{"id":33971,"date":"2023-03-26T23:56:00","date_gmt":"2023-03-26T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/?p=33971"},"modified":"2024-07-12T10:52:34","modified_gmt":"2024-07-12T02:52:34","slug":"%e8%a1%8d%e7%94%9f%e6%80%a7%e9%87%91%e8%9e%8d%e5%95%86%e5%93%81%e6%98%af%e5%ae%9a%e6%99%82%e7%82%b8%e5%bd%88","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/03\/26\/%e8%a1%8d%e7%94%9f%e6%80%a7%e9%87%91%e8%9e%8d%e5%95%86%e5%93%81%e6%98%af%e5%ae%9a%e6%99%82%e7%82%b8%e5%bd%88\/","title":{"rendered":"\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\u662f\u5b9a\u6642\u70b8\u5f48\uff0c\u5e7e\u500b\u77e5\u540d\u6848\u4f8b"},"content":{"rendered":"\n<p><a href=\"https:\/\/berkshirehathaway.com\/letters\/2002pdf.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">\u5df4\u83f2\u7279\u57282002\u5e74\u7684\u80a1\u6771\u4fe1<\/a>\u88e1\u9762\uff08\u672c\u6587\u659c\u9ad4\u5b57\u90e8\u4efd\u70ba\u539f\u6587\u6458\u9304\uff09\uff0c\u82b1\u4e86\u5f88\u9577\u7684\u7bc7\u5e45\uff0c\u5411\u6295\u8cc7\u4eba\u89e3\u91cb\uff1a\u70ba\u4f55\u4ed6\u8a8d\u70ba\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\u662f\u5b9a\u6642\u70b8\u5f48\uff1f<\/p>\n\n\n\n<p><em>\u5c0d\u65bc\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\u4ee5\u53ca\u5176\u5b83\u9644\u5e36\u7684\u4ea4\u6613\uff0c\u67e5\u7406\u8ddf\u6211\u7684\u770b\u6cd5\u5b8c\u5168\u4e00\u81f4\uff0c\u6211\u5011\u8a8d\u70ba\u4e0d\u8ad6\u662f\u5c0d\u53c3\u8207\u4ea4\u6613\u7684\u96d9\u65b9\u6216\u8005\u662f\u6574\u500b\u7d93\u6fdf\u9ad4\u4fc2\u800c\u8a00\uff0c\u5b83\u5011\u5c31\u50cf\u662f\u4e00\u9846\u9846\u5b9a\u6642\u70b8\u5f48!<\/em><\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"\u986f\u793a\/\u96b1\u85cf\u5167\u5bb9\u76ee\u9304\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/03\/26\/%e8%a1%8d%e7%94%9f%e6%80%a7%e9%87%91%e8%9e%8d%e5%95%86%e5%93%81%e6%98%af%e5%ae%9a%e6%99%82%e7%82%b8%e5%bd%88\/#%E4%BB%80%E9%BA%BC%E6%98%AF%E8%A1%8D%E7%94%9F%E6%80%A7%E9%87%91%E8%9E%8D%E5%95%86%E5%93%81%EF%BC%9F\" >\u4ec0\u9ebc\u662f\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\uff1f<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/03\/26\/%e8%a1%8d%e7%94%9f%e6%80%a7%e9%87%91%e8%9e%8d%e5%95%86%e5%93%81%e6%98%af%e5%ae%9a%e6%99%82%e7%82%b8%e5%bd%88\/#%E7%AF%84%E5%9C%8D%E5%BB%A3%E6%B3%9B\" >\u7bc4\u570d\u5ee3\u6cdb<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/03\/26\/%e8%a1%8d%e7%94%9f%e6%80%a7%e9%87%91%e8%9e%8d%e5%95%86%e5%93%81%e6%98%af%e5%ae%9a%e6%99%82%e7%82%b8%e5%bd%88\/#%E6%98%AF%E9%9B%B6%E5%92%8C%E9%81%8A%E6%88%B2\" >\u662f\u96f6\u548c\u904a\u6232<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/03\/26\/%e8%a1%8d%e7%94%9f%e6%80%a7%e9%87%91%e8%9e%8d%e5%95%86%e5%93%81%e6%98%af%e5%ae%9a%e6%99%82%e7%82%b8%e5%bd%88\/#%E6%B3%A2%E5%85%8B%E5%A4%8F%E8%87%AA%E5%B7%B1%E7%9A%84%E6%A1%88%E4%BE%8B\" 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class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/03\/26\/%e8%a1%8d%e7%94%9f%e6%80%a7%e9%87%91%e8%9e%8d%e5%95%86%e5%93%81%e6%98%af%e5%ae%9a%e6%99%82%e7%82%b8%e5%bd%88\/#%E5%A4%AA%E5%A4%9A%E6%BC%8F%E6%B4%9E\" >\u592a\u591a\u6f0f\u6d1e<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/03\/26\/%e8%a1%8d%e7%94%9f%e6%80%a7%e9%87%91%e8%9e%8d%e5%95%86%e5%93%81%e6%98%af%e5%ae%9a%e6%99%82%e7%82%b8%e5%bd%88\/#%E6%B2%92%E6%9C%89%E5%85%AC%E5%85%81%E7%9A%84%E4%BC%B0%E5%80%BC\" >\u6c92\u6709\u516c\u5141\u7684\u4f30\u503c<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/03\/26\/%e8%a1%8d%e7%94%9f%e6%80%a7%e9%87%91%e8%9e%8d%e5%95%86%e5%93%81%e6%98%af%e5%ae%9a%e6%99%82%e7%82%b8%e5%bd%88\/#%E5%BC%8A%E7%97%85%E5%8F%A2%E7%94%9F\" >\u5f0a\u75c5\u53e2\u751f<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/03\/26\/%e8%a1%8d%e7%94%9f%e6%80%a7%e9%87%91%e8%9e%8d%e5%95%86%e5%93%81%e6%98%af%e5%ae%9a%e6%99%82%e7%82%b8%e5%bd%88\/#%E5%8F%AA%E6%9C%89%E8%8E%8A%E5%AE%B6%E5%BE%97%E5%88%A9\" >\u53ea\u6709\u838a\u5bb6\u5f97\u5229<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/03\/26\/%e8%a1%8d%e7%94%9f%e6%80%a7%e9%87%91%e8%9e%8d%e5%95%86%e5%93%81%e6%98%af%e5%ae%9a%e6%99%82%e7%82%b8%e5%bd%88\/#%E5%B8%82%E5%A0%B4%E5%A4%9A%E8%AE%8A%E9%9B%A3%E4%BB%A5%E8%BF%85%E9%80%9F%E5%8F%8D%E6%87%89\" >\u5e02\u5834\u591a\u8b8a\u96e3\u4ee5\u8fc5\u901f\u53cd\u61c9<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/03\/26\/%e8%a1%8d%e7%94%9f%e6%80%a7%e9%87%91%e8%9e%8d%e5%95%86%e5%93%81%e6%98%af%e5%ae%9a%e6%99%82%e7%82%b8%e5%bd%88\/#%E9%AA%A8%E7%89%8C%E6%95%88%E6%87%89%E7%9A%84%E9%A2%A8%E9%9A%AA\" >\u9aa8\u724c\u6548\u61c9\u7684\u98a8\u96aa<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/03\/26\/%e8%a1%8d%e7%94%9f%e6%80%a7%e9%87%91%e8%9e%8d%e5%95%86%e5%93%81%e6%98%af%e5%ae%9a%e6%99%82%e7%82%b8%e5%bd%88\/#%E6%B3%A2%E5%85%8B%E5%A4%8F%E7%9A%84%E8%82%A1%E6%9D%B1%E6%9C%83\" >\u6ce2\u514b\u590f\u7684\u80a1\u6771\u6703<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/03\/26\/%e8%a1%8d%e7%94%9f%e6%80%a7%e9%87%91%e8%9e%8d%e5%95%86%e5%93%81%e6%98%af%e5%ae%9a%e6%99%82%e7%82%b8%e5%bd%88\/#%E8%A1%8D%E7%94%9F%E6%80%A7%E9%87%91%E8%9E%8D%E5%95%86%E5%93%81%E5%BC%95%E7%99%BC%E7%9A%84%E5%85%B6%E5%AE%83%E8%91%97%E5%90%8D%E6%A1%88%E4%BE%8B\" >\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\u5f15\u767c\u7684\u5176\u5b83\u8457\u540d\u6848\u4f8b<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/03\/26\/%e8%a1%8d%e7%94%9f%e6%80%a7%e9%87%91%e8%9e%8d%e5%95%86%e5%93%81%e6%98%af%e5%ae%9a%e6%99%82%e7%82%b8%e5%bd%88\/#2008%E5%B9%B4%E7%9A%84%E9%87%91%E8%9E%8D%E6%B5%B7%E5%98%AF\" >2008\u5e74\u7684\u91d1\u878d\u6d77\u562f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/03\/26\/%e8%a1%8d%e7%94%9f%e6%80%a7%e9%87%91%e8%9e%8d%e5%95%86%e5%93%81%e6%98%af%e5%ae%9a%e6%99%82%e7%82%b8%e5%bd%88\/#%E7%BE%8E%E5%8F%B2%E6%9C%80%E5%A4%A7%E7%9A%84%E6%94%BF%E5%BA%9C%E7%A0%B4%E7%94%A2%E6%A1%88\" >\u7f8e\u53f2\u6700\u5927\u7684\u653f\u5e9c\u7834\u7522\u6848<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/03\/26\/%e8%a1%8d%e7%94%9f%e6%80%a7%e9%87%91%e8%9e%8d%e5%95%86%e5%93%81%e6%98%af%e5%ae%9a%e6%99%82%e7%82%b8%e5%bd%88\/#%E7%9F%A5%E5%90%8D%E7%9A%84%E8%97%8D%E7%B1%8C%E8%82%A1%E4%B9%9F%E8%92%99%E5%8F%97%E9%89%85%E9%A1%8D%E6%90%8D%E5%A4%B1\" >\u77e5\u540d\u7684\u85cd\u7c4c\u80a1\u4e5f\u8499\u53d7\u9245\u984d\u640d\u5931<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/03\/26\/%e8%a1%8d%e7%94%9f%e6%80%a7%e9%87%91%e8%9e%8d%e5%95%86%e5%93%81%e6%98%af%e5%ae%9a%e6%99%82%e7%82%b8%e5%bd%88\/#%E6%B3%95%E8%A6%8F%E8%A6%81%E6%B1%82%E5%BF%85%E9%A0%88%E6%8F%AD%E9%9C%B2\" >\u6cd5\u898f\u8981\u6c42\u5fc5\u9808\u63ed\u9732<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/03\/26\/%e8%a1%8d%e7%94%9f%e6%80%a7%e9%87%91%e8%9e%8d%e5%95%86%e5%93%81%e6%98%af%e5%ae%9a%e6%99%82%e7%82%b8%e5%bd%88\/#%E6%B3%A2%E5%85%8B%E5%A4%8F%E4%B9%9F%E6%B6%89%E5%85%A5%E8%A1%8D%E7%94%9F%E6%80%A7%E9%87%91%E8%9E%8D%E5%95%86%E5%93%81\" >\u6ce2\u514b\u590f\u4e5f\u6d89\u5165\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/03\/26\/%e8%a1%8d%e7%94%9f%e6%80%a7%e9%87%91%e8%9e%8d%e5%95%86%e5%93%81%e6%98%af%e5%ae%9a%e6%99%82%e7%82%b8%e5%bd%88\/#%E7%9B%B8%E9%97%9C%E6%96%87%E7%AB%A0\" >\u76f8\u95dc\u6587\u7ae0<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%BB%80%E9%BA%BC%E6%98%AF%E8%A1%8D%E7%94%9F%E6%80%A7%E9%87%91%E8%9E%8D%E5%95%86%E5%93%81%EF%BC%9F\"><\/span>\u4ec0\u9ebc\u662f\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%AF%84%E5%9C%8D%E5%BB%A3%E6%B3%9B\"><\/span>\u7bc4\u570d\u5ee3\u6cdb<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><em>\u5728\u4e1f\u51fa\u9019\u500b\u7206\u70b8\u6027\u7684\u770b\u6cd5\u5f8c\uff0c\u8acb\u5bb9\u6211\u7a0d\u5f8c\u6211\u518d\u8a73\u52a0\u8aaa\u660e\uff0c\u73fe\u5728\u8b93\u6211\u5148\u7a0d\u5fae\u89e3\u91cb\u4e00\u4e0b\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\uff0c\u96d6\u7136\u9019\u985e\u7684\u89e3\u91cb\u76f8\u7576\u7a7a\u6cdb\uff0c\u56e0\u70ba\u9019\u500b\u540d\u8a5e\u4ee3\u8868\u8457\u76f8\u7576\u5ee3\u6cdb\u7684\u91d1\u878d\u4ea4\u6613\uff0c\u57fa\u672c\u4e0a\uff0c\u9019\u985e\u4ea4\u6613\u5de5\u5177\u6703\u4f7f\u5f97\u8ca1\u5bcc\u5728\u672a\u4f86\u7684\u4e00\u6bb5\u6642\u9593\u5167\u9032\u884c\u6613\u624b\uff0c\u5176\u91d1\u984d\u6c7a\u5b9a\u65bc\u67d0\u500b\u6216\u6578\u500b\u95dc\u9375\u6307\u91dd\uff0c\u5305\u542b\u5229\u7387\u3001\u80a1\u50f9\u6216\u532f\u7387\u7b49\uff0c\u8209\u4f8b\u4f86\u8aaa\uff0c\u5047\u8a2d\u4f60\u505a\u591a\u6216\u653e\u7a7aS&amp;P500\u6307\u6578\u671f\u6b0a\uff0c\u90a3\u9ebc\u4f60\u7b49\u65bc\u5df2\u7d93\u53c3\u8207\u4e00\u9805\u975e\u5e38\u7c21\u55ae\u7684\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\u4ea4\u6613\uff0c\u4f60\u7684\u8cfa\u8ce0\u53d6\u6c7a\u65bc\u6307\u6578\u7684\u8b8a\u52d5\uff0c\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\u7684\u671f\u9593\u9577\u77ed\u4e0d\u4e00\u800c\u8db3(\u6709\u6642\u751a\u81f3\u53ef\u80fd\u8d85\u904e20\u5e74\u4ee5\u4e0a)\uff0c\u5176\u50f9\u503c\u7684\u8b8a\u5316\u5247\u4fc2\u65bc\u8a31\u591a\u8b8a\u6578\u3002<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%98%AF%E9%9B%B6%E5%92%8C%E9%81%8A%E6%88%B2\"><\/span>\u662f\u96f6\u548c\u904a\u6232<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><em>\u9664\u975e\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6709\u8cea\u62bc\u64d4\u4fdd\u6216\u662f\u9644\u5e36\u4fdd\u8b49\uff0c\u5426\u5247\u5176\u6700\u7d42\u7684\u50f9\u503c\u9084\u5fc5\u9808\u53d6\u6c7a\u65bc\u4ea4\u6613\u96d9\u65b9\u7684\u5c65\u7d04\u80fd\u529b\uff0c\u96d6\u7136\u5728\u4ea4\u6613\u6b63\u5f0f\u7d50\u7b97\u4e4b\u524d\uff0c\u4ea4\u6613\u96d9\u65b9\u90fd\u6703\u96a8\u6642\u5728\u5404\u81ea\u7684\u640d\u76ca\u8868\u4e0a\u8a18\u9304\u76c8\u8667-\u4e14\u5176\u91d1\u984d\u901a\u5e38\u90fd\u76f8\u7576\u9f90\u5927-\u5373\u4fbf\u5be6\u969b\u4e0a\u9084\u6c92\u6709\u4efb\u4f55\u4e00\u584a\u9322\u9032\u884c\u79fb\u8f49\u3002<\/em><\/p>\n\n\n\n<p><em>\u53ea\u8981\u662f\u4eba\u60f3\u5f97\u5230\u7684(\u6216\u8005\u6709\u6642\u61c9\u8a72\u8aaa\u662f\u760b\u72c2\u7684\u4eba)\uff0c\u90fd\u53ef\u4ee5\u88ab\u5217\u70ba\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u7684\u6a19\u7684\uff0c\u8209\u4f8b\u4f86\u8aaa\uff0c\u7576\u521d\u5728\u5b89\u9686\uff0c\u5c31\u6709\u65b0\u805e\u53ca\u5bec\u983b\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\uff0c\u96d6\u7136\u8981\u5728\u8a31\u591a\u5e74\u5f8c\u624d\u6703\u7d50\u7b97\uff0c\u4f46\u6b64\u985e\u4ea4\u6613\u9084\u662f\u53ef\u4ee5\u5165\u5230\u516c\u53f8\u7684\u5e33\u4e0a\uff1b\u6216\u6bd4\u5982\u8aaa\u4f60\u60f3\u8981\u7c3d\u4e00\u500b\u5951\u7d04\uff0c\u8ced\u5167\u5e03\u62c9\u65af\u52a0\u5dde2020\u5e74\u96d9\u80de\u80ce\u51fa\u751f\u7684\u6578\u76ee\uff0c\u6c92\u6709\u554f\u984c\uff0c\u53ea\u8981\u4f60\u80af\u51fa\u50f9\uff0c\u4fdd\u8b49\u4f60\u4e00\u5b9a\u627e\u5f97\u5230\u6709\u4eba\u80af\u8ddf\u4f60\u5c0d\u8ced\u3002<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%B3%A2%E5%85%8B%E5%A4%8F%E8%87%AA%E5%B7%B1%E7%9A%84%E6%A1%88%E4%BE%8B\"><\/span>\u6ce2\u514b\u590f\u81ea\u5df1\u7684\u6848\u4f8b<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%80%9A%E7%94%A8%E5%86%8D%E4%BF%9D%E4%BD%B5%E8%B3%BC%E6%A1%88%E8%AE%8A%E7%87%99%E6%89%8B%E5%B1%B1%E8%8A%8B\"><\/span>\u901a\u7528\u518d\u4fdd\u4f75\u8cfc\u6848\u8b8a\u71d9\u624b\u5c71\u828b<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><em>\u7576\u521d\u6211\u5011\u5728\u8cb7\u4e0b\u901a\u7528\u518d\u4fdd\u6642\uff0c\u8a72\u516c\u53f8\u6709\u4e00\u5bb6\u9644\u5c6c\u7684\u901a\u7528\u518d\u4fdd\u8b49\u5238\uff0c\u9019\u662f\u4e00\u5bb6\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\u7d93\u7d00\u5546\uff0c\u67e5\u7406\u8ddf\u6211\u8a8d\u70ba\u5b83\u5177\u6709\u76f8\u7576\u7684\u5371\u96aa\u6027\uff0c\u6240\u4ee5\u4e26\u4e0d\u60f3\u4fdd\u7559\u9019\u500b\u90e8\u9580\uff0c\u65bc\u662f\u6211\u5011\u8a66\u5716\u5c07\u9019\u500b\u90e8\u9580\u51fa\u552e\uff0c\u4f46\u4e26\u6c92\u6709\u6210\u529f\uff0c\u6700\u5f8c\u53ea\u597d\u5c07\u5b83\u6162\u6162\u6e05\u7b97<\/em>\u3002<\/p>\n\n\n\n<p><em>\u4f46\u60f3\u8981\u95dc\u9589\u4e00\u500b\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\u90e8\u9580\uff0c\u8ac7\u4f55\u5bb9\u6613\uff0c\u60f3\u8981\u64fa\u812b\u5b83\u7684\u7cfe\u7e8f\u53ef\u80fd\u8981\u8017\u8cbb\u8a31\u591a\u500b\u5e74\u982d\uff0c(\u96d6\u7136\u6211\u5011\u6b63\u9010\u65e5\u964d\u4f4e\u6240\u66dd\u9732\u7684\u98a8\u96aa)\uff0c\u4e8b\u5be6\u4e0a\uff0c\u518d\u4fdd\u96aa\u696d\u8207\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6709\u9ede\u985e\u4f3c\uff0c\u5169\u8005\u90fd\u50cf\u662f\u5730\u7344\u4e00\u6a23\uff0c\u4e26\u6c92\u6709\u591a\u5927\u7684\u9032\u5165\u969c\u7919\uff0c\u4f46\u60f3\u8981\u9000\u51fa\u537b\u96e3\u5982\u767b\u5929\uff0c\u4e00\u65e6\u7c3d\u4e86\u7d04\uff0c\u4f60\u5c31\u64fa\u812b\u4e0d\u4e86\u5b83\uff0c\u6709\u6642\u751a\u81f3\u8981\u7b49\u5230\u5e7e\u5341\u5e74\u5f8c\uff0c\u624d\u7a81\u7136\u5192\u51fa\u4f86\u8981\u4f60\u652f\u4ed8\u4e00\u5927\u7b46\u9322\uff0c\u78ba\u5be6\u4e5f\u6709\u4e9b\u6cd5\u5b50\u53ef\u4ee5\u8b93\u4f60\u5c07\u98a8\u96aa\u8f49\u5ac1\u7d66\u5225\u4eba\uff0c\u4f46\u5927\u591a\u6578\u7684\u505a\u6cd5\u9084\u662f\u7121\u6cd5\u8b93\u4f60\u514d\u9664\u9023\u5e36\u7684\u8cac\u4efb\u3002<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%B0%8D%E6%9C%AA%E4%BE%86%E5%90%88%E7%B4%84%E5%A4%AA%E6%A8%82%E8%A7%80\"><\/span>\u5c0d\u672a\u4f86\u5408\u7d04\u592a\u6a02\u89c0<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><em>\u518d\u4fdd\u96aa\u696d\u8207\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u53e6\u4e00\u500b\u5171\u540c\u7279\u9ede\u5c31\u662f\u5169\u8005\u7684\u5e33\u9762\u76c8\u9918\u901a\u5e38\u90fd\u6709\u904e\u5ea6\u9ad8\u4f30\u7684\u60c5\u6cc1\uff0c\u9019\u662f\u7531\u65bc\u76ee\u524d\u7684\u76c8\u9918\u5927\u591a\u4fc2\u65bc\u8a31\u591a\u672a\u4f86\u7684\u8b8a\u6578\uff0c\u800c\u5176\u6b63\u78ba\u6027\u537b\u9700\u8981\u5f88\u591a\u5e74\u5f8c\u624d\u80fd\u63ed\u66c9\u3002<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%A4%AA%E5%A4%9A%E6%BC%8F%E6%B4%9E\"><\/span>\u592a\u591a\u6f0f\u6d1e<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><em>\u4f46\u932f\u8aa4\u779e\u7684\u4e86\u4eba\uff0c\u537b\u9a19\u4e0d\u4e86\u81ea\u5df1\uff0c\u5176\u6240\u53cd\u61c9\u7684\uff0c\u4e0d\u904e\u662f\u4eba\u5011\u5c0d\u65bc\u4ed6\u4eba\u7684\u627f\u8afe\uff0c\u7e3d\u662f\u50be\u5411\u63a1\u53d6\u6a02\u89c0\u770b\u6cd5\u7684\u73fe\u8c61\uff0c\u800c\u4e14\u4ea4\u6613\u7684\u96d9\u65b9\u6709\u6975\u5927\u7684\u52d5\u6a5f\u5728\u6703\u8a08\u5e33\u52d9\u4e0a\u4f5c\u624b\u8173\uff0c\u56e0\u70ba\u9019\u4e9b\u8ca0\u8cac\u8cb7\u8ce3\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\u7684\u4eba\u58eb\uff0c\u5176\u5831\u916c(\u5168\u90e8\u6216\u90e8\u4efd)\u5f80\u5f80\u53d6\u6c7a\u65bc\u4f9d\u5e02\u50f9\u7d50\u7b97\u7684\u5e33\u9762\u76c8\u9918\uff0c\u4f46\u73fe\u5be6\u7684\u72c0\u6cc1\u662f(\u60f3\u60f3\u6211\u5011\u525b\u525b\u63d0\u5230\u7684\u96d9\u80de\u80ce\u5408\u7d04)\u90a3\u500b\u5e02\u5834\u6839\u672c\u5c31\u4e0d\u5b58\u5728\uff0c\u6240\u4ee5\u53d6\u800c\u4ee3\u4e4b\u7684\u662f&#8221;\u4f9d\u516c\u5f0f\u7d50\u7b97&#8221;\uff0c\u9019\u7a2e\u66ff\u4ee3\u6027\u7684\u505a\u6cd5\u6709\u6975\u5927\u7684\u6f0f\u6d1e\uff0c\u5728\u901a\u5e38\u7684\u72c0\u6cc1\u4e0b\uff0c\u7531\u65bc\u5408\u7d04\u727d\u6d89\u591a<br>\u500b\u8b8a\u6578\u5728\u52a0\u4e0a\u7d50\u7b97\u65e5\u671f\u7684\u9059\u9060\uff0c\u4f7f\u5f97\u4ea4\u6613\u96d9\u65b9\u7121\u5f62\u4e2d\u589e\u52a0\u8a31\u591a\u5f15\u7528\u4e0d\u5be6\u5047\u8a2d\u7684\u6a5f\u6703\uff0c\u4ee5\u6211\u5011\u525b\u525b\u63d0\u5230\u7684\u96d9\u80de\u80ce\u6848\u4f8b\u4f86\u8aaa\uff0c\u8a02\u7acb\u5408\u7d04\u7684\u96d9\u65b9\u53ef\u80fd\u4f7f\u7528\u622a\u7136\u4e0d\u540c\u7684\u516c\u5f0f\u4f7f\u5f97\u4ea4\u6613\u96d9\u65b9\u9023\u7e8c\u597d\u5e7e\u5e74\u540c\u6642\u4eab\u53d7\u9245\u984d\u7684\u5e33\u9762\u7372\u5229\uff0c\u5728\u6700\u8a87\u5f35\u7684\u72c0\u6cc1\u4e0b\uff0c\u6240\u8b02\u7684&#8221;\u4f9d\u516c\u5f0f\u7d50\u7b97&#8221;\u6975\u53ef\u80fd\u58ae\u843d\u6dea\u70ba&#8221;\u4f9d\u9b3c\u8a71\u7d50\u7b97&#8221;\u3002<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%B2%92%E6%9C%89%E5%85%AC%E5%85%81%E7%9A%84%E4%BC%B0%E5%80%BC\"><\/span>\u6c92\u6709\u516c\u5141\u7684\u4f30\u503c<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><em>\u7576\u7136\uff0c\u4e0d\u8ad6\u662f\u5167\u90e8\u7684\u7a3d\u6838\u4eba\u54e1\u6216\u8005\u662f\u5916\u90e8\u7684\u6703\u8a08\u5e2b\uff0c\u4e5f\u90fd\u770b\u904e\u9019\u4e9b\u6578\u5b57\uff0c\u4f46\u8981\u5f04\u61c2\u53ef\u4e0d\u662f\u4e00\u4ef6\u5bb9\u6613\u7684\u4e8b\uff0c\u8209\u4f8b\u4f86\u8aaa\uff0c\u901a\u7528\u518d\u4fdd\u8b49\u5238\u622a\u81f32002\u5e74\u5e74\u5e95(\u5728\u6c7a\u5b9a\u5fb9\u5e95\u95dc\u9589\u5b83\u768410\u500b\u6708\u5f8c)\u4ecd\u670914,384\u4ef6\u6709\u6548\u5408\u7d04\u6d41\u843d\u5728\u5916\uff0c\u4ea4\u6613\u5c0d\u8c61\u904d\u5e03\u5168\u4e16\u754c672\u500b\u5c0d\u624b\uff0c\u6bcf\u4e00\u9805\u5408\u7d04\u7684\u50f9\u503c\u90fd\u6703\u96a8\u8457\u4e00\u500b\u6216\u597d\u5e7e\u500b\u8b8a\u6578\u7684\u8b8a\u5316\u800c\u96a8\u6642\u4e0a\u4e0b\u8b8a\u52d5\uff0c\u5176\u4e2d\u6709\u4e00\u4e9b\u8b8a\u6578\u5149\u662f\u770b\u4e86\u5c31\u4ee4\u4eba\u89ba\u5f97\u982d\u9aee\u660f\uff0c\u60f3\u8981\u5c0d\u65bc\u9019\u4e9b\u4ea4\u6613\u7d44\u5408\u9032\u884c\u8a55\u50f9\uff0c\u5c31\u7b97\u662f\u5c08\u696d\u7684\u6703\u8a08\u5e2b\uff0c\u4e5f\u5f80\u5f80\u6703\u6709\u4e0d\u540c\u7684<br>\u610f\u898b\u8207\u770b\u6cd5\u3002<\/em><\/p>\n\n\n\n<p><em>\u8a55\u50f9\u96e3\u5ea6\u672c\u8eab\u65e9\u5df2\u8d85\u8d8a\u5b78\u8853\u6027\u8ad6\u8b49\uff0c\u8fd1\u5e7e\u5e74\u4f86\uff0c\u6709\u597d\u5e7e\u4ef6\u5927\u898f\u6a21\u7684\u821e\u5f0a\u6848\u53ca\u7591\u4f3c\u821e\u5f0a\u6848\u90fd\u662f\u7de3\u81ea\u65bc\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\u4ea4\u6613\uff0c\u4ee5\u516c\u7528\u80fd\u6e90\u4e8b\u696d\u4f86\u8aaa\uff0c\u8a31\u591a\u516c\u53f8\u5229\u7528\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u4f86\u5275\u9020\u5e33\u9762\u9245\u984d\u7684\u7372\u5229\uff0c\u76f4\u5230\u6771\u7a97\u4e8b\u767c\u4e4b\u969b\uff0c\u4ed6\u5011\u9084\u8a66\u5716\u5c07\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u76f8\u95dc\u7684\u61c9\u6536\u6b3e\u9805\uff0c\u8f49\u63db\u6210\u70ba\u73fe\u91d1\u79d1\u76ee\uff0c\u81f3\u6b64&#8221;\u4f9d\u5e02\u50f9\u7d50\u7b97&#8221;\u771f\u6b63\u6dea\u70ba&#8221;\u4f9d\u9b3c\u8a71\u7d50\u7b97&#8221;\u3002<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%BC%8A%E7%97%85%E5%8F%A2%E7%94%9F\"><\/span>\u5f0a\u75c5\u53e2\u751f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%8F%AA%E6%9C%89%E8%8E%8A%E5%AE%B6%E5%BE%97%E5%88%A9\"><\/span>\u53ea\u6709\u838a\u5bb6\u5f97\u5229<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><em>\u6211\u53ef\u4ee5\u5411\u5404\u4f4d\u4fdd\u8b49\uff0c\u5728\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6240\u767c\u751f\u7684\u932f\u8aa4\uff0c\u7d55\u5c0d\u7121\u6cd5\u8b93\u4ea4\u6613\u96d9\u65b9\u7684\u5e33\u5c0d\u5f97\u5e73\uff0c\u5e7e\u4e4e\u4e0d\u4f8b\u5916\u7684\uff0c\u4ed6\u5011\u90fd\u6703\u504f\u5766\u6709\u6a5f\u6703\u5f97\u5230\u767e\u842c\u734e\u91d1\u7684\u71df\u696d\u54e1\u6216\u7279\u5225\u5e0c\u671b\u5e33\u9762\u64c1\u6709\u4eae\u9e97\u7684\u5831\u8868\u6578\u5b57\u7684\u4e00\u65b9(\u6216\u751a\u81f3\u662f\u96d9\u65b9)\uff0c\u800c\u6700\u5f8c\u5f80\u5f80\u8981\u7b49\u5230\u734e\u91d1\u652f\u4ed8\u7d66\u71df\u696d\u54e1\uff0c\u800c\u57f7\u884c\u9577\u56e0\u70ba\u8a8d\u80a1\u6b0a\u5927\u767c\u5229\u5e02\u5f8c\uff0c\u80a1\u6771\u5011\u624d\u6703\u767c\u73fe\u6240\u8b02\u4eae\u9e97\u7684\u8ca1\u5831\u6578\u5b57\u6839\u672c\u5c31\u662f\u4e00\u5834\u9a19\u5c40\u3002<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%B8%82%E5%A0%B4%E5%A4%9A%E8%AE%8A%E9%9B%A3%E4%BB%A5%E8%BF%85%E9%80%9F%E5%8F%8D%E6%87%89\"><\/span>\u5e02\u5834\u591a\u8b8a\u96e3\u4ee5\u8fc5\u901f\u53cd\u61c9<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><em>\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u7684\u53e6\u4e00\u9805\u554f\u984c\u662f\u5b83\u53ef\u80fd\u56e0\u70ba\u4e00\u4e9b\u6beb\u4e0d\u76f8\u95dc\u7684\u539f\u56e0\uff0c\u8b93\u4e00\u5bb6\u516c\u53f8\u7684\u554f\u984c\u66f4\u70ba\u52a0\u91cd\uff0c\u9019\u7a2e\u6efe\u96ea\u7403\u6548\u61c9\u4e4b\u6240\u4ee5\u6703\u767c\u751f\u4e3b\u8981\u5728\u65bc\u8a31\u591a\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u7684\u5408\u7d04\u90fd\u8981\u6c42\u5c0d\u65b9\u4e00\u65e6\u5176\u4fe1\u7528\u8a55\u7b49\u906d\u5230\u8abf\u964d\u6642\uff0c\u5fc5\u9808\u7acb\u523b\u63d0\u4f9b\u8cea\u62bc\u64d4\u4fdd\u7d66\u4ea4\u6613\u5c0d\u65b9\uff0c\u5927\u5bb6\u53ef\u4ee5\u60f3\u50cf\u5230\u7576\u4e00\u5bb6\u516c\u53f8\u9762\u81e8\u56f0\u5883\u800c\u88ab\u8abf\u964d\u4fe1\u7528\u8a55\u7b49\u7684\u540c\u6642\uff0c\u884d\u751f\u6027\u91d1\u878d\u4ea4\u6613\u537b\u53c8\u7acb\u5373\u767b\u9580\u8981\u6c42\u63d0\u4f9b\u4e8b\u5148\u5b8c\u5168\u6c92\u6709\u8a2d\u60f3\u5230\u4e14\u91d1\u984d\u9f90\u5927\u7684\u73fe\u91d1\u6642\u7684\u60c5\u666f\uff0c\u6b64\u8209\u53ef\u80fd\u8b93\u516c\u53f8\u9032\u4e00\u6b65\u9677\u5165\u6d41\u52d5\u6027\u7684\u5371\u6a5f\uff0c\u800c\u901a\u5e38\u9019\u53c8\u6703\u8b93\u516c\u53f8\u7684\u4fe1\u7528\u8a55\u7b49\u518d\u5ea6\u5411\u4e0b\u8abf\u964d\uff0c\u60e1\u6027\u5faa\u74b0\u7684\u7d50\u679c\u53ef\u80fd\u5c0e\u81f4\u4e00\u5bb6\u539f\u672c\u597d\u597d\u7684\u516c\u53f8\u56e0\u6b64\u57ae\u53f0\u3002<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%AA%A8%E7%89%8C%E6%95%88%E6%87%89%E7%9A%84%E9%A2%A8%E9%9A%AA\"><\/span>\u9aa8\u724c\u6548\u61c9\u7684\u98a8\u96aa<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><em>\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u4e5f\u6709\u53ef\u80fd\u9020\u6210\u9aa8\u724c\u6548\u61c9\u7684\u98a8\u96aa\uff0c\u9019\u662f\u56e0\u70ba\u8a31\u591a\u4fdd\u96aa\u696d\u53ca\u518d\u4fdd\u696d\u8005\u7fd2\u6163\u5c07\u98a8\u96aa\u5206\u6563\u7d66\u5176\u5b83\u4fdd\u96aa\u516c\u53f8\uff0c\u5728\u9019\u985e\u7684\u60c5\u6cc1\u4e0b\uff0c\u9245\u984d\u7684\u61c9\u6536\u6b3e\u9805\u5c07\u96a8\u8457\u4ea4\u6613\u5c0d\u8c61\u7684\u65e5\u8da8\u8907\u96dc\u800c\u6301\u7e8c\u7d2f\u7a4d\uff0c(\u4ee5\u901a\u7528\u518d\u4fdd\u8b49\u5238\u4f86\u8aaa\uff0c\u96d6\u7136\u5df2\u7d93\u7d93\u904e\u5c07\u8fd1\u4e00\u5e74\u7684\u6e05\u7b97\u671f\uff0c\u76ee\u524d\u4ecd\u6709\u9ad8\u905465\u5104\u7f8e\u5143\u7684\u61c9\u6536\u6b3e\u9805\u6d41\u901a\u5728\u5916)\uff0c\u4ea4\u6613\u7684\u4e00\u65b9\u6216\u8a31\u5c0d\u65bc\u81ea\u5df1\u76f8\u7576\u6709\u4fe1\u5fc3\uff0c\u8a8d\u70ba\u5176\u9245\u984d\u7684\u4fe1\u7528\u98a8\u96aa\u5df2\u7d93\u7d93\u904e\u9069\u5ea6\u7684\u5206\u6563\uff0c\u56e0\u6b64\u4e0d\u6703\u767c\u751f\u4efb\u4f55\u5371\u96aa\uff0c\u53ea\u6709\u7b49\u5230\u67d0\u7a2e\u7279\u6b8a\u72c0\u6cc1\u4e0b\uff0c\u4e00\u500b\u5916\u90e8\u4e8b\u4ef6\u5c0e\u81f4A\u516c\u53f8\u7684\u61c9\u6536\u5e33\u6b3e\u767c\u751f\u554f\u984c\uff0c\u5f9e\u800c\u5f71\u97ffB\u516c\u53f8\uff0c\u4e43\u81f3\u65bc\u4e00\u8def\u5230Z\u516c\u53f8\uff0c\u6b77\u53f2\u6559\u8a13\u544a\u8a34\u6211\u5011\u5371\u6a5f\u7684\u767c\u751f\u5f80\u5f80\u662f\u6211\u5011\u5728\u592a\u5e73\u76db\u4e16\u6642\u6240\u5922\u60f3\u4e0d\u5230\u4e00\u9023\u4e32\u554f\u984c\u4e32\u9023\u6240\u5c0e\u81f4\u7684\u3002<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%B3%A2%E5%85%8B%E5%A4%8F%E7%9A%84%E8%82%A1%E6%9D%B1%E6%9C%83\"><\/span>\u6ce2\u514b\u590f\u7684\u80a1\u6771\u6703<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><a href=\"https:\/\/www.wsj.com\/articles\/BL-MBB-49150\" target=\"_blank\" rel=\"noreferrer noopener\">\u5df4\u83f2\u7279\u57282016\u5e74\u7684\u80a1\u6771\u6703<\/a>\u9762\u5c0d\u80a1\u6771\u6642\u8868\u793a\uff1a\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\u6050\u5c07\u5c0e\u81f4\u591a\u6578\u5927\u9280\u884c\u51fa\u73fe\u91cd\u5927\u98a8\u96aa\uff1b\u4ed6\u5728\u80a1\u6771\u6703\u4e0a\u8868\u793a\uff1a\u300c\u5927\u91cf\u7684\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\u4ecd\u7136\u5f88\u5371\u96aa\u300d\uff0c\u300c\u5b83\u4ecd\u7136\u662f\u7cfb\u7d71\u4e2d\u7684\u4e00\u500b\u6f5b\u5728\u5b9a\u6642\u70b8\u5f48\u3002\u300d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%A1%8D%E7%94%9F%E6%80%A7%E9%87%91%E8%9E%8D%E5%95%86%E5%93%81%E5%BC%95%E7%99%BC%E7%9A%84%E5%85%B6%E5%AE%83%E8%91%97%E5%90%8D%E6%A1%88%E4%BE%8B\"><\/span>\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\u5f15\u767c\u7684\u5176\u5b83\u8457\u540d\u6848\u4f8b<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2008%E5%B9%B4%E7%9A%84%E9%87%91%E8%9E%8D%E6%B5%B7%E5%98%AF\"><\/span>2008\u5e74\u7684\u91d1\u878d\u6d77\u562f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u5728\u5df4\u83f2\u7279\u7684\u9019\u7bc7\u5c0d\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\u5927\u52a0\u64bb\u4f10\u7684\u80a1\u6771\u4fe1\u516c\u4f48\u5f8c<em>\uff0c<\/em><a href=\"https:\/\/www.reuters.com\/article\/derivatives-credit-idUSCAS92670020080919\" target=\"_blank\" rel=\"noreferrer noopener\">5\u5e74\u5f8c\u5c31\u7206\u767c\u4e86\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\u6240\u5f15\u767c\u7684\u4e16\u754c\u91d1\u878d\u53f2\u4e0a\u6709\u53f2\u4ee5\u4f86\u6700\u56b4\u91cd\u7684\u91d1\u878d\u6d77\u562f<\/a>\uff0c\u4e26\u8fc5\u901f\u64f4\u5c55\u5230\u5168\u7403\uff0c\u4f7f\u5168\u7403\u80a1\u5e02\u548c\u91d1\u878d\u5e02\u5834\u52d5\u76ea\u9054\u5169\u5e74\u4e4b\u4e45\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%BE%8E%E5%8F%B2%E6%9C%80%E5%A4%A7%E7%9A%84%E6%94%BF%E5%BA%9C%E7%A0%B4%E7%94%A2%E6%A1%88\"><\/span>\u7f8e\u53f2\u6700\u5927\u7684\u653f\u5e9c\u7834\u7522\u6848<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u7f8e\u570b\u6d1b\u6749\u78ef\u6a58\u90e1\u4e0d\u7576\u4f7f\u7528\u884d\u751f\u6027\u91d1\u878d\u7522\u54c1\u4ee5\u81f4\u7834\u7522\u3002<a href=\"https:\/\/go.gale.com\/ps\/i.do?id=GALE%7CA19354533&amp;sid=googleScholar&amp;v=2.1&amp;it=r&amp;linkaccess=abs&amp;issn=00420980&amp;p=AONE&amp;sw=w&amp;userGroupName=anon%7E993ec869\" target=\"_blank\" rel=\"noreferrer noopener\">1994\u5e7412\u6708\uff0c\u52a0\u5229\u798f\u5c3c\u4e9e\u5dde\u5967\u862d\u6cbb\u7e23\u5728\u8667\u640d17\u5104\u7f8e\u5143\u5f8c\u5ba3\u5e03\u7834\u7522<\/a>\u3002\u9019\u9805\u7834\u7522\u6848\u4e5f\u662f\u7f8e\u570b\u6b77\u53f2\u4e0a\u6700\u5927\u7684\u653f\u5e9c\u7834\u7522\u6848\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%9F%A5%E5%90%8D%E7%9A%84%E8%97%8D%E7%B1%8C%E8%82%A1%E4%B9%9F%E8%92%99%E5%8F%97%E9%89%85%E9%A1%8D%E6%90%8D%E5%A4%B1\"><\/span>\u77e5\u540d\u7684\u85cd\u7c4c\u80a1\u4e5f\u8499\u53d7\u9245\u984d\u640d\u5931<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>1994\u5e74\uff0c\u7f8e\u80a1\u7e3e\u512a\u4e0a\u5e02\u5927\u578b\u4f01\u696d<a href=\"https:\/\/www.nytimes.com\/1994\/04\/14\/business\/worldbusiness\/IHT-procter-gambles-tale-of-derivatives-woe.html\" target=\"_blank\" rel=\"noreferrer noopener\">\u5bf6\u50d1\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aPG\uff09\u4e5f\u5728\u8ca1\u52d9\u4e0a\u9032\u884c\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\u7684\u64cd\u4f5c<\/a>\uff0c\u5b83\u5728\u5229\u7387\u9006\u8f49\u6642\u640d\u5931\u4e861.57 \u5104\u7f8e\u5143\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%B3%95%E8%A6%8F%E8%A6%81%E6%B1%82%E5%BF%85%E9%A0%88%E6%8F%AD%E9%9C%B2\"><\/span>\u6cd5\u898f\u8981\u6c42\u5fc5\u9808\u63ed\u9732<span 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id=\"%E6%B3%A2%E5%85%8B%E5%A4%8F%E4%B9%9F%E6%B6%89%E5%85%A5%E8%A1%8D%E7%94%9F%E6%80%A7%E9%87%91%E8%9E%8D%E5%95%86%E5%93%81\"><\/span>\u6ce2\u514b\u590f\u4e5f\u6d89\u5165\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u6709\u8a31\u591a\u4eba\u6703\u53cd\u99c1\uff1a\u6ce2\u514b\u590f\u4e5f\u6d89\u5165\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\uff0c\u662f\u6c92\u932f\u3002\u4f46\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\u5be6\u5728\u4e0d\u9069\u5408\u6563\u6236\u6295\u8cc7\u4eba\u3002<\/p>\n\n\n\n<p>\u5728<a href=\"https:\/\/berkshirehathaway.com\/letters\/2006ltr.pdf\" target=\"_blank\" rel=\"noreferrer 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