{"id":1630,"date":"2005-02-15T22:29:00","date_gmt":"2005-02-15T14:29:00","guid":{"rendered":"http:\/\/tokuhon.blog\/2005\/02\/15\/%e3%80%8a%e5%8f%9b%e8%89%a6%e5%96%8b%e8%a1%80%e8%a8%98%e3%80%8b%e4%b8%8b%e9%9b%86%e2%94%80%e2%94%80%e5%a4%a7%e8%82%a1%e6%9d%b1%e6%90%b6%e9%8c%a2%e7%a7%98%e7%ac%882005-02-15\/"},"modified":"2018-02-07T22:31:10","modified_gmt":"2018-02-07T14:31:10","slug":"%e3%80%8a%e5%8f%9b%e8%89%a6%e5%96%8b%e8%a1%80%e8%a8%98%e3%80%8b%e4%b8%8b%e9%9b%86%e2%94%80%e2%94%80%e5%a4%a7%e8%82%a1%e6%9d%b1%e6%90%b6%e9%8c%a2%e7%a7%98%e7%ac%882005-02-15","status":"publish","type":"post","link":"https:\/\/tokuhon.blog\/?p=1630","title":{"rendered":"\u300a\u53db\u8266\u558b\u8840\u8a18\u300b\u4e0b\u96c6\u2500\u2500\u5927\u80a1\u6771\u6436\u9322\u79d8\u7b08(2005-02-15)"},"content":{"rendered":"
\u67d0\u4e0a\u5e02\u516c\u53f8\u6700\u8fd1\u4e0a\u6f14\u300a\u53db\u8266\u558b\u8840\u8a18\u300b\uff0c\u9996\u5148\u662f\u524d\u5927\u80a1\u6771\u900f\u904e\u5728\u5e02\u5834\u62cb\u552e\u5c07\u6301\u80a1\u91cf\u6e1b\u5230\u96f6\uff0c\u7136\u5f8c\u518d\u7531\u5176\u4ed6\u4eba\u4ee5\u53ef\u63db\u80a1\u50b5\u5238(convertible bond, CB)\u7531\u5176\u4ed6\u4eba\u6bcf\u4eba\u63db\u4e0d\u591a\u65bc5%\uff0c\u907f\u958b\u4e0d\u7528\u516c\u4f48\u6301\u80a1\u91cf\uff0c\u7136\u5f8c\u518d\u7531\u4e00\u9593\u516c\u53f8\u884c\u99db\u53c8\u5514\u77e5\u5e7e\u591a\u9322\u56c9\u8fd4\u9ece\u7684CB\uff0c\u6210\u70ba\u5927\u80a1\u6771\uff0c\u7136\u5f8c\u53c8\u5514\u77e5\u4e4b\u524d\u679c\u5806\u5927\u8d85\u984d\u7684CB\u5982\u4f55\u8655\u7406\u3002\u5957\u6232\u672a\u505a\u5b8c\u5927\u5bb6\u7e7c\u7e8c\u7747\u65b0\u805e\u3002<\/p>\n

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\u64da\u8b1b\u4eca\u5e74\u9999\u6e2f\u64fa\u812b\u8ca1\u8d64\uff0c\u53c8\u64da\u8b1b\u56e0\u70ba\u5176\u4e2d\u5514\u77e5\u6709\u5e7e\u591a\u5104\u4fc2\u5b98\u50b5\uff0c\u6240\u4ee5\u76c8\u9918\u4fc2\u5047\u8c61\uff0c\u6216\u81f3\u5c11\u6709\u88ab\u8a87\u5927\u4e4b\u5acc\u3002\u672c\u4eba\u5c31\u6709\u500b\u5f88\u6709\u8da3\u7684\u554f\u984c\u60f3\u554f\uff1a\u672c\u4eba\u6b20\u9280\u884c\u6309\u63ed\u4e00\u767e\u5e7e\u5341\u842c\uff0c\u5462\u4e00\u767e\u5e7e\u5341\u842c\u53ef\u5514\u53ef\u4ee5\u7576\u4fc2\u672c\u4eba\u7684\u8ca1\u7522\uff0c\u6216\u8005\u4fc2\u6536\u5165\u7684\u90e8\u4efd\uff1f<\/p>\n

\u50b5\u5238\u5c31\u4fc2\uff0c\u4f60\u6bd4\u9322\u6211\uff0c\u6211\u5c31\u5370\u5f35\u6b20\u55ae\u6bd4\u4f60\uff1b\u5982\u679c\u6211\u4fc2\u653f\u5e9c\u5c31\u53eb\u505a\u653f\u5e9c\u50b5\u5238\u6216\u8005\u4ee5\u524d\u53eb\u516c\u50b5\uff1b\u5982\u679c\u516c\u53f8\u5370\u7684\u53c8\u4fc2\u53eb\u505a\u50b5\u5238\uff0c\u5176\u5be6\u5c31\u4fc2\u6b20\u55ae\u3002\u6b20\u9322\u7576\u7136\u8981\u9084\uff0c\u4ee5\u53ca\u6bd4\u5229\u606f\uff0c\u501f\u4e5d\u5341\u5beb\u4e00\u767e\u7684\u53eb\u505a\u96f6\u606f\u50b5\u5238\uff0c\u53ef\u4ee5\u9084\u9322\u6216\u8005\u53ef\u4ee5\u6536\u80a1\u7968\u7684\u5c31\u53eb\u505a\u53ef\u63db\u80a1\u50b5\u5238(CB)\u3002\u76f4\u63a5\u8b1b\uff0c\u67d0\u516c\u53f8\u767c\u7684\u5982\u679c\u771f\u4fc2\u50b5\u5238\uff0c\u61c9\u8a72\u4fc2\u501f\u5de6\u4eba\u9322\u81f3\u4fc2\u50b5\u5238\uff0c\u5481\u501f\u5de6\u679c\uff44\u9322\u53bb\u5de6\u908a\u5ea6\uff1f\u6b64\u7591\u9ede\u4e00\u3002<\/p>\n

\u7406\u8ad6\u4e0a\uff0c\u5982\u679c\u501f\u7684\u9322\u8d8a\u591a\uff0c\u50b5\u5238\u7684\u50f9\u503c\u5c31\u8d8a\u9ad8\uff1b\u4e00\u5104\u5143\u7684\u50b5\u5238\u7576\u7136\u6bd4\u4e00\u5343\u842c\u7684\u50b5\u5238\u503c\u9322\uff1b\u5982\u679c\u53ea\u6536\u8c61\u5fb5\u5f0f\u91d1\u984d\u7684\u50b5\u5238\uff0c\u50f9\u503c\u5c31\u4fc2\u8c61\u5fb5\u5f0f\uff1b\u5982\u679c\u8c61\u5fb5\u5f0f\u5730\u501f\u53c8\u8c61\u5fb5\u5f0f\u5730\u9084\u5462\uff1f\u4f8b\u5982\u7528\u5e7e\u6beb\u5b50\u5370\uff44\u50b5\u5238\u6bd4\u4eba\u63db\u9322\uff0c\u7136\u5f8c\u518d\u7528\u5e7e\u6beb\u5b50\u5370\uff44\u80a1\u7968\u6bd4\u4eba\u627e\u6578\uff0c\u516c\u53f8\u672c\u8eab\u4fc2\u7121\u8755\u5e95\u7684\uff0c\u51a4\u6789\u9ece\uff0c\u761f\u75ab\u53bb\uff0c\u6a6b\u6382\u516c\u53f8\u6bcf\u80a1\u6709\u5f62\u8cc7\u7522\u90fd\u4fc2\u5e7e\u6beb\u5b50\uff0c\u7121\u4e5c\u5514\u59a5\u4e2b\uff01\u554f\u984c\u4fc2\u7576\u5462\uff44\u672c\u4f86\u5c31\u53ea\u503c\u5e7e\u6beb\u5b50\u7684\u80a1\u7968\u5728\u4ea4\u6613\u6240\u4ee5\u5e7e\u868a\u4ea4\u6613\uff0c\u53c8\u6709\u4e00\u73ed\u4eba\u7528\u5e7e\u868a\u53bb\u8cb7\u5462\uff1f\u53c8\u4fc2\u908a\u500b\u640d\u5931\u5462\uff1f\u6b64\u7591\u9ede\u4e8c\u3002<\/p>\n

\u65e2\u7136\u5370\u50b5\u5238\u53ef\u4ee5\u63db\u9322\uff0c\u7576\u7136\u4ea6\u53ef\u4ee5\u63db\u8cc7\u7522\uff0c\u80a1\u6b0a\u7b49\u7b49\u3002\u6211\u60f3\u8cb7\u4f60\u9593\u516c\u53f8\uff0c\u4f46\u4fc2\u6211\u5730\u5169\u9593\u516c\u53f8\u90fd\u7121\u73fe\u9322\u558e\uff01\u5481\u9ede\u7b97\u597d\uff1f\u5f97\uff01\u6211\u516c\u53f8\uff08\uff21\uff09\u4fc2\u4e00\u9593\uff38\uff38\u516c\u53f8\uff0c\u4f60\u516c\u53f8\uff08\uff22\uff09\u4fc2\u4e0a\u5e02\u7684\uff0c\uff38\uff38\u516c\u53f8\u6700\u503c\u9322\u4fc2\u6982\u5ff5\uff0c\u4e0a\u5e02\u516c\u53f8\u6700\u503c\u9322\u4fc2\u5957\u73fe\u80fd\u529b\uff0c\u4e00\u4fc2\u5481\uff0c\uff21\u516c\u53f8\u8ce3\uff38\uff38\u7684\u80a1\u6b0a\uff08\u7d19\uff09\u6bd4\uff22\u516c\u53f8\uff0c\uff22\u516c\u53f8\u4ee5\u53ef\u63db\u80a1\u50b5\u5238\uff08\u7d19\uff09\u652f\u4ed8\uff0c\uff21\u516c\u53f8\u518d\u4ee5\u5e02\u50f9\uff08\u5373\u4fc2\u5e7e\u868a\uff09\u63db\uff22\u516c\u53f8\u7684\u80a1\u7968\uff08\u7d19\uff09\uff0c\u7136\u5f8c\uff21\u516c\u53f8\u5c07\uff24\u80a1\u7968\uff08\u7d19\uff09\u5012\u53bb\u5e02\u5834\u6bd4fans\u63a5\uff0c\u63a5\u5b8c\u54aa\u6709\u9322\u627eCB\u689d\u6578\u56c9\uff01\u81f3\u65bc\u5e7e\u868a\u9ede\u5b9a\u51fa\u9ece\uff0c\u5e02\u50f9\u9ebb\uff01\uff38\uff38\u80a1\u6b0a\u503c\u5e7e\u9322\uff1f\u7747\u591a\uff44\u611b\u60c5\u5c0f\u8aaa\u5587\uff01\u70ba\u5de6\u7c21\u5316\u5462\u7a2e\u95dc\u4fc2\uff08\u6211\u90fd\u8981\u5283\u5716\u81f3\u641e\u5f97\u6e05\uff09\uff0c\u8acb\u7747\u4e0b\u5716\uff1a<\/p>\n

\u516c\u53f8\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u4e0a\u5e02
\n\u80a1\u6b0a\u3000\uff23\uff22\u3000\uff04\u3000\u3000\u80a1\u7968
\n\uff21\u2500\u2192\uff22\u2500\u2192\uff21\u2500\u2192\uff22\u2500\u2192\uff21
\n\uff04\u2191\u3000\u3000\u3000\u3000\u3000\u2502\u80a1\u7968
\n\u2514\u2500 fans \u2500\u2518<\/p>\n

\u7576\u7136\uff21\u516c\u53f8\u4fc2\u53ea\u9700\u8981\u8ce3\u80a1\u7968\u7684\u4e00\u90e8\u4efd\u5c31\u53ef\u4ee5\u5c07\uff22\u516c\u53f8\u7684\u63a7\u5236\u6b0a\u56c9\u5230\u624b\uff0c\u5230\u624b\u4e4b\u5f8c\u597d\u591a\u91ce\u90fd\u53ef\u4ee5\u505a\uff0c\u8ce3\u5783\u573e\u3001\u4f9b\u80a1\u3001\u6279\u80a1\u3001\u518d\u767c\uff23\uff22\u3001\u767c\u8463\u4e8b\u916c\u91d1\u3001\u8acb\uff24\u89aa\u621a\u670b\u53cb\u505a\u91ce\uff0c\u4e0d\u4e00\u800c\u8db3\u3002<\/p>\n

\u6709\u4eba\u7528\u8cca\u8239\u9ece\u6bd4\u55bb\uff0c\u8a71\u8aaa\u4e00\u67b6\u8239\u73ed\u8cca\u4e0a\u5de6\u53bb\u6253\u52ab\u4e4b\u5f8c\uff0c\u898b\u7121\u6599\u5230\u8d70\u5de6\u53bb\uff0c\u7136\u5f8c\u7531\u7b2c\u4e8c\u73ed\u8cca\u4e0a\u5462\u96bb\u8239\uff0c\u96bb\u8239\u672c\u8eab\u96d6\u7136\u7121\u9322\uff0c\u4f46\u4fc2\u7531\u65bc\u597d\u591a\u4eba\u60f3\u4e0a\u5462\u96bb\u8239\uff0c\u4e0a\u8239\u7684\u4eba\u8eab\u4e0a\u6709\u9322\uff0c\u5481\u54aa\u518d\u6253\u52ab\u591a\u6b21\u56c9\uff01\u6a6b\u6382\u8cca\u8239\u4e4b\u70ba\u8cca\u8239\uff0c\u4fc2\u7121\u9700\u8981\u6709\u4efb\u4f55\u8ca1\u7522\u5546\u8b7d\u7684\uff0c\u53ea\u8981\u4e00\u65e5\u6709\u4eba\u80af\u884c\u4e0a\u9ece\uff0c\u5c31\u6709\u4eba\u81ea\u52d5\u9001\u4e0a\u9580\u6bd4\u4eba\u6253\u52ab\uff0c\u5481\u7684\u8239\uff0c\u9ede\u6703\u7121\u4eba\u99d5\u99db\uff1f<\/p>\n

P.S.\u65e2\u7136\u6709\u4e0b\u96c6\uff0c\u7576\u7136\u5c31\u6709\u4e0a\u96c6\uff0c\u8a71\u8aaa\u4e8c\u5341\u5e74\u524d\u6709\u4e00\u9593\u96fb\u5668\u516c\u53f8\uff0c\u6709\u5169\u500b\u5927\u80a1\u6771\uff0c\u7b2c\u4e00\u5927\u80a1\u6771\u4fc2\u91d1\u5148\u751f\uff0c\u7b2c\u4e8c\u5927\u80a1\u6771\u4fc2\u6c34\u5148\u751f\uff0c\u91d1\u5148\u751f\u5c07\u81ea\u5df1\u624b\u4e0a\u7684\u80a1\u7968\u62cb\u6652\u51fa\u8857\uff0c\u4ef2\u7576\u773e\u5ba3\u4f48\u81ea\u5df1\u4e00\u80a1\u4e0d\u6301\uff0c\u6c34\u5148\u751f\u9806\u7406\u6210\u7ae0\u6210\u70ba\u80a1\u6771\uff0c\u4ee3\u50f9\u4fc2\u80a1\u50f9\u88ab\u4eba\u639f\u6b98\uff0c\u4e4b\u5f8c\u91d1\u5148\u751f\u4f4e\u50f9\u81ea\u5df1\u8cb7\u9593\u516c\u53f8\u7ffb\u9ece\u3002\u7136\u5f8c\u900f\u904e\u6536\u8cfc\u3001\u4f9b\u80a1\uff0c\u516c\u53f8\u4e0d\u65b7\u58ef\u5927\uff0c\u73a9\u5f97\u6700\u52c1\u7684\u4e0d\u662fCB\uff0c\u800c\u662f\u6feb\u767c\u7aa9\u8f2a\uff0c\u8a73\u898b\u300a\u80a1\u6d77\u79d8\u8f9b\u300b\u7b2c\u4e00\u7bc7\u3002<\/span><\/div>\n

\n

 <\/p>\n

\u539f\u8f09\uff1ahttp:\/\/www.tokuhon.org<\/span><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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