{"id":686,"date":"2018-06-13T10:47:26","date_gmt":"2018-06-13T02:47:26","guid":{"rendered":"http:\/\/jqnets.com\/blog\/?p=686"},"modified":"2018-06-13T10:47:26","modified_gmt":"2018-06-13T02:47:26","slug":"%e9%a2%a8%e9%9a%aa%e6%8a%95%e8%b3%87%e5%9f%ba%e9%87%91%e6%98%af%e5%a6%82%e4%bd%95%e9%81%8b%e4%bd%9c%e7%9a%84%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/jqnets.com\/blog\/%e9%a2%a8%e9%9a%aa%e6%8a%95%e8%b3%87%e5%9f%ba%e9%87%91%e6%98%af%e5%a6%82%e4%bd%95%e9%81%8b%e4%bd%9c%e7%9a%84%ef%bc%9f\/","title":{"rendered":"\u98a8\u96aa\u6295\u8cc7\u57fa\u91d1\u662f\u5982\u4f55\u904b\u4f5c\u7684\uff1f"},"content":{"rendered":"<p>\n\t\u5f9e\u8ca1\u52d9\u548c\u7a05\u52d9\u4e0a\uff0c\u98a8\u96aa\u6295\u8cc7\u548c\u50b3\u7d71\u7684\u79c1\u52df\u57fa\u91d1\u5f88\u985e\u4f3c\u3002\u4f46\u662f\u5b83\u5011\u7684\u6295\u8cc7\u5c0d\u8c61\u548c\u65b9\u5f0f\u5b8c\u5168\u4e0d\u540c\u3002\n<\/p>\n<p>\n\t&nbsp;\n<\/p>\n<p>\n\t\u79c1\u52df\u7684\u6295\u8cc7\u5c0d\u8c61\u5927\u591a\u662f\u64c1\u6709\u5927\u91cf\u8cc7\u7522\uff0c\u7279\u5225\u662f\u4e0d\u52d5\u7522\u548c\u5f88\u5f37\u7684\u73fe\u91d1\u6d41 ( Cash Flow ) \u7684\u50b3\u7d71\u4e0a\u5e02\u4f01\u696d\uff0c\u9019\u4e9b\u4f01\u696d\u6240\u5728\u7684\u5e02\u5834\u88ab\u770b\u597d\uff0c\u4f46\u662f\u9019\u4e9b\u4f01\u696d\u56e0\u70ba\u7ba1\u7406\u554f\u984c\uff0c\u4e0d\u80fd\u76c8\u5229\u3002\u79c1\u52df\u57fa\u91d1\u6536\u8cfc\u9019\u4e9b\u4f01\u696d\uff0c\u9996\u5148\u8b93\u5b83\u4e0b\u5e02\uff0c\u7136\u5f8c\u63a1\u7528\u7ba1\u7406\u5c64\u3001\u5927\u91cf\u88c1\u54e1\u3001\u51fa\u552e\u4e0d\u52d5\u7522\u7b49\u65b9\u5f0f\uff0c\u5e7e\u5e74\u5167\u5c07\u5b83\u626d\u8667\u70ba\u76c8\u3002\u9019\u6642\uff0c\u8b93\u5b83\u518d\u4e0a\u5e02\uff0c\u6bd4\u5982\u9ad8\u76db\u6536\u8cfc\u6f22\u5821\u738b\u5f8c\uff0c\u518d\u6b21\u4e0a\u5e02\uff1b\u6216\u5c07\u5b83\u51fa\u552e\uff0c\u6bd4\u5982 Hellman &amp; Friedman \u57fa\u91d1\u6536\u8cfc\u96d9\u64ca\u5ee3\u544a\u516c\u53f8\uff0c\u91cd\u7d44\u5f8c\u8ce3\u7d66 Google\u3002\n<\/p>\n<p>\n\t&nbsp;\n<\/p>\n<p>\n\t\u904b\u4f5c\u79c1\u52df\u57fa\u91d1\u8981\u6c42\u80fd\u6e96\u78ba\u5730\u5c0d\u4e00\u500b\u6709\u50f9\u503c\u4f46\u904b\u71df\u554f\u984c\u91cd\u91cd\u7684\u516c\u53f8\u4f30\u50f9\uff0c\u5982\u679c\u4f30\u50f9\u9ad8\u51fa 50%\uff0c\u53ef\u80fd\u5c31\u6c92\u6709\u9322\u8cfa\u4e86\u3002\u98a8\u96aa\u6295\u8cc7\u5247\u4e0d\u540c\uff0c\u5b83\u662f\u8ffd\u6c42\u5e7e\u500d\u3001\u5e7e\u5341\u500d\u751a\u81f3\u66f4\u591a\u7684\u56de\u5831\uff0c\u4f30\u50f9\u5dee\u51fa 50%\u554f\u984c\u4e0d\u5927\uff0c\u4f46\u662f\u770b\u932f\u4e86\u4eba\uff0c\u5247\u8981\u8840\u672c\u7121\u6b78\u3002\n<\/p>\n<p>\n\t&nbsp;\n<\/p>\n<p>\n\t\u79c1\u52df\u57fa\u91d1\u7684\u6295\u8cc7\u4ee5\u53ca\u96a8\u5f8c\u7684\u7ba1\u7406\u9084\u9700\u8981\u5177\u6709\u9ad8\u8d85\u7684\u8ac7\u5224\u6280\u5de7\u548c\u8cc7\u672c\u904b\u4f5c\u672c\u9818\uff0c\u5728\u7f8e\u570b\u6700\u95dc\u9375\u7684\u662f\u8981\u64fa\u5e73\u52de\u5de5\u554f\u984c\uff0c\u5176\u4e2d\u6700\u91cd\u8981\u7684\u662f\u85cd\u9818\u5de5\u4eba\u548c\u5de5\u6703 ( \u56e0\u70ba\u79c1\u52df\u57fa\u91d1\u4e00\u65e6\u6536\u8cfc\u4e00\u5bb6\u516c\u53f8\uff0c\u7b2c\u4e00\u4ef6\u4e8b\u60c5\u5c31\u662f\u8981\u8ce3\u5bb6\u4e0d\u826f\u8cc7\u7522\u548c\u5927\u898f\u6a21\u88c1\u54e1 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499 \u4f4d\u7684\u6295\u8cc7\u8005\uff0c\u7d44\u6210\u4e00\u500b\u6709\u9650\u8cac\u4efb\u516c\u53f8\u3002\u70ba\u4e86\u907f\u7a05\uff0c\u5728\u7f8e\u570b\u878d\u8cc7\u7684\u8cc7\u91d1\u4e00\u822c\u8a3b\u518a\u5728\u7279\u62c9\u83ef\u5dde\uff0c\u5728\u8cea\u570b\u5bb6\u6216\u5730\u5340\u878d\u8cc7\u7684\u57fa\u91d1\u8a3b\u518a\u5728\u958b\u66fc\u7fa4\u5cf6 ( Cayman Island ) \u6216\u5df4\u54c8\u99ac ( Bahamas )\u7b49\u7121\u4f01\u696d\u7a05\u7684\u570b\u5bb6\u548c\u5730\u5340\u3002\n<\/p>\n<p>\n\t&nbsp;\n<\/p>\n<p>\n\t\u70ba\u4ec0\u9ebc\u4e0d\u80fd\u8d85\u904e 499 \u4eba\u5462\uff1f\u56e0\u70ba\u6839\u64da\u7f8e\u570b\u6cd5\u5f8b\u898f\u5b9a\uff0c\u4e00\u65e6\u4e00\u5bb6\u516c\u53f8\u7684\u80a1\u6771\u8d85\u904e 500 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\u5104\u7f8e\u5143\u5de6\u53f3\uff0c\u56e0\u6b64\uff0c\u5b83\u6703\u8981\u6c42\u6bcf\u500b\u6295\u8cc7\u4eba\u81f3\u5c11\u6295\u5165 200 \u842c\u7f8e\u5143\u3002\u986f\u7136\uff0c\u53ea\u6709\u6a5f\u69cb\u548c\u975e\u5e38\u5bcc\u6709\u7684\u500b\u4eba\u624d\u62ff\u5f97\u51fa\u3002\n<\/p>\n<p>\n\t&nbsp;\n<\/p>\n<ol start=\"4\">\n<li>\n<p>\n\t\t\t\u8fd4\u9084\u671f\u9650\n\t\t<\/p>\n<\/li>\n<\/ol>\n<p>\n\t&nbsp;\n<\/p>\n<p>\n\t\u901a\u5e38\u7f8e\u570b\u7684\u57fa\u91d1\u662f 7 + 3\uff0c\u4e5f\u5c31\u662f\u4e03\u9b41\u7684\u6642\u9593\u5168\u90e8\u8fd4\u9084\uff0c\u4f46\u662f\u57fa\u91d1\u6709\u6b0a\u5229\u8981\u6c42\u4e00\u4e9b\u6295\u8cc7\u9805\u76ee\u5ef6\u9577\u4e09\u5e74\u6642\u9593\u3002\u70ba\u4ec0\u9ebc\u8981\u5b9a\u9019\u500b\u8fd4\u9084\u6642\u9593\u5462\uff1f\u56e0\u70ba\u6015\u57fa\u91d1\u62ff\u4e86\u6295\u8cc7\u4eba\u7684\u9322\u6c38\u9060\u4e0d\u9084\u3002\n<\/p>\n<p>\n\t&nbsp;\n<\/p>\n<p>\n\t\u4e0d\u904e\uff0c\u5728\u57fa\u91d1\u8fd4\u9084\u7684\u671f\u9650\u5167\uff0c\u6295\u8cc7\u4eba\u7684\u9322\u901a\u5e38\u62ff\u4e0d\u56de\u4f86\uff0c\u9664\u975e\u67d0\u4e9b\u6295\u8cc7\u7684\u516c\u53f8\u4e0a\u5e02\u4e86\uff0c\u6216\u8005\u88ab\u6536\u8cfc\u4e86\u3002\u90a3\u9ebc\u9019\u6642\uff0c\u76f8\u61c9\u7684\u6295\u8cc7\u5728\u6263\u9664\u7ba1\u7406\u8cbb\u548c\u57fa\u91d1\u6240\u62ff\u7684\u5229\u6f64\u5f8c\uff0c\u6703\u7acb\u5373\u8fd4\u9084\u7d66\u6295\u8cc7\u4eba\uff0c\u6700\u5f8c\u7684\u60c5\u6cc1\u662f\uff0c\u6295\u8cc7\u4eba\u628a\u9322\u7d66\u98a8\u96aa\u57fa\u91d1\uff0c10 \u5e74\u5167\u4e00\u5206\u9322\u90fd\u52d5\u4e0d\u4e86\u3002\n<\/p>\n<p>\n\t&nbsp;\n<\/p>\n<p>\n\t&nbsp;\n<\/p>\n<ol start=\"5\">\n<li>\n<p>\n\t\t\t\u7ba1\u7406\u8cbb\u548c\u5229\u6f64\u5206\u914d\u6bd4\u4f8b\n\t\t<\/p>\n<\/li>\n<\/ol>\n<p>\n\t&nbsp;\n<\/p>\n<p>\n\t\u901a\u5e38\uff0c\u57fa\u91d1\u6703\u6bcf\u5e74\u6536 2% \u7684\u7ba1\u7406\u8cbb\uff0c\u53e6\u5916\u5982\u679c\u6295\u8cc7\u6709\u4e86\u5229\u6f64\uff0c\u90a3\u9ebc\u51fa\u8cc7\u4eba\u62ff 80%\uff0c\u57fa\u91d1\u62ff 20%\u3002\u4e2d\u570b\u7684\u5927\u90e8\u4efd\u98a8\u96aa\u6295\u8cc7\u57fa\u91d1\u662f\u5728\u8ce0\u9322\uff0c\u4f46\u662f\u7ba1\u7406\u57fa\u91d1\u7684\u4eba\u53ef\u4e0d\u8ce0\u9322\uff0c\u4ed6\u5011\u6703\u65f1\u6f87\u4fdd\u6536\u5730\u6bcf\u5e74\u6536\u53d6 2% \u7684\u7ba1\u7406\u8cbb\u3002\u4e0d\u8981\u5c0f\u770b\u4e86\u6bcf\u5e74\u6536\u53d6\u7684 2%\uff0c10 \u5e74\u5c31\u662f 20 %\u3002\u5982\u679c\u4f60\u7d66\u4e86\u67d0\u500b\u57fa\u91d1 100 \u842c\u505a\u98a8\u96aa\u6295\u8cc7\uff0c\u5176\u4e2d 20 % \u90fd\u662f\u4ea4\u4e86\u7ba1\u7406\u8cbb\uff0c\u53ea\u6709 80 % \u771f\u6b63\u7528\u65bc\u6295\u8cc7\u4e86\u3002\n<\/p>\n<p>\n\t&nbsp;\n<\/p>\n<p>\n\t\u98a8\u96aa\u6295\u8cc7\u57fa\u91d1\u548c\u5404\u7a2e\u79c1\u52df\u57fa\u91d1\u4e4b\u6240\u4ee5\u8981\u62ff\u6bd4\u8f03\u9ad8\u7684\u7ba1\u7406\u8cbb\uff0c\u56e0\u70ba\u5b83\u5011\u7684\u6295\u8cc7\u7684\u6210\u672c\uff0c\u7279\u5225\u662f\u505a\u6295\u8cc7\u7814\u7a76\u548c\u76e1\u8077\u8abf\u67e5 ( Due Diligence\uff0c\u7c21\u7a31 DD ) \u7684\u6210\u672c\u5f88\u9ad8\u3002\u6bcf\u5e74 2% \u7684\u7ba1\u7406\u8cbb\uff0c\u4e5f\u53ea\u5920\u57fa\u91d1\u5de5\u4f5c\u4eba\u54e1\u51fa\u5dee\uff0c\u8fa6\u516c\u548c\u767c\u57fa\u672c\u5de5\u8cc7\u3002\n<\/p>\n<p>\n\t&nbsp;\n<\/p>\n<p>\n\t\u90a3\u9ebc\u57fa\u91d1\u7684\u7ba1\u7406\u4eba\u9760\u4ec0\u9ebc\u8cfa\u9322\u5462\uff1f\u5982\u679c\u6295\u8cc7\u6709\u6536\u76ca\uff0c\u57fa\u91d1\u9084\u8981\u62ff\u8d70 20%\uff0c\u51fa\u8cc7\u4eba\u53ea\u80fd\u62ff\u5230 80%\u3002\u5982\u679c\u6211\u5011\u5047\u8a2d\u6bcf\u5e74\u7684\u6536\u76ca\u662f 10%\uff0c\u4e5f\u5c31\u662f\u8aaa\u57fa\u91d1\u8981\u518d\u62ff\u8d70 2%\u3002\u5047\u8a2d\u7ba1\u7406\u8cbb\u662f 2%\uff0c\u5176\u5be6\u57fa\u91d1\u62ff\u8d70\u4e86 4%\uff0c\u4f60\u53ea\u7372\u5f97 6%\u3002\n<\/p>\n<p>\n\t&nbsp;\n<\/p>\n<p>\n\t\u7576\u7136\uff0c\u5982\u679c\u57fa\u91d1\u80fd\u505a\u5230 15% \u7684\u5e74\u5316\u56de\u5831\uff0c\u90a3\u9ebc\u6263\u9664\u7ba1\u7406\u8cbb\u548c\u57fa\u91d1\u5206\u7d05\u90e8\u4efd\uff0c\u51fa\u8cc7\u4eba\u4f9d\u7136\u80fd\u7372\u5f97 10% \u7684\u56de\u5831\uff0c\u5c31\u6bd4\u80a1\u5e02\u8981\u9ad8\u4e86\u3002\n<\/p>\n<p>\n\t&nbsp;\n<\/p>\n<p>\n\t\u56e0\u6b64\u5c0d\u8207\u53c3\u8207\u98a8\u96aa\u6295\u8cc7\u7684\u4eba\u4f86\u8b1b\uff0c\u9664\u4e86\u627e\u5230\u4e86\u5f88\u597d\u7684\u57fa\u91d1\uff0c\u5426\u5247\u4e0d\u503c\u5f97\u53c3\u8207\u3002\u51f1\u9d6c\u83ef\u76c8\u5728\u904e\u53bb\u7684\u56db\u5341\u591a\u5e74\u88e1\u5404\u671f\u57fa\u91d1\u5e73\u5747\u505a\u5230\u4e86 40% \u591a\u7684\u5e74\u5316\u6536\u76ca\uff0c\u56e0\u70ba\u5c31\u975e\u5e38\u503c\u5f97\u53c3\u8207\u9032\u53bb\uff0c\u4f46\u662f\u5b83\u4e26\u4e0d\u662f\u6240\u6709\u4eba\u7684\u9322\u90fd\u8981\uff0c\u800c\u662f\u975e\u5e38\u6311\u301d\u9322\u301e\u3002\n<\/p>\n<p>\n\t&nbsp;\n<\/p>\n<p>\n\t\u53c3\u8207\u98a8\u96aa\u6295\u8cc7\u7684\u4eba\u88ab\u7a31\u70ba\u6709\u9650\u5408\u4f19\u4eba ( LP )\uff0c\u4e4b\u6240\u4ee5\u8aaa\u6709\u9650\uff0c\u662f\u56e0\u70ba\u4ed6\u5011\u4e0d\u9700\u8981\u627f\u64d4\u6295\u8cc7\u5931\u6557\u7684\u9023\u5e36\u8cac\u4efb\uff0c\u5927\u4e0d\u4e86\u81ea\u5df1\u7684\u9322\u8ce0\u5149\u4e86\u5c31\u5b8c\u4e86\uff0c\u7576\u7136\uff0c\u4ed6\u5011\u4e5f\u4e0d\u53c3\u8207\u98a8\u96aa\u6295\u8cc7\u7684\u7ba1\u7406\u3002\u570b\u5167\u4e00\u4e9b\u51fa\u8cc7\u4eba\u8a66\u5716\u901a\u904e\u63d0\u4f9b\u8cc7\u91d1\u53c3\u8207\u57fa\u91d1\u7684\u7ba1\u7406\uff0c\u9019\u5728\u6b63\u898f\u7684\u98a8\u96aa\u6295\u8cc7\u7ba1\u7406\u4e2d\u662f\u4e0d\u5141\u8a31\u7684\uff0c\u9019\u5c31\u5982\u540c\u75c5\u4eba\u7d66\u91ab\u751f\u63d0\u958b\u85e5\u7684\u5efa\u8b70\u4e00\u6a23\u3002\u7b54\u61c9\u9019\u7a2e\u8981\u6c42\u7684\u57fa\u91d1\u901a\u5e38\u662f\u878d\u4e0d\u5230\u9322\u3001\u4e0d\u6b63\u898f\u7684\u57fa\u91d1\uff0c\u628a\u9322\u4ea4\u7d66\u4ed6\u5011\uff0c\u5927\u90e8\u4efd\u60c5\u6cc1\u9322\u5c31\u6253\u6c34\u6f02\u4e86\u3002\n<\/p>\n<p>\n\t&nbsp;\n<\/p>\n<p>\n\t\u98a8\u96aa\u6295\u8cc7\u8cc7\u91d1\u7684\u7ba1\u7406\u8005\u88ab\u7a31\u70ba\u666e\u901a\u5408\u4f19\u4eba GP ( General Partner )\u3002\u95dc\u65bc GP \u8981\u660e\u78ba\u5169\u4ef6\u4e8b\u3002\u9996\u5148\uff0cGeneral \u662f\u6307\u300c\u6574\u9ad4\u300d\u7684\u610f\u601d\uff1b\u5176\u6b21\uff0cGP \u4e0d\u662f\u6307\u4e00\u500b\u4eba\uff0c\u800c\u662f\u57fa\u91d1\u7684\u6cd5\u4eba\u4e3b\u9ad4\uff0c\u6216\u8005\u8aaa\u4e00\u7fa4\u4eba\u7684\u6574\u9ad4\u3002\u4ed6\u5011\u9664\u4e86\u8981\u7ba1\u7406\u57fa\u91d1\u505a\u6295\u8cc7\uff0c\u51fa\u4e86\u554f\u984c\u4ed6\u5011\u9084\u8981\u8ca0\u8cac\u4efb\u3002\u6bd4\u5982\u8aaa\uff0c\u8aaa\u597d\u4e86\u57fa\u91d1\u662f\u6295\u665a\u671f\u7684\u9805\u76ee\uff0c\u7d50\u679c GP \u6295\u8cc7\u4e86\u4e00\u500b\u975e\u5e38\u65e9\u671f\u7684\u9805\u76ee\uff0c\u5982\u679c\u9019\u500b\u9805\u76ee\u6295\u8cc7\u5931\u6557\uff0c\u51fa\u8cc7\u4eba\u5176\u5be6\u662f\u53ef\u4ee5\u8ffd\u7a76\u4ed6\u5011\u8cac\u4efb\u7684\u3002\u56e0\u6b64\uff0c\u505a\u57fa\u91d1\u7684\u4eba\u8981\u975e\u5e38\u975e\u5e38\u5b88\u7d00\u5f8b\u3002\n<\/p>\n<p>\n\t&nbsp;\n<\/p>\n<p>\n\t\u5728\u57fa\u91d1\u4e2d\uff0c\u6709\u5404\u7a2e\u5404\u6a23\u7684\u5de5\u4f5c\u4eba\u54e1\uff0c\u5f88\u591a\u6642\u5019\u5916\u754c\u7a31\u4ed6\u5011\u70ba\u57fa\u91d1\u7d93\u7406\uff0c\u5176\u4e2d\u7d1a\u5225\u6700\u9ad8\u7684\u7a31\u70ba\u5408\u4f19\u4eba\uff0c\u9019\u4e9b\u5408\u4f19\u4eba\u4e0d\u50c5\u5c64\u7d1a\u9ad8\uff0c\u9084\u6703\u62ff\u8d70\u57fa\u91d1\u5927\u90e8\u4efd\u7684\u5229\u6f64\u3002\u5728\u6295\u8cc7\u5708\u88e1\uff0cVP\uff0c\u5373\u526f\u7e3d\u88c1\u9019\u500b\u8a5e\u4e26\u4e0d\u4ee3\u8868\u5f88\u9ad8\u7684\u8077\u4f4d\uff0c\u901a\u5e38\u662f\u6709\u6c7a\u7b56\u6b0a\u7684\u4e00\u7dda\u7d93\u7406\uff0c\u7ba1\u7406\u975e\u5e38\u5c0f\u7684\u5718\u968a\u3002\n<\/p>\n<p>\n\t&nbsp;\n<\/p>\n<p>\n\t\u5728\u6295\u8cc7\u9280\u884c\u88e1\uff0c\u771f\u6b63\u7ba1\u4e8b\u7684\u5c31 MD ( Managing Director )\uff0c\u4ed6\u5011\u76f8\u7576\u65bc\u4e00\u822c\u79d1\u6280\u516c\u53f8\u4e2d\u771f\u6b63\u7684\u526f\u7e3d\u88c1\u6216\u8005\u90e8\u9580\u7684\u7e3d\u7d93\u7406\u3002\u5230 2017 \u5e74\uff0c\u9ad8\u76db\u4e00\u5171\u6709 510 \u540d MD\u3002\u5728\u6295\u8cc7\u9280\u884c\u88e1\uff0c\u5730\u4f4d\u6bd4 MD \u66f4\u9ad8\u7684\u4e5f\u662f\u5408\u4f19\u4eba\uff0c\u6bd4\u5982\u9ad8\u76db\u5230 2016 \u5e74\u6709 84 \u4f4d\u5408\u4f19\u4eba\u3002\u7576\u7136\uff0c\u5408\u4f19\u4eba\u540d\u55ae\u548c MD \u7684\u540d\u55ae\u672a\u5fc5\u91cd\u5408\uff0c\u4e00\u4e9b\u5408\u4f19\u4eba\u53ea\u662f\u8cc7\u683c\u8001\u3001\u5730\u4f4d\u9ad8\u3001\u53c3\u8207\u5206\u7d05\u591a\uff0c\u4f46\u5df2\u7d93\u4e0d\u7ba1\u5177\u9ad4\u7684\u4e8b\u7269\u4e86\u3002\n<\/p>\n<p>\n\t&nbsp;\n<\/p>\n<p>\n\t\u5728\u98a8\u96aa\u6295\u8cc7\u57fa\u91d1\u4e2d\uff0c\u4eba\u54e1\u7684\u8077\u7d1a\u548c\u7ba1\u7406\u7684\u6b0a\u9650\u548c\u91d1\u878d\u516c\u53f8\u6c92\u6709\u592a\u5927\u7684\u5340\u5225\uff0c\u8077\u4f4d\u6700\u9ad8\u7684\u4e5f\u662f\u57fa\u91d1\u7684\u5408\u4f19\u4eba\uff0c\u4f46\u662f\u56e0\u70ba\u6bcf\u500b\u57fa\u91d1\u7684\u4eba\u6578\u4e0d\u662f\u5f88\u591a\uff0c\u56e0\u6b64\u7ba1\u7406\u8077\u7d1a\u6bd4\u8f03\u6241\u5e73\uff0c\u5f7c\u6b64\u4e4b\u9593\u6bd4\u8f03\u5e73\u7b49\uff0c\u9019\u548c\u6295\u8cc7\u9280\u884c\u301d\u5b98\u5927\u4e00\u7d1a\u58d3\u6b7b\u4eba\u301e\u7684\u60c5\u6cc1\u4e0d\u540c\u3002\n<\/p>\n<p>\n\t&nbsp;\n<\/p>\n<p>\n\t\u53e6\u5916\uff0c\u6bcf\u4e00\u500b\u9805\u76ee\u7684\u6295\u8cc7\u6703\u6709\u5c08\u4eba\u8ca0\u8cac\uff0c\u96d6\u7136\u6c7a\u7b56\u5e38\u5e38\u662f\u5927\u5bb6\u8a0e\u8ad6\uff0c\u4f46\u662f\u9019\u500b\u8ca0\u8cac\u4eba\u6709\u6bd4\u8f03\u5927\u7684\u767c\u8a00\u6b0a\u3002\u9019\u500b\u4eba\u5982\u679c\u6295\u8cc7\u6210\u529f\uff0c\u5206\u5f97\u7684\u5229\u6f64\u7576\u7136\u4e5f\u6703\u591a\u4e00\u4e9b\u3002\n<\/p>\n<p>\n\t&nbsp;\n<\/p>\n<p>\n\t\u4e86\u89e3\u98a8\u96aa\u6295\u8cc7\u57fa\u91d1\u5927\u81f4\u7684\u904b\u4f5c\u65b9\u5f0f\u5f8c\uff0c\u6211\u5011\u660e\u5929\u7528\u4e00\u500b\u6848\u4f8b\u4f86\u8aaa\u660e\u6295\u8cc7\u662f\u5982\u4f55\u9054\u6210\u7684\u3002\n<\/p>\n<p>\n\t&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u5f9e\u8ca1\u52d9\u548c\u7a05\u52d9\u4e0a\uff0c\u98a8\u96aa\u6295\u8cc7\u548c\u50b3\u7d71\u7684\u79c1\u52df\u57fa\u91d1\u5f88\u985e\u4f3c\u3002\u4f46\u662f\u5b83\u5011\u7684\u6295\u8cc7\u5c0d\u8c61\u548c\u65b9\u5f0f\u5b8c\u5168\u4e0d\u540c\u3002 &nbsp; \u79c1\u52df\u7684\u6295\u8cc7\u5c0d\u8c61\u5927\u591a\u662f\u64c1\u6709\u5927\u91cf\u8cc7\u7522\uff0c\u7279\u5225\u662f\u4e0d\u52d5\u7522\u548c\u5f88\u5f37\u7684\u73fe\u91d1\u6d41 ( Cash Flow ) \u7684\u50b3\u7d71\u4e0a\u5e02\u4f01\u696d\uff0c\u9019\u4e9b\u4f01\u696d\u6240\u5728\u7684\u5e02\u5834\u88ab\u770b\u597d\uff0c\u4f46\u662f\u9019\u4e9b\u4f01\u696d\u56e0\u70ba\u7ba1\u7406\u554f\u984c\uff0c\u4e0d\u80fd\u76c8\u5229\u3002\u79c1\u52df\u57fa\u91d1\u6536\u8cfc\u9019\u4e9b\u4f01\u696d\uff0c\u9996\u5148\u8b93\u5b83\u4e0b\u5e02\uff0c\u7136\u5f8c\u63a1\u7528\u7ba1\u7406\u5c64\u3001\u5927\u91cf\u88c1\u54e1\u3001\u51fa\u552e\u4e0d\u52d5\u7522\u7b49\u65b9\u5f0f\uff0c\u5e7e\u5e74\u5167\u5c07\u5b83\u626d\u8667\u70ba\u76c8\u3002\u9019\u6642\uff0c\u8b93\u5b83\u518d\u4e0a\u5e02\uff0c\u6bd4\u5982\u9ad8\u76db\u6536\u8cfc\u6f22\u5821\u738b\u5f8c\uff0c\u518d\u6b21\u4e0a\u5e02\uff1b\u6216\u5c07\u5b83\u51fa\u552e\uff0c\u6bd4\u5982 Hellman &amp; Friedman \u57fa\u91d1\u6536\u8cfc\u96d9\u64ca\u5ee3\u544a\u516c\u53f8 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