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（2010-03-08）",[501,526,527,528,531],{},"段永平还创造了\"有效净资产\"的概念：",[505,529,530],{},"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）",[497,533,534],{"id":534},"核心要义",[536,537,539],"h3",{"id":538},"_1-有效净资产概念","1. 有效净资产概念",[501,541,542,543,531],{},"段永平解释：",[505,544,545,546,548,549,551,552,554],{},"计算价值只和未来总的",[509,547,63],{"href":518},"折现有关。其实净资产只是产生未来",[509,550,63],{"href":518},"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",[509,553,63],{"href":518},"的净资产其实没有价值（有时还可能是负价值）。",[501,556,557],{},"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。",[536,559,561],{"id":560},"_2-不赚钱的净资产是累赘","2. 不赚钱的净资产是累赘",[501,563,564,565,568],{},"段永平强调：",[505,566,567],{},"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）",[501,570,571],{},"有些净资产不仅不能产生价值，还会成为负担。",[536,573,575],{"id":574},"_3-警惕价值陷阱","3. 警惕价值陷阱",[501,577,578,579,585],{},"段永平提醒：",[505,580,581,582,584],{},"这个大概就是人们常说的价值陷阱，如果理解未来",[509,583,63],{"href":518},"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）",[501,587,588],{},"仅仅因为市值低于净资产就投资，很可能会掉入价值陷阱。",[536,590,592],{"id":591},"_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",[501,594,595,596,524],{},"段永平说：",[505,597,598],{},"\"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\"。",[501,600,601,607],{},[505,602,603,604,606],{},"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（",[509,605,63],{"href":518},"）。"," （2011-02-13）",[497,609,610],{"id":610},"实战案例",[536,612,614],{"id":613},"uhal净资产高的机会","UHAL：净资产高的机会",[501,616,617,618,621],{},"段永平举例：",[505,619,620],{},"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）",[501,623,624],{},"UHAL的净资产高，但关键是要能看懂公司的真实价值。",[536,626,628],{"id":627},"网易现金比市值高","网易：现金比市值高",[501,630,631,632,638],{},"网友问：",[505,633,634,635,637],{},"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",[509,636,63],{"href":518},"？"," （2010-04-06）",[501,640,641,642,644],{},"段永平投资网易时，不仅看现金，更看重公司的未来",[509,643,63],{"href":518},"。",[536,646,648],{"id":647},"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",[501,650,617,651,568],{},[505,652,653],{},"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？",[501,655,656],{},"这说明有些净资产不仅没有价值，还可能是负价值。",[497,658,659],{"id":659},"常见误解",[536,661,663],{"id":662},"误解一净资产高就是好","误解一：净资产高就是好",[501,665,666],{},"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。",[536,668,670],{"id":669},"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",[501,672,673],{},"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。",[536,675,677],{"id":676},"误解三roe是核心指标","误解三：ROE是核心指标",[501,679,680],{},"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。",[497,682,683],{"id":683},"思想演变",[536,685,687],{"id":686},"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",[501,689,690],{},"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。",[536,692,694],{"id":693},"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",[501,696,697],{},"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。",[536,699,701,702,70],{"id":700},"成熟时期结合未来现金流折现","成熟时期：结合未来",[509,703,63],{"href":518},[501,705,706,707,709,710,712],{},"随着经验的积累，段永平越来越强调要结合未来",[509,708,63],{"href":518},"折现来看待净资产，净资产只是产生未来",[509,711,63],{"href":518},"的因素之一。",[497,714,715],{"id":715},"原话引用",[717,718,719],"blockquote",{},[501,720,721,524],{},[505,722,507,723,512,725,512,727,519,729,523],{},[509,724,44],{"href":511},[509,726,56],{"href":515},[509,728,63],{"href":518},[509,730,66],{"href":522},[717,732,733],{},[501,734,735,531],{},[505,736,530],{},[717,738,739],{},[501,740,741,531],{},[505,742,545,743,548,745,551,747,554],{},[509,744,63],{"href":518},[509,746,63],{"href":518},[509,748,63],{"href":518},[717,750,751],{},[501,752,753,568],{},[505,754,567],{},[717,756,757],{},[501,758,759,585],{},[505,760,581,761,584],{},[509,762,63],{"href":518},[717,764,765],{},[501,766,767,524],{},[505,768,598],{},[717,770,771],{},[501,772,773,607],{},[505,774,603,775,606],{},[509,776,63],{"href":518},[717,778,779],{},[501,780,781,621],{},[505,782,620],{},{"title":784,"searchDepth":13,"depth":13,"links":785},"",[786,787,793,798,803,809],{"id":499,"depth":13,"text":499},{"id":534,"depth":13,"text":534,"children":788},[789,790,791,792],{"id":538,"depth":17,"text":539},{"id":560,"depth":17,"text":561},{"id":574,"depth":17,"text":575},{"id":591,"depth":17,"text":592},{"id":610,"depth":13,"text":610,"children":794},[795,796,797],{"id":613,"depth":17,"text":614},{"id":627,"depth":17,"text":628},{"id":647,"depth":17,"text":648},{"id":659,"depth":13,"text":659,"children":799},[800,801,802],{"id":662,"depth":17,"text":663},{"id":669,"depth":17,"text":670},{"id":676,"depth":17,"text":677},{"id":683,"depth":13,"text":683,"children":804},[805,806,807],{"id":686,"depth":17,"text":687},{"id":693,"depth":17,"text":694},{"id":700,"depth":17,"text":808},"成熟时期：结合未来现金流折现",{"id":715,"depth":13,"text":715},"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":77,"description":810},"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｜段永平投资问答录","dao\u002Fconcepts\u002Fjingzichan","ZEmgPeP28wkKJwUe7tm1LThH1qD4rdTXdNprcuRwil4","dao",1781666331803]