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ACADEMY ֎ბᇾ| 78 Investment&Finance | 2011.01.16 䔉⻨Ąڲᎂą䄞ᗾ ᪴| ⢸䔈㞜 නമLjࢶԛၮߌয়ݛ೦इᅃഐ༬ٷੵูךࠣ႑ တቋ್ӄLjภӄূܮ؛օࠚऺٳຕӥྤᇮă ֎ბᇾ| 䂓 2 009Ljဇళగูप࿐ฉڦᅃ ڗۉ֎ঢ়ೠஃবణLjᆅഐକ ࠣ௷רံิڦጀᅪăবణዐLj ᆶኤඋݴဆံܔٷಎĂ߲ࠣፔ०ᄲ ڦೠຎLjໜࢫਸ๔ۅೠᆯݴဆമᅃ ཀླྀ४ڦࠣጽă ඟרံิߌڟփາᅱڦLjփ࠶ عᄺӡLjಸሏഘᄺӡLjݴဆ ླྀ४ڦࠣፌณᅜቩ20%Ljฯሞܠ ้߲ࢪঢ়ቩཕăݴဆڦࣆᄺट ۯႠLjຫ๊Đ்ླྀ४ڦࠣLjቩޗ ටLjྺକࠌཞዂLj்ᇼᅪ௨ݯࢅ ٷॆݴၛׯࠀڦဠሇLjၠࠣ௷ླྀ४नॽ ቩڦࠣăđ বణࣃ௬ူݛLjփ้ᅜݧጴ࠽ߢĂ ԝৠጴటླྀᅜ400ਸཀྵڦĐጆॆඤ၍ ۉࣆđLjᅜत݀ໃ܌႑ڦپஓLjཨጨ ኁᅜ௨ݯٶۉࣆईኁ݀ໃ܌႑Ljࠅ ິڦኤඋݴဆĂࠣೠጆॆᅜ௨ݯኸ ۅLj௨ݯྺࠣ௷४ࠣă ঢ়ࡗब߲ሆڦჄ࠵ੂLjרံิ ݀၄বణዐླྀ४ڦࠣ၄ඓํକ ڥLjᇀՍ݀ඁ܌႑Ljထྭీڥڟጆॆ ڦኸۅă ܌႑ْ݀නLjᅃ߲ጲႡᆄڦ ၭࢅרံิဣLj࠽ዝۅূ֎ ࠅິڦᄽခᇵLjࠅິᆶᅃ߲ಕٷڦ ᆈཷܓӻዺࠣ௷४ࠣLjࠣ௷ࠔசࠅິڦ ४ࠣॲࢫLjཀۼॽڟĐࠣđఁ ڇLjժཞᅪံᆯጆॆ௨ݯླྀ४ଇኻࠣ ăඟרံิߌڟ႗ݺڦLj30ྤᇮச ڦࠣLjଇཀጊକৎ5ྤᇮă ُ้LjᆄၭLjኄၵࠣཚ ࡗࠅິڦ४ࠣॲݴဆࢫൽڦLjස ࡕၙीჄၛ४ࠣޜခLjՂႷࠔச४ࠣ ॲăרံิໜनࣹ5800ᇮLjࠔசକ ࠅິཚӲڦĐപઐॲđă փࡗLjרံิ݀၄Ljॲ֡ፕ ഐઠ၎ړݑLjܠ้ࢪੂփۮăܸӀ ቷॲླྀ४ڦࠣசஜLjᅃዜူ ઠLjփڍுጊڟബLjݒܸઅକबഥᇮă ᆄၭLjᄲၙ࿘ጊփತLjፌ ࡻࠔச߸ߛपڦॲLjׯྺࠅິڦࢃ႐ ࣷᇵLjኄᄣᅜၛࠅິߛपঢ়ڦኸ ۅLjइڥాևၩတăࢃ႐ࣷᇵႴசڦ ॲඇᆫࣳॏ18.8ྤᇮă ᅺྺሼঢ়ڟངཀྵLjרံิศ႑փ ᅑLjᇀ200911ሆLjݴ4ْߴܔݛࣹ 18.8ྤᇮă ᅃ߲ሆࢫLj ࠅິ݀ઠĐ ਨా టđǖࠅິॽࢇबॆएূࠅິĂኤඋ ࠅິࢅຳఠएূLjࠌཞ֡੦ᅃኻࠣLj ඓԍᆕ૧ሞ1ԠᅜฉăৎጚԢĐॺ ֞đLjසၙेLjႴٶ10ྤᇮԍኤ ূă רံิࡹփᆲᇩںࣹࡗඁ10ྤᇮLj ்ܸ֡ጻڦఫኻࠣඐᅃۚም ۚLjࠅິᄺփምߴ४ࠣăרံิ༵ ཽLjԥܔݛᅃ੨࣮ਨLjࢫઠႠ৽փ থۉࣆă ֱۙLjڦۅূ֎ࠅິ৽ ߲ೄԈࠅິă ᅃ߲ኪ൧ᄽခᇵپLjأକࠅິڦ ଇ߲ߛपঢ়ᆶኤඋٗᄽڦঢ়૦ྔLjഄ 20ܠఁᄽခᇵٷܠܔࠣփຄဒLj ்ኻᆩඪᅪ၂ྪஏۉࣆLjӀቷࡀۨڦ ĐՔጚܔࣆđߴਜ਼ࢽٶۉࣆLj݀၄ᆶቋ ್യ૰ڦਜ਼ࢽLj૬नၠঢ়ࣹԒăঢ় बኻႜ൧ࡻڦླྀ४ߴዚܠࠣ௷Ljጺᆶ ీಸฉฉቩڦLjĐຫӣକLj৽૧ᆩ߁ ୲Ljᅃ߲ᅃ߲Lj४ࠣॲኻ߲ࣥ ጱăđ *ᦅ㜗Ȩẇ๖䘪ጯ្ȩ 本雜誌由Bucee雜誌館釋出 | 更多雜誌請訪問http://bucee.net
| ֎ბᇾ 79 す194 | ཨጨᇑ֎ ᮛⴒ ᠖ᬣև∏⃢Ꭳ䲋ែ䉱ധ䛾㞜ゃ ᪴| ࡻധ䛾 பణĂ฿ړڦስ้Ljփৈ݆ԍኤĐሞׇডگۅசLj ሞডߛۅஜۖđLj࣏ࣷ๑ཨጨኁ။ሞฉቩ้ጕे֞Lj ᆼሞူۚዐ႐ቘ֞ڦܱႠთ࣍Ljሰׯᅮڦઅă ்ᅜᇨׇ֪࿄ઠڦቩۚጽ Ǜ்ᅜඓׇۨ࿄ઠ ቩۚڦጚඓॏ࿋Ǜ்ీࠕ փᆩྯጲ֊֪ܸೞਜ਼࠵๚ํඁኤํǛ ኄ၂వăन๑ॿܷኄᄣڦስ้ߛ LjᄺණĐᇨׇ֪ጚඓጽၠबࢭփ ీđLjሼঢ়ᅈ੍ስ้इൽକ5000ܠྤ ெᇮLjڍඐሞໜࢫڦስ้฿ဃዐᅃᅃࡃ࣏ କׇăྟڦॿܷLjྜඇᗠചକ܌၍ཨ ጨLjሞĖࣀܻন຺ๆėዐኄᄣႀ ڢǖĐཨጨൎऽሞᆶ၌ڦጨԨฉࡗ܈ச ஜă࠶்ᅜ֊ׇ֪Ljڍᆦᇺփ ᄲߵ֊֪ඁፔጲमڦ֡ፕăđ 㒻ప䪬䉱᱙ノ⤳ڙथ⮱Ą᠖ᬣą᪆䃚 ெࡔጨԨ࠶ࠅິDŽLTCMDž ظ૬ᇀ1994LjጺևยሞெࡔLj૧ᆩຳ ටਜ਼ࢽڦܮཨጨࢅূබऐࠓڦٷଉٿ Ljጆோٗ๚ূබׇڦךፕă LTCMڦቨோටሀࡪrྰDŽJohn MeriwetherDžԥᇤྺీĐۅ็ׯূđڦࣀ ܻনቐඋ༫૧ኮăἀူᆶᅃ಼ࣀܻ নᆈǖଇ࿋౷Ԟܻঢ়षბঃڥዷĂമ ெئޭዷဝᅜतዚܠڦ႓ᅟᇵă ٗ1994ڟ1997LjLTCMڦᄽजटഄ࣪ ࣣLjጨׂ৫ኵٗ12.5ᅢெᇮტฉืڟ 199712ሆڦ48ᅢெᇮLj4ጺऺ࣮Ԓ୲ ٳ284%ă LTCMՊକᅃ༫ۉసຕბጲۯཨ ጨఇ႙Ljཚࡗऺ໙Lj݀၄փኟڦ ׇॏֶ߭Ljምॽጨূߘ߇ݣٷLj ૧ăڍLjኄዖఇ๕ᆶᅃ߲ዂంڦෑ ۅĊĊሞ૦๏ཥऺຕएإฉڥ ஃڦLjժփీጺඓںᇨ֪࿄ઠă 1998ඇ൰ূබׇۯږLjLTCMሞ 150ܠཀాጨׂ৫ኵူই90%Lj၄43ᅢ ெᇮڦܮઅLjጽڟ೦ׂՉᇹăெ ئփڥփ௬ፇኯҾಇ15ॆࡔाႠূබ ऐࠓጀጨ37.25ᅢெᇮLjࠔசࠅິ90%ڦ ࠣLjࠌཞথ࠶କLTCMă ᠖ᬣ̺ᒀ⮱ែ䉱㔲㵹ͧܳᲽ न๑ၟ߭ૃܲఛĂॿܷኄᄣڦཨጨ ٷۼ݆ӝׇڦጽၠǗन๑ࣹण କ౷Ԟܻঢ়षბঃڥዷĂമெئޭዷ ဝڪᅃٷ಼ࣀܻনཨጨᆈڦLTCMLjᄺ ᅺྺስ้փړܸጽڟ೦ׂՉᇹLj९ስ ้ڦඓݥઓవă ܸሞ၄ํิऄዐLjႹܠཨጨኁጺ ႑႐ๆፁLjጺණྺጲमᆶీ૰ጃዿཨ ጨڦĐ้ۅđăٗཨጨኁႜྺஃڦঙ ܈ઠੂLjኟਥಒ้ڦࡗᇀጲ႑Lj ֍ڞዂ฿Өăཨጨኁ்ࡗᇀ၎႑ጲम ڦূබኪ๎ࢅಒLj၎႑ጲमକׇ ڦጽၠLj၎႑ጲमీࠕੂጚనኻࠣࣷ ቩLjనኻࣷۚăᆯᇀࡗ܈ጲ႑ࢅथᇀ൱ ׯLj๑ڥሞཨጨׇዐՓ٪ሞĐስ ้đڦ؋ۯăྺُLjႹܠཨጨኁထྭཚ ࡗे֡ፕೕ୲LjઠᅜၭձٷLjٳڟ ᅮፌٷࣅڦణڦăᇀLjሞ ዐLjॷॷዺକபణጕቩ෫ۚڦသ࠹ă பణĂ฿ړڦስ้Ljփৈ݆ԍ ኤĐሞׇডگۅசLjሞডߛۅஜ ۖđLj࣏ࣷ๑ཨጨኁ။ሞฉቩ้ጕ े֞Ljᆼሞူۚዐ႐ቘ֞ڦܱႠთ ࣍Ljሰׯᅮڦઅă *ᅜฉాඹবጲࣀဲएূཨጨ ኁঞᇣກढĖፔᅃ߲Ⴀڦཨ ጨኁėăׇᆶޅ၃LjཨጨႴ ั 本雜誌由Bucee雜誌館釋出 | 更多雜誌請訪問http://bucee.net