[{"data":1,"prerenderedAt":677},["ShallowReactive",2],{"layout-dao":3,"dao-xinyu":370},[4,9,13,17,21,25,29,33,37,42,47,50,54,57,61,64,68,71,75,78,82,86,90,94,98,103,107,111,115,119,123,127,131,135,139,144,148,152,156,160,164,168,172,177,181,185,189,193,197,201,205,209,213,217,221,225,229,233,237,241,245,249,253,257,261,265,269,273,277,281,285,290,294,298,302,306,310,314,318,322,326,330,334,338,342,346,350,354,358,362,366],{"title":5,"slug":6,"category":7,"order":8},"本分","benfen","核心哲学",1,{"title":10,"slug":11,"category":7,"order":12},"平常心","pingchangxin",2,{"title":14,"slug":15,"category":7,"order":16},"做对的事情","zuoduideshiqing",3,{"title":18,"slug":19,"category":7,"order":20},"把事情做对","bashiqingzuodui",4,{"title":22,"slug":23,"category":7,"order":24},"能力圈","nengliquan",5,{"title":26,"slug":27,"category":7,"order":28},"不做什么","buzuoshenme",6,{"title":30,"slug":31,"category":7,"order":32},"敢为天下后","ganweitianxiahou",7,{"title":34,"slug":35,"category":7,"order":36},"消费者导向","xiaofeizhedaoxiang",8,{"title":38,"slug":39,"category":40,"order":41},"价值投资","jiazhitouzi","投资理念",9,{"title":43,"slug":44,"category":45,"order":46},"负债","fuzhai","财务指标",10,{"title":48,"slug":49,"category":40,"order":46},"商业模式","shangyemoshi",{"title":51,"slug":52,"category":40,"order":53},"护城河","huchenghe",11,{"title":55,"slug":56,"category":45,"order":53},"净现金","jingxianjin",{"title":58,"slug":59,"category":45,"order":60},"开销合理性","kaixiaohelixing",12,{"title":62,"slug":63,"category":45,"order":60},"现金流","xianjinliu",{"title":65,"slug":66,"category":45,"order":67},"真实利润","zhenshilirun",13,{"title":69,"slug":70,"category":40,"order":67},"折现","zhexian",{"title":72,"slug":73,"category":40,"order":74},"安全边际","anquanbianji",14,{"title":76,"slug":77,"category":45,"order":74},"扣除商誉的净资产","jingzichan",{"title":79,"slug":80,"category":40,"order":81},"基本面","jibenmian",15,{"title":83,"slug":84,"category":40,"order":85},"机会成本","jihuichengben",16,{"title":87,"slug":88,"category":40,"order":89},"长期持有","zhangqichiyou",17,{"title":91,"slug":92,"category":40,"order":93},"投机","touji",18,{"title":95,"slug":96,"category":40,"order":97},"止损","zhisun",19,{"title":99,"slug":100,"category":101,"order":102},"企业文化","qiyewenhua","企业经营",20,{"title":104,"slug":105,"category":101,"order":106},"品牌","pinpai",21,{"title":108,"slug":109,"category":101,"order":110},"差异化","chayihua",22,{"title":112,"slug":113,"category":101,"order":114},"用户体验","yonghutiyan",23,{"title":116,"slug":117,"category":101,"order":118},"渠道","qudao",24,{"title":120,"slug":121,"category":101,"order":122},"平台","pingtai",25,{"title":124,"slug":125,"category":101,"order":126},"生态系统","shengtaixitong",26,{"title":128,"slug":129,"category":101,"order":130},"单一产品","danyichanpin",27,{"title":132,"slug":133,"category":101,"order":134},"造钟人","zaozhongren",28,{"title":136,"slug":137,"category":101,"order":138},"利润之上的追求","lirunzhishangdezhuiqiu",29,{"title":140,"slug":141,"category":142,"order":143},"进取心","jinquxin","品格与心性",30,{"title":145,"slug":146,"category":142,"order":147},"耐心","naixin",31,{"title":149,"slug":150,"category":142,"order":151},"责任心","zerenxin",32,{"title":153,"slug":154,"category":142,"order":155},"爱心","aixin",33,{"title":157,"slug":158,"category":142,"order":159},"信誉","xinyu",34,{"title":161,"slug":162,"category":142,"order":163},"正直","zhengzhi",35,{"title":165,"slug":166,"category":142,"order":167},"理性","lixing",36,{"title":169,"slug":170,"category":142,"order":171},"长期主义","zhangqizhuyi",37,{"title":173,"slug":174,"category":175,"order":176},"1999年 《都市快报》采访手记","duanyongping-1999nian-doushikuaibao-caifangshouji","访谈实录",100,{"title":178,"slug":179,"category":175,"order":180},"1999年 步步高讲话","duanyongping-1999nian-bubugaojianghua",101,{"title":182,"slug":183,"category":175,"order":184},"1999年做客人民大学精彩问答实录","duanyongping-1999nianzuokerenmindaxuejingcaiwendashilu",102,{"title":186,"slug":187,"category":175,"order":188},"2000年 《销售与市场》杂志专访","duanyongping-2000nian-xiaoshouyushichang-zazhizhuanfang",103,{"title":190,"slug":191,"category":175,"order":192},"2000年在央视“品牌与传播国际论坛”上的演讲","duanyongping-2000nianzaiyangshi-pinpaiyuchuanboguojiluntan-shangdeyanjiang",104,{"title":194,"slug":195,"category":175,"order":196},"2000追逐世界的节奏 —— 《经营者》杂志2000年，步步高总经理访谈记录","duanyongping-2000zhuizhushijiedejiezou-jingyingzhe-zazhi2000nian-bubugaozongjing",105,{"title":198,"slug":199,"category":175,"order":200},"2001《经营天下：高峰论坛 之 段永平》—— 2001年末中国20位行业巨头面对面访谈录","duanyongping-2001-jingyingtianxia-gaofengluntan-zhi-duanyongping-2001nianmozhong",106,{"title":202,"slug":203,"category":175,"order":204},"2001年 我为什么要去读书？ —— 《读者》2001年11月刊","duanyongping-2001nian-woweishenmeyaoqudushu-duzhe-2001nian11yuekan",107,{"title":206,"slug":207,"category":175,"order":208},"2001年《世界经理人文摘》专访","duanyongping-2001nian-shijiejinglirenwenzhai-zhuanfang",108,{"title":210,"slug":211,"category":175,"order":212},"2002年 CCTV2经济频道《卖点》栏目采访：投影机能否走进家庭？","duanyongping-2002nian-cctv2jingjipindao-maidian-lanmucaifang-touyingjinengfouzou",109,{"title":214,"slug":215,"category":175,"order":216},"2003年北京大学总裁班演讲座谈会全程实录","duanyongping-2003nianbeijingdaxuezongcaibanyanjiangzuotanhuiquanchengshilu",110,{"title":218,"slug":219,"category":175,"order":220},"2004财富人生—段永平 2004 采访","duanyongping-2004caifurensheng-duanyongping-2004-caifang",111,{"title":222,"slug":223,"category":175,"order":224},"2005年步步高十周年“记”念晚会：段永平发言","duanyongping-2005nianbubugaoshizhounian-ji-nianwanhui-duanyongpingfayan",112,{"title":226,"slug":227,"category":175,"order":228},"2006年 深度对话网易证券全程实录","duanyongping-2006nian-shenduduihuawangyizhengquanquanchengshilu",113,{"title":230,"slug":231,"category":175,"order":232},"2006年做客新浪财经频道聊天全实录","duanyongping-2006nianzuokexinlangcaijingpindaoliaotianquanshilu",114,{"title":234,"slug":235,"category":175,"order":236},"2006年浙大“实话实说”","duanyongping-2006nianzheda-shihuashishuo",115,{"title":238,"slug":239,"category":175,"order":240},"2007年与巴菲特共进午餐后网易专访","duanyongping-2007nianyubafeitegongjinwucanhouwangyizhuanfang",116,{"title":242,"slug":243,"category":175,"order":244},"2007年波士堂访谈","duanyongping-2007nianboshitangfangtan",117,{"title":246,"slug":247,"category":175,"order":248},"2009年 深度专访： 探讨公益人生，分享成功体会","duanyongping-2009nian-shenduzhuanfang-tantaogongyirensheng-fenxiangchenggongtihu",118,{"title":250,"slug":251,"category":175,"order":252},"2009年《21世纪经济报道》独家专访：我不认为巴菲特是股神（2009年）","duanyongping-2009nian-21shijijingjibaodao-dujiazhuanfang-woburenweibafeiteshigus",119,{"title":254,"slug":255,"category":175,"order":256},"2009浙大MBA分享：企业追求的是稳健的发展，基本功最重要","duanyongping-2009zhedambafenxiang-qiyezhuiqiudeshiwenjiandefazhan-jibengongzuizh",120,{"title":258,"slug":259,"category":175,"order":260},"2010年 步步高董事长段永平和人大校长纪宝成记者会实录","duanyongping-2010nian-bubugaodongshizhangduanyongpingherendaxiaozhangjibaochengj",121,{"title":262,"slug":263,"category":175,"order":264},"2011年买入苹果思考","duanyongping-2011nianmairupingguosikao",122,{"title":266,"slug":267,"category":175,"order":268},"2013年浙大演讲","duanyongping-2013nianzhedayanjiang",123,{"title":270,"slug":271,"category":175,"order":272},"2016年浙大60周年专访","duanyongping-2016nianzheda60zhounianzhuanfang",124,{"title":274,"slug":275,"category":175,"order":276},"2025年浙江大学演讲及问答完整版","duanyongping-2025nianzhejiangdaxueyanjiangjiwendawanzhengban",125,{"title":278,"slug":279,"category":175,"order":280},"2025年谈躺平与内卷、与王石交流子女教育","duanyongping-2025niantantangpingyuneijuan-yuwangshijiaoliuzinvjiaoyu",126,{"title":282,"slug":283,"category":175,"order":284},"2025年： 方三文对话段永平：做自己能够喜欢的事情很重要","duanyongping-2025nian-fangsanwenduihuaduanyongping-zuozijinenggouxihuandeshiqing",127,{"title":286,"slug":287,"category":288,"order":289},"问答录：第一章 投资大道","dadaotouziwendalu-diyizhangtouzidadao","投资问答录",200,{"title":291,"slug":292,"category":288,"order":293},"问答录：第二章 商业模式和企业文化","dadaotouziwendalu-dierzhangshangyemoshiheqiyewenhua",201,{"title":295,"slug":296,"category":288,"order":297},"问答录：第三章 公司点评","dadaotouziwendalu-disanzhanggongsidianping",202,{"title":299,"slug":300,"category":288,"order":301},"问答录：第四章 人生箴言","dadaotouziwendalu-disizhangrenshengzhenyan",203,{"title":303,"slug":304,"category":288,"order":305},"问答录：第五章 演讲与访谈","dadaotouziwendalu-diwuzhangyanjiangyufangtan",204,{"title":307,"slug":308,"category":288,"order":309},"问答录：第六章 更新","dadaotouziwendalu-diliuzhangduzhegengxin",205,{"title":311,"slug":312,"category":288,"order":313},"商业逻辑篇：第1节：伟大企业","duanyongping-shangyeluoji-di1jie-weidaqiye",401,{"title":315,"slug":316,"category":288,"order":317},"商业逻辑篇：第2节：商业模式","duanyongping-shangyeluoji-di2jie-shangyemoshi",402,{"title":319,"slug":320,"category":288,"order":321},"商业逻辑篇：第3节：企业文化","duanyongping-shangyeluoji-di3jie-qiyewenhua",403,{"title":323,"slug":324,"category":288,"order":325},"商业逻辑篇：第4节：产品、差异化与创新","duanyongping-shangyeluoji-di4jie-chanpin-chayihua-yu-chuangxin",404,{"title":327,"slug":328,"category":288,"order":329},"商业逻辑篇：第5节：品牌、营销与广告","duanyongping-shangyeluoji-di5jie-pinpai-yingxiao-yu-guanggao",405,{"title":331,"slug":332,"category":288,"order":333},"商业逻辑篇：第6节：收购和多元化","duanyongping-shangyeluoji-di6jie-shougouheduoyuanhua",406,{"title":335,"slug":336,"category":288,"order":337},"商业逻辑篇：第7节：Stop doing list（不为清单）","duanyongping-shangyeluoji-di7jie-stop-doing-list-buweiqingdan",407,{"title":339,"slug":340,"category":288,"order":341},"投资问答录商业逻辑篇：前言：买股票就是买公司","duanyongping-shangyeluoji-qianyan-maiqushoujiiumaishangsi",408,{"title":343,"slug":344,"category":288,"order":345},"投资逻辑篇：第1章：投资理念","duanyongping-touziluoji-di1zhang-touzilinian",410,{"title":347,"slug":348,"category":288,"order":349},"投资逻辑篇：第2章：投资理解","duanyongping-touziluoji-di2jie-touzilijie",411,{"title":351,"slug":352,"category":288,"order":353},"投资问答录：第3章 golf和投资","duanyongping-touziluoji-di3zhang-golfhetouzi",412,{"title":355,"slug":356,"category":288,"order":357},"投资逻辑篇：第4章 财务理解","duanyongping-touziwendalu-touziluoji-di4zhang-caiwulijie",413,{"title":359,"slug":360,"category":288,"order":361},"投资逻辑篇：第5章：估值逻辑","duanyongping-touziluoji-di5zhang-guzhiluoji",414,{"title":363,"slug":364,"category":288,"order":365},"投资逻辑篇：第6章 投资方法论","duanyongping-touziluoji-di6zhang-touzifangfalun",415,{"title":367,"slug":368,"category":288,"order":369},"投资逻辑篇：第7章：案例分析","duanyongping-touziluoji-di7zhang-anlifenxi",416,{"id":371,"title":157,"body":372,"category":142,"date":665,"description":666,"extension":667,"meta":668,"navigation":669,"order":159,"path":670,"seo":671,"seoDescription":672,"seoTitle":673,"slug":158,"stem":674,"__hash__":675,"_collection":676},"dao\u002Fdao\u002Fconcepts\u002Fxinyu.md",{"type":373,"value":374,"toc":637},"minimark",[375,378,382,399,405,408,415,421,429,433,436,441,446,450,453,458,462,465,470,473,476,479,482,493,496,501,504,510,513,517,520,524,533,537,540,543,547,556,560,567,571,585,588,592,597,603,608,612,616,627,632],[376,377,157],"h1",{"id":157},[379,380,381],"h2",{"id":381},"定义与起源",[383,384,385,386,390,391,395,396,398],"p",{},"信誉是",[387,388,389],"strong",{},"段永平","思想体系中最早期的核心概念之一，与\"",[392,393,5],"a",{"href":394},"\u002Fbenfen","\"和\"诚信\"密切相关。最早可追溯到1999年的多篇采访中。段永平将信誉定义为一种发自内心的",[392,397,5],{"href":394},"，而非做给别人看的手段，并强调\"只有等你为曾经许下的承诺付出代价时，你才能明白什么是信誉\"。",[400,401,402],"blockquote",{},[383,403,404],{},"信誉是什么？只有等你为曾经许下的承诺付出代价时，你才能明白什么是信誉。\n——1999年《都市快报》采访手记",[379,406,407],{"id":407},"核心要义",[409,410,412,413],"h3",{"id":411},"_1-信誉不是手段而是本分","1. 信誉不是手段，而是",[392,414,5],{"href":394},[383,416,417,418,420],{},"段永平反复强调，诚信和信誉不应是做给别人看的，不是为了获得商业利益而展示的姿态，而是发自内心的",[392,419,5],{"href":394},"。",[400,422,423],{},[383,424,425,426,428],{},"我们对于诚信的理解，就是把它作为一种发自内心的",[392,427,5],{"href":394},"，而不是作为一种手段！\n——2003年 北京大学总裁班演讲",[409,430,432],{"id":431},"_2-讲信誉容易守信誉才是真的","2. \"讲\"信誉容易，\"守\"信誉才是真的",[383,434,435],{},"段永平区分了\"讲信誉\"和\"守信誉\"——前者谁都会，后者需要在付出代价时才能体现。",[400,437,438],{},[383,439,440],{},"信誉不是讲讲而已，只有需要付出代价的时候，才知道谁是讲（守）信誉的。\n——2012-11-17",[400,442,443],{},[383,444,445],{},"只有当你需要付出代价的时候才知道你是不是个守信誉的人。\"讲\"信誉谁都会，但当需要\"守\"信誉的时候很多人就不行了。\n——2011-02-18",[409,447,449],{"id":448},"_3-建立信誉很难破坏很容易","3. 建立信誉很难，破坏很容易",[383,451,452],{},"信誉具有极强的不对称性——积累需要长期坚持，破坏可能只需一次失信。",[400,454,455],{},[383,456,457],{},"比如建立信誉很难，破坏很容易。\n——2018-11-08",[409,459,461],{"id":460},"_4-不应把信誉押在无法控制的事情上","4. 不应把信誉押在无法控制的事情上",[383,463,464],{},"段永平认为，不应该承诺自己无法控制的事情，否则终将面临\"信誉破产\"。",[400,466,467],{},[383,468,469],{},"直觉觉得不应该承诺，因为不应该把自己的信誉押在无法控制的事情上。这个做法有一天会信誉破产的。\n——2011-12-17",[379,471,472],{"id":472},"实战案例",[409,474,475],{"id":475},"为信誉付出1800万元代价",[383,477,478],{},"1999年《都市快报》采访中，段永平透露自己曾为信誉付出了1800多万元的代价。他说：\"做人不能轻诺，沉默可以，一旦许诺，就要负责到底。\"",[409,480,481],{"id":481},"离开小霸王时的信誉效应",[383,483,484,485,488,489,492],{},"段永平离开",[387,486,487],{},"小霸王","创办",[387,490,491],{},"步步高","时，很多人入股\"就是看重我的信誉，我一句话，他们就把全部家当都投了进来\"。他在人民大学演讲中也提到：\"至于融资，主要是我以前工作所建立的信誉，别人知道我的公平为人，所以放心把钱交给我。\"",[409,494,495],{"id":495},"步步高供应商信用管理",[383,497,498,500],{},[387,499,491],{},"对客户的放账管理也体现了信誉原则。\"我们一般给客户的放账额度是过去该客户在我们这一年的营业额的3%-5%，当然信誉不好的就一点都没了。\"在困难时期，公司宁愿给供应商高于银行的利息也不拖欠，维护了信誉。",[409,502,503],{"id":503},"步步高从不拖欠货款",[383,505,506,507,509],{},"2001年访谈中，段永平说：\"不管谈到什么样的赎期，我们公司在正常的情况下，一定是会按期付款的。\"这使得",[387,508,491],{},"在整个价值链中建立了极高的信任度。",[379,511,512],{"id":512},"常见误解",[409,514,516],{"id":515},"误解一信誉就是不失约","误解一：信誉就是不失约",[383,518,519],{},"段永平认为\"今晚上和你约好几点到，我到了，就是讲信誉？这当然也是，但这样理解太浅了。\"真正的信誉是在需要为承诺付出真金白银的代价时，依然选择兑现。",[409,521,523],{"id":522},"误解二信誉是一种商业策略","误解二：信誉是一种商业策略",[383,525,526,527,529,530,532],{},"有人问段永平如何\"做到自己不吃亏，还能在外面得到讲求信誉的良好口碑\"。段永平回应说，如果大家真认为他在算计别人，\"",[387,528,491],{},"早就关门大吉了\"。信誉不是计算出来的策略，而是自然的",[392,531,5],{"href":394},"行为。",[409,534,536],{"id":535},"误解三做本分讲信誉会吃亏","误解三：做本分、讲信誉会吃亏",[383,538,539],{},"2004年《赢周刊》采访中有人问\"在恶性竞争的市场中，你们不觉得吃亏吗？\"段永平的实践证明，坚持信誉看似短期吃亏，长期却是企业能够走到今天最主要的原因。",[379,541,542],{"id":542},"思想演变",[409,544,546],{"id":545},"_1990年代信誉是创业的根基","1990年代：信誉是创业的根基",[383,548,549,550,552,553,555],{},"1999年前后，段永平多次讲述信誉如何帮助他创办",[387,551,491],{},"——正是在",[387,554,487],{},"时期积累的信誉，让朋友和员工愿意跟随他重新创业。此时信誉更多是个人品质。",[409,557,559],{"id":558},"_2000年代信誉上升为企业核心价值观","2000年代：信誉上升为企业核心价值观",[383,561,562,563,566],{},"2003年北京大学演讲中，段永平将诚信\u002F信誉定义为企业的\"核心价值观\"，是\"企业大厦的基石\"，并引用",[387,564,565],{},"GE","新任CEO的话\"唯一不变的就是诚信\"来佐证。",[409,568,570],{"id":569},"_2010年代-2020年代信誉作为投资判断标准","2010年代-2020年代：信誉作为投资判断标准",[383,572,573,574,576,577,580,581,584],{},"在投资领域，段永平将信誉\u002F诚信作为判断企业管理层的关键标准。他提到自己在投资中会关注管理者是否有信誉（\"高估管理者的信誉\"是常见的投资错误），并以",[387,575,565],{},"的经历为反面教材——韦尔奇声称",[392,578,99],{"href":579},"\u002Fqiyewenhua","最重要的是",[392,582,161],{"href":583},"\u002Fzhengzhi","诚信，但实际行为并非如此。",[379,586,587],{"id":587},"原话引用",[400,589,590],{},[383,591,404],{},[400,593,594],{},[383,595,596],{},"我曾经为信誉付出了1800多万元的代价。所以我说，做人不能轻诺，沉默可以，一旦许诺，就要负责到底。\n——1999年《都市快报》采访手记",[400,598,599],{},[383,600,425,601,428],{},[392,602,5],{"href":394},[400,604,605],{},[383,606,607],{},"信誉不是讲讲而已，只有需要付出代价的时候，才知道谁是讲（守）信誉的。原则是不应该有时间性的。\n——2012-11-17",[400,609,610],{},[383,611,445],{},[400,613,614],{},[383,615,457],{},[400,617,618],{},[383,619,620,621,623,624,626],{},"所谓\"讲信誉\"或叫诚信或",[392,622,5],{"href":394},"都是在需要付出代价的时候才能体现出来。",[392,625,5],{"href":394},"的意思就是1.0的厚度就说是1.0的厚度，句号。\n——2013-02-26",[400,628,629],{},[383,630,631],{},"至于融资，主要是我以前工作所建立的信誉，别人知道我的公平为人，所以放心把钱交给我。\n——1999年 做客人民大学问答实录",[400,633,634],{},[383,635,636],{},"不应该把自己的信誉押在无法控制的事情上。这个做法有一天会信誉破产的。\n——2011-12-17",{"title":638,"searchDepth":12,"depth":12,"links":639},"",[640,641,648,654,659,664],{"id":381,"depth":12,"text":381},{"id":407,"depth":12,"text":407,"children":642},[643,645,646,647],{"id":411,"depth":16,"text":644},"1. 信誉不是手段，而是本分",{"id":431,"depth":16,"text":432},{"id":448,"depth":16,"text":449},{"id":460,"depth":16,"text":461},{"id":472,"depth":12,"text":472,"children":649},[650,651,652,653],{"id":475,"depth":16,"text":475},{"id":481,"depth":16,"text":481},{"id":495,"depth":16,"text":495},{"id":503,"depth":16,"text":503},{"id":512,"depth":12,"text":512,"children":655},[656,657,658],{"id":515,"depth":16,"text":516},{"id":522,"depth":16,"text":523},{"id":535,"depth":16,"text":536},{"id":542,"depth":12,"text":542,"children":660},[661,662,663],{"id":545,"depth":16,"text":546},{"id":558,"depth":16,"text":559},{"id":569,"depth":16,"text":570},{"id":587,"depth":12,"text":587},null,"信誉是段永平思想体系中最早期的核心概念之一，与\"本分\"和\"诚信\"密切相关。最早可追溯到1999年的多篇采访中。段永平将信誉定义为一种发自内心的本分，而非做给别人看的手段，并强调\"只有等你为曾经许下的承...","md",{},true,"\u002Fdao\u002Fconcepts\u002Fxinyu",{"title":157,"description":666},"段永平谈信誉：信誉是段永平思想体系中最早期的核心概念之一，与\"本分\"和\"诚信\"密切相关。最早可追溯到1999年的多篇采访中。段永平将信誉定义为一种发自内心的本分，而非做给别人看的手段，并强调\"只有等你为曾经许下的承...","信誉｜大道总纲","dao\u002Fconcepts\u002Fxinyu","pGeGaWf_DcU3u6wdsH36Bn85fk5xk1Pp07-rLdl8VcQ","dao",1778608453745]