{"id":244969,"date":"2023-11-19T21:02:02","date_gmt":"2023-11-19T13:02:02","guid":{"rendered":"https:\/\/www.idc.net\/help\/244969\/"},"modified":"2023-11-19T21:02:02","modified_gmt":"2023-11-19T13:02:02","slug":"%e5%8a%a0%e5%af%86%e8%b4%a7%e5%b8%81%e5%86%ac%e5%a4%a9%ef%bc%9a%e6%98%af%e6%81%90%e6%83%a7%e3%80%81%e7%8b%82%e7%83%ad%e8%bf%98%e6%98%af%e6%8b%a5%e6%9c%89%e5%86%8d%e7%94%9f%e6%9c%ba","status":"publish","type":"post","link":"https:\/\/idc.net\/help\/244969\/","title":{"rendered":"\u201c\u52a0\u5bc6\u8d27\u5e01\u51ac\u5929\u201d\uff1a\u662f\u6050\u60e7\u3001\u72c2\u70ed\u8fd8\u662f\u62e5\u6709\u518d\u751f\u673a\u4f1a\uff1f"},"content":{"rendered":"<p>\u6211\u4eec\u771f\u7684\u9762\u4e34\u6240\u8c13\u7684\u52a0\u5bc6\u51ac\u5929\u5417\uff1f\u81ea\u4ece 2.25 \u4e07\u4ebf\u7f8e\u5143\u5728\u52a8\u8361\u7684\u51e0\u4e2a\u6708\u5185\u6d41\u51fa\u5e02\u573a\u4ee5\u6765\uff0c\u8fd9\u65e0\u7591\u662f\u8feb\u5728\u7709\u776b\u7684\u6050\u60e7\uff0c\u8fd9\u662f\u4e00\u4e2a\u4e0d\u53ef\u907f\u514d\u7684\u8bdd\u9898\u3002<\/p>\n<\/p>\n<p>\u7136\u800c\uff0c\u8fd9\u79cd\u5e7f\u6cdb\u8868\u8fbe\u7684\u62c5\u5fe7\u5e76\u4e0d\u666e\u904d\u3002CapGemini \u4e8e 6 \u6708\u53d1\u5e03\u7684\u4e00\u4efd\u62a5\u544a\u53d1\u73b0\uff0c\u5927\u7ea6 70% \u7684\u9ad8\u51c0\u503c\u4eba\u58eb\u4ecd\u6295\u8d44\u4e8e\u6570\u5b57\u8d44\u4ea7\u3002\u5728\u5343\u79a7\u4e00\u4ee3\uff08\u5373 40 \u5c81\u4ee5\u4e0b\uff09\u4e2d\uff0c\u8fd9\u4e00\u6570\u5b57\u4e0a\u5347\u5230 90% \u5de6\u53f3\u3002\u4e8b\u5b9e\u4e0a\uff0c\u5728\u6570\u5b57\u8d44\u4ea7\u65b9\u9762\uff0c\u52a0\u5bc6\u8d27\u5e01\u4ecd\u7136\u662f\u4ea4\u6613\u6240\u4ea4\u6613\u57fa\u91d1 (ETF) \u548c\u5143\u754c\u6295\u8d44\u7684\u9996\u9009\u3002<\/p>\n<p>\u5f53\u7136\uff0c\u8fd9\u5e76\u4e0d\u662f\u52a0\u5bc6\u5e02\u573a\u7b2c\u4e00\u6b21\u51fa\u73b0\u5267\u70c8\u6ce2\u52a8\u3002\u4f46\u662f\uff0c\u968f\u7740\u5e02\u573a\u7684\u53d1\u5c55\uff0c\u6bcf\u4e2a\u5468\u671f\u90fd\u4f1a\u544a\u8bc9\u6211\u4eec\u4e00\u4e9b\u4e0d\u540c\u7684\u4e1c\u897f\u3002\u8fd9\u4e00\u6b21\uff0c\u6211\u4eec\u53ef\u4ee5\u6ee1\u6000\u4fe1\u5fc3\u5730\u8bf4\uff0c\u673a\u6784\u5bf9\u52a0\u5bc6\u8d27\u5e01\u7684\u5174\u8da3\u589e\u52a0\u5c06\u5728\u63a8\u52a8\u5e02\u573a\u8d70\u51fa\u4f4e\u8ff7\u65b9\u9762\u53d1\u6325\u5173\u952e\u4f5c\u7528\u3002<\/p>\n<p>\u4f46\u662f\uff0c\u968f\u7740\u89c2\u5bdf\u5230\u590d\u82cf\u7684\u7b2c\u4e00\u67aa\uff0c\u4fe1\u5fc3\u6b63\u5728\u6162\u6162\u6062\u590d\uff0c\u6211\u4eec\u5fc5\u987b\u770b\u770b\u4e3a\u4ec0\u4e48\u5bf9\u52a0\u5bc6\u51ac\u5929\u7684\u9884\u6d4b\u4f1a\u6301\u7eed\u5b58\u5728\uff0c\u4ee5\u53ca\u8fd9\u544a\u8bc9\u6211\u4eec\u5e02\u573a\u548c\u5b83\u6240\u5e26\u6765\u7684\u673a\u4f1a\u3002<\/p>\n<p>\u76ee\u524d\u5b58\u5728\u4e09\u4e2a\u660e\u663e\u4e14\u76f8\u4e92\u5173\u8054\u7684\u201c\u51b7\u950b\u201d\uff0c\u5b83\u4eec\u4e4b\u95f4\u53ef\u80fd\u4f1a\u627c\u6740\u65b0\u5174\u7684\u518d\u589e\u957f\u3002<\/p>\n<h4>1. \u7f8e\u8054\u50a8\u653e\u98de\u5185\u5fc3\u7684\u9e70\u6d3e<\/h4>\n<p>\u52a0\u5bc6\u8d27\u5e01\u5e76\u4e0d\u662f\u552f\u4e00\u9762\u4e34\u6311\u6218\u7684\u8d27\u5e01\u3002\u7f8e\u56fd\u7684\u901a\u8d27\u81a8\u80c0\u7387\u6bd4\u5927\u591a\u6570\u4eba\u7ecf\u5386\u7684\u90fd\u8981\u9ad8\uff0c\u73b0\u5728\u9e70\u6d3e\u7684\u7f8e\u8054\u50a8\u4e0d\u5f97\u4e0d\u653e\u5f03\u4e4b\u524d\u7684\u8d85\u8f6f\u8d27\u5e01\u653f\u7b56\u30022022 \u5e74 5 \u6708\uff0c\u901a\u80c0\u7387\u8fbe\u5230 8.4%\uff0c\u5bfc\u81f4\u7f8e\u8054\u50a8\u5c06\u57fa\u51c6\u5229\u7387\u4e0a\u8c03 75 \u4e2a\u57fa\u70b9 (bps)\u3002<\/p>\n<p>\u7531\u4e8e\u5b58\u6b3e\u548c\u8d37\u6b3e\u5229\u7387\u968f\u4e4b\u4e0a\u5347\uff0c\u6295\u8d44\u8005\u5c06\u8d44\u91d1\u4ece\u9ad8\u98ce\u9669\u8d44\u4ea7\u8f6c\u79fb\u5230\u4fdd\u62a4\u6027\u5b58\u6b3e\u4e2d\uff0c\u56e0\u4e3a\u5b83\u4eec\u5f00\u59cb\u63d0\u4f9b\u66f4\u5177\u5438\u5f15\u529b\u7684\u56de\u62a5\u3002\u4f20\u7edf\u80a1\u7968\u548c\u52a0\u5bc6\u8d27\u5e01\u90fd\u4e0d\u53ef\u907f\u514d\u5730\u611f\u53d7\u5230\u4e86\u6b64\u4e3e\u7684\u5f71\u54cd\u3002<\/p>\n<p>\u5f53\u7136\uff0c\u968f\u7740\u5b58\u6b3e\u5229\u7387\u4e0a\u5347\uff0c\u7f8e\u56fd\u653f\u5e9c\u503a\u52a1\u5229\u7387\u4e5f\u4f1a\u4e0a\u5347\uff0c\u4ee5\u4fdd\u6301\u5bf9\u6295\u8d44\u8005\u7684\u5438\u5f15\u529b\u3002\u800c\u4e14\uff0c\u5f53\u56fd\u503a\u7684\u65e0\u98ce\u9669\u56de\u62a5\u4e0a\u5347\u65f6\uff0c\u6295\u8d44\u4e8e\u98ce\u9669\u8f83\u9ad8\u8d44\u4ea7\u7684\u6240\u9700\u56de\u62a5\u4e5f\u4f1a\u4e0a\u5347\uff0c\u4ece\u800c\u5bfc\u81f4\u6295\u8d44\u8005\u5c06\u5176\u5b9a\u4ef7\u3002\u53d7\u6b64\u4ef7\u683c\u8c03\u6574\u5f71\u54cd\u6700\u5927\u7684\u516c\u53f8\u662f\u90a3\u4e9b\u5c1a\u672a\u8d5a\u53d6 EBITDA \u6216\u81ea\u7531\u73b0\u91d1\u6d41 (FCF) \u7684\u516c\u53f8\uff0c\u6362\u53e5\u8bdd\u8bf4\uff0c\u662f\u90a3\u4e9b\u62bc\u6ce8\u4e8e\u516c\u53f8\u957f\u671f\u6f5c\u529b\u7684\u9ad8\u589e\u957f\u516c\u53f8\uff0c\u901a\u5e38\u662f\u5728\u79d1\u6280\u548c\u751f\u7269\u6280\u672f\u9886\u57df\u3002<\/p>\n<h4>2.\u76f8\u5173\u6027\u7684\u540e\u679c<\/h4>\n<p>\u52a0\u5bc6\u8d27\u5e01\u5df2\u7ecf\u8d85\u8d8a\u4e86\u51e0\u5e74\u524d\u7684\u201c\u65f6\u5c1a\u548c\u72c2\u70ed\u201d\u9636\u6bb5\uff0c\u8fbe\u5230\u4e86\u51e0\u4e4e\u88ab\u5927\u89c4\u6a21\u91c7\u7528\u7684\u7a0b\u5ea6\u3002\u81ea 2020 \u5e74\u4ee5\u6765\uff0c\u52a0\u5bc6\u8d27\u5e01\uff08\u6700\u8457\u540d\u7684\u662f\u6bd4\u7279\u5e01\uff09\u5df2\u6210\u4e3a\u4e0e\u4efb\u4f55\u5176\u4ed6\u4ea4\u6613\u6240\u4ea4\u6613\u8d44\u4ea7\u4e00\u6837\u7684\u91d1\u878d\u5de5\u5177\uff0c\u5c3d\u7ba1\u98ce\u9669\u9ad8\u4e8e\u5e73\u5747\u6c34\u5e73\u3002<\/p>\n<p>\u52a0\u5bc6\u8d27\u5e01\u4e0d\u65ad\u53d8\u5316\u7684\u5730\u4f4d\u5f97\u76ca\u4e8e\u673a\u6784\u91c7\u7528\u7387\u7684\u63d0\u9ad8\u3002\u5982\u6b64\u5927\u7684\u6295\u8d44\u8005\u7684\u8fdb\u5165\u5bfc\u81f4\u8d44\u672c\u98d9\u5347\uff0c\u65b0\u7684\u6295\u8d44\u673a\u4f1a\u51fa\u73b0\uff0c\u5404\u79cd\u4ea4\u6613\u6a21\u5f0f\u548c\u7b56\u7565\u51fa\u73b0\u3002\u8fd9\u53cd\u8fc7\u6765\u53c8\u9020\u6210\u4e86\u52a0\u5bc6\u8d44\u4ea7\u4e0e\u80a1\u7968\u5e02\u573a\u5bc6\u5207\u76f8\u5173\u7684\u60c5\u51b5\u3002\u5728\u8fc7\u53bb\u51e0\u5e74\u7684\u725b\u5e02\u4e2d\uff0c\u8fd9\u4e00\u76f4\u662f\u52a0\u5bc6\u8d27\u5e01\u7684\u4f18\u52bf\u3002\u5728\u5f53\u524d\u7684\u5371\u673a\u4e2d\uff0c\u5b83\u4e00\u76f4\u5bf9\u5176\u4e0d\u5229\u3002<\/p>\n<h4>3. \u76d1\u7ba1\u56f0\u5883\u4f9d\u7136\u5b58\u5728<\/h4>\n<p>\u968f\u7740\u52a0\u5bc6\u8d27\u5e01\u8d8a\u6765\u8d8a\u6210\u4e3a\u4e3b\u6d41\uff0c\u76d1\u7ba1\u673a\u6784\u4e0d\u53ef\u907f\u514d\u5730\u4f1a\u4ecb\u5165\u3002\u4f5c\u4e3a\u4e00\u4e2a\u5168\u7403\u5e02\u573a\uff0c\u52a0\u5bc6\u8d27\u5e01\u53d7\u5230\u4f17\u591a\u56fd\u5bb6\u653f\u5e9c\u7684\u5ba1\u67e5\uff0c\u5bf9\u4e8e\u5982\u4f55\u5728\u8fd9\u4e2a\u4ecd\u5728\u53d1\u5c55\u7684\u5e02\u573a\u4e2d\u6700\u597d\u5730\u5bf9\u5176\u8fdb\u884c\u76d1\u7ba1\u6709\u7740\u4e0d\u540c\u7684\u770b\u6cd5\u3002\u5728\u653f\u5e9c\u80fd\u591f\u521b\u5efa\u76d1\u7ba1\u6846\u67b6\u7684\u5730\u65b9\uff0c\u6211\u4eec\u770b\u5230\u4e2d\u592e\u94f6\u884c\u79ef\u6781\u5f00\u53d1\u81ea\u5df1\u7684\u6570\u5b57\u8d27\u5e01 ( CBDC ) \u548c\/\u6216\u5206\u53d1\u7a33\u5b9a\u5e01\uff0c\u76d1\u7ba1\u673a\u6784\u6b63\u5728\u5ba1\u67e5\u8bb8\u53ef\u8981\u6c42\u3002\u5bf9\u4e8e\u65b0\u7684\u53f8\u6cd5\u7ba1\u8f96\u533a\uff0c\u91d1\u878d\u884c\u52a8\u7279\u522b\u5de5\u4f5c\u7ec4 (FATF) \u7070\u540d\u5355\u4e0a\u7684\u804c\u4f4d\u6b63\u5728\u7b49\u5f85\u3002<\/p>\n<p>\u7ed3\u679c\u662f\uff0c\u76ee\u524d\uff0c\u52a0\u5bc6\u8d27\u5e01\u51e0\u4e4e\u5904\u4e8e\u4e0d\u786e\u5b9a\u72b6\u6001\uff0c\u5373\u4f7f\u4e0d\u662f\u4e0d\u53ef\u80fd\uff0c\u521b\u5efa\u6e05\u6670\u7684\u8fdb\u5165\u548c\u884c\u52a8\u7b56\u7565\u4e5f\u662f\u6781\u5176\u56f0\u96be\u7684\u3002\u53ea\u6709\u5f53\u5173\u4e8e\u52a0\u5bc6\u8d27\u5e01\u8d44\u4ea7\u62a5\u544a\u548c\u4ea4\u6613\u7684\u660e\u786e\u89c4\u5b9a\u751f\u6548\u65f6\uff0c\u6211\u4eec\u624d\u80fd\u9884\u671f\u52a0\u5bc6\u8d27\u5e01\u7684\u5267\u70c8\u4ef7\u683c\u66f2\u7ebf\u4f1a\u5e73\u9759\u4e0b\u6765\u3002<\/p>\n<p>\u5bf9\u4e8e\u5927\u591a\u6570\u91d1\u878d\u673a\u6784\u6765\u8bf4\uff0c\u8fd9\u79cd\u4e0d\u786e\u5b9a\u6027\u662f\u65e0\u6cd5\u5bb9\u5fcd\u7684\uff0c\u4ed6\u4eec\u53ef\u80fd\u4f1a\u907f\u514d\u6295\u673a\u53ef\u80fd\u4e25\u91cd\u635f\u5bb3\u5176\u8d44\u672c\u53ef\u7528\u6027\u548c\u8d44\u4ea7\u8d1f\u503a\u8868\u7684\u8d44\u4ea7\u3002\u76f4\u89c9\u91c7\u7528\u52a0\u5bc6\u662f\u5176\u53d1\u5c55\u8f68\u8ff9\u7684\u91cd\u8981\u7ec4\u6210\u90e8\u5206\uff0c\u4f46\u4ecd\u5904\u4e8e\u65e9\u671f\u9636\u6bb5\u3002\u91ca\u653e\u4e0b\u4e00\u6ce2\u91d1\u878d\u8d44\u672c\u7684\u5173\u952e\uff0c\u5c3d\u7ba1\u5b83\u53ef\u80fd\u662f\u5de8\u5927\u7684\uff0c\u4f46\u638c\u63e1\u5728\u76d1\u7ba1\u673a\u6784\u624b\u4e2d\u3002<\/p>\n<h4>\u5e0c\u671b\u4e4b\u6cc9<\/h4>\n<p>\u5c3d\u7ba1\u5934\u6761\u65b0\u95fb\u3001\u6ce2\u52a8\u6027\u548c\u6325\u4e4b\u4e0d\u53bb\u7684\u4e0d\u786e\u5b9a\u6027\uff0c\u6295\u8d44\u8005\u7684\u5174\u8da3\u5e76\u6ca1\u6709\u6d88\u5931\u3002\u5b83\u53ef\u80fd\u4e0d\u50cf 2021 \u5e74\u5e95\u90a3\u6837\u6d3b\u8dc3\uff0c\u4f46\u6570\u5b57\u8d44\u4ea7\u7684\u4e3b\u6d41\u91c7\u7528\u4ecd\u6709\u52a8\u529b\u3002\u8bb8\u591a\u6295\u8d44\u8005\u6b63\u5728\u4f4e\u5934\u4ee5\u907f\u514d\u8fdb\u4e00\u6b65\u635f\u5931\uff0c\u4f46\u5176\u4ed6\u673a\u6784\u6295\u8d44\u8005\u6b63\u5728\u79ef\u6781\u83b7\u5229\u4e86\u7ed3\u4ee5\u4fdd\u7559\u90e8\u5206\u8d44\u4ea7\u3002<\/p>\n<p>\u76ee\u524d\u8fd8\u4e0d\u6e05\u695a\u7ecf\u6d4e\u8870\u9000\u7684\u4e25\u91cd\u7a0b\u5ea6\u548c\u6301\u7eed\u65f6\u95f4\u3002\u4f46\u662f\uff0c\u6211\u4eec\u8981\u575a\u4fe1\u51ac\u5929\u7ec8\u7a76\u4f1a\u8fc7\u53bb\u3002\u6625\u5929\u603b\u4f1a\u5230\u6765\u3002\u800c\u4e14\uff0c\u6700\u5f3a\u5927\u7684\u751f\u547d\u5f62\u5f0f\u603b\u662f\u4f1a\u518d\u751f\u548c\u91cd\u65b0\u751f\u957f\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u6211\u4eec\u771f\u7684\u9762\u4e34\u6240\u8c13\u7684\u52a0\u5bc6\u51ac\u5929\u5417\uff1f\u81ea\u4ece 2.25 \u4e07\u4ebf\u7f8e\u5143\u5728\u52a8\u8361\u7684\u51e0\u4e2a\u6708\u5185\u6d41\u51fa\u5e02\u573a\u4ee5\u6765\uff0c\u8fd9\u65e0\u7591\u662f\u8feb\u5728\u7709\u776b\u7684\u6050\u60e7\uff0c\u8fd9 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":244970,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[200988],"tags":[],"class_list":["post-244969","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-200988"],"_links":{"self":[{"href":"https:\/\/idc.net\/help\/wp-json\/wp\/v2\/posts\/244969","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/idc.net\/help\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/idc.net\/help\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/idc.net\/help\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/idc.net\/help\/wp-json\/wp\/v2\/comments?post=244969"}],"version-history":[{"count":0,"href":"https:\/\/idc.net\/help\/wp-json\/wp\/v2\/posts\/244969\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/idc.net\/help\/wp-json\/wp\/v2\/media\/244970"}],"wp:attachment":[{"href":"https:\/\/idc.net\/help\/wp-json\/wp\/v2\/media?parent=244969"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/idc.net\/help\/wp-json\/wp\/v2\/categories?post=244969"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/idc.net\/help\/wp-json\/wp\/v2\/tags?post=244969"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}