{"id":73578,"date":"2025-07-31T20:05:26","date_gmt":"2025-07-31T11:05:26","guid":{"rendered":"https:\/\/monolith.law\/zh-tw\/?p=73578"},"modified":"2025-09-28T12:20:14","modified_gmt":"2025-09-28T03:20:14","slug":"treasury-stock-japan","status":"publish","type":"post","link":"https:\/\/monolith.law\/zh-tw\/general-corporate\/treasury-stock-japan","title":{"rendered":"\u5728\u65e5\u672c\u516c\u53f8\u6cd5\u4e2d\u5c0d\u65bc\u81ea\u5df1\u80a1\u4efd\u7684\u53d6\u5f97\u8207\u6d88\u6ec5"},"content":{"rendered":"\n<p>\u5728\u65e5\u672c\u516c\u53f8\u6cd5\uff08\u5e73\u621017\u5e74(2005\u5e74)\u6cd5\u5f8b\u7b2c86\u53f7\uff09\u4e0b\uff0c\u81ea\u5df1\u80a1\u4efd\u7684\u6982\u5ff5\u5c0d\u65bc\u4f01\u696d\u7684\u8ca1\u52d9\u7b56\u7565\u548c\u63d0\u5347\u80a1\u6771\u50f9\u503c\u626e\u6f14\u8457\u6975\u5176\u91cd\u8981\u7684\u89d2\u8272\u3002\u6240\u8b02\u81ea\u5df1\u80a1\u4efd\uff0c\u662f\u6307\u80a1\u4efd\u516c\u53f8\u8cfc\u8cb7\u4e26\u6301\u6709\u81ea\u5df1\u767c\u884c\u7684\u80a1\u4efd\u3002\u5728\u65e5\u672c\u904e\u53bb\u7684\u820a\u5546\u6cd5\u4e0b\uff0c\u7531\u65bc\u64d4\u5fc3\u53ef\u80fd\u6703\u5371\u53ca\u516c\u53f8\u7684\u8ca1\u7522\u57fa\u790e\uff0c\u539f\u5247\u4e0a\u7981\u6b62\u4e86\u81ea\u5df1\u80a1\u4efd\u7684\u8cfc\u8cb7\u3002\u9019\u4e00\u898f\u5b9a\u6df1\u690d\u65bc\u4fdd\u5b88\u7684\u6cd5\u5f8b\u5236\u5ea6\u8a2d\u8a08\u4e4b\u4e2d\uff0c\u65e8\u5728\u9632\u6b62\u516c\u53f8\u8a2d\u7acb\u6642\u7e73\u7d0d\u7684\u8cc7\u672c\u8f15\u6613\u6d41\u5931\uff0c\u7dad\u6301\u516c\u53f8\u7684\u8ca1\u7522\u57fa\u790e\uff0c\u5373\u6240\u8b02\u7684\u300c\u8cc7\u672c\u5145\u8db3\u7dad\u6301\u539f\u5247\u300d\u3002<\/p>\n\n\n\n<p>\u7136\u800c\uff0c\u96a8\u84572001\u5e74\u5546\u6cd5\u7684\u4fee\u6b63\uff0c\u4ee5\u53ca\u73fe\u884c\u7684\u516c\u53f8\u6cd5\u7684\u5236\u5b9a\uff0c\u81ea\u5df1\u80a1\u4efd\u7684\u53d6\u5f97\u548c\u6301\u6709\u539f\u5247\u4e0a\u8b8a\u5f97\u81ea\u7531\u5316\uff0c\u6210\u70ba\u73fe\u4ee3\u4f01\u696d\u7d93\u71df\u4e2d\u4e00\u9805\u91cd\u8981\u7684\u9748\u6d3b\u8cc7\u672c\u653f\u7b56\u5de5\u5177\u3002\u9019\u6b21\u6cd5\u5f8b\u7684\u6539\u9769\u4e0d\u50c5\u50c5\u662f\u6280\u8853\u6027\u7684\u8b8a\u66f4\uff0c\u5b83\u53cd\u6620\u4e86\u65e5\u672c\u4f01\u696d\u5728\u5168\u7403\u7af6\u722d\u74b0\u5883\u4e2d\u8ffd\u6c42\u66f4\u9748\u6d3b\u8ca1\u52d9\u7b56\u7565\u7684\u8feb\u5207\u9700\u8981\uff0c\u4ee5\u53ca\u73fe\u4ee3\u7d93\u71df\u76ee\u6a19\u4e2d\u8d8a\u4f86\u8d8a\u91cd\u8996\u80a1\u6771\u50f9\u503c\u6700\u5927\u5316\u7684\u8da8\u52e2\u3002\u5728\u6b50\u7f8e\u570b\u5bb6\uff0c\u81ea\u5df1\u80a1\u4efd\u7684\u8cfc\u8cb7\u4e00\u76f4\u662f\u4e00\u7a2e\u5e38\u898b\u7684\u80a1\u6771\u56de\u5831\u7b56\u7565\uff0c\u4e26\u5ee3\u6cdb\u7528\u65bcM&amp;A\uff08\u5408\u4f75\u8207\u6536\u8cfc\uff09\u548c\u54e1\u5de5\u6fc0\u52f5\u3002\u65e5\u672c\u7684\u6cd5\u5f8b\u6539\u9769\u53ef\u4ee5\u88ab\u89e3\u91cb\u70ba\u8207\u570b\u969b\u4f01\u696d\u6163\u4f8b\u4fdd\u6301\u4e00\u81f4\uff0c\u63d0\u9ad8\u65e5\u672c\u4f01\u696d\u7af6\u722d\u529b\u7684\u91cd\u8981\u6b65\u9a5f\u3002\u63db\u53e5\u8a71\u8aaa\uff0c\u9019\u6b21\u6cd5\u5f8b\u6539\u9769\u662f\u65e5\u672c\u7d93\u6fdf\u6574\u9ad4\u7684\u4f01\u696d\u6cbb\u7406\uff08Corporate Governance\uff09\u548c\u8cc7\u672c\u5e02\u5834\u6210\u719f\u5316\u7684\u66f4\u6df1\u5c64\u8da8\u52e2\u7684\u4e00\u90e8\u5206\u3002\u672c\u6587\u5c07\u8a73\u7d30\u89e3\u91cb\u65e5\u672c\u516c\u53f8\u6cd5\u898f\u5b9a\u7684\u81ea\u5df1\u80a1\u4efd\u7684\u53d6\u5f97\u8207\u6d88\u6ec5\uff0c\u5176\u76ee\u7684\uff0c\u4ee5\u53ca\u6cd5\u5f8b\u8981\u6c42\u548c\u7a0b\u5e8f\u3002<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_53 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/monolith.law\/zh-tw\/general-corporate\/treasury-stock-japan\/#%E6%97%A5%E6%9C%AC%E4%BC%81%E6%A5%AD%E8%87%AA%E8%B3%BC%E8%82%A1%E4%BB%BD%E7%9A%84%E7%9B%AE%E7%9A%84\" title=\"\u65e5\u672c\u4f01\u696d\u81ea\u8cfc\u80a1\u4efd\u7684\u76ee\u7684\">\u65e5\u672c\u4f01\u696d\u81ea\u8cfc\u80a1\u4efd\u7684\u76ee\u7684<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/monolith.law\/zh-tw\/general-corporate\/treasury-stock-japan\/#%E6%97%A5%E6%9C%AC%E8%87%AA%E8%BA%AB%E8%82%A1%E4%BB%BD%E5%8F%96%E5%BE%97%E7%9A%84%E6%B3%95%E5%BE%8B%E8%A6%81%E6%B1%82%E8%88%87%E7%A8%8B%E5%BA%8F\" title=\"\u65e5\u672c\u81ea\u8eab\u80a1\u4efd\u53d6\u5f97\u7684\u6cd5\u5f8b\u8981\u6c42\u8207\u7a0b\u5e8f\">\u65e5\u672c\u81ea\u8eab\u80a1\u4efd\u53d6\u5f97\u7684\u6cd5\u5f8b\u8981\u6c42\u8207\u7a0b\u5e8f<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/monolith.law\/zh-tw\/general-corporate\/treasury-stock-japan\/#%E6%97%A5%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%B3%95%E4%B8%8B%E7%9A%84%E8%B2%A1%E6%BA%90%E8%A6%8F%E5%88%B6%E5%8E%9F%E5%89%87%E8%88%87%E5%8F%AF%E5%88%86%E9%85%8D%E9%87%91%E9%A1%8D\" title=\"\u65e5\u672c\u516c\u53f8\u6cd5\u4e0b\u7684\u8ca1\u6e90\u898f\u5236\u539f\u5247\u8207\u53ef\u5206\u914d\u91d1\u984d\">\u65e5\u672c\u516c\u53f8\u6cd5\u4e0b\u7684\u8ca1\u6e90\u898f\u5236\u539f\u5247\u8207\u53ef\u5206\u914d\u91d1\u984d<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/monolith.law\/zh-tw\/general-corporate\/treasury-stock-japan\/#%E8%88%87%E8%82%A1%E6%9D%B1%E9%81%94%E6%88%90%E5%90%88%E6%84%8F%E7%9A%84%E5%8F%96%E5%BE%97%EF%BC%88%E5%8C%85%E6%8B%AC%E5%B8%82%E5%A0%B4%E4%BA%A4%E6%98%93%E7%AD%89%EF%BC%89\" title=\"\u8207\u80a1\u6771\u9054\u6210\u5408\u610f\u7684\u53d6\u5f97\uff08\u5305\u62ec\u5e02\u5834\u4ea4\u6613\u7b49\uff09\">\u8207\u80a1\u6771\u9054\u6210\u5408\u610f\u7684\u53d6\u5f97\uff08\u5305\u62ec\u5e02\u5834\u4ea4\u6613\u7b49\uff09<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/monolith.law\/zh-tw\/general-corporate\/treasury-stock-japan\/#%E8%82%A1%E6%9D%B1%E5%A4%A7%E6%9C%83%E6%B1%BA%E8%AD%B0%EF%BC%88%E6%97%A5%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%B3%95%E7%AC%AC156%E6%A2%9D%EF%BC%89\" title=\"\u80a1\u6771\u5927\u6703\u6c7a\u8b70\uff08\u65e5\u672c\u516c\u53f8\u6cd5\u7b2c156\u689d\uff09\">\u80a1\u6771\u5927\u6703\u6c7a\u8b70\uff08\u65e5\u672c\u516c\u53f8\u6cd5\u7b2c156\u689d\uff09<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/monolith.law\/zh-tw\/general-corporate\/treasury-stock-japan\/#%E8%91%A3%E4%BA%8B%E6%9C%83%E6%B1%BA%E8%AD%B0%EF%BC%88%E6%97%A5%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%B3%95%E7%AC%AC157%E6%A2%9D%EF%BC%89\" title=\"\u8463\u4e8b\u6703\u6c7a\u8b70\uff08\u65e5\u672c\u516c\u53f8\u6cd5\u7b2c157\u689d\uff09\">\u8463\u4e8b\u6703\u6c7a\u8b70\uff08\u65e5\u672c\u516c\u53f8\u6cd5\u7b2c157\u689d\uff09<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/monolith.law\/zh-tw\/general-corporate\/treasury-stock-japan\/#%E5%90%91%E8%82%A1%E6%9D%B1%E7%9A%84%E9%80%9A%E7%9F%A5%E3%83%BB%E5%85%AC%E5%91%8A%E5%92%8C%E8%BD%89%E8%AE%93%E7%94%B3%E8%AB%8B%EF%BC%88%E6%97%A5%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%B3%95%E7%AC%AC158%E6%A2%9D%E3%80%81%E7%AC%AC159%E6%A2%9D%EF%BC%89\" title=\"\u5411\u80a1\u6771\u7684\u901a\u77e5\u30fb\u516c\u544a\u548c\u8f49\u8b93\u7533\u8acb\uff08\u65e5\u672c\u516c\u53f8\u6cd5\u7b2c158\u689d\u3001\u7b2c159\u689d\uff09\">\u5411\u80a1\u6771\u7684\u901a\u77e5\u30fb\u516c\u544a\u548c\u8f49\u8b93\u7533\u8acb\uff08\u65e5\u672c\u516c\u53f8\u6cd5\u7b2c158\u689d\u3001\u7b2c159\u689d\uff09<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/monolith.law\/zh-tw\/general-corporate\/treasury-stock-japan\/#%E5%B8%82%E5%A0%B4%E4%BA%A4%E6%98%93%E3%83%BB%E5%85%AC%E9%96%8B%E6%94%B6%E8%B3%BC\" title=\"\u5e02\u5834\u4ea4\u6613\u30fb\u516c\u958b\u6536\u8cfc\">\u5e02\u5834\u4ea4\u6613\u30fb\u516c\u958b\u6536\u8cfc<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/monolith.law\/zh-tw\/general-corporate\/treasury-stock-japan\/#%E5%BE%9E%E7%89%B9%E5%AE%9A%E8%82%A1%E6%9D%B1%E8%99%95%E5%8F%96%E5%BE%97%E8%82%A1%E4%BB%BD\" title=\"\u5f9e\u7279\u5b9a\u80a1\u6771\u8655\u53d6\u5f97\u80a1\u4efd\">\u5f9e\u7279\u5b9a\u80a1\u6771\u8655\u53d6\u5f97\u80a1\u4efd<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/monolith.law\/zh-tw\/general-corporate\/treasury-stock-japan\/#%E8%82%A1%E6%9D%B1%E5%A4%A7%E6%9C%83%E7%9A%84%E7%89%B9%E5%88%A5%E6%B1%BA%E8%AD%B0%EF%BC%88%E6%97%A5%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%B3%95%E7%AC%AC160%E6%A2%9D%EF%BC%89\" title=\"\u80a1\u6771\u5927\u6703\u7684\u7279\u5225\u6c7a\u8b70\uff08\u65e5\u672c\u516c\u53f8\u6cd5\u7b2c160\u689d\uff09\">\u80a1\u6771\u5927\u6703\u7684\u7279\u5225\u6c7a\u8b70\uff08\u65e5\u672c\u516c\u53f8\u6cd5\u7b2c160\u689d\uff09<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/monolith.law\/zh-tw\/general-corporate\/treasury-stock-japan\/#%E8%B3%A3%E6%96%B9%E8%BF%BD%E5%8A%A0%E8%AB%8B%E6%B1%82%E6%AC%8A\" title=\"\u8ce3\u65b9\u8ffd\u52a0\u8acb\u6c42\u6b0a\">\u8ce3\u65b9\u8ffd\u52a0\u8acb\u6c42\u6b0a<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/monolith.law\/zh-tw\/general-corporate\/treasury-stock-japan\/#%E5%AF%A6%E6%96%BD%E8%87%AA%E5%B7%B1%E8%82%A1%E4%BB%BD%E6%B6%88%E6%BB%85%E7%9A%84%E7%9B%AE%E7%9A%84\" title=\"\u5be6\u65bd\u81ea\u5df1\u80a1\u4efd\u6d88\u6ec5\u7684\u76ee\u7684\">\u5be6\u65bd\u81ea\u5df1\u80a1\u4efd\u6d88\u6ec5\u7684\u76ee\u7684<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/monolith.law\/zh-tw\/general-corporate\/treasury-stock-japan\/#%E6%97%A5%E6%9C%AC%E8%87%AA%E5%B7%B1%E8%82%A1%E4%BB%BD%E8%A8%BB%E9%8A%B7%E7%9A%84%E6%B3%95%E5%BE%8B%E8%A6%81%E6%B1%82%E8%88%87%E7%A8%8B%E5%BA%8F\" title=\"\u65e5\u672c\u81ea\u5df1\u80a1\u4efd\u8a3b\u92b7\u7684\u6cd5\u5f8b\u8981\u6c42\u8207\u7a0b\u5e8f\">\u65e5\u672c\u81ea\u5df1\u80a1\u4efd\u8a3b\u92b7\u7684\u6cd5\u5f8b\u8981\u6c42\u8207\u7a0b\u5e8f<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/monolith.law\/zh-tw\/general-corporate\/treasury-stock-japan\/#%E8%91%A3%E4%BA%8B%E6%9C%83%E6%B1%BA%E8%AD%B0%E8%A8%BB%E9%8A%B7%EF%BC%88%E6%97%A5%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%B3%95%E7%AC%AC178%E6%A2%9D%EF%BC%89\" title=\"\u8463\u4e8b\u6703\u6c7a\u8b70\u8a3b\u92b7\uff08\u65e5\u672c\u516c\u53f8\u6cd5\u7b2c178\u689d\uff09\">\u8463\u4e8b\u6703\u6c7a\u8b70\u8a3b\u92b7\uff08\u65e5\u672c\u516c\u53f8\u6cd5\u7b2c178\u689d\uff09<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/monolith.law\/zh-tw\/general-corporate\/treasury-stock-japan\/#%E8%A8%BB%E9%8A%B7%E5%BE%8C%E7%9A%84%E7%99%BB%E8%A8%98%E7%A8%8B%E5%BA%8F\" title=\"\u8a3b\u92b7\u5f8c\u7684\u767b\u8a18\u7a0b\u5e8f\">\u8a3b\u92b7\u5f8c\u7684\u767b\u8a18\u7a0b\u5e8f<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/monolith.law\/zh-tw\/general-corporate\/treasury-stock-japan\/#%E5%A4%96%E5%9C%8B%E6%8A%95%E8%B3%87%E8%80%85%E6%87%89%E6%B3%A8%E6%84%8F%E7%9A%84%E6%97%A5%E6%9C%AC%E5%AF%A6%E5%8B%99%E8%A6%81%E9%BB%9E\" title=\"\u5916\u570b\u6295\u8cc7\u8005\u61c9\u6ce8\u610f\u7684\u65e5\u672c\u5be6\u52d9\u8981\u9ede\">\u5916\u570b\u6295\u8cc7\u8005\u61c9\u6ce8\u610f\u7684\u65e5\u672c\u5be6\u52d9\u8981\u9ede<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/monolith.law\/zh-tw\/general-corporate\/treasury-stock-japan\/#%E5%A4%96%E5%8C%AF%E5%8F%8A%E5%A4%96%E5%9C%8B%E8%B2%BF%E6%98%93%E6%B3%95%EF%BC%88%E5%A4%96%E7%82%BA%E6%B3%95%EF%BC%89%E7%9A%84%E9%81%A9%E7%94%A8\" title=\"\u5916\u532f\u53ca\u5916\u570b\u8cbf\u6613\u6cd5\uff08\u5916\u70ba\u6cd5\uff09\u7684\u9069\u7528\">\u5916\u532f\u53ca\u5916\u570b\u8cbf\u6613\u6cd5\uff08\u5916\u70ba\u6cd5\uff09\u7684\u9069\u7528<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/monolith.law\/zh-tw\/general-corporate\/treasury-stock-japan\/#%E7%A8%85%E5%8B%99%E4%B8%8A%E7%9A%84%E5%BD%B1%E9%9F%BF\" title=\"\u7a05\u52d9\u4e0a\u7684\u5f71\u97ff\">\u7a05\u52d9\u4e0a\u7684\u5f71\u97ff<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/monolith.law\/zh-tw\/general-corporate\/treasury-stock-japan\/#%E6%97%A5%E6%9C%AC%E6%B3%95%E5%BE%8B%E4%B8%8B%E5%B0%88%E6%A5%AD%E6%94%AF%E6%8F%B4%E7%9A%84%E9%87%8D%E8%A6%81%E6%80%A7\" title=\"\u65e5\u672c\u6cd5\u5f8b\u4e0b\u5c08\u696d\u652f\u63f4\u7684\u91cd\u8981\u6027\">\u65e5\u672c\u6cd5\u5f8b\u4e0b\u5c08\u696d\u652f\u63f4\u7684\u91cd\u8981\u6027<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/monolith.law\/zh-tw\/general-corporate\/treasury-stock-japan\/#%E7%B8%BD%E7%B5%90\" title=\"\u7e3d\u7d50\">\u7e3d\u7d50<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%97%A5%E6%9C%AC%E4%BC%81%E6%A5%AD%E8%87%AA%E8%B3%BC%E8%82%A1%E4%BB%BD%E7%9A%84%E7%9B%AE%E7%9A%84\"><\/span>\u65e5\u672c\u4f01\u696d\u81ea\u8cfc\u80a1\u4efd\u7684\u76ee\u7684<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u5728\u73fe\u4ee3\u7684\u65e5\u672c\u4f01\u696d\u4e2d\uff0c\u81ea\u8cfc\u80a1\u4efd\u88ab\u5ee3\u6cdb\u61c9\u7528\u65bc\u591a\u7a2e\u6230\u7565\u6027\u76ee\u7684\u3002\u81ea\u8cfc\u80a1\u4efd\u7684\u5be6\u65bd\u4e26\u975e\u51fa\u65bc\u55ae\u4e00\u76ee\u7684\uff0c\u800c\u662f\u591a\u500b\u4f01\u696d\u6230\u7565\u7d9c\u5408\u8003\u91cf\u5f8c\u7684\u6c7a\u7b56\u3002<\/p>\n\n\n\n<p>\u9996\u5148\uff0c\u81ea\u8cfc\u80a1\u4efd\u4f5c\u70ba\u5c0d\u80a1\u6771\u5229\u76ca\u56de\u5831\u7684\u4e00\u90e8\u5206\uff0c\u88ab\u5ee3\u6cdb\u4f7f\u7528\u3002\u516c\u53f8\u5f9e\u5e02\u5834\u56de\u8cfc\u81ea\u5bb6\u80a1\u4efd\uff0c\u5c07\u5c0e\u81f4\u767c\u884c\u5728\u5916\u80a1\u4efd\u7e3d\u6578\u6e1b\u5c11\uff0c\u6bcf\u80a1\u76c8\u9918\uff08EPS\uff09\u548c\u80a1\u6771\u6b0a\u76ca\u56de\u5831\u7387\uff08ROE\uff09\u63d0\u9ad8\uff0c\u5f9e\u800c\u53ef\u80fd\u5e36\u52d5\u80a1\u50f9\u4e0a\u5347\u3002\u9019\u88ab\u8996\u70ba\u8207\u652f\u4ed8\u80a1\u606f\u76f8\u4f3c\u7684\u7d93\u6fdf\u5229\u76ca\u56de\u6d41\u7d66\u80a1\u6771\u7684\u65b9\u5f0f\u3002\u5728\u6771\u4eac\u8b49\u5238\u4ea4\u6613\u6240\u63a8\u52d5\u8cc7\u672c\u6210\u672c\u548c\u80a1\u50f9\u610f\u8b58\u7d93\u71df\u7684\u80cc\u666f\u4e0b\uff0c\u81ea\u8cfc\u80a1\u4efd\u88ab\u8996\u70ba\u4e00\u7a2e\u7a4d\u6975\u624b\u6bb5\uff0c\u7528\u65bc\u63d0\u9ad8\u5e02\u5834\u8a55\u50f9\uff0c\u5982\u6539\u5584PBR\uff08\u80a1\u50f9\u6de8\u8cc7\u7522\u500d\u7387\uff09\u3002<\/p>\n\n\n\n<p>\u5176\u6b21\uff0c\u81ea\u8cfc\u80a1\u4efd\u4e5f\u53ef\u4f5c\u70ba\u9632\u79a6\u6575\u5c0d\u6536\u8cfc\u7684\u7b56\u7565\u3002\u516c\u53f8\u6301\u6709\u81ea\u8cfc\u80a1\u4efd\u53ef\u4ee5\u6e1b\u5c11\u5e02\u5834\u6d41\u901a\u7684\u80a1\u4efd\u6578\u91cf\uff0c\u5f9e\u800c\u964d\u4f4e\u5916\u90e8\u6575\u5c0d\u6536\u8cfc\u7684\u98a8\u96aa\u3002\u63d0\u9ad8\u81ea\u8cfc\u80a1\u4efd\u6bd4\u7387\u6703\u589e\u52a0\u6536\u8cfc\u8005\u7372\u5f97\u904e\u534a\u6578\u80a1\u4efd\u6240\u9700\u7684\u8cc7\u91d1\uff0c\u5f9e\u800c\u63d0\u9ad8\u6536\u8cfc\u9580\u6abb\u3002<\/p>\n\n\n\n<p>\u7b2c\u4e09\uff0c\u81ea\u8cfc\u80a1\u4efd\u53ef\u7528\u65bc\u4e8b\u696d\u7e7c\u627f\u6216\u8abf\u6574\u80a1\u6771\u7d50\u69cb\u3002\u5728\u4e2d\u5c0f\u4f01\u696d\u4e2d\uff0c\u81ea\u8cfc\u80a1\u4efd\u53ef\u4f5c\u70ba\u4e8b\u696d\u7e7c\u627f\u7684\u7b56\u7565\u3002\u4f8b\u5982\uff0c\u5f9e\u975e\u7e7c\u627f\u8005\u7684\u76f8\u7e7c\u4eba\u624b\u4e2d\u8cfc\u8cb7\u80a1\u4efd\u4e26\u5c07\u5176\u8a3b\u92b7\uff0c\u53ef\u4ee5\u63d0\u9ad8\u7e7c\u627f\u8005\u7684\u80a1\u4efd\u6301\u6709\u6bd4\u7387\uff0c\u96c6\u4e2d\u7d93\u71df\u6b0a\u3002\u6b64\u5916\uff0c\u5c0d\u65bc\u975e\u4e0a\u5e02\u4f01\u696d\uff0c\u7576\u80a1\u6771\u5e0c\u671b\u5c07\u80a1\u4efd\u73fe\u91d1\u5316\u4f46\u5e02\u5834\u4e0d\u5b58\u5728\u6642\uff0c\u516c\u53f8\u53ef\u4ee5\u8cfc\u8cb7\u9019\u4e9b\u80a1\u4efd\uff0c\u6eff\u8db3\u80a1\u6771\u7684\u8ce3\u51fa\u9700\u6c42\u3002\u9019\u4e5f\u53ef\u4ee5\u9632\u6b62\u80a1\u4efd\u904e\u5ea6\u5206\u6563\uff0c\u7a69\u5b9a\u7d93\u71df\u3002<\/p>\n\n\n\n<p>\u7b2c\u56db\uff0c\u81ea\u8cfc\u80a1\u4efd\u9084\u53ef\u4ee5\u61c9\u7528\u65bc\u54e1\u5de5\u6fc0\u52f5\u548cM&amp;A\u7b56\u7565\u3002\u6240\u8cfc\u5f97\u7684\u81ea\u8cfc\u80a1\u4efd\u53ef\u4ee5\u4f5c\u70ba\u80a1\u7968\u9078\u64c7\u6b0a\u6216\u80a1\u4efd\u5831\u916c\u5206\u914d\u7d66\u8463\u4e8b\u548c\u54e1\u5de5\uff0c\u5f9e\u800c\u63d0\u9ad8\u4ed6\u5011\u7684\u52d5\u529b\uff0c\u4e26\u5c07\u5176\u8f49\u5316\u70ba\u63d0\u5347\u4f01\u696d\u50f9\u503c\u7684\u6fc0\u52f5\u3002\u6b64\u5916\uff0c\u81ea\u8cfc\u80a1\u4efd\u9084\u53ef\u4ee5\u4f5c\u70ba\u4f34\u96a8\u80a1\u4efd\u4ea4\u63db\u7684M&amp;A\u4ea4\u6613\u7684\u5c0d\u50f9\uff0c\u5f9e\u800c\u5728\u63a8\u9032\u7d44\u7e54\u91cd\u7d44\u7684\u540c\u6642\u7bc0\u7701\u8cc7\u91d1\u3002<\/p>\n\n\n\n<p>\u5982\u6b64\u53ef\u898b\uff0c\u81ea\u8cfc\u80a1\u4efd\u7684\u6c7a\u7b56\u5f80\u5f80\u662f\u591a\u500b\u4f01\u696d\u6230\u7565\u7d9c\u5408\u8003\u91cf\u7684\u7d50\u679c\uff0c\u4f8b\u5982\u5728\u80a1\u50f9\u4f4e\u8ff7\u6642\u8cfc\u5165\u81ea\u8cfc\u80a1\u4efd\u4ee5\u652f\u6490\u80a1\u50f9\uff0c\u540c\u6642\u63d0\u9ad8\u6bcf\u80a1\u76c8\u9918\u4ee5\u5f37\u5316\u80a1\u6771\u56de\u5831\uff0c\u4e26\u901a\u904e\u6e1b\u5c11\u5e02\u5834\u6d41\u901a\u80a1\u4efd\u6578\u91cf\u4f86\u964d\u4f4e\u6536\u8cfc\u98a8\u96aa\uff0c\u9019\u6a23\u53ef\u4ee5\u540c\u6642\u9054\u5230\u591a\u91cd\u6548\u679c\u3002\u9019\u7a2e\u591a\u9762\u6027\u8868\u660e\uff0c\u81ea\u8cfc\u80a1\u4efd\u7684\u6c7a\u7b56\u4e0d\u50c5\u50c5\u662f\u6703\u8a08\u8655\u7406\u6216\u8cc7\u91d1\u8abf\u5ea6\u554f\u984c\uff0c\u800c\u662f\u8207\u4f01\u696d\u7684\u9577\u671f\u6210\u9577\u6230\u7565\u3001\u8cc7\u672c\u653f\u7b56\u3001\u516c\u53f8\u6cbb\u7406\u4ee5\u53ca\u4e8b\u696d\u7e7c\u627f\u8a08\u5283\u6df1\u5ea6\u6574\u5408\u7684\u91cd\u8981\u7d93\u71df\u6c7a\u7b56\u3002\u7279\u5225\u662f\u5c0d\u65bc\u4e0a\u5e02\u4f01\u696d\uff0c\u8003\u616e\u5230\u6771\u4eac\u8b49\u5238\u4ea4\u6613\u6240\u63a8\u52d5\u7684\u8cc7\u672c\u6210\u672c\u548c\u80a1\u50f9\u610f\u8b58\u7d93\u71df\u80cc\u666f\uff0c\u81ea\u8cfc\u80a1\u4efd\u88ab\u8996\u70ba\u63d0\u9ad8\u5e02\u5834\u8a55\u50f9\u7684\u7a4d\u6975\u624b\u6bb5\uff0c\u5982PBR\u6539\u5584\u3002\u5c0d\u65bc\u975e\u4e0a\u5e02\u4f01\u696d\u800c\u8a00\uff0c\u81ea\u8cfc\u80a1\u4efd\u5728\u89e3\u6c7a\u6d41\u52d5\u6027\u4f4e\u7684\u80a1\u4efd\u73fe\u91d1\u5316\u548c\u9806\u5229\u4e8b\u696d\u7e7c\u627f\u7b49\u66f4\u70ba\u5be6\u52d9\u6027\u548c\u8feb\u5207\u7684\u554f\u984c\u4e0a\uff0c\u5c55\u73fe\u51fa\u8207\u4e0a\u5e02\u4f01\u696d\u4e0d\u540c\u7684\u6230\u7565\u50f9\u503c\u3002\u9019\u8868\u660e\u81ea\u8cfc\u80a1\u4efd\u662f\u4e00\u7a2e\u9748\u6d3b\u6027\u9ad8\u7684\u5de5\u5177\uff0c\u5176\u61c9\u7528\u65b9\u5f0f\u6703\u6839\u64da\u4f01\u696d\u7684\u72c0\u6cc1\u548c\u76ee\u6a19\u65b9\u5411\u800c\u6709\u5f88\u5927\u7684\u8b8a\u5316\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%97%A5%E6%9C%AC%E8%87%AA%E8%BA%AB%E8%82%A1%E4%BB%BD%E5%8F%96%E5%BE%97%E7%9A%84%E6%B3%95%E5%BE%8B%E8%A6%81%E6%B1%82%E8%88%87%E7%A8%8B%E5%BA%8F\"><\/span>\u65e5\u672c\u81ea\u8eab\u80a1\u4efd\u53d6\u5f97\u7684\u6cd5\u5f8b\u8981\u6c42\u8207\u7a0b\u5e8f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u516c\u53f8\u53d6\u5f97\u81ea\u8eab\u80a1\u4efd\u6703\u5f71\u97ff\u5230\u516c\u53f8\u7684\u8ca1\u7522\uff0c\u56e0\u6b64\u6839\u64da\u65e5\u672c\u7684\u516c\u53f8\u6cd5\uff0c\u8a2d\u5b9a\u4e86\u56b4\u683c\u7684\u8981\u6c42\u8207\u7a0b\u5e8f\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%97%A5%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%B3%95%E4%B8%8B%E7%9A%84%E8%B2%A1%E6%BA%90%E8%A6%8F%E5%88%B6%E5%8E%9F%E5%89%87%E8%88%87%E5%8F%AF%E5%88%86%E9%85%8D%E9%87%91%E9%A1%8D\"><\/span>\u65e5\u672c\u516c\u53f8\u6cd5\u4e0b\u7684\u8ca1\u6e90\u898f\u5236\u539f\u5247\u8207\u53ef\u5206\u914d\u91d1\u984d<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u7576\u682a\u5f0f\u6703\u793e\u6839\u64da\u8207\u80a1\u6771\u7684\u5408\u610f\u6709\u511f\u53d6\u5f97\u81ea\u5df1\u80a1\u4efd\u6642\uff0c\u652f\u4ed8\u7684\u7e3d\u91d1\u984d\u4e0d\u5f97\u8d85\u904e\u8a72\u884c\u70ba\u751f\u6548\u65e5\u7684\u300c\u53ef\u5206\u914d\u91d1\u984d\u300d\uff08\u65e5\u672c\u516c\u53f8\u6cd5\u7b2c461\u689d\u7b2c1\u9805\uff09\u3002\u9019\u9805\u300c\u8ca1\u6e90\u898f\u5236\u300d\u662f\u70ba\u4e86\u9632\u6b62\u516c\u53f8\u8ca1\u7522\u4e0d\u7576\u6d41\u51fa\uff0c\u9032\u800c\u640d\u5bb3\u50b5\u6b0a\u4eba\u7684\u91cd\u8981\u898f\u5b9a\u3002\u81ea\u5df1\u80a1\u4efd\u7684\u53d6\u5f97\u610f\u5473\u8457\u516c\u53f8\u5f9e\u80a1\u6771\u90a3\u88e1\u56de\u8cfc\u80a1\u4efd\uff0c\u9019\u672c\u8cea\u4e0a\u662f\u5c0d\u80a1\u6771\u7684\u8cc7\u91d1\u8fd4\u9084\uff0c\u5373\u516c\u53f8\u8cc7\u7522\u7684\u6d41\u51fa\u3002\u5982\u679c\u6c92\u6709\u5c0d\u9019\u7a2e\u8cc7\u91d1\u6d41\u51fa\u7684\u9650\u5236\uff0c\u516c\u53f8\u53ef\u80fd\u6703\u904e\u5ea6\u53d6\u5f97\u81ea\u5df1\u80a1\u4efd\uff0c\u6700\u7d42\u5c0e\u81f4\u516c\u53f8\u7684\u8ca1\u7522\u57fa\u790e\u8b8a\u5f97\u8106\u5f31\uff0c\u589e\u52a0\u50b5\u6b0a\u4eba\u7121\u6cd5\u56de\u6536\u50b5\u6b0a\u7684\u98a8\u96aa\u3002<\/p>\n\n\n\n<p>\u70ba\u4e86\u907f\u514d\u9019\u7a2e\u98a8\u96aa\uff0c\u65e5\u672c\u516c\u53f8\u6cd5\u7b2c461\u689d\u898f\u5b9a\u7684\u300c\u8ca1\u6e90\u898f\u5236\u300d\u662f\u4e00\u9805\u6975\u5176\u91cd\u8981\u7684\u6cd5\u5f8b\u8981\u6c42\u3002\u901a\u904e\u5f15\u5165\u300c\u53ef\u5206\u914d\u91d1\u984d\u300d\u7684\u6982\u5ff5\uff0c\u78ba\u5b9a\u4e86\u516c\u53f8\u53ef\u4ee5\u8fd4\u9084\u7d66\u80a1\u6771\u7684\u8cc7\u91d1\u4e0a\u9650\uff0c\u5f9e\u800c\u4fdd\u8b77\u50b5\u6b0a\u4eba\u7684\u5229\u76ca\u4e26\u78ba\u4fdd\u516c\u53f8\u7684\u8ca1\u52d9\u5065\u5168\u6027\u3002\u53ef\u5206\u914d\u91d1\u984d\u662f\u6839\u64da\u76c8\u9918\u984d\u8a08\u7b97\u7684\uff0c\u6703\u96a8\u8457\u516c\u53f8\u7684\u8ca1\u52d9\u72c0\u6cc1\u8b8a\u52d5\u3002\u9019\u8868\u660e\uff0c\u5373\u4f7f\u5728\u81ea\u5df1\u80a1\u4efd\u53d6\u5f97\u81ea\u7531\u5316\u7684\u7576\u4ee3\uff0c\u5f9e\u820a\u5546\u6cd5\u6642\u4ee3\u5ef6\u7e8c\u4e0b\u4f86\u7684\u300c\u8cc7\u672c\u7dad\u6301\u539f\u5247\u300d\u7684\u7cbe\u795e\u4ecd\u7136\u4ee5\u4e0d\u540c\u7684\u5f62\u5f0f\u88ab\u4fdd\u6301\u8457\u3002\u4f01\u696d\u5728\u5236\u5b9a\u81ea\u5df1\u80a1\u4efd\u53d6\u5f97\u8a08\u5283\u6642\uff0c\u6709\u7fa9\u52d9\u56b4\u683c\u8a08\u7b97\u9019\u500b\u53ef\u5206\u914d\u91d1\u984d\u4e26\u9075\u5b88\uff0c\u9055\u53cd\u53ef\u80fd\u6703\u5c0e\u81f4\u8463\u4e8b\u7684\u8cac\u4efb\u554f\u984c\u6216\u53d6\u5f97\u884c\u70ba\u7684\u7121\u6548\u7b49\u56b4\u91cd\u7684\u6cd5\u5f8b\u98a8\u96aa\u3002\u9019\u9805\u898f\u5236\u70ba\u4f01\u696d\u5728\u80a1\u6771\u56de\u5831\u8207\u50b5\u6b0a\u4eba\u4fdd\u8b77\u4e4b\u9593\u53d6\u5f97\u5e73\u8861\u63d0\u4f9b\u4e86\u6cd5\u5f8b\u548c\u5be6\u52d9\u4e0a\u7684\u57fa\u790e\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%88%87%E8%82%A1%E6%9D%B1%E9%81%94%E6%88%90%E5%90%88%E6%84%8F%E7%9A%84%E5%8F%96%E5%BE%97%EF%BC%88%E5%8C%85%E6%8B%AC%E5%B8%82%E5%A0%B4%E4%BA%A4%E6%98%93%E7%AD%89%EF%BC%89\"><\/span>\u8207\u80a1\u6771\u9054\u6210\u5408\u610f\u7684\u53d6\u5f97\uff08\u5305\u62ec\u5e02\u5834\u4ea4\u6613\u7b49\uff09<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u4ee5\u4e0b\u662f\u4ee5\u5c0d\u50f9\u53d6\u5f97\u81ea\u5df1\u80a1\u4efd\u7684\u539f\u5247\u6027\u7a0b\u5e8f\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%82%A1%E6%9D%B1%E5%A4%A7%E6%9C%83%E6%B1%BA%E8%AD%B0%EF%BC%88%E6%97%A5%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%B3%95%E7%AC%AC156%E6%A2%9D%EF%BC%89\"><\/span>\u80a1\u6771\u5927\u6703\u6c7a\u8b70\uff08\u65e5\u672c\u516c\u53f8\u6cd5\u7b2c156\u689d\uff09<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u516c\u53f8\u82e5\u8981\u8207\u80a1\u6771\u9054\u6210\u5408\u610f\u4ee5\u5c0d\u50f9\u53d6\u5f97\u81ea\u5df1\u80a1\u4efd\uff0c\u5fc5\u9808\u4e8b\u5148\u7d93\u904e\u80a1\u6771\u5927\u6703\u7684\u666e\u901a\u6c7a\u8b70\uff0c\u78ba\u5b9a\u4ee5\u4e0b\u4e8b\u9805\uff08\u65e5\u672c\u516c\u53f8\u6cd5\u7b2c156\u689d\u7b2c1\u9805\uff09\u3002<\/p>\n\n\n\n<ul>\n<li>\u53d6\u5f97\u7684\u80a1\u4efd\u6578\u91cf\uff08\u5c0d\u65bc\u767c\u884c\u7a2e\u985e\u80a1\u4efd\u7684\u516c\u53f8\u800c\u8a00\uff0c\u9084\u9700\u6307\u5b9a\u80a1\u4efd\u7684\u7a2e\u985e\u53ca\u6bcf\u7a2e\u7684\u6578\u91cf\uff09<\/li>\n\n\n\n<li>\u4ee5\u80a1\u4efd\u53d6\u5f97\u70ba\u4ea4\u63db\u6240\u652f\u4ed8\u7684\u91d1\u9322\u7b49\u5167\u5bb9\u53ca\u5176\u7e3d\u984d<\/li>\n\n\n\n<li>\u53ef\u53d6\u5f97\u80a1\u4efd\u7684\u671f\u9593\uff08\u4e0d\u5f97\u8d85\u904e1\u5e74\uff09<\/li>\n<\/ul>\n\n\n\n<p>\u6b64\u6c7a\u8b70\u65e8\u5728\u8a2d\u5b9a\u516c\u53f8\u300c\u4ee5\u591a\u5c11\u80a1\u6578\u3001\u5c0d\u50f9\u3001\u671f\u9593\u8cfc\u8cb7\u81ea\u5df1\u80a1\u4efd\u300d\u7684\u9650\u5ea6\u7bc4\u570d\uff0c\u4e26\u88ab\u8996\u70ba\u5c0d\u80a1\u6771\u5229\u76ca\u56de\u5831\u7684\u4e00\u74b0\uff0c\u8207\u5229\u6f64\u5206\u914d\u4e26\u5217\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%91%A3%E4%BA%8B%E6%9C%83%E6%B1%BA%E8%AD%B0%EF%BC%88%E6%97%A5%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%B3%95%E7%AC%AC157%E6%A2%9D%EF%BC%89\"><\/span>\u8463\u4e8b\u6703\u6c7a\u8b70\uff08\u65e5\u672c\u516c\u53f8\u6cd5\u7b2c157\u689d\uff09<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u5728\u80a1\u6771\u5927\u6703\u6c7a\u8b70\u8a2d\u5b9a\u7684\u9650\u5ea6\u7bc4\u570d\u5167\uff0c\u5be6\u969b\u53d6\u5f97\u81ea\u5df1\u80a1\u4efd\u6642\uff0c\u5fc5\u9808\u6bcf\u6b21\u7d93\u904e\u8463\u4e8b\u6703\uff08\u8a2d\u7f6e\u8463\u4e8b\u6703\u7684\u516c\u53f8\uff09\u7684\u6c7a\u8b70\uff0c\u78ba\u5b9a\u4ee5\u4e0b\u4e8b\u9805\uff08\u65e5\u672c\u516c\u53f8\u6cd5\u7b2c157\u689d\u7b2c1\u9805\u3001\u7b2c2\u9805\uff09\u3002<\/p>\n\n\n\n<ul>\n<li>\u53d6\u5f97\u7684\u80a1\u4efd\u6578\u91cf<\/li>\n\n\n\n<li>\u53d6\u5f97\u4e00\u80a1\u80a1\u4efd\u6240\u4ea4\u63db\u7684\u91d1\u9322\u7b49\u5167\u5bb9\u53ca\u6578\u91cf\u6216\u91d1\u984d\uff0c\u6216\u9019\u4e9b\u7684\u8a08\u7b97\u65b9\u6cd5<\/li>\n\n\n\n<li>\u4ee5\u80a1\u4efd\u53d6\u5f97\u70ba\u4ea4\u63db\u6240\u652f\u4ed8\u7684\u91d1\u9322\u7b49\u7e3d\u984d<\/li>\n\n\n\n<li>\u80a1\u4efd\u8f49\u8b93\u7533\u8acb\u7684\u622a\u6b62\u65e5\u671f<\/li>\n<\/ul>\n\n\n\n<p>\u901a\u904e\u8463\u4e8b\u6703\u6c7a\u8b70\u5f8c\uff0c\u4fbf\u78ba\u5b9a\u4e86\u5177\u9ad4\u7684\u53d6\u5f97\u689d\u4ef6\uff0c\u4e26\u57f7\u884c\u53d6\u5f97\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%90%91%E8%82%A1%E6%9D%B1%E7%9A%84%E9%80%9A%E7%9F%A5%E3%83%BB%E5%85%AC%E5%91%8A%E5%92%8C%E8%BD%89%E8%AE%93%E7%94%B3%E8%AB%8B%EF%BC%88%E6%97%A5%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%B3%95%E7%AC%AC158%E6%A2%9D%E3%80%81%E7%AC%AC159%E6%A2%9D%EF%BC%89\"><\/span>\u5411\u80a1\u6771\u7684\u901a\u77e5\u30fb\u516c\u544a\u548c\u8f49\u8b93\u7533\u8acb\uff08\u65e5\u672c\u516c\u53f8\u6cd5\u7b2c158\u689d\u3001\u7b2c159\u689d\uff09<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u8463\u4e8b\u6703\u6c7a\u5b9a\u53d6\u5f97\u76f8\u95dc\u4e8b\u9805\u5f8c\uff0c\u516c\u53f8\u9700\u5411\u80a1\u6771\u9032\u884c\u901a\u77e5\u6216\u516c\u544a\uff08\u65e5\u672c\u516c\u53f8\u6cd5\u7b2c158\u689d\uff09\u3002\u6536\u5230\u901a\u77e5\u7684\u80a1\u6771\u5fc5\u9808\u5728\u516c\u53f8\u898f\u5b9a\u7684\u7533\u8acb\u622a\u6b62\u65e5\u671f\u524d\u63d0\u4ea4\u80a1\u4efd\u8f49\u8b93\u7533\u8acb\uff08\u65e5\u672c\u516c\u53f8\u6cd5\u7b2c159\u689d\u7b2c1\u9805\uff09\u3002\u82e5\u7533\u8acb\u7e3d\u6578\u8d85\u904e\u53d6\u5f97\u7e3d\u6578\uff0c\u5247\u6309\u6bd4\u4f8b\u8cfc\u8cb7\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%B8%82%E5%A0%B4%E4%BA%A4%E6%98%93%E3%83%BB%E5%85%AC%E9%96%8B%E6%94%B6%E8%B3%BC\"><\/span>\u5e02\u5834\u4ea4\u6613\u30fb\u516c\u958b\u6536\u8cfc<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u4e0a\u5e02\u516c\u53f8\u53d6\u5f97\u81ea\u5df1\u80a1\u4efd\u6642\uff0c\u53ef\u900f\u904e\u6771\u4eac\u8b49\u5238\u4ea4\u6613\u6240\u7684\u5e02\u5834\u8cfc\u8cb7\u3001ToSTNeT-2\u3001ToSTNeT-3\u7b49\u5834\u5916\u4ea4\u6613\u7cfb\u7d71\u9032\u884c\u8cfc\u8cb7\uff0c\u6216\u662f\u9032\u884c\u5411\u4e0d\u7279\u5b9a\u591a\u6578\u80a1\u6771\u6536\u8cfc\u7684\u80a1\u4efd\u516c\u958b\u6536\u8cfc\uff08TOB\uff09\u7b49\u65b9\u6cd5\u3002\u516c\u958b\u6536\u8cfc\u7531\u65bc\u5c0d\u5e02\u5834\u5f71\u97ff\u8f03\u5927\uff0c\u56e0\u6b64\u6839\u64da\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\uff0c\u9700\u8981\u9032\u884c\u4fe1\u606f\u62ab\u9732\u548c\u78ba\u4fdd\u5e73\u7b49\u7684\u92b7\u552e\u6a5f\u6703\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%BE%9E%E7%89%B9%E5%AE%9A%E8%82%A1%E6%9D%B1%E8%99%95%E5%8F%96%E5%BE%97%E8%82%A1%E4%BB%BD\"><\/span>\u5f9e\u7279\u5b9a\u80a1\u6771\u8655\u53d6\u5f97\u80a1\u4efd<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u7576\u516c\u53f8\u50c5\u5f9e\u7279\u5b9a\u80a1\u6771\u8655\u8cfc\u56de\u81ea\u5bb6\u80a1\u4efd\u6642\uff0c\u70ba\u4e86\u4fdd\u6301\u80a1\u6771\u9593\u7684\u516c\u5e73\u6027\uff0c\u9700\u8981\u9075\u5faa\u66f4\u56b4\u683c\u7684\u7a0b\u5e8f\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%82%A1%E6%9D%B1%E5%A4%A7%E6%9C%83%E7%9A%84%E7%89%B9%E5%88%A5%E6%B1%BA%E8%AD%B0%EF%BC%88%E6%97%A5%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%B3%95%E7%AC%AC160%E6%A2%9D%EF%BC%89\"><\/span>\u80a1\u6771\u5927\u6703\u7684\u7279\u5225\u6c7a\u8b70\uff08\u65e5\u672c\u516c\u53f8\u6cd5\u7b2c160\u689d\uff09<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u5f9e\u7279\u5b9a\u80a1\u6771\u8655\u53d6\u5f97\u81ea\u5bb6\u80a1\u4efd\uff0c\u5fc5\u9808\u901a\u904e\u80a1\u6771\u5927\u6703\u7684\u7279\u5225\u6c7a\u8b70\u4f86\u78ba\u5b9a\u4ee5\u4e0b\u4e8b\u9805\uff08\u65e5\u672c\u516c\u53f8\u6cd5\u7b2c160\u689d\u7b2c1\u9805\uff09\uff1a<\/p>\n\n\n\n<ul>\n<li>\u53d6\u5f97\u7684\u80a1\u4efd\u6578\u91cf<\/li>\n\n\n\n<li>\u4ee5\u91d1\u9322\u7b49\u4f5c\u70ba\u80a1\u4efd\u53d6\u5f97\u4ea4\u63db\u7684\u5167\u5bb9\u53ca\u5176\u7e3d\u984d<\/li>\n\n\n\n<li>\u53ef\u53d6\u5f97\u80a1\u4efd\u7684\u671f\u9650\uff08\u4e0d\u5f97\u8d85\u904e1\u5e74\uff09<\/li>\n\n\n\n<li>\u5f9e\u7279\u5b9a\u80a1\u6771\u8655\u53d6\u5f97\u81ea\u5bb6\u80a1\u4efd\u7684\u610f\u5411\u53ca\u8a72\u7279\u5b9a\u80a1\u6771\u7684\u59d3\u540d\u6216\u540d\u7a31<\/li>\n<\/ul>\n\n\n\n<p>\u9019\u9805\u7279\u5225\u6c7a\u8b70\u9700\u8981\u51fa\u5e2d\u4e26\u64c1\u6709\u8868\u6c7a\u6b0a\u7684\u80a1\u6771\u904e\u534a\u6578\u51fa\u5e2d\uff0c\u4e14\u9019\u4e9b\u51fa\u5e2d\u80a1\u6771\u7684\u8868\u6c7a\u6b0a\u4e2d\u6709\u4e09\u5206\u4e4b\u4e8c\u4ee5\u4e0a\u7684\u8d0a\u6210\u7968\u3002\u7279\u5b9a\u80a1\u6771\u5728\u6b64\u6c7a\u8b70\u4e2d\u7121\u6cd5\u884c\u4f7f\u8868\u6c7a\u6b0a\uff08\u65e5\u672c\u516c\u53f8\u6cd5\u7b2c160\u689d\u7b2c4\u9805\uff09\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%B3%A3%E6%96%B9%E8%BF%BD%E5%8A%A0%E8%AB%8B%E6%B1%82%E6%AC%8A\"><\/span>\u8ce3\u65b9\u8ffd\u52a0\u8acb\u6c42\u6b0a<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u5728\u5f9e\u7279\u5b9a\u80a1\u6771\u8655\u53d6\u5f97\u80a1\u4efd\u6642\uff0c\u70ba\u4e86\u9632\u6b62\u5176\u4ed6\u80a1\u6771\u53d7\u5230\u4e0d\u5229\uff0c\u8a2d\u6709\u300c\u8ce3\u65b9\u8ffd\u52a0\u8acb\u6c42\u6b0a\u300d\uff08\u65e5\u672c\u516c\u53f8\u6cd5\u7b2c160\u689d\u7b2c2\u9805\u3001\u7b2c3\u9805\uff09\u3002\u9019\u662f\u6307\u7576\u516c\u53f8\u901a\u77e5\u5c07\u5f9e\u7279\u5b9a\u80a1\u6771\u8655\u8cfc\u56de\u81ea\u5bb6\u80a1\u4efd\u6642\uff0c\u5176\u4ed6\u80a1\u6771\u5728\u4e00\u5b9a\u671f\u9593\u5167\u4e5f\u53ef\u4ee5\u8acb\u6c42\u300c\u5e0c\u671b\u4f5c\u70ba\u8ce3\u65b9\u52a0\u5165\u300d\u7684\u6b0a\u5229\u3002\u82e5\u6709\u6b64\u8acb\u6c42\uff0c\u516c\u53f8\u5fc5\u9808\u6839\u64da\u8a72\u8acb\u6c42\u4fee\u6b63\u8b70\u6848\u3002<\/p>\n\n\n\n<p>\u7136\u800c\uff0c\u5728\u67d0\u4e9b\u7279\u5b9a\u60c5\u6cc1\u4e0b\uff0c\u4f8b\u5982\u4ee5\u4e0d\u8d85\u904e\u5e02\u5834\u50f9\u683c\u8cfc\u56de\u5e02\u5834\u4e0a\u6709\u50f9\u683c\u7684\u80a1\u4efd\u6642\uff0c\u8ce3\u65b9\u8ffd\u52a0\u8acb\u6c42\u6b0a\u7684\u898f\u5b9a\u4e0d\u9069\u7528\uff08\u65e5\u672c\u516c\u53f8\u6cd5\u7b2c161\u689d\uff09\u3002\u9019\u662f\u56e0\u70ba\u5b58\u5728\u5728\u5e02\u5834\u4e0a\u51fa\u552e\u7684\u6a5f\u6703\uff0c\u56e0\u6b64\u8a8d\u70ba\u5176\u4ed6\u80a1\u6771\u53d7\u5230\u7684\u4e0d\u5229\u5f71\u97ff\u8f03\u5c0f\u3002<\/p>\n\n\n\n<p>\u5728\u8cfc\u56de\u81ea\u5bb6\u80a1\u4efd\u7684\u904e\u7a0b\u4e2d\uff0c\u516c\u53f8\u6cd5\u5c0d\u65bc\u300c\u5f9e\u7279\u5b9a\u80a1\u6771\u8655\u53d6\u5f97\u300d\u80a1\u4efd\u8a2d\u5b9a\u4e86\u300c\u80a1\u6771\u5927\u6703\u7684\u7279\u5225\u6c7a\u8b70\u300d\u9019\u4e00\u66f4\u9ad8\u7684\u8981\u6c42\uff0c\u76ee\u7684\u662f\u70ba\u4e86\u4fdd\u8b77\u65e5\u672c\u516c\u53f8\u6cd5\u6240\u91cd\u8996\u7684\u300c\u80a1\u6771\u5e73\u7b49\u539f\u5247\u300d\u3002\u5982\u679c\u516c\u53f8\u80fd\u5920\u8f15\u6613\u5730\u50c5\u5f9e\u7279\u5b9a\u80a1\u6771\u8655\u8cfc\u8cb7\u80a1\u4efd\uff0c\u90a3\u9ebc\u7ba1\u7406\u5c64\u53ef\u80fd\u6703\u5229\u7528\u6b64\u8209\u4f86\u52a0\u5f37\u81ea\u5df1\u7684\u63a7\u5236\u6b0a\uff0c\u4f8b\u5982\u4ee5\u9ad8\u50f9\u5f9e\u53cd\u5c0d\u6d3e\u80a1\u6771\u624b\u4e2d\u8cfc\u8cb7\u80a1\u4efd\uff0c\u9019\u5c0d\u5176\u4ed6\u80a1\u6771\u4f86\u8aaa\u53ef\u80fd\u662f\u4e0d\u516c\u5e73\u7684\u4ea4\u6613\u3002\u70ba\u4e86\u89e3\u6c7a\u9019\u4e9b\u64d4\u6182\uff0c\u516c\u53f8\u6cd5\u7b2c160\u689d\u8981\u6c42\u5c0d\u7279\u5b9a\u80a1\u6771\u7684\u80a1\u4efd\u8cfc\u8cb7\u9032\u884c\u7279\u5225\u6c7a\u8b70\uff0c\u4e26\u4e14\u8a2d\u7acb\u4e86\u300c\u8ce3\u65b9\u8ffd\u52a0\u8acb\u6c42\u6b0a\u300d\u5236\u5ea6\u3002\u9019\u6a23\u505a\u7684\u76ee\u7684\u662f\u9632\u6b62\u7279\u5b9a\u80a1\u6771\u88ab\u512a\u5f85\uff0c\u4e26\u516c\u5e73\u5730\u7d66\u4e88\u5176\u4ed6\u80a1\u6771\u51fa\u552e\u80a1\u4efd\u7684\u6a5f\u6703\u3002\u7279\u5b9a\u80a1\u6771\u7121\u6cd5\u884c\u4f7f\u8868\u6c7a\u6b0a\u7684\u898f\u5b9a\uff08\u65e5\u672c\u516c\u53f8\u6cd5\u7b2c160\u689d\u7b2c4\u9805\uff09\u4e5f\u662f\u4fdd\u969c\u516c\u5e73\u6027\u7684\u91cd\u8981\u63aa\u65bd\u3002\u9019\u4e9b\u56b4\u683c\u7684\u7a0b\u5e8f\u4e0d\u50c5\u50c5\u662f\u5f62\u5f0f\u4e0a\u7684\u8981\u6c42\uff0c\u5b83\u5011\u9ad4\u73fe\u4e86\u516c\u53f8\u6cd5\u5e95\u5c64\u7684\u80a1\u6771\u4fdd\u8b77\u601d\u60f3\uff0c\u4ee5\u53ca\u5728\u4f01\u696d\u6cbb\u7406\u4e2d\u78ba\u4fdd\u900f\u660e\u6027\u548c\u516c\u6b63\u6027\u7684\u6df1\u5c64\u610f\u7fa9\u3002\u5c0d\u65bc\u5916\u570b\u6295\u8cc7\u8005\u800c\u8a00\uff0c\u7406\u89e3\u65e5\u672c\u516c\u53f8\u6cd5\u5728\u7279\u5b9a\u4ea4\u6613\u4e2d\u5982\u4f55\u91cd\u8996\u80a1\u6771\u9593\u7684\u516c\u5e73\u6027\uff0c\u662f\u4e00\u500b\u7279\u5225\u91cd\u8981\u7684\u89c0\u9ede\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%AF%A6%E6%96%BD%E8%87%AA%E5%B7%B1%E8%82%A1%E4%BB%BD%E6%B6%88%E6%BB%85%E7%9A%84%E7%9B%AE%E7%9A%84\"><\/span>\u5be6\u65bd\u81ea\u5df1\u80a1\u4efd\u6d88\u6ec5\u7684\u76ee\u7684<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u81ea\u5df1\u80a1\u4efd\u7684\u6d88\u6ec5\uff0c\u662f\u6307\u516c\u53f8\u5c07\u6301\u6709\u7684\u81ea\u5df1\u80a1\u4efd\u6d88\u9664\uff0c\u9032\u800c\u6e1b\u5c11\u5df2\u767c\u884c\u80a1\u4efd\u7e3d\u6578\u7684\u884c\u70ba\u3002\u9019\u4e00\u904e\u7a0b\u4ee5\u516c\u53f8\u53d6\u5f97\u81ea\u5df1\u80a1\u4efd\u70ba\u524d\u63d0\u3002<\/p>\n\n\n\n<p>\u81ea\u5df1\u80a1\u4efd\u6d88\u6ec5\u7684\u76ee\u7684\u5305\u62ec\u4ee5\u4e0b\u5e7e\u9ede\uff1a<\/p>\n\n\n\n<p>\u9996\u5148\uff0c\u662f\u70ba\u4e86\u512a\u5316\u5df2\u767c\u884c\u80a1\u4efd\u7e3d\u6578\u4e26\u5c0d\u80a1\u50f9\u7522\u751f\u5f71\u97ff\u3002\u7531\u65bc\u6d88\u6ec5\u5f8c\u5df2\u767c\u884c\u80a1\u4efd\u7e3d\u6578\u6e1b\u5c11\uff0c\u6bcf\u80a1\u7684\u50f9\u503c\u63d0\u5347\uff0c\u5f9e\u800c\u5bb9\u6613\u5e36\u52d5\u80a1\u50f9\u4e0a\u5347\u3002\u9019\u662f\u56e0\u70ba\u6e1b\u5c11\u5e02\u5834\u4e0a\u6d41\u901a\u7684\u80a1\u4efd\u4f9b\u61c9\u91cf\uff0c\u63d0\u9ad8\u80a1\u4efd\u7684\u7a00\u7f3a\u6027\uff0c\u5f9e\u800c\u9054\u5230\u9019\u4e00\u6548\u679c\u3002\u540c\u6642\uff0c\u5c07\u904e\u5270\u7684\u5df2\u767c\u884c\u80a1\u4efd\u7e3d\u6578\u8abf\u6574\u81f3\u9069\u7576\u6c34\u5e73\uff0c\u4e5f\u6709\u52a9\u65bc\u512a\u5316\u80a1\u6771\u7ba1\u7406\u3002<\/p>\n\n\n\n<p>\u5176\u6b21\uff0c\u662f\u70ba\u4e86\u63d0\u5347\u80a1\u6771\u50f9\u503c\u548c\u9632\u79a6\u6575\u5c0d\u6536\u8cfc\u3002\u81ea\u5df1\u80a1\u4efd\u7684\u6d88\u6ec5\u80fd\u5920\u63d0\u9ad8\u6bcf\u80a1\u76c8\u9918\uff08EPS\uff09\uff0c\u52a0\u5f37\u5c0d\u80a1\u6771\u7684\u5229\u6f64\u56de\u994b\u3002\u540c\u6642\uff0c\u901a\u904e\u6e1b\u5c11\u5e02\u5834\u4e0a\u6d41\u901a\u7684\u80a1\u4efd\u6578\u91cf\uff0c\u63d0\u9ad8\u6575\u5c0d\u6536\u8cfc\u8005\u53d6\u5f97\u80a1\u4efd\u7684\u96e3\u5ea6\uff0c\u4f5c\u70ba\u9632\u79a6\u7b56\u7565\u4e4b\u4e00\u3002<\/p>\n\n\n\n<p>\u7b2c\u4e09\uff0c\u662f\u70ba\u4e86\u5728\u4e8b\u696d\u7e7c\u627f\u4e2d\u96c6\u4e2d\u7d93\u71df\u6b0a\u3002\u8207\u53d6\u5f97\u81ea\u5df1\u80a1\u4efd\u76f8\u4f3c\uff0c\u5728\u4e8b\u696d\u7e7c\u627f\u7684\u60c5\u5883\u4e0b\uff0c\u901a\u904e\u6d88\u6ec5\u975e\u7e7c\u627f\u4eba\u6240\u6301\u80a1\u4efd\uff0c\u53ef\u4ee5\u63d0\u9ad8\u7e7c\u627f\u4eba\u7684\u80a1\u4efd\u6301\u6709\u6bd4\u7387\uff0c\u5f9e\u800c\u96c6\u4e2d\u7d93\u71df\u6b0a\u3002<\/p>\n\n\n\n<p>\u81ea\u5df1\u80a1\u4efd\u7684\u53d6\u5f97\u8207\u6d88\u6ec5\u96d6\u7136\u662f\u7368\u7acb\u7684\u884c\u70ba\uff0c\u4f46\u5728\u4f01\u696d\u6230\u7565\u4e0a\u537b\u7dca\u5bc6\u76f8\u9023\u3002\u516c\u53f8\u53d6\u5f97\u81ea\u5df1\u80a1\u4efd\u5f8c\uff0c\u53ef\u4ee5\u9078\u64c7\u6301\u7e8c\u4fdd\u6709\u4f5c\u70ba\u300c\u91d1\u5eab\u80a1\u300d\uff0c\u4e5f\u53ef\u4ee5\u6839\u64da\u5177\u9ad4\u76ee\u7684\u9078\u64c7\u662f\u5426\u6d88\u6ec5\u3002\u4f5c\u70ba\u91d1\u5eab\u80a1\u4fdd\u6709\u6642\uff0c\u672a\u4f86\u53ef\u4f5c\u70baM&amp;A\u7684\u4ea4\u6613\u5c0d\u50f9\u6216\u54e1\u5de5\u80a1\u4efd\u734e\u52f5\u7684\u9748\u6d3b\u904b\u7528\u3002\u76f8\u53cd\uff0c\u82e5\u9078\u64c7\u6d88\u6ec5\uff0c\u8a72\u80a1\u4efd\u5c07\u5f9e\u5e02\u5834\u4e0a\u5b8c\u5168\u6d88\u5931\uff0c\u4e0d\u518d\u6d41\u901a\u3002\u9019\u6a23\u4e0d\u50c5\u80fd\u6c38\u4e45\u6e1b\u5c11\u5df2\u767c\u884c\u80a1\u4efd\u7e3d\u6578\uff0c\u78ba\u4fdd\u6bcf\u80a1\u50f9\u503c\u7684\u63d0\u5347\uff0c\u9084\u80fd\u52a0\u5f37\u5c0d\u6575\u5c0d\u6536\u8cfc\u7684\u9632\u79a6\u6548\u679c\u3002\u7121\u8ad6\u662f\u4fdd\u6709\u9084\u662f\u6d88\u6ec5\uff0c\u9019\u4e9b\u9078\u64c7\u90fd\u57fa\u65bc\u4f01\u696d\u7684\u77ed\u671f\u8cc7\u91d1\u9700\u6c42\u3001\u80a1\u6771\u56de\u5831\u653f\u7b56\u3001\u9577\u671f\u8cc7\u672c\u653f\u7b56\u4ee5\u53caM&amp;A\u6230\u7565\u548c\u4e8b\u696d\u7e7c\u627f\u8a08\u5283\u7b49\u591a\u65b9\u9762\u7684\u7d93\u71df\u5224\u65b7\u3002\u4f8b\u5982\uff0c\u82e5\u672a\u4f86M&amp;A\u7684\u53ef\u80fd\u6027\u8f03\u9ad8\uff0c\u5247\u9078\u64c7\u4fdd\u6709\u4f5c\u70ba\u91d1\u5eab\u80a1\uff1b\u82e5\u512a\u5148\u8003\u616e\u80a1\u50f9\u63d0\u632f\u6216\u7d93\u71df\u6b0a\u7a69\u5b9a\uff0c\u5247\u9078\u64c7\u6d88\u6ec5\u3002\u9019\u7a2e\u7b56\u7565\u7684\u9748\u6d3b\u904b\u7528\uff0c\u5c55\u73fe\u4e86\u81ea\u5df1\u80a1\u4efd\u5236\u5ea6\u8ce6\u4e88\u4f01\u696d\u7684\u6230\u7565\u9748\u6d3b\u6027\u4e4b\u6df1\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%97%A5%E6%9C%AC%E8%87%AA%E5%B7%B1%E8%82%A1%E4%BB%BD%E8%A8%BB%E9%8A%B7%E7%9A%84%E6%B3%95%E5%BE%8B%E8%A6%81%E6%B1%82%E8%88%87%E7%A8%8B%E5%BA%8F\"><\/span>\u65e5\u672c\u81ea\u5df1\u80a1\u4efd\u8a3b\u92b7\u7684\u6cd5\u5f8b\u8981\u6c42\u8207\u7a0b\u5e8f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u8207\u53d6\u5f97\u76f8\u6bd4\uff0c\u81ea\u5df1\u80a1\u4efd\u7684\u8a3b\u92b7\u7a0b\u5e8f\u5df2\u7d93\u7c21\u5316\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%91%A3%E4%BA%8B%E6%9C%83%E6%B1%BA%E8%AD%B0%E8%A8%BB%E9%8A%B7%EF%BC%88%E6%97%A5%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%B3%95%E7%AC%AC178%E6%A2%9D%EF%BC%89\"><\/span>\u8463\u4e8b\u6703\u6c7a\u8b70\u8a3b\u92b7\uff08\u65e5\u672c\u516c\u53f8\u6cd5\u7b2c178\u689d\uff09<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u682a\u5f0f\u6703\u793e\u53ef\u4ee5\u8a3b\u92b7\u81ea\u5df1\u80a1\u4efd\u3002\u5728\u9019\u7a2e\u60c5\u6cc1\u4e0b\uff0c\u5fc5\u9808\u78ba\u5b9a\u8a3b\u92b7\u7684\u81ea\u5df1\u80a1\u4efd\u6578\u91cf\uff08\u5c0d\u65bc\u767c\u884c\u7a2e\u985e\u80a1\u4efd\u7684\u516c\u53f8\uff0c\u9084\u9700\u78ba\u5b9a\u81ea\u5df1\u80a1\u4efd\u7684\u7a2e\u985e\u53ca\u6bcf\u7a2e\u7684\u6578\u91cf\uff09\uff08\u65e5\u672c\u516c\u53f8\u6cd5\u7b2c178\u689d\u7b2c1\u9805\uff09\u3002\u5728\u8a2d\u7acb\u8463\u4e8b\u6703\u7684\u516c\u53f8\u4e2d\uff0c\u95dc\u65bc\u8a3b\u92b7\u7684\u6c7a\u5b9a\u5fc5\u9808\u901a\u904e\u8463\u4e8b\u6703\u7684\u6c7a\u8b70\uff08\u65e5\u672c\u516c\u53f8\u6cd5\u7b2c178\u689d\u7b2c2\u9805\uff09\u3002<\/p>\n\n\n\n<p>\u8207\u9700\u8981\u80a1\u6771\u7e3d\u6703\u6c7a\u8b70\uff08\u5728\u67d0\u4e9b\u60c5\u6cc1\u4e0b\u9700\u8981\u7279\u5225\u6c7a\u8b70\uff09\u7684\u300c\u53d6\u5f97\u300d\u81ea\u5df1\u80a1\u4efd\u76f8\u5c0d\uff0c\u300c\u8a3b\u92b7\u300d\u50c5\u9700\u8463\u4e8b\u6703\u6c7a\u8b70\u5373\u53ef\uff0c\u9019\u662f\u7531\u65bc\u65e5\u672c\u516c\u53f8\u6cd5\u5c0d\u81ea\u5df1\u80a1\u4efd\u7684\u6cd5\u5f8b\u8a55\u50f9\u6709\u6240\u4e0d\u540c\u3002\u81ea\u5df1\u80a1\u4efd\u7684\u53d6\u5f97\u662f\u5c07\u516c\u53f8\u8cc7\u7522\u8fd4\u9084\u7d66\u80a1\u6771\u7684\u884c\u70ba\uff0c\u6b63\u5982\u5176\u8cc7\u91d1\u4f86\u6e90\u898f\u5236\u6240\u793a\uff0c\u53ef\u80fd\u76f4\u63a5\u5f71\u97ff\u50b5\u6b0a\u4eba\u6216\u5176\u4ed6\u80a1\u6771\u7684\u5229\u76ca\u3002\u56e0\u6b64\uff0c\u9700\u8981\u66f4\u56b4\u683c\u7684\u80a1\u6771\u7e3d\u6703\u6279\u51c6\u3002\u53e6\u4e00\u65b9\u9762\uff0c\u81ea\u5df1\u80a1\u4efd\u7684\u8a3b\u92b7\u662f\u5c07\u516c\u53f8\u5df2\u6301\u6709\u7684\u81ea\u5df1\u80a1\u4efd\u6d88\u6ec5\uff0c\u5f9e\u800c\u6e1b\u5c11\u5df2\u767c\u884c\u80a1\u4efd\u7e3d\u6578\uff0c\u4f46\u4e0d\u6703\u6e1b\u5c11\u516c\u53f8\u7684\u6de8\u8cc7\u7522\uff08\u96d6\u6709\u6703\u8a08\u8655\u7406\uff0c\u4f46\u8207\u6e1b\u8cc7\u4e2d\u7684\u8cc7\u672c\u91d1\u6216\u8cc7\u672c\u516c\u7a4d\u91d1\u7684\u6e1b\u5c11\u4e0d\u540c\uff09\u3002\u76f8\u53cd\uff0c\u9019\u901a\u5e38\u6703\u589e\u52a0\u6bcf\u80a1\u7684\u50f9\u503c\uff0c\u5c0d\u73fe\u6709\u80a1\u6771\u4f86\u8aaa\u5f80\u5f80\u662f\u6709\u5229\u7684\uff0c\u56e0\u6b64\u65e5\u672c\u516c\u53f8\u6cd5\u5c07\u5176\u8a55\u50f9\u70ba\u5c0d\u73fe\u6709\u80a1\u6771\u300c\u6c92\u6709\u5927\u4e0d\u5229\u300d\u7684\u884c\u70ba\uff0c\u4e26\u7c21\u5316\u4e86\u7a0b\u5e8f\uff0c\u5c07\u4e4b\u59d4\u8a17\u7d66\u8463\u4e8b\u6703\u6c7a\u8b70\u3002\u9019\u7a2e\u7c21\u5316\u662f\u6cd5\u5f8b\u8ce6\u4e88\u7684\u9748\u6d3b\u6027\uff0c\u4f7f\u4f01\u696d\u80fd\u5920\u66f4\u52a0\u9748\u6d3b\u5730\u57f7\u884c\u8cc7\u672c\u653f\u7b56\uff0c\u9019\u652f\u6301\u4e86\u73fe\u4ee3\u4f01\u696d\u7d93\u71df\u4e2d\u81ea\u5df1\u80a1\u4efd\u7684\u6230\u7565\u610f\u7fa9\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%A8%BB%E9%8A%B7%E5%BE%8C%E7%9A%84%E7%99%BB%E8%A8%98%E7%A8%8B%E5%BA%8F\"><\/span>\u8a3b\u92b7\u5f8c\u7684\u767b\u8a18\u7a0b\u5e8f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u81ea\u5df1\u80a1\u4efd\u8a3b\u92b7\u5f8c\uff0c\u5982\u679c\u516c\u53f8\u7684\u5df2\u767c\u884c\u80a1\u4efd\u7e3d\u6578\u6e1b\u5c11\uff0c\u5247\u5fc5\u9808\u9032\u884c\u76f8\u61c9\u7684\u8b8a\u66f4\u767b\u8a18\u3002\u9019\u9805\u8b8a\u66f4\u767b\u8a18\u5fc5\u9808\u5728\u6548\u529b\u767c\u751f\u65e5\u8d772\u9031\u5167\u5b8c\u6210\u3002\u5c0d\u65bc\u767c\u884c\u80a1\u7968\u7684\u516c\u53f8\uff0c\u7834\u58de\u80a1\u7968\u4e26\u62b9\u9664\u80a1\u6771\u540d\u7c3f\u8a18\u8f09\u7684\u65e5\u671f\u5373\u70ba\u6548\u529b\u767c\u751f\u65e5\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%A4%96%E5%9C%8B%E6%8A%95%E8%B3%87%E8%80%85%E6%87%89%E6%B3%A8%E6%84%8F%E7%9A%84%E6%97%A5%E6%9C%AC%E5%AF%A6%E5%8B%99%E8%A6%81%E9%BB%9E\"><\/span>\u5916\u570b\u6295\u8cc7\u8005\u61c9\u6ce8\u610f\u7684\u65e5\u672c\u5be6\u52d9\u8981\u9ede<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u7576\u5916\u570b\u6295\u8cc7\u8005\u6d89\u53ca\u5230\u65e5\u672c\u516c\u53f8\u6cd5\u4e0b\u7684\u81ea\u5df1\u80a1\u4efd\u7684\u53d6\u5f97\u6216\u6d88\u6ec5\u76f8\u95dc\u4ea4\u6613\u6642\uff0c\u9700\u8981\u7559\u610f\u65e5\u672c\u6cd5\u5f8b\u5236\u5ea6\u7279\u6709\u7684\u6ce8\u610f\u4e8b\u9805\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%A4%96%E5%8C%AF%E5%8F%8A%E5%A4%96%E5%9C%8B%E8%B2%BF%E6%98%93%E6%B3%95%EF%BC%88%E5%A4%96%E7%82%BA%E6%B3%95%EF%BC%89%E7%9A%84%E9%81%A9%E7%94%A8\"><\/span>\u5916\u532f\u53ca\u5916\u570b\u8cbf\u6613\u6cd5\uff08\u5916\u70ba\u6cd5\uff09\u7684\u9069\u7528<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u5916\u570b\u6295\u8cc7\u8005\u5c0d\u65e5\u672c\u4f01\u696d\u9032\u884c\u76f4\u63a5\u6295\u8cc7\u6642\uff0c\u8a72\u6295\u8cc7\u53ef\u80fd\u5c6c\u65bc\u300c\u5c0d\u5167\u76f4\u63a5\u6295\u8cc7\u7b49\u300d\uff0c\u6210\u70ba\u5916\u532f\u53ca\u5916\u570b\u8cbf\u6613\u6cd5\uff08\u5916\u70ba\u6cd5\uff09\u7684\u898f\u7bc4\u5c0d\u8c61\u3002\u7279\u5225\u662f\u5c0d\u65bc\u5f9e\u4e8b\u570b\u5bb6\u5b89\u5168\u4fdd\u969c\u76f8\u95dc\u7684\u300c\u6307\u5b9a\u884c\u696d\u300d\uff0c\u5982\u9632\u885b\u3001\u901a\u8a0a\u3001\u80fd\u6e90\u7b49\u65e5\u672c\u4f01\u696d\u7684\u6295\u8cc7\uff0c\u6216\u662f\u8d85\u904e\u7279\u5b9a\u80a1\u4efd\u53d6\u5f97\u6bd4\u7387\uff08\u4f8b\u5982\u8868\u6c7a\u6b0a\u6bd4\u738710%\u4ee5\u4e0a\uff09\u7684\u80a1\u4efd\u53d6\u5f97\uff0c\u6295\u8cc7\u5be6\u65bd\u524d\u9700\u8981\u5411\u7d93\u6fdf\u7522\u696d\u7701\u6216\u8ca1\u52d9\u7701\u7b49\u76f8\u95dc\u90e8\u9580\u9032\u884c\u300c\u4e8b\u524d\u901a\u5831\u300d\uff0c\u4e26\u53ef\u80fd\u9700\u8981\u5be9\u67e5\uff08\u901a\u5e38\u70ba30\u5929\uff09\u3002\u82e5\u672a\u9032\u884c\u4e8b\u524d\u901a\u5831\u5c31\u57f7\u884c\u6295\u8cc7\uff0c\u6216\u63d0\u51fa\u865b\u5047\u901a\u5831\uff0c\u5247\u5b58\u5728\u88ab\u8655\u4ee5\u7f70\u5247\u7684\u98a8\u96aa\uff0c\u56e0\u6b64\u9700\u8981\u683c\u5916\u6ce8\u610f\u3002\u6b64\u5916\uff0c\u82e5\u9075\u5b88\u7279\u5b9a\u6a19\u6e96\uff0c\u5982\u4e0d\u6d89\u5165\u7d93\u71df\u7b49\uff0c\u5247\u53ef\u4ee5\u514d\u9664\u4e8b\u524d\u901a\u5831\uff0c\u4f46\u9075\u5b88\u60c5\u6cc1\u5c07\u53d7\u5230\u76e3\u63a7\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%A8%85%E5%8B%99%E4%B8%8A%E7%9A%84%E5%BD%B1%E9%9F%BF\"><\/span>\u7a05\u52d9\u4e0a\u7684\u5f71\u97ff<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u516c\u53f8\u53d6\u5f97\u81ea\u5df1\u80a1\u4efd\u5c0d\u65bc\u51fa\u552e\u80a1\u6771\u800c\u8a00\u6703\u5e36\u4f86\u7a05\u52d9\u5f71\u97ff\u3002\u7576\u516c\u53f8\u53d6\u5f97\u81ea\u5df1\u80a1\u4efd\u4e26\u5c0d\u80a1\u6771\u652f\u4ed8\u5c0d\u50f9\u6642\uff0c\u652f\u4ed8\u7684\u91d1\u9322\u7b49\u90e8\u5206\u53ef\u80fd\u88ab\u8996\u70ba\u300c\u8996\u540c\u914d\u606f\u300d\u800c\u6210\u70ba\u8ab2\u7a05\u5c0d\u8c61\u3002\u9019\u662f\u56e0\u70ba\u652f\u4ed8\u7684\u91d1\u9322\u7b49\u88ab\u8996\u70ba\u7531\u80a1\u4efd\u7684\u672c\u91d1\u8fd4\u9084\u90e8\u5206\u548c\u5229\u6f64\u8fd4\u9084\u90e8\u5206\u7d44\u6210\u3002\u7279\u5225\u662f\u5c0d\u65bc\u975e\u5c45\u6c11\u7684\u5916\u570b\u80a1\u6771\u6216\u5916\u570b\u6cd5\u4eba\uff0c\u539f\u5247\u4e0a\u5c07\u5fb5\u653620.42%\u7684\u9810\u6263\u7a05\u3002\u7136\u800c\uff0c\u82e5\u65e5\u672c\u8207\u80a1\u6771\u5c45\u4f4f\u570b\u4e4b\u9593\u7c3d\u8a02\u4e86\u7a05\u6536\u689d\u7d04\uff0c\u5247\u6839\u64da\u8a72\u689d\u7d04\u7684\u898f\u5b9a\uff0c\u53ef\u80fd\u514d\u9664\u6216\u6e1b\u8f15\u9810\u6263\u7a05\u3002\u6b64\u5916\uff0c\u81ea2023\u5e741\u67081\u65e5\u8d77\uff0c\u7f8e\u570b\u7684\u4e0a\u5e02\u516c\u53f8\u9032\u884c\u81ea\u5df1\u80a1\u4efd\u8cb7\u56de\u6642\uff0c\u5c0d\u7279\u5b9a\u7684\u81ea\u5df1\u80a1\u4efd\u8cb7\u56de\u5fb5\u65361%\u7684\u9644\u52a0\u7a05\uff08excise tax\uff09\uff0c\u82e5\u65e5\u672c\u7684\u4e0a\u5e02\u516c\u53f8\u64c1\u6709\u7f8e\u570b\u5b50\u516c\u53f8\uff0c\u4e5f\u53ef\u80fd\u9069\u7528\u6b64\u898f\u5b9a\uff0c\u56e0\u6b64\u5efa\u8b70\u8207\u570b\u969b\u7a05\u52d9\u5c08\u5bb6\u78ba\u8a8d\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%97%A5%E6%9C%AC%E6%B3%95%E5%BE%8B%E4%B8%8B%E5%B0%88%E6%A5%AD%E6%94%AF%E6%8F%B4%E7%9A%84%E9%87%8D%E8%A6%81%E6%80%A7\"><\/span>\u65e5\u672c\u6cd5\u5f8b\u4e0b\u5c08\u696d\u652f\u63f4\u7684\u91cd\u8981\u6027<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u65e5\u672c\u516c\u53f8\u6cd5\u5c0d\u65bc\u81ea\u5df1\u80a1\u4efd\u7684\u53d6\u5f97\u8207\u6d88\u6ec5\u898f\u5b9a\u4e86\u8a73\u7d30\u56b4\u683c\u7684\u7a0b\u5e8f\u3002\u96d6\u7136\u65e5\u672c\u4f01\u696d\u53d6\u5f97\u81ea\u5df1\u80a1\u4efd\u7684\u7a0b\u5e8f\u5728\u65e5\u672c\u516c\u53f8\u6cd5\u4e2d\u6709\u660e\u78ba\u898f\u5b9a\uff0c\u4f46\u7576\u5916\u570b\u6295\u8cc7\u8005\u53c3\u8207\u9019\u4e9b\u4ea4\u6613\u6642\uff0c\u4e0d\u50c5\u8981\u9075\u5b88\u65e5\u672c\u516c\u53f8\u6cd5\uff0c\u9084\u8981\u9762\u5c0d\u5916\u532f\u53ca\u5916\u570b\u8cbf\u6613\u6cd5\uff08\u5916\u70ba\u6cd5\uff09\u548c\u570b\u969b\u7a05\u52d9\u7b49\u591a\u500b\u6cd5\u57df\u7684\u758a\u52a0\u9069\u7528\u3002\u4f8b\u5982\uff0c\u5916\u570b\u6295\u8cc7\u8005\u53d6\u5f97\u65e5\u672c\u6307\u5b9a\u884c\u696d\u4f01\u696d\u7684\u80a1\u4efd\u6642\uff0c\u9664\u4e86\u65e5\u672c\u516c\u53f8\u6cd5\u4e0a\u7684\u81ea\u5df1\u80a1\u4efd\u53d6\u5f97\u7a0b\u5e8f\u5916\uff0c\u9084\u6703\u7522\u751f\u57fa\u65bc\u5916\u70ba\u6cd5\u7684\u4e8b\u524d\u901a\u5831\u7fa9\u52d9\uff0c\u9019\u53ef\u80fd\u6703\u5f71\u97ff\u4ea4\u6613\u7684\u6642\u9593\u8868\u3002\u6b64\u5916\uff0c\u82e5\u80a1\u4efd\u51fa\u552e\u6240\u5f97\u7684\u5c0d\u50f9\u88ab\u8a8d\u5b9a\u70ba\u300c\u8996\u540c\u914d\u606f\u300d\uff0c\u5176\u7a05\u52d9\u8655\u7406\u5c07\u56e0\u51fa\u552e\u80a1\u6771\u7684\u5c45\u4f4f\u570b\u548c\u7a05\u6536\u689d\u7d04\u7684\u6709\u7121\u800c\u8b8a\u5f97\u8907\u96dc\u3002<\/p>\n\n\n\n<p>\u9019\u4e9b\u758a\u52a0\u7684\u6cd5\u5f8b\u548c\u7a05\u52d9\u98a8\u96aa\u53ef\u80fd\u6703\u5c0e\u81f4\u5916\u570b\u6295\u8cc7\u8005\u9762\u81e8\u610f\u6599\u4e4b\u5916\u7684\u6cd5\u5f8b\u8cac\u4efb\u3001\u984d\u5916\u6210\u672c\uff0c\u751a\u81f3\u4ea4\u6613\u4e2d\u6b62\u7b49\u56b4\u91cd\u5f8c\u679c\u3002\u56e0\u6b64\uff0c\u70ba\u4e86\u61c9\u5c0d\u5916\u70ba\u6cd5\u7684\u6295\u8cc7\u898f\u7bc4\u3001\u884c\u696d\u5225\u7684\u8a31\u53ef\u5236\u5ea6\u4ee5\u53ca\u8907\u96dc\u7684\u7a05\u52d9\u8655\u7406\uff0c\u638c\u63e1\u65e5\u672c\u6cd5\u52d9\u548c\u7a05\u52d9\u7684\u5c08\u696d\u77e5\u8b58\u662f\u4e0d\u53ef\u6216\u7f3a\u7684\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%B8%BD%E7%B5%90\"><\/span>\u7e3d\u7d50<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u5728\u65e5\u672c\u516c\u53f8\u6cd5\u4e0b\uff0c\u81ea\u5df1\u80a1\u4efd\u7684\u53d6\u5f97\u8207\u8a3b\u92b7\u662f\u4f01\u696d\u8cc7\u672c\u653f\u7b56\u4e2d\u4e0d\u53ef\u6216\u7f3a\u7684\u8981\u7d20\uff0c\u5b83\u652f\u6490\u8457\u80a1\u6771\u56de\u5831\u3001\u9632\u79a6\u6575\u5c0d\u6536\u8cfc\u3001\u4e8b\u696d\u7e7c\u627f\u3001\u4ee5\u53ca\u4f75\u8cfc\u7b49\u591a\u6a23\u5316\u7684\u7d93\u71df\u7b56\u7565\u3002\u5f9e\u820a\u5546\u6cd5\u4e0b\u7684\u539f\u5247\u7981\u6b62\u5230\u73fe\u4ee3\u65e5\u672c\u516c\u53f8\u6cd5\u7684\u539f\u5247\u81ea\u7531\u5316\uff0c\u9019\u4e00\u8b8a\u9077\u986f\u793a\u4e86\u6cd5\u5f8b\u5236\u5ea6\u7684\u6f14\u9032\uff0c\u4f7f\u5f97\u65e5\u672c\u4f01\u696d\u80fd\u5920\u66f4\u52a0\u9748\u6d3b\u548c\u6a5f\u52d5\u5730\u5c55\u958b\u8cc7\u672c\u7b56\u7565\u3002\u81ea\u5df1\u80a1\u4efd\u7684\u53d6\u5f97\u4f34\u96a8\u8457\u56b4\u683c\u7684\u8ca1\u6e90\u898f\u5236\u3001\u80a1\u6771\u5927\u6703\u6c7a\u8b70\uff0c\u4ee5\u53ca\u70ba\u4e86\u4fdd\u8b77\u80a1\u6771\u5e73\u7b49\u539f\u5247\uff0c\u5728\u7279\u5b9a\u80a1\u6771\u7684\u53d6\u5f97\u4e2d\u9700\u8981\u7279\u5225\u6c7a\u8b70\u6216\u8ce3\u65b9\u8ffd\u52a0\u8acb\u6c42\u6b0a\u7b49\u8907\u96dc\u7a0b\u5e8f\u3002\u53e6\u4e00\u65b9\u9762\uff0c\u81ea\u5df1\u80a1\u4efd\u7684\u8a3b\u92b7\u50c5\u9700\u8463\u4e8b\u6703\u6c7a\u8b70\u5373\u53ef\uff0c\u5176\u7a0b\u5e8f\u76f8\u5c0d\u7c21\u5316\u3002<\/p>\n\n\n\n<p>\u7576\u5916\u570b\u6295\u8cc7\u8005\u53c3\u8207\u9019\u4e9b\u4ea4\u6613\u6642\uff0c\u4e0d\u50c5\u9700\u8981\u6ce8\u610f\u65e5\u672c\u516c\u53f8\u6cd5\uff0c\u9084\u8981\u8003\u616e\u5916\u532f\u53ca\u5916\u570b\u8cbf\u6613\u6cd5\uff08\u5916\u70ba\u6cd5\uff09\u4e0b\u7684\u6295\u8cc7\u898f\u5236\uff0c\u4ee5\u53ca\u8907\u96dc\u7684\u7a05\u52d9\u5f71\u97ff\u7b49\u8de8\u6cd5\u57df\u7684\u91cd\u758a\u898f\u5236\u3002\u70ba\u4e86\u9806\u5229\u514b\u670d\u9019\u4e9b\u8907\u96dc\u7684\u6cd5\u5f8b\u548c\u7a05\u52d9\u6311\u6230\uff0c\u9700\u8981\u5f97\u5230\u7cbe\u901a\u65e5\u672c\u6cd5\u5f8b\u5236\u5ea6\u3001\u5546\u696d\u6163\u4f8b\u548c\u570b\u969b\u7a05\u52d9\u7684\u5c08\u5bb6\u7684\u652f\u6301\u3002<\/p>\n\n\n\n<p>\u30e2\u30ce\u30ea\u30b9\u6cd5\u5f8b\u4e8b\u52d9\u6240\u5728\u80a1\u4efd\u76f8\u95dc\u6cd5\u52d9\u9818\u57df\u64c1\u6709\u8c50\u5bcc\u7684\u5be6\u7e3e\uff0c\u672c\u6240\u5df2\u7d93\u652f\u6301\u4e86\u773e\u591a\u570b\u5167\u5916\u4f01\u696d\u548c\u6295\u8cc7\u8005\u3002\u672c\u6240\u64c1\u6709\u591a\u540d\u5177\u6709\u5916\u570b\u5f8b\u5e2b\u8cc7\u683c\u7684\u82f1\u8a9e\u5f8b\u5e2b\uff0c\u80fd\u5920\u63d0\u4f9b\u57fa\u65bc\u6df1\u539a\u5c08\u696d\u77e5\u8b58\u548c\u5be6\u52d9\u7d93\u9a57\u7684\u9ad8\u8cea\u91cf\u6cd5\u5f8b\u670d\u52d9\uff0c\u4e26\u80fd\u4ee5\u65e5\u8a9e\u548c\u82f1\u8a9e\u96d9\u8a9e\u9032\u884c\u6e9d\u901a\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u5728\u65e5\u672c\u516c\u53f8\u6cd5\uff08\u5e73\u621017\u5e74(2005\u5e74)\u6cd5\u5f8b\u7b2c86\u53f7\uff09\u4e0b\uff0c\u81ea\u5df1\u80a1\u4efd\u7684\u6982\u5ff5\u5c0d\u65bc\u4f01\u696d\u7684\u8ca1\u52d9\u7b56\u7565\u548c\u63d0\u5347\u80a1\u6771\u50f9\u503c\u626e\u6f14\u8457\u6975\u5176\u91cd\u8981\u7684\u89d2\u8272\u3002\u6240\u8b02\u81ea\u5df1\u80a1\u4efd\uff0c\u662f\u6307\u80a1\u4efd\u516c\u53f8\u8cfc\u8cb7\u4e26\u6301\u6709\u81ea\u5df1\u767c\u884c\u7684\u80a1\u4efd\u3002\u5728\u65e5\u672c\u904e\u53bb\u7684\u820a\u5546\u6cd5\u4e0b\uff0c\u7531\u65bc\u64d4\u5fc3\u53ef\u80fd\u6703\u5371\u53ca\u516c\u53f8\u7684\u8ca1\u7522\u57fa\u790e\uff0c\u539f\u5247\u4e0a\u7981\u6b62\u4e86\u81ea\u5df1\u80a1\u4efd\u7684\u8cfc\u8cb7\u3002\u9019\u4e00\u898f\u5b9a\u6df1\u690d\u65bc\u4fdd\u5b88\u7684\u6cd5\u5f8b\u5236\u5ea6\u8a2d\u8a08\u4e4b\u4e2d\uff0c\u65e8\u5728\u9632\u6b62\u516c\u53f8\u8a2d\u7acb\u6642\u7e73\u7d0d\u7684\u8cc7\u672c\u8f15\u6613\u6d41\u5931\uff0c\u7dad\u6301\u516c\u53f8\u7684\u8ca1\u7522\u57fa\u790e\uff0c\u5373\u6240\u8b02\u7684\u300c\u8cc7\u672c\u5145\u8db3\u7dad\u6301\u539f\u5247\u300d\u3002 \u7136\u800c\uff0c\u96a8\u84572 [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":73732,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[24,83],"acf":[],"_links":{"self":[{"href":"https:\/\/monolith.law\/zh-tw\/wp-json\/wp\/v2\/posts\/73578"}],"collection":[{"href":"https:\/\/monolith.law\/zh-tw\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/zh-tw\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/zh-tw\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/zh-tw\/wp-json\/wp\/v2\/comments?post=73578"}],"version-history":[{"count":2,"href":"https:\/\/monolith.law\/zh-tw\/wp-json\/wp\/v2\/posts\/73578\/revisions"}],"predecessor-version":[{"id":73733,"href":"https:\/\/monolith.law\/zh-tw\/wp-json\/wp\/v2\/posts\/73578\/revisions\/73733"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/zh-tw\/wp-json\/wp\/v2\/media\/73732"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/zh-tw\/wp-json\/wp\/v2\/media?parent=73578"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/zh-tw\/wp-json\/wp\/v2\/categories?post=73578"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/zh-tw\/wp-json\/wp\/v2\/tags?post=73578"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}