{"id":582,"date":"2017-10-17T17:26:00","date_gmt":"2017-10-17T09:26:00","guid":{"rendered":"https:\/\/blog.roboadvisor.com.tw\/?p=582"},"modified":"2017-10-17T17:26:00","modified_gmt":"2017-10-17T09:26:00","slug":"%e5%9c%b0%e9%9b%b7-%e9%87%91%e8%9e%8d%e5%95%86%e5%93%81-out","status":"publish","type":"post","link":"https:\/\/blog.roboadvisor.com.tw\/?p=582","title":{"rendered":"\u5730\u96f7 \u91d1\u878d\u5546\u54c1 OUT !"},"content":{"rendered":"\n<p><time datetime=\"2017-10-17T18:22:07+08:00\">2017-10-17<\/time><\/p>\n\n\n\n<p>\u5927\u5bb6\u9084\u8a18\u5f97 2008 \u5e74\u7684\u5168\u7403\u91d1\u878d\u5371\u6a5f\u662f\u5982\u4f55\u767c\u751f\u7684\u55ce?<\/p>\n\n\n\n<p>2008 \u5e74\u7684\u91d1\u878d\u5371\u6a5f\u4e5f\u7a31\u70ba\u6b21\u8cb8\u5371\u6a5f\uff0c\u6b21\u8cb8\uff08\u6b21\u7d1a\u623f\u5c4b\u8cb8\u6b3e\uff09\u5176\u5be6\u5c31\u662f CDO \uff08Collateralized Debt Obligation\uff0c\u5373\u64d4\u4fdd\u50b5\u6b0a\u6191\u8b49\u6216\u7a31\u62b5\u62bc\u50b5\u52d9\u50b5\u5238\uff09\u70ba\u4e00\u7a2e\u7d50\u69cb\u578b\u5546\u54c1\u4e5f\u662f\u4e00\u7a2e\u884d\u751f\u6027 \u91d1\u878d\u5546\u54c1 \uff0c\u7576\u6642\u80a1\u5e02\u4e0b\u8dcc\u8d85\u904e 50% \u6240\u6709\u6295\u8cc7\u4eba\u90fd\u5687\u58de\u4e86\uff0c\u76f4\u5230\u73fe\u5728\u6b64\u9670\u5f71\u4ecd\u5b58\u5728\u8a31\u591a\u4eba\u5fc3\u4e2d\uff0c\u4e26\u5c0d\u80a1\u5e02\u6212\u614e\u6050\u61fc\u3002<\/p>\n\n\n\n<p>\u7136\u800c\u5728\u7576\u6642\u98fd\u53d7\u8a6c\u75c5\u7684 CDO \u91d1\u878d\u5546\u54c1 \u5176\u5be6\u5df2\u6084\u6084\u6372\u571f\u91cd\u4f86\u4e86\uff01<\/p>\n\n\n\n<p>\u6839\u64da\u5f6d\u535a\u793e\u4e00\u7bc7\u5831\u5c0e\u3008<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2017-09-26\/as-synthetic-cdos-roar-back-a-young-citi-trader-makes-her-name\">\u82b1\u65d7\u9280\u884c\u6b63\u5c07\u7576\u6642\u9020\u6210\u91d1\u878d\u6d77\u562f\u7684\u7f6a\u9b41\u798d\u9996\u7522\u54c1\u53c8\u91cd\u65b0\u63a8\u51fa<\/a>\u3009\uff0c\u6b64\u7a2e\u5728\u7576\u6642\u9020\u6210\u4e16\u754c\u7d93\u6fdf\u4f4e\u8ff7\u8207\u91d1\u878d\u6a5f\u69cb\u9762\u81e8\u5371\u6a5f\u7684\u7522\u54c1\uff0c\u53c8\u91cd\u51fa\u6c5f\u6e56\u4e86\u3002\u76ee\u524d\u82b1\u65d7\u9280\u884c\u7684CDO \u767c\u884c\u91cf\u5360\u4e86\u5e02\u5834\u4e00\u534a\u4ee5\u4e0a\u5206\u984d\uff0c\u5e55\u5f8c\u4e3b\u8981\u63a8\u624b\u70ba\u4e00\u4f4d\u5e74\u50c5 35 \u6b72\u7684\u4e2d\u570b\u5973\u6027\u4e3b\u7ba1\uff0c\u66f4\u9a5a\u8a1d\u7684\u662f\uff0c\u5728\u5341\u5e74\u524d\u82b1\u65d7\u9280\u884c\u5e7e\u4e4e\u8981\u88ab\u6b64\u7522\u54c1\u6240\u9020\u6210\u7684\u640d\u5931\u7d66\u5373\u57ae\u4e86\uff01<\/p>\n\n\n\n<p>\u7136\u800c\u82b1\u65d7\u96c6\u5718\u537b\u8868\u793a\u6b64\u6b21\u7684 CDO \u662f\u4e0d\u540c\u7684\uff0c\u5176\u7522\u54c1\u8a02\u88fd\u7684\u6a21\u5f0f\u53ef\u4ee5\u4f7f\u6295\u8cc7\u4eba\u514d\u65bc\u640d\u5931\uff0c\u4e14\u80fd\u8b93\u6295\u8cc7\u4eba\u6709\u6a5f\u6703\u7372\u5f97 20% \u7684\u5831\u916c\u7387\uff0c\u7576\u7136\uff0c\u91cd\u65b0\u5305\u88dd\u904e\u7684\u7522\u54c1\u4e00\u5b9a\u6703\u6709\u4e0d\u540c\u7684\u8a34\u6c42\uff0c\u4f46\u8acb\u8a18\u5f97 \u300c\u672c\u8cea\u300d\u662f\u4e0d\u6703\u8b8a\u7684\uff01<\/p>\n\n\n\n<p>\u7136\u800c\u5728\u53bb\u5e74\u4e2d\u6642\u5df4\u83f2\u7279\u5c31\u66fe\u63d0\u51fa\u8b66\u544a\u8aaa\u300c<a href=\"http:\/\/www.telegraph.co.uk\/business\/2016\/05\/01\/warren-buffett-issues-a-fresh-warning-about-derivatives-timebomb\/\">\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\u662f\u9846\u4e0d\u5b9a\u6642\u70b8\u5f48<\/a>\u300d\uff0c\u91d1\u878d\u6a5f\u69cb\u8caa\u5a6a\u7684\u672c\u8cea\u662f\u5f88\u96e3\u6539\u8b8a\u7684\uff0c\u4f46\u6c11\u773e\u4e0d\u61c9\u8a72\u5fd8\u8a18\uff0c\u884d\u751f\u6027\u5546\u54c1\u80fd\u5920\u5e36\u7d66\u4eba\u5011\u66f4\u591a\u7684\u5229\u6f64\uff0c\u4f46\u540c\u6642\u4e5f\u80fd\u9020\u6210\u66f4\u5927\u7684\u50b7\u5bb3\uff01\u96d6\u7136\u9019\u4e26\u4e0d\u8868\u793a\u884d\u751f\u6027\u5546\u54c1\u4e0d\u597d\uff0c\u5b83\u6709\u5176\u7528\u9014\uff0c\u53ea\u662f\u6b64\u529f\u7528\u4e26\u975e\u591a\u6578\u6563\u6236\u6295\u8cc7\u4eba\u6240\u9700\u8981\u7684\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>\u5982\u4f55\u907f\u514d\u8aa4\u78b0\u5730\u96f7 \u91d1\u878d\u5546\u54c1<\/strong><\/h4>\n\n\n\n<p>\u5728\u9762\u5c0d\u91d1\u878d\u6a5f\u69cb\u4e0d\u65b7\u63a8\u9673\u51fa\u65b0\u7684\u6295\u8cc7\u7522\u54c1\u6642\uff0c\u4f60\u662f\u5426\u5e38\u5e38\u6709\u807d\u6c92\u6709\u61c2\u5145\u6eff\u56f0\u60d1?! \u60f3\u8981\u9760\u6295\u8cc7\u4f86\u7406\u8ca1\u8cfa\u9322\u537b\u53c8\u4e0d\u77e5\u8a72\u5982\u4f55\u9078\u64c7? 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2008 \u5e74\u7684\u91d1\u878d\u5371\u6a5f\u4e5f\u7a31\u70ba\u6b21\u8cb8 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":584,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[236,324,338,409,488],"class_list":["post-582","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-9","tag-236","tag-324","tag-338","tag-409","tag-488"],"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\/582","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=582"}],"version-history":[{"count":0,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/posts\/582\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/media\/584"}],"wp:attachment":[{"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=582"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=582"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=582"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}