??FA涓?绾ц??璇???瀹?澶у?炬??腑锛??ヨ??瑰???绻????圭?癸?浣??绘??涓?浜?姒?蹇碉???浼间?璧风?硷??村?????妯??插甫?????涓茶??璧峰??涓????锛?璧?浜?浜??????????存繁灞???告?????瑙ｅ??搴??ㄣ??浠?澶╋???浠?氨?ヤ?璧锋?ㄥ???妯??插甫????杩烽?撅???ず瀹???FA涓?绾у???涓?????瑕??э?浠ュ??瀹?濡?浣???涓轰???寰?????绮捐?变?璺????烘?х?????
??妯??插甫??锛?杩?涓??ュ甫褰㈣薄????璇存?锛?骞堕??CFA瀹??规????涓????瑰????锛???????浠?负浜??村舰璞″?扮??瑙ｆ??浜?璺ㄧ?????璐?┛濮?缁????稿?姒?蹇佃??浣跨?ㄧ??姣??汇??瀹?浠?氨??涓??℃?″僵?蹭?甯︼??ㄤ???瀛︾?妯″??锛?濡??伴????????缁?娴?瀛︺??璐㈠?℃?ヨ〃涓??????????搁????????璧?缁???绠＄?????哄??剁????琛?????????????璧????︾被??璧?????涓?浼︾??锛?涔??寸┛姊??灏???浼煎?绔?????ョ?ヨ??规???哄?拌??绯昏捣?ャ??
???′?杩?浜???妯??插甫??锛?浣?灏辫?戒??撮???缁村害瀹¤?????甯??猴???瑙ｅ?惰?浣???搴?灞??昏???
??FA涓?绾ц??璇?涓??????稿?姒?蹇靛??互琚??涓衡??妯??插甫????????
?堕?翠环??TimeValueofMoney,TVM)缁?瀵规????妯??插甫??涓????稿?缁?????浠??伴??????涓????虹?璁＄?锛??板???搁????涓??浼版??璧?椤圭???濡?璧?????￠?绠?锛?锛????板?哄??剁??涓??哄?镐及?硷????冲?ㄨ?＄エ浼板?煎????璧?缁???绠＄??涓??TVM????????澶?涓??ㄣ??
??瑙ｅ??┿???板?笺??缁??笺??骞撮??绛?姒?蹇碉?骞剁??缁?杩??ㄥ?浠??琛?璁＄?锛???FA涓?绾у???????ュ?虹?炽??涓?????浼艰??瀵??＄エ浼板?肩??棰?????惰???????介??????瀵规???扮?伴??娴?锛?DCF锛?妯″????搴??????DCF妯″?????甸?姝ｆ??VM??娌℃??瀵?VM??娣卞?荤??瑙ｏ?浣??ㄨВ绛?杩?绫婚????讹?????????鹃?????扁????
椋??╀?????RiskandReturn)????琛★???????棰???姘告????涓婚?锛?涔?????′???拷瑙?????妯??插甫????浠??伴??????涓??涔???????宸????瑰樊绛?琛￠??椋??╃??????锛??版??璧?缁???绠＄??涓???瑙ｇ??璧?浜ч??缃??????ｅ????搴?锛????版??????璧?涓????????哥?瑰?椋??╁??绯荤??ч??╋?椋??╀????ョ??杈╄??崇郴濮?缁?璐?┛?朵腑??
渚?濡?锛??ㄨ?浼颁?椤规??璧??讹?浣???瑕????惰?????舵??ㄧ?????ユ按骞冲??涓?涔??镐即??椋??╁ぇ灏???CFA涓?绾ц??璇?灏ゅ?舵敞??????瀵归??╄??村???剁??????瑙ｏ?杩?瑕?姹?浣??藉?杩??ㄥ??????锛?SharpeRatio锛?绛??????ヨ?浼版??璧?缁╂????
????锛?棰???(Expectations)??涓?纭????Uncertainty)??姒?蹇碉?????浜????????????︿??￠??瑕???妯??插甫????缁?娴?瀛︿腑瀵规???ョ?娴??跺?电??棰?娴????锛?璐㈠?℃?ヰ??¤〃涓?????ョ?伴??娴???棰?浼帮???璧??崇?涓?????ュ??鸿蛋?????ゆ????界?涓?寮?瀵归?????澶????????
??????甯??烘??川涓????瀵逛?纭???х???烘????CFA涓?绾ц??璇?瑕?姹?浣???瑙ｏ?????????浼板?煎???崇?锛??芥???ㄤ?纭???ц?????锛??轰?褰???淇℃??????浣抽?????渚?濡?锛??ㄥ?????＄エ?讹?浣???瑕?棰?娴????哥?????ョ???╄?藉??锛???杩???韩灏辨???涓???婊′?纭???х??杩?绋???
淇℃??Information)??浣??ㄤ?淇℃???瀵圭О(InformationAsymmetry)?????锛?涔?????¤疮绌垮?缁?????妯??插甫????浠??伴??????涓???版??川????????锛??拌储?℃?ヨ〃????涓?????告???蹭俊????瑙ｈ?锛????板???搁????涓?唬?????锛?AgencyProblems锛????㈣?锛?淇℃????????娲诲?ㄧ???虹???
??瑙ｄ俊????浠峰?笺??濡?浣???????????淇℃???浠ュ??淇℃???瀵圭О濡?浣?褰卞??甯??轰环?煎???崇?锛??????奸????????甯???蹇?澶????姐??渚?濡?锛??ㄧ??绌朵?瀹朵?甯????告?讹?浣???瑕??藉?浠??跺勾?ャ??瀛ｆ?ャ???伴?诲????绛?澶?绉?娓????峰??淇℃???骞惰鲸???剁??浼??浠峰?笺??
????(Efficiency)??姒?蹇碉??ㄩ????甯??轰腑琛ㄧ?颁负甯??烘????(MarketEfficiency)锛?杩?????¤?冲?抽??瑕?????妯??插甫????浠?缁?娴?瀛︿腑瀵瑰??烘?哄?剁???㈣?锛??版??????璧?涓????????甯??哄??璇寸??????锛?寮卞?????寮哄???寮哄?锛?锛????版??璧?缁???绠＄??涓??浣???寤烘??????娌匡?甯??烘????????瑙ｈ疮绌垮?缁???
CFA涓?绾ц??璇???瑕?浣???瑙ｏ??ㄤ?????????甯??烘?′欢涓?锛???璧????峰??瓒?棰??剁???????芥?у??绛??ヤ?????涓?????杩?褰卞????浣?瀵规???????????烘???㈠????绛???璧??规????ゆ????
涓轰?涔???浠???瑕??虫敞杩?浜???妯??插甫??锛???涓?FA涓?绾ц??璇?骞堕??绠??????ヨ??瑰????锛???????????????藉????缁煎????瀵????洪???寰?寰?浼?璁捐?涓?浜?棰????瑕?姹?????灏?涓???绔??????ヨ???浼?璐???锛????藉??纭??绛???渚?濡?锛?涓????充??＄エ浼板?肩??棰???????介??瑕?浣?杩??ㄦ?伴??????涓???缁?璁℃?规??ラ?娴???????ョ?伴??娴?锛???缁???璐㈠?℃?ヨ〃?????ヨ?浼板???哥?????╄?藉??锛?????杩??ㄥ???搁????涓???璧????????蹇垫?ヨ?绠????扮????
濡???浣????绔??拌?蹇???涓??ヨ??癸??????界??瑙ｅ?浠???寸?????ㄨ??绯伙??ｄ??ㄩ?㈠?杩?绫荤患???ч????讹?浣?寰????芥??????绛???
璇???苟???¤?浜???妯??插甫??锛??藉?甯??╀???寤轰?涓??寸郴缁????村??寸???????ヨ?浣?绯汇??杩?涓?浠????╀?浣?楂???澶???锛??ㄨ??璇?涓???寰?濂芥??缁╋??磋?戒负浣??ㄦ???ョ????涓???娑?腑??涓???瀹????虹???褰?浣??藉?????板?ㄤ???????棰???涔??村???㈣?瑙?锛?骞朵?涓??惧?板?遍?????昏??讹?浣?灏卞凡缁?寮?濮??峰?涓???浼?绉?????????甯???娼?璐ㄣ??
??浠??娣卞?ユ?㈣?濡?浣?璇?????杩??ㄨ?浜???妯??插甫??锛?浠ュ??瀹?浠??ㄥ???????????????涓???灞?涓??????瑙??层??
?ㄧ??瑙ｄ???妯??插甫????FA涓?绾ц??璇?涓?????瑕??у??锛??村?抽??????????浣??????拌?????瀛︿???杩??ㄥ?浠???杩?涓?浠?????????绛?????ョ???稿?锛??存???灏???璁虹?ヨ?杞???涓哄????藉????椋?璺???
瑕?璇?????妯??插甫??锛?灏变??藉?绔??板?涔?姣?涓?涓??????CFA??浼?????ヨ?绋?璁捐???韩灏辫?村????绯荤??с???ㄥ?涔?杩?绋?涓??瑕?涓诲?ㄥ?板??剧?ヨ??逛??寸????绯汇??渚?濡?锛??ㄥ?涔?浜??伴??????涓???缁?璁℃?蹇靛??锛??ㄥ?涔?璐㈠?℃?ヨ〃?????讹?瑕?????杩?浜?缁?璁″伐?峰?浣?琚??ㄦ?ュ????璐㈠?℃?版???濡?璁＄?璐㈠?℃?????缃?俊?洪?淬??
?ㄥ?涔?浜?缁?娴?瀛︿腑??瀹?瑙?缁?娴???????锛?瑕??ㄥ???搁????涓?????杩?浜?????濡?浣?褰卞?????哥????璧??崇????????璧?绛??ャ??
涓诲?ㄦ?????????琚??ㄦ?ュ????姣?瀛︿?涓?涓??版?蹇碉?涓?濡ㄩ??????繁锛???杩?涓??蹇典???涔???瀛﹁???????ヨ????宠??锛?????瀹??ㄥ?朵?????棰??????浣?搴??ㄧ??锛???杩?绉?涓诲?ㄧ???????瑰?锛??藉?甯??╀??ㄥぇ??涓???寤轰?涓??村???㈠?恒??浜??????ヨ?缃?缁?锛???涓????舵?ｇ???ヨ?纰?????
CFA涓?绾х??澶???绂讳?寮?澶ч????缁?涔?棰?锛?浣???棰?娴锋??????骞堕??绠????伴??澶???棰????抽???ㄤ?濡?浣?浠?棰???腑???尖??妯??插甫????杩??ㄣ??
????棰??????????昏?锛?姣???棰????灏ゅ?舵???ｄ??ヨ??FA??浼?瀹??圭??渚?棰???妯℃??棰?锛??界?杩?绮惧?璁捐????ㄥ??棰??讹?涓?瑕?浠?浠??虫敞绛?妗????︽?纭???磋?娣卞?ュ????棰?????瀵?????????ヨ??癸?浠ュ??杩?浜??ヨ??规???浣?琚????璧锋?ョ????涓???棰??????藉???惰??瀵?浜????搁????涓??????╄?藉??????????璧?缁???绠＄??涓???椋??╁???ｅ??????
璇???法绔??????癸?寰?澶?缁煎???ч????姝ｆ????妯??插甫??????ユ??浣充??般??褰????拌?绫婚????讹?瑕??瑰????璁板?吼??℃?ワ?骞跺??椤剧?稿?崇??????ヨ??癸???瑙ｅ?浠????浣?琚??村???ㄤ?璧风????杩??藉府?╀?褰㈡??涓?绉?????浼?璐????????藉?????虫敞??璇?????锛?濡??????????浜?涓???棰?锛?涓?瑕?绠????版?规?绛?妗?锛??????娣卞?ュ??????璇?????????
????涓哄???涓??ヨ??圭??瑙ｄ???褰伙?杩?????涓烘???借??????腑??????璺ㄧ?????绯伙?濡?????????锛??ｄ?杩???棰?灏辨????￠??瑕?????妯??插甫??????绀恒??
????????????缁???????В?冲????????灏???妯??插甫??????瑙ｅ??ㄥ?扮??瀹???????妗?渚?涓?????楠?瀛︿?????????浣虫?瑰???
?虫敞?朵?锛???璇昏储缁??伴?伙????????歌储?ワ??虫敞瀹?瑙?缁?娴??ㄦ????灏?璇??ㄤ???瀛︾?????FA?ヨ?锛??瑰????????ｄ???妯??插甫??姒?蹇碉??昏В璇昏?浜?淇℃????渚?濡?锛?褰?涓?瀹跺???稿??甯?瀛ｅ害璐㈡?ユ?讹?浣???互?????舵?跺?ュ??挎???﹀???板?瑙?缁?娴??????褰卞??锛?缁?娴?瀛︿?璐㈠?℃?ヨ〃??????缁???锛?锛??剁???╄?藉?????︿???琛?涓????哥?告??锋??浼??匡?璐㈠?℃?ヨ〃????涓???璧?缁???绠＄??涓???姣?杈?????锛?锛?浠ュ???惰?′环??娉㈠?ㄦ???︿??跺???ㄤ环?煎??ㄥ??宸????????璧?涓?甯??烘??????缁???锛???
妯℃????璧??崇?锛??充娇??ā??????璧?缁???锛?涔???互璁╀??寸?磋??版?????扳??妯??插甫??????ヤ环?笺??渚?濡?锛??ㄦ??寤轰?涓???璧?缁????讹?浣???瑕?????涓???璧?浜х被????椋??╂?剁???瑰?锛???璧?缁???绠＄??锛?锛?瀹?瑙?缁?娴????瀵瑰??绫昏?浜у???戒骇????褰卞??锛?缁?娴?瀛︼?锛?浠ュ???瑰????哥???烘???㈠????锛???????璧?/?哄??剁??锛???
???′?CFA涓?绾х????妯??插甫??锛?涓?浠?浠???负浜???杩???璇?锛??存??负浣????ョ????涓???娑??哄钩??璺???
??瀹借??涓?瑙???锛??藉???瑙ｄ???????棰???涔??寸????绯伙?璁╀??ㄦ????舵?村?蜂??裤??浣?涓?浠??借??浠诲??涓?棰?????宀?浣?锛??存??娼??????寸患?????村?锋?????х??宀?浣???灞?锛?渚?濡???璧?缁?????????????甯???椋??╃???甯?绛????????崇??藉??锛??ㄥ???宸ヤ?涓??璁稿??崇??介??瑕?璺ㄩ?ㄩ?ㄣ??璺ㄩ??????ヨ???
浣??????＄????妯??插甫??锛??藉?甯??╀??村?ㄩ?㈠?扮??寰????锛????烘?存???虹???ゆ????渚?濡?锛??ㄤ负???搁???╄??璧??规??讹?浣???瑕?缁煎???????╃??????????哥?伴??娴??跺?点???′????ラ???绛?澶?涓???绱?????搴?蹇?????????????甯??猴?????甯??虹???????锛??扮??浜у?????扮??宸ュ?峰??轰?绌枫??浣?搴?灞??昏?寰?寰????搁??????
??杩?瀵光??妯??插甫????娣卞?ョ??瑙ｏ?浣??藉??村揩?伴??搴?????锛????℃?扮?ヨ?锛?淇?????韩??绔?浜?????
CFA涓?绾ц??璇?涓?????妯??插甫??锛?????ョ?ヨ??广??涓茶??瀛︾?????瀵煎??????抽????瀹?浠?????ヤ?????????璁猴????????寰?????涓?涓?娈垮????姣?涓?绾у?伴?讹??????涓??????╃??????宸ュ?枫??褰?浣??藉?涓诲?ㄥ?昏??????诲?涔????昏??ㄨ?浜???妯??插甫??锛?浣?涓?浠????ㄥ???锛??存???ㄦ??寤轰?绉???缁存?瑰?锛?涓?绉?娲?瀵?????涓?????川???藉????
璁┾??妯??插甫????涓轰?CFA澶?????绋?涓???????????т寒浣???杩?????璺????缁??佃揪浣?蹇?涓???????褰煎哺??
