{"id":1063,"date":"2009-04-23T02:34:00","date_gmt":"2009-04-22T18:34:00","guid":{"rendered":"http:\/\/tokuhon.blog\/2009\/04\/23\/%e8%bd%89%e8%bc%89%e7%89%9b%e7%86%8a%e4%ba%a4%e6%9b%bf%e7%9a%84%e6%a8%93%e5%b8%82\/"},"modified":"2018-02-07T22:47:43","modified_gmt":"2018-02-07T14:47:43","slug":"%e8%bd%89%e8%bc%89%e7%89%9b%e7%86%8a%e4%ba%a4%e6%9b%bf%e7%9a%84%e6%a8%93%e5%b8%82","status":"publish","type":"post","link":"https:\/\/tokuhon.blog\/?p=1063","title":{"rendered":"[\u8f49\u8f09]\u725b\u718a\u4ea4\u66ff\u7684\u6a13\u5e02"},"content":{"rendered":"

\u725b\u718a\u4ea4\u66ff\u7684\u6a13\u5e02\u3000\u95dc\u61c9\u5f37\uff0e\u7406\u5de5\u5b78\u9662\u61c9\u7528\u6578\u5b78\u7cfb\u8b1b\u5e2b<\/font><\/span><\/p>\n

\u300a\u4fe1\u5831\u8ca1\u7d93\u6708\u520a\u300b<\/span>1996<\/span>\u5e74<\/span>12<\/span>\u6708\uff0e\u7e3d<\/span>237<\/span>\u671f<\/span><\/font><\/p>\n

<\/font><\/span> <\/p>\n

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\u62d9\u6587\u300c\u6a13\u50f9\u7684\u57fa\u672c\u56e0\u7d20\u5206\u6790\u53ca\u5176\u53ef\u9810\u6e2c\u6027\u300d\uff08\u898b<\/span>1995<\/span>\u5e74<\/span>l<\/span>\u6708\u865f\u672c\u520a\uff09\u66fe\u7d93\u6307\u51fa\uff1a\u9999\u6e2f\u7684\u6a13\u50f9\u5f80\u5f80\u6709\u5176\u6301\u7e8c\u7684\u8da8\u52e2\uff0c\u7576\u725b\u5e02\u5f62\u6210\u6642\uff0c\u5347\u52e2\u4fbf\u6703\u6301\u7e8c\u4e00\u6bb5\u6642\u9593\uff0c\u5176\u9593\u53ea\u6709\u77ed\u66ab\u7684\u8abf\u6574\uff0c\u5f9e\u800c\u63d0\u4f9b\u8cb7\u6a13\u7684\u6642\u6a5f\uff1a\u76f8\u53cd\uff0c\u7576\u718a\u5e02\u5f62\u6210\u6642\uff0c\u8dcc\u52e2\u4ea6\u6703\u4fdd\u6301\u4e0b\u53bb\u3002\u9019\u7a2e\u5faa\u74b0\u8b8a\u52d5\uff0c\u7576\u7136\u6709\u5b83\u7684\u80cc\u5f8c\u56e0\u7d20\uff0c\u4f46\u5982\u679c\u7528\u6700\u512a\u60e0\u5229\u7387\u5e73\u6e1b\u901a\u8139\u7684\u5be6\u8cea\u5229\u7387\uff0c\u4ee5\u53ca\u53cd\u6620\u80a1\u50f9\u7684\u6046\u751f\u6307\u6578\u4f86\u89e3\u91cb\u6a13\u50f9\u7684\u8d77\u8dcc\uff0c\u5c31\u6703\u767c\u73fe\u5b83\u5011\u662f\u5169\u500b\u6709\u7528\u7684\u6a13\u50f9\u9818\u5148\u6307\u6a19\u3002\u5047\u5982\u4eca\u5b63\u7684\u5be6\u8cea\u5229\u7387\u589e\u52a0\u548c\u6046\u751f\u6307\u6578\u4e0b\u8dcc\uff0c\u4e0b\u5b63\u7684\u6a13\u50f9\u4ea6\u6703\u8da8\u8dcc\uff0c\u5176\u4e2d\u7684\u9053\u7406\u76f8\u7576\u660e\u986f\uff0c\u5be6\u8cea\u5229\u7387\u662f\u6301\u6709\u6a13\u5b87\u7684\u76f4\u63a5\u6210\u672c\uff0c\u6210\u672c\u4e0a\u6f32\u6642\u7576\u7136\u6703\u6e1b\u5f31\u8cb7\u6a13\u7684\u610f\u6b32\u548c\u80fd\u529b\uff0c\u53cd\u4e4b\u4ea6\u7136\u3002\u6545\u6b64\uff0c\u5be6\u8cea\u5229\u7387\u8207\u6a13\u50f9\u5f80\u5f80\u6709\u4e00\u7a2e\u76f8\u53cd\u7684\u8d70\u52e2\uff0c\u7336\u5982\u55ae\u8eca\u7684\u8173\u8e0f\uff0c\u6b64\u9ad8\u5f7c\u4f4e\u3002\u6046\u751f\u6307\u6578\u662f\u91d1\u878d\u5e02\u5834\u4e00\u500b\u6975\u91cd\u8981\u7684\u6307\u6a19\uff0c\u6a19\u793a\u82e5\u5ba2\u89c0\u7684\u7d93\u6fdf\u72c0\u6cc1\u3001\u516c\u53f8\u696d\u7e3e\u3001\u6295\u8cc7\u8005\u7684\u5fc3\u7406\u72c0\u614b\u7b49\u7b49\uff0c\u6545\u6046\u6307\u8207\u6a13\u50f9\u5f80\u5f80\u6709\u76f8\u540c\u65b9\u5411\u7684\u8d70\u52e2\u3002<\/span><\/font><\/p>\n

\u9999\u6e2f\u7684\u6a13\u50f9\u81ea<\/span>94<\/span>\u5e74\u7b2c\u4e8c\u5b63\u898b\u9802\u5f8c\uff0c\u7d93\u6b77\u4e86\u4e00\u500b\u5927\u7d04\u5341\u4e94\u500b\u6708\u7684\u718a\u5e02\uff0c\u800c\u7531<\/span>96<\/span>\u5e74\u958b\u59cb\uff0c\u6a13\u5e03\u53c8\u9010\u6b65\u56de\u5347\uff0c\u51fa\u73fe\u4e0a\u5347\u7684\u8da8\u52e2\uff0c\u53e6\u4e00\u500b\u725b\u5e02\u53ef\u8aaa\u662f\u8a95\u751f\u4e86\u3002\u5728\u9019\u7bc7\u62d9\u6587\u88cf\u9762\uff0c\u7b46\u8005\u6839\u64da\u653f\u5e9c\u6240\u516c\u5e03\u7684\u7d71\u8a08\u8cc7\u79d1\uff0c\u5c0d\u525b\u525b\u7d50\u675f\u7684\u718a\u5e02\u7279\u5fb5\uff0c\u8a66\u52a0\u6aa2\u8a0e\uff0c\u4e26\u5c07\u4e4b\u8207\u516b\u5341\u5e74\u4ee3\u7684\u718a\u5e02\u4f5c\u4e00\u6bd4\u8f03\uff0c\u540c\u6642\u5f9e\u4ee5\u5f80\u725b\u5e02\u7684\u5f62\u614b\uff0c\u8a55\u4f30\u672a\u4f86\u6a13\u50f9\u7684\u4e0a\u5347\u6f5b\u529b\uff0c\u4e5f\u8a31\u5c0d\u6295\u8cc7\u8005\u4e0d\u7121\u88e8\u76ca\u3002<\/span><\/font><\/p>\n

\u718a\u5e02\u7684\u8a95\u751f<\/font><\/span><\/p>\n

90<\/span>\u5e74\u7b2c\u56db\u5b63\uff0c\u9999\u6e2f\u9032\u5165\u4e86\u4e00\u500b\u6f2b\u9577\u7684\u8ca0\u5229\u7387\u6642\u671f\uff0c\u6700\u9ad8\u7684\u8ca0\u5229\u7387\u662f<\/span>91<\/span>\u5e74\u7b2c\u4e09\u5b63\u7684<\/span>-3.74%<\/span>\u3002\u9019\u500b\u6578\u5b57\u7684\u610f\u7fa9\u5c31\u662f\uff1a\u5047\u5982\u6211\u5011\u628a\u4e00\u842c\u5143\u653e\u5165\u9280\u884c\uff0c\u4e26\u53ef\u6536\u53d6\u6700\u512a\u60e0\u7684\u5229\u7387\uff08\u7576\u7136\u5927\u90e8\u5206\u7684\u6295\u8cc7\u8005\u6240\u80fd\u6536\u53d6\u7684\u5229\u7387\u9060\u4f4e\u65bc\u6b64<\/span>)<\/span>\uff0c\u90a3\u9ebc\u5341\u5e74\u5f8c\uff0c\u6211\u5011\u7684\u4e00\u842c\u5143\u7684\u5be6\u969b\u8cfc\u8cb7\u529b\uff0c\u5c07\u53ea\u5269\u4e0b\u7d04\u516d\u5343\u516b\u767e\u4e09\u5341\u5143\uff1a\u76f8\u53cd\uff0c\u5047\u5982\u6295\u8cc7\u8005\u80fd\u4ee5\u512a\u60e0\u5229\u7387\u501f\u9322\uff0c\u4f5c\u4e00\u4e9b\u80fd\u5920\u8ffd\u96a8\u901a\u8139\u7684\u6295\u8cc7\uff0c\u90a3\u9ebc\u5728\u6263\u9664\u5229\u606f\u5f8c\uff0c\u6bcf\u5e74\u7336\u6709<\/span>3.74%<\/span>\u7684\u589e\u9577\u3002\u9019\u7c21\u55ae\u8a08\u7b97\u7684\u610f\u7fa9\u6700\u660e\u986f\u4e0d\u904e\uff0c\u6295\u8cc7\u8005\u53ea\u6709\u653e\u68c4\u5b58\u6b3e\uff0c\u53e6\u627e\u4e00\u4e9b\u80fd\u300c\u4fdd\u672c\u589e\u503c\u300d\u7684\u6295\u8cc7\uff0c\u6545\u6b64\u6d41\u5411\u80a1\u5e02\u7684\u8cc7\u91d1\uff0c\u4ee4\u6046\u6307\u5728<\/span>90<\/span>\u5e74\u81f3<\/span>93<\/span>\u5e74\u9593\u6709\u4e09\u500d\u7684\u5347\u5e45\uff0c\u800c\u6574\u9ad4\u6a13\u50f9\uff0c\u4ea6\u6709\u63a5\u8fd1\u5169\u500d\u7684\u6f32\u5e45\u3002<\/span><\/font><\/p>\n

\u4f46\u8ca0\u5229\u7387\u7684\u60c5\u6cc1\uff0c\u5728<\/span>93<\/span>\u5e74\u672b\u5b63\u958b\u59cb\u6709\u6240\u6539\u8b8a\uff0c\u7f8e\u570b\u5229\u7387\u958b\u59cb\u56de\u5347\uff0c\u7531\u65bc\u6e2f\u5143\u8207\u7f8e\u5143\u639b\u920e\u7684\u95dc\u4fc2\uff0c\u6e2f\u606f\u4ea6\u6b65\u4ea6\u8da8\uff0c\u8ca0\u5229\u7387\u958b\u59cb\u4e0b\u964d\uff0c\u6046\u6307\u9996\u5148\u5728<\/span>95<\/span>\u5e74<\/span>l<\/span>\u6708\u5275\u4e0b\u6b77\u53f2\u9ad8\u5cf0\uff0c\u7136\u5f8c\u8fc5\u901f\u5411\u4e0b\u6ed1\u843d\uff0c\u800c\u6574\u9ad4\u7684\u6a13\u50f9\u4ea6\u65bc<\/span>94<\/span>\u5e74\u6b21\u5b63\u898b\u9802\uff0c\u7dca\u96a8\u8457\u6046\u6307\u800c\u56de\u3002\u9019\u6b21\u6e2f\u80a1\u718a\u5e02\u6b77\u6642\u4e94\u5b63\uff0c\u8dcc\u5e45\u5927\u6982\u56db\u6210\uff0c\u800c\u623f\u5730\u7522\u718a\u5e02\u53c8\u6bd4\u80a1\u5e02\u7684\u9577\u4e00\u5b63\uff0c\u6574\u9ad4\u5e73\u5747\u4e0b\u8dcc\u5e45\u7d04\u6210\u4e8c\u3002<\/span><\/font><\/p>\n

\u4e5d\u5341\u5e74\u4ee3\u7684\u718a\u5e02\uff0c\u6bd4\u516b\u5341\u5e74\u4ee3\u7684\u6eab\u548c\u5f88\u591a\u3002\u4e0a\u4e00\u6b21\u7684\u6e2f\u80a1\u718a\u5e02\u6b77\u6642\u4e5d\u5b63\uff0c\u4e0b\u8dcc\u5e45\u5ea6\u516d\u6210\uff0c\u800c\u623f\u5730\u7522\u7684\u718a\u5e02\uff0c\u66f4\u9577\u9054\u5341\u4e09\u5b63\uff0c\u8dcc\u5e45\u4e09\u6210\u4e09\uff0c\u53ef\u8b02\u6158\u70c8\uff01\u4f46\u516b\u5341\u5e74\u4ee3\u7684\u718a\u5e02\uff0c\u56fa\u6709\u5176\u5be6\u8cea\u7684\u653f\u7d93\u7406\u7531\uff0c\u5982\u4e2d\u82f1\u5728<\/span>97<\/span>\u554f\u984c\u7684\u722d\u62d7\uff0c\u5f62\u6210\u4e00\u500b\u4e0d\u660e\u6717\u7684\u653f\u6cbb\u8655\u5883\uff0c\u518d\u52a0\u6b50\u7f8e\u7684\u7d93\u6fdf\u8870\u9000\uff0c\u7531\u4e03\u5341\u5e74\u4ee3\u5ef6\u7e8c\u4e0b\u4f86\u7684\u9999\u6e2f\u7d93\u6fdf\u589e\u9577\u96a8\u4e4b\u653e\u7de9\uff0c\u57fa\u672c\u6295\u8cc7\u840e\u7e2e\uff0c\u4eba\u5fc3\u4e0d\u5b89\uff0c\u6e2f\u5143\u532f\u7387\u6025\u5287\u4e0b\u8dcc\u3002\u53cd\u89c0\u8fd1\u5e74\u7684\u718a\u5e02\uff0c\u537b\u627e\u4e0d\u5230\u985e\u4f3c\u7684\u60c5\u6cc1\u3002\u4e5f\u8a31\u6709\u4eba\u8a8d\u70ba\uff0c\u4eca\u6b21\u7684\u718a\u5e02\u53cd\u6620\u6e2f\u4eba\u7684\u653f\u6d3d\u6182\u9b31\uff0c\u4f46\u5f9e\u5ba2\u89c0\u7684\u6578\u5b57\u4f86\u770b\uff0c\u5982\u79fb\u6c11\u4eba\u6578\u7b49\uff0c\u5be6\u627e\u4e0d\u5230\u652f\u6301\u6b64\u8ad6\u7684\u4f9d\u64da\uff1a\u53e6\u4e00\u65b9\u9762\uff0c<\/span>95<\/span>\u5e74\u7684\u7d93\u6fdf\u78ba\u662f\u653e\u7de9\u4e86\uff0c\u751f\u7522\u7e3d\u503c\u7684\u5e74\u589e\u9577\u7387\uff0c\u4e5f\u7531<\/span>94<\/span>\u5e74\u7684<\/span>6.3%<\/span>\u6e1b\u4f4e\u81f3<\/span>95<\/span>\u5e74\u7684<\/span>4.3%<\/span>\u3002\u56e0\u6b64\uff0c\u4e5f\u8a31\u56de\u5347\u7684\u5be6\u8cea\u5229\u7387\u548c\u653e\u7de9\u7684\u7d93\u6fdf\u589e\u9577\uff0c\u662f\u7de8\u7e54\u9019\u500b\u718a\u5e02\u7684\u7d93\u7def\u3002<\/span><\/font><\/p>\n

\u6574\u9ad4\u800c\u8a00\uff0c\u4eca\u6b21\u7684\u718a\u5e02\uff0c\u5982\u5f9e\u653f\u5e9c\u7de8\u5236\u7684\u6a13\u5b87\u6307\u6578\u3010\u8868\u4e00\u3011\u91cf\u5ea6\uff0c\u6a13\u50f9\u7684\u8dcc\u5e45\u53ea\u6709<\/span>12%<\/span>\u3002\u6b64\u4e00\u8dcc\u5e45\u9060\u6bd4\u4e00\u822c\u975e\u5b98\u65b9\u8cc7\u6793\u6240\u986f\u793a\u7684\u70ba\u4f4e\uff0c\u800c\u6309\u7406\u653f\u5e9c\u7684\u6578\u5b57\u662f\u96c6\u7d50\u6240\u6709\u540c\u671f\u9593\u7684\u6210\u4ea4\u500b\u6848\u7de8\u5236\u800c\u6210\uff0c\u4ea6\u8f03\u70ba\u5168\u9762\u548c\u53ef\u9760\u3002\u81f3\u65bc\u5404\u985e\u578b\u4f4f\u5b85\u7684\u8dcc\u5e45\uff0c\u4e5f\u6709\u5f88\u5927\u7684\u5206\u5225\uff0c\u4e03\u767e\u65b9\u544e\u4ee5\u4e0a\u7684\u8dcc\u4e86<\/span>18%<\/span>\uff0c\u5c0f\u578b\u6a13\u5b87\u7684\u50f9\u683c\u53ea\u4e0b\u8dcc<\/span>9%<\/span>\u3002\u6b64\u7a2e\u4e0b\u8dcc\u5f62\u614b\u8207\u516b\u5341\u5e74\u4ee3\u5927\u81f4\u76f8\u540c\uff0c\u4e0a\u4e00\u6b21\u5927\u578b\u6a13\u5b87\u8dcc\u50f9\u4e00\u534a\uff0c\u800c\u5c0f\u578b\u6a13\u5b87\u53ea\u8dcc\u4e86<\/span>30%<\/span>\u3002<\/span><\/font><\/p>\n

\u5404\u5340\u7684\u6a13\u50f9\u8dcc\u5e45\u5927\u81f4\u76f8\u540c\u3002\u5728\u6642\u9593\u65b9\u9762\uff0c\u9999\u6e2f\u5cf6\u548c\u65b0\u4e5d\u9f8d\u7684\u6a13\u50f9\uff0c\u5728<\/span>94<\/span>\u5e74\u6b21\u5b63\u898b\u9802\uff0c\u6bd4\u4e5d\u9f8d\u548c\u65b0\u754c\u5340\u9072\u4e86\u4e00\u5b63\u3010\u8868\u4e8c\u3011\uff0c\u4ee5\u4e03\u767e\u65b9\u544e\u81f3\u4e00\u5343\u65b9\u544e\u7684\u6a13\u5b87\u70ba\u4f8b\uff0c\u5728\u9999\u6e2f\u5cf6\u5e73\u5747\u6210\u4ea4\u50f9\u7531\u6bcf\u65b9\u7c73\u4e03\u842c\u56db\u5343\u4e94\u767e\u4e09\u5341\u5143\uff08\u6216\u6bcf\u65b9\u544e\u516d\u5343\u4e5d\u767e\u4e8c\u5341\u516b\u5143<\/span>)<\/span>\u8dcc\u81f3\u516d\u842c\u4e00\u5343\u4e94\u767e\u56db\u5341\u4e5d\u5143\uff08\u6216\u6bcf\u65b9\u544e\u4e94\u5343\u4e03\u767e\u4e8c\u5341\u4e00\u5143<\/span>)<\/span>\uff0c\u8dcc\u4e86<\/span>18%<\/span>\uff0c\u9060\u6bd4\u4e00\u822c\u4eba\u6240\u4f30\u8a08\u7684\u8dcc\u5e45\u70ba\u5c0f\u3002<\/span><\/font><\/p>\n

\u725b\u5e02\u7684\u5c55\u671b<\/font><\/span><\/p>\n

\u6046\u751f\u6307\u6578\u5728<\/span>95<\/span>\u5e74\u7b2c\u4e00\u5b63\u898b\u5e95\u5f8c\u56de\u5347\uff0c\u5c31\u50cf\u6728\u68c9\u82b1\u958b\uff0c\u6a19\u793a\u8457\u5bd2\u51ac\u7684\u904e\u53bb\uff0c\u6625\u5929\u4f86\u81e8\u3002\u516b\u5341\u5e74\u4ee3\u7684\u718a\u5e02\uff0c\u80a1\u5e02\u7684\u56de\u5347\u6bd4\u6a13\u5e02\u65e9\u56db\u5b63\uff0c\u800c\u5728<\/span>95<\/span>\u5e74\uff0c\u80a1\u5e02\u6bd4\u6a13\u5e02\u9818\u5148\u4e09\u5b63\u3002\u4e0d\u904e\uff0c\u653f\u5e9c\u767c\u8868\u7684\u6a13\u50f9\u8cc7\u6599\uff0c\u6700\u65b0\u7684\u53ea\u5230<\/span>96<\/span>\u5e74\u9996\u5b63\uff0c\u6545\u6b64\u672a\u80fd\u78ba\u8a8d\u6b64\u4e00\u5347\u52e2\u3002\u4f46\u5f9e\u975e\u5b98\u65b9\u7684\u8cc7\u6599\u4f86\u770b\uff0c\u6a13\u50f9\u5728<\/span>96<\/span>\u5e74\u5df2\u9010\u6b65\u6500\u5347\uff0c\u5e7e\u4e4e\u53ef\u4ee5\u78ba\u5b9a\u9577\u671f\u5347\u52e2\u5df2\u7d93\u91cd\u73fe\u3002<\/span><\/font><\/p>\n

\u4e0a\u4e00\u500b\u725b\u5e02\uff0c\u7531<\/span>84<\/span>\u5e74\u4e09\u5b63\u6301\u7e8c\u81f3<\/span>94<\/span>\u5e74\u6b21\u5b63\uff0c\u6b77\u6642\u5341\u5e74\uff0c\u6574\u9ad4\u6a13\u50f9\u5347\u5e45\u516d\u500d\uff0c\u8907\u5f0f\u8a08\u7b97\u6bcf\u5e74\u5927\u6982\u589e\u9577<\/span>20%<\/span>\uff0c\u5176\u4e2d\u53c8\u4ee5\u5927\u578b\u6a13\u5b87\u5347\u52e2\u6700\u51cc\u53b2\uff0c\u5347\u5e45\u9054\u5341\u500d\u534a\uff0c\u5c0f\u578b\u6a13\u5b87\u537b\u53ea\u6709\u4e94\u500d\u7684\u5347\u503c\u3002\u7531\u6b64\u4ea6\u53ef\u898b\uff0c\u5c0f\u578b\u6a13\u5b87\u50f9\u683c\u8f03\u7a69\u5b9a\uff0c\u5927\u578b\u6a13\u5b87\u6295\u6a5f\u5473\u8f03\u6fc3\uff0c\u5c0f\u578b\u6a13\u5b87\u53ef\u80fd\u4ee5\u7528\u5bb6\u81ea\u4f4f\u70ba\u4e3b\uff0c\u5927\u578b\u6a13\u5b87\u7684\u5c0d\u8c61\u5247\u662f\u5bcc\u88d5\u968e\u5c64\uff0c\u5176\u5347\u503c\u6f5b\u529b\u8f03\u5927\u3002\u9019\u500b\u7279\u6027\uff0c\u5728\u73fe\u4eca\u7684\u725b\u5e02\u4ea6\u6703\u4e00\u6a23\u3002<\/span><\/font><\/p>\n

\u4f46\u8981\u7559\u610f\u7684\u662f\uff0c\u5be6\u8cea\u5229\u7387\u81ea<\/span>93<\/span>\u5e74\u672b\u5b63\u4ee5\u4f86\uff0c\u4e00\u76f4\u5728\u56de\u5347\u4e2d\uff0c\u4ee5\u6700\u512a\u60e0\u5229\u7387\u6e1b\u9664\u901a\u8139\u7387\u4f86\u8a08\u7b97\uff0c\u5728<\/span>95<\/span>\u5e74\u672b\u5b63\u8ca0\u5229\u7387\u7684\u60c5\u6cc1\u5df2\u544a\u7d50\u675f\u3002\u4eca\u5e74\u4ee5\u4f86\uff0c\u9999\u6e2f\u7684\u901a\u8139\u7387\u5f62\u6210\u4e0b\u964d\u7684\u8da8\u52e2\uff0c\u64da\u6700\u65b0\u767c\u8868\u7684<\/span>8<\/span>\u6708\u4efd\u901a\u8139\u7387\u66f4\u53ea\u6709<\/span>4.9%<\/span>\uff0c\u6a19\u793a\u8457\u672a\u4f86\u7269\u50f9\u5c07\u8da8\u65bc\u5e73\u7a69\u3002\u53e6\u4e00\u65b9\u9762\uff0c\u7f8e\u570b\u5229\u7387\u5247\u6709\u8da8\u5347\u7684\u52e2\u982d\uff0c\u56e0\u6b64\u5728\u73fe\u4eca\u7684\u725b\u5e02\u4e2d\uff0c\u4e0a\u5347\u7684\u5be6\u8cea\u5229\u7387\uff0c\u4e5f\u8a31\u6703\u6291\u5236\u6a13\u50f9\u7684\u5347\u5e45\u3002\u6eab\u6545\u77e5\u65b0\uff0c\u4e0a\u4e00\u500b\u725b\u5e02\uff0c\u7531<\/span>84<\/span>\u5e74\u672b\u5b63\u5230<\/span>87<\/span>\u5e74\u4e09\u5b63\uff0c\u4ea6\u662f\u9999\u6e2f\u5be6\u8cea\u5229\u7387\u6bd4\u8f03\u9ad8\u7684\u6642\u671f\uff0c\u4ecb\u4e4e<\/span>3%-7%<\/span>\u4e4b\u9593\uff0c\u6a13\u50f9\u5728\u6b64\u671f\u9593\u4e0a\u5347\u4e86<\/span>57%<\/span>\uff0c\u8907\u606f\u8a08\u7b97\u6bcf\u5e74\u4e0a\u6f32<\/span>l6%<\/span>\uff0c\u4f4e\u65bc\u6574\u500b\u725b\u5e02\u7684\u5e73\u5747\u589e\u9577\u7387\u56db\u500b\u767e\u5206\u9ede\u3002\u73fe\u5728\u6700\u512a\u60e0\u5229\u7387\u662f<\/span>8.5%<\/span>\uff0c\u5047\u5982\u901a\u8139\u7387\u662f<\/span>5.5%<\/span>\uff0c\u5be6\u8cea\u5229\u7387\u4fbf\u9032\u5165\u4e0a\u6b21\u725b\u5e02\u521d\u671f\u7684\u5be6\u8cea\u5229\u7387\u7bc4\u570d\u3002\u5728\u9019\u500b\u5be6\u8cea\u5229\u7387\u7684\u6c34\u5e73\uff0c\u6a13\u50f9\u7684\u5347\u5e45\u4f3c\u5c07\u8da8\u6eab\u548c\u3002<\/span><\/font><\/p>\n

\u7247\u9762\u6709\u6a13\u50f9<\/font><\/span><\/p>\n

\u4e00\u822c\u4eba\u770b\u6a13\u50f9\uff0c\u53ea\u898b\u8868\u9762\u7684\u5347\u5e45\uff0c\u4f3c\u6709\u5acc\u7247\u9762\uff0c\u5176\u5be6\u9084\u8981\u6ce8\u610f\u901a\u8139\u7387\u3002\u5047\u5982\u6a13\u50f9\u4e0a\u5347<\/span>50%<\/span>\uff0c\u800c\u540c\u671f\u7269\u50f9\u4ea6\u589e\u52a0\u4e00\u534a\uff0c\u90a3\u9ebc\u81ea\u5be6\u8cea\u800c\u8a00\uff0c\u6a13\u50f9\u4e26\u7121\u4e0a\u5347\uff0c\u56e0\u6b64\u5fc5\u9808\u6263\u9664\u901a\u8139\uff0c\u85c9\u4ee5\u8a08\u7b97\u5be6\u8cea\u7684\u6a13\u50f9\u6307\u6578\u3002\u5f9e\u3010\u8868\u4e09\u3011\u53ef\u898b\uff0c\u4ee5<\/span>79<\/span>\u5e74\u5e95\u4f5c\u70ba\u8d77\u9ede\uff0c\u5230<\/span>94<\/span>\u5e74\u9593\uff0c\u5373\u5341\u4e94\u5e74\u4e4b\u5167\uff0c\u8868\u9762\u7684\u6a13\u50f9\u5347\u5e45\u9054\u516d\u500d\uff0c\u4f46\u522a\u9664\u901a\u8139\u5f8c\uff0c\u5be6\u8cea\u53ea\u589e\u52a0\u7d04\u4e00\u500d\u3002<\/span><\/font><\/p>\n

\u53e6\u5916\uff0c\u5728\u8a55\u4f30\u6a13\u50f9\u7684\u9ad8\u4f4e\u6642\uff0c\u4e00\u822c\u591a\u4ee5\u500b\u4eba\u6536\u5165\u8861\u91cf\u3002\u5047\u8a2d\u4e94\u5343\u5143\u4e00\u65b9\u544e\u7684\u6a13\u9762\u50f9\uff0c\u4e00\u5c64\u516d\u767e\u65b9\u544e\u7684\u6a13\u5b87\u4fbf\u8981\u8ce3\u4e09\u767e\u842c\uff0c\u5982\u679c\u5e73\u5747\u6536\u5165\u662f\u4e00\u842c\u4e09\u5343\u5143\uff0c\u90a3\u9ebc\u9019\u5c64\u6a13\u7684\u50f9\u683c\u4fbf\u76f8\u7b49\u65bc\u5341\u4e5d\u5e74\u7684\u6536\u5165\uff0c\u800c\u4e88\u4eba\u6a13\u50f9\u8207\u6536\u5165\u812b\u7bc0\u7684\u5370\u8c61\u3002\u4f46\u4e00\u822c\u800c\u8a00\uff0c\u500b\u4eba\u6536\u5165\u7684\u7d71\u8a08\u8cc7\u6599\u672a\u5fc5\u53ef\u9760\uff0c\u4e14\u57fa\u65bc\u7a2e\u7a2e\u539f\u56e0\uff0c\u500b\u4eba\u6536\u5165\u53c8\u662f\u4e00\u500b\u6975\u70ba\u654f\u611f\u7684\u554f\u984c\uff0c\u88ab\u8a2a\u8005\u672a\u5fc5\u64da\u5be6\u56de\u7b54\uff1a\u518d\u8005\uff0c\u500b\u4eba\u6536\u5165\u7684\u5dee\u7570\u975e\u5e38\u5927\uff0c\u6545\u6b64\u6536\u5165\u7684\u5e73\u5747\u503c\u6216\u4e2d\u4f4d\u6578\uff0c\u4e5f\u672a\u5fc5\u80fd\u4ee3\u8868\u6574\u9ad4\u7684\u6536\u5165\u3002\u6240\u4ee5\uff0c\u7528\u500b\u4eba\u6536\u5165\u4f86\u91cf\u5ea6\u6a13\u50f9\u7684\u9ad8\u4f4e\uff0c\u672a\u5fc5\u662f\u4e00\u500b\u597d\u7684\u65b9\u6cd5\u3002<\/font><\/span><\/p>\n

\u9019\u88cf\u63d0\u4f9b\u53e6\u4e00\u500b\u65b9\u6cd5\u3002\u7531\u65bc\u672c\u5730\u751f\u7522\u7e3d\u503c\u9817\u80fd\u7d9c\u5408\u91cf\u5ea6\u9999\u6e2f\u7684\u6574\u9ad4\u751f\u7522\u503c\uff0c\u540c\u6642\u4ea6\u4ee3\u8868\u4e00\u6bb5\u6642\u9593\uff08\u901a\u5e38\u70ba\u4e00\u5e74<\/span>)<\/span>\u7684\u6574\u9ad4\u652f\u51fa\u3002\u4f55\u6cc1\u9999\u6e2f\u751f\u7522\u7e3d\u503c\u7684\u7d71\u8a08\u8cc7\u6599\uff0c\u505a\u5f97\u975e\u5e38\u7cbe\u7d30\u6e96\u78ba\uff0c\u8db3\u4ee5\u4ee3\u8868\u9999\u6e2f\u6574\u9ad4\u7684\u7d93\u6fdf\u8868\u73fe\u3002\u662f\u6545\uff0c\u5be6\u8cea\u7684\u500b\u4eba\u751f\u7522\u503c\uff0c\u5c07\u672c\u5730\u751f\u7522\u7e3d\u503c\u522a\u9664\u901a\u8139\uff0c\u7136\u5f8c\u518d\u9664\u4ee5\u4eba\u53e3\uff0c\u5c31\u66f4\u80fd\u4ee3\u8868\u9999\u6e2f\u7684\u7d93\u6fdf\u589e\u9577\u3002\u6240\u4ee5\uff0c\u7528<\/span>79<\/span>\u5e74\u505a\u57fa\u790e<\/span>[<\/span>\u8868\u4e09<\/span>]<\/span>\uff0c\u8a08\u7b97\u5404\u6a13\u5e02\u8f49\u6369\u9ede\u6642\u7684\u6a13\u50f9\u8207\u7d93\u6fdf\u589e\u9577\u7387\uff0c\u518d\u7528\u5be6\u8cea\u500b\u4eba\u672c\u5730\u751f\u7522\u7684\u589e\u9577\u7387\uff0c\u6aa2\u8996\u6a13\u50f9\u7684\u9ad8\u4f4e\uff0c\u53ef\u80fd\u662f\u4e00\u500b\u6709\u6548\u7684\u65b9\u6cd5\u3002<\/span><\/font><\/p>\n

\u6709\u6548\u7684\u65b9\u6cd5<\/font><\/span><\/p>\n

\u5982\u3010\u8868\u4e09\u3011\u986f\u793a\u7b2c\u4e00\u500b\u725b\u5e02\u7684\u9802\u6bd4<\/span>79<\/span>\u5e74\u5be6\u8cea\u589e\u9577\u4e86<\/span>25%<\/span>\uff0c\u540c\u671f\u9999\u6e2f\u7684\u8cde\u8cea\u500b\u4eba\u672c\u5730\u751f\u7522\u503c\u53ea\u589e\u52a0\u4e86<\/span>l8%<\/span>\u3002\u63db\u8a00\u4e4b\uff0c\u7d93\u6fdf\u7684\u589e\u9577\u4e26\u4e0d\u8db3\u4ee5\u652f\u6301\u5982\u6b64\u9ad8\u7684\u6a13\u50f9\uff0c\u6a13\u5e02\u8f49\u52e2\u4e0b\u8dcc\uff0c\u7d93\u904e\u4e09\u5e74\u7684\u718a\u5e02\uff0c\u5be6\u8cea\u7684\u6a13\u50f9\u7adf\u7136\u6bd4<\/span>79<\/span>\u5e74\u8dcc\u4e86<\/span>37%<\/span>\uff0c\u540c\u671f\u7d93\u6fdf\u537b\u589e\u52a0\u4e86<\/span>35%<\/span>\uff0c\u9019\u4ee3\u8868\u4e00\u500b\u975e\u5e38\u4f4e\u7684\u6a13\u50f9\u3002\u6a13\u5e02\u65bc\u662f\u898b\u5e95\u56de\u63da\uff0c\u4e26\u5728\u5176\u5f8c\u7684\u5341\u5e74\uff0c\u7a69\u6b65\u589e\u9577\uff0c\u5728<\/span>94<\/span>\u5e74\u6b21\u5b63\u7684\u725b\u5e02\u9ad8\u5cf0\uff0c\u5be6\u8cea\u6a13\u50f9\u589e\u52a0\u4e86<\/span>94%<\/span>\uff0c\u518d\u6b21\u63a5\u8fd1\u9999\u6e2f\u81ea<\/span>79<\/span>\u5e74\u4f86\u7684\u7d93\u6fdf\u589e\u9577\u5e45\u5ea6\uff08<\/span>109%)<\/span>\uff0c\u986f\u793a\u6a13\u50f9\u53ef\u80fd\u8d85\u8d8a\u6216\u63a5\u8fd1\u9999\u6e2f\u6240\u80fd\u8ca0\u64d4\u7684\u6c34\u5e73\u3002<\/span><\/font><\/p>\n

\u7576\u7136\uff0c\u4ee5\u4e0a\u6240\u8ff0\u53ea\u662f\u4e00\u500b\u5927\u81bd\u5047\u8a2d\uff0c\u4e26\u7121\u8db3\u5920\u7684\u8cc7\u6599\u4ee5\u70ba\u4f50\u8b49\u3002\u4e0d\u904e\uff0c\u5982\u4e0b\u6b21\u6a13\u50f9\u7684\u5347\u5e45\u518d\u5ea6\u8da8\u8fd1\u5be6\u8cea\u500b\u4eba\u751f\u7522\u7387\uff0c\u5247\u61c9\u63d0\u9ad8\u8b66\u89ba\uff0c\u56e0\u70ba\u90a3\u6642\u6a13\u50f9\u53ef\u80fd\u9ad8\u8655\u4e0d\u52dd\u5bd2\u4e86\u3002\u5982\u679c\u7528\u9019\u500b\u65b9\u6cd5\u4f86\u91cf\u5ea6\u7684\u8a71\uff0c\u5728<\/span>95<\/span>\u5e74\u7b2c\u56db\u5b63\uff0c\u7576\u6a13\u50f9\u8dcc\u81f3\u8c37\u5e95\u6642\uff0c\u6a13\u50f9\u5c0d\u6bd4\u7d93\u6fdf\u589e\u9577\u5927\u6982\u6709\u4e09\u6210\u7684\u6298\u8b93\uff0c\u6bd4\u516b\u5341\u5e74\u4ee3\u718a\u5e02\u5e95\u90e8\u7684\u4e94\u6210\u591a\u6298\u8b93\u6eab\u548c\u5f97\u591a\u3002\u5f9e\u9019\u500b\u89d2\u5ea6\u53bb\u770b\uff0c\u73fe\u4eca\u725b\u5e02\u7684\u4e0a\u5347\u5e45\u5ea6\u4e5f\u5c31\u6bd4\u524d\u905c\u8272\u4e86\u3002<\/span><\/font><\/p>\n

\u2014<\/span>\u9ede\u5efa\u8b70<\/span><\/font><\/p>\n

\u9999\u6e2f\u7684\u6a13\u5e02\u78ba\u6709\u8de1\u53ef\u5c0b\uff0c\u80a1\u5e02\u7684\u8868\u73fe\u5f80\u5f80\u80fd\u9810\u793a\u672a\u4f86\u5169\u4e09\u5b63\u7684\u6a13\u5e02\u8d70\u52e2\uff0c<\/span>94\/95<\/span>\u5e74\u718a\u5e02\u4e2d\u6a13\u50f9\u8dcc\u5e45\u6eab\u548c\uff0c\u9060\u6bd4\u5728\u6b64\u671f\u9593\u975e\u5b98\u65b9\u8cc7\u6599\u6240\u8a08\u7b97\u7684\u8dcc\u5e45\u70ba\u5c0f\u3002\u5be6\u969b\u4e0a\uff0c\u9999\u6e2f\u7684\u6a13\u50f9\u53ea\u6709\u7531\u5730\u7522\u5546\u8ce3\u51fa\u7684\u7b2c\u4e00\u624b\u6a13\u50f9\u683c\u662f\u516c\u958b\u548c\u78ba\u5be6\u4e4b\u5916\uff0c\u4e8c\u624b\u6a13\u5b87\u5e02\u5834\u7684\u8cb7\u8ce3\u8cc7\u6599\u4e26\u4e0d\u5145\u8db3\uff0c\u8cb7\u5bb6\u6216\u8ce3\u5bb6\u5f80\u5f80\u5fc5\u9808\u8cbb\u76e1\u5168\u529b\uff0c\u591a\u65b9\u63a2\u8a62\uff0c\u624d\u80fd\u5c0d\u7576\u6642\u7684\u4e8c\u624b\u6a13\u50f9\u6709\u4e00\u9ede\u8a8d\u8b58\u3002\u9999\u6e2f\u623f\u5730\u7522\u662f\u9999\u6e2f\u7d93\u6fdf\u7684\u91cd\u8981\u652f\u67f1\uff0c\u6a13\u5b87\u5e02\u5834\u7684\u9ad8\u6548\u6027\uff08<\/span>Market Efficiency<\/span>\uff09\u548c\u900f\u660e\u5ea6\u81f3\u95dc\u7dca\u8981\uff0c\u7531\u653f\u5e9c\u641c\u96c6\u7684\u6a13\u5e02\u8cc7\u6599\u96d6\u7136\u5168\u9762\uff0c\u4f46\u8cc7\u6599\u7684\u767c\u8868\uff0c\u5f80\u5f80\u843d\u5f8c\u4e00\u6bb5\u6642\u9593\uff0c\u5c0d\u5373\u6642\u7684\u8cb7\u8ce3\u5e6b\u52a9\u4e0d\u5927\u3002\u56e0\u6b64\uff0c\u5efa\u7acb\u4e00\u500b\u512a\u826f\u7684\u4e8c\u624b\u6a13\u5b87\u8cc7\u8a0a\u7db2\u81f3\u70ba\u91cd\u8981\uff0c\u800c\u8a2d\u7acb\u4e00\u500b\u985e\u4f3c\u80a1\u7968\u4ea4\u6613\u6240\u7684\u4e2d\u592e\u6a13\u5b87\u8cb7\u8ce3\uff1a\u5834\u6240\uff0c\u4e5f\u53ef\u80fd\u5c0d\u5730\u7522\u5e02\u5834\u7684\u5065\u5eb7\u767c\u5c55\uff0c\u6709\u6240\u5e6b\u52a9\u3002<\/span><\/font><\/p>\n","protected":false},"excerpt":{"rendered":"

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