{"id":44148,"date":"2022-12-06T11:18:08","date_gmt":"2022-12-06T03:18:08","guid":{"rendered":"https:\/\/\/?p=44148"},"modified":"2023-09-19T10:51:01","modified_gmt":"2023-09-19T02:51:01","slug":"what-is-venture-capital","status":"publish","type":"post","link":"https:\/\/\/what-is-venture-capital\/","title":{"rendered":"\u5275\u6295\u57fa\u91d1\u662f\u4ec0\u9ebc\uff1f\u5982\u4f55\u904b\u4f5c\uff1f\u5168\u7403\u5275\u6295\u57fa\u91d1\u6392\u540d TOP 10"},"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-44149\" src=/index.html"https:\/\/\/wp-content\/uploads\/20221121100209_30.jpg\" alt=\"\u5275\u6295\u57fa\u91d1\" width=\"1557\" height=\"815\" 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href=/index.html"https:\/\/\/what-is-venture-capital\/#%E5%85%A8%E7%90%83%E5%89%B5%E6%8A%95%E5%9F%BA%E9%87%91%E6%8E%92%E5%90%8D_TOP_10\" title=\"\u5168\u7403\u5275\u6295\u57fa\u91d1\u6392\u540d TOP 10\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5168\u7403\u5275\u6295\u57fa\u91d1\u6392\u540d TOP 10<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=/index.html"https:\/\/\/what-is-venture-capital\/#%E5%89%B5%E6%8A%95%E5%9F%BA%E9%87%91%E7%9A%84%E5%A0%B1%E9%85%AC%E7%8E%87\" title=\"\u5275\u6295\u57fa\u91d1\u7684\u5831\u916c\u7387\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5275\u6295\u57fa\u91d1\u7684\u5831\u916c\u7387<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" 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href=/index.html"https:\/\/\/what-is-venture-capital\/#%E5%BF%AB%E9%80%9F%E7%B8%BD%E7%B5%90%EF%BC%9A%E4%BB%80%E9%BA%BC%E6%98%AF%E5%89%B5%E6%8A%95%E5%9F%BA%E9%87%91\" title=\"\u5feb\u901f\u7e3d\u7d50\uff1a\u4ec0\u9ebc\u662f\u5275\u6295\u57fa\u91d1\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5feb\u901f\u7e3d\u7d50\uff1a\u4ec0\u9ebc\u662f\u5275\u6295\u57fa\u91d1<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"%E5%89%B5%E6%8A%95%E5%9F%BA%E9%87%91%E6%98%AF%E4%BB%80%E9%BA%BC%EF%BC%9F\"><\/span>\u5275\u6295\u57fa\u91d1\u662f\u4ec0\u9ebc\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u5275\u6295\u57fa\u91d1\u7684\u5168\u540d\u662f<strong>\u5275\u696d\u6295\u8cc7\u57fa\u91d1\uff08\u82f1\u6587Venture Capital, \u7c21\u7a31VC\uff09<\/strong>\uff0c\u662f\u5c08\u9580\u6295\u8cc7\u65b0\u5275\u516c\u53f8\u6216\u672a\u4e0a\u5e02\u516c\u53f8\u7684<a href=/index.html"https:\/\/\/publicly-offered-fund-private\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u79c1\u52df\u57fa\u91d1<\/a>\u3002<\/p>\n<p>\u6240\u8b02\u7684\u79c1\u52df\u57fa\u91d1\uff0c\u662f\u5411\u7279\u5b9a\u6295\u8cc7\u4eba\u79c1\u4e0b\u52df\u96c6\u8cc7\u91d1\u4f86\u6295\u8cc7\u7279\u5b9a\u6a19\u7684\uff0c\u8cc7\u91d1\u9580\u6abb\u9ad8\uff0c\u901a\u5e38\u662f\u7d66\u9ad8\u8cc7\u7522\u4eba\u58eb\u6216\u6a5f\u69cb\u6cd5\u4eba\u624d\u80fd\u8a8d\u8cfc\u3002<\/p>\n<p>\u6240\u4ee5\u7c21\u55ae\u4f86\u8aaa\uff0c\u5275\u6295\u57fa\u91d1\u5c31\u662f\u79c1\u4e0b\u8ddf\u9ad8\u8cc7\u7522\u6295\u8cc7\u4eba\u52df\u96c6\u8cc7\u91d1\u5f8c\uff0c\u7528\u4f86\u6295\u8cc7\u65b0\u5275\u6216\u672a\u4e0a\u5e02\u516c\u53f8\uff0c\u671f\u5f85\u5728\u9019\u4e9b\u516c\u53f8\u4e0a\u5e02\u6216\u88ab\u6536\u8cfc\u5f8c\u80fd\u7372\u5f97\u8c50\u539a\u7684\u5831\u916c\u3002<\/p>\n<p>\u5275\u6295\u57fa\u91d1\u7684\u6d41\u52d5\u6027\u975e\u5e38\u4f4e\uff0c\u98a8\u96aa\u6027\u6bd4\u4e00\u822c\u7684\u57fa\u91d1\u9ad8\u51fa\u5f88\u591a\uff0c\u5728\u6295\u8cc7\u7684\u8cc7\u7522\u5c6c\u6027\u4e0a\u548c\u50b3\u7d71\u8cc7\u7522\u4e0d\u540c\uff0c\u6b78\u985e\u5728<a href=/index.html"https:\/\/\/what-is-alternative-investment\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u53e6\u985e\u8cc7\u7522<\/a>\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E5%89%B5%E6%8A%95%E5%9F%BA%E9%87%91%E5%A6%82%E4%BD%95%E9%81%8B%E4%BD%9C%EF%BC%9F\"><\/span>\u5275\u6295\u57fa\u91d1\u5982\u4f55\u904b\u4f5c\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u5275\u6295\u57fa\u91d1\u7684\u5718\u968a\u901a\u5e38\u662f\u7531\u5177\u5099\u8ca1\u52d9\u3001\u71df\u904b\u3001\u6280\u8853\u3001\u884c\u92b7\u7b49\u5404\u65b9\u9762\u5c08\u696d\u77e5\u8b58\u7684\u5718\u968a\u7d44\u6210\u3002<\/p>\n<p>\u4ed6\u5011\u4e0d\u4f46\u8981\u6709\u7cbe\u6e96\u7684\u773c\u5149\u627e\u51fa\u6709\u6f5b\u529b\u7684\u6295\u8cc7\u6a19\u7684\uff0c\u5728\u6295\u8cc7\u5f8c\u591a\u6578\u9084\u6703\u63d0\u4f9b\u71df\u904b\u4e0a\u7684\u5354\u52a9\uff0c\u5e0c\u671b\u80fd\u52a0\u901f\u9019\u4e9b\u516c\u53f8\u7684\u767c\u5c55\u3002<\/p>\n<p>\u5728\u627e\u51fa\u6709\u6f5b\u529b\u7684\u65b0\u5275\u516c\u53f8\u5f8c\uff0c\u5275\u6295\u57fa\u91d1\u4e00\u822c\u6703\u6295\u5165\u8cc7\u91d1\u6216\u63d0\u4f9b\u6280\u8853\uff0c\u4ee5\u7372\u5f97\u4e00\u5b9a\u7684\u80a1\u6b0a\uff0c\u800c\u4e14\u5927\u591a\u9084\u6703\u4ecb\u5165\u71df\u904b\uff0c<strong>\u6700\u7d42\u76ee\u7684\u5e0c\u671b\u9019\u4e9b\u516c\u53f8\u80fd\u5920\u516c\u958b\u4e0a\u5e02\uff08IPO\uff09\u6216\u662f\u88ab\u5176\u4ed6\u516c\u53f8\u6536\u8cfc\u5f8c\u53ef\u4ee5\u7372\u5229\u300c\u9000\u5834\u300d<\/strong>\uff0c\u9019\u500b\u904e\u7a0b\u901a\u5e38\u9700\u8981\u6578\u5e74\u751a\u81f3\u66f4\u9577\u7684\u6642\u9593\u3002<\/p>\n<p>\u65b0\u5275\u4f01\u696d\u56e0\u70ba\u9084\u5728\u767c\u5c55\u521d\u671f\uff0c\u901a\u5e38\u5177\u6709\u5de8\u5927\u7684\u6210\u9577\u6f5b\u529b\uff0c\u4f46\u4e5f\u4f34\u96a8\u8457\u6975\u9ad8\u7684\u98a8\u96aa\u3002<\/p>\n<p>\u5982\u679c\u6709\u6210\u529f\u9054\u5230\u9000\u5834\u7684\u76ee\u6a19\uff0c\u5275\u6295\u7684\u7372\u5229\u901a\u5e38\u662f\u6578\u500d\u751a\u81f3\u6578\u5341\u500d\u3002\u4f46\u4e5f\u6709\u66f4\u591a\u6642\u5019\u6295\u8cc7\u662f\u8ce0\u9322\u51fa\u5834\uff0c\u6216\u751a\u81f3\u662f\u8840\u672c\u7121\u6b78\u3002<\/p>\n<p>\u5275\u6295\u57fa\u91d1\u4e3b\u8981\u9760\u9019\u4e9b\u6210\u529f\u9000\u5834\u7684\u6295\u8cc7\u8cfa\u9322\uff0c\u4e00\u500b\u6210\u529f\u6848\u5b50\u7684\u7372\u5229\u5c31\u53ef\u4ee5\u5f4c\u88dc\u6578\u500b\u4e0d\u6210\u529f\u6848\u5b50\u7684\u640d\u5931\u3002<\/p>\n<p>\u53ea\u8981\u52a0\u7e3d\u8d77\u4f86\u7684\u7372\u5229\u5927\u65bc0\uff0c\u5275\u6295\u57fa\u91d1\u5c31\u80fd\u8cfa\u9322\u3002\u6240\u4ee5\u5275\u6295\u57fa\u91d1\u5728\u6295\u8cc7\u6642\uff0c\u6703\u60f3\u8fa6\u6cd5\u63d0\u9ad8\u6848\u5b50\u7684\u300c\u52dd\u7387\u300d\u53ca\u300c\u7372\u5229\u7387\u300d\uff0c\u63db\u53e5\u8a71\u8aaa\u5275\u6295\u57fa\u91d1\u662f\u7528<a href=/index.html"https:\/\/\/positive-negative-expected-value-thinking-2023\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u671f\u671b\u503c<\/a>\u601d\u8003\u8a55\u4f30\u6295\u8cc7\uff0c\u800c\u4e0d\u662f\u55ae\u7d14\u8003\u616e\u6a5f\u7387\u3002<\/p>\n<p>\u54c8\u4f5b\u5546\u5b78\u9662\u6559\u6388Georges Doriots\u88ab\u7a31\u4f5c\u662f\u300c\u5275\u6295\u4e4b\u7236\u300d\uff0c\u4ed6\u57281946\u5e74\u5275\u8fa6\u4e86\u7f8e\u570b\u7814\u767c\u516c\u53f8\uff08ARD\uff09\uff0c\u4e26\u52df\u96c6\u4e86350\u842c\u7f8e\u5143\u7684\u57fa\u91d1\uff0c\u7528\u65bc\u6295\u8cc7\u4e8c\u6230\u671f\u9593\u958b\u767c\u6280\u8853\u7684\u516c\u53f8\u3002\u4ed6\u7684\u7b2c\u4e00\u7b46\u6295\u8cc7\u662f\u4e00\u5bb6\u4f7f\u7528X\u5c04\u7dda\u6280\u8853\u6cbb\u7642\u764c\u75c7\u7684\u516c\u53f8\uff0c\u5f8c\u4f86\u9019\u5bb6\u516c\u53f8\u57281955\u5e74\u4e0a\u5e02\uff0cDoriots\u6295\u8cc7\u7684\u91d1\u984d\u7ffb\u4e869\u500d\uff0c\u5f9e20\u842c\u7f8e\u5143\u8b8a\u6210\u4e86180\u842c\u7f8e\u5143\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E5%89%B5%E6%8A%95%E7%9A%84%E5%90%88%E5%A4%A5%E4%BA%BA%E5%88%B6%E5%BA%A6\"><\/span>\u5275\u6295\u7684\u5408\u5925\u4eba\u5236\u5ea6<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-44152\" src=/index.html"https:\/\/\/wp-content\/uploads\/20221121100823_20.jpg\" alt=\"\u5275\u6295\u7684\u5408\u5925\u4eba\u5236\u5ea6\" width=\"1557\" height=\"815\" srcset=\"https:\/\/\/wp-content\/uploads\/20221121100823_20.jpg 1557w, https:\/\/\/wp-content\/uploads\/20221121100823_20-1536x804.jpg 1536w\" sizes=\"(max-width: 1557px) 100vw, 1557px\" \/><\/p>\n<p>\u5275\u6295\u901a\u5e38\u662f\u63a1\u7528\u5408\u5925\u4eba\u5236\u5ea6\uff0c\u4e3b\u8981\u5305\u542b2\u7a2e\u5408\u5925\u4eba\u3002<\/p>\n<ul>\n<li><strong>\u666e\u901a\u5408\u5925\u4eba\uff08General Partners, \u7c21\u7a31GP\uff09<\/strong>\uff1a\u4e3b\u8981\u8ca0\u8cac\u7ba1\u7406\u5275\u6295\u57fa\u91d1\u3002<\/li>\n<li><strong>\u6709\u9650\u5408\u5925\u4eba\uff08Limited Partners, \u7c21\u7a31LP\uff09<\/strong>\uff1a\u4e3b\u8981\u8ca0\u8cac\u63d0\u4f9b\u8cc7\u91d1\uff0c\u53ef\u80fd\u6709\u591a\u4f4dLP\u3002<\/li>\n<\/ul>\n<p>\u5275\u6295\u7684GP\u5f9eLP\u90a3\u908a\u62ff\u5230\u8cc7\u91d1\u5f8c\uff0c\u6703\u628a\u9019\u4e9b\u9322\u62ff\u53bb\u6295\u8cc7\u5408\u9069\u7684\u6a19\u7684\uff0c\u7136\u5f8c<strong>\u6bcf\u5e74\u6536\u53d6\u6295\u8cc7\u91d1\u984d\u76842%\u5de6\u53f3\u505a\u70ba\u7ba1\u7406\u8cbb<\/strong>\u3002<\/p>\n<p>\u5728\u5206\u914d\u5229\u6f64\u6642\uff0c\u5275\u6295\u57fa\u91d1\u901a\u5e38\u6703<strong>\u8a2d\u5b9a\u5e74\u5316\u5831\u916c\u73875%~10%\u7684\u300c\u512a\u5148\u5831\u916c\u7387\u300d\u7d66LP<\/strong>\u3002<\/p>\n<p>\u4e5f\u5c31\u662f\u8aaa\uff0c\u7576\u5275\u6295\u57fa\u91d1\u5b58\u7e8c\u671f\u9593\u5230\u671f\u7684\u6642\u5019\uff0c\u6703\u8655\u5206\u76f8\u95dc\u8cc7\u7522\uff0c\u7136\u5f8c<strong>\u512a\u5148\u8b93LP\u53d6\u5f97\u300c\u5168\u90e8\u6295\u8cc7\u984d\uff0b\u512a\u5148\u5831\u916c\u7387\u300d\u7684\u56de\u5831<\/strong>\u3002<\/p>\n<p><strong>\u5982\u679c\u9084\u6709\u5269\u9918\u7684\u5229\u6f64\uff0c\u901a\u5e38\u5247\u6703\u4f9d80% \/ 20%\u6cd5\u5247\u5206\u914d\u7d66LP\u8ddfGP<\/strong>\uff0cLP\u7372\u5f97\u5229\u6f64\u768480%\uff0cGP\u7372\u5f97\u5229\u6f64\u768420%\u3002\u4f8b\u5982LP\u62ff\u56de\u6295\u8cc7\u984d\u8ddf\u512a\u5148\u5831\u916c\u7387\u5f8c\uff0c\u9084\u5269\u4e0b100\u842c\u7f8e\u5143\uff0c\u90a3\u9ebcLP\u53ef\u4ee5\u518d\u5206\u914d\u523080\u842c\u7f8e\u5143\uff0cGP\u53ef\u4ee5\u5206\u914d\u523020\u842c\u7f8e\u5143\u3002<\/p>\n<p>\u9019\u500b\u6a5f\u5236\u662f\u7528\u4f86\u4fdd\u969cLP\u80fd\u62ff\u5230\u57fa\u672c\u7684\u7372\u5229\uff0c\u540c\u6642\u9f13\u52f5GP\u63d0\u9ad8\u7372\u5229\uff0c\u81ea\u5df1\u624d\u80fd\u8cfa\u7684\u66f4\u591a\u3002<\/p>\n<p>\u4e0a\u8ff0\u662f\u696d\u754c\u4e00\u822c\u7684\u5275\u6295\u5206\u6f64\u5236\u5ea6\u6a19\u6e96\uff0c<\/p>\n<p>\u7576\u7136\uff0c\u7531\u65bcLP\u53ea\u51fa\u9322\uff0c\u4e26\u4e0d\u6d89\u53ca\u65e5\u5e38\u71df\u904b\u4e8b\u52d9\uff0c\u6240\u6709\u4e8b\u60c5\u90fd\u7531GP\u5168\u6b0a\u7ba1\u7406\uff0c\u56e0\u6b64\u548c\u5927\u591a\u6578\u4f01\u696d\u53ca\u57fa\u91d1\u4e00\u6a23\uff0c\u4e5f\u6709\u6f5b\u5728\u7684\u4ee3\u7406\u4eba\u554f\u984c\uff0c<br \/>\n\u56e0\u6b64\u5408\u7406\u7684\u734e\u52f5\u8a2d\u8a08\u907f\u514d\u9f13\u52f5\u505a\u51fa\u904e\u5ea6\u5192\u96aa\u6c7a\u7b56\u3001GP\u4e5f\u53c3\u8207\u4e00\u5b9a\u6bd4\u4f8b\u51fa\u8cc7\u3001\u7b2c\u4e09\u65b9\u5be9\u8a08\u76e3\u5bdf\u7b49\u7b49\u65b9\u5f0f\uff0c\u90fd\u662f\u9019\u985e\u5275\u6295\u57fa\u91d1\u53ef\u80fd\u7684\u914d\u5957\uff0c<br \/>\n\u95dc\u65bc\u8a2d\u7acb\u53ca\u53c3\u8207\u5275\u6295\u8981\u6ce8\u610f\u7684\u7d30\u7bc0\u554f\u984c\uff0c\u672a\u4f86\u6709\u66f4\u591a\u7814\u7a76\u5f8c\u518d\u4f86\u6574\u7406\u6587\u7ae0\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E5%89%B5%E6%8A%95%E5%9F%BA%E9%87%91%E5%B0%8D%E6%96%B0%E5%89%B5%E5%85%AC%E5%8F%B8%E7%9A%84%E5%84%AA%E7%BC%BA%E9%BB%9E\"><\/span>\u5275\u6295\u57fa\u91d1\u5c0d\u65b0\u5275\u516c\u53f8\u7684\u512a\u7f3a\u9ede<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u5c0d\u65bc\u65b0\u5275\u516c\u53f8\u4f86\u8aaa\uff0c\u56e0\u70ba\u521d\u671f\u901a\u5e38\u6c92\u6709\u8db3\u5920\u7684\u73fe\u91d1\u6d41\uff0c\u56e0\u6b64\u5275\u6295\u7684\u6295\u8cc7\u5c0d\u65bc\u516c\u53f8\u662f\u6709\u5f88\u5927\u5e6b\u52a9\u3002<\/p>\n<p>\u7136\u800c\uff0c\u5275\u6295\u7684\u4ecb\u5165\u4e5f\u6703\u6709\u4e00\u5b9a\u7684\u98a8\u96aa\uff0c\u5e36\u4f86\u7684\u512a\u9ede\u53ca\u7f3a\u9ede\u5982\u4e0b\u3002<\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"width: 98.78787878787878%; text-align: center;\" colspan=\"2\"><span style=\"font-weight: 400;\">\u5275\u6295\u57fa\u91d1\u5c0d\u65b0\u5275\u7684\u512a\u7f3a\u9ede<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 47.878787878787875%; text-align: center;\"><span style=\"font-weight: 400;\">\u512a\u9ede<\/span><\/td>\n<td style=\"width: 50.909090909090914%; text-align: center;\"><span style=\"font-weight: 400;\">\u7f3a\u9ede<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 47.878787878787875%; text-align: center;\"><span style=\"font-weight: 400;\">\u70ba\u516c\u53f8\u65e9\u671f\u63d0\u4f9b\u71df\u904b\u6240\u9700\u8981\u7684\u8cc7\u91d1<\/span><\/td>\n<td style=\"width: 50.909090909090914%; text-align: center;\"><span style=\"font-weight: 400;\">\u5275\u6295\u901a\u5e38\u6703\u50be\u5411\u8981\u6c42\u5927\u91cf\u7684\u80a1\u6b0a<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 47.878787878787875%; text-align: center;\"><span style=\"font-weight: 400;\">\u7372\u5f97\u5275\u6295\u7684\u8cc7\u91d1\u4e0d\u9700\u8981\u8cc7\u7522\u62b5\u62bc<\/span><\/td>\n<td style=\"width: 50.909090909090914%; text-align: center;\"><span style=\"font-weight: 400;\">\u6295\u8cc7\u8005\u8981\u6c42\u5feb\u901f\u7684\u56de\u5831\uff0c\u516c\u53f8\u53ef\u80fd\u6703\u5931\u53bb\u5275\u9020\u6027<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 47.878787878787875%; text-align: center;\"><span style=\"font-weight: 400;\">\u5275\u6295\u53ef\u4ee5\u66ff\u65b0\u5275\u516c\u53f8\u63d0\u4f9b\u71df\u904b\u6307\u5c0e\u8ddf\u4eba\u8108\u8cc7\u6e90<\/span><\/td>\n<td style=\"width: 50.909090909090914%; text-align: center;\"><span style=\"font-weight: 400;\">\u5275\u6295\u53ef\u80fd\u6703\u5411\u516c\u53f8\u65bd\u58d3\uff0c\u8981\u6c42\u5176\u9000\u51fa\u6295\u8cc7\uff0c\u800c\u4e0d\u662f\u8ffd\u6c42\u9577\u671f\u589e\u9577<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 100%; text-align: right;\" colspan=\"2\"><span style=\"font-weight: 400;\">\u8cc7\u6599\u6574\u7406\uff1a<a href=/index.html"https:\/\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Mr. Market\u5e02\u5834\u5148\u751f<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E5%89%B5%E6%8A%95%E5%9F%BA%E9%87%91%E5%B0%8D%E6%8A%95%E8%B3%87%E4%BA%BA%E7%9A%84%E5%84%AA%E7%BC%BA%E9%BB%9E\"><\/span>\u5275\u6295\u57fa\u91d1\u5c0d\u6295\u8cc7\u4eba\u7684\u512a\u7f3a\u9ede<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u5c0d\u65bc\u6295\u8cc7\u4eba\u4f86\u8aaa\uff0c\u6295\u8cc7\u5275\u6295\u57fa\u91d1\u7684\u512a\u7f3a\u9ede\u5982\u4e0b\u3002<\/p>\n<table style=\"width: 100%; height: 216px;\">\n<tbody>\n<tr style=\"height: 24px;\">\n<td style=\"width: 98.78787878787878%; text-align: center; height: 24px;\" colspan=\"2\"><span style=\"font-weight: 400;\">\u5275\u6295\u57fa\u91d1\u5c0d\u6295\u8cc7\u4eba\u7684\u512a\u7f3a\u9ede<\/span><\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 42.878787878787875%; text-align: center; height: 24px;\"><span style=\"font-weight: 400;\">\u512a\u9ede<\/span><\/td>\n<td style=\"width: 55.909090909090914%; text-align: center; height: 24px;\"><span style=\"font-weight: 400;\">\u7f3a\u9ede<\/span><\/td>\n<\/tr>\n<tr style=\"height: 48px;\">\n<td style=\"width: 42.878787878787875%; text-align: center; height: 48px;\"><span style=\"font-weight: 400;\">\u82e5\u6210\u529f\u51fa\u5834\u7372\u5229\u53ef\u80fd\u5de8\u5927<\/span><\/td>\n<td style=\"width: 55.909090909090914%; text-align: center; height: 48px;\"><span style=\"font-weight: 400;\">\u6295\u8cc7\u671f\u9593\u9577\uff0c\u4e00\u822c\u70ba5\u5e74\u4ee5\u4e0a\uff0c\u4e14\u98a8\u96aa\u9ad8\u3001\u5931\u6557\u7387\u9ad8<\/span><\/td>\n<\/tr>\n<tr style=\"height: 48px;\">\n<td style=\"width: 42.878787878787875%; text-align: center; height: 48px;\"><span style=\"font-weight: 400;\">\u6295\u8cc7\u6a19\u7684\u9748\u6d3b\uff0c\u53ef\u4ee5\u8fce\u5408\u4e0d\u540c\u8cc7\u7522\u6295\u8cc7\u4eba\u7684\u9700\u6c42<\/span><\/td>\n<td style=\"width: 55.909090909090914%; text-align: center; height: 48px;\"><span style=\"font-weight: 400;\">\u8cc7\u7522\u898f\u6a21\u9580\u6abb\u9ad8\uff0c\u9ad8\u8cc7\u7522\u5ba2\u6236\u6216\u6a5f\u69cb\u6cd5\u4eba\u624d\u80fd\u6295\u8cc7<\/span><\/td>\n<\/tr>\n<tr style=\"height: 48px;\">\n<td style=\"width: 42.878787878787875%; text-align: center; height: 48px;\"><span style=\"font-weight: 400;\">\u4e0d\u9700\u8981\u5c0d\u5916\u516c\u958b\uff0c\u4fdd\u5bc6\u6027\u4f73<\/span><\/td>\n<td style=\"width: 55.909090909090914%; text-align: center; height: 48px;\"><span style=\"font-weight: 400;\">\u900f\u660e\u5ea6\u8f03\u4f4e\uff0c\u7121\u6cd5\u8ffd\u8e64\u57fa\u91d1\u7d93\u7406\u4eba\u904e\u53bb\u7684\u7e3e\u6548<\/span><\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 98.78787878787878%; text-align: right; height: 24px;\" colspan=\"2\"><span style=\"font-weight: 400;\">\u8cc7\u6599\u6574\u7406\uff1a<a href=/index.html"https:\/\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Mr. Market\u5e02\u5834\u5148\u751f<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<blockquote><p>\u5e02\u5834\u5148\u751f\u63d0\u793a\uff1a\u5275\u6295\u57fa\u91d1\u5927\u591a\u662f\u63d0\u4f9b\u7d66\u9ad8\u8cc7\u7522\u4eba\u58eb\u7684\u79c1\u52df\u57fa\u91d1<\/p>\n<p>\u76ee\u524d\u666e\u901a\u6295\u8cc7\u4eba\u5176\u5be6\u4e26\u6c92\u6709\u592a\u591a\u53c3\u8207\u5275\u6295\u57fa\u91d1\u7684\u7ba1\u9053\uff0c\u800c\u4e14\u9019\u985e\u57fa\u91d1\u5f88\u591a\uff0c\u53ef\u4ee5\u60f3\u6210\u4e00\u5bb6\u5bb6\u7684\u79c1\u4eba\u516c\u53f8\uff0c\u6295\u8cc7\u4eba\u80fd\u529b\u4e0d\u8db3\u7684\u8a71\u96e3\u4ee5\u8fa8\u8b58\u5176\u4e2d\u98a8\u96aa\uff0c<br \/>\n\u8003\u616e\u5230\u900f\u660e\u5ea6\u4f4e\u3001\u8cc7\u91d1\u9396\u5b9a\u671f\u8f03\u4e45\u7b49\u554f\u984c\uff0c\u5982\u679c\u8ca1\u529b\u4e0d\u5920\u96c4\u539a\uff0c\u4e26\u4e0d\u9069\u5408\u9019\u7a2e\u6295\u8cc7\u65b9\u5f0f\u3002<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"%E6%96%B0%E5%89%B5%E5%85%AC%E5%8F%B8%E7%9A%84%E8%9E%8D%E8%B3%87%E7%94%9F%E5%91%BD%E9%80%B1%E6%9C%9F\"><\/span>\u65b0\u5275\u516c\u53f8\u7684\u878d\u8cc7\u751f\u547d\u9031\u671f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u8b1b\u5230\u65b0\u5275\u516c\u53f8\u6642\uff0c\u6211\u5011\u6703\u5e38\u807d\u5230\u300c\u7a2e\u5b50\u8f2a\u3001\u5929\u4f7f\u8f2a\u3001A\u8f2a\u3001B\u8f2a\u3001C\u8f2a\u300d\u9019\u4e9b\u5c08\u6709\u540d\u8a5e\uff0c\u4ee5\u4e0b\u5e02\u5834\u5148\u751f\u7528\u4e00\u5f35\u5716\u8b93\u4f60\u4e86\u89e3\u6bcf\u4e00\u8f2a\u4ee3\u8868\u7684\u610f\u7fa9\u662f\u4ec0\u9ebc\uff0c\u4ee5\u53ca\u5275\u6295\u901a\u5e38\u662f\u5728\u4ec0\u9ebc\u968e\u6bb5\u4ecb\u5165\u7684\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-44153\" src=/index.html"https:\/\/\/wp-content\/uploads\/20221121101515_2.jpg\" alt=\"\u65b0\u5275\u516c\u53f8\u878d\u8cc7\u7684\u751f\u547d\u9031\u671f\" width=\"1557\" height=\"815\" srcset=\"https:\/\/\/wp-content\/uploads\/20221121101515_2.jpg 1557w, https:\/\/\/wp-content\/uploads\/20221121101515_2-1536x804.jpg 1536w\" sizes=\"(max-width: 1557px) 100vw, 1557px\" \/><\/p>\n<ul>\n<li><strong>\u7a2e\u5b50\u8f2a\uff08Seed round\uff09<\/strong>\uff1a\u5728\u9019\u500b\u968e\u6bb5\uff0c\u5275\u696d\u7684\u60f3\u6cd5\u624d\u525b\u525b\u840c\u82bd\uff0c\u5275\u696d\u8005\u89ba\u5f97\u81ea\u5df1\u6709\u500b\u5f88\u68d2\u7684\u60f3\u6cd5\uff0c\u65bc\u662f\u53ef\u80fd\u81ea\u5df1\u51fa\u8cc7\u6216\u627e\u8eab\u908a\u89aa\u670b\u597d\u53cb\u6295\u8cc7\uff0c\u4e5f\u5c31\u662f\u4fd7\u7a31\u76843F\uff08Family \u5bb6\u4eba\u3001Friend \u670b\u53cb\u3001Fool \u50bb\u5b50\uff09\uff0c\u610f\u601d\u662f\u5728\u5275\u696d\u521d\u671f\u98a8\u96aa\u9019\u9ebc\u9ad8\u7684\u968e\u6bb5\uff0c\u53ea\u6709\u5bb6\u4eba\u597d\u53cb\u6216\u662f\u50bb\u5b50\u624d\u6703\u6295\u8cc7\u3002<\/li>\n<li><strong>\u5929\u4f7f\u8f2a\uff08Angel round\uff09<\/strong>\uff1a\u5728\u9019\u500b\u968e\u6bb5\uff0c\u7522\u54c1\u5df2\u7d93\u6709\u4e86\u539f\u578b\uff0c\u4e5f\u5177\u5099\u4e86\u521d\u6b65\u7684\u5546\u696d\u6a21\u5f0f\uff0c\u751a\u81f3\u5df2\u7d93\u958b\u59cb\u7d2f\u7a4d\u4e00\u4e9b\u6838\u5fc3\u7528\u6236\u3002\u9019\u500b\u6642\u671f\u98a8\u96aa\u9084\u5f88\u9ad8\uff0c\u6240\u4ee5\u7a31\u6295\u8cc7\u4eba\u70ba\u300c\u5929\u4f7f\u6295\u8cc7\u4eba\u300d\uff0c\u5c31\u50cf\u5929\u4f7f\u4e00\u822c\u70ba\u65b0\u5275\u63d0\u4f9b\u8cc7\u91d1\u3002\u5929\u4f7f\u6295\u8cc7\u4eba\u5927\u591a\u662f\u6709\u9322\u7684\u4f01\u696d\u5bb6\u3001\u6216\u662fVC\u7b49\u3002<\/li>\n<li><strong>A\u8f2a\uff08A round\uff09<\/strong>\uff1a\u5230\u9019\u500b\u968e\u6bb5\uff0c\u516c\u53f8\u7522\u54c1\u5df2\u7d93\u958b\u59cb\u6210\u719f\uff0c\u5728\u884c\u696d\u5167\u6709\u4e00\u5b9a\u7684\u53e3\u7891\uff0c\u4e26\u4e14\u5177\u6709\u4e00\u5b9a\u7684\u76c8\u5229\u6a21\u5f0f\u3002\u6b64\u6642\uff0c\u4e3b\u8981\u7684\u6295\u8cc7\u4eba\u5c07\u7531\u5929\u4f7fAngel\u8f49\u70baVC\uff0c\u8ddfAngel\u4e0d\u540c\u7684\u662f\uff0cVC\u7684\u9322\u4e3b\u8981\u4f86\u81ea\u80cc\u5f8c\u7684\u91d1\u4e3b\uff0c\u800cAngel\u7684\u9322\u4e3b\u8981\u4f86\u81ea\u500b\u4eba\u3002<\/li>\n<li><strong>B\u8f2a\uff08B round\uff09<\/strong>\uff1a\u9032\u5165B\u8f2a\u5f8c\uff0c\u516c\u53f8\u7684\u5546\u696d\u6a21\u5f0f\u5df2\u7d93\u78ba\u8a8d\u53ef\u884c\uff0c\u56e0\u6b64\u958b\u59cb\u5927\u91cf\u8907\u88fd\uff0c\u52a0\u901f\u898f\u6a21\u5316\uff0c\u4f8b\u5982\u5c07\u7576\u5730\u7684\u5546\u696d\u6a21\u5f0f\u62d3\u5c55\u5230\u6d77\u5916\u5e02\u5834\u3002\u9019\u968e\u6bb5\u7684\u6295\u8cc7\u4eba\u4ecd\u4ee5VC\u70ba\u4e3b\uff0c\u800c\u6709\u4e9b\u65e9\u671f\u7684\u79c1\u52df\u80a1\u6b0a\u57fa\u91d1\uff08Private Equity, \u7c21\u7a31PE\uff09\u4e5f\u6703\u52a0\u5165\u3002<\/li>\n<li><strong>C\u8f2a\uff08C round\uff09<\/strong>\uff1a\u5230\u4e86C\u8f2a\uff0c\u516c\u53f8\u901a\u5e38\u5df2\u7d93\u662f\u696d\u754c\u524d\u5e7e\u5927\u7684\u516c\u53f8\uff0c\u5177\u6709\u4e00\u5b9a\u7684\u5f71\u97ff\u529b\uff0c\u9019\u500b\u968e\u6bb5\u5df2\u7d93\u8981\u958b\u59cb\u70ba\u4e0a\u5e02\uff08IPO\uff09\u505a\u6e96\u5099\uff0c\u56e0\u6b64\u767c\u8d77C\u8f2a\u52df\u8cc7\u3002\u9019\u968e\u6bb5\u7684\u6295\u8cc7\u4eba\u6703\u6f38\u6f38\u7531VC\u8f49\u5411PE\u3002<\/li>\n<li><strong>D\/E\u8f2a\uff08D\/E round\uff09<\/strong>\uff1a\u4e00\u822c\u4f86\u8aaa\uff0c\u9032\u5165\u5230C\u8f2a\u5c31\u5dee\u4e0d\u591a\u8981\u4e0a\u5e02\u4e86\uff0c\u5982\u679c\u628a\u9322\u71d2\u5b8c\u4e86\u9084\u6c92\u4e0a\u5e02\uff0c\u5c31\u8981\u9032\u5165D\u8f2a\u52df\u8cc7\u3002\u76f8\u540c\u7684\uff0c\u5982\u679cD\u8f2a\u7684\u9322\u518d\u71d2\u5b8c\u9084\u662f\u6c92\u6709\u4e0a\u5e02\uff0c\u5c31\u6703\u9032\u5165E\u8f2a\u52df\u8cc7\uff0c\u4ee5\u6b64\u985e\u63a8\u3002<\/li>\n<\/ul>\n<p>\u5f9e\u4e0a\u9762\u53ef\u4ee5\u770b\u51fa\uff0c<strong>VC\u4e00\u822c\u662f\u5728\u5929\u4f7f\u8f2a\u81f3C\u8f2a\u9019\u4e4b\u9593\u7684\u968e\u6bb5\u4ecb\u5165\u7684<\/strong>\uff0cC\u8f2a\u4e4b\u5f8c\u901a\u5e38\u6703\u7531PE\u63a5\u624b\u3002<\/p>\n<p>\u800c\u5275\u6295\u57fa\u91d1(VC)\u548c\u79c1\u52df\u80a1\u6b0a\u57fa\u91d1(PE)\u4e4b\u9593\u5176\u5be6\u4e26\u4e0d\u898b\u5f97\u6709\u660e\u78ba\u7684\u754c\u7dda\uff0c<\/p>\n<p>\u4ee5\u7d05\u6749\u8cc7\u672c\u70ba\u4f8b\uff0c\u5b83\u5728\u7a2e\u5b50\u8f2a\u6295\u8cc7Airbnb\u516c\u53f8\u3001\u5728A\u8f2a\u53c3\u8207\u904eWhatsapp\u3001B\u8f2a\u53c3\u8207\u904eGithub\u3001\u5728D\u8f2a\u6295\u5165\u904eZoom\u3001\u5728E\u8f2a\u6295\u5165Snowflake\u3002<\/p>\n<p>\u5be6\u969b\u4e0a\u90fd\u662f\u6295\u8cc7\uff0c\u53ea\u662f\u627f\u64d4\u7684\u98a8\u96aa\u4e0d\u540c\uff0c\u7aef\u770b\u5404\u57fa\u91d1\u7b56\u7565\uff0c\u53ca\u8a31\u591a\u6642\u5019\u662f\u6839\u64da\u6642\u6a5f\u800c\u5b9a\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E5%85%A8%E7%90%83%E5%89%B5%E6%8A%95%E5%9F%BA%E9%87%91%E6%8E%92%E5%90%8D_TOP_10\"><\/span>\u5168\u7403\u5275\u6295\u57fa\u91d1\u6392\u540d TOP 10<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u4ee5\u4e0b\u4f9d\u7ba1\u7406\u8cc7\u7522\u898f\u6a21\u6392\u540d\uff0c\u5217\u51fa\u5168\u7403\u524d10\u5927\u7684\u5275\u6295\u57fa\u91d1\u516c\u53f8\uff0c\u53ef\u4ee5\u770b\u5230\u4e3b\u8981\u7684\u5275\u6295\u516c\u53f8\u90fd\u96c6\u4e2d\u5728\u5317\u7f8e\uff0c\u898f\u6a21\u6578\u5b57\u5247\u8655\u65bc\u6d6e\u52d5\u3002<\/p>\n<p>\u4e0d\u904e\u9019\u4e9b\u53ea\u80fd\u7576\u53c3\u8003\uff0c\u56e0\u70ba\u6295\u8cc7\u9580\u6abb\u9ad8\uff0c\u6c92\u6709\u500b\u5e7e\u767e\u842c\u7f8e\u5143\u9592\u9322\u7121\u6cd5\u53c3\u8207\uff0c\u56e0\u6b64\u4e00\u822c\u4eba\u4e0d\u5927\u6703\u63a5\u89f8\u5230\u9019\u4e9b\u57fa\u91d1\u3002<\/p>\n<table style=\"width: 100%; height: 320px;\">\n<tbody>\n<tr style=\"height: 24px;\">\n<td style=\"width: 102.81690140845069%; height: 24px; text-align: center;\" colspan=\"4\"><span style=\"font-weight: 400;\">\u5168\u7403\u5275\u6295\u57fa\u91d1\u516c\u53f8\u898f\u6a21\u6392\u540dTop 10<\/span><\/td>\n<\/tr>\n<tr style=\"height: 32px;\">\n<td style=\"width: 8.97887323943662%; height: 32px; text-align: center;\"><span style=\"font-weight: 400;\">\u6392\u540d<\/span><\/td>\n<td style=\"width: 52.640845070422536%; height: 32px; text-align: center;\"><span style=\"font-weight: 400;\">\u5275\u6295\u57fa\u91d1\u516c\u53f8<\/span><\/td>\n<td style=\"width: 27.2887323943662%; height: 32px; text-align: center;\"><span style=\"font-weight: 400;\">\u898f\u6a21<\/span><span style=\"font-weight: 400;\">\uff08$\u767e\u842c\u7f8e\u5143\uff09<\/span><\/td>\n<td style=\"width: 13.908450704225352%; height: 32px; text-align: center;\"><span style=\"font-weight: 400;\">\u5730\u5340<\/span><\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 8.97887323943662%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">1<\/span><\/td>\n<td style=\"width: 52.640845070422536%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">Andreessen Horowitz<\/span><\/td>\n<td style=\"width: 27.2887323943662%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">$35,850<\/span><\/td>\n<td style=\"width: 13.908450704225352%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">\u5317\u7f8e<\/span><\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 8.97887323943662%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">2<\/span><\/td>\n<td style=\"width: 52.640845070422536%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">Sequoia Capital \u7d05\u6749\u8cc7\u672c<\/span><\/td>\n<td style=\"width: 27.2887323943662%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">$28,345<\/span><\/td>\n<td style=\"width: 13.908450704225352%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">\u5317\u7f8e<\/span><\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 8.97887323943662%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">3<\/span><\/td>\n<td style=\"width: 52.640845070422536%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">Dragoneer Investment Group<\/span><\/td>\n<td style=\"width: 27.2887323943662%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">$24,939<\/span><\/td>\n<td style=\"width: 13.908450704225352%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">\u5317\u7f8e<\/span><\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 8.97887323943662%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">4<\/span><\/td>\n<td style=\"width: 52.640845070422536%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">New Enterprise Associates<\/span><\/td>\n<td style=\"width: 27.2887323943662%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">$17,792<\/span><\/td>\n<td style=\"width: 13.908450704225352%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">\u5317\u7f8e<\/span><\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 8.97887323943662%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">5<\/span><\/td>\n<td style=\"width: 52.640845070422536%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">Deerfield Management<\/span><\/td>\n<td style=\"width: 27.2887323943662%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">$16,230<\/span><\/td>\n<td style=\"width: 13.908450704225352%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">\u5317\u7f8e<\/span><\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 8.97887323943662%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">6<\/span><\/td>\n<td style=\"width: 52.640845070422536%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">Greenspring Associates<\/span><\/td>\n<td style=\"width: 27.2887323943662%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">$15,291<\/span><\/td>\n<td style=\"width: 13.908450704225352%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">\u5317\u7f8e<\/span><\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 8.97887323943662%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">7<\/span><\/td>\n<td style=\"width: 52.640845070422536%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">Khosla Ventures<\/span><\/td>\n<td style=\"width: 27.2887323943662%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">$14,000<\/span><\/td>\n<td style=\"width: 13.908450704225352%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">\u5317\u7f8e<\/span><\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 8.97887323943662%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">8<\/span><\/td>\n<td style=\"width: 52.640845070422536%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">Legend Capital<\/span><\/td>\n<td style=\"width: 27.2887323943662%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">$9,457<\/span><\/td>\n<td style=\"width: 13.908450704225352%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">\u4e9e\u6d32<\/span><\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 8.97887323943662%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">9<\/span><\/td>\n<td style=\"width: 52.640845070422536%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">Lightspeed Venture Partners<\/span><\/td>\n<td style=\"width: 27.2887323943662%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">$7,783<\/span><\/td>\n<td style=\"width: 13.908450704225352%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">\u5317\u7f8e<\/span><\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 8.97887323943662%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">10<\/span><\/td>\n<td style=\"width: 52.640845070422536%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">Industry Ventures<\/span><\/td>\n<td style=\"width: 27.2887323943662%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">$6,846<\/span><\/td>\n<td style=\"width: 13.908450704225352%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">\u5317\u7f8e<\/span><\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 102.81690140845069%; height: 24px; text-align: right;\" colspan=\"4\"><span style=\"font-weight: 400;\">\u8cc7\u6599\u4f86\u6e90\uff1aswfinstitue \u00a0\u8cc7\u6599\u65e5\u671f\uff1a2022\/11 \u00a0 \u8cc7\u6599\u6574\u7406\uff1a<a href=/index.html"https:\/\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Mr. Market \u5e02\u5834\u5148\u751f<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u5e02\u5834\u5148\u751f\u63d0\u793a\uff1a\u77e5\u540d\u5275\u6295\u4e5f\u6703\u72af\u932f\uff1f<\/p>\n<p>\u4ee5\u670950\u5e74\u6b77\u53f2\u7684\u7d05\u6749\u8cc7\u672c\u70ba\u4f8b\uff0c\u8fd1\u5e7e\u5e74\u6bd4\u8f03\u77e5\u540d\u7684\u5931\u6557\u6295\u8cc7\u5305\u62ecFTX(\u640d\u5931\u7d042.1\u5104\u7f8e\u5143)\u3001The Wing(0.75\u5104\u7f8e\u5143)\u7b49\u7b49\u3002<\/p>\n<p>\u6b64\u5916\u4e5f\u6709\u4e9b\u932f\u8aa4\u4e26\u4e0d\u662f\u8667\u640d\uff0c\u800c\u662f\u6c92\u6709\u53c3\u8207\u5230\u4e00\u4e9b\u6a5f\u6703\u3002<\/p>\n<p>\u7576\u7136\uff0c\u904e\u53bb\u7d05\u6749\u8cc7\u672c\u7684\u6210\u529f\u6295\u8cc7\uff0c\u5982Whatsapp\u3001Qualtrics\u3001Youtube\u3001GitHub\u3001Airbnb\u3001Google\u3001Zoom\u3001Dropbox\u7b49\u7b49\uff0c\u5176\u5be6\u4e5f\u8db3\u4ee5\u5f4c\u88dc\u5927\u591a\u6578\u7684\u5931\u6557\u3002<\/p>\n<p>\u5c0d\u5275\u6295\u4f86\u8aaa\uff0c\u4e00\u6b21\u5343\u500d\u6216\u842c\u500d\u7684\u7372\u5229\uff0c\u8db3\u4ee5\u62b5\u904e\u6578\u767e\u6b21\u7684\u5931\u6557\u4ecd\u6709\u9918\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E5%89%B5%E6%8A%95%E5%9F%BA%E9%87%91%E7%9A%84%E5%A0%B1%E9%85%AC%E7%8E%87\"><\/span>\u5275\u6295\u57fa\u91d1\u7684\u5831\u916c\u7387<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u6295\u8cc7\u4eba\u6700\u95dc\u5fc3\u7684\u662f\uff0c\u5982\u679c\u5275\u6295\u8cc7\u91d1\u9580\u6abb\u9019\u9ebc\u9ad8\uff0c\u627f\u53d7\u7684\u98a8\u96aa\u53c8\u9019\u9ebc\u5927\uff0c\u90a3\u9ebc\u5831\u916c\u7387\u662f\u4e0d\u662f\u4e5f\u5f88\u9a5a\u4eba\u5462\uff1f<\/p>\n<p>Cambridge Associate\u91dd\u5c0d\u7f8e\u570b\u7684VC\u5831\u916c\u7387\u505a\u4e86\u7d71\u8a08\uff0c\u4e26\u628a\u5b83\u8ddf\u5927\u76e4\u6307\u6578\uff08S&amp;P 500\uff09\u9084\u6709\u5c0f\u578b\u6210\u9577\u80a1\u6307\u6578\uff08Russell 2000\uff09\u505a\u6bd4\u8f03\u3002<\/p>\n<p>\u7d50\u679c\u767c\u73fe\uff0c\u57281994\u81f32017\u901923\u5e74\u9593\uff0c\u4e0d\u7ba1\u662f\u6bd4\u8f033\u5e74\u30015\u5e74\u300110\u5e74\u6216\u662f15\u5e74\u5831\u916c\u7387\uff0c<strong>VC\u7684\u5e74\u5316\u5831\u916c\u7387\u5728\u591a\u6578\u6642\u5019\u90fd\u4e0d\u5982S&amp;P 500\u53caRussell 2000<\/strong>\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-44154\" src=/index.html"https:\/\/\/wp-content\/uploads\/20221121101922_89.jpg\" alt=\"VC\u8207\u5927\u76e4\u7684\u5e74\u5316\u5831\u916c\u7387\" width=\"1557\" height=\"815\" srcset=\"https:\/\/\/wp-content\/uploads\/20221121101922_89.jpg 1557w, https:\/\/\/wp-content\/uploads\/20221121101922_89-1536x804.jpg 1536w\" sizes=\"(max-width: 1557px) 100vw, 1557px\" \/><\/p>\n<p>\u4f46\u9019\u88e1\u8981\u6ce8\u610f\u7684\u662f\uff0c\u9019\u500b\u5c0dVC\u7684\u7d71\u8a08\u662f\u4e00\u500b\u6574\u9ad4\u5e73\u5747\u503c\uff0c<\/p>\n<p>\u500b\u5225\u57fa\u91d1\u597d\u58de\u53ef\u80fd\u843d\u5dee\u5f88\u5927\uff0c\u53ef\u80fd\u6709\u4e9b\u57fa\u91d1\u8cfa\u5f88\u591a\uff0c\u5e7e\u5bb6\u5e73\u5eb8\u7684\u57fa\u91d1\u5c31\u6703\u8b93\u6574\u9ad4\u5e73\u5747\u843d\u5f8c\u3002<\/p>\n<p>\u6839\u64daCambridge Associate\u7684\u7d71\u8a08\uff0c<strong>\u6392\u540d\u524d25%\u7684\u5275\u6295\u57fa\u91d1\u5728\u4e0a\u8ff0\u7d71\u8a08\u5340\u9593\u768410\u5e74\u5e73\u5747\u5e74\u5316\u5831\u916c\u7387\u4ecb\u65bc15%~27%\uff0c\u6bd4\u540c\u671f\u7684S&amp;P 500\u76849%\u8981\u9ad8\u7684\u8a31\u591a<\/strong>\u3002<\/p>\n<p>\u800c\u6211\u5011\u5e38\u770b\u5230\u67d0\u67d0\u5275\u6295\u6295\u8cc7\u6210\u529f\u8cfa\u4e86\u5e7e\u5341\u500d\u9019\u7a2e\u65b0\u805e\u6642\uff0c\u4e5f\u8981\u6ce8\u610f\u300c<strong>\u5016\u5b58\u8005\u504f\u5dee<\/strong>\u300d\u7684\u554f\u984c\uff0c\u4e5f\u5c31\u662f\u8aaa\uff0c\u6211\u5011\u770b\u5230\u65b0\u805e\u5831\u5c0e\u7684\u5f80\u5f80\u662f\u6210\u529f\u7684\u6848\u4f8b\uff0c\u4f46\u80cc\u5f8c\u6709\u6210\u5343\u4e0a\u767e\u500b\u5931\u6557\u7684\u6848\u4f8b\u662f\u6211\u5011\u6c92\u6709\u770b\u5230\u7684\uff0c\u90a3\u4e9b\u624d\u662f\u6700\u5927\u7684\u98a8\u96aa\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E5%89%B5%E6%8A%95%E5%9F%BA%E9%87%91%E6%9C%89%E4%B8%80%E5%8D%8A%E4%BB%A5%E4%B8%8A%E6%9C%83%E8%B3%A0%E9%8C%A2%E5%87%BA%E5%A0%B4\"><\/span>\u5275\u6295\u57fa\u91d1\u6709\u4e00\u534a\u4ee5\u4e0a\u6703\u8ce0\u9322\u51fa\u5834<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u6839\u64da\u5275\u6295\u516c\u53f8Correlation Ventures\u91dd\u5c0d2009\u81f32018\u5e74\u7f8e\u570b\u5275\u6295\u7684\u7372\u5229\u7d71\u8a08\uff0c<strong>\u5275\u6295\u57fa\u91d1\u670951%\u662f\u8ce0\u9322\u51fa\u5834\uff0c\u800c\u7372\u522910\u500d\u4ee5\u4e0a\u8005\u50c5\u4f54\u4e0d\u52304%<\/strong>\u3002<\/p>\n<ul>\n<li>\u8ce0\u9322\u51fa\u5834\uff1a51%<\/li>\n<li>\u7372\u52291~3\u500d\uff1a31%<\/li>\n<li>\u7372\u52293~5\u500d\uff1a9%<\/li>\n<li>\u7372\u52295~10\u500d\uff1a6%<\/li>\n<li>\u7372\u522910\u500d\u4ee5\u4e0a\uff1a&lt;4%<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"%E5%89%B5%E6%8A%95%E5%9F%BA%E9%87%91%E5%B8%B8%E8%A6%8B%E5%95%8F%E7%AD%94Q_A\"><\/span>\u5275\u6295\u57fa\u91d1\u5e38\u898b\u554f\u7b54Q&amp;A<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u4ee5\u4e0b\u662f\u95dc\u65bc\u5275\u6295\u57fa\u91d1\u5e38\u898b\u7684\u554f\u7b54\u3002<\/p>\n<style id=\"ea_dynamic_css44158\">#sp-ea-44158 .spcollapsing{height: 0; overflow: hidden; transition-property: height; transition-duration: 500ms;}#sp-ea-44158.sp-easy-accordion>.sp-ea-single.eap_inactive>.ea-header a{background-color: #bb0000 !important; color: #fff !important;}#sp-ea-44158.sp-easy-accordion>.sp-ea-single{ margin-bottom: 10px; border: 1px solid #e2e2e2; border-radius: 3px;}#sp-ea-44158.sp-easy-accordion>.sp-ea-single>.ea-header a{background: #eee;}#sp-ea-44158.sp-easy-accordion>.sp-ea-single.ea-expand>.ea-header a{background: #eee;}#sp-ea-44158.sp-easy-accordion>.sp-ea-single>.ea-header:hover a{background: #eee;}#sp-ea-44158.sp-easy-accordion>.sp-ea-single>.ea-header a 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class=\"sp-ea-six ea-icon-style-three sp-easy-accordion \" data-ex-icon=\"fa-minus\" data-col-icon=\"fa-plus\"  data-ea-active=\"ea-click\"  data-ea-mode=\"vertical\" data-ea-coll=\"\" data-keep-accordion=\"\" data-autoclose=\"\" data-preloader=\"\" data-scroll-active-item=\"\" data-offset-to-scroll=\"0\" data-autoplaytime=\"3000\" data-expand=>\t<div class=\"ea-card ea-expand sp-ea-single\" >\n\n\t\t<h3 class=\"ea-header\">\n\t\t\t<a class=\"collapsed\" data-sptoggle=\"spcollapse\" rel=\"nofollow noopener noreferrer\" data-sptarget=\"#collapse441580\" href=/index.html"javascript:void(0)\" data-title=\"efaq-%e5%89%b5%e6%8a%95%e5%9f%ba%e9%87%91%e7%9a%84%e6%8a%95%e8%b3%87%e9%96%80%e6%aa%bb%e6%98%af%e5%a4%9a%e5%b0%91%ef%bc%9f\" aria-expanded=\"true\" data-wpel-link=\"internal\" target=\"_blank\">\n\t\t\t\t<i class=\"ea-expand-icon fa fa-minus\"><\/i>  \u5275\u6295\u57fa\u91d1\u7684\u6295\u8cc7\u9580\u6abb\u662f\u591a\u5c11\uff1f\t\t\t<\/a>\n\t\t<\/h3>\n\n\t\t<div class=\"sp-collapse spcollapse collapsed show\" id=\"collapse441580\" data-parent=\"#sp-ea-44158\">\n\t\t<div class=\"ea-body animated fadeIn\"> \n\t<p><span style=\"font-weight: 400;\">\u5275\u6295\u57fa\u91d1\u6295\u8cc7\u9580\u6abb\u9ad8\uff0c\u4e00\u822c\u8981500\u842c\u7f8e\u5143\u4ee5\u4e0a\uff0c\u901a\u5e38\u6703\u91dd\u5c0d\u9ad8\u8cc7\u7522\u7684\u5ba2\u6236\u6216\u662f\u6cd5\u4eba\u6a5f\u69cb\u52df\u96c6\u3002<br \/>\n<\/span><span style=\"font-weight: 400;\">\u4f46\u662f\u5e02\u9762\u4e0a\u4e5f\u6709\u4eba\u63a8\u51fa\u6563\u6236\u53ef\u4ee5\u6295\u8cc7\u7684\u5275\u6295\u57fa\u91d1\uff0c\u5982\u865f\u7a31\u5973\u80a1\u795e\u7684Cathie Wood\u57282022\u5e749\u6708\u5c31\u63a8\u51fa\u4e00\u6a94\u300c\u65b9\u821f\u5275\u6295\u57fa\u91d1\u300d\uff08ARK Venture Fund\uff09\uff0c\u6700\u4f4e\u6295\u8cc7\u9580\u6abb\u53ea\u6709500\u7f8e\u5143\uff0c\u6563\u6236\u4e5f\u53ef\u4ee5\u6295\u8cc7\u3002\u4f46\u9700\u6ce8\u610f\u5275\u6295\u57fa\u91d1\u5c6c\u65bc\u975e\u5e38\u9ad8\u98a8\u96aa\u7684\u6295\u8cc7\u3002<\/span><\/p>\n<\/div>\n\t\t\t<\/div>\n\t<\/div>\n\t\t<div class=\"ea-card   sp-ea-single\" >\n\n\t\t<h3 class=\"ea-header\">\n\t\t\t<a class=\"collapsed\" data-sptoggle=\"spcollapse\" rel=\"nofollow noopener noreferrer\" data-sptarget=\"#collapse441581\" href=/index.html"javascript:void(0)\" data-title=\"efaq-%e5%89%b5%e6%8a%95%e5%9f%ba%e9%87%91%e4%b8%80%e8%88%ac%e4%bd%94%e6%96%b0%e5%89%b5%e5%a4%9a%e5%b0%91%e6%af%94%e4%be%8b%e8%82%a1%e4%bb%bd%ef%bc%9f\" aria-expanded=\"false\" data-wpel-link=\"internal\" target=\"_blank\">\n\t\t\t\t<i class=\"ea-expand-icon fa fa-plus\"><\/i>  \u5275\u6295\u57fa\u91d1\u4e00\u822c\u4f54\u65b0\u5275\u591a\u5c11\u6bd4\u4f8b\u80a1\u4efd\uff1f\t\t\t<\/a>\n\t\t<\/h3>\n\n\t\t<div class=\"sp-collapse spcollapse  \" id=\"collapse441581\" data-parent=\"#sp-ea-44158\">\n\t\t<div class=\"ea-body animated fadeIn\"> \n\t<p><span style=\"font-weight: 400;\">\u5275\u6295\u57fa\u91d1\u4e00\u822c\u6703\u4f54\u65b0\u5275\u516c\u53f8\u80a1\u4efd\u768425%~50%\u3002<\/span><\/p>\n<\/div>\n\t\t\t<\/div>\n\t<\/div>\n\t\t<div class=\"ea-card   sp-ea-single\" >\n\n\t\t<h3 class=\"ea-header\">\n\t\t\t<a class=\"collapsed\" data-sptoggle=\"spcollapse\" rel=\"nofollow noopener noreferrer\" data-sptarget=\"#collapse441582\" href=/index.html"javascript:void(0)\" data-title=\"efaq-%e5%89%b5%e6%8a%95%e5%9f%ba%e9%87%91%e8%b7%9f%e5%a4%a9%e4%bd%bf%e6%8a%95%e8%b3%87%e8%80%85%e6%9c%89%e4%bb%80%e9%ba%bc%e4%b8%8d%e5%90%8c%ef%bc%9f\" aria-expanded=\"false\" data-wpel-link=\"internal\" target=\"_blank\">\n\t\t\t\t<i class=\"ea-expand-icon fa fa-plus\"><\/i>  \u5275\u6295\u57fa\u91d1\u8ddf\u5929\u4f7f\u6295\u8cc7\u8005\u6709\u4ec0\u9ebc\u4e0d\u540c\uff1f\t\t\t<\/a>\n\t\t<\/h3>\n\n\t\t<div class=\"sp-collapse spcollapse  \" id=\"collapse441582\" data-parent=\"#sp-ea-44158\">\n\t\t<div class=\"ea-body animated fadeIn\"> \n\t<p><span style=\"font-weight: 400;\">\u5929\u4f7f\u6295\u8cc7\u4eba\u5f80\u5f80\u662f\u6709\u9322\u7684\u500b\u4eba\uff0c\u8cc7\u91d1\u4f86\u6e90\u662f\u81ea\u5df1\uff0c\u559c\u6b61\u628a\u6295\u8cc7\u65b0\u5275\u516c\u53f8\u7576\u4f5c\u662f\u4e00\u7a2e\u611b\u597d\u3002\u800c\u5275\u6295\u57fa\u91d1\u5f80\u5f80\u662f\u4e00\u5bb6\u516c\u53f8\uff0c\u7531\u5c08\u696d\u7d93\u7406\u4eba\u7d93\u71df\uff0c\u8cc7\u91d1\u4f86\u6e90\u4f86\u81ea\u591a\u500b\u5927\u80a1\u6771\uff0c\u4e26\u6703\u63d0\u4f9b\u65b0\u5275\u516c\u53f8\u7d93\u71df\u4e0a\u7684\u6307\u5c0e\u8ddf\u4eba\u8108\u8cc7\u6e90\u3002<\/span><\/p>\n<\/div>\n\t\t\t<\/div>\n\t<\/div>\n\t<\/div><\/div>\n<h2><span class=\"ez-toc-section\" id=\"%E5%BF%AB%E9%80%9F%E7%B8%BD%E7%B5%90%EF%BC%9A%E4%BB%80%E9%BA%BC%E6%98%AF%E5%89%B5%E6%8A%95%E5%9F%BA%E9%87%91\"><\/span>\u5feb\u901f\u7e3d\u7d50\uff1a\u4ec0\u9ebc\u662f\u5275\u6295\u57fa\u91d1<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li>\u5275\u6295\u57fa\u91d1\u7684\u5168\u540d\u662f\u5275\u696d\u6295\u8cc7\u57fa\u91d1\uff08\u7c21\u7a31VC\uff09\uff0c\u662f\u79c1\u4e0b\u8ddf\u9ad8\u8cc7\u7522\u6295\u8cc7\u4eba\u52df\u96c6\u8cc7\u91d1\u5f8c\uff0c\u7528\u4f86\u6295\u8cc7\u65b0\u5275\u6216\u672a\u4e0a\u5e02\u516c\u53f8\uff0c\u671f\u5f85\u5728\u9019\u4e9b\u516c\u53f8\u4e0a\u5e02\u6216\u88ab\u6536\u8cfc\u5f8c\u80fd\u7372\u5f97\u8c50\u539a\u7684\u5831\u916c\u3002<\/li>\n<li>\u5275\u6295\u57fa\u91d1\u5728\u627e\u51fa\u6709\u6f5b\u529b\u7684\u65b0\u5275\u516c\u53f8\u5f8c\uff0c\u4e00\u822c\u6703\u6295\u5165\u8cc7\u91d1\u6216\u63d0\u4f9b\u6280\u8853\uff0c\u4ee5\u7372\u5f97\u4e00\u5b9a\u7684\u80a1\u6b0a\uff0c\u800c\u4e14\u5927\u591a\u9084\u6703\u4ecb\u5165\u71df\u904b\uff0c\u6700\u7d42\u76ee\u7684\u5e0c\u671b\u9019\u4e9b\u516c\u53f8\u80fd\u5920\u516c\u958b\u4e0a\u5e02\uff08IPO\uff09\u6216\u662f\u88ab\u5176\u4ed6\u516c\u53f8\u6536\u8cfc\u5f8c\u53ef\u4ee5\u7372\u5229\u300c\u9000\u5834\u300d\uff0c\u9019\u500b\u904e\u7a0b\u901a\u5e38\u9700\u8981\u6578\u5e74\u751a\u81f3\u66f4\u9577\u7684\u6642\u9593\u3002<\/li>\n<li>\u5275\u6295\u57fa\u91d1\u6295\u8cc7\u9580\u6abb\u9ad8\u4e14\u4e0d\u516c\u958b\u62db\u52df\uff0c\u4e00\u822c\u4eba\u8f03\u96e3\u63a5\u89f8\u5230\uff0c\u901a\u5e38\u662f\u9760\u8f49\u4ecb\u7d39\u3002<\/li>\n<li>\u4ee5\u904e\u53bb\u7684\u6578\u64da\u4f86\u770b\uff0c\u7f8e\u570b\u5275\u6295\u57fa\u91d1\u7684\u5e73\u5747\u5e74\u5316\u5831\u916c\u7387\u591a\u6578\u6642\u5019\u843d\u5f8c\u5927\u76e4\uff0c\u4f46\u5176\u4e2d\u597d\u7684\u57fa\u91d1\u8ddf\u5dee\u7684\u57fa\u91d1\u53ef\u80fd\u843d\u5dee\u5f88\u5927\u3002<\/li>\n<li>\u6839\u64da\u7d71\u8a08\uff0c\u7d04\u6709\u4e00\u534a\u4ee5\u4e0a\u7684\u5275\u6295\u57fa\u91d1\u6700\u5f8c\u8ce0\u9322\u51fa\u5834\uff0c\u53ea\u6709\u4e0d\u52304%\u80fd\u7372\u522910\u500d\u4ee5\u4e0a\u51fa\u5834\u3002<\/li>\n<\/ol>\n<p><strong>\u5e02\u5834\u5148\u751f\u5fc3\u5f971\uff1a\u65b0\u5275\u4e8b\u696d\u662f\u5426\u8981\u62ff\u5275\u6295\u7684\u8cc7\u91d1\uff1f\u9084\u662f\u4e0d\u62ff\u6bd4\u8f03\u597d\uff1f<\/strong><\/p>\n<p>\u5275\u6295\u57fa\u91d1\u5176\u5be6\u96e2\u6211\u5011\u4e00\u822c\u4eba\u76f8\u7576\u9059\u9060\uff0c\u56e0\u70ba\u5373\u4f7f\u662f\u76f8\u7576\u5c0f\u898f\u6a21\u7684\u5275\u6295\u57fa\u91d1\uff0c\u57fa\u790e\u6295\u8cc7\u55ae\u4f4d\u91d1\u984d\u4e5f\u662f\u6578\u5341\u842c\u7f8e\u5143\u8d77\u8df3\u3002<br \/>\n\u4f5c\u70ba\u4e00\u7a2e\u6295\u8cc7\u9078\u9805\uff0c\u5b83\u7684\u9580\u6abb\u6975\u9ad8\u4e14\u8cc7\u8a0a\u4e0d\u900f\u660e\uff0c\u66ff\u4ee3\u9078\u9805\u5176\u5be6\u4e5f\u5f88\u591a\uff0c\u7d55\u5927\u591a\u6578\u4eba\u5176\u5be6\u90fd\u4e0d\u9700\u8981\u53c3\u8207\u5275\u6295\u6295\u8cc7\u3002<\/p>\n<p>\u5728\u4e00\u822c\u4eba\u751f\u6d3b\u4e2d\uff0c\u6211\u5011\u6bd4\u8f03\u6709\u53ef\u80fd\u9047\u5230\u7684\uff0c\u662f\u81ea\u5df1\u5275\u696d\u6216\u8005\u81ea\u5df1\u5de5\u4f5c\u4efb\u8077\u7684\u4f01\u696d\uff0c\u662f\u5426\u8981\u62ff\u5275\u6295\u8cc7\u7684\u8cc7\u91d1\u8b93\u5225\u4eba\u5165\u80a1\u6295\u8cc7\uff1f<\/p>\n<p>\u5176\u5be6\u9019\u984c\u6c92\u6709\u6a19\u6e96\u7b54\u6848\uff0c\u56e0\u70ba\u9996\u5148\u5b83\u6703\u8ddf\u6240\u5728\u7684\u74b0\u5883\u3001\u7522\u696d\u7279\u6027\u3001\u81ea\u8eab\u689d\u4ef6\u6709\u95dc\u3002<\/p>\n<p>\u6709\u4e9b\u7522\u696d\u5c6c\u65bc\u8d0f\u8005\u5168\u62ff\u7684\u7279\u6027\uff0c\u6216\u8005\u9ad8\u8cc7\u672c\u6295\u5165\u7279\u6027\u3001\u6280\u8853\u5feb\u901f\u6210\u9577\u7b49\u7279\u6027\uff0c\u90a3\u8a3b\u5b9a\u9700\u8981\u66f4\u591a\u8cc7\u672c\u624d\u80fd\u5feb\u901f\u64f4\u5f35\u3002\u6709\u6642\u5247\u662f\u9700\u8981\u65b0\u7684\u53c3\u8207\u8005\u52a0\u5165\uff0c\u5f97\u5230\u95dc\u9375\u8cc7\u6e90\u3001\u8b93\u4f01\u696d\u5feb\u901f\u9081\u5411\u6210\u9577\u671f\u3002<\/p>\n<p>\u9019\u4e9b\u90fd\u5c6c\u65bc\u6709\u5fc5\u8981\u7684\u60c5\u6cc1\uff0c\u56e0\u70ba\u689d\u4ef6\u4e5f\u8a31\u4e26\u4e0d\u5141\u8a31\u516c\u53f8\u81ea\u5df1\u6709\u6a5f\u6210\u9577\uff0c\u90a3\u554f\u984c\u5c31\u53ea\u53d6\u6c7a\u65bc\u5275\u6295\u958b\u51fa\u7684\u689d\u4ef6\u3002<\/p>\n<p>\u5728\u65b0\u5275\u4e8b\u696d\u8d8a\u6210\u719f\u7684\u5340\u57df(\u5982\u77fd\u8c37)\u3001\u5e02\u5834\u71b1\u5ea6\u8d8a\u9ad8\u7684\u6642\u6a5f(\u5927\u591a\u982d\u5e02\u5834)\uff0c\u5c0d\u65bc\u65b0\u5275\u4e8b\u696d\u53d6\u5f97\u5275\u6295\u8cc7\u91d1\u5c31\u66f4\u52a0\u6709\u5229\uff0c<br \/>\n\u53cd\u4e4b\u5247\u8d8a\u96e3\u53d6\u5f97\u8cc7\u91d1\uff0c\u6216\u8005\u53ef\u80fd\u5b58\u5728\u5404\u7a2e\u4e0d\u5e73\u7b49\u689d\u7d04\u3002\u4e2d\u9593\u4e5f\u6709\u8a31\u591a\u7d30\u7bc0\uff0c\u5275\u8fa6\u4eba\u88ab\u65b0\u5165\u4e3b\u7684\u80a1\u6771\u8d95\u51fa\u5275\u8fa6\u516c\u53f8\u4e5f\u5076\u6709\u6240\u805e\u3002<\/p>\n<p>\u4f46\u4e0d\u662f\u6bcf\u4e00\u7a2e\u7522\u696d\u6216\u5546\u696d\u6a21\u5f0f\u90fd\u9700\u8981\u62ff\u5275\u6295\u7684\u9322\uff0c<br \/>\n\u6709\u4e9b\u4f01\u696d\u7684\u6210\u9577\u8ddf\u66f4\u591a\u8cc7\u672c\u6295\u5165\u6c92\u592a\u5927\u95dc\u806f\u6027\uff0c\u4e5f\u4e0d\u6703\u56e0\u70ba\u8cc7\u672c\u6295\u5165\u5c31\u5f97\u5230\u6307\u6578\u6210\u9577\u3002<\/p>\n<p>\u6211\u4e5f\u81f3\u5c11\u66fe\u7d93\u57283\u672c\u66f8\u4e0a\u770b\u904e\u4e00\u4e9b\u77e5\u540d\u4f01\u696d\u5275\u59cb\u4eba\uff0c\u5efa\u8b70\u65b0\u5275\u4e8b\u696d\u76e1\u91cf\u4e0d\u8981\u62ff\u5275\u6295\u7684\u9322\u3002<\/p>\n<p>\u600e\u9ebc\u5224\u65b7\u624d\u5c0d\uff1f\u6839\u64da\u81ea\u5df1\u7684\u60c5\u6cc1\u800c\u5b9a\uff0c\u6c92\u6709\u6a19\u6e96\u7b54\u6848\u3002<\/p>\n<p><strong>\u5e02\u5834\u5148\u751f\u5fc3\u5f972\uff1a\u5c0f\u578b\u80a1\u70ba\u4ec0\u9ebc\u6c92\u6709\u9ad8\u5831\u916c\uff1f\u53ef\u80fd\u8ddf\u5275\u6295\u6709\u95dc\u3002<\/strong><\/p>\n<p>\u5728\u65e9\u5e74\u4e00\u4e9b\u7814\u7a76\u4e2d\uff0c\u90fd\u6703\u63d0\u5230\u5c0f\u578b\u80a1\u6709\u8d85\u984d\u5831\u916c\uff0c\u4f46\u9019\u9ede\u5728\u8fd1\u5341\u5e74\u4e26\u4e0d\u986f\u8457\u3002<\/p>\n<p>\u662f\u5426\u6709\u4e00\u7a2e\u53ef\u80fd\uff0c\u662f\u56e0\u70ba\u5275\u6295\u57fa\u91d1\u7684\u6210\u719f\uff0c\u4ecb\u5165\u4f01\u696d\u66f4\u65e9\u671f\u7684\u968e\u6bb5\uff0c\u5c0e\u81f4\u8a31\u591a\u6f5b\u5728\u7684\u6210\u9577\u7d05\u5229\u5df2\u7d93\u88ab\u5275\u6295\u63d0\u65e9\u7a00\u91cb\u4e86\u5462\uff1f<\/p>\n<p>\u8a31\u591a\u6240\u8b02\u7368\u89d2\u7378\u4f01\u696d\uff0c\u5728<a href=/index.html"https:\/\/\/what-is-ipo\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">IPO<\/a>\u968e\u6bb5\u53ef\u80fd\u5e02\u5834\u50f9\u503c\u5c31\u5df2\u7d93\u6efe\u5230\u6578\u5341\u5104\u7f8e\u5143\uff0c\u662f\u5426\u5df2\u7d93\u900f\u652f\u4e86\u672a\u4f86\u6210\u9577\uff1f\u4e5f\u8d8a\u904e<a href=/index.html"https:\/\/\/different-with-stock-cap-type\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5c0f\u578b\u80a1<\/a>\uff0c\u76f4\u63a5\u6b78\u985e\u70ba\u4e2d\u5927\u578b\u80a1\u7684\u968e\u6bb5\uff1f<\/p>\n<p>\u6211\u60f3\u9019\u4e0d\u662f\u7d55\u5c0d\uff0c\u4f46\u5c31\u6574\u9ad4\u4f86\u8aaa\uff0c\u7684\u78ba\u6709\u9019\u7a2e\u73fe\u8c61\uff0c\u662f\u4e00\u7a2e\u53ef\u80fd\u6027\u3002<\/p>\n<p>\u904e\u53bb\u7684\u5c0f\u578b\u80a1\u6295\u8cc7\u8d85\u984d\u5831\u916c\uff0c\u4e5f\u8a31\u53ea\u662f\u8b8a\u6210\u4eca\u5929\u7684\u5275\u6295\u7684\u6f5b\u5728\u5229\u6f64\u5427\u3002<\/p>\n<p>&#8212;<\/p>\n<p>\u5c31\u5148\u8aaa\u5230\u9019\u56c9\uff0c<\/p>\n<p>\u95dc\u65bc\u5275\u6295\uff0c\u6709\u66f4\u591a\u5fc3\u5f97\u611f\u60f3\u6216\u554f\u984c\u4e5f\u53ef\u4ee5\u5e6b\u6211\u5728\u5e95\u4e0b\u7559\u8a00\u3002<\/p>\n<p>\u5c0d\u4e00\u822c\u4eba\u4f86\u8aaa\uff0c\u5275\u6295\u57fa\u91d1\u9580\u6abb\u904e\u9ad8\uff0c\u60f3\u6295\u8cc7\u57fa\u91d1\u61c9\u8a72\u9084\u662f\u5f9e\u9580\u6abb\u8f03\u4f4e\u3001\u4e5f\u6bd4\u8f03\u6709\u4fdd\u969c\u7684\u5171\u540c\u57fa\u91d1\u6216\u8005ETF\u958b\u59cb\u3002<\/p>\n<p>\u95dc\u65bc\u4e00\u822c\u7684\u57fa\u91d1\uff0c\u53ef\u5148\u95b1\u8b80\uff1a<\/p>\n<p>1. <a href=/index.html"https:\/\/\/fund-01\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u57fa\u91d1\u65b0\u624b\u5165\u9580\u6295\u8cc7\u6559\u5b78- \u5e02\u5834\u5148\u751f\u5e36\u4f60\u8cb7\u9032\u7b2c\u4e00\u652f\u57fa\u91d1<\/a><\/p>\n<p>2. <a href=/index.html"https:\/\/\/where-buy-fund\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u57fa\u91d1\u600e\u9ebc\u8cb7\uff1f\u53bb\u54ea\u88e1\u958b\u6236\uff1f<\/a><\/p>\n<p>\u66f4\u591a\u5ef6\u4f38\u95b1\u8b80\uff1a<\/p>\n<p>1. <a href=/index.html"https:\/\/\/what-is-hedge-funds\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u907f\u96aa\u57fa\u91d1\u662f\u4ec0\u9ebc\uff1f<\/a><\/p>\n<p>2. <a href=/index.html"https:\/\/\/10-hedge-fund-strategy-sample\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u907f\u96aa\u57fa\u91d1\u768410\u7a2e\u64cd\u4f5c\u7b56\u7565\u985e\u578b<\/a><\/p>\n<p>3. <a href=/index.html"https:\/\/\/hedga-fund-qa-14\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5982\u4f55\u5206\u8fa8\u4e00\u6a94\u907f\u96aa\u57fa\u91d1\u597d\u58de\uff1f\u907f\u96aa\u57fa\u91d1\u7d93\u7406\u4eba\u8a2a\u8ac7<\/a><\/p>\n<p>4. <a href=/index.html"https:\/\/\/publicly-offered-fund-private\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u79c1\u52df\u57fa\u91d1\u662f\u4ec0\u9ebc\uff1f<\/a><\/p>\n<p>5. <a href=/index.html"https:\/\/\/what-is-alternative-investment\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u53e6\u985e\u6295\u8cc7\u662f\u4ec0\u9ebc\uff1f<\/a><\/p>\n<p>\u672c\u6587\u50c5\u505a\u6559\u5b78\u4f7f\u7528\uff0c\u4e0d\u4ee3\u8868\u4efb\u4f55\u6295\u8cc7\u5efa\u8b70\uff0c\u6295\u8cc7\u4eba\u9700\u4e86\u89e3\u4efb\u4f55\u6295\u8cc7\u5747\u6709\u5176\u98a8\u96aa\u3002<\/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","protected":false},"excerpt":{"rendered":"<p>\u5275\u6295\u57fa\u91d1\u662f\u5c6c\u65bc\u79c1\u52df\u57fa\u91d1\u7684\u4e00\u7a2e\uff0c\u70ba\u4e00\u4e9b\u65b0\u5275\u516c\u53f8\u6216\u672a\u4e0a\u5e02\u516c\u53f8\u63d0\u4f9b\u6295\u8cc7\uff0c\u5c0d\u65b0\u5275\u4f01\u696d\u7684\u767c\u5c55\u626e\u6f14\u4e86\u91cd\u8981\u7684\u89d2\u8272\u3002 \u7136\u800c\uff0c\u4e00 [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":44149,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"no","footnotes":""},"categories":[142],"tags":[],"table_tags":[],"modified_by":"Leon","jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/\/wp-content\/uploads\/20221121100209_30.jpg","jetpack-related-posts":[{"id":21443,"url":"https:\/\/\/publicly-offered-fund-private\/","url_meta":{"origin":44148,"position":0},"title":"\u516c\u52df\u57fa\u91d1\u8207\u79c1\u52df\u57fa\u91d1\u5dee\u5728\u54ea\uff1f\u5c0d\u6295\u8cc7\u4eba\u6709\u4ec0\u9ebc\u512a\u7f3a\u9ede\uff1f","author":"Mr.Market\u5e02\u5834\u5148\u751f","date":"2021-11-06","format":false,"excerpt":"\u57fa\u91d1(Fund)\u5c31\u662f\u96c6\u5408\u4e00\u7fa4\u4eba\u7684\u8cc7\u91d1\uff0c\u7531\u7d93\u7406\u4eba\u96c6\u4e2d\u7ba1\u7406\u6295\u8cc7\uff0c\u5275\u9020\u66f4\u9ad8\u7684\u6295\u8cc7\u5831\u916c\uff0c 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4x"},"classes":[]},{"id":17983,"url":"https:\/\/\/what-is-alternative-investment\/","url_meta":{"origin":44148,"position":1},"title":"\u53e6\u985e\u6295\u8cc7\u662f\u4ec0\u9ebc\uff1f\u70ba\u4ec0\u9ebc\u8981\u9032\u884c\u53e6\u985e\u6295\u8cc7\uff1f","author":"Mr.Market\u5e02\u5834\u5148\u751f","date":"2021-06-05","format":false,"excerpt":"\u9664\u4e86\u80a1\u7968\u3001\u50b5\u5238\u3001\u73fe\u91d1\u3001\u9ec3\u91d1\u7b49\u5546\u54c1\u4e4b\u5916\uff0c\u6295\u8cc7\u5de5\u5177\u9084\u6709\u4e00\u7a2e\u53eb\u505a\u53e6\u985e\u6295\u8cc7(Alternative Inve\u2026","rel":"","context":"\u5728\u300c\u8cc7\u7522\u914d\u7f6e\u300d\u4e2d","block_context":{"text":"\u8cc7\u7522\u914d\u7f6e","link":"https:\/\/\/category\/invest-master\/asset-allocation\/"},"img":{"alt_text":"\u53e6\u985e\u6295\u8cc7(Alternative 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2x"},"classes":[]},{"id":20852,"url":"https:\/\/\/what-is-alternative-assets-0\/","url_meta":{"origin":44148,"position":3},"title":"\u53e6\u985e\u8cc7\u7522\u662f\u4ec0\u9ebc\uff1f\u548c\u50b3\u7d71\u8cc7\u7522\u6709\u4ec0\u9ebc\u4e0d\u540c\uff1f\u6295\u8cc7\u6709\u4ec0\u9ebc\u512a\u9ede\u3001\u98a8\u96aa\uff1f","author":"Mr.Market\u5e02\u5834\u5148\u751f","date":"2021-06-25","format":false,"excerpt":"\u5927\u90e8\u5206\u4eba\u63d0\u5230\u6295\u8cc7\u6642\uff0c\u53ef\u80fd\u6703\u60f3\u5230\u7684\u662f\u80a1\u7968\u3001\u50b5\u5238\u3001ETF\u2026\u7b49\u7b49\uff0c\u9019\u4e9b\u5c6c\u65bc\u50b3\u7d71\u8cc7\u7522\u5546\u54c1\u3002 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