{"id":9199,"date":"2024-11-15T23:29:56","date_gmt":"2024-11-15T15:29:56","guid":{"rendered":"https:\/\/www.invbus.com\/blog\/?p=9199"},"modified":"2024-11-15T23:40:50","modified_gmt":"2024-11-15T15:40:50","slug":"%e9%a3%8e%e9%99%a9%e5%b0%8f%e5%8f%b2%ef%bc%88%e4%ba%8c%e5%8d%81%e4%ba%8c%ef%bc%89%ef%bc%9a%e5%ae%bd%e5%ae%a2%e6%95%99%e7%88%b6%e7%9a%84%e9%bb%91%e8%89%b2%e6%98%9f%e6%9c%9f%e4%b8%80","status":"publish","type":"post","link":"https:\/\/www.invbus.com\/blog\/?p=9199","title":{"rendered":"\u98ce\u9669\u5c0f\u53f2\uff08\u4e8c\u5341\u4e8c\uff09\uff1a\u5bbd\u5ba2\u6559\u7236\u7684\u9ed1\u8272\u661f\u671f\u4e00\u2014\u2014\u7231\u5fb7\u534e\u00b7\u7d22\u666e\uff08\u4e0b\uff09"},"content":{"rendered":"\n<p>\u5728\u524d\u4e00\u671f\u91cc\uff0c\u6211\u4eec\u7684\u6545\u4e8b\u7537\u4e3b\u89d2<strong>\u7231\u5fb7\u534e\u00b7\u7d22\u666e<\/strong>\uff08Edward 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class=\"wp-block-image\"><div class='fancybox-wrapper lazyload-container-unload' data-fancybox='post-images' href='http:\/\/mmsns.qpic.cn\/mmsns\/fGJjwJn886Kr3Omn12rJcYn4ibZ7SsgHrAbQR5kT8TnOkvU0CRuROyg\/0?wx_lazy=1'><img class=\"lazyload lazyload-style-1\" src=\"data:image\/svg+xml;base64,PCEtLUFyZ29uTG9hZGluZy0tPgo8c3ZnIHdpZHRoPSIxIiBoZWlnaHQ9IjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgc3Ryb2tlPSIjZmZmZmZmMDAiPjxnPjwvZz4KPC9zdmc+\"  decoding=\"async\" data-original=\"http:\/\/mmsns.qpic.cn\/mmsns\/fGJjwJn886Kr3Omn12rJcYn4ibZ7SsgHrAbQR5kT8TnOkvU0CRuROyg\/0?wx_lazy=1\" src=\"data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAAAJcEhZcwAADsQAAA7EAZUrDhsAAAANSURBVBhXYzh8+PB\/AAffA0nNPuCLAAAAAElFTkSuQmCC\" alt=\"\u56fe\u7247\"\/><\/div><\/figure>\n\n\n\n<p>\u25b3\u9ed1\u8272\u661f\u671f\u4e00<\/p>\n\n\n\n<p>\u5168\u4e16\u754c\u90fd\u5728\u95ee\u8fd9\u5230\u5e95\u662f\u600e\u4e48\u4e86\uff0c\u4e71\u6210\u4e00\u9505\u7ca5\u7684\u5e02\u573a\u53ea\u5269\u4e0b\u6050\u614c\u4e24\u4e2a\u5b57\uff0c\u5927\u6279\u4ea4\u6613\u8005\u56e0\u4e3a\u65e0\u6cd5\u7ed3\u7b97\u800c\u7834\u4ea7\uff0c\u5f53\u65f6\u7684\u7f8e\u8054\u50a8\u4e3b\u5e2d\u827e\u4f26\u00b7\u683c\u6797\u65af\u6f58\uff08Alan Greenspan\uff09\u4e0d\u5f97\u4e0d\u4e34\u65f6\u53d6\u6d88\u4e86\u6f14\u8bb2\uff0c\u4e00\u65b9\u9762\u5e02\u573a\u4e0a\u51e0\u4e4e\u6240\u6709\u7684\u5927\u673a\u6784\u90fd\u5728\u7ed9\u4ed6\u6253\u7535\u8bdd\uff0c\u53e6\u4e00\u65b9\u9762\u4ed6\u4e5f\u60f3\u77e5\u9053\uff0c\u5e02\u573a\u4f1a\u4e0d\u4f1a\u56e0\u6b64\u800c\u5d29\u6e83\u3002\u636e\u8bf4\u5f53\u65f6\u829d\u52a0\u54e5\u5546\u4e1a\u4ea4\u6613\u6240\u56e0\u4e3a\u65e0\u6cd5\u7ed3\u6e05\u8d26\u76ee\u800c\u9762\u4e34\u5173\u95e8\uff0c\u5982\u679c\u4e0d\u662f\u5927\u9646\u94f6\u884c\u5728\u5f00\u5e02\u524d3\u5206\u949f\u540c\u610f\u652f\u63f4\uff0c10\u670819\u65e5\u8fd9\u4e2a\u201c\u9ed1\u8272\u661f\u671f\u4e00\u201d\uff0c\u6050\u6015\u4f1a\u6bd4\u5982\u4eca\u66f4\u8d1f\u76db\u540d\u3002<\/p>\n\n\n\n<p>\u4eba\u4eec\u67e5\u5230\uff0c\u829d\u52a0\u54e5\u5e02\u573a\u4e0a\u7684\u5927\u5e45\u629b\u538b\uff0c\u51e0\u4e4e\u90fd\u6765\u81ea\u4e8e<strong>\u8bc1\u5238\u7ec4\u5408\u4fdd\u9669<\/strong>\uff08Portfolio Insurance\uff09\u8fd9\u4e2a\u5f53\u65f6\u7684\u65b0\u9c9c\u4e8b\u7269\u3002\u8fd9\u4e2a\u4ea7\u54c1\u662f\u9a6c\u514b\u00b7\u9c81\u5bbe\u65af\u5766\uff08Mark Rubinstein\uff09\u548c\u6d77\u6069\u00b7\u5229\u5170\u5fb7\uff08Hayne Leland\uff09\u4e24\u4e2a\u5b66\u9662\u6d3e\u91d1\u878d\u5927\u5e08\u7684\u6770\u4f5c\u3002\u5728\u4ed6\u4eec\u770b\u6765\uff0c\u4e00\u4efd\u770b\u8dcc\u671f\u6743\u5728\u4e0b\u8dcc\u7684\u5e02\u573a\u4e2d\u7684\u529f\u80fd\uff0c\u4e0e\u4fdd\u9669\u662f\u4e00\u6837\u7684\uff0c\u6bd4\u5982\u6211\u6709\u4e00\u80a1\u6210\u672c\u662f300\u5143\u7684\u8d35\u5dde\u8305\u53f0\u7684\u80a1\u7968\uff0c\u6211\u5f88\u62c5\u5fc3\u5b83\u7684\u4ef7\u683c\u4e0b\u964d\uff0c\u90a3\u4e48\u6211\u5c31\u82b110\u5757\u94b1\u4e70\u5165\u4e00\u4efd\u5141\u8bb8\u6211\u4ee5300\u5143\u7684\u4ef7\u683c\u5356\u6389\u8d35\u5dde\u8305\u53f0\u7684\u770b\u8dcc\u671f\u6743\uff0c\u8fd9\u6837\u5373\u4fbf\u8305\u53f0\u7684\u80a1\u4ef7\u8dcc\u5230290\u5143\u4ee5\u4e0b\uff0c\u6211\u4e5f\u6709\u5229\u53ef\u56fe\uff0c\u5c31\u597d\u50cf\u6211\u7ed9\u81ea\u5df1\u82b1\u4e8610\u5757\u94b1\u4e70\u4e86\u4e00\u4efd\u4fdd\u9669\u3002\u901a\u8fc7\u8bc1\u5238\u7ec4\u5408\u4fdd\u9669\uff0c\u6295\u8d44\u8005\u5728\u4e0a\u6da8\u65f6\u53ef\u4ee5\u901a\u8fc7\u80a1\u7968\u8d5a\u94b1\uff0c\u5728\u4e0b\u8dcc\u65f6\u53ef\u4ee5\u901a\u8fc7\u5356\u7a7a\u8d5a\u94b1\u3002\u8fd9\u6837\u770b\u4f3c\u7a33\u8d5a\u4e0d\u8d54\u7684\u7b56\u7565\u4ece\u7406\u8bba\u4e0a\u6765\u8bb2\u4f1a\u5bf9\u51b2\u98ce\u9669\uff0c\u9501\u5b9a\u4ef7\u683c\u6765\u89c4\u907f\u6ce2\u52a8\uff0c\u4f46\u662f\u5982\u679c\u5355\u8fb9\u4ea4\u6613\u8fc7\u591a\uff0c\u4ee5\u53ca\u6d41\u52a8\u6027\u4e0d\u8db3\u7684\u60c5\u51b5\u4e0b\uff0c\u5c31\u6709\u53ef\u80fd\u6210\u4e3a\u4e00\u573a\u707e\u96be\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><div class='fancybox-wrapper lazyload-container-unload' data-fancybox='post-images' href='http:\/\/mmsns.qpic.cn\/mmsns\/fGJjwJn886Kr3Omn12rJcYn4ibZ7SsgHrdicPiaklKHo4HyfFV0hmICicQ\/0?wx_lazy=1'><img class=\"lazyload lazyload-style-1\" src=\"data:image\/svg+xml;base64,PCEtLUFyZ29uTG9hZGluZy0tPgo8c3ZnIHdpZHRoPSIxIiBoZWlnaHQ9IjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgc3Ryb2tlPSIjZmZmZmZmMDAiPjxnPjwvZz4KPC9zdmc+\"  decoding=\"async\" data-original=\"http:\/\/mmsns.qpic.cn\/mmsns\/fGJjwJn886Kr3Omn12rJcYn4ibZ7SsgHrdicPiaklKHo4HyfFV0hmICicQ\/0?wx_lazy=1\" src=\"data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAAAJcEhZcwAADsQAAA7EAZUrDhsAAAANSURBVBhXYzh8+PB\/AAffA0nNPuCLAAAAAElFTkSuQmCC\" alt=\"\u56fe\u7247\"\/><\/div><\/figure>\n\n\n\n<p>&nbsp;\u25b3\u9a6c\u514b\u00b7\u9c81\u5bbe\u65af\u5766\uff08Mark Rubinstein\uff09<\/p>\n\n\n\n<p>\u800c1987\u5e7410\u670819\u65e5\u4e4b\u524d\uff0c\u80a1\u5e02\u5df2\u7ecf\u4ece\u4e0a\u534a\u5e74\u63a5\u8fd140%\u7684\u6da8\u5e45\u4e2d\u663e\u9732\u51fa\u75b2\u6001\uff0c\u5728\u4e24\u4e2a\u6708\u5185\u9634\u8dcc\u4e8615%\uff0c\u8fd9\u4e00\u5207\u4e3a\u8bc1\u5238\u7ec4\u5408\u4fdd\u9669\u7684\u5356\u7a7a\u521b\u9020\u4e86\u6761\u4ef6\u3002\u800c\u5728\u5f53\u65f6\uff0c\u9c81\u5bbe\u65af\u5766\u548c\u5229\u5170\u5fb7\u7684LOR\u57fa\u91d1\u6709500\u4ebf\u7f8e\u5143\u7684\u8d44\u4ea7\u5728\u5949\u884c\u8fd9\u4e2a\u6295\u8d44\u7b56\u7565\uff0c\u800c\u6574\u4e2a\u5e02\u573a\u7684\u7c7b\u4f3c\u6295\u8d44\u8005\u5219\u5408\u8ba1\u62e5\u67091000\u4ebf\u7f8e\u5143\u3002\u5f53\u6240\u6709\u4eba\u516c\u5f0f\u8ba1\u7b97\u51fa\u6765\u7684\u7ed3\u679c\u5b8c\u5168\u8d8b\u4e8e\u4e00\u81f4\u7684\u65f6\u5019\uff0c\u5c31\u5bfc\u81f4\u4e86\u829d\u52a0\u54e5\u7684\u5929\u91cf\u629b\u5355\uff0c\u800c\u8fd9\u6837\u7684\u629b\u5355\u52bf\u5fc5\u6ca1\u6709\u4ea4\u6613\u7684\u5bf9\u624b\u65b9\u63a5\u76d8\uff0c\u8fd9\u6837\u5c31\u5bfc\u81f4\u4e86\u6301\u7eed\u66f4\u4f4e\u7684\u62a5\u4ef7\uff0c\u518d\u52a0\u4e0a\u80a1\u5e02\u63a8\u6ce2\u52a9\u6f9c\u7684\u5927\u8dcc\uff0c\u6574\u4e2a\u5e02\u573a\u6210\u4e3a\u73af\u73af\u76f8\u6263\u7684\u8d1f\u5411\u53cd\u9988\uff0c\u53ef\u4ee5\u8bf4\u4eba\u4eec\u53ea\u80fd\u76ef\u7740\u6307\u6570\u66b4\u8dcc\uff0c\u800c\u6ca1\u6709\u4efb\u4f55\u529e\u6cd5\u3002<\/p>\n\n\n\n<p>\u7d22\u666e\u770b\u5230\u8fd9\u4e00\u5207\u4e5f\u60ca\u5446\u4e86\uff0c\u4f46\u4ed6\u5f88\u5feb\u5730\u610f\u8bc6\u5230\u4e86\u8bc1\u5238\u7ec4\u5408\u4fdd\u9669\u5728\u5176\u4e2d\u53d1\u6325\u7684\u4f5c\u7528\uff0c\u5e76\u4e14\u610f\u8bc6\u5230\u8fd9\u5176\u4e2d\u5b58\u5728\u7740\u5de8\u5927\u7684<strong>\u5957\u5229<\/strong>\u673a\u4f1a\uff0c\u4e5f\u5c31\u662f\u80a1\u6307\u671f\u8d27\u4e0e\u6210\u5206\u80a1\u4e4b\u95f4\u5b58\u5728\u7740\u77ac\u65f6\u7684\u5de8\u5927\u4ef7\u5dee\uff0c\u5982\u679c\u829d\u52a0\u54e5\u5e02\u573a\u5148\u4e8e\u7ebd\u7ea6\u5e02\u573a\u66b4\u8dcc\uff0c\u90a3\u4e48\u4ed6\u53ef\u4ee5\u901a\u8fc7\u4e70\u5165\u671f\u8d27\u5356\u7a7a\u6210\u5206\u80a1\u53cd\u5411\u5957\u5229\u3002\u5e02\u573a\u4e0a\u7684\u5176\u4ed6\u6295\u8d44\u8005\u8fd8\u6ca1\u6709\u53cd\u5e94\u8fc7\u6765\uff0c\u5468\u4e8c\u65e9\u4e0a\u5e02\u573a\u4f9d\u7136\u4e00\u7bc7\u6101\u4e91\u60e8\u96fe\uff0c\u6307\u6570\u7ee7\u7eed\u4e0b\u8dcc\uff0c\u7d22\u666e\u8d81\u673a\u8d5a\u4e86\u4e0d\u5c11\u94b1\u3002<\/p>\n\n\n\n<p>\u4f46\u662f\u4e0b\u5348\u4e00\u5207\u5c31\u7ed3\u675f\u4e86\u3002\u7f8e\u8054\u50a8\u5f00\u59cb\u5411\u673a\u6784\u6ce8\u5165\u6d41\u52a8\u6027\uff0c\u5230\u4e86\u5468\u4e8c\u6536\u76d8\uff0c\u9053\u6307\u4e0a\u6da8\u4e86100\u591a\u70b9\uff0c\u5468\u4e09\u53c8\u4e0a\u6da8\u4e86180\u591a\u70b9\uff0c\u751a\u81f3\u521b\u9020\u4e86\u5355\u65e5\u6da8\u5e45\u7684\u8bb0\u5f55\u3002\u4e8e\u662f\u5468\u4e00\u7684\u8fd9\u4e00\u6ce2\u66b4\u8dcc\u5c31\u663e\u5f97\u975e\u5e38\u83ab\u540d\u5176\u5999\uff0c\u6ca1\u6709\u4efb\u4f55\u53ef\u6016\u7684\u5229\u7a7a\u6d88\u606f\uff0c\u4e5f\u6ca1\u6709\u4efb\u4f55\u4e0d\u540c\u4ee5\u5f80\u7684\u4e0d\u786e\u5b9a\u4e8b\u4ef6\u53d1\u751f\uff0c\u4e00\u6b21\u66b4\u8dcc\u4e4b\u540e\u4e00\u5207\u53c8\u90fd\u6062\u590d\u6b63\u5e38\uff0c\u6ca1\u4eba\u80fd\u8bf4\u6e05\u5230\u5e95\u51fa\u4e86\u4ec0\u4e48\u4e8b\u60c5\u3002\u800c\u6700\u5927\u7684\u8f93\u5bb6\u6709\u4e24\u4e2a\uff0c\u4e00\u4e2a\u662f\u5c24\u91d1\u00b7\u6cd5\u739b\uff0c\u9ed1\u8272\u661f\u671f\u4e00\u662f\u5bf9\u4ed6\u4ed6\u7684\u6709\u6548\u5e02\u573a\u7406\u8bba\u51e0\u4e4e\u6700\u8d64\u88f8\u88f8\u7684\u5632\u8bbd\uff1b\u800c\u53e6\u4e00\u4e2a\u5c31\u662f\u8bc1\u5238\u7ec4\u5408\u4fdd\u9669\uff0c\u88ab\u4eba\u4eec\u6012\u65a5\u4e3a\u4e00\u5207\u95ee\u9898\u7684\u5143\u51f6\u3002<\/p>\n\n\n\n<p>\u9c81\u5bbe\u65af\u5766\u548c\u51e0\u4e4e\u6240\u6709\u7684\u5bbd\u5ba2\u90fd\u8ba4\u4e3a\uff0c\u8fd9\u4e00\u5207\u6309\u9053\u7406\u5e94\u8be5\u662f\u4e0d\u80fd\u53d1\u751f\u7684\uff0c\u81f3\u5c11\u5728\u7edf\u8ba1\u7684\u4e16\u754c\u91cc\u4e0d\u53ef\u80fd\u3002\u4ed6\u57281995\u5e74\u7684\u8ba1\u7b97\u7ed3\u679c\u663e\u793a\uff0c\u9ed1\u8272\u661f\u671f\u4e00\u662f\u4e00\u4e2a\u201c<strong>27\u4e2a\u6807\u51c6\u5dee\u7684\u4e8b\u4ef6<\/strong>\u201d\uff0c\u4f60\u53ef\u4ee5\u7ed3\u5408\u6b63\u6001\u5206\u5e03\u56fe\u89c2\u5bdf\u4e00\u4e0b\u8fd9\u4e2a\u4e8b\u4ef6\u7684\u542b\u4e49\uff0c\u522b\u5fd8\u4e86\u5e26\u653e\u5927\u955c\u3002\u9c81\u5bbe\u65af\u5766\u81ea\u5df1\u505a\u4e86\u89e3\u91ca\uff0c\u5c31\u662f\u4e8b\u4ef6\u7684\u53d1\u751f\u6982\u7387\u5927\u6982\u662f10\u7684160\u6b21\u65b9\u5206\u4e4b\u4e00\uff0c\u4e5f\u5c31\u662f\u8bf4\u5982\u679c\u6211\u4eec\u4ece\u5b87\u5b99\u8bde\u751f\u5f00\u59cb\u751f\u5b58\u81f3\u4eca\uff0c\u9047\u5230\u9ed1\u8272\u661f\u671f\u4e00\u8fd9\u79cd\u4e8b\u7684\u53ef\u80fd\u6027\u4e5f\u4f4e\u5230\u8352\u8c2c\u3002<\/p>\n\n\n\n<p>\u4f46\u662f\u4e0d\u7ba1\u600e\u4e48\u8bf4\uff0c\u9ed1\u8272\u661f\u671f\u4e00\u6210\u4e3a\u4e86\u6240\u6709\u5bbd\u5ba2\u5fc3\u4e2d\u7684\u5669\u68a6\uf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href=\"http:\/\/mp.weixin.qq.com\/s?__biz=MzI5ODAwNzY1Ng==&amp;mid=2647493287&amp;idx=2&amp;sn=0258069c403e58f02372df23e7b65537&amp;chksm=f49547a0c3e2ceb6e0130df132b47438b858246967a8f1835045adcb9f9a647ed87d07070e16&amp;scene=21#wechat_redirect\" target=\"_blank\" rel=\"noreferrer noopener\">\u98ce\u9669\u5c0f\u53f2\uff08\u5341\u4e5d\uff09\uff1a\u6211\u4e00\u4e2a\u641e\u4fe1\u606f\u8bba\u7684\uff0c\u600e\u4e48\u5c31\u53bb\u7092\u80a1\u4e86\uff1f<\/a><\/p>\n\n\n\n<p><a href=\"http:\/\/mp.weixin.qq.com\/s?__biz=MzI5ODAwNzY1Ng==&amp;mid=2647493270&amp;idx=2&amp;sn=7b33cb443346bcf121fd988e2288440b&amp;chksm=f4954791c3e2ce87e7307b6f92ca814779c1a1054849677d7fbce9c63a0c52b1c1b4d7b7e646&amp;scene=21#wechat_redirect\" target=\"_blank\" rel=\"noreferrer noopener\">\u98ce\u9669\u5c0f\u53f2\uff08\u5341\u516b\uff09\uff1a\u5c24\u91d1\u00b7\u6cd5\u739b\u773c\u4e2d\u7684\u5e02\u573a\u662f\u4ec0\u4e48\u6837\uff1f<\/a><\/p>\n\n\n\n<p><a href=\"http:\/\/mp.weixin.qq.com\/s?__biz=MzI5ODAwNzY1Ng==&amp;mid=2647493232&amp;idx=2&amp;sn=8715d1b4b58991c50b3f393031385152&amp;chksm=f4954777c3e2ce6149ddf5d134ff5b1bf6fd8e8142a62416820c9415ecdafbfb97c18c1aa109&amp;scene=21#wechat_redirect\" target=\"_blank\" rel=\"noreferrer noopener\">\u98ce\u9669\u5c0f\u53f2\uff08\u5341\u4e03\uff09\uff1a\u6e38\u8d70\u7684\u9189\u6c49\u4e0e\u5927\u795e\u8428\u7f2a\u5c14\u68ee<\/a><\/p>\n\n\n\n<p>\u500d\u53d1\u79d1\u6280\u00a0<a href=\"javascript:void(0);\">\u6709\u91d1\u6709\u9669<\/a>\u00a0<em>2017\u5e7401\u670809\u65e5 21:01<\/em><br><a href=\"https:\/\/mp.weixin.qq.com\/s\/06LZ_EH64_Vp-k3Lz6pOWg\">https:\/\/mp.weixin.qq.com\/s\/06LZ_EH64_Vp-k3Lz6pOWg<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u5728\u524d\u4e00\u671f\u91cc\uff0c\u6211\u4eec\u7684\u6545\u4e8b\u7537\u4e3b\u89d2\u7231\u5fb7\u534e\u00b7\u7d22\u666e\uff08Edward Thorp\uff09\u548c\u4ed6\u7684\u666e\u6797\u65af\u987f\u00b7\u7ebd\u6ce2\u7279\u5408\u4f19\u516c\u53f8\uff0c\u5df2\u7ecf\u6210\u4e3a\u534e 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