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（2010-03-08）",[383,408,409,410,413],{},"段永平在经营步步高期间就秉持低负债或无负债的理念，这一理念也延续到了他的投资中。他认为：",[387,411,412],{},"我们也不负债。负债的好处是可以发展快些。不负债的好处是可以活得长些。"," （2010-04-21）",[379,415,416],{"id":416},"核心要义",[418,419,421],"h3",{"id":420},"_1-区分有息负债和无息负债","1. 区分有息负债和无息负债",[383,423,424,425,428],{},"段永平特别强调要区分不同类型的负债：",[387,426,427],{},"你要算他们的有息负债。预收款也是负债，但意义差很多。"," （2013-03-05）",[383,430,431,434],{},[387,432,433],{},"有息负债","：银行借贷或债券类的东西，到期要还的，需要支付利息。段永平说的\"少借债\"指的就是这类债。",[383,436,437,440],{},[387,438,439],{},"无息负债","：预收类的款项，这类债务一般不会给企业带来风险。比如预收款、应付账款等。",[383,442,443,444,447],{},"段永平指出：",[387,445,446],{},"无息负债多数情况为预收或应付类的东西，一般没啥短期风险吧？"," （2013-07-01）",[418,449,451],{"id":450},"_2-低负债或无负债的重要性","2. 低负债或无负债的重要性",[383,453,454,455,413],{},"段永平认为：",[387,456,457],{},"不负债的好处是可以活得长些。再说，一般来讲，银行都是要确认你不需要钱时才借钱给你的。",[383,459,460,461,464],{},"他在投资中也秉持这一理念：",[387,462,463],{},"反正一般负债多的公司我也不买，GE例外了一次。"," （2010-04-24）",[383,466,467,470],{},[387,468,469],{},"我个人一般对有负债的公司不太愿意重仓，另外就是无论多有把握也绝对不要用margin。"," （2010-06-07）",[418,472,474],{"id":473},"_3-用enterprise-value考虑负债影响","3. 用Enterprise Value考虑负债影响",[383,476,477,478,470],{},"段永平提出用企业价值（Enterprise Value）来考虑负债的影响：",[387,479,480],{},"企业价值（市值＋负债-现金）",[383,482,483,484,487],{},"他解释说：",[387,485,486],{},"用enterprise value最大的好处是让投资者注意负债的影响，不然只看pe的人就很容易以为通用汽车的股票很便宜。通用汽车公司破产以前的pe非常低，但e\u002Fe非常高。"," （2010-06-09）",[418,489,491],{"id":490},"_4-房地产行业的高负债令人困惑","4. 房地产行业的高负债令人困惑",[383,493,494,495,498],{},"段永平在讨论房地产公司时说：",[387,496,497],{},"我不懂房地产，对这个行业普遍高举债感到困惑。"," （2019-04-22）",[383,500,501,502,505],{},"他举例说：",[387,503,504],{},"我记得美国有一家房地产公司，叫\"NVR\"，曾经因为太多负债而差一点破产，股票掉到过0.2\u002F股，后来侥幸活过来以后就再也不借钱了，几十年以后的现在的股价大概在$700\u002F股上下。"," （2011-09-26）",[379,507,508],{"id":508},"实战案例",[418,510,512],{"id":511},"网易完全无负债","网易：完全无负债",[383,514,515,516,519],{},"段永平在2001年投资网易时，网易就是完全无负债的公司：",[387,517,518],{},"网易一直没有负债。"," （2010-07-07）",[383,521,522,525],{},[387,523,524],{},"是账上现金。他们没有负债。不记得了，反正觉得他们能有机会赚钱。"," （2010-04-06）",[418,527,529],{"id":528},"苹果现金远超负债","苹果：现金远超负债",[383,531,532,533,428],{},"在讨论苹果公司时，段永平提到：",[387,534,535,536,538,539,541],{},"苹果目前应该依然是现在世界上获利最高的企业，但扣掉",[391,537,55],{"href":393},"以后的市值其实已经比google扣掉",[391,540,55],{"href":393},"以后的市值要低了。",[383,543,544,505],{},[387,545,546],{},"如果现金超过负债，那就应该很安全。",[418,548,550],{"id":549},"万科有息负债与预收款的区别","万科：有息负债与预收款的区别",[383,552,553,554,505],{},"在讨论万科时，段永平分析了万科的负债结构：",[387,555,556],{},"还没认真看过财报。如果现金超过负债，那就应该很安全。我对大多数公司的担心是很多公司为了发展快些而去负债，结果某一天因为负债而陷入麻烦。万科相对而言还是比较健康的，但似乎对营业额的增长也很有追求。",[379,558,559],{"id":559},"常见误解",[418,561,563],{"id":562},"误解一所有负债都是危险的","误解一：所有负债都是危险的",[383,565,566],{},"很多投资者认为所有负债都是危险的，但段永平区分了有息负债和无息负债。预收款这类无息负债实际上是好事，表明公司产品受欢迎。",[418,568,570],{"id":569},"误解二高负债等于高风险","误解二：高负债等于高风险",[383,572,573],{},"段永平指出，要看负债的结构和性质。如果公司现金远超有息负债，那就是安全的。但如果是为了快速发展而大量举债，那就会有风险。",[418,575,577],{"id":576},"误解三负债高的公司股票便宜","误解三：负债高的公司股票便宜",[383,579,580,581,487],{},"段永平用通用汽车的例子说明：",[387,582,486],{},[379,584,585],{"id":585},"思想演变",[418,587,589],{"id":588},"早期经营步步高时的低负债理念","早期：经营步步高时的低负债理念",[383,591,592,593,596],{},"段永平在经营步步高时就坚持低负债：",[387,594,595],{},"基本上是靠滚雪球，钱多就多做些，没钱就不做。我比较保守，老觉得借钱不太舒服。再说，那时民营企业很难借到钱。"," （2011-05-12）",[418,598,600],{"id":599},"投资时期用负债筛选公司","投资时期：用负债筛选公司",[383,602,603,604,406],{},"在投资中，段永平将负债作为重要的筛选指标：",[387,605,389,606,394,608,398,610,394,612,405],{},[391,607,55],{"href":393},[391,609,62],{"href":397},[391,611,65],{"href":401},[391,613,76],{"href":404},[418,615,617],{"id":616},"成熟时期区分不同类型的负债","成熟时期：区分不同类型的负债",[383,619,620],{},"随着经验的积累，段永平进一步区分了有息负债和无息负债，更加细致地分析公司的负债结构。",[379,622,623],{"id":623},"原话引用",[625,626,627],"blockquote",{},[383,628,629,413],{},[387,630,631],{},"我们也不负债。负债的好处是可以发展快些。不负债的好处是可以活得长些。再说，一般来讲，银行都是要确认你不需要钱时才借钱给你的。",[625,633,634],{},[383,635,636,406],{},[387,637,389,638,394,640,398,642,394,644,405],{},[391,639,55],{"href":393},[391,641,62],{"href":397},[391,643,65],{"href":401},[391,645,76],{"href":404},[625,647,648],{},[383,649,650,428],{},[387,651,427],{},[625,653,654],{},[383,655,656,505],{},[387,657,658],{},"有息负债大概就是银行借贷或债券类的东西，到期要还的。我说的少借债指的就是这类债。会计上的债务还包括预收类的款项，这类债务一般不会给企业带来风险。",[625,660,661],{},[383,662,663,464],{},[387,664,463],{},[625,666,667],{},[383,668,669,470],{},[387,670,469],{},[625,672,673],{},[383,674,675,498],{},[387,676,497],{},{"title":678,"searchDepth":12,"depth":12,"links":679},"",[680,681,687,692,697,702],{"id":381,"depth":12,"text":381},{"id":416,"depth":12,"text":416,"children":682},[683,684,685,686],{"id":420,"depth":16,"text":421},{"id":450,"depth":16,"text":451},{"id":473,"depth":16,"text":474},{"id":490,"depth":16,"text":491},{"id":508,"depth":12,"text":508,"children":688},[689,690,691],{"id":511,"depth":16,"text":512},{"id":528,"depth":16,"text":529},{"id":549,"depth":16,"text":550},{"id":559,"depth":12,"text":559,"children":693},[694,695,696],{"id":562,"depth":16,"text":563},{"id":569,"depth":16,"text":570},{"id":576,"depth":16,"text":577},{"id":585,"depth":12,"text":585,"children":698},[699,700,701],{"id":588,"depth":16,"text":589},{"id":599,"depth":16,"text":600},{"id":616,"depth":16,"text":617},{"id":623,"depth":12,"text":623},null,"负债是段永平特别关注的财务指标之一，强调低负债或无负债的重要性，区分有息负债和无息负债。","md",{},true,"\u002Fdao\u002Fconcepts\u002Ffuzhai",{"title":43,"description":704},"段永平谈负债：负债是段永平特别关注的财务指标之一，强调低负债或无负债的重要性，区分有息负债和无息负债。","负债｜大道总纲","dao\u002Fconcepts\u002Ffuzhai","41CbP-mx8DlzR5JtX7xinXmC9EF26iIcr9a1YiuolUs","dao",1778608453778]