{"id":1751,"date":"2021-08-05T17:53:00","date_gmt":"2021-08-05T09:53:00","guid":{"rendered":"https:\/\/blog.roboadvisor.com.tw\/?p=1751"},"modified":"2026-06-03T13:58:06","modified_gmt":"2026-06-03T05:58:06","slug":"%e9%98%bf%e7%88%be%e7%99%bc%e8%87%ba%e5%a4%a7%e7%ae%a1%e9%99%a2%e8%ad%89%e5%88%b8%e6%9a%a8%e8%b2%a1%e5%b7%a5%e4%b8%ad%e5%bf%83%e6%8a%95%e8%b3%87%e7%b5%84%e5%90%88%e5%bb%ba%e6%a7%8b%e7%ad%96%e7%95%a5-f","status":"publish","type":"post","link":"https:\/\/blog.roboadvisor.com.tw\/?p=1751","title":{"rendered":"\u963f\u723e\u767c\u81fa\u5927\u7ba1\u9662\u8b49\u5238\u66a8\u8ca1\u5de5\u4e2d\u5fc3\u6295\u8cc7\u7d44\u5408\u5efa\u69cb\u7b56\u7565-Finance NTU Portfolio Strategy"},"content":{"rendered":"\n<p>\u963f\u723e\u767c\u81fa\u5927\u7ba1\u9662\u8b49\u5238\u66a8\u8ca1\u5de5\u4e2d\u5fc3\u6295\u8cc7\u7d44\u5408\u662f\u4f9d\u64da\u81fa\u5927\u7ba1\u7406\u5b78\u9662\u8b49\u5238\u671f\u8ca8\u66a8\u8ca1\u52d9\u5de5\u7a0b\u7814\u7a76\u4e2d\u5fc3\u7de8\u5236\u7684\u53f0\u7063\u9000\u4f11\u91d1\u6307\u6578(Taiwan pension index)\u898f\u5283\u7684\u6295\u8cc7\u7d44\u5408\uff0c\u8a72\u6307\u6578\u7de8\u5217\u76ee\u7684\u70ba\u4ee5\u4e0b\u56db\u9ede:<\/p>\n\n\n\n<p>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\u91dd\u5c0d\u4e00\u822c\u6295\u8cc7\u5927\u773e\u63d0\u4f9b\u7c21\u55ae\u53ef\u884c\u7684\u8cc7\u7522\u914d\u7f6e\u7bc4\u4f8b\u3002<\/p>\n\n\n\n<p>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\u63d0\u4f9b\u516c\u52d9\u4eba\u54e1\u9000\u64ab\u57fa\u91d1\u3001\u52de\u4fdd\u57fa\u91d1\u3001\u52de\u9000\u57fa\u91d1\u7b49\u9000\u4f11\u57fa\u91d1\u64cd\u4f5c\u7e3e\u6548\u8a55\u4f30\u7684\u57fa\u6e96(benchmark)\u3002<\/p>\n\n\n\n<p>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\u63d0\u4f9b\u4f7f\u7528\u7406\u8ca1\u6a5f\u5668\u4eba\u9032\u884c\u6295\u8cc7\u7684\u6c11\u773e\uff0c\u53ef\u4ee5\u5229\u7528\u53f0\u7063\u9000\u4f11\u91d1\u6307\u6578\u4f86\u8a55\u4f30\u7406\u8ca1\u6a5f\u5668\u4eba\u64cd\u4f5c\u7e3e\u6548\u7684\u53c3\u8003\u6307\u6a19\u3002<\/p>\n\n\n\n<p>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\u63d0\u4f9b\u9577\u671f\u8cc7\u7522\u914d\u7f6e\u7e3e\u6548\u7684\u53c3\u8003\u6307\u6a19\uff0c\u9f13\u52f5\u9577\u671f\u6295\u8cc7\u4ee5\u514b\u670d\u6295\u8cc7\u4eba\u7684\u884c\u70ba\u504f\u8aa4\u3002<\/p>\n\n\n\n<p>\u57fa\u65bc\u4e0a\u8ff0\u7406\u7531\uff0c\u4f9d\u64da\u53f0\u7063\u9000\u4f11\u91d1\u6307\u6578\u7de8\u5217\u7684\u6838\u5fc3\u7cbe\u795e\u6240\u898f\u5283\u7684\u963f\u723e\u767c\u53f0\u5927\u7522\u5b78\u6295\u8cc7\u7d44\u5408\u975e\u5e38\u9069\u5408\u6295\u8cc7\u4eba\u9032\u884c\u9577\u671f\u6295\u8cc7\u3002\u4ee5\u4e0b\u5c07\u8a73\u7d30\u4ecb\u7d39\u6295\u8cc7\u7d44\u5408\u7684\u7279\u8272\u8207\u7b56\u7565\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-palette-color-1-color\">\u7279\u8272\u8207\u7b56\u7565:<\/mark><\/h3>\n\n\n\n<p>l&nbsp;&nbsp;&nbsp;<strong>\u5c08\u70ba\u53f0\u7063\u4eba\u6253\u9020\u7684\u8cc7\u7522\u7d44\u5408\uff0c\u5c07MSCI<\/strong><strong>\u53f0\u7063\u6307\u6578\u7d0d\u5165\u6295\u8cc7\u6a19\u7684\u3002<\/strong><\/p>\n\n\n\n<p>l&nbsp;&nbsp;&nbsp;<strong>\u63a1\u7528\u80a1\u50b5\u914d\u7f6e\u578bETF<\/strong><strong>\u70ba\u6838\u5fc3\u8cc7\u7522\uff0c\u642d\u914d\u5176\u4ed6\u985e\u578b\u8cc7\u7522\uff0c\u8a2d\u8a08\u5168\u7403\u5206\u6563\u7684\u5747\u8861\u6295\u8cc7\u7d44\u5408\u3002<\/strong><\/p>\n\n\n\n<p>l&nbsp;&nbsp;&nbsp;<strong>\u52a0\u5165Vanguard<\/strong><strong>\u9577\u671f\u8207\u77ed\u671f\u50b5\u5238\u578bETF<\/strong><strong>\uff0c\u52a0\u5f37\u6295\u8cc7\u7684\u9632\u5b88\u6548\u679c\u5c07\u623f\u5730\u7522ETF&nbsp;<\/strong><strong>\u7d0d\u5165\u6295\u8cc7\u6a19\u7684\uff0c\u53ef\u4eab\u6709\u4e0d\u52d5\u7522\u6295\u8cc7\u7684\u6536\u76ca\u3002<\/strong><\/p>\n\n\n\n<p>l&nbsp;&nbsp;&nbsp;<strong>\u5c07\u623f\u5730\u7522ETF&nbsp;<\/strong><strong>\u7d0d\u5165\u6295\u8cc7\u6a19\u7684\uff0c\u53ef\u4eab\u6709\u4e0d\u52d5\u7522\u6295\u8cc7\u7684\u6536\u76ca:<\/strong><\/p>\n\n\n\n<p>l&nbsp;&nbsp;&nbsp;<strong>\u63a1\u7528\u8afe\u8c9d\u723e\u7d93\u6fdf\u5b78\u734e\u7b49\u7d1a\u5b78\u8005Black(1995)<\/strong><strong>\u7684\u5efa\u8b70\uff0c\u63a1\u7528\u6709\u532f\u7387\u907f\u96aa\u7684ETF<\/strong><strong>\uff0c\u907f\u514d\u591a\u7a2e\u5e63\u5225\u532f\u7387\u6ce2\u52d5\u9020\u6210\u6295\u8cc7\u7d44\u5408\u5831\u916c\u7387\u7684\u5f71\u97ff\uff0c\u4e26\u589e\u52a0\u6295\u8cc7\u7d44\u5408\u7e3e\u6548\u3002<\/strong><\/p>\n\n\n\n<p>\u963f\u723e\u767c\u81fa\u5927\u7ba1\u9662\u8b49\u5238\u66a8\u8ca1\u5de5\u4e2d\u5fc3\u6295\u8cc7\u7d44\u5408\u7531\u570b\u7acb\u53f0\u7063\u5927\u5b78\u8ca1\u52d9\u91d1\u878d\u5b78\u7cfb\u5c08\u4efb\u6559\u6388&nbsp;\u5f35\u68ee\u6797\u6559\u6388\u8207\u963f\u723e\u767c\u5171\u540c\u7814\u767c\u8a2d\u8a08\uff0c\u5176\u521d\u8877\u70ba\u63d0\u4f9b\u6295\u8cc7\u4eba\u6295\u8cc7\u6210\u672c\u4f4e\u5ec9\u4e14\u5177\u6709\u570b\u969b\u591a\u89d2\u5316\u7684\u6295\u8cc7\u7d44\u5408\u3002\u8a72\u6295\u8cc7\u7d44\u5408\u5177\u6709\u4ee5\u4e0b\u7279\u8272\u3002<\/p>\n\n\n\n<p>l&nbsp;&nbsp;&nbsp;<strong>\u5c08\u70ba\u53f0\u7063\u4eba\u6253\u9020:<\/strong><\/p>\n\n\n\n<p><strong>\u591a\u6578\u4eba\u5728\u6295\u8cc7\u4e0a\u6709\u6240\u8b02\u7684\u5bb6\u9109\u504f\u8aa4(Home Bias)<\/strong><strong>\uff0c\u53ea\u6295\u8cc7\u81ea\u5df1\u570b\u5bb6\u7684\u8b49\u5238\u5e02\u5834\uff0c\u800c\u5ffd\u7565\u5176\u4ed6\u570b\u5bb6\u3002<\/strong>\u5176\u539f\u56e0\u53ef\u80fd\u662f\u5c0d\u65bc\u5176\u4ed6\u570b\u5bb6\u5e02\u5834\u7684\u4e0d\u4e86\u89e3\uff0c\u53c8\u5c0d\u76f8\u5c0d\u719f\u6089\u7684\u4e8b\u7269\u62b1\u6709\u83ab\u540d\u7684\u4fe1\u4efb\u611f\u3002\u4f46\u884c\u70ba\u504f\u8aa4\u672c\u8eab\u662f\u4e00\u4ef6\u96e3\u4ee5\u6539\u8b8a\u7684\u4e8b\u60c5\uff0c\u6709\u6642\u5019\u6211\u5011\u672a\u5fc5\u8981\u514b\u670d\uff0c\u9078\u64c7\u63a5\u53d7\u4e5f\u662f\u4e00\u7a2e\u61c9\u5c0d\u65b9\u5f0f\u3002<\/p>\n\n\n\n<p>\u82e5\u4ee5\u570b\u5bb6\u5e02\u503c\u52a0\u6b0a\u7684\u65b9\u5f0f\u5efa\u69cb\u6295\u8cc7\u7d44\u5408\u5247\u4f9d\u64da\u53f0\u7063GDP\u4f54\u5168\u7403\u7684\u6bd4\u4f8b\uff0c\u53ef\u80fd\u914d\u7f6e\u5728\u53f0\u7063\u7684\u6bd4\u91cd\u4e0d\u52301%\u3002\u9019\u6a23\u7684\u6295\u8cc7\u7d44\u5408\uff0c\u90e8\u5206\u53f0\u7063\u6295\u8cc7\u4eba\u6703\u5c0d\u65bc\u5c07\u8cc7\u91d1\u914d\u7f6e\u5728\u5927\u591a\u6578\u81ea\u5df1\u4e0d\u4e86\u89e3\u7684\u5730\u5340\u4e0a\u800c\u611f\u5230\u6050\u61fc\uff0c\u5c24\u5176\u7576\u6295\u8cc7\u7d44\u5408\u9762\u81e8\u4e0b\u8dcc\u6642\uff0c\u6050\u61fc\u7684\u611f\u89ba\u5c07\u6703\u88ab\u653e\u5927\u3002<\/p>\n\n\n\n<p>\u56e0\u6b64\uff0c\u963f\u723e\u767c\u81fa\u5927\u7ba1\u9662\u8b49\u5238\u66a8\u8ca1\u5de5\u4e2d\u5fc3\u6295\u8cc7\u7d44\u5408\u63d0\u9ad8\u53f0\u7063\u80a1\u5e02\u7684\u914d\u7f6e\u6bd4\u4f8b\uff0c\u5c07\u90e8\u5206\u7684\u6bd4\u4f8b\u914d\u7f6e\u5728\u53f0\u7063\u5e02\u5834\u4e4b\u4e2d\uff0c\u6eff\u8db3\u4e00\u4e9b\u64c1\u6709\u5bb6\u9109\u504f\u8aa4\u7684\u6295\u8cc7\u4eba\u9700\u6c42\uff0c\u5c07\u6709\u52a9\u65bc\u6295\u8cc7\u4eba\u66f4\u5177\u4fe1\u5fc3\u5730\u9577\u671f\u6301\u6709\u6295\u8cc7\u7d44\u5408\u3002<strong><\/strong><\/p>\n\n\n\n<p>l&nbsp;&nbsp;&nbsp;<strong>\u63a1\u7528\u6838\u5fc3ETF<\/strong><strong>\u505a\u5230\u591a\u5143\u7684\u8cc7\u7522\u914d\u7f6e:<\/strong><\/p>\n\n\n\n<p>\u963f\u723e\u767c\u81fa\u5927\u7ba1\u9662\u8b49\u5238\u66a8\u8ca1\u5de5\u4e2d\u5fc3\u6295\u8cc7\u7d44\u5408\u63a1\u7528\u8c9d\u840a\u5fb7(BlackRock)\u767c\u884c\u7684\u80a1\u50b5\u5e73\u8861\u578bETF\uff0c\u5305\u542b\u4e86\u8c9d\u840a\u5fb7\u65d7\u4e0b5\u6a94\u80a1\u7968\u578bETF\u4ee5\u53ca2\u6a94\u50b5\u5238\u578bETF\uff0c\u6295\u8cc7\u6a19\u7684\u5305\u542b\u7f8e\u570b\u80a1\u5e02\u3001\u7f8e\u570b\u4e2d\u578b\u80a1\u3001\u7f8e\u570b\u5c0f\u578b\u80a1\u3001\u65b0\u8208\u5e02\u5834\u3001\u7f8e\u570b\u4ee5\u5916\u5df2\u958b\u767c\u570b\u5bb6\u3001\u7f8e\u570b\u50b5\u5238\u4ee5\u53ca\u570b\u969b\u50b5\u5238\u7b49\u7b49\u3002\u4e8b\u5be6\u4e0a\uff0c\u55ae\u662f\u6295\u8cc7\u8a72\u6a94\u80a1\u50b5\u5e73\u8861\u578bETF\u5c31\u53ef\u4ee5\u5f97\u5230\u4e00\u500b\u5f88\u4e0d\u932f\u7684\u5168\u7403\u591a\u89d2\u5316\u6295\u8cc7\u7d44\u5408\u3002<\/p>\n\n\n\n<p><strong>\u6211\u5011\u4ee5\u80a1\u50b5\u5e73\u8861\u578bETF\u4f5c\u70ba\u6295\u8cc7\u7d44\u5408\u7684\u914d\u7f6e\u6838\u5fc3\uff0c\u914d\u5408\u5176\u4ed6\u8cc7\u7522\u7684ETF\u4f7f\u7528\uff0c\u88dc\u8db3\u4e0d\u8db3\u4e4b\u8655\uff0c\u4e26\u9054\u5230\u5168\u7403\u591a\u5143\u914d\u7f6e\u7684\u6548\u679c\uff0c\u7b26\u5408\u963f\u723e\u767c\u7684\u6295\u8cc7\u539f\u5247\u3002<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"839\" height=\"556\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/104-2.png\" alt=\"\" class=\"wp-image-1752\" srcset=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/104-2.png 839w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/104-2-300x199.png 300w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/104-2-768x509.png 768w\" sizes=\"auto, (max-width: 839px) 100vw, 839px\" \/><\/figure>\n\n\n\n<p>\u597d\u7684\u6295\u8cc7\u7d44\u5408\u4e2d\uff0c\u5404\u8cc7\u7522\u7684\u76f8\u95dc\u4fc2\u6578\u61c9\u8a72\u8981\u8d8a\u5c0f\u8d8a\u597d\uff0c\u5982\u6b64\u624d\u80fd\u78ba\u4fdd\u53ef\u4ee5\u900f\u904e\u591a\u89d2\u5316\u964d\u4f4e\u6295\u8cc7\u7d44\u5408\u7684\u98a8\u96aa\u3002\u5f9e\u4e0a\u5716\u6211\u5011\u53ef\u4ee5\u5f97\u77e5\uff0c\u963f\u723e\u767c\u81fa\u5927\u7522\u5b78\u6295\u7d44\u4e2d\u5404\u8cc7\u7522\u7684\u76f8\u95dc\u4fc2\u6578\u5927\u591a\u6578\u90fd\u6c92\u6709\u9ad8\u5ea6\u76f8\u95dc\uff0c\u6709\u52a9\u65bc\u964d\u4f4e\u6295\u8cc7\u7d44\u5408\u7684\u98a8\u96aa\u3002<\/p>\n\n\n\n<p>l&nbsp;&nbsp;<strong>\u52a0\u5165Vanguard<\/strong><strong>\u9577\u671f\u8207\u77ed\u671f\u50b5\u5238\u578bETF<\/strong><strong>\uff0c\u52a0\u5f37\u6295\u8cc7\u7684\u9632\u5b88\u6548\u679c\uff0c<\/strong><\/p>\n\n\n\n<p>\u85c9\u7531\u5c07\u8cc7\u91d1\u914d\u7f6e\u5728\u50b5\u5238\u578bETF\u4e0a\uff0c\u9664\u4e86\u53ef\u4ee5\u8abf\u6574\u6295\u8cc7\u7d44\u5408\u7684\u98a8\u683c\uff0c\u63d0\u4f9b\u7d66\u4e0d\u540c\u98a8\u96aa\u504f\u597d\u7684\u6295\u8cc7\u4eba\u591a\u7a2e\u9078\u64c7\u5916\uff0c\u66f4\u91cd\u8981\u7684\u662f<strong>\u50b5\u5238\u578b\u8cc7\u7522\u8207\u80a1\u7968\u578b\u8cc7\u7522\u7684\u4f4e\u5ea6\u76f8\u95dc\uff0c\u6709\u52a9\u65bc\u6295\u8cc7\u7d44\u5408\u7684\u98a8\u96aa\u5206\u6563\uff0c\u52a0\u5f37\u9632\u5b88\u80fd\u529b\u3002<\/strong><\/p>\n\n\n\n<p>\u4e0d\u540c\u8cc7\u7522\u9593\u7684\u4e92\u76f8\u642d\u914d\uff0c\u53ef\u4ee5\u9069\u6642\u5730\u63d0\u5347\u6574\u9ad4\u7684\u6295\u8cc7\u6548\u7387\uff0c\u9019\u4e5f\u662f\u6211\u5011\u963f\u723e\u767c\u7684\u91cd\u8981\u6295\u8cc7\u539f\u5247\u3002<\/p>\n\n\n\n<p>\u50b5\u5238\u4e0a\u9762\u7684\u9078\u64c7\uff0c\u540c\u6642\u914d\u7f6e\u8cc7\u91d1\u5728\u9577\u671f\u8207\u77ed\u671f\u50b5\u5238\u578bETF\u4e0a\uff0c\u662f\u70ba\u4e86\u98a8\u96aa\u8207\u5831\u916c\u7684\u5e73\u8861\u3002\u4ee5\u5229\u7387\u98a8\u96aa\u4f86\u8aaa\uff0c\u77ed\u671f\u50b5\u5238\u578bETF\u7684\u98a8\u96aa\u5c0f\u65bc\u9577\u671f\u50b5\u5238\u578bETF\uff0c\u800c\u9577\u671f\u50b5\u5238\u578bETF\u7531\u65bc\u627f\u64d4\u8f03\u9ad8\u7684\u5229\u7387\u98a8\u96aa\u6240\u4ee5\u9810\u671f\u5831\u916c\u76f8\u5c0d\u4f86\u8aaa\u8f03\u9ad8\u3002<\/p>\n\n\n\n<p>\u203b\u5229\u7387\u98a8\u96aa:\u56e0\u70ba\u5229\u7387\u7684\u8b8a\u5316\uff0c\u5c0e\u81f4\u50b5\u5238\u50f9\u683c\u8dcc\u50f9\u6240\u9020\u6210\u7684\u640d\u5931\uff0c\u4e00\u822c\u4f86\u8aaa\uff0c\u50b5\u5238\u7684\u5b58\u7e8c\u671f\u9593\u8d8a\u9577\uff0c\u5229\u7387\u98a8\u96aa\u8d8a\u9ad8\u3002<\/p>\n\n\n\n<p>l&nbsp;&nbsp;&nbsp;<strong>\u5c07\u623f\u5730\u7522ETF&nbsp;<\/strong><strong>\u7d0d\u5165\u6295\u8cc7\u6a19\u7684\uff0c\u53ef\u4eab\u6709\u4e0d\u52d5\u7522\u6295\u8cc7\u7684\u6536\u76ca:<\/strong><\/p>\n\n\n\n<p>\u80a1\u50b5\u5e73\u8861\u578bETF\u5728\u5168\u7403\u570b\u969b\u591a\u89d2\u5316\u4e0a\u9762\u8003\u91cf\u7684\u975e\u5e38\u5468\u5230\uff0c\u4f46\u5728\u8cc7\u7522\u6027\u8cea\u4e0a\u5c11\u8003\u616e\u4e86\u623f\u5730\u7522\u76f8\u95dc\u6536\u76ca\u3002\u9664\u6b64\u4e4b\u5916\uff0c\u4e0d\u52d5\u7522\u4e5f\u88ab\u8996\u70ba\u5177\u6709\u5c0d\u6297\u901a\u8ca8\u81a8\u8139\u7684\u529f\u80fd\uff0c\u56e0\u6b64\u6211\u5011\u7d0d\u5165\u4e0d\u52d5\u7522\u578bETF\u589e\u52a0\u6295\u8cc7\u7d44\u5408\u8cc7\u7522\u7684\u591a\u6a23\u6027\uff0c\u4ee5\u53ca\u63d0\u5347\u6295\u8cc7\u7d44\u5408\u5c0d\u901a\u8ca8\u81a8\u8139\u7684\u5c0d\u6297\u529b\u3002<\/p>\n\n\n\n<p>l&nbsp;&nbsp;&nbsp;<strong>\u63a1\u7528\u8afe\u8c9d\u723e\u7d93\u6fdf\u5b78\u734e\u7b49\u7d1a\u5b78\u8005Black(1995)<\/strong><strong>\u7684\u5efa\u8b70\uff0c\u5c07\u532f\u7387\u907f\u96aa\u578b\u5df2\u958b\u767c\u570b\u5bb6ETF<\/strong><strong>\u7d0d\u5165\u6295\u8cc7\u6a19\u7684\uff0c\u4e00\u65b9\u9762\u907f\u514d\u591a\u5e63\u5225\u532f\u7387\u6ce2\u52d5\u5f71\u97ff\u6295\u8cc7\u7d44\u5408\u5831\u916c\u7387\uff0c\u53e6\u4e00\u65b9\u9762\u6709\u52a9\u65bc\u63d0\u5347\u6295\u8cc7\u7d44\u5408\u7684\u7e3e\u6548\u3002<\/strong><\/p>\n\n\n\n<p>\u6295\u8cc7\u6d77\u5916\u5e02\u5834\u6642\uff0c\u82e5\u4e0d\u505a\u532f\u7387\u907f\u96aa\u5c07\u984d\u5916\u627f\u64d4\u532f\u7387\u98a8\u96aa\u3002\u8209\u4f8b\u800c\u8a00\uff0c\u7576\u4e00\u540d\u53f0\u7063\u7684\u6295\u8cc7\u4eba\u6295\u8cc7\u65e5\u672c\u80a1\u5e02\u6642\uff0c\u4ed6\u6709\u53ef\u80fd\u5728\u80a1\u7968\u4e0a\u9762\u8cfa\u5230\u9322\uff0c\u7136\u800c\u532f\u7387\u4e0a\u6709\u532f\u640d\uff0c\u6700\u7d42\u5c0e\u81f4\u9019\u7b46\u6295\u8cc7\u4e0d\u8cfa\u4e0d\u8ce0\u3002<\/p>\n\n\n\n<p>\u56e0\u70ba\u6211\u5011\u6295\u8cc7\u5168\u7403\uff0c\u5c24\u5176\u4e9e\u6d32\u6216\u6b50\u6d32\u80a1\u5e02\u6703\u7522\u751f\u76f8\u5c0d\u61c9\u7684\u591a\u7a2e\u5e63\u5225\u532f\u7387\u7684\u98a8\u96aa\uff0c\u4f8b\u5982\u82f1\u938a\u3001\u6fb3\u5e63\u3001\u6b50\u5143\u2026.\u7b49\uff0c\u70ba\u4e86\u76e1\u91cf\u964d\u4f4e\u9019\u985e\u578b\u7684\u98a8\u96aa\uff0c\u963f\u723e\u767c\u81fa\u5927\u7522\u5b78\u6295\u7d44\u52a0\u5165\u532f\u7387\u907f\u96aa\u578b\u5df2\u958b\u767c\u570b\u5bb6\u7684ETF\uff0c\u8b93\u6295\u8cc7\u4eba\u5728\u6295\u8cc7\u7f8e\u570b\u4ee5\u5916\u5e02\u5834\u6642\u514d\u65bc\u532f\u7387\u6ce2\u52d5\u6240\u9020\u6210\u7684\u5f71\u97ff\u3002<\/p>\n\n\n\n<p>\u53e6\u5916Black(1995)\u6587\u4e2d\u63d0\u5230\uff0c\u9069\u5ea6\u7684\u532f\u7387\u907f\u96aa\u5c07\u6709\u52a9\u65bc\u6295\u8cc7\u7d44\u5408\u7e3e\u6548\u7684\u63d0\u5347\u3002\u6240\u4ee5\u9664\u4e86\u80a1\u50b5\u5e73\u8861\u578b\u4e2d\u7684\u5168\u7403\u6295\u8cc7\u90e8\u4f4d\uff0c<strong>\u6211\u5011\u984d\u5916\u52a0\u5165\u532f\u7387\u907f\u96aa\u578b\u5df2\u958b\u767c\u570b\u5bb6<\/strong><strong>ETF\uff0c\u91dd\u5c0d\u7f8e\u570b\u4ee5\u5916\u5168\u7403\u90e8\u4f4d\u9032\u884c\u9069\u5ea6\u7684\u907f\u96aa\u3002<\/strong><\/p>\n\n\n\n<p>\u203b\u6b64\u8655\u7684\u532f\u7387\u907f\u96aa\u662f\u6307\u6295\u8cc7\u4e9e\u6d32\u3001\u6b50\u6d32\u6216\u662f\u4e2d\u570b\u80a1\u5e02\u6642\u6703\u7522\u751f\u7684\u532f\u7387\u98a8\u96aa\uff0c\u4f8b\u5982&nbsp;:&nbsp;\u82f1\u938a\u514c\u7f8e\u5143\u3001\u6b50\u5143\u514c\u7f8e\u5143\u3001\u4eba\u6c11\u5e63\u514c\u7f8e\u5143\u2026\u7b49\uff0c\u56e0\u70ba\u9019\u4e9bETF\u90fd\u662f\u4ee5\u7f8e\u5143\u8a08\u50f9\uff0c\u6240\u4ee5\u4ecd\u7136\u6703\u5b58\u5728\u53f0\u5e63\u8207\u7f8e\u91d1\u4e4b\u9593\u7684\u532f\u7387\u554f\u984c\u3002<\/p>\n\n\n\n<p><strong>\u203b<\/strong>Black(1995)\uff0dBlack, F. (1989). Universal hedging: Optimizing currency risk and reward in international equity portfolios.&nbsp;<em>Financial Analysts Journal<\/em>,&nbsp;<em>45<\/em>(4), 16-22.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-palette-color-1-color\">\u591a\u7a2e\u98a8\u96aa\u5c6c\u6027\u7684\u6295\u8cc7\u7d44\u5408<\/mark><\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"845\" height=\"436\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/104-3.png\" alt=\"\" class=\"wp-image-1753\" srcset=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/104-3.png 845w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/104-3-300x155.png 300w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/104-3-768x396.png 768w\" sizes=\"auto, (max-width: 845px) 100vw, 845px\" 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class=\"wp-block-heading\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-palette-color-1-color\">\u4f4e\u5ec9\u7684\u6295\u8cc7\u6210\u672c<\/mark><\/h3>\n\n\n\n<p>\u4f9d\u64da\u4e2d\u83ef\u6c11\u570b\u8b49\u5238\u6295\u8cc7\u4fe1\u8a17\u66a8\u9867\u554f\u5546\u696d\u540c\u696d\u516c\u6703\u63ed\u9732\u7684\u57fa\u91d1\u8cc7\u6599\u5f59\u7e3d\uff0c\u53f0\u7063\u5883\u5167\u57fa\u91d1\u7684\u5e73\u5747\u6295\u8cc7\u6210\u672c\u7d04\u70ba1.77%\uff0c\u963f\u723e\u767c\u81fa\u5927\u7ba1\u9662\u8b49\u5238\u66a8\u8ca1\u5de5\u4e2d\u5fc3\u6295\u8cc7\u7d44\u5408\u5404\u500b\u6295\u8cc7\u98a8\u683c\u7684\u6295\u8cc7\u6210\u672c\u5206\u5225\u70ba0.27%\u30010.22%\u30010.16%\u4ee5\u53ca0.14%\uff0c\u90fd\u9060\u9060\u4f4e\u65bc\u4e00\u822c\u5171\u540c\u57fa\u91d1\u7684\u6295\u8cc7\u6210\u672c\u3002\u7701\u4e0b\u7684\u6295\u8cc7\u6210\u672c\u5c31\u662f\u5e6b\u52a9\u6295\u8cc7\u4eba\u591a\u5275\u9020\u7684\u6295\u8cc7\u5831\u916c\u7387\uff0c<strong>\u63a1\u7528\u4f4e\u6210\u672c\u7684\u6295\u8cc7\u5de5\u5177\u898f\u5283\u9577\u671f\u6295\u8cc7\u624d\u662f\u5c0d\u6295\u8cc7\u4eba\u6700\u597d\u7684\u9078\u64c7\u3002<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1260\" height=\"372\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/104-4.png\" alt=\"\" class=\"wp-image-1755\" srcset=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/104-4.png 1260w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/104-4-300x89.png 300w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/104-4-1024x302.png 1024w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/104-4-768x227.png 768w\" sizes=\"auto, (max-width: 1260px) 100vw, 1260px\" 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