{"id":11472,"date":"2024-09-22T22:04:08","date_gmt":"2024-09-22T14:04:08","guid":{"rendered":"https:\/\/blog.roboadvisor.com.tw\/?p=11472"},"modified":"2024-09-22T22:04:08","modified_gmt":"2024-09-22T14:04:08","slug":"%e7%82%ba%e4%bb%80%e9%ba%bc%e7%a0%b8%e5%a4%a7%e9%8c%a2%e5%9c%a8%e5%ad%a9%e5%ad%90%e7%9a%84%e6%95%99%e8%82%b2%e4%bb%8d%e5%80%bc%e5%be%97%ef%bc%9f%e8%83%8c%e5%be%8c%e9%9a%b1%e8%97%8f%e7%9a%84%e6%8a%95","status":"publish","type":"post","link":"https:\/\/blog.roboadvisor.com.tw\/?p=11472","title":{"rendered":"\u70ba\u4ec0\u9ebc\u7838\u5927\u9322\u5728\u5b69\u5b50\u7684\u6559\u80b2\u4ecd\u503c\u5f97\uff1f\u80cc\u5f8c\u96b1\u85cf\u7684\u6295\u8cc7\u908f\u8f2f\uff01"},"content":{"rendered":"\n<p>\u6700\u8fd1\u6211\u5728\u601d\u8003\u672a\u4f86\u990a\u80b2\u5b69\u5b50\u7684\u898f\u5283\uff0c\u4e26\u548c\u516c\u53f8\u7684\u5e74\u8f15\u540c\u4e8b\u5011\u804a\u5230\u9019\u500b\u8a71\u984c\u3002\u6709\u4e9b\u4eba\u63d0\u5230\uff0c\u5982\u679c\u81ea\u5df1\u6709\u4e86\u5b69\u5b50\uff0c\u4e5f\u6703\u5e0c\u671b\u4ed6\u50cf\u81ea\u5df1\u4e00\u6a23\u5ff5\u79c1\u7acb\u5b78\u6821\uff0c\u751a\u81f3\u5c07\u4f86\u51fa\u570b\u7559\u5b78\uff0c\u63a5\u53d7\u6700\u597d\u7684\u6559\u80b2\u3002<\/p>\n\n\n\n<p>\u770b\u4f86\u6210\u70ba\u7236\u6bcd\u5f8c\uff0c\u6211\u5011\u6703\u4e0d\u81ea\u89ba\u5730\u60f3\u7d66\u5b69\u5b50\u6700\u597d\u7684\u6559\u80b2\uff0c\u60f3\u8981\u5c07\u624b\u908a\u80fd\u5920\u63d0\u4f9b\u7684\u8cc7\u6e90\u6295\u5165\u5230\u5b69\u5b50\u7684\u6210\u9577\u4e2d\u3002\u9019\u8b93\u6211\u4e0d\u7981\u601d\u8003\uff1a\u70ba\u4ec0\u9ebc\u6211\u5011\u9858\u610f\u5728\u6559\u80b2\u4e0a\u4ed8\u51fa\uff1f\u70ba\u4ec0\u9ebc\u7236\u6bcd\u5c0d\u65bc\u5b69\u5b50\u7684\u6559\u80b2\u6295\u8cc7\uff0c\u5e38\u5e38\u6beb\u4e0d\u541d\u55c7\uff1f<\/p>\n\n\n\n<p>\u6559\u80b2\u672c\u8cea\u4e0a\u662f\u4e00\u9805\u9577\u671f\u7684\u6295\u8cc7\uff0c\u96d6\u7136\u5b78\u8cbb\u53ef\u80fd\u6703\u5728\u77ed\u671f\u5167\u964d\u4f4e\u6211\u5011\u7684\u6de8\u503c\uff08\u64c1\u6709\u7684\u8ca1\u5bcc\uff09\uff0c\u4f46\u6709\u4e9b\u7236\u6bcd\u4ecd\u7136\u9858\u610f\u9019\u6a23\u505a\u3002\u9019\u4e5f\u8b93\u6211\u60f3\u5230\uff0c\u70ba\u4f55\u6709\u4e9b\u6295\u8cc7\u96d6\u7136\u77ed\u671f\u770b\u4e0d\u5230\u56de\u5831\uff0c\u537b\u4ecd\u7136\u503c\u5f97\u6295\u5165\uff1f<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>\u9019\u4e00\u9ede\u53ef\u4ee5\u5f9e\u516c\u53f8\u91d1\u878d\u7684\u89d2\u5ea6\u4f86\u601d\u8003\u3002<\/p>\n\n\n\n<p>\u8cc7\u672c\u5206\u914d\uff08Capital Allocation\uff09\u662f\u516c\u53f8\u91d1\u878d\u4e2d\u7684\u6982\u5ff5\uff0c\u662f\u6307\u516c\u53f8\u6c7a\u5b9a\u5c07\u8cfa\u4f86\u7684\u82b1\u5728\u54ea\u908a\uff1f\u4ee5\u53ca\u5982\u4f55\u82b1\u6389\uff1f<\/p>\n\n\n\n<p>\u9019\u500b\u5206\u914d\u7684\u7528\u9014\u5728\u65bc\u63d0\u9ad8\u6548\u7387\u8207\u5229\u6f64\u6700\u5927\u5316\uff0c\u5206\u6790\u7684\u5de5\u5177\u6709\uff1a<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>NPV\u6de8\u73fe\u503c\uff08Net Present Value\uff09<\/li>\n\n\n\n<li>IRR\u5167\u90e8\u5831\u916c\u7387\uff08Internal Rate of Return\uff09<\/li>\n\n\n\n<li>ROIC\u8cc7\u672c\u56de\u5831\u7387\uff08Return on invested capital\uff09<\/li>\n<\/ol>\n\n\n\n<p>\u5176\u4e2d\u95dc\u65bc\u300c\u72a7\u7272\u77ed\u671f\u5229\u76ca\uff0c\u800c\u7372\u53d6\u9577\u671f\u66f4\u5927\u7684\u5229\u76ca\u300d\u9019\u500b\u601d\u8003\uff0c\u53ef\u4ee5\u5f9eNPV\u6de8\u73fe\u503c\uff08Net Present Value\uff09\u7684\u89d2\u5ea6\u4f86\u770b\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">NPV\u6de8\u73fe\u503c\uff08Net Present Value\uff09\u662f\u4ec0\u9ebc\uff1f<\/h2>\n\n\n\n<p>NPV\u4ee3\u8868\u6de8\u73fe\u503c\uff08Net Present Value\uff09\uff0c\u516c\u5f0f\u662f\u6240\u6709\u73fe\u91d1\u6d41\u5f80\u524d\u9032\u884c\u6298\u73fe\uff0c\u73fe\u503c\u4e4b\u548c\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/pgfinnote.com\/wp-content\/uploads\/image-1015.png\" alt=\"\" class=\"wp-image-32873\"\/><\/figure>\n\n\n\n<p>NPV \u662f\u6307\u628a\u6240\u6709\u672a\u4f86\u7684\u73fe\u91d1\u6d41\u9032\u884c\u6298\u73fe\u5f8c\u7684\u73fe\u503c\u4e4b\u548c\u3002\u7c21\u55ae\u4f86\u8aaa\uff0c\u5b83\u8a55\u4f30\u7684\u662f\uff1a\u5982\u679c\u6211\u73fe\u5728\u9032\u884c\u9019\u9805\u6295\u8cc7\uff0c\u6703\u8cfa\u591a\u5c11\u6216\u8667\u591a\u5c11\uff1f\u9019\u662f\u7528\u4f86\u5224\u65b7\u4e00\u500b\u9805\u76ee\u662f\u5426\u503c\u5f97\u6295\u8cc7\u7684\u6a19\u6e96\u3002<\/p>\n\n\n\n<p>NPV \u80fd\u53cd\u6620\u516c\u53f8\u8ca1\u5bcc\u7684\u9810\u671f\u8b8a\u52d5\u3002\u5728\u8cc7\u672c\u5206\u914d\u4e2d\uff0cNPV \u662f\u4e00\u500b\u95dc\u9375\u7684\u6295\u8cc7\u6c7a\u7b56\u4f9d\u64da\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>NPV&gt;0\uff0c\u5247\u63a5\u53d7\u6295\u8cc7<\/li>\n\n\n\n<li>NPV&lt;0\uff0c\u5247\u62d2\u7d55\u6295\u8cc7<\/li>\n<\/ul>\n\n\n\n<p>\u6253\u500b\u6bd4\u65b9\uff0c<strong>NPV\u5c31\u50cf\u662f\u7a2e\u4e00\u68f5\u6a39\uff0cNPV\u5982\u679c\u8d8a\u5927\uff0c\u4ee3\u8868\u9019\u68f5\u6a39\u6700\u7d42\u53ef\u4ee5\u9577\u5f97\u8d8a\u9ad8<\/strong>\u3002<\/p>\n\n\n\n<p>\u6240\u4ee5\u8aaa\uff0c\u53ea\u8981\u6298\u73fe\u7387\uff08\u8981\u6c42\u6700\u4f4e\u56de\u5831\u7387\uff09\u8207\u672a\u4f86\u7684\u6703\u5e36\u4f86\u7684\u73fe\u91d1\u6d41\u662f\u6b63\u6578\uff0c\u9019\u7b46\u6295\u8cc7\u5c31\u503c\u5f97\u505a\uff0c\u6b64\u5916\uff0c\u5982\u679cNPV\u548cIRR\u7d66\u51fa\u7684\u7d50\u8ad6\u767c\u751f\u885d\u7a81\uff0c\u61c9\u9078\u64c7NPV\u8f03\u9ad8\u7684\u9805\u76ee\uff0c\u9019\u662f\u56e0\u70ba\u5982\u679c\u4e00\u68f5\u6a39\u9577\u5f97\u6bd4\u8f03\u5feb\uff0c\u4f46\u6700\u7d42\u9ad8\u5ea6\u6c92\u6709\u6700\u9ad8\uff0c\u53e6\u4e00\u68f5\u6a39\u96d6\u7136\u6162\u4e00\u9ede\uff0c\u4f46\u662f\u53ef\u4ee5\u8b8a\u6210\u53c3\u5929\u5927\u6a39\uff0c\u90a3\u9ebc\u61c9\u8a72\u9078\u64c7\u5f8c\u8005\u7684\u53c3\u5929\u5927\u6a39\u3002<\/p>\n\n\n\n<p>\u5f9e\u9019\u500b\u89d2\u5ea6\u770b\uff0c<strong>\u8b93\u81ea\u5df1\u6216\u5c0f\u5b69\u63a5\u53d7\u6559\u80b2\uff0c\u662f\u6295\u8cc7\u81ea\u5df1\u7684\u4eba\u529b\u8cc7\u672c\uff08\u8166\u888b\uff09\uff0c\u53bb\u5de5\u4f5c\u7522\u751f\u6536\u5165\u5c31\u6703\u7522\u751f\u73fe\u91d1\u6d41\uff0c\u5373\u4f7f\u9019\u7b46\u9322\u53ef\u80fd\u767c\u751f\u5728\u5f88\u4e45\u4ee5\u5f8c\uff0c\u4f46\u53ea\u8981\u7e3d\u9ad4\u7684\u6548\u76ca\u5927\u65bc\u96f6\uff08NPV&gt;0\uff09\uff0c\u90a3\u9ebc\u9019\u9805\u6c7a\u7b56\u5c31\u503c\u5f97\u53bb\u505a<\/strong>\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">\u76ee\u5149\u77ed\u6dfa\u7684\u4eba\u53ea\u770b\u773c\u524d\u7684\u5f97\u5931\uff0c\u800c\u5ffd\u7565\u672a\u4f86\u7684\u6a5f\u6703<\/h2>\n\n\n\n<p>\u53e6\u4e00\u500b\u89d2\u5ea6\u60f3\uff0c\u70ba\u4f55\u6709\u4e9b\u4eba\u4e0d\u90a3\u9ebc\u505a\u5462\uff1f<\/p>\n\n\n\n<p>\u5728\u8cc7\u672c\u5206\u914d\u4e2d\u6709\u500b\u9677\u9631\uff08Capital Allocation Pitfall\uff09\u662f\u300c<strong>\u77ed\u8996\u8fd1\u5229<\/strong>\u300d\uff0c\u56e0\u70ba\u6025\u529f\u8fd1\u5229\u8ffd\u6c42\u77ed\u671f\u8ca1\u52d9\u696d\u7e3e\u800c\u653e\u68c4\u9577\u671f\u4f86\u770b\u53ef\u4ee5\u7522\u751f\u6b63NPV\u9805\u76ee\uff08reject high-positive-NPV projects because such projects generate initial losses, which may cause such key financial measures as earnings per share and\/or return on assets to be low or negative in the short run.\uff09<\/p>\n\n\n\n<p>\u9019\u8aaa\u660e\u4e86\u70ba\u4f55\u6709\u4e9b\u4eba\u4e0d\u9858\u610f\u505a\u9577\u671f\u7684\u6295\u5165\uff0c\u800c\u53ea\u95dc\u6ce8\u5728\u77ed\u671f\u7684\u8ca1\u52d9\u6210\u5c31\u3002<\/p>\n\n\n\n<p>\u601d\u8003\u81f3\u6b64\uff0c\u4e5f\u8b93\u6211\u91cd\u65b0\u53cd\u601d\u95dc\u65bc\u81ea\u5df1\u7684\u8ca1\u52d9\u898f\u5283\u2014<strong>\u6211\u5011\u662f\u5426\u592a\u904e\u95dc\u6ce8\u65bc\u7576\u4e0b\u7684\u8ca1\u52d9\u6210\u5c31\uff1f<\/strong>\u4f8b\u5982\uff1a\u300c\u4eca\u5e74\u6211\u5b58\u4e86\u591a\u5c11\u9322\u300d\u3001\u300c\u6211\u6295\u8cc7\u5831\u916c\u7387\u591a\u5c11\u300d\u3001\u300c\u6211\u6295\u8cc7\u4ec0\u9ebc\u6a19\u7684\u8cfa\u5927\u9322\u300d\u2026\u9019\u7a2e\u793e\u7fa4\u5a92\u9ad4\u559c\u6b61\u7684\u65b9\u5411\uff0c\u800c<strong>\u5ffd\u7565\u4e86\u5c0d\u65bc\u81ea\u5df1\u9577\u671f\u6709\u5229\u7684\u9762\u5411\uff0c\u4f8b\u5982\u300c\u4ec0\u9ebc\u6a23\u7684\u914d\u7f6e\u6709\u52a9\u65bc\u5e36\u4f86\u6574\u9ad4\u66f4\u9ad8\u7684\u7d93\u6fdf\u6548\u76ca\uff1f\u300d\u3001\u300c\u6211\u662f\u5426\u61c9\u8a72\u6295\u8cc7\u5728\u81ea\u5df1\u7684\u5c08\u696d\u6216\u4eba\u529b\u8cc7\u672c\u4e0a\uff1f\u300d<\/strong><\/p>\n\n\n\n<p>\u4e86\u89e3\u9019\u500b\u89c0\u5ff5\uff0c\u6216\u8a31\u6211\u5011\u5c31\u66f4\u80fd\u63a5\u53d7\u77ed\u671f\u7684\u73fe\u91d1\u6d41\u51fa\uff0c\u800c\u9858\u610f\u7b49\u5f85\u9577\u671f\u66f4\u5927\u7684\u73fe\u91d1\u6d41\u5165\uff0c\u4ee5\u63db\u53d6\u66f4\u5927\u7684\u6536\u76ca\uff0c\u4e5f\u66f4\u80fd\u7406\u89e3\u70ba\u4f55\u6709\u4e9b\u4eba\u5c0d\u65bc\u6559\u80b2\u7684\u91cd\u8996\u3002<\/p>\n\n\n\n<p>\u7e3d\u7d50\u91cd\u9ede<strong>\uff0c\u4e0d\u8981\u53ea\u8ffd\u9010\u77ed\u671f\u8ca1\u52d9\u6210\u5c31\uff0c\u800c\u662f\u8981\u95dc\u6ce8\u5177\u6709\u9577\u671f\u5229\u76ca\uff0c\u80fd\u5e36\u4f86\u66f4\u5de8\u5927\u50f9\u503c\u7684\u9805\u76ee\u3002\uff08high-positive-NPV projects\uff09<\/strong>\u3002<\/p>\n\n\n\n<p>\u5f9e\u9019\u4e9b\u89c0\u9ede\u6211\u5011\u4e5f\u80fd\u77e5\u9053\u6295\u8cc7\u5728\u5b69\u5b50\u7684\u6559\u80b2\u4e0a\u662f\u5177\u6709\u5be6\u8cea\u610f\u7fa9\u7684\uff0c\u82e5\u60a8\u60f3\u958b\u59cb\u66ff\u5b69\u5b50\u6e96\u5099\u6559\u80b2\u8cbb\u7528\uff0c<a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=4949\" target=\"_blank\" rel=\"noopener\" title=\"\">\u5b9a\u671f\u5b9a\u984d5,000\u5c31\u80fd\u5e6b\u5c0f\u5b69\u5b58200\u842c\u7559\u5b78\u57fa\u91d1<\/a>\u3001<a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=1919\">\u5b9a\u671f\u5b9a\u984d 10,000 \u5143\uff0c\u5e6b\u5b69\u5b50\u6e96\u5099 300 \u842c\u5143\u6559\u80b2\u57fa\u91d1<\/a>\uff0c\u963f\u723e\u767c\u5c07\u662f\u60a8\u6700\u660e\u667a\u7684\u9078\u64c7\uff0c\u53ea\u9700\u5728\u963f\u723e\u767c\u4e00\u4e9b\u6295\u5165\uff0c\u5c31\u80fd\u8b93\u5b69\u5b50\u5728\u672a\u4f86\u6709\u6a5f\u6703\u8b8a\u6210\u53c3\u5929\u5927\u6a39\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u6700\u8fd1\u6211\u5728\u601d\u8003\u672a\u4f86\u990a\u80b2\u5b69\u5b50\u7684\u898f\u5283\uff0c\u4e26\u548c\u516c\u53f8\u7684\u5e74\u8f15\u540c\u4e8b\u5011\u804a\u5230\u9019\u500b\u8a71\u984c\u3002\u6709\u4e9b\u4eba\u63d0\u5230\uff0c\u5982\u679c\u81ea\u5df1\u6709\u4e86\u5b69\u5b50\uff0c\u4e5f\u6703\u5e0c\u671b\u4ed6\u50cf\u81ea [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":11477,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33],"tags":[],"class_list":["post-11472","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-33"],"blocksy_meta":{"styles_descriptor":{"styles":{"desktop":"","tablet":"","mobile":""},"google_fonts":[],"version":6}},"_links":{"self":[{"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/posts\/11472","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11472"}],"version-history":[{"count":0,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/posts\/11472\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/media\/11477"}],"wp:attachment":[{"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11472"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11472"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11472"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}