{"id":4061,"date":"2014-04-17T11:36:51","date_gmt":"2014-04-17T03:36:51","guid":{"rendered":"http:\/\/www.jsvest.com.cn\/?p=4061"},"modified":"2014-04-17T14:14:15","modified_gmt":"2014-04-17T06:14:15","slug":"%e5%a4%96%e6%b1%87%e7%bb%93%e6%9e%84%e6%80%a7%e7%90%86%e8%b4%a2%e4%ba%a7%e5%93%81%e7%9a%84%e7%90%86%e6%80%a7%e6%8a%95%e8%b5%84%e4%b9%8b%e9%81%93","status":"publish","type":"post","link":"http:\/\/www.jsvest.com.cn\/?p=4061","title":{"rendered":"\u5916\u6c47\u7ed3\u6784\u6027\u7406\u8d22\u4ea7\u54c1\u7684\u7406\u6027\u6295\u8d44\u4e4b\u9053"},"content":{"rendered":"<style type=\"text\/css\">\np{text-indent:2em;}\n<\/style>\n<div class=\"wenzhangdivbox\">\n<p>\u76ee\u524d\u6301\u6709\u53ef\u89c2\u6570\u76ee\u7f8e\u5143\u6216\u6e2f\u5e01\u8d44\u4ea7\u7684\u4e2d\u56fd\u56fd\u5185\u6295\u8d44\u8005\u9762\u4e34\u7740\u53cc\u91cd\u6311\u6218\u3002\u4e00\u65b9\u9762\uff0c\u4eba\u6c11\u5e01\u7684\u5347\u503c\u538b\u529b\u5c06\u4e0d\u65ad\u8003\u9a8c\u4ed6\u4eec\u9009\u62e9\u4e0d\u540c\u8d27\u5e01\u8d44\u4ea7\u7684\u80fd\u529b\uff1b\u53e6\u4e00\u65b9\u9762\uff0c\u76f8\u5bf9\u5c01\u95ed\u7684\u56fd\u5185\u8d44\u672c\u5e02\u573a\u4e0a\u5145\u65a5\u7684\u826f\u83a0\u4e0d\u9f50\u5916\u6c47\u7406\u8d22\u4ea7\u54c1\u5c06\u8003\u9a8c\u4ed6\u4eec\u7684\u8d22\u5bcc\u7ba1\u7406\u6c34\u5e73\u3002\u5c31\u524d\u4e00\u6311\u6218\u800c\u8a00\uff0c\u6295\u8d44\u8005\u4eec\u5e94\u8be5\u6839\u636e\u81ea\u5df1\u7684\u8d22\u5bcc\u7ba1\u7406\u76ee\u6807\u6765\u9009\u62e9\u6301\u6709\u4f55\u79cd\u8d27\u5e01\u8d44\u4ea7\u3002\u9664\u4e86\u90a3\u4e9b\u4ee5\u5c06\u5b50\u5973\u9001\u5f80\u7f8e\u56fd\u6216\u4e2d\u56fd\u9999\u6e2f\u7279\u522b\u884c\u653f\u533a\u7559\u5b66\u4e3a\u7406\u8d22\u76ee\u6807\u7684\u4eba\u4ee5\u5916\uff0c\u5927\u90e8\u5206\u6295\u8d44\u8005\u4eec\u53ef\u80fd\u9700\u8981\u7279\u522b\u5173\u6ce8\u7f8e\u5143\u53ca\u540c\u5b83\u6302\u94a9\u7684\u6e2f\u5e01\u7b49\u5916\u5e01\u7684\u8d2c\u503c\u98ce\u9669\uff0c\u5e76\u91c7\u53d6\u76f8\u5e94\u575a\u6301\u63aa\u65bd\u51cf\u6301\u8fd9\u7c7b\u8d44\u4ea7\u3002\u5c24\u5176\u662f\u6301\u6709\u540c\u7f8e\u5143\u51e0\u4e4e\u5b8c\u5168\u6302\u94a9\u4f46\u662f\u5229\u7387\u8f83\u4f4e\u7684\u6e2f\u5e01\u7684\u6295\u8d44\u8005\uff0c\u5e94\u8be5\u8ba4\u771f\u8003\u8651\u5c06\u5176\u5151\u6362\u6210\u7f8e\u5143\u8d44\u4ea7\u6765\u7ba1\u7406\u3002<\/p>\n<p>\u5c31\u90a3\u4e9b\u9009\u62e9\u6301\u6709\u7f8e\u5143\u53ca\u5176\u6302\u94a9\u8d27\u5e01\u6240\u5b9a\u4e49\u8d44\u4ea7\u7684\u6295\u8d44\u8005\u800c\u8a00\uff0c\u5982\u4f55\u5145\u5206\u5229\u7528\u5e02\u573a\u4e0a\u7684\u4e0d\u540c\u91d1\u878d\u5de5\u5177\u548c\u5916\u6c47\u7406\u8d22\u4ea7\u54c1\u6765\u589e\u5f3a\u5916\u5e01\u8d44\u4ea7\u7684\u6536\u76ca\u80fd\u529b\uff0c\u5c06\u5728\u4e00\u5b9a\u7a0b\u5ea6\u4e0a\u51b3\u5b9a\u4ed6\u4eec\u7ba1\u7406\u4eba\u6c11\u5e01\u5347\u503c\u98ce\u9669\u7684\u7ee9\u6548\u3002\u4e0d\u5e78\u7684\u662f\uff0c\u76ee\u524d\u67d0\u4e9b\u94f6\u884c\uff08\u5c24\u5176\u662f\u90e8\u5206\u5916\u8d44\u94f6\u884c\uff09\u5728\u5e02\u573a\u4e0a\u6781\u529b\u63a8\u9500\u7684\u540c\u6d77\u5916\u80a1\u7968\u3001\u5916\u6c47\u3001\u5546\u54c1\u3001\u5229\u7387\u7b49\u5e02\u573a\u6302\u94a9\u7684\u6240\u8c13\u201c\u7ed3\u6784\u6027\u201d\u5916\u6c47\u7406\u8d22\u4ea7\u54c1\u5374\u7f3a\u4e4f\u8be6\u7ec6\u7684\u4ea7\u54c1\u8bf4\u660e\u548c\u5fc5\u8981\u7684\u98ce\u9669\u62ab\u9732\u3002\u88ab\u51e0\u4e4e\u4e0d\u53ef\u80fd\u5b9e\u73b0\u7684\u6240\u8c13\u201c\u6700\u9ad8\u9884\u671f\u6536\u76ca\u7387\u201d\u6240\u5438\u5f15\u7684\u90e8\u5206\u4e0d\u77e5\u60c5\u6295\u8d44\u8005\u6700\u7ec8\u6240\u5f97\u5230\u7684\u5374\u662f\u6bd4\u94f6\u884c\u76f8\u5e94\u671f\u9650\u5b9a\u671f\u5b58\u6b3e\u5229\u7387\u8fd8\u8981\u4f4e\u7684\u201c\u6700\u4f4e\u9884\u671f\u6536\u76ca\u7387\u201d\u3002\u5728\u5e02\u573a\u76d1\u7ba1\u7684\u4e25\u91cd\u7f3a\u5931\u73b0\u8c61\u6682\u65f6\u4e0d\u80fd\u5f97\u5230\u6539\u5584\u7684\u5916\u90e8\u5927\u73af\u5883\u4e0b\uff0c\u6295\u8d44\u8005\u8fd8\u662f\u5e94\u8be5\u4ece\u63d0\u9ad8\u81ea\u5df1\u5bf9\u4e0d\u540c\u4ea7\u54c1\u6536\u76ca\u548c\u98ce\u9669\u7279\u5f81\u7684\u8fa8\u522b\u80fd\u529b\u7740\u624b\uff0c\u7406\u6027\u5730\u5efa\u7acb\u9002\u5408\u81ea\u5df1\u8d22\u52a1\u73b0\u72b6\u3001\u6295\u8d44\u671f\u9650\u3001\u672a\u6765\u8d44\u91d1\u9700\u6c42\u3001\u98ce\u9669\u627f\u53d7\u80fd\u529b\u7b49\u7279\u6709\u9650\u5236\u6761\u4ef6\u7684\u6295\u8d44\u7ec4\u5408\u3002<\/p>\n<p><strong>\u4e00\u3001 \u8ba4\u6e05\u7ed3\u6784\u6027\u5916\u6c47\u7406\u8d22\u4ea7\u54c1\u7684\u672c\u8d28\u3002<\/strong><\/p>\n<p>\u7efc\u89c2\u56fd\u5185\u76ee\u524d\u4e0d\u540c\u91d1\u878d\u673a\u6784\u6240\u63a8\u9500\u7684\u6240\u6709\u7ed3\u6784\u6027\u5916\u6c47\u7406\u8d22\u4ea7\u54c1\uff0c\u5b83\u4eec\u5b9e\u9645\u4e0a\u5f52\u5c5e\u4e8e\u534e\u5c14\u8857\u6240\u5b9a\u4e49\u7684\u6784\u9020\u503a\u5238(Structured Notes)\u8fd9\u4e00\u5907\u9009\u6295\u8d44(Alternative Investment)\u8d44\u4ea7\u7c7b\u522b\u3002\u8fd9\u4e9b\u4ea7\u54c1\u7684\u9762\u503c\u3001\u671f\u9650\u3001\u4fe1\u7528\u8bc4\u7ea7\u3001\u8ba1\u606f\u548c\u4ed8\u606f\u65b9\u5f0f\u3001\u672c\u91d1\u8d4e\u56de\u7b49\u7ec4\u7ec7\u7279\u5f81\u540c\u4f20\u7edf\u503a\u5238\u65e0\u5f02\uff0c\u4f46\u662f\u5176\u5229\u606f\u6536\u76ca\u5374\u5b8c\u5168\u53d6\u51b3\u4e8e\u4ea7\u54c1\u6240\u5185\u5d4c\u671f\u6743\u6216\u8fdc\u671f\u4ea4\u6362\u5408\u540c\u6761\u6b3e\u6240\u7ea6\u5b9a\u7684\u80a1\u7968\u3001\u5546\u54c1\u3001\u5229\u7387\u3001\u6c47\u7387\u3001\u4fe1\u7528\u3001\u901a\u8d27\u81a8\u80c0\u7b49\u88ab\u94fe\u63a5\u6307\u6807\u7684\u8868\u73b0\u3002\u6240\u4ee5\u4e0d\u96be\u770b\u51fa\uff0c\u56fd\u5185\u7684\u7ed3\u6784\u6027\u7406\u8d22\u4ea7\u54c1\u5b9e\u9645\u4e0a\u53ef\u4ee5\u88ab\u5206\u4e3a\u5185\u5d4c\u671f\u6743\u578b(Option-Embedded)\u3001\u5229\u606f\u4ea4\u6362\u578b(Interest Swapping)\u6216\u8005\u4e8c\u8005\u7ed3\u5408\u7684\u6df7\u5408\u578b\u4e09\u5927\u7c7b\u3002<\/p>\n<p>\u56fd\u5185\u76ee\u524d\u9500\u552e\u5f97\u6bd4\u8f83\u70ed\u706b\u671d\u5929\u7684\u5185\u5d4c\u671f\u6743\u4ea7\u54c1\u4e3b\u8981\u4e3a\u53ef\u56de\u8d2d\u503a\u5238(Callable Notes)\uff0c\u5373\u6295\u8d44\u8005\u5728\u6295\u8d44\u65f6\u5411\u53d1\u884c\u4eba\u51fa\u552e\u4e86\u63d0\u524d\u56de\u8d2d\uff08\u7ec8\u6b62\uff09\u8be5\u4ea7\u54c1\u7684\u6743\u5229\u3002\u4ece\u6295\u8d44\u8005\u7684\u89d2\u5ea6\u6765\u8bb2\uff0c\u8be5\u7c7b\u6295\u8d44\u4ea7\u54c1\u7684\u4e3b\u8981\u6536\u76ca\u6765\u6e90\u4e3a\u673a\u4f1a\u6210\u672c\u98ce\u9669\u6240\u5e26\u6765\u7684\u5229\u606f\u6536\u5165\uff08\u8d44\u91d1\u7684\u65f6\u95f4\u4ef7\u503c\uff09\u548c\u671f\u9650\u4e0d\u786e\u5b9a\u6027\u7684\u518d\u6295\u8d44\u98ce\u9669\u6240\u5e26\u6765\u7684\u671f\u6743\u6743\u8d39(Option Premium)\u6536\u5165\u3002\u800c\u4ece\u53d1\u884c\u4eba\u89d2\u5ea6\u6765\u8bb2\uff0c\u901a\u8fc7\u8d2d\u4e70\u56de\u8d2d\u671f\u6743\u540e\u53d6\u5f97\u4e86\u4e09\u4e2a\u64cd\u4f5c\u4e0a\u7684\u7075\u6d3b\u6027\uff1a\uff081\uff09\u5728\u5229\u7387\u964d\u4f4e\u65f6\u884c\u4f7f\u63d0\u524d\u7ec8\u6b62\u7406\u8d22\u5408\u7ea6\u7684\u6743\u5229\u5e76\u53d1\u884c\u65b0\u7684\u66ff\u4ee3\u4ea7\u54c1\u6765\u6709\u6548\u7ba1\u7406\u8d44\u91d1\u6210\u672c\u8fc7\u9ad8\u7684\u98ce\u9669\uff1b\uff082\uff09\u53ef\u4ee5\u5728\u53d1\u653e\u5728\u5916\u8d37\u6b3e\u7684\u503a\u52a1\u4eba\u63d0\u524d\u8fd8\u8d37\u65f6\u884c\u4f7f\u63d0\u524d\u7ec8\u6b62\u6743\u5c06\u8d44\u91d1\u9000\u8fd8\u7ed9\u6295\u8d44\u4eba\u6765\u7ba1\u7406\u8d44\u91d1\u6536\u76ca\u8fc7\u4f4e\u7684\u98ce\u9669\uff1b\uff083\uff09\u5728\u5229\u7387\u4e0b\u8dcc\u65f6\u5356\u51fa\u4ef7\u683c\u4e0a\u5347\u7684\u56fa\u5b9a\u6536\u76ca\u8bc1\u5238\u6295\u8d44\u7ec4\u5408\u5e76\u884c\u4f7f\u63d0\u524d\u7ec8\u6b62\u6743\u5c06\u8d44\u91d1\u9000\u8fd8\u7ed9\u6295\u8d44\u4eba\u6765\u9501\u5b9a\u6295\u8d44\u5229\u6da6\u3002<\/p>\n<p>\u5e94\u8be5\u8bf4\uff0c\u5728\u76ee\u524d\u7f8e\u5143\u5229\u7387\u56de\u5347\u5230\u5386\u53f2\u5e73\u5747\u6c34\u5e73\u5e76\u6709\u53ef\u80fd\u7ee7\u7eed\u6500\u5347\u7684\u73af\u5883\u4e2d\uff0c\u6295\u8d44\u671f\u9650\u4e3a1\u5e74\u5de6\u53f3\u7684\u4fdd\u672c\u4fdd\u606f\u7c7b\u7684\u94f6\u884c\u53ef\u63d0\u524d\u7ec8\u6b62\u7ed3\u6784\u6027\u7406\u8d22\u4ea7\u54c1\u8fd8\u662f\u6bd4\u8f83\u503c\u5f97\u6295\u8d44\u7684\u3002<\/p>\n<p>\u56fd\u5185\u76ee\u524d\u5404\u94f6\u884c\u6240\u9500\u552e\u7684\u5229\u606f\u4ea4\u6362\u578b\u6784\u9020\u503a\u5238\u4e3b\u8981\u662f\u4ece\u534e\u5c14\u8857\u4e00\u4e9b\u5356\u65b9\u8bc1\u5238\u5546\u90a3\u91cc\u6279\u53d1\u6765\u7684\uff0c\u57fa\u672c\u6ca1\u6709\u4efb\u4f55\u7684\u6295\u8d44\u4ef7\u503c\u3002\u65e0\u8bba\u8fd9\u4e9b\u4ea7\u54c1\u662f\u540c\u54ea\u4e00\u79cd\u7c7b\u522b\u7684\u8d44\u4ea7\u6302\u94a9\uff0c\u5176\u5b9e\u8d28\u662f\u56fd\u5185\u6295\u8d44\u8005\u96c7\u7528\u7406\u8d22\u4ea7\u54c1\u53d1\u884c\u94f6\u884c\u4e3a\u4ee3\u7406\u6765\u540c\u534e\u5c14\u8857\u5238\u5546\u4ea4\u6362\u7ea6\u5b9a\u91d1\u989d\u7684\u5229\u606f\u3002\u6295\u8d44\u8005\u4ed8\u51fa\u7684\u662f\u8fd9\u4e9b\u8d44\u91d1\u5728\u9884\u5b9a\u671f\u9650\u91cc\u80fd\u591f\u5728\u56fd\u9645\u5e02\u573a\u4e0a\u5f97\u5230\u7684\u5229\u606f\uff0c\u5f97\u5230\u7684\u662f\u6302\u94a9\u8d44\u4ea7\u7684\u90e8\u5206\u540c\u671f\u56de\u62a5\u3002\u6362\u8a00\u4e4b\uff0c\u4f20\u7edf\u7684\u5229\u606f\u4ea4\u6362\u4ea7\u54c1\u662f\u6307\u4ea4\u6613\u53cc\u65b9\u4e92\u6362\u56fa\u5b9a\u5229\u7387\u548c\u6d6e\u52a8\u5229\u7387\u7684\u6536\u76ca\u6216\u652f\u4ed8\u3002\u4f46\u662f\uff0c\u6784\u9020\u503a\u5238\u4e2d\u7684\u5229\u606f\u4ea4\u6362\u5374\u662f\u6295\u8d44\u8005\u4eec\u4ee5\u672c\u6765\u5c5e\u4e8e\u81ea\u5df1\u7684\u56fa\u5b9a\u5229\u606f\u6536\u76ca\u6362\u53d6\u540c\u67d0\u79cd\u8d44\u4ea7\u7684\u5b9a\u4e49\u53d8\u52a8\u65b9\u5411\u548c\u5e45\u5ea6\u6302\u94a9\u7684\u201c\u53d8\u52a8\u5229\u606f\u6536\u5165\u201d\u3002<\/p>\n<p>\u8fd9\u91cc\uff0c\u6295\u8d44\u8005\u4eec\u5b9e\u9645\u4e0a\u88ab\u534e\u5c14\u8857\u7684\u673a\u6784\u5229\u7528\u6210\u8f6c\u5ac1\u98ce\u9669\u7684\u5de5\u5177\u3002\u6211\u4eec\u4ee5\u540c\u4f26\u6566\u94f6\u884c\u540c\u4e1a\u62c6\u501f\u5229\u7387(LIBOR) 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4ee5\u62db\u5546\u94f6\u884c\u6240\u9500\u552e\u7684\u8d77\u606f\u65e5\u4e3a2006\u5e746\u670814\u65e5\u3001\u7ea6\u5b9a\u5e74\u6536\u76ca\u7387\u4e3a4.80%\u3001\u671f\u9650\u4e3a3\u4e2a\u6708\u7684\u201c\u5916\u6c47\u901a\u201d\u53d7\u6258\u7406\u8d22\u8ba1\u521216\u53f7\u4e3a\u4f8b\uff0c\u8fd9\u91cc\u6211\u4eec\u770b\u770b\u6295\u8d44\u8005\u5230\u5e95\u53ef\u80fd\u62ff\u5230\u4ec0\u4e48\u6837\u4e0d\u540c\u7684\u6536\u76ca\u7387\u3002\u62db\u5546\u94f6\u884c\u53ef\u4ee5\u4e8e2006\u5e747\u670814\u65e5\u63d0\u524d\u7ec8\u6b62\u8be5\u8ba1\u5212\uff0c\u4e14\u6295\u8d44\u8005\u7684\u8d44\u91d1\u5728\u5212\u6b3e\u65e5\uff082006\u5e746\u670812\u65e5\uff09\u5230\u8d77\u606f\u65e5\u95f4\u76842\u5929\u8ba4\u8d2d\u6e05\u7b97\u671f\u548c\u6e05\u7b97\u65e5\uff082006\u5e747\u670814\u65e5\uff09\u5230\u7406\u8d22\u8d44\u91d1\u5212\u56de\u6295\u8d44\u8005\u8d26\u6237\u65e5\uff08\u6700\u957f7\u4e2a\u5de5\u4f5c\u65e5\uff0c\u53732006\u5e747\u670825\u65e5\uff09\u768411\u5929\u8fd8\u672c\u6e05\u7b97\u671f\u662f\u4e0d\u8ba1\u7b97\u5229\u606f\u7684\u3002\u56e0\u6b64\uff0c\u5982\u679c\u94f6\u884c\u4e8e2006\u5e747\u670814\u65e5\u63d0\u524d\u7ec8\u6b62\u7684\u8bdd\uff0c\u8be5\u7406\u8d22\u8ba1\u5212\u7684\u5b9e\u9645\u6709\u6548\u6295\u8d44\u671f\u9650\u4e3a\uff0830+2+11=\uff0943\u5929\uff0c\u6709\u6548\u6536\u76ca\u7387\u4e5f\u5267\u964d\u5230\u4e863.40%\uff0c\u8fdc\u975e\u4ea7\u54c1\u6240\u5ba3\u4f20\u76844.80%\u7684\u6536\u76ca\u7387\u3002\u5373\u4f7f\u62db\u5546\u94f6\u884c\u4e0d\u63d0\u524d\u7ec8\u6b62\uff0c\u7531\u4e8e\u6709\u957f\u8fbe7\u4e2a\u5de5\u4f5c\u65e5\u7684\u8fd8\u672c\u6e05\u7b97\u671f\uff0c\u6709\u6548\u6295\u8d44\u671f\u9650\u53ef\u80fd\u662f105\u5929\uff08\u800c\u975e92\u5929\uff09\uff0c\u6709\u6548\u6536\u76ca\u7387\u5c31\u964d\u4e3a4.27%\uff0c\u4e5f\u8fdc\u975e\u5176\u5ba3\u4f20\u76844.80%\u3002<\/p>\n<p style=\"text-align:center;\">\u8868\u4e00 \u62db\u5546\u94f6\u884c\u201c\u5916\u6c47\u901a\u201d\u53d7\u6258\u7406\u8d22\u8ba1\u521216\u53f7\u7684\u53ef\u80fd\u6700\u7cdf\u6536\u76ca\u7387<\/p>\n<table width=\"50%\" cellpadding=\"0\" cellspacing=\"0\" border=\"0\" style=\"margin-left:auto; margin-right:auto;\">\n<tr>\n<th><\/th>\n<th style=\"text-align:center;\">\u94f6\u884c\u63d0\u524d\u7ec8\u6b62<\/th>\n<th style=\"text-align:center;\">\u94f6\u884c\u4e0d\u63d0\u524d\u7ec8\u6b62<\/th>\n<\/tr>\n<tr>\n<td>\u8ba4\u8d2d\u5212\u6b3e\u65e5<\/td>\n<td>6\/12\/2006<\/td>\n<td>6\/12\/2006<\/td>\n<\/tr>\n<tr>\n<td>\u8d77\u606f\u65e5<\/td>\n<td>6\/14\/2006<\/td>\n<td>6\/14\/2006<\/td>\n<\/tr>\n<tr>\n<td>\u7ec8\u6b62\uff08\u6e05\u7b97\uff09\u65e5<\/td>\n<td>7\/14\/2006<\/td>\n<td>9\/14\/2006<\/td>\n<\/tr>\n<tr>\n<td>\u6700\u8fdf\u8fd8\u6b3e\u65e5<\/td>\n<td>7\/25\/2006<\/td>\n<td>9\/25\/2006<\/td>\n<\/tr>\n<tr>\n<td>\u8ba1\u606f\u57fa\u7840<\/td>\n<td>\u5b9e\u9645\u5929\u6570\/360<\/td>\n<td>\u5b9e\u9645\u5929\u6570\/360<\/td>\n<\/tr>\n<tr>\n<td>\u8ba1\u606f\u671f\u9650\uff08\u5929\uff09<\/td>\n<td>30<\/td>\n<td>92<\/td>\n<\/tr>\n<tr>\n<td>\u5b9e\u9645\u6295\u8d44\u671f\u9650\uff08\u5929\uff09<\/td>\n<td>43<\/td>\n<td>105<\/td>\n<\/tr>\n<tr>\n<td>\u7968\u9762\u5e74\u6536\u76ca\u7387<\/td>\n<td>4.80%<\/td>\n<td>4.80%<\/td>\n<\/tr>\n<tr>\n<td>\u5b9e\u9645\u6536\u76ca\u7387<\/td>\n<td>3.40%<\/td>\n<td>4.27%<\/td>\n<\/tr>\n<\/table>\n<p>\u53e6\u5916\uff0c\u6295\u8d44\u4ea7\u54c1\u7684\u7a0e\u8d1f\u5904\u7406\u540c\u6837\u4f1a\u5f71\u54cd\u6295\u8d44\u8005\u6240\u80fd\u591f\u5f97\u5230\u7684\u6700\u7ec8\u6536\u76ca\u7387\u3002\u5728\u76ee\u524d\u6240\u6709\u7b14\u8005\u8c03\u67e5\u8fc7\u76842006\u5e746\u6708\u4efd\u8d77\u606f\u7684\u7f8e\u5143\u7ed3\u6784\u6027\u7406\u8d22\u4ea7\u54c1\u4e2d\uff0c\u53ea\u6709\u4e2d\u4fe1\u94f6\u884c\u7684\u201c\u7406\u8d22\u5b9d\u201d\u6709\u6bd4\u7167\u5b9a\u671f\u5b58\u6b3e\u9884\u62633\u4e2a\u6708\u671f\u5229\u606f\uff08\u5229\u73872.75%\uff09\u7a0e\u7684\u89c4\u5b9a\u3002\u8fd9\u5c31\u63d0\u9192\u6295\u8d44\u8005\u5e94\u5f53\u6ce8\u610f\u5916\u6c47\u7ed3\u6784\u6027\u7406\u8d22\u4ea7\u54c1\u6f5c\u5728\u7684\u7a0e\u8d1f\u98ce\u9669\u3002\u5982\u679c\u6295\u8d44\u8005\u9700\u8981\u5c31\u6ca1\u6709\u88ab\u9884\u6263\u7a0e\u7684\u6536\u5165\u5411\u7a0e\u52a1\u673a\u5173\u7533\u62a5\u7eb3\u7a0e\uff0c\u90a3\u6240\u6709\u94f6\u884c\u7684\u4ea7\u54c1\u53ef\u4ee5\u5728\u4e00\u4e2a\u8d77\u8dd1\u7ebf\u4e0a\u88ab\u6bd4\u8f83\uff1b\u5426\u5219\u7684\u8bdd\uff0c\u201c\u7406\u8d22\u5b9d\u201d\u5c31\u4e0d\u662f\u4ec0\u4e48\u5b9d\u8d1d\u4e86\u3002<\/p>\n<p>\u6240\u4ee5\uff0c\u4ec5\u51ed\u7968\u9762\u5229\u7387\u548c\u671f\u9650\u8fd9\u4e24\u9879\u8868\u9762\u6307\u6807\uff0c\u6211\u4eec\u662f\u65e0\u6cd5\u5bf9\u7406\u8d22\u4ea7\u54c1\u7684\u4f18\u52a3\u4f5c\u51fa\u8bc4\u5224\u7684\u3002\u53ea\u6709\u5c06\u6240\u6709\u7406\u8d22\u4ea7\u54c1\u7684\u5b9e\u9645\u7a0e\u540e\u6536\u76ca\u7387\u8fdb\u884c\u7cbe\u786e\u8ba1\u7b97\uff0c\u5e76\u7ed3\u5408\u94f6\u884c\u4ea7\u54c1\u7684\u671f\u9650\u8854\u63a5\u80fd\u529b\uff0c\u6211\u4eec\u624d\u53ef\u4ee5\u4f5c\u51fa\u7406\u6027\u7684\u6295\u8d44\u9009\u62e9\u3002<\/p>\n<p><strong>\u56db\u3001\u4e0d\u59a8\u8003\u8651\u91c7\u7528\u4e91\u68af\u7b56\u7565\u6765\u7ba1\u7406\u81ea\u5df1\u7684\u7f8e\u5143\u8d44\u4ea7\u3002<\/strong><\/p>\n<p>\u4e91\u68af(Laddering)\u7b56\u7565\u662f\u897f\u65b9\u53d1\u8fbe\u5e02\u573a\u4e2a\u4eba\u6295\u8d44\u8005\u5728\u6295\u8d44\u56fa\u5b9a\u6536\u76ca\u8bc1\u5238\u65f6\u6bd4\u8f83\u5e7f\u6cdb\u91c7\u7528\u7684\u4e00\u79cd\u6295\u8d44\u8d44\u91d1\u671f\u9650\u914d\u7f6e\u65b9\u6cd5\u3002\u5176\u64cd\u4f5c\u624b\u6cd5\u662f\u5c06\u8d44\u91d1\u5206\u6210\u76f8\u540c\u7684\u7b49\u4efd\uff0c\u5206\u522b\u6295\u8d44\u4e8e\u4e0d\u540c\u671f\u9650\u7684\u56fa\u5b9a\u6536\u76ca\u4ea7\u54c1\u4e0a\u3002\u5c3d\u7ba1\u5229\u606f\u4e0a\u5347\u4f1a\u5bfc\u81f4\u8f83\u957f\u671f\u9650\u6295\u8d44\u7684\u4ef7\u503c\u4e0b\u8dcc\uff0c\u4f46\u662f\u5f88\u5feb\u5230\u671f\u7684\u77ed\u671f\u6295\u8d44\u672c\u606f\u53ef\u4ee5\u88ab\u7528\u6765\u518d\u6295\u8d44\u5230\u66f4\u9ad8\u5229\u7387\u7684\u4ea7\u54c1\u4e2d\u3002\u540c\u6837\uff0c\u5229\u7387\u4e0b\u8dcc\u4f1a\u5bfc\u81f4\u5f88\u5feb\u5230\u671f\u7684\u77ed\u671f\u6295\u8d44\u4ea7\u54c1\u7684\u518d\u6295\u8d44\u6536\u76ca\u51cf\u5c11\uff0c\u4f46\u662f\u914d\u7f6e\u5728\u957f\u671f\u6295\u8d44\u4ea7\u54c1\u4e2d\u7684\u8d44\u91d1\u5df2\u7ecf\u9501\u5b9a\u4e86\u4e00\u90e8\u5206\u8f83\u9ad8\u7684\u5229\u7387\u3002\u56e0\u6b64\uff0c\u5c3d\u7ba1\u4e0d\u80fd\u53d6\u5f97\u6700\u9ad8\u7684\u6536\u76ca\u7387\uff0c\u4e91\u68af\u7b56\u7565\u6295\u8d44\u8005\u4eec\u80fd\u591f\u4ee5\u66f4\u4e3a\u5e73\u9759\u7684\u5fc3\u6001\u6765\u83b7\u53d6\u6b21\u4f18\u6574\u4f53\u6536\u76ca\u7387\u3002\u800c\u7ecf\u9a8c\u8bc1\u660e\uff0c\u6301\u7eed\u7684\u77ed\u671f\u6b21\u4f18\u6536\u76ca\u7387\u5f80\u5f80\u80fd\u591f\u79ef\u7d2f\u6210\u957f\u671f\u7684\u6700\u4f18\u6536\u76ca\u7387\u3002<\/p>\n<p>\u5177\u4f53\u64cd\u4f5c\u4e0a\uff0c\u6295\u8d44\u8005\u53ef\u4ee5\u5c06\u8d44\u91d1\u5206\u62106\u7b49\u4efd\uff0c\u5206\u522b\u6295\u8d44\u5230\u4e2d\u56fd\u94f6\u884c\u201c\u6625\u590f\u79cb\u51ac\u201d\u7406\u8d22\u7cfb\u5217\u76843\u4e2a\u6708\u671f\u30016\u4e2a\u6708\u671f\u30011\u5e74\u671f\u30012\u5e74\u671f\u30013\u5e74\u671f\u548c5\u5e74\u671f\u7b49\u516d\u4e2a\u4ea7\u54c1\u4e0a\u3002\u5f533\u4e2a\u6708\u671f\u4ea7\u54c1\u5230\u671f\u65f6\uff0c\u6295\u8d44\u8005\u5c06\u672c\u606f\u6eda\u5b58\u5230\u65b0\u76845\u5e74\u671f\u4ea7\u54c1\u4e2d\uff0c\u4f9d\u6b64\u7c7b\u63a8\u3002\u6295\u8d44\u8005\u6700\u540e\u6301\u6709\u7684\u6240\u6709\u4ea7\u54c1\u90fd\u662f\u7968\u9762\u5229\u7387\u8f83\u9ad8\u76845\u5e74\u671f\u4ea7\u54c1\uff0c\u800c\u4e14\u6bcf\u9694\u4e00\u6bb5\u4e0d\u957f\u7684\u671f\u95f4\u5c31\u6709\u4e00\u79cd\u4ea7\u54c1\u5230\u671f\u7684\u7ed3\u6784\u5b89\u6392\u53ef\u4ee5\u5e94\u4ed8\u67d0\u4e9b\u610f\u5916\u51fa\u73b0\u7684\u6d41\u52a8\u6027\u9700\u6c42\u3002<\/p>\n<p>\u603b\u4e4b\uff0c\u6295\u8d44\u8005\u4eec\u5e94\u8be5\u5bf9\u7f8e\u5143\u7c7b\u56fa\u5b9a\u6536\u76ca\u8bc1\u5238\u7684\u957f\u671f\u56de\u62a5\u6709\u4e00\u4e2a\u7406\u6027\u7684\u9884\u671f\uff0c\u5e76\u4ee5\u4fdd\u672c\u4fdd\u606f\u7c7b\u7684\u7406\u8d22\u4ea7\u54c1\u4e3a\u4e3b\u6765\u5efa\u7acb\u81ea\u5df1\u7684\u7f8e\u5143\u6295\u8d44\u7ec4\u5408\uff0c\u5c3d\u91cf\u907f\u514d\u90a3\u4e9b\u4ee5\u201c\u9884\u671f\u6700\u9ad8\u6536\u76ca\u7387\u201d\u4e3a\u5671\u5934\u7684\u6302\u94a9\u578b\u4ea7\u54c1\u3002<\/p>\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u76ee\u524d\u6301\u6709\u53ef\u89c2\u6570\u76ee\u7f8e\u5143\u6216\u6e2f\u5e01\u8d44\u4ea7\u7684\u4e2d\u56fd\u56fd\u5185\u6295\u8d44\u8005\u9762\u4e34\u7740\u53cc\u91cd\u6311\u6218\u3002\u4e00\u65b9\u9762\uff0c\u4eba\u6c11\u5e01\u7684\u5347\u503c\u538b\u529b\u5c06\u4e0d\u65ad\u8003\u9a8c\u4ed6\u4eec\u9009\u62e9\u4e0d\u540c\u8d27<\/p>\n<p class=\"more-link\"><a href=\"http:\/\/www.jsvest.com.cn\/?p=4061\" class=\"themebutton2\">Read More<\/a><\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0},"categories":[11],"tags":[],"_links":{"self":[{"href":"http:\/\/www.jsvest.com.cn\/index.php?rest_route=\/wp\/v2\/posts\/4061"}],"collection":[{"href":"http:\/\/www.jsvest.com.cn\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.jsvest.com.cn\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.jsvest.com.cn\/index.php?rest_route=\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"http:\/\/www.jsvest.com.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4061"}],"version-history":[{"count":0,"href":"http:\/\/www.jsvest.com.cn\/index.php?rest_route=\/wp\/v2\/posts\/4061\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.jsvest.com.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4061"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.jsvest.com.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4061"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.jsvest.com.cn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4061"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}