{"id":12728,"date":"2023-05-26T23:38:47","date_gmt":"2023-05-26T15:38:47","guid":{"rendered":"https:\/\/winsmart.tw\/?post_type=trading_knowledge&#038;p=12728"},"modified":"2023-05-27T11:23:22","modified_gmt":"2023-05-27T03:23:22","slug":"%e7%b8%ae%e8%a1%a8","status":"publish","type":"trading_knowledge","link":"https:\/\/winsmart.tw\/en\/trading_knowledge\/%e7%b8%ae%e8%a1%a8\/","title":{"rendered":"\u7e2e\u8868\u5f8c\u80a1\u5e02\u5927\u8dcc\u7684\u539f\u56e0\u662f\u4ec0\u9ebc\uff1f\u7f8e\u570b\u806f\u6e96\u6703\u796d\u51fa1\u62db\u91cf\u5316\u7dca\u7e2e\u63a7\u5236\u901a\u8ca8\u81a8\u6f32."},"content":{"rendered":"<h2 class=\"has-vivid-cyan-blue-color has-text-color wp-block-heading\"><strong>\u7e2e\u8868 01. \u4ec0\u9ebc\u662f\u7e2e\u8868\uff1f<\/strong><\/h2><p>\u7e2e\u8868\u662f\u4ec0\u9ebc\u5462\uff1f\u7e2e\u8868(shrink balance sheet)\u5168\u540d\u70ba\u7e2e\u6e1b<a href=\"https:\/\/zh.m.wikipedia.org\/zh-tw\/%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E8%A1%A8\" target=\"_blank\" aria-label=\"\u8cc7\u7522\u8ca0\u50b5\u8868 (opens in a new tab)\" rel=\"noreferrer noopener\" class=\"rank-math-link\">\u8cc7\u7522\u8ca0\u50b5\u8868<\/a>\uff0c\u662f\u4e00\u7a2e\u7dca\u7e2e\u8ca8\u5e63\u653f\u7b56\u7684\u624b\u6bb5\uff0c\u90a3\u70ba\u4ec0\u9ebc\u8981\u9032\u884c\u7e2e\u8868\u5462\uff1f\u7e2e\u6e1b\u8cc7\u7522\u8ca0\u50b5\u4e3b\u8981\u7684\u7528\u610f\uff0c\u5728\u65bc\u7531\u570b\u5bb6\u592e\u884c\u7e2e\u6e1b\u624b\u4e0a\u7684\u50b5\u52d9\uff0c\u4ee5\u63a7\u5236\u5e02\u5834\u4e2d\u6d41\u52d5\u7684\u8cc7\u91d1\u91cf\uff0c\u5c6c\u65bc\u975e\u50b3\u7d71\u5f0f\u7684\u8ca8\u5e63\u653f\u7b56\uff0c\u904b\u4f5c\u7684\u597d\u53ef\u4ee5\u5f71\u97ff\u4e16\u754c\u5404\u570b\u8ca8\u5e63\u7684\u8d70\u5411\uff0c\u4e00\u822c\u4f86\u8aaa\uff0c\u7576\u5404\u570b\u4e2d\u592e\u9280\u884c\u958b\u59cb\u63a1\u53d6\u7e2e\u8868\u7684\u52d5\u4f5c\u6642\uff0c\u8868\u793a\u8ca8\u5e63\u653f\u7b56\u51fa\u73fe\u5371\u6a5f\u3002<\/p><p>\u6545\u901a\u5e38\u6703\u9700\u8981\u63a1\u53d6\u7e2e\u8868\u7684\u60c5\u6cc1\uff0c\u53ef\u80fd\u662f\u5e02\u5834\u71b1\u9322\u904e\u591a\uff0c\u901a\u8ca8\u81a8\u6f32\u8d85\u4e4e\u653f\u5e9c\u9810\u671f\uff0c\u6240\u4ee5\u653f\u5e9c\u900f\u904e\u56de\u6536\u8ca0\u50b5\u7b49\u65b9\u5f0f\uff0c\u8457\u624b\u9032\u884c\u6536\u7dca\u8ca8\u5e63\uff0c\u4ee5\u514d\u7d93\u6fdf\u5d29\u76e4\uff0c\u8209\u4f8b\u4f86\u8aaa\uff0c\u6211\u5011\u6642\u5e38\u807d\u5230\u7f8e\u570b\u806f\u6e96\u6703\u4e00\u76f4\u5728\u558aQTQT\uff0c\u6307\u7684\u5c31\u662f\u91cf\u5316\u7dca\u7e2e(Quantitative Tightening)\u3002<\/p><p>\u91cf\u5316\u7dca\u7e2e\u6b63\u662f\u4e00\u7a2e\u7e2e\u8868\u7684\u9032\u884c\u65b9\u5f0f\uff0c\u800c\u8207\u5176\u5b8c\u5168\u76f8\u53cd\u7684\u4f5c\u6cd5\u5247\u662fQE\u91cf\u5316\u5bec\u9b06(Quantitative Easing)\uff0c\u524d\u8005\u76ee\u7684\u662f\u5728\u65bc\u5bb3\u6015\u5e02\u5834\u904e\u71b1\uff0c\u9322\u8d8a\u4f86\u8d8a\u8cb6\u503c\u5f15\u767c\u7d93\u6fdf\u6ce1\u6cab\uff0c\u6545\u7e2e\u8868\u53bb\u56de\u6536\u5e02\u5834\u71b1\u9322\u3001\u7dca\u7e2e\u5e02\u5834\uff0c\u800c\u5f8c\u8005\u91cf\u5316\u5bec\u9b06\u5247\u662f\u589e\u52a0\u8ca8\u5e63\u7684\u4f9b\u61c9\u91cf\uff0c\u7d66\u51fa\u66f4\u591a\u8cc7\u91d1\u4ee5\u6d41\u52d5\u65bc\u5e02\u5834\u4e4b\u4e2d\uff0c\u65e8\u5728\u5bb3\u6015\u5e02\u5834\u51b7\u51cd\uff0c\u6545\u7531\u653f\u5e9c\u4e3b\u52d5\u523a\u6fc0\u7d93\u6fdf\u5faa\u74b0\u3002<\/p><figure class=\"wp-block-table\"><table><tbody><tr><td>\u653f\u7b56<\/td><td>\u7e2e\u8868(\u91cf\u5316\u7dca\u7e2e)<\/td><td>\u91cf\u5316\u5bec\u9b06<\/td><\/tr><tr><td>\u82f1\u6587<\/td><td>QT(Quantitative Tightening)<\/td><td>QE(Quantitative Easing)<\/td><\/tr><tr><td>\u5229\u7387<\/td><td>\u5347\u606f<\/td><td>\u964d\u606f<\/td><\/tr><tr><td>\u76ee\u6a19<\/td><td>\u56de\u6536\u8cc7\u91d1\u3001\u6291\u5236\u901a\u81a8\u3002<\/td><td>\u91cb\u51fa\u8cc7\u91d1\u3001\u523a\u6fc0\u5e02\u5834\u3002<\/td><\/tr><tr><td>\u57f7\u884c\u65b9\u5f0f<\/td><td>\u6e1b\u7de9\u8cfc\u50b5\u3001\u6e1b\u5c11\u4e0b\u4e00\u8f2a\u8cc7\u91d1\u6295\u653e\u3001\u540c\u6642\u642d\u914d\u5347\u606f\u3002<\/td><td>\u589e\u52a0\u8cfc\u50b5\u3001\u6709\u9322\u5c31\u8cb7\u66f4\u591a\u50b5\u3001\u642d\u914d\u964d\u606f\u3002<\/td><\/tr><\/tbody><\/table><\/figure><figure class=\"wp-block-image alignwide size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"790\" height=\"413\" src=\"https:\/\/winsmart.tw\/wp-content\/uploads\/2022\/12\/\u7e2e\u8868.jpg\" alt=\"\u7e2e\u8868\" class=\"wp-image-12874\" srcset=\"https:\/\/winsmart.tw\/wp-content\/uploads\/2022\/12\/\u7e2e\u8868.jpg 790w, https:\/\/winsmart.tw\/wp-content\/uploads\/2022\/12\/\u7e2e\u8868-600x314.jpg 600w, https:\/\/winsmart.tw\/wp-content\/uploads\/2022\/12\/\u7e2e\u8868-300x157.jpg 300w, https:\/\/winsmart.tw\/wp-content\/uploads\/2022\/12\/\u7e2e\u8868-768x401.jpg 768w\" sizes=\"(max-width: 790px) 100vw, 790px\" \/><figcaption>\u7e2e\u8868<\/figcaption><\/figure><p><strong>\u5ef6\u4f38\u95b1\u8b80\uff1a<a aria-label=\" (opens in a new tab)\" class=\"rank-math-link\" href=\"https:\/\/winsmart.tw\/en\/trading_knowledge\/%e7%be%8e%e8%82%a1%e5%a4%9c%e7%9b%a4\/\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><a href=\"https:\/\/winsmart.tw\/en\/online_teaching\/%e9%9b%99ema%e5%9d%87%e7%b7%9a\/\">\u8d85\u7d1a\u597d\u7528\u96d9EMA\u5747\u7dda\u4ea4\u6613\u6cd5\uff0c\u8b93\u4f601\u79d2\u770b\u61c2\u884c\u60c5\u8da8\u52e2\uff01.<\/a><\/strong><\/p><h2 class=\"has-vivid-cyan-blue-color has-text-color wp-block-heading\"><strong>\u7e2e\u8868 02. \u7e2e\u8868\u5982\u4f55\u9032\u884c\uff1f<\/strong><\/h2><p>\u7e2e\u8868\u7684\u76ee\u7684\u5728\u65bc\u653f\u5e9c\u4e0d\u5e0c\u671b\u8b93\u8ca8\u5e63\u904e\u5ea6\u8cb6\u503c\uff0c\u56e0\u6b64\u900f\u904e\u56de\u6536\u8cc7\u91d1\u7684\u65b9\u5f0f\u8feb\u4f7f\u8ca8\u5e63\u653f\u7b56\u56de\u6b78\u6b63\u8ecc\uff0c\u4f46\u5728\u4e86\u89e3\u7e2e\u8868\u600e\u9ebc\u904b\u4f5c\u4e4b\u524d\uff0c\u6211\u5011\u5148\u4f86\u770b\u770b\u91cf\u5316\u5bec\u9b06\u7684\u4f8b\u5b50\uff0c\u4ee5\u65b0\u51a0\u80ba\u708e\u70ba\u4f8b\uff0c\u7576\u7206\u767c\u4e16\u754c\u7d1a\u898f\u6a21\u7684\u5de8\u5927\u50b3\u67d3\u75c5\u9019\u985e\u9ed1\u5929\u9d5d\u4e8b\u4ef6\u6642\uff0c\u5168\u4e16\u754c\u7684\u8cc7\u91d1\u53ef\u80fd\u6703\u56e0\u70ba\u6050\u614c\u800c\u6025\u901f\u51b7\u51cd\u3002<\/p><p>\u5728\u9019\u7a2e\u5e02\u5834\u597d\u58de\u4e0d\u660e\u7684\u60c5\u6cc1\uff0c\u8cc7\u91d1\u5f80\u5f80\u4e0d\u6562\u5984\u52d5\uff0c\u53ea\u6703\u4f7f\u5f97\u5e02\u5834\u66f4\u52a0\u505c\u6eef\uff0c\u50b3\u7d71\u7684\u505a\u6cd5\u88e1\uff0c\u7576\u8cc7\u91d1\u505c\u6eef\u6642\uff0c\u53ef\u80fd\u6703\u63a1\u53d6\u964d\u606f\u7684\u505a\u6cd5\uff0c\u4f46\u7576\u5e02\u5834\u56e0\u7279\u6b8a\u60c5\u5f62\u7d93\u6fdf\u4e0d\u597d\u7684\u6642\u5019\uff0c\u5982\u679c\u5229\u7387\u672c\u4f86\u5c31\u5f88\u4f4e\u4e86\uff0c\u81ea\u7136\u4e5f\u4e0d\u53ef\u80fd\u518d\u900f\u904e\u964d\u4f4e\u5229\u7387\u7684\u65b9\u5f0f\u523a\u6fc0\u5e02\u5834\u3002<\/p><p>\u4f46\u82e5\u662f\u8cc7\u91d1\u4e0d\u52d5\uff0c\u5c07\u6703\u5c0e\u81f4\u4e16\u754c\u7d93\u6fdf\u5728\u6975\u77ed\u7684\u6642\u9593\u5167\u505c\u6eef\u4e0d\u52d5\uff0c\u6b64\u6642\u7f8e\u570b\u806f\u6e96\u6703\u5c31\u6703\u62ff\u9322\u53bb\u6c11\u9593\u8cfc\u50b5\uff0c\u6bd4\u5982\u8cb7\u5165\u7f8e\u570b\u570b\u50b5\u3001\u516c\u53f8\u50b5\u5238\u3001\u57fa\u91d1\u3001\u516c\u53f8\u62b5\u62bc\u8cb8\u6b3e\u7b49\u91d1\u878d\u5546\u54c1\uff0c\u8b93\u8cc7\u91d1\u6d41\u5165\u5e02\u5834\uff0c\u5373\u4f7f\u50b5\u5238\u5230\u671f\uff0c\u4e5f\u6703\u518d\u8cfc\u7f6e\u65b0\u4e00\u8f2a\u7684\u50b5\u5238\u3002\u9019\u5c31\u662f\u7121\u9650\u91cf\u5316\u5bec\u9b06\u7684\u904e\u7a0b\uff0c\u4ee5\u91cb\u51fa\u66f4\u591a\u8cc7\u91d1\u8b93\u71b1\u9322\u5728\u5e02\u5834\u4e2d\u5954\u7ac4\uff0c\u76ee\u7684\u662f\u70ba\u4e86\u4e0d\u8b93\u7d93\u6fdf\u5faa\u74b0\u505c\u6eef\uff0c\u5c0e\u81f4\u5931\u696d\u7387\u4e0a\u5347\u3001\u7d93\u6fdf\u5d29\u76e4\u3002<\/p><p>\u800c\u7e2e\u8868\u7684\u505a\u6cd5\u5247\u662f\u5b8c\u5168\u76f8\u53cd\uff0c\u5982\u524d\u6587\u6240\u8ff0\uff0c\u7e2e\u8868\u5373\u662f\u7e2e\u6e1b\u8cc7\u7522\u8ca0\u50b5\u8868\uff0c\u7576\u7f8e\u570b\u806f\u6e96\u6703\u6216\u662f\u5404\u570b\u592e\u884c\u958b\u59cb\u63a1\u53d6\u7e2e\u8868\u7684\u505a\u6cd5\u6642\uff0c\u901a\u5e38\u662f\u5e02\u5834\u5df2\u7d93\u8d85\u7d1a\u904e\u71b1\uff0c\u901a\u8ca8\u6f8e\u6f32\u904e\u5ea6\uff0c\u6b64\u6642\u806f\u6e96\u6703\u6216\u5404\u570b\u592e\u884c\u5c07\u6e1b\u5c11\u8cfc\u50b5\uff0c\u900f\u904e\u958b\u59cb\u6e1b\u5c11\u8cc7\u7522\u8ca0\u50b5\u8868\u4e0a\u7684\u8ca0\u50b5\uff0c\u5982\u6b64\u5c31\u53ef\u4ee5\u56de\u6536\u8cc7\u91d1\u3002<\/p><p>\u8209\u4f8b\u4f86\u8aaa\uff0c\u7576\u592e\u884c\u8cb7\u5165\u4e00\u5343\u5104\u7684\u7f8e\u570b\u570b\u50b5\u3001\u516c\u53f8<a href=\"https:\/\/zh.wikipedia.org\/zh-tw\/%E5%80%BA%E5%88%B8\" target=\"_blank\" aria-label=\"\u50b5\u5238 (opens in a new tab)\" rel=\"noreferrer noopener\" class=\"rank-math-link\">\u50b5\u5238<\/a>\u3001\u57fa\u91d1\u3001\u516c\u53f8\u62b5\u62bc\u8cb8\u6b3e\u7b49\u91d1\u878d\u5546\u54c1\u6642\uff0c\u5e02\u5834\u4e0a\u7b49\u65bc\u591a\u51fa\u4e86\u4e00\u5343\u5104\u7684\u8cc7\u91d1\u5728\u6d41\u52d5\uff0c\u53ef\u662f\u5982\u679c\u592e\u884c\u6e1b\u50b5\u505c\u8cfc\uff0c\u9019\u4e00\u5343\u5104\u5c31\u6703\u56de\u5230\u592e\u884c\u624b\u4e2d\uff0c\u4e0d\u518d\u65bc\u5e02\u5834\u4e0a\u6d41\u7ac4\uff0c\u9019\u5c31\u662f\u7e2e\u8868\u9032\u884c\u7684\u65b9\u5f0f\uff0c\u4f46\u8981\u6ce8\u610f\u7684\u662f\uff0c\u7e2e\u8868\u4e0d\u662f\u5b8c\u5168\u505c\u6b62\u8cfc\u50b5\uff0c\u800c\u662f\u9010\u6b65\u6e1b\u5c11\u3002<\/p><p>\ud83d\udc49<strong>\u5982\u4f55\u6293\u4f4f\u8d77\u6f32\u9ede ? \u514d\u8cbb\u7d22\u53d6 &gt;&gt;&nbsp;<a rel=\"noreferrer noopener\" class=\"rank-math-link\" href=\"https:\/\/winsmart.tw\/en\/trading_knowledge\/%e8%b5%b7%e6%bc%b2%e9%bb%9e\/\" target=\"_blank\">\u9ad8\u500d\u901f\u7372\u5229\u8cb7\u9ede\u96fb\u5b50\u66f8<\/a><\/strong><\/p><figure class=\"wp-block-image alignwide\"><a href=\"https:\/\/winsmart.tw\/en\/trading_knowledge\/%e8%b5%b7%e6%bc%b2%e9%bb%9e\/\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" src=\"https:\/\/options.tw\/wp-content\/uploads\/2022\/01\/%E9%AB%98%E5%80%8D%E9%80%9F%E7%8D%B2%E5%88%A9%E8%B2%B7%E9%BB%9E%E9%9B%BB%E5%AD%90%E6%9B%B8-1024x535.jpg\" alt=\"\u9ad8\u500d\u901f\u7372\u5229\u8cb7\u9ede\u96fb\u5b50\u66f8\" class=\"wp-image-6998\"\/><\/a><\/figure><h2 class=\"has-vivid-cyan-blue-color has-text-color wp-block-heading\"><strong>\u7e2e\u8868 03. \u7e2e\u8868\u5f71\u97ff\u4ec0\u9ebc\uff1f<\/strong><\/h2><p>\u7e2e\u8868\u6703\u9020\u6210\u4ec0\u9ebc\u5f71\u97ff\u5462\uff1f\u7e2e\u8868\u7684\u76ee\u7684\u5728\u65bc\u6291\u5236\u901a\u8ca8\u81a8\u6f32\uff0c\u56e0\u6b64\u901a\u5e38\u4e5f\u6703\u540c\u6642\u9032\u884c\u5347\u606f\uff0c\u9020\u6210\u7684\u5f71\u97ff\u5c31\u662f\u5e02\u5834\u4e0a\u7684\u71b1\u9322\u6703\u9010\u6f38\u6e1b\u5c11\uff0c\u7576\u8cc7\u91d1\u64a4\u51fa\u80a1\u5e02\uff0c\u80a1\u5e02\u5fc5\u7136\u6703\u4e0b\u8dcc\uff0c\u5f88\u96e3\u518d\u6709\u5927\u91cf\u7684\u8cc7\u91d1\u6771\u8cb7\u897f\u8cb7\uff0c\u7531\u65bc\u5347\u606f\u6e1b\u50b5\u7684\u95dc\u4fc2\uff0c\u6703\u6709\u8d8a\u4f86\u8d8a\u591a\u7684\u8cc7\u91d1\u56de\u6b78\u5b89\u5b9a\u3002<\/p><p>\u5982\u679c\u5e73\u5e38\u6709\u5728\u8cb7\u80a1\u7968\u7684\u4eba\uff0c\u5c31\u53ef\u4ee5\u8d81\u9019\u500b\u6642\u5019\u597d\u597d\u89c0\u5bdf\u4e00\u4e0b\u54ea\u4e9b\u80a1\u7968\u7684\u80a1\u50f9\u56b4\u91cd\u865b\u6f32\uff0c\u7562\u7adf\u6f6e\u6c34\u9000\u4e86\u624d\u77e5\u9053\u8ab0\u6c92\u7a7f\u8932\u5b50\uff0c\u5728\u7e2e\u8868\u53ca\u5347\u606f\u9020\u6210\u7684\u80a1\u5e02\u4e0b\u8dcc\u7684\u885d\u64ca\u4e0b\uff0c\u9084\u80fd\u5920\u7dad\u6301\u80a1\u50f9\uff0c\u751a\u81f3\u9006\u52e2\u53cd\u6f32\u7684\u516c\u53f8\uff0c\u624d\u53ef\u80fd\u662f\u771f\u6750\u5be6\u6599\u5177\u5099\u826f\u597d\u9ad4\u8cea\u7684\u516c\u53f8\u3002<\/p><h2 class=\"has-vivid-cyan-blue-color has-text-color wp-block-heading\"><strong>\u7e2e\u8868 04. \u4ec0\u9ebc\u662f\u5347\u606f<\/strong><\/h2><p>\u5347\u606f\u662f\u592e\u884c\u6216\u806f\u6e96\u6703\u6536\u7dca\u8ca8\u5e63\u653f\u7b56\u7684\u624b\u6bb5\u4e4b\u4e00\uff0c\u4e00\u822c\u6703\u642d\u914d\u7e2e\u8868\u5be6\u65bd\uff0c\u7576\u5404\u570b\u4e2d\u592e\u9280\u884c\u958b\u59cb\u9032\u884c\u5347\u606f\u6642\uff0c\u9280\u884c\u5c31\u6703\u5c07\u5229\u7387\u8abf\u9ad8\uff0c\u7576\u6c11\u773e\u6216\u4f01\u696d\u767c\u73fe\u628a\u9322\u653e\u5728\u9280\u884c\u7684\u5229\u7387\u5831\u916c\u9ad8\u65bc\u6295\u8cc7\u65bc\u80a1\u5e02\u6216\u662f\u516c\u53f8\u767c\u5c55\u7684\u5229\u7387\u53ca\u5831\u916c\u6642\uff0c\u6c11\u773e\u8207\u516c\u53f8\u81ea\u7136\u5c31\u6703\u628a\u9322\u653e\u5230\u9280\u884c\u53bb\uff0c\u6bd4\u8d77\u5c07\u9322\u7f6e\u65bc\u9ad8\u5ea6\u7684\u98a8\u96aa\u4e4b\u4e2d\uff0c\u5927\u591a\u6578\u8070\u660e\u7684\u9322\u5be7\u9858\u9818\u53d6\u7a69\u5b9a\u7684\u5831\u916c\u3002<\/p><p>\u8209\u4f8b\u4f86\u8aaa\uff0c\u7576\u9280\u884c\u5229\u7387\u5f88\u5dee\u7684\u6642\u5019\uff0c\u6bd4\u59821%\uff0c\u6211\u5011\u70ba\u4e86\u8b93\u9322\u589e\u9577\uff0c\u53ef\u80fd\u5c31\u6703\u53bb\u8cb7\u5229\u7387\u8d85\u904e1%\u7684\u50b5\u5238\u6216\u57fa\u91d1\uff0c\u6216\u662f\u6b96\u5229\u7387\u9ad8\u7684\u80a1\u7968\uff0c\u4f46\u6295\u8cc7\u6709\u98a8\u96aa\uff0c\u8cfa\u8ce0\u96e3\u9810\u6599\uff0c\u8cfa\u5229\u606f\u8ce0\u50f9\u5dee\u7684\u4f8b\u5b50\u6bd4\u6bd4\u7686\u662f\uff0c\u8070\u660e\u5982\u6211\u5011\uff0c\u5982\u679c\u770b\u5230\u9280\u884c\u5c07\u5229\u606f\u8abf\u9ad8\u81f3\u6bd4\u80a1\u7968\u7684\u6b96\u5229\u7387\u9ad8\u6642\uff0c\u53ea\u8981\u628a\u9322\u653e\u5728\u88e1\u9762\u4ec0\u9ebc\u4e8b\u4e5f\u4e0d\u7528\u505a\u5c31\u53ef\u4ee5\u8cfa\u7684\u6bd4\u8cb7\u80a1\u7968\u3001\u50b5\u5238\u3001\u57fa\u91d1\u7b49\u5546\u54c1\u9084\u591a\uff0c\u81ea\u7136\u6703\u505a\u51fa\u8070\u660e\u7684\u9078\u64c7\u3002<\/p><h2 class=\"has-vivid-cyan-blue-color has-text-color wp-block-heading\"><strong>\u7e2e\u8868 05. \u5347\u606f\u7e2e\u8868\u5c0d\u80a1\u5e02\u7684\u5f71\u97ff<\/strong><\/h2><p>\u80a1\u5e02\u884c\u60c5\u82e5\u8981\u4e0a\u5347\uff0c\u4e00\u5b9a\u8981\u6709\u71b1\u9322\u6e67\u5165\u8ffd\u50f9\uff0c\u800c\u7e2e\u8868\u6216\u5347\u606f\u6642\uff0c\u56e0\u5e02\u5834\u71b1\u9322\u6e1b\u5c11\uff0c\u610f\u5473\u4f01\u696d\u53d6\u5f97\u8cc7\u91d1\u8b8a\u5f97\u56f0\u96e3\uff0c\u90a3\u9ebc\u6709\u80fd\u529b\u4ecb\u5165\u5e02\u5834\u8ffd\u50f9\u7684\u8cc7\u91d1\u81ea\u7136\u5c31\u6703\u8b8a\u5c11\uff0c\u4e26\u4e14\u7576\u50b5\u52d9\u6210\u672c\u63d0\u9ad8\u7684\u6642\u5019\uff0c\u4f01\u696d\u53ea\u6703\u66f4\u52a0\u4fdd\u5b88\u7684\u904b\u7528\u8cc7\u91d1\uff0c\u4e00\u65e6\u8cc7\u91d1\u904b\u7528\u8271\u96e3\uff0c\u4ea4\u6613\u6210\u672c\u63d0\u9ad8\u7684\u6642\u5019\uff0c\u80a1\u5e02\u81ea\u7136\u5c31\u7121\u6cd5\u50cf\u91cf\u5316\u5bec\u9b06\u6642\u671f\u9019\u6a23\u760b\u6f32\uff0c\u56e0\u6b64\u6211\u5011\u96d6\u4e0d\u80fd\u8aaa\u7e2e\u8868\u6703\u76f4\u64ca\u80a1\u5e02\uff0c\u4f46\u53ef\u4ee5\u80af\u5b9a\u7e2e\u8868\u4e00\u5b9a\u6703\u5f71\u97ff\u80a1\u5e02\u3002<\/p><h2 class=\"has-vivid-cyan-blue-color has-text-color wp-block-heading\"><strong>\u7e2e\u8868 06. \u7e2e\u8868\u50b5\u5238\u6709\u4ec0\u9ebc\u5f71\u97ff\uff1f<\/strong><\/h2><p>\u7e2e\u8868\u5c31\u662f\u6e1b\u5c11\u8cc7\u7522\u8ca0\u50b5\u8868\uff0c\u4ee5\u806f\u6e96\u6703\u800c\u8ad6\uff0c\u90a3\u9ebc\u5c31\u8868\u793a\u5230\u671f\u7684\u50b5\u5238\u8cc7\u91d1\u5c07\u4e0d\u6703\u518d\u6295\u5165\u5e02\u5834\uff0c\u9019\u610f\u5473\u8457\u6709\u591a\u5c11\u50b5\u5238\u7684\u91d1\u984d\u4e0d\u518d\u6295\u5165\uff0c\u5e02\u5834\u5c31\u6703\u6e1b\u5c11\u591a\u5c11\u50b5\u5238\u7684\u8cc7\u91d1\uff0c\u7576\u50b5\u5238\u9700\u6c42\u6e1b\u5c11\u6642\uff0c\u50b5\u5238\u50f9\u683c\u5c31\u6703\u4e0b\u8dcc\uff0c\u50b5\u5238\u6b96\u5229\u7387\u5c31\u6703\u4e0a\u5347\uff0c\u516c\u53f8\u50b5\u5e02\u5834\u4e5f\u53ef\u80fd\u6703\u53d7\u5230\u540c\u6a23\u7684\u885d\u64ca\u3002<\/p><figure class=\"wp-block-image alignwide size-full\"><img decoding=\"async\" width=\"790\" height=\"413\" src=\"https:\/\/winsmart.tw\/wp-content\/uploads\/2022\/12\/\u7e2e\u88682.jpg\" alt=\"\u7e2e\u88682\" class=\"wp-image-12876\" srcset=\"https:\/\/winsmart.tw\/wp-content\/uploads\/2022\/12\/\u7e2e\u88682.jpg 790w, https:\/\/winsmart.tw\/wp-content\/uploads\/2022\/12\/\u7e2e\u88682-600x314.jpg 600w, https:\/\/winsmart.tw\/wp-content\/uploads\/2022\/12\/\u7e2e\u88682-300x157.jpg 300w, https:\/\/winsmart.tw\/wp-content\/uploads\/2022\/12\/\u7e2e\u88682-768x401.jpg 768w\" sizes=\"(max-width: 790px) 100vw, 790px\" \/><figcaption>\u7e2e\u8868<\/figcaption><\/figure><h2 class=\"has-vivid-cyan-blue-color has-text-color wp-block-heading\"><strong>\u7e2e\u8868 07. \u7e2e\u8868\u91d1\u878d\u80a1\u5f71\u97ff<\/strong><\/h2><p>\u91d1\u878d\u80a1\u5c31\u662f\u9280\u884c\u76f8\u95dc\u7684\u7522\u696d\u7684\u80a1\u7968\uff0c\u56e0\u6b64\u7e2e\u8868\u9020\u6210\u7684\u7121\u8ad6\u662f\u6b63\u9762\u6216\u8ca0\u9762\u7684\u5f71\u97ff\u90fd\u6709\u53ef\u80fd\u76f4\u64ca\u5230\u91d1\u878d\u80a1\uff0c\u6bd4\u5982\u8aaa\u56e0\u7e2e\u8868\u5c0e\u81f4\u9280\u884c\u7522\u696d\u7684\u7d93\u71df\u6210\u672c\u4e0a\u6f32\u3001\u9280\u884c\u8cc7\u7522\u50f9\u503c\u6e1b\u5c11\u3001\u4f01\u696d\u501f\u8cb8\u6e1b\u5c11\u3001\u653e\u6b3e\u7684\u5229\u7387\u6536\u76ca\u4e0b\u964d\u3001\u8a31\u591a\u4f01\u696d\u5012\u9589\u6216\u7d93\u71df\u4e0d\u5584\u5c0e\u81f4\u9055\u7d04\u6216\u9322\u9084\u4e0d\u51fa\u4f86\u7b49\u72c0\u6cc1\uff0c\u7dca\u7e2e\u5728\u4f7f\u91d1\u878d\u80a1\u5728\u77ed\u671f\u4e4b\u5167\u7522\u751f\u8ca0\u9762\u5f71\u97ff\u7684\u6982\u7387\u662f\u5927\u7684\u3002<\/p><p>\u4f46\u9577\u671f\u4f86\u770b\uff0c\u82e5\u662f\u7d93\u6fdf\u63a7\u5236\u5f97\u7576\uff0c\u672a\u4f86\u7e3d\u662f\u6709\u53ef\u80fd\u56de\u6eab\uff0c\u4f46\u9019\u500b\u904e\u7a0b\u7684\u638c\u63a7\u7684\u6b65\u4f10\u7a76\u7adf\u9084\u662f\u5f97\u770b\u7f8e\u570b\u3001\u5404\u570b\u592e\u884c\u7684\u5408\u4f5c\uff0c\u5982\u679c\u6b65\u4f10\u904e\u5feb\u4e5f\u53ef\u80fd\u5c0e\u81f4\u8a31\u591a\u66f4\u52a0\u8ca0\u9762\u7684\u7d93\u6fdf\u72c0\u614b\uff0c\u9019\u7a2e\u6642\u5019\u666e\u901a\u4eba\u6700\u597d\u9084\u662f\u6309\u90e8\u5c31\u73ed\u63a7\u5236\u597d\u6295\u8cc7\u7684\u98a8\u96aa\u3002<\/p><h2 class=\"has-vivid-cyan-blue-color has-text-color wp-block-heading\"><strong>\u7e2e\u8868 08. \u806f\u6e96\u6703\u7e2e\u8868\u6b77\u53f2<\/strong><\/h2><p>\u5728<a aria-label=\" (opens in a new tab)\" href=\"https:\/\/fred.stlouisfed.org\/series\/WALCL\" target=\"_blank\" rel=\"noreferrer noopener\" class=\"rank-math-link\">Economic Research<\/a>\u7684\u7db2\u7ad9\u53ef\u4ee5\u67e5\u770b\u7f8e\u806f\u5132\u6b77\u5e74\u4f86\u8cc7\u7522\u8b8a\u5316\u7684\u5716\u8868\uff0c\u53ef\u4ee5\u67e5\u8a62\u806f\u6e96\u6703\u7e2e\u50b5\u3001\u806f\u6e96\u6703\u7e2e\u8868\u6642\u9593\u3002<\/p><h2 class=\"has-vivid-cyan-blue-color has-text-color wp-block-heading\"><strong>\u7e2e\u8868 09. \u4ec0\u9ebc\u662fWINSMART\uff1f<\/strong><\/h2><p>\u806f\u6e96\u6703\u56e0\u70ba\u60f3\u8981\u7e2e\u8868\u800c\u5ba3\u5e03\u5347\u606f\u6642\uff0c\u53cd\u6620\u5728\u7f8e\u80a1\u5e02\u5834\u7d93\u5e38\u662f\u5927\u8dcc\uff0c\u800c\u5728\u53f0\u7063\u7684\u80a1\u5e02\u53cd\u61c9\u662f\u534a\u591c\u53f0\u6307\u671f\u591c\u76e4\u5927\u8dcc\u3002\u5982\u679c\u662f\u4e0a\u73ed\u65cf\uff0c\u60f3\u53c3\u8207\u53f0\u6307\u671f\u7684\u884c\u60c5\uff0c\u78b0\u5230\u7684\u554f\u984c\u4e0d\u662f\u767d\u5929\u4e0a\u73ed\u592a\u5fd9\uff0c\u5c31\u662f\u665a\u4e0a\u592a\u7d2f\u7121\u6cd5\u4ea4\u6613\uff0c\u932f\u904e\u5347\u606f\u7684\u591c\u76e4\u5927\u8dcc\u884c\u60c5 ! \u9019\u6642\u5019\u4f60\u53ef\u4ee5\u53c3\u8003<a href=\"https:\/\/winsmart.tw\/en\/%e8%bf%91%e6%9c%9f%e6%b4%bb%e5%8b%95\/?utm_source=%E4%BA%A4%E6%98%93%E7%9F%A5%E8%AD%98&amp;utm_medium=WS%E5%AE%98%E7%B6%B2&amp;utm_campaign=%E7%B8%AE%E8%A1%A8\" target=\"_blank\" rel=\"noreferrer noopener\">WINSMART<\/a>\u671f\u8ca8\u4ea4\u6613\u8edf\u9ad4\uff0c\u5b83\u662f\u4e00\u6b3e\u534a\u81ea\u52d5\u7684\u4ea4\u6613\u8f14\u52a9\u8edf\u9ad4\uff0c24\u5c0f\u6642\u5e6b\u4f60\u76ef\u76e4\u7167\u9867\u6295\u8cc7\u90e8\u4f4d\u3002<\/p><p>\u7121\u8ad6\u4f60\u662f\u5f9e\u4f86\u672a\u66fe\u63a5\u89f8\u904e\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u7684\u65b0\u624b\uff0c\u6216\u662f\u5177\u6709\u591a\u5e74\u4ea4\u6613\u7d93\u9a57\u591a\u5e74\u7684\u8001\u624b\uff0c\u90fd\u53ef\u4ee5\u5728<a href=\"https:\/\/winsmart.tw\/en\/%e8%bf%91%e6%9c%9f%e6%b4%bb%e5%8b%95\/?utm_source=%E4%BA%A4%E6%98%93%E7%9F%A5%E8%AD%98&amp;utm_medium=WS%E5%AE%98%E7%B6%B2&amp;utm_campaign=%E7%B8%AE%E8%A1%A8\" target=\"_blank\" rel=\"noreferrer noopener\">WINSMART<\/a>\u88e1\u627e\u5230\u9069\u5408\u81ea\u5df1\u7684\u529f\u80fd\uff0cWINSMART\u53ef\u4ee5\u8a2d\u5b9a\u8cc7\u91d1\u640d\u5931\uff0c\u63a7\u7ba1\u4f4f\u98a8\u96aa\u3001\u8a2d\u5b9a\u505c\u640d\u505c\u5229\u689d\u4ef6\u81ea\u52d5\u51fa\u5834\u3002\u540c\u6642\u66f4\u642d\u914d\u4e86\u5b8c\u6574\u7684\u4ea4\u6613\u8ab2\u7a0b\u548c\u6a21\u64ec\u4ea4\u6613\u7df4\u7fd2\u529f\u80fd\uff0c\u8b93\u65b0\u624b\u6295\u8cc7\u4eba\u53ef\u4ee5\u4e0d\u5fc5\u6d6a\u8cbb\u591a\u9918\u7684\u91d1\u9322\u5230\u5e02\u5834\u4e2d\u78b0\u649e\uff0c\u78d5\u7684\u5168\u8eab\u662f\u50b7\uff0cWINSMART\uff0c\u4f60\u4ea4\u6613\u8def\u4e0a\u7684\u597d\u670b\u53cb\uff01<\/p><p>\ud83d\udc49<strong>\u7acb\u5373\u5831\u540d >>\u00a0<a href=\"https:\/\/winsmart.tw\/en\/%e8%bf%91%e6%9c%9f%e6%b4%bb%e5%8b%95\/?utm_source=%E4%BA%A4%E6%98%93%E7%9F%A5%E8%AD%98&amp;utm_medium=WS%E5%AE%98%E7%B6%B2&amp;utm_campaign=%E7%B8%AE%E8%A1%A8\" target=\"_blank\" rel=\"noreferrer noopener\">WINSMART\u7dda\u4e0a\u5206\u4eab\u6703<\/a><\/strong><\/p><figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh5.googleusercontent.com\/ExyDKyWsrbaFWWFWFY0Su96zaqmjsqGZRVkiaV8WCIgONlZ643QUlUPvGFQViDSPnahr-YA8qDDH3WaqnJ6A7p4ztLAgJtzMkfftxmZvMmmwBlTMMo8pHiXsz7PTlmf_2wKmuvbyplXGBWJhH_GLxu9JE2LWKMzwl7BwsZYIFL1HR0K24XnPVcfgcxtiVg\" alt=\"WINSMAR\u8070\u660e\u8d0f\u671f\u8ca8\u8edf\u9ad4-\u90e8\u843d\u683c\u5ee3\u544a\"\/><\/figure><h2 class=\"has-vivid-cyan-blue-color has-text-color wp-block-heading\"><strong>\u7e2e\u8868 10. \u5e38\u898b\u554f\u984c<\/strong><\/h2><p>Q1\uff1aWINSMART\u53ef\u4ee5\u642d\u914d\u54ea\u5e7e\u5bb6\u5238\u5546\u5462\uff1f<\/p><p>A1\uff1a<a href=\"https:\/\/winsmart.tw\/en\/%e8%bf%91%e6%9c%9f%e6%b4%bb%e5%8b%95\/?utm_source=%E4%BA%A4%E6%98%93%E7%9F%A5%E8%AD%98&amp;utm_medium=WS%E5%AE%98%E7%B6%B2&amp;utm_campaign=%E7%B8%AE%E8%A1%A8\" target=\"_blank\" rel=\"noreferrer noopener\">WINSMART<\/a>\u9664\u4e86\u671f\u8ca8\u3001\u9084\u53ef\u4ee5\u4ea4\u6613\u80a1\u7968\u3001\u53ca\u6d77\u5916\u671f\u8ca8\u5546\u54c1\uff0c\u76ee\u524d\u6709\u642d\u914d<a href=\"https:\/\/www.capitalfutures.com.tw\/\" target=\"_blank\" rel=\"noopener\">Capital Futures<\/a>\u3001<a href=\"https:\/\/www.yuantafutures.com.tw\/\" target=\"_blank\" rel=\"noopener\">Yuanta Futures<\/a>\u3001<a href=\"https:\/\/www.kgif.com.tw\/\" target=\"_blank\" rel=\"noopener\">\u51f1\u57fa\u671f\u8ca8<\/a>\u3001<a href=\"https:\/\/ft.entrust.com.tw\/index.do\" target=\"_blank\" rel=\"noopener\">Hua Nan Futures<\/a>\u3001<a href=\"https:\/\/www.pfcf.com.tw\/\" target=\"_blank\" rel=\"noopener\">President Futures<\/a>\u3001<a href=\"https:\/\/www.concordfutures.com.tw\/\" target=\"_blank\" rel=\"noopener\">Concord Futures<\/a>\u7b49\u5238\u5546\u4e0b\u55ae\u3002<\/p><p>Q2\uff1a\u7e2e\u8868\u5c0d\u80a1\u5e02\u5f71\u97ff\u6709\u54ea\u4e9b\uff1f<\/p><p>A2\uff1a\u7e2e\u8868\u6703\u9020\u6210\u5e02\u9762\u6d41\u52d5\u8cc7\u91d1\u6e1b\u5c11\uff0c\u5fc5\u7136\u6703\u9020\u6210\u80a1\u5e02\u7684\u4e00\u4e9b\u52d5\u8569\u3002<\/p><p><strong>\u5ef6\u4f38\u95b1\u8b80\uff1a<\/strong><a href=\"https:\/\/winsmart.tw\/en\/online_teaching\/%e5%a4%9a%e7%a9%ba%e6%80%8e%e9%ba%bc%e7%9c%8b\/\"><strong>\u4f60\u77e5\u9053\u591a\u7a7a\u600e\u9ebc\u770b\u55ce\uff1f2\u5957\u7b56\u7565\u6559\u4f60\u505a\u5230\u9577\u671f\u7a69\u5b9a\u7372\u5229.<\/strong><\/a><\/p><p><strong>\u5ef6\u4f38\u95b1\u8b80\uff1a<\/strong><a href=\"https:\/\/winsmart.tw\/en\/online_teaching\/%e5%9d%87%e7%b7%9a%e7%b3%be%e7%b5%90\/\"><strong>\u9047\u5230\u5747\u7dda\u7cfe\u7d50\uff0c2\u5927\u65b9\u6cd5\u6559\u4f60\u5224\u65b7\u5f8c\u7e8c\u884c\u60c5.<\/strong><\/a><\/p><p><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"WINSMART\u53ef\u4ee5\u642d\u914d\u54ea\u5e7e\u5bb6\u5238\u5546\u5462\uff1f\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"WINSMART\u9664\u4e86\u671f\u8ca8\u3001\u9084\u53ef\u4ee5\u642d\u914dMulticharts\u3001MT5\u4f86\u4ea4\u6613\u80a1\u7968\u3001\u5916\u532f\u4fdd\u8b49\u91d1\u5546\u54c1\uff0c\u76ee\u524d\u6709\u642d\u914d\u7fa4\u76ca\u671f\u8ca8\u3001\u5143\u5927\u671f\u8ca8\u3001\u51f1\u57fa\u671f\u8ca8\u3001\u83ef\u5357\u671f\u8ca8\u3001\u7d71\u4e00\u671f\u8ca8\u3001\u5eb7\u548c\u671f\u8ca8\u7b49\u5238\u5546\u4e0b\u55ae\u3002\"}},{\"@type\":\"Question\",\"name\":\"\u7e2e\u8868\u5c0d\u80a1\u5e02\u5f71\u97ff\u6709\u54ea\u4e9b\uff1f\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"\u7e2e\u8868\u4e26\u4e0d\u4ee3\u8868\u4e00\u5b9a\u5fc5\u7136\u53ef\u4ee5\u5f71\u97ff\u80a1\u5e02\uff0c\u4f46\u5e02\u9762\u6d41\u52d5\u8cc7\u91d1\u6e1b\u5c11\u6642\uff0c\u5fc5\u7136\u6703\u9020\u6210\u80a1\u5e02\u7684\u4e00\u4e9b\u52d5\u8569\u3002\"}}]}<\/script>\n<\/p>","protected":false},"excerpt":{"rendered":"<p>\u7e2e\u8868 01. \u4ec0\u9ebc\u662f\u7e2e\u8868\uff1f \u7e2e\u8868\u662f\u4ec0\u9ebc\u5462\uff1f\u7e2e\u8868(shrink balance sheet)\u5168\u540d\u70ba\u7e2e\u6e1b\u8cc7\u7522\u8ca0\u50b5\u8868 &#8230; <a title=\"\u7e2e\u8868\u5f8c\u80a1\u5e02\u5927\u8dcc\u7684\u539f\u56e0\u662f\u4ec0\u9ebc\uff1f\u7f8e\u570b\u806f\u6e96\u6703\u796d\u51fa1\u62db\u91cf\u5316\u7dca\u7e2e\u63a7\u5236\u901a\u8ca8\u81a8\u6f32.\" class=\"read-more\" href=\"https:\/\/winsmart.tw\/en\/trading_knowledge\/%e7%b8%ae%e8%a1%a8\/\" aria-label=\"More on \u7e2e\u8868\u5f8c\u80a1\u5e02\u5927\u8dcc\u7684\u539f\u56e0\u662f\u4ec0\u9ebc\uff1f\u7f8e\u570b\u806f\u6e96\u6703\u796d\u51fa1\u62db\u91cf\u5316\u7dca\u7e2e\u63a7\u5236\u901a\u8ca8\u81a8\u6f32.\">Read 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