{"id":21233,"date":"2024-02-20T10:27:03","date_gmt":"2024-02-20T02:27:03","guid":{"rendered":"https:\/\/readfi.news\/?p=21233"},"modified":"2024-02-20T10:36:08","modified_gmt":"2024-02-20T02:36:08","slug":"%e7%b6%93%e7%90%86%e4%ba%ba%e5%b0%88%e6%a5%ad%e6%8a%89%e6%93%87%e8%88%87%e5%8c%af%e7%8e%87%e9%a2%a8%e9%9a%aa%e7%ae%a1%e7%90%86","status":"publish","type":"post","link":"https:\/\/readfi.news\/en\/21233\/","title":{"rendered":"\u7d93\u7406\u4eba\u5c08\u696d\u6289\u64c7\u8207\u532f\u7387\u98a8\u96aa\u7ba1\u7406"},"content":{"rendered":"<h2 class=\"wp-block-heading\"><strong>\u61c9\u638c\u63e1\u5e02\u5834\u7684\u4ea4\u6613\u8cc7\u8a0a\u00a0 \u7a4d\u6975\u9032\u884c\u52a0\u503c\u578b\u7684\u98a8\u96aa\u7ba1\u7406\u7b56\u7565<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u6587\/\u5f35\u58eb\u5091<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img fetchpriority=\"high\" decoding=\"async\" width=\"645\" height=\"430\" 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class=\"wp-block-paragraph\">\u53ea\u662f\uff0c\u5916\u532f\u5e02\u5834\u82e5\u55ae\u65b9\u9762\u9810\u6e2c\u7f8e\u5143\u5c0d\u65b0\u53f0\u5e63\u7684\u8cb6\u503c\u8da8\u52e2\uff0cNDF\u7684\u5951\u7d04\u50f9\u683c\u5c31\u4e0d\u6703\u4f9d\u7167\u7121\u5957\u5229\u5b9a\u50f9\u65b9\u5f0f\uff0c\u800c\u6703\u5448\u73fe\u51fa\u904e\u9ad8\u907f\u96aa\u6210\u672c\uff0c\u6b64\u6642\uff0c\u5fc5\u9808\u9078\u64c7\u66ff\u4ee3\u8ca8\u5e63\u7b56\u7565\u4ee5\u964d\u4f4e\u6210\u672c\uff0c\u5373\u9078\u64c7\u53e6\u4e00\u7a2e\u6216\u662f\u4e00\u7c43\u5b50\u591a\u7a2e\u8ca8\u5e63\u5c0d\u7f8e\u5143\u4e4bNDF\uff0c\u9810\u671f\u6b64\u7a2e\u8ca8\u5e63\u4e4b\u5916\u532f\u7ba1\u7406\u7a0b\u5ea6\u76f8\u5c0d\u8f03\u4f4e\uff0c\u540c\u6642\u8207\u7f8e\u570b\u5229\u5dee\u8f03\u65b0\u53f0\u5e63\u70ba\u5c0f\uff0c\u540c\u6a23\u662f\u900f\u904e\u653e\u7a7a\u7f8e\u5143\uff0c\u53ef\u4ee5\u9054\u5230\u8f03\u4f4e\u7684\u6301\u6709\u6210\u672c\uff0c\u7576\u7f8e\u5143\u76f8\u5c0d\u65bc\u66ff\u4ee3\u8ca8\u5e63\u8cb6\u503c\u6642\uff0c\u53ef\u4ee5\u9054\u5230\u985e\u4f3c\u907f\u96aa\u6548\u679c\uff0c\u56e0\u70ba\u4e0d\u662f\u539f\u672c\u66dd\u96aa\u8ca8\u5e63\uff0c\u6703\u7522\u751f\u907f\u96aa\u5f8c\u8207\u5be6\u969b\u66dd\u96aa\u4e0d\u4e00\u81f4\u4e4b\u57fa\u5dee(basis)\u98a8\u96aa\uff0c\u5fc5\u9808\u4ed4\u7d30\u8003\u91cf\u66ff\u4ee3\u6548\u679c\u7684\u6210\u672c\u8207\u5408\u9069\u6027\u3002 \u00a0 <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u900f\u904e\u7c21\u55ae\u7684\u6536\u76ca\u5206\u6790\uff0c\u4ee5\u4ea4\u6613\u6642\u7684\u65b0\u53f0\u5e63\u8996\u70ba\u878d\u8cc7\u8ca8\u5e63\uff0c\u501f\u5165\u7f8e\u5143\u9032\u884c\u532f\u7387\u907f\u96aa\uff0c\u7576\u7f8e\u5143\u5c0d\u65b0\u53f0\u5e63\u8cb6\u503c\u6642\uff0c\u53ef\u4ee5\u8f03\u5c11\u7684\u65b0\u53f0\u5e63\u8fd4\u9084\u501f\u8cb8\u7684\u7f8e\u5143\uff0c\u7522\u751f\u532f\u514c\u4ea4\u6613\u5229\u6f64\uff0c\u8db3\u4ee5\u5f4c\u88dc\u65b0\u53f0\u5e63\u5c0d\u7f8e\u5143\u5347\u503c\u7684\u8ca1\u5831\u8a55\u50f9\u640d\u5931\u3002\u6b64\u6642\u7684\u66ff\u4ee3\u907f\u96aa\u4ea4\u6613\uff0c\u5373\u662f\u900f\u904e\u66ff\u4ee3\u8ca8\u5e63(\u82e5\u4ee5\u97d3\u5143\u70ba\u4f8b)\u501f\u7f8e\u5143\uff0c\u7576\u7f8e\u5143\u5c0d\u97d3\u5143\u8cb6\u503c\u6642\uff0c\u9810\u671f\u9054\u5230\u540c\u6a23\u7684\u6548\u76ca\uff0c\u53ea\u662f\uff0c\u7f8e\u5143\u5c0d\u97d3\u5143\u8cb6\u503c\u7684\u5e45\u5ea6\u53ca\u983b\u7387\u8207\u7f8e\u5143\u5c0d\u65b0\u53f0\u5e63\u8cb6\u503c\u7684\u5e45\u5ea6\u53ca\u983b\u7387\u5fc5\u9808\u7dad\u6301\u4e00\u81f4\u7684\u8da8\u52e2\uff0c\u4e5f\u662f\u66ff\u4ee3\u907f\u96aa\u6210\u529f\u7684\u95dc\u9375\u3002 \u00a0 <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u89e3\u8b80\u7d93\u6fdf\u5b78\u4e4b\u532f\u7387\u7406\u8ad6<\/strong> \u00a0 <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u73fe\u5be6\u9762\u800c\u8a00\uff0c\u532f\u7387\u907f\u96aa\u7b56\u7565\u6d89\u53ca\u5e02\u5834\u89e3\u8b80\u8207\u5224\u65b7\uff0c\u5982\u719f\u6089\u7684\u8cfc\u8cb7\u529b\u5e73\u50f9(Purchasing Power Parity, PPP)\uff0c\u5e38\u4ee5\u5168\u7403\u5927\u9ea5\u514b\u6307\u6578(Big Mac Index)\u6bd4\u8f03\u570b\u5bb6\u9593\u7d93\u6fdf\u751f\u7522\u529b\u548c\u751f\u6d3b\u6c34\u6e96\u6307\u6a19\uff0c\u4ee5\u4e8c\u25cb\u4e8c\u4e09\u5e74\u70ba\u4f8b\uff0c\u82e5\u53f0\u7063\u5927\u9ea5\u514b\u6f22\u5821\u552e\u50f9\u70ba\u65b0\u53f0\u5e63\u4e03\u5341\u4e94\u5143\uff0c\u7f8e\u570b\u552e\u50f9\u70ba\u4e94\u2022\u4e94\u516b\u7f8e\u5143\uff0c\u610f\u5473\u8457\u4e00\u7f8e\u5143\u7b49\u50f9\u65bc\u65b0\u53f0\u5e63\u4e00\u4e09\u2022\u56db\u56db\u5143\u3002\u7576\u7136\uff0cPPP\u5c1a\u7121\u6cd5\u53cd\u6620\u570b\u5bb6\u6240\u5f97\u5206\u914d\u3001\u5404\u570b\u9593\u5546\u54c1\u8207\u52de\u52d9\u54c1\u8cea\u5dee\u8ddd\u7b49\u554f\u984c\uff0c\u4ea6\u7121\u6cd5\u53cd\u6620\u570b\u969b\u9593\u653f\u6cbb\u56e0\u7d20\u5f71\u97ff\u3002 \u00a0 <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7136\u800c\uff0c\u82e5\u662f\u5f15\u7528\u5229\u7387\u5e73\u50f9\u7406\u8ad6(Interest Rate Parity Theory)\uff0c\u5169\u500b\u570b\u5bb6\u5229\u5dee\u76f8\u7b49\u65bc\u9060\u671f\u532f\u7387\u53ca\u5373\u671f\u532f\u7387\u5dee\uff0c\u76ee\u524d\u7f8e\u5143\u5b58\u6b3e\u5229\u7387\u9ad8\u65bc\u65b0\u53f0\u5e63\u5b58\u6b3e\u5229\u7387\uff0c\u81ea\u7136\u53cd\u6620\u8f03\u9ad8\u7684\u532f\u7387\u907f\u96aa\u6210\u672c\u3002\u56e0\u6b64\uff0c\u7576\u58fd\u96aa\u516c\u53f8\u8003\u616e\u5617\u8a66\u900f\u904e\u66ff\u4ee3\u907f\u96aa\u7b56\u7565\u964d\u4f4e\u8de8\u671f\u907f\u96aa\u6210\u672c\u6642\uff0c\u900f\u904e\u5206\u6790\u66ff\u4ee3\u907f\u96aa\u8207\u5df2\u907f\u96aa\u90e8\u4f4d\u65bc\u73fe\u6709\u5229\u5dee\u4ea4\u6613(the carry)\u7372\u5229\u5dee\u7570\uff0c\u4ee5\u986f\u793a\u66ff\u4ee3\u907f\u96aa\u662f\u5426\u512a\u65bc\u5e38\u614b\u907f\u96aa\uff0c\u540c\u6642\u6aa2\u8996\u66ff\u4ee3\u907f\u96aa\u8207\u5b8c\u5168\u907f\u96aa\u90e8\u4f4d\u4e4b\u5269\u9918\u8ffd\u8e64\u8aa4\u5dee(tracking error)\uff0c\u4ee5\u6aa2\u8996\u66ff\u4ee3\u907f\u96aa\u6548\u76ca\u3002 \u00a0 <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u7d93\u7406\u4eba\u7684\u907f\u96aa\u7b56\u7565\u8207\u98a8\u96aa\u63a7\u7ba1<\/strong> \u00a0 <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u516c\u53f8\u7d93\u7406\u4eba\u65bc\u53d6\u5f97\u5c08\u696d\u8cc7\u8a0a\u4e0a\u5177\u6709\u512a\u52e2\uff0c\u9069\u5ea6\u900f\u904e\u907f\u96aa\u7b56\u7565\u53ef\u4ee5\u589e\u52a0\u516c\u53f8\u50f9\u503c\uff0c\u98a8\u96aa\u7ba1\u7406\u904b\u7528\u907f\u96aa\u7b56\u7565\u53ef\u4ee5\u70ba\u516c\u53f8\u80a1\u6771\u8207\u50b5\u6b0a\u4eba\u9593\u7684\u4ee3\u7406\u554f\u984c\u63d0\u4f9b\u89e3\u6c7a\u65b9\u6cd5\uff0c\u6e1b\u8f15\u516c\u53f8\u56e0\u70ba\u589e\u52a0\u50b5\u6b0a\u4eba\u5f8c\u7684\u4ee3\u7406\u6210\u672c\uff0c\u800c\u516c\u53f8\u662f\u5426\u63a1\u53d6\u5168\u984d\u907f\u96aa\u6216\u662f\u90e8\u5206\u907f\u96aa\u7b56\u7565\u5fc5\u9808\u8996\u516c\u53f8\u80a1\u6771\u8207\u50b5\u6b0a\u4eba\u5c0d\u65bc\u516c\u53f8\u7d93\u71df\u76ee\u6a19\u7684\u614b\u5ea6\uff0c\u6d89\u53ca\u516c\u53f8\u6cbb\u7406\u67b6\u69cb\u8207\u8463\u4e8b\u6703\u8077\u80fd\uff0c\u4ea6\u5305\u542b\u516c\u53f8\u5c08\u696d\u7d93\u7406\u4eba\u57f7\u884c\u7d93\u71df\u76ee\u6a19\u7684\u7b56\u7565\uff0c\u516c\u53f8\u7d93\u71df\u5718\u968a\u61c9\u6709\u6e05\u695a\u5177\u9ad4\u76ee\u6a19\uff0c\u57f7\u884c\u98a8\u96aa\u7ba1\u7406\u7684\u7d50\u679c\u624d\u53ef\u80fd\u6975\u5927\u5316\u516c\u53f8\u50f9\u503c\u3002 \u00a0 <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7531\u65bc\u4ea4\u6613\u5e02\u5834\u4e2d\u5b58\u5728\u8cc7\u8a0a\u4e0d\u5c0d\u7a31\u7279\u6027\uff0c\u516c\u53f8\u5c08\u696d\u7d93\u7406\u4eba\u638c\u63e1\u7279\u5b9a\u5e02\u5834\u7684\u4ea4\u6613\u8cc7\u8a0a\u6642\uff0c\u81ea\u7136\u61c9\u52aa\u529b\u63d0\u5347\u7279\u5b9a\u8cc7\u8a0a\u7684\u96b1\u542b\u50f9\u503c\uff0c\u7a4d\u6975\u5730\u9032\u884c\u52a0\u503c\u578b\u7684\u98a8\u96aa\u7ba1\u7406\u7b56\u7565\u3002\u516c\u53f8\u7d93\u7406\u4eba\u4f9d\u64da\u5c08\u696d\u80fd\u529b\u8fa8\u8b58\u5e02\u5834\u8cc7\u8a0a\u9032\u884c\u4ea4\u6613\u7b56\u7565\uff0c\u900f\u904e\u8cc7\u672c\u5e02\u5834\u4ea4\u6613\u5de5\u5177\uff0c\u53ef\u4ee5\u5c07\u539f\u5148\u6de8\u73fe\u503c\u5c0f\u65bc\u96f6\u4e4b\u6295\u8cc7\u6848\u8f49\u8b8a\u70ba\u6de8\u73fe\u503c\u5927\u65bc\u96f6\u7684\u53ef\u6295\u8cc7\u65b9\u6848\uff0c\u4f9d\u64da\u53ef\u4ee5\u627f\u53d7\u7684\u98a8\u96aa\u5efa\u69cb\u516c\u53f8\u6700\u4f73\u7684\u907f\u96aa\u7b56\u7565\u3002(\u672c\u6587\u4f5c\u8005\u70ba\u653f\u6cbb\u5927\u5b78\u98a8\u96aa\u7ba1\u7406\u8207\u4fdd\u96aa\u7cfb\u6559\u6388\u3001\u4e2d\u83ef\u6c11\u570b\u98a8\u96aa\u7ba1\u7406\u5b78\u6703\u7406\u4e8b\u9577\u3001\u958b\u767c\u91d1\u63a7\/\u4e2d\u570b\u4eba\u58fd\u7368\u7acb\u8463\u4e8b)<\/p>","protected":false},"excerpt":{"rendered":"<p>\u61c9\u638c\u63e1\u5e02\u5834\u7684\u4ea4\u6613\u8cc7\u8a0a\u00a0 \u7a4d\u6975\u9032\u884c\u52a0\u503c\u578b\u7684\u98a8\u96aa\u7ba1\u7406\u7b56\u7565 \u6587\/\u5f35\u58eb\u5091 \u57fa\u65bc\u4f01\u696d\u7d44\u7e54\u6587\u5316\u8207\u7ae0\u7a0b\u898f\u7bc4\u5dee\u7570\uff0c\u671f\u5f85\u516c\u53f8\u7d93\u7406 &hellip;<\/p>","protected":false},"author":1,"featured_media":21234,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[4780,151,91],"tags":[190,1337],"class_list":["post-21233","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-4780","category-151","category-91","tag-190","tag-1337"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ 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