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（2010-03-08）",[501,529,530,531,534],{},"关于什么是合理的开销，段永平回答：",[505,532,533],{},"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）",[497,536,537],{"id":537},"核心要义",[539,540,542],"h3",{"id":541},"_1-理性开支就是合理","1. 理性开支就是合理",[501,544,545,546,534],{},"段永平定义合理开销：",[505,547,533],{},[501,549,550],{},"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。",[539,552,554],{"id":553},"_2-反对为了成长而盲目花钱","2. 反对为了成长而盲目花钱",[501,556,557,558,534],{},"段永平特别反对为了成长而盲目花钱：",[505,559,560],{},"如果是受股东压力或者说受\"成长\"的压力而花钱则有危险",[501,562,563],{},"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。",[539,565,567],{"id":566},"_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",[501,569,570,571,574],{},"网友问：",[505,572,573],{},"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）",[501,576,577,578,574],{},"段永平回答：",[505,579,580],{},"\"资本支出大的行业不容易出现好企业\"，我同意这个观点。",[501,582,583,584,586],{},"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",[509,585,63],{"href":518},"。",[539,588,590],{"id":589},"_4-成本控制是日常基本功","4. 成本控制是日常基本功",[501,592,593,594,597],{},"段永平认为：",[505,595,596],{},"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）",[501,599,600],{},"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。",[497,602,603],{"id":603},"实战案例",[539,605,607],{"id":606},"苹果明智地进行开销","苹果：明智地进行开销",[501,609,610,611,614],{},"网友引用库克的话：",[505,612,613],{},"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）",[501,616,617,618,621],{},"段永平对此的反应是：",[505,619,620],{},"（微笑）"," （2012-02-14），表示认可。",[539,623,625],{"id":624},"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",[501,627,570,628,631],{},[505,629,630],{},"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）",[501,633,577,634,631],{},[505,635,636],{},"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？",[501,638,639],{},"这说明步步高在广告开销上是理性的。",[539,641,643],{"id":642},"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",[501,645,646,647,650],{},"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：",[505,648,649],{},"资本支出大的行业不容易出现好企业","。（2019-3-16）",[497,652,653],{"id":653},"常见误解",[539,655,657],{"id":656},"误解一为了成长应该多花钱","误解一：为了成长应该多花钱",[501,659,660],{},"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。",[539,662,664],{"id":663},"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",[501,666,667],{},"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。",[539,669,671],{"id":670},"误解三减成本就是好事情","误解三：减成本就是好事情",[501,673,674],{},"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。",[497,676,677],{"id":677},"思想演变",[539,679,681],{"id":680},"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",[501,683,684],{},"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。",[539,686,688],{"id":687},"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",[501,690,691],{},"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。",[539,693,695],{"id":694},"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",[501,697,698],{},"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。",[497,700,701],{"id":701},"原话引用",[703,704,705],"blockquote",{},[501,706,707,527],{},[505,708,507,709,512,711,512,713,519,715,512,717,526],{},[509,710,44],{"href":511},[509,712,56],{"href":515},[509,714,63],{"href":518},[509,716,66],{"href":522},[509,718,77],{"href":525},[703,720,721],{},[501,722,723,534],{},[505,724,533],{},[703,726,727],{},[501,728,729,574],{},[505,730,580],{},[703,732,733],{},[501,734,735,597],{},[505,736,596],{},[703,738,739],{},[501,740,741,631],{},[505,742,636],{},[703,744,745],{},[501,746,747,750],{},[505,748,749],{},"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）",[703,752,753],{},[501,754,755,758],{},[505,756,757],{},"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）",[703,760,761],{},[501,762,763,766],{},[505,764,765],{},"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":768,"searchDepth":13,"depth":13,"links":769},"",[770,771,777,782,787,792],{"id":499,"depth":13,"text":499},{"id":537,"depth":13,"text":537,"children":772},[773,774,775,776],{"id":541,"depth":17,"text":542},{"id":553,"depth":17,"text":554},{"id":566,"depth":17,"text":567},{"id":589,"depth":17,"text":590},{"id":603,"depth":13,"text":603,"children":778},[779,780,781],{"id":606,"depth":17,"text":607},{"id":624,"depth":17,"text":625},{"id":642,"depth":17,"text":643},{"id":653,"depth":13,"text":653,"children":783},[784,785,786],{"id":656,"depth":17,"text":657},{"id":663,"depth":17,"text":664},{"id":670,"depth":17,"text":671},{"id":677,"depth":13,"text":677,"children":788},[789,790,791],{"id":680,"depth":17,"text":681},{"id":687,"depth":17,"text":688},{"id":694,"depth":17,"text":695},{"id":701,"depth":13,"text":701},"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":59,"description":793},"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｜段永平投资问答录","dao\u002Fconcepts\u002Fkaixiaohelixing","hwUo6cFAns5SfZSy8TXeg6P4xg7bBbuECNknaGxwP-o","dao",1781666331713]