{"id":9488,"date":"2025-11-27T14:03:57","date_gmt":"2025-11-27T06:03:57","guid":{"rendered":"https:\/\/fisf.fudan.edu.cn\/femba\/?p=9488"},"modified":"2025-12-31T16:05:03","modified_gmt":"2025-12-31T08:05:03","slug":"%e7%a7%91%e6%8a%80%e5%b7%a8%e5%a4%b4%e5%bb%b6%e9%95%bf%e6%9c%8d%e5%8a%a1%e5%99%a8%e6%8a%98%e6%97%a7%e5%b9%b4%e9%99%90-%e7%ba%b8%e9%9d%a2%e5%af%8c%e8%b4%b5%e8%bf%98","status":"publish","type":"post","link":"https:\/\/fisf.fudan.edu.cn\/femba\/9488\/","title":{"rendered":"\u6731\u857e\uff1a\u79d1\u6280\u5de8\u5934\u5ef6\u957f\u670d\u52a1\u5668\u6298\u65e7\u5e74\u9650\u2014\u2014\u201c\u7eb8\u9762\u5bcc\u8d35\u201d\u8fd8\u662f\u771f\u5b9e\u7684\u6280\u672f\u7ea2\u5229\uff1f"},"content":{"rendered":"\n<section data-role=\"outer\" label=\"Powered by 135editor.com\" style=\"\">\n    <section data-mpa-template=\"t\" mpa-from-tpl=\"t\">\n        <section style=\"border-width:0px;border-style:none;border-color:initial;box-sizing:border-box;\" mpa-from-tpl=\"t\">\n            <section style=\"margin-bottom:10px; margin-top:-20px;\" mpa-from-tpl=\"t\">\n                <section style=\"box-sizing:border-box;width:100%;margin-bottom:-30px;text-align:center;\" data-width=\"100%\" mpa-from-tpl=\"t\" class=\"\">\n                    <section data-preserve-color=\"t\" style=\"box-sizing:border-box;width:64px;height:64px;background:#fefefe;border-radius:50%;margin-right:auto;margin-left:auto;display:inline-block;\" mpa-from-tpl=\"t\">\n                        <section data-role=\"width\" style=\"box-sizing:border-box;display:inline-block;width:32px;\" mpa-from-tpl=\"t\"><img decoding=\"async\" loading=\"lazy\" border=\"0\" data-type=\"png\" height=\"\" src=\"https:\/\/mmbiz.qpic.cn\/mmbiz_png\/fgnkxfGnnkQHrbiaR05ibWjdTib5rVzbZRE7f8VcgckIV4tiaVMvquMYiaQkJj2VfdGuO34ZTGqIqqjzMkDfEsbx9TA\/640?wx_fmt=png\" style=\"box-sizing:border-box;margin-top:18px;width:32px !important;height:auto !important;visibility:visible !important;\" width=\"2rem\" data-ratio=\"0.8571428571428571\" data-w=\"35\"><\/section>\n                    <\/section>\n                <\/section>\n                <section data-preserve-color=\"t\" style=\"font-size:14px;padding:30px;background-color:rgb(242, 244, 245);border-radius:10px;margin-top:-16px;box-sizing:border-box;\" mpa-from-tpl=\"t\">\n                    <section style=\"color: rgb(176, 176, 177);line-height: 2em;\"><span style=\"color: #595959;letter-spacing: 1px;\"><span style=\"color: #595959;letter-spacing: 1px;\">\u6700\u8fd1\uff0c\u6211\u4eec\u770b\u5230\u4e00\u4e2a\u6709\u8da3\u7684\u73b0\u8c61\uff1a\u8bb8\u591a\u6295\u8eab\u4e8eAI\u6d6a\u6f6e\u7684\u79d1\u6280\u516c\u53f8\uff0c\u6bd4\u5982\u5fae\u8f6f\u3001\u8c37\u6b4c\u548c\u4e9a\u9a6c\u900a\uff0c\u4e0d\u7ea6\u800c\u540c\u5730\u5ef6\u957f\u4e86\u5176\u670d\u52a1\u5668\u7b49\u6570\u636e\u4e2d\u5fc3\u8d44\u4ea7\u7684\u6298\u65e7\u5e74\u9650\u3002\u8fd9\u7a76\u7adf\u662f\u600e\u4e48\u4e00\u56de\u4e8b\uff1f\u5b83\u5bf9\u6211\u4eec\u7406\u89e3\u8fd9\u4e9b\u516c\u53f8\u7684\u8d22\u62a5\u610f\u5473\u7740\u4ec0\u4e48\uff1f<\/span><\/span>\n                    <\/section>\n                <\/section>\n            <\/section>\n        <\/section>\n    <\/section>\n    <p style=\"margin: 15px 8px;line-height: 2em;\"><span style=\"font-size: 14px;color: #595959;letter-spacing: 1px;\">\u7b80\u5355\u6765\u8bf4\uff0c\u8fd9\u5c31\u50cf\u4f60\u4e70\u4e86\u4e00\u8f86\u8f66\uff0c\u539f\u672c\u8ba1\u5212\u5f005\u5e74\u5c31\u62a5\u5e9f\uff0c\u6bcf\u5e74\u5728\u8d26\u672c\u4e0a\u8bb0\u4e0b1\/5\u7684\u4ef7\u503c\u635f\u8017\u3002\u4f46\u540e\u6765\u4f60\u53d1\u73b0\u8fd9\u8f66\u8d28\u91cf\u7279\u522b\u597d\uff0c\u4fdd\u517b\u5f97\u5f53\uff0c\u51b3\u5b9a\u8981\u5f008\u5e74\u3002\u4e8e\u662f\uff0c\u4f60\u6539\u6210\u6bcf\u5e74\u53ea\u8bb01\/8\u7684\u635f\u8017\u3002\u8fd9\u6837\u505a\uff0c\u4f60\u6bcf\u5e74\u8d26\u9762\u4e0a\u7684&#8221;\u8d39\u7528&#8221;\u5c31\u964d\u4f4e\u4e86\uff0c\u663e\u5f97\u66f4\u6709\u94b1\u4e86\u3002<\/span>\n    <\/p>\n    <p style=\"margin: 15px 8px;line-height: 2em;\"><span style=\"font-size: 14px;color: #595959;letter-spacing: 1px;\">\u79d1\u6280\u516c\u53f8\u6b63\u5728\u505a\u7684\uff0c\u5c31\u662f\u8fd9\u4ef6\u4e8b\u3002\u5728\u4f1a\u8ba1\u4e0a\uff0c\u8fd9\u4e2a\u64cd\u4f5c\u6709\u4e00\u4e2a\u6b63\u5f0f\u540d\u79f0\uff0c\u53eb\u505a&#8221;\u4f1a\u8ba1\u4f30\u8ba1\u53d8\u66f4&#8221;\uff08Change\n            in Accounting Estimate\uff09\u3002<\/span><\/p>\n    <p style=\"margin: 15px 8px;line-height: 2em;\"><br><\/p>\n    <section data-mpa-template=\"t\" mpa-from-tpl=\"t\">\n        <section mpa-from-tpl=\"t\">\n            <section style=\"margin-top: 10px;margin-bottom: 10px;display: flex;flex-direction: column;align-items: flex-start;\" mpa-from-tpl=\"t\">\n                <section style=\"padding-right: 30px; font-size: 18px; line-height: 40px; border-bottom: 1px solid rgb(172, 30, 30); box-sizing: border-box;\" mpa-from-tpl=\"t\"><strong><span style=\"color: #CD952C;font-size: 16px;\">\u80cc\u540e\u53d1\u751f\u4e86\u4ec0\u4e48\uff1f\u2014\u2014\n                            \u52a8\u673a\u7684&#8221;\u4e00\u4f53\u4e24\u9762&#8221;<\/span><\/strong><\/section>\n                <section style=\"box-sizing:border-box;width: 50px;border-top: 3px solid rgb(172, 30, 30);height: 1px;\" mpa-from-tpl=\"t\"><br mpa-from-tpl=\"t\"> <\/section>\n            <\/section>\n        <\/section>\n    <\/section>\n    <p style=\"margin: 15px 8px;line-height: 2em;\"><span style=\"color: #595959;font-size: 14px;letter-spacing: 1px;\">\u4e3a\u4ec0\u4e48\u516c\u53f8\u8981\u5728\u8fd9\u4e2a\u65f6\u95f4\u70b9\u505a\u8fd9\u6837\u7684\u53d8\u66f4\uff1f\u8fd9\u80cc\u540e\u901a\u5e38\u6709\u4e24\u79cd\u9a71\u52a8\u529b\uff0c\u5b83\u4eec\u53ef\u80fd\u540c\u65f6\u5b58\u5728\uff1a<\/span>\n    <\/p>\n    <p style=\"margin: 15px 8px;line-height: 2em;\"><span style=\"font-size: 14px;color: #595959;letter-spacing: 1px;\">\u2460\n            \u5408\u7406\u7684\u5546\u4e1a\u4e0e\u6280\u672f\u903b\u8f91 (The Formal View)<\/span><\/p>\n    <p style=\"margin: 15px 8px;line-height: 2em;\"><span style=\"font-size: 14px;color: #595959;letter-spacing: 1px;\">\u9996\u5148\uff0c\u6211\u4eec\u4e0d\u80fd\u7b80\u5355\u5730\u8ba4\u4e3a\u8fd9\u7eaf\u7cb9\u662f\u8d22\u52a1\u7c89\u9970\u3002\u8fd9\u79cd\u53d8\u66f4\u80cc\u540e\uff0c\u4e5f\u53ef\u80fd\u6709\u5176\u575a\u5b9e\u7684\u5546\u4e1a\u548c\u6280\u672f\u652f\u6491\uff1a<\/span>\n    <\/p>\n    <p style=\"margin: 15px 8px;line-height: 2em;\"><span style=\"font-size: 14px;color: #595959;letter-spacing: 1px;\">\u786c\u4ef6\u786e\u5b9e\u66f4\u8010\u7528\u4e86\uff1a\u968f\u7740\u6280\u672f\u8fed\u4ee3\u5347\u7ea7\uff0c\u670d\u52a1\u5668\u7684\u67b6\u6784\u8bbe\u8ba1\u3001\u6563\u70ed\u6280\u672f\u548c\u7ec4\u4ef6\u7684\u53ef\u9760\u6027\u4e0e\u8010\u4e45\u6027\u786e\u5b9e\u5728\u63d0\u5347\uff0c\u4f7f\u5176\u7269\u7406\u5bff\u547d\u548c\u7ecf\u6d4e\u5bff\u547d\u5f97\u4ee5\u5ef6\u957f\u3002<\/span>\n    <\/p>\n    <p style=\"margin: 15px 8px;line-height: 2em;\"><span style=\"font-size: 14px;color: #595959;letter-spacing: 1px;\">\u8d44\u4ea7\u7684&#8221;\u68af\u6b21\u5229\u7528&#8221;\uff1a\u516c\u53f8\u6b63\u6784\u5efa\u6df7\u5408\u8ba1\u7b97\u67b6\u6784\uff0c\u53ef\u80fd\u4f1a\u5c06\u4e00\u7ebf\u8981\u6c42\u6700\u9ad8\u7684AI\u6a21\u578b\u8bad\u7ec3\u548c\u63a8\u7406\u4efb\u52a1\u4ea4\u7ed9\u6700\u65b0\u7684\u670d\u52a1\u5668\u96c6\u7fa4\uff0c\u800c\u5c06\u9000\u4e0b\u6765\u7684\u65e7\u670d\u52a1\u5668\u8f6c\u7528\u4e8e\u6570\u636e\u5206\u6790\u3001\u5185\u90e8\u6d4b\u8bd5\u6216\u5b58\u50a8\u5907\u4efd\u7b49\u7b97\u529b\u8981\u6c42\u8f83\u4f4e\u7684\u5de5\u4f5c\u3002\u901a\u8fc7\u8fd9\u6837\u7684\u7cbe\u7ec6\u5316\u7ba1\u7406\uff0c\u8d44\u4ea7\u7684\u6574\u4f53\u5229\u7528\u7387\u5f97\u5230\u63d0\u5347\uff0c\u670d\u52a1\u5468\u671f\u4e5f\u786e\u5b9e\u88ab\u62c9\u957f\u4e86\u3002<\/span>\n    <\/p>\n    <p style=\"text-align: center; position: relative;\" align=\"center\"><img decoding=\"async\" class=\"rich_pages\" data-backh=\"325\" data-backw=\"578\" data-galleryid=\"\" data-s=\"300,640\" src=\"https:\/\/fisf.fudan.edu.cn\/femba\/wp-content\/uploads\/2025\/12\/7.png\" data-type=\"jpeg\" style=\"box-sizing:border-box;width: 100%;height: auto;\" data-ratio=\"0.5625\" data-w=\"1080\" data-op=\"change\"><span style=\"position:absolute;right:8px;bottom:8px;font-size:12px;color:#fff;background:rgba(0,0,0,0.5);padding:2px 6px;border-radius:3px;\">\u672c\u56fe\u7247\u7531AI\u751f\u6210<\/span><\/p>\n    <p style=\"margin: 15px 8px;line-height: 2em;\"><span style=\"font-size: 14px;color: #595959;letter-spacing: 1px;\">\u2461\n            \u73b0\u5b9e\u538b\u529b\u4e0b\u7684&#8221;\u8d22\u52a1\u9b54\u672f&#8221; (The Informal View)<\/span><\/p>\n    <p style=\"margin: 15px 8px;line-height: 2em;\"><span style=\"font-size: 14px;color: #595959;letter-spacing: 1px;\">\u9ad8\u6602\u7684AI\u519b\u5907\u7ade\u8d5b\uff1a\u4e3a\u4e86\u5728AI\u9886\u57df\u4fdd\u6301\u9886\u5148\uff0c\u516c\u53f8\u5fc5\u987b\u65a5\u5de8\u8d44\uff08\u5373\u9ad8\u989d\u7684\u8d44\u672c\u652f\u51fa,\n            CapEx\uff09\u8d2d\u4e70\u6210\u5343\u4e0a\u4e07\u53f0\u6602\u8d35\u7684AI\u670d\u52a1\u5668\u3002<\/span><\/p>\n    <p style=\"margin: 15px 8px;line-height: 2em;\"><span style=\"font-size: 14px;color: #595959;letter-spacing: 1px;\">\u4fb5\u8680\u5229\u6da6\u7684\u6298\u65e7\u70b8\u5f39\uff1a\u8fd9\u4e9b\u5de8\u989d\u6295\u8d44\u5728\u4e70\u5165\u65f6\u82b1\u7684\u662f\u771f\u91d1\u767d\u94f6\uff08\u5f71\u54cd\u73b0\u91d1\u6d41\uff09\uff0c\u4f46\u5b83\u4eec\u4e0d\u4f1a\u4e00\u6b21\u6027\u8ba1\u5165\u6210\u672c\uff0c\u800c\u662f\u901a\u8fc7&#8221;\u6298\u65e7&#8221;\u7684\u65b9\u5f0f\uff0c\u5728\u672a\u6765\u51e0\u5e74\u91cc\u5206\u644a\u5230\u5229\u6da6\u8868\u4e2d\uff0c\u9010\u5e74\u4fb5\u8680\u5229\u6da6\u3002<\/span>\n    <\/p>\n    <p style=\"margin: 15px 8px;line-height: 2em;\"><span style=\"font-size: 14px;color: #595959;letter-spacing: 1px;\">&#8220;\u4f18\u5316&#8221;\u62a5\u8868\u7684\u51b2\u52a8\uff1a\u5982\u679c\u6298\u65e7\u5e74\u9650\u77ed\uff0c\u6bcf\u5e74\u7684\u6298\u65e7\u8d39\u7528\u5c31\u975e\u5e38\u9ad8\uff0c\u4f1a\u4e25\u91cd\u62c9\u4f4e\u8d22\u62a5\u4e0a\u7684\u51c0\u5229\u6da6\uff0c\u8ba9\u6570\u5b57\u5f88\u96be\u770b\uff0c\u4ece\u800c\u5f71\u54cd\u80a1\u4ef7\u548c\u5e02\u573a\u4fe1\u5fc3\u3002\u901a\u8fc7\u5c06\u4f1a\u8ba1\u4e0a\u7684\u4f7f\u7528\u5e74\u9650\u4ece\uff08\u6bd4\u5982\uff094\u5e74\u5ef6\u957f\u52306\u5e74\uff0c\u6bcf\u5e74\u7684\u6298\u65e7\u8d39\u7528\u5c31\u80fd\u663e\u8457\u4e0b\u964d\uff0c\u5f53\u671f\u5229\u6da6\u81ea\u7136\u5c31&#8221;\u51ed\u7a7a&#8221;\u53d8\u597d\u770b\u4e86\u3002\u8fd9\u5728\u8d22\u52a1\u9886\u57df\uff0c\u5e38\u88ab\u89c6\u4e3a\u4e00\u79cd&#8221;\u76c8\u5229\u7ba1\u7406&#8221;\uff08Earnings\n            Management\uff09\u7684\u624b\u6bb5\uff0c\u65e8\u5728\u6ee1\u8db3\u8d44\u672c\u5e02\u573a\u7684\u77ed\u671f\u9884\u671f\u3002<\/span><\/p>\n    <p style=\"text-align: center; position: relative;\" align=\"center\"><img decoding=\"async\" class=\"rich_pages\" data-backh=\"383\" data-backw=\"578\" data-galleryid=\"\" data-s=\"300,640\" src=\"https:\/\/fisf.fudan.edu.cn\/femba\/wp-content\/uploads\/2025\/12\/8.png\" data-type=\"jpeg\" style=\"box-sizing:border-box;width: 100%;height: auto;\" data-ratio=\"0.6637931034482759\" data-w=\"1080\" data-op=\"change\"><span style=\"position:absolute;right:8px;bottom:8px;font-size:12px;color:#fff;background:rgba(0,0,0,0.5);padding:2px 6px;border-radius:3px;\">\u672c\u56fe\u7247\u7531AI\u751f\u6210<\/span><\/p>\n    <p style=\"margin: 15px 8px;line-height: 2em;\"><br><\/p>\n    <section data-mpa-template=\"t\" mpa-from-tpl=\"t\">\n        <section mpa-from-tpl=\"t\">\n            <section style=\"margin-top: 10px;margin-bottom: 10px;display: flex;flex-direction: column;align-items: flex-start;\" mpa-from-tpl=\"t\">\n                <section style=\"padding-right: 30px; font-size: 18px; line-height: 40px; border-bottom: 1px solid rgb(172, 30, 30); box-sizing: border-box;\" mpa-from-tpl=\"t\"><strong><span style=\"color: #CD952C;font-size: 16px;\">\u5982\u4f55\u770b\u7a7f\u771f\u76f8\uff1f\u2014\u2014\n                            \u5229\u6da6\u4e0e\u73b0\u91d1\u6d41\u7684&#8221;\u7167\u5996\u955c&#8221;<\/span><\/strong><\/section>\n                <section style=\"box-sizing:border-box;width: 50px;border-top: 3px solid rgb(172, 30, 30);height: 1px;\" mpa-from-tpl=\"t\"><br mpa-from-tpl=\"t\"> <\/section>\n            <\/section>\n        <\/section>\n    <\/section>\n    <p style=\"margin: 15px 8px;line-height: 2em;\"><span style=\"color: #595959;font-size: 14px;letter-spacing: 1px;\">\u4f5c\u4e3a\u6295\u8d44\u8005\u6216\u5206\u6790\u5e08\uff0c\u6211\u4eec\u7684\u6838\u5fc3\u4efb\u52a1\u662f\u8fa8\u522b\uff1a\u8fd9\u6b21\u53d8\u66f4\uff0c\u7a76\u7adf\u4e3b\u8981\u662f\u4e3a\u4e86&#8221;\u505a\u8d26&#8221;\uff0c\u8fd8\u662f\u771f\u5b9e\u4e1a\u52a1\u53d8\u5316\u7684\u53cd\u6620\uff1f<\/span>\n    <\/p>\n    <p style=\"margin: 15px 8px;line-height: 2em;\"><span style=\"font-size: 14px;color: #595959;letter-spacing: 1px;\">\u8fd9\u91cc\u7684\u5173\u952e\uff0c\u5728\u4e8e\u7406\u89e3&#8221;\u4f1a\u8ba1\u5229\u6da6&#8221;\u548c&#8221;\u7ecf\u8425\u73b0\u91d1\u6d41&#8221;\u8fd9\u5bf9\u6838\u5fc3\u6982\u5ff5\u7684\u6839\u672c\u533a\u522b\uff1a<\/span><\/p>\n    <p style=\"margin: 15px 8px;line-height: 2em;\"><span style=\"font-size: 14px;color: #595959;letter-spacing: 1px;\">\u4f1a\u8ba1\u5229\u6da6\n            (Accounting Profit)\uff1a\u5b83\u57fa\u4e8e\u6743\u8d23\u53d1\u751f\u5236\uff0c\u5e76\u4e14\u5305\u542b\u4e86\u5f88\u591a\u7ba1\u7406\u5c42\u7684&#8221;\u89c2\u70b9&#8221;\u548c&#8221;\u4f30\u8ba1&#8221;\uff0c\u6bd4\u5982\u6298\u65e7\u5e74\u9650\u5c31\u662f\u4e00\u79cd\u4f30\u8ba1\u3002\u5b83\u544a\u8bc9\u4f60\u516c\u53f8&#8221;\u8d26\u9762\u4e0a&#8221;\u8d5a\u4e86\u591a\u5c11\u94b1\u3002<\/span><\/p>\n    <p style=\"margin: 15px 8px;line-height: 2em;\"><span style=\"font-size: 14px;color: #595959;letter-spacing: 1px;\">\u7ecf\u8425\u73b0\u91d1\u6d41 (Operating Cash\n            Flow)\uff1a\u5b83\u57fa\u4e8e\u6536\u4ed8\u5b9e\u73b0\u5236\uff0c\u8bb0\u5f55\u7684\u662f\u516c\u53f8\u7ecf\u8425\u6d3b\u52a8\u4e2d\u5b9e\u5b9e\u5728\u5728\u6536\u5230\u7684\u548c\u4ed8\u51fa\u7684\u73b0\u91d1\u3002\u5b83\u66f4\u63a5\u8fd1\u4e8e&#8221;\u4e8b\u5b9e&#8221;\uff0c\u544a\u8bc9\u4f60\u516c\u53f8&#8221;\u53e3\u888b\u91cc&#8221;\u5b9e\u9645\u8fdb\u51fa\u4e86\u591a\u5c11\u94b1\u3002\u5ef6\u957f\u6298\u65e7\u5e74\u9650\uff0c\u6539\u53d8\u7684\u53ea\u662f&#8221;\u6298\u65e7&#8221;\u8fd9\u4e2a\u975e\u73b0\u91d1\u9879\u76ee\uff0c\u5b83\u80fd\u795e\u5947\u5730\u63a8\u9ad8\u4f1a\u8ba1\u5229\u6da6\uff0c\u4f46\u7edd\u5bf9\u4e0d\u4f1a\u6539\u53d8\u516c\u53f8\u7684\u73b0\u91d1\u6d41\u3002\u8d2d\u4e70\u670d\u52a1\u5668\u7684\u73b0\u91d1\uff0c\u5728\u652f\u4ed8\u7684\u90a3\u4e00\u523b\u5c31\u5df2\u7ecf\u6d41\u51fa\u4e86\u3002<\/span>\n    <\/p>\n    <p style=\"text-align: center; position: relative;\" align=\"center\"><img decoding=\"async\" class=\"rich_pages\" data-backh=\"383\" data-backw=\"578\" data-galleryid=\"\" data-s=\"300,640\" src=\"https:\/\/fisf.fudan.edu.cn\/femba\/wp-content\/uploads\/2025\/12\/9.png\" data-type=\"jpeg\" style=\"box-sizing:border-box;width: 100%;height: auto;\" data-ratio=\"0.6637931034482759\" data-w=\"1080\" data-op=\"change\"><span style=\"position:absolute;right:8px;bottom:8px;font-size:12px;color:#fff;background:rgba(0,0,0,0.5);padding:2px 6px;border-radius:3px;\">\u672c\u56fe\u7247\u7531AI\u751f\u6210<\/span><\/p>\n    <p style=\"margin: 15px 8px;line-height: 2em;\"><span style=\"font-size: 14px;color: #595959;letter-spacing: 1px;\">\u56e0\u6b64\uff0c\u4e00\u4e2a\u7cbe\u660e\u7684\u6295\u8d44\u8005\u7edd\u4e0d\u4f1a\u53ea\u76ef\u7740\u5229\u6da6\u8868\u4e0a\u7684\u6570\u5b57\u6cbe\u6cbe\u81ea\u559c\uff0c\u800c\u662f\u4f1a\u7acb\u523b\u62ff\u8d77&#8221;\u4e09\u8868\u8054\u7acb\u5206\u6790&#8221;\u7684X\u5149\u673a\uff0c\u8fdb\u884c\u4ee5\u4e0b\u64cd\u4f5c\uff1a<\/span>\n    <\/p>\n    <p style=\"margin: 15px 8px;line-height: 2em;\"><span style=\"font-size: 14px;color: #595959;letter-spacing: 1px;\">\u76f4\u5954\u9644\u6ce8\uff08Go to the\n            Footnotes\uff09\uff1a\u4efb\u4f55\u91cd\u5927\u7684\u4f1a\u8ba1\u4f30\u8ba1\u53d8\u66f4\u53ca\u5176\u5bf9\u8d22\u52a1\u62a5\u8868\u7684\u5f71\u54cd\uff0c\u90fd\u5fc5\u987b\u5728\u8d22\u62a5\u9644\u6ce8\u4e2d\u8fdb\u884c\u8be6\u7ec6\u62ab\u9732\u3002\u8fd9\u662f\u83b7\u53d6\u7b2c\u4e00\u624b\u4fe1\u606f\u7684\u6700\u4f73\u9014\u5f84\uff0c\u516c\u53f8\u4f1a\u5728\u8fd9\u91cc\u89e3\u91ca\u53d8\u66f4\u7684\u7406\u7531\u548c\u91cf\u5316\u5f71\u54cd\u3002<\/span><\/p>\n    <p style=\"margin: 15px 8px;line-height: 2em;\"><span style=\"font-size: 14px;color: #595959;letter-spacing: 1px;\">\u7d27\u76ef\u73b0\u91d1\u6d41\uff08Follow the\n            Money\uff09\uff1a\u5c06\u5229\u6da6\u8868\u4e0e\u73b0\u91d1\u6d41\u91cf\u8868\u8fdb\u884c\u5bf9\u6bd4\u3002\u5982\u679c\u516c\u53f8\u5229\u6da6\u5927\u5e45\u589e\u957f\uff0c\u4f46\u7ecf\u8425\u73b0\u91d1\u6d41\u6ca1\u6709\u76f8\u5e94\u6539\u5584\uff0c\u751a\u81f3\u6076\u5316\uff0c\u8fd9\u5c31\u662f\u4e00\u4e2a\u5371\u9669\u4fe1\u53f7\u3002\u5c24\u5176\u8981\u5173\u6ce8\u81ea\u7531\u73b0\u91d1\u6d41\uff08Free Cash Flow\uff09\uff0c\u5b83\uff08\u5927\u81f4=\u7ecf\u8425\u73b0\u91d1\u6d41 &#8211;\n            \u8d44\u672c\u652f\u51fa\uff09\u8861\u91cf\u4e86\u516c\u53f8\u5728\u7ef4\u6301\u8fd0\u8425\u548c\u518d\u6295\u8d44\u540e\uff0c\u771f\u6b63\u80fd\u81ea\u7531\u652f\u914d\u7684\u94b1\uff0c\u8fd9\u624d\u662f\u4ef7\u503c\u7684\u6700\u7ec8\u6765\u6e90\u3002<\/span><\/p>\n    <p style=\"margin: 15px 8px;line-height: 2em;\"><span style=\"font-size: 14px;color: #595959;letter-spacing: 1px;\">\u4fdd\u6301\u804c\u4e1a\u6000\u7591\uff08Be a\n            Detective\uff09\uff1a\u5bf9\u7ba1\u7406\u5c42\u7ed9\u51fa\u7684\u53d8\u66f4\u7406\u7531\u8fdb\u884c\u6279\u5224\u6027\u601d\u8003\u3002\u95ee\u81ea\u5df1\uff1a\u4ed6\u4eec\u8bf4\u7684\u6280\u672f\u8fdb\u6b65\u3001\u4f7f\u7528\u6a21\u5f0f\u53d8\u66f4\uff0c\u7b26\u5408\u884c\u4e1a\u6574\u4f53\u8d8b\u52bf\u5417\uff1f\u4ed6\u4eec\u7684\u540c\u884c\u4e5f\u5728\u8fd9\u6837\u505a\u5417\uff1f\u8fd9\u79cd\u7406\u7531\u7ad9\u5f97\u4f4f\u811a\u5417\uff1f<\/span><\/p>\n    <p style=\"margin: 15px 8px;line-height: 2em;\"><br><\/p>\n    <section data-mpa-template=\"t\" mpa-from-tpl=\"t\">\n        <section mpa-from-tpl=\"t\">\n            <section style=\"margin-top: 10px;margin-bottom: 10px;display: flex;flex-direction: column;align-items: flex-start;\" mpa-from-tpl=\"t\">\n                <section style=\"padding-right: 30px; font-size: 18px; line-height: 40px; border-bottom: 1px solid rgb(172, 30, 30); box-sizing: border-box;\" mpa-from-tpl=\"t\"><strong><span style=\"color: #CD952C;font-size: 16px;\">\u7ed3\u8bba<\/span><\/strong><\/section>\n                <section style=\"box-sizing:border-box;width: 50px;border-top: 3px solid rgb(172, 30, 30);height: 1px;\" mpa-from-tpl=\"t\"><br mpa-from-tpl=\"t\"> <\/section>\n            <\/section>\n        <\/section>\n    <\/section>\n    <p style=\"margin: 15px 8px;line-height: 2em;\"><span style=\"color: #595959;font-size: 14px;letter-spacing: 1px;\">\u603b\u800c\u8a00\u4e4b\uff0c\u79d1\u6280\u516c\u53f8\u5ef6\u957f\u670d\u52a1\u5668\u6298\u65e7\u5e74\u9650\uff0c\u662f\u4e00\u4e2a\u5178\u578b\u7684&#8221;\u4e00\u4f53\u4e24\u9762&#8221;\u7684\u8d22\u52a1\u4e8b\u4ef6\u3002\u5b83\u65e2\u53ef\u80fd\u662f\u6280\u672f\u8fed\u4ee3\u548c\u9ad8\u6548\u8d44\u4ea7\u7ba1\u7406\u7684\u771f\u5b9e\u4f53\u73b0\uff0c\u4e5f\u53ef\u80fd\u662f\u4e3a\u4e86\u5728AI\u6295\u5165\u7684\u5de8\u5927\u538b\u529b\u4e0b\uff0c\u7f8e\u5316\u77ed\u671f\u5229\u6da6\u7684\u8d22\u52a1\u7b56\u7565\u3002\u5b83\u5b8c\u7f8e\u5730\u8be0\u91ca\u4e86\u4e3a\u4f55\u6211\u4eec\u4e0d\u80fd\u5b64\u7acb\u5730\u770b\u5f85\u8d22\u52a1\u62a5\u8868\u4e2d\u7684\u4efb\u4f55\u4e00\u4e2a\u6570\u5b57\u3002<\/span>\n    <\/p>\n    <p style=\"margin: 15px 8px;line-height: 2em;\"><span style=\"font-size: 14px;color: #595959;letter-spacing: 1px;\">\u4e00\u4e2a\u6210\u719f\u7684\u6295\u8d44\u8005\uff0c\u5fc5\u987b\u5177\u5907\u900f\u8fc7\u4f1a\u8ba1\u5229\u6da6\u7684\u8ff7\u96fe\uff0c\u6d1e\u5bdf\u5176\u80cc\u540e\u73b0\u91d1\u6d41\u5b9e\u8d28\u548c\u5546\u4e1a\u52a8\u673a\u7684\u80fd\u529b\u3002\u4e0b\u6b21\u5f53\u4f60\u770b\u5230\u4e00\u5bb6\u516c\u53f8\u5229\u6da6\u5927\u589e\u65f6\uff0c\u4e0d\u59a8\u5148\u95ee\u4e00\u53e5\uff1a&#8221;\u73b0\u91d1\u5728\u54ea\u91cc\uff1f&#8221;<\/span>\n    <\/p>\n    <p style=\"margin: 15px 8px;line-height: 2em;\"><br><\/p>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>\u6700\u8fd1\uff0c\u6211\u4eec\u770b\u5230\u4e00\u4e2a\u6709\u8da3\u7684\u73b0\u8c61\uff1a\u8bb8\u591a\u6295\u8eab\u4e8eAI\u6d6a\u6f6e\u7684\u79d1\u6280\u516c\u53f8\uff0c\u6bd4\u5982\u5fae\u8f6f\u3001\u8c37\u6b4c\u548c\u4e9a\u9a6c\u900a\uff0c\u4e0d\u7ea6\u800c\u540c\u5730\u5ef6\u957f\u4e86\u5176\u670d\u52a1\u5668\u7b49\u6570\u636e\u4e2d\u5fc3\u8d44\u4ea7\u7684\u6298\u65e7\u5e74\u9650\u3002\u8fd9\u7a76\u7adf\u662f\u600e\u4e48\u4e00\u56de\u4e8b\uff1f\u5b83\u5bf9\u6211\u4eec\u7406\u89e3\u8fd9\u4e9b\u516c\u53f8\u7684\u8d22\u62a5\u610f\u5473\u7740\u4ec0\u4e48\uff1f \u7b80\u5355\u6765\u8bf4\uff0c\u8fd9\u5c31\u50cf\u4f60\u4e70\u4e86\u4e00\u8f86\u8f66\uff0c\u539f\u672c\u8ba1\u5212\u5f005\u5e74\u5c31\u62a5\u5e9f\uff0c\u6bcf\u5e74\u5728\u8d26\u672c<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[13,12],"tags":[],"_links":{"self":[{"href":"https:\/\/fisf.fudan.edu.cn\/femba\/wp-json\/wp\/v2\/posts\/9488"}],"collection":[{"href":"https:\/\/fisf.fudan.edu.cn\/femba\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fisf.fudan.edu.cn\/femba\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fisf.fudan.edu.cn\/femba\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/fisf.fudan.edu.cn\/femba\/wp-json\/wp\/v2\/comments?post=9488"}],"version-history":[{"count":4,"href":"https:\/\/fisf.fudan.edu.cn\/femba\/wp-json\/wp\/v2\/posts\/9488\/revisions"}],"predecessor-version":[{"id":9509,"href":"https:\/\/fisf.fudan.edu.cn\/femba\/wp-json\/wp\/v2\/posts\/9488\/revisions\/9509"}],"wp:attachment":[{"href":"https:\/\/fisf.fudan.edu.cn\/femba\/wp-json\/wp\/v2\/media?parent=9488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fisf.fudan.edu.cn\/femba\/wp-json\/wp\/v2\/categories?post=9488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fisf.fudan.edu.cn\/femba\/wp-json\/wp\/v2\/tags?post=9488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}