\u534e\u5c14\u8857\u65e5\u62a5Craig Stephen\/\u9999\u6e2f\u56de\u5f52\u4e2d\u56fd10\u5468\u5e74\u4e4b\u9645\uff0c\u6e2f\u5143\u6b63\u8fce\u6765\u5176\u547d\u8fd0\u7684\u4e00\u4e2a\u8f6c\u6298\u70b9\u3002<\/p>\n
\u5728\u6e2f\u5143\u66fe\u7ecf\u4e00\u7edf\u5929\u4e0b\u7684\u9999\u6e2f\uff0c\u4e0d\u65ad\u8d70\u5f3a\u7684\u4eba\u6c11\u5e01\u6b63\u5728\u6311\u6218\u7740\u6e2f\u5143\u7684\u6743\u5a01\uff0c\u80cc\u540e\u652f\u6301\u5b83\u7684\u662f\u4e2d\u56fd\u9ad8\u901f\u589e\u957f\u7684\u7ecf\u6d4e\u3002\u9999\u6e2f\u5c45\u6c11\u6b63\u88ab\u8feb\u5728\u6e2f\u5143\u4e0e\u4eba\u6c11\u5e01\u4e4b\u95f4\u505a\u51fa\u75db\u82e6\u7684\u9009\u62e9\u3002<\/p>\n
\u9762\u5bf9\u6e2f\u5143\u96be\u4ee5\u7f6e\u4fe1\u7684\u4e0d\u65ad\u8d2c\u503c\uff0c\u9999\u6e2f\u5c45\u6c11\u548c\u6295\u8d44\u8005\u600e\u6837\u624d\u80fd\u6700\u5927\u9650\u5ea6\u5730\u4f7f\u81ea\u5df1\u7684\u8d22\u5bcc\u5f97\u5230\u4fdd\u503c\u5462\uff1f<\/p>\n
\u5f53\u4eca\u8d27\u5e01\u5e02\u573a\u7684\u60c5\u5f62\u4f3c\u4e4e\u4e0e10\u5e74\u524d\u6b63\u597d\u76f8\u53cd\u3002\u60f3\u5f53\u5e74\uff0c\u9762\u5bf9\u53d1\u7aef\u4e8e\u6cf0\u56fd\u7684\u4e9a\u6d32\u91d1\u878d\u5371\u673a\uff0c\u6e2f\u5143\u5728\u5de8\u5927\u7684\u8d2c\u503c\u538b\u529b\u4e0b\u5cbf\u7136\u4e0d\u52a8\u3002\u9999\u6e2f\u7279\u533a\u884c\u653f\u957f\u5b98\u66fe\u836b\u6743(Donald Tsang)\u65f6\u4efb\u8d22\u653f\u53f8\u957f\uff0c\u4ed6\u5927\u80c6\u65a5\u8d441,200\u4ebf\u6e2f\u5143\u6536\u8d2d\u6e2f\u80a1\uff0c\u4ee5\u963b\u51fb\u5bf9\u51b2\u57fa\u91d1\u5bf9\u6e2f\u5143\u7684\u653b\u51fb\u3002<\/p>\n
\u73b0\u5982\u4eca\uff0c\u51e0\u4e4e\u6240\u6709\u7684\u4e9a\u6d32\u8d27\u5e01\u4f3c\u4e4e\u90fd\u5728\u4e0d\u65ad\u5347\u503c\uff0c\u552f\u72ec\u6e2f\u5143\u662f\u4e2a\u4f8b\u5916\uff0c\u6c47\u7387\u4e0e\u4e0d\u65ad\u8d2c\u503c\u7684\u7f8e\u5143\u76f8\u6302\u94a9\u4f7f\u6e2f\u5143\u632f\u7fc5\u96be\u98de\uff0c\u7531\u6b64\u4ea7\u751f\u7684\u540e\u679c\u9884\u793a\u7740\u6e2f\u5143\u7684\u53d8\u5c40\u5373\u5c06\u6765\u4e34\u3002<\/p>\n
\u4e0d\u5bb9\u5ffd\u89c6\u7684\u4e00\u70b9\u662f\uff0c\u968f\u7740\u4eba\u6c11\u5e01\u7684\u9010\u6b65\u5347\u503c\uff0c\u5176\u6c47\u4ef7\u76ee\u524d\u5df2\u8d85\u8fc7\u4e86\u6e2f\u5143\u3002\u73b0\u57281\u7f8e\u5143\u53ef\u8d2d\u4e707.81\u6e2f\u5143\uff0c\u4f46\u5374\u53ea\u80fd\u5151\u6362\u4eba\u6c11\u5e017.72\u5143\u3002\u4eba\u4eec\u666e\u904d\u9884\u8ba1\u4eba\u6c11\u5e01\u8fd8\u4f1a\u7ee7\u7eed\u5347\u503c\uff0c\u8fd9\u4e5f\u662f\u5404\u65b9\u7684\u5171\u540c\u547c\u58f0\u3002<\/p>\n
\u591a\u5e74\u6765\u4eba\u6c11\u5e01\u6c47\u7387\u4e8b\u5b9e\u4e0a\u4e00\u76f4\u4e0e\u6e2f\u5143\u6c47\u7387\u6302\u94a9\uff0c\u4f46\u6e2f\u5143\u73b0\u5728\u4f3c\u4e4e\u5df2\u8ddf\u4e0d\u4e0a\u4eba\u6c11\u5e01\u6500\u5347\u7684\u6b65\u4f10\u4e86\u3002<\/p>\n
\u300a\u5357\u534e\u65e9\u62a5\u300b(South China Morning Post)\u6700\u8fd1\u520a\u6587\u6307\u51fa\uff0c\u7d27\u90bb\u9999\u6e2f\u800c\u5c45\u7684\u4e2d\u56fd\u5927\u9646\u5c45\u6c11\u8fd1\u6765\u5df2\u4e0d\u518d\u9752\u7750\u6e2f\u5143\u3002\u5728\u6df1\u5733\uff0c\u4e0d\u4ec5\u662f\u51fa\u79df\u8f66\u53f8\u673a\uff0c\u5c31\u8fde\u661f\u5df4\u514b(Starbucks)\u4e5f\u5f00\u59cb\u62d2\u6536\u6e2f\u5143\u548c\u7f8e\u5143\u4e86\uff0c\u800c\u5b83\u4eec\u4ee5\u524d\u90fd\u662f\u4eba\u4eec\u4e50\u4e8e\u63a5\u53d7\u7684\u8d27\u5e01\u3002<\/p>\n
\u9999\u6e2f\u7684\u90e8\u5206\u5546\u5e97\u5df2\u62d2\u7edd\u63a5\u53d7\u6e2f\u5143\u786c\u5e01\uff0c\u56e0\u4e3a\u6e2f\u5143\u7684\u8d2c\u503c\u5bfc\u81f4\u94f6\u884c\u4e0a\u8c03\u4e86\u53d7\u7406\u786c\u5e01\u5b58\u6b3e\u7684\u6536\u8d39\u3002<\/p>\n
\u91ce\u6751\u8bc1\u5238(Nomura Securities)\u5728\u5176\u6700\u8fd1\u4e00\u4efd\u7b56\u7565\u62a5\u544a\u4e2d\u5c06\u8fd9\u4e9b\u96f6\u661f\u4e8b\u4ef6\u4e0a\u5347\u5230\u8d8b\u52bf\u6027\u9ad8\u5ea6\uff0c\u8fdb\u800c\u95ee\u9053\uff1a\u6e2f\u5143\u662f\u5426\u6b63\u5728\u6de1\u51fa\u5386\u53f2\u821e\u53f0\uff1f<\/p>\n
\u4f9d\u636e\u683c\u96f7\u6b23\u6cd5\u5219(Gresham’s Law)\uff0c\u5f53\u4eba\u4eec\u53ef\u4ee5\u9009\u62e9\u4e24\u79cd\u8d27\u5e01\u4f7f\u7528\u65f6\uff0c\u52a3\u5e01\u603b\u4f1a\u9a71\u9010\u826f\u5e01\u3002\u73b0\u5728\u4f5c\u6b64\u65ad\u8a00\u53ef\u80fd\u8fd8\u4e3a\u65f6\u5c1a\u65e9\uff0c\u4f46\u9999\u6e2f\u91d1\u878d\u7ba1\u7406\u5c40(HKMA)\u4eca\u5e741\u6708\u5ba3\u5e03\uff0c\u81ea\u9999\u6e2f\u94f6\u884c\u4e24\u5e74\u524d\u5f00\u529e\u4eba\u6c11\u5e01\u5b58\u6b3e\u4e1a\u52a1\u4ee5\u6765\u9999\u6e2f\u7684\u4eba\u6c11\u5e01\u5b58\u6b3e\u989d\u51fa\u73b0\u4e86\u89c4\u6a21\u6700\u5927\u7684\u4e00\u6b21\u8dc3\u5347\uff0c\u7531227\u4ebf\u5143\u589e\u52a0\u5230242\u4ebf\u5143\u3002\u91ce\u6751\u8bc1\u5238\u7684\u7b56\u7565\u5e08\u8096\u6069?\u8fbe\u6bd4(Sean Darby)\u6307\u51fa\uff0c\u4eba\u4eec\u5bf9\u4e00\u79cd\u8d27\u5e01\u5151\u53e6\u4e00\u79cd\u8d27\u5e01\u7684\u6c47\u7387\u5c06\u8981\u4e0a\u626c\u7684\u9884\u671f\u8db3\u4ee5\u4f7f\u524d\u4e00\u79cd\u8d27\u5e01\u8fdb\u5165\u4e00\u4e2a\u81ea\u6211\u652f\u6491\u7684\u5347\u503c\u5468\u671f\u3002<\/p>\n
\u5bf9\u9999\u6e2f\u6765\u8bf4\uff0c\u6e2f\u5143\u6c47\u7387\u4e0e\u4e0d\u65ad\u8d2c\u503c\u7684\u7f8e\u5143\u76f8\u6302\u94a9\u6240\u4ea7\u751f\u7684\u4e00\u4e2a\u6700\u663e\u8457\u540e\u679c\u5c31\u662f\u901a\u8d27\u81a8\u80c0\u538b\u529b\u4e0d\u65ad\u52a0\u5927\u3002\u968f\u7740\u4ece\u4e2d\u56fd\u5927\u9646\u8fdb\u53e3\u7684\u4f4e\u6210\u672c\u8d27\u7269\u5f00\u59cb\u6da8\u4ef7\uff0c\u60c5\u51b5\u6709\u53ef\u80fd\u53d8\u5f97\u66f4\u52a0\u4e25\u91cd\u3002<\/p>\n
\u9999\u6e2f\u4eca\u5e74\u4ee5\u6765\u7684\u8d27\u5e01\u4f9b\u5e94\u91cf\u589e\u5e45\u4e00\u76f4\u7ef4\u6301\u572817%\u81f319%\u7684\u6c34\u5e73\uff0c\u94f6\u884c\u7684\u8d37\u6b3e\u4e0e\u5b58\u6b3e\u6bd4\u7387\u4e5f\u5c61\u521b\u5386\u53f2\u65b0\u4f4e\uff0c\u8fd9\u5bfc\u81f4\u5404\u94f6\u884c\u7eb7\u7eb7\u5c06\u6309\u63ed\u8d37\u6b3e\u5229\u7387\u524a\u51cf\u81f3\u4f18\u60e0\u8d37\u6b3e\u5229\u7387\u4e4b\u4e0b\u3002\u8fc5\u901f\u79ef\u7d2f\u7684\u8d44\u91d1\u6e90\u6e90\u4e0d\u65ad\u5730\u8f6c\u5316\u4e3a\u91d1\u878d\u8d44\u4ea7\u3002\u5982\u679c\u4f60\u662f\u6323\u4ee5\u6e2f\u5143\u53d1\u653e\u7684\u56fa\u5b9a\u5de5\u8d44\u5e76\u79df\u623f\u5c45\u4f4f\uff0c\u90a3\u5c40\u9762\u5c06\u5bf9\u4f60\u4e0d\u5229\uff0c\u4f46\u5982\u679c\u4f60\u62e5\u6709\u5b9e\u7269\u8d44\u4ea7\u548c\u80a1\u7968\uff0c\u90a3\u60c5\u51b5\u5c31\u5b8c\u5168\u4e0d\u540c\u4e86\u3002<\/p>\n
\u9999\u6e2f\u5f53\u524d\u56e0\u6e2f\u5143\u8054\u7cfb\u6c47\u7387\u5236\u5ea6\u800c\u8499\u53d7\u4e0d\u5229\u5f71\u54cd\u7684\u4eba\u6070\u6070\u662f1997-1998\u5e74\u4e9a\u6d32\u91d1\u878d\u5371\u673a\u671f\u95f4\u5f97\u5230\u751c\u5934\u7684\u90a3\u4e00\u7fa4\u4f53\u3002\u5f53\u65f6\uff0c\u9999\u6e2f\u67d0\u4e9b\u8d44\u4ea7\u7684\u4ef7\u683c\u66b4\u8dcc\u4e8660%\u4ee5\u4e0a\uff0c\u5982\u679c\u4f60\u90a3\u65f6\u65e2\u672a\u5931\u4e1a\u4e5f\u672a\u88ab\u51cf\u85aa\uff0c\u800c\u4e14\u662f\u79df\u623f\u5c45\u4f4f\uff0c\u90a3\u4f60\u5f53\u65f6\u7684\u5883\u51b5\u60f3\u5fc5\u4e0d\u9519\u3002\u4e0d\u4ec5\u4eab\u53d7\u7740\u4f4e\u5ec9\u7684\u623f\u79df\uff0c50\u6cf0\u94e2\u51511\u7f8e\u5143\u7684\u6c47\u7387\u4e5f\u8db3\u4ee5\u8ba9\u4f60\u6765\u4e00\u6b21\u5962\u534e\u6cf0\u56fd\u6e38\u4e86\u3002<\/p>\n
\u91ce\u6751\u8bc1\u5238\u79f0\uff0c\u6e2f\u5143\u4e0d\u4ec5\u5728\u6c47\u7387\u4e0a\u5904\u4e8e\u5f31\u52bf\uff0c\u800c\u4e14\u6e2f\u5143\u8d37\u6b3e\u7684\u5229\u7387\u8981\u4f4e\u4e8e\u4f26\u6566\u94f6\u884c\u540c\u4e1a\u62c6\u606f\uff0c\u8fd9\u4f7f\u5f97\u6e2f\u5143\u6210\u4e86\u5168\u7403\u8d27\u5e01\u4ea4\u6613\u5458\u6700\u7406\u60f3\u7684\u4e00\u79cd\u4e3e\u501f\u8d27\u5e01\u3002<\/p>\n
\u5f53\u7136\uff0c\u5176\u524d\u63d0\u6761\u4ef6\u662f\u6e2f\u5143\u7ee7\u7eed\u7ef4\u6301\u4e0e\u7f8e\u5143\u7684\u8054\u7cfb\u6c47\u7387\uff0c\u800c\u9999\u6e2f\u6700\u5927\u8d38\u6613\u4f19\u4f34\u4e2d\u56fd\u5927\u9646\u7684\u4eba\u6c11\u5e01\u5219\u6301\u7eed\u5347\u503c\u3002<\/p>\n
\u9999\u6e2f\u91d1\u7ba1\u5c40\u603b\u88c1\u4efb\u5fd7\u521a(Joseph Yam)\u6700\u8fd1\u8868\u793a\uff0c\u5373\u4f7f\u4eba\u6c11\u5e01\u7ee7\u7eed\u5347\u503c\uff0c\u9999\u6e2f\u4e5f\u4f1a\u4fdd\u7559\u6e2f\u5e01\u3002<\/p>\n
\u4f46\u5df2\u6709\u7ecf\u6d4e\u5b66\u5bb6\u79c1\u4e0b\u91cc\u8868\u793a\uff0c\u6e2f\u5143\u6700\u591a\u8fd8\u67095\u5e74\u5bff\u547d\uff0c\u6b64\u540e\u5b83\u5c06\u88ab\u5e76\u5165\u4eba\u6c11\u5e01\uff0c\u6210\u4e3a\u9999\u6e2f\u4eba\u6c11\u5e01\u3002<\/p>\n
\u5f53\u7136\uff0c\u4eba\u6c11\u5e01\u76ee\u524d\u8fd8\u4e0d\u662f\u53ef\u81ea\u7531\u5151\u6362\u8d27\u5e01\uff0c\u800c\u5728\u4eba\u6c11\u5e01\u5b9e\u73b0\u53ef\u81ea\u7531\u5151\u6362\u4e4b\u524d\u4e2d\u56fd\u8fd8\u9700\u5927\u529b\u6574\u987f\u5176\u91d1\u878d\u4f53\u7cfb\u3002<\/p>\n
\u663e\u7136\uff0c\u6e2f\u5143\u7684\u547d\u8fd0\u6298\u5c04\u4e86\u9999\u6e2f\u7684\u653f\u6cbb\u8fdb\u7a0b\uff0c\u56e0\u4e3a\u4e00\u4e2a\u65e5\u76ca\u660e\u4e86\u7684\u4e8b\u5b9e\u662f\uff0c\u6700\u7ec8\u51b3\u5b9a\u6743\u638c\u63e1\u5728\u5317\u4eac\u624b\u4e2d\u3002\u5f53\u9999\u6e2f\u7684\u6614\u65e5\u7ade\u4e89\u5bf9\u624b\u65b0\u52a0\u5761\u5927\u6253\u8fdc\u666f\u724c\u6765\u5438\u5f15\u4e9a\u6d32\u4f01\u4e1a\u548c\u6d77\u5f52\u4eba\u58eb\u524d\u5f80\u53d1\u5c55\u65f6\uff0c\u9999\u6e2f\u7684\u7ade\u4e89\u52a3\u52bf\u4fbf\u66b4\u9732\u65e0\u9057\u4e86\u3002\u4ece\u653f\u6cbb\u4e0a\u8bf4\uff0c\u9999\u6e2f\u65e0\u6cd5\u771f\u6b63\u638c\u63e1\u81ea\u5df1\u7684\u672a\u6765\uff1b\u6839\u636e\u4e8b\u5148\u8fbe\u6210\u7684\u534f\u8bae\uff0c\u4e2d\u56fd\u5927\u9646\u5c06\u6bcf\u5929\u6301\u5355\u7a0b\u8bc1\u79fb\u5c45\u9999\u6e2f\u7684\u5927\u9646\u4eba\u58eb\u63a7\u5236\u5728100\u4eba\uff0c\u8fd9\u4e9b\u4eba\u4ece\u4e0d\u5728\u610f\u9999\u6e2f\u7f3a\u4e4f\u81ea\u7531\u9009\u4e3e\u5236\u5ea6\u8fd9\u4e00\u4e8b\u5b9e\u3002\u968f\u7740\u4e2d\u56fd\u5927\u9646\u7684\u53d1\u5c55\uff0c\u623f\u5730\u4ea7\u5e02\u573a\u4ee5\u53ca\u53ef\u5438\u5f15\u5927\u9646\u4f01\u4e1a\u524d\u5f80\u4e0a\u5e02\u7684\u80a1\u5e02\u8fd9\u9999\u6e2f\u7ecf\u6d4e\u7684\u4e24\u5927\u652f\u67f1\u770b\u4e0a\u53bb\u90fd\u5df2\u4e0d\u90a3\u4e48\u7262\u9760\u3002<\/p>\n
\u66fe\u836b\u6743\u9886\u5bfc\u4e0b\u7684\u9999\u6e2f\u7279\u533a\u653f\u5e9c\u9884\u8ba1\u4f1a\u7ee7\u7eed\u7ef4\u6301\u6e2f\u5143\u4e0e\u7f8e\u5143\u7684\u8054\u7cfb\u6c47\u7387\u5236\u5ea6\u3002<\/p>\n
\u4f46\u5982\u679c\u66f4\u591a\u7684\u9999\u6e2f\u5c45\u6c11\u5728\u94b1\u5939\u6295\u7968\u4e2d\u9009\u62e9\u4e86\u4eba\u6c11\u5e01\uff0c\u90a3\u4e48\u6e2f\u5143\u6700\u7ec8\u5c06\u53ea\u80fd\u6ca6\u4e3a\u5df2\u901d\u6b96\u6c11\u65f6\u4ee3\u4e00\u4e2a\u7eaa\u5ff5\u7269\uff0c\u5c31\u50cf\u66fe\u836b\u6743\u672c\u4eba\u4ee5\u53ca\u4ed6\u65f6\u65f6\u7cfb\u7740\u7684\u8776\u5f62\u9886\u7ed3\u4e00\u6837\u3002<\/p>\n
\uff08\u7f16\u8005\u6309\uff1aCraig Stephen\u662fMarketWatch\u7684\u4e13\u680f\u4f5c\u5bb6\u3002 \uff09<\/p>\n","protected":false},"excerpt":{"rendered":"
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