{"id":2457,"date":"2021-01-17T21:53:32","date_gmt":"2021-01-17T13:53:32","guid":{"rendered":"http:\/\/ufqi.com\/blog\/?p=2457"},"modified":"2021-01-18T12:04:54","modified_gmt":"2021-01-18T04:04:54","slug":"income-rate-annuals-with-yale","status":"publish","type":"post","link":"https:\/\/ufqi.com\/blog\/income-rate-annuals-with-yale\/","title":{"rendered":"\u5199\u5199\u5e74\u5ea6\u6536\u76ca\u7387\u5e74\u5747\u6536\u76ca\u7387\u548c\u5e74\u5316\u6536\u76ca\u7387-3"},"content":{"rendered":"<p>\u9ad8\u74f4\u8d44\u672c\u5f20\u78ca\u5728\u5176\u65b0\u4e66\u300a\u4ef7\u503c\u300b\u4e00\u4e66\u4e2d\uff0c\u63cf\u8ff0\u4e86\u5982\u4e0b\u5185\u5bb9\u3002<\/p>\n<p><em>\u201c&#8230;\u8036\u9c81\u6350\u8d60\u57fa\u91d1(The Yale Endowments)\u7684\u8d44\u4ea7\u89c4\u6a21\u5374\u4e0d\u65ad\u6269\u5927\uff0c\u4ece\u4ed6(\u5927\u536b-\u53f2\u6587\u68ee, David Swensen)\u4e0a\u4efb\u4e4b\u521d\u768413\u4ebf\u7f8e\u5143\uff0c\u589e\u957f\u52302019\u5e746\u6708\u7684303\u4ebf\u7f8e\u5143\uff0c\u589e\u957f\u4e8622\u500d\u591a\uff0c\u8fc7\u53bb10\u5e74\u7684\u5e74\u5316\u6536\u76ca\u7387\u4e3a11.1%\uff0c\u8fc7\u53bb20\u5e74\u7684\u5e74\u5316\u6536\u76ca\u7387\u4e3a11.4%\uff0c\u662f\u4e16\u754c\u4e0a\u957f\u671f\u4e1a\u7ee9\u6700\u597d\u7684\u673a\u6784\u6295\u8d44\u8005\u4e4b\u4e00\uff0c\u83b7\u5f97\u4e86\u57fa\u91d1\u7ba1\u7406\u754c\u548c\u534e\u5c14\u8857\u7684\u9ad8\u5ea6\u5173\u6ce8&#8230;&#8221;<\/em><\/p>\n<p>\u8fd9\u5f15\u53d1\u6211\u4eec\u7684\u5174\u8da3\uff0c\u672c\u6765\u8fd9\u4e2a\u5173\u4e8e\u5e74\u5316\u6536\u76ca\u7387\u7684\u4e3b\u9898\u5df2\u7ecf\u5199\u4e86\u4e24\u7bc7\uff0c\u5206\u522b\u7ed9\u51fa\u4e86<a href=\"https:\/\/ufqi.com\/blog\/income-rate-annuals\/\">\u5e74\u5ea6\u6536\u76ca\u7387\u3001\u5e74\u5316\u6536\u76ca\u7387\u7684\u5b9a\u4e49\u53ca\u516c\u5f0f<\/a>\uff08\u00a0https:\/\/ufqi.com\/blog\/income-rate-annuals\/ \uff09\uff0c<a href=\"https:\/\/ufqi.com\/blog\/income-rate-annuals-with-cic\/\">\u8003\u5bdf\u548c\u5206\u6790\u4e86\u5168\u56fd\u793e\u4fdd\u57fa\u91d1\u6295\u8d44\u6536\u76ca\u7387\u3001\u4e2d\u6295\u516c\u53f8\u5883\u5916\u6295\u8d44\u6536\u76ca\u7387 <\/a>\uff08\u00a0https:\/\/ufqi.com\/blog\/income-rate-annuals-with-cic\/ \uff09\u3002\u672c\u7bc7\u6211\u4eec\u6253\u7b97\u6df1\u5165\u5206\u6790\u4e00\u4e0b\u7f8e\u56fd\u8036\u9c81\u5927\u5b66\u6350\u8d60\u57fa\u91d1\u4f1a\uff08The Yale Endowments\uff09\u7684\u5386\u5e74\u6295\u8d44\u6536\u76ca\u7387\u3002<\/p>\n<h2><strong>6. \u8036\u9c81\u6350\u8d60\u57fa\u91d124\u5e74\u6765\u7684\u5e74\u5ea6\u3001\u5e74\u5316\u6536\u76ca\u7387\u5206\u6790<\/strong><\/h2>\n<p>\u8036\u9c81\u6350\u8d60\u57fa\u91d1\u7684\u6295\u8d44\u54f2\u5b66\uff08\u7b56\u7565\uff09\uff1a&#8221;The Yale Investment Office seeks to provide high inflation-adjusted returns to support current and future needs of the University. \u00a0We work to establish an appropriate risk-adjusted asset allocation and seek out long-term partnerships across the globe with managers who provide deep analytical insights and improve the operations of public and private businesses.&#8221;\u00a0<\/p>\n<p><img loading=\"lazy\" class=\"\" src=\"https:\/\/ufqi.com\/blog\/wp-content\/uploads\/2021\/01\/%E5%85%A8%E5%9B%BD%E7%A4%BE%E4%BF%9D%E5%9F%BA%E9%87%91%E6%9D%83%E7%9B%8A%E6%8A%95%E8%B5%84%E6%94%B6%E7%9B%8A-vs-%E8%80%B6%E9%B2%81%E6%8D%90%E8%B5%A0%E5%9F%BA%E9%87%91%E6%8A%95%E8%B5%84-2001-2020.jpg\" width=\"569\" height=\"356\" \/><\/p>\n<p>Fig-1. \u4e2d\u56fd\u793e\u4fdd\u57fa\u91d1\u548c\u7f8e\u56fd\u8036\u9c81\u5927\u5b66\u6350\u8d60\u57fa\u91d1\u6295\u8d44\u6536\u76ca\u5bf9\u6bd4, 2001-2020, \u6700\u53f3\u4fa7\u4e3a\u540c\u65f6\u671f\u7f8e\u80a1\u9053\u743c\u65af\u5de5\u4e1a\u6307\u6570\u7684\u76f8\u5173\u6570\u636e<\/p>\n<p>\u7531\u4e0a\u56fe\u5bf9\u6bd4\u6570\u636e\u53ef\u4ee5\u770b\u51fa\uff0c\u8036\u9c81\u6350\u8d60\u57fa\u91d1\u7684\u6295\u8d44\u4e1a\u7ee9\u76f8\u5f53\u4eae\u773c\u3002\u4ece\u5b98\u7f51\u67e5\u8be2\u53ef\u4ee5\u83b7\u5f97\u6700\u65e9<strong>1997\u5e74\u81f3\u4eca\u7684\u5e74\u5ea6\u6536\u76ca\u7387\u6570\u636e\uff0c\u636e\u6b64\u53ef\u4ee5\u8fdb\u4e00\u6b65\u5730\u8ba1\u7b97\u51fa24\u5e74\u6765\u7684\u5e74\u5316\u6536\u76ca\u7387\uff0c11.94%\uff0812%\uff09<\/strong>\u3002\u8fd9\u4e2a\u6570\u636e\u9ad8\u4e8e20\u5e74\u6765\u4e2d\u56fd\u793e\u4fdd\u57fa\u91d1\u7684\u5e74\u5316\u6536\u76ca\u7387 8.5%. \u5927\u81f41997-1999\u4e09\u5e74\u95f4\u53d6\u5f97\u4e86\u76f8\u5f53\u4e0d\u9519\u7684\u6210\u7ee9\u62c9\u5347\u4e86\u5176\u6574\u4f53\u5e74\u5316\u6536\u76ca\u7387\u3002\u8036\u9c81\u57fa\u91d1\u7684\u8ba1\u7b97\u65b9\u6cd5\u7565\u6709\u504f\u5dee\uff0c\u4ed6\u9760\u201c\u8d22\u5e74\u201d\u2014\u2014\u5f53\u5e747\u67081\u65e5\u81f3\u6b21\u5e746\u670830\u65e5\u4e3a\u4e00\u4e2a\u8d22\u5e74\uff0c\u8fd9\u4e2a\u7528\u8d22\u5e74\u8ba1\u7b97\u5468\u671f\u4e0e\u9ed8\u8ba4\u7684\u7528\u81ea\u7136\u5e74\uff08\u5f53\u5e741\u67081\u65e5\u81f312\u670831\u65e5\uff09\u4f5c\u4e3a\u8ba1\u7b97\u5468\u671f\u7565\u6709\u4e0d\u540c\u3002<\/p>\n<p>\u6bd4\u5982\u8036\u9c81\u57fa\u91d1\u552f\u4e00\u5f55\u5f97\u8d1f\u6570\uff08\u4e8f\u635f\uff09\u7684\u5e74\u4efd\u662f2009\u5e74\uff0c\u5b9e\u9645\u5f53\u5e74\u80a1\u5e02\u5927\u707e\u662f\u53d1\u751f\u57282008\u5e74\u4e0b\u534a\u5e74\uff0c\u8fd9\u79cd\u504f\u79fb\u6216\u504f\u5dee\u540e\u9762\u8fd8\u4f1a\u7ee7\u7eed\u63d0\u5230\u3002<\/p>\n<p>\u6a2a\u5411\u6bd4\u8f83\uff0c2000\u30012001\u30012002\u4e09\u4e2a\u5e74\u4efd\uff0c\u65e0\u8bba\u662f\u4e2d\u56fd\u793e\u4fdd\u57fa\u91d1\u3001\u7f8e\u56fd\u8036\u9c81\u57fa\u91d1\uff0c\u8fd8\u662f\u7f8e\u80a1\u9053\u743c\u65af\u5de5\u4e1a\u6307\u6570\uff0c\u90fd\u8868\u73b0\u4e0d\u597d\uff0c\u5c24\u5176\u662f\u7f8e\u80a1\u9053\u743c\u65af\u5de5\u4e1a\u6307\u6570\uff0c\u8fde\u7eed\u4e09\u5e74\u4e0b\u8dcc\u3002\u540c\u65f6\u671f\u7684\u793e\u4fdd\u57fa\u91d1\u548c\u8036\u9c81\u57fa\u91d1\u80fd\u591f\u4fdd\u6301\u6b63\u6536\u76ca\uff0c\u5b9e\u5728\u662f\u96be\u5f97\u3002\u4e2d\u56fd\u793e\u4fdd\u57fa\u91d1\u4e0e\u7f8e\u80a1\u53ef\u80fd\u5173\u7cfb\u4e0d\u5927\uff0c\u5355\u72ec\u8003\u5bdf\u8036\u9c81\u57fa\u91d1\u4e0e\u9053\u743c\u65af\u5de5\u4e1a\u6307\u6570\u6216\u66f4\u6709\u610f\u4e49\u3002\u5728\u7f8e\u80a1\u5927\u8dcc\u7684\u5e74\u4efd\uff0c\u8036\u9c81\u57fa\u91d1\u80fd\u591f\u4e0d\u8dcc\u751a\u81f3\u662f\u5c0f\u8d5a\uff0c\u53ef\u80fd\u4e0e\u5176\u5f15\u4ee5\u4e3a\u50b2\u7684\u8d44\u4ea7\u914d\u7f6e\u6709\u5173\u3002<\/p>\n<p><strong>6.1. \u8036\u9c81\u57fa\u91d1\u8d44\u4ea7\u914d\u7f6e\u591a\u5143\u5316\u3001\u6301\u7eed\u4e0d\u65ad\u8c03\u6574\u914d\u6bd4<\/strong><\/p>\n<p><img loading=\"lazy\" class=\"\" src=\"https:\/\/ufqi.com\/blog\/wp-content\/uploads\/2021\/01\/%E8%80%B6%E9%B2%81%E5%A4%A7%E5%AD%A6%E6%8D%90%E8%B5%A0%E5%9F%BA%E9%87%91%E6%8A%95%E8%B5%84%E8%B5%84%E4%BA%A7%E9%85%8D%E7%BD%AE1990-2020.png\" width=\"558\" height=\"339\" \/><\/p>\n<p>Fig-2. \u8036\u9c81\u6350\u8d60\u57fa\u91d1\u591a\u5143\u5316\u8d44\u4ea7\u914d\u7f6e, 1990-2020<\/p>\n<p>\u901a\u8fc7Fig-2 \u53ef\u4ee5\u770b\u51fa\u8036\u9c81\u57fa\u91d1\u7684\u914d\u7f6e\u4e0e\u4f20\u7edf\u80a1\u7968\u80a1\u6743\u76f8\u5173\u7684\u6bd4\u4f8b\u4e00\u76f4\u5f88\u9ad8\uff0c\u5982Domestic Equity\uff08\u56fd\u5185\u80a1\u7968\uff09\u3001Foreign Equity\uff08\u56fd\u5916\u8bc1\u5238\uff09\u548cAbsolute Return\uff08\u7edd\u5bf9\u6536\u76ca\uff0c\u7edd\u5bf9\u6b63\u6536\u76ca?\uff09\uff0c \u56fd\u5185\u5916\u80a1\u7968\u6295\u8d44\u548c\u7ecf\u5c01\u88c5\u6216\u59d4\u6258\u7684\u5177\u6709\u7edd\u5bf9\u6b63\u6536\u76ca\u6027\u8d28\u7684\u8bc1\u5238\u6295\u8d44\u3002<\/p>\n<p>\u53d8\u5316\u8f83\u5927\u8f83\u660e\u663e\u5730\u5730\u65b9\u5728\u4e8e\u56fd\u5185\u80a1\u7968\u548c\u98ce\u9669\u6295\u8d44\u7684\u6b64\u6d88\u5f7c\u957f\uff0c\u76f4\u63a5\u6295\u8d44\u7f8e\u80a1\u7684\u6bd4\u4f8b\u4e0b\u964d\uff0c\u800c\u79c1\u52df\u80a1\u548c\u98ce\u9669\u79cd\u5b50\u5929\u4f7f\u6295\u8d44\u589e\u591a\u3002<br \/>\u4e5f\u8bb8\u6b63\u662f\u901a\u8fc7\u8fd9\u79cd\u5c11\u6295\u8d44\u6216\u8005\u4e0d\u76f4\u63a5\u6295\u8d44\u7f8e\u56fd\u80a1\u7968\u5e02\u573a\uff0c\u6240\u4ee5\u53ef\u4ee5\u907f\u514d\u80a1\u707e\u65f6\uff0c\u8d22\u5bcc\u5927\u5e45\u4e0b\u632b\u3002<br \/>\u7136\u800c\uff0c\u5c3d\u7ba1\u8036\u9c81\u57fa\u91d1\u6781\u529b\u907f\u514d\u4e8f\u635f\u6216\u8005\u8d1f\u6570\u6536\u76ca\uff0c\u5728\u5176\u8fc7\u53bb\u768424\u5e74\u91cc\uff0c\u4ecd\u6709\u4e00\u4e2a\u5e74\u4efd\u7684\u6536\u76ca\u662f\u8d1f\u6570\uff0c\u800c\u4e14\u76f8\u5f53\u53ef\u6015\u7684\u8d1f\u6570\u30022009\u5e74\u7684 -24.9%\uff0c \u5f53\u5e74\u9053\u743c\u65af\u6307\u6570\u4e0b\u8dcc\u4e86 -33.84% , \u8036\u9c81\u57fa\u91d1\u7684\u98ce\u9669\u655e\u53e3\u51e0\u4e4e\u7b49\u540c\u4e8e\u7f8e\u80a1\u3002<\/p>\n<p><strong>6.2. \u4e0e\u7f8e\u80a1\u9053\u743c\u65af\u5de5\u4e1a\u6307\u6570\u5f3a\u6b63\u76f8\u5173<\/strong><\/p>\n<p><img loading=\"lazy\" class=\"\" src=\"https:\/\/ufqi.com\/blog\/wp-content\/uploads\/2021\/01\/%E8%80%B6%E9%B2%81%E5%9F%BA%E9%87%91%E6%94%B6%E7%9B%8A%E7%8E%87%E4%B8%8E%E9%81%93%E7%90%BC%E6%96%AF%E5%B7%A5%E4%B8%9A%E6%8C%87%E6%95%B01997-2020.jpg\" width=\"565\" height=\"329\" \/><br \/>Fig-3 \u8036\u9c81\u57fa\u91d1\u5e74\u5ea6\u6536\u76ca\u7387\u4e0e\u9053\u743c\u65af\u5de5\u4e1a\u6307\u6570<\/p>\n<p>\u901a\u8fc7Fig-3\u7684\u5386\u53f2\u66f2\u7ebf\u56fe\u53ef\u4ee5\u770b\u51fa\uff0c\u8036\u9c81\u57fa\u91d1\u7684\u6536\u76ca\u7387\u4e0e\u9053\u743c\u65af\u5de5\u4e1a\u6307\u6570\u5177\u6709\u5f31\u7684\u6b63\u76f8\u5173\u5173\u7cfb\uff0c\u76f8\u5173\u7cfb\u6570\u4e3a0.68\u3002\u8003\u8651\u5230\u8036\u9c81\u57fa\u91d1\u6309\u8d22\u5e74\u8ba1\u7b97\uff0c\u800c\u9053\u743c\u65af\u5de5\u4e1a\u6307\u6570\u6309\u81ea\u7136\u5e74\u8ba1\u7b97\uff0c\u8fd9\u4e2a\u76f8\u5173\u7cfb\u6570\u5927\u81f4\u53ef\u4ee5\u63d0\u5347\u5230 0.75~0.85\uff0c \u51e0\u4e4e\u8fbe\u5230\u5f3a\u76f8\u5173\u7684\u8303\u56f4\uff08&gt;= 0.8\uff09\u3002\u6bd5\u7adf\u56fd\u5185\u5916\u80a1\u6743\u6295\u8d44\u3001\u7edd\u5bf9\u6536\u76ca\u6295\u8d44\uff0c\u6700\u7ec8\u90fd\u8981\u6d41\u5165\u8bc1\u5238\u5e02\u573a\u3002<\/p>\n<p>\u5c3d\u7ba1\u8036\u9c81\u57fa\u91d1\u6781\u529b\u907f\u514d\u80a1\u707e\u5bf9\u6295\u8d44\u6536\u76ca\u7684\u5f71\u54cd\uff0c\u4e5f\u5373\u8ffd\u6c42\u7a33\u5065\u548c\u7edd\u5bf9\u6536\u76ca\u4e3a\u7b2c\u4e00\u4f4d\u539f\u5219\uff0c2009\u5e74 -24.9% \u5e74\u5ea6\u6536\u76ca\u7387\u5e94\u8be5\u5c5e\u4e8e\u5386\u53f2\u7f55\u89c1\u7684\u5f02\u5e38\u3002\u8fd9\u4e00\u4e8f\u635f\u6570\u636e\u4e2d\uff0c\u53ef\u80fd\u80a1\u707e\u5e76\u6ca1\u6709\u591a\u5927\u8d21\u732e\uff0c\u800c\u8036\u9c81\u57fa\u91d1\u5728\u8d44\u4ea7\u914d\u7f6e\u4e2d\u6709\u5927\u91cf\u7684Real Estates\uff08\u623f\u5730\u4ea7\uff09\uff0c\u8fd9\u4e9b\u6295\u8d44\u5e26\u6765\u7684\u5de8\u4e8f\uff0c\u6700\u7ec8\u5bfc\u81f4\u8036\u9c81\u57fa\u91d1\u5386\u53f2\u4e0a\u7f55\u89c1\u7684\u5de8\u4e8f\uff0c\u4ece\u800c\u4f7f\u5f97\u8036\u9c81\u57fa\u91d1\u867d\u7136\u9694\u79bb\u4e86\u80a1\u707e\u7684\u98ce\u9669\uff0c\u4f46\u6ca1\u6709\u9884\u6599\u5230\u7978\u4e0d\u5355\u884c\u5730\u53e0\u52a0\u4e86\u623f\u5730\u4ea7\u5de8\u4e8f\uff01<br \/>\u4eceFig-2\u4e2d\uff0c\u6211\u4eec\u4e5f\u770b\u52302009\u5e74\u540e\uff0c\u8d44\u4ea7\u914d\u7f6e\u4e2d\u623f\u5730\u4ea7\u7684\u6bd4\u4f8b\u5728\u9010\u6e10\u964d\u4f4e\u3002\u4e0d\u8fc7\u8be1\u5f02\u7684\u662f\uff0c\u5176\u540e\u4f34\u968f\u591a\u5e74\u7684\u662f\u5e74\u5ea6\u6536\u76ca\u7387\u4e5f\u5728\u8d70\u4f4e\uff0c\u53ef\u89c1\u968f\u7740\u98ce\u9669\u655e\u53e3\u7684\u7f29\u5c0f\uff0c\u6536\u76ca\u4f3c\u4e4e\u4e5f\u9010\u6e10\u964d\u4f4e\u3002<\/p>\n<p>\u901a\u8fc7\u66f4\u52a0\u591a\u5143\u5316\u7684\u8d44\u4ea7\u914d\u7f6e\uff0c20\u5e74\u6765\uff0c\u867d\u7136\u5386\u7ecf\u8bc1\u5238\u5e02\u573a\u7684\u725b\u718a\u5e02\uff0c\u8036\u9c81\u57fa\u91d1\u5f53\u4e4b\u65e0\u6127\u7684\u57fa\u4e1a\u957f\u9752\uff0c\u8dd1\u8d62\u4e86\u9053\u743c\u65af\u5de5\u4e1a\u6307\u6570\u8fd1\u4e00\u500d\uff0811.94 vs. 6.7\uff09\uff0c\u4e5f\u5927\u5e45\u8dd1\u8d62\u4e86\u4e3b\u8981\u5728\u8bc1\u5238\u5e02\u573a\u6dd8\u91d1\u7684\u4e2d\u56fd\u793e\u4fdd\u57fa\u91d1\u548c\u9760\u80a1\u707e\u5927\u5751\u53d1\u8d22\u7684\u4e2d\u6295\u516c\u53f8\u7684\u540c\u671f\u6536\u76ca\u7387\u3002\u00a0<\/p>\n<h2><strong>7. \u5e74\u5ea6\u3001\u5e74\u5316\u6536\u76ca\u7387\u5206\u6790\u5c0f\u7ed3-2<\/strong><\/h2>\n<p>\u901a\u8fc7\u5728 5.1\u30015.2\u8282\u91cc\uff0c\u6211\u4eec\u5927\u81f4\u770b\u5230\u5728\u8bc1\u5238\u5e02\u573a\u8d5a\u94b1\u662f\u5f88\u96be\u7684\uff0c\u5373\u4fbf\u806a\u660e\u7edd\u9876\u4e14\u8d44\u91d1\u5145\u6c9b\uff0c\u8981\u60f3\u83b7\u5f97\u8d85\u51fa\u884c\u4e1a\u5e73\u5747\u6536\u76ca\u7387\uff0c\u4e5f\u4e0d\u662f\u5bb9\u6613\u7684\u4e8b\u3002<\/p>\n<p>\u901a\u8fc7\u8bc1\u5238\u5e02\u573a\u83b7\u5229\u7684\u57fa\u672c\u539f\u5219\u662f\u9ad8\u629b\u4f4e\u5438\uff0c\u7531\u4e8e\u9ad8\u4f4e\u7684\u76f8\u5bf9\u6027\uff0c\u5b9e\u9645\u64cd\u4f5c\u8d77\u6765\u8981\u5145\u5206\u8003\u8651\u5404\u79cd\u56e0\u7d20\u8fdb\u884c\u5224\u65ad\uff0c\u91cf\u5316\u4e00\u4e0b\u5c31\u662f\u9700\u8981\u8fdb\u884c\u6982\u7387\u8ba1\u7b97\uff0c\u5728\u67d0\u79cd\u573a\u666f\u4e0b\uff0c\u7eb3\u5165\u5404\u79cd\u8003\u91cf\u56e0\u5b50\uff0c\u8ba1\u7b97\u8fdb\u884c\u6295\u8d44\u65f6\u7684\u8d62\u7684\u6982\u7387\u3002<\/p>\n<p>\u7ecf\u8fc7\u5bf9\u8036\u9c81\u57fa\u91d1\u6295\u8d44\u7684\u5206\u6790\uff0c\u6211\u4eec\u5728\u8bc1\u5238\u5e02\u573a\u4e4b\u5916\u83b7\u6089\u591a\u5143\u5316\u6295\u8d44\u5bf9\u6574\u4f53\u6536\u76ca\u7387\u7684\u5f71\u54cd\uff0c\u901a\u8fc7\u623f\u5730\u4ea7\u3001\u81ea\u7136\u8d44\u6e90\uff08\u77ff\u4ea7\uff09\u7b49\u975e\u91d1\u878d\u5e02\u573a\u7684\u6295\u8d44\uff0c\u53ef\u4ee5\u653e\u5927\u6295\u8d44\u6536\u76ca\u3002<br \/>\u6b63\u50cf\u786c\u5e01\u7684\u4e24\u9762\uff0c\u5f53\u623f\u5730\u4ea7\u3001\u81ea\u7136\u8d44\u6e90\u906d\u9047\u884c\u4e1a\u5371\u673a\u65f6\uff0c\u4e5f\u53ef\u80fd\u653e\u5927\u4e8f\u635f\u3002\u603b\u4f53\u800c\u8a00\uff0c\u591a\u5143\u5316\u8d44\u4ea7\u914d\u7f6e\uff0c\u6536\u76ca\u7387\u6574\u4f53\u4e0a\u8981\u5927\u4e8e\u5355\u4e00\u8bc1\u5238\u5e02\u573a\uff0c\u53ef\u80fd\u662f\u8fd9\u4e2a\u539f\u56e0\u5bfc\u81f4\u7f8e\u56fd\u8036\u9c81\u57fa\u91d124\u5e74\u6765\u7684\u5e74\u5316\u6536\u76ca\u7387\uff0811.95%\uff09\u5927\u4e8e\u4e2d\u56fd\u793e\u4fdd\u57fa\u91d120\u5e74\u6765\u7684\u5e74\u5316\u6536\u76ca\u7387\uff088.5%)\uff0c\u5927\u4e8e\u4e2d\u56fd\u4e2d\u6295\u516c\u53f812\u5e74\u6765\u7684\u5e74\u5316\u6536\u76ca\u7387\uff086.54%)\u3002<\/p>\n<p>\u8036\u9c81\u57fa\u91d1\u662f\u76ee\u524d\u6211\u4eec\u6240\u8003\u5bdf\u957f\u671f\u6295\u8d44\u5e74\u5316\u6536\u76ca\u7387\u6700\u9ad8\u7684\u5bf9\u8c61\u3002\u5982\u6709\u53ef\u80fd\uff0c\u6211\u4eec\u5e0c\u671b\u518d\u65b0\u5f00\u4e00\u7bc7\u7ee7\u7eed\u8fd9\u4e2a\u5206\u6790\uff0c\u53bb\u770b\u770b\u80a1\u795e\u5df4\u83f2\u7279\u53ca\u5176\u7ba1\u7406\u7684\u6295\u8d44\u516c\u53f8\u7684\u5e74\u5316\u6536\u76ca\u7387\u60c5\u51b5\u3002<\/p>\n<p>\u2014-<\/p>\n<p>\u8fd9\u662f\u6e29\u4e60\u7ecf\u6d4e\u5b66\u8457\u4f5c\u7684\u7b2c\u516d\u7bc7\u4e60\u4f5c\uff0c\u4e4b\u524d\u7684\u5404\u7bc7\u9644\u5217\u5982\u4e0b\u3002<\/p>\n<ol>\n<li><a href=\"https:\/\/ufqi.com\/blog\/income-rate-annuals-with-cic\/\">\u5199\u5199\u5e74\u5ea6\u6536\u76ca\u7387\u5e74\u5747\u6536\u76ca\u7387\u548c\u5e74\u5316\u6536\u76ca\u7387-2 <\/a>\uff0c\u00a0https:\/\/ufqi.com\/blog\/income-rate-annuals-with-cic\/<\/li>\n<li><a href=\"https:\/\/ufqi.com\/blog\/income-rate-annuals\/\">\u5199\u5199\u5e74\u5ea6\u6536\u76ca\u7387\u5e74\u5747\u6536\u76ca\u7387\u548c\u5e74\u5316\u6536\u76ca\u7387<\/a>\uff0c https:\/\/ufqi.com\/blog\/income-rate-annuals\/<\/li>\n<li><a href=\"https:\/\/ufqi.com\/blog\/political-reform-country-vs-home\/\">\u6cbb\u5927\u56fd\u82e5\u8fc7\u5c0f\u5bb6\u2014\u2014\u5199\u5199\u738b\u671d\u5174\u8870\u66f4\u66ff\u80cc\u540e\u7684\u7ecf\u6d4e\u8d26<\/a>\uff0c\u00a0https:\/\/ufqi.com\/blog\/political-reform-country-vs-home\/<\/li>\n<li>\u00a0<a href=\"https:\/\/ufqi.com\/blog\/captial-rate-and-minus-rate\/\">\u5199\u5199\ud83c\udfe6\u5b58\u6b3e\u5229\u7387\u8d37\u6b3e\u5229\u7387\u548c\u8d1f\u5229\u7387<\/a>\uff0c\u00a0https:\/\/ufqi.com\/blog\/captial-rate-and-minus-rate\/<\/li>\n<li><a title=\"Permalink to \u5199\u51991929\u5e74\u7f8e\u56fd\u7ecf\u6d4e\u5927\u8427\u6761\u4e0e2020\u5e74\u7f8e\u56fd\u80a1\u5e02\u5927\u8dcc\" href=\"https:\/\/ufqi.com\/blog\/us-1929-economic-crisis-2020-stock-shock\/\" rel=\"bookmark\">\u5199\u51991929\u5e74\u7f8e\u56fd\u7ecf\u6d4e\u5927\u8427\u6761\u4e0e2020\u5e74\u7f8e\u56fd\u80a1\u5e02\u5927\u8dcc<\/a>\uff0c\u00a0https:\/\/ufqi.com\/blog\/us-1929-economic-crisis-2020-stock-shock\/<\/li>\n<\/ol>\n<p>\u2014-<\/p>\n<p><b><a class=\"bigfont\" href=\"https:\/\/ufqi.com\/naturedns\/search?q=-R\/j2SR\" target=\"_blank\">-R\/j2SR<\/a>\u00a0\uff0c\u00a0https:\/\/ufqi.com\/blog\/income-rate-annuals-with-yale\/<\/b><\/p>\n<p><a href=\"https:\/\/union-click.jd.com\/jdc?e=&amp;p=AyIGZRprFQESBFwcUhUyVlgNRQQlW1dCFFlQCxxKQgFHREkdSVJKSQVJHFRXFk9FUlpGQUpLCVBaTFhbXQtWVmpSWRtYFQEbAFwba2xGSV4hQQ0RYRZHHHpSc11xfQVsU2UOHjdUK1sUAxAOXR5ZFQMiN1Uca0NsEgZUGloUBxMDVitaJQIVB1QaUxUGGgZVGFIlBRIOZV0LQFZPVxErayUBIjdlG2sWMlBpVUxaHFEVB1QaDkYKF1MFHwgcAhZVXRxeFQMSVVBLDx0yEAZUH1I%3D\">\u300a\u6295\u8d44\u5b66\u300b\u8fdb\u9636\u9605\u8bfb\u63a8\u8350\u5fc5\u8bfb\u4e4b\u4e66<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u9ad8\u74f4\u8d44\u672c\u5f20\u78ca\u5728\u5176\u65b0\u4e66\u300a\u4ef7\u503c\u300b\u4e00\u4e66\u4e2d\uff0c\u63cf\u8ff0\u4e86\u5982\u4e0b\u5185\u5bb9\u3002 \u201c&#8230;\u8036\u9c81\u6350\u8d60\u57fa &hellip; <a href=\"https:\/\/ufqi.com\/blog\/income-rate-annuals-with-yale\/\">\u7ee7\u7eed\u9605\u8bfb <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3],"tags":[390,391,386,400,399],"_links":{"self":[{"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/posts\/2457"}],"collection":[{"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/comments?post=2457"}],"version-history":[{"count":5,"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/posts\/2457\/revisions"}],"predecessor-version":[{"id":2465,"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/posts\/2457\/revisions\/2465"}],"wp:attachment":[{"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/media?parent=2457"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/categories?post=2457"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/tags?post=2457"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}