{"id":9066,"date":"2026-06-09T00:48:26","date_gmt":"2026-06-08T16:48:26","guid":{"rendered":"https:\/\/www.syfe.com\/hk\/magazine\/?p=9066"},"modified":"2026-06-22T11:59:32","modified_gmt":"2026-06-22T03:59:32","slug":"%e5%82%b5%e5%8b%99-%e9%81%95%e7%b4%84-%e5%be%8c%e6%9e%9c","status":"publish","type":"post","link":"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e5%82%b5%e5%8b%99-%e9%81%95%e7%b4%84-%e5%be%8c%e6%9e%9c\/","title":{"rendered":"\u50b5\u5238\u5165\u9580\uff5c\u4ec0\u9ebc\u662f\u6280\u8853\u6027\u9055\u7d04\uff1f\u4e3b\u6b0a\u50b5\u5238\u8207\u4f01\u696d\u50b5\u5238\u9055\u7d04\u5927\u4e0d\u540c\uff01"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/06\/\u50b5\u52d9-\u9055\u7d04-\u5f8c\u679c-1024x576.png\" alt=\"\" class=\"wp-image-9067\" srcset=\"https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/06\/\u50b5\u52d9-\u9055\u7d04-\u5f8c\u679c-1024x576.png 1024w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/06\/\u50b5\u52d9-\u9055\u7d04-\u5f8c\u679c-300x169.png 300w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/06\/\u50b5\u52d9-\u9055\u7d04-\u5f8c\u679c-768x432.png 768w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/06\/\u50b5\u52d9-\u9055\u7d04-\u5f8c\u679c-1536x864.png 1536w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/06\/\u50b5\u52d9-\u9055\u7d04-\u5f8c\u679c-747x420.png 747w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/06\/\u50b5\u52d9-\u9055\u7d04-\u5f8c\u679c-696x392.png 696w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/06\/\u50b5\u52d9-\u9055\u7d04-\u5f8c\u679c-1068x601.png 1068w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/06\/\u50b5\u52d9-\u9055\u7d04-\u5f8c\u679c.png 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>\u50b5\u52d9\u9055\u7d04\uff08\u82f1\u6587\uff1aDebt Default\uff09\u662f\u6700\u6838\u5fc3\u7684\u4fe1\u8cb8\u98a8\u96aa\uff0c\u5b9a\u7fa9\u70ba\u50b5\u52d9\u4eba\u672a\u80fd\u6309\u7167\u50b5\u5238\u5951\u7d04\u7684\u689d\u6b3e\u6e96\u6642\u652f\u4ed8\u5229\u606f\u6216\u672c\u91d1\uff0c\u6216\u89f8\u767c\u5951\u7d04\u4e2d\u7684\u5176\u4ed6\u9055\u7d04\u689d\u6b3e\u3002\u7121\u8ad6\u662f\u653f\u5e9c\u767c\u884c\u7684\u4e3b\u6b0a\u50b5\u5238\uff0c\u9084\u662f\u4f01\u696d\u767c\u884c\u7684\u516c\u53f8\u50b5\u5238\uff0c\u9055\u7d04\u4e8b\u4ef6\u5747\u53ef\u80fd\u5c0d\u5168\u7403\u91d1\u878d\u9ad4\u7cfb\u9020\u6210\u6df1\u9060\u5f71\u97ff\uff0c\u56fa\u5b9a\u6536\u76ca\u6295\u8cc7\u8005\u66f4\u9700\u6df1\u5165\u7406\u89e3\u9055\u7d04\u904b\u4f5c\u6a5f\u5236\u53ca\u76f8\u95dc\u98a8\u96aa\u7ba1\u7406\u5de5\u5177\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u4e3b\u6b0a\u50b5\u52d9\u8207\u4f01\u696d\u50b5\u52d9\u9055\u7d04\u7684\u5b9a\u7fa9\u8207\u5dee\u7570<\/h2>\n\n\n\n<p>\u4e3b\u6b0a\u50b5\u52d9\u9055\u7d04\uff08\u82f1\u6587\uff1aSovereign Default\uff09\u8207\u4f01\u696d\u50b5\u52d9\u9055\u7d04\uff08\u82f1\u6587\uff1aCorporate Default\uff09\u5728\u6cd5\u5f8b\u6846\u67b6\u3001\u9055\u7d04\u52d5\u6a5f\u53ca\u5e02\u5834\u5f71\u97ff\u65b9\u9762\u5b58\u5728\u6839\u672c\u6027\u7684\u5206\u5225\u3002<\/p>\n\n\n\n<p>\u4e3b\u6b0a\u9055\u7d04\u662f\u6307\u4e00\u570b\u653f\u5e9c\u7121\u6cd5\u6216\u4e0d\u9858\u5c65\u884c\u5176\u5c0d\u5916\u50b5\u52d9\u7684\u9084\u6b3e\u7fa9\u52d9\uff0c\u8207\u4f01\u696d\u9055\u7d04\u4e0d\u540c\uff0c\u4e3b\u6b0a\u570b\u5bb6\u4e26\u4e0d\u5b58\u5728\u7834\u7522\u6e05\u7b97\u6a5f\u5236\uff0c\u50b5\u6b0a\u4eba\u7121\u6cd5\u901a\u904e\u6cd5\u5f8b\u7a0b\u5e8f\u5f37\u5236\u57f7\u884c\u4e3b\u6b0a\u570b\u5bb6\u7684\u8cc7\u7522\uff0c\u9019\u6b63\u662f\u6240\u8b02\u7684\u4e3b\u6b0a\u8c41\u514d\u539f\u5247\u3002<\/p>\n\n\n\n<p>\u6839\u64da\u53f2\u4e39\u798f\u5927\u5b78\u5546\u5b78\u9662\u7684\u7814\u7a76\uff0c\u4e3b\u6b0a\u50b5\u52d9\u7684\u7368\u7279\u6027\u5728\u65bc\u5176\u7f3a\u4e4f\u62b5\u62bc\u54c1\uff0c\u9055\u7d04\u5f8c\u7684\u61f2\u7f70\u4e3b\u8981\u9ad4\u73fe\u70ba\u88ab\u6392\u9664\u5728\u5168\u7403\u878d\u8cc7\u9ad4\u7cfb\u4e4b\u5916\u3002\u963f\u6839\u5ef7\u662f\u4e3b\u6b0a\u9055\u7d04\u7684\u5178\u578b\u4f8b\u5b50\uff0c<a href=\"https:\/\/www.publicdebtnet.org\/pdm\/.content\/PaginaInternaConDocuments\/LEGAL-AND-ORGANIZATIONAL-FRAMEWORK\/Debt-Restructuring\/Documents\/Document-202311161550.html\">\u65bc<\/a>2001\u5e7412\u6708\u767c\u751f\u9ad8\u9054950\u5104\u7f8e\u5143\u7684\u4e3b\u6b0a\u50b5\u52d9\u9055\u7d04\uff0c\u5275\u4e0b\u7576\u6642\u6b77\u53f2\u6700\u9ad8\u7d00\u9304\uff0c\u4e26\u518d\u57282014\u5e74\u53ca2020\u5e74\u518d\u6b21\u9677\u5165\u9055\u7d04\uff0c\u5c55\u73fe\u4e86\u4e3b\u6b0a\u50b5\u52d9\u4eba\u6240\u7279\u6709\u7684\u300c\u9023\u74b0\u9055\u7d04\u300d\u98a8\u96aa\u3002<\/p>\n\n\n\n<p>\u76f8\u6bd4\u4e4b\u4e0b\uff0c\u4f01\u696d\u9055\u7d04\u5247\u53d7\u5404\u53f8\u6cd5\u7ba1\u8f44\u5340\u7684\u7834\u7522\u6cd5\u898f\u7ba1\uff0c\u5982\u7f8e\u570b\u7684\u300a\u7834\u7522\u6cd5\u300b\u7b2c11\u7ae0\u5141\u8a31\u4f01\u696d\u5728\u6cd5\u9662\u76e3\u7763\u4e0b\u9032\u884c\u91cd\u7d44\uff0c\u50b5\u6b0a\u4eba\u53ef\u901a\u904e\u6e05\u7b97\u7a0b\u5e8f\u6309\u6bd4\u4f8b\u7372\u5f97\u511f\u4ed8\u3002<\/p>\n\n\n\n<p>\u4f01\u696d\u50b5\u52d9\u9055\u7d04\u7684\u6839\u672c\u539f\u56e0\u901a\u5e38\u662f\u73fe\u91d1\u6d41\u65b7\u88c2\uff0c\u800c\u975e\u4e3b\u6b0a\u9055\u7d04\u4e2d\u5e38\u898b\u7684\u653f\u6cbb\u6c7a\u7b56\u6216\u5916\u532f\u5132\u5099\u67af\u7aed\u3002\u6052\u5927\u96c6\u5718\u7684\u9055\u7d04\u6848\u4f8b\u6e05\u695a\u8aaa\u660e\u4e86\u9019\u4e00\u5dee\u7570\uff1a\u8a72\u96c6\u5718\u81ea2021\u5e74\u8d77\u9677\u5165\u6d41\u52d5\u6027\u5371\u6a5f\uff0c\u6700\u7d42\u65bc2024\u5e741\u6708\u88ab\u9999\u6e2f\u9ad8\u7b49\u6cd5\u9662\u9812\u4ee4\u6e05\u76e4\uff0c\u6e05\u76e4\u4eba\u81f3\u4eca\u50c5\u8ffd\u56de\u7d042.55\u5104\u7f8e\u5143\uff0c\u76f8\u5c0d\u65bc\u7d04450\u5104\u7f8e\u5143\u7684\u7533\u7d22\u91d1\u984d\uff0c\u56de\u6536\u7387\u5fae\u4e0d\u8db3\u9053\uff0c\u9019\u8207\u963f\u6839\u5ef7\u4e3b\u6b0a\u9055\u7d04\u5f8c\u4ecd\u4fdd\u6709\u570b\u5bb6\u6536\u5165\u53ca\u8ac7\u5224\u7c4c\u78bc\u7684\u60c5\u6cc1\u5f62\u6210\u9bae\u660e\u5c0d\u6bd4\u3002<\/p>\n\n\n\n<p><strong>\u66f4\u591a\u50b5\u5238\u6295\u8cc7\u8cc7\u8a0a\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/?p=7307\">\u653f\u5e9c\u50b5\u5238<\/a>\uff5c<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/ibond-%E9%A6%99%E6%B8%AF-%E6%94%BF%E5%BA%9C-%E9%80%9A%E8%84%B9-%E6%8E%9B%E9%89%A4-%E5%82%B5%E5%88%B8\/\">iBond<\/a>\uff5c<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e9%8a%80%e8%89%b2-%e5%82%b5%e5%88%b8\/\">\u9280\u50b5<\/a>\uff5c<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/?p=7291\">\u96f6\u552e\u7da0\u50b5<\/a>\uff5c<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e6%a9%9f-%e7%ae%a1-%e5%b1%80-%e5%82%b5%e5%88%b8\/\">\u6a5f\u7ba1\u5c40\u50b5\u5238<\/a>\uff5c<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e9%bb%9e%e5%bf%83-%e5%82%b5-%e7%86%8a%e8%b2%93-%e5%82%b5\/\">\u9ede\u5fc3\u50b5<\/a>\uff5c<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/coco-bond-at-1-%e5%82%b5%e5%88%b8\/\">CoCo Bond<\/a>\uff5c<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/coco-bond-at-1-%e5%82%b5%e5%88%b8\/\">AT1\u50b5\u5238<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u6280\u8853\u6027\u9055\u7d04\u8207\u4e00\u822c\u9055\u7d04\u7684\u5340\u5225<\/h2>\n\n\n\n<p>\u5728\u91d1\u878d\u82f1\u8a9e\u8853\u8a9e\u4e2d\uff0cDefault\u70ba\u50b5\u52d9\u9055\u7d04\u7684\u7d71\u7a31\uff0c\u6cdb\u6307\u501f\u6b3e\u4eba\u672a\u80fd\u5c65\u884c\u9084\u6b3e\u7fa9\u52d9\u7684\u72c0\u614b\uff0c\u800c\u6280\u8853\u6027\u9055\u7d04\uff08\u82f1\u6587\uff1aTechnical Default\uff09\u5247\u662f\u4e00\u500b\u9700\u8981\u7279\u5225\u7559\u610f\u7684\u6982\u5ff5\uff0c\u6307\u501f\u6b3e\u4eba\u96d6\u7136\u7e7c\u7e8c\u652f\u4ed8\u5229\u606f\u548c\u672c\u91d1\uff0c\u4f46\u9055\u53cd\u4e86\u50b5\u5238\u5951\u7d04\u4e2d\u7684\u5176\u4ed6\u689d\u6b3e\uff0c\u4f8b\u5982\u8ca1\u52d9\u6bd4\u7387\u672a\u9054\u6a19\u6e96\u3001\u672a\u80fd\u63d0\u4f9b\u898f\u5b9a\u7684\u8ca1\u52d9\u5831\u8868\uff0c\u6216\u672a\u7d93\u50b5\u6b0a\u4eba\u540c\u610f\u64c5\u81ea\u51fa\u552e\u91cd\u8981\u8cc7\u7522\u3002<\/p>\n\n\n\n<p>\u4f8b\u59822011\u5e747\u6708\uff0c\u7f8e\u570b\u653f\u5e9c\u56e0\u50b5\u52d9\u4e0a\u9650\u8ac7\u5224\u9677\u5165\u50f5\u5c40\uff0c\u9762\u81e8\u6280\u8853\u6027\u9055\u7d04\u98a8\u96aa\u3002\u7576\u6642\u7f8e\u570b\u570b\u6703\u672a\u53ca\u6642\u901a\u904e\u63d0\u9ad8\u50b5\u52d9\u4e0a\u9650\u7684\u6cd5\u6848\uff0c\u653f\u5e9c\u56e0\u6cd5\u5f8b\u9650\u5236\u66ab\u6642\u7121\u6cd5\u767c\u884c\u65b0\u50b5\u5238\u7c4c\u8cc7\u3002\u96d6\u7136\u7f8e\u570b\u653f\u5e9c\u6709\u8db3\u5920\u7684\u8cc7\u7522\u548c\u7a05\u6536\u80fd\u529b\u511f\u9084\u50b5\u52d9\uff0c\u4f46\u56e0\u653f\u6cbb\u50f5\u5c40\u800c\u53ef\u80fd\u5ef6\u9072\u652f\u4ed8\u5229\u606f\u3002\u9019\u500b\u6848\u4f8b\u7684\u95dc\u9375\u7279\u5fb5\u5728\u65bc\uff0c\u7f8e\u570b\u653f\u5e9c\u4e26\u975e\u6c92\u6709\u511f\u50b5\u80fd\u529b\uff0c\u800c\u662f\u53d7\u5230\u6cd5\u5f8b\u7a0b\u5e8f\u9650\u5236\uff0c\u4e00\u65e6\u570b\u6703\u901a\u904e\u63d0\u9ad8\u50b5\u52d9\u4e0a\u9650\uff0c\u554f\u984c\u7acb\u5373\u89e3\u6c7a\u3002\u6700\u7d42\u5728\u671f\u9650\u524d\u9054\u6210\u5354\u8b70\uff0c\u6c92\u6709\u771f\u6b63\u767c\u751f\u9055\u7d04\u3002<\/p>\n\n\n\n<p>\u8207\u4e0a\u8ff0\u6280\u8853\u6027\u9055\u7d04\u5f62\u6210\u9bae\u660e\u5c0d\u6bd4\u7684\u662f\u5e0c\u81d8\u4e3b\u6b0a\u50b5\u52d9\u9055\u7d04\u4e8b\u4ef6\u30022012\u5e74\uff0c\u5e0c\u81d8\u653f\u5e9c\u56e0\u50b5\u52d9\u5371\u6a5f\u7121\u6cd5\u511f\u9084\u5230\u671f\u50b5\u52d9\uff0c\u767c\u751f\u5be6\u8cea\u6027\u9055\u7d04\u3002\u7576\u6642\u5e0c\u81d8\u653f\u5e9c\u50b5\u52d9\u4f54GDP<a href=\"https:\/\/www.esm.europa.eu\/content\/what-was-private-sector-debt-restructuring-march-2012\">\u8d85\u904e<\/a>170%\uff0c\u9060\u8d85\u570b\u969b\u8b66\u6212\u7dda\uff0c\u7d93\u6fdf\u56b4\u91cd\u8870\u9000\u5c0e\u81f4\u7a05\u6536\u5927\u5e45\u6e1b\u5c11\u3002\u5e0c\u81d8\u653f\u5e9c\u65bc2012\u5e743\u6708\u6b63\u5f0f\u5ba3\u5e03\u7121\u6cd5\u6309\u539f\u5b9a\u689d\u4ef6\u511f\u9084\u50b5\u52d9\uff0c\u6d89\u53ca\u8d85\u904e2,000\u5104\u6b50\u5143\u7684\u50b5\u52d9\u91cd\u7d44\u3002\u9019\u500b\u6848\u4f8b\u7684\u95dc\u9375\u7279\u5fb5\u5728\u65bc\u653f\u5e9c\u771f\u6b63\u7f3a\u4e4f\u511f\u50b5\u80fd\u529b\uff0c\u50b5\u6b0a\u4eba\u88ab\u8feb\u63a5\u53d7\u672c\u91d1\u6e1b\u8a18\u7d0450%\uff0c\u4fe1\u7528\u8a55\u7d1a\u88ab\u5927\u5e45\u4e0b\u8abf\u81f3\u5783\u573e\u7d1a\uff0c\u9700\u8981\u591a\u5e74\u7684\u50b5\u52d9\u91cd\u7d44\u8ac7\u5224\u624d\u80fd\u89e3\u6c7a\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>\u9805\u76ee<\/strong><\/td><td><strong>\u6280\u8853\u6027\u9055\u7d04<\/strong><\/td><td><strong>\u4e00\u822c\u9055\u7d04<\/strong><\/td><\/tr><tr><td>\u5f71\u97ff\u7bc4\u570d<\/td><td>\u7279\u5b9a\u689d\u6b3e<\/td><td>\u672c\u91d1\u6216\u5229\u606f<\/td><\/tr><tr><td>\u56b4\u91cd\u7a0b\u5ea6<\/td><td>\u76f8\u5c0d\u8f15\u5fae<\/td><td>\u76f8\u5c0d\u56b4\u91cd<\/td><\/tr><tr><td>\u50b5\u6b0a\u4eba\u640d\u5931<\/td><td>\u901a\u5e38\u7121\u5be6\u8cea\u640d\u5931<\/td><td>\u672c\u91d1\u548c\u5229\u606f\u906d\u53d7\u5be6\u969b\u640d\u5931<\/td><\/tr><tr><td>\u5354\u5546\u7a7a\u9593<\/td><td>\u5927\uff0c\u53ef\u901a\u904e\u4fee\u5fa9\u6307\u6a19\u89e3\u6c7a<\/td><td>\u5c0f\uff0c\u9700\u8981\u50b5\u52d9\u91cd\u7d44\u6216\u7834\u7522\u7a0b\u5e8f<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u53e6\u5916\uff0c\u6280\u8853\u6027\u9055\u7d04\u53ef\u80fd\u89f8\u767c\u4ea4\u53c9\u9055\u7d04\uff08\u82f1\u6587\uff1aCross Default\uff09\u689d\u6b3e\uff0c\u8a72\u689d\u6b3e\u898f\u5b9a\u82e5\u501f\u6b3e\u4eba\u5728\u4efb\u4f55\u4e00\u9805\u50b5\u52d9\u4e0a\u767c\u751f\u9055\u7d04\uff0c\u5247\u5176\u6240\u6709\u5176\u4ed6\u50b5\u52d9\u4ea6\u8996\u70ba\u7acb\u5373\u5230\u671f\u61c9\u4ed8\u3002\u9019\u4e00\u6a5f\u5236\u65e8\u5728\u4fdd\u8b77\u50b5\u6b0a\u4eba\uff0c\u4f7f\u5176\u80fd\u5728\u501f\u6b3e\u4eba\u8ca1\u52d9\u72c0\u6cc1\u60e1\u5316\u6642\u53ca\u65e9\u63a1\u53d6\u884c\u52d5\uff0c\u4f46\u4e5f\u53ef\u80fd\u52a0\u901f\u4f01\u696d\u7684\u8ca1\u52d9\u5d29\u6f70\u3002\u6295\u8cc7\u8005\u5728\u95b1\u8b80\u50b5\u5238\u767c\u884c\u901a\u51fd\u6642\uff0c\u61c9\u4ed4\u7d30\u5be9\u8996\u4ea4\u53c9\u9055\u7d04\u689d\u6b3e\u7684\u7bc4\u570d\u53ca\u89f8\u767c\u689d\u4ef6\u3002<\/p>\n\n\n\n<p><strong>\u66f4\u591a\u50b5\u5238\u6295\u8cc7\u8cc7\u8a0a\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%E9%A6%99%E6%B8%AF-%E6%80%8E%E9%BA%BC-%E8%B2%B7-%E7%BE%8E%E5%82%B5-10%E5%B9%B4-etf\/\"><strong>\u5982\u4f55\u8cb7\u7f8e\u50b5<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%E5%B7%A8%E7%81%BD%E5%82%B5%E5%88%B8-%E6%98%AF%E4%BB%80%E9%BA%BC-%E9%A6%99%E6%B8%AF-%E5%9F%BA%E9%87%91-%E5%8E%9F%E7%90%86-%E4%BF%9D%E9%9A%AA%E7%9B%B8%E9%80%A3-%E8%8B%B1%E6%96%87\/\"><strong>\u5de8\u707d\u50b5\u5238<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%E6%B0%B8%E7%BA%8C-%E5%82%B5%E5%88%B8-perpetual-bond\/\"><strong>\u6c38\u7e8c\u50b5\u5238<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e5%9f%8e-%e6%8a%95-%e5%82%b5\/\"><strong>\u57ce\u6295\u50b5<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e4%bf%a1%e7%94%a8-%e8%a9%95%e7%b4%9a-%e6%a9%9f%e6%a7%8b\/\"><strong>\u4fe1\u7528\u8a55\u7d1a\u6a5f\u69cb<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e5%9e%83%e5%9c%be-%e5%82%b5%e5%88%b8-%e9%ab%98-%e6%94%b6%e7%9b%8a-%e6%94%b6%e6%81%af\/\"><strong>\u9ad8\u6536\u76ca\u50b5\u5238<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e5%9e%83%e5%9c%be-%e5%82%b5%e5%88%b8-%e9%ab%98-%e6%94%b6%e7%9b%8a-%e6%94%b6%e6%81%af\/\"><strong>\u5783\u573e\u50b5<\/strong><\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u4fe1\u8cb8\u9055\u7d04\u6389\u671f\uff08CDS\uff09\u5982\u4f55\u8861\u91cf\u9055\u7d04\u98a8\u96aa\uff1f<\/strong>&nbsp;<\/h3>\n\n\n\n<p>\u4fe1\u8cb8\u9055\u7d04\u6389\u671f\uff08\u82f1\u6587\uff1aCredit Default Swap, 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href=\"https:\/\/www.nber.org\/system\/files\/working_papers\/w21108\/w21108.pdf\">\u4e00\u5ea6<\/a>\u9762\u81e8\u9ad8\u55ae\u65e586\u5104\u7f8e\u5143\u7684\u62b5\u62bc\u54c1\u8ffd\u7e73\u8981\u6c42\uff0c\u6700\u7d42\u57282008\u5e749\u670816\u65e5\u7015\u81e8\u7834\u7522\uff0c\u9700\u8981\u7f8e\u570b\u806f\u5132\u5c40\u53ca\u8ca1\u653f\u90e8\u63d0\u4f9b\u8d85\u904e1800\u5104\u7f8e\u5143\u7684\u6551\u52a9\u8cc7\u91d1\u624d\u5f97\u4ee5\u7dad\u6301\u904b\u4f5c\u3002<\/p>\n\n\n\n<p>\u4e8b\u4ef6\u63ed\u793a\u4e86CDS\u5e02\u5834\u7684\u4ea4\u6613\u5c0d\u624b\u98a8\u96aa\u53ca\u900f\u660e\u5ea6\u4e0d\u8db3\u554f\u984c\uff0c\u6700\u7d42\u4fc3\u4f7f\u5404\u570b\u76e3\u7ba1\u6a5f\u69cb\u5f8c\u7e8c\u52a0\u5f37\u5c0d\u5834\u5916\u884d\u751f\u7522\u54c1\u7684\u76e3\u7ba1\u3002<\/p>\n\n\n\n<h2 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