{"id":1565,"date":"2019-09-11T13:44:07","date_gmt":"2019-09-11T05:44:07","guid":{"rendered":"http:\/\/www.valuetize.com\/global\/?p=1565"},"modified":"2019-09-11T13:44:08","modified_gmt":"2019-09-11T05:44:08","slug":"%e9%98%bf%e9%87%8c%e5%b7%b4%e5%b7%b4%e8%9e%8d%e8%b5%84%e5%8f%b2%ef%bc%8c%e4%bb%8e%e5%a4%a9%e4%bd%bf%e8%bd%ae%e3%80%81vc%e3%80%81pe%e5%88%b0-1000%e4%ba%bf%e7%be%8e%e5%85%83%e5%b8%82%e5%80%bc%e7%9a%84-i","status":"publish","type":"post","link":"https:\/\/www.valuetize.com\/global\/?p=1565","title":{"rendered":"\u963f\u91cc\u5df4\u5df4\u878d\u8d44\u53f2\uff0c\u4ece\u5929\u4f7f\u8f6e\u3001VC\u3001PE\u5230 1000\u4ebf\u7f8e\u5143\u5e02\u503c\u7684 IPO"},"content":{"rendered":"\n<p>9\u670810\u65e5\uff0c\u6559\u5e08\u8282\uff0c\u4e5f\u662f\u9a6c\u4e9155\u5c81\u7684\u751f\u65e5\u3002\u8fd9\u4e00\u5929\uff0c\u9a6c\u4e91\u6b63\u5f0f\u5378\u4efb\u963f\u91cc\u5df4\u5df4\u96c6\u56e2\u8463\u4e8b\u5c40\u4e3b\u5e2d\uff0c\u6de1\u51fa\u4e00\u624b\u6253\u9020\u8d77\u6765\u7684\u5546\u4e1a\u5e1d\u56fd\u3002<\/p>\n\n\n\n<p>\u662f\u65f6\u5019\u4ea4\u68d2\u7ed9\u5e74\u8f7b\u4eba\u4e86\u3002\u56de\u60f32013\u5e74\uff0c\u5728\u6dd8\u5b9d\u5341\u5468\u5e74\u5e86\u5178\u4e0a\uff0c48\u5c81\u9a6c\u4e91\u5355\u819d\u4e0b\u8dea\u5ba3\u5e03\u5378\u4efb\u963f\u91ccCEO\uff0c\u54fd\u54bd\u5730\u8bf4\u7740\u201c\u76f8\u4fe1\u5e74\u8f7b\u4eba\u4f1a\u6bd4\u6211\u4eec\u505a\u5f97\u66f4\u597d\u201d\uff0c\u8fd9\u4e2a\u753b\u9762\u6210\u4e3a\u4e2d\u56fd\u4e92\u8054\u7f51\u6c38\u8fdc\u96be\u4ee5\u62b9\u53bb\u7684\u8bb0\u5fc6\u3002<\/p>\n\n\n\n<p>\u201c\u6211\u4e0d\u5728\u6c5f\u6e56\uff0c\u4f46\u6c5f\u6e56\u8fd8\u6709\u6211\u7684\u4f20\u8bf4\u3002\u201d\u5728\u5e74\u5bcc\u529b\u5f3a\u7684\u5e74\u7eaa\u9000\u4f11\u540e\uff0c\u9a6c\u4e91\u4f55\u53bb\u4f55\u4ece\uff1f<\/p>\n\n\n\n<p>\u4f5c\u4e3a\u4e2d\u56fd\u6700\u52b1\u5fd7\u7684\u521b\u4e1a\u5bfc\u5e08\uff0c\u9a6c\u4e91\u6709\u7ecf\u9a8c\uff0c\u6709\u4eba\u8109\uff0c\u5173\u952e\u662f\u2014\u2014\u6709\u94b1\u3002<strong>\u867d\u7136\u65e9\u5df2\u8fc7\u4e86\u8ffd\u6c42\u8d22\u5bcc\u7684\u7684\u9636\u6bb5\uff0c\u4f46\u672c\u7740\u5173\u5fc3\u4e0b\u4e00\u4ee3\u521b\u4e1a\u8005\u7684\u521d\u8877<\/strong>\uff0c\u9a6c\u8001\u5e08\uff0c\u8003\u8651\u505aVC\u561b\uff1f<\/p>\n\n\n\n<p><strong>\u56de\u671b\u9a6c\u4e9120\u5e74\uff1a<\/strong><\/p>\n\n\n\n<p><strong>\u6ca1\u6709VC\uff0c\u963f\u91cc\u65e9\u5df2\u6b7b\u5728\u90a3\u4e2a\u51ac\u5929<\/strong><\/p>\n\n\n\n<p>\u4e8c\u5341\u5e74\uff0c\u662f\u4e00\u4e2a\u6781\u5177\u7eaa\u5ff5\u610f\u4e49\u7684\u65e5\u5b50\u3002\u8fc7\u53bb\u4e8c\u5341\u5e74\uff0c\u662f\u9a6c\u4e91\u521b\u4e1a\u7684\u8f89\u714c\u53f2\uff0c\u4e5f\u662f\u4e2d\u56fd\u4e92\u8054\u7f51\u6ce2\u6f9c\u58ee\u9614\u7684\u5c81\u6708\uff0c\u80cc\u540e\u89c1\u8bc1\u4e86\u4e2d\u56fd\u521b\u6295\u4ece\u86ee\u8352\u8d70\u5411\u6210\u719f\u7684\u5386\u7a0b\u3002<\/p>\n\n\n\n<p>1999\u5e742\u6708\uff0c\u8fde\u7eed\u56db\u6b21\u521b\u4e1a\u5931\u8d25\u7684\u9a6c\u4e91\uff0c\u4e0e\u4ed6\u7684\u670b\u53cb\u540c\u4e8b\u4eec\u51d1\u4e8650\u4e07\u5143\uff0c\u5728\u676d\u5dde\u7684\u6e56\u7554\u82b1\u56ed\u521b\u529e\u4e86\u963f\u91cc\u5df4\u5df4\u3002\u521b\u4e1a\u4f0a\u59cb\uff0c\u9a6c\u4e91\u5e0c\u671b\u80fd\u5728\u5341\u4e2a\u6708\u5185\u62ff\u5230\u878d\u8d44\uff0c\u4f46\u5230\u4e86\u7b2c\u516b\u4e2a\u6708\u94b1\u5c31\u82b1\u5b8c\u4e86\uff0c\u4ed6\u53ea\u597d\u56db\u5904\u501f\u94b1\u53d1\u5de5\u8d44\u3002<\/p>\n\n\n\n<p>\u6839\u636e\u5f6d\u857e\u7684\u56de\u5fc6\uff0c\u9a6c\u4e91\u6bcf\u6b21\u4ece\u5916\u8fb9\u56de\u6765\uff0c\u90fd\u4f1a\u5bf9\u5927\u5bb6\u8bf4\uff1a\u201c\u6211\u53c8\u62d2\u7edd\u4e86\u4e00\u5bb6VC\u2026\u2026\u201d\u6709\u4e00\u5929\uff0c\u4ed6\u8bf4\u81ea\u5df1\u5df2\u7ecf\u62d2\u7edd\u4e8637\u5bb6VC\u3002\u540e\u6765\u624d\u77e5\u9053\uff0c\u5f53\u5e74\u9a6c\u4e91\u662f\u88ab37\u5bb6VC\u7ed9\u62d2\u7edd\u4e86\uff0c\u56e0\u4e3a\u6ca1\u4eba\u76f8\u4fe1\u4ed6\u7684\u8bdd\u3002<\/p>\n\n\n\n<p>\u6240\u5e78\uff0c\u540e\u6765\u9047\u5230\u8521\u5d07\u4fe1\uff0c\u8bde\u751f\u4e86\u4e2d\u56fd\u4e92\u8054\u7f51\u6700\u7ecf\u5178\u7684\u6545\u4e8b\uff1a\u8521\u5d07\u4fe1\u6bc5\u7136\u56de\u9999\u6e2f\u8f9e\u6389\u4e86\u5e74\u85aa70\u4e07\u7f8e\u5143\u7684\u98ce\u6295\u4e8b\u4e1a\uff0c\u8dd1\u5230\u676d\u5dde\u52a0\u5165\u4e86\u5f53\u65f6\u963f\u91cc\u7684\u8349\u6839\u521b\u4e1a\u56e2\u961f\uff0c\u62c5\u4efbCFO\uff0c\u6708\u85aa500\u5757\u4eba\u6c11\u5e01\u3002\u8521\u5d07\u4fe1\u66fe\u56de\u5fc6\uff0c\u963f\u91cc\u771f\u6b63\u6253\u52a8\u4ed6\u7684\u5730\u65b9\uff0c\u4e0d\u4ec5\u4ec5\u662f\u9a6c\u4e91\u672c\u4eba\uff0c\u8fd8\u6709\u9a6c\u4e91\u4e0e\u4e00\u7fa4\u8ffd\u968f\u8005\u60a3\u96be\u4e0e\u5171\u7684\u60c5\u666f\u3002<\/p>\n\n\n\n<p>VC\u80cc\u666f\u51fa\u8eab\u7684\u8521\u5d07\u4fe1\uff0c\u5c06\u963f\u91cc\u5e26\u4e0a\u4e86\u4e13\u4e1a\u7684\u878d\u8d44\u4e4b\u8def\u30021999\u4e0b\u534a\u5e74\uff0c\u901a\u8fc7\u8521\u5d07\u4fe1\u7684\u5f15\u8350\uff0c\u963f\u91cc\u62ff\u5230\u4e86\u9ad8\u76db\u548cFidelity Capital\u3001\u65b0\u52a0\u5761\u653f\u5e9c\u79d1\u6280\u53d1\u5c55\u57fa\u91d1\uff0c\u4ee5\u53ca\u8521\u5d07\u4fe1\u8001\u4e1c\u5bb6Investor AB\u7b49\u6295\u8d44\u65b9500\u4e07\u7f8e\u5143\u7684\u5929\u4f7f\u8f6e\u878d\u8d44\u3002\u8fd9\u4e00\u7b14\u94b1\uff0c\u4ee4\u963f\u91cc\u5ea6\u8fc7\u4e86\u521b\u4e1a\u521d\u671f\u6700\u8270\u96be\u7684\u65e5\u5b50\u3002<\/p>\n\n\n\n<p>\u540e\u9762\u7684\u6545\u4e8b\uff0c\u65e9\u5df2\u6210\u4e3a\u4f20\u5947\u3002\u300a\u963f\u91cc\u5df4\u5df4CFO\u4eba\u95f4\u5f80\u4e8b\u300b\u4e00\u6587\u66fe\u8fd9\u6837\u8bb0\u5f55\uff1a1999\u5e7410\u670831\u65e5\uff0c\u9a6c\u4e91\u7b2c\u4e00\u6b21\u4e0e\u6295\u8d44\u4eba\u5b59\u6b63\u4e49\u4f1a\u9762\u3002\u5f53\u65f6\u9a6c\u4e91\u4ec5\u4ec5\u4ecb\u7ecd\u4e86\u516d\u4e03\u5206\u949f\u81ea\u5df1\u7684\u4e1a\u52a1\uff0c\u5b59\u6b63\u4e49\u5c31\u51b3\u5b9a\u6295\u8d44\u963f\u91cc\u5df4\u5df4\u3002\u5b59\u6b63\u4e49\u7684\u7b2c\u4e00\u6b21\u51fa\u4ef7\u662f4000\u4e07\u7f8e\u5143\uff0c\u8981\u6c42\u5360\u80a149%\u3002<\/p>\n\n\n\n<p>\u5f53\u65f6\u9a6c\u4e91\u542c\u5b8c\u4ee5\u540e\u5fc3\u6f6e\u6f8e\u6e43\uff0c\u4f46\u662f\u8521\u5d07\u4fe1\u5374\u8bf4\u4e86\u201cNo\u201d\uff0c\u56e0\u4e3a\u8ba9\u51fa49%\u7684\u80a1\u4efd\u5b9e\u5728\u592a\u591a\uff0c\u5bf9\u4ee5\u540e\u56e2\u961f\u7684\u589e\u957f\u4e5f\u4e0d\u5229;\u4e8e\u662f\u5b59\u6b63\u4e49\u8fd8\u4e86\u4e00\u4e2a3000\u4e07\u7f8e\u5143\u7684\u4ef7\uff0c\u6700\u540e\u8c03\u6574\u52302000\u4e07\u7f8e\u5143\uff0c\u8fd9\u8ba9\u51fa\u676520%\u591a\u7684\u80a1\u4efd\uff0c\u4e5f\u4e3a\u540e\u9762\u963f\u91cc\u7684\u53d1\u5c55\u5960\u5b9a\u4e86\u91cd\u8981\u7684\u57fa\u7840\u3002<\/p>\n\n\n\n<p>2000\u5e741\u6708\uff0c\u8f6f\u94f6\u8054\u5408\u5bcc\u8fbe\u3001\u6c47\u4e9a\u8d44\u672c\u3001\u65e5\u672c\u4e9a\u6d32\u6295\u8d44\u3001\u745e\u5178\u6295\u8d44\u3001TDF\u7b496\u5bb6\u673a\u6784\uff0c\u5171\u540c\u5411\u963f\u91cc\u5df4\u5df4\u6295\u8d442500\u4e07\u7f8e\u5143\uff0c\u9886\u6295\u7684\u8f6f\u94f6\u81ea\u5df1\u7838\u4e0b\u4e862000\u4e07\u7f8e\u91d1\u3002<\/p>\n\n\n\n<p>\u4e8b\u540e\u8bc1\u660e\uff0c<strong>\u8fd9\u7b14\u878d\u8d44\u592a\u5173\u952e\u4e86\u3002\u5728\u62ff\u5230\u878d\u8d44\u4e0d\u4e45\uff0c\u5168\u7403\u4e92\u8054\u7f51\u6ce1\u6cab\u8fce\u6765\u7834\u706d\uff0c\u65e0\u6570\u4e2d\u5c0f\u516c\u53f8\u5e94\u58f0\u5012\u4e0b<\/strong>\uff0c\u4e92\u8054\u7f51\u5934\u90e8\u4f01\u4e1a\u5e02\u503c\u65ad\u5d16\u4e0b\u8dcc\uff0c\u5f7c\u65f6\u65b0\u6d6a\u80a1\u4ef7\u4ece2000\u5e746\u6708\u7684 60\u7f8e\u5143\u8dcc\u81f32001\u5e7410\u6708\u76841\u7f8e\u5143\uff1b\u7f51\u6613\u80a1\u4ef7\u4e5f\u4ece2000\u5e746\u6708\u76844\u7f8e\u5143\u8dcc\u81f32001\u5e747\u6708\u768413\u7f8e\u5206\u3002\u8d44\u672c\u5bd2\u51ac\u6084\u7136\u800c\u81f3\uff0c\u800c\u963f\u91cc\u5374\u4f9d\u9760\u8fd9\u7b14\u8d44\u91d1\u71ac\u8fc7\u4e86\u90a3\u4e2a\u6700\u5bd2\u51b7\u7684\u51ac\u5929\u3002<\/p>\n\n\n\n<p><strong>\u9519\u8fc7\u963f\u91cc\uff0c<\/strong><\/p>\n\n\n\n<p><strong>\u6210\u4e3a\u4e0d\u5c11VC\/PE\u96be\u4ee5\u5f25\u8865\u7684\u9057\u61be<\/strong><\/p>\n\n\n\n<p>\u5982\u4eca\u56de\u8fc7\u5934\u6765\u770b\uff0c\u963f\u91cc\u7684\u878d\u8d44\u53f2\u582a\u79f0\u4e2d\u56fdVC\/PE\u7684\u7f29\u5f71\u3002<\/p>\n\n\n\n<p>\u65b0\u4e16\u7eaa\u521d\u671f\uff0c\u98ce\u9669\u6295\u8d44\u4ecd\u662f\u4e00\u4e2a\u65b0\u9c9c\u7684\u4e8b\u7269\uff0c\u5927\u591a\u6570\u521b\u4e1a\u516c\u53f8\u878d\u8d44\u65e0\u95e8\u30022003\u5e745\u6708\uff0c\u8f6f\u94f6\u4e9a\u6d324000\u4e07\u7f8e\u5143\u6ce8\u8d44\u76db\u5927\uff0c\u8fd9\u7b14\u6295\u8d44\u6210\u4e3a\u8f6f\u94f6\u4e9a\u6d32\u548c\u960e\u7131\u7684\u6210\u540d\u4e4b\u4f5c\uff0c\u4e5f\u662f\u4e2d\u56fd\u98ce\u9669\u6295\u8d44\u5386\u53f2\u4e0a\u7684\u5206\u6c34\u5cad\u2014\u2014\u5b83\u7b2c\u4e00\u6b21\u8ba9\u4e16\u754c\u8d44\u672c\u5e02\u573a\u4eba\u58eb\u770b\u5230\uff0c\u5728\u4e2d\u56fd\u505aVC\u53ef\u4ee5\u8d5a\u94b1\uff0c\u800c\u4e14\u53ef\u4ee5\u8d5a\u5927\u94b1\u3002\u81ea\u6b64\uff0c\u4e2d\u56fd\u521b\u6295\u884c\u4e1a\u8fdb\u5165\u4e86\u84ec\u52c3\u53d1\u5c55\u671f\u3002<\/p>\n\n\n\n<p>\u5728\u8fd9\u6837\u7684\u80cc\u666f\u4e0b\uff0c2004\u5e74\uff0c\u8f6f\u94f6\u518d\u5ea6\u6ce8\u8d44\u963f\u91cc\u5df4\u5df4\u516c\u53f8\u3002\u52a0\u4e0a\u5bcc\u8fbe\uff08Fidelity\uff09\u3001GGV\u7eaa\u6e90\u8d44\u672c\u548cTDF\u534e\u76c8\u57fa\u91d1\uff0c\u963f\u91cc\u5df4\u5df4\u6b64\u8f6e\u5171\u83b7\u5f978200\u4e07\u7f8e\u5143\u878d\u8d44\uff0c\u6210\u4e3a\u5f53\u65f6\u4e2d\u56fd\u4e92\u8054\u7f51\u5386\u53f2\u4e0a\u878d\u5230\u7684\u6700\u5927\u4e00\u7b14\u8d44\u91d1\u3002<\/p>\n\n\n\n<p>\u6709\u8da3\u7684\u662f\uff0c\u5f53\u65f6\u65e9\u671f\u7684VC\/PE\u57fa\u91d1\u5f00\u59cb\u9646\u7eed\u5957\u73b0\u3002\u9ad8\u76db\u56e0\u6218\u7565\u8c03\u6574\uff0c\u9000\u51fa\u4e86\u4e2d\u56fd\u98ce\u9669\u6295\u8d44\u5e02\u573a\uff0c\u5176\u6240\u6301\u80a1\u4efd\u88abGGV\u7eaa\u6e90\u8d44\u672c\u63a5\u624b\u3002\u9ad8\u76db\u6210\u4e3a\u8f83\u65e9\u9000\u51fa\u963f\u91cc\u5df4\u5df4\u7684\u673a\u6784\uff0c\u9519\u8fc7\u4e86\u6700\u4e30\u539a\u7684\u56de\u62a5\uff0c\u8fd9\u5c31\u662f\u98ce\u9669\u6295\u8d44\u7684\u9b45\u529b\u4e0e\u9057\u61be\u3002<\/p>\n\n\n\n<p>\u8fd9\u4e5f\u60c5\u6709\u53ef\u539f\uff0c\u6bd5\u7adf\u5f53\u65f6\u56fd\u5185\u521b\u6295\u9000\u51fa\u6e20\u9053\u5c11\u5f97\u53ef\u601c\uff0c\u65e0\u8bba\u662f\u7f8e\u5143VC\u8fd8\u662f\u672c\u571fVC\uff0c\u5c24\u4e3a\u73cd\u60dc\u6bcf\u4e2a\u6765\u4e4b\u4e0d\u6613\u7684\u9000\u51fa\u673a\u4f1a\u30022005\u5e74\uff0c\u96c5\u864e\u4ee510\u4ebf\u7f8e\u5143\u73b0\u91d1\u3001\u96c5\u864e\u4e2d\u56fd\u7684\u6240\u6709\u4e1a\u52a1\u3001\u96c5\u864e\u54c1\u724c\u53ca\u6280\u672f\u5728\u4e2d\u56fd\u7684\u4f7f\u7528\u6743\uff0c\u6362\u53d6&gt;\u963f\u91cc\u5df4\u5df4\u96c6\u56e240%\u80a1\u4efd\u53ca35%\u7684\u6295\u7968\u6743\u3002\u6b64\u8f6e\u878d\u8d44\u4e2d\uff0c\u65e9\u671f\u7684VC\/PE\u673a\u6784\u5927\u89c4\u6a21\u9000\u51fa\uff0c\u6536\u83b7\u4e8610\u500d\u5de6\u53f3\u7684\u56de\u62a5\u3002<\/p>\n\n\n\n<p>\u4ece2011\u5e74\u8d77\uff0c\u5df2\u662f\u8d85\u7ea7\u201c\u72ec\u89d2\u517d\u201d\u7684\u963f\u91cc\u5df4\u5df4\u6572\u5f00\u4e86PE\u7684\u5927\u95e8\u3002\u540c\u5e749\u6708\uff0c\u963f\u91cc\u5df4\u5df4\u5411\u7f8e\u56fd\u94f6\u6e56\u3001\u4fc4\u7f57\u65afDST\u3001\u65b0\u52a0\u5761\u6de1\u9a6c\u9521\u4ee5\u53ca\u4e2d\u56fd\u7684\u4e91\u5cf0\u57fa\u91d1\u878d\u8d44\u8fd120\u4ebf\u7f8e\u5143\u30022012\u5e74\uff0c\u4e3a\u4e86\u652f\u4ed8\u56de\u8d2d\u96c5\u864e\u6301\u6709\u80a1\u4efd\u6240\u9700\u768476\u4ebf\u7f8e\u5143\uff0c\u963f\u91cc\u5df4\u5df4\u5411\u4e00\u7cfb\u5217PE\u57fa\u91d1\u548c\u4e3b\u6743\u8d22\u5bcc\u57fa\u91d1\u51fa\u552e\u4e8626\u4ebf\u7f8e\u5143\u7684\u666e\u901a\u80a1\u548c16.88\u4ebf\u7f8e\u5143\u7684\u53ef\u8f6c\u6362\u4f18\u5148\u80a1\uff0c\u4e2d\u6295\u3001\u4e2d\u4fe1\u8d44\u672c\u3001\u535a\u88d5\u8d44\u672c\u3001\u56fd\u5f00\u91d1\u878d\u7b49\u673a\u6784\u6210\u4e3a\u65b0\u80a1\u4e1c\uff0c\u94f6\u6e56\u3001DST\u3001\u6de1\u9a6c\u9521\u5206\u522b\u8fdb\u884c\u4e86\u589e\u6301\u3002<\/p>\n\n\n\n<p>\u76f4\u81f32014\u5e74\uff0c\u963f\u91cc\u5df4\u5df4\u6210\u529fIPO\uff0c\u8f6f\u94f6\u6210\u4e3a\u4e86\u6700\u5927\u8d62\u5bb6\uff0c\u4e00\u4e3e\u5c06\u5b59\u6b63\u4e49\u63a8\u5230\u65e5\u672c\u9996\u5bcc\u7684\u4f4d\u7f6e\u3002\u8fd9\u4e00\u7b14\u7ecf\u5178\u6295\u8d44\uff0c\u653e\u773c\u56fd\u5185\u5916\u4e92\u8054\u7f51\u53d1\u5c55\u5386\u53f2\uff0c\u53ea\u6709\u6295\u8d44\u817e\u8baf\u7684MIH\u80fd\u4e0e\u5176\u5ab2\u7f8e\u3002<\/p>\n\n\n\n<p>\u800c\u9519\u8fc7\u963f\u91cc\uff0c\u6210\u4e3a\u4e0d\u5c11VC\/PE\u96be\u4ee5\u5f25\u8865\u7684\u9057\u61be\u3002\u4e00\u4f4d\u6295\u4e86\u4e2d\u56fd\u4e92\u8054\u7f51\u4f17\u591a\u5de8\u5934\u7684VC\u5927\u4f6c\u66fe\u611f\u6168\uff0c\u201c1999\u5e74\u963f\u91cc\u5df4\u5df4\u83b7\u5f97\u9ad8\u76db\u7275\u5934\u7684500\u4e07\u7f8e\u91d1\uff0c\u9057\u61be\u662f\u5728\u7845\u8c37\u6572\u5b9a\u7684\uff0c\u4e0e\u6211\u65e0\u7f18\uff1b\u7b2c\u4e8c\u8f6e\u878d\u8d44\u5927\u73a9\u5bb6\u8f6f\u94f6\u51fa\u73b0\uff0c\u4e0d\u65ad\u652f\u6301\u9a6c\u4e91\uff1b2005\u5e74\u96c5\u864e\u4e0e\u963f\u91cc\u5df4\u5df410\u7f8e\u5143\u4ea4\u6613\uff0c\u5219\u5f7b\u5e95\u5173\u95ed\u4e86\u963f\u91cc\u5df4\u5df4\u5411VC\u57fa\u91d1\u7684\u878d\u8d44\u5927\u95e8\u201d\u3002<\/p>\n\n\n\n<p><strong>\u9000\u4f11\u540e\uff0c\u9a6c\u4e91\u53bb\u505a\u4ec0\u4e48\uff1f<\/strong><\/p>\n\n\n\n<p>\u521b\u4e1a20\u5e74\uff0c\u9a6c\u4e91\u53d7\u60e0\u4e8eVC\uff0c\u5f53\u7136\u4e5f\u6210\u5c31\u4e86\u4e0d\u5c11VC\u3002\u5145\u6ee1\u7406\u60f3\u4e3b\u4e49\u8272\u5f69\uff0c\u9a6c\u4e91\u66fe\u5f15\u53d1\u5708\u5185\u7684\u731c\u6d4b\uff1a\u9000\u4f11\u540e\uff0c\u4f1a\u4e0d\u4f1a\u6295\u8eabVC\u5708\uff1f<\/p>\n\n\n\n<p>\u6bd5\u7adf\u4e00\u8def\u8d70\u6765\uff0c\u9a6c\u4e91\u4e00\u76f4\u662f\u4e2d\u56fd\u6700\u52b1\u5fd7\u7684\u521b\u4e1a\u5bfc\u5e08\u3002\u4f5c\u4e3a\u56fd\u5185\u4e92\u8054\u7f51\u521b\u4e1a\u9f3b\u7956\u7ea7\u4eba\u7269\uff0c\u9a6c\u4e91\u8d9f\u8fc7\u4e86\u4e00\u6761\u5c11\u6709\u4eba\u8d70\u7684\u8def\u3002\u8fd9\u6761\u8def\u4e0a\uff0c\u7528\u4ed6\u81ea\u5df1\u7684\u8bdd\u8bf4\uff1a\u201c\u963f\u91cc\u7ecf\u5386\u4e8690%\u521b\u4e1a\u8005\u53ef\u80fd\u4f1a\u7ecf\u5386\u7684\u9519\u8bef\uff0c\u8fd9\u662f\u81ea\u5df1\u6700\u9a84\u50b2\u7684\u4e8b\u60c5\u3002\u521b\u4e1a\u8005\u8981\u52c7\u6562\u9762\u5bf9\u9519\u8bef\u548c\u6311\u6218\uff0c\u56e0\u4e3a\u54ed\u662f\u4e0d\u80fd\u89e3\u51b3\u95ee\u9898\u7684\u3002\u201d\u4ece\u521b\u4e1a\u8005\u8f6c\u8eabVC\uff0c\u4ed6\u7684\u7ecf\u9a8c\u81ea\u7136\u4e0d\u5728\u8bdd\u4e0b\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"> \u963f\u91cc\u5df4\u5df4\u5e1d\u56fd1000\u4ebf\u7f8e\u5143\u5e02\u503c\u6210\u957f\u53f2 <\/h2>\n\n\n\n<p><strong>\u8f6c\u8f7d\uff1a\u963f\u91cc\u5e1d\u56fd\u7684\u7586\u57df<\/strong><br><strong>\u6765\u6e90\uff1a\u65b0\u8d22\u5bcc\u6742\u5fd7 <\/strong><br><strong>\u4f5c\u8005\uff1a\u82cf\u9f99\u98de 2014.06.17<\/strong><\/p>\n\n\n\n<p>\u4e00\u65e6\u53d8\u6210\u534e\u5c14\u8857\u5b9e\u65f6\u8df3\u52a8\u95ea\u70c1\u7684\u903e1000\u4ebf\u7f8e\u5143\u5e02\u503c\u6570\u636e\u65f6\uff0c\u9a6c\u4e91\u8fd8\u4f1a\u5982\u5f53\u521d\u90a3\u756a\u6fc0\u52a8\u5417?\u4e5f\u8bb8\uff0c\u9a6c\u4e91\u4f1a\u6de1\u5b9a\u5f88\u591a\uff0c\u6bd5\u7adf\u4ed6\u5df2\u7ecf\u662f\u4e00\u4e2a\u5e9e\u5927\u7684\u865a\u62df\u5e1d\u56fd\u7684\u638c\u8235\u4eba\u3002\u66f4\u4e3a\u91cd\u8981\u7684\u662f\uff0c\u901a\u8fc7\u5176\u72ec\u521b\u7684\u201c\u5408\u4f19\u4eba\u5236\u5ea6\u201d\uff0c\u9a6c\u4e91\u5b8c\u6210\u4e86\u5728\u5176\u865a\u62df\u5e1d\u56fd\u7684\u201c\u52a0\u5195\u201d\u4eea\u5f0f\u3002<\/p>\n\n\n\n<p>\u4e0e\u6e2f\u4ea4\u6240\u8c08\u5224\u7834\u88c2\u7684\u963f\u91cc\u96c6\u56e2\uff0c\u4ee5\u95ea\u7535\u822c\u7684\u901f\u5ea6\u5954\u5411\u4e86\u7f8e\u56fd\u3002\u5176\u5411\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a(SEC)\u63d0\u4ea4IPO\u62db\u80a1\u4e66\u4e4b\u8fc5\u901f\uff0c\u7740\u5b9e\u6709\u4e9b\u51fa\u4e4e\u5916\u754c\u610f\u6599\u3002<\/p>\n\n\n\n<p>\u968f\u7740\u5176\u62db\u80a1\u4e66\u7684\u516c\u5e03\uff0c\u4e00\u4e2a\u5373\u5c06\u8f70\u52a8\u534e\u5c14\u8857\u7684\u5de8\u578bIPO\u6e10\u884c\u6e10\u8fd1\u3002<\/p>\n\n\n\n<p>\u5c31\u5728\u963f\u91cc\u5df4\u5df4\u5411SEC\u63d0\u4ea4IPO\u6587\u4ef6\u7684\u524d\u51e0\u5206\u949f\uff0c\u9a6c\u4e91\u5411\u5168\u4f53\u963f\u91cc\u4eba\u53d1\u9001\u5185\u90e8\u90ae\u4ef6\u79f0\uff0c\u201c\u963f\u91cc\u5df4\u5df4\u5373\u5c06\u8fdb\u5165\u65b0\u7684\u6311\u6218\u65f6\u4ee3\u201d\u3002<\/p>\n\n\n\n<p>\u9a6c\u4e91\u7684\u8bed\u8a00\u8fd8\u662f\u4e00\u5982\u65e2\u5f80\u7684\u717d\u60c5\uff1a\u201c15\u5e74\u524d\uff0c\u963f\u91cc\u5df4\u5df418\u4e2a\u521b\u59cb\u4eba\u7acb\u5fd7\u521b\u5efa\u4e00\u5bb6\u4e2d\u56fd\u4eba\u521b\u7acb\u7684\u5c5e\u4e8e\u5168\u4e16\u754c\u7684\u4e92\u8054\u7f51\u516c\u53f8\uff0c\u5e0c\u671b\u80fd\u6210\u4e3a\u5168\u7403\u5341\u5927\u7f51\u7edc\u516c\u53f8\u4e4b\u4e00\uff0c\u6210\u4e3a\u4e00\u5bb6\u80fd\u751f\u5b58102\u5e74\u7684\u4f01\u4e1a\u300215\u5e74\u8fc7\u53bb\u4e86\uff0c\u6211\u4eec\u5e78\u8fd0\u5730\u751f\u5b58\u4e86\u4e0b\u6765\u3002\u6211\u4eec\u6d3b\u5f97\u6bd4\u6211\u4eec\u5f53\u5e74\u60f3\u8c61\u7684\u597d\u5f97\u591a\u3002\u201d<\/p>\n\n\n\n<p>\u56de\u60f3\u5f53\u5e74\u963f\u91cc\u96c6\u56e2B2B\u516c\u53f8\u4e8e\u9999\u6e2f\u6302\u724c\u9996\u65e5\uff0c\u9762\u5bf9\u7740\u9ad8\u8fbe248\u4ebf\u7f8e\u5143\u7684\u5e02\u503c\uff0c\u559c\u5f62\u4e8e\u8272\u7684\u9a6c\u4e91\u5f53\u5373\u6253\u7535\u8bdd\u7ed9\u597d\u53cb\u3001UT\u65af\u8fbe\u5eb7\u521b\u59cb\u4eba\u5434\u9e70\uff1a\u201c\u54ce\u5440\uff0c\u5434\u9e70\u5450\uff0c24.8\u4e2abillion(10\u4ebf)\u5450!\u201d<\/p>\n\n\n\n<p>\u5982\u4eca\uff0c\u963f\u91cc\u96c6\u56e2\u6574\u4f53\u4e0a\u5e02\uff0c\u5176\u88ab\u673a\u6784\u5206\u6790\u5e08\u4eec\u8ba1\u7b97\u4e86\u65e0\u6570\u904d\u7684\u4f30\u503c\uff0c\u4e00\u65e6\u53d8\u6210\u534e\u5c14\u8857\u5b9e\u65f6\u8df3\u52a8\u95ea\u70c1\u7684\u903e\u5343\u4ebf\u7f8e\u5143\u5e02\u503c\u6570\u636e\u65f6\uff0c\u9a6c\u4e91\u8fd8\u4f1a\u5982\u5f53\u521d\u90a3\u756a\u6fc0\u52a8\u5417?\u4e5f\u8bb8\uff0c\u9a6c\u4e91\u4f1a\u6de1\u5b9a\u5f88\u591a\uff0c\u6bd5\u7adf\u4ed6\u5df2\u7ecf\u662f\u4e00\u4e2a\u5e9e\u5927\u7684\u865a\u62df\u5e1d\u56fd\u7684\u638c\u8235\u4eba\u3002<\/p>\n\n\n\n<p>\u66f4\u4e3a\u91cd\u8981\u7684\u662f\uff0c\u901a\u8fc7\u5176\u72ec\u521b\u7684\u201c\u5408\u4f19\u4eba\u5236\u5ea6\u201d\uff0c\u9a6c\u4e91\u5b8c\u6210\u4e86\u5728\u5176\u865a\u62df\u5e1d\u56fd\u7684\u201c\u52a0\u5195\u201d\u4eea\u5f0f\u3002<\/p>\n\n\n\n<p><strong>\u865a\u62df\u4e16\u754c\u91cc\u7684\u201c\u56fd\u5bb6\u201d<\/strong><\/p>\n\n\n\n<p>\u4ece\u62db\u80a1\u4e66\u4e0a\u6458\u53d6\u4e00\u7ec4\u7b80\u5355\u7684\u6570\u636e\uff0c\u5373\u8db3\u4ee5\u8bf4\u660e\u963f\u91cc\u5e1d\u56fd\u4e4b\u5de8\u5927\u3002<\/p>\n\n\n\n<p>2013\u5e74\u963f\u91cc\u96c6\u56e2\u7684\u7535\u5b50\u5546\u52a1\u4ea4\u6613\u603b\u89c4\u6a21\u4e3a1.542\u4e07\u4ebf\u7f8e\u5143\uff0c\u5360\u636e\u4e86\u5168\u56fd\u7535\u5546\u5e02\u573a\u603b\u89c4\u6a21\u768484%(\u56fe1)\u3002\u8fd9\u4e2a\u4ea4\u6613\u989d\u76f8\u5f53\u4e8e\u9ed1\u9f99\u6c5f\u7701\u7684\u5168\u5e74GDP\uff0c\u6298\u7b97\u6210\u7f8e\u5143\u662f2480\u4ebf\u7f8e\u5143\uff0c\u76f8\u5f53\u4e8e\u82ac\u5170\u4e00\u5e74\u7684\u7ecf\u6d4e\u603b\u91cf\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"508\" height=\"520\" src=\"http:\/\/www.valuetize.com\/global\/wp-content\/uploads\/2019\/09\/alibaba-market-share.png\" alt=\"\" class=\"wp-image-1566\" srcset=\"https:\/\/www.valuetize.com\/global\/wp-content\/uploads\/2019\/09\/alibaba-market-share.png 508w, https:\/\/www.valuetize.com\/global\/wp-content\/uploads\/2019\/09\/alibaba-market-share-293x300.png 293w, https:\/\/www.valuetize.com\/global\/wp-content\/uploads\/2019\/09\/alibaba-market-share-356x364.png 356w, https:\/\/www.valuetize.com\/global\/wp-content\/uploads\/2019\/09\/alibaba-market-share-410x420.png 410w\" sizes=\"auto, (max-width: 508px) 100vw, 508px\" \/><\/figure>\n\n\n\n<p>\u5982\u679c\u62ff\u540c\u884c\u5bf9\u6807\u7684\u8bdd\uff0c\u963f\u91cc\u96c6\u56e2\u7684\u4ea4\u6613\u89c4\u6a21\u6bd4\u4e9a\u9a6c\u900a\u3001eBay\u3001\u4eac\u4e1c\u7684\u4ea4\u6613\u89c4\u6a21\u603b\u548c\u8fd8\u8981\u9ad8(\u56fe2)\u3002\u5982\u6b64\u4ea4\u6613\u89c4\u6a21\u5f97\u76ca\u4e8e\u4e2d\u56fd\u7f51\u8d2d\u5e02\u573a\u7684\u8fc5\u901f\u81a8\u80c0\u3002\u6839\u636e\u827e\u745e\u54a8\u8be2\u7684\u76d1\u6d4b\u6570\u636e\uff0c\u4e2d\u56fd\u7f51\u8d2d\u4ea4\u6613\u603b\u989d\u5360\u6d88\u8d39\u603b\u89c4\u6a21\u7684\u6bd4\u4f8b\uff0c\u4ece2008\u5e74\u76841.1%\u589e\u52a0\u81f32013\u5e74\u76847.9%\uff0c\u9884\u8ba12016\u5e74\u5c06\u8fdb\u4e00\u6b65\u63d0\u5347\u81f311.5%\u3002 <\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"488\" height=\"546\" src=\"http:\/\/www.valuetize.com\/global\/wp-content\/uploads\/2019\/09\/alibaba-market-share2.png\" alt=\"\" class=\"wp-image-1567\" srcset=\"https:\/\/www.valuetize.com\/global\/wp-content\/uploads\/2019\/09\/alibaba-market-share2.png 488w, https:\/\/www.valuetize.com\/global\/wp-content\/uploads\/2019\/09\/alibaba-market-share2-268x300.png 268w, https:\/\/www.valuetize.com\/global\/wp-content\/uploads\/2019\/09\/alibaba-market-share2-375x420.png 375w\" sizes=\"auto, (max-width: 488px) 100vw, 488px\" \/><\/figure>\n\n\n\n<p>\u622a\u81f32013\u5e74\u5e95\uff0c\u963f\u91cc\u5e73\u53f0\u5708\u4f4f\u4e86\u8d85\u8fc72.31\u4ebf\u7528\u6237\uff0c\u8fd9\u610f\u5473\u7740\u4e2d\u56fd\u6bcf3\u4e2a\u7f51\u6c11\u4e2d\u5c31\u67091\u4e2a\u662f\u6dd8\u5b9d\u6216\u8005\u5929\u732b\u7684\u7528\u6237\u30022013\u5e74\u4e2d\u56fd\u5bc4\u9001\u768492.6\u4ebf\u4ef6\u5feb\u9012\u5305\u88f9\u4e2d\uff0c\u9ad8\u8fbe54%\u4ea7\u751f\u4e8e\u963f\u91cc\u7684\u7f51\u8d2d\u5e73\u53f0\u3002\u5373\u4fbf\u5e9e\u5927\u81f3\u6b64\uff0c\u963f\u91cc\u7684\u89c4\u6a21\u8fd8\u5728\u4ee5\u6bcf\u5e7460-70%\u7684\u901f\u5ea6\u8fc5\u731b\u589e\u957f\u3002<\/p>\n\n\n\n<p>\u76ee\u524d(2014\u5e74)\uff0c\u963f\u91cc\u5e73\u53f0\u4e0a\u62e5\u6709800\u4e07\u5356\u5bb6\uff0c\u5047\u8bbe\u5e73\u5747\u6bcf\u4e2a\u5356\u5bb6\u96c7\u4f6310\u4e2a\u4eba\uff0c\u90a3\u4e48\u963f\u91cc\u5e73\u53f0\u521b\u9020\u7684\u5c31\u4e1a\u9ad8\u8fbe8000\u4e07\u3002\u8fd9\u610f\u5473\u7740\uff0c\u5728\u4e00\u4e2a\u865a\u62df\u7684\u5546\u4e1a\u4e16\u754c\u91cc\uff0c\u4e00\u4e2a8000\u4e07\u4eba\u7684\u5546\u4e1a\u56e2\u4f53\uff0c\u5728\u54112.3\u4ebf\u6d88\u8d39\u8005\u63d0\u4f9b\u5404\u7c7b\u5546\u54c1\u53ca\u670d\u52a1\uff0c\u800c\u963f\u91cc\u5219\u662f\u8fd9\u4e2a\u4e16\u754c\u7684\u89c4\u5219\u5236\u5b9a\u8005\u53ca\u7ba1\u7406\u8005\u3002\u5982\u6b64\u770b\u6765\uff0c\u963f\u91cc\u4fe8\u7136\u4e00\u4e2a\u865a\u62df\u4e16\u754c\u7684\u201c\u56fd\u5bb6\u201d\u3002<\/p>\n\n\n\n<p>\u5efa\u7acb\u865a\u62df\u4e16\u754c\u7684\u201c\u56fd\u5bb6\u201d\uff0c\u5728\u4ed6\u7684\u738b\u56fd\u91cc\u91cd\u5851\u5546\u4e1a\u89c4\u5219\uff0c\u6b63\u662f\u9a6c\u4e91\u6240\u671f\u671b\u7684\u3002<\/p>\n\n\n\n<p>2008\u5e744\u670817\u65e5\uff0c\u725b\u6839\u751f\u7387\u8499\u725b\u9ad8\u5c42\u524d\u5f80\u963f\u91cc\u96c6\u56e2\u8bbf\u95ee\uff0c\u9a6c\u4e91\u5728\u6b22\u8fce\u4f1a\u4e0a\u53d1\u8868\u4e86\u4e00\u756a\u5173\u4e8e\u963f\u91cc\u5546\u4e1a\u6a21\u5f0f\u7684\u8bb2\u8bdd\uff1a<\/p>\n\n\n\n<p>\u201c\u5168\u4e16\u754c\u6700\u597d\u7684\u5546\u4e1a\u6a21\u5f0f\u662f\u56fd\u5bb6\uff0c\u56fd\u5bb6\u672c\u6765\u5c31\u662f\u4e00\u4e2a\u516c\u53f8\u3002\u5f53\u7136\uff0c\u56fd\u5bb6\u662f\u4e0d\u80fd\u968f\u4fbf\u6210\u7acb\u7684\uff0c\u4f46\u662f\u6709\u4e00\u4e2a\u5730\u65b9\u53ef\u4ee5\u6210\u7acb\u56fd\u5bb6\uff0c\u90a3\u5c31\u662f\u5728\u865a\u62df\u7684\u7f51\u7edc\u4e0a\u3002<\/p>\n\n\n\n<p>\u201c\u5728\u865a\u62df\u7684\u4e16\u754c\u91cc\uff0c\u963f\u91cc\u5df4\u5df4\u7a81\u7136\u53d1\u73b0\u53ef\u4ee5\u505a\u8fd9\u4e2a\u4e8b\u60c5\u3002\u963f\u91cc\u5df4\u5df4\u5c31\u662f\u4e70\u554a\u5356\u554a\uff0c\u6700\u540e\u8c01\u5236\u5b9a\u89c4\u5219?\u5c31\u662f\u6211\u4eec\u5236\u5b9a\u89c4\u5219\uff0c\u8c01\u8981\u4e0d\u670d\u6211\u5c31\u8d76\u51fa\u53bb\uff0c\u6ca1\u6709\u529e\u6cd5\u505a\u751f\u610f\u3002<\/p>\n\n\n\n<p>\u201c\u6211\u4eec\u8981\u5efa\u7acb\u6dd8\u5b9d\u5927\u4f1a\uff0c\u5bf9\u91cd\u5927\u7684\u51b3\u7b56\u6295\u7968\uff0c\u4e00\u65e6\u6295\u7968\u901a\u8fc7\uff0c\u6211\u4eec\u575a\u51b3\u634d\u536b\u8fd9\u4e2a\u51b3\u5b9a\u3002\u8fd9\u662f\u2018\u6cd5\u5f8b\u2019\u901a\u8fc7\uff0c\u4e0d\u7ba1\u505a\u591a\u5c11\u670d\u52a1\uff0c\u4e0d\u7ba1\u505a\u591a\u5927\u6295\u8d44\uff0c\u8bf7\u5927\u5bb6\u5b89\u5fc3\u4ed8\u8d39\uff0c\u9003\u7a0e\u6f0f\u7a0e\u8981\u628a\u4f60\u4eec\u6293\u8fdb\u53bb\u3002\u201d<\/p>\n\n\n\n<p>2009\u5e74\uff0c\u963f\u91cc\u5df4\u5df4\u7684\u5341\u5468\u5e74\u665a\u4f1a\u4e0a\uff0c\u9a6c\u4e91\u518d\u6b21\u8868\u8fbe\u4e86\u7c7b\u4f3c\u7684\u89c2\u70b9\uff0c\u4e0b\u4e00\u4e2a\u5341\u5e74\u201c\u963f\u91cc\u5df4\u5df4\u5c06\u4f1a\u521b\u90201000\u4e07\u5bb6\u4e2d\u5c0f\u4f01\u4e1a\u7684\u7535\u5b50\u5546\u52a1\u5e73\u53f0\uff0c\u4e3a\u5168\u4e16\u754c\u521b\u90201\u4ebf\u4e2a\u5c31\u4e1a\u673a\u4f1a\uff0c\u4e3a\u5168\u4e16\u754c10\u4ebf\u4eba\u63d0\u4f9b\u6d88\u8d39\u5e73\u53f0\u201d\u3002<\/p>\n\n\n\n<p>\u201c\u6211\u4eec\u5e0c\u671b\u770b\u5230\u81ea\u5df1\u4f5c\u4e3a\u4f01\u4e1a\u5bb6\uff0c\u4f5c\u4e3a\u5546\u4eba\uff0c\u5728\u8fd9\u4e2a(\u865a\u62df)\u793e\u4f1a\u91cc\uff0c\u627f\u62c5\u8d77\u548c\u653f\u6cbb\u5bb6\u3001\u827a\u672f\u5bb6\u3001\u5efa\u7b51\u5bb6\u4e00\u6837\u7684\u8d23\u4efb\uff0c\u6210\u4e3a\u4fc3\u8fdb\u793e\u4f1a\u53d1\u5c55\u7684\u4e3b\u8981\u52a8\u529b\u3002\u201d<\/p>\n\n\n\n<p>\u5982\u4eca\uff0c\u8fd9\u4e2a\u865a\u62df\u7684\u201c\u56fd\u5bb6\u201d\u57fa\u672c\u5728\u9a6c\u4e91\u624b\u4e0a\u5b9e\u73b0\u4e86\u3002\u800c\u4e14\uff0c\u963f\u91cc\u96c6\u56e2\u5728\u8fd9\u4e2a\u865a\u62df\u793e\u4f1a\u4e2d\u7684\u201c\u5f81\u7a0e\u6743\u201d\uff0c\u4e00\u5982\u73b0\u5b9e\u793e\u4f1a\u4e2d\u653f\u5e9c\u7684\u5f81\u7a0e\u6743\u822c\uff0c\u5e26\u6765\u4e86\u8d85\u9ad8\u201c\u5229\u6da6\u201d\u3002\u963f\u91cc\u96c6\u56e2\u7684IPO\u6587\u4ef6\u62ab\u9732\uff0c\u51762013\u5e74\u51c0\u5229\u6da6\u9ad8\u8fbe35.92\u4ebf\u7f8e\u5143\uff0c\u5728\u5168\u7403\u4e92\u8054\u7f51\u4f01\u4e1a\u4e2d\u76c8\u5229\u80fd\u529b\u4ec5\u6b21\u4e8e\u8c37\u6b4c(\u56fe3)\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"550\" height=\"445\" src=\"http:\/\/www.valuetize.com\/global\/wp-content\/uploads\/2019\/09\/alibaba-profit-compare.png\" alt=\"\" class=\"wp-image-1568\" srcset=\"https:\/\/www.valuetize.com\/global\/wp-content\/uploads\/2019\/09\/alibaba-profit-compare.png 550w, https:\/\/www.valuetize.com\/global\/wp-content\/uploads\/2019\/09\/alibaba-profit-compare-300x243.png 300w, https:\/\/www.valuetize.com\/global\/wp-content\/uploads\/2019\/09\/alibaba-profit-compare-519x420.png 519w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/figure>\n\n\n\n<p><strong>\u201c\u603b\u7edf\u201d\u8eab\u540e\u7684\u4e24\u4f4d\u201c\u8bae\u5458\u201d<\/strong><\/p>\n\n\n\n<p>\u5728\u76f8\u5f53\u957f\u7684\u4e00\u6bb5\u65f6\u95f4\u91cc\uff0c\u9a6c\u4e91\u201c\u5f53\u653f\u201d\u7684\u963f\u91cc\u5e1d\u56fd\uff0c\u6709\u4e24\u4f4d\u4e3e\u8db3\u8f7b\u91cd\u7684\u201c\u8bae\u5458\u201d\u5148\u540e\u7275\u5236\u7740\u4ed6\u2014\u8f6f\u94f6\u4e0e\u96c5\u864e\u3002\u9a6c\u4e91\u6240\u5f15\u8fdb\u7684\u8fd9\u4e24\u5927\u80a1\u4e1c\uff0c\u5728\u6210\u5c31\u963f\u91cc\u5e1d\u56fd\u7684\u540c\u65f6\uff0c\u4e5f\u4ee4\u9a6c\u4e91\u65e5\u540e\u9677\u5165\u65e0\u9650\u7684\u7ea0\u7ed3\u4e4b\u4e2d\u3002<\/p>\n\n\n\n<p><strong>\u8f6f\u94f6\u2014\u65e9\u671f\u91d1\u4e3b<\/strong><\/p>\n\n\n\n<p>\u4e0e\u65e9\u671f\u4e2d\u56fd\u4e92\u8054\u7f51\u521b\u59cb\u4eba\u8981\u4e48\u662f\u6d77\u5f52IT\u7cbe\u82f1\u8981\u4e48\u662f\u672c\u571fIT\u6781\u5ba2\u4e0d\u540c\u7684\u662f\uff0c\u82f1\u8bed\u6559\u5e08\u51fa\u8eab\u7684\u9a6c\u4e91\u5bf9IT\u6280\u672f\u57fa\u672c\u662f\u95e8\u5916\u6c49\u3002\u521b\u4e1a\u521d\u671f\uff0c\u9a6c\u4e91\u5e26\u7740\u201c\u5341\u516b\u7f57\u6c49\u201d\u7a9d\u5728\u676d\u5dde\u6e56\u7554\u82b1\u56ed\u4ed6\u90a3\u5957150\u5e73\u65b9\u7c73\u4f4f\u5bb6\u517c\u529e\u516c\u7684\u623f\u5b50\u91cc\uff0c\u9760\u7740\u5927\u5bb6\u4e03\u62fc\u516b\u51d1\u800c\u6765\u768450\u4e07\u5143\u542f\u52a8\u8d44\u91d1\uff0c\u61a7\u61ac\u7740\u201c\u8981\u505a\u4e00\u4ef6\u4f1f\u5927\u7684\u4e8b\u60c5\u201d\u3002<\/p>\n\n\n\n<p>\u90a3\u65f6\u5019\u7684\u9a6c\u4e91\u56e2\u961f\u88ab\u79f0\u4e3a\u201c\u4e09\u65e0\u56e2\u961f\u201d\u2014\u4e00\u65e0\u663e\u8d6b\u51fa\u8eab\uff0c\u4e8c\u65e0\u6210\u529f\u6848\u4f8b\uff0c\u4e09\u65e0\u6280\u672f\u4f18\u52bf\uff0c\u8fd9\u79cd\u56e2\u961f\u80cc\u666f\u662f\u96be\u5165\u6295\u8d44\u4eba\u6cd5\u773c\u7684\u3002\u9a6c\u4e91\u56de\u5fc6\uff1a\u201c\u6211\u8bb0\u5f971999\u5e74\u5230\u7845\u8c37\u5bfb\u627e\u8d44\u91d1\uff0c\u8ddf\u5f88\u591a\u98ce\u6295\u3001\u8d44\u672c\u5bb6\u63a5\u6d3d\uff0c\u4f46\u662f\u6ca1\u6709\u4eba\u6709\u5174\u8da3\u6295\u8d44\u963f\u91cc\u5df4\u5df4\uff0c\u6211\u88ab\u4e00\u4e00\u56de\u62d2\u3002\u201d<\/p>\n\n\n\n<p>\u76f4\u5230\u534e\u5c14\u8857\u80cc\u666f\u7684\u8521\u5d07\u4fe1\u4e8e1999\u5e745\u6708\u52a0\u76df\u963f\u91cc\u51fa\u4efbCFO\u4e4b\u540e\uff0c\u963f\u91cc\u7684\u878d\u8d44\u624d\u6709\u8d77\u8272\u3002<\/p>\n\n\n\n<p>1999\u5e7410\u6708\uff0c\u5728\u8521\u5d07\u4fe1\u7684\u7275\u7ebf\u4e0b\uff0c\u7531\u9ad8\u76db\u7275\u5934\uff0c\u8054\u5408\u8521\u7684\u539f\u4e1c\u5bb6Investor AB\u516c\u53f8\u4ee5\u53ca\u65b0\u52a0\u5761\u653f\u5e9c\u79d1\u6280\u53d1\u5c55\u57fa\u91d1\u7b49VC\uff0c\u5171\u540c\u5411\u963f\u91cc\u5df4\u5df4\u6295\u8d44500\u4e07\u7f8e\u5143(\u56fe4)\u3002\u62ff\u5230\u878d\u8d44\u4e4b\u540e\uff0c\u8d44\u91d1\u7a0d\u663e\u5bbd\u88d5\u7684\u963f\u91cc\u5df4\u5df4\u7ec8\u4e8e\u544a\u522b\u4e86\u9a6c\u4e91\u81ea\u4f4f\u7684\u5c45\u6c11\u697c\uff0c\u642c\u5230\u4e86\u5199\u5b57\u697c\u534e\u661f\u5927\u53a6\u529e\u516c\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"472\" height=\"430\" src=\"http:\/\/www.valuetize.com\/global\/wp-content\/uploads\/2019\/09\/alibaba-funding-round1.png\" alt=\"\" class=\"wp-image-1569\" srcset=\"https:\/\/www.valuetize.com\/global\/wp-content\/uploads\/2019\/09\/alibaba-funding-round1.png 472w, https:\/\/www.valuetize.com\/global\/wp-content\/uploads\/2019\/09\/alibaba-funding-round1-300x273.png 300w, https:\/\/www.valuetize.com\/global\/wp-content\/uploads\/2019\/09\/alibaba-funding-round1-461x420.png 461w\" sizes=\"auto, (max-width: 472px) 100vw, 472px\" \/><\/figure>\n\n\n\n<p>\u9a6c\u4e91\u83b7\u5f97\u7b2c\u4e00\u8f6e\u878d\u8d44\u4e4b\u540e\u4e0d\u4e45\uff0c\u4e9a\u6d32\u9996\u5bcc\u65e5\u672c\u8f6f\u94f6\u4e3b\u5e2d\u5b59\u6b63\u4e49\u6765\u5230\u4e2d\u56fd\u7269\u8272\u6295\u8d44\u9879\u76ee\u3002\u5f53\u65f6\u5b59\u6b63\u4e49\u7684\u540d\u53f7\u5728\u4e92\u8054\u7f51\u754c\u53ef\u8c13\u5982\u96f7\u8d2f\u8033\uff0c\u56e0\u4e3a\u4ed6\u6295\u8d44\u4e86\u5f53\u65f6\u5982\u65e5\u4e2d\u5929\u7684\u96c5\u864e\uff0c\u968f\u7740\u96c5\u864e\u7684\u4e0a\u5e02\uff0c\u8f6f\u94f6\u83b7\u5f97\u4e86\u8d85\u8fc7\u767e\u500d\u7684\u56de\u62a5\u3002<\/p>\n\n\n\n<p>\u8f6f\u94f6\u9080\u8bf7\u4e86\u4e2d\u56fd\u5f53\u65f6\u6700\u4e3a\u77e5\u540d\u7684\u4e00\u4e9b\u4e92\u8054\u7f51\u521b\u4e1a\u8005\uff0c\u5305\u62ec\u65b0\u6d6a\u7684\u738b\u5fd7\u4e1c\u3001\u641c\u72d0\u7684\u5f20\u671d\u9633\u3001\u7f51\u6613\u7684\u4e01\u78ca\u7b49\u4eba\uff0c\u9a6c\u4e91\u83b7\u6089\u8fd9\u4e2a\u4fe1\u606f\u4ee5\u540e\u4e5f\u8d76\u4e86\u8fc7\u53bb\u3002\u6309\u7167\u9a6c\u4e91\u7684\u8bf4\u6cd5\uff0c\u4ed6\u90a3\u6b21\u5e76\u4e0d\u662f\u4e3a\u4e86\u878d\u8d44\u800c\u53bb\uff0c\u56e0\u4e3a\u521a\u521a\u62ff\u5230\u9ad8\u76db\u7684500\u4e07\u7f8e\u5143\uff0c\u56e0\u800c\u5e76\u6ca1\u6709\u592a\u8feb\u5207\u7684\u518d\u878d\u8d44\u9700\u6c42\uff0c\u4ed6\u53ea\u60f3\u53bb\u8ddf\u5b59\u6b63\u4e49\u8c08\u8c08\u4ed6\u7684\u963f\u91cc\u5df4\u5df4\u5e76\u4e14\u542c\u542c\u5b59\u5bf9\u963f\u91cc\u5df4\u5df4\u7684\u770b\u6cd5\u3002<\/p>\n\n\n\n<p>\u90a3\u5929\u9a6c\u4e91\u8fdf\u5230\u4e86\uff0c\u7b49\u4ed6\u6765\u5230\u8f6f\u94f6\u5317\u4eac\u529e\u516c\u5ba4\u65f6\uff0c\u9ed1\u538b\u538b\u4e00\u5c4b\u5b50\u4eba\u770b\u7740\u4e00\u4e2a\u8eab\u7a7f\u7834\u5939\u514b\u3001\u624b\u634f\u534a\u5f20\u7eb8\u7684\u9ed1\u7626\u7537\u4eba\u63a8\u95e8\u8fdb\u6765\uff0c\u4e0d\u77e5\u662f\u4f55\u65b9\u795e\u5723\u3002\u7531\u4e8e\u524d\u9762\u4eba\u5df2\u7ecf\u8bb2\u5f97\u5dee\u4e0d\u591a\u4e86\uff0c\u4e3b\u6301\u4eba\u4fbf\u544a\u77e5\u9a6c\u4e91\uff0c\u4ed6\u53ea\u67096\u5206\u949f\u7684\u4ecb\u7ecd\u65f6\u95f4\u3002<\/p>\n\n\n\n<p>\u9a6c\u4e91\u4e0a\u524d\u5373\u9053\uff1a\u201c\u6211\u4e0d\u7f3a\u94b1\uff0c\u5982\u679c\u4f60\u6709\u5174\u8da3\uff0c\u6211\u53ef\u4ee5\u7ed9\u4f60\u4ecb\u7ecd\u4e00\u4e0b\u963f\u91cc\u5df4\u5df4\u7684\u60c5\u51b5\u3002\u201d\u4e8e\u662f\u4ed6\u4e0d\u65f6\u77a5\u4e24\u773c\u624b\u4e2d\u534a\u5f20\u7eb8\u4e0a\u8349\u8349\u5199\u7684\u51e0\u4e2a\u82f1\u6587\u5355\u8bcd(\u4f3c\u4e4e\u662f\u4ed6\u7684\u6f14\u8bb2\u63d0\u7eb2)\uff0c\u5bf9\u7740\u5b59\u6b63\u4e49\u4f83\u4f83\u800c\u8c08\u4ed6\u7684\u963f\u91cc\u5df4\u5df4\u3002<\/p>\n\n\n\n<p>\u9a6c\u4e91\u7684\u6f14\u8bb2\u53e3\u624d\u5f81\u670d\u4e86\u5728\u573a\u7684\u6240\u6709\u4eba\uff0c\u5305\u62ec\u5b59\u6b63\u4e49\u5728\u5185\u3002\u66fe\u662f\u8f6f\u94f6\u4e2d\u56fd\u533a\u5408\u4f19\u4eba\u7684\u5434\u9e70(\u5b59\u6b63\u4e49\u65e9\u5728\u4e0a\u4e16\u7eaa90\u5e74\u4ee3\u4e2d\u671f\u6295\u8d44\u8fc7\u5434\u9e70\u521b\u7acb\u7684UT\u65af\u8fbe\u5eb7)\u56de\u5fc6\u9053\uff1a\u201c\u4ed6\u5927\u6982\u5199\u4e86\u4e3b\u8981\u51e0\u70b9\uff0c\u9a6c\u4e91\u662f\u5b66\u82f1\u6587\u7684\uff0c\u6240\u4ee5\u82f1\u6587\u5f88\u597d\uff0c\u4ed6\u7684\u8bed\u8a00\u5929\u8d4b\u8fd8\u662f\u7528\u4e0a\u4e86\u3002\u4ed6\u5728\u90a3\u513f\u8bb2\u7535\u5b50\u5546\u52a1\uff0c\u6211\u5f53\u65f6\u542c\u5f97\u4e91\u5c71\u96fe\u7f69\uff0c\u4e5f\u4e0d\u592a\u61c2\u7535\u5b50\u5546\u52a1\uff0c\u5c31\u662f\u89c9\u5f97\u8fd9\u4e2a\u4eba\u5f88\u6709\u70ed\u60c5\uff0c\u8bb2\u5f97\u4e5f\u8fd8\u662f\u5f88\u6d41\u5229\u3002\u4ed6\u975e\u5e38\u81ea\u4fe1\u5730\u8bb2\uff0c\u6211\u4e0d\u7f3a\u94b1\u3002\u201d<\/p>\n\n\n\n<p>\u5b59\u6b63\u4e49\u4e8b\u540e\u4e00\u6253\u542c\uff0c\u90a3\u4f4d\u5de7\u820c\u5982\u7c27\u7684\u9a6c\u4e91\u5c45\u7136\u5df2\u7ecf\u83b7\u5f97\u9ad8\u76db\u7684\u6295\u8d44\uff0c\u800c\u4e14\u8fd8\u6709\u4e00\u4f4d\u534e\u5c14\u8857\u6295\u8d44\u94f6\u884c\u5bb6\u80cc\u666f\u7684\u8521\u5d07\u4fe1\u505a\u4ed6\u7684CFO\u3002\u5b59\u6b63\u4e49\u7acb\u9a6c\u51b3\u5b9a\u8981\u6295\u8d44\u9a6c\u4e91\uff0c\u800c\u4e14\u662f\u201c\u5fc5\u987b\u6295\u201d\u3002<\/p>\n\n\n\n<p><strong>\u4e8e\u662f\u57282000\u5e741\u6708\uff0c\u8f6f\u94f6\u8054\u5408\u5bcc\u8fbe\u3001\u6c47\u4e9a\u8d44\u672c\u3001\u65e5\u672c\u4e9a\u6d32\u6295\u8d44\u3001\u745e\u5178\u6295\u8d44\u3001TDF\u7b496\u5bb6\u673a\u6784\uff0c\u5171\u540c\u5411\u963f\u91cc\u5df4\u5df4\u6295\u8d442500\u4e07\u7f8e\u5143\uff0c\u9886\u6295\u7684\u8f6f\u94f6\u81ea\u5df1\u7838\u4e0b\u4e862000\u4e07\u7f8e\u5143(\u56fe5)\u3002<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"550\" height=\"372\" src=\"http:\/\/www.valuetize.com\/global\/wp-content\/uploads\/2019\/09\/alibaba-funding-round2.png\" alt=\"\" class=\"wp-image-1570\" srcset=\"https:\/\/www.valuetize.com\/global\/wp-content\/uploads\/2019\/09\/alibaba-funding-round2.png 550w, https:\/\/www.valuetize.com\/global\/wp-content\/uploads\/2019\/09\/alibaba-funding-round2-300x203.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/figure>\n\n\n\n<p>2003\u5e74\u4e0b\u534a\u5e74\uff0c\u963f\u91cc\u5df4\u5df4\u518d\u6b21\u83b7\u5f97\u8f6f\u94f6\u8054\u5408\u5bcc\u8fbe\u6295\u8d44\u3001\u5bf0\u6167\u6295\u8d44\u548cTDF\u5408\u8ba18200\u4e07\u7f8e\u5143\u7684\u6295\u8d44\u3002\u6b64\u6b21\u878d\u8d44\u7684\u80cc\u666f\u662f\uff0ceBay\u6536\u8d2d\u6613\u8da3\u7f51\u767b\u9646\u4e2d\u56fd\u672c\u571f\uff0c\u5e76\u63a7\u5236\u4e86C2C\u5e02\u573a80%\u7684\u4efd\u989d\uff0c\u5bf9\u963f\u91cc\u5f62\u6210\u5927\u5175\u538b\u5883\u4e4b\u52bf\uff0c\u4e3a\u4e86\u5e94\u5bf9eBay\uff0c\u963f\u91cc\u4ee5\u653b\u4e3a\u5b88\u63a8\u51fa\u6dd8\u5b9d\u7f51\u30028200\u4e07\u7f8e\u5143\u7684\u878d\u8d44\u4e2d\uff0c\u8f6f\u94f6\u76846000\u4e07\u7f8e\u5143\u4fbf\u662f\u5355\u72ec\u6ce8\u8d44\u7ed9\u6dd8\u5b9d\u7f51\u7684\uff0c\u800c\u4e14\u5b83\u6210\u4e86\u6dd8\u5b9d\u7684\u5927\u80a1\u4e1c(\u56fe6)\u3002 <\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"550\" height=\"677\" src=\"http:\/\/www.valuetize.com\/global\/wp-content\/uploads\/2019\/09\/alibaba-funding-round3.png\" alt=\"\" class=\"wp-image-1571\" srcset=\"https:\/\/www.valuetize.com\/global\/wp-content\/uploads\/2019\/09\/alibaba-funding-round3.png 550w, https:\/\/www.valuetize.com\/global\/wp-content\/uploads\/2019\/09\/alibaba-funding-round3-244x300.png 244w, https:\/\/www.valuetize.com\/global\/wp-content\/uploads\/2019\/09\/alibaba-funding-round3-324x400.png 324w, https:\/\/www.valuetize.com\/global\/wp-content\/uploads\/2019\/09\/alibaba-funding-round3-341x420.png 341w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/figure>\n\n\n\n<p><strong>\u96c5\u864e\u2014eBay\u903c\u5bab\u4e0b\u7684\u5165\u5c40\u8005<\/strong><\/p>\n\n\n\n<p>\u8fdb\u51652005\u5e74\uff0c\u6dd8\u5b9d\u4e0eeBay\u4e4b\u95f4\u7ecf\u8fc7\u4e24\u5e74\u7684\u70e7\u94b1\u5927\u6218\u4ecd\u4e0d\u89c1\u80dc\u8d1f\uff0c\u53cc\u65b9\u96be\u5206\u96be\u89e3\u7684\u8f83\u91cf\u52bf\u5fc5\u8981\u7ee7\u7eed\u8fdb\u884c\u4e0b\u53bb\uff0c\u800c\u4e24\u5e74\u524d\u6dd8\u5b9d\u4ece\u8f6f\u94f6\u5904\u5d2d\u83b7\u76846000\u4e07\u7f8e\u5143\u51e0\u8fd1\u8017\u5c3d\uff0c\u56e0\u800c\u6025\u9700\u518d\u6b21\u8f93\u8840\u3002<\/p>\n\n\n\n<p>\u6240\u8c13\u5c4b\u6f0f\u504f\u9022\u8fde\u591c\u96e8\uff0c\u6b64\u65f6\u9a6c\u4e91\u9762\u4e34\u7684\u70e6\u607c\u8fdc\u4e0d\u6b62\u4e8e\u6b64\u3002<\/p>\n\n\n\n<p>\u5176\u4e00\uff0c\u5728\u4e2d\u56fd\u4e92\u8054\u7f51\u754c\u5411\u6765\u4ee4\u4eba\u751f\u754f\u7684\u817e\u8baf\uff0c\u5c45\u7136\u88f9\u631f\u7740\u62cd\u62cd\u7f51\u6740\u5c06\u8fdb\u6765\u52a0\u5165C2C\u6218\u5c40\uff0c\u800c\u4e14\u4e5f\u8ddf\u6dd8\u5b9d\u4e00\u6837\u6253\u7740\u514d\u8d39\u7684\u65d7\u53f7\uff0c\u8fd9\u610f\u5473\u7740\u6dd8\u5b9d\u4e0d\u5f97\u4e0d\u540c\u65f6\u9762\u5bf9\u4e24\u4e2a\u5f3a\u654c\u3002<\/p>\n\n\n\n<p>\u5176\u4e8c\uff0c\u8fd9\u8fb9\u53a2\u6dd8\u5b9d\u5df2\u7ecf\u5f88\u7f3a\u8d44\u91d1\u4e86\uff0c\u90a3\u8fb9\u53a2\u963f\u91cc\u5df4\u5df4\u7684\u524d\u51e0\u8f6e\u98ce\u9669\u6295\u8d44\u4eba\u8fdf\u8fdf\u7b49\u4e0d\u5230\u963f\u91cc\u7684\u4e0a\u5e02\uff0c\u5df2\u7ecf\u6025\u4e0d\u53ef\u8010\u8981\u6c42\u5957\u73b0\u9000\u51fa\uff0c\u6bd5\u7adf\u81ea1999\u5e74\u6301\u6709\u963f\u91cc\u80a1\u6743\u7b97\u8d77\u5df2\u7ecf\u8fc7\u53bb\u56db\u4e94\u5e74\u65f6\u95f4\u4e86\u3002\u9a6c\u4e91\u4e0d\u5f97\u4e0d\u60f3\u529e\u6cd5\u4e3a\u4ed6\u4eec\u627e\u5230\u80a1\u6743\u63a5\u76d8\u8005\u3002<\/p>\n\n\n\n<p>\u5176\u4e09\uff0ceBay\u6b63\u5728\u6253\u7740\u65b0\u7b97\u76d8\uff0c\u6240\u8c13\u6740\u654c\u4e00\u5343\u81ea\u635f\u516b\u767e\uff0c\u5b83\u4e0d\u613f\u610f\u518d\u4e0e\u6dd8\u5b9d\u7ee7\u7eed\u6076\u6218\u4e0b\u53bb\uff0c\u56e0\u800c\u5411\u5b59\u6b63\u4e49\u629b\u51fa\u6a44\u6984\u679d\uff0c\u8c0b\u6c42\u6536\u8d2d\u6dd8\u5b9d\u8fdb\u800c\u4e00\u7edf\u4e2d\u56fdC2C\u5e02\u573a\u7684\u6c5f\u5c71\u3002\u800c\u4e14eBay\u5f00\u51fa\u7684\u4ef7\u94b1\u662f\u4ee4\u4eba\u96be\u4ee5\u62d2\u7edd\u768410\u4ebf\u7f8e\u5143\uff0c\u5b59\u6b63\u4e49\u5bf9\u8fd9\u4e2a\u4ef7\u52a8\u4e86\u5fc3\u3002<\/p>\n\n\n\n<p>\u9762\u5bf9\u63a5\u8e35\u800c\u6765\u7684\u96be\u9898\uff0c\u7279\u522b\u662feBay\u660e\u786e\u63d0\u51fa\u6536\u8d2d\u7684\u903c\u5bab\uff0c\u9a6c\u4e91\u5f7b\u591c\u96be\u7720\u3002\u4ed6\u4e0d\u77e5\u9053\u5b59\u6b63\u4e49\u9762\u5bf9eBay\u7684\u6536\u8d2d\u8981\u7ea6\u6700\u7ec8\u4f1a\u505a\u51fa\u4ec0\u4e48\u51b3\u5b9a\uff0c\u4f46\u4ed6\u6df1\u77e5\u5b59\u6b63\u4e49\u7684\u672c\u6027\uff0c\u53ea\u8981\u5229\u76ca\u8db3\u591f\uff0c\u4e00\u5207\u90fd\u53ef\u4ee5\u8c08\u3002\u56e0\u800c\u4ed6\u5f88\u96be\u963b\u6b62\u5b59\u6b63\u4e49\u5c06\u80a1\u4efd\u5356\u7ed9eBay\u3002<\/p>\n\n\n\n<p>\u5982\u679ceBay\u771f\u7684\u5b9e\u73b0\u5bf9\u6dd8\u5b9d\u751a\u81f3\u963f\u91cc\u5df4\u5df4\u7684\u6536\u8d2d\uff0c\u90a3\u5bf9\u9a6c\u4e91\u6765\u8bf4\u7edd\u5bf9\u662f\u4e2a\u707e\u96be\u3002\u56e0\u4e3a\uff0c\u4ee5eBay\u9996\u5e2d\u6267\u884c\u5b98\u60e0\u7279\u66fc\u7684\u5f3a\u52bf\u6027\u683c\uff0c\u7edd\u4e0d\u53ef\u80fd\u8ba9\u9a6c\u4e91\u968f\u5fc3\u6240\u6b32\u5730\u638c\u63a7\u4f01\u4e1a\uff0c\u53cc\u65b9\u4e4b\u95f4\u7684\u63a7\u5236\u6743\u4e4b\u4e89\u5c06\u4e0d\u53ef\u907f\u514d\u3002\u9a6c\u4e91\u7684\u8fd9\u79cd\u62c5\u5fc3\u4e0d\u662f\u6ca1\u6709\u7f18\u7531\u7684\uff0c\u56e0\u4e3a\u81eaeBay\u6536\u8d2d\u6613\u8da3\uff0c\u6613\u8da3\u521b\u59cb\u4eba\u90b5\u4ea6\u6ce2\u5c31\u5931\u53bb\u4e86\u5bf9\u4f01\u4e1a\u7684\u8bdd\u8bed\u6743\u3002<\/p>\n\n\n\n<p>\u56e0\u800c\uff0c\u5bf9\u4f01\u4e1a\u63a7\u5236\u6743\u5f02\u5e38\u5728\u4e4e\u7684\u9a6c\u4e91\uff0c\u5fc5\u7136\u5f3a\u70c8\u62b5\u5236eBay\u7684\u6536\u8d2d\u52a8\u8bae\u3002\u8fd9\u6b21\u5b59\u6b63\u4e49\u4f3c\u4e4e\u5e76\u4e0d\u613f\u8fc1\u5c31\u9a6c\u4e91\uff0c\u6bd5\u7adf\u8fd9\u662f\u4e00\u4e2a\u4e0d\u9519\u7684\u4ef7\u683c\u3002\u4e8e\u662f\uff0c\u4e8c\u4eba\u6700\u540e\u53ea\u80fd\u76f8\u4e92\u59a5\u534f\uff0c\u627e\u4e00\u4e2aeBay\u4e4b\u5916\u7684\u63a5\u76d8\u8005\uff0c\u65e2\u80fd\u6ee1\u8db3\u5b59\u6b63\u4e49\u53ca\u5176\u4ed6\u524d\u51e0\u8f6e\u6295\u8d44\u4eba\u7684\u5957\u73b0\u9700\u6c42\uff0c\u53c8\u4f7f\u9a6c\u4e91\u4e0d\u81f3\u4e8e\u5931\u53bb\u5bf9\u4f01\u4e1a\u7684\u63a7\u5236\u6743\uff0c\u800c\u4e14\u8fd8\u80fd\u989d\u5916\u518d\u5411\u963f\u91cc\u6295\u8d44\u4ee5\u89e3\u51b3\u6dd8\u5b9d\u7684\u540e\u7eed\u53d1\u5c55\u8d44\u91d1\u3002<\/p>\n\n\n\n<p>\u80fd\u7b26\u5408\u4ee5\u4e0a\u6761\u4ef6\u7684\u63a5\u76d8\u8005\uff0c\u4f3c\u4e4e\u53ea\u6709\u7c7b\u4f3c\u4e8eeBay\u90a3\u6837\u7684\u4e92\u8054\u7f51\u8de8\u56fd\u5de8\u5934\uff0c\u4e8e\u662f\u5728\u5b59\u6b63\u4e49\u7684\u64ae\u5408\u4e4b\u4e0b\uff0c\u96c5\u864e\u5f97\u4ee5\u5165\u5c40\u963f\u91cc\u5df4\u5df4\u3002<\/p>\n\n\n\n<p>2005\u5e748\u6708\uff0c\u9a6c\u4e91\u3001\u6768\u81f4\u8fdc\u3001\u5b59\u6b63\u4e49\u4e09\u4eba\u7684\u4e00\u573a\u201c\u6843\u56ed\u4e09\u7ed3\u4e49\u201d\uff0c\u4ee4\u96c5\u864e\u5f97\u4ee5\u5165\u5c40\uff0c\u524d\u8005\u4ee510\u4ebf\u7f8e\u5143\u73b0\u91d1\u5916\u52a0\u96c5\u864e\u4e2d\u56fd\u7684\u6240\u6709\u8d44\u4ea7\uff0c\u6362\u53d6\u963f\u91cc\u96c6\u56e240%\u7684\u80a1\u6743\u3002<\/p>\n\n\n\n<p>\u96c5\u864e\u4e0e\u963f\u91cc\u96c6\u56e2\u7684\u8fd9\u573a\u4ea4\u6613\uff0c\u590d\u6742\u7a0b\u5ea6\u5728\u4e2d\u56fd\u4e92\u8054\u7f51\u754c\u582a\u79f0\u201c\u7a7a\u524d\u201d\u3002\u8fd9\u573a\u4ea4\u6613\u7684\u5168\u8c8c\u5b9e\u9645\u7531\u56db\u7b14\u4ea4\u6613\u7ec4\u5408\u800c\u6210(\u56fe7)\uff1a<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"512\" height=\"1024\" src=\"http:\/\/www.valuetize.com\/global\/wp-content\/uploads\/2019\/09\/alibaba-funding-ebay-force-yahoo-join-512x1024.jpg\" alt=\"\" class=\"wp-image-1572\" srcset=\"https:\/\/www.valuetize.com\/global\/wp-content\/uploads\/2019\/09\/alibaba-funding-ebay-force-yahoo-join-512x1024.jpg 512w, https:\/\/www.valuetize.com\/global\/wp-content\/uploads\/2019\/09\/alibaba-funding-ebay-force-yahoo-join-150x300.jpg 150w, https:\/\/www.valuetize.com\/global\/wp-content\/uploads\/2019\/09\/alibaba-funding-ebay-force-yahoo-join-210x420.jpg 210w, https:\/\/www.valuetize.com\/global\/wp-content\/uploads\/2019\/09\/alibaba-funding-ebay-force-yahoo-join.jpg 550w\" sizes=\"auto, (max-width: 512px) 100vw, 512px\" \/><\/figure>\n\n\n\n<p>\u4ea4\u6613\u4e00\uff1a\u96c5\u864e\u4ee53.6\u4ebf\u7f8e\u5143\u7684\u4ee3\u4ef7\uff0c\u6536\u8d2d\u8f6f\u94f6\u6240\u6301\u6709\u7684\u5168\u90e8\u6dd8\u5b9d\u80a1\u6743;<\/p>\n\n\n\n<p>\u4ea4\u6613\u4e8c\uff1a\u8f6f\u94f6\u5c06\u5957\u73b0\u6dd8\u5b9d\u80a1\u6743\u6240\u5f97\u76843.6\u4ebf\u7f8e\u5143\u4e2d\uff0c\u62ff\u51fa\u5176\u4e2d\u4e00\u534a\u7528\u4e8e\u63a5\u624b\u963f\u91cc\u5df4\u5df4\u524d\u4e09\u8f6e\u6295\u8d44\u4eba\u6240\u8f6c\u8ba9\u76842770\u4e07\u80a1\u963f\u91cc\u5df4\u5df4\u80a1\u7968;<\/p>\n\n\n\n<p>\u4ea4\u6613\u4e09\uff1a\u96c5\u864e\u4ee53.9\u4ebf\u7f8e\u5143\u7684\u4ee3\u4ef7\uff0c\u6536\u8d2d\u963f\u91cc\u5df4\u5df4\u524d\u4e09\u8f6e\u6295\u8d44\u4eba(\u9664\u8f6f\u94f6\u5916)\u6240\u6301\u6709\u7684\u5269\u4f596000\u4e07\u80a1\u963f\u91cc\u5df4\u5df4\u80a1\u7968;<\/p>\n\n\n\n<p>\u4ea4\u6613\u56db\uff1a\u96c5\u864e\u4ee52.5\u4ebf\u7f8e\u5143\u73b0\u91d1+\u4ece\u8f6f\u94f6\u624b\u4e0a\u8d2d\u5f97\u7684\u6dd8\u5b9d\u80a1\u6743+\u96c5\u864e\u4e2d\u56fd\u7684\u5168\u90e8\u8d44\u4ea7\uff0c\u6362\u53d6\u963f\u91cc\u5df4\u5df4\u96c6\u56e2\u5411\u96c5\u864e\u589e\u53d12.016\u4ebf\u80a1\u80a1\u7968\u3002<\/p>\n\n\n\n<p><strong>\u8fd9\u56db\u7b14\u4ea4\u6613\u5b8c\u6210\u4e4b\u540e\uff0c\u963f\u91cc\u96c6\u56e2\u5f62\u6210\u4e86\u4e09\u8db3\u9f0e\u7acb\u7684\u80a1\u4e1c\u6784\u6210\uff0c\u96c5\u864e\u6301\u80a140%\uff0c\u9a6c\u4e91\u56e2\u961f\u6301\u80a131%\uff0c\u8f6f\u94f6\u6301\u80a129%\u3002<\/strong>\u8fd9\u610f\u5473\u7740\uff1a\u5176\u4e00\uff0c\u963f\u91cc\u5df4\u5df4\u9664\u8f6f\u94f6\u4e4b\u5916\u7684\u524d\u4e09\u8f6e\u6295\u8d44\u4eba\u5f7b\u5e95\u5957\u73b0\u9000\u51fa\u2014\u4ed6\u4eec\u5f53\u521d\u6295\u5165\u7684\u603b\u6210\u672c\u662f3200\u4e07\u7f8e\u5143\uff0c\u9000\u51fa\u65f6\u83b7\u5f975.7\u4ebf\u7f8e\u5143\uff0c17.8\u500d\u56de\u62a5;\u5176\u4e8c\uff0c\u8f6f\u94f6\u4e5f\u83b7\u5f97\u90e8\u5206\u5957\u73b0(\u8f6f\u94f6\u6b64\u524d\u7ed9\u963f\u91cc\u5df4\u5df4\u4e0e\u6dd8\u5b9d\u7684\u603b\u6295\u5165\u662f8000\u4e07\u7f8e\u5143\uff0c\u5982\u4eca\u4e0d\u4ec5\u5957\u73b01.8\u4ebf\u7f8e\u5143\uff0c\u800c\u4e14\u8fd8\u7ee7\u7eed\u6301\u6709\u963f\u91cc\u96c6\u56e229%\u7684\u80a1\u6743);\u5176\u4e09\uff0c\u96c5\u864e\u652f\u4ed8\u768410\u4ebf\u7f8e\u5143\uff0c\u5b9e\u9645\u53ea\u67092.5\u4ebf\u7f8e\u5143\u8fdb\u5165\u4e86\u963f\u91cc\u7684\u53e3\u888b\uff0c\u5176\u4f59\u90e8\u5206\u5219\u90fd\u88ab\u963f\u91cc\u7684\u524d\u51e0\u8f6e\u6295\u8d44\u4eba\u5957\u73b0\u74dc\u5206\u6389\u4e86\u3002<\/p>\n\n\n\n<p><strong>\u201c\u603b\u7edf\u201d\u4e0e\u201c\u8bae\u5458\u201d\u7684\u6218\u4e89<\/strong><\/p>\n\n\n\n<p>\u96c5\u864e\u7684\u6ce8\u8d44\u4ee4\u6dd8\u5b9d\u5728\u4e0eeBay\u7684\u70e7\u94b1\u5927\u6218\u4e2d\u5f7b\u5e95\u80dc\u51fa\u3002\u5f53\u7136\uff0c\u9a6c\u4e91\u4e0d\u5f97\u4e0d\u5f00\u59cb\u9762\u5bf9\u5176\u6700\u5927\u7684\u9690\u60a3\uff1a\u81ea\u5df1\u7684\u5927\u80a1\u4e1c\u5730\u4f4d\u4e0d\u4fdd\uff0c\u96c5\u864e\u6210\u4e86\u963f\u91cc\u96c6\u56e2\u7b2c\u4e00\u5927\u80a1\u4e1c\uff0c\u9a6c\u4e91\u6709\u53ef\u80fd\u4e27\u5931\u5bf9\u4f01\u4e1a\u7684\u63a7\u5236\u6743\u3002<\/p>\n\n\n\n<p>\u636e\u8bf4\uff0c\u9a6c\u4e91\u4e3a\u4e86\u786e\u8ba4\u96c5\u864e\u521b\u59cb\u4eba\u6768\u81f4\u8fdc\u7684\u786e\u65e0\u610f\u63a7\u5236\u963f\u91cc\u96c6\u56e2\u5e76\u63d2\u624b\u7ecf\u8425\u4e8b\u52a1\uff0c\u5728\u96c5\u864e\u5165\u80a1\u4e4b\u524d\uff0c\u4e8c\u4eba\u5728\u7f8e\u56fd\u8457\u540d\u7684\u5706\u77f3\u6ee9\u9ad8\u5c14\u592b\u7403\u573a\u6709\u8fc7\u4e00\u573a\u79c1\u4eba\u4f1a\u6664\u3002\u5728\u6b64\u6b21\u4f1a\u6664\u4e2d\uff0c\u9a6c\u4e91\u53cd\u590d\u8bd5\u63a2\u6768\u81f4\u8fdc\u7684\u771f\u5b9e\u60f3\u6cd5\u3002\u9a6c\u4e91\u5f97\u5230\u7684\u53cd\u9988\u5f88\u5927\u7a0b\u5ea6\u4e0a\u6253\u6d88\u4e86\u81ea\u5df1\u7684\u7591\u8651\uff0c\u8fd9\u624d\u6700\u7ec8\u5c06\u610f\u5411\u786e\u5b9a\u4e0b\u6765\u3002<\/p>\n\n\n\n<p>\u4e0d\u4ec5\u5982\u6b64\uff0c\u9a6c\u4e91\u8fd8\u901a\u8fc7\u4ea4\u6613\u5408\u540c\u4e2d\u7684\u5177\u4f53\u6761\u6b3e\u6765\u5f3a\u5316\u81ea\u5df1\u5bf9\u4f01\u4e1a\u7684\u63a7\u5236\u6743\u3002<\/p>\n\n\n\n<p>\u7b2c\u4e00\uff0c\u867d\u7136\u96c5\u864e\u6301\u6709\u963f\u91cc\u96c6\u56e240%\u7684\u80a1\u6743\uff0c\u4f46\u53ea\u62e5\u670935%\u7684\u6295\u7968\u6743\uff0c\u591a\u4f59\u90e8\u5206\u6295\u7968\u6743\u5f52\u9a6c\u4e91\u56e2\u961f\u6240\u6709\uff0c\u6b64\u6761\u6b3e\u6709\u6548\u671f\u81f32010\u5e7410\u6708\u3002<\/p>\n\n\n\n<p>\u7b2c\u4e8c\uff0c\u963f\u91cc\u96c6\u56e2\u8463\u4e8b\u4f1a\u7684\u56db\u4e2a\u5e2d\u4f4d\u4e2d\uff0c\u9a6c\u4e91\u56e2\u961f\u62e5\u6709\u4e24\u5e2d\uff0c\u4f5c\u4e3a\u5927\u80a1\u4e1c\u7684\u96c5\u864e\u53cd\u800c\u53ea\u6709\u4e00\u5e2d\uff0c\u53e6\u4e00\u5e2d\u5c5e\u4e8e\u8f6f\u94f6\u3002\u52302010\u5e7410\u6708\uff0c\u96c5\u864e\u624d\u6709\u6743\u83b7\u5f97\u4e0e\u9a6c\u4e91\u65b9\u9762\u6570\u91cf\u76f8\u7b49\u7684\u8463\u4e8b\u4f1a\u5e2d\u4f4d\u3002<\/p>\n\n\n\n<p>\u7b2c\u4e09\uff0c2010\u5e7410\u6708\u4e4b\u524d\uff0c\u8463\u4e8b\u4f1a\u5728\u4efb\u4f55\u60c5\u51b5\u4e0b\u90fd\u4e0d\u5f97\u89e3\u9664\u9a6c\u4e91\u7684\u963f\u91cc\u96c6\u56e2CEO\u804c\u52a1\u3002<\/p>\n\n\n\n<p>\u6768\u81f4\u8fdc\u5728\u4e3b\u653f\u96c5\u864e\u671f\u95f4\uff0c\u786e\u5b9e\u8df5\u884c\u4e86\u81ea\u5df1\u7684\u627f\u8bfa\uff0c\u57fa\u672c\u6ca1\u6709\u5e72\u9884\u963f\u91cc\u96c6\u56e2\u7684\u8fd0\u8425\uff0c\u800c\u4e14\u5728\u516c\u5f00\u573a\u5408\u4ed6\u4e0e\u5b59\u6b63\u4e49\u4e5f\u90fd\u91c7\u53d6\u4e86\u7ad9\u5728\u9a6c\u4e91\u4e00\u8fb9\u7684\u59ff\u6001\u3002\u8fd9\u5f88\u5927\u7a0b\u5ea6\u4e0a\u7f13\u89e3\u4e86\u9a6c\u4e91\u5bf9\u56e0\u80a1\u4efd\u7a00\u91ca\u800c\u5931\u53bb\u63a7\u5236\u6743\u7684\u62c5\u5fe7\u3002<\/p>\n\n\n\n<p>2009\u5e741\u6708\uff0c\u7531\u4e8e\u96c5\u864e\u7684\u4e1a\u7ee9\u8fdc\u672a\u8fbe\u5230\u534e\u5c14\u8857\u7684\u671f\u671b\uff0c\u6768\u81f4\u8fdc\u88ab\u8feb\u8f9e\u4efb\u96c5\u864eCEO\uff0c\u7531\u5361\u7f57\u5c14\u00b7\u5df4\u8328(Carol Bartz)\u63a5\u4efb\u3002\u81ea\u6b64\uff0c\u963f\u91cc\u96c6\u56e2\u4e0e\u96c5\u864e\u4e4b\u95f4\u7684\u871c\u6708\u671f\u7ed3\u675f\uff0c\u9a6c\u4e91\u4e0e\u96c5\u864e\u4e4b\u95f4\u7684\u77db\u76fe\u4e5f\u65e5\u76ca\u516c\u5f00\u5316\uff0c\u9a6c\u4e91\u4e5f\u516c\u5f00\u8868\u8fbe\u4e86\u56de\u8d2d\u96c5\u864e\u6240\u6301\u963f\u91cc\u96c6\u56e2\u80a1\u6743\u7684\u610f\u613f\u3002<\/p>\n\n\n\n<p>\u968f\u77402010\u5e7410\u6708\u7684\u5230\u6765\uff0c\u9a6c\u4e91\u5728\u96c5\u864e\u5165\u80a1\u963f\u91cc\u96c6\u56e2\u65f6\u6240\u8bbe\u7f6e\u7684\u5305\u62ec\u6295\u7968\u6743\u3001\u8463\u4e8b\u4f1a\u5e2d\u4f4d\u3001CEO\u4efb\u514d\u7b49\u7cfb\u5217\u6709\u5229\u4e8e\u81ea\u8eab\u7684\u63a7\u5236\u6761\u6b3e\u7edf\u7edf\u5931\u6548\u3002\u96c5\u864e\u968f\u65f6\u53ef\u80fd\u884c\u4f7f\u81ea\u5df1\u7684\u6743\u5229\uff0c\u9a6c\u4e91\u7684\u63a7\u5236\u6743\u5c8c\u5c8c\u53ef\u5371\u3002<\/p>\n\n\n\n<p>\u4f46\u9a6c\u4e91\u57282011\u5e74\u521d\u4ee5\u5f3a\u786c\u7684\u59ff\u6001\u5bf9\u5a92\u4f53\u8868\u793a\uff1a\u201c\u5916\u754c\u8bf42010\u5e7410\u6708\u96c5\u864e\u4f1a\u884c\u52a8\uff0c\u73b0\u5728\u90fd1\u6708\u4e86\u4e5f\u672a\u89c1\u52a8\u9759\u3002\u96c5\u864e\u5373\u4f7f\u6d3e10\u4e2a\u8463\u4e8b\u8fdb\u6765\uff0c\u4e0d\u8fd8\u662f\u6309\u7167\u6b63\u786e\u7684\u4e8b\u60c5\u505a?\u4f60\u4e0d\u6d3e\u8463\u4e8b\u8fdb\u6765\uff0c\u6211\u4e5f\u4f1a\u542c\u4f60\u6709\u6ca1\u6709\u9053\u7406\uff0c\u5982\u679c\u6ca1\u6709\u9053\u7406\uff0c\u4e00\u4e07\u4e2a\u8463\u4e8b\u90fd\u6ca1\u7528!\u201d<\/p>\n\n\n\n<p><strong>\u652f\u4ed8\u5b9d\u201c\u5355\u98de\u201d<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"550\" height=\"265\" src=\"http:\/\/www.valuetize.com\/global\/wp-content\/uploads\/2019\/09\/alibaba-alipay-independent.png\" alt=\"\" class=\"wp-image-1573\" srcset=\"https:\/\/www.valuetize.com\/global\/wp-content\/uploads\/2019\/09\/alibaba-alipay-independent.png 550w, https:\/\/www.valuetize.com\/global\/wp-content\/uploads\/2019\/09\/alibaba-alipay-independent-300x145.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/figure>\n\n\n\n<p>\u51fa\u4e4e\u5916\u754c\u610f\u6599\u7684\u662f\uff0c2011\u5e745-6\u6708\uff0c\u96c5\u864e\u4e0e\u9a6c\u4e91\u7ba1\u7406\u5c42\u4e4b\u95f4\u7206\u53d1\u4e86\u6700\u4e3a\u4e25\u91cd\u7684\u51b2\u7a81\u3002<\/p>\n\n\n\n<p>2011\u5e745\u670810\u65e5\uff0c\u5f53\u65f6\u8eab\u4e3a\u963f\u91cc\u96c6\u56e2\u5927\u80a1\u4e1c\u7684\u96c5\u864e\u53d1\u5e03\u516c\u544a\u79f0\uff1a\u9a6c\u4e91\u5c06\u652f\u4ed8\u5b9d\u4ece\u963f\u91cc\u96c6\u56e2\u8f6c\u79fb\u5230\u4e86\u9a6c\u4e91\u4e0e\u8c22\u4e16\u714c(\u963f\u91cc\u521b\u59cb\u4eba\u4e4b\u4e00)\u4e8c\u4eba\u8bbe\u7acb\u7684\u201c\u6d59\u6c5f\u963f\u91cc\u5df4\u5df4\u7535\u5b50\u5546\u52a1\u6709\u9650\u516c\u53f8\u201d(\u9a6c\u548c\u8c22\u5404\u5360\u80a180%\u548c20%)\uff0c\u800c\u4f5c\u4e3a\u963f\u91cc\u96c6\u56e2\u5927\u80a1\u4e1c\u7684\u96c5\u864e\uff0c\u5bf9\u4e8e\u9a6c\u4e91\u8f6c\u79fb\u652f\u4ed8\u5b9d\u7684\u884c\u4e3a\u6beb\u4e0d\u77e5\u60c5\u3002\u6d88\u606f\u7206\u51fa\uff0c\u96c5\u864e\u80a1\u4ef7\u5e94\u58f0\u4e0b\u8dcc7.3%\u3002<\/p>\n\n\n\n<p>\u96c5\u864e\u516c\u544a\u7684\u8a00\u5916\u4e4b\u610f\u662f\uff0c\u9a6c\u4e91\u8f6c\u79fb\u652f\u4ed8\u5b9d\u5e76\u672a\u83b7\u5f97\u963f\u91cc\u96c6\u56e2\u8463\u4e8b\u4f1a\u7684\u6388\u6743\u8bb8\u53ef\uff0c\u56e0\u4e3a\u4ee3\u8868\u96c5\u864e\u7684\u8463\u4e8b\u4f1a\u6210\u5458\u6768\u81f4\u8fdc\u5bf9\u6b64\u4e8b\u5e76\u4e0d\u77e5\u60c5\u3002\u8fd9\u5728\u534e\u5c14\u8857\u770b\u6765\uff0c\u662f\u4e25\u91cd\u8fdd\u80cc\u516c\u53f8\u6cbb\u7406\u89c4\u5219\u7684\u3002<\/p>\n\n\n\n<p>\u800c\u4e14\uff0c\u96c5\u864e\u58f0\u79f0\u652f\u4ed8\u5b9d\u8f6c\u8ba9\u7684\u4ef7\u683c\u4ec5\u4e3a3.3\u4ebf\u5143\uff0c\u8fdc\u4f4e\u4e8e\u5f7c\u65f6\u652f\u4ed8\u5b9d\u7684\u5b9e\u9645\u4ef7\u503c\u3002<\/p>\n\n\n\n<p>\u4e8e\u662f\u96c5\u864e\u4e0e\u9a6c\u4e91\u4e4b\u95f4\u4e0a\u6f14\u4e86\u4e00\u573a\u201c\u56fd\u9645\u8206\u8bba\u6218\u201d\uff0c\u96c5\u864e\u62a8\u51fb\u9a6c\u4e91\u662f\u5728\u81ea\u5df1\u4e0d\u77e5\u60c5\u7684\u60c5\u51b5\u4e0b\u201c\u7a83\u53d6\u201d\u4e86\u652f\u4ed8\u5b9d\uff0c\u800c\u9a6c\u4e91\u5219\u56de\u5e94\u8bf4\u201c\u4e0d\u5b8c\u7f8e\uff0c\u4f46\u552f\u4e00\u6b63\u786e\u201d\u3002\u4ed6\u6240\u8bf4\u7684\u201c\u4e0d\u5b8c\u7f8e\u201d\u6307\u7684\u662f\u5355\u65b9\u9762\u53d6\u6d88\u4e86\u963f\u91cc\u96c6\u56e2\u4e0e\u652f\u4ed8\u5b9d\u4e4b\u95f4\u7684\u201c\u534f\u8bae\u63a7\u5236\u201d\u6709\u8fdd\u7ea6\u4e4b\u5acc;\u800c\u201c\u552f\u4e00\u6b63\u786e\u201d\u5219\u610f\u6307\u8fd9\u4e00\u884c\u4e3a100%\u9075\u5b88\u4e86\u56fd\u5bb6\u6cd5\u5f8b\u3002<\/p>\n\n\n\n<p>\u5173\u4e8e\u6b64\u6b21\u652f\u4ed8\u5b9d\u7684\u8f6c\u79fb\uff0c\u6709\u4e2a\u5173\u7cfb\u5bc6\u5207\u7684\u80cc\u666f\uff1a2010\u5e746\u6708\uff0c\u592e\u884c\u51fa\u53f0\u4e86\u300a\u975e\u91d1\u878d\u4f01\u4e1a\u652f\u4ed8\u670d\u52a1\u7ba1\u7406\u529e\u6cd5\u300b\uff0c\u89c4\u5b9a\u4ece\u4e8b\u7b2c\u4e09\u65b9\u652f\u4ed8\u7684\u4f01\u4e1a\u5fc5\u987b\u5411\u592e\u884c\u7533\u8bf7\u8bb8\u53ef\u8bc1\uff0c\u4e14\u7533\u8bf7\u8005\u5fc5\u987b\u662f\u201c\u5883\u5185\u4f9d\u6cd5\u8bbe\u7acb\u7684\u6709\u9650\u8d23\u4efb\u516c\u53f8\u53ca\u80a1\u4efd\u6709\u9650\u516c\u53f8\u201d\uff0c\u800c\u5bf9\u4e8e\u6709\u5916\u8d44\u6210\u5206\u4f01\u4e1a\u7684\u724c\u7167\u7533\u8bf7\u5219\u201c\u7531\u4e2d\u56fd\u4eba\u6c11\u94f6\u884c\u53e6\u884c\u89c4\u5b9a\uff0c\u62a5\u56fd\u52a1\u9662\u6279\u51c6\u201d\u3002\u592e\u884c\u653f\u7b56\u7684\u8a00\u5916\u4e4b\u610f\u662f\uff0c\u7533\u8bf7\u724c\u7167\u8005\u6700\u597d\u662f\u5185\u8d44\u4f01\u4e1a\uff0c\u5916\u8d44\u4f01\u4e1a\u8981\u6309\u201c\u53e6\u884c\u89c4\u5b9a\u201d\u62a5\u6279\uff0c\u800c\u8fd9\u4e2a\u201c\u53e6\u884c\u89c4\u5b9a\u201d\u5e76\u672a\u51fa\u53f0\u3002<\/p>\n\n\n\n<p>\u963f\u91cc\u96c6\u56e2\u4e00\u76f4\u7531\u5916\u8d44\u63a7\u80a1\uff0c\u4e14\u96c5\u864e\u662f\u7b2c\u4e00\u5927\u80a1\u4e1c\u3002\u800c\u6b64\u524d\u4e24\u5e74\u9a6c\u4e91\u53c8\u4e0e\u96c5\u864e\u5c61\u66dd\u5206\u6b67\uff0c\u4ed6\u4e00\u76f4\u5728\u8c0b\u6c42\u4ece\u96c5\u864e\u624b\u4e2d\u56de\u8d2d\u80a1\u6743\uff0c\u4ee5\u91cd\u65b0\u83b7\u5f97\u63a7\u80a1\u6743\u4ee5\u53ca\u5bf9\u4f01\u4e1a\u7684\u7edd\u5bf9\u63a7\u5236\u6743\u3002<\/p>\n\n\n\n<p>\u4e8e\u662f\u4e4e\uff0c\u652f\u4ed8\u5b9d\u4e8b\u4ef6\u5f88\u81ea\u7136\u5730\u88ab\u5916\u754c\u89e3\u8bfb\u6210\u4e86\u201c\u9a6c\u4e91\u501f\u52a9\u592e\u884c\u7981\u6b62\u5916\u8d44\u7684\u653f\u7b56\u673a\u4f1a\uff0c\u4ee5\u6781\u4f4e\u7684\u4ef7\u683c\u79c1\u81ea\u5c06\u652f\u4ed8\u5b9d\u8f6c\u79fb\u5230\u4e2a\u4eba\u8170\u5305\uff0c\u8fdb\u800c\u589e\u5f3a\u81ea\u5df1\u4e0e\u96c5\u864e\u8c08\u5224\u80a1\u6743\u56de\u8d2d\u7684\u7b79\u7801\u201d\u3002<\/p>\n\n\n\n<p>\u201c\u652f\u4ed8\u5b9d\u4e8b\u4ef6\u201d\u4ee4\u9a6c\u4e91\u4ed8\u51fa\u4e86\u6781\u4e3a\u60e8\u91cd\u7684\u58f0\u8a89\u4ee3\u4ef7\uff0c\u8fd9\u5728\u5176\u521b\u4e1a\u53f2\u4e2d\uff0c\u5e76\u4e0d\u591a\u89c1\u3002<\/p>\n\n\n\n<p>\u4f17\u6240\u5468\u77e5\uff0c\u5728\u201c\u751f\u7c73\u716e\u6210\u719f\u996d\u201d\u4e4b\u540e\uff0c\u9a6c\u4e91\u4e0e\u96c5\u864e\u3001\u8f6f\u94f6\u8fbe\u6210\u4e86\u5173\u4e8e\u652f\u4ed8\u5b9d\u7684\u8865\u507f\u534f\u8bae\u3002\u6839\u636e\u963f\u91cc\u96c6\u56e2IPO\u6587\u4ef6\u7684\u62ab\u9732\uff0c\u76f8\u5173\u6846\u67b6\u534f\u8bae\u4e8e2011\u5e747\u670829\u65e5\u7b7e\u7f72\uff0c\u5e76\u4e8e2012\u5e7411\u670815\u65e5\u53ca2014\u5e745\u67083\u65e5\u8fdb\u884c\u4e86\u4e24\u6b21\u4fee\u8ba2\u3002\u534f\u8bae\u7ea6\u5b9a\uff1a<\/p>\n\n\n\n<p>1)\u5728\u4e0e\u652f\u4ed8\u5b9d\u76f8\u5173\u7684\u7279\u5b9a\u6e05\u507f\u4e8b\u4ef6\u53d1\u751f\u65f6(\u5305\u62ec\u652f\u4ed8\u5b9dIPO\u3001\u8f6c\u79fb\u652f\u4ed8\u5b9d37.5%\u6216\u66f4\u591a\u80a1\u6743\u3001\u51fa\u552e\u652f\u4ed8\u5b9d\u5168\u90e8\u6216\u7edd\u5927\u591a\u6570\u8d44\u4ea7)\uff0c\u6d59\u6c5f\u963f\u91cc\u5df4\u5df4\u7535\u5b50\u5546\u52a1\u6709\u9650\u516c\u53f8\u5c06\u5411\u963f\u91cc\u96c6\u56e2\u652f\u4ed8\u76f8\u5f53\u4e8e\u652f\u4ed8\u5b9d\u5e02\u503c37.5%\u7684\u91d1\u989d\uff0c\u6700\u4f4e20\u4ebf\u7f8e\u5143\uff0c\u6700\u9ad860\u4ebf\u7f8e\u5143;<\/p>\n\n\n\n<p>2)\u5982\u679c10\u5e74\u5185\u7279\u5b9a\u6e05\u507f\u4e8b\u4ef6\u6ca1\u6709\u53d1\u751f\uff0c\u963f\u91cc\u96c6\u56e2\u6709\u6743\u8981\u6c42\u652f\u4ed8\u5b9d\u5c3d\u5feb\u542f\u52a8\u6e05\u507f\u4e8b\u4ef6;<\/p>\n\n\n\n<p>3)\u9a6c\u4e91\u53ca\u8521\u5d07\u4fe1\u5206\u522b\u62ff\u51fa\u5404\u81ea\u6240\u6301\u6709\u7684\u963f\u91cc\u96c6\u56e23500\u4e07\u80a1\u53ca1500\u4e07\u80a1\uff0c\u6ce8\u5165\u5230\u4e00\u95f4\u7279\u6b8a\u76ee\u7684\u516c\u53f8(SPV)APN Ltd.\uff0c\u5e76\u5c06\u8be5\u7b49\u80a1\u6743\u8d28\u62bc\u7ed9\u963f\u91cc\u96c6\u56e2\uff0c\u4f5c\u4e3a\u6e05\u507f\u4e8b\u4ef6\u652f\u4ed8\u7684\u4fdd\u969c;<\/p>\n\n\n\n<p>4)\u5982\u679c7\u5e74\u5185\u7279\u5b9a\u6e05\u507f\u4e8b\u4ef6\u6ca1\u6709\u53d1\u751f\uff0c\u6d59\u6c5f\u963f\u91cc\u5df4\u5df4\u7535\u5b50\u5546\u52a1\u6709\u9650\u516c\u53f8\u6216APN Ltd.\uff0c\u5fc5\u987b\u5411\u963f\u91cc\u96c6\u56e2\u652f\u4ed85\u4ebf\u7f8e\u5143\uff0c\u6b64\u652f\u4ed8\u989d\u5728\u65e5\u540e\u53d1\u751f\u6e05\u507f\u4e8b\u4ef6\u4e4b\u65f6\uff0c\u53ef\u5728\u652f\u4ed8\u603b\u989d\u4e2d\u6263\u9664;<\/p>\n\n\n\n<p>5)\u652f\u4ed8\u5b9d\u516c\u53f8\u6bcf\u5e74\u5411\u963f\u91cc\u96c6\u56e2\u652f\u4ed8\u77e5\u8bc6\u4ea7\u6743\u8bb8\u53ef\u8d39\u4e0e\u6280\u672f\u670d\u52a1\u8d39\uff0c\u91d1\u989d\u4e3a\u5f53\u5e74\u7a0e\u524d\u51c0\u5229\u768449.9%\uff0c\u8be5\u9879\u8d39\u7528\u7684\u652f\u4ed8\u76f4\u5230\u652f\u4ed8\u5b9d\u4e0a\u5e02\u65f6\u7ec8\u6b62(2012\u8d22\u5e74\u30012013\u8d22\u5e74\u30012014\u8d22\u5e74\u524d\u4e09\u5b63\u5ea6\uff0c\u652f\u4ed8\u5b9d\u5411\u963f\u91cc\u96c6\u56e2\u652f\u4ed8\u7684\u6b64\u9879\u8d39\u7528\u5206\u522b\u4e3a2700\u4e07\u5143\u30012.77\u4ebf\u5143\u30016.33\u4ebf\u5143);<\/p>\n\n\n\n<p>6)\u652f\u4ed8\u5b9d\u5411\u963f\u91cc\u96c6\u56e2\u63d0\u4f9b\u652f\u4ed8\u5904\u7406\u7b49\u5546\u4e1a\u670d\u52a1\uff0c\u524d\u8005\u5411\u540e\u8005\u6309\u5e74\u6536\u53d6\u670d\u52a1\u8d39(2012\u8d22\u5e74\u30012013\u8d22\u5e74\u30012014\u8d22\u5e74\u524d3\u5b63\u5ea6\uff0c\u963f\u91cc\u96c6\u56e2\u5411\u652f\u4ed8\u5b9d\u4ed8\u6b3e\u5206\u522b\u4e3a13.07\u4ebf\u5143\u300116.46\u4ebf\u5143\u300118.99\u4ebf\u5143);<\/p>\n\n\n\n<p>7)\u6240\u6709\u4e0e\u652f\u4ed8\u5b9d\u6846\u67b6\u534f\u8bae\u76f8\u5173\u7684\u4e8b\u9879\uff0c\u5fc5\u987b\u83b7\u5f97\u96c5\u864e\u53ca\u8f6f\u94f6\u59d4\u6d3e\u7684\u8463\u4e8b\u8bb8\u53ef\u65b9\u53ef\u6267\u884c\u3002<\/p>\n\n\n\n<p>\u652f\u4ed8\u5b9d\u8131\u79bb\u963f\u91cc\u96c6\u56e2\u4e4b\u540e\uff0c\u4ee5\u5176\u4e3a\u6838\u5fc3\u9010\u6e10\u5b55\u80b2\u51fa\u4e86\u963f\u91cc\u5c0f\u5fae\u91d1\u878d\u670d\u52a1\u96c6\u56e2\uff0c\u9664\u652f\u4ed8\u5b9d\u4e4b\u5916\u8fd8\u5305\u62ec\u963f\u91cc\u5c0f\u8d37\u3001\u5929\u5f18\u57fa\u91d1\u3001\u4f17\u5b89\u4fdd\u9669\u7b49\u91d1\u878d\u4e1a\u52a1\uff0c\u5b83\u4eec\u7684\u6301\u80a1\u6bcd\u4f53\u7686\u4e3a\u6d59\u6c5f\u963f\u91cc\u5df4\u5df4\u7535\u5b50\u5546\u52a1\u6709\u9650\u516c\u53f8(\u4ee5\u4e0b\u7b80\u79f0\u201c\u6d59\u6c5f\u963f\u91cc\u5df4\u5df4\u201d)\u3002<\/p>\n\n\n\n<p>\u6d59\u6c5f\u963f\u91cc\u5df4\u5df4\u76ee\u524d\u6709\u4e09\u4e2a\u80a1\u4e1c\uff1a\u676d\u5dde\u541b\u6fb3\u80a1\u6743\u6295\u8d44\u5408\u4f19\u4f01\u4e1a(\u6709\u9650\u5408\u4f19)\u3001\u9a6c\u4e91\u3001\u8c22\u4e16\u714c\uff0c\u5176\u4e2d\u541b\u6fb3\u80a1\u6743\u6295\u8d44\u4e3a\u963f\u91cc\u96c6\u56e2\u5185\u90e8\u7684\u5458\u5de5\u6301\u80a1\u5e73\u53f0\uff0c\u76ee\u524d\u80a1\u4e1c\u7ed3\u6784\u4e3a\uff0c\u9a6c\u4e91\u6301\u670946.29%\uff0c\u541b\u6fb3\u80a1\u6743\u6295\u8d44\u6301\u670942.14%\uff0c\u8c22\u4e16\u714c\u6301\u670911.57%\u3002<\/p>\n\n\n\n<p>\u963f\u91cc\u96c6\u56e2IPO\u6587\u4ef6\u62ab\u9732\uff0c\u9a6c\u4e91\u5411\u963f\u91cc\u96c6\u56e2\u4e66\u9762\u627f\u8bfa\uff1a\u6709\u610f\u9010\u6e10\u51cf\u5c11\u5728\u5c0f\u5fae\u91d1\u878d\u670d\u52a1\u96c6\u56e2\u4e2d\u6301\u6709\u7684\u76f4\u63a5\u6216\u95f4\u63a5\u7ecf\u6d4e\u6743\u76ca\uff0c\u76f4\u5230\u4fdd\u8bc1\u5728\u963f\u91cc\u96c6\u56e2IPO\u4e4b\u524d\uff0c\u4ed6\u5728\u5c0f\u5fae\u91d1\u878d\u670d\u52a1\u96c6\u56e2\u4e2d\u6743\u76ca\u6240\u5360\u6bd4\u4f8b\uff0c\u4e0d\u8d85\u8fc7\u4ed6\u4ee5\u53ca\u4ed6\u7684\u5173\u8054\u65b9\u5728\u963f\u91cc\u96c6\u56e2\u6240\u5360\u6743\u76ca\uff0c\u5e76\u4e14\u4ed6\u672c\u4eba\u4e0d\u4f1a\u5728\u8fd9\u79cd\u51cf\u6301\u4e2d\u83b7\u5f97\u4efb\u4f55\u7ecf\u6d4e\u6536\u76ca\u3002<\/p>\n\n\n\n<p><strong>\u8d4e\u8eab\u96c5\u864e<\/strong><\/p>\n\n\n\n<p>\u4e0e\u96c5\u864e\u65b0\u4efbCEO\u7684\u77db\u76fe\u516c\u5f00\u5316\u4e4b\u540e\uff0c\u9a6c\u4e91\u4e3a\u56de\u8d2d\u96c5\u864e\u6240\u6301\u80a1\u6743\u7684\u52aa\u529b\u4ece\u672a\u505c\u6b62\u8fc7\uff0c\u751a\u81f3\u57282012\u5e742\u6708\u4e4b\u65f6\u66fe\u201c\u65e0\u9650\u63a5\u8fd1\u53cc\u65b9\u4ea4\u6613\u6210\u529f\u201d\uff0c\u4f46\u53cc\u65b9\u8fd8\u662f\u5728\u7b7e\u5b57\u524d\u5915\u5ba3\u5e03\u8c08\u5224\u7834\u88c2\u3002<\/p>\n\n\n\n<p>2012\u5e745\u670820\u65e5\uff0c\u963f\u91cc\u96c6\u56e2\u7ec8\u4e8e\u4e0e\u96c5\u864e\u8fbe\u6210\u80a1\u6743\u56de\u8d2d\u534f\u8bae\u3002\u6b64\u6b21\u963f\u91ccIPO\u6587\u4ef6\u7684\u62ab\u9732\uff0c\u5f97\u4ee5\u4f7f\u5916\u4eba\u4e00\u7aa5\u6b64\u56de\u8d2d\u4ea4\u6613\u7684\u76f8\u5173\u7ec6\u8282\u3002<\/p>\n\n\n\n<p>\u6839\u636e\u62db\u80a1\u4e66\u62ab\u9732\u7684\u6570\u636e\uff0c\u5728\u56de\u8d2d\u4e4b\u524d\uff0c\u96c5\u864e\u5171\u8ba1\u6301\u6709\u963f\u91cc\u96c6\u56e210.466\u4ebf\u80a1\u80a1\u7968\u30022012\u5e745\u670820\u65e5\uff0c\u53cc\u65b9\u7b7e\u7f72\u534f\u8bae\u7ea6\u5b9a\uff0c\u963f\u91cc\u96c6\u56e2\u4ee513.5414\u7f8e\u5143\/\u80a1\u7684\u4ee3\u4ef7\uff0c\u5411\u96c5\u864e\u56de\u8d2d5.23\u4ebf\u80a1\u80a1\u7968(\u96c5\u864e\u6301\u80a1\u603b\u91cf\u7684\u5927\u7ea6\u4e00\u534a)\uff0c\u603b\u4ee3\u4ef7\u4e3a70.82\u4ebf\u7f8e\u5143\u3002\u5176\u4e2d\uff0c62.82\u4ebf\u7f8e\u5143\u4ee5\u73b0\u91d1\u652f\u4ed8\uff0c8\u4ebf\u7f8e\u5143\u901a\u8fc7\u201c\u53ef\u8d4e\u56de\u4f18\u5148\u80a1\u201d\u652f\u4ed8\u3002<\/p>\n\n\n\n<p>\u6240\u8c13\u201c\u53ef\u8d4e\u56de\u4f18\u5148\u80a1\u201d\uff0c\u7b80\u8a00\u4e4b\uff0c\u963f\u91cc\u5f53\u65f6\u5e76\u6ca1\u90a3\u4e48\u591a\u73b0\u91d1\u4f5c\u4e00\u6b21\u6027\u56de\u8d2d\uff0c\u6545\u53ef\u4ee5\u5c06\u5176\u4e2d8\u4ebf\u7f8e\u5143\u4ee5\u4f18\u5148\u80a1\u7684\u65b9\u5f0f\u4ee3\u66ff\u73b0\u91d1\u652f\u4ed8\uff0c\u65e5\u540e\u6709\u4e86\u73b0\u91d1\uff0c\u518d\u628a\u8fd9\u90e8\u5206\u4f18\u5148\u80a1\u8d4e\u56de\uff0c\u4ece\u6b64\u4e8c\u8005\u4e92\u4e0d\u76f8\u6b20\u3002<\/p>\n\n\n\n<p>\u63a5\u4e0b\u6765\uff0c\u9a6c\u4e91\u9700\u8981\u4e3a\u6b64\u5954\u8d70\u7b79\u96c6\u8db3\u591f\u591a\u7684\u8d44\u91d1\u3002<\/p>\n\n\n\n<p>2012\u5e748\u670827\u65e5\uff0c\u963f\u91cc\u96c6\u56e2\u4ee515.5\u7f8e\u5143\/\u80a1\u7684\u4ef7\u683c\uff0c\u5411\u4e2d\u6295\u7275\u5934\u7684\u8d22\u56e2\u53d1\u884c\u4e861.677\u4ebf\u80a1\u666e\u901a\u80a1\uff0c\u878d\u8d4426\u4ebf\u7f8e\u5143\u3002\u8fd9\u4e2a\u80a1\u4efd\u6570\u91cf\uff0c\u6309\u7167\u76ee\u524d\u963f\u91cc\u7684\u603b\u80a1\u672c\u8ba1\u7b97\uff0c\u5360\u6bd4\u7ea6\u4e3a7.2%\u3002\u5173\u4e8e\u6b64\u6b21\u878d\u8d44\u7684\u51fa\u8d44\u8d22\u56e2\u8be6\u60c5\uff0c\u963f\u91cc\u5411SEC\u63d0\u4ea4\u7684\u6587\u4ef6\u4ec5\u4ec5\u62ab\u9732\u4e86\u4e2d\u6295\u516c\u53f8\u4f5c\u4e3a\u9886\u6295\u65b9\uff0c\u5176\u4ed6\u6295\u8d44\u4eba\u540d\u79f0\u672a\u6709\u62ab\u9732\u3002\u800c\u636e\u963f\u91cc\u4e4b\u524d\u7684\u5b98\u65b9\u516c\u544a\uff0c\u6b64\u8d22\u56e2\u9664\u4e86\u8eab\u4e3a\u56fd\u5bb6\u4e3b\u6743\u8d22\u5bcc\u57fa\u91d1\u7684\u4e2d\u6295\u4e4b\u5916\uff0c\u8fd8\u5305\u62ec\u56fd\u5f00\u91d1\u878d\u3001\u535a\u88d5\u8d44\u672c\u3001\u4e2d\u4fe1\u8d44\u672c\u7b49\uff0c\u770b\u6765\u662f\u8fd9\u51e0\u5bb6\u5171\u540c\u201c\u5206\u98df\u201d\u4e86\u8fd97.2%\u7684\u80a1\u6743\u3002<\/p>\n\n\n\n<p>2012\u5e748\u670831\u65e5\uff0c\u963f\u91cc\u96c6\u56e2\u518d\u6b21\u53d1\u884c\u4e86\u4e00\u6279A\u7cfb\u5217\u53ef\u8f6c\u6362\u4f18\u5148\u80a1\uff0c\u878d\u8d4416.88\u4ebf\u7f8e\u5143\uff0c\u8be5\u7b49\u4f18\u5148\u80a1\u53ef\u6309\u716718.5\u7f8e\u5143\/\u80a1\u7684\u4ef7\u683c\u8f6c\u6362\u4e3a\u666e\u901a\u80a1(\u6700\u7ec8\u8f6c\u80a1\u6570\u91cf\u4e3a9124.32\u4e07\u80a1)\u3002\u6b64\u6b21\u878d\u8d44\u7684\u5177\u4f53\u6295\u8d44\u4eba\uff0c\u963f\u91cc\u96c6\u56e2\u7684\u62db\u80a1\u6587\u4ef6\u540c\u6837\u672a\u6709\u62ab\u9732\u3002\u6839\u636e\u5f53\u65f6\u7684\u5a92\u4f53\u62a5\u9053\uff0c\u6295\u8d44\u4eba\u4e2d\u5305\u62ec\u4e86\u5bf9\u51b2\u57fa\u91d1\u3001\u4e3b\u6743\u8d22\u5bcc\u57fa\u91d1\u3001\u5171\u540c\u57fa\u91d1\u7b49\u5728\u5185\u768412\u5bb6\u56fd\u9645\u673a\u6784\u3002<\/p>\n\n\n\n<p>\u6b64\u5916\uff0c\u963f\u91cc\u96c6\u56e2\u8fd8\u8fdb\u884c\u4e86\u4e00\u7b1440\u4ebf\u7f8e\u5143\u7684\u503a\u6743\u878d\u8d44\uff0c\u4f46\u5e76\u672a\u62ab\u9732\u53c2\u4e0e\u6b64\u6b21\u94f6\u56e2\u8d37\u6b3e\u7684\u91d1\u878d\u673a\u6784\u7684\u5177\u4f53\u540d\u5355\u3002\u636e\u963f\u91cc\u4e4b\u524d\u7684\u5b98\u65b9\u516c\u544a\uff0c\u5176\u4e2d10\u4ebf\u7f8e\u5143\u7531\u4e2d\u56fd\u56fd\u5bb6\u5f00\u53d1\u94f6\u884c\u63d0\u4f9b\uff0c\u53e6\u5916\u82b1\u65d7\u3001\u745e\u58eb\u4fe1\u8d37\u3001\u5fb7\u610f\u5fd7\u94f6\u884c\u3001\u5df4\u514b\u83b1\u94f6\u884c\u7b498\u5bb6\u56fd\u9645\u94f6\u884c\u5408\u8ba1\u63d0\u4f9b\u4e86\u7b49\u989d\u8d37\u6b3e\u3002\u963f\u91cc\u96c6\u56e2\u7684\u8d22\u62a5\u663e\u793a\uff0c\u622a\u81f32013\u5e74\u672b\uff0c\u5176\u957f\u671f\u94f6\u884c\u8d37\u6b3e\u4f59\u989d\u4e3a302.26\u4ebf\u5143\u3002<\/p>\n\n\n\n<p>\u5728\u5b8c\u6210\u4e86\u4e0a\u8ff0\u80a1\u6743+\u503a\u6743\u7684\u878d\u8d44\u4e4b\u540e\uff0c2012\u5e749\u670818\u65e5\uff0c\u963f\u91cc\u5b8c\u6210\u4e86\u5bf9\u96c5\u864e\u6240\u63015.23\u4ebf\u80a1\u666e\u901a\u80a1\u7684\u56de\u8d2d\uff0c\u603b\u8ba1\u652f\u4ed862.28\u4ebf\u7f8e\u5143\u73b0\u91d1\u30018\u4ebf\u7f8e\u5143\u4f18\u5148\u80a1\u30022013\u5e745\u670816\u65e5\uff0c\u963f\u91cc\u96c6\u56e2\u5229\u7528\u8d37\u6b3e\u6240\u5f97\u76848\u4ebf\u7f8e\u5143\u73b0\u91d1\uff0c\u8d4e\u56de\u4e86\u96c5\u864e\u6240\u6301\u7684\u7b49\u989d\u4f18\u5148\u80a1\u3002<\/p>\n\n\n\n<p>\u56de\u8d2d\u5b8c\u6210\u4e4b\u540e\uff0c\u96c5\u864e\u6240\u6301\u963f\u91cc\u7684\u80a1\u7968\u8fd8\u5269\u4f595.236\u4ebf\u80a1\uff0c\u5360\u6bd422.6%\u3002\u6839\u636e2013\u5e7412\u670813\u65e5\u53cc\u65b9\u4fee\u8ba2\u7684\u56de\u8d2d\u534f\u8bae\uff0c\u5728\u963f\u91ccIPO\u4e4b\u65f6\uff0c\u96c5\u864e\u987b\u8fdb\u4e00\u6b65\u51fa\u552e2.08\u4ebf\u80a1(\u4fee\u8ba2\u524d\u7ea6\u5b9a\u7684\u6570\u5b57\u4e3a2.615\u4ebf\u80a1)\uff0c\u6b64\u90e8\u5206\u80a1\u7968\u6216\u8005\u5411\u516c\u4f17\u51fa\u552e\uff0c\u6216\u8005\u7531\u963f\u91cc\u96c6\u56e2\u56de\u8d2d\u3002\u6b64\u6b21\u51fa\u552e\u5b8c\u6210\u540e\uff0c\u96c5\u864e\u6240\u6301\u80a1\u6743\u5c06\u4ec5\u52693.156\u4ebf\u80a1\uff0c\u6301\u80a1\u6bd4\u4f8b\u5c06\u964d\u81f313%\u4ee5\u4e0b\u3002<\/p>\n\n\n\n<p><strong>\u4ece\u201c\u5171\u548c\u201d\u8d70\u5411\u201c\u4e13\u5236\u201d<\/strong><\/p>\n\n\n\n<p>\u867d\u7136\u9a6c\u4e91\u57fa\u672c\u5b8c\u6210\u4e86\u4ece\u96c5\u864e\u7684\u201c\u8d4e\u8eab\u201d\uff0c\u4f46\u968f\u7740\u4ece\u96c5\u864e\u56de\u8d2d\u7684\u80a1\u6743\u88ab\u6ce8\u9500\uff0c\u539f\u672c\u4f5c\u4e3a\u7b2c\u4e8c\u5927\u80a1\u4e1c\u8f6f\u94f6\u7684\u6301\u80a1\u6bd4\u4f8b\u76f8\u5bf9\u4e0a\u5347\uff0c\u6210\u4e3a\u6301\u80a134.4%\u7684\u7b2c\u4e00\u5927\u80a1\u4e1c\uff0c\u540c\u65f6\uff0c\u7531\u4e8e\u56de\u8d2d\u96c5\u864e\u6240\u6301\u80a1\u6743\u8fc7\u7a0b\u4e2d\uff0c\u540c\u6837\u5f15\u8fdb\u4e86\u5927\u91cf\u7b2c\u4e09\u65b9\u80a1\u4e1c\uff0c\u53ca\u81f3IPO\u524d\u5915\uff0c\u9a6c\u4e91\u56e2\u961f\u5408\u8ba1\u7684\u6301\u80a1\u6bd4\u4f8b\u4ec5\u4e3a13%\u5de6\u53f3\u3002\u4e3a\u4e86\u5b9e\u73b0\u9a6c\u4e91\u7b49\u5c11\u6570\u80a1\u4e1c\u5bf9\u4f01\u4e1a\u7684\u63a7\u5236\uff0c\u4ed6\u70ae\u5236\u51fa\u4e86\u4e00\u4e2a\u201c\u5408\u4f19\u4eba\u5236\u5ea6\u201d\u3002<\/p>\n\n\n\n<p>\u963f\u91cc\u8fd9\u4e2a\u66fe\u7ecf\u88ab\u9999\u6e2f\u8bc1\u76d1\u4f1a\u62d2\u4e4b\u95e8\u5916\u7684\u201c\u5408\u4f19\u4eba\u5236\u5ea6\u201d\uff0c\u968f\u7740\u5176\u8d74\u7f8eIPO\u6587\u4ef6\u7684\u516c\u5e03\u800c\u5f7b\u5e95\u6d6e\u51fa\u6c34\u9762\u3002<\/p>\n\n\n\n<p><strong>\u201c\u5408\u4f19\u4eba\u5236\u201d\u2014\u521b\u65b0or\u5012\u9000?<\/strong><\/p>\n\n\n\n<p>\u62db\u80a1\u4e66\u79f0\uff0c\u81ea\u521b\u59cb\u4eba\u4eec1999\u5e74\u9996\u6b21\u805a\u96c6\u5728\u9a6c\u4e91\u5bb6\u4e2d\u8d77\uff0c\u4ed6\u4eec\u4ee5\u53ca\u96c6\u56e2\u7ba1\u7406\u5c42\u4e00\u76f4\u79c9\u627f\u5408\u4f19\u4eba\u7cbe\u795e\u6765\u8fd0\u8425\u548c\u7ba1\u7406\u516c\u53f8\u30022010\u5e747\u6708\uff0c\u4e3a\u4e86\u4fdd\u8bc1\u516c\u53f8\u7684\u4f7f\u547d\u3001\u613f\u666f\u548c\u4ef7\u503c\u89c2\u7684\u53ef\u6301\u7eed\u6027\uff0c\u963f\u91cc\u5df4\u5df4\u51b3\u5b9a\u5c06\u8fd9\u4e00\u5408\u4f19\u4eba\u5236\u5ea6\u6b63\u5f0f\u547d\u540d\u4e3a\u201c\u6e56\u7554\u5408\u4f19\u4eba\u201d\uff0c\u6216\u79f0\u4e3a\u201c\u963f\u91cc\u5df4\u5df4\u5408\u4f19\u4eba\u201d\u3002<\/p>\n\n\n\n<p>\u76ee\u524d\uff0c\u963f\u91cc\u7684\u5408\u4f19\u4eba\u753128\u540d\u6210\u5458\u7ec4\u6210\uff0c\u5305\u62ec22\u4f4d\u963f\u91cc\u96c6\u56e2\u7ba1\u7406\u5c42\u6210\u5458\u4ee5\u53ca6\u4f4d\u5173\u8054\u516c\u53f8\u53ca\u9644\u5c5e\u516c\u53f8\u7684\u7ba1\u7406\u5c42\u6210\u5458\u3002\u62db\u80a1\u4e66\u5e76\u672a\u62ab\u9732\u8fd928\u4f4d\u5408\u4f19\u4eba\u7684\u5177\u4f53\u540d\u5b57\uff0c\u4ec5\u4ec5\u8868\u793a\uff0c\u963f\u91cc\u5df4\u5df4\u7684\u5408\u4f19\u4eba\u6210\u5458\u662f\u4e00\u4e2a\u52a8\u6001\u7684\u7ec4\u6210\u3002<\/p>\n\n\n\n<p>\u5408\u4f19\u4eba\u7684\u63d0\u540d\u4e0e\u9009\u4e3e\u3002\u73b0\u6709\u5408\u4f19\u4eba\u53ef\u4ee5\u63d0\u540d\u65b0\u7684\u5408\u4f19\u4eba\uff0c\u4e0d\u8fc7\u9700\u8981\u73b0\u6709\u5408\u4f19\u4eba\u4ee5\u4e00\u4eba\u4e00\u7968\u7684\u65b9\u5f0f\u83b7\u5f973\/4\u591a\u6570\u901a\u8fc7\u65b9\u53ef\u3002\u65b0\u5408\u4f19\u4eba\u83b7\u5f97\u63d0\u540d\u7684\u57fa\u672c\u6761\u4ef6\u662f\uff1a\u9ad8\u6807\u51c6\u7684\u4e2a\u4eba\u64cd\u5b88;\u5728\u963f\u91cc\u96c6\u56e2\u6216\u5173\u8054\u516c\u53f8\u4efb\u804c\u81f3\u5c115\u5e74;\u62e5\u6709\u7a81\u51fa\u7684\u4e1a\u7ee9\u8d21\u732e;\u9ad8\u5ea6\u8ba4\u540c\u516c\u53f8\u6587\u5316\uff0c\u613f\u610f\u4e3a\u516c\u53f8\u4f7f\u547d\u3001\u613f\u666f\u548c\u4ef7\u503c\u89c2\u7aed\u5c3d\u5168\u529b\u3002\u6b64\u5916\uff0c\u4e3a\u4e86\u4f7f\u5f97\u5408\u4f19\u4eba\u7684\u884c\u4e3a\u4e0e\u516c\u53f8\u80a1\u4e1c\u5229\u76ca\u4fdd\u6301\u4e00\u81f4\uff0c\u5408\u4f19\u4eba\u4efb\u804c\u671f\u95f4\u9700\u8981\u6301\u6709\u4e00\u5b9a\u6570\u91cf\u7684\u516c\u53f8\u80a1\u7968\u3002<\/p>\n\n\n\n<p>\u5408\u4f19\u4eba\u7684\u9000\u51fa\u4e0e\u7f62\u514d\u3002\u9a6c\u4e91\u4e0e\u8521\u5d07\u4fe1\u4e3a\u6c38\u4e45\u5408\u4f19\u4eba\uff0c\u5176\u4ed6\u5408\u4f19\u4eba\u6210\u5458\u5219\u5728\u5176\u79bb\u804c\u6216\u8005\u9000\u4f11\u65f6\uff0c\u81ea\u52a8\u5931\u53bb\u5408\u4f19\u4eba\u8d44\u683c\u3002\u73b0\u6709\u5408\u4f19\u4eba\u4e2d(\u5305\u62ec\u9a6c\u4e91\u4e0e\u8521\u5d07\u4fe1)\uff0c\u5982\u679c\u906d\u5230\u534a\u6570\u73b0\u6709\u5408\u4f19\u4eba\u6295\u7968\u7f62\u514d\uff0c\u540c\u6837\u4e5f\u5c06\u5931\u53bb\u5408\u4f19\u4eba\u8d44\u683c\u3002<\/p>\n\n\n\n<p>\u5408\u4f19\u4eba\u7684\u8463\u4e8b\u63d0\u540d\u6743\u3002IPO\u4e4b\u540e\uff0c\u963f\u91cc\u96c6\u56e2\u7684\u8463\u4e8b\u4f1a\u6210\u5458\u5c06\u4ece\u76ee\u524d\u76844\u4eba\u589e\u52a0\u81f39\u4eba\uff0c\u800c\u9a6c\u4e91\u63a7\u5236\u7684\u963f\u91cc\u5408\u4f19\u4eba\u5c06\u83b7\u5f97\u5176\u4e2d5\u5e2d\u7684\u63d0\u540d\u6743\u3002\u5408\u4f19\u4eba\u901a\u8fc7\u6295\u7968\u4ee5\u7b80\u5355\u591a\u6570\u7684\u65b9\u5f0f\u9009\u4e3e\u51fa\u8463\u4e8b\u5019\u9009\u4eba\uff0c\u5982\u679c\u963f\u91cc\u5408\u4f19\u4eba\u63d0\u540d\u7684\u67d0\u4e00\u8463\u4e8b\u5019\u9009\u4eba\u672a\u83b7\u5f97\u80a1\u4e1c\u5927\u4f1a\u901a\u8fc7\u6216\u8005\u4e2d\u9014\u79bb\u4efb\uff0c\u5408\u4f19\u4eba\u6709\u6743\u59d4\u4efb\u53e6\u4e00\u540d\u4e34\u65f6\u8463\u4e8b\uff0c\u76f4\u5230\u4e0b\u4e00\u5e74\u80a1\u4e1c\u5927\u4f1a\u53ec\u5f00\u3002\u5173\u4e8e\u5408\u4f19\u4eba\u5bf9\u8463\u4e8b\u63d0\u540d\u6743\u7684\u89c4\u5b9a\uff0c\u5728IPO\u4e4b\u540e\u5c06\u5199\u5165\u963f\u91cc\u96c6\u56e2\u7684\u516c\u53f8\u7ae0\u7a0b\u3002\u800c\u8981\u4fee\u6539\u516c\u53f8\u7ae0\u7a0b\u4e2d\u5173\u4e8e\u5408\u4f19\u4eba\u63d0\u540d\u8463\u4e8b\u7684\u6761\u6b3e\uff0c\u9700\u83b7\u5f97\u5168\u4f53\u80a1\u4e1c95%\u901a\u8fc7\u65b9\u53ef\u3002<\/p>\n\n\n\n<p>\u963f\u91cc\u7684\u62db\u80a1\u4e66\u62ab\u9732\uff0c\u9a6c\u4e91\u6301\u80a18.9%\uff0c\u8521\u5d07\u4fe1\u6301\u80a13.6%\uff0c\u5176\u4f59\u8054\u5408\u521b\u59cb\u4eba\u6301\u80a1\u6bd4\u4f8b\u7686\u4f4e\u4e8e1%\uff0c\u6309\u6b64\u8ba1\u7b97\u9a6c\u4e91\u56e2\u961f\u5408\u8ba1\u6301\u80a1\u6bd4\u4f8b\u5927\u7ea6\u4e3a13%\u3002\u800c\u963f\u91cc\u7684\u6700\u5927\u80a1\u4e1c\u8f6f\u94f6\u6301\u80a1\u6bd4\u4f8b\u9ad8\u8fbe34.4%\uff0c\u7b2c\u4e8c\u5927\u80a1\u4e1c\u96c5\u864e\u6301\u80a122.6%\uff0c\u4e8c\u8005\u5408\u8ba1\u5360\u80a1\u9ad8\u8fbe57%\u3002\u901a\u8fc7\u5408\u4f19\u4eba\u5236\u5ea6\u53ca\u5408\u4f19\u4eba\u62e5\u6709\u7684\u8d85\u534a\u6570\u8463\u4e8b\u63d0\u540d\u6743\uff0c\u9a6c\u4e91\u56e2\u961f\u4ec5\u4ec5\u4f9d\u625813%\u5de6\u53f3\u7684\u80a1\u6743\uff0c\u5373\u5b9e\u73b0\u4e86\u5bf9\u8463\u4e8b\u4f1a\u7684\u7edd\u5bf9\u63a7\u5236\u3002<\/p>\n\n\n\n<p><strong>\u989d\u5916\u7684\u63a7\u5236\u6743\u4fdd\u969c<\/strong><\/p>\n\n\n\n<p>\u4e0d\u4ec5\u5982\u6b64\uff0c\u9a6c\u4e91\u5728\u6b64\u57fa\u7840\u4e0a\u8fd8\u989d\u5916\u52a0\u4e86\u4e24\u9053\u4fdd\u9669\u2014\u4e0e\u96c5\u864e\u53ca\u8f6f\u94f6\u7684\u80a1\u4e1c\u534f\u8bae\u4ee5\u53ca\u4e0e\u4e2d\u6295\u7b49\u6295\u8d44\u4eba\u7684\u80a1\u4e1c\u534f\u8bae\u3002<\/p>\n\n\n\n<p>\u6839\u636e\u62db\u80a1\u4e66\uff0c\u5728\u963f\u91cc\u96c6\u56e2IPO\u5b8c\u6210\u65f6\uff0c\u516c\u53f8\u5c06\u540c\u9a6c\u4e91\u3001\u8521\u5d07\u4fe1\u3001\u8f6f\u94f6\u4ee5\u53ca\u96c5\u864e\u7b7e\u8ba2\u4e00\u9879\u6295\u7968\u6743\u534f\u8bae\u3002\u8be5\u534f\u8bae\u5c06\u4fdd\u8bc1\u8f6f\u94f6\u6709\u7279\u5b9a\u7684\u4fe1\u606f\u6743\uff0c\u5e76\u6709\u6743\u5411\u8463\u4e8b\u4f1a\u63d0\u540d\u4e00\u4f4d\u8463\u4e8b\u3002\u5f53\u8f6f\u94f6\u6301\u80a1\u4f4e\u4e8e15%\u65f6\uff0c\u5176\u63d0\u540d\u6743\u5c06\u7ec8\u6b62\u3002<\/p>\n\n\n\n<p>\u6b64\u5916\uff0c\u8f6f\u94f6\u8fd8\u540c\u610f\uff1a1)\u5728\u6bcf\u5e74\u7684\u5e74\u5ea6\u80a1\u4e1c\u5927\u4f1a\u4e0a\u6295\u7968\u8d5e\u540c\u963f\u91cc\u5408\u4f19\u4eba\u7684\u8463\u4e8b\u63d0\u540d\u4eba\u9009;2)\u5728\u6ca1\u6709\u548c\u9a6c\u4e91\u53ca\u8521\u5d07\u4fe1\u53d6\u5f97\u4e00\u81f4\u610f\u89c1\u7684\u60c5\u51b5\u4e0b\uff0c\u4e0d\u7f62\u514d\u4efb\u4f55\u963f\u91cc\u5408\u4f19\u4eba\u63d0\u540d\u7684\u8463\u4e8b;3)\u5c06\u6240\u6301\u80a1\u4efd\u8d85\u8fc7\u603b\u80a1\u672c30%\u90e8\u5206\u7684\u6295\u7968\u6743\u6388\u51fa\uff0c\u4ee5\u652f\u6301\u9a6c\u4e91\u53ca\u8521\u5d07\u4fe1\u7684\u6295\u7968\u3002<\/p>\n\n\n\n<p>\u800c\u9a6c\u4e91\u548c\u8521\u5d07\u4fe1\u4e5f\u5c06\u5728\u6bcf\u5e74\u7684\u5e74\u5ea6\u80a1\u4e1c\u5927\u4f1a\u4e0a\uff0c\u7528\u5176\u6240\u62e5\u6709\u7684\u6295\u7968\u6743\u652f\u6301\u8f6f\u94f6\u7684\u8463\u4e8b\u5019\u9009\u4eba\u5f53\u9009\u3002<\/p>\n\n\n\n<p>\u534f\u8bae\u540c\u65f6\u8fd8\u7ea6\u5b9a\uff0c\u96c5\u864e\u9700\u5728\u6bcf\u5e74\u7684\u5e74\u5ea6\u80a1\u4e1c\u5927\u4f1a\u4e0a\uff0c\u6295\u7968\u652f\u6301\u6240\u6709\u963f\u91cc\u5408\u4f19\u4eba\u63d0\u540d\u7684\u8463\u4e8b\u4ee5\u53ca\u8f6f\u94f6\u63d0\u540d\u7684\u8463\u4e8b\u5f53\u9009\u3002<\/p>\n\n\n\n<p>\u53e6\u5916\uff0c\u6839\u636e\u9a6c\u4e91\u4e0e\u4e2d\u6295\u3001\u4e2d\u4fe1\u8d44\u672c\u3001\u56fd\u5f00\u91d1\u878d\u3001\u535a\u88d5\u8d44\u672c\u7b49\u80a1\u4e1c(\u5171\u8ba1\u6301\u80a17.2%)\u7684\u534f\u8bae\uff0c\u8fd9\u4e9b\u80a1\u4e1c\u4f5c\u4e3a\u4e00\u4e2a\u8054\u76df\uff0c\u5c06\u4f1a\u5728\u6295\u7968\u4e2d\u4e0e\u9a6c\u4e91\u4fdd\u6301\u4e00\u81f4\uff0c\u5305\u62ec\u6279\u51c6\u4ea4\u6613\u6216\u5efa\u8bae\uff0c\u9009\u4e3e\u6216\u7f62\u514d\u4efb\u4f55\u8463\u4e8b\uff0c\u516c\u53f8\u6709\u5173\u8463\u4e8b\u4efb\u514d\u6216\u8463\u4e8b\u4f1a\u6743\u529b\u7684\u516c\u53f8\u7ae0\u7a0b\u4fee\u8ba2\u7b49\u3002<\/p>\n\n\n\n<p>\u8fd9\u5c31\u610f\u5473\u7740\u9a6c\u4e91\u6240\u63a7\u5236\u7684\u6295\u7968\u6743\uff0c\u9664\u4e86\u4ed6\u81ea\u5df1\u548c\u7ba1\u7406\u5c42\u56e2\u961f\u63a7\u5236\u7684\u5927\u7ea613%\u6295\u7968\u6743\uff0c\u8fd8\u5c06\u5305\u62ec\u8f6f\u94f6\u6388\u51fa\u76844.4%\uff0c\u5916\u52a0\u4e2d\u6295\u8d22\u56e2\u627f\u8bfa\u76847.2%\uff0c\u603b\u8ba1\u572825%\u5de6\u53f3\u3002<\/p>\n\n\n\n<p><strong>\u9a6c\u4e91\u201c\u52a0\u5195\u201d<\/strong><\/p>\n\n\n\n<p>\u5f53\u521d\u963f\u91cc\u5954\u7740\u9999\u6e2f\u53bb\u4e0a\u5e02\uff0c\u56e0\u4e3a\u6e2f\u4ea4\u6240\u4e0d\u5141\u8bb8\u540c\u80a1\u4e0d\u540c\u6743\u7684\u201cA\/B\u80a1\u53cc\u5c42\u7ed3\u6784\u201d\uff0c\u9a6c\u4e91\u624d\u8bbe\u8ba1\u4e86\u6240\u8c13\u7684\u201c\u5408\u4f19\u4eba\u5236\u5ea6\u201d\uff0c\u4ee5\u8fbe\u5230\u5176\u4ee5\u5c11\u6570\u80a1\u6743\u5b9e\u73b0\u5bf9\u4f01\u4e1a\u63a7\u5236\u7684\u76ee\u7684\u3002\u4ee4\u4eba\u610f\u5916\u7684\u662f\uff0c\u7f8e\u56fd\u8d44\u672c\u5e02\u573a\u539f\u672c\u5c31\u6709A\/B\u80a1\u5236\u5ea6\uff0c\u9a6c\u4e91\u5b8c\u5168\u53ef\u4ee5\u901a\u8fc71:10\u4e4b\u7c7b\u7684\u8d85\u7ea7\u6295\u7968\u6743\u8bbe\u8ba1\u6765\u5b9e\u73b0\u8fd9\u4e00\u76ee\u7684\uff0c\u4f46\u4ed6\u5e76\u672a\u91c7\u7528\uff0c\u800c\u662f\u4f9d\u7136\u5ef6\u7528\u4e86\u81ea\u521b\u7684\u201c\u5408\u4f19\u4eba\u5236\u5ea6\u201d\u3002<\/p>\n\n\n\n<p>\u963f\u91cc\u96c6\u56e2\u5b98\u65b9\u7684\u89e3\u91ca\u662f\uff1a\u4e0d\u540c\u4e8e\u4e00\u822c\u7684\u5c06\u8d85\u7ea7\u6295\u7968\u6743\u7684\u80a1\u4efd\u96c6\u4e2d\u5728\u51e0\u4e2a\u521b\u59cb\u4eba\u624b\u4e2d\u7684\u53cc\u5c42\u80a1\u6743\u7ed3\u6784\uff0c\u963f\u91cc\u5df4\u5df4\u7684\u201c\u5408\u4f19\u4eba\u5236\u5ea6\u201d\u4f53\u73b0\u7684\u662f\u4e00\u4e2a\u5927\u96c6\u56e2\u5408\u4f19\u4eba\u7684\u89c6\u91ce\uff0c\u8fd9\u79cd\u6cbb\u7406\u7ed3\u6784\uff0c\u4e00\u65b9\u9762\u53ef\u4ee5\u4fdd\u8bc1\u56e2\u961f\u7684\u521b\u65b0\u80fd\u529b\uff0c\u540c\u65f6\u4e5f\u786e\u4fdd\u4e86\u7ba1\u7406\u7684\u6301\u7eed\u6027\u548c\u7a33\u5b9a\u6027\uff0c\u4e0d\u4f1a\u7531\u4e8e\u4e2a\u522b\u521b\u59cb\u4eba\u7684\u9000\u4f11\u6216\u8005\u8eab\u4efd\u53d8\u52a8\u800c\u5f71\u54cd\u5230\u516c\u53f8\u7684\u8fd0\u8425\u3002<\/p>\n\n\n\n<p>\u5b9e\u9645\u4e0a\uff0c\u65e0\u8bba\u662f\u7f8e\u80a1\u60ef\u7528\u7684A\/B\u80a1\u5236\u5ea6\uff0c\u8fd8\u662f\u963f\u91cc\u72ec\u521b\u7684\u201c\u5408\u4f19\u4eba\u5236\u5ea6\u201d\uff0c\u6700\u7ec8\u76ee\u6807\u90fd\u662f\u201c\u5c11\u6570\u80a1\u4e1c\u5b9e\u73b0\u5bf9\u4f01\u4e1a\u7684\u63a7\u5236\u201d\u3002\u4f46\u76f8\u8f83\u800c\u8a00\uff0cA\/B\u80a1\u5236\u5ea6\u66f4\u52a0\u900f\u660e\u4e00\u4e9b\uff0c\u56e0\u4e3a\u521b\u59cb\u4eba\u62e5\u6709\u591a\u5c11\u8d85\u7ea7\u6295\u7968\u6743\u662f\u660e\u786e\u7684\uff0c\u80a1\u4e1c\u5927\u4f1a\u4e0a\u7684\u6295\u7968\u8fc7\u7a0b\u4e5f\u662f\u516c\u5f00\u7684\u3002\u800c\u201c\u5408\u4f19\u4eba\u5236\u5ea6\u201d\u540d\u4e49\u4e0a\u6709\u7ae0\u53ef\u5faa\uff0c\u4f46\u5b9e\u9645\u8fd0\u884c\u4e2d\u4e0d\u53ef\u907f\u514d\u5b58\u5728\u5927\u91cf\u201c\u4eba\u6cbb\u201d\u8272\u5f69\uff0c\u5408\u4f19\u4eba\u7684\u4eba\u9009\u5982\u4f55\u3001\u8c01\u5f53\u9009\u3001\u7f62\u514d\u8c01\u3001\u8be5\u63a8\u9009\u8c01\u505a\u8463\u4e8b\u5019\u9009\u4eba\uff0c\u51e1\u6b64\u79cd\u79cd\u90fd\u5c06\u4e25\u91cd\u53d7\u5230\u9a6c\u4e91\u4e2a\u4eba\u610f\u89c1\u7684\u5de6\u53f3\u3002\u5408\u4f19\u4eba\u7684\u6295\u7968\uff0c\u5982\u4f55\u4e0d\u9677\u5165\u5230\u201c\u6a61\u76ae\u56fe\u7ae0\u201d\u7684\u5883\u5730\u5462?<\/p>\n\n\n\n<p>\u6b64\u5916\uff0c\u4e00\u4e2a\u66f4\u4e3a\u5173\u952e\u7684\u533a\u522b\u662f\uff0cA\/B\u80a1\u5236\u5ea6\u4ec5\u4ec5\u8d4b\u4e88\u4e86\u521b\u59cb\u4eba\u5728\u80a1\u4e1c\u5927\u4f1a\u6295\u7968\u4e0a\u7684\u7279\u6743\uff0c\u5374\u5e76\u65e0\u8d85\u8d8a\u5176\u80a1\u6743\u6bd4\u4f8b\u59d4\u6d3e\u8463\u4e8b\u7684\u7279\u6743\uff0c\u800c\u201c\u5408\u4f19\u4eba\u5236\u5ea6\u201d\u5374\u4ee4\u521b\u59cb\u4eba\u62e5\u6709\u4e86\u8fdc\u8fdc\u8d85\u51fa\u5176\u6301\u80a1\u6bd4\u4f8b\u7684\u8463\u4e8b\u4f1a\u6210\u5458\u59d4\u6d3e\u6743\u3002\u5728\u5b9e\u9645\u7684\u4f01\u4e1a\u8fd0\u4f5c\u4e2d\uff0c\u771f\u6b63\u63d0\u4ea4\u5230\u80a1\u4e1c\u5927\u4f1a\u4e0a\u53bb\u8868\u51b3\u7684\u8bae\u6848\u6bd5\u7adf\u662f\u5c11\u6570\uff0c\u591a\u6570\u90fd\u5728\u8463\u4e8b\u4f1a\u5c42\u9762\u51b3\u7b56\u3002\u56e0\u800c\uff0c\u4ece\u63a7\u5236\u6743\u7684\u5b9e\u7528\u6027\u6765\u770b\uff0c\u63a7\u5236\u8463\u4e8b\u4f1a\u4f18\u4e8e\u63a7\u5236\u80a1\u4e1c\u5927\u4f1a\u3002<\/p>\n\n\n\n<p>\u963f\u91cc\u7684\u201c\u5408\u4f19\u4eba\u5236\u5ea6\u201d\uff0c\u4e00\u8a00\u4ee5\u853d\u4e4b\uff0c\u5373\u201c\u4ee5\u9a6c\u4e91\u4e3a\u9996\u7684\u5408\u4f19\u4eba\u63a7\u5236\u8463\u4e8b\u4f1a\u201d\u8fd9\u4e2a\u89c4\u5219\u6c38\u8fdc\u4e0d\u80fd\u53d8\uff0c\u9664\u975e95%\u4ee5\u4e0a\u7684\u80a1\u4e1c\u5426\u51b3\u8fd9\u6761\uff0c\u4f46\u6301\u80a18.9%\u7684\u9a6c\u4e91\u4f1a\u81ea\u6211\u5426\u51b3\u5417?<\/p>\n\n\n\n<p>\u4f9d\u9760\u201c\u5408\u4f19\u4eba\u5236\u5ea6\u201d\uff0c\u9a6c\u4e91\u51ed\u501f\u5c11\u6570\u80a1\u6743\u83b7\u5f97\u7edd\u5bf9\u63a7\u5236\u6743\uff0c\u610f\u5473\u7740\u963f\u91cc\u96c6\u56e2\u4e0d\u518d\u662f\u90a3\u4e2a\u51e0\u5927\u201c\u653f\u515a\u5be1\u5934\u201d\u53ef\u4ee5\u5750\u4e0b\u6765\u8ba8\u4ef7\u8fd8\u4ef7\u7684\u201c\u5171\u548c\u5236\u56fd\u5bb6\u201d\u4e86\uff0c\u800c\u662f\u4e00\u4e2a\u9a6c\u4e91\u4e00\u4eba\u8bf4\u4e86\u7b97\u7684\u201c\u738b\u56fd\u201d\uff0c\u9a6c\u4e91\u6700\u7ec8\u5b8c\u6210\u4e86\u201c\u52a0\u5195\u201d\u3002<\/p>\n\n\n\n<p><strong>\u6cbb\u7406\u7ed3\u6784\u7f3a\u9677\u4e0b\u7684\u4f30\u503c\u6298\u6263<\/strong><\/p>\n\n\n\n<p>\u82e5\u5c06\u963f\u91cc\u7684\u5408\u4f19\u4eba\u5f0f\u516c\u53f8\u6cbb\u7406\u7ed3\u6784\uff0c\u4e0e\u4e00\u4e2a\u591a\u515a\u6267\u653f\u7684\u73b0\u4ee3\u56fd\u5bb6\u6cbb\u7406\u7ed3\u6784\u505a\u7c7b\u6bd4\uff0c\u5176\u672c\u8d28\u5219\u66f4\u52a0\u6e05\u6670\u3002\u76f8\u5f53\u4e8e\u5728\u9a6c\u4e91\u8eab\u4e3a\u201c\u603b\u7edf\u201d\u7684\u201c\u963f\u91cc\u5e1d\u56fd\u201d\uff0c\u201c\u56fd\u4f1a\u201d\u5e76\u4e0d\u662f\u7531\u201c\u591a\u6570\u515a\u201d\u63a7\u5236\uff0c\u800c\u662f\u7531\u4ee5\u9a6c\u4e91\u4e3a\u9996\u7684\u201c\u5c11\u6570\u515a\u201d\u63a7\u5236\uff0c\u800c\u4e14\u662f\u6c38\u4e45\u6027\u63a7\u5236\u3002\u201c\u5c11\u6570\u515a\u201d(\u76f8\u5f53\u4e8e\u963f\u91cc\u5408\u4f19\u4eba)\u62e5\u6709\u5bf9\u591a\u6570\u201c\u56fd\u4f1a\u8bae\u5458\u201d\u7684\u63d0\u540d\u6743\uff0c\u5176\u5019\u9009\u4eba\u5373\u4f7f\u88ab\u201c\u5168\u56fd\u6295\u7968\u201d\u6240\u5426\u51b3\uff0c\u201c\u5c11\u6570\u515a\u201d\u4f9d\u7136\u6709\u6743\u6d3e\u9063\u201c\u4e34\u65f6\u8bae\u5458\u201d\uff0c\u4efb\u671f\u76f4\u81f3\u53c2\u52a0\u4e0b\u6b21\u201c\u56fd\u4f1a\u5927\u9009\u201d\u3002\u66f4\u4e3a\u5173\u952e\u7684\u662f\uff0c\u201c\u603b\u7edf\u201d\u5bf9\u201c\u5c11\u6570\u515a\u201d\u7684\u63a7\u5236\u662f\u4e0d\u900f\u660e\u7684\uff0c\u9a6c\u4e91\u8868\u9762\u662f\u201c\u603b\u7edf\u201d\uff0c\u5b9e\u9645\u5df2\u7136\u662f\u201c\u965b\u4e0b\u201d\u3002<\/p>\n\n\n\n<p>\u4e00\u4e2a\u56fd\u5bb6\u5982\u679c\u5728\u6cbb\u7406\u7ed3\u6784\u65b9\u9762\u5b58\u5728\u7f3a\u9677\uff0c\u90a3\u4e48\u5176\u4e3b\u6743\u4fe1\u7528\u5728\u56fd\u9645\u4e0a\u901a\u5e38\u4f1a\u88ab\u964d\u7ea7\u3002\u540c\u7406\uff0c\u5982\u679c\u4e00\u4e2a\u516c\u53f8\u5b58\u5728\u6cbb\u7406\u7ed3\u6784\u7f3a\u9677\uff0c\u5176\u516c\u53f8\u4ef7\u503c\u540c\u6837\u4f1a\u88ab\u6253\u6298\u3002<\/p>\n\n\n\n<p><strong>\u963f\u91cc\u96c6\u56e2\u7a76\u7adf\u503c\u591a\u5c11\u94b1?<\/strong><\/p>\n\n\n\n<p>\u968f\u7740\u963f\u91ccIPO\u7684\u4e34\u8fd1\uff0c\u5404\u5927\u7814\u7a76\u673a\u6784\u5bf9\u5176\u4f30\u503c\u53ef\u8c13\u4e94\u82b1\u516b\u95e8\uff0c\u4ece800\u4ebf\u7f8e\u5143\u52302400\u4ebf\u7f8e\u5143\u4e0d\u7b49\uff0c\u8fd9\u65e0\u7591\u663e\u793a\u51fa\u5916\u754c\u5bf9\u963f\u91cc\u4f30\u503c\u7684\u4e25\u91cd\u5206\u6b67\u3002\u8fd9\u5176\u4e2d\u7684\u4e00\u4e2a\u539f\u56e0\u5728\u4e8e\uff0c\u6ca1\u6709\u4e00\u5bb6\u73b0\u6709\u4e0a\u5e02\u7535\u5546\u4f01\u4e1a\u7684\u6a21\u5f0f\u4e0e\u963f\u91cc\u96c6\u56e2\u5b8c\u5168\u4e00\u81f4\u2014\u4e9a\u9a6c\u900a\u662f\u81ea\u8425\u5f0f\u7535\u5546\uff0c\u963f\u91cc\u662f\u5e73\u53f0\u5f0f\u7535\u5546\uff0ceBay\u4e5f\u5c5e\u5e73\u53f0\u5f0f\u7535\u5546\u4f46\u6536\u5165\u6765\u81ea\u6536\u53d6\u5356\u5bb6\u7684\u6210\u4ea4\u4f63\u91d1\uff0c\u963f\u91cc\u4f9d\u6258\u7684\u5219\u662f\u7c7b\u4f3c\u7ade\u4ef7\u6392\u540d\u7684\u5e7f\u544a\u6a21\u5f0f\u3002\u6211\u4eec\u53d6\u963f\u91cc\u96c6\u56e21500\u4ebf\u7f8e\u5143\u7684\u5916\u754c\u4f30\u503c\u4e2d\u4f4d\u6570\uff0c\u4e0e\u5176\u4ed6\u4e92\u8054\u7f51\u5de8\u5934\u505a\u5927\u81f4\u5bf9\u6bd4\uff0c\u6765\u5206\u6790\u5176\u4f30\u503c\u5408\u7406\u4e0e\u5426(\u9644\u8868)\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"550\" height=\"320\" src=\"http:\/\/www.valuetize.com\/global\/wp-content\/uploads\/2019\/09\/alibaba-market-value-compare-others.png\" alt=\"\" class=\"wp-image-1574\" srcset=\"https:\/\/www.valuetize.com\/global\/wp-content\/uploads\/2019\/09\/alibaba-market-value-compare-others.png 550w, https:\/\/www.valuetize.com\/global\/wp-content\/uploads\/2019\/09\/alibaba-market-value-compare-others-300x175.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/figure>\n\n\n\n<p>\u5148\u6a2a\u5411\u5bf9\u6bd4\u4e9a\u9a6c\u900a\u4e0eeBay\uff0c\u4e9a\u9a6c\u900a\u5e74\u6536\u5165\u9ad8\u8fbe744.5\u4ebf\u7f8e\u5143\uff0c\u51c0\u5229\u6da6\u4ec5\u67092.74\u4ebf\u7f8e\u5143\uff0c\u4f46\u5e02\u503c\u5374\u9ad8\u8fbe1400\u4ebf\u7f8e\u5143;eBay\u5e74\u6536\u5165\u4ec5160\u4ebf\u7f8e\u5143\uff0c\u51c0\u5229\u6da6\u9ad8\u8fbe28.56\u4ebf\u7f8e\u5143\uff0c\u4f46\u5e02\u503c\u5374\u4ec5\u6709650\u4ebf\u7f8e\u5143\uff0c\u5927\u5927\u4f4e\u4e8e\u4e9a\u9a6c\u900a\u3002<\/p>\n\n\n\n<p>eBay\u867d\u7136\u6536\u5165\u8f83\u4e9a\u9a6c\u900a\u4f4e\uff0c\u4f46\u5176\u76c8\u5229\u80fd\u529b\u5927\u5927\u5f3a\u4e8e\u4e9a\u9a6c\u900a\uff0c\u5176\u5e02\u503c\u53cd\u800c\u8fdc\u4e0d\u53ca\u4e9a\u9a6c\u900a\uff0c\u8bf4\u660e\u534e\u5c14\u8857\u66f4\u770b\u4e2d\u7535\u5546\u7684\u89c4\u6a21\u56e0\u7d20\u3002<\/p>\n\n\n\n<p>\u76f8\u8f83\u800c\u8a00\uff0c\u963f\u91cc\u7684\u5e74\u6536\u516581.23\u4ebf\u7f8e\u5143\uff0c\u4ec5\u4e3a\u4e9a\u9a6c\u900a\u7684\u5927\u7ea611%\u3001 eBay\u7684\u4e00\u534a\uff0c\u4f46\u5176\u51c0\u5229\u6da6\u5374\u9ad8\u8fbe35.92\u4ebf\u7f8e\u5143\uff0c\u662f\u4e9a\u9a6c\u900a\u768413\u500d\u3001eBay\u76841.26\u500d\u3002\u6309\u7167\u534e\u5c14\u8857\u503e\u5411\u4e8e\u89c4\u6a21\u6307\u6807\u7684\u7535\u5546\u4f30\u503c\u6807\u51c6\uff0c\u963f\u91cc\u96c6\u56e2\u7684\u4f30\u503c\u4e0d\u5e94\u9ad8\u4e8eeBay\u7684650\u4ebf\u7f8e\u5143\uff0c\u4f46\u8003\u8651\u5230\u963f\u91cc\u96c6\u56e2\u7684\u8d85\u5f3a\u76c8\u5229\u80fd\u529b\uff0c\u4ee5\u53ca\u5e73\u53f0\u4ea4\u6613\u89c4\u6a21\u6bd4\u4e9a\u9a6c\u900a\u53caeBay\u7684\u603b\u548c\u8fd8\u8981\u9ad8\uff0c\u56e0\u800c\u5176\u4f30\u503c\u5e94\u8be5\u6709\u4e00\u5b9a\u7684\u6ea2\u4ef7\uff0c\u6216\u8bb81000\u4ebf\u7f8e\u5143\u8f83\u4e3a\u5408\u7406\u3002<\/p>\n\n\n\n<p>\u4f46\u5982\u679c\u8fdb\u4e00\u6b65\u8003\u8651\u963f\u91cc\u96c6\u56e2\u56e0\u4e3a\u5b58\u5728\u516c\u53f8\u6cbb\u7406\u7f3a\u9677\uff0c\u5176\u4f30\u503c\u5e94\u57281000\u4ebf\u7f8e\u5143\u7684\u57fa\u7840\u4e0a\u6253\u4e00\u4e2a\u6298\u6263\uff0c\u7ea6\u81f3800-900\u4ebf\u7f8e\u5143\u3002<\/p>\n\n\n\n<p>\u56e0\u800c\uff0c\u4ece\u4e0e\u4e9a\u9a6c\u900a\u548ceBay\u7684\u6a2a\u5411\u5bf9\u6bd4\u6765\u770b\uff0c\u963f\u91cc1500\u4ebf\u7f8e\u5143\u7684\u5916\u754c\u4f30\u503c\u4e2d\u4f4d\u6570\uff0c\u660e\u663e\u662f\u88ab\u9ad8\u4f30\u7684\u3002<\/p>\n\n\n\n<p>\u518d\u6765\u5bf9\u6bd4\u4e00\u4e0b\u56fd\u5185\u7684BAT\u4e09\u5de8\u5934\u3002\u817e\u8baf\u5e74\u6536\u516599.89\u4ebf\u7f8e\u5143\uff0c\u51c0\u5229\u6da625.72\u4ebf\u7f8e\u5143\uff0c\u5e02\u503c1540\u4ebf\u7f8e\u5143\uff0c\u5bf9\u5e94\u7684\u5e02\u76c8\u7387\u4e3a59.88\u500d\uff0c\u5e02\u9500\u7387\u4e3a15.42\u500d;\u767e\u5ea6\u5e74\u6536\u516552.77\u4ebf\u7f8e\u5143\uff0c\u51c0\u5229\u6da617.11\u4ebf\u7f8e\u5143\uff0c\u5e02\u503c650\u4ebf\u7f8e\u5143\uff0c\u5bf9\u5e94\u7684\u5e02\u76c8\u7387\u4e3a32.73\u500d\uff0c\u5e02\u9500\u7387\u4e3a10.61\u500d\u3002<\/p>\n\n\n\n<p>\u5982\u679c\u963f\u91cc\u53d61500\u4ebf\u7f8e\u5143\u7684\u4f30\u503c\u4e2d\u4f4d\u6570\uff0c\u5219\u5176\u5bf9\u5e94\u7684\u5e02\u76c8\u7387\u4e3a41.76\u500d\uff0c\u5e02\u9500\u7387\u4e3a18.47\u500d\u3002\u963f\u91cc\u7684\u5e02\u76c8\u7387\u4f30\u503c\u4f4e\u4e8e\u817e\u8baf\u800c\u9ad8\u4e8e\u767e\u5ea6\uff0c\u8fd9\u4e2a\u5e02\u76c8\u7387\u500d\u6570\u57fa\u672c\u7b26\u5408\u4e09\u5bb6\u7684\u5b9e\u9645\u5b9e\u529b\u9ad8\u5dee\u3002\u963f\u91cc\u7684\u5e02\u9500\u7387\u4f30\u503c\u8f83\u817e\u8baf\u53ca\u767e\u5ea6\u7686\u9ad8\u51fa\u4e0d\u5c11\uff0c\u4ece\u5e02\u9500\u7387\u89d2\u5ea6\u800c\u8a00\uff0c\u963f\u91cc\u76841500\u4ebf\u7f8e\u5143\u4f30\u503c\u540c\u6837\u4e5f\u6709\u865a\u201c\u80d6\u201d\u7684\u6210\u5206\u3002\u7efc\u5408\u800c\u8a00\uff0c\u4ee5\u767e\u5ea6\u53ca\u817e\u8baf\u4f5c\u4e3a\u53c2\u7167\uff0c\u963f\u91cc1300\u4ebf\u7f8e\u5143\u7684\u4f30\u503c\u662f\u8f83\u4e3a\u5408\u7406\u7684\u3002<\/p>\n\n\n\n<p>\u5982\u679c\u628a\u963f\u91cc\u96c6\u56e2\u7684\u516c\u53f8\u6cbb\u7406\u7f3a\u9677\u5bf9\u5e94\u7684\u6298\u6263\u7b97\u5165\uff0c\u963f\u91cc\u5728BAT\u5750\u6807\u4e2d\u7684\u4f30\u503c\uff0c\u5927\u7ea6\u57281000-1100\u4ebf\u7f8e\u5143\u3002<\/p>\n\n\n\n<p>&nbsp;&nbsp;\u5176\u5b9e\uff0c\u4f30\u503c\u6298\u6263\u4e0d\u4ec5\u4f53\u73b0\u5728\u5176\u516c\u53f8\u6cbb\u7406\u7ed3\u6784\u7684\u7f3a\u9677\u65b9\u9762\uff0c\u8fd8\u4f53\u73b0\u5728\u5176\u8be6\u7ec6\u8d22\u52a1\u6570\u636e\u7684\u4e0d\u900f\u660e\u3002\u4f8b\u5982\uff0c\u963f\u91cc\u96c6\u56e2\u6700\u91cd\u8981\u7684\u4e24\u4e2a\u7535\u5546\u5e73\u53f0\u2014\u6dd8\u5b9d\u4e0e\u5929\u732b\uff0c\u62db\u80a1\u4e66\u5747\u672a\u8be6\u7ec6\u62ab\u9732\u5404\u81ea\u7684\u8425\u6536\u6570\u636e\uff0c\u800c\u662f\u5f52\u603b\u5230\u4e00\u4e2a\u540d\u4e3a\u201c\u4e2d\u56fd\u5546\u52a1\u201d\u7684\u9879\u76ee\u4e0b\uff0c\u4ee4\u5916\u754c\u65e0\u6cd5\u8fdb\u4e00\u6b65\u5206\u6790\u5176\u5404\u81ea\u7684\u8be6\u7ec6\u60c5\u51b5\u3002\u8fd9\u663e\u7136\u4f1a\u59a8\u788d\u4f30\u503c\u7684\u7cbe\u786e\u5ea6\u3002<\/p>\n\n\n\n<p>\u6b64\u5916\uff0c\u652f\u4ed8\u5b9d\u4f5c\u4e3a\u4e0a\u5e02\u4f53\u7cfb\u4e4b\u5916\u7684\u8d44\u4ea7\uff0c\u4e0e\u963f\u91cc\u96c6\u56e2\u4ea7\u751f\u5982\u6b64\u5e7f\u6cdb\u7684\u5173\u8054\u4ea4\u6613\uff0c\u800c\u652f\u4ed8\u5b9d\u7684\u8be6\u60c5\u5374\u5e76\u672a\u5728\u62db\u80a1\u6587\u4ef6\u4e2d\u5f97\u5230\u8db3\u591f\u5145\u5206\u7684\u62ab\u9732\uff0c\u5176\u57fa\u672c\u8d22\u52a1\u72b6\u51b5\u662f\u600e\u6837\u7684?\u652f\u4ed8\u5b9d\u4e0e\u6dd8\u5b9d\u3001\u5929\u732b\u7b49\u4e4b\u95f4\u7684\u5173\u8054\u4ea4\u6613\u662f\u5982\u4f55\u5b9a\u4ef7\u7684?\u5916\u754c\u7686\u65e0\u4ece\u83b7\u6089\u3002<\/p>\n\n\n\n<p>\u5982\u6b64\u5e9e\u5927\u800c\u590d\u6742\u7684\u8d44\u4ea7\u6253\u5305\u4e0a\u5e02\uff0c\u516c\u53f8\u6cbb\u7406\u5b58\u5728\u7f3a\u9677\u3001\u5173\u8054\u4ea4\u6613\u7eb7\u7e41\u590d\u6742\u3001\u8d22\u52a1\u6570\u636e\u900f\u660e\u5ea6\u6709\u6240\u6b20\u7f3a\uff0c\u5916\u754c\u5bf9\u5176\u4f30\u503c\u56e0\u6b64\u96be\u514d\u9677\u5165\u76f2\u4eba\u6478\u8c61\u7684\u5883\u5730\u3002<\/p>\n\n\n\n<p>\u6765\u6e90\uff1a\u65b0\u8d22\u5bcc\u6742\u5fd7&nbsp;\u4f5c\u8005\uff1a\u82cf\u9f99\u98de<\/p>\n","protected":false},"excerpt":{"rendered":"<p>1999\u5e742\u6708\uff0c\u8fde\u7eed\u56db\u6b21\u521b\u4e1a\u5931\u8d25\u7684\u9a6c\u4e91\uff0c\u4e0e\u4ed6\u7684\u670b\u53cb\u540c\u4e8b\u4eec\u51d1\u4e8650\u4e07\u5143\uff0c\u5728\u676d\u5dde\u7684\u6e56\u7554\u82b1\u56ed\u521b\u529e\u4e86\u963f\u91cc\u5df4\u5df4\u3002<\/p>\n","protected":false},"author":1,"featured_media":1569,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[16],"tags":[],"class_list":{"0":"post-1565","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-share-ipo-equity"},"_links":{"self":[{"href":"https:\/\/www.valuetize.com\/global\/index.php?rest_route=\/wp\/v2\/posts\/1565","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.valuetize.com\/global\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.valuetize.com\/global\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.valuetize.com\/global\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.valuetize.com\/global\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1565"}],"version-history":[{"count":0,"href":"https:\/\/www.valuetize.com\/global\/index.php?rest_route=\/wp\/v2\/posts\/1565\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.valuetize.com\/global\/index.php?rest_route=\/wp\/v2\/media\/1569"}],"wp:attachment":[{"href":"https:\/\/www.valuetize.com\/global\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1565"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.valuetize.com\/global\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1565"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.valuetize.com\/global\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1565"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}