{"id":7267,"date":"2014-12-27T09:30:13","date_gmt":"2014-12-27T09:30:13","guid":{"rendered":"http:\/\/www.fortunetimes.sg\/cn\/?p=7267"},"modified":"2019-07-31T18:15:44","modified_gmt":"2019-07-31T10:15:44","slug":"e98791e89e8de5a4a7e9b384e7b4a2e7bd97e696afe79a84e58d81e4ba8ce69da1e68a95e8b584e6b395e58899","status":"publish","type":"post","link":"https:\/\/az.c.adneti.net\/cn\/?p=7267","title":{"rendered":"\u91d1\u878d\u5927\u9cc4\u7d22\u7f57\u65af\u7684\u5341\u4e8c\u6761\u6295\u8d44\u6cd5\u5219"},"content":{"rendered":"

\u636e\u8d22\u8054\u793e\u62a5\u9053\uff0c\u6295\u8d44\u5927\u5e08\u7d22\u7f57\u65af\u5206\u4eab\u4e86\u81ea\u5df1\u7684\u6295\u8d44\u7ecf\u9a8c\u3002\u4e0b\u9762\u4ecb\u7ecd\u4e00\u4e0b\u4ed6\u8ba4\u4e3a\u6700\u91cd\u8981\u7684\u5341\u4e8c\u6761\u6295\u8d44\u6cd5\u5219\uff0c\u7d22\u7f57\u65af\u8ba4\u4e3a\u6700\u91cd\u8981\u7684\u662f\u8981\u8ba4\u8bc6\u5230\u81ea\u5df1\u7684\u9519\u8bef\u3002<\/span><\/p>\n

1)\u300c\u8d5a\u94b1\uff0c\u8981\u4f9d\u9760\u6b63\u5e38\u4ef7\u503c\u7684\u5546\u54c1\u51fa\u73b0\u6298\u6263\u4ee5\u53ca\u62bc\u6ce8\u610f\u5916\u4e8b\u4ef6\u3002\u300d\u5982\u5176\u5b83\u4f1f\u5927\u7684\u6295\u8d44\u8005\u4e00\u6837\uff0c\u7d22\u7f57\u65af\u975e\u5e38\u5173\u6ce8\u300c\u9884\u671f\u5185\u4ef7\u503c\u300d\u3002\u9884\u671f\u5185\u4ef7\u503c\u76f8\u5f53\u4e8e\u6f5c\u5728\u6295\u8d44\u7ed3\u679c\u7684\u5e73\u5747\u6743\u91cd\u4ef7\u503c\u3002\u4e00\u4e2a\u4e0e\u5927\u591a\u6570\u4eba\u4e0d\u540c\u7684\u6295\u8d44\u7406\u5ff5\u53ea\u6709\u5728\u9884\u671f\u5185\u4ef7\u503c\u79ef\u6781\u7684\u65f6\u5019\u624d\u662f\u660e\u667a\u7684\u3002\u4e00\u65b9\u9762\uff0c\u7d22\u7f57\u65af\u80fd\u591f\u6bd4\u5176\u4ed6\u6295\u8d44\u8005\u505a\u51fa\u66f4\u5de8\u5927\u7684\u62bc\u6ce8\u3002\u53e6\u4e00\u65b9\u9762\uff0c\u5728\u6295\u8d44\u8fc7\u7a0b\u7684\u5904\u7406\u4e0a\uff0c\u7d22\u7f57\u65af\u4e0e\u5176\u4ed6\u6295\u8d44\u8005\u5e76\u65e0\u6839\u672c\u4e0a\u7684\u533a\u522b\u3002<\/span><\/p>\n

2)\u300c\u91d1\u878d\u5e02\u573a\u901a\u5e38\u662f\u4e0d\u53ef\u9884\u6d4b\u7684\uff0c\u6240\u4ee5\u4e00\u4e2a\u6295\u8d44\u8005\u9700\u8981\u6709\u5404\u79cd\u4e0d\u540c\u7684\u9884\u5148\u60c5\u666f\u5047\u8bbe\u3002\u300d\u5e02\u573a\u300c\u65f6\u800c\u300d\u53ef\u4ee5\u9884\u6d4b\uff0c\u4f46\u8fd9\u5e76\u4e0d\u610f\u5473\u7740\u5e02\u573a\u300c\u603b\u662f\u300d\u4e0d\u53ef\u9884\u6d4b\u3002\u5982\u679c\u4e00\u4e2a\u6295\u8d44\u8005\u5f88\u6709\u8010\u5fc3\uff0c\u80fd\u591f\u7b49\u5f85\u4e00\u4e2a\u6210\u529f\u62bc\u6ce8\u5b9a\u4ef7\u504f\u5dee\u7684\u673a\u4f1a\uff0c\u90a3\u4e48\u4ed6\u5c31\u80fd\u591f\u51fb\u8d25\u5e02\u573a\u3002 <\/span><\/p>\n

3) \u300c\u6700\u96be\u5224\u65ad\u7684\u4e8b\u60c5\u662f\uff1a\u98ce\u9669\u8fbe\u5230\u4ec0\u4e48\u6c34\u5e73\u662f\u5b89\u5168\u7684\u3002\u300d\u98ce\u9669\u662f\u4f60\u906d\u53d7\u635f\u5931\u7684\u53ef\u80fd\u6027\u3002\u6709\u4e09\u79cd\u60c5\u51b5\u5fc5\u987b\u8981\u9762\u5bf9\uff1a<\/span>a.\u6709\u65f6\u4f60\u77e5\u9053\u98ce\u9669\u4e8b\u4ef6\u7684\u81ea\u7136\u7279\u6027\u548c\u53ef\u80fd\u6027<\/span>(\u6bd4\u5982\u8bf4\u6254\u786c\u5e01<\/span>);b. \u6709\u65f6\u5019\u4f60\u53ea\u77e5\u9053\u8fd9\u4e2a\u4e8b\u4ef6\u7684\u7279\u6027\uff0c\u4f46\u4e0d\u77e5\u9053\u5176\u53ef\u80fd\u6027<\/span>(\u6bd4\u5982\u4e00\u53ea\u6307\u5b9a\u80a1\u7968<\/span>20\u5e74\u5185\u7684\u4ef7\u683c<\/span>);c. \u6709\u65f6\u5019\u4f60\u751a\u81f3\u8fde\u672a\u6765\u53ef\u80fd\u4f24\u5bb3\u5230\u81ea\u5df1\u7684\u4e8b\u4ef6\u7279\u6027\u90fd\u4e0d\u6e05\u695a<\/span>(\u6bd4\u5982\u6076\u6027\u9ed1\u5929\u9e45\u4e8b\u4ef6<\/span>)\u3002\u7d22\u7f57\u65af\u66fe\u8868\u793a\uff0c\u8fd9\u4e9b\u51b3\u5b9a\u662f\u5728\u4e00\u5b9a\u7684\u73af\u5883\u4e0b\u505a\u51fa\u7684\uff0c\u8fd9\u79cd\u73af\u5883\u53ef\u80fd\u662f\uff1a\u4f60\u6709\u8bb8\u591a\u53cd\u9988\u56de\u8def\uff0c\u5176\u4e2d\u6709\u4e9b\u662f\u79ef\u6781\u7684\uff0c\u6709\u4e9b\u662f\u6d88\u6781\u7684\uff0c\u8fd9\u4e9b\u53cd\u9988\u4e92\u76f8\u4e4b\u95f4\u4f5c\u7528\uff0c\u4ea7\u751f\u51fa\u5927\u591a\u6570\u65f6\u671f\u5185\u76db\u884c\u4e00\u65f6\u7684\u975e\u5e38\u89c4\u4ef7\u683c\u6a21\u5f0f<\/span>;\u4f46\u662f\u5728\u4e2a\u522b\u60c5\u51b5\u4e2d\uff0c\u4e00\u4e9b\u6ce1\u6cab\u7684\u53d1\u5c55\u91ca\u653e\u4e86\u5176\u5168\u90e8\u7684\u6f5c\u80fd\uff0c\u4ee5\u81f3\u4e8e\u63a9\u76d6\u4e86\u5176\u5b83\u5f71\u54cd\u56e0\u7d20\u7684\u4f5c\u7528\u3002\u60f3\u8981\u300c\u5b89\u5168\u300d\uff0c\u6700\u597d\u7684\u65b9\u6cd5\u5c31\u662f\u8981\u6709\u4e00\u4e2a\u300c\u5b89\u5168\u8fb9\u9645\u300d\u3002<\/span><\/p>\n

4)\u300c\u4f60\u6b63\u786e\u6216\u9519\u8bef\u5e76\u4e0d\u662f\u6700\u91cd\u8981\u7684\uff0c\u6700\u91cd\u8981\u7684\u662f\u4f60\u6b63\u786e\u7684\u65f6\u5019\u80fd\u8d5a\u591a\u5c11\u94b1\u3001\u9519\u8bef\u7684\u65f6\u5019\u4f1a\u4e8f\u591a\u5c11\u94b1\u3002\u300d\u5bf9\u4e8e\u4e00\u4e2a\u6295\u8d44\u8005\u6700\u91cd\u8981\u7684\u4e8b\u662f\u300c\u6b63\u786e\u6027\u7684\u91cf\u7ea7\u300d\uff0c\u800c\u4e0d\u662f\u300c\u6b63\u786e\u7684\u9891\u7387\u300d\u6709\u591a\u9ad8\u3002<\/span><\/p>\n

5)\u300c\u62e5\u6709\u81ea\u4fe1\u6216\u8005\u6301\u4ed3\u8f83\u5c0f\u90fd\u662f\u65e0\u6d4e\u4e8e\u4e8b\u7684\u3002\u300d\u5982\u679c\u5728\u4e00\u4e2a\u8d4c\u6ce8\u4e2d\u4f60\u8d62\u7684\u51e0\u7387\u8db3\u591f\u5927\uff0c\u90a3\u4e48\u5c31\u5927\u4e3e\u62bc\u6ce8\u3002\u5f53\u7d22\u7f57\u65af\u89c9\u5f97\u4ed6\u81ea\u5df1\u662f\u6b63\u786e\u7684\u65f6\u5019\uff0c\u51e0\u4e4e\u6ca1\u54ea\u4e2a\u6295\u8d44\u8005\u80fd\u591f\u6bd4\u4ed6\u4e0b\u66f4\u5927\u7684\u6ce8\u3002<\/span><\/p>\n

6)\u300c\u6211\u53ea\u5728\u6709\u7406\u7531\u4e0a\u73ed\u7684\u65f6\u5019\u53bb\u4e0a\u73ed\uff0c\u800c\u4e14\u4e0a\u73ed\u7684\u90a3\u5929\u6211\u662f\u771f\u6b63\u5730\u5728\u505a\u4e8b\u60c5\u3002\u300d\u4e00\u76f4\u4fdd\u6301\u5fd9\u788c\u7684\u4ea4\u6613\u72b6\u6001\u5c31\u4f1a\u4ea7\u751f\u5f88\u591a\u7684\u8d39\u7528\u548c\u9519\u8bef\u3002\u6709\u65f6\u5019\u522b\u90a3\u4e48\u6d3b\u8dc3\u5f80\u5f80\u4f1a\u662f\u4e00\u4e2a\u6295\u8d44\u8005\u80fd\u505a\u7684\u6700\u597d\u7684\u4e8b\u60c5\u3002<\/span><\/p>\n

7)\u300c\u5982\u679c\u6295\u8d44\u662f\u79cd\u5a31\u4e50\u6d88\u9063\uff0c\u5982\u679c\u4f60\u4ece\u4e2d\u5f97\u5230\u4e86\u4e50\u8da3\uff0c\u90a3\u4f60\u53ef\u80fd\u6ca1\u6709\u8d5a\u5230\u4ec0\u4e48\u94b1\u3002\u771f\u6b63\u597d\u7684\u6295\u8d44\u90fd\u662f\u65e0\u804a\u7684\u3002\u300d\u5982\u679c\u4f60\u56e0\u4e3a\u6295\u8d44\u800c\u975e\u5e38\u5174\u594b\uff0c\u90a3\u4e48\u4f60\u53ef\u80fd\u662f\u5728\u8d4c\u535a\uff0c\u800c\u975e\u6295\u8d44\u3002\u6700\u597d\u522b\u628a\u81ea\u5df1\u5f53\u8d4c\u5ba2\uff0c\u800c\u4e0d\u628a\u81ea\u5df1\u5f53\u8d4c\u5ba2\u7684\u6700\u597d\u65b9\u5f0f\u5c31\u662f\uff1a\u53ea\u5728\u51e0\u7387\u6709\u5229\u4e8e\u4f60\u7684\u65f6\u5019\u62bc\u6ce8\u3002<\/span><\/p>\n

8)\u300c\u5982\u679c\u8981\u53cd\u6620\u51fa\u672a\u6765\u7684\u4ef7\u683c\uff0c\u90a3\u4e48\u76ee\u524d\u7684\u5e02\u573a\u4ef7\u683c\u603b\u662f\u9519\u8bef\u7684\u3002\u300d\u7d22\u7f57\u65af\u663e\u7136\u4e0d\u662f\u4e00\u4e2a\u6548\u7387\u5e02\u573a\u5047\u8bf4<\/span>(efficient markethypothesis)\u7684\u4fe1\u5f92\u3002\u8fd9\u5e76\u4e0d\u5947\u602a\uff0c\u56e0\u4e3a\u5982\u679c\u5e02\u573a\u603b\u662f\u6709\u6548\u7387\uff0c\u4ed6\u5c31\u4e0d\u4f1a\u6210\u4e3a\u5bcc\u8c6a\u3002<\/span><\/p>\n

9) \u300c\u5e02\u573a\u80fd\u591f\u5f71\u54cd\u5176\u6240\u671f\u5f85\u7684\u4e8b\u4ef6\u3002\u300d\u8fd9\u53e5\u8bdd\u5176\u5b9e\u5c31\u662f\u6307\u5e02\u573a\u7684\u300c\u81ea\u53cd\u6027\u300d\u7406\u8bba\u3002\u5728\u7d22\u7f57\u65af\u770b\u6765\uff0c\u5e02\u573a\u548c\u4eba\u4eec\u5bf9\u5e02\u573a\u7684\u770b\u6cd5\u662f\u76f8\u4e92\u4f5c\u7528\u7684\u3002\u7d22\u7f57\u65af\u8bf4\uff0c\u300c\u5728\u8ba4\u77e5\u548c\u73b0\u5b9e\u4e4b\u95f4\u5b58\u5728\u4e00\u4e2a\u53cc\u5411\u7684\u81ea\u53cd\u8054\u7cfb\uff0c\u8fd9\u662f\u4e00\u79cd\u8d77\u521d\u4f1a\u4fc3\u8fdb\u81ea\u6211\u5f3a\u5316\u3001\u4f46\u6700\u7ec8\u4f1a\u5bfc\u81f4\u81ea\u6211\u51fb\u6e83\u7684\u8fc7\u7a0b\uff0c\u6216\u8005\u53ef\u4ee5\u8bf4\u8fd9\u5c31\u662f\u6ce1\u6cab\u3002\u6bcf\u4e2a\u6ce1\u6cab\u90fd\u662f\u7531\u4e00\u79cd\u8d8b\u52bf\u548c\u4e00\u4e2a\u9519\u8bef\u7684\u6982\u5ff5\u4ee5\u81ea\u53cd\u7684\u65b9\u5f0f\u76f8\u4e92\u4f5c\u7528\u800c\u5f62\u6210\u7684\u3002\u300d<\/span><\/p>\n

10)\u300c\u5b9e\u9645\u751f\u6d3b\u4e2d\uff0c\u5f88\u5c11\u80fd\u591f\u5b58\u5728\u771f\u6b63\u7684\u5747\u8861\u2014\u2014\u5e02\u573a\u4ef7\u683c\u603b\u662f\u4e60\u60ef\u4e8e\u6ce2\u52a8\u3002\u300d\u5747\u8861\u662f\u4f17\u591a\u5b8f\u89c2\u7ecf\u6d4e\u5b66\u5bb6\u4f5c\u51fa\u5047\u8bbe\u7684\u57fa\u7840\uff0c\u7136\u800c\u7d22\u7f57\u65af\u8ba4\u4e3a\u5747\u8861\u5176\u5b9e\u662f\u4e00\u79cd\u5e7b\u5883\u3002\u5747\u8861\u53ef\u4ee5\u8ba9\u6570\u5b66\u8ba1\u7b97\u975e\u5e38\u5b8c\u7f8e\uff0c\u4f46\u5374\u5f80\u5f80\u4e0d\u7b26\u5408\u4e8b\u5b9e\u3002\u7d22\u7f57\u65af\u66fe\u8bf4\uff1a\u300c\u7ecf\u6d4e\u601d\u8003\u9700\u8981\u5f00\u59cb\u8003\u8651\u73b0\u5b9e\u4e16\u754c\u7684\u653f\u7b56\u95ee\u9898\uff0c\u800c\u4e0d\u662f\u7b80\u5355\u5730\u5236\u9020\u66f4\u591a\u7684\u6570\u5b66\u65b9\u7a0b\u5f0f\u3002\u300d\u7d22\u7f57\u65af\u6295\u8d44\u89c2\u70b9\u7684\u5f62\u6210\u5e76\u4e0d\u662f\u4ee5\u7406\u6027\u4e3a\u4e3b\u4f53\u7684\u3002\u6bd4\u5982\u8bf4\uff1a\u300c\u5f53\u957f\u671f\u8d8b\u52bf\u5931\u53bb\u52a8\u80fd\u7684\u65f6\u5019\uff0c\u77ed\u671f\u6ce2\u52a8\u6027\u5f80\u5f80\u4f1a\u4e0a\u5347\uff0c\u539f\u56e0\u5f88\u7b80\u5355\u2014\u2014\u90a3\u4e9b\u8ddf\u968f\u8d8b\u52bf\u7684\u6295\u8d44\u4eba\u7fa4\u6b64\u65f6\u627e\u4e0d\u5230\u65b9\u5411\u4e86\u3002\u300d\u7d22\u7f57\u65af\u8fd8\u76f8\u4fe1\uff0c\u300c\u7e41\u8363<\/span>–\u5d29\u6e83\u7684\u8fc7\u7a0b\u5728\u5f62\u6001\u4e0a\u662f\u4e0d\u5bf9\u79f0\u7684\uff1a\u4e00\u4e2a\u957f\u671f\u3001\u9010\u6e10\u5f62\u6210\u7684\u7e41\u8363\u4e4b\u540e\u5f80\u5f80\u662f\u6025\u4fc3\u3001\u77ed\u6682\u7684\u5d29\u6e83\u3002\u300d<\/span><\/p>\n

11)\u300c\u7ecf\u6d4e\u53f2\u5c31\u662f\u6c38\u65e0\u6b62\u5c3d\u7684\u4e0a\u6f14\u5047\u8bdd\u548c\u8c0e\u8a00\uff0c\u800c\u4e0d\u662f\u771f\u7406\u3002\u300d\u80fd\u591f\u7528\u8bed\u8a00\u89e3\u91ca\u8fc7\u53bb\u6240\u53d1\u751f\u7684\u4e8b\u4ef6\uff0c\u5e76\u4e0d\u610f\u5473\u7740\u8fd9\u79cd\u89e3\u91ca\u662f\u6b63\u786e\u7684\u6216\u8005\u67d0\u79cd\u7406\u8bba\u7684\u57fa\u7840\u80fd\u591f\u7528\u4e8e\u9884\u6d4b\u672a\u6765\u3002\u4eba\u7c7b\u6709\u4e00\u79cd\u300c\u4e8b\u540e\u806a\u660e\u300d\u7684\u7f3a\u70b9\u3002\u7d22\u7f57\u65af\u8bf4\uff0c\u300c\u5fc5\u987b\u8981\u4ece\u5934\u5230\u5c3e\u5730\u91cd\u65b0\u601d\u8003\u7ecf\u6d4e\u7406\u8bba\uff0c\u56e0\u4e3a\u90a3\u4e9b\u6548\u7387\u5e02\u573a\u5047\u8bf4\u3001\u7406\u6027\u9009\u62e9\u7406\u8bba\u6240\u652f\u6301\u7684\u5178\u8303\uff0c\u6700\u540e\u5b9e\u9645\u4e0a\u90fd\u7834\u4ea7\u4e86\uff0c\u4e0e\u96f7\u66fc\u5144\u5f1f\u4e4b\u540e\u5168\u7403\u91d1\u878d\u7cfb\u7edf\u7684\u7834\u4ea7\u7c7b\u4f3c\u3002\u300d<\/span><\/p>\n

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