{"id":11488,"date":"2026-03-06T10:54:05","date_gmt":"2026-03-06T02:54:05","guid":{"rendered":"https:\/\/www.invbus.com\/blog\/?p=11488"},"modified":"2026-03-06T10:54:05","modified_gmt":"2026-03-06T02:54:05","slug":"%e8%a1%8c%e4%b8%ba%e9%87%91%e8%9e%8d%e5%ad%a6%e6%95%b4%e7%90%86%e5%ae%8c%e6%95%b4%e7%89%88","status":"publish","type":"post","link":"https:\/\/www.invbus.com\/blog\/?p=11488","title":{"rendered":"\u884c\u4e3a\u91d1\u878d\u5b66\u6574\u7406(\u5b8c\u6574\u7248)"},"content":{"rendered":"\n

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4\u3001\u542f\u53d1\u6cd5\uff1a<\/strong><\/p>\n\n\n\n

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5\u3001\u4ee3\u8868\u6027\u542f\u53d1\u5f0f\u4e0e\u504f\u5dee<\/strong><\/p>\n\n\n\n

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6\u3001\u53ef\u5f97\u6027\u542f\u53d1\u4e0e\u504f\u5dee<\/strong><\/p>\n\n\n\n

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1\uff09\u9996\u56e0\u6548\u5e94<\/strong><\/p>\n\n\n\n

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2\uff09\u8fd1\u6548\u5e94<\/strong><\/p>\n\n\n\n

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3\uff09\u663e\u8457\u6027\u504f\u5dee<\/strong><\/p>\n\n\n\n

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7\u3001\u951a\u5b9a\u4e0e\u8c03\u6574\u542f\u53d1\u5f0f<\/p>\n\n\n\n

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1\u3001\u8fc7\u5ea6\u81ea\u4fe1\u7684\u8868\u73b0<\/strong><\/p>\n\n\n\n

1\uff09\u4eba\u4eec\u4f30\u503c\u7684\u7f6e\u4fe1\u533a\u95f4\u592a\u7a84<\/p>\n\n\n\n

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3\uff09\u81ea\u6211\u611f\u89c9\u826f\u597d\u6548\u5e94<\/p>\n\n\n\n

4\uff09\u63a7\u5236\u5e7b\u89c9<\/p>\n\n\n\n

5\uff09\u8fc7\u5ea6\u4e50\u89c2\uff1a\u89c4\u5212\u8c2c\u8bef<\/p>\n\n\n\n

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2\u3001\u963b\u788d\u4eba\u4eec\u4fee\u6b63\u7684\u56e0\u7d20<\/strong><\/p>\n\n\n\n

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\u7b2c\u4e00\u7c7b<\/u><\/strong><\/p>\n\n\n\n

\u5411\u5916\u5f52\u56e0\uff1a\u906d\u53d7\u5931\u8d25\u65f6\u9996\u5148\u627e\u5bfb\u5916\u90e8\u56e0\u7d20\uff0c\u5982\u73af\u5883\u6076\u52a3\uff0c\u8fd0\u6c14\u4e0d\u597d\uff0c\u5e76\u63a8\u5378\u81ea\u8eab\u5e94\u8be5\u5e76\u80fd\u591f\u627f\u62c5\u7684\u8d23\u4efb.<\/p>\n\n\n\n

\u5411\u5185\u5f52\u56e0\uff1a\u906d\u53d7\u5931\u8d25\u65f6\u5148\u53cd\u7701\u81ea\u5df1\u7684\u9519\u8bef\u884c\u4e3a\uff0c\u5e76\u627f\u62c5\u5e94\u8be5\u627f\u62c5\u7684\u8d23\u4efb\u3002<\/p>\n\n\n\n

\u7b2c\u4e8c\u7c7b<\/u><\/strong><\/p>\n\n\n\n

\u5411\u7a33\u5b9a\u56e0\u7d20\u5f52\u56e0\uff1a\u8ba4\u4e3a\u5bfc\u81f4\u5931\u8d25\u7684\u56e0\u7d20\u662f\u4e0d\u53ef\u6539\u53d8\u7684\uff0c\u4e00\u822c\u8ba4\u4e3a\u81ea\u5df1\u80fd\u529b\u4e0d\u591f\u3002<\/p>\n\n\n\n

\u5411\u4e0d\u7a33\u5b9a\u56e0\u7d20\u5f52\u56e0\uff1a\u8ba4\u4e3a\u5bfc\u81f4\u5931\u8d25\u7684\u56e0\u7d20\u662f\u53ef\u4ee5\u6539\u53d8\u7684\uff0c\u4e00\u822c\u8ba4\u4e3a\u81ea\u5df1\u52aa\u529b\u7a0b\u5ea6\u4e0d\u591f\u3002<\/p>\n\n\n\n

\u7b2c\u4e09\u7c7b<\/u><\/strong><\/p>\n\n\n\n

\u5411\u4e0d\u53ef\u63a7\u56e0\u7d20\u5f52\u56e0\uff1a\u8ba4\u4e3a\u81ea\u5df1\u4e0d\u80fd\u591f\u5bf9\u5bfc\u81f4\u5931\u8d25\u7684\u4e0d\u5229\u56e0\u7d20\u6709\u6240\u4f5c\u4e3a\uff0c\u6d88\u6781\u5bf9\u5f85\u3002<\/p>\n\n\n\n

\u5411\u53ef\u63a7\u56e0\u7d20\u5f52\u56e0\uff1a\u8ba4\u4e3a\u81ea\u5df1\u53ef\u4ee5\u6216\u8005\u80fd\u591f\u76f4\u63a5\u6216\u95f4\u63a5\u8f6c\u53d8\u5931\u8d25\u7684\u4e0d\u5229\u56e0\u7d20\uff0c\u80fd\u591f\u79ef\u6781\u5730\u5766\u7136\u5730\u9762\u5bf9\u3002<\/p>\n\n\n\n

2\uff09\u4e8b\u540e\u806a\u660e\u504f\u5dee<\/strong><\/p>\n\n\n\n

\u540e\u89c1\u5224\u65ad\uff08\u5f97\u76ca\u4e8e\u4e8b\u4ef6\u7ed3\u679c\u53cd\u9988\u7684\u5224\u65ad\uff09\u4e0e\u5148\u89c1\u5224\u65ad\uff08\u4e0d\u77e5\u6653\u4e8b\u4ef6\u7ed3\u679c\u65f6\u7684\u5224\u65ad\uff09\u7684\u7cfb\u7edf\u5dee\u5f02\u3002<\/p>\n\n\n\n

\u5373\u6211\u4eec\u5e38\u8bf4\u7684\u4e8b\u540e\u8bf8\u845b\u4eae\uff1a\u6bcf\u5f53\u4e00\u4e2a\u4e8b\u4ef6\u53d1\u751f\u4e4b\u540e\uff0c\u4ed6\u4eec\u603b\u80fd\u627e\u5230\u82e5\u5e72\u7406\u7531\uff0c\u8bc1\u660e\u8fd9\u4e00\u4e8b\u4ef6\u5fc5\u7136\u53d1\u751f\uff0c\u89c9\u5f97\u81ea\u5df1\u201c\u65e9\u5c31\u77e5\u9053\u201d\u67d0\u4e00\u4e8b\u4ef6\uff08\u5982\u7403\u8d5b\u3001\u5a5a\u59fb\u3001\u9009\u4e3e\u7b49\uff09\u4f1a\u51fa\u73b0\u4f55\u79cd\u7ed3\u679c\u3002<\/p>\n\n\n\n

\u4e8b\u5b9e\u4e0a\uff0c\u6bcf\u4e2a\u4eba\u90fd\u6216\u591a\u6216\u5c11\u5730\u5b58\u5728\u6b64\u7c7b\u5fc3\u7406\u504f\u5411\u3002<\/p>\n\n\n\n

3\uff09\u8bc1\u5b9e\u504f\u5dee\u5b9e\u9a8c<\/strong><\/p>\n\n\n\n

\u4e00\u65e6\u4eba\u4eec\u5f62\u6210\u4e00\u4e2a\u4fe1\u5ff5\u8f83\u5f3a\u7684\u5047\u8bbe\u6216\u8bbe\u60f3\uff0c\u4ed6\u4eec\u5c31\u4f1a\u6709\u610f\u8bc6\u5730\u5bfb\u627e\u6709\u5229\u4e8e\u8bc1\u5b9e\u81ea\u8eab\u4fe1\u5ff5\u7684\u5404\u79cd\u8bc1\u636e\uff0c\u4e0d\u518d\u5173\u6ce8\u90a3\u4e9b\u5426\u5b9a\u8be5\u8bbe\u60f3\u7684\u8bc1\u636e\uff0c\u5e76\u4eba\u4e3a\u5730\u626d\u66f2\u65b0\u7684\u4fe1\u606f\u3002<\/p>\n\n\n\n

\u6bd4\u5982\u5973\u751f\u4e70\u8863\u670d\u548c\u5bf9\u81ea\u5df1\u4e2d\u610f\u7684\u7537\uff08\u5973\uff09\u670b\u53cb\u7684\u4e00\u89c1\u949f\u60c5\u3002<\/p>\n\n\n\n

\u8bc1\u4f2a\u7684\u5fc3\u7406\u5f80\u5f80\u88ab\u6211\u4eec\u5ffd\u7565\u3002<\/p>\n\n\n\n

3\u3001\u91d1\u878d\u51b3\u7b56\u8fc7\u5ea6\u81ea\u4fe1\u7684\u542b\u4e49<\/strong><\/p>\n\n\n\n

\u6ce2\u52a8\u7387\u4f1a\u968f\u7740\u8fc7\u5ea6\u81ea\u4fe1\u800c\u589e\u52a0\uff0c\u8fc7\u5ea6\u81ea\u4fe1\u5f15\u8d77\u8f83\u5927\u91cf\u7684\u4ea4\u6613\u6d3b\u52a8\u3002<\/p>\n\n\n\n

1\uff09\u9891\u7e41\u4ea4\u6613\u5bf9\u6295\u8d44\u6536\u76ca\u4e0d\u5229<\/strong><\/p>\n\n\n\n

\u4ea4\u6613\u6210\u672c\u9ad8\u3001\u4e70\uff08\u5356\uff09\u9519\u80a1\u7968<\/p>\n\n\n\n

\u89e3\u91ca\uff1a\u7406\u6027\u6295\u8d44\u8005\u4f1a\u5728\u6700\u5927\u5316\u6536\u76ca\u7684\u540c\u65f6\u6700\u5c0f\u5316\u6240\u627f\u62c5\u7684\u98ce\u9669\u3002\u8fc7\u5ea6\u81ea\u4fe1\u7684\u6295\u8d44\u8005\u4f1a\u9519\u8bef\u5224\u65ad\u5b83\u4eec\u6240\u627f\u62c5\u7684\u98ce\u9669\u7684\u6c34\u5e73\u3002<\/p>\n\n\n\n

Barber and Odean \u7684\u7814\u7a76\u53d1\u73b0\uff0c\u5355\u8eab\u7537\u6027\u7684\u6295\u8d44\u7ec4\u5408\u98ce\u9669\uff08\u6ce2\u52a8\u7387\u548cBeta\u7cfb\u6570\uff09\u6700\u9ad8\uff0c\u5176\u6b21\u662f\u5df2\u5a5a\u7537\u6027\u3001\u5df2\u5a5a\u5973\u6027\u548c\u5355\u8eab\u5973\u6027\u3002\u8fc7\u5ea6\u81ea\u4fe1\u7684\u6295\u8d44\u8005\u53ef\u80fd\u4e0d\u4f1a\u5f88\u597d\u5730\u5206\u6563\u6295\u8d44\u7ec4\u5408\uff0c\u56e0\u4e3a\u4ed6\u4eec\u975e\u5e38\u76f8\u4fe1\u81ea\u5df1\u9009\u62e9\u4e86\u6b63\u786e\u7684\u80a1\u7968 \u3002\u81ea\u8ba4\u4e3a\u6b63\u786e\u7684\u6295\u8d44\u8005\u770b\u4e0d\u5230\u5bf9\u51b2\u98ce\u9669\u7684\u5fc5\u8981\u3002<\/p>\n\n\n\n

\u8fc7\u5ea6\u81ea\u4fe1\u7684\u6295\u8d44\u8005\u5c06\u5728\u5176\u8ba4\u4e3a\u4f1a\u76c8\u5229\u7684\u6295\u8d44\u7b56\u7565\u4e0a\u6295\u5165\u5927\u7b14\u8d44\u91d1\uff0c\u4f46\u662f\u5374\u4f4e\u4f30\u751a\u81f3\u5ffd\u7565\u4e86\u98ce\u9669\u7684\u5b58\u5728 \u3002<\/p>\n\n\n\n

2\uff09\u7f51\u4e0a\u4ea4\u6613\u548c\u6295\u8d44\u7ee9\u6548<\/strong><\/p>\n\n\n\n

Barber and Odean\u8c03\u67e5\u4e861607\u4f4d\u4ece\u7535\u8bdd\u4ea4\u6613\u8f6c\u4e3a\u7f51\u4e0a\u4ea4\u6613\u7684\u6295\u8d44\u8005\u6295\u8d44\u884c\u4e3a\uff0c\u53d1\u73b0\uff0c\u4e92\u8054\u7f51\u7684\u4ea4\u6613\u73af\u5883\u66f4\u52a0\u6076\u5316\u4e86\u6295\u8d44\u8005\u8fc7\u5ea6\u81ea\u4fe1\u95ee\u9898\uff08\u63a7\u5236\u5e7b\u89c9\uff09\uff0c\u5bfc\u81f4\u4e86\u66f4\u52a0\u9891\u7e41\u7684\u4ea4\u6613\uff0c\u6700\u7ec8\u4f7f\u6295\u8d44\u8005\u7684\u56de\u62a5\u4e5f\u51cf\u5c11\u3002<\/p>\n\n\n\n

\u53c2\u4e0e\u7a0b\u5ea6\u52a0\u6df1\u3001\u7f51\u4e0a\u4fe1\u606f\u4e0e\u77e5\u8bc6<\/strong><\/p>\n\n\n\n

\u516d\u3001\u60c5\u7eea\u57fa\u7840<\/strong><\/p>\n\n\n\n

1\u3001\u7406\u6027\u4eba\u5047\u8bbe\uff1a<\/strong>\u4ee5\u8ffd\u6c42\u81ea\u8eab\u5229\u76ca\u6700\u5927\u5316\u4e3a\u76ee\u6807\u7684\u884c\u4e3a\u4e3b\u4f53\u3002\u7406\u6027\u3001\u5ba2\u89c2\u3001\u4e0d\u53d7\u60c5\u7eea\u7684\u5f71\u54cd\u548c\u63a7\u5236<\/p>\n\n\n\n

2\u3001\u60c5\u611f\u542f\u53d1\u5f0f\u504f\u5dee<\/strong><\/p>\n\n\n\n

1\uff09\u60c5\u7eea\u5bf9\u5224\u65ad\u7684\u5f71\u54cd<\/p>\n\n\n\n

\u6b63\u9762\u7684\u60c5\u7eea\u4f7f\u4eba\u503e\u5411\u4e8e\u79ef\u6781\u7684\u5224\u65ad\uff0c\u5e76\u4e50\u4e8e\u4ed8\u8bf8\u884c\u52a8\uff1b\u8d1f\u9762\u7684\u60c5\u7eea\u5219\u4f7f\u4eba\u56de\u5fc6\u4e8b\u7269\u6d88\u6781\u7684\u65b9\u9762\uff0c\u5e76\u5bfc\u81f4\u6d88\u6781\u7684\u9884\u671f\u3002<\/p>\n\n\n\n

2\uff09\u81ea\u6211\u63a7\u5236\uff1a<\/strong>\u4eba\u6e34\u671b\u81ea\u5df1\u80fd\u628a\u63e1\u5c40\u9762\u7684\u9700\u8981\u5728\u7406\u8bba\u4e0a\u88ab\u79f0\u4e3a\u81ea\u6211\u63a7\u5236\u3002<\/p>\n\n\n\n

\u81ea\u6211\u63a7\u5236\u7684\u5b9e\u73b0\u4f1a\u5e26\u6765\u81ea\u6211\u80fd\u529b\u548c\u4ef7\u503c\u5b9e\u73b0\u7684\u6ee1\u8db3\u611f\uff1b\u672a\u80fd\u5b9e\u73b0\u7684\u63a7\u5236\u6b32\u4f1a\u5bf9\u4eba\u7684\u5fc3\u7406\u4ea7\u751f\u6781\u5927\u7684\u8d1f\u9762\u6548\u5e94\uff0c\u6bd4\u5982\u63a7\u5236\u6b32\u51cf\u9000\uff0c\u4ea7\u751f\u6050\u60e7\u548c\u538b\u6291\u611f\u7b49\u3002<\/p>\n\n\n\n

3\u3001\u5f71\u54cd\u91d1\u878d\u51b3\u7b56\u7684\u60c5\u7eea\u2014\u2014\u81ea\u8c6a\u548c\u9057\u61be<\/strong><\/p>\n\n\n\n

1\uff09\u9057\u61be\u7684\u79cd\u7c7b<\/strong><\/p>\n\n\n\n

\u5ffd\u7565\u7684\u9057\u61be\uff1a\u56e0\u4e3a\u6ca1\u6709\u91c7\u53d6\u884c\u52a8\u5bfc\u81f4\u7684\u9057\u61be\u3002<\/p>\n\n\n\n

\u884c\u52a8\u7684\u9057\u61be\uff1a\u56e0\u4e3a\u91c7\u53d6\u4e86\u884c\u52a8\u5bfc\u81f4\u7684\u9057\u61be\u3002<\/p>\n\n\n\n

2\uff09\u5904\u7f6e\u6548\u5e94<\/strong><\/p>\n\n\n\n

\u4eba\u7c7b\u5929\u751f\u5177\u6709\u56de\u907f\u9057\u61be\u548c\u5bfb\u6c42\u81ea\u8c6a\u7684\u5fc3\u7406\u503e\u5411\u3002<\/strong>\u6295\u8d44\u5fc3\u7406\u5b66\u5bb6\u53d1\u73b0\uff0c\u6295\u8d44\u8005\u4e3a\u5bfb\u6c42\u81ea\u8c6a\u4f1a\u503e\u5411\u4e8e\u8fc7\u65e9\u5356\u51fa\u76c8\u5229\u7684\u80a1\u7968\uff0c\u800c\u4e3a\u907f\u514d\u9057\u61be\u800c\u957f\u671f\u6301\u6709\u4e8f\u635f\u7684\u80a1\u7968\uff0c\u8fd9\u79cd\u73b0\u8c61\u88ab\u79f0\u4e3a\u5904\u7f6e\u6548\u5e94\u3002<\/p>\n\n\n\n

\u68c0\u9a8c\u65b9\u6cd51\uff1a\u80a1\u4ef7\u53d8\u5316\u4e0e\u6210\u4ea4\u91cf<\/strong><\/p>\n\n\n\n

Ferris, Hargen and Makhija(1988)\u5206\u6790\u4e86\u7d27\u8ddf\u80a1\u4ef7\u53d8\u5316\u7684\u6210\u4ea4\u91cf\u7684\u53d8\u5316\u3002\u5982\u679c\u6295\u8d44\u8005\u5b58\u5728\u5904\u7f6e\u6548\u5e94\u503e\u5411\uff0c\u4ed6\u4eec\u4f1a\u5728\u80a1\u7968\u4e0b\u8dcc\u65f6\u6301\u6709\u80a1\u7968\u4ee5\u9003\u907f\u9057\u61be\uff0c\u800c\u5728\u80a1\u7968\u4e0a\u6da8\u65f6\u5356\u51fa\u80a1\u7968\u4ee5\u8ffd\u6c42\u81ea\u8c6a\u611f\u3002\u56e0\u6b64\uff0c\u4e0b\u8dcc\u7684\u80a1\u7968\u5e94\u8be5\u6709\u66f4\u5c0f\u7684\u6210\u4ea4\u91cf\uff0c\u4e0a\u6da8\u7684\u80a1\u7968\u5e94\u8be5\u6709\u66f4\u5927\u7684\u6210\u4ea4\u91cf\u3002<\/p>\n\n\n\n

\u5b9e\u9645\u6210\u4ea4\u91cf-\u6b63\u5e38\u6210\u4ea4\u91cf=\u8d85\u5e38\u6210\u4ea4\u91cf<\/strong><\/p>\n\n\n\n

\u7ed3\u679c\u8868\u660e\uff1a\u76c8\u5229\u7684\u80a1\u7968\u6709\u7740\u6b63\u7684\u8d85\u5e38\u4ea4\u6613\u91cf\uff0c\u800c\u4e8f\u635f\u7684\u80a1\u7968\u6709\u7740\u8d1f\u7684\u8d85\u5e38\u4ea4\u6613\u91cf\u3002<\/strong><\/p>\n\n\n\n

\u68c0\u9a8c\u65b9\u6cd52\uff1a\u80a1\u7968\u6301\u6709\u65f6\u95f4\u548c\u6295\u8d44\u56de\u62a5\u4e4b\u95f4\u7684\u5173\u7cfb<\/strong><\/p>\n\n\n\n

\u7814\u7a76\u5047\u8bf4\uff1a\u6839\u636e\u5904\u7f6e\u6548\u5e94\u7406\u8bba\u89c2\u70b9\uff0c\u5982\u679c\u80a1\u4ef7\u4e0a\u6da8\uff0c\u6295\u8d44\u8005\u503e\u5411\u4e8e\u5356\u6389\u5b83\uff1b\u5982\u679c\u80a1\u4ef7\u4e0b\u8dcc\u6216\u8005\u7ef4\u6301\u4e0d\u53d8\uff0c\u6295\u8d44\u8005\u503e\u5411\u4e8e\u7ee7\u7eed\u6301\u6709\u7b49\u5f85\u5176\u4ef7\u683c\u4e0a\u6da8\u3002\u56e0\u6b64\uff0c\u6301\u6709\u671f\u77ed\u7684\u80a1\u7968\u5f88\u53ef\u80fd\u662f\u76c8\u5229\u7684\u80a1\u7968\uff0c\u800c\u6301\u6709\u671f\u8f83\u957f\u7684\u80a1\u7968\u53ef\u80fd\u662f\u8868\u73b0\u4e0d\u4f73\u7684\u80a1\u7968\u3002<\/strong><\/p>\n\n\n\n

3\uff09\u8d4c\u573a\u8d44\u91d1\u6548\u5e94\uff1a\u8d4c\u573a\u6548\u5e94\u2014\u2014\u5c3d\u91cf\u8fd4\u672c\u6548\u5e94\u2014\u2014\u86c7\u54ac\u6548\u5e94<\/strong><\/p>\n\n\n\n

\u5728\u8d5a\u4e86\u94b1\u4e4b\u540e\u611f\u89c9\u662f\u5728\u73a9\u8d4c\u573a\u7684\u94b1\uff0c\u540c\u65f6\u8fdb\u4e00\u6b65\u52a0\u91cd\u5176\u8fc7\u5ea6\u81ea\u4fe1\u7684\u7a0b\u5ea6\uff0c\u5c31\u613f\u610f\u5192\u66f4\u5927\u7684\u98ce\u9669\u2014\u2014\u201c\u8d4c\u573a\u7684\u94b1\u6548\u5e94\u201d \u3002<\/p>\n\n\n\n

\u5931\u8d25\u8005\u5e76\u4e0d\u603b\u662f\u56de\u907f\u98ce\u9669\uff0c\u4eba\u4eec\u901a\u5e38\u4f1a\u6293\u4f4f\u673a\u4f1a\u5f25\u8865\u635f\u5931\u2014\u2014\u201c\u5c3d\u91cf\u8fd4\u672c\u6548\u5e94\u201d\u3002<\/p>\n\n\n\n

\u5728\u7ecf\u5386\u4e86\u4e8f\u635f\u4e4b\u540e\u611f\u89c9\u53d7\u4e86\u4f24\u5bb3\uff0c\u4eba\u4eec\u4f1a\u53d8\u5f97\u4e0d\u613f\u5192\u98ce\u9669\u2014\u2014\u201c\u86c7\u54ac\u6548\u5e94\u201d\u3002<\/p>\n\n\n\n

\u4f8b\uff1a\u5728\u7ecf\u8fc7\u957f\u671f\u7684\u725b\u5e02\u884c\u60c5\u540e\u4eba\u4eec\u4f1a\u4ea7\u751f\u201c\u8d4c\u573a\u7684\u94b1\u6548\u5e94\u201d\uff0c\u800c\u5728\u7ecf\u5386\u4e0b\u8dcc\u884c\u60c5\u540e\uff0c\u6295\u8d44\u8005\u4f1a\u4ea7\u751f\u201c\u5c3d\u91cf\u8fd4\u672c\u6548\u5e94\u201d\uff0c\u56e0\u6b64\u7ee7\u7eed\u6295\u8d44\u7684\u51b2\u52a8\u4e0d\u4f1a\u7acb\u5373\u6d88\u9664\u3002\u5373\u867d\u7136\u80a1\u4ef7\u5df2\u8131\u79bb\u4ef7\u503c\u6216\u8005\u8d8b\u52bf\u4e5f\u5df2\u660e\u663e\u8f6c\u53d8\uff0c\u5728\u80a1\u5e02\u7684\u4e00\u6ce2\u5927\u56de\u8c03\u4e4b\u540e\u603b\u4f1a\u6709\u4e00\u6ce2\u6709\u89c4\u6a21\u7684\u53cd\u5f39\uff0c\u51e0\u4e4e\u6bcf\u6b21\u7684\u80a1\u5e02\u9006\u8f6c\u7684\u5f62\u6001\u603b\u662f\u4ee5M\u5934\u51fa\u73b0\u3002<\/p>\n\n\n\n

\u4e03\u3001\u8bc1\u5238\u5e02\u573a\u4e2d\u7684\u5f02\u8c61<\/strong><\/p>\n\n\n\n

1\u3001\u80a1\u7968\u6ea2\u4ef7\u4e4b\u8c1c<\/strong><\/p>\n\n\n\n

\u6307\u80a1\u7968\u6295\u8d44\u7684\u5386\u53f2\u5e73\u5747\u6536\u76ca\u7387\u76f8\u5bf9\u4e8e\u503a\u5238\u6295\u8d44\u9ad8\u51fa\u5f88\u591a\uff0c\u5e76\u4e14\u65e0\u6cd5\u7528\u6807\u51c6\u91d1\u878d\u7406\u8bba\u4e2d\u7684\u201c\u98ce\u9669\u6ea2\u4ef7\u201d\u505a\u51fa\u89e3\u91ca\u3002<\/p>\n\n\n\n

\u884c\u4e3a\u91d1\u878d\u5b66\u7684\u89e3\u91ca\uff1a<\/strong><\/p>\n\n\n\n

1\uff09 \u566a\u58f0\u4ea4\u6613\u98ce\u9669\uff1a\u4ef7\u683c\u53d7\u5230\u566a\u58f0\u4ea4\u6613\u8005\u5fc3\u7406\u60c5\u7eea\u5f71\u54cd\u7684\u8d44\u4ea7\u5fc5\u7136\u8981\u6bd4\u90a3\u4e9b\u6ca1\u6709\u53d7\u5230\u8fd9\u79cd\u5f71\u54cd\u7684\u8d44\u4ea7\u4e3a\u6295\u8d44\u8005\u5e26\u6765\u66f4\u9ad8\u7684\u56de\u62a5\u3002\u540c\u503a\u5238\u76f8\u6bd4\uff0c\u80a1\u7968\u7684\u4ef7\u683c\u53d7\u5230\u566a\u58f0\u4ea4\u6613\u8005\u5fc3\u7406\u60c5\u7eea\u5f71\u54cd\u7684\u7a0b\u5ea6\u53ef\u80fd\u8981\u5927\u4e00\u4e9b\u3002\u56e0\u6b64\uff0c\u80a1\u7968\u7684\u5b9e\u9645\u56de\u62a5\u5fc5\u7136\u9ad8\u4e8e\u4ed6\u7684\u5185\u5728\u4ef7\u503c\u6240\u5e94\u63d0\u4f9b\u7684\u56de\u62a5\u3002<\/p>\n\n\n\n

2\uff09 \u77ed\u89c6\u6027\u538c\u6076\u635f\u5931\uff1a\u6307\u538c\u6076\u635f\u5931\u4e0e\u77ed\u51b3\u7b56\u8bc4\u4f30\u671f\u9650\u7684\u7ed3\u5408\u5bfc\u81f4\u51b3\u7b56\u8005\u653e\u5f03\u4e00\u4e2a\u957f\u8fdc\u4e0a\u66f4\u597d\u51b3\u7b56\u7684\u73b0\u8c61\u3002\u7531\u4e8e\u77ed\u89c6\u6027\u635f\u5931\u538c\u6076\u4f7f\u5f97\u6295\u8d44\u4e8e\u80a1\u7968\u8981\u6709\u66f4\u9ad8\u7684\u6536\u76ca\u7387\u3002<\/p>\n\n\n\n

2\u3001\u5c01\u95ed\u5f0f\u57fa\u91d1\u4e4b\u8c1c<\/strong><\/p>\n\n\n\n

\u6307\u5c01\u95ed\u5f0f\u57fa\u91d1\u5355\u4f4d\u4efd\u989d\u4ea4\u6613\u7684\u4ef7\u683c\u4e0d\u7b49\u4e8e\u5176\u51c0\u8d44\u4ea7\u73b0\u503c\u3002\u867d\u7136\u6709\u65f6\u5019\u57fa\u91d1\u4efd\u989d\u540c\u8d44\u4ea7\u51c0\u503c\u6bd4\u8f83\u662f\u6ea2\u4ef7\u4ea4\u6613\u3002\u4f46\u662f\uff0c\u5b9e\u8bc1\u8868\u660e\uff0c\u6298\u4ef710%\u81f360%\u5df2\u7ecf\u6210\u4e3a\u4e00\u79cd\u666e\u904d\u7684\u73b0\u8c61\u3002<\/p>\n\n\n\n

\u5c01\u95ed\u5f0f\u57fa\u91d1\u7684\u4ef7\u683c\u6ce2\u52a8\u5728\u5176\u751f\u547d\u5468\u671f\u5185\u5448\u73b0\u51fa\u56db\u9636\u6bb5\u7279\u5f81\uff1a<\/strong><\/p>\n\n\n\n

\u6ea2\u4ef7\u53d1\u884c\u3001\u6298\u4ef7\u4ea4\u6613\u3001\u6298\u4ef7\u7387\u5927\u5e45\u6ce2\u52a8\u3001\u6298\u4ef7\u7f29\u5c0f<\/p>\n\n\n\n

\u5c01\u95ed\u5f0f\u57fa\u91d1\u4e4b\u8c1c\u7684\u4f20\u7edf\u89e3\u91ca\uff1a<\/u><\/strong><\/p>\n\n\n\n

1\uff09\u4ee3\u7406\u6210\u672c\u7406\u8bba<\/p>\n\n\n\n

2\uff09\u8d44\u4ea7\u7684\u6d41\u52a8\u6027\u7f3a\u9677\u7406\u8bba\uff1a\u9650\u5236\u6027\u80a1\u7968\u5047\u8bf4\u3001\u5927\u5b97\u80a1\u7968\u6298\u73b0\u5047\u8bf4<\/p>\n\n\n\n

3\uff09\u8d44\u672c\u5229\u5f97\u7a0e\u7406\u8bba<\/p>\n\n\n\n

4\uff09\u4e1a\u7ee9\u9884\u671f\u7406\u8bba<\/p>\n\n\n\n

\u884c\u4e3a\u91d1\u878d\u5b66\u89e3\u91ca\uff1a<\/u><\/strong><\/p>\n\n\n\n

1\uff09\u5957\u5229\u7684\u6709\u9650\u6027<\/p>\n\n\n\n

\u5728\u73b0\u5b9e\u4e2d\uff0c\u5957\u5229\u65e2\u9700\u8981\u5957\u5229\u8005\u4ed8\u51fa\u6210\u672c\uff0c\u53c8\u9700\u8981\u5176\u627f\u62c5\u98ce\u9669\u3002\u7531\u4e8e\u5957\u5229\u7684\u6709\u9650\u6027\uff0c\u5c01\u95ed\u5f0f\u57fa\u91d1\u6298\u4ef7\u7684\u95ee\u9898\u6ca1\u6709\u88ab\u6d88\u9664\u3002<\/p>\n\n\n\n

2\uff09\u566a\u97f3\u4ea4\u6613\u98ce\u9669<\/p>\n\n\n\n

\u5982\u679c\u566a\u97f3\u4ea4\u6613\u8005\u7684\u4ea4\u6613\u662f\u968f\u673a\u7684\uff0c\u5373\u4ed6\u4eec\u5f7c\u6b64\u4e4b\u95f4\u662f\u72ec\u7acb\u7684\uff0c\u90a3\u4e48\u6574\u4f53\u800c\u8a00\uff0c\u566a\u97f3\u4ea4\u6613\u5bf9\u5e02\u573a\u7684\u5f71\u54cd\u5c06\u4f1a\u975e\u5e38\u6709\u9650\uff0c\u56e0\u4e3a\u4f1a\u76f8\u4e92\u62b5\u6d88\u3002\u4f46\u5e03\u62c9\u5fb7\u00b7\u5df4\u4f2f\u7b49\u8bc1\u660e\u566a\u97f3\u4ea4\u6613\u662f\u7cfb\u7edf\u6027\u7684\uff0c\u56e0\u6b64\uff0c\u566a\u97f3\u4ea4\u6613\u98ce\u9669\u662f\u7cfb\u7edf\u6027\u98ce\u9669\u3002\u6240\u4ee5\u566a\u97f3\u53ef\u4ee5\u8f83\u597d\u5730\u89e3\u91ca\u5c01\u95ed\u5f0f\u57fa\u91d1\u6298\u4ef7\u3002\u5c01\u95ed\u5f0f\u57fa\u91d1\u7684\u6301\u6709\u8005\u5927\u591a\u662f\u4e00\u4e9b\u4e2a\u4f53\u6295\u8d44\u8005\u3002<\/p>\n\n\n\n

3\uff09\u6295\u8d44\u8005\u60c5\u7eea\u7406\u8bba<\/p>\n\n\n\n

Lee\u7b49\u4eba(1991)\u6cbf\u7528DSSW(1990)\u7684\u6a21\u578b\uff0c\u8ba4\u4e3a\u4e2a\u4eba\u6295\u8d44\u4eba\u7684\u60c5\u7eea\u56e0\u7d20\u662f\u5f15\u8d77\u5c01\u95ed\u5f0f\u57fa\u91d1\u4e4b\u8c1c\u7684\u539f\u56e0\u3002\u5f53\u4e2a\u4eba\u6295\u8d44\u4eba\u666e\u904d\u4e50\u89c2\u65f6\uff0c\u4e00\u7a9d\u8702\u7684\u72c2\u70ed\u5c06\u4f7f\u5f97\u57fa\u91d1\u7684\u4ef7\u683c\u76f8\u5bf9\u51c0\u503c\u4e0a\u5347\uff0c\u4e5f\u5c31\u662f\u6298\u4ef7\u5e45\u5ea6\u53d8\u5c0f\uff1b\u76f8\u53cd\uff0c\u5f53\u4e2a\u4eba\u6295\u8d44\u4eba\u666e\u904d\u60b2\u89c2\u65f6\uff0c\u6298\u4ef7\u5e45\u5ea6\u4e5f\u4f1a\u56e0\u6b64\u53d8\u5927\u3002<\/p>\n\n\n\n

3\u3001\u52a8\u91cf\u6548\u5e94\u4e0e\u53cd\u8f6c\u6548\u5e94<\/strong><\/p>\n\n\n\n

\u52a8\u91cf\u6548\u5e94\uff1a\u662f\u6307\u5728\u8f83\u77ed\u65f6\u95f4\u5185\u8868\u73b0\u597d\u7684\u80a1\u7968\u5c06\u4f1a\u6301\u7eed\u5176\u597d\u7684\u8868\u73b0\uff0c\u800c\u8868\u73b0\u4e0d\u597d\u7684\u80a1\u7968\u4e5f\u5c06\u4f1a\u6301\u7eed\u5176\u4e0d\u597d\u7684\u8868\u73b0\u3002<\/p>\n\n\n\n

\u53cd\u8f6c\u6548\u5e94\uff1a\u662f\u6307\u5728\u4e00\u6bb5\u8f83\u957f\u7684\u65f6\u95f4\u5185\uff0c\u8868\u73b0\u5dee\u7684\u80a1\u7968\u6709\u5f3a\u70c8\u7684\u8d8b\u52bf\u5728\u5176\u540e\u7684\u4e00\u6bb5\u65f6\u95f4\u5185\u7ecf\u5386\u76f8\u5f53\u5927\u7684\u597d\u8f6c\uff0c\u800c\u8868\u73b0\u597d\u7684\u80a1\u7968\u5219\u503e\u5411\u4e8e\u5176\u540e\u7684\u65f6\u95f4\u5185\u51fa\u73b0\u5dee\u7684\u8868\u73b0\u3002<\/p>\n\n\n\n

\u5728\u91d1\u878d\u5b9e\u52a1\u4e2d\uff0c\u52a8\u91cf\u6548\u5e94\u548c\u53cd\u8f6c\u6548\u5e94\u79f0\u4e4b\u4e3a\u8d62\u8005\u8f93\u8005\u6548\u5e94<\/strong>\uff08winner-loser effect\uff09\u3002<\/p>\n\n\n\n

\u201c\u8d62\u8005\u8f93\u8005\u6548\u5e94\u201d\u7684\u884c\u4e3a\u91d1\u878d\u89e3\u91ca\uff1a<\/strong><\/p>\n\n\n\n

\u4ee3\u8868\u6027\u542f\u53d1\u53ef\u7528\u4e8e\u89e3\u91ca\u201c\u8d62\u8005\u8f93\u8005\u6548\u5e94\u201d\u3002<\/u><\/strong><\/p>\n\n\n\n

\u6295\u8d44\u8005\u4f9d\u8d56\u4e8e\u8fc7\u53bb\u7684\u7ecf\u9a8c\u6cd5\u5219\u8fdb\u884c\u5224\u65ad\uff0c\u5e76\u5c06\u8fd9\u79cd\u5224\u65ad\u5916\u63a8\u81f3\u5c06\u6765\u3002De bondt and Thaler1985\u8ba4\u4e3a\uff1a\u7531\u4e8e\u4ee3\u8868\u6027\u542f\u53d1\u7684\u5b58\u5728\uff0c\u6295\u8d44\u8005\u5bf9\u8fc7\u53bb\u7684\u8f93\u8005\u7ec4\u5408\u8868\u73b0\u51fa\u8fc7\u5ea6\u7684\u60b2\u89c2\uff0c\u800c\u5bf9\u8fc7\u53bb\u7684\u8d62\u8005\u7ec4\u5408\u8868\u73b0\u51fa\u8fc7\u5ea6\u7684\u4e50\u89c2\uff0c\u5373\u6295\u8d44\u8005\u5bf9\u597d\u6d88\u606f\u548c\u574f\u6d88\u606f\u90fd\u5b58\u5728\u8fc7\u5ea6\u53cd\u5e94\u3002\u8fd9\u5c06\u5bfc\u81f4\u8f93\u8005\u7ec4\u5408\u4ef7\u683c\u88ab\u4f4e\u4f30\uff0c\u800c\u8d62\u8005\u7ec4\u5408\u7684\u4ef7\u683c\u88ab\u9ad8\u4f30\uff0c\u4ef7\u683c\u504f\u79bb\u5404\u81ea\u7684\u57fa\u672c\u4ef7\u503c\u3002<\/p>\n\n\n\n

\u4f46\u662f\uff0c\u9519\u8bef\u5b9a\u4ef7\u4e0d\u4f1a\u6c38\u4e45\u6301\u7eed\u4e0b\u53bb\uff0c\u5728\u4e00\u6bb5\u65f6\u95f4\u4e4b\u540e\uff0c\u9519\u8bef\u5b9a\u4ef7\u5c06\u5f97\u5230\u7ea0\u6b63\u3002\u8f93\u8005\u7ec4\u5408\u7684\u4e1a\u7ee9\u5c06\u4f1a\u8d85\u51fa\u5e02\u573a\u7684\u5e73\u5747\u4e1a\u7ee9\uff0c\u800c\u8d62\u8005\u7ec4\u5408\u7684\u4e1a\u7ee9\u5c06\u4f1a\u4f4e\u4e8e\u5e02\u573a\u7684\u5e73\u5747\u4e1a\u7ee9\u3002<\/p>\n\n\n\n

4\u3001\u89c4\u6a21\u6548\u5e94(Size effect)<\/strong><\/p>\n\n\n\n

\u80a1\u7968\u6536\u76ca\u7387\u4e0e\u516c\u53f8\u5927\u5c0f\u6709\u5173\uff0c\u5373\u80a1\u7968\u6536\u76ca\u7387\u968f\u7740\u516c\u53f8\u89c4\u6a21\u7684\u589e\u5927\u800c\u51cf\u5c11\u3002<\/p>\n\n\n\n

\u7814\u7a76\u8fd8\u53d1\u73b0\uff0c\u5c0f\u76d8\u80a1\u6548\u5e94\u4e0e\u4e00\u6708\u6548\u5e94\u9ad8\u5ea6\u76f8\u5173\uff0c\u66f4\u51c6\u786e\u5730\u8bf4\uff0c\u5c0f\u76d8\u80a1\u6548\u5e94\u5927\u90fd\u53d1\u751f\u5728\u4e00\u6708\uff0c\u800c\u4e00\u6708\u6548\u5e94\u73b0\u8c61\u5219\u4e3b\u8981\u8868\u73b0\u4e3a\u5c0f\u76d8\u80a1\u80a1\u4ef7\u884c\u4e3a\u3002
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1\uff09\u5c0f\u5e02\u503c\u7684\u516c\u53f8\u8d77\u70b9\u901a\u5e38\u6bd4\u8f83\u4f4e\uff0c\u5f53\u9500\u552e\u989d\u589e\u52a0\u6216\u8005\u76c8\u5229\u589e\u52a0\u65f6\uff0c\u6240\u8ba1\u7b97\u51fa\u6765\u7684\u9500\u552e\u589e\u957f\u7387\u6216\u76c8\u5229\u589e\u957f\u7387\u6bd4\u8f83\u9ad8\uff0c\u6295\u8d44\u8005\u53ef\u80fd\u8fc7\u591a\u5173\u6ce8\u589e\u957f\u7387\u7684\u9ad8\u4f4e\u800c\u5ffd\u7565\u4e86\u5c0f\u5e02\u503c\u516c\u53f8\u7684\u4f4e\u8d77\u70b9\uff0c\u4f7f\u5176\u80a1\u7968\u4ef7\u683c\u4e0a\u5347\u5e45\u5ea6\u8f83\u5927\u3002<\/p>\n\n\n\n

2\uff09\u5927\u5e02\u503c\u80a1\u7968\u5f80\u5f80\u56e0\u4e3a\u6295\u8d44\u8005\u8fc7\u4e8e\u5173\u6ce8\uff0c\u800c\u4f7f\u80a1\u7968\u4ef7\u683c\u504f\u9ad8\uff0c\u4e0a\u5347\u4f59\u5730\u8f83\u5c0f\uff0c\u800c\u5c0f\u5e02\u503c\u80a1\u7968\u53ef\u80fd\u4f1a\u56e0\u65e0\u4eba\u5173\u6ce8\u800c\u5e02\u573a\u4ef7\u683c\u76f8\u5bf9\u8f83\u4f4e\u800c\u66f4\u5177\u6709\u5438\u5f15\u529b\u3002<\/p>\n\n\n\n

3\uff09\u5c0f\u5e02\u503c\u80a1\u7968\u56e0\u4e3a\u89c4\u6a21\u8f83\u5c0f\u5bb9\u6613\u53d7\u5230\u5e84\u5bb6\u7684\u64cd\u7eb5\u3002<\/p>\n\n\n\n

5\u3001\u8d26\u9762\u5e02\u503c\u6bd4\u6548\u5e94<\/strong><\/p>\n\n\n\n

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French and Fama<\/strong><\/p>\n\n\n\n

B\/M\u4ee3\u8868\u98ce\u9669<\/strong><\/p>\n\n\n\n

B\/M\u9ad8\u7684\u516c\u53f8\uff0c\u51fa\u73b0\u8d22\u52a1\u56f0\u5883\u7684\u53ef\u80fd\u6027\u5927\uff0c\u98ce\u9669\u6ea2\u4ef7\u9ad8\uff1bB\/M\u4f4e\u7684\u516c\u53f8 \u51fa\u73b0\u8d22\u52a1\u56f0\u5883\u7684\u53ef\u80fd\u6027\u5c0f\uff0c\u98ce\u9669\u6ea2\u4ef7\u4f4e\u3002\u4e0e\u6709\u6548\u5e02\u573a\u5047\u8bf4\u4e00\u81f4\uff0c\u4ee5\u7834\u4ea7\u98ce\u9669\u63ed\u793aB\/M\u6548\u5e94<\/p>\n\n\n\n

Dichev\uff1a<\/strong>\u9ad8\u7834\u4ea7\u98ce\u9669\u2260\u9ad8\u6536\u76ca<\/p>\n\n\n\n

Daneil and Titman\uff1a<\/strong>\u6295\u8d44\u8005\u504f\u597d<\/p>\n\n\n\n

Barberis\uff1a\u4ee5\u53cd\u8f6c\u6548\u5e94\u89e3\u91caB\/M\u6548\u5e94<\/strong><\/p>\n\n\n\n

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6\u3001\u65e5\u5386\u6548\u5e94<\/strong><\/p>\n\n\n\n

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7\u3001\u6307\u6570\u6548\u5e94<\/strong><\/p>\n\n\n\n

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1\uff09\u6295\u8d44\u8005\u60c5\u7eea\u5047\u8bf4<\/strong><\/p>\n\n\n\n

\u8fc7\u5ea6\u81ea\u4fe1<\/u><\/strong><\/p>\n\n\n\n

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\u540e\u6094\u538c\u6076<\/u><\/strong><\/p>\n\n\n\n

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2\uff09\u566a\u58f0\u4ea4\u6613\u5047\u8bf4<\/strong><\/p>\n\n\n\n

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1\u3001\u672c\u5730\u504f\u5dee<\/strong><\/p>\n\n\n\n

\u6295\u8d44\u8005\u5c24\u5176\u662f\u4e2a\u4eba\u6295\u8d44\u8005\u503e\u5411\u5c06\u4ed6\u4eec\u7684\u5927\u90e8\u5206\u8d44\u91d1\u6295\u8d44\u4e8e\u672c\u56fd\u3001\u751a\u81f3\u662f\u672c\u5730\u80a1\u7968\u3002<\/p>\n\n\n\n

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\u5176\u4ed6\u89e3\u91ca\uff1a<\/p>\n\n\n\n

1\uff09\u8ddd\u79bb\u3001\u6587\u5316\u548c\u8bed\u8a00<\/p>\n\n\n\n

2\uff09\u672c\u5730\u6295\u8d44\u548c\u4fe1\u606f\u4f18\u52bf<\/p>\n\n\n\n

3\uff09\u6295\u8d44\u4e8e\u96c7\u4e3b\u5355\u4f4d\u6216\u77e5\u9053\u7684\u54c1\u724c<\/p>\n\n\n\n

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\u4e5d\u3001\u524d\u666f\u7406\u8bba<\/a>\u3001\u6846\u67b6\u548c\u5fc3\u7406\u8d26\u6237<\/strong><\/p>\n\n\n\n

1\u3001\u6536\u76ca\u635f\u5931\u4e0e\u98ce\u9669\u56de\u987e<\/strong><\/p>\n\n\n\n

1\uff09\u4eba\u4eec\u6709\u65f6\u89c4\u907f\u98ce\u9669\uff0c\u6709\u65f6\u5bfb\u6c42\u98ce\u9669\uff1b<\/p>\n\n\n\n

2\uff09\u4eba\u4eec\u6839\u636e\u8d22\u5bcc\u76f8\u5bf9\u4e8e\u53c2\u8003\u70b9\u7684\u589e\u51cf\uff0c\u8bc4\u5224\u524d\u666f\u4f18\u52a3\uff1b\uff08\u53c2\u8003\u70b9\u901a\u5e38\u4e3a\u5f53\u524d\u7684\u8d22\u5bcc\u6c34\u5e73\uff09<\/p>\n\n\n\n

3\uff09\u4eba\u4eec\u4e4b\u6240\u4ee5\u89c4\u907f\u635f\u5931\uff0c\u662f\u56e0\u4e3a\u635f\u5931\u5bf9\u4eba\u9020\u6210\u7684\u5fc3\u7406\u5f71\u54cd\u5927\u4e8e\u6536\u76ca\u3002<\/p>\n\n\n\n

2\u3001\u4ef7\u503c\u51fd\u6570<\/strong><\/p>\n\n\n\n

1\uff09<\/p>\n\n\n\n

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v(z1) \u548c v(z2) \u662f\u51b3\u7b56\u8005\u4e3b\u89c2\u611f\u53d7\u6240\u5f62\u6210\u7684\u4ef7\u503c\uff0c\u5373\u4ef7\u503c\u51fd\u6570\u3002<\/strong><\/p>\n\n\n\n

2\uff09\u4ef7\u503c\u51fd\u6570\u7684\u6307\u6570\u5f62\u5f0f<\/strong><\/p>\n\n\n\n

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3\uff09\u4ef7\u503c\u51fd\u6570\u56fe<\/strong><\/p>\n\n\n\n

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\u53d1\u5e03\u4e8e 2023-02-12 11:23\u30fb\u8d35\u5dde
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