{"id":13740,"date":"2025-04-14T10:10:06","date_gmt":"2025-04-14T02:10:06","guid":{"rendered":"https:\/\/blog.roboadvisor.com.tw\/?p=13740"},"modified":"2025-04-14T11:06:04","modified_gmt":"2025-04-14T03:06:04","slug":"%e7%be%8e%e5%9c%8b%e6%94%bf%e5%ba%9c%e5%82%b5%e5%88%b8%e6%9c%83%e9%81%95%e7%b4%84%e5%97%8e%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/blog.roboadvisor.com.tw\/?p=13740","title":{"rendered":"\u7f8e\u570b\u653f\u5e9c\u50b5\u5238\u6703\u9055\u7d04\u55ce\uff1f"},"content":{"rendered":"\n<p>\u7f8e\u570b\u653f\u5e9c\u50b5\u5238\uff08U.S. Treasury Bonds\uff09\u88ab\u8b7d\u70ba\u5168\u7403\u6700\u5b89\u5168\u7684\u6295\u8cc7\u5de5\u5177\u4e4b\u4e00\uff0c\u9577\u671f\u4ee5\u4f86\u88ab\u8996\u70ba\u300c\u7121\u98a8\u96aa\u300d\u7684\u4ee3\u540d\u8a5e\u3002\u7136\u800c\uff0c\u96a8\u8457\u7f8e\u570b\u50b5\u52d9\u898f\u6a21\u4e0d\u65b7\u6500\u5347\u3001\u8ca1\u653f\u8d64\u5b57\u64f4\u5927\uff0c\u4ee5\u53ca\u50b5\u52d9\u4e0a\u9650\u8ac7\u5224\u5c62\u5c62\u5f15\u767c\u5e02\u5834\u6ce2\u52d5\uff0c\u6295\u8cc7\u8005\u4e0d\u7981\u958b\u59cb\u7591\u554f\uff1a\u7f8e\u570b\u653f\u5e9c\u50b5\u5238\u771f\u7684\u6703\u9055\u7d04\u55ce\uff1f<\/p>\n\n\n\n<p>\u672c\u6587\u5c07\u7d50\u5408\u300c\u50b5\u52d9\u4eba\u7684\u9084\u6b3e\u4f86\u6e90\u300d\uff08Source of Repayment\uff09\u8207<a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=13762\" data-type=\"post\" data-id=\"13762\">\u300c\u4fe1\u7528\u9055\u7d04\u4e92\u63db\u300d\uff08Credit Default Swap, CDS\uff09<\/a>\u7684\u6982\u5ff5\uff0c\u6df1\u5165\u63a2\u8a0e\u7f8e\u570b\u653f\u5e9c\u50b5\u5238\u7684\u9055\u7d04\u98a8\u96aa\uff0c\u4e26\u5206\u6790\u5176\u80cc\u5f8c\u7684\u9084\u6b3e\u80fd\u529b\u8207\u5e02\u5834\u4fe1\u865f\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">\u7f8e\u570b\u653f\u5e9c\u50b5\u5238\u7684\u9084\u6b3e\u4f86\u6e90\uff1a\u7121\u8207\u502b\u6bd4\u7684\u512a\u52e2<\/h2>\n\n\n\n<p>\u8981\u5224\u65b7\u4e00\u500b\u50b5\u52d9\u4eba\u662f\u5426\u6703\u9055\u7d04\uff0c\u6838\u5fc3\u5728\u65bc\u5176\u300c\u9084\u6b3e\u80fd\u529b\u300d\u8207\u300c\u9084\u6b3e\u610f\u9858\u300d\u3002\u5c0d\u65bc\u4e3b\u6b0a\u653f\u5e9c\uff0c\u7279\u5225\u662f\u50cf\u7f8e\u570b\u9019\u6a23\u7684\u767c\u9054\u5e02\u5834\uff0c\u5176\u9084\u6b3e\u4f86\u6e90\u5177\u6709\u7368\u7279\u7684\u512a\u52e2\uff1a<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>\u5fb5\u7a05\u7684\u884c\u653f\u80fd\u529b\uff08Sovereign Right to Tax Economic Activity\uff09<\/strong><br>\u7f8e\u570b\u653f\u5e9c\u64c1\u6709\u5f37\u5927\u7684\u7a05\u6536\u80fd\u529b\uff0c\u652f\u6490\u5176\u511f\u50b5\u9700\u6c42\uff0c\u7f8e\u570b\u7d93\u6fdf\u898f\u6a21\u9f90\u5927\uff0c2024\u5e74GDP\u8d85\u904e29.2\u5146\u7f8e\u5143\uff0c\u7a05\u6536\u6536\u5165\u70ba\u653f\u5e9c\u63d0\u4f9b\u4e86\u7a69\u5b9a\u7684\u73fe\u91d1\u6d41\uff0c\u9019\u7a2e\u5fb5\u7a05\u6b0a\u529b\u662f\u4e3b\u6b0a\u653f\u5e9c\u511f\u50b5\u7684\u6838\u5fc3\u652f\u67f1\u3002<\/li>\n\n\n\n<li><strong>\u5370\u88fd\u8ca8\u5e63\u7684\u6b0a\u5229\uff08Print Currency\uff09<\/strong><br>\u4f5c\u70ba\u7f8e\u5143\u7684\u767c\u884c\u570b\uff0c\u7f8e\u570b\u806f\u90a6\u5132\u5099\u7cfb\u7d71\uff08Federal Reserve\uff09\u53ef\u4ee5\u901a\u904e\u5370\u9214\u4f86\u61c9\u5c0d\u77ed\u671f\u8cc7\u91d1\u58d3\u529b\u3002\u96d6\u7136\u9019\u53ef\u80fd\u5f15\u767c\u901a\u8ca8\u81a8\u8139\uff0c\u4f46\u9019\u4e00\u80fd\u529b\u78ba\u4fdd\u4e86\u7f8e\u570b\u5728\u6280\u8853\u4e0a\u5e7e\u4e4e\u4e0d\u53ef\u80fd\u56e0\u7f3a\u4e4f\u8cc7\u91d1\u800c\u9055\u7d04\u3002<\/li>\n\n\n\n<li><strong>\u6700\u9ad8\u7684\u4fe1\u7528\u8cea\u91cf\uff08Highest Credit Quality\uff09<\/strong><br>\u7f8e\u570b\u653f\u5e9c\u767c\u884c\u7684\u570b\u50b5\u88ab\u5e02\u5834\u8996\u70ba\u300c\u7121\u98a8\u96aa\u8cc7\u7522\u300d\uff0c\u5176\u4fe1\u7528\u8cea\u91cf\u5728\u5168\u7403\u7bc4\u570d\u5167\u7121\u51fa\u5176\u53f3\u3002\u5373\u4f7f\u8fd1\u5e74\u4f86\u4fe1\u7528\u8a55\u7d1a\u7565\u6709\u8abf\u6574\uff08\u4f8b\u59822023\u5e74\u60e0\u8b7d\u5c07\u7f8e\u570b\u8a55\u7d1a\u5f9eAAA\u964d\u81f3AA+\uff09\uff0c\u7f8e\u570b\u570b\u50b5\u4ecd\u7136\u88ab\u8a8d\u70ba\u662f\u767c\u9054\u5e02\u5834\u4e2d\u300c\u6c92\u6709\u9055\u7d04\u98a8\u96aa\u300d\uff08no default risk\uff09\u7684\u6a19\u6746\u3002<\/li>\n<\/ol>\n\n\n\n<p>\u9019\u4e9b\u9084\u6b3e\u4f86\u6e90\u4f7f\u5f97\u7f8e\u570b\u653f\u5e9c\u5728\u511f\u50b5\u80fd\u529b\u4e0a\u64c1\u6709\u7121\u53ef\u6bd4\u64ec\u7684\u512a\u52e2\u3002\u7136\u800c\uff0c\u9084\u6b3e\u610f\u9858\u540c\u6a23\u91cd\u8981\uff0c\u5c24\u5176\u662f\u5728\u653f\u6cbb\u74b0\u5883\u8907\u96dc\u7684\u80cc\u666f\u4e0b\uff0c\u9019\u4e00\u9ede\u6211\u5011\u7a0d\u5f8c\u5c07\u9032\u4e00\u6b65\u63a2\u8a0e\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2025\/04\/image-5-1024x576.png\" alt=\"\" class=\"wp-image-13755\" srcset=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2025\/04\/image-5-1024x576.png 1024w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2025\/04\/image-5-300x169.png 300w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2025\/04\/image-5-768x432.png 768w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2025\/04\/image-5.png 1280w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">\u4ec0\u9ebc\u662f\u4fe1\u7528\u9055\u7d04\u4e92\u63db\uff08CDS\uff09\uff1f\u5e02\u5834\u5982\u4f55\u770b\u5f85\u7f8e\u570b\u7684\u9055\u7d04\u98a8\u96aa\uff1f<\/h2>\n\n\n\n<p>\u4fe1\u7528\u9055\u7d04\u4e92\u63db\uff08CDS\uff09\u662f\u4e00\u7a2e\u91d1\u878d\u884d\u751f\u5de5\u5177\uff0c\u8cb7\u65b9\u5411\u8ce3\u65b9\u652f\u4ed8\u4fdd\u8cbb\uff0c\u4ee5\u63db\u53d6\u5728\u50b5\u52d9\u9055\u7d04\u6642\u7684\u8ce0\u511f\u3002\u7c21\u55ae\u4f86\u8aaa\uff0cCDS\u5c31\u50cf\u4e00\u4efd\u4fdd\u96aa\uff0c\u4fdd\u8b77\u6295\u8cc7\u8005\u514d\u53d7\u50b5\u52d9\u4eba\u9055\u7d04\u7684\u640d\u5931\uff0cCDS\u7684\u5831\u50f9\u6578\u503c\uff08\u4ee5\u57fa\u9ede\u8a08\uff09\u8d8a\u9ad8\uff0c\u4ee3\u8868\u5e02\u5834\u8a8d\u70ba\u9055\u7d04\u98a8\u96aa\u8d8a\u9ad8\uff0c\u8ce3\u65b9\u8981\u6c42\u66f4\u9ad8\u7684\u4fdd\u8cbb\u3002<\/p>\n\n\n\n<p>\u5c0d\u65bc\u7f8e\u570b\u653f\u5e9c\u50b5\u5238\uff0cCDS\u50f9\u683c\u662f\u8861\u91cf\u5176\u9055\u7d04\u98a8\u96aa\u7684\u91cd\u8981\u5e02\u5834\u6307\u6a19\uff0c\u622a\u81f32025\u5e744\u670813\u65e5\uff0c\u7f8e\u570b5\u5e74\u671fCDS\u50f9\u683c\u7d04\u70ba41.87\u500b\u57fa\u9ede\u3002\u9019\u610f\u5473\u8457\uff0c\u82e5\u6295\u8cc7\u8005\u60f3\u70ba100\u842c\u7f8e\u5143\u7684\u7f8e\u570b\u570b\u50b5\u8cfc\u8cb7\u9055\u7d04\u4fdd\u96aa\uff0c\u6bcf\u5e74\u9700\u652f\u4ed8\u7d044,187\u7f8e\u5143\u7684\u4fdd\u8cbb\u3002\u5047\u8a2d\u56de\u6536\u7387\u70ba40%\uff0c\u9019\u4e00\u50f9\u683c\u96b1\u542b\u76845\u5e74\u671f\u7d2f\u7a4d\u9055\u7d04\u6a5f\u7387\u7d04\u70ba3.38%\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"526\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2025\/04\/image-4-1024x526.png\" alt=\"\" class=\"wp-image-13743\" srcset=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2025\/04\/image-4-1024x526.png 1024w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2025\/04\/image-4-300x154.png 300w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2025\/04\/image-4-768x395.png 768w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2025\/04\/image-4.png 1039w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" 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class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">\u7f8e\u570b\u653f\u5e9c\u50b5\u5238\u6703\u9055\u7d04\u55ce\uff1f\u6f5b\u5728\u98a8\u96aa\u8207\u6311\u6230<\/h2>\n\n\n\n<p>\u96d6\u7136\u7f8e\u570b\u653f\u5e9c\u50b5\u5238\u7684\u9084\u6b3e\u4f86\u6e90\u7121\u6bd4\u5f37\u5927\uff0c\u9055\u7d04\u98a8\u96aa\u6975\u4f4e\uff0c\u4f46\u4ee5\u4e0b\u56e0\u7d20\u53ef\u80fd\u5728\u7279\u5b9a\u60c5\u5883\u4e0b\u589e\u52a0\u4e0d\u78ba\u5b9a\u6027\uff1a<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>\u8ca1\u653f\u8d64\u5b57\u8207\u50b5\u52d9\u898f\u6a21<\/strong><br>\u7f8e\u570b\u516c\u5171\u50b5\u52d9\u5df2\u8d85\u904e33\u842c\u5104\u7f8e\u5143\uff0c\u50b5\u52d9\u4f54GDP\u6bd4\u4f8b\u63a5\u8fd1100%\u3002\u6301\u7e8c\u64f4\u5927\u7684\u8ca1\u653f\u8d64\u5b57\u53ef\u80fd\u5728\u9577\u671f\u5167\u5c0d\u511f\u50b5\u80fd\u529b\u69cb\u6210\u58d3\u529b\u3002\u4fe1\u7528\u8a55\u7d1a\u6a5f\u69cb\u5982\u7a46\u8fea\uff08Moody&#8217;s\uff09\u96d6\u7dad\u6301Aaa\u8a55\u7d1a\uff0c\u4f46\u5176\u8ca0\u9762\u5c55\u671b\u986f\u793a\u5c0d\u672a\u4f86\u8ca1\u653f\u53ef\u6301\u7e8c\u6027\u7684\u64d4\u6182\u3002<\/li>\n\n\n\n<li><strong>\u653f\u6cbb\u98a8\u96aa\u8207\u50b5\u52d9\u4e0a\u9650<\/strong><br>\u7f8e\u570b\u7684\u50b5\u52d9\u4e0a\u9650\u8ac7\u5224\u662f\u9055\u7d04\u98a8\u96aa\u7684\u4e3b\u8981\u4f86\u6e90\u4e4b\u4e00\u3002\u96d6\u7136\u6b77\u53f2\u4e0a\u5f9e\u672a\u56e0\u8ac7\u5224\u5931\u6557\u5c0e\u81f4\u9055\u7d04\uff0c\u4f46\u5ef6\u9072\u6216\u50f5\u5c40\u53ef\u80fd\u5f15\u767c\u5e02\u5834\u6050\u614c\u30022023\u5e74\u7684\u8ac7\u5224\u5371\u6a5f\u5c31\u662f\u4e00\u4f8b\uff0c\u7576\u6642CDS\u50f9\u683c\u4e00\u5ea6\u6500\u5347\uff0c\u986f\u793a\u5e02\u5834\u5c0d\u300c\u6280\u8853\u6027\u9055\u7d04\u300d\u7684\u64d4\u6182\u3002<\/li>\n\n\n\n<li><strong>\u4fe1\u7528\u8a55\u7d1a\u7684\u4e0b\u8abf\u58d3\u529b<\/strong><br>2023\u5e74\u60e0\u8b7d\u4e0b\u8abf\u7f8e\u570b\u8a55\u7d1a\u81f3AA+\uff0c\u7406\u7531\u5305\u62ec\u6cbb\u7406\u6a19\u6e96\u7684\u4fb5\u8755\u548c\u50b5\u52d9\u8ca0\u64d4\u7684\u52a0\u91cd\u3002\u96d6\u7136\u9019\u4e26\u672a\u986f\u8457\u5f71\u97ff\u7f8e\u570b\u570b\u50b5\u7684\u5e02\u5834\u9700\u6c42\uff0c\u4f46\u8a55\u7d1a\u4e0b\u8abf\u53ef\u80fd\u5728\u672a\u4f86\u63a8\u9ad8\u501f\u8cb8\u6210\u672c\uff0c\u9593\u63a5\u5f71\u97ff\u511f\u50b5\u80fd\u529b\u3002<\/li>\n<\/ol>\n\n\n\n<p>\u5118\u7ba1\u5b58\u5728\u9019\u4e9b\u6311\u6230\uff0c\u7f8e\u570b\u7684\u9055\u7d04\u98a8\u96aa\u4ecd\u7136\u6975\u4f4e\uff0c\u5fb5\u7a05\u80fd\u529b\u548c\u8ca8\u5e63\u767c\u884c\u6b0a\u78ba\u4fdd\u4e86\u653f\u5e9c\u5728\u6280\u8853\u4e0a\u7684\u511f\u50b5\u80fd\u529b\uff0c\u800c\u7a69\u5b9a\u7684\u5236\u5ea6\u6846\u67b6\u548c\u5e02\u5834\u4fe1\u5fc3\u5247\u652f\u6490\u4e86\u5176\u9084\u6b3e\u610f\u9858\u3002<\/p>\n\n\n\n<p>\u6b77\u53f2\u6578\u64da\u986f\u793a\uff0c\u7f8e\u570b\u5f9e\u672a\u9055\u7d04\uff0c\u9019\u4e00\u8a18\u9304\u9032\u4e00\u6b65\u978f\u56fa\u4e86\u5176\u4fe1\u7528\u8cea\u91cf\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"768\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2025\/04\/image-6-1024x768.png\" alt=\"\" class=\"wp-image-13757\" srcset=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2025\/04\/image-6-1024x768.png 1024w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2025\/04\/image-6-300x225.png 300w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2025\/04\/image-6-768x576.png 768w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2025\/04\/image-6.png 1280w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">\u5730\u65b9\u653f\u5e9c\u8207\u516c\u53f8\u50b5\u7684\u9084\u6b3e\u4f86\u6e90\uff1a\u8207\u7f8e\u570b\u570b\u50b5\u7684\u5c0d\u6bd4<\/h2>\n\n\n\n<p>\u70ba\u4e86\u66f4\u5168\u9762\u5730\u7406\u89e3\u7f8e\u570b\u653f\u5e9c\u50b5\u5238\u7684\u7368\u7279\u6027\uff0c\u6211\u5011\u53ef\u4ee5\u5c0d\u6bd4\u5176\u4ed6\u50b5\u52d9\u4eba\u7684\u9084\u6b3e\u4f86\u6e90\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u5730\u65b9\u653f\u5e9c\u50b5\u5238<\/strong><br>\u5730\u65b9\u653f\u5e9c\u4e3b\u8981\u4f9d\u9760\u7a05\u6536\u6536\u5165\u6216\u7279\u5b9a\u9805\u76ee\u7684\u73fe\u91d1\u6d41\uff08\u5982\u9ad8\u901f\u516c\u8def\u7684\u904e\u8def\u8cbb\uff09\u511f\u50b5\u3002\u6587\u4ef6\u4e2d\u63d0\u5230\uff1a\u300c\u5730\u65b9\u653f\u5e9c\u53ef\u7528\u7a05\u6536\u6b0a\u529b\u4f5c\u70ba\u50b5\u5238\u9084\u6b3e\u4f86\u6e90\uff0c\u6216\u8003\u616e\u57fa\u790e\u8a2d\u65bd\u9805\u76ee\u7684\u8cbb\u7528\u3002\u300d\u8207\u7f8e\u570b\u806f\u90a6\u653f\u5e9c\u76f8\u6bd4\uff0c\u5730\u65b9\u653f\u5e9c\u7684\u5fb5\u7a05\u80fd\u529b\u548c\u7d93\u6fdf\u898f\u6a21\u8f03\u5c0f\uff0c\u56e0\u6b64\u9055\u7d04\u98a8\u96aa\u7565\u9ad8\u3002<\/li>\n\n\n\n<li><strong>\u516c\u53f8\u50b5\u5238<\/strong><br>\u516c\u53f8\u50b5\u7684\u9084\u6b3e\u4f9d\u8cf4\u4f01\u696d\u7684\u7d93\u71df\u6d3b\u52d5\u73fe\u91d1\u6d41\uff08Operating Cash Flow\uff09\u3002\u5c0d\u65bc\u975e\u64d4\u4fdd\u50b5\u5238\uff08Unsecured Bond\uff09\uff0c\u73fe\u91d1\u6d41\u662f\u552f\u4e00\u7684\u9084\u6b3e\u4f86\u6e90\uff1b\u5c0d\u65bc\u64d4\u4fdd\u50b5\u5238\uff08Secured Bond\uff09\uff0c\u9084\u6709\u62b5\u62bc\u8cc7\u7522\u4f5c\u70ba\u7b2c\u4e8c\u9084\u6b3e\u4f86\u6e90\u3002\u4f01\u696d\u7684\u9084\u6b3e\u80fd\u529b\u53d7\u5e02\u5834\u7af6\u722d\u3001\u884c\u696d\u6ce2\u52d5\u7b49\u56e0\u7d20\u5f71\u97ff\uff0c\u9055\u7d04\u98a8\u96aa\u9060\u9ad8\u65bc\u4e3b\u6b0a\u50b5\u5238\u3002<\/li>\n<\/ul>\n\n\n\n<p>\u7f8e\u570b\u653f\u5e9c\u50b5\u5238\u7684\u512a\u52e2\u5728\u65bc\u5176\u9084\u6b3e\u4f86\u6e90\u7684\u7a69\u5b9a\u6027\u548c\u591a\u6a23\u6027\u3002\u5fb5\u7a05\u80fd\u529b\u548c\u8ca8\u5e63\u767c\u884c\u6b0a\u63d0\u4f9b\u4e86\u96d9\u91cd\u4fdd\u969c\uff0c\u800c\u516c\u53f8\u50b5\u548c\u5730\u65b9\u653f\u5e9c\u50b5\u5238\u5247\u66f4\u4f9d\u8cf4\u55ae\u4e00\u6216\u6709\u9650\u7684\u73fe\u91d1\u6d41\u4f86\u6e90\u3002<\/p>\n\n\n\n<hr 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