{"id":14191,"date":"2020-09-08T10:49:01","date_gmt":"2020-09-08T02:49:01","guid":{"rendered":"https:\/\/\/?p=14191"},"modified":"2023-12-20T14:43:19","modified_gmt":"2023-12-20T06:43:19","slug":"risk-of-emerging-market-bond-0","status":"publish","type":"post","link":"https:\/\/\/risk-of-emerging-market-bond-0\/","title":{"rendered":"\u6295\u8cc7\u65b0\u8208\u5e02\u5834\u50b5\u5b89\u5168\u55ce\uff1f\u6709\u4ec0\u9ebc\u98a8\u96aa\uff1f\u6df1\u5165\u4e86\u89e3\u4e3b\u6b0a\u9055\u7d04\u7684\u539f\u56e0\u53ca\u7279\u6027"},"content":{"rendered":"<!-- \/367108978\/Rich01_PC_up_728x90 -->\n\t<div class='div-gpt-ad-css' id='div-gpt-ad-1564472272479-0' style='width: 728px; height: 90px;'>\n\t  <script>\n\t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1564472272479-0'); });\n\t  <\/script>\n\t<\/div><p><img decoding=\"async\" class=\"alignnone size-full wp-image-14192\" src=/index.html"https:\/\/\/wp-content\/uploads\/20200823162028_23.jpg\" alt=\"\u6295\u8cc7\u65b0\u8208\u5e02\u5834\u50b5\u5b89\u5168\u55ce\uff1f\u6709\u4ec0\u9ebc\u98a8\u96aa\uff1f\" width=\"960\" height=\"502\" \/><\/p>\n<p><a href=/index.html"https:\/\/\/emerging-market-bonds-1\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u65b0\u8208\u5e02\u5834\u50b5<\/a>(Emerging market bond, \u4e5f\u7c21\u7a31EM bond)\uff0c<br \/>\n\u6307\u7684\u662f\u767c\u5c55\u4e2d\u570b\u5bb6\u767c\u884c\u7684\u300c\u516c\u50b5\u300d\u6216\u300c\u516c\u53f8\u50b5\u300d\uff0c\u901a\u5e38\u6295\u8cc7\u516c\u50b5\u7684\u6bd4\u4f8b\u8f03\u9ad8\uff0c\u516c\u53f8\u50b5\u5247\u5e38\u5e38\u662f\u4e00\u4e9b\u570b\u71df\u5927\u578b\u4f01\u696d\uff0c<br \/>\n\u767c\u884c\u5e63\u5225\u5206\u70ba\u300c\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u300d\u53ca\u300c\u5f37\u52e2\u8ca8\u5e63\u8a08\u50f9\u300d\uff0c<a href=/index.html"https:\/\/\/hard-currency-vs-soft-currency\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5f37\u52e2\u8ca8\u5e63<\/a>\u70ba\u7f8e\u5143\u3002<\/p>\n<p>\u65b0\u8208\u5e02\u5834\u50b5\u8cfa\u7684\u4e3b\u8981\u662f\u4fe1\u7528\u5229\u5dee\uff0c<br \/>\n\u56e0\u70ba\u627f\u64d4\u4e86\u65b0\u8208\u5e02\u5834\u8f03\u9ad8\u7684\u9055\u7d04\u98a8\u96aa\uff0c\u56e0\u6b64\u53ef\u4ee5\u8981\u6c42\u8f03\u9ad8\u7684\u5831\u916c\uff0c\u662f\u8a31\u591a\u6295\u8cc7\u4eba\u559c\u611b\u7684\u6a19\u7684\uff0c\u5f88\u591a\u7406\u5c08\u4e5f\u559c\u6b61\u63a8\u65b0\u8208\u5e02\u5834\u50b5\u3002<\/p>\n<p>\u4f46\u662f\u5f88\u591a\u4eba\u56e0\u70ba\u4e0d\u4e86\u89e3\u65b0\u8208\u50b5\u7279\u6027\uff0c\u5728\u5927\u8dcc\u6642\u4fbf\u6050\u614c\u6bba\u51fa\uff0c\u9020\u6210\u8667\u640d\u3002<br \/>\n\u9019\u7bc7\u6587\u7ae0\u544a\u8a34\u5927\u5bb6\u5982\u4f55\u8a55\u4f30\u65b0\u8208\u5e02\u5834\u50b5\u7684\u98a8\u96aa\uff0c\u4e26\u4e14\u6df1\u5165\u4e86\u89e3\u4e3b\u6b0a\u9055\u7d04\u7684\u539f\u56e0\u53ca\u7279\u6027\uff0c<br \/>\n\u5171\u5206\u70ba\u4ee5\u4e0b\u5e7e\u500b\u90e8\u5206\uff1a<\/p>\n<ol>\n<li><span style=\"font-size: 16px;\">\u65b0\u8208\u5e02\u5834\u50b5\u7684\u767c\u884c\u6b77\u53f2<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u65b0\u8208\u5e02\u5834\u50b5\u6709\u54ea\u4e9b\u98a8\u96aa\uff1f(\u4fe1\u7528\u3001\u5229\u7387\u3001\u532f\u7387\u98a8\u96aa)<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u70ba\u4ec0\u9ebc\u6703\u767c\u751f\u4e3b\u6b0a\u9055\u7d04\uff1f(\u50b5\u52d9\u3001\u7d93\u6fdf\u3001\u8ca8\u5e63\u3001\u8ca1\u653f\u3001\u653f\u6cbb\u5371\u6a5f\u3001\u511f\u50b5\u610f\u9858)<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u8fd1\u671f\u767c\u751f\u9055\u7d04\u7684\u570b\u5bb6\u53ca\u5176\u7279\u6027<\/span><\/li>\n<\/ol>\n<p>\u60f3\u66f4\u4e86\u89e3\u65b0\u8208\u5e02\u5834\u50b5\u5238\uff0c\u53ef\u4ee5\u5148\u95b1\u8b80\u9019\u7bc7\u6587\u7ae0\uff1a<\/p>\n<p><a href=/index.html"https:\/\/\/emerging-market-bonds-1\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\"><strong>\u4ec0\u9ebc\u662f\u65b0\u8208\u5e02\u5834\u50b5\u5238\uff1f\u57fa\u91d1\u548cETF\u600e\u9ebc\u8cb7\uff1f\u6295\u8cc7\u65b0\u8208\u5e02\u5834\u50b5\u5238\u8981\u6ce8\u610f\u4e9b\u4ec0\u9ebc\uff1f<\/strong><\/a><\/p>\n<p><!--more--><\/p>\n<h2>\u65b0\u8208\u5e02\u5834\u50b5\u7684\u767c\u884c\u6b77\u53f2<\/h2>\n<p>\u65b0\u8208\u5e02\u5834\u570b\u5bb6\uff0c\u53ef\u4ee5\u770b\u5b83\u82f1\u6587\u662f Emerging Market\uff0c\u610f\u601d\u662f\u767c\u5c55\u4e2d\u570b\u5bb6\u5e02\u5834\uff0c\u5305\u542b\u4e2d\u570b\u3001\u53f0\u7063\u3001\u5370\u5ea6\u3001\u4fc4\u7f85\u65af\u3001\u5df4\u897f\u7b49\u7b49\u570b\u5bb6\uff0c<br \/>\n\u800c\u5c0d\u6bd4\u7684\u5c31\u662f\u50cf\u82f1\u3001\u7f8e\u3001\u5fb7\u3001\u6cd5\u9019\u4e9b\u5df2\u958b\u767c\u570b\u5bb6\u5e02\u5834(Developed Market)\u3002<br \/>\n\u5982\u679c\u4e0d\u719f\u6089\u53ef\u5148\u95b1\u8b80\uff1a<a href=/index.html"https:\/\/\/developed-vs-emerging-markets\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u65b0\u8208\u5e02\u5834\u662f\u4ec0\u9ebc\uff1f<\/a><\/p>\n<p>\u57281980\u5e74\u4ee3\u4ee5\u524d\uff0c\u65b0\u8208\u570b\u5bb6\u50c5\u9593\u6b47\u6027\u7684\u767c\u884c\u50b5\u5238\uff0c<br \/>\n\u5230\u4e861989\u5e74\uff0c\u7576\u6642\u7684\u7f8e\u570b\u8ca1\u653f\u90e8\u9577\u5c3c\u53e4\u62c9\u65af\u2027\u5e03\u96f7\u8fea(Nicolas Brady)\u767c\u8d77\u4e86\u4e00\u9805\u8a08\u756b\uff0c<br \/>\n\u7528\u4f86\u5354\u52a9\u65b0\u8208\u5e02\u5834\u767c\u884c\u50b5\u5238\u4ee5\u91cd\u6574\u50b5\u52d9\uff0c\u5728\u63a5\u4e0b\u4f86\u768420\u5e74\u4e2d\uff0c<br \/>\n\u62c9\u4e01\u7f8e\u6d32\u8a31\u591a\u570b\u5bb6\u767c\u884c\u4e86\u9019\u4e9b\u6240\u8b02\u7684\u300c\u5e03\u96f7\u8fea\u50b5\u5238\u300d\uff0c<br \/>\n\u65b0\u8208\u5e02\u5834\u50b5\u5238\u7684\u767c\u884c\u91cf\u4e0d\u65b7\u4e0a\u5347\uff0c\u767c\u5c55\u4e2d\u570b\u5bb6\u958b\u59cb\u4ee5\u7f8e\u5143\u548c\u672c\u570b\u8ca8\u5e63\u767c\u884c\u50b5\u5238\u3002<br \/>\n\u6b64\u5916\uff0c\u5916\u570b\u516c\u53f8\u4e5f\u958b\u59cb\u767c\u884c\u516c\u53f8\u50b5\uff0c\u9032\u800c\u63a8\u52d5\u4e86\u5168\u7403\u516c\u53f8\u50b5\u7684\u767c\u5c55\u3002<\/p>\n<p>\u65b0\u8208\u5e02\u5834\u50b5\u8207\u9019\u4e9b\u767c\u5c55\u4e2d\u570b\u5bb6\u7684\u7d93\u6fdf\u767c\u5c55\u606f\u606f\u76f8\u95dc\uff0c\u82e5\u8a72\u570b\u5bb6\u5177\u6709\u826f\u597d\u7684\u8ca1\u653f\u53ca\u8ca8\u5e63\u653f\u7b56\uff0c\u6703\u4f7f\u5f97\u5916\u570b\u6295\u8cc7\u8005\u5c0d\u8a72\u570b\u5bb6\u9577\u671f\u7a69\u5b9a\u5145\u6eff\u4fe1\u5fc3\u3002<\/p>\n<p>\u96a8\u8457\u767c\u5c55\u4e2d\u570b\u5bb6\u7d93\u6fdf\u65e5\u76ca\u589e\u9577\uff0c\u65b0\u8208\u5e02\u5834\u50b5\u5df2\u7d93\u6210\u70ba\u4e00\u7a2e\u4e3b\u8981\u7684\u56fa\u5b9a\u6536\u76ca\u8cc7\u7522\u985e\u5225\uff0c\u6839\u64da\u570b\u969b\u6e05\u7b97\u9280\u884c\u7684\u8cc7\u6599\u986f\u793a\uff0c<br \/>\n\u81f32018\u5e74\u5e95\uff0c\u5168\u7403\u5728\u5916\u6d41\u901a\u50b5\u52d9\u7e3d\u984d\u70ba215\u5146\u7f8e\u5143\uff0c\u5176\u4e2d\u7d0455\u5146\u70ba\u65b0\u8208\u5e02\u5834\u50b5\uff0c\u7d04\u4f54\u4e8625%\uff0c<br \/>\n\u7531\u65bc\u8a31\u591a\u50b5\u52d9\u672a\u958b\u653e\u8b93\u5916\u8cc7\u9032\u5834\uff0c\u53ef\u6295\u8cc7\u5e02\u5834\u898f\u6a21\u7d0412\u5146\u7f8e\u5143\uff0c\u8f032008\u91d1\u878d\u6d77\u562f\u4ee5\u4f86\u6210\u9577\u8d85\u904e\u4e00\u500d\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-14193\" src=/index.html"https:\/\/\/wp-content\/uploads\/20200823162328_52.jpg\" alt=\"\u65b0\u8208\u5e02\u5834\u50b5\u53ef\u6295\u8cc7\u898f\u6a21\uff1a\u81ea\u91d1\u878d\u6d77\u562f\u4ee5\u4f86\u6210\u9577\u8d85\u904e1\u500d\" width=\"651\" height=\"465\" \/><\/p>\n<h2>\u65b0\u8208\u5e02\u5834\u50b5\u6709\u54ea\u4e9b\u98a8\u96aa\uff1f (\u4fe1\u7528\u3001\u5229\u7387\u3001\u532f\u7387\u98a8\u96aa)<\/h2>\n<p>\u8cfc\u8cb7\u65b0\u8208\u5e02\u5834\u50b5\u5238\u548c\u8cfc\u8cb7\u5176\u4ed6\u7684\u50b5\u5238\u4e00\u6a23\uff0c\u4e3b\u8981\u7684\u98a8\u96aa\u70ba\u4fe1\u7528\u98a8\u96aa\u3001\u5229\u7387\u98a8\u96aa\u53ca\u532f\u7387\u98a8\u96aa\u3002<\/p>\n<p><strong>1. \u4fe1\u7528\u98a8\u96aa<\/strong><strong>\uff1a<\/strong><\/p>\n<p>\u53c8\u7a31\u70ba\u9055\u7d04\u98a8\u96aa\uff0c\u5373\u767c\u884c\u8005\u5728\u50b5\u5238\u5230\u671f\u6642\u7121\u6cd5\u511f\u9084\u672c\u91d1\u6216\u5229\u606f\u7684\u98a8\u96aa\u3002<br \/>\n\u4e00\u822c\u4f86\u8aaa\uff0c\u65b0\u8208\u5e02\u5834\u50b5\u6bd4<a href=/index.html"https:\/\/\/investment-corporate-bond\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6295\u8cc7\u7b49\u7d1a\u516c\u53f8\u50b5<\/a>\u5371\u96aa\uff0c\u4f46\u6bd4<a href=/index.html"https:\/\/\/high-yield-bond-wrong-1\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u9ad8\u6536\u76ca\u50b5(\u5783\u573e\u50b5\u5238)<\/a>\u5b89\u5168\uff0c<br \/>\n\u7531\u65bc\u958b\u767c\u4e2d\u570b\u5bb6\u7684\u9055\u7d04\u98a8\u96aa\u6bd4\u5df2\u958b\u767c\u570b\u5bb6\u9ad8\uff0c\u56e0\u6b64\u65b0\u8208\u5e02\u5834\u50b5\u7684\u6b96\u5229\u7387\u4e5f\u6703\u6bd4\u4e00\u822c\u5df2\u958b\u767c\u570b\u5bb6\u7684\u516c\u50b5\u9ad8\u5f88\u591a\uff0c<\/p>\n<p>\u4f8b\u5982\u963f\u6839\u5ef79\u5e74\u671f\u516c\u50b5\u6b96\u5229\u73872019\u5e74\u8d77\u4e00\u76f4\u90fd\u572820%\u4ee5\u4e0a\uff0c<br \/>\n\u4f462019\u5e7410\u6708\u7206\u767c\u9055\u7d04\u98a8\u96aa\u5f8c\uff0c\u50b5\u5238\u50f9\u683c\u5927\u8dcc\uff0c\u6b96\u5229\u7387\u66f4\u98c6\u5347\u81f350%\u4ee5\u4e0a\uff0c\u9ad8\u6b96\u5229\u7387\u4ee3\u8868\u4e86\u9700\u627f\u53d7\u66f4\u9ad8\u7684\u98a8\u96aa\u3002<\/p>\n<p>\u9019\u9ebc\u9ad8\u7684\u6b96\u5229\u7387\uff0c\u4f60\u5c31\u77e5\u9053\u5927\u5bb6\u6709\u591a\u4e0d\u9858\u610f\u501f\u9322\u7d66\u9019\u500b\u570b\u5bb6\uff0c\u4e5f\u4ee3\u8868\u8457\u80cc\u5f8c\u6975\u9ad8\u7684\u9055\u7d04\u98a8\u96aa\u3002<\/p>\n<p><strong>2. \u5229\u7387\u98a8\u96aa<\/strong><strong>\uff1a<\/strong><\/p>\n<p>\u4e00\u822c\u4f86\u8aaa\uff0c\u50b5\u5238\u50f9\u683c\u8207\u5229\u7387\u8d70\u52e2\u5448\u53cd\u6bd4\uff0c\u7576\u5e02\u5834\u5229\u7387\u8d70\u63da\u6642\uff0c\u50b5\u5238\u50f9\u683c\u5c31\u6703\u4e0b\u6ed1\uff1b<\/p>\n<p>\u7576\u5229\u7387\u4e0b\u6ed1\uff0c\u50b5\u5238\u50f9\u683c\u5c31\u6703\u4e0a\u63da\u3002<br \/>\n\u56e0\u6b64\uff0c\u7f8e\u570b\u7b49\u4e3b\u8981\u570b\u5bb6\u7684\u5229\u7387\u653f\u7b56\u70ba\u89c0\u5bdf\u65b0\u8208\u5e02\u5834\u50b5\u7684\u91cd\u8981\u6307\u6a19\uff0c<br \/>\n\u7576\u5229\u7387\u8655\u65bc\u4e0b\u964d\u4e2d\u4e0d\u9032\u5165\u5347\u606f\u968e\u6bb5\u6642\uff0c\u5c0d\u50b5\u5238\u5c31\u662f\u5229\u591a\u3002<\/p>\n<p><strong>3. \u532f\u7387\u98a8\u96aa\uff1a<\/strong><\/p>\n<p>\u7576\u6295\u8cc7\u7684\u662f\u7576\u5730\u8ca8\u5e63\u800c\u975e<a href=/index.html"https:\/\/\/hard-currency-vs-soft-currency\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5f37\u52e2\u8ca8\u5e63<\/a>(\u7f8e\u5143)\u8a08\u50f9\u6642\uff0c\u50b5\u5238\u7684\u6536\u76ca\u6703\u53d7\u5230\u7576\u5730\u8ca8\u5e63\u7684\u532f\u7387\u5f71\u97ff\uff0c<br \/>\n\u5c24\u5176\u8a31\u591a\u65b0\u8208\u570b\u5bb6\u532f\u7387\u8b8a\u52d5\u5e45\u5ea6\u975e\u5e38\u5927\uff0c\u70ba\u6295\u8cc7\u4eba\u9700\u8981\u8003\u91cf\u7684\u56e0\u7d20\u3002<br \/>\n\u8f14\u52a9\u89c0\u5bdf\u7684\u6307\u6a19\u70ba\u7f8e\u5143\u6307\u6578\uff0c\u7f8e\u5143\u6307\u6578\u5c0d\u65bc\u65b0\u8208\u5e02\u5834\u7576\u5730\u8ca8\u5e63\u50b5\u5238\u5f71\u97ff\u5927\uff0c<br \/>\n\u7576\u7f8e\u5143\u6307\u6578\u8d70\u5f37\uff0c\u7576\u5730\u8ca8\u5e63\u8d70\u5f31\uff0c\u5247\u70ba\u65b0\u8208\u5e02\u5834\u7576\u5730\u8ca8\u5e63\u5229\u7a7a\uff0c<br \/>\n\u53cd\u4e4b\uff0c\u7576\u7f8e\u5143\u6307\u6578\u8d70\u5f31\uff0c\u5247\u70ba\u5229\u591a\u3002<\/p>\n<p><strong>\u5982\u679c\u8cb7\u57fa\u91d1\u6216ETF\uff0c\u6709\u91cd\u62bc\u67d0\u55ae\u4e00\u570b\u5bb6\u6642\u8981\u5c0f\u5fc3<\/strong><\/p>\n<p>\u548c\u9ad8\u6536\u76ca\u50b5\u4e00\u6a23\uff0c\u9019\u985e\u50b5\u5238\u96d6\u7136\u6b96\u5229\u7387\u9ad8\uff0c\u4f46\u9055\u7d04\u53ef\u80fd\u6027\u4e5f\u9ad8\uff0c\u6240\u4ee5\u61c9\u8a72\u8981\u76e1\u53ef\u80fd\u5206\u6563\u6295\u8cc7\u65bc\u4e0d\u540c\u7684\u570b\u5225\uff0c\u6301\u6709\u4e0d\u540c\u7684\u50b5\u5238\uff0c\u624d\u6709\u53ef\u80fd\u5f97\u5230\u76f8\u5c0d\u5408\u7406\u7684\u5831\u916c\u3002<\/p>\n<p>\u7531\u65bc\u4ee5\u4e0a\u7684\u98a8\u96aa\u7279\u6027\uff0c\u5728\u8cfc\u8cb7\u65b0\u8208\u5e02\u5834\u50b5\u7684\u57fa\u91d1\u6216ETF\u6642\uff0c<br \/>\n\u57fa\u91d1\u7d93\u7406\u4eba\u6311\u9078\u6a19\u7684\u7684\u80fd\u529b\u5c31\u7279\u5225\u91cd\u8981\uff0c<br \/>\n\u6bd4\u5982\u5e02\u5834\u4e0a\u67d0\u4e00\u652f\u65b0\u8208\u5e02\u5834\u50b5\u57fa\u91d1\u91cd\u58d3\u963f\u6839\u5ef7\u7b49\u62c9\u4e01\u7f8e\u6d32\u570b\u5bb6\uff0c<br \/>\n\u56e0\u8fd1\u5e74\u4f86\u62c9\u4e01\u7f8e\u6d32\u570b\u5bb6\u9055\u7d04\u983b\u7387\u9ad8\uff0c\u4f7f\u5f97\u8a72\u57fa\u91d1\u8fd1\u5e74\u7684\u7e3e\u6548\u843d\u5f8c\u65bc\u540c\u6027\u8cea\u7684\u57fa\u91d1\u3002<\/p>\n<h2>\u70ba\u4ec0\u9ebc\u6703\u767c\u751f\u4e3b\u6b0a\u9055\u7d04\uff1f\u539f\u56e0\u662f\u4ec0\u9ebc\uff1f<\/h2>\n<p>\u4e3b\u6b0a\u9055\u7d04(Sovereign default)\u662f\u6307\u4e00\u570b\u653f\u5e9c\u7121\u6cd5\u6309\u6642\u5c0d\u5176\u5411\u5916\u64d4\u4fdd\u501f\u4f86\u7684\u50b5\u52d9\u9084\u672c\u4ed8\u606f\u7684\u60c5\u6cc1\uff0c<br \/>\n\u570b\u5bb6\u4e5f\u6703\u9055\u7d04\uff0c\u6c92\u60f3\u5230\u5427\uff1f\u7562\u7adf\u570b\u5bb6\u5c31\u8ddf\u4f01\u696d\u4e00\u6a23\uff0c\u5dee\u5225\u53ea\u5728\u65bc\u6536\u5165\u4f86\u6e90\u662f\u4f86\u81ea\u7a05\u6536\uff0c\u4e00\u822c\u4f86\u8aaa\u7528\u570b\u6c11\u672a\u4f86\u7a05\u6536\u4f5c\u70ba\u511f\u50b5\u4fdd\u8b49\u807d\u8d77\u4f86\u662f\u5f88\u53ef\u4fe1\u7684\uff0c\u4f46\u73fe\u5be6\u662f\u9055\u7d04\u4f9d\u7136\u66fe\u7d93\u767c\u751f\u3002<\/p>\n<p>\u65b0\u8208\u5e02\u5834\u50b5\u6700\u5927\u7684\u98a8\u96aa\u4e4b\u4e00\u5c31\u662f\u4e3b\u6b0a\u9055\u7d04\uff0c\u767c\u751f\u4e3b\u6b0a\u9055\u7d04\u7684\u539f\u56e0\u4e3b\u8981\u6709\uff1a<\/p>\n<p><strong>1. \u50b5\u52d9\u5371\u6a5f<\/strong>\uff1a\u50b5\u52d9\u898f\u6a21\u904e\u5927\u5c0e\u81f4<\/p>\n<p>\u82e5\u4e00\u500b\u570b\u5bb6\u7684\u50b5\u52d9\u904e\u9ad8\uff0c\u5728\u7d93\u6fdf\u51fa\u73fe\u554f\u984c\u800c\u5927\u91cf\u50b5\u52d9\u5230\u671f\u6642\uff0c\u9055\u7d04\u7684\u53ef\u80fd\u6027\u4fbf\u5927\u589e\u3002<br \/>\n\u4f8b\u59822012\u5e74\u5e0c\u81d8\u653f\u5e9c\u56e0\u70ba\u50b5\u52d9\u6c89\u91cd\u800c\u5c0e\u81f4\u4e3b\u6b0a\u9055\u7d04\uff0c\u662f\u76ee\u524d\u5168\u7403\u4e3b\u6b0a\u9055\u7d04\u898f\u6a21\u6700\u5927\u7684\u570b\u5bb6\u3002<br \/>\n\u7259\u8cb7\u52a0\u57282010\u5e74\u53ca2013\u5e74\u7684\u5169\u6b21\u9055\u7d04\u4e5f\u662f\u540c\u6a23\u539f\u56e0\u5c0e\u81f4\u3002<\/p>\n<p><strong>2. \u7d93\u6fdf\u5371\u6a5f<\/strong>\uff1a\u7d93\u6fdf\u7d50\u69cb\u4e0d\u4f73\u3001\u4f9d\u8cf4\u55ae\u4e00\u8cc7\u6e90\uff0c\u906d\u9047\u98a8\u96aa\u6642\u7121\u62b5\u6297\u80fd\u529b<\/p>\n<p>\u7576\u4e00\u500b\u570b\u5bb6\u7684\u7d93\u6fdf\u7d50\u69cb\u904e\u65bc\u55ae\u4e00\u6216\u662f\u904e\u5ea6\u4f9d\u8cf4\u67d0\u9805\u8cc7\u6e90\u6642\uff0c\u5c0d\u6297\u7d93\u6fdf\u98a8\u96aa\u7684\u80fd\u529b\u5c31\u6703\u8f03\u5dee\uff0c<br \/>\n\u4f8b\u5982\u7f8e\u6d32\u897f\u5370\u5ea6\u7fa4\u5cf6\u7684\u570b\u5bb6\u683c\u745e\u90a3\u9054\uff0c\u7d93\u6fdf\u4ee5\u65c5\u904a\u70ba\u4e3b\uff0c<br \/>\n2004\u5e74\u767c\u751f\u98b6\u98a8\u4f7f\u5f97\u65c5\u904a\u696d\u53d7\u5230\u56b4\u91cd\u6253\u64ca\uff0c\u7d93\u6fdf\u9677\u5165\u8870\u9000\uff0c\u52a0\u4e0a\u653f\u5e9c\u64f4\u5f35\u7684\u8ca1\u653f\u653f\u7b56\uff0c<br \/>\n\u4f7f\u5f97\u683c\u745e\u90a3\u9054\u7684\u50b5\u52d9\u5927\u589e\uff0c\u6700\u7d42\u7121\u529b\u511f\u9084\u800c\u5ba3\u5e03\u9055\u7d04\u3002<\/p>\n<p><strong>3. \u8ca8\u5e63\u5371\u6a5f<\/strong>\uff1a\u56e0\u5404\u7a2e\u539f\u56e0\uff0c\u5c0e\u81f4\u8ca8\u5e63\u6709\u5927\u5e45\u8cb6\u503c\u98a8\u96aa<\/p>\n<p>\u82e5\u4e00\u500b\u570b\u5bb6\u7d93\u6fdf\u57fa\u790e\u8584\u5f31\u3001\u8ca8\u5e63\u653f\u7b56\u4e0d\u7576\uff0c\u5e38\u6703\u5c0e\u81f4\u5728\u77ed\u671f\u5167\u8ca8\u5e63\u6025\u907d\u8cb6\u503c\uff0c<br \/>\n\u5916\u532f\u5132\u5099\u8fc5\u901f\u6e1b\u5c11\uff0c\u9032\u800c\u7d66\u653f\u5e9c\u5e36\u4f86\u6d41\u52d5\u6027\u7684\u5371\u6a5f\u3002<br \/>\n\u4f8b\u59822003\u5e74\u6642\u5357\u7f8e\u7684\u7d93\u6fdf\u5371\u6a5f\u4f7f\u5f97\u5927\u91cf\u5916\u8cc7\u51fa\u9003\uff0c\u5c0e\u81f4\u70cf\u62c9\u572d\u7684\u8ca8\u5e63\u8fc5\u901f\u8cb6\u503c\uff0c<br \/>\n\u56e0\u70ba\u8ca8\u5e63\u8cb6\u503c\u7684\u95dc\u4fc2\uff0c\u50b5\u52d9\u6c34\u5e73\u5feb\u901f\u6500\u5347\uff0c\u6700\u7d42\u653f\u5e9c\u7121\u529b\u652f\u4ed8\u5230\u671f\u7684\u5927\u898f\u6a21\u5916\u50b5\u800c\u5ba3\u5e03\u9055\u7d04\u3002<\/p>\n<p><strong>4. \u8ca1\u653f\u5371\u6a5f<\/strong>\uff1a\u9577\u671f\u8ca1\u653f\u8d64\u5b57\uff0c\u90a3\u5373\u4f7f\u50b5\u52d9\u4e00\u958b\u59cb\u4e0d\u5927\uff0c\u6700\u7d42\u4e5f\u6703\u6efe\u96ea\u7403\u653e\u5927<\/p>\n<p>\u82e5\u4e00\u570b\u7684\u653f\u5e9c\u8ca1\u653f\u9577\u671f\u8d64\u5b57\uff0c\u653f\u5e9c\u7684\u50b5\u52d9\u4fbf\u6703\u4e0a\u5347\u3002<br \/>\n\u4f8b\u5982\u975e\u6d32\u7684\u5580\u9ea5\u9686\u57282004\u5e74\u7e3d\u7d71\u5927\u9078\u524d\u5f8c\uff0c\u56e0\u9810\u7b97\u5931\u63a7\u5c0e\u81f4\u4e86\u56b4\u91cd\u7684\u8ca1\u653f\u5371\u6a5f\uff0c\u6700\u7d42\u653f\u5e9c\u7121\u529b\u511f\u9084\u90e8\u5206\u570b\u5167\u50b5\u52d9\u800c\u9055\u7d04\u3002<\/p>\n<p><strong>5. \u653f\u6cbb\u5371\u6a5f<\/strong>\uff1a\u6230\u722d\u6216\u653f\u6cbb\u4e0d\u7a69\uff0c\u5bb9\u6613\u5c0e\u81f4\u9055\u7d04\u548c\u8ca8\u5e63\u8cb6\u503c<\/p>\n<p>\u4e00\u500b\u570b\u5bb6\u82e5\u662f\u653f\u5c40\u4e0d\u7a69\uff0c\u5c31\u6108\u5bb9\u6613\u7522\u751f\u653f\u6cbb\u5371\u6a5f\u3002\u5982\u8c61\u7259\u6d77\u5cb8\u662f\u897f\u975e\u91cd\u8981\u7684\u7d93\u6fdf\u5927\u570b\uff0c<br \/>\n\u4f46\u662f\u5176\u57f7\u653f\u9ee8\u806f\u76df\u548c\u53cd\u5c0d\u9ee8\u7684\u885d\u7a81\u975e\u5e38\u5927\uff0c\u5c0e\u81f4\u653f\u9ee8\u9b25\u722d\u53ca\u8ecd\u4e8b\u885d\u7a81\u4e0d\u65b7\u3002<br \/>\n\u8c61\u7259\u6d77\u5cb8\u57282000\u5e74\u53ca2011\u5e74\u7684\u5169\u6b21\u9055\u7d04\u90fd\u662f\u548c\u570b\u5167\u7684\u653f\u6cbb\u8ecd\u4e8b\u9b25\u722d\u6709\u95dc\u3002<\/p>\n<p><strong>6. \u653f\u5e9c\u511f\u50b5\u610f\u9858\uff1a<\/strong>\u9047\u5230\u6bd4\u8f03\u4efb\u6027\u7684\u653f\u5e9c\uff0c\u5f88\u53ef\u80fd\u5c31\u6703\u4e0d\u9084\u50b5<\/p>\n<p>\u9664\u4e86\u4e0a\u8ff0\u56e0\u6c92\u6709\u80fd\u529b\u511f\u50b5\u7684\u56e0\u7d20\u5916\uff0c\u9084\u6709\u4e00\u4e9b\u9055\u7d04\u662f\u7531\u653f\u5e9c\u7684\u511f\u50b5\u610f\u9858\u8584\u5f31\u800c\u5c0e\u81f4\u7684\u3002<br \/>\n\u4f8b\u59822008\u5e74\u5384\u74dc\u591a\u548c2012\u5e74\u8c9d\u91cc\u65af\u7684\u9055\u7d04\uff0c\u90fd\u662f\u653f\u5e9c\u4e0d\u9858\u511f\u9084\u6240\u9020\u6210\u7684\u3002<\/p>\n<h2>\u8fd1\u671f\u767c\u751f\u9055\u7d04\u7684\u570b\u5bb6\u53ca\u5176\u7279\u6027<\/h2>\n<p>\u6839\u64da\u806f\u5408\u8cc7\u4fe1(\u4e00\u5bb6\u77e5\u540d\u8a55\u7d1a\u6a5f\u69cb)\u7684\u7814\u7a76\uff0c1998\u5e74\u81f32017\u5e74\u901920\u5e74\u9593\u5171\u767c\u751f\u904e40\u8d77\u4e3b\u6b0a\u9055\u7d04\u7684\u6848\u4f8b\uff0c<br \/>\n\u5176\u540d\u55ae\u5982\u4e0b\uff0c\u6a19\u8a3b\u7d05\u8272\u4ee3\u8868\u8a72\u570b\u5bb6\u5728\u901920\u5e74\u5167\u767c\u751f2\u6b21(\u542b)\u4ee5\u4e0a\u9055\u7d04\u3002<\/p>\n<p>\u9019\u4e9b\u570b\u5bb6\u5305\u542b\u4e86\u6211\u5011\u5e38\u898b\u7684\u300c\u65b0\u8208\u5e02\u5834\u570b\u5bb6\u300d\uff0c\u5982\u4fc4\u7f85\u65af\u3001\u571f\u8033\u5176\u3001\u963f\u6839\u5ef7\u3001\u5370\u5c3c\u7b49\uff0c<br \/>\n\u4e5f\u5305\u542b\u4e86\u300c\u908a\u5883\u5e02\u5834\u570b\u5bb6\u300d\uff0c\u6cdb\u6307\u958b\u767c\u7a0b\u5ea6\u8f03\u65b0\u8208\u5e02\u5834\u66f4\u4f4e\u3001\u5e02\u503c\u8ddf\u6d41\u52d5\u6027\u4e5f\u76f8\u5c0d\u8f03\u4f4e\u3001\u4f46\u5177\u6709\u672a\u4f86\u6295\u8cc7\u6f5b\u529b\u7684\u570b\u5bb6\uff0c\u5982\u8c61\u7259\u6d77\u5cb8\u3001\u70cf\u514b\u862d\u3001\u7259\u8cb7\u52a0\u3001\u5384\u74dc\u591a\u7b49\u7b49\uff0c<br \/>\n\u66f4\u6709\u4e00\u4e9b\u5c0f\u570b\u56e0\u7d93\u6fdf\u9ad4\u592a\u5c0f\u6c92\u6709\u88ab\u5217\u5165\u5206\u985e\u4e2d\uff0c\u5c6c\u65bc\u6bd4\u65b0\u8208\u5e02\u5834\u66f4\u5c0f\u3001\u66f4\u4e0d\u7a69\u5b9a\u7684\u5e02\u5834\u3002<\/p>\n<p>\u7531\u65bc\u5404\u570b\u5c0d\u65bc\u65b0\u8208\u5e02\u5834\u3001\u908a\u5883\u5e02\u5834(Edge Market)\u570b\u5bb6\u7684\u5b9a\u7fa9\u4e0d\u4e00\u81f4\uff0c\u6545\u4ee5\u4e0b\u4e0d\u505a\u5206\u985e\uff0c\u50c5\u63a2\u8a0e\u767c\u751f\u9055\u7d04\u7684\u570b\u5bb6\u53ca\u5176\u7279\u6027\u3002<\/p>\n<p><strong>\u8fd1\u671f\u767c\u751f\u9055\u7d04\u7684\u570b\u5bb6\uff1a<\/strong><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-14194\" src=/index.html"https:\/\/\/wp-content\/uploads\/20200823162757_15.jpg\" alt=\"\u65b0\u8208\u5e02\u5834\u50b5\u9055\u7d04\u7684\u570b\u5bb6\u53ca\u5176\u7279\u6027\" width=\"601\" height=\"907\" srcset=\"https:\/\/\/wp-content\/uploads\/20200823162757_15.jpg 1039w, https:\/\/\/wp-content\/uploads\/20200823162757_15-1017x1536.jpg 1017w\" sizes=\"(max-width: 601px) 100vw, 601px\" \/><\/p>\n<h3>\u4e3b\u6b0a\u9055\u7d04\u7684\u570b\u5bb6\u53ef\u80fd\u539f\u56e0<\/h3>\n<p>\u5f9e\u4ee5\u4e0a\u8cc7\u6599\u4f86\u770b\uff0c\u6211\u5011\u53ef\u4ee5\u6b78\u7d0d\u51fa\u4e3b\u6b0a\u9055\u7d04\u7684\u570b\u5bb6\u5177\u6709\u4ee5\u4e0b\u7279\u9ede\uff1a<\/p>\n<p><strong>1. \u7d2f\u72af\u6a5f\u7387\u9ad8<\/strong>\uff1a<\/p>\n<p>\u901940\u8d77\u9055\u7d04\u5171\u6db5\u84cb\u4e8624\u500b\u570b\u5bb6\uff0c\u5176\u4e2d\u670911\u500b\u570b\u5bb6\u572820\u5e74\u4e2d\u9055\u7d04\u8d85\u904e2\u6b21\uff0c\u7d2f\u72af\u4f54\u6bd4\u9ad8\u905446%\u3002<br \/>\n\u56e0\u70ba\u66fe\u7d93\u9055\u7d04\u904e\u7684\u570b\u5bb6\uff0c\u56e0\u70ba\u5931\u53bb\u4e86\u4fe1\u7528\uff0c\u518d\u767c\u884c\u50b5\u5238\u6240\u9700\u8981\u7684\u6b96\u5229\u7387\u5c31\u975e\u5e38\u9ad8\uff0c<br \/>\n\u9020\u6210\u50b5\u52d9\u8ca0\u64d4\u6c89\u91cd\uff0c\u589e\u52a0\u9055\u7d04\u6a5f\u7387\u3002\u9019\u4e9b\u570b\u5bb6\u50b5\u5238\u6b96\u5229\u738710%\u4ee5\u4e0a\u662f\u5e38\u898b\u7684\u4e8b\uff0c2017\u5e74\u59d4\u5167\u745e\u62c9\u7d93\u6fdf\u5d29\u6f70\u6642\uff0c\u77ed\u671f\u516c\u50b5\u6b96\u5229\u7387\u751a\u81f3\u98c6\u7834100%\u3002<\/p>\n<p>\u5982\u679c\u4f60\u8cb7\u7684\u57fa\u91d1\u6216ETF\uff0c\u88e1\u9762\u6301\u6709\u9019\u4e9b\u570b\u5bb6\u7684\u50b5\u5238\uff0c\u90a3\u5f88\u53ef\u80fd\u5c31\u662f\u62d6\u7d2f\u6574\u9ad4\u6210\u6548\u7684\u539f\u56e0\u3002\u4e0d\u662f\u4e0d\u7206\uff0c\u6642\u5019\u672a\u5230\u3002<\/p>\n<p><strong>2. \u96c6\u4e2d\u5728\u62c9\u4e01\u7f8e\u6d32<\/strong>\uff1a<\/p>\n<p>40\u8d77\u9055\u7d04\u4e2d\u5171\u670922\u8d77\u767c\u751f\u5728\u62c9\u4e01\u7f8e\u6d32\uff0c\u4f54\u6bd4\u9ad8\u905455%\u3002<\/p>\n<p>\u770b\u5230\u62c9\u4e01\u7f8e\u6d32\u70ba\u4e3b\u984c\u7684\u50b5\u5238\uff0c\u4e5f\u8981\u5c0f\u5fc3\u3002<\/p>\n<p><strong>3. \u5177\u9023\u52d5\u6027<\/strong>\uff1a<\/p>\n<p>\u7531\u65bc\u5168\u7403\u7684\u7d93\u6fdf\u8cbf\u6613\u5df2\u9023\u70ba\u4e00\u9ad4\uff0c\u82e5\u4e00\u570b\u767c\u751f\u50b5\u52d9\u5371\u6a5f\u4e5f\u6050\u6ce2\u53ca\u4ed6\u570b\uff0c<br \/>\n\u4f8b\u5982\u5e0c\u81d8\u767c\u751f\u50b5\u52d9\u5371\u6a5f\u5f8c\uff0c\u8cfd\u666e\u52d2\u65af\u56e0\u64c1\u6709\u5927\u91cf\u7684\u5e0c\u81d8\u570b\u50b5\uff0c\u4e5f\u5c0e\u81f4\u5176\u9055\u7d04\u3002<\/p>\n<p><strong>4. \u591a\u6578\u7d93\u6fdf\u91cf\u9ad4\u5c0f\uff0c\u767c\u5c55\u7a0b\u5ea6\u4e0d\u9ad8<\/strong>\uff1a<\/p>\n<p>\u9664\u4e86\u4fc4\u7f85\u65af\u53ca\u963f\u6839\u5ef7\u5916\uff0c\u767c\u751f\u4e3b\u6b0a\u9055\u7d04\u7684\u570b\u5bb6\u666e\u904d\u7d93\u6fdf\u91cf\u9ad4\u5c0f\uff0c<br \/>\n70%\u7684\u570b\u5bb6\u4eba\u5747GDP\u57285000\u7f8e\u5143\u4ee5\u4e0b\u3002<\/p>\n<p><strong>5. \u653f\u5e9c\u8ca0\u50b5\u6c89\u91cd<\/strong>\uff1a<\/p>\n<p>\u5927\u591a\u6578\u7684\u9055\u7d04\u570b\u5bb6\u7684\u50b5\u52d9\u90fd\u662f\u8f03\u70ba\u6c89\u91cd\uff0c40\u8d77\u9055\u7d04\u4e2d\uff0c65%\u4ee5\u4e0a\u5728\u9055\u7d04\u524d\u4e00\u5e74\u653f\u5e9c\u7684\u50b5\u52d9\u6c34\u5e73\u9ad8\u65bc60%\u7684\u570b\u969b\u8b66\u6212\u7dda\uff0c<br \/>\n\u5176\u4e2d\u8fd130%\u7684\u50b5\u52d9\u6c34\u5e73\u8d85\u904e100%\uff0c\u5e0c\u81d8\u662f\u653f\u5e9c\u50b5\u52d9\u8ca0\u64d4\u6700\u91cd\u7684\u570b\u5bb6\uff0c\u9055\u7d04\u524d\u4e00\u5e74\u653f\u5e9c\u50b5\u52d9\u6c34\u5e73\u9ad8\u9054172.1%\u3002<\/p>\n<p><strong>\u5fc5\u9808\u63d0\u9192\u7684\u662f\uff0c\u4ee5\u4e0a\u7684\u300c\u9055\u7d04\u300d\u4e26\u4e0d\u5b8c\u5168\u662f\u6307\u9019\u4e9b\u570b\u5bb6\u5b8c\u5168\u4e0d\u6e05\u511f\u50b5\u52d9<\/strong><\/p>\n<p>\u6839\u64da\u806f\u5408\u8cc7\u4fe1\u7684\u9055\u7d04\u5b9a\u7fa9\u6709\u4ee5\u4e0b3\u7a2e\u72c0\u6cc1\uff1a<\/p>\n<ol>\n<li><span style=\"font-size: 16px;\">\u50b5\u52d9\u4eba\u672a\u80fd\u6309\u7167\u5408\u7d04\u53ca\u6642\u652f\u4ed8\u50b5\u5238\u672c\u91d1\u6216\u5229\u606f\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u50b5\u52d9\u4eba\u7533\u8acb\u7834\u7522\u6216\u9032\u5165\u7834\u7522\u6e05\u7b97\u7a0b\u5e8f\uff0c\u88ab\u63a5\u7ba1\u3001\u505c\u696d\u6216\u95dc\u9589\uff0c\u4e0d\u80fd\u6e05\u511f\u5230\u671f\u50b5\u52d9\u4e14\u8cc7\u7522\u4e0d\u8db3\u4ee5\u6e05\u511f\u5168\u90e8\u50b5\u52d9\uff0c\u660e\u986f\u7f3a\u4e4f\u6e05\u511f\u80fd\u529b\u6216\u66f8\u9762\u627f\u8a8d\u7121\u529b\u511f\u9084\u5230\u671f\u50b5\u52d9\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u50b5\u52d9\u4eba\u9032\u884c\u50b5\u52d9\u91cd\u7d44\u4e14\u5176\u4e2d\u50b5\u6b0a\u4eba\u505a\u51fa\u8b93\u6b65\u6216\u50b5\u52d9\u91cd\u7d44\u5177\u6709\u660e\u986f\u7684\u5e6b\u52a9\u50b5\u52d9\u4eba\u907f\u514d\u50b5\u5238\u9055\u7d04\u7684\u610f\u5716\uff0c\u50b5\u6b0a\u4eba\u505a\u51fa\u8b93\u6b65\u7684\u60c5\u5f62\u5305\u62ec\u50b5\u6b0a\u4eba\u6e1b\u514d\u90e8\u5206\u50b5\u52d9\u672c\u91d1\u6216\u5229\u606f\u3001\u964d\u4f4e\u50b5\u52d9\u5229\u7387\u3001\u5ef6\u9577\u50b5\u52d9\u671f\u9650\u3001\u50b5\u8f49\u80a1\u7b49\u60c5\u6cc1\u3002<\/span><\/li>\n<\/ol>\n<p>\u4f8b\u5982\u963f\u6839\u5ef7\u57282001\u5e74\u7684\u50b5\u52d9\u9055\u7d04\u91d1\u984d\u9ad8\u9054800\u591a\u5104\u7f8e\u5143\uff0c\u9055\u7d04\u5f8c\u9032\u884c\u50b5\u52d9\u91cd\u7d44\uff0c<br \/>\n\u62cb\u51fa\u50c5\u76f8\u7576\u65bc\u6b20\u50b5\u768425%~35%\u7684\u9762\u503c\u767c\u884c\u65b0\u50b5\u4f86\u511f\u9084\u820a\u50b5\uff0c<br \/>\n\u76f8\u7576\u65bc\u50b5\u6b0a\u4eba\u6bcf\u6295\u8cc7100\u7f8e\u5143\u53ef\u4ee5\u62ff\u56de\u7d0430\u7f8e\u5143\uff0c<br \/>\n\u50b5\u52d9\u9055\u7d04\u6700\u7d42\u662f\u900f\u904e\u50b5\u52d9\u6e1b\u514d\u8ddf\u5ef6\u9577\u5229\u606f\u652f\u4ed8\u4f86\u89e3\u6c7a\uff0c\u4f46\u5c0d\u6295\u8cc7\u4eba\u4f86\u8aaa\u4ecd\u662f\u76f8\u7576\u5927\u7684\u640d\u5931\u3002<\/p>\n<p>\u95dc\u65bc\u9055\u7d04\u7d30\u7bc0\uff0c\u53ef\u4ee5\u95b1\u8b80\uff1a<a href=/index.html"https:\/\/\/bond-effect-5\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u4e86\u89e3\u9055\u7d04\u7387\u8207\u56de\u6536\u7387(Recover Rate)<\/a><\/p>\n<h2>\u5feb\u901f\u91cd\u9ede\u6574\u7406\uff1a\u6295\u8cc7\u65b0\u8208\u5e02\u5834\u50b5\u5b89\u5168\u55ce\uff1f<\/h2>\n<ol>\n<li><span style=\"font-size: 16px;\">\u65b0\u8208\u5e02\u5834\u50b5\u6307\u7684\u662f\u767c\u5c55\u4e2d\u570b\u5bb6\u767c\u884c\u7684\u300c\u516c\u50b5\u300d\u6216\u300c\u516c\u53f8\u50b5\u300d\uff0c\u56e0\u70ba\u627f\u64d4\u4e86\u958b\u767c\u4e2d\u570b\u5bb6\u8f03\u9ad8\u7684\u9055\u7d04\u98a8\u96aa\uff0c\u56e0\u6b64\u53ef\u4ee5\u7372\u5f97\u8f03\u9ad8\u7684\u5831\u916c\uff0c\u5176\u6ce2\u52d5\u5e45\u5ea6\u5927\uff0c\u6027\u8cea\u8ddf\u80a1\u7968\u6bd4\u8f03\u63a5\u8fd1\uff0c\u56e0\u6b64\u4e0d\u9069\u5408\u8ffd\u6c42\u4fdd\u672c\u6216\u4f4e\u98a8\u96aa\u7684\u6295\u8cc7\u4eba\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u65b0\u8208\u5e02\u5834\u50b5\u6700\u5927\u7684\u98a8\u96aa\u4e4b\u4e00\u662f\u4e3b\u6b0a\u9055\u7d04\uff0c\u56e0\u6b64\u57fa\u91d1\u7d93\u7406\u4eba\u6311\u9078\u6a19\u7684\u7684\u80fd\u529b\u5f88\u91cd\u8981\uff0c\u8cb7\u57fa\u91d1\u6216ETF\u4e5f\u8981\u95dc\u6ce8\u5176\u6295\u8cc7\u7684\u570b\u5bb6\uff0c\u4e0d\u8981\u770b\u5230\u57fa\u91d1\u540d\u7a31\u6709\u300c\u65b0\u8208\u5e02\u5834\u300d\u5c31\u8cb7\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u4e3b\u6b0a\u9055\u7d04\u96c6\u4e2d\u5728\u62c9\u4e01\u7f8e\u6d32\u53ca\u767c\u5c55\u8f03\u843d\u5f8c\u7684\u570b\u5bb6\uff0c\u53ea\u8981\u767c\u751f\u904e\u4e00\u6b21\u9055\u7d04\uff0c\u5f8c\u7e8c\u7d2f\u72af\u6a5f\u7387\u9ad8\uff0c\u5224\u65b7\u8a72\u570b\u5bb6\u7684\u4fe1\u7528\u98a8\u96aa\u53ef\u4ee5\u5f9e\u5176\u904e\u53bb\u7684\u9055\u7d04\u7d00\u9304\u3001\u76ee\u524d\u7684\u50b5\u52d9\u6c34\u5e73\u53ca\u7d93\u6fdf\u6578\u64da\u4f86\u770b\uff0c\u8ca0\u50b5\u6108\u6c89\u91cd\uff0c\u9055\u7d04\u6a5f\u7387\u6108\u9ad8\uff0c\u7576\u7d93\u6fdf\u6578\u64da\u6025\u901f\u60e1\u5316\u6642\uff0c\u5c31\u5fc5\u9808\u683c\u5916\u6ce8\u610f\u3002<\/span><\/li>\n<\/ol>\n<p>\u95dc\u65bc\u50b5\u5238\u5b89\u5168\u6027\uff0c\u4ee5\u4e0b\u5169\u7bc7\u6587\u7ae0\u4e5f\u53ef\u4ee5\u95b1\u8b80\uff1a<\/p>\n<p>1. <a href=/index.html"https:\/\/\/what-credit-rating-3\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u4ec0\u9ebc\u662f\u50b5\u5238\u4fe1\u8a55\uff1f<\/a><\/p>\n<p>2. <a href=/index.html"https:\/\/\/bond-default-rate-count\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u50b5\u5238\u4fe1\u8a55\u8207\u9055\u7d04\u7387\u6b77\u53f2\u6578\u64da\u6574\u7406<\/a><\/p>\n<p>\u81f3\u65bc\u65b0\u8208\u5e02\u5834\u7684\u6295\u8cc7\u6a19\u7684\uff0c\u53ef\u95b1\u8b80\uff1a<\/p>\n<p>1. <a href=/index.html"https:\/\/\/emerging-market-bonds-1\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u65b0\u8208\u5e02\u5834\u50b5\u5238ETF\u548c\u57fa\u91d1\u600e\u9ebc\u8cb7\uff1f<\/a><\/p>\n\n<p>\u66f4\u591a\u50b5\u5238\u6295\u8cc7\u5165\u9580\u6559\u5b78\u8cc7\u8a0a\uff1a<\/p>\n<p>1.\u00a0<a href=/index.html"https:\/\/\/what-bond-etf\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u4ec0\u9ebc\u662f\u50b5\u5238\u578bETF\uff1f<\/a><\/p>\n<p>2.\u00a0<a href=/index.html"https:\/\/\/fund-bond-3\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u4ec0\u9ebc\u662f\u50b5\u5238\u578b\u57fa\u91d1\uff1f<\/a><\/p>\n<p>3.\u00a0<a href=/index.html"https:\/\/\/bond-etf-treasuries-5\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u8a8d\u8b585\u6a94\u7f8e\u570b\u516c\u50b5ETF<\/a><\/p>\n<p>4.\u00a0<a href=/index.html"https:\/\/\/how-asset-allocation-1\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u8a8d\u8b58\u8cc7\u7522\u914d\u7f6e\u89c0\u5ff5<\/a><\/p>\n\u5c08\u6b04\u4f5c\u8005\uff1a\u725f\u5747\u4fde\u3000\u4e3b\u7de8\uff1a\u5e02\u5834\u5148\u751f\n<p><strong><span style=\"font-size: 20px;\">\u52a0\u5165\u5e02\u5834\u5148\u751fFB\u793e\u5718\uff0c\u5145\u5be6\u66f4\u591a\u7406\u8ca1\u597d\u77e5\u8b58<\/span><\/strong><\/p>\r\n<p>50\u6b72\u4e4b\u524d\u60f3\u9000\u4f11\u4e00\u5b9a\u8981\u61c2\u7406\u8ca1\uff0c<br \/>\u89e3\u6c7a\u6295\u8cc7\u7684\u7169\u60f1\uff01<\/p>\r\n<p><a href=/index.html"https:\/\/bit.ly\/2NTBOAv\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\"><img decoding=\"async\" class=\"alignnone size-full wp-image-7106\" src=/index.html"https:\/\/\/wp-content\/uploads\/20190824195036_69.gif\" alt=\"\" width=\"687\" height=\"243\" \/><\/a><\/p>\r\n<p>\u6700\u8fd1\u5e02\u5834\u5148\u751f\u958b\u4e86\u4e00\u5802\u7684\u300c<strong>\u7528\u7f8e\u80a1ETF\u5275\u9020\u7a69\u5b9a\u73fe\u91d1\u6d41<\/strong>\u300d\u6559\u5b78\u8ab2\u7a0b\uff0c<br \/>\u9019\u5802\u8ab2\u7a0b\u6703\u5f9e\u57fa\u790e\u5165\u9580\u3001\u8cc7\u6599\u67e5\u8a62\u5230\u5be6\u969b\u64cd\u4f5c\uff0c<br \/>\u6559\u4f60\u5b78\u6703\u5efa\u7acb\u4e00\u500b\u7a69\u5b9a\u7684\u5168\u7403ETF\u6295\u8cc7\u7d44\u5408\uff0c\u76ee\u524d\u7d2f\u7a4d\u5df2\u7d93\u6709\u5c07\u8fd11100\u4f4d\u540c\u5b78\u4e0a\u8ab2\u3002<\/p>\r\n<p>\u7dda\u4e0a\u8ab2\u7a0b\u300b<a href=/index.html"http:\/\/bit.ly\/2FV3hPc\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\">\u7f8e\u80a1ETF\u5275\u9020\u7a69\u5b9a\u73fe\u91d1\u6d41\u7dda\u4e0a\u8ab2\u7a0b\u9023\u7d50<\/a><\/p>\n<p><br \/><strong><span style=\"color: #ff0000;\">\u5982\u679c\u89ba\u5f97\u9019\u7bc7\u6587\u7ae0\u6709\u5e6b\u52a9\uff0c<\/span><\/strong><br \/><strong><span style=\"color: #ff0000;\">\u5e6b\u6211\u6309\u500b\u8b9a\uff0c\u5206\u4eab\u7d66\u66f4\u591a\u4eba\u770b\u5230\uff0c\u8b1d\u8b1d\uff01<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u65b0\u8208\u5e02\u5834\u50b5(Emerging market bond, \u4e5f\u7c21\u7a31EM bond)\uff0c \u6307\u7684\u662f\u767c\u5c55\u4e2d\u570b\u5bb6\u767c\u884c\u7684\u300c\u516c\u50b5 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":14192,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"no","footnotes":""},"categories":[298],"tags":[841],"table_tags":[],"modified_by":"Leon","jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/\/wp-content\/uploads\/20200823162028_23.jpg","jetpack-related-posts":[{"id":63876,"url":"https:\/\/\/local-currency-em-bond-vs-hard-currency-em-bond\/","url_meta":{"origin":14191,"position":0},"title":"\u65b0\u8208\u5e02\u5834\u50b5\u5238\uff1a\u7576\u5730\u8a08\u50f9\u548c\u7f8e\u5143\u8a08\u50f9\u6709\u4f55\u4e0d\u540c\uff1f\u6295\u8cc7\u6709\u4ec0\u9ebc\u98a8\u96aa\uff1f","author":"Sammi","date":"2023-12-28","format":false,"excerpt":"\u6839\u64da\u570b\u969b\u6e05\u7b97\u9280\u884c (BIS) \u7684\u6578\u64da\uff0c\u76ee\u524d\u65b0\u8208\u5e02\u5834\u50b5\u5238\u7684\u767c\u884c\u91cf\u5df2\u8d85\u904e 35 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