{"id":253922,"date":"2017-04-11T10:38:00","date_gmt":"2017-04-11T02:38:00","guid":{"rendered":"https:\/\/articles.ricacorp.com\/?p=253922"},"modified":"2019-04-12T15:28:26","modified_gmt":"2019-04-12T07:28:26","slug":"%e9%a6%99%e6%b8%af%e5%9c%b0%e7%94%a2%e7%99%bc%e5%b1%95%e5%95%86%e4%b8%8d%e7%9b%b2%e7%9b%ae%e6%90%b6%e5%9c%b0%e5%ba%95%e5%9b%a0","status":"publish","type":"post","link":"https:\/\/www.ricacorp.com.cn\/articles\/2017\/04\/11\/%e9%a6%99%e6%b8%af%e5%9c%b0%e7%94%a2%e7%99%bc%e5%b1%95%e5%95%86%e4%b8%8d%e7%9b%b2%e7%9b%ae%e6%90%b6%e5%9c%b0%e5%ba%95%e5%9b%a0\/","title":{"rendered":"\u9999\u6e2f\u5730\u7522\u767c\u5c55\u5546\u4e0d\u76f2\u76ee\u6436\u5730\u5e95\u56e0"},"content":{"rendered":"

3<\/font><\/span>\u6708<\/span>8<\/font><\/span>\u65e5\uff0c\u4fe1\u5831\u793e\u8a55\u767c\u8868\u4e86\u300a\u5546\u5bb6\u5fc3\u614b\u770b\u5929\u50f9\u6295\u5730\u300b\u7684\u8a55\u8ad6<\/span> (<\/span><\/font><\/span>\u8a73\u898b\u9644\u6587<\/span>)<\/font><\/span>\u3002<\/span><\/o:p><\/span><\/font><\/p>\n

 <\/font><\/o:p><\/span><\/p>\n

\u300e\u65b0\u9d3b\u57fa\u5730\u7522\u4e3b\u5e2d\u90ed\u70b3\u806f\u660e\u8a00\uff0c\u59cb\u7d42\u8981\u300c\u8a08\u5230\u6578\u3001\u8cfa\u5230\u9322\u300d\u624d\u843d\u6a19\u3002\u53e6\u4e00\u908a\u5ec2\uff0c\u5609\u83ef\u96c6\u5718\u4e3b\u5e2d\u5442\u5fd7\u548c\u62cb\u51fa\u4e00\u53e5\u300c\u4e2d\u8cc7\u53bb\u5f97\u90a3\u9ebc\u76e1\uff0c\u6709\u671d\u4e00\u65e5\u6703\u5426\u300e\u5750\u8247\u300f\uff1f\u300d\u300f<\/o:p><\/span><\/font><\/span><\/p>\n

 <\/font><\/o:p><\/span><\/p>\n

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 <\/font><\/o:p><\/span><\/p>\n

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 <\/font><\/o:p><\/span><\/p>\n

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 <\/font><\/o:p><\/span><\/p>\n

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 <\/font><\/o:p><\/span><\/p>\n

\u4fe1\u5831\u793e\u8a55\u554f\u5f97\u6709\u9053\u7406\u3002<\/span><\/o:p><\/span><\/font><\/p>\n

 <\/font><\/o:p><\/span><\/p>\n

\u300e<\/span>\u773e\u6240\u5468\u77e5\uff0c\u4e8c\u25cb\u25cb\u516b\u5e74\u91d1\u878d\u6d77\u562f\u5f8c\uff0c\u5168\u7403\u592e\u884c\u4ee5\u96f6\u606f\u653f\u7b56\u914d\u5408\u91cf\u5316\u5bec\u9b06\u300c\u653e\u6c34\u300d\uff0c\u523a\u6fc0\u7d93\u6fdf\u6d3b\u52d5\u548c\u4f01\u696d\u6295\u8cc7\u3002\u7136\u800c\uff0c\u516b\u5e74\u5df2\u904e\uff0c\u771f\u6b63\u53d7\u60e0\u7684\u53ea\u6709\u80a1\u6a13\u7b49\u8cc7\u7522\u5e02\u5834\uff0c\u4f01\u696d\u6295\u8cc7\u5fa9\u7526\u6b65\u4f10\u975e\u5e38\u7de9\u6162\u3002<\/o:p><\/span><\/span><\/font><\/p>\n

 <\/font><\/o:p><\/span><\/p>\n

\u300a\u7d93\u6fdf\u5b78\u4eba\u300b\u5f15\u8ff0\u82f1\u502b\u9280\u884c\u4e00\u9805\u8abf\u67e5\u6307\u51fa\uff0c\u622a\u81f3\u4e8c\u25cb\u25cb\u4e03\u5e74\u7684\u56db\u5341\u5e74\uff0c\u82f1\u570b\u4f01\u696d\u6295\u8cc7\u4ee5\u5e73\u5747\u6bcf\u5e74\u767e\u5206\u4e4b\u4e09\u7684\u901f\u5ea6\u589e\u9577\uff1b\u91d1\u878d\u6d77\u562f\u5f8c\u516b\u5e74\uff0c\u76f8\u95dc\u6295\u8cc7\u5e74\u5747\u589e\u9577\u53ea\u6709\u767e\u5206\u4e4b\u4e00\u9ede\u4e94\u3002\u63db\u53e5\u8a71\u8aaa\uff0c\u300c\u5e73\u9322\u6eff\u8857\u300d\u4e26\u672a\u80fd\u6fc0\u767c\u4f01\u696d\u6295\u8cc7\u610f\u6b32\uff0c\u5546\u5bb6\u614b\u5ea6\u53cd\u8f03\u6614\u65e5\u5be9\u614e\u3002<\/o:p><\/span><\/font><\/span><\/p>\n

 <\/font><\/o:p><\/span><\/p>\n

\u6240\u4ee5\u5982\u6b64\uff0c\u56fa\u7136\u8207\u5546\u754c\u5c0d\u7d93\u6fdf\u524d\u666f\u4fe1\u5fc3\u5c1a\u672a\u5b8c\u5168\u6062\u5fa9\u6709\u95dc\uff0c\u4f46\u82f1\u502b\u9280\u884c\u7684\u8abf\u67e5\u9084\u6709\u4e00\u500b\u5341\u5206\u6709\u8da3\u7684\u767c\u73fe\uff1a\u300c\u7121\u98a8\u96aa\u5229\u7387\u300d\uff08risk-free rate<\/span><\/font>\uff09\u96d6\u5df2\u63a5\u8fd1\u96f6\u6c34\u5e73\uff0c\u4f46\u82f1\u570b\u4f01\u696d\u5728\u6c7a\u5b9a\u662f\u5426\u843d\u5be6\u6295\u8cc7\u6642\u63a1\u7528\u7684\u300c\u6700\u4f4e\u8cc7\u672c\u56de\u5831\u7387\u300d\uff08<\/font>hur\u00addle rate<\/font><\/span>\uff09\u4ecd\u7136\u7dad\u6301\u65bc\u767e\u5206\u4e4b\u5341\u4e8c\uff0c\u8207\u91d1\u878d\u6d77\u562f\u524d\u76f8\u82e5\uff0c\u53ea\u6709\u9054\u5230\u9019\u500b\u6700\u4f4e\u56de\u5831\u6a19\u6e96\uff0c\u6295\u8cc7\u8005\u624d\u9858\u610f\u300c\u53bb\u99ac\u300d\u3002<\/font><\/span>\u300f<\/span><\/o:p><\/span><\/font><\/p>\n

 <\/font><\/o:p><\/span><\/p>\n

\u4fe1\u5831\u793e\u8a55\u89e3\u91cb\u5f97\u6709\u7406\u3002<\/span><\/o:p><\/span><\/font><\/p>\n

 <\/font><\/o:p><\/span><\/p>\n

\u300e<\/span>\u9019\u500b\u767c\u73fe\u503c\u5f97\u6ce8\u610f\u4e4b\u8655\u5728\u65bc\u4eca\u6642\u4e0d\u540c\u5f80\u65e5\uff0c\u8cc7\u91d1\u6210\u672c\u5df2\u964d\u81f3\u53f2\u4e0a\u7f55\u898b\u7684\u4f4e\u6c34\u5e73\uff0c\u4f01\u696d\u537b\u6c92\u6709\u76f8\u61c9\u4e0b\u8abf\u5c0d\u6295\u8cc7\u56de\u5831\u7684\u6700\u4f4e\u6a19\u6e96\uff0c\u8b8a\u76f8\u7b49\u65bc\u8981\u6c42\u66f4\u5927\u7684\u5229\u6f64\u7a7a\u9593\u3002<\/o:p><\/span><\/span><\/font><\/p>\n

 <\/font><\/o:p><\/span><\/p>\n

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 <\/font><\/o:p><\/span><\/p>\n

\u82f1\u502b\u9280\u884c\u8abf\u67e5\u91dd\u5c0d\u7684\u4e43\u5927\u4e0d\u5217\u985b\u5546\u754c\uff0c\u9999\u6e2f\u60c5\u6cc1\u4e0d\u53ef\u80fd\u5b8c\u5168\u4e00\u6a23\u3002\u7136\u800c\uff0c\u4e0d\u8ad6\u662f\u90ed\u70b3\u806f\u5f37\u8abf\u7684\u300c\u8a08\u5230\u6578\u3001\u8cfa\u5230\u9322\u300d\u624d\u6703\u843d\u6a19\u6295\u5730\uff0c\u6291\u6216\u82f1\u570b\u4f01\u696d\u606f\u53e3\u6108\u4f4e\u6295\u8cc7\u6108\u8b39\u614e\uff0c\u53cd\u6620\u7684\u90fd\u662f\u5546\u696d\u6c7a\u7b56\u8005\u5c0d\u98a8\u96aa\u8207\u56de\u5831\u7684\u7406\u6027\u9810\u671f\u3002<\/font><\/span>\u300f<\/span><\/o:p><\/span><\/font><\/p>\n

 <\/font><\/o:p><\/span><\/p>\n

\u5169\u500b\u91cd\u8981\u8a0a\u606f\u662f\u6574\u7bc7\u6587\u7ae0\u7684\u7cbe\u7cb9<\/span>\uff0c<\/span>\u7406\u64da\u5145\u4efd\u3001\u6709\u529b\u3002\u8cb7\u6a13\u662f\u4e00\u9805\u91cd\u5927\u6295\u8cc7\uff0c\u9999\u6e2f\u7684\u6a13\u5b87\u8cb7\u5bb6\u4ea6\u61c9\u5982\u82f1\u570b\u4f01\u696d\u4e00\u6a23\uff0c\u770b\u5230\u5229\u7387\u9577\u671f\u8655\u65bc\u8d85\u4f4e\u6c34\u5e73\uff0c\u8aaa\u660e\u7d93\u6fdf\u524d\u666f\u597d\u6975\u6709\u9650\uff0c\u8cc7\u7522\u5e02\u5834\u6f5b\u4f0f\u8457\u5de8\u5927\u6ce1\u6cab\u98a8\u96aa\uff0c\u6b64\u523b\u8cb7\u6a13\uff0c\u8981\u8b39\u800c\u614e\u4e4b\u3002<\/span><\/span><\/font><\/p>\n

 <\/font><\/o:p><\/span><\/p>\n

\u300e<\/span>\u53cd\u89c0\u4e2d\u8cc7\uff0c\u4f4f\u5b85\u4f9b\u6c42\u3001\u8ca0\u64d4\u80fd\u529b\u3001\u6295\u8cc7\u56de\u5831\u3001\u98a8\u96aa\u7ba1\u7406\u5e7e\u5927\u56e0\u7d20\u52a0\u8d77\u4f86\uff0c\u4ea6\u53ca\u4e0d\u4e0a\u4e00\u53e5\u300c\u8cb4\u8cb7\u8cb4\u8ce3\u300d\u66f4\u80fd\u5f71\u97ff\u4ed6\u5011\u7684\u6295\u5730\u610f\u5411\u3002<\/span>\u300f<\/span><\/o:p><\/span><\/font><\/p>\n

 <\/font><\/o:p><\/span><\/p>\n

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 <\/font><\/o:p><\/span><\/p>\n

 <\/font><\/o:p><\/span><\/p>\n

 <\/font><\/o:p><\/span><\/p>\n

\u9644\u6587\uff1a<\/span><\/b><\/o:p><\/span><\/b><\/font><\/p>\n

\u5546\u5bb6\u5fc3\u614b\u770b\u5929\u50f9\u6295\u5730<\/span><\/b><\/o:p><\/span><\/b><\/font><\/p>\n

 <\/font><\/o:p><\/span><\/p>\n

\u4e2d\u8cc7\u8fd1\u671f\u5728\u9999\u6e2f\u4f4f\u5b85\u571f\u5730\u62db\u6a19\u5e02\u5834\u51fa\u76e1\u98a8\u982d\uff0c\u5f9e\u555f\u5fb7\u767c\u5c55\u5340\u5230\u9d28\u8137\u6d32\u3001\u9ec3\u7af9\u5751\uff0c\u4e00\u5e45\u63a5\u4e00\u5e45\u5e02\u5340\u5730\u738b\u90fd\u88ab\u5167\u5730\u767c\u5c55\u5546\u6216\u7531\u4e2d\u8cc7\u727d\u982d\u7684\u8ca1\u5718\u4ee5\u5929\u50f9\u6295\u5f97\u3002<\/o:p><\/span><\/font><\/span><\/p>\n

 <\/font><\/o:p><\/span><\/p>\n

\u5167\u623f\u5357\u4e0b\u6436\u5730\u851a\u7136\u6210\u98a8\uff0c\u6709\u8cc7\u6df1\u5730\u7522\u754c\u4eba\u58eb\u4e5f\u627f\u8a8d\u300c\u7747\u932f\u5e02\u300d\u4e26\u6539\u53e3\u5531\u597d\uff1b\u6709\u4eba\u63e3\u6e2c\u5167\u5730\u767c\u5c55\u5546\u9023\u756a\u51fa\u624b\u662f\u8981\u914d\u5408\u4e2d\u592e\u6c96\u6de1\u672c\u5730\u300c\u5730\u7522\u9738\u6b0a\u300d\u7684\u5f71\u97ff\u529b\uff1b\u4ea6\u6709\u8072\u97f3\u8a8d\u70ba\u4e2d\u8cc7\u767c\u5c55\u5546\u4e0d\u60dc\u4ee5\u9060\u8d85\u5e02\u5834\u9810\u671f\u7684\u50f9\u683c\u300c\u76f2\u6436\u300d\u672c\u6e2f\u5730\u76ae\uff0c\u76ee\u7684\u662f\u63d0\u9ad8\u6e2f\u5143\u8cc7\u7522\u4f54\u6574\u9ad4\u696d\u52d9\u6bd4\u91cd\uff0c\u5167\u5730\u8cc7\u91d1\u5343\u65b9\u767e\u8a08\u898f\u907f\u4eba\u6c11\u5e63\u8cb6\u503c\u98a8\u96aa\u4e4b\u8aaa\u96d6\u4e0d\u4e2d\u4ea6\u4e0d\u9060\u77e3\u3002<\/o:p><\/span><\/font><\/span><\/p>\n

 <\/font><\/o:p><\/span><\/p>\n

\u300c\u653f\u6cbb\u4efb\u52d9\u300d\u6bcf\u591a\u9053\u807d\u9014\u8aaa\uff0c\u662f\u5426\u771f\u6709\u5176\u4e8b\u7121\u6cd5\u8b49\u5be6\uff0c\u800c\u4eba\u6c11\u5e63\u8cb6\u503c\u96d6\u662f\u8a31\u591a\u4eba\u7684\u5171\u8b58\uff0c\u60df\u672c\u8cea\u4e0a\u53ea\u662f\u4e00\u7a2e\u9810\u671f\uff0c\u5e63\u503c\u5347\u8dcc\u4e26\u975e\u5fc5\u7136\u3002\u53ef\u662f\uff0c\u628a\u9019\u4e9b\u4e0d\u5c6c\u65bc\u71df\u5546\u6700\u91cd\u8981\u8003\u616e\u7684\u56e0\u7d20\u770b\u4f5c\u4e2d\u8cc7\u5728\u6e2f\u5929\u50f9\u6295\u5730\u7684\u300c\u771f\u6b63\u52d5\u6a5f\u300d\uff0c\u8db3\u8b49\u8ad6\u8005\u5fc3\u88e1\u5176\u5be6\u90fd\u6709\u4e00\u500b\u7591\u554f\uff1a\u300c\u9eb5\u7c89\u300d\u8cb4\u904e\u300c\u9eb5\u5305\u300d\uff0c\u5c07\u4f86\u6a13\u5b87\u5efa\u6210\u8981\u8ce3\u591a\u5c11\u9322\u4e00\u65b9\u5c3a\uff0c\u767c\u5c55\u5546\u624d\u6709\u5229\u53ef\u5716\uff1f\u662f\u5426\u5df2\u8d85\u8d8a\u4e86\u7d93\u6fdf\u4e0a\u7684\u7406\u6027\u8003\u616e\uff1f<\/o:p><\/span><\/font><\/span><\/p>\n

 <\/font><\/o:p><\/span><\/p>\n

\u9762\u5c0d\u5167\u5730\u540c\u696d\u5982\u65af\u52c7\u731b\uff0c\u65b0\u9d3b\u57fa\u5730\u7522\u4e3b\u5e2d\u90ed\u70b3\u806f\u660e\u8a00\uff0c\u59cb\u7d42\u8981\u300c\u8a08\u5230\u6578\u3001\u8cfa\u5230\u9322\u300d\u624d\u843d\u6a19\u3002\u53e6\u4e00\u908a\u5ec2\uff0c\u5609\u83ef\u96c6\u5718\u4e3b\u5e2d\u5442\u5fd7\u548c\u62cb\u51fa\u4e00\u53e5\u300c\u4e2d\u8cc7\u53bb\u5f97\u90a3\u9ebc\u76e1\uff0c\u6709\u671d\u4e00\u65e5\u6703\u5426\u300e\u5750\u8247\u300f\uff1f\u300d\u4f5c\u70ba\u5c0d\u8a18\u8005\u63d0\u554f\u7684\u56de\u61c9\u3002\u672c\u6e2f\u5730\u7522\u5546\u4ee5\u4e0d\u8b8a\u61c9\u842c\u8b8a\uff0c\u4e0d\u6253\u7b97\u8207\u4e2d\u8cc7\u300c\u4e00\u9f4a\u7672\u300d\uff0c\u614b\u5ea6\u5341\u5206\u660e\u78ba\u3002<\/o:p><\/span><\/font><\/span><\/p>\n

 <\/font><\/o:p><\/span><\/p>\n

\u6e2f\u5546\u5805\u6301\u56b4\u5b88\u7d00\u5f8b\uff0c\u4e2d\u8cc7\u5247\u70ba\u6436\u596a\u5e02\u5834\u4f54\u6709\u7387\uff08\u6216\u57fa\u65bc\u5176\u4ed6\u975e\u7d14\u5546\u696d\u8003\u616e\uff09\u300c\u6295\u5497\u81f3\u7b97\u300d\uff0c\u9019\u9664\u4e86\u53cd\u6620\u5169\u5730\u696d\u754c\u5c0d\u9999\u6e2f\u6a13\u50f9\u524d\u666f\u770b\u6cd5\u4e0d\u76e1\u76f8\u540c\u5916\uff0c\u4ea6\u7a81\u986f\u96d9\u65b9\u5c0d\u672a\u4f86\u4f9b\u6c42\u3001\u5e02\u6c11\u627f\u53d7\u9ad8\u6a13\u50f9\u80fd\u529b\uff0c\u4ee5\u81f3\u516c\u53f8\u8ca1\u52d9\u98a8\u96aa\u5404\u65b9\u9762\u7684\u8a55\u4f30\u5747\u5b58\u6709\u5dee\u7570\u3002\u4e8c\u624b\u6a13\u50f9\u8fd1\u65e5\u518d\u5ea6\u7834\u9802\uff0c\u9069\u9022\u4e2d\u8cc7\u4e3b\u5c0e\u672c\u6e2f\u6295\u5730\uff0c\u5a92\u9ad4\u5c0d\u4ee5\u4e0a\u591a\u500b\u74b0\u7bc0\u5df2\u6709\u9245\u7d30\u7121\u907a\u7684\u5206\u6790\u3002\u6211\u5011\u5617\u8a66\u5f9e\u53e6\u4e00\u89d2\u5ea6\uff5e\uff5e\u5546\u5bb6\u5fc3\u614b\uff5e\uff5e\u63a2\u8a0e\u9019\u500b\u7576\u524d\u71b1\u8a71\u3002<\/o:p><\/span><\/font><\/span><\/p>\n

 <\/font><\/o:p><\/span><\/p>\n

\u5442\u5fd7\u548c\u628a\u4e2d\u8cc7\u9ad8\u50f9\u6436\u5730\u6b78\u56e0\u65bc\u300c\u5e73\u9322\u300d\u592a\u591a\uff0c\u6b64\u8aaa\u96d6\u6709\u4e00\u5b9a\u9053\u7406\uff0c\u4f46\u8cc7\u91d1\u6c3e\u6feb\u8209\u4e16\u7686\u7136\uff0c\u672c\u6e2f\u767c\u5c55\u5546\u4f55\u4ee5\u4e0d\u70ba\u6240\u52d5\uff0c\u5728\u4e2d\u8cc7\u6108\u6230\u6108\u52c7\u4e0b\u51b7\u773c\u65c1\u89c0\uff0c\u62d2\u7d55\u8ddf\u5c0d\u624b\u9b25\u6436\uff1f\u8b93\u6211\u5011\u66ab\u6642\u628a\u7126\u9ede\u62bd\u96e2\u9999\u6e2f\uff0c\u770b\u770b\u4e00\u4e9b\u5916\u570b\u4f8b\u5b50\u5c0d\u5546\u5bb6\u5fc3\u614b\u6709\u4f55\u555f\u793a\u3002<\/o:p><\/span><\/font><\/span><\/p>\n

 <\/font><\/o:p><\/span><\/p>\n

\u773e\u6240\u5468\u77e5\uff0c\u4e8c\u25cb\u25cb\u516b\u5e74\u91d1\u878d\u6d77\u562f\u5f8c\uff0c\u5168\u7403\u592e\u884c\u4ee5\u96f6\u606f\u653f\u7b56\u914d\u5408\u91cf\u5316\u5bec\u9b06\u300c\u653e\u6c34\u300d\uff0c\u523a\u6fc0\u7d93\u6fdf\u6d3b\u52d5\u548c\u4f01\u696d\u6295\u8cc7\u3002\u7136\u800c\uff0c\u516b\u5e74\u5df2\u904e\uff0c\u771f\u6b63\u53d7\u60e0\u7684\u53ea\u6709\u80a1\u6a13\u7b49\u8cc7\u7522\u5e02\u5834\uff0c\u4f01\u696d\u6295\u8cc7\u5fa9\u7526\u6b65\u4f10\u975e\u5e38\u7de9\u6162\u3002<\/o:p><\/span><\/font><\/span><\/p>\n

 <\/font><\/o:p><\/span><\/p>\n

\u300a\u7d93\u6fdf\u5b78\u4eba\u300b\u5f15\u8ff0\u82f1\u502b\u9280\u884c\u4e00\u9805\u8abf\u67e5\u6307\u51fa\uff0c\u622a\u81f3\u4e8c\u25cb\u25cb\u4e03\u5e74\u7684\u56db\u5341\u5e74\uff0c\u82f1\u570b\u4f01\u696d\u6295\u8cc7\u4ee5\u5e73\u5747\u6bcf\u5e74\u767e\u5206\u4e4b\u4e09\u7684\u901f\u5ea6\u589e\u9577\uff1b\u91d1\u878d\u6d77\u562f\u5f8c\u516b\u5e74\uff0c\u76f8\u95dc\u6295\u8cc7\u5e74\u5747\u589e\u9577\u53ea\u6709\u767e\u5206\u4e4b\u4e00\u9ede\u4e94\u3002\u63db\u53e5\u8a71\u8aaa\uff0c\u300c\u5e73\u9322\u6eff\u8857\u300d\u4e26\u672a\u80fd\u6fc0\u767c\u4f01\u696d\u6295\u8cc7\u610f\u6b32\uff0c\u5546\u5bb6\u614b\u5ea6\u53cd\u8f03\u6614\u65e5\u5be9\u614e\u3002<\/o:p><\/span><\/font><\/span><\/p>\n

 <\/font><\/o:p><\/span><\/p>\n

\u6240\u4ee5\u5982\u6b64\uff0c\u56fa\u7136\u8207\u5546\u754c\u5c0d\u7d93\u6fdf\u524d\u666f\u4fe1\u5fc3\u5c1a\u672a\u5b8c\u5168\u6062\u5fa9\u6709\u95dc\uff0c\u4f46\u82f1\u502b\u9280\u884c\u7684\u8abf\u67e5\u9084\u6709\u4e00\u500b\u5341\u5206\u6709\u8da3\u7684\u767c\u73fe\uff1a\u300c\u7121\u98a8\u96aa\u5229\u7387\u300d\uff08risk-free rate<\/span><\/font>\uff09\u96d6\u5df2\u63a5\u8fd1\u96f6\u6c34\u5e73\uff0c\u4f46\u82f1\u570b\u4f01\u696d\u5728\u6c7a\u5b9a\u662f\u5426\u843d\u5be6\u6295\u8cc7\u6642\u63a1\u7528\u7684\u300c\u6700\u4f4e\u8cc7\u672c\u56de\u5831\u7387\u300d\uff08<\/font>hur\u00addle rate<\/font><\/span>\uff09\u4ecd\u7136\u7dad\u6301\u65bc\u767e\u5206\u4e4b\u5341\u4e8c\uff0c\u8207\u91d1\u878d\u6d77\u562f\u524d\u76f8\u82e5\uff0c\u53ea\u6709\u9054\u5230\u9019\u500b\u6700\u4f4e\u56de\u5831\u6a19\u6e96\uff0c\u6295\u8cc7\u8005\u624d\u9858\u610f\u300c\u53bb\u99ac\u300d\u3002<\/o:p><\/span><\/font><\/span><\/p>\n

 <\/font><\/o:p><\/span><\/p>\n

\u9019\u500b\u767c\u73fe\u503c\u5f97\u6ce8\u610f\u4e4b\u8655\u5728\u65bc\u4eca\u6642\u4e0d\u540c\u5f80\u65e5\uff0c\u8cc7\u91d1\u6210\u672c\u5df2\u964d\u81f3\u53f2\u4e0a\u7f55\u898b\u7684\u4f4e\u6c34\u5e73\uff0c\u4f01\u696d\u537b\u6c92\u6709\u76f8\u61c9\u4e0b\u8abf\u5c0d\u6295\u8cc7\u56de\u5831\u7684\u6700\u4f4e\u6a19\u6e96\uff0c\u8b8a\u76f8\u7b49\u65bc\u8981\u6c42\u66f4\u5927\u7684\u5229\u6f64\u7a7a\u9593\u3002<\/o:p><\/span><\/font><\/span><\/p>\n

 <\/font><\/o:p><\/span><\/p>\n

\u6211\u5011\u8a8d\u70ba\uff0c\u9019\u500b\u73fe\u8c61\u5e36\u51fa\u4e86\u5169\u500b\u91cd\u8981\u8a0a\u606f\uff1a\u4e00\u3001\u8cc7\u91d1\u6c3e\u6feb\u4e0d\u4ee3\u8868\u4f01\u696d\u6295\u8cc7\u610f\u6b32\u5fc5\u7136\u589e\u52a0\uff0c\u4f46\u5c0d\u63a8\u9ad8\u8cc7\u7522\u50f9\u683c\u5247\u80af\u5b9a\u5927\u6709\u5e6b\u52a9\uff1b\u4e8c\u3001\u4f01\u696d\u62d2\u7d55\u8abf\u4f4e\u5c0d\u6295\u8cc7\u56de\u5831\u7684\u8981\u6c42\uff0c\u4e0d\u7b49\u65bc\u5546\u5bb6\u4e00\u5fc3\u8ffd\u6c42\u300c\u66b4\u5229\u300d\uff0c\u4ed6\u5011\u770b\u5230\u7684\u53ef\u80fd\u662f\u5229\u7387\u9577\u671f\u8655\u65bc\u8d85\u4f4e\u6c34\u5e73\uff0c\u8aaa\u660e\u7d93\u6fdf\u524d\u666f\u597d\u6975\u6709\u9650\uff0c\u8cc7\u7522\u5e02\u5834\u6f5b\u4f0f\u8457\u5de8\u5927\u6ce1\u6cab\u98a8\u96aa\uff0c\u4f01\u696d\u4f5c\u51fa\u4efb\u4f55\u91cd\u5927\u6295\u8cc7\u6c7a\u5b9a\uff0c\u5bb9\u8a31\u72af\u932f\u7684\u7a7a\u9593\uff08mar\u00adgin of error<\/span><\/font>\uff09\u8f03\u5229\u7387\u6b63\u5e38\u6642\u671f\u66f4\u5c0f\uff0c\u56e0\u6b64\u4e0d\u6703\u80e1\u4e82\u6295\u8cc7\u3002<\/o:p><\/span><\/font><\/span><\/p>\n

 <\/font><\/o:p><\/span><\/p>\n

\u82f1\u502b\u9280\u884c\u8abf\u67e5\u91dd\u5c0d\u7684\u4e43\u5927\u4e0d\u5217\u985b\u5546\u754c\uff0c\u9999\u6e2f\u60c5\u6cc1\u4e0d\u53ef\u80fd\u5b8c\u5168\u4e00\u6a23\u3002\u7136\u800c\uff0c\u4e0d\u8ad6\u662f\u90ed\u70b3\u806f\u5f37\u8abf\u7684\u300c\u8a08\u5230\u6578\u3001\u8cfa\u5230\u9322\u300d\u624d\u6703\u843d\u6a19\u6295\u5730\uff0c\u6291\u6216\u82f1\u570b\u4f01\u696d\u606f\u53e3\u6108\u4f4e\u6295\u8cc7\u6108\u8b39\u614e\uff0c\u53cd\u6620\u7684\u90fd\u662f\u5546\u696d\u6c7a\u7b56\u8005\u5c0d\u98a8\u96aa\u8207\u56de\u5831\u7684\u7406\u6027\u9810\u671f\u3002<\/o:p><\/span><\/font><\/span><\/p>\n

 <\/font><\/o:p><\/span><\/p>\n

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