{"id":12224,"date":"2024-11-27T10:29:27","date_gmt":"2024-11-27T02:29:27","guid":{"rendered":"https:\/\/blog.roboadvisor.com.tw\/?p=12224"},"modified":"2026-06-02T11:50:40","modified_gmt":"2026-06-02T03:50:40","slug":"%e8%ab%be%e8%b2%9d%e7%88%be%e7%b6%93%e6%bf%9f%e5%ad%b8%e8%80%85-robert-merton-%e7%9a%84%e6%99%ba%e6%85%a7%ef%bc%9a%e5%be%9e%e8%ab%be%e8%b2%9d%e7%88%be%e7%b6%93%e6%bf%9f%e5%ad%b8%e7%8d%8e%e5%88%b0-dfa","status":"publish","type":"post","link":"https:\/\/blog.roboadvisor.com.tw\/?p=12224","title":{"rendered":"\u8afe\u8c9d\u723e\u7d93\u6fdf\u5b78\u8005 Robert Merton \u7684\u667a\u6167\uff1a\u5f9e\u8afe\u8c9d\u723e\u7d93\u6fdf\u5b78\u734e\u5230 DFA \u7684\u6295\u8cc7\u54f2\u5b78\uff01"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<p>\u7576\u4f60\u807d\u5230\u300c\u8afe\u8c9d\u723e\u7d93\u6fdf\u5b78\u734e\u300d\uff0c\u6216\u8a31\u6703\u806f\u60f3\u5230\u6df1\u5967\u7684\u6578\u5b78\u516c\u5f0f\u548c\u8271\u6f80\u7684\u5b78\u8853\u7406\u8ad6\u3002\u4f46\u4f60\u77e5\u9053\u55ce\uff1f\u9019\u4e9b\u770b\u4f3c\u9059\u4e0d\u53ef\u53ca\u7684\u7406\u8ad6\uff0c\u5176\u5be6\u6df1\u6df1\u5f71\u97ff\u8457\u6211\u5011\u7684\u6295\u8cc7\u65b9\u5f0f\uff0c\u751a\u81f3\u53ef\u80fd\u5de6\u53f3\u4f60\u7684\u8ca1\u5bcc\u589e\u9577\u3002\u5176\u4e2d\uff0c\u4e00\u4f4d\u6539\u8b8a\u91d1\u878d\u4e16\u754c\u7684\u91cd\u8981\u4eba\u7269\uff0c\u5c31\u662f <strong>Robert C. Merton<\/strong> (\u4ee5\u4e0b\u7a31 <strong>Merton<\/strong>)\u3002<\/p>\n\n\n\n<p>Merton \u4e0d\u50c5\u662f\u4e00\u4f4d\u5091\u51fa\u7684\u5b78\u8005\uff0c\u4e5f\u662f\u5168\u7403\u77e5\u540d\u7684 <strong>Dimensional Fund Advisors (DFA \u5fb7\u660e\u4fe1\u57fa\u91d1)<\/strong> \u8463\u4e8b\u4e4b\u4e00\u3002\u4ed6\u5c07\u5b78\u8853\u7406\u8ad6\u5e36\u5165\u5be6\u52d9\u64cd\u4f5c\uff0c\u5c07\u8907\u96dc\u7684\u91d1\u878d\u667a\u6167\u8f49\u5316\u70ba\u6bcf\u4f4d\u6295\u8cc7\u4eba\u90fd\u80fd\u53d7\u76ca\u7684\u7b56\u7565\u3002<\/p>\n\n\n\n<p>\u4eca\u5929\uff0c\u6211\u5011\u5c07\u900f\u904e Merton \u7684\u6545\u4e8b\uff0c\u804a\u804a\u4ed6\u7684\u7406\u5ff5\u5982\u4f55\u5f71\u97ff\u6295\u8cc7\u4e16\u754c\uff0c\u4ee5\u53ca\u9019\u4e9b\u7406\u5ff5\u5982\u4f55\u5728 DFA \u7684\u57fa\u91d1\u7ba1\u7406\u4e2d\u767c\u63ee\u4f5c\u7528\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u8afe\u8c9d\u723e\u7d93\u6fdf\u5b78\u5927\u5e2b Robert Merton \u7c21\u4ecb<\/h2>\n\n\n\n<p><strong>Robert C. Merton<\/strong> \u65bc1944\u5e74\u51fa\u751f\u5728\u7f8e\u570b\u7d10\u7d04\u5e02\uff0c\u7236\u89aa\u662f\u8457\u540d\u7684\u793e\u6703\u5b78\u5bb6 Robert K. Merton\uff0c\u6bcd\u89aa Suzanne Carhart \u5247\u4f86\u81ea\u65b0\u6fa4\u897f\u5dde\u7684\u4e00\u500b\u591a\u4ee3\u885b\u7406\u516c\u6703\u548c\u8cb4\u683c\u6703\u5bb6\u5ead\u3002\u4ed6\u5728\u7d10\u7d04\u54c8\u5fb7\u905c\u6cb3\u7554\u7684\u9ed1\u65af\u5ef7\u65af\u9577\u5927\uff0c\u5f9e\u5c0f\u4fbf\u53d7\u5230\u5bb6\u5ead\u5b78\u8853\u6c1b\u570d\u7684\u5f71\u97ff\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2024\/11\/image-27-1024x683.png\" alt=\"\" class=\"wp-image-12252\" srcset=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2024\/11\/image-27-1024x683.png 1024w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2024\/11\/image-27-300x200.png 300w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2024\/11\/image-27-768x512.png 768w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2024\/11\/image-27.png 1500w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">\u5716\u7247\u4f86\u6e90\uff1aInvestopedia<\/figcaption><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>\u5b78\u8853\u80cc\u666f\u8207\u65e9\u671f\u6210\u5c31<\/strong><\/h4>\n\n\n\n<p>Merton \u5728\u5b78\u8853\u7684\u9053\u8def\u4e0a\u8868\u73fe\u51fa\u8272\u3002\u4ed6\u65bc\u54e5\u502b\u6bd4\u4e9e\u5927\u5b78\u5de5\u7a0b\u8207\u61c9\u7528\u79d1\u5b78\u5b78\u9662\u7372\u5f97\u4e86\u5de5\u7a0b\u6578\u5b78\u7684\u5b78\u58eb\u5b78\u4f4d\uff0c\u4e26\u7e7c\u7e8c\u524d\u5f80\u9ebb\u7701\u7406\u5de5\u5b78\u9662\uff08MIT\uff09\u6df1\u9020\uff0c\u5728\u90a3\u88e1\u7372\u5f97\u4e86\u7406\u5b78\u78a9\u58eb\u5b78\u4f4d\u3002\u5728 MIT \u671f\u9593\uff0cMerton \u958b\u59cb\u6df1\u5165\u7814\u7a76\u6578\u5b78\u8207\u91d1\u878d\u7684\u4ea4\u96c6\uff0c\u4e26\u5c0d\u5c07\u6578\u5b78\u6a21\u578b\u61c9\u7528\u65bc\u91d1\u878d\u9818\u57df\u7522\u751f\u4e86\u6fc3\u539a\u8208\u8da3\u3002\u4ed6\u7684\u6578\u5b78\u5929\u8ce6\u4ee5\u53ca\u5c0d\u91d1\u878d\u5e02\u5834\u7684\u6d1e\u5bdf\u529b\u70ba\u4ed6\u7684\u5b78\u8853\u767c\u5c55\u5960\u5b9a\u4e86\u57fa\u790e\u3002<\/p>\n\n\n\n<p>Merton \u5728 MIT \u7684\u5b78\u8853\u63a2\u7d22\uff0c\u4f7f\u4ed6\u9010\u6f38\u5c08\u6ce8\u65bc\u91d1\u878d\u9818\u57df\uff0c\u7279\u5225\u662f\u5728\u98a8\u96aa\u7ba1\u7406\u548c\u884d\u751f\u54c1\u5b9a\u50f9\u65b9\u9762\u3002\u4ed6\u7684\u7814\u7a76\u4e0d\u50c5\u62d3\u5c55\u4e86\u91d1\u878d\u7406\u8ad6\u7684\u6df1\u5ea6\uff0c\u4e5f\u5f15\u9818\u4e86\u4ed6\u8207 Fischer Black \u548c Myron Scholes \u5408\u4f5c\uff0c\u5171\u540c\u958b\u767c\u51fa\u6539\u8b8a\u91d1\u878d\u5e02\u5834\u7684 Black-Scholes-Merton \u6a21\u578b\u3002\u9019\u4e00\u6a21\u578b\u81f3\u4eca\u4ecd\u662f\u91d1\u878d\u884d\u751f\u54c1\u5b9a\u50f9\u7684\u57fa\u77f3\uff0c\u4e26\u5c0d\u73fe\u4ee3\u91d1\u878d\u5b78\u7522\u751f\u4e86\u6df1\u9060\u7684\u5f71\u97ff\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u8457\u540d\u7684\u8afe\u8c9d\u723e\u7372\u734e\u7406\u8ad6\uff1a\u9078\u64c7\u6b0a\u5b9a\u50f9\u6a21\u578b<\/h2>\n\n\n\n<p>Merton \u548c Fischer Black \u4ee5\u53ca Myron Scholes \u662f\u4e09\u4f4d\u5171\u540c\u5275\u7acb Black-Scholes-Merton\u6a21\u578b \u7684\u5b78\u8005\uff0c\u9019\u500b\u6a21\u578b\u5c0d\u73fe\u4ee3\u91d1\u878d\u5e02\u5834\u5e36\u4f86\u4e86\u9769\u547d\u6027\u7684\u6539\u8b8a\u3002\u96d6\u7136 Merton \u5728\u9019\u500b\u6a21\u578b\u7684\u767c\u5c55\u4e2d\u626e\u6f14\u4e86\u91cd\u8981\u89d2\u8272\uff0c\u4f46\u6700\u521d\u7684\u60f3\u6cd5\u548c\u7814\u7a76\u6210\u679c\u4e3b\u8981\u4f86\u81ea Black \u548c Scholes\u3002<\/p>\n\n\n\n<p>\u9019\u500b\u6a21\u578b\u7684\u4e3b\u8981\u76ee\u7684\u662f\u5e6b\u52a9\u6295\u8cc7\u8005\u8a08\u7b97\u9078\u64c7\u6b0a\u7684\u50f9\u683c\uff0c\u8b93\u5e02\u5834\u8b8a\u5f97\u66f4\u52a0\u900f\u660e\u548c\u9ad8\u6548\uff0c\u4e5f\u6210\u70ba\u4e86\u91d1\u878d\u884d\u751f\u54c1\u5b9a\u50f9\u7684\u91cd\u8981\u57fa\u6e96\u3002<\/p>\n\n\n\n<p>\u96d6\u7136 Fischer Black \u57281995\u5e74\u904e\u4e16\uff0c\u4e26\u6c92\u80fd\u89aa\u81ea\u770b\u5230\u81ea\u5df1\u8ca2\u737b\u7684\u6a21\u578b\u5728\u5168\u7403\u91d1\u878d\u5e02\u5834\u4e2d\u5f97\u5230\u5ee3\u6cdb\u61c9\u7528\uff0c\u4f46\u4ed6\u5c0d\u91d1\u878d\u5b78\u7684\u5f71\u97ff\u537b\u662f\u5de8\u5927\u7684\u3002\u4ed6\u548c Scholes \u6700\u65e9\u63d0\u51fa\u7684\u6a21\u578b\u57fa\u790e\uff0c\u8b93\u5f8c\u4f86\u7684 Merton \u9032\u4e00\u6b65\u767c\u5c55\u51fa\u4e86\u9019\u4e9b\u7406\u8ad6\uff0c\u5c24\u5176\u662f\u5728\u98a8\u96aa\u7ba1\u7406\u7684\u90e8\u5206\u3002\u96d6\u7136 Black \u6c92\u6709\u7372\u5f97\u8afe\u8c9d\u723e\u7d93\u6fdf\u5b78\u734e\uff0c\u4f46\u4ed6\u7684\u5b78\u8853\u6210\u5c31\u4ecd\u88ab\u91d1\u878d\u754c\u8a8d\u53ef\u4e26\u5ee3\u6cdb\u61c9\u7528\u3002<\/p>\n\n\n\n<p>\u5728 Merton \u548c Scholes \u767c\u5c55\u9019\u4e9b\u7406\u8ad6\u7684\u904e\u7a0b\u4e2d\uff0cBlack \u7684\u89c0\u9ede\u548c\u7814\u7a76\u5c0d\u91cf\u5316\u98a8\u96aa\u7ba1\u7406\u4e5f\u7522\u751f\u4e86\u6df1\u9060\u7684\u5f71\u97ff\u3002Merton \u65bc\u53d7\u8a2a\u6642\u8868\u793a\uff0c<strong>\u5b83\u662f\u4e00\u500b\u751f\u7522\u7406\u8ad6\uff0c\u544a\u8a34\u6211\u5011\u5982\u4f55\u5728\u5e02\u5834\u751f\u7522\u6240\u6709\u91d1\u878d\u7522\u54c1\u3001\u5982\u4f55\u5b9a\u50f9\u3001\u5982\u4f55\u5f04\u6e05\u695a\u4ed6\u5011\u7684\u98a8\u96aa\u3002<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Merton: \u91d1\u878d\u5e02\u5834\u7684\u4e0d\u53ef\u6216\u7f3a\u662f\u4fe1\u4efb\u8207\u80fd\u529b<\/h2>\n\n\n\n<p>\u5c0d\u65bc Merton \u4f86\u8aaa\uff0c\u91d1\u878d\u5e02\u5834\u7684\u7a69\u5b9a\u904b\u884c\u4e0d\u50c5\u4f9d\u8cf4\u65bc\u5e02\u5834\u672c\u8eab\u7684\u898f\u5247\uff0c\u66f4\u95dc\u9375\u7684\u662f\u5efa\u7acb\u5728<strong>\u4fe1\u4efb<\/strong>\u548c<strong>\u5c08\u696d\u80fd\u529b<\/strong>\u4e0a\u7684\u3002\u4ed6\u5f37\u8abf\uff0c\u96d6\u7136\u5e02\u5834\u4e0a\u6709\u8a31\u591a\u8907\u96dc\u7684\u98a8\u96aa\uff0c\u5c24\u5176\u662f\u50cf\u9078\u64c7\u6b0a\u3001\u884d\u751f\u54c1\u7b49\u9ad8\u98a8\u96aa\u7522\u54c1\uff0c\u4f46\u9019\u4e9b\u98a8\u96aa\u4e26\u4e0d\u80fd\u5b8c\u5168\u901a\u904e\u900f\u660e\u5ea6\u4f86\u89e3\u6c7a\uff0c<strong>\u56e0\u70ba\u9019\u4e9b\u9078\u64c7\u5f80\u5f80\u5305\u542b\u5927\u91cf\u7684\u5224\u65b7\u6027\u56e0\u7d20<\/strong>\u3002<\/p>\n\n\n\n<p>\u4ed6\u7528\u4e00\u500b\u751f\u52d5\u7684\u6bd4\u55bb\u4f86\u89e3\u91cb\u9019\u500b\u89c0\u9ede\uff1a\u300c\u5982\u679c\u6211\u9700\u8981\u627e\u4e00\u4f4d\u5916\u79d1\u91ab\u751f\uff0c\u6211\u7576\u7136\u5e0c\u671b\u4ed6\u80fd\u5c0d\u6211\u5b8c\u5168\u900f\u660e\uff0c\u544a\u8a34\u6211\u624b\u8853\u7684\u6240\u6709\u98a8\u96aa\u3001\u7528\u5230\u7684\u5de5\u5177\u548c\u79d1\u5b78\u4f9d\u64da\uff0c\u4f46\u5373\u4f7f\u6211\u77e5\u9053\u6240\u6709\u8cc7\u6599\uff0c\u5c0d\u6211\u4f86\u8aaa\uff0c\u624b\u8853\u7684\u98a8\u96aa\u548c\u91ab\u751f\u7684\u5c08\u696d\u80fd\u529b\u4ecd\u7136\u662f\u4e0d\u900f\u660e\u7684\u3002\u6700\u7d42\uff0c\u6211\u53ea\u80fd\u9078\u64c7\u7684\u662f\u6211\u4fe1\u4efb\u7684\u91ab\u751f\u3002\u300d<\/p>\n\n\n\n<p>\u9019\u500b\u6bd4\u55bb\u544a\u8a34\u6211\u5011\uff0c\u5176\u5be6\u5c0d\u65bc\u91d1\u878d\u5e02\u5834\u4e2d\u7684\u6295\u8cc7\u8005\u4f86\u8aaa\uff0c\u5c31\u7b97\u662f\u5b8c\u5168\u7684\u900f\u660e\u4e26\u4e0d\u4ee3\u8868\u5c31\u80fd\u6d88\u9664\u98a8\u96aa\uff0c<strong>\u6700\u91cd\u8981\u7684\u662f\u9078\u64c7\u6211\u5011\u4fe1\u4efb\u7684\u5c08\u696d\u4eba\u58eb\uff0c\u9019\u6a23\u624d\u80fd\u505a\u51fa\u6700\u5408\u9069\u7684\u6c7a\u7b56<\/strong>\u3002<\/p>\n\n\n\n<p>\u800c Merton \u9664\u4e86\u662f\u9802\u5c16\u7684\u7d93\u6fdf\u5b78\u5bb6\u5916\uff0c\u4e5f\u662f <strong>DFA\uff08Dimensional Fund Advisors\uff09<\/strong> \u9019\u5bb6\u8cc7\u7522\u7ba1\u7406\u516c\u53f8\u7684\u8463\u4e8b\u4e4b\u4e00\u3002\u4ed6\u8207 DFA \u7684\u7406\u5ff5\u9ad8\u5ea6\u5951\u5408\uff0c\u7279\u5225\u662f\u5728\u91d1\u878d\u5e02\u5834\u900f\u660e\u5ea6\u3001\u98a8\u96aa\u7ba1\u7406\u548c\u5c08\u696d\u80fd\u529b\u7684\u5f37\u8abf\u4e0a\u3002<\/p>\n\n\n\n<p>\u6295\u8cc7\u7684\u6838\u5fc3\u4e0d\u50c5\u662f\u7cbe\u6e96\u7684\u6578\u64da\u5206\u6790\uff0c\u9084\u9700\u8981\u4e00\u500b\u53ef\u9760\u3001\u5c08\u696d\u7684\u6295\u8cc7\u5e73\u53f0\u4f86\u7ba1\u7406\u98a8\u96aa\uff0c\u4e26\u7d93\u7531\u5c08\u696d\u6838\u51c6\u7684\u8ca1\u52d9\u9867\u554f\u4ecb\u7d39\uff0c\u8b93\u6295\u8cc7\u8005\u7684\u4fe1\u4efb\u80fd\u5920\u5f97\u4ee5\u5efa\u7acb\u3002DFA \u4e5f\u6b63\u662f\u4f9d\u7167 Merton \u7684\u7406\u5ff5\uff0c\u5c07\u4ed6\u5728\u5b78\u8853\u4e0a\u5c0d\u91d1\u878d\u5e02\u5834\u7684\u7406\u89e3\u8f49\u5316\u70ba\u5be6\u969b\u7684\u6295\u8cc7\u7b56\u7565\uff0c\u5229\u7528\u6578\u5b78\u6a21\u578b\u4f86\u9032\u884c\u98a8\u96aa\u7ba1\u7406\u548c\u8cc7\u7522\u914d\u7f6e\uff0c\u904b\u7528\u79d1\u5b78\u7684\u6578\u64da\u5206\u6790\u4f86\u8b58\u5225\u9577\u671f\u589e\u503c\u7684\u6a5f\u6703\uff01<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u70ba\u4f55 DFA \u7684\u6295\u8cc7\u7d44\u5408\u5099\u53d7\u559c\u611b\uff1f<\/h2>\n\n\n\n<p>\u5728\u91d1\u878d\u5e02\u5834\u4e2d\uff0c\u6295\u8cc7\u8005\u7684\u9700\u6c42\u5f80\u5f80\u4e0d\u50c5\u50c5\u662f\u8ffd\u6c42\u77ed\u671f\u7684\u9ad8\u56de\u5831\uff0c\u66f4\u95dc\u6ce8\u9577\u671f\u7684\u7a69\u5b9a\u589e\u503c\u4ee5\u53ca\u98a8\u96aa\u63a7\u5236\u3002<a href=\"https:\/\/www.dimensional.com\/au-en\/individual\" target=\"_blank\" rel=\"noopener\" title=\"\">DFA <\/a>\u7684\u6295\u8cc7\u7d44\u5408\u6b63\u662f\u57fa\u65bc\u9019\u4e9b\u9700\u6c42\uff0c\u7d50\u5408\u7684\u7d93\u6fdf\u5b78\u7406\u8ad6\u548c\u73fe\u4ee3\u6578\u64da\u79d1\u5b78\uff0c\u70ba\u6295\u8cc7\u8005\u63d0\u4f9b\u4e86\u4e00\u500b\u7a69\u5065\u4e14\u53ef\u9760\u7684\u9078\u64c7\u3002<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-palette-color-2-background-color has-background has-medium-font-size has-custom-font-size wp-element-button\" href=\"https:\/\/roboadvisor.com.tw\/Portfolios.html?Camp=dfa\" style=\"border-radius:33px\"><strong>\u7acb\u5373\u4e86\u89e3 DFA<\/strong>\uff01<\/a><\/div>\n<\/div>\n\n\n\n<p>\u8b93\u6211\u5011\u4e00\u8d77\u4f86\u770b\u770b DFA \u5728\u5168\u7403\uff0c\u4e0d\u7ba1\u662f\u6a5f\u69cb\u6cd5\u4eba\u6216\u500b\u4eba\u6295\u8cc7\u8005\uff0c\u5ee3\u53d7\u559c\u611b\u8207\u63a8\u5d07\u7684\u5e7e\u500b\u7279\u8272\uff1a<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u98a8\u96aa\u7ba1\u7406\u7684\u667a\u6167<\/strong><\/h3>\n\n\n\n<p>Merton \u8a8d\u70ba\uff0c\u98a8\u96aa\u4e26\u975e\u7121\u6cd5\u638c\u63a7\u7684\u8b8a\u6578\uff0c\u800c\u662f\u53ef\u4ee5\u901a\u904e\u7cbe\u78ba\u7684\u6578\u64da\u8207\u6578\u5b78\u6a21\u578b\u9032\u884c\u91cf\u5316\u8207\u7ba1\u7406\u3002\u4ed6\u5f37\u8abf\uff0c\u6295\u8cc7\u4eba\u61c9\u8a72\u5229\u7528\u6578\u64da\u5206\u6790\u4f86\u8a55\u4f30\u98a8\u96aa\uff0c\u4e26\u6839\u64da\u98a8\u96aa\u7684\u7a0b\u5ea6\u9032\u884c\u76f8\u61c9\u7684\u8abf\u6574\u3002DFA \u7cbe\u6e96\u5730\u5c07\u9019\u4e00\u7406\u5ff5\u843d\u5be6\u65bc\u5be6\u52d9\u64cd\u4f5c\u4e2d\uff0c\u4f9d\u64da\u5e02\u5834\u6578\u64da\u4f86\u512a\u5316\u6295\u8cc7\u7d44\u5408\uff0c\u4e0d\u50c5\u6709\u6548\u964d\u4f4e\u4e86\u4e0d\u5fc5\u8981\u7684\u98a8\u96aa\uff0c\u9084\u80fd\u5e6b\u52a9\u6295\u8cc7\u4eba\u5be6\u73fe\u7a69\u5b9a\u7684\u9577\u671f\u8ca1\u5bcc\u589e\u503c\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u9577\u671f\u6295\u8cc7\u7684\u4fe1\u5ff5<\/strong><\/h3>\n\n\n\n<p>Merton \u4e00\u76f4\u4e3b\u5f35\uff0c\u77ed\u671f\u5e02\u5834\u6ce2\u52d5\u5f80\u5f80\u662f\u4e0d\u53ef\u9810\u6e2c\u7684\uff0c\u56e0\u6b64\u6295\u8cc7\u8005\u61c9\u5c07\u7126\u9ede\u653e\u5728\u9577\u671f\u56de\u5831\u4e0a\uff0c\u5c08\u6ce8\u65bc\u7a69\u5065\u7684\u8cc7\u672c\u589e\u503c\uff0c\u800c\u975e\u77ed\u671f\u7684\u5e02\u5834\u8d77\u4f0f\u3002DFA \u5b8c\u5168\u63a1\u7d0d\u4e86\u9019\u4e00\u6295\u8cc7\u54f2\u5b78\uff0c\u5c08\u6ce8\u65bc\u9577\u671f\u50f9\u503c\u5275\u9020\u3002\u900f\u904e\u8a2d\u8a08\u591a\u5143\u5316\u7684\u57fa\u91d1\uff0cDFA \u5e6b\u52a9\u6295\u8cc7\u4eba\u907f\u958b\u5e02\u5834\u60c5\u7dd2\u7684\u5e72\u64fe\uff0c\u5c08\u6ce8\u65bc\u9577\u671f\u56de\u5831\uff0c\u5f9e\u800c\u9054\u5230\u7a69\u5b9a\u7684\u8ca1\u52d9\u589e\u9577\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u56e0\u5b50\u6295\u8cc7\u7684\u5be6\u8e10<\/strong><\/h3>\n\n\n\n<p>DFA \u4ee5\u5176\u56e0\u5b50\u6295\u8cc7\u7b56\u7565\u8457\u7a31\uff0c\u7279\u5225\u662f\u5728\u300c\u5c0f\u578b\u80a1\u300d\u8207\u300c\u50f9\u503c\u80a1\u300d\u56e0\u5b50\u4e0a\u3002\u9019\u4e9b\u7406\u8ad6\u70ba DFA \u63d0\u4f9b\u4e86\u5f37\u5927\u7684\u6578\u64da\u652f\u6301\uff0c\u4e26\u5c07\u98a8\u96aa\u63a7\u5236\u8207\u56e0\u5b50\u6295\u8cc7\u7b56\u7565\u76f8\u7d50\u5408\uff0c\u9032\u4e00\u6b65\u63d0\u5347\u4e86\u57fa\u91d1\u8868\u73fe\u7684\u7a69\u5b9a\u6027\u548c\u53ef\u9810\u6e2c\u6027\u3002<\/p>\n\n\n\n<p>\u800c\u73fe\u5728\uff0c<a href=\"https:\/\/roboadvisor.com.tw\/Portfolios.html?Camp=dfa\" target=\"_blank\" rel=\"noopener\" title=\"\">\u963f\u723e\u767c<\/a>\u662f DFA \u5168\u53f0\u552f\u4e00\u5408\u4f5c\u7684\u6a5f\u5668\u4eba\u7406\u8ca1\u516c\u53f8\uff0c\u8b93\u4f60\u53ef\u4ee5\u8f15\u9b06\u4eab\u53d7\u5230\u4f86\u81ea\u5168\u7403\u9818\u5148\u7684\u8afe\u8c9d\u723e\u6295\u8cc7\u7b56\u7565\u3002\u7121\u8ad6\u4f60\u662f\u525b\u958b\u59cb\u6295\u8cc7\u9084\u662f\u5df2\u6709\u8c50\u5bcc\u7d93\u9a57\uff0c\u90fd\u5f88\u9069\u5408\u6295\u8cc7<a href=\"https:\/\/roboadvisor.com.tw\/Portfolios.html?Camp=dfa\" target=\"_blank\" rel=\"noopener\" title=\"\">\u963f\u723e\u767c\u56e0\u5b50\u6295\u7d44<\/a>\uff0c\u6211\u5011\u5c08\u696d\u7684\u6295\u8cc7\u7ba1\u7406\u548c\u5148\u9032\u7684\u6280\u8853\u624b\u6bb5\uff0c\u8b93\u60a8\u80fd\u5920\u7121\u9700\u64d4\u5fc3\u5e02\u5834\u77ed\u671f\u6ce2\u52d5\uff0c\u5c08\u6ce8\u65bc\u9577\u671f\u512a\u79c0\u7684\u56de\u5831\uff01<\/p>\n\n\n\n\n\n<div class=\"wp-block-group alignfull has-text-color has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"color:#000000;background-color:#ffffff\">\n<style>\n\/* --- \u9810\u8a2d\uff1a\u624b\u6a5f\u7248\u5c3a\u5bf8 (\u5c0f\u87a2\u5e55) --- *\/\n.rwd-heading {\n    font-size: 32px !important;\n    margin-bottom: 24px !important;\n}\n.rwd-btn-wrapper {\n    \/* \u624b\u6a5f\u7248\u6a19\u984c\uff1a32px * 10\u5b57 = 320px *\/\n    width: 320px !important;\n    max-width: 100% !important;\n}\n.rwd-btn-link {\n    font-size: 16px !important;\n    padding: 12px 16px !important;\n}\n\n\/* --- \u5e73\u677f\u7248\u5c3a\u5bf8 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has-background\" style=\"color:#000000;background-color:#ffffff;text-align:center;padding:40px 20px;\">\n\n<h2 class=\"wp-block-heading has-text-align-center rwd-heading\" id=\"schedule-a-visit-personal\" style=\"line-height:1.15;font-weight:700;\">\u7acb\u5373\u555f\u52d5\u500b\u4eba\u8ca1\u5bcc\u8a08\u756b<\/h2>\n\n<div class=\"wp-block-buttons\" style=\"display:flex;flex-direction:column;align-items:center;gap:20px;\">\n\n    <div class=\"wp-block-button rwd-btn-wrapper\">\n        <a class=\"wp-block-button__link has-text-color has-background wp-element-button rwd-btn-link\" href=\"https:\/\/urli.ai\/line\/jOAm2Tj0\" style=\"border-radius:50px;color:#ffffff;background-color:#006ece;text-align:center;display:block;box-sizing:border-box;font-weight:700;\">\u514d\u8cbb\u8a3b\u518a\u963f\u723e\u767c\u6703\u54e1<\/a>\n    <\/div>\n\n    <div class=\"wp-block-button rwd-btn-wrapper\">\n        <a class=\"wp-block-button__link has-text-color has-background wp-element-button rwd-btn-link\" href=\"https:\/\/urli.ai\/line\/XpZpxkKi\" style=\"border-radius:50px;color:#ffffff;background-color:#00b900;text-align:center;display:block;box-sizing:border-box;font-weight:700;\">\u7acb\u5373\u52a0\u5165\u963f\u723e\u767c\u5b98\u65b9Line@<\/a>\n    <\/div>\n\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u7576\u4f60\u807d\u5230\u300c\u8afe\u8c9d\u723e\u7d93\u6fdf\u5b78\u734e\u300d\uff0c\u6216\u8a31\u6703\u806f\u60f3\u5230\u6df1\u5967\u7684\u6578\u5b78\u516c\u5f0f\u548c\u8271\u6f80\u7684\u5b78\u8853\u7406\u8ad6\u3002\u4f46\u4f60\u77e5\u9053\u55ce\uff1f\u9019\u4e9b\u770b\u4f3c\u9059\u4e0d\u53ef\u53ca\u7684\u7406\u8ad6\uff0c\u5176 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":12249,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"class_list":["post-12224","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-28"],"blocksy_meta":{"styles_descriptor":{"styles":{"desktop":"","tablet":"","mobile":""},"google_fonts":[],"version":6}},"_links":{"self":[{"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/posts\/12224","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12224"}],"version-history":[{"count":1,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/posts\/12224\/revisions"}],"predecessor-version":[{"id":15663,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/posts\/12224\/revisions\/15663"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/media\/12249"}],"wp:attachment":[{"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12224"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12224"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12224"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}