{"id":8077,"date":"2024-01-24T11:17:59","date_gmt":"2024-01-24T03:17:59","guid":{"rendered":"https:\/\/blog.roboadvisor.com.tw\/?p=8077"},"modified":"2026-10-27T10:20:06","modified_gmt":"2026-10-27T02:20:06","slug":"%e5%96%ae%e7%ad%86%e6%8a%95%e8%b3%87%e8%88%87%e5%ae%9a%e6%9c%9f%e5%ae%9a%e9%a1%8d%e6%af%94%e8%bc%83","status":"publish","type":"post","link":"https:\/\/blog.roboadvisor.com.tw\/?p=8077","title":{"rendered":"\u55ae\u7b46\u6295\u8cc7 vs \u5b9a\u671f\u5b9a\u984d\u54ea\u500b\u597d\uff1f"},"content":{"rendered":"<p class=\"wp-block-paragraph\">\u300c\u5b9a\u671f\u5b9a\u984d\u6700\u7a69\uff0c\u9069\u5408\u6bcf\u4e00\u500b\u4eba\u3002\u300d<\/p>\n\n<p class=\"wp-block-paragraph\">\u9019\u53e5\u8a71\u5f88\u5e38\u807d\u5230\uff0c\u4e0d\u904e\u624b\u4e0a\u5df2\u7d93\u6709\u4e00\u7b46\u9592\u7f6e\u8cc7\u91d1\u6642\uff0c\u6578\u64da\u7ad9\u5728\u53e6\u4e00\u908a\uff0c\u5148\u92d2\u9818\u822a\uff08Vanguard\uff09\u7528 1976 \u5e74\u81f3 2022 \u5e74\u7684 MSCI \u4e16\u754c\u80a1\u5e02\u6307\u6578\u6bd4\u8f03\u5169\u7a2e\u6295\u5165\u65b9\u5f0f\uff0c\u4e00\u6b21\u6295\u5165\u7684\u7d50\u679c\u5728 68% \u7684\u6642\u9593\u512a\u65bc\u5206\u6279\u6295\u5165\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u6578\u64da\u96d6\u7136\u7ad9\u5728\u55ae\u7b46\u6295\u8cc7\u9019\u4e00\u908a\uff0c\u6bcf\u500b\u4eba\u7684\u8cc7\u91d1\u4f86\u6e90\u3001\u76ee\u6a19\u8207\u627f\u53d7\u4e0b\u8dcc\u7684\u80fd\u529b\u537b\u4e0d\u540c\uff0c\u6700\u5f8c\u600e\u9ebc\u6295\uff0c\u9084\u662f\u8981\u56de\u5230\u81ea\u5df1\u7684\u8ca1\u52d9\u76ee\u6a19\u4f86\u6c7a\u5b9a\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u6211\u7fd2\u6163\u7528\u767b\u6a5f\u4f86\u60f3\u9019\u4ef6\u4e8b\uff0c\u55ae\u7b46\u6295\u8cc7\u662f\u5168\u90e8\u4e58\u5ba2\u4e00\u6b21\u767b\u6a5f\u3001\u6e96\u6642\u8d77\u98db\uff0c\u5206\u6279\u6295\u5165\u662f\u4e58\u5ba2\u4e00\u6279\u4e00\u6279\u4e0a\u6a5f\uff0c\u9084\u6c92\u4e0a\u6a5f\u7684\u4eba\uff08\u9322\uff09\u5c31\u5728\u767b\u6a5f\u9580\u5916\u7b49\u3002<\/p>\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n<h2 class=\"wp-block-heading\">\u55ae\u7b46\u6295\u8cc7 vs \u5b9a\u671f\u5b9a\u984d<\/h2>\n\n<h3 class=\"wp-block-heading\">\u55ae\u7b46\u6295\u5165\u662f\u4ec0\u9ebc\uff1f<\/h3>\n\n<p class=\"wp-block-paragraph\">\u55ae\u7b46\u6295\u8cc7\uff08Lump Sum Investment\uff09\u662f\u4e00\u6b21\u628a\u8cc7\u91d1\u6295\u5165\u5e02\u5834\uff0c\u4f8b\u5982\u628a 300 \u842c\u5143\u76f4\u63a5\u4e00\u7b46\u6295\u5165\u3002<\/p>\n\n<h3 class=\"wp-block-heading\">\u5b9a\u671f\u5b9a\u984d\u662f\u4ec0\u9ebc\uff1f<\/h3>\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=4878\">\u5b9a\u671f\u5b9a\u984d<\/a>\u7684\u82f1\u6587\u662f Dollar Cost Averaging\uff0c\u628a\u8cc7\u91d1\u96a8\u8457\u6642\u9593\u5206\u6279\u6295\u5165\u5e02\u5834\uff0c\u4f8b\u5982\u628a 300 \u842c\u5143\u5206\u6210 12 \u500b\u6708\u6295\u5165\uff0c\u6bcf\u500b\u6708\u6295\u8cc7 25 \u842c\u5143\u3002<\/p>\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2026\/10\/8077_\u5169\u7a2e\u6295\u5165\u65b9\u5f0f.png\" alt=\"\u540c\u6a23 300 \u842c\u5143\u7684\u5169\u7a2e\u6295\u5165\u65b9\u5f0f\uff1a\u55ae\u7b46\u6295\u8cc7\u5728\u7b2c 1 \u500b\u6708\u5168\u90e8\u6295\u5165\uff1b\u5206\u6279\u6295\u5165\u6bcf\u6708\u6295\u5165 25 \u842c\u5143\uff0c12 \u500b\u6708\u624d\u6295\u5b8c\uff0c\u671f\u9593\u9084\u6c92\u6295\u5165\u7684\u9322\u90fd\u4ee5\u73fe\u91d1\u5f62\u5f0f\u7559\u5728\u5834\u5916\"\/><figcaption class=\"wp-element-caption\">\u8cc7\u6599\u4f86\u6e90\uff1a\u963f\u723e\u767c\u6295\u8cc7\u7814\u7a76\u5718\u968a\u6574\u7406\uff08\u793a\u610f\u5716\uff09<\/figcaption><\/figure>\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n<h2 class=\"wp-block-heading\">\u63a1\u7528\u55ae\u7b46\u6295\u5165\u6709\u8fd1 7 \u6210\u7684\u6642\u9593\u7684\u7d50\u679c\u512a\u65bc\u5206\u6279\u9032\u5834<\/h2>\n\n<p class=\"wp-block-paragraph\">\u5168\u7403\u7b2c\u4e8c\u5927\u7684\u8cc7\u7522\u7ba1\u7406\u516c\u53f8\u5148\u92d2\u9818\u822a Vanguard \u5728\u300aCost averaging: Invest now or temporarily hold your cash?\u300b\u7684\u7814\u7a76\u6307\u51fa\uff1a<\/p>\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u63a1\u7528\u55ae\u7b46\u6295\u5165\u6709\u8fd1 7 \u6210\u7684\u6642\u9593\u7684\u7d50\u679c\u512a\u65bc\u5206\u6279\u9032\u5834<\/p>\n<\/blockquote>\n\n<p class=\"wp-block-paragraph\">\u7814\u7a76\u7684\u60c5\u5883\u662f\u624b\u908a\u6709\u4e00\u7b46 300 \u842c\u5143\u7684\u9592\u7f6e\u8cc7\u91d1\uff0c\u8981\u4e00\u6b21\u55ae\u7b46\u6295\u5165\uff0c\u9084\u662f\u5206\u6279\u9032\u5834\uff0c\u4f8b\u5982\u6bcf\u6708\u6295\u5165 25 \u842c\u5143\u3001\u5206\u6210 12 \u500b\u6708\u5b9a\u671f\u5b9a\u984d\u6295\u5165\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u7814\u7a76\u4eba\u54e1\u7528 1976 \u5e74\u81f3 2022 \u5e74 MSCI \u4e16\u754c\u80a1\u5e02\u6307\u6578\u7684\u5831\u916c\uff0c\u4ee5\u540c\u6a23\u7684\u8cc7\u91d1\u6e2c\u8a66\u5169\u7a2e\u7b56\u7565\uff0c\u518d\u8861\u91cf\u4e4b\u5f8c\u6301\u6709 1 \u5e74\u7684\u5831\u916c\u7387\u8207\u98a8\u96aa\uff0c\u55ae\u7b46\u6295\u8cc7\u5728 68% \u7684\u6642\u9593\u6bd4\u5b9a\u671f\u5b9a\u984d\u597d\uff0c\u5b9a\u671f\u5b9a\u984d\u53c8\u6bd4\u5b8c\u5168\u6301\u6709\u73fe\u91d1\u597d\u3002<\/p>\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2024\/01\/image-50.png\" alt=\"Vanguard \u7814\u7a76\u7d50\u679c\uff1a\u55ae\u7b46\u6295\u8cc7\u6bd4\u5b9a\u671f\u5b9a\u984d\u5831\u916c\u66f4\u597d\u7684\u6642\u9593\u5360 68%\uff0c\u5b9a\u671f\u5b9a\u984d\u6bd4\u6301\u6709\u73fe\u91d1\u66f4\u597d\u7684\u6642\u9593\u5360 69%\uff0c\u55ae\u7b46\u6295\u8cc7\u6bd4\u6301\u6709\u73fe\u91d1\u66f4\u597d\u7684\u6642\u9593\u5360 70%\"\/><figcaption class=\"wp-element-caption\">\u8cc7\u6599\u4f86\u6e90\uff1aVanguard Research\uff0c\u963f\u723e\u767c\u6295\u9867\u6574\u7406<\/figcaption><\/figure>\n\n<p class=\"wp-block-paragraph\">Vanguard \u5728 2012 \u5e74\u8f03\u65e9\u7684\u4e00\u4efd\u7814\u7a76\uff0c\u4e5f\u6e2c\u8a66\u4e86\u7f8e\u570b\u3001\u82f1\u570b\u8207\u6fb3\u6d32 3 \u500b\u6210\u719f\u5e02\u5834\uff0c\u5728 1984\u20132011 \u5e74\u7684\u5171\u540c\u671f\u9593\u5f97\u5230\u985e\u4f3c\u7684\u7d50\u679c\uff0c\u55ae\u7b46\u6295\u5165\u52dd\u51fa\u7684\u6bd4\u7387\u4ecb\u65bc 58% \u5230 68%<sup>[1][2]<\/sup>\u3002<\/p>\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2024\/01\/image-34.png\" alt=\"\u7f8e\u570b\u3001\u82f1\u570b\u3001\u6fb3\u6d32 1984\u20132011 \u5e74\u7684\u55ae\u7b46\u6295\u5165\u8207\u5b9a\u671f\u5b9a\u984d\u52dd\u7387\uff1a100% \u80a1\u7968\u300160\/40 \u80a1\u50b5\u3001100% \u50b5\u5238\u4e09\u7a2e\u7d44\u5408\u4e2d\uff0c\u55ae\u7b46\u6295\u5165\u52dd\u51fa\u7684\u6bd4\u7387\u4ecb\u65bc 58% \u5230 68%\"\/><figcaption class=\"wp-element-caption\">\u8cc7\u6599\u4f86\u6e90\uff1aVanguard Research\uff082012\uff09 [1] \uff0c\u963f\u723e\u767c\u6295\u9867\u6574\u7406<\/figcaption><\/figure>\n\n<p class=\"wp-block-paragraph\">\u63db\u4e86\u570b\u5bb6\u3001\u63db\u4e86\u671f\u9593\uff0c\u7d50\u679c\u9084\u662f\u540c\u4e00\u500b\u65b9\u5411\u3002<\/p>\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n<h2 class=\"wp-block-heading\">\u5373\u4f7f\u662f\u4e0d\u540c\u8cc7\u7522\uff0c\u55ae\u7b46\u6295\u8cc7\u901a\u5e38\u512a\u65bc\u5b9a\u671f\u5b9a\u984d<\/h2>\n\n<p class=\"wp-block-paragraph\">\u5168\u7403\u5206\u6563\u7684\u591a\u5143\u8cc7\u7522\u914d\u7f6e\u6703\u540c\u6642\u6301\u6709\u80a1\u7968\u3001\u50b5\u5238\u8207\u5176\u4ed6\u8cc7\u7522\uff0c\u6709\u4e9b\u6295\u8cc7\u4eba\u4fbf\u6703\u597d\u5947\uff0c\u63db\u6210\u5176\u4ed6\u8cc7\u7522\u662f\u5426\u4e5f\u6709\u76f8\u540c\u7684\u60c5\u6cc1\uff0c\u7d50\u679c\u76f8\u540c\uff0c\u5373\u4f7f\u662f\u4e0d\u540c\u8cc7\u7522\uff0c\u55ae\u7b46\u6295\u8cc7\u901a\u5e38\u4e5f\u512a\u65bc\u5b9a\u671f\u5b9a\u984d\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">Ritholtz Wealth Management \u7684\u8cc7\u6599\u79d1\u5b78\u5bb6\u7d71\u8a08\u4e86\u4e0d\u540c\u8cc7\u7522\u7684\u8868\u73fe\uff0c\u4e26\u7528\u98a8\u96aa\u8abf\u6574\u5f8c\u7684\u590f\u666e\u6bd4\u7387\uff08Sharpe ratio\uff09\u6bd4\u8f03\uff0c\u590f\u666e\u6bd4\u7387\u8d8a\u9ad8\uff0c\u4ee3\u8868\u627f\u64d4\u6bcf\u55ae\u4f4d\u98a8\u96aa\u80fd\u7372\u5f97\u7684\u5831\u916c\u8d8a\u9ad8\uff0c\u5927\u591a\u6578\u7684\u8cc7\u7522\u9078\u64c7\u55ae\u7b46\u6295\u8cc7\uff0c\u8868\u73fe\u90fd\u512a\u65bc\u5b9a\u671f\u5b9a\u984d\u3002<\/p>\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2024\/01\/image-36.png\" alt=\"1997\u20132022 \u5e74\u516d\u985e\u8cc7\u7522\u55ae\u7b46\u6295\u8cc7\u512a\u65bc\u5b9a\u671f\u5b9a\u984d\u7684\u6708\u6578\u6bd4\u7387\uff1a\u80a1\u50b5 60\/40 \u7d44\u5408 81%\u3001\u7f8e\u570b\u80a1\u7968 75%\u3001\u7f8e\u570b\u4ee5\u5916\u80a1\u7968 66%\u3001\u65b0\u8208\u5e02\u5834 60%\u3001\u7f8e\u570b\u50b5\u5238 88%\u3001\u9ec3\u91d1 69%\uff0c\u5404\u985e\u8cc7\u7522\u55ae\u7b46\u6295\u8cc7\u7684\u590f\u666e\u6bd4\u7387\u5927\u591a\u9ad8\u65bc\u5b9a\u671f\u5b9a\u984d\"\/><figcaption class=\"wp-element-caption\">\u8cc7\u6599\u4f86\u6e90\uff1aOfDollarsAndData\uff0c\u963f\u723e\u767c\u6295\u9867\u6574\u7406<\/figcaption><\/figure>\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n<h2 class=\"wp-block-heading\">\u505a\u597d\u80a1\u50b5\u5206\u6563\u7684\u6295\u8cc7\u7d44\u5408\uff0c\u5373\u4f7f\u662f\u55ae\u7b46\u6295\u8cc7\u4e5f\u5f88\u5b89\u5168<\/h2>\n\n<p class=\"wp-block-paragraph\">\u5f9e\u6295\u8cc7\u5831\u916c\u7684\u6a19\u6e96\u5dee\uff08standard deviation\uff09\u4f86\u8861\u91cf\uff0c\u55ae\u7b46\u6295\u8cc7\u80a1\u50b5 60\/40 \u6295\u8cc7\u7d44\u5408\u7684\u6a19\u6e96\u5dee\uff0c\u4e5f\u63a5\u8fd1\u5206\u6279\u6295\u8cc7 100% \u80a1\u7968\u7684\u6295\u8cc7\u7d44\u5408\uff0c\u6240\u4ee5\u4f9d\u81ea\u5df1\u7684\u98a8\u96aa\u627f\u53d7\u80fd\u529b\u627e\u51fa\u9069\u5408\u7684\u8cc7\u7522\u914d\u7f6e\uff0c\u5c31\u53ef\u4ee5\u55ae\u7b46\u6295\u8cc7\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u6015\u4e82\u6d41\uff0c\u8207\u5176\u8b93\u4e00\u534a\u4e58\u5ba2\u665a\u9ede\u767b\u6a5f\uff0c\u4e0d\u5982\u9078\u4e00\u689d\u6bd4\u8f03\u5e73\u7a69\u7684\u822a\u7dda\uff0c\u80a1\u50b5\u914d\u7f6e\u5c31\u662f\u90a3\u689d\u822a\u7dda\u3002<\/p>\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2024\/01\/image-37.png\" alt=\"1998 \u5e74\u4ee5\u4f86\u7684\u5831\u916c\u6a19\u6e96\u5dee\u8d70\u52e2\uff1a\u55ae\u7b46\u6295\u5165\u80a1\u50b5 60\/40 \u7d44\u5408\u8207\u5b9a\u671f\u5206\u6279\u6295\u5165 S&#038;P 500 \u5169\u689d\u7dda\u5927\u81f4\u91cd\u758a\uff0c\u591a\u6578\u6642\u9593\u4ecb\u65bc 1% \u5230 5% \u4e4b\u9593\"\/><figcaption class=\"wp-element-caption\">\u8cc7\u6599\u4f86\u6e90\uff1aOfDollarsAndData\uff0c\u963f\u723e\u767c\u6295\u9867\u6574\u7406<\/figcaption><\/figure>\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n<div class=\"wp-block-group alpha-cta alpha-cta-mid alpha-cta-alloc has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"border-left-color:#006ece;border-left-width:4px;background-color:#f3f7fb;padding:16px 20px\">\n<p class=\"wp-block-paragraph\"><strong>\u60f3\u77e5\u9053\u9019\u6a23\u7684\u914d\u7f6e\u9069\u4e0d\u9069\u5408\u4f60\u7684\u76ee\u6a19\u8207\u671f\u9593\uff1f<\/strong><\/p>\n\n\n<div class=\"wp-block-buttons is-content-justification-left is-layout-flex wp-container-core-buttons-is-layout-7b4500cd wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-text-color has-background wp-element-button\" href=\"https:\/\/roboadvisor.com.tw\/portfolio-calculator\/?Camp=Blog\" style=\"border-radius:50px;color:#ffffff;background-color:#006ece;border:2px solid #006ece;font-size:clamp(14px, 0.875rem + ((1vw - 3.2px) * 0.234), 17px);line-height:1.4;padding:10px 26px\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>\u514d\u8cbb\u8a66\u7b97\u6211\u7684\u6295\u8cc7\u7d44\u5408<\/strong><\/a><\/div>\n<\/div>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\">\u7576\u80a1\u5e02\u4f30\u503c\u76f8\u5c0d\u9ad8\u9ede\uff0c\u662f\u4e0d\u662f\u4e5f\u8981\u8003\u616e\u5b9a\u671f\u5b9a\u984d\u5206\u6279\u6295\u8cc7\uff1f<\/h2>\n\n<p class=\"wp-block-paragraph\">\u6709\u4eba\u6703\u554f\uff0c\u5982\u679c\u80fd\u7528\u4f30\u503c\u65b9\u6cd5\u5224\u65b7\u80a1\u5e02\u8cb4\u4e0d\u8cb4\uff0c\u662f\u4e0d\u662f\u4f30\u503c\u9ad8\u7684\u6642\u5019\u5c31\u8a72\u6539\u7528\u5b9a\u671f\u5b9a\u984d\uff1f\u7562\u7adf\u8cc7\u7522\u7dad\u6301\u4e0a\u6f32\u8da8\u52e2\u6642\uff0c\u55ae\u7b46\u8f03\u4f73\uff0c\u8cc7\u7522\u50f9\u683c\u4e0b\u8dcc\u6642\uff0c\u5b9a\u671f\u5b9a\u984d\u512a\u65bc\u55ae\u7b46\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u4e0b\u5716\u6839\u64da 1960\u20132022 \u5e74\u7f8e\u570b\u80a1\u5e02\u7684\u8868\u73fe\uff0c\u6bd4\u8f03\u5b9a\u671f\u5b9a\u984d\u8207\u55ae\u7b46\u6295\u8cc7\u7684\u7e3e\u6548\uff0c\u7dda\u689d\u984f\u8272\u4ee3\u8868\u5e2d\u52d2\u8abf\u6574\u672c\u76ca\u6bd4\uff08cyclically adjusted price-to-earnings ratio\uff0cCAPE\uff09\uff0c\u8d8a\u7d05\u4ee3\u8868\u80a1\u5e02\u4f30\u503c\u76f8\u5c0d\u8d8a\u9ad8\uff0c\u5716\u7684\u4e0a\u534a\u90e8\u662f\u5b9a\u671f\u5b9a\u984d\u8d0f\u904e\u55ae\u7b46\u6295\u8cc7\uff0c\u4e0b\u534a\u90e8\u662f\u5b9a\u671f\u5b9a\u984d\u843d\u5f8c\u55ae\u7b46\u6295\u8cc7\u3002<\/p>\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2024\/01\/image-39.png\" alt=\"1960 \u5e74\u81f3 2020 \u5e74\u4ee3\u5b9a\u671f\u5b9a\u984d\u76f8\u5c0d\u55ae\u7b46\u6295\u8cc7\u7684\u8d85\u984d\u5831\u916c\uff1a\u591a\u6578\u671f\u9593\u843d\u5728 0% \u4ee5\u4e0b\uff0c\u4ee3\u8868\u5b9a\u671f\u5b9a\u984d\u843d\u5f8c\u55ae\u7b46\u6295\u8cc7\uff1b\u5b9a\u671f\u5b9a\u984d\u52dd\u51fa\u7684\u671f\u9593\u591a\u51fa\u73fe\u5728 CAPE \u9ad8\u65bc 26 \u7684\u6642\u5019\"\/><figcaption class=\"wp-element-caption\">\u8cc7\u6599\u4f86\u6e90\uff1aOfDollarsAndData\uff082023\uff09 [3] \uff0c\u963f\u723e\u767c\u6295\u9867\u6574\u7406\uff1b\u5716\u4e2d\u8aaa\u660e\u7684\u300c1960-2002\u5e74\u300d\u70ba\u8aa4\u690d\uff0c\u61c9\u70ba 1960\u20132022 \u5e74<\/figcaption><\/figure>\n\n<p class=\"wp-block-paragraph\">\u5b9a\u671f\u5b9a\u984d\u512a\u65bc\u55ae\u7b46\u6295\u8cc7\u7684\u6642\u5019\uff0c\u5927\u591a\u51fa\u73fe\u5728 CAPE \u5e2d\u52d2\u672c\u76ca\u6bd4\u5927\u65bc 26\uff08\u7b2c 75 \u767e\u5206\u4f4d\u4ee5\u4e0a\uff09\u7684\u6642\u5019<sup>[3]<\/sup>\uff0c\u4e0d\u904e\u7d9c\u89c0\u9019\u9577\u9054 60 \u5e74\u7684\u89c0\u5bdf\u671f\uff0c\u80a1\u5e02\u4f30\u503c\u6709\u9ad8\u6709\u4f4e\uff0c\u8cc7\u7522\u591a\u6578\u6642\u5019\u662f\u4e0a\u6f32\u7684\uff0c\u6240\u4ee5\u5169\u8005\u6bd4\u8f03\u7684\u7d50\u679c\u591a\u534a\u843d\u5728\u4e0b\u534a\u90e8\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u5373\u4f7f\u8003\u616e\u5e02\u5834\u4f30\u503c\uff0c\u591a\u6578\u6642\u5019\u55ae\u7b46\u6295\u8cc7\u9084\u662f\u66f4\u6709\u6a5f\u6703\u512a\u65bc\u5b9a\u671f\u5b9a\u984d\uff0c\u4f8b\u5982 2016 \u5e74\u4e0b\u534a\u5e74\u5230 2022 \u5e74\uff0c\u9664\u4e86 2020 \u5e74 3\u30014 \u6708\u75ab\u60c5\u6025\u8dcc\u6642\u4e4b\u5916\uff0c\u5e2d\u52d2\u672c\u76ca\u6bd4\u90fd\u5728 26 \u500d\u4ee5\u4e0a<sup>[4]<\/sup>\uff0c\u9019\u6bb5\u6642\u9593\u4f30\u503c\u96d6\u9ad8\uff0c\u55ae\u7b46\u6295\u8cc7\u4ecd\u7136\u6bd4\u5b9a\u671f\u5b9a\u984d\u4f86\u5f97\u597d\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u4f30\u503c\u9ad8\u7684\u90a3\u5e7e\u5e74\u4e00\u76f4\u8b93\u4e58\u5ba2\u5728\u9580\u5916\u7b49\uff0c\u98db\u6a5f\u53cd\u800c\u4e00\u8def\u9806\u98a8\u98db\u8d70\u4e86\u3002<\/p>\n\n<h3 class=\"wp-block-heading\">\u55ae\u7b46 vs \u5b9a\u671f\u5b9a\u984d\uff1a\u6309\u7167\u80a1\u5e02\u9ad8\u4f4e\u9ede\u6bd4\u8f03<\/h3>\n\n<p class=\"wp-block-paragraph\">\u628a\u80a1\u5e02\u4f9d\u7167\u4f30\u503c\u5206\u6210 4 \u500b\u5340\u9593\uff0c\u55ae\u7b46\u6295\u8cc7\u7684\u98a8\u96aa\u8abf\u6574\u5f8c\u5831\u916c\uff08\u590f\u666e\u6bd4\u7387\uff09\u90fd\u6bd4\u8f03\u9ad8\u3002<\/p>\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2024\/01\/image-40.png\" alt=\"\u4f9d\u5e2d\u52d2\u672c\u76ca\u6bd4\u5206\u6210\u56db\u500b\u5340\u9593\u7684\u6bd4\u8f03\uff1aCAPE \u5c0f\u65bc 15\u300115\u201320\u300120\u201325\u3001\u5927\u65bc 25 \u6642\uff0c\u5b9a\u671f\u5b9a\u984d\u5206\u5225\u843d\u5f8c\u55ae\u7b46\u6295\u8cc7 10%\u30017%\u30018%\u30016%\uff0c\u55ae\u7b46\u6295\u8cc7\u7684\u590f\u666e\u6bd4\u7387\u5728\u56db\u500b\u5340\u9593\u90fd\u9ad8\u65bc\u5b9a\u671f\u5b9a\u984d\"\/><figcaption class=\"wp-element-caption\">\u8cc7\u6599\u4f86\u6e90\uff1aOfDollarsAndData\uff082023\uff09 [3] \uff0c\u963f\u723e\u767c\u6295\u9867\u6574\u7406\uff1b\u6b64\u5716\u4ee5 25 \u500d\u4f5c\u70ba\u6700\u9ad8\u4f30\u503c\u5340\u9593\u7684\u5206\u754c\uff0c\u8207\u4e0a\u5716\u7684 26 \u500d\u7565\u6709\u4e0d\u540c<\/figcaption><\/figure>\n\n<p class=\"wp-block-paragraph\">\u9019\u4e9b\u8cc7\u6599\u4e26\u4e0d\u5426\u5b9a\u5b9a\u671f\u5b9a\u984d\u7684\u597d\u8655\uff0c\u4e5f\u6c92\u6709\u8981\u9f13\u5439\u4e00\u5b9a\u8981\u55ae\u7b46\u6295\u8cc7\uff0c\u4f30\u503c\u53ea\u662f\u6c92\u6709\u4e00\u822c\u4eba\u60f3\u50cf\u4e2d\u90a3\u9ebc\u91cd\u8981\uff0c\u6bcf\u500b\u4eba\u7684\u8cc7\u91d1\u3001\u76ee\u6a19\u8207\u627f\u53d7\u5ea6\u4e0d\u540c\uff0c\u6295\u5165\u65b9\u5f0f\u8981\u4f9d\u500b\u4eba\u60c5\u6cc1\u898f\u5283\u3002<\/p>\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n<h2 class=\"wp-block-heading\">\u55ae\u7b46\u6295\u8cc7\u8207\u5b9a\u671f\u5b9a\u984d\u6bd4\u8f03\u8868<\/h2>\n\n<p class=\"wp-block-paragraph\">\u4e09\u7a2e\u6295\u5165\u65b9\u5f0f\u5404\u9069\u5408\u4e0d\u540c\u968e\u6bb5\u7684\u4eba\uff1a<\/p>\n\n<figure class=\"wp-block-table\"><table>\n<thead>\n<tr>\n<th>\u6295\u5165\u65b9\u5f0f<\/th>\n<th>\u9069\u5408\u8ab0<\/th>\n<th>\u512a\u9ede<\/th>\n<th>\u7f3a\u9ede<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u5b9a\u671f\u5b9a\u984d<\/td>\n<td>\u8077\u5834\u65b0\u9bae\u4eba<\/td>\n<td>\u900f\u904e\u6295\u8cc7\u5b58\u9322\u3001\u6162\u6162\u7d2f\u7a4d\u6295\u8cc7\u7d93\u9a57\u3001\u9010\u6f38\u9069\u61c9\u5e02\u5834\u8b8a\u5316<\/td>\n<td>\u91d1\u984d\u592a\u5c11\u7372\u5229\u8f03\u6162\uff0c\u5bb9\u6613\u5ffd\u7565\u5c0f\u91d1\u984d\u4e5f\u80fd\u7a4d\u5c11\u6210\u591a<\/td>\n<\/tr>\n<tr>\n<td>\u55ae\u7b46\u6295\u8cc7<\/td>\n<td>\u5373\u5c07\u9000\u4f11\u7684\u4eba<\/td>\n<td>\u5feb\u901f\u9032\u5165\u5e02\u5834\u3001\u99ac\u4e0a\u53d6\u5f97\u5e02\u5834\u5831\u916c<\/td>\n<td>\u5bb9\u6613\u9677\u5165\u9810\u6e2c\u9ad8\u4f4e\u7684\u5fc3\u614b\uff0c\u5fc3\u7406\u4e0a\u7121\u6cd5\u63a5\u53d7\u4e00\u7b46\u6295\u5165\u6642\uff0c\u6703\u9700\u8981\u6709\u4eba\u5354\u52a9<\/td>\n<\/tr>\n<tr>\n<td>\u55ae\u7b46 \uff0b \u5b9a\u671f\u5b9a\u984d<\/td>\n<td>\u6709\u6578\u5e74\u5de5\u4f5c\u7d93\u9a57\u7684\u8077\u5834\u751f\u529b\u8ecd<\/td>\n<td>\u900f\u904e\u6295\u8cc7\u653e\u5927\u8cc7\u7522\uff0c\u7528\u9322\u53bb\u8cfa\u9322\u3001\u5275\u9020\u88ab\u52d5\u6536\u5165<\/td>\n<td>\u7d93\u6fdf\u58d3\u529b\u5927\u7684\u4eba\u62ff\u4e0d\u51fa\u8cc7\u91d1\u6295\u8cc7<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/figure>\n\n<p class=\"wp-block-paragraph\"><em>\u6574\u7406\uff1a\u963f\u723e\u767c\u6295\u9867<\/em><\/p>\n\n<p class=\"wp-block-paragraph\">\u5206\u6279\u6295\u5165\u53ef\u4ee5\u5206\u6563\u6295\u8cc7\u98a8\u96aa\uff0c\u6574\u7b46\u6295\u5165\u5247\u80fd\u66f4\u5feb\u9032\u5165\u5e02\u5834\uff0c\u5df2\u7d93\u5b58\u4e86\u4e00\u7b46\u9322\uff0c\u6216\u7a81\u7136\u6709\u4e00\u7b46\u6536\u5165\uff08\u4f8b\u5982\u5132\u84c4\u96aa\u5230\u671f\u3001\u7e7c\u627f\u3001\u734e\u91d1\uff09\uff0c\u5c07\u6574\u7b46\u8cc7\u91d1\u540c\u6642\u6295\u5165\u6bd4\u8f03\u6709\u5229\u3002<\/p>\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2026\/10\/8077_\u600e\u9ebc\u9078.png\" alt=\"\u9078\u64c7\u6295\u5165\u65b9\u5f0f\u7684\u5224\u65b7\u6d41\u7a0b\uff1a\u624b\u4e0a\u5df2\u6709\u4e00\u7b46\u9592\u7f6e\u8cc7\u91d1\uff0c\u4e14\u76ee\u6a19\u8207\u914d\u7f6e\u5df2\u78ba\u5b9a\uff0c\u55ae\u7b46\u6295\u5165\u52dd\u7b97\u8f03\u9ad8\uff1b\u64d4\u5fc3\u8cb7\u9032\u5c31\u8dcc\u3001\u640d\u5931\u8da8\u907f\u50be\u5411\u5f37\uff0c\u53ef\u4ee5\u5206\u6279\u6295\u5165\u4f46\u8981\u7167\u8a08\u756b\u6295\u5b8c\uff1b\u8cc7\u91d1\u4f86\u81ea\u6bcf\u6708\u85aa\u6c34\uff0c\u7528\u5b9a\u671f\u5b9a\u984d\uff1b\u6709\u4e00\u7b46\u8cc7\u91d1\u53c8\u6709\u6bcf\u6708\u6536\u5165\uff0c\u55ae\u7b46\u52a0\u5b9a\u671f\u5b9a\u984d\"\/><figcaption class=\"wp-element-caption\">\u8cc7\u6599\u4f86\u6e90\uff1a\u963f\u723e\u767c\u6295\u8cc7\u7814\u7a76\u5718\u968a\u6574\u7406\uff08\u793a\u610f\u5716\uff09<\/figcaption><\/figure>\n\n<p class=\"wp-block-paragraph\">\u60f3\u8981\u505a\u5230\u9019\u4e09\u4ef6\u4e8b\uff0c\u53ef\u4ee5\u9078\u64c7\u5206\u6279\u9032\u5834\uff1a<\/p>\n\n<ol class=\"wp-block-list\">\n<li>\u76e1\u91cf\u6e1b\u5c11\u5927\u5e45\u4e0b\u8dcc\u7684\u98a8\u96aa<\/li>\n<li>\u5229\u7528\u5e02\u5834\u7684\u6ce2\u52d5\u964d\u4f4e\u6301\u6709\u6210\u672c<\/li>\n<li>\u4e0d\u60f3\u5f8c\u6094\uff0c\u4e0d\u60f3\u8cb7\u4e86\u4e4b\u5f8c\u99ac\u4e0a\u8dcc\uff0c\u624b\u4e0a\u537b\u6c92\u6709\u8cc7\u91d1\u53ef\u4ee5\u52a0\u78bc<\/li>\n<\/ol>\n\n<p class=\"wp-block-paragraph\">\u9078\u64c7\u5206\u6279\u9032\u5834\u6642\uff0c\u4e5f\u5225\u5fd8\u4e86\u55ae\u7b46\u6295\u8cc7\u7684 3 \u500b\u597d\u8655\uff1a<\/p>\n\n<ol class=\"wp-block-list\">\n<li>\u55ae\u7b46\u6295\u8cc7\u53ef\u4ee5\u66f4\u5feb\u9032\u5165\u5e02\u5834\uff0c\u53d6\u5f97\u9810\u671f\u5831\u916c<\/li>\n<li>\u5f9e\u6b77\u53f2\u4f86\u770b\uff0c\u80a1\u7968\u50b5\u5238\u6295\u8cc7\u7d44\u5408\u7684\u9810\u671f\u5831\u916c\u9ad8\u65bc\u73fe\u91d1\u6216\u50b5\u5238<\/li>\n<li>\u5e02\u5834\u4e0a\u6f32\u6642\uff0c\u6709\u8db3\u5920\u7684\u8cc7\u7522\u5728\u5834\u5167\u53c3\u8207\u4e0a\u6f32<\/li>\n<\/ol>\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n<h2 class=\"wp-block-heading\">\u53ca\u65e9\u9032\u5834\u6295\u8cc7\u662f\u6709\u597d\u8655\u7684<\/h2>\n\n<p class=\"wp-block-paragraph\">\u5e02\u5834\u4e0a\u6f32\u7684\u6a5f\u7387\u5f80\u5f80\u5927\u65bc\u4e0b\u8dcc\u7684\u6a5f\u7387\uff0c\u56e0\u70ba\u6050\u61fc\u3001\u64d4\u6182\u6216\u89ba\u5f97\u6703\u8dcc\u800c\u5ef6\u5f8c\u6295\u5165\u8cc7\u91d1\uff0c\u901a\u5e38\u7121\u6fdf\u65bc\u4e8b\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u5982\u679c\u9577\u671f\u6295\u8cc7\u7684\u9810\u671f\u5831\u916c\u70ba\u6b63\uff0c\u8b93\u66f4\u591a\u8cc7\u91d1\u7559\u5728\u5e02\u5834\u88e1\u6bd4\u9592\u7f6e\u5728\u5834\u908a\u597d\uff0c\u5ef6\u9072\u90e8\u5206\u8cc7\u7522\u9032\u5165\u5e02\u5834\uff0c\u7b49\u65bc\u653e\u68c4\u672c\u4f86\u9810\u671f\u7684\u6536\u76ca\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u5168\u7403\u80a1\u5e02\uff08MSCI ACWI \u7e3d\u5831\u916c\u6307\u6578\uff0c\u7f8e\u5143\u8a08\u50f9\uff09\u5f9e 1987 \u5e74\u5e95\u5230 2026 \u5e74 9 \u6708\u5e95\uff0c\u5e74\u5316\u5831\u916c\u7387 8.89%<sup>[5]<\/sup>\uff0c\u4e2d\u9593\u7d93\u6b77\u8a31\u591a\u4e8b\u4ef6\uff0c\u9019\u4e9b\u4e8b\u4ef6\u90fd\u4e0d\u61c9\u8a72\u6210\u70ba\u4e2d\u65b7\u6295\u8cc7\u7684\u7406\u7531\u3002<\/p>\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u5728\u5927\u90e8\u5206\u7684\u6642\u9593\u88e1\uff0c\u73fe\u5728\u958b\u59cb\u6295\u8cc7\u76f8\u7576\u503c\u5f97<\/p>\n<\/blockquote>\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2023\/02\/0006.png\" alt=\"MSCI ACWI \u5168\u7403\u80a1\u5e02 1987 \u5e74\u81f3 2022 \u5e74\u7684\u8d70\u52e2\uff0c\u7d2f\u7a4d\u7e3d\u5831\u916c 1,347%\u3001\u5e74\u5316\u5831\u916c\u7387 7.7%\uff0c\u5716\u4e0a\u6a19\u51fa\u9ed1\u8272\u661f\u671f\u4e00\u3001\u4e9e\u6d32\u91d1\u878d\u98a8\u66b4\u3001\u79d1\u6280\u6ce1\u6cab\u3001911\u3001\u91d1\u878d\u6d77\u562f\u3001\u6b50\u50b5\u5371\u6a5f\u3001Covid-19\u3001\u70cf\u4fc4\u6230\u722d\u7b49\u4e8b\u4ef6\"\/><figcaption class=\"wp-element-caption\">\u8cc7\u6599\u4f86\u6e90\uff1aMSCI\uff0c\u963f\u723e\u767c\u6295\u9867\u6574\u7406\uff1b\u8cc7\u6599\u671f\u9593 1987\/01 \u81f3 2022\/12\uff0c\u63a1\u7528 MSCI ACWI GR Index<\/figcaption><\/figure>\n\n<p class=\"wp-block-paragraph\">\u5716\u4e0a\u6bcf\u4e00\u500b\u4e8b\u4ef6\uff0c\u7576\u4e0b\u770b\u8d77\u4f86\u90fd\u50cf\u662f\u8a72\u5ef6\u5f8c\u8d77\u98db\u7684\u7406\u7531\uff0c\u4e8b\u5f8c\u770b\uff0c\u822a\u7dda\u9084\u662f\u4e00\u8def\u5f80\u53f3\u4e0a\u3002<\/p>\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n<h2 class=\"wp-block-heading\">\u6c92\u6709\u55ae\u7b46\u6295\u8cc7\uff0c\u5c31\u4e00\u5b9a\u4e0d\u597d\u55ce\uff1f<\/h2>\n\n<p class=\"wp-block-paragraph\">\u300c\u6211\u77e5\u9053\u55ae\u7b46\u6295\u8cc7\u8f03\u597d\uff0c\u4f46\u5982\u679c\u6211\u9078\u64c7\u5b9a\u671f\u5b9a\u984d\u5206\u6279\u9032\u5834\uff0c\u5c31\u4e00\u5b9a\u932f\u55ce\uff1f\u300d<\/p>\n\n<p class=\"wp-block-paragraph\">\u4e0d\u4e00\u5b9a\uff0c\u6295\u8cc7\u4eba\u7684\u640d\u5931\u8da8\u907f\uff08loss aversion\uff09\u50be\u5411\u4e5f\u8981\u8a55\u4f30\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u640d\u5931\u8da8\u907f\u50be\u5411\u662f\u6307\u9762\u5c0d\u540c\u6a23\u6578\u91cf\u7684\u5229\u5f97\u8207\u640d\u5931\u6642\uff0c\u89ba\u5f97\u640d\u5931\u66f4\u96e3\u4ee5\u5fcd\u53d7\uff0c\u5c0d\u65bc\u640d\u5931\u8da8\u907f\u7684\u4eba\u4f86\u8aaa\uff0c\u70ba\u4e86\u907f\u514d\u8cb7\u9032\u5c31\u8dcc\u7684\u5f8c\u6094\uff0c\u4ed6\u5011\u9084\u662f\u50be\u5411\u9078\u64c7\u5206\u6279\u6295\u5165\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u5206\u6279\u6295\u5165\u7684\u597d\u8655\u5728\u65bc\u504f\u91cd\u9632\u79a6\uff0cVanguard 2012 \u5e74\u7684\u7814\u7a76\u5728\u7f8e\u570b\u5e02\u5834\u6e2c\u8a66\u4e86\u8d85\u904e 1,000 \u500b\u6efe\u52d5 12 \u500b\u6708\u671f\u9593\uff0c\u5206\u6279\u6295\u5165\u770b\u5230\u4e0b\u8dcc\u7684\u60c5\u5f62\u8f03\u5c11<sup>[1][2]<\/sup>\uff1a<\/p>\n\n<ul class=\"wp-block-list\">\n<li>\u6574\u7b46\u6295\u5165\uff1a\u300c\u770b\u5230\u8667\u640d\u7387\u300d\u70ba 22.4%<\/li>\n<li>\u5206\u6279\u6295\u5165\uff1a\u300c\u770b\u5230\u8667\u640d\u7387\u300d\u70ba 17.6%<\/li>\n<\/ul>\n\n<p class=\"wp-block-paragraph\">\u539f\u56e0\u5728\u65bc\u5e02\u5834\u56de\u6a94\u6642\uff0c\u73fe\u91d1\u90e8\u4f4d\u767c\u63ee\u9632\u5b88\u3001\u964d\u4f4e\u6295\u8cc7\u7d44\u5408\u98a8\u96aa\u7684\u4f5c\u7528\uff0c\u76f8\u5c0d\u7684\uff0c\u53c3\u8207\u5e02\u5834\u6f5b\u5728\u6f32\u5e45\u7684\u90e8\u4f4d\u4e5f\u6bd4\u8f03\u5c11\u3002<\/p>\n\n<p class=\"wp-block-paragraph\"><strong>\u5206\u6279\u6295\u5165\u7684\u671f\u9593\uff0c\u6295\u8cc7\u7d44\u5408\u5176\u5be6\u662f\u504f\u91cd\u73fe\u91d1\u7684\u4fdd\u5b88\u914d\u7f6e<\/strong>\uff0c\u8ddd\u96e2\u76ee\u6a19\u914d\u7f6e\u6bd4\u4f8b\u9084\u6709\u6bb5\u8ddd\u96e2\uff0c\u5b8c\u6210\u914d\u7f6e\u4e4b\u5f8c\u624d\u7b97\u771f\u6b63\u90e8\u7f72\u5b8c\u6210\uff08\u4e58\u5ba2\u9084\u6c92\u5168\u90e8\u767b\u6a5f\uff0c\u98db\u6a5f\u5c31\u9084\u4e0d\u7b97\u8d77\u98db\uff09\u3002<\/p>\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n<h3 class=\"wp-block-heading\">\u6295\u5165\u7b56\u7565\u6c92\u6709\u7d55\u5c0d\u597d\u58de\uff0c\u53ea\u6709\u80fd\u5426\u9054\u6210\u8ca1\u52d9\u76ee\u6a19<\/h3>\n\n<p class=\"wp-block-paragraph\">\u55ae\u7b46\u6295\u8cc7\u6216\u5206\u6279\u6295\u8cc7\u6c92\u6709\u7d55\u5c0d\u597d\u58de\uff0c\u8981\u600e\u9ebc\u55ae\u7b46\u6295\u8cc7\uff0c\u53d6\u6c7a\u65bc\u6295\u8cc7\u4eba\u7684\u7d93\u9a57\u4ee5\u53ca\u98a8\u96aa\u627f\u53d7\u80fd\u529b\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u6703\u64d4\u5fc3\u8cb7\u9032\u5c31\u8dcc\u7684\u4e0d\u53ea\u662f\u5165\u9580\u6295\u8cc7\u4eba\uff0c\u6295\u8cc7\u9867\u554f\u540c\u6a23\u4e0d\u9858\u610f\u770b\u5230\u5ba2\u6236\u4e00\u9032\u5834\u5c31\u8667\u640d\uff0c\u6295\u8cc7\u9867\u554f\u7684\u8cac\u4efb\uff0c\u662f\u4f9d\u904e\u53bb\u7684\u8cc7\u6599\u3001\u7d93\u9a57\u8207\u7814\u7a76\u5206\u4eab\u5be6\u8b49\u7684\u7d50\u679c\uff0c\u518d\u628a\u6c7a\u5b9a\u6b0a\u9084\u7d66\u5ba2\u6236\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u5982\u679c\u4f60\u5df2\u7d93\u6709\u4e00\u7b46\u8ca1\u5bcc\uff0c\u5728\u91d0\u6e05\u8ca1\u52d9\u76ee\u6a19\u3001\u77e5\u9053\u81ea\u5df1\u7684\u98a8\u96aa\u5c6c\u6027\u4ee5\u53ca\u9069\u5408\u81ea\u5df1\u7684\u6295\u8cc7\u7d44\u5408\u5f8c\uff0c\u6574\u7b46\u6295\u5165\u662f\u52dd\u7387\u8f03\u9ad8\u7684\u65b9\u5f0f\u3002<\/p>\n\n<h3 class=\"wp-block-heading\">\u8acb\u76ef\u4f4f\u4f60\u7684\u8ca1\u52d9\u76ee\u6a19\uff0c\u9019\u662f\u6700\u91cd\u8981\u7684\u6307\u6a19<\/h3>\n\n<p class=\"wp-block-paragraph\">\u6295\u5165\u65b9\u5f0f\u9078\u5b9a\u4e4b\u5f8c\uff0c\u6700\u5f8c\u9084\u662f\u8981\u56de\u5230\u8ca1\u52d9\u8a08\u756b\uff0c\u9019\u5957\u8a08\u756b\u9054\u6210\u8ca1\u52d9\u76ee\u6a19\u7684\u6a5f\u7387\u662f\u5426\u8db3\u5920\uff1f<\/p>\n\n<p class=\"wp-block-paragraph\">\u5373\u4f7f\u55ae\u7b46\u6295\u8cc7\u8f03\u597d\uff0c\u5982\u679c\u6295\u8cc7\u6642\u9593\u4e0d\u5920\u3001\u76ee\u6a19\u592a\u9ad8\u3001\u6295\u8cc7\u7d44\u5408\u4e0d\u9069\u5408\u3001\u6c92\u6709\u5805\u6301<a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=1703\">\u518d\u5e73\u8861<\/a>\uff0c\u6216\u7f3a\u4e4f\u5f8c\u7e8c\u7684<a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=4878\">\u5b9a\u671f\u5b9a\u984d<\/a>\u6295\u5165\uff0c\u9019\u4e9b\u53c3\u6578\u90fd\u53ef\u80fd\u8b93\u4f60\u6700\u5f8c\u6c92\u6709\u9054\u6210\u8ca1\u52d9\u76ee\u6a19\u3002<\/p>\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n<h2 class=\"wp-block-heading\">\u55ae\u7b46 + \u5b9a\u671f\u5b9a\u984d\uff0c\u4f9d\u4eba\u751f\u968e\u6bb5\u642d\u914d<\/h2>\n\n<p class=\"wp-block-paragraph\">\u525b\u51fa\u793e\u6703\uff0c\u6216\u662f\u5df2\u7d93\u5728\u6295\u8cc7\u3001\u4f46\u56e0\u70ba\u5176\u4ed6\u652f\u51fa\u8b93\u53ef\u6295\u8cc7\u91d1\u984d\u8f03\u4f4e\u6642\uff0c\u6bcf\u6708\u5b9a\u671f\u5b9a\u984d\u7684\u898f\u5f8b\u6295\u8cc7\u662f\u8f03\u5408\u9069\u7684\u65b9\u5f0f\uff0c\u5230\u4e86\u4e2d\u5e74\uff0c\u7d2f\u7a4d\u7684\u8cc7\u672c\u8f03\u5145\u88d5\u5f8c\uff0c\u53ef\u4ee5\u7528\u300c\u55ae\u7b46\uff0b\u5b9a\u671f\u5b9a\u984d\u300d\u96d9\u7ba1\u9f4a\u4e0b\uff0c\u66f4\u80fd\u52a0\u901f\u9054\u6210\u8ca1\u52d9\u76ee\u6a19\u3002<\/p>\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n<h2 class=\"wp-block-heading\">\u7559\u610f\u5f85\u5728\u5834\u5167\u7684\u6642\u9593\uff0c\u800c\u975e\u6642\u6a5f\uff01<\/h2>\n\n<p class=\"wp-block-paragraph\">\u4e0d\u7ba1\u662f\u6574\u7b46\u6295\u5165\u6216\u5206\u6279\u6295\u5165\uff0c\u90fd\u53ea\u662f\u9032\u5834\u65b9\u5f0f\u4e4b\u4e00\uff0c\u66f4\u91cd\u8981\u7684\u662f\u5f85\u5728\u5834\u5167\u7684\u6642\u9593\uff0c\u505a\u5230\u9577\u671f\u6301\u6709\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u5982\u679c\u4f60\u9072\u9072\u6c92\u6709\u9032\u5834\u3001\u9322\u4e00\u76f4\u653e\u5728\u73fe\u91d1\u88e1\uff0c\u7b49\u5f85\u7684\u6210\u672c\u6709\u591a\u9ad8\uff0c<a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=9887\">\u73fe\u91d1\u9084\u662f\u6295\u8cc7\uff1f\u6eff\u624b\u73fe\u91d1\u653e\u5b9a\u5b58\u3001\u77ed\u50b5\u9084\u662f\u80a1\u50b5\u7684\u9577\u671f\u5dee\u8ddd<\/a>\u7528 20 \u5e74\u6578\u64da\u505a\u4e86\u6bd4\u8f03\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u4e0d\u8ad6\u55ae\u7b46\u6216\u5206\u6279\uff0c\u6295\u5165\u4e4b\u524d\u5148\u505a\u597d\u4e09\u4ef6\u4e8b\uff1a<\/p>\n\n<ol class=\"wp-block-list\">\n<li>\u91d0\u6e05\u81ea\u5df1\u7684\u6295\u8cc7\u76ee\u6a19<\/li>\n<li>\u904b\u7528<a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=5080\">\u6a5f\u5668\u4eba\u7406\u8ca1<\/a>\u627e\u51fa\u9069\u5408\u81ea\u5df1\u7684\u8cc7\u7522\u914d\u7f6e<\/li>\n<li>\u8b39\u614e\u8a55\u4f30\uff0c\u5927\u81bd\u4f48\u5c40\uff0c\u9577\u671f\u6301\u6709<\/li>\n<\/ol>\n\n<p class=\"wp-block-paragraph\">\u56de\u5230\u958b\u982d\u90a3\u7b46 300 \u842c\u5143\uff0c\u76ee\u6a19\u6e05\u695a\u3001\u914d\u7f6e\u5408\u9069\uff0c\u4e00\u6b21\u6295\u5165\u7684\u52dd\u7b97\u8f03\u9ad8\uff0c\u771f\u7684\u64d4\u5fc3\u8cb7\u9032\u5c31\u8dcc\uff0c\u5c31\u5206\u6279\u6295\u5165\uff0c\u4e26\u7167\u8a08\u756b\u5728\u671f\u9650\u5167\u6295\u5b8c\u3002<\/p>\n\n<h2 class=\"wp-block-heading\">\u6211\u7684\u60f3\u6cd5<\/h2>\n\n<p class=\"wp-block-paragraph\">\u6211\u89ba\u5f97\u55ae\u7b46\u548c\u5b9a\u671f\u5b9a\u984d\u7684\u722d\u8ad6\uff0c\u5e38\u5e38\u5435\u932f\u4e86\u91cd\u9ede\uff0c68% \u9019\u500b\u6578\u5b57\u5f88\u6e05\u695a\uff0c\u624b\u4e0a\u5df2\u7d93\u6709\u4e00\u7b46\u9592\u7f6e\u8cc7\u91d1\uff0c\u4e00\u6b21\u6295\u5165\u7684\u52dd\u7b97\u6bd4\u8f03\u9ad8\uff0c\u4e0d\u904e\u5269\u4e0b\u7684\u90a3\u4e9b\u6642\u9593\uff0c\u5206\u6279\u7684\u4eba\u4e5f\u6c92\u6709\u505a\u932f\u4ec0\u9ebc\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u771f\u6b63\u6703\u51fa\u554f\u984c\u7684\uff0c\u662f\u5206\u6279\u5230\u4e00\u534a\u5c31\u505c\u4e0b\u4f86\uff0c\u8aaa\u597d 12 \u500b\u6708\u6295\u5b8c\uff0c\u8dcc\u4e86\u4e00\u6b21\u5c31\u60f3\u518d\u7b49\u7b49\uff0c\u7b49\u8457\u7b49\u8457\uff0c\u9322\u5c31\u4e00\u76f4\u7559\u5728\u767b\u6a5f\u9580\u5916\uff0c\u98db\u6a5f\u65e9\u5c31\u98db\u8d70\u4e86\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u6240\u4ee5\u5982\u679c\u662f\u640d\u5931\u8da8\u907f\u6bd4\u8f03\u5f37\u7684\u4eba\uff0c\u6211\u89ba\u5f97\u5206\u6279\u6295\u5165\u5b8c\u5168\u53ef\u4ee5\u63a5\u53d7\uff0c\u524d\u63d0\u662f\u5148\u628a\u671f\u9650\u8a02\u597d\uff0c\u7b2c\u5e7e\u500b\u6708\u6295\u5b8c\u5beb\u4e0b\u4f86\uff0c\u7167\u8457\u505a\uff08\u8aaa\u5be6\u5728\uff0c\u9019\u6bd4\u9078\u54ea\u4e00\u7a2e\u65b9\u5f0f\u96e3\u591a\u4e86\uff09\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u5982\u679c\u662f\u6bcf\u500b\u6708\u9818\u85aa\u6c34\u7684\u4e0a\u73ed\u65cf\uff0c\u9019\u984c\u5176\u5be6\u4e0d\u592a\u9700\u8981\u9078\uff0c\u85aa\u6c34\u672c\u4f86\u5c31\u662f\u4e00\u500b\u6708\u4e00\u500b\u6708\u9032\u4f86\uff0c\u5b9a\u671f\u5b9a\u984d\u662f\u5f88\u81ea\u7136\u7684\u4e8b\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u4e00\u6b21\u767b\u6a5f\u6216\u5206\u6279\u767b\u6a5f\u90fd\u53ef\u4ee5\uff0c\u5225\u8b93\u4e58\u5ba2\u4e00\u76f4\u7559\u5728\u767b\u6a5f\u9580\u5916\u3002<\/p>\n\n\n<div class=\"wp-block-group alpha-cta alpha-cta-end alpha-cta-alloc has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f3f7fb;padding:32px 20px\">\n<p class=\"has-text-align-center wp-block-paragraph\" style=\"font-size:clamp(16.834px, 1.052rem + ((1vw - 3.2px) * 0.716), 26px);font-weight:700\">\u5148\u7b97\u4e00\u6b21\uff0c\u518d\u6c7a\u5b9a\u600e\u9ebc\u914d<\/p>\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">\u8f38\u5165\u91d1\u984d\u3001\u671f\u9593\u8207\u76ee\u6a19\uff0c\u770b\u80a1\u50b5\u6bd4\u4f8b\u8207\u53ef\u80fd\u7684\u5831\u916c\u7bc4\u570d\uff1b\u8a66\u7b97\u7d50\u679c\u50c5\u4f9b\u53c3\u8003\uff0c\u4e0d\u4ee3\u8868\u672a\u4f86\u7e3e\u6548<\/p>\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-fe0a7de2 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-text-color has-background wp-element-button\" href=\"https:\/\/roboadvisor.com.tw\/portfolio-calculator\/?Camp=Blog\" style=\"border-radius:50px;color:#ffffff;background-color:#006ece;border:2px solid #006ece;font-size:clamp(14px, 0.875rem + ((1vw - 3.2px) * 0.234), 17px);line-height:1.4;padding:10px 26px\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>\u514d\u8cbb\u8a66\u7b97\u6211\u7684\u6295\u8cc7\u7d44\u5408<\/strong><\/a><\/div>\n\n\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-text-color has-background wp-element-button\" href=\"https:\/\/urli.ai\/line\/XpZpxkKi\" style=\"border-radius:50px;color:#00b900;background-color:#ffffff;border:2px solid #00b900;font-size:clamp(14px, 0.875rem + ((1vw - 3.2px) * 0.234), 17px);line-height:1.4;padding:10px 26px\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>\u52a0 LINE \u554f\u9867\u554f<\/strong><\/a><\/div>\n<\/div>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\">\u53c3\u8003\u6587\u737b<\/h2>\n\n<ul class=\"wp-block-list\">\n<li>[1] Shtekhman, A., Tasopoulos, C., &amp; Wimmer, B. (2012). <em>Dollar-cost averaging just means taking risk later<\/em>. Vanguard Research.<\/li>\n<li>[2] Morningstar. (2012, November 28). <em>Is cost-averaging overrated?<\/em> https:\/\/www.morningstar.in\/posts\/15161\/is-cost-averaging-overrated.aspx<\/li>\n<li>[3] Maggiulli, N. (2023, February 5). <em>Dollar cost averaging vs lump sum [All you need to know]<\/em>. Of Dollars And Data. https:\/\/ofdollarsanddata.com\/dollar-cost-averaging-vs-lump-sum\/<\/li>\n<li>[4] multpl. (2026). <em>Shiller PE ratio by month<\/em>\uff08\u4f9d Shiller \u8cc7\u6599\u8a08\u7b97\uff09. 2026 \u5e74 10 \u6708 20 \u65e5\u64f7\u53d6\u3002https:\/\/www.multpl.com\/shiller-pe\/table\/by-month<\/li>\n<li>[5] MSCI. (2026). <em>MSCI ACWI Index (USD) factsheet<\/em>\uff082026 \u5e74 9 \u6708 30 \u65e5\u8cc7\u6599\uff09. https:\/\/www.msci.com\/documents\/10199\/8d97d244-4685-4200-a24c-3e2942e3adeb<\/li>\n<\/ul>","protected":false},"excerpt":{"rendered":"<p>\u55ae\u7b46\u9084\u662f\u5b9a\u671f\u5b9a\u984d\uff1fVanguard \u7814\u7a76 1976\u20132022 \u5e74\u55ae\u7b46\u7d04 68% \u6642\u9593\u52dd\u51fa\uff0c\u518d\u770b\u8cc7\u91d1\u4f86\u6e90\u9078\u64c7\u3002<\/p>\n","protected":false},"author":3,"featured_media":8106,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_hide_featured_image":false,"_jetpack_featured_image_duplicate_dismissed":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","_llm_markdown_disabled":false},"categories":[565],"tags":[173],"class_list":["post-8077","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category--etf","tag-173"],"jetpack_sharing_enabled":true,"jetpack-related-posts":[],"jetpack_featured_media_url":"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2024\/01\/tree-569275_1280.jpg","_links":{"self":[{"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/posts\/8077","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\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8077"}],"version-history":[{"count":3,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/posts\/8077\/revisions"}],"predecessor-version":[{"id":19221,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/posts\/8077\/revisions\/19221"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/media\/8106"}],"wp:attachment":[{"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8077"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8077"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8077"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}