{"id":12723,"date":"2023-05-27T22:58:45","date_gmt":"2023-05-27T14:58:45","guid":{"rendered":"https:\/\/winsmart.tw\/?post_type=trading_knowledge&p=12723"},"modified":"2023-07-24T11:43:03","modified_gmt":"2023-07-24T03:43:03","slug":"%e8%82%a1%e7%a5%a8%e4%bc%b0%e5%80%bc","status":"publish","type":"trading_knowledge","link":"https:\/\/winsmart.tw\/en\/trading_knowledge\/%e8%82%a1%e7%a5%a8%e4%bc%b0%e5%80%bc\/","title":{"rendered":"\u80a1\u7968\u4f30\u503c\u5927\u5e2b\u5df4\u83f2\u7279\u7684\u81f4\u5bcc\u7d55\u6280\uff0c1\u671d\u9818\u609f\uff0c\u53d7\u7528\u4e00\u751f !."},"content":{"rendered":"

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\u80a1\u7968\u4f30\u503c 02. \u80a1\u7968\u4f30\u503c\u65b9\u6cd5<\/strong><\/h2>\n\n\n\n
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\u80a1\u7968\u4f30\u503c 03. \u80a1\u7968\u4f30\u503c\u6a21\u578b<\/strong><\/h2>\n\n\n\n

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\u80a1\u606f\u6298\u73fe\u6a21\u578b(Dividend Discount Model,DDM)\u662f\u73fe\u91d1\u6d41\u6298\u73fe\u6a21\u578b\u7684\u4e00\u7a2e\u7279\u6b8a\u5f62\u5f0f\uff0c\u4e3b\u8981\u662f\u4ee5\u6295\u8cc7\u8005\u89d2\u5ea6\u4f30\u7b97\u516c\u53f8\u80a1\u7968\u50f9\u683c\u7684\u5408\u7406\u503c\uff0c\u5176\u539f\u7406\u662f\u57fa\u65bc\u8a72\u516c\u53f8\u9810\u671f\u6703\u6d3e\u767c\u7684\u80a1\u606f\u6309\u5229\u7387\u8cbc\u73fe\u76f4\u63a5\u8f49\u63db\u70ba\u73fe\u503c\uff0c\u900f\u904e\u4e00\u7cfb\u5217\u80a1\u606f\u7684\u6de8\u503c\u7e3d\u548c\u51fa\u8a72\u80a1\u7968\u7684\u5408\u7406\u50f9\u503c\u3002<\/p>\n\n\n\n

\u5982\u679c\u8a08\u7b97\u7d50\u679c\u9ad8\u65bc\u80a1\u50f9\u8868\u793a\u7576\u524d\u80a1\u50f9\u88ab\u4f4e\u4f30\uff0c\u5177\u5099\u7372\u5229\u6f5b\u529b\uff0c\u5982\u679c\u8a08\u7b97\u7d50\u679c\u4f4e\u65bc\u80a1\u50f9\u8868\u793a\u7576\u524d\u80a1\u50f9\u88ab\u9ad8\u4f30\uff0c\u6f5b\u5728\u5831\u916c\u4f4e\u4e0d\u61c9\u8cb7\u9032\uff0c\u516c\u53f8\u82e5\u6d3e\u606f\u6b63\u5e38\u3001\u71df\u904b\u6b63\u5e38\u3001\u6210\u9577\u7a69\u5b9a\u4e14\u78ba\u5be6\u9023\u7e8c\u767c\u653e\u80a1\u606f\u6642\uff0c\u5c0d\u65bc\u4ee5\u9818\u80a1\u606f\u70ba\u4e3b\u8981\u76ee\u7684\u4eba\u4f86\u8aaa\uff0c\u8a72\u6a21\u578b\u78ba\u5be6\u5177\u5099\u4e00\u5b9a\u7684\u6e96\u78ba\u5ea6\u3002<\/p>\n\n\n\n

\u4f46\u9019\u500b\u8a08\u7b97\u6a21\u578b\u4e5f\u5b58\u5728\u8457\u7f3a\u9677\uff0c\u90a3\u5c31\u662f\u7576\u516c\u53f8\u57fa\u65bc\u7a05\u52d9\u8003\u91cf\uff0c\u70ba\u4e86\u907f\u7a05\u800c\u63a1\u53d6\u5176\u4ed6\u4f5c\u6cd5\uff0c\u5982\u4e0d\u767c\u80a1\u606f\u3001\u80a1\u7968\u56de\u8cfc\uff0c\u751a\u81f3\u662f\u7576\u8cfc\u8cb7\u80a1\u7968\u7684\u4eba\u672c\u8eab\u6839\u672c\u5c31\u4e0d\u662f\u57fa\u65bc\u9818\u80a1\u606f\u70ba\u8003\u91cf\u800c\u6301\u6709\u8a72\u80a1\u7968\u7684\u8a71\uff0c\u6b64\u8a08\u7b97\u6a21\u578b\u5c07\u55aa\u5931\u5176\u50f9\u503c\u3002<\/p>\n\n\n\n

03-2. \u73fe\u91d1\u6d41\u6298\u73fe\u6a21\u578b<\/strong><\/h3>\n\n\n\n

\u73fe\u91d1\u6d41\u6298\u73fe\u6a21\u578b\u7684\u516c\u5f0f\u53ef\u4ee5\u8868\u8ff0\u5982\u4e0b\uff1a<\/p>\n\n\n\n

P0 = (E0CF1<\/sub>)\/(1 + r) + (E0CF2<\/sub>)\/(1 + r)2<\/sup> + … (\u5ef6\u7e8c\u5230\u7121\u9650\u671f)<\/p>\n\n\n\n

\u73fe\u91d1\u6d41\u6298\u73fe\u6a21\u578b(Discounted Cashflow Model, DCF)\uff0c\u9019\u662f\u4e00\u7a2e\u5728\u6295\u8cc7\u9818\u57df\u88ab\u5ee3\u6cdb\u904b\u7528\u7684\u5b9a\u50f9\u6a21\u578b\u4e4b\u4e00\uff0c\u5176\u4e3b\u8981\u8a08\u7b97\u76ee\u7684\u662f\u70ba\u4e86\u5f97\u51fa\u8a72\u4f01\u696d\u73fe\u91d1\u6d41\u7684\u6298\u73fe\u7387\uff0c\u4e5f\u5c31\u662f\u5f97\u51fa\u4e00\u9805\u6295\u8cc7\u6216\u4e00\u500b\u4f01\u696d\u7576\u524d\u7684\u50f9\u503c\uff0c\u7b49\u65bc\u5176\u672a\u4f86\u6240\u7522\u751f\u7684\u73fe\u91d1\u6d41\u7684\u73fe\u503c\u4e4b\u548c\u3002<\/p>\n\n\n\n

\u9019\u6a23\u7684\u8a08\u7b97\u65b9\u5f0f\u5b58\u5728\u4ec0\u9ebc\u6a23\u7684\u7f3a\u9677\u5462\uff1f\u5176\u5be6\u9019\u5305\u62ec\u4e86\u73fe\u5be6\u904b\u7528\u4e0a\u8a31\u591a\u908f\u8f2f\u4e0a\u7684\u77db\u76fe\uff0c\u6bd4\u5982\u9810\u671f\u672a\u4f86\u7121\u9650\u671f\u7522\u751f\u7684\u81ea\u7531\u73fe\u91d1\u6d41\u672c\u8eab\u5c31\u662f\u7d55\u7121\u53ef\u80fd\uff0c\u518d\u4f86\u53ea\u9810\u6e2c\u672a\u4f86\u5e7e\u671f\u7684\u73fe\u91d1\u6d41\u7684\u53ef\u9760\u6027\u4e5f\u5341\u5206\u53ef\u7591\u3002<\/p>\n\n\n\n

\u4e14\u73fe\u91d1\u6d41\u4f5c\u70ba\u9810\u6e2c\u5c0d\u50cf\u672c\u8eab\u5c31\u5982\u96f2\u9727\u822c\u96e3\u4ee5\u6349\u6478\uff0c\u600e\u9ebc\u53ef\u80fd\u4f5c\u70ba\u8cc7\u672c\u6210\u672c\u5f97\u51fa\u53ef\u9760\u7684\u4f30\u7b97\u4f9d\u64da\uff0c\u53ea\u8981\u7a0d\u5fae\u932f\u6f0f\u4e86\u4e00\u4e9b\u5730\u65b9\uff0c\u5c31\u53ef\u80fd\u5c0e\u81f4\u9810\u6e2c\u7d50\u679c\u5929\u5dee\u5730\u9060\uff0c\u56e0\u6b64\u8a31\u591a\u6295\u8cc7\u4eba\u58eb\u6703\u57fa\u65bc\u6b64\u6a21\u578b\u4e0a\u9032\u884c\u4e00\u4e9b\u984d\u5916\u7684\u88dc\u5145\u8a08\u7b97\uff0c\u524d\u6587\u63d0\u5230\u7684\u80a1\u606f\u6298\u73fe\u6a21\u578b\u4fbf\u662f\u88dc\u5145\u7684\u4e00\u7a2e\u65b9\u5f0f\u3002<\/p>\n\n\n\n

\"\u80a1\u7968\u4f30\u503c2\"
\u80a1\u7968\u4f30\u503c<\/figcaption><\/figure>\n\n\n\n

\u80a1\u7968\u4f30\u503c 04. \u80a1\u7968\u4f30\u503c\u7684\u7f3a\u9ede<\/strong><\/h2>\n\n\n\n

\u80a1\u7968\u4f30\u503c\u7684\u597d\u8655\u7576\u7136\u662f\u5e6b\u52a9\u6211\u5011\u80fd\u66f4\u52a0\u7406\u89e3\u8a72\u80a1\u7968\u7684\u5be6\u969b\u50f9\u503c\uff0c\u4f46\u5be6\u969b\u4e0a\u5c31\u50cf\u524d\u6587\u6240\u8ff0\uff0c\u6bcf\u500b\u4eba\u90fd\u6709\u81ea\u5df1\u7684\u4f30\u503c\u504f\u597d\uff0c\u7b2c\u4e00\u500b\u6700\u96e3\u6487\u958b\u7684\uff0c\u5176\u5be6\u5c31\u662f\u504f\u898b\u3002<\/p>\n\n\n\n

\u6211\u5011\u5176\u5be6\u96e3\u4ee5\u5728\u4f30\u503c\u7684\u904e\u7a0b\u4e2d\u5b8c\u5168\u6487\u958b\u81ea\u5df1\u5167\u5fc3\u7684\u504f\u898b\uff0c\u5728\u8a08\u7b97\u4e4b\u524d\u6211\u5011\u5c0d\u65bc\u8a31\u591a\u4e8b\u7269\u6709\u4e9b\u6642\u5019\u65e9\u5df2\u5b58\u5728\u5b9a\u898b\uff0c\u6bd4\u5982HTC\u98db\u6f32\u7684\u904e\u7a0b\u88e1\uff0c\u591a\u6578\u4eba\u7684\u4f30\u503c\u76ee\u7684\u53ea\u662f\u8981\u8aaa\u670d\u81ea\u5df1\u8cb7\u5165\u9019\u6a94\u80a1\u7968\uff0c\u8a08\u7b97\u4e0a\u5f80\u5f80\u9084\u662f\u96a8\u8457\u8a08\u7b97\u8005\u7684\u504f\u597d\uff0c\u904e\u5ea6\u5074\u91cd\u6216\u5ffd\u7565\u67d0\u4e9b\u56e0\u7d20\u3002<\/p>\n\n\n\n

\u518d\u4f86\u6211\u5011\u5fc5\u9808\u8a8d\u540c\uff0c\u4f30\u503c\u53ea\u662f\u4e00\u7a2e\u4f30\u7b97\uff0c\u51fa\u932f\u662f\u5fc5\u7136\u7684\uff0c\u4e26\u4e14\u7576\u4f30\u503c\u7684\u65b9\u5f0f\u904e\u65bc\u8907\u96dc\u6642\uff0c\u5176\u5be6\u53cd\u904e\u4f86\u8aaa\u5c31\u662f\u5728\u70ba\u81ea\u5df1\u7684\u8a08\u7b97\u52a0\u4e0a\u4e00\u5c64\u53c8\u4e00\u5c64\u7684\u9650\u5236\uff0c\u9650\u5236\u904e\u591a\u7684\u8a08\u7b97\u65b9\u5f0f\u81ea\u7136\u5c31\u63d0\u4e0d\u4e0a\u6709\u591a\u9ad8\u7684\u6e96\u78ba\u6027\u4e86\uff0c\u53ea\u6703\u5c0e\u81f4\u6578\u64da\u8a08\u7b97\u66f4\u7e41\u7463\u4f46\u53c8\u4e0d\u4e00\u5b9a\u6e96\u78ba\u7684\u7d50\u679c\uff0c\u56e0\u6b64\u5343\u842c\u4e0d\u8981\u904e\u5ea6\u76f8\u4fe1\u80a1\u7968\u4f30\u503c\u7684\u7d50\u679c\u3002<\/p>\n\n\n\n

\u80a1\u7968\u4f30\u503c 05<\/strong><\/strong><\/strong>. \u4ec0\u9ebc\u662fWINSMART\uff1f<\/strong><\/h2>\n\n\n\n

WINSMART<\/a>\u662f\u4e00\u6b3e\u53ef\u4ee5\u4ea4\u6613\u80a1\u7968\u3001\u570b\u5167\u5916\u671f\u8ca8\u3001\u80a1\u7968\u671f\u8ca8\u3001\u5916\u532f\u7b49\u5546\u54c1\u7684\u4ea4\u6613\u8f14\u52a9\u4ea4\u6613\u8edf\u9ad4\uff0c\u9069\u5408\u4e0d\u60f3\u6d6a\u8cbb\u6642\u9593\u76ef\u76e4\uff0c\u6216\u662f\u5e38\u5e38\u72e0\u4e0d\u4e0b\u5fc3\u505c\u640d\u6216\u62b1\u4e0d\u4f4f\u90e8\u4f4d\u7684\u4ea4\u6613\u8005\u3002<\/p>\n\n\n\n

\u7121\u8ad6\u4f60\u662f\u5f9e\u672a\u63a5\u89f8\u904e\u80a1\u7968\u7684\u65b0\u624b\uff0c\u6216\u662f\u5df2\u7d93\u4ea4\u6613\u591a\u5e74\u7684\u8001\u624b\uff0c\u90fd\u53ef\u4ee5\u53c3\u8003WINSMART<\/a>\uff0c\u5b83\u53ef\u4ee5\u8a2d\u5b9a\u98a8\u96aa\u63a7\u7ba1\u3001\u505c\u640d\u505c\u5229\uff0c\u9019\u662f\u4e00\u6b3e\u53ef\u4ee5\u8f14\u52a9\u6295\u8cc7\u4eba\u9032\u884c\u4ea4\u6613\uff0c\u4e26\u4e14\u642d\u914d\u5b8c\u6574\u7684\u4ea4\u6613\u8ab2\u7a0b\u548c\u6a21\u64ec\u4ea4\u6613\u7df4\u7fd2\u529f\u80fd\uff0c\u8b93\u65b0\u624b\u6295\u8cc7\u4eba\u53ef\u4ee5\u4e0d\u5fc5\u6d6a\u8cbb\u591a\u9918\u7684\u91d1\u9322\u5230\u5e02\u5834\u4e2d\u78b0\u649e\uff0c\u78d5\u7684\u5168\u8eab\u662f\u50b7\u3002<\/p>\n\n\n\n

\u5c0d\u65bc\u591a\u6578\u4ea4\u6613\u8005\u800c\u8a00\uff0c\u5728\u901a\u5f80\u7a69\u5b9a\u7372\u5229\u7684\u9053\u8def\u4e0a\uff0c\u7121\u6cd5\u514b\u670d\u7684\u6700\u5927\u96e3\u95dc\uff0c\u5e7e\u4e4e\u90fd\u662f\u7372\u5229\u62b1\u4e0d\u4f4f\u90e8\u4f4d\uff0c\u6216\u662f\u8667\u640d\u6642\u624b\u8edf\u7121\u6cd5\u505c\u640d\uff0c\u751a\u81f3\u52a0\u78bc\u6524\u5e73\u51f9\u55ae\u5c0e\u81f4\u56b4\u91cd\u7684\u5927\u8ce0\uff0c\u56e0\u6b64WINSMART<\/a>\u5c31\u662f\u4f60\u7684\u6700\u4f73\u5925\u4f34\uff0c\u8a2d\u5b9a\u597d\u689d\u4ef6\u5c31\u53ef\u4ee5\u4e0d\u5fc5\u770b\u76e4\uff0c\u4f9d\u7167\u689d\u4ef6\u505a\u5230\u7dca\u62b1\u90e8\u4f4d\u3001\u8cc7\u91d1\u63a7\u7ba1\u3001\u81ea\u52d5\u505c\u5229\u505c\u640d\u3002<\/p>\n\n\n\n

\ud83d\udc49\u7acb\u5373\u5831\u540d >> <\/strong>WINSMART\u7dda\u4e0a\u5206\u4eab\u6703<\/strong><\/a><\/p>\n\n\n\n

\"WINSMAR\u8070\u660e\u8d0f\u671f\u8ca8\u8edf\u9ad4-\u90e8\u843d\u683c\u5ee3\u544a\"\/<\/a><\/figure>\n\n\n\n

\u80a1\u7968\u4f30\u503c<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong> <\/strong><\/strong><\/strong>06. \u5e38\u898b\u554f\u984c<\/strong><\/h2>\n\n\n\n

Q1\uff1aWINSMART\u53ef\u4ee5\u642d\u914d\u54ea\u5e7e\u5bb6\u5238\u5546\u5462\uff1f<\/strong><\/p>\n\n\n\n

A1\uff1aWINSMART<\/a>\u9664\u4e86\u671f\u8ca8\u3001\u9084\u53ef\u4ee5\u642d\u914dMulticharts\u3001MT5\u4f86\u4ea4\u6613\u80a1\u7968\u3001\u5916\u532f\u4fdd\u8b49\u91d1\u5546\u54c1\uff0c\u76ee\u524d\u6709\u642d\u914dCapital Futures<\/a>\u3001Yuanta Futures<\/a>\u3001\u51f1\u57fa\u671f\u8ca8<\/a>\u3001Hua Nan Futures<\/a>\u3001President Futures<\/a>\u3001Concord Futures<\/a>\u7b49\u5238\u5546\u4e0b\u55ae\u3002<\/p>\n\n\n\n

Q2\uff1a\u80a1\u7968\u4f30\u503c\u662f\u4ec0\u9ebc\uff1f<\/strong><\/p>\n\n\n\n

A2\uff1a\u80a1\u7968\u4f30\u503c\u53ef\u4ee5\u5e6b\u52a9\u6211\u5011\u4e86\u89e3\u4e00\u6a94\u80a1\u7968\u76f8\u5c0d\u65bc\u5e02\u5834\u7684\u771f\u5be6\u50f9\u503c\uff0c\u8457\u540d\u4e16\u754c\u5927\u6295\u8cc7\u5bb6\u5df4\u83f2\u7279\u975e\u5e38\u64c5\u9577\u9032\u884c\u80a1\u7968\u4f30\u503c\uff0c\u8cb7\u9032\u88ab\u5e02\u5834\u4f4e\u4f30\u7684\u80a1\u7968\uff0c\u7b49\u80a1\u50f9\u88ab\u5e02\u5834\u9ad8\u4f30\u6642\u518d\u8ce3\u51fa\u3002<\/p>\n\n\n\n

\u5ef6\u4f38\u95b1\u8b80\uff1a\u6d77\u9f9c\u4ea4\u6613\u6cd5\u5247\uff1a100%\u516c\u958b\uff01\u63ed\u9732\u7372\u5229\u4e0a\u5104\u7684\u6210\u529f\u7955\u8a23\uff01.<\/a><\/strong><\/p>\n\n\n\n

\u5ef6\u4f38\u95b1\u8b80\uff1a\u300c\u9053\u6c0f\u7406\u8ad6\u300d\u642d\u914d2\u5927\u6cd5\u5247\uff0c\u6559\u4f60\u5982\u4f55\u6293\u884c\u60c5\u7684\u591a\u7a7a\u53cd\u8f49\uff01<\/a><\/strong><\/p>\n\n\n\n