{"id":381263,"date":"2021-05-06T14:11:46","date_gmt":"2021-05-06T21:11:46","guid":{"rendered":"https:\/\/nai500.com\/?p=381263"},"modified":"2021-11-17T14:38:35","modified_gmt":"2021-11-17T22:38:35","slug":"%e4%bb%80%e9%ba%bc%e6%98%af-%e8%b3%a3%e7%a9%ba-short-selling-%e8%b3%a3%e7%a9%ba-%e5%a6%82%e4%bd%95-%e9%81%8b%e4%bd%9c","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2021\/05\/%e4%bb%80%e9%ba%bc%e6%98%af-%e8%b3%a3%e7%a9%ba-short-selling-%e8%b3%a3%e7%a9%ba-%e5%a6%82%e4%bd%95-%e9%81%8b%e4%bd%9c\/","title":{"rendered":"\u4ec0\u9ebc\u662f\u8ce3\u7a7a(short selling)\uff1f\u8ce3\u7a7a\u5982\u4f55\u904b\u4f5c\uff1f"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">\u8ce3\u7a7a\u662f\u4e00\u7a2e\u6295\u8cc7\u6216\u4ea4\u6613\u7b56\u7565\uff0c\u5728\u80a1\u7968\u6216\u5176\u4ed6\u8b49\u5238\u7684\u50f9\u683c\u4e0b\u8dcc\u6642\u9032\u884c\u6295\u6a5f\u3002\u9019\u662f\u4e00\u7a2e\u9ad8\u7d1a\u7b56\u7565\uff0c\u53ea\u61c9\u7531\u6709\u7d93\u9a57\u7684\u4ea4\u6613\u54e1\u548c\u6295\u8cc7\u8005\u9032\u884c\u3002<\/span><\/p>\n<p>\u672c\u6587\u5171\u6709\u4e09\u500b\u90e8\u5206\uff0c\u5728\u6b64\u67e5\u770b\u672c\u6587\u7684<strong><a href=\"https:\/\/nai500.com\/zh-hant\/blog\/2021\/05\/%e8%b3%a3%e7%a9%ba%e7%9a%84-%e5%84%aa%e7%bc%ba%e9%bb%9e-%e4%bb%a5%e5%8f%8a-%e9%a2%a8%e9%9a%aa\/\" target=\"_blank\" rel=\"noopener\">\u7b2c\u4e8c\u90e8\u5206<\/a><\/strong>\u548c<strong><a href=\"https:\/\/nai500.com\/zh-hant\/blog\/2021\/05\/%e8%b3%a3%e7%a9%ba-%e5%a6%82%e4%bd%95-%e7%8d%b2%e5%88%a9-%e8%b3%a3%e7%a9%ba%e7%9a%84-%e8%a1%a1%e9%87%8f%e6%8c%87%e6%a8%99-%e5%92%8c%e7%90%86%e6%83%b3%e6%a2%9d%e4%bb%b6\/\" target=\"_blank\" rel=\"noopener\">\u7b2c\u4e09\u90e8\u5206<\/a><\/strong>\u3002<\/p>\n<p><span style=\"font-weight: 400;\">\u4ea4\u6613\u54e1\u53ef\u4ee5\u5229\u7528\u8ce3\u7a7a\u4f5c\u70ba<\/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\u6a5f<\/span><\/a><span style=\"font-weight: 400;\">\uff0c\u800c\u6295\u8cc7\u8005\u6216\u6295\u8cc7\u7d44\u5408\u7d93\u7406\u53ef\u4ee5\u5229\u7528\u8ce3\u7a7a\u4f5c\u70ba<\/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;\">\u5c0d\u6c96<\/span><\/a><span style=\"font-weight: 400;\">\u540c\u4e00\u8b49\u5238\u6216\u76f8\u95dc\u8b49\u5238\u7684\u591a\u982d\u982d\u5bf8\u7684<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/d\/downsiderisk.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u4e0b\u8dcc\u98a8\u96aa<\/span><\/a><span style=\"font-weight: 400;\">\u3002<\/span><span style=\"font-weight: 400;\">\u6295\u6a5f\u6709\u53ef\u80fd\u5e36\u4f86\u5de8\u5927\u98a8\u96aa\uff0c\u662f\u4e00\u7a2e\u9ad8\u7d1a\u4ea4\u6613\u65b9\u6cd5\u3002\u5c0d\u6c96\u662f\u4e00\u7a2e\u66f4\u5e38\u898b\u7684\u4ea4\u6613\uff0c\u6d89\u53ca\u653e\u7f6e\u4e00\u500b\u62b5\u6d88\u982d\u5bf8\u4ee5\u6e1b\u5c11\u98a8\u96aa\u655e\u53e3\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u5728\u8ce3\u7a7a\u4e2d\uff0c\u901a\u904e\u501f\u5165\u6295\u8cc7\u8005\u8a8d\u70ba\u6703\u8cb6\u503c\u7684\u80a1\u7968\u6216\u5176\u4ed6\u8cc7\u7522\u7684\u80a1\u4efd\u4f86\u5efa\u7acb\u982d\u5bf8\u3002\u7136\u5f8c\u6295\u8cc7\u8005\u5c07\u9019\u4e9b\u501f\u4f86\u7684\u80a1\u7968\u8ce3\u7d66\u9858\u610f\u652f\u4ed8\u5e02\u5834\u50f9\u683c\u7684\u8cb7\u5bb6\u3002\u5728\u5fc5\u9808\u6b78\u9084\u501f\u4f86\u7684\u80a1\u7968\u4e4b\u524d\uff0c\u4ea4\u6613\u5546\u5728\u8ced\u50f9\u683c\u6703\u7e7c\u7e8c\u4e0b\u8dcc\uff0c\u4ed6\u5011\u53ef\u4ee5\u4ee5\u8f03\u4f4e\u7684\u6210\u672c\u8cfc\u8cb7\u9019\u4e9b\u80a1\u7968\u3002\u7406\u8ad6\u4e0a\uff0c\u7531\u65bc\u4efb\u4f55\u8cc7\u7522\u7684\u50f9\u683c\u90fd\u53ef\u4ee5\u6500\u5347\u5230\u7121\u7aae\u5927\uff0c\u6240\u4ee5\u8ce3\u7a7a\u7684\u640d\u5931\u98a8\u96aa\u662f\u7121\u9650\u7684\u3002<\/span><\/p>\n<p><strong>\u95dc\u9375\u8981\u9ede<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u8ce3\u7a7a\u662f\u6307\u6295\u8cc7\u8005\u85c9\u5165\u8b49\u5238\u4e26\u5728\u516c\u958b\u5e02\u5834\u4e0a\u8ce3\u51fa\uff0c\u8a08\u5283\u4ee5\u5f8c\u4ee5\u66f4\u5c11\u7684\u9322\u8cb7\u56de\u5b83\u3002<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u8ce3\u7a7a\u8005\u62bc\u6ce8\u65bc\u8b49\u5238\u50f9\u683c\u7684\u4e0b\u8dcc\u4e26\u5f9e\u4e2d\u7372\u5229\u3002\u9019\u53ef\u4ee5\u8207\u5e0c\u671b\u50f9\u683c\u4e0a\u6f32\u7684\u591a\u982d\u6295\u8cc7\u8005\u5f62\u6210\u5c0d\u6bd4\u3002<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u8ce3\u7a7a\u6709\u4e00\u500b\u9ad8\u98a8\u96aa\/\u56de\u5831\u7387\u3002\u8ce3\u7a7a\u53ef\u4ee5\u63d0\u4f9b\u5de8\u5927\u7684\u5229\u6f64\uff0c\u4f46\u7531\u65bc\u8ffd\u52a0\u4fdd\u8b49\u91d1\uff0c\u640d\u5931\u53ef\u80fd\u6703\u8fc5\u901f\u4e26\u7121\u9650\u5730\u589e\u52a0\u3002<\/span><\/li>\n<\/ul>\n<h2>\u4e86\u89e3\u8ce3\u7a7a\u904b\u4f5c\u6a5f\u5236<\/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;\">\u9023\u74b0\u756b\u4e2d\u7684Wimpy\u672c\u4f86\u662f\u4e00\u500b\u5b8c\u7f8e\u7684\u8ce3\u7a7a\u8005\u3002\u9019\u500b\u6f2b\u756b\u4eba\u7269\u56e0\u8aaa\u4ed6\u201d\u5f88\u6a02\u610f\u70ba\u4eca\u5929\u7684\u6f22\u5821\u5305\u652f\u4ed8\u4e0b\u9031\u4e8c\u7684\u8cbb\u7528\u201d\u800c\u805e\u540d\u3002\u5728\u8ce3\u7a7a\u904e\u7a0b\u4e2d\uff0c\u8ce3\u5bb6\u901a\u904e\u901a\u5e38\u5f9e<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/b\/broker-dealer.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u7d93\u7d00\u4eba-\u4ea4\u6613\u5546<\/span><\/a><span style=\"font-weight: 400;\">\u501f\u5165\u80a1\u7968\u5efa\u7acb\u982d\u5bf8\u3002<\/span><span style=\"font-weight: 400;\">\u5728\u5fc5\u9808\u5c07\u9019\u4e9b\u80a1\u7968\u6b78\u9084\u8cb8\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;\">\u8ce3\u7a7a\u8005\u5c07\u8a66\u5716\u901a\u904e\u4f7f\u7528\u9019\u4e9b\u80a1\u7968\u4f86\u8cfa\u9322<\/span><\/a><span style=\"font-weight: 400;\">\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u70ba\u4e86\u5efa\u7acb\u7a7a\u982d\u982d\u5bf8\uff0c\u4ea4\u6613\u8005\u5fc5\u9808\u6709\u4e00\u500b<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/m\/marginaccount.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u4fdd\u8b49\u91d1\u8cec\u6236<\/span><\/a><span style=\"font-weight: 400;\">\uff0c\u4e26\u4e14\u5728\u982d\u5bf8\u672a\u7d50\u7684\u60c5\u6cc1\u4e0b\uff0c\u901a\u5e38\u8981\u6309\u6240\u501f\u80a1\u7968\u7684\u50f9\u503c\u652f\u4ed8\u5229\u606f\u3002\u53e6\u5916\uff0c\u8ca0\u8cac\u57f7\u884c\u7f8e\u570b\u8a3b\u518a\u7d93\u7d00\u4eba\u548c\u7d93\u7d00\u5546\u516c\u53f8\u7684\u898f\u5247\u548c\u689d\u4f8b\u7684<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/f\/finra.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u91d1\u878d\u696d\u76e3\u7ba1\u5c40<\/span><\/a><span style=\"font-weight: 400;\">\uff08FINRA\uff09\u3001\u7d10\u7d04\u8b49\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\u806f\u5132<\/span><\/a><span style=\"font-weight: 400;\">\u5df2\u7d93\u70ba\u4fdd\u8b49\u91d1\u8cec\u6236\u5fc5\u9808\u4fdd\u6301\u7684\u91d1\u984d\u8a2d\u5b9a\u4e86\u6700\u4f4e\u503c\uff0c\u7a31\u70ba<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/m\/maintenancemargin.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u7dad\u6301\u4fdd\u8b49\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\u8cc7\u8005\u7684\u8cec\u6236\u50f9\u503c\u4f4e\u65bc\u7dad\u6301\u4fdd\u8b49\u91d1\uff0c\u5247\u9700\u8981\u66f4\u591a\u7684\u8cc7\u91d1\uff0c\u6216\u8005\u8a72\u982d\u5bf8\u53ef\u80fd\u88ab\u7d93\u7d00\u4eba\u8ce3\u6389\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u70ba\u4e86\u95dc\u9589\u7a7a\u982d\u982d\u5bf8\uff0c\u4ea4\u6613\u8005\u5728\u5e02\u5834\u4e0a\u8cb7\u56de\u80a1\u7968\u2013\u5e0c\u671b\u50f9\u683c\u4f4e\u65bc\u4ed6\u5011\u85c9\u5165\u8cc7\u7522\u7684\u50f9\u683c\u2013\u7136\u5f8c\u5c07\u5176\u6b78\u9084\u7d66\u8cb8\u6b3e\u4eba\u6216\u7d93\u7d00\u4eba\u3002\u4ea4\u6613\u8005\u5fc5\u9808\u5c0d\u7d93\u7d00\u4eba\u6536\u53d6\u7684\u4efb\u4f55\u5229\u606f\u6216\u4ea4\u6613\u7684\u4f63\u91d1\u4f5c\u51fa\u8aaa\u660e\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u627e\u5230\u53ef\u4ee5\u85c9\u5165\u7684\u80a1\u7968\u4e26\u5728\u4ea4\u6613\u7d50\u675f\u5f8c\u6b78\u9084\u7684\u904e\u7a0b\u7531\u7d93\u7d00\u4eba\u5728\u5e55\u5f8c\u8655\u7406\u3002\u6253\u958b\u548c\u95dc\u9589\u4ea4\u6613\u53ef\u4ee5\u901a\u904e\u5927\u591a\u6578\u7d93\u7d00\u5546\u7684\u5e38\u898f\u4ea4\u6613\u5e73\u53f0\u9032\u884c\u3002\u7136\u800c\uff0c\u6bcf\u500b\u7d93\u7d00\u5546\u5728\u5141\u8a31\u4fdd\u8b49\u91d1\u4ea4\u6613\u4e4b\u524d\uff0c\u90fd\u9700\u8981\u6eff\u8db3\u898f\u5b9a\u7684\u4ea4\u6613\u8cec\u6236\u8cc7\u683c\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u5f9e\u4e8b\u8ce3\u7a7a\u7684\u6700\u5e38\u898b\u539f\u56e0\u662f\u6295\u6a5f\uff0c\u800c\u4e0d\u662f\u5c0d\u6c96\u3002\u6295\u8cc7\u7b56\u7565\u53ef\u5206\u70ba\u6295\u8cc7\u548c\u6295\u6a5f\u3002\u6709\u5169\u500b\u53c3\u6578\u5c0d\u6b64\u9032\u884c\u5b9a\u7fa9\uff1a<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u4ea4\u6613\u4e2d\u627f\u64d4\u7684\u98a8\u96aa\u7a0b\u5ea6<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u4ea4\u6613\u7684\u6642\u9593\u8de8\u5ea6<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u5c0d\u6c96\u6295\u8cc7\u7684\u6d3b\u52d5\u4e00\u822c\u5728\u8f03\u9577\u7684\u6642\u9593\u7bc4\u570d\u5167\u9032\u884c\uff0c\u6240\u4ee5\u6bd4\u6295\u6a5f\u4ea4\u6613\u7684\u98a8\u96aa\u8981\u4f4e\u3002\u7531\u65bc\u8ce3\u7a7a\u7684\u984d\u5916\u98a8\u96aa\u4e26\u4e14\u901a\u5e38\u5728\u8f03\u5c0f\u7684\u6642\u9593\u7bc4\u570d\u5167\u9032\u884c\uff0c\u56e0\u6b64\u8ce3\u7a7a\u66f4\u53ef\u80fd\u662f\u4e00\u7a2e\u70ba\u6295\u6a5f\u800c\u9032\u884c\u7684\u6d3b\u52d5\u3002<\/span><\/p>\n<h2><strong>\u8ce3\u7a7a\u7684\u76ee\u7684\uff1a\u7372\u5229\u00a0<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">\u60f3\u50cf\u4e00\u4e0b\uff0c\u4e00\u500b\u4ea4\u6613\u54e1\u8a8d\u70baXYZ\u80a1\u7968\uff08\u76ee\u524d\u4ea4\u6613\u50f9\u683c\u70ba50\u7f8e\u5143\uff09\u5728\u672a\u4f86\u4e09\u500b\u6708\u5167\u50f9\u683c\u6703\u4e0b\u964d\u3002\u4ed6\u5011\u201c\u501f\u5165\u201d\u4e86100\u80a1\u4e26\u8ce3\u7d66\u53e6\u4e00\u500b\u6295\u8cc7\u8005\u3002\u8a72\u4ea4\u6613\u54e1\u73fe\u5728\u201d\u8ce3\u7a7a\u201d\u4e86100\u80a1\uff0c\u56e0\u70ba\u4ed6\u5011\u8ce3\u51fa\u7684\u6771\u897f\u4e0d\u662f\u4ed6\u5011\u81ea\u5df1\u7684\uff0c\u800c\u662f\u85c9\u4f86\u7684\u3002\u8ce3\u7a7a\u53ea\u80fd\u901a\u904e\u501f\u5165\u80a1\u7968\u4f86\u5be6\u73fe\uff0c\u5982\u679c\u8a72\u80a1\u7968\u5df2\u7d93\u88ab\u5176\u4ed6\u4ea4\u6613\u8005\u5927\u91cf\u505a\u7a7a\uff0c\u5247\u4e0d\u4e00\u5b9a\u80fd\u85c9\u5230\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u4e00\u5468\u5f8c\uff0c\u80a1\u7968\u88ab\u505a\u7a7a\u7684\u516c\u53f8\u5831\u544a\u4e86\u8a72\u5b63\u5ea6\u4ee4\u4eba\u6cae\u55aa\u7684\u8ca1\u52d9\u696d\u7e3e\uff0c\u80a1\u7968\u8dcc\u81f340\u7f8e\u5143\u3002\u8a72\u4ea4\u6613\u54e1\u6c7a\u5b9a\u95dc\u9589\u7a7a\u982d\u982d\u5bf8\uff0c\u4e26\u5728\u516c\u958b\u5e02\u5834\u4e0a\u4ee540\u7f8e\u5143\u7684\u50f9\u683c\u8cb7\u5165100\u80a1\uff0c\u4ee5\u53d6\u4ee3\u6240\u501f\u7684\u80a1\u7968\u3002\u8a72\u4ea4\u6613\u54e1\u7684\u8ce3\u7a7a\u5229\u6f64\uff08\u4e0d\u5305\u62ec<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/c\/commission.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u4f63\u91d1<\/span><\/a><span style=\"font-weight: 400;\">\u548c\u4fdd\u8b49\u91d1\u8cec\u6236\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>\u8ce3\u7a7a\u5982\u4f55\u5c0e\u81f4\u8667\u640d<\/strong><\/h2>\n<p><span style=\"font-weight: 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