{"id":519,"date":"2019-07-12T09:00:49","date_gmt":"2019-07-12T09:00:49","guid":{"rendered":"http:\/\/new.avantfaireim.com\/?p=519"},"modified":"2019-09-02T05:04:33","modified_gmt":"2019-09-02T05:04:33","slug":"due-diligence-bible","status":"publish","type":"post","link":"https:\/\/www.avantfaireim.com\/zh\/due-diligence-bible\/","title":{"rendered":"\u9632\u706b\u9632\u76d7\u9632\u66b4\u96f7\uff01\u6295\u8d44\u4eba\u5c3d\u804c\u8c03\u67e5\u4e13\u7528\u300a\u4e5d\u9633\u771f\u7ecf\u300b"},"content":{"rendered":"<p>\u9488\u5bf9\u6700\u8fd1\u56fd\u5185\u57fa\u91d1\u516c\u53f8\u9891\u53d1\u7684\u5404\u5f0f\u5404\u6837\u7684\u66b4\u96f7\u4e8b\u4ef6\uff0c\u6700\u53ef\u601c\u7684\u662f\u56fd\u5185\u7684\u6295\u8d44\u4eba\u3002\u56e0\u4e3a\u6295\u8d44\u4eba\u5927\u591a\u662f\u4e0d\u5177\u6709\u5c3d\u804c\u8c03\u67e5\u7ecf\u9a8c\u7684\u4f01\u4e1a\u5bb6\u3001\u4f01\u4e1a\u3001\u4e2a\u4eba\uff0c\u57fa\u91d1\u65e0\u8bba\u6253\u7740\u201c\u4fdd\u672c\u201d\u4e0e\u5426\u7684\u5e4c\u5b50\uff0c\u6295\u8d44\u672c\u8eab\u5c31\u662f\u4e00\u4e2a\u901a\u8fc7\u6b63\u786e\u8bc4\u4f30\u98ce\u9669\u83b7\u5f97\u7ecf\u6d4e\u5229\u76ca\u7684\u535a\u5f08\u3002\u6211\u4eec\u6253\u7b97\u5bf9\u5c3d\u804c\u8c03\u67e5\u4e2d\u7684\u4e00\u4e9b\u96f7\u533a\u8fdb\u884c\u4e00\u4e2a\u626b\u96f7\u65b9\u9762\u7684\u89e3\u91ca\u3002<\/p>\n\n\n\n<p><strong>~\u300a\u4e5d\u9633\u771f\u7ecf\u300b\u5728\u6b64~<\/strong><strong><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/mmbiz.qpic.cn\/mmbiz_jpg\/1PQ3nb2ulgfLy4NejonKkQH0FwyMRXJQicAXow3CoxbMicJJnvFaH1TlNJ1phuU76FQtUPYFpbzbqQlNEKyqHJIQ\/640?wx_fmt=jpeg&tp=webp&wxfrom=5&wx_lazy=1&wx_co=1\" alt=\"\"\/><\/figure>\n\n\n\n<p><strong>\u9996\u5148\uff0c\u6211\u4eec\u68b3\u7406\u51e0\u4e2a\u6982\u5ff5\uff1a<\/strong><strong><\/strong><\/p>\n\n\n\n<ol><li>\u98ce\u9669\u8c03\u6574\u540e\u6536\u76ca\uff08risk adjusted return\uff09\uff1a\u6bd4\u5982A\u548cB\u7684\u56de\u62a5\u7387\u90fd\u662f20%\uff0c\u4f46\u662fA\u7684\u98ce\u9669\u8f83\u9ad8\uff0c\u90a3\u4e48\u76f8\u6bd4\u8f83B\u800c\u8a00A\u7684\u4e1a\u7ee9\u5c31\u4e0d\u662f\u5f88\u597d\u4e86\u3002\u98ce\u9669\u548c\u56de\u62a5\u7387\u662f\u6210\u6b63\u6bd4\u7684\uff0c\u73b0\u5728\u66b4\u96f7\u7684\u5f88\u591a\u57fa\u91d1\u4ea7\u54c1\u90fd\u548c\u503a\u6743\u6709\u5173\uff0c\u503a\u6743\u6210\u672c\u4e0d\u5982\u80a1\u6743\u9ad8\uff0c\u6240\u4ee5\u7ed9\u51fa\u7684\u56de\u62a5\u7387\u5982\u679c\u8fc7\u9ad8\uff0c\u90a3\u5c31\u8bf4\u660e\u8fd9\u4e8b\u60c5\u6709\u95ee\u9898\u5566\u3002\u628a\u503a\u6743\u7a7f\u4e2a\u9a6c\u7532\u6309\u80a1\u6743\u7684\u98ce\u9669\u8c03\u6574\u6536\u76ca\u6765\u7b97\uff0c\u5176\u5b9e\u5b83\u8fd8\u662f\u503a\u6743\u3002<\/li><li>\u8bf4\u4e00\u4e2a\u597d\u542c\u7684\u6545\u4e8b\uff08story telling\uff09\uff1a\u6211\u4eec\u770b\u8bb8\u591a\u878d\u8d44\u4f01\u5212\uff0c\u73b0\u5728\u5e02\u9762\u4e0a\u5f88\u591a\u4e66\u4e5f\u90fd\u5f3a\u8c03\u4e1c\u897f\u5356\u7684\u597d\u4e00\u5b9a\u8981\u5305\u88c5\u4e00\u4e2a\u8ba9\u4eba\u611f\u52a8\u7684\u6545\u4e8b\u3002\u7136\u800c\uff0c\u4e13\u4e1a\u5c3d\u804c\u8c03\u67e5\u7684\u65f6\u5019\uff0c\u5927\u591a\u4e0d\u770b\u6545\u4e8b\u7684\u3002<\/li><li>\u5c3d\u804c\u8c03\u67e5\uff08due diligence\uff09\uff1a\u5728\u4ea4\u6613\u4e2d\u4e3a\u6ee1\u8db3\u6cd5\u52a1\u9700\u6c42\u800c\u8fdb\u884c\u7684\u8d1f\u8d23\u884c\u4e3a\u3001\u4e3a\u4e70\u5bb6\u8d2d\u4e70\u8fdb\u884c\u5168\u9762\u3001\u7cfb\u7edf\u7684\u4f30\u503c\u3002\u5c3d\u804c\u8c03\u67e5\u5206\u524d\u671f\u3001\u521d\u671f\u3001\u4e2d\u671f\u3001\u540e\u671f\uff0c\u597d\u6bd4\u4e00\u4e2a\u4fa6\u63a2\u53ea\u6709\u5728\u6536\u96c6\u5230\u8db3\u591f\u591a\u7684\u4fe1\u606f\u65f6\u624d\u4f1a\u5f00\u59cb\u8fdb\u884c\u5206\u6790\u3001\u5728\u628a\u5168\u90e8\u4fe1\u606f\u548c\u5173\u952e\u8282\u70b9\u8fdb\u884c\u5168\u9762\u5206\u6790\u548c\u4e32\u8054\u540e\u624d\u4f1a\u5bfc\u5411\u7ed3\u8bba\u3002\u5c3d\u804c\u8c03\u67e5\u662f\u4e00\u4e2a\u5168\u9762\u3001\u5ba2\u89c2\u3001\u7cfb\u7edf\u7684\u8bc4\u4f30\u8fc7\u7a0b\u3002<\/li><li>\u9009\u62e9\u6027\u504f\u5dee\uff08selection bias\uff09\uff1a\u5728\u6570\u636e\u5206\u6790\u3001\u5ba2\u6237\u62a5\u544a\u4e2d\uff0c\u62a5\u559c\u4e0d\u62a5\u5fe7\u3001\u6216\u628a\u4e00\u4e9b\u4e0d\u826f\u6570\u636e\u4eba\u4e3a\u53bb\u6389\uff0c\u5bfc\u81f4\u5448\u73b0\u7ed9\u6295\u8d44\u4eba\u7684\u4e1a\u7ee9\u4f18\u826f\u7684\u504f\u5dee\u3002<\/li><li>\u5f71\u54cd\u529b\u6295\u8d44\uff08impact investing\uff09\uff1a\u4e00\u79cd\u4ee5\u63a8\u52a8\u793e\u4f1a\u53d1\u5c55\u3001\u89e3\u51b3\u67d0\u4e2a\u793e\u4f1a\u75db\u70b9\u3001\u95ee\u9898\u4e3a\u6295\u8d44\u4e3b\u9898\u7684\u6295\u8d44\u3002\u5f71\u54cd\u529b\u6295\u8d44\u7684\u6295\u8d44\u7406\u5ff5\u7b26\u5408\u4ef7\u503c\u6295\u8d44\u6982\u5ff5\u3002\u5b83\u8ba4\u4e3a\u968f\u7740\u793e\u4f1a\u4ef7\u503c\u89c2\u4e0e\u6295\u8d44\u6807\u7684\u771f\u5b9e\u4ef7\u503c\u7684\u957f\u671f\u8d8b\u540c\uff0c\u63a8\u52a8\u793e\u4f1a\u5411\u79ef\u6781\u3001\u6587\u660e\u3001\u9ad8\u79d1\u6280\u7684\u6295\u8d44\u6807\u7684\u5176\u771f\u5b9e\u4ef7\u503c\u4f1a\u5728\u957f\u671f\u6295\u8d44\u4e2d\u5f97\u5230\u663e\u73b0\u3002<\/li><\/ol>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/mmbiz.qpic.cn\/mmbiz_jpg\/1PQ3nb2ulgfLy4NejonKkQH0FwyMRXJQ8vRycQ3jTw8nSeR0qRFkRhshxMuJmTw1LGBkXmTVfJzSxhiatOccJTQ\/640?wx_fmt=jpeg&tp=webp&wxfrom=5&wx_lazy=1&wx_co=1\" alt=\"\"\/><\/figure>\n\n\n\n<p><strong>\u7136\u540e\uff0c\u6211\u4eec\u8fdb\u884c\u4e00\u4e9b\u7b80\u5355\u6848\u4f8b\u5206\u6790\uff1a<\/strong><strong><\/strong><\/p>\n\n\n\n<p><strong>\u57fa\u91d1A:\u8ffd\u6839\u7a76\u5e95\u7684\u98ce\u63a7<\/strong><strong><\/strong><\/p>\n\n\n\n<p>\u5728\u5bf9\u5df2\u7ecf\u62e5\u6709\u6295\u8d44\u7ec4\u5408\u7684\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u8fdb\u884c\u5c3d\u804c\u8c03\u67e5\u65f6\uff0c\u6211\u4eec\u4f1a\u67e5\u770b\u4f30\u503c\u53d8\u5316\u8bb0\u5f55\uff0c\u4ee5\u4e86\u89e3\u57fa\u91d1\u8868\u73b0\u7684\u59cb\u672b\uff0c\u4ee5\u53ca\u662f\u5426\u4e0e\u57fa\u91d1\u7ecf\u7406\u7684\u6295\u8d44\u7b56\u7565\u548c\u9884\u671f\u4e00\u81f4\u3002<\/p>\n\n\n\n<p>\u6700\u8fd1\uff0c\u5728\u6211\u4eec\u5bf9\u4e00\u4e2a\u5173\u6ce8\u6c14\u5019\u53d8\u5316\u7684\u57fa\u91d1\u4f5c\u51fa\u5c3d\u804c\u8c03\u67e5\u7684\u8fc7\u7a0b\u4e2d\uff0c\u5176\u4e2d\u4e00\u4e2a\u6295\u8d44\u9879\u76ee\u4e3a\u4f4d\u4e8e\u5df4\u57fa\u65af\u5766\u7684\u6c14\u5019\u4fdd\u9669\u516c\u53f8\uff0c\u5728\u5176\u4e24\u5e74\u6295\u8d44\u671f\u5185\u7684\u7b2c\u4e8c\u5e74\u7684\u91cd\u4f30\u635f\u5931\u7ea6\u4e3a40\uff05\u3002\u6211\u4eec\u53d1\u73b0\uff0c\u5df4\u57fa\u65af\u5766\u8fd1\u65e5\u5b8f\u89c2\u7ecf\u6d4e\u4e0d\u7a33\u3001\u5176\u4e2d\u4e00\u534a\u7684\u4f30\u503c\u635f\u5931\u6765\u81ea\u5df4\u56fd\u8d27\u5e01\u5362\u6bd4\u7684\u8d2c\u503c\u3002\u867d\u7136\u57fa\u91d1\u7ecf\u7406\u7684\u6295\u8d44\u6d41\u7a0b\u8bda\u8bfa\u5bf9\u65b0\u5174\u8d27\u5e01\u98ce\u9669\u4f5c\u4e3b\u52a8\u5bf9\u51b2\uff0c\u4f46\u57fa\u91d1\u7ecf\u7406\u548c\u5176\u8d27\u5e01\u98ce\u9669\u987e\u95ee\u5728\u77e5\u6089\u5df4\u56fd\u5b8f\u89c2\u98ce\u9669\u7684\u4e4b\u540e\u4e09\u4e2a\u5b63\u5ea6\u90fd\u6ca1\u6709\u91c7\u53d6\u884c\u52a8\u3002\u56e0\u6b64\uff0c\u6211\u4eec\u5bf9\u57fa\u91d1\u7ecf\u7406\u7ba1\u7406\u65b0\u5174\u8d27\u5e01\u98ce\u9669\u7684\u80fd\u529b\u3001\u4ee5\u53ca\u5728\u4e00\u5b9a\u7a0b\u5ea6\u4e0a\u7ba1\u7406\u65b0\u5174\u5e02\u573a\u6295\u8d44\u7ec4\u5408\u7684\u80fd\u529b\uff0c\u62b1\u6709\u6000\u7591\u6001\u5ea6\uff0c\u4ea6\u62bc\u540e\u5bf9\u6b64\u57fa\u91d1\u8fdb\u884c\u6295\u8d44\u3002\u6211\u4eec\u79ef\u6781\u8ddf\u8fdb\u8be5\u57fa\u91d1\u76ee\u524d\u7684\u72b6\u6001\uff0c\u5bf9\u4ed6\u4eec\u5bf9\u98ce\u9669\u9884\u8b66\u7684\u80fd\u529b\u8fdb\u884c\u957f\u671f\u89c2\u5bdf\u3001\u5bf9\u4ed6\u4eec\u98ce\u63a7\u7b56\u7565\u7684\u6709\u6548\u7a0b\u5ea6\u8fdb\u884c\u8ba8\u8bba\u3002<\/p>\n\n\n\n<p><strong>\u57fa\u91d1B:\u00a0\u505a\u4e3b\u52a8\u51fa\u51fb\u7684\u4f2f\u4e50\u3001\u63d0\u5347\u5343\u91cc\u9a6c\u4ef7\u503c<\/strong><strong><\/strong><\/p>\n\n\n\n<p>\u4f5c\u4e3a\u5f71\u54cd\u529b\u6295\u8d44\u57fa\u91d1\u7ecf\u7406\uff0c\u6211\u4eec\u6709\u8d23\u4efb\u5411\u6295\u8d44\u8005\u6ed9\u62a5\u57fa\u91d1\u8d22\u52a1\u72b6\u51b5\u548c\u793e\u4f1a\u5f71\u54cd\u529b\u7684\u56de\u62a5\u3002\u6709\u4e9b\u57fa\u91d1\u7ecf\u7406\u6ca1\u6709\u610f\u8bc6\u5230\u4ed6\u7684\u6295\u8d44\u7406\u5ff5\u548c\u98ce\u683c\u5b9e\u9645\u4e0a\u5e26\u6709\u79ef\u6781\u63a8\u52a8\u793e\u4f1a\u53d1\u5c55\u7684\u5f71\u54cd\u529b\u6295\u8d44\u4e3b\u9898\u3002<\/p>\n\n\n\n<p>\u5f53\u6211\u4eec\u6295\u8d44\u4e8e\u8fd9\u79cd\u57fa\u91d1\u65f6\uff0c\u6211\u4eec\u7684\u5c3d\u804c\u8c03\u67e5\u8fc7\u7a0b\u5305\u62ec\u5bf9\u6295\u8d44\u51b3\u7b56\u548c\u62a5\u544a\u6d41\u7a0b\u7684\u5168\u9762\u5206\u6790\uff0c\u8fd9\u6709\u52a9\u4e8e\u57fa\u91d1\u7ecf\u7406\u7406\u6e05\u5176\u5f71\u54cd\u529b\u6295\u8d44\u7684\u4e3b\u9898\u4ee5\u53ca\u9002\u5f53\u5f71\u54cd\u8861\u91cf\u6807\u51c6\u7684\u8fd0\u7528\u3002\u5c3d\u804c\u8c03\u67e5\u6d41\u7a0b\u6709\u52a9\u57fa\u91d1\u7ecf\u7406\u5de9\u56fa\u5176\u57fa\u91d1\u7ba1\u7406\u6d41\u7a0b\uff0c\u5e76\u63d0\u9ad8\u8d22\u52a1\u56de\u62a5\u3001\u5f71\u54cd\u529b\u521b\u9020\u548c\u62a5\u544a\u6807\u51c6\u7684\u6574\u4f53\u8d28\u91cf\u3002\u5728\u8c08\u5224\u8fc7\u7a0b\u4e2d\u6211\u4eec\u4ea6\u79ef\u6781\u5e2e\u52a9\u88ab\u6295\u57fa\u91d1\u5236\u4f5c\u5f71\u54cd\u529b\u62a5\u544a\u7684\u6570\u636e\u91c7\u96c6\u3001\u5206\u6790\u3001\u5448\u73b0\u65b9\u6848\uff0c\u5e2e\u52a9\u4ed6\u4eec\u5c06\u81ea\u5df1\u7684\u57fa\u91d1\u505a\u4e0a\u65b0\u7684\u53f0\u9636\u3002<\/p>\n\n\n\n<p><strong>\u57fa\u91d1C:\u00a0\u6709\u6000\u7591\u548c\u63a9\u9970\uff0c\u9884\u8b66\u884c\u52a8\u6700\u5173\u952e<\/strong><strong><\/strong><\/p>\n\n\n\n<p>\u5f71\u54cd\u529b\u6295\u8d44\u662f\u4e00\u4e2a\u65b0\u5174\u7684\u6295\u8d44\u9886\u57df\uff0c\u6295\u8d44\u754c\u6709\u671b\u8fdb\u884c\u6c9f\u901a\u548c\u534f\u4f5c\uff0c\u5171\u540c\u53d1\u5c55\u751f\u6001\u7cfb\u7edf\u3002\u4e00\u4e9b\u57fa\u91d1\u7ecf\u7406\u5728\u5f00\u59cb\u65f6\u8868\u73b0\u51fa\u5408\u4f5c\uff0c\u76f4\u81f3\u4ed6\u4eec\u5728\u6211\u4eec\u7684\u5c3d\u804c\u8c03\u67e5\u8fc7\u7a0b\u67d0\u4e2a\u9636\u6bb5\u4e2d\u5931\u53bb\u8010\u6027\uff0c\u5e76\u4e14\u4e0d\u613f\u63d0\u4f9b\u5bf9\u6211\u4eec\u505a\u51fa\u6295\u8d44\u51b3\u7b56\u81f3\u5173\u91cd\u8981\u7684\u4fe1\u606f\u3002\u6211\u4eec\u7684\u5c3d\u804c\u8c03\u67e5\u6d41\u7a0b\u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class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/mmbiz.qpic.cn\/mmbiz_jpg\/1PQ3nb2ulgfLy4NejonKkQH0FwyMRXJQic7j74mdA8XZ7mykLO6s8Bvic0a8PZzhYf3CSjEPiaEmZwXx1yrHqGNDg\/640?wx_fmt=jpeg&tp=webp&wxfrom=5&wx_lazy=1&wx_co=1\" alt=\"\"\/><\/figure>\n\n\n\n<p><strong>~\u5c0f\u8d34\u58eb~<\/strong><strong><\/strong><\/p>\n\n\n\n<p><strong>\u6295\u8d44\u7b14\u8bb0<\/strong><strong><\/strong><\/p>\n\n\n\n<p>\u4e0d\u77e5\u9053\u662f\u5426\u6709\u4eba\u6709\u4e9b\u5de5\u4f5c\u65e5\u5fd7\u7684\u4e60\u60ef\uff1f\u4e8e\u5de5\u4f5c\u65e5\u5fd7\u7684\u4f5c\u7528\u76f8\u540c\uff0c\u6295\u8d44\u7b14\u8bb0\u662f\u4e00\u5bb6\u57fa\u91d1\u516c\u53f8\uff0c\u5728\u6295\u8d44\u51b3\u7b56\u4ea7\u751f\u65f6\u7684\u4e00\u4e2a\u5bf9\u5185\u3001\u5bf9LP\u7684\u6295\u8d44\u5206\u6790\u8bb0\u5f55\u3002\u6295\u8d44\u4eba\u53ef\u4ee5\u5411\u57fa\u91d1\u516c\u53f8\u7d22\u8981\u6295\u8d44\u7b14\u8bb0\uff0c\u5e76\u4e14\u68b3\u7406\u3001\u5206\u6790\u8be5\u57fa\u91d1\u516c\u53f8\u9648\u8ff0\u7684\u6295\u8d44\u6d41\u7a0b\u3001\u6295\u8d44\u903b\u8f91\u662f\u5426\u4e8e\u5b9e\u9645\u6295\u8d44\u8fc7\u7a0b\u548c\u6295\u8d44\u51b3\u7b56\u76f8\u7b26\u3002\u5e76\u4e14\uff0c\u8fd8\u53ef\u4ee5\u770b\u51fa\u57fa\u91d1\u516c\u53f8\u662f\u5426\u8fdb\u884c\u4e86\u8be6\u7ec6\u8c03\u67e5\u548c\u8ba8\u8bba\u3002\u4e00\u4e2a\u597d\u7684\u6295\u8d44\u4e60\u60ef\u5e76\u4e0d\u662f\u4e00\u8e74\u800c\u5c31\u7684\uff0c\u800c\u662f\u901a\u8fc7\u516c\u53f8\u7684\u89c4\u77e9\u3001\u6d41\u7a0b\u6162\u6162\u517b\u6210\u7684\u3002\u5c31\u50cf\u6210\u957f\u7684\u75d5\u8ff9\uff0c\u6295\u8d44\u4eba\u9700\u8981\u900f\u8fc7\u8fd9\u4e9b\u8bb0\u5f55\u624d\u80fd\u4e86\u89e3\u3002\u5bf9\u4e8e\u5206\u6790\u88ab\u6295\u7684\u6807\u7684\u6216\u57fa\u91d1\u516c\u53f8\uff0c\u6c38\u8fdc\u662f\u4e00\u4e2a\u53bb\u6545\u4e8b\u7684\u8fc7\u7a0b\u3002\u628a\u6240\u6709\u7684\u6545\u4e8b\u90fd\u5265\u79bb\uff0c\u8fd9\u4e2a\u516c\u53f8\u662f\u4e0d\u662f\u5177\u6709\u957f\u671f\u7684\u4ef7\u503c\uff1f\u516c\u53f8\u7684\u7406\u5ff5\u662f\u5426\u4e8e\u793e\u4f1a\u53d1\u5c55\u7684\u65b9\u5411\u76f8\u540c\u3001\u5e76\u6ee1\u8db3\u5e02\u573a\u6700\u8feb\u5207\u7684\u9700\u6c42\uff1f<\/p>\n\n\n\n<p><strong>\u4e0d\u6295\u81ea\u5df1\u6478\u4e0d\u900f\u7684\u57fa\u91d1\u3001\u4e0d\u6295\u81ea\u5df1\u6ca1\u6709\u628a\u63e1\u53ef\u4ee5\u5c3d\u804c\u8c03\u67e5\u7684\u57fa\u91d1<\/strong><strong><\/strong><br><\/p>\n\n\n\n<p>\u5728\u57fa\u91d1\u52df\u96c6\u7684\u65f6\u5019\uff0c\u4f5c\u4e3a\u57fa\u91d1\u516c\u53f8\u6211\u4eec\u4e5f\u9047\u5230\u8fc7\u8fd9\u6837\u7684\u95ee\u9898\u3002\u6211\u4eec\u7684\u57fa\u91d1\u521a\u521a\u8bbe\u7acb\u7684\u65f6\u5019\uff0c\u90a3\u65f6\u8fd8\u5e76\u6ca1\u6709\u6295\u8d44\u4e1a\u7ee9\u3002\u4e0e\u4e00\u4e2a\u6295\u8d44\u4eba\u63a5\u89e6\u65f6\uff0c\u6211\u4eec\u90fd\u89c9\u5f97\u6211\u4eec\u53ef\u4ee5\u7ed9\u4ed6\u63d0\u4f9b\u7684\u57fa\u91d1\u4ea7\u54c1\u771f\u6b63\u53ef\u4ee5\u5728\u4ed6\u6240\u9884\u671f\u7684\u5f71\u54cd\u529b\u6295\u8d44\u9886\u57df\u7ed9\u4ed6\u52a9\u529b\uff0c\u5728\u672a\u6765\u7684\u6295\u8d44\u8d44\u6e90\u4e0a\u771f\u7684\u5e2e\u4ed6\u5bf9\u63a5\u5230\u4f18\u8d28\u9879\u76ee\u3002\u4f46\u662f\u8fdb\u884c\u4e86\u4e00\u4e2a\u534a\u6708\u5de6\u53f3\u7684\u63a5\u89e6\u540e\uff0c\u6f5c\u5728\u5ba2\u6237\u7ed9\u6211\u4eec\u53d1\u4e86\u4e00\u5c01\u957f\u4fe1\u3002\u89e3\u91ca\u8bf4\u56e0\u4e3a\u76ee\u524d\u5bb6\u65cf\u529e\u516c\u5ba4\u867d\u7136\u5bf9\u5f71\u54cd\u529b\u57fa\u91d1\u5341\u5206\u611f\u5174\u8da3\uff0c\u4f46\u8fd8\u6ca1\u6709\u53ef\u4ee5\u8fdb\u884c\u5168\u9762\u5c3d\u804c\u8c03\u67e5\u7684\u80fd\u529b\u3001\u4e8e\u662f\u51b3\u5b9a\u89c2\u5bdf\u3002\u867d\u7136\u5bf9\u4e8e\u6211\u4eec\u662f\u6709\u80fd\u529b\u53ef\u4ee5\u4e3a\u6295\u8d44\u4eba\u5c55\u73b0\u51fa\u6211\u4eec\u7684\u4e13\u4e1a\u5ea6\u3001\u6211\u4eec\u5c3d\u804c\u8c03\u67e5\u7684\u80fd\u529b\uff0c\u4f46\u6211\u4eec\u4e5f\u76f8\u5f53\u8ba4\u53ef\u548c\u4f69\u670d\u8fd9\u6837\u7684\u6295\u8d44\u4eba\u3002\u6211\u4eec\u8ba4\u4e3a\u5bf9\u4e8e\u4ed6\u7684\u5bb6\u65cf\u529e\u516c\u5ba4\uff0c\u8fd9\u662f\u6700\u4f18\u7684\u7b56\u7565\u3002\u5c31\u7b97\u77ed\u671f\u6ca1\u6709\u6210\u4e3a\u5ba2\u6237\uff0c\u4f46\u56e0\u4e3a\u5bf9\u5f7c\u6b64\u9053\u5fb7\u3001\u4eba\u54c1\u3001\u5904\u4e8b\u65b9\u5f0f\u7684\u8ba4\u53ef\uff0c\u6240\u4ee5\u4e13\u4e1a\u57fa\u91d1\u516c\u53f8\u90fd\u613f\u610f\u4e0e\u8fd9\u6837\u7684\u6295\u8d44\u4eba\u8fdb\u884c\u4ea4\u6d41\u3002\u771f\u8bda\u3001\u4e13\u4e1a\u3001\u900f\u660e\u5316\u6240\u5f97\u6765\u7684\u4fe1\u4efb\uff0c\u5176\u5b9e\u662f\u4e13\u4e1a\u57fa\u91d1\u516c\u53f8\u6700\u4e3a\u73cd\u60dc\u548c\u91cd\u89c6\u7684\u3002\u6295\u8d44\u4eba\u4ece\u8fd9\u4e2a\u89d2\u5ea6\u4e5f\u53ef\u4ee5\u770b\u51fa\u8be5\u57fa\u91d1\u516c\u53f8\u662f\u4e0d\u662f\u771f\u7684\u505a\u4e13\u4e1a\u7684\u4e8b\u3001\u505a\u6b63\u786e\u7684\u4e8b\u3002<br><\/p>","protected":false},"excerpt":{"rendered":"<p>\u9488\u5bf9\u6700\u8fd1\u56fd\u5185\u57fa\u91d1\u516c\u53f8\u9891\u53d1\u7684\u5404\u5f0f\u5404\u6837\u7684\u66b4\u96f7\u4e8b\u4ef6\uff0c\u6700\u53ef\u601c\u7684\u662f\u56fd\u5185\u7684\u6295\u8d44\u4eba\u3002\u56e0\u4e3a\u6295\u8d44\u4eba\u5927\u591a\u662f\u4e0d\u5177\u6709\u5c3d\u804c\u8c03\u67e5\u7ecf\u9a8c\u7684\u4f01\u4e1a\u5bb6\u3001\u4f01\u4e1a\u3001\u4e2a\u4eba\uff0c\u57fa\u91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~\u300a\u4e5d\u9633\u771f\u7ecf\u300b\u5728\u6b64~ \u9996\u5148\uff0c\u6211\u4eec\u68b3\u7406\u51e0\u4e2a\u6982\u5ff5\uff1a \u98ce\u9669\u8c03\u6574\u540e\u6536\u76ca\uff08risk adjusted return\uff09\uff1a\u6bd4\u5982A\u548cB\u7684\u56de\u62a5\u7387\u90fd\u662f20%\uff0c\u4f46\u662fA\u7684\u98ce\u9669\u8f83\u9ad8\uff0c\u90a3\u4e48\u76f8\u6bd4\u8f83B\u800c\u8a00A\u7684\u4e1a\u7ee9\u5c31\u4e0d\u662f\u5f88\u597d\u4e86\u3002\u98ce\u9669\u548c\u56de\u62a5\u7387\u662f\u6210\u6b63\u6bd4\u7684\uff0c\u73b0\u5728\u66b4\u96f7\u7684\u5f88\u591a\u57fa\u91d1\u4ea7\u54c1\u90fd\u548c\u503a\u6743\u6709\u5173\uff0c\u503a\u6743\u6210\u672c\u4e0d\u5982\u80a1\u6743\u9ad8\uff0c\u6240\u4ee5\u7ed9\u51fa\u7684\u56de\u62a5\u7387\u5982\u679c\u8fc7\u9ad8\uff0c\u90a3\u5c31\u8bf4\u660e\u8fd9\u4e8b\u60c5\u6709\u95ee\u9898\u5566\u3002\u628a\u503a\u6743\u7a7f\u4e2a\u9a6c\u7532\u6309\u80a1\u6743\u7684\u98ce\u9669\u8c03\u6574\u6536\u76ca\u6765\u7b97\uff0c\u5176\u5b9e\u5b83\u8fd8\u662f\u503a\u6743\u3002 \u8bf4\u4e00\u4e2a\u597d\u542c\u7684\u6545\u4e8b\uff08story telling\uff09\uff1a\u6211\u4eec\u770b\u8bb8\u591a\u878d\u8d44\u4f01\u5212\uff0c\u73b0\u5728\u5e02\u9762\u4e0a\u5f88\u591a\u4e66\u4e5f\u90fd\u5f3a\u8c03\u4e1c\u897f\u5356\u7684\u597d\u4e00\u5b9a\u8981\u5305\u88c5\u4e00\u4e2a\u8ba9\u4eba\u611f\u52a8\u7684\u6545\u4e8b\u3002\u7136\u800c\uff0c\u4e13\u4e1a\u5c3d\u804c\u8c03\u67e5\u7684\u65f6\u5019\uff0c\u5927\u591a\u4e0d\u770b\u6545\u4e8b\u7684\u3002 \u5c3d\u804c\u8c03\u67e5\uff08due diligence\uff09\uff1a\u5728\u4ea4\u6613\u4e2d\u4e3a\u6ee1\u8db3\u6cd5\u52a1\u9700\u6c42\u800c\u8fdb\u884c\u7684\u8d1f\u8d23\u884c\u4e3a\u3001\u4e3a\u4e70\u5bb6\u8d2d\u4e70\u8fdb\u884c\u5168\u9762\u3001\u7cfb\u7edf\u7684\u4f30\u503c\u3002\u5c3d\u804c\u8c03\u67e5\u5206\u524d\u671f\u3001\u521d\u671f\u3001\u4e2d\u671f\u3001\u540e\u671f\uff0c\u597d\u6bd4\u4e00\u4e2a\u4fa6\u63a2\u53ea\u6709\u5728\u6536\u96c6\u5230\u8db3\u591f\u591a\u7684\u4fe1\u606f\u65f6\u624d\u4f1a\u5f00\u59cb\u8fdb\u884c\u5206\u6790\u3001\u5728\u628a\u5168\u90e8\u4fe1\u606f\u548c\u5173\u952e\u8282\u70b9\u8fdb\u884c\u5168\u9762\u5206\u6790\u548c\u4e32\u8054\u540e\u624d\u4f1a\u5bfc\u5411\u7ed3\u8bba\u3002\u5c3d\u804c\u8c03\u67e5\u662f\u4e00\u4e2a\u5168\u9762\u3001\u5ba2\u89c2\u3001\u7cfb\u7edf\u7684\u8bc4\u4f30\u8fc7\u7a0b\u3002 \u9009\u62e9\u6027\u504f\u5dee\uff08selection bias\uff09\uff1a\u5728\u6570\u636e\u5206\u6790\u3001\u5ba2\u6237\u62a5\u544a\u4e2d\uff0c\u62a5\u559c\u4e0d\u62a5\u5fe7\u3001\u6216\u628a\u4e00\u4e9b\u4e0d\u826f\u6570\u636e\u4eba\u4e3a\u53bb\u6389\uff0c\u5bfc\u81f4\u5448\u73b0\u7ed9\u6295\u8d44\u4eba\u7684\u4e1a\u7ee9\u4f18\u826f\u7684\u504f\u5dee\u3002 \u5f71\u54cd\u529b\u6295\u8d44\uff08impact 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