{"id":2292,"date":"2021-06-10T12:15:30","date_gmt":"2021-06-10T04:15:30","guid":{"rendered":"https:\/\/eyebook.blog\/?p=2292"},"modified":"2021-08-05T14:15:44","modified_gmt":"2021-08-05T06:15:44","slug":"%e7%b6%93%e5%bb%ba%e8%a1%8c%e6%94%bf%e8%b2%a8%e5%b9%a3%e9%8a%80%e8%a1%8c%e5%ad%b8-108%e5%b9%b4%e5%9c%b0%e6%96%b9%e7%89%b9%e8%80%83%e8%80%83%e5%89%8d%e8%a1%9d%e5%88%ba-%e9%80%99%e4%ba%9b%e8%a7%80","status":"publish","type":"post","link":"https:\/\/eyebook.blog\/?p=2292","title":{"rendered":"\u8ca8\u5e63\u9280\u884c\u5b78-\u9069\u7528\u5730\u65b9\u7279\u8003\u4e09\u7b49\u7d93\u5efa\u884c\u653f\u3001\u5546\u696d\u884c\u653f-\u5730\u65b9\u7279\u8003\u8003\u524d\u885d\u523a-\u9019\u4e9b\u89c0\u5ff5\u4f60\u78ba\u5be6\u638c\u63e1\u4e86\u55ce\uff1f"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_86 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a877080d76c5\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a877080d76c5\"  aria-label=\"\u986f\u793a\/\u96b1\u85cf\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/eyebook.blog\/?p=2292\/#%e3%80%90%e8%b2%a8%e5%b9%a3%e9%8a%80%e8%a1%8c%e5%ad%b8%e3%80%91108%e5%9c%b0%e6%96%b9%e7%89%b9%e8%80%83%e8%80%83%e5%89%8d%e9%87%8d%e9%bb%9e%e6%95%b4%e7%90%86\" >\u3010\u8ca8\u5e63\u9280\u884c\u5b78\u3011(108\u5730\u65b9\u7279\u8003\u8003\u524d\u91cd\u9ede\u6574\u7406)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/eyebook.blog\/?p=2292\/#%e5%90%8d%e5%b8%ab%e7%a7%81%e6%88%bf%e8%a9%b1\" >\u540d\u5e2b\u79c1\u623f\u8a71<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/eyebook.blog\/?p=2292\/#%e7%9c%8b%e6%9b%b4%e5%a4%9a%e9%81%a9%e5%90%88%e5%9c%b0%e6%96%b9%e7%89%b9%e8%80%83%e8%80%83%e8%a9%a6%e8%87%aa%e5%ad%b8%e6%ba%96%e5%82%99%e7%9a%84%e6%9c%80%e6%96%b0%e6%9b%b8%e7%b1%8d%e3%80%81%e7%b7%9a%e4%b8%8a%e8%aa%b2%e7%a8%8b%e8%b3%87%e8%a8%8a%3e%3e%e9%bb%9e%e6%88%91%e7%ab%8b%e5%8d%b3%e5%89%8d%e5%be%80\" >\u770b\u66f4\u591a\u9069\u5408\u5730\u65b9\u7279\u8003\u8003\u8a66\u81ea\u5b78\u6e96\u5099\u7684\u6700\u65b0\u66f8\u7c4d\u3001\u7dda\u4e0a\u8ab2\u7a0b\u8cc7\u8a0a&gt;&gt;\u9ede\u6211\u7acb\u5373\u524d\u5f80<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"640\" height=\"360\" src=\"https:\/\/eyebook.blog\/wp-content\/uploads\/2021\/06\/91\u5b98\u7db2-\u5716\u6587\u6a21\u7d44-banner-9.jpg\" alt=\"\" class=\"wp-image-2293\" srcset=\"https:\/\/eyebook.blog\/wp-content\/uploads\/2021\/06\/91\u5b98\u7db2-\u5716\u6587\u6a21\u7d44-banner-9.jpg 640w, https:\/\/eyebook.blog\/wp-content\/uploads\/2021\/06\/91\u5b98\u7db2-\u5716\u6587\u6a21\u7d44-banner-9-300x169.jpg 300w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/><\/figure>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u4e0d\u7528\u64d4\u5fc3\u5730\u65b9\u7279\u8003\u7d93\u5efa\u884c\u653f\u8ca8\u5e63\u9280\u884c\u5b78\u5982\u4f55\u6e96\u5099\uff0c\u5e38\u8003\u8003\u9ede\u3001\u6613\u932f\u984c\u76ee\uff0c\u9019\u908a\u90fd\u5e6b\u4f60\u505a\u4e86\u7be9\u9078\u548c\u5f59\u6574\u56c9\uff01\u984c\u984c\u7686\u9644\u4e0a\u8a73\u7d30\u89e3\u6790\uff0c\u540c\u5b78\u5011\u6700\u5bb9\u6613\u641e\u6df7\u7684\u89c0\u5ff5\u5168\u90e8\u90fd\u5e6b\u4f60\u6253\u901a~\u8003\u524d\u9ad8\u6548\u7e3d\u8907\u7fd2\u9019\u6a23\u505a\u5c31\u5c0d\u4e86\uff01<\/p><\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%e3%80%90%e8%b2%a8%e5%b9%a3%e9%8a%80%e8%a1%8c%e5%ad%b8%e3%80%91108%e5%9c%b0%e6%96%b9%e7%89%b9%e8%80%83%e8%80%83%e5%89%8d%e9%87%8d%e9%bb%9e%e6%95%b4%e7%90%86\"><\/span>\u3010\u8ca8\u5e63\u9280\u884c\u5b78\u3011(108\u5730\u65b9\u7279\u8003\u8003\u524d\u91cd\u9ede\u6574\u7406)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%e5%90%8d%e5%b8%ab%e7%a7%81%e6%88%bf%e8%a9%b1\"><\/span>\u540d\u5e2b\u79c1\u623f\u8a71<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u5206\u6790\u8fd1\u5e74\u4f86\u8ca8\u5e63\u9280\u884c\u5b78\u9ad8\u3001\u666e\u3001\u7279\u8003\u547d\u984c\u8da8\u52e2\uff1a<br><br>\u4e00\u3001\u6700\u8fd1\u7531\u65bc\u91d1\u878d\u696d\u8207\u8cc7\u8a0a\u79d1\u6280\u696d\u7684\u7d50\u5408\uff0c\u4ee5\u81f4\u91d1\u878d\u79d1\u6280(Financial Technology\uff0c\u7c21\u7a31FinTech)\u6210\u70ba\u9ad8\u3001\u666e\u3001\u7279\u8003\u7684\u65b0\u5bf5\u5152\u3002\u9996\u5148\uff0c\u65bc105\u5e74\u539f\u4f4f\u6c11\u5c0f\u8a66\u8eab\u624b\uff0c\u96a8\u5f8c\u5728107\u5e74\u5bc6\u96c6\u5730\u51fa\u73fe\u5169\u6b21\u3002\u9810\u4f30\u672a\u4f86\u5728\u7269\u806f\u7db2\u3001\u5927\u6578\u64da\u5206\u6790\u3001\u793e\u7fa4\u5a92\u9ad4\u3001\u96fb\u5b50\u5546\u52d9\u7b49\u8cc7\u8a0a\u79d1\u6280\u7684\u767c\u5c55\u4e0b\uff0c\u91d1\u878d\u79d1\u6280\u6703\u6210\u70ba\u547d\u984c\u7684\u65b0\u8da8\u52e2\u3002\u56e0\u6b64\uff0c\u5efa\u8b70\u8003\u751f\u61c9\u591a\u6ce8\u610f\u91d1\u878d\u79d1\u6280\u7684\u76f8\u95dc\u8b70\u984c\u8207\u767c\u5c55\u3002<br><br>\u4e8c\u3001\u7814\u8b80\u8ca8\u5e63\u9280\u884c\u5b78\u7684\u540c\u6642\uff0c\u8acb\u540c\u6642\u95dc\u5fc3\u570b\u969b\u91d1\u878d\u73fe\u52e2\u7684\u8b8a\u5316\uff0c\u50cf2007\u5e74\u96f7\u66fc\u5144\u5f1f\u7834\u7522\uff0c2008\u7f8e\u570b\u6b21\u7d1a\u623f\u8cb8\uff0c2009\u7684\u6b50\u50b5\u5371\u6a5f\u7b49\u9019\u4e9b\u5f15\u8d77\u4e00\u9023\u4e32\u7684\u5168\u7403\u91d1\u878d\u98a8\u66b4\uff0c\u4ee5\u53ca\u8cc7\u7522\u8b49\u5238\u5316\u3001\u7d50\u69cb\u5316\u7684\u5546\u54c1\u4e00\u76f4\u88ab\u62ff\u4f86\u51fa\u984c\u3002\u9084\u6709\u7f8e\u570b\u653f\u5e9c\u5982\u4f55\u63f4\u52a9\u672c\u571f\u5927\u578b\u91d1\u878d\u6a5f\u69cb\u633a\u904e\u91d1\u878d\u98a8\u66b4\u5371\u6a5f\u3002\u50cf\u662f2008\u5e74\u7f8e\u570b\u570b\u969b\u96c6\u5718(AIG)\u9677\u5165\u8ca1\u52d9\u56f0\u96e3\u5371\u6a5f\uff0c\u7f8e\u570b\u806f\u90a6\u5132\u5099\u5c40\u5c31\u7acb\u523b\u7d66\u4e88\u8cb8\u6b3e\uff0c\u9019\u7a2e\u5728\u7d93\u6fdf\u5b78\u7576\u4e2d\u88ab\u7a31\u70ba\u300cToo big to fail\u300d\u7684\u89c0\u5ff5\uff0c\u90fd\u6210\u70ba\u71b1\u9580\u8003\u984c\u3002\u53e6\u5916\uff0c\u95dc\u65bc2019\u5e74\u5df4\u585e\u723e\u4e09\u7684\u76f8\u95dc\u898f\u5b9a\u8207\u610f\u7fa9\uff0c\u8003\u751f\u90fd\u5fc5\u9808\u6ce8\u610f\u3002<br><br>\u4e09\u3001\u6b77\u5c46\u8a66\u984c\u4e00\u5b9a\u8981\u719f\u505a\uff0c\u56e0\u70ba\u6709\u4e9b\u50b3\u7d71\u8003\u984c\u6703\u4e00\u800c\u518d\uff0c\u518d\u800c\u4e09\u5730\u51fa\u73fe(\u4f8b\u5982\u8ca8\u5e63\u6578\u91cf\u3001\u5229\u7387\u76f8\u95dc\u8a66\u984c)\u3002\u5373\u4f7f\u4e0d\u662f\u50b3\u7d71\u8003\u984c\uff0c\u4e5f\u6703\u91cd\u8907\u51fa\u73fe\u3002\u7576\u5176\u91cd\u8907\u51fa\u73fe\u6642\uff0c\u53ef\u80fd\u53ea\u662f\u6539\u8b8a\u6578\u5b57(\u8a08\u7b97\u984c\u578b)\uff1b\u6216\u6539\u8b8a\u8aaa\u6cd5\uff1b\u6216\u7e3d\u4f9b\u7d66\u3001\u7e3d\u9700\u6c42\u5c0d\u63db\u7b49\u7b49\u3002\u5982\u679c\u8003\u751f\u719f\u6089\u6b77\u5c46\u8a66\u984c\uff0c\u5728\u8003\u5834\u4e0a\u5c31\u6bd4\u8f03\u5b89\u5fc3\u4e86\u3002\u91dd\u5c0d\u4e0a\u8ff0\uff0c\u672c\u6587\u5c07\u8fd1\u5e74\u4f86\u8ca8\u5e63\u9280\u884c\u5b78\u984c\u578b\u5340\u5206\u70ba\uff1a\u91d1\u878d\u79d1\u6280\u3001\u6642\u52e2\u8da8\u52e2\u3001\u50b3\u7d71\u8a66\u984c\u8207\u91cd\u8907\u547d\u984c\u56db\u7a2e\u984c\u578b\u4f86\u8aaa\u660e\uff1a<\/p>\n\n\n\n<p>\u58f9\u3001\u91d1\u878d\u79d1\u6280<br>\u8aa0\u5982\u524d\u9762\u6240\u8a00\uff0c\u9019\u7a2e\u984c\u578b\u662f\u672a\u4f86\u8da8\u52e2\uff0c\u8003\u751f\u61c9\u7279\u5225\u6ce8\u610f\u3002<\/p>\n\n\n\n<p>\u4e00\u3001\u91d1\u878d\u79d1\u6280(fintech)\u5df2\u6210\u70ba\u5168\u7403\u8da8\u52e2\uff0c\u8acb\u5206\u5225\u8aaa\u660e\u4e0b\u5217\u5404\u9805\u91d1\u878d\u79d1\u6280\u76f8\u95dc\u540d\u8a5e\u7684\u610f\u6db5\uff1a<br>\u4f55\u8b02\u884c\u52d5\u652f\u4ed8(mobile payments)\uff1f<br>\u4f55\u8b02\u9ede\u5c0d\u9ede\u653e\u6b3e\u5e73\u53f0(peer to peer lending)\uff1f<br>\u4f55\u8b02\u80a1\u6b0a\u578b\u7fa4\u773e\u52df\u8cc7\u5e73\u53f0(equity crowdfunding)\uff1f<br>\u4f55\u8b02\u91d1\u878d\u76e3\u7406\u6c99\u76d2(financial regulatory sandbox)\uff1f<\/p>\n\n\n\n<p>\u3010\u64ec\u7b54\u3011\uff1a<br>\u884c\u52d5\u652f\u4ed8(mobile payments)\uff1a<br>\u4f9d\u570b\u969b\u6e05\u7b97\u9280\u884c\u5b9a\u7fa9\uff0c\u8209\u51e1\u4ee5\u79fb\u52d5\u5b58\u53d6\u8a2d\u5099(\u4e0d\u9650\u624b\u6a5f\u6216\u5e73\u677f\u96fb\u8166)\u900f\u904e\u79fb\u52d5\u7db2\u8def\uff0c\u4e0d\u8ad6\u63a1\u7528\u8a9e\u8a00\u3001\u77ed\u8a0a\u6216\u8fd1\u5834\u901a\u8a0a\u65b9\u5f0f\uff0c\u6240\u555f\u52d5\u7684\u652f\u4ed8\u884c\u70ba\u90fd\u7a31\u70ba\u884c\u52d5\u652f\u4ed8\u3002\u4e00\u822c\u800c\u8a00\uff0c\u4e0d\u9808\u5c07\u624b\u6a5f\u9760\u8fd1\u4efb\u4f55\u611f\u61c9\u5668\u3001\u8b80\u5361\u6a5f\u5c31\u53ef\u4ee5\u5b8c\u6210\u652f\u4ed8\u4f5c\u696d\uff0c\u5373\u70ba\u9060\u7aef\u652f\u4ed8\u3002\u50cf\u91d1\u878d\u6a5f\u69cb\u63d0\u4f9b\u7684\u5404\u7a2e\u7e73\u8cbb\u3001\u8f49\u5e33\u7b49\u7db2\u8def\u9280\u884c\u6216APP\u6a21\u5f0f\u5b8c\u6210\u7684\u5404\u7a2e\u52d5\u4f5c\u90fd\u5c6c\u9060\u7aef\u652f\u4ed8\u3002\u53e6\u5916\uff0c\u9084\u6709\u4e00\u7a2e\u8fd1\u7aef\u652f\u4ed8\u5247\u662f\u9700\u8981\u9032\u884c\u611f\u61c9\u7684\u652f\u4ed8\u65b9\u5f0f\uff0c\u4ee5\u884c\u52d5\u8f09\u5177\u9760\u8fd1\u8cc7\u6599\u8b80\u53d6\u8a2d\u5099\uff0c\u5b8c\u6210\u4ea4\u6613\u3002<br>\u9ede\u5c0d\u9ede\u653e\u6b3e\u5e73\u53f0(peer to peer lending)\uff1a<br>\u900f\u904e\u975e\u91d1\u878d\u6a5f\u69cb\u5efa\u7f6e\u7684\u7db2\u8def\u501f\u8cb8\u5e73\u53f0\uff0c\u9032\u884c\u501f\u8cb8\u884c\u70ba\u3002\u9019\u500bP2P\u501f\u8cb8\u5e73\u53f0\u5f9e\u4e2d\u6536\u53d6\u8cbb\u7528\uff0c\u63d0\u4f9b\u5e73\u53f0\u4f9b\u501f\u8cb8\u96d9\u65b9\u81ea\u7531\u7af6\u50f9\uff0c\u6413\u5408\u4ea4\u6613\u3002\u501f\u65b9\u900f\u904e\u6b64\u5e73\u53f0\u7372\u5f97\u8cc7\u91d1\uff0c\u5230\u671f\u511f\u9084\u672c\u606f\uff0c\u8cb8\u65b9\u5247\u7372\u5f97\u6536\u5165\uff0c\u4f46\u8981\u81ea\u884c\u627f\u64d4\u98a8\u96aa\u3002P2P\u501f\u8cb8\u5e73\u53f0\u4e0d\u76f4\u63a5\u627f\u64d4\u98a8\u96aa\uff0c\u53ea\u9032\u884c\u8cc7\u8a0a\u4e2d\u4ecb\u3002<br>\u80a1\u6b0a\u578b\u7fa4\u773e\u52df\u8cc7\u5e73\u53f0(equity crowdfunding)\uff1a<br>\u7fa4\u773e\u52df\u8cc7\u5e73\u53f0\uff0c\u662f\u6307\u900f\u904e\u7db2\u8def\u5c55\u793a\uff0c\u5ba3\u50b3\u8a08\u756b\u5167\u5bb9\u3001\u5275\u610f\u4f5c\u54c1\uff0c\u8b93\u6709\u8208\u8da3\u8005\u53ef\u51fa\u8cc7\u8d0a\u52a9\u3002\u5176\u5f62\u614b\u6709\u56de\u994b\u578b\u7fa4\u773e\u52df\u8cc7\u3001\u80a1\u6b0a\u7fa4\u773e\u52df\u8cc7\u3001\u6350\u8d08\u578b\u7fa4\u773e\u52df\u8cc7\u7b49\u65b9\u5f0f\u3002\u5176\u4e2d\u7684\u80a1\u6b0a\u7fa4\u773e\u52df\u8cc7\u5247\u662f\u652f\u6301\u8005\u53ef\u900f\u904e\u5c0d\u5275\u696d\u5718\u968a\u6216\u4f01\u696d\u7684\u8cc7\u91d1\u8d0a\u52a9\uff0c\u53d6\u5f97\u4e00\u5b9a\u6578\u984d\u7684\u80a1\u6b0a\u8005\u3002<br>\u91d1\u878d\u76e3\u7406\u6c99\u76d2(financial regulatory sandbox)\uff1a<br>\u6c99\u76d2\u539f\u672c\u662f\u53ef\u4ee5\u8b93\u5c0f\u5b69\u76e1\u60c5\u73a9\u6c99\u4e26\u767c\u63ee\u60f3\u50cf\u529b\u7684\u5730\u65b9\u3002\u800c\u91d1\u878d\u76e3\u7406\u6c99\u76d2\u5373\u662f\u5728\u6b64\u69cb\u60f3\u4e0b\uff0c\u65bc\u98a8\u96aa\u898f\u6a21\u53ef\u63a7\u5236\u7684\u74b0\u5883\u4e2d\uff0c\u91dd\u5c0d\u91d1\u878d\u76f8\u95dc\u696d\u52d9\u3001\u6216\u904a\u8d70\u5728\u6cd5\u898f\u6a21\u7cca\u5730\u5e36\u7684\u65b0\u5275\u696d\u8005\uff0c\u5728\u4e3b\u7ba1\u6a5f\u95dc\u76e3\u7406\u4e4b\u4e0b\u7684\u4e00\u500b\u5be6\u9a57\u5834\u6240\u3002\u8b93\u696d\u8005\u76e1\u60c5\u6e2c\u8a66\u5275\u65b0\u7684\u7522\u54c1\u3001\u670d\u52d9\u4e43\u81f3\u65bc\u5546\u696d\u6a21\u5f0f\uff0c\u4e26\u66ab\u6642\u4eab\u6709\u6cd5\u898f\u7684\u8c41\u514d\u8207\u6307\u5c0e\u3002\u540c\u6642\uff0c\u53c8\u80fd\u8207\u76e3\u7ba1\u8005\u9ad8\u5ea6\u4e92\u52d5\u3001\u5bc6\u5207\u5354\u4f5c\uff0c\u5171\u540c\u89e3\u6c7a\u5728\u6e2c\u8a66\u904e\u7a0b\u4e2d\u6240\u767c\u73fe\u6216\u7522\u751f\u7684\u76e3\u7406\u8207\u6cd5\u5236\u9762\u8ab2\u984c\u3002\u76ee\u524d\uff0c\u5404\u570b\u4e9f\u6b32\u900f\u904e\u91d1\u878d\u76e3\u7406\u6c99\u76d2\u6a5f\u5236\u7684\u5efa\u7acb\uff0c\u4ee5\u6276\u690d\u65b0\u5275\u91d1\u878d\u79d1\u6280(fintech)\u7522\u696d\u3002<\/p>\n\n\n\n<p>\u4e8c\u3001\u95dc\u65bc\u91d1\u878d\u5275\u65b0\uff1a<br>\u4f55\u8b02\u6578\u4f4d\u8ca8\u5e63(digital currency)\uff1f\u8acb\u8aaa\u660e\u5176\u7279\u9ede\u8207\u5be6\u4f8b\u3002<br>\u4f55\u8b02\u5f71\u5b50\u9280\u884c(shadow banks)\uff1f\u8acb\u5206\u6790\u5176\u91d1\u878d\u76e3\u7406\u7684\u6311\u6230\u70ba\u4f55\uff1f<br>\u4f55\u8b02\u7d14\u7db2\u8def\u9280\u884c(internet-only bank)\uff1f\u8acb\u5206\u6790\u5176\u53ef\u80fd\u5e36\u7d66\u50b3\u7d71\u5546\u696d\u9280\u884c\u7684\u5a01\u8105\u70ba\u4f55\uff1f&nbsp;<\/p>\n\n\n\n<p>\u3010\u64ec\u7b54\u3011\uff1a<br>\u6578\u4f4d\u8ca8\u5e63(digital currency)\uff1a<br>\u6578\u4f4d\u8ca8\u5e63(digital currency)\u7c21\u7a31\u70baDIGICCY\uff0c\u53c8\u7a31\u6578\u78bc\u8ca8\u5e63\uff0c\u70ba\u96fb\u5b50\u8ca8\u5e63\u5f62\u5f0f\u7684\u66ff\u4ee3\u8ca8\u5e63\uff0c\u5bc6\u78bc\u8ca8\u5e63\u5373\u662f\u9019\u985e\u578b\u7684\u8ca8\u5e63\u3002\u73fe\u4eca\u4e16\u754c\u7684\u6578\u4f4d\u8ca8\u5e63\u5982\u7db2\u8def\u904a\u6232\u4e2d\u4e4b\u865b\u64ec\u8ca8\u5e63\u3001\u6bd4\u7279\u5e63\uff0c\u840a\u7279\u5e63\u7b49\u90fd\u662f\u3002<br>\u6578\u4f4d\u8ca8\u5e63\u5177\u4e0b\u5217\u7279\u9ede\uff1a<br>\u975e\u6cd5\u511f\u8ca8\u5e63\u8a08\u50f9\uff0c\u662f\u4ee5\u81ea\u8a02\u7684\u8a08\u50f9\u55ae\u4f4d\u8861\u91cf\u3002<br>\u5e63\u503c\u5b8c\u5168\u7531\u8cc7\u7522\u7684\u5e02\u5834\u6c7a\u5b9a\uff0c\u6c92\u6709\u4efb\u4f55\u500b\u4eba\u6216\u6a5f\u95dc(\u5305\u62ec\u4e2d\u592e\u9280\u884c)\u70ba\u5176\u5e63\u503c\u80cc\u66f8\u3002<br>\u53bb\u4e2d\u5fc3\u5316(decentralized)\u7cfb\u7d71\uff0c\u4ee5P2P(peer-to-peer)\u5c0d\u7b49\u65b9\u5f0f\u76f4\u63a5\u9032\u884c\u7dda\u4e0a\u6536\u4ed8\uff0c\u4e0d\u9700\u8981\u900f\u904e\u4e2d\u4ecb\u6a5f\u69cb\u8655\u7406\u7684\u4ea4\u6613\u6a5f\u5236\u3002<br>\u4f7f\u7528\u52a0\u5bc6\u6280\u8853\uff0c\u53c8\u7a31\u52a0\u5bc6\u8ca8\u5e63(cryptocurrencies)\u3002<br>\u5f71\u5b50\u9280\u884c(shadow banks)\uff1a<br>\u5f71\u5b50\u9280\u884c\u662f\u4e00\u4e9b\u6295\u8cc7\u9280\u884c\u3001\u5c0d\u6c96\u57fa\u91d1\u3001\u8ca8\u5e63\u5e02\u5834\u57fa\u91d1\u3001\u79c1\u52df\u80a1\u6b0a\u57fa\u91d1\u3001\u7d50\u69cb\u578b\u6295\u8cc7\u5de5\u5177(Structured Investment Vehicle, SIV)\u7b49\u975e\u9280\u884c\u91d1\u878d\u6a5f\u69cb\u3002\u5b83\u5011\u5c08\u9580\u627f\u505a\u9280\u884c\u7684\u8cb8\u6b3e\uff0c\u5c07\u4e4b\u91cd\u65b0\u5305\u88dd\u6210\u65b0\u7684\u6709\u50f9\u8b49\u5238\uff0c\u4ea4\u6613\u5230\u8ca8\u5e63\u5e02\u5834\u3001\u8cc7\u672c\u5e02\u5834\u3001\u5916\u532f\u5e02\u5834\u7b49\u6a5f\u69cb\u3002\u50b3\u7d71\u4e0a\uff0c\u623f\u5730\u7522\u8cb8\u6b3e\u662f\u7531\u9280\u884c\u91d1\u878d\u6a5f\u69cb\u627f\u505a\u7684\uff0c\u4f46\u662f\uff0c\u85c9\u7531\u8cc7\u7522\u8b49\u5238\u5316\uff0c\u6b64\u878d\u8cc7\u529f\u80fd\u6b63\u9010\u6f38\u88ab\u4e00\u4e9b\u65b0\u8208\u7684\u6295\u8cc7\u6a5f\u69cb\u6240\u53d6\u4ee3\uff0c\u9019\u4e9b\u6295\u8cc7\u6a5f\u69cb\u5c31\u50cf\u9280\u884c\u7684\u5f71\u5b50\u4e00\u6a23\uff0c\u9593\u63a5\u627f\u505a\u5546\u696d\u9280\u884c\u7684\u696d\u52d9\uff0c\u6240\u4ee5\u7a31\u4e4b\u70ba\u5f71\u5b50\u9280\u884c\u3002<br>\u56e0\u70ba\u5f71\u5b50\u9280\u884c\u5c08\u9580\u501f\u5165\u77ed\u671f\u8cc7\u91d1\uff0c\u5f9e\u4e8b\u4e2d\u9577\u671f\u8cc7\u91d1\u904b\u7528(\u501f\u77ed\u652f\u9577)\u4e4b\u9ad8\u69d3\u5e79(high leverage)\u64cd\u4f5c\uff0c\u52a0\u4e4b\u5176\u7d50\u69cb\u6027\u5546\u54c1\u8a0a\u606f\u4e0d\u5b8c\u6574\u3001\u5834\u5916\u4ea4\u6613(\u4e0d\u516c\u958b\u767c\u884c)\u3001\u8907\u96dc\u6027\u9ad8\uff0c\u81ea\u7136\u98a8\u96aa\u6027\u4ea6\u9ad8\uff0c\u6240\u4ee5\u5728\u5728\u589e\u52a0\u91d1\u878d\u76e3\u7406\u7684\u56f0\u96e3\u6027\u3002<br>\u7d14\u7db2\u8def\u9280\u884c(internet-only bank)\uff1a<br>\u7d14\u7db2\u8def\u9280\u884c\u662f\u6307\u6c92\u6709\u5be6\u9ad4\u5206\u884c\uff0c\u6240\u6709\u91d1\u878d\u670d\u52d9\uff0c\u5305\u62ec\u63d0\u4f9b\u5b58\u6b3e\u3001\u8cb8\u6b3e\u3001\u652f\u4ed8\u53ca\u7d50\u7b97\u7b49\uff0c\u5747\u900f\u904e\u7db2\u8def\u6216\u884c\u52d5\u7ba1\u9053\u9032\u884c\u4e4b\u9280\u884c\u3002\u7d14\u7db2\u8def\u9280\u884c\u96d6\u6c92\u6709\u5be6\u9ad4\u5206\u884c\uff0c\u4f46\u5be6\u52d9\u4e0a\u90e8\u5206\u7d14\u7db2\u8def\u9280\u884c\u4ecd\u8a2d\u6709\u5ba2\u670d\u4e2d\u5fc3\uff0c\u63d0\u4f9b\u5ba2\u6236\u8aee\u8a62\u6216\u5ba2\u8a34\u670d\u52d9\u3002<br>\u7d14\u7db2\u8def\u9280\u884c\u5c0d\u50b3\u7d71\u5546\u696d\u9280\u884c\u7684\u5a01\u8105\uff1a<br>\u5728\u7d14\u7db2\u8def\u9280\u884c\u76db\u884c\u4e0b\uff0c\u652f\u4ed8\u3001\u884c\u52d5\u9322\u5305\u3001P2P\u53ca\u8cb8\u6b3e\u7b49\u696d\u52d9\u5c0d\u50b3\u7d71\u5546\u696d\u9280\u884c\u696d\u52d9\u6703\u5e36\u4f86\u4e00\u5b9a\u7a0b\u5ea6\u4e4b\u5a01\u8105\u3002<br>\u96a8\u8005\u7d14\u7db2\u8def\u9280\u884c\u7684\u6210\u9577\uff0c\u56e0\u70ba\u5176\u65b9\u4fbf\u6027\uff0c\u6240\u4ee5\u6c11\u773e\u591a\u4f7f\u7528\u7db2\u8def\u9280\u884c\u3002\u56e0\u6b64\uff0c\u50b3\u7d71\u5546\u696d\u9280\u884c\u5c07\u9762\u81e8\u5ba2\u6236\u6d41\u5931\u3001\u6536\u76ca\u4e0b\u964d\u53ca\u8cc7\u91d1\u6d41\u51fa\u7b49\u554f\u984c\uff0c\u5f71\u97ff\u5176\u7a69\u5065\u7d93\u71df\u3002<br>\u6700\u5f8c\uff0c\u82e5\u7d14\u7db2\u8def\u9280\u884c\u4fb5\u8755\u5230\u50b3\u7d71\u5546\u696d\u9280\u884c\u696d\u52d9\uff0c\u5c07\u4f7f\u5be6\u9ad4\u5206\u884c\u50f9\u503c\u4e0b\u964d\uff0c\u9280\u884c\u9762\u81e8\u5206\u884c\u6578\u7e2e\u6e1b\u53ca\u8f14\u5c0e\u54e1\u5de5\u8f49\u578b\u4e4b\u6311\u6230\u3002<\/p>\n\n\n\n<p>\u8cb3\u3001\u6642\u52e2\u8da8\u52e2<br>\u6b64\u985e\u984c\u578b\u4e26\u7121\u7279\u5b9a\u91d1\u878d\u7bc4\u570d\uff0c\u4f46\u540c\u6642\u537b\u4e5f\u8003\u9a57\u8457\u8003\u751f\u5c0d\u570b\u969b\u91d1\u878d\u7684\u95dc\u5fc3\u7a0b\u5ea6\u3002\u6e96\u5099\u6b64\u985e\u984c\u76ee\uff0c\u5e73\u6642\u5373\u61c9\u591a\u95b1\u8b80\u8ddf\u8ca8\u5e63\u9280\u884c\u5b78\u6709\u95dc\u7684\u570b\u969b\u91d1\u878d\u60c5\u52e2\u8b8a\u52d5\uff0c\u4f5c\u7b54\u6642\u5177\u9ad4\u8a00\u660e\u4f8b\u5b50\uff0c\u61c9\u8f03\u80fd\u722d\u53d6\u95b1\u5377\u8005\u7684\u8a8d\u540c\u3002<\/p>\n\n\n\n<p>\u4e00\u3001\u8acb\u56de\u7b54\u4e0b\u9762\u5e7e\u500b\u8207\u7f8e\u570b\u623f\u8cb8\u5e02\u5834(mortgage market)\u3001\u623f\u8cb8\u8b49\u5238\u5316(mortgage securitization)\u6709\u95dc\u7684\u554f\u984c\uff1a<br>\u7f8e\u570b\u7684\u6b21\u7d1a\u8cb8(subprime mortgage)\u6307\u7684\u662f\u4ec0\u9ebc\uff1f<br>\u623f\u8cb8\u8b49\u5238\u5316\u7684\u6548\u76ca\u70ba\u4f55\uff1f\u8acb\u5c31\u623f\u8cb8\u5275\u59cb\u8005(originator)\u3001\u6295\u8cc7\u9280\u884c\u3001\u623f\u8cb8\u501f\u6b3e\u6236\u3001\u623f\u8cb8\u64d4\u4fdd\u50b5\u5238(Mortgage-Backed Securities, MBS)\u7684\u6295\u8cc7\u4eba\uff0c\u5206\u5225\u52a0\u4ee5\u8aaa\u660e\u3002<br>\u8ad6\u8005\u8a8d\u70ba\uff0c\u623f\u8cb8\u8b49\u5238\u5316\u7684\u6548\u76ca\u88ab\u8a87\u5927\uff0c\u5176\u5be6\u623f\u8cb8\u8b49\u5238\u5316\u7684\u904e\u7a0b\u4e2d\uff0c\u5b58\u5728\u8af8\u591a\u7684\u8cc7\u8a0a\u4e0d\u5c0d\u7a31(information asymmetry)\u554f\u984c\uff0c\u8acb\u5217\u8209\u56db\u500b\u8cc7\u8a0a\u4e0d\u5c0d\u7a31\u7684\u5730\u65b9\u3002<br>\u7f8e\u570bFed\u57282007\u5e74\u6b21\u7d1a\u623f\u8cb8\u5371\u6a5f(subprime mortgage crisis)\u5f8c\uff0c\u6240\u63a1\u884c\u7684\u4fe1\u7528\u5bec\u9b06\u653f\u7b56(credit easing policy)\uff0c\u8ad6\u8005\u8a8d\u70ba\uff0c\u6050\u5e36\u4f86\u7f8e\u570b\u623f\u8cb8\u5e02\u5834\u7684\u9053\u5fb7\u98a8\u96aa(moral hazard)\u5347\u9ad8\u3002\u8acb\u8aaa\u660e\u3002<\/p>\n\n\n\n<p>\u3010\u64ec\u7b54\u3011\uff1a<br>\u6b21\u7d1a\u623f\u8cb8\uff1a<br>\u9280\u884c\u5c0d\u4fe1\u7528\u8a55\u7b49\u8f03\u5dee\u4e4b\u5ba2\u6236\u6240\u4f5c\u4e4b\u8cb8\u6b3e\u3002\u9019\u4e9b\u6b21\u7d1a\u5ba2\u6236\uff0c\u4fe1\u7528\u8f03\u5dee\uff0c\u9280\u884c\u8cb8\u6b3e\u98a8\u96aa\u9ad8\uff0c\u7576\u7136\u6536\u53d6\u8f03\u9ad8\u4e4b\u623f\u8cb8\u5229\u7387\u300221\u4e16\u7d00\u521d\u7f8e\u570b\u623f\u5730\u7522\u5e02\u5834\u6301\u7e8c\u8d70\u9ad8\uff0c\u9280\u884c\u70ba\u4e86\u8cfa\u53d6\u9ad8\u5229\u623f\u8cb8\uff0c\u6240\u4ee5\uff0c\u5373\u4f7f\u501f\u6b3e\u4eba\u4fe1\u7528\u4e0d\u597d\uff0c\u4e5f\u591a\u9858\u5f9e\u4e8b\u8cb8\u6b3e\u3002\u6b64\u5373\u70ba\u6b21\u7d1a\u623f\u8cb8\u3002<br>\u623f\u8cb8\u8b49\u5238\u5316\u7684\u6548\u76ca\uff1a<br>\u623f\u8cb8\u5275\u59cb\u8005\uff1a\u7576\u9280\u884c\u5c07\u8cc7\u91d1\u8cb8\u653e\u51fa\u53bb\uff0c\u8cfa\u53d6\u8cb8\u6b3e\u5229\u606f\u6536\u5165\u7684\u540c\u6642\uff0c\u9280\u884c\u6d41\u52d5\u6027\u964d\u4f4e\uff0c\u6240\u4ee5\u5c07\u623f\u5c4b\u8cb8\u6b3e\u91cd\u65b0\u5305\u88dd\u6210\u8b49\u5238\u4fe1\u8a17\u8207\u4e0d\u52d5\u7522\u64d4\u4fdd\u8cb8\u6b3e\u6295\u8cc7\u901a\u9053\u6a5f\u69cb(\u50cf\u7576\u6642\u7684\u623f\u5730\u7f8e\u3001\u623f\u5229\u7f8e)\uff0c\u7372\u53d6\u8cc7\u91d1\uff0c\u7dad\u6301\u5176\u8cc7\u91d1\u6d41\u52d5\u6027\uff0c\u4e26\u63d0\u9ad8\u5176\u8cc7\u91d1\u7684\u904b\u7528\u6548\u7387\u3002<br>\u6295\u8cc7\u9280\u884c\uff1a\u5728\u623f\u8cb8\u8b49\u5238\u5316\u904e\u7a0b\u4e2d\uff0c\u6295\u8cc7\u9280\u884c\u5354\u52a9\u8b49\u5238\u4ee5\u516c\u958b\u6216\u79c1\u52df\u65b9\u5f0f\u767c\u884c\u591a\u5143\u5316\u7684\u8b49\u5238\uff0c\u85c9\u4ee5\u8cfa\u53d6\u5404\u7a2e\u670d\u52d9\u8cbb\uff0c\u540c\u6642\u4e5f\u53ef\u81ea\u884c\u5438\u6536\u4e00\u90e8\u5206\u8b49\u5238\u5f9e\u4e8b\u81ea\u71df\u8cb7\u8ce3\uff0c\u4ee5\u8cfa\u53d6\u50f9\u5dee\u3002\u56e0\u800c\u5e36\u52d5\u8b49\u5238\u5e02\u5834\u84ec\u52c3\u767c\u5c55\u3002<br>\u623f\u8cb8\u501f\u6b3e\u6236\uff1a\u501f\u6b3e\u6236\u53ef\u4ee5\u623f\u5b50\u505a\u62b5\u62bc\uff0c\u53d6\u5f97\u8cb8\u6b3e\u3002\u7279\u5225\u662f\u6b21\u7d1a\u623f\u8cb8\u5ba2\u6236\u3002\u56e0\u800c\u6d3b\u7d61\u8cc7\u91d1\u7684\u904b\u7528\u3002<br>\u623f\u8cb8\u64d4\u4fdd\u50b5\u5238(Mortgage-Backed Securities, MBS)\u7684\u6295\u8cc7\u4eba\uff1a\u9019\u4e9b\u6295\u8cc7\u4eba\u591a\u70ba\u5f71\u5b50\u9280\u884c\uff0c\u4ed6\u5011\u6295\u8cc7\u5927\u91cf\u623f\u8cb8\u64d4\u4fdd\u7684\u5404\u985e\u578b\u8b49\u5238\uff0c\u7e7c\u7e8c\u4ee5\u5176\u6301\u6709\u7684\u8b49\u5238\u4f5c\u70ba\u64d4\u4fdd\uff0c\u5f9e\u4e8b\u91d1\u878d\u5275\u65b0\uff0c\u767c\u884c\u5404\u5f0f\u5404\u6a23\u8b49\u5238\u4f86\u878d\u8cc7\u3002\u6b64\u6642\u767c\u63ee\u4e86\u8cc7\u7522\u8f49\u63db\u7684\u529f\u80fd\uff0c\u5c07\u77ed\u671f\u3001\u6d41\u52d5\u6027\u9ad8\u7684\u8b49\u5238\u8f49\u63db\u6210\u9577\u671f\u3001\u6d41\u52d5\u6027\u4f4e\u7684\u8b49\u5238\uff0c\u85c9\u4ee5\u8cfa\u53d6\u50f9\u5dee\u3002<br>\u8cc7\u8a0a\u4e0d\u5c0d\u7a31(information asymmetry)\uff1a<br>\u9055\u7d04\u4fe1\u7528\uff1a\u5728\u9006\u9078\u64c7\u65b9\u9762\uff0c\u623f\u8cb8\u5275\u59cb\u8005\u4e0d\u6e05\u695a\u6b21\u7d1a\u5ba2\u6236\u7684\u771f\u5be6\u4fe1\u7528\u60c5\u6cc1\uff0c\u800c\u5f9e\u4e8b\u6b21\u7d1a\u623f\u8cb8\u3002\u5728\u9053\u5fb7\u98a8\u96aa\u65b9\u9762\uff0c\u906d\u9022\u91d1\u878d\u98a8\u66b4\u5f8c\uff0c\u6b21\u7d1a\u623f\u8cb8\u7684\u9055\u7d04\u98a8\u96aa\u3002<br>\u8cc7\u7522\u50f9\u683c\uff1a\u5728\u9006\u9078\u64c7\u65b9\u9762\uff0c\u6295\u8cc7\u4eba\u4e0d\u6e05\u695a\u623f\u8cb8\u8b49\u5238\u5316\u5f8c\u7684\u5404\u5f0f\u5404\u6a23\u64d4\u4fdd\u8b49\u5238\uff0c\u800c\u5f9e\u4e8b\u6295\u8cc7\u3002\u5728\u9053\u5fb7\u98a8\u96aa\u65b9\u9762\uff0c\u906d\u9022\u91d1\u878d\u98a8\u66b4\u5f8c\uff0c\u8cc7\u7522(\u5982MBS)\u8cb6\u503c\uff0c\u9020\u6210\u7d93\u6fdf\u640d\u5931\u3001\u6e1b\u50f9\u3001\u4e26\u9020\u6210\u5f8c\u7e8c\u4e00\u9023\u4e32\u7684\u88dc\u5009\u52d5\u4f5c\uff0c\u9053\u5fb7\u98a8\u96aa\u56e0\u800c\u63d0\u9ad8\u3002<br>\u91d1\u878d\u5de5\u5177\u7684\u767c\u884c\u8207\u4fe1\u8a55\uff1a\u5728\u9006\u9078\u64c7\u65b9\u9762\uff0c\u6295\u8cc7\u9280\u884c\u4ee3\u70ba\u767c\u884c\u9019\u4e9b\u8cc7\u7522\u8b49\u5238\u5316\u5f8c\u7684\u5546\u54c1\uff0c\u751a\u81f3\u4fe1\u8a55\u6a5f\u69cb\u4e5f\u5c0d\u5176\u505a\u4fe1\u8a55\uff0c\u4f7f\u793e\u6703\u5927\u773e\u76f8\u4fe1\u6295\u8cc7\u9280\u884c\u548c\u4fe1\u8a55\u800c\u6295\u8cc7\u3002\u5728\u9053\u5fb7\u98a8\u96aa\u65b9\u9762\uff0c\u906d\u9022\u91d1\u878d\u98a8\u66b4\u5f8c\uff0c\u9019\u4e9b\u623f\u8cb8\u64d4\u4fdd\u50b5\u5238\u8cc7\u7522\u6e1b\u640d\uff0c\u64f4\u5927\u9053\u5fb7\u98a8\u96aa\u3002<br>\u91d1\u878d\u6a5f\u69cb\u8cc7\u91d1\u6d41\u52d5\u6027\uff1a\u5f71\u5b50\u9280\u884c\u7372\u53d6\u8cc7\u91d1\u5f8c\uff0c\u9ad8\u5e79\u687f\u64cd\u4f5c\uff0c\u300c\u4ee5\u77ed\u652f\u9577\u300d\u7684\u904b\u7528\u8cc7\u91d1\uff0c\u885d\u64ca\u5176\u8cc7\u91d1\u904b\u7528\u7684\u6d41\u52d5\u6027\uff0c\u56e0\u800c\u64f4\u5927\u9053\u5fb7\u98a8\u96aa\u3002<br>\u7f8e\u570b\u4fe1\u7528\u5bec\u9b06\u653f\u7b56(credit easing policy)\u4f7f\u623f\u8cb8\u5e02\u5834\u7684\u9053\u5fb7\u98a8\u96aa\u5347\u9ad8\uff1a<br>\u7f8e\u570b\u4fe1\u7528\u5bec\u9b06\u653f\u7b56\u62ac\u9ad8\u4e86\u623f\u8cb8\u64d4\u4fdd\u50b5\u5238(Mortgage-Backed Securities, MBS)\u7684\u50f9\u683c\uff0c\u5448\u73fe\u6ce1\u6cab\u7d93\u6fdf\u5c40\u9762\uff0c\u4f7f\u5f97\u5f71\u5b50\u9280\u884c\u591a\u9858\u7e7c\u7e8c\u627f\u4f5c\u300c\u4ee5\u77ed\u652f\u9577\u300d\u7684\u64cd\u4f5c\u6a21\u5f0f\uff0c\u767c\u884c\u66f4\u591a\u7684\u8cc7\u7522\u64d4\u4fdd\u8b49\u5238\u7b49\u3002\u727d\u6d89\u5230\u623f\u8cb8\u5275\u59cb\u8005\u3001\u6295\u8cc7\u9280\u884c\u3001\u623f\u8cb8\u501f\u6b3e\u6236\uff0c\u4e43\u81f3\u500b\u9ad4\u6236(\u5bb6\u5ead)\u7b49\u5404\u65b9\u9762\u4e5f\u591a\u9858\u6295\u8cc7\u8cc7\u7522\u8b49\u5238\u5316\u5546\u54c1\u3002\u5982\u6b64\u4e00\u4f86\uff0c\u623f\u8cb8\u64d4\u4fdd\u50b5\u5238\u6216\u5176\u4ed6\u8cc7\u7522\u8b49\u5238\u5316\u5546\u54c1\u4e0d\u6703\u56e0\u5831\u916c\u7387\u964d\u4f4e\u800c\u4e4f\u4eba\u554f\u6d25\uff0c\u4f7f\u7684\u91d1\u878d\u98a8\u96aa\u64f4\u5927\uff0c\u7f8e\u570b\u623f\u8cb8\u5e02\u5834\u7684\u9053\u5fb7\u98a8\u96aa\u56e0\u800c\u63d0\u9ad8\u3002<\/p>\n\n\n\n<p>\u4e8c\u3001\u70ba\u4fc3\u4f7f\u672c\u570b\u9280\u884c\u7b26\u5408\u5df4\u585e\u723e\u5354\u5b9a\u4e09(Basel \u2162)\u7684\u6a19\u6e96\uff0c\u91d1\u878d\u76e3\u7763\u7ba1\u7406\u59d4\u54e1\u6703(\u4e0b\u7a31\u91d1\u7ba1\u6703)\u81ea2013\u5e74\u8d77\uff0c\u9010\u5e74\u63d0\u9ad8\u8cc7\u672c\u9069\u8db3\u7387\u4e4b\u6700\u4f4e\u6cd5\u5b9a\u8981\u6c42\uff0c\u4e26\u589e\u8a02\u69d3\u687f\u6bd4\u7387\u4e4b\u6700\u4f4e\u6cd5\u5b9a\u8981\u6c42\u3002\u5047\u8a2d2019\u5e74\u7532\u9280\u884c\u7684\u7b2c\u4e00\u985e\u8cc7\u672c\u670925\u5104\u5143\uff0c\u7b2c\u4e8c\u985e\u8cc7\u672c\u670930\u5104\u5143\uff0c\u8cc7\u7522\u7e3d\u984d\u9810\u4f30\u70ba1,000\u5104\u5143\uff0c\u7121\u8868\u5916\u9805\u76ee\uff0c\u98a8\u96aa\u6027\u8cc7\u7522\u7e3d\u984d\u9810\u4f30\u70ba500\u5104\u5143\u30022019\u5e74\u7532\u9280\u884c\u7684\u8cc7\u672c\u9069\u8db3\u7387\u8207\u69d3\u687f\u6bd4\u7387\u5206\u5225\u9810\u4f30\u70ba\u591a\u5c11\uff1f\u662f\u5426\u90fd\u5408\u4e4e\u91d1\u7ba1\u6703\u898f\u5b9a\u76842019\u5e74\u8cc7\u672c\u9069\u8db3\u7387(\u9808\u52a0\u8a082.5%\u4e4b\u7de9\u885d\u8cc7\u672c\u6bd4\u7387)\u8207\u69d3\u687f\u6bd4\u7387\u4e4b\u6700\u4f4e\u6cd5\u5b9a\u8981\u6c42\uff1f\u82e5\u4e0d\u7b26\u5408\u898f\u5b9a\uff0c\u7532\u9280\u884c\u9808\u5982\u4f55\u56e0\u61c9\uff1f\u9808\u5217\u51fa\u7b97\u5f0f\uff0c\u8a08\u7b97\u7d50\u679c\u53d6\u81f3\u5c0f\u6578\u9ede\u5f8c\u7b2c\u4e09\u4f4d\u3002<\/p>\n\n\n\n<p>\u3010\u64ec\u7b54\u3011\uff1a<br>\u8cc7\u672c\u9069\u8db3\u7387\uff1a(25+30) \/500 = 11%<br>\u69d3\u687f\u6bd4\u7387\uff1a25\/1000 = 2.5%<br>\u91d1\u878d\u76e3\u7763\u7ba1\u7406\u59d4\u54e1\u6703\u898f\u5b9a\u8cc7\u672c\u9069\u8db3\u7387\u8207\u69d3\u687f\u6bd4\u7387\u4e4b\u6700\u4f4e\u6cd5\u5b9a\u8981\u6c42\u5206\u5225\u70ba10.5%\u82073%\uff0c\u6240\u4ee5\u8cc7\u672c\u9069\u8db3\u738711%\u7b26\u5408\u3002\u4f46\u662f\uff0c\u69d3\u687f\u6bd4\u73872.5%\u4e0d\u7b26\u5408\u3002<br>\u53e6\u5916\uff0c\u91d1\u7ba1\u6703\u898f\u5b9a\u7b2c\u4e00\u985e\u8cc7\u672c\u6bd4\u7387\u70ba8.5%\uff0c\u800c\u7532\u9280\u884c\u50c55%(25\/500)\u4ea6\u4e0d\u7b26\u898f\u5b9a\u3002<br>\u7532\u9280\u884c\u69d3\u687f\u6bd4\u7387\u4e0d\u7b26\u5408\u898f\u5b9a\uff0c\u5176\u56e0\u61c9\u65b9\u6cd5\u8a08\u6709\u4e0b\u5217\uff1a<br>\u63d0\u9ad8\u81ea\u6709\u8cc7\u672c\uff1a<br>\u73fe\u91d1\u589e\u8cc7\u6216\u767c\u884c\u53ef\u8f49\u63db\u516c\u53f8\u50b5\u3002<br>\u6e1b\u5c11\u76c8\u9918\u5206\u914d\u6216\u4ee5\u80a1\u7968\u80a1\u5229\u4ee3\u66ff\u73fe\u91d1\u80a1\u5229\u3002<br>\u589e\u52a0\u9280\u884c\u76c8\u9918\u3002<br>\u9650\u5236\u9280\u884c\u8cc7\u7522\u64f4\u5f35\uff0c\u964d\u4f4e\u8cc7\u7522\u898f\u6a21<\/p>\n\n\n\n<p>\u53c3\u3001\u50b3\u7d71\u984c\u76ee<br>\u6b64\u985e\u984c\u76ee\u65e2\u7136\u4e00\u800c\u518d\uff0c\u518d\u800c\u4e09\u5730\u51fa\u73fe\uff0c\u8003\u751f\u5c31\u4e00\u5b9a\u8981\u62ff\u5206\u3002\u4e0d\u50c5\u8981\u62ff\u5206\uff0c\u800c\u4e14\u76e1\u53ef\u80fd\u5730\u62ff\u6eff\u5206\u3002<\/p>\n\n\n\n<p>\u4e00\u3001\u4f55\u8b02\u6d41\u52d5\u6027\u9677\u9631(liquidity trap)\uff1f\u70ba\u4f55\u51f1\u56e0\u65af\u8a8d\u70ba\u8655\u65bc\u6d41\u52d5\u6027\u9677\u9631\u6642\uff0c\u8ca8\u5e63\u653f\u7b56\u7121\u6548\uff1f\u4f60\u662f\u5426\u5b8c\u5168\u540c\u610f\u51f1\u56e0\u65af\u7684\u770b\u6cd5\uff1f\u8acb\u8aaa\u660e\u7406\u7531\u3002<\/p>\n\n\n\n<p>\u3010\u64ec\u7b54\u3011\uff1a<br>\u6240\u8b02\u300c\u6d41\u52d5\u6027\u9677\u9631\u300d(liquidity trap)\uff0c\u4fc2\u6307\u7576\u5229\u7387\u964d\u81f3\u67d0\u4e00\u5f88\u4f4e\u7684\u6c34\u6e96\u6642\uff0c\u300c\u8ca8\u5e63\u9700\u6c42\u5229\u7387\u5f48\u6027\u300d\u70ba\u7121\u7aae\u5927\uff0c\u5728\u6b64\u60c5\u6cc1\u4e0b\uff0c\u4e2d\u592e\u9280\u884c\u4e0d\u8ad6\u589e\u52a0\u591a\u5c11\u8ca8\u5e63\u4f9b\u7d66\uff0c\u90fd\u6703\u88ab\u793e\u6703\u5927\u773e\u7684\u8ca8\u5e63\u9700\u6c42\u6240\u5438\u6536\uff0c\u5229\u7387\u537b\u4e0d\u518d\u4e0b\u964d\u3002\u7576\u7d93\u6fdf\u9ad4\u8655\u65bc\u300c\u6d41\u52d5\u6027\u9677\u9631\u300d\u6642\uff0c\u8ca8\u5e63\u9700\u6c42\u66f2\u7dda\u70ba\u4e00\u689d\u6c34\u5e73\u7dda\uff0c\u8655\u5728\u6d41\u52d5\u6027\u9677\u9631\u5340\u57df\u7684LM\u66f2\u7dda\u4ea6\u70ba\u6c34\u5e73\u72c0\u614b\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/img2.91mai.com\/o2o\/image\/15046489-caa8-418a-9e82-ac922ac9c78e.JPG\" alt=\"\"\/><\/figure>\n\n\n\n<p>\u7576\u7d93\u6fdf\u9ad4\u8655\u65bc\u6d41\u52d5\u6027\u9677\u9631\u6642\uff0c\u82e5\u592e\u884c\u63a1\u53d6\u64f4\u5f35\u6027\u8ca8\u5e63\u653f\u7b56\uff0c\u589e\u52a0\u8ca8\u5e63\u4f9b\u7d66\u6642\uff0cLM\u4e0d\u79fb\uff0cY\u4e0d\u8b8a\uff0c\u7d50\u679c\u7522\u51fa\u4e0d\u8b8a\u3002\u4e5f\u5c31\u662f\u8aaa\uff0c\u7576\u7d93\u6fdf\u9ad4\u8655\u65bc\u300c\u6d41\u52d5\u6027\u9677\u9631\u300d\u6642\uff0c\u8ca8\u5e63\u653f\u7b56\u7121\u6548\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/img2.91mai.com\/o2o\/image\/cc469f4d-31de-4b70-8460-ab9b79b452f2.JPG\" alt=\"\"\/><\/figure>\n\n\n\n<p>\u4e0d\u5b8c\u5168\u540c\u610f\u51f1\u56e0\u65af\u7684\u770b\u6cd5<br>\u57281930\u5e74\u4ee3\u7684\u5927\u856d\u689d\u6642\u4ee3\u4e2d\uff0c\u51f1\u56e0\u65af\u8a8d\u70ba\u7d93\u6fdf\u4e00\u65e6\u8655\u65bc\u6d41\u52d5\u6027\u9677\u9631\u6642\uff0c\u5247\u8ca8\u5e63\u653f\u7b56\u7121\u6548\uff0c\u552f\u6709\u4f9d\u8cf4\u8ca1\u653f\u653f\u7b56\u624d\u80fd\u8df3\u812b\u51fa\u6d41\u52d5\u6027\u9677\u9631\u3002\u7136\u8655\u65bc2008~2009\u5168\u7403\u91d1\u878d\u5371\u6a5f\u6642\uff0c\u7f8e\u570b\u806f\u90a6\u6e96\u5099\u7406\u4e8b\u6703\u63a1\u53d6\u300c\u8cc7\u7522\u8cfc\u8cb7\u300d\u3001\u300c\u70ba\u8cbc\u73fe\u7a97\u53e3\u53bb\u6c61\u540d\u5316\u300d\u3001\u300c\u626d\u8f49\u64cd\u4f5c\u300d\u4ee5\u53ca\u8cfc\u8cb7MBS\u548c\u516c\u50b5\u4e4b\u64cd\u4f5c\u7b49\u975e\u50b3\u7d71\u7684\u8ca8\u5e63\u653f\u7b56\uff0c\u5728\u516c\u958b\u5e02\u5834\u8cfc\u8cb7\u653f\u5e9c\u50b5\u5238\u3001\u501f\u9322\u7d66\u91d1\u878d\u6a5f\u69cb\u3001\u5f9e\u9280\u884c\u8cfc\u8cb7\u8cc7\u7522\u7b49\u5275\u9020\u51fa\u8ca8\u5e63\u6578\u91cf\uff0c\u4f01\u5716\u6339\u6ce8\u66f4\u591a\u8cc7\u91d1\u5230\u7d93\u6fdf\u9ad4\u7cfb\uff0c\u5168\u9762\u6027\u5730\u58d3\u4f4e\u8cc7\u91d1\u6210\u672c\uff0c\u4ee5\u5354\u52a9\u7d93\u6fdf\u5fa9\u7526\u3002\u50cf\u9019\u7a2e\u975e\u50b3\u7d71\u8ca8\u5e63\u653f\u7b56\u7684\u91cf\u5316\u5bec\u9b06\u653f\u7b56(Quantitative Easing, QE)\uff0c\u80fd\u5728\u6d41\u52d5\u6027\u9677\u9631\u4e2d\u6bba\u51fa\u4e00\u689d\u8840\u8def\uff0c\u5e6b\u52a9\u7d93\u6fdf\u5fa9\u7526\u6210\u9577\u3002<br>Pigou\u8a8d\u70ba\u5728\u6d41\u52d5\u6027\u9677\u9631\u4e2d\uff0c\u666f\u6c23\u8870\u9000\uff0c\u7269\u50f9\u8f03\u4f4e\uff0c\u4eba\u5011\u611f\u89ba\u5be6\u8cea\u8ca8\u5e63\u9918\u984d\u589e\u52a0\uff0c\u56e0\u6b64\u589e\u52a0\u6d88\u8cbb\uff0cIS\u53f3\u79fb\uff0c\u6b64\u6642\u5373\u53ef\u6162\u6162\u8df3\u51fa\u6d41\u52d5\u6027\u9677\u9631\u3002\u6240\u4ee5\u5373\u4f7f\u8655\u65bc\u6d41\u52d5\u6027\u9677\u9631\uff0c\u8ca8\u5e63\u653f\u7b56\u4ecd\u80fd\u5920\u523a\u6fc0\u7d93\u6fdf\u3002<\/p>\n\n\n\n<p>\u4e8c\u3001\u5c0d\u4e00\u500b\u958b\u653e\u7d93\u6fdf\u9ad4\u800c\u8a00\uff0c\u70ba\u4ec0\u9ebc\u5728\u56fa\u5b9a\u532f\u7387\u5236\u5ea6\u4e0b\uff0c\u8ca8\u5e63\u7b56\u7121\u6548(\u5373\u7121\u6cd5\u5f71\u97ff\u5747\u8861\u7522\u51fa)\uff0c\u4f46\u5728\u6d6e\u52d5\u532f\u7387\u5236\u5ea6\u4e0b\uff0c\u8ca8\u5e63\u653f\u7b56\u6709\u6548\u3002\u8acb\u4ee5\u6587\u5b57\u8207\u5b5f\u4ee3\u723e\u2014\u5f17\u840a\u660e\u6a21\u578b(Mundell-Fleming model\uff0c\u53c8\u7a31IS-LM-BP model)\u8aaa\u660e\u3002\u5047\u8a2d\u672c\u570b\u8cc7\u7522\u8207\u5916\u570b\u8cc7\u7522\u96d6\u53ef\u66ff\u4ee3\uff0c\u4f46\u56e0\u672c\u570b\u8207\u5916\u570b\u8cc7\u7522\u7684\u7a05\u8ca0\u3001\u98a8\u96aa\u8207\u6d41\u52d5\u6027\u4e0d\u540c\u6216\u8cc7\u672c\u5e33\u7ba1\u5236\u672a\u5b8c\u5168\u81ea\u7531\u5316\uff0c\u56e0\u6b64\u672c\u570b\u8cc7\u7522\u8207\u5916\u570b\u8cc7\u7522\u4e0d\u662f\u5b8c\u5168\u66ff\u4ee3\uff0c\u5373\u8cc7\u672c\u4e0d\u80fd\u5b8c\u5168\u81ea\u7531\u79fb\u52d5\u3002<\/p>\n\n\n\n<p>\u3010\u64ec\u7b54\u3011\uff1a<br>\u5728\u56fa\u5b9a\u532f\u7387\u5236\u5ea6\u4e0b\uff0c\u8ca8\u5e63\u653f\u7b56\u7121\u6548<br>\u539f\u5747\u8861\u9edeA\u9ede<br>\u653f\u5e9c\u63a1\u5bec\u9b06\u8ca8\u5e63\u653f\u7b56\uff0cLM\u66f2\u7dda\u53f3\u79fb(LM\u53f3\u79fb\u81f3LM\u2019)\uff0c\u5747\u8861\u9ede\u79fb\u5230B\u9ede\uff0c\u6b64\u6642\u570b\u969b\u6536\u652f\u9006\u5dee\uff0c\u5728\u56fa\u5b9a\u532f\u7387\u5236\u5ea6\u4e0b\uff0c\u570b\u5167\u8ca8\u5e63\u6578\u91cf\u6e1b\u5c11\uff0c\u4f7fLM\u66f2\u7dda\u5de6\u79fb\u56de\u4f86\uff0c\u5747\u8861\u9ede\u53c8\u79fb\u56de\u539f\u4f86A\u9ede\uff0c\u5747\u8861\u7522\u51fa\u4e0d\u8b8a\u3002<br>\u7d50\u8ad6\uff1a\u5747\u8861\u7522\u51fa\u4e0d\u8b8a\uff0c\u8ca8\u5e63\u653f\u7b56\u7121\u6548<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/img2.91mai.com\/o2o\/image\/fa5b538a-d959-4d27-955f-a31c9c1c591b.JPG\" alt=\"\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/img2.91mai.com\/o2o\/image\/fdf1e1c5-bece-4423-8b12-a1be481d4efd.JPG\" alt=\"\"\/><\/figure>\n\n\n\n<p>\u5728\u6d6e\u52d5\u532f\u7387\u5236\u5ea6\u4e0b\uff0c\u8ca8\u5e63\u653f\u7b56\u6709\u6548<br>\u539f\u5747\u8861\u9edeA\u9ede<br>\u653f\u5e9c\u63a1\u5bec\u9b06\u8ca8\u5e63\u653f\u7b56\uff0cLM\u66f2\u7dda\u53f3\u79fb(LM\u53f3\u79fb\u81f3LM\u2019)\uff0c\u5747\u8861\u9ede\u79fb\u5230B\u9ede\uff0c\u6b64\u6642\u570b\u969b\u6536\u652f\u9006\u5dee\uff0c\u5728\u6d6e\u52d5\u532f\u7387\u5236\u5ea6\u4e0b\uff0c\u672c\u570b\u8ca8\u5e63\u8cb6\u503c\uff0c\u5c0e\u81f4IS, BP\u66f2\u7dda\u53f3\u79fb(IS\u53f3\u79fb\u81f3IS\u2019\uff1bBP\u53f3\u79fb\u81f3BP\u2019)\uff0c\u5747\u8861\u9ede\u5f9eB\u9ede\u79fb\u52d5\u81f3C\u9ede\uff0c\u5747\u8861\u7522\u51fa\u589e\u52a0\u3002<\/p>\n\n\n\n<p>\u7d50\u8ad6\uff1a\u5747\u8861\u7522\u51fa\u589e\u52a0\uff0c\u8ca8\u5e63\u653f\u7b56\u6709\u6548<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/img2.91mai.com\/o2o\/image\/3d8b8b87-d7ea-47c2-bc27-e3fb14e1d785.JPG\" alt=\"\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/img2.91mai.com\/o2o\/image\/790cb6a9-b29d-4f9a-b038-31c98c90cb5f.JPG\" 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