf\u8425\u7684\u4f01\u4e1a\u5c06\u65e0\u9650\u671f\u5730\u7ef4\u6301\u4e0b\u53bb\u3002\u901a\u8fc7<br \/>\n\u8bc4\u4f30\u67d0\u4e00\u65f6\u523b\u7684\u73b0\u91d1\u6d41\u60c5\u51b5\uff0c\u4f60\u5ffd\u7565\u4e86\u6301\u7eed\u4ef7\u503c\u3002\u8fd9\u4e5f\u662f\u5728<br \/>\n\u8d22\u52a1\u9884\u6d4b\u7684\u671f\u7ec8\uff0c\u5fc5\u987b\u8ba1\u7b97\u6b8b\u503c\u5e76\u5c06\u4e4b\u52a0\u56de\u5230\u73b0\u91d1\u6d41\u91cf\u8bc4\u4f30<br \/>\n\u4e2d\u7684\u539f\u56e0\u3002<br \/>\nBob\u3000Market\u516c\u53f8\u7b2c4\u3000\u5e74\u73b0\u91d1\u6d41\u91cf\u768473\uff1b000\u3000\u7f8e\u5143\u3002\u5982\u679c\u4f30<br \/>\n\u8ba1\u73b0\u91d1\u6bcf\u5e74\u90fd\u4e00\u6837\uff0c\u5c31\u7528\u8bc4\u4f30\u6c38\u4e45\u503a\u5238\u540c\u6837\u7684\u65b9\u6cd5\u4e88\u4ee5\u8bc4\u4f30\u3002<br \/>\n\u6b8b\u503c\u3000\u6700\u7ec8\u73b0\u91d1\u6d41<br \/>\n\u8d34\u73b0\u56e0\u5b50\u3000\u6210\u957f\u3000=<br \/>\n\u2026<br \/>\n\u6b64\u65f6\u6240\u7528\u7684\u8d34\u73b0\u56e0\u5b50\u5c31\u662f\u52a0\u6743\u5e73\u5747\u8d44\u672c\u6210\u672c\uff08WACC\uff09\u3002<br \/>\n\u6211\u4eec\u7528\u3000WACC\u3000\u7684\u539f\u56e0\u662f\u516c\u53f8\u7684\u5b9e\u9645\u73b0\u91d1\u6d41\uff08Free\u3000cash\u3000flow\uff09<br \/>\n\u53ef\u4ee5\u7528\u6765\u652f\u4ed8\u503a\u52a1\u5229\u606f\u548c\u80a1\u4e1c\u7684\u7ea2\u5229\u3002\u6240\u4ee5\uff0c\u9009\u62e9\u7684\u8d34\u73b0\u56e0<br \/>\n\u5b50\u5df2\u8003\u8651\u5230\u4e86\u4f01\u4e1a\u7684\u6574\u4e2a\u8d44\u672c\u7ed3\u6784\uff0c\u5373\u503a\u52a1\u548c\u80a1\u672c\u3002<br \/>\nBob\u3000Market\u3000\u516c\u53f8\u7684\u8d44\u672c\u7ed3\u6784\u662f\u76f8\u5f53\u4fdd\u5b88\u7684\u3002\u5176\u8d44\u4ea7\u8d1f\u503a<br \/>\n\u8868\u53ea\u5217\u51fa\u4e86\u300010\uff1b000\u3000\u7f8e\u5143\u7684\u503a\u52a1\u548c\u300045\uff1b000\u3000\u7f8e\u5143\u7684\u80a1\u672c\u3002\u503a\u52a1<br \/>\n\u7684\u5229\u606f\u7387\u662f\u300010\uff05\u3002\u7528\u8d44\u672c\u8d44\u4ea7\u5b9a\u4ef7\u6a21\u5f0f\u53ef\u8ba1\u7b97\u51fa\u80a1\u672c\u6210\u672c\u3002\u7528<br \/>\n\u957f\u671f\u56fd\u503a\u65e0\u98ce\u9669\u5229\u7387\u30008\uff05\uff0c\u98ce\u9669\u6ea2\u4ef7\u30007\u30024\uff05\u4ee5\u53ca\u4f4e\u8d1f\u503a\u6c34\u679c\u5e97\u5177<br \/>\n\u6709\u7684\u4f4e\u98ce\u9669BETA\u503c0\u300285\u6765\u8ba1\u7b97\uff0c\u5176\u80a1\u672c\u6210\u672c\u662f14\u30023\uff05\u3002<br \/>\nK\u3000=\u3000R\u3000\uff0b\u3000\uff08K\u3000\u2026\u3000R\u3000\uff09Beta<br \/>\n14\u30023\uff05\u3000=\u30008\uff05\u3000\uff0b\u3000\uff087\u30024\uff05\uff09\u30000\u300285<br \/>\ne\u3000f\u3000m\u3000f<br \/>\n\u00d7<br \/>\n\u5c06\u80a1\u672c\u6210\u672c\u7684\u6570\u636e\u4ee3\u5165\u3000WACC\u3000\u7b49\u5f0f\u4e2d\uff0c\u4f01\u4e1a\u7684\u52a0\u6743\u5e73\u5747\u8d44<br \/>\n\u672c\u6210\u672c\u662f13\uff05\u3002<br \/>\nWACC\u3000=\u3000K\u3000\uff081\u2026\u3000t\uff09\u3000\uff0b\u3000K\u3000d\u3000e<br \/>\n\u503a\u52a1\u7684\u5e02\u573a\u4ef7\u503c<br \/>\n\u503a\u52a1\u548c\u80a1\u672c\u603b\u548c<br \/>\n\u80a1\u672c\u7684\u5e02\u573a\u4ef7\u503c<br \/>\n\u503a\u52a1\u548c\u80a1\u672c\u603b\u548c<br \/>\n\uff1f<br \/>\n\u00e8<br \/>\n\uff1f<br \/>\n\uff1f<br \/>\n\uff1f<br \/>\n\u00f7<br \/>\n\uff1f<br \/>\n\u00e8<br \/>\n\uff1f<br \/>\n\uff1f<br \/>\n\uff1f<br \/>\n\u00f7<br \/>\n13\uff05\u3000=\u300010\uff05\uff081\u3000\u2026\u30000\u300230\uff09<br \/>\n10\uff1b000<br \/>\n55\uff1b000<br \/>\n\uff0b14\u30023\uff05\u300045\uff1b000<br \/>\n55\uff1b000<br \/>\n\u7f8e\u5143<br \/>\n\u7f8e\u5143<br \/>\n\u7f8e\u5143<br \/>\n\u7f8e\u5143<br \/>\n\uff1f<br \/>\n\u00e8<br \/>\n\uff1f<br \/>\n\uff1f<br \/>\n\uff1f<br \/>\n\u00f7<br \/>\n\u5c06\u5f97\u51fa\u7684\u6240\u6709\u6570\u636e\u5bf9\u9879\u76ee\u8fdb\u884c\u8bc4\u4f30\uff0c\u8ba1\u7b97\u7684\u73b0\u91d1\u6d41\u6b8b\u503c<br \/>\n\u662f\uff1a\u6b8b\u503c\u3000\u7b2c\u3000\u5e74\u5b9e\u9645\u73b0\u91d1\u6d41<br \/>\n\u589e\u957f\u7387\u3000=<br \/>\n4<br \/>\nWACC\u2026<br \/>\n510\uff1b000\u3000=<br \/>\n73\uff1b000<br \/>\n14\u30023\uff05\u3000\u2026\u30000\uff05\u3000\u7f8e\u5143\u3000\u7f8e\u5143<br \/>\n5\u3002\u8ba1\u7b97\u73b0\u91d1\u6d41\u7684\u51c0\u73b0\u503c\u5f97\u51fa\u4f01\u4e1a\u7684\u4ef7\u503c<br \/>\n\u5c06\u6b8b\u503c\u52a0\u56de\u5230\u5934\u4e09\u5e74\u9884\u6d4b\u7684\u73b0\u91d1\u6d41\u6298\u73b0\u540e\u7684\u73b0\u503c\u4e2d\uff0c\u4fbf<br \/>\n\u5f97\u51fa\u4e2a\u6574\u4e2a\u4f01\u4e1a\u7684\u4ef7\u503c\u3002<br \/>\n\u5b9e\u9645\u73b0\u91d1\u6d41\u51c0\u73b0\u503c\u8bc4\u4f30<br \/>\n\uff08\u5355\u4f4d\uff1a\u5343\u7f8e\u5143\uff09<br \/>\n1\u5e74\u30002\u5e74\u30003\u5e74\u30004\u5e74<br \/>\n\u5b9e\u9645\u73b0\u91d1\u6d41\u300054\u300060\u300066\u3000510<br \/>\n\u8d34\u73b0\u56e0\u5b50@14\u30023\uff05\u30000\u30028780\u30000\u30027596\u30000\u30026666\u30000\u30025861<br \/>\n\u51c0\u73b0\u503c\u300047\u300046\u300045\u3000299<br \/>\n\u603b\u51c0\u73b0\u503c\u3000436<br \/>\n\u7b97\u51fa\u6765\u4e86\uff01\u8fd9\u4e2a\u98df\u54c1\u6742\u8d27\u5e97\u503c436\uff1b000\u7f8e\u5143\u3002\u51cf\u638910\uff1b000<br \/>\n\u7f8e\u5143\u7684\u503a\u52a1\uff0cBob\u5728\u516c\u53f8         <!-- \/wp:paragraph --><!-- wp:nextpage --><!--nextpage--><!-- \/wp:nextpage --><!-- wp:paragraph -->\n            <br \/>\n            \n            <br \/>\n            <br \/>\n            <br \/>\n            \u51c0\u73b0\u503c\u300047\u300046\u300045\u3000299<br \/>\n\u603b\u51c0\u73b0\u503c\u3000436<br \/>\n\u7b97\u51fa\u6765\u4e86\uff01\u8fd9\u4e2a\u98df\u54c1\u6742\u8d27\u5e97\u503c436\uff1b000\u7f8e\u5143\u3002\u51cf\u638910\uff1b000<br \/>\n\u7f8e\u5143\u7684\u503a\u52a1\uff0cBob\u5728\u516c\u53f8\u4e2d\u7684\u51c0\u80a1\u672c\u503c\u4e3a\u3000426\uff1b000\u3000\u7f8e\u5143\u3002\u8fd9\u5c31<br 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\/>\nportfolio\u3000of\u3000securities\u3000as\u3000it\u3000reacts\u3000to\u3000general\u3000market<br \/>\nmovements\u3002<br \/>\nThe\u3000Efficient\u3000Frontier\u2026The\u3000graph\u3000depicting\u3000the<br \/>\nhighest\u3000portfolio\u3000returns\u3000for\u3000a\u3000given\u3000risk\u3000level<br \/>\nThe\u3000Capital\u3000Asset\u3000Pricing\u3000Model\u2026Ke\u3000=\u3000Rf\u3000\uff0b\uff08Km\u2026Rf\uff09Beta<br \/>\nDuration\u2026The\u3000time\u3000it\u3000takes\u3000for\u3000a\u3000bond\u3000to\u3000pay\u3000back\u3000half<br \/>\nof\u3000an\u3000investor&#8217;s\u3000investment<br \/>\nBond\u3000Value\u3000Fluctuations\u2026If\u3000market\u3000interest\u3000rates\u3000go<br \/>\nup\uff1b\u3000bond\u3000values\u3000go\u3000down\uff1b\u3000and\u3000vice\u3000versa\u3002<br \/>\nThe\u3000Dividend\u3000Growth\u3000Model\u2026Value\u3000=\u3000D\/\uff08k\u2026g\uff09<br 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\/>\n\u914d\u5907\u4e24\u4e2a\u9a71\u52a8\u5668\uff0c\u800c\u6807\u51c6\u578b\u5219\u53ea\u7528\u4e00\u4e2a\u6807\u51c6\u7bb1\uff0c\u4e00\u4e2a\u9a71\u52a8\u5668\u3002<br \/>\n\u4f46\u662f\uff0c\u96f6\u90e8\u4ef6\u4f9b\u5e94\u4e0a\u4ec5\u5c40\u9650\u4e8e30\u4e2a\u8c6a\u534e\u673a\u7bb1\uff0c60\u4e2a\u6807\u51c6\u673a\u7bb1\uff0c<br \/>\n120\u4e2a\u9a71\u52a8\u5668\u3002\u5047\u8bbe\u8c6a\u534e\u578b\u7684\u5229\u6da6\u662f\u6bcf\u53f0\u3000500\u3000\u7f8e\u5143\uff0c\u666e\u901a\u578b\u7684<br \/>\n\u6bcf\u53f0\u5229\u6da6\u662f300\u7f8e\u5143\u3002\u90a3\u4e48\uff0c\u5de5\u5382\u5e94\u5404\u751f\u4ea7\u591a\u5c11\u53f0\u8ba1\u7b97\u673a\u5462\uff1f<br \/>\n\u4f60\u5982\u4f55\u89e3\u51b3\u8fd9\u4e2a\u95ee\u9898\uff1f<br \/>\n\u7b2c\u4e00\u6b65\u662f\u7528\u7ebf\u6027\u7b49\u5f0f\u786e\u5b9a\u671f\u671b\u7684\u7ed3\u679c\u662f\u6700\u5927\u8fd8\u662f\u6700\u5c0f\u3002<br \/>\n\u5728\u672c\u4f8b\u4e2d\uff0cTangerine\u5de5\u5382\u5e0c\u671b\u5229\u6da6\u6700\u5927\u5316\u3002<br \/>\n\uff08X\u3000\u53f0\u8c6a\u534e\u578b\u00d7500\u3000\u7f8e\u5143\uff09\uff0b\uff08Y\u3000\u53f0\u6807\u51c6\u578b\u00d7300\u3000\u7f8e\u5143\uff09=<br \/>\n\u603b\u5229\u6da6<br \/>\n\u9650\u5236\u751f\u4ea7\u7684\u56e0\u7d20\u662f\u96f6\u90e8\u4ef6\u7684\u4f9b\u5e94\uff1a<br \/>\n\u8c6a\u534e\u673a\u7bb1\uff1a\uff08X\u53f0\u00d71\uff09\uff0b\uff08Y\u53f0\u00d70\uff09         <!-- \/wp:paragraph --><!-- wp:nextpage --><!--nextpage--><!-- \/wp:nextpage --><!-- wp:paragraph -->\n            <br \/>\n            \n            <br \/>\n            <br \/>\n            <br \/>\n            \u4e9b\uff0c\u6392\u7684\u961f\u77ed\u4e00\u4e9b\u3002<br \/>\n\u8981\u56de\u7b54\u6392\u961f\u95ee\u9898\uff0c\u4f60\u5fc5\u987b\u9996\u5148\u786e\u5b9a\u51e0\u4ef6\u4e8b\u60c5\uff1a<br \/>\nA=\u6bcf\u4e00\u5355\u4f4d\u65f6\u95f4\u5185\u53ef\u80fd\u8fbe\u5230\u4eba\u6570\u7684\u5e73\u5747\u6570S=\u6bcf\u4e00\u5355\u4f4d\u65f6\u95f4\u6bcf\u4e00\u9014\u5f84\u63d0\u4f9b\u7684\u5e73\u5747\u670d\u52a1\u6b21\u6570<br \/>\nM=\u9014\u5f84\u603b\u6570<br \/>\n\u6709\u4e86\u8fd9\u4e9b\u4fe1\u606f\u548c\u4e00\u7cfb\u5217\u7684\u8868\u683c\uff0c\u5c31\u53ef\u8fdb\u884c\u8ba1\u7b97\uff1a<br \/>\n\u7cfb\u7edf\u5229\u7528\u7cfb\u6570=A\/MS<br \/>\n\u5e73\u5747\u7b49\u5f85\u6570=\u961f\u5217\u4e2d\u4eba\u6570\u603b\u6570\u2026\uff08A\/S\uff09<br \/>\n\u961f\u5217\u4e2d\u9884\u8ba1\u7b49\u5019\u7684\u65f6\u95f4\u3000\u5e73\u5747\u7b49\u5019\u3000=<br \/>\nA<br \/>\n\u4ecd\u4ee5\u94f6\u884c\u4e3e\u4f8b\u3002\u5047\u8bbe\u66fc\u54c8\u987f\u5730\u533a\u4e00\u5bb6\u82b1\u65d7\u94f6\u884c\u7684\u4e00\u4f4d\u51fa<br \/>\n\u7eb3\u5458\u80fd\u4ee5\u6bcf\u5c0f\u65f6\u300050\u3000\u540d\u7684\u901f\u5ea6\u63a5\u5f85\u987e\u5ba2\u5b58\u53d6\u6b3e\uff0c\u987e\u5ba2\u5149\u987e\u8fd9\u5bb6<br \/>\n\u94f6\u884c\u7684\u5e73\u5747\u4eba\u6570\u662f\u6bcf\u5c0f\u65f645\u4eba\u3002<br \/>\n\u4e00\u4f4d\u51fa\u7eb3\u5458\uff1a<br \/>\nS=50\u4f4d\u987e\u5ba2\uff08\u6bcf\u5c0f\u65f6\u63a5\u5f85\u80fd\u529b\uff09<br \/>\nA=45\u4f4d\u987e\u5ba2\uff08\u6bcf\u5c0f\u65f6\u5e73\u5747\u5149\u987e\u4eba\u6570\uff09<br \/>\nA\u3000\/\u3000MS\u3000=<br \/>\n45<br \/>\n1\u300050<br \/>\n=\u300090\uff05\u3000\u2032<br \/>\n\u7684\u5229\u7528\u7387\uff08\u6bcf\u4f4d\u5e97\u5458\u975e\u5e38\u5fd9\u65f6\uff09<br \/>\n\u6709\u4e86\u8fd9\u4e9b\u4fe1\u606f\u548c\u4e0b\u9762\u7684\u7f29\u5199\u8868\u6570\u636e\uff0c\u53ef\u5f97\u51fa\u6bcf\u4e00\u961f\u5217\u4e2d<br \/>\n\u5e73\u5747\u6392\u961f\u7684\u4eba\u6570\u662f8\u30021\u4eba\u3002<br \/>\nA\/MS\u3000M=1\u3000M=2<br \/>\n0\u300245\u30000\u300237\u30000\u300223<br \/>\n0\u300250\u30000\u300250\u30000\u300233<br \/>\n0\u30026\u30000\u30029\u30000\u300267<br \/>\n0\u30027\u30001\u30026\u30001\u30023<br \/>\n0\u30028\u30003\u30022\u30002\u30029<br \/>\n0\u30029\u30008\u30021\u30007\u30027<br \/>\n\u770b\u6765\u5982\u679c\u6211\u4eec\u589e\u52a0\u7b2c\u4e8c\u4f4d\u51fa\u7eb3\u5458\u4f1a\u66f4\u5408\u7406\uff0c\u6bcf\u4e00\u961f\u5217\u7684<br \/>\n\u6392\u961f\u4eba\u6570\u5e94\u4ece8\u4f4d\u51cf\u52304\u4f4d\uff0c\u662f\u8fd9\u6837\u5417\uff1f<br \/>\n\u4e24\u4f4d\u51fa\u7eb3\u5458\uff1a<br \/>\nA\u3000MS\u3000\/\u3000\u3002\u3000=<br \/>\n\u2032<br \/>\n=<br \/>\n45<br \/>\n2\u300050<br \/>\n0\u300045<br \/>\n\u671f\u671b\u7684\u5e73\u5747\u7b49\u5019\u961f\u5217=0\u300223\u987e\u5ba2\uff08\u7531\u4e0a\u8868\u5f97\u51fa\uff09<br \/>\n\u4e0d\u7528\u7b49\u5019\uff01<br \/>\n\u589e\u52a0\u4e00\u4f4d\u51fa\u7eb3\u5458\uff0c\u6392\u961f\u7b49\u5019\u7684\u6982\u7387\u5c31\u4f1a\u51cf\u5c11\u4e86\u300097\uff05\u4ee5\u4e0a\u3002<br \/>\n\u5f53\u961f\u5217\u975e\u5e38\u5fd9\u65f6\uff0c\u589e\u52a0\u7684\u8fd9\u4f4d\u51fa\u7eb3\u5c31\u8d77\u4e86\u975e\u5e38\u5927\u7684\u4f5c\u7528\u3002\u53ea<br \/>\n\u6709\u6392\u961f\u8bba\u80fd\u544a\u8bc9\u4f60\u8fd9\u662f\u4e3a\u4ec0\u4e48\u3002\u6211\u5728\u8fd9\u91cc\u5b9e\u9645\u4e0a\u662f\u7528\u4e86\u4e2a\u6700<br \/>\n\u7b80\u5355\u7684\u4f8b\u5b50\u3002\u56f4\u7ed5\u7740\u6392\u961f\u8bba\uff0c\u5f62\u6210\u4e86\u4e00\u95e8\u5b66\u79d1\u3002\u5b66\u672f\u754c\u4eba\u58eb\u5c31\u89e3\u51b3\u7591\u96be\u6392\u961f\u8bba\u95ee\u9898\u4e13\u95e8\u8457\u4e66\uff0c\u603b\u7ed3\u51fa\u5f88\u591a\u56fe\u8868\u3002\u867d\u7136\u4f60<br \/>\n\u4e5f\u8bb8\u4e0d\u662f\u4e2a\u4e13\u5bb6\uff0c\u4f46\u73b0\u5728\u77e5\u9053\u4e86\u4ec0\u4e48\u662f\u6392\u961f\u8bba\uff0c\u8fd9\u5c31\u662f\u3000MBA<br \/>\n\u8bfe\u7a0b\u60f3\u8981\u6559\u7ed9\u4f60\u7684\u3002\u5b66\u6821\u5148\u8ba9\u4f60\u61c2\u5f97\u57fa\u672c\u539f\u7406\uff0c\u5e0c\u671b\u3000MBA\u3000\u4eec<br \/>\n\u5728\u9700\u8981\u7684\u65f6\u5019\u6c42\u52a9\u4e8e\u4e13\u5bb6\u6765\u7a33\u5f7b\u5e95\u89e3\u51b3\u95ee\u9898\u3002<br \/>\n\u5e93\u5b58<br \/>\n\u5e73\u8861\u8fc7\u7a0b\uff08The\u3000Balancing\u3000Act\uff09\u786e\u5b9a\u6700\u7406\u60f3\u7684\u5e93\u5b58\u6c34\u5e73<br \/>\n\u662f\u4e00\u79cd\u9700\u8981\u5ba1\u614e\u5904\u7406\u7684\u5e73\u8861\u8fc7\u7a0b\u3002\u5373\u4f7f\u662f\u540c\u4e00\u4e2a\u516c\u53f8\uff0c\u5404\u90e8<br \/>\n\u95e8\u7684\u9700\u6c42\u4e5f\u4e0d\u4e00\u6837\uff0c\u6240\u4ee5\uff0c\u786e\u5b9a\u5408\u7406\u5e93\u5b58\u7684\u4efb\u52a1\u5341\u5206\u8270\u5de8\u3002<br \/>\n\u62ff\u9500\u552e\u6c7d\u8f66\u6765\u8bf4\uff0c\u9500\u552e\u4eba\u5458\u603b\u662f\u5e0c\u671b\u5e93\u5b58\u8d8a\u591a\u8d8a\u597d\uff0c\u80fd\u6709\u66f4<br \/>\n\u591a\u7684\u4ea7\u54c1\u4f9b\u5e94\u987e\u5ba2\u3002\u4ed6\u4eec\u975e\u5e38\u4e0d\u613f\u53d1\u751f\u8fd9\u7c7b\u4e8b\u60c5\uff1a\u56e0\u6ca1\u6709\u6b63<br \/>\n\u5728\u70ed\u9500\u7684\u8dd1\u8f66\u6216\u5bb6\u7528\u5c0f\u8d27\u8f66\u7684\u5e93\u5b58\uff0c\u800c\u5931\u53bb\u4e00\u7b14\u4ea4\u6613\u3002\u4f46\u662f\uff0c<br \/>\n\u8d44\u91d1\u90e8\u95e8\u7684\u7ba1\u7406\u4eba\u5458\u5219\u5e0c\u671b\u5e93\u5b58\u964d\u81f3\u8d8a\u4f4e\u8d8a\u597d\u3002\u5728\u5e93\u5b58\u4e0a\u8d44<br \/>\n\u91d1\u5360\u7528\u5c11\u4e00\u4e9b\uff0c\u5c31\u80fd\u7701\u51fa\u94b1\u7528\u5728\u5176\u5b83\u6295\u8d44\u4e0a\u6216\u652f\u4ed8\u66f4\u591a\u7684\u7ea2<br \/>\n\u5229\u3002\u751f\u4ea7\u90e8\u95e8\u5219\u5e0c\u671b\u8fd0\u8f6c\u7684\u6548\u7387\u8d8a\u9ad8\u8d8a\u597d\u3002\u6301\u7eed\u751f\u4ea7\u80fd\u964d\u4f4e<br \/>\n\u91cd\u590d\u8d77\u505c\u8bbe\u5907\u6240\u9020\u6210\u7684\u635f\u5931\u548c\u5ef6\u8bef\uff0c\u4f46\u8fd9\u6837\u81ea\u7136\u4e5f\u5c31\u9020\u6210\u5e93<br \/>\n\u5b58\u7684\u663e\u8457\u589e\u52a0\u3002<br \/>\n\u5e93\u5b58\u8bcd\u6c47\uff08Inventory\u3000Vocabulary\uff09\u3002\u65e0\u8bba\u662f\u5de5\u5382\u8fd8\u662f\u9762<br \/>\n\u5305\u623f\uff0c\u5e93\u5b58\u591a\u4ee5\u4e0b\u52173\u79cd\u5f62\u5f0f\u5b58\u5728\uff1a<br \/>\n\u539f\u6750\u6599\u2014\u2014\u9762\u7c89\u3001\u7cd6\u3001\u6cb9\u9165\u3001\u51b0\u5757\u7b49\u3002<br \/>\n\u5728\u5236\u54c1\u2014\u2014\u751f\u9762\u7b4b\u3001\u70e4\u7089\u4e2d\u7684\u70b9\u5fc3\u3001\u6258\u76d8\u4e0a\u51b7\u5374\u7684\u70b9\u5fc3\u3002<br \/>\n\u6700\u7ec8\u4ea7\u54c1\u2014\u2014\u53ef\u4f9b\u51fa\u552e\u7684\u86cb\u7cd5\u3001\u997c\u5e72\u548c\u751c\u5708\u7b49\u3002<br \/>\n\u5e93\u5b58\u4e0d\u4ec5\u5305\u62ec\u539f\u6750\u6599\u4e0a\u7684\u6295\u8d44\uff0c\u800c\u4e14\u8fd8\u5305\u62ec\u4eba\u5de5\u4e0a\u7684\u6295<br \/>\n\u8d44\u3002\u53ea\u8981\u516c\u53f8\u4ecd\u6709\u5e93\u5b58\uff0c\u5c31\u4f1a\u5360\u7528\u8d44\u91d1\u3002\u4e00\u79cd\u7b80\u5355\u548c\u4fbf\u4e8e\u5206<br \/>\n\u6790\u5e93\u5b58\u6c34\u5e73\u7684\u65b9\u6cd5\u662f\u5e93\u5b58\u6d41\u7a0b\u56fe\uff08Inventory\u3000flow\u3000diagram\uff09\u3002<br \/>\n\u8be5\u56fe\u63cf\u8ff0\u4e86\u5de5\u5382\u5e93\u5b58\u7684\u591a\u5c11\u548c\u4ef7\u503c\u3002\u5728\u751f\u4ea7\u4ea7\u54c1\u65f6\uff0c\u53ea\u6709\u901a<br \/>\n\u8fc7\u4eba\u5de5\u548c\u539f\u6750\u6599\u7684\u7ed3\u5408\u624d\u80fd\u751f\u4ea7\u51fa\u6709\u8f83\u9ad8\u4ef7\u503c\u7684\u6700\u7ec8\u4ea7\u54c1\u3002<br \/>\n\u4fdd\u6301\u5e93\u5b58\u7684\u539f\u56e0\u3002\u4fdd\u6301\u5e93\u5b58\u7684\u4e3b\u8981\u539f\u56e0\u67095\u79cd\uff1a<br \/>\n\u751f\u4ea7\u5e72\u7ebf\uff08Pipeline\uff09\u2014\u2014\u73b0\u6210\u7684\u5e93\u5b58\u80fd\u6700\u5927\u9650\u5ea6\u5730\u51cf\u5c11<br \/>\n\u751f\u4ea7\u5ef6\u8bef\u5e76\u63d0\u9ad8\u6548\u7387\u3002<br \/>\n\u5468\u671f\uff08Cycle\uff09\u2014\u2014\u4f9b\u8d27\u65b9\u62e5\u6709\u5927\u4e8e\u5373\u8be5\u9700\u6c42\u7684\u6700\u5c11\u7684\u5b9a<br \/>\n\u5355\u3002<br \/>\n\u5b89\u5168\u6027\uff08Safety\uff09\u2014\u2014\u7531\u4e8e\u751f\u4ea7\u9700\u6c42\u7684\u4e0d\u786e\u5b9a\u6027\uff0c\u4fdd\u6301\u5e93<br \/>\n\u5b58\u80fd\u907f\u514d\u4e34\u65f6\u4e4b\u9700\u3002\u65e0\u5e93\u5b58\u65f6\u4f1a\u9020\u6210\u505c\u4ea7\uff0c\u53d1\u751f\u635f\u5931\u3002<br \/>\n\u9884\u89c1\u6027\uff08Anticipatory\uff09\u2014\u2014\u62e5\u6709\u5e93\u5b58\u4ee5\u5907\u4e0d\u65f6\u4e4b\u9700\u3002<br \/>\n\u731c\u6d4b\uff08Speculative\uff09\u2014\u2014\u4e3a\u907f\u514d\u4f9b\u8d27\u5546\u62ac\u9ad8\u4ef7\u683c\u800c\u91c7\u8d2d\u7684<br \/>\n\u8d27\u7269\u3002\u5e93\u5b58\u6d41\u7a0b\u56fe<br \/>\n\u5e93\u5b58\u7684\u8d44\u91d1\u4ef7\u503c<br \/>\n\u5728\u5236\u8fc7\u7a0b\u4e2d\u4eba\u5de5\u548c\u7ba1\u7406\u8d39\u7528\u7684\u4ecb\u5165\u4f7f\u4ef7\u503c\u589e\u52a0<br \/>\n\u6700\u7ec8\u4ea7\u54c1\uff08\u542b\u4eba\u5de5\u548c\u7ba1\u7406\u8d39\uff09<br \/>\n\u539f\u6750\u6599<br \/>\n\u5728\u5236\u54c1\u539f\u6750\u6599<br \/>\n\u6700\u7ec8\u4ea7\u54c1\u539f\u6750\u6599<br \/>\n\u5f00\u59cb\u5de5\u4f5c<br \/>\n\u5de5\u4f5c\u7ed3\u675f<br \/>\n\u52a0\u5de5\u65f6\u95f4<br \/>\n\u5bf9\u90a3\u4e9b\u6548\u7387\u8f83\u9ad8\u7684\u516c\u53f8\u800c\u8a00\uff0c\u539f\u6750\u6599\u603b\u662f\u5728\u751f\u4ea7\u9700\u8981\u65f6<br \/>\n\u624d\u53ca\u65f6\u8fd0\u5230\uff0c\u79f0\u4e3a\u5373\u65f6\u5e93\u5b58\uff08Just\u3000in\u3000time\u3000inventory\uff1b\u3000JIT\uff09\u3002<br \/>\n\u5728\u8fd9\u65b9\u9762\u65e5\u672c\u6700\u4e3a\u8457\u540d\u3002\u751f\u4ea7\u7ebf\u4e0a\u7684\u5de5\u4eba\u5728\u8ba4\u4e3a\u9700\u8981\u96f6\u914d\u4ef6<br \/>\n\u65f6\u586b\u5199\u4e00\u79cd\u79f0\u4e3akanban\u7684\u9700\u6c42\u5361\u3002<br \/>\n\u4f46\u662f\uff0c\u5373\u65f6\u5e93\u5b58\u7ba1\u7406\u5e76\u4e0d\u610f\u5473\u7740\u96f6\u914d\u4ef6\u4f9b\u5e94\u5546\u8981\u5b8c\u5168\u7b26<br \/>\n\u5408\u6c7d\u8f66\u751f\u4ea7\u7ec4\u88c5\u7ebf\u4e0a\u7684\u9700\u6c42\u3002\u5b9e\u9645\u4e0a\uff0c\u8fd9\u4e9b\u96f6\u914d\u4ef6\u5148\u662f\u5728\u90a3<br \/>\n\u4e9b\u597d\u6253\u4ea4\u9053\u7684\u4f9b\u8d27\u5546\u7684\u4ed3\u5e93\u91cc\u5b58\u653e\u7740\uff0c\u76f4\u5230\u6c7d\u8f66\u5236\u9020\u5546\u9700\u8981<br \/>\n\u65f6\u624d\u63d0\u4f9b\u3002\u771f\u6b63\u597d\u7684\u5373\u65f6\u5e93\u5b58\u7ba1\u7406\u80fd\u505a\u5230\u4e0e\u52a0\u5de5\u5236\u9020\u90e8\u95e8\u534f<br \/>\n\u8c03\u914d\u5408\uff0c\u5171\u540c\u6ee1\u8db3\u751f\u4ea7\u9700\u8981\u3002<br \/>\n\u7ecf\u6d4e\u8ba2\u8d27\u6570\u91cf\uff08Economic\u3000order\u3000quantity\uff1b\u3000EOQ\uff09\u3002\u5229\u7528<br \/>\n\u4e13\u95e8\u7684\u3000EOQ\u3000\u516c\u5f0f\u6709\u52a9\u4e8e\u3000MBA\u3000\u4eec\u51b3\u5b9a\u6240\u9700\u5e93\u5b58\u7684\u6b63\u786e\u6570\u91cf\uff0c\u5728<br \/>\n\u6b64\u57fa\u7840\u4e0a\uff0c\u53ea\u91c7\u8d2d\u6700\u57fa\u672c\u6570\u91cf\u7684\u96f6\u914d\u4ef6\u3001\u539f\u6750\u6599\u6216\u5176\u5b83\u7528\u54c1\u3002<br \/>\n\u7ecf\u6d4e\u8ba2\u8d27\u6570\u91cf\u516c\u5f0f\u662f\u5728\u6743\u8861\u6709\u5173\u5e93\u5b58\u7684\u4e24\u79cd\u6210\u672c\u7684\u57fa\u7840<br \/>\n\u4e0a\u5f97\u51fa\u7684\u3002<br \/>\n\u7ef4\u6301\u6210\u672c\uff08Carrying\u3000costs\uff09\u2014\u2014\u4e0e\u5e93\u5b58\u6709\u5173\u7684\u4ed3\u5e93\u3001\u4fdd<br \/>\n\u9669\u548c\u878d\u8d44\u8d39\u7528\u3002\u5c06\u516c\u53f8\u7684\u8d44\u91d1\u7528\u5728\u5176\u5b83\u65b9\u9762\u7684\u673a\u4f1a\u6210\u672c\u4e5f\u5e94<br \/>\n\u8003\u8651\u8fdb\u53bb\u3002<br \/>\n\u8ba2\u8d27\u6210\u672c\uff08Ordering\u3000costs\uff09\u2014\u2014\u8ba2\u8d27\u6210\u672c\u4ee5\u53ca\u4e0e\u53d1\u51fa\u5b9a<br \/>\n\u5355\u6709\u5173\u7684\u6240\u6709\u4f1a\u8ba1\u3001\u529e\u516c\u5ba4\u4eba\u5de5\u3001\u539f\u6599\u7b49\u7684\u4e00\u5207\u8d39\u7528\u3002<br \/>\n\u6709\u4e24\u79cd\u6700\u6781\u7aef\u7684\u53ef\u80fd\u3002\u5de5\u5382\u7684\u7ecf\u7406\u53ef\u80fd\u4fdd\u662f\u5076\u5c14\u4f46\u5374\u5b9a<br \/>\n\u8d2d\u4e86\u5927\u91cf\u7684\u96f6\u914d\u4ef6\uff0c\u8fd9\u6837\u867d\u51cf\u5c11\u4e86\u8ba2\u8d27\u7684\u6210\u672c\uff0c\u4f46\u4f1a\u63d0\u9ad8\u7ef4<br \/>\n\u6301\u6210\u672c\u3002\u6216\u8005\uff0c\u4ed6\u53ef\u4ee5\u7ecf\u8425\u8ba2\u8d27\u4ee5\u51cf\u5c11\u7ef4\u6301\u6210\u672c\uff0c\u4f46\u589e\u5927\u4e86<br \/>\n\u8ba2\u8d27\u6210\u672c\u3002\u4e0b\u9875\u56fe\u6240\u793a\u662f\u5728\u8ba2\u8d27\u6210\u672c\u548c\u7ef4\u6301\u6210\u672c\u53cc\u53cc\u964d\u81f3\u5f88<br \/>\n\u4f4e\u65f6\uff0c\u5e93\u5b58\u603b\u6210\u672c\u6c34\u5e73\u6700\u4f4e\u3002<br \/>\nEOQ\u3000\u516c\u5f0f\u80fd\u591f\u627e\u5230\u4f7f\u8ba2\u8d27\u6210\u672c\u548c\u7ef4\u6301\u6210\u672c\u6700\u5c0f\u5316\u7684\u7406\u60f3<br \/>\n\u70b9\u3002<br \/>\nEOQ\u7684\u516c\u5f0f\u662f\uff1a\u7ecf\u6d4e\u8ba2\u8d27\u6570\u91cf\uff08\u3000\uff09\u3000Q*\u3000=<br \/>\n\uff082\u3000R\u3000O\uff09\u3000\u2032\u3000\u2032<br \/>\nC<br \/>\n\u5176\u4e2d\uff1a<br \/>\nQ=\u6700\u7406\u60f3\u5e93\u5b58\u8ba2\u8d27\u6570\u91cf<br \/>\nR=\u6bcf\u5e74\u5355\u4f4d\u9700\u6c42\u91cf\uff08\u9700\u6c42\uff09<br \/>\nO=\u53d1\u51fa\u5b9a\u5355\u6210\u672c<br \/>\nC=\u4e00\u9636\u6bb5\u5185\u7ef4\u6301\u4e00\u4e2a\u5355\u4f4d\u5e93\u5b58\u7684\u6210\u672c<br \/>\n\u5047\u8bbe\u67d0\u4e00\u6c7d\u8f66\u96f6\u914d\u4ef6\u5206\u9500\u5546\u8d1f\u8d23\u95ee\u9898\u5411\u582a\u8428\u65af\u57ce\u63d0\u4f9b\u66f4<br \/>\n\u6362\u6c7d\u8f66\u9876\u706f\u706f\u6ce1\u3002\u4ee5\u5f80\u7684\u9500\u552e\u7ecf\u9a8c\u8868\u660e\uff0c\u6bcf\u5e74\u5bf9\u8fd9\u79cd\u706f\u6ce1\u7684<br \/>\n\u9700\u6c42\u53ef\u80fd\u57282000\u652f\u5de6\u53f3\u3002\u5206\u9500\u5546\u6bcf\u6b21\u4ece\u901a\u7528\u7535\u5668\u516c\u53f8\u8ba2\u8d27\u65f6\uff0c<br \/>\n\u5bf9\u65b9\u6536\u53d6\u5904\u7406\u5b9a\u5355\u7684\u8d39\u7528\u662f\u6bcf\u6b21\u300014\u3000\u7f8e\u5143\u3002\u5bf9\u6210\u672c\u7684\u4ed4\u7ec6\u7814\u7a76<br \/>\n\u8868\u660e\uff0c\u6bcf\u5e74\u4fdd\u6301\u4e00\u652f\u706f\u6ce1\u5e93\u5b58\u7684\u8d39\u7528\u662f0\u30025\u7f8e\u5143\u3002<br \/>\n\u7ecf\u6d4e\u8ba2\u8d27\u6570\u91cf\u3000\u7f8e\u5143<br \/>\n\u7f8e\u5143\u3000\u652f\u3000=<br \/>\n2\u30002000\u300014\u3000\u2032\u3000\u2032<br \/>\n=<br \/>\n05<br \/>\n335<br \/>\n\u3002<br \/>\n\u8ba2\u8d27\u548c\u7ef4\u6301\u5e93\u5b58\u5e73\u8861<br \/>\n\u7ecf\u6d4e\u8ba2\u8d27\u6570\u91cf<br \/>\n\u6bcf\u4e00\u4ef6<br \/>\n\u8d27\u7269\u5e74<br \/>\n\u5e93\u5b58\u6210<br \/>\n\u672c<br \/>\n\u5e74\u5ea6\u603b\u6210\u672c<br \/>\n\uff08\u8d27\u503c\uff0b\u7ef4\u6301\uff0b\u8ba2\u8d27\uff09<br \/>\n\u8ba2\u8d27\u6210\u672c<br \/>\n\u7ef4\u6301\u6210\u672c<br \/>\n\u8d27\u7269\u6210\u672c<br \/>\n\u7ecf\u6d4e\u8ba2\u8d27\u6570\u91cf<br \/>\n\u8ba2\u8d27\u89c4\u6a21<br \/>\n\u6b64\u516c\u5f0f\u8ba1\u7b97\u51fa\u6700\u4f73\u7ecf\u6d4e\u5e93\u5b58\u5b9a\u5355\u7684\u6570\u91cf\u662f\u3000335\u3000\u652f\u3002\u7531\u4e8e<br \/>\n\u9700\u6c42\u662f\u30002000\u3000\u652f\uff0c\u8fd9\u5c31\u610f\u5473\u7740\u6bcf\u5e74\u8981\u5b9a\u8d27\u30006\u3000\u6b21\uff082000\/335\uff09\u3002<br \/>\n\u542c\u8d77\u6765\u867d\u7136\u7b80\u5355\uff0c\u4f46\u5b9e\u9645\u4e0a\u5e76\u4e0d\u662f\u8fd9\u6837\u3002\u7b80\u5355\u7684\u3000EOQ\u3000\u516c\u5f0f\u53ea<br \/>\n\u662f\u5728\u9700\u6c42\u5e73\u7a33\u7684\u60c5\u51b5\u4e0b\u624d\u9002\u7528\u3002\u5f53\u9700\u6c42\u5728\u5e74\u5ea6\u5185\u5927\u5e45\u5ea6\u53d8\u52a8<br \/>\n\u65f6\uff0c\u5982\u50cf\u6742\u8d27\u5e97\u5bf9\u51b0\u5757\u3001\u86cb\u9152\u6216\u5564\u9152\u7684\u9700\u6c42\uff0c\u8fd9\u65f6\u3000EOQ\u3000\u5c31\u65e0<br \/>\n\u751a\u4ef7\u503c\u3002\u73b0\u4eca\u5df2\u6709\u4e86\u8f83\u590d\u6742\u7684\u8ba1\u7b97\u673a\u8f6f\u4ef6\u4e13\u95e8\u4fee\u6b63\u3000EOQ\u3000\u516c\u5f0f\uff0c<br \/>\n\u4f7f\u4e4b\u9002\u5e94\u9884\u8ba1\u7684\u8f83\u5927\u7684\u9700\u6c42\u53d8\u52a8\u3002\u5728\u8fd9\u79cd\u60c5\u51b5\u4e0b\uff0c\u8ba1\u7b97\u673a\u591a<br \/>\n\u6b21\u8ba1\u7b97\u51fa\u6bcf\u5e74\u53d8\u5316\u7684\u6700\u7406\u60f3\u7684\u8ba2\u8d27\u89c4\u6a21\u3002\u5373\u4f7f\u8fd9\u4e00\u516c\u5f0f\u7684\u5e94<br \/>\n\u7528\u6709\u5176\u5c40\u9650\u6027\uff0c\u4f46\u5728\u51fa\u73b0\u95ee\u9898\u9700\u8981\u89e3\u51b3\u65f6\uff0cMBA\u3000\u4eec\u4ecd\u80fd\u548c\u5e93\u5b58<br \/>\n\u4e13\u5bb6\u5de7\u5999\u5730\u8fdb\u884c\u63a2\u8ba8\u3002\u56e0\u4e3a\u5728\u5e93\u5b58\u51fa\u73b0\u610f\u60f3\u4e0d\u5230\u7684\u589e\u52a0\u65f6\uff0c\u95ee\u9898\u76f8\u5f53\u4e25\u91cd\u7684\u3002<br \/>\n\u539f\u6750\u6599\u9700\u6c42\u89c4\u5212\uff1a\u5e93\u5b58\u548c\u751f\u4ea7\u80fd\u529b\u7ba1\u7406\u3000\uff08Material<br \/>\nRequirements\u3000Planning\uff1b\u3000MRP\uff1aInventory\u3000and\u3000Capacity<br \/>\nManagement\uff09\u3002\u7531\u4e8e\u751f\u4ea7\u8ba1\u5212\u548c\u5e93\u5b58\u63a7\u5236\u77e5\u8bc6\u7684\u5e7f\u6cdb\u5e94\u7528\uff0c\u5236<br \/>\n\u9020\u4e1a\u73b0\u5df2\u80fd\u975e\u5e38\u51fa\u8272\u5730\u5b8c\u6210\u52a0\u5de5\u5236\u9020\u4efb\u52a1\u3002MRP\u3000\u662f\u4e00\u79cd\u8bbe\u8ba1\u548c<br \/>\n\u89c4\u5212\u5de5\u5382\u6240\u9700\u5e93\u5b58\u7684\u65b9\u6cd5\u3002\u6709\u4eba\u8ba4\u4e3a\u3000MRP\u3000\u662f\u4e00\u79cd\u8bbe\u8ba1\u548c\u89c4\u5212<br \/>\n\u5de5\u5382\u6240\u9700\u5e93\u5b58\u7684\u65b9\u6cd5\u3002\u6709\u4eba\u8ba4\u4e3a\u3000MRP\u3000\u5c31\u662f\u201c\u52a0\u5de5\u8d44\u6e90\u89c4\u5212\u201d\uff0c<br \/>\n\u4f46\u65e0\u8bba\u7528\u4ec0\u4e48\u540d\u5b57\uff0c\u5b83\u662f\u4e00\u79cd\u6539\u8fdb\u5236\u9020\u52a0\u5de5\u4e1a\u6548\u7387\u7684\u590d\u6742\u7cfb<br \/>\n\u7edf\u3002MRP\u3000\u8ba1\u5212\u751f\u4ea7\u5e76\u8ba1\u7b97\u4fdd\u8bc1\u751f\u4ea7\u6709\u6548\u8fd0\u884c\u7684\u6700\u7406\u60f3\u5e93\u5b58\u91cf\u3002<br \/>\n\u6c7d\u8f66\u4e1a\u3001\u5bb6\u7528\u7535\u5668\u4e1a\u3001\u6700\u5b50\u884c\u4e1a\u7b49\u5bf9\u96f6\u914d\u4ef6\u7684\u9700\u6c42\u8f83\u591a\uff0c\u5728<br \/>\n\u8fdb\u884c\u8fd9\u7c7b\u8ba1\u7b97\u65f6\u53ea\u80fd\u501f\u52a9\u4e8e\u8ba1\u7b97\u673a\u3002<br \/>\n\u4e3a\u8981\u5efa\u7acb\u3000MRP\u3000\u7cfb\u7edf\uff0c\u8ba1\u7b97\u673a\u7a0b\u5e8f\u8bbe\u8ba1\u4eba\u5458\u5fc5\u9700\u719f\u6089\u4ea7\u54c1<br \/>\n\u7684\u751f\u4ea7\u5de5\u827a\u548c\u5bf9\u539f\u6750\u6599\u7684\u9700\u6c42\u3002\u53ea\u6709\u8fd9\u6837\u8ba1\u7b97\u673a\u65b9\u80fd\u628a\u5ba2\u6237<br \/>\n\u7684\u4ea7\u54c1\u9700\u6c42\u53d8\u52a8\u8be6\u7ec6\u7684\u5b9a\u5355\uff0c\u4ee5\u6307\u5bfc\u5de5\u5382\u751f\u4ea7\u5e76\u5b89\u6392\u4ece\u4f9b\u8d27<br \/>\n\u5546\u90a3\u91cc\u53ca\u65f6\u63d0\u8d27\u3002<br \/>\nMRP\u3000\u8fc7\u7a0b\u5728\u751f\u4ea7\u5de5\u7a0b\u5e08\u786e\u5b9a\u51fa\u6700\u6709\u6548\u7684\u751f\u4ea7\u65b9\u6cd5\u65f6\u5c31\u5f00\u59cb<br \/>\n\u4e86\u3002\u4f8b\u5982\u672c\u7530\uff08Honda\u3000Civic\uff09\u6c7d\u8f66\uff0c\u6c7d\u8f66\u7ec4\u88c5\u751f\u4ea7\u7ebf\u662f\u6700\u6709\u6548<br \/>\n\u7684\u751f\u4ea7\u65b9\u5f0f\u3002\u5bf9\u751f\u4ea7\u5de5\u827a\u7684\u8c03\u67e5\u5fc5\u9700\u5305\u62ec\u5bf9\u7ec4\u88c5\u7ebf\u4e0a\u6bcf\u4e00\u73af<br \/>\n\u8282\u7684\u5206\u6790\uff0c\u5373\u4ece\u539f\u94a2\u8f66\u4f53\u7684\u94f8\u6c99\u5f00\u59cb\uff0c\u4e00\u76f4\u5230\u5c06\u8f66\u5f00\u51fa\u5de5\u5382\u3002<br \/>\n\u6cf0\u52d2\u8fd1\u4e4e\u4e00\u4e2a\u4e16\u7eaa\u4ee5\u524d\u66fe\u8fdb\u884c\u7684\u5bf9\u65f6\u95f4\u548c\u52a8\u4f5c\u7684\u7814\u7a76\uff0c\u4e5f\u5e94<br \/>\n\u5229\u7528\u4e0a\u3002\u6b64\u5916\uff0c\u8fd8\u5fc5\u987b\u6478\u6e05\u695a\u8bbe\u5907\u548c\u5de5\u4eba\u7684\u80fd\u529b\uff0c\u4ee5\u4fbf\u786e\u5b9a<br \/>\n\u5de5\u5382\u7684\u751f\u4ea7\u80fd\u529b\u3002\u4f8b\u5982\uff0c\u751f\u4ea7\u5de5\u7a0b\u5e08\u5bf9\u6bcf\u5c0f\u65f6\u538b\u51fa\u591a\u5c11\u4e2a\u524d<br \/>\n\u6321\u677f\u4ee5\u53ca\u9700\u8981\u591a\u5c11\u5f0f\u65f6\u6765\u64cd\u4f5c\u51b2\u538b\u673a\uff0c\u5c31\u77e5\u9053\u7684\u4e00\u6e05\u4e8c\u695a\u3002<br \/>\n\u8d1f\u8d23\u5de5\u827a\u7684\u5de5\u7a0b\u5e08\u4eec\u8fd8\u8981\u5145\u5206\u4e86\u89e3\u751f\u4ea7\u67d0\u4e00\u4ea7\u54c1\u5bf9\u539f\u6750<br \/>\n\u6599\u96f6\u914d\u4ef6\u7684\u8be6\u7ec6\u9700\u6c42\u3002\u8fd9\u79cd\u9700\u6c42\u6e05\u5355\u5c31\u662f\u6750\u6599\u6e05\u5355\uff08Bill\u3000of<br \/>\nMaterials\uff1b\u3000BOM\uff09\u3002\u5c06\u4e4b\u8bb0\u5f55\u5728\u8ba1\u7b97\u673a\u91cc\uff0c\u751f\u4ea7\u9700\u6c42\u4fbf\u80fd\u5206\u89e3<br \/>\n\u6210\u660e\u786e\u7684\u539f\u6750\u6599\u7528\u91cf\u3002\u3000\u4f8b\u5982\uff0c\u3000\u4f9d\u7167MRP\u7cfb\u7edf\uff0c\u3000\u6bcf\u4e00\u8f86Honda\u3000Civic<br \/>\n\u8f66\u9700\u8981\u4e24\u4e2a\u8f66\u706f\uff0c46\u3000\u4e2a\u30002\u3000\u82f1\u5bf8\u7684\u87ba\u4e1d\uff0c4\u30022\u3000\u54c1\u8131\u7684\u6cb9\u6f06\u4ee5\u53ca<br \/>\n\u6210\u767e\u4ef6\u5176\u5b83\u96f6\u914d\u4ef6\u3002\u539f\u6750\u6599\u8bad\u5b58\u4e5f\u7528MRP\u3000\u6765\u5206\u6790\u8ddf\u8e2a\u3002\u7528\u3000MRP<br \/>\n\u65b9\u6cd5\u53ef\u4ee5\u6566\u4fc3\u5de5\u5382\u7ecf\u7406\u4fdd\u6301\u8db3\u591f\u7684\u96f6\u914d\u4ef6\u5e93\u5b58\u4ee5\u6ee1\u8db3\u751f\u4ea7\u7ebf<br \/>\n\u7684\u7528\u91cf\uff0c\u540c\u65f6\uff0c\u8fd8\u80fd\u4f7f\u5e93\u5b58\u7ba1\u7406\u4eba\u5458\u6309\u7ecf\u6d4e\u8ba2\u8d27\u6570\u91cf\u91c7\u8d2d\uff0c<br \/>\n\u4ece\u800c\u6700\u5728\u5927\u9650\u5ea6\u5730\u51cf\u5c11\u5e93\u5b58\u6c34\u5e73\u3002<br \/>\n\u4e00\u4e2a\u5b8c\u6574\u7684\u3000MRP\u3000\u7cfb\u7edf\u80fd\u591f\u534f\u8c03\u597d\u4ece\u9884\u6d4b\u5ba2\u6237\u9700\u6c42\u5230\u8fd0\u9001<br \/>\n\u6700\u7ec8\u4ea7\u54c1\u7684\u5168\u90e8\u5236\u9020\u5de5\u827a\u8fc7\u7a0b\u3002\u8ba1\u7b97\u673a\u8f6f\u4ef6\u4e3b\u751f\u4ea7\u8ba1\u5212<br \/>\n\uff08Master\u3000production\u3000schedule\uff1b\u3000MPS\uff09\u53ef\u4ee5\u5206\u6790\u3001\u5b58\u50a8\u6709\u5173\u9700<br \/>\n\u6c42\u3001\u751f\u4ea7\u3001\u539f\u6750\u6599\u3001\u53d1\u51fa\u5b9a\u5355\u7b49\u65b9\u9762\u7684\u6240\u6709\u4fe1\u606f\uff0c\u540c\u65f6\u534f\u8c03<br \/>\n\u5236\u9020\u52a0\u5de5\u5de5\u827a\u7684\u5168\u8fc7\u7a0b\u3002<br \/>\n\u539f\u6750\u6599\u9700\u6c42\u89c4\u5212\u7cfb\u7edf\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u5ba2\u6237\u9700\u6c42<br \/>\n\u3000\u3000\u3000\u3000\u3000\u3000\u3000<br \/>\n\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u751f\u4ea7\u89c4\u5212<br \/>\n\u3000\u3000\u3000\u3000\u3000\u3000\u3000<br \/>\n\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u4e3b\u751f\u4ea7\u8ba1\u5212<br \/>\n\u539f\u6750\u6599\u6e05\u5355\u6863\u6848\u3000\u3000\u3000\u3000\u3000\u3000\u539f\u6750\u6599\u9700\u6c42\u8ba1\u5212\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u5e93\u5b58\u60c5\u51b5\u6863\u6848<br \/>\n\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u751f\u4ea7\u8ba1\u5212<br \/>\n\u3000\u3000\u3000\u3000\u3000\u3000\u8f66\u95f4\u5b89\u6392\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u5e93\u5b58\u9700\u6c42\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u53d1\u7ed9\u4f9b\u8d27\u5546\u7684\u5b9a\u5355<br \/>\n\uff08\u673a\u5668\u548c\u4eba\u5de5\u7684\u4f7f\u7528\uff09<br \/>\n\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u534f\u8c03\u548c\u9ad8\u6548\u7387\u7684\u5236\u9020\u52a0\u5de5\u5de5\u827a<br \/>\n\u6807\u51c6\u548c\u63a7\u5236\uff08Standards\u3000and\u3000Control\uff09<br \/>\n\u6839\u636e\u751f\u4ea7\u5de5\u827a\u7684\u6709\u5173\u4fe1\u606f\u51c6\u5907\u7684\u3000MRP\u3000\u7cfb\u7edf\u6216\u5229\u7528\u5176\u5b83\u7684<br \/>\nMBA\u3000\u6709\u6548\u7684\u5de5\u5177\u4e3a\u7ecf\u7406\u4eec\u7528\u6765\u8861\u91cf\u548c\u63a7\u5236\u751f\u4ea7\u8fdb\u5ea6\u7684\u6807\u51c6\u63d0\u4f9b<br \/>\n\u4e86\u57fa\u7840\u3002MBA\u3000\u4eec\u8861\u91cf\u6807\u51c6\u7684\u5e38\u7528\u8bcd\u662f\u5c3a\u5ea6\uff08Benchmarking\uff09\u3002\u4e5f<br \/>\n\u5c31\u662f\u8bf4\uff0c\u9700\u8981\u4f1a\u8ba1\u5e08\u4eec\u5728\u5546\u4e1a\u7ecf\u6d4e\u65b9\u9762\u6765\u534f\u52a9\u7ba1\u7406\u3002\u5728\u4f1a\u8ba1<br \/>\n\u4e00\u7ae0\u4e2d\u6709\u5173\u7ba1\u7406\u4f1a\u8ba1\uff08Managerial\u3000accounting\uff09\u7684\u90e8\u5206\u8bb2\u89e3\u4e86<br \/>\n\u4f1a\u8ba1\u5e08\u4eec\u5982\u4f55\u8fd0\u7528\u6570\u5b57\u7684\u53d8\u5316\u6765\u8ddf\u8e2a\u548c\u62a5\u544a\u751f\u4ea7\u7684\u60c5\u51b5\u3002\u5de5<br \/>\n\u5382\u5e38\u5e38\u56e0\u4e3a\u82b1\u53bb\u4e86\u6bd4\u8ba1\u5212\u591a\u7684\u539f\u6750\u6599\u8d39\u7528\uff08\u7531\u4e8e\u4ef7\u683c\u53d8\u52a8\uff09\uff0c<br \/>\n\u6216\u8005\u5355\u4f4d\u4ea7\u54c1\u7528\u4e86\u66f4\u591a\u7684\u539f\u6750\u6599\u6216\u4eba\u5de5\uff08\u539f\u6599\u548c\u4eba\u5de5\u4f7f\u7528\u4e0a<br \/>\n\u7684\u53d8\u5316\uff09\u9020\u6210\u67d0\u4e9b\u53d8\u52a8\u3002\u751f\u4ea7\u5de5\u7a0b\u5e08\u5219\u8fc7\u5efa\u7acb\u6807\u51c6\uff0c\u8003\u67e5\u662f<br \/>\n\u5426\u8fbe\u6807\u6765\u63a7\u5236\u751f\u4ea7\u8fc7\u7a0b\u3002<br \/>\n\u8d28\u91cf<br 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\/>\n\u83b1\u65af\uff08Rolls\u2026Royce\uff09\u4e00\u7c7b\u7684\u4ea7\u54c1\u3002\u8d28\u91cf\u4ea7\u54c1\u662f\u6307\u5b83\u4eec\u80fd\u6309\u7167\u671f\u671b\u7684\u8981\u6c42\u53d1\u6325\u4f5c\u7528\u3002\u5f88\u666e\u901a\u7684\u4e1c\u897f\uff0c\u50cf\u66f2\u522b\u9488\uff0c\u53ea\u8981\u628a\u7eb8\u522b<br \/>\n\u5728\u4e00\u8d77\u4e14\u4e0d\u751f\u9508\uff0c\u5c31\u53ef\u4ee5\u8ba4\u4e3a\u662f\u9ad8\u8d28\u91cf\u4e86\u3002<br \/>\n\u5728\u7f8e\u56fd\uff0c\u6709\u30003\u3000\u4f4d\u8457\u540d\u7684\u8d28\u91cf\u6743\u5a01\uff0c\u4ed6\u4eec\u7684\u7406\u8bba\u88ab\u8ba4\u4e3a\u662f<br \/>\n\u89e3\u51b3\u9677\u5165\u56f0\u5883\u7684\u7f8e\u56fd\u5236\u9020\u4e1a\u7684\u826f\u65b9\u3002\u4ed6\u4eec\u662fJoseph\u3000Juran\uff1b\u3000W\u3002<br \/>\nEdwards\u3000Deming\u3000\u548c\u3000Philip\u3000Crosby\u3002\u901a\u8fc7\u53d1\u8868\u6709\u5173\u8d28\u91cf\u7684\u8bba<br 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\/>\nFrederick\u3000Taylor\u2026Father\u3000of\u201cscientific\u201dproduction<br \/>\nmanagement\uff08Theory\u3000X\uff09<br \/>\nElton\u3000Mayo\u2026Father\u3000of\u3000the\u3000\u3000\u201chuman\u3000relations\u3000movement\u201d<br \/>\nof\u3000production\u3000management\uff08Theory\u3000Y\uff09<br \/>\nOperational\u3000Problem\u3000Solving\u2026Capacity\uff1b\u3000Scheduling\uff1b<br \/>\nInventory\uff1b\u3000Standards\uff1b\u3000Control<br \/>\n6\u3000M&#8217;s\u3000of\u3000Capacity\u2026Manpower\uff1b\u3000Machinery\uff1b\u3000Materials\uff1b<br \/>\nMoney\uff1b\u3000Methods\uff1b\u3000Messages<br \/>\nFlow\u3000Diagramming\u2026Mapping\u3000out\u3000work\u3000flows\u3000to\u3000spot<br \/>\nefficiency\u3000opportunities<br \/>\nLinear\u3000Programming\u2026puter\u3000method\u3000of\u3000determining<br \/>\nthe\u3000optimal\u3000solutions\u3000in\u3000situations\u3000with\u3000constrained<br \/>\ncapacity<br 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\/>\n\u5fae\u89c2\u7ecf\u6d4e\u5b66<br \/>\n\u5fae\u89c2\u7ecf\u6d4e\u5b66\u4e0d\u50cf\u5b8f\u89c2\u7ecf\u6d4e\u5b66\u90a3\u6837\u8ff7\u60d1\u4eba\uff0c\u4f46\u66f4\u5177\u5b9e\u7528\u6027\u3002<br \/>\n\u7531\u4e8e\u6211\u4eec\u4e2d\u7684\u5927\u591a\u6570\u4eba\u4e0d\u5927\u53ef\u80fd\u5bf9\u6574\u4e2a\u7ecf\u6d4e\u5728\u5b8f\u89c2\u4e0a\u6709\u6240\u5f71<br \/>\n\u54cd\uff0c\u6240\u4ee5\u8ba9\u6211\u4eec\u6700\u597d\u628a\u7cbe\u529b\u96c6\u4e2d\u5728\u7814\u7a76\u201c\u5fae\u89c2\u7ecf\u6d4e\u5b66\u201d\u7684\u51e0<br \/>\n\u4e2a\u4e3b\u8981\u57fa\u672c\u6982\u5ff5\u4e0a\u3002<br \/>\n\u673a\u4f1a\u6210\u672c<br \/>\n\u7531\u4e8e\u4eba\u4eec\u5bf9\u4ea7\u54c1\u548c\u52b3\u52a1\u7684\u9700\u6c42\u6c38\u65e0\u6b62\u5883\uff0c\u6240\u4ee5\uff0c\u51b3\u7b56\u8005<br \/>\n\u4eec\u5e94\u628a\u6709\u9650\u7684\u8d44\u6e90\u5408\u7406\u5730\u5206\u914d\u597d\u3002\u901a\u5e38\u60c5\u51b5\u4e0b\uff0c\u82e5\u8981\u591a\u751f\u4ea7<br \/>\n\u67d0\u4e00\u79cd\u4ea7\u54c1\u6216\u52b3\u52a1\uff0c\u5c31\u540c\u65f6\u4f34\u968f\u7740\u8981\u53d1\u751f\u6210\u672c\u6216\u653e\u5f03\u5176\u5b83\u673a<br \/>\n\u4f1a\u3002\u7ecf\u6d4e\u5b66\u5bb6\u628a\u8fd9\u79cd\u6210\u672c\u79f0\u4e4b\u4e3a\u673a\u4f1a\u6210\u672c\uff08Opportunity<br \/>\ncosts\uff09\u3002<br \/>\n\u4f8b\u5982\uff0c1992\u5e74\u3000Harley\u2014Davidson\u3000\u6469\u6258\u8f66\u5382\u56e0\u5e02\u573a\u9700\u6c42\u589e<br \/>\n\u52a0\uff0c\u5df2\u6ee1\u8d1f\u8377\u751f\u4ea7\u3002\u5f53\u65f6\u3000Harley\u3000\u516c\u53f8\u5360\u636e\u7740\u9ad8\u4ef7\u4f4d\u3001\u5927\u9a6c\u529b<br \/>\n\u6469\u6258\u8f66\u5e02\u573a\u4efd\u989d\u7684\u300060\uff05\u3002\u516c\u53f8\u7ba1\u7406\u5c42\u8feb\u4e8e\u5b9a\u5355\u7684\u538b\u529b\uff0c\u7814\u7a76\u4e86<br \/>\n\u5982\u4f55\u6700\u5927\u9650\u5ea6\u5730\u5b89\u6392\u597d\u6709\u9650\u7684\u751f\u4ea7\u80fd\u529b\u3002\u540e\u6765\uff0c\u8be5\u516c\u53f8\u505a\u51fa<br \/>\n\u51b3\u5b9a\uff0c\u751f\u4ea7\u51e0\u79cd\u5728\u7f8e\u56fd\u548c\u5176\u5b83\u6d77\u5916\u5e02\u573a\u9500\u552e\u7684\u8f66\u578b\u3002\u8fd9\u65f6\uff0c<br \/>\nHarley\u2014Davidson\u3000\u516c\u53f8\u53d1\u751f\u4e86\u76f8\u5f53\u5927\u7684\u673a\u4f1a\u6210\u672c\u3002\u4e3a\u4ec0\u4e48\uff1f<br \/>\n\u56e0\u4e3a\u516c\u53f8\u540c\u65f6\u8fd8\u505a\u51fa\u4e86\u53e6\u5916\u4e00\u4e2a\u51b3\u5b9a\uff0c\u5373\u4e0d\u5c06\u6574\u4e2a\u751f\u4ea7\u7ebf\u7528<br \/>\n\u4e8e\u88c5\u914d\u5f53\u65f6\u9500\u5f80\u65e5\u672c\u5e02\u573a\u7684\u6700\u8d5a\u94b1\u3001\u6700\u6602\u8d35\u7684\u8f66\u578b\u3002\u82e5\u3000Harley<br \/>\n\u516c\u53f8\u4ec5\u4e3a\u4e86\u773c\u524d\u5229\u76ca\u800c\u8fc7\u4efd\u5730\u5f3a\u8c03\u77ed\u671f\u5185\u5b9e\u73b0\u5229\u6da6\u7684\u6700\u5927<br \/>\n\u5316\uff0c\u5c31\u6709\u51b7\u843d\u56fd\u5185\u5e02\u573a\u6700\u5fe0\u5b9e\u5ba2\u6237\u7684\u5371\u9669\u3002\u4e8b\u5b9e\u4e0a\uff0c\u6b63\u662f\u6709<br \/>\n\u56fd\u5185\u7528\u6237\u7684\u652f\u6301\uff0cHarley\u3000\u516c\u53f8\u624d\u53d6\u5f97\u4e86\u6210\u529f\uff0c\u65e5\u672c\u4eba\u559c\u6b22\u8d2d<br \/>\n\u4e70Harley\u8f66\u4e5f\u662f\u4e0e\u4e4b\u5206\u4e0d\u5f00\u7684\u3002<br \/>\n\u8fb9\u9645\u6536\u76ca\u4e0e\u6210\u672c<br \/>\n\u4e0e\u673a\u4f1a\u6210\u672c\u5bc6\u5207\u76f8\u5173\u7684\u53e6\u4e00\u4e2a\u6982\u5ff5\u662f\u8fb9\u9645\u6536\u76ca\uff08Marginal<br \/>\nrevenue\uff1b\u3000MR\uff09\u548c\u8fb9\u9645\u6210\u672c\uff08Marginal\u3000cost\uff1b\u3000MC\uff09\u3002\u516c\u53f8\u901a\u8fc7\u6700<br \/>\n\u5927\u9650\u5ea6\u5730\u589e\u52a0\u6536\u76ca\uff0c\u540c\u65f6\u529b\u6c42\u5c06\u6210\u672c\u964d\u81f3\u6700\u4f4e\uff0c\u4ee5\u5b9e\u73b0\u5229\u6da6<br \/>\n\u6700\u5927\u5316\u3002<br 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\/>\n\u5fc3\u7684\u5de5\u5382\u4e5f\u9002\u7528\u3002\u5047\u8bbe\u4f60\u662f\u5382\u957f\uff0c\u5de5\u5382\u6536\u5230\u4e00\u7279\u6b8a\u5b9a\u5355\uff0c\u5bf9<br \/>\n\u65b9\u62a5\u4ef7\u6bd4\u4f60\u5382\u901a\u5e38\u7684\u552e\u4ef7\u4f4e\uff0c\u3000\u8981\u6c42\u4ee51\u7f8e\u5143\u4e00\u6253\u7684\u4ef7\u683c\u8d2d\u4e70100<br \/>\n\u6253\u70b9\u5fc3\uff0c\u5728\u6559\u5802\u805a\u4f1a\u65f6\u51fa\u552e\u3002\u5728\u77e5\u9053\u5de5\u5382\u8fd8\u6709\u5269\u4f59\u751f\u4ea7\u80fd\u529b<br \/>\n\u60c5\u51b5\u4e0b\uff0c\u4f60\u548c\u4f1a\u8ba1\u4e00\u8d77\u5546\u91cf\u63a5\u4e0d\u63a5\u6b64\u5b9a\u5355\u3002\u4f1a\u8ba1\u5448\u7ed9\u4f60\u7684\u6bcf<br \/>\n\u6253\u6210\u672c\u4e3a1\u300245\u7f8e\u5143\u3002\u73b0\u7ec6\u5206\u5982\u4e0b\uff1a\u505a\u70b9\u5fc3\u6240\u7528\u9762\u7c89\u30000\u300280\u7f8e\u5143<br \/>\n\u4eba\u5de5\u8d39\u30000\u300225\u7f8e\u5143<br \/>\n\u8bbe\u5907\u4f7f\u7528\u8d39\u30000\u300220\u7f8e\u5143<br \/>\n\u8bbe\u5907\u7ef4\u4fee\u3001\u7ef4\u62a4\u30000\u300220\u7f8e\u5143<br \/>\n\u603b\u6210\u672c\u30001\u300245\u7f8e\u5143<br \/>\n\u4e0a\u9762\u6240\u5217\u6570\u636e\u4e2d\uff0c\u53ea\u6709\u9762\u7c89\u662f\u8fb9\u9645\u6210\u672c\u3002\u56e0\u4e3a\u5de5\u5382\u7684\u673a<br \/>\n\u5668\u751f\u4ea7\u7ebf\u662f\u81ea\u52a8\u7684\uff0c\u64cd\u4f5c\u673a\u5668\u7684\u5de5\u4eba\u5df2\u7ecf\u5728\u5c97\uff0c\u70e4\u7bb1\u4e5f\u662f\u73b0<br \/>\n\u6210\u7684\uff0c\u65e5\u5e38\u7684\u751f\u4ea7\u7ef4\u62a4\u4ea6\u4e0d\u7528\u91cd\u65b0\u5b89\u6392\u3002<br \/>\n\u4f60\u5e94\u8be5\u9ad8\u9ad8\u5174\u5174\u5730\u63a5\u8fd9\u4e2a\u5b9a\u5355\uff0c\u56e0\u4e3a\u5b83\u80fd\u7ed9\u4f60\u5e26\u6765\u8fb9\u9645<br \/>\n\u5229\u6da6\u3002\u62d2\u7edd\u8fd9\u4e2a\u5b9a\u5355\u7684\u552f\u4e00\u53ef\u80fd\u662f\u6709\u4eba\u8d70\u6f0f\u4e86\u98ce\uff0c\u8ba9\u4f60\u7684\u8001<br \/>\n\u5ba2\u6237\u77e5\u9053\u4e86\u4f60\u628a\u5356\u7ed9\u4ed6\u4eec\u30002\u3000\u7f8e\u5143\u4e00\u6253\u7684\u70b9\u5fc3\uff0c\u4ee5\u30001\u3000\u7f8e\u5143\u4e00\u6253<br \/>\n\u5356\u7ed9\u4e86\u522b\u4eba\u3002\u82e5\u5927\u5bb6\u90fd\u6309\u30001\u3000\u7f8e\u5143\u4e00\u6253\u7684\u4ef7\u683c\u8d2d\u4e70\uff0c\u5382\u5bb6\u65e0\u5229<br \/>\n\u6da6\uff0c\u4e5f\u5c31\u652f\u4ed8\u4e0d\u8d77\u56fa\u5b9a\u6210\u672c\uff08\u6b64\u5904\u6307\u5de5\u4eba\u5de5\u8d44\u548c\u7ef4\u6301\u5f00\u5de5\u7684<br \/>\n\u8d39\u7528\uff09\u3002<br \/>\n\u4ece\u4ee5\u4e0a\u7684\u51e0\u4e2a\u4e3e\u4f8b\u4e2d\u53ef\u4ee5\u770b\u51fa\uff0c\u8fb9\u9645\u6210\u672c\u548c\u8fb9\u9645\u6536\u76ca\u5728<br \/>\n\u51b3\u5b9a\u8fb9\u9645\u4ef7\u683c\u548c\u751f\u4ea7\u51b3\u7b56\u4e0a\u8d77\u7740\u975e\u5e38\u5173\u952e\u7684\u4f5c\u7528\u3002\u4f46\u662f\uff0c\u5728<br \/>\n\u8bc4\u4f30\u4e00\u4e2a\u4f01\u4e1a\u603b\u7684\u3001\u800c\u975e\u4e00\u6b21\u6027\u4e1a\u52a1\u7684\u76c8\u5229\u60c5\u51b5\u65f6\uff0c\u603b\u6536\u76ca<br \/>\n\u5fc5\u987b\u8d85\u8fc7\u603b\u6210\u672c\uff0c\u4ee5\u4fdd\u6301\u8d77\u7801\u7684\u76c8\u5229\u8981\u6c42\u3002<br \/>\n\u8fb9\u9645\u6548\u7528<br \/>\n\u6548\u7528\uff08Utility\uff09\u4e00\u8bcd\u662f\u7528\u6765\u63cf\u8ff0\u67d0\u4e00\u4ea7\u54c1\u5bf9\u4e8e\u6d88\u8d39\u8005\u7684\u4ef7<br \/>\n\u503c\u3002\u8fb9\u9645\u6548\u7528\uff08Marginal\u3000utility\uff1b\u3000MU\uff09\u6307\u7684\u662f\u518d\u591a\u589e\u52a0\u4e00\u4e2a<br \/>\n\u4ea7\u54c1\u65f6\u5e26\u6765\u7684\u6709\u7528\u6027\u6216\u6548\u7528\u3002\u5728\u67d0\u4e00\u9636\u6bb5\uff0c\u6d88\u8d39\u8005\u5df2\u80fd\u591f\u5145<br \/>\n\u5206\u6ee1\u8db3\uff0c\u82e5\u591a\u6dfb\u4e00\u4e2a\u4ea7\u54c1\u4e5f\u5c31\u6ca1\u4ec0\u4e48\u4ef7\u503c\u548c\u610f\u4e49\u3002\u5728\u524d\u9762\u7684<br \/>\n\u5564\u9152\u4f8b\u5b50\u4e2d\uff0c\u5047\u8bbe\u4e3a\u4e86\u6d88\u9664\u70e6\u607c\uff0c\u4f60\u4e5f\u53bb\u559d\u4e86\u4e9b\u5564\u9152\u3002\u559d\u4e86<br \/>\n\u7b2c\u4e00\u676f\uff0c\u53c8\u559d\u4e86\u7b2c\u4e8c\u676f\u3002\u6ce8\u610f\uff1a\u8fd9\u7b2c\u4e8c\u676f\u7684\u8fb9\u9645\u6548\u7528\u6700\u5927\u30025<br \/>\n\u4e2a\u5c0f\u65f6\u4e4b\u540e\uff0c\u4f60\u5df2\u559d\u4e86\u300012\u3000\u676f\uff0c\u800c\u4e14\u8fd8\u6253\u4e86\u4f1a\u513f\u53f0\u7403\uff0c\u8df3\u4e86\u8df3<br \/>\n\u821e\uff0c\u628a\u70e6\u607c\u4e5f\u5fd8\u4e86\u3002\u6b64\u65f6\u6b64\u523b\uff0c\u518d\u591a\u559d\u4e00\u676f\u5df2\u7528\u5904\u4e0d\u5927\u3002\u8fd9<br \/>\n\u65f6\u7684\u7b2c13\u676f\u5564\u9152\u7684\u8fb9\u9645\u6548\u7528\u53ef\u4ee5\u5ffd\u7565\u4e0d\u8ba1\u3002<br \/>\n\u4ef7\u683c\u9700\u6c42\u5f39\u6027<br \/>\n\u5728\u4f9b\u9700\u5173\u7cfb\u56fe\u4e2d\uff0c\u7231\u559d\u3000Heineken\u3000\u724c\u5b50\u5564\u9152\u7684\u5ba2\u4eba\u5728\u5408\u9002<br \/>\n\u7684\u4ef7\u683c\u6761\u4ef6\u4e0b\uff0c\u613f\u610f\u8d2d\u4e70\u3000Spud\u3000\u5564\u9152\u3002\u76f8\u53cd\uff0c\u5982\u679c\u4ef7\u683c\u5b9a\u4f4d\u7684\u9ad8\uff0c\u9700\u6c42\u4f1a\u4e0b\u964d\u3002\u6d88\u8d39\u8005\u5bf9\u4ef7\u683c\u53d8\u5316\u7684\u53cd\u6620\uff0c\u5373\u654f\u611f\u7a0b\u5e8f\u88ab<br \/>\n\u79f0\u4e3a\u5f39\u6027\uff08Elasticity\uff09\u3002<br \/>\n\u9700\u6c42\u5f39\u6027\u662f\u6211\u7684\u3000MBA\u3000\u540c\u5b66\u4eec\u5e38\u63d0\u5230\u7684\u51e0\u79cd\u7ecf\u6d4e\u5b66\u7406\u8bba\u4e4b<br \/>\n\u4e00\u3002\u4f8b\u5982\uff0c\u5b9d\u6d01\uff08Procter&amp;Gamble\uff09\u516c\u53f8\u4ea7\u54c1\u7ecf\u7406\u60f3\u4e86\u89e3\u4ef7\u683c<br \/>\n\u53d8\u5316\u5bf9\u8be5\u516c\u53f8\u54c1\u724c\u80a5\u7682\u9700\u6c42\u7684\u5f71\u54cd\uff1bFord\uff08\u798f\u7279\uff09\u6c7d\u8f66\u516c\u53f8<br \/>\n\u751f\u4ea7\u90e8\u95e8\u7684\u8d1f\u8d23\u4eba\u4e5f\u60f3\u77e5\u9053\u4ef7\u683c\u53d8\u52a8\u5bf9\u4ed6\u4eec\u751f\u4ea7\u6709\u4ec0\u4e48\u5f71<br \/>\n\u54cd\u3002\u8fd9\u4e9b\u90fd\u6d89\u53ca\u9700\u6c42\u5f39\u6027\u7684\u6982\u5ff5\u3002<br \/>\n\u82e5\u6d88\u8d39\u8005\u5bf9\u4ef7\u683c\u53d8\u5316\u975e\u5e38\u654f\u611f\uff0c\u4ed6\u4eec\u7684\u9700\u6c42\u654f\u611f\u6027\u79f0\u4e3a<br \/>\n\u5f39\u6027\uff08Elastic\uff09\u3002\u4e5f\u8bb8\u7231\u5403\u5feb\u9910\u7684\u4eba\u8fd8\u8bb0\u5f97\u53d1\u751f\u5728\u3000Taco\u3000Bell<br \/>\n\u7684\u60c5\u666f\u30021988\u3000\u5e74\uff0cTaco\u3000Bell\u3000\u63a8\u51fa\u5ec9\u4ef7\u5feb\u9910\uff0c\u6d88\u8d39\u8005\u53cd\u6620\u5f3a<br \/>\n\u70c8\uff0c\u4eba\u4eec\u8e0a\u8dc3\u8d2d\u4e70\u3002\u516c\u53f8\u628a\u5feb\u9910\u7684\u4ef7\u683c\u5b9a\u7684\u8f83\u4f4e\uff0c\u624d\u300059\u3000\u7f8e\u5143<br \/>\n\u4e00\u4efd\u3002\u6240\u4ee5\u4eba\u4eec\u666e\u904d\u8ba4\u4e3a\u591a\u4e70\u51e0\u4e2a\u4e5f\u65e0\u59a8\u3002\u7ade\u4e89\u5bf9\u624b\u6ce8\u610f\u5230<br \/>\n\u8fd9\u4e00\u60c5\u666f\uff0c\u4e5f\u5c31\u7eb7\u7eb7\u52a0\u5165\u7ade\u4e89\u884c\u5217\u3002\u9ea6\u5f53\u52b3\uff08McDonald\uff09\u4e5f\u5411<br \/>\n\u597d\u6311\u5254\u7684\u6d88\u8d39\u8005\u63a8\u51fa\u4e86<br \/>\n\u5927\u85af\u6761\u3001\u5927\u53ef\u4e50\u3001\u82f9\u679c\u997c\u548c\u5de8\u65e0\u9738\u7cfb\u5217\u5957\u9910\u3002\u5957\u9910\u5728\u4ef7<br \/>\n\u683c\u4e0a\u6bd4\u5355\u72ec\u8d2d\u4e70\u6bcf\u4e00\u79cd\u98df\u54c1\u52a0\u5728\u4e00\u8d77\u4fbf\u5b9c20\u81f350\u7f8e\u5206\u3002<br \/>\n\u6d88\u8d39\u8005\u82e5\u5bf9\u4ef7\u683c\u53cd\u6620\u4e0d\u654f\u611f\uff0c\u7ecf\u6d4e\u5b66\u5bb6\u5c31\u79f0\u8fd9\u79cd\u9700\u6c42\u4e3a<br \/>\n\u65e0\u5f39\u6027\uff08Inelastic\uff09\uff0c\u5373\u6d88\u8d39\u8005\u7684\u8d2d\u4e70\u884c\u4e3a\u4e0d\u968f\u4ef7\u683c\u53d8\u52a8\u800c\u53d8<br \/>\n\u5316\u3002\u67d0\u4e9b\u533b\u7597\u670d\u52a1\u4e1a\u4ee5\u53ca\u70df\u8349\u884c\u4e1a\u5c5e\u4e8e\u8fd9\u79cd\u65e0\u5f39\u6027\u7c7b\u3002\u5982\u60a3<br \/>\n\u9611\u5c3e\u708e\u7684\u75c5\u4eba\u75db\u82e6\u96be\u5fcd\uff0c\u5bf9\u533b\u751f\u7684\u4efb\u4f55\u8981\u6c42\u90fd\u4f1a\u4e00\u53e3\u7b54\u5e94\uff1b<br \/>\n\u5438\u70df\u6210\u7684\u763e\u7684\u4eba\u5bf9\u70df\u8349\u63d0\u4ef7\u4e5f\u53ea\u597d\u8ba4\u4e86\u3002<br \/>\n\u53ef\u4ee5\u770b\u51fa\uff0c\u6d88\u8d39\u8005\u5bf9\u4ea7\u54c1\u9700\u6c42\u7684\u4ef7\u683c\u5f39\u6027\u3000\uff08Price<br \/>\nelasticity\uff09\u5bf9\u5982\u4f55\u5236\u5b9a\u4ea7\u54c1\u7684\u4ef7\u683c\u8d77\u975e\u5e38\u91cd\u8981\u7684\u4f5c\u7528\u3002\u82e5\u5b9a<br \/>\n\u91cf\u5730\u5206\u6790\u5f39\u6027\uff0c\u5219\u5f39\u6027\u7cfb\u6570\uff08Elasticity\u3000coefficient\uff09\u53ef\u8868<br \/>\n\u793a\u4e3a\uff1a<br \/>\n\u9700\u6c42\u5f39\u6027\u3000\u9700\u6c42\u91cf\u53d8\u5316\u767e\u5206\u7387\uff08\u3000\uff09<br \/>\n\u4ef7\u683c\u53d8\u5316\u767e\u5206\u7387\uff08\u3000\uff09\u3000=<br \/>\n\uff05<br \/>\n\uff05<br \/>\n\u6216<br \/>\n\u603b\u6536\u76ca\u5f39\u6027\u3000\u603b\u6536\u76ca\u53d8\u5316\u767e\u5206\u7387\uff08\u3000\uff09<br \/>\n\u4ef7\u683c\u53d8\u5316\u767e\u5206\u7387\uff08\u3000\uff09\u3000=<br \/>\n\uff05<br \/>\n\uff05<br \/>\n\u5f39\u6027\u7cfb\u6570\u8d8a\u5927\uff0c\u4ef7\u683c\u5f39\u6027\u8d8a\u9ad8\u3002\u51e1\u7cfb\u6570\u5927\u4e8e\u6216\u7b49\u4e8e\u30001\u3000\u7684<br \/>\n\u79f0\u4e3a\u5f39\u6027\u3002\u7814\u7a76\u4eba\u5458\u53d1\u73b0\u9910\u996e\u4e1a\u7684\u5f39\u6027\u7cfb\u6570\u4e3a\u30002\uff0c\u533b\u7597\u670d\u52a1\u4e1a<br \/>\n\u4e3a0\u300231\u3002<br \/>\n\u786e\u5b9a\u5f39\u6027\u662f\u8981\u82b1\u5f88\u591a\u529f\u592b\u8fdb\u884c\u8c03\u7814\u7684\uff0c\u4f46\u5982\u679c\u8981\u6c42\u7684\u51c6<br 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\/>\n\uff0b25\uff05\u3000\uff0d50\uff05\u3000\uff0d38\uff05\u30002\u300200E\u30000\u300267I<br \/>\n4\u30002\uff1b000\u30008\uff1b000<br \/>\n\uff0b33\uff05\u3000\uff0d50\uff05\u3000\uff0d33\uff05\u30001\u300250E\u30001\u300200E<br \/>\n3\u30004\uff1b000\u300012\uff1b000<br \/>\n\uff0b50\uff05\u3000\uff0d56\uff05\u3000\uff0d33\uff05\u30001\u300210E\u3000067I<br \/>\n2\u30009\uff1b000\u300018\uff1b000<br \/>\n\uff0b100\uff05\u3000\uff0d56\uff05\u3000\uff0b13\uff05\u30000\u300243I\u30000\u300213I<br \/>\n1\u300016\uff1b000\u300016\uff1b000<br \/>\nE=\u6709\u5f39\u6027\uff08Elastic\uff09\u3000\u3000\u3000\u3000\u3000\u3000\u3000I=\u65e0\u5f39\u6027\uff08Inelastic\uff09<br \/>\n\u53ef\u5728\u4e0b\u8868\u4e2d\u53cd\u6620\u51fa\u6765\u3002\u8868\u4e2d\u5217\u51fa\u4e86\u5728\u4e0d\u540c\u725b\u8089\u4ef7\u683c\u4e0b\uff0c\u4eba\u4eec<br \/>\n\u8d2d\u4e70\u5fc3\u6001\u7684\u53d8\u5316\u3002<br 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\/>\n\u4e66\uff0c\u5b9a\u4f1a\u4ee4\u6240\u6709\u7684\u7ecf\u6d4e\u5b66\u5bb6\u76ee\u77aa\u53e3\u5446\uff01<br \/>\n\u4f60\u9700\u8981\u77e5\u9053\u7684\u51e0\u4f4d\u7ecf\u6d4e\u5b66\u5bb6<br \/>\n\u9664\u5f17\u91cc\u5fb7\u66fc\u548c\u51ef\u6069\u65af\u4e4b\u5916\uff0c\u4f60\u8fd8\u5e94\u8be5\u4e86\u89e3\u4ee5\u4e0b\u30005\u3000\u4f4d\u7ecf\u6d4e<br \/>\n\u5b66\u5bb6\u7684\u4e00\u4e9b\u60c5\u51b5\u3002\u4eba\u4eec\u63d0\u5230\u73b0\u4ee3\u7ecf\u6d4e\u5b66\uff0c\u5e38\u8c08\u53ca\u8fd9\u4e9b\u8d77\u8fc7\u5173<br \/>\n\u952e\u4f5c\u7528\u7684\u4eba\u7269\u3002<br \/>\n\u4e9a\u5f53\u00b7\u65af\u5bc6\uff08Adam\u3000Smith\uff09\u548c\u300a\u56fd\u5bcc\u8bba\u300b\uff08The\u3000Wealth\u3000of<br \/>\nNations\uff09\u3002\u4e9a\u5f53\u00b7\u65af\u5bc6\u662f\u4e16\u754c\u4e0a\u6700\u65e9\u7684\u7ecf\u6d4e\u5b66\u5bb6\u4e4b\u4e00\uff0c\u4eba\u4eec<br \/>\n\u7ecf\u5e38\u63d0\u5230\u4e86\u4ed6\u7684\u540d\u5b57\u3002\u4ed6\u5728\u8457\u4f5c\u300a\u56fd\u5bcc\u8bba\u300b\uff081776\uff09\u4e2d\u63cf\u7ed8<br \/>\n\u4e86\u7ade\u4e89\u8fd9\u4e00\u201c\u65e0\u5f62\u7684\u624b\u201d\uff08Invisible\u3000hand\uff09\u4ece\u5404\u81ea\u5229\u76ca\u51fa\u53d1\uff0c<br \/>\n\u6307\u5bfc\u7740\u67d0\u4e00\uff07\u7279\u5b9a\u7684\u7ecf\u6d4e\u4f53\u5236\u3002\u4ed6\u9884\u89c1\u5230\uff0c\u968f\u7740\u793e\u4f1a\u5206\u5de5\u7684\u660e\u786e\uff0c\u201c\u56fd\u5bb6\u7684\u8d22\u5bcc\u201d\u4f1a\u589e\u52a0\u3002\u4ee5\u522b\u9488\u5382\u4e3a\u4f8b\uff0c\u65af\u5bc6\u6307\u51fa\uff0c\u5982<br \/>\n\u679c\u6839\u636e\u5de5\u4eba\u6280\u672f\u719f\u7ec3\u7a0b\u5ea6\u4e0d\u540c\u505a\u76f8\u5e94\u7684\u5206\u5de5\uff0c\u5de5\u5382\u7684\u751f\u4ea7\u7387<br \/>\n\u4f1a\u63d0\u9ad8\u3002\u4ed6\u8fd8\u5b9e\u9645\u6ce8\u610f\u5230\uff0c10\u3000\u540d\u5de5\u4eba\u5404\u81ea\u4ece\u4e8b\u4e0d\u540c\u5de5\u5e8f\u7684\u751f<br 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\/>\n\uff08Entrepreneur\uff09\u3002\u4f60\u4f1a\u53d1\u73b0\u8fd1\u6765\u53d1\u884c\u7684\u5546\u4e1a\u671f\u520a\u4e2d\uff0c\u5927\u90fd\u6709<br \/>\n\u201c\u4f01\u4e1a\u5bb6\u201d\u4e00\u8bcd\u6216\u5176\u6d3e\u751f\u8bcd\u3002\u4ed6\u8ba4\u4e3a\u8d44\u672c\u4e3b\u4e49\u662f\u201c\u96be\u4ee5\u9a7e\u9a6d\u3001<br \/>\n\u8d77\u7834\u574f\u4f5c\u7528\u7684\u4e00\u79cd\u4e0d\u5b89\u5b9a\u800c\u975e\u5747\u8861\u201d\u7684\u5236\u5ea6\u3002\u4ed6\u5728\u300a\u8d44\u672c\u4e3b<br \/>\n\u4e49\u3001\u793e\u4f1a\u4e3b\u4e49\u548c\u6c11\u4e3b\u300b\u3000\uff08Capitalism\uff1b\u3000Socialism\u3000and<br \/>\nDemocracy\uff09\uff081942\uff09\u4e00\u4e66\u4e2d\u8ba4\u4e3a\uff0c\u8d44\u672c\u4e3b\u4e49\u662f\u201c\u521b\u9020\u6027\u7834\u574f\u201d<br \/>\n\u7684\u8fc7\u7a0b\u3002\u201c\u4f01\u4e1a\u5bb6\u4eec\u521b\u5efa\u65b0\u7684\u5de5\u4e1a\u4ee5\u66f4\u65b0\u6362\u4ee3\uff0c\u4f34\u968f\u800c\u6765\u7684<br 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\/>\n\u7d20\u76f8\u4e92\u914d\u5408\u548c\u652f\u6301\u9996\u8981\u76ee\u6807\u3002<br \/>\n\u4f60\u4e0d\u59a8\u5bf9\u81ea\u5df1\u559c\u7231\u7684\u516c\u53f8\u8fdb\u884c\u4e00\u4e0b\u5206\u6790\uff0c\u628a\u4e0a\u8ff0\u4e03\u4e2a\u8981<br \/>\n\u7d20\u5217\u5728\u4e00\u5f20\u7eb8\u4e0a\u5e76\u7531\u6b64\u6df1\u5165\u94bb\u7814\u8fdb\u53bb\u3002\u4e00\u4e2a\u62e5\u6709\u3000MBA\u3000\u5b66\u5386\u7684<br \/>\n\u6218\u7565\u54a8\u8be2\u4eba\u5458\u5c06\u4f1a\u50cf\u4f60\u4e00\u6837\u4f7f\u7528\u30007S\u3000\u8981\u7d20\u6a21\u578b\u3002\u4f46\u54a8\u8be2\u516c\u53f8\u7684<br \/>\n\u7814\u7a76\u62a5\u544a\u4f1a\u9644\u6709\u82b1\u54e8\u7684\u7535\u8111\u56fe\u8868\u3001\u88c5\u8ba2\u7cbe\u7f8e\u4e14\u6536\u8d39\u4e0d\u8584\u3002<br \/>\n\u4ef7\u503c\u94fe\u548c\u4e00\u4f53\u5316\u5f53\u4e00\u4e2a\u3000MBA\u3000\u5f00\u59cb\u5bf9\u4e00\u4e2a\u516c\u53f8\u8fdb\u884c\u6218\u7565\u5206\u6790\u65f6\uff0c\u9996\u5148\u8981\u4e86<br \/>\n\u89e3\u7684\u4e00\u4e2a\u95ee\u9898\u5c31\u662f\u201c\u8fd9\u4e2a\u516c\u53f8\u662f\u505a\u4ec0\u4e48\u7cfb\u5217\u4ea7\u54c1\u7684\uff1f\u201d\u4ef7\u503c<br \/>\n\u94fe\u548c\u4e00\u4f53\u5316\u6709\u5173\u6982\u5ff5\u6709\u52a9\u4e8e\u89e3\u7b54\u8fd9\u4e00\u95ee\u9898\u3002<br \/>\n\u4ef7\u503c\u94fe\uff08Value\u3000Chain\uff09<br \/>\n\u5728\u4e0a\u8ff0\u57fa\u672c\u95ee\u9898\u5f97\u5230\u89e3\u7b54\u540e\uff0c\u6218\u7565\u5206\u6790\u7684\u4e0b\u4e00\u6b65\u662f\u8bc4\u4f30<br \/>\n\u516c\u53f8\u5bf9\u5176\u4ea7\u54c1\u6240\u589e\u52a0\u7684\u4ef7\u503c\uff08Value\uff09\u3002\u670d\u88c5\u884c\u4e1a\u7684\u4ef7\u503c\u94fe\u662f<br \/>\n\u8fd9\u6837\u7684\uff1a<br \/>\n\u7f8a\u6bdb\/\u68c9<br \/>\n\u5316\u5de5\u54c1\u3000\u3000\u3000\u3000\u3000\u7ea4\u7ef4\u3000\u3000\u3000\u3000\u3000\u7eb1\u7ebf\u3000\u3000\u3000\u3000\u3000\u5e03\u5339\u3000\u3000\u3000\u3000\u3000\u670d\u88c5\u3000\u3000\u3000\u3000\u3000\u5206\u9500\u3000\u3000\u3000\u3000\u96f6\u552e<br \/>\n\u6d88\u8d39\u8005<br \/>\n\u5728\u94fe\u4e2d\u7684\u6bcf\u4e00\u4e2a\u73af\u8282\uff0c\u9636\u6bb5\u53c2\u8003\u8005\u3000\uff08\u3000Channel<br \/>\nparticipant\uff09\u968f\u7740\u4ea7\u54c1\u9010\u6b65\u63a5\u8fd1\u6d88\u8d39\u8005\uff0c\u90fd\u7ed9\u4ea7\u54c1\u589e\u52a0\u4e00\u5b9a<br \/>\n\u4ef7\u503c\u3002\u9996\u5148\uff0c\u539f\u6750\u6599\u5fc5\u987b\u6709\u4eba\u751f\u4ea7\u3001\u6536\u96c6\u6216\u5f00\u91c7\u3002\u8fd9\u4e9b\u751f\u4ea7<br \/>\n\u8981\u7d20\u2014\u7f8a\u6bdb\u3001\u68c9\u3001\u5316\u5de5\u54c1\u2014\u4e00\u4e00\u52a0\u5de5\uff0c\u6700\u540e\u5236\u6210\u670d\u88c5\u3002\u670d\u88c5<br \/>\n\u751f\u4ea7\u51fa\u6765\u540e\uff0c\u5e02\u573a\u8425\u9500\u4eba\u5458\u5fc5\u987b\u4fc3\u9500\uff0c\u5206\u9500\u5546\u5fc5\u987b\u8fd0\u8f93\uff0c\u96f6<br \/>\n\u552e\u5546\u5fc5\u987b\u5356\u7ed9\u6d88\u8d39\u8005\u3002<br \/>\n\u4e00\u4f53\u5316\uff08Integration\uff09<br 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\/>\n\u7eb5\u5411\u4e00\u4f53\u5316\u53ef\u7528\u6765\u63cf\u8ff0\u90a3\u4e9b\u5728\u4e00\u4e2a\u884c\u4e1a\u4ef7\u503c\u94fe\u4e2d\u53c2\u4e88\u8bb8\u591a\u4e0d<br \/>\n\u540c\u5c42\u6b21\u6d3b\u52a8\u7684\u516c\u53f8\u3002\u56fd\u9645\u7eb8\u4e1a\u516c\u53f8\u5c5e\u4e8e\u7eb5\u5411\u4e00\u4f53\u5316\uff0c\u56e0\u4e3a\u5b83<br \/>\n\u540c\u65f6\u62e5\u6709\u6797\u573a\u548c\u9020\u7eb8\u5382\u3002\u8fd9\u4e2a\u540d\u8bcd\u53ef\u540c\u65f6\u7528\u4e8e\u524d\u5411\u548c\u540e\u5411\u4e00<br \/>\n\u4f53\u5316\u7684\u516c\u53f8\u3002\u5176\u5173\u94fe\u70b9\u5728\u4e8e\u4e00\u4e2a\u516c\u53f8\u540c\u65f6\u4ece\u4e8b\u51e0\u4e2a\u589e\u52a0\u4ef7\u503c<br \/>\n\u7684\u804c\u80fd\u3002<br \/>\n1987\u3000\u5e74\u514b\u83b1\u65af\u52d2\u516c\u53f8\u4e70\u4e0b\u7f8e\u56fd\u6c7d\u8f66\/\u5409\u666e\u516c\u53f8\uff08AMC\uff09\u65f6\uff0c<br \/>\n\u5b83\u5728\u4ef7\u503c\u94fe\u7684\u540c\u4e00\u6c34\u5e73\u4e0a\u6536\u8d2d\u4e86\u4e00\u4e2a\u7ade\u4e89\u8005\uff0c\u8fd9\u53eb\u4f5c\u6a2a\u5411\u4e00<br \/>\n\u4f53\u5316\u3002\u514b\u83b1\u65af\u52d2\u603b\u88c1\u674e\u00b7\u827e\u514b\u5361\u9009\u62e9\u4e86\u4e0d\u8fdb\u5165\uff1b\u53e6\u4e00\u4e2a\u4ef7\u503c<br \/>\n\u7684\u9886\u57df\uff0c\u76f8\u53cd\uff0c\u514b\u83b1\u65af\u52d2\u5411\u4fa7\u7ffc\u6216\u6c34\u5e73\u65b9\u5411\u53d1\u5c55\u3002\u5982\u679c\u514b\u83b1<br \/>\n\u65af\u52d2\u4e70\u4e0b\u7684\u662f\u7f8e\u56fd\u94a2\u8054\u516c\u53f8\uff08USX\uff09\uff08\u524d\u7f8e\u56fd\u94a2\u94c1\u516c\u53f8<br \/>\n\uff08U\u3002S\u3002Steel\uff09\uff09\uff0c\u5b83\u5c06\u88ab\u7eb5\u5411\u4e00\u4f53\u5316\u3002\u5047\u5b9a\u5982\u6b64\uff0c\u514b\u83b1\u65af\u52d2<br \/>\n\u5728\u5176\u6c7d\u8f66\u5de5\u4e1a\u7684\u5236\u9020\u9886\u57df\u5c06\u4f1a\u589e\u52a0\u4e00\u4e2a\u65b0\u7684\u4ef7\u503c\u529f\u80fd\u3002<br \/>\n\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u94c1\u77ff\u5f00\u91c7<br \/>\n\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u7eb5\u5411\u4e00\u4f53\u5316<br \/>\n\u7f8e\u56fd\u94a2\u8054\u516c\u53f8\u3000\u3000\u3000\u3000\u3000\u6a2a\u5411\u4e00\u4f53\u5316\u3000\u3000\u3000\u3000\u3000\u514b\u83b1\u65af\u52d2\u516c\u53f8\u3000\u3000\u3000\u3000\u3000\u6a2a\u5411\u4e00\u4f53\u5316\u3000\u3000\u3000\u3000\u3000\u83f2\u4e9a\u7279<br \/>\n\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u7eb5\u5411\u4e00\u4f53\u5316<br \/>\n\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u5411\u6d88\u8d39\u8005\u51fa\u552e\u6c7d\u8f66<br \/>\n\u6218\u7565\u5206\u6790\u5bb6\u901a\u8fc7\u5206\u6790\u5404\u884c\u4e1a\u7684\u4ef7\u503c\u94fe\u6765\u786e\u5b9a\u76ee\u524d\u53ca\u4eca\u540e<br \/>\n\u7684\u7ade\u4e89\u6e0a\u6e90\u3002\u5f53\u5316\u5de5\u516c\u53f8\u8ffd\u6c42\u9ad8\u5229\u6da6\u65f6\uff0c\u4ed6\u4eec\u901a\u8fc7\u524d\u5411\u4e00\u4f53<br \/>\n\u5316\u8fdb\u5165\u9ad8\u9644\u52a0\u503c\u4ea7\u54c1\u9886\u57df\uff0c\u4f8b\u5982\u751f\u4ea7\u5e03\u5339\u6216\u5730\u6bef\u7684\u7ea4\u7ef4\u4ea7\u54c1\u3002<br \/>\n\u7531\u4e8e\u50cf\u675c\u90a6\u8fd9\u7c7b\u516c\u53f8\u7684\u4ecb\u5165\uff0c\u4ef7\u503c\u94fe\u4e2d\u7ea4\u7ef4\u73af\u8282\u7684\u7ade\u4e89\u53d8\u5f97<br \/>\n\u66f4\u4e3a\u6fc0\u70c8\u3002\u540c\u6837\uff0c\u628a\u4ef7\u503c\u94fe\u4e2d\u751f\u4ea7\u3001\u5206\u9500\u548c\u96f6\u552e\u73af\u8282\u5168\u90e8\u4e00\u4f53\u5316\u4e86\u7684\u670d\u88c5\u516c\u53f8\u5c06\u4f7f\u672c\u6765\u5df2\u7ecf\u5145\u6ee1\u7ade\u4e89\u7684\u670d\u52a1\u4e1a\u9762\u4e34\u66f4\u591a<br \/>\n\u7684\u7ade\u4e89\u538b\u529b\u3002<br \/>\n\u4e00\u4f53\u5316\u6218\u7565\u80fd\u591f\u5e26\u6765\u660e\u663e\u7684\u76ca\u5904\uff0c\u8bf8\u5982\u786e\u4fdd\u539f\u6599\u4f9b\u5e94\u548c<br \/>\n\u4f4e\u6210\u672c\u3002\u4f46\u4e0d\u5229\u4e4b\u5904\u662f\uff0c\u201c\u516c\u53f8\u6240\u6709\u7684\u9e21\u86cb\u5168\u653e\u5728\u4e86\u4e00\u4e2a\u7b50<br \/>\n\u5b50\u91cc\u201d\uff0c\u81f4\u4f7f\u516c\u53f8\u5bf9\u5355\u4e00\u884c\u4e1a\u7684\u6ce2\u52a8\u627f\u62c5\u8fc7\u9ad8\u7684\u98ce\u9669\uff0c\u201c\u8986<br \/>\n\u5de2\u65e0\u5b8c\u5375\u201d\u561b\u3002\u5728\u4e0d\u666f\u6c14\u65f6\uff0c\u5982\u679c\u539f\u6cb9\u4f9b\u5e94\u5546\u5c31\u662f\u57c3\u514b\u68ee<br \/>\n\uff08Exxon\uff09\u81ea\u5df1\uff0c\u90a3\u4e48\u3000Exxon\u3000\u70bc\u6cb9\u5382\u5c31\u4e0d\u53ef\u80fd\u4ece\u539f\u6cb9\u4f9b\u5e94\u5546\u5904<br \/>\n\u7d22\u53d6\u4f18\u60e0\u3002\u540c\u6837\uff0c\u901a\u7528\u6c7d\u8f66\u516c\u53f8\u4e5f\u4e0d\u53ef\u80fd\u5411\u987e\u5ba2\u503e\u9500\u5176\u8fc7\u5269<br \/>\n\u7684\u5e93\u5b58\u53d1\u52a8\u673a\uff0c\u56e0\u4e3a\u552f\u4e00\u7684\u987e\u5ba2\u5c31\u662f\u516c\u53f8\u81ea\u8eab\u3002<br \/>\n\u6218\u7565\u7684\u5c42\u6b21\uff08Levels\u3000of\u3000Strategy\uff09<br \/>\n\u6218\u7565\u662f\u4e00\u4e2a\u542b\u4e49\u751a\u5e7f\u7684\u8bcd\uff0c\u901a\u5e38\u7528\u6765\u63cf\u8ff0\u51b3\u5b9a\u95ee\u9886\u201c\u5168<br \/>\n\u5c40\u201d\u7684\u601d\u7ef4\u548c\u7b56\u7565\u3002\u4f46\u5b9e\u9645\u4e0a\uff0c\u5176\u542b\u4e49\u8981\u8fdc\u4e3a\u590d\u6742\u3002\u4e2a\u522b\u4ee5<br \/>\n\u57283\u4e2a\u4e0d\u540c\u7684\u5c42\u6b21\u4e0a\u8003\u8651\uff1a<br \/>\n\u529f\u80fd\u6218\u7565\uff08Functional\u3000strategy\uff09\u2014\u4e0e\u6240\u4ece\u4e8b\u7684\u4ef7\u503c\u6d3b<br \/>\n\u52a8\u6709\u5173\u7684\u6218\u7565<br \/>\n\u7ecf\u8425\u6218\u7565\uff08Business\u3000strategy\uff09\u2014\u5e94\u4ed8\u7ade\u4e89\u7684\u7b56\u7565<br \/>\n\u516c\u53f8\u6218\u7565\uff08Corporate\u3000strategy\uff09\u2014\u5e94\u8be5\u8fdb\u5165\u4ec0\u4e48\u4e1a\u52a1<br \/>\n\u9886\u57df<br \/>\n\u5f00\u59cb\u6218\u7565\u601d\u8003\u65f6\uff0c\u4f60\u5fc5\u987b\u95ee\u81ea\u5df1\uff1a\u6211\u662f\u5728\u54ea\u4e2a\u5c42\u6b21\u4e0a\uff0c<br \/>\n\u5728\u529f\u80fd\u5c42\u6b21\u3001\u7ecf\u8425\u5c42\u6b21\uff0c\u8fd8\u662f\u516c\u53f8\u5c42\u6b21\u4e0a\u8003\u8651\u95ee\u9898\u7684\uff1f<br \/>\n\u529f\u80fd\u6218\u7565<br \/>\n\u529f\u80fd\u6218\u7565\u662f\u7ba1\u7406\u5c42\u4e3a\u5176\u4e1a\u52a1\u6240\u9009\u62e9\u7684\u8fd0\u8425\u65b9\u6cd5\u4ee5\u53ca\u589e\u52a0<br \/>\n\u4ef7\u503c\u7684\u884c\u4e3a\u65b9\u5f0f\u3002\u4ee5\u83f2\u5229\u666e\u00b7\u83ab\u91cc\u65af\u516c\u53f8\u4e3a\u4f8b\uff0c\u5176\u529f\u80fd\u6218\u7565<br \/>\n\u662f\u901a\u8fc7\u91c7\u7528\u6700\u5148\u8fdb\u7684\u52a0\u5de5\u6280\u672f\u6765\u964d\u4f4e\u6210\u672c\u3002\u5982\u611f\u5230\u4ec5\u9760\u4e00\u4e2a<br \/>\n\u70df\u8349\u4f9b\u5e94\u5546\u5bf9\u81ea\u5df1\u5e76\u4e0d\u7262\u9760\u4e86\uff0c\u90a3\u4e48\u5f15\u5165\u66f4\u591a\u7684\u4f9b\u5e94\u5546\u5c31\u4e0d<br \/>\n\u5931\u4e3a\u597d\u7684\u529f\u80fd\u6218\u7565\u3002<br \/>\n\u7ecf\u8425\u6218\u7565<br \/>\n\u7ecf\u8425\u6218\u7565\u662f\u4e00\u4e2a\u516c\u53f8\u5728\u5176\u76ee\u524d\u6240\u5904\u884c\u4e1a\u4e2d\u5e94\u6218\u7ade\u4e89\u7684\u4f5c<br \/>\n\u6218\u65b9\u6848\u3002<br \/>\n\u7ecf\u8425\u6218\u7565\u8981\u6bd4\u529f\u80fd\u6218\u7565\u9ad8\u4e00\u4e2a\u5c42\u6b21\uff0c\u4f46\u4e00\u4e2a\u516c\u53f8\u5982\u4f55\u8fd0<br \/>\n\u8425\u3001\u5982\u4f55\u7ade\u4e89\uff0c\u8fd9\u4e24\u8005\u4e4b\u95f4\u663e\u7136\u662f\u6709\u4ea4\u53c9\u7684\u3002\u83f2\u5229\u666e\u00b7\u83ab\u91cc<br \/>\n\u65af\u516c\u53f8\u7684\u7ecf\u8425\u6218\u7565\u662f\u5c06\u5176\u4f17\u591a\u7684\u54c1\u724c\u6324\u5360\u4f4f\u5546\u5e97\u7684\u8d27\u5e76\u65a5\u5de8\u8d44\u4e3a\u5176\u5927\u505a\u5e7f\u544a\uff0c\u4ee5\u6b64\u8d62\u5f97\u7ade\u4e89\u3002\u901a\u8fc7\u91c7\u7528\u8fd9\u4e9b\u6218\u7565\uff0c\u5927\u7684<br \/>\n\u70df\u8349\u516c\u53f8\u65e2\u4fdd\u4fe1\u4e86\u5e02\u573a\u4efd\u989d\uff0c\u4e5f\u9632\u6b62\u4e86\u65b0\u7684\u7ade\u4e89\u8005\u5728\u5176\u884c\u4e1a<br \/>\n\u4e2d\u5360\u6709\u4e00\u5e2d\u4e4b\u5730\u3002<br \/>\n\u516c\u53f8\u6218\u7565<br \/>\n\u3000\u3000\u3000\u3000\u516c\u53f8\u6218\u7565\u8003\u8651\u6240\u6709\u7684\u5546\u4e1a\u673a\u4f1a\u3002\u83f2\u5229\u666e\u00b7\u83ab\u91cc\u65af\u516c<br \/>\n\u53f8\u7684\u516c\u53f8\u6218\u7565\u4f7f\u516c\u53f8\u4e1a\u52a1\u8303\u56f4\u6db5\u76d6\u4e86\u4ece\u591a\u6837\u5316\u70df\u8349\u4ea7\u54c1\u81f3\u6d88<br \/>\n\u8d39\u4ea7\u54c1\u7684\u5404\u4e2a\u9886\u57df\u3002\u8be5\u516c\u53f8\u7684\u9ad8\u7ea7\u7ba1\u7406\u4eba\u5458\u5728\u5ba1\u89c6\u4e86\u70df\u8349\u5de5<br \/>\n\u4e1a\u7684\u53d1\u5c55\u6f5c\u529b\u3001\u5916\u90e8\u6cd5\u5f8b\u73af\u5883\u53ca\u6d88\u8d39\u8005\u4e0d\u65ad\u589e\u957f\u7684\u5065\u5eb7\u610f\u8bc6<br \/>\n\u540e\u5f97\u51fa\u7ed3\u8bba\uff0c\u8ba4\u4e3a\u8fdb\u5165\u201c\u5065\u5eb7\u201d\u7684\u884c\u4e1a\u624d\u662f\u660e\u667a\u4e4b\u4e3e\u3002\u5b83\u6536<br \/>\n\u8d2d\u901a\u7528\u98df\u54c1\u3001\u5361\u592b\u98df\u54c1\u53ca\u7c73\u52d2\u5564\u9152\u516c\u53f8\u5c31\u662f\u6309\u8fd9\u4e00\u516c\u53f8\u6218\u7565<br \/>\n\u8fdb\u884c\u7684\u3002\u6309\u540c\u6837\u7684\u601d\u8def\uff0cR\u3002J\u3002Reynolds\u3000\u6536\u8d2d\u4e86\u7eb3\u6bd4\u65af\u514b\u997c\u5e72<br \/>\n\u516c\u53f8\u3002<br \/>\n\u6269\u5c55\u6218\u7565\uff08Expansion\u3000Strategy\uff09<br \/>\n\u5b66\u8005\u4eec\u559c\u6b22\u53d1\u660e\u56fe\u8868\u6765\u5c55\u793a\u4ed6\u4eec\u7684\u7406\u8bba\u5e76\u4f7f\u4e4b\u6613\u4e8e\u5e94<br \/>\n\u7528\u3002\u4e00\u4e2a\u6700\u7b80\u5355\u7684\u6218\u7565\u56fe\u8868\u5c31\u662f\u5b89\u7d22\u592b\u77e9\u9635\uff08Ansoff\u3000atrix\uff09\u3002<br \/>\n1957\u3000\u5e74\uff0cH\u3002I\u3002\u5b89\u7d22\u592b\u53d1\u660e\u4e86\u8fd9\u4e2a\u56fe\u8868\uff0c\u7528\u4ee5\u5bf9\u5546\u4e1a\u6269\u5c55\u8fdb\u884c<br \/>\n\u6e05\u6670\u7684\u5206\u7c7b\u3002\u786e\u5b9a\u6218\u7565\u5206\u7c7b\u7684\u6807\u51c6\u5728\u4e8e\u4ea7\u54c1\u5bf9\u4e8e\u516c\u53f8\u7684\u65b0\u9c9c<br 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\/>\nstrategy\uff09\uff0c\u5373\u73b0\u6709\u4ea7\u54c1\uff0c\u73b0\u6709\u5e02\u573a\u3002\u5982\u679c\u5b83\u60f3\u5728\u4e1c\u6b27\u9500\u552e<br \/>\n\u5de7\u514b\u529b\uff0c\u90a3\u5c31\u6210\u4e3a\u6269\u5c55\u6218\u7565\uff0c\u5373\u73b0\u6709\u4ea7\u54c1\uff0c\u65b0\u5e02\u573a\u3002\u901a\u8fc7\u76f8<br \/>\n\u5173\u591a\u6837\u5316\u6218\u7565\u3000\uff08Related\u3000diversification\u3000strategy\uff09\uff0c\u3000Hershey<br \/>\n\u53ef\u5f00\u53d1\u65b0\u7684\u6ce1\u6ce1\u7cd6\u4ea7\u54c1\u5728\u7f8e\u56fd\u9500\u552e\uff0c\u5373\u65b0\u4ea7\u54c1\uff0c\u73b0\u6709\u5e02\u573a\u3002<br \/>\n\u5982\u679c\u5b83\u51b3\u5b9a\u5728\u4e1c\u6b27\u9500\u552e\u6c7d\u8f66\uff0c\u5373\u65b0\u4ea7\u54c1\uff0c\u65b0\u5e02\u573a\uff0c\u90a3\u5c31\u662f\u65e0<br \/>\n\u5173\u591a\u6837\u5316\uff08Unrelated\u3000diversification\uff09\u4e86\u3002\u4e00\u4e2a\u516c\u53f8\u603b\u662f<br 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\/>\n\u9664\u4e86\u8ba8\u8bba\u6269\u5c55\uff08\u4e00\u4f53\u5316\u548c\u591a\u6837\u5316\uff09\u7684\u8bed\u6c47\u4e4b\u5916\uff0c\u4f60\u8fd8\u9700<br \/>\n\u8981\u67d0\u4e9b\u5de5\u5177\u4ee5\u534f\u52a9\u5236\u8ba2\u751f\u5b58\u6218\u7565\u3002\u54c8\u4f5b\u5927\u5b66\u7684\u8fc8\u514b\u5c14\u00b7\u6ce2<br \/>\n\u5b89\u7d22\u592b\u77e9\u9635<br \/>\n\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u4ea7\u54c1<br \/>\n\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u73b0\u6709\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u65b0<br \/>\n\u3000\u3000\u73b0\u6709\u3000\u3000\u3000\u3000\u5e02\u573a\u6e17\u900f\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u76f8\u5173\u591a\u6837\u5316\uff08\u4ea7\u54c1\u5f00\u53d1\uff09<br \/>\n\u5e02\u573a<br \/>\n\u3000\u3000\u3000\u65b0\u3000\u3000\u3000\u3000\u3000\u6269\u5c55\uff08\u5e02\u573a\u5f00\u53d1\uff09\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u65e0\u5173\u591a\u6837\u5316<br \/>\nAdapted\u3000with\u3000the\u3000permission\u3000of\u3000Harvard\u3000Business\u3000Review\u3002\u3000An<br \/>\nexhibit\u3000from\u3000\u3003Strategies\u3000for\u3000Diversiflcation\u3003by\u3000H\u3002Lgor\u3000Ansoff\uff1b<br \/>\nColume35\uff1b\u3000No\u30025\uff08Sept\u3002\/Oct\u30021957\uff09\u3002\u3000Copyright\u30001957by\u3000the\u3000President<br \/>\nand\u3000Fellows\u3000of\u3000Harvard\u3000College\uff1b\u3000all\u3000rights\u3000reserved\u3002<br \/>\n\u7279\uff08Michael\u3000Porter\uff09\u521b\u7acb\u4e86\u884c\u4e1a\u7ed3\u6784\u4e94\u79cd\u529b\u91cf\u7406\u8bba\uff08Five<br \/>\nForces\u3000Theory\u3000of\u3000Industry\u3000Structure\uff09\uff0c\u9887\u6709\u52a9\u4e8e\u516c\u53f8\u5728<br \/>\n\u7ade\u4e89\u7684\u73af\u5883\u4e0b\u751f\u5b58\u3002\u4ed6\u7684\u8457\u4f5c\u300a\u7ade\u4e89\u6218\u7565\u300b\uff08petitive<br \/>\nStrategy\uff09\u548c\u300a\u7ade\u4e89\u4f18\u52bf\u300b\uff08petitive\u3000Advantage\uff09\u5b9e\u4e3a<br \/>\n\u6218\u7565\u601d\u8003\u7684\u57fa\u77f3\u3002\u5982\u679c\u4f60\u5fc5\u987b\u8d2d\u4e70\u5546\u4e1a\u4e66\u7c4d\u7684\u8bdd\uff0c\u8fd9\u4e24\u672c\u4e66<br \/>\n\u662f\u4e70\u7684\uff08\u9664\u672c\u4e66\u5916\uff09\u3002\u6ce2\u7279\u7684\u7406\u8bba\u53ef\u7528\u6765\u5236\u8ba2\u4f60\u73b0\u6709\u4e1a\u52a1\u7684<br \/>\n\u751f\u5b58\u6218\u7565\u6216\u8bc4\u4f30\u5411\u5176\u4ed6\u884c\u4e1a\u6269\u5c55\u7684\u201c\u5438\u5f15\u529b\u201d\u3002\u6ce2\u7279\u4e3a\u5206\u6790<br 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\/>\n\u6ce2\u7279\u884c\u4e1a\u7ed3\u6784\u4e94\u79cd\u529b\u91cf\u7406\u8bba<br \/>\n\u884c\u4e1a\u5185\u5bf9\u624b<br \/>\n\u73b0\u6709\u516c\u53f8\u95f4\u7684<br \/>\n\u7ade\u4e89<br \/>\n\u4f9b\u8d27\u5546<br \/>\n\u4f9b\u8d27\u5546\u7684<br \/>\n\u8bae\u4ef7\u80fd\u529b<br \/>\n\u8d2d\u8d27\u5546<br \/>\n\u8d2d\u8d27\u5546\u8bae<br \/>\n\u4ef7\u80fd\u529b<br \/>\n\u65b0\u5bf9\u624b\u7684\u5a01\u80c1<br \/>\n\u6f5c\u5728\u5bf9\u624b<br \/>\n\u6765\u81ea\u66ff\u4ee3\u54c1\u6216<br \/>\n\u670d\u52a1\u7684\u5a01\u80c1<br \/>\n\u66ff\u4ee3\u54c1<br \/>\nReprinted\u3000with\u3000the\u3000permission\u3000of\u3000The\u3000Free\u3000Press\uff1b\u3000a\u3000Division<br \/>\nof\u3000Macmillan\uff1b\u3000Inc\uff1b\u3000from\u3000petitive\u3000Advantage\uff1a\u3000Creating\u3000and<br \/>\nSustaining\u3000Superior\u3000Performance\u3000by\u3000Michael\u3000E\u3002\u3000Porter\u3002\u3000Copyright<br \/>\n1985\u3000by\u3000Michael\u3000E\u3002\u3000Porter\u3002<br 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\/>\n\u57fa\u4e8e\u5176\u4ea4\u901a\u4fe1\u53f7\u706f\u5f0f\u7684\u5206\u7c7b\uff0c\u54a8\u8be2\u4eba\u5458\u5bf9\u6bcf\u4e00\u4e2a\u5df2\u6709\u7684<br \/>\nSBU\u3000\u8bbe\u8ba1\u9002\u5f53\u7684\u6218\u7565\uff1a\u6784\u7b51\uff08Build\uff09\u3001\u7ef4\u62a4\uff08Maintain\uff09\u6216\u6e05\u7406<br \/>\n\uff08Liquidate\uff09\u3002\u5bf9\u4e8e\u7eff\u8272\u7684\u3000SBU\uff0c\u53ef\u4f7f\u7528\u8bb8\u591a\u4e0d\u540c\u7684\u6218\u7565\uff0c\u5bf9<br \/>\n\u4e8e\u7ea2\u8272\u7684\u3000SBU\uff0c\u53ef\u4f9b\u9009\u62e9\u7684\u6218\u7565\u53d7\u5230\u4e86\u6240\u6709\u4e0d\u5229\u73af\u5883\u7684\u201c\u9650<br \/>\n\u5236\u201d\uff0c\u4e00\u65e6\u3000SUB\u3000\u5212\u5206\u4e86\u7c7b\u522b\uff0c\u54a8\u8be2\u4eba\u5458\u4fbf\u4f9d\u9760\u4e00\u822c\u6027\u6218\u7565\u5de5<br \/>\n\u5177\u8bf8\u5982\u4e13\u4e00\u5316\uff08Focus\uff09\u3000\u3001\u6e17\u900f\u3000\uff08Penetration\uff09\u6216\u591a\u5143\u5316<br 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\/>\n\u4e5f\u5e38\u5e38\u4f1a\u8017\u8d39\u76f8\u5f53\u7684\u6210\u672c\u3002\u51b3\u7b56\u4f1a\u56e0\u66f4\u957f\u7684\u5ba1\u6279\u8fc7\u7a0b\u800c\u8fdb\u5c55<br \/>\n\u7f13\u6162\u3002\u7ec4\u7ec7\u65e5\u76ca\u50f5\u5316\u662f\u5927\u516c\u53f8\u7684\u4e00\u4e2a\u526f\u4ea7\u54c1\u3002\u5728\u53d8\u5316\u8fc5\u75be\u7684<br \/>\n\u5e02\u573a\u4e2d\uff0c\u7ec4\u7ec7\u50f5\u5316\u662f\u4e2a\u6218\u7565\u52a3\u52bf\u3002<br \/>\n\u6218\u7565\u6000\u7591\u4e3b\u4e49<br \/>\n\u524d\u9762\u7684\u8ba8\u8bba\u53ef\u80fd\u5df2\u4eba\u9020\u6210\u8fd9\u6837\u4e00\u79cd\u5370\u8c61\uff0c\u5373\u516c\u53f8\u7684\u6210\u529f\u6e90\u81ea\u4e13\u5bb6\u7684\u6218\u7565\u89c4\u5212\u3002\u5728\u6211\u79f0\u4e4b\u4e3a\u6218\u7565\u6000\u7591\u4e3b\u4e49\uff08Stategic<br \/>\nskepticism\uff09\u7684\u9886\u57df\u5185\uff0c\u6218\u7565\u89c4\u5212\u5e76\u4e0d\u662f\u5b66\u8005\u4eec\u6240\u5ba3\u626c\u7684\u90a3<br \/>\n\u79cd\u5206\u6790\u8fc7\u7a0b\u3002<br \/>\n\u6839\u636e\u9ebb\u7701\u7406\u5de5\u5b66\u9662\u65af\u9686\u5b66\u9662\u8a79\u59c6\u65af\u00b7\u5e03\u8d56\u6069\u00b7\u594e\u56e0\u3000\uff08James<br \/>\nBrian\u3000Quiun\uff09\u6240\u8ff0\uff0c\u6218\u7565\u5e94\u770b\u4f5c\u662f\u4e00\u4e2a\u903b\u8f91\u6e10\u8fdb\u4e3b\u4e49\u3000\uff08Logical<br \/>\nincrementalism\uff09\u7684\u8fc7\u7a0b\uff0c\u5728\u4ed6\u770b\u6765\uff0c\u6218\u7565\u662f\u5728\u957f\u65f6\u95f4\u5185\u6240<br \/>\n\u4f5c\u7684\u8bb8\u591a\u5c0f\u578b\u51b3\u7b56\u7684\u7ed3\u679c\u3002\u5176\u4ed6\u7406\u8bba\u5bb6\u4e5f\u8ba4\u4e3a\uff0c\u6218\u7565\u4e0d\u662f\u524d<br \/>\n\u8282\u6240\u63cf\u8ff0\u7684\u6b63\u5f0f\u8fc7\u7a0b\u3002\u6218\u7565\u53ef\u4ee5\u6709\u30005\u3000\u79cd\u4e0d\u540c\u5f62\u5f0f\uff0c\u5168\u90e8\u4ee5\u82f1<br \/>\n\u6587\u5b57\u6bcd\u201cP\u201d\u5f00\u5934\uff0c\u5373\uff1a<br \/>\n\u00b7\u8ba1\u5212\uff08Plan\uff09<br \/>\n\u00b7\u7b56\u7565\uff08Ploy\uff09<br \/>\n\u00b7\u6a21\u5f0f\uff08Pattern\uff09<br \/>\n\u00b7\u8fc7\u7a0b\uff08Proccss\uff09<br \/>\n\u00b7\u7740\u773c\u70b9\uff08Perspective\uff09<br \/>\n\u6218\u7565\u662f\u4e00\u5bb6\u516c\u53f8\u6b63\u89c4\u8ba1\u5212\u7684\u7ed3\u679c\u3002\u901a\u7528\u7535\u5668\u5229\u7528\u9ea6\u80af\u9521<br \/>\n\u7684\u7ec4\u5408\u6280\u5de7\u8d2d\u4e70\u6216\u5356\u51fa\u4e86\u5176\u4e0b\u5c5e\u90e8\u95e8\u3002\u5728\u53e6\u4e00\u5bb6\u516c\u53f8\uff0c\u6218\u7565<br \/>\n\u5219\u662f\u6267\u884c\u4e86\u4e00\u4e2a\u6210\u529f\u7684\u6218\u672f\u6027\u7b56\u7565\u3002\u5361\u592b\u901a\u7528\u98df\u54c1\u5229\u7528\u90ae\u5bc4<br \/>\n\u8ba2\u8d27\u9500\u552e\u5176\u540d\u724c\u5496\u5561\uff0c\u800c\u4e0d\u4ec5\u4ec5\u662f\u5728\u98df\u54c1\u5e97\u9500\u552e\u3002<br \/>\n\u6218\u7565\u4e5f\u53ef\u4ee5\u4ec5\u4ec5\u662f\u4ece\u4e8b\u5546\u4e1a\u6d3b\u52a8\u4e0e\u51b3\u7b56\u7684\u4e00\u79cd\u6a21\u5f0f\u3001\u4e00<br 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\/>\n\u5730\u65b9\u62a5\u544a\/\u5730\u65b9\u5546\u4e1a\u65e5\u62a5\uff08Local\u3000Paper\/Local\u3000Business<br \/>\nJournals\uff09\u2014\u2014\u5982\u679c\u4f60\u4e0d\u4e86\u89e3\u4f60\u6240\u5728\u793e\u533a\u7684\u5546\u5bb6\u4eec\uff0c\u90a3\u4e48\u4ed6\u4eec<br \/>\n\u53ef\u80fd\u6c38\u8fdc\u4e5f\u4e0d\u4f1a\u77e5\u9053\u4f60\u3002<br \/>\n\u5173\u4e8e\u5f53\u4f17\u8bb2\u6f14\u7684\u5fae\u578b\u8bfe\u7a0b<br \/>\n1\u3002\u4e86\u89e3\u4f60\u7684\u542c\u4f17\u3002<br \/>\n\u4e86\u89e3\u4ed6\u4eec\u7684\u5174\u8da3\u53ca\u5176\u6240\u5173\u6ce8\u7684\u95ee\u9898\u7684\u5e7f\u5ea6\u3002<br \/>\n2\u3002\u4e86\u89e3\u4f60\u81ea\u5df1\u7684\u80fd\u529b\u3002<br \/>\n\u4f60\u80fd\u8bb2\u597d\u4e00\u4e2a\u7b11\u8bdd\u5417\uff1f<br \/>\n3\u3002\u7b80\u6d01\u660e\u4e86\u3002<br \/>\n\u8be6\u7ec6\u7684\u4fe1\u606f\u6700\u597d\u4ee5\u4e66\u9762\u5f62\u5f0f\u63d0\u51fa\u6765\u3002<br \/>\n\u8bb2\u8bdd\u5e94\u9610\u660e\u6982\u5ff5\u4e0e\u6fc0\u53d1\u5174\u8da3\u3002<br \/>\nKISS\u2014\u2014\u4fdd\u6301\u3000\uff08Keep\uff09\uff0c\u3000\u8bb2\u6f14\u3000\uff08It\uff1b\u3000\u3000\u6b64\u5904\u6307Public\u3000Speaking<br \/>\n\u2014\u2014\u8bd1\u8005\u6ce8\uff09\uff0c\u7b80\u77ed\uff08Short\uff09\uff0c\u7b80\u660e\uff08Simple\uff09\u3002<br \/>\n\u5173\u4e8e\u8c08\u5224\u7684\u5fae\u578b\u8bfe\u7a0b<br \/>\n1\u3002\u4e86\u89e3\u4f60\u7684\u5bf9\u624b\u3002<br \/>\n\u6027\u683c\uff0c\u8fc7\u53bb\uff0c\u80fd\u529b\uff0c\u667a\u8c0b\u3002<br \/>\n2\u3002\u4e86\u89e3\u4f60\u81ea\u5df1\u3002<br \/>\n\u6027\u683c\uff0c\u8fc7\u53bb\uff0c\u80fd\u529b\uff0c\u667a\u8c0b\u3002<br \/>\n\u5f53\u53cc\u65b9\u7684\u613f\u671b\u53d1\u751f\u51b2\u7a81\u65f6\uff0c\u4fbf\u4f1a\u6c14\u6c1b\u7d27\u5f20\uff0c\u8fd9\u65f6\u6709\u4e9b\u4eba<br \/>\n\u53ef\u4ee5\u6bd4\u5176\u4ed6\u4eba\u66f4\u597d\u5730\u5904\u7406\u77db\u76fe\u3002\u6700\u597d\u4e0d\u8981\u4ee5\u4f60\u81ea\u5df1\u7684\u6027\u683c\u4e3a<br \/>\n\u7406\u7531\u6b3a\u9a97\u81ea\u5df1\u3002\u8981\u4e48\u52aa\u529b\u63d0\u9ad8\u4f60\u5904\u7406\u51b2\u7a81\u7684\u80fd\u529b\uff0c\u8981\u4e48\u52aa\u529b<br \/>\n\u5b66\u4e60\u5982\u4f55\u8865\u507f\u8fd9\u65b9\u9762\u7684\u77ed\u5904\u3002<br \/>\n3\u3002\u505a\u597d\u51c6\u5907\u5de5\u4f5c<br \/>\n\u5145\u5206\u7406\u89e3\u53ef\u80fd\u8fbe\u6210\u7684\u534f\u8bae\u65b9\u6848\u7684\u5f71\u54cd\u3002<br \/>\n4\u3002\u63d0\u524d\u51b3\u5b9a\u4f60\u7684\u6218\u7565\u4e0e\u5e95\u9650\u3002<br \/>\n\u4e0d\u8981\u9677\u5165\u4e0d\u60dc\u4e00\u5207\u4ee3\u4ef7\u201c\u83b7\u53d6\u80dc\u5229\u201d\u7684\u9669\u5883\u3002<br \/>\n5\u3002\u6bcf\u4e00\u6b21\u8c08\u5224\u540e\u53ca\u65f6\u603b\uff0c\u4e3a\u4e0b\u4e00\u6b21\u8c08\u5224\u83b7\u53d6\u7ecf\u9a8c\u3002<br \/>\n\u5728\u54ea\u4e9b\u65b9\u9762\u6211\u5e94\u6709\u6240\u6539\u8fdb\uff1f\u6211\u53ef\u4ee5\u4ece\u5bf9\u624b\u90a3\u91cc\u5b66\u5230\u4ec0<br \/>\n\u4e48\uff1f\u5173\u4e8e\u4ece\u4e8b\u56fd\u9645\u4e1a\u52a1\u7684\u5fae\u578b\u8bfe\u7a0b<br \/>\n1\u3002\u4e86\u89e3\u4e1c\u9053\u56fd\u7684\u6587\u5316\u3001\u4ef7\u503c\u89c2\u5ff5\u3001\u4e60\u4fd7\u4e0e\u4fe1\u4ef0\u3002\u4e0d\u8981\u5047<br \/>\n\u8bbe\u4e1c\u9053\u3000\u4e3b\u4f1a\u5206\u4eab\u4f60\u7684\u4ef7\u503c\u89c2\u5ff5\u3002<br \/>\n2\u3002\u5f53\u4f60\u5728\u56fd\u5916\u65f6\uff0c\u4f60\u662f\u5ba2\u4eba\uff0c\u4e1c\u9053\u4e3b\u662f\u4e3b\u4eba\uff0c\u4e14\u62e5\u6709\u6743<br \/>\n\u529b\u3002<br \/>\n3\u3002\u4f60\u662f\u4e00\u4e2a\u5916\u56fd\u4eba\uff0c\u4f60\u6c38\u8fdc\u4e5f\u4e0d\u80fd\u771f\u6b63\u4e86\u89e3\u4e1c\u9053\u4e3b\u3002<br \/>\n4\u3002\u8de8\u56fd\u516c\u53f8\u4ee5\u5176\u8de8\u8d8a\u56fd\u754c\u4f20\u9001\u7ecf\u9a8c\u5e76\u907f\u9519\u8bef\u7684\u80fd\u529b\u800c\u83b7<br \/>\n\u5f97\u7ade\u4e89\u4f18\u52bf\u3002<br \/>\n5\u3002\u56fd\u9645\u6295\u8d44\u4e3a\u957f\u671f\u6295\u8d44\u3002\u8861\u91cf\u56fd\u9645\u6295\u8d44\u7684\u56de\u6536\u4e5f\u5e94\u662f\u957f<br \/>\n\u671f\u7684\u3002<br \/>\n6\u3002\u82e5\u4e0d\u5c0a\u91cd\u4e1c\u9053\u56fd\u53ca\u5176\u4eba\u6c11\uff0c\u4f60\u5c06\u5f88\u96be\u6210\u529f\u3002\u5982\u679c\u4f60\u4e0d<br \/>\n\u5c0a\u91cd\u4ed6\u4eec\uff0c\u4ed6\u4eec\u662f\u4f1a\u77e5\u9053\u7684\u3002<br \/>\n7\u3002\u5728\u56fd\u9645\u5546\u52a1\u4e2d\uff0c\u5236\u5b9a\u4e00\u4e2a\u7b26\u5408\u5546\u4e1a\u9053\u5fb7\u7684\u51b3\u7b56\uff0c\u4f59\u5730<br \/>\n\u5f88\u5927\u3002\u4f60\u52a1\u5fc5\u81ea\u5f8b\uff01\u9644\uff1a<br \/>\n1997\u3000\u5e74\u7f8e\u56fd\u300a\u65b0\u95fb\u5468\u520a\u300b\u5bf9\u7f8e\u56fd\u8457\u540d\u5546\u5b66\u9662\u6700\u65b0\u6392\u540d\uff0c\u4ec5\u4f9b<br \/>\n\u8bfb\u8005\u53c2\u8003\u3002<br \/>\nUniversity\u3000of\u3000Pennsylvania\u3000\uff08Wharton\uff09<br \/>\nUniversity\u3000of\u3000Michigan<br \/>\nNorthwestern\u3000University\u3000\uff08Kellogg\uff09<br \/>\nHarvard\u3000University<br \/>\nUniversity\u3000of\u3000Virginia\u3000\uff08Darden\uff09<br \/>\nColumbia\u3000University<br \/>\nStanford\u3000University<br \/>\nThe\u3000University\u3000of\u3000Chicago<br \/>\nMassachusetts\u3000Institute\u3000of\u3000Technology\u3000\uff08MIT\uff1b\u3000Sloan\uff09<br \/>\nDartmouth\u3000College\u3000\uff08Amos\u3000Tuck\uff09<br \/>\nDuke\u3000University\u3000\uff08Fuqua\uff09<br \/>\nUniversity\u3000of\u3000California\uff1b\u3000Los\u3000Angeles\u3000\uff08Anderson\uff09<br \/>\nUniversity\u3000of\u3000California\u3000at\u3000Berkeley\u3000\uff08Haas\uff09<br \/>\nNew\u3000York\u3000University\u3000\uff08Stern\uff09<br \/>\nIndiana\u3000University<br \/>\nWashington\u3000University\u3000\uff08Olin\uff09<br \/>\nCarnegie\u3000Mellon\u3000University<br \/>\nCornell\u3000University\u3000\uff08Johnson\uff09<br \/>\nUniversity\u3000of\u3000North\u3000Carolina\u3000at\u3000Chapel\u3000Hill\u3000\uff08Kenan<br \/>\nFlagler\uff09<br \/>\nUniversity\u3000of\u3000Texas\u3000at\u3000Austin\u56db\u3001\u6587\u732e\u76ee\u5f55<br \/>\nBIBLIOGRAPHY<br \/>\nDAY\u30001\uff1a\u3000MARKETING<br \/>\nAssael\uff1b\u3000Henry\u3002\u3000Consumer\u3000Behavior\u3000Marketing\u3000Action\u3002<br \/>\nBoston\uff1a\u3000Kent\u3000Publishing\uff1b\u30001981\uff1b\u3000p\u3002471\u3000\uff08paper\u3000towel<br \/>\nperceptual\u3000mapping\uff09\u3002<br \/>\n\u3003The\u3000Deal\u3000Maker\u3002\u3003\u3000U\u3002S\u3002\u3000News\u3000World\u3000Report\uff1b\u3000February\u30008\uff1b<br \/>\n1998\uff1b\u3000p\u300278\u3000\uff08Ralph\u3000Lauren\uff09\u3002<br \/>\nKoselka\uff1b\u3000Rita\u3002\u3000\u3003How\u3000to\u3000Print\u3000Money\u3002\u3003\u3000Forbes\uff1b\u3000December<br \/>\n24\uff1b\u30001990\uff1bp\u3002118\u3000\uff08Vlassis\uff09\u3002<br \/>\nKotler\uff1b\u3000Philip\u3000\uff08Northwestern\uff09\u3002\u3000Marketing\u3000Management<br \/>\nAnalysis\uff1b\u3000Planning\u3000and\u3000Control\u3002\u3000Englewood\u3000Cliffs\uff1b\u3000N\u3002J\u3002\uff1a<br \/>\nPrentice\u3000\u2026\u3000Hall\uff1b\u30001984\u3002<br \/>\nMaxwell\uff1b\u3000John\u3000C\u3002\uff1b\u3000Jr\u3002\u3000\u3003Coffee\u3000Sales\u3000Climb\u3000in\u3000&#8217;89\u3002\u3003<br \/>\nAdvertising\u3000Age\uff1b\u3000April\u300016\uff1b\u30001990\uff1b\u3000p\u300264\u3000\uff08coffee\u3000market<br \/>\nshares\uff09\u3002<br \/>\nMorgensen\uff1b\u3000Gretchen\u3002\u3000\u3003The\u3000Trend\u3000Is\u3000Not\u3000Their\u3000Friend\u3002\u3003<br \/>\nForbes\uff1b\u3000September\u300016\uff1b\u30001991\uff1b\u3000P\u3002118\u3000\uff08brand\u3000extensions\uff09\u3002<br \/>\nNewton\uff1b\u3000Derek\u3000A\u3002\u3000Sales\u3000Force\u3000Management\uff1a\u3000Text\u3000and\u3000Cases\u3002<br \/>\nBoston\uff1a\u3000Irwin\uff1b\u30001990\uff1b\u3000pp\u30027\u20269\u3000\uff08salesman\u3000historical\u3000periods\uff09\u3002<br \/>\nPaley\uff1b\u3000Norton\u3002\u3000Manager&#8217;s\u3000Guide\u3000to\u3000petitive\u3000Marketing<br \/>\nStrategies\u3002\u3000New\u3000York\uff1a\u3000American\u3000Marketing\u3000Association\uff1b\u30001989\uff1b<br \/>\npp\u3002\u300018\u202619\u3000\uff08Xerox\uff09\uff1b\u3000pp\u3002\u300046\u202647\u3000\uff08segmentation\u3000selection\uff09\u3002<br \/>\nSchifrin\uff1b\u3000Matthew\u3002\u3000\u3003Mom&#8217;s\u3000Cooking\u3000Was\u3000Never\u3000Like\u3000This\u3002\u3003<br \/>\nForbes\uff1b\u3000August\u300019\uff1b\u30001991\uff1b\u3000pp\u3002\u300050\uff1b\u300054\u3000\uff08premium\u3000dog\u3000food<br \/>\nsales\uff09\u3002<br \/>\nSilbiger\uff1b\u3000Steven\u3002\u3000\u3003Study\u3000of\u3000the\u3000General\u3000and\u3000Gourmet<br \/>\nCoffee\u3000Markets\u3002\u3003\u3000Sponsored\u3000by\u3000Westway\u3000Merkuria\uff1b\u3000Inc\u3002\uff1b<br \/>\nEnglewoodCliffs\uff1b\u3000N\u3002J\u3002\uff1b\u3000July\u30001989\u3002<br \/>\n\u2014\uff1b\u3000and\u3000Mark\u3000Parry\u3002\u3000\u3003Cafe\u3000Blason\uff1b\u3003\u3000Case\u3000UVA\u2026M\u2026369\uff1b<br \/>\ncopyright\u3000\u00f31990\u3000by\u3000the\u3000Darden\u3000Graduate\u3000Business\u3000School<br \/>\nFoundation\uff1b\u3000Charlottesville\uff1b\u3000Virginia\u3002<br \/>\nWilloughby\uff1b\u3000Jack\u3002\u3000\u3003The\u3000Last\u3000Iceman\u3002\u3003\u3000Forbes\uff1b\u3000July\u300013\uff1b<br \/>\n1987\uff1b\u3000p\u3002196\u3000\uff08vacuum\u3000tubes\uff09\u3002<br \/>\nDAY\u30002\uff1a\u3000ETHICSFreeman\uff1b\u3000R\u3002Edward\uff1b\u3000and\u3000Daniel\u3000R\u3002\u3000Gilbert\uff1b\u3000Jr\u3002\u3000\u3003The<br \/>\nProblem\u3000of\u3000Relativism\uff1a\u3000When\u3000in\u3000Rome\u3002\u3002\u3002\u3003\u3000Chapter\u30002\uff1b<br \/>\nCorporate\u3000Strategy\u3000and\u3000the\u3000Search\u3000for\u3000Ethics\u3002\u3000Englewood<br \/>\nCliffs\uff1b\u3000N\u3002J\u3002\uff1a\u3000Prentice\u2026Hall\uff1b\u30001988\uff1b\u3000pp\u300224\u202641\u3002\u3000Adapted\u3000by<br \/>\npermission\u3000of\u3000Prentice\u3000Hall\u3002<br \/>\nFriedman\uff1b\u3000Milton\u3000\uff08Chicago\uff09\u3002\u3000\u3003The\u3000Social\u3000Responsibility<br \/>\nIs\u3000to\u3000Increase\u3000Profits\u3002\u3003\u3000The\u3000New\u3000York\u3000Times\uff1b\u3000September\u300013\uff1b<br \/>\n1970\u3002<br \/>\nDAY\u30003\uff1a\u3000ACCOUNTING<br \/>\nStern\uff1b\u3000Richard\u3000I\u3002\u3000\u3003McDonnell\u3000Douglas&#8217;\u3000Make\u2026or\u2026Break<br \/>\nYear\u3002\u3003\u3000Forbes\uff1b\u3000January\u30007\uff1b\u30001991\uff1b\u3000p\u300237\u3000\uff08McDonnell\u3000Douglas<br \/>\nine\u3000statement\uff09\u3002<br \/>\nDAY\u30004\uff1a\u3000ORGANIZATIONAL\u3000BEHAVIOR<br \/>\n\u3003Active\u3000Listening\uff1b\u3003\u3000Case\u3000UVA\u2026OB\u2026341\uff1b\u3000copyright\u3000\u00f31986<br \/>\nby\u3000the\u3000Darden\u3000Graduate\u3000Business\u3000School\u3000Foundation\uff1b<br \/>\nCharlottesville\uff1b\u3000Virginia\u3002<br \/>\nBeer\uff1b\u3000Michael\u3002\u3000\u3003Note\u3000on\u3000Performance\u3000Appraisal\uff1b\u3003\u3000Case<br \/>\n478\u2026019\uff1b\u3000College\uff1b\u3000copyright\u30001977\u3000by\u3000the\u3000President\u3000and<br \/>\nFellows\u3000of\u3000Harvard\u3000College\uff1b\u3000all\u3000rights\u3000reserved\u3002<br \/>\nByrne\uff1b\u3000John\u3000A\u3002\u3000\u3003Business\u3000Fads\uff1a\u3000What&#8217;s\u3000In\u2026and\u3000Out\u3002\u3003<br \/>\nBusiness\u3000Week\uff1b\u3000January\u300020\uff1b\u30001986\uff1b\u3000p\u300255\u3000\uff08MBA\u3000buzzwords\uff09\u3002<br \/>\nEdwards\uff1b\u3000Jeffrey\u3000R\u3002\u3000\u3003Assessing\u3000Your\u3000Behavior\u3000Pattern\uff1b\u3003<br \/>\nCase\u3000UVAOB\u2026360\uff1b\u3000copyright\u3000\u00f3\u30001987\u3000by\u3000the\u3000Darden\u3000Graduate<br \/>\nBusiness\u3000School\u3000Foundation\uff1b\u3000Charlottesville\uff1b\u3000Virginia\uff1b<br \/>\np\u30023\u3000\uff08Types\u3000A\u3000and\u3000B\uff09\u3002<br \/>\nFrench\uff1b\u3000John\u3000R\u3002\u3000P\u3002\uff1b\u3000and\u3000Bertram\u3000Raven\u3002\u3000\u3003The\u3000Bases\u3000of<br \/>\nSocial\u3000Power\uff1b\u3003\u3000Group\u3000Dynamics\uff1b\u3000ed\u3002\u3000Darwin\u3000Cartwright\u3002<br \/>\nEvanston\uff1b\u3000Il\u3002\uff1a\u3000Row\uff1b\u3000Peterson\uff1b\u30001960\uff1b\u3000pp\u3002607\u2026623\u3000\uff08power\uff09\u3002<br \/>\nGabarro\uff1b\u3000John\u3000J\u3002\uff1b\u3000and\u3000John\u3000P\u3002\u3000Kotter\u3002\u3000\u3003Managing\u3000Your<br \/>\nBoss\u3002\u3003\u3000Harvard\u3000Business\u3000Review\uff1b\u3000Vol\u3002\u300057\uff1b\u3000No\u3002\u3000\u30001<br \/>\n\uff08January\/February\u30001980\uff09\uff1b\u3000pp\u300292\u2026100\u3002\u3000Copyright\u3000\u00f31980\u3000by<br \/>\nthe\u3000President\u3000and\u3000Fellows\u3000of\u3000Harvard\u3000College\uff1b\u3000all\u3000rights<br \/>\nreserved\u3002<br \/>\nHackman\uff1b\u3000J\u3002\u3000Richard\uff1b\u3000and\u3000Greg\u3000R\u3002\u3000Oldham\u3002\u3000\u3003Development<br \/>\nof\u3000Job\u3000Diagnostic\u3000Surveys\u3002\u3003\u3000Fournal\u3000of\u3000Applied\u3000Psychology\uff1b<br \/>\nVol\u3002\u300060\uff1b\u30001975\uff1b\u3000pp\u3002159\u2026170\u3002Hogan\uff1b\u3000Eileen\u3000A\u3002\u3000\u3003One\u3000Model\u3000for\u3000Action\u3000Planning\uff1b\u3003\u3000Case<br \/>\nUVAOB\u2026261R\u3002\u3000Copyright\u3000\u3000\u00f31983\u3000by\u3000the\u3000Darden\u3000Graduate<br \/>\nBusiness\u3000School\u3000Foundation\uff1b\u3000Charlottesville\uff1b\u3000Virginia\u3002<br \/>\nKepner\uff1b\u3000Charles\u3000H\u3002\uff1b\u3000and\u3000Benjamin\u3000B\u3002\u3000Tregoe\u3002\u3000The\u3000Rational<br \/>\nManager\uff1a\u3000A\u3000Systematic\u3000Approach\u3000to\u3000Problem\u3000Solving\u3000and<br \/>\nDecision\u3000Making\u3002\u3000New\u3000York\uff1a\u3000McGraw\u2026Hill\uff1b\u30001965\uff1b\u3000p\u300255<br \/>\n\uff08deviations\uff1b\u3000want\u3000got\u3000gaps\uff09\u3002<br \/>\nKotter\uff1b\u3000John\u3000P\u3002\uff1b\u3000and\u3000Leonard\u3000A\u3002\u3000Schlesinger\u3002\u3000\u3003Choosing<br \/>\nStrategies\u3000for\u3000Change\u3002\u3003\u3000Harvard\u3000Business\u3000Review\uff1b\u3000Vol\u3002\u300057\uff1b<br \/>\nNo\u30022\u3000\uff08March\/April\u30001980\uff09\uff1b\u3000pp\u3002106\u2026144\u3002\u3000Copyright\u3000\u00f31980\u3000by<br \/>\nthe\u3000President\u3000and\u3000Fellows\u3000of\u3000Harvard\u3000College\uff1b\u3000all\u3000rights<br \/>\nreserved\u3000\uff08strategies\u3000for\u3000change\uff09\u3002<br \/>\nLevine\uff1b\u3000Joshua\u3002\u3000\u3003Dare\u3000e\u3000togliere\u3000\uff08give\u3000and\u3000tade\u3000away\uff09\u3002\u3003<br \/>\nForbes\uff1b\u3000October\u300028\uff1b\u30001991\uff1b\u3000p\u3002115\u3000\uff08Armani\uff09\u3002Tannenbaum\uff1b<br \/>\nRobert\uff1b\u3000and\u3000Warren\u3000H\u3002\u3000Schmidt\u3002\u3000\u3003How\u3000to\u3000Choose\u3000a\u3000Leadership<br \/>\nPattern\u3002\u3003\u3000Harvard\u3000Business\u3000Review\uff1b\u3000Vol\u3002\u300051\uff1b\u3000No\u3002\u30003\uff08May\/June<br \/>\n1973\uff09\uff1b\u3000pp\u3002\u3000162\u2026173\u3002\u3000Copyright\u00f3\u30001973\u3000by\u3000the\u3000President\u3000and<br \/>\nFellows\u3000of\u3000Harvard\u3000College\uff1b\u3000all         <!-- \/wp:paragraph --><!-- wp:nextpage --><!--nextpage--><!-- \/wp:nextpage --><!-- wp:paragraph -->\n            <br \/>\n            \n            <br \/>\n            <br \/>\n            <br \/>\n            1973\uff09\uff1b\u3000pp\u3002\u3000162\u2026173\u3002\u3000Copyright\u00f3\u30001973\u3000by\u3000the\u3000President\u3000and<br \/>\nFellows\u3000of\u3000Harvard\u3000College\uff1b\u3000all\u3000rights\u3000reserved\u3002<br \/>\nZierden\uff1b\u3000William\u3000E\u3002\u3000\u3003A\u3000Framework\u3000for\u3000Understanding<br \/>\nOrganizations\uff1b\u3003\u3000Darden\u3000School\u3000Case\u3000UVA\u2026OB\u2026187\uff1b\u3000copyright\u00f3<br \/>\n1982\u3000by\u3000the\u3000Darden\u3000Graduate\u3000Business\u3000School\u3000Foundation\uff1b<br \/>\nCharlottesville\uff1b\u3000Virginia\u3000\uff08the\u3000basic\u3000organization\u3000model\uff09\u3002<br \/>\nDAY\u30005\uff1a\u3000QUANTITATIVE\u3000ANALYSIS<br \/>\n\u3003Cash\u3000Flow\u3000and\u3000the\u3000Time\u3000Value\u3000of\u3000Money\uff1b\u3003\u3000Case\u30009\u2026177\u2026<br \/>\n012\uff1b\u3000copyright\u00f3\u30001976\u3000by\u3000the\u3000President\u3000and\u3000Fellows\u3000of<br \/>\nHarvard\u3000College\uff1b\u3000all\u3000rights\u3000reserved\u3002<br \/>\nFrey\uff1b\u3000Sherwood\u3000C\u3002\u3000\u3003Assessment\u3000and\u3000Use\u3000of\u3000Probability<br \/>\nDistributions\uff1b\u3003\u3000Case\u3000UVA\u2026Q\u2026294\uff1b\u3000copyright\u00f3\u30001983\u3000by\u3000the<br \/>\nDarden\u3000Graduate\u3000Business\u3000School\u3000Foundation\uff1b<br \/>\nCharlottesville\uff1b\u3000Virginia\u3002<br \/>\n\u2014\u3002\u3000\u3003Probability\u3000Assessment\u3000with\u3000the\u3000Aid\u3000of\u3000Historical<br \/>\nData\uff1b\u3003\u3000Case\u3000UVA\u2026Q\u2026288\uff1b\u3000copyright\u00f3\u30001983\u3000by\u3000the\u3000Darden<br \/>\nGraduate\u3000Business\u3000School\u3000Foundation\uff1b\u3000Charlottesville\uff1b<br \/>\nVirginia\u3002<br \/>\n\u3003An\u3000Introduction\u3000to\u3000Decision\u3000Analysis\uff1b\u3003\u3000Case\u3000181\u2026046\uff1b<br \/>\ncopyright\u00f3\u30001980\u3000by\u3000the\u3000President\u3000and\u3000Fellows\u3000of\u3000Harvard<br \/>\nCollege\uff1b\u3000all\u3000rights\u3000reserved\u3002\u3003Notes\u3000on\u3000Decision\u3000Diagrams\uff1b\u3003\u3000Case\u30009\u2026171\u2026035\uff1b<br \/>\ncopyright\u00f3\u30001970\u3000by\u3000the\u3000President\u3000and\u3000Fellows\u3000of\u3000Harvard<br \/>\nCollege\uff1b\u3000all\u3000rights\u3000reserved\u3002<br \/>\nOksman\uff1b\u3000Warren\uff1b\u3000and\u3000Sherwood\u3000C\u3002\u3000Frey\u3002\u3000\u3003Introduction\u3000to<br \/>\nAnalytical\u3000Probability\u3000Distributions\uff1b\u3003\u3000Case\u3000UVA\u2026Q\u2026205\uff1b<br \/>\ncopyright\u00f3\u30001980\u3000by\u3000the\u3000Darden\u3000Graduate\u3000Business\u3000School<br \/>\nFoundation\uff1b\u3000Charlottesville\uff1b\u3000Virginia\u3002<br \/>\nPfeifer\uff1b\u3000Phillip\u3000E\u3002\u3000\u3003Forecasting\u3000Using\u3000Data\uff1b\u3003\u3000Case<br \/>\nUVA\u2026QA\u2026381\uff1b\u3000copyright\u00f3\u30001988\u3000by\u3000the\u3000Darden\u3000Graduate<br \/>\nBusiness\u3000School\u3000Foundation\uff1b\u3000Charlottesville\uff1b\u3000Virginia\u3002<br \/>\nQue\u3000Corporation\uff1b\u3000Using\u30001\u20262\u20263\uff1b\u3000Carmel\uff1b\u3000Ind\u3002\uff1a\u3000Que<br \/>\nCorporation\uff1b\u30001987\uff1b\u3000p\u3002514\u3000\uff08regression\uff09\u3002<br \/>\nDAY\u30006\uff1a\u3000FINANCE<br \/>\nCooper\uff1b\u3000Carol\u3002\u3000\u3003The\u3000Forbes\u3000500\u3002\u3003\u3000Forbes\uff1b\u3000April\u300027\uff1b\u30001992\uff1b<br \/>\np\u3002\u3000193\u3000\uff08Chemical\u3000Bank\u3000layoffs\uff09\u3002<br \/>\nDreman\uff1b\u3000David\u3002\u3000\u3003Bye\u2026bye\u3000to\u3000Beta\u3002\u3003\u3000Forbes\uff1b\u3000March\u300030\uff1b\u30001992\uff1b<br \/>\np\u3002\u3000148\u3000\uff08beta\uff09\u3002<br \/>\n\u3003Japanese\u3000Firms\u3000Pull\u3000Southland\u3000Corp\u3002\u3000from\u3000Chapter\u300011\u3002\u3003<br \/>\nLos\u3000Angeles\u3000Times\uff1b\u3000March\u30006\uff1b\u30001991\uff1b\u3000p\u3002D2\u3000\uff08Ito\u2026Yokado\u3000Group<br \/>\nbuys\u30007\u2026Eleven\uff09\u3002<br \/>\nRoss\uff1b\u3000Stephen\u3000A\u3002\u3000\uff08Yale\uff09\uff1b\u3000and\u3000Randolph\u3000W\u3002\u3000Westerfield<br \/>\n\uff08Wharton\uff09\u3002\u3000Corporate\u3000Finance\u3002\u3000St\u3002\u3000Louis\uff1a\u3000Times<br \/>\nMirror\/Mosby\u3000College\u3000Publishing\uff1b\u30001988\u3002<br \/>\nThe\u3000Value\u3000Line\u3000Survey\u3002\u3000\u3003Caterpillar\u3000Inc\u3002\u3003\u3000May\u300015\uff1b\u30001992\uff1b<br \/>\np\u3002\u30001346\u3002<br \/>\nDAY\uff1a\u30007\u3000OPERATIONS<br \/>\nByrne\uff1b\u3000John\u3000A\u3002\u3000\u3003Business\u3000Fads\uff1a\u3000What&#8217;s\u3000In\u2026and\u3000Out\u3002\u3003<br \/>\nBusiness\u3000Week\uff1b\u3000January\u300020\uff1b\u30001986\uff1b\u3000p\u300254\u3000\uff08CPM\uff09\u3002<br \/>\n\u3003Constructing\u3000and\u3000Using\u3000Process\u3000Control\u3000Charts\uff1b\u3003\u3000Case<br \/>\n9\u2026686\u2026118\uff1b\u3000copyright\u00f3\u30001986\u3000by\u3000the\u3000President\u3000and\u3000Fellows<br \/>\nof\u3000Harvard\u3000College\uff1b\u3000all\u3000rights\u3000reserved\u3000\uff08SPC\uff09\u3002<br \/>\nDavis\uff1b\u3000Edward\u3000W\u3002\u3000\u3003Material\u3000Requirements\u3000Planning\uff1b\u3003\u3000Case<br \/>\nUVAOM\u2026279\uff1b\u3000copyright\u00f3\u30001980\u3000by\u3000the\u3000Darden\u3000Graduate\u3000Business<br \/>\nSchool\u3000Foundation\uff1b\u3000Charlottesville\uff1b\u3000Virginia\u3002<br \/>\nFreeland\uff1b\u3000James\u3000R\u3002\u3000\u3003Managing\u3000Inventories\uff1b\u3003\u3000Case\u3000UVA\u2026<br \/>\nOM\u2026623\uff1b\u3000copyright\u00f3\u30001987\u3000by\u3000the\u3000Darden\u3000Graduate\u3000BusinessSchool\u3000Foundation\uff1b\u3000Charlottesville\uff1b\u3000Virginia\u3002<br \/>\nLandel\uff1b\u3000Robert\u3000D\u3002\u3000Managing\u3000Productivity\u3000Through\u3000People\uff1a<br \/>\nAn\u3000Operations\u3000Perspective\uff1b\u3000Chapter\u30003\u3002\u3000Englewood\u3000Cliffs\uff1b<br \/>\nN\u3002J\u3002\uff1a\u3000Prentice\u3000\u2026\u3000Hall\uff1b\u30001986\uff1b\u3000and\u3000Case\u3000UVA\u2026OM\u2026528\uff1b\u3000copyright<br \/>\n\u00f31984\u3000by\u3000the\u3000Darden\u3000Graduate\u3000Business\u3000School\u3000Foundation\uff1b<br \/>\nCharlottesville\uff1b\u3000Virginia\u3000\uff08queuing\u3000theory\uff09\u3002<br \/>\n\u3003A\u3000Note\u3000on\u3000Quality\uff1a\u3000The\u3000Views\u3000of\u3000Deming\uff1b\u3000Juran\u3000and<br \/>\nCrosby\uff1b\u3003\u3000Case\u30009\u2026678\u2026011\uff1b\u3000copyright\u00f3\u30001986\u3000by\u3000the\u3000President<br \/>\nand\u3000Fellows\u3000of\u3000Harvard\u3000College\uff1b\u3000all\u3000rights\u3000reserved\u3002<br \/>\nSavage\uff1b\u3000Sam\u3000L\u3002\u3000The\u3000ABC&#8217;S\u3000of\u3000Optimization\u3000Using\u3000What&#8217;s<br \/>\nBest\uff01\u3000Oakland\uff1b\u3000Calif\u3002\uff1a\u3000Holden\u2026Day\uff1b\u3000Inc\u3002\uff1b\u30001986\uff1b\u3000p\u3002\u3000I\u202617<br \/>\n\uff08linear\u3000programming\u3000example\uff09\u3002<br \/>\nSmitka\uff1b\u3000Michael\u3000J\u3002\u3000petitive\u3000Ties\uff1a\u3000Subcontracting\u3000in<br \/>\nthe\u3000Japanese\u3000Automotive\u3000Industry\u3002\u3000New\u3000York\uff1a\u3000Columbia<br \/>\nUniversity\u3000Press\uff1b\u30001991\uff1b\u3000p\u3002\u3000145\u3000\uff08JIT\u3000in\u3000Japan\uff09\u3002<br \/>\nDAY\u30008\uff1a\u3000ECONOMICS<br \/>\nBaldwin\uff1b\u3000William\u3002\u3000\u3003Creative\u3000Destruction\u3002\u3003\u3000Forbes\uff1b\u3000July<br \/>\n13\uff1b\u30001987\uff1b\u3000p\u300249\u3000\uff08Schumpeter\uff09\u3002<br \/>\nBanks\uff1b\u3000Howard\u3002\u3000\u3003The\u3000World&#8217;s\u3000Most\u3000petitive\u3000Economy\u3002\u3003<br \/>\nForbes\uff1b\u3000March\u300030\uff1b\u30001992\uff1b\u3000pp\u300284\uff1b\u300085\u3000\uff08U\u3002S\u3002\u3000trade\u3000deficits\u3000and<br \/>\nproductivity\uff09\u3002<br \/>\nCountry\u3000Profiles\u30001991\u20261992\uff1b\u3000United\u3000States\u3000and\u3000Lebanon\u3002<br \/>\nThe\u3000Economic\u3000Intelligence\u3000Unit\uff1b\u3000London\u3000\uff08economic<br \/>\nstatistics\uff09\u3002<br \/>\nDornbusch\uff1b\u3000Rudiger\u3000\uff08MIT\/Chicago\uff09\uff1b\u3000and\u3000Stanley\u3000Fischer<br \/>\n\uff08MIT\/Chicago\uff09\u3002\u3000Macroeconomics\u3002\u3000New\u3000York\uff1a\u3000McGraw\u2026Hill\uff1b<br \/>\n1987\u3002<br \/>\nLinden\uff1b\u3000Dana\u3000Wechsler\u3002\u3000\u3003Dreary\u3000Days\u3000in\u3000the\u3000Dismal<br \/>\nScience\u3002\u3003\u3000Forbes\uff1b\u3000January\u300021\uff1b\u30001991\uff1b\u3000p\u300268\u3000\uff08chapter\u3000lead\uff09\u3002<br \/>\nMcConnell\uff1b\u3000Campbell\u3000R\u3002\u3000Economics\u3002\u3000New\u3000York\uff1a\u3000McGraw\u2026Hill\uff1b<br \/>\n1981\uff1b\u3000pp\u3002453\u2026455\u3000\uff08elasticity\uff09\u3002<br \/>\nRosenblum\uff1b\u3000John\u3002\u3000\u3003Country\u3000Analysis\u3000and\u3000General<br \/>\nManagers\uff1b\u3003\u3000Case\u30009\u2026379\u2026050\uff1b\u3000copyright\u00f3\u30001987\u3000by\u3000the<br \/>\nPresident\u3000and\u3000Fellows\u3000of\u3000Harvard\u3000College\uff1b\u3000all\u3000rights<br \/>\nreserved\u3002<br \/>\nSamuelson\uff1b\u3000Paul\u3000A\u3002\u3000\uff08MIT\uff09\u3002\u3000Economics\u3002\u3000New\u3000York\uff1a<br \/>\nMcGraw\u2026Hill\uff1b\u30001980\u30022Sowell\uff1b\u3000Dr\u3002\u3000Thomas\u3002\u3000\u3003Galbraith\u3000Strikes\u3000Again\u3002\u3003\u3000Forbes\uff1b<br \/>\nMay\u300025\uff1b\u30001992\uff1b\u3000p\u3002140\u3002<br \/>\nStern\uff1b\u3000Richard\u3000L\u3002\uff1b\u3000\u3003The\u3000Graying\u3000Wild\u3000Ones\u3002\u3003\u3000Forbes\uff1b<br \/>\nJanuary\u30006\uff1b\u30001992\uff1b\u3000p\u300240\u3000\uff08Harley\u2026Davidson\uff09\u3002<br \/>\nDAY\u30009\uff1a\u3000STRATEGY<br \/>\nAllan\uff1b\u3000Gerald\u3000B\u3002\uff1b\u3000and\u3000John\u3000S\u3002\u3000Hammond\u3000III\u3002\u3000\u3003Note\u3000on\u3000the<br \/>\nUse\u3000of\u3000Experience\u3000Curves\u3000in\u3000petitive\u3000Decision\u3000Making\uff1b\u3003<br \/>\nCase\u3000175\u2026174\uff1b\u3000copyright\u00f3\u30001975\u3000by\u3000the\u3000President\u3000and\u3000Fellows<br \/>\nof\u3000Harvard\u3000College\uff1b\u3000all\u3000rights\u3000reserved\u3002<br \/>\nBartlett\uff1b\u3000Christopher\u3000A\u3002\u3000\u3003Global\u3000petition\u3000and\u3000MNC<br \/>\nManagers\uff1b\u3003\u3000Case\u30009\u2026385\u2026287\uff1b\u3000copyright\u00f3\u30001985\u3000by\u3000the<br \/>\nPresident\u3000and\u3000Fellows\u3000of\u3000Harvard\u3000College\uff1b\u3000all\u3000rights<br \/>\nreserved\u3002<br \/>\nBourgeois\uff1b\u3000L\u3002J\u3002\u3000\u3003Note\u3000on\u3000Portfolio\u3000Techniques\u3000for<br \/>\nCorporate\u3000Strategic\u3000Planning\uff1b\u3003\u3000Case\u3000UVA\u2026BP\u2026292\uff1b<br \/>\ncopyright\u00f3\u30001988\u3000by\u3000the\u3000Darden\u3000Graduate\u3000Business\u3000School<br \/>\nFoundation\uff1b\u3000Charlottesville\uff1b\u3000Virginia\u3002<br \/>\nGermane\uff1b\u3000Gayton\u3000E\u3002\u3000\uff08Stanford\uff09\u3002\u3000The\u3000Executive\u3000Course\u3002<br \/>\nReading\uff1b\u3000Mass\u3002\uff1a\u3000Addison\u2026Wesley\u3000Publishing\uff1b\u30001987\uff1b<br 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