{"id":712,"date":"2010-03-17T02:38:38","date_gmt":"2010-03-16T18:38:38","guid":{"rendered":"http:\/\/192.168.1.157\/wordpress\/?p=712"},"modified":"2014-04-15T17:13:58","modified_gmt":"2014-04-15T09:13:58","slug":"%e3%80%8a%e4%b8%ad%e4%ba%a7%e9%98%b6%e7%ba%a7%e7%9a%84%e8%b4%a2%e5%af%8c%e5%a2%9e%e5%80%bc%e6%8a%80%e5%b7%a7%e3%80%8b","status":"publish","type":"post","link":"http:\/\/www.jsvest.com.cn\/?p=712","title":{"rendered":"\u4e2d\u4ea7\u9636\u7ea7\u7684\u8d22\u5bcc\u589e\u503c\u6280\u5de7"},"content":{"rendered":"<style type=\"text\/css\">\np{text-indent:2em;}\n<\/style>\n<div class=\"wenzhangdivbox\">\n<p>\u5728\u524d\u51e0\u671f\u672c\u4e13\u680f\u4e2d\u7b14\u8005\u6240\u4ecb\u7ecd\u7684\u8d22\u5bcc\u4fdd\u503c\u548c\u8d22\u5bcc\u8f6c\u79fb\u7684\u4e00\u4e9b\u7406\u5ff5\u548c\u7b56\u7565\uff0c\u53ef\u80fd\u5bf9\u5904\u5728\u793e\u4f1a\u8d22\u5bcc\u91d1\u5b57\u5854\u9876\u90e8\u7684\u5bcc\u4eba\u4eec\u66f4\u6709\u501f\u9274\u610f\u4e49\u3002\u4f46\u662f\uff0c\u8d22\u5bcc\u7ba1\u7406\u5e76\u4e0d\u5b8c\u5168\u662f\u8fd9\u4e9b\u5bcc\u4eba\u4eec\u7684\u4e13\u5c5e\u8bdd\u9898\uff0c\u5c24\u5176\u662f\u8d22\u5bcc\u7684\u589e\u503c\u90e8\u5206\uff0c\u5bf9\u4ed6\u4eec\u800c\u8a00\u5e76\u6ca1\u6709\u591a\u5927\u7684\u5b9e\u8d28\u6027\u7684\u8fb9\u9645\u610f\u4e49\u3002\u76f8\u53cd\uff0c\u5bf9\u4e8e\u4e2d\u4ea7\u9636\u7ea7\u4ee5\u53ca\u5728\u8d22\u5bcc\u521b\u9020\u4e0a\u521a\u8d77\u6b65\u7684\u5e74\u8f7b\u4eba\u6765\u8bf4\uff0c\u80fd\u5426\u5c06\u8f9b\u52e4\u52b3\u52a8\u6240\u5f97\u50a8\u84c4\u4e0b\u6765\u5e76\u4f7f\u4e4b\u6709\u6548\u589e\u503c\uff0c\u76f4\u63a5\u5f71\u54cd\u5230\u5176\u65e5\u540e\u751f\u6d3b\u65b9\u5f0f\u3001\u5b50\u5973\u6210\u957f\u3001\u540e\u7eed\u521b\u5bcc\u6f5c\u529b\u4ee5\u53ca\u9000\u4f11\u4fdd\u969c\u7b49\u8bf8\u65b9\u9762\u7684\u8d28\u91cf\u3002\u56e0\u6b64\uff0c\u8d22\u5bcc\u7684\u589e\u503c\u7ba1\u7406\u6280\u5de7\u5bf9\u4e8e\u63d0\u5347\u5927\u591a\u6570\u4eba\u7684\u8d22\u52a1\u5b89\u5168\u6027\u5177\u6709\u666e\u904d\u7684\u91cd\u8981\u610f\u4e49\u3002<\/p>\n<p>\u4e0d\u5e78\u7684\u662f\uff0c\u5927\u591a\u6570\u7684\u666e\u901a\u6295\u8d44\u8005\u5374\u56e0\u4e3a\u7f3a\u4e4f\u57fa\u672c\u7684\u6295\u8d44\u7ba1\u7406\u77e5\u8bc6\uff0c\u8bef\u4ee5\u4e3a\u81ea\u5df1\u53ef\u4ee5\u901a\u8fc7\u628a\u63e1\u4f4f\u5e02\u573a\u7684\u201c\u6ce2\u6d6a\u201d\u8d8b\u52bf\u6216\u8005\u6311\u9009\u8bc1\u5238\u201c\u9ed1\u9a6c\u201d\u6765\u53d1\u8d22\u81f4\u5bcc\uff0c\u8fdb\u800c\u4e3a\u81ea\u5df1\u76f2\u76ee\u7684\u201c\u9009\u80a1\u201d\u548c\u201c\u62e9\u65f6\u201d\u4ea4\u6613\u884c\u4e3a\u4ed8\u51fa\u975e\u5e38\u60e8\u91cd\u7684\u957f\u671f\u4ee3\u4ef7\u3002\u8457\u540d\u91d1\u878d\u7814\u7a76\u673a\u6784\u5927\u575d\u516c\u53f8\uff08Dalbar\uff09\u6700\u8fd1\u7684\u4e00\u4efd\u62a5\u544a\u663e\u793a\uff0c\u5728\u622a\u81f32005\u5e7412\u670831\u65e5\u768420\u5e74\u91cc\uff0c\u7f8e\u56fd\u5f00\u653e\u5f0f\u5171\u540c\u57fa\u91d1\u7684\u6295\u8d44\u8005\u7684\u5e73\u5747\u7a0e\u524d\u5e74\u5316\u56de\u62a5\u7387\u53ea\u6709\u533a\u533a3.9%\uff0c\u52c9\u5f3a\u540c\u901a\u8d27\u81a8\u80c0\u7387\u6301\u5e73\u3002\u76f8\u6bd4\u4e4b\u4e0b\uff0c\u6807\u51c6\u666e\u5c14500\u6307\u6570\u540c\u671f\u5e74\u5316\u56de\u62a5\u7387\u5374\u9ad8\u8fbe11.9%\u3002\u53e6\u4e00\u9879\u7531\u6668\u661f\u516c\u53f8\uff08Morningstar,  Inc.\uff09\u5b8c\u6210\u7684\u7814\u7a76\u540c\u6837\u53d1\u73b0\uff0c\u5728\u622a\u81f3\u4eca\u5e749\u670830\u65e5\u768410\u5e74\u91cc\uff0c\u6295\u8d44\u79d1\u6280\u80a1\u7684\u7f8e\u56fd\u4ea7\u4e1a\u57fa\u91d1\u5e73\u5747\u53d6\u5f97\u4e860.62%\u7684\u5e74\u5747\u56de\u62a5\uff0c\u800c\u8fd9\u4e9b\u57fa\u91d1\u7684\u6295\u8d44\u8005\u5219\u5e73\u5747\u5f97\u5230\u4e86\u5e74\u5747-4.2%\u7684\u635f\u5931\u3002\u7f8e\u56fd\u5f00\u653e\u5f0f\u5171\u540c\u57fa\u91d1\u6295\u8d44\u8005\u7684\u7ee9\u6548\u5982\u6b64\u4e4b\u5dee\u7684\u539f\u56e0\u4f55\u5728\uff1f\u4e00\u65b9\u9762\uff0c\u7531\u4e8e\u9ad8\u6602\u7684\u8d39\u7528\u548c\u57fa\u91d1\u7ecf\u7406\u4eec\u5e76\u4e0d\u51fa\u4f17\u7684\u201c\u804c\u4e1a\u6295\u8d44\u7ba1\u7406\u201d\u80fd\u529b\uff0c\u7f8e\u56fd\u5171\u540c\u57fa\u91d1\u7684\u5e73\u5747\u957f\u671f\u56de\u62a5\u900a\u4e8e\u5927\u5e02\u7ea6200\u4e2a\u57fa\u70b9\uff1b\u53e6\u4e00\u65b9\u9762\uff0c\u5171\u540c\u57fa\u91d1\u7684\u6295\u8d44\u8005\u81ea\u5df1\u5728\u6311\u9009\u57fa\u91d1\u548c\u9009\u62e9\u4ea4\u6613\u65f6\u673a\u4e0a\u540c\u6837\u76f2\u76ee\u8ffd\u6da8\u6740\u8dcc\uff0c\u8fde\u57fa\u91d1\u672c\u6765\u5df2\u7ecf\u900a\u8272\u4e8e\u5927\u5e02\u7684\u56de\u62a5\u90fd\u4e0d\u80fd\u5b8c\u5168\u5206\u4eab\u4e5f\u5c31\u89c1\u602a\u4e0d\u602a\u4e86\u3002<\/p>\n<p>\u7406\u6027\u9884\u671f\uff0c\u6811\u7acb\u6b63\u786e\u7684\u76ee\u6807<\/p>\n<p>\u559c\u6b22\u7092\u4f5c\u7684\u6295\u673a\u6027\u6295\u8d44\u8005\u7ecf\u5e38\u6302\u5728\u5634\u8fb9\u7684\u5b89\u6170\u5242\u662f\u201c\u9ad8\u98ce\u9669\uff0c\u9ad8\u56de\u62a5\u201d\u3002\u6b8a\u4e0d\u77e5\uff0c\u8fd9\u53e5\u8bdd\u6307\u7684\u662f\u4e0d\u540c\u8d44\u4ea7\u7c7b\u522b\u7684\u6536\u76ca\u548c\u98ce\u9669\u7279\u5f81\uff0c\u5e76\u4e0d\u9488\u5bf9\u5355\u53ea\u8bc1\u5238\u6216\u8005\u5355\u4e2a\u6295\u8d44\u8005\u7684\u6295\u8d44\u884c\u4e3a\u3002\u4e8b\u5b9e\u4e0a\uff0c\u65e0\u6570\u7684\u6295\u8d44\u8005\u5c31\u662f\u62b1\u7740\u201c\u9ad8\u6536\u76ca\u201d\u7684\u671f\u671b\u5728\u8d44\u672c\u5e02\u573a\u4e0a\u76f2\u76ee\u5730\u9891\u7e41\u4ea4\u6613\uff0c\u6216\u8005\u8f7b\u4fe1\u6240\u8c13\u7684\u201c\u9ad8\u624b\u6307\u70b9\u201d\uff0c\u6700\u540e\u5f97\u5230\u7684\u53ea\u6709\u98ce\u9669\uff0c\u5168\u65e0\u6536\u76ca\u3002\u4ee5\u7f8e\u56fd\u4e3a\u4f8b\uff0c1926-2005\u5e74\u768480\u5e74\u91cc\uff0c\u80a1\u7968\u5e02\u573a\u7684\u5e74\u5747\u56de\u62a5\u7ea6\u4e3a10.5%\uff0c\u503a\u5238\u5e02\u573a\u7684\u5e74\u5747\u56de\u62a5\u7ea6\u4e3a5.5%\u3002\u4f46\u662f\u8fd9\u51b3\u4e0d\u610f\u5473\u7740\uff0c\u4efb\u4f55\u6295\u8d44\u8005\u6000\u63e3\u7f8e\u91d1\u8df3\u8fdb\u7f8e\u56fd\u80a1\u7968\u5e02\u573a\u5c31\u80fd\u572812\u4e2a\u6708\u540e\u62b1\u56de10.5%\u7684\u6536\u76ca\uff0c\u539f\u56e0\u5c31\u5728\u4e8e\u80a1\u5e02\u7684\u56de\u62a5\u5f80\u5f80\u6765\u81ea\u67d0\u4e9b\u96c6\u4e2d\u7684\u4e0a\u6da8\u65f6\u95f4\u6bb5\u91cc\uff0c\u800c\u5728\u5176\u4ed6\u65f6\u95f4\u91cc\u7684\u8868\u73b0\u5e76\u4e0d\u5c3d\u5982\u4eba\u610f\u3002\u6839\u636e\u5148\u950b\u57fa\u91d1\uff08The  Vanguard  Group\uff09\u7684\u7edf\u8ba1\uff0c\u5728\u8fd980\u5e74\u95f4\uff0c\u80a1\u5e02\u56de\u62a5\u4f4d\u4e8e\u5e74\u5747\u56de\u62a5\u6b63\u8d1f200\u4e2a\u57fa\u70b9\u533a\u95f4\uff08\u5373\u4ecb\u4e8e8.5\uff0d12.5%\u4e4b\u95f4\uff09\u91cc\u7684\u53ea\u67096\u5e74\u3002\u6b64\u5916\uff0c\u7f8e\u56fd\u80a1\u5e02\u7684\u718a\u5e02\u4ece\u5f00\u59cb\u4e0b\u8dcc\u5230\u5b8c\u5168\u6062\u590d\u7684\u5468\u671f\u76f8\u5f53\u6f2b\u957f\uff0c\u6295\u8d44\u8005\u6240\u906d\u9047\u7684\u714e\u71ac\u4e4b\u82e6\u53ef\u60f3\u800c\u77e5\uff08\u88681\uff09\u3002 <\/p>\n<p align=\"center\"><img src=\"wp-content\/uploads\/wenzhang\/w6-1.jpg\" name=\"\u56fe\u5f621\" border=\"0\" align=\"bottom\" id=\"\u56fe\u5f621\" \/><\/p>\n<p>\n              \u7f8e\u56fd\u80a1\u7968\u5e02\u573a\u7684\u9ad8\u98ce\u9669\u3001\u9ad8\u6536\u76ca\u7279\u5f81\u51b3\u5b9a\u4e86\u8be5\u7c7b\u8d44\u4ea7\u7684\u53d7\u76ca\u8005\u53ea\u80fd\u662f\u771f\u6b63\u610f\u4e49\u4e0a\u7684\u957f\u671f\u6295\u8d44\u8005\u3002\u6240\u4ee5\uff0c\u6295\u8d44\u8005\u5fc5\u987b\u5bf9\u81ea\u5df1\u7684\u6295\u8d44\u671f\u9650\u3001\u6536\u76ca\u8981\u6c42\u3001\u98ce\u9669\u627f\u53d7\u610f\u613f\u548c\u80fd\u529b\u7b49\u6295\u8d44\u76ee\u6807\u6709\u6e05\u6670\u660e\u4e86\u7684\u8ba4\u8bc6\uff0c\u8fdb\u800c\u51b3\u5b9a\u4f55\u79cd\u8d44\u672c\u8d44\u4ea7\u6216\u5176\u7ec4\u5408\u662f\u9002\u5408\u81ea\u5df1\u7684\u3002\u4f8b\u5982\uff0c\u5bf9\u4e8e\u4e00\u4e2a\u521a\u52a0\u5165\u52b3\u52a8\u5927\u519b\u4e14\u6bcf\u4e2a\u6708\u80fd\u591f\u7701\u4e0b\u4e00\u90e8\u5206\u85aa\u4ff8\u7528\u4f5c\u9000\u4f11\u91d1\u50a8\u5907\u7684\u5e74\u8f7b\u4eba\u800c\u8a00\uff0c\u6295\u8d44\u4e8e\u7f8e\u56fd\u80a1\u7968\u5e02\u573a\u7684\u6307\u6570\u57fa\u91d1\u5b9e\u5728\u662f\u518d\u9002\u5408\u4e0d\u8fc7\u7684\u8d44\u4ea7\u4e86\uff0c\u800c\u4e14\u4efb\u4f55\u718a\u5e02\u5bf9\u4e8e\u4ed6\u6765\u8bf4\u90fd\u662f\u6361\u4fbf\u5b9c\u8d27\u7684\u673a\u4f1a\u3002\u53cd\u4e4b\uff0c\u5982\u679c\u8fd9\u4e9b\u50a8\u84c4\u662f\u4e3a\u4e86\u5a5a\u793c\u6216\u8005\u5176\u4ed6\u77ed\u3001\u4e2d\u671f\u76ee\u6807\u7684\u8bdd\uff0c\u718a\u5e02\u5e26\u6765\u7684\u5c06\u4e0d\u662f\u673a\u4f1a\u800c\u662f\u60e9\u7f5a\u4e86\u3002<\/p>\n<p>\u591a\u6837\u5316\uff0c\u591a\u6837\u5316\uff0c\u518d\u591a\u6837\u5316<\/p>\n<p>\u51e0\u4e4e\u6240\u6709\u7684\u4eba\u90fd\u660e\u767d\u4e0d\u80fd\u5c06\u9e21\u86cb\u653e\u5728\u4e00\u4e2a\u7bee\u5b50\u91cc\u7684\u7b80\u5355\u9053\u7406\uff0c\u4f46\u662f\u5b9e\u9645\u7684\u60c5\u51b5\u662f\u7edd\u5927\u591a\u6570\u7684\u6295\u8d44\u8005\u51e0\u4e4e\u90fd\u5c06\u81ea\u5df1\u7684\u201c\u9e21\u86cb\u201d\u653e\u5728\u4e00\u53ea\u7bee\u5b50\u91cc\u3002\u65e0\u53ef\u539a\u975e\u7684\u662f\uff0c\u6211\u4eec\u6bcf\u4e00\u4e2a\u4eba\u90fd\u503e\u5411\u4e8e\u6295\u8d44\u81ea\u5df1\u719f\u6089\u6216\u8005\u542c\u8bf4\u8fc7\u7684\u516c\u53f8\u3002\u6bd4\u5982\uff0c\u7845\u8c37\u7684\u5de5\u7a0b\u5e08\u4eec\u6700\u5bb9\u6613\u6295\u8d44\u601d\u79d1\u516c\u53f8\u7b49\u9ad8\u79d1\u6280\u7c7b\u7684\u80a1\u7968\uff1b\u800c\u8fdc\u5728\u65e5\u672c\u7684\u6295\u8d44\u8005\u5219\u4e00\u822c\u4f1a\u6295\u8d44\u65e5\u672c\u5e02\u573a\u800c\u5ffd\u89c6\u6d77\u5916\u7684\u5176\u4ed6\u5e02\u573a\u7b49\uff0c\u8fd9\u5c31\u662f\u73b0\u4ee3\u884c\u4e3a\u91d1\u878d\u5b66\u4e0a\u6240\u8c13\u7684\u6295\u8d44\u8005\u201c\u5bb6\u4e61\u504f\u89c1\u201d\uff08Home  Bias\uff09\u3002\u4ece\u6295\u8d44\u7ba1\u7406\u7684\u89d2\u5ea6\u4e0a\u770b\uff0c\u5168\u90e8\u8d22\u5bcc\u548c\u6536\u5165\u90fd\u4f9d\u8d56\u4e8e\u9ad8\u79d1\u6280\u7684\u7845\u8c37\u5de5\u7a0b\u5e08\u4eec\u5e94\u8be5\u6295\u8d44\u4e8e\u975e\u9ad8\u79d1\u6280\u7c7b\u516c\u53f8\u4ee5\u5206\u6563\u98ce\u9669\u3002\u540c\u6837\uff0c\u65e5\u672c\u7684\u6295\u8d44\u8005\u4e5f\u5e94\u8be5\u5c06\u4e00\u90e8\u5206\u8d44\u91d1\u6295\u8d44\u5230\u975e\u65e5\u672c\u7684\u8bc1\u5238\u5e02\u573a\u4e0a\u6765\u9632\u6b62\u672c\u56fd\u5e02\u573a\u7684\u5355\u8fb9\u4e0b\u8dcc\u3002\u4e00\u822c\u6765\u8bf4\uff0c\u6295\u8d44\u8005\u81f3\u5c11\u5e94\u8be5\u5728\u8d44\u4ea7\u7684\u7c7b\u522b\u3001\u8d44\u4ea7\u7684\u5730\u57df\u5206\u5e03\u3001\u5177\u4f53\u7684\u8bc1\u5238\u54c1\u79cd\u4ee5\u53ca\u6295\u8d44\u7ecf\u7406\u56db\u4e2a\u65b9\u9762\u505a\u5230\u5145\u5206\u591a\u6837\u5316\uff0c\u624d\u80fd\u6709\u6548\u5730\u5206\u6563\u975e\u7cfb\u7edf\u98ce\u9669\uff0c\u5b9e\u73b0\u8d22\u5bcc\u7684\u957f\u671f\u7a33\u5b9a\u589e\u503c\u3002<\/p>\n<p>\u8d44\u4ea7\u7c7b\u522b\u7684\u591a\u6837\u5316\u3002\u9664\u4e86\u4e0d\u540c\u7c7b\u522b\u7684\u8d44\u4ea7\u5177\u6709\u4e0d\u540c\u7684\u9884\u671f\u6536\u76ca\u548c\u98ce\u9669\u7b49\u7279\u5f81\u4ee5\u5916\uff0c\u5b83\u4eec\u8fd9\u4e9b\u7279\u5f81\u4f53\u73b0\u7684\u65f6\u673a\u53ef\u80fd\u4e0d\u540c\u4e43\u81f3\u5b8c\u5168\u76f8\u53cd\uff0c\u56e0\u6b64\uff0c\u5c06\u8d44\u91d1\u5728\u4e0d\u540c\u7c7b\u522b\u7684\u8d44\u4ea7\u95f4\u8fdb\u884c\u591a\u6837\u5316\u914d\u7f6e\u53ef\u4ee5\u5b9e\u73b0\u65f1\u6d9d\u4fdd\u6536\u3002\u73b0\u4ee3\u6295\u8d44\u7ec4\u5408\u7406\u8bba\u8ba4\u4e3a\uff0c\u8d44\u4ea7\u914d\u7f6e\u662f\u51b3\u5b9a\u6295\u8d44\u957f\u671f\u56de\u62a5\u7684\u7edd\u5bf9\u51b3\u5b9a\u56e0\u7d20\u3002Brinson\u7b49\u4eba\u4e8e1986\u5e74\u5206\u6790\u4e8691\u5bb6\u5927\u7684\u517b\u8001\u57fa\u91d1\u4e8e1974-1983\u5e74\u6240\u8fdb\u884c\u7684\u6295\u8d44\u6d3b\u52a8\u540e\uff0c\u5f97\u51fa\u7684\u7ed3\u8bba\u662f\uff1a\u7528\u73b0\u91d1\u3001\u503a\u5238\u53ca\u80a1\u7968\u4e09\u7c7b\u8d44\u4ea7\u8fdb\u884c\u7684\u7ec4\u5408\u53ef\u4ee5\u89e3\u91ca\u6295\u8d44\u56de\u62a5\u768495%\uff0c\u800c\u62e9\u65f6\u4ea4\u6613\u53ca\u8bc1\u5238\u9009\u62e9\u7b49\u5176\u4ed6\u56e0\u7d20\u53ea\u80fd\u89e3\u91ca\u5c11\u4e8e5%\u7684\u6295\u8d44\u56de\u62a5\u90e8\u5206\u3002\u540e\u6765\u7684\u5b66\u8005\u4eec\u901a\u8fc7\u4e0d\u65ad\u5730\u52a0\u5165\u623f\u5730\u4ea7\u3001\u6536\u85cf\u54c1\u53ca\u5bf9\u51b2\u57fa\u91d1\u7b49\u5907\u9009\u6295\u8d44\u540e\u53d1\u73b0\uff0c\u8d44\u4ea7\u914d\u7f6e\u5728\u6709\u6548\u5730\u51cf\u5c11\u4e86\u603b\u4f53\u98ce\u9669\u7684\u540c\u65f6\uff0c\u4e5f\u589e\u5f3a\u4e86\u603b\u6295\u8d44\u7ec4\u5408\u7684\u56de\u62a5\u6c34\u5e73\u3002<\/p>\n<p>\u8d44\u4ea7\u5730\u57df\u5206\u5e03\u7684\u591a\u6837\u5316\u3002\u524d\u51e0\u5e74\u4e2d\u56fd\u80a1\u5e02\u906d\u9047\u6f2b\u957f\u7684\u718a\u5e02\u65f6\uff0c\u4e16\u754c\u5176\u4ed6\u5730\u533a\u7684\u5e02\u573a\u5219\u6b63\u5904\u4e8e\u79d1\u6280\u80a1\u6ce1\u6cab\u7834\u88c2\u540e\u7684\u5feb\u901f\u56de\u5347\u65f6\u671f\uff1b\u800c\u8fd9\u4e24\u5e74\u6d77\u5916\u80a1\u5e02\u4e0a\u6da8\u6b65\u4f10\u653e\u6162\u4e4b\u65f6\uff0c\u4e2d\u56fd\u7684\u80a1\u5e02\u53ca\u6d77\u5916\u5e02\u573a\u7684\u4e2d\u56fd\u6982\u5ff5\u80a1\u5374\u5f02\u5e38\u706b\u7206\u3002\u8fd9\u79cd\u201c\u897f\u65b9\u4e0d\u4eae\u4e1c\u65b9\u4eae\u201d\u7684\u60c5\u5f62\u5b9e\u9645\u4e0a\u662f\u5168\u7403\u6295\u8d44\u8d44\u91d1\u7684\u5e02\u573a\u5316\u81ea\u7531\u6d41\u52a8\u7684\u7ed3\u679c\u3002\u5982\u679c\u6709\u63d0\u524d\u9884\u6d4b\u5730\u57df\u80a1\u5e02\u51b7\u70ed\u53d8\u5316\u7684\u80fd\u529b\uff0c\u6295\u8d44\u8005\u7684\u8d5a\u94b1\u6f5c\u529b\u80af\u5b9a\u662f\u4e0d\u53ef\u4f30\u91cf\u7684\u3002\u4e0d\u5e78\u7684\u662f\uff0c\u4e16\u754c\u4e0a\u8c01\u4e5f\u4e0d\u5177\u5907\u8fd9\u79cd\u672a\u535c\u5148\u77e5\u7684\u7279\u5f02\u529f\u80fd\uff0c\u6211\u4eec\u552f\u4e00\u80fd\u591f\u505a\u7684\u5c31\u662f\u5c06\u8d44\u91d1\u5206\u6563\u5230\u5168\u7403\u7684\u5404\u4e2a\u5e02\u573a\u4e0a\u6765\u83b7\u5f97\u53ef\u80fd\u7684\u7cfb\u7edf\u6027\u6536\u76ca\u3002<\/p>\n<p>\u8bc1\u5238\u54c1\u79cd\u7684\u591a\u6837\u5316\u3002\u5373\u4f7f\u4e00\u4e2a\u6295\u8d44\u8005\u4e70\u8fdb\u4e86\u6469\u6258\u7f57\u62c9\u3001\u8bfa\u57fa\u4e9a\u3001\u4e2d\u56fd\u79fb\u52a8\u3001NTT  DoCoMo\u7b49\u4f4d\u4e8e\u4e0d\u540c\u5730\u57df\u7684\u80a1\u7968\u7ec4\u6210\u4e86\u6295\u8d44\u7ec4\u5408\uff0c\u4f46\u662f\u56e0\u4e3a\u8fd9\u4e9b\u80a1\u7968\u96c6\u4e2d\u5728\u4e00\u4e2a\u884c\u4e1a\uff0c\u4ecd\u7136\u79bb\u7406\u8bba\u4e0a\u7684\u591a\u6837\u5316\u8981\u6c42\u76f8\u5dee\u751a\u8fdc\u3002\u6295\u8d44\u8005\u5fc5\u987b\u529b\u6c42\u81ea\u5df1\u7684\u6295\u8d44\u7ec4\u5408\u6db5\u76d6\u5404\u4ea7\u4e1a\u6216\u8005\u884c\u4e1a\u4ee5\u671f\u4ece\u6574\u4f53\u7ecf\u6d4e\u589e\u957f\u4e2d\u53d7\u76ca\u30022001\u5e74\u7f8e\u56fd\u8457\u540d\u7684\u80fd\u6e90\u5de8\u5934\u5b89\u7136\u516c\u53f8\u7834\u4ea7\u65f6\uff0c\u5176\u80a1\u4ef7\u7531\u6700\u9ad8\u6bcf\u80a180\u591a\u7f8e\u5143\u53d8\u5f97\u51e0\u4e4e\u4e00\u5206\u4e0d\u503c\uff0c\u517612000\u591a\u540d\u5458\u5de5\u7531\u4e8e\u96c6\u4e2d\u6301\u6709\u672c\u516c\u53f8\u80a1\u7968\u800c\u603b\u8ba1\u635f\u5931\u8d85\u8fc710\u4ebf\u7f8e\u5143\u3002\u6700\u60e8\u7684\u5f53\u7136\u8981\u6570\u90a3\u4e9b\u4e0a\u4e86\u5e74\u7eaa\u7684\u5458\u5de5\u4e86\uff0c\u9664\u4e86\u76ee\u7779\u81ea\u5df1\u7684401\uff08k\uff09\u9000\u4f11\u91d1\u8ba1\u5212\u7684\u4f59\u989d\u5e72\u6db8\u4ee5\u5916\uff0c\u4ed6\u4eec\u5f53\u4e2d\u8bb8\u591a\u4eba\u8fd8\u8981\u9762\u5bf9\u6c38\u4e45\u5931\u4e1a\u800c\u4f9d\u9760\u653f\u5e9c\u798f\u5229\u5ea6\u8fc7\u4f59\u751f\u7684\u6b8b\u9177\u73b0\u5b9e\u3002<\/p>\n<p>\u6295\u8d44\u7ecf\u7406\u7684\u591a\u6837\u5316\u3002\u81ea\u4e3b\u578b\u6295\u8d44\u8005\u5982\u4f55\u5728\u7433\u7405\u6ee1\u76ee\u7684\u6295\u8d44\u4ea7\u54c1\u9762\u524d\u4e0d\u8ff7\u5931\u65b9\u5411\u662f\u4e00\u9879\u6781\u5176\u8270\u96be\u7684\u6311\u6218\u3002\u5c31\u50cf\u6295\u8d44\u54c1\u79cd\u6709\u597d\u6709\u574f\u4e00\u6837\uff0c\u6295\u8d44\u7ecf\u7406\u7684\u4e1a\u52a1\u7d20\u8d28\u3001\u804c\u4e1a\u64cd\u5b88\u3001\u7b56\u7565\u4e13\u957f\u548c\u6295\u8d44\u98ce\u683c\u4e5f\u5404\u81ea\u8fe5\u5f02\uff0c\u56e0\u6b64\uff0c\u6295\u8d44\u8005\u540c\u6837\u9700\u8981\u9009\u62e9\u4e0d\u540c\u7684\u6295\u8d44\u7ecf\u7406\u6765\u5206\u6563\u4ee3\u7406\u98ce\u9669\u3002\u4e00\u822c\u800c\u8a00\uff0c\u6295\u8d44\u8005\u5e94\u8be5\u4ee5\u590d\u5236\u5927\u5e02\u6307\u6570\u4e1a\u7ee9\u4e3a\u4e3b\u8981\u6295\u8d44\u76ee\u6807\u7684\u88ab\u52a8\u578b\u7ecf\u7406\u4e3a\u6838\u5fc3\u9009\u62e9\uff0c\u4ee5\u4fdd\u8bc1\u81ea\u5df1\u6295\u8d44\u7ec4\u5408\u7684\u957f\u671f\u56de\u62a5\u7684\u53ef\u6301\u7eed\u6027\u3002\u540c\u65f6\uff0c\u6295\u8d44\u8005\u8fd8\u53ef\u4ee5\u8f85\u4e4b\u4ee5\u4f4e\u6210\u672c\u4e14\u6709\u957f\u671f\u4f18\u826f\u8bb0\u5f55\u7684\u4e3b\u52a8\u578b\u7ecf\u7406\u6765\u9002\u5f53\u5b89\u6170\u81ea\u5df1\u6218\u80dc\u5927\u5e02\u7684\u51b2\u52a8\uff0c\u4ee5\u6c42\u5f97\u5fc3\u7406\u5e73\u8861\u3002<\/p>\n<p>\u673a\u6784\u6295\u8d44\u8005\u52a0\u5dde\u516c\u52a1\u5458\u9000\u4f11\u91d1\u7cfb\u7edf\uff08CalPERS\uff0c\u7f8e\u56fd\u6700\u5927\u7684\u516c\u5171\u9000\u4f11\u91d1\uff0c\u622a\u81f32006\u5e749\u670830\u65e5\u7684\u6295\u8d44\u7ec4\u5408\u4f59\u989d\u9ad8\u8fbe2176\u4ebf\u7f8e\u5143\uff09\uff0c\u662f\u4e00\u4e2a\u5728\u8d44\u4ea7\u914d\u7f6e\u548c\u6295\u8d44\u7b56\u7565\u7ed3\u5408\u65b9\u9762\u505a\u5f97\u8fd1\u4e4e\u5b8c\u7f8e\u7684\u699c\u6837\u3002\u5f97\u76ca\u4e8e\u5145\u5206\u591a\u6837\u5316\u7684\u914d\u7f6e\uff0c\u52a0\u5dde\u516c\u52a1\u5458\u9000\u4f11\u91d1\u7cfb\u7edf\u5728\u9ad8\u79d1\u6280\u80a1\u6ce1\u6cab\u7834\u88c2\u6240\u5bfc\u81f4\u76842000\uff0d2003\u5e74\u95f4\u7f8e\u56fd\u80a1\u7968\u5927\u718a\u5e02\u4e2d\u7684\u5e02\u503c\u7f29\u6c34\u767e\u5206\u6bd4\u5747\u88ab\u63a7\u5236\u5728\u4e24\u4f4d\u6570\u4ee5\u5185\uff0c\u6297\u98ce\u9669\u80fd\u529b\u53ef\u89c1\u4e00\u6591\u3002\u540c\u65f6\uff0c\u57281988\uff0d2005\u5e74\u8fd918\u5e74\u91cc\uff0c\u540c\u6807\u51c6\u666e\u5c14500\u6307\u657011.96%\u7684\u5e74\u5747\u56de\u62a5\u76f8\u6bd4\u8f83\uff0c\u542b\u6709\u8fd140%\u975e\u80a1\u7968\u8d44\u4ea7\u7684\u8be5\u6295\u8d44\u7ec4\u5408\u7684\u5e74\u574710.47%\u6218\u7ee9\u4e5f\u76f8\u5f53\u4e0d\u4fd7\uff08\u88682\u3001\u56fe1\uff09\u3002 <\/p>\n<p align=\"center\"><img src=\"wp-content\/uploads\/wenzhang\/w6-2.jpg\" name=\"\u56fe\u5f622\" border=\"0\" align=\"bottom\" id=\"\u56fe\u5f622\" \/><\/p>\n<p align=\"center\"><img src=\"wp-content\/uploads\/wenzhang\/w6-3.jpg\" name=\"\u56fe\u5f623\" border=\"0\" align=\"bottom\" id=\"\u56fe\u5f623\" \/><\/p>\n<p>\n              \u8b66\u60d5\u6295\u8d44\u6210\u672c\u548c\u635f\u8017<\/p>\n<p>\u6c83\u4f26\u00b7\u5df4\u83f2\u7279\u3001\u5f7c\u5f97\u00b7\u6797\u5947\u7b49\u957f\u671f\u6218\u80dc\u8d44\u672c\u5e02\u573a\u7684\u6295\u8d44\u7ba1\u7406\u5927\u5e08\u4e00\u76f4\u5728\u5f3a\u8c03\u4f4e\u6210\u672c\u662f\u6295\u8d44\u6210\u529f\u4e0d\u53ef\u6216\u7f3a\u7684\u524d\u63d0\u4e4b\u4e00\u3002\u8fd9\u91cc\u6211\u4eec\u6240\u8bb2\u7684\u6295\u8d44\u6210\u672c\u5305\u542b\u4ea4\u6613\u4f63\u91d1\u3001\u4e70\u5356\u4ef7\u5dee\u3001\u804c\u4e1a\u6295\u8d44\u7ecf\u7406\u6536\u53d6\u7684\u7ba1\u7406\u548c\u8425\u9500\u8d39\u4ee5\u53ca\u56e0\u6295\u8d44\u8005\u8bd5\u56fe\u6355\u6349\u5e02\u573a\u673a\u4f1a\u6240\u4ea7\u751f\u7684\u673a\u4f1a\u6210\u672c\u7b49\u7b49\u3002\u9ad8\u6210\u672c\u4e0d\u4ec5\u76f4\u63a5\u5c06\u8d44\u4ea7\u7ec4\u5408\u7684\u5f53\u671f\u6295\u8d44\u56de\u62a5\u6325\u5200\u65a9\u53bb\u4e00\u622a\uff0c\u800c\u4e14\u95f4\u63a5\u5730\u6c38\u4e45\u6d88\u706d\u4e86\u4e00\u90e8\u5206\u8d44\u672c\u7684\u672a\u6765\u590d\u5229\u6536\u76ca\u80fd\u529b\u3002\u6211\u4eec\u6362\u4e2a\u89d2\u5ea6\u601d\u8003\u4e00\u4e0b\uff0c\u6bcf\u5e74\u4ed8\u51fa1%\u7684\u989d\u5916\u6295\u8d44\u6210\u672c\u5c31\u76f8\u5f53\u4e8e\u5f00\u4e00\u5bb6\u516c\u53f8\u6bcf\u4e00\u5e74\u6bd4\u522b\u4eba\u591a\u4ea41%\u7684\u8425\u4e1a\u7a0e\uff0c\u5176\u7ade\u4e89\u52a3\u52bf\u4e0d\u8a00\u800c\u55bb\uff08\u88683\uff09\u3002 <\/p>\n<p align=\"center\"><img src=\"wp-content\/uploads\/wenzhang\/w6-4.jpg\" name=\"\u56fe\u5f624\" border=\"0\" align=\"bottom\" id=\"\u56fe\u5f624\" \/><\/p>\n<p>\n              \u5c31\u6295\u8d44\u8005\u666e\u904d\u8f83\u6613\u63a5\u53d7\u7684\u5171\u540c\u57fa\u91d1\u6765\u8bf4\uff0c\u5176\u6210\u672c\u4e0d\u4ec5\u5305\u542b\u7ba1\u7406\u8d39\u7528\u3001\u7533\u8d2d\u53ca\u8ba4\u8d2d\u8d39\u7528\uff0c\u8fd8\u5305\u62ec\u6295\u8d44\u7ecf\u7406\u4eec\u9891\u7e41\u6362\u624b\u6295\u8d44\u7ec4\u5408\u6240\u53d1\u751f\u7684\u4ea4\u6613\u8d39\u7528\u53ca\u56e0\u6b64\u800c\u5e26\u6765\u7684\u6295\u8d44\u8005\u7a0e\u8d1f\u589e\u52a0\u548c\u673a\u4f1a\u6210\u672c\u635f\u8017\u3002\u6839\u636e\u6295\u8d44\u516c\u53f8\u534f\u4f1a\uff08Investment  Company Institute\uff09\u7684\u7edf\u8ba1\uff0c2005\u5e74\u7f8e\u56fd\u80a1\u7968\u578b\u5171\u540c\u57fa\u91d1\u6bd4\uff08Expense  Ratio\uff0c\u5373\u7531\u6295\u8d44\u7ec4\u5408\u7ba1\u7406\u3001\u6258\u7ba1\u3001\u8fd0\u8425\u53ca\u5e02\u573a\u63a8\u5e7f\u7b49\u8d39\u7528\u7ec4\u6210\u7684\u5e74\u6210\u672c\u5360\u5728\u7ba1\u8d44\u4ea7\u7684\u6bd4\u4f8b\uff09\u7684\u5e73\u5747\u503c\u7ea6\u4e3a1.54%\u3002\u540c\u65f6\uff0c\u6295\u8d44\u8005\u4eec\u8fd8\u4e3a\u65b0\u6295\u8d44\u4ed8\u51fa\u4e861.25%\u7684\u524d\u6536\u8d39\uff08Front  Load\uff09\u3002\u6b64\u5916\uff0c2005\u5e74\u7f8e\u56fd\u80a1\u7968\u578b\u57fa\u91d1\u7684\u6295\u8d44\u7ec4\u5408\u7684\u6362\u624b\u7387\uff08Turnover  Rate\uff09\u9ad8\u8fbe47%\uff0c\u610f\u5473\u7740\u76f8\u5f53\u90e8\u5206\u7684\u57fa\u91d1\u56de\u62a5\u5c5e\u4e8e\u6295\u8d44\u8005\u5e74\u7ec8\u9700\u8981\u4e3a\u5176\u652f\u4ed8\u9ad8\u6602\u7a0e\u5355\u7684\u5df2\u5b9e\u73b0\u8d44\u672c\u5229\u5f97\u3002\u8fd9\u4e5f\u8bb8\u5c31\u662f\u6211\u4eec\u524d\u6587\u6240\u63d0\u5230\u7684\u7f8e\u56fd\u5171\u540c\u57fa\u91d1\u6295\u8d44\u8005\u7684\u5b9e\u9645\u7ee9\u6548\u4f4e\u4e0b\u7684\u4e00\u90e8\u5206\u539f\u56e0\u3002<\/p>\n<p>\u5f53\u7136\uff0c\u5e76\u975e\u6240\u6709\u7684\u57fa\u91d1\u90fd\u662f\u8d39\u7528\u6602\u8d35\u7684\uff0c\u4e5f\u5e76\u975e\u6240\u6709\u7684\u6295\u8d44\u8005\u4eec\u90fd\u8499\u4f4f\u81ea\u5df1\u7684\u53cc\u773c\u4efb\u7531\u8fd9\u4e9b\u57fa\u91d1\u5bb0\u5272\u3002\u76f8\u5f53\u4e00\u90e8\u5206\u77e5\u60c5\u7684\u57fa\u91d1\u6295\u8d44\u8005\u6210\u529f\u5730\u907f\u514d\u4e86\u9ad8\u76db\u3001\u6469\u6839\u58eb\u4e39\u5229\u3001\u82b1\u65d7\u3001\u7f8e\u6797\u7b49\u534e\u5c14\u8857\u884c\u9500\u5de8\u5934\uff0c\u5e76\u5c06\u8d44\u91d1\u6295\u5411\u5148\u950b\u7b49\u957f\u671f\u56de\u62a5\u7a33\u5b9a\u7684\u4f4e\u8d39\u7528\u6bd4\u3001\u4f4e\u6362\u624b\u7387\u57fa\u91d1\u4e2d\uff08\u88684\uff09\u3002 <\/p>\n<p style=\"text-indent:0em;\" align=\"center\"><img src=\"wp-content\/uploads\/wenzhang\/w6-5.jpg\" name=\"\u56fe\u5f625\" width=\"920\" border=\"0\" align=\"bottom\" id=\"\u56fe\u5f625\" \/><\/p>\n<p>\n              \u201c\u80a1\u795e\u201d\u5df4\u83f2\u7279\u66fe\u7ecf\u8bf4\u8fc7\u4e00\u53e5\u540d\u8a00\uff1a\u201c\u6295\u8d44\u662f\u7b80\u5355\u7684\uff0c\u4f46\u7edd\u975e\u6613\u4e8b\u3002\u201d\u5982\u4eca\uff0c\u8d44\u672c\u5e02\u573a\u9ad8\u5ea6\u53d1\u8fbe\uff0c\u6295\u8d44\u8005\u8981\u60f3\u9009\u62e9\u9002\u5408\u81ea\u5df1\u7279\u5b9a\u9700\u8981\u7684\u6295\u8d44\u4ea7\u54c1\u5e76\u4e0d\u96be\uff0c\u96be\u7684\u5c31\u5728\u4e8e\u5982\u4f55\u5728\u9009\u5b9a\u4e86\u9002\u5408\u81ea\u5df1\u7b56\u7565\u7684\u4ea7\u54c1\u540e\u80fd\u591f\u6210\u4e3a\u4e00\u4e2a\u575a\u5b9a\u4e0d\u79fb\u7684\u957f\u671f\u6295\u8d44\u8005\u3002\u6295\u8d44\u8005\u5fc5\u987b\u575a\u6301\u957f\u671f\u6295\u8d44\u3001\u5145\u5206\u591a\u6837\u5316\u5206\u6563\u98ce\u9669\u4ee5\u53ca\u5173\u6ce8\u6295\u8d44\u6210\u672c\u548c\u635f\u8017\u7b49\u7406\u6027\u884c\u4e3a\uff0c\u624d\u80fd\u5b9e\u73b0\u8d22\u5bcc\u957f\u671f\u7a33\u5065\u7684\u589e\u503c\u3002<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u5728\u524d\u51e0\u671f\u672c\u4e13\u680f\u4e2d\u7b14\u8005\u6240\u4ecb\u7ecd\u7684\u8d22\u5bcc\u4fdd\u503c\u548c\u8d22\u5bcc\u8f6c\u79fb\u7684\u4e00\u4e9b\u7406\u5ff5\u548c\u7b56\u7565\uff0c\u53ef\u80fd\u5bf9\u5904\u5728\u793e\u4f1a\u8d22\u5bcc\u91d1\u5b57\u5854\u9876\u90e8\u7684\u5bcc\u4eba\u4eec\u66f4\u6709\u501f\u9274\u610f<\/p>\n<p class=\"more-link\"><a href=\"http:\/\/www.jsvest.com.cn\/?p=712\" 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\/712"}],"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=712"}],"version-history":[{"count":17,"href":"http:\/\/www.jsvest.com.cn\/index.php?rest_route=\/wp\/v2\/posts\/712\/revisions"}],"predecessor-version":[{"id":3862,"href":"http:\/\/www.jsvest.com.cn\/index.php?rest_route=\/wp\/v2\/posts\/712\/revisions\/3862"}],"wp:attachment":[{"href":"http:\/\/www.jsvest.com.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=712"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.jsvest.com.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=712"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.jsvest.com.cn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=712"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}