{"id":20101,"date":"2016-08-23T21:31:35","date_gmt":"2016-08-23T21:31:35","guid":{"rendered":"http:\/\/xiongmaotimes.com\/2016\/08\/23\/%e7%be%8e%e5%9b%bd%e8%82%a1%e5%b8%82%e5%b9%b3%e9%9d%99%e5%be%97%e5%8f%af%e6%80%95\/"},"modified":"2016-08-23T21:31:35","modified_gmt":"2016-08-23T21:31:35","slug":"%e7%be%8e%e5%9b%bd%e8%82%a1%e5%b8%82%e5%b9%b3%e9%9d%99%e5%be%97%e5%8f%af%e6%80%95","status":"publish","type":"post","link":"https:\/\/xiongmaotimes.com\/?p=20101","title":{"rendered":"\u7f8e\u56fd\u80a1\u5e02\u5e73\u9759\u5f97\u53ef\u6015"},"content":{"rendered":"

""<\/center><\/p>\n

\u3000\u3000\u56fe\u7247\u6765\u6e90\uff1aAndrew Harrer\/Bloomberg News<\/p>\n

\u3000\u3000\u6240\u8c13\u201c\u683c\u6797\u65af\u6f58\u770b\u8dcc\u671f\u6743\u201d\uff0c\u5373\u9632\u8303\u8d44\u4ea7\u4ef7\u683c\u4e0b\u8dcc\u7684\u4e00\u79cd\u671f\u6743\uff0c\u5728\u73b0\u4efb\u7f8e\u8054\u50a8\u4e3b\u5e2d\u8036\u4f26\u540d\u4e0b\u5df2\u88ab\u79f0\u4f5c\u201c\u8036\u4f26\u770b\u8dcc\u671f\u6743\u201d\u3002<\/p>\n

\u3000\u3000\u7f8e\u56fd\u80a1\u5e02\u5f88\u5b89\u9759\u3002\u5b89\u9759\u5f97\u6709\u4e9b\u8fc7\u5934\u3002\u5373\u4fbf\u6309\u71678\u6708\u4efd\u7684\u6807\u51c6\u8861\u91cf\uff0c\u6807\u51c6\u666e\u5c14500\u6307\u6570\u4e5f\u6781\u5176\u5e73\u9759\uff0c\u6ce2\u52a8\u5e45\u5ea6\u4e3a20\u591a\u5e74\u6765\u8be5\u6708\u6700\u4f4e\u6c34\u5e73\u3002<\/p>\n

\u3000\u3000\u5f88\u591a\u6307\u6807\u90fd\u5728\u662d\u793a\u8fd9\u79cd\u5e73\u9759\u3002\u5b9e\u9645\u6ce2\u5e45\u5df2\u8dcc\u81f31995\u5e749\u6708\u4efd\u89e6\u53ca\u7684\u6c34\u5e73;\u5f53\u65f6\uff0c\u5728\u7ecf\u5386\u4e86\u4e00\u7cfb\u5217\u75db\u82e6\u7684\u52a0\u606f\u540e\uff0c\u7f8e\u56fd\u8054\u90a6\u50a8\u5907\u59d4\u5458\u4f1a(\u7b80\u79f0\uff1a\u7f8e\u8054\u50a8)\u5f00\u59cb\u9010\u6b65\u964d\u606f\u3002\u6807\u51c6\u666e\u5c14500\u6307\u6570\u5468\u4e00\u5c0f\u5e45\u8d70\u4f4e\uff0c\u8be5\u6307\u6570\u5728\u8fc7\u53bb30\u4e2a\u4ea4\u6613\u65e5\u4e2d\u53ea\u6709\u4e94\u4e2a\u4ea4\u6613\u65e5\u7684\u6da8\u8dcc\u5e45\u5ea6\u8d85\u8fc70.5%\uff0c\u4e0e1995\u5e7410\u6708\u4ee5\u6765\u7684\u6700\u4f4e\u6c34\u5e73\u6301\u5e73\u3002\u540c\u65f6\u6210\u4ea4\u91cf\u840e\u7f29\u5e45\u5ea6\u4e5f\u8fdc\u8d85\u590f\u5b63\u5047\u671f\u7684\u4e00\u822c\u6c34\u5e73\u3002<\/p>\n

\u3000\u3000\u5f88\u591a\u4eba\u8ba4\u4e3a\uff0c\u8fd9\u79cd\u6de1\u9759\u662f\u5404\u56fd\u592e\u884c\u5411\u56f0\u96be\u91cd\u91cd\u7684\u5e02\u573a\u5927\u4e3e\u6ce8\u8d44\u6240\u5e26\u6765\u5f71\u54cd\u7684\u53c8\u4e00\u4f53\u73b0\u3002\u5f53\u4f60\u53ef\u4ee5\u60a0\u95f2\u5730\u5750\u6536\u80a1\u606f\u5e76\u4e14\u76f8\u4fe1\u51b3\u7b56\u8005\u4f1a\u63d0\u4f9b\u652f\u6301\u65f6\uff0c\u4e3a\u4f55\u8fd8\u4f1a\u62c5\u5fc3?\u4f46\u7f3a\u4e4f\u62c5\u5fe7\u672c\u8eab\u5f80\u5f80\u662f\u4ee4\u4eba\u62c5\u5fe7\u7684\u4e00\u4e2a\u7406\u7531\u3002<\/p>\n

\u3000\u3000\u53cd\u6620\u671f\u6743\u6210\u672c\u7684\u5f15\u4f38\u6ce2\u5e45\u5df2\u968f\u5b9e\u9645\u6ce2\u5e45\u4e00\u8d77\u4e0b\u8dcc\uff0cCBOE
\nVIX\u6307\u6570\u4e0a\u5468\u4e94\u8dcc\u81f32014\u5e74\u590f\u5b63\u89e6\u53ca\u7684\u6c34\u5e73\uff0c\u5f53\u65f6\u8fd9\u6bb5\u5e73\u9759\u671f\u56e0\u5f53\u5e7410\u6708\u4efd\u7684\u503a\u5238\u6050\u614c\u6027\u62a2\u8d2d\u800c\u7ec8\u7ed3\u3002\u6b64\u524d\u6ce2\u5e45\u6781\u4f4e\u7684\u65f6\u671f\u51fa\u73b0\u57282011\u5e74\u521d\uff0c\u968f\u540e\u7f8e\u56fd\u5dee\u70b9\u8fdd\u7ea6\u5e76\u5931\u53bb\u4e86AAA\u8bc4\u7ea7\u5730\u4f4d;\u6b64\u5916\u8fd8\u51fa\u73b0\u57282007\u5e741\u6708\u4efd\uff0c\u6b64\u540e\u51e0\u4e2a\u6708\uff0c\u8d1d\u5c14\u65af\u767b\u516c\u53f8(Bear
\nStearns Cos.)\u65d7\u4e0b\u4e24\u5bb6\u5bf9\u51b2\u57fa\u91d1\u7684\u57ae\u53f0\u6210\u4e3a\u4fe1\u8d37\u5371\u673a\u7684\u5bfc\u706b\u7d22\u3002<\/p>\n

\u3000\u3000\u9664\u4e86\u590f\u5b63\u5047\u671f\uff0c\u8fd8\u6709\u5176\u4ed6\u5f71\u54cd\u56e0\u7d20\u3002\u5e02\u573a\u5f88\u5c11\u8fd9\u4e48\u5e73\u9759\uff0c\u6807\u666e500\u6307\u6570\u8fc7\u53bb\u534a\u4e2a\u4e16\u7eaa\u9707\u8361\u5e45\u5ea6\u66f4\u5c0f\u7684\u6b21\u6570\u53ea\u6709\u5341\u591a\u6b21\u3002\u636e1928\u5e74\u4ee5\u6765\u7684\u6570\u636e\u663e\u793a\uff0c\u8fd9\u79cd\u6c34\u5e73\u7684\u6ce2\u52a8\u53ea\u5728\u4ece1951\u5e74\u7f8e\u8054\u50a8\u4e0d\u518d\u5bf9\u503a\u5238\u6536\u76ca\u7387\u8bbe\u9650\u52301971\u5e74\u7f8e\u56fd\u603b\u7edf\u5c3c\u514b\u677e\u5e9f\u9664\u7f8e\u5143\u548c\u9ec4\u91d1\u6302\u94a9\u7684\u8fd9\u6bb5\u65f6\u95f4\u91cc\u624d\u7ecf\u5e38\u51fa\u73b0\u3002<\/p>\n

""<\/center><\/p>\n

\u3000\u3000\u7f8e\u94f6\u7f8e\u6797(Bank of America Merrill Lynch)\u7b56\u7565\u5e08\u4f0d\u8fbe\u5fb7(Jared
\nWoodard)\u79f0\uff0c\u82f1\u56fd\u8131\u6b27\u516c\u6295\u4ee4\u6295\u8d44\u8005\u611f\u5230\u9707\u60ca\uff0c\u5e76\u5c06\u5927\u578b\u5934\u5bf8\u5e73\u4ed3\u3002\u6ca1\u6709\u5f88\u591a\u5927\u7b14\u62bc\u6ce8\u65f6\uff0c\u6839\u636e\u6d88\u606f\u8fdb\u884c\u4ea4\u6613\u7684\u5fc5\u8981\u6027\u964d\u4f4e\uff0c\u800c\u4e14\u6d88\u606f\u9762\u4e5f\u6ca1\u6709\u592a\u591a\u53d8\u5316\u3002<\/p>\n

\u3000\u3000\u4ed6\u8868\u793a\uff0c\u4e0a\u5468\u4ee5\u53ca\u4e0a\u5468\u7684\u524d\u4e00\u5468\uff0c\u4f60\u4e0d\u5f97\u4e0d\u65f6\u523b\u68c0\u67e5\u7535\u8111\u5230\u5e95\u6709\u6ca1\u6709\u4e00\u76f4\u5f00\u7740\uff0c\u56e0\u4e3a\u4ef7\u683c\u8df3\u52a8\u9891\u7387\u592a\u4f4e\u4e86\u3002<\/p>\n

\u3000\u3000\u4eca\u5e74\u7684\u53cd\u5f39\u6301\u7eed\uff0c\u6295\u8d44\u8005\u5df2\u53d8\u5f97\u66f4\u653e\u677e\uff0c\u4f46\u8c03\u67e5\u548c\u5e02\u573a\u6280\u672f\u6307\u6807\u8868\u660e\uff0c\u4ed6\u4eec\u5e76\u6ca1\u6709\u88ab\u81ea\u6ee1\u60c5\u7eea\u5305\u56f4\u3002<\/p>\n

\u3000\u3000\u6ce2\u52a8\u6027\u6307\u6570(VIX)\u7684\u4f4e\u6c34\u5e73\u4e5f\u53ef\u4ee5\u627e\u5230\u7406\u7531\u3002\u4ee5VIX\u8861\u91cf\u7684\u5f15\u7533\u6ce2\u5e45\u5e94\u9ad8\u4e8e\u5b9e\u9645\u6ce2\u5e45\uff0c\u8fd9\u662f\u5bf9\u671f\u6743\u5356\u65b9\u6240\u627f\u62c5\u98ce\u9669\u7684\u4e00\u79cd\u5956\u52b1\u3002\u8fc7\u5ea6\u81ea\u6ee1\u4f1a\u5728\u4e24\u8005\u4e4b\u5dee\u7f29\u5c0f\u4e2d\u4f53\u73b0\u51fa\u6765\uff0c\u4f46\u76ee\u524dVIX\u548c\u5b9e\u9645\u6ce2\u5e45\u7684\u5dee\u503c\u7ea6\u4f4d\u4e8e\u8fc7\u53bb20\u5e74\u533a\u95f4\u7684\u4e2d\u6bb5\u3002<\/p>\n

\u3000\u3000\u540c\u6837\u60c5\u51b5\u4e5f\u51fa\u73b0\u5728\u672a\u6765\u6570\u6708\u4ee5\u53ca\u518d\u5f80\u540e\u7684\u5f15\u7533\u6ce2\u5e45\u4e4b\u95f4\u7684\u5dee\u503c\u3002\u6295\u8d44\u8005\u4f3c\u4e4e\u8ba4\u4e3a\u6ce2\u5e45\u5c06\u5c0f\u5e45\u4e0a\u5347\uff0c\u4f46\u5947\u602a\u7684\u4f9d\u7136\u662f\u76ee\u524d\u7684\u6ce2\u52a8\u6c34\u5e73\uff0c\u800c\u4e0d\u662f\u6295\u8d44\u8005\u7684\u884c\u4e3a\u3002<\/p>\n

\u3000\u3000\u82b1\u65d7\u96c6\u56e2(Citigroup)\u4fe1\u8d37\u7b56\u7565\u8d1f\u8d23\u4eba\u91d1(Matt
\nKing)\u79f0\uff0c\u4e00\u5207\u90fd\u663e\u5f97\u626d\u66f2\u548c\u4e0d\u81ea\u7136\uff0c\u867d\u7136\u5e02\u573a\u53c2\u4e0e\u8005\u77e5\u9053\u6839\u6e90\u5728\u4e8e\u5404\u56fd\u592e\u884c\uff0c\u4f46\u540c\u6837\u660e\u767d\u4e0d\u53ef\u80fd\u963b\u6b62\u592e\u884c\u7ee7\u7eed\u884c\u52a8\u3002<\/p>\n

\u3000\u3000\u81ea\u4ece\u683c\u6797\u65af\u6f58(Alan Greenspan)\u62c5\u4efb\u7f8e\u8054\u50a8\u4e3b\u5e2d\u4ee5\u6765\uff0c\u534e\u5c14\u8857\u5c31\u4e60\u60ef\u900f\u8fc7\u671f\u6743\u5e02\u573a\u89c2\u5bdf\u592e\u884c\u7684\u884c\u52a8\u3002\u6240\u8c13\u201c\u683c\u6797\u65af\u6f58\u770b\u8dcc\u671f\u6743\u201d(Greenspan
\nput)\uff0c\u5373\u9632\u8303\u8d44\u4ea7\u4ef7\u683c\u4e0b\u8dcc\u7684\u4e00\u79cd\u671f\u6743\uff0c\u5728\u73b0\u4efb\u7f8e\u8054\u50a8\u4e3b\u5e2d\u8036\u4f26(Janet
\nYellen)\u540d\u4e0b\u5df2\u88ab\u79f0\u4f5c\u201c\u8036\u4f26\u770b\u8dcc\u671f\u6743\u201d\u3002\u5982\u679c\u7f8e\u8054\u50a8\u63d0\u4f9b\u514d\u8d39\u4fdd\u9669\uff0c\u6295\u8d44\u8005\u6ca1\u6709\u5fc5\u8981\u4e70\u5165\u770b\u8dcc\u671f\u6743\uff0c\u8fd9\u5e94\u8be5\u4f7f\u770b\u8dcc\u671f\u6743\u7684\u4ef7\u683c(\u5373\u5f15\u7533\u6ce2\u5e45)\u7ef4\u6301\u5728\u4f4e\u6c34\u5e73\u3002<\/p>\n

\u3000\u3000\u4f46\u662f\uff0c\u5e02\u573a\u5bf9\u592e\u884c\u5c06\u5728\u4f55\u79cd\u7a0b\u5ea6\u4e0a\u9632\u62a4\u635f\u5931\u7684\u4fe1\u5fc3\u65f6\u5f3a\u65f6\u5f31\u3002\u7528\u5e02\u573a\u672f\u8bed\u6765\u8bb2\uff0c\u5982\u679c\u8d44\u4ea7\u4ef7\u683c\u7684\u5c0f\u5e45\u4e0b\u8dcc\u4fc3\u4f7f\u7f8e\u8054\u50a8\u91c7\u53d6\u884c\u52a8\uff0c\u90a3\u4e48\u8036\u4f26\u770b\u8dcc\u671f\u6743\u7684\u201c\u4ef7\u5916\u201d\u7a0b\u5ea6\u53ef\u80fd\u8f83\u4f4e\u3002\u76ee\u524d\u6765\u770b\uff0c\u6295\u8d44\u8005\u4f3c\u4e4e\u8ba4\u4e3a\uff0c\u8036\u4f26\u770b\u8dcc\u671f\u6743\u6839\u672c\u8fd8\u79f0\u4e0d\u4e0a\u4ef7\u5916\u671f\u6743\u3002<\/p>\n

\u3000\u3000\u56e0\u6b64\uff0c\u5371\u9669\u66f4\u591a\u5728\u4e8e\u5bf9\u592e\u884c\u611f\u5230\u81ea\u6ee1\uff0c\u800c\u5e76\u975e\u5bf9\u5e02\u573a\u611f\u5230\u81ea\u6ee1\u3002\u8fc7\u53bb\u4e03\u5e74\u7684\u6559\u8bad\u662f\uff0c\u6bcf\u6b21\u707e\u96be\u964d\u4e34\uff0c\u653f\u7b56\u5236\u5b9a\u8005\u90fd\u4f1a\u51fa\u624b\u5e72\u9884\u3002\u4f46\u662f\u60f3\u8981\u4f9d\u8d56\u592e\u884c\u7684\u6295\u8d44\u8005\u9700\u8981\u6ce8\u610f\uff0c\u707e\u96be\u8fd8\u662f\u4f1a\u964d\u4e34\uff0c\u800c\u4e14\u5e02\u573a\u4f1a\u5728\u653f\u5e9c\u5e2e\u52a9\u5230\u6765\u4e4b\u524d\u5c31\u5927\u5e45\u4e0b\u8dcc\u3002\u8d2d\u4e70\u4fdd\u9669\u7684\u65f6\u673a\u5e94\u8be5\u5728\u4ef7\u4f4e\u65f6\uff0c\u5bf9\u7f8e\u56fd\u80a1\u5e02\u6765\u8bf4\uff0c\u73b0\u5728\u6b63\u662f\u65f6\u673a\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u3000\u3000\u56fe\u7247\u6765\u6e90\uff1aAndrew Harrer\/Bloomberg News \u3000\u3000\u6240\u8c13\u201c\u683c\u6797\u65af\u6f58\u770b\u8dcc\u671f\u6743\u201d\uff0c\u5373\u9632\u8303\u8d44\u4ea7\u4ef7\u683c\u4e0b\u8dcc\u7684\u4e00\u79cd\u671f\u6743\uff0c\u5728\u73b0\u4efb\u7f8e\u8054\u50a8\u4e3b\u5e2d\u8036\u4f26\u540d\u4e0b\u5df2\u88ab\u79f0\u4f5c\u201c\u8036\u4f26\u770b\u8dcc\u671f\u6743\u201d…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[10],"tags":[],"_links":{"self":[{"href":"https:\/\/xiongmaotimes.com\/index.php?rest_route=\/wp\/v2\/posts\/20101"}],"collection":[{"href":"https:\/\/xiongmaotimes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/xiongmaotimes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/xiongmaotimes.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/xiongmaotimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=20101"}],"version-history":[{"count":0,"href":"https:\/\/xiongmaotimes.com\/index.php?rest_route=\/wp\/v2\/posts\/20101\/revisions"}],"wp:attachment":[{"href":"https:\/\/xiongmaotimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20101"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/xiongmaotimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20101"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/xiongmaotimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20101"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}