{"id":2717,"date":"2020-10-17T08:53:11","date_gmt":"2020-10-17T08:53:11","guid":{"rendered":"https:\/\/www.tyjzk.com\/?p=18846"},"modified":"2021-04-19T08:31:47","modified_gmt":"2021-04-19T08:31:47","slug":"2020%e5%b9%b4%e4%b8%ad%e5%9b%bd%e7%99%bd%e9%85%92%e8%a1%8c%e4%b8%9a%e7%a0%94%e7%a9%b6%e6%8a%a5%e5%91%8a","status":"publish","type":"post","link":"https:\/\/www.tyjzk.com\/?p=2717","title":{"rendered":"2020\u5e74\u4e2d\u56fd\u767d\u9152\u884c\u4e1a\u7814\u7a76\u62a5\u544a"},"content":{"rendered":"

\u5bfc\u8bed<\/p>\n

\n
\n
\n
\n
\n

\u6211\u4eec\u8ba4\u4e3a\uff1a\u767d\u9152\u76ee\u524d\u76f8\u5bf9\u4e8e A \u80a1\u6574\u4f53\u4f30\u503c\u5df2\u7ecf\u5904\u4e8e\u8f83\u9ad8\u6c34\u5e73\uff0c\u9664\u53bb\u4ee5\u4e0a\u56e0\u7d20\u7ed9\u677f\u5757\u5e26\u6765\u4f30\u503c\u7684\u63d0\u5347\u7a7a\u95f4\u5916\uff0c\u767d\u9152\u6574 \u4f53\u7684\u76f8\u5bf9\u4f30\u503c\u63d0\u5347\u7a7a\u95f4\u4e0d\u662f\u5f88\u5927\uff0c\u4ee5\u540c\u6b65\u4e8e\u5927\u76d8\u4e3a\u4e3b\uff0c\u9ad8\u7aef\u767d\u9152\u6da8\u4ef7\u9884\u671f\u8f83\u4e3a\u786e\u5b9a\uff0c\u4f30\u503c\u76f8\u5bf9\u66f4\u9ad8\u3002<\/p>\n<\/section>\n<\/section>\n<\/section>\n<\/section>\n<\/section>\n

\u6765\u6e90\uff1a\u4e1c\u5174\u8bc1\u5238<\/p>\n

1\u3001\u4eca\u5e74\u4e8c\u5b63\u5ea6\u767d\u9152\u677f\u5757\u5e02\u573a\u8868\u73b0\u4eae\u773c<\/strong><\/p>\n

\u5e74\u521d\u81f3\u4eca\uff08\u622a\u6b62 2020 \u5e74 8 \u6708 5 \u65e5\uff09\u98df\u54c1\u996e\u6599\u6307\u6570\u7edd\u5bf9\u6da8\u5e45\u8fbe\u5230 47.45%\uff0c\u5176\u4e2d\uff0c\u767d\u9152\u677f\u5757\u6da8\u5e45 48.04%\u3002\u4e00 \u5b63\u5ea6\u75ab\u60c5\u5bfc\u81f4\u5bb4\u8bf7\u3001\u805a\u4f1a\u573a\u666f\u51cf\u5c11\uff0c\u767d\u9152\u884c\u4e1a\u589e\u901f\u6574\u4f53\u653e\u7f13\uff0c\u5b9e\u73b0\u8425\u4e1a\u6536\u5165 775.22 \u4ebf\u5143\uff0c\u540c\u6bd4\u589e\u957f 1.27%\uff0c \u51c0\u5229\u6da6 313.50 \u4ebf\u5143\uff0c\u540c\u6bd4\u589e\u957f 8.88%\uff0c\u80a1\u4ef7\u6da8\u5e45\u4e3a 1.81%\uff1b\u4e8c\u5b63\u5ea6\u98df\u54c1\u996e\u6599\u52a8\u9500\u60c5\u51b5\u9010\u6b65\u6539\u5584\uff0c\u622a\u81f3 6 \u6708\u5e95\uff0c\u9ad8\u7aef\u9152\u6062\u590d\u8f83\u597d\uff0c\u8305\u53f0\u7ec8\u7aef\u52a8\u9500\u57fa\u672c\u6062\u590d\uff0c\u4e94\u7cae\u6db2\u548c\u6cf8\u5dde\u8001\u7a96\u6062\u590d 70%\u5de6\u53f3\uff0c\u6b21\u9ad8\u7aef\u9152\u6062\u590d 50%\u5de6 \u53f3\uff0c\u98df\u54c1\u996e\u6599\u677f\u5757\u4e8c\u5b63\u5ea6\u6301\u7eed\u5e73\u7a33\u4e0a\u6da8\uff0c\u5176\u4e2d\u767d\u9152\u677f\u5757\u6da8\u5e45\u7565\u9ad8\u4e8e\u98df\u54c1\u996e\u6599\u884c\u4e1a\u6574\u4f53\u8868\u73b0\uff0c\u660e\u663e\u8dd1\u8d62\u4e0a\u8bc1\u7efc \u6307\u548c\u6df1\u8bc1\u6210\u6307\u3002<\/p>\n

2. \u6839\u636e DCF \u4f30\u503c\u6a21\u578b\u63a2\u8ba8\u767d\u9152\u677f\u5757\u7684\u4f30\u503c\u662f\u5426\u8fd8\u6709\u4e0a\u5347\u7a7a\u95f4<\/strong><\/p>\n

\u4f01\u4e1a\u7684\u4f30\u503c\u6a21\u578b\u4e2d\u9884\u671f\u73b0\u91d1\u6d41\u7684\u6298\u73b0\u7387 r\uff08\u7531 WACC \u5f97\u51fa\uff09\u7531\u80a1\u6743\u8d44\u672c\u7684\u6298\u73b0\u7387\u548c\u503a\u6743\u8d44\u672c\u7684\u6298\u73b0\u7387\u4e24\u90e8\u5206 \u7ec4\u6210\uff0c\u800c\u80a1\u6743\u8d44\u672c\u7684\u6298\u73b0\u7387\u7531\u80a1\u6743\u8d44\u672c\u6210\u672c\u548c\u8d22\u52a1\u6760\u6746\u5f97\u51fa\uff0c\u80a1\u6743\u8d44\u672c\u6210\u672c\u7531 CAPM \u516c\u5f0f\u8ba1\u7b97\u5f97\u51fa\u3002<\/p>\n

\u6839\u636e DCF \u6a21\u578b\uff0c\u516c\u53f8\u7684\u4f30\u503c\u7531\u81ea\u7531\u73b0\u91d1\u6d41 FCFF\uff0c\u65e0\u98ce\u9669\u6536\u76ca\u7387\u3001\u03b2\u3001\u98ce\u9669\u6ea2\u4ef7\u3001\u6760\u6746\u7387\u7b49\u8981\u7d20\u8ba1\u7b97\u5f97\u51fa\u3002\u4ed6\u4eec\u5206\u522b\u5bf9\u516c\u53f8\u4f30\u503c\u5b58\u5728\u4e0d\u540c\u65b9\u5411\u548c\u4e0d\u540c\u529b\u5ea6\u7684\u5f71\u54cd\u3002<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n

\u9996\u5148\uff0c\u7ed9\u51fa\u6211\u4eec\u7684\u7ed3\u8bba\uff1a\u00a0<\/strong><\/p>\n

1\u3001\u6211\u4eec\u8ba4\u4e3a\u767d\u9152\u884c\u4e1a\u76ee\u524d\u5c5e\u4e8e \u03b2 \u8f83\u9ad8\u7684\u884c\u4e1a\uff0c\u5176\u8f83\u9ad8\u7684 \u03b2 \u589e\u52a0\u4e86\u5176\u5bf9\u4e8e\u65e0\u98ce\u9669\u6536\u76ca\u7387\u3001\u80a1\u6743\u98ce\u9669\u6ea2\u4ef7\uff08ERP\uff09 \u7684\u654f\u611f\u6027\u3002<\/p>\n

2\u3001\u6211\u4eec\u5224\u65ad\u672a\u6765\u4e2d\u77ed\u671f\u65e0\u98ce\u9669\u6536\u76ca\u7387\u5b58\u5728\u4e0a\u884c\u8d8b\u52bf\uff0c\u7ed9\u884c\u4e1a\u5e26\u6765 0.7%-1.8%\u7684\u4f30\u503c\u63d0\u5347\u3002<\/p>\n

3\u3001\u767d\u9152\u884c\u4e1a\u8d44\u4ea7\u8d1f\u503a\u7387\u6781\u4f4e\uff0c\u5728\u65e0\u98ce\u9669\u6536\u76ca\u7387\u4e0a\u884c\u7684\u80cc\u666f\u4e0b\uff0c\u767d\u9152\u76f8\u5bf9 A \u80a1\u6574\u4f53\u4f30\u503c\u63d0\u9ad8 2.5%-5.2%\u3002<\/p>\n

4\u3001\u767d\u9152\u5428\u4ef7\u4e0e\u65e0\u98ce\u9669\u6536\u76ca\u7387\u5b58\u5728\u4e00\u5b9a\u76f8\u5173\u6027\uff0c\u9884\u8ba1\u672a\u6765\u968f\u7740\u7ecf\u6d4e\u56de\u6696\uff0c\u884c\u4e1a\u96c6\u4e2d\u5ea6\u63d0\u5347\u3001\u65e0\u98ce\u9669\u6536\u76ca\u7387\u4e0a \u884c\uff0c\u5982\u679c\u5230 2022 \u5e74\u9152\u5428\u4ef7\u63d0\u5347 5%-20%\uff0c\u5219\u4f30\u503c\u63d0\u5347\u7a7a\u95f4\u4e3a 5%-21%\uff0c\u56e0\u4e0a\u5e02\u516c\u53f8\u800c\u5f02\u3002<\/p>\n

5\u3001\u76ee\u524d\u8d27\u5e01\u8d85\u53d1\uff0c\u7ecf\u6d4e\u9010\u6b65\u56de\u6696\uff0c\u7ed3\u5408\u5f80\u5e74\u6570\u636e\uff0c\u6211\u4eec\u8ba4\u4e3a\u80a1\u6743\u5e02\u573a\u7684\u98ce\u9669\u6ea2\u4ef7\u4f9d\u7136\u5b58\u5728\u4e0b\u884c\u7a7a\u95f4\uff0c\u7ed9\u767d \u9152\u884c\u4e1a\u6574\u4f53\u5e26\u6765 10%-22%\u7684\u4f30\u503c\u63d0\u5347\u7a7a\u95f4\u3002<\/p>\n

6\u3001\u767d\u9152\u76ee\u524d\u76f8\u5bf9\u4e8e A \u80a1\u6574\u4f53\u4f30\u503c\u5df2\u7ecf\u5904\u4e8e\u8f83\u9ad8\u6c34\u5e73\uff0c\u9664\u53bb\u4ee5\u4e0a\u56e0\u7d20\u7ed9\u677f\u5757\u5e26\u6765\u4f30\u503c\u7684\u63d0\u5347\u7a7a\u95f4\u5916\uff0c\u767d\u9152\u6574 \u4f53\u7684\u76f8\u5bf9\u4f30\u503c\u63d0\u5347\u7a7a\u95f4\u4e0d\u662f\u5f88\u5927\uff0c\u4ee5\u540c\u6b65\u4e8e\u5927\u76d8\u4e3a\u4e3b\uff0c\u9ad8\u7aef\u767d\u9152\u6da8\u4ef7\u9884\u671f\u8f83\u4e3a\u786e\u5b9a\uff0c\u4f30\u503c\u76f8\u5bf9\u66f4\u9ad8\u3002<\/p>\n

2.1 \u8d35\u5dde\u8305\u53f0\u7684 DCF \u4f30\u503c\u6a21\u578b\u00a0<\/strong><\/p>\n

\u4e0b\u8868\u662f\u6309\u7167\u76ee\u524d\u5e02\u573a\u7684\u98ce\u9669\u6ea2\u4ef7\u3001\u65e0\u98ce\u9669\u6536\u76ca\u7387\u3001\u8305\u53f0\u9152\u5428\u4ef7\u6309\u7167\u5e73\u5747\u6bcf\u5e74 10%\u589e\u901f\u5bf9\u8305\u53f0\u8fdb\u884c\u7684\u4f30\u503c\uff0c\u6211 \u4eec\u5bf9\u4e8e FCFF \u7684\u9884\u6d4b\u6bd4\u8f83\u4fdd\u5b88\uff0c\u8305\u53f0\u80a1\u4ef7\u7b26\u5408\u6211\u4eec\u73b0\u5728\u7684\u4f30\u503c\u3002\u56e0\u4e3a\u6211\u4eec\u7684\u76ee\u7684\u4e0d\u662f\u4e3a\u4e86\u770b\u8305\u53f0\u7684\u4f30\u503c\uff0c\u6211 \u4eec\u4ee5\u8305\u53f0\u4e3a\u4f8b\u662f\u5e0c\u671b\u80fd\u591f\u6bd4\u8f83\u76f4\u89c2\u7684\u770b\u51fa\u516c\u53f8\u4f30\u503c\u5bf9\u8fd9\u4e9b\u8981\u7d20\u7684\u654f\u611f\u6027\u3002\u968f\u540e\uff0c\u6211\u4eec\u5c06\u63a2\u8ba8\u8fd9\u4e9b\u8981\u7d20\u672a\u6765\u7684 \u53d8\u52a8\u65b9\u5411\uff0c\u4ece\u800c\u8bba\u8bc1\u767d\u9152\u7684\u4f30\u503c\u662f\u5426\u8fd8\u6709\u4e0a\u5347\u7a7a\u95f4\u3002<\/p>\n

<\/p>\n

<\/p>\n

3. \u767d\u9152\u884c\u4e1a\u03b2\u6b63\u5728\u9010\u6b65\u5347\u9ad8<\/strong><\/p>\n

3.1 \u8fd1\u5e74\u6765\u767d\u9152\u884c\u4e1a\u6574\u4f53\u03b2\u663e\u8457\u4e0a\u5347\u00a0<\/p>\n

\u6211\u4eec\u7528\u4e0d\u540c\u7684\u5468\u671f\u6765\u8ba1\u7b97\u03b2\u5f97\u51fa\u7684\u7ed3\u679c\u5b58\u5728\u4e00\u5b9a\u7684\u5dee\u5f02\u3002\u5f53\u7528\u8fd1 100 \u5468\u7684\u6570\u636e\u65f6\uff0c\u767d\u9152\u677f\u5757 \u03b2 \u591a\u6570\u65f6\u95f4\u4f4e\u4e8e 1\uff0c\u4f46\u5dee\u8ddd\u4e0d\u5927\uff1b\u5f53\u7528\u8fd1 60 \u4e2a\u6708\u7684\u6570\u636e\u65f6\uff0c\u767d\u9152\u677f\u5757 \u03b2 \u5728\u5927\u591a\u6570\u65f6\u95f4\u91cc\u5728 1 \u9644\u8fd1\u3002\u8fd9\u4e3b\u8981\u662f\u56e0\u4e3a\u5f53\u6570\u636e\u65f6\u95f4 \u8f83\u77ed\uff0c\u4e2a\u80a1\u77ed\u671f\u7684\u4e1a\u7ee9\u6ce2\u52a8\u5bf9 \u03b2 \u4f1a\u5f62\u6210\u8f83\u5927\u7684\u6270\u52a8\u3002\u7406\u8bba\u4e0a\uff0c\u6211\u4eec\u66f4\u5e94\u8be5\u7528\u8f83\u957f\u671f\u7684\u6570\u636e\uff0c\u4f46\u6211\u4eec\u53d1\u73b0\uff0c\u767d \u9152\u884c\u4e1a\u7684\u6ce2\u52a8\u52a0\u5927\u5e76\u4e0d\u662f\u77ed\u671f\u73b0\u8c61\u300215 \u5e74\u884c\u4e1a\u9010\u6b65\u56de\u6696\u540e\uff0c\u767d\u9152\u677f\u5757\u6210\u957f\u5c5e\u6027\u5f00\u59cb\u9010\u6b65\u51f8\u663e\uff0c\u03b2 \u4e5f\u968f\u4e4b\u8d70\u9ad8\u300218 \u5e74\u5927\u76d8\u4ee5\u9707\u8361\u4e3a\u4e3b\uff0c\u767d\u9152\u677f\u5757\u867d\u591a\u6570\u65f6\u95f4\u4ee5\u8d85\u8d8a\u5927\u76d8\u7684\u4e0a\u6da8\u4e3a\u4e3b\u5bfc\uff0c\u4f46\u6bcf\u6b21\u4e0b\u8dcc\u4e5f\u76f8\u8f83\u5927\u76d8\u66f4\u4e3a\u5267\u70c8\u3002\u5bf9 \u6bd4\u7533\u4e07\u4e00\u7ea7\u884c\u4e1a\u548c\u767d\u9152\u677f\u5757\u7684 \u03b2 \u503c\u80fd\u591f\u53d1\u73b0\uff0c\u591a\u6570\u65f6\u671f\u767d\u9152\u884c\u4e1a\u7684\u03b2\u76f8\u5bf9\u8f83\u4f4e\uff0c\u4f53\u73b0\u4e86\u767d\u9152\u677f\u5757\u7684\u907f\u9669\u6027\uff0c \u4f46\u662f\u4ece 2017 \u5e74\u5f00\u59cb\uff0c\u767d\u9152\u677f\u5757 \u03b2 \u7ad9\u5230 1 \u4ee5\u4e0a\u5e76\u8d85\u8d8a\u5927\u591a\u6570\u884c\u4e1a\uff0c\u76ee\u524d\u767d\u9152\u677f\u5757 \u03b2 \u4e3a 1.23\uff0c\u4e0e\u6240\u6709\u7533\u4e07\u4e00\u7ea7 \u884c\u4e1a\u76f8\u6bd4\uff0c\u5904\u4e8e 70.5%\u7684\u767e\u5206\u4f4d\u6c34\u5e73\u3002<\/p>\n

\u5982\u679c\u4ece\u7ec6\u5206\u677f\u5757\u6765\u770b\uff0c\u56db\u5927\u677f\u5757\u03b2\u533a\u522b\u8f83\u5927\u3002\u5730\u4ea7\u9152\u548c\u533a\u57df\u9f99\u5934\u9152\u03b2\u81ea 15 \u5e74\u5f00\u59cb\u4fbf\u6301\u7eed\u4e0a\u5347\uff0c\u9ad8\u7aef\u3001\u6b21\u9ad8\u7aef \u767d\u9152 14 \u5e74\u540e \u03b2 \u957f\u671f\u4f4e\u4e8e 1\uff0c\u4f46\u4e5f\u662f\u4e0a\u884c\u8d8b\u52bf\u3002\u8305\u53f0\u03b2\u6700\u4f4e\uff0c2011 \u5e74\u6700\u4f4e\u4ec5 0.12\uff0c\u76ee\u524d\u4e5f\u4ec5\u6709 0.9\uff0c\u9ad8\u7aef\u767d\u9152 \u6ce2\u52a8\u98ce\u9669\u76f8\u5bf9\u66f4\u4f4e\uff0c\u8305\u53f0 \u03b2 \u957f\u77ed\u671f\u5747\u4f4e\u4e8e 1\uff0c\u4f9d\u7136\u5177\u5907\u4e00\u5b9a\u7684\u6297\u7ecf\u6d4e\u5468\u671f\u6027\u3002<\/p>\n

4. \u65e0\u98ce\u9669\u6536\u76ca\u7387 rf\u5bf9\u4f30\u503c\u7684\u5f71\u54cd<\/strong><\/p>\n

4.1 \u767d\u9152\u80a1\u4ef7\u5bf9\u65e0\u98ce\u9669\u6536\u76ca\u7387\u7684\u81ea\u8eab\u53d8\u5316\u5e76\u4e0d\u654f\u611f\u00a0<\/p>\n

\u4ee5\u65e0\u98ce\u9669\u6536\u76ca\u7387 rf \u548c \u03b2 \u4e3a\u81ea\u53d8\u91cf\uff0c\u8d35\u5dde\u8305\u53f0\u80a1\u4ef7\u4e3a\u56e0\u53d8\u91cf\u505a\u654f\u611f\u6027\u5206\u6790\u80fd\u591f\u5f97\u51fa\uff1a\u5728\u76ee\u524d\u7684 \u03b2 \u4e3a 0.9 \u7684\u6c34\u5e73 \u4e0b\uff0c\u8d35\u5dde\u8305\u53f0\u7684\u80a1\u4ef7\u5bf9\u65e0\u98ce\u9669\u6536\u76ca\u7387\u7684\u654f\u611f\u6027\u8f83\u4f4e\u3002\u5f53 \u03b2>1 \u65f6\uff0c\u8305\u53f0\u7684\u80a1\u4ef7\u968f\u7740\u65e0\u98ce\u9669\u6536\u76ca\u7387\u7684\u5347\u9ad8\u800c\u5347\u9ad8\uff0c \u5f53 \u03b2<1 \u65f6\uff0c\u8305\u53f0\u7684\u80a1\u4ef7\u968f\u7740\u65e0\u98ce\u9669\u6536\u76ca\u7387\u7684\u5347\u9ad8\u800c\u964d\u4f4e\uff1b\u5f53 \u03b2=1 \u65f6\uff0c\u65e0\u98ce\u9669\u6536\u76ca\u7387\u81ea\u8eab\u7684\u53d8\u5316\u4e0d\u5f71\u54cd\u80a1\u4ef7\u3002<\/p>\n

\u4ee5\u8305\u53f0\u76ee\u524d\u03b2=0.9\uff0c\u65e0\u98ce\u9669\u6536\u76ca\u7387 2.8%\u6765\u7b97\uff0c\u65e0\u98ce\u9669\u6536\u76ca\u7387\u5927\u7ea6\u6bcf\u589e\u52a0 10%\uff0c\u5982 2.8%\u5230 3.08%\uff0c\u80a1\u4ef7\u964d\u4f4e \u7ea6 0.6%\uff08\u975e\u7ebf\u6027\u5173\u7cfb\uff09\uff1b<\/p>\n

\u5982\u679c\u4ee5\u884c\u4e1a\u03b2=1.23\uff0c\u65e0\u98ce\u9669\u6536\u76ca\u7387 2.8%\u6765\u8ba1\u7b97\uff0c\u65e0\u98ce\u9669\u6536\u76ca\u7387\u5927\u7ea6\u6bcf\u589e\u52a0 10%\uff0c\u80a1\u4ef7\u5347\u9ad8 0.9%\u3002<\/p>\n

4.2 \u65e0\u98ce\u9669\u6536\u76ca\u7387\u4e0e\u767d\u9152\u677f\u5757\u76f8\u5bf9\u4f30\u503c\u8d8b\u52bf\u76f8\u540c\u00a0<\/p>\n

\u867d\u7136\uff0c\u4ece DCF \u516c\u5f0f\u4e0a\u6765\u770b\uff0c\u8305\u53f0\u7684\u80a1\u4ef7\u5bf9\u65e0\u98ce\u9669\u6536\u76ca\u7387\u5e76\u4e0d\u654f\u611f\uff0c\u4f46\u6211\u4eec\u53d1\u73b0\uff0c\u9664\u4e86 2003\u30012013-2014 \u5e74 \u884c\u4e1a\u589e\u901f\u660e\u663e\u4e0b\u6ed1\u4ece\u800c\u5bfc\u81f4\u767d\u9152\u677f\u5757\u6574\u4f53\u76f8\u5bf9\u4f30\u503c\u660e\u663e\u964d\u4f4e\u5916\uff0c\u5176\u4ed6\u65f6\u95f4\u767d\u9152\u677f\u5757\u4e0e\u65e0\u98ce\u9669\u6536\u76ca\u7387\u7684\u540c\u5411\u5173 \u7cfb\u6bd4\u8f83\u660e\u663e\u3002<\/p>\n

\u6211\u4eec\u8ba4\u4e3a\u65e0\u98ce\u9669\u6536\u76ca\u7387\u53d8\u5316\u5bf9\u767d\u9152\u884c\u4e1a\u7684\u5f71\u54cd\u4f53\u73b0\u5728\u4ea7\u54c1\u7684\u4ef7\u683c\u4e0a\u3002\u767d\u9152\u5e73\u5747\u4ef7\u683c\u53d8\u5316\u9664\u4e86\u4e0e\u81ea\u8eab\u7684\u5468\u671f\u76f8 \u5173\uff0c\u4e5f\u53d7\u5230 CPI \u548c\u56fd\u503a\u6536\u76ca\u7387\u7684\u5f71\u54cd\u3002\u6211\u4eec\u53d1\u73b0\uff0c\u56fd\u503a\u6536\u76ca\u7387\u4e0e\u975e\u98df\u54c1 CPI \u76f8\u5173\u6027\u8f83\u5f3a\uff0c\u540c\u65f6\u56fd\u503a\u6536\u76ca\u7387\u4e0e \u767d\u9152\u4ef7\u683c\u540c\u6bd4\u5b58\u5728\u4e00\u5b9a\u7684\u76f8\u5173\u6027\u3002\u6211\u4eec\u8ba4\u4e3a\uff0c1\u3001\u5382\u5bb6\u503e\u5411\u4e8e\u6839\u636e\u4ea7\u4e1a\u548c\u7ecf\u6d4e\u5468\u671f\u3001\u7269\u4ef7\u6c34\u5e73\u8c03\u6574\u767d\u9152\u4ef7\u683c\uff1b2\u3001\u767d\u9152\u5728\u4e00\u5b9a\u7a0b\u5ea6\u4e0a\u53d7\u7ecf\u6d4e\u5468\u671f\u7684\u5f71\u54cd\uff0c\u5f53\u7ecf\u6d4e\u4e0a\u884c\uff0c\u5546\u52a1\u5bb4\u8bf7\u9700\u6c42\u589e\u52a0\uff0c\u767d\u9152\u4ef7\u683c\u4e5f\u4f1a\u4e0a\u6da8\u3002\u76ee\u524d\uff0c\u6211 \u56fd\u7ecf\u6d4e\u9010\u6b65\u6062\u590d\u786e\u5b9a\u6027\u8f83\u9ad8\uff0cPPI \u548c\u975e\u98df\u54c1 CPI \u5747\u5b58\u5728\u56de\u5347\u9884\u671f\uff0c\u6709\u671b\u63a8\u52a8\u767d\u9152\u4ef7\u683c\u7ee7\u7eed\u4e0a\u6da8\u3002<\/p>\n

<\/p>\n

\u4ee5\u8305\u53f0\u4e3a\u4f8b\uff0c\u5047\u8bbe 2022 \u5e74\u8305\u53f0\u5e73\u5747\u4ef7\u683c\u4e0a\u6da8 2%\uff0c\u5219 FCFF \u4e0a\u6da8 2.3%\uff0c\u8305\u53f0\u4f30\u503c\u4e0a\u5347 2.12%\uff1b\u5982\u679c\u8305\u53f0\u9152 \u5e73\u5747\u4ef7\u683c\u4e0a\u6da8 10%\uff0c\u5219 FCFF \u589e\u52a0 11.3%\uff0c\u5219\u4f30\u503c\u4e0a\u5347 10.60%\u3002<\/p>\n

<\/p>\n

\n

4.3 \u65e0\u98ce\u9669\u6536\u76ca\u7387\u7684\u8d70\u52bf\u5224\u65ad\uff1a\u957f\u671f\u4e0b\u884c\uff0c\u77ed\u671f\u5b58\u5728\u4e0a\u5347\u8d8b\u52bf\u00a0<\/p>\n

\u4e00\u4e2a\u5e02\u573a\u7684\u65e0\u98ce\u9669\u5229\u7387\u957f\u671f\u6765\u770b\u8ddf\u4e00\u4e2a\u56fd\u5bb6\u6240\u5904\u7684\u7ecf\u6d4e\u53d1\u5c55\u7684\u9636\u6bb5\u6216\u5927\u5468\u671f\u76f8\u9002\u5e94\uff0c\u4f46\u4e2d\u77ed\u671f\u53d7\u5f53\u524d\u7684\u8d27\u5e01 \u653f\u7b56\u548c\u7ecf\u6d4e\u6ce2\u52a8\u7684\u5f71\u54cd\u4e5f\u5f88\u5927\u3002\u77ed\u671f\u8d27\u5e01\u653f\u7b56\u6240\u5bfc\u81f4\u7684\u65e0\u98ce\u9669\u5229\u7387\u7684\u53d8\u5316\u5bf9\u80a1\u7968\u5e02\u573a\u7684\u4f30\u503c\u4e5f\u6709\u5f88\u5927\u5f71\u54cd\u3002\u5728\u8fd0\u7528 DCF \u6a21\u578b\u65f6\uff0c\u6211\u4eec\u5c06\u957f\u671f\u548c\u4e2d\u77ed\u671f\u7684\u53d8\u5316\u90fd\u8003\u8651\u5728\u5185\uff0c\u5206\u522b\u4f5c\u51fa\u4f30\u503c\uff0c\u4f46\u5728\u8d44\u672c\u5e02\u573a\u6ce2\u52a8\u8f83\u5927\u7684\u9636 \u6bb5\uff0c\u6211\u4eec\u7684\u76ee\u6807\u662f\u8003\u8651\u5728\u5f53\u4e0b\u7684\u5927\u73af\u5883\u4e0b\u80a1\u7968\u4f30\u503c\u662f\u5426\u8fd8\u6709\u4e0a\u5347\u7684\u7a7a\u95f4\uff0c\u56e0\u6b64\u66f4\u503e\u5411\u4e8e\u8003\u8651\u65e0\u98ce\u9669\u6536\u76ca\u7387\u7684 \u4e2d\u77ed\u671f\u8d70\u52bf\u3002<\/p>\n

4.3.1 \u957f\u671f\u6765\u770b\uff0c\u8d27\u5e01\u653f\u7b56\u5bbd\u677e\uff0c\u5229\u7387\u5b58\u5728\u4e0b\u884c\u8d8b\u52bf\u00a0<\/p>\n

\u4ece\u5927\u5468\u671f\u6765\u770b\uff0c\u6211\u56fd\u76ee\u524d\u5904\u4e8e\u7ecf\u6d4e\u5468\u671f\u4e0b\u884c\u9636\u6bb5\uff0c\u5c3d\u7ba1\u8d27\u5e01\u653f\u7b56\u504f\u5bbd\u677e\uff0c\u4f46\u6211\u56fd\u5f53\u524d PPI \u548c CPI \u5747\u8d8b\u52bf\u4e0b\u964d\u3002\u81ea 2017 \u5e74\u4ee5\u540e SHIBOR \u4e3a\u4ee3\u8868\u7684\u94f6\u884c\u95f4\u5e02\u573a\u5229\u7387\u4e5f\u5f00\u59cb\u4e0b\u884c\uff0c\u503a\u5238\u6536\u76ca\u7387\u540c\u65f6\u4e0b\u964d\u3002<\/p>\n

\u6211\u56fd GDP \u589e\u901f\u660e\u663e\u964d\u6863\uff0c\u7ed3\u5408\u53d1\u8fbe\u56fd\u5bb6\u7ecf\u9a8c\uff0c\u5f53 GDP \u589e\u901f\u51cf\u5f31\uff0c\u5e02\u573a\u5229\u7387\u5c06\u957f\u671f\u5904\u4e8e\u4f4e\u4f4d\uff0c\u6211\u56fd\u5e02\u573a\u5229\u7387 \u4e5f\u5b58\u5728\u957f\u671f\u4e0b\u884c\u7684\u9700\u6c42\u3002<\/p>\n

4.3.2 \u65e0\u98ce\u9669\u5229\u7387\u5c06\u5728\u4e2d\u77ed\u671f\u4e0a\u884c\u00a0<\/p>\n

\u793e\u4f1a\u878d\u8d44\u540c\u6bd4\u589e\u901f\u548c M2 \u540c\u6bd4\u589e\u901f\u4e4b\u5dee\u4e0e\u56fd\u503a\u5229\u7387\u8d70\u52bf\u5b58\u5728\u5f88\u9ad8\u7684\u6b63\u76f8\u5173\u6027\u3002\u793e\u878d\u4ee3\u8868\u7684\u662f\u793e\u4f1a\u5bf9\u8d44\u91d1\u7684\u9700 \u6c42\uff0cM2 \u53ef\u4ee5\u88ab\u770b\u4f5c\u662f\u8d44\u91d1\u7684\u4f9b\u7ed9\uff0c\u56e0\u6b64\u5f53\u8d44\u91d1\u9700\u6c42\u9010\u6b65\u589e\u52a0\u800c\u8d44\u91d1\u4f9b\u7ed9\u6536\u7f29\u65f6\uff0c\u5229\u7387\u4fbf\u4f1a\u4e0a\u884c\u3002<\/p>\n

\u622a\u6b62\u5230 2020 \u5e74 6 \u6708 30 \u65e5\uff0c\u793e\u878d\u4e0e M2 \u540c\u6bd4\u589e\u901f\u5dee\u5f00\u59cb\u56de\u5347\u3002\u6211\u4eec\u5206\u6790\uff0c\u76ee\u524d\u7684\u8d27\u5e01\u653f\u7b56\u4ece\u5bbd\u8d27\u5e01\u5411\u5bbd\u4fe1\u7528 \u503e\u659c\uff0c\u8ba9\u8d27\u5e01\u66f4\u591a\u7684\u8fdb\u5165\u5230\u5b9e\u4f53\u7ecf\u6d4e\uff0c\u56e0\u6b64\uff0c\u56fd\u5bb6\u9f13\u52b1\u653f\u5e9c\u548c\u4f01\u4e1a\u901a\u8fc7\u53d1\u503a\u8fdb\u884c\u878d\u8d44\uff0c\u4e0b\u534a\u5e74\u4ecd\u6709\u5927\u91cf\u503a\u5238 \u53d1\u884c\u4e0a\u5e02\u3002\u867d\u7136\u4f01\u4e1a\u503a\u5238\u878d\u8d44\u5c06\u88ab\u65e0\u98ce\u9669\u5229\u7387\u7684\u8d70\u9ad8\u6240\u6291\u5236\uff0c\u4f46\u5360\u6bd4\u66f4\u5927\u7684\u653f\u5e9c\u503a\u5238\u53d7\u65e0\u98ce\u9669\u5229\u7387\u5f71\u54cd\u8f83\u5c0f\uff0c \u968f\u7740\u672a\u6765\u5bbd\u4fe1\u7528\u7684\u6301\u7eed\uff0c\u6211\u4eec\u63a8\u6d4b\u793e\u878d\u589e\u901f\u5c06\u7ef4\u6301\u9ad8\u4f4d\u3002<\/p>\n

\u968f\u7740\u7ecf\u6d4e\u7684\u56de\u6696\uff0c5 \u6708\u672b\u592e\u884c\u8d27\u5e01\u653f\u7b56\u56de\u5f52\u4e2d\u6027\uff0c\u8fd9\u4ece\u76ee\u524d SLF \u548c TMLF \u51cf\u91cf\u7eed\u4f5c\u53ef\u89c1\u7aef\u502a\uff0c\u77ed\u7aef\u6536\u76ca\u7387\u5f00 \u59cb\u63d0\u5347\uff0c\u672a\u6765 M2 \u589e\u901f\u6709\u671b\u4e0b\u964d\u3002\u540c\u65f6\uff0c\u6f5c\u5728\u7684\u901a\u8d27\u81a8\u80c0\u4f9d\u7136\u4e0d\u5bb9\u5ffd\u89c6\uff0c\u592e\u884c\u8d27\u5e01\u653f\u7b56\u5f00\u59cb\u8fb9\u9645\u6536\u7d27\u4ece\u800c\u8fdb \u4e00\u6b65\u5e26\u6765\u65e0\u98ce\u9669\u5229\u7387\u7684\u56de\u5347\u3002\u4e2d\u5171\u4e2d\u592e\u653f\u6cbb\u5c40 7 \u6708 30 \u65e5\u53ec\u5f00\u4f1a\u8bae\uff0c\u672c\u6b21\u4f1a\u8bae\u4e2d\u5bf9\u4e8e\u8d27\u5e01\u653f\u7b56\u66f4\u52a0\u5f3a\u8c03\u201c\u7cbe\u51c6 \u5bfc\u5411\u201d\uff0c \u4fdd\u6301\u8d27\u5e01\u4f9b\u5e94\u91cf\u548c\u793e\u4f1a\u878d\u8d44\u89c4\u6a21\u5408\u7406\u589e\u957f\uff0c\u4e0e 4 \u6708\u4f1a\u8bae\u76f8\u6bd4\uff0c\u8d27\u5e01\u653f\u7b56\u529b\u5ea6\u66f4\u504f\u7a33\u5065\u4e2d\u6027\uff0c\u7acb\u8db3\u957f \u8fdc\uff0c\u5373\u4e2d\u77ed\u671f\u8d27\u5e01\u653f\u7b56\u4e0d\u4f1a\u52a0\u7801\uff0c\u8981\u4e3a\u957f\u671f\u7ecf\u6d4e\u7684\u4e0d\u786e\u5b9a\u6027\u7559\u6709\u7a7a\u95f4\u3002\u672c\u6b21\u4f1a\u8bae\u540e\uff0c\u964d\u606f\u6982\u7387\u964d\u4f4e\uff0c\u5e02\u573a\u5229 \u7387\u6709\u8fdb\u4e00\u6b65\u4e0a\u5347\u7684\u538b\u529b\u3002<\/p>\n

CPI\u3001PPI \u548c PMI \u5747\u548c\u65e0\u98ce\u9669\u6536\u76ca\u7387\u5448\u73b0\u8f83\u9ad8\u7a0b\u5ea6\u7684\u76f8\u5173\u6027\uff0c\u53d7\u7ecf\u6d4e\u5468\u671f\u548c\u75ab\u60c5\u5f71\u54cd\uff0c\u8fd9\u4e9b\u6570\u636e\u5747\u5904\u4e8e\u5e95\u90e8 \u533a\u57df\uff0c\u7ee7\u7eed\u5411\u4e0b\u7a7a\u95f4\u4e0d\u5927\uff0c\u672a\u6765\u5982\u679c\u5168\u7403\u75ab\u60c5\u80fd\u591f\u5f97\u5230\u63a7\u5236\uff0c\u7ecf\u6d4e\u9010\u6b65\u6062\u590d\uff0c\u76f8\u5173\u6570\u636e\u4fbf\u4f1a\u9010\u6b65\u56de\u6696\uff0c\u65e0\u98ce \u9669\u6536\u76ca\u7387\u5b58\u5728\u7ee7\u7eed\u56de\u5347\u7684\u7a7a\u95f4\u3002<\/p>\n

5. \u8d22\u52a1\u6760\u6746\u7684\u5f71\u54cd\uff1a\u767d\u9152\u677f\u5757\u8d22\u52a1\u6760\u6746\u6781\u4f4e\uff0c\u5229\u7387\u8d70\u9ad8\u5177\u5907\u76f8\u5bf9\u6295\u8d44\u4ef7\u503c<\/strong><\/p>\n

\u65e0\u98ce\u9669\u6536\u76ca\u7387\u7684\u8d70\u9ad8\u867d\u7136\u80fd\u591f\u964d\u4f4e\u9ad8 \u03b2 \u677f\u5757\u7684\u80a1\u6743\u9884\u671f\u56de\u62a5\u7387\uff0c\u4f46\u540c\u65f6\u4f1a\u589e\u52a0\u503a\u6743\u9884\u671f\u56de\u62a5\u7387\uff0c\u5bf9\u4e2a\u80a1\u7684\u5f71 \u54cd\u9700\u8981\u770b\u5176\u8d22\u52a1\u6760\u6746\u3002<\/p>\n

\u6211\u4eec\u7528 AAA-\u4f01\u4e1a\u503a\u6536\u76ca\u7387\u548c\u65e0\u98ce\u9669\u6536\u76ca\u7387\u505a\u56de\u5f52\u5206\u6790\u5f97\u51fa\uff0cAAA-\u4f01\u4e1a\u503a\u7684\u6536\u76ca\u7387\u76f8\u5bf9\u4e8e\u65e0\u98ce\u9669\u6536\u76ca\u7387\u7684\u659c \u7387\u4e3a 1.45\u3002\u5047\u8bbe\uff1a1\u3001\u65e0\u98ce\u9669\u6536\u76ca\u7387\u6bcf\u53d8\u52a8 1%\uff0c\u516c\u53f8\u503a\u52a1\u6210\u672c\u53d8\u52a8 1.45%\uff1b2\u3001\u4f01\u4e1a\u6760\u6746\u7387\u4e3a X\uff1b3\u3001\u7a0e\u738725%\u3002\u6839\u636e\u516c\u5f0f\u7684\u6f14\u53d8\uff0c\u5f53 X=1-\u03b2\/\uff08-0.0875-\u03b2\uff09\u65f6,\u65e0\u98ce\u9669\u6536\u76ca\u7387\u7684\u53d8\u5316\u5bf9\u4f01\u4e1a\u4f30\u503c\u6ca1\u6709\u5f71\u54cd\uff1b\u5f53 X<1-\u03b2\/ \uff08-0.0875-\u03b2\uff09\u65f6\uff0c\u4f01\u4e1a\u4f30\u503c\u968f\u7740\u65e0\u98ce\u9669\u6536\u76ca\u7387\u7684\u53d8\u5316\u800c\u589e\u52a0\uff0c\u5426\u5219\u5c06\u51cf\u5c0f\u3002<\/p>\n

\u767d\u9152\u884c\u4e1a\u6574\u4f53\u8d22\u52a1\u6760\u6746\u4e34\u754c\u70b9\u4e3a 17.46%\uff0c\u4e5f\u5c31\u662f\u8bf4\u5f53\u6709\u606f\u8d44\u4ea7\u8d1f\u503a\u7387\u5c0f\u4e8e 17.46%\u65f6\uff0c\u5229\u7387\u7684\u8d70\u9ad8\u53ef\u4ee5\u964d\u4f4e \u767d\u9152\u884c\u4e1a\u6574\u4f53\u6298\u73b0\u7387\u4ece\u800c\u63d0\u5347\u5176\u4f30\u503c\uff0c\u800c\u5bf9\u6bd4\u5b9e\u9645\u8d22\u52a1\u6760\u6746\uff0c\u6211\u4eec\u53d1\u73b0\u767d\u9152\u4f01\u4e1a\u7684\u8d22\u52a1\u6760\u6746\uff08\u6709\u606f\u8d1f\u503a\/\u603b\u8d44 \u4ea7\uff09\u90fd\u975e\u5e38\u4f4e\uff0c\u4e14\u7edd\u5927\u591a\u6570\u767d\u9152\u4f01\u4e1a\u5229\u606f\u6536\u5165\u5927\u4e8e\u5229\u606f\u652f\u51fa\u3002<\/p>\n

\u884c\u4e1a\u6574\u4f53\u7684\u6709\u606f\u8d1f\u503a\u7387\u4ec5\u4ec5\u4e3a 5.74%\uff0c\u56e0\u6b64\u5229\u7387\u7684\u8d70\u9ad8\u53ef\u63a8\u5347\u677f\u5757\u6574\u4f53\u4f30\u503c\u3002\u4ee5\u8305\u53f0\u548c\u4e94\u7cae\u6db2\u4e3a\u4f8b\uff0c2019 \u5e74\u8305\u53f0\u6ca1\u6709\u6709\u606f\u8d1f\u503a\uff0c\u4e94\u7cae\u6db2\u5229\u606f\u6536\u5165\u8fdc\u9ad8\u4e8e\u5229\u606f\u652f\u51fa\uff0c\u8d22\u52a1\u8d39\u7528\u4e3a-14.16 \u4ebf\u5143\u3002\u6b21\u9ad8\u7aef\u767d\u9152\u7684 \u03b2 \u6700\u9ad8\uff0c\u5176 \u5b9e\u9645\u8d1f\u503a\u7387\u548c\u4e34\u754c\u70b9\u8d1f\u503a\u7387\u5dee\u8ddd\u6700\u5927\uff0c\u4ece\u8fd9\u4e2a\u89d2\u5ea6\u6765\u770b\uff0c\u6b21\u9ad8\u7aef\u54c1\u79cd\u5728\u65e0\u98ce\u9669\u6536\u76ca\u4e0a\u884c\u65f6\u76f8\u5bf9\u66f4\u4e3a\u53d7\u76ca\u3002<\/p>\n

<\/p>\n

\u5b9e\u9645\u4e0a\uff0c\u7531\u4e8e\u5305\u62ec\u767d\u9152\u5728\u5185\u7684\u98df\u54c1\u996e\u6599\u884c\u4e1a\u6574\u4f53\u8d44\u4ea7\u8d1f\u503a\u7387\u5c5e\u4e8e\u6240\u6709\u884c\u4e1a\u4e2d\u6700\u4f4e\u6c34\u5e73\u4e4b\u4e00\uff0c\u5728\u65e0\u98ce\u9669\u6536\u76ca\u7387 \u4e0a\u884c\u65f6\uff0c\u767d\u9152\u677f\u5757\u76f8\u5bf9\u4e8e\u8d44\u4ea7\u8d1f\u503a\u7387\u8f83\u9ad8\u7684\u884c\u4e1a\u5177\u5907\u660e\u663e\u7684\u4f18\u52bf\uff0c\u4ece\u800c\u8fdb\u4e00\u6b65\u63a8\u5347\u5176\u4f30\u503c\u6c34\u5e73\u3002<\/p>\n

<\/p>\n

\u524d\u6587\u6211\u4eec\u9a8c\u8bc1\u4e86\u767d\u9152\u677f\u5757\u5bf9\u65e0\u98ce\u9669\u6536\u76ca\u7387\u7684\u53d8\u5316\u654f\u611f\u6027\u8f83\u5f31\uff0810%\uff0c0.6%\uff09\u3002\u4e0b\u56fe\uff0c\u6211\u4eec\u628a\u6709\u606f\u8d44\u4ea7\u8d1f\u503a\u7387 \u66ff\u6362\u6210\u7533\u4e07\u6240\u6709\u884c\u4e1a\u7684\u5e73\u5747\u6c34\u5e73 21%\uff0c\u03b2 \u66ff\u6362\u6210 1\uff0c\u53ef\u4ee5\u53d1\u73b0\uff0c\u5f53\u8d44\u4ea7\u8d1f\u503a\u7387\u5347\u9ad8\u540e\uff0c\u80a1\u4ef7\u5bf9\u65e0\u98ce\u9669\u6536\u76ca\u7387 \u7684\u654f\u611f\u6027\u660e\u663e\u52a0\u5f3a\u3002\u65e0\u98ce\u9669\u6536\u76ca\u7387\u6bcf\u4e0a\u5347 10%\uff08\u4f8b\u5982\uff0c2.8%\u5230 3.08%\uff09\uff0c\u6848\u4f8b\u4e2d\u8d44\u4ea7\u8d1f\u503a\u7387\u4e3a 21%\u7684\u884c\u4e1a\u5e73 \u5747\u80a1\u4ef7\u964d\u4f4e 2.7%\u5de6\u53f3\u3002\u5982 2017 \u5e74\u95f4\uff0c\u65e0\u98ce\u9669\u6536\u76ca\u7387\u4ece 2.6%\u4e0a\u5347\u5230 4%\uff0c\u5219 AAA-\u4f01\u4e1a\u503a\u7684\u6295\u8d44\u56de\u62a5\u7387 kd \u4ece 5%\u4e0a\u5347\u5230\u4e3a 6.88%\uff0c\u5bf9\u5e94\u7684\u8d44\u4ea7\u8d1f\u503a\u7387\u4e3a 21%\u7684\u884c\u4e1a\u4f30\u503c\u8981\u4e0b\u8dcc 11%\u5de6\u53f3\uff0c\u8d44\u4ea7\u8d1f\u503a\u7387\u4e3a 35%\u7684\u884c\u4e1a\u4f30 \u503c\u4e0b\u964d 19%\uff0c\u800c\u767d\u9152\u4f30\u503c\u51e0\u4e4e\u4e0d\u53d7\u5f71\u54cd\u3002<\/p>\n

6. \u98ce\u9669\u6ea2\u4ef7\u5bf9\u4f30\u503c\u5f71\u54cd\u5f88\u5927<\/strong><\/p>\n

6.1 \u767d\u9152\u4f30\u503c\u5bf9\u98ce\u9669\u6ea2\u4ef7\u7684\u654f\u611f\u6027\u8f83\u9ad8<\/p>\n

<\/p>\n

<\/p>\n

\u4e0d\u540c\u7684\u65e0\u98ce\u9669\u5229\u7387 rf \u548c\u80a1\u6743\u5e02\u573a\u56de\u62a5\u7387 rm \u7684\u7ec4\u5408\u5f62\u6210\u4e0d\u540c\u7684\u98ce\u9669\u6ea2\u4ef7 ERP\uff0c\u901a\u8fc7\u5bf9\u6b21\u98ce\u9669\u6ea2\u4ef7\u8fdb\u884c\u654f\u611f\u6027 \u5206\u6790\u80fd\u591f\u53d1\u73b0\uff0c\u5e02\u573a\u98ce\u9669\u6ea2\u4ef7\u5bf9\u80a1\u4ef7\u7684\u5f71\u54cd\u5f88\u5927\uff0c\u4e14\u6839\u636e CAPM \u6a21\u578b\uff0c\u5f53\u03b2\u8d8a\u9ad8\uff0c\u4f30\u503c\u5bf9 ERP \u7684\u654f\u611f\u5ea6\u8d8a \u9ad8\u3002<\/p>\n

\u7531\u4e8e\u8305\u53f0\u7684\u03b2\u63a5\u8fd1 1\uff0c\u56e0\u6b64\u8305\u53f0\u662f\u4e00\u4e2a\u76f8\u5bf9\u4e2d\u6027\u7684\u6848\u4f8b\u3002\u4ee5\u8305\u53f0\u4e3a\u4f8b\uff0c\u5f53\u80a1\u6743\u98ce\u9669\u6ea2\u4ef7\uff08rm-rf\uff09=7.7%\u65f6\uff0c\u8305 \u53f0\u4f30\u503c\u4e3a 1689 \u5143\uff0c\u5f53\uff08rm-rf\uff09=7.18%\u65f6\uff08\u4e0b\u964d 6.75%\uff09\uff0c\u8305\u53f0\u4f30\u503c\u63d0\u5347 12%\u3002<\/p>\n

\u9664\u4e86\u5728 ERP \u4e0b\u964d\u65f6\uff0c\u767d\u9152\u7684\u81ea\u8eab\u4f30\u503c\u80fd\u591f\u5f97\u5230\u63d0\u5347\uff0c\u6211\u4eec\u8fd8\u53d1\u73b0\uff0c\u5c3d\u7ba1\u767d\u9152\u7684\u03b2\u4e0d\u7b97\u975e\u5e38\u9ad8\uff0c\u4f46\u5728 ERP \u4e0b \u964d\u65f6\uff0c\u767d\u9152\u677f\u5757\u8fd8\u5b58\u5728\u76f8\u5bf9\u4f30\u503c\u6ea2\u4ef7\u3002<\/p>\n

6.2 \u767d\u9152\u677f\u5757\u7684\u76f8\u5bf9\u4f30\u503c\u4e0e\u98ce\u9669\u6ea2\u4ef7\u5448\u53cd\u5411\u5173\u7cfb\u00a0<\/p>\n

\u4ece\u7406\u8bba\u4e0a\u6765\u8bf4\uff0cCAPM \u6a21\u578b\u4e2d\u65e0\u98ce\u9669\u6536\u76ca\u7387\uff08\u901a\u5e38\u4e3a 10 \u5e74\u671f\u56fd\u503a\u6536\u76ca\u7387\uff09\u4ee5\u53ca\u80a1\u6743\u98ce\u9669\u6ea2\u4ef7 ERP \u5e94\u8be5\u7528\u957f \u671f\uff08\u5982 10 \u5e74\uff09\u7684\u6570\u636e\u6765\u8ba1\u7b97\u3002\u4f46\u5728\u5b9e\u9645\u5f53\u4e2d\uff0c\u5373\u4fbf\u5728\u7f8e\u56fd\u8fd9\u6837\u4e00\u4e2a\u6210\u719f\u7684\u8bc1\u5238\u5e02\u573a\uff0c\u98ce\u9669\u6ea2\u4ef7\u6c34\u5e73\u4e5f\u6709\u8f83 \u5927\u6ce2\u52a8\u3002<\/p>\n

\u957f\u671f\u6765\u770b\uff0c\u4e00\u4e2a\u56fd\u5bb6\u80a1\u7968\u5e02\u573a\u7684\u98ce\u9669\u6ea2\u4ef7\u8ddf\u56fd\u5bb6\u8d44\u672c\u5e02\u573a\u7684\u6210\u719f\u5ea6\u3001\u5f00\u653e\u7a0b\u5ea6\u3001\u8d44\u672c\u5e02\u573a\u7684\u7ed3\u6784\u3001\u7ecf\u6d4e\u662f\u5426 \u7a33\u5b9a\u589e\u957f\u5747\u6709\u5bc6\u5207\u5173\u7cfb\u3002\u7531\u4e8e\u8d44\u672c\u5e02\u573a\u7684\u6210\u719f\u548c\u5f00\u653e\u7a0b\u5ea6\u4ee5\u53ca\u8d44\u672c\u5e02\u573a\u7684\u7ed3\u6784\u7684\u53d8\u5316\u662f\u4e00\u4e2a\u5faa\u5e8f\u6e10\u8fdb\u7684\u8fc7\u7a0b\uff0c \u56e0\u6b64\uff0c\u957f\u671f\u7684 ERP \u662f\u4e00\u4e2a\u7f13\u6162\u53d8\u5316\u7684\u503c\u3002<\/p>\n

\u77ed\u671f\u6765\u770b\uff0c\u77ed\u671f\u80a1\u7968\u5e02\u573a\u7684\u98ce\u9669\u6ea2\u4ef7\u4e0e\u8d27\u5e01\u653f\u7b56\u3001\u7ecf\u6d4e\u7684\u6ce2\u52a8\u3001\u8bc1\u5238\u5e02\u573a\u7684\u653f\u7b56\u53d8\u5316\u76f8\u5173\u6027\u66f4\u5927\uff0c\u56e0\u6b64\u4f1a\u51fa \u73b0\u5267\u70c8\u6ce2\u52a8\u3002\u5728\u6211\u56fd\u80a1\u4ef7\u4f1a\u968f\u7740\u5f53\u524d\u7684\u65e0\u98ce\u9669\u5229\u7387\u4ee5\u53ca\u5e02\u573a\u7684\u98ce\u9669\u6ea2\u4ef7\u5267\u70c8\u6ce2\u52a8\uff0c\u4f30\u503c\u4e5f\u5e94\u8be5\u968f\u7740\u8fd9\u4e9b\u53d8\u5316 \u800c\u505a\u51fa\u8c03\u6574\u3002\u5bf9\u4e8e\u77ed\u671f\u7684\u98ce\u9669\u6ea2\u4ef7\u5206\u6790\uff0c\u6211\u4eec\u503e\u5411\u4e8e\u76f4\u63a5\u7528\uff081\/PE-rf\uff09\u6765\u4ee3\u66ff\uff08rm-rf\uff09\u4ee5\u53cd\u6620\u98ce\u9669\u6ea2\u4ef7\u7684\u5267 \u70c8\u53d8\u5316\u3002<\/p>\n

\u98ce\u9669\u6ea2\u4ef7\u4e0e\u80a1\u7968\u4f30\u503c\u5448\u53cd\u5411\u5173\u7cfb\uff0c\u5bf9\u4e8e\u9ad8 \u03b2 \u7684\u884c\u4e1a\u5c24\u5176\u660e\u663e\u30022018 \u5e74\u767d\u9152\u677f\u5757 \u03b2 \u4e0a\u5347\u5230 1.10\uff0c\u5728\u6240\u6709\u884c\u4e1a \u4e2d\u5904\u4e8e 83%\u5206\u4f4d\uff0c2018 \u5e74\u95f4\u80a1\u7968\u5e02\u573a\u98ce\u9669\u6ea2\u4ef7\u660e\u663e\u4e0a\u5347\uff0c\u767d\u9152\u677f\u5757\u76f8\u5bf9\u5e02\u573a\u7684\u4f30\u503c\u4e0b\u6ed1\uff0c\u968f\u540e\u5728\u5e02\u573a\u98ce\u9669 \u6ea2\u4ef7\u56de\u843d\u65f6\uff0c\u767d\u9152\u7684\u76f8\u5bf9\u4f30\u503c\u624d\u5f00\u59cb\u56de\u5347\u3002(\u56fe 27)<\/p>\n

\u4ece\u56fe\u4e2d\u53ef\u4ee5\u770b\u51fa\uff0c\u80a1\u7968\u5e02\u573a\u548c\u503a\u5238\u5e02\u573a\u7684\u98ce\u9669\u6ea2\u4ef7\u8d8b\u52bf\u5927\u4f53\u76f8\u540c\uff0c\u5747\u53cd\u5e94\u4e86\u7ecf\u6d4e\u7684\u6ce2\u52a8\u6027\uff0c\u76f8\u5bf9\u503a\u5e02\u98ce\u9669\u6ea2 \u4ef7\uff0c\u80a1\u7968\u5e02\u573a\u98ce\u9669\u6ea2\u4ef7\u5448\u73b0\u51fa\u66f4\u9ad8\u7684\u6ce2\u52a8\u6027\uff0c\u800c\u767d\u9152\u677f\u5757\u7684\u76f8\u5bf9\u4f30\u503c\uff08\u76f8\u5bf9\u4e07\u5f97\u5168 A\uff09\u4e0e\u80a1\u7968\u5e02\u573a\u7684\u98ce\u9669\u6ea2 \u4ef7\u5448\u8f83\u4e3a\u660e\u663e\u7684\u53cd\u5411\u5173\u7cfb\u3002<\/p>\n

6.3 \u5f53\u524d\u80a1\u6743\u5e02\u573a\u98ce\u9669\u6ea2\u4ef7\u5904\u4e8e\u4ec0\u4e48\u4f4d\u7f6e\uff1f\u00a0<\/p>\n

\u4eca\u5e74\uff0c\u80a1\u7968\u5e02\u573a\u6574\u4f53\u98ce\u9669\u6ea2\u4ef7\u56de\u843d\uff0c\u5e02\u573a\u6574\u4f53\u98ce\u9669\u6ea2\u4ef7\u7565\u9ad8\u4e8e 2018 \u5e74\u521d\uff0c\u79bb 2015 \u5e74\u30012010 \u5e74\u548c 2007 \u5e74 \u4ecd\u6709\u4e00\u5b9a\u8ddd\u79bb\u3002\u76ee\u524d\uff0c\u767d\u9152\u677f\u5757\u76f8\u5bf9\u4e8e\u4e07\u5f97\u5168 A \u7684\u4f30\u503c\u5f97\u5230\u4e86\u4e00\u5b9a\u7a0b\u5ea6\u7684\u63d0\u5347\u3002\u76f8\u8f83\u4e8e 2007 \u5e74\u98ce\u9669\u6ea2\u4ef7\u4ecd \u6709\u8f83\u5927\u7684\u63d0\u5347\u7a7a\u95f4\uff0c\u4f46\u76f8\u8f83\u4e8e\u5176\u4ed6\u5e74\u4efd\uff0c\u76ee\u524d\u767d\u9152\u677f\u5757\u7684\u76f8\u5bf9\u4f30\u503c\u5df2\u7ecf\u8f83\u5927\uff0c\u4ec5\u6b21\u4e8e 2007 \u548c 2008 \u5e74\uff0c\u767d\u9152 \u677f\u5757\u7ee7\u7eed\u8d85\u8d8a\u5168\u5e02\u573a\u7684\u7a7a\u95f4\u5df2\u7ecf\u4e0d\u5927\u4e86\u3002\u4f46\u662f\uff0c\u7531\u4e8e 2018 \u5e74\u540e\u767d\u9152\u677f\u5757 \u03b2 \u5347\u9ad8\uff0c\u677f\u5757\u7684\u6574\u4f53\u4f30\u503c\u5bf9\u98ce\u9669\u6ea2 \u4ef7\u7684\u53d8\u5316\u66f4\u52a0\u654f\u611f\uff0c\u4ece\u8fd9\u4e2a\u89d2\u5ea6\u6765\u770b\uff0c\u767d\u9152\u677f\u5757\u6574\u4f53\u4f30\u503c\u4ecd\u6709\u4e00\u5b9a\u63d0\u5347\u7684\u7a7a\u95f4\u3002<\/p>\n

\u767d\u9152\u677f\u5757\u76f8\u5bf9\u4f30\u503c\u6700\u9ad8\u51fa\u73b0\u5728 2007 \u5e74\uff0c\u5f7c\u65f6\u80a1\u7968\u5e02\u573a\u98ce\u9669\u6ea2\u4ef7\u4ee5\u53ca\u503a\u5238\u5e02\u573a\u98ce\u9669\u6ea2\u4ef7\u5747\u5904\u4e8e\u8fd1 14 \u5e74\u6765\u6700\u4f4e \u6c34\u5e73\uff0c\u540c\u65f6\u767d\u9152\u677f\u5757 06\u300107 \u5e74\u4e1a\u7ee9\u5904\u4e8e\u9ad8\u589e\u957f\u72b6\u6001\uff0c\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u901f\u5747\u8fbe\u5230 75%\u4ee5\u4e0a\uff0c\u5e02\u573a\u53ca\u884c\u4e1a\u7684\u56e0\u7d20 \u5171\u540c\u9020\u5c31\u4e86 07 \u5e74\u767d\u9152\u677f\u5757\u8d85\u6da8\u884c\u60c5\u3002\u56e0\u6b64\uff0c\u52a8\u6001\u6765\u770b\uff0c\u5982\u679c\u80a1\u7968\u5e02\u573a\u6574\u4f53\u98ce\u9669\u504f\u597d\u80fd\u591f\u7ee7\u7eed\u63d0\u5347\uff0c\u98ce\u9669\u6ea2 \u4ef7\u7ee7\u7eed\u56de\u843d\uff0c\u4e14\u884c\u4e1a\u4fdd\u6301\u8f83\u9ad8\u589e\u901f\uff0c\u5219\u767d\u9152\u677f\u5757\u7684\u4f30\u503c\u4f9d\u7136\u6709\u8f83\u5927\u7684\u63d0\u5347\u7a7a\u95f4\u3002<\/p>\n

<\/p>\n

<\/p>\n

6.4 \u8d27\u5e01\u8d85\u53d1\uff0c\u80a1\u5e02\u548c\u503a\u5e02\u7684\u98ce\u9669\u6ea2\u4ef7\u6709\u671b\u7ee7\u7eed\u56de\u843d\u00a0<\/p>\n

\u8d27\u5e01\u589e\u901f\u7406\u8bba\u4e0a\u5e94\u8be5\u4e0e GDP \u589e\u901f\u76f8\u9002\u5e94\uff0c\u4ece\u800c\u4f7f\u7ecf\u6d4e\u4fdd\u6301\u7a33\u5b9a\u589e\u957f\uff0c\u901a\u80c0\u4fdd\u6301\u5728\u76f8\u5bf9\u5408\u7406\u7684\u6c34\u5e73\u4e0a\u3002\u4e0d\u8fc7\uff0c \u5f80\u5f80\u4e2d\u592e\u653f\u5e9c\u901a\u8fc7\u8d27\u5e01\u653f\u7b56\u8c03\u8282\u7ecf\u6d4e\u589e\u901f\uff0c\u800c\u7ecf\u6d4e\u6062\u590d\u589e\u957f\u6709\u4e00\u5b9a\u7684\u6ede\u540e\u6027\uff0c\u56e0\u6b64\u4f1a\u51fa\u73b0\u8d27\u5e01\u8d85\u53d1\u7684\u73b0\u8c61\u3002\u4ece\u56fe\u4e2d\u53ef\u4ee5\u770b\u51fa\uff0c2008 \u5e74\u5e95\uff0c\u80a1\u5e02\u5904\u4e8e\u718a\u5e02\u5e95\u90e8\uff0c\u80a1\u7968\u5e02\u573a\u98ce\u9669\u6ea2\u4ef7\u5904\u4e8e\u6700\u9ad8\u4f4d\uff0c\u800c\u7ecf\u6d4e\u9700\u8981\u5feb\u901f\u4ece\u7ecf\u6d4e\u5371 \u673a\u4e2d\u6062\u590d\uff0c\u8d27\u5e01\u653f\u7b56\u5bbd\u677e\uff0cM2 \u4e0e GDP \u589e\u901f\u5dee\u8d70\u9ad8\uff0c\u4f46\u4f9d\u7136\u5728 10%\u4ee5\u4e0b\u30022009 \u5e74 1 \u6708\u4efd\u5f00\u59cb\uff0c\u8d27\u5e01\u6301\u7eed\u8d85 \u53d1\uff0cM2 \u4e0e GDP \u589e\u901f\u5dee\u8fc5\u901f\u4ece 08 \u5e74\u5e95\u7684 8%\u5347\u9ad8\u5230 09 \u5e74 6 \u6708\u4efd\u7684 21%\uff0c\u540c\u65f6\u80a1\u7968\u5e02\u573a\u7684\u98ce\u9669\u6ea2\u4ef7\u4e5f\u4ece 4% \u964d\u81f3\u8d1f\u503c\uff0c\u80a1\u7968\u5e02\u573a\u4e5f\u5728 2009 \u5e74\u4e0a\u534a\u5e74\u8fce\u6765\u4e00\u6ce2\u5c0f\u725b\u5e02\u3002\u76ee\u524d\uff0cM2 \u589e\u901f\u4e0e GDP \u589e\u901f\u5dee\u5c5e\u4e8e\u8fd1 20 \u5e74\u7684\u6b21\u9ad8\u4f4d\uff0c\u6bd4 2002-2003\u30012007\u30012015 \u5e74\u8fd9\u51e0\u5e74\u7684\u725b\u5e02\u4e2d\u7684\u589e\u901f\u5dee\u5747\u9ad8\uff0c\u4ec5\u6bd4 2009 \u5e74\u4f4e\uff0c\u800c\u76ee\u524d\u80a1\u7968\u5e02\u573a\u98ce\u9669 \u6ea2\u4ef7\u6709\u6240\u56de\u843d\uff0c\u4f46\u76f8\u6bd4\u5176\u4ed6\u8d27\u5e01\u8d85\u53d1\u7684\u5e74\u4efd\u7684\u80a1\u7968\u5e02\u573a\u6ea2\u4ef7\u4f9d\u7136\u8f83\u9ad8\uff0c\u6211\u4eec\u8ba4\u4e3a\u8fd8\u6709\u7ee7\u7eed\u56de\u843d\u7684\u7a7a\u95f4\u3002<\/p>\n

\u7136\u800c\uff0c\u7531\u4e8e\u6211\u56fd\u76ee\u524d\u7684\u7ecf\u6d4e\u548c\u653f\u6cbb\u73af\u5883\u4e0e\u4ee5\u5f80\u6709\u5f88\u5927\u7684\u4e0d\u540c\uff0c\u56fd\u9645\u653f\u6cbb\u98ce\u9669\u8f83\u5927\uff0c\u5916\u8d38\u51fa\u53e3\u53d7\u5230\u56fd\u9645\u75ab\u60c5\u5f71 \u54cd\uff0c\u5185\u9700\u4e5f\u53d7\u75ab\u60c5\u548c\u7ecf\u6d4e\u7b51\u5e95\u9636\u6bb5\u96be\u4ee5\u51fa\u73b0\u5927\u5e45\u56de\u5347\uff0c\u56e0\u6b64\u80a1\u6743\u5e02\u573a\u7684\u98ce\u9669\u6ea2\u4ef7\u4e0b\u964d\u7a7a\u95f4\u4e5f\u4f1a\u53d7\u5230\u6291\u5236\uff0c\u4e0d \u592a\u53ef\u80fd\u56de\u5230 2007 \u6216\u8005 2009 \u5e74\u7684\u6c34\u5e73\u3002<\/p>\n

<\/p>\n

\u503a\u5238\u5e02\u573a\u4e0e\u8d27\u5e01\u8d85\u53d1\u4e5f\u5448\u73b0\u4e00\u5b9a\u7684\u8d1f\u76f8\u5173\u6027\uff0c\u4f46\u6ca1\u6709\u90a3\u4e48\u660e\u663e\uff0c\u53ef\u89c1\u8d85\u53d1\u7684\u8d27\u5e01\u66f4\u591a\u7684\u4f1a\u6d41\u5411\u80a1\u5e02\u3002\u7531\u4e8e AAA \u7ea7\u4ee5\u4e0b\u503a\u5238\u6536\u76ca\u7387\u6570\u636e\u6709\u9650\uff0c\u6211\u4eec\u9009\u53d6 2007 \u5e74 5 \u6708-2020 \u5e74 5 \u6708\u6570\u636e\u6765\u505a\u53c2\u8003\u3002\u4e0e 09 \u5e74\u8d27\u5e01\u8d85\u53d1\u800c\u503a\u5238\u5e02 \u573a\u98ce\u9669\u6ea2\u4ef7\uff08AAA \u4f01\u4e1a\u503a\u4e0e AA-\u4f01\u4e1a\u503a\u6536\u76ca\u7387\u4e4b\u5dee\uff09\u4f9d\u7136\u8d70\u9ad8\u4e0d\u540c\u7684\u662f\uff0c\u76ee\u524d\u503a\u5238\u5e02\u573a\u7684\u98ce\u9669\u6ea2\u4ef7\u5904\u4e8e\u9ad8\u4f4d\uff0c \u800c\u8d27\u5e01\u8d85\u53d1\u663e\u8457\uff0c\u9884\u8ba1\u672a\u6765\u503a\u5238\u5e02\u573a\u7684\u98ce\u9669\u6ea2\u4ef7\u4e5f\u5b58\u4e0b\u964d\u7684\u7a7a\u95f4\u3002<\/p>\n

<\/p>\n

\n

7. \u4ece\u5206\u5b50\u7aef\u770b\u767d\u9152\u677f\u5757\u4f30\u503c<\/strong><\/p>\n

7.1 \u4ece\u76ee\u524d\u7684\u51c0\u5229\u6da6\u589e\u901f\u770b\uff0c\u76f8\u5bf9\u4f30\u503c\u7ee7\u7eed\u4e0a\u5347\u7a7a\u95f4\u4e0d\u5927\u00a0<\/p>\n

\u767d\u9152\u884c\u4e1a\u7684\u4f30\u503c\u9664\u4e86\u53d7\u5230 \u03b2\u3001\u6760\u6746\u7387\u3001\u65e0\u98ce\u9669\u6536\u76ca\u7387\u548c\u98ce\u9669\u6ea2\u4ef7\u7b49\u56e0\u7d20\u7684\u5f71\u54cd\uff0c\u5176\u4e0e\u884c\u4e1a\u666f\u6c14\u5ea6\uff0c\u76c8\u5229\u80fd\u529b \u5bc6\u5207\u76f8\u5173\u3002\u5728 2001-2003 \u5e74\u30012013-2014 \u5e74\u671f\u95f4\uff0c\u767d\u9152\u884c\u4e1a\u666f\u6c14\u5ea6\u4e0b\u6ed1\uff0c\u5f52\u6bcd\u51c0\u5229\u6da6\u540c\u589e\u901f\u6bd4\u4e0b\u964d\uff0c\u76f8\u5bf9 A \u80a1\u7684\u6574\u4f53\u4f30\u503c\u4e5f\u5904\u4e8e\u4f4e\u4f4d\uff0c\u767d\u9152\u677f\u5757\u5229\u6da6\u589e\u901f\u548c\u76f8\u5bf9\u4f30\u503c\uff08\u767d\u9152 PE-\u4e07\u5f97\u5168 A \u7684 PE\uff09\u76f8\u5173\u6027\u8f83\u5f3a\uff0c\u8bc1\u660e\u5e02 \u573a\u6709\u6548\u6027\u8f83\u5f3a\u3002<\/p>\n

\u4f46\u4ece\u56fe 31 \u53ef\u4ee5\u770b\u51fa\uff0c\u4ece 2019 \u5e74\u5f00\u59cb\u767d\u9152\u677f\u5757\u7684\u6574\u4f53\u76f8\u5bf9\u4f30\u503c\u5df2\u7ecf\u4e0e\u884c\u4e1a\u51c0\u5229\u6da6\u589e\u901f\u53d1\u751f\u80cc\u79bb\u3002<\/p>\n

\u6211\u4eec\u7528\u4e07\u5f97\u4e00\u81f4\u9884\u671f\u505a\u51fa\u767d\u9152\u677f\u5757 2020 \u5e74-2022 \u5e74\u7684\u51c0\u5229\u6da6\u589e\u901f\u548c\u76f8\u5bf9 PE\u3002\u767d\u9152\u677f\u5757 2020-2022 \u5e74\u589e\u901f\u5e73 \u5747\u5728 15%\u5de6\u53f3\uff0c\u8f83\u5f80\u5e74\uff082002 \u5e74-2019 \u5e74\uff09\u5927\u591a\u6570\u5e74\u4efd\u7565\u4f4e\u3002\u7136\u800c\uff0c\u677f\u5757\u76ee\u524d\u76f8\u5bf9\u4e8e A \u80a1\u7684\u4f30\u503c\u6c34\u5e73\u4ec5\u6bd4 2007 \u5e74\u7565\u4f4e\uff0c\u4e0e 2017 \u5e74\u76f8\u4f3c\uff0c\u9ad8\u4e8e\u5176\u4ed6\u6240\u6709\u5e74\u4efd\uff0c\u800c\u540c\u65f6\u65e0\u98ce\u9669\u6536\u76ca\u7387\u76ee\u524d\u4ecd\u5904\u4e8e\u4f4e\u4f4d\u6c34\u5e73\uff0c\u672a\u6765\u867d\u7136\u6709 \u4e0a\u5347\u8d8b\u52bf\uff0c\u4f46\u9274\u4e8e\u5168\u7403\u653f\u6cbb\u5f62\u52bf\u8f83\u7d27\u5f20\uff0c\u7ecf\u6d4e\u53d7\u75ab\u60c5\u5f71\u54cd\u8f83\u5927\uff0c\u8d27\u5e01\u653f\u7b56\u4ecd\u7136\u504f\u5bbd\u677e\uff0c\u672a\u6765\u65e0\u98ce\u9669\u6536\u76ca\u7387\u5927\u6982\u7387\u5c0f\u5e45\u56de\u5347\uff0c\u6ca1\u6709\u5927\u5e45\u4e0a\u5347\u7684\u57fa\u7840\u3002\u56e0\u6b64\uff0c\u4ece\u8fd9\u4e00\u70b9\u6765\u770b\uff0c\u767d\u9152\u7684\u4f30\u503c\u8f83 A \u80a1\u6574\u4f53\u4f30\u503c\u6c34\u5e73\u8fdb\u4e00\u6b65\u4e0a\u5347\u7684 \u7a7a\u95f4\u4e0d\u5927\u3002<\/p>\n

7.2 \u4eca\u5e74\u767d\u9152\u677f\u5757\u76f8\u5bf9\u4f30\u503c\u6301\u7eed\u6500\u5347\u7684\u539f\u56e0\u00a0<\/p>\n

Q1 \u8d22\u62a5\u597d\u4e8e\u9884\u671f\uff0c\u4f53\u73b0\u4e1a\u7ee9\u5f3a\u97e7\u6027\u3002\u53d7\u75ab\u60c5\u5f71\u54cd\uff0c\u4eca\u5e74\u767d\u9152\u677f\u5757\u7684\u65fa\u5b63\u53d7\u5230\u51b2\u51fb\uff0c\u4f46\u4e00\u5b63\u5ea6\u8d22\u62a5\u597d\u4e8e\u9884\u671f\uff0c \u5c24\u5176\u662f\u4ee5\u8305\u4e94\u6cf8\u4e3a\u4ee3\u8868\u7684\u9ad8\u7aef\u767d\u9152\u5728\u4e00\u5b63\u5ea6\u4ecd\u4fdd\u6301 11%\u7684\u5355\u5b63\u6536\u5165\u589e\u901f\u3002\u5728\u5229\u6da6\u65b9\u9762\uff0c\u5546\u8d38\u3001\u4f11\u95f2\u670d\u52a1\u53d7\u75ab \u60c5\u51b2\u51fb\u800c\u96c6\u805a\u4e0b\u6ed1\u65f6\uff0c\u767d\u9152\u677f\u5757\u5b9e\u73b0\u4e86\u6bdb\u5229\u6da6\u51c0\u5229\u6da6\u53cc\u5347\u3002\u5728\u9500\u552e\u8d39\u7528\u540c\u6bd4\u6709\u6240\u4e0b\u6ed1\u7684\u60c5\u51b5\u4e0b\uff0c\u52a8\u9500\u60c5\u51b5\u597d \u4e8e\u9884\u671f\uff0c\u76c8\u5229\u60c5\u51b5\u4fdd\u6301\u7a33\u5065\u51f8\u663e\u4e86\u767d\u9152\u677f\u5757\u7684\u5f3a\u97e7\u6027\u3002<\/p>\n

\u548c\u98df\u54c1\u996e\u6599\u6574\u4f53\u4ee5\u53ca\u5176\u4ed6\u884c\u4e1a\u76f8\u6bd4\uff0c2020 \u5e74 Q1\uff0c\u767d\u9152\u677f\u5757\u76c8\u5229\u80fd\u529b\u660e\u663e\u8f83\u5f3a\uff0c\u5176\u8425\u4e1a\u5229\u6da6\u3001\u51c0\u5229\u6da6\u3001\u5f52\u6bcd \u51c0\u5229\u6da6\u589e\u901f\u5747\u5904\u4e8e\u7533\u4e07\u4e00\u7ea7\u884c\u4e1a\u4e2d 80%\u5206\u4e3a\u4ee5\u4e0a\u3002<\/p>\n

\u9ad8\u7aef\u767d\u9152\u52a8\u9500\u72b6\u51b5\u826f\u597d\u30022020 \u5e74\u4e00\u5b63\u5ea6\u5168\u56fd\u9910\u996e\u6536\u5165 6026 \u4ebf\u5143\uff0c\u540c\u6bd4\u4e0b\u8dcc 44.3%\uff0c4 \u6708\u5df2\u521d\u6b65\u73b0\u56de\u5347\u6001\u52bf\uff0c \u5355\u6708\u9910\u996e\u6536\u5165 2307 \u4ebf\u5143\uff0c\u540c\u6bd4\u4e0b\u964d\u901f\u5ea6\u51cf\u7f13\uff0c\u4e8c\u5b63\u5ea6\u9910\u996e\u6536\u5165\u964d\u5e45\u8f83\u4e00\u5b63\u5ea6\u5927\u5e45\u6536\u7a84\u3002\u968f\u7740\u5bb4\u8bf7\u3001\u5546\u52a1\u3001 \u793c\u54c1\u7b49\u767d\u9152\u6d88\u8d39\u573a\u666f\u4e0d\u65ad\u589e\u52a0\uff0c\u75ab\u60c5\u540e\u767d\u9152\u9700\u6c42\u6301\u7eed\u65fa\u76db\u3002<\/p>\n

\u8d35\u5dde\u8305\u53f0 6 \u6708\u4e0b\u65ec\u7ec8\u7aef\u52a8\u9500\u57fa\u672c\u6062\u590d\uff0c\u8305\u53f0\u7ecf\u9500\u5546\u6253\u6b3e\u57fa\u672c\u5df2\u5230\u4e09\u5b63\u5ea6\uff0c\u4f9b\u4e0d\u5e94\u6c42\u72b6\u6001\u6301\u7eed\u3002\u8305\u53f0 2020 \u5e74 \u9500\u552e\u8ba1\u5212 3.45 \u4e07\u5428\uff0c\u76f8\u6bd4 19 \u5e74 3.1 \u4e07\u5428\u8ba1\u5212\u91cf\u540c\u6bd4+11.3%\u3002\u75ab\u60c5\u51b2\u51fb\u4e0b\u5168\u5e74\u7ecf\u8425\u8ba1\u5212\u4e0d\u6539\uff0c\u516c\u53f8 2020 \u5e74\u4e0a\u534a\u5e74\u8425\u6536 439.52 \u4ebf\u5143\uff0c\u540c\u6bd4\u589e\u957f 11.31%\uff1b\u51c0\u5229\u6da6 226 \u4ebf\u5143\uff0c\u540c\u6bd4\u589e\u957f 13.29%\u3002\u4e94\u7cae\u6db2\u548c\u6cf8\u5dde\u8001\u7a96 5\u6708\u5c31\u5df2\u7ecf\u6062\u590d 70%\u5de6\u53f3\u3002\u6b21\u9ad8\u7aef\u767d\u9152\u52a8\u9500\u6062\u590d\u7a0d\u5f31\u4e8e\u9ad8\u7aef\u9152\uff0c\u4e0a\u534a\u5e74\u5b9e\u73b0\u8425\u4e1a\u6536\u5165 8.04 \u4ebf\u5143\uff0c\u540c\u6bd4\u4e0b\u6ed1 52.41%\uff1b\u51c0\u5229\u6da6 1.03 \u4ebf\u5143\uff0c\u540c\u6bd4\u4e0b\u6ed1 69.64%\u3002<\/p>\n

\u53e6\u5916\uff0c\u53d7\u75ab\u60c5\u5f71\u54cd\uff0c\u4f01\u4e1a\u7eb7\u7eb7\u5f00\u62d3\u7ebf\u4e0a\u5e02\u573a\uff0c\u767d\u9152\u7ebf\u4e0a\u9500\u552e\u989d\u6709\u660e\u663e\u63d0\u5347\u3002\u636e\u963f\u91cc\u5e73\u53f0\u6570\u636e\u663e\u793a\uff0c2020 \u5e74\u4e00 \u5b63\u5ea6\u963f\u91cc\u6e20\u9053\u9152\u7c7b\u603b\u9500\u552e\u989d\u7ea6\u4e3a 42.26 \u4ebf\u5143\uff0c\u540c\u6bd4\u589e\u957f 30.62%\uff1b\u9500\u91cf 2143.85 \u4e07\u4ef6\uff0c\u540c\u6bd4\u589e\u957f 8.5%\u3002\u53e6\u5916\uff0c \u963f\u91cc\u6e20\u9053\u9500\u552e\u767d\u9152\u5360\u5168\u54c1\u7c7b\u7684 29%\uff0c\u9500\u552e\u989d\u5360\u6bd4\u9ad8\u8fbe 55.16%\u3002\u4eac\u4e1c\u8d85\u5e02\u7684\u9152\u7c7b\u6570\u636e 6 \u6708 18 \u65e5\u5f00\u573a 5 \u5206\u949f \u4e2d\u9ad8\u7aef\u767d\u9152\u6210\u4ea4\u91d1\u989d\u662f\u53bb\u5e74\u540c\u671f\u7684 10 \u500d\u3002\u7ebf\u4e0a\u6e20\u9053\u7684\u731b\u5347\u6709\u529b\u63a8\u52a8\u4e86\u767d\u9152\u4f01\u4e1a\u52a8\u9500\u7684\u8fdb\u4e00\u6b65\u6062\u590d\u3002<\/p>\n

7.3 \u5206\u5b50\u7aef\u4ecd\u6709\u4e0a\u5347\u7a7a\u95f4\u00a0<\/p>\n

7.3.1 \u884c\u4e1a\u96c6\u4e2d\u5ea6\u63d0\u5347\uff0c\u9152\u4ef7\u5b58\u5728\u4e0a\u884c\u9884\u671f\u00a0<\/p>\n

\u4ea7\u80fd\u4e0b\u6ed1\uff0c\u4ea7\u9500\u7d27\u5e73\u8861\uff0c\u4ef7\u683c\u5b58\u5728\u4e0a\u5347\u9884\u671f\u30022007 \u5e74\u6211\u56fd\u767d\u9152\u65b0\u589e\u4e86 518.2 \u4e07\u5428\u4ea7\u80fd\uff0c2018 \u5e74\u4ec5\u65b0\u589e 34 \u4e07\u5428\u767d\u9152\u4ea7\u80fd\u3002\u767d\u9152\u4ea7\u9500\u7387\u591a\u6570\u65f6\u671f\u5728 100%\u4e0a\u4e0b\u5e73\u7a33\u6ce2\u52a8\uff0c\u59cb\u4e2d\u7ef4\u6301\u7d27\u5e73\u8861\uff0c\u4f46\u7531\u4e8e\u65b0\u589e\u4ea7\u80fd\u6295\u653e\u7684\u51cf\u5c11\uff0c \u672a\u6765\u9700\u6c42\u56de\u5347\u5c06\u5e26\u52a8\u4ef7\u683c\u4e0a\u6da8\u3002<\/p>\n

\u884c\u4e1a\u96c6\u4e2d\u5ea6\u8fdb\u4e00\u6b65\u63d0\u9ad8\u5e26\u6765\u4f01\u4e1a\u5229\u6da6\u7684\u5927\u5e45\u63d0\u5347\uff1a1\u3001\u767d\u9152\u89c4\u6a21\u4ee5\u4e0a\u4f01\u4e1a\u6570\u91cf\u4e0d\u65ad\u51cf\u5c11\uff0c2017-2019 \u5e74\u671f\u95f4\uff0c \u89c4\u6a21\u4ee5\u4e0a\u767d\u9152\u4f01\u4e1a\u6570\u91cf\u51cf\u5c11\u4e86 629 \u5bb6\uff0c\u51cf\u5c11\u5e45\u5ea6\u8fbe\u5230 24%\u30022\u3001\u867d\u7136\u751f\u4ea7\u4f01\u4e1a\u51cf\u5c11\uff0c\u767d\u9152\u4ea7\u91cf\u4ec5\u4e0b\u964d 0.8%\uff0c \u5355\u4f01\u4e1a\u4ea7\u91cf\u4ece 2017 \u5e74\u7684 1.86 \u4e07\u5343\u5347\u63d0\u5347\u5230 2.42 \u4e07\u5343\u5347\uff0c\u63d0\u5347\u5e45\u5ea6 30%\u30023\u3001\u89c4\u6a21\u4ee5\u4e0a\u4f01\u4e1a\u5229\u6da6\u603b\u989d\u660e\u663e\u589e \u52a0\uff0c2019 \u5e74\u76f8\u6bd4 2017 \u5e74\u589e\u52a0\u4e86 38%\uff0c\u968f\u7740\u884c\u4e1a\u96c6\u4e2d\u5ea6\u7684\u63d0\u5347\u9152\u5428\u4ef7\u4e5f\u5728\u63d0\u9ad8\u3002<\/p>\n

\u4eca\u5e74\u5e74\u521d\u53d7\u75ab\u60c5\u5f71\u54cd\uff0c\u6625\u8282\u5047\u671f\u672a\u80fd\u7ed9\u7edd\u5927\u591a\u6570\u767d\u9152\u4f01\u4e1a\u63d0\u4f9b\u4fc3\u9500\u5951\u673a\uff0c\u4e2d\u5c0f\u9152\u4f01\u6108\u53d1\u9762\u4e34\u751f\u5b58\u5371\u673a\uff0c\u6211\u4eec \u8ba4\u4e3a\uff0c\u672a\u6765\u884c\u4e1a\u96c6\u4e2d\u5ea6\u5b58\u5728\u8fdb\u4e00\u6b65\u63d0\u9ad8\u7684\u8d8b\u52bf\u3002<\/p>\n

<\/p>\n

\u9152\u54c1\u6279\u4ef7\u6301\u7eed\u8d70\u9ad8\uff0c\u5c24\u5176\u9ad8\u7aef\u9152\u8305\u53f0\u4ef7\u683c\u7ad9\u5728 2400 \u4ee5\u4e0a\uff0c\u4e3a\u4e94\u7cae\u6db2\u548c\u6cf8\u5dde\u8001\u7a96\u7684\u63d0\u4ef7\u6d41\u51fa\u7a7a\u95f4\u3002\u4e94\u7cae\u6db2\u6279 \u4ef7\u7ad9\u4e0a 950 \u5143\u5927\u5173\uff0c\u56fd\u7a96 1573 \u5728 850 \u5143\u4e0a\u4e0b\u3002\u53e6\u5916\uff0c\u9ad8\u7aef\u9152\u7684\u4ef7\u683c\u4e0a\u63a2\u4e5f\u4e3a\u6b21\u9ad8\u7aef\u9152\u8ba9\u51fa\u4ef7\u683c\u5e26\uff0c500-700 \u5143\u7684\u9152\u54c1\u6709\u63d0\u4ef7\u7a7a\u95f4\uff0c300-500 \u5143\u4ef7\u683c\u533a\u95f4\u7684\u6b21\u9ad8\u7aef\u54c1\u724c\u6709\u671b\u83b7\u5f97\u66f4\u5927\u7684\u5e02\u573a\u3002<\/p>\n

\u767d\u9152\u4f01\u4e1a\u5728\u5b8f\u89c2\u7ecf\u6d4e\u590d\u82cf\u671f\u5177\u6709\u6210\u957f\u6f5c\u529b\u3002\u75ab\u60c5\u540e\u6211\u56fd\u7ecf\u6d4e\u6062\u590d\u8f83\u597d\uff0c\u9ad8\u7aef\u767d\u9152\u6062\u590d\u4ef7\u683c\u4e0a\u6da8\u8d8b\u52bf\uff0c\u800c\u5728\u901a \u80c0\u548c\u65e0\u98ce\u9669\u5229\u7387\u5927\u8d8b\u52bf\u4e0b\u884c\u7684\u80cc\u666f\u4e0b\uff0c\u4ee5\u5e7f\u544a\u5ba3\u4f20\u548c\u5e02\u573a\u62d3\u5c55\u4e3a\u4e3b\u7684\u9500\u552e\u8d39\u7528\u3001\u804c\u5de5\u85aa\u916c\u4e3a\u4e3b\u7684\u7ba1\u7406\u8d39\u7528\u3001 \u8d22\u52a1\u8d39\u7528\u4ee5\u53ca\u539f\u6750\u6599\u6210\u672c\u7684\u4e0a\u884c\u5747\u5c06\u51cf\u7f13\uff0c\u6298\u65e7\u548c\u644a\u9500\u65b9\u5c06\u4fdd\u6301\u7a33\u5b9a\uff0c\u56e0\u6b64 \uff0c\u4ece\u957f\u671f\u6765\u770b\uff0c\u4f01\u4e1a\u7684\u81ea\u7531\u73b0 \u91d1\u6d41\uff08FCFF\uff09\u589e\u901f\u5c06\u5feb\u4e8e\u9500\u552e\u6536\u5165\u589e\u901f\u3002<\/p>\n

8. \u603b\u7ed3\u53ca\u767d\u9152\u6574\u4f53\u4f30\u503c\u63d0\u5347\u7a7a\u95f4\u9884\u6d4b<\/strong><\/p>\n

\u767d\u9152\u884c\u4e1a\u7684\u4f30\u503c\u6c34\u5e73\uff0c\u65e0\u8bba\u662f\u76f8\u5bf9\u4f30\u503c\u8fd8\u662f\u7edd\u5bf9\u4f30\u503c\u5747\u4e0e\u884c\u4e1a\u51c0\u5229\u6da6\u589e\u901f\u6c34\u5e73\u76f8\u5339\u914d\uff0c\u4e14\u4e0e\u65e0\u98ce\u9669\u6536\u76ca\u7387\u6c34 \u5e73\u76f8\u5173\u6027\u8f83\u5f3a\u3002\u65e0\u98ce\u9669\u6536\u76ca\u7387\u4e3b\u8981\u901a\u8fc7\u5f71\u54cd\u5176\u503a\u6743\u6210\u672c\u7684\u76f8\u5bf9\u4f18\u52bf\uff08\u767d\u9152\u8d1f\u503a\u7387\u4f4e\uff09\u4ee5\u53ca\u767d\u9152\u5355\u4ef7\u6765\u5f71\u54cd\u767d \u9152\u884c\u4e1a\u7684\u4f30\u503c\u6c34\u5e73\u3002\u672a\u6765\u4e09\u5e74\u767d\u9152\u884c\u4e1a\u51c0\u5229\u6da6\u5e73\u5747\u589e\u901f\u5927\u7ea6\u5728 15%\u5de6\u53f3\uff0c\u5c5e\u4e8e\u5386\u5e74\u95f4\u8f83\u4f4e\u7684\u589e\u901f\u6c34\u5e73\uff0c\u4f46\u4f30 \u503c\u6c34\u5e73\u5df2\u7ecf\u8fbe\u5230 1 \u500d\u6807\u51c6\u5dee\uff0c\u4ec5\u6b21\u4e8e 2007 \u5e74\u7684\u4f30\u503c\u6c34\u5e73\uff0c\u76f8\u5bf9\u4e07\u5f97\u5168 A \u7684\u4f30\u503c\u6c34\u5e73\u4e5f\u5df2\u7ecf\u8f83\u9ad8\uff0c\u672a\u6765\u884c\u4e1a\u4f30\u503c\u662f\u5426\u80fd\u591f\u7ee7\u7eed\u63d0\u5347\u4e3b\u8981\u53d6\u51b3\u4e8e\u5e02\u573a\u7684\u98ce\u9669\u6ea2\u4ef7\u6c34\u5e73\u3001\u65e0\u98ce\u9669\u6536\u76ca\u7387\u4ee5\u53ca\u4ea7\u54c1\u7684\u6da8\u4ef7\u9884\u671f\u3002\u6211\u4eec\u8ba4\u4e3a\uff0c\u76ee \u524d\u7684\u5e02\u573a\u98ce\u9669\u6ea2\u4ef7\u8f83\u5f80\u5e74\u591a\u4e2a\u4f4e\u4f4d\u4ecd\u6709\u4e00\u5b9a\u7a7a\u95f4\uff0c\u57fa\u4e8e\u524d\u671f\u5bbd\u677e\u7684\u8d27\u5e01\u653f\u7b56\u5bfc\u81f4\u7684\u8d27\u5e01\u8d85\u53d1\u6709\u671b\u7ee7\u7eed\u63a8\u5347\u80a1 \u6743\u5e02\u573a\u4f30\u503c\uff0c\u800c\u8fb9\u9645\u6536\u7d27\u7684\u8d27\u5e01\u653f\u7b56\u548c\u9010\u6e10\u56de\u6696\u7684\u7ecf\u6d4e\u5c06\u63d0\u5347\u5e02\u573a\u7684\u65e0\u98ce\u9669\u6536\u76ca\u7387\u6c34\u5e73\uff0c\u5728\u8fd9\u4e2a\u80cc\u666f\u4e0b\uff0c\u4ea7 \u54c1\u6da8\u4ef7\u786e\u5b9a\u6027\u589e\u5f3a\uff0c\u6839\u636e\u6211\u4eec\u63a8\u7b97\uff0c\u767d\u9152\u884c\u4e1a\u4ecd\u6709 15%\u4ee5\u4e0a\u7684\u4f30\u503c\u63d0\u5347\u7a7a\u95f4\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u5bfc\u8bed \u6211\u4eec\u8ba4\u4e3a\uff1a\u767d\u9152\u76ee\u524d\u76f8\u5bf9\u4e8e A \u80a1\u6574\u4f53\u4f30\u503c\u5df2\u7ecf\u5904\u4e8e\u8f83\u9ad8\u6c34\u5e73\uff0c\u9664\u53bb\u4ee5\u4e0a\u56e0\u7d20\u7ed9\u677f\u5757\u5e26\u6765\u4f30\u503c\u7684\u63d0\u5347\u7a7a\u95f4\u5916\uff0c\u767d\u9152\u6574 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-2717","post","type-post","status-publish","format-standard","hentry","category-7"],"_links":{"self":[{"href":"https:\/\/www.tyjzk.com\/index.php?rest_route=\/wp\/v2\/posts\/2717","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.tyjzk.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.tyjzk.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.tyjzk.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.tyjzk.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2717"}],"version-history":[{"count":0,"href":"https:\/\/www.tyjzk.com\/index.php?rest_route=\/wp\/v2\/posts\/2717\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.tyjzk.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2717"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.tyjzk.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2717"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tyjzk.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2717"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}