{"id":4173,"date":"2021-08-18T23:55:00","date_gmt":"2021-08-18T15:55:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/?p=4173"},"modified":"2025-07-24T20:26:11","modified_gmt":"2025-07-24T12:26:11","slug":"%e7%82%ba%e4%bb%80%e9%ba%bc%e9%9c%80%e8%a6%81%e9%9b%86%e4%b8%ad%e6%8a%95%e8%b3%87%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/08\/18\/%e7%82%ba%e4%bb%80%e9%ba%bc%e9%9c%80%e8%a6%81%e9%9b%86%e4%b8%ad%e6%8a%95%e8%b3%87%ef%bc%9f\/","title":{"rendered":"\u70ba\u4ec0\u9ebc\u9700\u8981\u96c6\u4e2d\u6295\u8cc7\uff1f"},"content":{"rendered":"\n<p>\u672c\u6587\u8981\u8ac7\u7684\u662f\u4e00\u9805\u6975\u70ba\u91cd\u8981\u7684\u6295\u8cc7\u4e3b\u984c\u2500\u2500\u2500\u70ba\u4ec0\u9ebc\u9700\u8981\u96c6\u4e2d\u6295\u8cc7\uff1f<span style=\"font-size: revert;\"><span style=\"font-size: revert;\">\u6211\u5728<\/span><\/span>\u6211\u6700\u8fd1\u7684\u7684\u5169\u672c\u66f8\uff0c\u90fd\u66fe\u7d93\u628a\u96c6\u4e2d\u6295\u8cc7\u5217\u70ba\u6211\u7684\u6838\u5fc3\u914d\u7f6e\u6295\u8cc7\u7b56\u7565\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span style=\"font-size: revert;\"><a style=\"font-size: revert;\" href=\"https:\/\/www.books.com.tw\/products\/0010889106?sloc=main\" target=\"_blank\" rel=\"noopener\">\u300a\u8d85\u7d1a\u6210\u9577\u80a1\u6295\u8cc7\u6cd5\u5247\u300b<\/a><span style=\"font-size: revert;\">\u4e00\u66f8<\/span>\u7684<span style=\"font-size: revert;\">2-1\u7bc0\uff0c78\u9801<\/span><\/span><\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.books.com.tw\/products\/0010935641?sloc=main\" target=\"_blank\" rel=\"noreferrer noopener\">10\u500d\u80a1\u6cd5\u5247<\/a>\u300b\u4e00\u66f8\u7684<span style=\"font-size: revert;\"><span style=\"font-size: revert;\">4-3\u7bc0\uff0c203-213\u9801\u88e1\u9762<\/span>\uff0c\u66f4\u82b1\u4e86\u6975\u5927\u7684\u7bc7\u5e45<\/span>\uff0c\u5c08\u9580\u7684\u4e00\u6574\u500b\u5c0f\u7bc0\u8a0e\u8ad6\u70ba\u4ec0\u9ebc\u9700\u8981\u96c6\u4e2d\u6295\u8cc7\u3002<\/li>\n<\/ul>\n\n\n\n<p>\u5c24\u65bc\u9019\u500b\u4e3b\u984c\u5be6\u5728\u592a\u91cd\u8981\uff0c\u6211\u9084\u662f\u8a8d\u70ba\u5fc5\u9808\u7279\u5225\u64b0\u8ff0\u4e00\u7bc7\u6587\u7ae0\uff0c\u628a\u6211\u5c0d\u300c\u70ba\u4ec0\u9ebc\u9700\u8981\u96c6\u4e2d\u6295\u8cc7\uff1f\u300d\u7684\u770b\u6cd5\u8aaa\u6e05\u695a\u3002 <\/p>\n\n\n\n<p><\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 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\/2021\/08\/18\/%e7%82%ba%e4%bb%80%e9%ba%bc%e9%9c%80%e8%a6%81%e9%9b%86%e4%b8%ad%e6%8a%95%e8%b3%87%ef%bc%9f\/#%E4%BA%BA%E9%A1%9E%E7%9A%84%E8%A1%8C%E7%82%BA%E8%83%BD%E5%8A%9B%E6%9C%89%E9%99%90\" >\u4eba\u985e\u7684\u884c\u70ba\u80fd\u529b\u6709\u9650<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/08\/18\/%e7%82%ba%e4%bb%80%e9%ba%bc%e9%9c%80%e8%a6%81%e9%9b%86%e4%b8%ad%e6%8a%95%e8%b3%87%ef%bc%9f\/#%E8%91%97%E5%90%8D%E6%8A%95%E8%B3%87%E5%A4%A7%E5%B8%AB%E6%8E%A8%E8%96%A6%E7%B5%84%E5%90%88%E7%9A%84%E8%82%A1%E7%A5%A8%E6%AA%94%E6%95%B8\" >\u8457\u540d\u6295\u8cc7\u5927\u5e2b\u63a8\u85a6\u7d44\u5408\u7684\u80a1\u7968\u6a94\u6578<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/08\/18\/%e7%82%ba%e4%bb%80%e9%ba%bc%e9%9c%80%e8%a6%81%e9%9b%86%e4%b8%ad%e6%8a%95%e8%b3%87%ef%bc%9f\/#%E7%B5%B1%E8%A8%88%E5%92%8C%E7%A0%94%E7%A9%B6%E8%B3%87%E6%96%99\" >\u7d71\u8a08\u548c\u7814\u7a76\u8cc7\u6599<\/a><\/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\/2021\/08\/18\/%e7%82%ba%e4%bb%80%e9%ba%bc%e9%9c%80%e8%a6%81%e9%9b%86%e4%b8%ad%e6%8a%95%e8%b3%87%ef%bc%9f\/#%E5%8F%8D%E5%B0%8D%E8%80%85%E4%B8%BB%E8%A6%81%E7%9A%84%E7%90%86%E7%94%B1\" >\u53cd\u5c0d\u8005\u4e3b\u8981\u7684\u7406\u7531<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/08\/18\/%e7%82%ba%e4%bb%80%e9%ba%bc%e9%9c%80%e8%a6%81%e9%9b%86%e4%b8%ad%e6%8a%95%e8%b3%87%ef%bc%9f\/#%E8%AE%93%E6%95%B8%E6%93%9A%E8%AA%AA%E8%A9%B1\" >\u8b93\u6578\u64da\u8aaa\u8a71<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/08\/18\/%e7%82%ba%e4%bb%80%e9%ba%bc%e9%9c%80%e8%a6%81%e9%9b%86%e4%b8%ad%e6%8a%95%e8%b3%87%ef%bc%9f\/#%E9%9B%86%E4%B8%AD%E6%8C%81%E8%82%A1%E8%80%85%E7%9A%84%E6%8A%95%E8%B3%87%E6%96%B9%E5%BC%8F%E5%92%8C%E5%A0%B1%E9%85%AC\" >\u96c6\u4e2d\u6301\u80a1\u8005\u7684\u6295\u8cc7\u65b9\u5f0f\u548c\u5831\u916c<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/08\/18\/%e7%82%ba%e4%bb%80%e9%ba%bc%e9%9c%80%e8%a6%81%e9%9b%86%e4%b8%ad%e6%8a%95%e8%b3%87%ef%bc%9f\/#%E5%88%86%E6%95%A3%E6%8A%95%E8%B3%87%E7%9A%84%E7%A5%96%E5%B8%AB%E7%88%BA%E8%87%AA%E5%B7%B1%E6%98%AF%E6%80%8E%E9%BA%BC%E5%81%9A%E7%9A%84\" >\u5206\u6563\u6295\u8cc7\u7684\u7956\u5e2b\u723a\u81ea\u5df1\u662f\u600e\u9ebc\u505a\u7684<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/08\/18\/%e7%82%ba%e4%bb%80%e9%ba%bc%e9%9c%80%e8%a6%81%e9%9b%86%e4%b8%ad%e6%8a%95%e8%b3%87%ef%bc%9f\/#%E5%B7%B4%E8%8F%B2%E7%89%B9%E6%98%AF%E6%80%8E%E9%BA%BC%E8%AA%AA%E6%80%8E%E9%BA%BC%E5%81%9A%E7%9A%84\" >\u5df4\u83f2\u7279\u662f\u600e\u9ebc\u8aaa\u600e\u9ebc\u505a\u7684<\/a><\/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\/2021\/08\/18\/%e7%82%ba%e4%bb%80%e9%ba%bc%e9%9c%80%e8%a6%81%e9%9b%86%e4%b8%ad%e6%8a%95%e8%b3%87%ef%bc%9f\/#%E8%92%99%E6%A0%BC%E7%9A%84%E7%9C%8B%E6%B3%95\" >\u8499\u683c\u7684\u770b\u6cd5<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/08\/18\/%e7%82%ba%e4%bb%80%e9%ba%bc%e9%9c%80%e8%a6%81%e9%9b%86%e4%b8%ad%e6%8a%95%e8%b3%87%ef%bc%9f\/#%E5%88%B0%E5%BA%95%E6%8A%95%E8%B3%87%E7%B5%84%E5%90%88%E8%A3%A1%E8%A6%81%E6%9C%89%E5%B9%BE%E6%AA%94%EF%BC%9F\" >\u5230\u5e95\u6295\u8cc7\u7d44\u5408\u88e1\u8981\u6709\u5e7e\u6a94\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/08\/18\/%e7%82%ba%e4%bb%80%e9%ba%bc%e9%9c%80%e8%a6%81%e9%9b%86%e4%b8%ad%e6%8a%95%e8%b3%87%ef%bc%9f\/#%E5%88%86%E6%95%A3%E6%8A%95%E8%B3%87%E4%B8%8D%E5%8F%AF%E8%83%BD%E6%9C%89%E8%B6%85%E9%A1%8D%E5%A0%B1%E9%85%AC\" >\u5206\u6563\u6295\u8cc7\u4e0d\u53ef\u80fd\u6709\u8d85\u984d\u5831\u916c<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/08\/18\/%e7%82%ba%e4%bb%80%e9%ba%bc%e9%9c%80%e8%a6%81%e9%9b%86%e4%b8%ad%e6%8a%95%e8%b3%87%ef%bc%9f\/#%E5%BF%85%E9%A0%88%E9%95%B7%E6%9C%9F%E6%8A%95%E8%B3%87%E6%89%8D%E6%9C%89%E7%94%A8\" >\u5fc5\u9808\u9577\u671f\u6295\u8cc7\u624d\u6709\u7528<\/a><\/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\/2021\/08\/18\/%e7%82%ba%e4%bb%80%e9%ba%bc%e9%9c%80%e8%a6%81%e9%9b%86%e4%b8%ad%e6%8a%95%e8%b3%87%ef%bc%9f\/#%E7%B5%90%E8%AA%9E\" >\u7d50\u8a9e<\/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\/2021\/08\/18\/%e7%82%ba%e4%bb%80%e9%ba%bc%e9%9c%80%e8%a6%81%e9%9b%86%e4%b8%ad%e6%8a%95%e8%b3%87%ef%bc%9f\/#%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%BA%BA%E9%A1%9E%E7%9A%84%E8%A1%8C%E7%82%BA%E8%83%BD%E5%8A%9B%E6%9C%89%E9%99%90\"><\/span><strong>\u4eba\u985e\u7684\u884c\u70ba\u80fd\u529b\u6709\u9650<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u4eba\u662f\u9748\u9577\u985e\u7684\u9ad8\u7b49\u751f\u7269\uff0c\u751f\u4f86\u5c31\u662f\u7fa4\u9ad4\u548c\u611f\u60c5\u7684\u52d5\u7269\uff0c\u4eba\u985e\u7684\u6240\u6709\u884c\u70ba\u7aef\u8cf4\u4eba\u9ad4\u5404\u9805\u5fc3\u7406\u548c\u751f\u7406\u7684\u8907\u96dc\u7684\u5354\u8abf\u5408\u4f5c\u624d\u80fd\u767c\u751f\u4f5c\u7528\u3002\u4eba\u985e\u7684\u4e00\u9805\u884c\u70ba\u7279\u6027\u5c31\u662f\u5f88\u96e3\u5728\u540c\u6642\u505a\u8a31\u591a\u4e8b\uff0c\u4e5f\u5c31\u662f\u7121\u6cd5\u517c\u9867\u592a\u591a\u7684\u76ee\u6a19\u3002\u6211\u5011\u7684\u624b\u6307\u982d\u53ea\u6709\u5341\u96bb\uff0c\u5927\u90e8\u4efd\u7684\u4f01\u696d\u7684\u7d44\u7e54\u4eba\u54e1\u90fd\u662f\u500b\u4f4d\u6578\uff0c\u98db\u6a5f\u5854\u53f0\u96f7\u9054\u822a\u7ba1\u4eba\u54e1\u540c\u6642\u53ea\u6703\u5c0e\u5f15\u5169\u5230\u4e09\u67b6\u98db\u6a5f\uff0c\u4e00\u822c\u60c5\u5f62\u4e0b\u6211\u5011\u5c0d\u8a71\u90fd\u662f\u5169\u500b\u4eba\uff0c\u770b\u66f8\u6642\u4e00\u500b\u4eba\u3002\u60a8\u6ce8\u610f\u5230\u4e86\u6c92\u6709\uff0c\u70ba\u4ec0\u9ebc\u90fd\u662f\u500b\u4f4d\u6578\uff1f\u800c\u4e14\u6108\u9700\u8981\u5c08\u6ce8\u6642\u6578\u76ee\u6108\u4f4e\uff0c\u9019\u4e0d\u662f\u5de7\u5408\uff0c\u9019\u662f\u53d7\u9650\u65bc\u4eba\u985e\u7684\u884c\u70ba\u80fd\u529b\u3002\u6700\u7c21\u55ae\u7684\u4f8b\u5b50\u5c31\u662f\u2500\u2500\u2500\u6211\u5011\u7684\u8a18\u61b6\u529b\u5f88\u6709\u9650\u3002<\/p>\n\n\n\n<p>\u5c31\u50cf\u4eba\u5011\u958b\u8eca\u6642\u5fc5\u9700\u5168\u795e\u8cab\u6ce8\u4e00\u6a23\uff0c\u51fa\u8eca\u798d\u6700\u5927\u7684\u539f\u56e0\u6c38\u9060\u90fd\u662f\u56e0\u70ba\u6ce8\u610f\u529b\u4e0d\u96c6\u4e2d\u6240\u5c0e\u81f4\u3002\u9019\u4e5f\u662f\u70ba\u4ec0\u9ebc\u73fe\u5728\u6b63\u5728\u958b\u767c\u7684\u8eca\u8f1b\u81ea\u52d5\u99d5\u99db\u7cfb\u7d71\uff0c\u57fa\u672c\u4e0a\u90fd\u6703\u64c1\u6709\u6bd4\u50b3\u7d71\u8eca\u9084\u591a\u7684\u611f\u6e2c\u5668\u7684\u539f\u56e0\uff08\u81ea\u99d5\u8eca\u5149\u662f\u651d\u5f71\u93e1\u982d\u81f3\u5c11\u5c31\u9700\u8981\u56db\u5230\u4e94\u500b\u4ee5\u4e0a\uff09\uff0c\u9019\u4e9b\u611f\u6e2c\u5668\u5c31\u662f\u7528\u4f86\u626e\u6f14\u4eba\u985e\u611f\u5b98\u74b0\u5883\u8cc7\u8a0a\u8490\u96c6\u7684\u5de5\u4f5c\u3002\u6295\u8cc7\u6642\u6211\u5011\u62bc\u6ce8\u7684\u662f\u6211\u5011\u81ea\u5df1\u7684\u8f9b\u82e6\u9322\uff0c\u6211\u5011\u7576\u7136\u8981\u96a8\u6642\u8ffd\u8e64\u548c\u95dc\u6ce8\u6240\u6295\u8cc7\u7684\u4f01\u696d\u7684\u98a8\u5439\u8349\u52d5\uff0c\u8981\u66b8\u89e3\u4e00\u5bb6\u4f01\u696d\u9808\u8981\u6295\u5165\u9f90\u5927\u7684\u5fc3\u529b\uff0c\u6bcf\u500b\u4eba\u7684\u6642\u9593\u6709\u9650\uff1b\u4f46\u5728\u5c08\u6ce8\u4e0a\u6240\u9700\u7684\u9053\u7406\u4e0a\u4e26\u7121\u4e0d\u540c\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%91%97%E5%90%8D%E6%8A%95%E8%B3%87%E5%A4%A7%E5%B8%AB%E6%8E%A8%E8%96%A6%E7%B5%84%E5%90%88%E7%9A%84%E8%82%A1%E7%A5%A8%E6%AA%94%E6%95%B8\"><\/span><strong>\u8457\u540d\u6295\u8cc7\u5927\u5e2b\u63a8\u85a6\u7d44\u5408\u7684\u80a1\u7968\u6a94\u6578<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><span style=\"font-size: revert;\"><span style=\"font-size: revert;\">\u6211\u5728<\/span><a style=\"font-size: revert;\" href=\"https:\/\/www.books.com.tw\/products\/0010889106?sloc=main\" target=\"_blank\" rel=\"noopener\">\u300a\u8d85\u7d1a\u6210\u9577\u80a1\u6295\u8cc7\u6cd5\u5247\u300b<\/a><span style=\"font-size: revert;\">\u4e00\u66f8<\/span>\u7684<span style=\"font-size: revert;\">5-5\u7bc0\uff0c383\u9801<\/span>\u88e1\u9762\u66fe\u7d93\u5c31\u5217\u904e\u8457\u540d<\/span>\u6295\u8cc7\u5927\u5e2b\u63a8\u85a6\u7d66\u4e00\u822c\u4eba\u6295\u8cc7\u7d44\u5408\u7684\u80a1\u7968\u6a94\u6578\uff0c\u57fa\u672c\u4e0a\u90fd\u5728\u5341\u6a94\u4ee5\u5167\u3002 <\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>\u6295\u8cc7\u5927\u5e2b <\/td><td>\u6295\u8cc7\u7d44\u5408\u7684\u80a1\u7968\u6a94\u6578 <\/td><\/tr><tr><td>\u5df4\u83f2\u7279<\/td><td>5\u523010\u6a94<\/td><\/tr><tr><td>\u51f1\u56e0\u65af<\/td><td>3\u6a94 <\/td><\/tr><tr><td>\u83f2\u5229\u666e\uff0e\u8cbb\u96ea<\/td><td>3\u52304\u6a94 <\/td><\/tr><tr><td>\u5f7c\u5f97\uff0e\u6797\u5340<\/td><td>5\u6a94 <\/td><\/tr><tr><td>\u67e5\u7406\uff0e\u8499\u683c<\/td><td>4\u6a94  <\/td><\/tr><tr><td>\u76e7\uff0e\u8f9b\u666e\u68ee<\/td><td>5\u6a94  <\/td><\/tr><tr><td>\u6bd4\u723e\uff0e\u9c81\u5b89<\/td><td>6\u523010\u6a94 <\/td><\/tr><tr><td>\u90b1\u6c38\u6f22<\/td><td>5\u6a94<\/td><\/tr><tr><td>\u662f\u5ddd\u9280\u85cf<\/td><td>3\u6a94<\/td><\/tr><tr><td>\u8cfd\u601d\uff0e\u5361\u62c9\u66fc<\/td><td>90%\u8cc7\u91d1\u572810\u6a94\u80a1\u7968\u4e0a  <\/td><\/tr><tr><td>\u83ab\u5c3c\u65af\uff0e\u5e15\u6ce2\u840a<\/td><td>7\u6a94  <\/td><\/tr><tr><td>\u6bd4\u723e\uff0e\u963f\u514b\u66fc <\/td><td>7\u6a94 <\/td><\/tr><tr><td>\u55ac\u723e\uff0e\u683c\u6797\uff0e\u5e03\u62c9\u7279<\/td><td>6\u81f38\u6a94<\/td><\/tr><tr><td>\u5927\u885b\uff0e\u827e\u56e0\u970d\u6069<\/td><td>8\u6a94<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%B5%B1%E8%A8%88%E5%92%8C%E7%A0%94%E7%A9%B6%E8%B3%87%E6%96%99\"><\/span><strong>\u7d71\u8a08\u548c\u7814\u7a76\u8cc7\u6599<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u6839\u64da\u5be6\u969b\u7684\u7d71\u8a08\u8abf\u67e5\u548c\u7814\u7a76\uff0c\u6295\u8cc7\u7d44\u5408\u88e1\u9762\u6240\u5305\u62ec\u80a1\u7968\u7684\u6a94\u6578\u548c\u5c0d\u975e\u7cfb\u7d71\u98a8\u96aa\uff08<span style=\"font-size: revert;\">\u6a19\u6e96\u5dee<\/span>\uff09\u9593\u7684\u95dc\u4fc2\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>1968 \u5e74\u6642\u7531John Evans \u53ca Stephen Archer \u7684\u7814\u7a76\u7d50\u8ad6\u662f\uff0c\u96a8\u6a5f\u9078\u53d615\u6a94\u80a1\u7968\u5efa\u7acb\u7684\u6295\u8cc7\u7d44\u5408\u4e4b\u98a8\u96aa\uff0c\u4e26\u4e0d\u6703\u5927\u65bc\u6574\u9ad4\u5e02\u5834\u98a8\u96aa\u3002<\/li>\n\n\n\n<li>Elton\u548cGruber\u57281977\u5e74\u7684\u7814\u7a76\u5831\u544a\uff0c\u6295\u8cc7\u4eba\u53ea\u9700\u5728\u80a1\u7968\u6295\u8cc7\u7d44\u5408\u4e2d\u518d\u6dfb\u52a04\u6a94\u80a1\u7968\uff0c\u4ee5\u6e1b\u5c11\u5e02\u5834\u6ce2\u52d5\u800c\u8a00\uff0c\u60a8\u5c31\u53ef\u4ee5\u7372\u5f9771%\u7684\u591a\u5143\u5316\u6536\u76ca\uff1b\u5982\u4e0b\u5716\u6240\u793a\u30021980\u5e74\u4ee3\u548c 1990 \u5e74\u4ee3\u76f8\u4f3c\u7684\u8a31\u591a\u5f8c\u7e8c\u7684\u7814\u7a76\u548c\u8abf\u67e5\u4e5f\u5f97\u51fa\u666e\u904d\u7684\u5171\u8b58\u662f\uff1a\u6295\u8cc7\u7d44\u5408\u88e1\u67098\u523020\u6a94\u80a1\u7968\u5c31\u8db3\u5920\u4e86\u3002<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2021\/08\/1-1.png\" alt=\"\" class=\"wp-image-4266\" width=\"630\" height=\"336\" srcset=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2021\/08\/1-1.png 775w, https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2021\/08\/1-1-300x160.png 300w, https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2021\/08\/1-1-768x410.png 768w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 984px) 61vw, (max-width: 1362px) 45vw, 600px\" \/><\/figure>\n\n\n\n<p>\u672c\u5716\u4f86\u81eastockopedia.com\uff1b\u6a6b\u8ef8\u70ba\u6295\u8cc7\u7d44\u5408\u88e1\u7684\u80a1\u7968\u6578\u76ee\uff0c\u7e31\u8ef8\u70ba\u5831\u916c\u6a19\u6e96\u5dee\u767e\u5206\u6bd4<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>2002 \u5e74\u7248\u7684Investment Analysis and Portfolio Management \u4e00\u66f8\u4e2d\uff0cFrank Reilly \u8207 Keith Brown \u6307\u51fa\uff0c\u55ae\u4e00\u6295\u8cc7\u7d44\u5408\u88e1\u82e5\u6301\u670912\u523018\u6a94\u500b\u80a1\uff0c\u5373\u53ef\u767c\u63ee\u6700\u5927\u7684\u6295\u8cc7\u5206\u6563\u6548\u76ca\uff0c\u7d04\u53ef\u905490%\u3002<\/li>\n\n\n\n<li>\u6668\u661f\u6295\u8cc7\u7ba1\u7406\u718a\u5148\u751f\uff08James Xiong&nbsp;\uff09\u8fd1\u671f\u7684\u7814\u7a76\uff1a\n<ul class=\"wp-block-list\">\n<li>\u7576\u6295\u8cc7\u7d44\u5408\u6578\u91cf\u5f9e\u55ae\u4e00\u500b\u80a1\u4e0a\u5347\u81f35\u6a94\u80a1\u7968\u4e4b\u6642\uff0c\u6a19\u6e96\u5dee\u6703\u986f\u8457\u4e0b\u6ed1\u3002<\/li>\n\n\n\n<li>\u6295\u8cc7\u7d44\u5408\u6578\u91cf10\u6a94\u80a1\u7968\u4ee5\u4e0a\uff0c\u6a19\u6e96\u5dee\u4e0b\u6ed1\u7a0b\u5ea6\u4e0d\u518d\u660e\u986f\u3002<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"609\" height=\"269\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2021\/08\/Morningstar-Investment-Management-\u66f4\u8fd1\u671f\u7684\u7814\u7a76-\u80a1\u7968\u6578\u76ee-vs-\u98a8\u96aa\u503c.jpg\" alt=\"\" class=\"wp-image-4193\" srcset=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2021\/08\/Morningstar-Investment-Management-\u66f4\u8fd1\u671f\u7684\u7814\u7a76-\u80a1\u7968\u6578\u76ee-vs-\u98a8\u96aa\u503c.jpg 609w, https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2021\/08\/Morningstar-Investment-Management-\u66f4\u8fd1\u671f\u7684\u7814\u7a76-\u80a1\u7968\u6578\u76ee-vs-\u98a8\u96aa\u503c-300x133.jpg 300w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 984px) 61vw, (max-width: 1362px) 45vw, 600px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u4ee5\u4e0b\u5247\u662f\u4e2d\u570b\u5927\u9678\u5b78\u8005\uff08\u672a\u77e5\uff09\u6240\u505a\u7684\u7814\u7a76\u6210\u679c\u5716\u3002\u6839\u64da\u9019\u5f35\u5716\uff1a\n<ul class=\"wp-block-list\">\n<li>\u6295\u8cc7\u7d44\u5408\u542b3\u6a94\u5c31\u80fd\u958b\u59cb\u5927\u5e45\u964d\u4f4e\u98a8\u96aa\u3002<\/li>\n\n\n\n<li>\u6295\u8cc7\u7d44\u5408\u67096\u6a94\u4ee5\u4e0a\u80a1\u7968\uff0c\u548c\u542b\u670920\u621630\u6a94\u6301\u80a1\u7684\u98a8\u96aa\u964d\u4f4e\u7684\u6548\u679c\u5e7e\u4e4e\u4e00\u6a23\u3002<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"589\" height=\"266\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2021\/09\/5-1600x1200-1.png\" alt=\"\" class=\"wp-image-5705\" srcset=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2021\/09\/5-1600x1200-1.png 589w, https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2021\/09\/5-1600x1200-1-300x135.png 300w\" sizes=\"auto, (max-width: 589px) 85vw, 589px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%8F%8D%E5%B0%8D%E8%80%85%E4%B8%BB%E8%A6%81%E7%9A%84%E7%90%86%E7%94%B1\"><\/span><strong>\u53cd\u5c0d\u8005\u4e3b\u8981\u7684\u7406\u7531<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u5927\u90e8\u4efd\u4eba\u6703\u53cd\u5c0d\u7684\u4e3b\u8981\u7406\u7531\u90fd\u662f\uff1a\u6c92\u6709\u6295\u8cc7\u7d44\u5408\u7684\u98a8\u96aa\u610f\u8b58\uff0c\u842c\u4e00\u500b\u80a1\u51fa\u73fe\u5927\u5e45\u5ea6\u7684\u8b8a\u5316\uff0c\u53ef\u80fd\u6703\u5c0e\u81f4\u6ec5\u9802\u4e4b\u707d\uff0c\u56e0\u6b64\u6295\u8cc7\u4eba\u5fc5\u9808\u8981\u5206\u6563\u6295\u8cc7\uff0c\u589e\u52a0\u6301\u80a1\u6578\u76ee\u6216\u8cc7\u7522\u985e\u5225\uff0c\u9019\u6a23\u5c31\u80fd\u7a00\u91cb\u6295\u8cc7\u7d44\u5408\u88e1\u9762\u500b\u80a1\u6216\u662f\u7279\u5b9a\u8cc7\u7522\u985e\u5225\u7684\u98a8\u96aa\u3002\u4f46\u9019\u4e9b\u610f\u898b\u5be6\u5728\u662f\u4f3c\u662f\u800c\u975e\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u5c0d\u6295\u8cc7\u800c\u8a00\uff0c\u771f\u6b63\u7684\u98a8\u96aa\u4f86\u81ea\u65bc\u5c0d\u6295\u8cc7\u6a19\u7684\u7684\u4e0d\u66b8\u89e3\u3002<\/li>\n\n\n\n<li>\u6301\u80a1\u6578\u76ee\u592a\u591a\u53cd\u800c\u6703\u589e\u52a0\u98a8\u96aa\uff1a<ul><li>\u6bcf\u500b\u4eba\u7684\u80fd\u529b\u5708\u6709\u9650\uff0c\u4e0d\u53ef\u80fd\u540c\u6642\u719f\u6089\u592a\u591a\u7522\u696d\u6216\u8cc7\u7522\u985e\u5225\uff0c\u9019\u662f\u57fa\u672c\u7684\u908f\u8f2f\u3002\u4e0d\u5728\u80fd\u529b\u5708\u5167\u7684\u6295\u8cc7\u6a19\u7684\uff0c\u4e0d\u53ef\u80fd\u6df1\u5165\u66b8\u89e3\uff0c\u66f4\u7121\u6cd5\u518d\u95dc\u9375\u6642\u523b\u505a\u51fa\u8f03\u4f73\u7684\u6295\u8cc7\u5224\u65b7\uff0c\u6700\u5f8c\u6703\u5f71\u97ff\u6301\u80a1\u7684\u4fe1\u5fc3\u548c\u5831\u916c\u3002<\/li><li>\u5728\u6295\u8cc7\u7684\u4e16\u754c\u88e1\uff0c\u7c21\u55ae\u6c38\u9060\u52dd\u904e\u8907\u96dc\uff1b\u589e\u52a0\u6301\u80a1\u6578\u76ee\uff0c\u5206\u6563\u6295\u8cc7\u4e0d\u540c\u7684\u7522\u696d\uff0c\u6216\u662f\u8cc7\u7522\u985e\u5225\u4e00\u5b9a\u6703\u4f7f\u4e8b\u60c5\u8907\u96dc\u5316\u2500\u2500\u2500\u60a8\u6240\u9700\u7684\u6295\u8cc7\u6c7a\u7b56\u904e\u7a0b\u5c31\u8d8a\u8907\u96dc\uff0c\u6240\u9700\u6642\u9593\u4e5f\u8d8a\u9577\u3002\u6295\u8cc7\u80a1\u7968\u6578\u76ee\u8d8a\u591a\uff0c\u7814\u7a76\u6210\u672c\u8d8a\u9ad8\u3002<\/li><\/ul>\n<ul class=\"wp-block-list\">\n<li>\u9019\u548c\u4eba\u985e\u7684\u884c\u70ba\u80fd\u529b\u62b5\u89f8\uff0c\u6211\u5011\u4e0d\u53ef\u80fd\u540c\u6642\u7167\u9867\u597d\u5f88\u591a\u7684\u7522\u696d\u6216\u8cc7\u7522\u985e\u5225\uff0c\u5373\u4f7f\u5728\u540c\u4e00\u500b\u7522\u696d\u88e1\u592a\u591a\u7684\u4f01\u696d\u4e5f\u7121\u6cd5\u6642\u6642\u95dc\u6ce8\u7167\u6599\u3002\u66f4\u4f55\u6cc1\u53bb\u6295\u8cc7\u4e0d\u540c\u7684\u8cc7\u7522\u985e\u5225\uff0c\u57fa\u672c\u4e0a\u5c31\u4e0d\u53ef\u80fd\u540c\u6642\u719f\u6089\u4e0d\u540c\u7684\u8cc7\u7522\u985e\u5225\u3002\u5c0d\u60a8\u7684\u6295\u8cc7\u6a19\u7684\u4e0d\u5920\u719f\u6089\uff0c\u6301\u80a1\u98a8\u96aa\u5c31\u6703\u4e0a\u5347\uff0c\u8a3b\u5b9a\u4e0d\u53ef\u80fd\u6703\u662f\u500b\u6210\u529f\u7684\u6295\u8cc7\u3002<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>\u589e\u52a0\u6301\u80a1\u6578\u76ee\uff0c\u5206\u6563\u6295\u8cc7\u4e0d\u540c\u7684\u7522\u696d\uff0c\u6216\u662f\u8cc7\u7522\u985e\u5225\uff1b\u5c0e\u81f4\u7684\u7d50\u679c\u5c31\u662f\u7e3e\u6548\u7684\u5e73\u5eb8\u5316\uff0c\u7d50\u679c\u4e00\u5b9a\u6703\u8da8\u8fd1\u65bc\u5e02\u5834\u5927\u76e4\u3002\u800c\u4e14\u901a\u5e38\u7684\u7d50\u679c\u662f\u6703\u6bd4\u5e02\u5834\u5927\u76e4\u4f4e\uff0c\u56e0\u70ba\u8981\u4ed8\u51fa\u4ea4\u6613\u6210\u672c<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u589e\u52a0\u6469\u64e6\u6210\u672c\uff08\u4e0d\u8ad6\u662f\u770b\u5f97\u898b\u7684\u624b\u7e8c\u8cbb\u3001\u4f63\u91d1\u3001\u4ea4\u6613\u7a05\u3001\u7ba1\u7406\u8cbb\u3001\u9084\u6709\u770b\u4e0d\u898b\u7684\u8cbb\u7528\u548c\u60a8\u6240\u8017\u8cbb\u7684\u5fc3\u529b\uff09\uff0c\u589e\u52a0\u5468\u8f49\u7387\uff0c\u7d50\u679c\u5c31\u662f\u5831\u916c\u6d88\u5931\u65bc\u6bcf\u6b21\u8cb7\u8ce3\u7684\u50f9\u5dee\u9593\u3002\u9019\u4e9b\u4e0d\u5fc5\u8981\u7684\u82b1\u8cbb\u6700\u5f8c\u90fd\u6703\u7559\u5411\u8ca1\u5bcc\u7ba1\u7406\u696d\u8005\uff0c\u9019\u4e5f\u662f\u70ba\u4ec0\u9ebc\u8ca1\u5bcc\u7ba1\u7406\u696d\u8005\u6703\u8209\u96d9\u624b\u96d9\u8173\uff0c\u5343\u65b9\u767e\u8a08\u5730\u63d0\u5021\u8981\u5206\u6563\u6295\u8cc7\u4e86\uff08\u9019\u662f\u4ed6\u5011\u4e3b\u8981\u7684\u6536\u5165\u4f86\u6e90\uff09\u3002\n<ul class=\"wp-block-list\">\n<li>\u5df4\u83f2\u7279\u66fe\u5728\u4ed61999\u5e74\u7684\u6587\u7ae0\u4e2d\u4f30\u8a08\uff0c\u7f8e\u570b\u6295\u8cc7\u4eba\u6bcf\u5e74\u652f\u4ed8\u7684\u6469\u64e6\u6210\u672c\u7d04\u70ba1,300\u5104\u7f8e\u5143\uff1b\u76f8\u8f03\u4e4b\u4e0b\uff0c\u5168\u7403500\u5927\u4f01\u696d\u524d1\u5e74\u4e5f\u7e3d\u5171\u624d\u8cfa\u4e863,340\u5104\u7f8e\u5143\uff0c\u6469\u64e6\u6210\u672c\u5360\u6bd4\u5c07\u8fd140%\uff0c\u53ef\u60f3\u800c\u77e5\u9019\u7b46\u91d1\u984d\u6709\u591a\u5927\u4e86\u3002<\/li>\n\n\n\n<li> \u9ea5\u53ef\uff0e\u5289\u6613\u65af\uff08Michael Lewis\uff09\u5728\u4ed62014\u5e74\u51fa\u7248\u7684\u300a\u5feb\u9583\u5927\u5c0d\u6c7a\uff1a\u4e00\u5834\u83ef\u723e\u8857\u8d77\u7fa9\uff08<a href=\"https:\/\/www.amazon.com\/Flash-Boys-Wall-Street-Revolt\/dp\/0393351599\" target=\"_blank\" rel=\"noreferrer noopener\">Flash Boys:A Wall Street Revolt<\/a>\uff09\u300b \u66f8\u4e2d\u6307\u51fa\uff0c\u83ef\u723e\u8857\u4e00\u5e74\u5149\u662f\u5f9e\u6295\u8cc7\u4eba\u8eab\u4e0a\u5c31\u8cfa\u8d70\u4e86\u7f8e\u91d1110\u5104\u624b\u7e8c\u8cbb\u3002\u8acb\u6ce8\u610f\u6469\u64e6\u6210\u672c\u5305\u62ec\u770b\u5f97\u898b\u7684\u624b\u7e8c\u8cbb\u3001\u4f63\u91d1\u3001\u4ea4\u6613\u7a05\u3001\u7ba1\u7406\u8cbb\u3001\u9084\u6709\u770b\u4e0d\u898b\u7684\u8cbb\u7528\u548c\u60a8\u6240\u8017\u8cbb\u7684\u5fc3\u529b\uff0c\u5df4\u83f2\u7279\u76841,300\u5104\u7f8e\u5143\u6307\u7684\u662f\u6469\u64e6\u6210\u672c\u3002<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>\u5f37\u8abf\u7d44\u5408\u5fc5\u9808\u5206\u6563\u5206\u96aa\u548c\u589e\u52a0\u6301\u80a1\u6578\u76ee\u6216\u8cc7\u7522\u985e\u5225\u8005\uff1b\u5c31\u5be6\u969b\u5831\u916c\u800c\u8a00\uff0c\u9084\u4e0d\u5982\u6295\u8cc7\u8ffd\u8e64\u5e02\u5834\u5927\u76e4\u7684ETF\u3002<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%AE%93%E6%95%B8%E6%93%9A%E8%AA%AA%E8%A9%B1\"><\/span>\u8b93\u6578\u64da\u8aaa\u8a71<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u5e7e\u5bb6\u8457\u540d\u8ca1\u7d93\u6a5f\u69cb\u7684\u9577\u671f\u8abf\u67e5\u7d50\u679c\u5982\u4e0b\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u5305\u62ec<span style=\"font-size: revert;\">\u7f8e\u9280\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aBAC\uff09\u5728\u5167\u7684\u8a31\u591a\u6a5f\u69cb\u4e00\u81f4\u7684\u9577\u671f\u7814\u7a76\u6307\u51fa\uff0c\u53ea\u670925%\u7684\u80a1\u7968\u57fa\u91d1\u7d93\u7406\u4eba\u7684\u6295\u8cc7\u7e3e\u6548\u9ad8\u65bc\u5927\u76e4\u3002<\/span><\/li>\n\n\n\n<li>\u6668\u661f\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aMORN\uff09\u65d7\u4e0b\u7684Morningstar Direct\u57282021\u5e74\u7684\u7d71\u8a08\u6578\u64da\uff0c\u4e3b\u52d5\u5f0f\u7f8e\u80a1\u57fa\u91d1\u7e3e\u6548\u903e85%\u843d\u5f8c\u5927\u76e4\u3002 <\/li>\n\n\n\n<li>\u6a19\u666e\u9053\u74ca\u6307\u6578\u516c\u53f8<span style=\"font-size: revert;\"> ( \u7f8e\u80a1\u4ee3\u78bc\uff1aSPGI)<\/span> \u7684\u6700\u65b0\u5831\u544a\u986f\u2f70\uff0c2021\u5e74\u8d85\u904e79%\u7684\u4e3b\u52d5\u578b\u5171\u540c\u57fa\u2fa6\u7d93\u7406\u2f08\u7684\u64cd\u76e4\u8868\u73fe\uff0c\u4e0d\u5982\u6a19\u6e96\u666e\u723e500\u6307\u6578\u548c\u9053\u74ca\u6307\u6578\u3002<\/li>\n\n\n\n<li>\u8ffd\u8e64\u4e3b\u52d5\u578b\u57fa\u91d1\u7e3e\u6548\u7684S&amp;P Indices Versus Active\uff08SPIVA\uff09\u57282023\u5e74\u7684\u6578\u64da\u986f\u793a79%\u7684\u57fa\u91d1\u7d93\u7406\u57282022\u5e74\u7684\u64cd\u76e4\u7e3e\u6548\u843d\u5f8c\u7f8e\u80a1\u5927\u76e4\uff0c\u820710\u5e74\u524d\u768442%\u76f8\u6bd4\uff0c\u9019\u500b\u6bd4\u4f8b\u5927\u5e45\u5347\u9ad8\u3002<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%9B%86%E4%B8%AD%E6%8C%81%E8%82%A1%E8%80%85%E7%9A%84%E6%8A%95%E8%B3%87%E6%96%B9%E5%BC%8F%E5%92%8C%E5%A0%B1%E9%85%AC\"><\/span><strong>\u96c6\u4e2d\u6301\u80a1\u8005\u7684\u6295\u8cc7\u65b9\u5f0f\u548c\u5831\u916c<\/strong> <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u6211\u77e5\u9053\u5f88\u591a\u53cd\u5c0d\u8005\u4e00\u5b9a\u6703\u53cd\u99c1\uff1a\u96c6\u4e2d\u6301\u80a1\u8005\u5982\u4f55\u4fdd\u8b49\u7d44\u5408\u7684\u7e3d\u5831\u916c\u6703\u9ad8\u65bc\u5e02\u5834\u5927\u76e4\uff1f<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u80a1\u7968\u5e02\u5834\u6c38\u9060\u4e0d\u5b58\u5728\u300c\u4fdd\u8b49\u300d\u6216\u300c\u78ba\u5b9a\u300d\u9019\u7a2e\u5b57\u773c\uff0c\u63d0\u51fa\u9019\u500b\u554f\u984c\u7684\u4eba\u672c\u8eab\u5c31\u5f88\u7121\u77e5\u3002<\/li>\n\n\n\n<li>\u4e16\u754c\u4e0a\u4e0d\u5b58\u5728\u300c\u9ad8\u5831\u916c\u4e14\u5b89\u5168\u300d\u7684\u6295\u8cc7\u7522\u54c1\u3002<\/li>\n\n\n\n<li>\u4e00\u5982\u6211\u4e00\u518d\u5f37\u8abf\u7684\u300c\u5206\u6563\u6295\u8cc7\u4e0d\u53ef\u80fd\u7522\u751f\u8d85\u984d\u5831\u916c\uff0c\u4f46\u96c6\u4e2d\u6295\u8cc7\u662f\u53ef\u80fd\u7684\u300d\u3002<\/li>\n\n\n\n<li>\u5982\u679c\u60a8\u5c0d\u81ea\u5df1\u4e3b\u52d5\u9078\u80a1\u6c92\u6709\u628a\u63e1\u6216\u6709\u4efb\u4f55\u7591\u616e\uff08\u4f8b\u5982\u63d0\u51fa\u9019\u985e\u554f\u984c\u7684\u4eba\uff09\uff0c\u4f46\u53c8\u60f3\u9760\u80a1\u5e02\u7d2f\u7a4d\u8ca1\u5bcc\u8005\uff0c\u5c31\u61c9\u8a72\u9762\u5c0d\u4e8b\u5be6\uff08\u4eba\u6027\u5e38\u4e0d\u9858\u610f\u9762\u5c0d\u73fe\u5be6\uff09\uff0c\u8cb7\u5165\u8ffd\u8e64\u5e02\u5834\u5927\u76e4\u7684ETF\u3002\u5982\u679c\u81ea\u5df1\u6c92\u80fd\u529b\u9078\u5230\u80fd\u7522\u751f\u8d85\u984d\u5831\u916c\u7684\u80a1\u7968\uff0c\u4e5f\u4e0d\u9700\u8981\u61f7\u7591\u7522\u751f\u8d85\u984d\u5831\u916c\u7684\u53ef\u80fd\u6027\u3002\u8aa0\u646f\u5949\u52f8\u5c0d\u96c6\u4e2d\u6301\u80a1\u6295\u8cc7\u65b9\u5f0f\u548c\u5831\u916c\u771f\u7684\u61f7\u6709\u9ad8\u5ea6\u7591\u616e\u8005\uff0c\u90fd\u61c9\u8a72\u4e56\u4e56\u5730\u53bb\u8cb7\u8ffd\u8e64\u5e02\u5834\u5927\u76e4\u7684ETF\u3002<\/li>\n\n\n\n<li>\u6210\u529f\u7684\u6295\u8cc7\u4eba\u5e7e\u4e4e\u90fd\u662f\u96c6\u4e2d\u6295\u8cc7\u8005\u3002\u5f7c\u5f97\uff0e\u6797\u5340\u662f\u5c31\u6211\u6240\u77e5\u7684\u552f\u4e00\u4e00\u500b\u8f03\u77e5\u540d\u7684\u6210\u529f\u6295\u8cc7\u4eba\uff0c\u4e0d\u662f\u63a1\u7528\u96c6\u4e2d\u6295\u8cc7\u8005\uff0c\u539f\u56e0\u662f\u56e0\u70ba\u4ed6\u662f\u57fa\u91d1\u7d93\u7406\uff0c\u5fc5\u9700\u5982\u6b64\uff08\u539f\u56e0\u8acb\u898b\u6211\u5148\u524d\u90e8\u843d\u683c\u7684\u6587\u7ae0\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/shareholder\/institution\/%e6%95%a3%e6%88%b6%e6%8a%95%e8%b3%87%e8%82%a1%e5%b8%82%e6%9c%89%e5%93%aa%e4%ba%9b%e5%84%aa%e5%8b%a2%ef%bc%9f\/\">\u6563\u6236\u6295\u8cc7\u80a1\u5e02\u6709\u54ea\u4e9b\u512a\u52e2\uff1f<\/a> \u300b\uff09\u3002\u4f46\u5225\u5fd8\u4e86\u5f7c\u5f97\uff0e\u6797\u5340\u81ea\u5df1\u4e5f\u5efa\u8b70\u6563\u6236\u6295\u8cc7\u4eba\u61c9\u8a72\u96c6\u4e2d\u6295\u8cc7\u3002\u56e0\u70ba\u80fd\u901a\u904e\u6210\u529f\u7684\u6295\u8cc7\u4eba\u7be9\u9078\u6a19\u6e96\u7684\u80a1\u7968\u901a\u5e38\u4e0d\u6703\u5f88\u591a\uff0c\u85c9\u6b64\u80fd\u63d0\u9ad8\u547d\u4e2d\u7387\u3002\u7576\u7136\u4e5f\u6703\u56e0\u6b64\u932f\u904e\u67d0\u4e9b\u512a\u79c0\u7684\u80a1\u7968\uff0c\u4f46\u662f\u4ed6\u6700\u5f8c\u6c7a\u5b9a\u8cb7\u5165\u8005\uff0c\u5831\u916c\u7387\u4e00\u822c\u800c\u8a00\u90fd\u6703\u5f88\u9ad8\u3002\u9019\u4e5f\u662f\u70ba\u4f55\u67e5\u7406\uff0e\u8499\u683c\uff08Charlie Munger\uff09\u6703\u8aaa\u300c\u597d\u7684\u6295\u8cc7\u975e\u5e38\u300e\u7f55\u898b\u300f\uff0c\u7576\u9019\u7a2e\u4e00\u751f\u7f55\u898b\u7684\u6295\u8cc7\u6a5f\u6703\u51fa\u73fe\u6642\uff0c\u4f60\u5c31\u5f97\u62bc\u6ce8\u4f60\u624b\u4e0a\u7684\u6240\u6709\u7c4c\u78bc\u3002\u300d<\/li>\n\n\n\n<li>\u5206\u6563\u6295\u8cc7\u5984\u60f3\u4ee5\u6578\u91cf\u53d6\u52dd\uff0c\u554f\u984c\u662f\u5728\u80a1\u7968\u5e02\u5834\u4e0a\u4ee5\u53ca\u5546\u696d\u53f2\u4e0a\uff0c\u80fd\u7a31\u5f97\u4e0a\u512a\u79c0\u7684\u4f01\u696d\u672c\u4f86\u5c31\u300e\u975e\u5e38\u7f55\u898b\u300f\uff0c\u9019\u90e8\u4efd\u8acb\u5927\u5bb6\u53c3\u95b1\u6211\u7684\u53e6\u4e00\u7bc7\u6587\u7ae0\uff0c<a href=\"https:\/\/www.granitefirm.com\/blog\/investing-methods\/long-term-investing\/%e5%a5%bd%e7%9a%84%e4%bc%81%e6%a5%ad%e9%9d%9e%e5%b8%b8%e7%bd%95%e8%a6%8b\/\">\u300a<\/a><a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/08\/12\/%e5%a5%bd%e7%9a%84%e4%bc%81%e6%a5%ad%e9%9d%9e%e5%b8%b8%e7%bd%95%e8%a6%8b\/\" data-type=\"URL\" data-id=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/08\/12\/%e5%a5%bd%e7%9a%84%e4%bc%81%e6%a5%ad%e9%9d%9e%e5%b8%b8%e7%bd%95%e8%a6%8b\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u597d\u4f01\u696d\u5f88\u7f55\u898b\uff0c\u5169\u5230\u4e09\u5bb6\u5c31\u6703\u4f7f\u4f60\u975e\u5e38\u5bcc\u6709<\/a>\u300b\u7684\u8aaa\u660e\u3002\u7d55\u5927\u90e8\u4efd\u7684\u4f01\u696d\u90fd\u4e0d\u53ef\u80fd\u70ba\u60a8\u5e36\u4f86\u8d85\u984d\u5831\u916c\uff0c\u6c92\u6709\u8d85\u984d\u5831\u916c\u5c31\u4e0d\u53ef\u80fd\u4ee4\u60a8\u8cfa\u5927\u9322\u3002\u4e00\u500b\u4ee5\u6578\u91cf\u53d6\u52dd\u7684\u6295\u8cc7\u7d44\u5408\u88e1\u4e0d\u53ef\u80fd\u6db5\u62ec\u5e02\u5834\u4e0a\u300e\u975e\u5e38\u7f55\u898b\u300f\u7684\u4f01\u696d\uff0c\u56e0\u70ba\u6839\u672c\u5c31\u6c92\u6709\u90a3\u9ebc\u591a\u300e\u975e\u5e38\u7f55\u898b\u300f\u7684\u4f01\u696d\u53ef\u4f9b\u60a8\u9078\u64c7\uff1b\u9019\u662f\u5c0f\u5b78\u751f\u90fd\u61c2\u7684\u57fa\u672c\u908f\u8f2f\u3002\u5373\u4f7f\u60a8\u7684\u4ee5\u6578\u91cf\u53d6\u52dd\u7684\u6295\u8cc7\u7d44\u5408\u88e1\u9078\u5165\u5e7e\u5bb6\u300e\u975e\u5e38\u7f55\u898b\u300f\u7684\u4f01\u696d\uff0c\u60a8\u7684\u7d44\u5408\u7684\u5831\u916c\u5c07\u6703\u88ab\u7d44\u5408\u88e1\u9762\u7d55\u5927\u90e8\u4efd\u7684\u5e73\u5eb8\u4f01\u696d\u5927\u5e45\u62c9\u4f4e\u3002\u6211\u5728<a href=\"https:\/\/www.books.com.tw\/products\/0010889106?sloc=main\" target=\"_blank\" rel=\"noopener\">\u300a\u8d85\u7d1a\u6210\u9577\u80a1\u6295\u8cc7\u6cd5\u5247\u300b<\/a>\u4e00\u66f8\u76841-5\u7bc0\uff0c59\u9801\u88e1\u9762\u66fe\u7d93\u5217\u904e\u6b77\u53f2\u4e0a\u7f8e\u80a1\u4e0a\u5e02\u4f01\u696d\u7684\u5b58\u6d3b\u7387\u7d71\u8a08\u548c\u8da8\u52e2\uff0c\u4f01\u696d\u7684\u5b58\u6d3b\u7387\u8da8\u52e2\u6108\u4f86\u6108\u77ed\uff0c\u81ea\u5df2\u90fd\u6d3b\u4e0d\u4e0b\u4f86\u7684\u4f01\u696d\u5982\u4f55\u70ba\u6295\u8cc7\u4eba\u8cfa\u9322\uff1f<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%88%86%E6%95%A3%E6%8A%95%E8%B3%87%E7%9A%84%E7%A5%96%E5%B8%AB%E7%88%BA%E8%87%AA%E5%B7%B1%E6%98%AF%E6%80%8E%E9%BA%BC%E5%81%9A%E7%9A%84\"><\/span><strong>\u5206\u6563\u6295\u8cc7\u7684\u7956\u5e2b\u723a\u81ea\u5df1\u662f\u600e\u9ebc\u505a\u7684<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u54c8\u5229\uff0e\u99ac\u53ef\u7dad\u8332 \uff08Harry Markowitz\uff09\u56e0\u70ba\u63d0\u51fa\u73fe\u4ee3\u6295\u8cc7\u7d44\u5408\u7406\u8ad6\u800c\u73721990\u5e74\u7684\u8afe\u8c9d\u723e\u7d93\u6fdf\u5b78\u734e\u3002\u4ed6\u7684\u8457\u540d\u7406\u8ad6\u5305\u62ec\u6295\u8cc7\u5b78\u4e0a\u7684\u300c\u6295\u8cc7\u7d44\u5408\u7406\u8ad6\u300d\u3001\u300c\u6548\u7387\u524d\u7de3\u300d\uff08Efficient Frontier\uff09\uff0c\u4ee5\u53ca\u7531\u5f8c\u4f86\u7684\u5b78\u8005\u884d\u751f\u51fa\u4f86\u7684\u300c\u8cc7\u672c\u8cc7\u7522\u5b9a\u50f9\u6a21\u578b\u300d\uff08Capital Market Pricing Model\uff0cCAPM\uff09\u7b49\u3002\u5728\u5be6\u969b\u61c9\u7528\u4e0a\uff0c\u99ac\u53ef\u7dad\u8332\u7684\u300c\u6548\u7387\u6295\u8cc7\u7d44\u5408\u300d\uff08Efficient Portfolio\uff09\u7406\u8ad6\u958b\u555f\u4e86\u7f8e\u570b\u5171\u540c\u57fa\u91d1\u7684\u9f90\u5927\u5e02\u5834\uff0c\u900f\u904e\u5206\u6563\u6295\u8cc7\uff0c\u4e00\u500b\u6295\u8cc7\u7d44\u5408\u53ef\u4ee5\u5728\u540c\u6a23\u7684\u98a8\u96aa\u7a0b\u5ea6\u4e0a\u7522\u751f\u6700\u9ad8\u5831\u916c\u3002<\/p>\n\n\n\n<p>\u6295\u8cc7\u4eba\u53ef\u80fd\u6703\u8a8d\u70ba\u99ac\u53ef\u7dad\u8332\u9000\u4f11\u6642\u61c9\u8a72\u662f\u4e16\u4e0a\u6700\u5bcc\u6709\u7684\u4eba\u4e86\u3002\u4f46\u4ed6\u5728\u63a5\u53d7\u5a92\u9ad4\u8a2a\u554f\u6642\u5766\u627f\u81ea\u5df1\u53cd\u800c\u628a\u9000\u4f11\u91d1\uff0c\u7c21\u55ae\u5730\u5e73\u5747\u5206\u914d\u81f3\u80a1\u7968\u548c\u50b5\u5238\u4e0a\uff0c\u5b8c\u5168\u6c92\u6709\u63a1\u7528\u4ed6\u81ea\u5df1\u6240\u63d0\u51fa\u4e14\u5f97\u596c\u7684\u73fe\u4ee3\u6295\u8cc7\u7d44\u5408\u7406\u8ad6\u8907\u96dc\u7684\u8a08\u7b97\u914d\u7f6e\u65b9\u5f0f\u3002\u4ed6\u81ea\u5df1\u662f\u9019\u9ebc\u89e3\u91cb\u7684\u300c\u6211\u672c\u4f86\u61c9\u8a72\u8a08\u7b97\u8cc7\u7522\u985e\u5225\u7684\u6b77\u53f2\u5171\u540c\u8b8a\u7570\u6578\uff0c\u756b\u51fa\u6548\u7387\u524d\u7de3\u3002\u4f46\u6211\u60f3\u5230\u5982\u679c\u80a1\u5e02\u6307\u6578\u4e0a\u6f32\u4f46\u6211\u6c92\u5165\u5834\uff0c\u4e0b\u8dcc\u6642\u6211\u4f86\u4e0d\u53ca\u51fa\u5834\uff0c\u90a3\u6211\u4e00\u5b9a\u5f88\u5f8c\u6094\u3002\u6211\u7684\u76ee\u7684\u662f\u76e1\u91cf\u6e1b\u5c11\u672a\u4f86\u5f8c\u6094\u7684\u6a5f\u6703\uff0c\u6240\u4ee5\u6211\u6700\u5f8c\u6c7a\u5b9a\u628a\u9000\u4f11\u91d1\u5e73\u5747\u5206\u914d\u81f3\u80a1\u7968\u548c\u50b5\u5238\u4e0a\u3002\u300d <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%B7%B4%E8%8F%B2%E7%89%B9%E6%98%AF%E6%80%8E%E9%BA%BC%E8%AA%AA%E6%80%8E%E9%BA%BC%E5%81%9A%E7%9A%84\"><\/span><strong>\u5df4\u83f2\u7279\u662f\u600e\u9ebc\u8aaa<strong>\u600e\u9ebc<\/strong>\u505a\u7684<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u5df4\u83f2\u7279\u5c0d\u98a8\u96aa\u7684\u5b9a\u7fa9\u662f\uff1a\u300c\u98a8\u96aa\u4f86\u81ea\u65bc\u4e0d\u77e5\u9053\u81ea\u5df1\u5728\u505a\u4ec0\u9ebc\u3002\u300d\u4ed6\u751a\u81f3\u9084\u8aaa\uff1a\u300c\u5206\u6563\u662f\u7121\u77e5\u7684\u4fdd\u8b77\uff0c\u5982\u679c\u4f60\u77e5\u9053\u4f60\u5728\u505a\u4ec0\u9ebc\uff0c\u5206\u6563\u5c31\u6c92\u4ec0\u9ebc\u6709\u610f\u7fa9\u3002\u300d\u5df4\u83f2\u7279\u66fe\u544a\u8aa1\u5927\u5b78\u65b0\u9bae\u4eba\u300c\u6295\u8cc7\u4eba\u61c9\u8a72\u8981\u62b1\u8457\u4e00\u751f\u53ea\u670920\u6b21\u80a1\u7968\u6295\u8cc7\u6a5f\u6703\u7684\u5fc3\u614b\u4f86\u6295\u8cc7\uff0c\u9019\u6a23\u60a8\u7684\u6bcf\u6b21\u9078\u80a1\u90fd\u5c07\u6703\u7121\u6bd4\u614e\u91cd\u3002\u300d\u6295\u8cc7\u4eba\u6709\u8208\u8da3\u7684\u8a71\uff0c\u53ef\u4ee5\u4e0a\u6ce2\u514b\u590f\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aBRK.A\u548cBRK.B\uff09\u7684\u7db2\u7ad9\u53bb\u9a57\u8b49\u4ed6\u5404\u6295\u8cc7\u968e\u6bb5\u7684\u6301\u80a1\uff0c\u5df4\u83f2\u7279\u4e00\u751f\u90fd\u5d07\u5c1a\u96c6\u4e2d\u6295\u8cc7\u3002<\/p>\n\n\n\n<p>\u6b63\u5982\u5df4\u83f2\u7279\u5728 1993 \u5e74\u6ce2\u514b\u590f\u81f4\u80a1\u6771\u4fe1\u4e2d\u7e3d\u7d50\u7684\u90a3\u6a23\uff0c\u300c\u6211\u5011\u76f8\u4fe1\u5982\u679c\u6295\u8cc7\u7d44\u5408\u96c6\u4e2d\u5316\u7684\u7b56\u7565\uff0c\u5b83\u61c9\u8a72\u53ef\u4ee5\u6703\u964d\u4f4e\u98a8\u96aa\u7684\u6548\u679c\u3002\u4f46\u524d\u63d0\u662f\u6295\u8cc7\u8005\u5148\u5fb9\u5e95\u7814\u7a76\u904e\u4e00\u5bb6\u4f01\u696d\uff0c\u5c0d\u5b83\u7684\u7d93\u6fdf\u7af6\u722d\u529b\u5728\u8cfc\u8cb7\u4e4b\u524d\u5fc5\u9808\u5c0d\u5b83\u6709\u4fe1\u5fc3\u624d\u884c\u3002\u300d\uff0c\u300c\u5982\u679c\u4f60\u662f\u4e00\u500b\u61c2\u884c\u7684\u6295\u8cc7\u8005\uff0c\u80fd\u5920\u7406\u89e3\u5546\u696d\u7d93\u6fdf\u5b78\uff0c\u4e26\u80fd\u627e\u52305\u523010\u5bb6\u50f9\u683c\u5408\u7406\u4e14\u5177\u6709\u91cd\u8981\u9577\u671f\u7af6\u722d\u512a\u52e2\u7684\u516c\u53f8\uff0c\u90a3\u9ebc\u50b3\u7d71\u7684\u591a\u5143\u5316\u5c0d\u4f60\u4f86\u8aaa\u6beb\u7121\u610f\u7fa9\u3002\u300d <\/p>\n\n\n\n<p>\u5df4\u83f2\u7279\u8868\u793a\uff1a\u300c\u4e16\u754c\u4e0a\u8a31\u591a\u5049\u5927\u7684\u8ca1\u5bcc\u90fd\u662f\u901a\u904e\u64c1\u6709\u4e00\u5bb6\u51fa\u8272\u7684\u4f01\u696d\u800c\u7372\u5f97\u7684\u3002 \u5982\u679c\u60a8\u4e86\u89e3\u696d\u52d9\uff0c\u5247\u4e0d\u9700\u8981\u64c1\u6709\u5f88\u591a\u696d\u52d9\u3002\u300d<\/p>\n\n\n\n<p>\u5df4\u83f2\u7279\u8868\u793a\u904e\uff1a\u300c\u5f88\u5c11\u6709\u4eba\u9760\u4ed6\u5011\u7684\u7b2c\u4e03\u500b\u6700\u4f73\u7684\u60f3\u6cd5\u81f4\u5bcc\u3002\u4f46\u5f88\u591a\u4eba\u9760\u4ed6\u5011\u7684\u6700\u4f73\u60f3\u6cd5\u81f4\u5bcc\u3002\u6240\u4ee5\u6211\u60f3\u8aaa\uff0c\u5c0d\u65bc\u90a3\u4e9b\u771f\u6b63\u4e86\u89e3\u4ed6\u5011\u6240\u5f9e\u4e8b\u7684\u696d\u52d9\u7684\u666e\u901a\u8cc7\u672c\u5de5\u4f5c\u7684\u4eba\u4f86\u8aaa\uff0c\u516d\u500b\u5c31\u8db3\u5920\u4e86\u3002\u300d<\/p>\n\n\n\n<p>\u5927\u5bb6\u61c9\u8a72\u90fd\u66c9\u5f97\u5df4\u83f2\u7279\u5927\u529b\u63d0\u5021\u80fd\u529b\u5708\u5167\u7684\u6295\u8cc7\uff0c\u5176\u4e2d\u4e00\u5927\u7406\u7531\u5c31\u662f\u53ef\u4ee5\u63d0\u9ad8\u6295\u8cc7\u7684\u6210\u529f\u7387\u3002\u6bcf\u500b\u4eba\u7684\u80fd\u529b\u5708\u90fd\u53ea\u6703\u5728\u6709\u9650\u7684\u7bc4\u570d\u5167\uff0c\u5f37\u8feb\u81ea\u5df1\u5728\u80fd\u529b\u5708\u5167\u6295\u8cc7\uff0c\u53ef\u4ee5\u78ba\u4fdd\u6295\u8cc7\u4eba\u53ef\u4ee5\u5728\u95dc\u9375\u7684\u6295\u8cc7\u5224\u65b7\u6642\u9593\u9ede\uff0c\u64c1\u6709\u512a\u65bc\u5176\u5b83\u7684\u6295\u8cc7\u4eba\u7684\u6b63\u78ba\u5224\u65b7\u7684\u80fd\u529b\uff08\u9019\u9ede\u975e\u5e38\u91cd\u8981\uff09\uff0c\u85c9\u6b64\u53ef\u4ee5\u63d0\u5347\u6301\u80a1\u7684\u4fe1\u5fc3\u548c\u5831\u916c\u3002 <\/p>\n\n\n\n<p>\u5df4\u83f2\u7279\u7684\u526f\u624b\u8292\u683c\u8aaa\u5f97\u66f4\u70ba\u76f4\u63a5\u300c\u8a8d\u70ba\u64c1\u6709100\u6a94\u80a1\u7968\u6bd4\u64c1\u67095\u6a94\u80a1\u7968\u80fd\u8b93\u4f60\u6210\u70ba\u66f4\u597d\u7684\u6295\u8cc7\u8005\u7684\u60f3\u6cd5\u7d55\u5c0d\u662f\u4e00\u4ef6\u5f88\u8352\u5510\u7684\u4e8b\u3002\u300d\u800c\u4e14\u4ed6\u66f4\u9032\u4e00\u6b65\u5730\u8aaa\u300c\u6211\u66f4\u9858\u610f\u6301\u6709\u5169\u4e09\u96bb\u80a1\u7968\uff0c\u6211\u8a8d\u70ba\u6211\u5c0d\u9019\u4e9b\u80a1\u7968\u6709\u6240\u4e86\u89e3\uff0c\u4e26\u4e14\u6211\u8a8d\u70ba\u6211\u5728\u54ea\u4e9b\u65b9\u9762\u5177\u6709\u512a\u52e2\u3002\u300d\u4ed6\u751a\u81f3\u8aaa\u300c\u6211\u8a8d\u70ba\u652f\u6301\u6295\u8cc7\u591a\u5143\u5316\u7684\u4eba\uff0c\u6211\u7a31\u4e4b\u70ba\u591a\u6158\u5316\u3002\u300d\uff08\u8a3b\uff1a\u5176\u5be6\u300c\u591a\u6158\u5316 \u300d\u9019\u500b\u5b57\u773c\u51fa\u81ea\u5f7c\u5f97\uff0e\u6797\u5340\u7684\u8457\u4f5c\u300a\u5f7c\u5f97\u6797\u5340\u9078\u80a1\u6230\u7565\uff08One Up on Wall Street\uff09\u300b\uff0c \u91dd\u5c0d\u6b64\u66f8\uff0c<span style=\"font-size: revert;\">\u6211\u9084\u7279\u5225\u5beb\u4e86\u7bc7\u7c21\u77ed\u7684\u4ecb\u7d39\uff0c<\/span><a style=\"font-size: revert;\" href=\"https:\/\/www.granitefirm.com\/blog\/reference\/investing-books\/\u5f7c\u5f97\u6797\u5340\u9078\u80a1\u6230\u7565\uff08one-up-on-wall-street\uff09\/\">\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/06\/05\/%e5%bd%bc%e5%be%97%e6%9e%97%e5%8d%80%e9%81%b8%e8%82%a1%e6%88%b0%e7%95%a5\/\">\u9069\u5408\u5165\u9580\u6295\u8cc7\u4eba\u7684\u300a\u5f7c\u5f97\u6797\u5340\u9078\u80a1\u6230\u7565\uff08One Up On Wall Street\uff09<\/a>\u300b\u300b<\/a><span style=\"font-size: revert;\">\u3002<\/span> \uff09 <\/p>\n\n\n\n<p>\u4f46\u662f\u5df4\u83f2\u7279\u4e5f\u5e7e\u4e4e\u6bcf\u4e00\u5e74\u90fd\u6703\u4e00\u518d\u91cd\u8986\u5f37\u8abf\uff0c\u4e00\u822c\u4eba\u61c9\u8a72\u8981\u63a1\u53d6\u7684\u6295\u8cc7\u65b9\u5f0f\u662f\u9577\u671f\u6301\u7e8c<span style=\"font-size: revert;\">\u8cb7\u5165\u8ffd\u8e64\u5e02\u5834\u5927\u76e4\u7684ETF\u3002<\/span> \u56e0\u70ba\u5927\u90e8\u4efd\u4eba\u90fd\u7121\u6cd5\uff08\u539f\u56e0\u5f88\u591a\uff1b\u4f8b\u5982\u6c92\u6709\u80fd\u529b\uff0c\u6c92\u6709\u6642\u9593\uff0c\u4e0d\u9069\u5408\uff09\u900f\u904e\u81ea\u884c\u9078\u80a1\uff0c\u53d6\u5f97\u9ad8\u65bc\u5e02\u5834\u7684\u5831\u916c\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%92%99%E6%A0%BC%E7%9A%84%E7%9C%8B%E6%B3%95\"><\/span>\u8499\u683c\u7684\u770b\u6cd5<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u67e5\u7406\uff0e\u8499\u683c\uff08Charlie Munger\uff09\u66f4\u76f4\u63a5\u9ede\u51fa\u300c\u5982\u679c\u662f\u767d\u75f4\u5c31\u5206\u6563\u4f60\u7684\u6295\u8cc7\u7d44\u5408\u5427\uff01\u5982\u679c\u6295\u8cc7\u4eba\u662f\u57fa\u65bc\u4ed6\u4e0d\u66c9\u5f97\u81ea\u5df1\u5728\u5e79\u561b\u800c\u4e14\u53ea\u6c42\u6a19\u6e96\u7684\u5e02\u5834\u5831\u916c\uff0c\u90a3\u5225\u4e0d\u597d\u610f\u601d\uff0c\u9019\u9ebc\u4e00\u4f86\u5206\u6563\u6295\u8cc7\u7d44\u5408\u5c31\u5f88\u5408\u7406\u3002\u4f46\u662f\u60f3\u8981\u6709\u8d85\u984d\u5831\u916c\uff0c\u53c8\u60f3\u4f7f\u7528\u5206\u6563\u6295\u8cc7\u7d44\u5408\uff0c\u9019\u6839\u672c\u4e0a\u5c31\u5f88\u8352\u8b2c\u3002\u300d<\/p>\n\n\n\n<p>\u300c\u8a8d\u70ba\u6295\u8cc7\u61c9\u8a72\u8d8a\u5206\u6563\u8d8a\u597d\u662f\u4e00\u7a2e\u767c\u760b\u7684\u89c0\u5ff5\u3002\u6211\u5011\u4e26\u4e0d\u8a8d\u70ba\u5206\u6563\u7a0b\u5ea6\u5f88\u9ad8\u7684\u6295\u8cc7\u80fd\u5920\u7522\u751f\u597d\u7d50\u679c\u3002\u6211\u5011\u8a8d\u70ba\u5e7e\u4e4e\u6240\u6709\u597d\u6295\u8cc7\u7684\u5206\u6563\u7a0b\u5ea6\u90fd\u662f\u76f8\u5c0d\u8f03\u4f4e\u7684\u3002\u5982\u679c\u4f60\u628a\u6211\u501115\u500b\u6700\u597d\u7684\u6c7a\u7b56\u5254\u9664\uff0c\u6211\u5011\u7684\u696d\u7e3e\u5c07\u6703\u975e\u5e38\u5e73\u5eb8\u3002\u4f60\u9700\u8981\u7684\u4e0d\u662f\u5927\u91cf\u7684\u884c\u52d5\uff0c\u800c\u662f\u6975\u5927\u7684\u8010\u5fc3\u3002\u4f60\u5fc5\u9808\u5805\u6301\u539f\u5247\uff0c\u7b49\u5230\u6a5f\u6703\u4f86\u81e8\uff0c\u4f60\u5c31\u6703\u7528\u529b\u53bb\u6293\u4f4f\u5b83\u5011\u3002\u9019\u4e9b\u5e74\u4f86\uff0c\u6ce2\u514b\u590f\u5c31\u662f\u628a\u8ced\u6ce8\u62bc\u5728\u6709\u628a\u63e1\u7684\u4e8b\u60c5\u4e0a\u800c\u8cfa\u9322\u7684\u3002\u300d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%88%B0%E5%BA%95%E6%8A%95%E8%B3%87%E7%B5%84%E5%90%88%E8%A3%A1%E8%A6%81%E6%9C%89%E5%B9%BE%E6%AA%94%EF%BC%9F\"><\/span><strong>\u5230\u5e95\u6295\u8cc7\u7d44\u5408\u88e1\u8981\u6709\u5e7e\u6a94\uff1f<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>2013\u5e74\u82f1\u570b\u5238\u5546\u7684\u7d71\u8a08\u8cc7\u6599\uff0c\u6295\u8cc7\u4eba\u5728\u7d44\u5408\u88e1\u5e73\u5747\u64c1\u6709<span style=\"font-size: revert;\">\u7684\u80a1\u7968\u6578\u76ee\u70ba4\u6a94<\/span>\u3002\u6839\u64da\u4ee5\u4e0a\u7684\u8a0e\u8ad6\uff0c\u548c\u5be6\u969b\u7814\u7a76\u5831\u544a\uff0c\u518d\u52a0\u4e0a\u6211\u81ea\u5df1\u89aa\u8eab\u7684\u7d93\u6b77\uff08\u6211\u5728\u91d1\u878d\u6d77\u562f\u5f8c\u76843\u52305\u5e74\u5167\uff0c\u6295\u8cc7\u7d44\u5408\u53ea\u67093\u6a94\u80a1\u7968\uff09\u3002\u5982\u679c\u60a8\u5f88\u6709\u628a\u63e1\uff0c\u77e5\u9053\u81ea\u5df1\u5728\u505a\u4ec0\u9ebc\uff08\u4e5f\u5c31\u662f\u60a8\u5c0d\u6301\u80a1\u975e\u5e38\u77ad\u89e3\uff09\uff0c\u5c0d\u6563\u6236\u800c\u8a00\uff0c\u90a3\u5728\u6295\u8cc7\u7d44\u5408\u5167\u67093\u81f310\u6a94\u7684\u80a1\u7968\u5c31\u8db3\u4ee5\u5206\u6563\u5206\u96aa\u3002\u592a\u591a\u6c92\u6709\u7528\uff0c\u53cd\u800c\u6703\u62c9\u4f4e\u5831\u916c\uff0c\u589e\u6dfb\u6295\u8cc7\u98a8\u96aa\u3001\u5fc3\u529b\u3001\u548c\u6210\u672c\u3002\u81f3\u65bc\u8981\u5e7e\u6a94\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u8cc7\u6df1\u7684\u6295\u8cc7\u670b\u53cb\uff1a10\u523012\u6a94\uff0c\u6700\u591a\u4e5f\u4e0d\u8981\u8d85\u904e15\u6a94\uff0c\u4e3b\u8981\u8cc7\u91d1\u6700\u597d\u96c6\u4e2d\u57283\u52305\u6a94\u5167\u3002<\/li>\n\n\n\n<li>\u4e00\u822c\u6295\u8cc7\u670b\u53cb\uff1a5\u52307\u6a94\u3002<\/li>\n\n\n\n<li>\u521d\u5165\u80a1\u5e02\u8005\uff1a3\u6a94\u3002<\/li>\n\n\n\n<li>\u4efb\u4f55\u4eba\u5728\u4efb\u4f55\u6642\u9593\uff0c\u90fd\u4e0d\u5efa\u8b70\u55ae\u62bc\u4e00\u6a94\u3002<\/li>\n<\/ul>\n\n\n\n<p>\u4ee5\u4e0a\u662f\u6211\u7d66\u6295\u8cc7\u670b\u53cb\u7684\u5efa\u8b70\u6700\u5927\u503c\uff0c\u8acb\u6ce8\u610f\u9019\u6578\u76ee\u662f\u6295\u8cc7\u4eba\u6295\u8cc7\u7d44\u5408\u88e1\u6240\u6709\u7684\u6301\u80a1\u6a94\u6578\uff0c\u5373\u4f7f\u6301\u67091\u80a1\u4e5f\u7b97\u4e00\u6a94\u3002\u6211\u500b\u4eba\u9084\u662f\u8a8d\u70ba\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u4e0d\u5efa\u8b70\u6295\u8cc7\u4eba\u6301\u6709\u592a\u591a\u6a94\u6578\uff0c\u8877\u5fc3\u7684\u5efa\u8b70\u662f\u6a94\u6578\u6108\u5c11\u6108\u597d\u3002<\/li>\n\n\n\n<li>\u4e0d\u8ad6\u60a8\u6301\u6709\u5e7e\u6a94\uff0c\u5118\u53ef\u80fd\u5730\u628a\u8cc7\u91d1\u96c6\u4e2d\u5728\u5c11\u6578\u7684\u5e7e\u6a94\u4e0a\u3002<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%88%86%E6%95%A3%E6%8A%95%E8%B3%87%E4%B8%8D%E5%8F%AF%E8%83%BD%E6%9C%89%E8%B6%85%E9%A1%8D%E5%A0%B1%E9%85%AC\"><\/span><strong>\u5206\u6563\u6295\u8cc7\u4e0d\u53ef\u80fd\u6709\u8d85\u984d\u5831\u916c<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u4e00\u5982<span style=\"font-size: revert;\">\u6211\u5728<\/span><a style=\"font-size: revert;\" href=\"https:\/\/www.books.com.tw\/products\/0010889106?sloc=main\" target=\"_blank\" rel=\"noopener\">\u300a\u8d85\u7d1a\u6210\u9577\u80a1\u6295\u8cc7\u6cd5\u5247\u300b<\/a><span style=\"font-size: revert;\">\u4e00\u66f8<\/span>\u4e2d2-1\u7bc0\uff0c78\u9801\u6240\u8aaa\u7684\u300c\u5206\u6563\u6295\u8cc7\u53ea\u662f\u9632\u7bc4\u7121\u77e5\u7684\u624b\u6bb5\uff0c\u77e5\u9053\u81ea\u5df1\u5728\u5e79\u4ec0\u9ebc\uff0c\u5c31\u6c92\u6709\u5fc5\u8981\u5206\u6563\u6295\u8cc7\u300d\u3002<\/p>\n\n\n\n<p>\u51f1\u56e0\u65af\u8aaa\u904e\u5f88\u985e\u4f3c\u7684\u8a71\uff1a \u300c\u5c0d\u80a1\u5e02\u6c92\u6709\u7279\u5225\u77ad\u89e3\u7684\u4eba\uff0c\u6700\u660e\u667a\u7684\u8a08\u5283\uff0c\u6216\u8a31\u662f\u76e1\u91cf\u5206\u6563\u6295\u8cc7\u65bc\u591a\u500b\u4e0d\u540c\u7684\u9818\u57df\u3002\u300d\u4ee5\u53ca \u300c\u6295\u8cc7\u4e00\u6a94\u80fd\u5145\u5206\u638c\u63e1\u8cc7\u8a0a\u4e26\u505a\u51fa\u5224\u65b7\u7684\u80a1\u7968\uff0c\u4e5f\u4e0d\u8981\u6295\u8cc7\u5341\u6a94\u4e0d\u5728\u4e86\u89e3\u751a\u81f3\u65bc\u4e00\u7121\u6240\u77e5\u7684\u80a1\u7968\u3002\u300d \u53e6\u4e00\u4f4d\u6295\u8cc7\u540d\u4eba\u7f85\u5e03\u5728\u4ed6\u7684\u300a\u6295\u8cc7\u751f\u5b58\u4e4b\u6230\u300b\u4e00\u66f8\u4e2d\u5beb\u9053\uff1a\u300c \u591a\u5143\u5316\u662f\u5fc5\u8981\u7684\u5c0d\u65bc\u521d\u5b78\u8005\u2026\u2026\u627f\u8a8d\u4e0d\u77e5\u9053\u8a72\u505a\u4ec0\u9ebc\uff0c\u4e26\u52aa\u529b\u722d\u53d6\u5e73\u5747\u6c34\u5e73\uff0c\u771f\u6b63\u7684\u5de8\u5927\u8ca1\u5bcc\u3002\u300d <\/p>\n\n\n\n<p><strong>\u5206\u6563\u6295\u8cc7\u4e0d\u53ef\u80fd\u6709\u8d85\u984d\u5831\u916c\uff0c\u56e0\u70ba\u60a8\u5728\u6c7a\u5b9a\u63a1\u7528\u5206\u6563\u6295\u8cc7\u6642\u5c31\u5df2\u7d93\u300c\u81ea\u52d5\u653e\u68c4\u300d\u8cfa\u5927\u9322\u7684\u53ef\u80fd\u6027\u4e86<\/strong>\u3002\u7406\u8ad6\u548c\u5be6\u52d9\u4e0a\u7686\u4e0d\u53ef\u80fd\uff0c\u56e0\u70ba\u57fa\u672c\u7684\u908f\u8f2f\u5c31\u4e0d\u5408\u7406\uff1b\u5c31\u50cf\u4e00\u822c\u4eba\u90fd\u60f3\u8981\u540c\u6642\u5177\u5099\u5b89\u5168\u7a33\u5065\uff0c\u53c8\u60f3\u8981\u6709\u9ad8\u5831\u916c\u7684\u6295\u8cc7\u6a19\u7684\u4e00\u6a23\u7684\u8352\u8b2c\uff08\u53f0\u7063\u91d1\u7ba1\u6703\u5c31\u660e\u6587\u8868\u793a\uff0c\u4efb\u4f55\u5ba3\u7a31\u80fd\u6709\u4fdd\u8b49\u6536\u76ca\u7684\u6295\u8cc7\u5546\u54c1\u90fd\u662f\u9055\u6cd5\u7684\uff09<span style=\"font-size: revert;\">\u3002<\/span>\u9664\u975e\u60a8\u4e00\u958b\u59cb\u5c31\u53ea\u60f3\u8981\u5e73\u5eb8\u7684\u5831\u916c\uff0c\u90a3\u9019\u6a23\u9084\u4e0d\u5982\u8cb7\u8ffd\u8e64\u5927\u76e4\u7684ETF\uff0c\u9084\u80fd\u78ba\u4fdd\u4e0d\u932f\u7684\u5831\u916c\uff08\u8acb\u6c38\u9060\u8a18\u4f4f\uff0c\u7d55\u5927\u90e8\u4efd\u80a1\u5e02\u6295\u8cc7\u4eba\u7684\u6295\u5831\u7387\u90fd\u9060\u4f4e\u65bc\u8ffd\u8e64\u5927\u76e4\u7684ETF\uff09\u548c\u7701\u53bb\u4e00\u5806\u9ebb\u7169\u4e8b\u3002<strong>\u56e0\u70ba\u60a8\u7121\u6cd5\u4fdd\u8b49\u60a8\u5206\u6563\u5f8c\u6295\u8cc7\u7d44\u5408\u88e1\u7684\u90a3\u4e00\u5806\u60a8\u81ea\u5df1\u9078\u7684\u4e00\u7c43\u5b50\u80a1\u7968\u7684\u5e73\u5747\u5831\u916c\u80fd\u52dd\u904e\u5e02\u5834\u5927\u76e4<\/strong>\u2500\u2500\u2500\u9019\u662f\u6700\u91cd\u8981\u7684\u4e00\u9ede\uff0c\u5207\u8a18\uff01<\/p>\n\n\n\n<p><em>\u5df4\u83f2\u7279\u8aaa\u5f97\u5f88\u6709\u9053\u7406\uff1a\u300c\u591a\u5143\u5316\u53ef\u4ee5\u4fdd\u5168\u8ca1\u5bcc\uff0c\u4f46\u96c6\u4e2d\u53ef\u4ee5\u5275\u9020\u8ca1\u5bcc\u3002<\/em>\u300d<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"239\" height=\"128\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2022\/07\/concentrated-1600x1200-1.jpg\" alt=\"\u96c6\u4e2d\u6295\u8cc7\" class=\"wp-image-22182\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%BF%85%E9%A0%88%E9%95%B7%E6%9C%9F%E6%8A%95%E8%B3%87%E6%89%8D%E6%9C%89%E7%94%A8\"><\/span><strong>\u5fc5\u9808\u9577\u671f\u6295\u8cc7\u624d\u6709\u7528<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u96c6\u4e2d\u6295\u8cc7\u5fc5\u9808\u662f\u9577\u671f\u6295\u8cc7\uff0c\u5426\u5247\u6548\u7528\u4e0d\u5927\u3002\u539f\u56e0\u662f\u6c92\u6709\u9577\u671f\u6295\u8cc7\u5c31\u6c92\u6709\u6642\u9593\u8907\u5229\uff1b\u5373\u4f7f\u60a8\u7d42\u5176\u6295\u8cc7\u751f\u6daf\u597d\u4e0d\u5bb9\u6613\u627e\u5230\u4e00\u5bb6\u7f55\u898b\u7684\u512a\u79c0\u4f01\u696d\uff0c\u53ea\u77ed\u671f\u6301\u6709\uff0c\u4e0d\u53ef\u80fd\u6703\u6709\u53ef\u89c0\u7684\u5831\u916c\u7684\uff0c\u9019\u9053\u7406\u518d\u7c21\u55ae\u4e0d\u904e\u4e86\u3002\u7e3d\u4e4b\uff0c\u6295\u8cc7\u4eba\u5728\u96c6\u4e2d\u6295\u8cc7\u6642\uff0c\u5fc5\u9808\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\" id=\"block-73616947-bd19-46ea-bc19-dd12cc9428c9\">\n<li>\u6295\u8cc7\u7d44\u5408\u7684\u5468\u8f49\u7387\u6108\u4f4e\u6108\u597d\uff0c\u5426\u5247\u6703\u5931\u53bb\u96c6\u4e2d\u6301\u80a1\u7684\u610f\u7fa9\u3002<\/li>\n\n\n\n<li>\u96c6\u4e2d\u4e26\u300c\u9577\u671f\u6295\u8cc7\u300d\u65bc\u300e\u975e\u5e38\u7f55\u898b\u300f\u7684\u4f01\u696d\u624d\u80fd\u8b93\u6295\u8cc7\u4eba\u6301\u7e8c\u8cfa\u5927\u9322\u3002<\/li>\n<\/ul>\n\n\n\n<p>\u4f60\u66fe\u807d\u8aaa\u904e\u8cb7\u57fa\u91d1\u6216ETF\u4f7f\u4eba\u6210\u70ba\u5927\u5bcc\u7fc1\u55ce\uff1f<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%B5%90%E8%AA%9E\"><\/span>\u7d50\u8a9e<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u60f3\u8cfa\u9322\u5c31\u96c6\u4e2d\u6295\u8cc7\uff0c\u5206\u6563\u6295\u8cc7\u6700\u591a\u53ea\u80fd\u4fdd\u672c\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%9B%B8%E9%97%9C%E6%96%87%E7%AB%A0\"><\/span>\u76f8\u95dc\u6587\u7ae0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/08\/18\/%e7%82%ba%e4%bb%80%e9%ba%bc%e9%9c%80%e8%a6%81%e9%9b%86%e4%b8%ad%e6%8a%95%e8%b3%87%ef%bc%9f\/\">\u70ba\u4ec0\u9ebc\u9700\u8981\u96c6\u4e2d\u6295\u8cc7\uff1f<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/02\/24\/%e6%9e%97%e5%ad%90%e6%8f%9a%e7%9a%84%e6%8a%95%e8%b3%87%e9%a2%a8%e6%a0%bc%e7%9a%84%e9%87%8d%e9%bb%9e\/\">\u6797\u5b50\u63da\u7684\u6295\u8cc7\u98a8\u683c\u7684\u91cd\u9ede<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/09\/26\/%e6%88%91%e7%9a%84%e9%95%b7%e6%9c%9f%e6%8a%95%e8%b3%87%e5%bf%83%e5%be%97%e5%88%86%e4%ba%ab\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6797\u5b50\u63da\u7684\u9577\u671f\u6295\u8cc7\u7684\u5fc3\u5f97\u5206\u4eab<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/06\/21\/%E7%82%BA%E4%BD%95%E9%9C%80%E8%A6%81%E9%80%B2%E8%A1%8C%E9%95%B7%E6%9C%9F%E6%8A%95%E8%B3%87%EF%BC%9F\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u70ba\u4f55\u9700\u8981\u9032\u884c\u9577\u671f\u6295\u8cc7\uff1f<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/12\/14\/%E5%B7%B4%E8%8F%B2%E7%89%B9%E6%98%AF%E5%90%A6%E4%B8%8D%E5%86%8D%E9%95%B7%E6%9C%9F%E6%8C%81%E6%9C%89%E8%82%A1%E7%A5%A8%E4%BA%86%EF%BC%9F\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u5df4\u83f2\u7279\u662f\u5426\u4e0d\u518d\u9577\u671f\u6301\u6709\u80a1\u7968\u4e86\uff1f\u53f0\u7a4d\u96fb\u3001\u60e0\u666e\u3001\u7f8e\u570b\u5408\u773e\u9280\u884c\u6848\u4f8b\u5206\u6790<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/10\/27\/%e6%8a%95%e8%b3%87%e7%b5%84%e5%90%88%e5%86%8d%e5%b9%b3%e8%a1%a1%e7%82%ba%e4%bd%95%e4%b8%8d%e5%90%88%e7%90%86\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6295\u8cc7\u7d44\u5408\u518d\u5e73\u8861\u70ba\u4f55\u4e0d\u5408\u7406<\/a>\u300b<\/li>\n\n\n\n<li><a href=\"https:\/\/www.granitefirm.com\/blog\/behind-the-scenes\/homework\/%e5%a6%82%e4%bd%95%e8%a8%88%e7%ae%97%e6%8a%95%e8%b3%87%e5%a0%b1%e9%85%ac%e7%8e%87%ef%bc%9f\/\">\u300a\u6295\u8cc7\u4eba\u8a72\u91cd\u8996\u7684\u662f\u5e74\u5316\u6295\u8cc7\u5831\u916c\u7387\uff08IRR\uff09\uff0c\u4ee5\u53ca\u514d\u8cbb\u5e74\u5316\u6295\u8cc7\u5831\u916c\u7387\uff08IRR\uff09\u8a08\u7b97\u5668\u300b<\/a><\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/06\/05\/%e5%bd%bc%e5%be%97%e6%9e%97%e5%8d%80%e9%81%b8%e8%82%a1%e6%88%b0%e7%95%a5\/\">\u9069\u5408\u5165\u9580\u6295\u8cc7\u4eba\u7684\u300a\u5f7c\u5f97\u6797\u5340\u9078\u80a1\u6230\u7565\uff08One Up On Wall Street\uff09<\/a>\u300b\u300b<\/li>\n<\/ul>\n\n\n\n<p><em><strong>\u91cd\u8981\u8072\u660e<\/strong><\/em><\/p>\n\n\n\n<ul 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