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（2010-03-08）",[505,533,534,535,538],{},"关于什么是合理的开销，段永平回答：",[509,536,537],{},"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）",[501,540,541],{"id":541},"核心要义",[543,544,546],"h3",{"id":545},"_1-理性开支就是合理","1. 理性开支就是合理",[505,548,549,550,538],{},"段永平定义合理开销：",[509,551,537],{},[505,553,554],{},"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。",[543,556,558],{"id":557},"_2-反对为了成长而盲目花钱","2. 反对为了成长而盲目花钱",[505,560,561,562,538],{},"段永平特别反对为了成长而盲目花钱：",[509,563,564],{},"如果是受股东压力或者说受\"成长\"的压力而花钱则有危险",[505,566,567],{},"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。",[543,569,571],{"id":570},"_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",[505,573,574,575,578],{},"网友问：",[509,576,577],{},"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）",[505,580,581,582,578],{},"段永平回答：",[509,583,584],{},"\"资本支出大的行业不容易出现好企业\"，我同意这个观点。",[505,586,587,588,590],{},"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",[513,589,67],{"href":522},"。",[543,592,594],{"id":593},"_4-成本控制是日常基本功","4. 成本控制是日常基本功",[505,596,597,598,601],{},"段永平认为：",[509,599,600],{},"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）",[505,603,604],{},"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。",[501,606,607],{"id":607},"实战案例",[543,609,611],{"id":610},"苹果明智地进行开销","苹果：明智地进行开销",[505,613,614,615,618],{},"网友引用库克的话：",[509,616,617],{},"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）",[505,620,621,622,625],{},"段永平对此的反应是：",[509,623,624],{},"（微笑）"," （2012-02-14），表示认可。",[543,627,629],{"id":628},"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",[505,631,574,632,635],{},[509,633,634],{},"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）",[505,637,581,638,635],{},[509,639,640],{},"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？",[505,642,643],{},"这说明步步高在广告开销上是理性的。",[543,645,647],{"id":646},"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",[505,649,650,651,654],{},"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：",[509,652,653],{},"资本支出大的行业不容易出现好企业","。（2019-3-16）",[501,656,657],{"id":657},"常见误解",[543,659,661],{"id":660},"误解一为了成长应该多花钱","误解一：为了成长应该多花钱",[505,663,664],{},"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。",[543,666,668],{"id":667},"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",[505,670,671],{},"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。",[543,673,675],{"id":674},"误解三减成本就是好事情","误解三：减成本就是好事情",[505,677,678],{},"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。",[501,680,681],{"id":681},"思想演变",[543,683,685],{"id":684},"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",[505,687,688],{},"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。",[543,690,692],{"id":691},"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",[505,694,695],{},"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。",[543,697,699],{"id":698},"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",[505,701,702],{},"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。",[501,704,705],{"id":705},"原话引用",[707,708,709],"blockquote",{},[505,710,711,531],{},[509,712,511,713,516,715,516,717,523,719,516,721,530],{},[513,714,48],{"href":515},[513,716,60],{"href":519},[513,718,67],{"href":522},[513,720,70],{"href":526},[513,722,81],{"href":529},[707,724,725],{},[505,726,727,538],{},[509,728,537],{},[707,730,731],{},[505,732,733,578],{},[509,734,584],{},[707,736,737],{},[505,738,739,601],{},[509,740,600],{},[707,742,743],{},[505,744,745,635],{},[509,746,640],{},[707,748,749],{},[505,750,751,754],{},[509,752,753],{},"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）",[707,756,757],{},[505,758,759,762],{},[509,760,761],{},"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）",[707,764,765],{},[505,766,767,770],{},[509,768,769],{},"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":772,"searchDepth":13,"depth":13,"links":773},"",[774,775,781,786,791,796],{"id":503,"depth":13,"text":503},{"id":541,"depth":13,"text":541,"children":776},[777,778,779,780],{"id":545,"depth":17,"text":546},{"id":557,"depth":17,"text":558},{"id":570,"depth":17,"text":571},{"id":593,"depth":17,"text":594},{"id":607,"depth":13,"text":607,"children":782},[783,784,785],{"id":610,"depth":17,"text":611},{"id":628,"depth":17,"text":629},{"id":646,"depth":17,"text":647},{"id":657,"depth":13,"text":657,"children":787},[788,789,790],{"id":660,"depth":17,"text":661},{"id":667,"depth":17,"text":668},{"id":674,"depth":17,"text":675},{"id":681,"depth":13,"text":681,"children":792},[793,794,795],{"id":684,"depth":17,"text":685},{"id":691,"depth":17,"text":692},{"id":698,"depth":17,"text":699},{"id":705,"depth":13,"text":705},"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":63,"description":797},"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",1782116792254]