{"id":56702,"date":"2025-04-19T23:56:00","date_gmt":"2025-04-19T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/?p=56702"},"modified":"2025-04-20T07:42:25","modified_gmt":"2025-04-19T23:42:25","slug":"%e5%87%b1%e5%9b%a0%e6%96%af%e7%9a%84%e6%8a%95%e8%b3%87%e5%8e%9f%e5%89%87%e5%92%8c%e6%88%90%e5%b0%b1","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/04\/19\/%e5%87%b1%e5%9b%a0%e6%96%af%e7%9a%84%e6%8a%95%e8%b3%87%e5%8e%9f%e5%89%87%e5%92%8c%e6%88%90%e5%b0%b1\/","title":{"rendered":"\u51f1\u56e0\u65af\uff08Keynes\uff09\u7684\u6295\u8cc7\u539f\u5247\u548c\u6210\u5c31"},"content":{"rendered":"\n<p>\u70ba\u4e86\u5e6b\u52a9\u60a8\u4e86\u89e3\u51f1\u56e0\u65af\uff0c\u5efa\u8b70\u8b80\u8005\u5148\u95b2\u8b80\u6211\u5728\u56db\u5e74\u524d\u7684\u8cbc\u6587\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/05\/01\/%e6%8a%95%e8%b3%87%e5%a4%a7%e5%b8%ab%e5%87%b1%e5%9b%a0%e6%96%af\/\">\u6295\u8cc7\u5927\u5e2b\u7d04\u7ff0\uff0e\u6885\u7d0d\u5fb7\uff0e\u51f1\u56e0\u65af\uff08John Maynard Keynes\uff09<\/a>\u300b<\/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\/2025\/04\/19\/%e5%87%b1%e5%9b%a0%e6%96%af%e7%9a%84%e6%8a%95%e8%b3%87%e5%8e%9f%e5%89%87%e5%92%8c%e6%88%90%e5%b0%b1\/#%E5%8F%B2%E4%B8%8A%E5%94%AF%E4%B8%80%E5%AD%B8%E9%99%A2%E6%B4%BE%E7%9A%84%E6%8A%95%E8%B3%87%E5%A4%A7%E5%B8%AB%E7%B4%9A%E4%BA%BA%E7%89%A9\" >\u53f2\u4e0a\u552f\u4e00\u5b78\u9662\u6d3e\u7684\u6295\u8cc7\u5927\u5e2b\u7d1a\u4eba\u7269<\/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\/2025\/04\/19\/%e5%87%b1%e5%9b%a0%e6%96%af%e7%9a%84%e6%8a%95%e8%b3%87%e5%8e%9f%e5%89%87%e5%92%8c%e6%88%90%e5%b0%b1\/#%E5%87%B1%E5%9B%A0%E6%96%AF%E7%9A%84%E7%9B%B8%E9%97%9C%E8%91%97%E4%BD%9C\" >\u51f1\u56e0\u65af\u7684\u76f8\u95dc\u8457\u4f5c<\/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\/2025\/04\/19\/%e5%87%b1%e5%9b%a0%e6%96%af%e7%9a%84%e6%8a%95%e8%b3%87%e5%8e%9f%e5%89%87%e5%92%8c%e6%88%90%e5%b0%b1\/#%E6%8A%95%E8%B3%87%E9%A2%A8%E6%A0%BC\" >\u6295\u8cc7\u98a8\u683c<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/04\/19\/%e5%87%b1%e5%9b%a0%e6%96%af%e7%9a%84%e6%8a%95%e8%b3%87%e5%8e%9f%e5%89%87%e5%92%8c%e6%88%90%e5%b0%b1\/#%E7%B8%BD%E9%AB%94%E7%B6%93%E6%BF%9F%E5%AD%B8%E5%AE%B6\" >\u7e3d\u9ad4\u7d93\u6fdf\u5b78\u5bb6<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/04\/19\/%e5%87%b1%e5%9b%a0%e6%96%af%e7%9a%84%e6%8a%95%e8%b3%87%e5%8e%9f%e5%89%87%e5%92%8c%e6%88%90%e5%b0%b1\/#%E5%83%B9%E5%80%BC%E6%8A%95%E8%B3%87%E8%80%85\" >\u50f9\u503c\u6295\u8cc7\u8005<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/04\/19\/%e5%87%b1%e5%9b%a0%e6%96%af%e7%9a%84%e6%8a%95%e8%b3%87%e5%8e%9f%e5%89%87%e5%92%8c%e6%88%90%e5%b0%b1\/#%E6%97%A9%E5%B9%B4%E6%98%AF%E6%8A%95%E6%A9%9F%E8%80%85\" >\u65e9\u5e74\u662f\u6295\u6a5f\u8005<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/04\/19\/%e5%87%b1%e5%9b%a0%e6%96%af%e7%9a%84%e6%8a%95%e8%b3%87%e5%8e%9f%e5%89%87%e5%92%8c%e6%88%90%e5%b0%b1\/#%E9%A2%A8%E6%A0%BC%E7%9A%84%E8%BD%89%E8%AE%8A\" >\u98a8\u683c\u7684\u8f49\u8b8a<\/a><\/li><\/ul><\/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\/2025\/04\/19\/%e5%87%b1%e5%9b%a0%e6%96%af%e7%9a%84%e6%8a%95%e8%b3%87%e5%8e%9f%e5%89%87%e5%92%8c%e6%88%90%e5%b0%b1\/#%E5%87%B1%E5%9B%A0%E6%96%AF%E8%87%AA%E8%BF%B0%E7%9A%84%E4%B8%89%E5%A4%A7%E6%8A%95%E8%B3%87%E5%8E%9F%E5%89%87\" >\u51f1\u56e0\u65af\u81ea\u8ff0\u7684\u4e09\u5927\u6295\u8cc7\u539f\u5247<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/04\/19\/%e5%87%b1%e5%9b%a0%e6%96%af%e7%9a%84%e6%8a%95%e8%b3%87%e5%8e%9f%e5%89%87%e5%92%8c%e6%88%90%e5%b0%b1\/#%E7%B2%BE%E5%BF%83%E6%8C%91%E9%81%B8\" >\u7cbe\u5fc3\u6311\u9078<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/04\/19\/%e5%87%b1%e5%9b%a0%e6%96%af%e7%9a%84%e6%8a%95%e8%b3%87%e5%8e%9f%e5%89%87%e5%92%8c%e6%88%90%e5%b0%b1\/#%E5%A0%85%E5%AE%9A%E4%B8%8D%E7%A7%BB\" >\u5805\u5b9a\u4e0d\u79fb<\/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\/2025\/04\/19\/%e5%87%b1%e5%9b%a0%e6%96%af%e7%9a%84%e6%8a%95%e8%b3%87%e5%8e%9f%e5%89%87%e5%92%8c%e6%88%90%e5%b0%b1\/#%E6%8A%95%E8%B3%87%E7%B5%84%E5%90%88%E5%B9%B3%E8%A1%A1\" >\u6295\u8cc7\u7d44\u5408\u5e73\u8861<\/a><\/li><\/ul><\/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\/2025\/04\/19\/%e5%87%b1%e5%9b%a0%e6%96%af%e7%9a%84%e6%8a%95%e8%b3%87%e5%8e%9f%e5%89%87%e5%92%8c%e6%88%90%e5%b0%b1\/#%E9%9B%86%E4%B8%AD%E6%8A%95%E8%B3%87%E8%80%85\" >\u96c6\u4e2d\u6295\u8cc7\u8005<\/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\/2025\/04\/19\/%e5%87%b1%e5%9b%a0%e6%96%af%e7%9a%84%e6%8a%95%e8%b3%87%e5%8e%9f%e5%89%87%e5%92%8c%e6%88%90%e5%b0%b1\/#%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=\"%E5%8F%B2%E4%B8%8A%E5%94%AF%E4%B8%80%E5%AD%B8%E9%99%A2%E6%B4%BE%E7%9A%84%E6%8A%95%E8%B3%87%E5%A4%A7%E5%B8%AB%E7%B4%9A%E4%BA%BA%E7%89%A9\"><\/span>\u53f2\u4e0a\u552f\u4e00\u5b78\u9662\u6d3e\u7684\u6295\u8cc7\u5927\u5e2b\u7d1a\u4eba\u7269<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u4ee5\u4e0b\u662f\u51f1\u56e0\u65af\u5728\u6295\u8cc7\u4e0a\u6240\u9054\u6210\u7684\u7279\u6b8a\u6210\u5c31\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u51f1\u56e0\u65af\u662f\u81f3\u4eca\u300c\u552f\u4e00\u4e00\u4f4d\u300d\u540c\u6642\u517c\u5177\u7d93\u6fdf\u5b78\u548c\u6295\u8cc7\u5169\u9805\u50b3\u5947\u5927\u5e2b\u5730\u4f4d\u7684\u8457\u540d\u4eba\u7269\u3002\u5b78\u8853\u548c\u73fe\u5be6\u793e\u6703\u7684\u5be6\u969b\u72c0\u6cc1\u6709\u5f88\u5927\u7684\u5dee\u5225\uff0c\u901a\u5e38\u6240\u8b02\u7684\u5b78\u9662\u6d3e\uff0c\u6216\u662f\u8ca1\u7d93\u6559\u6388\u5011\u7684\u6295\u8cc7\u56de\u5831\u90fd\u4e0d\u6703\u5f88\u597d\u770b\u3002<\/li>\n\n\n\n<li>\u4ed6\u9577\u671f\u70ba\u82f1\u570b\u528d\u6a4b\u570b\u738b\u5b78\u9662\u516c\u76ca\u91d1\u57fa\u91d1\u7684\u570b\u738b\u5b78\u9662\u7ba1\u7406\u6295\u8cc7\u7d44\u5408\uff0c\u9054\u6210\u572821\u5e74\u7684\u671f\u9593\uff0c\u53d6\u5f9712.4%\u5e74\u4ee3\u6295\u8cc7\u5831\u916c\u7387\u7684\u975e\u51e1\u6210\u5c31\u3002\u76f8\u540c\u671f\u9593\uff0c\u80a1\u5e02\u6574\u9ad4\u4e0b\u8dcc\u4e8615%\uff0c\u9019\u662f\u4e00\u500b\u4ee4\u4eba\u5370\u8c61\u6df1\u523b\u7684\u696d\u7e3e\u3002<\/li>\n\n\n\n<li>\u4ed6\u7684\u6295\u8cc7\u7d44\u5408\u4e2d\u7684\u6d3b\u8e8d\u6210\u5206\u572825\u5e74\u91cc\u5e73\u5747\u6bcf\u5e74\u8dd1\u8d0f\u82f1\u570b\u80a1\u7968\u6307\u65786% \u52308%\uff0c\u70ba\u4ed6\u8d0f\u5f97\u4e86\u5f8c\u4ee3\u5df4\u83f2\u7279\u548c\u55ac\u6cbb\u00b7\u7d22\u7f85\u65af\u7b49\u516c\u8a8d\u80a1\u7968\u6295\u8cc7\u5927\u5e2b\u5011\u7684\u9ad8\u5ea6\u8b9a\u8cde\u3002<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><span class=\"ez-toc-section\" id=\"%E5%87%B1%E5%9B%A0%E6%96%AF%E7%9A%84%E7%9B%B8%E9%97%9C%E8%91%97%E4%BD%9C\"><\/span><strong><span style=\"font-size: revert;\">\u51f1\u56e0\u65af<\/span>\u7684\u76f8\u95dc\u8457\u4f5c<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u5e02\u9762\u4e0a\u6709\u4e94\u672c\u548c\u51f1\u56e0\u65af\u5728\u6295\u8cc7\u65b9\u9762\u6709\u95dc\u7684\u4e2d\u6587\u66f8\uff0c\u5217\u5728\u4e0b\u9762\u4f9b\u5927\u5bb6\u53c3\u8003\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u300a\u5c31\u696d\u3001\u5229\u606f\u548c\u8ca8\u5e63\u901a\u8ad6\uff08<a href=\"https:\/\/www.amazon.com\/General-Theory-Employment-Interest-Money\/dp\/1573921394\" target=\"_blank\" rel=\"noreferrer noopener\">The General Theory of Employment, Interest, and Money<\/a>\uff09\u300b\uff0c\u4f5c\u8005\uff1a\u51f1\u56e0\u65af\u3002\u51f1\u56e0\u65af\u4e00\u751f\u6700\u8457\u540d\u7684\u4ee3\u8868\u6027\u8457\u4f5c\u3002<\/li>\n\n\n\n<li>\u300a\u6295\u8cc7\u7684\u85dd\u8853\uff08The Art of the Deal\uff09\u300b\uff0c\u4f5c\u8005\uff1a\u51f1\u56e0\u65af\u3002\u662f\u4e2d\u570b\u5927\u9678\u7de8\u8f2f\u7684\u7c21\u9ad4\u66f8\uff0c\u6536\u96c6\u51f1\u56e0\u65af\u6295\u8cc7\u751f\u6daf\u7684\u76f8\u95dc\u6587\u96c6\uff1b\u6211\u500b\u4eba\u5f88\u559c\u6b61\u9019\u672c\u66f8\u3002<\/li>\n\n\n\n<li>\u300a\u5728\u80a1\u5e02\u9047\u898b\u51f1\u6069\u65af\uff1a\u80a1\u795e\u7d1a\u7d93\u6fdf\u5b78\u5bb6\u7684\u6295\u8cc7\u667a\u6167\uff08<a href=\"https:\/\/www.amazon.com\/Keyness-Way-Wealth-Investment-Economist\/dp\/0071815473\" target=\"_blank\" rel=\"noopener\">Keynes&#8217;s Way to Wealth<\/a>\uff09\u300b\uff0c\u4f5c\u8005\uff1a\u7d04\u7ff0 F.\u74e6\u8f9b\u79d1\u3002\u4e2d\u570b\u5927\u9678\u51fa\u7248\u7684\u7cbe\u88dd\u7c21\u9ad4\u66f8\uff0c\u4e3b\u8981\u5728\u4ecb\u7d39\u51f1\u56e0\u65af\u7684\u6574\u500b\u6295\u8cc7\u751f\u6daf\u3002<\/li>\n\n\n\n<li>\u300a\u8ddf\u51f1\u56e0\u65af\u5b78\u50f9\u503c\u6295\u8cc7\uff08<a href=\"https:\/\/www.amazon.com\/Investing-Keynes-Economist-Overturned-Conventional\/dp\/1643137565\" target=\"_blank\" rel=\"noreferrer noopener\">Investing with Keynes<\/a>\uff09\u300b\uff0c\u4f5c\u8005\uff1a\u8cc8\u65af\u5ef7\uff0e\u83ef\u8a31\u30022021\u5e74\u53f0\u7063\u51fa\u7248\uff0c\u4ecb\u7d39\u51f1\u56e0\u65af\u6295\u8cc7\u751f\u6daf\u7684\u65b0\u66f8\u3002<\/li>\n\n\n\n<li>\u300a\u5728\u865f\u5b50\u9047\u5230\u51f1\u56e0\u65af\uff08<a href=\"https:\/\/www.amazon.com\/Keynes-Market-Economist-Overturned-Conventional\/dp\/047028496X\" target=\"_blank\" rel=\"noreferrer noopener\">Keynes and Market<\/a>\uff09\u300b\uff0c\u4f5c\u8005\uff1a\u8cc8\u65af\u5ef7\uff0e\u83ef\u8a31\u3002\u53f0\u7063\u6700\u65e9\u51fa\u7248\u95dc\u65bc\u51f1\u56e0\u65af\u6295\u8cc7\u751f\u5e73\u7684\u66f8\u3002<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%8A%95%E8%B3%87%E9%A2%A8%E6%A0%BC\"><\/span>\u6295\u8cc7\u98a8\u683c<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%B8%BD%E9%AB%94%E7%B6%93%E6%BF%9F%E5%AD%B8%E5%AE%B6\"><\/span>\u7e3d\u9ad4\u7d93\u6fdf\u5b78\u5bb6<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u51f1\u56e0\u65af\u4ee5\u7e3d\u9ad4\u7d93\u6fdf\u5b78\u5bb6\u800c\u805e\u540d\u65bc\u4e16\uff0c\u4f46\u5f88\u5c11\u6709\u4eba\u77e5\u9053\u4ed6\u4e5f\u662f\u4e00\u4f4d\u624d\u83ef\u6a6b\u6ea2\u7684\u50f9\u503c\u6295\u8cc7\u8005\u3002<\/p>\n\n\n\n<p>\u4ed6\u6240\u751f\u7684\u5e74\u4ee3\u662f\u4e00\u500b\u4ee5 1929 \u5e74\u7d93\u6fdf\u5d29\u6f70\u300120 \u4e16\u7d00 30 \u5e74\u4ee3\u5927\u856d\u689d\u548c\u4e16\u754c\u5927\u6230\u70ba\u6a19\u8a8c\u7684\u6b77\u53f2\u6642\u671f\u3002\u5118\u7ba1\u9762\u81e8\u9019\u4e9b\u6311\u6230\uff0c\u51f1\u56e0\u65af\u9084\u662f\u53d6\u5f97\u4e86\u9a5a\u4eba\u7684\u6295\u8cc7\u56de\u5831\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%83%B9%E5%80%BC%E6%8A%95%E8%B3%87%E8%80%85\"><\/span>\u50f9\u503c\u6295\u8cc7\u8005<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u51f1\u56e0\u65af\u8aaa\uff1a\u300c<em><strong>\u6211\u7684\u76ee\u7684\u662f\u8cfc\u8cb7\u90a3\u4e9b\u6211\u5c0d\u8cc7\u7522\u548c\u6700\u7d42\u76c8\u5229\u80fd\u529b\u611f\u5230\u6eff\u610f\u7684\u80a1\u7968\uff0c\u800c\u4e14\u5b83\u7684\u5e02\u5834\u50f9\u683c\u76f8\u5c0d\u4f86\u8aaa\u662f\u8f03\u4fbf\u5b9c\u8005\u3002<\/strong><\/em>\u300d\u2500\u2500\u2500\u9019\u4e0d\u5c31\u662f\u50f9\u503c\u6295\u8cc7\u8005\u55ce\uff1f\u662f\u7684\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%97%A9%E5%B9%B4%E6%98%AF%E6%8A%95%E6%A9%9F%E8%80%85\"><\/span>\u65e9\u5e74\u662f\u6295\u6a5f\u8005<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>1929 \u5e74\u4e4b\u524d\uff0c\u4ed6\u662f\u4e00\u540d\u5b8f\u89c0\u6295\u6a5f\u8005\uff0c\u7e3d\u662f\u8a66\u5716\u5f04\u6e05\u695a\u5e02\u5834\u662f\u4e0a\u6f32\u9084\u662f\u4e0b\u8dcc\u3002\u4ed6\u78ba\u5be6\u5728\u9019\u6b21\u5927\u5d29\u76e4\u4e2d\u906d\u53d7\u4e86\u640d\u5931\u2500\u2500\u2500\u640d\u5931\u4fc3\u4f7f\u4ed6\u6539\u8b8a\u4e86\u6295\u8cc7\u65b9\u5f0f\u3002<\/p>\n\n\n\n<p>\u4ed6\u5c07\u6ce8\u610f\u529b\u5f9e\u731c\u6e2c\u6574\u9ad4\u5e02\u5834\u8da8\u52e2\u8f49\u5411\u5206\u6790\u4ed6\u6295\u8cc7\u7684\u4f01\u696d\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%A2%A8%E6%A0%BC%E7%9A%84%E8%BD%89%E8%AE%8A\"><\/span>\u98a8\u683c\u7684\u8f49\u8b8a<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>1929 \u5e74\u7d93\u6fdf\u5d29\u6f70\u5f8c\uff0c\u51f1\u56e0\u65af\u640d\u5931\u4e86 80% \u7684\u500b\u4eba\u8ca1\u5bcc\uff0c\u4f46\u4ed6\u5f9e\u4e2d\u5438\u53d6\u4e86\u5bf6\u8cb4\u7684\u6559\u8a13\u3002\u4ed6\u610f\u8b58\u5230\uff0c\u8a66\u5716\u9810\u6e2c\u6574\u500b\u5e02\u5834\u8da8\u52e2\u592a\u56f0\u96e3\u4e86\uff0c\u56e0\u70ba\u5e02\u5834\u672c\u8cea\u4e0a\u662f\u4e0d\u53ef\u9810\u6e2c\u4e14\u53cd\u8986\u7121\u5e38\u7684\u3002<\/p>\n\n\n\n<p>\u7576\u4ed6\u660e\u767d\u9019\u4e00\u9ede\u5f8c\uff0c\u4ed6\u6539\u8b8a\u4e86\u81ea\u5df1\u7684\u6295\u8cc7\u7406\u5ff5\uff0c\u6539\u8b8a\u4e86\u4ed6\u7684\u500b\u4eba\u8ca1\u5bcc\u4ee5\u53ca\u4ed6\u7ba1\u7406\u7684\u57fa\u91d1\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%87%B1%E5%9B%A0%E6%96%AF%E8%87%AA%E8%BF%B0%E7%9A%84%E4%B8%89%E5%A4%A7%E6%8A%95%E8%B3%87%E5%8E%9F%E5%89%87\"><\/span>\u51f1\u56e0\u65af\u81ea\u8ff0\u7684\u4e09\u5927\u6295\u8cc7\u539f\u5247<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u5728\u5beb\u7d66\u570b\u738b\u5b78\u9662\u7684\u4fe1\u4e2d\uff0c\u51f1\u56e0\u65af\u7528\u4ee5\u4e0b\u7684\u6587\u5b57\uff08\u4ee5\u4e0b\u7528\u5f15\u865f\uff0c\u7c97\u9ad4\uff0c\u659c\u9ad4\u6a19\u793a\u7684\u6587\u5b57\u90e8\u4efd\uff09\uff0c \u7c21\u55ae\u627c\u8981\u5730\u63cf\u8ff0\u4e86\u4ed6\u7684\u6295\u8cc7\u54f2\u5b78\u2500\u2500\u2500\u4e09\u9805\u57fa\u672c\u539f\u5247\u3002\u8acb\u4ed4\u7d30\u4f86\u56de\u91cd\u8986\u5730\u7aef\u7965\u4ee5\u4e0a\u7684\u4e09\u9805\u539f\u5247\uff0c\u662f\u5426\u4f3c\u66fe\u76f8\u4f3c\uff1f<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%B2%BE%E5%BF%83%E6%8C%91%E9%81%B8\"><\/span>\u7cbe\u5fc3\u6311\u9078<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u300c<em><strong>\u8b39\u614e\u9078\u64c7\u5e7e\u9805\u6295\u8cc7\uff08\u6216\u5e7e\u985e\u6295\u8cc7\uff09\uff0c\u8acb\u8003\u616e\u9019\u4e9b\u6295\u8cc7\u5728\u672a\u4f86\u5e7e\u5e74\u5167\u53ef\u80fd\u7684\u771f\u5be6\u6216\u6f5b\u5728\u5167\u5728\u50f9\u503c\uff0c\u4ee5\u53ca\u5b83\u5011\u8207\u5176\u4ed6\u6295\u8cc7\u6a19\u7684\u76f8\u6bd4\u662f\u5426\u4fbf\u5b9c\u3002<\/strong><\/em>\u300d<\/p>\n\n\n\n<p>\u4ed6\u4ed4\u7d30\u9078\u64c7\u4e86\u4e00\u4e9b\u6295\u8cc7\uff0c\u8003\u616e\u5b83\u5011\u76f8\u5c0d\u65bc\u7576\u524d\u7684\u5167\u5728\u50f9\u503c\u548c\u672a\u4f86\u6f5b\u5728\u7684\u5167\u5728\u50f9\u503c\u662f\u5426\u4fbf\u5b9c\u3002\u4ed6\u9084\u5c07\u6bcf\u9805\u6295\u8cc7\u8207\u66ff\u4ee3\u65b9\u6848\u9032\u884c\u4e86\u6bd4\u8f03\u3002<\/p>\n\n\n\n<p>\u63db\u53e5\u8a71\u8aaa\uff0c\u4ed6\u53ea\u6709\u5728\u516c\u53f8\u7684\u5be6\u969b\u50f9\u503c\uff08\u5167\u5728\u50f9\u503c\uff09\u660e\u986f\u9ad8\u65bc\u80a1\u5e02\u50f9\u683c\u6642\u624d\u6703\u8cb7\u9032\u80a1\u7968\u3002&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%A0%85%E5%AE%9A%E4%B8%8D%E7%A7%BB\"><\/span>\u5805\u5b9a\u4e0d\u79fb<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u300c<em><strong>\u7121\u8ad6\u5e02\u5834\u5982\u4f55\u52d5\u76ea\uff0c\u90fd\u8981\u5805\u5b9a\u4e0d\u79fb\u5730\u6301\u6709\u5927\u90e8\u4f4d\uff0c\u4e5f\u8a31\u8981\u7b49\u4e0a\u5e7e\u5e74\uff0c\u76f4\u5230\u5b83\u5011\u5be6\u73fe\u4e86\u9810\u671f\u5831\u916c\uff0c\u6216\u8005\u6709\u660e\u986f\u7684\u8b49\u64da\u8868\u660e\u7576\u521d\u7684\u6c7a\u7b56\u662f\u932f\u8aa4\u7684\u3002<\/strong><\/em>\u300d<\/p>\n\n\n\n<p>\u51f1\u56e0\u65af\u662f\u4e00\u4f4d\u8010\u5fc3\u7684\u9577\u671f\u6295\u8cc7\u8005\u3002&nbsp;\u80a1\u5e02\u6709\u6642\u6703\u5d29\u76e4\uff0c\u51f1\u56e0\u65af\u5b78\u6703\u4e86\u9762\u5c0d\u9019\u7a2e\u60c5\u6cc1\u4fdd\u6301\u51b7\u975c\u3002&nbsp;\u6b63\u5982\u51f1\u56e0\u65af\u81ea\u5df1\u7684\u540d\u8a00\uff1a\u300c\u5e02\u5834\u662f\u7531\u52d5\u7269\u7cbe\u795e\u9a45\u52d5\u7684\uff0c\u800c\u4e0d\u662f\u7406\u6027\u3002\u300d<\/p>\n\n\n\n<p>&nbsp;1929 \u5e74\u4e4b\u5f8c\uff0c\u4ed6\u660e\u767d\u80a1\u7968\u80fd\u6f32\u591a\u9ad8\u6216\u8dcc\u591a\u6df1\u662f\u6c92\u6709\u908f\u8f2f\u7684\u3002\u9019\u662f\u56e0\u70ba\u80a1\u5e02\u6709\u6642\u6703\u5728\u8caa\u5a6a\u6216\u6050\u61fc\u7684\u9a45\u52d5\u4e0b\u8868\u73fe\u51fa\u975e\u7406\u6027\u3002\u4f5c\u70ba\u6295\u8cc7\u8005\uff0c\u4f60\u9700\u8981\u5fcd\u53d7\u9019\u4e9b\u6ce2\u52d5\u4e26\u7406\u6027\u5730\u6301\u6709\u4f60\u7684\u6295\u8cc7\u3002<\/p>\n\n\n\n<p>\u51f1\u56e0\u65af\u8aaa\uff1a\u300c\u6211\u61c9\u8a72\u8aaa\uff0c\u6709\u6642\u5019\uff0c\u4e00\u500b\u8a8d\u771f\u7684\u6295\u8cc7\u8005\u6709\u8cac\u4efb\u5e73\u975c\u5730\u63a5\u53d7\u4ed6\u6240\u6301\u6709\u8cc7\u7522\u7684\u8cb6\u503c\uff0c\u800c\u4e0d\u662f\u8cac\u5099\u81ea\u5df1\u3002\u300d<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%8A%95%E8%B3%87%E7%B5%84%E5%90%88%E5%B9%B3%E8%A1%A1\"><\/span>\u6295\u8cc7\u7d44\u5408\u5e73\u8861<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u51f1\u56e0\u65af\u8868\u793a\uff0c\u6295\u8cc7\u4eba\u61c9\u8a72\u6301\u6709\u98a8\u96aa\u76f8\u53cd\u7684\u6295\u8cc7\u3002<\/p>\n\n\n\n<p>\u300c<em><strong>\u6ce8\u610f\u5e73\u8861\u6295\u8cc7\u90e8\u4f4d\uff0c\u4e5f\u5c31\u662f\u8aaa\uff0c\u6bcf\u6a94\u6295\u8cc7\u7684\u90e8\u4f4d\u898f\u6a21\u5f88\u5927\uff0c\u6703\u9762\u81e8\u591a\u7a2e\u98a8\u96aa\uff0c\u5982\u6709\u53ef\u80fd\uff0c\u61c9\u8a72\u63a1\u53d6\u300c\u5c0d\u6c96\u98a8\u96aa\u300d\u7684\u624b\u6bb5\u4f86\u907f\u96aa\u3002<\/strong><\/em>\u300d<\/p>\n\n\n\n<p>\u51f1\u56e0\u65af\u6709\u4e00\u4e9b\u5927\u578b\u6295\u8cc7\uff0c\u4f46\u5b83\u5011\u5f7c\u6b64\u4e4b\u9593\u975e\u5e38\u5e73\u8861\uff0c\u4f7f\u4ed6\u53ef\u4ee5\u9762\u5c0d\u4e0d\u540c\u985e\u578b\u7684\u98a8\u96aa\u3002&nbsp;<\/p>\n\n\n\n<p>\u5728\u4ed6\u9032\u884c\u570b\u969b\u6295\u8cc7\u6642\uff0c\u50be\u5411\u4e2d\u5c0f\u578b\u80a1\uff0c\u907f\u514d\u79d1\u6280\u80a1\u7684IPO\uff08\u7576\u6642\u7684\u79d1\u6280\u80a1\u901a\u5e38\u6307\u6c7d\u8eca\u696d\uff09\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%9B%86%E4%B8%AD%E6%8A%95%E8%B3%87%E8%80%85\"><\/span>\u96c6\u4e2d\u6295\u8cc7\u8005<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u7531\u65bc\u5c0d\u81ea\u5df1\u7684\u8868\u73fe\u611f\u5230\u5931\u671b\uff0c\u4ed6\u5728 1920 \u4e16\u7d00 30 \u5e74\u4ee3\u8f49\u5411\u4e86\u9078\u80a1\u7b56\u7565\uff0c\u9078\u64c7\u4e86\u96c6\u4e2d\u7684\u6295\u8cc7\u7d44\u5408\u3002<\/p>\n\n\n\n<p>\u4ed6\u8aaa\uff1a\u300c<em><strong>\u96a8\u8457\u6642\u9593\u7684\u63a8\u79fb\uff0c\u6211\u8d8a\u4f86\u8d8a\u76f8\u4fe1\uff0c\u6b63\u78ba\u7684\u6295\u8cc7\u65b9\u6cd5\u662f\u628a\u76f8\u7576\u5927\u7684\u8cc7\u91d1\u6295\u5165\u5230\u81ea\u8a8d\u70ba\u4e86\u89e3\u7684\u4f01\u696d\u548c\u6df1\u4fe1\u4e0d\u7591\u7684\u7ba1\u7406\u4e2d\u3002<\/strong><\/em>\u300d<\/p>\n\n\n\n<p>1930 \u5e74\u5f8c\uff0c\u4ed6\u901a\u5e38\u6703\u6301\u6709\u90e8\u4f4d\u81f3\u5c11\u4e09\u5e74\u3002\u6709\u6642\u4ed6\u4e5f\u6703\u56e0\u70ba\u6301\u6709\u7684\u90e8\u4f4d\u592a\u5c11\u800c\u53d7\u5230\u6279\u8a55\u3002\u91dd\u5c0d\u9019\u9ede\uff0c\u4ed6\u4ee5\u8af7\u523a\u7684\u65b9\u5f0f\u9053\u6b49\uff0c\u300c<em><strong>\u6211\u4e00\u76f4\u6709\u4e00\u7a2e\u932f\u89ba\uff0c\u8a8d\u70ba\u4e00\u4efd\u597d\u7684\u90e8\u4f4d\u6bd4\u5341\u4efd\u58de\u7684\u66f4\u52a0\u5b89\u5168\u3002<\/strong><\/em>\u300d<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"178\" height=\"100\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2024\/09\/Keynes-Custom.jpg\" alt=\"\u51f1\u56e0\u65af\" class=\"wp-image-56740\"\/><figcaption class=\"wp-element-caption\">credit: Ideogram<\/figcaption><\/figure>\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\/2025\/04\/19\/%E5%87%B1%E5%9B%A0%E6%96%AF%E7%9A%84%E6%8A%95%E8%B3%87%E5%8E%9F%E5%89%87%E5%92%8C%E6%88%90%E5%B0%B1\/\">\u51f1\u56e0\u65af\uff08Keynes\uff09\u7684\u6295\u8cc7\u539f\u5247\u548c\u6210\u5c31<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/09\/27\/%e6%a8%a1%e4%bb%bf%e5%81%89%e5%a4%a7%e6%8a%95%e8%b3%87%e4%ba%ba%e6%98%af%e9%80%b2%e6%ad%a5%e6%9c%80%e5%bf%ab%e5%92%8c%e6%9c%80%e6%9c%89%e6%95%88%e7%9a%84%e6%96%b9%e6%b3%95\/\">\u6a21\u4eff\u5049\u5927\u6295\u8cc7\u4eba\u662f\u9032\u6b65\u6700\u5feb\u548c\u6700\u6709\u6548\u7684\u65b9\u6cd5<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/05\/11\/%e6%9c%89%e5%8f%b2%e4%bb%a5%e4%be%86%e6%9c%80%e5%81%89%e5%a4%a7%e7%9a%84%e9%87%8f%e5%8c%96%e6%8a%95%e8%b3%87%e5%a4%a9%e7%8e%8b%e5%90%89%e5%a7%86%e8%a5%bf%e8%92%99%e6%96%af%e5%8e%bb%e4%b8%96\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6709\u53f2\u4ee5\u4f86\u6700\u5049\u5927\u7684\u91cf\u5316\u6295\u8cc7\u5929\u738b\u5409\u59c6\u897f\u8499\u65af\uff08Jim Simons\uff09<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/05\/24\/%e5%a6%82%e4%bd%95%e7%a0%94%e7%a9%b6%e6%88%90%e5%8a%9f%e7%9a%84%e6%8a%95%e8%b3%87%e5%a4%a7%e5%b8%ab\/\">\u5982\u4f55\u7814\u7a76\u6210\u529f\u7684\u6295\u8cc7\u5927\u5e2b<\/a>\uff1f\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/01\/14\/%e9%a0%82%e5%b0%96%e6%8a%95%e8%b3%87%e5%a4%a7%e5%b8%ab%e5%80%91%e7%9a%84%e7%94%9f%e6%b6%af%e5%b9%b4%e5%8c%96%e6%8a%95%e8%b3%87%e5%a0%b1%e9%85%ac%e7%8e%87\/\">\u9802\u5c16\u6295\u8cc7\u5927\u5e2b\u5011\u7684\u751f\u6daf\u5e74\u5316\u6295\u8cc7\u5831\u916c\u7387<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/05\/01\/%e6%8a%95%e8%b3%87%e5%a4%a7%e5%b8%ab%e5%87%b1%e5%9b%a0%e6%96%af\/\">\u6295\u8cc7\u5927\u5e2b\u7d04\u7ff0\uff0e\u6885\u7d0d\u5fb7\uff0e\u51f1\u56e0\u65af\uff08John Maynard Keynes\uff09<\/a>\u300b<\/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\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/07\/10\/%e5%a6%82%e4%bd%95%e6%aa%a2%e8%a6%96%e4%b8%80%e5%80%8b%e6%88%90%e5%8a%9f%e7%9a%84%e8%82%a1%e5%b8%82%e6%8a%95%e8%b3%87%e4%ba%ba%e6%88%90%e5%8a%9f%e8%83%bd%e5%90%a6%e6%8c%81%e7%ba%8c%ef%bc%9f\/\">\u6295\u8cc7\u4eba\u6210\u529f\u80fd\u5426\u6301\u7e8c\u5982\u4f55\u6aa2\u8996\uff1f3\u9805\u6aa2\u8996\u7684\u6a19\u6e96<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/07\/18\/%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\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6295\u8cc7\u4eba\u8a72\u91cd\u8996\u7684\u662f\u5e74\u5316\u6295\u8cc7\u5831\u916c\u7387\uff08IRR\uff09<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/09\/12\/%e6%82%a8%e6%87%89%e8%a9%b2%e8%aa%8d%e8%ad%98square%e9%80%99%e5%ae%b6%e4%bc%81%e6%a5%ad\/\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/04\/07\/%e7%82%ba%e4%bb%80%e9%ba%bc%e5%b7%b4%e8%8f%b2%e7%89%b9%e5%80%bc%e5%be%97%e6%b7%b1%e5%85%a5%e7%a0%94%e7%a9%b6%ef%bc%9f\/\">\u70ba\u4ec0\u9ebc\u5df4\u83f2\u7279\u503c\u5f97\u6df1\u5165\u7814\u7a76\uff1f<\/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>\uff1f\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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