[{"data":1,"prerenderedAt":704},["ShallowReactive",2],{"layout-dao":3,"dao-jingzichan":370},[4,9,13,17,21,25,29,33,37,42,47,50,54,57,61,64,68,71,75,78,82,86,90,94,98,103,107,111,115,119,123,127,131,135,139,144,148,152,156,160,164,168,172,177,181,185,189,193,197,201,205,209,213,217,221,225,229,233,237,241,245,249,253,257,261,265,269,273,277,281,285,290,294,298,302,306,310,314,318,322,326,330,334,338,342,346,350,354,358,362,366],{"title":5,"slug":6,"category":7,"order":8},"本分","benfen","核心哲学",1,{"title":10,"slug":11,"category":7,"order":12},"平常心","pingchangxin",2,{"title":14,"slug":15,"category":7,"order":16},"做对的事情","zuoduideshiqing",3,{"title":18,"slug":19,"category":7,"order":20},"把事情做对","bashiqingzuodui",4,{"title":22,"slug":23,"category":7,"order":24},"能力圈","nengliquan",5,{"title":26,"slug":27,"category":7,"order":28},"不做什么","buzuoshenme",6,{"title":30,"slug":31,"category":7,"order":32},"敢为天下后","ganweitianxiahou",7,{"title":34,"slug":35,"category":7,"order":36},"消费者导向","xiaofeizhedaoxiang",8,{"title":38,"slug":39,"category":40,"order":41},"价值投资","jiazhitouzi","投资理念",9,{"title":43,"slug":44,"category":45,"order":46},"负债","fuzhai","财务指标",10,{"title":48,"slug":49,"category":40,"order":46},"商业模式","shangyemoshi",{"title":51,"slug":52,"category":40,"order":53},"护城河","huchenghe",11,{"title":55,"slug":56,"category":45,"order":53},"净现金","jingxianjin",{"title":58,"slug":59,"category":45,"order":60},"开销合理性","kaixiaohelixing",12,{"title":62,"slug":63,"category":45,"order":60},"现金流","xianjinliu",{"title":65,"slug":66,"category":45,"order":67},"真实利润","zhenshilirun",13,{"title":69,"slug":70,"category":40,"order":67},"折现","zhexian",{"title":72,"slug":73,"category":40,"order":74},"安全边际","anquanbianji",14,{"title":76,"slug":77,"category":45,"order":74},"扣除商誉的净资产","jingzichan",{"title":79,"slug":80,"category":40,"order":81},"基本面","jibenmian",15,{"title":83,"slug":84,"category":40,"order":85},"机会成本","jihuichengben",16,{"title":87,"slug":88,"category":40,"order":89},"长期持有","zhangqichiyou",17,{"title":91,"slug":92,"category":40,"order":93},"投机","touji",18,{"title":95,"slug":96,"category":40,"order":97},"止损","zhisun",19,{"title":99,"slug":100,"category":101,"order":102},"企业文化","qiyewenhua","企业经营",20,{"title":104,"slug":105,"category":101,"order":106},"品牌","pinpai",21,{"title":108,"slug":109,"category":101,"order":110},"差异化","chayihua",22,{"title":112,"slug":113,"category":101,"order":114},"用户体验","yonghutiyan",23,{"title":116,"slug":117,"category":101,"order":118},"渠道","qudao",24,{"title":120,"slug":121,"category":101,"order":122},"平台","pingtai",25,{"title":124,"slug":125,"category":101,"order":126},"生态系统","shengtaixitong",26,{"title":128,"slug":129,"category":101,"order":130},"单一产品","danyichanpin",27,{"title":132,"slug":133,"category":101,"order":134},"造钟人","zaozhongren",28,{"title":136,"slug":137,"category":101,"order":138},"利润之上的追求","lirunzhishangdezhuiqiu",29,{"title":140,"slug":141,"category":142,"order":143},"进取心","jinquxin","品格与心性",30,{"title":145,"slug":146,"category":142,"order":147},"耐心","naixin",31,{"title":149,"slug":150,"category":142,"order":151},"责任心","zerenxin",32,{"title":153,"slug":154,"category":142,"order":155},"爱心","aixin",33,{"title":157,"slug":158,"category":142,"order":159},"信誉","xinyu",34,{"title":161,"slug":162,"category":142,"order":163},"正直","zhengzhi",35,{"title":165,"slug":166,"category":142,"order":167},"理性","lixing",36,{"title":169,"slug":170,"category":142,"order":171},"长期主义","zhangqizhuyi",37,{"title":173,"slug":174,"category":175,"order":176},"1999年 《都市快报》采访手记","duanyongping-1999nian-doushikuaibao-caifangshouji","访谈实录",100,{"title":178,"slug":179,"category":175,"order":180},"1999年 步步高讲话","duanyongping-1999nian-bubugaojianghua",101,{"title":182,"slug":183,"category":175,"order":184},"1999年做客人民大学精彩问答实录","duanyongping-1999nianzuokerenmindaxuejingcaiwendashilu",102,{"title":186,"slug":187,"category":175,"order":188},"2000年 《销售与市场》杂志专访","duanyongping-2000nian-xiaoshouyushichang-zazhizhuanfang",103,{"title":190,"slug":191,"category":175,"order":192},"2000年在央视“品牌与传播国际论坛”上的演讲","duanyongping-2000nianzaiyangshi-pinpaiyuchuanboguojiluntan-shangdeyanjiang",104,{"title":194,"slug":195,"category":175,"order":196},"2000追逐世界的节奏 —— 《经营者》杂志2000年，步步高总经理访谈记录","duanyongping-2000zhuizhushijiedejiezou-jingyingzhe-zazhi2000nian-bubugaozongjing",105,{"title":198,"slug":199,"category":175,"order":200},"2001《经营天下：高峰论坛 之 段永平》—— 2001年末中国20位行业巨头面对面访谈录","duanyongping-2001-jingyingtianxia-gaofengluntan-zhi-duanyongping-2001nianmozhong",106,{"title":202,"slug":203,"category":175,"order":204},"2001年 我为什么要去读书？ —— 《读者》2001年11月刊","duanyongping-2001nian-woweishenmeyaoqudushu-duzhe-2001nian11yuekan",107,{"title":206,"slug":207,"category":175,"order":208},"2001年《世界经理人文摘》专访","duanyongping-2001nian-shijiejinglirenwenzhai-zhuanfang",108,{"title":210,"slug":211,"category":175,"order":212},"2002年 CCTV2经济频道《卖点》栏目采访：投影机能否走进家庭？","duanyongping-2002nian-cctv2jingjipindao-maidian-lanmucaifang-touyingjinengfouzou",109,{"title":214,"slug":215,"category":175,"order":216},"2003年北京大学总裁班演讲座谈会全程实录","duanyongping-2003nianbeijingdaxuezongcaibanyanjiangzuotanhuiquanchengshilu",110,{"title":218,"slug":219,"category":175,"order":220},"2004财富人生—段永平 2004 采访","duanyongping-2004caifurensheng-duanyongping-2004-caifang",111,{"title":222,"slug":223,"category":175,"order":224},"2005年步步高十周年“记”念晚会：段永平发言","duanyongping-2005nianbubugaoshizhounian-ji-nianwanhui-duanyongpingfayan",112,{"title":226,"slug":227,"category":175,"order":228},"2006年 深度对话网易证券全程实录","duanyongping-2006nian-shenduduihuawangyizhengquanquanchengshilu",113,{"title":230,"slug":231,"category":175,"order":232},"2006年做客新浪财经频道聊天全实录","duanyongping-2006nianzuokexinlangcaijingpindaoliaotianquanshilu",114,{"title":234,"slug":235,"category":175,"order":236},"2006年浙大“实话实说”","duanyongping-2006nianzheda-shihuashishuo",115,{"title":238,"slug":239,"category":175,"order":240},"2007年与巴菲特共进午餐后网易专访","duanyongping-2007nianyubafeitegongjinwucanhouwangyizhuanfang",116,{"title":242,"slug":243,"category":175,"order":244},"2007年波士堂访谈","duanyongping-2007nianboshitangfangtan",117,{"title":246,"slug":247,"category":175,"order":248},"2009年 深度专访： 探讨公益人生，分享成功体会","duanyongping-2009nian-shenduzhuanfang-tantaogongyirensheng-fenxiangchenggongtihu",118,{"title":250,"slug":251,"category":175,"order":252},"2009年《21世纪经济报道》独家专访：我不认为巴菲特是股神（2009年）","duanyongping-2009nian-21shijijingjibaodao-dujiazhuanfang-woburenweibafeiteshigus",119,{"title":254,"slug":255,"category":175,"order":256},"2009浙大MBA分享：企业追求的是稳健的发展，基本功最重要","duanyongping-2009zhedambafenxiang-qiyezhuiqiudeshiwenjiandefazhan-jibengongzuizh",120,{"title":258,"slug":259,"category":175,"order":260},"2010年 步步高董事长段永平和人大校长纪宝成记者会实录","duanyongping-2010nian-bubugaodongshizhangduanyongpingherendaxiaozhangjibaochengj",121,{"title":262,"slug":263,"category":175,"order":264},"2011年买入苹果思考","duanyongping-2011nianmairupingguosikao",122,{"title":266,"slug":267,"category":175,"order":268},"2013年浙大演讲","duanyongping-2013nianzhedayanjiang",123,{"title":270,"slug":271,"category":175,"order":272},"2016年浙大60周年专访","duanyongping-2016nianzheda60zhounianzhuanfang",124,{"title":274,"slug":275,"category":175,"order":276},"2025年浙江大学演讲及问答完整版","duanyongping-2025nianzhejiangdaxueyanjiangjiwendawanzhengban",125,{"title":278,"slug":279,"category":175,"order":280},"2025年谈躺平与内卷、与王石交流子女教育","duanyongping-2025niantantangpingyuneijuan-yuwangshijiaoliuzinvjiaoyu",126,{"title":282,"slug":283,"category":175,"order":284},"2025年： 方三文对话段永平：做自己能够喜欢的事情很重要","duanyongping-2025nian-fangsanwenduihuaduanyongping-zuozijinenggouxihuandeshiqing",127,{"title":286,"slug":287,"category":288,"order":289},"问答录：第一章 投资大道","dadaotouziwendalu-diyizhangtouzidadao","投资问答录",200,{"title":291,"slug":292,"category":288,"order":293},"问答录：第二章 商业模式和企业文化","dadaotouziwendalu-dierzhangshangyemoshiheqiyewenhua",201,{"title":295,"slug":296,"category":288,"order":297},"问答录：第三章 公司点评","dadaotouziwendalu-disanzhanggongsidianping",202,{"title":299,"slug":300,"category":288,"order":301},"问答录：第四章 人生箴言","dadaotouziwendalu-disizhangrenshengzhenyan",203,{"title":303,"slug":304,"category":288,"order":305},"问答录：第五章 演讲与访谈","dadaotouziwendalu-diwuzhangyanjiangyufangtan",204,{"title":307,"slug":308,"category":288,"order":309},"问答录：第六章 更新","dadaotouziwendalu-diliuzhangduzhegengxin",205,{"title":311,"slug":312,"category":288,"order":313},"商业逻辑篇：第1节：伟大企业","duanyongping-shangyeluoji-di1jie-weidaqiye",401,{"title":315,"slug":316,"category":288,"order":317},"商业逻辑篇：第2节：商业模式","duanyongping-shangyeluoji-di2jie-shangyemoshi",402,{"title":319,"slug":320,"category":288,"order":321},"商业逻辑篇：第3节：企业文化","duanyongping-shangyeluoji-di3jie-qiyewenhua",403,{"title":323,"slug":324,"category":288,"order":325},"商业逻辑篇：第4节：产品、差异化与创新","duanyongping-shangyeluoji-di4jie-chanpin-chayihua-yu-chuangxin",404,{"title":327,"slug":328,"category":288,"order":329},"商业逻辑篇：第5节：品牌、营销与广告","duanyongping-shangyeluoji-di5jie-pinpai-yingxiao-yu-guanggao",405,{"title":331,"slug":332,"category":288,"order":333},"商业逻辑篇：第6节：收购和多元化","duanyongping-shangyeluoji-di6jie-shougouheduoyuanhua",406,{"title":335,"slug":336,"category":288,"order":337},"商业逻辑篇：第7节：Stop doing list（不为清单）","duanyongping-shangyeluoji-di7jie-stop-doing-list-buweiqingdan",407,{"title":339,"slug":340,"category":288,"order":341},"投资问答录商业逻辑篇：前言：买股票就是买公司","duanyongping-shangyeluoji-qianyan-maiqushoujiiumaishangsi",408,{"title":343,"slug":344,"category":288,"order":345},"投资逻辑篇：第1章：投资理念","duanyongping-touziluoji-di1zhang-touzilinian",410,{"title":347,"slug":348,"category":288,"order":349},"投资逻辑篇：第2章：投资理解","duanyongping-touziluoji-di2jie-touzilijie",411,{"title":351,"slug":352,"category":288,"order":353},"投资问答录：第3章 golf和投资","duanyongping-touziluoji-di3zhang-golfhetouzi",412,{"title":355,"slug":356,"category":288,"order":357},"投资逻辑篇：第4章 财务理解","duanyongping-touziwendalu-touziluoji-di4zhang-caiwulijie",413,{"title":359,"slug":360,"category":288,"order":361},"投资逻辑篇：第5章：估值逻辑","duanyongping-touziluoji-di5zhang-guzhiluoji",414,{"title":363,"slug":364,"category":288,"order":365},"投资逻辑篇：第6章 投资方法论","duanyongping-touziluoji-di6zhang-touzifangfalun",415,{"title":367,"slug":368,"category":288,"order":369},"投资逻辑篇：第7章：案例分析","duanyongping-touziluoji-di7zhang-anlifenxi",416,{"id":371,"title":76,"body":372,"category":45,"date":692,"description":693,"extension":694,"meta":695,"navigation":696,"order":74,"path":697,"seo":698,"seoDescription":699,"seoTitle":700,"slug":77,"stem":701,"__hash__":702,"_collection":703},"dao\u002Fdao\u002Fconcepts\u002Fjingzichan.md",{"type":373,"value":374,"toc":665},"minimark",[375,378,382,407,414,417,422,437,440,444,451,454,458,468,471,475,481,490,493,497,504,507,511,521,527,531,536,539,542,546,549,553,556,560,563,566,570,573,577,580,586,595,598,613,619,631,637,645,651,659],[376,377,76],"h1",{"id":76},[379,380,381],"h2",{"id":381},"定义与起源",[383,384,385,386,406],"p",{},"扣除商誉的净资产是段永平在看财报时特别关注的几个数字之一。他在2010年明确提到：",[387,388,389,390,394,395,394,398,401,402,405],"strong",{},"比较在意的数字是几个：",[391,392,43],"a",{"href":393},"\u002Ffuzhai","、",[391,396,55],{"href":397},"\u002Fjingxianjin",[391,399,62],{"href":400},"\u002Fxianjinliu","、开销合理性、",[391,403,65],{"href":404},"\u002Fzhenshilirun","、扣除商誉的净资产，好像没了。"," （2010-03-08）",[383,408,409,410,413],{},"段永平还创造了\"有效净资产\"的概念：",[387,411,412],{},"编这个名词的目的就是不想让自己被\"净资产\"的表面数字所迷惑。\"有效净资产\"指的其实就是公司的真实盈利能力。有效净资产只是一个概念，并不是定义为净资产减无效资产的那个东西。"," （2010-08-20）",[379,415,416],{"id":416},"核心要义",[418,419,421],"h3",{"id":420},"_1-有效净资产概念","1. 有效净资产概念",[383,423,424,425,413],{},"段永平解释：",[387,426,427,428,430,431,433,434,436],{},"计算价值只和未来总的",[391,429,62],{"href":400},"折现有关。其实净资产只是产生未来",[391,432,62],{"href":400},"的因素之一，所以我编了个\"有效净资产\"的名词。也就是说，不能产生",[391,435,62],{"href":400},"的净资产其实没有价值（有时还可能是负价值）。",[383,438,439],{},"有效净资产指的是公司的真实盈利能力，而不是账面净资产。",[418,441,443],{"id":442},"_2-不赚钱的净资产是累赘","2. 不赚钱的净资产是累赘",[383,445,446,447,450],{},"段永平强调：",[387,448,449],{},"不赚钱的净资产有时候就是个累赘。比如在渺无人烟的地方建个酒店，花了一个亿，现在每年亏500w。重置成本还是一个亿，现在5000w想卖，这里谁要？"," （2010-04-25）",[383,452,453],{},"有些净资产不仅不能产生价值，还会成为负担。",[418,455,457],{"id":456},"_3-警惕价值陷阱","3. 警惕价值陷阱",[383,459,460,461,467],{},"段永平提醒：",[387,462,463,464,466],{},"这个大概就是人们常说的价值陷阱，如果理解未来",[391,465,62],{"href":400},"折现的概念就容易理解芒格说的是啥了。所以未必市值低过净资产甚至现金的股票就值得投资，除非你能看懂你买的是什么。"," （2012-06-26）",[383,469,470],{},"仅仅因为市值低于净资产就投资，很可能会掉入价值陷阱。",[418,472,474],{"id":473},"_4-净资产收益率roe是参考指标","4. 净资产收益率（ROE）是参考指标",[383,476,477,478,406],{},"段永平说：",[387,479,480],{},"\"净资产收益率\"是个很好的指标，可以用来排除那些你不喜欢的公司，但不能作为\"核心指标\"去决定你是否要投的公司。这个指标如果好的话，你首先要看的是债务；如果没有债务问题则马上要看文化，看这种获利是否可以持续。最后还是要回到\"right business，right people，right price\"。",[383,482,483,489],{},[387,484,485,486,488],{},"在没有贷款的前提下，净资产收益率高的公司当然是不错的，说明公司的盈利能力强。净资产收益率低的公司一般都不太好，但成长型公司的初期可能净资产收益率会很低。关键还是看你能不能看懂公司的未来（",[391,487,62],{"href":400},"）。"," （2011-02-13）",[379,491,492],{"id":492},"实战案例",[418,494,496],{"id":495},"uhal净资产高的机会","UHAL：净资产高的机会",[383,498,499,500,503],{},"段永平举例：",[387,501,502],{},"我的算法很简单，就是朋友告诉我uhal有50块以上的净资产，我不太相信，因为当时股价在5块左右，然后找不同的人查了一下，自己也看了看，确实是有50左右，就买了。这种机会就是巴菲特讲的天上掉馅饼的事吧？最关键的是这时候你的水桶要够大，不然也接不到啥。"," （2010-03-09）",[383,505,506],{},"UHAL的净资产高，但关键是要能看懂公司的真实价值。",[418,508,510],{"id":509},"网易现金比市值高","网易：现金比市值高",[383,512,513,514,520],{},"网友问：",[387,515,516,517,519],{},"你买网易时说它\"企业里面的现金就有2块钱，股价不到1块钱\"。请问大哥：这里的\"现金\"指的是净资产还是",[391,518,62],{"href":400},"？"," （2010-04-06）",[383,522,523,524,526],{},"段永平投资网易时，不仅看现金，更看重公司的未来",[391,525,62],{"href":400},"。",[418,528,530],{"id":529},"渺无人烟的酒店负价值的净资产","渺无人烟的酒店：负价值的净资产",[383,532,499,533,450],{},[387,534,535],{},"比如在渺无人烟的地方建个酒店，花了一个亿，现在每年亏500w。重置成本还是一个亿，现在5000w想卖，这里谁要？",[383,537,538],{},"这说明有些净资产不仅没有价值，还可能是负价值。",[379,540,541],{"id":541},"常见误解",[418,543,545],{"id":544},"误解一净资产高就是好","误解一：净资产高就是好",[383,547,548],{},"很多投资者以为净资产高就是好公司，但段永平强调不赚钱的净资产有时候就是个累赘。",[418,550,552],{"id":551},"误解二市值低于净资产就值得投资","误解二：市值低于净资产就值得投资",[383,554,555],{},"很多人以为市值低于净资产就值得投资，但段永平提醒这可能是价值陷阱，关键是要能看懂你买的是什么。",[418,557,559],{"id":558},"误解三roe是核心指标","误解三：ROE是核心指标",[383,561,562],{},"很多人把ROE作为核心指标，但段永平认为ROE是个很好的参考指标，但不能作为\"核心指标\"去决定你是否要投的公司。",[379,564,565],{"id":565},"思想演变",[418,567,569],{"id":568},"早期从经营企业中理解有效净资产","早期：从经营企业中理解有效净资产",[383,571,572],{},"段永平在经营步步高时就明白，有些资产能赚钱，有些资产不能赚钱，甚至会成为负担。",[418,574,576],{"id":575},"投资时期提出有效净资产概念","投资时期：提出有效净资产概念",[383,578,579],{},"在投资中，段永平提出了有效净资产的概念，强调不能被净资产的表面数字所迷惑。",[418,581,583,584,69],{"id":582},"成熟时期结合未来现金流折现","成熟时期：结合未来",[391,585,62],{"href":400},[383,587,588,589,591,592,594],{},"随着经验的积累，段永平越来越强调要结合未来",[391,590,62],{"href":400},"折现来看待净资产，净资产只是产生未来",[391,593,62],{"href":400},"的因素之一。",[379,596,597],{"id":597},"原话引用",[599,600,601],"blockquote",{},[383,602,603,406],{},[387,604,389,605,394,607,394,609,401,611,405],{},[391,606,43],{"href":393},[391,608,55],{"href":397},[391,610,62],{"href":400},[391,612,65],{"href":404},[599,614,615],{},[383,616,617,413],{},[387,618,412],{},[599,620,621],{},[383,622,623,413],{},[387,624,427,625,430,627,433,629,436],{},[391,626,62],{"href":400},[391,628,62],{"href":400},[391,630,62],{"href":400},[599,632,633],{},[383,634,635,450],{},[387,636,449],{},[599,638,639],{},[383,640,641,467],{},[387,642,463,643,466],{},[391,644,62],{"href":400},[599,646,647],{},[383,648,649,406],{},[387,650,480],{},[599,652,653],{},[383,654,655,489],{},[387,656,485,657,488],{},[391,658,62],{"href":400},[599,660,661],{},[383,662,663,503],{},[387,664,502],{},{"title":666,"searchDepth":12,"depth":12,"links":667},"",[668,669,675,680,685,691],{"id":381,"depth":12,"text":381},{"id":416,"depth":12,"text":416,"children":670},[671,672,673,674],{"id":420,"depth":16,"text":421},{"id":442,"depth":16,"text":443},{"id":456,"depth":16,"text":457},{"id":473,"depth":16,"text":474},{"id":492,"depth":12,"text":492,"children":676},[677,678,679],{"id":495,"depth":16,"text":496},{"id":509,"depth":16,"text":510},{"id":529,"depth":16,"text":530},{"id":541,"depth":12,"text":541,"children":681},[682,683,684],{"id":544,"depth":16,"text":545},{"id":551,"depth":16,"text":552},{"id":558,"depth":16,"text":559},{"id":565,"depth":12,"text":565,"children":686},[687,688,689],{"id":568,"depth":16,"text":569},{"id":575,"depth":16,"text":576},{"id":582,"depth":16,"text":690},"成熟时期：结合未来现金流折现",{"id":597,"depth":12,"text":597},null,"扣除商誉的净资产是段永平特别关注的财务指标之一，强调有效净资产，区分赚钱的资产和不赚钱的资产。","md",{},true,"\u002Fdao\u002Fconcepts\u002Fjingzichan",{"title":76,"description":693},"段永平谈扣除商誉的净资产：扣除商誉的净资产是段永平特别关注的财务指标之一，强调有效净资产，区分赚钱的资产和不赚钱的资产。","扣除商誉的净资产｜大道总纲","dao\u002Fconcepts\u002Fjingzichan","6ry3Vd_gzrNqB57Y3erd_cD_XsmISX9e_sIB929WBtU","dao",1778608453813]