姝¤繋瑷晱鑰冪爺绉樼睄鑰冪爺缍�(w菐ng)!    鐮旂┒鐢熸嫑鐢熶俊鎭恫(w菐ng)    鑰冨崥鐪熼涓嬭級    鑰冪爺鐪熼涓嬭級    鍏ㄧ珯鏂囩珷绱㈠紩
鏂囩珷鎼滅储
   
  楂樼礆鎼滅储   

 鎮ㄧ従(xi脿n)鍦ㄧ殑浣嶇疆锛� 鑰冪爺绉樼睄鑰冪爺缍�(w菐ng) >> 鏂囩珷涓績 >> 灏堟キ(y猫)瑾� >> 姝f枃  2016骞存垚閮介浕瀛愮鎶€澶у(xu茅)431閲戣瀺瀛�(xu茅)缍滃悎鑰冪爺鐪熼

鏂拌仦璩囪▕
鏅€氭枃绔� 涓婃捣甯�50瀹跺柈浣嶇恫(w菐ng)涓婃帴鍙楀挩瑭㈠拰鍫�(b脿o)鍚�
鏅€氭枃绔� 鍖椾含澶у(xu茅)鐢�“灏辨キ(y猫)涔嬪”鐮旂┒鐢熷皥鍫存嫑鑱樺牬闈㈢伀鐖�
鏅€氭枃绔� 寤堝ぇ濂崇爺绌剁敓琚妗堢祩瀵╁垽姹� 鍏囨墜琚垽姝诲垜
鏅€氭枃绔� 寤f澅鍏牎缍�(w菐ng)涓婅│榛�(di菐n)鑰冪爺鍫�(b脿o)鍚嶅皣闁嬪
鏅€氭枃绔� 2004骞寸ⅸ澹寳浜嫑鐢熷柈浣嶅牨(b脿o)鍚嶉粸(di菐n)涓€瑕�
鏅€氭枃绔� 娲涢櫧楂樻柊鍗€(q奴)21鍚嶇ⅸ澹爺绌剁敓琚仒鐐轰腑灞ら牁(l菒ng)灏�(d菐o)
鏅€氭枃绔� 娴欐睙鐪佺ⅸ澹爺绌剁敓鍫�(b脿o)鍚嶅緸涓嬪懆涓€闁嬪
鏅€氭枃绔� 2004骞翠笂娴疯€冨崁(q奴)缍�(w菐ng)涓婂牨(b脿o)鍚嶆檪闁撳畨鎺掕〃
鏅€氭枃绔� 寤f澅锛氱爺绌剁敓鍏ュ(xu茅)鑰冭│2003骞磋捣閲嶅ぇ瑾�(di脿o)鏁�
鏅€氭枃绔� 2004骞村叏鍦嬬爺鎷涗笂?锛熺礀^(q奴)鍫�(b脿o)鍚嶉粸(di菐n)涓€瑕借〃
瑾�(di脿o)鍔戜俊鎭�
鏅€氭枃绔� 瀵у澶у(xu茅)04骞寸ⅸ澹爺绌剁敓瑾�(di脿o)鍔戜俊鎭�
鏅€氭枃绔� 澶ч€i惖閬撳(xu茅)闄�04骞寸ⅸ澹帴鏀惰(di脿o)鍔戠敓婧愬熀鏈師鍓�
鏅€氭枃绔� 鍚夋灄澶у(xu茅)寤鸿ō(sh猫)宸ョ▼瀛�(xu茅)闄�04骞寸爺绌剁敓瑾�(di脿o)鍔戜俊鎭�
鏅€氭枃绔� 婧窞甯寖瀛�(xu茅)闄�(婧窞澶у(xu茅)绫�)05鐮旂┒鐢熻(di脿o)鍔戜俊鎭�
鏅€氭枃绔� 浣虫湪鏂ぇ瀛�(xu茅)04骞磋€冪爺瑾�(di脿o)鍔戜俊鎭�
鏅€氭枃绔� 娌堥櫧寤虹瓚宸ョ▼瀛�(xu茅)闄�04骞寸爺绌剁敓瑾�(di脿o)鍔戜俊鎭�
鏅€氭枃绔� 澶╂触甯寖澶у(xu茅)鏀挎不鑸囪鏀垮(xu茅)闄�05骞寸ⅸ澹(di脿o)鍔戦渶姹�
鏅€氭枃绔� 绗簩蹇楁効鑰冪爺瑾�(di脿o)鍔戠▼搴忕瓟鐤�
鏅€氭枃绔� 涓婃捣澶у(xu茅)04骞寸爺绌剁敓鎷涙敹绲�(t菕ng)鑰冪敓瑾�(di脿o)鍔戜俊鎭�
鏅€氭枃绔� 寤hタ澶у(xu茅)04骞寸ⅸ澹爺绌剁敓瑾�(di脿o)鍔戜俊鎭�

鍙嬫儏鎻愮ず锛氭湰绔欐彁渚涘叏鍦�400澶氭墍楂樼瓑闄㈡牎鎷涙敹纰╁+銆佸崥澹爺绌剁敓鍏ュ(xu茅)鑰冭│姝峰勾鑰冪爺鐪熼銆佽€冨崥鐪熼銆佺瓟妗�锛岄儴鍒嗗(xu茅)鏍℃洿鏂拌嚦2012骞�锛�2013骞达紱鍧囨彁渚涙敹璨�(f猫i)涓嬭級銆� 涓嬭級娴佺▼锛� 鑰冪爺鐪熼 榛�(di菐n)鎿娾€�鑰冪爺瑭﹀嵎鈥濃€濅笅杓�; 鑰冨崥鐪熼 榛�(di菐n)鎿娾€�鑰冨崥瑭﹀嵎搴�鈥� 涓嬭級 

绗� 1 闋� 鍏� 6 闋�
鎴愰兘闆诲瓙绉戞妧澶у(xu茅)
2016 骞存敾璁€纰╁+瀛�(xu茅)浣嶇爺绌剁敓鍏ュ(xu茅)鑰冭│瑭﹂
鑰冭│绉戠洰锛� 431 閲戣瀺瀛�(xu茅)缍滃悎
娉細鎵€鏈夌瓟妗堝繀闋堝鍦ㄧ瓟椤岀礄涓�锛屽鍦ㄨ│鍗锋垨鑽夌ǹ绱欎笂鍧囩劇鏁堛€�
涓€銆佸垽鏂烽锛屾纰虹殑妯�(bi膩o)娉ㄢ€�?鈥�锛岄尟瑾ょ殑妯�(bi膩o)娉ㄢ€�?鈥濄€傦紙姣忛 1 鍒�锛屽叡 10 鍒嗭級
1銆� 楂橀ⅷ(f膿ng)闅�(xi菐n)涓€瀹氭渻鏈夐珮鍥炲牨(b脿o)銆傦紙 锛�
2銆� 閲濆皪鐗瑰畾涓€绛嗘寜鎻哺娆�锛岃純涔嬮伕鎿囩瓑椤嶆湰鎭倓娆�锛岃哺娆捐€呴伕鎿囩瓑椤嶆湰閲戞墍闇€鏀粯鐨勮硣閲戠附
椤嶆洿灏戯紝閫欒鏄庣瓑椤嶆湰閲戠殑閭勬鏂瑰紡鏇翠究瀹滄垨鏇村妰绠�銆傦紙 锛�
3銆� 鍫�(ji膩n)淇♀€滃急寮忔湁鏁堝競鍫粹€濈殑鎶曡硣鑰呭線寰€瑾�(r猫n)鐐�锛屽埄鐢ㄨ偂鍍�(ji脿)姝峰彶璧板嫝閫�(j矛n)琛屾妧琛�(sh霉)鍒嗘瀽骞朵笉鑳界嵅寰楃暟
?锛涜矒?b脿o)銆傦紙 锛�
4銆� 鍒╃敤 NPV 鏂规硶瑭曚及鐗瑰畾闋�(xi脿ng)鐩檪锛屾(j墨)鏈冩垚鏈紙鎴栨姌鐝�(xi脿n)鐜囷級鏄叾浣欐墍鏈夋姇璩囨(j墨)鏈冨洖鍫�(b脿o)鐜囩殑骞�
鍧囧€笺€傦紙 锛�
5銆� 灏嶆煇涓€鍌靛埜澧炲姞鈥滅櫦(f膩)琛屼汉鍙互鍦ㄤ竴瀹氭浠朵笅璐栧洖鈥濈殑璐栧洖姊濇鏈冧娇寰楄┎鍌靛埜鐨勫児(ji脿)鏍奸檷浣�銆�
鍒版湡鏀剁泭鐜囦笂鍗�銆傦紙 锛�
6銆� 鍙鎶曡硣绲勫悎涓硣鐢�(ch菐n)鐨勬暩(sh霉)鐩冻澶犲锛岃硣鐢�(ch菐n)绲勫悎鐨勯ⅷ(f膿ng)闅�(xi菐n)涓€瀹氬彲浠ラ檷浣庤嚦闆�銆傦紙 锛�
7銆� 鎸囨暩(sh霉)鍖栫瓥鐣ワ紙Indexing Strategy锛夋槸涓€绋鍕曪紙鎴栨秷妤碉級鐨勬姇璩囩瓥鐣ャ€傦紙 锛�
8銆� 鏌愭湡璨ㄥ闋姇璩囪€呯殑淇濊瓑閲戝墰濂芥豢瓒虫渶浣庝繚璀夐噾瑕佹眰锛岀劧鑰岋紝濡傛灉绗簩鍊嬩氦鏄撴棩鏈熻波鍍�(ji脿)鏍�
涓嬭穼锛岃┎鎶曡硣鑰呭皣鏀跺埌杩藉姞淇濊瓑閲戠殑閫氱煡銆傦紙 锛�
9銆� 鏍规摎(j霉)鐪嬫疾-鐪嬭穼鏈熸瑠(qu谩n)骞冲児(ji脿)鍏紡锛屸€滆常绌虹劇棰�(f膿ng)闅�(xi菐n)鍦嬪偟銆佽卜鍏ョ湅璺屾湡娆�(qu谩n)銆佽常绌烘(bi膩o)鐨勮硣鐢�(ch菐n)鈥濆彲浠ュ悎
鎴愭垨寰�(f霉)鍒剁湅婕叉湡娆�(qu谩n)銆傦紙 锛�
10銆� 鏍规摎(j霉)鐝�(xi脿n)浠h硣鏈祼(ji茅)妲�(g貌u)鐞嗚珫锛屼紒妤�(y猫)璨�(f霉)鍌垫按骞崇殑鎻愰珮鏈夊姪浜庨檷浣庤偂鏉辫垏缍�(j墨ng)鐞嗗堡涔嬮枔鐨勪唬鐞嗘矕绐併€�
锛� 锛�
浜�銆佸柈闋�(xi脿ng)閬告搰锛堟瘡椤� 3 鍒�锛屽叡 45 鍒嗭級
1銆� 閫氬父鑰岃█锛岀敘(ch菐n)鍝佹湡闄愯秴閬� 1 骞寸殑閲戣瀺甯傚牬琚ū鐐猴紙 锛�
A. 璨ㄥ梗甯傚牬 B. 璩囨湰甯傚牬
C. 鍫村甯傚牬 D. 閵€琛岄枔甯傚牬
绗� 2 闋� 鍏� 6 闋�
2銆� 涓嬪垪灞簬閬撳痉棰�(f膿ng)闅�(xi菐n)锛圡oral Hazard锛夎鐐虹殑鏄紙 锛�
A. 闋�(y霉)瑷�(j矛)姣斿钩鍧囧=鍛介暦鐨勪汉閫氬父鏇村姞鎰挎剰璩艰卜澹介毆(xi菐n)
B. 鏈皪鐢宠珛鑰呴€�(j矛n)琛屼俊鐢ㄨ閷勫鏍哥殑閵€琛岄€氬父鏇村姞鍙兘鍚稿紩鍒伴珮棰�(f膿ng)闅�(xi菐n)鐨勮哺娆捐€�
C. 璩艰卜姹借粖淇濋毆(xi菐n)鍚�锛岃粖涓诲皣杌婂仠鍦ㄧ劇浜虹湅瀹堢殑棣矾閭�
D. 椐曢鍝′腑鐨勨€滄柊鎵嬧€濋€氬父鏇村姞鎰挎剰璩艰卜姹借粖淇濋毆(xi菐n)
3銆� 鑰冩叜涓€绛嗘寜澶╁京(f霉)鍒╄▓(j矛)鎭紙Daily Compounding锛�銆佹帥鐗屽勾鍒╃巼锛圓nnual Percentage Rate, APR锛�
鐐� 14%鐨勮哺娆�銆傚鏋滃勾閫氳波鑶ㄨ劰鐜囩偤 10%锛岄偅涔堣┎绛嗚哺娆惧(sh铆)闅涚殑鏈夋晥骞村埄鐜囷紙Effective
Annual Rate, EFF锛夌偤锛� 锛�
A.
1 14%
1 10%
?
?
B.
365
(1 14% / 365)
1 10%
?
?
C.
? ?
365
1 14%
1 10% / 365
?
?
D.
365
1 14%
1
1 10%1
365
?? ?
?? ???? ?
? ?? ?
? ?
4銆� AAA 鍏徃姝e湪鑰冩叜鏀粯$600,000 璩艰卜涓€鑷鸿ō(sh猫)鍌�銆傝┎瑷�(sh猫)鍌欑殑澹藉懡鏈熺偤 7 骞�锛屾瘡骞村彲浠ョ偤鍏�
鍙哥瘈(ji茅)绱�$70,000锛屾瘡骞寸殑缍(h霉)鎴愭湰鐐�$15,000锛岄噰鐢ㄧ洿绶氭姌鑸婃硶鐨勬畼鍊肩偤$60,000锛堢 7 骞存湯锛�
娈樺€艰檿缃敹鍏ラ渶绻崇磵鎵€寰楃▍锛�銆傛澶�锛岃┎瑷�(sh猫)鍌欐姇鍏ヤ娇鐢ㄩ倓闇€涓€娆℃€у湴澧婁粯$20,000 鍑堢嚐閬�(y霉n)
璩囨湰锛圢et Working Capital锛�銆傚亣瑷�(sh猫)鍏徃鎵€寰楃▍鐜囩偤 35%锛岄偅涔堣┎瑷�(sh猫)鍌欐湭渚� 7 骞村収(n猫i)鍚勫勾鐨勫
閲忕従(xi脿n)閲戞祦渚濇鐐猴紙 锛�
A. -$600,000 $82,750 $82,750 $82,750 $82,750 $82,750 $82,750 $162,750
B. -$600,000 $62,750 $62,750 $62,750 $62,750 $62,750 $62,750 $101,750
C. -$620,000 $62,750 $62,750 $62,750 $62,750 $62,750 $62,750 $121,750
D. -$580,000 $62,750 $62,750 $62,750 $62,750 $62,750 $62,750 $49,750
5銆� 寮垫煇鎿簬 30 骞村悗閫€浼�锛屽苟鎵撶畻鍙冭垏涓€闋�(xi脿ng)绋呮敹鍎�(y艒u)鎯犵殑閫€浼戝劜钃勮▓(j矛)鍔�銆傝┎瑷�(j矛)鍔冭姹傚弮鍔犺€呯従(xi脿n)
鍦ㄤ竴娆℃€у湴鍚戦€€浼戦噾璩埗瀛樻锟�100,000锛屽勾瀛樻鍒╃巼鐐� 5%锛涘悓鏅�锛屽皪浜庤┎绛嗛€€浼戝瓨娆撅紝
鍙冨姞鑰呯劇闇€鐝�(xi脿n)鍦ㄧ钩绱嶅€嬩汉鎵€寰楃▍锛岃€屾槸鐩磋嚦閫€浼戜箣鏅傚啀閫�(j矛n)琛岀钩绱嶃€傚亣瑷�(sh猫)寮垫煇閬╃敤鐨勫€嬩汉
鎵€寰楃▍绋呯巼鐐� 20%銆佸埄鎭墍寰楃▍绋呯巼鐐� 0锛岄偅涔�锛岄€€浼戜箣鏅傚嫉鏌愮殑閫€浼戝瓨娆捐超鎴剁殑璩囬噾椤�
鐐猴紙 锛�
A. 锟�80,000 脳 (1 + 4%)30
B. 锟�80,000 脳 (1 + 5%)30
脳 (1 - 20%)
C. 锟�100,000 脳 (1 + 4%)30
D. 锟�100,000脳(1 + 5%)30
脳 (1 - 20%)
6銆� 鑰冩叜鍏跺畠姊濇鐩稿悓鐨勨€�20 骞存湡绱旇布鐝�(xi脿n)鍌靛埜锛圥ure Discount Bond锛夆€濆拰鈥�20 骞存湡銆佺エ闈㈠埄
鐜囩偤 8%鐨勯檮鎭偟鍒革紙Coupon Bond锛夆€濆叐绋偟鍒�銆備竴鏃﹀競鍫村埄鐜囨彁楂�锛岄偅涔堬紝鈥�20 骞存湡绱�
璨肩従(xi脿n)鍌靛埜鈥濈殑鍍�(ji脿)鏍煎皣锛� 锛�
A. 涓嬭穼鐨勬洿蹇� B. 涓婂崌鐨勬洿蹇�
C. 涓嬭穼鐨勬洿鎱� D. 涓婂崌鐨勬洿鎱�
绗� 3 闋� 鍏� 6 闋�
7銆� 2015 骞� 8 鏈� 24 鏃�锛屾斂搴�?d膩ng)M鐧�(f膩)琛岄潰鍊肩偤锟�1,000銆佹瘡骞翠粯鎭竴娆°€佺エ闈㈠埄鐜囩偤 8%鐨� 5 骞存湡
鍦嬪偟銆傛牴鎿�(j霉)涓€鍍�(ji脿)瀹氬緥锛屽競鍫翠笂宸茬稉(j墨ng)鐧�(f膩)琛岀殑涓€浜涘湅鍌靛彲浠ヤ綔鐐哄彲姣旇硣鐢�(ch菐n)锛圕omparable Assets锛�锛�
鐢ㄤ簬鎿櫦(f膩)琛屽湅鍌电殑瀹氬児(ji脿)鍙冭€�銆備互涓嬪洓绋湅鍌典腑閬╁悎浣滅偤鍙瘮璩囩敘(ch菐n)鐨勬槸锛� 锛�
绨$ū 鐧�(f膩)琛屾棩鏈� 绁ㄩ潰鍒╃巼 鍒版湡鏃ユ湡 浠樻伅鏂瑰紡
15 鍦嬪偟 01 2015 骞� 8 鏈� 23 鏃� 10% 2020 骞� 8 鏈� 22 鏃� 骞翠粯
14 鍦嬪偟 02 2014 骞� 8 鏈� 23 鏃� 8% 2019 骞� 8 鏈� 22 鏃� 骞翠粯
12 鍦嬪偟 03 2012 骞� 8 鏈� 23 鏃� 10% 2017 骞� 8 鏈� 22 鏃� 骞翠粯
10 鍦嬪偟 04 2010 骞� 8 鏈� 23 鏃� 8% 2020 骞� 8 鏈� 22 鏃� 骞翠粯
A. 15 鍦嬪偟 01 B. 14 鍦嬪偟 02
C. 12 鍦嬪偟 03 D. 10 鍦嬪偟 04
8銆� 鑰冩叜涓嬩竴骞存瘡鑲$泩鍒╁潎鐐烘瘡鑲★骏10 鍜屽競鍫磋硣鏈寲鐜囷紙Market Capitalization Rate锛夊潎鐐� 10%
鐨勪笁瀹跺叕鍙革細鍏徃 A 浠ュ悗姣忓勾閮藉皣鐩堝埄浣滅偤鑲″埄閫�(j矛n)琛屽垎閰�锛涘叕鍙� B 浠ュ悗姣忓勾灏囩泩鍒╃殑 60%
鎶曡硣浜庡洖鍫�(b脿o)鐜囩偤 20%鐨勯爡(xi脿ng)鐩�锛涘叕鍙� C 浠ュ悗姣忓勾灏囩泩鍒╃殑 80%鎶曡硣浜庡洖鍫�(b脿o)鐜囩偤 10%鐨勯爡(xi脿ng)鐩�銆�
閭d箞锛岄棞(gu膩n)浜庝笁瀹跺叕鍙歌偂绁ㄥ競鐩堢巼鐨勫垽鏂�锛屾纰虹殑鏄紙 锛�
A. 鍏徃 A 鐨勫競鐩堢巼鏈€楂� B. 鍏徃 B 鐨勫競鐩堢巼鏈€楂�
C. 鍏徃 C 鐨勫競鐩堢巼鏈€楂� D. 涓夊鍏徃鐨勫競鐩堢巼鐩稿悓
9銆� CAPM 鏄祫鍚堥伕鎿囩悊璜栧熀绀�(ch菙)涓婄櫦(f膩)灞曡€屼締鐨勫潎琛″畾鍍�(ji脿)妯″瀷銆備笅鍦栫郸鍑轰簡璩囨湰甯傚牬鍧囪 姊濅欢
涓嬮ⅷ(f膿ng)闅�(xi菐n)鑸囨敹鐩婄殑闂�(gu膩n)绯伙紝鍏朵腑锛欳ML 鐐鸿硣鏈競鍫寸窔锛汳 浠h〃甯傚牬绲勫悎锛屾湡鏈涙敹鐩婄巼鍜屾敹鐩�
鐜囨(bi膩o)婧�(zh菙n)宸垎鍒ョ偤 E(rM) and 蟽M 锛況f 琛ㄧず鐒¢ⅷ(f膿ng)闅�(xi菐n)鍒╃巼銆傞嚌灏嶅湒涓叐浣嶆姇璩囪€呯殑鎶曡硣姹虹瓥锛�
浠ヤ笅瑾硶姝g⒑鐨勬槸锛� 锛�
A. 鎶曡硣鑰� 1 鎵€鎸佹湁鐨勬姇璩囩祫鍚堟瘮鎶曡硣鑰� 2 鎸佹湁鐨勭祫鍚堟洿鏈夋晥
B. 鎶曡硣鑰� 1 鍜屾姇璩囪€� 2 鎶曡硣鍒伴ⅷ(f膿ng)闅�(xi菐n)璩囩敘(ch菐n)鐨勮硣閲戦鐩稿悓
C. 鎶曡硣鑰� 2 鎶曡硣鍒伴ⅷ(f膿ng)闅�(xi菐n)璩囩敘(ch菐n)鐨勮硣閲戞洿澶�
D. 鎶曡硣鑰� 2 鐨勯ⅷ(f膿ng)闅�(xi菐n)鎱�(t脿i)搴︽槸棰�(f膿ng)闅�(xi菐n)杩芥眰鍨�
CML
鎶曡硣鑰� 2
?
鎶曡硣鑰� 1
?
? M
rf
E(rM)
E(r)

蟽M
绗� 4 闋� 鍏� 6 闋�
10銆佸凡鐭ョ劇棰�(f膿ng)闅�(xi菐n)鍒╃巼鐐� 5%锛屽競鍫寸祫鍚堢殑鏈熸湜鏀剁泭鐜囩偤 11%銆傚亣瑷�(sh猫)鏌愭敮鑲$エ鐨勬湡鏈涙敹鐩婄巼鍜岃矟
濉斿垎鍒ョ偤 20%鍜� 1.2锛岄偅涔�锛岃┎鑲$エ鐨勫畾鍍�(ji脿)锛� 锛�
A. 鍋忎綆 B. 鍋忛珮
C. 鍚堢悊 D. 鐒℃硶鍒ゆ柗
11銆佸湪 Black-Scholes 鏈熸瑠(qu谩n)瀹氬児(ji脿)鍏紡涓紝鑻ョ郸瀹氬叾瀹冨弮鏁�(sh霉)锛岄偅涔堬紝闅ㄨ憲鍒版湡鏈熼檺鐨勫鍔�锛屼笅鍒�
瑾硶姝g⒑鐨勬槸锛� 锛�
A. 鐪嬫疾鏈熸瑠(qu谩n)鐨勫児(ji脿)鏍间笂婕�锛岃€岀湅璺屾湡娆�(qu谩n)鍍�(ji脿)鏍间笅璺�
B. 鐪嬫疾鏈熸瑠(qu谩n)鐨勫児(ji脿)鏍间笅璺岋紝鑰岀湅璺屾湡娆�(qu谩n)鍍�(ji脿)鏍间笂婕�
C. 鐪嬫疾鏈熸瑠(qu谩n)鍜岀湅璺屾湡娆�(qu谩n)鍍�(ji脿)鏍奸兘涓婃疾
D. 鐪嬫疾鏈熸瑠(qu谩n)鍜岀湅璺屾湡娆�(qu谩n)鍍�(ji脿)鏍奸兘涓嬭穼
12銆佸凡鐭ョ暥(d膩ng)鍓嶉粌閲戠従(xi脿n)璨ㄧ殑鍍�(ji脿)鏍肩偤$1200/鐩庡徃锛屽勾鍎插瓨鎴愭湰鐜囩偤鐝�(xi脿n)璨ㄥ児(ji脿)鏍肩殑 2% 锛堝亣瑷�(sh猫)骞存湯鏀�
浠橈級锛屼竴骞存湡鐒¢ⅷ(f膿ng)闅�(xi菐n)鍒╃巼鐐� 8%銆傚鏋滅暥(d膩ng)鍓嶅競鍫翠笂 1 骞存湡榛冮噾鏈熻波鐨勪氦鏄撳児(ji脿)鏍肩偤$1340/鐩庡徃锛�
閭d箞涓嬪垪濂楀埄绛栫暐姝g⒑鐨勬槸锛� 锛�
A. 鍋氱┖榛冮噾鏈熻波銆佽臣璨烽粌閲戠従(xi脿n)璨�銆佽常绌虹劇棰�(f膿ng)闅�(xi菐n)鍦嬪偟
B. 鍋氬榛冮噾鏈熻波銆佽臣璨烽粌閲戠従(xi脿n)璨�銆佽常绌虹劇棰�(f膿ng)闅�(xi菐n)鍦嬪偟
C. 鍋氱┖榛冮噾鏈熻波銆佽常绌洪粌閲戠従(xi脿n)璨ㄣ€佽臣璨风劇棰�(f膿ng)闅�(xi菐n)鍦嬪偟
D. 鍋氬榛冮噾鏈熻波銆佽常绌洪粌閲戠従(xi脿n)璨�銆佽臣璨风劇棰�(f膿ng)闅�(xi菐n)鍦嬪偟
13銆�2015 骞� 3 鏈� 29 鏃�锛岃彲澶忎笂璀� 50ETF 鍩洪噾鐨勬敹鐩ゅ児(ji脿)鐐猴骏2.649锛�4 鏈堜唤鍒版湡銆佽娆�(qu谩n)鍍�(ji脿)鏍肩偤
锟�2.250 鐨勪笂璀� 50ETF 瑾�(r猫n)璩兼湡娆�(qu谩n)鐨勬敹鐩ゅ児(ji脿)鐐猴骏0.406锛岄偅涔�锛岃┎鏈熸瑠(qu谩n)鐨勫収(n猫i)鍦ㄥ児(ji脿)鍊兼垨鍩�(zh铆)琛屽児(ji脿)
鍊肩偤锛� 锛�
A. 锟�1.844 B. 锟�0.399
C. 锟�2.243 D. 锟�0.406
14銆佸皪浜庢寔鏈変竴瀹氭暩(sh霉)閲忚偂绁紙鎴栬偂绁ㄧ祫鍚堬級鐨勬姇璩囪€呰€岃█锛屼互涓嬪摢绋瓥鐣ュ彲浠ョ敤渚嗗皪娌�
锛圚edging锛夋湭渚嗚偂绁ㄥ児(ji脿)鏍间笅璺岀殑棰�(f膿ng)闅�(xi菐n)锛燂紙 锛�
A. 鍋氱┖鑲℃寚鏈熻波 B. 鍞嚭鐪嬫疾鐨勮偂鎸囨湡娆�(qu谩n)
C. 璩艰卜鐪嬭穼鐨勮偂鎸囨湡娆�(qu谩n) D. A銆丅銆丆 鍧囧彲
15銆佸湪鐒℃懇鎿︾殑鐞嗘兂鐠�(hu谩n)澧冧笅锛屼互涓嬪摢绋偂鍒╁垎閰嶆柟寮忎笉鏈冨奖闊胯偂绁ㄧ殑鍍�(ji脿)鏍硷紵锛� 锛�
A. 鑲$エ鍥炶臣 B. 鐝�(xi脿n)閲戣偂鍒�
C. 鑲$エ鍒嗗壊 D. 鑲$エ鑲″埄
涓�. 绨$瓟瑷�(j矛)绠楅锛堝叡 95 鍒嗭級
1銆� 锛�20 鍒嗭級2013 骞� 6 鏈堟寮忎笂绶氱殑鈥滀綑椤嶅鈥濇槸渚濇墭绗笁鏂规敮浠樺钩鑷衡€滄敮浠樺鈥濊€岃獣鐢熺殑
涓€绋綑椤嶇悊璨�(c谩i)鐢�(ch菐n)鍝�銆傞亷鍘荤殑鍏╁勾閲�锛屸€滀綑椤嶅鈥濊硣閲戣(gu墨)妯℃浘楂橀仈(d谩) 7000 浣欏剟鍏�锛�7 鏃ュ勾鍖栨敹
鐩婄巼涔熸浘瓒呴亷 6.7%锛岄毃鍚庡悇绋€滃瀵堕鈥濅綑椤嶇悊璨�(c谩i)鐢�(ch菐n)鍝佷篃鐩哥辜娑岀従(xi脿n)銆傞嚌灏嶉€欎竴鐝�(xi脿n)璞�锛岃珛
绗� 5 闋� 鍏� 6 闋�
绲�(ji茅)鍚堥噾铻嶇郴绲�(t菕ng)鐨勫姛鑳斤紝璎涘嚭涓夐粸(di菐n)浠ヤ笂鈥滀綑椤嶅鈥濆強椤炰技鐢�(ch菐n)鍝佺敘(ch菐n)鐢熷拰鐧�(f膩)灞曢亷绋嬩腑鎵€鍙兘楂�
鐝�(xi脿n)鐨勯噾铻嶅壍(chu脿ng)鏂�銆�
2銆� 锛�30 鍒嗭級鏌愭姇璩囪€呮墜闋湁锟�10,000 璩囬噾锛岀従(xi脿n)鎵撶畻閫�(j矛n)琛岀偤鏈� 1 骞寸殑鑲$エ鍙婂叾琛嶇敓鍝佹姇璩囥€�
宸茬煡鑲$エ鐣�(d膩ng)鍓嶅児(ji脿)鏍肩偤锟�100/鑲�锛屼互姝よ偂绁ㄧ偤妯�(bi膩o)鐨勮硣鐢�(ch菐n)鐨� 1 骞存湡閬�(yu菐n)鏈熷崝(xi茅)璀扮殑鍍�(ji脿)鏍肩偤锟�110/鑲★紝
浠ユ鑲$エ鐐烘(bi膩o)鐨勮硣鐢�(ch菐n)銆佸煼(zh铆)琛屽児(ji脿)鏍肩偤 锟�110/鑲$殑 1 骞存湡鐪嬫疾鏈熸瑠(qu谩n)鐨勫児(ji脿)鏍肩偤锟�20銆傚亣瑷�(sh猫) 1 骞�
鏈熺劇棰�(f膿ng)闅�(xi菐n)鍒╃巼鐐� 10%?锛熺搐]骞舵瘮杓冨涓嬪咕绋姇璩囩瓥鐣ワ細
? 绛栫暐1锛氬埄鐢ㄦ墜闋硣閲戠洿鎺ヨ卜鍏�100鑲¤偂绁�锛�
? 绛栫暐2锛氬埄鐢ㄦ墜闋硣閲戜綔鐐轰繚璀夐噾锛堜繚璀夐噾姣斾緥鐐�20%锛夛紝鍋氬500 浠戒互鑲$エ鐐烘(bi膩o)鐨勮硣
鐢�(ch菐n)鐨勯仩(yu菐n)鏈熷崝(xi茅)璀�锛涳紙鍋囪ō(sh猫)淇濊瓑閲戣超鎴剁殑璩囬噾鐨�1骞存湡鍒╃巼姘村钩鍚屾ǎ鐐�10%锛�
? 绛栫暐3锛氶澶栧€熷叆锟�40,000璨峰叆500鑲¤偂绁�锛涳紙鍋囪ō(sh猫)1骞存湡鐨勫€熸鍒╃巼鍚屾ǎ鐐�10%锛�
? 绛栫暐4锛氳卜鍏�500浠界湅婕叉湡娆�(qu谩n)锛�
锛�1锛� 鍒╃敤1骞村悗濡備笅鍙兘鐨勮偂绁ㄥ児(ji脿)鏍硷紝瑷�(j矛)绠楁瘡绋瓥鐣ヤ笅鎶曡硣鑰呰超鎴舵渶绲傜殑璩囬噾绺介鍜岀浉
鎳�(y墨ng)鐨勬敹鐩婄巼锛堥渶绲﹀嚭蹇呰鐨勮▓(j矛)绠楁椹燂級銆�
1 骞村悗
鑲″児(ji脿)
绛栫暐 1 绛栫暐 2 绛栫暐 3 绛栫暐 4
璩囬噾绺介 鏀剁泭鐜� 璩囬噾绺介 鏀剁泭鐜� 璩囬噾绺介 鏀剁泭鐜� 璩囬噾绺介 鏀剁泭鐜�
120
110
100
90
锛�2锛� 鏍规摎(j霉)锛�1锛夌殑瑷�(j矛)绠楃祼(ji茅)鏋�锛岃嚦灏戠郸鍑哄叐榛�(di菐n)缍�(j墨ng)婵�(j矛)闋�(y霉)绀猴紙灏ゅ叾鏄噾铻嶄腑鈥滄潬妗库€濈殑浣滅敤锛�銆�
3銆� 锛�25 鍒嗭級涓€鍍�(ji脿)瀹氬緥锛堟垨鐒″鍒╁潎琛″垎鏋愭柟娉曪級鏄従(xi脿n)浠i噾铻嶅(xu茅)閲嶈鐨勭悊璜栦箣涓€锛岃寤f硾鍦�
閬�(y霉n)鐢ㄤ簬閲戣瀺鐢�(ch菐n)鍝佸強鍏惰鐢熷搧鐨勫畾鍍�(ji脿)銆傚競鍫寸従(xi脿n)鏈夊涓嬪咕绋噾铻嶇敘(ch菐n)鍝侊紝鐩搁棞(gu膩n)淇℃伅鍒嗗垾濡備笅锛�
? 绱旇布鐝�(xi脿n)鍦嬪偟锛氬埌鏈熸湡闄�2骞�銆侀潰鍊硷骏1,000锛岀暥(d膩ng)鍓嶅児(ji脿)鏍肩偤锟�907.03
? 闄勬伅鍦嬪偟锛氱エ闈㈠埄鐜�6%锛堟瘡骞翠粯鎭級銆佸埌鏈熸湡闄�2骞�銆侀潰鍊硷骏1,000锛岀暥(d膩ng)鍓嶅児(ji脿)鏍硷骏1019.70
? 鑲$エ锛氱暥(d膩ng)鍓嶈偂鍍�(ji脿)锟�100/鑲�锛�1骞村悗鑲″児(ji脿)鏈夛骏120/鑲℃垨锟�80/鑲″叐绋彲鑳�
? 鐪嬫疾鏈熸瑠(qu谩n)锛氫互涓婅堪鑲$エ鐐烘(bi膩o)鐨勮硣鐢�(ch菐n)銆�1骞村悗鍒版湡銆佸煼(zh铆)琛屽児(ji脿)鏍硷骏110/鑲$殑姝愬紡鏈熸瑠(qu谩n)
锛�1锛� 鏍规摎(j霉)浠ヤ笂淇℃伅锛屽垎鍒ヨ▓(j矛)绠楃磾璨肩従(xi脿n)鍦嬪偟鍜岄檮鎭湅鍌电殑鍒版湡鏀剁泭鐜囷紙Yield To Maturity,
YTM锛�锛屽苟鍓�(chu脿ng)瑷�(sh猫)涓€绋€滃埌鏈熸湡闄�1骞�銆侀潰鍊硷骏1,000鈥濈殑绱旇布鐝�(xi脿n)鍦嬪偟锛屼互鍙婄⒑瀹氬叾鍍�(ji脿)
鏍煎拰鍒版湡鏀剁泭鐜�銆�
绗� 6 闋� 鍏� 6 闋�
锛�2锛� 鍦紙1锛夌殑鍩虹(ch菙)涓�锛屽埄鐢ㄤ簩闋�(xi脿ng)寮忥紙鎴栦簩鍙夋ü锛夋湡娆�(qu谩n)瀹氬児(ji脿)鏂规硶锛岀⒑瀹氱湅婕叉湡娆�(qu谩n)鐨勫児(ji脿)鏍�銆�
锛�3锛� 濡傛灉1骞村悗鐨勮偂鍍�(ji脿)鏈夛骏120/鑲℃垨锟�60/鑲″叐绋彲鑳斤紝閲嶆柊纰哄畾鐪嬫疾鏈熸瑠(qu谩n)鍍�(ji脿)鏍�锛屽苟灏囦箣
鑸囷紙2锛夌殑绲�(ji茅)鏋滈€�(j矛n)琛屽皪姣斿垎鏋�銆�
4銆� 锛�20 鍒嗭級鑰冩叜濡備笅鍏╁鍏徃锛氬叕鍙� A 寰炰簨鎴垮湴鐢�(ch菐n)琛屾キ(y猫)锛岃偂绁ㄧ殑鏈熸湜鏀剁泭鐜囧拰璨濆鍊煎垎鍒�
鐐� 15%鍜� 1.1锛涘叕鍙� B 鍚屾檪寰炰簨鍒惰棩鍜岃瀺璩囩璩冩キ(y猫)鍕�(w霉)锛屽叐绋キ(y猫)鍕�(w霉)鐨勫競鍊煎垎鍒ュ崰 B 鍏徃绺藉競
鍊肩殑 1/3 鍜� 2/3锛屽叕鍙� B 鐨勮偂绁ㄦ湡鏈涘洖鍫�(b脿o)鐜囧拰璨濆鍊煎垎鍒ョ偤 20%鍜� 1.6銆�
锛�1锛� 鏍规摎(j霉)璩囨湰璩囩敘(ch菐n)瀹氬児(ji脿)妯″瀷锛圕apital Asset Pricing Model, CAPM锛�锛屽垎鍒ョ⒑瀹氱劇棰�(f膿ng)闅�(xi菐n)鍒�
鐜囧拰甯傚牬鏀剁泭鐜囥€�
锛�2锛� 鍋囪ō(sh猫)B鍏徃铻嶈硣绉熻硟妤�(y猫)鍕�(w霉)鐨勬湡鏈涙敹鐩婄巼鐐�10%锛岀⒑瀹氬埗钘ユキ(y猫)鍕�(w霉)鐨勬湡鏈涙敹鐩婄巼銆�
锛�3锛� 鍏徃C鑸囧叕鍙窤鍏锋湁瀹屽叏鐩稿悓鐨勬キ(y猫)鍕�(w霉)锛堟垨璩囩敘(ch菐n)锛夛紝闋�(y霉)鏈熶笅涓€骞寸殑姣忚偂鐩堝埄鐐猴骏15锛�
涓斾互鍚庢瘡骞村叕鍙窩閮藉皣鐩堝埄鐨�50%鐣欏瓨鐢ㄤ簬鎶曡硣鏈熸湜鍫�(b脿o)閰巼鐐�20%鐨勬柊闋�(xi脿ng)鐩�锛岀⒑瀹�
鍏徃C鐨勮偂绁ㄥ児(ji脿)鏍煎拰鏈締鎶曡硣闋�(xi脿ng)鐩殑NPV锛堝嵆鍑堢従(xi脿n)鍊硷級銆�

鍏嶈铂(z茅)鑱叉槑锛氭湰鏂囩郴杞�(zhu菐n)杓夎嚜缍�(w菐ng)绲�(lu貌)锛屽鏈変镜鐘�锛岃珛鑱�(li谩n)绯绘垜鍊戠珛鍗冲埅闄�锛屽彟锛氭湰鏂囧儏浠h〃浣滆€呭€嬩汉瑙€榛�(di菐n)锛岃垏鏈恫(w菐ng)绔欑劇闂�(gu膩n)銆傚叾鍘熷壍(chu脿ng)鎬т互鍙婃枃涓櫝杩版枃瀛楀拰鍏�(n猫i)瀹规湭缍�(j墨ng)鏈珯璀夊(sh铆)锛屽皪鏈枃浠ュ強鍏朵腑鍏ㄩ儴鎴栬€呴儴鍒嗗収(n猫i)瀹�銆佹枃瀛楃殑鐪熷(sh铆)鎬�銆佸畬鏁存€�銆佸強鏅傛€ф湰绔欎笉浣滀换浣曚繚璀夋垨鎵胯锛岃珛璁€鑰呭儏浣滃弮鑰�锛屽苟璜嬭嚜琛屾牳瀵�(sh铆)鐩搁棞(gu膩n)鍏�(n猫i)瀹广€�

  • 涓婁竴绡囨枃绔狅細

  • 涓嬩竴绡囨枃绔狅細
  • 鑰冨崥鍜ㄨQQ 3455265070 榛�(di菐n)鎿婇€欓噷绲︽垜鐧�(f膩)娑堟伅 鑰冪爺鍜ㄨ QQ 3455265070 榛�(di菐n)鎿婇€欓噷绲︽垜鐧�(f膩)娑堟伅 閮电锛� 3455265070@qq.com
    鍏徃鍚嶇ū:鏄嗗北鍓�(chu脿ng)閰蜂俊鎭鎶€鏈夐檺鍏徃 鐗堟瑠(qu谩n)鎵€鏈�
    鑰冪爺绉樼睄缍�(w菐ng) 鐗堟瑠(qu谩n)鎵€鏈� © kaoyanmiji.com All Rights Reserved
    鑱叉槑锛氭湰缍�(w菐ng)绔欏皧閲嶅苟淇濊(h霉)鐭ヨ瓨鐢�(ch菐n)娆�(qu谩n)锛屾牴鎿�(j霉)銆婁俊鎭恫(w菐ng)绲�(lu貌)鍌虫挱娆�(qu谩n)淇濊(h霉)姊濅緥銆嬶紝濡傛灉鎴戝€戣綁(zhu菐n)杓夋垨寮曠敤鐨勪綔鍝佷镜鐘簡鎮ㄧ殑娆�(qu谩n)鍒�锛岃珛閫氱煡鎴戝€�锛屾垜鍊戞渻鍙婃檪鍒櫎锛�