{"id":12331,"date":"2026-04-24T21:46:00","date_gmt":"2026-04-24T13:46:00","guid":{"rendered":"https:\/\/www.invbus.com\/blog\/?p=12331"},"modified":"2026-05-24T21:47:22","modified_gmt":"2026-05-24T13:47:22","slug":"%e4%bc%aa%e8%b5%84%e4%ba%a7%e9%99%b7%e9%98%b1-%e4%b8%ba%e4%bb%80%e4%b9%88%e4%bd%a0%e8%b6%8a%e5%8a%aa%e5%8a%9b%e6%94%92%e9%92%b1%ef%bc%8c%e5%8d%b4%e8%b6%8a%e8%b4%ab","status":"publish","type":"post","link":"https:\/\/www.invbus.com\/blog\/?p=12331","title":{"rendered":"\u201c\u4f2a\u8d44\u4ea7\u201d\u9677\u9631\u2014\u2014\u4e3a\u4ec0\u4e48\u4f60\u8d8a\u52aa\u529b\u6512\u94b1\uff0c\u5374\u8d8a\u8d2b\u7a77\uff1f7\u7c7b\u5e38\u89c1\u8bef\u533a\u7684\u884c\u4e3a\u7ecf\u6d4e\u5b66\u62c6\u89e3"},"content":{"rendered":"\n<p 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class=\"wp-block-paragraph\"><strong>\u7ed3\u8bba<\/strong>\uff1a<br>\u8f66\u8f86\u662f\u4ee3\u6b65\u5de5\u5177\uff0c\u4e0d\u662f\u8d44\u4ea7\u3002\u4e70\u4e00\u8f86\u53ef\u9760\u7684\u4e8c\u624b\u8f66\uff0c\u5f00\u5230\u62a5\u5e9f\uff0c\u5c06\u7701\u4e0b\u7684\u94b1\u6295\u5165\u751f\u4ea7\u6027\u8d44\u4ea7\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u4f2a\u8d44\u4ea73\uff1a\u8d85\u51fa\u80fd\u529b\u7684\u8c6a\u5b85 \u2014\u2014 \u73b0\u91d1\u6d41\u9501\u5b9a\u4e0e\u201c<a href=\"https:\/\/zhida.zhihu.com\/search?content_id=273055001&amp;content_type=Article&amp;match_order=1&amp;q=%E4%BD%8F%E6%88%BF%E8%B4%AB%E5%9B%B0%E5%8C%96&amp;zhida_source=entity\" target=\"_blank\" rel=\"noreferrer noopener\">\u4f4f\u623f\u8d2b\u56f0\u5316<\/a>\u201d<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u5178\u578b\u60c5\u666f<\/strong>\uff1a\u5bb6\u5ead\u5e74\u6536\u516550\u4e07\uff0c\u5374\u8d2d\u4e70\u603b\u4ef7500\u4e07\u3001\u6708\u4f9b2.5\u4e07\u4ee5\u4e0a\u7684\u4f4f\u623f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u8d22\u52a1\u5206\u6790<\/strong>\uff1a<br>\u4f4f\u623f\u672c\u8eab\u53ef\u4ee5\u662f\u8d44\u4ea7\uff08\u82e5\u51fa\u79df\u4ea7\u751f\u79df\u91d1\uff09\uff0c\u4f46\u81ea\u4f4f\u4f4f\u623f\u672c\u8d28\u4e0a\u662f<strong>\u6d88\u8d39\u54c1<\/strong>\u3002\u5f53\u623f\u8d37\u5360\u5bb6\u5ead\u6536\u5165\u6bd4\u8d85\u8fc740%-50%\uff0c\u5c31\u4f1a\u5f62\u6210<strong>\u73b0\u91d1\u6d41\u9501\u5b9a<\/strong>\u2014\u2014\u4f60\u88ab\u8feb\u7559\u5728\u5f53\u524d\u5de5\u4f5c\uff0c\u65e0\u6cd5\u627f\u62c5\u804c\u4e1a\u8f6c\u6362\u3001\u521b\u4e1a\u6216\u6559\u80b2\u6295\u8d44\u7684\u98ce\u9669\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u771f\u5b9e\u6848\u4f8b<\/strong>\uff1a<br>\u534e\u5c14\u8857\u90a3\u4f4d\u670b\u53cb\uff0c\u56e0\u59bb\u5b50\u575a\u6301\u8d2d\u4e70\u5e26\u6cf3\u6c60\u3001\u5a31\u4e50\u5385\u7684\u522b\u5885\uff0c\u6bcf\u6708\u9ad8\u6602\u6309\u63ed+\u7269\u4e1a+\u5730\u4ea7\u7a0e\uff0c\u8feb\u4f7f\u4ed6\u6301\u7eed\u9ad8\u538b\u5de5\u4f5c\uff0c\u6700\u7ec850\u5c81\u5fc3\u810f\u75c5\u53d1\u3002\u90a3\u680b\u623f\u5b50\u4e0d\u662f\u8d22\u5bcc\uff0c\u800c\u662f<strong>\u7528\u751f\u547d\u652f\u4ed8\u7684\u503a\u52a1<\/strong>\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u5b66\u672f\u6982\u5ff5<\/strong>\uff1a<br>\u8fd9\u88ab\u79f0\u4e3a\u201c\u4f4f\u623f\u8d2b\u56f0\u5316\u201d\uff08Housing Poverty Trap\uff09\u2014\u2014\u8fc7\u9ad8\u7684\u5c45\u4f4f\u6210\u672c\u6324\u5360\u4e86\u6559\u80b2\u3001\u5065\u5eb7\u3001\u6295\u8d44\u7b49\u4e00\u5207\u957f\u671f\u53d1\u5c55\u8d44\u6e90\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u7ed3\u8bba<\/strong>\uff1a<br>\u5c45\u4f4f\u7684\u5c0a\u4e25\u4e0d\u5728\u4e8e\u9762\u79ef\uff0c\u800c\u5728\u4e8e<strong>\u53ef\u652f\u914d\u65f6\u95f4\u7684\u81ea\u7531<\/strong>\u3002\u6309\u63ed\u4e0a\u9650\u4e0d\u8d85\u8fc7\u5bb6\u5ead\u6708\u6536\u5165\u768430%-35%\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u4f2a\u8d44\u4ea74\uff1a\u9ec4\u91d1\u4e0e<a href=\"https:\/\/zhida.zhihu.com\/search?content_id=273055001&amp;content_type=Article&amp;match_order=1&amp;q=%E6%AF%94%E7%89%B9%E5%B8%81&amp;zhida_source=entity\" target=\"_blank\" rel=\"noreferrer noopener\">\u6bd4\u7279\u5e01<\/a>&nbsp;\u2014\u2014 \u4e0d\u4ea7\u751f\u73b0\u91d1\u6d41\u7684\u201c\u6b7b\u8d44\u4ea7\u201d<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u6838\u5fc3\u95ee\u9898<\/strong>\uff1a<br>\u9ec4\u91d1\u548c\u6bd4\u7279\u5e01\u5747\u4e0d\u4ea7\u751f\u4efb\u4f55\u5185\u751f\u73b0\u91d1\u6d41\u3002\u4f60\u4e70\u5165100\u514b\u9ec4\u91d1\uff0c10\u5e74\u540e\u8fd8\u662f100\u514b\u9ec4\u91d1\uff1b\u4e70\u51651\u679a\u6bd4\u7279\u5e01\uff0c10\u5e74\u540e\u8fd8\u662f1\u679a\u6bd4\u7279\u5e01\u3002<br>\u5b83\u4eec\u7684\u4ef7\u683c\u5b8c\u5168\u7531<strong>\u4e0b\u4e00\u4e70\u5bb6\u7684\u51fa\u4ef7<\/strong>\u51b3\u5b9a\uff0c\u5c5e\u4e8e\u5178\u578b\u7684<strong>\u96f6\u548c\u535a\u5f08<\/strong>\u6216<strong>\u8d1f\u548c\u535a\u5f08<\/strong>\uff08\u9700\u652f\u4ed8\u4fdd\u7ba1\u8d39\/\u7535\u8d39\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u4e0e\u751f\u4ea7\u6027\u8d44\u4ea7\u7684\u5bf9\u6bd4<\/strong>\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u4e70\u5165\u4e00\u4ea9\u519c\u7530\uff0c\u6bcf\u5e74\u4ea7\u7cae\u4ea7\u751f\u73b0\u91d1\u6d41\uff1b<\/li>\n\n\n\n<li>\u4e70\u5165\u4e00\u5bb6\u516c\u53f8\u80a1\u7968\uff0c\u516c\u53f8\u6bcf\u5e74\u76c8\u5229\u4ea7\u751f\u5206\u7ea2\u6216\u56de\u8d2d\uff1b<\/li>\n\n\n\n<li>\u9ec4\u91d1\u548c\u6bd4\u7279\u5e01\u5219\u6ca1\u6709\u4efb\u4f55\u201c\u4ea7\u51fa\u201d\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u5386\u53f2\u6570\u636e<\/strong>\uff1a<br>\u957f\u671f\u6765\u770b\uff0c\u9ec4\u91d1\u5e74\u5316\u5b9e\u9645\u56de\u62a5\u7387\uff08\u6263\u9664\u901a\u80c0\uff09\u7ea60%-1%\uff0c\u4e14\u6ce2\u52a8\u6781\u5927\u3002\u800c\u6807\u666e500\u6307\u6570\u767e\u5e74\u5b9e\u9645\u56de\u62a5\u7387\u7ea66.5%-7%\u3002<br>\u798f\u5e03\u65af\u5bcc\u8c6a\u699c\u4e0a\uff0c<strong>\u65e0\u4eba<\/strong>\u662f\u901a\u8fc7\u56e4\u79ef\u8d35\u91d1\u5c5e\u6216\u52a0\u5bc6\u8d27\u5e01\u4e0a\u699c\u7684\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u7ed3\u8bba<\/strong>\uff1a<br>\u9ec4\u91d1\u53ef\u4f5c\u4e3a\u6781\u7aef\u98ce\u9669\u4e0b\u7684\u6781\u5c11\u91cf\u5bf9\u51b2\uff08\u4e0d\u8d85\u8fc7\u8d44\u4ea75%\uff09\uff0c\u6bd4\u7279\u5e01\u5c5e\u4e8e\u9ad8\u98ce\u9669\u6295\u673a\u3002\u5b83\u4eec\u4e0d\u662f\u8d44\u4ea7\uff0c\u800c\u662f<strong>\u6295\u673a\u5de5\u5177<\/strong>\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u4f2a\u8d44\u4ea75\uff1a\u957f\u671f\u56fd\u503a\u4e0e\u8fc7\u5ea6\u73b0\u91d1\u56e4\u79ef \u2014\u2014 \u9690\u6027\u901a\u80c0\u7a0e\u4e0e\u8d2d\u4e70\u529b\u4fb5\u8680<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u5e38\u89c1\u8bef\u533a<\/strong>\uff1a<br>\u201c\u73b0\u91d1\u4e3a\u738b\u201d\u201c\u56fd\u503a\u6700\u5b89\u5168\u201d\u2014\u2014\u8fd9\u79cd\u89c2\u5ff5\u5ffd\u7565\u4e86<strong>\u901a\u8d27\u81a8\u80c0<\/strong>\u548c<strong>\u7a0e\u6536<\/strong>\u4e24\u5927\u9690\u6027\u6740\u624b\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u6570\u636e\u5b9e\u8bc1<\/strong>\uff1a<br>\u5047\u8bbe\u5e74\u901a\u80c03%\uff0c\u5e74\u56fd\u503a\u6536\u76ca\u73872.5%\uff0c\u8fb9\u9645\u7a0e\u738720%\uff0c\u5219\u7a0e\u540e\u5b9e\u9645\u6536\u76ca\u7387\u4e3a\uff1a2.5%\u00d7(1-0.2) &#8211; 3% = -1%\u3002<br>\u4e5f\u5c31\u662f\u8bf4\uff0c\u6bcf\u6301\u6709100\u4e07\u5143\u56fd\u503a\uff0c\u4e00\u5e74\u5b9e\u9645\u8d2d\u4e70\u529b\u635f\u59311\u4e07\u5143\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u957f\u671f\u540e\u679c<\/strong>\uff1a<br>30\u5e74\u524d\u4e00\u5957\u623f\u7684\u4ef7\u683c\uff0c30\u5e74\u540e\u53ef\u80fd\u53ea\u591f\u4e70\u4e00\u4e2a\u536b\u751f\u95f4\u3002\u8fd9\u4e0d\u662f\u5371\u8a00\u8038\u542c\uff0c\u800c\u662f\u5168\u7403\u8d27\u5e01\u957f\u671f\u8d2c\u503c\u7684\u5386\u53f2\u4e8b\u5b9e\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u884c\u4e3a\u91d1\u878d\u5b66\u89e3\u91ca<\/strong>\uff1a<br>\u8fd9\u6e90\u4e8e<strong>\u77ed\u89c6\u635f\u5931\u538c\u6076<\/strong>\u2014\u2014\u4eba\u4eec\u5bb3\u6015\u77ed\u671f\u4ef7\u683c\u6ce2\u52a8\uff08\u5982\u80a1\u5e0210%\u7684\u56de\u8c03\uff09\uff0c\u5374\u5ffd\u89c6\u4e86\u957f\u671f\u8d2d\u4e70\u529b\u7684\u786e\u5b9a\u6027\u635f\u5931\u3002<br>\u8bfa\u8d1d\u5c14\u7ecf\u6d4e\u5b66\u5956\u5f97\u4e3b\u7406\u67e5\u5fb7\u00b7\u585e\u52d2\u6307\u51fa\uff1a<strong>\u901a\u80c0\u662f\u201c\u6700\u9690\u853d\u7684\u7a0e\u6536\u201d<\/strong>\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u7ed3\u8bba<\/strong>\uff1a<br>\u771f\u6b63\u7684\u5b89\u5168\u4e0d\u662f\u201c\u4e0d\u6ce2\u52a8\u201d\uff0c\u800c\u662f\u201c\u8d2d\u4e70\u529b\u4e0d\u7f29\u6c34\u201d\u3002\u914d\u7f6e\u80fd\u201c\u9a91\u5728\u901a\u80c0\u80cc\u4e0a\u201d\u7684\u751f\u4ea7\u6027\u8d44\u4ea7\uff08\u5982\u80a1\u6743\u3001\u623f\u5730\u4ea7REITs\u3001\u901a\u80c0\u6302\u94a9\u503a\u5238\uff09\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u4f2a\u8d44\u4ea76\uff1a\u9ad8\u8d39\u7387\u4e3b\u52a8\u7ba1\u7406\u57fa\u91d1\u4e0e<a href=\"https:\/\/zhida.zhihu.com\/search?content_id=273055001&amp;content_type=Article&amp;match_order=1&amp;q=%E7%BB%93%E6%9E%84%E5%8C%96%E7%90%86%E8%B4%A2%E4%BA%A7%E5%93%81&amp;zhida_source=entity\" target=\"_blank\" rel=\"noreferrer noopener\">\u7ed3\u6784\u5316\u7406\u8d22\u4ea7\u54c1<\/a>&nbsp;\u2014\u2014 \u4ee3\u7406\u6210\u672c\u4e0e\u4fe1\u606f\u4e0d\u5bf9\u79f0<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u5178\u578b\u4ea7\u54c1<\/strong>\uff1a\u7ba1\u7406\u8d391.5%-2.5%\u7684\u4e3b\u52a8\u57fa\u91d1\uff0c\u4ee5\u53ca\u5404\u79cd\u201c\u4fdd\u672c\u9ad8\u6536\u76ca\u201d\u7ed3\u6784\u5316\u4ea7\u54c1\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u5b66\u672f\u6279\u5224<\/strong>\uff1a<br>\u4e3b\u52a8\u7ba1\u7406\u57fa\u91d1\u7684<strong>\u51c0\u6536\u76ca<\/strong>&nbsp;= \u5e02\u573a\u6536\u76ca &#8211; \u7ba1\u7406\u8d39 &#8211; \u4ea4\u6613\u6210\u672c &#8211; \u7a0e\u6536\u635f\u8017\u3002<br>\u5927\u91cf\u5b9e\u8bc1\u7814\u7a76\uff08\u5982\u4f2f\u683c\u3001\u6cd5\u9a6c\u3001\u5f17\u4f26\u5947\uff09\u8868\u660e\uff1a<strong>\u8d85\u8fc790%\u7684\u4e3b\u52a8\u57fa\u91d1\u957f\u671f\u65e0\u6cd5\u8dd1\u8d62\u4f4e\u6210\u672c\u6307\u6570\u57fa\u91d1<\/strong>\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u590d\u5229\u4fb5\u8680\u7684\u60ca\u4eba\u8ba1\u7b97<\/strong>\uff1a<br>\u521d\u59cb\u6295\u8d4410\u4e07\u5143\uff0c\u5e74\u5316\u5e02\u573a\u6536\u76ca8%\uff0c30\u5e74\u540e\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u6307\u6570\u57fa\u91d1\uff08\u8d39\u73870.1%\uff09\uff1a10\u00d71.079\u00b3\u2070\u2248100.6\u4e07\u5143<\/li>\n\n\n\n<li>\u4e3b\u52a8\u57fa\u91d1\uff08\u8d39\u73872%\uff09\uff1a10\u00d71.06\u00b3\u2070\u224857.4\u4e07\u5143<br><strong>43\u4e07\u5143\u5dee\u989d\uff0c\u5c31\u662f\u4ee3\u7406\u6210\u672c<\/strong>\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u7ed3\u6784\u5316\u7406\u8d22\u4ea7\u54c1\u7684\u9677\u9631<\/strong>\uff1a<br>\u5305\u88c5\u7cbe\u7f8e\u7684\u201c\u4fdd\u672c\u201d\u201c\u6302\u94a9\u201d\u201c\u4f18\u5148\u52a3\u540e\u201d\u7b49\u8bbe\u8ba1\uff0c\u5b9e\u8d28\u662f\u5229\u7528<strong>\u4fe1\u606f\u4e0d\u5bf9\u79f0<\/strong>\u4e0e<strong>\u6295\u8d44\u8005\u8ba4\u77e5\u5c40\u9650<\/strong>\uff0c\u5c06\u9ad8\u98ce\u9669\u8d44\u4ea7\u5305\u88c5\u6210\u4f4e\u98ce\u9669\uff0c\u6536\u53d6\u9ad8\u989d\u9500\u552e\u4f63\u91d1\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u7ed3\u8bba<\/strong>\uff1a<br>\u9009\u62e9<strong>\u4f4e\u8d39\u7387\u3001\u9ad8\u6d41\u52a8\u6027\u3001\u900f\u660e\u6301\u4ed3<\/strong>\u7684\u6307\u6570\u57fa\u91d1\u6216ETF\u3002\u4e3b\u52a8\u57fa\u91d1\u51e0\u4e4e\u4e0d\u9002\u5408\u4efb\u4f55\u4e2a\u4eba\u6295\u8d44\u8005\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u4f2a\u8d44\u4ea77\uff1a\u9891\u7e41\u4ea4\u6613 \u2014\u2014 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10:30\u30fb\u5317\u4eac<br><a href=\"https:\/\/zhuanlan.zhihu.com\/p\/2027332585001432606\">https:\/\/zhuanlan.zhihu.com\/p\/2027332585001432606<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u8bb8\u591a\u4eba\u5c06\u8d2b\u7a77\u5f52\u56e0\u4e8e\u201c\u6ca1\u8d76\u4e0a\u98ce\u53e3\u201d\u201c\u6ca1\u4e70\u5230\u817e\u8baf\u3001\u82f9\u679c\u201d\u3002\u4f46\u4e8b\u5b9e\u8fdc\u6bd4\u8fd9\u66f4\u6df1\u523b\uff1a\u771f\u6b63\u81f4\u547d\u7684\uff0c\u4e0d\u662f\u6536\u5165\u4f4e\uff0c\u800c\u662f\u4f60\u62fc\u5c3d\u5168 [&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-12331","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\/12331","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=12331"}],"version-history":[{"count":0,"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/12331\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12331"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12331"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12331"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}