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（2010-03-08）",[505,530,531,532,535],{},"段永平还创造了\"有效净资产\"的概念：",[509,533,534],{},"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）",[501,537,538],{"id":538},"核心要义",[540,541,543],"h3",{"id":542},"_1-有效净资产概念","1. 有效净资产概念",[505,545,546,547,535],{},"段永平解释：",[509,548,549,550,552,553,555,556,558],{},"计算价值只和未来总的",[513,551,67],{"href":522},"折现有关。其实净资产只是产生未来",[513,554,67],{"href":522},"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",[513,557,67],{"href":522},"的净资产其实没有价值（有时还可能是负价值）。",[505,560,561],{},"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。",[540,563,565],{"id":564},"_2-不赚钱的净资产是累赘","2. 不赚钱的净资产是累赘",[505,567,568,569,572],{},"段永平强调：",[509,570,571],{},"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）",[505,574,575],{},"有些净资产不仅不能产生价值，还会成为负担。",[540,577,579],{"id":578},"_3-警惕价值陷阱","3. 警惕价值陷阱",[505,581,582,583,589],{},"段永平提醒：",[509,584,585,586,588],{},"这个大概就是人们常说的价值陷阱，如果理解未来",[513,587,67],{"href":522},"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）",[505,591,592],{},"仅仅因为市值低于净资产就投资，很可能会掉入价值陷阱。",[540,594,596],{"id":595},"_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",[505,598,599,600,528],{},"段永平说：",[509,601,602],{},"\"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\"。",[505,604,605,611],{},[509,606,607,608,610],{},"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（",[513,609,67],{"href":522},"）。"," （2011-02-13）",[501,613,614],{"id":614},"实战案例",[540,616,618],{"id":617},"uhal净资产高的机会","UHAL：净资产高的机会",[505,620,621,622,625],{},"段永平举例：",[509,623,624],{},"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）",[505,627,628],{},"UHAL的净资产高，但关键是要能看懂公司的真实价值。",[540,630,632],{"id":631},"网易现金比市值高","网易：现金比市值高",[505,634,635,636,642],{},"网友问：",[509,637,638,639,641],{},"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",[513,640,67],{"href":522},"？"," （2010-04-06）",[505,644,645,646,648],{},"段永平投资网易时，不仅看现金，更看重公司的未来",[513,647,67],{"href":522},"。",[540,650,652],{"id":651},"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",[505,654,621,655,572],{},[509,656,657],{},"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？",[505,659,660],{},"这说明有些净资产不仅没有价值，还可能是负价值。",[501,662,663],{"id":663},"常见误解",[540,665,667],{"id":666},"误解一净资产高就是好","误解一：净资产高就是好",[505,669,670],{},"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。",[540,672,674],{"id":673},"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",[505,676,677],{},"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。",[540,679,681],{"id":680},"误解三roe是核心指标","误解三：ROE是核心指标",[505,683,684],{},"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。",[501,686,687],{"id":687},"思想演变",[540,689,691],{"id":690},"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",[505,693,694],{},"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。",[540,696,698],{"id":697},"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",[505,700,701],{},"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。",[540,703,705,706,74],{"id":704},"成熟时期结合未来现金流折现","成熟时期：结合未来",[513,707,67],{"href":522},[505,709,710,711,713,714,716],{},"随着经验的积累，段永平越来越强调要结合未来",[513,712,67],{"href":522},"折现来看待净资产，净资产只是产生未来",[513,715,67],{"href":522},"的因素之一。",[501,718,719],{"id":719},"原话引用",[721,722,723],"blockquote",{},[505,724,725,528],{},[509,726,511,727,516,729,516,731,523,733,527],{},[513,728,48],{"href":515},[513,730,60],{"href":519},[513,732,67],{"href":522},[513,734,70],{"href":526},[721,736,737],{},[505,738,739,535],{},[509,740,534],{},[721,742,743],{},[505,744,745,535],{},[509,746,549,747,552,749,555,751,558],{},[513,748,67],{"href":522},[513,750,67],{"href":522},[513,752,67],{"href":522},[721,754,755],{},[505,756,757,572],{},[509,758,571],{},[721,760,761],{},[505,762,763,589],{},[509,764,585,765,588],{},[513,766,67],{"href":522},[721,768,769],{},[505,770,771,528],{},[509,772,602],{},[721,774,775],{},[505,776,777,611],{},[509,778,607,779,610],{},[513,780,67],{"href":522},[721,782,783],{},[505,784,785,625],{},[509,786,624],{},{"title":788,"searchDepth":13,"depth":13,"links":789},"",[790,791,797,802,807,813],{"id":503,"depth":13,"text":503},{"id":538,"depth":13,"text":538,"children":792},[793,794,795,796],{"id":542,"depth":17,"text":543},{"id":564,"depth":17,"text":565},{"id":578,"depth":17,"text":579},{"id":595,"depth":17,"text":596},{"id":614,"depth":13,"text":614,"children":798},[799,800,801],{"id":617,"depth":17,"text":618},{"id":631,"depth":17,"text":632},{"id":651,"depth":17,"text":652},{"id":663,"depth":13,"text":663,"children":803},[804,805,806],{"id":666,"depth":17,"text":667},{"id":673,"depth":17,"text":674},{"id":680,"depth":17,"text":681},{"id":687,"depth":13,"text":687,"children":808},[809,810,811],{"id":690,"depth":17,"text":691},{"id":697,"depth":17,"text":698},{"id":704,"depth":17,"text":812},"成熟时期：结合未来现金流折现",{"id":719,"depth":13,"text":719},"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":81,"description":814},"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",1782116792314]