bhf,鏂拌揣甯佺粡娴庡鈥淏HF鈥濅綋绯讳笌鏁板瓧璧勪骇鐨勪笘鐣宊璁拌处

鍘熸爣棰橈細鏂拌揣甯佺粡娴庡鈥淏HF鈥濅綋绯讳笌鏁板瓧璧勪骇鐨勪笘鐣?/p>

鏂拌揣甯佺粡娴庡涓€鑸敤鈥?/span>BHF鈥濇潵鎻忚堪锛屾槸鐢变笁涓粡娴庡瀹剁殑鍚嶅瓧棣栦釜瀛楁瘝缁勬垚鐨勶紝鍗?/span>璐瑰笇灏斅峰竷鑾卞厠锛?span>Fischer Black,1970锛夈€佸挨閲?span>路娉曢┈锛?span>Eugene Fama,1980锛夈€佺綏浼壒路闇嶅皵锛?span>Robert Hall,1982a锛夈€備粬浠殑鐞嗚鏄潃鐪间簬瑙ｅ喅鎵€璋撯€滃搱鎭╅毦棰樷€濄€?/span>缁忔祹瀛﹀鍝堟仼(Frank Hahn)閽堝甯曞环閲戠瓑浜虹殑鐡﹀皵鎷夋柉鍧囪　鐨勮揣甯佺粡娴庝綋绯伙紝鎻愬嚭浜嗕竴涓护浜哄按灏殑闂锛氫负浠€涔堟病鏈夊唴鍦ㄤ环鍊肩殑绾稿竵涓庡晢鍝佸拰鍔冲姟鐩镐氦鎹㈢殑杩囩▼涓細鍏锋湁姝ｇ殑浠峰€?/span>?鍝堟仼鍦?/span>1965骞存寚鍑猴紝鐡﹀皵鎷夋柉--甯屽厠鏂?/span>--甯曞环閲戜綋绯绘湁涓€涓秹鍙婂叾瀛樺湪鎬х殑鍩烘湰闂锛屽嵆璐у竵缁忔祹妯″瀷鏄惁瀛樺湪鍧囪　鐘舵€?/span>?杩涗竴姝ヨ锛屾湁浠€涔堣兘淇濊瘉杩欐牱鐨勪竴涓粡娴庝綋涓紝鎵€鏈夊潎琛＄姸鎬侀兘鏄揣甯佷氦鏄撹€屼笉鏄墿鐗╀氦鎹㈠憿?鍦ㄧ墿鐗╀氦鎹腑锛岃揣甯佺殑浠锋牸鏄浂銆傛棦鐒朵釜浜哄璐у竵鐨勯渶姹傛簮鑷晥鐢ㄥ嚱鏁颁腑鐨勭湡瀹炶揣甯佷綑棰濓紝閭ｄ箞鐪熷疄璐у竵浣欓涓洪浂鏃朵細鍑虹幇浠€涔堟儏鍐靛憿?鐒惰€岋紝纭疄瀛樺湪浣跨湡瀹炶揣甯佷綑棰濈瓑浜庨浂鐨勪袱绉嶆儏鍐碉紝鑰屼笖杩欎袱绉嶆儏鍐佃蛋浜嗕袱涓瀬绔?/span>:涓€鏄晢鍝佺殑璐у竵浠锋牸涓烘锛屼絾涓汉鍚嶄箟璐у竵浣欓涓洪浂锛涗簩鏄釜浜虹殑鍚嶄箟璐у竵浣欓涓烘锛屼絾鍟嗗搧鐨勮揣甯佷环鏍兼棤绌峰ぇ銆傝繖鍙互鍚堢悊鍦版帹鍑猴紝绗簩绉嶆儏鍐典笅鐨勮揣甯佹鏃犱环鍊硷紝涔熷氨涓嶅瓨鍦ㄨ揣甯侀渶姹傘€傚洜姝わ紝瀛樺湪涓€绉嶅苟闈為噸瑕佺殑闈炶揣甯佺殑鍧囪　鐘舵€併€傚彧鏈夊亣璁捐櫧鐒惰揣甯佹鏃犱环鍊间絾浠嶇劧瀛樺湪瀵瑰悕涔夎揣甯佷綑棰濈殑闇€姹傦紝鍦ㄨ繖鏍蜂竴绉嶅緢鍊煎緱鎬€鐤戠殑鍓嶆彁涓嬫墠鑳借瘉鏄庯紝瀛樺湪涓€涓揣甯佷环鏍间负姝ｇ殑鍧囪　鐘舵€併€傚鏋滀笉鑳界‘瀹氳揣甯佸叿鏈夋鐨勪环鏍硷紝灏变笉鑳戒繚璇佸笗寤烽噾鐨勫潎琛℃槸涓€绉嶈揣甯佸潎琛¤€屼笉鏄竴绉嶇墿鐗╀氦鎹㈢殑鍧囪　銆傚搱鎭╁鐡﹀皵鎷夋柉--甯屽厠鏂?/span>--甯曞环閲戜綋绯荤殑杩欎釜鍙嶈瘶灏辨槸钁楀悕鐨?/span>"鍝堟仼闅鹃"銆?/span>

鏂拌揣甯佺粡娴庡涓昏鐨勪唬琛ㄦ枃绔犳湁銆婃棤璐у竵涓栫晫鐨勯摱琛屽拰鍒╂伅銆?/span>(甯冭幈鍏嬶紝1970)銆併€婇噾铻嶇悊璁轰腑鐨勯摱琛屻€?/span>(娉曢┈锛?/span>1980)銆併€婄編鍥戒笌鑻辫仈閭︾殑璐у竵瓒嬪娍銆?/span>(闇嶅皵锛?/span>1982a)銆?/span>銆?/span>"璐у竵"闇€姹傜殑娉曞緥闄愬埗鐞嗚浠ュ強璐у竵鏀跨瓥鐨勪綔鐢ㄣ€?/span>(鍗庤幈澹紝1983)銆併€婅揣甯佺ǔ瀹氱殑鑷敱绔炰簤鐞嗚銆?/span>(鏍兼灄鑿插皵寰峰拰浼婃牸灏旓紝1983)銆併€婃柊璐у竵缁忔祹瀛︾殑鍙戝睍銆?/span>(鑰冮棶鍜屽厠缃楄尐鍐咃紝1987)鍜屼笓钁椼€婃柊璐у竵缁忔祹瀛︾殑鎺㈣銆?/span>(鑰冩枃鍜屽厠缃楄尐鍐咃紝1994)绛変竴绯诲垪鏂囩尞锛岄泦涓槓杩颁簡鏂拌揣甯佺粡娴庡鐨勮鐐逛富寮犲拰鍙戝睍鍘嗗彶銆?/span>

鏂拌揣甯佺粡娴庡鐨勪富瑕佽鐐规槸:鐜版湁鐨勮揣甯併€侀噾铻嶄綋绯诲苟闈炴槸鑷劧婕旇繘鐨勶紝鑰屾槸娉曞緥闄愬埗鎴栨斂搴滅鍒剁殑蹇呯劧缁撴灉銆傚湪鑷敱鏀句换鐨勭珵浜夋€у競鍦烘潯浠朵笅锛屼笉涓€瀹氬瓨鍦ㄩ泦璁拌处鍔熻兘鍜屼氦鎹㈡墜娈典袱澶ц亴鑳戒簬涓€韬殑璐у竵锛岃揣甯佺幇鏈夌殑涓ゅぇ鑱岃兘灏嗙敱涓嶅悓鐨勭墿璐ㄥ垎鍒壙鎷咃紝甯傚満涓互璐у竵涓哄獟浠嬬殑浜ゆ崲鏈€缁堝皢琚?/span>"绮惧瘑鐨勭墿鐗╀氦鎹?/span>"鎵€鍙栦唬銆傚湪鏂拌揣甯佺粡娴庡鐨勬鏋朵笅锛屼笉瀛樺湪鐩稿浠锋牸涓庣墿浠锋按骞冲喅瀹氱浉鍒嗙鐨勯棶棰橈紝杩欏疄璐ㄤ笂鏄€氳繃鍙栨秷璐у竵鑰岃揪鎴愭敼閫犲悗鐨勮揣甯佺悊璁轰笌浼犵粺鐨勪环鍊肩悊璁虹浉缁熶竴銆傛澶栵紝鐢变簬鍙栨秷浜嗚揣甯侊紝鑷劧涔熷氨鍥為伩浜嗏€滃搱鎭╅毦棰樷€濄€傞壌浜庢柊璐у竵缁忔祹瀛︽彁鍑轰簡鍙栨秷璐у竵鐨勮鐐癸紝瀹冨張琚О浣?/span>"娌℃湁璐у竵鐨勯噾铻嶅"銆傛湁鐨勫鑰?/span>(鑰冩枃鍜屽厠缃楄尐鍐咃紝1994)灏嗘柊璐у竵缁忔祹瀛︾殑鐗圭偣褰掔撼涓轰竷澶у懡棰橈紝浣嗗叾鏍稿績鍙敤涓夋潯灏卞彲浠ユ妸鎻★細涓€鏄揣甯佷笌閲戣瀺鏈烘瀯浠庢斂搴滈甯冪殑娉曡鎴?/span>"娉曞緥闄愬埗"涓幏寰楀叾鐞嗚涓庡疄璺电殑鐗规畩鍦颁綅锛涗簩鏄洜淇℃伅涓庝氦鏄撴湇鍔℃垚鏈笅闄嶈€屼粠涓幏鐩婄殑鍚勭涓嶅悓娉曡灏嗕骇鐢熸牴鏈笉鍚岀殑閲戣瀺涓庤揣甯佹柟闈㈢殑璁″垝瀹夋帓锛氫笁鏄揣甯佷綔涓鸿璐﹀獟浠嬬殑鍔熻兘鍙兘浼氫笌浣滀负浜ゆ槗濯掍粙鐨勮亴鑳藉垎绂汇€傛柊璐у竵缁忔祹瀛︿箣鎵€浠ョО涓?/span>"鏂?/span>"锛屾槸鍥犱负瀹冧竴鍙嶄紶缁熺悊璁哄厛鎺ュ彈璐у竵鐨勫瓨鍦紝鐒跺悗鍐嶇爺绌惰揣甯佷綔鐢ㄧ殑鎬濈淮鎯€э紝鍑轰汉鎰忔枡鍦版彁鍑?/span>"鍙栨秷璐у竵浼氬浣?/span>"鐨勯棶棰橈紝濡傛灉涓嶇湅瀹冪殑鎺ㄥ杩囩▼锛屼絾灏卞叾缁撹鑰岃█锛岀殑纭槸浠や汉鎯婂紓鐨勩€?/span>

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