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src=\"wp-content\/uploads\/wenzhang\/w8-2.jpg\" name=\"\u56fe\u5f622\" border=\"0\" align=\"bottom\" id=\"\u56fe\u5f622\" \/><\/p>\n<p>\n              \u5f53\u7136\uff0c\u5373\u4f7f\u662f\u6709\u5de8\u5e45\u6298\u6263\uff0c\u4e5f\u5e76\u4e0d\u610f\u5473\u7740\u5c01\u95ed\u57fa\u91d1\u9002\u5408\u6240\u6709\u7684\u6295\u8d44\u8005\u3002\u53ea\u6709\u90a3\u4e9b\u653f\u7b56\u6027\u8d44\u4ea7\u914d\u7f6e\u5df2\u7ecf\u5305\u62ec\u4e86\u5c01\u95ed\u57fa\u91d1\u7684\u6295\u8d44\u7ec4\u5408\u6240\u4ee3\u8868\u7684\u8d44\u4ea7\u7c7b\u522b\u7684\u6295\u8d44\u8005\u624d\u53ef\u4ee5\u7b49\u6bd4\u4f8b\u6295\u8d44\u3002\u5c24\u5176\u662f\u90a3\u4e9b\u672c\u6765\u5c31\u5bf9\u80a1\u7968\u5e02\u573a\u5fc3\u5b58\u7591\u8651\u7684\u6295\u8d44\u8005\u4eec\u5207\u4e0d\u53ef\u4ee5\u5c06\u5c01\u95ed\u57fa\u91d1\u7684\u6298\u4ef7\u5f53\u6210\u503a\u5238\u7684\u6298\u4ef7\uff0c\u56e0\u4e3a\u6bd5\u7adf\u524d\u8005\u7684\u672c\u91d1\u662f\u968f\u7740\u57fa\u91d1\u51c0\u503c\u6d6e\u52a8\u7684\uff0c\u800c\u540e\u8005\u7684\u5219\u662f\u56fa\u5b9a\u7684\u3002<\/p>\n<p>\n              \u9664\u4e86\u57fa\u91d1\u7684\u7ec4\u7ec7\u5f62\u5f0f\u4ee5\u5916\uff0c\u6295\u8d44\u8005\u8fd8\u9700\u8981\u7279\u522b\u6ce8\u610f\uff0c\u4e0d\u540c\u57fa\u91d1\u7684\u6295\u8d44\u76ee\u6807\u4e0d\u5c3d\u76f8\u540c\uff08\u88682\uff09\u3002\u56e0\u4e3a\u4e0d\u540c\u6295\u8d44\u76ee\u6807\u7684\u57fa\u91d1\u7684\u6295\u8d44\u8d44\u4ea7\u7c7b\u522b\u4e0d\u540c\uff0c\u5176\u5bf9\u6295\u8d44\u8005\u6218\u7565\u6027\u8d44\u4ea7\u914d\u7f6e\u8ba1\u5212\u6267\u884c\u7684\u5f71\u54cd\u4e5f\u5c31\u4e0d\u4e00\u6837\u3002\u4e00\u4e2a\u5178\u578b\u7684\u4f8b\u5b50\u662f\uff0c\u5e73\u8861\u578b\u57fa\u91d1\u6295\u8d44\u5728\u80a1\u7968\u548c\u56fa\u5b9a\u6536\u76ca\u8bc1\u5238\u4e8c\u8005\u95f4\u6bd4\u4f8b\u7684\u4e0d\u786e\u5b9a\u6027\uff0c\u4f1a\u8ba9\u6295\u8d44\u8005\u7684\u6218\u7565\u6027\u8d44\u4ea7\u914d\u7f6e\u8ba1\u5212\u5931\u6548\u3002\u6240\u4ee5\uff0c\u6295\u8d44\u8005\u5728\u9009\u53d6\u57fa\u91d1\u65f6\u7684\u6b63\u786e\u7a0b\u5e8f\u5e94\u8be5\u662f\uff0c\u5148\u5236\u5b9a\u81ea\u5df1\u7684\u8d44\u4ea7\u914d\u7f6e\u65b9\u6848\u548c\u6295\u8d44\u7b56\u7565\uff0c\u7136\u540e\u5c06\u5404\u57fa\u91d1\u6309\u7167\u6295\u8d44\u76ee\u6807\u548c\u6295\u8d44\u7b56\u7565\u5206\u522b\u5f52\u7c7b\uff0c\u6700\u540e\u6839\u636e\u8d39\u7528\u6bd4\u7b49\u6307\u6807\u6765\u51b3\u5b9a\u914d\u7f6e\u5728\u6bcf\u53ea\u57fa\u91d1\u7684\u6295\u8d44\u91d1\u989d\u3002<\/p>\n<p align=\"center\"><img src=\"wp-content\/uploads\/wenzhang\/w8-3.jpg\" name=\"\u56fe\u5f623\" border=\"0\" align=\"bottom\" id=\"\u56fe\u5f623\" \/><\/p>\n<p><strong>\u6b63\u786e\u5bf9\u5f85\u57fa\u91d1\u7684\u5386\u53f2\u56de\u62a5\uff0c\u65e0\u9700\u7406\u776c\u6240\u8c13\u7684\u57fa\u91d1\u6392\u540d<\/strong><br \/>\n              \u3000\u3000\u57fa\u91d1\u7ba1\u7406\u516c\u53f8\u6700\u559c\u6b22\u7528\u6765\u505a\u5e7f\u544a\u7684\u4e24\u5927\u62db\u724c\u662f\u5386\u53f2\u56de\u62a5\u548c\u7b2c\u4e09\u65b9\u6392\u540d\u3002\u5c3d\u7ba1\u5404\u56fd\u7684\u8bc1\u5238\u5e02\u573a\u7684\u76d1\u7ba1\u5f53\u5c40\u6216\u8005\u884c\u4e1a\u81ea\u5f8b\u7ec4\u7ec7\u90fd\u5728\u8b66\u544a\u6295\u8d44\u8005\uff0c\u57fa\u91d1\u7684\u5386\u53f2\u56de\u62a5\u540c\u5176\u672a\u6765\u7684\u4e1a\u7ee9\u6ca1\u6709\u4efb\u4f55\u5173\u7cfb\uff0c\u4f46\u662f\uff0c\u6bcf\u5e74\u65b0\u7684\u6295\u8d44\u8d44\u91d1\u7684\u5927\u90e8\u5206\u90fd\u6d41\u5411\u4e86\u90a3\u4e9b\u5386\u53f2\u4e1a\u7ee9\u4f18\u826f\u7684\u57fa\u91d1\u7ba1\u7406\u516c\u53f8\u3002\u4ece\u884c\u4e3a\u91d1\u878d\u5b66\u7684\u89d2\u5ea6\u770b\uff0c\u8fd9\u662f\u6295\u8d44\u8005\u8d2a\u5a6a\u548c\u6050\u60e7\u4ea4\u7ec7\u7684\u5fc3\u6001\u5728\u6295\u8d44\u57fa\u91d1\u65f6\u7684\u81ea\u7136\u8868\u73b0\u3002<\/p>\n<p>\n              \u5f53\u7136\uff0c\u5386\u53f2\u56de\u62a5\u548c\u672a\u6765\u4e1a\u7ee9\u65e0\u5173\uff0c\u5e76\u4e0d\u7b49\u4e8e\u6211\u4eec\u5c31\u53ef\u4ee5\u5b8c\u5168\u5ffd\u7565\u57fa\u91d1\u7ecf\u7406\u7684\u5386\u53f2\u56de\u62a5\u8bb0\u5f55\u3002\u56e0\u4e3a\u6211\u4eec\u5fc5\u987b\u6709\u4e00\u5b9a\u7684\u6307\u6807\u6765\u5c06\u540c\u4e00\u8d44\u4ea7\u6216\u8005\u98ce\u683c\u7c7b\u522b\u4e2d\u4e0d\u540c\u57fa\u91d1\u8fdb\u884c\u6a2a\u5411\u5bf9\u6bd4\uff0c\u4ece\u800c\u627e\u51fa\u90a3\u4e9b\u80fd\u591f\u6301\u7eed\u800c\u53c8\u7d27\u5bc6\u5730\u8ddf\u8e2a\u57fa\u51c6\u7684\u57fa\u91d1\u7ecf\u7406\u4eec\u3002\u6240\u4ee5\uff0c\u57fa\u91d1\u7684\u5386\u53f2\u4e1a\u7ee9\u5e76\u4e0d\u662f\u88ab\u7528\u6765\u9884\u6d4b\u672a\u6765\u56de\u62a5\u7684\uff0c\u800c\u662f\u88ab\u7528\u6765\u5206\u6790\u548c\u6bd4\u8f83\u57fa\u91d1\u7ecf\u7406\u7684\u98ce\u683c\u548c\u504f\u79bb\u57fa\u51c6\u7684\u98ce\u9669\u7684\u3002\u6b63\u56e0\u5982\u6b64\uff0c\u7f8e\u56fd\u8bc1\u5238\u76d1\u7ba1\u5f53\u5c40\u4e13\u95e8\u5236\u5b9a\u4e86\u57fa\u91d1\u5fc5\u987b\u91c7\u7528\u7684\u62ab\u9732\u4fe1\u606f\u7684\u6807\u51c6\u683c\u5f0f\u3002\u6839\u636e\u89c4\u5b9a\uff0c\u57fa\u91d1\u5fc5\u987b\u5728\u6bcf\u5e74\u66f4\u65b0\u7684\u62db\u52df\u8bf4\u660e\u4e66\u7684\u524d\u7bc7\u8be6\u7ec6\u53d9\u8ff0\u57fa\u91d1\u7684\u6295\u8d44\u76ee\u6807\u3001\u7b56\u7565\u548c\u98ce\u9669\uff0c\u5e76\u4ee5\u67f1\u72b6\u56fe\u6f14\u793a\u8fc7\u53bb10\u5e74\u91cc\uff08\u6216\u57fa\u91d1\u6210\u7acb\u4ee5\u6765\uff09\u6bcf\u4e00\u5e74\u57fa\u91d1\u53ca\u5176\u8ddf\u8e2a\u57fa\u51c6\u7684\u5e74\u5ea6\u56de\u62a5\u7387\u3002\u540c\u65f6\u57fa\u91d1\u8fd8\u9700\u8981\u5c31\u8fc7\u53bb1\u30015\u300110\u5e74\uff08\u6216\u57fa\u91d1\u6210\u7acb\u4ee5\u6765\uff09\u7684\u5e74\u5316\u7a0e\u524d\u56de\u62a5\u4ee5\u53ca\u5047\u5b9a\u6295\u8d44\u8005\u7ee7\u7eed\u6301\u6709\u6216\u5356\u51fa\u57fa\u91d1\u7684\u666f\u8c61\u4e0b\u7684\u7a0e\u540e\u56de\u62a5\u4ee5\u8868\u683c\u7684\u65b9\u5f0f\u62ab\u9732\u3002<\/p>\n<p>\n              \u9664\u4e86\u9700\u8981\u5b66\u4f1a\u5982\u4f55\u6b63\u786e\u770b\u5f85\u57fa\u91d1\u7684\u5386\u53f2\u56de\u62a5\u4ee5\u5916\uff0c\u6295\u8d44\u8005\u8fd8\u5fc5\u987b\u5b66\u4f1a\u5982\u4f55\u4e0d\u53bb\u7406\u4f1a\u8bc1\u5238\u516c\u53f8\u53ca\u4e13\u95e8\u7684\u7814\u7a76\u673a\u6784\u7684\u6240\u8c13\u57fa\u91d1\u6392\u540d\u3002\u7f8e\u56fd\u6709\u591a\u4efd\u5b66\u672f\u7814\u7a76\uff08\u5982Morey  2003\uff09\u5bf9\u6668\u661f\u516c\u53f8\u6240\u8bc4\u9009\u7684\u4e94\u661f\u7ea7\u57fa\u91d1\u8fdb\u884c\u540e\u7eed\u8ddf\u8e2a\u53d1\u73b0\uff0c\u8fd9\u4e9b\u57fa\u91d1\u4e0a\u699c\u540e\uff0c\u5176\u7ecf\u7406\u4e00\u822c\u66f4\u613f\u610f\u5192\u9669\uff0c\u5176\u672a\u67653\u5e74\u7684\u4e1a\u7ee9\u4e5f\u5927\u5e45\u4e0b\u6ed1\u3002\u7f8e\u56fd\u6668\u661f\u8fd9\u79cd\u8d22\u529b\u548c\u7814\u7a76\u5b9e\u529b\u5747\u5e9e\u5927\u7684\u673a\u6784\u5c1a\u4e14\u4e0d\u80fd\u591f\u9884\u6d4b\u672a\u6765\u7684\u57fa\u91d1\u8d62\u5bb6\uff0c\u6211\u4eec\u5982\u4f55\u80fd\u591f\u76f8\u4fe1\u56fd\u5185\u7684\u8bc4\u9009\u65b9\u6cd5\u548c\u6807\u51c6\u5236\u5b9a\u7a0b\u5e8f\u7686\u4e0d\u900f\u660e\u7684\u673a\u6784\u5929\u5929\u66f4\u65b0\u7684\u57fa\u91d1\u6392\u540d\u5750\u6b21\u5462\uff1f\u5b9e\u9645\u4e0a\uff0c\u6211\u4eec\u56de\u8fc7\u5934\u53bb\u770b\u770b\uff0c\u6709\u591a\u5c11\u6392\u5728\u8fc7\u53bb\u51e0\u5e74\u4e1a\u7ee9\u82f1\u96c4\u699c\u7684\u57fa\u91d1\u80fd\u591f\u91cd\u590d\u81ea\u5df1\u7684\u4e1a\u7ee9\u8f89\u714c\uff1f<\/p>\n<p>\n              <strong>\u8b66\u60d5\u57fa\u91d1\u7684\u9ad8\u989d\u5206\u7ea2\u3001\u5206\u62c6\u3001\u590d\u5236\u7b49\u9500\u552e\u5671\u5934<\/strong><br \/>\n              \u76ee\u524d\u56fd\u5185\u57fa\u91d1\u6295\u8d44\u8005\u4eec\u9519\u8bef\u5730\u6d41\u884c\u7740\u770b\u4e24\u4e2a\u51c0\u503c\uff0c\u5373\u7d2f\u8ba1\u51c0\u503c\u8d8a\u5927\u57fa\u91d1\u7684\u4e1a\u7ee9\u8d8a\u4f18\u5f02\uff0c\u5355\u4f4d\u51c0\u503c\u8d8a\u5c0f\u57fa\u91d1\u8d8a\u5b89\u5168\u3002\u4e0a\u9762\u6211\u4eec\u8bb2\u8fc7\uff0c\u6bd4\u8f83\u4e0d\u540c\u57fa\u91d1\u7684\u5386\u53f2\u56de\u62a5\u7684\u524d\u63d0\u662f\u5fc5\u987b\u5c06\u6570\u636e\u5e74\u5316\u5904\u7406\uff0c\u56e0\u6b64\uff0c\u7d2f\u8ba1\u51c0\u503c\u7684\u6982\u5ff5\u6ca1\u6709\u592a\u5927\u610f\u4e49\u3002\u540c\u6837\uff0c\u57fa\u91d1\u7684\u672a\u6765\u56de\u62a5\u53d6\u51b3\u4e8e\u6240\u6295\u8d44\u8d44\u4ea7\u7684\u4ef7\u683c\u767e\u5206\u6bd4\u53d8\u52a8\u548c\u5229\u606f\u3001\u80a1\u606f\u7b49\u5f53\u671f\u6536\u76ca\u7387\uff0c\u540c\u5355\u4f4d\u57fa\u91d1\u7684\u51c0\u503c\u6ca1\u6709\u4efb\u4f55\u5173\u7cfb\u3002\u6240\u4ee5\uff0c\u6bcf\u80a1\u51c0\u503c\u6216\u8005\u7d2f\u8ba1\u51c0\u503c\u6839\u672c\u5c31\u4e0d\u5e94\u8be5\u88ab\u7528\u6765\u4f5c\u4e3a\u662f\u5426\u6295\u8d44\u4e00\u53ea\u57fa\u91d1\u7684\u51b3\u7b56\u4f9d\u636e\u3002<\/p>\n<p>\n              \u6563\u6237\u504f\u7231\u4f4e\u51c0\u503c\u7684\u57fa\u91d1\uff0c\u662f\u56e0\u4e3a\u4ed6\u4eec\u7f3a\u4e4f\u57fa\u672c\u7684\u91d1\u878d\u548c\u6295\u8d44\u77e5\u8bc6\uff0c\u90a3\u4e9b\u201c\u4e13\u4e1a\u201d\u7ba1\u7406\u6295\u8d44\u7ec4\u5408\u7684\u57fa\u91d1\u4e1a\u8005\u4eec\u4e3a\u4f55\u8086\u65e0\u5fcc\u60ee\u5730\u73a9\u8d77\u4e86\u9ad8\u989d\u5206\u7ea2\u3001\u5206\u62c6\u57fa\u91d1\u5355\u4f4d\u751a\u81f3\u201c\u590d\u5236\u201d\u57fa\u91d1\u7b49\u6839\u672c\u4e0d\u80fd\u589e\u52a0\u6295\u8d44\u56de\u62a5\u7684\u5c0f\u4f0e\u4fe9\u5462\uff1f\u8fd9\u53ef\u80fd\u4e00\u65b9\u9762\u662f\u4e2d\u56fd\u76ee\u524d\u7684\u57fa\u91d1\u76d1\u7ba1\u73af\u5883\u8fc7\u4e8e\u5bbd\u677e\uff0c\u4e00\u4e9b\u6ce8\u91cd\u773c\u524d\u5229\u76ca\u7684\u3001\u77ed\u89c6\u6027\u7684\u57fa\u91d1\u7ba1\u7406\u516c\u53f8\u6253\u64e6\u8fb9\u7403\u201c\u5ffd\u60a0\u201d\u6295\u8d44\u8005\u7684\u53f8\u6cd5\u6210\u672c\u51e0\u4e4e\u4e3a\u96f6\u3002\u540c\u65f6\uff0c\u4e2d\u56fd\u7684\u6295\u8d44\u8005\u57fa\u672c\u4e0a\u5c5e\u4e8e\u6295\u8d44\u9886\u57df\u6240\u754c\u5b9a\u7684\u4e0d\u77e5\u60c5\u7684\u4e00\u7c7b\uff0c\u56e0\u6b64\u57fa\u91d1\u7ba1\u7406\u516c\u53f8\u73a9\u4e00\u4e9b\u82b1\u62db\u6765\u5438\u5f15\u6295\u8d44\u8005\u7684\u9053\u5fb7\u6210\u672c\u4e5f\u51e0\u4e4e\u6ca1\u6709\u3002<\/p>\n<p>\n              \u90a3\u4e48\uff0c\u5230\u5e95\u4ec0\u4e48\u662f\u57fa\u91d1\u7684\u5206\u7ea2\u3001\u62c6\u7ec6\u548c\u590d\u5236\u56fd\u9645\u60ef\u4f8b\u5462\uff1f\u8fd9\u5c31\u53d6\u51b3\u4e8e\u6295\u8d44\u8005\u5982\u4f55\u5b9a\u4e49\u201c\u56fd\u9645\u60ef\u4f8b\u201d\u4e86\u3002\u8fd9\u91cc\u6211\u4eec\u4ec5\u7b80\u8981\u4ecb\u7ecd\u7f8e\u56fd\u7684\u57fa\u91d1\u5728\u8fd9\u4e09\u65b9\u9762\u7684\u64cd\u4f5c\u5b9e\u52a1\uff0c\u4f9b\u56fd\u5185\u6295\u8d44\u8005\u501f\u9274\u3002<\/p>\n<p>\n              \u5728\u7f8e\u56fd\uff0c\u57fa\u91d1\u53ea\u6709\u6ee1\u8db3\u4e00\u5b9a\u7684\u6761\u4ef6\u624d\u80fd\u591f\u5728\u7eb3\u7a0e\u4eba\u8eab\u4efd\u4e0a\u88ab\u8ba4\u5b9a\u4e3a\u201c\u8f6c\u9012\u5b9e\u4f53\u201d\uff08Pass-through  Entity\uff09\uff0c\u4ece\u800c\u4e0d\u7528\u5c31\u5f53\u5e74\u5b9e\u73b0\u7684\u76c8\u5229\u7f34\u7eb3\u6240\u5f97\u7a0e\u3002\u6211\u4eec\u90fd\u77e5\u9053\uff0c\u57fa\u91d1\u7684\u5206\u7ea2\u4e3b\u8981\u7531\u5229\u606f\u6216\u8005\u80a1\u606f\u7b49\u5f53\u671f\u6536\u5165\uff08Current  Income\uff09\u3001\u5356\u51fa\u6240\u6301\u6295\u8d44\u54c1\u79cd\u5b9e\u73b0\u7684\u8d44\u672c\u5229\u5f97\uff08Capital  Gain\uff09\u4ee5\u53ca\u9000\u8fd8\u6295\u8d44\u8005\u8d44\u672c\u91d1\uff08Return  of  Capital\uff09\u4e09\u4e2a\u90e8\u5206\u7ec4\u6210\u3002\u6839\u636e\u7f8e\u56fd\u7a0e\u6cd5\u7684\u89c4\u5b9a\uff0c\u53ea\u6709\u5c06\u6263\u51cf\u8425\u8fd0\u6210\u672c\u548c\u8d44\u672c\u4e8f\u635f\u540e\u7684\u5f53\u671f\u6536\u5165\u548c\u8d44\u672c\u5229\u5f97\u7684\u4e00\u5b9a\u6bd4\u4f8b\uff08\u901a\u5e38\u4e3a90%\uff09\u5206\u914d\u7ed9\u6295\u8d44\u8005\uff08\u5e76\u7531\u5176\u7eb3\u7a0e\uff09\uff0c\u57fa\u91d1\u624d\u80fd\u591f\u7ef4\u6301\u514d\u4ea4\u6240\u5f97\u7a0e\u7684\u8f6c\u9012\u5b9e\u4f53\u8eab\u4efd\u3002\u8fd9\u5c31\u662f\u4e3a\u4ec0\u4e48\u7f8e\u56fd\u7684\u57fa\u91d1\u901a\u5e38\u81f3\u5c11\u6bcf\u4e2a\u5b63\u5ea6\u5206\u4e00\u6b21\u7ea2\u7684\u539f\u56e0\u3002\u540c\u65f6\uff0c\u57fa\u91d1\u6bcf\u6b21\u5206\u7ea2\u4ee5\u540e\uff0c\u5176\u6bcf\u80a1\u8d44\u4ea7\u51c0\u503c\u4f1a\u7b49\u989d\u4e0b\u964d\uff0c\u770b\u4e2d\u5206\u7ea2\u800c\u8d2d\u4e70\u57fa\u91d1\u7684\u7f8e\u56fd\u6295\u8d44\u8005\u4e0d\u4f46\u4e0d\u80fd\u5f97\u5230\u989d\u5916\u4ef7\u503c\uff0c\u53cd\u800c\u8fd8\u4f1a\u9a6c\u4e0a\u8d1f\u6709\u5c31\u7ea2\u5229\u7eb3\u7a0e\u7684\u4e49\u52a1\u3002\u5c3d\u7ba1\u4e2d\u56fd\u6295\u8d44\u8005\u76ee\u524d\u65e0\u9700\u5c31\u57fa\u91d1\u5206\u7ea2\u7f34\u7eb3\u4efb\u4f55\u7a0e\u91d1\uff0c\u4f46\u662f\u5206\u7ea2\u672c\u8eab\u6d89\u53ca\u5230\u540e\u53f0\u5904\u7406\u548c\u8bf8\u591a\u7b2c\u4e09\u65b9\u7c3f\u8bb0\u3001\u5ba1\u8ba1\u7b49\u6602\u8d35\u7684\u670d\u52a1\uff0c\u57fa\u91d1\u5206\u7ea2\u5b9e\u9645\u4e0a\u662f\u5728\u635f\u5bb3\u6295\u8d44\u8005\u7684\u4ef7\u503c\u3002<\/p>\n<p>\n              \u7f8e\u56fd\u57fa\u91d1\u7684\u62c6\u7ec6\u4e3b\u8981\u53d1\u751f\u5728\u4e0a\u5e02\u4ea4\u6613\u540e\u4ef7\u683c\u8fc7\u9ad8\u800c\u8d85\u51fa\u666e\u901a\u6563\u6237\u6295\u8d44\u8005\u4ea4\u6613\u627f\u53d7\u80fd\u529b\u7684\u5c01\u95ed\u57fa\u91d1\u3001\u4ea4\u6613\u57fa\u91d1\u548c\u5355\u4f4d\u6295\u8d44\u4fe1\u6258\u7b49\u6295\u8d44\u8005\u81f3\u5c11\u4ea4\u6613\u4e00\u4e2a\u5355\u4f4d\u7684\u4ea7\u54c1\u4e0a\u3002\u5176\u76ee\u7684\u5728\u4e8e\u5438\u5f15\u66f4\u591a\u7684\u6295\u8d44\u8005\u4ee5\u589e\u5f3a\u5176\u4e8c\u7ea7\u5e02\u573a\u7684\u6d41\u52a8\u6027\u3002\u5c31\u5171\u540c\u57fa\u91d1\u800c\u8a00\uff0c\u5176\u6295\u8d44\u5355\u4f4d\u7684\u8ba1\u7b97\u901a\u5e38\u7cbe\u786e\u5230\u5c0f\u6570\u70b9\u540e\u7684\u56db\u4f4d\u6570\uff0c\u65e0\u8bba\u51c0\u503c\u591a\u5927\uff0c\u6295\u8d44\u8005\u65e0\u9700\u592a\u591a\u7684\u8d44\u91d1\u4e5f\u540c\u6837\u80fd\u8d1f\u62c5\u5f97\u8d77\u5176\u6295\u8d44\u3002\u56e0\u6b64\uff0c\u4ee5\u964d\u4f4e\u57fa\u91d1\u51c0\u503c\u4e3a\u76ee\u7684\u7684\u5171\u540c\u57fa\u91d1\u62c6\u7ec6\uff0c\u5b9e\u5c5e\u7b14\u8005\u95fb\u6240\u672a\u95fb\u4e14\u6050\u6015\u662f\u4ec5\u5728\u4e2d\u56fd\u901a\u884c\u7684\u201c\u56fd\u9645\u60ef\u4f8b\u201d\u3002<\/p>\n<p>\n              \u5c31\u57fa\u91d1\u590d\u5236\u800c\u8a00\uff0c\u7f8e\u56fd\u8d44\u672c\u5e02\u573a\u4e0a\u786e\u5b9e\u5b58\u5728\u7740\u3002\u4f46\u662f\uff0c\u8fd9\u91cc\u7684\u590d\u5236\u4e00\u65b9\u9762\u662f\u6307\u8bd5\u56fe\u62f7\u8d1d\u6295\u8d44\u8005\u96be\u4ee5\u6295\u8d44\u7684\u67d0\u4e9b\u57fa\u91d1\uff08\u5982\u5df2\u7ecf\u8c22\u7edd\u65b0\u6295\u8d44\u8005\u7684\u57fa\u91d1\uff0c\u6216\u8005\u5df4\u83f2\u7279\u90a3\u4ef7\u683c\u5947\u8d35\u7684\u4f2f\u514b\u5e0c\u5c14\u516c\u53f8\u7684\u80a1\u7968\uff09\u7684\u7b2c\u4e09\u65b9\u52aa\u529b\uff1b\u53e6\u4e00\u65b9\u9762\u662f\u6307\u57fa\u91d1\u516c\u53f8\u4e3a\u4e86\u6ee1\u8db3\u5bcc\u4eba\u7a0e\u8d1f\u7ba1\u7406\u6216\u900f\u660e\u5ea6\u4e0a\u7684\u9700\u6c42\u800c\u8bbe\u7acb\u7684\u3001\u4ee5\u590d\u5236\u57fa\u91d1\u6536\u76ca\u98ce\u9669\u7279\u5f81\u4e3a\u76ee\u7684\u7684\u5206\u7acb\u8d26\u6237\uff08Separately  Managed  Account\uff09\u3002\u663e\u7136\uff0c\u56fd\u5185\u90a3\u4e9b\u4ee5\u57fa\u91d1\u89c4\u6a21\u8fc7\u5927\u800c\u201c\u590d\u5236\u201d\u7684\u771f\u6b63\u76ee\u7684\u5728\u4e8e\u6539\u53d8\u6301\u7eed\u9500\u552e\u4e0d\u5229\u7684\u72b6\u6001\u800c\u4ee5\u201c\u590d\u5236\u201d\u7684\u540d\u4e49\u53d1\u884c\u65b0\u57fa\u91d1\u6765\u5708\u94b1\u3002\u4ece\u57fa\u91d1\u516c\u53f8\u7684\u89d2\u5ea6\u6765\u8bb2\uff0c\u4e0d\u7ba1\u4ee5\u591a\u5c11\u4e2a\u57fa\u91d1\u7684\u540d\u4e49\u6301\u6709\uff0c\u53ea\u8981\u6295\u8d44\u76ee\u6807\u3001\u7b56\u7565\u548c\u6295\u8d44\u51b3\u7b56\u7a0b\u5e8f\u6ee1\u8db3\u201c\u590d\u5236\u201d\u7684\u5b9a\u4e49\uff0c\u5176\u6295\u8d44\u7ba1\u7406\u8fc7\u7a0b\u548c\u4ea4\u6613\u6267\u884c\u5b9e\u9645\u4e0a\u662f\u5728\u5b8c\u5168\u5728\u4e00\u8d77\u7684\uff0c\u53ea\u4e0d\u8fc7\u5728\u6536\u5e02\u540e\u8ba1\u7b97\u51c0\u503c\u65f6\u57fa\u91d1\u516c\u53f8\u9700\u8981\u5c06\u6295\u8d44\u7ec4\u5408\u5206\u6210\u4e24\u5806\uff0c\u6302\u5728\u4e24\u53ea\u57fa\u91d1\u7684\u540d\u4e0b\u7f62\u4e86\u3002<\/p>\n<p>\n              \u8fd9\u91cc\uff0c\u4f4d\u4e8e\u65e7\u91d1\u5c71\u5e02\u7684\u9053\u5947\u8003\u514b\u65af\u57fa\u91d1\u987e\u95ee\u516c\u53f8(www.dodgeandcox.com  )  \u53ef\u4ee5\u4f5c\u4e3a\u6211\u4eec\u8fd9\u4e9b\u5929\u5929\u5ff5\u53e8\u7740\u201c\u5949\u884c\u4ef7\u503c\u6295\u8d44\u201d\u3001\u201c\u957f\u671f\u6295\u8d44\u201d\u7684\u804c\u4e1a\u6295\u8d44\u7ecf\u7406\u4eec\u5b66\u4e60\u7684\u699c\u6837\u3002\u8fd9\u95f4\u516c\u53f8\u4ece1930\u5e74\u521b\u5efa\u5e76\u4e8e1931\u5e74\u6b63\u5f0f\u63a8\u51fa\u7b2c\u4e00\u53ea\u57fa\u91d1\u540e\uff0c\u95f4\u9694\u4e8630\u591a\u5e74\u624d\u63a8\u51fa\u7b2c\u4e8c\u53ea\u57fa\u91d1\uff0c\u5230\u76ee\u524d\u5176\u65d7\u4e0b\u4e5f\u4e0d\u8fc74\u53ea\u57fa\u91d1\uff08\u88683\uff09\u3002\u5f53\u5b83\u4eec\u7684\u57fa\u91d1\u89c4\u6a21\u81a8\u80c0\u540e\u7684\u505a\u6cd5\u4e0d\u662f\u73a9\u201c\u590d\u5236\u201d\u6e38\u620f\uff0c\u800c\u662f\u4ee5\u62d2\u7edd\u63a5\u53d7\u65b0\u7684\u6295\u8d44\u8005\u7684\u65b9\u5f0f\u6765\u4fdd\u8bc1\u73b0\u6709\u6295\u8d44\u8005\u7684\u5229\u76ca\u3002\u540c\u65f6\uff0c\u8be5\u57fa\u91d1\u5949\u884c\u771f\u6b63\u7684\u957f\u671f\u6295\u8d44\u7b56\u7565\uff0c\u4ee52005\u5e74\u7684\u6362\u624b\u7387\u8ba1\u7b97\uff0c\u5176\u6295\u8d44\u7ec4\u5408\u4e2d\u7f8e\u56fd\u80a1\u7968\u7684\u5e73\u5747\u6301\u6709\u671f\u4e3a9\u5e74\uff0c\u975e\u7f8e\u56fd\u80a1\u7968\u7684\u5e73\u5747\u6301\u6709\u671f\u4e3a13\u5e74\u3002\u5373\u4f7f\u662f\u8fd9\u4e48\u4e00\u5bb6\u957f\u671f\u4e1a\u7ee9\u6218\u80dc99%\u7684\u540c\u884c\u7684\u4f18\u8d28\u57fa\u91d1\uff0c\u5176\u5e73\u5747\u8d39\u7528\u6bd4\u4e5f\u53ea\u6709\u7f8e\u56fd\u540c\u884c\u4e1a\u76841\/3\uff0c\u96be\u602a\u6295\u8d44\u8005\u6253\u7834\u4e86\u5934\u5f80\u91cc\u6324\u5462\u3002<\/p>\n<p align=\"center\"><img src=\"wp-content\/uploads\/wenzhang\/w8-4.jpg\" name=\"\u56fe\u5f624\" border=\"0\" align=\"bottom\" id=\"\u56fe\u5f624\" \/><\/p>\n<p>\u4e2d\u56fd\u7684\u8d44\u672c\u5e02\u573a\u8fd8\u521a\u521a\u8d77\u6b65\uff0c\u5171\u540c\u57fa\u91d1\u7684\u53d1\u5c55\u8fd8\u5904\u5728\u840c\u82bd\u72b6\u6001\u3002\u4f46\u53ef\u60dc\u7684\u662f\uff0c\u6211\u4eec\u7684\u57fa\u91d1\u4e1a\u4ecd\u7531\u534e\u5c14\u8857\u7684\u5356\u65b9\u6d0b\u4eba\u548c\u7279\u6b8a\u5229\u76ca\u96c6\u56e2\u5784\u65ad\u7740\uff0c\u56e0\u6b64\uff0c\u57fa\u91d1\u8d39\u7528\u6210\u672c\u51b3\u5b9a\u673a\u5236\u660e\u663e\u504f\u8892\u4e8e\u57fa\u91d1\u7ba1\u7406\u516c\u53f8\uff0c\u800c\u4e0d\u662f\u57fa\u91d1\u6295\u8d44\u4eba\u3002\u4ec0\u4e48\u65f6\u5019\u80fd\u591f\u5f15\u8fdb\u6216\u8005\u5141\u8bb8\u6c11\u95f4\u5d1b\u8d77\u50cf\u9053\u5947\u8003\u514b\u65af\u3001\u5148\u950b\uff08Vanguard\uff09\u548c\u8c61\u9650\uff08DFA\uff09\u7b49\u4f4e\u6210\u672c\u7684\u771f\u6b63\u7684\u4e16\u754c\u9876\u5c16\u7ea7\u57fa\u91d1\uff0c\u4e2d\u56fd\u7684\u57fa\u91d1\u6295\u8d44\u8005\u624d\u53ef\u4ee5\u8c08\u8bba\u5b9a\u671f\u6295\u8d44\u3001\u957f\u671f\u6295\u8d44\u6765\u5b9e\u73b0\u201c\u57fa\u91d1\u517b\u8001\u201d\u3002<\/p>\n<p>\n              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class=\"more-link\"><a href=\"http:\/\/www.jsvest.com.cn\/?p=707\" class=\"themebutton2\">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\/707"}],"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=707"}],"version-history":[{"count":5,"href":"http:\/\/www.jsvest.com.cn\/index.php?rest_route=\/wp\/v2\/posts\/707\/revisions"}],"predecessor-version":[{"id":3861,"href":"http:\/\/www.jsvest.com.cn\/index.php?rest_route=\/wp\/v2\/posts\/707\/revisions\/3861"}],"wp:attachment":[{"href":"http:\/\/www.jsvest.com.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=707"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.jsvest.com.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=707"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.jsvest.com.cn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=707"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}