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The energy-efficiency issue of switched-capacitor converters is still a controversial topic that requires a more in-depth discussion. In this paper, we address the issue by dividing the analysis of the entire efficiency problem into two parts. In the first part, the efficiency of a capacitor-charging RC circuit under different aspects (partial charging, full charging, at zero capacitor voltage, at nonzero capacitor voltage, etc.) will be conducted. The efficiency analysis of a capacitor-discharging RC circuit with a resistor, capacitor, and paralleled resistor-capacitor loads will be covered. A complete evaluation of the overall efficiency is then performed in terms of both the charging and discharging efficiencies. Based on the analysis, some design rules useful for developing high-efficiency switched-capacitor converters is suggested. Additionally, it is shown that the belief that quasi-switched-capacitor converters are more lossy than switched-capacitor converters is a common misconception.