{"id":555,"date":"2026-05-18T11:26:57","date_gmt":"2026-05-18T11:26:57","guid":{"rendered":"https:\/\/equitiesorbis.com\/%e6%b3%a2%e5%b3%b0%e5%b0%86%e8%87%b3%ef%bc%9a%e5%8a%a8%e9%87%8f%e7%ad%96%e7%95%a5%e5%8d%b3%e5%b0%86%e5%b4%a9%e7%9b%98%e7%9a%84%e8%bf%b9%e8%b1%a1\/"},"modified":"2026-06-08T19:01:15","modified_gmt":"2026-06-08T19:01:15","slug":"%e6%b3%a2%e5%b3%b0%e5%b0%86%e8%87%b3%ef%bc%9a%e5%8a%a8%e9%87%8f%e7%ad%96%e7%95%a5%e5%8d%b3%e5%b0%86%e5%b4%a9%e7%9b%98%e7%9a%84%e8%bf%b9%e8%b1%a1","status":"publish","type":"post","link":"https:\/\/equitiesorbis.com\/zh-hans\/%e6%b3%a2%e5%b3%b0%e5%b0%86%e8%87%b3%ef%bc%9a%e5%8a%a8%e9%87%8f%e7%ad%96%e7%95%a5%e5%8d%b3%e5%b0%86%e5%b4%a9%e7%9b%98%e7%9a%84%e8%bf%b9%e8%b1%a1\/","title":{"rendered":"\u6ce2\u5cf0\u5c06\u81f3\uff1a\u52a8\u91cf\u7b56\u7565\u5373\u5c06\u5d29\u76d8\u7684\u8ff9\u8c61"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">\u52a8\u91cf\u6295\u8d44\u662f\u73b0\u4ee3\u91d1\u878d\u4e2d\u6700\u6301\u4e45\u4e14\u7ecf\u8fc7\u5b9e\u8bc1\u9a8c\u8bc1\u7684\u5f02\u5e38\u73b0\u8c61\u4e4b\u4e00\u3002\u5176\u524d\u63d0\u770b\u4f3c\u7b80\u5355\uff1a\u8fd1\u671f\u8868\u73b0\u826f\u597d\u7684\u8d44\u4ea7\u5c06\u7ee7\u7eed\u8d70\u5f3a\uff0c\u800c\u8868\u73b0\u4e0d\u4f73\u7684\u8d44\u4ea7\u5c06\u7ee7\u7eed\u4e0b\u8dcc\u3002\u7136\u800c\uff0c\u6b63\u5982\u4efb\u4f55\u7ecf\u9a8c\u4e30\u5bcc\u7684\u4ece\u4e1a\u8005\u6240\u77e5\uff0c\u52a8\u91cf\u662f\u4e00\u628a\u53cc\u5203\u5251\u3002\u5f53\u8d8b\u52bf\u53cd\u8f6c\u65f6\uff0c\u8fc7\u7a0b\u7edd\u975e\u6e29\u548c\u3002<a href=\"https:\/\/www.chicagobooth.edu\/review\/understanding-momentum-crashes\">\u52a8\u91cf\u5d29\u76d8<\/a>\u662f\u51fa\u4e86\u540d\u7684\u5267\u70c8\uff0c\u5f80\u5f80\u5728\u51e0\u5468\u5185\u5c31\u80fd\u62b9\u53bb\u6570\u6708\u751a\u81f3\u6570\u5e74\u79ef\u7d2f\u7684\u8d85\u989d\u6536\u76ca\u3002   <\/p>\n\n<p class=\"wp-block-paragraph\">\u5bf9\u4e8e\u673a\u6784\u548c\u6563\u6237\u6295\u8d44\u8005\u800c\u8a00\uff0c\u5171\u540c\u7684\u6311\u6218\u5728\u4e8e\u8bc6\u522b\u52a8\u91cf\u7b56\u7565\u4f55\u65f6\u4ece\u7a33\u5065\u7684\u8d8b\u52bf\u8f6c\u53d8\u4e3a\u8106\u5f31\u7684\u6ce1\u6cab\u3002\u867d\u7136\u4f20\u7edf\u7684\u91cf\u5316\u6307\u6807\u80fd\u63d0\u4f9b\u4e00\u4e9b\u89c1\u89e3\uff0c\u4f46\u6700\u53ef\u9760\u7684\u9884\u8b66\u4fe1\u53f7\u5f80\u5f80\u51fa\u73b0\u5728\u5e02\u573a\u673a\u5236\u4e0e\u884c\u4e3a\u5fc3\u7406\u5b66\u7684\u4ea4\u6c47\u5904\u3002\u4ee5\u4e0b\u662f\u52a8\u91cf\u7b56\u7565\u63a5\u8fd1\u4e34\u754c\u70b9\u7684\u6838\u5fc3\u6307\u6807\u3002  <\/p>\n\n<p class=\"wp-block-paragraph\"><strong>1. \u6760\u6746\u7387\u5927\u5e45\u4e0a\u5347<\/strong><\/p>\n\n<p class=\"wp-block-paragraph\">\u6760\u6746\u662f\u91d1\u878d\u72c2\u70ed\u7684\u71c3\u6599\u3002\u5728\u52a8\u91cf\u5468\u671f\u7684\u65e9\u671f\u9636\u6bb5\uff0c\u56de\u62a5\u662f\u7531\u57fa\u672c\u9762\u60ca\u559c\u548c\u9884\u671f\u7684\u9010\u6e10\u8c03\u6574\u9a71\u52a8\u7684\u3002\u7136\u800c\uff0c\u968f\u7740\u8d8b\u52bf\u53d8\u5f97\u6839\u6df1\u8482\u56fa\u5e76\u88ab\u5e7f\u6cdb\u8ba4\u53ef\uff0c\u201c\u5bb9\u6613\u8d5a\u7684\u94b1\u201d\u5df2\u7ecf\u8d5a\u5b8c\u4e86\u3002\u4e3a\u4e86\u5728\u8d8b\u4e8e\u6210\u719f\u7684\u8d8b\u52bf\u4e2d\u7ef4\u6301\u76f8\u540c\u7684\u56de\u62a5\u7387\uff0c\u6295\u8d44\u8005\u2014\u2014\u5c24\u5176\u662f\u673a\u6784\u6295\u8d44\u8005\u2014\u2014\u5f80\u5f80\u4f1a\u8bc9\u8bf8\u6760\u6746\u3002   <\/p>\n\n<p class=\"wp-block-paragraph\">\u878d\u8d44\u4f59\u989d\u7684\u7a81\u7136\u6fc0\u589e\u6216\u5229\u7528\u884d\u751f\u54c1\u653e\u5927\u5bf9\u83b7\u80dc\u8d44\u4ea7\u7c7b\u522b\u7684\u655e\u53e3\uff0c\u662f\u5178\u578b\u7684\u540e\u671f\u6307\u6807\u3002\u8fd9\u79cd\u52a8\u6001\u521b\u9020\u4e86\u4e00\u4e2a\u6781\u6613\u71c3\u7684\u73af\u5883\u3002\u5f53\u51fa\u73b0\u5fae\u5c0f\u7684\u57fa\u672c\u9762\u5229\u7a7a\u65f6\uff0c\u9ad8\u6760\u6746\u5934\u5bf8\u4f1a\u88ab\u8feb\u5feb\u901f\u5e73\u4ed3\u3002\u7531\u6b64\u4ea7\u751f\u7684\u8ffd\u52a0\u4fdd\u8bc1\u91d1\u8981\u6c42\u4f1a\u5f15\u53d1\u8fde\u9501\u53cd\u5e94\uff0c\u88ab\u8feb\u629b\u552e\u5bfc\u81f4\u4ef7\u683c\u8fdb\u4e00\u6b65\u4e0b\u8dcc\uff0c\u4ece\u800c\u89e6\u53d1\u66f4\u591a\u7684\u8ffd\u52a0\u4fdd\u8bc1\u91d1\u8981\u6c42\u3002\u8d8b\u52bf\u4e0d\u4ec5\u4f1a\u5f2f\u66f2\uff0c\u8fd8\u4f1a\u5f7b\u5e95\u65ad\u88c2\u3002    <\/p>\n\n<p class=\"wp-block-paragraph\"><strong>2. \u5f02\u5e38\u7684\u591a\u5143\u5316\u914d\u7f6e<\/strong><\/p>\n\n<p class=\"wp-block-paragraph\">\u77db\u76fe\u7684\u662f\uff0c\u7a81\u7136\u6e34\u671b\u5728\u591a\u4e2a\u6b64\u524d\u4e0d\u76f8\u5173\u7684\u8d44\u4ea7\u7c7b\u522b\u4e4b\u95f4\u8fdb\u884c\u591a\u5143\u5316\u914d\u7f6e\uff0c\u53ef\u80fd\u662f\u52a8\u91cf\u5d29\u76d8\u5373\u5c06\u6765\u4e34\u7684\u9884\u8b66\u4fe1\u53f7\u3002\u968f\u7740\u4e3b\u8981\u7684\u52a8\u91cf\u4ea4\u6613\u53d8\u5f97\u65e5\u76ca\u62e5\u6324\u4e14\u6602\u8d35\uff0c\u7ba1\u7406\u8005\u5f80\u5f80\u4f1a\u7ecf\u5386\u201c\u98ce\u683c\u6f02\u79fb\u201d\u3002\u4e3a\u4e86\u5728\u4fdd\u6301\u5bf9\u5b8f\u89c2\u53d9\u4e8b\u655e\u53e3\u7684\u540c\u65f6\u90e8\u7f72\u8d44\u672c\uff0c\u4ed6\u4eec\u5f00\u59cb\u8d2d\u4e70\u4e0e\u539f\u59cb\u903b\u8f91\u4ec5\u6709\u5fae\u5f31\u8054\u7cfb\u7684\u76f8\u90bb\u8d44\u4ea7\u3002  <\/p>\n\n<p class=\"wp-block-paragraph\">\u8fd9\u79cd\u884c\u4e3a\u5bfc\u81f4\u4e86\u5404\u8d44\u4ea7\u7c7b\u522b\u95f4\u76f8\u5173\u6027\u7684\u4eba\u4e3a\u6536\u655b\u3002\u5f53\u4e0d\u53ef\u907f\u514d\u7684\u53cd\u8f6c\u53d1\u751f\u65f6\uff0c\u8fd9\u79cd\u540e\u671f\u591a\u5143\u5316\u9884\u671f\u7684\u6536\u76ca\u4f1a\u5316\u4e3a\u4e4c\u6709\u3002\u6574\u4e2a\u8d44\u4ea7\u7fa4\u53d7\u5236\u4e8e\u76f8\u540c\u7684\u5e95\u5c42\u52a8\u91cf\u6d41\u800c\u975e\u5171\u540c\u7684\u57fa\u672c\u9762\uff0c\u4f1a\u540c\u6b65\u906d\u5230\u629b\u552e\u2014\u2014\u8fd9\u4e00\u73b0\u8c61\u5728<a href=\"https:\/\/www.cambridge.org\/core\/journals\/journal-of-financial-and-quantitative-analysis\/article\/crowding-and-tail-risk-in-momentum-returns\/870ADE1D7ADCE877CD4C3F5E71581E15\">\u62e5\u6324\u5ea6\u4e0e\u5c3e\u90e8\u98ce\u9669\u6587\u732e<\/a>\u4e2d\u5df2\u6709\u8be6\u5c3d\u8bb0\u8f7d\u3002  <\/p>\n\n<p class=\"wp-block-paragraph\"><strong>3. \u7126\u8651\u4e0d\u5b89\u4e0e\u6df1\u591c\u67e5\u770b\u6295\u8d44\u7ec4\u5408<\/strong><\/p>\n\n<p class=\"wp-block-paragraph\">\u6216\u8bb8\uff0c\u53cd\u8f6c\u5373\u5c06\u6765\u4e34\u6700\u5f3a\u6709\u529b\u7684\u6307\u6807\u5e76\u975e\u51fa\u73b0\u5728\u4ef7\u683c\u56fe\u8868\u4e2d\uff0c\u800c\u662f\u51fa\u73b0\u5728\u6295\u8d44\u8005\u7684\u5fc3\u7406\u72b6\u6001\u4e2d\u3002\u5f53\u52a8\u91cf\u4ea4\u6613\u8fbe\u5230\u9876\u5cf0\u65f6\uff0c\u8d44\u4ea7\u98d9\u5347\u7684\u4ef7\u683c\u4e0e\u5176\u5e95\u5c42\u57fa\u672c\u9762\u4e4b\u95f4\u7684\u8ba4\u77e5\u5931\u8c03\u53d8\u5f97\u8d8a\u6765\u8d8a\u96be\u4ee5\u5ffd\u89c6\u3002 <\/p>\n\n<p class=\"wp-block-paragraph\">\u8fd9\u79cd\u5931\u8c03\u8868\u73b0\u4e3a\u6df1\u5ea6\u7684\u7126\u8651\u4e0d\u5b89\u3002\u5982\u679c\u60a8\u53d1\u73b0\u81ea\u5df1\u6df1\u591c\u8fd8\u5728\u67e5\u770b\u6295\u8d44\u7ec4\u5408\uff0c\u7ea0\u7ed3\u4e8e\u5fae\u5c0f\u7684\u65e5\u5185\u6ce2\u52a8\uff0c\u6216\u8005\u5c3d\u7ba1\u6301\u6709\u9ad8\u83b7\u5229\u5934\u5bf8\u5374\u611f\u5230\u7126\u8651\uff0c\u90a3\u4e48\u60a8\u6b63\u8868\u73b0\u51fa\u540e\u671f\u6301\u6709\u52a8\u91cf\u8d44\u4ea7\u7684\u5178\u578b\u75c7\u72b6\u3002\u8fd9\u79cd\u5bf9\u8106\u5f31\u6027\u7684\u6f5c\u610f\u8bc6\u8ba4\u77e5\u8868\u660e\uff0c\u6301\u6709\u8be5\u5934\u5bf8\u7eaf\u7cb9\u662f\u5bc4\u5e0c\u671b\u4e8e\u627e\u5230\u201c\u66f4\u5927\u7684\u7b28\u86cb\u201d\uff0c\u800c\u975e\u57fa\u4e8e\u4efb\u4f55\u5185\u5728\u4fe1\u5ff5\u3002\u8eab\u4f53\u6b63\u5728\u8bb0\u5f55\u7406\u6027\u5934\u8111\u62d2\u7edd\u627f\u8ba4\u7684\u4e8b\u5b9e\u3002   <\/p>\n\n<p class=\"wp-block-paragraph\"><strong>4. \u65e5\u76ca\u589e\u52a0\u7684\u83ab\u540d\u4e0d\u9002\u611f<\/strong><\/p>\n\n<p class=\"wp-block-paragraph\">\u4e0e\u7126\u8651\u4e0d\u5b89\u5bc6\u5207\u76f8\u5173\u7684\u662f\u4e00\u79cd\u666e\u904d\u7684\u3001\u83ab\u540d\u7684\u4e0d\u9002\u611f\u3002\u7ecf\u9a8c\u4e30\u5bcc\u7684\u6295\u8d44\u8005\u5f80\u5f80\u4f1a\u5bf9\u5e02\u573a\u73af\u5883\u4ea7\u751f\u76f4\u89c9\u4e0a\u7684\u201c\u611f\u5e94\u201d\u3002\u5f53\u52a8\u91cf\u4ea4\u6613\u8fdb\u5165\u6700\u540e\u7684\u629b\u7269\u7ebf\u9636\u6bb5\u65f6\uff0c\u4ef7\u683c\u8d70\u52bf\u5f80\u5f80\u4f1a\u8ba9\u4eba\u611f\u89c9\u201c\u4e0d\u5bf9\u52b2\u201d\u6216\u8131\u79bb\u73b0\u5b9e\u3002  <\/p>\n\n<p class=\"wp-block-paragraph\">\u8fd9\u79cd\u4e0d\u9002\u611f\u662f\u5927\u8111\u7684\u6a21\u5f0f\u8bc6\u522b\u8f6f\u4ef6\u5728\u6807\u8bb0\u5f02\u5e38\uff0c\u800c\u53d7\u8d2a\u5a6a\u548c<a href=\"https:\/\/online.mason.wm.edu\/blog\/behavioral-biases-that-can-impact-investing-decisions\">\u786e\u8ba4\u504f\u8bef<\/a>\u8499\u853d\u7684\u610f\u8bc6\u5c42\u9762\u6b63\u8bd5\u56fe\u5ffd\u7565\u8fd9\u4e9b\u5f02\u5e38\u3002\u5f53\u4e3a\u4e00\u4e2a\u5934\u5bf8\u5bfb\u627e\u5408\u7406\u5316\u7406\u7531\u9700\u8981\u8d8a\u6765\u8d8a\u590d\u6742\u7684\u5fc3\u7406\u4f53\u64cd\u65f6\u2014\u2014\u5f53\u60a8\u53d1\u73b0\u81ea\u5df1\u4e3a\u201c\u8fd9\u6b21\u4e0d\u4e00\u6837\u201d\u6784\u5efa\u6108\u53d1\u590d\u6742\u7684\u8fa9\u89e3\u65f6\uff0c\u4ee5\u53ca\u5f53\u83b7\u5229\u4ea4\u6613\u5e26\u6765\u7684\u4e3b\u8981\u60c5\u7eea\u4ece\u6ee1\u8db3\u611f\u8f6c\u53d8\u4e3a\u7126\u8651\u65f6\uff0c\u52a8\u91cf\u5f88\u53ef\u80fd\u5df2\u7ecf\u8017\u5c3d\u3002\u8bf7\u76f8\u4fe1\u8fd9\u79cd\u4e0d\u9002\u611f\u3002  <\/p>\n\n<p class=\"wp-block-paragraph\"><strong>5. \u6ce2\u52a8\u7387\u6d88\u5931\u4f34\u968f\u4ef7\u683c\u98d9\u5347<\/strong><\/p>\n\n<p class=\"wp-block-paragraph\">\u5728\u5065\u5eb7\u7684\u4e0a\u5347\u8d8b\u52bf\u4e2d\uff0c\u4ef7\u683c\u4e0a\u6da8\u4f34\u968f\u7740\u6b63\u5e38\u3001\u5065\u5eb7\u7684\u56de\u8c03\u548c\u57fa\u51c6\u6c34\u5e73\u7684\u6ce2\u52a8\u3002\u7136\u800c\uff0c\u5728\u52a8\u91cf\u6ce1\u6cab\u7684\u672b\u671f\u9636\u6bb5\uff0c\u5f80\u5f80\u4f1a\u51fa\u73b0\u4e00\u79cd\u5371\u9669\u7684\u73b0\u8c61\uff1a\u4ef7\u683c\u5411\u4e0a\u98d9\u5347\uff0c\u800c\u6ce2\u52a8\u7387\u5374\u540c\u65f6\u5d29\u6e83\u3002 <\/p>\n\n<p class=\"wp-block-paragraph\">\u8fd9\u79cd\u52a8\u6001\u2014\u2014\u6307\u6570\u6216\u8d44\u4ea7\u6bcf\u5929\u90fd\u5728\u4e0a\u6da8\u800c\u6ca1\u6709\u4efb\u4f55\u5b9e\u8d28\u6027\u7684\u56de\u64a4\u2014\u2014\u8868\u660e\u5356\u65b9\u5df2\u5b8c\u5168\u8017\u5c3d\u3002\u5e02\u573a\u5df2\u53d8\u5f97\u5b8c\u5168\u5355\u8fb9\u5316\u3002\u867d\u7136\u8fd9\u8ba9\u53c2\u4e0e\u8005\u611f\u5230\u65e0\u6bd4\u5b89\u5168\uff08\u56e0\u6b64\u6ce2\u52a8\u7387\u8bfb\u6570\u8f83\u4f4e\uff09\uff0c\u4f46\u4ece\u7ed3\u6784\u4e0a\u8bb2\uff0c\u8fd9\u662f\u53ef\u80fd\u51fa\u73b0\u7684\u6700\u5371\u9669\u73af\u5883\u3002\u4e00\u65e6\u50ac\u5316\u5242\u5f15\u5165\u5b9e\u8d28\u6027\u7684\u629b\u552e\u538b\u529b\uff0c\u5f53\u524d\u4ef7\u683c\u4e0b\u65b9\u51e0\u4e4e\u4f1a\u51fa\u73b0\u6d41\u52a8\u6027\u771f\u7a7a\uff0c\u5bfc\u81f4\u6025\u5267\u4e14\u5267\u70c8\u7684\u5d29\u76d8\u3002\u4e0a\u6da8\u8fc7\u7a0b\u7684\u6781\u5176\u5e73\u6ed1\u672c\u8eab\u5c31\u662f\u8b66\u544a\u3002    <\/p>\n\n<p class=\"wp-block-paragraph\"><strong>\u5176\u4ed6\u9884\u8b66\u4fe1\u53f7\uff1a\u66f4\u5b8f\u89c2\u7684\u89c6\u89d2<\/strong><\/p>\n\n<p class=\"wp-block-paragraph\">\u9664\u4e86\u8fd9\u4e94\u4e2a\u6838\u5fc3\u6307\u6807\u5916\uff0c\u5176\u4ed6\u4e00\u4e9b\u884c\u4e3a\u548c\u7ed3\u6784\u6027\u8ff9\u8c61\u4e5f\u8868\u660e\u52a8\u91cf\u7b56\u7565\u5df2\u63a5\u8fd1\u5c3e\u58f0\u3002\u7efc\u5408\u6765\u770b\uff0c\u5b83\u4eec\u6784\u6210\u4e86\u8bc6\u522b\u4efb\u4f55\u8d8b\u52bf\u672b\u671f\u9636\u6bb5\u7684\u8bca\u65ad\u6846\u67b6\u3002 <\/p>\n\n<p class=\"wp-block-paragraph\"><strong>\u53d9\u4e8b\u72c2\u70ed\u4e0e\u201c\u65b0\u8303\u5f0f\u201d<\/strong><\/p>\n\n<p class=\"wp-block-paragraph\">\u5f53\u8d22\u7ecf\u5a92\u4f53\u548c\u516c\u4f17\u91c7\u7528\u7edf\u4e00\u3001\u72c2\u70ed\u7684\u53d9\u4e8b\u6765\u4e3a\u524d\u6240\u672a\u6709\u7684\u4f30\u503c\u8fa9\u62a4\u65f6\uff0c\u7ec8\u70b9\u5c31\u5728\u773c\u524d\u3002\u8fd9\u79cd\u201c\u65b0\u8303\u5f0f\u201d\u601d\u7ef4\u5c06\u5386\u53f2\u5148\u4f8b\u548c\u4f20\u7edf\u4f30\u503c\u6307\u6807\u89c6\u4e3a\u8fc7\u65f6\u3002\u8bed\u8a00\u53d1\u751f\u4e86\u8f6c\u53d8\uff1a\u5e02\u76c8\u7387\u88ab\u5ba3\u5e03\u4e3a\u65e0\u5173\u7d27\u8981\uff0c\u5bf9\u8bdd\u8f6c\u5411\u8bf8\u5982\u201c2040 \u5e74\u7684\u603b\u6f5c\u5728\u5e02\u573a\u201d\u6216\u201c\u6539\u53d8\u8303\u5f0f\u7684\u98a0\u8986\u201d\u7b49\u62bd\u8c61\u6982\u5ff5\u3002\u5f53\u6bcf\u4e2a\u51fa\u79df\u8f66\u53f8\u673a\u3001\u7406\u53d1\u5e08\u548c\u665a\u5bb4\u5bbe\u5ba2\u90fd\u5bf9\u8fd9\u9879\u4ea4\u6613\u6709\u5f3a\u70c8\u770b\u6cd5\u65f6\uff0c\u5927\u4f17\u5df2\u6089\u6570\u5165\u573a\u2014\u2014\u800c\u8fb9\u9645\u4e70\u5bb6\u5df2\u7ecf\u6d88\u5931\u3002   <\/p>\n\n<p class=\"wp-block-paragraph\"><strong>\u5ffd\u89c6\u8d1f\u9762\u4fe1\u53f7<\/strong><\/p>\n\n<p class=\"wp-block-paragraph\">\u7a33\u5065\u7684\u5e02\u573a\u4f1a\u6d88\u5316\u597d\u6d88\u606f\u548c\u574f\u6d88\u606f\u3002\u800c\u8106\u5f31\u7684\u3001\u7531\u52a8\u91cf\u9a71\u52a8\u7684\u5e02\u573a\u4f1a\u5b8c\u5168\u5ffd\u89c6\u574f\u6d88\u606f\u3002\u5f53\u4e00\u9879\u8d44\u4ea7\u5bf9\u76c8\u5229\u4e0d\u53ca\u9884\u671f\u3001\u76d1\u7ba1\u8b66\u544a\u3001\u5229\u7387\u4e0a\u5347\u6216\u5b8f\u89c2\u7ecf\u6d4e\u6570\u636e\u6076\u5316\u4e0d\u5c51\u4e00\u987e\u5e76\u7ee7\u7eed\u53cd\u5f39\u65f6\uff0c\u5b83\u6b63\u8868\u73b0\u51fa<a href=\"https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0304405X16301490\">\u8fc7\u5ea6\u53cd\u5e94\u548c\u9009\u62e9\u6027\u6ce8\u610f<\/a>\u7684\u5178\u578b\u75c7\u72b6\u3002\u5e02\u573a\u6b63\u5728\u96c6\u4f53\u8fc7\u6ee4\u6389\u8bc1\u4f2a\u8bc1\u636e\u3002\u8fd9\u79cd\u9009\u62e9\u6027\u5931\u660e\u5728\u5e7b\u706d\u4e4b\u524d\u5177\u6709\u81ea\u6211\u5f3a\u5316\u7684\u4f5c\u7528\u3002\u5f53\u73b0\u5b9e\u6700\u7ec8\u5f3a\u884c\u4ecb\u5165\u65f6\uff0c\u8c03\u6574\u5c06\u975e\u5e38\u5267\u70c8\uff0c\u6b63\u662f\u56e0\u4e3a\u5b83\u88ab\u63a8\u8fdf\u4e86\u592a\u4e45\u3002     <\/p>\n\n<p class=\"wp-block-paragraph\"><strong>\u65f6\u95f4\u8de8\u5ea6\u7f29\u77ed<\/strong><\/p>\n\n<p class=\"wp-block-paragraph\">\u968f\u7740\u52a8\u91cf\u4ea4\u6613\u7684\u8001\u5316\uff0c\u53c2\u4e0e\u8005\u7684\u65f6\u95f4\u8de8\u5ea6\u4f1a\u6025\u5267\u7f29\u77ed\u3002\u6700\u521d\u57fa\u4e8e\u771f\u5b9e\u57fa\u672c\u9762\u6d1e\u5bdf\u7684\u591a\u5e74\u5ea6\u6295\u8d44\u903b\u8f91\uff0c\u9000\u5316\u4e3a\u77ed\u671f\u4ea4\u6613\u5de5\u5177\u3002\u63d0\u4f9b\u4ef7\u683c\u7a33\u5b9a\u6027\u7684\u957f\u671f\u673a\u6784\u6301\u6709\u8005\u88ab\u5bfb\u6c42\u5feb\u901f\u65e5\u5185\u5229\u6da6\u7684\u65e5\u5185\u4ea4\u6613\u8005\u548c\u6563\u6237\u6295\u673a\u8005\u6240\u53d6\u4ee3\u3002\u8fd9\u79cd\u9ad8\u5ea6\u77ac\u6001\u7684\u8d44\u672c\u662f\u6240\u80fd\u60f3\u8c61\u5230\u7684\u6700\u8106\u5f31\u7684\u652f\u6491\u7ed3\u6784\u3002\u5b83\u5c06\u5728\u51fa\u73b0\u9ebb\u70e6\u8ff9\u8c61\u65f6\u7387\u5148\u64a4\u79bb\uff0c\u4e14\u4f1a\u540c\u6b65\u64a4\u79bb\uff0c\u4ece\u800c\u4ea7\u751f\u52a0\u901f\u5d29\u76d8\u7684\u6d41\u52a8\u6027\u771f\u7a7a\u3002    <\/p>\n\n<p class=\"wp-block-paragraph\"><strong>\u6781\u7aef\u62e5\u6324\u4e0e\u56e0\u5b50\u96c6\u4e2d<\/strong><\/p>\n\n<p class=\"wp-block-paragraph\">\u6216\u8bb8\u7ed3\u6784\u4e0a\u6700\u5371\u9669\u7684\u8ff9\u8c61\u662f\u6781\u7aef\u7684<a href=\"https:\/\/www.cfm.com\/zooming-in-on-equity-factor-crowding\/\">\u56e0\u5b50\u62e5\u6324<\/a>\u3002\u5f53\u6bcf\u4e2a\u91cf\u5316\u57fa\u91d1\u3001\u88ab\u52a8\u578b ETF \u548c\u673a\u6784\u7ba1\u7406\u8005\u90fd\u7ad9\u5728\u4ea4\u6613\u7684\u540c\u4e00\u4fa7\u65f6\uff0c\u5e02\u573a\u53d8\u5f97\u5371\u9669\u5730\u96c6\u4e2d\u3002\u62e5\u6324\u5ea6\u6307\u6807\u2014\u2014\u5982\u673a\u6784 13-F \u7533\u62a5\u7684\u91cd\u53e0\u7a0b\u5ea6\u3001\u8ba2\u5355\u6d41\u7684\u76f8\u5173\u6027\u6216\u9a71\u52a8\u6307\u6570\u4e0a\u6da8\u7684\u80a1\u7968\u5e7f\u5ea6\u2014\u2014\u4e3a\u8fd9\u79cd\u98ce\u9669\u63d0\u4f9b\u4e86\u91cf\u5316\u7a97\u53e3\u3002\u62e5\u6324\u4ea4\u6613\u7684\u95ee\u9898\u4e0d\u5728\u4e8e\u8fdb\u5165\uff0c\u800c\u5728\u4e8e\u9000\u51fa\u3002\u5f53\u95e8\u5f88\u5c0f\u800c\u623f\u95f4\u5f88\u6ee1\u65f6\uff0c\u51b2\u5411\u51fa\u53e3\u7684\u884c\u4e3a\u5fc5\u7136\u5bfc\u81f4\u707e\u96be\u6027\u7684\u4ef7\u683c\u5d29\u76d8\u3002Daniel \u548c Moskowitz \u7684\u7814\u7a76\u8868\u660e\uff0c<a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=2371227\">\u52a8\u91cf\u5d29\u76d8<\/a>\u5728\u7b56\u7565\u6700\u62e5\u6324\u4e14\u5e02\u573a\u8fd1\u671f\u4e0b\u8dcc\u65f6\u6700\u4e3a\u4e25\u91cd\u2014\u2014\u8fd9\u79cd\u7ec4\u5408\u521b\u9020\u4e86\u5f3a\u5236\u5e73\u4ed3\u7684\u5b8c\u7f8e\u98ce\u66b4\u3002     <\/p>\n\n<p class=\"wp-block-paragraph\"><strong>\u76c8\u5229\u8d28\u91cf\u4e0e\u57fa\u672c\u9762\u6076\u5316<\/strong><\/p>\n\n<p class=\"wp-block-paragraph\">\u5728\u52a8\u91cf\u5468\u671f\u7684\u65e9\u671f\u9636\u6bb5\uff0c\u4ef7\u683c\u4e0a\u6da8\u901a\u5e38\u4f34\u968f\u7740\u57fa\u672c\u9762\u7684\u6539\u5584\u2014\u2014\u76c8\u5229\u4e0a\u8c03\u3001\u5229\u6da6\u7387\u6269\u5f20\u548c\u771f\u5b9e\u7684\u7ecf\u8425\u8fdb\u5c55\u3002\u5728\u540e\u671f\u9636\u6bb5\uff0c\u8fd9\u79cd\u5173\u7cfb\u4f1a\u53d1\u751f\u53cd\u8f6c\u3002\u5373\u4f7f\u57fa\u672c\u9762\u6539\u5584\u7684\u901f\u5ea6\u653e\u7f13\u6216\u9006\u8f6c\uff0c\u4ef7\u683c\u4ecd\u7ee7\u7eed\u4e0a\u6da8\u3002\u5f53\u4ef7\u683c\u8868\u73b0\u4e0e\u76c8\u5229\u9884\u6d4b\u4fee\u6b63\u4e4b\u95f4\u7684\u5dee\u8ddd\u5b9e\u8d28\u6027\u6269\u5927\u65f6\uff0c\u52a8\u91cf\u7eaf\u7cb9\u662f\u9760\u60c5\u7eea\u548c\u8d44\u91d1\u6d41\u7ef4\u6301\uff0c\u800c\u975e\u5b9e\u8d28\u5185\u5bb9\u3002\u8fd9\u79cd\u80cc\u79bb\u662f\u8d8b\u52bf\u6b63\u5904\u4e8e\u201c\u501f\u6765\u7684\u65f6\u95f4\u201d\u4e2d\u6700\u53ef\u9760\u7684\u91cf\u5316\u4fe1\u53f7\u4e4b\u4e00\u3002    <\/p>\n\n<p class=\"wp-block-paragraph\"><strong>\u53ef\u64cd\u4f5c\u7684\u8981\u70b9<\/strong><\/p>\n\n<p class=\"wp-block-paragraph\">\u8bc6\u522b\u8fd9\u4e9b\u8ff9\u8c61\u53ea\u662f\u6210\u529f\u7684\u4e00\u534a\uff1b\u6839\u636e\u8fd9\u4e9b\u8ff9\u8c61\u91c7\u53d6\u884c\u52a8\u624d\u662f\u4ea7\u751f\u5e76\u4fdd\u7559\u771f\u6b63\u8d85\u989d\u6536\u76ca\uff08Alpha\uff09\u7684\u5173\u952e\u3002\u5f53\u60a8\u89c2\u5bdf\u5230\u8fd9\u4e9b\u6307\u6807\u6c47\u805a\u65f6\uff0c\u4ee5\u4e0b\u6b65\u9aa4\u4ee3\u8868\u4e86\u4fdd\u62a4\u8d44\u672c\u7684\u7eaa\u5f8b\u5316\u6846\u67b6\u3002 <\/p>\n\n<p class=\"wp-block-paragraph\"><strong>1. <\/strong><strong>\u4e3b\u52a8\u53bb\u98ce\u9669\u3002<\/strong>\u4e0d\u8981\u7b49\u5f85\u8d8b\u52bf\u7834\u88c2\u3002\u5728\u6d41\u52a8\u6027\u4f9d\u7136\u5145\u88d5\u4e14\u4ef7\u683c\u4e0a\u6da8\u65f6\u5f00\u59cb\u51cf\u4ed3\u3002\u76ee\u6807\u4e0d\u662f\u7cbe\u786e\u6284\u9876\uff0c\u800c\u662f\u5728\u51fa\u53e3\u53d8\u5f97\u62e5\u6324\u4e4b\u524d\u964d\u4f4e\u655e\u53e3\u3002  <\/p>\n\n<p class=\"wp-block-paragraph\"><strong>2. <\/strong><strong>\u7acb\u5373\u964d\u4f4e\u6760\u6746\u3002<\/strong>\u5982\u679c\u60a8\u6b63\u5728\u4f7f\u7528\u878d\u8d44\u6216\u884d\u751f\u54c1\u6765\u653e\u5927\u56de\u62a5\uff0c\u8bf7\u9996\u5148\u524a\u51cf\u8fd9\u90e8\u5206\u655e\u53e3\u3002\u5728\u52a8\u91cf\u5d29\u76d8\u4e2d\u751f\u5b58\u9700\u8981\u7a33\u5065\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\u3002\u6760\u6746\u662f\u8ba9\u56de\u8c03\u6f14\u53d8\u6210\u707e\u96be\u7684\u673a\u5236\u3002  <\/p>\n\n<p class=\"wp-block-paragraph\"><strong>3. <\/strong><strong>\u4ece\u7b2c\u4e00\u6027\u539f\u7406\u91cd\u65b0\u8bc4\u4f30\u6295\u8d44\u903b\u8f91\u3002<\/strong>\u5b8c\u5168\u5265\u79bb\u4ef7\u683c\u8d70\u52bf\u5e76\u81ea\u95ee\uff1a\u201c\u5982\u679c\u7eaf\u7cb9\u57fa\u4e8e\u57fa\u672c\u9762\uff0c\u6211\u4eca\u5929\u4f1a\u4ee5\u8fd9\u4e2a\u4ef7\u683c\u8d2d\u4e70\u8fd9\u9879\u8d44\u4ea7\u5417\uff1f\u201d\u5982\u679c\u7b54\u6848\u662f\u5426\u5b9a\u7684\uff0c\u6216\u8005\u8fd9\u4e2a\u95ee\u9898\u9700\u8981\u4ee4\u4eba\u4e0d\u5b89\u7684\u957f\u65f6\u95f4\u505c\u987f\uff0c\u90a3\u5c31\u662f\u5356\u51fa\u7684\u65f6\u5019\u4e86\u3002 <\/p>\n\n<p class=\"wp-block-paragraph\"><strong>4. <\/strong><strong>\u5c06\u81ea\u5df1\u7684\u4e0d\u9002\u611f\u89c6\u4e3a\u6570\u636e\u3002<\/strong>\u6df1\u591c\u67e5\u770b\u6295\u8d44\u7ec4\u5408\u3001\u83ab\u540d\u7684\u7126\u8651\u3001\u8d8a\u6765\u8d8a\u96be\u4ee5\u9610\u660e\u4e3a\u4f55\u4ecd\u6301\u6709\u8be5\u5934\u5bf8\u2014\u2014\u8fd9\u4e9b\u90fd\u4e0d\u662f\u6742\u97f3\u3002\u5b83\u4eec\u662f\u4fe1\u53f7\u3002\u7ecf\u9a8c\u4e30\u5bcc\u7684\u6295\u8d44\u8005\u5b66\u4f1a\u5c06\u81ea\u5df1\u7684\u5fc3\u7406\u72b6\u6001\u89c6\u4e3a\u53cd\u5411\u6307\u6807\u3002  <\/p>\n\n<p class=\"wp-block-paragraph\"><strong>5. <\/strong><strong>\u63a5\u53d7\u63d0\u524d\u5356\u51fa\u7684\u6210\u672c\u3002<\/strong>\u98ce\u9669\u7ba1\u7406\u6700\u96be\u7684\u90e8\u5206\u662f\u5728\u7edd\u5bf9\u9876\u70b9\u4e4b\u524d\u5356\u51fa\u3002\u8981\u63a5\u53d7\u4e3a\u4e86\u4fdd\u62a4\u8d44\u672c\u514d\u53d7\u5fc5\u7136\u5d29\u76d8\u7684\u5f71\u54cd\uff0c\u60a8\u4f1a\u653e\u5f03\u4e00\u90e8\u5206\u6536\u76ca\u3002\u5728\u52a8\u91cf\u6295\u8d44\u4e2d\uff0c\u6700\u540e 20% \u7684\u6da8\u5e45\u51e0\u4e4e\u603b\u662f\u6700\u5371\u9669\u7684\u3002  <\/p>\n\n<p class=\"wp-block-paragraph\"><em>Cassian Vance \u662f Equities Orbis \u7684\u7279\u7ea6\u5206\u6790\u5e08\u3002\u672c\u6587\u8868\u8fbe\u7684\u89c2\u70b9\u4ec5\u4ee3\u8868\u4f5c\u8005\u4e2a\u4eba\uff0c\u4e0d\u6784\u6210\u6295\u8d44\u5efa\u8bae\u3002\u8fc7\u5f80\u4e1a\u7ee9\u4e0d\u4ee3\u8868\u672a\u6765\u8868\u73b0\u3002  <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u52a8\u91cf\u6295\u8d44\u662f\u73b0\u4ee3\u91d1\u878d\u4e2d\u6700\u6301\u4e45\u4e14\u7ecf\u8fc7\u5b9e\u8bc1\u9a8c\u8bc1&hellip;<\/p>\n","protected":false},"author":3,"featured_media":556,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53],"tags":[],"class_list":["post-555","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-53"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>\u6ce2\u5cf0\u5c06\u81f3\uff1a\u52a8\u91cf\u7b56\u7565\u5373\u5c06\u5d29\u76d8\u7684\u8ff9\u8c61 - Equities Orbis<\/title>\n<meta name=\"description\" content=\"Global equity research and stock analysis. 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