{"id":11284,"date":"2026-01-13T12:52:03","date_gmt":"2026-01-13T04:52:03","guid":{"rendered":"https:\/\/www.invbus.com\/blog\/?p=11284"},"modified":"2026-01-13T12:52:03","modified_gmt":"2026-01-13T04:52:03","slug":"%e6%bc%ab%e6%ad%a5%e5%8d%8e%e5%b0%94%e8%a1%97%ef%bc%88%e7%ac%ac12%e7%89%88%ef%bc%89-%e7%ac%ac%e4%b8%89%e9%83%a8%e5%88%86-%e6%96%b0%e6%8a%95%e8%b5%84%e6%8a%80%e6%9c%af","status":"publish","type":"post","link":"https:\/\/www.invbus.com\/blog\/?p=11284","title":{"rendered":"\u6f2b\u6b65\u534e\u5c14\u8857\uff08\u7b2c12\u7248\uff09-\u7b2c\u4e09\u90e8\u5206 \u65b0\u6295\u8d44\u6280\u672f"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"blogTitle0\">\u7b2c8\u7ae0 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class=\"wp-block-image\"><div class='fancybox-wrapper lazyload-container-unload' data-fancybox='post-images' href='https:\/\/gitee.com\/jerryqiang\/images\/raw\/master\/%E6%BC%AB%E6%AD%A5%E5%8D%8E%E5%B0%94%E8%A1%97%EF%BC%88%E7%AC%AC12%E7%89%88%EF%BC%89-%E8%AF%BB%E4%B9%A6%E7%AC%94%E8%AE%B0\/imgs\/S&amp;P500IndexInvestmentReturn.png'><img class=\"lazyload lazyload-style-1\" src=\"data:image\/svg+xml;base64,PCEtLUFyZ29uTG9hZGluZy0tPgo8c3ZnIHdpZHRoPSIxIiBoZWlnaHQ9IjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgc3Ryb2tlPSIjZmZmZmZmMDAiPjxnPjwvZz4KPC9zdmc+\"  decoding=\"async\" data-original=\"https:\/\/gitee.com\/jerryqiang\/images\/raw\/master\/%E6%BC%AB%E6%AD%A5%E5%8D%8E%E5%B0%94%E8%A1%97%EF%BC%88%E7%AC%AC12%E7%89%88%EF%BC%89-%E8%AF%BB%E4%B9%A6%E7%AC%94%E8%AE%B0\/imgs\/S&amp;P500IndexInvestmentReturn.png\" src=\"data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAAAJcEhZcwAADsQAAA7EAZUrDhsAAAANSURBVBhXYzh8+PB\/AAffA0nNPuCLAAAAAElFTkSuQmCC\" alt=\"\u6295\u8d44\u4e8e\u6807\u51c6\u666e\u5c14500\u6307\u6570\u6210\u5206\u80a1\u7684\u6295\u8d44\u7ec4\u5408\u6708\u6536\u76ca\u7387\u5206\u5e03\"\/><\/div><\/figure>\n\n\n\n<ol 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src=\"data:image\/svg+xml;base64,PCEtLUFyZ29uTG9hZGluZy0tPgo8c3ZnIHdpZHRoPSIxIiBoZWlnaHQ9IjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgc3Ryb2tlPSIjZmZmZmZmMDAiPjxnPjwvZz4KPC9zdmc+\"  decoding=\"async\" data-original=\"https:\/\/gitee.com\/jerryqiang\/images\/raw\/master\/%E6%BC%AB%E6%AD%A5%E5%8D%8E%E5%B0%94%E8%A1%97%EF%BC%88%E7%AC%AC12%E7%89%88%EF%BC%89-%E8%AF%BB%E4%B9%A6%E7%AC%94%E8%AE%B0\/imgs\/annualizedReturnOnInvestmentTools.png\" src=\"data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAAAJcEhZcwAADsQAAA7EAZUrDhsAAAANSURBVBhXYzh8+PB\/AAffA0nNPuCLAAAAAElFTkSuQmCC\" alt=\"\u57fa\u672c\u6295\u8d44\u5de5\u5177\u5e74\u5ea6\u603b\u6536\u76ca\u7387\u7edf\u8ba1\u6c47\u603b\"\/><\/div><\/figure>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u80a1\u7968\u63d0\u4f9b\u7684\u6536\u76ca\u7387\uff0c\u8fdc\u8d85\u901a\u8d27\u81a8\u80c0\u7387\uff1b<\/li>\n\n\n\n<li>\u80a1\u7968\u6536\u76ca\u7387\u7684\u6ce2\u52a8\u6027\u8f83\u5927\uff1b<\/li>\n\n\n\n<li>\u901a\u8fc7\u627f\u62c5\u66f4\u5927\u7684\u98ce\u9669\uff0c\u6765\u6536\u83b7\u66f4\u591a\u7684\u56de\u62a5\uff1b<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"blogTitle4\">\u964d\u4f4e\u98ce\u9669\uff1a\u73b0\u4ee3\u6295\u8d44\u7ec4\u5408\u7406\u8bba<\/h3>\n\n\n\n<p>\u73b0\u4ee3\u6295\u8d44\u7ec4\u5408\u7406\u8bba\uff08MPT\uff09<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u7acb\u8bba\u524d\u63d0\uff1a\u6240\u6709\u6295\u8d44\u8005\u538c\u6076\u98ce\u9669\uff0c\u60f3\u5f97\u5230\u9ad8\u6536\u76ca\u548c\u6709\u4fdd\u8bc1\u7684\u6295\u8d44\u7ed3\u679c\uff1b<\/li>\n\n\n\n<li>\u7b56\u7565\uff1a\u591a\u6837\u5316\uff1b<\/li>\n\n\n\n<li>\u7ed3\u8bba\uff1a\u5c06\u5177\u6709\u98ce\u9669\u6027\uff08\u6ce2\u52a8\u6027\uff09\u7684\u80a1\u7968\u653e\u5728\u6295\u8d44\u7ec4\u5408\u5f53\u4e2d\uff0c\u4f7f\u5f97\u6295\u8d44\u7ec4\u5408\u7684\u6574\u4f53\u98ce\u9669\u5c0f\u4e8e\u5176\u4e2d\u6240\u6709\u5355\u53ea\u80a1\u7968\u7684\u98ce\u9669\uff1b<\/li>\n<\/ol>\n\n\n\n<p>\u4e24\u5bb6\u4f01\u4e1a\u6536\u76ca\u7387\u7684\u534f\u65b9\u5dee\u4e3a\u8d1f\u6570\uff0c\u53ea\u8981\u7ecf\u6d4e\u4f53\u4e2d\u5355\u4e2a\u516c\u53f8\u76c8\u5229\u72b6\u51b5\u4e4b\u95f4\u7f3a\u4e4f\u4e00\u5b9a\u7684\u540c\u5411\u53d8\u52a8\u6027\uff0c\u591a\u6837\u5316\u6295\u8d44\u5c31\u53ef\u4ee5\u964d\u4f4e\u98ce\u9669\u3002<\/p>\n\n\n\n<p>\u5018\u82e5\u4e24\u5bb6\u516c\u53f8\u63d0\u4f9b\u7684\u6536\u76ca\u7387\u4e4b\u95f4\u5b58\u5728\u5f88\u9ad8\u7684\u534f\u65b9\u5dee\uff08\u9ad8\u5ea6\u76f8\u5173\uff09\uff0c\u90a3\u4e48\u591a\u6837\u5316\u7b56\u7565\u4fbf\u4e0d\u4f1a\u6709\u591a\u5927\u5e2e\u52a9\u3002<\/p>\n\n\n\n<p>\u76f8\u5173\u7cfb\u6570\u4e0e\u591a\u6837\u5316\u964d\u4f4e\u98ce\u9669\u7684\u7a0b\u5ea6<\/p>\n\n\n\n<p>\u8bc1\u660e\u53ea\u8981\u4e0d\u662f\u5b8c\u5168\u6b63\u76f8\u5173\uff0c\u90fd\u53ef\u4ee5\u6f5c\u5728\u5730\u964d\u4f4e\u98ce\u9669\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u76f8\u5173\u7cfb\u6570<\/th><th>\u591a\u6837\u5316\u5bf9\u98ce\u9669\u7684\u5f71\u54cd<\/th><\/tr><\/thead><tbody><tr><td>+1.0<\/td><td>\u4e0d\u80fd\u964d\u4f4e\u4efb\u4f55\u98ce\u9669<\/td><\/tr><tr><td>+0.5<\/td><td>\u53ef\u4ee5\u9002\u5ea6\u964d\u4f4e\u98ce\u9669<\/td><\/tr><tr><td>0<\/td><td>\u53ef\u4ee5\u6d88\u9664\u76f8\u5f53\u591a\u7684\u98ce\u9669<\/td><\/tr><tr><td>-0.5<\/td><td>\u53ef\u4ee5\u6d88\u9664\u5927\u90e8\u5206\u98ce\u9669<\/td><\/tr><tr><td>-1.0<\/td><td>\u53ef\u4ee5\u6d88\u9664\u6240\u6709\u98ce\u9669<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"blogTitle5\">\u6295\u8d44\u5b9e\u8df5\u4e2d\u7684\u591a\u6837\u5316<\/h3>\n\n\n\n<p>\u80a1\u7968\u6295\u8d44\u7ec4\u5408\u5185\u81f3\u5c11\u6301\u6709<strong>50\u53ea\u89c4\u6a21\u76f8\u5f53\u4e14\u5145\u5206\u591a\u6837\u5316<\/strong>\u7684\u7f8e\u56fd\u80a1\u7968<\/p>\n\n\n\n<p>\u7814\u7a76\u8868\u660e\uff0c\u5bf9\u4e8e\u5177\u6709\u5168\u7403\u601d\u7ef4\u7684\u6295\u8d44\u8005\u6765\u8bf4\uff0c\u9ec4\u91d1\u7ec4\u5408\u6570\u5927\u7ea6\u4e5f\u662f50\u53ea\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><div class='fancybox-wrapper lazyload-container-unload' data-fancybox='post-images' href='https:\/\/gitee.com\/jerryqiang\/images\/raw\/master\/%E6%BC%AB%E6%AD%A5%E5%8D%8E%E5%B0%94%E8%A1%97%EF%BC%88%E7%AC%AC12%E7%89%88%EF%BC%89-%E8%AF%BB%E4%B9%A6%E7%AC%94%E8%AE%B0\/imgs\/combinateEAFE_S&amp;P500.png'><img class=\"lazyload lazyload-style-1\" src=\"data:image\/svg+xml;base64,PCEtLUFyZ29uTG9hZGluZy0tPgo8c3ZnIHdpZHRoPSIxIiBoZWlnaHQ9IjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgc3Ryb2tlPSIjZmZmZmZmMDAiPjxnPjwvZz4KPC9zdmc+\"  decoding=\"async\" data-original=\"https:\/\/gitee.com\/jerryqiang\/images\/raw\/master\/%E6%BC%AB%E6%AD%A5%E5%8D%8E%E5%B0%94%E8%A1%97%EF%BC%88%E7%AC%AC12%E7%89%88%EF%BC%89-%E8%AF%BB%E4%B9%A6%E7%AC%94%E8%AE%B0\/imgs\/combinateEAFE_S&amp;P500.png\" src=\"data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAAAJcEhZcwAADsQAAA7EAZUrDhsAAAANSURBVBhXYzh8+PB\/AAffA0nNPuCLAAAAAElFTkSuQmCC\" alt=\"combinateEAFE_S&amp;P500\"\/><\/div><\/figure>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>MSCI\u6b27\u6fb3\u8fdc\u4e1c\uff08EAFE\uff09\u53d1\u8fbe\u56fd\u5bb6\u6307\u6570<\/strong>\u548c<strong>\u6807\u51c6\u666e\u5c14500\u6307\u6570<\/strong>\u7684\u76f8\u5173\u7cfb\u6570\u57280.5\u5de6\u53f3<\/li>\n\n\n\n<li>\u98ce\u9669\u6700\u5c0f\u7684\u6295\u8d44\u7ec4\u5408\u753118%\u7684\u5916\u56fd\u80a1\u7968\u548c82%\u7684\u7f8e\u56fd\u80a1\u7968\u6784\u6210<\/li>\n\n\n\n<li>\u52a0\u5165\u5916\u56fd\u80a1\u7968\u4f7f\u6536\u76ca\u7387\u63d0\u9ad8\u7684\u540c\u65f6\uff0c\u8fd8\u80fd\u8ba9\u98ce\u9669\u66f4\u5c0f<\/li>\n<\/ol>\n\n\n\n<p>\u5168\u7403\u5316\u4f7f\u6307\u6570\u95f4\u7684\u76f8\u5173\u7cfb\u6570\u589e\u5927\uff0c\u4f46\u5e02\u573a\u4e4b\u95f4\u8fdc\u975e\u5b8c\u5168\u76f8\u5173\uff0c\u6240\u4ee5\u5e7f\u6cdb\u7684\u591a\u6837\u5316\u4f9d\u7136\u4f1a\u964d\u4f4e\u6295\u8d44\u7ec4\u5408\u7684\u6ce2\u52a8\u6027\u3002<\/p>\n\n\n\n<p>\u4e8b\u5b9e\u8bc1\u660e\uff0c\u5b89\u5168\u7684<strong>\u503a\u5238<\/strong>\u5728\u964d\u4f4e\u98ce\u9669\u65b9\u9762\u4e5f\u6709\u5176\u4ef7\u503c\u3002<\/p>\n\n\n\n<p>\u5982\u4f55\u67e5\u770b\u6295\u8d44\u54c1\u79cd\u7684\u76f8\u5173\u7cfb\u6570\uff1f<br><a><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"blogTitle6\">\u7b2c9\u7ae0 \u4e0d\u5192\u98ce\u9669\uff0c\u7109\u5f97\u8d22\u5bcc<\/h2>\n\n\n\n<p>\u5018\u82e5\u8fd0\u7528\u53ea\u5728\u4e00\u534a\u65f6\u95f4\u91cc\u6b63\u786e\u7684\u7406\u8bba\u6307\u5bfc\u5b9e\u8df5\uff0c\u8fd8\u4e0d\u5982\u7528\u629b\u63b7\u786c\u5e01\u7684\u529e\u6cd5\u6765\u5f97\u7ecf\u6d4e\u5b9e\u60e0\u3002<\/p>\n\n\n\n<p>\u2014\u2014\u4e54\u6cbb\u00b7J.\u65bd\u8482\u683c\u52d2\uff08George J. Stigler\uff09\u300a\u4ef7\u683c\u7406\u8bba\u300b\uff08The Theory of Price\uff09<\/p>\n\n\n\n<p>\u8d44\u672c\u8d44\u4ea7\u5b9a\u4ef7\u6a21\u578b<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u805a\u7126\u4e8e\u786e\u5b9a\u8bc1\u5238\u98ce\u9669\u4e2d\u54ea\u4e9b\u98ce\u9669\u53ef\u4ee5\u901a\u8fc7\u591a\u6837\u5316\u6d88\u9664\u3001\u54ea\u4e9b\u98ce\u9669\u4e0d\u80fd\u6d88\u9664\uff1b<\/li>\n\n\n\n<li>\u627f\u62c5\u591a\u6837\u5316\u53ef\u4ee5\u5206\u6563\u6389\u7684\u98ce\u9669\uff0c\u4e0d\u4f1a\u83b7\u5f97\u4efb\u4f55\u6ea2\u4ef7\u6536\u76ca\uff1b<\/li>\n\n\n\n<li>\u8fd0\u7528\u03b2\u98ce\u9669\u6d4b\u7b97\u5de5\u5177\uff0c\u8c03\u6574\u6295\u8d44\u7ec4\u5408\uff0c\u6218\u80dc\u5e02\u573a\uff1b<\/li>\n\n\n\n<li>\u4efb\u4f55\u80a1\u7968\/\u6295\u8d44\u7ec4\u5408\u7684\u6536\u76ca\u548c\u98ce\u9669\u6ea2\u4ef7\u603b\u662f\u4e0e\u7cfb\u7edf\u6027\u98ce\u9669\u76f8\u5173\u3002<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"blogTitle7\">\u03b2\u4e0e\u7cfb\u7edf\u6027\u98ce\u9669<\/h3>\n\n\n\n<p>\u603b\u98ce\u9669<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u975e\u7cfb\u7edf\u6027\u98ce\u9669\uff0c\u6e90\u4e8e\u7279\u5b9a\u516c\u53f8\u7684\u7279\u6709\u56e0\u7d20\uff0c\u5982\u6c14\u5019\u53d8\u5316\u3001\u6c47\u7387\u53d8\u52a8\u548c\u81ea\u7136\u707e\u5bb3\u7b49\uff0c\u901a\u8fc7\u591a\u6837\u5316\u6d88\u9664<\/li>\n\n\n\n<li>\u7cfb\u7edf\u6027\u98ce\u9669\uff0c\u8bb0\u5f55\u5355\u53ea\u80a1\u7968\/\u5355\u4e2a\u6295\u8d44\u7ec4\u5408\u5bf9\u5e02\u573a\u6574\u4f53\u6ce2\u52a8\u7684\u53cd\u5e94\uff0c\u7528\u03b2\u8868\u793a\u6ce2\u52a8\u5e45\u5ea6\u7684\u500d\u6570\uff0c\u65e0\u6cd5\u6d88\u9664\n<ol class=\"wp-block-list\">\n<li>\u53d8\u52a8\u6027\u662f\u80a1\u7968\u4ef7\u683c\u6240\u5177\u6709\u7684\u57fa\u672c\u7279\u5f81\uff1b<\/li>\n\n\n\n<li>\u6240\u6709\u80a1\u7968\u4f1a\u968f\u5927\u5e02\u8d77\u4f0f\uff1b<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"blogTitle8\">\u8d44\u672c\u8d44\u4ea7\u5b9a\u4ef7\u6a21\u578b<\/h3>\n\n\n\n<p>\u6bcf\u53ea\u80a1\u7968\u7684\u603b\u98ce\u9669\u5e76\u975e\u76f8\u5173\u56e0\u7d20\uff0c\u53ea\u6709\u7cfb\u7edf\u6027\u98ce\u9669\u90e8\u5206\u624d\u80fd\u4ea7\u751f\u8d85\u989d\u6536\u76ca\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u7ec4\u54081\uff0860\u53ea\u80a1\u7968\uff09<\/th><th>\u7ec4\u54082\uff0860\u53ea\u80a1\u7968\uff09<\/th><\/tr><\/thead><tbody><tr><td>\u6bcf\u53ea\u80a1\u7968\u7684\u7cfb\u7edf\u6027\u98ce\u9669\uff08\u03b2\u503c\uff09\u4e3a1<\/td><td>\u6bcf\u53ea\u80a1\u7968\u7684\u7cfb\u7edf\u6027\u98ce\u9669\uff08\u03b2\u503c\uff09\u4e3a1<\/td><\/tr><tr><td>\u6bcf\u53ea\u80a1\u7968\u7684\u7279\u6709\u98ce\u9669\u9ad8<\/td><td>\u6bcf\u53ea\u80a1\u7968\u7684\u7279\u6709\u98ce\u9669\u4f4e<\/td><\/tr><tr><td>\u6bcf\u53ea\u80a1\u7968\u7684\u603b\u98ce\u9669\u9ad8<\/td><td>\u6bcf\u53ea\u80a1\u7968\u7684\u603b\u98ce\u9669\u4f4e<\/td><\/tr><tr><td>\u65e7\u6709\u4f30\u503c\u6536\u76ca\u9ad8<\/td><td>\u65e7\u6709\u4f30\u503c\u6536\u76ca\u4f4e<\/td><\/tr><tr><td>\u8d44\u672c\u8d44\u4ea7\u5b9a\u4ef7\u6a21\u578b\u4f30\u503c\u6536\u76ca\u76f8\u540c<\/td><td>\u8d44\u672c\u8d44\u4ea7\u5b9a\u4ef7\u6a21\u578b\u4f30\u503c\u6536\u76ca\u76f8\u540c<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u8d44\u672c\u8d44\u4ea7\u5b9a\u4ef7\u6a21\u578b<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u5f53\u6295\u8d44\u7ec4\u5408\u4e2d\u80a1\u7968\u7684\u6570\u91cf\u63a5\u8fd1\u4e8e60\u53ea\u65f6\uff0c\u6295\u8d44\u7ec4\u5408\u603b\u98ce\u9669\u4fbf\u964d\u81f3\u7cfb\u7edf\u6027\u98ce\u9669\u7684\u6c34\u5e73\uff1b\uff08\u5206\u6563\u964d\u4f4e\u6295\u8d44\u7ec4\u5408\u975e\u7cfb\u7edf\u6027\u98ce\u9669\uff09<\/li>\n\n\n\n<li>\u82e5\u7ec4\u54081\u56e0\u4e3a\u65e7\u6709\u4f30\u503c\uff0c\u6536\u76ca\u7387\u589e\u52a0\uff0c\u7406\u6027\u6295\u8d44\u8005\u4f1a\u4e70\u5165\uff0c\u62ac\u9ad8\u5176\u4ef7\u683c\uff0c\u6700\u7ec8\u4f7f\u5176\u6295\u8d44\u6536\u76ca\u7387\u4e0e\u7ec4\u54082\u4e00\u81f4\uff1b\uff08\u6709\u6548\u5e02\u573a\uff09<\/li>\n\n\n\n<li>\u6295\u8d44\u8005\u6700\u7ec8\u901a\u8fc7\u627f\u62c5\u7cfb\u7edf\u6027\u98ce\u9669\uff0c\u83b7\u53d6\u98ce\u9669\u6ea2\u4ef7\uff1b\uff08\u7cfb\u7edf\u6027\u98ce\u9669\u4ea7\u751f\u98ce\u9669\u6ea2\u4ef7\uff09<\/li>\n\n\n\n<li>\u65e0\u98ce\u9669\u6536\u76ca\u662f\u5e02\u573a\u57fa\u51c6\uff0c\u4e00\u822c\u4ee5\u5341\u5e74\u56fd\u503a\u6536\u76ca\u7387\u4e3a\u51c6\uff1b<\/li>\n\n\n\n<li>\u6839\u636e\u8d44\u672c\u8d44\u4ea7\u5b9a\u4ef7\u6a21\u578b\uff0c\u8981\u60f3\u83b7\u5f97\u66f4\u9ad8\u7684\u957f\u671f\u5e73\u5747\u6536\u76ca\u7387\uff0c\u5c31\u5e94\u63d0\u9ad8\u6295\u8d44\u7ec4\u5408\u7684\u03b2\u503c\u3002\uff08\u6536\u76ca\u7387=\u65e0\u98ce\u9669\u5229\u7387+\u03b2\uff08\u5e02\u573a\u6536\u76ca\u7387-\u65e0\u98ce\u9669\u5229\u7387\uff09\uff09\n<ol class=\"wp-block-list\">\n<li>\u4e70\u5165\u03b2\u503c\u9ad8\u7684\u80a1\u7968\uff1b\uff08\u4efb\u4f55\u80a1\u7968\u7684\u03b2\u503c\u4e0e\u6839\u636e\u5386\u53f2\u6570\u636e\u6d4b\u7b97\u7684\u8be5\u80a1\u7968\u4e0e\u5e02\u573a\u6307\u6570\u4e4b\u95f4\u7684\u534f\u65b9\u5dee\uff09<\/li>\n\n\n\n<li>\u901a\u8fc7\u4fdd\u8bc1\u91d1\u4ea4\u6613\u4e70\u5165\u5177\u6709\u5e73\u5747\u6ce2\u52a8\u6027\u7684\u80a1\u7968\uff1b<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"blogTitle9\">\u8ba9\u6211\u4eec\u770b\u4e00\u4e0b\u8bb0\u5f55<\/h3>\n\n\n\n<p>\u5728\u80a1\u7968\u6216\u6295\u8d44\u7ec4\u5408\u6536\u76ca\u7387\u4e0e\u5176\u98ce\u9669\u6d4b\u7b97\u503c\u03b2\u4e4b\u95f4\uff0c\u786e\u5b9e\u4e0d\u5b58\u5728\u4ec0\u4e48\u5173\u7cfb\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"blogTitle10\">\u5bf9\u8bc1\u636e\u7684\u8bc4\u4ef7<\/h3>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u7a33\u5b9a\u7684\u6536\u76ca\u6bd4\u6ce2\u52a8\u5f88\u5927\u7684\u6536\u76ca\u98ce\u9669\u66f4\u5c0f\uff1b\n<ol class=\"wp-block-list\">\n<li>\u6d4b\u7b97\u76f8\u5bf9\u6ce2\u52a8\u6027\u7684\u03b2\uff0c\u6293\u4f4f\u4e86\u98ce\u9669\u7684\u67d0\u4e9b\u65b9\u9762\uff1b<\/li>\n\n\n\n<li>\u57fa\u4e8e\u8fc7\u53bb\u6570\u636e\u7edf\u8ba1\u5206\u6790\u83b7\u5f97\u7684\u6295\u8d44\u7ec4\u5408\u03b2\u503c\uff0c\u5728<strong>\u9884\u6d4b\u672a\u6765\u76f8\u5bf9\u6ce2\u52a8\u6027<\/strong>\u8868\u73b0\u5f97\u4e0d\u9519\uff1b<\/li>\n<\/ol>\n<\/li>\n\n\n\n<li>\u6d4b\u7b97\u7cbe\u786e\u503c\u03b2\u65e0\u6cd5\u529e\u5230\uff1b\n<ol class=\"wp-block-list\">\n<li>\u5e02\u573a\u5305\u62ec\u6807\u666e500\u6307\u6570\u3001\u5176\u4ed6\u7f8e\u56fd\u80a1\u7968\u3001\u5916\u56fd\u80a1\u7968\u3001\u503a\u5238\u3001\u623f\u5730\u4ea7\u3001\u5927\u5b97\u5546\u54c1\u4ee5\u53ca\u5176\u4ed6\u5404\u79cd\u8d44\u4ea7\uff1b<\/li>\n\n\n\n<li>\u7531\u6559\u80b2\u3001\u5de5\u4f5c\u548c\u4eba\u751f\u7ecf\u9a8c\u6784\u7b51\u7684\u4eba\u529b\u8d44\u672c\uff1b<\/li>\n<\/ol>\n<\/li>\n\n\n\n<li>\u5373\u4fbf\u03b2\u503c\u4e0e\u6536\u76ca\u7387\u4e4b\u95f4\u4e0d\u5b58\u5728\u76f8\u5173\u5173\u7cfb\uff0c\u4ecd\u7136\u662f\u4e00\u79cd\u6709\u7528\u7684\u6295\u8d44\u7ba1\u7406\u5de5\u5177\u3002\n<ol class=\"wp-block-list\">\n<li><strong>\u6316\u6398\u03b2\u503c\u8f83\u4f4e\u7684\u80a1\u7968\uff0c\u5728\u83b7\u5f97\u76f8\u5bf9\u4e8e\u5e02\u573a\u6574\u4f53\u540c\u7b49\u7684\u6536\u76ca\u65f6\uff0c\u627f\u62c5\u66f4\u5c11\u7684\u98ce\u9669<\/strong>\uff1b<\/li>\n\n\n\n<li><strong>\u901a\u8fc7\u4fdd\u8bc1\u91d1\u4ea4\u6613\u4e70\u5165\u5e76\u6301\u6709\u03b2\u503c\u8f83\u4f4e\u7684\u80a1\u7968<\/strong>\uff1b<\/li>\n\n\n\n<li>\u6309\u901a\u5e38\u65b9\u5f0f\u6d4b\u7b97\u7684\u03b2\u503c\u5e76\u975e\u5927\u8111\u66ff\u4ee3\u54c1\uff0c\u4e0d\u80fd\u4f5c\u4e3a\u672a\u6765\u957f\u671f\u6536\u76ca\u7684\u53ef\u9760\u9884\u6d4b\u5de5\u5177\uff1b<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"blogTitle11\">\u91cf\u5316\u5206\u6790\u5e08\u5bfb\u6c42\u66f4\u4f18\u7684\u98ce\u9669\u6d4b\u7b97\u65b9\u6cd5\uff1a\u5957\u5229\u5b9a\u4ef7\u7406\u8bba<\/h3>\n\n\n\n<p>\u03b2\u6d4b\u7b97\u503c\u53ef\u80fd\u65e0\u6cd5\u5bf9\u8fd9\u4e9b\u56e0\u7d20\u52a0\u4ee5\u53cd\u6620\u2014\u2014\u80a1\u7968\u53d8\u52a8\u5f80\u5f80\u8f83\u5e02\u573a\u53d8\u52a8\u6216\u591a\u6216\u5c11\u6709\u6240\u504f\u79bb\u3002<\/p>\n\n\n\n<p>\u5957\u5229\u5b9a\u4ef7\u98ce\u9669\u6d4b\u7b97\u6cd5\u589e\u52a0\u82e5\u5e72\u7cfb\u7edf\u6027\u98ce\u9669\u53d8\u91cf\uff0c\u4f8b\u5982\u56fd\u6c11\u6536\u5165\u3001\u5229\u7387\u3001\u901a\u8d27\u81a8\u80c0\u7387\u7b49\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"blogTitle12\">\u6cd5\u739b\u2014\u5f17\u4f26\u5947\u4e09\u56e0\u7d20\u6a21\u578b<\/h3>\n\n\n\n<p>\u591a\u56e0\u7d20\u5206\u6790\u6a21\u578b<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u98ce\u9669\u56e0\u7d20<\/th><th>\u6d4b\u7b97<\/th><\/tr><\/thead><tbody><tr><td>\u03b2<\/td><td>\u8d44\u672c\u8d44\u4ea7\u5b9a\u4ef7\u6a21\u578b<\/td><\/tr><tr><td>\u89c4\u6a21<\/td><td>\u80a1\u7968\u603b\u5e02\u503c<\/td><\/tr><tr><td>\u4ef7\u503c<\/td><td>\u5e02\u51c0\u7387<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"blogTitle13\">\u5c0f\u7ed3<\/h3>\n\n\n\n<p><strong>\u98ce\u9669\u6d4b\u7b97\uff0c\u8d44\u4ea7\u5b9a\u4ef7\u3002<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u80a1\u7968\u5e02\u573a\u770b\u6765\u662f\u4e00\u4e2a\u6709\u6548\u7cfb\u7edf\uff0c\u53ef\u4ee5\u975e\u5e38\u8fc5\u901f\u5730\u6839\u636e\u65b0\u4fe1\u606f\u8fdb\u884c\u8c03\u6574\u3002\u65e0\u8bba\u662f\u7814\u7a76\u80a1\u4ef7\u8fc7\u53bb\u8d70\u52bf\u7684\u6280\u672f\u5206\u6790\uff0c\u8fd8\u662f\u7814\u7a76\u5355\u4e2a\u516c\u53f8\u548c\u5b8f\u89c2\u7ecf\u6d4e\u524d\u666f\u8fd9\u4e9b\u66f4\u57fa\u672c\u4fe1\u606f\u7684\u57fa\u672c\u9762\u5206\u6790\uff0c\u4f3c\u4e4e\u90fd\u4e0d\u80fd\u4ea7\u751f\u6301\u4e45\u7684\u6536\u76ca\u3002<\/li>\n\n\n\n<li>\u83b7\u5f97\u66f4\u9ad8\u957f\u671f\u6295\u8d44\u6536\u76ca\uff0c\u552f\u4e00\u7684\u51fa\u8def\u5c31\u662f\u627f\u62c5\u66f4\u591a\u7684\u98ce\u9669\uff0c\u4f46\u5e76\u4e0d\u5b58\u5728\u5b8c\u7f8e\u7684\u98ce\u9669\u6d4b\u7b97\u65b9\u6cd5\uff0c\u8d44\u672c\u8d44\u4ea7\u5b9a\u4ef7\u6a21\u578b\u91c7\u7528\u7684\u03b2\u98ce\u9669\u6d4b\u7b97\u6cd5\u5b58\u5728\u7f3a\u9677\u3002\n<ol class=\"wp-block-list\">\n<li>\u03b2\u4e0e\u6536\u76ca\u4e4b\u95f4\u7684\u5b9e\u9645\u5173\u7cfb\u4e0e\u8d44\u672c\u8d44\u4ea7\u5b9a\u4ef7\u6a21\u578b\u7406\u8bba\u4e0a\u4e0d\u76f8\u7b26\uff1b<\/li>\n\n\n\n<li>\u5355\u53ea\u80a1\u7968\u7684\u03b2\u503c\u5728\u957f\u65f6\u95f4\u91cc\u4e0d\u7a33\u5b9a\uff0c\u800c\u4e14\u5bf9\u636e\u4ee5\u6d4b\u7b97\u03b2\u503c\u7684\u5e02\u573a\u6307\u6570\u975e\u5e38\u654f\u611f\uff1b<\/li>\n\n\n\n<li>\u4efb\u4f55\u5355\u4e00\u6d4b\u7b97\u65b9\u6cd5\u90fd\u4e0d\u592a\u53ef\u80fd\u5145\u5206\u6070\u5f53\u5730\u53cd\u6620\u51fa\u5404\u79cd\u7cfb\u7edf\u6027\u98ce\u9669\u56e0\u7d20\u5bf9\u5355\u53ea\u80a1\u7968\u548c\u6295\u8d44\u7ec4\u5408\u4ea7\u751f\u7684\u5f71\u54cd\uff1b<\/li>\n\n\n\n<li>\u672a\u6765\u7684\u98ce\u9669\u6d4b\u7b97\u65b9\u6cd5\u4f1a\u66f4\u52a0\u590d\u6742\u3001\u6210\u719f\uff08\u91cf\u5316\u6a21\u578b\uff09\uff0c\u5e94\u5f53\u4e86\u89e3\u65b0\u6295\u8d44\u6280\u672f\u4e2d\u7684\u7cbe\u534e\u548c\u5e2e\u52a9\uff0c\u4e0d\u80fd\u5c06\u5176\u5f53\u4f5c\u6377\u5f84\u6765\u8bc4\u4f30\u98ce\u9669\uff0c\u5e76\u786e\u5b9a\u5730\u9884\u6d4b\u672a\u6765\u6536\u76ca\u3002<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"blogTitle14\">\u7b2c10\u7ae0 \u884c\u4e3a\u91d1\u878d\u5b66<\/h2>\n\n\n\n<p>\u884c\u4e3a\u91d1\u878d\u5b66\u5e76\u975e\u4f20\u7edf\u4e3b\u6d41\u91d1\u878d\u5b66\u7684\u4e00\u4e2a\u5206\u652f\uff0c\u5b83\u5728\u66f4\u597d\u5730\u63cf\u8ff0\u4eba\u6027\u65b9\u9762\u53d6\u4ee3\u4e86\u4f20\u7edf\u4e3b\u6d41\u91d1\u878d\u5b66\u3002<\/p>\n\n\n\n<p>\u2014\u2014\u8fc8\u5c14\u00b7\u65af\u5854\u7279\u66fc\uff08Meir Statman\uff09<\/p>\n\n\n\n<p>\u6709\u6548\u5e02\u573a\u7406\u8bba\u3001\u73b0\u4ee3\u6295\u8d44\u7ec4\u5408\u7406\u8bba\uff0c\u4ee5\u53ca\u8bba\u8ff0\u98ce\u9669\u4e0e\u6536\u76ca\u4e4b\u95f4\u5173\u7cfb\u7684\u5404\u79cd\u8d44\u4ea7\u5b9a\u4ef7\u7406\u8bba\uff0c\u5168\u90fd\u5efa\u7acb\u5728\u80a1\u5e02\u6295\u8d44\u8005\u662f\u7406\u6027\u7684\u8fd9\u4e00\u524d\u63d0\u4e4b\u4e0a\u3002<\/p>\n\n\n\n<p>\u603b\u4f53\u800c\u8a00\uff0c\u6295\u8d44\u8005\u4f1a\u5bf9\u80a1\u7968\u7684\u73b0\u503c\u8fdb\u884c\u5408\u7406\u4f30\u8ba1\uff0c\u56e0\u800c\u4ed6\u4eec\u7684\u4e70\u5356\u884c\u4e3a\u786e\u4fdd\u4e86\u80a1\u4ef7\u53ef\u4ee5\u516c\u5141\u5730\u53cd\u6620\u80a1\u7968\u7684\u672a\u6765\u524d\u666f\u3002<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u5355\u4e2a\u5e02\u573a\u53c2\u4e0e\u8005\u53ef\u80fd\u6839\u672c\u5c31\u4e0d\u7406\u6027\uff1b<\/li>\n\n\n\n<li>\u975e\u7406\u6027\u6295\u8d44\u8005\u7684\u4ea4\u6613\u603b\u662f\u968f\u673a\u51fa\u73b0\u7684\uff0c\u56e0\u800c\u4f1a\u76f8\u4e92\u62b5\u6d88\uff0c\u4e0d\u4f1a\u5bf9\u80a1\u4ef7\u4ea7\u751f\u4ec0\u4e48\u5f71\u54cd\uff1b<\/li>\n\n\n\n<li>\u5373\u4fbf\u6295\u8d44\u8005\u4ee5\u76f8\u4f3c\u7684\u65b9\u5f0f\u8868\u73b0\u51fa\u4e86\u4e0d\u7406\u6027\uff0c\u7cbe\u660e\u800c\u7406\u6027\u7684\u4ea4\u6613\u8005\u603b\u4f1a\u6765\u4fee\u6b63\u56e0\u975e\u7406\u6027\u4ea4\u6613\u8005\u7684\u5b58\u5728\u800c\u4ea7\u751f\u7684\u4efb\u4f55\u8bef\u5b9a\u4ef7\u73b0\u8c61\u3002<\/li>\n<\/ol>\n\n\n\n<p>\u884c\u4e3a\u91d1\u878d\u5b66\u5bb6\u89c2\u70b9\uff1a\u4eba\u4eec\u5e76\u975e\u50cf\u7ecf\u6d4e\u5b66\u6a21\u578b\u5047\u8bbe\u7684\u90a3\u6837\u7406\u6027\uff0c\u5e02\u573a\u4ef7\u683c\u5f88\u4e0d\u51c6\u786e\u3002<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u4eba\u4eec\u7684\u975e\u7406\u6027\u884c\u4e3a\u5b58\u5728\u7740\u7cfb\u7edf\u6027\u504f\u79bb\uff1b\n<ol class=\"wp-block-list\">\n<li>\u8fc7\u5ea6\u81ea\u4fe1<\/li>\n\n\n\n<li>\u5224\u65ad\u504f\u5dee<\/li>\n\n\n\n<li>\u7f8a\u7fa4\u6548\u5e94<\/li>\n\n\n\n<li>\u98ce\u9669\u538c\u6076<\/li>\n<\/ol>\n<\/li>\n\n\n\n<li>\u5b58\u5728\u7740\u5927\u91cf\u963b\u6b62\u6709\u6548\u5957\u5229\u7684\u969c\u788d\uff0c\u5bfc\u81f4\u80a1\u7968\u4ef7\u683c\u53ef\u80fd\u4f1a\u4e25\u91cd\u504f\u79bb\u6709\u6548\u5e02\u573a\u5047\u8bf4\u6240\u9884\u671f\u7684\u4ef7\u683c\u3002<\/li>\n<\/ol>\n\n\n\n<p>\u63a2\u8ba8\u884c\u4e3a\u91d1\u878d\u5b66\u7ed9\u51fa\u4ec0\u4e48\u6837\u7684\u5173\u952e\u8bba\u636e\uff0c\u6765\u8bf4\u660e\u5e02\u573a\u4f55\u4ee5\u5e76\u975e\u6709\u6548\uff0c\u4ee5\u53ca\u5728\u534e\u5c14\u8857\u4e3a\u4f55\u6839\u672c\u5c31\u4e0d\u5b58\u5728\u201c\u968f\u673a\u6f2b\u6b65\u201d\u4e00\u8bf4\u3002<\/p>\n\n\n\n<p>\u4e86\u89e3\u884c\u4e3a\u91d1\u878d\u5b66\u7406\u8bba\uff0c\u5e2e\u52a9\u6295\u8d44\u8005\u907f\u514d\u72af\u4e0b\u7cfb\u7edf\u6027\u9519\u8bef\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"blogTitle15\">\u4e2a\u4eba\u6295\u8d44\u8005\u7684\u975e\u7406\u6027\u884c\u4e3a<\/h3>\n\n\n\n<p>\u884c\u4e3a\u91d1\u878d\u5b66\u8ba4\u4e3a\uff0c<strong>\u975e\u7406\u6027\u884c\u4e3a\u662f\u6301\u7eed\u4e0d\u65ad\u7684\uff0c\u5e76\u975e\u9635\u53d1\u6027\u7684\u3002<\/strong><\/p>\n\n\n\n<p><strong>\u8ba4\u77e5\u5fc3\u7406\u504f\u5dee<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u8fc7\u5ea6\u81ea\u4fe1\uff08\u81ea\u8ba4\u4e3a99%\u7684\u628a\u63e1\uff0c\u5b9e\u964580%\u7684\u628a\u63e1\uff09\n<ol class=\"wp-block-list\">\n<li>\u5938\u5927\u6280\u80fd\u6280\u5de7\uff0c\u66f4\u4f1a\u5426\u8ba4\u673a\u4f1a\u8fd0\u6c14\u7684\u4f5c\u7528\u3002<\/li>\n\n\n\n<li>\u9ad8\u4f30\u77e5\u8bc6\u6c34\u5e73\uff0c\u4f4e\u4f30\u6709\u5173\u98ce\u9669\uff0c\u5938\u5927\u63a7\u5236\u5c40\u9762\u7684\u80fd\u529b\u3002<\/li>\n\n\n\n<li>\u9519\u8bef\u5730\u786e\u4fe1\u80fd\u591f\u6218\u80dc\u5e02\u573a\u3002\u7ed3\u679c\u8fc7\u5ea6\u4ea4\u6613\uff0c\u6295\u8d44\u8868\u73b0\u66f4\u5dee<\/li>\n\n\n\n<li>\u540e\u89c1\u4e4b\u660e\u504f\u5dee\n<ol 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class=\"wp-block-list\">\n<li>\u4e0d\u5e94\u8be5\u4ee5\u6700\u521d\u7684\u53d1\u884c\u4ef7\u4e70\u5165IPO\u80a1\u7968<\/li>\n\n\n\n<li>\u9501\u5b9a\u671f6\u4e2a\u6708\uff0c\u5927\u7ea66\u4e2a\u6708\u4fbf\u5f00\u59cb\u8868\u73b0\u4e0d\u4f73\uff1b<\/li>\n\n\n\n<li>\u8861\u91cf\u6240\u6709IPO\u80a1\u7968\u53d1\u884c5\u5e74\u4e4b\u540e\u7684\u6536\u76ca\u7387\uff0c\u4e0e\u80a1\u5e02\u6574\u4f53\u76f8\u6bd4\uff0c\u6bcf\u5e74\u4f4e4\u4e2a\u767e\u5206\u70b9\uff1b<\/li>\n\n\n\n<li>\u5927\u673a\u6784\u548c\u4f18\u8d28\u4e2a\u4eba\u5ba2\u6237\u4f18\u5148\u7533\u8d2d\uff0c\u7cfb\u7edf\u6027\u5bfc\u81f4\u666e\u901a\u5927\u4f17\u5ba2\u6237\u53ea\u80fd\u4e70\u5230\u6700\u5dee\u7684\u65b0\u80a1\u3002<\/li>\n<\/ol>\n<\/li>\n\n\n\n<li>\u5bf9\u70ed\u95e8\u5efa\u8bae\u4fdd\u6301\u51b7\u9759\n<ol class=\"wp-block-list\">\n<li>\u6c38\u8fdc\u4e0d\u8981\u4ece\u81ea\u987e\u4e0d\u6687\u7684\u4eba\u90a3\u91cc\u8d2d\u4e70\u4efb\u4f55\u4e1c\u897f\u3002<\/li>\n<\/ol>\n<\/li>\n\n\n\n<li>\u4e0d\u8981\u76f8\u4fe1\u4e07\u65e0\u4e00\u5931\u7684\u7b56\u7565\n<ol class=\"wp-block-list\">\n<li>\u5982\u679c\u6709\u4ec0\u4e48\u4e1c\u897f\u592a\u597d\u4e86\uff0c\u597d\u5f97\u4e0d\u771f\u5b9e\uff0c\u90a3\u4e48\u5b83\u5c31\u662f\u5047\u7684\uff1b<\/li>\n\n\n\n<li>\u6bcf\u5e74\u83b7\u5f9710%\uff5e12%\u7684\u6536\u76ca\u7387\uff0c\u770b\u4e0a\u53bb\u5374\u662f\u5927\u6709\u53ef\u80fd\u7684\u3002\u7136\u800c\uff0c\u5b9e\u9645\u4e0a\uff0c\u5e74\u590d\u4e00\u5e74\u5730\u8d5a\u53d6\u5982\u6b64\u9ad8\u7684\u6536\u76ca\u7387\uff0c\u5728\u80a1\u7968\u5e02\u573a\uff08\u6216\u5176\u4ed6\u4efb\u4f55\u5e02\u573a\uff09\u4e0a\u6beb\u65e0\u53ef\u80fd\uff1b<\/li>\n\n\n\n<li>\u5728\u5f88\u957f\u7684\u65f6\u95f4\u8de8\u5ea6\u4e2d\uff0c\u7f8e\u56fd\u80a1\u5e02\u5927\u7ea6\u5e73\u5747\u4ea7\u751f\u4e86\u8d85\u8fc79%\u7684\u6536\u76ca\u7387\uff0c\u4f46\u5176\u95f4\u4f34\u968f\u6709\u5927\u5e45\u6ce2\u52a8\uff0c\u5305\u62ec\u5728\u6709\u4e9b\u5e74\u4efd\uff0c\u6295\u8d44\u8005\u7684\u672c\u91d1\u635f\u5931\u591a\u8fbe40%\u3002<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"blogTitle19\">\u884c\u4e3a\u91d1\u878d\u5b66\u6559\u7ed9\u6211\u4eec\u6218\u80dc\u5e02\u573a\u7684\u65b9\u6cd5\u4e86\u5417<\/h3>\n\n\n\n<p>\u975e\u7406\u6027\u4ea4\u6613\u4f1a\u4ea7\u751f\u53ef\u4ee5\u9884\u6d4b\u7684\u80a1\u5e02\u6a21\u5f0f\uff0c\u806a\u660e\u7684\u6295\u8d44\u8005\u53ef\u5bf9\u5176\u52a0\u4ee5\u5229\u7528\u3002\uff1f\uff1f\uff1f<br><a><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"blogTitle20\">\u7b2c11\u7ae0 \u806a\u660e\u7684\u03b2\u4e0e\u98ce\u9669\u5e73\u4ef7<\/h2>\n\n\n\n<p>\u5e02\u573a\u57fa\u51c6\uff1a\u6210\u672c\u4f4e\u5ec9\u3001\u7a0e\u6536\u6709\u4f18\u52bf\u7684\u5927\u578b\u6307\u6570\u57fa\u91d1\u3002<\/p>\n\n\n\n<p>\u65b0\u578b\u6295\u8d44\u7ec4\u5408\u7ecf\u7406\u8ba4\u4e3a<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u8981\u6218\u80dc\u5e02\u573a\uff0c\u65e0\u987b\u6210\u4e3a\u4f1a\u6311\u9009\u80a1\u7968\u7684\u4eba\uff1b<\/li>\n\n\n\n<li>\u901a\u8fc7\u7ba1\u7406\u76f8\u5bf9\u88ab\u52a8\uff08\u6362\u80a1\u7387\u4f4e\uff09\u7684\u6295\u8d44\u7ec4\u5408\uff0c\u4ee5\u4fbf\u66f4\u53ef\u9760\u5730\u5b9e\u73b0\u826f\u597d\u7684\u6295\u8d44\u6210\u679c\uff0c\u800c\u4e0d\u4f1a\u627f\u62c5\u989d\u5916\u98ce\u9669\u3002<\/li>\n<\/ol>\n\n\n\n<p>\u65b0\u578b\u6295\u8d44\u7b56\u7565<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u806a\u660e\u7684\u03b2\uff0c\u771f\u7684\u806a\u660e\uff1f<\/li>\n\n\n\n<li>\u98ce\u9669\u5e73\u4ef7\uff0c\u98ce\u9669\u5c0f\uff1f<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"blogTitle21\">\u4f55\u4e3a\u201c\u806a\u660e\u7684\u03b2\u201d<\/h3>\n\n\n\n<p>\u201c\u806a\u660e\u7684\u03b2\u201d\u6295\u8d44\u7b56\u7565\uff0c\u5e76\u6ca1\u6709\u4e00\u4e2a\u5e7f\u6cdb\u63a5\u53d7\u7684\u7edf\u4e00\u5b9a\u4e49\uff0c\u7279\u5f81\u5982\u4e0b<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u80fd\u4ea7\u751f\u8d85\u989d\u7684\u6295\u8d44\u6536\u76ca\uff1b<\/li>\n\n\n\n<li>\u76f8\u5bf9\u88ab\u52a8\uff0c\u4ee5\u89c4\u5219\u4e3a\u4f9d\u636e\uff1b<\/li>\n\n\n\n<li>\u627f\u62c5\u7684\u98ce\u9669\u4e0d\u9ad8\u4e8e\u4f4e\u6210\u672c\u7684\u6574\u4f53\u80a1\u5e02\u6307\u6570\u57fa\u91d1\u3002<\/li>\n<\/ol>\n\n\n\n<p>\u590f\u666e\u6bd4\u7387\uff0c\u8861\u91cf\u98ce\u9669\u6536\u76ca<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u5206\u5b50\u4e3a\u8d85\u8fc7\u65e0\u98ce\u9669\u5229\u7387\u8d85\u989d<strong>\u6536\u76ca\u7387<\/strong>\uff1b<\/li>\n\n\n\n<li>\u5206\u6bcd\u4e3a<strong>\u98ce\u9669<\/strong>\uff0c\u7531\u6ce2\u52a8\u6027\u8861\u91cf\uff0c\u5177\u4f53\u6307\u6807\u4e3a\u6536\u76ca\u7387\u6807\u51c6\u5dee\uff1b<\/li>\n\n\n\n<li>\u5bf9\u4e8e\u6295\u8d44\u5927\u578b\u80a1\u5e02\u6307\u6570\u7684\u6295\u8d44\u8005\uff0c1927~2017\u5e74\uff0c\u5176\u590f\u666e\u6bd4\u7387\u662f0.42\uff0c\u8d85\u989d\u6536\u76ca\u73877%\uff1b<\/li>\n<\/ol>\n\n\n\n<p>\u7eaf\u7cb9\u7684\u6307\u6570\u5316\u6295\u8d44\uff0c\u5373\u6bcf\u5bb6\u516c\u53f8\u5728\u6295\u8d44\u7ec4\u5408\u4e2d\u7684\u6743\u91cd\u7531\u8be5<strong>\u516c\u53f8\u7684\u603b\u5e02\u503c<\/strong>\u6765\u786e\u5b9a\uff0c\u5e76\u4e0d\u662f\u4e00\u4e2a\u6700\u4f18\u7b56\u7565\u3002<\/p>\n\n\n\n<p>\u901a\u8fc7\u8ba9\u6295\u8d44\u7ec4\u5408\u5411\u67d0\u4e2a\u65b9\u5411\u503e\u659c\uff0c\u53ef\u4ee5\u627e\u5230\u4e00\u4e2a\u66f4\u597d\u7684\u98ce\u9669\u6536\u76ca\u5e73\u8861\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u4ef7\u503c\u578b\/\u589e\u957f\u578b\uff1b<\/li>\n\n\n\n<li>\u5e02\u503c\u5927\/\u5e02\u503c\u5c0f\uff1b<\/li>\n\n\n\n<li>\u76f8\u5bf9\u8d8b\u52bf\u5f3a\/\u5f31\uff1b<\/li>\n\n\n\n<li>\u516c\u53f8\u201c\u54c1\u8d28\u201d\uff08\u542b\u9500\u552e\u7a33\u5b9a\u3001\u76c8\u5229\u589e\u957f\u7a33\u5b9a\u3001\u6760\u6746\u7387\u4f4e\u4e4b\u7c7b\u7684\u7279\u70b9\uff09\uff1b<\/li>\n\n\n\n<li>\u76c8\u5229\u80fd\u529b\uff1b<\/li>\n\n\n\n<li>\u4f4e\u6ce2\u52a8\u6027\uff1b<\/li>\n\n\n\n<li>\u6d41\u52a8\u6027\uff1b<\/li>\n<\/ul>\n\n\n\n<p>\u5047\u5b9a\u8d44\u672c\u8d44\u4ea7\u5b9a\u4ef7\u6a21\u578b\u7684\u03b2\u4e0d\u80fd\u5b8c\u5168\u8861\u91cf\u98ce\u9669\uff0c\u90a3\u4e48\u4e0a\u8ff0\u6240\u5217\u6295\u8d44\u7ec4\u5408\u7684\u503e\u659c\u4fbf\u53ef\u4ee5\u88ab\u89c6\u4e3a\u989d\u5916\u7684\u98ce\u9669\u56e0\u7d20\u3002<\/p>\n\n\n\n<p>\u201c\u806a\u660e\u7684\u03b2\u201d\u6295\u8d44\u7b56\u7565\u901a\u8fc7\u627f\u62c5\u989d\u5916\u98ce\u9669\u800c\u589e\u52a0\u6536\u76ca\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"blogTitle22\">\u56db\u79cd\u7279\u8272\u5404\u81ea\u7684\u4f18\u7f3a\u70b9<\/h3>\n\n\n\n<p>\u806a\u660e\u7684\u03b2\u7b56\u7565\u57fa\u4e8e\u4e0d\u540c\u56e0\u7d20\u8fdb\u884c\u7684\u6295\u8d44<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u6309\u7167\u8861\u91cf\u6807\u51c6\u9ad8\u7684\u505a\u591a\uff0c\u4f4e\u7684\u505a\u7a7a\uff1b<\/li>\n\n\n\n<li>\u4e0d\u8003\u8651\u4ea4\u6613\u6210\u672c\u3001\u7a0e\u6536\u4ee5\u53ca\u5176\u4ed6\u53ef\u80fd\u7684\u5b9e\u65bd\u6210\u672c\uff1b<\/li>\n<\/ol>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u5355\u4e00\u56e0\u7d20<\/th><th>\u8861\u91cf\u6807\u51c6<\/th><th>1927~2017\u5e74<\/th><\/tr><\/thead><tbody><tr><td>\u65e0\u56e0\u7d20\u5bf9\u7167\u7ec4<\/td><td>\u6295\u8d44\u5927\u578b\u80a1\u5e02\u6307\u6570<\/td><td>\u5e74\u98ce\u9669\u6ea2\u4ef77%<br>\u590f\u666e\u6bd4\u73870.42<\/td><\/tr><tr><td>\u4ef7\u503c\u80dc\u51fa<\/td><td>\u5e02\u51c0\u7387\u6700\u4f4e\u768430%\u80a1\u7968\u6536\u76ca\u7387-\u5e02\u51c0\u7387\u6700\u9ad8\u768430%\u80a1\u7968\u6536\u76ca\u7387<\/td><td>\u5e74\u98ce\u9669\u6ea2\u4ef74.9%<br>\u590f\u666e\u6bd4\u73870.34<\/td><\/tr><tr><td>\u5c0f\u5373\u662f\u597d<\/td><td>\u5e02\u503c\u6700\u5c0f\u768450%\u80a1\u7968\u6536\u76ca\u7387-\u5e02\u503c\u6700\u5927\u768450%\u80a1\u7968\u6536\u76ca\u7387<\/td><td>\u5e74\u98ce\u9669\u6ea2\u4ef73.3%<br>\u590f\u666e\u6bd4\u73870.23<\/td><\/tr><tr><td>\u5e02\u573a\u8d8b\u52bf<\/td><td>\u4e0d\u5305\u62ec\u6700\u8fd1\u4e00\u4e2a\u6708\u7684\u8fd112\u4e2a\u6708\u6536\u76ca\u7387<br>\u6700\u4f73\u768430%\u80a1\u7968\u6536\u76ca\u7387-\u6700\u5dee\u768430%\u80a1\u7968\u6536\u76ca\u7387<\/td><td>\u5e74\u98ce\u9669\u6ea2\u4ef79.2%<br>\u590f\u666e\u6bd4\u73870.58<\/td><\/tr><tr><td>\u4f4e\u03b2<\/td><td>\u4fdd\u8bc1\u91d1\u878d\u8d44\u4f4e\u03b2\u503c\u6295\u8d44\u7ec4\u5408\uff0c\u98ce\u9669\u5e73\u4ef7\u6295\u8d44\u7684\u57fa\u7840<\/td><td>\/<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u5728\u5b9e\u8df5\u4e2d\uff0c\u6295\u8d44\u8005\u53ef\u80fd\u6355\u6349\u4e0d\u5230\u770b\u4e0a\u53bb\u53ef\u4ee5\u83b7\u5f97\u7684\u989d\u5916\u98ce\u9669\u6ea2\u4ef7\u3002<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u6295\u8d44\u4e8e\u5355\u4e00\u56e0\u7d20\u7684\u201c\u806a\u660e\u7684\u03b2\u201d\u4ea7\u54c1\u672a\u4ea7\u751f\u66f4\u80dc\u4e00\u7b79\u7684\u6295\u8d44\u7ed3\u679c\uff1b<ol><li>\u5bf9\u5355\u4e00\u56e0\u7d20\u57fa\u91d1\u7684\u8bc4\u4ef7\uff0c\u57fa\u91d1\u5b58\u7eed\u671f\u81f32018\u5e74\u6b62<\/li><\/ol>\u56e0\u7d20<br>\uff08\u57fa\u91d1\u53ca\u5176\u521d\u59cb\u6bd4\u8f83\u671f\uff09\u8d85\u989d\u6536\u76ca\u8d85\u989d\u590f\u666e\u6bd4\u7387\u4ef7\u503c<br>\u5148\u950b\u57fa\u91d1VVIAX\u57fa\u91d1\uff0c1992-120.02<br>\u6574\u4f53\u80a1\u5e02\u6307\u6570\u57fa\u91d1VTSAX0\u89c4\u6a21<br>\u5148\u950bVSMAX\uff0c2000-09-1.74<br>\u6574\u4f53\u80a1\u5e02\u6307\u6570\u57fa\u91d1VTSAX-0.21\u8d8b\u52bf<br>AQR\u516c\u53f8AMOMX\u57fa\u91d1\uff0c2009-08-0.45<br>\u5148\u950b500\u6307\u6570\u57fa\u91d1VFIAX-0.18\u4f4e\u6ce2\u52a8\u6027<br>Power Share500SPLV\u57fa\u91d1\uff0c2011-05-0.95<br>\u5148\u950b500\u6307\u6570\u57fa\u91d1VFIAX0.21<\/li>\n\n\n\n<li>\u6df7\u5408\u56e0\u7d20\u6295\u8d44\u7ec4\u5408\u5c55\u793a\u51fa\u8f83\u4f4e\u7684\u6536\u76ca\u7387\u6807\u51c6\u5dee\u548c\u8f83\u9ad8\u7684\u590f\u666e\u6bd4\u7387\uff1b\n<ol class=\"wp-block-list\">\n<li>\u56e0\u7d20\u4e4b\u95f4\u7684\u76f8\u5173\u7cfb\u6570\uff0c1964~2017\u5e74\u56e0\u7d20\u5e02\u573a\u03b2\u89c4\u6a21\u4ef7\u503c\u8d8b\u52bf\u5e02\u573a\u03b21.00.26-0.25-0.18\u89c4\u6a210.261.00.02-0.12\u4ef7\u503c-0.250.021.0-0.20\u8d8b\u52bf-0.18-0.12-0.201.0<\/li>\n\n\n\n<li>\u5e02\u573a\u03b2\u3001\u89c4\u6a21\u3001\u4ef7\u503c\u3001\u8d8b\u52bf\u540425%\u6295\u8d44\uff0c\u6a21\u62df\u51fa\u6536\u76ca\u4e0e\u98ce\u9669\u7684\u7ed3\u679c\u5e73\u5747\u6536\u76ca\u7387\uff08%\uff09\u6807\u51c6\u5dee\uff08%\uff09\u590f\u666e\u6bd4\u7387\u5e02\u573a\u03b28.520.40.42\u89c4\u6a213.213.80.23\u4ef7\u503c4.914.20.34\u8d8b\u52bf9.215.80.58\u6df7\u5408\u56e0\u7d20\u6295\u8d44\u7ec4\u54086.48.80.73<\/li>\n<\/ol>\n<\/li>\n\n\n\n<li>\u6a21\u62df\u7ed3\u679c\u5e76\u672a\u5c06\u4efb\u4f55\u7ba1\u7406\u8d39\u6216\u4ea4\u6613\u6210\u672c\u8003\u8651\u5728\u5185\u3002\u800c\u4e14\u5404\u4e2a\u89c4\u6a21\u3001\u4ef7\u503c\u548c\u8d8b\u52bf\u90e8\u5206\u90fd\u662f\u591a\u7a7a\u53cc\u4ed3\u6295\u8d44\u7ec4\u5408\uff0c\u5e76\u4e14\u5047\u8bbe\u5356\u7a7a\u5e73\u4ed3\u6ca1\u6709\u4efb\u4f55\u56f0\u96be\u3002<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"blogTitle23\">\u5b9e\u8df5\u4e2d\u7684\u6df7\u5408\u57fa\u91d1<\/h3>\n\n\n\n<p>DFA\uff08Dimentional Fund Advisors\uff09\u57fa\u91d1\u7ba1\u7406\u516c\u53f8<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u57fa\u4e8e\u6cd5\u739b\u2014\u5f17\u4f26\u5947\u4e09\u56e0\u7d20\u6a21\u578b\u4e2d\u7684\u89c4\u6a21\u548c\u4ef7\u503c\u4e24\u56e0\u7d20\uff1b<\/li>\n\n\n\n<li>\u5411\u8fd1\u671f\u4ef7\u683c\u5f3a\u52bf\u80a1\u548c\u76c8\u5229\u589e\u957f\u5f3a\u52b2\u80a1\u503e\u659c\uff1b<\/li>\n\n\n\n<li>\u58f0\u79f0\u4efb\u4f55\u8d85\u989d\u6536\u76ca\u90fd\u4ee3\u8868\u4e86\u5bf9\u6295\u8d44\u7ec4\u5408\u989d\u5916\u98ce\u9669\u7684\u9002\u5f53\u8865\u507f\uff1b<\/li>\n\n\n\n<li>DFA\u516c\u53f8\u57fa\u91d1\u50cf\u6240\u6709\u201c\u806a\u660e\u7684\u03b2\u201d\u57fa\u91d1\u4e00\u6837\uff0c\u4e5f\u4f1a\u7ecf\u5386\u8868\u73b0\u4e0d\u4f73\u7684\u65f6\u671f\u3002<\/li>\n<\/ol>\n\n\n\n<p>RA\uff08Research Affiliates\uff09<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u57fa\u672c\u9762\u6307\u6570\u6cd5\uff1a\u6839\u636e\u6bcf\u53ea\u80a1\u7968\u8bf8\u5982\u76c8\u5229\u3001\u8d44\u4ea7\u4e4b\u7c7b\u7684\u7ecf\u6d4e\u6307\u6807\u6765\u8c03\u6574\u6743\u91cd\uff1b<\/li>\n\n\n\n<li>RAFI\uff08Research Affiliates Fundamental Index\uff09\u9690\u542b\u5411\u4ef7\u503c\u548c\u5c0f\u5e02\u503c\u56e0\u7d20<\/li>\n\n\n\n<li>\u58f0\u79f0\u4efb\u4f55\u8d85\u989d\u6536\u76ca\u4e4b\u6240\u4ee5\u4ea7\u751f\uff0c\u662f\u56e0\u4e3a\u5b58\u5728\u5e02\u573a\u65e0\u6548\u6027\u7684\u60c5\u51b5\uff0c\u800c\u4e0d\u662f\u56e0\u4e3a\u5b58\u5728\u98ce\u9669\uff1b<\/li>\n\n\n\n<li>RAFI\u57fa\u672c\u9762\u6307\u6570\u57fa\u91d1\u65e0\u8bba\u5728\u4ea7\u751f\u8d85\u989d\u6536\u76ca\u4e0a\u53d6\u5f97\u4e86\u4ec0\u4e48\u6210\u529f\uff0c\u90fd\u6e90\u4e8e\u627f\u62c5\u4e86\u66f4\u5927\u7684\u98ce\u9669\uff0c\u800c\u4e0d\u662f\u6e90\u4e8e\u589e\u957f\u578b\u80a1\u7968\u7684\u8bef\u5b9a\u4ef7\u7684\u8d39\u7387\uff1b<\/li>\n<\/ol>\n\n\n\n<p>\u9ad8\u76db\u516c\u53f8<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u9ad8\u76db\u4e3b\u52a8\u03b2\u578b\u4ea4\u6613\u6240\u4ea4\u6613\u57fa\u91d1\uff0c\u4ea4\u6613\u4ee3\u7801\u4e3aGSLC\uff1b<\/li>\n\n\n\n<li>\u826f\u597d\u4ef7\u503c\u3001\u5f3a\u52b2\u8d8b\u52bf\u3001\u4f18\u79c0\u54c1\u8d28\u3001\u4f4e\u6ce2\u52a8\u6027\uff1b<\/li>\n\n\n\n<li>\u6700\u4f4e\u8d39\u7387\uff0c0.09%\uff1b<\/li>\n<\/ol>\n\n\n\n<p>\u53e4\u6839\u6d77\u59c6\u516c\u53f8<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u7b49\u6743\u91cd1000\u4ea4\u6613\u6240\u4ea4\u6613\u57fa\u91d1\uff0c\u4ea4\u6613\u4ee3\u7801\u4e3aEWRI\uff1b<\/li>\n\n\n\n<li>\u7b49\u6743\u91cd\u6295\u8d44\u7ec4\u5408\u4e0d\u5177\u6709\u7a0e\u6536\u4f18\u52bf\uff0c\u56e0\u4e3a\u91cd\u65b0\u8c03\u6574\u7ec4\u5408\u5185\u7684\u80a1\u7968\u65f6\uff0c\u9700\u8981\u5356\u51fa\u4ef7\u683c\u5df2\u4e0a\u6da8\u6700\u591a\u7684\u80a1\u7968\uff0c\u4ee5\u51cf\u5c11\u5176\u5728\u7ec4\u5408\u4e2d\u7684\u6743\u91cd\uff1b<\/li>\n<\/ol>\n\n\n\n<p>\u5bf9\u591a\u56e0\u7d20\u57fa\u91d1\u7684\u8bc4\u4f30\uff0c\u57fa\u91d1\u5b58\u7eed\u671f\u81f32018\u5e74\u6b62<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u4e1a\u7ee9\u8bb0\u5f55\u6709\u4e00\u5b9a\u53d1\u5c55\u524d\u9014\u3002\u5f97\u76ca\u4e8e\u56e0\u7d20\u4e4b\u95f4\u8f83\u4f4e\u7684\u76f8\u5173\u7cfb\u6570\uff0c\u80fd\u591f\u5e26\u6765\u4e2d\u7b49\u7a0b\u5ea6\u7684\u6536\u76ca\u63d0\u5347\uff0c\u5176\u590f\u666e\u6bd4\u7387\u975e\u5e38\u63a5\u8fd1\u4e8e\u5927\u578b\u80a1\u5e02\u6307\u6570\uff1b<\/li>\n\n\n\n<li>\u5728\u7a0e\u6536\u4f18\u52bf\u4e0a\u53ef\u80fd\u4f1a\u7a0d\u900a\u4e00\u7b79\uff1b<\/li>\n\n\n\n<li>\u4ece\u6295\u8d44\u987e\u95ee\u516c\u53f8\u8d2d\u4e70\u65f6\uff0c\u5c06\u5f3a\u5236\u6536\u53d6\u989d\u5916\u8d39\u7528\uff1b<\/li>\n<\/ol>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u56e0\u7d20<br>\uff08\u57fa\u91d1\u53ca\u5176\u521d\u59cb\u6bd4\u8f83\u671f\uff09<\/th><th>\u8d85\u989d\u6536\u76ca<\/th><th>\u8d85\u989d\u590f\u666e\u6bd4\u7387<\/th><\/tr><\/thead><tbody><tr><td>\u5927\u5e02\u503c\u4ef7\u503c<br>DFLVX\uff0c1993-03<\/td><td>0.81<br>\u6574\u4f53\u80a1\u5e02\u6307\u6570\u57fa\u91d1VTSAX<\/td><td>-0.02<\/td><\/tr><tr><td>\u5c0f\u5e02\u503c\u4ef7\u503c<br>DFSVX\uff0c1993-04<\/td><td>2.21<br>\u6574\u4f53\u80a1\u5e02\u6307\u6570\u57fa\u91d1VTSAX<\/td><td>-0.01<\/td><\/tr><tr><td>\u6df7\u5408<br>Power Share RAFI\u57fa\u91d1\uff0c2006-01<\/td><td>0.24<br>\u6574\u4f53\u80a1\u5e02\u6307\u6570\u57fa\u91d1VTSAX<\/td><td>-0.06<\/td><\/tr><tr><td>\u7b49\u6743\u91cd<br>\u7b49\u6743\u91cd\u4ea4\u6613\u6240\u4ea4\u6613\u57fa\u91d1RSP\uff0c2003-05<\/td><td>1.57<br>\u5148\u950b500\u6307\u6570\u57fa\u91d1VFIAX<\/td><td>-0.01<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"blogTitle24\">\u5bf9\u6295\u8d44\u8005\u6709\u4f55\u610f\u4e49<\/h3>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u6295\u8d44\u7b56\u7565\u5728\u6295\u8d44\u7ed3\u679c\u516c\u5e03\u4e4b\u540e\u53d8\u5f97\u5e7f\u4e3a\u4eba\u77e5\u65f6\uff0c\u5e38\u5e38\u4f1a\u4e27\u5931\u5176\u6709\u6548\u6027\u3002\u5982\u679c\u6295\u8d44\u7b56\u7565\u4f9d\u8d56\u4e8e\u5e02\u573a\u7684\u8bef\u5b9a\u4ef7\u800c\u4e0d\u662f\u4f9d\u9760\u5bf9\u98ce\u9669\u7ed9\u4e88\u8865\u507f\uff0c\u6295\u8d44\u7b56\u7565\u5c24\u5176\u4f1a\u5931\u53bb\u6709\u6548\u6027\u3002<\/li>\n\n\n\n<li>\u6bcf\u4e00\u4e2a\u6295\u8d44\u7ec4\u5408\u7684\u6838\u5fc3\u90e8\u5206\uff0c\u5e94\u5f53\u7531\u6210\u672c\u4f4e\u5ec9\u3001\u7a0e\u6536\u6709\u4f18\u52bf\u3001\u8ddf\u8e2a\u5927\u578b\u6307\u6570\u7684\u6307\u6570\u57fa\u91d1\u6784\u6210\u3002<\/li>\n\n\n\n<li>\u5982\u679c\u5e0c\u671b\u5411\u6295\u8d44\u7ec4\u5408\u4e2d\u52a0\u5165\u989d\u5916\u7684\u98ce\u9669\u56e0\u7d20\uff0c\u4ee5\u8ffd\u6c42\u8d85\u989d\u6536\u76ca\uff0c\u5efa\u8bae\u8d2d\u4e70\u6210\u672c\u4f4e\u5ec9\u7684\u591a\u56e0\u7d20\u57fa\u91d1\uff0c\u800c\u4e0d\u8981\u8d2d\u4e70\u96c6\u4e2d\u5411\u67d0\u4e00\u98ce\u9669\u56e0\u7d20\u503e\u659c\u7684\u57fa\u91d1\u3002<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"blogTitle25\">\u98ce\u9669\u5e73\u4ef7<\/h3>\n\n\n\n<p>\u98ce\u9669\u5e73\u4ef7\u6280\u672f\u4f9d\u8d56\u7684\u539f\u5219<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u76f8\u5bf9\u5b89\u5168\u7684\u8d44\u4ea7\u6240\u63d0\u4f9b\u7684\u6536\u76ca\uff0c\u5e38\u5e38\u9ad8\u4e8e\u5176\u98ce\u9669\u6c34\u5e73\u6240\u8981\u6c42\u7684\u6536\u76ca\uff1b<\/li>\n\n\n\n<li>\u98ce\u9669\u66f4\u9ad8\u7684\u8d44\u4ea7\u76f8\u5bf9\u5b9a\u4ef7\u8fc7\u9ad8\uff0c\u6536\u76ca\u4f4e\u4e8e\u5176\u5e94\u6709\u6c34\u5e73\uff1b<\/li>\n\n\n\n<li>\u4e3a\u4e86\u63d0\u9ad8\u98ce\u9669\u6536\u76ca\uff0c\u6295\u8d44\u8005\u53ef\u4ee5\u7ed9\u4f4e\u98ce\u9669\u8d44\u4ea7\u52a0\u6760\u6746\uff0c\u7528\u501f\u5165\u7684\u8d44\u91d1\u8d2d\u4e70\u4f4e\u98ce\u9669\u8d44\u4ea7\u6765\u63d0\u5347\u6536\u76ca\u3002<\/li>\n<\/ol>\n\n\n\n<p>\u901a\u8fc7\u627f\u62c5\u98ce\u9669\u63d0\u9ad8\u6295\u8d44\u7ec4\u5408\u7684\u6536\u76ca\u3002<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u8d85\u6743\u91cd\u914d\u7f6e\u98ce\u9669\u66f4\u9ad8\u7684\u8d44\u4ea7\uff0c\u6bd4\u5982\u80a1\u7968\uff1b<\/li>\n\n\n\n<li>\u5e7f\u6cdb\u591a\u6837\u5316\u6295\u8d44\uff0c\u4f4e\u98ce\u9669\u8d44\u4ea7\u5360\u6bd4\u5f88\u5927\uff0c\u671f\u671b\u5c1a\u53ef\u7684\u6536\u76ca\u548c\u76f8\u5bf9\u4f4e\u7684\u9884\u671f\u6ce2\u52a8\uff0c\u5728\u6b64\u57fa\u7840\u4e0a\u6dfb\u52a0\u6760\u6746\uff1b\n<ol class=\"wp-block-list\">\n<li>\u52a0\u6760\u6746\u5e26\u6765\u7684\u989d\u5916\u98ce\u9669\uff0c\u5728\u9762\u5bf9\u91d1\u878d\u5e02\u573a\u7684\u7a81\u53d1\u4e8b\u4ef6\uff0c\u4f1a\u53d8\u5f97\u66f4\u4e3a\u8106\u5f31\uff1b<\/li>\n\n\n\n<li>\u4e2a\u4f53\u4f3c\u4e4e\u5bf9\u83b7\u80dc\u5e0c\u671b\u6e3a\u832b\uff0c\u4f46\u82e5\u83b7\u80dc\u5374\u6709\u5de8\u5927\u6f5c\u5728\u56de\u62a5\u7684\u62bc\u6ce8\u5bf9\u8c61\uff0c\u4f1a\u6295\u5165\u8fc7\u591a\u7684\u8d44\u91d1\uff1b<\/li>\n\n\n\n<li>\u5982\u679c\u6536\u76ca\u4e0e\u03b2\u4e4b\u95f4\u5173\u7cfb\u4e0d\u7d27\u5bc6\u7684\u5386\u53f2\u6a21\u5f0f\u7ee7\u7eed\u5b58\u5728\uff0c\u90a3\u4e48\u4ee5\u4fdd\u8bc1\u91d1\u878d\u8d44\u4e70\u5165\u4f4e\u03b2\u503c\u8d44\u4ea7\u4ee5\u63d0\u9ad8\u6295\u8d44\u7ec4\u5408\u98ce\u9669\u548c\u6536\u76ca\u81f3\u6295\u8d44\u8005\u5e0c\u671b\u7684\u6c34\u5e73\uff0c\u4fbf\u662f\u6700\u4f18\u505a\u6cd5\u3002\uff08\u98ce\u9669\u6536\u76ca\u6bd4\u9ad8\uff09<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u6295\u8d44\u7ec4\u5408\uff082007\uff5e2016\u5e74\uff09<\/th><th>\u5e74\u5747\u6536\u76ca\u7387\uff08%\uff09<\/th><th>\u6807\u51c6\u5dee\uff08%\uff09<\/th><\/tr><\/thead><tbody><tr><td>\u6807\u51c6\u666e\u5c14500\u6307\u6570<\/td><td>8.6<\/td><td>2.0<\/td><\/tr><tr><td>10\u5e74\u671f\u7f8e\u56fd\u56fd\u503a<\/td><td>5.1<\/td><td>0.8<\/td><\/tr><tr><td>\u52a0\u6746\u6760\u503a\u5238\u6295\u8d44<br>\uff0850%\u4fdd\u8bc1\u91d1\uff0c0\u878d\u8d44\u6210\u672c\uff09<\/td><td>10.2<\/td><td>1.6<\/td><\/tr><tr><td>\u52a0\u6746\u6760\u503a\u5238\u6295\u8d44<br>\uff0850%\u4fdd\u8bc1\u91d1\uff0c\u65e0\u98ce\u9669\u5229\u7387\u878d\u8d44\u6210\u672c\uff09<\/td><td>9.9<\/td><td>1.6<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>60\/40\u6295\u8d44\u7ec4\u5408\u770b\u4e0a\u53bb\u975e\u5e38\u8c28\u614e\uff0c\u4e3a\u4fdd\u62a4\u6295\u8d44\u8005\u514d\u906d\u80a1\u5e02\u4e2d\u96be\u514d\u51fa\u73b0\u7684\u66b4\u8dcc\u635f\u5931\u8fdb\u884c\u4e86\u826f\u597d\u8bbe\u8ba1\u3002<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u8fd9\u4e9b\u6295\u8d44\u7ec4\u5408\u7684\u6ce2\u52a8\u6027\u7ea690%\u6765\u81ea\u6295\u5728\u80a1\u7968\u4e0a\u7684\u90a360%\u7684\u4ed3\u4f4d\uff1b<\/li>\n\n\n\n<li>\u57282008\u5e74\u7684\u91d1\u878d\u5371\u673a\u4e2d\uff0c60\/40\u6295\u8d44\u7ec4\u5408\u635f\u5931\u4e86\u8d85\u8fc725%\u7684\u6301\u4ed3\u5e02\u503c\uff1b<\/li>\n<\/ol>\n\n\n\n<p>\u52a0\u6760\u6746\u7684\u98ce\u9669\u5e73\u4ef7\u6295\u8d44\u7ec4\u5408\u4f18\u4e8e60\/40\u6295\u8d44\u7ec4\u5408\uff0c\u4f1a\u63d0\u4f9b\u66f4\u9ad8\u7684\u98ce\u9669\u6295\u8d44\u6536\u76ca\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><div class='fancybox-wrapper lazyload-container-unload' data-fancybox='post-images' href='https:\/\/gitee.com\/jerryqiang\/images\/raw\/master\/%E6%BC%AB%E6%AD%A5%E5%8D%8E%E5%B0%94%E8%A1%97%EF%BC%88%E7%AC%AC12%E7%89%88%EF%BC%89-%E8%AF%BB%E4%B9%A6%E7%AC%94%E8%AE%B0\/imgs\/risk_parity_portfolio_vs_60-40_%20portfolio.png'><img class=\"lazyload lazyload-style-1\" src=\"data:image\/svg+xml;base64,PCEtLUFyZ29uTG9hZGluZy0tPgo8c3ZnIHdpZHRoPSIxIiBoZWlnaHQ9IjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgc3Ryb2tlPSIjZmZmZmZmMDAiPjxnPjwvZz4KPC9zdmc+\"  decoding=\"async\" data-original=\"https:\/\/gitee.com\/jerryqiang\/images\/raw\/master\/%E6%BC%AB%E6%AD%A5%E5%8D%8E%E5%B0%94%E8%A1%97%EF%BC%88%E7%AC%AC12%E7%89%88%EF%BC%89-%E8%AF%BB%E4%B9%A6%E7%AC%94%E8%AE%B0\/imgs\/risk_parity_portfolio_vs_60-40_%20portfolio.png\" src=\"data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAAAJcEhZcwAADsQAAA7EAZUrDhsAAAANSURBVBhXYzh8+PB\/AAffA0nNPuCLAAAAAElFTkSuQmCC\" alt=\"\u98ce\u9669\u5e73\u4ef7\u6295\u8d44\u7ec4\u5408\u4e0e60\/40\u6295\u8d44\u7ec4\u5408\u76f8\u6bd4\"\/><\/div><\/figure>\n\n\n\n<p>\u8fbe\u5229\u6b27\u7684\u5168\u5929\u5019\u57fa\u91d1<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u4e0d\u540c\u8d44\u4ea7\u7c7b\u522b\u5bf9\u4e0d\u540c\u7ecf\u6d4e\u60c5\u51b5\u505a\u51fa\u4e0d\u540c\u7684\u53cd\u5e94\uff0c\u901a\u8fc7\u591a\u6837\u5316\u964d\u4f4e\u6295\u8d44\u7ec4\u5408\u6ce2\u52a8\uff1b<\/li>\n\n\n\n<li>\u6574\u4e2a\u6295\u8d44\u7ec4\u5408\u5305\u62ec\u80a1\u7968\uff0c\u503a\u5238\uff0c\u623f\u5730\u4ea7\u6295\u8d44\u4fe1\u6258\u6307\u6570\u57fa\u91d1\uff0c\u5927\u5b97\u5546\u54c1\u57fa\u91d1\u4ee5\u53ca\u901a\u8d27\u81a8\u80c0\u4fdd\u503c\u503a\u5238\u7b49\uff1b<\/li>\n\n\n\n<li>\u6ce2\u52a8\u6027\u53ef\u88ab\u5176\u4ed6\u98ce\u9669\u6307\u6807\u66ff\u4ee3\uff0c\u5982\u5bf9\u884c\u60c5\u4e0b\u884c\u7684\u654f\u611f\u5ea6\uff1b<\/li>\n\n\n\n<li>\u5b9a\u671f\u8c03\u6574\u8d44\u4ea7\u914d\u7f6e\uff0c\u4f7f\u6240\u6709\u7ec4\u6210\u90e8\u5206\u5bf9\u6295\u8d44\u7ec4\u5408\u7684\u98ce\u9669\u5177\u6709\u540c\u7b49\u8d21\u732e\u5ea6\uff1b<\/li>\n<\/ol>\n\n\n\n<p>\u98ce\u9669<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u6760\u6760\u98ce\u9669\uff1b<\/li>\n\n\n\n<li>\u5f88\u591a\u7ecf\u6d4e\u9884\u6d4b\u8005\u9884\u6d4b\u589e\u957f\u7f13\u6162\u3001\u975e\u901a\u8d27\u81a8\u80c0\u6027\u7684\u7ecf\u6d4e\u5f62\u52bf\u4f1a\u6301\u7eed\u4e0b\u53bb\uff0c\u5229\u7387\u4fdd\u6301\u5728\u4f4e\u4f4d\uff0c\u4f46\u503a\u5238\u4ea7\u751f\u7684\u6536\u76ca\u7387\u4f1a\u53d8\u4f4e\uff1b\uff08\u4f4e\u98ce\u9669\u8d44\u4ea7\u6536\u76ca\u7387\u4f4e\uff09\uff1b<\/li>\n\n\n\n<li>\u98ce\u9669\u5e73\u4ef7\u6295\u8d44\u7ec4\u5408\u4e2d\u7684\u5176\u4ed6\u8d44\u4ea7\u7c7b\u522b\u672a\u80fd\u4ea7\u751f\u8db3\u591f\u9ad8\u7684\u98ce\u9669\u6ea2\u4ef7\uff0c\u5728\u4e0e\u7ecf\u6d4e\u73af\u5883\u7684\u76f8\u5173\u6027\u4e0a\u4e0d\u5177\u6709\u4e0e\u5176\u8fc7\u53bb\u540c\u7b49\u7684\u76f8\u5173\u7cfb\u6570\uff1b<\/li>\n<\/ol>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u6295\u8d44\u7ec4\u5408\uff081996\u5e746\u6708\uff5e2018\u5e742\u6708\uff09<\/th><th>\u5e74\u5747\u6536\u76ca\u7387\uff08%\uff09<\/th><th>\u6807\u51c6\u5dee\uff08%\uff09<\/th><th>\u590f\u666e\u6bd4\u7387<\/th><\/tr><\/thead><tbody><tr><td>\u6865\u6c34\u5168\u5929\u5019\uff0812%\u7b56\u7565\uff09\u57fa\u91d1<\/td><td>8.21<\/td><td>11.43<\/td><td>0.51<\/td><\/tr><tr><td>\u5148\u950b500\u4e0a\u5c06\u6307\u6570\u57fa\u91d1<\/td><td>8.88<\/td><td>14.93<\/td><td>0.44<\/td><\/tr><tr><td>\u5148\u950b\u6574\u4f53\u80a1\u5e02\u4e0a\u5c06\u6307\u6570\u57fa\u91d1<\/td><td>8.94<\/td><td>15.32<\/td><td>0.43<\/td><\/tr><tr><td>\u5148\u950b\u5e73\u8861\u578b\u4e0a\u5c06\u6307\u6570\u57fa\u91d1<\/td><td>7.78<\/td><td>9.17<\/td><td>0.59<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"blogTitle26\">\u603b\u7ed3\u8bc4\u4ef7<\/h3>\n\n\n\n<p>\u590d\u6742\u5ea6\u7531\u4f4e\u5230\u9ad8\uff0c\u98ce\u9669\u7531\u4f4e\u5230\u9ad8\uff0c\u6536\u76ca\u7387\u7531\u4f4e\u5230\u9ad8<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>60\/40\u6295\u8d44\u7ec4\u5408\uff1b<\/li>\n\n\n\n<li>\u6807\u51c6\u7684\u4ee5\u5e02\u503c\u786e\u5b9a\u80a1\u7968\u6743\u91cd\u7684\u6307\u6570\u57fa\u91d1\uff1b<\/li>\n\n\n\n<li>\u52a0\u6760\u6746\u98ce\u9669\u5e73\u4ef7\u6295\u8d44\u7ec4\u5408\uff1b\uff08\u9690\u542b\u7684\u6760\u6746\u98ce\u9669\uff09<\/li>\n\n\n\n<li>\u591a\u56e0\u7d20\u201c\u806a\u660e\u7684\u03b2\u201d\u57fa\u91d1\uff1b<\/li>\n<\/ol>\n\n\n\n<p><a href=\"https:\/\/www.cnblogs.com\/nightglow\/articles\/18090689\/new_invest_techlogy\">https:\/\/www.cnblogs.com\/nightglow\/articles\/18090689\/new_invest_techlogy<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u7b2c8\u7ae0 \u73b0\u4ee3\u6295\u8d44\u7ec4\u5408\u7406\u8bba \u2026\u2026\u90a3\u4e9b\u5b9e\u5e72\u5bb6\u81ea\u4ee5\u4e3a\u4e0d\u53d7\u4efb\u4f55\u5b66\u7406\u7684\u5f71\u54cd\uff0c\u5374\u5f80\u5f80\u662f\u67d0\u4e2a\u5df2\u6545\u7ecf\u6d4e\u5b66\u5bb6\u7684\u601d\u60f3\u4e4b\u5974\u96b6\uff1b\u800c\u90a3\u4e9b [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-11284","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/11284","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11284"}],"version-history":[{"count":0,"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/11284\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11284"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11284"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11284"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}