{"id":392,"date":"2024-07-10T17:08:38","date_gmt":"2024-07-10T09:08:38","guid":{"rendered":"http:\/\/123.60.176.65\/?p=392"},"modified":"2024-07-10T17:08:38","modified_gmt":"2024-07-10T09:08:38","slug":"%e6%9c%ba%e5%99%a8%e5%ad%a6%e4%b9%a0%e9%a2%84%e6%b5%8b%e8%82%a1%e7%a5%a8%e8%b5%b0%e5%8a%bf%ef%bc%8c%e9%a2%a0%e8%a6%86%e6%9c%89%e6%95%88%e5%b8%82%e5%9c%ba%e5%81%87%e8%af%b4%e3%80%82","status":"publish","type":"post","link":"https:\/\/laoyulaoyu.com\/index.php\/2024\/07\/10\/%e6%9c%ba%e5%99%a8%e5%ad%a6%e4%b9%a0%e9%a2%84%e6%b5%8b%e8%82%a1%e7%a5%a8%e8%b5%b0%e5%8a%bf%ef%bc%8c%e9%a2%a0%e8%a6%86%e6%9c%89%e6%95%88%e5%b8%82%e5%9c%ba%e5%81%87%e8%af%b4%e3%80%82\/","title":{"rendered":"\u673a\u5668\u5b66\u4e60\u9884\u6d4b\u80a1\u7968\u8d70\u52bf\uff0cJFE\u53d1\u6587\u98a0\u8986\u201c\u6709\u6548\u5e02\u573a\u5047\u8bf4\u201d"},"content":{"rendered":"<p><img fetchpriority=\"high\" decoding=\"async\" class=\"size-full wp-image-414 aligncenter\" src=\"http:\/\/123.60.176.65\/wp-content\/uploads\/2024\/06\/30.png\" alt=\"\" width=\"800\" height=\"537\" \/><\/p>\n<section><strong>\u5199\u5728\u524d\u9762\u7684\u8bdd\uff1a<\/strong>Journal of Financial Economics\uff08\u91d1\u878d\u7ecf\u6d4e\u5b66\u6742\u5fd7\uff09\u53d1\u8868\u4e86\u201cCharting by machines\u201d\u4e00\u6587\uff0c\u8be5\u6587\u7ae0\u901a\u8fc7\u4f7f\u7528\u673a\u5668\u5b66\u4e60\u6839\u636e\u5386\u53f2\u8868\u73b0\u9884\u6d4b\u80a1\u7968\u6536\u76ca\u6765\u6d4b\u8bd5\u6709\u6548\u5e02\u573a\u5047\u8bf4\uff0c\u8fd9\u4e9b\u9884\u6d4b\u53ef\u4ee5\u6709\u529b\u5730\u9884\u6d4b\u672a\u6765\u80a1\u7968\u6536\u76ca\u7684\u6a2a\u622a\u9762\u3002\u9884\u6d4b\u80fd\u529b\u5728\u5927\u591a\u6570\u5b50\u5468\u671f\u4e2d\u90fd\u6210\u7acb\uff0c\u5e76\u4e14\u5728\u6700\u5927\u7684500\u53ea\u80a1\u7968\u4e2d\u8868\u73b0\u5f3a\u52b2\u3002\u9884\u6d4b\u51fd\u6570\u5177\u6709\u91cd\u8981\u7684\u975e\u7ebf\u6027\u548c\u76f8\u4e92\u4f5c\u7528\uff0c\u968f\u65f6\u95f4\u975e\u5e38\u7a33\u5b9a\uff0c\u5e76\u80fd\u6355\u6349\u5230\u4e0e\u52a8\u91cf\u3001\u53cd\u8f6c\u548c\u73b0\u6709\u6280\u672f\u4fe1\u53f7\u4e0d\u540c\u7684\u6548\u679c\u3002\u8fd9\u4e9b\u53d1\u73b0\u8d28\u7591\u4e86\u6709\u6548\u5e02\u573a\u5047\u8bf4\uff0c\u5e76\u8868\u660e\u6280\u672f\u5206\u6790\u548c\u56fe\u8868\u5177\u6709\u4ef7\u503c\u3002\u4e2d\u56fd\u4eba\u6c11\u5927\u5b66\u91d1\u878d\u79d1\u6280\u7814\u7a76\u6240\u7684\u6bb7\u6b22\u4e50\u5bf9\u7814\u7a76\u6838\u5fc3\u90e8\u5206\u8fdb\u884c\u4e86\u7f16\u8bd1\u3002\u6211\u5b66\u4e60\u540e\u89c9\u5f97\u5341\u5206\u6709\u5fc5\u8981\u5206\u4eab\u7ed9\u5927\u5bb6\u3002<\/section>\n<p>\u6765\u6e90 |<a href=\"https:\/\/www.sciencedirect.com\/science\/article\/abs\/pii\/S0304405X2400014X?via%3Dihub=\" target=\"_blank\" rel=\"noopener\">\u00a0Journal of Financial Economics<\/a><\/p>\n<p>\u4f5c\u8005 |\u00a0Scott Murray\uff0cYusen Xia\uff0cHouping Xiao<\/p>\n<p><strong>\u5f15\u8a00<\/strong><\/p>\n<p><strong>\u5f31\u6709\u6548\u5e02\u573a\u5047\u8bf4\u89c4\u5b9a<\/strong>\uff0c\u4ec5\u57fa\u4e8e\u4ece\u63cf\u8ff0\u80a1\u7968\u5386\u53f2\u8868\u73b0\u7684\u56fe\u8868\uff08\u4ee5\u4e0b\u7b80\u79f0\u4ef7\u683c\u56fe\u8868\uff09\u4e2d\u53ef\u8fa8\u522b\u7684\u4fe1\u606f\u6765\u6784\u5efa\u76c8\u5229\u7684\u6295\u8d44\u7ec4\u5408\u662f\u4e0d\u53ef\u80fd\u7684\u3002\u56e0\u6b64\uff0c\u6280\u672f\u5206\u6790\u6216\u56fe\u8868\u5e94\u8be5\u662f\u4e00\u79cd\u65e0\u7528\u7684\u6295\u8d44\u6280\u672f\u3002\u6280\u672f\u5206\u6790\u7684\u5b66\u672f\u7814\u7a76\u5e7f\u6cdb\u652f\u6301\u8fd9\u4e00\u9884\u6d4b\u3002\u5c3d\u7ba1\u5b66\u672f\u6587\u732e\u666e\u904d\u62d2\u7edd\u4f7f\u7528\u6280\u672f\u5206\u6790\uff0c\u4f46\u5b83\u4ecd\u7136\u88ab\u6295\u8d44\u7ecf\u7406\u5e7f\u6cdb\u4f7f\u7528\u3002\u6280\u672f\u5206\u6790\u7684\u6301\u7eed\u5e7f\u6cdb\u4f7f\u7528\u8868\u660e\uff0c\u5b66\u672f\u7814\u7a76\u53ef\u80fd\u5c1a\u672a\u5145\u5206\u53d1\u73b0\u5176\u4f18\u70b9\uff0c\u6709\u5fc5\u8981\u8fdb\u884c\u8fdb\u4e00\u6b65\u7814\u7a76\u3002 \u672c\u6587\u901a\u8fc7\u68c0\u67e5\u673a\u5668\u5b66\u4e60\u00a0(\u4ee5\u4e0b\u7b80\u79f0\u00a0ML)\u00a0\u751f\u6210\u7684\u9884\u6d4b<strong>\u662f\u5426\u80fd\u9884\u6d4b\u672a\u6765\u80a1\u7968\u6536\u76ca\u7684\u6a2a\u622a\u9762\u6765\u6d4b\u8bd5<\/strong><strong>\u5f31\u6709\u6548\u5e02\u573a\u5047\u8bf4<\/strong><strong>\u3002<\/strong><\/p>\n<p>\u8fd9\u4e9b\u9884\u6d4b\u4ec5\u57fa\u4e8e\u4ece\u5386\u53f2\u4ef7\u683c\u56fe\u4e2d\u5bb9\u6613\u8fa8\u522b\u7684\u6570\u636e\uff0c\u7279\u522b\u662f\u8fc7\u53bb12\u4e2a\u6708\u7684\u7d2f\u8ba1\u80a1\u7968\u6536\u76ca\u3002\u672c\u6587\u53d1\u73b0\u5f3a\u6709\u529b\u7684\u8bc1\u636e\u8868\u660e\uff0c\u57fa\u4e8eML\u7684\u9884\u6d4b\u5177\u6709\u7ecf\u6d4e\u4e0a\u91cd\u8981\u4e14\u7edf\u8ba1\u4e0a\u9ad8\u5ea6\u663e\u8457\u7684\u9884\u6d4b\u80fd\u529b\u3002\u8fd9\u79cd\u9884\u6d4b\u80fd\u529b\u5728\u672c\u6587\u5173\u6ce8\u76841963\u5e747\u6708\u81f32022\u5e7412\u6708\u6d4b\u8bd5\u671f\u7684\u5927\u591a\u6570\u5b50\u671f\u95f4\u90fd\u5360\u4e3b\u5bfc\u5730\u4f4d\uff0c\u5305\u62ec\u6700\u8fd1\u76842015\u5e741\u6708\u81f32022\u5e7412\u6708\u5b50\u671f\u95f4\uff0c\u5e76\u4e14\u5728\u6700\u5927\u7684500\u53ea\u80a1\u7968\u4e2d\u4ecd\u7136\u4fdd\u6301\u5f3a\u52b2\u3002\u9884\u6d4b\u51fd\u6570\u968f\u65f6\u95f4\u975e\u5e38\u7a33\u5b9a\u4e14\u9ad8\u5ea6\u590d\u6742\uff0c\u5177\u6709\u5927\u91cf\u5bf9\u9884\u6d4b\u5f88\u91cd\u8981\u7684\u975e\u7ebf\u6027\u548c\u4ea4\u4e92\u6210\u5206\u3002\u6700\u540e\uff0c<strong>\u672c\u6587\u57fa\u4e8e\u00a0ML\u00a0\u7684\u9884\u6d4b\u7684\u9884\u6d4b\u80fd\u529b\u65e0\u6cd5\u901a\u8fc7\u4f17\u6240\u5468\u77e5\u7684\u52a8\u91cf(Jegadeesh\u00a0\u548c\u00a0Titman, 1993)\u548c\u53cd\u8f6c(Jegadeesh, 1990)\u6548\u5e94\u6765\u89e3\u91ca<\/strong>\uff0c\u4e5f\u65e0\u6cd5\u901a\u8fc7\u4e4b\u524d\u7814\u7a76\u8fc7\u7684\u6280\u672f\u6216\u57fa\u4e8e\u00a0ML\u00a0\u7684\u4fe1\u53f7\u6765\u89e3\u91ca\u3002<\/p>\n<p>\u672c\u6587\u7684\u5de5\u4f5c\u4e3a\u4e09\u5927\u7814\u7a76\u9886\u57df\u505a\u51fa\u4e86\u8d21\u732e\u3002<strong>\u9996\u5148\uff0c\u672c\u6587\u8865\u5145\u4e86\u7814\u7a76\u8fc7\u53bb\u56de\u62a5\u662f\u5426\u5305\u542b\u6709\u52a9\u4e8e\u9884\u6d4b\u672a\u6765\u56de\u62a5\u7684\u4fe1\u606f\u7684\u6587\u732e\uff0c\u8fd9\u76f8\u5f53\u4e8e\u5173\u4e8e\u5f31\u5f0f\u6709\u6548\u5e02\u573a\u7406\u8bba\u7684\u6587\u732e\u3002<\/strong>\u8fd9\u7c7b\u6587\u732e\u4e2d\u6700\u7a81\u51fa\u7684\u53d1\u73b0\u662f\u524d\u9762\u63d0\u5230\u7684\u52a8\u91cf\u548c\u53cd\u8f6c\u6548\u5e94\u3002\u5176\u4e2d\u4e00\u90e8\u5206\u6587\u732e\u660e\u786e\u7814\u7a76\u4e86\u6280\u672f\u5206\u6790\u548c\u56fe\u8868\u7684\u6709\u6548\u6027\u3002\u6709\u51e0\u7bc7\u8bba\u6587\u7814\u7a76\u4e86\u6280\u672f\u4fe1\u53f7\u9884\u6d4b\u5927\u76d8\u6307\u6570\u6216\u591a\u5143\u5316\u6295\u8d44\u7ec4\u5408\u8868\u73b0\u7684\u80fd\u529b\u3002Brock\u7b49\u4eba(1992)\u53d1\u73b0\u7b80\u5355\u7684\u6280\u672f\u4fe1\u53f7\u53ef\u4ee5\u9884\u6d4b\u9053\u743c\u65af\u6307\u6570\u7684\u672a\u6765\u56de\u62a5\u3002\u5c3d\u7ba1\u6280\u672f\u5206\u6790\u5728\u5b9e\u8df5\u4e2d\u88ab\u5e7f\u6cdb\u4f7f\u7528(Menkhoff, 2010;\u00a0Lo\u548c\u00a0Hasanhodzic, 2010)\uff0c\u4f46\u5173\u4e8e\u6280\u672f\u4fe1\u53f7\u9884\u6d4b\u80fd\u529b\u7684\u7814\u7a76\u5374\u5f88\u5c11\u3002\u672c\u6587\u53d1\u73b0\u672c\u6587\u68c0\u6d4b\u5230\u7684\u9884\u6d4b\u6a21\u5f0f\u4f1a\u968f\u7740\u65f6\u95f4\u7684\u63a8\u79fb\u800c\u6301\u7eed\u5b58\u5728\uff0c\u8fd9\u8868\u660e\u56fe\u8868\u5206\u6790\u5e08\u6709\u53ef\u80fd\u5728\u76f8\u5bf9\u8f83\u957f\u7684\u65f6\u95f4\u5185\u5b66\u4e60\u8fd9\u4e9b\u6a21\u5f0f\u3002\u672c\u6587\u4f7f\u7528\u6295\u8d44\u7ec4\u5408\u5206\u6790\u4f5c\u4e3a\u672c\u6587\u7684\u4e3b\u8981\u5b9e\u8bc1\u65b9\u6cd5\u89e3\u51b3\u4e86Jegadeesh (2000)\u7684\u76c8\u5229\u80fd\u529b\u6279\u8bc4\u3002\u56e0\u6b64\u672c\u6587\u7684\u4e3b\u8981\u8d21\u732e\u662f\u8bc1\u660e\u6280\u672f\u5206\u6790\u7684\u4f18\u70b9\uff0c\u4ece\u800c\u63d0\u4f9b\u4e0e\u6709\u6548\u5e02\u573a\u5047\u8bf4\u76f8\u77db\u76fe\u7684\u8bc1\u636e\uff0c\u4ee5\u514b\u670d\u5bf9\u8be5\u9886\u57df\u7814\u7a76\u7684\u6279\u8bc4\u3002<\/p>\n<p><strong>\u5176\u6b21\uff0c\u672c\u6587\u5728\u8d8a\u6765\u8d8a\u591a\u7684\u6587\u732e\u4e2d\u4f7f\u7528\u673a\u5668\u5b66\u4e60\u6765\u4e86\u89e3\u80a1\u7968\u6536\u76ca\u7684\u6a2a\u622a\u9762\u3002<\/strong>Messmer (2017)\u3001Messmer\u548c\u00a0Audrino (2020)\u4ee5\u53caFreyberger\u00a0\u7b49\u4eba\u00a0(2020)\u4f7f\u7528\u673a\u5668\u5b66\u4e60\u6765\u8bc6\u522b\u80a1\u7968\u5c42\u9762\u7279\u5f81\u4e0e\u9884\u671f\u80a1\u7968\u6536\u76ca\u4e4b\u95f4\u7684\u5173\u7cfb\u3002Kelly\u7b49\u4eba\u00a0(2019)\u3001Kozak\u00a0\u7b49\u4eba\u00a0(2020)\u3001Lettau\u00a0\u548c\u00a0Pelger 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src=\"http:\/\/123.60.176.65\/wp-content\/uploads\/2024\/06\/640-3-3.webp\" alt=\"\" width=\"763\" height=\"720\" \/><\/p>\n<section><\/section>\n<section><strong>\u7ed3\u8bba\uff1a<\/strong>\u672c\u6587\u901a\u8fc7\u68c0\u67e5\u57fa\u4e8e\u673a\u5668\u5b66\u4e60\u7684\u9884\u6d4b\uff08\u8fd9\u4e9b\u9884\u6d4b\u4ece\u5386\u53f2\u4ef7\u683c\u56fe\u4e2d\u5bb9\u6613\u89c2\u5bdf\u5230\u7684\u8fc7\u53bb\u56de\u62a5\u6570\u636e\u751f\u6210\uff09\u662f\u5426\u53ef\u4ee5\u9884\u6d4b\u672a\u6765\u80a1\u7968\u56de\u62a5\u7684\u6a2a\u622a\u9762\u6765\u6d4b\u8bd5\u5f31\u6709\u6548\u5e02\u573a\u5047\u8bf4\u3002\u672c\u6587\u9996\u5148\u4f7f\u7528\u00a0192701-196306\u00a0\u671f\u95f4\u6765\u786e\u5b9a\u7528\u4e8e\u751f\u6210\u57fa\u4e8e\u673a\u5668\u5b66\u4e60\u7684\u9884\u6d4b\u7684\u6700\u4f73\u673a\u5668\u5b66\u4e60\u6a21\u578b\u3002\u672c\u6587\u53d1\u73b0\uff0c\u4f7f\u7528\u5177\u6709\u957f\u77ed\u671f\u8bb0\u5fc6\u7684\u5377\u79ef\u795e\u7ecf\u7f51\u7edc\u4f5c\u4e3a\u673a\u5668\u5b66\u4e60\u67b6\u6784\uff0c\u4f7f\u7528\u5747\u65b9\u8bef\u5dee\u4f5c\u4e3a\u635f\u5931\u51fd\u6570\uff0c\u5728\u635f\u5931\u51fd\u6570\u4e2d\u5bf9\u89c2\u6d4b\u503c\u8fdb\u884c\u52a0\u6743\uff0c\u4f7f\u6bcf\u4e2a\u6708\u7684\u89c2\u6d4b\u503c\u5177\u6709\u76f8\u540c\u7684\u603b\u6743\u91cd\uff0c\u6bcf\u4e2a\u6708\u7684\u6bcf\u53ea\u80a1\u7968\u5177\u6709\u76f8\u7b49\u7684\u6743\u91cd\uff0c\u5e76\u4f7f\u7528<span style=\"color: #000000;\">\u672a\u6765\u80a1\u7968\u56de\u62a5\u7684\u6807\u51c6\u5316\u5ea6\u91cf\u4f5c\u4e3a\u56e0\u53d8\u91cf\uff0c\u53ef\u4ee5\u4f18\u5316\u00a0192701-196306\u00a0\u4f18\u5316\u671f\u95f4\u7684\u673a\u5668\u5b66\u4e60\u6a21\u578b\u6027\u80fd\u3002<\/span><\/section>\n<section><\/section>\n<section><\/section>\n<section><span style=\"color: #000000;\"><strong>\u672c\u6587\u4f7f\u7528\u6837\u672c\u671f\u65e9\u671f\u7684\u6570\u636e\u6765\u786e\u5b9a\u6700\u4f73\u673a\u5668\u5b66\u4e60\u6a21\u578b\uff0c\u4ece\u800c\u514b\u670d\u4e86\u5bf9\u6570\u636e\u6316\u6398\u548c\u7ed3\u679c\u6837\u672c\u5916\u6709\u6548\u6027\u7684\u62c5\u5fe7\u3002<\/strong><\/span><span style=\"color: #000000;\">\u672c\u6587\u4f7f\u7528\u9009\u5b9a\u7684\u00a0ML\u00a0\u6a21\u578b\u5728\u00a01963\u00a0\u5e74\u00a07\u00a0\u6708\u81f3\u00a02022\u00a0\u5e74\u00a012\u00a0\u6708\u7684\u6d4b\u8bd5\u671f\u95f4\u751f\u6210\u672a\u6765\u80a1\u7968\u6536\u76ca\u7684\u6837\u672c\u5916\u9884\u6d4b\u3002\u6295\u8d44\u7ec4\u5408\u5206\u6790\u8868\u660e\uff0c\u57fa\u4e8e\u00a0ML\u00a0\u7684\u9884\u6d4b\u662f\u672a\u6765\u80a1\u7968\u6536\u76ca\u6a2a\u622a\u9762\u7684\u6709\u529b\u9884\u6d4b\u6307\u6807\u3002\u56e0\u5b50\u5206\u6790\u548c\u5176\u4ed6\u6307\u6807\u5e76\u672a\u8868\u660e\u4e0e\u57fa\u4e8e\u00a0ML\u00a0\u7684\u9884\u6d4b\u76f8\u5173\u7684\u5e73\u5747\u6536\u76ca\u53d8\u5316\u53cd\u6620\u4e86\u98ce\u9669\u8865\u507f\u3002\u8fdb\u4e00\u6b65\u7684\u6d4b\u8bd5\u8868\u660e\uff0c\u57fa\u4e8e\u00a0ML\u00a0\u7684\u9884\u6d4b\u5728\u672c\u6587\u4e3b\u8981\u6d4b\u8bd5\u671f\u7684\u5927\u591a\u6570\u5b50\u671f\u95f4\uff08\u5305\u62ec\u6700\u8fd1\u7684\u00a02015\u00a0\u5e74\u00a01\u00a0\u6708\u81f3\u00a02022\u00a0\u5e74\u00a012\u00a0\u6708\uff09\u7684\u9884\u6d4b\u80fd\u529b\u90fd\u5f88\u5f3a\u3002<\/span><\/section>\n<section><\/section>\n<section><span style=\"color: #000000;\"><strong>\u672c\u6587\u8fd8\u53d1\u73b0\uff0c\u8fd9\u4e9b\u9884\u6d4b\u5728\u672c\u6587\u6837\u672c\u4e2d\u6700\u5927\u7684\u00a0500\u00a0\u53ea\u80a1\u7968\u4e2d\u662f\u6709\u6548\u7684\uff0c\u8fd9\u8868\u660e\u9884\u6d4b\u80fd\u529b\u4e0d\u4ec5\u9650\u4e8e\u5c0f\u578b\u548c\u6d41\u52a8\u6027\u5dee\u7684\u80a1\u7968\u3002<\/strong><\/span><span style=\"color: #000000;\">\u672c\u6587\u7684\u7814\u7a76\u7ed3\u679c\u6709\u529b\u5730\u53cd\u9a73\u4e86\u6709\u6548\u5e02\u573a\u5047\u8bf4\u7684\u4e3b\u8981\u9884\u6d4b\uff0c\u5373\u76c8\u5229\u7684\u6295\u8d44\u7ec4\u5408\u4e0d\u80fd\u4ec5\u6839\u636e\u5386\u53f2\u6536\u76ca\u4e2d\u5305\u542b\u7684\u4fe1\u606f\u6765\u6784\u5efa\u3002\u867d\u7136\u4eba\u4eec\u53ef\u80fd\u4f1a\u5408\u7406\u5730\u8ba4\u4e3a\uff0c\u52a8\u91cf\u548c\u53cd\u8f6c\u6548\u5e94\u5df2\u7ecf\u662f\u4e0e\u6709\u6548\u5e02\u573a\u5047\u8bf4\u76f8\u6096\u7684\u6709\u529b\u8bc1\u636e\uff0c\u4f46\u8fc7\u53bb\u4ef7\u683c\u6a21\u5f0f\u4e0e\u672a\u6765\u6536\u76ca\u4e4b\u95f4\u5173\u7cfb\u7684\u590d\u6742\u6027\u8868\u660e\uff0c\u8fdd\u53cd\u6709\u6548\u5e02\u573a\u5047\u8bf4\u7684\u60c5\u51b5\u6bd4\u4ee5\u524d\u7406\u89e3\u7684\u8981\u590d\u6742\u5f97\u591a\u3002<\/span><\/section>\n<section><\/section>\n<section><span style=\"color: #000000;\"><strong>\u672c\u6587\u7684\u7814\u7a76\u7ed3\u679c\u8fd8\u8868\u660e\uff0c\u6280\u672f\u5206\u6790\u6216\u56fe\u8868\u6bd4\u5b66\u672f\u754c\u627f\u8ba4\u7684\u66f4\u6709\u4ef7\u503c\uff0c\u5e76\u89e3\u91ca\u4e86\u4e3a\u4ec0\u4e48\u8fd9\u79cd\u6280\u672f\u5728\u6295\u8d44\u4ece\u4e1a\u8005\u4e2d\u4ecd\u7136\u5f88\u6d41\u884c<\/strong>\u3002<\/span><\/section>\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p class=\"has-text-align-center\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-cyan-bluish-gray-color\">\u672c\u6587\u5185\u5bb9\u4ec5\u4ec5\u662f\u6280\u672f\u63a2\u8ba8\u548c\u5b66\u4e60\uff0c\u5e76\u4e0d\u6784\u6210\u4efb\u4f55\u6295\u8d44\u5efa\u8bae\u3002<\/mark><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u5199\u5728\u524d\u9762\u7684\u8bdd\uff1aJournal of Financi&#8230;<\/p>\n<div class=\"more-link-wrapper\"><a class=\"more-link\" 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