{"id":686,"date":"2010-03-16T07:47:55","date_gmt":"2010-03-15T23:47:55","guid":{"rendered":"http:\/\/192.168.1.157\/wordpress\/?p=686"},"modified":"2013-05-06T19:25:58","modified_gmt":"2013-05-06T11:25:58","slug":"%e7%a7%81%e5%8b%9f%e5%9f%ba%e9%87%91%e7%ad%89%e5%a4%87%e9%80%89%e6%8a%95%e8%b5%84%e4%b8%8d%e8%83%bd%e5%8f%96%e4%bb%a3%e4%bc%a0%e7%bb%9f%e8%b5%84%e4%ba%a7","status":"publish","type":"post","link":"http:\/\/www.jsvest.com.cn\/?p=686","title":{"rendered":"\u79c1\u52df\u57fa\u91d1\u7b49\u5907\u9009\u6295\u8d44\u4e0d\u80fd\u53d6\u4ee3\u4f20\u7edf\u8d44\u4ea7"},"content":{"rendered":"
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\u9996\u5148\u662f\u300a\u673a\u6784\u6295\u8d44\u8005\uff0d\u963f\u5c14\u6cd5\u300b\u6742\u5fd7\u4eca\u5e744\u6708\u62ab\u9732\uff0c2006\u5e74\u5168\u7403\u6536\u5165\u6700\u9ad8\u768425\u4f4d\u5bf9\u51b2\u57fa\u91d1\u7ecf\u7406\u5171\u8d5a\u53d6\u4e86140\u4ebf\u7f8e\u5143\uff0c\u5176\u4e2d\uff0c\u590d\u5174\u79d1\u6280\uff08Renaissance Technologies\uff09\u638c\u95e8\u4eba\u897f\u8499\u65af\uff08James Simons\uff09\u4ee517\u4ebf\u7f8e\u5143\u7684\u6536\u5165\u96c4\u8e1e\u699c\u9996\uff0c\u6392\u4f4d\u6700\u4f4e\u8005\u7684\u6536\u5165\u4e5f\u9ad8\u8fbe\u4ee4\u4eba\u5482\u820c\u76842.4\u4ebf\u7f8e\u5143\u3002<\/p>\n

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\u5982\u679c\u8003\u8651\u5230\u59cb\u81ea1935\u5e74\u7684\u7f8e\u56fd\u793e\u4f1a\u5b89\u5168\u7cfb\u7edf\u7684\u8d44\u91d1\u8fc4\u4eca\u4ecd\u7136\u8fdc\u79bb\u80a1\u7968\u3001\u623f\u5730\u4ea7\u548c\u5907\u9009\u6295\u8d44\u7b49\u8d44\u4ea7\u8fd9\u4e00\u4e8b\u5b9e\u7684\u8bdd\uff0c\u6211\u4eec\u786e\u5b9e\u6709\u7406\u7531\u5728\u8fdb\u884c\u4efb\u4f55\u6295\u8d44\u4e4b\u524d\u5ba1\u89c6\u8be5\u7b14\u6295\u8d44\u662f\u5426\u7b26\u5408\u65e2\u5b9a\u7684\u6295\u8d44\u653f\u7b56\u3002\u5c24\u5176\u662f\u90a3\u4e9b\u88ab\u5404\u79cd\u6709\u5173\u79c1\u4eba\u80a1\u672c\u548c\u5bf9\u51b2\u57fa\u91d1\u7684\u5934\u6761\u65b0\u95fb\u64a9\u52a8\u4e86\u795e\u7ecf\u7684\u5bcc\u4eba\uff0c\u5728\u6295\u8d44\u8fd9\u4e9b\u4ea7\u54c1\u4e4b\u524d\uff0c\u5fc5\u987b\u5145\u5206\u4e86\u89e3\u5176\u7ec4\u7ec7\u5f62\u5f0f\u3001\u98ce\u9669\u548c\u6536\u76ca\u7b49\u57fa\u672c\u7279\u5f81\uff0c\u786e\u4fdd\u8be5\u7c7b\u6295\u8d44\u7b26\u5408\u81ea\u5df1\u7684\u6295\u8d44\u76ee\u6807\u3001\u6295\u8d44\u671f\u9650\u548c\u98ce\u9669\u627f\u53d7\u80fd\u529b\u7b49\u5b9e\u9645\u60c5\u51b5\u3002<\/p>\n

\u5907\u9009\u6295\u8d44\u7684\u7c7b\u578b<\/strong><\/p>\n

\u5728\u6295\u8d44\u7ba1\u7406\u9886\u57df\uff0c\u5907\u9009\u6295\u8d44\u6cdb\u6307\u73b0\u91d1\u3001\u56fa\u5b9a\u6536\u76ca\u8bc1\u5238\u53ca\u80a1\u7968\u7b49\u4e09\u5927\u4f20\u7edf\u4e3b\u6d41\u8d44\u4ea7\u7c7b\u522b\u4ee5\u5916\u7684\u3001\u53ef\u4f9b\u6295\u8d44\u8005\u9009\u7528\u7684\u6295\u8d44\u4ea7\u54c1\u3002\u5728\u5b9e\u9645\u64cd\u4f5c\u4e2d\uff0c\u673a\u6784\u6295\u8d44\u8005\u548c\u79c1\u4eba\u6295\u8d44\u8005\u5bf9\u5907\u9009\u6295\u8d44\u7684\u8ba4\u8bc6\u4e0d\u540c\u3002<\/p>\n

\u9488\u5bf9\u673a\u6784\u6295\u8d44\u8005\u7684\u5907\u9009\u6295\u8d44\u4e3b\u8981\u662f\u6307\u623f\u5730\u4ea7\u3001\u79c1\u4eba\u80a1\u672c\u3001\u5bf9\u51b2\u57fa\u91d1\uff08Hedge Fund\uff09\u4ee5\u53ca\u7ed3\u6784\u6027\u4ea7\u54c1\uff08Structured Products\uff09\u7b49\uff1b\u800c\u5bf9\u4e8e\u5728\u623f\u5730\u4ea7\u4e0a\u6295\u8d44\u8f83\u5927\u7684\u79c1\u4eba\u6295\u8d44\u8005\u800c\u8a00\uff0c\u80a1\u7968\u3001\u56fa\u5b9a\u6536\u76ca\u8bc1\u5238\u3001\u623f\u5730\u4ea7\u4ee5\u53ca\u73b0\u91d1\u662f\u6295\u8d44\u7ec4\u5408\u7684\u56db\u4e2a\u57fa\u51c6\u4e3b\u6d41\u8d44\u4ea7\u7c7b\u522b\uff0c\u800c\u79c1\u4eba\u80a1\u672c\u3001\u5bf9\u51b2\u57fa\u91d1\u548c\u7ed3\u6784\u503a\u5238\uff08Structured Notes\uff09\u662f\u4e09\u4e2a\u5907\u9009\u6295\u8d44\u7c7b\u522b\u3002<\/p>\n

\u79c1\u4eba\u80a1\u672c\uff1a\u5229\u6da6\u589e\u957f\u8574\u542b\u98ce\u9669<\/strong><\/p>\n

\u51e1\u662f\u4e13\u6ce8\u4e8e\u4ee5\u975e\u4e0a\u5e02\u4f01\u4e1a\u4e3a\u76c8\u5229\u6765\u6e90\u7684\u79c1\u52df\u57fa\u91d1\u7ba1\u7406\u4eba\uff0c\u90fd\u88ab\u5f52\u7eb3\u4e3a\u79c1\u4eba\u80a1\u672c\u8fd0\u8425\u516c\u53f8\u3002\u79c1\u4eba\u80a1\u672c\u65e2\u5305\u62ec\u4e13\u95e8\u6295\u8d44\u5904\u4e8e\u65e9\u671f\u53d1\u5c55\u9636\u6bb5\u4f01\u4e1a\u7684\u98ce\u9669\u6295\u8d44\u5546\uff08Venture Capital\uff09\uff0c\u6bd4\u5982\u6210\u529f\u6295\u8d44\u76db\u5927\u7f51\u7edc\u7684\u65e5\u672c\u8f6f\u94f6\uff1b\u53c8\u5305\u62ec\u4e13\u95e8\u6295\u8d44\u80a1\u4ef7\u4e25\u91cd\u626d\u66f2\u7684\u4e0a\u5e02\u4f01\u4e1a\u7684\u6536\u8d2d\u57fa\u91d1\uff08Buyout Fund\uff09\uff0c\u6bd4\u5982\u6295\u8d44\u5f90\u5de5\u673a\u68b0\u7684\u51ef\u96f7\u96c6\u56e2\u65d7\u4e0b\u7684\u6536\u8d2d\u57fa\u91d1\uff1b\u8fd8\u5305\u62ec\u4ee5\u63d0\u4f9b\u4f01\u4e1a\u4e0a\u5e02\u6216\u6536\u8d2d\u517c\u5e76\u524d\u77ed\u671f\u8fc7\u6865\u8d37\u6b3e\u7684\u5939\u5c42\u6295\u8d44\u57fa\u91d1(Mezzanine Fund\uff09\u548c\u4ee5\u5904\u4e8e\u507f\u8fd8\u5371\u673a\u4e2d\u7684\u503a\u5238\u4e3a\u4e3b\u8981\u6295\u8d44\u6807\u7684\u7684\u79c3\u9e6b\u57fa\u91d1\uff08Vulture Fund\uff09\uff08\u88681\uff09\u3002<\/p>\n

\u88681\uff1a\u79c1\u4eba\u80a1\u672c\u7684\u5206\u7c7b<\/strong><\/p>\n

\n\n\n\n\n\n\n\n
<\/td>\n\u98ce\u9669\u6295\u8d44<\/strong>
\n Venture Capital<\/strong><\/td>\n		\u6536\u8d2d\u57fa\u91d1
\n Buyout Fund<\/strong><\/td>\n		\u5939\u5c42\u6295\u8d44\u57fa\u91d1
Mezzanin Fund<\/strong><\/td>\n		\u79c3\u9e6b\u57fa\u91d1
\n Vulture Fund<\/strong><\/td>\n<\/tr>\n
\u6295\u8d44\u5bf9\u8c61<\/strong><\/td>\n\u5904\u4e8e\u521b\u4e1a\u6216\u53d1\u5c55\u65e9\u671f\u7684\u4f01\u4e1a<\/td>\n\u5904\u4e8e\u6210\u719f\u6216\u8870\u843d\u9636\u6bb5\u7684\u4f01\u4e1a<\/td>\n\u6b63\u5728\u8fdb\u884c\u8d44\u672c\u8c03\u6574\u4e14\u6025\u9700\u8d44\u91d1\u7684\u4f01\u4e1a<\/td>\n\u51fa\u73b0\u4e25\u91cd\u8d22\u52a1\u5371\u673a\u800c\u65e0\u6cd5\u6309\u65f6\u652f\u4ed8\u503a\u5238\u672c\u606f\u7684\u4f01\u4e1a<\/td>\n<\/tr>\n
\u6295\u8d44\u5de5\u5177<\/strong><\/td>\n\u53ef\u8f6c\u6362\u4f18\u5148\u503a\uff08\u80a1\uff09<\/td>\n\u6760\u6746\u878d\u8d44\u6765\u6536\u8d2d\u63a7\u80a1\u6743<\/td>\n\u6b21\u7ea7\u503a<\/td>\n\u503a\u8f6c\u80a1<\/td>\n<\/tr>\n
\u9000\u51fa\u673a\u5236<\/strong><\/td>\n\u4e0a\u5e02\u6216\u8f6c\u552e<\/td>\n\u5148\u9000\u5e02\uff0c\u4f11\u517b\u751f\u606f\u540e\u518d\u4e0a\u5e02\u6216\u8005\u8f6c\u552e<\/td>\n\u88ab\u6295\u8d44\u4f01\u4e1a\u8fd8\u672c\u4ed8\u606f<\/td>\n\u4e0a\u5e02\u6216\u8f6c\u552e<\/td>\n<\/tr>\n
\u957f\u671f\u6536\u76ca<\/strong><\/td>\n\u4f18\u4e8e\u80a1\u7968\u4e8c\u7ea7\u5e02\u573a\u7684\u5927\u5e02\u8868\u73b0<\/td>\n\u7b49\u540c\u4e8e\u6216\u7565\u9ad8\u4e8e\u80a1\u7968\u4e8c\u7ea7\u5e02\u573a\u7684\u5927\u5e02\u8868\u73b0<\/td>\n\u4ecb\u4e8e\u56fa\u5b9a\u6536\u76ca\u8bc1\u5238\u548c\u80a1\u7968\u4e8c\u7ea7\u5e02\u573a\u7684\u5927\u5e02\u8868\u73b0\u4e4b\u95f4<\/td>\n\u79c1\u4eba\u80a1\u672c\u4e2d\u6700\u597d<\/td>\n<\/tr>\n
\u98ce\u9669<\/strong><\/td>\n\u6210\u529f\u7387\u8f83\u4f4e\u4e14\u53d6\u51b3\u4e8e\u4e8c\u7ea7\u5e02\u573a\u4f30\u503c\u6c34\u5e73\u548c\u5e76\u8d2d\u6d3b\u8dc3\u7a0b\u5ea6<\/td>\n\u4e0d\u80fd\u53ca\u65f6\u9000\u51fa\u5c06\u9762\u5bf9\u6602\u8d35\u7684\u878d\u8d44\u6210\u672c<\/td>\n\u878d\u8d44\u6216\u5e76\u8d2d\u5931\u8d25\u65f6\u7684\u4fe1\u7528\u98ce\u9669<\/td>\n\u79c1\u4eba\u80a1\u672c\u4e2d\u6700\u9ad8<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\u8fd1\u4e9b\u5e74\u6765\uff0c\u5168\u7403\u79c1\u4eba\u80a1\u672c\u6295\u8d44\u5e02\u573a\u51fa\u73b0\u7684\u4e00\u4e9b\u65b0\u8d8b\u52bf\u503c\u5f97\u6295\u8d44\u8005\u6ce8\u610f\u3002<\/p>\n

\u9996\u5148\uff0c\u968f\u7740\u9000\u4f11\u57fa\u91d1\u3001\u6148\u5584\u57fa\u91d1\u3001\u5927\u5b66\u6350\u6b3e\u7b49\u673a\u6784\u6295\u8d44\u8005\u548c\u5bcc\u4eba\u4eec\u9010\u6b65\u63d0\u9ad8\u5bf9\u5907\u9009\u6295\u8d44\u7684\u914d\u7f6e\u6bd4\u4f8b\uff0c\u8fc7\u591a\u7684\u8d44\u91d1\u6d41\u5165\u610f\u5473\u7740\u79c1\u4eba\u80a1\u672c\u6295\u8d44\u4e0d\u4e00\u5b9a\u80fd\u957f\u671f\u8dd1\u8d62\u4e8c\u7ea7\u5e02\u573a\u7684\u4f20\u7edf\u6536\u76ca\u9884\u671f\u3002<\/p>\n

\u5176\u6b21\uff0c\u6536\u8d2d\u57fa\u91d1\u7684\u5355\u4e2a\u8d44\u672c\u8fd0\u4f5c\u9879\u76ee\u7684\u6807\u7684\u989d\u6025\u5267\u4e0a\u5347\uff0c\u6bd4\u5982\uff0c\u9ed2\u77f3\u57fa\u91d1\u6536\u8d2d\u623f\u5730\u4ea7\u4fe1\u6258\u6295\u8d44\u57fa\u91d1EOP\uff08Equity Office Properties\uff09\u7684\u4ea4\u6613\u4e2d\uff0c\u9ad8\u8fbe389\u4ebf\u7f8e\u5143\u7684\u201c\u5de8\u65e0\u9738\u201d\u89c4\u6a21\u4ee4\u4e1a\u754c\u4eba\u58eb\u65e0\u4e0d\u4e3a\u4e4b\u9707\u60ca\u3002\u663e\u7136\uff0c\u8fd9\u4e9b\u89c4\u6a21\u9010\u6b65\u6269\u5927\u7684\u4ea4\u6613\u6848\u6240\u9690\u542b\u7684\u98ce\u9669\u4e5f\u968f\u4e4b\u88ab\u653e\u5927\u3002<\/p>\n

\u518d\u6b21\uff0c\u5168\u7403\u79c1\u4eba\u80a1\u672c\u6b63\u52a0\u901f\u5411\u65b0\u5174\u5e02\u573a\u6d41\u52a8\uff0c\u6839\u636e\u65b0\u5174\u5e02\u573a\u79c1\u4eba\u80a1\u672c\u57fa\u91d1\u534f\u4f1a\uff08Emerging Markets Private Equity Association\uff09\u7684\u7edf\u8ba1\uff0c\u4e13\u95e8\u6295\u8d44\u4e8e\u4e2d\u56fd\u3001\u5370\u5ea6\u7b49\u65b0\u5174\u5e02\u573a\u7684\u57fa\u91d12006\u5e74\u5171\u52df\u5f97332\u4ebf\u7f8e\u5143\u7684\u65b0\u8d44\u91d1\uff0c\u8f83\u4e0a\u5e74\u589e\u957f\u4e8629%\u3002\u5c3d\u7ba1\u671d\u65b0\u5174\u5e02\u573a\u503e\u659c\u53ef\u80fd\u4f1a\u4e3a\u57fa\u91d1\u7684\u6295\u8d44\u8005\u5e26\u6765\u66f4\u4e3a\u4f18\u539a\u7684\u56de\u62a5\uff0c\u4f46\u662f\uff0c\u8fd9\u4e9b\u5e02\u573a\u7684\u9000\u51fa\u6e20\u9053\u662f\u5426\u7545\u901a\u548c\u9000\u51fa\u65f6\u673a\u662f\u5426\u80fd\u591f\u88ab\u57fa\u91d1\u7ecf\u7406\u51c6\u786e\u628a\u63e1\uff0c\u90fd\u662f\u6295\u8d44\u8005\u5e94\u8be5\u6ce8\u610f\u7684\u98ce\u9669\u70b9\u3002<\/p>\n

\u6700\u540e\uff0c\u79c1\u4eba\u80a1\u672c\u7684\u65b0\u8d44\u91d1\u6709\u52a0\u901f\u5411\u884c\u4e1a\u9f99\u5934\u6c47\u96c6\u7684\u503e\u5411\uff08\u88682\uff09\uff0c\u8fd9\u4e9b\u8fd0\u8425\u516c\u53f8\u5982\u4f55\u4e3a\u5982\u6b64\u5e9e\u5927\u89c4\u6a21\u7684\u8d44\u91d1\u521b\u9020\u65b0\u7684\u5229\u6da6\uff0c\u65e0\u7591\u662f\u4e00\u4e2a\u503c\u5f97\u6240\u6709\u6295\u8d44\u8005\u601d\u8003\u7684\u95ee\u9898\u3002<\/p>\n

\u8868<\/strong>2<\/strong><\/span>\uff1a\u8fd1\u5e74\u7b79\u8d44\u989d\u6700\u5927\u7684\u524d\u5341\u5bb6\u79c1\u4eba\u80a1\u672c\u8fd0\u8425\u516c\u53f8\uff08<\/strong>2002.1<\/strong><\/span>\uff0d<\/strong>2007.5<\/strong><\/span>\uff09<\/strong><\/p>\n

<\/p>\n

\u8d44\u6599\u6765\u6e90\uff1a Private Equity International\uff0cPrivate Equity Intelligence<\/p>\n

\u5bf9\u51b2\u57fa\u91d1\uff1a\u89c4\u6a21\u6269\u5f20\u6216\u5f71\u54cd\u4e1a\u7ee9\u9884\u671f<\/strong><\/p>\n

\u5bf9\u51b2\u57fa\u91d1\u6cdb\u6307\u90a3\u4e9b\u5728\u91d1\u878d\u6216\u975e\u91d1\u878d\u4ea7\u54c1\u7684\u4e8c\u7ea7\u5e02\u573a\u4e0a\u4ee5\u9009\u62e9\u4ea4\u6613\u54c1\u79cd\u548c\u65f6\u673a\u7b49\u4e3b\u52a8\u6295\u8d44\u65b9\u5f0f\uff0c\u901a\u8fc7\u6760\u6746\u4ea4\u6613\u3001\u5356\u7a7a\u3001\u5957\u5229\u3001\u5bf9\u51b2\u548c\u884d\u751f\u91d1\u878d\u4ea7\u54c1\u4ea4\u6613\u7b49\u4e3b\u8981\u64cd\u4f5c\u624b\u6cd5\u6765\u8ffd\u6c42\u6b63\u7684\u7edd\u5bf9\u56de\u62a5\u7684\u6240\u6709\u79c1\u52df\u6295\u8d44\u4ea7\u54c1\u3002<\/p>\n

\u8fd1\u4e9b\u5e74\u6765\uff0c\u5bf9\u51b2\u57fa\u91d1\u548c\u6307\u6570\u57fa\u91d1\uff08\u5c24\u5176\u662f\u4ea4\u6613\u578b\u6307\u6570\u57fa\u91d1\uff0c\u5373ETF\uff09\u662f\u53d1\u5c55\u6700\u5feb\u7684\u4e24\u5927\u7c7b\u6295\u8d44\u4e8e\u4e8c\u7ea7\u5e02\u573a\u7684\u96c6\u5408\u7406\u8d22\u4ea7\u54c1\u3002\u5bf9\u51b2\u57fa\u91d1\u60c5\u62a5\u516c\u53f8\uff08Hedge Fund Intelligence Ltd\uff09\u4eca\u5e743\u6708\u53d1\u5e03\u7684\u6570\u636e\u663e\u793a\uff0c\u5168\u7403\u5bf9\u51b2\u57fa\u91d1\u7684\u5728\u7ba1\u8d44\u4ea7\u9996\u6b21\u8d85\u8fc7\u4e862\u4e07\u4ebf\u7f8e\u5143\uff0c\u5176\u4e2d\uff0c\u7f8e\u56fd\u5bf9\u51b2\u57fa\u91d1\u7684\u5728\u7ba1\u8d44\u4ea7\u8fbe\u5230\u521b\u7eaa\u5f55\u76841.5\u4e07\u4ebf\u7f8e\u5143\u3002\u5c24\u5176\u6709\u610f\u601d\u7684\u662f\uff0c\u6469\u6839\u5927\u901a\u548c\u9ad8\u76db\u8fd9\u4e24\u5bb6\u534e\u5c14\u8857\u5356\u65b9\u673a\u6784\uff0c\u5206\u522b\u4ee5340\u548c325\u4ebf\u7f8e\u5143\u7684\u5728\u7ba1\u8d44\u4ea7\u89c4\u6a21\u4f4d\u5c45\u5bf9\u51b2\u57fa\u91d1\u7ba1\u7406\u516c\u53f8\u7684\u524d\u4e24\u540d\uff0c\u8fd9\u4ece\u4fa7\u9762\u53cd\u6620\u4e86\u5bf9\u51b2\u57fa\u91d1\u5bf9\u9500\u552e\u6e20\u9053\u7684\u4f9d\u8d56\u7a0b\u5ea6\u3002<\/p>\n

\u7b14\u8005\u5728\u5b9e\u9645\u64cd\u4f5c\u4e2d\u89c2\u5bdf\u5230\uff0c\u6295\u8d44\u8005\u5728\u5bf9\u5bf9\u51b2\u57fa\u91d1\u7684\u8ba4\u8bc6\u4e0a\u6700\u5bb9\u6613\u72af\u4e24\u4e2a\u9519\u8bef\uff0c\u5373\u8981\u4e48\u53d7\u957f\u671f\u8d44\u672c\u7ba1\u7406\u516c\u53f8\uff08Long Term Capital Management\uff09\u7b49\u8d1f\u9762\u4f8b\u5b50\u7684\u5f71\u54cd\uff0c\u5c06\u5bf9\u51b2\u57fa\u91d1\u89c6\u4f5c\u6d2a\u6c34\u731b\u517d\uff0c\u552f\u6050\u907f\u4e4b\u4e0d\u53ca\uff1b\u8981\u4e48\u53d7\u7d22\u7f57\u65af\u7b49\u6210\u529f\u4eba\u58eb\u7684\u5f71\u54cd\uff0c\u8ff7\u4fe1\u5bf9\u51b2\u57fa\u91d1\u7684\u201c\u8d85\u7ea7\u201d\u76c8\u5229\u80fd\u529b\uff0c\u751a\u81f3\u56e0\u6b64\u800c\u5b8c\u5168\u820d\u5f03\u80a1\u7968\u3001\u503a\u5238\u7b49\u4f20\u7edf\u8d44\u4ea7\u6216\u5171\u540c\u57fa\u91d1\u7b49\u4f20\u7edf\u6295\u8d44\u5de5\u5177\u3002\u5b9e\u9645\u4e0a\uff0c\u5bf9\u51b2\u57fa\u91d1\u4e0d\u4ec5\u5728\u8bb8\u591a\u65b9\u9762\u540c\u5171\u540c\u57fa\u91d1\u6709\u7740\u672c\u8d28\u4e0a\u7684\u533a\u522b\uff08\u88683\uff09\uff0c\u800c\u4e14\uff0c\u81ea\u8eab\u8fd8\u53ef\u4ee5\u6839\u636e\u6295\u8d44\u7a0b\u5e8f\u3001\u7b56\u7565\u6216\u5bf9\u8c61\u88ab\u5212\u5206\u6210\u8bf8\u591a\u4e0d\u540c\u7684\u9635\u8425\uff08\u88684\uff09\u3002<\/p>\n

\u88683\uff1a\u5bf9\u51b2\u57fa\u91d1\u548c\u5171\u540c\u57fa\u91d1\u7684\u6bd4\u8f83<\/strong><\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n\u5bf9\u51b2\u57fa\u91d1<\/strong><\/td>\n\u5171\u540c\u57fa\u91d1<\/strong><\/td>\n<\/tr>\n
\u6295\u8d44\u76ee\u6807<\/strong><\/td>\n\u8ffd\u6c42\u9884\u8bbe\u7684\u3001\u8d85\u51fa\u65e0\u98ce\u9669\u6536\u76ca\u7387\u4ee5\u4e0a\u7684\u5177\u4f53\u7edd\u5bf9\u56de\u62a5<\/td>\n\u8ffd\u6c42\u7b49\u540c\u6216\u8005\u8d85\u8d8a\u8d44\u4ea7\u5927\u5e02\u57fa\u51c6\u7684\u76f8\u5bf9\u56de\u62a5<\/td>\n<\/tr>\n
\u6295\u8d44\u8303\u56f4<\/strong><\/td>\n\u4e8c\u7ea7\u5e02\u573a\u8bc1\u5238\u3001\u884d\u751f\u91d1\u878d\u4ea7\u54c1\u3001\u4fe1\u8d37\u5e02\u573a\u5408\u7ea6\u3001\u5546\u54c1\u7684\u73b0\u8d27\u53ca\u671f\u8d27\u3001\u5916\u6c47\u73b0\u8d27\u53ca\u671f\u8d27<\/td>\n\u4e8c\u7ea7\u5e02\u573a\u8bc1\u5238\u53ca\u975e\u5e38\u6709\u9650\u7684\u884d\u751f\u91d1\u878d\u4ea7\u54c1<\/td>\n<\/tr>\n
\u6295\u8d44\u7b56\u7565<\/strong><\/td>\n\u57fa\u4e8e\u8bc1\u5238\u57fa\u672c\u9762\u6216\u8005\u6280\u672f\u9762\u5206\u6790\u7684\u5bf9\u5e02\u573a\u6b63\u5411\u6216\u53cd\u5411\u3001\u653e\u5927\u6216\u7f29\u5c0f\u7684\u53c2\u4e0e\uff0c\u6216\u8005\u5b8c\u5168\u540c\u5e02\u573a\u65e0\u5173\u7684\u4e2d\u6027\u7b56\u7565<\/td>\n\u5728\u8d44\u4ea7\u914d\u7f6e\u653f\u7b56\u6307\u5bfc\u4e0b\u7684\u3001\u57fa\u4e8e\u8bc1\u5238\u57fa\u672c\u9762\u5206\u6790\u7684\u5e02\u573a\u6b63\u5411\u53c2\u4e0e<\/td>\n<\/tr>\n
\u64cd\u4f5c\u624b\u6cd5<\/strong><\/td>\n\u9891\u7e41\u4ea4\u6613\u3001\u900f\u652f\u4ea4\u6613\u3001\u5356\u7a7a\u4ea4\u6613\u548c\u590d\u6742\u7684\u884d\u751f\u54c1\u4ea4\u6613<\/td>\n\u901a\u8fc7\u8c03\u6574\u8d44\u4ea7\u914d\u7f6e\u6bd4\u4f8b\u6765\u8c03\u8282\u5bf9\u5e02\u573a\u7684\u53c2\u4e0e\u5ea6\uff0c\u4ea4\u6613\u901a\u5e38\u5e76\u4e0d\u9891\u7e41<\/td>\n<\/tr>\n
\u76d1\u7ba1\u73af\u5883<\/strong><\/td>\n\u79c1\u52df\u53d1\u884c\u4e3a\u4e3b\uff0c\u4fe1\u606f\u4e0d\u900f\u660e\uff0c\u6536\u8d39\u65e0\u4e0a\u9650<\/td>\n\u4e25\u683c\u7684\u53d1\u884c\u3001\u4fe1\u606f\u62ab\u9732\u548c\u6536\u8d39\u9650\u5236<\/td>\n<\/tr>\n
\u7ec4\u7ec7\u5f62\u5f0f<\/strong><\/td>\n\u6709\u9650\u5408\u4f19\u4f01\u4e1a\uff0c\u57fa\u91d1\u7684\u57fa\u91d1<\/td>\n\u5c01\u95ed\u5f0f\u6216\u8005\u5f00\u653e\u5f0f\u6295\u8d44\u516c\u53f8\u3001\u5355\u4f4d\u4fe1\u6258<\/td>\n<\/tr>\n
\u6536\u76ca\u7279\u5f81<\/strong><\/td>\n\u5c11\u6570\u57fa\u91d1\u8d21\u732e\u591a\u6570\u56de\u62a5<\/td>\n\u56f4\u7ed5\u8d44\u4ea7\u957f\u671f\u9884\u671f\u56de\u62a5\u7684\u5206\u5e03<\/td>\n<\/tr>\n
\u98ce\u9669\u7279\u5f81<\/strong><\/td>\n\u975e\u7cfb\u7edf\u98ce\u9669\u4e3a\u4e3b\uff0c\u5305\u62ec\u57fa\u91d1\u7ecf\u7406\u6280\u80fd\u5949\u732e\u3001\u6a21\u578b\u98ce\u9669\u3001\u4ea4\u6613\u98ce\u9669<\/td>\n\u7cfb\u7edf\u98ce\u9669\u4e3a\u4e3b\uff0c\u4e5f\u5305\u62ec\u56e0\u591a\u6837\u5316\u4e0d\u8db3\u7b49\u539f\u56e0\u800c\u5b58\u5728\u7684\u975e\u7cfb\u7edf\u98ce\u9669<\/td>\n<\/tr>\n
\u57fa\u91d1\u7ecf\u7406\u62a5\u916c\u6a21\u5f0f<\/strong><\/td>\n\u57fa\u672c\u7ba1\u7406\u8d39\u548c\u7ee9\u6548\u5206\u6210\u76f8\u7ed3\u5408<\/td>\n\u901a\u5e38\u4ec5\u6309\u7167\u5728\u7ba1\u8d44\u4ea7\u89c4\u6a21\u7684\u6bd4\u4f8b\u6536\u53d6\u57fa\u672c\u7ba1\u7406\u8d39<\/td>\n<\/tr>\n
\u9002\u7528\u5bf9\u8c61<\/strong><\/td>\n\u5bfb\u6c42\u4f20\u7edf\u8d44\u4ea7\u7c7b\u522b\u4ee5\u5916\u591a\u6837\u5316\u56e0\u7d20\u7684\u6295\u8d44\u8005\uff08\u5c24\u5176\u662f\u65e0\u8d44\u672c\u5229\u5f97\u7a0e\u8d1f\u62c5\u7684\u6295\u8d44\u8005\u6216\u8005\u6295\u8d44\u8d26\u6237\uff09<\/td>\n\u613f\u610f\u83b7\u53d6\u4f20\u7edf\u8d44\u4ea7\u9884\u671f\u56de\u62a5\u7684\u957f\u7ebf\u6295\u8d44\u8005<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\u88684\uff1a\u5bf9\u51b2\u57fa\u91d1\u7684\u4e3b\u8981\u6295\u8d44\u7b56\u7565<\/strong><\/p>\n

\n\n\n\n\n\n\n\n\n\n
\n

\u7b56\u7565\u7c7b\u578b<\/strong><\/p>\n<\/td>\n

\n

\u4e3b\u8981\u64cd\u4f5c\u624b\u6cd5\u548c\u7279\u5f81<\/strong><\/p>\n<\/td>\n<\/tr>\n

\n

\u76f8\u5bf9\u4ef7\u503c
(Relative Value)<\/p>\n<\/td>\n

\n

\u6216\u79f0\u5e02\u573a\u4e2d\u6027\uff08Market Neutral\uff09\u7b56\u7565\uff0c\u65e8\u5728\u901a\u8fc7\u590d\u6742\u7684\u6a21\u578b\u548c\u7a0b\u5e8f\u4ea4\u6613\u6765\u53d6\u5f97\u540c\u80a1\u7968\u3001\u503a\u5238\u7b49\u8d44\u4ea7\u5e02\u573a\u65e0\u5173\u6216\u8d1f\u76f8\u5173\u7684\u56de\u62a5\u6ce2\u52a8<\/p>\n<\/td>\n<\/tr>\n

\n

\u4e8b\u4ef6\u4e3b\u5bfc
(Event Driven)<\/p>\n<\/td>\n

\n

\u6839\u636e\u8bc1\u5238\u53d1\u884c\u4e3b\u4f53\u7684\u6536\u8d2d\u3001\u517c\u5e76\u3001\u91cd\u7ec4\u3001\u7834\u4ea7\u4fdd\u62a4\u7b49\u5b9e\u8d28\u6027\u91cd\u5927\u4e8b\u4ef6\u6765\u786e\u5b9a\u5957\u5229\u6295\u8d44\u7684\u5934\u5bf8\u548c\u65b9\u5411\u6027\u7ec4\u5408<\/p>\n<\/td>\n<\/tr>\n

\n

\u6218\u672f\u4ea4\u6613
(Tactical Trading)<\/p>\n<\/td>\n

\n

\u5305\u62ec\u4e09\u5927\u7b56\u7565\uff1a\uff081\uff09\u5168\u7403\u5b8f\u89c2\u7ecf\u6d4e\uff08Global \tMacro\uff09\u7b56\u7565\uff0c\u5373\u6295\u8d44\u7ecf\u7406\u6839\u636e\u5168\u7403\u7ecf\u6d4e\u683c\u5c40\u548c\u53d1\u5c55\u8d8b\u52bf\u6765\u5224\u65ad\u8d44\u4ea7\u4ef7\u683c\u3001\u5229\u7387\u548c\u6c47\u7387\u7684\u672a\u6765\u8d70\u52bf\uff0c\u5e76\u6781\u5927\u9650\u5ea6\u5730\u5229\u7528\u6760\u6746\u4ea4\u6613\u6765\u83b7\u53d6\u5229\u6da6\uff1b\uff082\uff09\u5e02\u573a\u8d8b\u52bf\uff08Market Trend\uff09\u7b56\u7565\uff0c\u5373\u6295\u8d44\u7ecf\u7406\u901a\u8fc7\u57fa\u4e8e\u8bc1\u5238\u7684\u5386\u53f2\u7edf\u8ba1\u6570\u636e\u548c\u53d8\u52a8\u89c4\u5f8b\u7b49\u6570\u91cf\u5206\u6790\u6a21\u578b\u6765\u51b3\u5b9a\u6295\u8d44\u5934\u5bf8\u548c\u65b9\u5411\uff1b\uff083\uff09\u65b9\u5411\u4ea4\u6613\uff08Directional Trading\uff09\uff0c\u5373\u6295\u8d44\u7ecf\u7406\u57fa\u4e8e\u81ea\u5df1\u5bf9\u5e02\u573a\u6216\u8005\u8bc1\u5238\u4ef7\u683c\u53d8\u52a8\u7684\u9884\u6d4b\u6765\u8fdb\u884c\u65e0\u98ce\u9669\u5bf9\u51b2\u7684\u201c\u505a\u591a\u201d\u6216\u8005\u201c\u505a\u7a7a\u201d\u7684\u5355\u5411\u4ea4\u6613<\/p>\n<\/td>\n<\/tr>\n

\n

\u591a\u7a7a\u7ed3\u5408
(Long\/Short)<\/p>\n<\/td>\n

\n

\u901a\u8fc7\u57fa\u672c\u9762\u6216\u6280\u672f\u9762\u7684\u5206\u6790\u6765\u786e\u5b9a\u5e76\u505a\u591a\u5f3a\u52bf\u8bc1\u5238\uff0c\u505a\u7a7a\u5f31\u52bf\u8bc1\u5238\u3002\u7531\u4e8e\u4e0d\u8ffd\u6c42\u5e02\u573a\u4e2d\u6027\uff0c\u8be5\u7b56\u7565\u901a\u5e38\u4e0d\u80fd\u56de\u907f\u5927\u5e02\u4e0b\u8dcc\u7684\u98ce\u9669<\/p>\n<\/td>\n<\/tr>\n

\n

\u57fa\u91d1\u7684\u57fa\u91d1
(Fund of Funds)<\/p>\n<\/td>\n

\n

\u4ee5\u4e0d\u540c\u7b56\u7565\u7684\u5bf9\u51b2\u57fa\u91d1\u6216\u8005\u540c\u4e00\u7b56\u7565\u4e0b\u7684\u4e0d\u540c\u57fa\u91d1\u6765\u5efa\u7acb\u6295\u8d44\u7ec4\u5408<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\u5c3d\u7ba1\u5bf9\u51b2\u57fa\u91d1\u7531\u6765\u5df2\u4e45\uff0c\u4f46\u5176\u5927\u89c4\u6a21\u53d1\u5c55\u4e3b\u8981\u53d1\u751f\u5728\u8fc7\u53bb\u5341\u591a\u5e74\u91cc\uff08\u7279\u522b\u662f\u7f8e\u56fd\u76d1\u7ba1\u5f53\u5c40\u4e8e1996\u5e74\u5c06\u5176\u5408\u683c\u6295\u8d44\u8005\u4eba\u6570\u9650\u5236\u753199\u4eba\u63d0\u9ad8\u5230499\u4eba\u4ee5\u540e\uff09\u3002\u7279\u522b\u7684\u662f\uff0c\u6295\u8d44\u7b56\u7565\u548c\u64cd\u4f5c\u624b\u6cd5\u7684\u4e0d\u65ad\u63a8\u9648\u51fa\u65b0\uff0c\u5bfc\u81f4\u5bf9\u51b2\u57fa\u91d1\u7684\u957f\u671f\u6536\u76ca\u548c\u98ce\u9669\u7279\u5f81\u76ee\u524d\u8fd8\u96be\u4ee5\u88ab\u786e\u5b9a\u3002\u4f46\u6709\u4e00\u70b9\u662f\u53ef\u4ee5\u80af\u5b9a\u7684\uff0c\u5bf9\u51b2\u57fa\u91d1\u8ffd\u6c42\u7684\u5c31\u662f\u6355\u6349\u8d44\u672c\u8d44\u4ea7\u5957\u5229\u5b9a\u4ef7\u7406\u8bba\uff08Arbitrage Pricing Theory\uff0c\u5373APT\uff09\u6240\u5b9a\u4e49\u7684\u4ef7\u683c\u5931\u8861\u673a\u4f1a\u6765\u5b9e\u73b0\u5957\u5229\u5229\u6da6\u3002\u56e0\u6b64\uff0c\u5f53\u8ffd\u6c42\u5957\u5229\u673a\u4f1a\u7684\u8d44\u91d1\u89c4\u6a21\u8fbe\u5230\u4e00\u5b9a\u7a0b\u5ea6\u65f6\uff0c\u5e02\u573a\u4e0a\u8d44\u4ea7\u4ef7\u683c\u7684\u5931\u8861\u7a0b\u5ea6\u5c31\u4f1a\u5927\u5e45\u964d\u4f4e\uff0c\u4ece\u800c\u51cf\u5c0f\u4e86\u65b0\u5957\u5229\u8d44\u91d1\u7684\u673a\u4f1a\u3002\u968f\u7740\u5bf9\u51b2\u57fa\u91d1\u89c4\u6a21\u7684\u4e0d\u65ad\u6269\u5f20\uff0c\u61a7\u61ac\u5b83\u4eec\u80fd\u591f\u4e0d\u65ad\u91cd\u590d\u5149\u8f89\u5386\u53f2\u4e1a\u7ee9\u7684\u6295\u8d44\u8005\u53ef\u80fd\u9700\u8981\u964d\u4f4e\u81ea\u5df1\u7684\u671f\u671b\u3002<\/p>\n

\u7ed3\u6784\u503a\u5238\uff1a\u503c\u5f97\u6000\u7591\u7684\u9ad8\u6536\u76ca<\/strong><\/p>\n

\u7ed3\u6784\u503a\u5238\u662f\u534e\u5c14\u8857\u901a\u8fc7\u5c06\u539f\u751f\u548c\u884d\u751f\u91d1\u878d\u4ea7\u54c1\u76f8\u7ed3\u5408\u7684\u65b9\u6cd5\uff0c\u5c06\u80a1\u7968\u3001\u5229\u7387\u3001\u6c47\u7387\u3001\u5546\u54c1\u7b49\u5e02\u573a\u7684\u90e8\u5206\u6216\u5168\u90e8\u98ce\u9669\u548c\u6536\u76ca\u4ee5\u503a\u5238\u7684\u7ec4\u7ec7\u5f62\u5f0f\u6784\u9020\u51fa\u6765\u7684\u53ef\u6295\u8d44\u4ea7\u54c1\u3002\u5e02\u573a\u4e0a\u6bd4\u8f83\u6d41\u884c\u7684\u6709\u540c\u80a1\u7968\u5927\u5e02\u6307\u6570\u3001\u4e00\u63fd\u5b50\u80a1\u7968\u6216\u57fa\u91d1\u6302\u94a9\u7684\u201c\u80a1\u5e02\u6302\u94a9\u503a\u201d\uff08Equity-linked Notes\uff09\u3001\u540c\u5229\u7387\u3001\u6c47\u7387\u6c34\u5e73\u6216\u8005\u5546\u54c1\u4ef7\u683c\u6302\u94a9\u7684\u201c\u533a\u95f4\u503a\u201d\uff08Range Notes\uff09\u3002<\/p>\n

\u7531\u4e8e\u5176\u6536\u76ca\u53d6\u51b3\u4e8e\u6240\u6302\u94a9\u7684\u539f\u751f\u54c1\u7684\u8868\u73b0\uff0c\u7ed3\u6784\u503a\u5238\u901a\u5e38\u5728\u5e02\u573a\u5229\u7387\u6c34\u5e73\u8f83\u4f4e\u4e14\u4e0d\u80fd\u6ee1\u8db3\u4f20\u7edf\u7684\u6536\u5165\u578b\u6295\u8d44\u8005\u671f\u671b\u7684\u5927\u73af\u5883\u4e0b\u5f97\u5230\u751f\u5b58\u548c\u53d1\u5c55\u3002\u76ee\u524d\u4e2d\u56fd\u5404\u5546\u4e1a\u94f6\u884c\u7ade\u76f8\u63a8\u51fa\u7684 \u201c\u7ed3\u6784\u6027\u5916\u6c47\u7406\u8d22\u4ea7\u54c1\u201d\uff0c\u5c31\u662f\u4ece\u534e\u5c14\u8857\u8236\u6765\u7684\u7ed3\u6784\u503a\u5238\uff0c\u5176\u76ee\u7684\u5c31\u662f\u5728\u4f4e\u5229\u7387\u73af\u5883\u4e0b\u901a\u8fc7\u9ad8\u201c\u9884\u671f\u6536\u76ca\u7387\u201d\u6765\u5ffd\u60a0\u4e0d\u77e5\u60c5\u7684\u56fd\u5185\u5916\u6c47\u50a8\u6237\u3002\u7531\u4e8e\u56fd\u5185\u94f6\u884c\u548c\u50a8\u6237\u4e4b\u95f4\u5b58\u5728\u6709\u4e25\u91cd\u7684\u4fe1\u606f\u4e0d\u5bf9\u79f0\u53ca\u5b83\u4eec\u548c\u534e\u5c14\u8857\u540c\u884c\u4e4b\u95f4\u5b9e\u52a1\u64cd\u4f5c\u80fd\u5b9e\u529b\u7684\u5de8\u5927\u5dee\u8ddd\uff0c\u624d\u51fa\u73b0\u4e86\u76ee\u524d\u6240\u8c13\u7684\u201c\u85cf\u6c47\u4e8e\u6c11\u201d\u5b9e\u9645\u4e0a\u5c31\u662f\u56fd\u5185\u94f6\u884c\u7387\u9886\u5168\u4f53\u201c\u6c47\u6c11\u201d\u6210\u4e3a\u534e\u5c14\u8857\u5bf9\u51b2\u98ce\u9669\u7684\u4ea4\u6613\u5bf9\u624b\u7684\u60b2\u60e8\u666f\u8c61\u3002<\/p>\n

\u5982\u4f55\u6295\u8d44\u5907\u9009\u6295\u8d44\uff1f<\/strong><\/p>\n

\u672c\u4e13\u680f\u7684\u957f\u671f\u8bfb\u8005\u4e0d\u96be\u53d1\u73b0\uff0c\u7b14\u8005\u4e00\u76f4\u8bd5\u56fe\u5c06\u73b0\u4ee3\u6295\u8d44\u7ec4\u5408\u7ba1\u7406\u7406\u8bba\u6307\u5bfc\u4e0b\u7684\u3001\u7ecf\u8fc7\u534e\u5c14\u8857\u4f18\u79c0\u7684\u4e70\u65b9\u4f01\u4e1a\u5b9e\u8df5\u6240\u8bc1\u660e\u884c\u4e4b\u6709\u6548\u7684\u5148\u8fdb\u6295\u8d44\u7406\u5ff5\u548c\u65b9\u6cd5\u4ecb\u7ecd\u7ed9\u56fd\u5185\u6295\u8d44\u8005\u3002\u8fd9\u4e00\u7406\u5ff5\u7684\u6838\u5fc3\u5c31\u5728\u4e8e\u8d44\u4ea7\u914d\u7f6e\u3001\u7ec4\u5408\u591a\u6837\u5316\u548c\u4f4e\u6295\u8d44\u6210\u672c\u662f\u6295\u8d44\u8005\u5b9e\u73b0\u8d22\u5bcc\u7684\u957f\u671f\u6709\u6548\u5347\u503c\u7684\u4e09\u4e2a\u5fc5\u5907\u524d\u63d0\u3002<\/p>\n

\u7531\u4e8e\u5177\u6709\u540c\u4f20\u7edf\u8d44\u4ea7\u4e0d\u5b8c\u5168\u76f8\u5173\u7684\u6536\u76ca\u548c\u98ce\u9669\uff0c\u9002\u5f53\u5c06\u4e00\u4e9b\u8d44\u91d1\u914d\u7f6e\u5728\u79c1\u4eba\u80a1\u672c\u548c\u5bf9\u51b2\u57fa\u91d1\u7b49\u5907\u9009\u6295\u8d44\u4e0a\u4e0d\u4ec5\u9002\u5f53\uff0c\u800c\u4e14\u5b8c\u5168\u6709\u5fc5\u8981\u3002\u4f46\u662f\uff0c\u6295\u8d44\u8005\u5207\u4e0d\u53ef\u4ee5\u5c06\u5907\u9009\u6295\u8d44\u62ff\u6765\u5b8c\u5168\u66ff\u4ee3\u80a1\u7968\u3001\u623f\u5730\u4ea7\u3001\u56fa\u5b9a\u6536\u76ca\u8bc1\u5238\u7b49\u4f20\u7edf\u6838\u5fc3\u8d44\u4ea7\uff0c\u800c\u662f\u8981\u5728\u5b8c\u6210\u8fd9\u4e9b\u8d44\u4ea7\u7684\u914d\u7f6e\u7684\u524d\u63d0\u4e0b\uff0c\u5c06\u5c11\u91cf\uff08\u4e5f\u8bb8\u4e0d\u8d85\u8fc7\u53ef\u6295\u8d44\u8d22\u5bcc\u603b\u503c\u768410%\uff0c\u56e0\u4eba\u800c\u5f02\uff09\u7684\u8d44\u91d1\u914d\u7f6e\u5728\u90a3\u4e9b\u89c4\u6a21\u8f83\u5927\u3001\u4fe1\u606f\u62ab\u9732\u5145\u5206\u3001\u6536\u8d39\u8f83\u4e3a\u5408\u7406\u7684\u57fa\u91d1\u4e0a\u3002\u6216\u8005\uff0c\u6211\u4eec\u53ef\u4ee5\u5b66\u4e60\u4e2d\u56fd\u56fd\u5bb6\u5916\u6c47\u6295\u8d44\u516c\u53f8\u6295\u8d44\u9ed1\u77f3\u57fa\u91d1\u7684\u65b9\u6cd5\uff08\u7b14\u8005\u5e76\u4e0d\u8ba4\u540c\u5176\u6295\u8d44\u51b3\u7b56\u7a0b\u5e8f\uff09\uff0c\u5c06\u914d\u7f6e\u5728\u5907\u9009\u6295\u8d44\u4e0a\u7684\u8d44\u91d1\u7528\u6765\u6295\u8d44\u8fd9\u4e9b\u57fa\u91d1\u7ba1\u7406\u516c\u53f8\u7684\u80a1\u6743\u3002<\/p>\n

\u603b\u4e4b\uff0c\u6295\u8d44\u8005\u5fc5\u987b\u8ba4\u6e05\u5907\u9009\u6295\u8d44\u4e4b\u201c\u5907\u9009\u201d\u672c\u8d28\uff0c\u6839\u636e\u81ea\u5df1\u7684\u76ee\u524d\u8d22\u52a1\u72b6\u51b5\u3001\u6295\u8d44\u76ee\u6807\u3001\u6295\u8d44\u671f\u9650\u3001\u98ce\u9669\u627f\u53d7\u529b\u3001\u7a0e\u8d1f\u548c\u6cd5\u5f8b\u9650\u5236\u7b49\u5b9e\u9645\u60c5\u51b5\u6765\u51b3\u5b9a\u662f\u5426\u6295\u8d44\u4ee5\u53ca\u6295\u8d44\u7684\u9650\u5ea6\u3002<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\u5728\u5168\u7403\u8d44\u672c\u5e02\u573a\u4e0a\uff0c\u80fd\u591f\u540c\u76ee\u524d\u8f70\u8f70\u70c8\u70c8\u7684\u4e2d\u56fd\u80a1\u5e02\u76f8\u63d0\u5e76\u8bba\u7684\uff0c\u6050\u6015\u53ea\u6709\u4ee5\u79c1\u4eba\u80a1\u672c\uff08Private Equity\uff09\u548c<\/p>\n

Read More<\/a><\/p>\n","protected":false},"author":1,"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\/686"}],"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\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.jsvest.com.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=686"}],"version-history":[{"count":9,"href":"http:\/\/www.jsvest.com.cn\/index.php?rest_route=\/wp\/v2\/posts\/686\/revisions"}],"predecessor-version":[{"id":3849,"href":"http:\/\/www.jsvest.com.cn\/index.php?rest_route=\/wp\/v2\/posts\/686\/revisions\/3849"}],"wp:attachment":[{"href":"http:\/\/www.jsvest.com.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=686"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.jsvest.com.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=686"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.jsvest.com.cn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=686"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}