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\u82cf\u4e16\u6c11\u5f53\u5373\u4e3a\u82ac\u514b\u7b7e\u53d1\u4e86 500 \u4e07\u7f8e\u5143\u4fe1\u8d37\u989d\u5ea6\u4ee5\u53ca 15 \u4e07\u7f8e\u5143\u542f\u52a8\u8d44\u91d1\uff0c\u4e8e\u662f\uff0c\u4e00\u4e2a\u540d\u4e3a\u9ed1\u77f3\u8d22\u52a1\u7ba1\u7406\u96c6\u56e2\u7684\u90e8\u95e8\u5728\u9ed1\u77f3\u96c6\u56e2\u65d7\u4e0b\u5efa\u7acb\u8d77\u6765\u3002\u82ac\u514b\u7684\u56e2\u961f\u4e0e\u9ed1\u77f3\u5206\u522b\u6301\u80a1 50%\uff0c\u6700\u521d\uff0c\u4ed6\u4eec\u8fde\u72ec\u7acb\u7684\u5de5\u4f5c\u573a\u6240\u90fd\u6ca1\u6709\uff0c\u53ea\u80fd\u5728\u8d1d\u5c14\u65af\u767b\u7684\u4ea4\u6613\u5927\u5385\u79df\u7528\u4e00\u5757\u5c0f\u573a\u5730\u3002\u4e0d\u8fc7\uff0c\u5f62\u52bf\u53d1\u5c55\u8fdc\u8fdc\u8d85\u51fa\u4e86\u9884\u671f\uff0c\u82ac\u514b\u56e2\u961f\u521a\u5f00\u4e1a\u4e0d\u4e45\u5c31\u8fd8\u6e05\u4e86\u5168\u90e8\u501f\u6b3e\u3002\u5e76\u5728\u4e00\u5e74\u65f6\u95f4\u5185\u5c06\u57fa\u91d1\u7ba1\u7406\u89c4\u6a21\u6269\u5927\u5230\u4e86 27 \u4ebf\u7f8e\u5143\u3002<\/p>\n\n\n\n

\u963f\u62c9\u4e01\u7cfb\u7edf\u7684\u5f00\u53d1<\/h3>\n\n\n\n

\u8fc5\u901f\u5d1b\u8d77\u7684\u5173\u952e\u539f\u56e0\u662f\u4ed6\u4eec\u6240\u5efa\u7acb\u7684\u4e00\u5957\u7535\u8111\u7cfb\u7edf\uff0c\u8fd9\u5957\u7cfb\u7edf\u540e\u6765\u88ab\u547d\u540d\u4e3a\u300c\u8d44\u4ea7\u3001\u8d1f\u503a\u3001\u503a\u52a1\u53ca\u884d\u751f\u54c1\u6295\u8d44\u7f51\u7edc\u300d\uff08asset liability and debt & derivative investment network\uff09\u5176\u6838\u5fc3\u529f\u80fd\u4e94\u4e2a\u5173\u952e\u9996\u5b57\u6bcd\u7ec4\u5408\u8d77\u6765\uff0c\u6784\u6210\u82f1\u6587\uff1aAladdin\uff0c\u9690\u55bb\u300a\u4e00\u5343\u96f6\u4e00\u591c\u300b\u4e2d\u963f\u62c9\u4e01\u795e\u706f\u7684\u795e\u8bdd\u610f\u8c61\uff0c\u5bd3\u610f\u8be5\u7cfb\u7edf\u80fd\u50cf\u795e\u706f\u4e00\u6837\u4e3a\u6295\u8d44\u8005\u63d0\u4f9b\u667a\u6167\u6d1e\u5bdf\u3002<\/p>\n\n\n\n

\u7b2c\u4e00\u4e2a\u7248\u672c\u5728\u4e00\u53f0\u4ef7\u503c\u4e24\u4e07\u7f8e\u5143\u7684\u4f4d\u7cfb\u7edf\u5de5\u4f5c\u7ad9\u4e0a\u7f16\u7801\uff0c\u6446\u653e\u5728\u529e\u516c\u5ba4\u7684\u51b0\u7bb1\u548c\u5496\u5561\u673a\u4e4b\u95f4\u3002\u8fd9\u5957\u4ee5\u73b0\u4ee3\u6280\u672f\u4e3a\u98ce\u9669\u7ba1\u7406\u6280\u672f\u3001\u7528\u6d77\u91cf\u4fe1\u606f\u8ba1\u7b97\u6a21\u578b\u53d6\u4ee3\u4ea4\u6613\u5458\u7ecf\u9a8c\u5224\u65ad\u7684\u7cfb\u7edf\uff0c\u65e0\u7591\u8d70\u5230\u4e86\u65f6\u4ee3\u524d\u5217\uff0c\u82ac\u514b\u56e2\u961f\u7684\u6210\u529f\u5bf9\u9ed1\u77f3\u7684\u82cf\u4e16\u6c11\u6765\u8bf4\u76f8\u5f53\u4e8e\u4e2d\u4e86\u5927\u5956\u3002\u4f46\u4ed6\u4eec\u4e4b\u95f4\u7684\u80a1\u6743\u5173\u7cfb\uff0c\u4e5f\u5f00\u59cb\u8d70\u5411\u51b3\u88c2\u3002<\/p>\n\n\n\n

\u4e0e\u9ed1\u77f3\u96c6\u56e2\u7684\u5206\u9053\u626c\u9573<\/h3>\n\n\n\n

\u7531\u4e8e\u4e1a\u52a1\u89c4\u6a21\u8fc5\u901f\u6269\u5927\uff0c\u82ac\u514b\u62db\u7eb3\u4e86\u66f4\u591a\u4eba\u624d\u5e76\u4e14\u575a\u6301\u4e3a\u65b0\u96c7\u5458\u914d\u80a1\u3002\u8fd9\u4f7f\u5f97\u9ed1\u77f3\u7684\u80a1\u4efd\u88ab\u5feb\u901f\u7a00\u91ca\uff0c\u4ece 50% \u4e0b\u964d\u5230 35%\u3002\u82cf\u4e16\u6c11\u544a\u8bc9\u82ac\u514b\uff0c\u9ed1\u77f3\u4e0d\u53ef\u80fd\u65e0\u4f11\u6b62\u7684\u8f6c\u8ba9\u80a1\u4efd\u3002\u6700\u7ec8\uff0c\u9ed1\u77f3\u5728 1994 \u5e74\u4ee5 2.4 \u4ebf\u7f8e\u5143\u7684\u4ef7\u683c\uff0c\u5c06\u80a1\u6743\u5356\u7ed9\u4e86\u5339\u5179\u5821\u56fd\u5bb6\u94f6\u884c\uff0c\u82cf\u4e16\u6c11\u4e2a\u4eba\u5957\u73b0\u4e86 2500 \u4e07\u7f8e\u5143\uff0c\u5f53\u65f6\u6b63\u503c\u4ed6\u4e0e\u59bb\u5b50\u827e\u4f26\u79bb\u5a5a\u3002<\/p>\n\n\n\n

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\u8d1d\u83b1\u5fb7\u540d\u5b57\u7531\u6765<\/h3>\n\n\n\n

\u82ac\u514b\u56e2\u961f\u4ece\u9ed1\u77f3\u72ec\u7acb\u540e\uff0c\u9700\u8981\u8d77\u4e00\u4e2a\u65b0\u7684\u540d\u5b57\uff0c\u82cf\u4e16\u6c11\u8981\u6c42\u82ac\u514b\u907f\u5f00\u9ed1\u8272\u4e0e\u77f3\u5934\u8fd9\u4e24\u4e2a\u8bcd\u6c47\u3002\u4f46\u82ac\u514b\u5411\u82cf\u4e16\u6c11\u63d0\u51fa\u4e86\u4e00\u4e2a\u7565\u5e26\u5e7d\u9ed8\u7684\u60f3\u6cd5\uff0c\u79f0\u300cJ\u00b7P \u6469\u6839\u4e0e\u6469\u6839\u58eb\u4e39\u5229\u62c6\u5206\u540e\u7684\u53d1\u5c55\u4ea4\u76f8\u8f89\u6620\uff0c\u6240\u4ee5\u4ed6\u51c6\u5907\u542f\u7528\u300d\u9ed1\u5ca9\u300c\u8fd9\u4e2a\u540d\u5b57\u6765\u5411\u9ed1\u77f3\u81f4\u656c\u300d\u3002\u82cf\u4e16\u6c11\u5728\u5b09\u7b11\u4e2d\u540c\u610f\u4e86\u8fd9\u4e2a\u8981\u6c42\uff0c\u8fd9\u5c31\u662f\u8d1d\u83b1\u5fb7\u540d\u5b57\u7684\u7531\u6765\u3002<\/p>\n\n\n\n

\u6b64\u540e\uff0c\u8d1d\u83b1\u5fb7\u8d44\u4ea7\u7ba1\u7406\u89c4\u6a21\u5728 90 \u5e74\u4ee3\u540e\u671f\uff0c\u9010\u6e10\u6500\u5347\u81f3 1650 \u4ebf\u7f8e\u5143\u3002\u4ed6\u4eec\u7684\u8d44\u4ea7\u98ce\u63a7\u7cfb\u7edf\u8d8a\u6765\u8d8a\u88ab\u4f17\u591a\u91d1\u878d\u5de8\u5934\u6240\u4f9d\u8d56\u3002<\/p>\n\n\n\n

\u8d1d\u83b1\u5fb7\u7684\u5feb\u901f\u6269\u5f20\u4e0e\u6280\u672f\u4f18\u52bf<\/h3>\n\n\n\n

1999 \u5e74\uff0c\u8d1d\u83b1\u5fb7\u5728\u7ebd\u4ea4\u6240\u4e0a\u5e02\uff0c\u878d\u8d44\u80fd\u529b\u7684\u8dc3\u5347\u4f7f\u8d1d\u83b1\u5fb7\u62e5\u6709\u4e86\u901a\u8fc7\u76f4\u63a5\u5e76\u8d2d\u5feb\u901f\u6269\u5f20\u89c4\u6a21\u7684\u80fd\u529b\u3002\u8fd9\u662f\u4ece\u533a\u57df\u6027\u8d44\u7ba1\u516c\u53f8\u5411\u5168\u7403\u5de8\u5934\u8f6c\u578b\u7684\u8d77\u70b9\u3002<\/p>\n\n\n\n

2006 \u5e74\u534e\u5c14\u8857\u53d1\u751f\u4e86\u4e00\u4ef6\u4e3e\u8db3\u8f7b\u91cd\u7684\u4e8b\uff0c\u7f8e\u6797\u603b\u88c1\u65af\u5766\u5229\u00b7\u5965\u5c3c\u5c14\u51b3\u5b9a\u51fa\u552e\u7f8e\u6797\u65d7\u4e0b\u5e9e\u5927\u7684\u8d44\u4ea7\u7ba1\u7406\u90e8\u95e8\u3002\u62c9\u91cc\u00b7\u82ac\u514b\u7acb\u523b\u610f\u8bc6\u5230\u8fd9\u662f\u4e00\u4e2a\u5343\u8f7d\u96be\u9022\u7684\u673a\u4f1a\uff0c\u4e8e\u662f\u4ed6\u9080\u8bf7\u5965\u5c3c\u5c14\u5230\u4e0a\u4e1c\u533a\u4e00\u5bb6\u9910\u5385\u5403\u65e9\u9910\u3002\u4e8c\u4eba\u4ec5\u4ec5\u4ea4\u8c08 15 \u5206\u949f\uff0c\u4fbf\u7528\u83dc\u5355\u7b7e\u4e0b\u5408\u5e76\u6848\u6846\u67b6\u3002\u8d1d\u83b1\u5fb7\u6700\u7ec8\u901a\u8fc7\u80a1\u6743\u4e92\u6362\u7684\u65b9\u5f0f\u4e0e\u7f8e\u6797\u8d44\u7ba1\u5408\u5e76\uff0c\u65b0\u516c\u53f8\u540d\u5b57\u4ecd\u7136\u662f\u8d1d\u83b1\u5fb7\uff0c\u5176\u8d44\u4ea7\u7ba1\u7406\u89c4\u6a21\u4e00\u591c\u4e4b\u95f4\u98d9\u5347\u5230\u4e86\u63a5\u8fd1\u4e00\u4e07\u4ebf\u7f8e\u5143\u3002<\/p>\n\n\n\n

\u8d1d\u83b1\u5fb7\u524d 20 \u5e74\u4ee4\u4eba\u96be\u4ee5\u7f6e\u4fe1\u7684\u5feb\u901f\u5d1b\u8d77\u7684\u4e00\u4e2a\u91cd\u8981\u539f\u56e0\u662f\u4ed6\u4eec\u89e3\u51b3\u4e86\u6295\u8d44\u4e70\u5356\u53cc\u65b9\u4fe1\u606f\u5931\u8861\u7684\u95ee\u9898\u3002\u5728\u4f20\u7edf\u6295\u8d44\u4ea4\u6613\u4e2d\uff0c\u4e70\u65b9\u83b7\u53d6\u4fe1\u606f\u7684\u65b9\u5f0f\u51e0\u4e4e\u5168\u90e8\u6765\u81ea\u4e8e\u5356\u65b9\u7684\u8425\u9500\uff0c\u4ece\u5c5e\u5356\u65b9\u9635\u8425\u7684\u6295\u8d44\u94f6\u884c\u5bb6\u3001\u5206\u6790\u5e08\u3001\u4ea4\u6613\u5458\u5784\u65ad\u4e86\u8d44\u4ea7\u5b9a\u4ef7\u7b49\u6838\u5fc3\u80fd\u529b\u3002\u8fd9\u5c31\u50cf\u662f\u53bb\u5e02\u573a\u4e70\u83dc\uff0c\u6211\u4eec\u4e0d\u53ef\u80fd\u6bd4\u5356\u83dc\u7684\u66f4\u61c2\u83dc\u3002\u800c\u8d1d\u83b1\u5fb7\u4f7f\u7528\u963f\u62c9\u4e01\u7cfb\u7edf\u4e3a\u5ba2\u6237\u7ba1\u7406\u6295\u8d44\uff0c\u4f7f\u4f60\u5bf9\u4e00\u9897\u767d\u83dc\u8d28\u91cf\u4e0e\u4ef7\u683c\u7684\u5224\u65ad\u6bd4\u5356\u83dc\u7684\u66f4\u4e13\u4e1a\u3002<\/p>\n\n\n\n

\u91d1\u878d\u5371\u673a\u4e2d\u7684\u6551\u4e16\u4e3b<\/h2>\n\n\n\n

\u8d1d\u83b1\u5fb7\u5728 2008 \u5e74\u91d1\u878d\u5371\u673a\u4e2d\u7684\u5173\u952e\u89d2\u8272<\/h3>\n\n\n\n

2008 \u5e74\u6625\u5929\uff0c\u7f8e\u56fd\u6b63\u5904\u4e8e\u4e00\u573a\u6765\u81ea\u4e09\u5341\u5e74\u4ee3\u5927\u8427\u6761\u4ee5\u6765\uff0c\u6700\u4e25\u91cd\u7684\u7ecf\u6d4e\u5371\u673a\u4e2d\u6700\u5371\u9669\u7684\u65f6\u523b\u3002\u5168\u7f8e\u7b2c\u4e94\u5927\u6295\u8d44\u94f6\u884c\u8d1d\u5c14\u65af\u767b\u8d70\u5230\u4e86\u7edd\u5883\uff0c\u5411\u8054\u90a6\u6cd5\u9662\u7533\u8bf7\u7834\u4ea7\u3002\u8d1d\u5c14\u65af\u767b\u7684\u4ea4\u6613\u5bf9\u8c61\u904d\u5e03\u5168\u7403\uff0c\u5982\u679c\u8d1d\u5c14\u65af\u767b\u5012\u4e0b\uff0c\u6781\u6709\u53ef\u80fd\u5f15\u53d1\u7cfb\u7edf\u6027\u5d29\u6e83\u3002<\/p>\n\n\n\n

\u7f8e\u8054\u50a8\u7d27\u6025\u5f00\u4f1a\uff0c\u5728\u5f53\u5929\u4e0a\u5348 9 \u70b9\uff0c\u5236\u5b9a\u4e86\u4e00\u4e2a\u524d\u6240\u672a\u6709\u7684\u65b9\u6848\uff0c\u6388\u6743\u7ebd\u7ea6\u8054\u90a6\u50a8\u5907\u94f6\u884c\uff0c\u5411\u6469\u6839\u5927\u901a\u63d0\u4f9b 300 \u4ebf\u7f8e\u91d1\u7279\u522b\u8d37\u6b3e\u76f4\u63a5\u6536\u8d2d\u6258\u7ba1\u8d1d\u5c14\u65af\u767b\u3002<\/p>\n\n\n\n

\u6469\u6839\u5927\u901a\u63d0\u51fa\u6bcf\u80a1 2 \u7f8e\u5143\u7684\u6536\u8d2d\u62a5\u4ef7\uff0c\u8fd9\u51e0\u4e4e\u8ba9\u8d1d\u5c14\u65af\u767b\u8463\u4e8b\u4f1a\u5f53\u573a\u8d77\u4e49\uff0c\u8981\u77e5\u9053\uff0c\u8d1d\u5c14\u65af\u767b\u7684\u80a1\u4ef7\u5728 2007 \u5e74\u8fd8\u8fbe\u5230\u8fc7 159 \u7f8e\u5143\u30022 \u7f8e\u5143\u7684\u4ef7\u683c\u5bf9\u4e8e\u8fd9\u5bb6\u62e5\u6709 85 \u5e74\u5386\u53f2\u7684\u8001\u724c\u8c6a\u95e8\u6765\u8bf4\uff0c\u7b80\u76f4\u5c31\u662f\u4fae\u8fb1\uff0c\u800c\u6469\u6839\u5927\u901a\u4e5f\u6709\u4ed6\u4eec\u7684\u62c5\u5fe7\u3002 \u636e\u8bf4\uff0c\u8d1d\u5c14\u65af\u767b\u624b\u91cc\u8fd8\u6301\u6709\u5927\u91cf\u300c\u6d41\u52a8\u6027\u8f83\u5dee\u7684\u623f\u8d37\u7c7b\u8d44\u4ea7\u300d\u3002\u6240\u8c13\u300c\u6d41\u52a8\u6027\u8f83\u5dee\u7684\u623f\u8d37\u7c7b\u8d44\u4ea7\u300d\uff0c\u5728\u6469\u6839\u5927\u901a\u770b\u6765\u6839\u672c\u5c31\u662f\u70b8\u5f39\u3002<\/p>\n\n\n\n

\u884c\u52a8\u5404\u65b9\u5f88\u5feb\u5c31\u8ba4\u8bc6\u5230\uff0c\u8fd9\u573a\u6536\u8d2d\u53ca\u5176\u590d\u6742\uff0c\u6709\u4e24\u4e2a\u95ee\u9898\u6025\u9700\u89e3\u51b3\u3002\u7b2c\u4e00\u662f\u4f30\u503c\u95ee\u9898\uff0c\u7b2c\u4e8c\u662f\u6709\u6bd2\u8d44\u4ea7\u5265\u79bb\u95ee\u9898\u3002\u5168\u534e\u5c14\u8857\u90fd\u77e5\u9053\u8be5\u627e\u8c01\u3002\u7ebd\u7ea6\u8054\u90a6\u50a8\u5907\u94f6\u884c\u884c\u957f\u76d6\u7279\u7eb3\u627e\u5230\u4e86\u62c9\u91cc\u00b7\u82ac\u514b\uff0c\u83b7\u5f97\u7ebd\u7ea6\u8054\u50a8\u7684\u6388\u6743\u540e\uff0c\u8d1d\u83b1\u5fb7\u8fdb\u9a7b\u8d1d\u5c14\u65af\u767b\u5f00\u5c55\u5168\u9762\u6e05\u7b97\u3002<\/p>\n\n\n\n

\u4e8c\u5341\u5e74\u524d\u4ed6\u4eec\u5c31\u662f\u5728\u8fd9\u91cc\u529e\u516c\u7684\uff0c\u90a3\u65f6\u5019\u79df\u7528\u8d1d\u5c14\u65af\u767b\u4ea4\u6613\u5927\u5385\u7684\u529e\u516c\u5ba4\u3002\u6545\u4e8b\u8fdb\u884c\u5230\u8fd9\u91cc\uff0c\u4f60\u4f1a\u53d1\u73b0\u975e\u5e38\u620f\u5267\u5316\u3002\u8981\u77e5\u9053\uff0c\u4ee5\u6551\u706b\u961f\u957f\u5f62\u8c61\u767b\u4e0a\u821e\u53f0\u4e2d\u5fc3\u7684\u62c9\u91cc\u00b7\u82ac\u514b\u662f\u4f4f\u623f\u62b5\u62bc\u8d37\u6b3e\u8bc1\u5238\u9886\u57df\u7edd\u5bf9\u7684\u6559\u7236\u7ea7\u4eba\u7269\uff0c\u4ed6\u672c\u8eab\u5c31\u662f\u6b21\u8d37\u5371\u673a\u7684\u59cb\u4f5c\u4fd1\u8005\u4e4b\u4e00\u3002<\/p>\n\n\n\n

\u5728\u8d1d\u83b1\u5fb7\u7684\u8f85\u52a9\u4e0b\uff0c\u6469\u6839\u5927\u901a\u4ee5\u6bcf\u80a1\u7ea6 10 \u7f8e\u5143\u7684\u4ef7\u683c\u5b8c\u6210\u4e86\u5bf9\u8d1d\u5c14\u65af\u767b\u7684\u6536\u8d2d\uff0c\u8d1d\u5c14\u65af\u767b\u8fd9\u4e2a\u5982\u96f7\u8d2f\u8033\u7684\u540d\u5b57\u5ba3\u544a\u6d88\u4ea1\u3002\u800c\u8d1d\u83b1\u5fb7\u8fd9\u4e2a\u540d\u5b57\u8d8a\u53d1\u54cd\u4eae\uff0c\u7f8e\u56fd\u4e09\u5927\u8bc4\u7ea7\u673a\u6784\uff0c\u6807\u666e\u3001\u7a46\u8fea\u3001\u60e0\u8a89\u66fe\u5bf9\u8d85 90% \u7684\u6b21\u7ea7\u62b5\u62bc\u8d37\u6b3e\u8bc1\u5238\u6388\u4e88 AAA \u8bc4\u7ea7\uff0c\u5728\u6b21\u8d37\u5371\u673a\u4e2d\u58f0\u8a89\u626b\u5730\u3002\u53ef\u4ee5\u8bf4\u5f53\u65f6\u6574\u4e2a\u7f8e\u56fd\u91d1\u878d\u5e02\u573a\u4f30\u503c\u4f53\u7cfb\u5168\u9762\u5d29\u584c\uff0c\u62e5\u6709\u5f3a\u5927\u5206\u6790\u7cfb\u7edf\u7684\u8d1d\u83b1\u5fb7\u6210\u4e3a\u7f8e\u56fd\u6551\u5e02\u8ba1\u5212\u4e2d\u96be\u4ee5\u66ff\u4ee3\u7684\u6267\u884c\u8005\u3002<\/p>\n\n\n\n

\u8d1d\u5c14\u65af\u767b\u3001AIG \u4e0e\u7f8e\u8054\u50a8\u7684\u6551\u5e02\u884c\u52a8<\/h3>\n\n\n\n

2008 \u5e74 9 \u6708\uff0c\u7f8e\u8054\u50a8\u53c8\u5f00\u59cb\u4e86\u53e6\u4e00\u573a\u5f62\u52bf\u66f4\u52a0\u4e25\u5cfb\u7684\u6551\u52a9\u8ba1\u5212\u3002\u7f8e\u56fd\u6700\u5927\u4fdd\u9669\u516c\u53f8\u56fd\u9645\u96c6\u56e2 AIG \u5728\u524d\u4e09\u4e2a\u5b63\u5ea6\u5185\u80a1\u4ef7\u7d2f\u8ba1\u4e0b\u8dcc\u4e86 79%\uff0c\u4e3b\u8981\u539f\u56e0\u662f\u4ed6\u4eec\u6240\u53d1\u884c\u7684 5,270 \u4ebf\u7f8e\u5143\u4fe1\u7528\u8fdd\u7ea6\u4e92\u6362\u6fd2\u4e34\u5d29\u6e83\u3002\u4fe1\u7528\u8fdd\u7ea6\u4e92\u6362\u7b80\u79f0\u4e3a CDS(Credit Default Swap) \u672c\u8d28\u4e0a\u662f\u4e00\u79cd\u4fdd\u9669\u5355\uff0c\u5982\u679c\u503a\u5238\u8fdd\u7ea6\u5c06\u7531 CDS \u6765\u8d54\u4ed8\uff0c\u4f46\u95ee\u9898\u662f\u8d2d\u4e70 CDS \u5e76\u4e0d\u8981\u6c42\u4f60\u6301\u6709\u503a\u5238\u5408\u7ea6\u3002\u8fd9\u5c31\u76f8\u5f53\u4e8e\u4e00\u5927\u7fa4\u6ca1\u6709\u8f66\u7684\u4eba\u53ef\u4ee5\u65e0\u9650\u5236\u7684\u8d2d\u4e70\u8f66\u635f\u9669\uff0c\u5982\u679c\u4e00\u8f86 10 \u4e07\u5143\u7684\u8f66\u51fa\u4e86\u95ee\u9898\uff0c\u4fdd\u9669\u516c\u53f8\u53ef\u80fd\u8981\u8d54\u4ed8 100 \u4e07\u3002<\/p>\n\n\n\n

CDS \u88ab\u8fd9\u7fa4\u5e02\u573a\u8d4c\u5f92\u73a9\u6210\u4e86\u5bf9\u8d4c\u5de5\u5177\uff0c\u5f53\u65f6\u6b21\u8d37\u62b5\u62bc\u503a\u5238\u89c4\u6a21\u7ea6\u4e3a 7 \u4e07\u4ebf\uff0c\u4f46\u662f\u4e3a\u503a\u5238\u62c5\u4fdd\u7684 CDS \u5c45\u7136\u9ad8\u8fbe\u51e0\u5341\u4e07\u4ebf\u3002\u90a3\u65f6\u7f8e\u56fd\u4e00\u5e74\u7684 GDP \u4e5f\u4e0d\u8fc7 13 \u4e07\u4ebf\u3002\u7f8e\u8054\u50a8\u5f88\u5feb\u53d1\u73b0\uff0c\u5982\u679c\u8d1d\u5c14\u65af\u767b\u7684\u95ee\u9898\u662f\u70b8\u5f39\uff0c\u90a3\u4e48 AIG \u7684\u95ee\u9898\u5c31\u662f\u6838\u5f39\u3002<\/p>\n\n\n\n

\u7f8e\u8054\u50a8\u4e0d\u5f97\u4e0d\u6388\u6743 850 \u4ebf\u7f8e\u5143\uff0c\u4ee5\u8d2d\u4e70 79% \u80a1\u6743\u7684\u65b9\u5f0f\u7d27\u6025\u7af9\u5b50 AIG\u3002\u4ece\u67d0\u79cd\u610f\u4e49\u4e0a\u6765\u53d4\uff0c\u662f\u628a AIG \u53d8\u6210\u4e86\u56fd\u4f01\uff0c\u8d1d\u83b1\u5fb7\u53c8\u4e00\u6b21\u83b7\u5f97\u7279\u522b\u6388\u6743\uff0c\u5bf9 AIG \u8fdb\u884c\u5168\u9762\u4f30\u503c\u6e05\u7b97\uff0c\u6210\u4e3a\u7f8e\u8054\u50a8\u6267\u884c\u5bfc\u6f14\u3002<\/p>\n\n\n\n

\u591a\u65b9\u52aa\u529b\u4e4b\u4e0b\uff0c\u5371\u673a\u6700\u7ec8\u5f97\u5230\u904f\u5236\uff0c\u5728\u6b21\u8d37\u5371\u673a\u4e2d\uff0c\u8d1d\u83b1\u5fb7\u8fd8\u88ab\u7f8e\u8054\u50a8\u6388\u6743\u64cd\u4f5c\u5bf9\u82b1\u65d7\u94f6\u884c\u7684\u6551\u52a9\uff0c\u4ee5\u53ca\u76d1\u7ba1\u4e24\u623f 5 \u4e07\u4ebf\u7f8e\u5143\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\u3002\u62c9\u91cc\u00b7\u82ac\u514b\u88ab\u516c\u8ba4\u4e3a\u65b0\u4e00\u4ee3\u534e\u5c14\u8857\u4e4b\u738b\uff0c\u4ed6\u4e0e\u7f8e\u56fd\u8d22\u653f\u90e8\u957f\u4fdd\u5c14\u68ee\uff0c\u7ebd\u7ea6\u8054\u50a8\u884c\u957f\u76d6\u7279\u7eb3\u5efa\u7acb\u7d27\u5bc6\u8054\u7cfb\u3002<\/p>\n\n\n\n

\u76d6\u7279\u7eb3\u540e\u6765\u53c8\u63a5\u66ff\u4fdd\u5c14\u68ee\u6210\u4e3a\u65b0\u4e00\u5c4a\u8d22\u653f\u90e8\u957f\uff0c\u62c9\u91cc\u00b7\u82ac\u514b\u5219\u88ab\u620f\u79f0\u4e3a\u7f8e\u56fd\u5730\u4e0b\u8d22\u653f\u90e8\u957f\uff0c\u8d1d\u83b1\u5fb7\u4ece\u4e00\u4e2a\u76f8\u5bf9\u7eaf\u7cb9\u7684\u91d1\u878d\u4f01\u4e1a\u8d70\u5411\u4ea6\u653f\u4ea6\u5546\u3002<\/p>\n\n\n\n

\u5168\u7403\u8d44\u672c\u5de8\u5934\u7684\u8bde\u751f<\/h2>\n\n\n\n

\u6536\u8d2d\u5df4\u514b\u83b1\u8d44\u7ba1\u4e0e ETF \u5e02\u573a\u7684\u4e3b\u5bfc\u5730\u4f4d<\/h3>\n\n\n\n

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\u6700\u7ec8\u8d1d\u83b1\u5fb7\u4ee5 135 \u4ebf\u7f8e\u5143\u4ef7\u683c\u5c06\u5df4\u514b\u83b1\u8d44\u7ba1\u7eb3\u5165\u7248\u56fe\u3002\u8fd9\u7b14\u4ea4\u6613\u88ab\u8ba4\u4e3a\u662f\u8d1d\u83b1\u5fb7\u53d1\u5c55\u53f2\u4e0a\uff0c\u6700\u5177\u6218\u7565\u610f\u4e49\u7684\u5e76\u8d2d\uff0c\u56e0\u4e3a\u5df4\u514b\u83b1\u8d44\u7ba1\u6240\u8f96\u7684\u5b89\u7855\u662f\u5f53\u65f6\u5168\u7403\u6700\u5927\u7684\u4ea4\u6613\u578b\u5f00\u653e\u5f0f\u6307\u6570\u57fa\u91d1\u53d1\u884c\u5546.<\/p>\n\n\n\n

\u4ea4\u6613\u578b\u5f00\u653e\u5f0f\u6307\u6570\u57fa\u91d1\uff0c\u6709\u4e00\u4e2a\u66f4\u52a0\u7b80\u6d01\u7684\u79f0\u547c\uff1aETF(Exchange-Traded Fund)\u3002\u81ea\u4e92\u8054\u7f51\u6ce1\u6cab\u7834\u88c2\u4ee5\u6765\uff0c\u88ab\u52a8\u6295\u8d44\u7406\u5ff5\u52a0\u901f\u666e\u53ca\uff0c\u5168\u7403 ETF \u89c4\u6a21\u9010\u6e10\u7a81\u7834\u4e86 15 \u4e07\u4ebf\uff0c\u5c06\u5b89\u7855\u6536\u5165\u56ca\u4e2d\u3002\u4f7f\u8d1d\u83b1\u5fb7\u4e00\u5ea6\u5360\u636e\u7f8e\u56fd ETF \u5e02\u573a\u4efd\u989d\u7684 40%\uff0c\u5de8\u5927\u7684\u8d44\u91d1\u4f53\u91cf\u51b3\u5b9a\u4e86\u5fc5\u987b\u5e7f\u6cdb\u914d\u7f6e\u8d44\u4ea7\u4ee5\u5206\u6563\u98ce\u9669\u3002<\/p>\n\n\n\n

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\u8d44\u672c\u79e9\u5e8f\u7684\u638c\u706f\u8005<\/h2>\n\n\n\n

2020 \u5e74\uff0c\u53c8\u4e00\u6b21\u5e02\u573a\u5371\u673a\u4e2d\uff0c\u7f8e\u8054\u50a8\u6269\u8868 3 \u4e07\u4ebf\u6551\u5e02\uff0c\u8d1d\u83b1\u5fb7\u518d\u6b21\u5145\u5f53\u7f8e\u8054\u50a8\u5fa1\u7528\u7ba1\u5bb6\uff0c\u63a5\u7ba1\u516c\u53f8\u503a\u8d2d\u4e70\u8ba1\u5212\uff0c\u591a\u4f4d\u8d1d\u83b1\u5fb7\u9ad8\u7ba1\u79bb\u804c\u540e\u8fdb\u5165\u7f8e\u56fd\u8d22\u653f\u90e8\u4ee5\u53ca\u7f8e\u8054\u50a8\u4efb\u804c\u3002\u800c\u7f8e\u56fd\u8d22\u653f\u90e8\u4e0e\u7f8e\u8054\u50a8\u5b98\u5458\u79bb\u804c\u540e\u53c8\u5728\u8d1d\u83b1\u5fb7\u4efb\u804c\uff0c\u8fd9\u79cd\u653f\u5546\u4eba\u5458\u9891\u7e41\u53cc\u5411\u6d41\u52a8\u7684\u300c\u65cb\u8f6c\u95e8\u300d\u73b0\u8c61\u5f15\u8d77\u975e\u5e38\u5f3a\u70c8\u7684\u8206\u8bba\u8d28\u7591\u3002\u4e00\u4f4d\u8d1d\u83b1\u5fb7\u5458\u5de5\u66fe\u7ecf\u505a\u51fa\u8bc4\u4ef7\uff0c\u300c\u867d\u7136\u6211\u4e0d\u559c\u6b22\u62c9\u91cc\u00b7\u82ac\u514b\uff0c\u4f46\u662f\u4ed6\u5982\u679c\u79bb\u5f00\u4e86\u8d1d\u83b1\u5fb7\uff0c\u90a3\u5c31\u50cf\u5f17\u683c\u68ee\u79bb\u5f00\u4e86\u66fc\u8054\u300d\u3002\u5982\u4eca\uff0c\u8d1d\u83b1\u5fb7\u8d44\u4ea7\u7ba1\u7406\u89c4\u6a21\u5df2\u7ecf\u7a81\u7834 115 \u4e07\u4ebf\u7f8e\u5143\u3002\u62c9\u91cc\u00b7\u82ac\u514b\u6e38\u8d70\u653f\u5546\u4e24\u5c4a\u4ee4\u534e\u5c14\u8857\u671b\u800c\u751f\u754f\uff0c\u8fd9\u79cd\u53cc\u91cd\u6a58\u8272\u5370\u8bc1\u4e86\u4ed6\u5bf9\u884c\u4e1a\u7684\u6df1\u523b\u7406\u89e3\u3002<\/p>\n\n\n\n

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\u94fe\u6355\u624b2025-04-17 12:30
https:\/\/foresightnews.pro\/article\/detail\/82687<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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