{"id":381255,"date":"2021-05-06T15:27:58","date_gmt":"2021-05-06T22:27:58","guid":{"rendered":"https:\/\/nai500.com\/?p=381255"},"modified":"2021-11-16T17:12:53","modified_gmt":"2021-11-17T01:12:53","slug":"%e4%bb%80%e4%b9%88%e6%98%af-%e5%8d%96%e7%a9%ba-short-selling-%e5%8d%96%e7%a9%ba-%e5%a6%82%e4%bd%95-%e8%bf%90%e4%bd%9c","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hans\/blog\/2021\/05\/%e4%bb%80%e4%b9%88%e6%98%af-%e5%8d%96%e7%a9%ba-short-selling-%e5%8d%96%e7%a9%ba-%e5%a6%82%e4%bd%95-%e8%bf%90%e4%bd%9c\/","title":{"rendered":"\u4ec0\u4e48\u662f\u5356\u7a7a(short selling)\uff1f\u5356\u7a7a\u5982\u4f55\u8fd0\u4f5c\uff1f"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">\u5356\u7a7a\u662f\u4e00\u79cd\u6295\u8d44\u6216\u4ea4\u6613\u7b56\u7565\uff0c\u5728\u80a1\u7968\u6216\u5176\u4ed6\u8bc1\u5238\u7684\u4ef7\u683c\u4e0b\u8dcc\u65f6\u8fdb\u884c\u6295\u673a\u3002\u8fd9\u662f\u4e00\u79cd\u9ad8\u7ea7\u7b56\u7565\uff0c\u53ea\u5e94\u7531\u6709\u7ecf\u9a8c\u7684\u4ea4\u6613\u5458\u548c\u6295\u8d44\u8005\u8fdb\u884c\u3002<\/span><\/p>\n<p>\u672c\u6587\u5171\u6709\u4e09\u4e2a\u90e8\u5206\uff0c\u5728\u6b64\u67e5\u770b\u672c\u6587\u7684<strong><a href=\"https:\/\/nai500.com\/zh-hans\/blog\/2021\/05\/%e5%8d%96%e7%a9%ba%e7%9a%84-%e4%bc%98%e7%bc%ba%e7%82%b9-%e4%bb%a5%e5%8f%8a-%e9%a3%8e%e9%99%a9\/\" target=\"_blank\" rel=\"noopener\">\u7b2c\u4e8c\u90e8\u5206<\/a><\/strong>\u548c<strong><a href=\"https:\/\/nai500.com\/zh-hans\/blog\/2021\/05\/%e5%8d%96%e7%a9%ba-%e5%a6%82%e4%bd%95-%e8%8e%b7%e5%88%a9-%e5%8d%96%e7%a9%ba%e7%9a%84-%e8%a1%a1%e9%87%8f%e6%8c%87%e6%a0%87-%e5%92%8c%e7%90%86%e6%83%b3%e6%9d%a1%e4%bb%b6\/\" target=\"_blank\" rel=\"noopener\">\u7b2c\u4e09\u90e8\u5206<\/a><\/strong>\u3002<\/p>\n<p><span style=\"font-weight: 400;\">\u4ea4\u6613\u5458\u53ef\u4ee5\u5229\u7528\u5356\u7a7a\u4f5c\u4e3a<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/s\/speculation.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u6295\u673a<\/span><\/a><span style=\"font-weight: 400;\">\uff0c\u800c\u6295\u8d44\u8005\u6216\u6295\u8d44\u7ec4\u5408\u7ecf\u7406\u53ef\u4ee5\u5229\u7528\u5356\u7a7a\u4f5c\u4e3a<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/h\/hedge.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u5bf9\u51b2<\/span><\/a><span style=\"font-weight: 400;\">\u540c\u4e00\u8bc1\u5238\u6216\u76f8\u5173\u8bc1\u5238\u7684\u591a\u5934\u5934\u5bf8\u7684<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/d\/downsiderisk.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u4e0b\u8dcc\u98ce\u9669<\/span><\/a><span style=\"font-weight: 400;\">\u3002<\/span><span style=\"font-weight: 400;\">\u6295\u673a\u6709\u53ef\u80fd\u5e26\u6765\u5de8\u5927\u98ce\u9669\uff0c\u662f\u4e00\u79cd\u9ad8\u7ea7\u4ea4\u6613\u65b9\u6cd5\u3002\u5bf9\u51b2\u662f\u4e00\u79cd\u66f4\u5e38\u89c1\u7684\u4ea4\u6613\uff0c\u6d89\u53ca\u653e\u7f6e\u4e00\u4e2a\u62b5\u6d88\u5934\u5bf8\u4ee5\u51cf\u5c11\u98ce\u9669\u655e\u53e3\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u5728\u5356\u7a7a\u4e2d\uff0c\u901a\u8fc7\u501f\u5165\u6295\u8d44\u8005\u8ba4\u4e3a\u4f1a\u8d2c\u503c\u7684\u80a1\u7968\u6216\u5176\u4ed6\u8d44\u4ea7\u7684\u80a1\u4efd\u6765\u5efa\u7acb\u5934\u5bf8\u3002\u7136\u540e\u6295\u8d44\u8005\u5c06\u8fd9\u4e9b\u501f\u6765\u7684\u80a1\u7968\u5356\u7ed9\u613f\u610f\u652f\u4ed8\u5e02\u573a\u4ef7\u683c\u7684\u4e70\u5bb6\u3002\u5728\u5fc5\u987b\u5f52\u8fd8\u501f\u6765\u7684\u80a1\u7968\u4e4b\u524d\uff0c\u4ea4\u6613\u5546\u5728\u8d4c\u4ef7\u683c\u4f1a\u7ee7\u7eed\u4e0b\u8dcc\uff0c\u4ed6\u4eec\u53ef\u4ee5\u4ee5\u8f83\u4f4e\u7684\u6210\u672c\u8d2d\u4e70\u8fd9\u4e9b\u80a1\u7968\u3002\u7406\u8bba\u4e0a\uff0c\u7531\u4e8e\u4efb\u4f55\u8d44\u4ea7\u7684\u4ef7\u683c\u90fd\u53ef\u4ee5\u6500\u5347\u5230\u65e0\u7a77\u5927\uff0c\u6240\u4ee5\u5356\u7a7a\u7684\u635f\u5931\u98ce\u9669\u662f\u65e0\u9650\u7684\u3002<\/span><\/p>\n<p><strong>\u5173\u952e\u8981\u70b9<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u5356\u7a7a\u662f\u6307\u6295\u8d44\u8005\u501f\u5165\u8bc1\u5238\u5e76\u5728\u516c\u5f00\u5e02\u573a\u4e0a\u5356\u51fa\uff0c\u8ba1\u5212\u4ee5\u540e\u4ee5\u66f4\u5c11\u7684\u94b1\u4e70\u56de\u5b83\u3002<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u5356\u7a7a\u8005\u62bc\u6ce8\u4e8e\u8bc1\u5238\u4ef7\u683c\u7684\u4e0b\u8dcc\u5e76\u4ece\u4e2d\u83b7\u5229\u3002\u8fd9\u53ef\u4ee5\u4e0e\u5e0c\u671b\u4ef7\u683c\u4e0a\u6da8\u7684\u591a\u5934\u6295\u8d44\u8005\u5f62\u6210\u5bf9\u6bd4\u3002<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u5356\u7a7a\u6709\u4e00\u4e2a\u9ad8\u98ce\u9669\/\u56de\u62a5\u7387\u3002\u5356\u7a7a\u53ef\u4ee5\u63d0\u4f9b\u5de8\u5927\u7684\u5229\u6da6\uff0c\u4f46\u7531\u4e8e\u8ffd\u52a0\u4fdd\u8bc1\u91d1\uff0c\u635f\u5931\u53ef\u80fd\u4f1a\u8fc5\u901f\u5e76\u65e0\u9650\u5730\u589e\u52a0\u3002<\/span><\/li>\n<\/ul>\n<h2><strong>\u4e86\u89e3\u5356\u7a7a\u8fd0\u4f5c\u673a\u5236<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">\u8457\u540d\u7684<\/span><i><span style=\"font-weight: 400;\">Popeye<\/span><\/i><span style=\"font-weight: 400;\">\u8fde\u73af\u753b\u4e2d\u7684Wimpy\u672c\u6765\u662f\u4e00\u4e2a\u5b8c\u7f8e\u7684\u5356\u7a7a\u8005\u3002\u8fd9\u4e2a\u6f2b\u753b\u4eba\u7269\u56e0\u8bf4\u4ed6 \u201c\u5f88\u4e50\u610f\u4e3a\u4eca\u5929\u7684\u6c49\u5821\u5305\u652f\u4ed8\u4e0b\u5468\u4e8c\u7684\u8d39\u7528 \u201c\u800c\u95fb\u540d\u3002\u5728\u5356\u7a7a\u8fc7\u7a0b\u4e2d\uff0c\u5356\u5bb6\u901a\u8fc7\u901a\u5e38\u4ece<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/b\/broker-dealer.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u7ecf\u7eaa\u4eba-\u4ea4\u6613\u5546<\/span><\/a><span style=\"font-weight: 400;\">\u501f\u5165\u80a1\u7968\u5efa\u7acb\u5934\u5bf8\u3002<\/span><span style=\"font-weight: 400;\">\u5728\u5fc5\u987b\u5c06\u8fd9\u4e9b\u80a1\u7968\u5f52\u8fd8\u8d37\u6b3e\u4eba\u4e4b\u524d\uff0c<\/span><a href=\"https:\/\/www.investopedia.com\/ask\/answers\/how-does-one-make-money-short-selling\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u5356\u7a7a\u8005\u5c06\u8bd5\u56fe\u901a\u8fc7\u4f7f\u7528\u8fd9\u4e9b\u80a1\u7968\u6765\u8d5a\u94b1<\/span><\/a><span style=\"font-weight: 400;\">\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u4e3a\u4e86\u5efa\u7acb\u7a7a\u5934\u5934\u5bf8\uff0c\u4ea4\u6613\u8005\u5fc5\u987b\u6709\u4e00\u4e2a<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/m\/marginaccount.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u4fdd\u8bc1\u91d1\u8d26\u6237<\/span><\/a><span style=\"font-weight: 400;\">\uff0c\u5e76\u4e14\u5728\u5934\u5bf8\u672a\u7ed3\u7684\u60c5\u51b5\u4e0b\uff0c\u901a\u5e38\u8981\u6309\u6240\u501f\u80a1\u7968\u7684\u4ef7\u503c\u652f\u4ed8\u5229\u606f\u3002\u53e6\u5916\uff0c\u8d1f\u8d23\u6267\u884c\u7f8e\u56fd\u6ce8\u518c\u7ecf\u7eaa\u4eba\u548c\u7ecf\u7eaa\u5546\u516c\u53f8\u7684\u89c4\u5219\u548c\u6761\u4f8b\u7684<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/f\/finra.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u91d1\u878d\u4e1a\u76d1\u7ba1\u5c40<\/span><\/a><span style=\"font-weight: 400;\">\uff08FINRA\uff09\u3001\u7ebd\u7ea6\u8bc1\u5238\u4ea4\u6613\u6240\uff08NYSE\uff09\u548c<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/f\/frb.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u7f8e\u8054\u50a8<\/span><\/a><span style=\"font-weight: 400;\">\u5df2\u7ecf\u4e3a\u4fdd\u8bc1\u91d1\u8d26\u6237\u5fc5\u987b\u4fdd\u6301\u7684\u91d1\u989d\u8bbe\u5b9a\u4e86\u6700\u4f4e\u503c\uff0c\u79f0\u4e3a<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/m\/maintenancemargin.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u7ef4\u6301\u4fdd\u8bc1\u91d1<\/span><\/a><span style=\"font-weight: 400;\">\u3002 <\/span><span style=\"font-weight: 400;\">1<\/span><span style=\"font-weight: 400;\">\u5982\u679c\u6295\u8d44\u8005\u7684\u8d26\u6237\u4ef7\u503c\u4f4e\u4e8e\u7ef4\u6301\u4fdd\u8bc1\u91d1\uff0c\u5219\u9700\u8981\u66f4\u591a\u7684\u8d44\u91d1\uff0c\u6216\u8005\u8be5\u5934\u5bf8\u53ef\u80fd\u88ab\u7ecf\u7eaa\u4eba\u5356\u6389\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u4e3a\u4e86\u5173\u95ed\u7a7a\u5934\u5934\u5bf8\uff0c\u4ea4\u6613\u8005\u5728\u5e02\u573a\u4e0a\u4e70\u56de\u80a1\u7968\u2013\u5e0c\u671b\u4ef7\u683c\u4f4e\u4e8e\u4ed6\u4eec\u501f\u5165\u8d44\u4ea7\u7684\u4ef7\u683c\u2013\u7136\u540e\u5c06\u5176\u5f52\u8fd8\u7ed9\u8d37\u6b3e\u4eba\u6216\u7ecf\u7eaa\u4eba\u3002\u4ea4\u6613\u8005\u5fc5\u987b\u5bf9\u7ecf\u7eaa\u4eba\u6536\u53d6\u7684\u4efb\u4f55\u5229\u606f\u6216\u4ea4\u6613\u7684\u4f63\u91d1\u4f5c\u51fa\u8bf4\u660e\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u627e\u5230\u53ef\u4ee5\u501f\u5165\u7684\u80a1\u7968\u5e76\u5728\u4ea4\u6613\u7ed3\u675f\u540e\u5f52\u8fd8\u7684\u8fc7\u7a0b\u7531\u7ecf\u7eaa\u4eba\u5728\u5e55\u540e\u5904\u7406\u3002\u6253\u5f00\u548c\u5173\u95ed\u4ea4\u6613\u53ef\u4ee5\u901a\u8fc7\u5927\u591a\u6570\u7ecf\u7eaa\u5546\u7684\u5e38\u89c4\u4ea4\u6613\u5e73\u53f0\u8fdb\u884c\u3002\u7136\u800c\uff0c\u6bcf\u4e2a\u7ecf\u7eaa\u5546\u5728\u5141\u8bb8\u4fdd\u8bc1\u91d1\u4ea4\u6613\u4e4b\u524d\uff0c\u90fd\u9700\u8981\u6ee1\u8db3\u89c4\u5b9a\u7684\u4ea4\u6613\u8d26\u6237\u8d44\u683c\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u4ece\u4e8b\u5356\u7a7a\u7684\u6700\u5e38\u89c1\u539f\u56e0\u662f\u6295\u673a\uff0c\u800c\u4e0d\u662f\u5bf9\u51b2\u3002\u6295\u8d44\u7b56\u7565\u53ef\u5206\u4e3a\u6295\u8d44\u548c\u6295\u673a\u3002\u6709\u4e24\u4e2a\u53c2\u6570\u5bf9\u6b64\u8fdb\u884c\u5b9a\u4e49\uff1a<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u4ea4\u6613\u4e2d\u627f\u62c5\u7684\u98ce\u9669\u7a0b\u5ea6<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u4ea4\u6613\u7684\u65f6\u95f4\u8de8\u5ea6<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u5bf9\u51b2\u6295\u8d44\u7684\u6d3b\u52a8\u4e00\u822c\u5728\u8f83\u957f\u7684\u65f6\u95f4\u8303\u56f4\u5185\u8fdb\u884c\uff0c\u6240\u4ee5\u6bd4\u6295\u673a\u4ea4\u6613\u7684\u98ce\u9669\u8981\u4f4e\u3002\u7531\u4e8e\u5356\u7a7a\u7684\u989d\u5916\u98ce\u9669\u5e76\u4e14\u901a\u5e38\u5728\u8f83\u5c0f\u7684\u65f6\u95f4\u8303\u56f4\u5185\u8fdb\u884c\uff0c\u56e0\u6b64\u5356\u7a7a\u66f4\u53ef\u80fd\u662f\u4e00\u79cd\u4e3a\u6295\u673a\u800c\u8fdb\u884c\u7684\u6d3b\u52a8\u3002<\/span><\/p>\n<h2><strong>\u5356\u7a7a\u7684\u76ee\u7684\uff1a\u83b7\u5229<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">\u60f3\u8c61\u4e00\u4e0b\uff0c\u4e00\u4e2a\u4ea4\u6613\u5458\u8ba4\u4e3aXYZ\u80a1\u7968\uff08\u76ee\u524d\u4ea4\u6613\u4ef7\u683c\u4e3a50\u7f8e\u5143\uff09\u5728\u672a\u6765\u4e09\u4e2a\u6708\u5185\u4ef7\u683c\u4f1a\u4e0b\u964d\u3002\u4ed6\u4eec\u201c\u501f\u5165\u201d\u4e86100\u80a1\u5e76\u5356\u7ed9\u53e6\u4e00\u4e2a\u6295\u8d44\u8005\u3002\u8be5\u4ea4\u6613\u5458\u73b0\u5728 \u201c\u5356\u7a7a \u201c\u4e86100\u80a1\uff0c\u56e0\u4e3a\u4ed6\u4eec\u5356\u51fa\u7684\u4e1c\u897f\u4e0d\u662f\u4ed6\u4eec\u81ea\u5df1\u7684\uff0c\u800c\u662f\u501f\u6765\u7684\u3002\u5356\u7a7a\u53ea\u80fd\u901a\u8fc7\u501f\u5165\u80a1\u7968\u6765\u5b9e\u73b0\uff0c\u5982\u679c\u8be5\u80a1\u7968\u5df2\u7ecf\u88ab\u5176\u4ed6\u4ea4\u6613\u8005\u5927\u91cf\u505a\u7a7a\uff0c\u5219\u4e0d\u4e00\u5b9a\u80fd\u501f\u5230\u3002<\/span><\/p>\n<p><span style=\"font-weight: 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400;\">\u548c\u4fdd\u8bc1\u91d1\u8d26\u6237\u7684\u5229\u606f\uff09\u662f1000\u7f8e\u5143\uff1a50\u7f8e\u5143-40\u7f8e\u5143=10\u7f8e\u5143\u00d7100\u80a1=1,000\u7f8e\u5143\uff09\u3002<\/span><\/p>\n<h2><strong>\u5356\u7a7a\u5982\u4f55\u5bfc\u81f4\u4e8f\u635f<\/strong><\/h2>\n<p><span style=\"font-weight: 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