{"id":137776,"date":"2023-08-07T21:47:04","date_gmt":"2023-08-07T13:47:04","guid":{"rendered":"https:\/\/knowin.top\/?p=137776"},"modified":"2024-04-15T18:44:00","modified_gmt":"2024-04-15T10:44:00","slug":"%e4%bc%b0%e5%80%bc%e6%a8%a1%e5%9e%8b","status":"publish","type":"post","link":"https:\/\/zbxq.top\/?p=137776","title":{"rendered":"\u4f30\u503c\u6a21\u578b"},"content":{"rendered":"<p>Relative Valuation\uff08\u76f8\u5bf9\u4f30\u503c\uff09\uff0cDDM\uff08\u80a1\u5229\u6298\u73b0\u6a21\u578b\uff09\u548cDCF\uff08\u73b0\u91d1\u6d41\u6298\u73b0\u6a21\u578b\uff09\u662f\u91d1\u878d\u9886\u57df\u4e2d\u5e38\u7528\u7684\u4f30\u503c\u65b9\u6cd5\uff0c\u7528\u4e8e\u786e\u5b9a\u8d44\u4ea7\uff08\u5982\u80a1\u7968\u3001\u516c\u53f8\uff09\u7684\u5408\u7406\u4ef7\u503c\u3002\u5b83\u4eec\u5728\u4f30\u503c\u7684\u65b9\u6cd5\u548c\u539f\u7406\u4e0a\u6709\u4e00\u4e9b\u533a\u522b\u548c\u8054\u7cfb\u3002<\/p>\n<ol>\n<li>\u76f8\u5bf9\u4f30\u503c\uff08Relative Valuation\uff09\uff1a\u76f8\u5bf9\u4f30\u503c\u662f\u4e00\u79cd\u6bd4\u8f83\u4e0d\u540c\u8d44\u4ea7\u4e4b\u95f4\u7684\u76f8\u5bf9\u4ef7\u503c\u7684\u65b9\u6cd5\u3002\u5b83\u4f7f\u7528\u5e02\u573a\u4e0a\u7c7b\u4f3c\u8d44\u4ea7\u7684\u4ef7\u683c\u548c\u6307\u6807\u6765\u8bc4\u4f30\u76ee\u6807\u8d44\u4ea7\u7684\u4ef7\u503c\u3002\u5e38\u7528\u7684\u76f8\u5bf9\u4f30\u503c\u65b9\u6cd5\u5305\u62ec\u5e02\u76c8\u7387\uff08P\/E\u6bd4\uff09\u3001\u5e02\u51c0\u7387\uff08P\/B\u6bd4\uff09\u548c\u5e02\u9500\u7387\uff08P\/S\u6bd4\uff09\u3002\u76f8\u5bf9\u4f30\u503c\u65b9\u6cd5\u5047\u8bbe\u5e02\u573a\u4e0a\u7c7b\u4f3c\u8d44\u4ea7\u7684\u4ef7\u683c\u662f\u5408\u7406\u7684\uff0c\u5e76\u5c06\u76ee\u6807\u8d44\u4ea7\u7684\u4ef7\u503c\u4e0e\u8fd9\u4e9b\u4ef7\u683c\u8fdb\u884c\u6bd4\u8f83\u3002<\/li>\n<li>\u80a1\u5229\u6298\u73b0\u6a21\u578b\uff08Dividend Discount Model\uff0cDDM\uff09\uff1a\u80a1\u5229\u6298\u73b0\u6a21\u578b\u662f\u4e00\u79cd\u57fa\u4e8e\u80a1\u606f\u652f\u4ed8\u7684\u4f30\u503c\u65b9\u6cd5\u3002\u5b83\u57fa\u4e8e\u5047\u8bbe\uff0c\u516c\u53f8\u672a\u6765\u7684\u80a1\u606f\u5c06\u662f\u6295\u8d44\u8005\u7684\u6536\u76ca\u6765\u6e90\uff0c\u56e0\u6b64\u5c06\u672a\u6765\u7684\u80a1\u606f\u901a\u8fc7\u6298\u73b0\u7684\u65b9\u5f0f\u8ba1\u7b97\u51fa\u5f53\u524d\u503c\uff0c\u7136\u540e\u5c06\u8fd9\u4e9b\u73b0\u503c\u76f8\u52a0\u5f97\u5230\u516c\u53f8\u7684\u4f30\u503c\u3002DDM\u901a\u5e38\u9002\u7528\u4e8e\u7a33\u5b9a\u4e14\u6709\u6301\u7eed\u80a1\u606f\u652f\u4ed8\u7684\u516c\u53f8\u3002<\/li>\n<li>\u73b0\u91d1\u6d41\u6298\u73b0\u6a21\u578b\uff08Discounted Cash Flow\uff0cDCF\uff09\uff1a\u73b0\u91d1\u6d41\u6298\u73b0\u6a21\u578b\u662f\u4e00\u79cd\u57fa\u4e8e\u672a\u6765\u73b0\u91d1\u6d41\u91cf\u7684\u4f30\u503c\u65b9\u6cd5\u3002\u5b83\u8003\u8651\u4e86\u672a\u6765\u7684\u73b0\u91d1\u6d41\u91cf\uff0c\u5e76\u5c06\u8fd9\u4e9b\u73b0\u91d1\u6d41\u901a\u8fc7\u6298\u73b0\u7684\u65b9\u5f0f\u8ba1\u7b97\u51fa\u5f53\u524d\u503c\uff0c\u7136\u540e\u5c06\u8fd9\u4e9b\u73b0\u503c\u76f8\u52a0\u5f97\u5230\u8d44\u4ea7\u7684\u4f30\u503c\u3002DCF\u65b9\u6cd5\u53ef\u4ee5\u9002\u7528\u4e8e\u5404\u79cd\u7c7b\u578b\u7684\u8d44\u4ea7\uff0c\u5305\u62ec\u516c\u53f8\u3001\u9879\u76ee\u6216\u6295\u8d44\u7ec4\u5408\u3002<\/li>\n<\/ol>\n<p>\u8054\u7cfb\u548c\u533a\u522b\uff1a<\/p>\n<ul>\n<li>\u76f8\u5bf9\u4f30\u503c\u65b9\u6cd5\u548c\u57fa\u4e8e\u80a1\u5229\u7684DDM\u65b9\u6cd5\u90fd\u662f\u76f8\u5bf9\u4e8e\u5e02\u573a\u4e0a\u5176\u4ed6\u7c7b\u4f3c\u8d44\u4ea7\u7684\u4f30\u503c\u65b9\u6cd5\uff0c\u800cDCF\u65b9\u6cd5\u662f\u57fa\u4e8e\u8d44\u4ea7\u7684\u672a\u6765\u73b0\u91d1\u6d41\u91cf\u3002<\/li>\n<li>DDM\u548cDCF\u65b9\u6cd5\u90fd\u8003\u8651\u4e86\u672a\u6765\u73b0\u91d1\u6d41\u7684\u6298\u73b0\uff0c\u4f46DDM\u4ec5\u4ec5\u5173\u6ce8\u4e8e\u80a1\u606f\uff0c\u800cDCF\u65b9\u6cd5\u5219\u8003\u8651\u4e86\u6240\u6709\u73b0\u91d1\u6d41\uff08\u5305\u62ec\u80a1\u606f\u548c\u975e\u80a1\u606f\uff09\u3002<\/li>\n<li>\u76f8\u5bf9\u4f30\u503c\u65b9\u6cd5\u66f4\u6ce8\u91cd\u5e02\u573a\u7684\u76f8\u5bf9\u5b9a\u4ef7\uff0c\u800cDDM\u548cDCF\u65b9\u6cd5\u66f4\u6ce8\u91cd\u8d44\u4ea7\u7684\u5185\u5728\u4ef7\u503c\u3002<\/li>\n<li>DDM\u548cDCF\u65b9\u6cd5\u66f4\u9002\u7528\u4e8e\u5206\u6790\u7a33\u5b9a\u7684\u73b0\u91d1\u6d41\u548c\u76c8\u5229\u80fd\u529b\u7684\u516c\u53f8\uff0c\u800c\u76f8\u5bf9\u4f30\u503c\u65b9\u6cd5\u53ef\u4ee5\u9002\u7528\u4e8e\u5404\u79cd\u7c7b\u578b\u7684\u8d44\u4ea7\u3002<\/li>\n<\/ul>\n<p>\u9700\u8981\u6ce8\u610f\u7684\u662f\uff0c\u9009\u62e9\u9002\u5f53\u7684\u4f30\u503c\u65b9\u6cd5\u53d6\u51b3\u4e8e\u4f30\u503c\u5bf9\u8c61\u7684\u7279\u5f81\u548c\u53ef\u7528\u6570\u636e\u7684\u53ef\u9760\u6027\u3002\u5728\u5b9e\u9645\u5e94\u7528\u4e2d\uff0c\u901a\u5e38\u4f1a\u7efc\u5408\u4f7f\u7528\u591a\u79cd\u4f30\u503c\u65b9\u6cd5\u6765\u5f97\u51fa\u66f4\u5168\u9762\u548c\u53ef\u9760\u7684\u4f30\u503c\u7ed3\u8bba\u3002<\/p>\n<h3><span style=\"color: #ff0000;\"><strong>\u5185\u5bb9\u5305\u62ec3\u4efd\u4f30\u503c\u7684\u8bb2\u4e49\uff08ppt\uff09+\u4f30\u503c\u6a21\u578b\u8868\uff08excel\uff09<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-141330\" src=\"https:\/\/zbxq.top\/wp-content\/uploads\/2023\/08\/14155848367.png\" alt=\"\" width=\"1028\" height=\"716\" \/><\/strong><\/span><\/h3>\n","protected":false},"excerpt":{"rendered":"<p>Relative Valuation\uff08\u76f8\u5bf9\u4f30\u503c\uff09\uff0cDDM\uff08\u80a1\u5229\u6298\u73b0\u6a21\u578b\uff09\u548cDCF\uff08\u73b0\u91d1\u6d41\u6298\u73b0\u6a21\u578b\uff09\u662f\u91d1\u878d\u9886\u57df\u4e2d [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,9],"tags":[25,200,18,28],"topic":[],"_links":{"self":[{"href":"https:\/\/zbxq.top\/index.php?rest_route=\/wp\/v2\/posts\/137776"}],"collection":[{"href":"https:\/\/zbxq.top\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zbxq.top\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/zbxq.top\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/zbxq.top\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=137776"}],"version-history":[{"count":2,"href":"https:\/\/zbxq.top\/index.php?rest_route=\/wp\/v2\/posts\/137776\/revisions"}],"predecessor-version":[{"id":141331,"href":"https:\/\/zbxq.top\/index.php?rest_route=\/wp\/v2\/posts\/137776\/revisions\/141331"}],"wp:attachment":[{"href":"https:\/\/zbxq.top\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=137776"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zbxq.top\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=137776"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zbxq.top\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=137776"},{"taxonomy":"topic","embeddable":true,"href":"https:\/\/zbxq.top\/index.php?rest_route=%2Fwp%2Fv2%2Ftopic&post=137776"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}