{"id":772,"date":"2016-12-29T17:30:41","date_gmt":"2016-12-29T09:30:41","guid":{"rendered":"http:\/\/www.houquner.com\/?p=772"},"modified":"2017-02-03T15:38:04","modified_gmt":"2017-02-03T07:38:04","slug":"%e3%80%90%e5%a4%a7%e5%92%96%e6%b4%9e%e8%a7%81%e3%80%91%e9%ab%98%e7%93%b4%e8%b5%84%e6%9c%ac%c2%b7%e5%bc%a0%e7%a3%8a%ef%bc%9a%e6%8a%95%e8%b5%84%e5%b0%b1%e6%98%af%e6%8a%95%e4%ba%ba","status":"publish","type":"post","link":"https:\/\/www.houquner.com\/index.php\/archives\/772","title":{"rendered":"\u3010\u5927\u5496\u6d1e\u89c1\u3011\u9ad8\u74f4\u8d44\u672c\u00b7\u5f20\u78ca\uff1a\u6295\u8d44\u5c31\u662f\u6295\u4eba"},"content":{"rendered":"

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\u4ece2005\u5e74\u5f20\u78ca\u4ece\u8036\u9c81\u57fa\u91d1\u7684David Swesen\u624b\u4e2d\u83b7\u5f972000\u4e07\u7f8e\u91d1\uff0c \u81f3\u4eca\u4ed6\u5b9e\u4e86\u5e74\u5316~40%\u7684\u6536\u76ca\u3002\u4f5c\u4e3a\u5bf9\u6bd4\uff0c\u5df4\u83f2\u7279\u7684\u5e74\u5316\u590d\u5408\u6536\u76ca\u4e3a~22%\uff0c\u5f53\u7136\u5df4\u83f2\u7279\u4fdd\u6301\u4e8650\u5e74\u3002\u4eca\u5929\uff0c\u9ad8\u74f4\u8d44\u672cHillhouse Capital\u7ba1\u7406180\u4ebf\u7f8e\u91d1\u3002<\/p>\n

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2016\u5e74\u80e1\u6da6\u767e\u5bcc\u699c\uff0c\u5f20\u78ca\u4ee5220\u4ebf\u8d22\u5bcc\u5e76\u5217\u7b2c95\u4f4d.<\/p><\/blockquote>\n

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1 \u00a0<\/strong><\/span>\u601d\u8def\u60f3\u6cd5\u8bf4\u6e05\u695a\u3001\u53cc\u65b9\u4e86\u89e3\u591a\u4e00\u4e9b<\/strong><\/section>\n

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2<\/span> <\/strong><\/span>\u6c38\u8fdc\u4e0d\u8981\u4f4e\u4f30\u6bcf\u5929\u5b58\u5fc3\u8ddf\u4f60\u505a\u4ea4\u6613\u7684\u4eba<\/strong><\/section>\n<\/section>\n<\/section>\n<\/section>\n

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\u4ece\u8fd9\u4e2a\u89d2\u5ea6\u4e0a\u8bb2\uff0c\u653f\u5e9c\u4fdd\u62a4\u7c7b\u578b\u7684\u300c\u62a4\u57ce\u6cb3\u300d\u662f\u975e\u5e38\u8106\u5f31\u7684\uff0c\u8fd9\u7c7b\u62a4\u57ce\u6cb3\u968f\u65f6\u90fd\u6709\u53ef\u80fd\u5d29\u6e83\u3002\u6211\u6700\u770b\u91cd\u7684\u300c\u62a4\u57ce\u6cb3\u300d\u662f\u6709\u4f1f\u5927\u683c\u5c40\u89c2\u7684\u575a\u5b9a\u5b9e\u8df5\u8005\u53bb\u6316\u9020\u7684\u62a4\u57ce\u6cb3\uff0c\u8fd9\u4e9b\u4eba\u80fd\u4e0d\u65ad\u5730\u6839\u636e\u53d8\u5316\u4f5c\u51fa\u53cd\u5e94\u3002\u90a3\u4e9b\u8d5a\u5feb\u94b1\u7684\u521b\u4e1a\u8005\u9010\u6e10\u4f1a\u53d1\u73b0\u4ed6\u7684\u8def\u8d8a\u8d70\u8d8a\u7a84\uff0c\u800c\u575a\u6301\u505a\u957f\u671f\u4e8b\u4e1a\u7684\u521b\u4e1a\u8005\uff0c\u4ed6\u7684\u8def\u4f1a\u8d8a\u8d70\u8d8a\u5bbd\u3002<\/p>\n

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4\u00a0<\/strong><\/span>\u5bb9\u5fcd\u77ed\u671f\u4e8f\u635f\u3001\u5e26\u6765\u66f4\u5927\u683c\u5c40<\/strong><\/section>\n<\/section>\n<\/section>\n<\/section>\n

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\u6211\u6240\u770b\u5230\u7684\u4f1f\u5927\u7684\u4f01\u4e1a\u5bb6\u4e4b\u95f4\u65e2\u662f\u7ade\u4e89\u5bf9\u624b\uff0c\u53c8\u662f\u5408\u4f5c\u4f19\u4f34\uff0c\u6709\u975e\u5e38\u5f00\u653e\u7684\u7cbe\u795e\uff0c\u5bf9\u7ade\u4e89\u5bf9\u624b\u548c\u6d88\u8d39\u8005\u6709\u6781\u5f3a\u7684\u540c\u7406\u5fc3\uff0c\u6709\u6781\u5927\u7684\u683c\u5c40\u89c2\u3002\u5927\u683c\u5c40\u89c2\u7684\u4f01\u4e1a\u5bb6\u613f\u666f\u8fdc\u4e0d\u540c\u4e8e\u7b80\u5355\u5730\u8d5a\u53d6\u77ed\u671f\u5229\u6da6\uff0c\u4e00\u4e2a\u5356\u5546\u54c1\u7684\u4f01\u4e1a\u5bb6\u4e0d\u80fd\u5149\u60f3\u7740\u6211\u7684\u751f\u610f\u662f\u5356\u5546\u54c1\uff0c\u5e94\u8be5\u60f3\u6211\u7684\u751f\u610f\u662f\u521b\u9020\u5e78\u798f\u3002<\/p>\n

\u6295\u8d44\u5c31\u662f\u6295\u4eba\uff0c\u8981\u6c42\u4f01\u4e1a\u5bb6\u4e0d\u4ec5\u8981\u6709\u683c\u5c40\u89c2\uff0c\u8fd8\u8981\u6709\u6267\u884c\u529b\u3001\u5bf9\u53d8\u5316\u7684\u654f\u611f\uff0c\u4ee5\u53ca\u5bf9\u4e8b\u7269\u672c\u8d28\u7684\u7406\u89e3\u3002\u8fd9\u79cd\u4eba\u5f88\u96be\u627e\uff0c\u5927\u90e8\u5206\u4eba\u90fd\u662f\u5728\u67d0\u4e00\u65f6\u671f\u67d0\u4e00\u65b9\u9762\u4f1a\u5f88\u64c5\u957f\uff0c\u4f46\u6709\u7684\u4eba\u80fd\u591f\u901a\u8fc7\u548c\u5916\u9762\u7684\u4ea4\u6d41\u628a\u81ea\u5df1\u63d0\u5347\u3002<\/p>\n

\u5982\u4f55\u627e\u5230\u8fd9\u4e9b\u4f18\u79c0\u7684\u4f01\u4e1a\u5bb6?\u6211\u4eec\u91c7\u7528\u7684\u662f\u7814\u7a76\u578b\u6a21\u5f0f\uff0c\u5c31\u662f\u901a\u8fc7\u7814\u7a76\u53d1\u73b0\u54ea\u4e2a\u662f\u6700\u597d\u7684\u5546\u4e1a\u6a21\u5f0f\uff0c\u7136\u540e\u6211\u4eec\u518d\u5bfb\u627e\u4e0e\u6700\u597d\u5546\u4e1a\u6a21\u5f0f\u5951\u5408\u7684\u6700\u597d\u521b\u4e1a\u8005\uff0c\u6211\u4eec\u518d\u4e00\u8d77\u53d1\u5c55\u3002<\/p>\n

\u4e3e\u4e2a\u4f8b\u5b50\uff0c2008\u5e74\u6211\u4eec\u7814\u7a76\u4e2d\u56fd\u6d88\u8d39\u54c1\u5347\u7ea7\uff0c\u90a3\u65f6\u5f88\u591a\u57fa\u7840\u6d88\u8d39\u54c1\u54c1\u7c7b\u90fd\u88ab\u8de8\u56fd\u516c\u53f8\u5360\u9886\uff0c\u5b9d\u6d01\u3001\u8054\u5408\u5229\u534e\u5c31\u5360\u9886\u4e86\u5bb6\u7528\u6d17\u6da4\u5e02\u573a\u3002\u6211\u4eec\u770b\u5230\u8fd9\u4e9b\u8de8\u56fd\u516c\u53f8\u672c\u8d28\u4e0a\u662f\u6709\u5386\u53f2\u5305\u88b1\u7684\uff0c\u65e0\u6cd5\u6293\u4f4f\u4e2d\u56fd\u6d88\u8d39\u5347\u7ea7\u7684\u8d8b\u52bf\u3002<\/p>\n

\u6211\u4eec\u5c31\u627e\u5230\u4e86\u5f53\u65f6\u505a\u6d17\u624b\u6db2\u7684\u84dd\u6708\u4eae\u516c\u53f8\u521b\u59cb\u4eba\u7f57\u79cb\u5e73\uff0c\u9f13\u52b1\u4ed6\u505a\u6d17\u8863\u6db2\u3002\u6211\u4eec\u73b0\u5728\u662f\u84dd\u6708\u4eae\u552f\u4e00\u7684\u5916\u90e8\u6295\u8d44\u4eba\uff0c\u800c\u4e14\u7b2c\u4e00\u5929\u6211\u4eec\u6295\u5165\u7684\u65f6\u5019\u516c\u53f8\u672c\u8eab\u662f\u8d5a\u94b1\u7684\u3002<\/p>\n

\u6211\u4eec\u9f13\u52b1\u4ed6\u4e0d\u8981\u8d5a\u77ed\u671f\u7684\u94b1\uff0c\u8981\u52c7\u4e8e\u8fdb\u5165\u65b0\u7684\u54c1\u7c7b\uff0c\u6253\u8d25\u8de8\u56fd\u516c\u53f8\uff0c\u53d8\u6210\u4e2d\u56fd\u6d17\u8863\u6db2\u7684\u7b2c\u4e00\u540d\u3002\u7f57\u79cb\u5e73\u4e5f\u770b\u5230\u4e86\u53d8\u5316\uff0c\u5e76\u6293\u4f4f\u4e86\u53d8\u5316\u3002\u867d\u7136\u6211\u4eec\u6295\u8d44\u4e86\u4ee5\u540e\uff0c\u84dd\u6708\u4eae\u4ece\u4e00\u4e2a\u8d5a\u94b1\u7684\u516c\u53f8\u5148\u53d8\u6210\u4e8f\u635f\u7684\u516c\u53f8\uff0c\u4f46\u8fd9\u53ea\u662f\u77ed\u671f\u7684\u4e8f\u635f\uff0c\u4eca\u5929\u8d5a\u7684\u94b1\u662f\u539f\u6765\u7684\u5341\u500d\u3002<\/p>\n

\u6211\u4eec\u6df1\u5165\u7684\u7814\u7a76\u4f7f\u5f97\u6211\u4eec\u6709\u80fd\u529b\u5bb9\u5fcd\u77ed\u671f\u7684\u4e8f\u635f\uff0c\u4ece\u800c\u5e26\u6765\u66f4\u5927\u7684\u683c\u5c40\u3002\u8fd9\u4e2a\u521b\u4e1a\u8005\u6709\u8fd9\u4e2a\u68a6\u60f3\uff0c\u8ddf\u6211\u4eec\u7684\u7406\u5ff5\u5b8c\u5168\u4e00\u81f4\uff0c\u6240\u4ee5\u5927\u5bb6\u5728\u4e00\u8d77\u624d\u80fd\u505a\u51fa\u4e00\u756a\u4e8b\u4e1a\u3002<\/p>\n

\u5f53\u7136\uff0c\u6709\u7684\u4f01\u4e1a\u5bb6\u53ef\u80fd\u5728\u67d0\u4e2a\u9886\u57df\u5185\u53d7\u4e0d\u540c\u7684\u4eba\u5f71\u54cd\uff0c\u7a81\u7136\u5230\u4e86\u67d0\u4e2a\u65f6\u95f4\u70b9\u4e0d\u4f1a\u628a\u8ffd\u6c42\u4f01\u4e1a\u4ef7\u503c\u7684\u6700\u5927\u5316\u4f5c\u4e3a\u76ee\u6807\uff0c\u6709\u7684\u4eba\u60f3\u53bb\u8d5a\u5feb\u94b1\uff0c\u6709\u7684\u4eba\u9009\u62e9\u4e86\u66f4\u5b89\u9038\u7684\u751f\u6d3b\uff0c\u6211\u89c9\u5f97\u8fd9\u90fd\u53ef\u4ee5\u7406\u89e3\u3002\u8fd9\u4e2a\u8fc7\u7a0b\u5f53\u4e2d\u6700\u91cd\u8981\u7684\u662f\u5927\u5bb6\u4e92\u76f8\u5f88\u5766\u8bda\uff0c\u4f60\u8981\u6709\u8fd9\u79cd\u53d8\u5316\uff0c\u5c31\u8981\u5f88\u5766\u8bda\u5730\u544a\u8bc9\u6211\u3002<\/p>\n

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5<\/span>\u00a0<\/strong>\u56de\u5f52\u672c\u8d28\u3001\u771f\u6b63\u521b\u9020\u4ef7\u503c<\/strong><\/section>\n<\/section>\n<\/section>\n<\/section>\n

\u800c\u4f20\u7edf\u4f01\u4e1a\uff0c\u4e0e\u5176\u4e00\u76f4\u8981\u628a\u4e92\u8054\u7f51\u4f5c\u4e3a\u5de5\u5177\uff0c\u7528\u5404\u79cd\u5404\u6837\u7684\u59ff\u6001\u6765\u62e5\u62b1\u4e92\u8054\u7f51\uff0c\u8fd8\u4e0d\u5982\u56de\u5230\u57fa\u672c\u9762\u4e0a\u60f3\u60f3\uff1a\u6d88\u8d39\u8005\u5230\u5e95\u8981\u7684\u662f\u4ec0\u4e48?\u6211\u600e\u4e48\u589e\u52a0\u4ef7\u503c?<\/p>\n

\u4ece\u57fa\u672c\u9762\u6765\u8bb2\uff0c\u8c01\u6700\u80fd\u7406\u89e3\u6d88\u8d39\u8005\u3001\u53d1\u73b0\u6d88\u8d39\u8005\u7684\u9700\u6c42\uff0c\u751a\u81f3\u5728\u67d0\u4e9b\u7a0b\u5ea6\u4e0a\u5f15\u5bfc\u6d88\u8d39\u8005\u7684\u9700\u6c42\uff0c\u56e0\u4e3a\u6d88\u8d39\u8005\u4e0d\u77e5\u9053\u81ea\u5df1\u60f3\u8981\u4ec0\u4e48\uff0c\u8fd9\u79cd\u80fd\u529b\u7ed9\u4e86\u4e92\u8054\u7f51\u65f6\u4ee3\u66f4\u591a\u7684\u673a\u4f1a\u6765\u5b9e\u73b0\u8fd9\u79cd\u53ef\u80fd\u3002<\/p>\n

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\u8fd8\u6709\u6211\u4eec\u6295\u8d44\u7684\u4e00\u4e2a\u6bcd\u5a74\u7528\u54c1\u7684\u4f01\u4e1a\u5bb6\uff0c\u4e00\u76f4\u53d7\u56f0\u4e8e\u96f6\u552e\u7684\u7ebf\u4e0b\u6548\u7387\u4f4e\uff0c\u4ed6\u4e00\u76f4\u5728\u60f3\u600e\u4e48\u624d\u80fd\u628a\u6548\u7387\u63d0\u9ad8\u4e00\u4e9b\u3002\u6700\u7ec8\u6211\u4eec\u7ed9\u4e86\u4ed6\u4e00\u4e9b\u542f\u793a\uff0c\u4f7f\u6bcf\u4e00\u4e2a\u9500\u552e\u5458\u80fd\u591f\u5728\u7f51\u7edc\u4e0a\u7ef4\u62a4\u81ea\u5df1\u7684\u5ba2\u6237\uff0c\u63d0\u9ad8\u4e86\u670d\u52a1\u7684\u6548\u7387\u3002\u800c\u5f53\u7528\u6237\u4f53\u9a8c\u5230\u66f4\u597d\u7684\u670d\u52a1\u65f6\uff0c\u4ed6\u4f1a\u6709\u66f4\u5927\u7684\u6d88\u8d39\u503e\u5411\u3002<\/p>\n

\u4e0d\u7ba1\u662f\u4ea7\u54c1\u7684\u5c5e\u6027\u8fd8\u662f\u9500\u552e\u7684\u5c5e\u6027\uff0c\u6211\u89c9\u5f97\u53ea\u6709\u56de\u5230\u672c\u8d28\u4e0a\u6765\u8ba8\u8bba\u95ee\u9898\uff0c\u624d\u80fd\u771f\u6b63\u5730\u521b\u9020\u4ef7\u503c\u3002\u5f53\u4f60\u521b\u9020\u4e86\u4ef7\u503c\u4ee5\u540e\uff0c\u9500\u552e\u5229\u6da6\u548c\u5e02\u503c\u90fd\u4f1a\u8ddf\u968f\u800c\u6765\u7684\u3002<\/p>\n

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6\u00a0<\/strong><\/span>\u62e5\u62b1\u521b\u65b0\u3001\u5f00\u653e\u5171\u8d62<\/strong><\/section>\n<\/section>\n<\/section>\n<\/section>\n

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\u25a0\u6765\u6e90\uff1a\u6295\u8d44\u4eba\u8bf4(ID:touzirenshuo)<\/p>\n

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