{"id":33,"date":"2011-01-01T08:09:00","date_gmt":"2011-01-01T08:09:00","guid":{"rendered":"http:\/\/wjl-00010"},"modified":"2011-01-01T08:09:00","modified_gmt":"2011-01-01T08:09:00","slug":"%e8%b5%8c%e5%8d%9a%e4%b8%8e%e4%ba%a4%e6%98%93","status":"publish","type":"post","link":"https:\/\/bzsj.club\/index.php\/2011\/01\/01\/%e8%b5%8c%e5%8d%9a%e4%b8%8e%e4%ba%a4%e6%98%93\/","title":{"rendered":"\u8d4c\u535a\u4e0e\u4ea4\u6613"},"content":{"rendered":"

\u4e00\u4e2a\u597d\u7684\u8d4c\u624b\u4e5f\u4f1a\u662f\u4e2a\u597d\u7684\u64cd\u76d8\u624b\uff0c\u800c\u4ece\u56fd\u5185\u7684\u4e00\u4e9b\u53eb\u6cd5\u4e5f\u53ef\u4ee5\u770b\u51fa\u7aef\u7591\uff0c\u4f8b\u5982\u84dd\u7b79\u80a1\u3001\u7ea2\u7b79\u80a1\uff0c\u5176\u6765\u6e90\u4e8e\u56fd\u5916\u8d4c\u573a\u7b79\u7801\u7684\u53eb\u6cd5\uff0c\u84dd\u7b79\u6700\u8d35\uff0c\u7ea2\u7b79\u6b21\u4e4b\u3002<\/span><\/p>\n

\u4e00\u3001\u4e0d\u8d54\u94b1\uff0c\u4e3a\u4e0a\u7b56\uff0c\u4fdd\u672c\u6700\u91cd\u8981<\/span><\/p>\n

\u8d4c\u535a\u548c\u4ea4\u6613\u7684\u552f\u4e00\u76ee\u7684\u5c31\u662f\u4e3a\u4e86\u8d5a\u94b1\uff0c\u9664\u6b64\u4e4b\u5916\u7684\u6fc0\u60c5\u3001\u8363\u8a89\u3001\u6050\u60e7\u5e76\u4e0d\u80fd\u7ed9\u6211\u4eec\u5e26\u6765\u4ec0\u4e48\uff0c\u4f46\u8ba9\u4eba\u5dee\u5f02\u7684\u662f\u64cd\u76d8\u624b\u201c\u62c9\u91cc-\u5a01\u5ec9\u65af\u201d \u66fe\u8bbf\u95ee\u8fc7\u6570\u4f4d\u505a\u4ea4\u6613\u7684\uff0c\u7ed3\u679c\u4ed6\u4eec\u628a\u8ffd\u6c42\u523a\u6fc0\uff0c\u7d27\u5f20\u89c6\u4e3a\u4ea4\u6613\u7684\u4e3b\u8981\u52a8\u529b\uff0c\u8d5a\u94b1\u4f3c\u4e4e\u663e\u5f97\u4e0d\u90a3\u4e48\u91cd\u8981\uff0c\u8fd9\u79cd\u89c2\u5ff5\u7684\u4eba\u5e76\u4e0d\u9002\u5408\u505a\u4ea4\u6613\uff0c\u6211\u4eec\u552f\u4e00\u7684\u76ee\u7684\u4fbf\u662f\u4e3a\u4e86\u76c8\u5229\u800c\u4ea4\u6613\uff0c\u800c\u786e\u4fdd\u8d5a\u94b1\u7684\u65b9\u6cd5\uff0c\u9996\u5148\u662f\u4fdd\u672c\uff0c\u4fdd\u672c\u7684\u65b9\u6cd5\u5219\u662f\u907f\u514d\u4e0b\u91cd\u6ce8\uff0c\u6709\u4e9b\u4e8f\u635f\u662f\u751f\u547d\u4e0d\u53ef\u627f\u53d7\u4e4b\u91cd\u3002\u4ee5\u4e0b\u662f\u6295\u8d44\u754c\u7684\u9ad8\u624b\uff0c\u9668\u843d\u7684\u51e0\u4e2a\u4f8b\u5b50\uff1a<\/span><\/p>\n

\u6770\u897f\u00b7\u5229\u5f17\u83ab\u5c14\uff1a\u300a\u80a1\u7968\u4f5c\u624b\u56de\u5fc6\u5f55\u300b\u4e2d\u7684\u4e3b\u4eba\u516c\uff0c\u6295\u673a\u754c\u4e0d\u4e16\u51fa\u7684\u5929\u624d\uff0c\u4ece\u767d\u624b\u8d77\u5bb6\u4e00\u76f4\u505a\u52301929\u5e74\u65f6\u7684\u4e00\u4ebf\u7f8e\u5143\u8eab\u4ef7\uff0c\u6700\u7ec8\u7533\u8bf7\u7834\u4ea7\uff0c\u5e76\u4e8e\u6570\u5e74\u540e\u81ea\u6740\u3002<\/span><\/p>\n

\n

\u7ea6\u7ff0\u00b7\u9ea6\u745e\u5a01\u745f\uff1a\u66fe\u662f\u738b\u724c\u6295\u884c\u7d22\u7f57\u95e8\u5144\u5f1f\u516c\u53f8\u7684\u8d85\u7ea7\u4ea4\u6613\u5458\uff0c\u540e\u6765\u521b\u5efa\u4e86\u7fa4\u661f\u835f\u8403\u7684\u957f\u671f\u8d44\u672c\u5bf9\u51b2\u57fa\u91d1\uff08LTCM\uff09\uff0c\u4e00\u5ea6\u62e5\u670940\u4ebf\u7f8e\u5143\u7684\u5e9e\u5927\u8d44\u672c\uff0c\u5374\u57281998\u5e74\u4fc4\u56fd\u503a\u5238\u5371\u673a\u4e2d\u51e0\u4e4e\u635f\u5931\u6b86\u5c3d\u3002\uff08\u300a\u4e71\u4e16\u534e\u5c14\u8857\u300b\u4e2d\u6709\u5173\u4e8eLTCM\u5371\u673a\u7684\u8be6\u7ec6\u5206\u6790\u3002\uff09<\/span><\/p>\n

\n

\u7ba1\u91d1\u751f\uff1a1988\u5e74\u521b\u529e\u4e07\u56fd\u8bc1\u5238\uff0c\u66fe\u88ab\u8a89\u4e3a\u201c\u4e2d\u56fd\u8bc1\u5238\u4e4b\u7236\u201d\uff0c\u5374\u57281995\u5e74\u201c3\u00b727\u56fd\u503a\u4e8b\u4ef6\u201d\u4e2d\u9a6c\u5931\u524d\u8e44\uff0c\u4ee5\u81f4\u8eab\u9677\u56f9\u5704\u3002<\/span><\/p>\n

\n

\u5510\u4e07\u65b0\uff1a\u66fe\u7ecf\u7edf\u5e05\u5fb7\u9686\u7cfb\u4f01\u4e1a\u96c6\u56e2\uff0c\u50b2\u89c6\u4e2d\u56fd\u8d44\u672c\u5e02\u573a\uff0c\u7ec8\u56e0\u8d44\u91d1\u94fe\u65ad\u88c2\u5bfc\u81f4\u5fb7\u9686\u5e1d\u56fd\u571f\u5d29\u74e6\u89e3\u3002<\/span><\/p>\n

\u4e8c\u3001\u5b88\u4e0d\u8d25\u4e4b\u5730\uff0c\u653b\u53ef\u8d62\u4e4b\u654c\uff0c\u6982\u7387\u4e0b \uff0c\u89c1\u8f93\u8d62<\/span><\/span><\/p>\n

\u592a\u591a\u4eba\u628a\u8f93\u8d62\u5b9a\u4e49\u4e3a\u8fd0\u6c14\uff0c\u6211\u5f88\u5c11q\u53bb\u8d4c\u535a\u4ee5\u81f3\u4e8e\u51fa\u724c\u6c34\u5e73\u5f88\u5dee\u52b2\uff0c\u4f46\u5374\u4f9d\u7136\u4fdd\u6301\u5f88\u5c11\u8f93\u94b1\uff0c\u56e0\u4e3a\u53ea\u6709\u724c\u7279\u522b\u597d\u624d\u4e0b\u6ce8\u3002\u7535\u5f71\u91cc\u5e38\u6709\u67d0\u5bcc\u8c6a\u628a\u81ea\u5df1\u7684\u5168\u90e8\u8eab\u5bb6\u538b\u8fdb\u53bb\u548c\u8d4c\u573a\u5bf9\u8d4c\uff0c\u8d62\u4e86\u5219\u62e5\u6709\u8fd9\u4e2a\u8d4c\u573a\u3002\u73b0\u5b9e\u7248\u672c\u662f\u8fd9\u6837\u7684\uff1a\u67d0\u5bcc\u8c6a\u643a\u5168\u90e8\u8eab\u5bb6\u627e\u8d4c\u573a\u5bf9\u8d4c\uff0c\u4e00\u628a\u5b9a\u8f93\u8d62\uff0c\u800c\u8d4c\u573a\u8001\u5927\u5219\u4f1a\u544a\u8bc9\u4f60\uff0c\u8d4c\u53ef\u4ee5\uff0c\u4f46\u662f\u8981\u8d4c100\u628a\uff0c\u4e00\u628a\u5b9a\u8f93\u8d62\u7684\u4e8b \u6211\u4e0d\u548c\u4f60\u8d4c\u3002\u800c\u5168\u4e16\u754c\u7684\u8d4c\u573a\u4e0b\u6ce8\u90fd\u6709\u4e0a\u9650\u3002\u8d4c\u624b\u548c\u8d4c\u5f92\u552f\u4e00\u7684\u533a\u522b\u5c31\u662f\uff0c\u8d4c\u624b\u662f\u5c0a\u91cd\u6982\u7387\u7684\uff0c\u8d4c\u5f92\u62fc\u8fd0\u6c14\u3002\u4ea4\u6613\u8981\u7ad9\u5728\u8d62\u94b1\u6982\u7387\u8f83\u9ad8\u7684\u4e00\u65b9\uff0c\u90a3\u5fae\u5c0f\u7684\u6982\u7387\u52a0\u4e0a\u65e0\u6570\u6b21\u4e0b\u6ce8\u5c31\u7b49\u4e8e\u76c8\u5229\u3002<\/span><\/span><\/p>\n

\u4e09\u3001\u8be5\u538b\u591a\u5c11\u6ce8<\/span><\/span><\/p>\n

\u4e0b\u6ce8\u7684\u591a\u5c11\u5e94\u8be5\u968f\u7740\u4f60\u7684\u672c\u91d1\u4e0d\u65ad\u7684\u589e\u52a0\u800c\u589e\u52a0\uff0c\u800c\u6bcf\u4e2a\u4eba\u90fd\u6709\u81ea\u5df1\u7684\u4e00\u4e2a\u8861\u91cf\u7684\u6807\u51c6\uff0c\u6b64\u65f6\u6216\u8bb8\u8981\u501f\u9274\u4e00\u4e0b\u516c\u5f0f\u3002<\/span><\/span><\/p>\n

\u51ef\u5229\u516c\u5f0f\uff1a<\/span><\/strong>f* = (bp \u2013 q) \/ b<\/span><\/span><\/p>\n

\u5176\u4e2d\uff0cf* = \u6295\u6ce8\u91d1\u989d\u5360\u603b\u8d44\u91d1\u7684\u6bd4\u4f8b<\/span><\/p>\n

\n

p = \u83b7\u80dc\u7684\u6982\u7387<\/span><\/p>\n

\n

q = \u5931\u8d25\u7684\u6982\u7387\uff0cq = 1-p<\/span><\/p>\n

\n

b = \u8d54\u7387<\/span>
<\/span><\/span><\/span><\/span><\/span><\/p>\n

\u9996\u5148\uff0c\u516c\u5f0f\u4e2d\u5206\u5b50\u7684bp \u2013 q \u4ee3\u8868\u201c\u8d62\u9762\u201d\uff0c\u6570\u5b66\u4e2d\u53eb\u201c\u671f\u671b\u503c\u201d(expectation)\uff0c\u51ef\u5229\u516c\u5f0f\u6307\u51fa\uff1a\u6b63\u671f\u671b\u503c\u7684\u6e38\u620f\u624d\u53ef\u4ee5\u4e0b\u6ce8\uff0c\u8fd9\u662f\u4e00\u5207\u8d4c\u620f\u548c\u6295\u8d44\u6700\u57fa\u672c\u7684\u9053\u7406\u3002<\/span>
<\/span><\/p>\n

\u5176\u6b21\uff0c\u8d62\u9762\u8fd8\u8981\u9664\u4ee5\u201cb\u201d\u624d\u662f\u6295\u6ce8\u8d44\u91d1\u6bd4\u4f8b\u3002 \u4e5f\u5c31\u662f\u8bf4\u8d62\u9762\u76f8\u540c\u7684\u60c5\u51b5\u4e0b\uff0c\u8d54\u7387\u8d8a\u5c0f\u8d8a\u53ef\u4ee5\u591a\u62bc\u6ce8\u3002 \u8fd9\u4e00\u70b9\u4e0d\u5bb9\u6613\u76f4\u89c2\u7406\u89e3\uff0c\u6211\u4eec\u7528\u4e2a\u4f8b\u5b50\u6765\u8bf4\u660e\u3002\u4e0b\u9762\u4e09\u4e2a\u6b63\u671f\u671b\u503c\u7684\u6e38\u620f\uff0c\u4f60\u770b\u770b\u9009\u54ea\u4e2a\uff1a<\/span><\/p>\n

\n

1.\u201c\u5c0f\u535a\u5927\u201d\uff1a\u80dc\u738720%\uff0c\u8d62\u4e861\u8d545\uff0c\u8f93\u4e86\u5168\u5149\u3002bp \u2013 q = 5*20% \u2013 80% = 20%<\/span><\/p>\n

\n

2.\u201c\u4e2d\u535a\u4e2d\u201d\uff1a\u80dc\u738760%\uff0c1\u8d541\u3002bp \u2013 q = 1*60% \u2013 40% = 20%<\/span><\/p>\n

\n

3.\u201c\u5927\u535a\u5c0f\u201d\uff1a\u80dc\u738780%\uff0c1\u8d540.5\u3002bp \u2013 q = 0.5*80% \u2013 20% = 20%<\/span><\/p>\n

\n

\u4e09\u4e2a\u6e38\u620f\u7684\u6570\u5b66\u671f\u671b\u503c\u4e00\u6837\uff0c\u90fd\u662f20%\uff0c\u6216\u8005\u8bf4\u62bc100\u5143\u5e73\u5747\u8d6220\u5143\u3002\u6309\u5927\u90e8\u5206\u56fd\u4eba\u7684\u8d4c\u6027\uff0c\u6050\u6015\u4f1a\u9009\u201c\u5c0f\u535a\u5927\u201d\u6e38\u620f\u5427\uff1f \u4f46\u662f\u7528\u51ef\u5229\u516c\u5f0f\u4e2d\u7684\u201cb\u201d\u4e00\u9664\uff0c\u201c\u5c0f\u535a\u5927\u201d\u6e38\u620f\u53ea\u80fd\u62bc\u603b\u8d44\u91d1\u76844%\uff0c\u201c\u4e2d\u535a\u4e2d\u201d\u53ef\u4ee5\u62bc20%\uff0c\u201c\u5927\u535a\u5c0f\u201d\u53ef\u4ee5\u62bc40%\u3002 \u8d62\u94b1\u901f\u5ea6\u201c\u5927\u535a\u5c0f\u201d\u5feb\u591a\u4e86\uff01 \u201c\u4e45\u8d4c\u5fc5\u8d62\u7684\u6e38\u620f\u5e94\u8be5\u9009\u6ce2\u52a8\u6027\u5c0f\u7684\u201d\u5417\uff1f \u8bf4\u7684\u5c31\u662f\u8fd9\u4e2a\u4e86\u3002<\/span><\/p>\n

\u6700\u540e\uff0c\u51ef\u5229\u516c\u5f0f\u6307\u660e\u4e86\u98ce\u9669\u63a7\u5236\u7684\u81f3\u5173\u91cd\u8981\u6027\uff1a\u5373\u4fbf\u662f\u6b63\u671f\u671b\u503c\u7684\u6e38\u620f\u4e5f\u4e0d\u80fd\u62bc\u592a\u5927\u7684\u8d4c\u6ce8\u3002\u4ece\u6570\u5b66\u4e0a\u8bb2\uff0c\u62bc\u6ce8\u8d44\u91d1\u6bd4\u4f8b\u8d85\u8fc7\u4e86\u51ef\u5229\u503c\uff0c\u957f\u671f\u7684\u8d62\u94b1\u901f\u5ea6\u53cd\u800c\u4e0b\u964d\uff0c\u8fd8\u4f1a\u5927\u5927\u589e\u52a0\u51fa\u73b0\u707e\u96be\u6027\u635f\u5931\u7684\u53ef\u80fd\u6027\u3002\u4e3e\u4e2a\u6781\u7aef\u7684\u4f8b\u5b50\uff0c\u5982\u679c\u4f60\u6bcf\u624b\u90fd\u62bc\u4e0a\u5168\u90e8\u8d44\u91d1\uff0c\u90a3\u4e48\u4e0d\u7ba1\u4f60\u8d62\u8fc7\u591a\u5c11\u94b1\uff0c\u53ea\u8981\u8f93\u4e00\u6b21\u5c31\u7acb\u523b\u7834\u4ea7\u3002\u6b63\u6240\u8c13\uff1a\u8f9b\u8f9b\u82e6\u82e6\u51e0\u5341\u5e74\uff0c\u4e00\u591c\u56de\u5230\u89e3\u653e\u524d\u3002<\/span><\/span><\/p>\n

\u590f\u666e\u6bd4\u7387<\/span><\/strong><\/p>\n

\u8bc4\u4f30\u6295\u8d44\u673a\u4f1a\u7684\u4f18\u52a3\u5e94\u8be5\u4ece\u6536\u76ca\u671f\u671b\u548c\u98ce\u9669\u4e24\u65b9\u9762\u7efc\u5408\u8003\u8651\u3002\u5982\u4f55\u91cf\u5316\u8fd9\u4e00\u601d\u60f3\u5462\uff1f1950\u5e74\u4ee3\uff0c\u6709\u4eba\u63d0\u51fa\u7528\u56de\u62a5\u671f\u671b\u548c\u6ce2\u52a8\u6027\u7684\u6bd4\u4f8b\u4f5c\u4e3a\u8861\u91cf\u6295\u8d44\u673a\u4f1a\u7684\u6307\u6807\u30021966\u5e74\uff0c\u5b66\u8005\u590f\u666e\uff08William Sharpe\uff09\u5728\u6b64\u57fa\u7840\u4e0a\u63d0\u51fa\u4e86\u8457\u540d\u7684\u590f\u666e\u6bd4\u7387\uff08Sharpe Ratio\uff09\uff1a<\/span><\/strong><\/p>\n

\n

S = (R \u2013 r) \/ \u03c3\uff0c \u5176\u4e2d\uff1a<\/span><\/strong><\/p>\n

\n

R = \u6295\u8d44\u7684\u56de\u62a5\u671f\u671b\u503c\uff08\u5e73\u5747\u56de\u62a5\u7387\uff09<\/span><\/strong><\/p>\n

\n

r = \u65e0\u98ce\u9669\u6295\u8d44\u7684\u56de\u62a5\u7387\uff08\u53ef\u7406\u89e3\u4e3a\u6295\u8d44\u56fd\u503a\u7684\u56de\u62a5\u7387\uff09<\/span><\/strong><\/p>\n

\n

\u03c3 = \u56de\u62a5\u7387\u7684\u6807\u51c6\u65b9\u5dee\uff08\u8861\u91cf\u6ce2\u52a8\u6027\u7684\u6700\u5e38\u7528\u7edf\u8ba1\u6307\u6807\uff09<\/span><\/strong><\/p>\n

\n

\u590f\u666e\u6bd4\u7387S\u8d8a\u9ad8\uff0c\u6295\u8d44\u673a\u4f1a\u7684\u201c\u8d28\u91cf\u201d\u8d8a\u9ad8\u3002 \u4e3e\u4e2a\u4f8b\u5b50\uff1a<\/span><\/strong><\/p>\n

\n

\u7532\u6295\u8d44\uff1a\u8d85\u989d\uff08\u8d85\u51fa\u56fd\u503a\uff09\u56de\u62a5\u671f\u671b10%\uff0c\u6807\u51c6\u5dee20%\uff0c\u590f\u666e\u6bd4\u7387\u4e3a0.5<\/span><\/strong><\/p>\n

\n

\u4e59\u6295\u8d44\uff1a\u8d85\u989d\u56de\u62a5\u671f\u671b5%\uff0c\u6807\u51c6\u5dee5%\uff0c\u590f\u666e\u6bd4\u7387\u4e3a1<\/span><\/strong><\/p>\n

\n

\u4e4d\u4e00\u770b\uff0c\u7532\u6295\u8d44\u56de\u62a5\u671f\u671b\u9ad8\uff0c\u4f3c\u4e4e\u662f\u6bd4\u8f83\u597d\u7684\u673a\u4f1a\u3002\u5176\u5b9e\u4e59\u6295\u8d44\u66f4\u80dc\u4e00\u7b79\uff08\u901a\u5e38\u60c5\u51b5\u4e0b\uff09\uff0c\u56e0\u4e3a\u5b83\u7684\u590f\u666e\u6bd4\u7387\u9ad8\uff0c\u610f\u5473\u7740\u6295\u8d44\u8005\u75281\u4e2a\u5355\u4f4d\u7684\u201c\u98ce\u9669\u201d\u80fd\u6362\u53d6\u66f4\u591a\u7684\u56de\u62a5\u671f\u671b\u3002\u4ece\u6760\u6746\u6295\u8d44\u7684\u89d2\u5ea6\u4e5f\u53ef\u4ee5\u5f97\u51fa\u540c\u6837\u7684\u7ed3\u8bba\uff1a\u5047\u8bbe\u6295\u8d44\u8005\u4ee5r\u8d37\u6b3e\u5229\u7387\u878d\u8d44\uff0c\u5728\u4e59\u6295\u8d44\u673a\u4f1a\u4e0a\u52a01\u500d\u6760\u6746\uff0c\u90a3\u4e48\u201c\u6760\u6746\u5316\u201d\u7684\u4e59\u6295\u8d44\u5c31\u53d8\u6210\u4e8610%\u56de\u62a5\u671f\u671b\uff0c10%\u6807\u51c6\u5dee\uff0c\u4e0e\u7532\u6295\u8d44\u7684\u56de\u62a5\u671f\u671b\u76f8\u540c\uff0c\u800c\u98ce\u9669\u8f83\u5c0f\u3002<\/span><\/strong><\/p>\n

\n

\u590f\u666e\u6bd4\u7387\u591a\u9ad8\u624d\u7b97\u201c\u597d\u201d\u5462\uff1f \u6211\u4eec\u6765\u770b\u4e00\u4e2a\u5b9e\u9645\u7684\u4f8b\u5b50\uff1a\u7f8e\u56fd\u80a1\u5e02\u7684\u957f\u671f\u5e74\u5e73\u5747\u56de\u62a5\u7387\u7ea6\u4e3a10%\uff0c\u6ce2\u52a8\u6027\u7ea6\u4e3a16%\uff0c\u65e0\u98ce\u9669\u5229\u7387\u7ea6\u4e3a3.5%\uff0c\u56e0\u6b64\u590f\u666e\u6bd4\u7387\u7ea6\u4e3a0.4\uff08\u6765\u6e90\uff1a\u7ef4\u57fa\u767e\u79d1\uff09\u3002\u7ffb\u8bd1\u6210\u767d\u8bdd\u5c31\u662f\uff1a\u6295\u8d44\u7f8e\u80a1\u6307\u6570\u7684\u5e74\u5747\u56de\u62a5\u7387\u7ea6\u6bd4\u65e0\u98ce\u9669\u5229\u7387\u9ad86.5%\uff0c\u4f46\u5e73\u57476\u5e74\u4e2d\u67091\u5e74\u7684\u56de\u62a5\u7387\u4f4e\u4e8e -6%\uff081\u500d\u6807\u5dee\u4e4b\u5916\uff09\u3002<\/span><\/strong><\/p>\n

\n

\u5bf9\u4e8e\u957f\u7ebf\u6295\u8d44\u7684\u6563\u6237\u800c\u8a00\uff0c\u6295\u8d44\u7f8e\u80a1\u7684\u98ce\u9669\/\u56de\u62a5\u8fd8\u7b97\u8bf4\u7684\u8fc7\u53bb\u3002\u5982\u679c\u662f\u5bf9\u51b2\u57fa\u91d1\u7ecf\u7406\uff0c\u8fd9\u6837\u7684\u590f\u666e\u6bd4\u7387\u5c31\u592a\u4f4e\u4e86\uff1a\u5047\u8bbe\u4f60\u7684\u76ee\u6807\u662f20%\u5e74\u56de\u62a5\u7387\uff0c\u5c31\u5fc5\u9700\u75282.5\u500d\u6760\u6746\uff08\u56de\u62a5\u671f\u671b = 2.5*10% \u2013 1.5*3.5% \u2248 20%\uff09\uff0c\u4e5f\u5c31\u610f\u5473\u7740\u5e73\u57476\u5e74\u4e2d\u67091\u5e74\u7684\u56de\u62a5\u7387\u5c06\u4f4e\u4e8e2.5*\uff0810% \u2013 16%\uff09- 1.5*3.5% = -20%\u3002\u4f60\u8d54\u4e86\u8d85\u8fc720%\uff0c\u5ba2\u6237\u5927\u6982\u5c31\u8981\u8dd1\u5149\u4e86\u3002<\/span><\/strong><\/p>\n

\n

\u4e00\u822c\u8bf4\u6765\uff0c\u590f\u666e\u6bd4\u7387\u8d85\u8fc71\u624d\u662f\u201c\u597d\u6e38\u620f\u201d\u3002\u8fd9\u79cd\u673a\u4f1a\u5728\u201c\u7b80\u5355\u6295\u8d44\u201d\u4e2d\u5e76\u4e0d\u591a\u89c1\uff0c\u56e0\u6b64\u804c\u4e1a\u6295\u8d44\u8005\u5e38\u5e38\u5229\u7528\u5bf9\u51b2\u624b\u6bb5\u201c\u6539\u9020\u201d\u6295\u8d44\u6e38\u620f\uff0c\u63d0\u9ad8\u590f\u666e\u6bd4\u7387\u3002<\/span><\/strong><\/strong><\/p>\n

<\/span><\/strong>
\u590f\u666e\u6bd4\u7387\u5b58\u5728\u4e00\u4e9b\u5148\u5929\u7f3a\u9677\uff0c\u56e0\u6b64\u4e5f\u51fa\u73b0\u4e0d\u5c11\u7684\u6539\u826f\u7248\uff0c\u6240\u4ee5\u6709\u5174\u8da3\u53ef\u4ee5\u4e86\u89e3\u4e00\u4e0b\u3002<\/span><\/p>\n

\u56db\u3001\u600e\u6837\u624d\u80fd\u66f4\u597d\uff1a\u590d\u5408\u56de\u62a5\u7387\uff0c\u56de\u62a5\u7387\u6ce2\u52a8\uff0c\u6700\u5927\u8dcc\u5e45\uff0c\u590f\u666e\u6bd4\u7387 <\/span><\/p>\n

\"b1\"<\/a><\/p>\n

\u4e8b\u5b9e\u4e0a\u57fa\u91d1C \u8fdc\u6bd4\u57fa\u91d1D \u66f4\u503c\u5f97\u6295\u8d44\u3002\u4ece\u6536\u76ca\u7684\u7a33\u5b9a\u6027\u548c\u590f\u666e\u6bd4\u7387\u53ef\u4ee5\u660e\u786e\u770b\u51fa\uff0c\u800c\u4e8b\u5b9e\u4e0a\u57fa\u91d1D\u7684\u6536\u76ca\u5982\u6b64\u9ad8\uff0c\u4e3b\u8981\u6765\u6e90\u4e8e\u6b21\u8d37\u5371\u673a\u7684\u4e00\u6b21\u6284\u5e95\u83b7\u5229\uff0c\u4f46\u4ec5\u4ec5\u51ed\u6b64\u6765\u5224\u5b9a\u57fa\u91d1D\u4e0d\u5982\u57fa\u91d1C\u4e5f\u662f\u4e0d\u516c\u5e73\u7684\uff0c\u4f46\u67e5\u770b\u6bcf\u4e2a\u57fa\u91d1\u7684\u5386\u53f2\u6700\u5927\u4e8f\u635f\u4e5f\u540c\u6837\u80fd\u8bf4\u660e\u4e00\u4e9b\u4e8b\u60c5<\/span><\/p>\n

\"b2\"<\/a><\/p>\n

\u672c\u6587<\/span>\u4e3b\u8981\u6765\u81ea\u6e14\u9633\u7684\u4e00\u7bc7\u535a\u6587\uff0c\u672c\u7ad9 \u65e0\u6781\u9886\u57df \u6839\u636e\u5b9e\u9645\u7ecf\u9a8c\u589e\u52a0\u4e86\u4e00\u90e8\u5206\u5185\u5bb9\uff0c\u540c\u65f6\u5bf9\u539f\u6587\u505a\u4e86\u6bd4\u8f83\u5927\u7684\u5220\u51cf\u6574\u7406\uff0c\u9700\u8981\u8005 \u53ef\u81ea\u884c\u68c0\u7d22\u539f\u6587\u3002\u8f6c\u8f7d\u8bf7\u4fdd\u7559\u51fa\u5904\uff01
2014\u5e748\u67085\u65e5 21:38:42 QQ83691843 <\/span><\/span><\/p>\n

\u8f6c\u8f7d\u8bf7\u4fdd\u7559\u51fa\u5904\uff1a\u65e0\u6781\u9886\u57df<\/a> \u00bb \u8d4c\u535a\u4e0e\u4ea4\u6613<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u4e00\u4e2a\u597d\u7684\u8d4c\u624b\u4e5f\u4f1a\u662f\u4e2a\u597d\u7684\u64cd\u76d8\u624b\uff0c\u800c\u4ece\u56fd\u5185\u7684\u4e00\u4e9b\u53eb\u6cd5\u4e5f\u53ef\u4ee5\u770b\u51fa\u7aef\u7591\uff0c\u4f8b\u5982\u84dd\u7b79\u80a1\u3001\u7ea2\u7b79\u80a1\uff0c\u5176\u6765\u6e90\u4e8e\u56fd\u5916\u8d4c\u573a\u7b79\u7801\u7684\u53eb […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-33","post","type-post","status-publish","format-standard","hentry","category-wujilingyu"],"_links":{"self":[{"href":"https:\/\/bzsj.club\/index.php\/wp-json\/wp\/v2\/posts\/33","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bzsj.club\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bzsj.club\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bzsj.club\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bzsj.club\/index.php\/wp-json\/wp\/v2\/comments?post=33"}],"version-history":[{"count":0,"href":"https:\/\/bzsj.club\/index.php\/wp-json\/wp\/v2\/posts\/33\/revisions"}],"wp:attachment":[{"href":"https:\/\/bzsj.club\/index.php\/wp-json\/wp\/v2\/media?parent=33"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bzsj.club\/index.php\/wp-json\/wp\/v2\/categories?post=33"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bzsj.club\/index.php\/wp-json\/wp\/v2\/tags?post=33"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}