{"id":8128,"date":"2008-10-29T15:03:07","date_gmt":"2008-10-29T20:03:07","guid":{"rendered":"http:\/\/blog.jackjia.com\/?p=8128"},"modified":"2008-10-29T15:09:27","modified_gmt":"2008-10-29T20:09:27","slug":"20081029%e5%8a%a0%e6%a5%bc%e5%b8%82%e6%98%8e%e5%b9%b4%e7%bb%ad%e6%b8%a9%e5%92%8c%e5%90%91%e4%b8%8b","status":"publish","type":"post","link":"https:\/\/blog.jackjia.com\/?p=8128","title":{"rendered":"20081029\/\u52a0\u697c\u5e02\u660e\u5e74\u7eed\u6e29\u548c\u5411\u4e0b"},"content":{"rendered":"<p>\u660e\u62a5\/\u7f8e\u6797\u7ecf\u6d4e\u5206\u6790\u5458\u8868\u793a\uff0c\u5bf9\u52a0\u56fd\u697c\u5e02\u5c06\u66f4\u52a0\u201c\u8b66\u89c9\u201d\uff1b\u6307\u4ece\u5206\u6790\u6570\u636e\u53ef\u89c1\uff0c\u52a0\u56fd\u697c\u5e02\u4e0e\u7f8e\u56fd\u697c\u5e02\u8d70\u52bf\u76f8\u82e5\uff0c\u7ea6\u67092\u5e74\u65f6\u5dee\u3002<\/p>\n<p>\u52a0\u697c\u5e02\u8d70\u52bf\u6ede\u540e\u7f8e\u4e24\u5e74<\/p>\n<p>\u7f8e\u6797\u7ecf\u6d4e\u5206\u6790\u5458David Wolf\u4e0eCarolyn Kwan\u6628\u5929\u53d1\u8868\u62a5\u544a\u6307\u51fa\uff0c\u697c\u4ef7\u4e0b\u8dcc\u3001\u5efa\u5c4b\u53ca\u5f85\u552e\u7269\u4e1a\u8fc7\u591a\uff0c\u4ee4\u52a0\u56fd\u697c\u5e02\u8d70\u5411\u7c7b\u4f3c\u7f8e\u56fd\u6570\u5e74\u524d\u3002<\/p>\n<p>\u62a5\u544a\u4e2d\u6307\u51fa\uff0c\u5c3d\u7ba1\u5176\u4ed6\u5206\u6790\u4e0e\u5176\u5bf9\u52a0\u56fd\u697c\u5e02\u6301\u7eed\u5411\u4e0b\u7684\u89c2\u70b9\u6709\u5f02\uff0c\u4f46\u4ecd\u7136\u6ca1\u53d1\u73b0\u51b3\u7b56\u8005\u6216\u9884\u6d4b\u540e\u5e02\u7684\u673a\u6784\u6709\u4ec0\u4e48\u8b66\u89c9\uff0c\u4f46\u79cd\u79cd\u6570\u636e\u4ee4\u4ed6\u4eec\u5bf9\u52a0\u56fd\u697c\u5e02\u65e5\u76ca\u5fe7\u8651\u3002<\/p>\n<p>\u5f88\u591a\u5206\u6790\u5458\u76f8\u4fe1\uff0c\u660e\u5e74\u52a0\u56fd\u697c\u5e02\u7ee7\u7eed\u6e29\u548c\u5411\u4e0b\uff1b\u4f46\u6709\u522b\u4e8e\u7f8e\u56fd\uff0c\u539f\u56e0\u662f\u91d1\u878d\u673a\u6784\u5411\u4e70\u5bb6\u53ca\u53d1\u5c55\u5546\u6240\u63d0\u4f9b\u7684\u501f\u8d37\u4f1a\u8f83\u4e3a\u5ba1\u614e\u3002<\/p>\n<p>Scotia Capital\u7ecf\u6d4e\u5206\u6790\u5458Derek Holt\u6307\u51fa\uff0c\u6709\u591a\u4e2a\u7406\u7531\u4ee4\u52a0\u56fd\u697c\u4ef7\u4e0b\u8dcc\u7684\u98ce\u9669\u6ca1\u6709\u7f8e\u56fd\u90a3\u822c\u5927\uff1b\u4ed6\u8ba4\u4e3a\uff0c\u52a0\u56fd\u697c\u5e02\u5df2\u5904\u4e8e\u8c03\u6574\u671f\uff0c\u672a\u6765\u697c\u4ef7\u8fd8\u5c06\u4e0b\u8dcc\uff1b\u4f46\u4ece\u5b8f\u89c2\u7ecf\u6d4e\u5206\u6790\uff0c\u52a0\u56fd\u5e02\u573a\u6240\u53d7\u51b2\u51fb\u6ca1\u6709\u7f8e\u56fd\u5927\uff0c\u5176\u4e00\u662f\u4e00\u822c\u5bb6\u5ead\u7684\u8d44\u4ea7\u8d1f\u503a\u4e0a\u6bd4\u7387\u8f83\u4f4e\uff1b\u4e8c\u662f\u52a0\u56fd\u94f6\u884c\u7cfb\u7edf\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\u8f83\u5065\u5168\uff1b\u4e09\u6765\u5e02\u573a\u907f\u7528\u592a\u4fa7\u91cd\u6760\u6746\u6548\u5e94\u7684\u5de5\u5177\uff0c\u8fd9\u4e9b\u5de5\u5177\u5df2\u7ed9\u7f8e\u56fd\u5e26\u6765\u5f88\u5927\u9ebb\u70e6\u3002<\/p>\n<p>\u8fd9\u5df2\u662f\u7f8e\u6797\u8fd1\u671f\u7b2c\u4e8c\u6b21\u516c\u5e03\u5bf9\u52a0\u56fd\u697c\u5e02\u8f83\u60b2\u89c2\u7684\u770b\u6cd5\uff1b\u4ed6\u4eec\u62c5\u5fc3\u52a0\u56fd\u5bb6\u5ead\u8d22\u653f\u8d64\u5b57\u9ad8\u4f01\uff0c\u6216\u96be\u62b5\u53d7\u7f8e\u56fd\u5f0f\u7684\u697c\u4ef7\u5d29\u56f4\u5f71\u54cd\u3002<\/p>\n<p>\u5bf9\u4e8e\u52a0\u7f8e\u697c\u5e02\u8d70\u52bf\u53ea\u5b58\u57282\u5e74\u65f6\u5dee\u7684\u89c2\u70b9\uff1bBMO Capital Markets\u526f\u9996\u5e2d\u5206\u6790\u5458Douglas Porter\u57287\u6708\u5df2\u6307\u51fa\uff0c\u697c\u5e02\u8d8b\u52bf\u4ee4\u4eba\u4e0d\u5b89\u3002<\/p>\n<p>Porter\u8868\u793a\uff0c\u591a\u4e2a\u7406\u7531\u4f7f\u52a0\u7f8e\u697c\u5e02\u8868\u73b0\u4e0d\u540c\uff1b\u4f46\u53ea\u8981\u52a0\u56fd\u51fa\u73b0\u6bd4\u7f8e\u56fd\u5e02?\u8f83\u8f7b\u5fae\u7684\u7248\u672c\uff0c\u5bf9\u52a0\u56fd\u5df2\u662f\u574f\u6d88\u606f\u3002<\/p>\n<p><strong>\u7f8e\u6797\u4e13\u5bb6\u53d1\u8b66\u544a \u52a0\u56fd\u697c\u5e02\u96be\u4e50\u89c2<\/strong><\/p>\n<p>\u52a0\u901a\u793e\u591a\u4f26\u591a\u7535\/\u7f8e\u6797\u516c\u53f8(Merrill Lynch)\u7ecf\u6d4e\u5e08\u534e\u592b(David Wolf)\u5728\u4e00\u4efd\u65b0\u62a5\u544a\u4e2d\u8868\u793a\uff0c\u52a0\u56fd\u7684\u697c\u5e02\u6b63\u5728\u5faa\u7740\u7f8e\u56fd\u7684\u8001\u8def\uff0c\u6700\u7ec8\u4f1a\u9677\u5165\u4f4e\u8ff7\u3002<\/p>\n<p>\u52a0\u56fd\u697c\u5e02\u9893\u52bf\u6bd4\u7f8e\u665a\u4e24\u5e74<\/p>\n<p>\u534e\u592b\u4ee5\u5bf9\u52a0\u56fd\u697c\u5e02\u6301\u60b2\u89c2\u770b\u6cd5\u8457\u79f0\u3002\u4ed6\u8bf4\uff0c\u52a0\u56fd\u697c\u5e02\u7684\u53d1\u5c55\u8d8b\u52bf\u6bd4\u7f8e\u56fd\u62d6\u540e\u4e24\u5e74\uff0c\u4f46\u76f8\u4f3c\u4e4b\u5904\u7a81\u51fa\u3002<\/p>\n<p>\u534e\u592b\u5728\u5468\u4e8c\u53d1\u8868\u7684\u62a5\u544a\u4e2d\u8bf4\uff1a\u201c\u4e3a\u4ec0\u4e48\u5ef6\u8fdf\u4e24\u5e74\uff1f\u53ef\u80fd\u662f\u56e0\u4e3a\u52a0\u56fd\u5e02\u573a\u6709\u66f4\u591a\u7a7a\u95f4\u8fd0\u4f5c\uff0c\u4e5f\u53ef\u80fd\u662f\u56e0\u4e3a\u52a0\u56fd\u5e02\u573a\u57281990\u5e74\u4ee3\u6bd4\u7f8e\u56fd\u75b2\u8f6f\u7684\u65f6\u95f4\u957f\u3002\u201d<\/p>\n<p>\u62a5\u544a\u6307\u51fa\uff0c\u7f8e\u56fd\u7684\u91cd\u552e\u623f\u4ef7\u683c\u57282005\u5e74\u5f00\u59cb\u4e0a\u5347\uff0c2006\u5e74\u521d\u8fbe\u5230\u9876\u5cf0\uff0c\u81f3\u6b64\u5f00\u59cb\u4e0b\u964d\uff1b\u800c\u52a0\u62ff\u5927\u7684\u91cd\u552e\u623f\u4ef7\u683c\u57282007\u5e74\u5927\u5e45\u4e0a\u5347\uff0c2008\u5e74\u521d\u8fbe\u5230\u9876\u5cf0\uff0c\u968f\u540e\u5f00\u59cb\u4e0b\u964d\u3002<\/p>\n<p>\u62a5\u544a\u8bf4\uff0c\u65b0\u4f4f\u5b85\u4fee\u5efa\u91cf\u5728\u52a0\u56fd\u4e5f\u51fa\u73b0\u98d9\u5347\uff0c\u4f46\u8bb8\u591a\u65b0\u5355\u4f4d\u73b0\u5728\u8fd8\u662f\u7a7a\u7f6e\u3002\u591a\u4f26\u591a8\u6708\u6b63\u5728\u4fee\u5efa34,635\u4e2a\u65b0\u5355\u4f4d\uff0c\u6e29\u54e5\u534e8\u6708\u5219\u6b63\u5728\u4fee\u5efa19,973\u4e2a\u5355\u4f4d\u300210\u5e74\u524d\uff0c\u6574\u4e2a\u56fd\u5bb6\u7684\u65b0\u5355\u4f4d\u6570\u91cf\u4e5f\u53ea\u670919,965\u4e2a\u3002\u534e\u592b\u8fd8\u6307\u51fa\uff0c\u52a0\u56fd\u7684\u56fd\u5185\u9886\u5148\u6807\u51c6\u4e5f\u653e\u7f13\uff0c\u8fd9\u4e5f\u548c\u7f8e\u56fd\u53d7\u5230\u7684\u5f71\u54cd\u76f8\u4f3c\u3002<\/p>\n<p>\u591a\u6570\u4e13\u5bb6\u4e0d\u540c\u610f\u60b2\u89c2\u770b\u6cd5<\/p>\n<p>\u534e\u592b\u5728\u4e0a\u6708\u53d1\u8868\u7684\u500d\u53d7\u4e89\u8bae\u7684\u62a5\u544a\u4e2d\u79f0\uff0c\u52a0\u56fd\u5bb6\u5ead\u7684\u503a\u52a1\u9887\u591a\uff0c\u5df2\u7ecf\u8fbe\u5230\u4e34\u754c\u70b9\uff0c\u53ef\u4ee5\u9884\u793a\u623f\u5730\u4ea7\u5e02\u573a\u7684\u6574\u4f53\u60c5\u51b5\u3002\u4ed6\u63d0\u9192\u8bf4\uff0c\u52a0\u62ff\u5927\u4e5f\u53ef\u80fd\u51fa\u73b0\u7f8e\u56fd\u5e02\u573a\u73b0\u5b58\u7684\u67d0\u4e9b\u5f31\u70b9\uff0c\u8fd9\u4e9b\u5f31\u70b9\u9020\u6210\u4e86\u73b0\u5728\u52a8\u4e71\u7684\u5e02\u573a\u548c\u7ecf\u6d4e\u73af\u5883\u3002<\/p>\n<p>\u52a0\u62ff\u5927\u7684\u5927\u591a\u6570\u7ecf\u6d4e\u5e08\u5e76\u4e0d\u540c\u610f\u534e\u592b\u7684\u8fd9\u79cd\u60b2\u89c2\u60f3\u6cd5\u3002\u8fd9\u79cd\u60f3\u6cd5\u4ee4\u52a0\u62ff\u5927\u623f\u5730\u4ea7\u4e1a\u4e0d\u5f97\u4e0d\u8bbe\u6cd5\u538b\u5236\u52a0\u56fd\u697c\u5e02\u4f1a\u8d70\u4e0a\u7f8e\u56fd\u8001\u8def\u7684\u62c5\u5fc3\u3002<\/p>\n<p>\u52a0\u62ff\u5927\u5730\u4ea7\u534f\u4f1a\u7684\u7518\u57f9(Gregory Klump)\u8bf4\uff0c\u52a0\u56fd\u73b0\u5728\u6b63\u5904\u4e8e\u91cd\u7ec4\u8fc7\u7a0b\u4e2d\uff0c\u800c\u4e30\u4e1a\u8d44\u672c(Scotia Capital)\u7684\u970d\u5c14\u7279(Derek Holt)\u5c31\u8ba4\u4e3a\uff0c\u5fc5\u7136\u4f1a\u51fa\u73b0\u6709\u63a7\u5236\u7684\u964d\u6e29\u3002\u4e0e\u53bb\u5e74\u540c\u671f\u76f8\u6bd4\uff0c\u52a0\u56fd\u91cd\u552e\u623f\u7684\u5e73\u5747\u4ef7\u683c9\u6708\u964d\u4f4e\u7ea66.2%\u3002<\/p>\n<p>\u4f46\u591a\u4f26\u591a\u9053\u660e\u8bc1\u5238(TD Securities)\u4e0a\u5468\u53d1\u8868\u7684\u62a5\u544a\u8bf4\uff0c\u6b6a\u66f2\u7684\u6570\u636e\u53ef\u80fd\u5938\u5927\u4e86\u8c03\u6574\u7684\u6df1\u5ea6\u3002\u62a5\u544a\u8bf4\uff0c\u52a0\u56fd\u6700\u6602\u8d35\u7684\u4f4f\u5b85\u5e02\u573a\u6e29\u54e5\u534e\uff0c\u4e0a\u6708\u7684\u4f4f\u5b85\u9500\u552e\u4e0b\u6ed1\u4e8643%\uff0c\u62c9\u52a8\u4e86\u6574\u4f53\u4ef7\u683c\u4e0b\u8dcc\u3002<\/p>\n<p><strong>\u7f8e\u697c\u4ef7\u8dcc\u5e4516.6\uff05\u521b\u65b0\u9ad8 <\/strong><\/p>\n<p>\u660e\u62a5\/\u6807\u51c6\u666e\u5c14\u6628\u5929\u516c\u5e03\uff0c8\u6708\u4efd\u7f8e\u56fd20\u5927\u57ce\u5e02\u7684\u4f4f\u5b85\u4ef7\u683c\u8f837\u6708\u4efd\u8dcc1\uff05\uff0c\u4f46\u8f83\u53bb\u5e748\u6708\u4efd\u66b4\u6cfb16.6\uff05\uff0c\u662f\u5386\u6765\u6700\u5927\u8dcc\u5e45\u3002<\/p>\n<p>\u8fd9\u4e9b\u57ce\u5e02\u7684\u697c\u4ef7\uff0c\u5df2\u8f832006\u5e746\u6708\u7684\u9876\u70b9\u4e0b\u8dcc20.3\uff05\u3002<\/p>\n<p>\u6807\u666e\u7684\u6307\u6570\u59d4\u5458\u4f1a\u4e3b\u5e2dDavid Blitzer\u8bf4\uff0c\u4f4f\u5b85\u4ef7\u683c\u4e0b\u8dcc\u8d8b\u52bf\u6301\u7eed\uff0c\u800c\u800c\u800c\u8fd9\u9879\u6570\u5b57\u4e2d\u5f88\u5c11\u4eae\u70b9\u3002<\/p>\n<p>High Frequency\u7684Shepherdson\u4e5f\u8ba4\u4e3a\uff0c\u697c\u4ef7\u4ecd\u8fdc\u672a\u89c1\u5e95\u3002\u4ed6\u9884\u671f\uff0c\u7f8e\u56fd\u697c\u4ef7\u4f1a\u4ece\u9876\u70b9\u5171\u8dcc30\uff05\u3002<\/p>\n<p>UniCredit Markets\u5206\u6790\u5458Harm Bandholz\u6307\u51fa\uff0c8\u6708\u4efd\u697c\u4ef7\u6309\u6708\u8ba1\u8dcc1\uff05\u60c5?\u4e25\u91cd\uff0c\u53ef\u80fd\u662f\u7f8e\u56fd\u697c\u4ef7\u201c\u91cd\u65b0\u52a0\u901f\u8d2c\u503c\u201d\uff0c\u7406\u7531\u662f9\u6708\u53ca10\u6708\u4efd\u7684\u4fe1\u8d37\u5927\u5e45\u6536\u7d27\uff0c\u4e1a\u4e3b\u65e0\u6cd5\u4f9b\u6b3e\u88ab\u94f6\u884c\u6536\u697c\u7684\u4e2a\u6848\u4e5f\u6025\u5267\u4e0a\u5347\u3002<\/p>\n<p><strong>\u7f8e\u6d88\u8d39\u4fe1\u5fc3\u521b\u65b0\u4f4e \u8dcc\u5e4530\u5e74\u6700\u5927<\/strong> <\/p>\n<p>\u660e\u62a5\/\u53d7\u7d2f\u5168\u7403\u91d1\u878d\u5371\u673a\uff0c\u7f8e\u56fd10\u6708\u4efd\u6d88\u8d39\u4fe1\u5fc3\u5f55\u5f97\u4e24\u9879\u4ee4\u4eba\u9707\u60ca\u7684\u7eaa\u5f55\uff0c\u5305\u62ec30\u591a\u5e74\u6765\u6700\u5927\u8dcc\u5e45\uff0c\u4ee5\u53ca\u8dcc\u81f3\u5386\u6765\u6700\u4f4e\u6c34\u5e73\uff0c\u53cd\u6620\u7f8e\u56fd\u4eba\u5bf9\u7ecf\u6d4e\u524d\u666f\u662f\u5982\u4f55\u5730\u60b2\u89c2\u3002<\/p>\n<p>\u867d\u713610\u6708\u4efd\u6c7d\u6cb9\u4ef7\u683c\u6025\u632b\uff0c\u4f46\u8c18\u8bae\u5c40\u516c\u5e03\u768410\u6708\u4efd\u6d88\u8d39\u4fe1\u5fc3\u66b4\u8dcc23.4\u81f3\u53ea\u670938\uff0c\u4e0d\u4f46\u4f4e\u4e8e\u9884\u6d4b\uff0c\u4e5f\u662f\u6307\u68071967\u5e74\u521b\u8bbe\u4ee5\u6765\u6700\u4f4e\u3002<\/p>\n<p>\u5f6d\u535a\u8c03\u67e566\u540d\u5206\u6790\u5458\uff0c\u9884\u6d4b\u4e2d\u4f4d\u6570\u662f52\uff1b9\u6708\u6307\u6570\u81ea\u539f\u5148\u53d1\u5e03\u768459.8\u5411\u4e0a\u4fee\u8ba2\u4e3a61.4\u3002<\/p>\n<p>10\u6708\u4efd\u768423.4\u8dcc\u5e45\uff0c\u4e5f\u8f83\u7f8e\u56fd\u903e30\u5e74\u6765\u4efb\u4f55\u91cd\u5927\u4e8b\u4ef6\u540e\u5f55\u5f97\u7684\u6d88\u8d39\u4fe1\u5fc3\u8dcc\u5e45\u66f4\u5927\uff0c\u5305\u62ec911\u6050\u88ad\u3001\u4f0a\u62c9\u514b\u5165\u4fb5\u79d1\u5a01\u7279\u53ca\u4f0a\u6717\u4eba\u8d28\u5371\u673a\u7b49(\u89c1\u9644\u8868)\uff1b\u8fd9\u4e5f\u662f\u6709\u53f2\u4ee5\u6765\u7b2c\u4e09\u5927\u8dcc\u5e45\uff0c\u53ea\u6b21\u4e8e1970\u5e74\u4ee3\u6cb9\u4ef7?\u5347\u5bfc\u81f4\u7684\u4e24\u6b21\u91cd\u632b\u3002<\/p>\n<p>\u6d88\u8d39\u8005\u5bf9\u524d\u666f\u8f83\u4ee5\u5f80\u66f4\u60b2\u89c2\uff0c\u9884\u671f6\u4e2a\u6708\u5546\u4e1a\u73af\u5883\u6076\u5316\u7684\u6d88\u8d39\u8005\u6bd4\u4f8b\uff0c\u753121\uff05\u589e\u81f336.6\uff05\uff1b\u9884\u671f\u804c\u4f4d\u51cf\u5c11\u7684\u6bd4\u4f8b\u4ece26.9\uff05\u5347\u81f341.5\uff05\u3002<\/p>\n<p>\u8c18\u8bae\u5c40\u6d88\u8d39\u8005\u7814\u7a76\u4e2d\u5fc3\u4e3b\u4efbLynn Franco\u8868\u793a\uff0c\u8c03\u67e5\u4e5f\u53d1\u73b0\uff0c\u6d88\u8d39\u8005\u5bf9\u76c8\u5229\u524d\u666f\u4ee5\u53ca\u901a\u80c0\u5c55\u671b\u4e5f\u53d8\u5f97\u66f4\u60b2\u89c2\uff1b\u5bf9\u4e8e\u90a3\u4e9b\u5df2\u9884\u6599\u4eca\u5e74\u5723\u8bde\u9500\u552e\u4e0d\u4f73\u7684\u96f6\u552e\u5546\u6765\u8bf4\uff0c\u8fd9\u80af\u5b9a\u4e0d\u662f\u597d\u6d88\u606f\u3002<\/p>\n<p>\u8c18\u8bae\u5c40\u7684\u73b0\u72b6\u6307\u6570\u4ece61.1\u8dcc\u81f341.9\uff1b\u9884\u671f\u6307\u6570\u66f4\u4ece9\u6708\u4efd\u768461.5\u6025\u632b\u81f3\u521b\u65b0\u4f4e\u768435.5\u3002<\/p>\n<p>\u6d88\u8d39\u4fe1\u5fc3\u65b0\u4f4e\uff0c\u56e0\u91d1\u878d\u6d77\u5578\u5bfc\u81f4\u80a1\u5e02\u91cd\u632b\u3001\u5bb6\u5ead\u8d22\u5bcc\u53ca\u623f\u5c4b\u51c0\u503c\u7f29\u6c34\uff0c\u53ca\u5c31\u4e1a\u673a\u4f1a\u6d41\u5931\u3002<\/p>\n<p>10\u6708\u6807\u51c6\u666e\u5c14500\u6307\u6570\u5c06\u521b70\u5e74\u6765\u6700\u5927\u5355\u6708\u8dcc\u5e45\uff1b\u9eef\u6de1\u7ecf\u6d4e\u524d\u666f\u9884\u793a\u8d21\u732e\u7f8e\u56fd\u7ecf\u6d4e\u4e09\u5206\u4e8c\u7684\u6d88\u8d39\u5f00\u652f\u5c06\u8fdb\u4e00\u6b65\u6076\u5316\uff0c\u4e0d\u666f\u6c14\u65e5\u76ca\u4e25\u91cd\u3002<\/p>\n<p>\u82b1\u65d7\u5168\u7403\u5e02\u573a\u9996\u5e2d\u7ecf\u6d4e\u5206\u6790\u5458Robert DiClemente\u8bf4\uff1a\u201c\u6d88\u8d39\u4fe1\u5fc3\u5d29\u6e83\u4f3c\u4e4e\u5f3a\u5316\u4e86\u7ecf\u6d4e\u8870\u9000\uff0c\u52b3\u52a8\u5e02\u573a\u7684\u5f31\u52bf\u52bf\u5fc5\u66f4\u4e25\u5cfb\u3002\u201d<\/p>\n<p>11\u6708\u6d88\u8d39\u4fe1\u5fc3\u6599\u6539\u5584<\/p>\n<p>High Frequency Economics\u9996\u5e2d\u7f8e\u56fd\u7ecf\u6d4e\u5206\u6790\u5458Ian Shepherdson\u627f\u8ba4\uff0c10\u6708\u4efd\u7684\u6570\u5b57\u7684\u786e\u4ee4\u4eba\u9707\u60ca\u3002\u4f46\u4ed6\u9884\u6599\uff0c11\u6708\u6307\u6570\u5e94\u4f1a\u6709\u6539\u5584\uff0c\u56e0\u4e3a10\u6708\u4efd\u80a1\u5e02\u6301\u7eed\u66b4\u8dcc\u5e94\u8be5\u4e0d\u4f1a\u91cd\u6f14\uff0c\u800c\u6c7d\u6cb9\u4ef7\u683c\u5267\u8dcc\u5e94\u8be5\u80fd\u63d0\u5347\u6d88\u8d39\u8005\u5fc3\u60c5\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u660e\u62a5\/\u7f8e\u6797\u7ecf\u6d4e\u5206\u6790\u5458\u8868\u793a\uff0c\u5bf9\u52a0\u56fd\u697c\u5e02\u5c06\u66f4\u52a0\u201c\u8b66\u89c9\u201d\uff1b\u6307\u4ece\u5206\u6790\u6570\u636e\u53ef\u89c1\uff0c\u52a0\u56fd\u697c\u5e02\u4e0e\u7f8e\u56fd\u697c\u5e02\u8d70\u52bf\u76f8\u82e5\uff0c\u7ea6\u67092\u5e74\u65f6\u5dee\u3002 \u52a0\u697c\u5e02\u8d70\u52bf\u6ede\u540e\u7f8e\u4e24\u5e74 \u7f8e\u6797\u7ecf\u6d4e\u5206\u6790\u5458David Wolf\u4e0eCarolyn Kwan\u6628\u5929\u53d1\u8868\u62a5\u544a\u6307\u51fa\uff0c\u697c\u4ef7\u4e0b\u8dcc\u3001\u5efa\u5c4b\u53ca\u5f85\u552e\u7269\u4e1a\u8fc7\u591a\uff0c\u4ee4\u52a0\u56fd\u697c\u5e02\u8d70\u5411\u7c7b\u4f3c\u7f8e\u56fd\u6570\u5e74\u524d\u3002 \u62a5\u544a\u4e2d\u6307\u51fa\uff0c\u5c3d\u7ba1\u5176\u4ed6\u5206\u6790&#8230;<br \/><a class=\"read-more-button\" href=\"https:\/\/blog.jackjia.com\/?p=8128\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[10,91],"tags":[],"_links":{"self":[{"href":"https:\/\/blog.jackjia.com\/index.php?rest_route=\/wp\/v2\/posts\/8128"}],"collection":[{"href":"https:\/\/blog.jackjia.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.jackjia.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.jackjia.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.jackjia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8128"}],"version-history":[{"count":0,"href":"https:\/\/blog.jackjia.com\/index.php?rest_route=\/wp\/v2\/posts\/8128\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.jackjia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8128"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.jackjia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8128"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.jackjia.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8128"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}