A Unified Analytical Language

资本化总线理论

Capitalization Bus Theory
以人为本的时间、现金流、折现率与边界的统一语言
Time, Cash Flows, Discount Rates, and Boundaries from a Human-Centric Perspective
从自由现金流、折现率结构、产权与边界出发， 观察个人、企业、城市、国家与复杂社会系统中的未来价值。
A unified analytical framework for understanding future value through Free Cash Flow, discount-rate structures, Property Rights & Boundaries, and Capitalization Buses.
Current Canonical Version · V3.54 Publication · 2026-08-27 18:20 Author · Sun Wei / 孙伟
中文正典版 English Canonical Edition
What is CBT · 什么是 CBT

把复杂世界压回同一组坐标

Bringing a Complex World Back to a Common Coordinate System
资本化总线理论 （Capitalization Bus Theory，CBT） 是一套用于观察和分析经济与社会现象的统一语言。 它不试图替代微观经济学、宏观经济学、 公司金融或会计学，而是提供一个跨场景的结构化坐标系， 将复杂现象重新翻译为自由现金流、 折现率结构、产权与边界以及资本化总线。
Capitalization Bus Theory (CBT) is a unified language for observing and analyzing economic and social phenomena. It does not seek to replace microeconomics, macroeconomics, corporate finance, or accounting. Instead, it provides a cross-context structural coordinate system that translates complex phenomena into Free Cash Flow, discount-rate structures, Property Rights & Boundaries, and Capitalization Buses.
Actor 行动者 / 主体 Purposeful acting agent
FCF 自由现金流 Free Cash Flow
r-structure 折现率结构 Discount-rate structure
Boundaries 产权与边界 Property Rights & Boundaries
Capitalization Bus 资本化总线 CBT's core structural concept
Three Fundamental Questions · 三个根本问题

CBT 从三个问题开始

CBT Begins with Three Fundamental Questions
01

未来能产生多少自由现金流？

How much Free Cash Flow can be generated in the future?

识别未来可持续的自由现金流， 并区分现金流的来源、 质量、用途与可延续性。

Identify sustainable future Free Cash Flow and distinguish its sources, quality, uses, and durability.

02

人和制度用怎样的折现率结构给未来定价？

What discount-rate structure do people and institutions use to price that future?

分析时间偏好、政策、制度、 地缘风险、不确定性与社会心理 如何共同塑造 r。

Examine how time preference, policy, institutions, geopolitical risk, uncertainty, and social expectations shape r.

03

谁在怎样的产权与边界下， 站在哪些总线上， 分享这些现金流的权利与义务？

Under what Property Rights & Boundaries, and on which Buses, are the rights and obligations associated with these cash flows allocated?

观察边界如何被划定， 谁站在哪条资本化总线上， 谁拥有、承担或失去 对未来现金流的权利与义务。

Examine how boundaries are defined, who occupies which Capitalization Bus, and who gains, bears, or loses claims on future cash flows.

Core Expression · 核心表达
EPV = Σ FCFt / (1 + r)t
Economic Present Value · Free Cash Flow · Discount Rate · Time
Canonical Editions · 正典版本

当前正典

Current Canonical Editions
Chinese Canonical Edition
《资本化总线理论 V3.54》
CBT V3.54
中文正典版
发布日期：2026-08-27 18:20
作者：孙伟
Author: Sun Wei
CURRENT CANONICAL VERSION
English Canonical Edition
Capitalization Bus Theory (CBT) V3.54
V3.54 · Rev.1
English Canonical Edition · Rev.1
Publication Date: 2026-08-27 18:20
Author: Sun Wei
Canonical terminology aligned with CBT V3.54.
ENGLISH CANONICAL EDITION
Author · 作者
孙伟
Sun Wei
Originator of Capitalization Bus Theory
资本化总线理论的提出者与独立研究者。 CBT 通过持续的理论构建、 跨领域应用、案例分析、 模拟辩论与可证伪性审查， 逐步形成当前的理论结构与正典版本体系。
Independent researcher and originator of Capitalization Bus Theory. CBT has been developed through iterative theoretical construction, cross-domain application, case analysis, structured debate, and continuous falsifiability review.