{"id":163061,"date":"2019-09-30T11:11:29","date_gmt":"2019-09-30T03:11:29","guid":{"rendered":"https:\/\/www.lixiangluntan.com\/163061.html"},"modified":"2019-09-30T11:11:29","modified_gmt":"2019-09-30T03:11:29","slug":"%e4%b8%ad%e5%9b%bd%e5%b8%82%e5%9c%ba%e7%9a%84%e4%bb%b7%e6%a0%bc%e4%b8%8e%e4%bb%b7%e5%80%bc%e6%98%af%e6%80%8e%e6%a0%b7%e7%9a%84_%e7%ad%96%e7%95%a5%e6%8a%95%e8%b5%84%e7%a0%b4%e8%a7%a3","status":"publish","type":"post","link":"https:\/\/www.lixiangluntan.com\/?p=163061","title":{"rendered":"\u4e2d\u56fd\u5e02\u573a\u7684\u4ef7\u683c\u4e0e\u4ef7\u503c\u662f\u600e\u6837\u7684_\u7b56\u7565\u6295\u8d44\u7834\u89e3"},"content":{"rendered":"<blockquote style=\"font-size:15px;background-color: #F5F5F5;border:none;padding: 5px;margin:15px;line-height: 1.6;text-indent: 2em;\">\n<p style=\"margin-bottom:5px;\">\u6563\u6237\u5982\u4f55\u72c2\u6b22\u4e0e\u53cd\u667a<\/p>\n<p>\u3000\u3000<br \/>\n<strong>\u6563\u6237<\/strong>\u7684\u72c2\u6b22\u4e0e\u53cd\u667a\u662f\u4ec0\u4e48\uff1f\u6563\u6237\u7684\u72c2\u6b22\u4e0e\u53cd\u667a\u6709\u54ea\u4e9b\uff1f\u4e0b\u9762 \u77e5\u8bc6\u7f51\u4e3a\u60a8\u4ecb\u7ecd\u6563\u6237\u7684\u72c2\u6b22\u4e0e\u53cd\u667a\u3002<\/p>\n<\/blockquote>\n<p>&nbsp;&nbsp;&nbsp;&nbsp; <\/p>\n<p> \u3000\u3000<strong>\u4e2d\u56fd\u5e02\u573a\u7684\u4ef7\u683c\u4e0e<\/strong>\u662f\u600e\u6837\u7684\uff1f\u4e2d\u56fd\u5e02\u573a\u7684\u4ef7\u683c\u4e0e\u4ef7\u503c\u5173\u7cfb\u662f\u4ec0\u4e48\uff1f\u4e0b\u9762\u77e5\u8bc6\u7f51\u4e3a\u60a8\u4ecb\u7ecd\u4e2d\u56fd\u5e02\u573a\u7684\u4ef7\u683c\u4e0e\u4ef7\u503c \u4e0a\u8bc1\u7b49\u4e8e3400\u3002<\/p>\n<p> \u3000\u3000\u201c\u5982\u679c\u4f60\u4e0d\u77e5\u9053\u8981\u53bb\u54ea\u91cc\uff0c\u4efb\u4f55\u8def\u90fd\u53ef\u4ee5\u901a\u5f80\u4f60\u7684\u76ee\u7684\u5730\u3002\u201d\u2013\u5218\u6613\u65af\u00b7\u5361\u7f57\u5c14\uff0c\u7231\u4e3d\u65af\u68a6\u6e38\u4ed9\u5883<\/p>\n<p> \u3000\u3000\u4e0a\u6d77\u80a1\u5e02\u7684\u5e02\u51b5\u582a\u6bd42006-07\u5e74\uff1b\u4f30\u503c\u4e4b\u4e8e\u6295\u8d44\u7684\u91cd\u8981\u6027\uff0c\u597d\u6bd4\u4ef7\u683c\u4e4b\u4e8e\u6295\u673a\uff1a\u4e0a\u6d77\u80a1\u5e02\u7684\u201c\ufffd\u4e1d\u9006\u88ad\u201d\u7ec8\u4e8e\u5f97\u5230\u5168\u7403\u5e02\u573a\u7684\u6ce8\u76ee\u3002\u4ece\u6280\u672f\u8d85\u4e70\u7684\u6c34\u5e73\u6765\u770b\uff0c\u76ee\u524d\u6caa\u80a1\u7684\u98d9\u5347\u7684\u901f\u5ea6\u4e3a\u6709\u53f2\u4ee5\u6765\u4e4b\u4e8c\uff0c\u8fd9\u79cd\u60c5\u51b5\u81ea2000\u5e74\u4ee5\u6765\u53ea\u67092006-2007\u5e74\u7684\u725b\u5e02\u4e2d\u624d\u51fa\u73b0\u8fc7\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u80a1\u5e02\u65e5\u5747\u63a5\u8fd11\u4e07\u4ebf\u5143\uff0c\u540c\u6837\u662f\u524d\u6240\u672a\u6709\u7684\u3002\u6211\u4eec\u57282013\u5e743\u670826\u65e5\u7684\u62a5\u544a\u300a\u80a1\u5e02\u89c1\u9876\uff0c\u4f55\u65f6\u4f55\u5730\u300b\u91cc\u9996\u6b21\u63d0\u51fa\u4ee515%\u7684\u5e02\u503c\/M2\u6bd4\u7387\u6765\u4f30\u7b97\u4e0a\u8bc1\u7684\u4ef7\u503c\u70b9\u4f4d\uff0c\u5e76\u81ea\u4eca\u5e749\u6708\u4ee5\u6765\u4f9d\u6b64\u5f97\u51fa\u4e0a\u8bc1\u7efc\u6307\u7684\u76ee\u6807\u6c34\u5e73\u4e3a2\uff0c750\u70b9\u3002\u76ee\u524d\uff0c\u4e0a\u6d77\u80a1\u5e02\u5df2\u7ecf\u5230\u8fbe15%\u7684\u5173\u53e3\uff0c\u5176\u901f\u5ea6\u4e4b\u5feb\u8ba9\u6211\u4eec\u548c\u5176\u4ed6\u5e02\u573a\u53c2\u4e0e\u8005\u90fd\u59cb\u6599\u4e0d\u53ca\u3002\u6211\u4eec\u4e0d\u65ad\u5730\u88ab\u95ee\u53ca\u5230\u5e02\u573a\u4e0b\u4e00\u6b65\u7684\u8d70\u52bf\u4f1a\u5982\u4f55\u3002\u7531\u4e8e\u8fd9\u4e2a\u7b80\u5355\u768415%\u7684\u5b9a\u4ef7\u6bd4\u7387\u4e00\u76f4\u884c\u4e4b\u6709\u6548\uff0c\u540c\u65f6\u5bf9\u5e02\u573a\u7684\u8d70\u52bf\u5177\u6709\u76f4\u89c2\u7684\u89e3\u91ca\u80fd\u529b\u3002\u56e0\u6b64\uff0c\u8981\u8ba9\u6211\u4eec\u7684\u601d\u7ef4\u8f6c\u6362\u8fdb\u5165\u4e00\u4e2a\u65b0\u7684\u4f30\u503c\u6a21\u5f0f\u5e76\u975e\u6613\u4e8b\u3002<\/p>\n<p> \u3000\u3000\u4e0a\u5468\u672b\uff0c\u6211\u6709\u5e78\u88ab\u9080\u8bf7\u5411\u4e00\u7fa4\u5546\u54c1\u671f\u8d27\u4ea4\u6613\u7684\u7cbe\u82f1\u9610\u8ff0\u6211\u5bf92015\u5e74\u5e02\u573a\u5c55\u671b\u3002\u4e0e\u4f1a\u8005\u4e2d\uff0c\u6709\u4eca\u5e74\u4ee5\u6765\u5df2\u7ecf\u83b7\u5f97400%+\u6536\u76ca\u7684\u4ea4\u6613\u5458\uff0c\u4e5f\u6709\u5168\u56fd\u6700\u5927\u7684\u5927\u5b97\u5546\u54c1\u751f\u4ea7\u8d38\u6613\u5546\u3002\u8fd9\u4e9b\u4ea4\u6613\u5458\u7684\u5934\u5bf8\u4e4b\u5927\u8db3\u4ee5\u5de6\u53f3\u5e02\u573a\u7684\u8d70\u52bf\u3002\u5728\u6211\u6f14\u8bb2\u7684\u65f6\u5019\uff0c\u6709\u4eba\u95ee\u6211\uff1a\u201c\u6295\u8d44\u4e0e\u6295\u673a\u6709\u751a\u4e48\u5206\u522b\uff1f\u201d\u3002\u8fd9\u662f\u4e00\u4e2a\u5bf9\u6295\u8d44\u7406\u5ff5\u8ba4\u77e5\u7684\u6839\u672c\u95ee\u9898\u3002\u6bd5\u7adf\uff0c\u5728\u8fc7\u53bb\u51e0\u5e74\u4e00\u76f4\u884c\u4e4b\u6709\u6548\u7684\u5e02\u573a\u4e2d\u6027\u7b56\u7565\uff0c\u4ece7\u6708\u8d77\u5df2\u7ecf\u5f00\u59cb\u6084\u7136\u5931\u8272\u3002\u800c\u6ca1\u6709\u8fd0\u7528\u6760\u6746\u7684\u57fa\u91d1\u8868\u73b0\u66f4\u5dee\uff0c\u4e5f\u9010\u6e10\u9762\u4e34\u8d44\u91d1\u8d4e\u56de\u7684\u538b\u529b\u3002<\/p>\n<p> \u3000\u3000\u8fd9\u8c8c\u4f3c\u7b80\u5355\u7684\u95ee\u9898\u5176\u5b9e\u5e76\u4e0d\u7b80\u5355\u3002\u51ef\u6069\u65af\u66fe\u628a\u6295\u673a\u5b9a\u4e49\u4e3a\u201c\u9884\u6d4b\u5e02\u573a\u5fc3\u7406\u7684\u884c\u4e3a\u201d\uff0c\u800c\u628a\u6295\u8d44\u5b9a\u4e49\u4e3a\u201c\u9884\u6d4b\u8d44\u4ea7\u5728\u6574\u4e2a\u6295\u8d44\u4e2d\u7684\u6536\u76ca\u7387\u7684\u8ffd\u6c42\u201d\u3002\u683c\u96f7\u5384\u59c6\u5728\u4ed6\u7ecf\u5178\u8457\u4f5c\u300a\u806a\u660e\u7684\u6295\u8d44\u8005\u300b\u91cc\u9762\u63d0\u51fa\uff0c\u6295\u673a\u8005\u6839\u672c\u76ee\u6807\u5728\u4e8e\u201c\u9884\u6d4b\u5e76\u4ece\u5e02\u573a\u6ce2\u52a8\u4e2d\u83b7\u5229\u201d\uff0c\u800c\u6295\u8d44\u8005\u5219\u5728\u4e8e\u201c\u5728\u5408\u9002\u7684\u4ef7\u683c\u5e76\u6301\u6709\u5408\u9002\u7684\u80a1\u7968\u201d\u3002\u7b80\u800c\u8a00\u4e4b\uff0c\u4ef7\u683c\u4e4b\u4e8e\u6295\u673a\u7684\u91cd\u8981\u6027\u72b9\u5982\u4ef7\u503c\u4e4b\u4e8e\u6295\u8d44\u3002\u5f53\u7136\uff0c\u5bf9\u4e8e\u683c\u96f7\u5384\u59c6\uff0c\u6295\u673a\u548c\u6295\u8d44\u4e4b\u95f4\u7684\u5dee\u5f02\u662f\u201c\u4eba\u7c7b\u65e0\u6cd5\u4f53\u5bdf\u5230\u7684\u865a\u65e0\u7684\u5b58\u5728\u201d\uff0c\u800c\u201c\u5f53\u6295\u8d44\u8005\u548c\u6295\u673a\u8005\u90fd\u5e76\u5b58\u4e8e\u4e00\u4e2a\u5e02\u573a\u7684\u65f6\u5019\uff0c\u4ed6\u4eec\u6295\u8d44\u54f2\u5b66\u4e4b\u95f4\u7684\u754c\u9650\u53ea\u662f\u7531\u4eba\u7684\u5fc3\u6001\u5212\u5206\uff0c\u56e0\u6b64\u5e76\u4e0d\u53ef\u9760\u201d\u3002<\/p>\n<p> \u3000\u3000\u4e2d\u56fd\u5c45\u6c11\u8d44\u4ea7\u914d\u7f6e\u65b9\u5f0f\u7684\u6539\u53d8\uff1a\u6211\u4eec\u66fe\u6839\u636e\u4e2d\u56fd\u5c45\u6c11\u8fc7\u5f80\u8d44\u4ea7\u914d\u7f6e\u4e60\u60ef\u7684\u7814\u7a76\uff0c\u752815%\u7684\u6bd4\u4f8b\u6765\u8bbe\u5b9a\u6211\u4eec\u7684\u76ee\u6807\u4ef7\u3002\u8fd9\u4e2a\u6bd4\u7387\u6765\u81ea\u4e8e\u5bf9\u57fa\u672c\u9762\u7684\u5206\u6790\uff0c\u4e5f\u662f\u8fc7\u5f80\u6295\u8d44\u7684\u7ecf\u9a8c\u4e4b\u8c08\u3002\u56e0\u6b64\uff0c\u5047\u5982\u5e02\u573a\u8981\u6253\u7834\u8fd9\u4e2a\u5386\u53f2\u5173\u7cfb\uff0c\u4e2d\u56fd\u5c45\u6c11\u5fc5\u987b\u6539\u53d8\u4ed6\u4eec\u7684\u8d44\u4ea7\u914d\u7f6e\u65b9\u5f0f\u3002\u6caa\u6e2f\u901a\u7684\u5f00\u901a\uff0c\u671f\u8d27\u4fdd\u8bc1\u91d1\u6c34\u5e73\u7684\u4e0b\u8c03\uff0cQFII\u548cRQFII\u989d\u5ea6\u7684\u6269\u5927\uff0c\u548c\u623f\u5730\u4ea7\u5e02\u573a\u7684\u840e\u9761\u90fd\u5728\u4fc3\u4f7f\u4e2d\u56fd\u5c45\u6c11\u7684\u8d44\u4ea7\u914d\u7f6e\u6a21\u5f0f\u53d1\u751f\u6539\u53d8\u3002\u5982\u679c\u771f\u7684\u662f\u8fd9\u6837\uff0c\u6211\u4eec\u7684\u8fd9\u4e2a15%\u7684\u7ecf\u9a8c\u6bd4\u7387\u5c31\u9700\u8981\u91cd\u65b0\u8003\u91cf\u4e86\u3002<\/p>\n<p> \u3000\u3000\u7ecf\u6d4e\u5b66\u662f\u4e00\u95e8\u5728\u4f17\u591a\u7684\u9650\u5236\u6761\u4ef6\u4e2d\u4f7f\u56de\u62a5\u6700\u5927\u5316\u7684\u5b66\u95ee\u3002\u4e5f\u5c31\u662f\u8bf4\uff0c\u6211\u4eec\u9700\u8981\u4e0d\u65ad\u4f18\u5316\u6709\u9650\u8d44\u6e90\u7684\u5206\u914d\u3002\u6bd4\u5982\u8bf4\uff0c15%\u662f\u6211\u4eec\u7684\u6d41\u52a8\u8d44\u4ea7\u5206\u914d\u5230\u7684\u4e0a\u9650\u3002\u800c\u73b0\u5728\u878d\u8d44\u878d\u5238\u603b\u4f59\u989d\u5df2\u7ecf\u5728\u8fc7\u53bb\u51e0\u4e2a\u6708\u4e2d\u7ffb\u500d\u5e76\u8d85\u8fc78000\u4ebf\u4eba\u6c11\u5e01\uff0c\u5728\u73b0\u5b58\u7684\u5238\u5546\u603b\u8d44\u672c\u91d1\u57fa\u7840\u4e0a\u8fd9\u4e2a\u89c4\u6a21\u8fd8\u80fd\u6269\u5f20\u591a\u5c11\u5462\uff1f\u6709\u4f20\u95fb\u8bf4\u8fc7\u53bb\u51e0\u5929\uff0c\u4e00\u4e9b\u5238\u5546\u4ee5\u989d\u5ea6\u7528\u5b8c\u7684\u7406\u7531\u505c\u6b62\u4fdd\u8bc1\u91d1\u4ea4\u6613\u7684\u5ba1\u6279\u3002\u8fd1\u6765\u4e00\u4e9b\u5238\u5546\u4ea4\u6613\u7cfb\u7edf\u7684\u201c\u585e\u8f66\u201d\u662f\u5426\u610f\u5473\u7740\u878d\u8d44\u989d\u5ea6\u5df2\u7ecf\u5230\u9876\uff1f\u90a3\u4e48\uff0c\u5bf9\u4e8e\u5e02\u573a\u6765\u8bf4\u65b0\u7684\u9650\u5236\u5230\u5e95\u5728\u54ea\u91cc\uff1f\u5e02\u573a\u4e0a\u5404\u6d3e\u9ad8\u4eba\u5bf9\u5e02\u573a\u8086\u610f\u5b9a\u4ef7\uff0c\u5c31\u597d\u50cf\u6760\u6746\u53ef\u4ee5\u65e0\u9650\u91cf\u589e\u52a0\uff0c\u5e02\u573a\u53ef\u4ee5\u65e0\u4e0a\u6da8\u4e00\u822c\u3002\u6211\u4eec\u5bf9\u6b64\u5e76\u4e0d\u540c\u610f\u3002<\/p>\n<p> \u3000\u3000\u770b\u8dcc-\u770b\u6da8\u671f\u6743\u7684\u5e73\u4ef7\u5173\u7cfb\u5c06\u4e0a\u8bc1\u8bc1\u6570\u5b9a\u4ef7\u57283\uff0c400\u70b9\u5de6\u53f3\uff1a\u91d1\u878d\u5b66\u672f\u754c\u6709\u6570\u79cd\u65b9\u5f0f\u6765\u5398\u5b9a\u8d44\u4ea7\u4ef7\u683c\u3002\u6211\u4eec\u53ef\u4ee5\u57fa\u4e8e\u4e00\u9879\u8d44\u4ea7\u7684\u7cfb\u7edf\u98ce\u9669\u5398\u5b9a\u8be5\u8d44\u4ea7\u7684\u56de\u62a5\u7387\uff0c\u5373CAPM\u8d44\u4ea7\u5b9a\u4ef7\u6a21\u578b\u65b9\u6cd5\u3002\u8d34\u73b0\u73b0\u91d1\u6d41DCF\u662fCAPM\u8d44\u4ea7\u5b9a\u4ef7\u6a21\u578b\u65b9\u6cd5\u7684\u5176\u4e2d\u4e00\u4e2a\u5e94\u7528\u3002\u6216\u8005\u6211\u4eec\u53ef\u4ee5\u7528\u4e8c\u53c9\u6811BinomialTree\u6cd5\uff0c\u4ece\u672a\u6765\u53cd\u63a8\u8d44\u4ea7\u7684\u73b0\u503c\u3002Black-Scholes\u671f\u6743\u5b9a\u4ef7\u6a21\u578b\u5927\u81f4\u5c5e\u4e8e\u8fd9\u4e00\u5b66\u6d3e\u3002\u53e6\u5916\u8fd8\u6709\u7684\u5c31\u662f\u65e0\u5957\u5229\u5b9a\u7406\uff0c\u5c06\u8d44\u4ea7\u5b9a\u4ef7\u5efa\u57fa\u4e8e\u540c\u7269\u7b49\u4ef7\u7684\u6cd5\u5219\u3002\u73b0\u65f6\u5e02\u573a\u5171\u8bc6\u666e\u904d\u8ba4\u4e3a\u80a1\u4ef7\u7684\u4e0a\u6da8\u662f\u7531\u4e8e\u6240\u8c13\u7684\u300c\u65e0\u98ce\u9669\u5229\u7387\u300d\u4e0b\u8dcc\u3002\u5bf9\u4e8e\u8fd9\u4e00\u8bf4\u6cd5\u6211\u4eec\u5e76\u4e0d\u80fd\u82df\u540c\uff0c\u5e02\u573a\u5171\u8bc6\u5176\u5b9e\u662f\u5c06\u4ef7\u683c\u4e0e\u4f30\u503c\u4e24\u4e2a\u76f8\u8fd1\u4f46\u662f\u53c8\u622a\u7136\u4e0d\u540c\u7684\u6982\u5ff5\u6df7\u6dc6\u3002\u7531\u4e8e\u4e2d\u56fd\u7ecf\u6d4e\u653e\u7f13\uff0c\u623f\u5730\u4ea7\u53ca\u5176\u76f8\u5173\u8d44\u4ea7\uff0c\u5982\u94f6\u884c\u8d37\u6b3e\u53ca\u4fe1\u6258\u7b49\u7684\u5c3e\u7aef\u98ce\u9669\u4e00\u5b9a\u6709\u6240\u63d0\u5347\u3002\u5982\u679c\u7cfb\u7edf\u98ce\u9669\u6b63\u5728\u589e\u52a0\uff0c\u65e0\u98ce\u9669\u5229\u7387\u5fc5\u7136\u540c\u65f6\u4e0a\u5347\uff0c\u800c\u4e0d\u662f\u4e0b\u964d\u3002\u5c06\u5bf9\u5e02\u573a\u7684\u4f30\u503c\u5efa\u57fa\u4e8e\u65e0\u6cd5\u8bc1\u660e\u6216\u53cd\u9a73\u7684\u903b\u8f91\u4ee4\u4eba\u5728\u540e\u5e02\u4e2d\u96be\u4ee5\u5b9a\u4e49\u79bb\u573a\u7684\u65f6\u673a\u3002\u65e0\u98ce\u9669\u5229\u7387\u7ec8\u7a76\u5982\u5df4\u83f2\u7279\u6240\u8a00\uff0c\u300c\u5927\u81f4\u4e0a\u662f\u4e0d\u53ef\u89c2\u6d4b\u7684\u300d\uff0c\u800c\u300c\u6bcf\u65e5\u80a1\u4ef7\u6ce2\u52a8\u5176\u5b9e\u4e0e\u4f30\u503c\u65e0\u5173\u300d\u3002\u56e0\u6b64\uff0c\u8d44\u672c\u8d44\u4ea7\u5b9a\u4ef7CAPM\u6a21\u578b\u65b9\u6cd5\u4e0b\u5bf9\u5e02\u573a\u7684\u5b9a\u4ef7\u5728\u5f53\u524d\u662f\u5bf9\u5e02\u573a\u771f\u76f8\u7684\u4e00\u4e2a\u6709\u5931\u504f\u9887\u7684\u6a21\u62df\u3002\u7531\u4e8e\u671f\u6743\u65b9\u6cd5\u8981\u6c42\u754c\u5b9a\u4ef7\u683c\u5347\u8dcc\u7684\u673a\u7387\uff0c\u5728\u5f53\u4e0b\u7684\u5e02\u573a\u91cc\u5c06\u96be\u4ee5\u5e94\u7528\u3002\u90a3\u4e48\uff0c\u6211\u4eec\u5269\u4e0b\u7684\u4f30\u503c\u65b9\u6cd5\u5c31\u53ea\u6709\u4ee5\u5957\u5229\u65b9\u6cd5\u6765\u4f30\u7b97\u4e86\u3002<\/p>\n<p> \u3000\u3000\u91d1\u878d\u5b66\u5176\u4e2d\u4e00\u4e2a\u6700\u91cd\u8981\u7684\u5173\u7cfb\u662f\u770b\u6da8-\u770b\u8dcc\u671f\u6743\u7684\u5e73\u4ef7\u5173\u7cfb\u2500\u770b\u6da8\uff08C\uff09\u548c\u770b\u7a7a\uff08P\uff09\u671f\u6743\u7ec4\u5408\u7684\u4ef7\u683c\u5e94\u8be5\u540c\u4e8e\u4e70\u5165\u80a1\u7968\u73b0\u8d27\uff08S\uff09\u540c\u65f6\u6cbd\u552e\u503a\u5238\uff08B\uff09\uff0c\u6216\u4ee5\u8868\u793a\u4e3aC-P=S-B\u3002\u82e5\u91cd\u65b0\u8c03\u6574\u6b64\u65b9\u7a0b\u5f0f\uff0c\u6211\u4eec\u53ef\u5f97\u51faS=C-P+B\u3002\u6362\u8a00\u4e4b\uff0c\u6211\u4eec\u53ef\u4ee5\u501f\u7740\u4e86\u89e3\u770b\u6da8\u548c\u770b\u8dcc\u671f\u6743\u7ec4\u5408\u7684\u4ef7\u683c\u53ca\u503a\u5238\u6536\u76ca\u7387\u4ee5\u5398\u5b9a\u80a1\u4ef7\u3002\u7531\u4e8e\uff08C-P\uff09\u7684\u4ef7\u683c\u4e0a\u4e0e\u80a1\u4ef7\u540c\u5347\u540c\u8dcc\uff0c\u5398\u5b9a\u80a1\u4ef7\u7684\u53d8\u91cf\u5b9e\u9645\u4e0a\u662f\u503a\u5238\u4ef7\u683c\uff0c\u6216\u503a\u5238\u6536\u76ca\u7387\u3002\u8fd9\u4e2a\u7b80\u5355\u800c\u53c8\u4f18\u96c5\u7684\u5173\u7cfb\u5f88\u597d\u5730\u89e3\u91ca\u4e86\u4e3a\u4f55\u503a\u5238\u6536\u76ca\u7387\u4e0b\u964d\uff0c\u80a1\u4ef7\u5219\u540c\u6b65\u4e0a\u5347\uff0c\u4ea6\u5373\u662f\u6211\u4eec\u76ee\u524d\u6240\u9762\u5bf9\u7684\u5c40\u9762\u3002\u5229\u7387\u4e0b\u8dcc\u8868\u793a\u878d\u8d44\u6210\u672c\u4e0b\u964d\uff0c\u878d\u8d44\u4ea4\u6613\u4f1a\u5927\u884c\u5176\u9053\u3002\u53e6\u5916\uff0c\u91d1\u878d\u52a0\u6760\u6746\u5c06\u6210\u4e3a\u5e02\u573a\u8d70\u52bf\u7684\u653e\u5927\u5668\uff08\u8be6\u89c1\u6211\u4eec\u4e8e2014\u5e749\u67085\u65e5\u53d1\u8868\u7684\u300a\u7406\u667a\u4e0e\u60c5\u611f\uff1a\u5e76\u4fee\u6b63\u4ea4\u6613\u7b56\u7565\u300b\uff09\u3002\u76ee\u524d\u80a1\u5e02\u7684\u5e02\u76c8\u7387\u4e3a13.8\u500d\uff0c\u4e5f\u5c31\u662f\u8bf4\u80a1\u7968\u7684\u76c8\u5229\u6536\u76ca\u7387\u4e3a7.3%\u5de6\u53f3\u3002\u5047\u5982\u57fa\u51c6\u5229\u7387\u5728\u5c06\u6765\u6570\u6708\u518d\u4e0b\u8c031%\uff0c\u540c\u65f6\u5728\u5176\u4ed6\u6761\u4ef6\u4e0d\u53d8\u7684\u60c5\u51b5\u4e0b\uff0c\u80a1\u7968\u7684\u76c8\u5229\u6536\u76ca\u7387\u5e94\u4e3a6.3%\u5de6\u53f3\u621616\u500d\u3002\u5982\u662f\uff0c\u9664\u975e\u80a1\u7968\u76c8\u5229\u6709\u4efb\u4f55\u6025\u5267\u53d8\u52a8\uff0c\u4e0a\u8bc1\u6307\u6570\u7684\u6f5c\u5728\u4f30\u4ef7\u5e94\u8be5\u4e3a3\uff0c400\u70b9\u5de6\u53f3\uff0c\u8f83\u76ee\u524d2\uff0c900\u70b9\u4e0a\u534717%\u3002\u987a\u4fbf\u8bf4\u4e00\u4e0b\uff0c\u683c\u96f7\u5384\u59c6\u4ea6\u8ba4\u4e3a\u6295\u8d44\u8005\u5bf9\u4e8e\u80a1\u7968\u5e94\u652f\u4ed8\u7684\u6700\u9ad8\u4f30\u503c\u500d\u6570\u4e3a16\u500d\u3002<\/p>\n<p> \u3000\u3000\u4f46\u5982\u679c\u6211\u4eec\u7684\u8ba1\u7b97\u5931\u8bef\u4e86\u5462\uff1f\u5982\u679c\u5e02\u573a\u65e0\u6cd5\u8f6c\u6362\u5230\u8fd9\u4e2a\u65b0\u7684\u5957\u5229\u7406\u8bba\u6a21\u5f0f\uff0c\u800c\u6cbf\u7528M2\u768415%\u7684\u6bd4\u4f8b\u8fdb\u884c\u8d44\u4ea7\u914d\u7f6e\uff0c\u90a3\u53c8\u4f1a\u5982\u4f55\uff1f\u6bd5\u7adf\uff0c\u5e02\u573a\u5145\u65a5\u7740\u672a\u77e5\u6570\u548c\u6697\u6d8c\u3002\u6211\u4eec\u6ce8\u610f\u5230\uff0c\u57282007\u5e74\u7684\u80a1\u5e02\u9ad8\u5cf0\u4e2d\uff0c\u6211\u4eec\u7684\u6bd4\u7387\u4e00\u5ea6\u7565\u8d85\u8fc715%\u7684\u5cf0\u503c\uff0c\u8fbe\u523015.6%\uff08\u7126\u70b9\u56fe\u88681\uff09\u3002\u8fd9\u79cd\u60c5\u51b5\u57282012\u5e74\u4e8c\u6708\u4e5f\u51fa\u73b0\u8fc7\u3002\u8fd1\u671f\u7684\u5347\u5e02\u4e5f\u4ee4\u8be5\u6bd4\u7387\u5feb\u901f\u5730\u8fbe\u523015%\u7684\u5386\u53f2\u7ecf\u9a8c\u6c34\u5e73\uff0c\u4f46\u5e02\u573a\u6574\u4f53\u4f30\u503c\u4ecd\u7136\u76f8\u5bf9\u4e8e2007\u5e74\u548c2012\u5e74\u66f4\u4fbf\u5b9c\u3002\u5982\u679c\u5e02\u573a\u7684\u5347\u52bf\u80fd\u591f\u6301\u7eed\uff0c\u5219\u6697\u793a\u5e02\u573a\u4f30\u503c\u601d\u7ef4\u7684\u786e\u51fa\u73b0\u6a21\u5f0f\u7684\u8f6c\u79fb\u3002\u4e07\u4e00\u6211\u4eec\u9519\u4e86\u7684\u8bdd\uff0c\u90a3\u4e48\u5e02\u573a\u7684\u5347\u52bf\u5c06\u4e8e\u7565\u9ad8\u4e8e3\uff0c000\u70b9\u7684\u6c34\u5e73\u7ed3\u675f\u3002<\/p>\n<p> \u3000\u3000\u6760\u6746\u4f1a\u653e\u5927\u5e02\u573a\u548c\u6ce2\u5e45\uff1b\u4e0d\u518d\u7ec6\u7a76\u4ea4\u6613\u62e9\u65f6\uff1a\u6211\u4eec\u60f3\u5f3a\u8c03\u7684\u662f\uff0c\u4ece\u6211\u4eec\u7684\u5957\u5229\u65b9\u6cd5\u5f97\u51fa\u7684\u6307\u6570\u4f30\u503c\u662f\u4f30\u503c\u7684\u4e00\u4e2a\u53c2\u7167\u7269\uff0c\u800c\u4e0d\u662f\u6307\u6570\u6700\u7ec8\u5c06\u4f1a\u6216\u4e0d\u4f1a\u8fbe\u5230\u8fd9\u4e2a\u70b9\u4f4d\u3002\u57fa\u65bc\u4fe1\ufffd\u57fa\u91d1\u53ef\u6295\u8d44\u7684\u65b0\u89c4\u5b9a\uff0c\u5238\u5546\u878d\u8d44\u65b0\u80a1\u672c\u540e\u7684\u8d44\u672c\u91d1\u89c4\u6a21\u7684\u6269\u5927\uff0c\u52a0\u4e0a\u5373\u5c06\u5f00\u59cb\u7684\u671f\u6743\u4ea4\u6613\uff0c\u5e02\u573a\u6760\u6746\u4ecd\u6709\u8fdb\u4e00\u6b65\u589e\u957f\u7684\u7a7a\u95f4\uff0c\u5e76\u5c06\u4f1a\u653e\u5927\u5e02\u573a\u7684\u8d8b\u52bf\u548c\u6ce2\u52a8\uff0c\u5b9e\u9645\u4ef7\u683c\u5c06\u56f4\u7ed5\u6211\u4eec\u4ece\u5957\u5229\u65b9\u6cd5\u5b9a\u4e49\u7684\u57fa\u672c\u9762\u4ef7\u503c\u800c\u5927\u5e45\u6ce2\u52a8\u3002\ufffd\u7ba1\u5982\u6b64\uff0c\u6211\u4eec\u76ee\u524d\u6709\u4e86\u4e00\u4e2a\u4f30\u503c\u7684\u53c2\u7167\u7269\uff0c\u6211\u4eec\u53ef\u85c9\u6b64\u6bd4\u8f83\u5e02\u573a\u7684\u5b9e\u9645\u4ea4\u6613\u4ef7\u683c\uff0c\u5e76\u4f9d\u6b64\u6765\u786e\u5b9a\u5e02\u573a\u5fc3\u7406\u7684\u4ea2\u594b\u6216\u8427\u6761\u7a0b\u5ea6\u3002\u5728\u5e02\u573a\u7684\u8f6c\u6298\u70b9\u4e2d\uff0c\u7b56\u7565\u5e08\u5e94\u628a\u7b56\u7565\u7684\u91cd\u5fc3\u4ece\u9884\u6d4b\u5e02\u573a\u6bcf\u6b21\u77ed\u671f\u8d77\u4f0f\u7684\u65f6\u673a\uff0c\u5f00\u59cb\u8f6c\u578b\u4e8e\u5bf9\u957f\u671f\u8d44\ufffd\u914d\u7f6e\u7684\u7814\u7a76\u3002\u677f\u5757\u8f6e\u52a8\u64cd\u4f5c\u7684\u4ea4\u6613\u65b9\u5f0f\u5728\u8fc7\u53bb\u51e0\u5e74\u91cc\u4e00\u76f4\u662f\u5e02\u573a\u6d41\u884c\u7684\u6295\u673a\u6a21\u5f0f\u3002\u4f46\u662f\uff0c\u8fd9\u79cd\u77ed\u671f\u7684\u6295\u673a\u4ea4\u6613\u5c06\u9010\u6e10\u8ba9\u4f4d\u7ed9\u771f\u6b63\u4e13\u6ce8\u957f\u671f\u7684\u6295\u8d44\u6a21\u5f0f\uff0c\u8bda\u5982\u6211\u4eec\u5728\u300a\u5927\u76d8\u80a1\u90fd\u6709\u6625\u5929\u300b\uff082014\u5e743\u670826\u65e5\uff09\u4e00\u6587\u7387\u5148\u6307\u51fa\u7684\u4e00\u6837\u3002<\/p>\n<p> \u3000\u3000\u4ece\u6e56\u7554\u907f\u4e16\u5b8c\u6210\u6f14\u8bb2\u540e\u8e0f\u4e0a\u5f52\u9014\u4e4b\u65f6\uff0c\u6211\u5728\u673a\u573a\u5019\u673a\u5ba4\u7b49\u5019\u767b\u673a\u3002\u5728\u6211\u6b65\u5165\u5019\u673a\u5ba4\u4e4b\u9645\uff0c\u6211\u6ce8\u610f\u5230\u4e00\u5927\u7fa4\u5e74\u8f7b\u6f02\u4eae\u7684\u5973\u5b69\u6cbf\u8457\u5019\u673a\u5ba4\u6392\u961f\uff0c\u7b49\u5f85\u4e00\u4e2a\u97e9\u56fd\u7f8e\u7537\u4e50\u961f\u7684\u5230\u6765\u3002\u6211\u5728\u5019\u673a\u5ba4\u9605\u8bfb\u65f6\uff0c\u4eba\u7fa4\u7a81\u7136\u7206\u53d1\u51fa\u4e00\u9635\u9a9a\u52a8\u3002\u5019\u673a\u5ba4\u5185\u6bcf\u4e2a\u4eba\u90fd\u5306\u5306\u5730\u62a2\u5230\u9732\u53f0\u4ee5\u4e00\u7779\u7f8e\u5c11\u7537\u7684\u98ce\ufffd-\u9664\u4e86\u6211\u548c\u4e00\u4f4d\u7761\u5728\u6c99\u53d1\u4e0a\u7684\u5e74\u957f\u7684\u5916\u56fd\u6e38\u5ba2\u3002\u4f46\u540e\u6765\u4eba\u7fa4\u7684\u55a7\u56a3\u5b9e\u5728\u592a\u5927\uff0c\u60ca\u9192\u4e86\u4ed6\u3002\u4ed6\u4e8c\u8bdd\u4e0d\u8bf4\u76f4\u5954\u9732\u53f0\uff0c\u7136\u800c\u4ed6\u751a\u81f3\u90fd\u4e0d\u77e5\u9053\u90a3\u4e9b\u97e9\u56fd\u7537\u5b69\u662f\u8c01\u3002\u4eba\u7fa4\u4e2d\u53d6\u6696\uff0c\u5927\u6570\u5b57\u7684\u5b89\u5168\uff0c\u5bf9\u4e8e\u4eba\u6027\u5b9e\u5728\u592a\u96be\u4ee5\u6297\u62d2\u3002<\/p>\n<p> \u3000\u3000\u66f4\u591a\u4e2d\u56fd\u5e02\u573a\u7684\u4ef7\u683c\u4e0e\u4ef7\u503c\u77e5\u8bc6\u8bf7\u5173\u6ce8\u80a1\u7968\u8d44\u6e90\u9986<\/p>\n<p> \uff08\u80a1\u7968\u8d44\u6e90\u9986lixiangluntan.com\uff09<a href=\"http:\/\/www.lixiangluntan.com\" target=\"_blank\" rel=\"noopener noreferrer\">\u9ed1\u9a6c\u80a1\u7968<\/a><\/p>\n<blockquote style=\"font-size:15px;background-color: #F5F5F5;border:none;padding: 5px;margin:15px;line-height: 1.6;text-indent: 2em;\">\n<p style=\"margin-bottom:5px;\">\u5982\u4f55\u770b\u5f85A\u80a1\u8d44\u4ea7\u5de8\u989d\u76d8\u4e8f<\/p>\n<p>\u3000\u3000\u5982\u4f55\u770b\u5f85<br \/>\n<strong>A\u80a1\u8d44\u4ea7\u5de8\u989d\u76d8\u4e8f<\/strong>\uff1f\u600e\u6837\u770b\u5f85A\u80a1\u8d44\u4ea7\u5de8\u989d\u76d8\u4e8f\uff1f\u600e\u4e48\u770b\u5f85A\u80a1\u8d44\u4ea7\u5de8\u989d\u76d8\u4e8f\uff1f<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>\u3000\u3000<br \/>\n<strong>\u4e2d\u56fd\u5e02\u573a\u7684\u4ef7\u683c\u4e0e<\/strong>\u662f\u600e\u6837\u7684\uff1f\u4e2d\u56fd\u5e02\u573a\u7684\u4ef7\u683c\u4e0e\u4ef7\u503c\u5173\u7cfb\u662f\u4ec0\u4e48\uff1f\u4e0b\u9762 \u77e5\u8bc6\u7f51\u4e3a\u60a8\u4ecb\u7ecd\u4e2d\u56fd\u5e02\u573a\u7684\u4ef7\u683c\u4e0e\u4ef7\u503c \u4e0a\u8bc1\u7b49\u4e8e3400\u3002<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32],"tags":[113],"class_list":["post-163061","post","type-post","status-publish","format-standard","hentry","category-hg","tag-113"],"_links":{"self":[{"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=\/wp\/v2\/posts\/163061","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=163061"}],"version-history":[{"count":0,"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=\/wp\/v2\/posts\/163061\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=163061"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=163061"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=163061"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}