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class=\"wp-block-quote\"><p>\u56e0\u6b64\uff0c\u4ece\u6587\u5b57\u7684\u6f14\u8fdb\u518d\u7ed3\u5408\u4e2d\u56fd\u4eba\u7684\u601d\u7ef4\u548c\u884c\u4e3a\u5b9e\u4f8b\uff0c\u5927\u81f4\u53ef\u4ee5\u770b\u51fa\uff0c\u4e1c\u65b9\u4f20\u7edf\u601d\u7ef4\u7684\u7279\u5f81\u5927\u4f53\u662f\u5f52\u7eb3\u80fd\u529b\u5f3a\uff0c\u903b\u8f91\u6f14\u7ece\u63a8\u7406\u5f31\uff0c\u8fa9\u8bc1\u903b\u8f91\u80fd\u529b\u5f3a\u4e8e\u5f62\u5f0f\u903b\u8f91\uff1b\u6ce8\u91cd\u5c40\u90e8\u4e0e\u4e2a\u6848\u7ecf\u9a8c\uff0c\u5ffd\u89c6\u6574\u4f53\u601d\u7ef4\uff0c\u7f3a\u5c11\u7406\u8bba\u6846\u67b6\u3002\u4ece\u8868\u610f\u6587\u5b57\u5230\u5199\u610f\u7ed8\u753b\uff0c\u518d\u5230\u5982\u4eca\u7ed9\u4e88\u65b0\u80a1\u3001\u79d1\u521b\u677f\u6216\u65b0\u5174\u4ea7\u4e1a\u8f83\u9ad8\u7684\u4f30\u503c\uff0c\u8fd9\u4e4b\u95f4\u662f\u5426\u6709\u4e00\u5b9a\u7684\u5185\u5728\u8054\u7cfb\u5462\uff1f<\/p><cite>\u6458\u81ea\u674e\u8fc5\u96f7 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<strong>\u91cd\u89c6\u884c\u4e1a\u7ade\u4e89\u683c\u5c40<\/strong><\/li><\/ul>\n\n\n\n<p>\u5728\u80a1\u7968\u6295\u8d44\u4e2d\uff0c\u6211\u4eec\u8981\u9ad8\u5ea6<strong>\u91cd\u89c6\u884c\u4e1a\u7ade\u4e89\u683c\u5c40\u7684\u5206\u6790<\/strong>\uff0c\u56e0\u4e3a\u826f\u597d\u7684\u7ade\u4e89\u683c\u5c40\u53ef\u4ee5\u5e2e\u52a9\u4f01\u4e1a\u5c06\u7ade\u4e89\u5bf9\u624b\u963b\u6321\u5728\u5916\uff0c\u83b7\u53d6\u6301\u7eed\u7684\u8d85\u989d\u5229\u6da6\u3002\u4e0d\u540c\u7ade\u4e89\u7c7b\u578b\u7684\u5e02\u573a\u7ed3\u6784\u51b3\u5b9a\u4e86\u4f01\u4e1a\u6240\u83b7\u5f97\u8d85\u989d\u5229\u6da6\u7684\u6301\u7eed\u6027\u3002\u8d8a\u662f\u63a5\u8fd1\u5b8c\u5168\u7ade\u4e89\u7684\u5e02\u573a\u7ed3\u6784\uff0c\u884c\u4e1a\u5185\u4f01\u4e1a\u6570\u91cf\u8d8a\u591a\uff0c\u7ade\u4e89\u8d8a\u6fc0\u70c8\uff0c\u4f01\u4e1a\u6ca1\u6709\u5b9a\u4ef7\u6743\uff0c\u6700\u7ec8\u53ea\u80fd\u83b7\u5f97\u5e02\u573a\u7684\u5e73\u5747\u5229\u6da6\u7387\u3002\u53cd\u4e4b\uff0c<strong>\u8d8a\u662f\u63a5\u8fd1\u5784\u65ad\u7c7b\u578b\u7684\u5e02\u573a\u7ed3\u6784\uff0c\u9f99\u5934\u4f01\u4e1a\u5728\u884c\u4e1a\u5185\u7684\u5784\u65ad\u4f18\u52bf\u660e\u663e\uff0c\u62e5\u6709\u4ea7\u54c1\u7684\u5b9a\u4ef7\u6743\uff0c\u66f4\u5bb9\u6613\u5728\u7ade\u4e89\u4e2d\u83b7\u53d6\u8d85\u989d\u5229\u6da6<\/strong>\u3002<\/p>\n\n\n\n<p><strong><em>( 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<\/em><\/p>\n\n\n\n<p><strong>\u5728A\u80a1\u6709\u5f88\u591a\u5178\u578b\u7684\u6848\u4f8b\uff0c\u6bd4\u5982\u8d35\u5dde\u8305\u53f0\u3001\u6d77\u87ba\u6c34\u6ce5\u3001\u683c\u529b\u7535\u5668\u7b49\uff0c\u8fd9\u4e9b\u516c\u53f8\u6240\u5904\u7684\u884c\u4e1a\u867d\u7136\u6210\u957f\u6027\u4e0d\u662f\u5f88\u7a81\u51fa\uff0c\u4f46\u4ed6\u4eec\u90fd\u62e5\u6709\u826f\u597d\u7684\u884c\u4e1a\u7ade\u4e89\u683c\u5c40\uff0c\u5145\u5206\u4eab\u53d7\u884c\u4e1a\u96c6\u4e2d\u5ea6\u63d0\u5347\u6240\u5e26\u6765\u7684\u7ea2\u5229<\/strong>\u3002\u53cd\u8fc7\u6765\uff0c\u6211\u4eec\u4e5f\u770b\u5230\u5f88\u591a\u6210\u957f\u6027\u4f3c\u4e4e\u5f88\u9ad8\u3001\u60f3\u8c61\u7a7a\u95f4\u5f88\u5927\u7684\u884c\u4e1a\uff0c\u5982\u5149\u4f0f\u3001\u901a\u4fe1\u8bbe\u5907\u3001\u4eba\u5de5\u667a\u80fd\u7b49\uff0c\u884c\u4e1a\u7ade\u4e89\u683c\u5c40\u9ad8\u5ea6\u4e0d\u786e\u5b9a\uff0c\u91cc\u8fb9\u7684\u516c\u53f8\u4e0d\u65ad\u88ab\u8d85\u8d8a\u3001\u88ab\u98a0\u8986\uff0c\u6295\u8d44\u96be\u5ea6\u6781\u5927\u3002<\/p>\n\n\n\n<p>\u56e0\u6b64\uff0c\u548c\u6210\u957f\u6027\u76f8\u6bd4\uff0c\u884c\u4e1a\u7ade\u4e89\u683c\u5c40\u53ef\u80fd\u66f4\u4e3a\u91cd\u8981\u3002\u5982\u679c\u4e00\u4e2a\u884c\u4e1a\u540c\u65f6\u62e5\u6709\u8fd9\u4e24\u4e2a\u7279\u70b9\uff0c\u5373\u7ade\u4e89\u683c\u5c40\u7a33\u5b9a\u4e14\u6210\u957f\u6027\u9ad8\uff0c\u81ea\u7136\u662f\u6295\u8d44\u7684\u6700\u4f18\u9009\u62e9\uff0c\u4f46\u8fd9\u6837\u7684\u6295\u8d44\u673a\u4f1a\u975e\u5e38\u5c11\u89c1\u3002\u5f53\u4e24\u8005\u76f8\u4e92\u77db\u76fe\u7684\u65f6\u5019\uff0c\u6211\u4eec\u4f1a\u4f18\u5148\u9009\u62e9\u7ade\u4e89\u683c\u5c40\u7a33\u5b9a\u7684\u884c\u4e1a\u3002<\/p>\n\n\n\n<ul><li><strong>\u9009\u62e9\u6700\u5177\u7ade\u4e89\u529b\u7684\u4f18\u79c0\u516c\u53f8<\/strong><\/li><\/ul>\n\n\n\n<p>\u6700\u5177\u7ade\u4e89\u529b\u7684\u4f18\u79c0\u516c\u53f8\u540c\u65f6\u62e5\u6709\u826f\u597d\u7684\u884c\u4e1a\u7ade\u4e89\u683c\u5c40\u548c\u5bbd\u9614\u7684\u62a4\u57ce\u6cb3\u8fd9\u4e24\u4e2a\u7279\u70b9\uff0c\u6295\u8d44\u8005\u9009\u62e9\u8fd9\u6837\u7684\u516c\u53f8\u80fd\u591f\u5145\u5206\u4eab\u53d7\u516c\u53f8\u5185\u5728\u4ef7\u503c\u589e\u957f\u6240\u5e26\u6765\u7684\u957f\u671f\u56de\u62a5\u3002<\/p>\n\n\n\n<p>\u5728\u65e5\u5e38\u751f\u6d3b\u4e2d\uff0c\u5f88\u591a\u4eba\u975e\u5e38\u559c\u6b22\u540e\u6765\u8005\u5c45\u4e0a\u7684\u6545\u4e8b\uff0c\u56e0\u4e3a\u4e00\u65e6\u6210\u529f\uff0c\u5f80\u5f80\u80fd\u591f\u7ed9\u6295\u8d44\u8005\u5e26\u6765\u4e30\u539a\u7684\u56de\u62a5\u3002\u5c31\u50cf\u4e00\u573a\u6bd4\u8d5b\u8fdb\u884c\u5230\u4e00\u534a\u7684\u65f6\u5019\uff0c\u539f\u672c\u52a3\u52bf\u7684\u4e00\u65b9\u5982\u679c\u5f00\u59cb\u51fa\u73b0\u53cd\u8f6c\uff0c\u6700\u540e\u5b9e\u73b0\u53cd\u8d85\uff0c\u5f80\u5f80\u662f\u6700\u6fc0\u52a8\u4eba\u5fc3\u7684\u65f6\u523b\u3002\u4f46\u4e8b\u5b9e\u4e0a\uff0c\u771f\u7684\u6709\u8fd9\u4e48\u591a\u540e\u6765\u8005\u5c45\u4e0a\u7684\u6545\u4e8b\u5417\uff1f\u5386\u53f2\u7ecf\u9a8c\u544a\u8bc9\u6211\u4eec\uff0c<strong>\u540e\u6765\u5c45\u4e0a\u662f\u4e00\u4e2a\u5c0f\u6982\u7387\u4e8b\u4ef6\uff0c\u800c\u5f3a\u8005\u6052\u5f3a\u624d\u662f\u5927\u6982\u7387\u4e8b\u4ef6<\/strong>\u3002\u6240\u4ee5\uff0c<strong>\u6211\u4eec\u5728\u6295\u8d44\u4e2d\u8981\u9009\u62e9\u6700\u5177\u7ade\u4e89\u529b\u7684\u4f18\u79c0\u516c\u53f8<\/strong>\uff0c\u800c\u4e0d\u8d4c\u5dee\u516c\u53f8\u4f1a\u53d8\u597d\uff0c\u56e0\u4e3a\u597d\u516c\u53f8\u4e0d\u5bb9\u6613\u53d8\u574f\uff0c\u574f\u516c\u53f8\u66f4\u96be\u53d8\u597d\u3002\u5f88\u591a\u9677\u5165\u56f0\u5883\u7684\u4f01\u4e1a\uff0c\u9700\u8981\u9762\u4e34\u8bb8\u591a\u4e9f\u5f85\u89e3\u51b3\u7684\u95ee\u9898\uff0c\u4e00\u4e2a\u95ee\u9898\u5c1a\u672a\u89e3\u51b3\uff0c\u53e6\u4e00\u4e2a\u95ee\u9898\u5df2\u7ecf\u63a5\u8e35\u800c\u6765\u3002\u800c\u4f18\u79c0\u4f01\u4e1a\u7684\u62a4\u57ce\u6cb3\u8981\u7ecf\u5386\u5f88\u957f\u65f6\u95f4\u624d\u80fd\u5f62\u6210\uff0c\u4e00\u65e6\u5f62\u6210\uff0c\u7ade\u4e89\u8005\u5c06\u4f1a\u5f88\u96be\u64bc\u52a8\u4f18\u79c0\u4f01\u4e1a\u5728\u884c\u4e1a\u5185\u7684\u5730\u4f4d\u3002\u5c31\u50cf\u8d35<strong>\u5dde\u8305\u53f0\uff0c\u5df2\u7ecf\u6210\u4e3a\u4e2d\u56fd\u767d\u9152\u7684\u4ee3\u540d\u8bcd\uff0c\u5360\u636e\u6d88\u8d39\u8005\u5fc3\u667a\uff0c\u5b83\u5728\u6d88\u8d39\u8005\u5fc3\u4e2d\u7684\u54c1\u724c\u4f18\u52bf\u662f\u5f88\u591a\u767d\u9152\u4f01\u4e1a\u96be\u4ee5\u64bc\u52a8\u7684\uff0c\u6240\u4ee5\u5373\u4f7f\u9762\u4e34\u767d\u9152\u884c\u4e1a\u589e\u901f\u653e\u7f13\uff0c\u8305\u53f0\u8fd8\u80fd\u901a\u8fc7\u884c\u4e1a\u96c6\u4e2d\u5ea6\u7684\u63d0\u9ad8\u5b9e\u73b0\u516c\u53f8\u5185\u5728\u4ef7\u503c\u7684\u5feb\u901f\u589e\u957f\u3002<\/strong><\/p>\n\n\n\n<p>2017\u5e74\u4ee5\u6765\uff0cA\u80a1\u5e02\u573a\u53d1\u751f\u4e86\u53d8\u5316\uff0c\u5e02\u573a\u5f00\u59cb\u613f\u610f\u7ed9\u5177\u6709\u7ade\u4e89\u529b\u7684\u9f99\u5934\u4f01\u4e1a\u4e00\u5b9a\u7684\u786e\u5b9a\u6027\u6ea2\u4ef7\uff0c\u8fd9\u548c2017\u5e74\u4ee5\u524d\uff0c\u5e02\u573a\u559c\u6b22\u7092\u5c0f\u5e02\u503c\u80a1\u3001\u5783\u573e\u80a1\u516c\u53f8\u662f\u622a\u7136\u76f8\u53cd\u7684\u3002\u8fd9\u662f\u5e02\u573a\u7684\u5de8\u5927\u8fdb\u6b65\u3002<\/p>\n\n\n\n<ul><li>3. <strong>\u505a\u4f18\u79c0\u516c\u53f8\u7684\u957f\u671f\u670b\u53cb<\/strong><\/li><\/ul>\n\n\n\n<p>\u5df4\u83f2\u7279\u66fe\u8bf4\u8fc7\uff1a\u201c\u65f6\u95f4\u662f\u4f18\u79c0\u4f01\u4e1a\u7684\u670b\u53cb\uff0c\u5374\u662f\u5e73\u5eb8\u4f01\u4e1a\u7684\u654c\u4eba\u3002\u201d\u4ece\u957f\u671f\u6765\u770b\uff0c\u4f18\u79c0\u7684\u516c\u53f8\u5f80\u5f80\u80fd\u591f\u7ecf\u53d7\u4f4f\u65f6\u95f4\u7684\u6d17\u793c\uff0c\u5386\u7ecf\u5b8f\u89c2\u5468\u671f\u7684\u66f4\u8fed\u53d8\u6362\u4f9d\u7136\u80fd\u4fdd\u6301\u7a33\u5b9a\u7684\u4e1a\u7ee9\u589e\u957f\uff0c\u7a7f\u8d8a\u725b\u718a\u3002\u968f\u7740\u65f6\u95f4\u7684\u6d41\u901d\uff0c\u4ed6\u4eec\u7684\u62a4\u57ce\u6cb3\u5c06\u4f1a\u4e0d\u65ad\u52a0\u6df1\uff0c\u5185\u5728\u4ef7\u503c\u4e0d\u65ad\u63d0\u9ad8\uff0c\u957f\u671f\u6301\u6709\u4ed6\u4eec\u5c06\u4f1a\u83b7\u5f97\u53ef\u89c2\u7684\u8d85\u989d\u56de\u62a5\u3002\u6211\u4eec\u8981\u9ad8\u5ea6\u6ce8\u91cd\u516c\u53f8\u7684\u6838\u5fc3\u7ade\u4e89\u529b\uff0c\u800c\u516c\u53f8\u77ed\u671f\u7684\u4e1a\u7ee9\u6ce2\u52a8\u5b9e\u5219\u6ca1\u6709\u90a3\u4e48\u91cd\u8981\uff0c\u66f4\u65e0\u9700\u4e3a\u516c\u53f8\u7684\u77ed\u671f\u80a1\u4ef7\u6ce2\u52a8\u800c\u8fc7\u5206\u64cd\u5fc3\u3002\u4f5c\u4e3a\u4ef7\u503c\u6295\u8d44\u8005\uff0c\u6211\u4eec\u5e94\u8be5\u505a\u4f18\u79c0\u516c\u53f8\u7684\u957f\u671f\u670b\u53cb\uff0c\u5145\u5206\u4eab\u53d7\u65f6\u95f4\u6240\u521b\u9020\u7684\u590d\u5229\u4ef7\u503c\u3002<\/p>\n\n\n\n<p>\u505a\u4f18\u79c0\u516c\u53f8\u7684\u957f\u671f\u670b\u53cb\uff0c\u8fd9\u5c31\u610f\u5473\u7740\u6211\u4eec\u4e0d\u4ee5\u77ed\u671f\u4ef7\u5dee\u4e3a\u4e70\u5165\u76ee\u7684\uff0c\u4e0d\u4f9d\u8d56\u9891\u7e41\u4ea4\u6613\u521b\u9020\u56de\u62a5\u3002\u9891\u7e41\u4ea4\u6613\u610f\u5473\u7740\u6295\u8d44\u8005\u8981\u505a\u5927\u91cf\u5173\u4e8e\u77ed\u671f\u80a1\u4ef7\u8d70\u52bf\u7684\u51c6\u786e\u5224\u65ad\uff0c\u4f46\u5176\u5b9e\u662f\u975e\u5e38\u56f0\u96be\u7684\u3002\u4e0a\u6d77\u8bc1\u5238\u4ea4\u6613\u6240\u66fe\u7ecf\u7edf\u8ba1\u8fc72016\u5e74\u81f32019\u5e74\u671f\u95f4\u5404\u7c7b\u6295\u8d44\u8005\u7684\u6536\u76ca\u7387\u60c5\u51b5\uff0c\u4ece\u4e2d\u6211\u4eec\u53ef\u4ee5\u5f97\u51fa\u4e00\u4e2a\u7ed3\u8bba\uff0c\u65e0\u8bba\u662f\u673a\u6784\u6295\u8d44\u8005\u8fd8\u662f\u6563\u6237\u6295\u8d44\u8005\uff0c\u5747\u5f88\u96be\u4f9d\u9760\u62e9\u65f6\u83b7\u53d6\u6536\u76ca\uff0c\u62e9\u65f6\u53ea\u662f\u4e00\u79cd\u795e\u8bdd\u3002\u7528\u4ed3\u4f4d\u7684\u5927\u5e45\u6ce2\u52a8\u505a\u65f6\u673a\u9009\u62e9\u548c\u6ce2\u6bb5\u4ea4\u6613\uff0c\u5bfb\u627e\u77ed\u671f\u4ef7\u5dee\u6240\u5e26\u6765\u7684\u6536\u76ca\uff0c\u5f88\u96be\u7ed9\u7ec4\u5408\u5e26\u6765\u6b63\u8d21\u732e\uff0c\u540c\u65f6\u8fd8\u4f1a\u6d88\u8017\u4f60\u5927\u91cf\u7684\u65f6\u95f4\u548c\u7cbe\u529b\uff0c\u5e76\u4e14\u4f60\u53ef\u80fd\u8fd8\u8981\u652f\u4ed8\u9ad8\u6602\u7684\u4ea4\u6613\u6210\u672c\u3002<\/p>\n\n\n\n<p><strong><em>\uff08 \u957f\u671f\u6295\u8d44 \uff09<\/em><\/strong><\/p>\n\n\n\n<ul><li>4. <strong>\u7559\u8db3\u5b89\u5168\u8fb9\u9645\uff0c\u76f8\u4fe1\u5747\u503c\u56de\u5f52\u7684\u529b\u91cf<\/strong><\/li><\/ul>\n\n\n\n<p>\u4ef7\u683c\u56de\u5f52\u4ef7\u503c<\/p>\n\n\n\n<p>\u4e0d\u8981\u8fc7\u5206\u76f8\u4fe1\u76f8\u5bf9\u4f30\u503c\uff0c\u56e0\u4e3a\u76f8\u5bf9\u4f30\u503c\u5f80\u5f80\u57fa\u4e8e\u5047\u8bbe\u5e02\u573a\u6709\u6548 \u4ef7\u683c\u5df2\u7ecf\u53cd\u5e94\u4ef7\u503c \u67d0\u516c\u53f8 \u6216\u8005 \u67d0\u4e9b\u516c\u53f8\u4ef7\u503c\u6b63\u786e\u4e14 \u65e0 anomaly\u65e0behaviours \u6216\u5176deducted\uff0c\u518d\u7528ratio\u4f30target firm\u3002<\/p>\n\n\n\n<p>\u660e\u663e\u5047\u8bbe\u96be\u4ee5holds, especially in Chinese market that illusion largely exist.<\/p>\n\n\n\n<ul><li>5. <strong>\u8ffd\u6c42\u6b63\u786e\u7684\u975e\u5171\u8bc6\uff0c\u4ece\u5b9a\u4ef7\u9519\u8bef\u4e2d\u5bfb\u627e\u8d85\u989d\u6536\u76ca<\/strong><\/li><\/ul>\n\n\n\n<p>Clear, and similar as above<\/p>\n\n\n\n<ul><li>6. <strong>\u9009\u62e9\u4f18\u79c0\u516c\u53f8\u6784\u5efa\u7ec4\u5408\uff0c\u5e76\u6ce8\u91cd\u7ec4\u5408\u5747\u8861<\/strong><\/li><\/ul>\n\n\n\n<p>allocate risks and eliminate unsystematic risks.<\/p>\n\n\n\n<ul><li>7. <strong>\u533a\u5206\u201c\u91cd\u8981\u7684\u4e8b\u201d\u548c\u201c\u80fd\u529b\u5708\u5185\u7684\u4e8b\u201d<\/strong><\/li><\/ul>\n\n\n\n<p>\u4ef7\u503c\u6295\u8d44\u8005\u7684\u5e38\u8bc6\u6e05\u5355\u4e2d\uff0c\u6709\u4e00\u4ef6\u975e\u5e38\u91cd\u8981\u7684\u4e8b\u60c5\uff0c\u90a3\u5c31\u662f\u533a\u5206\u201c\u91cd\u8981\u7684\u4e8b\u201d\u548c\u201c\u80fd\u529b\u5708\u5185\u7684\u4e8b\u201d\u3002<\/p>\n\n\n\n<p><strong>\u5728\u80a1\u7968\u6295\u8d44\u4e2d\uff0c\u6709\u5f88\u591a\u4e1c\u897f\uff0c\u5c3d\u7ba1\u975e\u5e38\u91cd\u8981\uff0c\u4f46\u8fd9\u4e9b\u4e1c\u897f\u4e0d\u662f\u4f60\u80fd\u529b\u8303\u56f4\u5185\u80fd\u9884\u6d4b\u3001\u80fd\u628a\u63a7\u7684\u4e8b\u60c5\uff0c\u4f60\u5c31\u4e0d\u5e94\u8be5\u628a\u4f60\u7684\u65f6\u95f4\u7cbe\u529b\u653e\u5728\u7814\u7a76\u548c\u9884\u6d4b\u8fd9\u4e9b\u4e1c\u897f\u4e0a\u3002\u5bf9\u7edd\u5927\u591a\u6570\u6295\u8d44\u8005\u6765\u8bf4\uff0c\u751a\u81f3\u5bf9\u7edd\u5927\u591a\u6570\u673a\u6784\u6295\u8d44\u8005\u6765\u8bf4\uff0c\u5b8f\u89c2\u7ecf\u6d4e\u5c31\u662f\u201c\u91cd\u8981\u4f46\u662f\u80fd\u529b\u5708\u5916\u201d\u7684\u4e8b\u60c5\u3002<\/strong><\/p>\n\n\n\n<p>\u8fd9\u662f<strong>\u56e0\u4e3a\uff1a\u5176\u4e00\uff0c\u5b8f\u89c2\u7ecf\u6d4e\u672c\u8eab\u5f88\u96be\u9884\u6d4b<\/strong>\uff0c\u5927\u90e8\u5206\u7ecf\u6d4e\u5b66\u5bb6\u7684\u9884\u6d4b\u7c7b\u4f3c\u4e8e\u201c\u7b97\u547d\u201d\uff0c\u5176\u547d\u4e2d\u7387\u5176\u5b9e\u4e4f\u5584\u53ef\u9648\u3002\u6709\u4eba\u66fe\u7ecf\u8fd9\u6837\u5f00\u73a9\u7b11\uff1a\u201c\u7ecf\u6d4e\u5b66\u5bb6\u9884\u6d4b\u51fa\u4e86\u8fc7\u53bb5\u6b21\u8870\u9000\u4e2d\u76849\u6b21\u201d\u3002<strong>\u5176\u4e8c\uff0c\u5b8f\u89c2\u7ecf\u6d4e\u8d70\u52bf\u548c\u80a1\u7968\u5e02\u573a\u8d70\u52bf\u4e4b\u95f4\uff0c\u4e5f\u672a\u5fc5\u662f\u5f3a\u76f8\u5173\u6027<\/strong>\uff0c\u80a1\u7968\u5e02\u573a\u63d0\u524d\u3001\u540c\u6b65\u3001\u6ede\u540e\u53cd\u6620\u5b8f\u89c2\u7ecf\u6d4e\uff0c\u90fd\u6709\u53ef\u80fd\uff0c\u6240\u4ee5\u6839\u636e\u5b8f\u89c2\u7ecf\u6d4e\u5224\u65ad\u6765\u9884\u6d4b\u80a1\u7968\u5e02\u573a\u8d70\u52bf\uff0c\u7406\u8bba\u4e0a\u5f88\u6b63\u786e\uff0c\u5b9e\u8df5\u4e2d\u975e\u5e38\u56f0\u96be\u3001\u975e\u5e38\u4e0d\u9760\u8c31\u3002\u53cd\u8fc7\u6765\uff0c\u5982\u679c\u4f60\u771f\u6709\u80fd\u529b\u9884\u6d4b\u5b8f\u89c2\u7ecf\u6d4e\uff0c\u800c\u4e14\u80fd\u4ece\u5b8f\u89c2\u7ecf\u6d4e\u63a8\u5bfc\u51fa\u80a1\u7968\u5e02\u573a\u8d70\u52bf\uff0c\u90a3\u4e48\u5927\u5bb6\u4e70\u80a1\u6307\u671f\u8d27\u5c31\u53ef\u4ee5\u4e86\uff0c\u6839\u672c\u5c31\u4e0d\u9700\u8981\u7814\u7a76\u548c\u6295\u8d44\u4e2a\u80a1\u4e86\uff0c\u56e0\u4e3a\u80a1\u6307\u671f\u8d27\u5e26\u6760\u6746\u3001\u6536\u76ca\u66f4\u9ad8\u3002<\/p>\n\n\n\n<p>\u6b63\u56e0\u4e3a\u8fd9\u6837\uff0c\u6295\u8d44\u5927\u5e08<strong>\u5df4\u83f2\u7279\u5c31\u6307\u51fa\u201c\u505a\u5b8f\u89c2\u9884\u6d4b\uff0c\u6216\u8005\u542c\u522b\u4eba\u7684\u5b8f\u89c2\u6216\u5e02\u573a\u9884\u6d4b\uff0c\u7eaf\u5c5e\u6d6a\u8d39<\/strong>\u65f6\u95f4\u3002<strong>\u4e8b\u5b9e\u4e0a\uff0c\u5b83\u8fd8\u662f\u5f88\u5371\u9669\u7684\uff0c\u53ef\u80fd\u8ba9\u4f60\u7684\u89c6\u91ce\u53d8\u5f97\u6a21\u7cca\uff0c\u770b\u4e0d\u6e05\u771f\u6b63\u91cd\u8981\u7684\u4e1c\u897f<\/strong>\u3002\u201d\u53e6\u4e00\u4f4d\u6295\u8d44\u5927\u5e08\u5f7c\u5f97.\u6797\u5947\u4e5f\u8bf4\u8fc7\uff1a\u201c\u6839\u672c\u6ca1\u6709\u4efb\u4f55\u4eba\u80fd\u591f\u63d0\u524d\u9884\u6d4b\u51fa\u672a\u6765\u5229\u7387\u53d8\u5316\u3001\u5b8f\u89c2\u7ecf\u6d4e\u8d8b\u52bf\u4ee5\u53ca\u80a1\u7968\u5e02\u573a\u8d70\u52bf\u3002\u4e0d\u8981\u7406\u4f1a\u4efb\u4f55\u5bf9\u672a\u6765\u5229\u7387\u3001\u5b8f\u89c2\u7ecf\u6d4e\u548c\u80a1\u5e02\u7684\u9884\u6d4b\uff0c\u96c6\u4e2d\u7cbe\u529b\u5173\u6ce8\u4f60\u6295\u8d44\u516c\u53f8\u6b63\u5728\u53d1\u751f\u4ec0\u4e48\u53d8\u5316\u3002\u201d<\/p>\n\n\n\n<p><strong><em>( Macroeconomy in China does not largely depend on the market, but policy. Therefore, marecoeconomy is about the collusion control, health of firms, support from gov &#8211; policy, and another key fact international finance or international relationship )<\/em><\/strong><\/p>\n\n\n\n<p>\u4e0d\u5149\u662f\u8fd9\u4e9b\u6295\u8d44\u5927\u5e08\u8ba4\u4e3a\u5b8f\u89c2\u7ecf\u6d4e\u3001\u80a1\u7968\u5e02\u573a\u4e0d\u53ef\u9884\u6d4b\uff0c\u6211\u89c2\u5bdf\u6211\u8eab\u8fb9\u7684\u4e13\u4e1a\u6295\u8d44\u8005\uff0c\u8d8a\u662f\u6210\u529f\u7684\u6295\u8d44\u8005\uff0c\u8d8a\u5c11\u5173\u5fc3\u5b8f\u89c2\u7ecf\u6d4e\u8d70\u52bf\u548c\u80a1\u7968\u5e02\u573a\u8d70\u52bf\u3002\u90a3\u4e48\u8fd9\u4e9b\u6210\u529f\u6295\u8d44\u8005\uff0c\u4ed6\u4eec\u5173\u5fc3\u4ec0\u4e48\u95ee\u9898\u5462\uff1f\u7b54\u6848\u662f\u201c\u80fd\u529b\u5708\u5185\u7684\u4e8b\u201d\u3002<\/p>\n\n\n\n<p>\u7b2c\u4e00\uff0c<strong>\u884c\u4e1a\u7ade\u4e89\u683c\u5c40<\/strong>\u597d\u4e0d\u597d\uff1f industry orgnisation<\/p>\n\n\n\n<p>\u7b2c\u4e8c\uff0c<strong>\u516c\u53f8\u58c1\u5792<\/strong>\u6df1\u4e0d\u6df1\uff1f entry barrier<\/p>\n\n\n\n<p>\u7b2c\u4e09\uff0c<strong>\u516c\u53f8\u6297\u98ce\u9669\u80fd\u529b<\/strong>\u5f3a\u4e0d\u5f3a\uff1f risk control or inner control<\/p>\n\n\n\n<p>\u7b2c\u56db\uff0c\u516c\u53f8\u662f\u4e0d\u662f\u4e3a\u80a1\u4e1c<strong>\u8d5a\u94b1<\/strong>\uff1f Profitability<\/p>\n\n\n\n<p>\u7b2c\u4e94\uff0c\u516c\u53f8\u4e1a\u52a1\u4f1a\u5426\u88ab\u66ff\u4ee3<strong>\u98a0\u8986<\/strong>\uff1f substitutivness<\/p>\n\n\n\n<p>\u8fd9\u4e9b\u4e8b\u60c5\uff0c\u65e2\u662f\u91cd\u8981\u7684\uff0c\u53c8\u662f\u80fd\u529b\u5708\u5185\u7684\u3002\u80a1\u7968\u6295\u8d44\uff0c\u8981\u805a\u7126\u5728\u8fd9\u4e9b\u201c\u91cd\u8981\u4e14\u80fd\u529b\u5708\u5185\u7684\u201d\u4e8b\u60c5\u3002<\/p>\n\n\n\n<ul><li>8. <strong>\u4e86\u89e3\u5e76\u907f\u514d\u51b3\u7b56\u76f2\u533a<\/strong><\/li><\/ul>\n\n\n\n<p>\u6211\u4eec\u5728\u505a\u80a1\u7968\u6295\u8d44\u65f6\uff0c\u4e5f\u7ecf\u5e38\u4f1a\u9047\u5230\u81ea\u5df1\u7684\u51b3\u7b56\u76f2\u533a\uff0c\u4e5f\u5f88\u5bb9\u6613\u53d7\u5230\u8bf8\u591a\u975e\u7406\u6027\u56e0\u7d20\u7684\u5f71\u54cd\uff0c\u4ece\u800c\u505a\u51fa\u975e\u7406\u6027\u51b3\u7b56\u3002<\/p>\n\n\n\n<p>\u4e39\u5c3c\u5c14\u00b7\u5361\u5c3c\u66fc\u5728\u300a\u601d\u8003\uff0c\u5feb\u4e0e\u6162\u300b\u4e00\u4e66\u4e2d\u6307\u51fa\uff0c\u4eba\u7c7b\u7684\u5927\u8111\u5206\u4e3a\u4e24\u4e2a\u7cfb\u7edf\uff0c\u5373\u7cfb\u7edf1\u548c\u7cfb\u7edf2\u3002\u5176\u4e2d\uff0c\u7cfb\u7edf1\u7684\u8fd0\u884c\u662f\u65e0\u610f\u8bc6\u4e14\u5feb\u901f\u7684\uff0c\u5b83\u7ecf\u5e38\u4f9d\u8d56\u60c5\u611f\u3001\u8bb0\u5fc6\u548c\u7ecf\u9a8c\u8fc5\u901f\u505a\u51fa\u5224\u65ad\uff0c\u7cfb\u7edf2\u5219\u9700\u8981\u8017\u8d39\u66f4\u591a\u7684\u6ce8\u610f\u529b\u6765\u5206\u6790\u548c\u89e3\u51b3\u95ee\u9898\u3002\u901a\u5e38\u60c5\u51b5\u4e0b\uff0c\u7cfb\u7edf1\u4f1a\u4f18\u5148\u4e8e\u7cfb\u7edf2\u505a\u51fa\u51b3\u7b56\uff0c\u4f46\u7cfb\u7edf1\u4e5f\u5f88\u5bb9\u6613\u4e0a\u5f53\uff0c\u66f4\u5bb9\u6613\u53d7\u5230\u975e\u7406\u6027\u56e0\u7d20\u7684\u5f71\u54cd\uff0c\u4ece\u800c\u5f15\u5bfc\u6211\u4eec\u505a\u51fa\u9519\u8bef\u7684\u51b3\u7b56\u3002\u7cfb\u7edf2\u5219\u76f8\u5bf9\u7f13\u6162\uff0c\u6bd4\u8f83\u4e0d\u5bb9\u6613\u51fa\u9519\uff0c\u53ef\u4ee5\u5e2e\u52a9\u6291\u5236\u4f4f\u7cfb\u7edf1\u7684\u51b2\u52a8\uff0c\u8868\u73b0\u4e3a\u66f4\u4e3a\u7406\u6027\u7684\u5206\u6790\u548c\u6709\u903b\u8f91\u7684\u5224\u65ad\uff0c\u4f46\u5b83\u7ecf\u5e38\u8d70\u6377\u5f84\uff0c\u503e\u5411\u4e8e\u8ddf\u4ece\u7cfb\u7edf1\u7684\u51b3\u7b56\u3002\u6b63\u56e0\u4e3a\u5982\u6b64\uff0c\u6211\u4eec\u9700\u8981\u5b66\u4f1a\u591a\u8c03\u52a8\u5927\u8111\u7684\u7cfb\u7edf2\u8fdb\u884c\u601d\u8003\uff0c\u907f\u514d\u8ddf\u968f\u7cfb\u7edf1\u968f\u610f\u51b3\u7b56\u3001\u5feb\u901f\u51b3\u7b56\u3002<\/p>\n\n\n\n<p>\u5bf9\u4e8e\u4ef7\u503c\u6295\u8d44\u8005\u6765\u8bf4\uff0c<strong>\u8981\u6e05\u9192\u8ba4\u8bc6\u5230\u81ea\u5df1\u7684\u51b3\u7b56\u53ef\u80fd\u4f1a\u56e0\u4e3a\u8ba4\u77e5\u8bef\u533a\u800c\u53d8\u5f97\u4e0d\u90a3\u4e48\u7406\u6027\uff0c\u8981\u65f6\u523b\u63d0\u9192\u81ea\u5df1\u9677\u5165\u8fd9\u4e9b\u8ba4\u77e5\u8bef\u533a\u3002\u6240\u4ee5\u8bf4\uff0c\u4ef7\u503c\u6295\u8d44\u4e0d\u4ec5\u4ec5\u9700\u8981\u77e5\u8bc6\uff0c\u9700\u8981\u6280\u80fd\uff0c\u66f4\u9700\u8981\u548c\u5404\u79cd\u4eba\u6027\u5f31\u70b9\u4f5c\u6597\u4e89\uff0c\u8fd9\u4e5f\u662f\u4ef7\u503c\u6295\u8d44\u77e5\u6613\u884c\u96be\u7684\u6839\u672c\u539f\u56e0\u3002<\/strong><\/p>\n\n\n\n<p>\u6700\u540e\u603b\u7ed3\u4e00\u4e0b\uff0c\u5e38\u8bc6\u5728\u6295\u8d44\u4e2d\u81f3\u5173\u91cd\u8981\uff0c\u5efa\u7acb\u6b63\u786e\u7684\u8ba4\u77e5\uff0c\u5c06\u6709\u52a9\u4e8e\u63d0\u5347\u6211\u4eec\u51b3\u7b56\u7684\u80dc\u7387\u3002<\/p>\n\n\n\n<p>\u5728\u300a\u5e38\u8bc6\u7684\u529b\u91cf\u300b\u4e00\u4e66\u4e2d\uff0c\u6211\u603b\u7ed3\u4e86\u4ef7\u503c\u6295\u8d44\u8005\u6240\u9700\u8981\u9075\u5faa\u7684\u5e38\u8bc6\u3002\u8fd9\u4e9b\u5747\u662f\u6211\u81ea\u5df1\u5bf9\u4ef7\u503c\u6295\u8d44\u7684\u601d\u8003\u548c\u7406\u89e3\uff0c\u4f46\u672a\u5fc5\u662f\u6240\u6709\u4eba\u7684\u8ba4\u77e5\u3002\u6bd4\u5982\u5bf9\u4e8e\u884c\u4e1a\u7ade\u4e89\u683c\u5c40\u548c\u884c\u4e1a\u6210\u957f\u7a7a\u95f4\u54ea\u4e2a\u66f4\u91cd\u8981\u8fd9\u4e2a\u8bdd\u9898\uff0c\u5927\u5bb6\u7531\u4e8e\u6295\u8d44\u54f2\u5b66\u548c\u6295\u8d44\u65b9\u6cd5\u8bba\u7684\u5dee\u5f02\uff0c\u7ed3\u8bba\u662f\u5b8c\u5168\u4e0d\u4e00\u6837\u7684\u3002\u4f46\u4e0d\u7ba1\u5982\u4f55\uff0c\u6211\u5e0c\u671b\u8fd9\u4e9b\u201c\u5e38\u8bc6\u201d\uff0c\u80fd\u5e2e\u52a9\u5927\u5bb6\u63d0\u4f9b\u4e00\u4e2a\u6df1\u5ea6\u601d\u8003\u7684\u89c6\u89d2\uff0c\u5e2e\u52a9\u5927\u5bb6\u907f\u514d\u601d\u7ef4\u4e0a\u7684\u76f2\u533a\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Reference<\/h4>\n\n\n\n<p><a href=\"https:\/\/mp.weixin.qq.com\/s\/pZ8NpgmzzOb6JaEsP6AGmw\">https:\/\/mp.weixin.qq.com\/s\/pZ8NpgmzzOb6JaEsP6AGmw<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u56e0\u6b64\uff0c\u4ece\u6587\u5b57\u7684\u6f14\u8fdb\u518d\u7ed3\u5408\u4e2d\u56fd\u4eba\u7684\u601d\u7ef4\u548c\u884c\u4e3a\u5b9e\u4f8b\uff0c\u5927\u81f4\u53ef\u4ee5\u770b\u51fa\uff0c\u4e1c\u65b9\u4f20\u7edf\u601d\u7ef4\u7684\u7279\u5f81\u5927\u4f53\u662f\u5f52\u7eb3\u80fd\u529b\u5f3a\uff0c\u903b\u8f91\u6f14\u7ece\u63a8\u7406\u5f31\uff0c\u8fa9\u8bc1\u903b\u8f91\u80fd\u529b\u5f3a\u4e8e\u5f62\u5f0f\u903b\u8f91\uff1b\u6ce8\u91cd\u5c40\u90e8\u4e0e\u4e2a\u6848\u7ecf\u9a8c\uff0c\u5ffd\u89c6\u6574\u4f53\u601d\u7ef4\uff0c\u7f3a\u5c11\u7406\u8bba\u6846\u67b6\u3002\u4ece\u8868\u610f\u6587\u5b57\u5230\u5199\u610f\u7ed8\u753b\uff0c\u518d\u5230\u5982\u4eca\u7ed9\u4e88\u65b0\u80a1\u3001\u79d1\u521b\u677f\u6216\u65b0\u5174\u4ea7\u4e1a\u8f83\u9ad8\u7684\u4f30\u503c\uff0c\u8fd9\u4e4b\u95f4\u662f\u5426\u6709\u4e00\u5b9a\u7684\u5185\u5728\u8054\u7cfb\u5462\uff1f 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