{"id":1716,"date":"2021-07-24T17:35:00","date_gmt":"2021-07-24T09:35:00","guid":{"rendered":"https:\/\/blog.roboadvisor.com.tw\/?p=1716"},"modified":"2021-07-24T17:35:00","modified_gmt":"2021-07-24T09:35:00","slug":"%e5%a4%a7%e5%88%b0%e4%b8%8d%e8%83%bd%e5%80%92-%e6%8a%95%e8%b3%87%e5%96%ae%e4%b8%80%e5%85%ac%e5%8f%b8%e5%82%b5%e5%88%b8%e4%bd%a0%e6%89%80%e4%b8%8d%e7%9f%a5%e9%81%93%e7%9a%84%e9%a2%a8%e9%9a%aa","status":"publish","type":"post","link":"https:\/\/blog.roboadvisor.com.tw\/?p=1716","title":{"rendered":"\u5927\u5230\u4e0d\u80fd\u5012\uff1f\uff01 \u6295\u8cc7\u55ae\u4e00\u516c\u53f8\u50b5\u5238\u4f60\u6240\u4e0d\u77e5\u9053\u7684\u98a8\u96aa\uff01\u516c\u53f8\u50b5\u9055\u7d04\uff1f"},"content":{"rendered":"\n<p>\u8fd1\u5e7e\u5e74\uff0c\u8a31\u591a\u91d1\u878d\u6a5f\u69cb\u63a8\u51fa\u4e0d\u5c11\u55ae\u4e00\u516c\u53f8\u50b5\u5238\u7684\u7522\u54c1\uff0c\u5c24\u5176\u662f\u63a8\u8d85\u5927\u578b\u77e5\u540d\u4f01\u696d\u7684\u50b5\u5238\uff0c\u4f8b\u5982\uff1aApple\u3001Microsoft \u6216\u662f\u7f8e\u570b\u6700\u5927\u96fb\u4fe1\u5546 AT&amp;T\uff0c\u4e3b\u6253\u53ea\u8981\u50b5\u5238\u6301\u6709\u5230\u5230\u671f\u65e5\uff0c\u4f60\u7684\u6295\u8cc7\u672c\u91d1\u53ef\u4ee5\u5b89\u5fc3\u8d16\u56de\uff0c\u9084\u80fd\u6bcf\u5e74\u9818\u56fa\u5b9a\u50b5\u5238\u5229\u606f 4%~6%\uff0c\u9019\u6a23\u7684\u8aaa\u6cd5\u771f\u7684\u5c0d\u55ce?&nbsp; \u771f\u7684\u6709\u9019\u9ebc\u5b89\u5fc3\u7684\u6295\u8cc7\u5546\u54c1\u55ce?<\/p>\n\n\n\n<p>\u6295\u8cc7\u4e00\u5b9a\u6709\u98a8\u96aa\uff0c\u4e14\u6295\u8cc7\u55ae\u4e00\u516c\u53f8\u50b5\u5238\u6f5b\u85cf\u8a31\u591a\u98a8\u96aa\uff0c\u4f8b\u5982 : \u516c\u53f8\u63d0\u524d\u8d16\u56de\u98a8\u96aa\uff08Call Option\uff09\u3001\u4fe1\u7528\u98a8\u96aa\u3001\u5229\u7387\u98a8\u96aa\u3001\u50b5\u606f\u518d\u6295\u8cc7\u98a8\u96aa\u3001\u901a\u8ca8\u81a8\u8139\u98a8\u96aa\u3001\u6d41\u52d5\u6027\u98a8\u96aa\u8207\u5e02\u5834\u7cfb\u7d71\u6027\u98a8\u96aa\uff0c\u770b\u5230\u9019\u9ebc\u591a\u98a8\u96aa\uff0c\u4f60\u89ba\u5f97\u5b83\u9084\u662f\u7a69\u5b9a\u7372\u53d6\u88ab\u52d5\u6536\u5165\u55ce\uff1f<\/p>\n\n\n\n<div class=\"wp-block-aioseo-table-of-contents\"><ul><li><a href=\"#aioseo-\">\u5c08\u5bb6\u5b78\u8005\u600e\u9ebc\u770b\uff1f<\/a><\/li><li><a href=\"#aioseo-0\">\u7406\u5c08\u8aaa\u8cb7\u55ae\u4e00\u516c\u53f8\u50b5\u5238\u624b\u7e8c\u8cbb 0\uff1f<\/a><\/li><li><a href=\"#aioseo-\">\u6b77\u53f2\u6578\u64da\u600e\u9ebc\u8aaa<\/a><\/li><li><a href=\"#aioseo-\">\u7d50\u8ad6<\/a><\/li><li><a href=\"#aioseo-\">\u963f\u723e\u767c\u966a\u60a8\u4e00\u8d77\u5b89\u5fc3\u9054\u6210\u8ca1\u52d9\u76ee\u6a19<\/a><\/li><\/ul><\/div>\n\n\n\n<p>\u4ee5\u4e0b\u6211\u5011\u770b\u770b\u91d1\u878d\u754c\u7684\u5c08\u5bb6\u600e\u9ebc\u8aaa\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"aioseo-\">\u5c08\u5bb6\u5b78\u8005\u600e\u9ebc\u770b\uff1f<\/h3>\n\n\n\n<p>\u904e\u5f80\u6709\u8a31\u591a\u5b78\u8005\u8207\u5c08\u5bb6\u5c0d\u65bc\u55ae\u4e00\u516c\u53f8\u50b5\u5238\u6709\u4e9b\u8cea\u7591\u8207\u53cd\u5c0d\u3002<\/p>\n\n\n\n<p>1. <strong>\u7f8e\u570b\u524d\u8036\u9b6f\u5927\u5b78\u6821\u52d9\u57fa\u91d1\u64cd\u76e4\u4eba David Swensen\u3002<\/strong><\/p>\n\n\n\n<p>\u5728\u4ed6\u7684\u66f8<a href=\"https:\/\/www.books.com.tw\/products\/0010834750?sloc=main&amp;utm_source=g22853792&amp;utm_medium=ap-books&amp;utm_content=recommend&amp;utm_campaign=ap-202102\" target=\"_blank\" rel=\"noreferrer noopener\">\u300a\u8036\u9b6f\u64cd\u76e4\u624b \u2013 \u975e\u5178\u578b\u6210\u529f\u300b<\/a>\u4e2d\u63d0\u5230\uff0c<strong>\u55ae\u4e00\u516c\u53f8\u50b5\u5238\u5c0d\u65bc\u6295\u8cc7\u8005\u7684\u50f9\u503c\u5176\u5be6\u7528\u653f\u5e9c\u50b5\u5238\u5c31\u53ef\u4ee5\u9054\u5230\uff0c\u5b8c\u5168\u4e0d\u9700\u8981\u53bb\u6295\u8cc7\u55ae\u4e00\u516c\u53f8\u50b5\u5238\u3002<\/strong>\u5982\u679c\u6295\u8cc7\u4eba\u53bb\u6295\u8cc7\u55ae\u4e00\u516c\u53f8\u50b5\u5238\uff0c\u9664\u4e86\u8981\u627f\u64d4\u50b5\u5238\u7684\u5229\u7387\u98a8\u96aa\u3001\u901a\u81a8\u98a8\u96aa\u5916\uff0c\u9084\u6709\u516c\u53f8\u9055\u7d04\u98a8\u96aa\u3001\u516c\u53f8\u8d16\u56de\u98a8\u96aa\uff08Call Option\uff09\u3001\u6d41\u52d5\u6027\u98a8\u96aa\u8207\u532f\u7387\u98a8\u96aa\u3002\u6295\u8cc7\u4eba\u5b8c\u5168\u6c92\u6709\u5fc5\u8981\u53bb\u627f\u64d4\u9019\u4e9b\u984d\u5916\u7684\u98a8\u96aa\u3002<\/p>\n\n\n\n<p><strong>2. \u7f8e\u570b\u8457\u540d\u5c0d\u6c96\u57fa\u91d1 AQR \u7684\u5169\u4f4d\u7d93\u6fdf\u5b78\u5bb6 Attakrit Asvanunt \u8207 Scott Richardson<\/strong><\/p>\n\n\n\n<p>\u5176\u4e2d\u5728 2015 \u5e74\u7684\u8ad6\u6587<a href=\"https:\/\/poseidon01.ssrn.com\/delivery.php?ID=761026119090108093084075066102094007060032006019028017122096066005121000024126030093026012049028000097038075103093019106126002005055092013072121101002121105119094095058010092003089000069083123022125115066025031108029024085064086094003081084103126112&amp;EXT=pdf&amp;INDEX=TRUE\" target=\"_blank\" rel=\"noreferrer noopener\">\u300aThe Credit Risk Premium\u300b<\/a>\u4e2d\u63d0\u5230\uff0c\u6295\u8cc7\u55ae\u4e00\u516c\u53f8\u50b5\u5238\u5c31\u50cf\u6295\u8cc7\u80a1\u7968\u4e00\u6a23\uff0c<strong>\u4f60\u5c31\u662f\u6703\u9762\u81e8\u9019\u5bb6\u516c\u53f8\u7d93\u71df\u7684\u98a8\u96aa\uff0c\u5b78\u8853\u7a31\u70ba\u201d\u975e\u7cfb\u7d71\u6027\u98a8\u96aa\u201d\uff0c\u6240\u4ee5\u6295\u8cc7\u516c\u53f8\u50b5\u5238\u770b\u4f3c\u6ce2\u52d5\u8f03\u4f4e\uff0c\u4f46\u4e00\u6a23\u6703\u6709\u6240\u8b02\u7684\u7d93\u71df\u98a8\u96aa\u5b58\u5728\u3002<\/strong><\/p>\n\n\n\n<p>\u5982\u679c\u6295\u8cc7\u7f8e\u570b\u7684\u55ae\u4e00\u516c\u53f8\u50b5\u5238\uff0c\u5f9e 1936 \u5e74\u5230 2014 \u5e74\u6295\u8cc7\u4eba\u80fd\u5920\u7372\u5f97\u7684\u9055\u7d04\u98a8\u96aa\u6ea2\u916c\uff08Default Risk Premium\uff09\u5927\u7d04\u50c5\u70ba\u6bcf\u5e74 1.3% \u5de6\u53f3\u3002\u4e5f\u5c31\u662f\u8aaa\uff0c\u5728\u9019 78 \u5e74\u671f\u9593\uff0c\u6295\u8cc7\u55ae\u4e00\u516c\u53f8\u50b5\u5238\u50c5\u6bd4\u6295\u8cc7\u653f\u5e9c\u50b5\u5238\u6bcf\u5e74\u5e73\u5747\u591a\u7372\u5f97 1.3% \u5de6\u53f3\u7684\u5831\u916c\u3002<\/p>\n\n\n\n<p>\u4f46 1.3% \u53ea\u662f\u5e73\u5747\u5831\u916c\u800c\u5df2\u3002\u5728\u7d93\u6fdf\u64f4\u5f35\u6642\u671f\uff0c\u9055\u7d04\u98a8\u96aa\u6ea2\u916c\u6703\u6bd4\u8f03\u9ad8\uff0c\u5831\u916c\u8f03\u597d\u3002\u4f46\u662f\u5230\u4e86\u7d93\u6fdf\u856d\u689d\u7684\u60b2\u89c0\u6642\u671f\uff0c\u540c\u6a23\u7684\u9055\u7d04\u98a8\u96aa\u6ea2\u916c\u5c31\u7e2e\u5c0f\u751a\u81f3\u6d88\u5931\u4e86\uff0c\u540c\u6642\u55ae\u4e00\u516c\u53f8\u50b5\u5238\u7684\u9055\u7d04\u98a8\u96aa\u6ea2\u916c\u548c\u80a1\u7968\u7684\u98a8\u96aa\u6ea2\u916c\uff08Equity Risk Premium\uff09\u6210\u6b63\u6bd4\uff0c\u4e5f\u5c31\u662f\u8aaa<strong>\u6295\u8cc7\u8005\u4ee5\u70ba\u81ea\u5df1\u8cb7\u4e86\u98a8\u96aa\u4f4e\u7684\u50b5\u5238\uff0c\u5be6\u969b\u4e0a\u6301\u6709\u81f3\u5c11\u534a\u96bb\u80a1\u7968\u3002<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"aioseo-0\">\u7406\u5c08\u8aaa\u8cb7\u55ae\u4e00\u516c\u53f8\u50b5\u5238\u624b\u7e8c\u8cbb 0\uff1f<\/h3>\n\n\n\n<p>\u5728\u53f0\u7063\u5411\u9280\u884c\u8cb7\u50b5\u5238\u50f9\u683c\u4e0d\u662f\u5f88\u900f\u660e\uff0c\u4e26\u6c92\u6709\u50cf\u80a1\u7968\u5e02\u5834\u4e00\u6a23\u76f4\u63a5\u7684\u5831\u50f9\u8edf\u9ad4\uff0c\u4f60\u5728\u5be6\u969b\u6295\u8cc7\u4e4b\u524d\uff0c\u8f03\u96e3\u770b\u6e05\u695a\u8cb7\u8ce3\u7684\u5831\u50f9\uff0c\u800c\u9019\u4e00\u9ede\u662f\u975e\u5e38\u4e0d\u5229\u7684\u3002\u800c\u4e14\u591a\u6578\u91d1\u878d\u6a5f\u69cb\u4e3b\u8981\u662f\u8cfa\u53d6\u6295\u8cc7\u4eba\u7684\u4ea4\u6613\u624b\u7e8c\u8cbb\uff0c\u5373\u4f7f\u8cb7\u50b5\u5238\u7684\u4ea4\u6613\u624b\u7e8c\u8cbb\u5f88\u4f4e\u751a\u81f3\u662f 0\uff0c\u4f46\u91d1\u878d\u6a5f\u69cb\u662f\u4e0d\u6703\u505a\u8ce0\u672c\u751f\u610f\u7684\u3002<\/p>\n\n\n\n<p>\u56e0\u70ba\u8cb7\u8ce3\u9593\u7684\u50f9\u683c\u4e0d\u900f\u660e\uff0c\u6240\u4ee5<strong>\u6295\u8cc7\u55ae\u4e00\u516c\u53f8\u50b5\u5238\u7684\u8cb7\u8ce3\u50f9\u5dee\u5c31\u6703\u7522\u751f\u96b1\u85cf\u6210\u672c<\/strong>\uff0c\u5f80\u5f80\u9019\u500b\u50f9\u5dee\u6bd4\u4f60\u60f3\u50cf\u7684\u9ad8\u51fa\u8a31\u591a\uff0c\u9b54\u9b3c\u6c38\u9060\u85cf\u5728\u7d30\u7bc0\u88e1\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"aioseo-\">\u6b77\u53f2\u6578\u64da\u600e\u9ebc\u8aaa<\/h3>\n\n\n\n<p><strong>\u8a31\u591a\u4eba\u8a8d\u70ba\u6295\u8cc7\u55ae\u4e00\u516c\u53f8\u50b5\u5238\u662f\u4fdd\u672c\u7684\u5546\u54c1\uff0c\u5c24\u5176\u6295\u8cc7\u4e16\u754c\u5927\u578b\u77e5\u540d\u7684\u4f01\u696d\u7684\u50b5\u5238\uff0c\u4e8b\u5be6\u4e0a\u5b8c\u5168\u662f\u8aa4\u89e3\u3002<\/strong><\/p>\n\n\n\n<p>\u5982\u540c David Swensen \u6240\u6558\u8ff0\uff0c<strong>\u9664\u4e86\u5229\u7387\u98a8\u96aa\u3001\u901a\u81a8\u98a8\u96aa\uff0c\u55ae\u4e00\u516c\u53f8\u50b5\u5238\u66f4\u662f\u627f\u64d4\u516c\u53f8\u9055\u7d04\u98a8\u96aa\u3001\u516c\u53f8\u8d16\u56de\u98a8\u96aa\uff08Call Option\uff09\u3001\u6d41\u52d5\u6027\u98a8\u96aa\u8207\u532f\u7387\u98a8\u96aa\uff0c\u751a\u81f3 2008 \u5e74\u9084\u6709\u7522\u751f\u6240\u8b02\u50b5\u5238\u8a55\u7d1a\u6a5f\u69cb\u9020\u5047\u7684\u98a8\u96aa\u3002<\/strong><\/p>\n\n\n\n<p><strong>\u5c24\u5176\u8a31\u591a\u5927\u578b\u77e5\u540d\u516c\u53f8\u90fd\u6703\u8d81\u516c\u53f8\u50b5\u5238\u50f9\u683c\u4f4e\u6642\uff0c\u57f7\u884c Call Option\uff08\u4e0a\u8ff0\u7684\u516c\u53f8\u8d16\u56de\u98a8\u96aa\uff09\uff0c\u900f\u904e\u8ca1\u52d9\u64cd\u4f5c\uff0c\u8cb7\u56de\u6d41\u901a\u5728\u5916\u9ad8\u5229\u7387\u7684\u50b5\u5238\uff0c\u91cd\u65b0\u767c\u884c\u4f4e\u5229\u7387\u7684\u50b5\u5238\uff0c\u7bc0\u7701\u516c\u53f8\u50b5\u52d9\u6210\u672c\uff0c\u8cfa\u53d6\u5229\u6f64\uff0c\u76f8\u5c0d\u7684\u6295\u8cc7\u4eba\u5c31\u8499\u53d7\u640d\u5931\u3002<\/strong><\/p>\n\n\n\n<p>\u4e0b\u5716\u70ba\u5168\u7403\u516c\u53f8\u50b5\u9055\u7d04\u7684\u6b77\u53f2\u6578\u64da\uff0c\u6dfa\u85cd\u8272\u67f1\u72c0\u5716\u70ba<strong>\u9ad8\u8a55\u7d1a\u6295\u8cc7\u7b49\u7d1a\u516c\u53f8\u50b5\u7684\u9055\u7d04 % \u6578<\/strong>\uff0c\u9ec3\u8272\u6298\u7dda\u70ba<strong>\u5783\u573e\u7d1a\u516c\u53f8\u50b5\uff08\u4fd7\u7a31\u9ad8\u6536\u50b5\uff09\u7684\u9055\u7d04 % \u6578<\/strong>\uff0c\u6df1\u85cd\u8272\u6298\u7dda\u70ba<strong>\u5168\u7403\u50b5\u5238\u7684\u9055\u7d04 % \u6578<\/strong>\uff0c\u660e\u986f\u7684\u770b\u5230<strong>\u5783\u573e\u7d1a\u516c\u53f8\u50b5\u7684\u9055\u7d04\u7387\u90fd\u6703\u6bd4\u6295\u8cc7\u7d1a\u516c\u53f8\u50b5\u9ad8\u8a31\u591a<\/strong>\u3002<\/p>\n\n\n\n<p>\u53e6\u5916\u5927\u7d04\u6bcf 10 \u5e74\u516c\u53f8\u50b5\u7684\u9055\u7d04\u7387\u6703\u5927\u5e45\u63d0\u5347\uff0c\u6240\u4ee5\u5373\u4f7f\u662f\u9762\u81e8\u7d93\u6fdf\u6158\u6fb9\u7684\u6642\u671f\uff0c\u9ad8\u8a55\u7d1a\u7684\u6295\u8cc7\u7b49\u7d1a\u516c\u53f8\u50b5\u4e5f\u7121\u4e00\u5016\u514d\u3002<\/p>\n\n\n\n<p>\u2705<strong>\u9ad8\u8a55\u7d1a\u6295\u8cc7\u7b49\u7d1a\u516c\u53f8\u50b5<\/strong>\u662f\u6307\u7531\u4fe1\u7528\u8a55\u7d1a\u6a5f\u69cb\uff08\u5982\u7a46\u8fea\u3001\u6a19\u6e96\u666e\u723e\u6216\u60e0\u8b7d\uff09\u8a55\u70ba\u6295\u8cc7\u7d1a\uff08\u901a\u5e38\u70ba BBB \u6216\u66f4\u9ad8\uff09\u7684\u516c\u53f8\u6240\u767c\u884c\u7684\u50b5\u5238\u3002\u9019\u4e9b\u516c\u53f8\u50b5\u5177\u6709\u8f03\u4f4e\u7684\u9055\u7d04\u98a8\u96aa\uff0c\u4e26\u63d0\u4f9b\u76f8\u5c0d\u7a69\u5b9a\u7684\u6536\u76ca\uff0c\u9069\u5408\u5c0b\u6c42\u7a69\u5065\u6295\u8cc7\u7684\u6295\u8cc7\u8005\u3002\u9ad8\u8a55\u7d1a\u6295\u8cc7\u7b49\u7d1a\u516c\u53f8\u50b5\u5728\u5e02\u5834\u4e2d\u4eab\u6709\u8f03\u9ad8\u7684\u4fe1\u7528\u5ea6\uff0c\u4f7f\u5f97\u767c\u884c\u516c\u53f8\u80fd\u4ee5\u8f03\u4f4e\u7684\u5229\u7387\u878d\u8cc7\u3002<\/p>\n\n\n\n<p>\u2705<strong>\u5783\u573e\u7d1a\u516c\u53f8\u50b5\uff08Junk Bonds\uff09<\/strong>\uff0c\u4e5f\u7a31\u70ba\u9ad8\u6536\u76ca\u50b5\u5238\uff08High-Yield Bonds\uff09\uff0c\u662f\u6307\u90a3\u4e9b\u4fe1\u7528\u8a55\u7d1a\u4f4e\u65bc\u6295\u8cc7\u7d1a\uff08\u901a\u5e38\u70ba BB \u6216\u4ee5\u4e0b\uff09\u7684\u516c\u53f8\u6240\u767c\u884c\u7684\u50b5\u5238\u3002\u9019\u4e9b\u50b5\u5238\u7684\u9055\u7d04\u98a8\u96aa\u8f03\u9ad8\uff0c\u4f46\u56e0\u70ba\u98a8\u96aa\u8f03\u5927\uff0c\u56e0\u6b64\u63d0\u4f9b\u7684\u5229\u7387\uff08\u6536\u76ca\u7387\uff09\u4e5f\u8f03\u9ad8\u3002\u6295\u8cc7\u8005\u8cfc\u8cb7\u5783\u573e\u7d1a\u516c\u53f8\u50b5\u662f\u70ba\u4e86\u7372\u53d6\u66f4\u9ad8\u7684\u56de\u5831\uff0c\u4f46\u9700\u8981\u627f\u64d4\u8f03\u9ad8\u7684\u4fe1\u7528\u98a8\u96aa\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1471\" height=\"781\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/100-2.jpg\" alt=\"\" class=\"wp-image-1718\" srcset=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/100-2.jpg 1471w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/100-2-300x159.jpg 300w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/100-2-1024x544.jpg 1024w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/100-2-768x408.jpg 768w\" sizes=\"auto, (max-width: 1471px) 100vw, 1471px\" \/><\/figure>\n\n\n\n<p>\u4e0b\u5716\u986f\u793a\u5168\u7403\u516c\u53f8\u50b5\u9055\u7d04\u7684\u5bb6\u6578\u8207\u6bd4\u4f8b\uff0c\u5f9e 1981 \u5e74\u81f3 2020 \u5e74\u7684\u8a73\u7d30\u6578\u64da\uff0c<strong>\u6bcf\u5e74\u90fd\u6703\u6709\u516c\u53f8\u50b5\u5238\u9055\u7d04\u7684\u60c5\u5f62\u767c\u751f\uff0c\u5373\u4f7f\u6295\u8cc7\u7b49\u7d1a\u7684\u516c\u53f8\u50b5\u9055\u7d04\u7387\u4f4e\uff0c\u4f46\u5728\u9762\u81e8\u91d1\u878d\u6d77\u562f\u8207\u7db2\u8def\u79d1\u6280\u6ce1\u6cab\u7684\u7d93\u6fdf\u5371\u6a5f\u6642\uff0c\u9084\u662f\u6709\u5927\u578b\u516c\u53f8\u7684\u50b5\u5238\u9055\u7d04\u3002\u66f4\u4e0d\u7528\u63d0\u5783\u573e\u7d1a\u50b5\u5238\uff08\u9ad8\u6536\u76ca\u50b5\uff09\u7684\u9055\u7d04\u72c0\u6cc1\u4e86\u3002<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1125\" height=\"2034\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/100-3.jpg\" alt=\"\" class=\"wp-image-1719\" srcset=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/100-3.jpg 1125w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/100-3-166x300.jpg 166w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/100-3-566x1024.jpg 566w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/100-3-768x1389.jpg 768w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/100-3-850x1536.jpg 850w\" sizes=\"auto, (max-width: 1125px) 100vw, 1125px\" \/><\/figure>\n\n\n\n<p>\u4e0a\u5716\u5448\u73fe\u5168\u7403\u8fd1 27 \u5e74\u4f86\uff0c\u6bcf\u5e74\u5ea6\u6700\u5927\u578b\u7684\u516c\u53f8\u9055\u7d04\u4e8b\u4ef6\uff0c\u4f60\u6703\u770b\u5230\u6709\u4fdd\u96aa\u516c\u53f8\u3001\u9280\u884c\u3001\u80fd\u6e90\u4f01\u696d\u3001\u6c7d\u8eca\u7522\u696d\u9084\u6709\u901a\u8a0a\u7522\u696d\u3002&nbsp;<\/p>\n\n\n\n<p><strong>\u5176\u4e2d\u5305\u542b 2001 \u5e74\u7684\u6069\u9686 Enron\uff08\u7576\u6642\u6709\u8d85\u904e 21,000 \u540d\u54e1\u5de5\uff09\u30012002 \u5e74\u7684\u7f8e\u570b\u4e16\u754c\u901a\u8a0a WorldCom\uff08\u7576\u6642\u6709\u8d85\u904e 60,000 \u540d\u54e1\u5de5\uff09\u30012008 \u5e74\u7684\u96f7\u66fc\u5144\u5f1f\uff08\u7576\u6642\u70ba\u7f8e\u570b\u524d\u56db\u5927\u6295\u8cc7\u9280\u884c\uff09\u30012009 \u5e74\u7684\u798f\u7279\u6c7d\u8eca\u30012012 \u54c8\u85a9\u514b\u9280\u884c BTA Bank\u30012018 \u5e74\u66fe\u70ba\u7f8e\u570b500\u5f37\u4f01\u696d\u8207\u5168\u7f8e\u524d\u4e09\u5927\u71df\u5229\u578b\u91ab\u9662\u71df\u904b\u5546\u7684 Community Health Systems\u30012020 \u5e74\u6b77\u53f2\u60a0\u4e45\u7684\u96fb\u4fe1\u516c\u53f8 Frontier Communications\uff081927 \u5e74\u6210\u7acb\uff09\u3001\u4e16\u754c\u5927\u578b\u9023\u9396\u96fb\u5f71\u9662 AMC \u5f71\u57ce\u3001\u5927\u5bb6\u719f\u6089\u7684\u4f11\u9592\u978b\u54c1\u724cTOMS\u3002<\/strong>&nbsp;<\/p>\n\n\n\n<p>\u5927\u5230\u4e0d\u80fd\u5012\u7684\u516c\u53f8\u4e0d\u6703\u9055\u7d04 ? \u8d85\u5927\u578b\u4f01\u696d\u4e0d\u6703\u9055\u7d04 ? \u5343\u842c\u4e0d\u8981\u76f8\u4fe1\u9019\u4e9b\u8b0a\u8a00\uff0c<strong>\u6c92\u6709\u4e00\u9593\u4f01\u696d\u5927\u5230\u4e0d\u80fd\u5012\u3002<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1023\" height=\"1537\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/100-4.jpg\" alt=\"\u516c\u53f8\u50b5\u9055\u7d04\n\" class=\"wp-image-1720\" srcset=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/100-4.jpg 1023w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/100-4-200x300.jpg 200w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/100-4-682x1024.jpg 682w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/100-4-768x1154.jpg 768w\" sizes=\"auto, (max-width: 1023px) 100vw, 1023px\" \/><\/figure>\n\n\n\n<p>\u8fd1\u671f 2024 \u5e74\u4e2d\u570b\u623f\u5730\u7522\u4f01\u696d\u9f8d\u982d\u300c\u6046\u5927\u96c6\u5718\u300d\u9762\u81e8\u91cd\u5927\u5371\u6a5f\uff0c\u9999\u6e2f\u6cd5\u9662\u65bc2024\u5e741\u6708\u6b63\u5f0f\u547d\u4ee4\u6e05\u7b97\u6046\u5927\u3002\u9019\u9593\u4e16\u754c\u524d 500 \u5927\u7684\u516c\u53f8\uff0c\u88ab\u8996\u70ba\u4e2d\u570b\u300c\u5927\u5230\u4e0d\u80fd\u5012\u300d\u7684\u91cd\u8981\u4f01\u696d\uff0c\u5982\u4eca\u50b3\u51fa\u50b5\u52d9\u5371\u6a5f\u3002\u6046\u5927\u7121\u6cd5\u511f\u9084\u5176\u7d04 3000 \u5104\u7f8e\u5143\u7684\u50b5\u52d9\uff0c\u6d89\u53ca 128 \u5bb6\u9280\u884c\u53ca 171 \u5bb6\u975e\u91d1\u878d\u6a5f\u69cb\uff0c\u50b5\u52d9\u9ad8\u9054 8355 \u5104\u4eba\u6c11\u5e63\u3002\u7531\u65bc\u904e\u5ea6\u501f\u8cb8\u548c\u7121\u6cd5\u5b8c\u6210\u591a\u500b\u5efa\u6848\uff0c\u6046\u5927\u65bc 2021 \u5e74\u9996\u6b21\u9055\u7d04\uff0c\u4e26\u5728\u4e4b\u5f8c\u7684\u91cd\u7d44\u5617\u8a66\u4e2d\u672a\u80fd\u6210\u529f\u3002\u9019\u4e00\u6c7a\u5b9a\u53ef\u80fd\u5f15\u767c\u4e00\u9023\u4e32\u7684\u9aa8\u724c\u6548\u61c9\uff0c\u5c0d\u4e2d\u570b\u7d93\u6fdf\u548c\u5168\u7403\u5e02\u5834\u7522\u751f\u6df1\u9060\u5f71\u97ff\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"aioseo-\">\u7d50\u8ad6<\/h3>\n\n\n\n<p>\u6c92\u6709\u516c\u53f8\u5927\u5230\u4e0d\u80fd\u5012\uff0c\u6295\u8cc7\u55ae\u4e00\u516c\u53f8\u50b5\u5238\u7d55\u5c0d\u4e0d\u662f\u4fdd\u672c\u8207\u4fdd\u606f\uff0c\u5373\u4f7f\u6295\u8cc7\u55ae\u4e00\u6295\u8cc7\u7b49\u7d1a\u516c\u53f8\u50b5\u5238\u7684\u6ce2\u52d5\u6bd4\u8f03\u4f4e\uff0c\u6bd4\u8f03\u4e0d\u5bb9\u6613\u9055\u7d04\uff0c<strong>\u4f46\u4f60\u6c38\u9060\u4e0d\u6703\u731c\u60f3\u5230\u54ea\u5929\u767c\u751f\u7684\u842c\u4e00\u3002<\/strong>&nbsp;<\/p>\n\n\n\n<p>\u4fd7\u8a71\u8aaa\uff1a\u300c\u4e0d\u6015\u4e00\u842c\uff0c\u53ea\u6015\u842c\u4e00\u300d&nbsp;<\/p>\n\n\n\n<p>\u6211\u5011\u4e0d\u5efa\u8b70\u6295\u8cc7\u55ae\u4e00\u516c\u53f8\u50b5\u5238\uff0c\u82e5\u70ba\u4e86\u4fdd\u672c\u53c8\u6709\u56fa\u5b9a\u5229\u606f\u800c\u6295\u8cc7\u55ae\u4e00\u516c\u53f8\u50b5\u5238\uff0c\u4f60\u6703\u9762\u81e8\u8a31\u591a\u9577\u6642\u9593\u7684\u672a\u77e5\u6027\uff0c\u4f46\u6c92\u6709\u7372\u5f97\u76f8\u61c9\u7684\u5831\u916c\uff0c<strong>\u9019\u4e16\u4e0a\u6c38\u9060\u6c92\u6709\u7a69\u8cfa\u4e0d\u8ce0\u7684\u6295\u8cc7\u5546\u54c1\u3002<\/strong>&nbsp;<\/p>\n\n\n\n<p>\u6211\u5011\u6c38\u9060\u4e0d\u77e5\u9053\u672a\u4f86\u6703\u5982\u4f55\uff0c\u56e0\u6b64\u63a1\u7528\u5168\u7403\u5206\u6563\u7684\u591a\u5143\u8cc7\u7522\u914d\u7f6e\u65b9\u5f0f\uff0c\u5efa\u69cb\u60a8\u7684\u6295\u8cc7\u7d44\u5408\uff0c<strong>\u4f7f\u7528\u5c0d\u7684\u6295\u8cc7\u65b9\u5f0f\uff0c\u5e6b\u52a9\u60a8\u9054\u6210\u7406\u60f3\u7684\u8ca1\u52d9\u76ee\u6a19\uff0c\u8b93\u60a8\u904e\u4e0a\u66f4\u5e78\u798f\u7684\u7406\u60f3\u4eba\u751f\u3002<\/strong><\/p>\n\n\n\n<p>\u66f4\u591a\u95b1\u8b80\uff1a<a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=7211\" title=\"\">\u50b5\u5238 ETF \u662f\u4ec0\u9ebc\uff1f\u55ae\u4e00\u50b5\u5238\u8207\u50b5\u5238 ETF \u6709\u4ec0\u9ebc\u4e0d\u4e00\u6a23\uff1f\u5982\u4f55\u5229\u7528\u50b5\u5238 ETF \u505a\u6295\u8cc7\u7d44\u5408\u7684\u8cc7\u7522\u914d\u7f6e\uff1f<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"aioseo-\">\u963f\u723e\u767c\u966a\u60a8\u4e00\u8d77\u5b89\u5fc3\u9054\u6210\u8ca1\u52d9\u76ee\u6a19<\/h2>\n\n\n\n<p>\u60f3<a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=4878\" target=\"_blank\" rel=\"noreferrer noopener\">\u5b9a\u671f\u5b9a\u984d<\/a>\u6295\u8cc7\u7f8e\u80a1 <a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=4881\" target=\"_blank\" rel=\"noreferrer noopener\">ETF<\/a> \u589e\u52a0\u88ab\u52d5\u6536\u5165\uff0c\u963f\u723e\u767c<a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=5080\" target=\"_blank\" rel=\"noopener\" title=\"\">\u6a5f\u5668\u4eba\u7406\u8ca1<\/a>\u80fd\u8b93\u4f60\u4e00\u7ad9\u5f0f\u505a\u597d\u898f\u5283\uff0c\u5e6b\u4f60\u8ffd\u8e64<a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=825\" title=\"\u8ca1\u52d9\u76ee\u6a19\u662f\u4ec0\u9ebc\uff1f\u76ee\u6a19\u5c0e\u5411\u6295\u8cc7\">\u8ca1\u52d9\u76ee\u6a19<\/a>\u9054\u6210\u7387\uff0c\u5e6b\u4f60\u6311\u9078\u4f4e\u6210\u672c\u7684 ETF <a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=8918\" title=\"\u6295\u8cc7\u7d44\u5408\u662f\u4ec0\u9ebc\uff1f\u5982\u4f55\u627e\u5230\u6700\u4f73\u7684\u6295\u8cc7\u7d44\u5408\uff1f\">\u6295\u8cc7\u7d44\u5408<\/a>\uff0c\u6295\u8cc7\u4e4b\u5f8c 24 \u5c0f\u6642\u8ffd\u8e64\u8207<a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=1703\" target=\"_blank\" rel=\"noopener\" title=\"\">\u81ea\u52d5\u518d\u5e73\u8861<\/a>\u3002<\/p>\n\n\n\n<p>\u5982\u679c\u4f60\u6709\u5176\u4ed6\u7406\u8ca1\u554f\u984c\uff0c\u8a3b\u518a\u6703\u54e1\u5f8c\u9084\u80fd\u9810\u7d04\u4f60\u5c08\u5c6c\u7684\u8ca1\u52d9\u9867\u554f\u9032\u884c\u8aee\u8a62\u3002<\/p>\n\n\n\n<p>\u5fc3\u52d5\u4e0d\u5982\u884c\u52d5\uff0c\u9ede\u64ca\u4e0b\u65b9\u9023\u7d50\uff0c\u8b93\u4eca\u5929\u7684\u6295\u8cc7\u66f4\u8f15\u9b06\uff0c\u660e\u5929\u7684\u751f\u6d3b\u66f4\u7f8e\u597d\uff01<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/lin.ee\/gEh8dZ6\" target=\"_blank\" rel=\"noreferrer noopener\">\u52a0\u5165\u5b98\u65b9LINE@\u514d\u8cbb\u9810\u7d04\u8aee\u8a62<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u8fd1\u5e7e\u5e74\uff0c\u8a31\u591a\u91d1\u878d\u6a5f\u69cb\u63a8\u51fa\u4e0d\u5c11\u55ae\u4e00\u516c\u53f8\u50b5\u5238\u7684\u7522\u54c1\uff0c\u5c24\u5176\u662f\u63a8\u8d85\u5927\u578b\u77e5\u540d\u4f01\u696d\u7684\u50b5\u5238\uff0c\u4f8b\u5982\uff1aApple\u3001Microso [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1723,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,33],"tags":[103,112,123,143,149,246,478,518],"class_list":["post-1716","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-9","category-33","tag-103","tag-112","tag-123","tag-143","tag-149","tag-246","tag-478","tag-518"],"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\/1716","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=1716"}],"version-history":[{"count":0,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/posts\/1716\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/media\/1723"}],"wp:attachment":[{"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1716"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1716"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1716"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}