{"id":130,"date":"2017-06-09T11:06:00","date_gmt":"2017-06-09T03:06:00","guid":{"rendered":"https:\/\/blog.roboadvisor.com.tw\/?p=130"},"modified":"2017-06-09T11:06:00","modified_gmt":"2017-06-09T03:06:00","slug":"%e7%be%8e%e5%9c%8b%e8%b2%a1%e7%b6%93%e7%95%8c%e7%9f%a5%e5%90%8d%e4%bd%9c%e8%80%85%e6%95%99%e4%bd%a0%e7%9a%8412%e5%80%8b-%e6%8a%95%e8%b3%87-%e6%ba%96%e5%89%87","status":"publish","type":"post","link":"https:\/\/blog.roboadvisor.com.tw\/?p=130","title":{"rendered":"\u7f8e\u570b\u8ca1\u7d93\u754c\u77e5\u540d\u4f5c\u8005\u6559\u4f60\u768412\u500b \u6295\u8cc7 \u6e96\u5247"},"content":{"rendered":"\n

\u5df4\u91cc\uff0e\u91cc\u85a9\u8332\uff08Barry Ritholtz\uff09\u662f\u8ca1\u7d93\u90e8\u843d\u683c \u5927\u5c40\uff08The Big Picture<\/a><\/strong>\uff09 <\/strong>\u7684\u7248\u4e3b\uff0c\u4e5f\u662f\u8ca1\u7d93\u754c\u7684\u77e5\u540d\u4eba\u7269\uff0c\u4ed6\u9577\u671f\u81f4\u529b\u65bc\u90e8\u843d\u683c\u7684\u7d93\u71df\uff0c\u591a\u5e74\u4f86\u5206\u4eab\u4e86\u8a31\u591a\u8c50\u5bcc\u7684\u8cc7\u6599\u8207 \u6295\u8cc7 \u60f3\u6cd5\uff0c\u4ed6\u7684\u6295\u8cc7\u7406\u5ff5\u6709\u5225\u65bc\u50b3\u7d71\u83ef\u723e\u8857\u7684\u601d\u7dad\uff0c\u56e0\u6b64\u4e5f\u5438\u5f15\u4e86\u8a31\u591a\u5fe0\u5be6\u7684\u8b80\u8005\uff0c\u662f\u6211\u500b\u4eba\u5f88\u559c\u6b61\u95b1\u8b80\u7684\u8ca1\u7d93\u90e8\u843d\u683c\uff0c\u4eca\u5929\u5c31\u8ddf\u5927\u5bb6\u5206\u4eab \u5df4\u91cc\uff0e\u91cc\u85a9\u8332 \u7684 12 \u500b\u6295\u8cc7\u6e96\u5247\uff1a<\/p>\n\n\n\n

1. \u5feb\u901f\u8a8d\u8ce0\u8ce3\u51fa\u4f60\u7684\u932f\u8aa4\u6295\u8cc7\uff0c\u8b93\u4f60\u7684\u6b63\u78ba \u6295\u8cc7 \u53bb\u9577\u671f\u7372\u5229\uff1a<\/mark><\/strong><\/h6>\n\n\n\n

\u91cc\u85a9\u8332\u63d0\u5230\uff0c\u9019\u500b\u662f\u4ed6\u8a8d\u70ba\u6700\u597d\u7684 \u6295\u8cc7\u6e96\u5247 \uff01<\/p>\n\n\n\n

\u4f46\u9019\u500b\u6295\u8cc7\u6e96\u5247\u57f7\u884c\u8d77\u4f86\u6bd4\u60f3\u50cf\u4e2d\u7684\u56f0\u96e3\u8a31\u591a\u3002<\/p>\n\n\n\n

\u6bcf\u500b\u4eba\u5728\u6295\u8cc7\u9078\u64c7\u4e0a\u90fd\u6703\u6709\u51fa\u932f\u7684\u6642\u5019\uff0c\u4f46\u4eba\u5011\u5c0d\u65bc\u932f\u8aa4\u7684\u9078\u64c7\u901a\u5e38\u90fd\u6703\u4e0d\u9858\u610f\u53bb\u627f\u8a8d\uff0c\u4e5f\u4e0d\u9858\u610f\u8a8d\u8ce0\u8ce3\u51fa\u8667\u640d\u7684\u6295\u8cc7\uff0c\u5fc3\u7406\u5b78\u5bb6\u7a31\u6b64\u70ba\u640d\u5931\u53ad\u60e1 (Loss aversion)\u3002<\/p>\n\n\n\n

\u76f8\u5c0d\u7684\uff0c\u5c0d\u65bc\u90a3\u4e9b\u6b63\u78ba\u7684\u6295\u8cc7\u9078\u64c7\uff0c\u4eba\u5011\u5f80\u5f80\u6703\u592a\u65e9\u53bb\u7372\u5229\u4e86\u7d50\uff0c\u9019\u6a23\u5c31\u9020\u6210\u4e86\u8ce0\u9322\u7684\u6295\u8cc7\u6301\u6709\u592a\u4e45\uff0c\u800c\u7372\u5229\u7684\u6295\u8cc7\u537b\u6301\u6709\u592a\u77ed\uff0c\u8070\u660e\u6295\u8cc7\u4eba\u7684\u884c\u70ba\u61c9\u8a72\u662f\u525b\u597d\u8981\u76f8\u53cd\u3002<\/p>\n\n\n\n

2. \u907f\u514d\u63a8\u6e2c\uff1a<\/mark><\/strong><\/h6>\n\n\n\n

\u592a\u591a\u7684\u7814\u7a76\u90fd\u5df2\u7d93\u8b49\u5be6\uff0c\u4eba\u5011\uff08\u5c08\u5bb6\u4e5f\u662f\u4e00\u6a23\uff09\u5c0d\u65bc\u9810\u6e2c\u672a\u4f86\u7684\u80fd\u529b\u662f\u5f88\u7cdf\u7684\u3002<\/p>\n\n\n\n

\u60f3\u60f3\u770b 2008 \u5e74\u91d1\u878d\u5371\u6a5f\u767c\u751f\u524d\u6709\u591a\u5c11\u4eba\uff08\u6216\u5c08\u5bb6\uff09\u80fd\u5920\u6e96\u78ba\u7684\u63a8\u6e2c\u5371\u6a5f\u7684\u767c\u751f?<\/p>\n\n\n\n

\u60f3\u60f3\u770b\u70ba\u4ec0\u9ebc\u6295\u8cc7\u4eba\u904e\u53bb\u9019\u4e94\u5e74\u5f88\u5c11\u6709\u4eba\u8cfa\u5230\u7f8e\u570b\u80a1\u5e02\u5927\u591a\u982d\u7684\u9322\uff1f<\/p>\n\n\n\n

\u56e0\u70ba\u9019\u4e94\u5e74\u4f86\u5f88\u591a\u4eba\u90fd\u5728\u9810\u6e2c\u53e6\u4e00\u500b\u91d1\u878d\u5371\u6a5f\u7684\u767c\u751f\uff08\u5230\u73fe\u5728\u90fd\u9084\u662f\u5982\u6b64\uff09\uff0c\u4f46\u7d50\u679c\u90fd\u6c92\u6709\u767c\u751f\u3002<\/p>\n\n\n\n

\u6240\u4ee5  \u5df4\u91cc\uff0e\u91cc\u85a9\u8332 \u63d0\u9192\u6295\u8cc7\u4eba\uff0c\u5728\u6295\u8cc7\u7684\u6642\u5019\uff0c\u4e0d\u8981\u53bb\u807d\u4fe1\u5225\u4eba\u7684\u9810\u6e2c\uff0c\u81ea\u5df1\u4e5f\u4e0d\u8981\u53bb\u505a\u9810\u6e2c<\/mark>\uff0c\u70ba\u4ec0\u9ebc\u5462\uff1f<\/p>\n\n\n\n

\u56e0\u70ba\u4e00\u65e6\u81ea\u5df1\u53bb\u505a\u4e86\u9810\u6e2c\uff0c\u4f60\u5c31\u6703\u53bb\u95dc\u6ce8\u9810\u6e2c\u662f\u5426\u6e96\u78ba\uff0c\u800c\u4e0d\u662f\u5e02\u5834\u7684\u60c5\u6cc1\uff0c\u4f46\u4eba\u5011\u61c9\u8a72\u95dc\u5fc3\u7684\u662f\u6295\u8cc7\u7d44\u5408\u662f\u5426\u80fd\u5920\u8cfa\u9322\uff0c\u800c\u4e0d\u662f\u662f\u5426\u80fd\u5920\u6e96\u78ba\u7684\u53bb\u9810\u6e2c\u5e02\u5834\u7684\u8b8a\u5316\uff0c\u9019\u5169\u8005\u662f\u4e0d\u540c\u7684\u3002<\/p>\n\n\n\n

3. \u4e86\u89e3\u7fa4\u773e\u7684\u60f3\u6cd5\uff1a<\/mark><\/strong><\/h6>\n\n\n\n

\u7d93\u6fdf\u5b78\u5927\u5e2b \u51f1\u56e0\u65af\uff08John Maynard Keynes\uff09\u5728\u5176\u5de8\u8457\u300a\u5c31\u696d\u3001\u5229\u7387\u8207\u8ca8\u5e63\u7684\u4e00\u822c\u7406\u8ad6\u300b\uff08The General Theory of Employment, Interest, and Money<\/em>\uff09\u7576\u4e2d\u7528\u4e86\u4e00\u500b\u7406\u8ad6\u7a31\u70ba\u51f1\u56e0\u65af\u9078\u7f8e\u7af6\u8cfd<\/a> <\/strong>(Keynesian Beauty Contest) \u4f86\u89e3\u91cb\u80a1\u7968\u5e02\u5834\u7684\u904b\u4f5c\u3002<\/p>\n\n\n\n

\u51f1\u56e0\u65af\u63d0\u5230\uff0c\u60f3\u50cf\u4e00\u4e0b\u6709\u4e00\u4efd\u5831\u7d19\u520a\u767b\u4e86\u516d\u5f35\u5999\u9f61\u5973\u90ce\u7684\u7167\u7247\uff0c\u8b93\u8b80\u8005\u6295\u7968\u9078\u51fa\u4ed6\u5011\u8a8d\u70ba\u6700\u6f02\u4eae\u7684\u5973\u90ce\u662f\u54ea\u4e00\u4f4d\uff1f \u6210\u529f\u731c\u4e2d\u5f97\u7968\u6700\u9ad8\u5973\u90ce\u7684\u8b80\u8005\u5c31\u6709\u6a5f\u6703\u53c3\u52a0\u62bd\u5927\u734e\u7684\u6d3b\u52d5\uff0c\u5982\u679c\u4f60\u60f3\u7372\u5f97\u62bd\u5927\u734e\u7684\u6a5f\u6703\uff0c\u90a3\u9ebc\u4f60\u7684\u9078\u64c7\u7b56\u7565\u662f\u4ec0\u9ebc\uff1f<\/p>\n\n\n\n

\u51f1\u56e0\u65af\u8aaa\uff0c\u6700\u5dee\u7684\u7b56\u7565\u5c31\u662f\u76f4\u63a5\u9078\u64c7\u4e00\u500b\u300c\u4f60\u81ea\u5df1\u8a8d\u70ba\u300d\u6700\u6f02\u4eae\u7684\u5973\u90ce\uff0c\u56e0\u70ba\u4f60\u7684\u9078\u7f8e\u89c0\u9ede\u53ef\u80fd\u8ddf\u5176\u4ed6\u7684\u4eba\u4e26\u4e0d\u76f8\u540c\u3002<\/p>\n\n\n\n

\u6240\u4ee5\u6bd4\u8f03\u597d\u7684\u7b56\u7565\u61c9\u8a72\u662f\u9032\u4e00\u6b65\u53bb\u60f3\uff0c\u300c\u5176\u4ed6\u4eba\u300d\u6bd4\u8f03\u53ef\u80fd\u9078\u64c7\u54ea\u4e00\u4f4d\u5973\u90ce\uff0c\u9019\u6a23\u7372\u5f97\u62bd\u734e\u7684\u6a5f\u6703\u624d\u6703\u6bd4\u8f03\u9ad8\u3002<\/p>\n\n\n\n

\u7531\u6b64\u5df4\u91cc\uff0e\u91cc\u85a9\u8332\u63d0\u5230\uff0c\u5728\u6295\u8cc7\u4e0a\uff0c\u77e5\u4e0d\u77e5\u9053\u5176\u4ed6\u6295\u8cc7\u4eba\u7684\u60f3\u6cd5\u662f\u6709\u5f88\u5927\u5dee\u5225\u7684\uff0c\u6295\u8cc7\u4e26\u4e0d\u662f\u53bb\u9078\u64c7\u300c\u4f60\u81ea\u5df1\u8a8d\u70ba\u300d\u6700\u597d\u7684\u80a1\u7968\u3001\u7522\u696d\u6216\u8005\u570b\u5bb6\uff0c\u800c\u662f\u8981\u53bb\u601d\u8003\u5225\u4eba\u53ef\u80fd\u6703\u53bb\u9078\u64c7\u7684\u80a1\u7968\u3001\u7522\u696d\u6216\u8005\u570b\u5bb6\uff0c\u56e0\u70ba\u6240\u8b02\u7684\u300c\u5e02\u5834\u300d\u5c31\u662f\u7fa4\u773e\u6240\u7d44\u6210\u7684<\/mark>\u3002<\/p>\n\n\n\n

4. \u5b78\u6703\u9006\u5411\u601d\u8003\uff1a<\/mark><\/strong><\/h6>\n\n\n\n

\u4e86\u89e3\u7fa4\u773e\u7684\u60f3\u6cd5\u662f\u5f88\u91cd\u8981\u7684\uff0c\u4f46\u662f\u7fa4\u773e\u4e5f\u6703\u6709\u5931\u63a7\u7684\u6642\u5019\uff0c\u7fa4\u773e\u7684\u529b\u91cf\u624d\u80fd\u5920\u8b93\u5e02\u5834\u4e0a\u6f32\uff0c\u4f46\u662f\u760b\u72c2\u7684\u7fa4\u773e\u884c\u70ba\u537b\u6703\u8b93\u5e02\u5834\u5d29\u76e4\uff08\u4f8b\u5982\uff1a1999 \u5e74\u7684\u7db2\u8def\u6ce1\u6cab\u30012007 \u5e74\u7684\u7f8e\u570b\u623f\u5730\u7522\u6ce1\u6cab\uff09\u3002<\/p>\n\n\n\n

\u6240\u4ee5\u6295\u8cc7\u4eba\u5fc5\u9808\u5b78\u6703\u53bb\u5340\u5206\u7406\u6027\u7684\u7fa4\u773e\u529b\u91cf\u8207\u760b\u72c2\u7684\u7fa4\u773e\u884c\u70ba\uff0c\u5982\u679c\u662f\u760b\u72c2\u7684\u7fa4\u773e\u884c\u70ba\uff0c\u5c31\u5fc5\u9808\u9006\u5411\u601d\u8003\uff0c\u9060\u96e2\u7fa4\u773e<\/mark>\u3002<\/p>\n\n\n\n

5. \u8cc7\u7522\u914d\u7f6e\u662f\u5f88\u91cd\u8981\u7684\uff1a<\/mark><\/strong><\/h6>\n\n\n\n

\u5f88\u5c11\u6709\u8ca1\u7d93\u5a92\u9ad4\u6703\u53bb\u8ac7\u8ad6\u8cc7\u7522\u914d\u7f6e\u7684\u8b70\u984c\uff0c\u5927\u591a\u6578\u7684\u5a92\u9ad4\u8ac7\u7684\u90fd\u662f\u9078\u80a1\u7b56\u7565\u6216\u731c\u6e2c\u5e02\u5834\u7684\u8d70\u52e2\u3002<\/p>\n\n\n\n

\u4f46\u662f\u5df4\u91cc\uff0e\u91cc\u85a9\u8332\u8aaa\uff1a\u300c\u9078\u80a1\u662f\u70ba\u4e86\u597d\u73a9\uff0c\u8cc7\u7522\u914d\u7f6e\u624d\u662f\u70ba\u4e86\u8cfa\u9322\u61c9\u8a72\u505a\u7684\u4e8b\u60c5\uff0c\u4e5f\u662f\u8a8d\u771f\u5c0d\u5f85\u6295\u8cc7\u7684\u4eba\u61c9\u8a72\u8981\u95dc\u6ce8\u7684\u4e8b\u60c5\uff01<\/mark><\/strong>\u300d<\/p>\n\n\n\n

6. \u4f60\u662f\u4ea4\u6613\u4eba\u9084\u662f\u6295\u8cc7\u4eba\uff1a<\/mark><\/strong><\/h6>\n\n\n\n

\u5c0d\u65bc\u6709\u6295\u8cc7\u80a1\u7968\u5e02\u5834\u7684\u4eba\u4f86\u8aaa\uff0c\u9019\u662f\u4e00\u500b\u5f88\u91cd\u8981\u7684\u554f\u984c\u3002<\/p>\n\n\n\n

\u5982\u679c\u4f60\u662f\u95dc\u6ce8\u5728\u9078\u80a1\u7b56\u7565\uff0c\u731c\u6e2c\u5e02\u5834\u7684\u8d70\u52e2\uff0c\u90a3\u9ebc\u4f60\u662f\u4e00\u500b\u4ea4\u6613\u4eba\uff0c\u4f60\u662f\u60f3\u7372\u5f97\u6bd4\u5927\u76e4\u66f4\u597d\u7684\u6295\u8cc7\u5831\u916c\u7387\u3002<\/mark><\/p>\n\n\n\n

\u5982\u679c\u4f60\u53ea\u662f\u6295\u8cc7\u4eba\uff0c\u90a3\u9ebc\u4f60\u61c9\u8a72\u505a\u7684\u662f\u53c3\u8207\u5e02\u5834\uff0c\u6295\u8cc7\u6574\u500b\u5e02\u5834\u6307\u6578\u3002<\/mark><\/p>\n\n\n\n

7. \u4e86\u89e3\u81ea\u5df1\u7684\u5fc3\u7406\u904b\u4f5c\uff1a<\/mark><\/strong><\/h6>\n\n\n\n

\u5f88\u591a\u6295\u8cc7\u4eba\u90fd\u6703\u8a8d\u70ba\u81ea\u5df1\u662f\u5728\u8ddf\u6a5f\u69cb\u6cd5\u4eba\u3001\u57fa\u91d1\u516c\u53f8\u3001\u5238\u5546\u3001\u6295\u9867\u53ca\u5176\u4ed6\u7684\u6295\u8cc7\u4eba\u5728\u7af6\u722d\uff0c\u8981\u6295\u8cc7\u8cfa\u9322\u5c31\u5fc5\u9808\u6253\u6557\u4e0a\u8ff0\u9019\u4e9b\u4eba\u3002<\/p>\n\n\n\n

\u7136\u800c\u975e\u4e5f\uff0c\u6295\u8cc7\u4eba\u771f\u6b63\u9700\u8981\u6253\u6557\u7684\u5c0d\u624b\u4e0d\u662f\u9019\u4e9b\u4eba\uff0c\u800c\u662f\u81ea\u5df1\u3002<\/p>\n\n\n\n

\u8aaa\u5f97\u66f4\u6e05\u695a\u4e00\u9ede\u5c31\u662f\u81ea\u5df1\u7684\u5fc3\u7406\uff0c\u70ba\u4ec0\u9ebc\u5462?<\/p>\n\n\n\n

\u56e0\u70ba\u6211\u5011\u7684\u5927\u8166\u5728\u9047\u5230\u6295\u8cc7\u4e8b\u52d9\u7684\u6642\u5019\uff0c\u6703\u7522\u751f\u4e00\u4e9b\u53cd\u61c9\uff0c\u800c\u9019\u4e9b\u53cd\u61c9\u6703\u963b\u7919\u6211\u5011\u6210\u529f\u7684\u6295\u8cc7\uff0c\u5e38\u898b\u7684\u53cd\u61c9\u5c31\u662f\u904e\u5206\u81ea\u4fe1 (O<\/strong>verconfidence<\/strong><\/a>)\u3001\u898f\u907f\u98a8\u96aa (R<\/strong>isk averse<\/strong><\/a>)\u3001\u7fa4\u773e\u6548\u61c9 (H<\/strong>erd behavior<\/strong><\/a>)\u3001\u78ba\u8a8d\u504f\u5dee (C<\/strong>onfirmation bias<\/strong><\/a>)\u2026\u2026\u7b49\u7b49\u3002<\/p>\n\n\n\n

\u9019\u4e9b\u90fd\u662f\u6703\u963b\u7919\u6211\u5011\u6210\u529f\u6295\u8cc7\u7684\u969c\u7919\uff0c\u56e0\u6b64\u4e86\u89e3\u6211\u5011\u5927\u8166\u7684\u904b\u4f5c\u65b9\u5f0f\u624d\u80fd\u5920\u514b\u670d\u9019\u4e9b\u969c\u7919\u9032\u800c\u6210\u70ba\u6210\u529f\u6295\u8cc7\u4eba\u3002<\/p>\n\n\n\n

8. \u7576\u81ea\u5df1\u72af\u932f\u7684\u6642\u5019\u5c31\u52c7\u65bc\u627f\u8a8d\u932f\u8aa4\uff1a<\/mark><\/strong><\/h6>\n\n\n\n

\u6211\u5011\u90fd\u662f\u51e1\u4eba\uff0c\u51e1\u4eba\u90fd\u6703\u72af\u932f\uff0c\u5728\u6295\u8cc7\u4e0a\u66f4\u662f\u5982\u6b64\u3002<\/p>\n\n\n\n

\u60f3\u50cf\u4e00\u500b\u8077\u696d\u68d2\u7403\u9078\u624b\uff0c\u5982\u679c\u6253\u64ca\u7387\u9054\u5230 333 \u4ed6\u5c31\u662f\u500b\u660e\u661f\u7403\u54e1\u4e86\uff0c\u4f46\u9019\u8868\u793a\u4ed6\u6bcf\u4e09\u6b21\u4e0a\u5834\u6253\u64ca\uff0c\u6709\u5169\u6b21\u662f\u6c92\u6709\u8fa6\u6cd5\u4e0a\u58d8\u7684\uff0c\u518d\u53b2\u5bb3\u7684\u7403\u54e1\u90fd\u4e0d\u53ef\u80fd\u6bcf\u6b21\u90fd\u80fd\u5920\u6210\u529f\u7684\u6253\u64ca\u4e0a\u58d8\u3002<\/p>\n\n\n\n

\u5728\u6295\u8cc7\u4e0a\u5373\u4f7f\u9023\u80a1\u795e\u5df4\u83f2\u7279<\/a>\uff08Warren Buffett\uff09\uff0c\u6bcf\u5929\u82b1\u5927\u91cf\u7684\u6642\u9593\u95b1\u8b80\u5404\u7a2e\u7684\u8cc7\u6599\uff0c\u4ed6\u4e5f\u627f\u8a8d\u4e0d\u53ef\u80fd\u6bcf\u6b21\u90fd\u5224\u65b7\u6b63\u78ba\uff0c\u4f46\u7576\u4ed6\u767c\u73fe\u932f\u8aa4\u6642\uff0c\u4ed6\u5c31\u662f\u627f\u8a8d\u932f\u8aa4\uff0c\u4e26\u7acb\u523b\u6539\u9032\u932f\u8aa4<\/mark>\u3002<\/p>\n\n\n\n

\u524d\u9762\u63d0\u5230\uff0c\u6295\u8cc7\u4eba\u901a\u5e38\u70ba\u4ec0\u9ebc\u4e0d\u9858\u610f\u8667\u640d\u7684\u6295\u8cc7\uff0c\u539f\u56e0\u4e4b\u4e00\u5c31\u662f\u4e0d\u9858\u610f\u627f\u8a8d\u932f\u8aa4\u3002<\/p>\n\n\n\n

9. \u4e86\u89e3\u91d1\u878d\u5e02\u5834\u7684\u904b\u4f5c\u8207\u7d93\u6fdf\u7684\u5faa\u74b0\uff1a<\/mark><\/strong><\/h6>\n\n\n\n

\u7576\u6211\u5011\u6bcf\u5929\u82b1\u6642\u9593\u95dc\u6ce8\u91d1\u878d\u5e02\u5834\u8b8a\u5316\u7684\u6642\u5019\uff0c\u5f88\u5bb9\u6613\u5c31\u6703\u9677\u5165\u300c\u898b\u6a39\u4e0d\u898b\u6797\u300d\u7684\u60c5\u6cc1\uff0c\u6f38\u6f38\u7684\u5c31\u6703\u5ffd\u7565\u4e86\u5e02\u5834\u7684\u5faa\u74b0\u3002<\/p>\n\n\n\n

\u5728\u6295\u8cc7\u4e0a\u8981\u6642\u6642\u63d0\u9192\u81ea\u5df1\u95dc\u6ce8\u300c\u9577\u671f\u300d\u7684\u8da8\u52e2\uff0c\u7576\u4f60\u8d8a\u80fd\u5920\u7528\u9577\u671f\u7684\u8da8\u52e2\u4f86\u770b\u5f85\u5e02\u5834\uff0c\u4f60\u6210\u529f\u7684\u6a5f\u6703\u5c31\u6703\u8d8a\u9ad8\u3002<\/p>\n\n\n\n

\u56e0\u70ba\u77ed\u671f\u4e4b\u4e0b\u6709\u5f88\u591a\u7684\u56e0\u7d20\u90fd\u6703\u5e72\u64fe\u8457\u5e02\u5834\u7684\u8b8a\u52d5\uff0c\u751a\u81f3\u8b93\u4f60\u8a8d\u70ba\u5e02\u5834\u5c07\u6703\u6c38\u9060\u7684\u4e0a\u6f32\uff0c\u4f8b\u5982\uff1a1999 \u5e74\u8207 2007 \u5e74\u7684\u7f8e\u570b\u80a1\u5e02\u4e00\u6a23\uff0c\u800c 2008 \u5e74\u91d1\u878d\u5371\u6a5f\u4e3b\u8981\u5c31\u662f\u7f8e\u570b\u91d1\u878d\u6a5f\u69cb\u904e\u5ea6\u64f4\u5f35\u4fe1\u7528 (leverage) \u6240\u9020\u6210\u7684\u7d50\u679c\uff0c\u56e0\u6b64\u4e4b\u5f8c\u7f8e\u570b\u4e5f\u5c31\u9032\u5165\u4e86\u53bb\u69d3\u687f\u5316(deleverage)\u7684\u968e\u6bb5\u3002<\/p>\n\n\n\n

\u9019\u5c31\u662f\u76ee\u524d\u7684\u5faa\u74b0\uff0c\u4f46\u5982\u679c\u6211\u5011\u89c0\u5bdf\u6b77\u53f2\u7684\u7d00\u9304\u5c31\u6703\u767c\u73fe\uff0c\u9019\u7a2e\u73fe\u8c61\u904e\u53bb\u4e5f\u66fe\u7d93\u767c\u751f\u904e\uff0c\u6240\u4ee5\u91d1\u878d\u5e02\u5834\u7684\u904b\u4f5c\u90fd\u662f\u6709\u5faa\u74b0\u7684\uff0c\u6c92\u6709\u54ea\u4e00\u6b21\u662f\u4e0d\u4e00\u6a23\u7684\u3002<\/p>\n\n\n\n

10. \u4fdd\u6301\u8b39\u614e\u597d\u5947\u7684\u614b\u5ea6\uff1a<\/mark><\/strong><\/h6>\n\n\n\n

\u6295\u8cc7\u662f\u4e00\u9580\u79d1\u5b78\u4e5f\u662f\u4e00\u9580\u85dd\u8853\uff0c\u5728\u6295\u8cc7\u9818\u57df\u4e2d\u552f\u4e00\u4e0d\u8b8a\u7684\u5c31\u662f\u300c\u6539\u8b8a\u300d\u3002<\/p>\n\n\n\n

\u8eab\u70ba\u6295\u8cc7\u4eba\u6bcf\u500b\u4eba\u90fd\u5e0c\u671b\u80fd\u5920\u627e\u5230\u4e00\u7a2e\u7d55\u4f73\u5fc5\u52dd\u7684\u6295\u8cc7\u65b9\u6cd5\uff0c\u80fd\u5920\u767e\u6230\u767e\u52dd\u3002<\/p>\n\n\n\n

\u4f46\u662f\u6295\u8cc7\u5e02\u5834\u7684\u8b8a\u6578\u592a\u591a\uff0c\u800c\u4e14\u4e0d\u540c\u7684\u6642\u5019\u8b8a\u6578\u4e5f\u6703\u4e0d\u540c\uff0c\u56e0\u6b64\u67d0\u500b\u6642\u5019\u6210\u529f\u7684\u6295\u8cc7\u65b9\u6cd5\uff0c\u53ef\u80fd\u904e\u4e00\u4e9b\u6642\u5019\u5c31\u6703\u5931\u9748\u4e86\u3002<\/p>\n\n\n\n

\u6240\u4ee5\u512a\u79c0\u7684\u6295\u8cc7\u4eba\u5fc5\u9808\u6642\u5e38\u4fdd\u6301\u8b39\u614e\u597d\u5947\u7684\u614b\u5ea6\uff0c\u4fdd\u6301\u5f48\u6027\u7684\u5fc3\u614b\u4f86\u9069\u61c9\u74b0\u5883\u7684\u6539\u8b8a\uff0c\u5426\u5247\u7576\u5916\u5728\u74b0\u5883\u6539\u8b8a\u4e86\uff0c\u7d50\u679c\u4f60\u81ea\u5df1\u9084\u6c92\u6709\u6539\u8b8a\u7684\u8a71\uff0c\u4f60\u5c31\u6703\u662f\u5931\u6557\u7684\u90a3\u4e00\u7fa4\u4eba\u3002<\/p>\n\n\n\n

11. \u6e1b\u5c11 \u6295\u8cc7 \u7684\u8ca0\u64d4\uff1a<\/mark><\/strong><\/h6>\n\n\n\n

\u6295\u8cc7\u7684\u8ca0\u64d4\u662f\u4ec0\u9ebc\uff1f<\/p>\n\n\n\n

\u5c31\u662f\u6295\u8cc7\u7684\u8cbb\u7528\uff01<\/p>\n\n\n\n

\u5f88\u591a\u57fa\u91d1\u516c\u53f8\u90fd\u6703\u5de7\u7acb\u540d\u76ee\u6216\u8a87\u5927\u7e3e\u6548\u4f86\u6536\u53d6\u66f4\u9ad8\u7684\u8cbb\u7528\uff0c\u56e0\u6b64\u6295\u8cc7\u4eba\u8981\u907f\u514d\u9019\u4e9b\u7522\u54c1\u3002<\/p>\n\n\n\n

\u56e0\u70ba\u9577\u671f\u4f86\u8aaa\uff0c\u8cbb\u7528\u8d8a\u4f4e\u7684 \u6295\u8cc7 \u7522\u54c1\u80fd\u5920\u5e36\u7d66\u6295\u8cc7\u4eba\u8f03\u9ad8\u7684\u6295\u8cc7\u5831\u916c\u7387\uff0c\u53ea\u6709\u9019\u9ede\u662f\u53ef\u4ee5\u78ba\u4fe1\u7684\u3002<\/mark><\/p>\n\n\n\n

12. \u6c92\u6709\u767d\u5403\u7684\u5348\u9910\uff1a<\/mark><\/strong><\/h6>\n\n\n\n

\u9019\u9ede\u662f\u6295\u8cc7\u4e0a\u6700\u57fa\u672c\u7684\u539f\u5247\u4f46\u4e5f\u662f\u5f88\u591a\u6295\u8cc7\u4eba\u6700\u5bb9\u6613\u5ffd\u7565\u7684\u539f\u5247\u3002<\/p>\n\n\n\n

\u6709\u4e00\u4e9b\u6295\u8cc7\u7522\u54c1\u90fd\u6703\u5305\u88dd\u6210\u9ad8\u5831\u916c\u8207\u4f4e\u98a8\u96aa\u3002<\/p>\n\n\n\n

\u9084\u8a18\u5f97\u7576\u5e74\u7684\u7d50\u69cb\u578b\u7522\u54c1\u55ce\uff1f\u91d1\u878d\u6a5f\u69cb\u4e0d\u90fd\u662f\u9019\u6a23\u5ba3\u50b3\u5728\u8ce3\u7684\u55ce\uff1f<\/p>\n\n\n\n

\u4f46\u662f\u6839\u672c\u4e0d\u53ef\u80fd\u6703\u6709\u9019\u7a2e\u7522\u54c1 \uff08\u9ad8\u5831\u916c\u4e14\u4f4e\u98a8\u96aa\uff09\u3002<\/p>\n\n\n\n

\u6295\u8cc7\u4eba\u6c38\u9060\u90fd\u5fc5\u9808\u8a18\u5f97\uff0c\u9ad8\u5831\u916c\u5c31\u4e00\u5b9a\u662f\u9ad8\u98a8\u96aa\uff0c\u4e0d\u8981\u76f8\u4fe1\u6703\u6709\u767d\u5403\u7684\u5348\u9910<\/strong>\uff01<\/mark><\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/p>\n\n\n\n

#\u95b1\u8b80\u6642\u9593\u7d04\u70ba4\u5206\u9418<\/p>\n\n\n\n


<\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/p>\n\n\n\n

\"\"<\/a><\/figure>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

\u5df4\u91cc\uff0e\u91cc\u85a9\u8332\uff08Barry Ritholtz\uff09\u662f\u8ca1\u7d93\u90e8\u843d\u683c \u5927\u5c40\uff08The Big Picture\uff09&n […]<\/p>\n","protected":false},"author":7,"featured_media":132,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[254,259,272,451,523],"class_list":["post-130","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-14","tag-254","tag-259","tag-272","tag-451","tag-523"],"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\/130","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\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=130"}],"version-history":[{"count":0,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/posts\/130\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/media\/132"}],"wp:attachment":[{"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=130"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=130"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=130"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}