{"id":117774,"date":"2019-09-27T06:42:42","date_gmt":"2019-09-26T22:42:42","guid":{"rendered":"https:\/\/www.lixiangluntan.com\/117774.html"},"modified":"2019-09-27T06:42:42","modified_gmt":"2019-09-26T22:42:42","slug":"%e7%90%86%e6%80%a7%e6%8a%95%e8%b5%84-%e6%83%b3%e6%b8%85%e6%a5%9a%e4%bd%a0%e7%9a%84%e5%9f%ba%e6%9c%ac%e9%9c%80%e6%b1%82_%e7%82%92%e8%82%a1%e8%bd%af%e4%bb%b6","status":"publish","type":"post","link":"https:\/\/www.lixiangluntan.com\/?p=117774","title":{"rendered":"\u7406\u6027\u6295\u8d44\u2014\u2014\u60f3\u6e05\u695a\u4f60\u7684\u57fa\u672c\u9700\u6c42_\u7092\u80a1\u8f6f\u4ef6"},"content":{"rendered":"
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\u98ce\u9669\u6295\u8d44\u7684\u91d1\u79d1\u7389\u5f8b<\/p>\n

\u98ce\u9669\u6295\u8d44\u7684\u91d1\u79d1\u7389\u5f8b<\/p>\n<\/blockquote>\n

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\u3000\u3000\u6295\u8d44\u7b56\u7565\u7684\u7b2c\u4e00\u6761\uff0c\u5c31\u662f\u60f3\u6e05\u695a\u4f60\u7684\u57fa\u672c\u9700\u6c42\u3002\u5982\u679c\u4f60\u521a\u5f00\u59cb\u5de5\u4f5c\uff0c\u73b0\u91d1\u6d41\u975e\u5e38\u6709\u9650\uff0c\u5de5\u8d44\u4e5f\u8bb8\u53ea\u591f\u652f\u4ed8\u6bcf\u6708\u7684\u8d39\u7528\uff0c\u4f46\u4e0d\u4e45\u5c31\u5f97\u8003\u8651\u4e70\u623f\u5b50\u7684\u95ee\u9898\u4e86\uff0c\u8fd9\u4f1a\u5360\u636e\u6bcf\u6708\u8d39\u7528\u4e2d\u7684\u4e00\u5927\u90e8\u5206\u3002\u5bf9\u5927\u591a\u6570\u4eba\u6765\u8bf4\uff0c\u8d2d\u623f\u51b3\u7b56\u53ef\u80fd\u662f\u4ed6\u4eec\u4e00\u751f\u4e2d\u6700\u6210\u529f\u7684\u6295\u8d44\uff0c\u56e0\u4e3a\u623f\u5730\u4ea7\u53ef\u4ee5\u5bf9\u51b2\u901a\u8d27\u81a8\u80c0\u7684\u98ce\u9669\u3002\u6240\u4ee5\uff0c\u4eba\u4eec\u501f\u94b1\u6295\u8d44\u8d2d\u623f\uff0c\u652f\u4ed8\u5229\u606f\u7ed9\u94f6\u884c\uff0c\u800c\u4e0d\u518d\u652f\u4ed8\u623f\u79df\u3002 \u60f3\u6e05\u695a\u4f60\u7684\u57fa\u672c\u9700\u6c42<\/p>\n

\u3000\u3000\u50a8\u84c4\u548c\u6295\u8d44\u662f\u8d2f\u7a7f\u6211\u4eec\u4e00\u751f\u7684\u5927\u4e8b\uff0c\u5947\u602a\u7684\u662f\uff0c\u4f3c\u4e4e\u4ece\u6765\u6ca1\u6709\u4eba\u4e13\u95e8\u6559\u6211\u4eec\u5982\u4f55\u7406\u8d22\u3002\u6211\u4eec\u5bf9\u6295\u8d44\u7684\u7406\u89e3\u5f80\u5f80\u4f9d\u9760\u53e3\u53e3\u76f8\u4f20\uff0c\u4ece\u670b\u53cb\u6216\u6211\u4eec\u8ba4\u4e3a\u6280\u9ad8\u4e00\u7b79\u7684\u4eba\u90a3\u91cc\u5b66\u4e60\u6295\u8d44\u6280\u5de7\u3002\u968f\u7740\u73b0\u5728\u56fd\u5185\u8d8a\u6765\u8d8a\u591a\u4eba\u6d8c\u5165A\u80a1\u5e02\u573a\uff0c\u4e0d\u65ad\u6709\u4eba\u95ee\u6211\u8be5\u4e70\u54ea\u53ea\u80a1\u7968\u3002\u5927\u5bb6\u90fd\u60f3\u5206\u4eab\u4e2d\u56fd\u7ecf\u6d4e\u7e41\u8363\u7684\u679c\u5b9e\uff0c\u8fd9\u5b8c\u5168\u53ef\u4ee5\u7406\u89e3\u3002\u4f46\u95ee\u9898\u5728\u4e8e\uff0c\u80a1\u6c11\u4eec\u77e5\u9053\u4ed6\u4eec\u5728\u4e70\u5356\u4ec0\u4e48\u5417?\u4ed6\u4eec\u77e5\u9053\u6b63\u5728\u627f\u53d7\u7740\u600e\u6837\u7684\u98ce\u9669\u5417?<\/p>\n

\u3000\u3000\u8fd9\u5c31\u662f\u6211\u51b3\u5b9a\u64b0\u5199\u5173\u4e8e\u6295\u8d44\u8005\u6559\u80b2\u4e13\u680f\u7684\u539f\u56e0\u3002\u4e00\u4e2a\u5e02\u573a\u7684\u8d28\u91cf\u6700\u7ec8\u53d6\u51b3\u4e8e\u6295\u8d44\u8005\u6216\u6d88\u8d39\u8005\u7684\u7d20\u8d28\u3002\u65e5\u672c\u5236\u9020\u7684\u4ea7\u54c1\u4e4b\u6240\u4ee5\u54c1\u8d28\u4f18\u826f\uff0c\u5c31\u662f\u56e0\u4e3a\u65e5\u672c\u6d88\u8d39\u8005\u975e\u5e38\u6311\u5254\uff0c\u4e0d\u63a5\u53d7\u8d28\u91cf\u4f4e\u52a3\u7684\u4ea7\u54c1\u3002\u540c\u6837\uff0c\u7f8e\u56fd\u7684\u8d44\u672c\u5e02\u573a\u5982\u6b64\u5f3a\u5927\uff0c\u4e5f\u662f\u56e0\u4e3a\u7f8e\u56fd\u7684\u6295\u8d44\u8005\u4e0d\u63a5\u53d7\u4f4e\u52a3\u7684\u6295\u8d44\u54c1\u3002\u7f8e\u56fd\u6295\u8d44\u8005\u53ef\u4ee5\u901a\u8fc7\u96c6\u4f53\u8bc9\u8bbc\u6765\u8d77\u8bc9\u53d1\u884c\u4eba\uff0c\u4e5f\u53ef\u5411\u76d1\u7ba1\u8005\u65bd\u538b\u8981\u6c42\u91c7\u53d6\u5f3a\u6709\u529b\u63aa\u65bd\u6765\u62b5\u5236\u4f4e\u52a3\u7684\u6295\u8d44\u54c1\u3002<\/p>\n

\u3000\u3000\u6211\u662f\u5370\u5ea6\u8bc1\u76d1\u4f1a(SEBI)\u6295\u8d44\u8005\u6559\u80b2\u54a8\u8be2\u59d4\u5458\u4f1a\u7684\u6210\u5458\u3002\u5370\u5ea6\u4eba\u6709\u5efa\u7acb\u5168\u7403\u9886\u5148\u7684\u8d44\u672c\u5e02\u573a\u7684\u96c4\u5fc3\uff0c\u4ed6\u4eec\u751a\u81f3\u5728\u5c0f\u5b66\u5c31\u5f00\u8bbe\u91d1\u878d\u57fa\u7840\u77e5\u8bc6\u6559\u80b2\u7684\u76f8\u5173\u8bfe\u7a0b\u3002\u4ed6\u4eec\u8ba4\u4e3a\uff0c\u6295\u8d44\u662f\u4f34\u968f\u6bcf\u4e2a\u4eba\u4e00\u751f\u7684\u4e8b\u60c5\uff0c\u53ea\u6709\u4e2a\u4eba\u5c42\u9762\u7684\u7cbe\u660e\u6295\u8d44\u624d\u6709\u52a9\u4e8e\u5efa\u7acb\u4e00\u4e2a\u5065\u5eb7\u7684\u8d44\u672c\u5e02\u573a\u3002\u6240\u4ee5\uff0c\u5370\u5ea6\u5728\u6295\u8d44\u4e8e\u91d1\u878d\u4ea7\u54c1\u4e4b\u524d\uff0c\u9996\u5148\u6295\u8d44\u4e8e\u6559\u80b2\u516c\u4f17\u3002\u8fd9\u662f\u4e00\u4e2a\u9ad8\u77bb\u8fdc\u77a9\u7684\u51b3\u7b56\u3002\u5c31\u6211\u6240\u77e5\uff0c\u5c06\u8d44\u672c\u5e02\u573a\u653e\u5728\u56fd\u5bb6\u53d1\u5c55\u6218\u7565\u4e2d\u5982\u6b64\u91cd\u8981\u4f4d\u7f6e\u7684\uff0c\u5370\u5ea6\u662f\u7b2c\u4e00\u4e2a\u56fd\u5bb6\u3002<\/p>\n

\u3000\u3000\u4e3a\u4ec0\u4e48\u8bf4\u6295\u8d44\u662f\u7ec8\u751f\u7684\u5927\u4e8b\u5462?\u5728\u6211\u4eec\u5e7c\u65f6\uff0c\u7236\u6bcd\u8981\u629a\u517b\u6211\u4eec\uff1b\u5f53\u6211\u4eec\u6210\u4eba\u3001\u6210\u5bb6\u4e4b\u540e\uff0c\u5c31\u9700\u8981\u5f00\u59cb\u50a8\u84c4\uff0c\u4ee5\u5907\u4e0d\u65f6\u4e4b\u9700\uff0c\u5982\u75be\u75c5\u3001\u5931\u4e1a\u3001\u5b50\u5973\u6559\u80b2\u3001\u8d61\u517b\u53cc\u4eb2\u7b49\uff0c\u6700\u7ec8\u51c6\u5907\u81ea\u5df1\u7684\u517b\u8001\u3002\u4eba\u4eec\u8fc7\u53bb\u7ecf\u5e38\u4ee5\u4e3a\uff0c\u6295\u8d44\u53ea\u662f\u6709\u94b1\u4eba\u7684\u6e38\u620f\uff0c\u4e0e\u666e\u901a\u4eba\u65e0\u5173\uff0c\u8fd9\u5b9e\u5728\u662f\u4e00\u79cd\u8bef\u89e3\u3002\u7a77\u4eba\u4e5f\u77e5\u9053:\u5fc5\u987b\u5148\u6295\u8d44\u81ea\u8eab\u7684\u4eba\u529b\u8d44\u672c\uff0c\u7136\u540e\u624d\u6709\u673a\u4f1a\u53bb\u6295\u8d44\u91d1\u878d\u4ea7\u54c1\u8d5a\u94b1\uff0c\u6240\u8c13\u201c\u77e5\u8bc6\u6539\u53d8\u547d\u8fd0\u201d\u3002<\/p>\n

\u3000\u3000\u5982\u4f55\u901a\u8fc7\u6295\u8d44\u8d5a\u94b1?\u6211\u7236\u4eb2\u66fe\u544a\u8bc9\u6211\u8d5a\u94b1\u7684\u4e09\u4e2a\u5883\u754c:\u6700\u5f00\u59cb\u662f\u7528\u81ea\u5df1\u7684\u8840\u6c57\u52b3\u529b\u6765\u8d5a\u94b1\uff1b\u7136\u540e\u662f\u7528\u94b1\u6765\u8d5a\u66f4\u591a\u7684\u94b1\uff1b\u6700\u9ad8\u7684\u5c42\u6b21\u5c31\u662f\u5229\u7528\u4f60\u7684\u58f0\u8a89\u540d\u671b\u6765\u8d5a\u94b1\u3002\u4f5c\u4e3a\u4e00\u4e2a\u65b0\u5174\u5e02\u573a\uff0c\u4e2d\u56fd\u6b63\u5728\u7528\u81ea\u5df1\u4fbf\u5b9c\u7684\u52b3\u52a8\u529b\u6765\u81f4\u5bcc\uff0c\u800c\u4eca\u5929\u6211\u4eec\u90fd\u5df2\u4f53\u4f1a\u5230\u54c1\u724c\u548c\u58f0\u8a89\u7684\u529b\u91cf\u3002\u4e00\u4ef6\u6210\u672c10\u7f8e\u5143\u7684\u7eaf\u68c9\u886c\u886b\uff0c\u8d34\u4e0a\u56fd\u5185\u81ea\u5df1\u7684\u54c1\u724c\u6700\u591a\u4e0d\u4f1a\u5356\u8d85\u8fc715\u7f8e\u5143\uff0c\u4f46\u5982\u679c\u8d34\u4e0a\u6cd5\u56fd\u6216\u610f\u5927\u5229\u7684\u4e00\u7ebf\u54c1\u724c\uff0c\u5374\u53ef\u5356\u52301000\u7f8e\u5143\u3002<\/p>\n

\u3000\u3000\u9760\u94b1\u751f\u94b1\u7684\u79d8\u8bc0\u53c8\u662f\u4ec0\u4e48\u5462?\u7b54\u6848\u5e73\u6de1\u65e0\u5947\u2014\u2014\u4f4e\u4e70\u9ad8\u5356\uff0c\u6216\u8005\u662f\uff0c\u9ad8\u4e70\uff0c\u7136\u540e\u66f4\u9ad8\u5730\u5356\u3002\u5bf9\u666e\u901a\u4eba\u6765\u8bf4\uff0c\u96be\u70b9\u5728\u4e8e\uff0c\u5e02\u573a\u603b\u662f\u6da8\u8dcc\uff0c\u4f55\u65f6\u5e94\u8be5\u4e70\u5356\uff0c\u53c8\u5e94\u8be5\u4e70\u5356\u4ec0\u4e48\u5462?<\/p>\n

\u3000\u3000\u91d1\u878d\u5e02\u573a\u7684\u6700\u5927\u95ee\u9898\u662f\u4fe1\u606f\u4e0d\u5bf9\u79f0\uff0c\u4e13\u4e1a\u4eba\u58eb\u80fd\u591f\u6bd4\u96f6\u552e\u5ba2\u6237\u66f4\u597d\u5730\u7406\u89e3\u5e02\u573a\uff0c\u5f80\u5f80\u4e5f\u80fd\u8d5a\u53d6\u66f4\u591a\u7684\u56de\u62a5\u3002\u4f46\u5e94\u8be5\u4fe1\u4efb\u548c\u9009\u62e9\u8c01\u5462?\u8fd9\u90fd\u9700\u8981\u7cbe\u5fc3\u51b3\u7b56\u3002<\/p>\n

\u3000\u3000\u5728\u672c\u7cfb\u5217\u6587\u7ae0\u4e2d\uff0c\u6211\u4e0d\u4f1a\u544a\u8bc9\u5927\u5bb6\u7a76\u7adf\u5177\u4f53\u8be5\u4e70\u4ec0\u4e48\u91d1\u878d\u4ea7\u54c1\uff0c\u4f46\u6211\u5c06\u6fc0\u53d1\u5927\u5bb6\u601d\u8003\uff0c\u6bcf\u79cd\u91d1\u878d\u4ea7\u54c1\u7a76\u7adf\u662f\u4ec0\u4e48\u4e1c\u897f\uff0c\u4ee5\u53ca\u4f60\u8be5\u5982\u4f55\u8fdb\u884c\u6295\u8d44\u3002<\/p>\n

\u3000\u3000\u603b\u4e4b\uff0c\u4f60\u5fc5\u987b\u5b66\u4f1a\u8bbe\u5b9a\u81ea\u5df1\u7684\u6295\u8d44\u7b56\u7565\u3002\u6709\u7ecf\u9a8c\u7684\u6295\u8d44\u8005\u4f1a\u544a\u8bc9\u4f60\uff0c\u957f\u671f\u6765\u770b\uff0c\u4fdd\u969c\u6295\u8d44\u6210\u529f\u7684\u4e24\u5927\u6218\u7565\u8981\u7d20\u662f\u5165\u5e02\u65f6\u673a\u548c\u8d44\u4ea7\u914d\u7f6e\u3002<\/p>\n

\u3000\u3000\u6295\u8d44\u7b56\u7565\u7684\u7b2c\u4e00\u6761\uff0c\u5c31\u662f\u60f3\u6e05\u695a\u4f60\u7684\u57fa\u672c\u9700\u6c42\u3002\u5982\u679c\u4f60\u521a\u5f00\u59cb\u5de5\u4f5c\uff0c\u73b0\u91d1\u6d41\u975e\u5e38\u6709\u9650\uff0c\u5de5\u8d44\u4e5f\u8bb8\u53ea\u591f\u652f\u4ed8\u6bcf\u6708\u7684\u8d39\u7528\uff0c\u4f46\u4e0d\u4e45\u5c31\u5f97\u8003\u8651\u4e70\u623f\u5b50\u7684\u95ee\u9898\u4e86\uff0c\u8fd9\u4f1a\u5360\u636e\u6bcf\u6708\u8d39\u7528\u4e2d\u7684\u4e00\u5927\u90e8\u5206\u3002\u5bf9\u5927\u591a\u6570\u4eba\u6765\u8bf4\uff0c\u8d2d\u623f\u51b3\u7b56\u53ef\u80fd\u662f\u4ed6\u4eec\u4e00\u751f\u4e2d\u6700\u6210\u529f\u7684\u6295\u8d44\uff0c\u56e0\u4e3a\u623f\u5730\u4ea7\u53ef\u4ee5\u5bf9\u51b2\u901a\u8d27\u81a8\u80c0\u7684\u98ce\u9669\u3002\u6240\u4ee5\uff0c\u4eba\u4eec\u501f\u94b1\u6295\u8d44\u8d2d\u623f\uff0c\u652f\u4ed8\u5229\u606f\u7ed9\u94f6\u884c\uff0c\u800c\u4e0d\u518d\u652f\u4ed8\u623f\u79df\u3002<\/p>\n

\u3000\u3000\u4e00\u65e6\u5728\u65e5\u5e38\u5f00\u652f\u4e4b\u5916\u5f00\u59cb\u7565\u6709\u76c8\u4f59\u540e\uff0c\u6211\u4eec\u5c31\u6709\u66f4\u5e7f\u6cdb\u7684\u6295\u8d44\u9700\u6c42:\u5c06\u94b1\u5b58\u5230\u94f6\u884c\u91cc\u8d5a\u53d6\u5fae\u8584\u7684\u5229\u606f\uff0c\u6216\u6295\u8d44\u5230\u5176\u5b83\u5f62\u5f62\u8272\u8272\u7684\u91d1\u878d\u4ea7\u54c1\u4e0a\u3002\u5982\u4f55\u9009\u62e9\u5b58\u6b3e\u4e4b\u5916\u7684\u91d1\u878d\u4ea7\u54c1\uff0c\u662f\u8ba9\u5927\u591a\u6570\u4eba\u8ff7\u60d1\u7684\u4e8b\u60c5\u3002<\/p>\n

\u3000\u3000\u5176\u5b9e\uff0c\u8d44\u4ea7\u914d\u7f6e\u51b3\u7b56\u53d6\u51b3\u4e8e\u4f60\u7684\u5e74\u9f84\u9636\u6bb5\u548c\u98ce\u9669\u504f\u597d\u3002\u901a\u5e38\uff0c\u5e74\u8f7b\u4eba\u6562\u4e8e\u5192\u9669\uff0c\u8001\u5e74\u4eba\u66f4\u559c\u6b22\u4f4e\u98ce\u9669\u7684\u4ea7\u54c1\u3002\u4e8b\u5b9e\u4e0a\uff0c\u6295\u8d44\u9009\u62e9\u53d6\u51b3\u4e8e\u56db\u4e2a\u5173\u952e\u56e0\u7d20\uff0c\u5373\u6d41\u52a8\u6027(liquidity)\u3001\u4e45\u671f(duration)\u3001\u98ce\u9669\u548c\u6536\u76ca\u3002<\/p>\n

\u3000\u3000\u94b1\u4e0d\u591a\u65f6\uff0c\u6d41\u52a8\u6027\u975e\u5e38\u91cd\u8981\uff0c\u56e0\u4e3a\u4e00\u65e6\u6709\u4e0d\u65f6\u4e4b\u9700\uff0c\u4f60\u7acb\u5373\u53ef\u4ee5\u4ece\u5e02\u573a\u4e2d\u6536\u56de\u73b0\u91d1\u3002\u6240\u8c13\u4e45\u671f\uff0c\u901a\u4fd7\u5730\u8bf4\uff0c\u5c31\u662f\u4f60\u8981\u6536\u56de\u6295\u8d44\u9700\u8981\u6301\u6709\u67d0\u79cd\u4ea7\u54c1\u7684\u65f6\u95f4\u3002\u8d44\u4ea7\u6709\u4e45\u671f\uff0c\u503a\u52a1\u4e5f\u6709\u4e45\u671f\u3002\u81f3\u4e8e\u98ce\u9669\u548c\u6536\u76ca\uff0c\u5219\u5f88\u96be\u5728\u4e24\u8005\u4e2d\u5e73\u8861\uff0c\u56e0\u4e3a\u9ad8\u9884\u671f\u6536\u76ca\u5f80\u5f80\u4f34\u968f\u7740\u9ad8\u98ce\u9669\u3002<\/p>\n

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\u3000\u3000\u5176\u5b9e\uff0c\u8d44\u4ea7\u914d\u7f6e\u51b3\u7b56\u53d6\u51b3\u4e8e\u4f60\u7684\u5e74\u9f84\u9636\u6bb5\u548c\u98ce\u9669\u504f\u597d\u3002\u901a\u5e38\uff0c\u5e74\u8f7b\u4eba\u6562\u4e8e\u5192\u9669\uff0c\u8001\u5e74\u4eba\u66f4\u559c\u6b22\u4f4e\u98ce\u9669\u7684\u4ea7\u54c1\u3002\u4e8b\u5b9e\u4e0a\uff0c\u6295\u8d44\u9009\u62e9\u53d6\u51b3\u4e8e\u56db\u4e2a\u5173\u952e\u56e0\u7d20\uff0c\u5373\u6d41\u52a8\u6027(liquidity)\u3001\u4e45\u671f(duration)\u3001\u98ce\u9669\u548c\u6536\u76ca\u3002<\/p>\n

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\u3000\u3000\u5728\u5b9e\u9645\u6295\u8d44\u8fc7\u7a0b\u4e2d\uff0c\u8bb8\u591a\u6295\u8d44\u8005\u4ee5\u8eab\u4f53\u4e4b\u3001\u4ee5\u8840\u9a8c\u4e4b\uff0c\u6700\u7ec8\u8ba4\u8bc6\u5230\u4e00\u4e2a\u7b80\u5355\u7684\u9053\u7406:\u539f\u6765\u901a\u8fc7\u591a\u5143\u5316\u548c\u5206\u6563\u6295\u8d44\uff0c\u53ef\u4ee5\u5b9e\u73b0\u8f83\u4f4e\u7684\u98ce\u9669\u548c\u4e0d\u9519\u7684\u6536\u76ca\u3002\u4e0b\u4e00\u6b21\uff0c\u6211\u5c06\u5206\u6790\u5168\u7403\u7684\u9876\u7ea7\u5bcc\u4eba\u5982\u4f55\u5728\u6295\u8d44\u8fc7\u7a0b\u4e2d\u5206\u6563\u98ce\u9669<\/p>\n

\n

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\n

\u5982\u4f55\u89c2\u5bdf\u6362\u624b\u7387<\/p>\n

\u5982\u4f55\u89c2\u5bdf\u6362\u624b\u7387<\/p>\n<\/blockquote>\n

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