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??妯??插甫??锛?杩?涓??ュ甫褰㈣薄????璇存?锛?骞娥?????CFA瀹??规????涓????瑰????锛???????浠?负浜??村舰璞″?扮??瑙ｆ??浜?璺ㄧ?????璐?┛濮?缁????稿?姒?蹇佃??浣跨?ㄧ??姣??汇??瀹?浠?氨??涓??℃?″僵?蹭?甯︷???锛??ㄤ??????瀛︾?妯″??锛?濡??伴????????缁?娴?瀛︺??璐㈠?℃?ヨ〃涓??????????搁????????璧?缁???绠＄?????哄??剁????琛?????????????璧????︾被??璧?????涓?浼︾??锛?涔??寸┛姊??灏???浼煎?绔????ヨ??规???哄?拌??绯昏捣?ャ??
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??FA涓?绾ц??璇?涓??????稿?姒?蹇靛??互琚??涓衡??妯??插甫?????
?堕?翠环??TimeValueofMoney,TVM)缁?瀵规????妯??插甫?????涓????稿?缁????????浠??伴??????涓????虹?璁＄?锛??板???搁????涓??浼版??璧?椤圭???濡?璧????绠?锛?锛????板?哄??剁??涓??哄?镐及?硷????冲?ㄨ?＄エ浼板?煎????璧?缁???绠＄??涓??TVM????????澶?涓??ㄣ??
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椋??╀?????RiskandReturn)????琛★???????棰???姘告????涓婚?锛?涔?????′???拷瑙?????妯??插甫????浠??伴??????涓??涔???????宸????瑰樊绛?琛￠??椋??╃??????锛??版??璧?缁???绠＄??涓???瑙ｇ??璧?浜ч??缃??????ｅ????搴?锛????版??????璧?涓????????哥?瑰?椋??╁??绯荤??ч??╋?椋??╀????ョ??杈╄??崇郴濮?缁?璐?┛?朵腑??
渚?濡?锛??ㄨ?浼颁?椤规??璧??讹?浣???瑕????惰?????舵??ㄧ?????ユ按骞冲??涓?涔??镐即??椋??╁ぇ灏???CFA涓?绾ц??璇?灏ゅ?舵敞??????瀵归??╄??村???剁??????瑙ｏ?杩?瑕?姹?浣??藉?杩??ㄥ??????锛?SharpeRatio锛?绛??????ヨ?浼版??璧?缁╂????
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????(Efficiency)??姒?蹇碉??ㄩ????甯??轰腑琛?????颁负甯??烘????(MarketEfficiency)锛?杩?????¤?冲?抽??瑕?????妯??插甫????浠?缁?娴?瀛︿腑瀵瑰??烘?哄?剁???㈣?锛??版??????璧?涓????????甯??哄??璇寸??????锛?寮卞?????寮哄???寮哄?锛?锛????版??璧?缁???绠＄??涓??浣???寤烘??????娌匡?甯??烘????????瑙ｈ疮绌垮?缁???
CFA涓?绾ц??璇???瑕?浣???瑙ｏ??ㄤ?????????甯??烘?′欢涓?锛???璧????峰??瓒?棰??剁???????芥?у??绛??ヤ?????涓?????杩?褰卞????浣?瀵规???????????烘???㈠????绛???璧??规????ゆ????
涓轰?涔???浠???瑕??虫敞杩?浜???妯??插甫??锛???涓?FA涓?绾ц??璇?骞堕??绠???????ョ?ヨ??瑰????锛???????????????藉????缁煎????瀵????洪???寰?寰?浼?璁捐?涓?浜?棰????瑕?姹?????灏?涓???绔??????ヨ???浼?璐???锛????藉??纭??绛???渚?濡?锛?涓????充??＄エ浼板?肩??棰???????介??瑕?浣?杩??ㄦ?伴??????涓???缁?璁℃?规??ラ?娴????ョ?伴??娴?锛???缁???璐㈠?℃?ヨ〃?????ヨ?浼板???哥?????╄?藉??锛?????杩??ㄥ???搁????涓???璧????????蹇垫?ヨ?绠????扮????
濡???浣????绔??拌?蹇???涓??ヨ??癸??????界??瑙ｅ?浠???寸?????ㄨ??绯伙??ｄ??ㄩ?㈠?杩?绫荤患???ч????讹?浣?寰????芥??????绛???
璇???苟???¤?浜???妯??插甫?????锛??藉?甯??╀???寤轰?涓??寸郴缁????村??寸???????ヨ?浣?绯汇??杩?涓?浠????╀?浣?楂???澶???锛??ㄨ??璇?涓???寰?濂芥??缁╋??磋?戒负浣??ㄦ???ョ????涓???娑?腑??涓???瀹????虹???褰?浣??藉?????板?ㄤ???????棰???涔??村???㈣?瑙?锛?骞朵?涓??惧?板?遍?????昏??讹?浣?灏卞凡缁?寮?濮??峰?涓???浼?绉?????????甯???娼?璐ㄣ??
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璇???法绔??????癸?寰?澶?缁煎???ч????姝ｆ????妯??插甫??????浣充??般??褰????拌?绫婚????讹?瑕??瑰????璁板?烘?ワ?骞跺??椤剧?稿?崇??????ヨ??癸???瑙ｅ?浠????浣?琚??村???ㄤ?璧风????杩??藉府?╀?褰㈡??涓?绉?????浼?璐?????????ヨ?藉?????虫敞??璇?????锛?濡??????????浜?涓???棰?锛?涓?瑕?绠????版?规?绛?妗?锛??????娣卞?ュ??????璇?????????
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浣??????＄????モ??妯??插甫??锛??藉?甯??╀??村?ㄩ?㈠?扮??寰????锛????烘?存???虹???ゆ????渚?濡?锛??ㄤ负???搁???╄??璧??规??讹?浣???瑕?缁煎???????╃??????????哥?伴??娴??跺?点???′????ラ???绛?澶?涓???绱?????搴?蹇?????????????甯??猴?????甯??虹???????锛??扮??浜у?????扮??宸ュ?峰??吼??′?绌枫??浣????搴?灞???搁?昏?寰?寰????搁??????
??杩?瀵光??妯??插甫????娣卞?ョ??瑙ｏ?浣??藉??村揩?伴??搴?????锛????℃?扮?ヨ?锛?淇?????韩????ョ?浜?????
CFA涓?绾ц??璇?涓?????妯??插甫??锛?????ョ?ヨ??广??涓茶??瀛︾?????瀵煎??????抽????瀹?浠?????ヤ?????????璁猴????????寰?????涓?涓?娈垮????姣?涓?绾у?伴?讹??????涓??????╃??????宸ュ?枫??褰?浣??藉?涓诲?ㄥ?昏??????诲?涔????昏??ㄨ?浜???妯??插甫??锛?浣?涓?浠????ㄥ???锛??存???ㄦ??寤轰?绉???缁存?瑰?锛?涓?绉?娲?瀵?????涓?????川???藉????
璁┾??妯??插甫??????????涓轰?CFA澶?????绋?涓???????????т寒浣???杩?????璺????缁??佃揪浣?蹇?涓?????ラ????褰煎哺??
