{"id":8100,"date":"2008-10-28T19:24:52","date_gmt":"2008-10-29T00:24:52","guid":{"rendered":"http:\/\/blog.jackjia.com\/?p=8100"},"modified":"2008-10-28T19:34:13","modified_gmt":"2008-10-29T00:34:13","slug":"20081028%e7%9e%ad%e6%9c%9b%e4%b8%9c%e6%96%b9%e5%91%a8%e5%88%8a%ef%bc%9a%e9%87%91%e8%9e%8d%e5%8d%b1%e6%9c%ba%e6%98%af%e4%b8%80%e6%ac%a1%e5%90%88%e8%b0%8b%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/blog.jackjia.com\/?p=8100","title":{"rendered":"20081028\/\u91d1\u878d\u5371\u673a\u662f\u4e00\u6b21\u5408\u8c0b\uff1f"},"content":{"rendered":"

\u65b0\u534e\u793e-\u77ad\u671b\u4e1c\u65b9\u5468\u520a <\/p>\n

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financial_crisis.jpg<\/p>\n

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2007\u5e7412\u6708\uff0c39\u5c81\u7684\u5b8b\u9e3f\u5175\u4ece\u7f8e\u56fd\u534e\u5c14\u8857\u56de\u5230\u5317\u4eac\uff0c\u5728\u897f\u76f4\u95e8\u9644\u8fd1\u7684\u5b8f\u6e90\u8bc1\u5238\u4ece\u4e8b\u56fd\u9645\u91d1\u878d\u6218\u7565\u5206\u6790\u548c\u91d1\u878d\u521b\u65b0\u4e1a\u52a1\uff1b\u51e0\u4e2a\u6708\u540e\uff0c\u4ed6\u5728\u7f8e\u56fd\u5de5\u4f5c\u8fc7\u7684\u4e24\u4e2a\u201c\u5355\u4f4d\u201d\u201c\u623f\u5229\u7f8e(FannieMae)\u201d\u548c\u201c\u623f\u5730\u7f8e(FreddieMac)\u201d\uff0c\u7a81\u7136\u6210\u4e86\u56fd\u9645\u8d22\u7ecf\u65b0\u95fb\u7684\u5f53\u7ea2\u660e\u661f\u2014\u2014\u8fd9\u4e24\u5bb6\u540e\u6765\u88ab\u7f8e\u56fd\u653f\u5e9c\u63a5\u7ba1\u7684\u91d1\u878d\u673a\u6784\uff0c\u5f15\u53d1\u4e86\u4e00\u7cfb\u5217\u4fe1\u7528\u5371\u673a\uff0c\u5c06\u201c\u6b21\u8d37\u5371\u673a\u201d\u6269\u5f20\u4e3a\u541e\u566c\u534e\u5c14\u8857\u4e94\u5927\u6295\u884c\u5e76\u5e2d\u5377\u5168\u7403\u7684\u91d1\u878d\u98ce\u66b4\u3002<\/p>\n

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\u5b8b\u9e3f\u5175\u63d0\u51fa\uff0c\u9274\u4e8e\u4e16\u754c\u91d1\u878d\u4e1a\u4e00\u8363\u4ff1\u8363\u3001\u4e00\u635f\u4ff1\u635f\u7684\u5c40\u9762\u4e1a\u5df2\u901a\u8fc7\u884d\u751f\u54c1\u4ea4\u6613\u5f62\u6210\uff0c\u4fdd\u6301\u6295\u8d44\u8005\u4fe1\u5fc3\uff0c\u7ef4\u6301600\u4e07\u4ebf\u7f8e\u5143\u91d1\u878d\u884d\u751f\u4ea7\u54c1\u5e02\u573a\u4e0d\u81f3\u5d29\u76d8\uff0c\u6210\u4e86\u91d1\u878d\u754c\u7684\u4e00\u81f4\u76ee\u6807\u3002\u6240\u4ee5\uff0c\u6b65\u6b65\u4e3a\u8425\uff0c\u6de1\u5316\u91d1\u878d\u5371\u673a\u7684\u4e25\u91cd\u6027\uff0c\u6210\u4e3a\u201c\u4e3b\u6d41\u7ecf\u6d4e\u5b66\u5bb6\u201d\u548c\u201c\u4e3b\u6d41\u8d22\u7ecf\u5a92\u4f53\u201d\u7684\u4e00\u5927\u4efb\u52a1\u3002<\/p>\n

2007\u5e744\u6708\uff0c\u7f8e\u56fd\u7b2c\u4e8c\u5927\u6b21\u8d37\u4f9b\u5e94\u5546\u65b0\u4e16\u7eaa\u91d1\u878d\u516c\u53f8(New Century Financial Corporation)\u7533\u8bf7\u7834\u4ea7\u4fdd\u62a4\uff0c\u7f8e\u56fd\u4e3b\u6d41\u5a92\u4f53\u5c06\u5371\u673a\u9650\u5b9a\u5728\u4e0e\u6b21\u7ea7\u8d37\u6709\u5173\u7684\u91d1\u878d\u673a\u6784\uff0c\u79f0\u4e4b\u4e3a\u201c\u6b21\u8d37\u5371\u673a\u201d\uff0c\u9ad8\u76db\u3001\u6469\u6839\u58eb\u4e39\u5229\u7b49\u673a\u6784\u53d1\u5e03\u62a5\u544a\uff0c\u79f0\u6b21\u8d37\u574f\u8d26\u89c4\u6a21\u4e0d\u4f1a\u8d85\u8fc7200\u4ebf\u7f8e\u5143\uff1b\u7d27\u63a5\u7740\uff0c\u4e0e\u6b21\u8d37\u65e0\u5173\u7684IndyMac Bank\u7834\u4ea7\uff0c\u201c\u623f\u5229\u7f8e\u201d \u548c\u201c\u623f\u5730\u7f8e\u201d\u88ab\u653f\u5e9c\u63a5\u7ba1\uff0c\u53c8\u5c06\u5371\u673a\u9650\u5b9a\u4e3a\u623f\u8d37\u5371\u673a\uff1b\u800c\u8d1d\u5c14\u65af\u767b\u548c\u7f8e\u6797\u8bc1\u5238\u56e0\u65e0\u529b\u652f\u4ed8\u4fe1\u7528\u8fdd\u7ea6\u6389\u671f(Credit Default Swap\uff0cCDS)\u4fdd\u9669\uff0c\u524d\u80052\u5c0f\u65f6\u4e4b\u5185\u88ab\u541e\u5e76\uff0c\u540e\u8005\u572848\u5c0f\u65f6\u5185\u88ab\u6536\u8d2d\uff0c\u6807\u5fd7\u7740\u4fe1\u8d37\u98ce\u9669\u5df2\u7ecf\u4ece\u6b21\u7ea7\u62b5\u62bc\u8d37\u6b3e\u5e02\u573a\u9010\u6e10\u6269\u5c55\u5230\u6574\u4e2a\u62b5\u62bc\u8d37\u6b3e\u5e02\u573a\uff0c\u5371\u53ca\u5168\u7403\u91d1\u878d\u884d\u751f\u4ea7\u54c1\u5e02\u573a\uff0c\u4f46\u5bfc\u81f4\u8d1d\u5c14\u65af\u767b\u548c\u7f8e\u6797\u4ea7\u751f\u8d22\u52a1\u5371\u673a\u7684\u76f4\u63a5\u539f\u56e0\u2014\u2014\u4fe1\u7528\u8fdd\u7ea6\u6389\u671f\uff0c\u5e76\u672a\u5411\u516c\u4f17\u516c\u5e03\u3002<\/p>\n

\u5c31\u5728\u534e\u5c14\u8857\u6295\u884c\u7834\u4ea7\u98ce\u6f6e\u521a\u521a\u8fc7\u53bb\uff0c\u7f8e\u56fd\u91d1\u878d\u5c40\u52bf\u672a\u5b9a\u4e4b\u9645\uff0c\u9080\u8bf7\u5305\u62ec\u4e2d\u56fd\u5728\u5185\u7684\u4e3b\u6743\u57fa\u91d1\u201c\u6284\u5e95\u534e\u5c14\u8857\u201d\u7684\u547c\u58f0\uff0c\u5c31\u5728\u4e00\u4e9b\u8d22\u7ecf\u5a92\u4f53\u4e0a\u9891\u9891\u54cd\u8d77\u3002\u4f46\u4e00\u4e9b\u91d1\u878d\u4e1a\u5185\u5206\u6790\u4eba\u58eb\u8ba4\u4e3a\uff0c\u534e\u5c14\u8857\u91d1\u878d\u98ce\u66b4\u5e76\u672a\u7ed3\u675f\uff0c\u5f88\u53ef\u80fd\u5c06\u7ee7\u7eed\u6df1\u5165\u3002<\/p>\n

\u9488\u5bf9\u5230\u7f8e\u56fd\u201c\u6284\u5e95\u201d\u4e00\u8bf4\uff0c\u4e2d\u6b27\u56fd\u9645\u5de5\u5546\u5b66\u9662\u6559\u6388\u8bb8\u5c0f\u5e74\u7684\u8bc4\u4ef7\u662f:\u201c\u4e24\u4e2a\u6708\u524d\u5c31\u6709\u4eba\u5ffd\u60a0\u653f\u5e9c\u53bb\u7f8e\u56fd\u6284\u5e95\uff0c\u90a3\u65f6\u5019\u771f\u53bb\u6284\u7684\u8bdd\uff0c\u73b0\u5728\u8f93\u5f97\u88e4\u5b50\u90fd\u6ca1\u6709\u4e86\uff0c\u4f60\u6562\u62ff\u81ea\u5df1\u7684\u94b1\u53bb\u6284\u5417?\u201d<\/p>\n

\u5b8b\u9e3f\u5175\u9884\u6d4b\uff0c\u8fd9\u6b21\u5371\u673a\u5927\u81f4\u5c06\u7ecf\u5386\u56db\u4e2a\u53d1\u5c55\u9636\u6bb5:\u7b2c\u4e00\u9636\u6bb5\u662f\u623f\u8d37\u5371\u673a(2007\u5e742\u6708\u52302008\u5e745\u6708)\uff0c\u4e3b\u8981\u6807\u5fd7\u662f\u201c\u4e24\u623f\u201d\u96be\u4ee5\u4e3a\u7ee7\uff1b\u7b2c\u4e8c\u9636\u6bb5\u662f\u4fe1\u7528\u8fdd\u7ea6(CDS)\u5371\u673a(2008\u5e746\u6708\u52302009\u5e74\u4e0a\u534a\u5e74)\uff0c\u89c4\u6a21\u4e3a62\u4e07\u4ebf\u7f8e\u5143\uff1b\u7b2c\u4e09\u9636\u6bb5\u662f\u5229\u7387\u5e02\u573a\u5371\u673a\uff0c\u5229\u7387\u6389\u671f\u5e02\u573a\u89c4\u6a21\u63a5\u8fd1600\u4e07\u4ebf\u7f8e\u5143\uff1b\u7b2c\u56db\u9636\u6bb5\u662f\u7f8e\u5143\u5730\u4f4d\u5371\u673a\u3002<\/p>\n

\u4e2d\u56fd\u793e\u79d1\u9662\u4e16\u754c\u7ecf\u6d4e\u4e0e\u653f\u6cbb\u6240\u6240\u957f\u4f59\u6c38\u5b9a\u4e5f\u8ba4\u4e3a\uff0c\u968f\u7740\u8d8a\u6765\u8d8a\u591a\u7684\u6b21\u8d37\u8fdb\u5165\u5229\u7387\u91cd\u8bbe\u9636\u6bb5\uff0c\u4f4f\u623f\u62b5\u62bc\u8d37\u6b3e\u7684\u8fdd\u7ea6\u7387\u8fd8\u4f1a\u8fdb\u4e00\u6b65\u4e0a\u5347\uff0c\u5404\u79cd\u91d1\u878d\u8d44\u4ea7\u7684\u4ef7\u683c\u8fd8\u4f1a\u8fdb\u4e00\u6b65\u4e0b\u8dcc\u3002\u53ea\u8981\u8fd9\u4e9b\u91d1\u878d\u8d44\u4ea7\u4ef7\u683c\u7ee7\u7eed\u4e0b\u964d\uff0c\u7f8e\u56fd\u7684\u6d41\u52a8\u6027\u77ed\u7f3a\u548c\u4fe1\u8d37\u6536\u7f29\u5c31\u96be\u4ee5\u907f\u514d\u3002<\/p>\n

\u76d1\u7ba1\u7f3a\u4f4d\u6709\u610f\u4e3a\u4e4b<\/p>\n

\u534e\u5c14\u8857\u94f6\u884c\u5bb6\u4e0d\u8f9e\u8f9b\u52b3\u521b\u8bbe\u91d1\u878d\u884d\u751f\u7269\uff0c\u96be\u9053\u771f\u662f\u4e3a\u4e86\u201c\u5927\u5e87\u5929\u4e0b\u5bd2\u58eb\u4ff1\u6b22\u989c\u201d\uff0c\u521b\u9020\u6761\u4ef6\u8ba9\u6bcf\u4e00\u4e2a\u65e0\u6536\u5165\u3001\u65e0\u5de5\u4f5c\u3001\u65e0\u8d22\u4ea7\u7684Ninjna\u90fd\u4f4f\u4e0a\u5927\u623f\u5b50?
\n\u5b8b\u9e3f\u5175\u7684\u89c2\u70b9\u662f\uff0c\u901a\u8fc7\u5c06\u623f\u8d37\u590d\u6742\u5316\uff0c\u653f\u6cbb\u5bb6\u3001\u94f6\u884c\u5bb6\u548c\u666e\u901a\u6c11\u4f17\u53ef\u4ee5\u5404\u53d6\u6240\u9700\u3002\u653f\u6cbb\u5bb6\u53ef\u4ee5\u5728\u7535\u89c6\u4e0a\u5411\u9009\u6c11\u4fdd\u8bc1\uff0c\u4f60\u7684\u623f\u5b50\u8d8a\u6765\u8d8a\u503c\u94b1\uff0c\u4f60\u6309\u63ed\u7684\u6761\u4ef6\u8d8a\u6765\u8d8a\u5bbd\u677e\uff1b\u94f6\u884c\u5bb6\u83b7\u5f97\u4e86\u76d1\u7ba1\u5f53\u5c40\u9ed8\u8bb8\u9ad8\u500d\u6760\u6746\u7387\u548c\u82b1\u6837\u7ffb\u65b0\u7684\u91d1\u878d\u521b\u65b0\uff1b\u6c11\u4f17\u5f97\u5230\u4e86\u623f\u5b50\u548c\u7528\u623f\u5c4b\u62b5\u62bc\u7684\u518d\u8d37\u6b3e\u3002<\/p>\n

\u7f8e\u8054\u50a8\u516c\u5f00\u5e02\u573a\u59d4\u5458\u4f1a\u59d4\u5458\u5a01\u5ec9\u00b7\u6ce2\u5c14\u65e9\u57282005\u5e74\u5c31\u5728\u6f14\u8bb2\u4e2d\u5927\u529b\u6279\u5224\u201c\u4e24\u623f\u201d\u8fd9\u7c7b\u653f\u5e9c\u652f\u6301\u4f01\u4e1a(Gover nmentSponsoredEnterprises\uff0cGSE)\uff0c\u6307\u51fa\u653f\u5ba2\u4eec\u4e3a\u4e86\u8ba8\u597d\u67d0\u4e00\u7c7b\u9009\u6c11\u8bbe\u7f6e\u7684\u8fd9\u7c7b\u4f01\u4e1a\uff0c\u7834\u574f\u4e86\u5e02\u573a\u7ecf\u6d4e\u539f\u5219\u3002\u6b64\u6b21\u91d1\u878d\u98ce\u66b4\u4e2d\u51fa\u95ee\u9898\u7684\u4fe1\u7528\u8fdd\u7ea6\u6389\u671f\u4fdd\u9669\u548c\u5229\u7387\u8fdd\u7ea6\u6389\u671f\u4fdd\u9669\uff0c\u8fd9\u4e24\u79cd\u91cd\u8981\u91d1\u878d\u884d\u751f\u5de5\u5177\u7684\u51fa\u53f0\uff0c\u90fd\u4e0e\u201c \u4e24\u623f\u201d\u623f\u8d37\u7684\u56fa\u5b9a\u5229\u7387\u6709\u5bc6\u5207\u5173\u7cfb\u3002<\/p>\n

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\u5728\u5173\u4e8e\u6b21\u8d37\u7684\u91d1\u878d\u521b\u65b0\u4e0a\uff0c\u653f\u6cbb\u5bb6\u548c\u94f6\u884c\u5bb6\u5b9e\u73b0\u4e86\u53cc\u8d62\uff0c\u6ce2\u5c14\u7684\u58f0\u97f3\u6c38\u8fdc\u6210\u4e0d\u4e86\u4e3b\u6d41\u3002\u76f4\u81f3\u6b21\u8d37\u56f0\u6270\u4ee4\u7f8e\u56fd\u91d1\u878d\u4f53\u7cfb\u6447\u6447\u6b32\u5760\u76842007\u5e74\u51ac\u5929\uff0c\u4e3a\u4e86\u4e0b\u4e00\u5e74\u7684\u603b\u7edf\u5927\u9009\u548c\u56fd\u4f1a\u9009\u4e3e\u4e0d\u5931\u5206\uff0c\u5e03\u4ec0\u653f\u5e9c\u5bf9\u76f8\u5173\u4f01\u4e1a\u65bd\u52a0\u538b\u529b\uff0c\u8981\u6c42\u5ef6\u8fdf\u4f4f\u623f\u4f9b\u7ed9\u51cf\u901f\u3001\u7ee7\u7eed\u653e\u677e\u623f\u8d37\u6761\u4ef6\uff0c\u4fdd\u8bc1\u4eba\u4eec\u4e0d\u4f1a\u5931\u53bb\u4ed6\u4eec\u7684\u623f\u5b50\u3002<\/p>\n

\u4eca\u65e5\u534e\u5c14\u8857\u7684\u201c\u6551\u5e02\u82f1\u96c4\u201d\u8d22\u653f\u90e8\u957f\u4fdd\u5c14\u68ee\uff0c\u4e00\u5e74\u524d\u4e5f\u548c\u8054\u90a6\u5b58\u6b3e\u4fdd\u9669\u516c\u53f8(Federal Deposit Insurance Corp.)\u603b\u88c1\u62dc\u5c14(Sheila Bair)\u5973\u58eb\u4e00\u8d77\uff0c\u5efa\u8bae\u62b5\u62bc\u516c\u53f8\u51bb\u7ed3200\u4e07\u5b97\u623f\u4ea7\u62b5\u62bc\u7684\u5229\u7387\uff0c\u201c\u4fdd\u6301\u5728\u6700\u521d\u8bbe\u5b9a\u7684\u5229\u7387\u4e0a\uff0c\u4ee5\u5e2e\u52a9\u8d37\u6b3e\u8005\u56de\u907f\u56f0\u96be\u3002\u201d<\/p>\n

\u8c01\u8f93\u8c01\u8d62 <\/p>\n

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\u6760\u6746\u7387\u52a8\u8f84\u6570\u5341\u500d\u7684\u6295\u884c\u4e1a\u52a1\uff0c\u4e3a\u6295\u884c\u5e26\u6765\u9ad8\u989d\u5229\u6da6\u7684\u540c\u65f6\uff0c\u4e5f\u517b\u80a5\u4e86\u6295\u884c\u7ecf\u7406\u4eba\u3002\u96f7\u66fc\u5144\u5f1f\u603b\u88c1\u798f\u5c14\u5fb7(Richard S. Fuld)\u5728\u7f8e\u56fd\u56fd\u4f1a\u4f5c\u8bc1\u65f6\uff0c\u906d\u5230\u52a0\u5dde\u6c11\u4e3b\u515a\u4eba\u9b4f\u514b\u65af\u66fc(Henry A. Waxman)\u7684\u8d28\u95ee:\u201c\u5927\u591a\u6570\u4eba\u96be\u4ee5\u7406\u89e3\uff0c\u4f60\u8fc7\u53bb8\u5e74\u4ece\u96f7\u66fc\u62ff\u52305\u4ebf\u7f8e\u5143\u7684\u6536\u5165\uff0c\u4e3a\u4f55\u5374\u628a\u5b83\u641e\u5230\u4e86\u7834\u4ea7\u7684\u7530\u5730?\u201d <\/p>\n

\u5373\u4fbf\u516c\u53f8\u7834\u4ea7\uff0c\u534e\u5c14\u8857\u7684\u7ecf\u7406\u4eba\u4e5f\u4e0d\u4f1a\u50cf\u4e00\u822c\u4eba\u60f3\u8c61\u7684\u90a3\u6837\u8f93\u5f97\u7cbe\u5149\u3002 <\/p>\n

\u4ee5\u5f15\u7206\u201c\u6b21\u8d37\u5371\u673a\u201d\u7684\u7f8e\u56fd\u7b2c\u4e8c\u5927\u62b5\u62bc\u8d37\u6b3e\u516c\u53f8\u2014\u2014\u65b0\u4e16\u7eaa\u91d1\u878d\u516c\u53f8(New Century Financial)\u4e3a\u4f8b\uff0c\u8fd9\u5bb6\u516c\u53f81995\u5e74\u7531\u4e09\u4f4d\u4ece\u4e8b\u62b5\u62bc\u8d37\u6b3e\u7684\u91d1\u878d\u4e13\u5bb6\u7ec4\u5efa\uff0c\u516c\u53f8\u7684\u8d44\u672c\u91d1\u6765\u81ea\u98ce\u9669\u6295\u8d44\u57fa\u91d1\uff0c1997\u5e74\u5728\u8d44\u672c\u5e02\u573a\u4e0a\u5e02\uff0c\u5176\u552f\u4e00\u7279\u8272\u662f\uff0c\u5bf9\u5ba2\u6237\u6709\u5173\u8d37\u6b3e\u7533\u8bf7\u572812\u79d2\u5185\u4e88\u4ee5\u7b54\u590d\uff0c\u5f00\u521b\u4e86\u62b5\u62bc\u8d37\u6b3e\u884c\u4e1a\u5185\u7684\u65b0\u7eaa\u5f55\u3002\u4f9d\u9760\u8fd9\u4e2a\u7edd\u62db\uff0c\u65b0\u4e16\u7eaa\u91d1\u878d\u5728\u300a\u8d22\u5bcc\u300b\u6742\u5fd7\u8bc4\u51fa\u7684\u5168\u7403100\u5bb6\u589e\u957f\u6700\u5feb\u7684\u516c\u53f8\u4e2d\uff0c\u6392\u540d\u7b2c12\u3002 <\/p>\n

2007\u5e74\u521d\u6625\uff0c\u65b0\u4e16\u7eaa\u91d1\u878d\u516c\u53f8\u6536\u5230\u6469\u6839\u58eb\u4e39\u5229\u3001\u82b1\u65d7\u548c\u9ad8\u76db\u7684\u50ac\u503a\u81f4\u51fd\u540e\uff0c\u516c\u53f8\u80a1\u4ef7\u77ed\u671f\u5185\u8dcc\u81f387\u7f8e\u5206\uff0c\u88ab\u7ebd\u7ea6\u8bc1\u4ea4\u6240\u505c\u724c\uff0c\u4f01\u4e1a\u7834\u4ea7\u3002\u4f46\u7531\u4e8e\u65b0\u4e16\u7eaa\u91d1\u878d\u662f\u6709\u9650\u8d23\u4efb\u516c\u53f8\uff0c\u4e09\u4f4d\u521b\u59cb\u4eba\u635f\u5931\u7684\u4ec5\u4ec5\u662f\u80a1\u6743\u6536\u76ca\uff0c\u4ed6\u4eec\u5728\u534e\u5c14\u8857\u9ec4\u91d1\u5c81\u6708\u4e2d\u5f97\u5230\u7684\u4e30\u539a\u62a5\u916c\u6beb\u53d1\u65e0\u635f\u3002 <\/p>\n

\u5b8b\u9e3f\u5175\u6709\u4e00\u4e2a\u7591\u95ee\uff0c\u91d1\u878d\u5e02\u573a\u662f\u6709\u8f93\u5fc5\u6709\u8d62\uff0c\u8c01\u8d62\u8c01\u8f93\u4e00\u76ee\u4e86\u7136\u3002\u201c\u4f46\u5728\u6574\u4e2a\u6b21\u8d37\u5371\u673a\u4e2d\u6211\u770b\u4e0d\u660e\u767d\uff0c\u65e5\u672c\u3001\u4e1c\u5357\u4e9a\u3001\u6b27\u6d32\u3001\u7f8e\u56fd\u73b0\u5728\u90fd\u5728\u8d54\u94b1\uff0c\u5230\u5e95\u8c01\u8d5a\u8d70\u4e86\u8fd9\u4e9b\u94b1?\u600e\u4e48\u8d5a\u7684?\u8fd9\u4e9b\u94b1\u5728\u4ec0\u4e48\u5730\u65b9?\u201d <\/p>\n

\u4f59\u6c38\u5b9a\u5728\u7814\u7a76\u6b21\u8d37\u5371\u673a\u5f62\u6210\u7684\u8fc7\u7a0b\u65f6\u6ce8\u610f\u5230\uff0c\u6b21\u8d37\u8bc1\u5238\u5316\u8fc7\u7a0b\u6d89\u53ca\u5341\u591a\u4e2a\u53c2\u4e0e\u673a\u6784\u3002\u5176\u4e2d\u5305\u62ec\u4f4f\u623f\u62b5\u62bc\u8d37\u6b3e\u673a\u6784\u3001\u4f4f\u623f\u62b5\u62bc\u8d37\u6b3e\u7ecf\u7eaa\u4eba\u3001\u501f\u6b3e\u4eba\u3001\u6d88\u8d39\u8005\u4fe1\u7528\u6838\u67e5\u673a\u6784\u3001\u8d37\u6b3e\u8f6c\u79fb\u4eba\u3001\u7279\u6b8a\u76ee\u7684\u673a\u6784(Special Purpose Vehicle\uff0cSPV)\u3001\u8bc4\u7ea7\u673a\u6784\u3001\u5305\u9500\u4eba\u3001\u5206\u9500\u4eba\u4fdd\u9669\u516c\u53f8\u3001\u7279\u522b\u670d\u52a1\u63d0\u4f9b\u8005\u3001\u7535\u5b50\u767b\u8bb0\u7cfb\u7edf\u548c\u6295\u8d44\u8005\u7b49\u3002 <\/p>\n

\u5176\u4e2d\u6700\u91cd\u8981\u7684\u662f\u7279\u6b8a\u76ee\u7684\u673a\u6784(SPV)\uff0c\u4f59\u6c38\u5b9a\u4ecb\u7ecd\u8bf4\uff0cSPV\u4e00\u822c\u5728\u6cd5\u5f8b\u548c\u8d22\u52a1\u4e0a\u72ec\u7acb\u4e8e\u6b21\u8d37\u53d1\u8d77\u4eba\uff0c\u4f46\u6709\u53ef\u80fd\u662f\u53d1\u8d77\u4eba\u6240\u8bbe\u7acb\uff1bSPV\u662f\u4e00\u4e2a\u58f3\u516c\u53f8\uff0c\u53ef\u4ee5\u6ca1\u6709\u4efb\u4f55\u96c7\u5458\uff0c\u5728\u6cfd\u897f\u5c9b(Jersey)\u6216\u5f00\u66fc\u7fa4\u5c9b(the Cayman Islands)\u4e4b\u7c7b\u79bb\u5cb8\u4e2d\u5fc3\u6ce8\u518c\u3002 <\/p>\n

\u8fd9\u7c7b\u79ef\u6781\u53c2\u4e0e\u62b5\u62bc\u8d37\u6b3e\u4e1a\u52a1\u7684\u79bb\u5cb8\u57fa\u91d1\uff0c\u5bf9\u91d1\u878d\u5927\u52bf\u7684\u5224\u65ad\u76f8\u5f53\u51c6\u786e\uff0c\u4e0d\u5149\u6bd4\u666e\u901a\u6295\u8d44\u8005\u66f4\u6709\u773c\u5149\uff0c\u4e5f\u8d85\u8fc7\u4e86\u591a\u6570\u4e3b\u6743\u57fa\u91d1\u5bf9\u5f62\u52bf\u7684\u628a\u63e1\u3002 <\/p>\n

\u7f8e\u56fd\u8d22\u653f\u90e8\u7f51\u7ad9\u516c\u5e03\u7684\u300a\u5916\u56fd\u5bf9\u7f8e\u56fd\u957f\u671f\u8bc1\u5238\u51c0\u8d2d\u4e70\u300b2008\u5e743\u81f35\u6708\u6708\u5ea6\u62a5\u544a\u663e\u793a\uff0c\u52a0\u52d2\u6bd4\u6d77\u5730\u533a\u5bf9\u7f8e\u673a\u6784\u503a\u5238\u57282008\u5e743\u30014\u30015\u6708\u8fde\u7eed3\u6708\u4f4d\u5c45\u5168\u7403\u9996\u4f4d\uff0c\u5206\u522b\u51cf\u5c11334.61\u4ebf\u3001198.96\u4ebf\u3001100.48\u4ebf\u7f8e\u5143\uff1b\u8be5\u5730\u533a\u660e\u663e\u5730\u51fa\u73b0\u4e86\u5bf9\u7f8e\u673a\u6784\u503a\u5238\u575a\u5b9a\u800c\u5feb\u901f\u7684\u51cf\u6301\u5c40\u9762\u3002\u5728\u52a0\u52d2\u6bd4\u6d77\u5730\u533a\uff0c\u8fd9\u4e09\u4e2a\u6708\u51cf\u6301\u7f8e\u56fd\u673a\u6784\u503a\u5238\u89c4\u6a21\u6700\u5927\u7684\u662f\u5f00\u66fc\u7fa4\u5c9b\uff0c\u51cf428.0\u4ebf\u7f8e\u5143\uff0c\u6309\u5355\u4e00\u56fd\u5bb6(\u5730\u533a)\u5206\uff0c\u5b83\u662f3\u30014\u6708\u4efd\u5168\u7403\u51cf\u6301\u7f8e\u56fd\u503a\u5238\u7684\u51a0\u519b\uff0c\u5176\u6b21\u662f\u767e\u6155\u5927\uff0c\u51cf227.26\u4ebf\u7f8e\u5143\uff0c\u662f\u5355\u4e00\u56fd\u5bb6(\u5730\u533a)5\u6708\u4efd\u7684\u51cf\u6301\u51a0\u519b\u3002\u800c\u4e00\u4e9b\u4e3b\u6743\u57fa\u91d1\u5219\u201c\u655e\u5f00\u5f0f\u201d\u5730\u63a5\u76d8\u4e86\u5b83\u4eec\u629b\u51fa\u7684\u7f8e\u56fd\u673a\u6784\u503a\u5238\u3002 <\/p>\n

\u5b8b\u9e3f\u5175\u7684\u731c\u60f3\u662f\uff0c\u79bb\u5cb8\u57fa\u91d1\u5f88\u53ef\u80fd\u662f\u5bf9\u51b2\u57fa\u91d1\u548c\u6295\u8d44\u94f6\u884c\u7684\u201c\u540e\u95e8\u201d\uff0c\u201c\u4ed6\u4eec\u53ef\u80fd\u5df2\u7ecf\u5728\u51ac\u5929\u5230\u6765\u524d\u5c06\u5229\u76ca\u5c3d\u53ef\u80fd\u5730\u8f93\u9001\u5230\u90a3\u4e9b\u4e0d\u53d7\u76d1\u7ba1\u7684\u52a0\u52d2\u6bd4\u6d77\u5c9b\u4e0a\u201d\u3002\u5b8b\u9e3f\u5175\u4ecb\u7ecd\u8bf4\uff0c\u79bb\u5cb8\u57fa\u91d1\u662f\u76ee\u524d\u552f\u4e00\u4e0d\u53d7\u56fd\u9645\u6e05\u7b97\u94f6\u884c\u76d1\u63a7\u7684\u5927\u7b14\u8d44\u91d1\uff0c\u56fd\u9645\u4e0a\u8981\u6c42\u5bf9\u79bb\u5cb8\u516c\u53f8\u8fdb\u884c\u76d1\u7ba1\u7684\u547c\u58f0\u4e00\u76f4\u4e0d\u7edd\u4e8e\u8033\uff0c\u4f46\u5f97\u4e0d\u5230\u8fd9\u4e9b\u5730\u533a\u5b97\u4e3b\u56fd\u82f1\u3001\u7f8e\u7684\u652f\u6301\u30022008\u5e746\u6708\uff0c\u5fb7\u56fd\u603b\u7406\u9ed8\u514b\u5c14\u66fe\u8868\u793a\u5e0c\u671b\u5bf9\u6d77\u5916\u79bb\u5cb8\u57fa\u91d1\u52a0\u5f3a\u76d1\u7ba1\u3002\u6b64\u8a00\u4e00\u51fa\uff0c\u7acb\u523b\u53d7\u5230\u56fd\u9645\u91d1\u878d\u754c\u7684\u6fc0\u70c8\u53cd\u5bf9\u3002 <\/p>\n

\u6b21\u8d37\u5371\u673a\u5f15\u7206\u7684\u5168\u7403\u91d1\u878d\u98ce\u66b4\uff0c\u96be\u9053\u771f\u662f\u4e00\u573a\u6709\u4eba\u5bfc\u6f14\u3001\u6709\u4eba\u9884\u8c0b\u7684\u5927\u9634\u8c0b?\u4e5f\u6709\u4e00\u4e9b\u7ecf\u6d4e\u5b66\u5bb6\u5e76\u4e0d\u652f\u6301\u8fd9\u79cd\u770b\u6cd5\u3002\u8bb8\u5c0f\u5e74\u8ba4\u4e3a\uff0c\u7f8e\u56fd\u653f\u6cbb\u5bb6\u6709\u6539\u5584\u4f4e\u6536\u5165\u8005\u751f\u6d3b\u72b6\u51b5\u7684\u8feb\u5207\u9700\u8981\u3001\u534e\u5c14\u8857\u7684\u94f6\u884c\u5bb6\u548c\u7ecf\u7eaa\u4eba\u65e0\u6cd5\u514b\u5236\u81ea\u5df1\u7684\u8d2a\u6b32\u3001\u4e3b\u6d41\u8d22\u7ecf\u5a92\u4f53\u60f3\u8981\u63cf\u7ed8\u4e00\u4e2a\u6b23\u6b23\u5411\u8363\u7684\u5168\u7403\u7ecf\u6d4e\uff0c\u8fd9\u4e9b\u90fd\u662f\u65e0\u53ef\u5426\u8ba4\u7684\u4e8b\u5b9e\uff0c\u4f46\u4e16\u754c\u4e0a\u6ca1\u6709\u8c01\u5e0c\u671b\u770b\u5230\u5168\u7403\u4fe1\u7528\u7cfb\u7edf\u762b\u75ea\uff0c\u8fdb\u800c\u62d6\u7d2f\u5b9e\u4f53\u7ecf\u6d4e\u4e0b\u6ed1\u3002\u201c\u81f3\u5c11\u76ee\u524d\u8fd8\u6ca1\u6709\u8bc1\u636e\u8868\u660e\uff0c\u8fd9\u4e00\u5207\u4e0d\u662f\u6280\u672f\u5931\u8bef\uff0c\u800c\u662f\u9053\u5fb7\u90aa\u6076\u8005\u6545\u610f\u4e3a\u4e4b\u3002\u201d <\/p>\n

\u73b0\u91d1\u6362\u5e9f\u7eb8? <\/p>\n

\u5e03\u4ec0\u653f\u5e9c7000\u4ebf\u6551\u5e02\u8ba1\u5212\uff0c\u9762\u5bf9\u534e\u5c14\u8857\u91d1\u878d\u7cbe\u82f1\u521b\u9020\u51fa\u6765\u768462\u4e07\u4ebf\u7f8e\u5143\u4fe1\u7528\u8fdd\u7ea6(CDS)\u548c600\u4e07\u4ebf\u7f8e\u5143\u5229\u7387\u6389\u671f\u4fdd\u9669\u5408\u7ea6\uff0c\u4e0d\u8fc7\u662f\u676f\u6c34\u8f66\u85aa\u30022008\u5e74\u8bfa\u8d1d\u5c14\u7ecf\u6d4e\u5b66\u5956\u83b7\u5f97\u8005\u514b\u9c81\u683c\u66fc\u76f4\u7387\u5730\u8bc4\u4ef7:\u201c7000\u4ebf\u6551\u5e02\u8ba1\u5212\u4e0d\u8fc7\u662f\u62ff\u73b0\u91d1\u6362\u5e9f\u7eb8\u3002\u201d <\/p>\n

\u534e\u5c14\u8857\u91d1\u878d\u5371\u673a\u6301\u7eed\u53d1\u5c55\uff0c\u5c06\u5371\u53ca\u7f8e\u5143\u4e16\u754c\u7ed3\u7b97\u8d27\u5e01\u7684\u5730\u4f4d\uff0c\u8fd9\u662f\u91d1\u878d\u89c2\u5bdf\u4eba\u58eb\u4eec\u7684\u5171\u8bc6\u3002\u5b8b\u9e3f\u5175\u7684\u89c2\u70b9\u662f\uff0c\u7f8e\u5143\u8fdf\u65e9\u4f1a\u5d29\u6e83\uff0c\u4f26\u6566\u3001\u745e\u58eb\u3001\u6cd5\u5170\u514b\u798f\u90fd\u6709\u53ef\u80fd\u53d6\u4ee3\u7ebd\u7ea6\u7684\u91d1\u878d\u4e2d\u5fc3\u7684\u5730\u4f4d\uff0c\u56fd\u9645\u8d27\u5e01\u4f53\u7cfb\u4e5f\u5c06\u53d1\u751f\u91cd\u5927\u53d8\u5316\u3002 <\/p>\n

\u201c\u7f8e\u5143\u5d29\u6e83\uff0c\u96be\u9053\u6211\u4eec\u5c31\u80fd\u76f8\u4fe1\u6b27\u5143\u5417?\u4ece1971\u5e74\u5230\u73b0\u5728\uff0c\u4e16\u754c\u8303\u56f4\u7684\u4fe1\u7528\u8d27\u5e01\u4f53\u7cfb\u603b\u5171\u4e0d\u8fc737\u5e74\u800c\u5df2\u3002\u4eba\u7c7b\u4e5f\u8bb8\u662f\u5728\u8fdb\u884c\u4e00\u6b21\u7a7a\u524d\u7684\u8d27\u5e01\u8bd5\u9a8c\uff0c\u800c\u8bd5\u9a8c\u7684\u6548\u679c\u8fd8\u6709\u5f85\u65f6\u95f4\u53bb\u9a8c\u8bc1\u3002\u6bd4\u8d77\u4eba\u7c7b\u5b9e\u8df5\u4e86\u6570\u5343\u5e74\u7684\u9ec4\u91d1\u8d27\u5e01\u800c\u8a00\uff0c\u4fe1\u7528\u8d27\u5e01\u7684\u65f6\u95f4\u8fd8\u592a\u77ed\u3002\u65ad\u5b9a\u7f8e\u5143\u8fd9\u4e00\u7eaf\u7cb9\u4fe1\u7528\u8d27\u5e01\u4f53\u7cfb\u4e00\u5b9a\u80fd\u7ef4\u6301\u4e0b\u53bb\uff0c\u4e5f\u8bb8\u6709\u70b9\u8fc7\u4e8e\u4e50\u89c2\u4e86\u3002\u8fd9\u4e00\u5207\u6700\u7ec8\u8fd8\u662f\u8981\u7531\u5168\u7403\u91d1\u878d\u5371\u673a\u6076\u5316\u7684\u901f\u5ea6\u4e0e\u5e7f\u5ea6\u6765\u51b3\u5b9a\u3002\u201d <\/p>\n

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