{"id":49174,"date":"2017-02-09T21:57:21","date_gmt":"2017-02-09T21:57:21","guid":{"rendered":"http:\/\/xiongmaotimes.com\/2017\/02\/09\/%e5%a4%aa%e5%b9%b3%e6%b4%8b%e4%b8%8a%e5%b8%82%e9%bb%91%e5%b9%95%e8%a2%ab%e6%9b%9d-%e6%b6%8c%e9%87%91%e7%b3%bb%e9%ad%8f%e4%b8%9c%e8%87%aa%e6%9d%80%e5%86%8d%e8%81%9a%e7%84%a6\/"},"modified":"2017-02-09T21:57:21","modified_gmt":"2017-02-09T21:57:21","slug":"%e5%a4%aa%e5%b9%b3%e6%b4%8b%e4%b8%8a%e5%b8%82%e9%bb%91%e5%b9%95%e8%a2%ab%e6%9b%9d-%e6%b6%8c%e9%87%91%e7%b3%bb%e9%ad%8f%e4%b8%9c%e8%87%aa%e6%9d%80%e5%86%8d%e8%81%9a%e7%84%a6","status":"publish","type":"post","link":"https:\/\/xiongmaotimes.com\/?p=49174","title":{"rendered":"\u592a\u5e73\u6d0b\u4e0a\u5e02\u9ed1\u5e55\u88ab\u66dd \u6d8c\u91d1\u7cfb\u9b4f\u4e1c\u81ea\u6740\u518d\u805a\u7126"},"content":{"rendered":"

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\u56fe\u4e3a\u6d8c\u91d1\u96c6\u56e2\u7f51\u7ad9\u9996\u9875<\/span><\/p>\n

\u3010\u718a\u732b\u65f6\u62a5\u8baf\u3011\u8fd1\u65e5\uff0c\u201c\u6d8c\u91d1\u7cfb\u201d\u5343\u4ebf\u8001\u677f\u9b4f\u4e1c\u81ea\u6740\u539f\u56e0\u518d\u6b21\u6d6e\u51fa\u6c34\u9762\u3002<\/span>2008\u5e74<\/span>4\u6708<\/span>29\u65e5\u4e0b\u5348<\/span>4\u65f6\u8bb8\uff0c\u201c\u6d8c\u91d1\u7cfb\u201d\u8463\u4e8b\u957f\u9b4f\u4e1c\u5728\u5317\u4eac\u5bb6\u4e2d\u8df3\u697c\u81ea\u6740\uff0c\u4eab\u5e74<\/span>41\u5c81\u3002<\/span>4\u6708<\/span>30\u65e5\uff0c\u6d8c\u91d1\u96c6\u56e2\u63a7\u5236\u7684\u4e24\u5bb6\u4e0a\u5e02\u516c\u53f8\u56fd\u91d1\u8bc1\u5238\u548c\u4e5d\u829d\u5802\u505c\u724c\u3002\u4e0b\u5348\uff0c\u7f51\u4e0a\u5f00\u59cb\u7eb7\u4f20\u9b4f\u4e1c\u6b7b\u4ea1\u7684\u6d88\u606f\uff0c\u800c\u5173\u4e8e\u5176\u6b7b\u4ea1\u539f\u56e0\uff0c\u4e00\u8bf4\u9b4f\u4e1c\u662f\u56e0\u8eab\u4f53\u539f\u56e0\uff0c\u53e6\u6709\u4f20\u8a00\u79f0\u5176\u4e0e\u76ee\u524d\u6b63\u5728\u8fdb\u884c\u7684\u4e24\u9879\u7275\u6d89\u5229\u76ca\u65b9\u4f17\u591a\u7684\u8d44\u672c\u8fd0\u4f5c\u6709\u5173\u3002<\/span>
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\u8fd1\u65e5\u6709\u6d88\u606f\u6307\uff0c\u9b4f\u4e1c\u81ea\u6740\u662f\u60f3\u4fdd\u5168\u4e00\u6279\u5728\u592a\u5e73\u6d0b\u8bc1\u5238\u4e0a\u5e02\u4e2d\uff0c\u627e\u4eba\u4ee3\u6301\u6709\u592a\u5e73\u6d0b\u8bc1\u5238\u6bcd\u516c\u53f8\u4e0e\u5b50\u516c\u53f8\u539f\u59cb\u80a1\u7684\u5b98\u5458\u3002<\/span><\/p>\n

\u636e\u900f\u9732\uff0c\u5f53\u5e74\u4e2d\u592e\u53cd\u8150\u673a\u6784\u67e5\u56fd\u5bb6\u5f00\u53d1\u94f6\u884c\u539f\u526f\u884c\u957f\u738b\u76ca\u548c\u592a\u5e73\u6d0b\u8bc1\u5238\u8fdd\u89c4\u4e0a\u5e02\u6848\uff0c\u6709\u4e00\u6279\u5b98\u5458\u7ecf\u738b\u76ca\u5b89\u6392\uff0c\u4e8b\u5148\u6f5c\u4f0f\u4e8e\u5f85\u4e0a\u5e02\u516c\u53f8\u592a\u5e73\u6d0b\u8bc1\u5238\u7684\u5b50\u516c\u53f8\uff0c\u7528\u4ee3\u6301\u4eba\u6301\u6709\u80a1\u4efd\uff0c\u9700\u8981\u7528\u51e0\u767e\u4e07\u903e\u5343\u4e07\u8d44\u91d1\u3002<\/span><\/p>\n

\u8fd9\u4e9b\u5b98\u5458\u8d77\u521d\u5bf9\u592a\u5e73\u6d0b\u8bc1\u5238\u4e0a\u5e02\u901a\u8fc7\u53d1\u5ba1\u4fe1\u5fc3\u4e0d\u8db3\uff0c\u4e8e\u662f\u4e0d\u80af\u62ff\u51fa\u771f\u91d1\u767d\u94f6\uff0c\u738b\u76ca\u4fbf\u51fa\u9762\uff0c\u5411\u957f\u4e09\u89d2\u4e00\u4e9b\u6cd5\u4eba\u80a1\u5927\u4f6c\u501f\u3002\u53cd\u8150\u673a\u6784\u67e5\u8fd9\u4e9b\u6cd5\u4eba\u80a1\u5927\u4f6c\u65f6\uff0c\u5c61\u5c61\u6251\u7a7a\uff0c\u4eba\u5bb6\u65e9\u5728\u4e00\u4e24\u5929\u524d\u5c31\u5230\u56fd\u5916\u6682\u907f\u3002<\/span><\/p>\n

\u6700\u540e\uff0c\u53cd\u8150\u673a\u6784\u6293\u4f4f\u5185\u9b3c\uff0c\u4e5f\u5c31\u662f\u738b\u76ca\u94c1\u54e5\u4eec\u9b4f\u4e1c\u5728\u53cd\u8150\u673a\u6784\u91cc\u9762\u5e03\u7ebf\uff0c\u5f97\u5230\u53cd\u8150\u673a\u6784\u5de5\u4f5c\u8ba1\u5212\uff0c\u901a\u77e5\u88ab\u8c03\u67e5\u5bf9\u8c61\u51fa\u9003\uff0c\u4ee5\u81f3\u4e8e\u9b4f\u4e1c\u8df3\u697c\u81ea\u6740\u540e\uff0c\u4ec5\u4ec5\u627e\u8fd9\u4e9b\u4ee3\u6301\u539f\u59cb\u80a1\u7684\u4e0a\u6d77\u5b98\u5458\u4eec\uff0c\u9700\u7ec4\u56e2\u5305\u673a\u53bb\u5317\u4eac\u5546\u8bae\u5904\u7406\u540e\u7eed\u4e8b\u5b9c\u3002<\/span><\/p>\n

2007\u5e74<\/span>12\u6708<\/span>28\u65e5\u4e8f\u635f\u4e25\u91cd\u7684\u592a\u5e73\u6d0b\u8bc1\u52b5\u7adf\u5728\u4e3b\u677f\u4e0a\u5e02\u3002<\/span><\/p>\n

2008\u5e74\u4e0a\u5e02\u9ed1\u5e55\u88ab\u63ed\u53d1\uff1a\u592a\u5e73\u6d0b\u8bc1\u5238\u4e0a\u5e02\u65b9\u5f0f\u5f88\u7b80\u5355\uff0c\u901a\u8fc7\u4e0a\u6d77\u8bc1\u5238\u4ea4\u6613\u6240\u8bf7\u793a\u3001\u4e2d\u56fd\u8bc1\u76d1\u4f1a\u529e\u516c\u5385\u6279\u590d\uff0c\u6210\u529f\u5730\u7ed5\u5f00\u4e86<\/span>IPO\u548c\u5e76\u8d2d\u91cd\u7ec4\u4e24\u9053\u95e8\u69db\u9650\u5236\uff0c\u5b9e\u73b0\u4e86\u76f4\u63a5\u5728\u4ea4\u6613\u6240\u6302\u724c\u4ea4\u6613\u3002<\/span><\/p>\n

\u8fd9\u662f\u4e00\u5b97\u6709\u540d\u7684\u6743\u529b\u4e0e\u8d44\u672c\u7ed3\u5408\u7684\u8150\u8d25\u6848\uff0c\u4e8b\u540e\u591a\u540d\u5b98\u5458\u843d\u9a6c\uff0c\u591a\u540d\u8bc1\u5238\u754c\u4eba\u58eb\u6d89\u6848\uff0c\u5e76\u7275\u8fde\u4e2d\u56fd\u8bc1\u76d1\u4f1a\u524d\u526f\u4e3b\u5e2d\u3001\u65f6\u4efb\u56fd\u5f00\u884c\u526f\u884c\u957f\u7684\u738b\u76ca\u88ab\u201c\u53cc\u89c4\u201d\uff0c\u53e6\u4e00\u4f4d\u8d44\u672c\u5927\u4f6c\u201c\u6d8c\u91d1\u7cfb\u201d\u638c\u95e8\u4eba\u9b4f\u4e1c\u8df3\u697c\u81ea\u6740\u3002<\/span><\/p>\n


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\u8fd1\u5e74\u5173\u4e8e\u6d8c\u91d1\u96c6\u56e2\u7684\u65b0\u95fb\uff1a<\/span><\/p>\n

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2015\u5e746\u670828\u65e5\uff0c\u8bc1\u5238\u62a5\u8f7d\u6587\uff1a\u62c6\u89e3\u6d8c\u91d1\u7cfb\u5343\u4ebf\u5e1d\u56fd\uff1a\u9648\u91d1\u971e\uff08\u9b4f\u4e1c\u59bb\u5b50\uff09\u5207\u5272\u5b9e\u4e1a\u3001\u6f5c\u884c\u4f0f\u51fb\uff0c\u5f52\u6838PE\u3001\u6325\u5200\u81ea\u5bab<\/font><\/h1>\n<\/header>\n<\/section>\n

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\u4e00\u573a\u57fa\u4e8e\u79c1\u52df\u80a1\u6743\u6295\u8d44<\/span>(PE)<\/span>\u5f52\u6838\u5316\u7684\u8d44\u4ea7\u91cd\u6784\u8fd0\u52a8\u6b63\u5728\u6d8c\u91d1\u7cfb\u5e1d\u56fd\u6084\u7136\u8fdb\u884c\uff0c\u7ecf\u7531\u6b64\u6b21\u91cd\u6784\uff0c\u6d8c\u91d1\u7cfb\u4ec5\u4fdd\u7559\u56fd\u91d1\u8bc1\u5238\u4e00\u4e2a\u4e0a\u5e02\u5e73\u53f0\uff0c\u5176\u4f59\u8d44\u4ea7\u5c06\u5168\u90e8\u901a\u8fc7<\/span>PE<\/span>\u6295\u8d44\u5206\u6563\u4e8e\u5f7c\u6b64\u4e92\u4e0d\u5173\u8054\u7684\u6807\u7684\u516c\u53f8\u3002<\/span><\/p>\n

5<\/span>\u6708\u4e0b\u65ec\uff0c\u6d8c\u91d1\u7cfb\u65d7\u4e0b\u7684\u533b\u836f\u4e0a\u5e02\u5e73\u53f0\u4e5d\u829d\u5802\u4e0e\u7261\u4e39\u6c5f\u53cb\u640f\u836f\u4e1a\u8fbe\u6210\u5356\u58f3\u534f\u8bae\uff0c\u540e\u8005\u62df\u5c06\u9884\u4f30<\/span>65<\/span>\u4ebf\u5143\u7684\u8d44\u4ea7\u6574\u4f53\u7f6e\u5165\u4e5d\u829d\u5802\uff0c\u540c\u65f6\u53d7\u8ba9\u6d8c\u91d1\u7cfb\u6240\u6301\u4e5d\u829d\u5802<\/span>28.06%<\/span>\u80a1\u6743\u3002\u4ea4\u6613\u5b8c\u6210\u540e\uff0c\u6d8c\u91d1\u7cfb\u5bf9\u4e5d\u829d\u5802\u6301\u80a1\u6bd4\u4f8b\u5c06\u4ece<\/span>40.35%<\/span>\u964d\u81f3<\/span>4.84%<\/span>\uff0c\u5b8c\u6210\u9000\u4f4d\u3002<\/span><\/p>\n

\u51e0\u4e4e\u5728\u4e0a\u8ff0\u5356\u58f3\u534f\u8bae\u7b7e\u8ba2\u7684\u540c\u65f6\uff0c\u6d8c\u91d1\u7cfb\u521a\u521a\u8fdb\u4e00\u6b65\u51cf\u6301\u5343\u91d1\u836f\u4e1a\u3002\u4ece<\/span>2002<\/span>\u5e74\u63a5\u7ba1\u56fd\u8d44\u80cc\u666f\u7684\u4e5d\u829d\u5802\uff0c\u518d\u5230<\/span>2004<\/span>\u5e74\u4ee5\u7b2c\u4e8c\u5927\u80a1\u4e1c\u8eab\u4efd\u63a8\u52a8\u5343\u91d1\u836f\u4e1a\u4e0a\u5e02\uff0c\u6700\u540e\u4e8e<\/span>2007<\/span>\u5e74\u5b8c\u6210\u56fd\u91d1\u8bc1\u5238\u501f\u58f3\u4e0a\u5e02\uff0c\u6d8c\u91d1\u7cfb\u5386\u6b21\u8d44\u672c\u8fd0\u4f5c\u8def\u5f84\u5747\u6709\u8ff9\u53ef\u5faa\uff0c\u4e14\u5145\u6ee1\u4f4e\u8c03\u3001\u7cbe\u51c6\u3001\u51cc\u5389\u7684\u201c\u9b4f\u4e1c\u98ce\u683c\u201d\u3002<\/span><\/p>\n

\u8fd1\u5e74\u6765\uff0c\u9648\u91d1\u971e\u65f6\u4ee3\u7684\u6d8c\u91d1\u7cfb\u627f\u88ad\u4f4e\u8c03\u98ce\u683c\uff0c\u4e0d\u518d\u51cc\u5389\uff0c\u5f03\u58f3\u4e5d\u829d\u5802\u66f4\u662f\u51c6\u5907\u5c06\u4f4e\u8c03\u6f14\u7ece\u81f3\u6781\u81f4\u3002\u7136\u800c\uff0c\u82e5\u636e\u6b64\u4f4e\u4f30\u6d8c\u91d1\u7cfb\u7684\u8d44\u672c\u4eba\u8109\u548c\u64cd\u76d8\u624b\u8155\uff0c\u5219\u672a\u514d\u4ee5\u504f\u6982\u5168\u3002\u6380\u5f00\u6d8c\u91d1\u7cfb\u4f4e\u8c03\u7684\u9762\u7eb1\uff0c\u5176\u65e0\u5b54\u4e0d\u5165\u7684\u8d44\u672c\u6e17\u900f\u529b\u91cf\u4f9d\u65e7\u5f70\u663e\u7740\u6d8c\u91d1\u7cfb\u7684\u7eaf\u6b63\u8840\u8109\u3002<\/span><\/p>\n

\u4ee5\u4f4e\u8c03\u7684\u884c\u4e8b\u98ce\u683c\u4f5c\u4e3a\u63a9\u62a4\uff0c\u73b0\u65f6\u7684\u6d8c\u91d1\u7cfb\u901a\u8fc7\u9519\u7efc\u590d\u6742\u7684\u5408\u4f19\u57fa\u91d1\u53ca\u65b0\u8001\u5173\u8054\u65b9\uff0c\u5927\u91cf\u7a81\u51fb\u5165\u80a1\u6216\u53c2\u4e0e\u589e\u53d1\uff0c\u81f3\u5c11\u540c\u65f6\u63a7\u80a1\u6216\u53c2\u80a1<\/span>19<\/span>\u5bb6\u4e0a\u5e02\u516c\u53f8\u3001\u62df\u4e0a\u5e02\u516c\u53f8\u6216\u65b0\u4e09\u677f\u6302\u724c\u516c\u53f8\uff0c\u5f62\u6210\u4e86\u5e9e\u5927\u7684\u201c\u7c7b\u6d8c\u91d1\u7cfb\u201d\u4f01\u4e1a\u7fa4\u3002\u6b64\u5916\uff0c\u6d8c\u91d1\u7cfb\u5728\u5386\u6b21\u6295\u8d44\u8fc7\u7a0b\u4e2d\u5927\u591a\u5c06\u80a1\u6743\u63a7\u5236\u5728<\/span>5%<\/span>\u4ee5\u5185\uff0c\u5e76\u5728<\/span>12<\/span>\u4e2a\u6708\u5185\u6084\u7136\u5b8c\u6210\u65e0\u9700\u62ab\u9732\u7684\u51cf\u6301\uff0c\u795e\u4e0d\u77e5\u9b3c\u4e0d\u89c9\u5730\u5feb\u8fdb\u5feb\u51fa\uff0c\u5df2\u7136\u6210\u4e3a\u6d8c\u91d1\u7cfb\u7279\u5b9a\u7684\u6295\u8d44\u98ce\u683c\u3002<\/span><\/p>\n

\n
PE<\/span><\/strong>\u5f52\u6838\u5316\uff1a\u6325\u5200\u81ea\u5bab<\/span><\/strong><\/section>\n<\/fieldset>\n

\u82e5\u4ee5\u65f6\u95f4\u5e8f\u5217\u4e3a\u7ebf\u7d22\uff0c\u53ef\u53d1\u73b0\u4e5d\u829d\u5802\u53ca\u5176\u63a7\u80a1\u80a1\u4e1c\u957f\u6c99\u4e5d\u829d\u5802\u96c6\u56e2\u3001\u95f4\u63a5\u63a7\u80a1\u80a1\u4e1c\u6d8c\u91d1\u6295\u8d44\u63a7\u80a1\u6709\u9650\u516c\u53f8<\/span>(<\/span>\u4e0b\u79f0\u201c\u6d8c\u91d1\u6295\u63a7\u201d<\/span>)<\/span>\u51e0\u4e4e\u4e0e\u6d8c\u91d1\u7cfb\u76f8\u4f34\u76f8\u751f\uff0c\u67d0\u79cd\u7a0b\u5ea6\u4e0a\u8bb2\uff0c\u9b4f\u4e1c\u751f\u524d\u6784\u5efa\u7684\u6d8c\u91d1\u7cfb<\/span>300<\/span>\u4ebf\u91d1\u878d\u5e1d\u56fd\u7684\u57fa\u7840\u4fbf\u662f\u4e5d\u829d\u5802\u53ca\u4e5d\u829d\u5802\u96c6\u56e2\u3002\u65f6\u81f3\u4eca\u65e5\uff0c\u6d8c\u91d1\u7cfb\u4ecd\u5728\u5b98\u7f51\u5c06\u533b\u836f\u4ea7\u4e1a\u5217\u4e3a\u5176\u4e09\u5927\u4ea7\u4e1a\u4e4b\u4e00\u3002<\/span><\/p>\n

\u65e9\u671f\u7684\u6d8c\u91d1\u7cfb\u5e76\u4e0d\u7518\u4e8e\u4ec5\u4ec5\u5145\u5f53\u7b80\u5355\u7684<\/span>PE<\/span>\u89d2\u8272\uff0c\u800c\u662f\u5e0c\u671b\u5728<\/span>PE<\/span>\u4e4b\u5916\u5207\u5165\u4e0a\u5e02\u516c\u53f8\u5b9e\u4f53\u7ecf\u8425\uff0c\u8fd9\u4e0e\u201c\u5fb7\u9686\u7cfb\u201d\u7684\u98ce\u683c\u9887\u4e3a\u7c7b\u4f3c\u3002\u7531\u6b64\uff0c\u6d8c\u91d1\u7cfb\u79ef\u6781\u4ecb\u5165\u4e86\u4e5d\u829d\u5802\u524d\u8eab\u957f\u6c99\u4e5d\u829d\u5802<\/span>(<\/span>\u96c6\u56e2<\/span>)<\/span>\u6709\u9650\u516c\u53f8\u7684\u80a1\u4efd\u5236\u6539\u9020\uff0c\u5e76\u63a8\u52a8\u540e\u8005\u4e8e<\/span>2000<\/span>\u5e74<\/span>6<\/span>\u6708\u4efd\u4e0a\u5e02\u3002<\/span><\/p>\n

\u5f7c\u65f6\uff0c\u5728\u4e5d\u829d\u5802\u9996\u5c4a\u8463\u4e8b\u4f1a\u53ca\u76d1\u4e8b\u4f1a\u540d\u5355\u4e2d\uff0c\u6d8c\u91d1\u7cfb\u6210\u5458\u6731\u9526\u4f1f\u3001\u5468\u798f\u6c11\u8d6b\u7136\u5728\u5217\uff0c\u4e24\u4eba\u5747\u7cfb\u6d8c\u91d1\u7cfb\u65d7\u4e0b\u516c\u53f8\u5317\u4eac\u6d8c\u91d1\u8d22\u7ecf\u987e\u95ee\u6709\u9650\u516c\u53f8\u9ad8\u7ba1\u3002<\/span><\/p>\n

\u9887\u5177\u620f\u5267\u8272\u5f69\u7684\u662f\uff0c\u4e5d\u829d\u5802\u539f\u8463\u4e8b\u957f\u4f59\u514b\u5efa\u5728\u516c\u53f8\u6539\u5236\u4e4b\u524d\u5c31\u66fe\u5927\u80c6\u63d0\u51fa\u201c\u57fa\u56e0\u5ac1\u63a5\u201d\u601d\u60f3\uff0c\u5373\u4e3a\u4e5d\u829d\u5802\u5f15\u5165\u65b0\u7684\u6210\u957f\u57fa\u56e0\uff0c\u5927\u91cf\u8fd0\u7528\u5408\u8d44\u3001\u5408\u4f5c\u3001\u6536\u8d2d\u3001\u80a1\u4efd\u5236\u6539\u9020\u3001\u4e0a\u5e02\u3001\u589e\u53d1\u7b49\u624b\u6bb5\uff0c\u6253\u9020\u201c\u8d85\u5e38\u53d1\u5c55\u201d\u7684\u4e5d\u829d\u5802\u3002<\/span><\/p>\n

\u7ed3\u679c\uff0c\u4e5d\u829d\u5802\u5b8c\u6210\u80a1\u4efd\u5236\u6539\u9020<\/span>4<\/span>\u4e2a\u6708\u540e\uff0c\u65e5\u540e\u6210\u4e3a\u6d8c\u91d1\u7cfb\u4e09\u5927\u6295\u8d44\u4e3b\u4f53\u4e4b\u4e00\u7684\u6e56\u5357\u6d8c\u91d1\u6295\u8d44<\/span>(<\/span>\u63a7\u80a1<\/span>)<\/span>\u6709\u9650\u516c\u53f8<\/span>(<\/span>\u4e0b\u79f0\u201c\u6e56\u5357\u6d8c\u91d1\u201d\uff0c\u7cfb\u6d8c\u91d1\u6295\u63a7\u524d\u8eab<\/span>)<\/span>\u4fbf\u5ba3\u544a\u6210\u7acb\u3002<\/span>2002<\/span>\u5e74<\/span>1<\/span>\u6708\u4efd\uff0c\u4e0a\u5e02\u4e0d\u8db3\u4e24\u5e74\u7684\u4e5d\u829d\u5802\u88ab\u957f\u6c99\u56fd\u8d44\u5c40\u6613\u624b\uff0c\u6e56\u5357\u6d8c\u91d1\u63a5\u76d8\u4e5d\u829d\u5802\u96c6\u56e2\uff0c\u6b63\u5f0f\u5165\u4e3b\u4e5d\u829d\u5802\u3002<\/span><\/p>\n

2004<\/span>\u5e74<\/span>3<\/span>\u6708\uff0c\u6e56\u5357\u6d8c\u91d1\u5145\u5f53\u7b2c\u4e8c\u5927\u80a1\u4e1c\u7684\u5343\u91d1\u836f\u4e1a\u4e0a\u5e02\uff0c\u6e56\u5357\u6d8c\u91d1\u6301\u80a1\u6bd4\u4f8b\u957f\u671f\u7ef4\u6301\u5728\u7ea6<\/span>17.32%<\/span>\uff0c\u4e0e\u5343\u91d1\u836f\u4e1a\u63a7\u80a1\u80a1\u4e1c\u682a\u6d32\u56fd\u6709\u8d44\u4ea7\u6295\u8d44\u63a7\u80a1\u96c6\u56e2<\/span>(<\/span>\u4e0b\u79f0\u201c\u682a\u6d32\u56fd\u6295\u201d<\/span>)<\/span>\u6301\u80a1\u6bd4\u4f8b\u76f8\u5dee\u4ec5<\/span>2%<\/span>\u5de6\u53f3\u3002\u5c3d\u7ba1\u662f\u7b2c\u4e8c\u5927\u80a1\u4e1c\uff0c\u4f46\u6d8c\u91d1\u7cfb\u5728\u5343\u91d1\u836f\u4e1a\u66fe\u7ecf\u7684<\/span>9<\/span>\u4eba\u8463\u4e8b\u4f1a\u4e2d\u957f\u671f\u5360\u636e<\/span>3<\/span>\u4e2a\u975e\u72ec\u7acb\u8463\u4e8b\u5e2d\u4f4d\uff0c\u4e0e\u682a\u6d32\u56fd\u6295\u8463\u4e8b\u5e2d\u4f4d\u5bf9\u7b49\uff0c\u62e5\u6709\u76f8\u5f53\u91cd\u8981\u7684\u8bdd\u8bed\u6743\u3002<\/span><\/p>\n

\u81f3\u5c11\u5728<\/span>2010<\/span>\u5e74\u4e0a\u534a\u5e74\u4e4b\u524d\uff0c\u5c24\u5176\u662f\u9b4f\u4e1c\u79bb\u4e16\u524d\uff0c\u6d8c\u91d1\u7cfb\u6574\u5408\u5343\u91d1\u836f\u4e1a\u4e43\u81f3\u8c0b\u6c42\u63a7\u80a1\u6743\u7684\u8ba1\u5212\u59cb\u7ec8\u5b58\u5728\u3002\u5728\u6b64\u671f\u95f4\uff0c\u6d8c\u91d1\u7cfb\u4e8e<\/span>2005<\/span>\u5e74\u53c2\u4e0e\u589e\u8d44\u6269\u80a1\u5165\u4e3b\u56fd\u91d1\u8bc1\u5238\u524d\u8eab\u6210\u90fd\u8bc1\u5238\uff0c\u968f\u540e\u4e8e<\/span>2007<\/span>\u5e74\u4e3b\u5bfc\u56fd\u91d1\u8bc1\u5238\u501f\u58f3\u6210\u90fd\u5efa\u8bbe\u3002<\/span><\/p>\n

\u6362\u8a00\u4e4b\uff0c\u6d8c\u91d1\u7cfb\u9f0e\u76db\u65f6\u671f\u66fe\u63a7\u5236\u4e5d\u829d\u5802\u3001\u56fd\u91d1\u8bc1\u5238\u4e24\u5bb6\u4e0a\u5e02\u516c\u53f8\uff0c\u5e76\u4ee5\u4e0e\u682a\u6d32\u56fd\u6295\u5bf9\u7b49\u7684\u8bdd\u8bed\u6743\u76f4\u63a5\u53c2\u4e0e\u5343\u91d1\u836f\u4e1a\u7684\u65e5\u5e38\u4e8b\u52a1\uff0c\u5176\u4ea7\u4e1a\u5c5e\u6027\u8fdc\u5f3a\u4e8e<\/span>PE<\/span>\u5c5e\u6027\uff0c\u4ee5\u81f3\u4e8e\u6d8c\u91d1\u7cfb\u5728\u5176\u4ed6\u9879\u76ee\u4e0a\u7684<\/span>PE<\/span>\u6295\u8d44\u4e00\u5ea6\u88ab\u5ffd\u7565\u3002<\/span><\/p>\n

\u9700\u8981\u6307\u51fa\u7684\u662f\uff0c\u6d8c\u91d1\u7cfb\u4ea7\u4e1a\u5c5e\u6027\u4e0e<\/span>PE<\/span>\u5c5e\u6027\u5e76\u65e0\u7edd\u5bf9\u5206\u6c34\u5cad\uff0c\u53ea\u4e0d\u8fc7\u5728\u9b4f\u4e1c<\/span>2008<\/span>\u5e74\u79bb\u4e16\u4e0d\u4e45\u540e\uff0c\u6d8c\u91d1\u7cfb\u4e8e<\/span>2010<\/span>\u5e74\u4e0b\u534a\u5e74\u5f00\u59cb\u5168\u9762\u64a4\u79bb\u5df2\u6574\u5408\u65e0\u671b\u7684\u5343\u91d1\u836f\u4e1a\uff0c\u5305\u62ec\u80a1\u6743\u64a4\u79bb\u53ca\u4eba\u5458\u64a4\u79bb\u3002\u7279\u522b\u662f\u65e5\u524d\u6d8c\u91d1\u7cfb\u51b3\u5b9a\u5c06\u4e5d\u829d\u5802\u63a7\u80a1\u6743\u8ba9\u4e88\u53cb\u640f\u836f\u4e1a\u638c\u95e8\u4eba\u674e\u632f\u56fd\uff0c\u6d8c\u91d1\u7cfb\u7684<\/span>PE<\/span>\u5f52\u6838\u5316\u624d\u8fdb\u5165\u52a0\u901f\u9636\u6bb5\u3002<\/span><\/p>\n

\u82e5\u4ec5\u5c06\u56fd\u91d1\u8bc1\u5238\u89c6\u4e3a\u91d1\u878d\u670d\u52a1\u800c\u975e\u5b9e\u4f53\u4e1a\u52a1\u5e73\u53f0\uff0c\u5219\u6d8c\u91d1\u7cfb\u5728\u7f6e\u51fa\u4e5d\u829d\u5802\u63a7\u80a1\u6743\u540e\u5c06\u5f7b\u5e95\u9000\u51fa\u5b9e\u4f53\u4e1a\u52a1\u3002\u6b64\u5904\u7684\u60ac\u5ff5\u662f\uff0c\u6d8c\u91d1\u7cfb\u5207\u5272\u533b\u836f\u4e1a\u52a1\u662f\u57fa\u4e8e\u4e3b\u52a8\u6027\u7684\u6218\u7565\u8c03\u6574\u8fd8\u662f\u4e0d\u5f97\u5df2\u800c\u4e3a\u4e4b\uff0c\u5c1a\u6709\u5f85\u89c2\u5bdf\u3002\u4e0d\u53ef\u5426\u8ba4\u7684\u662f\uff0c\u88ab\u6d8c\u91d1\u7cfb\u6267\u638c\u591a\u5e74\u7684\u4e5d\u829d\u5802\u5728\u4e1a\u52a1\u65b9\u9762\u5e76\u65e0\u592a\u591a\u51fa\u5f69\u7684\u8868\u73b0\uff0c\u6709\u4e00\u79cd\u89c2\u70b9\u8ba4\u4e3a\uff0c\u9648\u91d1\u971e\u65f6\u4ee3\u7684\u6d8c\u91d1\u7cfb\u5e76\u4e0d\u5177\u5907\u64cd\u76d8\u5b9e\u4e1a\u7684\u80fd\u529b\uff0c\u6216\u8005\u8bf4\u6d8c\u91d1\u7cfb\u4e0e\u751f\u4ff1\u6765\u7684\u80fd\u529b\u4fbf\u53ea\u662f\u8d44\u672c\u8fd0\u4f5c\u3002<\/span><\/p>\n

\n
\u8d22\u5bcc\u91d1\u5b57\u5854\uff1a\u591a\u7ea7\u7ed3\u6784<\/span><\/strong><\/section>\n<\/fieldset>\n

\u6839\u636e\u5f53\u65f6\u7684\u9884\u4f30\uff0c\u9b4f\u4e1c\u79bb\u4e16\u65f6\uff0c\u6d8c\u91d1\u7cfb\u63a7\u5236\u7684\u8d44\u4ea7\u6216\u5df2\u9ad8\u8fbe<\/span>300<\/span>\u4ebf\u5143\u3002\u7ecf\u8fc7\u6570\u5e74\u7684\u7ecf\u8425\uff0c\u76ee\u524d\u6d8c\u91d1\u7cfb\u4ec5\u5728\u4e5d\u829d\u5802\u3001\u56fd\u91d1\u8bc1\u5238\u5bf9\u5e94\u7684\u80a1\u6743\u5e02\u503c\u5373\u8d85\u8fc7<\/span>300<\/span>\u4ebf\u5143\uff0c\u82e5\u52a0\u4e0a\u4e91\u5357\u56fd\u9645\u4fe1\u6258\u53ca\u5206\u6563\u4e8e\u5404\u4e2a\u6295\u8d44\u6807\u7684\u5bf9\u5e94\u7684\u80a1\u6743\u4ef7\u503c\uff0c\u6d8c\u91d1\u7cfb\u76f4\u63a5\u63a7\u5236\u7684\u8d44\u4ea7\u6216\u5df2\u8d85\u8fc7\u5343\u4ebf\u5143\u3002<\/span><\/p>\n

\u8fd9\u4e9b\u5343\u4ebf\u7ea7\u522b\u7684\u8d44\u4ea7\u5177\u4f53\u5982\u4f55\u5206\u5e03<\/span>?<\/span>\u8bc1\u5238\u65f6\u62a5\u8bb0\u8005\u6ce8\u610f\u5230\uff0c\u6d8c\u91d1\u7cfb\u8d44\u4ea7\u5e9e\u6742\uff0c\u6563\u843d\u4e8e\u5404\u4e2a\u6295\u8d44\u5e73\u53f0\uff0c\u4f46\u5e76\u975e\u65e0\u8ff9\u53ef\u5faa\u3002\u7ed3\u5408\u73b0\u6709\u7684\u516c\u5f00\u8d44\u6599\uff0c\u53ef\u57fa\u672c\u52fe\u52d2\u51fa\u6d8c\u91d1\u7cfb\u91d1\u5b57\u5854\u5f0f\u7684\u8d22\u5bcc\u5c42\u7ea7\u7ed3\u6784\u3002<\/span><\/p>\n

\u4f4d\u4e8e\u6d8c\u91d1\u7cfb\u91d1\u5b57\u5854\u6700\u9876\u7aef\u7684\u7cfb\u9648\u91d1\u971e\u53ca\u6d8c\u91d1\u7cfb\u5143\u8001\u4eba\u7269\u6c88\u9759\u3001\u5218\u660e\u3001\u4fde\u56fd\u97f3\u3001\u8d75\u96bd\u7b49\u4eba\uff0c\u4ed6\u4eec\u76f4\u63a5\u63a7\u5236\u4e09\u5bb6\u516c\u53f8\uff0c\u5373\u6d8c\u91d1\u6295\u63a7\u3001\u6d8c\u91d1\u5b9e\u4e1a<\/span>(<\/span>\u96c6\u56e2<\/span>)<\/span>\u6709\u9650\u516c\u53f8<\/span>(<\/span>\u4e0b\u79f0\u201c\u6d8c\u91d1\u5b9e\u4e1a\u96c6\u56e2\u201d<\/span>)<\/span>\u53ca\u4e0a\u6d77\u7eb3\u7c73\u521b\u4e1a\u6295\u8d44\u6709\u9650\u516c\u53f8<\/span>(<\/span>\u4e0b\u79f0\u201c\u7eb3\u7c73\u521b\u6295\u201d<\/span>)<\/span>\u3002<\/span><\/p>\n

\u5176\u4e2d\uff0c\u6d8c\u91d1\u6295\u63a7\u5728\u6d8c\u91d1\u7cfb\u76f8\u5f53\u4e8e\u4e0a\u5e02\u516c\u53f8\u76f4\u6295\u5e73\u53f0\uff0c\u76ee\u524d\u5206\u522b\u76f4\u63a5\u6301\u6709\u56fd\u91d1\u8bc1\u5238\u3001\u5343\u91d1\u836f\u4e1a<\/span>8.24%<\/span>\u3001<\/span>2.3%<\/span>\u80a1\u6743\uff0c\u5e76\u4e0e\u9648\u91d1\u971e\u7d2f\u8ba1\u63a7\u5236\u4e5d\u829d\u5802\u96c6\u56e2<\/span>86.43%<\/span>\u80a1\u4efd\uff0c\u800c\u4e5d\u829d\u5802\u96c6\u56e2\u5219\u5206\u522b\u76f4\u63a5\u6301\u6709\u4e5d\u829d\u5802\u3001\u56fd\u91d1\u8bc1\u5238<\/span>40.35%<\/span>\u3001<\/span>18.09%<\/span>\u80a1\u6743\u3002<\/span><\/p>\n

\u7eb3\u7c73\u521b\u6295\u5219\u662f\u6d8c\u91d1\u7cfb\u91d1\u878d\u4fe1\u6258\u6295\u8d44\u5e73\u53f0\u548c<\/span>PE<\/span>\u6295\u8d44\u5e73\u53f0\u4e4b\u4e00\uff0c\u76f4\u63a5\u6301\u6709\u4e91\u5357\u56fd\u9645\u4fe1\u6258<\/span>23%<\/span>\u80a1\u6743\u3002\u76ee\u524d\u4e91\u5357\u56fd\u9645\u4fe1\u6258\u5355\u4e00\u7b2c\u4e00\u5927\u80a1\u4e1c\u662f\u4e91\u5357\u8d22\u653f\u5385\uff0c\u4f46\u7eb3\u7c73\u521b\u6295\u53ca\u6d8c\u91d1\u7cfb\u5176\u4ed6\u6210\u5458\u5408\u8ba1\u6301\u6709\u4e91\u5357\u56fd\u9645\u4fe1\u6258<\/span>55%<\/span>\u80a1\u6743\uff0c\u7cfb\u5176\u5b9e\u9645\u63a7\u80a1\u65b9\u3002<\/span><\/p>\n

\u6b64\u5916\uff0c\u7eb3\u7c73\u521b\u6295\u8fd8\u4ee5\u6267\u884c\u4e8b\u52a1\u5408\u4f19\u4eba\u7684\u89d2\u8272\u7ba1\u7406\u7740\u4e0a\u6d77\u9e3f\u534e\u80a1\u6743\u6295\u8d44\u5408\u4f19\u4f01\u4e1a<\/span>(<\/span>\u6709\u9650\u5408\u4f19<\/span>)(<\/span>\u4e0b\u79f0\u201c\u4e0a\u6d77\u9e3f\u534e\u201d<\/span>)<\/span>\u53ca\u4e0a\u6d77\u6cd3\u6210\u80a1\u6743\u6295\u8d44\u5408\u4f19\u4f01\u4e1a<\/span>(<\/span>\u6709\u9650\u5408\u4f19<\/span>)(<\/span>\u4e0b\u79f0\u201c\u4e0a\u6d77\u6cd3\u6210\u201d<\/span>)<\/span>\u3002<\/span><\/p>\n

\u5176\u4e2d\uff0c\u4e0a\u6d77\u9e3f\u534e\u53c2\u80a1\u6c88\u9633\u9686\u57fa\u7535\u78c1\u79d1\u6280\u516c\u53f8\uff0c\u540e\u8005\u62df\u4e8e\u6df1\u4ea4\u6240\u4e0a\u5e02\uff0c\u800c\u4e0a\u6d77\u6cd3\u6210\u5219\u6301\u6709\u897f\u5357\u836f\u4e1a\u53ca\u53e6\u5916\u4e24\u5bb6\u62df\u4e0a\u5e02\u516c\u53f8\u80fd\u79d1\u8282\u80fd\u80a1\u4efd<\/span>(<\/span>\u62df\u4e8e\u4e0a\u4ea4\u6240\u4e0a\u5e02<\/span>)<\/span>\u53ca\u4f1f\u4e50\u79d1\u6280\u80a1\u4efd<\/span>(<\/span>\u5df2\u542f\u52a8\u4e0a\u5e02\u8ba1\u5212<\/span>)<\/span>\n","protected":false},"excerpt":{"rendered":"

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