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圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%-行業數據

圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%
圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%
資產負債率自 2016 財年以來保持穩健增長態勢。VISA 股東權益規模持續溫和增長， FY07- FY24 復合增長率為 6.0%。VISA 資產負債率自 2016 財年大幅抬升至 48.6%后呈穩健上行趨勢，2024 財年達 58.6%。VISA 的整體資產負債率處于支付行業合理區間，未對財務穩定性構成壓力，反映出其強現金流支撐下的穩健償債能力與輕資產模式下的資本靈活性。
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圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%_第1頁
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圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%_第2頁
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圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%_第3頁
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圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%_第4頁
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圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%_第5頁
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圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%_第6頁
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圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%_第7頁
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圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%_第8頁
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圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%_第9頁
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圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%_第10頁
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圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%_第11頁
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圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%_第12頁
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圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%_第13頁
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圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%_第14頁
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圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%_第15頁
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圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%_第16頁
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圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%_第17頁
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圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%_第18頁
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圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%_第19頁
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圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%_第20頁
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圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%_第21頁
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圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%_第22頁
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圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%_第23頁
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圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%_第24頁
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圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%_第25頁
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圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%_第26頁
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圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%_第27頁
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圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%_第28頁
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圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%_第29頁
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圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%_第30頁
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圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%_第31頁
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圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%_第32頁
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圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%_第33頁
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圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%_第34頁
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圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%_第35頁
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圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%_第36頁
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圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%_第37頁
fCDkuovku7YgfCDml7bpl7QgfCDmjIfmjqcv5LqJ6K6u54Sm54K5IHwg5beo6aKd6LWU5YG/IHwg6IKh5Lu3MeaXpeWGheWPmOWKqCB8IOiCoeS7tzXml6XlhoXlj5jliqggfAp8LS0tLS0tfC0tLS0tLXwtLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tfC0tLS0tLS0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tLS0tLS0tLS18Cnwg5ZWG5oi35Yi35Y2h6LS56ZuG5L2T6K+J6K685ZKM6Kej5qGI77yITURMIDE3MjDvvIkgfCAyMDA1OiDliJ3otbfor4kyMDA4OiDliJ3mraXlkozop6MyMDE45bm0OeaciDE45pelOiDmnIDnu4jlkozop6MgfCBWSVNB6KKr5oyH5LiOTWFzdGVyY2FyZOWPiuWPkeWNoeihjOWQiOiwi+aUtuWPlui/h+mrmOWIt+WNoeS6pOaYk+i0ueW5tumZkOWItuWVhuaIt+iuruS7t+adg++8jOa2ieWrjOWPjeWehOaWrSB8IOaYr++8iOacgOe7iOWSjOino+mHkeminTYy5Lq/576O5YWD77yMVklTQeaJv+aLhee6pjQx5Lq/576O5YWD77yMTWFzdGVyY2FyZOaJv+aLhTIx5Lq/576O5YWD77yJIHwg6K+l5qGI5Lu25pivVklTQeWOhuWPsuS4iumHkemineacgOWkp+OAgeW9seWTjeacgOW5v+eahOivieiuvOOAgueUseS6juatpOahiOmVv+acn+WtmOWcqOW5tuW3suWkmui9ruiuoeaPkO+8jOacgOe7iOWSjOino+WvueiCoeS7t+W9seWTjeaciemZkOOAgjIwMTjlubQ55pyIMTjml6XogqHku7flh6DkuY7mnKrlj5flvbHlk43vvIjlvZPml6Xmtqjot4zluYU8MSXvvIkgfCDml6DmjIHnu63lvbHlk43vvIjkuIDlkajlhoXogqHku7fkv53mjIHljp/mnInotovlir/vvIkgfAp8IOa+s+a0suWKqOaAgei0p+W4gei9rOaNouahiO+8iEFDQ0Por4lWSVNB77yJIHwgMjAxNeW5tDnmnIg05pelIHwg6KKr5o6n5rul55So5biC5Zy65pSv6YWN5Zyw5L2N6Zi75q2i56ue5LqJ77yM5a+556ys5LiJ5pa55Yqo5oCB6LSn5biB6L2s5o2i5pyN5Yqh5pa95Yqg56aB5LukIHwg5ZCm77yI572a5qy+57qmMSw4MDDkuIfmvrPlhYPvvIkgfCDogqHku7flvbHlk43ovbvlvq7vvIg8MSXvvIzml6DmmL7okZfms6LliqjvvIkgfCDml6DmmL7okZflj5jljJbvvIjnn63mnJ/lhoXogqHku7flubPnqLPvvIkgfAp8IOe+juWbveWPuOazlemDqOmYu+atolBsYWlk5bm26LSt5qGIIHwgMjAyMOW5tDEx5pyINeaXpSB8IOaLn+aUtui0remHkeiejeenkeaKgOWFrOWPuFBsYWlk6KKr5oyH5raI6Zmk5r2c5Zyo56ue5LqJ77yM57u05oyB5Zyo57q/5YCf6K6w6aKG5Z+f5Z6E5patIHwg5ZCm77yI5pyq5raJ5Y+K55u05o6l6LWU5YG/77yM5pS+5byD5pS26LSt77yJIHwg6IKh5Lu35bCP5bmF5LiL6LeM77yI55uY5Lit5rao5bmF5pS256qE77yM6LWw5Yq/55Wl5byx5LqO5aSn55uY77yJIHwg5b6I5b+r5oGi5aSN77yI5raI5oGv5ZCO6IKh5Lu35peg6ZW/5pyf5LiL6LeM77yJIHwKfCBWSVNB5pS+5byD5pS26LStUGxhaWQgfCAyMDIx5bm0MeaciDEy5pelIHwg5Zyo5Y+N5Z6E5pat6K+J6K685Y6L5Yqb5LiL57uI5q2i5a+5UGxhaWTnmoQ1M+S6v+aUtui0reiuoeWIkiB8IOWQpiB8IOiCoeS7t+W9seWTjeS4reaAp++8iOino+mZpOS4jeehruWumuaAp++8jOW4guWcuuWPjeW6lOW5s+a3oe+8iSB8IC0gfAp8IOe+juWbveWPuOazlemDqOWAn+iusOWNoeWPjeWehOaWreiwg+afpSB8IDIwMjHlubQz5pyIMTnml6UgfCDooqvosIPmn6XmmK/lkKbpgJrov4fnvZHnu5zop4TliJnpmZDliLblgJ/orrDkuqTmmJPot6/nlLHpgInmi6nvvIzmjpLmjKTkvY7ku7fnq57kuonnvZHnu5wgfCDlkKbvvIjmmoLml6DotZTlgb/vvIzlsZ7osIPmn6XpmLbmrrXvvIkgfCAtNi4yJe+8iOa2iOaBr+W9k+WkqeiCoeS7t+aYvuiRl+S4i+aMq++8iSB8IOmDqOWIhuS/ruWkje+8iOe6puS4gOWRqOWQjui3jOW5heaUtueqhOiHs+e6pjItMyXvvIzpmo/lkI7pgJDmraXmgaLlpI3vvIkgfAp8IOe+juWbvUFUTei0ueeUqOWPjeWehOaWreivieiuvOWSjOinoyB8IDIwMjTlubQ15pyIMjnml6UgfCDooqvmjqfkuI5NYXN0ZXJjYXJk5ZCI6LCL6K6+5a6aQVRN6Leo6KGM5Y+W5qy+6ZmE5Yqg6LS55LiL6ZmQ77yM5oqs6auY5Y+W5qy+6LS555SoIHwg5ZCm77yI5ZKM6Kej6YeRMS45NzXkur/nvo7lhYPvvIxWSVNB5om/5ouFMS4wNDbkur/nvo7lhYPvvIkgfCDogqHku7fml6DmmI7mmL7ms6LliqjvvIjlvbHlk43mnInpmZDvvIkgfCDml6DmjIHnu63lvbHlk43vvIjln7rmnKznu7TmjIHljp/otbDlir/vvIkgfAp8IOe+juWbveWPuOazlemDqOiviVZJU0HlnoTmlq3lgJ/orrDljaHluILlnLogfCAyMDI05bm0OeaciDI05pelIHwg6KKr5o6n6YCa6L+H5o6S5LuW5Y2P6K6u5ZKM5r+A5Yqx5o6q5pa96Z2e5rOV5Z6E5pat576O5Zu95YCf6K6w5Y2h572R57uc5biC5Zy677yM5Y6L5Yi256ue5LqJIHwg5ZCm77yI6K+J6K686K+35rGC5Lul6KGM5Li65pWR5rWO5Li65Li777yJIHwgLTUuNSXvvIjmtojmga/lvZPlpKnogqHku7flpKfot4zvvIkgfCDpg6jliIblj43lvLnvvIjnuqbkuIDlkajlhoXot4zluYXmlLbnqoTvvIzogqHku7flvIDlp4vkv67lpI3vvIkgfAoK6LWE5paZ5p2l5rqQ77yaUmV1dGVycywgSFRJ
圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%_第38頁
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
圖52股東權益規模自FY07以來保持穩健增長，資產負債率在FY2016大幅抬升至48.6%_第39頁
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
所屬報告： VISA VISA-美股公司首次覆蓋：數字支付全球領導者多維布局打開萬億市場-250424（50頁）.pdf
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