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\u8d22\u8054\u793e4\u670816\u65e5\u8baf\uff08\u7f16\u8f91 \u6f47\u6e58\uff09<\/strong>\u5728\u4e0a\u5468\u7ecf\u5386\u4e86\u7f8e\u503a\u201c\u9ed1\u5929\u9e45\u201d\u5f0f\u7684\u5d29\u8dcc\u540e\uff0c\u7f8e\u56fd\u51b3\u7b56\u5c42\u773c\u4e0b\u4f3c\u4e4e\u7ec8\u4e8e\u5f00\u59cb\u201c\u75db\u5b9a\u601d\u75db\u201d\uff0c\u8bd5\u56fe\u7740\u624b\u91c7\u53d6\u4e00\u4e9b\u8865\u6551\u63aa\u65bd\u3002<\/p>\n

\u7f8e\u56fd\u8d22\u653f\u90e8\u526f\u90e8\u957fMichael Faulkender\u5468\u4e8c\u8868\u793a\uff0c\u5b98\u5458\u4eec\u6b63\u5728\u8ba8\u8bba\u8865\u5145\u6760\u6746\u7387(SLR)\u5bf9\u89c4\u6a21\u8fbe29\u4e07\u4ebf\u7f8e\u5143\u7684\u7f8e\u56fd\u56fd\u503a\u5e02\u573a\u7684\u9002\u7528\u6027\u3002\u6b64\u524d\u4f17\u591a\u5e02\u573a\u53c2\u4e0e\u8005\u547c\u5401\u6539\u9769\u8fd9\u4e00\u88ab\u8ba4\u4e3a\u9650\u5236\u7f8e\u503a\u4ea4\u6613\u6d3b\u52a8\u7684\u76d1\u7ba1\u89c4\u5219\u3002<\/strong><\/p>\n

Faulkender\u5f53\u5929\u5728\u534e\u76db\u987f\u4e3e\u884c\u7684\u6295\u8d44\u516c\u53f8\u534f\u4f1a\u6d3b\u52a8\u4e0a\u8c08\u5230SLR\u65f6\u79f0\uff0c\u201c\u6211\u4eec\u6b63\u5728\u7814\u7a76\u8fd9\u4e00\u95ee\u9898\uff0c\u5e76\u5c31\u6b64\u5c55\u5f00\u8ba8\u8bba\u3002\u201d<\/p>\n

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SLR\u5373\u8865\u5145\u6760\u6746\u7387(Supplement Leverage Ratio)\uff0c\u8ba1\u7b97\u516c\u5f0f\u662f\u4e00\u5bb6\u94f6\u884c\u7684\u4e00\u7ea7\u8d44\u672c(\u5982\u666e\u901a\u80a1)\u9664\u4ee5\u5168\u90e8\u8868\u5185\u548c\u8868\u5916\u8d44\u4ea7\u3002SLR\u89c4\u5219\u8981\u6c42\u5927\u578b\u94f6\u884c\u7684\u8d44\u672c\u81f3\u5c11\u7b49\u4e8e\u5176\u8d44\u4ea7\u76843%\uff0c\u5bf9\u7cfb\u7edf\u91cd\u8981\u6027\u7684\u5927\u578b\u94f6\u884c\uff0c\u5219\u4e3a5%\u3002<\/p>\n

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\u4e0d\u5c11\u94f6\u884c\u673a\u6784\u5c31\u8ba4\u4e3a\uff0c\u8be5\u8d44\u672c\u89c4\u5219\u9650\u5236\u4e86\u5b83\u4eec\u5728\u538b\u529b\u65f6\u671f\u589e\u6301\u56fd\u503a\u7684\u80fd\u529b\uff0c<\/strong>\u56e0\u4e3a\u56fd\u503a\u4e0e\u98ce\u9669\u66f4\u9ad8\u7684\u8d44\u4ea7\u53d7\u5230\u540c\u7b49\u5bf9\u5f85\u3002\u503c\u5f97\u4e00\u63d0\u7684\u662f\uff0c\u7f8e\u8054\u50a8\u5728\u65b0\u51a0\u75ab\u60c5\u671f\u95f4\u7684\u201c\u5e02\u573a\u98ce\u66b4\u201d\u9636\u6bb5\u66fe\u4e00\u5ea6\u6682\u505c\u8fc7SLR\u5bf9\u56fd\u503a\u7684\u9002\u7528\u6027\uff0c\u4f46\u5728\u201c\u5e02\u573a\u98ce\u66b4\u201d\u8fc7\u540e\u53c8\u6062\u590d\u4e86\u6267\u884c\u3002<\/p>\n

Faulkender\u6307\u51fa\uff0c\u201c”\u6211\u4eec\u4e0d\u65ad\u95ee\u81ea\u5df1\u7684\u95ee\u9898\u662f\uff0c\u5728\u5e02\u573a\u6ce2\u52a8\u65f6\u671f\u6216\u51fa\u73b0\u538b\u529b\u4e8b\u4ef6\u65f6\uff0c\u7cfb\u7edf\u662f\u5426\u80fd\u591f\u83b7\u5f97\u5145\u8db3\u7684\u6d41\u52a8\u6027\u3002\u56e0\u6b64\uff0c\u82e5SLR\u5728\u538b\u529b\u65f6\u671f\u4e0d\u5fc5\u8981\u5730\u4ea7\u751f\u7ea6\u675f\uff0c\u6211\u4eec\u662f\u5426\u6709\u529e\u6cd5\u63d0\u5347\u503a\u5238\u5e02\u573a\u5e94\u5bf9\u5927\u989d\u4ea4\u6613\u91cf\u7684\u80fd\u529b\uff1f\u201d<\/p>\n

\u4e0d\u8fc7\uff0cFaulkender\u5468\u4e8c\u672a\u5177\u4f53\u8bf4\u660e\u53c2\u4e0e\u8ba8\u8bba\u201cSLR\u5728\u591a\u5927\u7a0b\u5ea6\u4e0a\u6210\u4e3a\u6211\u4eec\u5e02\u573a\u8fd0\u4f5c\u7684\u9650\u5236\u56e0\u7d20\u201d\u7684\u76f8\u5173\u65b9\uff0c\u4e5f\u672a\u63d0\u53ca\u6f5c\u5728\u6539\u9769\u7684\u65f6\u95f4\u8868\u3002<\/p>\n

\u534e\u5c14\u8857\u201c\u903c\u5bab\u558a\u8bdd\u201d<\/strong><\/p>\n

\u4e8b\u5b9e\u4e0a\uff0c\u201c\u534e\u5c14\u8857\u4e00\u54e5\u201d\u3001\u6469\u6839\u5927\u901a\u9996\u5e2d\u6267\u884c\u5b98\u6770\u7c73\u00b7\u6234\u8499(Jamie Dimon)\u4e0a\u5468\u4e94\u5c31\u66fe\u9884\u6d4b\uff0c\u9664\u975e\u8c03\u6574\u591a\u9879\u8d44\u672c\u548c\u6d41\u52a8\u6027\u89c4\u5219\u4ee5\u91ca\u653e\u94f6\u884c\u5728\u503a\u5238\u5e02\u573a\u66f4\u6d3b\u8dc3\u4ea4\u6613\u7684\u81ea\u7531\u5ea6\uff0c\u5426\u5219\u7f8e\u8054\u50a8\u5c06\u4e0d\u5f97\u4e0d\u5728\u672a\u6765\u56fd\u503a\u5e02\u573a\u201c\u6df7\u4e71\u201d\u65f6\u8fdb\u884c\u5e72\u9884\u3002<\/strong><\/p>\n

\u6234\u8499\u751a\u81f3\u8868\u793a\uff0c\u4ec5\u4fee\u6539SLR\u5bf9\u5c0f\u6469\u800c\u8a00\u90fd\u5e76\u4e0d\u8db3\u591f\u3002\u4e0d\u8fc7\uff0c\u5176\u4ed6\u94f6\u884c\u9ad8\u7ba1\u8ba4\u4e3a\u8c03\u6574\u8be5\u89c4\u5219\u81f3\u5c11\u4f1a\u6709\u6240\u5e2e\u52a9\u3002<\/p>\n

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\u884c\u60c5\u6570\u636e\u663e\u793a\uff0c\u622a\u81f3\u7ebd\u7ea6\u65f6\u6bb5\u5c3e\u76d8\uff0c2\u5e74\u671f\u7f8e\u503a\u6536\u76ca\u7387\u5468\u4e8c\u518d\u5ea6\u4e0b\u8dcc\u4e860.22\u4e2a\u57fa\u70b9\u62a53.8407%\uff0c5\u5e74\u671f\u7f8e\u503a\u6536\u76ca\u7387\u8dcc2.98\u4e2a\u57fa\u70b9\u62a53.9821%\uff0c10\u5e74\u671f\u7f8e\u503a\u6536\u76ca\u7387\u8dcc4.09\u4e2a\u57fa\u70b9\u62a54.3311%\uff0c30\u5e74\u671f\u7f8e\u503a\u6536\u76ca\u7387\u8dcc3.74\u4e2a\u57fa\u70b9\u62a54.7727%\u3002<\/p>\n

\u4f46\u5728\u7ecf\u5386\u4e86\u4e0a\u5468\u7684\u503a\u5e02\u98ce\u66b4\u540e\uff0c\u4e00\u4e9b\u534e\u5c14\u8857\u4eba\u58eb\u76ee\u524d\u4f9d\u7136\u4e0d\u6562\u6709\u4e1d\u6beb\u5927\u610f\u3002\u9053\u660e\u8bc1\u5238\u9a7b\u7ebd\u7ea6\u7684\u7f8e\u56fd\u5229\u7387\u7b56\u7565\u4e3b\u7ba1Gennadiy Goldberg\u8868\u793a\uff1a\u201c\u5e02\u573a\u73b0\u5728\u7684\u5e73\u9759\u975e\u5e38\u8106\u5f31\u4e14\u4ee4\u4eba\u4e0d\u5b89\u3002\u201d<\/strong><\/p>\n

\u201c\u5e02\u573a\u8d81\u673a\u7a0d\u4f5c\u5598\u606f\uff0c\u201dManulife Investment Management\u9a7b\u6ce2\u58eb\u987f\u7684\u591a\u5143\u8d44\u4ea7\u89e3\u51b3\u65b9\u6848\u9996\u5e2d\u6295\u8d44\u5b98\u517c\u9ad8\u7ea7\u6295\u8d44\u7ec4\u5408\u7ecf\u7406Nate Thooft\u4e5f\u8868\u793a\uff0c\u201c\u6211\u4eec\u4ecd\u7136\u6709\u70b9\u62c5\u5fc3\uff0c\u5305\u62ec\u7f8e\u5143\u548c\u7f8e\u503a\u5728\u5185\u7684\u7f8e\u56fd\u8d44\u4ea7\u7684\u6574\u4f53\u5f62\u8c61\uff0c\u8fd1\u671f\u53d7\u5230\u4e86\u4e00\u5b9a\u7684\u635f\u5bb3\u3002\u201d<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\u8d22\u8054\u793e4\u670816\u65e5\u8baf\uff08\u7f16\u8f91 \u6f47\u6e58\uff09\u5728\u4e0a\u5468\u7ecf\u5386\u4e86\u7f8e\u503a\u201c\u9ed1\u5929\u9e45\u201d\u5f0f\u7684\u5d29\u8dcc\u540e\uff0c\u7f8e\u56fd\u51b3\u7b56\u5c42\u773c\u4e0b\u4f3c\u4e4e\u7ec8\u4e8e\u5f00\u59cb\u201c\u75db\u5b9a\u601d\u75db\u201d\uff0c\u8bd5\u56fe\u7740\u624b\u91c7\u53d6\u4e00\u4e9b\u8865\u6551\u63aa\u65bd\u3002 \u7f8e\u56fd\u8d22\u653f\u90e8\u526f\u90e8\u957fMichael Faulk…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-1028","post","type-post","status-publish","format-standard","hentry","category-7"],"views":339,"_links":{"self":[{"href":"http:\/\/www.coscoxh.com\/index.php?rest_route=\/wp\/v2\/posts\/1028","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.coscoxh.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.coscoxh.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.coscoxh.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.coscoxh.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1028"}],"version-history":[{"count":1,"href":"http:\/\/www.coscoxh.com\/index.php?rest_route=\/wp\/v2\/posts\/1028\/revisions"}],"predecessor-version":[{"id":1029,"href":"http:\/\/www.coscoxh.com\/index.php?rest_route=\/wp\/v2\/posts\/1028\/revisions\/1029"}],"wp:attachment":[{"href":"http:\/\/www.coscoxh.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1028"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.coscoxh.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1028"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.coscoxh.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1028"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}