{"id":1319,"date":"2023-01-12T13:56:27","date_gmt":"2023-01-12T05:56:27","guid":{"rendered":"http:\/\/www.hhtz188.com\/?p=1319"},"modified":"2023-01-12T13:56:27","modified_gmt":"2023-01-12T05:56:27","slug":"%e4%bb%80%e4%b9%88%e6%98%af%e7%a7%81%e5%8b%9f%e5%9f%ba%e9%87%91","status":"publish","type":"post","link":"http:\/\/www.hhtz188.com\/?p=1319","title":{"rendered":"\u4ec0\u4e48\u662f\u79c1\u52df\u57fa\u91d1"},"content":{"rendered":"<div class=\"para\" data-pid=\"5\">\n<div class=\"para\" data-pid=\"5\">\u79c1\u52df\u57fa\u91d1\uff08Private Fund\uff09\u662f\u79c1\u4e0b\u6216\u76f4\u63a5\u5411\u7279\u5b9a\u7fa4\u4f53\u52df\u96c6\u7684\u8d44\u91d1\u3002\u4e0e\u4e4b\u5bf9\u5e94\u7684\u516c\u52df\u57fa\u91d1\uff08Public Fund\uff09\u662f\u5411\u793e\u4f1a\u5927\u4f17\u516c\u5f00\u52df\u96c6\u7684\u8d44\u91d1\u3002<\/div>\n<div class=\"para\" data-pid=\"6\">\u5e7f\u4e49\u7684\u79c1\u52df\u57fa\u91d1\u9664\u6307\u8bc1\u5238\u6295\u8d44\u57fa\u91d1\u5916\uff0c\u8fd8\u5305\u62ec<a href=\"https:\/\/baike.baidu.com\/item\/%E7%A7%81%E5%8B%9F%E8%82%A1%E6%9D%83%E5%9F%BA%E9%87%91\/6880344?fromModule=lemma_inlink\" target=\"_blank\" rel=\"noopener\" data-lemmaid=\"6880344\" data-log=\"text\">\u79c1\u52df\u80a1\u6743\u57fa\u91d1<\/a>\u3002\u5728\u4e2d\u56fd\u91d1\u878d\u5e02\u573a\u4e2d\u5e38\u8bf4\u7684\u201c\u79c1\u52df\u57fa\u91d1\u201d\u6216\u201c\u5730\u4e0b\u57fa\u91d1\u201d\uff0c\u5f80\u5f80\u662f\u6307\u76f8\u5bf9\u4e8e\u53d7\u4e2d\u56fd\u653f\u5e9c\u4e3b\u7ba1\u90e8\u95e8\u76d1\u7ba1\u7684\uff0c\u5411\u4e0d\u7279\u5b9a\u6295\u8d44\u4eba\u516c\u5f00\u53d1\u884c\u53d7\u76ca\u51ed\u8bc1\u7684\u8bc1\u5238\u6295\u8d44\u57fa\u91d1\u800c\u8a00\uff0c\u662f\u4e00\u79cd\u975e\u516c\u5f00\u5ba3\u4f20\u7684\uff0c\u79c1\u4e0b\u5411\u7279\u5b9a\u6295\u8d44\u4eba\u52df\u96c6\u8d44\u91d1\u8fdb\u884c\u7684\u4e00\u79cd\u96c6\u5408\u6295\u8d44\u3002\u5176\u65b9\u5f0f\u57fa\u672c\u6709\u4e24\u79cd\uff0c\u4e00\u662f\u57fa\u4e8e\u7b7e\u8ba2\u59d4\u6258\u6295\u8d44\u5408\u540c\u7684\u5951\u7ea6\u578b\u96c6\u5408\u6295\u8d44\u57fa\u91d1\uff0c\u4e8c\u662f\u57fa\u4e8e\u5171\u540c\u51fa\u8d44\u5165\u80a1\u6210\u7acb\u80a1\u4efd\u516c\u53f8\u7684\u516c\u53f8\u578b\u96c6\u5408\u6295\u8d44\u57fa\u91d1\u3002<\/div>\n<div class=\"anchor-list \"><\/div>\n<div class=\"para-title level-2  J-chapter\" data-index=\"2\" data-pid=\"7\">\n<h2 class=\"title-text\">\u80cc\u666f\u4ecb\u7ecd<\/h2>\n<\/div>\n<div class=\"para-title level-3  \" data-index=\"2_1\" data-pid=\"8\">\n<h3 class=\"title-text\">\u8d77\u6e90<\/h3>\n<\/div>\n<div class=\"para\" data-pid=\"9\">\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u8d77\u6e90\u4e8e<a href=\"https:\/\/baike.baidu.com\/item\/%E7%BE%8E%E5%9B%BD\/125486?fromModule=lemma_inlink\" target=\"_blank\" rel=\"noopener\" data-lemmaid=\"125486\" data-log=\"text\">\u7f8e\u56fd<\/a>\u300219\u4e16\u7eaa\u672b20\u4e16\u7eaa\u521d\uff0c\u6709\u4e0d\u5c11\u5bcc\u6709\u7684\u79c1\u4eba<a href=\"https:\/\/baike.baidu.com\/item\/%E9%93%B6%E8%A1%8C%E5%AE%B6\/24168492?fromModule=lemma_inlink\" target=\"_blank\" rel=\"noopener\" data-lemmaid=\"24168492\" data-log=\"text\">\u94f6\u884c\u5bb6<\/a>\u901a\u8fc7\u5f8b\u5e08\u3001\u4f1a\u8ba1\u5e08\u7684\u4ecb\u7ecd\u548c\u5b89\u6392\uff0c\u5c06\u8d44\u91d1\u6295\u8d44\u4e8e\u98ce\u9669\u8f83\u5927\u7684\u77f3\u6cb9\u3001\u94a2\u94c1\u3001\u94c1\u8def\u7b49\u65b0\u5174\u4ea7\u4e1a\uff0c\u8fd9\u7c7b\u6295\u8d44\u5b8c\u5168\u662f\u7531\u6295\u8d44\u8005\u4e2a\u4eba\u51b3\u7b56\uff0c\u6ca1\u6709\u4e13\u95e8\u7684\u673a\u6784\u8fdb\u884c\u7ec4\u7ec7\uff0c\u8fd9\u5c31\u662f\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u7684\u96cf\u5f62\u3002<\/div>\n<div class=\"para\" data-pid=\"10\">\u73b0\u4ee3\u79c1\u52df\u80a1\u6743\u6295\u8d44\uff08Private Equity\uff0c\u7b80\u79f0\u201c<a href=\"https:\/\/baike.baidu.com\/item\/PE\/125?fromModule=lemma_inlink\" target=\"_blank\" rel=\"noopener\" data-lemmaid=\"125\" data-log=\"text\">PE<\/a>\u201d\uff09\u4ea7\u4e1a\u5148\u540e\u7ecf\u5386\u4e864\u4e2a\u91cd\u8981\u65f6\u671f\u7684\u53d1\u5c55\u30021946\uff5e1981\u5e74\u7684\u521d<a href=\"https:\/\/baike.baidu.com\/item\/PE\/125?fromModule=lemma_inlink\" target=\"_blank\" rel=\"noopener\" data-lemmaid=\"125\" data-log=\"text\">PE<\/a>\u65f6\u671f\uff0c\u4e00\u4e9b\u5c0f\u578b\u7684\u79c1\u4eba\u8d44\u4ea7\u6295\u8d44\u4ee5\u53ca\u5c0f\u578b\u4f01\u4e1a\u5bf9\u79c1\u52df\u7684\u63a5\u89e6\u4f7fPE\u5f97\u5230\u8d77\u6b65\u30021982\uff5e1993\u5e74\u7684\u7b2c\u4e00\u6b21\u7ecf\u6d4e\u8427\u6761\u548c\u7e41\u8363\u7684\u5faa\u73af\u4f7fPE\u53d1\u5c55\u5230\u7b2c\u4e8c\u4e2a\u65f6\u671f\uff0c\u8fd9\u4e00\u65f6\u671f\u7684\u7279\u70b9\u662f\u51fa\u73b0\u4e86\u4e00\u80a1\u5927\u91cf\u4ee5\u5783\u573e\u503a\u5238\u4e3a\u8d44\u91d1\u6760\u6746\u7684\u6536\u8d2d\u6d6a\u6f6e\uff0c\u5e76\u572820\u4e16\u7eaa80\u5e74\u4ee3\u672b90\u5e74\u4ee3\u521d\u5728\u51e0\u4e4e\u5d29\u6e83\u7684\u6760\u6746\u6536\u8d2d\u4ea7\u4e1a\u73af\u5883\u4e0b\u4ecd\u75af\u72c2\u8d2d\u4e70\u8457\u540d\u7684\u7f8e\u56fd\u98df\u54c1\u70df\u8349\u516c\u53f8\u96f7\u8bfa\u7eb3\u8d1d\u65af\u514b\uff08RJR Nabisco\uff09\u4e2d\u8fbe\u5230\u9ad8\u6f6e\u3002PE\u5728\u7b2c\u4e8c\u6b21\u7ecf\u6d4e\u5faa\u73af\uff081992\uff5e2002\u5e74\uff09\u4e2d\u5f97\u5230\u6d17\u6da4\u5e76\u7ecf\u5386\u4e86\u5176\u7b2c\u4e09\u4e2a\u65f6\u671f\u7684\u8fdb\u5316\u3002\u8fd9\u4e00\u65f6\u671f\u7684\u521d\u671f\u4e5f\u5c31\u662f20\u4e16\u7eaa90\u5e74\u4ee3\u521d\u671f\u9010\u6e10\u6d6e\u73b0\u51fa\u4e00\u7cfb\u5217\u91d1\u878d\u548c\u7ecf\u6d4e\u73b0\u8c61\uff0c\u6bd4\u5982\u50a8\u84c4\u548c\u8d37\u6b3e\u5371\u673a\uff0c\u5185\u5e55\u4ea4\u6613\u4e11\u95fb\u4ee5\u53ca\u623f\u5730\u4ea7\u4e1a\u5371\u673a\u3002\u8fd9\u4e00\u65f6\u671f\u51fa\u73b0\u4e86\u66f4\u591a\u5236\u5ea6\u5316\u7684\u79c1\u52df\u80a1\u6743\u6295\u8d44\u4f01\u4e1a\uff0c\u5e76\u57281999\uff5e2000\u5e74\u7684\u4e92\u8054\u7f51\u6ce1\u6cab\u65f6\u671f\u8fbe\u5230\u4e86\u53d1\u5c55\u7684\u9ad8\u6f6e\u30022003\uff5e2007\u5e74\u6210\u4e3aPE\u53d1\u5c55\u7684\u7b2c\u56db\u4e2a\u91cd\u8981\u65f6\u671f\uff0c\u5168\u7403\u7ecf\u6d4e\u7531\u4e4b\u524d\u7684\u4e92\u8054\u7f51\u6ce1\u6cab\u9010\u6b65\u8d70\u5f31\uff0c\u6760\u6746\u6536\u8d2d\u4e5f\u8fbe\u5230\u4e86\u7a7a\u524d\u7684\u89c4\u6a21\uff0c\u4ece\u800c\u4f7f\u79c1\u52df\u4f01\u4e1a\u7684\u5236\u5ea6\u5316\u4e5f\u5f97\u5230\u4e86\u7a7a\u524d\u7684\u53d1\u5c55\u3002\u4ece2007\u5e74\u7f8e\u56fd\u9ed1\u77f3\u96c6\u56e2\uff08Blackstone Group\uff09\u7684IPO\u4e2d\u6211\u4eec\u53ef\u4ee5\u5f97\u5230\u5145\u5206\u7684\u5370\u8bc1\u3002<\/div>\n<div class=\"para\" data-pid=\"11\">\u56fd\u9645\u79c1\u52df\u80a1\u6743\u6295\u8d44\u57fa\u91d1\u7ecf\u8fc750\u591a\u5e74\u7684\u53d1\u5c55\uff0c\u6210\u4e3a\u4ec5\u6b21\u4e8e\u94f6\u884c\u8d37\u6b3e\u548cIPO\u7684\u91cd\u8981\u878d\u8d44\u624b\u6bb5\u3002\u56fd\u9645\u79c1\u52df\u80a1\u6743\u6295\u8d44\u57fa\u91d1\u89c4\u6a21\u5e9e\u5927\uff0c\u6295\u8d44\u9886\u57df\u5e7f\u9614\uff0c\u8d44\u91d1\u6765\u6e90\u5e7f\u6cdb\uff0c\u53c2\u4e0e\u673a\u6784\u591a\u6837\u3002\u897f\u65b9\u56fd\u5bb6<a href=\"https:\/\/baike.baidu.com\/item\/%E7%A7%81%E5%8B%9F%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E5%9F%BA%E9%87%91\/2829872?fromModule=lemma_inlink\" target=\"_blank\" rel=\"noopener\" data-lemmaid=\"2829872\" data-log=\"text\">\u79c1\u52df\u80a1\u6743\u6295\u8d44\u57fa\u91d1<\/a>\u5360\u5176GDP\u4efd\u989d\u5df2\u8fbe\u52304%\uff5e5%\u3002\u8fc4\u4eca\u4e3a\u6b62\uff0c\u5168\u7403\u5df2\u6709\u6570\u5343\u5bb6\u79c1\u52df\u80a1\u6743\u6295\u8d44\u516c\u53f8\uff0c\u9ed1\u77f3\u3001KKR\u3001\u51ef\u96f7\u3001\u8d1d\u6069\u3001\u963f\u6ce2\u7f57\u3001\u5fb7\u5dde\u592a\u5e73\u6d0b\u3001\u9ad8\u76db\u3001\u7f8e\u6797\u7b49\u673a\u6784\u662f\u5176\u4e2d\u7684\u4f7c\u4f7c\u8005\u3002<\/div>\n<div class=\"para-title level-3  \" data-index=\"2_2\" data-pid=\"12\">\n<h3 class=\"title-text\">\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u5728\u4e2d\u56fd\u7684\u53d1\u5c55<\/h3>\n<\/div>\n<div class=\"para\" data-pid=\"13\">\n<div class=\"lemma-picture J-lemma-picture text-pic layout-right\"><\/div>\n<p>\u4e0e\u7f8e\u56fd\u79c1\u52df\u80a1\u6743\u6295\u8d44\u7684\u53d1\u5c55\u7c7b\u4f3c\uff0c\u6211\u56fd\u5bf9\u79c1\u52df\u80a1\u6743\u6295\u8d44\u7684\u63a2\u7d22\u548c\u53d1\u5c55\u4e5f\u662f\u4ece\u98ce\u9669\u6295\u8d44\u5f00\u59cb\u7684\uff0c\u98ce\u9669\u6295\u8d44\u5728\u6211\u56fd\u7684\u5c1d\u8bd5\u53ef\u4ee5\u8ffd\u6eaf\u523020\u4e16\u7eaa80\u5e74\u4ee3\u30021985\u5e74\u4e2d\u5171\u4e2d\u592e\u53d1\u5e03\u7684\u300a\u5173\u4e8e\u79d1\u5b66\u6280\u672f\u6539\u9769\u7684\u51b3\u5b9a\u300b\u4e2d\u63d0\u5230\u4e86\u652f\u6301\u521b\u4e1a\u98ce\u9669\u6295\u8d44\u7684\u95ee\u9898\uff0c\u968f\u540e\u7531\u56fd\u5bb6\u79d1\u59d4\u548c\u8d22\u653f\u90e8\u7b49\u90e8\u95e8\u7b79\u5efa\u4e86\u6211\u56fd\u7b2c\u4e00\u4e2a\u98ce\u9669\u6295\u8d44\u673a\u6784\u2014\u2014<a href=\"https:\/\/baike.baidu.com\/item\/%E4%B8%AD%E5%9B%BD%E6%96%B0%E6%8A%80%E6%9C%AF%E5%88%9B%E4%B8%9A%E6%8A%95%E8%B5%84%E5%85%AC%E5%8F%B8\/3627422?fromModule=lemma_inlink\" target=\"_blank\" rel=\"noopener\" data-lemmaid=\"3627422\" data-log=\"text\">\u4e2d\u56fd\u65b0\u6280\u672f\u521b\u4e1a\u6295\u8d44\u516c\u53f8<\/a>\uff08\u4e2d\u521b\u516c\u53f8\uff09\u300220\u4e16\u7eaa90\u5e74\u4ee3\u4e4b\u540e\uff0c\u5927\u91cf\u7684\u6d77\u5916\u79c1\u52df\u80a1\u6743\u6295\u8d44\u57fa\u91d1\u5f00\u59cb\u8fdb\u5165\u6211\u56fd\uff0c\u4ece\u6b64\u5728\u4e2d\u56fd\u8fd9\u4e2a\u65b0\u5174\u7ecf\u6d4e\u4f53\u4e2d\u6380\u8d77\u4e86\u79c1\u52df\u80a1\u6743\u6295\u8d44\u7684\u70ed\u6d6a\u3002<\/div>\n<div class=\"para\" data-pid=\"14\">\u7b2c\u4e00\u6b21\u6295\u8d44\u6d6a\u6f6e\u51fa\u73b0\u57281992\u5e74\u6539\u9769\u5f00\u653e\u540e\u3002\u8fd9\u4e00\u9636\u6bb5\u7684\u6295\u8d44\u5bf9\u8c61\u4e3b\u8981\u4ee5<a href=\"https:\/\/baike.baidu.com\/item\/%E5%9B%BD%E6%9C%89%E4%BC%81%E4%B8%9A\/3457818?fromModule=lemma_inlink\" target=\"_blank\" rel=\"noopener\" data-lemmaid=\"3457818\" data-log=\"text\">\u56fd\u6709\u4f01\u4e1a<\/a>\u4e3a\u4e3b\uff0c<a href=\"https:\/\/baike.baidu.com\/item\/%E6%B5%B7%E5%A4%96%E6%8A%95%E8%B5%84%E5%9F%BA%E9%87%91\/7778754?fromModule=lemma_inlink\" target=\"_blank\" rel=\"noopener\" data-lemmaid=\"7778754\" data-log=\"text\">\u6d77\u5916\u6295\u8d44\u57fa\u91d1<\/a>\u5927\u591a\u4e0e\u4e2d\u56fd\u5404\u90e8\u59d4\u5408\u4f5c\uff0c\u5982\u5317\u65b9\u5de5\u4e1a\u4e0e<a href=\"https:\/\/baike.baidu.com\/item\/%E5%98%89%E9%99%B5\/412928?fromModule=lemma_inlink\" target=\"_blank\" rel=\"noopener\" data-lemmaid=\"412928\" data-log=\"text\">\u5609\u9675<\/a>\u5408\u4f5c\u3002\u4f46\u7531\u4e8e\u4f53\u5236\u6ca1\u6709\u7406\u987a\uff0c\u884c\u653f\u5e72\u9884\u8f83\u4e3a\u4e25\u91cd\uff0c\u6295\u8d44\u673a\u6784\u5f88\u96be\u627e\u5230\u597d\u9879\u76ee\uff0c\u800c\u4e14\u5f53\u65f6\u5f88\u5c11\u6709\u6d77\u5916\u4e0a\u5e02\uff0c\u53c8\u4e0d\u80fd\u5728\u56fd\u5185\u5168\u6d41\u901a\u9000\u51fa\uff0c\u79c1\u52df\u80a1\u6743\u6295\u8d44\u540e\u627e\u4e0d\u5230\u51fa\u8def\uff0c\u8fd9\u5bfc\u81f4\u6295\u8d44\u57fa\u91d1\u7b2c\u4e00\u6b21\u8fdb\u5165\u4e2d\u56fd\u65f6\u4ee5\u5931\u8d25\u544a\u7ec8\uff0c\u8fd9\u4e9b\u57fa\u91d1\u5927\u591a\u57281997\u5e74\u4e4b\u524d\u64a4\u51fa\u6216\u89e3\u6563\u3002<\/div>\n<div class=\"para\" data-pid=\"15\">1999\u5e74\u300a<b>\u4e2d\u5171\u4e2d\u592e\u5173\u4e8e\u52a0\u5f3a\u6280\u672f\u521b\u65b0\u3001\u53d1\u5c55\u9ad8\u79d1\u6280\u3001\u5b9e\u73b0\u4ea7\u4e1a\u5316\u7684\u51b3\u5b9a<\/b>\u300b\u7684\u51fa\u53f0\uff0c\u4e3a\u6211\u56fd\u79c1\u52df\u80a1\u6743\u6295\u8d44\u7684\u53d1\u5c55\u4f5c\u51fa\u4e86\u5236\u5ea6\u4e0a\u7684\u5b89\u6392\uff0c\u6781\u5927\u5730\u9f13\u821e\u4e86\u53d1\u5c55\u79c1\u52df\u80a1\u6743\u6295\u8d44\u7684\u70ed\u60c5\uff0c\u6380\u8d77\u4e86\u7b2c\u4e8c\u6b21\u77ed\u6682\u7684\u6295\u8d44\u98ce\u6f6e\u3002\u56fd\u5185\u76f8\u7ee7\u6210\u7acb\u4e86\u4e00\u5927\u6279\u7531\u653f\u5e9c\u4e3b\u5bfc\u7684\u98ce\u9669\u6295\u8d44\u673a\u6784\uff0c\u5176\u4e2d\u5177\u6709\u4ee3\u8868\u6027\u7684\u662f\uff08\u6df1\u5733\u5e02\u653f\u5e9c\u8bbe\u7acb\u7684\uff09<b>\u6df1\u5733\u521b\u65b0\u6295\u8d44\u96c6\u56e2\u516c\u53f8<\/b>\u548c<b>\u4e2d\u79d1\u9662<\/b>\u7275\u5934\u6210\u7acb\u7684\u4e0a\u6d77\u8054\u521b\u3001\u4e2d\u79d1\u62db\u5546\u30022000\u5e74\u5e74\u521d\u51fa\u53f0\u7684\u300a<b>\u5173\u4e8e\u5efa\u7acb\u6211\u56fd\u98ce\u9669\u6295\u8d44\u673a\u5236\u7684\u82e5\u5e72\u610f\u89c1<\/b>\u300b\uff0c\u662f\u6211\u56fd\u7b2c\u4e00\u4e2a\u6709\u5173\u98ce\u9669\u6295\u8d44\u53d1\u5c55\u7684\u6218\u7565\u6027\u3001\u7eb2\u9886\u6027\u6587\u4ef6\uff0c\u4e3a\u98ce\u9669\u6295\u8d44\u673a\u5236\u5efa\u7acb\u4e86\u76f8\u5173\u7684\u539f\u5219\u3002\u540c\u65f6\uff0c\u6211\u56fd\u653f\u5e9c\u4e5f\u79ef\u6781\u7b79\u5907\u5728\u6df1\u5733\u5f00\u8bbe\u521b\u4e1a\u677f\uff0c\u4e00\u7cfb\u5217\u653f\u7b56\u63aa\u65bd\u6781\u5927\u63a8\u52a8\u4e86\u6211\u56fd\u79c1\u52df\u80a1\u6743\u6295\u8d44\u7684\u53d1\u5c55\u3002\u4f46\u5f53\u65f6\u7531\u4e8e\u8fd8\u6ca1\u6709\u5efa\u7acb\u4e2d\u5c0f\u4f01\u4e1a\u677f\uff0c\u57fa\u91d1\u9000\u51fa\u6e20\u9053\u4ecd\u4e0d\u591f\u7545\u901a\uff0c\u4e00\u5927\u6279\u6295\u8d44\u4f01\u4e1a\u65e0\u6cd5\u6536\u56de\u6295\u8d44\u800c\u5012\u95ed\u3002<\/div>\n<div class=\"para\" data-pid=\"16\">\u524d\u4e24\u6b21\u7684\u79c1\u52df\u80a1\u6743\u6295\u8d44\u70ed\u6f6e\u7531\u4e8e\u9000\u51fa\u6e20\u9053\u7684\u4e0d\u987a\u7545\u800c\u5931\u8d25\uff0c\u4f46\u8fd9\u79cd\u60c5\u51b5\u57282004\u5e74\u51fa\u73b0\u4e86\u8f6c\u673a\u30022004\u5e74\uff0c\u6211\u56fd\u8d44\u672c\u5e02\u573a\u51fa\u73b0\u4e86\u6709\u5229\u4e8e\u79c1\u52df\u80a1\u6743\u6295\u8d44\u53d1\u5c55\u7684\u5236\u5ea6\u521b\u65b0\u2014\u2014\u6df1\u5733\u4e2d\u5c0f\u4f01\u4e1a\u677f\u6b63\u5f0f\u542f\u52a8\uff0c\u8fd9\u4e3a\u79c1\u52df\u80a1\u6743\u6295\u8d44\u5728\u56fd\u5185\u8d44\u672c\u5e02\u573a\u63d0\u4f9b\u4e86IPO\u7684\u9000\u51fa\u65b9\u5f0f\u3002\u6240\u4ee52004\u5e74\u4ee5\u540e\u51fa\u73b0\u4e86\u7b2c\u4e09\u6b21\u6295\u8d44\u6d6a\u6f6e\uff0c\u79c1\u52df\u80a1\u6743\u6295\u8d44\u6210\u529f\u7684\u6848\u4f8b\u5f00\u59cb\u51fa\u73b0\u30022004\u5e746\u6708\uff0c\u7f8e\u56fd\u8457\u540d\u7684\u65b0\u6865\u8d44\u672c\u4ee512.53\u4ebf\u5143\u4eba\u6c11\u5e01\u4ece\u6df1\u5733\u5e02\u653f\u5e9c\u624b\u4e2d\u6536\u8d2d\u6df1\u5733\u53d1\u5c55\u94f6\u884c17.89%\u7684\u63a7\u80a1\u80a1\u6743\uff0c\u8fd9\u4e5f\u662f\u56fd\u9645\u5e76\u8d2d\u57fa\u91d1\u5728\u4e2d\u56fd\u7684\u7b2c\u4e00\u8d77\u91cd\u5927\u6848\u4f8b\uff0c\u540c\u65f6\u4e5f\u8bde\u751f\u4e86\u7b2c\u4e00\u5bb6\u6709\u56fd\u9645\u8d44\u672c\u63a7\u80a1\u7684\u4e2d\u56fd\u5546\u4e1a\u94f6\u884c\u3002\u7531\u6b64\u53d1\u7aef\uff0c\u5f88\u591a\u76f8\u4f3c\u7684PE\u6848\u4f8b\u63a5\u8e35\u800c\u6765\uff0cPE\u6295\u8d44\u5e02\u573a\u6e10\u8d8b\u6d3b\u8dc3\uff0c\u4ece\u53d1\u5c55\u89c4\u6a21\u548c\u6570\u91cf\u6765\u770b\uff0c\u672c\u8f6e\u53d1\u5c55\u89c4\u6a21\u548c\u6570\u91cf\u90fd\u8d85\u8fc7\u4e86\u4ee5\u524d\u4efb\u4f55\u65f6\u671f\u3002<\/div>\n<div class=\"para\" data-pid=\"17\">\u8fdb\u5165\u65b0\u4e16\u7eaa\u540e\uff0c\u4e00\u679d\u72ec\u79c0\u7684\u4e2d\u56fd\u7ecf\u6d4e\uff0c\u65e5\u76ca\u5438\u5f15\u7559\u5b66\u6d77\u5916\u7684\u4e2d\u56fd\u5b66\u5b50\u56de\u56fd\u521b\u4e1a\u53d1\u5c55\u3002\u4e00\u4e2a\u9ad8\u79d1\u6280\u9879\u76ee\uff0c\u4e00\u4e2a\u521b\u4e1a\u5c0f\u56e2\u961f\uff0c\u4e00\u7b14\u4e0d\u5927\u7684\u542f\u52a8\u8d44\u91d1\u3002\u8fd9\u662f\u7edd\u5927\u591a\u6570\u6d77\u5f52\u521a\u5f00\u59cb\u521b\u4e1a\u65f6\u7684\u60c5\u5f62\u3002\u4e0d\u8981\u8bf4\u767e\u5ea6\u3001\u641c\u72d0\u8fd9\u6837\u7684\u7f51\u7edc\u516c\u53f8\uff0c\u5c31\u662fUT\u65af\u8fbe\u5eb7\u8fd9\u6837\u7684\u901a\u8baf\u516c\u53f8\uff0c\u521b\u4e1a\u4f0a\u59cb\uff0c\u4e5f\u4e0d\u8fc7\u662f\u4e24\u4e09\u4e2a\u4eba\uff0c\u4e03\u516b\u6746\u67aa\u3002\u53ea\u662f\u56e0\u4e3a\u4e0d\u65ad\u5f97\u5230<a href=\"https:\/\/baike.baidu.com\/item\/%E9%A3%8E%E9%99%A9%E6%8A%95%E8%B5%84%E5%9F%BA%E9%87%91\/2508771?fromModule=lemma_inlink\" target=\"_blank\" rel=\"noopener\" data-lemmaid=\"2508771\" data-log=\"text\">\u98ce\u9669\u6295\u8d44\u57fa\u91d1<\/a>\uff08\u79c1\u52df\u80a1\u6743\u6295\u8d44\u57fa\u91d1\u7684\u4e00\u79cd\u8868\u73b0\u5f62\u5f0f\uff09\u7684\u878d\u8d44\uff0c\u8fd9\u4e9b\u516c\u53f8\u624d\u6700\u7ec8\u4ece\u4e00\u5927\u6279\u540c\u7c7b\u4e2d\u8131\u9896\u800c\u51fa\u3002<\/div>\n<div class=\"para\" data-pid=\"18\">\n<div class=\"lemma-picture J-lemma-picture text-pic layout-right\"><\/div>\n<div><\/div>\n<p>\u6d77\u5916\u5b66\u4eba\u521b\u4e1a\u6295\u8d44\u4e8b\u4e1a\u7ecf\u5386\u4e86\u8fd1\u5341\u5e74\u7684\u53d1\u5c55\uff0c\u89c4\u6a21\u65e5\u76ca\u58ee\u5927\u3002\u76ee\u524d\uff0c\u5728\u7eb3\u65af\u8fbe\u514b\u4e0a\u5e02\u7684\u4e2d\u56fd\u4f01\u4e1a\u517140\u591a\u5bb6\uff0c\u603b\u5e02\u503c300\u591a\u4ebf\u7f8e\u5143\uff1b\u5728\u7eb3\u65af\u8fbe\u514b\u4e0a\u5e02\u7684\u4e2d\u56fd\u4f01\u4e1a\u4e2d\uff0c\u9ad8\u7ba1\u5927\u591a\u6709\u6d77\u5916\u7559\u5b66\u80cc\u666f\uff1b\u5728\u7eb3\u65af\u8fbe\u514b\u4e0a\u5e02\u7684\u4e2d\u56fd\u4f01\u4e1a\u6b63\u63a8\u52a8\u65b0\u6280\u672f\u53ca\u4f20\u7edf\u4ea7\u4e1a\u53d1\u5c55\uff0c\u521b\u9020\u4e86\u4f01\u4e1a\u5728\u4e2d\u56fd\u53d1\u5c55\u3001\u5728\u6d77\u5916\u878d\u8d44\u7684\u65b0\u6a21\u5f0f\u3002<\/p><\/div>\n<div class=\"para\" data-pid=\"19\">\u8fd1\u5e74\uff0c\u5728<a href=\"https:\/\/baike.baidu.com\/item\/%E7%BA%B3%E6%96%AF%E8%BE%BE%E5%85%8B\/17437?fromModule=lemma_inlink\" target=\"_blank\" rel=\"noopener\" data-lemmaid=\"17437\" data-log=\"text\">\u7eb3\u65af\u8fbe\u514b<\/a>\u4e0a\u5e02\u7684\u4e2d\u56fd\u4f01\u4e1a\uff0c\u5df2\u7a81\u7834\u4e86\u4e92\u8054\u7f51\u548c\u9ad8\u79d1\u6280\u516c\u53f8\u7684\u8303\u56f4\u3002\u6709\u6765\u81ea\u591a\u884c\u4e1a\u3001\u591a\u9886\u57df\u7684\u516c\u53f8\u767b\u9646\u7eb3\u65af\u8fbe\u514b\uff0c\u5bf9\u6b64\uff0c\u7eb3\u65af\u8fbe\u514b\u4e2d\u56fd\u9996\u5e2d\u4ee3\u8868\u5f90\u5149\u52cb\u6307\u51fa\uff1a\u201c\u8fd9\u4e9b\u516c\u53f8\u5728\u7eb3\u65af\u8fbe\u514b\u4e0a\u5e02\uff0c\u5b83\u4eec\u5e26\u6765\u7684\u4e2d\u56fd\u6982\u5ff5\u4e5f\u88ab\u56fd\u9645\u5e02\u573a\u6240\u63a5\u53d7\u3002\u8fd9\u5bf9\u4e2d\u56fd\u4f01\u4e1a\u800c\u8a00\uff0c\u65e0\u7591\u662f\u597d\u4e8b\u3002\u5728\u7eb3\u65af\u8fbe\u514b\u4e0a\u5e02\u7684\u4e2d\u56fd\u4f01\u4e1a\u4e2d\uff0c\u9ad8\u7ea7\u7ba1\u7406\u5c42\u5927\u591a\u62e5\u6709\u6d77\u5916\u7559\u5b66\u80cc\u666f\u3002\u201d<\/div>\n<div class=\"para\" data-pid=\"20\">\u4ee5\u5317\u4eac\u4e2d\u5173\u6751\u79d1\u6280\u56ed\u533a\u4e3a\u4f8b\uff0c\u5728\u7eb3\u65af\u8fbe\u514b\u4e0a\u5e02\u7684\u6765\u81ea\u4e2d\u5173\u6751\u79d1\u6280\u56ed\u533a\u7684\u4e2d\u56fd\u4f01\u4e1a\u4e2d\uff0c\u6d77\u5f52\u4f01\u4e1a\u4e3a\u6570\u4e0d\u5c11\u3002\u8fd9\u4e9b\u5728\u7eb3\u65af\u8fbe\u514b\u4e0a\u5e02\u7684\u6d77\u5f52\u4f01\u4e1a\uff0c\u6b63\u5728\u7531\u63a8\u52a8\u56fd\u5185\u65b0\u7ecf\u6d4e\u3001\u65b0\u6280\u672f\u3001\u4e92\u8054\u7f51\u7b49\u8bf8\u591a\u9886\u57df\u7684\u53d1\u5c55\uff0c\u6269\u5c55\u5230\u63a8\u52a8\u4e2d\u56fd\u4f20\u7edf\u4ea7\u4e1a\u7684\u53d1\u5c55<sup class=\"sup--normal\" data-sup=\"4\" data-ctrmap=\":4,\">\u00a0[4]<\/sup><a class=\"sup-anchor\" name=\"ref_[4]_134402\" data-log=\"text\"><\/a>\u00a0\u00a0\u3002<\/div>\n<div class=\"para\" data-pid=\"21\">\u4ee5\u767e\u5ea6\u3001\u65b0\u6d6a\u3001\u641c\u72d0\u3001\u643a\u7a0b\u3001\u5982\u5bb6\u7b49\u4e3a\u4ee3\u8868\u7684\u4e00\u6279\u7559\u5b66\u4eba\u5458\u56de\u56fd\u521b\u4e1a\u4f01\u4e1a\u7ed9\u56fd\u5185\u5e26\u56de\u4e86\u5927\u6279\u98ce\u9669\u6295\u8d44\uff0c\u8fd9\u79cd\u5168\u65b0\u7684\u878d\u8d44\u65b9\u5f0f\uff0c\u6781\u5927\u5730\u50ac\u5316\u4e86\u4e2d\u5c0f\u4f01\u4e1a\u7684\u6210\u957f\u3002\u540c\u65f6\uff0c\u56fd\u5185\u51e0\u4e4e\u6240\u6709\u56fd\u9645\u98ce\u9669\u6295\u8d44\u516c\u53f8\u7684\u638c\u95e8\u4eba\u5927\u90fd\u662f\u6e05\u4e00\u8272\u7684\u6d77\u5f52\uff0cIDG\u8d44\u6df1\u5408\u4f19\u4eba\u718a\u6653\u9e3d\u3001\u9f0e\u6656\u56fd\u9645\u521b\u6295\u57fa\u91d1\u8463\u4e8b\u957f\u5434\u5c1a\u5fd7\u3001\u8d5b\u5bcc\u4e9a\u6d32\u6295\u8d44\u57fa\u91d1\u9996\u5e2d\u5408\u4f19\u4eba\u960e\u7131\u3001\u7ea2\u6749\u57fa\u91d1\u4e2d\u56fd\u5408\u4f19\u4eba\u6c88\u5357\u9e4f\u3001\u91d1\u6c99\u6c5f\u521b\u4e1a\u6295\u8d44\u8463\u4e8b\u603b\u7ecf\u7406\u4e01\u5065\u3001\u7f8e\u56fd\u4e2d\u7ecf\u5408\u96c6\u56e2\u8463\u4e8b\u603b\u7ecf\u7406\u5f20\u9896\u3001\u5317\u6781\u5149\u521b\u6295\u57fa\u91d1\u521b\u59cb\u5408\u4f19\u4eba\u9093\u950b\u3001\u5317\u6597\u661f\u6295\u8d44\u57fa\u91d1\u8463\u4e8b\u603b\u7ecf\u7406\u5434\u7acb\u5cf0\u3001\u542f\u660e\u521b\u6295\u521b\u59cb\u4eba\u53ca\u8463\u4e8b\u603b\u7ecf\u7406\u909d\u5b50\u5e73\u3001\u5fb7\u514b\u8428\u65af\u592a\u5e73\u6d0b\u96c6\u56e2\u5408\u4f19\u4eba\u738b\u515f\u7b4910\u591a\u4f4d\u638c\u7ba1\u5404\u7c7b\u98ce\u9669\u6295\u8d44\u57fa\u91d1\u7684\u6d77\u5f52\u4eba\u58eb\u3002\u5927\u90e8\u5206\u98ce\u9669\u6295\u8d44\u90fd\u662f\u901a\u8fc7\u6d77\u5f52\u6216\u6d77\u5f52\u5de5\u4f5c\u7684\u5916\u4f01\u5e26\u8fdb\u56fd\u5185\u7684\u3002\u8fd9\u4e9b\u6295\u8d44\u4fc3\u8fdb\u4e86\u56fd\u5185\u5bf9\u521b\u4e1a\u7684\u70ed\u60c5\uff0c\u4fc3\u8fdb\u4e86\u4e00\u5927\u6279\u6d77\u5f52\u4f01\u4e1a\u548c\u56fd\u5185\u4e2d\u5c0f\u4f01\u4e1a\u7684\u53d1\u5c55\uff0c\u540c\u65f6\u4e5f\u5e26\u52a8\u4e86\u56fd\u5185\u521b\u4e1a\u6295\u8d44\u884c\u4e1a\u7684\u8fdb\u6b65\u3002<\/div>\n<div class=\"para\" data-pid=\"22\">\u603b\u4f53\u6765\u770b\uff0c\u79c1\u52df\u80a1\u6743\u6295\u8d44\u5728\u4e2d\u56fd\u53d1\u5c55\u8fc5\u901f\uff0c\u65b0\u52df\u96c6\u57fa\u91d1\u6570\u3001\u52df\u96c6\u8d44\u91d1\u989d\u548c\u6295\u8d44\u6848\u4f8b\u4e0e\u91d1\u989d\u7b49\u4ee3\u8868\u7740\u6295\u8d44\u53d1\u5c55\u7684\u57fa\u672c\u6570\u636e\u5c06\u4f1a\u957f\u65f6\u95f4\u4fdd\u6301\u589e\u957f\u72b6\u6001\uff0c\u8fd9\u662f\u65b0\u5174\u5e02\u573a\u7684\u7ecf\u6d4e\u53d1\u5c55\u548c\u4e2d\u56fd\u4f01\u4e1a\u6570\u91cf\u591a\u3001\u53d1\u5c55\u5feb\u6240\u5e26\u6765\u7684\u6295\u8d44\u673a<span style=\"background-color: #d5d5d5;\">\u9047\u3002<\/span><\/div>\n<div class=\"para-title level-2  J-chapter\" data-index=\"3\" data-pid=\"23\">\n<h2 class=\"title-text\">\u8d44\u91d1\u6765\u6e90<\/h2>\n<\/div>\n<div class=\"para\" data-pid=\"24\">\u57fa\u91d1\u6309\u662f\u5426\u9762\u5411\u4e00\u822c\u5927\u4f17\u52df\u96c6\u8d44\u91d1\u5206\u4e3a\u516c\u52df\u4e0e\u79c1\u52df\uff0c\u6309\u4e3b\u6295\u8d44\u6807\u7684\u53c8\u53ef\u5206\u4e3a<b><a href=\"https:\/\/baike.baidu.com\/item\/%E8%AF%81%E5%88%B8%E6%8A%95%E8%B5%84%E5%9F%BA%E9%87%91\/3746?fromModule=lemma_inlink\" target=\"_blank\" rel=\"noopener\" data-lemmaid=\"3746\" data-log=\"text\">\u8bc1\u5238\u6295\u8d44\u57fa\u91d1<\/a><\/b>\uff08\u6807\u7684\u4e3a\u80a1\u7968\uff09\uff0c<a href=\"https:\/\/baike.baidu.com\/item\/%E6%9C%9F%E8%B4%A7%E6%8A%95%E8%B5%84%E5%9F%BA%E9%87%91\/8590057?fromModule=lemma_inlink\" target=\"_blank\" rel=\"noopener\" data-lemmaid=\"8590057\" data-log=\"text\">\u671f\u8d27\u6295\u8d44\u57fa\u91d1<\/a>\uff08\u6807\u7684\u4e3a\u671f\u8d27\u5408\u7ea6\uff09\u3001\u8d27\u5e01\u6295\u8d44\u57fa\u91d1\uff08\u6807\u7684\u4e3a\u5916\u6c47\uff09\u3001\u9ec4\u91d1\u6295\u8d44\u57fa\u91d1\uff08\u6807\u7684\u4e3a\u9ec4\u91d1\uff09\u3001FOF fund of fund\uff08\u57fa\u91d1\u6295\u8d44\u57fa\u91d1\uff0c\u6807\u7684\u4e3aPE\u4e0eVC\u57fa\u91d1\uff09\uff0cREITS real estate Investment Trusts\uff08\u623f\u5730\u4ea7\u6295\u8d44\u57fa\u91d1\uff0c\u6807\u7684\u4e3a\u623f\u5730\u4ea7\uff09\uff0cTOT trust of trust \uff08\u4fe1\u6258\u6295\u8d44\u57fa\u91d1\uff0c\u6807\u7684\u4e3a\u4fe1\u6258\u4ea7\u54c1\uff09\uff0c\u5bf9\u51b2\u57fa\u91d1\uff08\u53c8\u53eb\u5957\u5229\u57fa\u91d1\uff0c\u6807\u7684\u4e3a\u5957\u5229\u7a7a\u95f4\uff09\uff0c\u4ee5\u4e0a\u8fd9\u4e48\u591a\u57fa\u91d1\u5f62\u6001\uff0c\u5f88\u591a\u90fd\u662f\u897f\u65b9\u56fd\u5bb6\u6709\uff0c\u5728\u4e2d\u56fd\u53ea\u6709\u6b64\u7c7b\u6982\u5ff5\u800c\u5e76\u65e0\u5b9e\u4f53\uff08\u79c1\u52df\u7531\u4e8e\u4e0d\u53d7\u653f\u7b56\u9650\u5236\uff0c\u6295\u8d44\u6807\u7684\u7075\u6d3b\uff0c\u6240\u4ee5\u79c1\u52df\u662f\u6709\u7684\uff09\u3002<\/div>\n<div class=\"para\" data-pid=\"25\">\u4e2d\u56fd\u6240\u8c13\u7684\u57fa\u91d1\u51c6\u786e\u5e94\u8be5\u53eb<a href=\"https:\/\/baike.baidu.com\/item\/%E8%AF%81%E5%88%B8%E6%8A%95%E8%B5%84%E5%9F%BA%E9%87%91\/3746?fromModule=lemma_inlink\" target=\"_blank\" rel=\"noopener\" data-lemmaid=\"3746\" data-log=\"text\">\u8bc1\u5238\u6295\u8d44\u57fa\u91d1<\/a>\uff0c\u4f8b\u5982\u5927\u6210\u3001\u534e\u590f\u3001\u5609\u5b9e\u3001\u4ea4\u94f6\u65bd\u7f57\u5fb7\u7b49\uff0c\u8fd9\u4e9b\u516c\u52df\u57fa\u91d1\u53d7\u8bc1\u76d1\u4f1a\u4e25\u683c\u76d1\u7ba1\uff0c\u6295\u8d44\u65b9\u5411\u4e0e\u6295\u8d44\u6bd4\u4f8b\u6709\u4e25\u683c\u9650\u5236\uff0c\u5b83\u4eec\u5927\u591a\u7ba1\u7406\u6570\u767e\u4ebf\u4ee5\u4e0a\u8d44\u91d1\u3002<\/div>\n<div class=\"para\" data-pid=\"26\"><a href=\"https:\/\/baike.baidu.com\/item\/%E7%A7%81%E5%8B%9F\/833?fromModule=lemma_inlink\" target=\"_blank\" rel=\"noopener\" data-lemmaid=\"833\" data-log=\"text\">\u79c1\u52df<\/a>\u5728\u4e2d\u56fd\u662f\u53d7\u4e25\u683c\u9650\u5236\u7684\uff0c\u56e0\u4e3a\u79c1\u52df\u5f88\u5bb9\u6613\u6210\u4e3a\u201c<a href=\"https:\/\/baike.baidu.com\/item\/%E9%9D%9E%E6%B3%95%E9%9B%86%E8%B5%84\/7776679?fromModule=lemma_inlink\" target=\"_blank\" rel=\"noopener\" data-lemmaid=\"7776679\" data-log=\"text\">\u975e\u6cd5\u96c6\u8d44<\/a>\u201d\uff0c\u4e24\u8005\u7684\u533a\u522b\u5c31\u662f\uff1a\u662f\u5426\u9762\u5411\u4e00\u822c\u5927\u4f17\u96c6\u8d44\uff0c\u8d44\u91d1\u6240\u6709\u6743\u662f\u5426\u53d1\u751f\u8f6c\u79fb\uff0c\u5982\u679c\u52df\u96c6\u4eba\u6570\u8d85\u8fc750\u4eba\uff0c\u5e76\u8f6c\u79fb\u81f3\u4e2a\u4eba\u8d26\u6237\uff0c\u5219\u5b9a\u4e3a\u975e\u6cd5\u96c6\u8d44\uff0c\u975e\u6cd5\u96c6\u8d44\u662f\u6781\u4e25\u91cd\u7ecf\u6d4e\u72af\u7f6a\uff0c\u53ef\u5224\u6b7b\u5211\uff0c\u5982\u6d59\u6c5f<a href=\"https:\/\/baike.baidu.com\/item\/%E5%90%B4%E8%8B%B1\/6621?fromModule=lemma_inlink\" target=\"_blank\" rel=\"noopener\" data-lemmaid=\"6621\" data-log=\"text\">\u5434\u82f1<\/a>\u3001\u5fb7\u9686<a href=\"https:\/\/baike.baidu.com\/item\/%E5%94%90%E4%B8%87%E6%96%B0\/1773962?fromModule=lemma_inlink\" target=\"_blank\" rel=\"noopener\" data-lemmaid=\"1773962\" data-log=\"text\">\u5510\u4e07\u65b0<\/a>\u3001\u7f8e\u56fd<a href=\"https:\/\/baike.baidu.com\/item\/%E9%BA%A6%E9%81%93%E5%A4%AB\/8698788?fromModule=lemma_inlink\" target=\"_blank\" rel=\"noopener\" data-lemmaid=\"8698788\" data-log=\"text\">\u9ea6\u9053\u592b<\/a>\u3002<\/div>\n<div class=\"para\" data-pid=\"27\">\u79c1\u52df\u623f\u5730\u4ea7\u6295\u8d44\u57fa\u91d1\uff08\u73b0\u8f83\u5c11\uff0c\u5982\u91d1\u8bda\u8d44\u672c\u3001\u661f\u6d69\u6295\u8d44\uff09\uff0c\u79c1\u52df\u80a1\u6743\u6295\u8d44\u57fa\u91d1\uff08\u5373PE\uff0c\u6295\u8d44\u4e8e\u975e\u4e0a\u5e02\u516c\u53f8\u80a1\u6743\uff0c\u4ee5IPO\u4e3a\u76ee\u7684\uff0c\u5982\u9f0e\u6656\u3001\u5f18\u6bc5\u3001KKR\u3001\u9ad8\u76db\u3001\u51ef\u96f7\u3001\u6c49\u7ea2\uff09\u3001\u79c1\u52df\u98ce\u9669\u6295\u8d44\u57fa\u91d1\uff08\u5373VC\uff0c\u98ce\u9669\u5927\uff0c\u5982\u8054\u60f3\u6295\u8d44\u3001\u8f6f\u94f6\u3001IDG\uff09<\/div>\n<div class=\"para\" data-pid=\"28\">\u516c\u52df\u57fa\u91d1\u5982\u5927\u6210\u3001\u5609\u5b9e\u3001\u534e\u590f\u7b49\u57fa\u91d1\u516c\u53f8\u662f\u8bc1\u5238\u6295\u8d44\u57fa\u91d1\uff0c\u53ea\u80fd\u6295\u8d44\u80a1\u7968\u6216\u503a\u5238\uff0c\u4e0d\u80fd\u6295\u8d44\u975e\u4e0a\u5e02\u516c\u53f8\u80a1\u6743\uff0c\u4e0d\u80fd\u6295\u8d44\u623f\u5730\u4ea7\uff0c\u4e0d\u80fd\u6295\u8d44\u6709\u98ce\u9669\u4f01\u4e1a\uff0c\u800c\u79c1\u52df\u57fa\u91d1\u53ef\u4ee5\u3002<\/div>\n<div class=\"para-title level-2  J-chapter\" data-index=\"4\" data-pid=\"29\">\n<h2 class=\"title-text\">\u7279\u70b9<\/h2>\n<\/div>\n<div class=\"para\" data-pid=\"30\"><b><a href=\"https:\/\/baike.baidu.com\/item\/%E7%A7%81%E5%8B%9F%E8%82%A1%E6%9D%83%E5%9F%BA%E9%87%91?fromModule=lemma_inlink\" target=\"_blank\" rel=\"noopener\" data-log=\"text\">\u79c1\u52df\u80a1\u6743\u57fa\u91d1<\/a><\/b>\u7684\u8fd0\u4f5c\u65b9\u5f0f\u662f\u80a1\u6743\u6295\u8d44\uff0c\u5373\u901a\u8fc7\u589e\u8d44\u6269\u80a1\u6216\u80a1\u4efd\u8f6c\u8ba9\u7684\u65b9\u5f0f\uff0c\u83b7\u5f97\u975e\u4e0a\u5e02\u516c\u53f8\u80a1\u4efd\uff0c\u5e76\u901a\u8fc7\u80a1\u4efd\u589e\u503c\u8f6c\u8ba9\u83b7\u5229\u3002\u80a1\u6743\u6295\u8d44\u7684\u7279\u70b9\u5305\u62ec\uff1a<\/div>\n<div class=\"para\" data-pid=\"31\"><b>1\uff0e\u80a1\u6743\u6295\u8d44\u7684\u6536\u76ca\u5341\u5206\u4e30\u539a\u3002<\/b>\u4e0e\u503a\u6743\u6295\u8d44\u83b7\u5f97\u6295\u5165\u8d44\u672c\u82e5\u5e72\u767e\u5206\u70b9\u7684\u5229\u606f\u6536\u76ca\u4e0d\u540c\uff0c\u80a1\u6743\u6295\u8d44\u4ee5\u51fa\u8d44\u6bd4\u4f8b\u83b7\u53d6\u516c\u53f8\u6536\u76ca\u7684\u5206\u7ea2\uff0c\u4e00\u65e6\u88ab\u6295\u8d44\u516c\u53f8\u6210\u529f\u4e0a\u5e02\uff0c\u79c1\u52df\u80a1\u6743\u6295\u8d44\u57fa\u91d1\u7684\u83b7\u5229\u53ef\u80fd\u662f\u51e0\u500d\u6216\u51e0\u5341\u500d\u3002<\/div>\n<div class=\"para\" data-pid=\"32\"><b>2\uff0e\u80a1\u6743\u6295\u8d44\u4f34\u968f\u7740\u9ad8\u98ce\u9669\u3002<\/b>\u80a1\u6743\u6295\u8d44\u901a\u5e38\u9700\u8981\u7ecf\u5386\u82e5\u5e72\u5e74\u7684\u6295\u8d44\u5468\u671f\uff0c\u800c\u56e0\u4e3a\u6295\u8d44\u4e8e\u53d1\u5c55\u671f\u6216\u6210\u957f\u671f\u7684\u4f01\u4e1a\uff0c\u88ab\u6295\u8d44\u4f01\u4e1a\u7684\u53d1\u5c55\u672c\u8eab\u6709\u5f88\u5927\u98ce\u9669\uff0c\u5982\u679c\u88ab\u6295\u8d44\u4f01\u4e1a\u6700\u540e\u4ee5\u7834\u4ea7\u60e8\u6de1\u6536\u573a\uff0c\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u4e5f\u53ef\u80fd\u8840\u672c\u65e0\u5f52\u3002<\/div>\n<div class=\"para\" data-pid=\"33\"><b>3\uff0e\u80a1\u6743\u6295\u8d44\u53ef\u4ee5\u63d0\u4f9b\u5168\u65b9\u4f4d\u7684\u589e\u503c\u670d\u52a1\u3002<\/b>\u79c1\u52df\u80a1\u6743\u6295\u8d44\u5728\u5411\u76ee\u6807\u4f01\u4e1a\u6ce8\u5165\u8d44\u672c\u7684\u65f6\u5019\uff0c\u4e5f\u6ce8\u5165\u4e86\u5148\u8fdb\u7684\u7ba1\u7406\u7ecf\u9a8c\u548c\u5404\u79cd\u589e\u503c\u670d\u52a1\uff0c\u8fd9\u4e5f\u662f\u5176\u5438\u5f15\u4f01\u4e1a\u7684\u5173\u952e\u56e0\u7d20\u3002\u5728\u6ee1\u8db3\u4f01\u4e1a\u878d\u8d44\u9700\u6c42\u7684\u540c\u65f6\uff0c\u79c1\u52df\u80a1\u6743\u6295\u8d44\u57fa\u91d1\u80fd\u591f\u5e2e\u52a9\u4f01\u4e1a\u63d0\u5347\u7ecf\u8425\u7ba1\u7406\u80fd\u529b\uff0c\u62d3\u5c55\u91c7\u8d2d\u6216\u9500\u552e\u6e20\u9053\uff0c\u878d\u901a\u4f01\u4e1a\u4e0e\u5730\u65b9\u653f\u5e9c\u7684\u5173\u7cfb\uff0c\u534f\u8c03\u4f01\u4e1a\u4e0e\u884c\u4e1a\u5185\u5176\u4ed6\u4f01\u4e1a\u7684\u5173\u7cfb\u3002\u5168\u65b9\u4f4d\u7684\u589e\u503c\u670d\u52a1\u662f\u79c1\u52df\u80a1\u6743\u6295\u8d44\u57fa\u91d1\u7684\u4eae\u70b9\u548c\u7ade\u4e89\u529b\u6240\u5728\u3002<\/div>\n<div class=\"para-title level-2  J-chapter\" data-index=\"5\" data-pid=\"34\">\n<h2 class=\"title-text\">\u4e3b\u8981\u533a\u522b<\/h2>\n<p>\u52df\u96c6\u7684\u5bf9\u8c61\u4e0d\u540c<\/p><\/div>\n<div class=\"para\" data-pid=\"36\">\u516c\u52df\u57fa\u91d1\u7684\u52df\u96c6\u5bf9\u8c61\u662f\u5e7f\u5927\u793e\u4f1a\u516c\u4f17\uff0c\u5373\u793e\u4f1a\u4e0d\u7279\u5b9a\u7684\u6295\u8d44\u8005\u3002\u800c\u79c1\u52df\u57fa\u91d1\u52df\u96c6\u7684\u5bf9\u8c61\u662f\u5c11\u6570\u7279\u5b9a\u7684\u6295\u8d44\u8005\uff0c\u5305\u62ec\u673a\u6784\u548c<span style=\"background-color: #d5d5d5;\">\u4e2a\u4eba\u6295\u8d44\u8005\u3002<\/span><\/div>\n<div class=\"para-title level-3  \" data-index=\"5_2\" data-pid=\"37\">\n<h3 class=\"title-text\">\u52df\u96c6\u7684\u65b9\u5f0f\u4e0d\u540c<\/h3>\n<\/div>\n<div class=\"para\" data-pid=\"38\">\u516c\u52df\u57fa\u91d1\u52df\u96c6\u8d44\u91d1\u662f\u901a\u8fc7\u516c\u5f00\u53d1\u552e\u7684\u65b9\u5f0f\u8fdb\u884c\u7684\uff0c\u800c\u79c1\u52df\u57fa\u91d1\u5219\u662f\u901a\u8fc7\u975e\u516c\u5f00\u53d1\u552e\u7684\u65b9\u5f0f\u52df\u96c6\uff0c\u8fd9\u662f\u79c1\u52df\u57fa\u91d1\u4e0e\u516c\u52df\u57fa\u91d1\u6700\u4e3b\u8981\u7684\u533a\u522b\u3002<\/div>\n<div class=\"para-title level-3  \" data-index=\"5_3\" data-pid=\"39\">\n<h3 class=\"title-text\">\u4fe1\u606f\u62ab\u9732\u8981\u6c42\u4e0d\u540c<\/h3>\n<\/div>\n<div class=\"para\" data-pid=\"40\">\u516c\u52df\u57fa\u91d1\u5bf9\u4fe1\u606f\u62ab\u9732\u6709\u975e\u5e38\u4e25\u683c\u7684\u8981\u6c42\uff0c\u5176\u6295\u8d44\u76ee\u6807\u3001\u6295\u8d44\u7ec4\u5408\u7b49\u4fe1\u606f\u90fd\u8981\u62ab\u9732\u3002\u800c\u79c1\u52df\u57fa\u91d1\u5219\u5bf9\u4fe1\u606f\u62ab\u9732\u7684\u8981\u6c42\u5f88\u4f4e\uff0c\u5177\u6709\u8f83\u5f3a\u7684\u4fdd\u5bc6\u6027\u3002<\/div>\n<div class=\"para-title level-3  \" data-index=\"5_4\" data-pid=\"41\">\n<h3 class=\"title-text\">\u6295\u8d44\u9650\u5236\u4e0d\u540c<\/h3>\n<\/div>\n<div class=\"para\" data-pid=\"42\">\u516c\u52df\u57fa\u91d1\u5728\u6295\u8d44\u54c1\u79cd\u3001\u6295\u8d44\u6bd4\u4f8b\u3001\u6295\u8d44\u4e0e\u57fa\u91d1\u7c7b\u578b\u7684\u5339\u914d\u4e0a\u6709\u4e25\u683c\u7684\u9650\u5236\uff0c\u800c\u79c1\u52df\u57fa\u91d1\u7684\u6295\u8d44\u9650\u5236\u5b8c\u5168\u7531\u534f\u8bae\u7ea6\u5b9a\u3002<\/div>\n<div class=\"para-title level-3  \" data-index=\"5_5\" data-pid=\"43\">\n<h3 class=\"title-text\">\u4e1a\u7ee9\u62a5\u916c\u4e0d\u540c<\/h3>\n<\/div>\n<div class=\"para\" data-pid=\"44\">\u516c\u52df\u57fa\u91d1\u4e0d\u63d0\u53d6\u4e1a\u7ee9\u62a5\u916c\uff0c\u53ea\u6536\u53d6\u7ba1\u7406\u8d39\u3002\u800c\u79c1\u52df\u57fa\u91d1\u5219\u6536\u53d6\u4e1a\u7ee9\u62a5\u916c\uff0c\u4e00\u822c\u4e0d\u6536\u7ba1\u7406\u8d39\u3002\u5bf9\u516c\u52df\u57fa\u91d1\u6765\u8bf4\uff0c\u4e1a\u7ee9\u4ec5\u4ec5\u662f\u6392\u540d\u65f6\u7684\u8363\u8a89\uff0c\u800c\u5bf9\u79c1\u52df\u57fa\u91d1\u6765\u8bf4\uff0c\u4e1a\u7ee9\u5219\u662f\u62a5\u916c\u7684\u57fa\u7840\u3002<\/div>\n<div data-pid=\"44\"><\/div>\n<div class=\"para\" data-pid=\"44\">\u5176\u4ed6\u533a\u522b<\/div>\n<div class=\"para-title level-2  J-chapter\" data-index=\"6\" data-pid=\"45\"><\/div>\n<div class=\"para\" data-pid=\"46\">\u79c1\u52df\u57fa\u91d1\u548c<a href=\"https:\/\/baike.baidu.com\/item\/%E5%85%AC%E5%8B%9F%E5%9F%BA%E9%87%91?fromModule=lemma_inlink\" target=\"_blank\" rel=\"noopener\" data-log=\"text\">\u516c\u52df\u57fa\u91d1<\/a>\u9664\u4e86\u4e00\u4e9b\u57fa\u672c\u7684\u5236\u5ea6\u5dee\u522b\u4ee5\u5916\uff0c\u5728\u6295\u8d44\u7406\u5ff5\u3001\u673a\u5236\u3001\u98ce\u9669\u627f\u62c5\u4e0a\u90fd\u6709\u8f83\u5927\u7684\u5dee\u522b\u3002<\/div>\n<div class=\"para\" data-pid=\"47\">\u9996\u5148\uff0c\u6295\u8d44\u76ee\u6807\u4e0d\u4e00\u6837\u3002\u516c\u52df\u57fa\u91d1\u6295\u8d44\u76ee\u6807\u662f\u8d85\u8d8a\u4e1a\u7ee9\u6bd4\u8f83\u57fa\u51c6\uff0c\u4ee5\u53ca\u8ffd\u6c42\u540c\u884c\u4e1a\u7684\u6392\u540d\u3002\u800c\u79c1\u52df\u57fa\u91d1\u7684\u76ee\u6807\u662f\u8ffd\u6c42\u7edd\u5bf9\u6536\u76ca\u548c\u8d85\u989d\u6536\u76ca\u3002\u4f46\u540c\u65f6\uff0c\u79c1\u52df\u6295\u8d44\u8005\u6240\u8981\u627f\u62c5\u7684\u98ce\u9669\u4e5f\u8f83\u9ad8\u3002<\/div>\n<div class=\"para\" data-pid=\"48\">\u5176\u6b21\uff0c\u4e24\u8005\u7684\u4e1a\u7ee9\u6fc0\u52b1\u673a\u5236\u4e0d\u4e00\u6837\u3002\u516c\u52df\u57fa\u91d1\u516c\u53f8\u7684\u6536\u76ca\u5c31\u662f\u6bcf\u65e5\u63d0\u53d6\u7684<a href=\"https:\/\/baike.baidu.com\/item\/%E5%9F%BA%E9%87%91%E7%AE%A1%E7%90%86%E8%B4%B9\/2898650?fromModule=lemma_inlink\" target=\"_blank\" rel=\"noopener\" data-lemmaid=\"2898650\" data-log=\"text\">\u57fa\u91d1\u7ba1\u7406\u8d39<\/a>\uff0c\u4e0e\u57fa\u91d1\u7684\u76c8\u5229\u4e8f\u635f\u65e0\u5173\u3002\u800c\u79c1\u52df\u7684\u6536\u76ca\u4e3b\u8981\u662f\u6536\u76ca\u5206\u4eab\uff0c\u79c1\u52df\u4ea7\u54c1\u5355\u4f4d\u51c0\u503c\u662f\u6b63\u7684\u60c5\u51b5\u4e0b\u624d\u53ef\u4ee5\u63d0\u53d6\u7ba1\u7406\u8d39\uff0c\u5982\u679c\u5176\u7ba1\u7406\u7684\u57fa\u91d1\u662f\u4e8f\u635f\u7684\uff0c\u90a3\u4e48\u4ed6\u4eec\u5c31\u4e0d\u4f1a\u6709\u4efb\u4f55\u7684\u6536\u76ca\u3002\u4e00\u822c\u79c1\u52df\u57fa\u91d1\u6309\u4e1a\u7ee9\u5229\u6da6\u63d0\u53d6\u7684\u4e1a\u7ee9\u62a5\u916c\u662f20%\u3002<\/div>\n<div data-pid=\"48\"><\/div>\n<div class=\"para\" data-pid=\"49\">\n<div class=\"lemma-picture J-lemma-picture text-pic layout-right\"><\/div>\n<p>\u6b64\u5916\uff0c\u516c\u52df\u57fa\u91d1\u5728\u6295\u8d44\u4e0a\u6709\u4e25\u683c\u7684\u6d41\u7a0b\u548c\u4e25\u683c\u7684\u653f\u7b56\u4e0a\u7684\u9650\u5236\u63aa\u65bd\uff0c\u5305\u62ec\u6301\u80a1\u6bd4\u4f8b\u3001\u6295\u8d44\u6bd4\u4f8b\u7684\u9650\u5236\u7b49\u3002\u516c\u52df\u57fa\u91d1\u5728\u6295\u8d44\u65f6\uff0c\u56e0\u4e3a\u7275\u626f\u5230\u5e7f\u5927\u6295\u8d44\u8005\u7684\u5229\u76ca\uff0c\u516c\u52df\u7684\u64cd\u4f5c\u53d7\u5230\u4e86\u4e25\u683c\u7684\u76d1\u7ba1\u3002\u800c\u79c1\u52df\u57fa\u91d1\u7684\u6295\u8d44\u884c\u4e3a\u9664\u4e86\u4e0d\u80fd\u8fdd\u53cd\u300a\u8bc1\u5238\u6cd5\u300b\u64cd\u7eb5\u5e02\u573a\u7684\u6cd5\u89c4\u4ee5\u5916\uff0c\u5728\u6295\u8d44\u65b9\u5f0f\u3001\u6301\u80a1\u6bd4\u4f8b\u3001\u4ed3\u4f4d\u7b49\u65b9\u9762\u90fd\u6bd4\u8f83\u7075\u6d3b\u3002<\/p><\/div>\n<div class=\"para\" 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