{"id":515,"date":"2017-09-21T14:37:00","date_gmt":"2017-09-21T06:37:00","guid":{"rendered":"https:\/\/blog.roboadvisor.com.tw\/?p=515"},"modified":"2017-09-21T14:37:00","modified_gmt":"2017-09-21T06:37:00","slug":"%e4%bd%a0%e6%8a%95%e8%b3%87%e7%9a%84%e6%98%af-%e9%ab%98%e6%94%b6%e7%9b%8a%e5%82%b5%e5%88%b8-%e9%82%84%e6%98%af%e4%bd%8e%e6%94%b6%e7%9b%8a%e5%82%b5%e5%88%b8%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/blog.roboadvisor.com.tw\/?p=515","title":{"rendered":"\u4f60\u6295\u8cc7\u7684\u662f \u9ad8\u6536\u76ca\u50b5\u5238 \u9084\u662f\u4f4e\u6536\u76ca\u50b5\u5238\uff1f"},"content":{"rendered":"\n<p><time datetime=\"2017-09-21T14:37:35+08:00\">2017-09-21<\/time><\/p>\n\n\n\n<p>\u8fd1\u65e5\u5a92\u9ad4\u5831\u5c0e\u4e86\u53f0\u7063\u6d77\u5916\u57fa\u91d1\u7684\u92b7\u552e\u60c5\u6cc1\uff0c\u5f9e\u7d71\u8a08\u5716\u8868\u53ef\u4ee5\u6e05\u695a\u7684\u770b\u5230\uff0c\u55ae\u55ae\u662f\u9ad8\u6536\u76ca\u50b5\u5238\u57fa\u91d1\u7684\u898f\u6a21\u5c31\u5c07\u8fd1\u00a01\u00a0\u5146\u53f0\u5e63\uff0c\u76f4\u903c\u80a1\u7968\u578b\u57fa\u91d1\u7684\u00a01.2\u00a0\u5146\u53f0\u5e63\uff0c\u7531\u6b64\u53ef\u898b\u570b\u4eba\u559c\u611b\u6295\u8cc7\u9ad8\u6536\u76ca\u50b5\u5238\u679c\u7136\u4e0d\u662f\u6d6a\u5f97\u865b\u540d\u7684\u3002\u65e2\u7136\u90a3\u9ebc\u591a\u6295\u8cc7\u4eba\u5c07\u8cc7\u91d1\u6295\u5165\u9ad8\u6536\u76ca\u50b5\u5238\uff0c\u986f\u7136\u5c31\u662f\u8a8d\u70ba\uff08\u6216\u671f\u671b\uff09\u672a\u4f86\u80fd\u5920\u6709\u8f03\u9ad8\u7684\u6295\u8cc7\u5831\u916c\u7387\uff0c\u6211\u5011\u4eca\u5929\u5c31\u4f86\u770b\u770b\u9019\u6a23\u7684\u671f\u5f85\u662f\u5426\u6703\u5be6\u73fe?<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"360\" height=\"579\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/a37a00_t_01_02.jpeg\" alt=\"\" class=\"wp-image-516\" srcset=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/a37a00_t_01_02.jpeg 360w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/a37a00_t_01_02-187x300.jpeg 187w\" sizes=\"auto, (max-width: 360px) 100vw, 360px\" \/><\/figure>\n\n\n\n<p>\u9ad8\u6536\u76ca\u50b5\u5238 \u662f\u4e00\u7a2e\u76f8\u5c0d\u6bd4\u8f03\u65b0\u7684\u91d1\u878d\u5546\u54c1\uff0c\u5f9e\u00a01986\u00a0\u5e74\u4e4b\u5f8c\u624d\u6709\u5b8c\u6574\u7684\u8cc7\u6599\u53ef\u4ee5\u5206\u6790\uff0c\u6211\u5728\u4e4b\u524d\u7684\u6587\u7ae0\u66fe\u7d93\u63d0\u5230\u904e\u300c<a href=\"http:\/\/james1966.blogspot.tw\/2017\/02\/blog-post_8.html\">\u5982\u4f55\u9810\u4f30\u9ad8\u6536\u76ca\u50b5\u5238\u7684\u672a\u4f86\u6295\u8cc7\u5831\u916c?<\/a>\u00a0\u300d\uff0c\u60f3\u8981\u77e5\u9053\u9ad8\u6536\u76ca\u50b5\u5238\u672a\u4f86\u7684\u9810\u671f\u6295\u8cc7\u5831\u916c\u7387\u6700\u597d\u7684\u4e00\u500b\u6307\u6a19\u5c31\u662f\u73fe\u5728\u7684\u6b96\u5229\u7387\uff0c\u800c\u4e14\u6240\u6709\u7684\u50b5\u5238\u90fd\u6709\u9019\u6a23\u7684\u7279\u6027\u3002\u5728\u5206\u6790 \u9ad8\u6536\u76ca\u50b5\u5238 \u672a\u4f86\u7684\u5831\u916c\u4e4b\u524d\uff0c\u6211\u5011\u5148\u4f86\u770b\u770b\u653f\u5e9c\u516c\u50b5\u7684\u7279\u6027\uff0c\u5f9e\u6668\u661f\u6a5f\u69cb\u00a0(Morningstar)\u00a0\u7684\u4e00\u7bc7\u7814\u7a76\u5831\u544a\u300c<a href=\"http:\/\/www.morningstar.co.uk\/uk\/news\/159061\/are-high-yield-bonds-a-load-of-junk.aspx\">Are High Yield Bonds a Load of Junk?<\/a>\u300d\u986f\u793a\uff0c\u5404\u570b\u653f\u5e9c\u516c\u50b5\u672a\u4f86\u7684\u9810\u671f\u6295\u8cc7\u5831\u916c\u7387\u8207\u7576\u4e0b\u6b96\u5229\u7387\u7684\u95dc\u4fc2\u662f\u5448\u73fe\u9ad8\u5ea6\u7684\u76f8\u95dc\u00a0(R-squared=85.87)\uff0c\u4e5f\u5c31\u662f\u8aaa\uff0c\u73fe\u5728\u7684\u6b96\u5229\u7387\u6108\u9ad8\uff0c\u672a\u4f86\u53ef\u9810\u671f\u7684\u6295\u8cc7\u5831\u916c\u7387\u4e5f\u5c31\u8d8a\u9ad8\uff0c\u53cd\u4e4b\u4ea6\u7136\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"418\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/starting-yield-bond-GIS-May-2017.png\" alt=\"\" class=\"wp-image-517\" srcset=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/starting-yield-bond-GIS-May-2017.png 640w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/starting-yield-bond-GIS-May-2017-300x196.png 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/figure>\n\n\n\n<p>\u7576\u7136\uff0c\u6709\u4e9b\u4eba\u4e00\u5b9a\u6703\u8aaa\uff0c \u9ad8\u6536\u76ca\u50b5\u5238 \u7684\u7279\u6027\u8ddf\u653f\u5e9c\u516c\u50b5\u4e0d\u540c\u3002\u597d\uff0c\u63a5\u4e0b\u4f86\uff0c\u6211\u5011\u5c31\u4f86\u770b\u770b\uff0c \u9ad8\u6536\u76ca\u50b5\u5238 \u662f\u5426\u4e5f\u6709\u540c\u6a23\u7684\u60c5\u6cc1\uff0c\u6c92\u932f\uff0c\u5169\u8005\u7684\u76f8\u95dc\u6027\u4e26\u6c92\u6709\u50cf\u653f\u5e9c\u516c\u50b5\u90a3\u9ebc\u9ad8\u00a0(R-squared=34.87)\uff0c\u4f46\u662f\u57fa\u672c\u4e0a\u4ecd\u7136\u662f\u5448\u73fe\u6b63\u5411\u7684\u95dc\u4fc2\uff0c\u4e5f\u5c31\u662f\u8aaa\uff0c\u73fe\u5728\u7684\u6b96\u5229\u7387\u6108\u9ad8\uff0c\u672a\u4f86\u53ef\u9810\u671f\u7684\u6295\u8cc7\u5831\u916c\u7387\u4e5f\u5c31\u8d8a\u9ad8\uff0c\u53cd\u4e4b\u4ea6\u7136\uff0c\u9019\u53e5\u8a71\u57fa\u672c\u4e0a\u4e5f\u662f\u6210\u7acb\u7684\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"365\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/starting-yield-junk-bonds-GIS-May-2017.png\" alt=\"\" class=\"wp-image-518\" srcset=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/starting-yield-junk-bonds-GIS-May-2017.png 640w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/starting-yield-junk-bonds-GIS-May-2017-300x171.png 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/figure>\n\n\n\n<p>\u90a3\u9ebc\u73fe\u5728 \u9ad8\u6536\u76ca\u50b5\u5238 \u7684\u6b96\u5229\u7387\u662f\u9ad8\u9084\u662f\u4f4e\u5462\uff1f\u5f9e\u4e0b\u5716\u53ef\u4ee5\u770b\u5230\uff0c\u73fe\u5728\u7f8e\u570b \u9ad8\u6536\u76ca\u50b5\u5238 \u7684\u6b96\u5229\u7387\u662f\u975e\u5e38\u7684\u4f4e\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"247\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/fredgraph.png\" alt=\"\" class=\"wp-image-523\" srcset=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/fredgraph.png 640w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/fredgraph-300x116.png 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><figcaption>\u7f8e\u570b\u9ad8\u6536\u76ca\u50b5\u5238\u6b96\u5229\u7387<\/figcaption><\/figure>\n\n\n\n<p>\u53f0\u7063\u5f88\u591a\u6295\u8cc7\u4eba\u559c\u6b61\u8cb7\u7684\u6b50\u6d32\u9ad8\u6536\u76ca\u50b5\u5238\uff0c\u5176\u6b96\u5229\u7387\u66f4\u662f\u5230\u6b77\u53f2\u65b0\u4f4e\u7684\u50f9\u4f4d\u4e86\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"247\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/fredgraph-1-1.png\" alt=\"\" class=\"wp-image-524\" srcset=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/fredgraph-1-1.png 640w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/fredgraph-1-1-300x116.png 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><figcaption>\u6b50\u6d32\u9ad8\u6536\u76ca\u50b5\u5238\u6b96\u5229\u7387<\/figcaption><\/figure>\n\n\n\n<p>\u53e6\u5916\uff0c\u6709\u4e9b\u8ca1\u7d93\u6587\u7ae0\u6703\u63d0\u5230\uff0c\u9ad8\u6536\u76ca\u50b5\u5238\u5728\u904e\u53bb\u5229\u7387\u4e0a\u5347\u7684\u6642\u5019\u8868\u73fe\u6703\u4e0d\u932f\uff0c\u4e0d\u50cf\u4e00\u822c\u7684\u50b5\u5238\u6703\u56e0\u70ba\u5229\u7387\u4e0a\u5347\u800c\u50f9\u683c\u4e0b\u8dcc\uff0c\u6240\u4ee5\u9762\u5c0d\u672a\u4f86\u5229\u7387\u4e0a\u5347\u7684\u74b0\u5883\u4e0b\uff0c\u73fe\u5728\u6295\u8cc7\u9ad8\u6536\u76ca\u50b5\u5238\u6703\u6bd4\u4e00\u822c\u50b5\u5238\u597d\u3002\u4e8b\u5be6\u4e0a\u9019\u53e5\u8a71\u53ea\u8aaa\u5c0d\u4e86\u4e00\u534a\u800c\u5df2\uff0c\u9019\u7a2e\u8aaa\u6cd5\u8981\u6b63\u78ba\u9700\u8981\u6709\u500b\u524d\u63d0\u5047\u8a2d\uff0c\u90a3\u5c31\u662f\u5fc5\u9808\u662f\u5728\u5229\u5dee \uff08spread\uff09 \u6bd4\u8f03\u5927\u7684\u6642\u5019\u624d\u6703\u5982\u6b64\uff0c\u4e0d\u662f\u6240\u6709\u7684\u60c5\u6cc1\u4e0b\u90fd\u662f\u5982\u6b64\u3002\u6211\u5011\u73fe\u5728\u5c31\u4f86\u770b\u770b\u76ee\u524d\u9ad8\u6536\u76ca\u50b5\u5238\u7684\u6b96\u5229\u7387\u5229\u5dee\uff08\u9ad8\u6536\u76ca\u50b5\u5238 \u6b96\u5229\u7387\u6e1b\u53bb\u77ed\u671f\u516c\u50b5\u6b96\u5229\u7387\uff09\u60c5\u6cc1\u3002<\/p>\n\n\n\n<p>\u5148\u4f86\u770b\u770b\u7f8e\u570b\u9ad8\u6536\u76ca\u50b5\u5238\u7684\u5229\u5dee\uff08yield spread\uff09\u60c5\u6cc1\uff0c\u540c\u6a23\u7684\u5f9e\u5716\u4e2d\u53ef\u4ee5\u6e05\u695a\u7684\u770b\u5230\uff0c\u7f8e\u570b\u9ad8\u6536\u76ca\u50b5\u5238\u7684\u5229\u5dee\u662f\u5728\u5f88\u4f4e\u7684\u6c34\u6e96\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"247\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/fredgraph-2-1.png\" alt=\"\" class=\"wp-image-521\" srcset=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/fredgraph-2-1.png 640w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/fredgraph-2-1-300x116.png 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><figcaption>\u7f8e\u570b\u9ad8\u6536\u76ca\u50b5\u5238\u5229\u5dee<\/figcaption><\/figure>\n\n\n\n<p>\u53f0\u7063\u5f88\u71b1\u8ce3\u7684\u6b50\u6d32\u9ad8\u6536\u76ca\u50b5\u5238\u5462\uff1f\u6b50\u6d32\u9ad8\u6536\u76ca\u50b5\u5238\u7684\u5229\u5dee\u73fe\u5728\u57fa\u672c\u4e0a\u4e5f\u662f\u8655\u65bc\u6b77\u53f2\u65b0\u4f4e\u7684\u4f4d\u7f6e\u4e86\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/fredgraph-3.png\" alt=\"\" class=\"wp-image-522\" width=\"640\" height=\"247\" srcset=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/fredgraph-3.png 640w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/fredgraph-3-300x116.png 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><figcaption>\u6b50\u6d32\u9ad8\u6536\u76ca\u50b5\u5238\u6b96\u5229\u7387<\/figcaption><\/figure>\n\n\n\n<p>\u5927\u5bb6\u53ef\u4ee5\u81ea\u884c\u53bb\u67e5\u67e5\u904e\u53bb\u7576\u50b5\u5238\u6b96\u5229\u7387\u5229\u5dee\u5f9e\u300c\u5c0f\u300d\u4e0a\u5347\u5230\u300c\u5927\u300d\u7684\u6642\u5019\uff08\u4f8b\u5982\uff1a 2014 \u5e74 7 \u6708\u5230 2016 \u5e74 1 \u6708\u9019\u6bb5\u671f\u9593\uff09\uff0c\u5e02\u5834\u4e0a\u9019\u4e9b \u9ad8\u6536\u76ca\u50b5\u5238 \u57fa\u91d1\u7684\u8868\u73fe\u662f\u5982\u4f55\uff0c\u57fa\u672c\u4e0a\u9019\u6bb5\u671f\u9593\u7684\u6295\u8cc7\u5831\u916c\u7387\u90fd\u662f\u8ca0\u7684\u3002\u6240\u4ee5\u6668\u661f\u6a5f\u69cb\uff08Morningstar\uff09\u7684\u9019\u7bc7\u7814\u7a76\u5831\u544a\u7d50\u8ad6\u4e5f\u662f\u544a\u8a34\u6295\u8cc7\u4eba\uff0c\u8cfc\u8cb7\u9ad8\u6536\u76ca\u50b5\u5238\u7684\u6700\u4f73\u6642\u6a5f\u662f\u7576\u9ad8\u6536\u76ca\u50b5\u5238\u7684\u6b96\u5229\u7387\u8207\u6b96\u5229\u7387\u5229\u5dee\u90fd\u9ad8\u7684\u6642\u5019\uff1b\u53cd\u4e4b\uff0c\u6700\u5dee\u7684\u6642\u6a5f\u5c31\u662f\u6b96\u5229\u7387\u8207\u6b96\u5229\u7387\u5229\u5dee\u90fd\u4f4e\u7684\u6642\u5019\uff08\u4e5f\u5c31\u662f\u73fe\u5728\uff09\u3002<\/p>\n\n\n\n<p>\u6240\u4ee5\uff0c\u73fe\u5728 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