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（2010-03-08）",[383,411,412,413,416],{},"关于什么是合理的开销，段永平回答：",[387,414,415],{},"只要是理性的开支就可称为合理。如果是受股东压力或者说受\"成长\"的压力而花钱则有危险","。（2010-11-01）",[379,418,419],{"id":419},"核心要义",[421,422,424],"h3",{"id":423},"_1-理性开支就是合理","1. 理性开支就是合理",[383,426,427,428,416],{},"段永平定义合理开销：",[387,429,415],{},[383,431,432],{},"关键在于是否是\"理性\"的开支，而不是为了满足外界的预期而花钱。",[421,434,436],{"id":435},"_2-反对为了成长而盲目花钱","2. 反对为了成长而盲目花钱",[383,438,439,440,416],{},"段永平特别反对为了成长而盲目花钱：",[387,441,442],{},"如果是受股东压力或者说受\"成长\"的压力而花钱则有危险",[383,444,445],{},"很多公司为了满足华尔街或市场对成长的预期，会盲目扩大开支，这是非常危险的。",[421,447,449],{"id":448},"_3-资本支出大的行业不容易出现好企业","3. 资本支出大的行业不容易出现好企业",[383,451,452,453,456],{},"网友问：",[387,454,455],{},"我理解的是资本支出大的行业不容易出现好企业。不知道对不对？"," （2019-3-16）",[383,458,459,460,456],{},"段永平回答：",[387,461,462],{},"\"资本支出大的行业不容易出现好企业\"，我同意这个观点。",[383,464,465,466,468],{},"资本支出大的行业往往需要不断投入大量资金来维持运营，不容易产生自由",[391,467,62],{"href":400},"。",[421,470,472],{"id":471},"_4-成本控制是日常基本功","4. 成本控制是日常基本功",[383,474,475,476,479],{},"段永平认为：",[387,477,478],{},"对的，控制成本和经济好坏无关，是个一直要做的事情。最好笑的就是经常看到上市公司为了满足华尔街的预期去减成本，尤其是为了减成本而裁员。"," （2016-05-30）",[383,481,482],{},"成本控制应该渗透到企业文化中，而不是为了短期目标而临时削减。",[379,484,485],{"id":485},"实战案例",[421,487,489],{"id":488},"苹果明智地进行开销","苹果：明智地进行开销",[383,491,492,493,496],{},"网友引用库克的话：",[387,494,495],{},"我们会明智地进行开销。我会把每一笔花出去的钱都当作是我们兜里的最后一分钱。我认为股东会希望我们这样做。我不认为他们希望我们挥霍摆阔。"," （2012-02-14）",[383,498,499,500,503],{},"段永平对此的反应是：",[387,501,502],{},"（微笑）"," （2012-02-14），表示认可。",[421,505,507],{"id":506},"步步高广告费只占价格很小一部分","步步高：广告费只占价格很小一部分",[383,509,452,510,513],{},[387,511,512],{},"步步高最近的生活电器产品的广告都是在央视播放的，代言人还都是韩国的一线明星，广告费和代言费都不是小数目，能不能保本呢？是不是会大副抬高步步高电器的价格呢？"," （2010-03-27）",[383,515,459,516,513],{},[387,517,518],{},"广告费只可能占价格的很小一部分。消费者的眼睛是雪亮的，价格太贵他们会不知道？",[383,520,521],{},"这说明步步高在广告开销上是理性的。",[421,523,525],{"id":524},"喜诗糖果资本支出小的好生意","喜诗糖果：资本支出小的好生意",[383,527,528,529,532],{},"巴菲特说过喜诗是好生意，飞行安全公司是一般生意，航空公司是糟糕的生意。段永平同意：",[387,530,531],{},"资本支出大的行业不容易出现好企业","。（2019-3-16）",[379,534,535],{"id":535},"常见误解",[421,537,539],{"id":538},"误解一为了成长应该多花钱","误解一：为了成长应该多花钱",[383,541,542],{},"很多人认为为了公司成长应该多花钱，但段永平认为如果是受\"成长\"压力而花钱则有危险。",[421,544,546],{"id":545},"误解二资本支出大说明公司在扩张","误解二：资本支出大说明公司在扩张",[383,548,549],{},"很多人认为资本支出大是好事，说明公司在扩张，但段永平认为资本支出大的行业不容易出现好企业。",[421,551,553],{"id":552},"误解三减成本就是好事情","误解三：减成本就是好事情",[383,555,556],{},"段永平认为，真正懂得成本控制的公司是把成本控制渗透到企业文化中的，而不是为了满足华尔街预期而临时减成本。",[379,558,559],{"id":559},"思想演变",[421,561,563],{"id":562},"早期从经营企业中理解成本控制","早期：从经营企业中理解成本控制",[383,565,566],{},"段永平在经营步步高时就非常注重成本控制，这为他后来关注开销合理性奠定了基础。",[421,568,570],{"id":569},"投资时期理性开支作为筛选指标","投资时期：理性开支作为筛选指标",[383,572,573],{},"在投资中，段永平将开销合理性作为重要的筛选指标，避免投资那些为了成长而盲目花钱的公司。",[421,575,577],{"id":576},"成熟时期强调成本控制是企业文化","成熟时期：强调成本控制是企业文化",[383,579,580],{},"随着经验的积累，段永平越来越强调成本控制应该渗透到企业文化中，是日常基本功。",[379,582,583],{"id":583},"原话引用",[585,586,587],"blockquote",{},[383,588,589,409],{},[387,590,389,591,394,593,394,595,401,597,394,599,408],{},[391,592,43],{"href":393},[391,594,55],{"href":397},[391,596,62],{"href":400},[391,598,65],{"href":404},[391,600,76],{"href":407},[585,602,603],{},[383,604,605,416],{},[387,606,415],{},[585,608,609],{},[383,610,611,456],{},[387,612,462],{},[585,614,615],{},[383,616,617,479],{},[387,618,478],{},[585,620,621],{},[383,622,623,513],{},[387,624,518],{},[585,626,627],{},[383,628,629,632],{},[387,630,631],{},"你自己削减一下自己的开销试试？两年后你就明白了。"," （2016-05-28）",[585,634,635],{},[383,636,637,640],{},[387,638,639],{},"依我们过去的经验显示，一家高成本结构公司的经营者，永远找得到增加公司开支的理由；而相对的，一家低成本结构公司的经营者，永远找得到节省公司开支的方法，即使后者的成本早已远低于前者。"," （1978）",[585,642,643],{},[383,644,645,648],{},[387,646,647],{},"其实最理想的公司是能把利润继续投入到原来的生意模式里的公司，分红是其次的选择。有些公司，比如苹果，就是已经没办法把利润再投入，所以才开始回购和分红的。当然，分红比乱花钱好100倍。"," （2013-9-28）",{"title":650,"searchDepth":12,"depth":12,"links":651},"",[652,653,659,664,669,674],{"id":381,"depth":12,"text":381},{"id":419,"depth":12,"text":419,"children":654},[655,656,657,658],{"id":423,"depth":16,"text":424},{"id":435,"depth":16,"text":436},{"id":448,"depth":16,"text":449},{"id":471,"depth":16,"text":472},{"id":485,"depth":12,"text":485,"children":660},[661,662,663],{"id":488,"depth":16,"text":489},{"id":506,"depth":16,"text":507},{"id":524,"depth":16,"text":525},{"id":535,"depth":12,"text":535,"children":665},[666,667,668],{"id":538,"depth":16,"text":539},{"id":545,"depth":16,"text":546},{"id":552,"depth":16,"text":553},{"id":559,"depth":12,"text":559,"children":670},[671,672,673],{"id":562,"depth":16,"text":563},{"id":569,"depth":16,"text":570},{"id":576,"depth":16,"text":577},{"id":583,"depth":12,"text":583},null,"开销合理性是段永平特别关注的财务指标之一，强调理性支出，反对为了成长而盲目花钱。","md",{},true,"\u002Fdao\u002Fconcepts\u002Fkaixiaohelixing",{"title":58,"description":676},"段永平谈开销合理性：开销合理性是段永平特别关注的财务指标之一，强调理性支出，反对为了成长而盲目花钱。","开销合理性｜大道总纲","dao\u002Fconcepts\u002Fkaixiaohelixing","7Z8e1GN_JStmPAZm27Fyx7SVwBJtAh4lDXoHV0u0JI0","dao",1778608453791]