{"id":12293,"date":"2024-12-07T12:24:44","date_gmt":"2024-12-07T04:24:44","guid":{"rendered":"https:\/\/blog.roboadvisor.com.tw\/?p=12293"},"modified":"2024-12-07T12:24:44","modified_gmt":"2024-12-07T04:24:44","slug":"%e6%8a%95%e8%b3%87%e8%88%87%e6%94%af%e5%87%ba%ef%bc%9a%e8%ae%93%e8%b3%87%e7%94%a2%e6%b0%b8%e7%ba%8c%e9%81%8b%e8%a1%8c%e7%9a%84%e6%99%ba%e6%85%a7%e5%b9%b3%e8%a1%a1%ef%bc%9amerton-%e6%a8%a1%e5%9e%8b","status":"publish","type":"post","link":"https:\/\/blog.roboadvisor.com.tw\/?p=12293","title":{"rendered":"\u6c38\u7e8c\u6295\u8cc7\u8207\u63d0\u9818\u7684\u6295\u8cc7\u6846\u67b6\uff1aMerton \u6a21\u578b"},"content":{"rendered":"\n<p>\u5c0d\u65bc\u6350\u8d08\u57fa\u91d1\u3001\u6148\u5584\u6a5f\u69cb\u6216\u5bb6\u65cf\u8ca1\u5bcc\u7ba1\u7406\u7b49\u6c38\u7e8c\u7d93\u71df\u6a5f\u69cb\u4f86\u8aaa\uff0c\u9762\u81e8\u7684\u6700\u5927\u6311\u6230\u662f\uff1a<strong>\u5982\u4f55\u5728\u6eff\u8db3\u7576\u524d\u652f\u51fa\u7684\u540c\u6642\uff0c\u78ba\u4fdd\u8cc7\u7522\u80fd\u5920\u9577\u4e45\u6301\u7e8c\u589e\u503c\uff1f<\/strong> \u9019\u4e0d\u50c5\u662f\u4e00\u5834\u6295\u8cc7\u7684\u535a\u5f08\uff0c\u66f4\u662f\u5c0d\u652f\u51fa\u7bc0\u594f\u7684\u7cbe\u7d30\u7ba1\u7406\u3002<\/p>\n\n\n\n<p>\u50b3\u7d71\u4e0a\uff0c\u6295\u8cc7\u548c\u652f\u51fa\u5e38\u5e38\u88ab\u8996\u70ba\u5169\u500b\u7368\u7acb\u7684\u6c7a\u7b56\uff0c\u537b\u5ffd\u7565\u4e86\u5b83\u5011\u672c\u8cea\u4e0a\u662f\u76f8\u4e92\u5f71\u97ff\u3001\u5bc6\u4e0d\u53ef\u5206\u7684\u5169\u9762\u3002\u4e00\u908a\u6295\u8cc7\u7372\u5229\u8b93\u8cc7\u7522\u589e\u9577\uff0c\u4e00\u908a\u652f\u51fa\u5c07\u8cc7\u7522\u7528\u65bc\u7576\u524d\u9700\u6c42\uff0c\u9019\u5169\u8005\u4e4b\u9593\u5fc5\u9808\u627e\u5230\u4e00\u500b\u300c\u667a\u6167\u7684\u5e73\u8861\u9ede\u300d\uff0c\u624d\u80fd\u771f\u6b63\u5be6\u73fe\u8cc7\u7522\u7684\u6c38\u7e8c\u767c\u5c55\u3002<\/p>\n\n\n\n<p>\u672c\u6587\u5c07\u4ecb\u7d39\u4e09\u7a2e\u5e38\u898b\u7684\u652f\u51fa\u7b56\u7565\uff0c\u4e26\u6df1\u5165\u63a2\u8a0e\u80fd\u5920\u7d71\u5408\u6295\u8cc7\u8207\u652f\u51fa\u7684<strong>Merton \u6a21\u578b<\/strong>\uff0c\u63d0\u4f9b\u4e00\u5957\u517c\u5177\u5c08\u696d\u8207\u6613\u61c2\u7684\u9577\u671f\u7b56\u7565\u6846\u67b6\uff0c\u8b93\u8cc7\u7522\u771f\u6b63\u300c\u82b1\u5f97\u5176\u6240\u3001\u7528\u5f97\u5176\u503c\u300d\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u4e09\u5927\u50b3\u7d71\u652f\u51fa\u7b56\u7565\uff1a\u54ea\u4e00\u7a2e\u66f4\u9069\u5408\uff1f<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\">1\u3001<strong>\u56fa\u5b9a\u91d1\u984d\u652f\u51fa\u6cd5\uff08Fixed Dollar Spending\uff09<\/strong><\/h3>\n\n\n\n<p>\u6bcf\u5e74\u652f\u51fa\u56fa\u5b9a\u7684\u91d1\u984d\uff0c\u4e26\u96a8\u8457\u901a\u8ca8\u81a8\u8139\u7387\u9032\u884c\u8abf\u6574\u3002\u4f8b\u5982\uff0c\u7b2c\u4e00\u5e74\u652f\u51fa100\u842c\uff0c\u82e5\u901a\u81a8\u7387\u662f3%\uff0c\u7b2c\u4e8c\u5e74\u5247\u652f\u51fa103\u842c\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u512a\u9ede<\/strong>\uff1a\u652f\u51fa\u984d\u7a69\u5b9a\uff0c\u64cd\u4f5c\u7c21\u55ae\uff0c\u65b9\u4fbf\u6a5f\u69cb\u9032\u884c\u9577\u671f\u8a08\u756b\u898f\u5283\u3002<\/li>\n\n\n\n<li><strong>\u7f3a\u9ede<\/strong>\uff1a\u82e5\u6295\u8cc7\u56de\u5831\u4e0d\u8db3\uff0c\u8cc7\u7522\u53ef\u80fd\u9010\u5e74\u6e1b\u5c11\uff0c\u751a\u81f3\u63d0\u524d\u8017\u76e1\u3002\u9019\u5c31\u50cf\u4e00\u6876\u6c34\uff0c\u7121\u8ad6\u4e0b\u96e8\uff08\u8cc7\u7522\u589e\u503c\uff09\u8207\u5426\uff0c\u7e3d\u662f\u5012\u51fa\u56fa\u5b9a\u91cf\u7684\u6c34\uff0c\u9577\u6b64\u4ee5\u5f80\u5bb9\u6613\u898b\u5e95\u3002<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">2\u3001<strong>\u56fa\u5b9a\u767e\u5206\u6bd4\u652f\u51fa\u6cd5\uff08Fixed Percentage Spending\uff09<\/strong><\/h3>\n\n\n\n<p>\u6bcf\u5e74\u6839\u64da\u6295\u8cc7\u7d44\u5408\u7684\u5e02\u503c\uff0c\u652f\u51fa\u56fa\u5b9a\u6bd4\u4f8b\u7684\u91d1\u984d\u3002\u4f8b\u5982\uff0c\u5e02\u503c1,000\u842c\uff0c\u652f\u51fa5%\uff0c\u537350\u842c\uff1b\u5e02\u503c\u7e2e\u6e1b\u81f3800\u842c\uff0c\u652f\u51fa\u5247\u964d\u70ba40\u842c\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u512a\u9ede<\/strong>\uff1a\u652f\u51fa\u96a8\u8457\u8cc7\u7522\u898f\u6a21\u8b8a\u5316\uff0c\u80fd\u907f\u514d\u8cc7\u91d1\u8017\u76e1\u3002<\/li>\n\n\n\n<li><strong>\u7f3a\u9ede<\/strong>\uff1a\u7576\u8cc7\u7522\u50f9\u503c\u4e0b\u8dcc\u6642\uff0c\u652f\u51fa\u91d1\u984d\u4e5f\u6703\u7e2e\u6e1b\uff0c\u53ef\u80fd\u5f71\u97ff\u73fe\u6709\u8a08\u756b\u7684\u57f7\u884c\u3002\u4f8b\u5982\uff0c\u9023\u7e8c\u5e7e\u5e74\u5e02\u5834\u4f4e\u8ff7\uff0c\u652f\u51fa\u5c31\u50cf\u96e8\u6c34\u6e1b\u5c11\uff0c\u96e3\u4ee5\u61c9\u4ed8\u4e7e\u65f1\u671f\u7684\u9700\u6c42\u3002<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">3\u3001<strong>\u8907\u5408\u5831\u916c\u7387\u652f\u51fa\u6cd5\uff08Compound Rate Spending\uff09<\/strong><\/h3>\n\n\n\n<p>\u6b64\u6cd5\u57fa\u65bc\u6295\u8cc7\u7684\u300c\u9577\u671f\u5e73\u5747\u5831\u916c\u7387\u300d\u4f86\u8a2d\u5b9a\u652f\u51fa\u6bd4\u4f8b\uff0c\u800c\u975e\u6bcf\u5e74\u77ed\u671f\u7684\u8cc7\u7522\u8b8a\u5316\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u512a\u9ede<\/strong>\uff1a\u652f\u51fa\u8a2d\u5b9a\u66f4\u7b26\u5408\u6295\u8cc7\u7684\u9577\u671f\u589e\u9577\u6f5b\u529b\uff0c\u6ce2\u52d5\u6027\u8f03\u5c0f\u3002<\/li>\n\n\n\n<li><strong>\u7f3a\u9ede<\/strong>\uff1a\u6e96\u78ba\u4f30\u7b97\u9577\u671f\u5831\u916c\u7387\u4e26\u975e\u6613\u4e8b\uff0c\u82e5\u9810\u6e2c\u5931\u8aa4\uff0c\u53ef\u80fd\u5c0e\u81f4\u652f\u51fa\u904e\u9ad8\u6216\u904e\u4f4e\u3002<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Merton \u6a21\u578b\uff1a\u6295\u8cc7\u8207\u652f\u51fa\u4e00\u9ad4\u5316\u7684\u7b56\u7565<\/strong><\/h2>\n\n\n\n<p>\u525b\u525b\u4e09\u7a2e\u7b56\u7565\u96d6\u7136\u6613\u65bc\u7406\u89e3\uff0c\u4f46\u90fd\u7121\u6cd5\u5b8c\u7f8e\u61c9\u5c0d\u5e02\u5834\u7684\u6ce2\u52d5\u8207\u9700\u6c42\u7684\u8b8a\u5316\u3002\u56e0\u6b64\uff0c\u8afe\u8c9d\u723e\u7d93\u6fdf\u5b78\u734e\u5f97\u4e3b <strong>\u7f85\u4f2f\u7279\u30fb\u6885\u9813\uff08Robert Merton\uff09<\/strong> \u63d0\u51fa\u4e86\u4e00\u500b\u66f4\u79d1\u5b78\u7684\u6846\u67b6\uff1a<strong>Merton \u6a21\u578b<\/strong>\u3002<\/p>\n\n\n\n<p><strong>Merton \u6a21\u578b<\/strong> \u7684\u6838\u5fc3\u76ee\u6a19\u662f\uff1a<strong>\u5728\u6295\u8cc7\u8207\u652f\u51fa\u4e4b\u9593\u627e\u5230\u6700\u4f73\u5e73\u8861\uff0c\u6700\u5927\u5316\u8cc7\u7522\u7684\u9577\u671f\u6548\u76ca<\/strong>\uff08\u6700\u5927\u5316\u652f\u51fa\u7684\u6298\u73fe\u9810\u671f\u6548\u7528\uff09\uff0c\u9019\u500b\u6a21\u578b\u8b93\u6295\u8cc7\u8207\u652f\u51fa\u4e0d\u518d\u662f\u5169\u500b\u7368\u7acb\u7684\u6c7a\u7b56\uff0c\u800c\u662f\u5728\u4e00\u500b\u7d71\u4e00\u7684\u6846\u67b6\u4e0b\u540c\u6b65\u8003\u91cf\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Merton \u6a21\u578b\u5169\u5927\u6838\u5fc3\u6982\u5ff5\uff1a\u8b93\u5e73\u8861\u66f4\u5177\u79d1\u5b78\u6027<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\">1\u3001<strong>\u6700\u4f73\u98a8\u96aa\u627f\u64d4\u6bd4\u4f8b\uff08Optimal Risk Allocation\uff0c\u53c8\u7a31\u6885\u9813\u4efd\u984d\uff0cMerton Share\uff09<\/strong><\/h4>\n\n\n\n<p>\u9019\u500b\u6bd4\u4f8b\u6c7a\u5b9a\u4e86\u8cc7\u7522\u4e2d\u61c9\u8a72\u6709\u591a\u5c11\u6295\u5165\u98a8\u96aa\u8f03\u9ad8\u7684\u8cc7\u7522\uff08\u5982\u80a1\u7968\uff09\uff0c\u4ee5\u53ca\u591a\u5c11\u653e\u5728\u4f4e\u98a8\u96aa\u8cc7\u7522\uff08\u5982\u50b5\u5238\u6216\u73fe\u91d1\uff09\u3002<\/p>\n\n\n\n<p>\u60f3\u50cf\u4f60\u8981\u5c07\u4e00\u6876\u6c34\u5206\u88dd\u5728\u5169\u500b\u74f6\u5b50\u88e1\uff1a\u4e00\u500b\u662f\u300c\u9ad8\u98a8\u96aa\u9ad8\u5831\u916c\u300d\u7684\u74f6\u5b50\uff0c\u53e6\u4e00\u500b\u662f\u300c\u4f4e\u98a8\u96aa\u4f4e\u5831\u916c\u300d\u7684\u74f6\u5b50\u3002\u6bd4\u4f8b\u914d\u5f97\u592a\u504f\u5411\u9ad8\u98a8\u96aa\uff0c\u53ef\u80fd\u51fa\u73fe\u8667\u640d\uff1b\u592a\u4fdd\u5b88\u53c8\u53ef\u80fd\u5831\u916c\u4e0d\u5920\u3002Merton \u6a21\u578b\u5e6b\u4f60\u627e\u5230\u4e00\u500b\u9069\u5408\u7684\u6bd4\u4f8b\uff0c\u5e73\u8861\u98a8\u96aa\u8207\u5831\u916c\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">2\u3001<strong>\u6700\u4f73\u652f\u51fa\u7387\uff08Optimal Spending Rate\uff09<\/strong><\/h4>\n\n\n\n<p>\u8a08\u7b97\u6bcf\u5e74\u61c9\u8a72\u652f\u51fa\u7684\u6bd4\u4f8b\uff0c\u78ba\u4fdd\u652f\u51fa\u984d\u65e2\u80fd\u6eff\u8db3\u7576\u524d\u9700\u6c42\uff0c\u53c8\u4e0d\u6703\u904e\u5ea6\u6d88\u8017\u8cc7\u7522\u3002<\/p>\n\n\n\n<p>\u9019\u5c31\u50cf\u63a7\u5236\u6c34\u5eab\u7684\u653e\u6c34\u91cf\uff0c\u6bcf\u5e74\u653e\u591a\u5c11\u6c34\u51fa\u53bb\uff0c\u65e2\u80fd\u8b93\u6c34\u5eab\u4fdd\u6301\u7a69\u5b9a\u5132\u6c34\u91cf\uff0c\u53c8\u4e0d\u6703\u56e0\u904e\u5ea6\u653e\u6c34\u5c0e\u81f4\u67af\u7aed\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Merton \u6a21\u578b\u7684\u512a\u52e2\u8207\u6311\u6230<\/strong><\/h3>\n\n\n\n<p><strong>\u512a\u52e2\uff1a<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>\u6295\u8cc7\u8207\u652f\u51fa\u4e00\u9ad4\u5316<\/strong>\uff08Integrated Framework\uff09\uff1a\u5c07\u5169\u8005\u7d71\u4e00\u8003\u91cf\uff0c\u9054\u5230\u6700\u4f73\u7684\u8cc7\u6e90\u914d\u7f6e\u3002<\/li>\n\n\n\n<li><strong>\u52d5\u614b\u8abf\u6574\u80fd\u529b<\/strong>\uff08Dynamic Adjustment\uff09\uff1a\u53ef\u6839\u64da\u5e02\u5834\u8b8a\u5316\u6216\u6a5f\u69cb\u9700\u6c42\uff0c\u96a8\u6642\u8abf\u6574\u6295\u8cc7\u914d\u7f6e\u548c\u652f\u51fa\u7387\u3002<\/li>\n\n\n\n<li><strong>\u8cc7\u6e90\u6700\u5927\u5316<\/strong>\uff08Maximizing Utility\uff09\uff1a\u8b93\u8cc7\u7522\u767c\u63ee\u6700\u5927\u50f9\u503c\uff0c\u78ba\u4fdd\u7576\u524d\u652f\u51fa\u548c\u672a\u4f86\u6210\u9577\u4e4b\u9593\u7684\u5e73\u8861\u3002<\/li>\n<\/ol>\n\n\n\n<p><strong>\u6311\u6230\uff1a<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>\u6578\u64da\u96e3\u4ee5\u4f30\u7b97<\/strong>\uff1a\u6a21\u578b\u9700\u8981\u6e96\u78ba\u7684\u53c3\u6578\uff0c\u4f8b\u5982\u6295\u8cc7\u5831\u916c\u7387\u548c\u98a8\u96aa\u6ce2\u52d5\u6027\uff0c\u4f46\u73fe\u5be6\u4e2d\u9019\u4e9b\u6578\u64da\u96e3\u4ee5\u5b8c\u5168\u9810\u6e2c\u3002<\/li>\n\n\n\n<li><strong>\u64cd\u4f5c\u9580\u6abb\u8f03\u9ad8<\/strong>\uff1a\u6a21\u578b\u7684\u8a08\u7b97\u76f8\u5c0d\u8907\u96dc\uff0c\u9700\u8981\u5c08\u696d\u7684\u8ca1\u52d9\u9867\u554f\u5354\u52a9\u57f7\u884c\u3002<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u5176\u4ed6\u66f4\u7c21\u4fbf\u7684\u7b56\u7565\u9078\u64c7<\/strong><\/h2>\n\n\n\n<p>\u5c0d\u65bc\u7121\u6cd5\u57f7\u884c Merton \u6a21\u578b\u7684\u6a5f\u69cb\uff0c\u53ef\u4ee5\u8003\u616e\u4ee5\u4e0b\u66f4\u7c21\u55ae\u7684\u66ff\u4ee3\u65b9\u6848\uff1a<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>\u57fa\u65bc\u80a1\u606f\u7684\u652f\u51fa\u6cd5\uff08Dividend-Based Spending\uff09<\/strong>\n<ul class=\"wp-block-list\">\n<li>\u6bcf\u5e74\u53ea\u652f\u51fa\u6295\u8cc7\u6240\u7522\u751f\u7684\u80a1\u606f\u6536\u5165\uff0c\u4fdd\u7559\u672c\u91d1\u4e0d\u52d5\u3002\u9019\u7a2e\u65b9\u6cd5\u9069\u5408\u4fdd\u5b88\u578b\u6a5f\u69cb\uff0c\u78ba\u4fdd\u8cc7\u7522\u7684\u7a69\u5b9a\u6027\u3002<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\u5e73\u6ed1\u652f\u51fa\u6cd5\uff08Smoothing Spending\uff09<\/strong>\n<ul class=\"wp-block-list\">\n<li>\u4ee5\u904e\u53bb\u5e7e\u5e74\u7684\u5e73\u5747\u6295\u8cc7\u56de\u5831\u70ba\u57fa\u790e\uff0c\u8a2d\u5b9a\u652f\u51fa\u984d\uff0c\u6e1b\u5c11\u652f\u51fa\u5c0d\u5e02\u5834\u6ce2\u52d5\u7684\u4f9d\u8cf4\u3002\u4f8b\u5982\uff0c\u82e5\u4e09\u5e74\u5e73\u5747\u56de\u5831\u662f5%\uff0c\u652f\u51fa\u6bd4\u4f8b\u5c31\u8a2d\u5b9a\u70ba5%\u3002<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n\n\n\n<h2 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