{"id":4035,"date":"2019-01-18T12:47:30","date_gmt":"2019-01-18T04:47:30","guid":{"rendered":"http:\/\/cn.dailyeconomic.com\/finance\/?p=4035"},"modified":"2019-01-18T12:47:30","modified_gmt":"2019-01-18T04:47:30","slug":"%e6%91%a9%e6%a0%b9%e5%a3%ab%e4%b8%b9%e5%88%a9%e7%ac%ac%e5%9b%9b%e8%b4%a2%e5%ad%a3%e5%87%80%e5%88%a9%e6%b6%a6%e4%b8%8d%e5%8f%8a%e9%a2%84%e6%9c%9f%ef%bc%8c%e5%8f%97%e4%ba%a4%e6%98%93%e6%94%b6%e5%85%a5","status":"publish","type":"post","link":"https:\/\/cn.dailyeconomic.com\/finance\/2019\/01\/18\/4035.html","title":{"rendered":"\u6469\u6839\u58eb\u4e39\u5229\u7b2c\u56db\u8d22\u5b63\u51c0\u5229\u6da6\u4e0d\u53ca\u9884\u671f\uff0c\u53d7\u4ea4\u6613\u6536\u5165\u62d6\u7d2f"},"content":{"rendered":"

\u6469\u6839\u58eb\u4e39\u5229(Morgan Stanley, MS)\u7b2c\u56db\u8d22\u5b63\u51c0\u5229\u6da6\u4f4e\u4e8e\u534e\u5c14\u8857\u9884\u671f\uff0c\u539f\u56e0\u662f\u4f01\u4e1a\u5e76\u8d2d\u4e1a\u52a1\u589e\u52a0\u672a\u80fd\u5f25\u8865\u5e02\u573a\u9707\u8361\u5bfc\u81f4\u7684\u4ea4\u6613\u6536\u5165\u4e0b\u6ed1\u3002<\/p>\n

\u6469\u6839\u58eb\u4e39\u5229\u5468\u56db\u516c\u5e03\u7b2c\u56db\u8d22\u5b63\u51c0\u5229\u6da6\u4e3a15.3\u4ebf\u7f8e\u5143\uff0c\u5408\u6bcf\u80a1\u6536\u76ca80\u7f8e\u5206\uff0c\u6536\u5165\u4e3a85.5\u4ebf\u7f8e\u5143\u3002\u7b2c\u56db\u8d22\u5b63\u51c0\u5229\u6da6\u548c\u6536\u5165\u90fd\u4f4e\u4e8e\u4e0a\u5e74\u540c\u671f\uff0c\u4e0a\u5e74\u540c\u671f\u5254\u96642017\u5e74\u7a0e\u6cd5\u8c03\u6574\u5f71\u54cd\u540e\u6bcf\u80a1\u6536\u76ca84\u7f8e\u5206\uff0c\u6536\u5165\u4e3a95\u4ebf\u7f8e\u5143\u3002\uff08\u5c06\u7a0e\u6cd5\u8c03\u6574\u5305\u62ec\u5728\u5185\uff0c\u4e0a\u5e74\u540c\u671f\u51c0\u5229\u6da6\u4e3a6.43\u4ebf\u7f8e\u5143\uff0c\u5408\u6bcf\u80a1\u6536\u76ca26\u7f8e\u5206\u3002\uff09<\/p>\n

\u63a5\u53d7Refinitiv\u8c03\u67e5\u7684\u5206\u6790\u5e08\u6b64\u524d\u9884\u8ba1\u6469\u6839\u58eb\u4e39\u5229\u7b2c\u56db\u8d22\u5b63\u51c0\u5229\u6da6\u4e3a16\u4ebf\u7f8e\u5143\uff0c\u6bcf\u80a1\u6536\u76ca89\u7f8e\u5206\uff0c\u6536\u516593\u4ebf\u7f8e\u5143\u3002\u7531\u4e8e\u6295\u8d44\u8005\u770b\u5230\u7ade\u4e89\u5bf9\u624b\u9ad8\u76db\u96c6\u56e2(Goldman Sachs Group Inc., GS)\u5468\u4e09\u516c\u5e03\u7684\u4e1a\u7ee9\u8868\u73b0\u5f3a\u52b2\uff0c\u6469\u6839\u58eb\u4e39\u5229\u80a1\u4ef7\u5728\u5468\u56db\u76d8\u524d\u4e0a\u6da8\uff0c\u4e0d\u8fc7\u968f\u540e\u8fc5\u901f\u9006\u8f6c\u5e76\u4e0b\u8dcc6%\u3002<\/p>\n

\u5bf9\u4e8e\u62c5\u4efb\u6469\u6839\u58eb\u4e39\u5229\u9996\u5e2d\u6267\u884c\u957f\u804c\u4f4d\u4e5d\u5e74\u7684\u9ad8\u95fb(James Gorman)\u6765\u8bf4\uff0c\u8fd9\u4e00\u5e74\u6574\u4f53\u8868\u73b0\u5f3a\u52b2\uff0c\u4f46\u5374\u662f\u864e\u5934\u86c7\u5c3e\u3002\u6469\u6839\u58eb\u4e39\u5229\u6574\u4e2a\u8d22\u5e74\u6536\u5165\u4e3a\u521b\u7eaa\u5f55\u7684401.1\u4ebf\u7f8e\u5143\u3002<\/p>\n

\u9ad8\u95fb\u5c06\u7b2c\u56db\u8d22\u5b63\u653e\u7f13\u7684\u539f\u56e0\u4e3b\u8981\u5f52\u7ed3\u4e3a\u5e02\u573a\u73af\u5883\u8270\u96be\uff0c\u4f8b\u5982\u5e02\u573a\u5927\u5e45\u6ce2\u52a8\u3001\u6295\u8d44\u8005\u79bb\u573a\u89c2\u671b\u4ee5\u53ca\u4f01\u4e1a\u9ad8\u7ba1\u6401\u7f6e\u4ea4\u6613\u3002\u8be5\u516c\u53f8\u8c03\u6574\u85aa\u916c\u7684\u8ba1\u5212\u4e5f\u8ba9\u51c0\u5229\u6da6\u53d7\u5230\u6253\u51fb\uff0c\u8fd9\u9879\u8ba1\u5212\u5141\u8bb8\u8f83\u4f4e\u7ea7\u522b\u7684\u96c7\u5458\u51cf\u5c11\u9012\u5ef6\u7684\u85aa\u916c\u3002<\/p>\n

\u9ad8\u95fb\u8bf4\u2236\u201c\u8fd9\u4e0d\u662f\u6211\u4eec\u5e0c\u671b\u770b\u5230\u7684\u8d22\u5b63\u8868\u73b0\uff0c\u5728\u8fdb\u51652019\u5e74\u4e4b\u9645\uff0c\u6211\u4eec\u9884\u8ba1\u91cd\u8981\u9886\u57df\u5c06\u51fa\u73b0\u53cd\u5f39\uff0c\u5305\u62ec\u56de\u5f52\u53ef\u9884\u6d4b\u7684\u5e02\u573a\u6ce2\u52a8\u72b6\u51b5\u4ee5\u53ca\u4e00\u4e9b\u521d\u521b\u516c\u53f8\u51c6\u5907\u4e0a\u5e02\u3002\u201d<\/p>\n

\u9ad8\u95fb\u5728\u8fc7\u53bb\u4e94\u5e74\u91cc\u4e00\u76f4\u5728\u91cd\u5851\u6469\u6839\u58eb\u4e39\u5229\uff0c\u7a33\u5b9a\u516c\u53f8\u7684\u5229\u6da6\uff0c\u907f\u514d\u4f5c\u8327\u81ea\u7f1a\u53d8\u6210\u534e\u5c14\u8857\u7684\u9776\u5b50\u3002\u5728\u4ed6\u4efb\u804c\u671f\u95f4\uff0c\u6469\u6839\u58eb\u4e39\u5229\u63d0\u5347\u4e86\u6563\u6237\u7ecf\u7eaa\u4e1a\u52a1\u7684\u5229\u6da6\u7387\uff0c\u7f29\u5c0f\u4e86\u4e0e\u7ade\u4e89\u5bf9\u624b\u7f8e\u6797(Merrill Lynch)\u7684\u5dee\u8ddd\uff0c\u51cf\u5c11\u4e86\u56fa\u5b9a\u6536\u76ca\u4ea4\u6613\uff0c\u6574\u5408\u4e86\u6b64\u524d\u6536\u8d2d\u7684\u7f8e\u90a6(Smith Barney)\u6563\u6237\u7ecf\u7eaa\u4e1a\u52a1\uff0c\u8fd8\u5c06\u8d44\u4ea7\u56de\u62a5\u7387\u63d0\u9ad8\u81f310%\u4ee5\u4e0a\u3002<\/p>\n

\u5728\u8fd9\u4e9b\u6539\u9769\u884c\u52a8\u57fa\u672c\u4e0a\u6b65\u5165\u6b63\u8f68\u540e\uff0c\u9ad8\u95fb\u5f00\u59cb\u628a\u7126\u70b9\u8f6c\u5411\u77ed\u671f\u4e3e\u63aa\uff0c\u8fd9\u5305\u62ec\u5728\u8d44\u4ea7\u7ba1\u7406\u9886\u57df\u5c55\u5f00\u8865\u5f3a\u578b\u5e76\u8d2d(tuck-in acquisitions)\uff0c\u62a4\u516c\u53f8\u5728\u80a1\u7968\u9ad8\u9891\u4ea4\u6613\u4e2d\u7684\u9886\u5148\u5730\u4f4d\uff0c\u4ee5\u53ca\u5728\u6563\u6237\u7ecf\u7eaa\u4e1a\u52a1\u4e2d\u4e3a\u5ba2\u6237\u63a8\u51fa\u50a8\u84c4\u8d26\u6237\u548c\u62b5\u62bc\u8d37\u6b3e\u4ea7\u54c1\u3002<\/p>\n

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\u6469\u6839\u58eb\u4e39\u5229\u7684\u56db\u9879\u4e3b\u8981\u4e1a\u52a1\u4e2d\uff0c\u552f\u6709\u8d44\u4ea7\u7ba1\u7406\u5728\u7b2c\u56db\u8d22\u5b63\u5f55\u5f97\u6536\u5165\u589e\u957f\u3002\u8d44\u4ea7\u7ba1\u7406\u662f\u8be5\u516c\u53f8\u6700\u8d5a\u94b1\u7684\u90e8\u95e8\uff0c\u4f46\u89c4\u6a21\u975e\u5e38\u5c0f\uff0c\u6295\u8d44\u8005\u5f80\u5f80\u8ba4\u4e3a\u8fd9\u9879\u4e1a\u52a1\u65e0\u5173\u7d27\u8981\u3002\u8fd9\u9879\u4e1a\u52a1\u7684\u6536\u5165\u540c\u6bd4\u589e\u957f5%\u3002\u4e0d\u8fc7\uff0c\u968f\u8457\u6295\u8d44\u8005\u7eb7\u7eb7\u9003\u79bb\u52a8\u8361\u7684\u80a1\u7968\u548c\u503a\u5238\u5e02\u573a\uff0c\u8f6c\u800c\u6301\u6709\u8f83\u5b89\u5168\u7684\u73b0\u91d1\uff0c\u8be5\u90e8\u95e8\u7684\u8d44\u4ea7\u7ba1\u7406\u89c4\u6a21\u7f29\u6c34\u3002<\/p>\n

\u6469\u6839\u58eb\u4e39\u5229\u62e5\u6709\u534e\u5c14\u8857\u89c4\u6a21\u6700\u5927\u7684\u80a1\u7968\u4ea4\u6613\u4e1a\u52a1\uff0c\u4f46\u8be5\u4e1a\u52a1\u672a\u80fd\u50cf\u9ad8\u76db\u96c6\u56e2(Goldman Sachs Group Inc., GS)\u548c\u6469\u6839\u5927\u901a\u516c\u53f8(JPMorgan Chase & Co., JPM)\u7b49\u540c\u884c\u90a3\u6837\u5f55\u5f97\u4e24\u4f4d\u6570\u767e\u5206\u6bd4\u7684\u589e\u957f\u3002\u5305\u62ec\u4ea4\u6613\u4f63\u91d1\u4ee5\u53ca\u4e3a\u5ba2\u6237\u63d0\u4f9b\u878d\u8d44\u6240\u5e26\u6765\u7684\u6536\u5165\u5728\u5185\uff0c\u8be5\u9879\u4e1a\u52a1\u7684\u6536\u5165\u4e0e\u4e0a\u5e74\u6301\u5e73\uff0c\u5c3d\u7ba1\u6469\u6839\u58eb\u4e39\u5229\u5728\u8fd9\u4e00\u9886\u57df\u4ecd\u4fdd\u6301\u9886\u5148\u5730\u4f4d\u3002<\/p>\n

\u56fa\u5b9a\u6536\u76ca\u4ea4\u6613\u6536\u5165\u4e3a5.64\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u4e0b\u964d30%\uff0c\u521b\u4e09\u5e74\u4f4e\u70b9\u3002\u9ad8\u95fb\u57282016\u5e74\u89e3\u96c7\u4e86\u8fd9\u4e2a\u90e8\u95e8\u56db\u5206\u4e4b\u4e00\u7684\u5458\u5de5\uff0c\u5e76\u4ece\u4e2d\u64a4\u51fa\u6570\u5341\u4ebf\u7f8e\u5143\u8d44\u91d1\uff0c\u540c\u65f6\u5236\u5b9a\u4e8610\u4ebf\u7f8e\u5143\u8fd9\u4e2a\u8f83\u4e3a\u4fdd\u5b88\u7684\u5b63\u5ea6\u6536\u5165\u76ee\u6807\u3002\u9664\u4e86\u672c\u5b63\u5ea6\uff0c\u6469\u6839\u58eb\u4e39\u5229\u8fc7\u53bb\u90fd\u8fbe\u5230\u4e86\u8fd9\u4e2a\u76ee\u6807\u3002\u9ad8\u95fb\u8bf4\u2236\u201c\u8fd9\u4e2a\u7ed3\u679c\u4e0d\u597d\u2505\u2505\u6211\u4eec\u9884\u8ba1\u8fd9\u79cd\u8fd0\u8425\u72b6\u51b5\u4e0d\u4f1a\u6210\u4e3a\u5e38\u6001\u3002\u201d<\/p>\n

\u6295\u8d44\u94f6\u884c\u4e1a\u52a1\u6536\u5165\u4e0b\u964d1%\u3002\u4f01\u4e1a\u5408\u5e76\u987e\u95ee\u8d39\u7528\u6536\u5165\u589e\u957f41%\uff0c\u8fd9\u5f97\u76ca\u4e8e\u6469\u6839\u58eb\u4e39\u5229\u4ece\u5df2\u7ecf\u5b8c\u6210\u7684\u4ea4\u6613\u4e2d\u6536\u53d6\u7684\u8d39\u7528\uff0c\u5176\u4e2d\u5305\u62ec\u53ef\u80fd\u4e3a\u8be5\u884c\u5e26\u67656,500\u4e07\u7f8e\u5143\u6536\u5165\u7684\u4fe1\u8bfa\u4fdd\u9669(Cigna Corp., CI)\u65a5\u8d44540\u4ebf\u7f8e\u5143\u6536\u8d2dExpress Scripts Holding Co. (ESRX)\u7684\u4ea4\u6613\u3002\u5728\u6469\u6839\u58eb\u4e39\u5229\u8bd5\u56fe\u7ee7\u7eed\u63d0\u9ad8\u6536\u8d39\u4e4b\u9645\uff0c\u8fd9\u79cd\u767e\u5206\u6bd4\u589e\u5e45\u53ef\u4e0e\u7ade\u4e89\u5bf9\u624b\u9ad8\u76db\u6bd4\u80a9\uff0c\u4f46\u6536\u5165\u89c4\u6a21\u8f83\u5c0f\u3002<\/p>\n

\u627f\u9500\u4e1a\u52a1\u6536\u5165\u4e0b\u964d25%\uff0c\u4e0e\u534e\u5c14\u8857\u5404\u673a\u6784\u60c5\u51b5\u7c7b\u4f3c\u3002\u9762\u5bf9\u5e02\u573a\u5267\u70c8\u52a8\u8361\uff0c\u4f01\u4e1a\u9ad8\u7ba1\u7eb7\u7eb7\u63a8\u8fdf\u53d1\u884c\u8ba1\u5212\u3002\u5f53\u5b63\u521b\u7eaa\u5f55\u5730\u8fde\u7eed40\u5929\u6ca1\u6709\u9ad8\u6536\u76ca\u503a\u5238\u53d1\u552e\uff0c\u8fd9\u79cd\u72b6\u51b5\u4e00\u76f4\u5ef6\u7eed\u5230\u4eca\u5e741\u6708\u521d\u3002<\/p>\n

\u6469\u6839\u58eb\u4e39\u5229\u9996\u5e2d\u8d22\u52a1\u957fJon Pruzan\u8bf4\uff0c\u4f01\u4e1a\u6b63\u6392\u961f\u7b49\u5019\u4e0a\u5e02\uff0c\u4f46\u4ed6\u8b66\u544a\u79f0\uff0c\u8fd9\u4e9b\u4ea4\u6613\u6700\u540e\u80fd\u5426\u6210\u884c\u53d6\u51b3\u4e8e\u7f8e\u56fd\u653f\u5e9c\u90e8\u95e8\u7ed3\u675f\u505c\u6446\uff0c\u53ea\u6709\u8fd9\u6837\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a(Securities and Exchange Commission, \u7b80\u79f0SEC)\u624d\u80fd\u6279\u51c6\u4ea4\u6613\u3002\u300a\u534e\u5c14\u8857\u65e5\u62a5\u300b(The Wall Street Journal)\u62a5\u9053\u79f0\uff0c\u6469\u6839\u58eb\u4e39\u5229\u53ef\u80fd\u5728\u5907\u53d7\u671f\u5f85\u7684\u4f18\u6b65(Uber Technologies Inc.)\u548cSlack Technologies Inc.\u7684IPO\u4ea4\u6613\u4e2d\u62c5\u5f53\u7275\u5934\u884c\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u6469\u6839\u58eb\u4e39\u5229(Morgan Stanley, MS)\u7b2c\u56db\u8d22\u5b63\u51c0\u5229\u6da6\u4f4e\u4e8e\u534e […]<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-4035","post","type-post","status-publish","format-standard","category-company"],"_links":{"self":[{"href":"https:\/\/cn.dailyeconomic.com\/finance\/wp-json\/wp\/v2\/posts\/4035","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cn.dailyeconomic.com\/finance\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cn.dailyeconomic.com\/finance\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cn.dailyeconomic.com\/finance\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cn.dailyeconomic.com\/finance\/wp-json\/wp\/v2\/comments?post=4035"}],"version-history":[{"count":1,"href":"https:\/\/cn.dailyeconomic.com\/finance\/wp-json\/wp\/v2\/posts\/4035\/revisions"}],"predecessor-version":[{"id":4036,"href":"https:\/\/cn.dailyeconomic.com\/finance\/wp-json\/wp\/v2\/posts\/4035\/revisions\/4036"}],"wp:attachment":[{"href":"https:\/\/cn.dailyeconomic.com\/finance\/wp-json\/wp\/v2\/media?parent=4035"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cn.dailyeconomic.com\/finance\/wp-json\/wp\/v2\/categories?post=4035"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cn.dailyeconomic.com\/finance\/wp-json\/wp\/v2\/tags?post=4035"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}