銆€銆€22銆佽硣鏈祼(ji茅)妲�(g貌u)鏄寚浼佹キ(y猫)鍚勭ó璩囨湰鐨勫児(ji脿)鍊兼(g貌u)鎴愬強鍏舵瘮渚嬨€傚唬缇╃殑璩囨湰绲�(ji茅)妲�(g貌u)鏄寚浼佹キ(y猫)鍏ㄩ儴璩囨湰鍍�(ji脿)鍊肩殑妲�(g貌u)鎴愬強鍏舵瘮渚嬮棞(gu膩n)绯�;鐙圭京鐨勮硣鏈祼(ji茅)妲�(g貌u)鏄寚浼佹キ(y猫)鍚勭ó闀�(zh菐ng)鏈熻硣鏈児(ji脿)鍊肩殑妲�(g貌u)鎴愬強鍏舵瘮渚嬮棞(gu膩n)绯�锛屽挨鍏舵槸鎸囬暦(zh菐ng)鏈熺殑鑲℃瑠(qu谩n)璩囨湰鑸囧偟娆�(qu谩n)璩囨湰鐨勬(g貌u)鎴愬強鍏舵瘮渚嬮棞(gu膩n)绯汇€�

銆€銆€23銆佹渶浣崇殑绫岃硣鏂规鏄寚鏃娇浼佹キ(y猫)閬�(d谩)鍒版渶浣宠硣鏈祼(ji茅)妲�(g貌u)銆佺睂璩囨垚鏈渶浣庯紝鍙堜娇浼佹キ(y猫)鎵€闈㈣嚚鐨勭睂璩囬ⅷ(f膿ng)闅�(xi菐n)鏈€灏忕殑绫岃硣鏂规銆傚垎鏋愭柟娉曪細姣忚偂鏀剁泭鍜岃矤(f霉)鍌垫瘮鐜�銆�

銆€銆€24銆佽硣鏈祼(ji茅)妲�(g貌u)鏄惁鍚堢悊锛岄€氬父闇€瑕佸垎鏋愭瘡鑲℃敹鐩婄殑璁婂寲渚嗚　閲�銆傝兘鎻愰珮鐨勫氨鍚堢悊锛屽弽涔嬩笉鍚堢悊銆�

銆€銆€姣忚偂鏀剁泭(EPS)鏄敤姣忚偂鏀剁泭鐨勭劇宸垾榛�(di菐n)渚嗛€�(j矛n)琛岀殑銆傚嵆姣忚偂鏀剁泭涓嶅彈铻嶈硣鏂瑰紡褰遍熆鐨勯姺鍞按骞�銆傚湪鐒″樊鍒ラ粸(di菐n)涓�锛屼笉璜栨槸閲囩敤璨�(f霉)鍌佃瀺璩囬倓鏄瑠(qu谩n)鐩婅瀺璩�锛屾瘡鑲℃敹鐩婇兘鏄浉绛夌殑銆侲PS娆�(qu谩n)鐩婅瀺璩�=EPS璨�(f霉)鍌佃瀺璩�

銆€銆€25銆佹瘡鑲℃敹鐩�(EPS)鐨勫叕寮�

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銆€銆€=(鎭▍鍓嶇泩浣� - 鍌靛嫏(w霉)鍒╂伅)*(1-鎵€寰楃▍鐜�)/娴侀€氬湪澶栫殑鏅€氳偂鑲℃暩(sh霉)

銆€銆€26銆佽硣鏈祼(ji茅)妲�(g貌u)鍒嗘瀽瑷�(j矛)绠楃殑姝ラ锛氬厛姹傜劇宸垾榛�(di菐n)锛屽啀姹傛瘡鑲℃敹鐩婏紝鐣�(d膩ng)閵峰敭椤嶉珮浜庣劇宸垾榛�(di菐n)鏅�(sh铆)锛岄噰鐢ㄨ矤(f霉)鍌佃瀺璩�;鍙嶄箣锛岄噰鐢ㄦ瑠(qu谩n)鐩婅瀺璩�銆�

銆€銆€铻嶈硣(鏈夐檺杩芥函)锛氭寚鐐烘敮浠樿秴閬庣従(xi脿n)閲戠殑璩艰波娆捐€岄噰鍙栫殑璨ㄥ梗浜ゆ槗鎵嬫锛屾垨?y脿n)妲裤€夎Y鐢�(ch菐n)鑰岄泦璩囨墍閲囧彇鐨勮波骞ｆ墜娈�銆� 铻嶈硣閫氬父鏄寚璨ㄥ梗璩囬噾鐨勬寔鏈夎€呭拰闇€姹傝€呬箣闁�锛岀洿鎺ユ垨闁撴帴鍦伴€�(j矛n)琛岃硣閲戣瀺閫氱殑娲诲嫊(d貌ng)銆傚唬缇╃殑铻嶈硣鏄寚璩囬噾鍦ㄦ寔鏈夎€呬箣闁撴祦鍕�(d貌ng)浠ヤ綑瑁�(b菙)缂虹殑涓€绋稉(j墨ng)婵�(j矛)琛岀偤閫欐槸璩囬噾闆欏悜浜掑嫊(d貌ng)鐨勯亷绋嬪寘鎷硣閲戠殑铻嶅叆(璩囬噾鐨勪締婧�)鍜岃瀺鍑�(璩囬噾鐨勯亱(y霉n)鐢�)銆傜嫻缇╃殑铻嶈硣鍙寚璩囬噾鐨勮瀺鍏�銆�

銆€銆€27銆佽矤(f霉)鍌垫瘮鐜囧垎鏋�

銆€銆€绫岃硣棰�(f膿ng)闅�(xi菐n)鏄寚鍥犲€熸鑰屽鍔犵殑棰�(f膿ng)闅�(xi菐n)锛屽嵆璩囬噾绫岄泦姹虹瓥鑰岀敘(ch菐n)鐢熺殑棰�(f膿ng)闅�(xi菐n)銆�

銆€銆€浼佹キ(y猫)鑷湁璩囬噾鍒╂饯(r霉n)鐜�=[鎭▍鍓嶅埄娼�(r霉n)鐜�+(鎭▍鍓嶅埄娼�(r霉n)鐜�-鍊熷叆璩囬噾鍒╂伅鐜�)*璨�(f霉)鍌垫瘮渚媇*(1-浼佹キ(y猫)鎵€寰楃▍绋呯巼)=[ij+(ij-i0)*r]*(1-T)

銆€銆€璨�(c谩i)鍕�(w霉)鏉犳】锛氬€熷叆璩囬噾鐨勫奖闊跨ū鐐鸿病(c谩i)鍕�(w霉)鏉犳】銆傚叾鍚京鐐鸿嚜鏈夎硣閲戞敹鐩婄巼闅ㄦ伅鍓嶇▍鍓嶇泩浣欒畩鍕�(d貌ng)鑰岃畩鍕�(d貌ng)鐨勭▼搴�銆�

銆€銆€璨�(c谩i)鍕�(w霉)鏉犳】(DFL)=鑷湁璩囬噾鏀剁泭鐜囪畩鍖栭噺/鎭▍鍓嶇泩浣欑巼璁婂寲閲�=(RCL*/RCL)/(EBIT*/EBIT)

銆€銆€绲�(ji茅)璜栵細

銆€銆€鈶犲湪鎭▍鍓嶇泩浣欑浉鍚岀殑鎯呮硜涓�锛岃矤(f霉)鍌垫瘮渚嬭秺楂�锛岃病(c谩i)鍕�(w霉)鏉犳】绯绘暩(sh霉)瓒婂ぇ锛岀睂璩囬ⅷ(f膿ng)闅�(xi菐n)瓒婂ぇ銆�

銆€?銆佽皩缇濋I(y猫)鏁撮珨璩囬噾鍒╂饯(r霉n)鐜囧ぇ浜庡埄鎭巼锛屼紒妤�(y猫)鐨勮嚜鏈夎硣閲戞敹鐩婄巼涔熷氨瓒婂ぇ銆�

銆€?銆佸⒓璋勯I(y猫)绫岃硣姹虹瓥鏅�(sh铆)锛屽彲閫氶亷鍚堢悊瀹夋帓璩囨湰绲�(ji茅)妲�(g貌u)锛岄仼搴﹁矤(f霉)鍌�锛屼娇璨�(c谩i)鍕�(w霉)鏉犳】鍒╃泭鎶垫秷棰�(f膿ng)闅�(xi菐n)甯朵締鐨勪笉鍒╁奖闊裤€�

銆€銆€28銆佸緸鏍规湰涓婅瑳锛岃病(c谩i)鍕�(w霉)绠＄悊鐨勭洰妯�(bi膩o)鍦ㄤ簬杩芥眰鍏徃鍍�(ji脿)鍊肩殑鏈€澶у寲鎴栬偂鍍�(ji脿)鏈€澶у寲銆�

銆€銆€鍙湁鍦ㄩⅷ(f膿ng)闅�(xi菐n)涓嶈畩鐨勬儏娉佷笅锛屾瘡鑲℃敹鐩婂闀�(zh菐ng)鎵嶆渻(hu矛)鐩存帴灏�(d菐o)鑷磋偂鍍�(ji脿)涓婂崌銆傚(sh铆)闅涗笂锛岄毃钁楁瘡鑲℃敹鐩婄殑澧炲姞锛岄ⅷ(f膿ng)闅�(xi菐n)涔熷湪鍔犲ぇ銆傜暥(d膩ng)姣忚偂鏀剁泭鐨勫闀�(zh菐ng)涓嶈冻浠ヨ(b菙)鍎熼ⅷ(f膿ng)闅�(xi菐n)澧炲姞鎵€闇€鐨勫牨(b脿o)閰�锛岀洝绠℃瘡鑲℃敹鐩婂鍔狅紝鑲″児(ji脿)浠嶆渻(hu矛)涓嬮檷銆傛墍浠�锛屽叕鍙哥殑鏈€浣宠硣鏈祼(ji茅)妲�(g貌u)鎳�(y墨ng)鐣�(d膩ng)鏄彲浣垮叕鍙哥附鍍�(ji脿)鍊兼渶楂橈紝鑰屼笉涓€瀹氭槸姣忚偂鏀剁泭鏈€澶х殑璩囨湰绲�(ji茅)妲�(g貌u)銆傚悓鏅�(sh铆)锛屽叕鍙哥附鍍�(ji脿)鍊兼渶澶х殑璩囨湰绲�(ji茅)妲�(g貌u)涓嬶紝鍏徃鐨勮硣閲戞垚鏈篃鏄渶浣庣殑銆�

銆€銆€29銆佺稉(j墨ng)鐕�(y铆ng)棰�(f膿ng)闅�(xi菐n)锛氭寚浼佹キ(y猫)鍥犵稉(j墨ng)鐕�(y铆ng)鍘熷洜鑰屽皫(d菐o)鑷村埄娼�(r霉n)璁婂嫊(d貌ng)鐨勯ⅷ(f膿ng)闅�(xi菐n)銆�

銆€銆€璨�(c谩i)鍕�(w霉)棰�(f膿ng)闅�(xi菐n)锛氭槸鎸囧叏閮ㄨ硣鏈腑鍌靛嫏(w霉)璩囨湰鐜囪畩鍖栧付渚嗙殑棰�(f膿ng)闅�(xi菐n)銆�

銆€銆€30銆侀爡(xi脿ng)鐩瀺璩囨寚鐐洪爡(xi脿ng)鐩姇璩囪€屽(sh铆)琛岀殑璩囬噾绫屾帾琛岀偤銆傚唬缇╀笂鎵€鏈夌殑绫岃硣琛岀偤閮芥槸铻嶈硣;鐙圭京涓婃寚浠ラ爡(xi脿ng)鐩殑璩囩敘(ch菐n)銆佹敹鐩婁綔鎶垫彁鎶间締铻嶈硣銆�

绶ㄨ集鎺ㄨ枽锛�

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