{"id":1496,"date":"2026-04-09T13:58:07","date_gmt":"2026-04-09T13:58:07","guid":{"rendered":"https:\/\/mattersgraph.com\/?post_type=insight&#038;p=1496"},"modified":"2026-04-09T14:10:24","modified_gmt":"2026-04-09T14:10:24","slug":"044-part-1-of-4-the-returns-case-and-framework-for-moat-analysis-in-commercial-due-diligence","status":"publish","type":"insight","link":"https:\/\/mattersgraph.com\/zh\/insights\/044-part-1-of-4-the-returns-case-and-framework-for-moat-analysis-in-commercial-due-diligence\/","title":{"rendered":"044\uff0c\u7b2c 1 \u90e8\u5206\uff08\u5171 4 \u90e8\u5206\uff09\uff1a\u5546\u4e1a\u5c3d\u804c\u8c03\u67e5\u4e2d\u7684\u56de\u62a5\u6848\u4f8b\u548c\u62a4\u57ce\u6cb3\u5206\u6790\u6846\u67b6"},"content":{"rendered":"<div  class=\"theme-block wp-block-group is-style-pull-left is-layout-flow wp-block-group-is-layout-flow\" ><h2  class=\"appear-on-scroll wp-block-heading\" ><span class=\"text\"><strong>\u62a4\u57ce\u6cb3\u4e3a\u4f55\u91cd\u8981\uff1a\u6295\u8d44\u56de\u62a5\u7684\u8bc1\u636e<\/strong><\/span><\/h2>\n\n<p class=\"appear-on-scroll wp-block-paragraph\"><strong>\u91cf\u5316\u8bc1\u636e\uff1a\u7ecf\u6d4e\u62a4\u57ce\u6cb3\u5e26\u6765\u8d85\u989d\u56de\u62a5<\/strong><\/p>\n\n<p class=\"appear-on-scroll wp-block-paragraph\">\u7814\u7a76\u59cb\u7ec8\u8868\u660e\uff0c\u62e5\u6709\u6301\u4e45\u7ade\u4e89\u4f18\u52bf\u7684\u516c\u53f8\u80fd\u591f\u83b7\u5f97\u66f4\u9ad8\u7684\u56de\u62a5\uff1a<\/p>\n\n<p class=\"appear-on-scroll wp-block-paragraph\"><strong>\u62e5\u6709\u5bbd\u62a4\u57ce\u6cb3\u7684\u516c\u53f8\u5728\u8f83\u957f\u65f6\u671f\u5185\u6bcf\u5e74\u8dd1\u8d62\u6807\u666e 500 \u6307\u6570 2.4-6.61 \u500d\u3002.<\/strong>&nbsp;\u4ece2002\u5e74\u52302014\u5e74\uff0c\u62e5\u6709\u5bbd\u62a4\u57ce\u6cb3\u7684\u80a1\u7968\u5b9e\u73b0\u4e8615.91\u4e07\u4ebf\u81f33\u4e07\u4ebf\u7f8e\u5143\u7684\u5e74\u5316\u6536\u76ca\u7387\uff0c\u800c\u5927\u76d8\u540c\u671f\u4ec5\u4e3a9.31\u4e07\u4ebf\u81f33\u4e07\u4ebf\u7f8e\u5143\u2014\u2014\u8fd9\u79cd\u4e1a\u7ee9\u5dee\u8ddd\u4f1a\u968f\u7740\u65f6\u95f4\u7684\u63a8\u79fb\u800c\u4e0d\u65ad\u6269\u5927\uff0c\u5e76\u9020\u6210\u4ee3\u9645\u8d22\u5bcc\u5dee\u5f02\u3002\u00b9<\/p>\n\n<p class=\"appear-on-scroll 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wp-block-paragraph\">\u5bf9\u4e8e\u6218\u7565\u6536\u8d2d\u8005\u800c\u8a00\uff0c\u62a4\u57ce\u6cb3\u51b3\u5b9a\u4e86\u6536\u8d2d\u662f\u521b\u9020\u4ef7\u503c\u8fd8\u662f\u6467\u6bc1\u4ef7\u503c\u3002\u6536\u8d2d\u62e5\u6709\u771f\u6b63\u4e14\u4e0d\u65ad\u589e\u5f3a\u7684\u62a4\u57ce\u6cb3\u7684\u516c\u53f8\u80fd\u591f\u52a0\u901f\u5185\u751f\u589e\u957f\u5e76\u6269\u5927\u5229\u6da6\u7387\u3002\u800c\u7f3a\u4e4f\u62a4\u57ce\u6cb3\u7684\u9644\u52a0\u6536\u8d2d\u5f80\u5f80\u9700\u8981\u6301\u7eed\u6295\u8d44\u624d\u80fd\u7ef4\u6301\u5176\u5730\u4f4d\u3002\u7ade\u4e89\u4f1a\u5c06\u56de\u62a5\u63a8\u5411\u8d44\u672c\u6210\u672c\u2014\u2014\u4e3a\u4e86\u5b9e\u73b0\u53ef\u6301\u7eed\u7684\u4ef7\u503c\u521b\u9020\uff0c\u516c\u53f8\u5fc5\u987b\u514b\u670d\u5747\u503c\u56de\u5f52\u7684\u5f3a\u5927\u529b\u91cf\u3002.<\/p>\n\n<h2  class=\"appear-on-scroll wp-block-heading\" ><span 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 class=\"appear-on-scroll wp-block-separator has-alpha-channel-opacity\" \/>\n\n<h2  class=\"appear-on-scroll wp-block-heading\" ><span class=\"text\"><strong>\u6218\u7565\u6536\u8d2d\u6848\u4f8b\u7814\u7a76\uff1a\u4e39\u7eb3\u8d6b\u516c\u53f8<\/strong><\/span><\/h2>\n\n<p class=\"appear-on-scroll wp-block-paragraph\">\u4e39\u7eb3\u8d6b\u5c55\u793a\u4e86\u6218\u7565\u6536\u8d2d\u8005\u5982\u4f55\u901a\u8fc7\u4e25\u8c28\u7684\u5546\u4e1a\u5c3d\u804c\u8c03\u67e5\u7cfb\u7edf\u5730\u8bc6\u522b\u548c\u589e\u5f3a\u81ea\u8eab\u7ade\u4e89\u4f18\u52bf\u3002.<\/p>\n\n<p class=\"appear-on-scroll wp-block-paragraph\">\u81ea 1990 \u5e74\u4ee5\u6765\uff0c\u4e39\u7eb3\u8d6b\u5c06\u4e1a\u7ee9\u4e0d\u4f73\u7684\u5de5\u4e1a\u516c\u53f8\u8f6c\u578b\u4e3a\u751f\u547d\u79d1\u5b66\u548c\u8bca\u65ad\u9886\u57df\u7684\u5168\u7403\u5de8\u5934\uff0c\u6bcf\u80a1\u6536\u76ca\u589e\u957f\u4e86\u7ea6 10,000%\uff0c\u5e76\u4e3a\u80a1\u4e1c\u5e26\u6765\u4e86\u8d85\u8fc7 35,000% \u7684\u56de\u62a5\u2014\u2014\u662f\u7684\uff0c\u4f60\u6ca1\u770b\u9519\u3002.<\/p>\n\n<p class=\"appear-on-scroll wp-block-paragraph\"><strong>\u4f8b\u5982\u2014\u2014\u4e39\u7eb3\u8d6b\u6536\u8d2d\u8d1d\u514b\u66fc\u5e93\u5c14\u7279\uff082011\u5e74\uff09\uff1a<\/strong>&nbsp;\u4ee5$88\u4ebf\u7f8e\u5143\u6536\u8d2d\u3002\u5df2\u8bc6\u522b\u5e76\u5f3a\u5316\u7684\u62a4\u57ce\u6cb3\u5305\u62ec\uff1a(1) \u5df2\u5b89\u88c5\u57fa\u7840\/\u8f6c\u6362\u6210\u672c\u2014\u2014\u4e34\u5e8a\u5b9e\u9a8c\u5ba4\u4f9d\u8d56\u4eea\u5668\uff1b\u66f4\u6362\u4eea\u5668\u9700\u8981\u91cd\u65b0\u9a8c\u8bc1\u5e76\u4e2d\u65ad\u5de5\u4f5c\u6d41\u7a0b\uff1b(2) \u8017\u6750\/\u5200\u7247\u6a21\u5f0f\u2014\u2014\u8bd5\u5242\u7684\u6301\u7eed\u6536\u5165\u5229\u6da6\u7387\u9ad8\uff1b(3) \u76d1\u7ba1\u62a4\u57ce\u6cb3\u2014\u2014\u83b7\u5f97FDA\u6279\u51c6\u7684\u4eea\u5668\u6784\u6210\u58c1\u5792\uff1b(4) \u54c1\u724c\/\u8d28\u91cf\u62a4\u57ce\u6cb3\u2014\u2014\u533b\u9662\u4fe1\u8d56\u77e5\u540d\u54c1\u724c\u7684\u5173\u952e\u8bbe\u5907\u3002\u00b2 \u516d\u4e2a\u6708\u5185\uff0c\u4e39\u7eb3\u8d6b\u6536\u8d2d\u4e86Blue Ocean Biomedical\uff0c\u4ee5\u91cd\u632f\u8d1d\u514b\u66fc\u7684\u8840\u6db2\u5b66\u4e1a\u52a1\u3002.<\/p>\n\n<hr  class=\"appear-on-scroll wp-block-separator has-alpha-channel-opacity\" \/>\n\n<h2  class=\"appear-on-scroll wp-block-heading\" ><span class=\"text\"><strong>\u4e3a\u4ec0\u4e48\u62a4\u57ce\u6cb3\u5728\u5546\u4e1a\u5c3d\u804c\u8c03\u67e5\u4e2d\u81f3\u5173\u91cd\u8981<\/strong><\/span><\/h2>\n\n<p class=\"appear-on-scroll 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wp-block-paragraph\">\u62a4\u57ce\u6cb3\u5e76\u975eTargetCo\u516c\u53f8\u4e0e\u751f\u4ff1\u6765\u7684\u4f18\u52bf\u3002\u5b83\u662f\u4e00\u79cd\u9700\u8981\u4e0d\u65ad\u66f4\u65b0\u3001\u68c0\u9a8c\u548c\u8d62\u5f97\u7684\u4f18\u52bf\uff0c\u8fd9\u79cd\u4f18\u52bf\u9700\u8981\u5728\u6bcf\u4e00\u6b21\u5ba2\u6237\u4e92\u52a8\u3001\u4ea7\u54c1\u5468\u671f\u548c\u7ade\u4e89\u4e2d\u6301\u7eed\u5b58\u5728\u3002.<\/p>\n\n<p class=\"appear-on-scroll wp-block-paragraph\">\u5bf9\u4e8e\u79c1\u52df\u80a1\u6743\u6295\u8d44\u8005\u548c\u6218\u7565\u6536\u8d2d\u65b9\u6765\u8bf4\uff0c\u95ee\u9898\u4e0d\u662f\u201cTargetCo \u662f\u5426\u6709\u62a4\u57ce\u6cb3\uff1f\u201d\uff0c\u800c\u662f\u201cTargetCo \u7684\u62a4\u57ce\u6cb3\u662f\u5728\u7ee7\u7eed\u6269\u5927\uff0c\u8fd8\u662f\u5df2\u7ecf\u5f00\u59cb\u7f29\u5c0f\uff1f\u201d<\/p>\n\n<h2  class=\"appear-on-scroll wp-block-heading\" ><span class=\"text\"><strong>\u53ea\u6709\u590d\u5408\u62a4\u57ce\u6cb3\u624d\u80fd\u79f0\u4e4b\u4e3a\u62a4\u57ce\u6cb3\u3002<\/strong><\/span><\/h2>\n\n<p class=\"appear-on-scroll wp-block-paragraph\">\u8f6c\u6362\u6210\u672c\u3001\u54c1\u724c\u5fe0\u8bda\u5ea6\u6216\u7f51\u7edc\u6548\u5e94\u7684\u5b58\u5728\u901a\u5e38\u88ab\u89c6\u4e3a\u9a8c\u8bc1\u56e0\u7d20\u3002\u4f46\u8fd9\u4e9b\u5c5e\u6027\u53ea\u6709\u5728\u5b83\u4eec\u786e\u5b9e\u5b58\u5728\u65f6\u624d\u91cd\u8981\u3002&nbsp;<strong>\u52a0\u5267<\/strong>&nbsp;\u4e0e\u5ba2\u6237\u7ecf\u6d4e\u72b6\u51b5\u3001\u7ade\u4e89\u66ff\u4ee3\u65b9\u6848\u548c\u5e02\u573a\u53d1\u5c55\u76f8\u5173\u3002.<\/p>\n\n<p class=\"appear-on-scroll wp-block-paragraph\">\u5728\u5546\u4e1a\u5c3d\u804c\u8c03\u67e5\u671f\u95f4\u89c2\u5bdf\u5230\u7684\u62a4\u57ce\u6cb3\uff0c\u5e76\u975e\u6295\u8d44\u8005\u6700\u7ec8\u80fd\u591f\u83b7\u5f97\u7684\u62a4\u57ce\u6cb3\u3002\u5e02\u573a\u7ed3\u6784\u4f1a\u53d1\u751f\u53d8\u5316\uff0c\u5ba2\u6237\u504f\u597d\u4f1a\u8f6c\u79fb\uff0c\u7ade\u4e89\u5bf9\u624b\u4f1a\u505a\u51fa\u8c03\u6574\uff0c\u6280\u672f\u4f1a\u5e26\u6765\u98a0\u8986\u6027\u53d8\u9769\u3002\u5f53\u521d\u8d2d\u4e70\u7684\u62a4\u57ce\u6cb3\u6216\u8bb8\u771f\u5b9e\u5b58\u5728\uff0c\u4f46\u9759\u6b62\u4e0d\u53d8\u7684\u62a4\u57ce\u6cb3\u7ec8\u5c06\u6210\u4e3a\u5386\u53f2\u3002.<\/p>\n\n<p class=\"appear-on-scroll wp-block-paragraph\"><strong>\u590d\u5408\u62a4\u57ce\u6cb3\u521b\u9020\u4e86\u671f\u6743\u4ef7\u503c\u3002.<\/strong>&nbsp;\u62a4\u57ce\u6cb3\u7684\u8870\u51cf\u4f1a\u9020\u6210\u9000\u51fa\u98ce\u9669\uff0c\u6536\u76ca\u5c06\u56de\u5f52\u5747\u503c\u3002.<\/p>\n\n<h2  class=\"appear-on-scroll wp-block-heading\" ><span class=\"text\"><strong>\u62a4\u57ce\u6cb3\u7a76\u7adf\u4fdd\u62a4\u7684\u662f\u4ec0\u4e48\uff1f<\/strong><\/span><\/h2>\n\n<p class=\"appear-on-scroll wp-block-paragraph\">\u771f\u6b63\u7684\u62a4\u57ce\u6cb3\u53ef\u4ee5\u9632\u5fa1&nbsp;<strong>\u5229\u6da6<\/strong>&nbsp;\u548c&nbsp;<strong>\u5206\u4eab<\/strong>&nbsp;\u540c\u65f6\uff1a<\/p>\n\n<ol  class=\"appear-on-scroll-children wp-block-list\" >\n<li><strong>\u968f\u7740\u65f6\u95f4\u7684\u63a8\u79fb\u964d\u4f4e\u5ba2\u6237\u83b7\u53d6\u6210\u672c<\/strong>\u4fe1\u4efb\u3001\u58f0\u8a89\u6216\u751f\u6001\u7cfb\u7edf\u6548\u5e94\u4f1a\u964d\u4f4e\u6469\u64e6<\/li>\n\n\n\n<li><strong>\u8f6c\u6362\u6210\u672c\u4e0d\u5bf9\u79f0\u6027\u589e\u52a0<\/strong>\u5bf9\u987e\u5ba2\u6765\u8bf4\uff0c\u79bb\u5f00\u6bd4 TargetCo \u5728\u8fd9\u4e9b\u5e02\u573a\u4e2d\u6269\u5f20\u66f4\u96be\u3002<\/li>\n\n\n\n<li><strong>\u7f29\u77ed\u7ade\u4e89\u5bf9\u624b\u7684\u54cd\u5e94\u65f6\u95f4<\/strong>\u2014\u2014\u590d\u5236TargetCo\u7684\u5730\u4f4d\u9700\u8981\u6570\u5e74\u65f6\u95f4\uff0c\u800c\u4e0d\u662f\u51e0\u4e2a\u5b63\u5ea6\u3002<\/li>\n\n\n\n<li><strong>\u6269\u5927\u5b9a\u4ef7\u7a7a\u95f4<\/strong>\u76f8\u5bf9\u4ef7\u503c\u521b\u9020\u901f\u5ea6\u8d85\u8fc7\u7ade\u4e89\u4f18\u52bf<\/li>\n<\/ol>\n\n<p class=\"appear-on-scroll wp-block-paragraph\">\u5982\u679c\u8fd9\u4e9b\u52a8\u6001\u4e2d\u7684\u4efb\u4f55\u4e00\u4e2a\u662f&nbsp;<strong>\u9006\u8f6c<\/strong>, TargetCo\u516c\u53f8\u6ca1\u6709\u62a4\u57ce\u6cb3\u2014\u2014\u5b83\u53ea\u662f\u5bf9\u62a4\u57ce\u6cb3\u7684\u8bb0\u5fc6\u3002.<\/p>\n\n<hr  class=\"appear-on-scroll wp-block-separator has-alpha-channel-opacity\" \/>\n\n<h2  class=\"appear-on-scroll wp-block-heading\" ><span class=\"text\"><strong>Matters Graph\u7684\u4e03\u62a4\u57ce\u6cb3\u5c3d\u804c\u8c03\u67e5\u6846\u67b6<\/strong><strong>\u590d\u5229\u3001\u9632\u5fa1\u548c\u8870\u9000<\/strong><\/span><\/h2>\n\n<p class=\"appear-on-scroll wp-block-paragraph\">\u6211\u4eec\u8ba4\u8bc6\u5230\u62a4\u57ce\u6cb3\u6709\u4e03\u79cd\u7c7b\u578b\uff0c\u5728\u5546\u4e1a\u5c3d\u804c\u8c03\u67e5\u4e2d\uff0c\u5e94\u8be5\u8bc4\u4f30\u7279\u5b9a\u76ee\u6807\u516c\u53f8\u662f\u5426\u5b58\u5728\u8fd9\u4e9b\u62a4\u57ce\u6cb3\u4ee5\u53ca\u5b83\u4eec\u7684\u8868\u73b0\u5982\u4f55\u2014\u2014\u5373\uff0c\u5b83\u7684\u62a4\u57ce\u6cb3\u662f\u5728\u589e\u5f3a\u3001\u9632\u5fa1\u8fd8\u662f\u5728\u8870\u843d\uff1f<\/p>\n\n<ul  class=\"appear-on-scroll-children wp-block-list\" >\n<li><strong>\u590d\u5408\u62a4\u57ce\u6cb3<\/strong>&nbsp;\uff08\u6839\u636e\u6668\u661f\u516c\u53f8\u7684\u5206\u6790\uff0c\u8fd9\u79cd\u4f18\u52bf\u6b63\u5728\u52a0\u901f\u589e\u957f\uff0c\u56e0\u6b64\u6709\u52a9\u4e8e\u5176\u8dd1\u8d62\u5927\u76d8\uff0c\u6b63\u59822002\u5e74\u81f32014\u5e74\u95f4\uff0c\u62a4\u57ce\u6cb3\u80a1\u7968\u7684\u5e74\u5316\u6536\u76ca\u7387\u4f18\u52bf\u4e3a6.6%\uff0815.9% \u2013 9.3%\uff09\u6240\u793a\u3002\uff09<\/li>\n\n\n\n<li><strong>\u9632\u5fa1\u62a4\u57ce\u6cb3&nbsp;<\/strong>\uff08\u4f18\u52bf\u7a33\u5b9a\u4f46\u4e0d\u6269\u5927\uff09<\/li>\n\n\n\n<li><strong>\u8150\u673d\u7684\u62a4\u57ce\u6cb3<\/strong>&nbsp;\uff08\u4f18\u52bf\u6b63\u5728\u9010\u6e10\u6d88\u5931\uff09<\/li>\n<\/ul>\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><td>\u62a4\u57ce\u6cb3\u7c7b\u578b<\/td><td>\u5546\u4e1a\u590d\u5408<br>\u5c3d\u804c\u8c03\u67e5\u4fe1\u53f7<\/td><td>\u8fa9\u62a4\u2014\u2014\u5546\u4e1a<br>\u5c3d\u804c\u8c03\u67e5\u4fe1\u53f7<\/td><td>\u8870\u8d25\u2014\u2014\u5546\u4e1a<br>\u5c3d\u804c\u8c03\u67e5\u4fe1\u53f7<\/td><\/tr><tr><td>1. \u8f6c\u6362\u6210\u672c<\/td><td>\u591a\u4ea7\u54c1\u91c7\u7528\u7387\u4e0a\u5347\uff1b\u4ea7\u54c1\u66f4\u66ff\u5468\u671f\u5ef6\u957f<\/td><td>\u7559\u5b58\u7387\u7a33\u5b9a\uff1b\u8ffd\u52a0\u9500\u552e\u6781\u5c11<\/td><td>\u6a21\u5757\u5316\u4f7f\u7528\u7387\u4e0a\u5347\uff1b\u7ade\u4e89\u5bf9\u624b\u63d0\u4f9b\u201c\u6865\u63a5\u201d\u5de5\u5177<\/td><\/tr><tr><td>2. \u54c1\u724c\u8d44\u4ea7<\/td><td>\u83b7\u5ba2\u6210\u672c\u4e0b\u964d\uff1b\u5165\u5883\u4efd\u989d\u4e0a\u5347\uff1b\u4ef7\u683c\u6ea2\u4ef7\u6269\u5927<\/td><td>\u5e02\u573a\u4efd\u989d\u7a33\u5b9a\uff1b\u54c1\u724c\u8ba4\u77e5\u5ea6\u9ad8<\/td><td>\u4ef7\u683c\u6ea2\u4ef7\u6536\u7a84\uff1b\u4e3a\u7ef4\u6301\u5e02\u573a\u4efd\u989d\u800c\u589e\u52a0\u652f\u51fa<\/td><\/tr><tr><td>3. \u7f51\u7edc\u6548\u5e94<\/td><td>\u7528\u6237\u4ef7\u503c\u968f\u89c4\u6a21\u6269\u5927\u800c\u63d0\u5347\uff1b\u540e\u671f\u7528\u6237\u7fa4\u4f53\u8868\u73b0\u66f4\u4f73\u3002<\/td><td>\u5404\u7fa4\u4f53\u53c2\u4e0e\u5ea6\u4fdd\u6301\u7a33\u5b9a<\/td><td>\u9971\u548c\u5ea6\u53ef\u89c1\uff1b\u591a\u5bbf\u4e3b\u589e\u52a0<\/td><\/tr><tr><td>4. \u6570\u636e\u4f18\u52bf<\/td><td>\u9884\u6d4b\u51c6\u786e\u7387\u4e0e\u7ade\u4e89\u5bf9\u624b\u5b58\u5728\u5dee\u8ddd\uff1b\u5ba2\u6237\u4e3a\u6d1e\u5bdf\u529b\u4ed8\u8d39<\/td><td>\u6570\u636e\u4ec5\u4f9b\u5185\u90e8\u4f7f\u7528\uff1b\u5ba2\u6237\u4e0d\u77e5\u60c5\u3002<\/td><td>\u7ade\u4e89\u5bf9\u624b\u901a\u8fc7\u5408\u4f5c\u7f29\u5c0f\u6570\u636e\u5dee\u8ddd<\/td><\/tr><tr><td>5. \u751f\u6001\u7cfb\u7edf\u9501\u5b9a<\/td><td>\u5ba2\u6237\u6784\u5efa\u81ea\u5b9a\u4e49\u5de5\u4f5c\u6d41\u7a0b\uff1b\u67b6\u6784\u4f9d\u8d56\u5173\u7cfb\u52a0\u6df1<\/td><td>\u96c6\u6210\u529f\u80fd\u6b63\u5e38\uff1b\u5b58\u5728\u4e00\u4e9b\u7c98\u6ede\u73b0\u8c61<\/td><td>\u4e00\u4f53\u5316\u590d\u5236\uff1b\u4ec5\u9650\u53cc\u8fb9<\/td><\/tr><tr><td>6. \u6210\u672c\u4f18\u52bf<\/td><td>\u5355\u4f4d\u6210\u672c\u968f\u89c4\u6a21\u6269\u5927\u800c\u4e0b\u964d\uff1b\u5229\u6da6\u7387\u5dee\u8ddd\u6269\u5927<\/td><td>\u6210\u672c\u72b6\u51b5\u7a33\u5b9a\uff1b\u5229\u6da6\u7387\u7ef4\u6301\u7a33\u5b9a<\/td><td>\u7ade\u4e89\u5bf9\u624b\u6b63\u5728\u7f29\u5c0f\u6210\u672c\u5dee\u8ddd<\/td><\/tr><tr><td>7. \u5206\u5e03<\/td><td>\u6e20\u9053\u5bc6\u5ea6\u589e\u52a0\uff1b\u72ec\u5bb6\u5408\u4f5c\u4f19\u4f34\u5173\u7cfb\u6269\u5927<\/td><td>\u5206\u9500\u6e20\u9053\u7a33\u5b9a\uff1b\u8986\u76d6\u8303\u56f4\u7ef4\u6301<\/td><td>\u7ade\u4e89\u5bf9\u624b\u590d\u5236\u62a5\u9053\uff1b\u9891\u9053\u51b2\u7a81<\/td><\/tr><\/thead><\/table><\/figure>\n\n\n<hr  class=\"appear-on-scroll wp-block-separator has-alpha-channel-opacity\" \/>\n\n<p class=\"appear-on-scroll wp-block-paragraph\">\u5982\u679c\u4e00\u9879\u8d44\u4ea7\u7684\u51c0\u4f18\u52bf\u662f\u4e0d\u65ad\u589e\u5f3a\u7684\u62a4\u57ce\u6cb3\u800c\u4e0d\u662f\u4e0d\u65ad\u8870\u51cf\u7684\u62a4\u57ce\u6cb3\uff0c\u90a3\u4e48\u5b83\u5c31\u53ef\u80fd\u6210\u4e3a\u4e00\u9879\u4f18\u8d28\u8d44\u4ea7\uff0c\u5e76\u5177\u6709\u66f4\u957f\u7684\u4ef7\u503c\u521b\u9020\u671f\u3002.<\/p>\n\n<ul  class=\"appear-on-scroll-children wp-block-list\" >\n<li>\u5982\u679c&nbsp;<strong>\u62a4\u57ce\u6cb3\u6b63\u5728\u4e0d\u65ad\u52a0\u56fa<\/strong>, TargetCo\u53ef\u80fd\u662f\u4e00\u9879\u4f18\u8d28\u8d44\u4ea7\uff0c\u5177\u6709\u8f83\u957f\u7684\u4ef7\u503c\u521b\u9020\u671f\u3002<\/li>\n\n\n\n<li>\u5982\u679c&nbsp;<strong>\u62a4\u57ce\u6cb3\u662f\u7528\u6765\u9632\u5fa1\u7684<\/strong>, TargetCo\u7684\u8d22\u52a1\u72b6\u51b5\u53ef\u80fd\u7a33\u5b9a\uff0c\u4f46\u4ef7\u503c\u521b\u9020\u53ef\u80fd\u6709\u9650\uff1b\u5e94\u5c06\u91cd\u70b9\u653e\u5728\u8fd0\u8425\u6539\u8fdb\u800c\u975e\u5e02\u76c8\u7387\u6269\u5f20\u4e0a\u3002<\/li>\n\n\n\n<li>\u5982\u679c&nbsp;<strong>\u62a4\u57ce\u6cb3\u6b63\u5728\u8150\u673d<\/strong>, Target\u516c\u53f8\u6b63\u5904\u4e8e\u6536\u83b7\u671f\u2014\u2014\u6295\u8d44\u98ce\u9669\u5f88\u9ad8\u3002<\/li>\n<\/ul>\n\n<p class=\"appear-on-scroll wp-block-paragraph\"><a href=\"https:\/\/mattersgraph.com\/zh\/briefs\/articles\/part-2-of-4-matters-graphs-seven-moat-commercial-diligence-diagnostic-voice-of-customer-methodologies\/\" target=\"_blank\" rel=\"noreferrer noopener\"><em>\u7ee7\u7eed\u9605\u8bfb 044\uff0c\u7b2c\u4e8c\u90e8\u5206\uff1aMatters Graph \u7684\u4e03\u62a4\u57ce\u6cb3\u5546\u4e1a\u5c3d\u804c\u8c03\u67e5\u8bca\u65ad<\/em><\/a><\/p><\/div>\n\n<div class=\"wp-block-theme-blocks-footnotes appear-on-scroll is-style-pull-left\"><div class=\"block-label\">\u00b9 \u8d44\u6599\u6765\u6e90\uff1a\u201c\u53ef\u6301\u7eed\u7ade\u4e89\u4f18\u52bf\u548c\u80a1\u7968\u8868\u73b0\uff1a\u5bbd\u62a4\u57ce\u6cb3\u80a1\u7968\u7684\u6848\u4f8b\u201d\uff0c\u300a\u5e94\u7528\u7ecf\u6d4e\u5b66\u300b\uff0c2016 \u5e74\u3002\u8be5\u7814\u7a76\u5206\u6790\u4e86 2002 \u5e74 6 \u6708\u81f3 2014 \u5e74 5 \u6708\u7684\u6668\u661f\u5bbd\u62a4\u57ce\u6cb3\u5206\u7c7b\uff0c\u53d1\u73b0\u5bbd\u62a4\u57ce\u6cb3\u6295\u8d44\u7ec4\u5408\u7684\u8868\u73b0\u4f18\u4e8e\u6807\u51c6\u666e\u5c14 500 \u6307\u6570\u548c\u7f57\u7d20 3000 \u6307\u6570\uff0c\u5177\u6709\u66f4\u9ad8\u7684\u590f\u666e\u6bd4\u7387\u3001\u7d22\u63d0\u8bfa\u6bd4\u7387\u548c\u7279\u96f7\u8bfa\u6bd4\u7387\uff0c\u5e76\u4e14\u4f7f\u7528 Carhart \u56db\u56e0\u5b50\u6a21\u578b\u548c Fama-French \u4e94\u56e0\u5b50\u6a21\u578b\u8ba1\u7b97\u51fa\u7684\u98ce\u9669\u8c03\u6574\u963f\u5c14\u6cd5\u503c\u663e\u8457\u4e3a\u6b63\u3002.<br><br>\u00b2 \u8d1d\u514b\u66fc\u5e93\u5c14\u7279\u62a4\u57ce\u6cb3\u5206\u6790\u57fa\u4e8e\u4e39\u7eb3\u8d6b\u516c\u53f8\u516c\u5f00\u6587\u4ef6\u3001\u6295\u8d44\u8005\u62a5\u544a\u4ee5\u53ca\u6668\u661f\u516c\u53f8\u5bf9\u6b64\u6b21\u6536\u8d2d\u7684\u80a1\u7968\u7814\u7a76\u62a5\u544a\u3002\u4e39\u7eb3\u8d6b\u5728\u8d1d\u514b\u66fc\u6536\u8d2d\u5b8c\u6210\u540e\u7684\u516d\u4e2a\u6708\u5185\u53c8\u6536\u8d2d\u4e86\u84dd\u6d77\u751f\u7269\u533b\u5b66\u516c\u53f8\uff0c\u8fd9\u4e00\u60c5\u51b5\u5df2\u8bb0\u5f55\u5728\u4e39\u7eb3\u8d6b2011-2012\u5e74\u5ea6\u62a5\u544a\u4e2d\u3002.<\/div><div class=\"block-footnotes\">\n\n<\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>\u62a4\u57ce\u6cb3\u4e3a\u4f55\u91cd\u8981\uff1a\u6295\u8d44\u56de\u62a5\u7684\u8bc1\u636e \u91cf\u5316\u8bc1\u636e\uff1a\u7ecf\u6d4e\u62a4\u57ce\u6cb3\u5e26\u6765\u5353\u8d8a\u56de\u62a5 \u7814\u7a76\u59cb\u7ec8\u8868\u660e\uff0c\u62e5\u6709\u6301\u4e45\u7ade\u4e89\u4f18\u52bf\u7684\u516c\u53f8\u80fd\u591f\u4ea7\u751f\u66f4\u9ad8\u7684\u56de\u62a5\uff1a\u5bbd\u62a4\u57ce\u6cb3\u2026\u2026<\/p>","protected":false},"author":[39],"featured_media":0,"template":"","meta":{"featured_image_background_position":"","promoted":false,"promoted-priority":0,"footnotes":""},"sector":[],"topic":[98,147],"audience":[],"insight-category":[144],"class_list":["post-1496","insight","type-insight","status-publish","hentry","topic-competitive-position","topic-moats","insight-category-competitive-position","author-mark-stein"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>044, Part 1 of 4: The Returns Case and Framework for Moat Analysis in Commercial Due Diligence - Matters Graph<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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