{"id":840,"date":"2024-09-06T11:09:54","date_gmt":"2024-09-06T03:09:54","guid":{"rendered":"https:\/\/blog.roboadvisor.com.tw\/?p=840"},"modified":"2026-10-27T10:22:45","modified_gmt":"2026-10-27T02:22:45","slug":"%e6%a9%9f%e5%99%a8%e4%ba%ba%e7%90%86%e8%b2%a1%e7%9a%84%e6%8a%95%e8%b3%87%e5%8e%9f%e5%89%87-%e8%b3%87%e7%94%a2%e9%85%8d%e7%bd%ae","status":"publish","type":"post","link":"https:\/\/blog.roboadvisor.com.tw\/?p=840","title":{"rendered":"\u8cc7\u7522\u914d\u7f6e\u662f\u4ec0\u9ebc\uff1f\u4f9d\u5e74\u9f61\u8207\u6295\u8cc7\u671f\u9593\u7684\u914d\u7f6e\u5c0d\u7167\u8868"},"content":{"rendered":"<p class=\"wp-block-paragraph\">\u300c\u8cc7\u7522\u914d\u7f6e\u6c7a\u5b9a\u4e86\u4e5d\u6210\u7684\u6295\u8cc7\u5831\u916c\u3002\u300d\u9019\u53e5\u8a71\u5728\u7406\u8ca1\u66f8\u548c\u8b1b\u5ea7\u88e1\u5f88\u5e38\u898b\uff0c\u807d\u8d77\u4f86\u4e5f\u5f88\u5408\u7406\uff0c\u4f46\u539f\u59cb\u7814\u7a76\u8b1b\u7684\u5176\u5be6\u662f\u53e6\u4e00\u4ef6\u4e8b\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">1986 \u5e74 Brinson\u3001Hood\u3001Beebower \u7814\u7a76\u7f8e\u570b 91 \u6a94\u5927\u578b\u9000\u4f11\u57fa\u91d1\uff0c\u767c\u73fe\u914d\u7f6e\u653f\u7b56\u5e73\u5747\u53ef\u89e3\u91cb 93.6% \u7684\u5b63\u5831\u916c\u300c\u8b8a\u7570\u300d<sup>[1]<\/sup>\uff0c\u6307\u7684\u662f\u6295\u8cc7\u7d44\u5408\u600e\u9ebc\u4e0a\u4e0b\u6ce2\u52d5\uff0c\u8ddf\u8cfa\u591a\u8cfa\u5c11\u662f\u5169\u56de\u4e8b\uff0c\u5230\u4e86 2000 \u5e74\uff0cIbbotson \u8207 Kaplan \u628a\u554f\u984c\u62c6\u958b\u91cd\u7b97\uff0c\u914d\u7f6e\u653f\u7b56\u89e3\u91cb\u4e86\u55ae\u4e00\u57fa\u91d1\u5831\u916c\u96a8\u6642\u9593\u6ce2\u52d5\u7684\u7d04 90%\uff0c\u4f46\u53ea\u89e3\u91cb\u4e0d\u540c\u57fa\u91d1\u4e4b\u9593\u5831\u916c\u5dee\u7570\u7684\u7d04 40%<sup>[2]<\/sup>\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u6240\u4ee5\u6bd4\u8f03\u6e96\u78ba\u7684\u8aaa\u6cd5\u662f\uff0c\u8cc7\u7522\u914d\u7f6e\u6c7a\u5b9a\u4f60\u7684\u6295\u8cc7\u7d44\u5408\u6703\u600e\u9ebc\u6f32\u8dcc\u3001\u6700\u5dee\u7684\u6642\u5019\u8dcc\u591a\u6df1\uff0c\u9019\u4e5f\u662f\u5b83\u6700\u8a72\u5148\u6c7a\u5b9a\u7684\u539f\u56e0\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u7df4\u904e\u6b66\u8853\u7684\u4eba\u90fd\u77e5\u9053\uff0c\u5e2b\u7236\u7b2c\u4e00\u5929\u6559\u7684\u4e0d\u662f\u62db\u5f0f\uff0c\u662f\u8e72\u99ac\u6b65\uff0c\u4e0b\u76e4\u7a69\u4e0d\u7a69\uff0c\u6c7a\u5b9a\u7684\u662f\u6328\u4e00\u62f3\u6703\u4e0d\u6703\u5012\uff0c\u81f3\u65bc\u80fd\u6253\u51fa\u591a\u91cd\u7684\u62f3\uff0c\u90a3\u662f\u5f8c\u9762\u7684\u4e8b\uff0c\u8cc7\u7522\u914d\u7f6e\u5c31\u662f\u6295\u8cc7\u7684\u4e0b\u76e4\uff0c\u6311\u54ea\u4e00\u6a94\u80a1\u7968\u6216\u57fa\u91d1\uff0c\u662f\u4e0b\u76e4\u7ad9\u7a69\u4e4b\u5f8c\u624d\u7df4\u7684\u62db\u5f0f\u3002<\/p>\n\n<h2 class=\"wp-block-heading\">\u8cc7\u7522\u914d\u7f6e\u662f\u4ec0\u9ebc\uff1f<\/h2>\n\n<p class=\"wp-block-paragraph\">\u8cc7\u7522\u914d\u7f6e\uff08asset allocation\uff09\u662f\u5728\u6295\u8cc7\u4e4b\u524d\uff0c\u4f9d\u6295\u8cc7\u76ee\u6a19\u3001\u53ef\u6295\u8cc7\u671f\u9593\u3001\u80fd\u627f\u53d7\u7684\u640d\u5931\u8207\u7528\u9322\u6642\u9593\uff0c\u6c7a\u5b9a\u8cc7\u91d1\u5728\u80a1\u7968\u3001\u50b5\u5238\u3001\u73fe\u91d1\u3001\u4e0d\u52d5\u7522\u7b49\u8cc7\u7522\u985e\u5225\u4e4b\u9593\u5404\u653e\u591a\u5c11\uff0c\u4e26\u5728\u5e02\u5834\u6f32\u8dcc\u8b93\u6bd4\u4f8b\u8dd1\u6389\u6642\u8abf\u6574\u56de\u4f86\uff0c\u5b83\u56de\u7b54\u7684\u662f\u300c\u6574\u9ad4\u8981\u627f\u64d4\u591a\u5c11\u98a8\u96aa\u3001\u627f\u64d4\u54ea\u5e7e\u7a2e\u98a8\u96aa\u300d\uff0c\u81f3\u65bc\u6311\u54ea\u4e00\u6a94\u80a1\u7968\u6216\u57fa\u91d1\uff0c\u662f\u6c7a\u5b9a\u914d\u7f6e\u4e4b\u5f8c\u7684\u4e8b\u3002<\/p>\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2024\/02\/image-38.png\" alt=\"\u8cc7\u7522\u914d\u7f6e\u7684\u8cc7\u7522\u985e\u5225\uff1a\u80a1\u7968\u4f9d\u5e02\u5834\u3001\u5340\u57df\u8207\u7522\u696d\u7d30\u5206\uff0c\u56fa\u5b9a\u6536\u76ca\u4f9d\u4fe1\u7528\u98a8\u96aa\u8207\u671f\u9650\u7d30\u5206\"\/><\/figure>\n\n<p class=\"wp-block-paragraph\"><em>\u5168\u7403\u8cc7\u672c\u5e02\u5834\u7684\u8cc7\u7522\u985e\u5225\u793a\u610f\uff1b\u8cc7\u6599\u4f86\u6e90\uff1a\u963f\u723e\u767c\u6295\u9867\u6574\u7406<\/em><\/p>\n\n<h2 class=\"wp-block-heading\">\u8cc7\u7522\u914d\u7f6e\u6709\u54ea\u4e9b\uff1f\u4e3b\u8981\u8cc7\u7522\u985e\u5225\u8207\u4e09\u7a2e\u5e38\u898b\u7b56\u7565<\/h2>\n\n<p class=\"wp-block-paragraph\">\u300c\u8cc7\u7522\u914d\u7f6e\u6709\u54ea\u4e9b\u300d\u901a\u5e38\u554f\u7684\u662f\u5169\u4ef6\u4e8b\uff0c\u4e00\u662f\u53ef\u4ee5\u914d\u7f6e\u54ea\u4e9b\u8cc7\u7522\uff0c\u4e8c\u662f\u6709\u54ea\u4e9b\u914d\u7f6e\u7b56\u7565\u3002<\/p>\n\n<figure class=\"wp-block-table\"><table>\n<thead>\n<tr>\n<th>\u8cc7\u7522\u985e\u5225<\/th>\n<th>\u5728\u7d44\u5408\u88e1\u7684\u89d2\u8272<\/th>\n<th>\u4e3b\u8981\u98a8\u96aa<\/th>\n<th>\u5ef6\u4f38\u95b1\u8b80<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u80a1\u7968<\/td>\n<td>\u9577\u671f\u6210\u9577\u7684\u4e3b\u8981\u4f86\u6e90<\/td>\n<td>\u50f9\u683c\u6ce2\u52d5\u5927\uff0c\u53ef\u80fd\u9577\u671f\u4f4e\u8ff7<\/td>\n<td><a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=4881\">ETF \u662f\u4ec0\u9ebc\uff1fETF \u600e\u9ebc\u8cb7\uff1f<\/a><\/td>\n<\/tr>\n<tr>\n<td>\u50b5\u5238<\/td>\n<td>\u6536\u53d6\u5229\u606f\u3001\u964d\u4f4e\u6574\u9ad4\u6ce2\u52d5<\/td>\n<td>\u5229\u7387\u3001\u4fe1\u7528\u3001\u901a\u81a8<\/td>\n<td><a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=13299\">\u53f0\u80a1\u8207\u7f8e\u80a1\u7684\u7f8e\u50b5 ETF \u6bd4\u8f03<\/a><\/td>\n<\/tr>\n<tr>\n<td>\u73fe\u91d1\u8207\u77ed\u671f\u5b58\u6b3e<\/td>\n<td>\u652f\u61c9\u8fd1\u671f\u652f\u51fa\u3001\u7dca\u6025\u9810\u5099\u91d1<\/td>\n<td>\u9577\u671f\u8cfc\u8cb7\u529b\u88ab\u901a\u81a8\u4fb5\u8755<\/td>\n<td><a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=9887\">\u73fe\u91d1\u9084\u662f\u6295\u8cc7\uff1f<\/a><\/td>\n<\/tr>\n<tr>\n<td>\u4e0d\u52d5\u7522\uff08REITs\uff09<\/td>\n<td>\u79df\u91d1\u6536\u5165\uff0c\u8207\u80a1\u50b5\u8868\u73fe\u4e0d\u5b8c\u5168\u540c\u6b65<\/td>\n<td>\u5229\u7387\u3001\u666f\u6c23\u5faa\u74b0\u3001\u7522\u696d\u96c6\u4e2d<\/td>\n<td><a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=8371\">REITs \u662f\u4ec0\u9ebc<\/a><\/td>\n<\/tr>\n<tr>\n<td>\u9ec3\u91d1\u8207\u5927\u5b97\u5546\u54c1<\/td>\n<td>\u90e8\u5206\u60c5\u5883\u4e0b\u7684\u5206\u6563\u5de5\u5177<\/td>\n<td>\u6c92\u6709\u5229\u606f\u6216\u80a1\u606f\uff0c\u50f9\u683c\u6ce2\u52d5\u5927<\/td>\n<td>\u2014<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/figure>\n\n<p class=\"wp-block-paragraph\">\u9078\u8cc7\u7522\u6642\u9084\u8981\u770b\u6d41\u52d5\u6027\uff08liquidity\uff09\uff0c\u4e5f\u5c31\u662f\u80fd\u591a\u5feb\u63db\u6210\u73fe\u91d1\u3001\u50f9\u683c\u53c8\u4e0d\u6703\u88ab\u58d3\u4f4e\uff0c\u4e0a\u5e02\u80a1\u7968\u8207 ETF \u6d41\u52d5\u6027\u9ad8\uff0c\u4e0d\u52d5\u7522\u3001\u79c1\u52df\u57fa\u91d1\u6d41\u52d5\u6027\u4f4e\uff0c\u6025\u7528\u6642\u53ef\u80fd\u8981\u964d\u50f9\u624d\u8ce3\u5f97\u6389\uff0c\u6240\u4ee5\u4e09\u5230\u516d\u500b\u6708\u5167\u8981\u7528\u7684\u9322\uff0c\u9069\u5408\u653e\u5728\u6d41\u52d5\u6027\u9ad8\u3001\u50f9\u683c\u7a69\u5b9a\u7684\u5730\u65b9\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u6c7a\u5b9a\u4e86\u8cc7\u7522\u985e\u5225\u4e4b\u5f8c\uff0c\u5e02\u5834\u4e0a\u5e38\u898b\u7684\u914d\u7f6e\u7b56\u7565\u5927\u81f4\u5206\u4e09\u985e\uff1a<\/p>\n\n<ul class=\"wp-block-list\">\n<li>\u4e3b\u52d5\u9078\u80a1\u8207\u64c7\u6642\uff1a\u6311\u500b\u80a1\u3001\u5224\u65b7\u9032\u51fa\u5834\u6642\u9ede\uff0c\u76f8\u4fe1\u81ea\u5df1\u80fd\u627e\u5230\u88ab\u932f\u4f30\u7684\u50f9\u683c<\/li>\n<li>\u88ab\u52d5\u6295\u8cc7\uff08\u6307\u6578\u5316\uff09\uff1a\u7528\u6307\u6578\u57fa\u91d1\u6216 ETF \u6301\u6709\u6574\u500b\u5e02\u5834\uff0c\u8a8d\u70ba\u5e02\u5834\u50f9\u683c\u5927\u81f4\u53cd\u6620\u4e86\u8cc7\u8a0a\uff0c\u9577\u671f\u4ee5\u4f4e\u6210\u672c\u62ff\u5e02\u5834\u5831\u916c<\/li>\n<li>\u56e0\u5b50\u6295\u8cc7\uff1a\u6709\u7cfb\u7d71\u5730\u591a\u914d\u7f6e\u5c0f\u578b\u80a1\u3001\u50f9\u503c\u80a1\u3001\u9ad8\u7372\u5229\u516c\u53f8\u7b49\u7279\u6027\uff0c\u5b78\u8853\u7814\u7a76\u767c\u73fe\u9019\u4e9b\u7279\u6027\u9577\u671f\u6709\u984d\u5916\u5831\u916c\uff0c\u4f46\u4e0d\u662f\u6bcf\u5e74\u90fd\u6709<\/li>\n<\/ul>\n\n<p class=\"wp-block-paragraph\">\u4e09\u7a2e\u7b56\u7565\u6bd4\u8f03\u50cf\u4e09\u7a2e\u9580\u6d3e\uff0c\u5404\u6709\u5404\u7684\u5fc3\u6cd5\uff0c\u4f46\u4e0d\u7ba1\u62dc\u54ea\u4e00\u6d3e\uff0c\u99ac\u6b65\u90fd\u5f97\u5148\u8e72\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u9078\u6a19\u7684\u6642\u82e5\u4e5f\u5728\u610f\u4f01\u696d\u7684\u74b0\u5883\u3001\u793e\u6703\u8207\u516c\u53f8\u6cbb\u7406\u8868\u73fe\uff0cESG \u6307\u6578\u5de5\u5177\u548c\u4e00\u822c\u5e02\u503c\u578b\u5de5\u5177\u7684\u5831\u916c\u8207\u8cbb\u7528\u5dee\u591a\u5c11\uff0c\u53ef\u4ee5\u770b<a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=14656\">ESG \u6295\u8cc7\u662f\u4ec0\u9ebc\uff1f\u503c\u5f97\u55ce\uff1f\u8207\u50b3\u7d71\u6295\u8cc7\u5831\u916c\u6bd4\u8f03<\/a>\uff1b\u88ab\u52d5\u6295\u8cc7\u7684\u8b49\u64da\u8207\u505a\u6cd5\uff0c\u5728<a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=14700\">\u6307\u6578\u5316\u6295\u8cc7\u662f\u4ec0\u9ebc\uff1f\u6307\u6578\u57fa\u91d1\u8207 ETF \u7684\u9577\u671f\u8b49\u64da<\/a>\u6709\u5b8c\u6574\u6574\u7406\u3002<\/p>\n\n<h2 class=\"wp-block-heading\">\u8cc7\u7522\u914d\u7f6e\u7684\u76ee\u7684\u662f\u4ec0\u9ebc\uff1f<\/h2>\n\n<p class=\"wp-block-paragraph\">\u4e00\u53e5\u8a71\uff0c\u5c31\u662f\u8b93\u55ae\u4e00\u5e02\u5834\u3001\u55ae\u4e00\u8cc7\u7522\u7684\u58de\u904b\u6c23\uff0c\u4e0d\u81f3\u65bc\u6c7a\u5b9a\u4f60\u6574\u500b\u8a08\u756b\u7684\u6210\u6557\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u99ac\u53ef\u7dad\u8332\uff08Harry Markowitz\uff09\u5728 1952 \u5e74\u767c\u8868\u3008Portfolio Selection\u3009\uff0c\u7528\u6578\u5b78\u8aaa\u660e\u628a\u8d70\u52e2\u4e0d\u5b8c\u5168\u76f8\u540c\u7684\u8cc7\u7522\u653e\u5728\u4e00\u8d77\uff0c\u6574\u9ad4\u6ce2\u52d5\u53ef\u4ee5\u4f4e\u65bc\u500b\u5225\u8cc7\u7522\u6ce2\u52d5\u7684\u5e73\u5747<sup>[7]<\/sup>\uff0c\u4ed6\u4e5f\u56e0\u6b64\u5728 1990 \u5e74\u7372\u5f97\u8afe\u8c9d\u723e\u7d93\u6fdf\u5b78\u734e\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u9019\u4ef6\u4e8b\u5728\u55ae\u4e00\u5e02\u5834\u9577\u671f\u4f4e\u8ff7\u6642\u770b\u5f97\u6700\u6e05\u695a\uff1a<\/p>\n\n<ul class=\"wp-block-list\">\n<li>\u65e5\u672c\uff1a\u65e5\u7d93 225 \u6307\u6578 1989-12-29 \u6536\u5728 38,915.87 \u9ede\uff0c\u76f4\u5230 2024-02-22 \u624d\u4ee5 39,098.68 \u9ede\u8d85\u8d8a\uff0c\u4e2d\u9593\u9694\u4e86\u7d04 34 \u5e74<sup>[4]<\/sup><\/li>\n<li>\u7f8e\u570b\uff1aS&amp;P 500 \u5728 2000\u20132009 \u5e74\u7684\u5e74\u5316\u7e3d\u5831\u916c\u662f \u22120.95%\uff0c\u5341\u5e74\u4e0b\u4f86 1 \u7f8e\u5143\u53ea\u5269\u7d04 0.91 \u7f8e\u5143<sup>[3]<\/sup><\/li>\n<\/ul>\n\n<p class=\"wp-block-paragraph\">\u6c92\u6709\u4eba\u80fd\u4e8b\u5148\u77e5\u9053\u4e0b\u4e00\u500b\u5341\u5e74\u8f2a\u5230\u54ea\u500b\u5e02\u5834\u4f4e\u8ff7\uff0c\u5206\u6563\u5230\u4e0d\u540c\u570b\u5bb6\u8207\u8cc7\u7522\uff0c\u7d50\u679c\u5c31\u4e0d\u6703\u62bc\u5728\u55ae\u4e00\u5e02\u5834\u4e0a\uff0c\u5169\u96bb\u8173\u5f35\u958b\u7ad9\uff0c\u6bd4\u55ae\u8173\u7ad9\u7a69\u5f97\u591a\u3002<\/p>\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2024\/02\/image-37.png\" alt=\"\u5168\u7403\u80a1\u7968\u6307\u6578\u8207\u5404\u55ae\u4e00\u570b\u5bb6\u80a1\u5e02\u7684\u5e74\u5316\u6ce2\u52d5\u5ea6\u6bd4\u8f03\uff0c\u5168\u7403\u80a1\u7968\u6ce2\u52d5\u6700\u4f4e\"\/><\/figure>\n\n<p class=\"wp-block-paragraph\"><em>\u5168\u7403\u80a1\u7968\u6307\u6578\u7684\u6ce2\u52d5\u4f4e\u65bc\u5e7e\u4e4e\u6240\u6709\u55ae\u4e00\u570b\u5bb6\uff1b\u8cc7\u6599\u4f86\u6e90\uff1aVanguard\uff082021\uff09\uff0c\u963f\u723e\u767c\u6295\u9867\u91cd\u88fd<sup>[8]<\/sup><\/em><\/p>\n\n<p class=\"wp-block-paragraph\">\u5206\u6563\u4e5f\u6709\u5931\u9748\u7684\u6642\u5019\uff0c2022 \u5e74\u901a\u81a8\u8207\u5347\u606f\u540c\u6642\u767c\u751f\uff0cS&amp;P 500 \u7e3d\u5831\u916c \u221218.1%\uff0c\u7f8e\u570b\u7d9c\u5408\u50b5\u5238\u6307\u6578 \u221213.0%\uff0c\u80a1\u50b5\u4e00\u8d77\u4e0b\u8dcc<sup>[9]<\/sup>\uff0c\u5206\u6563\u80fd\u964d\u4f4e\u98a8\u96aa\uff0c\u4f46\u6c92\u8fa6\u6cd5\u6d88\u9664\u98a8\u96aa\uff08\u99ac\u6b65\u8e72\u5f97\u518d\u597d\uff0c\u4e5f\u4e0d\u4fdd\u8b49\u5b8c\u5168\u4e0d\u6703\u88ab\u6482\u5012\uff09\uff0c\u80a1\u50b5\u540c\u8dcc\u4e4b\u5f8c\u50b5\u5238\u9084\u6709\u6c92\u6709\u7528\uff0c\u53ef\u4ee5\u770b<a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=14764\">\u80a1\u50b5\u914d\u7f6e\u9084\u6709\u7528\u55ce\uff1f<\/a><\/p>\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\">\u6295\u8cc7\u671f\u9593\u8d8a\u9577\uff0c\u80a1\u7968\u7684\u5831\u916c\u7bc4\u570d\u8d8a\u7a84<\/h2>\n\n<p class=\"wp-block-paragraph\">\u540c\u6a23\u662f\u80a1\u7968\uff0c\u653e\u4e00\u5e74\u548c\u653e\u4e8c\u5341\u5e74\u662f\u5169\u7a2e\u4e0d\u540c\u7684\u98a8\u96aa\uff0cJ.P. Morgan \u6bcf\u5b63\u66f4\u65b0\u7684\u300aGuide to the Markets\u300b\u88e1\u6709\u4e00\u5f35\u5716\uff0c\u628a 1950\u20132025 \u5e74\u7f8e\u570b\u80a1\u7968\u3001\u50b5\u5238\u8207\u80a1\u516d\u50b5\u56db\u7684\u5831\u916c\u7bc4\u570d\uff0c\u6309\u6301\u6709 1 \u5e74\u30015 \u5e74\u300110 \u5e74\u300120 \u5e74\u6392\u5728\u4e00\u8d77<sup>[5]<\/sup>\uff1a<\/p>\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2026\/10\/jpm-gtm-2026q4-p60.png\" alt=\"J.P. Morgan \u7d71\u8a08 1950 \u5230 2025 \u5e74\u80a1\u7968\u3001\u50b5\u5238\u8207\u80a1\u516d\u50b5\u56db\u7d44\u5408\u6301\u6709 1\u30015\u300110\u300120 \u5e74\u7684\u5831\u916c\u7bc4\u570d\uff0c\u80a1\u7968\u55ae\u5e74\u6700\u5dee \u221237%\uff0c20 \u5e74\u6efe\u52d5\u5e74\u5316\u6700\u5dee 6%\"\/><\/figure>\n\n<p class=\"wp-block-paragraph\"><em>\u7da0\u8272\u70ba\u80a1\u7968\uff08S&amp;P 500\uff09\u3001\u85cd\u8272\u70ba\u50b5\u5238\u3001\u7070\u8272\u70ba\u80a1 60\uff0f\u50b5 40\uff0c5 \u5e74\u4ee5\u4e0a\u70ba\u6efe\u52d5\u5e74\u5316\u5831\u916c\u3002\u8cc7\u6599\u4f86\u6e90\uff1aJ.P. Morgan Asset Management\u300aGuide to the Markets \u2013 U.S.\u300b\u7b2c 60 \u9801\uff0c\u8cc7\u6599\u622a\u81f3 2026-09-30\u3002\u7f8e\u5143\u8a08\u50f9\uff0c\u672a\u6263\u8cbb\u7528\u8207\u7a05\uff0c\u4e0d\u542b\u53f0\u5e63\u532f\u7387\u8b8a\u52d5\uff0c\u904e\u53bb\u7684\u7bc4\u570d\u4e0d\u4ee3\u8868\u672a\u4f86\u3002<\/em><\/p>\n\n<p class=\"wp-block-paragraph\">\u5148\u770b\u7da0\u8272\u67f1\u5b50\uff0c\u671f\u9593\u8d8a\u9577\uff0c\u80a1\u7968\u6700\u5dee\u7684\u7d50\u679c\u8d8a\u63a5\u8fd1\u6b63\u6578\uff0c\u55ae\u770b\u4e00\u5e74\u53ef\u80fd\u8dcc 37%\uff0c\u4f46 1950 \u5e74\u4ee5\u4f86\u4efb\u4f55\u9023\u7e8c 20 \u5e74\u7684\u5e74\u5316\u5831\u916c\u90fd\u5728 6% \u4ee5\u4e0a\uff0c\u6240\u4ee5\u5341\u5e74\u3001\u4e8c\u5341\u5e74\u5f8c\u624d\u7528\u7684\u9322\uff0c\u6bd4\u8f03\u627f\u53d7\u5f97\u8d77\u80a1\u7968\u7684\u6ce2\u52d5\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u53cd\u904e\u4f86\uff0c\u671f\u9593\u77ed\u7684\u6642\u5019\u80a1\u7968\u7684\u7bc4\u570d\u5927\u5230\u96e3\u4ee5\u898f\u5283\uff0c\u4e00\u5230\u4e09\u5e74\u5167\u8981\u7528\u7684\u9322\u78b0\u4e0a \u221237% \u7684\u4e00\u5e74\uff0c\u5c31\u6c92\u6709\u6642\u9593\u7b49\u56de\u4f86\u4e86\uff0c\u9019\u4e5f\u662f\u300c\u6295\u8cc7\u671f\u9593\u300d\u6bd4\u300c\u5e74\u9f61\u300d\u66f4\u76f4\u63a5\u5f71\u97ff\u914d\u7f6e\u7684\u539f\u56e0\u3002<\/p>\n\n<h2 class=\"wp-block-heading\">\u4f9d\u5e74\u9f61\u6216\u4eba\u751f\u968e\u6bb5\uff0c\u516c\u958b\u7814\u7a76\u600e\u9ebc\u770b\u914d\u7f6e\uff1f<\/h2>\n\n<p class=\"wp-block-paragraph\">\u5e74\u9f61\u5e38\u88ab\u62ff\u4f86\u7576\u914d\u7f6e\u7684\u8d77\u9ede\uff0c\u56e0\u70ba\u5b83\u5927\u81f4\u6c7a\u5b9a\u4e86\u5169\u4ef6\u4e8b\uff0c\u4e00\u662f\u96e2\u7528\u9322\u9084\u6709\u591a\u4e45\uff0c\u4e8c\u662f\u672a\u4f86\u9084\u6709\u591a\u5c11\u85aa\u8cc7\u6536\u5165\uff0c\u516c\u958b\u8cc7\u6599\u88e1\u6700\u5e38\u88ab\u5f15\u7528\u7684\uff0c\u662f Vanguard \u76ee\u6a19\u65e5\u671f\u57fa\u91d1\u7684\u300c\u4e0b\u6ed1\u8def\u5f91\u300d\uff08glide path\uff09\uff0c\u4e5f\u5c31\u662f\u96a8\u8457\u5e74\u9f61\u9010\u6b65\u628a\u80a1\u7968\u63db\u6210\u50b5\u5238\u7684\u6bd4\u4f8b<sup>[10]<\/sup>\uff1a<\/p>\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2026\/10\/Vanguard\u4e0b\u6ed1\u8def\u5f91.png\" alt=\"Vanguard \u76ee\u6a19\u65e5\u671f\u57fa\u91d1\u4e0b\u6ed1\u8def\u5f91\uff0c40 \u6b72\u4ee5\u524d\u80a1\u7968\u7d04 90%\uff0c65 \u6b72\u7d04 50%\uff0c72 \u6b72\u4ee5\u5f8c\u505c\u5728 30%\"\/><\/figure>\n\n<p class=\"wp-block-paragraph\"><em>\u4ee5 65 \u6b72\u9000\u4f11\u70ba\u4f8b\uff1b\u8cc7\u6599\u4f86\u6e90\uff1aVanguard Target-date fund glide path\uff0c\u963f\u723e\u767c\u6295\u8cc7\u7814\u7a76\u5718\u968a\u91cd\u88fd\u3002\u516c\u958b\u7814\u7a76\u6574\u7406\uff0c\u975e\u914d\u7f6e\u5efa\u8b70\u3002<\/em><\/p>\n\n<p class=\"wp-block-paragraph\">\u5c0d\u7167\u4eba\u751f\u968e\u6bb5\uff0c\u6bcf\u4e00\u6bb5\u8981\u5148\u554f\u81ea\u5df1\u7684\u554f\u984c\u4e0d\u592a\u4e00\u6a23\uff1a<\/p>\n\n<ul class=\"wp-block-list\">\n<li>20\uff5e30 \u591a\u6b72\u525b\u958b\u59cb\u7d2f\u7a4d\uff0c\u85aa\u8cc7\u662f\u6700\u5927\u7684\u8cc7\u7522\u3001\u5b58\u6b3e\u5c11\u3001\u96e2\u9000\u4f11\u9084\u6709 30 \u5e74\u4ee5\u4e0a\uff0c\u4e0b\u6ed1\u8def\u5f91\u5f9e\u7d04 90% \u80a1\u7968\u8d77\u6b65\uff0c\u5e38\u898b\u7684\u300c100 \u6e1b\u5e74\u9f61\u300d\u4e5f\u5728 70% \u5de6\u53f3\uff0c\u9019\u6642\u5019\u5148\u554f\u81ea\u5df1\u7dca\u6025\u9810\u5099\u91d1\u6709\u4e86\u6c92\u6709\uff0c\u8dcc 40% \u7684\u6642\u5019\u6703\u4e0d\u6703\u505c\u6263<\/li>\n<li>40\uff5e50 \u591a\u6b72\u662f\u6536\u5165\u9ad8\u5cf0\uff0c\u623f\u8cb8\u3001\u5b50\u5973\u6559\u80b2\u3001\u7167\u9867\u7236\u6bcd\u5e38\u5e38\u540c\u6642\u767c\u751f\uff0c\u4e0b\u6ed1\u8def\u5f91\u5728\u9019\u6bb5\u958b\u59cb\u9010\u5e74\u964d\u4f4e\u80a1\u7968\uff0c\u6700\u8a72\u505a\u7684\u662f\u628a 5 \u5e74\u5167\u8981\u7528\u7684\u9322\u548c 15 \u5e74\u5f8c\u7684\u9000\u4f11\u91d1\u5206\u958b<\/li>\n<li>60 \u6b72\u524d\u5f8c\u63a5\u8fd1\u9000\u4f11\uff0c\u85aa\u8cc7\u5373\u5c07\u505c\u6b62\uff0c\u4e0b\u6ed1\u8def\u5f91\u5728 65 \u6b72\u7d04 50% \u80a1\u7968\uff0c\u8981\u60f3\u7684\u662f\u9000\u4f11\u5f8c\u982d\u5e7e\u5e74\u78b0\u4e0a\u5927\u8dcc\uff0c\u63d0\u9818\u8a08\u756b\u6490\u4e0d\u6490\u5f97\u4f4f<\/li>\n<li>\u9000\u4f11\u5f8c\u958b\u59cb\u63d0\u9818\uff0c\u9760\u52de\u4fdd\u3001\u52de\u9000\u8207\u81ea\u6709\u8cc7\u7522\u904e\u751f\u6d3b\uff0c\u4e0b\u6ed1\u8def\u5f91\u5728 72 \u6b72\u5de6\u53f3\u505c\u5728 30% \u80a1\u7968\u300170% \u50b5\u5238\uff0cMorningstar \u4f30\u8a08 30 \u5e74\u9000\u4f11\u671f\u7684\u5b89\u5168\u8d77\u59cb\u63d0\u9818\u7387\u662f 3.9%<sup>[6]<\/sup>\uff0c\u9019\u6642\u5019\u8981\u6c7a\u5b9a\u6bcf\u5e74\u5f9e\u8cc7\u7522\u9818\u591a\u5c11\uff0c\u91ab\u7642\u8207\u9577\u7167\u7684\u9322\u53c8\u653e\u5728\u54ea\u88e1<\/li>\n<\/ul>\n\n<p class=\"wp-block-paragraph\">\u9019\u4e9b\u662f\u516c\u958b\u7684\u7814\u7a76\u8207\u7d93\u9a57\u6cd5\u5247\uff0c\u7528\u4f86\u7406\u89e3\u65b9\u5411\uff0c\u4e0d\u662f\u914d\u7f6e\u5efa\u8b70\uff0c\u5be6\u969b\u6bd4\u4f8b\u9084\u662f\u8981\u770b\u500b\u4eba\u7684\u6536\u5165\u7a69\u5b9a\u5ea6\u3001\u65e2\u6709\u8cc7\u7522\u3001\u7528\u9322\u6642\u9593\u8207\u98a8\u96aa\u627f\u53d7\u5ea6\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u516c\u958b\u7814\u7a76\u7684\u5171\u540c\u9ede\u662f\u300c\u8d8a\u63a5\u8fd1\u7528\u9322\uff0c\u80a1\u7968\u8d8a\u5c11\u300d\uff0c\u5dee\u5225\u5728\u9000\u4f11\u5f8c\u8981\u4e0d\u8981\u7e7c\u7e8c\u964d\uff0c\u6709\u4e9b\u5b78\u8005\u8a8d\u70ba\u9000\u4f11\u521d\u671f\u80a1\u7968\u504f\u4f4e\u3001\u4e4b\u5f8c\u518d\u6162\u6162\u63d0\u9ad8\uff0c\u53cd\u800c\u6bd4\u8f03\u80fd\u5c0d\u6297\u9000\u4f11\u982d\u5e7e\u5e74\u7684\u5927\u8dcc\uff0c\u9019\u90e8\u5206\u5b78\u754c\u9084\u6c92\u6709\u5b9a\u8ad6\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u5e74\u9f61\u4e5f\u4e0d\u662f\u5168\u90e8\uff0c\u540c\u6a23 40 \u6b72\uff0c\u4e00\u4f4d\u6536\u5165\u7a69\u5b9a\u300120 \u5e74\u5f8c\u624d\u9000\u4f11\u7684\u516c\u52d9\u54e1\uff0c\u548c\u4e00\u4f4d\u5169\u5e74\u5f8c\u8981\u4ed8\u623f\u5c4b\u982d\u671f\u6b3e\u7684\u81ea\u71df\u696d\u8005\uff0c\u80fd\u627f\u53d7\u7684\u6ce2\u52d5\u5dee\u5f88\u591a\uff0c\u6bd4\u8d77\u5e74\u9f61\uff0c\u6295\u8cc7\u671f\u9593\u8207\u73fe\u91d1\u6d41\u9700\u6c42\u7684\u5f71\u97ff\u66f4\u76f4\u63a5\uff0c\u540c\u6a23\u7684\u99ac\u6b65\uff0c\u9ad4\u683c\u4e0d\u540c\uff0c\u7ad9\u6cd5\u4e5f\u4e0d\u4e00\u6a23\u3002<\/p>\n\n<h2 class=\"wp-block-heading\">\u5982\u4f55\u505a\u597d\u8cc7\u7522\u914d\u7f6e\uff1f\u56db\u500b\u6b65\u9a5f<\/h2>\n\n<ol class=\"wp-block-list\">\n<li>\u5148\u66ff\u6bcf\u4e00\u7b46\u9322\u6a19\u4e0a\u7528\u9014\u8207\u671f\u9650\uff1a\u4e09\u5e74\u5167\u8981\u7528\u7684\u3001\u5341\u5e74\u5f8c\u7684\u9000\u4f11\u91d1\u3001\u7559\u7d66\u5b50\u5973\u7684\uff0c\u662f\u4e09\u7b46\u4e0d\u540c\u7684\u9322\uff0c\u53ef\u4ee5\u6709\u4e09\u7a2e\u4e0d\u540c\u7684\u914d\u7f6e<\/li>\n<li>\u5206\u6e05\u695a\u80fd\u529b\u8207\u610f\u9858\uff1a\u80fd\u529b\u770b\u6536\u5165\u7a69\u5b9a\u5ea6\u3001\u7dca\u6025\u9810\u5099\u91d1\u8207\u5bb6\u5ead\u8ca0\u64d4\uff0c\u610f\u9858\u770b\u4e0b\u8dcc\u6642\u4f60\u5be6\u969b\u6703\u600e\u9ebc\u505a\uff0c\u540c\u6a23\u8dcc 30%\uff0c\u6709\u4eba\u7167\u5e38\u6263\u6b3e\uff0c\u6709\u4eba\u5728\u4f4e\u9ede\u8ce3\u51fa\uff0c\u800c\u8ce3\u5728\u4f4e\u9ede\u7684\u640d\u5931\u662f\u771f\u7684<\/li>\n<li>\u9078\u5de5\u5177\uff0c\u5148\u770b\u6210\u672c\uff1aETF \u8207\u6307\u6578\u57fa\u91d1\u53ef\u4ee5\u7528\u8f03\u4f4e\u7684\u8cbb\u7528\u540c\u6642\u6301\u6709\u591a\u500b\u5e02\u5834\uff0c\u8cbb\u7528\u662f\u78ba\u5b9a\u7684\u6210\u672c\uff0c\u5831\u916c\u537b\u4e0d\u78ba\u5b9a\uff0c\u50b5\u5238\u90e8\u4f4d\u600e\u9ebc\u9078\uff0c\u53ef\u4ee5\u5f9e<a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=13299\">\u53f0\u80a1\u8207\u7f8e\u80a1\u7684\u7f8e\u50b5 ETF \u6bd4\u8f03<\/a>\u770b\u8d77<\/li>\n<li>\u7528\u518d\u5e73\u8861\u7dad\u6301\u6bd4\u4f8b\uff1a\u80a1\u7968\u9577\u671f\u6f32\u5f97\u6bd4\u50b5\u5238\u591a\uff0c\u4e0d\u8abf\u6574\u7684\u8a71\u80a1\u7968\u6bd4\u91cd\u6703\u8d8a\u4f86\u8d8a\u9ad8\uff0cVanguard \u7528 1926\u20132009 \u5e74\u7f8e\u570b\u8cc7\u6599\u6a21\u64ec\uff0c\u5f9e\u4e0d\u8abf\u6574\u7684 60\uff0f40 \u7d44\u5408\uff0c\u80a1\u7968\u6bd4\u91cd\u5e73\u5747\u6f02\u79fb\u5230 84.1%\uff0c\u6ce2\u52d5\u4e5f\u5f9e\u7d04 12% \u5347\u5230 14.4%<sup>[11]<\/sup>\uff0c\u6240\u4ee5\u518d\u5e73\u8861\uff08rebalancing\uff09\u7684\u76ee\u7684\u662f\u628a\u98a8\u96aa\u62c9\u56de\u539f\u672c\u8a2d\u5b9a\u7684\u4f4d\u7f6e\uff0c\u4e26\u4e0d\u662f\u8ffd\u6c42\u66f4\u9ad8\u5831\u916c<\/li>\n<\/ol>\n\n<p class=\"wp-block-paragraph\">\u7f8e\u570b\u8b49\u7ba1\u6703\uff08SEC\uff09\u7684\u6295\u8cc7\u4eba\u6307\u5357\u628a\u9019\u4ef6\u4e8b\u8b1b\u5f97\u5f88\u7c21\u55ae\uff0c\u914d\u7f6e\u4f9d\u64da\u7684\u662f\u6295\u8cc7\u671f\u9593\u8207\u627f\u53d7\u98a8\u96aa\u7684\u80fd\u529b\uff0c\u914d\u7f6e\u4e4b\u5f8c\u8981\u5206\u6563\u3001\u8981\u5b9a\u671f\u518d\u5e73\u8861<sup>[12]<\/sup>\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u5f9e\u89c0\u5ff5\u8d70\u5230\u5be6\u969b\u7684\u7d44\u5408\uff0c\u4e0d\u540c\u80a1\u50b5\u6bd4\u4f8b\u5728\u6b77\u53f2\u4e0a\u7684\u5831\u916c\u8207\u6700\u5dee\u5e74\u5ea6\uff0c\u53ef\u4ee5\u5c0d\u7167<a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=14694\">\u6295\u8cc7\u7d44\u5408\u7bc4\u4f8b\uff1a10 \u842c\u5230 100 \u842c\u600e\u9ebc\u914d<\/a>\uff1b\u5982\u679c\u4f60\u914d\u7f6e\u7684\u76ee\u7684\u662f\u9000\u4f11\uff0c\u5148\u7b97\u6e05\u695a\u52de\u4fdd\u3001\u52de\u9000\u4e4b\u5916\u9084\u5dee\u591a\u5c11\uff0c\u518d\u56de\u4f86\u6c7a\u5b9a\u6bd4\u4f8b\uff0c\u505a\u6cd5\u5728<a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=4614\">\u9000\u4f11\u898f\u5283\uff1a\u9000\u4f11\u91d1\u7f3a\u53e3\u600e\u9ebc\u7b97<\/a>\u3002<\/p>\n\n<h2 class=\"wp-block-heading\">\u6211\u7684\u60f3\u6cd5<\/h2>\n\n<p class=\"wp-block-paragraph\">\u6211\u89ba\u5f97\u8cc7\u7522\u914d\u7f6e\u6700\u5e38\u88ab\u8aa4\u89e3\u7684\u5730\u65b9\uff0c\u5c31\u662f\u958b\u982d\u90a3\u53e5\u300c\u6c7a\u5b9a\u4e5d\u6210\u5831\u916c\u300d\uff0c\u5b83\u771f\u6b63\u6c7a\u5b9a\u7684\uff0c\u662f\u7d44\u5408\u8dcc\u7684\u6642\u5019\u6703\u8dcc\u591a\u6df1\uff0c\u4ee5\u53ca\u4f60\u5728\u90a3\u500b\u6642\u5019\u7ad9\u4e0d\u7ad9\u5f97\u4f4f\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">Vanguard \u7684\u6a21\u64ec\u88e1\uff0c\u4e0d\u8abf\u6574\u7684 60\uff0f40 \u7d44\u5408\uff0c\u80a1\u7968\u6bd4\u91cd\u5e73\u5747\u6703\u6f02\u79fb\u5230 84.1%\uff0c\u5f88\u591a\u4eba\u4ee5\u70ba\u81ea\u5df1\u662f\u7a69\u5065\u578b\uff0c\u653e\u8457\u653e\u8457\u5c31\u8b8a\u6210\u4e86\u7a4d\u6975\u578b\uff0c\u81ea\u5df1\u537b\u6c92\u767c\u73fe\uff0c\u9019\u4e5f\u662f\u6211\u89ba\u5f97\u518d\u5e73\u8861\u6bd4\u6311\u6a19\u7684\u66f4\u91cd\u8981\u7684\u539f\u56e0\uff0c\u99ac\u6b65\u8e72\u4e45\u4e86\uff0c\u91cd\u5fc3\u6703\u6162\u6162\u8dd1\u6389\uff0c\u8981\u6642\u5e38\u62c9\u56de\u4f86\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u6211\u4e5f\u89ba\u5f97\u5e74\u9f61\u53ea\u662f\u8d77\u9ede\uff0cVanguard \u4e0b\u6ed1\u8def\u5f91\u5f9e 90% \u80a1\u7968\u964d\u5230 30%\uff0c\u65b9\u5411\u5f88\u6e05\u695a\uff0c\u4e0d\u904e\u540c\u6a23 40 \u6b72\u7684\u5169\u500b\u4eba\uff0c\u7528\u9322\u7684\u6642\u9593\u53ef\u4ee5\u5dee\u5341\u5e7e\u5e74\uff0c\u771f\u6b63\u8a72\u5148\u554f\u7684\u662f\u9019\u7b46\u9322\u4ec0\u9ebc\u6642\u5019\u8981\u7528\uff0c\u4ee5\u53ca\u8dcc 40% \u7684\u6642\u5019\u81ea\u5df1\u6703\u4e0d\u6703\u505c\u6263\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u81f3\u65bc\u4e0b\u4e00\u500b\u5341\u5e74\u54ea\u500b\u5e02\u5834\u8868\u73fe\u6700\u597d\uff0c\u6211\u4e0d\u77e5\u9053\uff0c\u6c92\u6709\u4eba\u77e5\u9053\uff0c\u65e5\u672c\u7b49\u4e86\u7d04 34 \u5e74\u624d\u56de\u5230 1989 \u5e74\u7684\u9ad8\u9ede\uff0cS&amp;P 500 \u5728 2000\u20132009 \u5e74\u4e5f\u7e73\u51fa \u22120.95% \u7684\u5e74\u5316\u5831\u916c\uff0c\u6240\u4ee5\u6211\u89ba\u5f97\u9806\u5e8f\u61c9\u8a72\u662f\u5148\u6c7a\u5b9a\u6bd4\u4f8b\uff0c\u518d\u53bb\u60f3\u8981\u7528\u54ea\u4e9b\u5de5\u5177\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u5148\u8e72\u597d\u99ac\u6b65\uff0c\u518d\u4f86\u5b78\u62db\u5f0f\u3002<\/p>\n\n<h2 class=\"wp-block-heading\">\u963f\u723e\u767c\u63d0\u4f9b\u4ec0\u9ebc<\/h2>\n\n<p class=\"wp-block-paragraph\">\u963f\u723e\u767c\u6295\u9867\u4f9d\u5ba2\u6236\u7684\u8ca1\u52d9\u76ee\u6a19\u8207\u98a8\u96aa\u5c6c\u6027\u63d0\u4f9b\u8cc7\u7522\u914d\u7f6e\u5efa\u8b70\uff0c\u900f\u904e\u6a5f\u5668\u4eba\u7406\u8ca1\u670d\u52d9\u5354\u52a9\u5ba2\u6236\u5efa\u7acb\u4ee5 ETF \u70ba\u4e3b\u7684\u5168\u7403\u5206\u6563\u6295\u8cc7\u7d44\u5408\uff0c\u4e26\u4f9d\u5ba2\u6236\u6388\u6b0a\u63d0\u4f9b\u518d\u5e73\u8861\u8207\u5b9a\u671f\u6aa2\u8996\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\">\u5e38\u898b\u554f\u984c<\/h2>\n\n<h3 class=\"wp-block-heading\">\u8cc7\u7522\u914d\u7f6e\u7684\u82f1\u6587\u662f\u4ec0\u9ebc\uff1f<\/h3>\n\n<p class=\"wp-block-paragraph\">\u8cc7\u7522\u914d\u7f6e\u7684\u82f1\u6587\u662f asset allocation\uff0c\u6307\u7684\u662f\u5728\u80a1\u7968\u3001\u50b5\u5238\u3001\u73fe\u91d1\u7b49\u8cc7\u7522\u985e\u5225\u4e4b\u9593\u5206\u914d\u8cc7\u91d1\u7684\u6c7a\u5b9a\uff0c\u5e38\u548c\u5b83\u4e00\u8d77\u51fa\u73fe\u7684\u6295\u8cc7\u7d44\u5408\uff08portfolio\uff09\uff0c\u5247\u662f\u914d\u7f6e\u5b8c\u6210\u5f8c\u5be6\u969b\u6301\u6709\u7684\u5168\u90e8\u8cc7\u7522\u3002<\/p>\n\n<h3 class=\"wp-block-heading\">\u53ea\u8cb7\u53f0\u80a1 ETF\uff0c\u7b97\u662f\u505a\u4e86\u8cc7\u7522\u914d\u7f6e\u55ce\uff1f<\/h3>\n\n<p class=\"wp-block-paragraph\">\u7b97\u662f\u958b\u59cb\uff0c\u4f46\u98a8\u96aa\u96c6\u4e2d\u5728\u55ae\u4e00\u5e02\u5834\uff0c\u53f0\u80a1\u53c8\u4ee5\u96fb\u5b50\u7522\u696d\u70ba\u4e3b\uff0c\u570b\u5bb6\u8207\u7522\u696d\u7684\u96c6\u4e2d\u5ea6\u90fd\u9ad8\uff0c\u8981\u964d\u4f4e\u55ae\u4e00\u5e02\u5834\u9577\u671f\u4f4e\u8ff7\u7684\u5f71\u97ff\uff0c\u53ef\u4ee5\u628a\u6d77\u5916\u80a1\u7968\u8207\u50b5\u5238\u4e5f\u7d0d\u5165\u8003\u91cf\uff0c\u6d77\u5916\u8cc7\u7522\u591a\u534a\u4ee5\u5916\u5e63\u8a08\u50f9\uff0c\u63db\u56de\u65b0\u53f0\u5e63\u6642\u9084\u591a\u4e86\u4e00\u5c64\u532f\u7387\uff0c\u53f0\u5e63\u5347\u503c\u6216\u8cb6\u503c 5%\uff0c100 \u842c\u5143\u7684\u6d77\u5916\u90e8\u4f4d\u5dee\u591a\u5c11\uff0c\u5728<a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=11043\">\u53f0\u5e63\u5347\u503c\u8cb6\u503c\u5f71\u97ff\uff1a\u7f8e\u80a1\u3001\u5916\u5e63\u5b58\u6b3e\u3001\u7559\u5b78\u8207\u85aa\u6c34\u5404\u5dee\u591a\u5c11<\/a>\u6709\u8a66\u7b97\u3002<\/p>\n\n<h3 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P., Hood, L. R., &amp; Beebower, G. L. (1986). Determinants of portfolio performance. <em>Financial Analysts Journal, 42<\/em>(4), 39\u201344.<\/li>\n<li>[2] Ibbotson, R. G., &amp; Kaplan, P. D. (2000). Does asset allocation policy explain 40, 90, or 100 percent of performance? <em>Financial Analysts Journal, 56<\/em>(1), 26\u201333. https:\/\/rpc.cfainstitute.org\/research\/financial-analysts-journal\/2000\/does-asset-allocation-policy-explain-40-90-or-100-percent-of-performance<\/li>\n<li>[3] Dimensional Fund Advisors. (n.d.). <em>A tale of two decades: Lessons for long-term investors<\/em>. https:\/\/www.dimensional.com\/us-en\/insights\/a-tale-of-two-decades<\/li>\n<li>[4] Bloomberg. (2024, February 22). <em>Nikkei overtakes 1989 high to hit record as global funds pour in<\/em>. https:\/\/www.bloomberg.com\/news\/articles\/2024-02-22\/nikkei-225-heads-to-close-above-record-high-reached-in-1989<\/li>\n<li>[5] J.P. Morgan Asset Management. (2026). <em>Guide to the markets \u2013 U.S.: Time, diversification and the volatility of returns<\/em>\uff08\u8cc7\u6599\u622a\u81f3 2026 \u5e74 9 \u6708 30 \u65e5\uff0c\u7b2c 60 \u9801\uff09. https:\/\/am.jpmorgan.com\/us\/en\/asset-management\/adv\/insights\/market-insights\/guide-to-the-markets\/<\/li>\n<li>[6] Morningstar. (2025, December). <em>What&#8217;s a safe retirement withdrawal rate for 2026?<\/em> https:\/\/www.morningstar.com\/retirement\/whats-safe-retirement-withdrawal-rate-2026<\/li>\n<li>[7] Markowitz, H. (1952). Portfolio selection. <em>The Journal of Finance, 7<\/em>(1), 77\u201391.<\/li>\n<li>[8] Vanguard. (2021). <em>Global equity investing: The benefits of diversification and sizing your allocation<\/em>. Vanguard Research.<\/li>\n<li>[9] Broadway Bank. (n.d.). <em>2022 market summary and outlook<\/em>. https:\/\/broadway.bank\/newsroom\/newsletters\/investment-management-newsletter-4th-quarter-2022<\/li>\n<li>[10] Vanguard. (n.d.). <em>Target-date fund glide path<\/em>. Vanguard Institutional. https:\/\/workplace.vanguard.com\/investment\/strategies\/tdf-glide-path.html<\/li>\n<li>[11] Jaconetti, C. M., Kinniry, F. M., Jr., &amp; Zilbering, Y. (2010). <em>Best practices for portfolio rebalancing<\/em>. Vanguard. https:\/\/www.aaii.com\/files\/journal\/pdf\/best-practices-for-portfolio-rebalancing.pdf<\/li>\n<li>[12] U.S. Securities and Exchange Commission. (2009, August 27). <em>Beginners&#8217; guide to asset allocation, diversification, and rebalancing<\/em>. https:\/\/www.sec.gov\/investor\/pubs\/assetallocation.htm<\/li>\n<\/ul>\n\n<h2 class=\"wp-block-heading\">\u91cd\u8981\u8072\u660e<\/h2>\n\n<p class=\"wp-block-paragraph\">\u672c\u6587\u7531\u963f\u723e\u767c\u8b49\u5238\u6295\u8cc7\u9867\u554f\u80a1\u4efd\u6709\u9650\u516c\u53f8\u7de8\u88fd\uff0c\u50c5\u4f9b\u53c3\u8003\uff0c\u4e0d\u69cb\u6210\u4efb\u4f55\u91d1\u878d\u5546\u54c1\u4e4b\u8981\u7d04\u3001\u62db\u652c\u6216\u63a8\u4ecb\uff0c\u4ea6\u975e\u91dd\u5c0d\u7279\u5b9a\u6295\u8cc7\u4eba\u4e4b\u500b\u5225\u6295\u8cc7\u5efa\u8b70\uff1b\u6295\u8cc7\u4eba\u61c9\u4f9d\u81ea\u8eab\u8ca1\u52d9\u72c0\u6cc1\u3001\u6295\u8cc7\u76ee\u6a19\u8207\u98a8\u96aa\u627f\u53d7\u5ea6\u5be9\u614e\u8a55\u4f30\uff0c\u4e26\u81ea\u884c\u627f\u64d4\u6295\u8cc7\u98a8\u96aa\u3002\u6587\u4e2d\u6b77\u53f2\u7d71\u8a08\u4fc2\u4ee5\u6b77\u53f2\u6307\u6578\u8cc7\u6599\u8a08\u7b97\uff0c\u672a\u6263\u9664\u8cbb\u7528\u8207\u7a05\u8ca0\uff0c\u4e0d\u4ee3\u8868\u4efb\u4f55\u5be6\u969b\u5e33\u6236\u7e3e\u6548\uff1b\u5e74\u9f61\u8207\u4eba\u751f\u968e\u6bb5\u5c0d\u7167\u70ba\u516c\u958b\u7814\u7a76\u6574\u7406\uff0c\u975e\u914d\u7f6e\u5efa\u8b70\u3002\u904e\u53bb\u7e3e\u6548\u4e0d\u4ee3\u8868\u672a\u4f86\u8868\u73fe\u3002\u963f\u723e\u767c\u8b49\u5238\u6295\u8cc7\u9867\u554f\u80a1\u4efd\u6709\u9650\u516c\u53f8\u3000115\u91d1\u7ba1\u6295\u9867\u65b0\u5b57\u7b2c019\u865f<\/p>","protected":false},"excerpt":{"rendered":"<p>\u8cc7\u7522\u914d\u7f6e\u662f\u6c7a\u5b9a\u80a1\u7968\u3001\u50b5\u5238\u3001\u73fe\u91d1\u5404\u653e\u591a\u5c11\u3002\u9644\u4f9d\u5e74\u9f61\u8207\u6295\u8cc7\u671f\u9593\u7684\u5c0d\u7167\u5716\uff0c\u548c\u505a\u597d\u914d\u7f6e\u7684\u56db\u6b65\u3002<\/p>\n","protected":false},"author":3,"featured_media":17281,"comment_status":"open","ping_status":"open","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_memberships_contains_paid_content":false,"footnotes":"","_llm_markdown_disabled":false},"categories":[565],"tags":[699,371,451,697,698,701,700],"class_list":["post-840","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category--etf","tag-699","tag-371","tag-451","tag-697","tag-698","tag-701","tag-700"],"jetpack_sharing_enabled":true,"jetpack-related-posts":[],"jetpack_featured_media_url":"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2026\/10\/00-cover-75.png","_links":{"self":[{"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/posts\/840","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=840"}],"version-history":[{"count":15,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/posts\/840\/revisions"}],"predecessor-version":[{"id":19247,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/posts\/840\/revisions\/19247"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/media\/17281"}],"wp:attachment":[{"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=840"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=840"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=840"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}