\u51fa\u81ea MBA\u667a\u5e93\u767e\u79d1()<\/p>\n
\u62b5\u62bc\u8d37\u6b3e\u5229\u7387(mortgage rate)<\/p>\n
\u76ee\u5f55<\/p>\n
[\u7f16\u8f91]<\/p>\n
\u4ec0\u4e48\u662f\u62b5\u62bc\u8d37\u6b3e\u5229\u7387<\/p>\n
\u62b5\u62bc\u8d37\u6b3e\u5229\u7387\u662f\u6307\u7528\u4e0d\u52a8\u4ea7\u4f5c\u8d37\u6b3e\u62b5\u62bc\u7684\u8d37\u6b3e\u5f62\u5f0f\u4e0b\u7684\u8d37\u6b3e\u5229\u7387\u3002\u8d37\u6b3e\u5229\u7387\uff0c\u662f\u6307\u501f\u6b3e\u671f\u9650\u5185\u5229\u606f\u6570\u989d\u4e0e\u672c\u91d1\u989d\u7684\u6bd4\u4f8b\u3002\u6211\u56fd\u7684\u5229\u7387\u7531\u4e2d\u56fd\u4eba\u6c11\u94f6\u884c\u7edf\u4e00\u7ba1\u7406\uff0c\u4e2d\u56fd\u4eba\u6c11\u94f6\u884c\u786e\u5b9a\u7684\u5229\u7387\u7ecf\u56fd\u52a1\u9662\u6279\u51c6\u540e\u6267\u884c\u3002 \u8d37\u6b3e\u5229\u7387\u7684\u9ad8\u4f4e\u76f4\u63a5\u51b3\u5b9a\u7740\u5229\u6da6\u5728\u501f\u6b3e\u4f01\u4e1a\u548c\u94f6\u884c\u4e4b\u95f4\u7684\u5206\u914d\u6bd4\u4f8b\uff0c\u56e0\u800c\u5f71\u54cd\u7740\u501f\u8d37\u53cc\u65b9\u7684\u7ecf\u6d4e\u5229\u76ca\u3002\u8d37\u6b3e\u5229\u7387\u56e0\u8d37\u6b3e\u79cd\u7c7b\u548c\u671f\u9650\u7684\u4e0d\u540c\u800c\u4e0d\u540c\uff0c\u540c\u65f6\u4e5f\u4e0e\u501f\u8d37\u8d44\u91d1\u7684\u7a00\u7f3a\u7a0b\u5ea6\u76f8\u8054\u7cfb\u3002<\/p>\n
[\u7f16\u8f91]<\/p>\n
\u786e\u5b9a\u62b5\u62bc\u8d37\u6b3e\u5229\u7387\u7684\u57fa\u672c\u539f\u7406<\/p>\n
\u6839\u636e\u4f20\u7edf\u7684\u51ef\u6069\u65af\u4e3b\u4e49\u7ecf\u6d4e\u5b66\u601d\u60f3\uff0c\u5728\u5e02\u573a\u7ecf\u6d4e\u56fd\u5bb6\u4e2d\u8003\u8651\u7528\u4e8e\u5355\u7b14\u4f4f\u5b85\u878d\u8d44\u7684\u62b5\u62bc\u8d37\u6b3e\u5229\u7387\u7684\u51b3\u5b9a\u56e0\u7d20\u65f6\uff0c\u901a\u5e38\u5c06\u8d37\u6b3e\u5229\u7387\u89c6\u4e3a\u8d44\u91d1\u5e02\u573a\u4e2d\u7684\u8d44\u91d1\u4ef7\u683c\uff0c\u8ba4\u4e3a\u8d37\u6b3e\u5229\u7387\u7684\u9ad8\u4f4e\u4e3b\u8981\u5e94\u8be5\u53d6\u51b3\u4e8e\u62b5\u62bc\u8d44\u91d1\u7684\u5e02\u573a\u4f9b\u6c42\u5173\u7cfb\u3002<\/p>\n
\u5728\u62b5\u62bc\u8d44\u91d1\u5e02\u573a\u4e0a\u6709\u4e09\u7c7b\u53c2\u52a0\u8005\uff1a\u62b5\u62bc\u8d37\u6b3e\u673a\u6784\u3001\u501f\u6b3e\u4eba\u548c\u5b58\u6b3e\u4eba\u3002\u5176\u4e2d\u62b5\u62bc\u8d37\u6b3e\u673a\u6784\u4f5c\u4e3a\u8d37\u6b3e\u4eba\uff0c\u5728\u8d37\u6b3e\u53d1\u653e\u8fc7\u7a0b\u4e2d\u5b9e\u9645\u4e0a\u8d77\u5230\u4e00\u4e2a\u4e2d\u95f4\u4eba\u7684\u4f5c\u7528\uff0c\u5373\u5b83\u5229\u7528\u62b5\u62bc\u4fe1\u8d37\u7684\u5f62\u5f0f\u5c06\u5b58\u6b3e\u4eba\u7684\u50a8\u84c4\u8d44\u91d1\u8d37\u653e\u7ed9\u501f\u6b3e\u4eba\uff0c\u5c06\u5b58\u6b3e\u4eba\u4e0e\u501f\u6b3e\u4eba\u8054\u7cfb\u5728\u4e00\u8d77\u3002\u56e0\u6b64\uff0c\u501f\u6b3e\u4eba\u5728\u5e02\u573a\u4e0a\u5145\u5f53\u8d44\u91d1\u9700\u6c42\u65b9\uff0c\u8d37\u6b3e\u4eba\u800c\u975e\u5b58\u6b3e\u4eba\u5145\u5f53\u7740\u5e02\u573a\u4e2d\u7684\u8d44\u91d1\u4f9b\u7ed9\u65b9\u7684\u89d2\u8272\u3002\u62b5\u62bc\u8d37\u6b3e\u7684\u5229\u7387\u5c31\u662f\u6839\u636e\u501f\u6b3e\u4eba\u548c\u62b5\u62bc\u8d37\u6b3e\u673a\u6784\u6240\u53cd\u6620\u51fa\u7684\u8d44\u91d1\u9700\u6c42\u548c\u8d44\u91d1\u4f9b\u7ed9\u800c\u51b3\u5b9a\u7684\u3002<\/p>\n
(\u4e00)\u8d44\u91d1\u9700\u6c42\u65b9\u7684\u53d8\u52a8<\/p>\n
\u5177\u4f53\u800c\u8a00\uff0c\u62b5\u62bc\u8d37\u6b3e\u5229\u7387\u4e00\u65b9\u9762\u662f\u53d6\u51b3\u4e8e\u8d44\u91d1\u9700\u6c42\u65b9\u7684\uff0c\u5373\u501f\u6b3e\u4eba\u4e3a\u4e86\u5728\u67d0\u6bb5\u7279\u5b9a\u65f6\u95f4\u5185\u4f7f\u7528\u8d37\u6b3e\u4eba\u7684\u8d44\u91d1\u6240\u613f\u610f\u652f\u4ed8\u5e76\u80fd\u591f\u652f\u4ed8\u7684\u5229\u606f\u662f\u591a\u5c11\u3002\u800c\u501f\u6b3e\u4eba\u5bf9\u4e8e\u62b5\u62bc\u8d37\u6b3e\u7684\u9700\u6c42\u5b9e\u9645\u53c8\u662f\u7531\u501f\u6b3e\u4eba\u5bf9\u4f4f\u623f\u7684\u9700\u6c42\u51b3\u5b9a\u7684\uff0c\u53ef\u4ee5\u8bf4\u62b5\u62bc\u8d37\u6b3e\u7684\u9700\u6c42\u662f\u4e00\u79cd\u5f15\u81f4\u9700\u6c42\u3002\u56e0\u6b64\u5bf9\u4e8e\u8d44\u91d1\u9700\u6c42\u65b9\u7684\u53d8\u52a8\u66f4\u591a\u7684\u662f\u6765\u81ea\u4e8e\u623f\u5730\u4ea7\u5e02\u573a\u672c\u8eab\u9700\u6c42\u7684\u53d8\u5316\u3002<\/p>\n
\u623f\u5730\u4ea7\u5e02\u573a\u4e2d\u7684\u4f4f\u623f\u9700\u6c42\u91cf\u901a\u5e38\u53d6\u51b3\u4e8e\u4ee5\u4e0b\u56e0\u7d20\uff1a<\/p>\n
(1)\u5168\u793e\u4f1a\u4eba\u53e3\u7684\u589e\u52a0\u548c\u9700\u8981\u4f4f\u623f\u7684\u5bb6\u5ead\u6570\u76ee\u7684\u589e\u52a0\u3002\u7531\u4e8e\u4f4f\u623f\u672c\u8eab\u662f\u4e3a\u5c45\u6c11\u670d\u52a1\u7684\uff0c\u4eba\u53e3\u6570\u91cf\u7684\u591a\u5be1\u5728\u5f88\u5927\u7a0b\u5ea6\u4e0a\u51b3\u5b9a\u4e86\u4f4f\u623f\u9700\u6c42\u91cf\u7684\u5f3a\u5f31\u3002\u968f\u7740\u5bb6\u5ead\u5c0f\u578b\u5316\u7684\u53d1\u5c55\uff0c\u5bb6\u5ead\u6570\u91cf\u5728\u4e0d\u65ad\u589e\u52a0\uff0c\u4f4f\u623f\u9700\u6c42\u91cf\u4e5f\u5728\u589e\u52a0\uff1b\u53cd\u4e4b\uff0c\u5982\u679c\u5f62\u6210\u5bb6\u5ead\u7684\u65f6\u95f4\u63a8\u540e\uff0c\u4f4f\u623f\u9700\u6c42\u7684\u65f6\u95f4\u5c06\u8d8b\u4e8e\u660e\u663e\u7684\u63a8\u540e\u3002<\/p>\n
(2)\u793e\u4f1a\u7ecf\u6d4e\u53d1\u5c55\u4ee5\u53ca\u5bb6\u5ead\u6536\u5165\u6c34\u5e73\u3002\u968f\u7740\u793e\u4f1a\u7ecf\u6d4e\u589e\u957f\uff0c\u4f4f\u623f\u9700\u6c42\u603b\u4f53\u4e0a\u5f00\u59cb\u4e0a\u5347\u3002\u540c\u65f6\uff0c\u5c45\u6c11\u5bb6\u5ead\u7684\u6536\u5165\u6c34\u5e73\u548c\u8d22\u5bcc\u79ef\u7d2f\u7a0b\u5ea6\u662f\u5f62\u6210\u4f4f\u623f\u9700\u6c42\u7684\u4e3b\u8981\u6e90\u6cc9\u4e4b\u4e00\u3002\u4f4f\u623f\u9700\u6c42\u540c\u5bb6\u5ead\u6536\u5165\u5448\u6b63\u5411\u5173\u7cfb\uff0c\u5373\u6536\u5165\u589e\u52a0\uff0c\u4f4f\u623f\u8d2d\u7f6e\u80fd\u529b\u63d0\u9ad8\uff0c\u9700\u6c42\u91cf\u4e5f\u968f\u4e4b\u589e\u52a0\u3002<\/p>\n
(3)\u57ce\u5e02\u7ed3\u6784\u7684\u53d8\u5316\u3002\u968f\u7740\u57ce\u5e02\u5316\u7684\u53d1\u5c55\uff0c\u57ce\u5e02\u7684\u8fdb\u4e00\u6b65\u5f00\u53d1\u548c\u57ce\u5e02\u4e0d\u65ad\u66f4\u65b0\uff0c\u5bfc\u81f4\u57ce\u5e02\u4eba\u53e3\u589e\u52a0\uff0c\u4ece\u800c\u4f4f\u623f\u9700\u6c42\u589e\u52a0\u3002<\/p>\n
\u6b64\u5916\uff0c\u5bb6\u5ead\u89c4\u6a21\u3001\u4eba\u53e3\u5e74\u9f84\u7ed3\u6784\u3001\u6559\u80b2\u5c42\u6b21\u3001\u4f4f\u5b85\u504f\u597d\u4ee5\u53ca\u623f\u5c4b\u4ef7\u683c\u3001\u5c45\u6c11\u6240\u613f\u610f\u652f\u4ed8\u7684\u62b5\u62bc\u8d37\u6b3e\u5229\u7387\u7b49\u8bf8\u56e0\u7d20\u4e5f\u90fd\u4f1a\u5f71\u54cd\u5230\u5e02\u573a\u4e2d\u7684\u4f4f\u623f\u9700\u6c42\u91cf\u3002\u6bd4\u5982\u7531\u4e8e\u5bb6\u5ead\u8d8a\u6765\u8d8a\u5c0f\u578b\u5316\uff0c\u5bfc\u81f4\u5bb6\u5ead\u6570\u76ee\u589e\u52a0\uff1b\u793e\u4f1a\u4eba\u53e3\u8001\u9f84\u5316\u7684\u53d1\u5c55\uff0c\u9002\u5e94\u8001\u9f84\u5316\u7684\u4f4f\u623f\u529f\u80fd\u9700\u6c42\u589e\u5927\uff1b\u793e\u4f1a\u9ad8\u7b49\u6559\u80b2\u5347\u5b66\u7387\u7684\u63d0\u9ad8\uff0c\u5bfc\u81f4\u5b66\u751f\u5bbf\u820d\u7684\u9700\u6c42\u589e\u52a0\u7b49\u7b49\u3002<\/p>\n
\u603b\u4e4b\uff0c\u4f4f\u623f\u9700\u6c42\u5728\u5f88\u5927\u7a0b\u5ea6\u4e0a\u51b3\u5b9a\u4e86\u501f\u6b3e\u4eba\u613f\u610f\u652f\u4ed8\u591a\u5c11\u5229\u606f\u3001\u91c7\u7528\u4f55\u79cd\u5229\u7387\u6765\u83b7\u5f97\u8d44\u91d1\u7684\u4f7f\u7528\u6743\u3002<\/p>\n
(\u4e8c)\u8d44\u91d1\u4f9b\u7ed9\u65b9\u7684\u53d8\u52a8<\/p>\n
\u53e6\u4e00\u65b9\u9762\uff0c\u62b5\u62bc\u8d37\u6b3e\u5229\u7387\u4e5f\u53d6\u51b3\u4e8e\u8d44\u91d1\u4f9b\u7ed9\u65b9\uff0c\u5373\u8d37\u6b3e\u4eba\u6240\u613f\u610f\u63a5\u53d7\u7684\u5229\u606f\u8865\u507f\u662f\u591a\u5c11\uff0c\u56e0\u4e3a\u5728\u4e00\u6bb5\u65f6\u95f4\u5185\u4ed6\u4eec\u727a\u7272\u4e86\u5bf9\u81ea\u5df1\u8d44\u91d1\u7684\u4f7f\u7528\u6743\u3002\u4ece\u7406\u8bba\u4e0a\u8bb2\uff0c\u8d37\u6b3e\u4eba\u80fd\u591f\u4f9b\u5e94\u7684\u62b5\u62bc\u8d44\u91d1\u603b\u91cf\u662f\u4ee5\u4e0b\u51e0\u4e2a\u56e0\u7d20\u7684\u51fd\u6570\uff1a\u8d37\u6b3e\u4eba\u5438\u6536\u5b58\u6b3e\u6240\u5fc5\u987b\u652f\u4ed8\u7684\u8d44\u91d1\u6210\u672c\u3001\u53d1\u653e\u5e76\u7ba1\u7406\u8d37\u6b3e\u7684\u6210\u672c\u548c\u53ef\u80fd\u53d1\u751f\u7684\u574f\u8d26\u8fdd\u7ea6\u635f\u5931\u7b49\u3002\u5982\u679c\u662f\u56fa\u5b9a\u5229\u7387\u8d37\u6b3e\uff0c\u8d37\u6b3e\u4eba\u8fd8\u8981\u8003\u8651\u53d1\u653e\u8d37\u6b3e\u65e5\u540e\u7531\u4e8e\u5229\u7387\u53d8\u52a8\u6240\u5f15\u53d1\u7684\u6f5c\u5728\u635f\u5931\u3002\u9664\u6b64\u4e4b\u5916\uff0c\u5728\u5411\u62b5\u62bc\u5e02\u573a\u4f9b\u5e94\u8d44\u91d1\u65f6\uff0c\u8d37\u6b3e\u4eba\u8fd8\u8981\u5c06\u62b5\u62bc\u8d37\u6b3e\u7684\u6536\u76ca\u548c\u98ce\u9669\u4e0e\u5176\u4ed6\u6295\u8d44\u9879\u76ee\u8fdb\u884c\u5bf9\u6bd4\uff0c\u5982\u679c\u8d37\u6b3e\u4eba\u8ba4\u4e3a\uff0c\u53d1\u653e\u62b5\u62bc\u8d37\u6b3e\u6bd4\u6295\u8d44\u503a\u5238\u6216\u5546\u4e1a\u8d37\u6b3e\u66f4\u80fd\u83b7\u76ca\uff0c\u90a3\u4e48\u5c31\u4f1a\u6709\u66f4\u591a\u7684\u8d44\u91d1\u6d41\u5411\u62b5\u62bc\u8d37\u6b3e\u3002<\/p>\n
\u4ee5\u4e0a\u662f\u4e00\u79cd\u76f8\u5f53\u7b80\u5355\u7684\u5229\u7387\u786e\u5b9a\u539f\u7406\uff0c\u4ece\u623f\u5730\u4ea7\u5e02\u573a\u89d2\u5ea6\u786e\u5b9a\u7684\u6536\u76ca\u7387\u53ef\u4ee5\u770b\u4f5c\u662f\u771f\u5b9e\u7684\u62b5\u62bc\u8d37\u6b3e\u5229\u7387\uff0c\u771f\u5b9e\u7684\u62b5\u62bc\u8d37\u6b3e\u5229\u7387\u662f\u5728\u65e0\u901a\u8d27\u81a8\u80c0\u73af\u5883\u4e0b\u7684\u65e0\u98ce\u9669\u5229\u7387\u3002\u4e00\u65e6\u8003\u8651\u98ce\u9669\u3001\u901a\u8d27\u81a8\u80c0\u53d1\u751f\u7684\u53ef\u80fd\u6027\u65f6\uff0c\u8fd9\u4e9b\u5b9e\u9645\u56e0\u7d20\u5c06\u6700\u7ec8\u51b3\u5b9a\u5229\u7387\u7684\u9ad8\u4f4e\u3002<\/p>\n
[\u7f16\u8f91]<\/p>\n
\u62b5\u62bc\u8d37\u6b3e\u5229\u7387\u7684\u5f71\u54cd\u56e0\u7d20<\/p>\n
\u5177\u4f53\u5730\u8bf4\uff0c\u5f71\u54cd\u62b5\u62bc\u8d37\u6b3e\u5229\u7387\u7684\u56e0\u7d20\u662f\u9884\u671f\u7684\u771f\u5b9e\u5229\u7387\u3001\u9884\u671f\u7684\u901a\u8d27\u81a8\u80c0\u7387\u548c\u8d37\u6b3e\u98ce\u9669\u3002<\/p>\n
(\u4e00)\u9884\u671f\u7684\u771f\u5b9e\u5229\u7387<\/p>\n
\u9884\u671f\u7684\u771f\u5b9e\u5229\u7387(real interest rate)\u662f\u6307\u6263\u9664\u9884\u671f\u7684\u901a\u8d27\u81a8\u80c0\u7387\u4ee5\u540e\u7684\u5b9e\u9645\u6536\u76ca\u7387\uff0c\u8fd9\u662f\u5438\u5f15\u4eba\u4eec\u8fdb\u884c\u50a8\u84c4\u7684\u4e3b\u8981\u52a8\u529b\u3002\u5982\u679c\u6211\u4eec\u628a\u7ecf\u6d4e\u793e\u4f1a\u5206\u6210\u4e09\u5927\u4e3b\u4f53\uff1a\u56fd\u5bb6\u3001\u4f01\u4e1a\u548c\u5c45\u6c11\uff0c\u90a3\u4e48\u6211\u4eec\u7acb\u523b\u5c31\u4f1a\u53d1\u73b0\uff0c\u4ece\u603b\u4f53\u4e0a\u8bb2\uff0c\u56fd\u5bb6\u548c\u4f01\u4e1a\u90fd\u662f\u8d27\u5e01\u8d44\u91d1\u7684\u6700\u7ec8\u9700\u6c42\u8005\uff0c\u800c\u5c45\u6c11\u7684\u50a8\u84c4\u5219\u662f\u8d27\u5e01\u8d44\u91d1\u7684\u4e3b\u8981\u4f9b\u7ed9\u8005(\u5f53\u7136\uff0c\u4e2d\u592e\u94f6\u884c\u7684\u8d27\u5e01\u4f9b\u5e94\u4e5f\u4f1a\u6210\u4e3a\u501f\u8d37\u8d44\u91d1\u4f9b\u7ed9\u7684\u4e00\u90e8\u5206)\u3002\u53ea\u6709\u5728\u5c45\u6c11\u8ba4\u4e3a\u628a\u94b1\u653e\u5728\u94f6\u884c\u662f\u5b89\u5168\u7684\uff0c\u6bd4\u5982\u5f53\u4ed6\u4eec\u53bb\u53d6\u94b1\uff0c\u4e0d\u4f1a\u56e0\u4e3a\u901a\u8d27\u81a8\u80c0\u6216\u5176\u4ed6\u4ec0\u4e48\u539f\u56e0\u800c\u53d7\u5230\u635f\u5931\u65f6\uff0c\u5c45\u6c11\u624d\u613f\u610f\u8fdb\u884c\u50a8\u84c4\u3002\u8fd9\u79cd\u5b89\u5168\uff0c\u662f\u6307\u50a8\u84c4\u7684\u8d27\u5e01\u7684\u5b9e\u9645\u8d2d\u4e70\u529b\u4e0d\u4f1a\u56e0\u4e3a\u901a\u8d27\u81a8\u80c0\u7b49\u539f\u56e0\u800c\u964d\u4f4e\u3002\u6362\u8a00\u4e4b\uff0c\u5c45\u6c11\u5728\u8fdb\u884c\u50a8\u84c4\u7684\u65f6\u5019\uff0c\u5fc5\u987b\u5f97\u5230\u5927\u4e8e\u96f6\u7684\u9884\u671f\u7684\u771f\u5b9e\u5229\u7387\u3002\u5426\u5219\uff0c\u5c45\u6c11\u5c31\u4f1a\u653e\u5f03\u50a8\u84c4\uff0c\u5b81\u613f\u53bb\u4e70\u9ec4\u91d1\uff0c\u56e0\u4e3a\u4ed6\u4eec\u77e5\u9053\uff0c\u5982\u679c\u6709\u901a\u8d27\u81a8\u80c0\uff0c\u9ec4\u91d1\u7684\u4ef7\u683c\u4e5f\u4f1a\u540c\u6b65\u4e0a\u6da8\u3002<\/p>\n
\u56e0\u4e3a\u7edd\u5927\u591a\u6570\u62b5\u62bc\u8d37\u6b3e\u8d44\u91d1\u6765\u81ea\u4e8e\u5c45\u6c11\u50a8\u84c4\u5b58\u6b3e\uff0c\u90a3\u4e48\u4e3a\u4e86\u786e\u4fdd\u5c45\u6c11\u5728\u94f6\u884c\u7684\u50a8\u84c4\u5b58\u6b3e\u662f\u5b89\u5168\u7684\uff0c\u62b5\u62bc\u8d37\u6b3e\u5229\u7387\u5c31\u5fc5\u987b\u5305\u62ec\u5927\u4e8e\u96f6\u7684\u9884\u671f\u7684\u771f\u5b9e\u5229\u7387\u3002\u53ea\u6709\u8fd9\u6837\uff0c\u91d1\u878d\u673a\u6784\u624d\u80fd\u628a\u5e7f\u5927\u516c\u4f17\u7684\u50a8\u84c4\u96c6\u4e2d\u8d77\u6765\uff0c\u5e76\u5c06\u4e4b\u6295\u5165\u623f\u5730\u4ea7\u62b5\u62bc\u8d37\u6b3e\u6d3b\u52a8\u4e2d\u3002<\/p>\n
(\u4e8c)\u9884\u671f\u7684\u901a\u8d27\u81a8\u80c0\u7387<\/p>\n
\u9664\u4e86\u8003\u8651\u9884\u671f\u7684\u771f\u5b9e\u5229\u7387\u4ee5\u5916\uff0c\u6240\u6709\u6295\u8d44\u8005\u5728\u505a\u6295\u8d44\u51b3\u7b56\u65f6\u8fd8\u5fc5\u987b\u5173\u5fc3\u901a\u8d27\u81a8\u80c0\u5bf9\u6295\u8d44\u6536\u76ca\u7684\u5f71\u54cd\u3002\u6240\u4ee5\uff0c\u901a\u8d27\u81a8\u80c0\u7387\u662f\u6295\u8d44\u8005\u548c\u8d37\u6b3e\u4eba\u5728\u53d1\u653e\u6216\u8d2d\u4e70\u957f\u671f\u56fa\u5b9a\u5229\u7387\u62b5\u62bc\u8d37\u6b3e\u65f6\u6240\u8003\u8651\u7684\u91cd\u70b9\u95ee\u9898\u3002\u5f53\u8d37\u6b3e\u4eba\u548c\u6295\u8d44\u8005\u51b3\u5b9a\u662f\u5426\u53d1\u653e\u6216\u8d2d\u4e70\u62b5\u62bc\u8d37\u6b3e\u65f6\uff0c\u4ed6\u4eec\u5fc5\u987b\u786e\u5b9a\u5728\u901a\u8d27\u81a8\u80c0\u7684\u60c5\u51b5\u4e0b\u662f\u5426\u4ecd\u7136\u53ef\u4ee5\u83b7\u5f97\u8db3\u591f\u9ad8\u7684\u6295\u8d44\u6536\u76ca\uff0c\u4ece\u800c\u80fd\u591f\u8865\u507f\u4efb\u4f55\u9884\u671f\u635f\u5931\u3002\u6240\u4ee5\uff0c\u8d37\u6b3e\u4eba\u5bf9\u901a\u8d27\u81a8\u80c0\u7684\u9884\u671f\u540c\u6837\u5e94\u88ab\u5305\u62ec\u5728\u8d37\u6b3e\u5229\u7387\u4e4b\u5185\u3002<\/p>\n
\u4e3a\u4e86\u8bf4\u660e\u540d\u4e49\u5229\u7387(\u5373\u501f\u8d37\u53cc\u65b9\u6240\u7b7e\u8ba2\u7684\u5408\u540c\u5229\u7387)\u4e0e\u9884\u671f\u7684\u771f\u5b9e\u5229\u7387\u7684\u5173\u7cfb\uff0c\u6211\u4eec\u5047\u5b9a\u4e00\u4e2a1\u5e74\u671f\u7684l\u4e07\u5143\u7684\u8d37\u6b3e\uff0c\u5408\u540c\u5229\u7387\u4e3a10\uff05\uff0c\u90a3\u4e48\u5230\u5e74\u5e95\u8d37\u6b3e\u4eba\u5c06\u6536\u56de11000\u5143\u7684\u8d37\u6b3e\u672c\u606f\u3002\u5982\u679c\u5f53\u5e74\u901a\u8d27\u81a8\u80c0\u7387\u662f6\uff05\uff0c\u90a3\u4e48\u5e74\u5e95\u6240\u6536\u56de\u768411000\u5143\u7684\u5b9e\u9645\u4ef7\u503c\u5c31\u53ea\u670910377\u5143\u3002\u8fd9\u6837\u867d\u7136\u540d\u4e49\u5229\u7387\u4e3a10\uff05\uff0c\u800c\u5b9e\u9645\u62b5\u62bc\u8d37\u6b3e\u5229\u7387\u5c0f\u4e8e4\uff05(377\u5143\u00f710000\u5143)\u3002\u4e8e\u662f\u6211\u4eec\u53ef\u4ee5\u5f97\u51fa\u7ed3\u8bba\uff1a\u5982\u679c\u8d37\u6b3e\u4eba\u60f3\u8981\u5f97\u52304\uff05\u7684\u771f\u5b9e\u6536\u76ca\uff0c\u90a3\u4e48\u4ed6\u5c31\u5fc5\u987b\u8981\u6c42\u5927\u4e8e10\uff05\u7684\u540d\u4e49\u5229\u7387\u4ee5\u8865\u507f\u7531\u4e8e\u901a\u8d27\u81a8\u80c0\u6240\u5f15\u8d77\u7684\u4ef7\u503c\u635f\u5931\u3002<\/p>\n
\u4efb\u4f55\u6295\u8d44\u9879\u76ee\u7684\u540d\u4e49\u5229\u7387\u81f3\u5c11\u5e94\u5305\u62ec\u9884\u671f\u7684\u771f\u5b9e\u5229\u7387\u548c\u9884\u671f\u901a\u8d27\u81a8\u80c0\u7387\u4e24\u90e8\u5206\u3002\u6b63\u5982\u4e0a\u9762\u7684\u4f8b\u5b50\uff0c4\uff05\u7684\u9884\u671f\u7684\u771f\u5b9e\u5229\u7387\u52a0\u4e0a6\uff05\u7684\u901a\u8d27\u81a8\u80c0\u7387\u5373\u5f97\u523010\uff05\u7684\u540d\u4e49\u5229\u7387\u3002\u6ce8\u610f\uff0c\u8fd9\u91cc\u7684\u901a\u8d27\u81a8\u80c0\u7387\u662f\u5728\u53d1\u653e\u8d37\u6b3e\u65f6\u5bf9\u901a\u8d27\u81a8\u80c0\u7387\u7684\u9884\u671f\uff0c\u6240\u4ee5\u5b9e\u9645\u901a\u8d27\u81a8\u80c0\u7387\u7684\u9ad8\u4f4e\u4e5f\u662f\u6240\u6709\u8d37\u6b3e\u4eba\u548c\u6295\u8d44\u8005\u5e94\u8be5\u8003\u8651\u7684\u56e0\u7d20\u3002<\/p>\n
(\u4e09)\u8d37\u6b3e\u98ce\u9669<\/p>\n
\u6240\u8c13\u8d37\u6b3e\u98ce\u9669\uff0c\u662f\u6307\u8d37\u6b3e\u5b9e\u9645\u6536\u76ca\u7684\u4e0d\u786e\u5b9a\u6027\uff0c\u6216\u8005\u8bf4\u662f\u5b9e\u9645\u6536\u76ca\u4e0e\u9884\u671f\u6536\u76ca\u7684\u504f\u5dee\u3002\u5728\u6570\u5b66\u4e0a\u53ef\u4ee5\u7528\u5b9e\u9645\u6536\u76ca\u7387\u7684\u5747\u503c\u548c\u65b9\u5dee\u52a0\u4ee5\u5b9a\u91cf\u8868\u8fbe\u3002\u5f71\u54cd\u8d37\u6b3e\u5b9e\u9645\u6536\u76ca\u7684\u56e0\u7d20\uff0c\u9664\u4e86\u901a\u8d27\u81a8\u80c0\u4ee5\u5916\uff0c\u8fd8\u6709\u5404\u79cd\u4e0d\u786e\u5b9a\u6027\u56e0\u7d20\u3002\u8fd9\u4e9b\u4e0d\u786e\u5b9a\u6027\u56e0\u7d20\u7684\u5b58\u5728\uff0c\u6709\u53ef\u80fd\u5f15\u8d77\u8d37\u6b3e\u4eba\u7684\u635f\u5931\u3002\u56e0\u6b64\uff0c\u4ed6\u4eec\u5c31\u6709\u7406\u7531\u8981\u6c42\u83b7\u5f97\u76f8\u5e94\u7684\u98ce\u9669\u8865\u507f\u3002\u8fd9\u79cd\u8865\u507f\u7684\u9ad8\u4f4e\u901a\u8fc7\u8d44\u91d1\u4ef7\u683c\u5373\u5229\u7387\u8868\u73b0\u51fa\u6765\u3002\u4e00\u822c\u800c\u8a00\uff0c\u6240\u627f\u62c5\u7684\u98ce\u9669\u8d8a\u5927\uff0c\u8d37\u6b3e\u4eba\u5e94\u8be5\u7d22\u53d6\u7684\u98ce\u9669\u8865\u507f\u5c31\u8d8a\u9ad8\u3002\u4f4f\u5b85\u62b5\u62bc\u8d37\u6b3e\u7684\u98ce\u9669\u4e3b\u8981\u6709\u4ee5\u4e0b\u56db\u7c7b\uff1a<\/p>\n
\u7b2c\u4e00\u7c7b\u662f\u574f\u8d26\u98ce\u9669(default risk)\u3002\u6240\u8c13\u574f\u8d26\u98ce\u9669\u662f\u6307\u501f\u6b3e\u4eba\u4e0d\u80fd\u6309\u7ea6\u6e05\u507f\u503a\u52a1\u7684\u98ce\u9669\u3002\u8fd9\u79cd\u98ce\u9669\u56e0\u8d37\u6b3e\u6027\u8d28\u548c\u501f\u6b3e\u4eba\u7684\u8d44\u8d28\u4e0d\u540c\u800c\u4e0d\u540c\u3002\u9020\u6210\u574f\u8d26\u7684\u539f\u56e0\u4e3b\u8981\u662f\u4e24\u4e2a\uff1a\u4e00\u4e2a\u662f\u501f\u6b3e\u4eba\u7684\u6536\u5165\u6c34\u5e73\u964d\u4f4e\uff0c\u8fd9\u4e3b\u8981\u662f\u7531\u4e8e\u501f\u6b3e\u4eba\u5931\u4e1a\u3001\u4f24\u4ea1\u6216\u4e0b\u5c97\u7b49\u539f\u56e0\u9020\u6210\u7684\uff1b\u53e6\u4e00\u4e2a\u662f\u7269\u4e1a\u4ef7\u503c\u7684\u964d\u4f4e\uff0c\u8fd9\u4e3b\u8981\u662f\u7531\u4e8e\u5b8f\u89c2\u7ecf\u6d4e\u6ce2\u52a8\u5f15\u8d77\u7684\u3002<\/p>\n
\u7b2c\u4e8c\u7c7b\u662f\u5229\u7387\u98ce\u9669(interest risk)\u3002\u8d37\u6b3e\u5229\u7387\u662f\u6839\u636e\u76ee\u524d\u7684\u7ecf\u6d4e\u5f62\u52bf\u548c\u5bf9\u672a\u6765\u7ecf\u6d4e\u524d\u666f\u7684\u5224\u65ad\u6765\u786e\u5b9a\u7684\u3002\u4f46\u662f\uff0c\u5bf9\u7ecf\u6d4e\u7684\u957f\u671f\u9884\u6d4b\u4ece\u6765\u5c31\u4e0d\u53ef\u80fd\u8fbe\u5230\u5b8c\u7f8e\u7684\u7a0b\u5ea6\uff0c\u6240\u4ee5\u8fd9\u5c31\u610f\u5473\u7740\uff0c\u957f\u671f\u62b5\u62bc\u8d37\u6b3e\u5229\u7387\u603b\u662f\u504f\u79bb\u672a\u6765\u7684\u5e02\u573a\u5229\u7387\uff0c\u5229\u7387\u98ce\u9669\u662f\u4e0d\u53ef\u907f\u514d\u7684\u3002<\/p>\n
\u8b6c\u5982\uff0c\u5728\u6211\u4eec\u524d\u9762\u7684\u4f8b\u5b50\u4e2d\uff0c\u5047\u5b9a\u5728\u53d1\u653e1\u5e74\u671f\u3001\u603b\u989d\u4e3a10000\u5143\u7684\u62b5\u62bc\u8d37\u6b3e\u65f6\uff0c\u9884\u671f\u901a\u8d27\u81a8\u80c0\u7387\u4e3a6\uff05\u3002\u5982\u679c\u5e74\u5e95\u5b9e\u9645\u901a\u8d27\u81a8\u80c0\u7387\u4e0d\u662f6\uff05\uff0c\u800c\u662f\u8fbe\u52308\uff05\uff0c\u8fd9\u5c31\u662f\u8bf4\uff0c\u4e3a\u4e86\u5b9e\u73b0\u9884\u671f\u7684\u6536\u76ca\u7387\uff0c\u5f53\u65f6\u8d37\u6b3e\u5229\u7387\u5e94\u8be5\u4e3a12\uff05\uff0c\u800c\u4e0d\u662f10\uff05\u3002\u4f4e\u4f30\u7684\u4e24\u4e2a\u767e\u5206\u70b9\u7684\u901a\u8d27\u81a8\u80c0\u7387\u5c31\u662f\u8d37\u6b3e\u4eba\u6240\u627f\u62c5\u7684\u5229\u7387\u98ce\u9669\u3002<\/p>\n
\u7b2c\u4e09\u7c7b\u662f\u63d0\u524d\u4ed8\u6b3e\u98ce\u9669(prepayment risk)\u3002\u5178\u578b\u7684[\u4f4f\u5b85\u62b5\u62bc\u8d37\u6b3e]\u57fa\u672c\u4e0a\u90fd\u5141\u8bb8\u501f\u6b3e\u4eba\u63d0\u524d\u4ed8\u6b3e\u800c\u4e0d\u9700\u652f\u4ed8\u7f5a\u91d1\u3002\u8fd9\u5b9e\u9645\u4e0a\u662f\u7ed9\u501f\u6b3e\u4eba\u63d0\u4f9b\u4e86\u4e00\u79cd\u63d0\u524d\u4ed8\u6b3e\u7684\u6743\u5229\uff0c\u8fd9\u79cd\u6743\u5229\u53ea\u6709\u5728\u5bf9\u501f\u6b3e\u4eba\u6709\u5229\u7684\u60c5\u51b5\u4e0b\uff0c\u5373\u5f53\u5e02\u573a\u5229\u7387\u4e0b\u964d\u7684\u65f6\u5019\uff0c\u624d\u4f1a\u88ab\u6267\u884c\u3002\u8fd9\u5c31\u662f\u8bf4\uff0c\u5982\u679c\u5e02\u573a\u5229\u7387\u9ad8\u4e8e\u5df2\u53d1\u653e\u7684\u62b5\u62bc\u8d37\u6b3e\u5229\u7387\uff0c\u501f\u6b3e\u4eba\u503e\u5411\u4e8e\u7ee7\u7eed\u6301\u6709\u8d37\u6b3e\uff1b\u5982\u679c\u5e02\u573a\u5229\u7387\u4f4e\u4e8e\u5df2\u53d1\u653e\u7684\u8d37\u6b3e\u5229\u7387\uff0c\u501f\u6b3e\u4eba\u5c06\u503e\u5411\u4e8e\u63d0\u524d\u8fd8\u6b3e\u3002\u663e\u7136\uff0c\u5728\u8d37\u6b3e\u88ab\u63d0\u524d\u6e05\u507f\u7684\u60c5\u51b5\u4e0b\uff0c\u8d37\u6b3e\u4eba\u5c06\u4e0d\u5f97\u4e0d\u6309\u7167\u6bd4\u73b0\u5728\u4f4e\u7684\u5e02\u573a\u5229\u7387\u5c06\u88ab\u63d0\u524d\u6e05\u507f\u7684\u8d37\u6b3e\u8d44\u91d1\u518d\u6b21\u6295\u8d44\uff0c\u4ece\u800c\u5fc5\u987b\u627f\u62c5\u76f8\u5e94\u7684\u5229\u606f\u635f\u5931\u3002\u5f53\u7136\uff0c\u7531\u4e8e\u5b89\u6392\u4e00\u9879\u62b5\u62bc\u8d37\u6b3e\u662f\u5f88\u8d39\u65f6\u7684\u5de5\u4f5c\uff0c\u800c\u4e14\u6210\u672c\u5f88\u9ad8\uff0c\u6240\u4ee5\uff0c\u4e00\u822c\u800c\u8a00\uff0c\u9664\u4e86\u7ecf\u6d4e\u6ce2\u52a8\u7279\u522b\u5267\u70c8\u7684\u60c5\u51b5\u4e0b\uff0c\u501f\u6b3e\u4eba\u63d0\u524d\u4ed8\u6b3e\u7684\u73b0\u8c61\u5e76\u4e0d\u666e\u904d\u3002<\/p>\n
\u7b2c\u56db\u7c7b\u662f\u5176\u4ed6\u98ce\u9669\u3002\u8b6c\u5982\u8d37\u6b3e\u6216\u6295\u8d44\u7684\u6d41\u52a8\u6027(1iquidity)\u6216\u5e02\u573a\u53ef\u552e\u6027(marketability)\u5bf9\u8d37\u6b3e\u4eba\u6240\u7d22\u53d6\u7684\u98ce\u9669\u8865\u507f\u7684\u6bd4\u7387\u5f71\u54cd\u5f88\u5927\u3002\u7531\u4e8e\u8bc1\u5238\u5728\u4e00\u4e2a\u53d1\u80b2\u826f\u597d\u7684\u8d44\u672c\u5e02\u573a\u4e0a\u53ef\u4ee5\u4efb\u610f\u51fa\u552e\u6216\u8f6c\u624b\uff0c\u56e0\u6b64\u76f8\u5e94\u7684\u6d41\u52a8\u6027\u8865\u507f\u6bd4\u5176\u4ed6\u6295\u8d44\u4f4e\u5f97\u591a\u3002<\/p>\n
\u653f\u7b56\u98ce\u9669\u4e5f\u662f\u8d37\u6b3e\u4eba\u5fc5\u987b\u9762\u5bf9\u7684\u4e00\u79cd\u4e0d\u53ef\u9884\u89c1\u6027\u98ce\u9669\u3002\u6bd4\u5982\uff0c\u5f71\u54cd\u5e02\u573a\u8fd0\u884c\u7684\u73af\u5883\u7ba1\u7406\u65b9\u9762\u7684\u53d8\u5316\u5c31\u662f\u62b5\u62bc\u8d37\u6b3e\u7684\u4e00\u4e2a\u6f5c\u5728\u98ce\u9669\u3002\u8fd9\u65b9\u9762\u7684\u53d8\u5316\u5305\u62ec\u7a0e\u6536\u5f62\u5f0f\u3001\u79df\u91d1\u63a7\u5236\u3001\u5229\u7387\u7ba1\u7406\u7b49\u3002\u8d37\u6b3e\u4eba\u5fc5\u987b\u8bc4\u4ef7\u8fd9\u4e9b\u4e8b\u4ef6\u53d1\u751f\u7684\u53ef\u80fd\u6027\uff0c\u5e76\u4e14\u786e\u4fe1\u8d37\u6b3e\u6536\u76ca\u8db3\u4ee5\u8865\u507f\u4e0a\u8ff0\u53ef\u80fd\u53d1\u751f\u7684\u98ce\u9669\u3002<\/p>\n
[\u7f16\u8f91]<\/p>\n
\u62b5\u62bc\u8d37\u6b3e\u5229\u7387\u7684\u786e\u5b9a<\/p>\n
\u62b5\u62bc\u8d37\u6b3e\u5229\u7387\u53d7\u5230\u9884\u671f\u7684\u5b9e\u9645\u5229\u7387\u3001\u9884\u671f\u7684\u901a\u8d27\u81a8\u80c0\u7387\u3001\u8fdd\u7ea6\u98ce\u9669\u3001\u5229\u7387\u98ce\u9669\u3001\u63d0\u524d\u4ed8\u6b3e\u98ce\u9669\u548c\u5176\u4ed6\u98ce\u9669\u7b49\u56e0\u7d20\u7684\u5f71\u54cd\u3002\u7efc\u5408\u4e0a\u8ff0\u56e0\u7d20\uff0c\u62b5\u62bc\u8d37\u6b3e\u7684\u5229\u7387\u7528\u516c\u5f0f\u53ef\u7b80\u5355\u8868\u8ff0\u4e3a\uff1ai=r+f+P<\/p>\n
\u5176\u4e2d\uff0ci\u4ee3\u8868\u62b5\u62bc\u8d37\u6b3e\u5229\u7387\uff0cr\u4e3a\u5b9e\u9645\u5229\u7387\uff0cf\u4e3a\u9884\u671f\u901a\u8d27\u81a8\u80c0\u7387\uff0cP\u4e3a\u8865\u507f\u5404\u79cd\u98ce\u9669\u7684\u98ce\u9669\u6ea2\u4ef7\u3002\u516c\u5f0f\u8868\u660e\uff0c\u4e3a\u4e86\u786e\u4fdd\u8d37\u6b3e\u4eba\u80fd\u591f\u83b7\u5f97\u9884\u671f\u7684\u5b9e\u9645\u5229\u7387r\uff0c\u8d37\u6b3e\u5229\u7387i\u8fd8\u5fc5\u987b\u5305\u542b\u9884\u671f\u7684\u901a\u8d27\u81a8\u80c0\u7387f\u548c\u8db3\u591f\u7684\u98ce\u9669\u6ea2\u4ef7p\u7528\u4ee5\u8865\u507f\u4ed6\u4eec\u6240\u627f\u62c5\u7684\u5404\u79cd\u98ce\u9669\u3002\u5982\u679c\u8d37\u6b3e\u4eba\u4f4e\u4f30\u4e86\u4e0a\u5f0f\u4e2d\u7684\u4efb\u4f55\u4e00\u4e2a\u56e0\u7d20\uff0c\u90fd\u53ef\u80fd\u906d\u53d7\u4e0d\u53ef\u5f25\u8865\u7684\u7ecf\u6d4e\u635f\u5931\u3002<\/p>\n
\u7136\u800c\u4ec5\u8003\u8651\u4e0a\u8ff0\u56e0\u7d20\u8fd8\u4e0d\u80fd\u6700\u7ec8\u786e\u5b9a\u62b5\u62bc\u8d37\u6b3e\u7684\u5229\u7387\uff0c\u56e0\u4e3a\u8d37\u6b3e\u7684\u671f\u9650\u4e5f\u662f\u4e00\u9879\u5f71\u54cd\u62b5\u62bc\u8d37\u6b3e\u6536\u76ca\u7684\u91cd\u8981\u56e0\u7d20\u3002<\/p>\n
\u4ee5\u4e00\u5e74\u671f\u7684\u62b5\u62bc\u8d37\u6b3e\u5229\u7387\u4e3a\u4f8b\uff0c\u8d37\u6b3e\u5229\u7387\u7684\u786e\u5b9a\u5c31\u53d6\u51b3\u4e8e\u672a\u6765\u4e00\u5e74\u5185\u5b9e\u9645\u5229\u7387\u3001\u9884\u671f\u7684\u901a\u8d27\u81a8\u80c0\u7387\u3001\u8db3\u591f\u7684\u98ce\u9669\u6ea2\u4ef7\u7b49\u53d8\u91cf\u7684\u9884\u671f\u503c\u3002\u5177\u4f53\u5730\u8bf4\uff0c\u5728\u53d1\u653e\u8d37\u6b3e\u7684\u521d\u671f(\u65f6\u671ft)\u6240\u51b3\u5b9a\u7684\u8d37\u6b3e\u5229\u7387it\uff0c\u53ef\u4ee5\u4ece\u5982\u4e0b\u5f0f\u5b50\u4e2d\u5f97\u5230\uff1ait = r1 + f1 + p1<\/p>\n
\u5176\u4e2d\u7684\u4e0b\u68071\u8868\u793a\u8d37\u6b3e\u4eba\u5bf9\u4e00\u5e74\u540e\u7684\u5404\u53d8\u91cf\u7684\u9884\u671f\u503c\u3002<\/p>\n
\u5bf9\u4e88\u957f\u671f\u62b5\u62bc\u8d37\u6b3e\u5229\u7387\u800c\u8a00\uff0c\u8d37\u6b3e\u5229\u7387\u7684\u786e\u5b9a\u5219\u8981\u6839\u636e\u672a\u6e05\u507f\u8d37\u6b3e\u671f\u9650\u5185\u6bcf\u4e00\u5e74\u7684\u5404\u5229\u7387\u5f71\u54cd\u56e0\u7d20\u7684\u9884\u671f\u503c\u800c\u5b9a\u3002\u4e00\u822c\u5730\uff0c\u5982\u679c\u8d37\u6b3e\u671f\u9650\u4e3an\uff0c\u90a3\u4e48n\u5e74\u62b5\u62bc\u8d37\u6b3e\u7684\u5229\u7387\u53ef\u7528\u516c\u5f0f\u8868\u793a\u4e3a\uff1a<\/p>\n
\u4ee5\u671f\u9650\u4e3a4\u5e74\u7684\u62b5\u62bc\u8d37\u6b3e\u4e3a\u4f8b\uff0c\u5047\u5b9a\u672a\u67654\u5e74\u7684\u8d37\u6b3e\u5229\u7387\u5206\u522b\u4e3a9\uff05\u300110\uff05\u300112\uff05\u548c11\uff05\u3002\u90a3\u4e48\u8d37\u6b3e\u4eba\u4e3a\u4e86\u4fdd\u8bc1\u6bcf\u5e74\u83b7\u5f97\u76f8\u540c\u7684\u6536\u76ca\uff0c\u56db\u5e74\u671f\u8d37\u6b3e\u7684\u7efc\u5408\u5229\u7387\u5c31\u53ef\u4ee5\u6839\u636e\u4ee5\u4e0b\u8fc7\u7a0b\u5f97\u51fa\uff1a<\/p>\n
\u6240\u4ee5\uff1a<\/p>\n
\u6216 10.49\uff05<\/p>\n
[\u7f16\u8f91]<\/p>\n
\u53c2\u8003\u6587\u732e<\/p>\n
\u4f59\u6da6\u4e3b\u7f16.CFA\u8003\u8bd5\u6838\u5fc3\u8bcd\u6c47\u624b\u518c.\u4e2d\u4fe1\u51fa\u7248\u793e,2011.03.\u2191 \u8c37\u4efb,\u848b\u5148\u73b2\u7f16\u8457.\u623f\u5730\u4ea7\u91d1\u878d.\u5bf9\u5916\u7ecf\u6d4e\u8d38\u6613\u5927\u5b66\u51fa\u7248\u793e,2008.7. \u9f99\u80dc\u5e73,\u65b9\u5955\u7f16\u8457.\u623f\u5730\u4ea7\u91d1\u878d\u4e0e\u6295\u8d44\u6982\u8bba.\u9ad8\u7b49\u6559\u80b2\u51fa\u7248\u793e,2006.11.<\/p>\n
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