{"id":72293,"date":"2016-11-25T00:00:00","date_gmt":"2016-11-24T16:00:00","guid":{"rendered":"http:\/\/tnr.com.tw\/2016\/11\/25\/%e5%be%a9%e8%88%88%e8%88%aa%e7%a9%ba%e5%81%9c%e8%88%aa%e8%a7%a3%e6%95%a3%e9%80%a0%e6%88%90%e9%80%80%e6%92%ab%e5%9f%ba%e9%87%91%e9%89%85%e9%a1%8d%e6%90%8d%e5%a4%b1-%e5%85%a8%e6%95%99%e7%94%a2%e5%91%bc\/"},"modified":"2016-11-25T00:00:00","modified_gmt":"2016-11-24T16:00:00","slug":"%e5%be%a9%e8%88%88%e8%88%aa%e7%a9%ba%e5%81%9c%e8%88%aa%e8%a7%a3%e6%95%a3%e9%80%a0%e6%88%90%e9%80%80%e6%92%ab%e5%9f%ba%e9%87%91%e9%89%85%e9%a1%8d%e6%90%8d%e5%a4%b1-%e5%85%a8%e6%95%99%e7%94%a2%e5%91%bc","status":"publish","type":"post","link":"https:\/\/tnr.com.tw\/?p=72293","title":{"rendered":"\u5fa9\u8208\u822a\u7a7a\u505c\u822a\u89e3\u6563\u9020\u6210\u9000\u64ab\u57fa\u91d1\u9245\u984d\u640d\u5931 \u5168\u6559\u7522\u547c\u7c72\u5e74\u91d1\u6539\u9769\u61c9\u5168\u9762\u6aa2\u8a0e\u57fa\u91d1\u7ba1\u7406\uff0c\u63d0\u5347\u6295\u8cc7\u7e3e\u6548"},"content":{"rendered":"<\/p>\n

\u5fa9\u8208\u822a\u7a7a\u81ea11\u670821\u65e5\u5ba3\u4f48\u505c\u822a\u89e3\u6563\uff0c\u9020\u6210\u8a31\u591a\u65c5\u5ba2\u7684\u4e0d\u4fbf\uff0c\u540c\u6642\u9019\u500b\u7a81\u5982\u5176\u4f86\u7684\u4e8b\u4ef6\uff0c\u80cc\u5f8c\u727d\u9023\u8457\u8af8\u591a\u7684\u653f\u6cbb\u3001\u7d93\u6fdf\u6548\u61c9\uff0c\u5176\u4e2d\u4e4b\u4e00\u7684\u6f23\u6f2a\u6548\u61c9\uff0c\u4fbf\u662f1.1\u842c\u80a1\u6771\u7684\u6b0a\u76ca\uff0c\u8a72\u5982\u4f55\u7dad\u8b77\uff1f\u9019\u4e8b\u4ef6\u4e5f\u727d\u9023\u5230\u300c\u5e74\u91d1\u300d\uff0c\u6b63\u56e0\u70ba\u570b\u7522\u5be6\u696d\u96c6\u5718\u662f\u5fa9\u8208\u822a\u7a7a\u7684\u5927\u80a1\u6771\uff0c\u70ba\u6b64\u570b\u7522\u5c07\u8a8d\u521720\u5104\u5143\u640d\u5931\uff0c\u4f46\u516c\u52d9\u4eba\u54e1\u9000\u4f11\u64ab\u5379\u57fa\u91d1\u537b\u662f\u570b\u7522\u7684\u7b2c\u4e94\u5927\u80a1\u6771\uff0c\u6301\u67092.49%\u80a1\u6b0a\uff0c\u81f3\u5c11\u9020\u62105000\u842c\u5143\u4ee5\u4e0a\u7684\u640d\u5931\u3002<\/p>\n

\u6253\u5f9e\u65b0\u653f\u5e9c\u4e0a\u53f0\u4e4b\u5f8c\uff0c\u300c\u5e74\u91d1\u6539\u9769\u300d\u4e4b\u8072\u4fbf\u751a\u56c2\u5875\u4e0a\u3001\u6cb8\u6cb8\u63da\u63da\u5730\u88ab\u8a0e\u8ad6\u3002\u7136\u800c\u7d1b\u7d1b\u64fe\u64fe\u8fd1\u534a\u5e74\u7684\u722d\u57f7\u3001\u6297\u8b70\u8072\u4e2d\uff0c\u4f3c\u4e4e\u90fd\u662f\u53ea\u807d\u5230\u653f\u5e9c\u53ea\u6709\u4e00\u7a2e\u4f5c\u6cd5\uff1a\u90a3\u5c31\u662f\u300c\u591a\u7e73\u300d\u3001\u300c\u5c11\u9818\u300d\u3001\u300c\u5ef6\u5f8c\u9000\u300d\u3002\u4ee4\u4eba\u8cea\u7591\u7684\u662f\uff0c\u96e3\u9053\u6240\u8b02\u7684\u300c\u5e74\u91d1\u6539\u9769\u300d\uff0c\u7d42\u7a76\u53ea\u80fd\u63a1\u884c\u9019\u7a2e\u6700\u7b49\u800c\u4e0b\u4e4b\u7684\u624b\u6bb5\u800c\u5df2\u55ce\uff1f<\/p>\n

\u653f\u5e9c\u7d93\u71df\u9000\u64ab\u57fa\u91d1\u7684\u5c08\u696d\u4f55\u5728\uff1f\u7531\u6b64\u53ef\u898b\u4e00\u6591\u3002\u800c\u5c08\u696d\u7684\u9000\u64ab\u57fa\u91d1\u7ba1\u7406\uff0c\u6b63\u662f\u6339\u6ce8\u9000\u64ab\u57fa\u91d1\u7684\u6d3b\u6c34\u6e90\u982d\u4e4b\u4e00\uff0c\u6538\u95dc\u773e\u591a\u4ef0\u8cf4\u9000\u4f11\u91d1\u7684\u8ecd\u516c\u6559\u52de\u53d7\u50f1\u8005\uff01<\/p>\n

\u8ac7\u300c\u5e74\u91d1\u6539\u9769\u300d\u600e\u9ebc\u53ef\u4ee5\u4e0d\u8ac7\u7d93\u71df\u9000\u64ab\u57fa\u91d1\u7684\u5c08\u696d\u81ea\u4e3b\u5462\uff1f\u600e\u9ebc\u53ef\u4ee5\u4e0d\u8ac7\u9000\u64ab\u57fa\u91d1\u7e3e\u6548\u7684\u91cd\u8981\u6027\u5462\uff1f<\/p>\n

\u5982\u4e0b\u9644\u8868\u662f\u4ee5\u4e00\u500b\u5927\u5b78\u5b78\u6b77\u6559\u5e2b\uff0c\u6309\u716712%\u63d0\u64a5\u7387\uff0c\u7576\u4ed6\u4efb\u655930\u5e74\u5f8c\u9000\u4f11\uff0c\u63a5\u8457\u9818\u53d6\u6708\u9000\u4f11\u91d1\uff0c\u5247\u6309\u7167\u81ea\u5df1\u7e73\u8cbb→\u6295\u8cc7→\u9818\u9322\u7684\u904e\u7a0b\uff0c\u53ea\u9700\u8981\u5e74\u91d1\u6295\u5831\u73877%\uff0c\u8a72\u540d\u6559\u5e2b\u9000\u4f11\u5f8c\u53ef\u4ee5\u9818\u5230\u7b2c29\u5e74\u624d\u9818\u5b8c\uff01\u4f46\u300c\u5e74\u91d1\u6539\u9769\u300d\u7684\u4e3b\u4e8b\u8005\u3001\u570b\u5bb6\u5e74\u91d1\u6539\u9769\u59d4\u54e1\u6703\u7684\u8207\u6703\u5c08\u5bb6\u5b78\u8005\uff0c\u751a\u6216\u662f\u5404\u500b\u9000\u4f11\u57fa\u91d1\u7684\u696d\u52d9\u4e3b\u7ba1\u55ae\u4f4d\uff0c\u54b8\u7686\u9589\u53e3\u4e0d\u63d0\u300c\u6295\u8cc7\u7e3e\u6548\u300d\u9019\u4e00\u584a\u8cc7\u91d1\u6536\u5165\u4f86\u6e90\uff0c\u6df1\u6015\u662f\u6d2a\u6c34\u731b\u7378\uff0c\u6703\u6c96\u57ae\u653f\u5e9c\u610f\u6b32\u63a9\u98fe\u7684\u4e00\u500b\u6b98\u9177\u4e8b\u5be6\uff0c\u90a3\u5c31\u662f\u653f\u5e9c\u7d93\u71df\u5404\u500b\u9000\u4f11\u57fa\u91d1\u7e3e\u6548\u4e0d\u5f70\u3002<\/p>\n

\u570b\u969b\u77e5\u540d\u9000\u4f11\u57fa\u91d1\u5c08\u5bb6Keith P. Ambachtsheer[\u8a3b1]\u66fe\u8aaa\u904e\uff1a\u300c\u5982\u679c\u9000\u4f11\u91d1\u8b8a\u6210\u9000\u4f11\u57fa\u91d1\u7ba1\u7406\u8005\u7684\u56ca\u4e2d\u7269\uff0c\u9769\u547d\u5c07\u6c38\u9060\u4e0d\u6703\u767c\u751f\u3002\u9000\u4f11\u57fa\u91d1\u7ba1\u7406\u6a5f\u69cb\u61c9\u8a72\u9075\u5faa\u516c\u5e73\u4ea4\u6613\u539f\u5247\uff0c\u9f13\u52f5\u5c08\u696d\u5408\u4f5c\uff0c\u4ee5\u300e\u70ba\u6bcf\u4e00\u4f4d\u9000\u4f11\u91d1\u8a08\u5283\u6210\u54e1\u5275\u9020\u6536\u76ca\u300f\u70ba\u552f\u4e00\u76ee\u6a19\u3002\u9000\u4f11\u57fa\u91d1\u7ba1\u7406\u61c9\u8a72\u662f\u5229\u4ed6\u7684\uff0c\u800c\u4e0d\u662f\u5229\u5df1\u7684\u3002\u300d<\/p>\n

\u5982\u4f55\u505a\u5f97\u5230\u4e0a\u8ff0\u7684\u5883\u754c\uff1f<\/h3>\n

Keith\u95dc\u65bc\u9000\u4f11\u91d1\u6539\u9769\u7684\u9245\u8457\u300c\u9000\u4f11\u91d1\u9769\u547d\u2500\u9000\u4f11\u91d1\u5371\u6a5f\u7684\u89e3\u6c7a\u65b9\u6848(Pension Revolution: A Solution to the Pensions Crisis)[\u8a3b2]\u300d\u4e00\u66f8\u4e2d\uff0c\u627e\u5230\u6700\u4f73\u7684\u5efa\u8b70\u3002\u4ed6\u8209\u300c\u54c8\u4f5b\u7ba1\u7406\u516c\u53f8(Harvard Management Company, Inc. ,HMC) [\u8a3b3]\u300d\u8207\u300c\u5b89\u5927\u7565\u6559\u5e2b\u9000\u4f11\u91d1\u8a08\u756b(Ontario Teachers' Pension Plan, OTPP) [\u8a3b4]\u300d\u70ba\u4f8b\uff0c\u5145\u5206\u8aaa\u660e\u4e86\u8981\u60f3\u5145\u5206\u9054\u5230\u6210\u529f\u7d93\u71df\u7684\u9000\u4f11\u57fa\u91d1\uff0c\u5fc5\u9808\u8981\u505a\u5230\u4e0b\u5217\u7684\u6539\u9769\uff1a<\/p>\n

1.<\/strong>\u9000\u4f11\u57fa\u91d1\u61c9\u8a72\u64c1\u6709\u53ef\u4ee5\u91d0\u6e05\u5229\u76ca\u95dc\u4fc2\u4eba\u5229\u76ca\uff0c\u4ee5\u53ca\u6e1b\u5c11\u4ee3\u7406\u885d\u7a81\u4e4b\u53ef\u80fd\u6027\u7684\u6cd5\u5f8b\u57fa\u790e\u3002<\/strong><\/p>\n

2.<\/strong>\u9000\u4f11\u57fa\u91d1\u61c9\u8a72\u64c1\u6709\u4e00\u7a2e\u7ba1\u7406\u6d41\u7a0b\uff0c\u4f7f\u5176\u5f97\u4ee5\u900f\u660e\u5316\u7d44\u7e54\u7684\u4efb\u52d9\u53ca\u4e86\u89e3\u9054\u6210\u76ee\u6a19\u4e4b\u95dc\u9375\u56e0\u7d20\u3002<\/strong><\/p>\n

3.<\/strong>\u9000\u4f11\u57fa\u91d1\u61c9\u8a72\u64c1\u6709\u7981\u5f97\u4f4f\u8cea\u7591\u53ca\u77e5\u60c5\u8faf\u8ad6\u7684\u8a66\u7149\uff0c\u4e26\u5728\u51fa\u73fe\u65b0\u8b49\u64da\u6642\u80fd\u505a\u51fa\u9069\u7576\u4fee\u6b63\u7684\u4e00\u7cfb\u5217\u6295\u8cc7\u4fe1\u5ff5\u3002<\/strong><\/p>\n

4.<\/strong>\u9000\u4f11\u57fa\u91d1\u61c9\u8a72\u63a1\u7528\u7d50\u5408\u5afb\u719f\u5224\u65b7\u529b\u53ca\u6700\u65b0\u91d1\u878d\u5de5\u7a0b\u6280\u8853\uff0c\u4ffe\u4fbf\u878d\u5165\u5229\u76ca\u95dc\u4fc2\u4eba\u7684\u98a8\u96aa\u5bb9\u5fcd\u5ea6\u548c\u6295\u8cc7\u4fe1\u5ff5\u4e4b\u6295\u8cc7\u904e\u7a0b\u3002<\/strong><\/p>\n

\u7e3d\u4e4b\uff0c\u57f7\u653f\u9ee8\u92b3\u610f\u57f7\u884c\u7684\u300c\u5e74\u91d1\u6539\u9769\u300d\u904e\u7a0b\u4e2d\uff0c\u5018\u82e5\u523b\u610f\u5ffd\u8996\u9000\u64ab\u57fa\u91d1\u662f\u5132\u91d1\u5236\uff0c\u5176\u4e2d\u7684\u6536\u5165\u4f86\u6e90\u9664\u4e86\u63d0\u64a5\u6536\u5165\u5916\uff0c\u61c9\u8a72\u9084\u6709\u5305\u62ec\u6295\u8cc7\u6536\u5165\uff0c\u800c\u9019\u4e00\u90e8\u5206\u537b\u504f\u504f\u662f\u4e3b\u4e8b\u8005\u523b\u610f\u4e0d\u63d0\u7684\u90e8\u5206\u3002\u5982\u6b64\u7f54\u9867\u570b\u969b\u4e0a\u9000\u4f11\u57fa\u91d1\u7ba1\u7406\u696d\u5c08\u696d\u505a\u6cd5\u7684\u300c\u5e74\u91d1\u6539\u9769\u300d\uff0c\u76f8\u4fe1\u5b83\u6703\u70ba\u9000\u4f11\u57fa\u91d1\u53d7\u76ca\u8005\u5e36\u4f86\u4efb\u4f55\u5be6\u969b\u52a9\u76ca\u55ce\uff1f\u5145\u5176\u91cf\u53ea\u80fd\u8aaa\u662f\u7121\u77e5\u7684\u57f7\u653f\u8005\uff0c\u70ba\u4e86\u63a9\u98fe\u5176\u57f7\u653f\u7121\u80fd\u7684\u7c97\u66b4\u780d\u65b2\u624b\u6bb5\u7f77\u4e86\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u5fa9\u8208\u822a\u7a7a\u81ea11\u670821\u65e5\u5ba3\u4f48\u505c\u822a\u89e3\u6563\uff0c\u9020\u6210\u8a31\u591a\u65c5\u5ba2\u7684\u4e0d\u4fbf\uff0c\u540c\u6642… <\/p>\n","protected":false},"author":1,"featured_media":125780,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[11],"tags":[],"post_folder":[],"class_list":["post-72293","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-phenomenon"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/tnr.com.tw\/index.php?rest_route=\/wp\/v2\/posts\/72293","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tnr.com.tw\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tnr.com.tw\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tnr.com.tw\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tnr.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=72293"}],"version-history":[{"count":0,"href":"https:\/\/tnr.com.tw\/index.php?rest_route=\/wp\/v2\/posts\/72293\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tnr.com.tw\/index.php?rest_route=\/wp\/v2\/media\/125780"}],"wp:attachment":[{"href":"https:\/\/tnr.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=72293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tnr.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=72293"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tnr.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=72293"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/tnr.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fpost_folder&post=72293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}