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（2010-03-08）",[505,530,531,532,535],{},"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：",[509,533,534],{},"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）",[501,537,538],{"id":538},"核心要义",[540,541,543],"h3",{"id":542},"_1-区分有息负债和无息负债","1. 区分有息负债和无息负债",[505,545,546,547,550],{},"段永平特别强调要区分不同类型的负债：",[509,548,549],{},"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）",[505,552,553,556],{},[509,554,555],{},"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。",[505,558,559,562],{},[509,560,561],{},"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。",[505,564,565,566,569],{},"段永平指出：",[509,567,568],{},"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）",[540,571,573],{"id":572},"_2-低负债或无负债的重要性","2. 低负债或无负债的重要性",[505,575,576,577,535],{},"段永平认为：",[509,578,579],{},"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。",[505,581,582,583,586],{},"他在投资中也秉持这一理念：",[509,584,585],{},"反正一般负债多的公司我也不买，GE例外了一次。"," （2010-04-24）",[505,588,589,592],{},[509,590,591],{},"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）",[540,594,596],{"id":595},"_3-用enterprise-value考虑负债影响","3. 用Enterprise Value考虑负债影响",[505,598,599,600,592],{},"段永平提出用企业价值（Enterprise Value）来考虑负债的影响：",[509,601,602],{},"企业价值（市值＋负债-现金）",[505,604,605,606,609],{},"他解释说：",[509,607,608],{},"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）",[540,611,613],{"id":612},"_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",[505,615,616,617,620],{},"段永平在讨论房地产公司时说：",[509,618,619],{},"我不懂房地产，对这个行业普遍高举债感到困惑。"," （2019-04-22）",[505,622,623,624,627],{},"他举例说：",[509,625,626],{},"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）",[501,629,630],{"id":630},"实战案例",[540,632,634],{"id":633},"网易完全无负债","网易：完全无负债",[505,636,637,638,641],{},"段永平在2001年投资网易时，网易就是完全无负债的公司：",[509,639,640],{},"网易一直没有负债。"," （2010-07-07）",[505,643,644,647],{},[509,645,646],{},"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）",[540,649,651],{"id":650},"苹果现金远超负债","苹果：现金远超负债",[505,653,654,655,550],{},"在讨论苹果公司时，段永平提到：",[509,656,657,658,660,661,663],{},"苹果目前应该依然是现在世界上获利最高的企业，但扣掉",[513,659,60],{"href":515},"以后的市值其实已经比google扣掉",[513,662,60],{"href":515},"以后的市值要低了。",[505,665,666,627],{},[509,667,668],{},"如果现金超过负债，那就应该很安全。",[540,670,672],{"id":671},"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",[505,674,675,676,627],{},"在讨论万科时，段永平分析了万科的负债结构：",[509,677,678],{},"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。",[501,680,681],{"id":681},"常见误解",[540,683,685],{"id":684},"误解一所有负债都是危险的","误解一：所有负债都是危险的",[505,687,688],{},"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。",[540,690,692],{"id":691},"误解二高负债等于高风险","误解二：高负债等于高风险",[505,694,695],{},"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。",[540,697,699],{"id":698},"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",[505,701,702,703,609],{},"段永平用通用汽车的例子说明：",[509,704,608],{},[501,706,707],{"id":707},"思想演变",[540,709,711],{"id":710},"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",[505,713,714,715,718],{},"段永平在经营步步高时就坚持低负债：",[509,716,717],{},"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）",[540,720,722],{"id":721},"投资时期用负债筛选公司","投资时期：用负债筛选公司",[505,724,725,726,528],{},"在投资中，段永平将负债作为重要的筛选指标：",[509,727,511,728,516,730,520,732,516,734,527],{},[513,729,60],{"href":515},[513,731,67],{"href":519},[513,733,70],{"href":523},[513,735,81],{"href":526},[540,737,739],{"id":738},"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",[505,741,742],{},"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。",[501,744,745],{"id":745},"原话引用",[747,748,749],"blockquote",{},[505,750,751,535],{},[509,752,753],{},"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。",[747,755,756],{},[505,757,758,528],{},[509,759,511,760,516,762,520,764,516,766,527],{},[513,761,60],{"href":515},[513,763,67],{"href":519},[513,765,70],{"href":523},[513,767,81],{"href":526},[747,769,770],{},[505,771,772,550],{},[509,773,549],{},[747,775,776],{},[505,777,778,627],{},[509,779,780],{},"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。",[747,782,783],{},[505,784,785,586],{},[509,786,585],{},[747,788,789],{},[505,790,791,592],{},[509,792,591],{},[747,794,795],{},[505,796,797,620],{},[509,798,619],{},{"title":800,"searchDepth":13,"depth":13,"links":801},"",[802,803,809,814,819,824],{"id":503,"depth":13,"text":503},{"id":538,"depth":13,"text":538,"children":804},[805,806,807,808],{"id":542,"depth":17,"text":543},{"id":572,"depth":17,"text":573},{"id":595,"depth":17,"text":596},{"id":612,"depth":17,"text":613},{"id":630,"depth":13,"text":630,"children":810},[811,812,813],{"id":633,"depth":17,"text":634},{"id":650,"depth":17,"text":651},{"id":671,"depth":17,"text":672},{"id":681,"depth":13,"text":681,"children":815},[816,817,818],{"id":684,"depth":17,"text":685},{"id":691,"depth":17,"text":692},{"id":698,"depth":17,"text":699},{"id":707,"depth":13,"text":707,"children":820},[821,822,823],{"id":710,"depth":17,"text":711},{"id":721,"depth":17,"text":722},{"id":738,"depth":17,"text":739},{"id":745,"depth":13,"text":745},"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":48,"description":825},"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｜段永平投资问答录","dao\u002Fconcepts\u002Ffuzhai","ZcFqumeife9JSwGQNO5h5jUCddjB03_kUcgeysZIcCI","dao",1781770399522]