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\"\"<\/figure>\n\n\n\n

1967\u5e74\uff0c\u7d22\u666e\u5728\u81ea\u5df1\u7684\u7814\u7a76\u7b14\u8bb0\u91cc\u72ec\u7acb\u63a8\u5bfc\u51fa\u4e86\u4e0eB-S\u516c\u5f0f\u5b8c\u5168\u76f8\u540c\u7684\u671f\u6743\u5b9a\u4ef7\u65b9\u7a0b\u3002\u90a3\u662f\u5e03\u83b1\u514b\u548c\u65af\u79d1\u5c14\u65af\u53d1\u8868\u8bba\u6587\u7684\u6574\u6574\u516d\u5e74\u4e4b\u524d\u3002\u4ed6\u6ca1\u6709\u6025\u7740\u53d1\u8868\uff0c\u800c\u662f\u6084\u6084\u5f00\u59cb\u7528\u8fd9\u4e2a\u516c\u5f0f\u5728\u5e02\u573a\u91cc\u5b9e\u9645\u64cd\u4f5c\u3002<\/p>\n\n\n\n

\u4ed6\u540e\u6765\u5728\u5b66\u672f\u8bba\u6587\u91cc\u5199\u9053\uff1a”\u6211\u57281967\u5e74\u5e95\u63a8\u7b97\u51fa\u4e86\u8fd9\u4e2a\u516c\u5f0f\uff0c\u5e76\u4ece1967\u5e74\u5e95\u5f00\u59cb\u7528\u5b83\u6765\u4ea4\u6613\u6743\u8bc1\u3002”\u8fd9\u53e5\u8bdd\u7684\u4efd\u91cf\u5f88\u91cd\u2014\u2014\u4ed6\u4e0d\u662f\u5728\u7eb8\u4e0a\u8c08\u5175\uff0c\u800c\u662f\u62ff\u771f\u91d1\u767d\u94f6\u53bb\u9a8c\u8bc1\u4e86\u8fd9\u4e2a\u516c\u5f0f\uff0c\u5e76\u4e14\u5728\u8bfa\u5956\u5f97\u4e3b\u4eec\u8fd8\u6ca1\u53d1\u8868\u8bba\u6587\u7684\u65f6\u5019\uff0c\u5c31\u5df2\u7ecf\u9760\u5b83\u8d5a\u4e86\u597d\u51e0\u5e74\u94b1\u3002<\/p>\n\n\n\n

1969\u5e74\uff0c\u7d22\u666e\u521b\u7acb\u4e86\u666e\u6797\u65af\u987f\u7ebd\u6ce2\u7279\u5408\u4f19\u516c\u53f8\uff0c\u8fd9\u662f\u5168\u7403\u7b2c\u4e00\u53ea\u771f\u6b63\u610f\u4e49\u4e0a\u7684”\u5e02\u573a\u4e2d\u6027”\u5bf9\u51b2\u57fa\u91d1\u2014\u2014\u4e5f\u5c31\u662f\u8bf4\uff0c\u4e0d\u7ba1\u5e02\u573a\u6574\u4f53\u6da8\u8fd8\u662f\u8dcc\uff0c\u4ed6\u7684\u57fa\u91d1\u90fd\u80fd\u8d5a\u94b1\uff0c\u56e0\u4e3a\u4ed6\u7684\u7b56\u7565\u4e0d\u4f9d\u8d56\u5e02\u573a\u65b9\u5411\uff0c\u53ea\u4f9d\u8d56\u5b9a\u4ef7\u504f\u5dee\u3002<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

\u6709\u7814\u7a76\u673a\u6784\u6d4b\u7b97\u8fc7\u4e00\u4e2a\u6709\u8da3\u7684\u6982\u7387\uff1a\u4e00\u4e2a\u4ea4\u6613\u8005\u5728230\u4e2a\u6708\u91cc\u53ea\u67093\u4e2a\u6708\u4e8f\u635f\uff0c\u8fd9\u4ef6\u4e8b\u53d1\u751f\u7684\u6982\u7387\uff0c\u6bd4\u4f60\u5728\u5730\u7403\u4e0a\u968f\u673a\u9009\u4e2d\u67d0\u4e00\u4e2a\u539f\u5b50\u8fd8\u8981\u4f4e\u4e0a\u4e07\u4ebf\u500d\u3002\u6362\u53e5\u8bdd\u8bf4\uff0c\u8fd9\u4e0d\u662f\u8fd0\u6c14\uff0c\u8fd9\u662f\u7cfb\u7edf\u6027\u7684\u3001\u53ef\u91cd\u590d\u7684\u4f18\u52bf\u3002<\/p>\n\n\n\n

\u7d22\u666e\u7684\u6838\u5fc3\u7b56\u7565\uff1a\u53ef\u8f6c\u503a\u5957\u5229<\/strong><\/h3>\n\n\n\n

\u7d22\u666e\u6700\u4e3b\u8981\u7684\u8d5a\u94b1\u65b9\u5f0f\u53eb”\u53ef\u8f6c\u503a\u5957\u5229”\uff0c\u76f4\u63a5\u5229\u7528\u4e86\u4e94\u5927\u5047\u8bbe\u4e2d\u7684\u7b2c1\u30013\u30015\u6761\u3002\u53ef\u8f6c\u503a\u662f\u4e00\u79cd\u7279\u6b8a\u7684\u503a\u5238\uff0c\u6301\u6709\u4eba\u53ef\u4ee5\u5728\u7279\u5b9a\u6761\u4ef6\u4e0b\u628a\u5b83\u6362\u6210\u80a1\u7968\u3002\u56e0\u4e3a\u8fd9\u4e2a\u8f6c\u6362\u6743\u5229\uff0c\u53ef\u8f6c\u503a\u7684\u5b9a\u4ef7\u91cc\u9690\u542b\u4e86\u4e00\u4e2a”\u671f\u6743\u4ef7\u503c”\u3002<\/p>\n\n\n\n

\u7d22\u666e\u53d1\u73b0\uff0c\u5e02\u573a\u4e0a\u8fd9\u7c7b\u53ef\u8f6c\u503a\u7684”\u9690\u542b\u6ce2\u52a8\u7387”\uff08\u5e02\u573a\u5b9a\u4ef7\u6240\u7528\u7684\u6ce2\u52a8\u7387\uff09\u7ecf\u5e38\u4f4e\u4e8e\u80a1\u7968\u7684\u5386\u53f2\u5b9e\u9645\u6ce2\u52a8\u7387\u3002\u7b80\u5355\u8bf4\uff0c\u5e02\u573a\u628a\u8fd9\u4e2a\u671f\u6743\u5b9a\u4fbf\u5b9c\u4e86\u3002\u4ed6\u7684\u64cd\u4f5c\u6d41\u7a0b\u662f\u8fd9\u6837\u7684\uff1a<\/p>\n\n\n\n

    \n
  1. \u4e70\u5165<\/strong>\u88ab\u4f4e\u4f30\u7684\u53ef\u8f6c\u503a\uff0c\u9501\u5b9a”\u4fbf\u5b9c\u7684\u671f\u6743”<\/li>\n\n\n\n
  2. \u7528B-S\u516c\u5f0f\u7b97\u51fa”\u5bf9\u51b2\u6bd4\u4f8b”\uff08Delta\u503c\uff0c\u901a\u5e38\u57280.5\u52300.7\u4e4b\u95f4\uff09\uff0c\u505a\u7a7a<\/strong>\u7b49\u91cf\u7684\u5bf9\u5e94\u80a1\u7968<\/li>\n\n\n\n
  3. \u6301\u6709\u671f\u95f4\u6536\u53d6\u503a\u5238\u5229\u606f<\/strong>\uff0c\u540c\u65f6\u6536\u53d6\u505a\u7a7a\u80a1\u7968\u6240\u5f97\u7684\u5229\u606f<\/li>\n\n\n\n
  4. \u968f\u7740\u80a1\u4ef7\u53d8\u52a8\uff0c\u6301\u7eed\u52a8\u6001\u8c03\u6574<\/strong>\u5bf9\u51b2\u6bd4\u4f8b\uff0c\u9501\u5b9a\u5229\u6da6<\/li>\n<\/ol>\n\n\n\n

    \u8fd9\u5957\u64cd\u4f5c\u57281961\u5e74\u52301965\u5e74\u95f4\uff0c\u7ed9\u4ed6\u5e26\u6765\u4e86\u5e74\u5316\u7ea625%\u7684\u56de\u62a5\u3002\u6574\u4e2a\u804c\u4e1a\u751f\u6daf\u4e0b\u6765\uff0c28.5\u5e74\u5e74\u531620%\uff0c\u6ca1\u6709\u4e00\u5e74\u4e8f\u635f\u3002<\/p>\n\n\n\n

    1987\u5e74\u5927\u5d29\u76d8\uff1a\u522b\u4eba\u6050\u614c\uff0c\u4ed6\u5728\u6361\u94b1<\/strong><\/h3>\n\n\n\n

    1987\u5e7410\u670819\u65e5\uff0c\u7f8e\u56fd\u80a1\u5e02\u5355\u65e5\u66b4\u8dcc22%\uff0c\u8fd9\u4e00\u5929\u540e\u6765\u88ab\u79f0\u4e3a”\u9ed1\u8272\u661f\u671f\u4e00”\u3002\u8fd9\u662f\u4e94\u5927\u5047\u8bbe\u4e2d\u7b2c2\u6761\uff08\u4ea4\u6613\u53ef\u4ee5\u8fde\u7eed\u8fdb\u884c\uff09\u5f7b\u5e95\u5d29\u584c\u7684\u4e00\u5929\u2014\u2014\u6d41\u52a8\u6027\u84b8\u53d1\uff0c\u5f88\u591a\u4eba\u60f3\u5356\u5356\u4e0d\u6389\uff0c\u60f3\u4e70\u4e70\u4e0d\u5230\u3002<\/p>\n\n\n\n

    \u5c31\u5728\u6240\u6709\u4eba\u90fd\u5728\u6050\u614c\u7684\u65f6\u5019\uff0c\u7d22\u666e\u7684\u7cfb\u7edf\u53d1\u73b0\u4e86\u4e00\u4e2a\u5de8\u5927\u7684\u5b9a\u4ef7\u9519\u8bef\uff1a<\/p>\n\n\n\n

    \u54c1\u79cd<\/strong><\/th>\u5f53\u65e5\u4ef7\u683c<\/strong><\/th>\u6b63\u5e38\u4ef7\u5dee<\/strong><\/th>\u5f53\u65e5\u4ef7\u5dee<\/strong><\/th><\/tr><\/thead>
    \u6807\u666e500\u671f\u8d27<\/strong><\/td>185\uff5e190\u70b9<\/td>1\uff5e2\u70b9<\/td>30\uff5e35\u70b9\uff08\u7ea615%\uff09<\/strong><\/td><\/tr>
    \u6807\u666e500\u80a1\u7968\u7bee\u5b50<\/strong><\/td>220\u70b9<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

    \u540c\u6837\u7684\u4e1c\u897f\uff0c\u671f\u8d27\u6bd4\u80a1\u7968\u4fbf\u5b9c\u4e8615%\u3002\u7d22\u666e\u7684\u64cd\u4f5c\u5f88\u76f4\u63a5\uff1a\u4e70\u5165500\u4e07\u7f8e\u5143\u7684\u671f\u8d27\uff0c\u540c\u65f6\u505a\u7a7a1000\u4e07\u7f8e\u5143\u7684\u80a1\u7968\u7bee\u5b50\uff0c\u9501\u5b9a\u4e86\u7ea6100\u4e07\u7f8e\u5143\u7684\u65e0\u98ce\u9669\u5229\u6da6\u3002\u6574\u4e2a\u64cd\u4f5c\u8fc7\u7a0b\u4e2d\uff0c\u4ed6\u4e0d\u9700\u8981\u5224\u65ad\u5e02\u573a\u4f1a\u6da8\u8fd8\u662f\u8dcc\uff0c\u53ea\u9700\u8981\u7b49\u5f85\u8fd9\u4e2a\u4ef7\u5dee\u56de\u5f52\u6b63\u5e38\u3002<\/p>\n\n\n\n

    \n

    “\u6211\u4eec\u4e70\u5165\u4e86\u7ea6900\u4e07\u7f8e\u5143\u7684\u671f\u8d27\u591a\u5934\uff0c\u540c\u65f6\u6301\u6709\u7ea61000\u4e07\u7f8e\u5143\u7684\u80a1\u7968\u7a7a\u5934\uff0c\u9501\u5b9a\u4e86100\u4e07\u7f8e\u5143\u7684\u5229\u6da6\u3002”\u2014\u2014\u7231\u5fb7\u534e\u00b7\u7d22\u666e\uff0c\u56de\u5fc61987\u5e74\u9ed1\u8272\u661f\u671f\u4e00<\/p>\n<\/blockquote>\n\n\n\n

    \u00b7 \u00b7 \u00b7<\/p>\n\n\n\n

    \u56db\u3001LTCM\uff1a\u8bfa\u5956\u5f97\u4e3b\u662f\u600e\u4e48\u628a\u516c\u5f0f\u7528\u5d29\u7684<\/strong><\/h2>\n\n\n\n
    \"\"<\/figure>\n\n\n\n

    LTCM\u7684\u7b56\u7565\u903b\u8f91\u662f\u6e05\u6670\u7684\uff0c\u65e9\u671f\u6267\u884c\u4e5f\u5f88\u6210\u529f\u3002\u4ed6\u4eec\u4e3b\u8981\u505a\u7684\u662f”\u76f8\u5bf9\u4ef7\u503c\u5957\u5229”\u2014\u2014\u627e\u5230\u4e24\u4e2a\u7406\u8bba\u4e0a\u4ef7\u683c\u5e94\u8be5\u8d8b\u540c\u7684\u8d44\u4ea7\uff0c\u4e70\u4fbf\u5b9c\u7684\u3001\u505a\u7a7a\u8d35\u7684\uff0c\u7b49\u5f85\u4ef7\u5dee\u6536\u7a84\u65f6\u83b7\u5229\u3002\u8fd9\u7c7b\u7b56\u7565\u5355\u7b14\u5229\u6da6\u5f88\u8584\uff0c\u6240\u4ee5\u9700\u8981\u7528\u6760\u6746\u653e\u5927\u3002<\/p>\n\n\n\n

    \u8f89\u714c\u7684\u56db\u5e74<\/strong><\/h3>\n\n\n\n

    \u7f8e\u8054\u50a8\u7684\u8bb0\u5f55\u663e\u793a\uff0cLTCM\u65e9\u671f\u7684\u4e1a\u7ee9\u786e\u5b9e\u4eae\u773c\uff1a<\/p>\n\n\n\n

    \u5e74\u4efd<\/strong><\/th>\u51c0\u6536\u76ca\u7387<\/strong><\/th>\u540c\u671f\u6807\u666e500<\/strong><\/th>\u8bc4\u4ef7<\/strong><\/th><\/tr><\/thead>
    1994\u5e74<\/strong><\/td>+20%<\/strong><\/td>+1.3%<\/td>\u9996\u5e74\u5373\u8d85\u9884\u671f<\/td><\/tr>
    1995\u5e74<\/strong><\/td>+43%<\/strong><\/td>+37.6%<\/td>\u5dc5\u5cf0\u4e4b\u5e74<\/td><\/tr>
    1996\u5e74<\/strong><\/td>+41%<\/strong><\/td>+23%<\/td>\u6301\u7eed\u9886\u8dd1<\/td><\/tr>
    1997\u5e74<\/strong><\/td>+17%<\/strong><\/td>+33.4%<\/td>\u5f00\u59cb\u843d\u540e\uff0c\u6760\u6746\u52a0\u7801<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

    \u4e09\u7c7b\u4e3b\u8981\u6301\u4ed3<\/strong><\/h3>\n\n\n\n

    LTCM\u7684\u5177\u4f53\u64cd\u4f5c\uff0c\u4ece\u5b66\u672f\u6848\u4f8b\u548c\u76d1\u7ba1\u6587\u4ef6\u4e2d\u53ef\u4ee5\u8fd8\u539f\u51fa\u4e09\u7c7b\u4e3b\u8981\u4ed3\u4f4d\uff1a<\/p>\n\n\n\n

    \u56fd\u503a\u5957\u5229\uff1a<\/strong>\u4e70\u5165\u6d41\u52a8\u6027\u8f83\u5dee\u7684”\u65e7\u7248”30\u5e74\u671f\u56fd\u503a\uff0c\u540c\u65f6\u505a\u7a7a\u6d41\u52a8\u6027\u597d\u7684”\u65b0\u7248”30\u5e74\u671f\u56fd\u503a\u3002\u4e24\u8005\u7406\u8bba\u4e0a\u5229\u7387\u76f8\u540c\uff0c\u4f46\u56e0\u4e3a\u6d41\u52a8\u6027\u5dee\u5f02\uff0c\u4ef7\u683c\u5b58\u57285\u523010\u4e2a\u57fa\u70b9\u7684\u4ef7\u5dee\u3002LTCM\u7528\u6570\u767e\u4ebf\u7f8e\u5143\u7684\u540d\u4e49\u89c4\u6a21\u6765\u653e\u5927\u8fd9\u4e2a\u5fae\u5c0f\u7684\u4ef7\u5dee\u3002<\/p>\n\n\n\n

    \u8377\u5170\u7687\u5bb6\u77f3\u6cb9\/\u58f3\u724c\u5957\u5229\uff1a<\/strong>\u8377\u5170\u7687\u5bb6\u77f3\u6cb9\u548c\u58f3\u724c\u5728\u6cd5\u5f8b\u4e0a\u662f\u540c\u4e00\u5bb6\u516c\u53f8\u7684\u4e24\u4e2a\u90e8\u5206\uff0c\u7406\u8bba\u4e0a\u4e24\u8005\u7684\u80a1\u4ef7\u5e94\u8be5\u4fdd\u6301\u56fa\u5b9a\u6bd4\u4f8b\u3002\u4f46\u5e02\u573a\u4e0a\u8377\u5170\u7687\u5bb6\u7684\u80a1\u4ef7\u957f\u671f\u6bd4\u58f3\u724c\u8d358%\u523010%\u3002LTCM\u5efa\u7acb\u4e86\u7ea623\u4ebf\u7f8e\u5143\u7684\u4ed3\u4f4d\u62bc\u6ce8\u8fd9\u4e2a\u4ef7\u5dee\u6536\u7a84\u3002<\/p>\n\n\n\n

    \u6ce2\u52a8\u7387\u4ea4\u6613\uff1a<\/strong>LTCM\u5927\u91cf\u5356\u51fa\u6807\u666e500\u7684\u957f\u671f\u671f\u6743\uff0c\u76f8\u5f53\u4e8e\u5728”\u8d4c”\u5e02\u573a\u4e0d\u4f1a\u51fa\u73b0\u6781\u7aef\u6ce2\u52a8\u3002\u8fd9\u662f\u5bf9\u7b2c4\u6761\u5047\u8bbe\uff08\u4ef7\u683c\u670d\u4ece\u6b63\u6001\u5206\u5e03\uff09\u7684\u76f4\u63a5\u62bc\u6ce8\u3002<\/p>\n\n\n\n

    \u81f4\u547d\u7684\u6760\u6746<\/strong><\/h3>\n\n\n\n
    \"\"<\/figure>\n\n\n\n

    \u6362\u4e2a\u65b9\u5f0f\u6765\u7406\u89e3\u8fd9\u4e2a\u6570\u5b57\uff1a\u5982\u679c\u4f60\u6709100\u5143\u81ea\u6709\u8d44\u91d1\uff0cLTCM\u7684\u73a9\u6cd5\u76f8\u5f53\u4e8e\u501f\u4e864900\u5143\u6765\u6295\u8d44\uff0c\u603b\u5171\u62ff5000\u5143\u53bb\u505a\u4ea4\u6613\u3002\u53ea\u8981\u8d44\u4ea7\u4ef7\u683c\u671d\u9519\u8bef\u65b9\u5411\u8d702%\uff0c\u4f60\u7684100\u5143\u672c\u91d1\u5c31\u5168\u6ca1\u4e86\u3002<\/p>\n\n\n\n

    \u5d29\u584c\uff1a\u4e94\u5927\u5047\u8bbe\u540c\u65f6\u5931\u6548<\/strong><\/h3>\n\n\n\n

    1998\u5e748\u670817\u65e5\uff0c\u4fc4\u7f57\u65af\u5ba3\u5e03\u5362\u5e03\u8d2c\u503c\u5e76\u5bf9\u503a\u52a1\u8fdd\u7ea6\u3002\u8fd9\u4ef6\u4e8b\u672c\u8eab\u5bf9LTCM\u7684\u76f4\u63a5\u5f71\u54cd\u5e76\u4e0d\u5927\uff0c\u4f46\u5b83\u5f15\u53d1\u4e86\u5168\u7403\u6295\u8d44\u8005\u7684\u6050\u614c\u6027\u629b\u552e\u2014\u2014\u6240\u6709\u4eba\u540c\u65f6\u6d8c\u5411”\u5b89\u5168\u8d44\u4ea7”\uff0c\u6240\u6709\u98ce\u9669\u8d44\u4ea7\u540c\u65f6\u88ab\u629b\u552e\u3002<\/p>\n\n\n\n

    LTCM\u7684\u6a21\u578b\u5047\u8bbe\uff0c\u4e0d\u540c\u5e02\u573a\u7684\u8d44\u4ea7\u4e4b\u95f4\u76f8\u5173\u6027\u57280.75\u52300.90\u4e4b\u95f4\u3002\u5371\u673a\u7206\u53d1\u540e\uff0c\u8fd9\u4e2a\u76f8\u5173\u6027\u76f4\u63a5\u53d8\u6210\u4e861.0\u2014\u2014\u6240\u6709\u8d44\u4ea7\u540c\u65f6\u4e0b\u8dcc\uff0c\u6ca1\u6709\u4efb\u4f55\u5206\u6563\u6548\u679c\u3002\u4e94\u5927\u5047\u8bbe\u5728\u540c\u4e00\u4e2a\u6708\u91cc\u5168\u90e8\u5d29\u584c\uff1a<\/p>\n\n\n\n

    \u4e94\u5927\u5047\u8bbe\u540c\u65f6\u5931\u6548\u7684\u8fde\u9501\u53cd\u5e94<\/strong><\/p>\n\n\n\n

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    \u5047\u8bbe2\u5931\u6548\uff1a<\/strong>\u5e02\u573a\u6d41\u52a8\u6027\u6d88\u5931\uff0c\u60f3\u5e73\u4ed3\u4e5f\u627e\u4e0d\u5230\u5bf9\u624b\u65b9\u3002<\/p>\n\n\n\n

    \u5047\u8bbe3\u5931\u6548\uff1a<\/strong>\u88ab\u8feb\u5728\u6781\u5ea6\u4e0d\u5229\u7684\u4ef7\u683c\u4e0b\u5e73\u4ed3\uff0c\u4ea4\u6613\u6210\u672c\u53d8\u6210\u4e86\u707e\u96be\u6027\u7684\u6ed1\u70b9\u3002<\/p>\n\n\n\n

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    \u5047\u8bbe5\u5931\u6548\uff1a<\/strong>LTCM\u81ea\u5df1\u7684\u5e73\u4ed3\u64cd\u4f5c\uff0c\u63a8\u52a8\u4ef7\u683c\u8fdb\u4e00\u6b65\u671d\u4e0d\u5229\u65b9\u5411\u8fd0\u52a8\uff0c\u5f62\u6210\u6076\u6027\u5faa\u73af\u3002<\/p>\n\n\n\n

    PBS\u7684\u7eaa\u5f55\u7247\u8bb0\u5f55\u4e86\u5f53\u65f6\u7684\u60c5\u51b5\uff1aLTCM\u5728\u6574\u4e2a8\u6708\u4efd\uff0c\u6bcf\u5929\u7684\u8d26\u9762\u4e8f\u635f\u7ea6\u4e3a5\u4ebf\u7f8e\u5143\u3002\u6574\u4e2a8\u6708\uff0c\u4e8f\u635f\u603b\u8ba144\u4ebf\u7f8e\u5143\uff0c\u76f8\u5f53\u4e8e\u635f\u5931\u4e8644%\u7684\u672c\u91d1\u3002<\/p>\n\n\n\n

    \u7f8e\u8054\u50a8\u51fa\u624b\u6551\u573a<\/strong><\/h3>\n\n\n\n

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    \u9ad8\u76db\u3001\u7f8e\u6797\u3001\u6469\u6839\u58eb\u4e39\u5229\u7b4911\u5bb6<\/strong><\/td>\u54043\u4ebf<\/td>\u5408\u8ba133\u4ebf<\/td><\/tr>
    \u6cd5\u56fd\u5174\u4e1a\u94f6\u884c<\/strong><\/td>1.25\u4ebf<\/td>\u2014<\/td><\/tr>
    \u96f7\u66fc\u5144\u5f1f\u3001\u5df4\u9ece\u94f6\u884c<\/strong><\/td>\u54041\u4ebf<\/td>\u2014<\/td><\/tr>
    \u8d1d\u5c14\u65af\u767b<\/strong><\/td>\u62d2\u7edd\u53c2\u4e0e<\/strong><\/td>\u5341\u5e74\u540e\u81ea\u5df1\u4e5f\u5012\u4e86<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

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    \u00b7 \u00b7 \u00b7<\/p>\n\n\n\n

    \u4e94\u3001\u6587\u827a\u590d\u5174\u5927\u5956\u7ae0\u57fa\u91d1\uff1a\u91cf\u5316\u6295\u8d44\u7684\u5929\u82b1\u677f<\/strong><\/h2>\n\n\n\n
    \"\"<\/figure>\n\n\n\n

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    \"\"<\/figure>\n\n\n\n

    \u4f5c\u4e3a\u5bf9\u6bd4\uff1a\u88ab\u79f0\u4e3a”\u80a1\u795e”\u7684\u5df4\u83f2\u7279\uff0c\u4f2f\u514b\u5e0c\u5c14\u54c8\u6492\u97e6\u957f\u671f\u5e74\u5316\u56de\u62a5\u7ea620%\uff0c\u5df2\u7ecf\u662f\u4eba\u7c7b\u5386\u53f2\u4e0a\u6700\u4f1f\u5927\u7684\u4ef7\u503c\u6295\u8d44\u8bb0\u5f55\u4e4b\u4e00\u3002\u5927\u5956\u7ae0\u57fa\u91d1\u7684\u6570\u5b57\uff0c\u662f\u5728\u53e6\u4e00\u4e2a\u7ef4\u5ea6\u4e0a\u3002<\/p>\n\n\n\n

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    \n

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    IRS\u7a0e\u52a1\u6848\u63ed\u5f00\u7684\u79d8\u5bc6<\/strong><\/h3>\n\n\n\n

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    \u00b7 \u00b7 \u00b7<\/p>\n\n\n\n

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    2024\u5e74\uff0c\u8fd9\u4e24\u5bb6\u673a\u6784\u7684\u8425\u6536\u5408\u8ba1\u8fbe\u5230302\u4ebf\u7f8e\u5143\u2014\u2014\u5176\u4e2d\u7b80\u8857\u8d44\u672c205\u4ebf\uff0c\u57ce\u5821\u8bc1\u523897\u4ebf\u3002\u8fd9\u7b14\u94b1\u4e3b\u8981\u6765\u81ea\u4e00\u4ef6\u4e8b\uff1a\u7ed9\u6563\u6237\u548c\u673a\u6784\u63d0\u4f9b\u671f\u6743\u4ea4\u6613\u7684\u5bf9\u624b\u65b9\u670d\u52a1\uff0c\u540c\u65f6\u7528B-S\u516c\u5f0f\u8fdb\u884c\u5b9e\u65f6\u5bf9\u51b2\u3002<\/p>\n\n\n\n

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      \n
    1. \u6536\u53d6\u4ef7\u5dee\uff1a<\/strong>\u6563\u6237\u4e0b\u5355\u4e70\u5165\u4e00\u5f20\u770b\u6da8\u671f\u6743\uff0c\u505a\u5e02\u5546\u4ee5”\u5356\u51fa\u4ef7”\u6210\u4ea4\uff0c\u6bcf\u5f20\u5408\u7ea6\u6536\u53d60.05\u52300.15\u7f8e\u5143\u7684\u4e70\u5356\u4ef7\u5dee\u3002\u8fd9\u662f\u7b2c\u4e00\u5c42\u5229\u6da6\uff0c\u5728\u4ea4\u6613\u5b8c\u6210\u7684\u77ac\u95f4\u5c31\u5df2\u9501\u5b9a\u3002<\/li>\n\n\n\n
    2. \u7acb\u5373\u5bf9\u51b2\uff1a<\/strong>\u5047\u8bbe\u8fd9\u5f20\u671f\u6743\u7684Delta\u503c\u662f0.5\uff08\u4ef7\u683c\u53d8\u52a81\u5143\uff0c\u671f\u6743\u53d8\u52a80.5\u5143\uff09\uff0c\u505a\u5e02\u5546\u7acb\u523b\u4e70\u516550\u80a1\u5bf9\u5e94\u7684\u80a1\u7968\uff0c\u628a\u65b9\u5411\u6027\u98ce\u9669\u6e05\u96f6\u3002\u73b0\u5728\u7684\u4ed3\u4f4d\uff0c\u5bf9\u5e02\u573a\u6da8\u8dcc\u65e0\u611f\u3002<\/li>\n\n\n\n
    3. \u6301\u7eed\u8c03\u6574\uff0c\u673a\u68b0\u5957\u5229\uff08Gamma Scalping\uff09\uff1a<\/strong>\u80a1\u4ef7\u6bcf\u6da81\u5143\uff0cDelta\u53d8\u62100.55\uff0c\u505a\u5e02\u5546\u5356\u51fa5\u80a1\uff08\u9ad8\u4ef7\u5356\u51fa\uff09\uff1b\u80a1\u4ef7\u6bcf\u8dcc1\u5143\uff0cDelta\u53d8\u62100.45\uff0c\u505a\u5e02\u5546\u4e70\u51655\u80a1\uff08\u4f4e\u4ef7\u4e70\u5165\uff09\u3002\u6bcf\u4e00\u6b21\u4ef7\u683c\u6ce2\u52a8\uff0c\u90fd\u662f\u4e00\u6b21\u673a\u68b0\u6027\u7684\u4f4e\u4e70\u9ad8\u5356\u3002\u8fd9\u662f\u7b2c\u4e8c\u5c42\u5229\u6da6\uff0c\u9760\u7684\u662f\u4e94\u5927\u5047\u8bbe\u7b2c1\u6761\u7684\u5931\u6548\u2014\u2014\u5b9e\u9645\u6ce2\u52a8\u7387\u548c\u5b9a\u4ef7\u6ce2\u52a8\u7387\u4e4b\u95f4\u7684\u5dee\u8ddd\u3002<\/li>\n\n\n\n
    4. \u4fe1\u606f\u4f18\u52bf\uff1a<\/strong>\u505a\u5e02\u5546\u662f\u5168\u5e02\u573a\u6700\u5148\u770b\u5230\u6563\u6237\u8ba2\u5355\u6d41\u5411\u7684\u4eba\u3002\u5927\u91cf\u6563\u6237\u540c\u65f6\u4e70\u5165\u67d0\u53ea\u80a1\u7968\u7684\u770b\u6da8\u671f\u6743\uff0c\u8fd9\u4e2a\u4fe1\u53f7\u672c\u8eab\u5c31\u6709\u4ef7\u503c\u3002<\/li>\n<\/ol>\n\n\n\n

      \u57ce\u5821\u8bc1\u5238\u57282024\u5e74\u4e3a\u4e86\u83b7\u5f97\u8fd9\u4e9b\u6563\u6237\u8ba2\u5355\uff0c\u5411\u5404\u5927\u5238\u5546\u652f\u4ed8\u4e869.43\u4ebf\u7f8e\u5143\u7684”\u8ba2\u5355\u6d41\u62a5\u916c”\uff08\u5176\u4e2d7.32\u4ebf\u4e13\u95e8\u7528\u4e8e\u671f\u6743\u8ba2\u5355\uff09\u3002\u8fd9\u7b14\u94b1\u662f\u4ed6\u4eec\u7684\u6210\u672c\uff0c\u800c\u5b9e\u9645\u83b7\u5f97\u7684\u4ea4\u6613\u5229\u6da6\u662f\u8fd9\u4e2a\u6570\u5b57\u7684\u597d\u51e0\u500d\u3002<\/p>\n\n\n\n

      \u505a\u5e02\u5546\u7684\u5bf9\u51b2\u5982\u4f55\u653e\u5927\u5e02\u573a\u6ce2\u52a8<\/strong><\/h3>\n\n\n\n

      \u8fd9\u91cc\u6709\u4e00\u4e2a\u5f88\u591a\u6563\u6237\u4e0d\u77e5\u9053\u7684\u5e02\u573a\u673a\u5236\uff0c\u503c\u5f97\u5355\u72ec\u8bf4\u4e00\u4e0b\u3002\u5f53\u505a\u5e02\u5546\u6574\u4f53\u4e0a\u5904\u4e8e”\u51c0\u7a7aGamma”\u72b6\u6001\uff08\u4e5f\u5c31\u662f\u5356\u51fa\u4e86\u5927\u91cf\u671f\u6743\u7ed9\u6563\u6237\uff09\uff0c\u4ed6\u4eec\u7684\u5bf9\u51b2\u64cd\u4f5c\u4f1a\u5f62\u6210\u4e00\u79cd\u673a\u68b0\u6027\u7684\u4ef7\u683c\u653e\u5927\u6548\u5e94\uff1a<\/p>\n\n\n\n

      \u5e02\u573a\u65b9\u5411<\/strong><\/th>\u505a\u5e02\u5546\u7684\u5bf9\u51b2\u52a8\u4f5c<\/strong><\/th>\u5bf9\u4ef7\u683c\u7684\u5f71\u54cd<\/strong><\/th><\/tr><\/thead>
      \u80a1\u4ef7\u4e0a\u6da8<\/strong><\/td>Delta\u589e\u5927 \u2192 \u88ab\u8feb\u4e70\u5165\u66f4\u591a\u80a1\u7968<\/td>\u8fdb\u4e00\u6b65\u63a8\u9ad8\u4ef7\u683c<\/strong><\/td><\/tr>
      \u80a1\u4ef7\u4e0b\u8dcc<\/strong><\/td>Delta\u51cf\u5c0f \u2192 \u88ab\u8feb\u5356\u51fa\u80a1\u7968<\/td>\u8fdb\u4e00\u6b65\u538b\u4f4e\u4ef7\u683c<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      \u8fd9\u5c31\u89e3\u91ca\u4e86\u4e3a\u4ec0\u4e48\u5f88\u591a\u65f6\u5019\uff0c\u5e02\u573a\u5728\u67d0\u4e2a\u65b9\u5411\u4e0a\u7684\u5355\u65e5\u8d70\u52bf\u4f1a\u4e0d\u65ad\u52a0\u901f\u2014\u2014\u4e0d\u662f\u56e0\u4e3a\u6709\u4ec0\u4e48\u5927\u6d88\u606f\uff0c\u800c\u662f\u505a\u5e02\u5546\u7684\u5bf9\u51b2\u7a0b\u5e8f\u5728\u673a\u68b0\u6027\u5730\u653e\u5927\u6bcf\u4e00\u6b21\u4ef7\u683c\u6ce2\u52a8\u3002\u8fd9\u4e0d\u662f\u9634\u8c0b\uff0c\u8fd9\u662f\u516c\u5f0f\u9a71\u52a8\u7684\u5fc5\u7136\u7ed3\u679c\u3002<\/p>\n\n\n\n

      \u00b7 \u00b7 \u00b7<\/p>\n\n\n\n

      \u4e03\u3001\u4e24\u79cd\u9ad8\u9636\u7b56\u7565\uff1a\u6ce2\u52a8\u7387\u5957\u5229\u4e0e\u5206\u6563\u4ea4\u6613<\/strong><\/h2>\n\n\n\n

      \u5728\u7d22\u666e\u3001\u5927\u5956\u7ae0\u57fa\u91d1\u548c\u505a\u5e02\u5546\u4e4b\u5916\uff0c\u8fd8\u6709\u4e24\u79cd\u66f4\u7eaf\u7cb9\u5730\u5229\u7528B-S\u516c\u5f0f\u6f0f\u6d1e\u7684\u7b56\u7565\uff0c\u503c\u5f97\u5355\u72ec\u4ecb\u7ecd\u3002\u8fd9\u4e24\u79cd\u7b56\u7565\u5728\u4e13\u4e1a\u673a\u6784\u4e2d\u5e7f\u6cdb\u4f7f\u7528\uff0c\u7406\u89e3\u5b83\u4eec\u6709\u52a9\u4e8e\u770b\u6e05\u6574\u4e2a\u91cf\u5316\u751f\u6001\u7684\u903b\u8f91\u3002<\/p>\n\n\n\n

      \u7b56\u7565\u4e00\uff1a\u6ce2\u52a8\u7387\u5957\u5229\u2014\u2014\u8d4c”\u6807\u4ef7”\u548c”\u5b9e\u4ef7”\u7684\u5dee\u8ddd<\/strong><\/h3>\n\n\n\n

      \u671f\u6743\u6709\u4e00\u4e2a\u7279\u6b8a\u7684\u5c5e\u6027\uff1a\u5b83\u7684\u4ef7\u683c\u91cc\u9690\u542b\u4e86\u4e00\u4e2a”\u9884\u671f\u6ce2\u52a8\u7387”\uff08\u4e5f\u53eb\u9690\u542b\u6ce2\u52a8\u7387\uff09\u3002\u8fd9\u4e2a\u6570\u5b57\u662f\u5e02\u573a\u5bf9\u672a\u6765\u6ce2\u52a8\u7684\u9884\u6d4b\u3002\u800c\u5e02\u573a\u5b9e\u9645\u53d1\u751f\u7684\u6ce2\u52a8\uff08\u5b9e\u9645\u6ce2\u52a8\u7387\uff09\uff0c\u5f80\u5f80\u548c\u8fd9\u4e2a\u9884\u6d4b\u4e0d\u4e00\u6837\u3002<\/p>\n\n\n\n

      \u6ce2\u52a8\u7387\u5957\u5229\u7684\u903b\u8f91\u5c31\u662f\uff1a\u9884\u6d4b\u5b9e\u9645\u6ce2\u52a8\u7387\uff0c\u7136\u540e\u548c\u5e02\u573a\u7684\u9690\u542b\u6ce2\u52a8\u7387\u6bd4\u8f83\uff0c\u5982\u679c\u5dee\u8ddd\u8db3\u591f\u5927\uff0c\u5c31\u5efa\u7acb\u4ed3\u4f4d\u3002<\/p>\n\n\n\n

        \n
      1. \u9884\u6d4b\u672a\u6765\u5b9e\u9645\u6ce2\u52a8\u7387\u4e3a20%<\/li>\n\n\n\n
      2. \u5e02\u573a\u5f53\u524d\u9690\u542b\u6ce2\u52a8\u7387\u4e3a30%\u2014\u2014\u671f\u6743\u88ab\u9ad8\u4f30\u4e86<\/li>\n\n\n\n
      3. \u505a\u7a7a\u8fd9\u5f20\u88ab\u9ad8\u4f30\u7684\u671f\u6743<\/li>\n\n\n\n
      4. \u7528B-S\u516c\u5f0f\u6301\u7eed\u5bf9\u51b2Delta\u98ce\u9669\uff0c\u6d88\u9664\u65b9\u5411\u6027\u655e\u53e3<\/li>\n\n\n\n
      5. \u7b49\u5230\u671f\u6743\u5230\u671f\uff0c\u5b9e\u9645\u6ce2\u52a8\u7387\u4f4e\u4e8e\u9690\u542b\u6ce2\u52a8\u7387\uff0c\u83b7\u5229<\/li>\n<\/ol>\n\n\n\n

        \u5b66\u672f\u754c\u5bf9\u8fd9\u4e2a\u7b56\u7565\u6709\u8fc7\u7cfb\u7edf\u6027\u7684\u56de\u6d4b\uff0c\u7ed3\u679c\u663e\u793a\u5728\u7279\u5b9a\u6837\u672c\u671f\u5185\uff0c\u5e74\u5316\u6536\u76ca\u572814%\u523026%\u4e4b\u95f4\uff08\u590f\u666e\u6bd4\u73870.34\u52300.40\uff09\u3002\u8fd9\u4e0d\u662f\u672a\u6765\u7684\u627f\u8bfa\uff0c\u4f46\u5b83\u8bc1\u660e\u4e86\u8fd9\u4e2a\u7ed3\u6784\u6027\u504f\u5dee\u7684\u771f\u5b9e\u5b58\u5728\u3002<\/p>\n\n\n\n

        \u7b56\u7565\u4e8c\uff1a\u5206\u6563\u4ea4\u6613\u2014\u2014\u6536\u5272”\u8fc7\u5ea6\u6050\u60e7”\u7684\u6ea2\u4ef7<\/strong><\/h3>\n\n\n\n

        \u6709\u4e00\u4e2a\u957f\u671f\u5b58\u5728\u7684\u5e02\u573a\u73b0\u8c61\uff1a\u6295\u8d44\u8005\u5728\u5bf9\u6574\u4e2a\u5e02\u573a\u505a\u98ce\u9669\u5bf9\u51b2\u65f6\uff0c\u613f\u610f\u652f\u4ed8\u6bd4\u5bf9\u5355\u53ea\u80a1\u7968\u5bf9\u51b2\u66f4\u9ad8\u7684\u4ef7\u683c\u3002\u539f\u56e0\u5f88\u76f4\u89c2\u2014\u2014\u5927\u5bb6\u90fd\u6015”\u7cfb\u7edf\u6027\u5d29\u76d8”\uff0c\u6240\u4ee5\u5bf9”\u5927\u76d8\u671f\u6743”\u7684\u9700\u6c42\u66f4\u65fa\u76db\uff0c\u63a8\u9ad8\u4e86\u5b83\u7684\u9690\u542b\u6ce2\u52a8\u7387\u3002<\/p>\n\n\n\n

        \u5206\u6563\u4ea4\u6613\u5c31\u662f\u5229\u7528\u8fd9\u4e2a\u73b0\u8c61\uff1a\u5927\u76d8\u6307\u6570\u671f\u6743\u7684\u9690\u542b\u6ce2\u52a8\u7387\uff0c\u957f\u671f\u7cfb\u7edf\u6027\u5730\u9ad8\u4e8e\u5176\u6210\u5206\u80a1\u671f\u6743\u7684\u5e73\u5747\u9690\u542b\u6ce2\u52a8\u7387\u3002\u8fd9\u4e2a\u5dee\u8ddd\u5c31\u662f”\u76f8\u5173\u6027\u98ce\u9669\u6ea2\u4ef7”\uff0c\u662f\u53ef\u4ee5\u7a33\u5b9a\u6536\u5272\u7684\u3002<\/p>\n\n\n\n

          \n
        1. \u505a\u7a7a<\/strong>\u5927\u76d8\u6307\u6570\u7684\u5e73\u503c\u671f\u6743\u7ec4\u5408\uff08\u6536\u53d6\u9ad8\u9690\u542b\u6ce2\u52a8\u7387\u7684\u6ea2\u4ef7\uff09<\/li>\n\n\n\n
        2. \u505a\u591a<\/strong>\u4e00\u7bee\u5b50\u6210\u5206\u80a1\u7684\u5e73\u503c\u671f\u6743\u7ec4\u5408\uff08\u652f\u4ed8\u8f83\u4f4e\u7684\u5355\u80a1\u9690\u542b\u6ce2\u52a8\u7387\uff09<\/li>\n\n\n\n
        3. \u7528B-S\u516c\u5f0f\u5bf9\u6574\u4e2a\u7ec4\u5408\u6301\u7eed\u5bf9\u51b2Delta\u98ce\u9669<\/li>\n\n\n\n
        4. \u5f53\u5404\u6210\u5206\u80a1\u8d70\u52bf\u5206\u5316\u3001\u5927\u76d8\u6574\u4f53\u9707\u8361\u65f6\u83b7\u5229\u2014\u2014\u4e5f\u5c31\u662f”\u5206\u6563”\u6bd4”\u540c\u5411”\u591a\u7684\u65f6\u5019\u8d5a\u94b1<\/li>\n<\/ol>\n\n\n\n

          \u8fd9\u4e2a\u7b56\u7565\u6709\u4e00\u4e2a\u73b0\u5b9e\u95e8\u69db\uff1a\u4f60\u9700\u8981\u540c\u65f6\u64cd\u4f5c500\u53ea\u6210\u5206\u80a1\u7684\u671f\u6743\uff0c\u6bcf\u4e00\u53ea\u90fd\u6709\u81ea\u5df1\u7684\u4e70\u5356\u4ef7\u5dee\u548c\u98ce\u9669\u53c2\u6570\u3002\u4e00\u65e6\u4f60\u4ed8\u51fa\u7684\u4e70\u5356\u4ef7\u5dee\u8d85\u8fc7\u4e86\u7b56\u7565\u672c\u8eab\u7684\u6536\u76ca\uff0c\u4f18\u52bf\u5c31\u6d88\u5931\u4e86\u3002\u8fd9\u4e2a\u7b56\u7565\u53ea\u5728\u673a\u6784\u7ea7\u522b\u7684\u7b97\u6cd5\u6267\u884c\u80fd\u529b\u4e0b\u624d\u80fd\u5b58\u6d3b\uff0c\u662f\u7b2c3\u6761\u5047\u8bbe\uff08\u65e0\u4ea4\u6613\u6210\u672c\uff09\u5931\u6548\u7684\u76f4\u63a5\u4ea7\u7269\u3002<\/p>\n\n\n\n

          \u00b7 \u00b7 \u00b7<\/p>\n\n\n\n

          \u516b\u3001\u4f18\u52bf\u8870\u51cf\u94c1\u5f8b\uff1a\u6240\u6709\u7b56\u7565\u90fd\u6709\u4fdd\u8d28\u671f<\/strong><\/h2>\n\n\n\n

          \u8bfb\u5230\u8fd9\u91cc\uff0c\u4f60\u53ef\u80fd\u4f1a\u60f3\uff1a\u65e2\u7136\u8fd9\u4e9b\u7b56\u7565\u8fd9\u4e48\u597d\uff0c\u4e3a\u4ec0\u4e48\u4e0d\u662f\u6240\u6709\u4eba\u90fd\u5728\u7528\uff1f\u7b54\u6848\u662f\uff1a\u4ed6\u4eec\u90fd\u5728\u7528\uff0c\u6b63\u56e0\u4e3a\u5982\u6b64\uff0c\u8fd9\u4e9b\u7b56\u7565\u7684\u4f18\u52bf\u5728\u4e0d\u65ad\u7f29\u6c34\u3002<\/p>\n\n\n\n

          \u8fd9\u662f\u4e00\u6761\u8d2f\u7a7f\u6574\u4e2a\u91cf\u5316\u6295\u8d44\u5386\u53f2\u7684\u94c1\u5f8b\uff1a\u4efb\u4f55\u4e00\u4e2a\u57fa\u4e8eB-S\u516c\u5f0f\u6f0f\u6d1e\u7684\u5957\u5229\u7b56\u7565\uff0c\u5176\u9884\u671f\u6536\u76ca\u90fd\u4f1a\u968f\u7740\u53c2\u4e0e\u8005\u6570\u91cf\u7684\u589e\u52a0\u800c\u8d8b\u8fd1\u4e8e\u96f6\u3002\u7b2c\u4e00\u4e2a\u53d1\u73b0\u8fd9\u4e2a\u6f0f\u6d1e\u7684\u4eba\uff0c\u53ef\u4ee5\u8d5a40%\uff1b\u7b2c\u5341\u4e2a\u4eba\u8fdb\u6765\uff0c\u53ea\u80fd\u8d5a5%\uff1b\u7b2c\u4e8c\u5341\u4e2a\u4eba\u8fdb\u6765\uff0c\u5927\u6982\u7387\u4e8f\u94b1\u3002<\/p>\n\n\n\n

          \u7b56\u7565<\/strong><\/th>\u53d1\u73b0\u8005<\/strong><\/th>\u9f0e\u76db\u671f\u6536\u76ca<\/strong><\/th>\u8870\u9000\u4fe1\u53f7<\/strong><\/th>\u7ed3\u5c40<\/strong><\/th><\/tr><\/thead>
          \u53ef\u8f6c\u503a\u5957\u5229<\/strong><\/td>\u7d22\u666e<\/td>\u5e74\u531625%<\/strong><\/td>\u5e02\u573a\u53c2\u4e0e\u8005\u589e\u591a\uff0c\u4ef7\u5dee\u6536\u7a84<\/td>\u4e3b\u52a8\u5173\u95ed\u666e\u6797\u65af\u987f\u7ebd\u6ce2\u7279<\/td><\/tr>
          \u7edf\u8ba1\u5957\u5229<\/strong><\/td>\u7d22\u666e\uff08\u810a\u5cad\u5408\u4f19\uff09<\/td>\u5e74\u531626%<\/strong><\/td>\u6536\u76ca\u4ece20%+\u538b\u7f29\u5230\u4f4e\u53cc\u4f4d\u6570<\/td>2002\u5e74\u4e3b\u52a8\u6e05\u76d8<\/td><\/tr>
          \u56fd\u503a\u4ef7\u5dee\u5957\u5229<\/strong><\/td>LTCM\u7b49<\/td>\u7a33\u5b9a\u4f46\u8584<\/strong><\/td>\u6240\u7f57\u95e8\u5144\u5f1f\u3001\u7f8e\u6797\u6301\u6709\u76f8\u540c\u4ed3\u4f4d<\/td>1998\u5e74\u5d29\u76d8\uff0c\u88ab\u8feb\u6551\u63f4<\/td><\/tr>
          \u6ce2\u52a8\u7387\u5356\u51fa<\/strong><\/td>\u591a\u5bb6\u673a\u6784<\/td>\u7a33\u5b9a\u6536\u79df<\/strong><\/td>2002\u5e74\u6ce2\u52a8\u7387\u672a\u5982\u671f\u56de\u5347<\/td>\u5927\u91cf\u673a\u6784\u7206\u4ed3<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

          \u7d22\u666e\u5bf9\u8fd9\u4e2a\u89c4\u5f8b\u770b\u5f97\u6700\u900f\u5f7b\u3002\u4ed6\u5173\u95ed\u666e\u6797\u65af\u987f\u7ebd\u6ce2\u7279\u65f6\uff0c\u53ef\u8f6c\u503a\u5957\u5229\u8fd8\u6ca1\u6709\u5b8c\u5168\u5931\u6548\uff1b\u4ed6\u5173\u95ed\u810a\u5cad\u5408\u4f19\u65f6\uff0c\u7edf\u8ba1\u5957\u5229\u8fd8\u6709\u5229\u6da6\uff0c\u53ea\u662f\u5229\u6da6\u5728\u7f29\u6c34\u3002\u4ed6\u9009\u62e9\u5728\u4f18\u52bf\u6d88\u9000\u4e4b\u524d\u4e3b\u52a8\u79bb\u573a\uff0c\u800c\u4e0d\u662f\u7b49\u5230\u4f18\u52bf\u5b8c\u5168\u6d88\u5931\u624d\u88ab\u8feb\u9000\u51fa\u3002<\/p>\n\n\n\n

          \n

          “\u5e02\u573a\u7ade\u4e89\u52a0\u5267\u5bfc\u81f4\u6536\u76ca\u4e0b\u964d\u3002”\u2014\u2014\u7231\u5fb7\u534e\u00b7\u7d22\u666e\uff0c\u89e3\u91ca\u5173\u95ed\u810a\u5cad\u5408\u4f19\u7684\u539f\u56e0<\/p>\n<\/blockquote>\n\n\n\n

          LTCM\u7684\u6545\u4e8b\u662f\u8fd9\u4e2a\u89c4\u5f8b\u7684\u6781\u7aef\u7248\u672c\u3002\u5f53\u6240\u7f57\u95e8\u5144\u5f1f\u3001\u7f8e\u6797\u8bc1\u5238\u548c\u591a\u5bb6\u5bf9\u51b2\u57fa\u91d1\u90fd\u6301\u6709\u5b8c\u5168\u76f8\u540c\u7684\u4ed3\u4f4d\u65f6\uff0c\u6240\u8c13\u7684”\u5957\u5229”\u5df2\u7ecf\u53d8\u6210\u4e86\u4e00\u4e2a\u6ca1\u6709\u5bf9\u624b\u65b9\u7684\u62e5\u6324\u8d4c\u6ce8\u3002\u5f53\u6240\u6709\u4eba\u540c\u65f6\u60f3\u9000\u51fa\u65f6\uff0c\u53ea\u6709\u5356\u5bb6\uff0c\u6ca1\u6709\u4e70\u5bb6\u3002\u6a21\u578b\u91cc\u5047\u8bbe\u76f8\u5173\u6027\u57280.75\u52300.90\u4e4b\u95f4\u7684\u8d44\u4ea7\uff0c\u5728\u6050\u614c\u65f6\u523b\u76f8\u5173\u6027\u5168\u90e8\u53d8\u62101.0\u2014\u2014\u6240\u6709\u8d44\u4ea7\u540c\u65f6\u4e0b\u8dcc\uff0c\u6240\u6709\u5bf9\u51b2\u540c\u65f6\u5931\u6548\u3002<\/p>\n\n\n\n

          \u00b7 \u00b7 \u00b7<\/p>\n\n\n\n

          \u4e5d\u3001\u8d62\u5bb6\u548c\u8f93\u5bb6\u7684\u5bf9\u6bd4\uff1a\u516d\u5341\u5e74\u7684\u8bc1\u636e\u8bf4\u4e86\u4ec0\u4e48<\/strong><\/h2>\n\n\n\n

          \u628a\u7d22\u666e\u3001\u897f\u8499\u65af\u3001\u57ce\u5821\u8bc1\u5238\u3001\u7b80\u8857\u8d44\u672c\uff08\u8d62\u5bb6\uff09\u548cLTCM\uff08\u8f93\u5bb6\uff09\u653e\u5728\u4e00\u8d77\u6bd4\u8f83\uff0c\u4f1a\u53d1\u73b0\u4e00\u4e2a\u6e05\u6670\u7684\u6a21\u5f0f\u3002\u8fd9\u4e0d\u662f\u8fd0\u6c14\u7684\u5dee\u522b\uff0c\u800c\u662f\u7cfb\u7edf\u6027\u7684\u884c\u4e3a\u5dee\u522b\u3002<\/p>\n\n\n\n

          \u7ef4\u5ea6<\/strong><\/th>\u8d62\u5bb6\uff08\u7d22\u666e\u3001\u897f\u8499\u65af\u7b49\uff09<\/strong><\/th>\u8f93\u5bb6\uff08LTCM\uff09<\/strong><\/th><\/tr><\/thead>
          \u4ed3\u4f4d\u89c4\u6a21<\/strong><\/td>\u59cb\u7ec8\u5c0f\u4e8e\u5e02\u573a\u6d41\u52a8\u6027\uff0c\u4e0d\u5f71\u54cd\u81ea\u8eab\u4ef7\u683c<\/strong><\/td>\u4ed3\u4f4d\u5de8\u5927\uff0c\u5e73\u4ed3\u65f6\u81ea\u5df1\u7838\u81ea\u5df1<\/strong><\/td><\/tr>
          \u4ea4\u6613\u6210\u672c<\/strong><\/td>\u6587\u827a\u590d\u51740.002%\uff0c\u8fdc\u4f4e\u4e8e\u884c\u4e1a\u5747\u503c<\/strong><\/td>\u6210\u672c\u968f\u89c4\u6a21\u6269\u5927\u800c\u6025\u5267\u4e0a\u5347<\/strong><\/td><\/tr>
          \u7b56\u7565\u66f4\u65b0<\/strong><\/td>\u6301\u7eed\u8fdb\u5316\uff0c\u7d22\u666e\u4ece\u6743\u8bc1\u5230\u53ef\u8f6c\u503a\u5230\u7edf\u8ba1\u5957\u5229<\/strong><\/td>\u56fa\u5b88\u539f\u6709\u7b56\u7565\uff0c\u4f18\u52bf\u6d88\u9000\u540e\u7ee7\u7eed\u52a0\u7801<\/strong><\/td><\/tr>
          \u6301\u4ed3\u5468\u671f<\/strong><\/td>\u6587\u827a\u590d\u5174\u5e73\u5747\u4e0d\u8db3\u4e24\u5929\uff0c\u964d\u4f4e\u6a21\u578b\u5931\u6548\u98ce\u9669<\/strong><\/td>\u6301\u6709\u5927\u91cf\u957f\u671f\u3001\u6d41\u52a8\u6027\u5dee\u7684\u5934\u5bf8<\/strong><\/td><\/tr>
          \u6760\u6746\u63a7\u5236<\/strong><\/td>\u4e25\u683c\u63a7\u5236\uff0c\u4fdd\u7559\u8db3\u591f\u7f13\u51b2\u7a7a\u95f4<\/strong><\/td>\u9ad8\u5cf0\u671f50\u500d\u6760\u6746\uff0c\u6ca1\u6709\u4efb\u4f55\u5bb9\u9519\u7a7a\u95f4<\/strong><\/td><\/tr>
          \u62e5\u6324\u4fe1\u53f7<\/strong><\/td>\u8bc6\u522b\u5e76\u63d0\u524d\u9000\u51fa\u62e5\u6324\u4ea4\u6613<\/strong><\/td>\u5ffd\u89c6\u65e9\u671f\u4e8f\u635f\u4fe1\u53f7\uff0c\u7ee7\u7eed\u52a0\u4ed3<\/strong><\/td><\/tr>
          \u6a21\u578b\u6001\u5ea6<\/strong><\/td>\u628a\u6a21\u578b\u5f53\u5de5\u5177\uff0c\u77e5\u9053\u5b83\u7684\u8fb9\u754c<\/strong><\/td>\u628a\u6a21\u578b\u5f53\u771f\u7406\uff0c\u5fd8\u8bb0\u4e86\u5047\u8bbe\u7684\u524d\u63d0<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

          \u8fd9\u5f20\u8868\u91cc\u6700\u6838\u5fc3\u7684\u5dee\u522b\uff0c\u662f\u6700\u540e\u4e00\u6761\uff1a\u5bf9\u6a21\u578b\u7684\u6001\u5ea6\u3002\u8d62\u5bb6\u4eec\u4ece\u6765\u4e0d\u76f8\u4fe1B-S\u516c\u5f0f\u662f\u5bf9\u7684\uff0c\u4ed6\u4eec\u53ea\u662f\u5229\u7528\u5b83\u7684”\u4e0d\u5bf9”\u6765\u8d5a\u94b1\uff0c\u540c\u65f6\u6e05\u695a\u5730\u77e5\u9053\u8fd9\u79cd”\u4e0d\u5bf9”\u5728\u4ec0\u4e48\u6761\u4ef6\u4e0b\u4f1a\u53cd\u566c\u81ea\u5df1\u3002LTCM\u7684\u56e2\u961f\u91cc\u6709\u516c\u5f0f\u7684\u521b\u4f5c\u8005\u672c\u4eba\uff0c\u4ed6\u4eec\u592a\u61c2\u8fd9\u4e2a\u516c\u5f0f\u4e86\uff0c\u61c2\u5230\u5fd8\u8bb0\u4e86\u5b83\u53ea\u662f\u4e00\u4e2a\u6a21\u578b\uff0c\u800c\u4e0d\u662f\u73b0\u5b9e\u3002<\/p>\n\n\n\n

          \u00b7 \u00b7 \u00b7<\/p>\n\n\n\n

          \u5341\u3001\u5bf9\u666e\u901a\u6295\u8d44\u8005\u7684\u542f\u793a\uff1a\u8fd9\u4e9b\u548c\u6211\u6709\u4ec0\u4e48\u5173\u7cfb\uff1f<\/strong><\/h2>\n\n\n\n

          \u8bfb\u5230\u8fd9\u91cc\uff0c\u4e5f\u8bb8\u6709\u4eba\u4f1a\u8bf4\uff1a\u8fd9\u4e9b\u90fd\u662f\u9876\u7ea7\u673a\u6784\u7684\u6e38\u620f\uff0c\u548c\u6211\u8fd9\u4e2a\u666e\u901a\u6295\u8d44\u8005\u6709\u4ec0\u4e48\u5173\u7cfb\uff1f<\/p>\n\n\n\n

          \u5173\u7cfb\u5176\u5b9e\u5f88\u5927\uff0c\u53ea\u662f\u65b9\u5411\u4e0d\u540c\u3002\u4f60\u4e0d\u9700\u8981\u53bb\u505a\u6ce2\u52a8\u7387\u5957\u5229\u6216\u8005\u5206\u6563\u4ea4\u6613\uff0c\u4f46\u8fd9\u4e9b\u6545\u4e8b\u91cc\u85cf\u7740\u51e0\u4e2a\u5bf9\u6240\u6709\u6295\u8d44\u8005\u90fd\u9002\u7528\u7684\u5e95\u5c42\u903b\u8f91\u3002<\/p>\n\n\n\n

          \u2460\u6a21\u578b\u662f\u5730\u56fe\uff0c\u4e0d\u662f\u5730\u5f62<\/strong>
          B-S\u516c\u5f0f\u662f\u4e00\u5f20\u5730\u56fe\uff0c\u5b83\u63cf\u8ff0\u4e86\u4e00\u4e2a\u7406\u60f3\u5316\u7684\u5e02\u573a\u3002\u5730\u56fe\u6709\u7528\uff0c\u4f46\u5730\u56fe\u4e0d\u662f\u771f\u5b9e\u7684\u5730\u5f62\u3002\u4efb\u4f55\u6295\u8d44\u6a21\u578b\u90fd\u6709\u5b83\u7684\u9002\u7528\u8303\u56f4\u548c\u5931\u6548\u6761\u4ef6\u3002\u5728\u4f7f\u7528\u4efb\u4f55\u5206\u6790\u5de5\u5177\u65f6\uff0c\u90fd\u8981\u95ee\u4e00\u53e5\uff1a\u8fd9\u4e2a\u5de5\u5177\u7684\u5047\u8bbe\u662f\u4ec0\u4e48\uff1f\u5728\u4ec0\u4e48\u60c5\u51b5\u4e0b\u8fd9\u4e9b\u5047\u8bbe\u4f1a\u5931\u6548\uff1f<\/p>\n\n\n\n

          \u2461\u6760\u6746\u662f\u653e\u5927\u5668\uff0c\u4e0d\u662f\u5f15\u64ce<\/strong>
          LTCM\u7684\u5931\u8d25\u4e0d\u662f\u56e0\u4e3a\u7b56\u7565\u9519\u4e86\uff0c\u800c\u662f\u56e0\u4e3a\u6760\u6746\u592a\u9ad8\uff0c\u6ca1\u6709\u7559\u4e0b\u4efb\u4f55\u5bb9\u9519\u7a7a\u95f4\u3002\u4e00\u4e2a\u6b63\u786e\u7684\u7b56\u7565\u52a0\u4e0a\u8fc7\u9ad8\u7684\u6760\u6746\uff0c\u5728\u6781\u7aef\u60c5\u51b5\u4e0b\u4ecd\u7136\u4f1a\u5bfc\u81f4\u5f7b\u5e95\u7684\u5931\u8d25\u3002\u6760\u6746\u653e\u5927\u6536\u76ca\uff0c\u4e5f\u653e\u5927\u4e8f\u635f\uff0c\u66f4\u91cd\u8981\u7684\u662f\uff0c\u5b83\u538b\u7f29\u4e86\u4f60\u5728”\u5e02\u573a\u6682\u65f6\u4e0d\u7406\u6027”\u65f6\u575a\u6301\u4e0b\u53bb\u7684\u80fd\u529b\u3002<\/p>\n\n\n\n

          \u2462\u4eba\u4eba\u90fd\u77e5\u9053\u7684\u673a\u4f1a\uff0c\u5df2\u7ecf\u4e0d\u662f\u673a\u4f1a<\/strong>
          \u7d22\u666e\u8bf4\u5f97\u6700\u76f4\u767d\uff1a”\u5f53\u4f60\u53d1\u73b0\u4e00\u4e2a\u673a\u4f1a\u65f6\uff0c\u8981\u5728\u4eba\u7fa4\u4e4b\u524d\u884c\u52a8\u3002”\u5f53\u4e00\u4e2a\u7b56\u7565\u3001\u4e00\u4e2a\u8d5b\u9053\u3001\u4e00\u4e2a\u6982\u5ff5\u5df2\u7ecf\u88ab\u6240\u6709\u4eba\u8c08\u8bba\uff0c\u5f53\u5a92\u4f53\u5f00\u59cb\u62a5\u9053\u5b83\u7684\u795e\u5947\u6536\u76ca\uff0c\u8fd9\u4e2a\u7b56\u7565\u7684\u6700\u597d\u65f6\u5149\u901a\u5e38\u5df2\u7ecf\u8fc7\u53bb\u4e86\u3002\u4f18\u52bf\u7684\u672c\u8d28\u662f\u4fe1\u606f\u5dee\u548c\u6267\u884c\u5dee\uff0c\u8fd9\u4e24\u8005\u90fd\u4f1a\u968f\u7740\u65f6\u95f4\u548c\u7ade\u4e89\u8005\u7684\u589e\u52a0\u800c\u6d88\u5931\u3002<\/p>\n\n\n\n

          \u2463\u6210\u672c\u662f\u770b\u4e0d\u89c1\u7684\u6536\u76ca\u6740\u624b<\/strong>
          \u6587\u827a\u590d\u5174\u9760\u7740\u6bd4\u540c\u884c\u4f4e\u4e94\u500d\u7684\u4ea4\u6613\u6210\u672c\uff0c\u572850.75%\u7684\u6b63\u786e\u7387\u4e0b\u8d5a\u4e86\u5343\u4ebf\u3002\u5bf9\u666e\u901a\u6295\u8d44\u8005\u6765\u8bf4\uff0c\u57fa\u91d1\u8d39\u7387\u3001\u4ea4\u6613\u624b\u7eed\u8d39\u3001\u7a0e\u6536\u6469\u64e6\uff0c\u90fd\u662f\u957f\u671f\u590d\u5229\u7684\u65e0\u58f0\u6d88\u8017\u3002\u628a\u6210\u672c\u964d\u5230\u6700\u4f4e\uff0c\u662f\u6bcf\u4e00\u4e2a\u6295\u8d44\u8005\u90fd\u80fd\u505a\u5230\u3001\u4e5f\u6700\u5bb9\u6613\u88ab\u5ffd\u89c6\u7684\u4f18\u5316\u3002<\/p>\n\n\n\n

          \u2464\u6d3b\u4e0b\u53bb\uff0c\u624d\u80fd\u7b49\u5230\u673a\u4f1a<\/strong>
          \u7d22\u666e19\u5e74\u6ca1\u6709\u4e00\u4e2a\u4e8f\u635f\u5e74\u4efd\uff0c\u4e0d\u662f\u56e0\u4e3a\u4ed6\u6bcf\u5e74\u90fd\u5224\u65ad\u6b63\u786e\uff0c\u800c\u662f\u56e0\u4e3a\u4ed6\u7684\u4ed3\u4f4d\u63a7\u5236\u8ba9\u4ed6\u6c38\u8fdc\u6709\u5b50\u5f39\u3002\u5e02\u573a\u7684\u6781\u7aef\u673a\u4f1a\uff08\u6bd4\u59821987\u5e74\u7684\u5927\u5d29\u76d8\uff09\u53ea\u5c5e\u4e8e\u90a3\u4e9b\u5728\u5371\u673a\u65f6\u523b\u8fd8\u6709\u4f59\u529b\u884c\u52a8\u7684\u4eba\u3002\u4fdd\u6301\u8db3\u591f\u7684\u6d41\u52a8\u6027\u548c\u5fc3\u7406\u4f59\u91cf\uff0c\u662f\u53c2\u4e0e\u957f\u671f\u6e38\u620f\u7684\u57fa\u672c\u524d\u63d0\u3002<\/p>\n\n\n\n

          \u00b7 \u00b7 \u00b7<\/p>\n\n\n\n

          \u5341\u4e00\u3001\u7ec8\u7ae0\uff1a\u8fd9\u4e2a\u516c\u5f0f\u4f1a\u6c38\u8fdc\u4ea7\u751f\u673a\u4f1a<\/strong><\/h2>\n\n\n\n

          B-S\u516c\u5f0f\u7684\u4e94\u5927\u5047\u8bbe\uff0c\u57281973\u5e74\u53d1\u8868\u7684\u90a3\u4e00\u5929\u5c31\u662f\u9519\u7684\uff0c\u5728\u4eca\u5929\u4ecd\u7136\u662f\u9519\u7684\uff0c\u5728\u672a\u6765\u4e5f\u6c38\u8fdc\u662f\u9519\u7684\u3002\u56e0\u4e3a\u5b83\u63cf\u8ff0\u7684\u90a3\u4e2a\u4e16\u754c\u2014\u2014\u6ce2\u52a8\u7387\u56fa\u5b9a\u3001\u4ea4\u6613\u65e0\u6210\u672c\u3001\u4ef7\u683c\u5b8c\u7f8e\u6b63\u6001\u5206\u5e03\u2014\u2014\u6839\u672c\u4e0d\u5b58\u5728\uff0c\u4e5f\u6c38\u8fdc\u4e0d\u4f1a\u5b58\u5728\u3002<\/p>\n\n\n\n

          \u8fd9\u610f\u5473\u7740\uff0c\u8fd9\u4e94\u5927\u5047\u8bbe\u6240\u4ea7\u751f\u7684\u5b9a\u4ef7\u504f\u5dee\uff0c\u4f1a\u6c38\u8fdc\u5b58\u5728\u4e8e\u5e02\u573a\u4e2d\u3002\u53ea\u8981\u6709\u671f\u6743\u5e02\u573a\uff0c\u5c31\u4f1a\u6709\u9690\u542b\u6ce2\u52a8\u7387\u548c\u5b9e\u9645\u6ce2\u52a8\u7387\u4e4b\u95f4\u7684\u5dee\u8ddd\uff1b\u53ea\u8981\u6709\u4eba\u7c7b\u53c2\u4e0e\u4ea4\u6613\uff0c\u5c31\u4f1a\u6709\u6050\u614c\u65f6\u523b\u7684\u6d41\u52a8\u6027\u6d88\u5931\uff1b\u53ea\u8981\u6709\u4ea4\u6613\u6210\u672c\uff0c\u5c31\u4f1a\u6709\u6267\u884c\u80fd\u529b\u66f4\u5f3a\u7684\u4eba\u5360\u636e\u4f18\u52bf\u3002<\/p>\n\n\n\n

          \u4f46\u540c\u6837\u6c38\u8fdc\u6210\u7acb\u7684\u662f\uff1a\u4efb\u4f55\u5bf9\u8fd9\u4e9b\u504f\u5dee\u7684\u5177\u4f53\u5229\u7528\u65b9\u5f0f\uff0c\u4e00\u65e6\u88ab\u8db3\u591f\u591a\u7684\u8d44\u91d1\u53d1\u73b0\u5e76\u8ddf\u968f\uff0c\u5c31\u4f1a\u8d70\u5411\u62e5\u6324\u548c\u5931\u6548\u3002\u8d5a\u94b1\u7684\u4e0d\u662f\u516c\u5f0f\uff0c\u662f\u53d1\u73b0\u504f\u5dee\u7684\u901f\u5ea6\u3001\u6267\u884c\u7684\u6548\u7387\uff0c\u4ee5\u53ca\u5728\u4f18\u52bf\u6d88\u9000\u4e4b\u524d\u79bb\u573a\u7684\u5224\u65ad\u529b\u3002<\/p>\n\n\n\n

          \n

          “\u5f53\u4f60\u53d1\u73b0\u4e00\u4e2a\u673a\u4f1a\uff0c\u8981\u5728\u4eba\u7fa4\u4e4b\u524d\u884c\u52a8\u3002\u5f53\u6240\u6709\u4eba\u90fd\u77e5\u9053\u4e00\u4e2aB-S\u5957\u5229\u673a\u4f1a\u65f6\uff0c\u5b83\u5df2\u7ecf\u6d88\u5931\u4e86\u3002\u516c\u5f0f\u53ea\u662f\u6570\u5b66\uff0c\u771f\u6b63\u6301\u4e45\u7684\u4f18\u52bf\u5728\u4e8e\uff1a\u77e5\u9053\u54ea\u4e2a\u5047\u8bbe\u6b63\u5728\u5931\u6548\uff0c\u7528\u6bd4\u4efb\u4f55\u4eba\u90fd\u4f4e\u7684\u6210\u672c\u53bb\u5229\u7528\u5b83\uff0c\u4ed3\u4f4d\u5c0f\u5230\u8db3\u4ee5\u5728\u5e02\u573a\u4e0d\u8ba4\u540c\u4f60\u4e4b\u524d\u5168\u8eab\u800c\u9000\uff0c\u5e76\u4e14\u5728\u4f18\u52bf\u6d88\u9000\u4e4b\u524d\u8ba4\u51fa\u5b83\u3002”\u2014\u2014\u7231\u5fb7\u534e\u00b7\u7d22\u666e<\/p>\n<\/blockquote>\n\n\n\n

          \u897f\u8499\u65af\u7528\u6570\u5b66\u8d5a\u4e86320\u4ebf\u7f8e\u5143\u4e2a\u4eba\u8d22\u5bcc\uff0c\u6587\u827a\u590d\u5174\u5927\u5956\u7ae0\u57fa\u91d1\u7d2f\u8ba1\u5229\u6da6\u8d85\u5343\u4ebf\uff0c\u8bc1\u660e\u4e86\u8fd9\u4e2a\u4f18\u52bf\u662f\u771f\u5b9e\u7684\u3001\u5de8\u5927\u7684\u3002LTCM\u7528\u540c\u4e00\u4e2a\u516c\u5f0f\uff0c\u5728\u4e00\u4e2a\u6708\u5185\u4e8f\u638945\u4ebf\u7f8e\u5143\uff0c\u8bc1\u660e\u4e86\u6760\u6746\u548c\u62e5\u6324\u53ef\u4ee5\u6467\u6bc1\u4efb\u4f55\u7406\u8bba\u4e0a\u6b63\u786e\u7684\u7b56\u7565\u3002<\/p>\n\n\n\n

          \u8fd9\u4e24\u4e2a\u6545\u4e8b\u7684\u4e3b\u89d2\uff0c\u7528\u7684\u662f\u540c\u4e00\u9053\u516c\u5f0f\uff0c\u9762\u5bf9\u7684\u662f\u540c\u4e00\u4e2a\u5e02\u573a\u3002\u533a\u522b\u53ea\u5728\u4e8e\uff1a\u4e00\u4e2a\u4eba\u628a\u516c\u5f0f\u5f53\u6210\u4e86\u53d1\u73b0\u673a\u4f1a\u7684\u671b\u8fdc\u955c\uff0c\u53e6\u4e00\u4e2a\u4eba\u628a\u5b83\u5f53\u6210\u4e86\u53ef\u4ee5\u65e0\u9650\u4f9d\u8d56\u7684\u771f\u7406\u3002<\/p>\n\n\n\n

          \u671b\u8fdc\u955c\u5e2e\u4f60\u770b\u5f97\u66f4\u8fdc\u3002\u4f46\u5f53\u4f60\u5fd8\u8bb0\u81ea\u5df1\u7ad9\u5728\u5730\u4e0a\uff0c\u4ee5\u4e3a\u81ea\u5df1\u5df2\u7ecf\u98de\u8d77\u6765\u7684\u65f6\u5019\uff0c\u671b\u8fdc\u955c\u6551\u4e0d\u4e86\u4f60\u3002<\/p>\n\n\n\n

          \u00b7 \u00b7 \u00b7<\/p>\n\n\n\n

          \u6587\u7ae0\u603b\u7ed3<\/strong><\/h2>\n\n\n\n

          B-S\u671f\u6743\u5b9a\u4ef7\u516c\u5f0f\u7684\u4e94\u5927\u5047\u8bbe\u4e0e\u73b0\u5b9e\u5e02\u573a\u5b58\u5728\u7cfb\u7edf\u6027\u504f\u5dee\uff0c\u8fd9\u79cd\u504f\u5dee\u65e2\u662f\u91cf\u5316\u9ad8\u624b\u7684\u5229\u6da6\u6765\u6e90\uff0c\u4e5f\u662f\u8fc7\u5ea6\u4f9d\u8d56\u6a21\u578b\u8005\u7684\u81f4\u547d\u9677\u9631\u3002\u771f\u6b63\u7684\u8d62\u5bb6\u4e0d\u662f\u628a\u516c\u5f0f\u5f53\u771f\u7406\uff0c\u800c\u662f\u628a\u516c\u5f0f\u7684”\u9519\u8bef”\u5f53\u6210\u53ef\u4ee5\u53cd\u590d\u5f00\u91c7\u7684\u77ff\u85cf\uff0c\u540c\u65f6\u4e25\u683c\u63a7\u5236\u89c4\u6a21\u4e0e\u6760\u6746\uff0c\u5728\u4f18\u52bf\u6d88\u9000\u524d\u4e3b\u52a8\u79bb\u573a\u3002<\/p>\n\n\n\n

          \u2460 <\/strong>B-S\u516c\u5f0f\u7684\u4e94\u5927\u5047\u8bbe\u5728\u73b0\u5b9e\u4e2d\u5168\u90e8\u5931\u6548\uff0c\u6bcf\u4e00\u5904\u5931\u6548\u90fd\u662f\u53ef\u91cd\u590d\u5229\u7528\u7684\u5957\u5229\u7a7a\u95f4\u3002<\/p>\n\n\n\n

          \u2461 <\/strong>\u7d22\u666e\u6bd4B-S\u516c\u5f0f\u53d1\u8868\u65e9\u516d\u5e74\u72ec\u7acb\u63a8\u5bfc\u51fa\u76f8\u540c\u7ed3\u8bba\uff0c19\u5e74\u96f6\u4e8f\u635f\u5370\u8bc1\u4e86”\u5148\u53d1\u73b0\u3001\u5148\u79bb\u573a”\u7684\u94c1\u5f8b\u3002<\/p>\n\n\n\n

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          \u2463 <\/strong>LTCM\u7684\u5931\u8d25\u4e0d\u662f\u56e0\u4e3a\u516c\u5f0f\u7528\u9519\u4e86\uff0c\u800c\u662f50\u500d\u6760\u6746\u53e0\u52a0\u62e5\u6324\u4ea4\u6613\uff0c\u8ba9\u4e94\u5927\u5047\u8bbe\u5728\u540c\u4e00\u65f6\u523b\u5168\u90e8\u5d29\u584c\u3002<\/p>\n\n\n\n

          \u2464 <\/strong>\u4efb\u4f55\u5957\u5229\u7b56\u7565\u90fd\u6709\u751f\u547d\u5468\u671f\u2014\u2014\u53d1\u73b0\u3001\u5229\u7528\u3001\u62e5\u6324\u3001\u8870\u9000\u3002\u8d62\u5bb6\u7684\u5173\u952e\u52a8\u4f5c\u662f\u5728\u7b2c\u4e09\u9636\u6bb5\u4e4b\u524d\u4e3b\u52a8\u9000\u51fa\u3002<\/p>\n\n\n\n

          <\/p>\n\n\n\n

          \n
          \u98ce\u9669\u63d0\u793a\uff1a<\/strong>\u672c\u6587\u6240\u6709\u5386\u53f2\u6570\u636e\u3001\u6848\u4f8b\u53ca\u7b56\u7565\u63cf\u8ff0\u5747\u6765\u6e90\u4e8e\u516c\u5f00\u8d44\u6599\u53ca\u5b66\u672f\u6587\u732e\uff0c\u4ec5\u4f9b\u7814\u7a76\u5b66\u4e60\u53c2\u8003\uff0c\u4e0d\u6784\u6210\u4efb\u4f55\u6295\u8d44\u5efa\u8bae\u3002\u91d1\u878d\u5e02\u573a\u5b58\u5728\u98ce\u9669\uff0c\u5386\u53f2\u4e1a\u7ee9\u4e0d\u4ee3\u8868\u672a\u6765\u8868\u73b0\uff0c\u8bf7\u6839\u636e\u81ea\u8eab\u60c5\u51b5\u7406\u6027\u51b3\u7b56\u3002<\/pre>\n\n\n\n
          \u7248\u6743\u58f0\u660e\uff1a<\/strong>\u672c\u6587\u4e3a\u539f\u521b\u5185\u5bb9\uff0c\u8f6c\u8f7d\u8bf7\u6ce8\u660e\u51fa\u5904\u3002<\/pre>\n<\/blockquote>\n\n\n\n
          \n\n\n\n
          #\u91cf\u5316\u6295\u8d44 \u00a0#\u671f\u6743\u5b9a\u4ef7 \u00a0#\u5bf9\u51b2\u57fa\u91d1 \u00a0#\u98ce\u9669\u7ba1\u7406 \u00a0#\u91d1\u878d\u6a21\u578b \u00a0#\u897f\u8499\u65af \u00a0#\u5927\u5956\u7ae0\u57fa\u91d1 \u00a0#\u5957\u5229\u7b56\u7565 \u00a0#\u6570\u5b57\u91d1\u878d \u00a0#AI\u91cf\u5316<\/p>\n","protected":false},"excerpt":{"rendered":"
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          Continue reading\u4e00\u4e2a”\u9519\u8bef”\u7684\u516c\u5f0f\uff0c\u5982\u4f55\u6210\u4e3a\u534e\u5c14\u8857\u6700\u5f3a\u5370\u949e\u673a\uff1f\u200b<\/span><\/a><\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[17,4,5,6,7],"class_list":{"0":"post-3747","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-aiinvest","7":"tag-ai","10":"tag-6","11":"tag-7","12":"entry"},"_links":{"self":[{"href":"https:\/\/laoyulaoyu.com\/index.php\/wp-json\/wp\/v2\/posts\/3747","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/laoyulaoyu.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/laoyulaoyu.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/laoyulaoyu.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/laoyulaoyu.com\/index.php\/wp-json\/wp\/v2\/comments?post=3747"}],"version-history":[{"count":2,"href":"https:\/\/laoyulaoyu.com\/index.php\/wp-json\/wp\/v2\/posts\/3747\/revisions"}],"predecessor-version":[{"id":3756,"href":"https:\/\/laoyulaoyu.com\/index.php\/wp-json\/wp\/v2\/posts\/3747\/revisions\/3756"}],"wp:attachment":[{"href":"https:\/\/laoyulaoyu.com\/index.php\/wp-json\/wp\/v2\/media?parent=3747"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/laoyulaoyu.com\/index.php\/wp-json\/wp\/v2\/categories?post=3747"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/laoyulaoyu.com\/index.php\/wp-json\/wp\/v2\/tags?post=3747"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}