\u4f5c\u8005: chenzhiwuyelu 2007\u5e7410\u670825\u65e5 \u661f\u671f\u56db<\/p>\n
\u201c\u7238\u7238\uff0c\u4f60\u8bf4\u653f\u5e9c\u7ba1\u5236\u7535\u4ef7\uff0c\u6240\u4ee5\uff0c\u529e\u7535\u529b\u516c\u53f8\u96be\u8d5a\u5927\u94b1\u3002\u4f46\uff0c\u662f\u4e0d\u662f\u6240\u6709\u80fd\u6e90\u3001\u7535\u529b\u884c\u4e1a\u90fd\u53d7\u653f\u5e9c\u7ba1\u5236\uff0c\u673a\u4f1a\u90fd\u88ab\u653f\u5e9c\u6291\u5236\u5462\uff1f\u53bb\u5e74\u4f60\u4e0d\u662f\u6709\u6295\u8d44\u4e00\u5bb6\u592a\u9633\u80fd\u516c\u53f8\u5417\uff1f\u201d \u5728\u4e0a\u6b21\u8c08\u5b8c\u7535\u529b\u7ba1\u5236\u540e\uff0c\u9648\u7b1b\u8fd9\u4e48\u95ee\u6211\u3002<\/p>\n
\u201c\u4e0d\u8fc7\uff0c\u7ba1\u5236\u7535\u4ef7\uff0c\u6216\u8005\u8bf4\u7531\u653f\u5e9c\u628a\u7535\u4ef7\u3001\u6cb9\u4ef7\u4eba\u4e3a\u538b\u5f97\u5f88\u4f4e\uff0c\u8868\u9762\u4e0a\u770b\u662f\u4e3a\u4e86\u8ba9\u8001\u767e\u59d3\u5f88\u4fbf\u5b9c\u5730\u5f97\u5230\u7535\u529b\u3001\u5f97\u5230\u6c7d\u6cb9\uff0c\u964d\u4f4e\u8001\u767e\u59d3\u7684\u751f\u6d3b\u8d39\u7528\u3002\u77ed\u671f\u770b\uff0c\u597d\u50cf\u5982\u6b64\u3002\u53ef\u662f\uff0c\u4ece\u957f\u671f\u770b\uff0c\u5176\u4ee3\u4ef7\u5f88\u5927\u3002\u653f\u5e9c\u957f\u671f\u628a\u6cb9\u4ef7\u3001\u7535\u4ef7\u538b\u4f4e\uff0c\u5176\u6548\u679c\u662f\u9f13\u52b1\u6d88\u8d39\uff0c\u540c\u65f6\u4f7f\u6d6a\u8d39\u7684\u6210\u672c\u4e5f\u5f88\u4f4e\uff0c\u53d8\u76f8\u9f13\u52b1\u6d6a\u8d39\uff0c\u4f7f\u793e\u4f1a\u7684\u80fd\u6e90\u6d88\u8017\u5feb\u901f\u589e\u957f\u3002\u5c31\u5982\u4f60\u77e5\u9053\u7684\u90a3\u6837\uff0c\u4eba\u7c7b\u662f\u572819\u4e16\u7eaa\u672b\u624d\u6709\u7535\u5668\u3001\u624d\u5f00\u59cb\u666e\u53ca\u6c7d\u8f66\uff0c\u4f46\u8fd9\u77ed\u77ed\u7684100\u591a\u5e74\u91cc\uff0c\u5c31\u5df2\u7ecf\u6d88\u8017\u4e86\u5927\u91cf\u7684\u7164\u70ad\u4e0e\u77f3\u6cb9\u50a8\u85cf\u3002\u4eba\u4eec\u4f30\u8ba1\uff0c\u5982\u679c\u5168\u7403\u6309\u73b0\u5728\u7684\u901f\u5ea6\u589e\u52a0\u80fd\u6e90\u6d88\u8d39\uff0c\u7279\u522b\u662f\u968f\u7740\u4e2d\u56fd\u548c\u5370\u5ea6\u7684\u79c1\u4eba\u6c7d\u8f66\u8d8a\u6765\u8d8a\u591a\uff0c\u77f3\u6cb9\u6d88\u8017\u4f1a\u5feb\u901f\u589e\u957f\uff0c\u90a3\u4e48\uff0c\u52302040\u5e74\u5de6\u53f3\uff0c\u4e16\u754c\u7684\u77f3\u6cb9\u50a8\u91cf\u53ef\u80fd\u8981\u5168\u90e8\u8017\u5c3d\u3002\u5982\u679c\u771f\u7684\u90a3\u6837\uff0c\u5c31\u4f1a\u6709\u5168\u7403\u80fd\u6e90\u5371\u673a\u4e86\u3002\u6240\u4ee5\uff0c\u4ef7\u683c\u7ba1\u5236\u7684\u540e\u679c\u4e4b\u4e00\u662f\u52a0\u5feb\u4e86\u80fd\u6e90\u7684\u6d88\u8017\u3002\u201d<\/p>\n
\u9648\u7b1b\uff0c\u201c\u90a3\u600e\u4e48\u529e\u5462\uff1f\u592a\u591a\u77f3\u6cb9\u3001\u7164\u70ad\u6d88\u8d39\u4e0d\u662f\u5bf9\u73af\u5883\u3001\u5bf9\u7a7a\u6c14\u4e5f\u6709\u7834\u574f\u5417\uff1f\u201d<\/p>\n
\u201c\u5f53\u7136\uff0c\u7b2c\u4e00\u6b65\u8981\u505a\u7684\u662f\u5404\u56fd\u5c06\u6cb9\u4ef7\u3001\u7535\u4ef7\u63d0\u9ad8\uff0c\u6309\u5e02\u573a\u4ef7\u53bb\u6536\u8d39\uff0c\u901a\u8fc7\u9ad8\u4ef7\u6765\u589e\u52a0\u80fd\u6e90\u7684\u4f7f\u7528\u6210\u672c\uff0c\u4e5f\u7531\u6b64\u589e\u52a0\u73af\u5883\u7684\u7834\u574f\u6210\u672c\uff0c\u5f15\u5bfc\u4eba\u4eec\u5c11\u6d6a\u8d39\u7535\u3001\u5c11\u6d6a\u8d39\u6cb9\u3002\u53e6\u4e00\u65b9\u9762\u5c31\u662f\u5bfb\u6c42\u65b0\u80fd\u6e90\uff0c\u8fd9\u5305\u62ec\u592a\u9633\u80fd\u3001\u98ce\u80fd\u7b49\u7b49\uff0c\u4e5f\u5c31\u662f\u4f60\u4eec\u8001\u5e08\u8bf4\u7684\u2018\u7eff\u8272\u80fd\u6e90\u2019\uff0c\u8fd9\u4e9b\u80fd\u6e90\u54c1\u79cd\u4e0d\u7834\u574f\u73af\u5883\uff0c\u4e0d\u6c61\u67d3\u7a7a\u6c14\uff0c\u90a3\u591a\u597d\u5440\u3002\u4e0d\u8fc7\uff0c\u95ee\u9898\u662f\uff0c\u592a\u9633\u80fd\u53d1\u7535\u8bbe\u5907\u8fd8\u592a\u8d35\uff0c\u6bcf\u5ea6\u7535\u7684\u6210\u672c\u5dee\u4e0d\u591a\u662f\u7164\u70ad\u53d1\u7535\u6210\u672c\u7684\u4e24\u500d\u3002\u6240\u4ee5\uff0c\u653f\u5e9c\u8d8a\u662f\u4eba\u4e3a\u538b\u4f4e\u7535\u4ef7\uff0c\u5c31\u8d8a\u65e0\u6cd5\u7ed9\u592a\u9633\u80fd\u3001\u98ce\u80fd\u7684\u52aa\u529b\u521b\u9020\u673a\u4f1a\uff0c\u4eba\u4eec\u5c31\u65e0\u7ecf\u6d4e\u6fc0\u52b1\u53bb\u5f00\u53d1\u7814\u7a76\u65b0\u80fd\u6e90\u3002\u6362\u53e5\u8bdd\u8bf4\uff0c\u53ea\u6709\u5f53\u7535\u4ef7\u8db3\u591f\u9ad8\u65f6\uff0c\u7eff\u8272\u80fd\u6e90\u5728\u7ecf\u6d4e\u4e0a\u624d\u5408\u7b97\uff0c\u5426\u5219\uff0c\u5f80\u90a3\u4e9b\u65b9\u9762\u53bb\u521b\u4e1a\u4e0d\u5408\u7b97\u3002\u201d<\/p>\n
\u9648\u7b1b\uff0c\u201c\u54e6\uff0c\u90a3\u4e3a\u4ec0\u4e48\u53bb\u5e74\u4f60\u6295\u8d44\u4e86\u4e00\u5bb6\u592a\u9633\u80fd\u8bbe\u5907\u5236\u9020\u516c\u53f8\u5462\uff1f\u90a3\u5bb6\u516c\u53f8\u597d\u50cf\u53eb\u5e38\u5dde\u5929\u5408\u5149\u80fd\u516c\u53f8\u5427\uff1f\u6309\u4f60\u8fd9\u4e48\u8bf4\uff0c\u5176\u592a\u9633\u80fd\u8bbe\u5907\u9500\u552e\u5e02\u573a\u5c31\u96be\u4ee5\u53d1\u5c55\u4e86\u3002\u201d
\u201c\u4e0d\u8fc7\uff0c\u5e38\u5dde\u5929\u5408\u5149\u80fd\u516c\u53f8\u7684\u524d\u666f\u4f1a\u5f88\u597d\uff0c\u8fd9\u662f\u4e00\u5bb6\u4e0d\u9519\u7684\u516c\u53f8\u3002\u8be5\u516c\u53f8\u4e8e1997\u5e74\u7531\u9ad8\u7eaa\u51e1\u5148\u751f\u521b\u5efa\u3002\u90a3\u65f6\uff0c\u7ecf\u6d4e\u5168\u7403\u5316\u6b63\u5728\u5174\u8d77\uff0c\u4f46\u4e2d\u56fd\u548c\u5370\u5ea6\u7684\u4eba\u5747\u6536\u5165\u8fd8\u6709\u9650\uff0c\u7279\u522b\u662f\u5728\u4e2d\u56fd\uff0c\u5bb6\u5ead\u6c7d\u8f66\u8fd8\u662f\u4e00\u4e2a\u975e\u5e38\u9065\u8fdc\u7684\u6982\u5ff5\uff0c\u77f3\u6cb9\u5371\u673a\u3001\u80fd\u6e90\u5371\u673a\u8fd8\u4e0d\u662f\u4eba\u4eec\u666e\u904d\u62c5\u5fc3\u7684\u95ee\u9898\uff0c\u6240\u4ee5\uff0c\u867d\u7136\u592a\u9633\u80fd\u6280\u672f\u5230\u90a3\u65f6\u5df2\u6709\u53d1\u5c55\uff0c\u4f46\u8fd8\u4e0d\u662f\u90a3\u4e48\u7d27\u8feb\u7684\u884c\u4e1a\uff0c\u5176\u672a\u6765\u524d\u666f\u4e5f\u5e76\u4e0d\u660e\u6717\u3002\u53ef\u662f\uff0c\u9ad8\u5148\u751f\u770b\u5230\u592a\u9633\u80fd\u7684\u524d\u666f\u30021997\u5e74\u516c\u53f8\u6210\u7acb\u540e\uff0c\u5e38\u5dde\u5929\u5408\u5149\u80fd\u5373\u6295\u5165\u7814\u7a76\u592a\u9633\u80fd\u6280\u672f\uff0c\u52302000\u5e74\u6210\u529f\u5efa\u6210\u2018\u592a\u9633\u80fd\u6e90\u5efa\u7b51\u7cfb\u7edf\u2019\u6837\u677f\u623f\uff0c\u5ba4\u5185\u6ca1\u6709\u4e00\u4e2a\u5916\u63a5\u7535\u6e90\uff0c\u6240\u6709\u7535\u5668\u90fd\u9760\u592a\u9633\u80fd\u3002\u8fd9\u7b97\u662f\u5e38\u5dde\u5929\u5408\u5149\u80fd\u6280\u672f\u4e0a\u7684\u6210\u529f\u4e86\u3002\u4e0d\u8fc7\uff0c\u4ece\u5546\u4e1a\u4e0a\u8bb2\uff0c\u6709\u4e86\u6280\u672f\u5e76\u4e0d\u610f\u5473\u7740\u5c31\u6709\u4e86\u5546\u4e1a\u6210\u529f\uff0c\u540e\u8005\u66f4\u53d6\u51b3\u4e8e\u6280\u672f\u662f\u5982\u4f55\u88ab\u8f6c\u53d8\u6210\u4ea7\u54c1\uff0c\u53d6\u51b3\u4e8e\u5e02\u573a\u8425\u9500\u662f\u600e\u4e48\u505a\uff0c\u53d6\u51b3\u4e8e\u5b83\u7684\u4ea7\u54c1\u662f\u5426\u662f\u5e02\u573a\u9700\u6c42\u7684\u3002\u8bb8\u591a\u5de5\u7a0b\u5e08\u6709\u6280\u672f\uff0c\u4f46\u6ca1\u6709\u51e0\u4e2a\u4eba\u80fd\u5c06\u6280\u672f\u8f6c\u53d8\u6210\u8d22\u5bcc\u3001\u521b\u9020\u51fa\u4eba\u4eec\u9700\u8981\u7684\u4ef7\u503c\u3002<\/p>\n
\u201c2001\u5e74\u5f00\u59cb\uff0c\u5e38\u5dde\u5929\u5408\u5149\u80fd\u5f00\u59cb\u505a\u5e02\u573a\uff0c\u5c06\u592a\u9633\u80fd\u53d1\u7535\u4ea7\u54c1\u63a8\u5411\u5e02\u573a\u3002\u5bf9\u8be5\u516c\u53f8\u6700\u6709\u5229\u7684\u4e00\u4ef6\u4e8b\u662f\uff0c\u5fb7\u56fd\u81ea1999 \u5e74\u5f00\u59cb\u7531\u653f\u5e9c\u8865\u8d34\u592a\u9633\u80fd, \u7ed9\u592a\u9633\u80fd\u53d1\u7535\u6bcf\u5343\u74e6 \u65f6\u8865\u8d34\u7ea6 0.5\u6b27\u5143\u3002\u4ece\u90a3\u4ee5\u540e\uff0c\u5fb7\u56fd\u52a0\u5927\u6fc0\u52b1\u8001\u767e\u59d3\u5bb6\u5ead\u5728\u5c4b\u9876\u5b89\u88c5\u592a\u9633\u80fd\u88c5\u7f6e\uff0c\u968f\u540e\uff0c\u65e5\u672c\u3001\u7f8e\u56fd\u3001\u897f\u73ed\u7259\u3001\u610f\u5927\u5229\u7b49\u56fd\u5bb6\u4e5f\u8ddf\u5165\uff0c\u90fd\u901a\u8fc7\u653f\u5e9c\u8865\u8d34\u9f13\u52b1\u53d1\u5c55\u592a\u9633\u80fd\u3002\u7ed3\u679c\uff0c\u5230\u6700\u8fd1\u51e0\u5e74\uff0c\u592a\u9633\u80fd\u53d1\u7535\u8bbe\u5907\u80fd\u5236\u9020\u591a\u5c11\uff0c\u897f\u6b27\u56fd\u5bb6\u5c31\u4e70\u8d70\u591a\u5c11\uff0c\u51fa\u73b0\u4e86\u4e25\u91cd\u7684\u4f9b\u4e0d\u5e94\u6c42\u5c40\u9762\u3002\u8fd9\u5f53\u7136\u4e3a\u6240\u6709\u592a\u9633\u80fd\u8bbe\u5907\u5236\u9020\u5546\u63d0\u4f9b\u4e86\u5929\u673a\uff0c\u8c01\u80fd\u5236\u9020\u591a\u5c11\uff0c\u8fd9\u4e9b\u56fd\u5bb6\u5c31\u4e70\u591a\u5c11\u3002\u5929\u5408\u4e5f\u6293\u4f4f\u4e86\u8fd9\u4e00\u5386\u53f2\u673a\u9047\uff0c\u5148\u8fdb\u519b\u5fb7\u56fd\u5e02\u573a\uff0c\u968f\u540e\u4e5f\u5411\u5176\u5b83\u56fd\u5bb6\u9500\u552e\u3002\u201d<\/p>\n
\u9648\u7b1b\uff0c\u201c\u8fd9\u79cd\u5e02\u573a\u592a\u597d\u4e86\uff01\u4f9b\u4e0d\u5e94\u6c42\uff0c\u5236\u9020\u5546\u4e0d\u5c31\u6709\u5f88\u5927\u8d5a\u94b1\u7a7a\u95f4\u4e86\uff1f\u5728\u8fd9\u79cd\u60c5\u51b5\u4e0b\uff0c\u5e38\u5dde\u5929\u5408\u5149\u80fd\u5f53\u7136\u80fd\u8d5a\u94b1\u4e86\uff01\u201d<\/p>\n
\u201c\u4f60\u8bf4\u5f97\u5bf9\u3002\u6240\u4ee5\uff0c2006\u5e746\u6708\u7238\u7238\u901a\u8fc7\u670b\u53cb\u52a0\u5165\u9ea6\u987f\u57fa\u91d1\uff08Milestone Capital\uff09\uff0c\u9ea6\u987f\u57fa\u91d1\u4ee5\u6bcf\u80a17.4\u7f8e\u5143\u5165\u80a1\u5e38\u5dde\u5929\u5408\u5149\u80fd\u3002\u5f53\u65f6\uff0c\u5e38\u5dde\u5929\u5408\u6b63\u5728\u51c6\u5907\u53bb\u7f8e\u56fd\u4e0a\u5e02\uff0c\u4e5f\u5c31\u662f\u51c6\u5907\u628a\u5176\u516c\u53f8\u80a1\u7968\u5230\u7f8e\u56fd\u80a1\u5e02\u4e0a\u53d1\u884c\uff0c\u8ba9\u516c\u4f17\u6295\u8d44\u8005\u80fd\u81ea\u7531\u4e70\u5356\u4ea4\u6613\u3002\u4e00\u822c\u8bb2\uff0c\u7531\u4e8e\u4e0a\u5e02\u4e4b\u524d\u5165\u80a1\u98ce\u9669\u8f83\u5927\uff0c\u6240\u4ee5\uff0c\u6295\u8d44\u56de\u62a5\u6bd4\u4e0a\u5e02\u540e\u518d\u4e70\u80a1\u7968\u66f4\u9ad8\u30026\u4e2a\u6708\u540e\uff0c\u4e5f\u5c31\u662f2006\u5e7412\u670818\u65e5\uff0c\u5e38\u5dde\u5929\u5408\u80a1\u7968\u4ee5\u6bcf\u80a118.5\u7f8e\u5143\u53d1\u884c\u3002\u5230\u4eca\u5929\uff0c\u5176\u80a1\u7968\u5df2\u5728\u7ebd\u7ea6\u80a1\u7968\u4ea4\u6613\u6240\u4e0a\u5e0210\u4e2a\u591a\u6708\uff0c\u80a1\u7968\u4ef7\u5df2\u8d85\u8fc750\u7f8e\u5143\uff0c\u6700\u9ad8\u65f6\u5230\u8fc773\u7f8e\u5143\uff0c\u76f8\u5bf9\u4e8e\u6211\u4eec\u8fdb\u53bb\u7684\u4ef7\u683c\u7ffb\u4e865\u500d\u591a\uff0c\u8fd9\u7684\u786e\u662f\u5f88\u597d\u7684\u6295\u8d44\u3002\u201d<\/p>\n
\u9648\u7b1b\uff0c\u201c\u8fd9\u5f88\u6709\u610f\u601d\uff0c\u516c\u53f8\u4e0a\u5e02\u524d\u6295\u8d44\u5165\u80a1\u80fd\u8fd9\u4e48\u8d5a\u94b1\uff0c\u6211\u771f\u6ca1\u60f3\u5230\uff0c\u4f60\u771f\u5389\u5bb3\uff01\u4f46\u662f\uff0c\u6211\u4e0d\u660e\u767d\uff0c\u65e2\u7136\u5927\u5bb6\u90fd\u77e5\u9053\u592a\u9633\u80fd\u8bbe\u5907\u5e02\u573a\u8fd9\u4e48\u597d\uff0c\u4f9b\u4e0d\u5e94\u6c42\uff0c\u4e3a\u4ec0\u4e48\u6ca1\u6709\u66f4\u591a\u4eba\u53bb\u529e\u5382\u52a0\u5165\u7ade\u4e89\uff1f\u96be\u9053\u592a\u9633\u80fd\u6280\u672f\u90a3\u4e48\u8270\u96be\u5417\uff1f\u201d<\/p>\n
\u201c\u662f\u8fd9\u6837\u7684\uff0c\u786e\u5b9e\u6709\u5f88\u591a\u521b\u4e1a\u8005\u8fdb\u5165\u8be5\u884c\u4e1a\u3002\u65e0\u9521\u5c1a\u5f97\u662f\u4e2d\u56fd\u7b2c\u4e00\u5bb6\u6210\u529f\u7684\u592a\u9633\u80fd\u516c\u53f8\uff0c\u5b83\u4e8e2005\u5e7412\u6708\u5728\u7ebd\u7ea6\u4e0a\u5e02\u3002\u7531\u4e8e\u5176\u80a1\u7968\u4ef7\u683c\u731b\u6da8\uff0c\u4f7f\u65e0\u9521\u5c1a\u5f97\u7684\u521b\u59cb\u4eba\u65bd\u6b63\u8363\u5148\u751f\u4ee523\u4ebf\u7f8e\u5143\u7684\u8d22\u5bcc\uff0c\u6210\u4e3a2005\u5e74\u4e2d\u56fd\u9996\u5bcc\uff01\u5e38\u5dde\u5929\u5408\u662f\u4e2d\u56fd\u7b2c\u4e09\u5bb6\u5230\u7f8e\u56fd\u4e0a\u5e02\u7684\u592a\u9633\u80fd\u5236\u9020\u516c\u53f8\u3002\u65e0\u9521\u5c1a\u5f97\u3001\u5e38\u5dde\u5929\u5408\u5149\u80fd\u7b49\u592a\u9633\u80fd\u516c\u53f8\u7684\u8d22\u5bcc\u6545\u4e8b\u592a\u6210\u529f\u4e86\uff0c\u8fd9\u5f53\u7136\u5c31\u6fc0\u53d1\u8bb8\u591a\u521b\u4e1a\u8005\u52a0\u5165\u8be5\u884c\u4e1a\uff0c\u90fd\u53bb\u529e\u81ea\u5df1\u7684\u592a\u9633\u80fd\u516c\u53f8\uff01\u8d22\u5bcc\u7684\u5438\u5f15\u529b\u80dc\u8fc7\u4e00\u5207\u3002\u5728\u8fc7\u53bb\u51e0\u5e74\u91cc\uff0c\u4ece\u6c5f\u82cf\u5230\u6cb3\u5317\u3001\u5230\u798f\u5efa\u7b49\u7701\uff0c\u4f17\u591a\u592a\u9633\u80fd\u516c\u53f8\u76f8\u7ee7\u6210\u7acb\uff0c\u8fd9\u4f7f\u4e2d\u56fd\u51e0\u5e74\u5185\u5c31\u9886\u519b\u4e16\u754c\u592a\u9633\u80fd\u5236\u9020\u4e1a\u3002\u201d<\/p>\n
\u9648\u7b1b\uff0c\u201c\u4f60\u521a\u624d\u4e0d\u662f\u8bf4\u592a\u9633\u80fd\u8bbe\u5907\u4f9b\u4e0d\u5e94\u6c42\u5417\uff1f\u6709\u8fd9\u4e48\u591a\u7684\u592a\u9633\u80fd\u5236\u9020\u516c\u53f8\uff0c\u8fd9\u4e0b\u4f9b\u7ed9\u5c31\u591a\u4e86\uff0c\u770b\u6765\u592a\u9633\u80fd\u7684\u6210\u672c\u8981\u4e0b\u8dcc\u4e86\u3002\u201d<\/p>\n
\u201c\u4f46\u5b9e\u9645\u7684\u60c5\u51b5\u4e0d\u4e00\u5b9a\u5982\u6b64\uff0c\u4ece2005\u5e74\u521d\u5230\u73b0\u5728\uff0c\u592a\u9633\u80fd\u53d1\u7535\u8bbe\u5907\u7684\u4ef7\u683c\u5728\u6b27\u6d32\u57fa\u672c\u6ca1\u53d8\uff0c\u5728\u7f8e\u56fd\u8fd8\u4e0a\u5347\u4e8610%\u5de6\u53f3\u3002\u4e4b\u6240\u4ee5\u6709\u4e86\u8fd9\u4e48\u591a\u7ade\u4e89\u540e\uff0c\u592a\u9633\u80fd\u8bbe\u5907\u4ef7\u683c\u4e0d\u964d\u53cd\u800c\u6709\u6da8\uff0c\u662f\u56e0\u4e3a\u8fd9\u4e9b\u4ea7\u54c1\u7684\u9500\u8def\u6ca1\u95ee\u9898\uff0c\u80fd\u751f\u4ea7\u591a\u5c11\uff0c\u522b\u4eba\u5c31\u4e70\u591a\u5c11\uff0c\u4f46\u662f\uff0c\u539f\u6750\u6599\u7684\u4f9b\u5e94\u4f1a\u8d8a\u6765\u8d8a\u7d27\uff0c\u592a\u9633\u80fd\u53d1\u7535\u6700\u91cd\u8981\u7684\u6750\u6599\u662f\u9ad8\u7eaf\u5ea6\u7845\uff0c\u800c\u7845\u7684\u63d0\u70bc\u53c8\u9700\u8981\u5f88\u9ad8\u7684\u8d44\u672c\u6295\u5165\uff0c\u5176\u63d0\u70bc\u52a0\u5de5\u5382\u9700\u8981\u5f88\u957f\u65f6\u95f4\u624d\u80fd\u5efa\u6210\u3002\u6240\u4ee5\uff0c\u867d\u7136\u592a\u9633\u80fd\u5236\u9020\u5382\u5f88\u5feb\u80fd\u5efa\u597d\u6295\u5165\u751f\u4ea7\uff0c\u4f46\u9ad8\u7eaf\u5ea6\u7845\u7684\u4f9b\u5e94\u5f88\u96be\u8ddf\u4e0a\u3002\u7ed3\u679c\uff0c\u592a\u9633\u80fd\u5236\u9020\u5546\u8d8a\u591a\uff0c\u5bf9\u7845\u6750\u6599\u7684\u9700\u6c42\u5c31\u5927\u589e\uff0c\u5728\u7845\u4f9b\u5e94\u91cf\u6ca1\u6709\u53d8\u5316\u7684\u60c5\u51b5\u4e0b\uff0c\u8fd9\u5c31\u903c\u7740\u7845\u6750\u6599\u4ef7\u683c\u5feb\u901f\u4e0a\u6da8\u3002\u5bf9\u4e8e\u592a\u9633\u80fd\u5236\u9020\u5546\u6765\u8bf4\uff0c\u4fdd\u8bc1\u7845\u6750\u6599\u7684\u7a33\u5b9a\u4f9b\u5e94\u5c31\u6210\u4e3a\u516c\u53f8\u751f\u5b58\u3001\u53d1\u5c55\u7684\u5173\u952e\uff0c\u6ca1\u6709\u7845\u6750\u6599\uff0c\u5c31\u65e0\u6cd5\u7ee7\u7eed\u751f\u4ea7\u3002\u201d<\/p>\n
\u9648\u7b1b\uff0c\u201c\u5728\u8fd9\u79cd\u73af\u5883\u4e0b\uff0c\u4ec0\u4e48\u5546\u4e1a\u6a21\u5f0f\u6700\u6709\u5229\u5462\uff1f\u662f\u4e0d\u662f\u4ec0\u4e48\u6a21\u5f0f\u6700\u6709\u5229\u4e8e\u4fdd\u8bc1\u7845\u7247\u7684\u4f9b\u7ed9\uff0c\u90a3\u79cd\u6a21\u5f0f\u5c31\u6700\u597d\uff1f\u201d<\/p>\n
\u201c\u8fd9\u5c31\u662f\u5e38\u5dde\u5929\u5408\u8ddf\u5176\u5b83\u592a\u9633\u80fd\u516c\u53f8\u7684\u5dee\u522b\u6240\u5728\u3002\u6bd4\u5982\u8bf4\uff0c\u5e38\u5dde\u5929\u5408\u80a1\u7968\u4e8e2006\u5e7412\u670818\u65e5\u4ee5\u6bcf\u80a118.5\u7f8e\u5143\u4e0a\u5e02\uff0c\u7b2c\u4e8c\u5929\u540c\u662f\u6c5f\u82cf\u7684\u53e6\u4e00\u5bb6\u592a\u9633\u80fd\u516c\u53f8\u2014\u2014\u6797\u6d0b\u65b0\u80fd\u6e90\u6709\u9650\u516c\u53f8\u4e5f\u5728\u7f8e\u56fd\u4e0a\u5e02\uff0c\u6bcf\u80a1\u4ef7\u683c\u662f13\u7f8e\u5143\u3002\u53ef\u662f\uff0c\u5230\u4eca\u5929\uff0c\u5e38\u5dde\u5929\u5408\u7684\u80a1\u4ef7\u662f53\u7f8e\u5143\uff0c\u800c\u6c5f\u82cf\u6797\u6d0b\u7684\u80a1\u4ef7\u8fd8\u572813\u7f8e\u5143\u6ca1\u52a8\uff01\u4e3a\u4ec0\u4e48\u4e24\u516c\u53f8\u7684\u80a1\u7968\u4ef7\u683c\u5dee\u8fd9\u4e48\u5927\u5462\uff1f\u4e3b\u8981\u539f\u56e0\u5728\u4e8e\u6c5f\u82cf\u6797\u6d0b\u8981\u9760\u4ece\u5176\u5b83\u7845\u7247\u63d0\u70bc\u3001\u7845\u7247\u7ec4\u4ef6\u516c\u53f8\u90a3\u91cc\u8fdb\u8d27\uff0c\u7136\u540e\u6c5f\u82cf\u6797\u6d0b\u53ea\u662f\u5c06\u592a\u9633\u80fd\u7ec4\u4ef6\u7ec4\u88c5\u6210\u592a\u9633\u80fd\u53d1\u7535\u7cfb\u7edf\uff0c\u6240\u4ee5\uff0c\u5b83\u7684\u5229\u6da6\u7a7a\u95f4\u5c0f\uff0c\u800c\u4e14\u5b8c\u5168\u53d7\u5230\u7845\u7247\u5e02\u573a\u7684\u4f9b\u5e94\u77ed\u7f3a\u5236\u7ea6\uff0c\u7845\u7247\u4f9b\u5e94\u8d8a\u7d27\u5f20\uff0c\u6c5f\u82cf\u6797\u6d0b\u7684\u672a\u6765\u751f\u4ea7\u5c31\u6ca1\u7740\u843d\u3002\u76f8\u6bd4\u4e4b\u4e0b\uff0c\u5e38\u5dde\u5929\u5408\u91c7\u7528\u7684\u662f\u6240\u8c13\u2018\u5782\u76f4\u4e00\u4f53\u5316 \u6574\u5408\u2019\uff08vertical integration\uff09\u5546\u4e1a\u6a21\u5f0f\uff0c\u5b83\u81ea\u5df1\u6536\u96c6\u542b\u7845\u7684\u5e9f\u7535\u5668\uff0c\u5148\u4ece\u4e2d\u63d0\u70bc\u5355\u6676\u7845\uff0c\u505a\u6210\u7845\u7247\uff0c\u518d\u505a\u6210\u7ec4\u4ef6\uff0c\u6700\u540e\u5c06\u7ec4\u4ef6\u5b89\u88c5\u6210\u592a\u9633\u53d1\u7535\u7cfb\u7edf\u3002\u8fd9\u4e00\u6574\u5957\u5782\u76f4\u5de5\u5e8f\u90fd\u7531\u81ea\u5df1\u516c\u53f8\u4f5c\uff0c\u5728\u516c\u53f8\u5185\u5404\u5de5\u5e8f\u4e00\u4f53\u5316\uff0c\u80fd\u8f83\u597d\u4fdd\u8bc1\u5404\u751f\u4ea7\u73af\u8282\u7684\u539f\u6750\u6599\u4f9b\u5e94\uff0c\u4e5f\u80fd\u964d\u4f4e\u539f\u6750\u6599\u7684\u8fdb\u8d27\u4ef7\u683c\u98ce\u9669\u3002\u5c31\u56e0\u5546\u4e1a\u6a21\u5f0f\u4e0a\u7684\u8fd9\u79cd\u5dee\u522b\uff0c\u5e38\u5dde\u5929\u5408\u8ddf\u6c5f\u82cf\u6797\u6d0b\u7684\u80a1\u7968\u8868\u73b0\u662f\u5982\u6b64\u7684\u4e0d\u540c\u3002\u201d<\/p>\n
\u9648\u7b1b\uff0c\u201c\u5782\u76f4\u4e00\u4f53\u5316\u6574\u5408\u6a21\u5f0f\u7684\u610f\u601d\u662f\u4e0d\u662f\u8bf4\uff0c\u5982\u679c\u6211\u8981\u5f00\u9910\u9986\u516c\u53f8\uff0c\u6211\u9996\u5148\u8981\u81ea\u5df1\u79cd\u7cae\u98df\u3001\u79cd\u83dc\u3001\u79cd\u6cb9\u3001\u79cd\u8336\u3001\u79cd\u4f50\u6599\uff0c\u4e5f\u8981\u505a\u684c\u5b50\u3001\u677f\u51f3\u3001\u7897\u7b77\u5462\uff1f\u518d\u5f80\u524d\u8ffd\uff0c\u662f\u4e0d\u662f\u8bf4\u6211\u4e5f\u8981\u751f\u4ea7\u80a5\u6599\u3001\u5236\u9020\u519c\u7528\u5de5\u5177\uff0c\u5426\u5219\u6211\u4f1a\u6709\u592a\u591a\u4f9b\u8d27\u98ce\u9669\u3001\u539f\u6599\u4ef7\u683c\u98ce\u9669\u5462\uff1f\u201d<\/p>\n
\u201c\u4e0d\u5b8c\u5168\u662f\u8fd9\u6837\uff0c\u8fd8\u8981\u770b\u5177\u4f53\u4f9b\u8d27\u5e02\u573a\u7684\u60c5\u51b5\u3002\u4f9b\u8d27\u8d8a\u7d27\u5f20\u3001\u4ef7\u683c\u98ce\u9669\u8d8a\u9ad8\u7684\u539f\u6599\uff0c\u81ea\u5df1\u505a\u3001\u81ea\u5df1\u751f\u4ea7\u7684\u597d\u5904\u5c31\u8d8a\u5927\u3002\u5426\u5219\uff0c\u5982\u679c\u662f\u50cf\u852c\u83dc\u3001\u5927\u7c73\u8fd9\u6837\u7684\u751f\u4ea7\u5468\u671f\u5f88\u77ed\u3001\u4f9b\u7ed9\u5f88\u5bb9\u6613\u4ea7\u751f\u7684\u4e1c\u897f\uff0c\u5176\u4ef7\u683c\u603b\u4f53\u4e0a\u4f1a\u5f88\u7a33\u5b9a\uff0c\u5c31\u6ca1\u5fc5\u8981\u81ea\u5df1\u53bb\u751f\u4ea7\uff0c\u5230\u5e02\u573a\u4e0a\u4e70\u5c31\u884c\u4e86\uff0c\u8ba9\u90a3\u4e9b\u66f4\u6709\u7cae\u98df\u3001\u852c\u83dc\u4e13\u957f\u7684\u4eba\u53bb\u751f\u4ea7\u7cae\u98df\u548c\u852c\u83dc\uff0c\u800c\u4f60\u5f00\u9910\u9986\u53ea\u7ba1\u628a\u996d\u83dc\u548c\u670d\u52a1\u505a\u597d\uff0c\u5404\u505a\u5404\u7684\u7279\u957f\uff0c\u5404\u6709\u5404\u7684\u5206\u5de5\uff0c\u5e02\u573a\u5219\u662f\u4e0d\u540c\u4e13\u4e1a\u7279\u957f\u7684\u4eba\u6765\u5230\u4e00\u8d77\u4ea4\u6613\u7684\u5e73\u53f0\u3002\u4e13\u4e1a\u5206\u5de5\u548c\u5e02\u573a\u5316\u5c31\u662f\u8fd9\u6837\u76f8\u4e92\u63a8\u52a8\u53d1\u5c55\u7684\u3002\u201d<\/p>\n
\u8c08\u5b8c\u8fd9\u4e9b\u8bdd\u9898\u4ee5\u540e\uff0c\u4e00\u4e2a\u516c\u53f8\u4ec0\u4e48\u60c5\u51b5\u4e0b\u5e94\u8be5\u201c\u4ec0\u4e48\u90fd\u81ea\u5df1\u505a\u201d\u3001\u8981\u5782\u76f4\u4e00\u4f53\u5316\u6574\u5408\uff0c\u4ec0\u4e48\u65f6\u5019\u9760\u5e02\u573a\u4ea4\u6613\u6765\u4fdd\u8bc1\u516c\u53f8\u7684\u4f9b\u8d27\uff0c\u8fd9\u4e9b\u662f\u9648\u7b1b\u4e00\u76f4\u5728\u601d\u8003\u7684\u95ee\u9898\u3002\u4f46\uff0c\u4e0d\u7ba1\u600e\u6837\uff0c\u5f53\u9648\u7b1b\u544a\u8bc9\u5979\u5728\u5b66\u6821\u6700\u597d\u7684\u670b\u53cb\uff0c\u8bf4\u201c\u6211\u7238\u7238\u53bb\u5e74\u82b17.4\u7f8e\u5143\u4e70\u7684\u80a1\u7968\uff0c\u4eca\u5929\u5230\u4e8660\u51e0\u7f8e\u5143\u201d\uff0c\u5979\u7684\u670b\u53cb\u7fa1\u6155\u5730\u8bf4\uff0c\u201c\u4f60\u7238\u7238\u771f\u662f\u5929\u624d\uff01\u201d \u4ece\u90a3\u4ee5\u540e\uff0c\u5979\u8fd8\u771f\u8d8a\u6765\u8d8a\u4e3a\u5979\u7238\u7238\u611f\u5230\u81ea\u8c6a\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"