{"id":4292,"date":"2026-09-23T08:21:36","date_gmt":"2026-09-23T00:21:36","guid":{"rendered":"https:\/\/www.sjzylove.com\/?p=4292"},"modified":"2026-09-23T08:21:36","modified_gmt":"2026-09-23T00:21:36","slug":"%e5%be%ae%e7%ad%96%e7%95%a5%e5%86%8d%e5%ba%a6%e5%ae%98%e5%8f%b8%e7%bc%a0%e8%ba%ab%ef%bc%9a%e4%bc%9a%e8%ae%a1%e5%87%86%e5%88%99%e7%bc%98%e4%bd%95%e9%80%a0%e6%88%90%e5%a4%a7%e9%ba%bb%e7%83%a6%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/www.zsmjt.com\/?p=4292","title":{"rendered":"\u5fae\u7b56\u7565\u518d\u5ea6\u5b98\u53f8\u7f20\u8eab\uff1a\u4f1a\u8ba1\u51c6\u5219\u7f18\u4f55\u9020\u6210\u5927\u9ebb\u70e6\uff1f"},"content":{"rendered":"<div>\n<h2><strong>1. \u4e8b\u4ef6\u6982\u51b5&nbsp;<\/strong><\/h2>\n<p>2025 \u5e74 7 \u6708\u521d\uff0c\u5f8b\u5e08\u4e8b\u52a1\u6240 Pomerantz \u4ee3\u8868\u6240\u6709\u5728 2024 \u5e74 4 \u6708 30 \u65e5\u81f3 2025 \u5e74 4 \u6708 4 \u65e5\u671f\u95f4\u8d2d\u4e70\u6216\u4ee5\u5176\u4ed6\u65b9\u5f0f\u53d6\u5f97 Strategy \uff08\u539f\u540d\u4e3a MicroStrategy\uff0c\u7eb3\u65af\u8fbe\u514b\u80a1\u7968\u4ee3\u7801\uff1aMSTR\uff09\u8bc1\u5238\u7684\u4e2a\u4eba\u4e0e\u5b9e\u4f53\uff0c\u5728\u7f8e\u56fd\u5f17\u5409\u5c3c\u4e9a\u4e1c\u533a\u8054\u90a6\u5730\u533a\u6cd5\u9662\u5bf9 Strategy \u63d0\u8d77\u96c6\u4f53\u8bc9\u8bbc\u3002\u8be5\u8bc9\u8bbc\uff0c\u4f9d\u636e\u300a1934 \u5e74\u8bc1\u5238\u4ea4\u6613\u6cd5\u300b\u7b2c 10(b) \u6761\u548c\u7b2c 20(a) \u6761\u53ca\u5176\u5b9e\u65bd\u6761\u4f8b SEC Rule 10b-5 \u7684\u89c4\u5b9a\uff0c\u8981\u6c42 Strategy \u516c\u53f8\u53ca\u5176\u90e8\u5206\u9ad8\u7ea7\u7ba1\u7406\u4eba\u5458\u5c31\u6d89\u5acc\u5728\u6bd4\u7279\u5e01\u6295\u8d44\u76c8\u5229\u6570\u636e\u548c\u4f1a\u8ba1\u6807\u51c6\u65b9\u9762\u7684\u8bc1\u5238\u6b3a\u8bc8\u884c\u4e3a\u627f\u62c5\u6cd5\u5f8b\u8d23\u4efb\uff0c\u5e76\u8ffd\u7d22\u7531\u6b64\u9020\u6210\u7684\u6295\u8d44\u635f\u5931\u3002\u5728\u52a0\u5bc6\u8d44\u4ea7\u9010\u6b65\u6210\u4e3a\u4f01\u4e1a\u6218\u7565\u8d44\u4ea7\u914d\u7f6e\u7684\u91cd\u8981\u7ec4\u6210\u90e8\u5206\u7684\u4eca\u5929\uff0c\u8be5\u8bc9\u8bbc\u6216\u5c06\u6210\u4e3a\u76d1\u7ba1\u673a\u6784\u548c\u5e02\u573a\u53c2\u4e0e\u8005\u91cd\u65b0\u5ba1\u89c6\u52a0\u5bc6\u8d44\u4ea7\u4f1a\u8ba1\u4e0e\u4fe1\u606f\u62ab\u9732\u6807\u51c6\u7684\u91cd\u8981\u4fe1\u53f7\u3002<\/p>\n<h2><strong>2. Strategy \u7684\u6bd4\u7279\u5e01\u6218\u7565&nbsp;<\/strong><\/h2>\n<p>\u5927\u540d\u9f0e\u9f0e\u7684 Strategy \u6700\u521d\u662f\u4e00\u5bb6\u4e13\u6ce8\u4e8e\u4f01\u4e1a\u7ea7\u5546\u4e1a\u667a\u80fd\uff08BI\uff09\u3001\u57fa\u4e8e\u4e91\u7684\u670d\u52a1\u548c\u6570\u636e\u5206\u6790\u7684\u8f6f\u4ef6\u516c\u53f8\uff0c\u957f\u671f\u4e3a\u5927\u578b\u4f01\u4e1a\u5ba2\u6237\u63d0\u4f9b\u6570\u636e\u53ef\u89c6\u5316\u3001\u62a5\u544a\u751f\u6210\u548c\u51b3\u7b56\u652f\u6301\u5de5\u5177\u3002\u5c3d\u7ba1\u5176\u4f20\u7edf\u8f6f\u4ef6\u4e1a\u52a1\u5728\u4e1a\u5185\u5177\u6709\u4e00\u5b9a\u77e5\u540d\u5ea6\uff0c\u4f46\u589e\u957f\u8d8b\u4e8e\u7f13\u6162\uff0c\u8425\u6536\u548c\u5229\u6da6\u8868\u73b0\u4e5f\u8f83\u4e3a\u5e73\u7a33\u3002&nbsp;<\/p>\n<p>\u81ea 2020 \u5e74\u8d77\uff0c\u516c\u53f8\u5728\u521b\u59cb\u4eba Michael Saylor \u7684\u4e3b\u5bfc\u4e0b\uff0c\u6b63\u5f0f\u786e\u7acb\u4ee5\u6bd4\u7279\u5e01\u4e3a\u6838\u5fc3\u7684\u8d44\u4ea7\u914d\u7f6e\u6218\u7565\uff0c\u5c06\u5176\u5b9a\u4f4d\u4e3a\u66ff\u4ee3\u73b0\u91d1\u7684\u4e3b\u8981\u50a8\u5907\u8d44\u4ea7\u3002\u8fd9\u4e00\u8f6c\u578b\u6807\u5fd7\u7740 Strategy \u5f00\u59cb\u5c06\u5927\u91cf\u8d44\u91d1\u6295\u5165\u6bd4\u7279\u5e01\u5e02\u573a\uff0c\u5e76\u901a\u8fc7\u591a\u8f6e\u878d\u8d44\u6301\u7eed\u52a0\u4ed3\u3002\u516c\u53f8\u4e0d\u4ec5\u52a8\u7528\u81ea\u6709\u8d44\u91d1\u8d2d\u5e01\uff0c\u8fd8\u901a\u8fc7\u53d1\u884c\u53ef\u8f6c\u503a\u3001\u4f18\u5148\u7968\u636e\u548c\u4ee5\u6bd4\u7279\u5e01\u4e3a\u62b5\u62bc\u7684\u8d37\u6b3e\u7b49\u65b9\u5f0f\u83b7\u5f97\u4f4e\u6210\u672c\u8d44\u91d1\uff0c\u4ece\u800c\u653e\u5927\u5176\u6295\u8d44\u89c4\u6a21\u3002\u6b64\u540e\uff0cStrategy \u8f6c\u578b\u4e3a\u4e00\u5bb6\u6760\u6746\u5f0f\u6bd4\u7279\u5e01\u91d1\u878d\u516c\u53f8\uff0c\u800c\u975e\u4e00\u5bb6\u7b80\u5355\u7684\u4f01\u4e1a\u8f6f\u4ef6\u516c\u53f8\u3002<\/p>\n<p>\u5176\u6bd4\u7279\u5e01\u7b56\u7565\u7684\u6838\u5fc3\u5728\u4e8e\u957f\u671f\u6301\u6709\uff0cStrategy \u660e\u786e\u8868\u793a\u4e0d\u4f1a\u4e3b\u52a8\u51fa\u552e\u6240\u6301\u8d44\u4ea7\uff0c\u800c\u662f\u5229\u7528\u6bd4\u7279\u5e01\u7684\u957f\u671f\u5347\u503c\u6f5c\u529b\u63d0\u5347\u516c\u53f8\u603b\u8d44\u4ea7\u4e0e\u5e02\u503c\u3002\u8fdb\u5165 2024 \u5e74\u4ee5\u6765\uff0c\u516c\u53f8\u5728\u6bd4\u7279\u5e01\u4ef7\u683c\u5927\u5e45\u56de\u5347\u671f\u95f4\u6301\u7eed\u4e70\u5165\uff0c\u5c24\u5176\u5728\u5176\u7a81\u7834 6 \u4e07\u7f8e\u5143\u540e\u52a0\u5feb\u4e86\u8d2d\u5165\u8282\u594f\u3002\u4ec5 2024 \u5e74\u7b2c\u4e00\u5b63\u5ea6\uff0c\u516c\u53f8\u5c31\u589e\u6301\u4e86\u903e 12,000 \u679a\u6bd4\u7279\u5e01\uff0c\u81f3 2025 \u5e74\u521d\u7d2f\u8ba1\u6301\u4ed3\u5df2\u8d85\u8fc7 200,000 \u679a\uff0c\u8fdb\u4e00\u6b65\u5f3a\u5316\u4e86\u5176\u300c\u6bd4\u7279\u5e01\u672c\u4f4d\u300d\u7684\u4f01\u4e1a\u5f62\u8c61\uff0c\u4e5f\u4ee4\u5176\u80a1\u4ef7\u9ad8\u5ea6\u4e0e\u6bd4\u7279\u5e01\u8d70\u52bf\u6302\u94a9\uff0c\u6210\u4e3a\u8d44\u672c\u5e02\u573a\u4e2d\u5907\u53d7\u5173\u6ce8\u7684\u53e6\u7c7b\u52a0\u5bc6\u8d44\u4ea7\u8f7d\u4f53\u3002<\/p>\n<p class=\"ql-align-center\"><img decoding=\"async\" alt=\"Pomerantz\" src=\"https:\/\/hx24-prod.mars-block.com\/image\/crawler\/2025\/07\/31\/1753954853091738.jpg\"><\/p>\n<p><\/p>\n<h2><strong>3. \u88ab\u6307\u63a7\u7684\u6838\u5fc3\u65b9\u9762&nbsp;<\/strong><\/h2>\n<p>\u8bc9\u72b6\u6838\u5fc3\u6307\u63a7\u5728\u4e8e\uff0cStrategy \u53ca\u5176\u9ad8\u7ba1\u53d1\u5e03\u4e86\u82e5\u5e72\u865a\u5047\u548c \/ \u6216\u8bef\u5bfc\u6027\u9648\u8ff0\uff0c\u6216\u672a\u80fd\u5145\u5206\u62ab\u9732\u5173\u952e\u4fe1\u606f\uff0c\u4e3b\u8981\u5305\u62ec\uff1a\uff081\uff09\u5bf9\u516c\u53f8\u56f4\u7ed5\u6bd4\u7279\u5e01\u7684\u6295\u8d44\u7b56\u7565\u4e0e\u8d44\u91d1\u8fd0\u4f5c\u6240\u80fd\u5e26\u6765\u7684\u9884\u671f\u76c8\u5229\u80fd\u529b\u8fdb\u884c\u4e86\u5938\u5927\uff1b\uff082\uff09\u672a\u5145\u5206\u63ed\u793a\u6bd4\u7279\u5e01\u4ef7\u683c\u6ce2\u52a8\u6240\u5e26\u6765\u7684\u76f8\u5173\u98ce\u9669\uff0c\u5c24\u5176\u662f\u5728\u91c7\u7528\u4f1a\u8ba1\u51c6\u5219\u66f4\u65b0\uff08ASU2023-08\uff09\u540e\uff0c\u516c\u53f8\u53ef\u80fd\u56e0\u52a0\u5bc6\u8d44\u4ea7\u516c\u5141\u4ef7\u503c\u53d8\u52a8\u800c\u786e\u8ba4\u7684\u91cd\u5927\u635f\u5931\uff1b\u56e0\u6b64\uff0c\uff083\uff09\u516c\u53f8\u5728\u516c\u5f00\u573a\u5408\u53d1\u8868\u7684\u76f8\u5173\u58f0\u660e\u5728\u6240\u6709\u5173\u952e\u65f6\u95f4\u70b9\u4e0a\u5177\u6709\u91cd\u5927\u8bef\u5bfc\u6027\u3002<\/p>\n<p>\u5206\u6790\u6765\u770b\uff0c\u88ab\u6307\u63a7\u7684\u6838\u5fc3\u95ee\u9898\u96c6\u4e2d\u5728\u4e24\u4e2a\u65b9\u9762\uff1a\u4e00\u662f\u5bf9\u5176\u6bd4\u7279\u5e01\u6295\u8d44\u7b56\u7565\u76c8\u5229\u80fd\u529b\u7684\u865a\u5047\u6216\u8bef\u5bfc\u6027\u9648\u8ff0\uff0c\u4e8c\u662f\u672a\u80fd\u53ca\u65f6\u62ab\u9732\u65b0\u4f1a\u8ba1\u51c6\u5219\u5e26\u6765\u7684\u91cd\u5927\u5f71\u54cd\uff0c\u5e76\u6de1\u5316\u76f8\u5173\u98ce\u9669\u3002&nbsp;<\/p>\n<p>\u4e00\u65b9\u9762\uff0c\u8bc9\u8bbc\u8ba4\u4e3a\u8be5\u516c\u53f8\u5bf9\u5176\u6bd4\u7279\u5e01\u6295\u8d44\u7b56\u7565\u7684\u76c8\u5229\u80fd\u529b\u4f5c\u51fa\u4e86\u865a\u5047\u548c\u8bef\u5bfc\u6027\u9648\u8ff0\uff0c\u8fdd\u53cd\u4e86\u8054\u90a6\u8bc1\u5238\u6cd5\u3002\u4f5c\u4e3a\u4e00\u5bb6\u516c\u5f00\u4e0a\u5e02\u516c\u53f8\uff0cStrategy \u6709\u8d23\u4efb\u5728\u5176\u8d22\u62a5\u548c\u516c\u5f00\u58f0\u660e\u4e2d\u5982\u5b9e\u53cd\u6620\u6bd4\u7279\u5e01\u6295\u8d44\u5bf9\u516c\u53f8\u76c8\u5229\u7684\u5b9e\u9645\u8d21\u732e\u3002\u7136\u800c\u516c\u53f8\u88ab\u6307\u5728\u591a\u9879\u5bf9\u5916\u6c9f\u901a\u4e2d\u5938\u5927\u4e86\u6bd4\u7279\u5e01\u5e26\u6765\u7684\u8d22\u52a1\u6b63\u9762\u6548\u5e94\uff0c\u6a21\u7cca\u4e86\u5176\u771f\u6b63\u4f9d\u8d56\u7684\u662f\u5e01\u4ef7\u4e0a\u6da8\u5e26\u6765\u7684\u8d26\u9762\u6d6e\u76c8\uff0c\u800c\u975e\u6838\u5fc3\u4e1a\u52a1\u7684\u6301\u7eed\u76c8\u5229\u80fd\u529b\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u516c\u53f8\u53ef\u80fd\u901a\u8fc7\u8c03\u6574\u540e\u7684\u975e GAAP \u6307\u6807\u6216\u6b63\u5411\u8bed\u8a00\u6e32\u67d3\u76c8\u5229\u524d\u666f\uff0c\u63a9\u76d6\u4e86\u52a0\u5bc6\u8d44\u4ea7\u4ef7\u683c\u6ce2\u52a8\u5e26\u6765\u7684\u771f\u5b9e\u8d22\u52a1\u538b\u529b\u3002\u8fd9\u7c7b\u884c\u4e3a\u82e5\u6784\u6210\u5bf9\u91cd\u5927\u4e8b\u9879\u7684\u865a\u5047\u9648\u8ff0\uff0c\u5373\u53ef\u80fd\u8fdd\u53cd\u300a1934 \u5e74\u8bc1\u5238\u4ea4\u6613\u6cd5\u300b\u7b2c 10(b) \u6761\u53ca\u5176\u5b9e\u65bd\u6761\u4f8b SEC Rule 10b-5 \u7684\u89c4\u5b9a\u3002<\/p>\n<p>\u53e6\u4e00\u65b9\u9762\uff0cStrategy \u8fd8\u88ab\u6307\u672a\u80fd\u53ca\u65f6\u3001\u5145\u5206\u6309\u7167\u62ab ASU2023-08 \u4f1a\u8ba1\u51c6\u5219\u4fee\u8ba2\u5bf9\u516c\u53f8\u8d22\u52a1\u6570\u636e\u8fdb\u884c\u62ab\u9732\u30022023 \u5e74\u5e95\uff0c\u7f8e\u56fd\u8d22\u52a1\u4f1a\u8ba1\u51c6\u5219\u59d4\u5458\u4f1a\uff08FASB\uff09\u6b63\u5f0f\u901a\u8fc7\u4e86\u5173\u4e8e\u52a0\u5bc6\u8d44\u4ea7\u7684\u65b0\u4f1a\u8ba1\u5904\u7406\u6807\u51c6\uff0c\u89c4\u5b9a\u4f01\u4e1a\u4ece 2025 \u8d22\u5e74\u8d77\uff08\u5373 2024 \u5e74 12 \u6708 15 \u65e5\u4e4b\u540e\u5f00\u59cb\u7684\u8d22\u5e74\uff09\uff0c\u5141\u8bb8\u5c06\u6bd4\u7279\u5e01\u7b49\u52a0\u5bc6\u8d44\u4ea7\u6309\u516c\u5141\u4ef7\u503c\u8ba1\u91cf\uff0c\u5e76\u76f4\u63a5\u5728\u5229\u6da6\u8868\u4e2d\u53cd\u6620\u516c\u5141\u4ef7\u503c\u7684\u53d8\u52a8\uff0c\u540c\u65f6\u4e5f\u5141\u8bb8\u4f01\u4e1a\u63d0\u524d\u91c7\u7528\u8be5\u51c6\u5219\u3002&nbsp;<\/p>\n<p>\u63a7\u65b9\u65b9\u8ba4\u4e3a\uff0c\u7ed3\u5408\u865a\u5047\u9648\u8ff0\u4e0e\u62ab\u9732\u4e0d\u8db3\u4e24\u4e2a\u65b9\u9762\uff0cStrategy \u88ab\u63a7\u5728\u5173\u952e\u65f6\u95f4\u7a97\u53e3\u672a\u5c65\u884c\u5176\u4f5c\u4e3a\u4e0a\u5e02\u516c\u53f8\u5728\u4fe1\u606f\u62ab\u9732\u65b9\u9762\u7684\u6cd5\u5b9a\u4e49\u52a1\uff0c\u4ece\u800c\u8bef\u5bfc\u4e86\u6295\u8d44\u8005\u5e76\u9020\u6210\u5b9e\u9645\u7ecf\u6d4e\u635f\u5931\u3002&nbsp;<\/p>\n<p><\/p>\n<h2><strong>4. ASU 2023-08 \u4f1a\u8ba1\u51c6\u5219\u7684\u4e3b\u8981\u5185\u5bb9\u4ee5\u53ca\u76f8\u5173\u6311\u6218&nbsp;<\/strong><\/h2>\n<p>ASU 2023-08 \u7531 FASB \u4e8e 2023 \u5e74 12 \u6708\u53d1\u5e03\uff0c\u6807\u5fd7\u7740\u7f8e\u56fd\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u4e0b\u52a0\u5bc6\u8d44\u4ea7\u4f1a\u8ba1\u5904\u7406\u7684\u91cd\u5927\u53d8\u9769\u3002\u8fd9\u4e00\u51c6\u5219\u9002\u7528\u4e8e\u7b26\u5408\u7279\u5b9a\u6761\u4ef6\u7684\u53ef\u4e92\u6362\u52a0\u5bc6\u8d44\u4ea7\uff0c\u8981\u6c42\u4f01\u4e1a\u5728\u6bcf\u4e2a\u62a5\u544a\u671f\u6309\u5e02\u573a\u4ef7\u683c\u5bf9\u5176\u8fdb\u884c\u516c\u5141\u4ef7\u503c\u8ba1\u91cf\uff0c\u5e76\u5c06\u4ef7\u503c\u53d8\u52a8\u8ba1\u5165\u5f53\u671f\u51c0\u5229\u6da6\uff0c\u540c\u65f6\u5728\u8d22\u52a1\u62a5\u8868\u4e2d\u5355\u72ec\u5217\u793a\u76f8\u5173\u4fe1\u606f\u3002\u65b0\u89c4\u81ea 2024 \u5e74 12 \u6708 15 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