{"id":382025,"date":"2021-05-12T17:20:16","date_gmt":"2021-05-13T00:20:16","guid":{"rendered":"https:\/\/nai500.com\/?p=382025"},"modified":"2021-05-14T11:00:58","modified_gmt":"2021-05-14T18:00:58","slug":"%e5%80%ba%e5%88%b8-%e7%9f%a5%e8%af%86-%e5%85%a5%e9%97%a82-%e5%80%ba%e5%88%b8-%e6%9c%89%e5%93%aa%e4%ba%9b-%e7%a7%8d%e7%b1%bb","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hans\/blog\/2021\/05\/%e5%80%ba%e5%88%b8-%e7%9f%a5%e8%af%86-%e5%85%a5%e9%97%a82-%e5%80%ba%e5%88%b8-%e6%9c%89%e5%93%aa%e4%ba%9b-%e7%a7%8d%e7%b1%bb\/","title":{"rendered":"\u503a\u5238\u77e5\u8bc6\u5165\u95e82\uff1a\u503a\u5238\u6709\u54ea\u4e9b\u79cd\u7c7b\uff1f"},"content":{"rendered":"<h2><strong>\u503a\u5238\u7684\u7c7b\u522b<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">\u5e02\u573a\u4e0a\u51fa\u552e\u7684\u503a\u5238\u4e3b\u8981\u6709\u56db\u7c7b\u3002\u4e0d\u8fc7\uff0c\u4f60\u4e5f\u53ef\u80fd\u5728\u4e00\u4e9b\u5e73\u53f0\u4e0a\u770b\u5230<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/f\/foreignbonds.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u4f01\u4e1a\u548c\u653f\u5e9c\u53d1\u884c\u7684\u5916\u56fd\u503a\u5238<\/span><\/a><span style=\"font-weight: 400;\">\u3002<\/span><\/p>\n<p>\u672c\u6587\u5171\u6709\u56db\u4e2a\u90e8\u5206\uff0c\u5728\u6b64\u67e5\u770b\u672c\u6587\u7684<strong><a href=\"https:\/\/nai500.com\/zh-hans\/blog\/2021\/05\/%e5%80%ba%e5%88%b8-%e7%9f%a5%e8%af%86-%e5%85%a5%e9%97%a81-%e4%bb%80%e4%b9%88%e6%98%af-%e5%80%ba%e5%88%b8\/\" target=\"_blank\" rel=\"noopener\">\u7b2c\u4e00\u90e8\u5206<\/a><\/strong>\u3001<strong><a href=\"https:\/\/nai500.com\/zh-hans\/blog\/2021\/05\/%e5%80%ba%e5%88%b8-%e7%9f%a5%e8%af%86-%e5%85%a5%e9%97%a83-%e5%80%ba%e5%88%b8-%e5%a6%82%e4%bd%95-%e5%ae%9a%e4%bb%b7\/\" target=\"_blank\" rel=\"noopener\">\u7b2c\u4e09\u90e8\u5206<\/a><\/strong>\u548c<strong><a href=\"https:\/\/nai500.com\/zh-hans\/blog\/2021\/05\/%e5%80%ba%e5%88%b8-%e7%9f%a5%e8%af%86-%e5%85%a5%e9%97%a84-%e5%80%ba%e5%88%b8%e7%9a%84-%e5%b8%b8%e8%a7%81-%e9%97%ae%e9%a2%98\/\" target=\"_blank\" rel=\"noopener\">\u7b2c\u56db\u90e8\u5206<\/a><\/strong>\u3002<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>\u516c\u53f8\u503a\u5238<\/b><span style=\"font-weight: 400;\">\u662f\u7531\u516c\u53f8\u53d1\u884c\u7684\u3002\u56e0\u4e3a\u503a\u5238\u5e02\u573a\u63d0\u4f9b\u66f4\u6709\u5229\u7684\u6761\u4ef6\u548c\u66f4\u4f4e\u7684\u5229\u7387\uff0c\u6240\u4ee5\u5728\u8bb8\u591a\u60c5\u51b5\u4e0b\uff0c\u516c\u53f8\u4f1a\u53d1\u884c\u503a\u5238\uff0c\u800c\u4e0d\u662f\u5bfb\u6c42\u94f6\u884c\u8d37\u6b3e\u6765\u8fdb\u884c\u503a\u52a1\u878d\u8d44\u3002<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>\u5e02\u653f\u503a\u5238<\/b><span style=\"font-weight: 400;\">\u662f\u7531\u5dde\u548c\u5e02\u653f\u5f53\u5c40\u53d1\u884c\u7684\u3002\u4e00\u4e9b\u5e02\u653f\u503a\u5238\u4e3a\u6295\u8d44\u8005\u63d0\u4f9b\u514d\u7a0e\u7684\u503a\u606f\u6536\u5165\u3002<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>\u653f\u5e9c\u503a\u5238\uff0c<\/b><span style=\"font-weight: 400;\">\u6bd4\u5982\u7f8e\u56fd\u8d22\u653f\u90e8\u53d1\u884c\u7684\u503a\u5238\u3002\u8d22\u653f\u90e8\u53d1\u884c\u7684\u79bb\u5230\u671f\u65e5\u4e00\u5e74\u6216\u66f4\u77ed\u7684\u503a\u5238\u88ab\u79f0\u4e3a \u201c\u77ed\u671f\u503a\u5238\u201d\uff1b\u53d1\u884c\u7684\u79bb\u5230\u671f\u65e51-10\u5e74\u7684\u503a\u5238\u88ab\u79f0\u4e3a \u201c\u4e2d\u671f\u503a\u5238\u201d\uff1b\u800c\u53d1\u884c\u7684\u79bb\u5230\u671f\u65e510\u5e74\u4ee5\u4e0a\u7684\u503a\u5238\u88ab\u79f0\u4e3a \u201c\u957f\u671f\u503a\u5238\u201d\u3002\u7531\u653f\u5e9c\u8d22\u653f\u90e8\u53d1\u884c\u7684\u6574\u4e2a\u7c7b\u522b\u7684\u503a\u5238\u901a\u5e38\u88ab\u7edf\u79f0\u4e3a 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target=\"_blank\" rel=\"noopener\"><b>\u96f6\u606f\u503a\u5238<\/b><\/a><b>\u503a\u5238<\/b><span style=\"font-weight: 400;\">\u4e0d\u652f\u4ed8\u7968\u606f\u5229\u7387\uff0c\u800c\u662f\u4ee5\u5176\u9762\u503c\u7684\u6298\u4ef7\u53d1\u884c\uff0c\u4e00\u65e6\u503a\u5238\u6301\u6709\u4eba\u5728\u503a\u5238\u5230\u671f\u65f6\u83b7\u5f97\u5168\u90e8\u9762\u503c\uff0c\u5c31\u4f1a\u4ea7\u751f\u56de\u62a5\u3002\u7f8e\u56fd\u56fd\u5e93\u5238\u662f\u4e00\u79cd\u96f6\u606f\u503a\u5238\u3002<\/span><\/p>\n<p><a href=\"https:\/\/www.investopedia.com\/terms\/c\/convertiblebond.asp\" target=\"_blank\" rel=\"noopener\"><b>\u53ef\u8f6c\u6362\u503a\u5238<\/b><\/a><span style=\"font-weight: 400;\">\u662f\u5e26\u6709\u5185\u5d4c\u671f\u6743\u7684\u503a\u52a1\u5de5\u5177\uff0c\u5141\u8bb8\u503a\u5238\u6301\u6709\u4eba\u5728\u67d0\u4e2a\u65f6\u5019\u5c06\u5176\u503a\u52a1\u8f6c\u6362\u4e3a\u80a1\u7968\uff08\u80a1\u6743\uff09\uff0c\u8fd9\u53d6\u51b3\u4e8e\u67d0\u4e9b\u6761\u4ef6\uff0c\u5982\u80a1\u4ef7\u3002\u4f8b\u5982\uff0c\u8bbe\u60f3\u4e00\u5bb6\u516c\u53f8\u9700\u8981\u501f100\u4e07\u7f8e\u5143\u6765\u8d44\u52a9\u4e00\u4e2a\u65b0\u9879\u76ee\u3002\u4ed6\u4eec\u53ef\u4ee5\u901a\u8fc7\u53d1\u884c\u7968\u606f\u4e3a12%\u300110\u5e74\u540e\u5230\u671f\u7684\u503a\u5238\u6765\u501f\u6b3e\u3002\u7136\u800c\uff0c\u5982\u679c\u4ed6\u4eec\u77e5\u9053\u6709\u4e00\u4e9b\u6295\u8d44\u8005\u613f\u610f\u8d2d\u4e70\u7968\u606f\u4e3a8%\u7684\u503a\u5238\uff0c\u5982\u679c\u80a1\u7968\u4ef7\u683c\u4e0a\u5347\u5230\u67d0\u4e00\u6570\u503c\u4ee5\u4e0a\uff0c\u4ed6\u4eec\u53ef\u4ee5\u5c06\u503a\u5238\u8f6c\u6362\u6210\u80a1\u7968\uff0c\u90a3\u4e48\u4ed6\u4eec\u53ef\u80fd\u66f4\u613f\u610f\u53d1\u884c\u8fd9\u4e9b\u503a\u5238\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u7531\u4e8e\u9879\u76ee\u5904\u4e8e\u65e9\u671f\u9636\u6bb5\u65f6\uff0c\u652f\u4ed8\u8f83\u4f4e\u7684\u5229\u606f\uff0c\u6240\u4ee5\u53ef\u8f6c\u6362\u503a\u5238\u53ef\u80fd\u662f\u516c\u53f8\u7684\u6700\u4f73\u89e3\u51b3\u65b9\u6848\u3002\u5982\u679c\u6295\u8d44\u8005\u8f6c\u6362\u4ed6\u4eec\u7684\u503a\u5238\uff0c\u5176\u4ed6\u80a1\u4e1c\u7684\u80a1\u6743\u5c06\u88ab\u7a00\u91ca\uff0c\u4f46\u516c\u53f8\u5c06\u4e0d\u5fc5\u518d\u652f\u4ed8\u4efb\u4f55\u5229\u606f\u6216\u503a\u5238\u7684\u672c\u91d1\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u8d2d\u4e70\u53ef\u8f6c\u6362\u503a\u5238\u7684\u6295\u8d44\u8005\u53ef\u80fd\u8ba4\u4e3a\u8fd9\u662f\u4e00\u4e2a\u5f88\u597d\u7684\u89e3\u51b3\u65b9\u6848\uff0c\u5982\u679c\u9879\u76ee\u6210\u529f\uff0c\u4ed6\u4eec\u53ef\u4ee5\u4ece\u80a1\u7968\u7684\u4e0a\u6da8\u4e2d\u83b7\u5229\u3002\u4ed6\u4eec\u901a\u8fc7\u63a5\u53d7\u8f83\u4f4e\u7684\u7968\u606f\u5229\u7387\u627f\u62c5\u4e86\u66f4\u591a\u7684\u98ce\u9669\uff0c\u4f46\u5982\u679c\u503a\u5238\u88ab\u8f6c\u6362\uff0c\u6f5c\u5728\u7684\u56de\u62a5\u53ef\u80fd\u4f7f\u8fd9\u79cd\u6743\u8861\u53ef\u4ee5\u63a5\u53d7\u3002<\/span><\/p>\n<p><a href=\"https:\/\/www.investopedia.com\/terms\/c\/callablebond.asp\" target=\"_blank\" rel=\"noopener\"><b>\u53ef\u8d4e\u56de<\/b><\/a><b>\u503a\u5238<\/b><span style=\"font-weight: 400;\">\u4e5f\u6709\u5185\u5d4c\u671f\u6743\uff0c\u4f46\u5b83\u4e0e\u53ef\u8f6c\u6362\u503a\u5238\u4e2d\u7684\u671f\u6743\u4e0d\u540c\u3002\u53ef\u8d4e\u56de\u503a\u5238\u662f\u4e00\u79cd\u53ef\u4ee5\u5728\u5230\u671f\u524d\u88ab\u516c\u53f8 \u201c\u8d4e\u56de \u201c\u7684\u503a\u5238\u3002\u5047\u8bbe\u4e00\u5bb6\u516c\u53f8\u901a\u8fc7\u53d1\u884c10\u5e74\u540e\u5230\u671f\u768410%\u7968\u606f\u7684\u503a\u5238\u501f\u5230\u4e86100\u4e07\u7f8e\u5143\u3002\u5982\u679c\u5728\u7b2c5\u5e74\u5229\u7387\u4e0b\u964d\uff08\u6216\u516c\u53f8\u7684\u4fe1\u7528\u8bc4\u7ea7\u63d0\u9ad8\uff09\uff0c\u5f53\u516c\u53f8\u53ef\u4ee5\u4ee58%\u7684\u4ef7\u683c\u501f\u6b3e\u65f6\uff0c\u4ed6\u4eec\u5c06\u5411\u503a\u5238\u6301\u6709\u4eba\u8d4e\u56de\u6216\u4ee5\u672c\u91d1\u56de\u8d2d\u503a\u5238\uff0c\u5e76\u4ee5\u8f83\u4f4e\u7684\u7968\u9762\u5229\u7387\u91cd\u65b0\u53d1\u884c\u65b0\u503a\u5238\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u56e0\u4e3a\u5f53\u53ef\u8d4e\u56de\u503a\u5238\u7684\u4ef7\u503c\u4e0a\u5347\u65f6\uff0c\u53ef\u8d4e\u56de\u503a\u5238\u66f4\u6709\u53ef\u80fd\u88ab\u8d4e\u56de,\u6240\u4ee5\u53ef\u8d4e\u56de\u503a\u5238\u5bf9\u503a\u5238\u8d2d\u4e70\u8005\u6765\u8bf4\u98ce\u9669\u66f4\u5927\u3002\u8bb0\u4f4f\uff0c\u5f53\u5229\u7387\u4e0b\u964d\u65f6\uff0c\u503a\u5238\u4ef7\u683c\u4f1a\u4e0a\u5347\u3002\u6b63\u56e0\u4e3a\u5982\u6b64\uff0c\u53ef\u8d4e\u56de\u503a\u5238\u7684\u4ef7\u503c\u4e0d\u5982\u5177\u6709\u76f8\u540c\u671f\u9650\u3001\u4fe1\u7528\u7b49\u7ea7\u548c\u7968\u9762\u5229\u7387\u7684\u4e0d\u53ef\u8d4e\u56de\u7684\u503a\u5238\u3002<\/span><\/p>\n<p><a href=\"https:\/\/www.investopedia.com\/terms\/p\/putbond.asp\" target=\"_blank\" rel=\"noopener\"><b>\u53ef\u56de\u552e\u503a\u5238<\/b><\/a><b>\u503a\u5238<\/b><span style=\"font-weight: 400;\">\u5141\u8bb8\u503a\u5238\u6301\u6709\u4eba\u5728\u503a\u5238\u5230\u671f\u524d\u5c06\u5176\u653e\u56de\u6216\u5356\u7ed9\u516c\u53f8\u3002\u8fd9\u5bf9\u90a3\u4e9b\u62c5\u5fc3\u503a\u5238\u53ef\u80fd\u8d2c\u503c\u3001\u6216\u8005\u5982\u679c\u8ba4\u4e3a\u5229\u7387\u4f1a\u4e0a\u5347\u5e76\u60f3\u5728\u503a\u5238\u8d2c\u503c\u4e4b\u524d\u62ff\u56de\u4ed6\u4eec\u672c\u91d1\u7684\u6295\u8d44\u8005\u6765\u8bf4\u5f88\u6709\u4ef7\u503c\u3002<\/span><\/p>\n<p><span style=\"font-weight: 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