{"id":74169,"date":"2016-11-07T00:00:00","date_gmt":"2016-11-06T16:00:00","guid":{"rendered":"http:\/\/tnr.com.tw\/2016\/11\/07\/no10%e5%8d%81%e4%b8%80%e6%9c%88%e5%88%8a3700%e5%ae%b6%e4%b8%ad%e5%b0%8f%e4%bc%81%e6%a5%ad%e6%8e%80%e5%80%92%e9%96%89%e6%bd%ae%ef%bc%9f\/"},"modified":"2016-11-07T00:00:00","modified_gmt":"2016-11-06T16:00:00","slug":"no10%e5%8d%81%e4%b8%80%e6%9c%88%e5%88%8a3700%e5%ae%b6%e4%b8%ad%e5%b0%8f%e4%bc%81%e6%a5%ad%e6%8e%80%e5%80%92%e9%96%89%e6%bd%ae%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/tnr.com.tw\/?p=74169","title":{"rendered":"No10(\u5341\u4e00\u6708\u520a)3700\u5bb6\u4e2d\u5c0f\u4f01\u696d\u6380\u5012\u9589\u6f6e\uff1f"},"content":{"rendered":"

\u4eba\u6c11\u5e63TRF\u662f\u4e0d\u516c\u5e73\u4ea4\u6613<\/h2>\n

<\/h1>\n

TRF(\u76ee\u6a19\u53ef\u8d16\u56de\u9060\u671f\u5951\u7d04\uff0cTarget Redemption Forward)\u771f\u76f8<\/h3>\n

\u7531\u65bc\u4eba\u6c11\u5e63\u6301\u7e8c\u4e0b\u8dcc\uff0c\u53f0\u7063\u8a31\u591a\u6563\u6236\u3001\u4e2d\u5c0f\u4f01\u696d\u53ef\u80fd\u56e0\u8aa4\u4fe1\u53f0\u7063\u9280\u884c\u79c1\u4eba\u9280\u884c\u90e8\u7684\u63a8\u4ecb\uff0c\u4ee5\u70ba\u4eba\u6c11\u5e63\u53ea\u6f32\u4e0d\u8dcc\uff0c\u73fe\u9762\u81e8\u9019\u7a2e\u6f5b\u5728\u5de8\u984d\u640d\u5931\u72c0\u6cc1\uff0c\u53ef\u80fd\u6703\u91cd\u5927\u5f71\u97ff\u53f0\u7063\u672a\u4f86\u7d93\u6fdf\u767c\u5c55\u3002<\/p>\n

\u76ee\u6a19\u53ef\u8d16\u56de(Redemption Forward\uff1bTRF)\u662f\u4e00\u7a2e\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\uff0c\u4ea4\u6613\u65b9\u5f0f\u70ba\u7531\u9280\u884c\u8207\u5ba2\u6236\u5c0d\u300c\u672a\u4f86\u8d70\u52e2\u300d\u9032\u884c\u5c0d\u7779\u5f0f\u62bc\u6ce8\u3002\u82e5\u9019\u7a2e\u76ee\u6a19\u53ef\u8d16\u56de\u7684\u91d1\u878d\u5546\u54c1\u8207\u4eba\u6c11\u5e63\u639b\u52fe\uff0c\u5247\u7a31\u4e4b\u70baTRF\u3002<\/p>\n

TRF\u4ea4\u6613\u4e3b\u8981\u662f\u5ba2\u6236\u548c\u9280\u884c\u5404\u8cb7\u4e00\u500b\u9078\u64c7\u6b0a\u3001\u8ce3\u4e00\u500b\u9078\u64c7\u6b0a\u3002\u7531\u65bc\u4e00\u6bb5\u5f88\u9577\u6642\u9593\uff0c\u4eba\u6c11\u5e63\u53ea\u6f32\u4e0d\u8dcc\uff0c\u800c\u4e14\u6f32\u52e2\u5f88\u5bb9\u6613\u8b93\u7121\u77e5\u6216\u4e0d\u77e5\u60c5\u6295\u8cc7\u8005\u76f8\u4fe1\uff0c\u4eba\u6c11\u5e63\u532f\u7387\u53ea\u6f32\u4e0d\u8dcc\u3002\u9019\u7a2e\u74b0\u5883\u8207\u9810\u671f\uff0c\u63d0\u4f9b\u570b\u5167\u9280\u884c\u5bb9\u6613\u92b7\u552e\u4ee5\u4eba\u6c11\u5e63\u70ba\u6a19\u7684\u4e4bTRF\u5546\u54c1\u6a5f\u6703\u3002<\/p>\n<\/p>\n

TRF<\/strong>\u5c0d\u8cb7\u65b9\u4e0d\u516c<\/strong><\/h3>\n

\u7576\u5ba2\u6236\u9032\u884c\u532f\u7387\u55ae\u908a\u8d70\u52e2\u7684\u62bc\u6ce8\uff0c\u62bc\u5c0d\u65b9\u5411\uff0c\u7372\u5229\u70ba\u300c\u672c\u91d1X\u532f\u5dee\u300d\uff1b\u731c\u932f\u65b9\u5411\uff0c\u8667\u640d\u9664\u4e86\u4e58\u4e0a\u672c\u91d1\u5916\uff0c\u9084\u9808\u4e58\u4e0a\u69d3\u634d\u500d\u6578\uff0c\u4e5f\u5c31\u662f\u300c\u672c\u91d1X\u532f\u5deeX\u69d3\u687f\u500d\u6578\u300d\u3002TRF\u8a2d\u8a08\u70ba\u5ba2\u6236\u7684\u7d2f\u7a4d\u7372\u5229\u9054\u4e00\u5b9a\u689d\u4ef6\uff0c\u9280\u884c\u4e0d\u73a9\u6642\uff0c\u5c31\u53ef\u4ee5\u51fa\u5834\uff0c\u4f46\u662f\u7576\u5ba2\u6236\u8ce0\u9322\u6642\uff0c\u5fc5\u9808\u7b49\u5230\u5408\u7d04\u5230\u671f\u624d\u80fd\u7d50\u675f\u3002\u53ef\u898b\uff0cTRF\u5408\u7d04\u5c0d\u8cb7\u65b9\u5ba2\u6236\u4e0d\u5c0d\u7a31\u7684\u7279\u6027\u3002<\/p>\n

TRF\u5408\u7d04\u671f\u901a\u5e38\u5206\u70ba12\u500b\u6708\u621624\u500b\u6708\uff0c\u6bcf\u6708\u9032\u884c\u4e00\u6b21\u7d50\u7b97\u4f5c\u696d\uff0c\u4ea4\u6613\u9580\u6abb\u591a\u5728100\u842c\u7f8e\u5143(\u4ea6\u70ba\u6295\u8cc7\u4eba\u7684\u672c\u91d1)\uff0c\u540c\u6642\u6703\u7d04\u5b9a\u4e00\u500b\u6bd4\u73fe\u8ca8\u50f9\u683c\u4f4e\u7684\u57f7\u884c\u50f9(\u5982\u4e0b\u5716\u4eba\u6c11\u5e636.15\u7684\u532f\u50f9)\u3001\u8ddd\u96e2\u73fe\u50f9\u683c\u66f4\u9060\u7684\u4e0a\u65b9\u4fdd\u8b77\u50f9(\u5982\u4e0b\u5716\u4eba\u6c11\u5e636.2\u7684\u532f\u50f9)\uff0c\u4ee5\u53ca\u8667\u640d\u6642\u9808\u4e58\u4e0a\u7684\u69d3\u687f\u500d\u6578(\u76ee\u524d\u5e02\u5834\u6700\u5e38\u898b\u7684\u70ba2\u500d\u69d3\u687f\u500d\u6578)\uff0c\u6709\u4e9b\u9280\u884c\u6703\u518d\u52a0\u8a2d\u4e00\u500b\u4e2d\u6b62\u50f9\u3002<\/p>\n

\n\u8aaa\u660e\uff1a\u7576\u4eba\u6c11\u5e63\u8cb6\u4ecb\u65bc6.15\u81f36.2\u514c\u4e00\u7f8e\u5143\uff0c\u6295\u8cc7\u8005\u640d\u76ca\u5169\u5e73\uff0c\u7576\u4eba\u6c11\u5e63\u8cb6\u78346.2\u6295\u8cc7\u4eba\u5c07\u8a8d\u8ce0\u3002TRF\u56e0\u70ba\u5408\u7d04\u6709\u4fdd\u8b77\u50f9(EKI)\uff0c\u5047\u8a2d\u8dcc\u5230\u6b646.2\u50f9\u4f4d\uff0c\u9700\u8ce0\u7684\u91d1\u984d\u5dee\u50f9\u76842\u500d\uff0c\u56e0\u6b64TRF\u662f\u4e00\u7a2e\u7372\u5229\u6709\u9650\uff0c\u8667\u640d\u7121\u7aae\u7684\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\uff0c\u5c0d\u65bc\u6295\u8cc7\u8005\u76f8\u7576\u4e0d\u5229\u7684\u4e00\u7a2e\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\u3002<\/p>\n<\/p>\n

\u8ced\u8f38\u4e86\u5c31\u6158\u8ce0<\/strong><\/h3>\n

\u5047\u8a2d\u7d50\u7b97\u7576\u65e5\u4eba\u6c11\u5e63\u532f\u7387\u6301\u7e8c\u8d70\u5347\u4f86\u52306.05\u7684\u532f\u50f9\uff0c\u9ad8\u65bc\u57f7\u884c\u50f9\u76846.15\u532f\u50f9\uff0c\u6295\u8cc7\u8005\u5c07\u6709\u6b0a\u6309\u4f4e\u65bc\u73fe\u50f9\u76846.15\u57f7\u884c\u50f9\u532f\u50f9\u8cb7\u5165\u4eba\u6c11\u5e63\uff0c\u8cfa\u53d610\u842c\u7f8e\u5143\u532f\u514c\u6536\u76ca(\u672c\u91d1X\u532f\u5dee=100\u842c\u7f8e\u5143X(6.15-6.05))\uff1b\u53cd\u4e4b\uff0c\u65bc\u4ea4\u6613\u7684\u4efb\u4f55\u6642\u9593\u9ede\uff0c\u4eba\u6c11\u5e63\u532f\u7387\u8d70\u8cb6\u4f4e\u65bc\u4e0a\u65b9\u4fdd\u8b77\u50f9\uff0c\u6295\u8cc7\u8005\u5c07\u9762\u81e8\u88ab\u88dc\u7e73\u6216\u589e\u52a0\u64d4\u4fdd\u54c1\u7684\u547d\u904b\uff0c\u82e5\u7d50\u7b97\u7576\u65e5\u4eba\u6c11\u5e63\u532f\u7387\u8d70\u8cb6\u4f86\u52306.25\u532f\u50f9\uff0c\u4f4e\u65bc\u4e0a\u65b9\u4fdd\u8b77\u50f96.2\u7684\u532f\u50f9\uff0c\u6295\u8cc7\u4eba\u5c07\u670920\u842c\u7f8e\u5143\u7684\u8667\u640d(\u672c\u91d1X\u532f\u5deeX\u69d3\u687f\u500d\u6578=100\u842c\u7f8e\u5143X(6.15-6.25)X2)\u3002<\/p>\n

TRF\u76f8\u95dc\u5546\u54c1\u898f\u6a21\u7d04\u57281,000\u5104\u81f32,000\u5104\u4eba\u6c11\u5e63\uff0c\u5305\u542b\u9999\u6e2f\u3001\u65b0\u52a0\u5761\u3001\u53f0\u7063\u7b49\u5730\uff0c\u82e5\u4ee5\u53f0\u7063\u4f86\u770b\uff0c\u6574\u9ad4\u898f\u6a21\u7d04\u5728300\u5104\u81f3500\u5104\u4eba\u6c11\u5e63\u4e4b\u9593\u3002\u64da\u6089\uff0c\u570b\u5167\u4e2d\u5c0f\u4f01\u696d\u8cb7\u9032\u6642\u9ede\u5927\u591a\u843d\u57282014\u5e74\u5e74\u521d\uff0c\u7576\u6642\u4eba\u6c11\u5e63\u532f\u50f9\u57286.05\uff0c\u800cTRF\u5951\u7d04\u7684\u4e0a\u65b9\u4fdd\u8b77\u50f9\u96c6\u4e2d\u57286.2\uff5e6.25\u4eba\u6c11\u5e63\uff0c\u4ee5\u8fd1\u671f\u4eba\u6c11\u5e63\u8d70\u8cb6\u7684\u614b\u52e2\u4f86\u770b\uff0c\u82e5\u9019\u4e9b\u5ba2\u6236\u53e3\u888b\u4e0d\u5920\u6df1\uff0c\u5c07\u7121\u529b\u88dc\u7e73\u4fdd\u8b49\u91d1\uff0c\u5c31\u53ef\u80fd\u88ab\u63d0\u524d\u8a8d\u8ce0\u6bba\u51fa\u3002\u570b\u969b\u6a5f\u69cb\u9810\u8b66\uff0c\u4eba\u6c11\u5e63\u7684\u521d\u671f\u96d6\u662f\u7531\u4eba\u884c\u4e3b\u5c0e\uff0c\u4f46\u5f8c\u7e8c\u56e0\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\u5f15\u767c\u4eba\u6c11\u5e63\u5c0d\u7f8e\u5143\u8cb6\u78346.2\u7684\u53ef\u80fd\u4e3b\u8981\u539f\u56e0\u4e4b\u4e00\u3002<\/p>\n<\/p>\n

\u8cc7\u8a0a\u4e0d\u5c0d\u7a31\u7684TRF\u60b2\u6b4c<\/h3>\n

\u5546\u696d\u9031\u520a\u66fe\u88fd\u4f5c\u4e00\u500b\u5c08\u520a\uff0c\u7d71\u8a08TRF\u9020\u6210\u53f0\u70633,700\u5bb6\u4e2d\u5c0f\u4f01\u696d\u7834\u7522\u3002<\/p>\n

\u6839\u64daTRF\u7684\u8a2d\u8a08\uff0c\u5f80\u5f80TRF\u4e3b\u8981\u63d0\u4f9b\u4e88\u6295\u8cc7\u4eba\u770b\u591a\u6642\u8cfc\u8cb7\u7684\u9078\u64c7\u6b0a\u3002\u8cb7\u9032\u770b\u591a\u9078\u64c7\u6b0a\uff0c\u7576\u532f\u7387\u771f\u6b63\u8d70\u5411\u5347\u503c\u6642\uff0c\u6295\u8cc7\u4eba\u53ef\u4ee5\u85c9\u6b64\u8cfa\u53d6\u5347\u503c\uff0c\u5f8c\u900f\u904e\u9078\u64c7\u6b0a\u539f\u7406\u6240\u53ef\u8cfa\u53d6\u7684\u5831\u916c\u3002\u5982\u679c\u4eba\u6c11\u5e63\u78ba\u5be6\u6301\u7e8c\u8d70\u591a\uff0c\u9019\u7a2e\u8a2d\u8a08\u7b49\u65bc\u662f\u5b8c\u5168\u4e0d\u9700\u8981\u652f\u4ed8\u4efb\u4f55\u6210\u672c\u5c31\u53ef\u4ee5\u5728\u8cb7\u8ce3\u6b0a\u4e4b\u9593\u5f97\u5230\u5e73\u8861\uff0c\u6295\u8cc7\u4eba\u7b49\u65bc\u662f\u7121\u672c\u5957\u5229\u3002\u53ef\u662f\u4eba\u6c11\u5e63\u8d70\u52e2\u4e0d\u53ef\u80fd\u5b8c\u5168\u8d70\u5347\uff0c\u7576\u8cb7\u65b9\u6295\u8cc7\u8005\u5177\u6709\u4e0d\u77e5\u60c5\u7279\u6027\u6642\uff0c\u5c31\u53ef\u80fd\u6210\u70ba\u5be6\u8cea\u8cc7\u8a0a\u4e0d\u5c0d\u7a31\u74b0\u5883\u4e0b\uff0c\u9280\u884c\u8ce3\u65b9\u7684\u4fce\u4e0a\u8089\u3002<\/p>\n

\u9280\u884c\u5177\u6709\u5c08\u696d\u7814\u7a76\u80fd\u529b\uff0c\u81f3\u5c11\u6bd4\u4e00\u822c\u6295\u8cc7\u8005\u64c1\u6709\u5c0d\u4eba\u6c11\u5e63\u8d70\u52e2\u66f4\u5c08\u696d\u7684\u5224\u65b7\u80fd\u529b\u3002\u9280\u884c\u5728\u8a2d\u8a08\u7522\u54c1\u8207\u884c\u92b7TRF\u6642\uff0c\u82e5\u9280\u884c\u7684\u9053\u5fb7\u6c34\u6e96\u4e0d\u8db3\uff0c\u6703\u5584\u7528\u6295\u8cc7\u8005\u904e\u53bb\u5c0d\u4eba\u6c11\u5e63\u6301\u7e8c\u8d70\u5347\u7684\u5fc3\u7406\uff0c\u8a98\u5c0e\u6295\u8cc7\u8005\uff0c\u8b93\u6295\u8cc7\u8005\u5192\u76f8\u7576\u5927\u7684\u98a8\u96aa\u3002<\/p>\n

\u9280\u884c\u7b49\u8a2d\u8a08\u7522\u54c1\u3001\u5c08\u696d\u6a5f\u69cb\u5c6c\u77e5\u60c5\u7684\u8ce3\u65b9\uff0c\u5c0b\u627e\u884c\u92b7\u7684\u6a19\u7684\u6295\u8cc7\u8005\u70ba\uff0c\u5c0d\u4eba\u6c11\u5e63\u672a\u4f86\u8d70\u52e2\u7684\u9810\u671f\u80fd\u529b\u4e0d\u4f73\u4e4b\u7121\u77e5\u50f9\u683c\u8ffd\u96a8\u8005\u3002\u9019\u5c31\u662f\u70ba\u4ec0\u9ebc\u5546\u696d\u9031\u520a\u6703\u5831\u5c0e\uff0c\u81f3\u5c113700\u5bb6\u53f0\u7063\u4e2d\u5c0f\u4f01\u696d\u4e2d\u6a19TRF\uff0c\u751a\u81f3\u9762\u81e8\u7834\u7522\u7684\u7a98\u72c0\u3002\u9019\u4e9b\u4e2d\u5c0f\u4f01\u696d\u76f8\u5c0d\u9280\u884c\uff0c\u5c31\u662f\u7121\u77e5\u7684\u6295\u8cc7\u8005\u3002<\/p>\n

\u7d93\u6fdf\u5b78\u4e2d\u7684\u76f8\u53cd\u9078\u64c7\u539f\u7406(adverse selection)\u73fe\u8c61\u53ef\u4ee5\u89e3\u91cbTRF\u7684\u73fe\u8c61\u3002\u8ce3\u65b9\u9280\u884c\u77e5\u66c9\u4f55\u7a2e\u689d\u4ef6\u7684TRF\u53ef\u4ee5\u92b7\u552e\u5f97\u597d\uff0c\u53ef\u4ee5\u5c0d\u9280\u884c\u7372\u5229\u6709\u5229\uff1b\u76f8\u5c0d\u7684\uff0c\u82e5\u5c0d\u9280\u884c\u4e0d\u5229\u7684TRF\uff0c\u9280\u884c\u4e0d\u6703\u51fa\u552e\uff0c\u6070\u6070\u904e\u53bb\u9577\u671f\u4eba\u6c11\u5e63\u6301\u7e8c\u8d70\u5347\uff0c\u8b93\u7121\u77e5\u6295\u8cc7\u8005\u7522\u751f\u932f\u8aa4\u5370\u8c61\uff0c\u56e0\u6b64\u63d0\u4f9b\u9280\u884c\u4e00\u500b\u92b7\u552eTRF\uff0c\u6216\u57f7\u884c\u8cc7\u8a0a\u4e0d\u5c0d\u7a31\u7372\u5229\u7684\u597d\u6a5f\u6703\u3002\u6295\u8cc7\u8005\u5728\u8cc7\u8a0a\u4e0d\u5c0d\u7a31\u74b0\u5883\u4e0b\uff0c\u8cb7\u4e86TRF\u7b49\u65bc\u8f38\u4e86\uff0c\u640d\u5931\u6a5f\u6703\u592a\u9ad8\u4e86\u3002\u9019\u4e5f\u5c31\u662f\u6700\u8fd1\uff0c\u56e0\u4eba\u6c11\u5e63\u6301\u7e8c\u8d70\u8cb6\uff0c\u53f0\u7063\u8a31\u591a\u904e\u53bb\u8cfc\u8cb7TRF\u7684\u6295\u8cc7\u8005\u6240\u9762\u81e8\u4e4b\u7a98\u5883\u3002<\/p>\n

\u904e\u53bb\uff0e\u53f0\u7063\u6210\u70ba\u4eba\u6c11\u5e63\u96e2\u5cb8\u4e2d\u5fc3\u4e4b\u5f8c\uff0c\u66fe\u5728\u5f88\u77ed\u7684\u6642\u9593\u5167\u5c31\u7d2f\u7a4d\u8d85\u904e3000\u5104\u4eba\u6c11\u5e63\u5b58\u6b3e\u3002\u9019\u7a2e\u73fe\u8c61\u8207TRF\u76f8\u7576\u985e\u4f3c\uff0c\u53ea\u662f\u4eba\u6c11\u5e63\u5b58\u6b3e\u5c6c\u73fe\u8ca8\u7522\u54c1\u7121\u64f4\u5f35\u4fe1\u7528\uff0c\u5b83\u7684\u98a8\u96aa\u9060\u4f4e\u65bcTRF\u3002\u5f9e\u4eba\u6c11\u5e63\u5b58\u6b3e\u8207TRF\u7684\u73fe\u8c61\uff0c\u53ef\u898b\u53f0\u7063\u7121\u77e5\u6295\u8cc7\u8005\u4eba\u6578\u773e\u591a\u3002<\/p>\n

<\/h1>\n

\u5927\u9678\u60b2\u60c5\u7d93\u6fdf\u8207TRF<\/h3>\n

\u5927\u9678\u81ea\u7fd2\u674e\u9ad4\u5236\u4ee5\u4f86\uff0c\u6216\u5341\u4e8c\u4e94\u8a08\u5283\u4ee5\u4f86\uff0c\u5c31\u958b\u59cb\u63a8\u52d5\u7d93\u6fdf\u7d50\u69cb\u8f49\u578b\uff0c\u4e2d\u671f\u5c07\u4fc3\u4f7f\u88fd\u9020\u696d\u8f49\u578b\uff0c\u85c9\u4ee5\u6e1b\u5c11\u904e\u5269\u7522\u80fd\uff0c\u540c\u6642\u4ee5\u6d88\u8cbb\u8005\u652f\u51fa\u70ba\u66f4\u91cd\u8981\u7684\u6210\u9577\u9a45\u529b\u3002\u6b64\u5916\uff0c\u5927\u9678\u5c6c\u51fa\u53e3\u7d93\u6fdf\uff0c\u4f9d\u8cf4\u51fa\u53e3\u751a\u6df1\u3002<\/p>\n

\u4eba\u6c11\u5e63\u7684\u532f\u50f9\u8207\u5927\u9678\u7d93\u6fdf\u606f\u606f\u76f8\u95dc\u3002\u5f9e\u7fd2\u674e\u63a5\u624b\u6cbb\u7406\u4e2d\u570b\u5927\u9678\u4e4b\u5f8c\uff0c\u4ee5\u300c\u6253\u8caa\u53cd\u8150\u300d\u70ba\u4e3b\u8981\u653f\u7b56\u8a34\u6c42\u3002\u5728\u9019\u500b\u8a34\u6c42\u4e0b\uff0c\u4e2d\u570b\u7d93\u6fdf\u6703\u5982\u4f55\u767c\u5c55\uff1f\u8332\u4ee5\u4e0b\u5217\u7684\u5f59\u7e3d\u5f0f\u8cc7\u8a0a\u8aaa\u660e\u4e4b\u3002<\/p>\n

    \n
  1. \u4e2d\u570b\u5927\u9678\u7684\u7d93\u6fdf\u9577\u671f\u4ee5\u4f86\uff0c\u4ee5\u4e16\u754c\u5de5\u5ee0\u81ea\u5c45\uff0c\u4ea6\u5373\u4ee5\u88fd\u9020\u52a0\u5de5\u898b\u9577\u3002\u9019\u500b\u73fe\u8c61\u76f8\u5c0d\u4e5f\u4ee3\u8868\uff0c\u4e2d\u570b\u7d93\u6fdf\u4ee5\u51fa\u53e3\u7d93\u6fdf\u4f5c\u70ba\u4e3b\u8981\u652f\u6490\u3002<\/li>\n
  2. \u82e5\u4ee5\u51fa\u53e3\u3001\u5167\u9700\u3001\u6295\u8cc7\u4e09\u96bb\u7d93\u6fdf\u652f\u67f1\u4f86\u5206\u6790\u4e2d\u570b\u7d93\u6fdf\u53ef\u77e5\uff1a\u7fd2\u674e\u9ad4\u5236\u4e4b\u524d\uff0c\u4e2d\u570b\u7d93\u6fdf\u63a1\u64f4\u5f35\u7d93\u6fdf\uff0c\u4e2d\u570b\u7d93\u6fdf\u5728\u57fa\u790e\u5efa\u8a2d\u3001\u623f\u5730\u7522\u958b\u767c\u7684\u64f4\u5f35\u523a\u6fc0\u4e0b\uff0c\u4e2d\u9577\u671f\u7684\u7a69\u5b9a\u6709\u6548\u6210\u9577\uff0c\u5c6c\u6b63\u5e38\u53ef\u9810\u671f\u7684\u7d50\u679c\u3002<\/li>\n
  3. \u4e2d\u570b\u5e02\u5834\u7684\u6295\u8cc7\u6027\u5546\u54c1\u7f3a\u4e4f\uff0c\u4e2d\u570b\u4eba\u7684\u50b3\u7d71\u662f\u300c\u6709\u571f\u65af\u6709\u8ca1\u300d\uff0c\u4e14\u623f\u5730\u7522\u5c6c\u6240\u6709\u91d1\u878d\u5546\u54c1\u4e2d\u4fe1\u7528\u64f4\u5f35\u6216\u69d3\u687f\u6bd4\u4f8b\u6700\u9ad8\u7684\u6295\u8cc7\u6027\u7522\u54c1\u3002\u623f\u5730\u7522\u4ea4\u6613\u71b1\u7d61\uff0c\u6240\u6709\u6295\u8cc7\u8005\u6703\u71b1\u4e2d\u623f\u5730\u7522\u7684\u6295\u8cc7\u8cb7\u8ce3\uff0c\u76f4\u5230\u623f\u5730\u7522\u50f9\u683c\u76f8\u5c0d\u8207\u570b\u969b\u6c34\u6e96\u76f8\u8fd1\u6642\uff0c\u624d\u6703\u958b\u59cb\u6ce2\u52d5\uff0c\u6df1\u5317\u4e0a\u5ee3\u7b49\u4e3b\u8981\u57ce\u5e02\u7684\u623f\u5730\u7522\u8d70\u52e2\u53ef\u4ee5\u8b49\u660e\u9019\u500b\u73fe\u8c61\u3002<\/li>\n
  4. \u4e2d\u570b\u9700\u8981\u5927\u91cf\u57fa\u790e\u5efa\u8a2d\uff0c\u653f\u5e9c\u6bcf\u5e74\u6295\u5165\u5927\u91cf\u8cc7\u91d1\u5efa\u8a2d\u57fa\u790e\u5efa\u8a2d\uff0c\u4e5f\u662f\u4e2d\u570b\u5275\u9020\u64f4\u5f35\u7d93\u6fdf\u7684\u4e3b\u8981\u4f86\u6e90\u4e4b\u4e00\u3002<\/li>\n
  5. \u7576\u623f\u5730\u7522\u7684\u50f9\u683c\u63a5\u8fd1\u570b\u969b\u5e73\u5747\u6c34\u6e96\uff0c\u57fa\u790e\u5efa\u8a2d\u7684\u6295\u8cc7\u4e5f\u81fb\u4e00\u5b9a\u6c34\u6e96\uff0c\u7d93\u6fdf\u908a\u969b\u64f4\u5f35\u529b\u91cf\u8b8a\u5c0f\u3002\u53ef\u662f\u623f\u5730\u7522\u7684\u4fe1\u7528\u64f4\u5f35\u904e\u7a0b\u4e2d\uff0c\u4e5f\u540c\u6642\u5275\u9020\u4e2d\u570b\u7d93\u6fdf\u7684\u8cc7\u7522\u6ce1\u6cab\u3002\u6b64\u6642\uff0c\u653f\u5e9c\u3001\u623f\u5730\u7522\u64f4\u5f35\u4e4b\u908a\u969b\u6548\u76ca\u8b8a\u5c0f\uff0c\u4f46\u8cc7\u7522\u6ce1\u6cab\u98a8\u96aa\u5347\u9ad8\u6642\uff0c\u4e2d\u570b\u7d93\u6fdf\u7684\u8cc7\u7522\u6ce1\u6cab\u554f\u984c\uff0c\u4e00\u76f4\u56f0\u64fe\u4e2d\u570b\u7576\u5c40\u3002<\/li>\n
  6. 2008\u5e74\u4ee5\u4f86\uff0c\u8fc4\u4eca\u5168\u7403\u7d93\u6fdf\u4ecd\u7136\u4f9d\u8cf4QE\u5bec\u9b06\u8ca8\u5e63\u74b0\u5883\u7684\u5976\u6c34\uff0c\u6b50\u7f8e\u5730\u5340\u4ecd\u672a\u6062\u5fa9\u5168\u7403\u91d1\u878d\u6d77\u562f\u524d\u7684\u6c34\u6e96\u3002\u6b64\u7a2e\u73fe\u8c61\u4ee3\u8868\uff1a\u4e2d\u570b\u7684\u51fa\u53e3\u7d93\u6fdf\u4ecd\u662f\u53d7\u5230\u58d3\u4ef0\u7684\u3002<\/li>\n
  7. \u5f9e\u4e2d\u570b\u570b\u5167\u6d88\u8cbb\u89c0\u4e4b\uff0c\u623f\u5730\u7522\u6ce1\u6cab\u7d93\u6fdf\u4ee3\u8868\u570b\u5167\u5962\u4f88\u6027\u6d88\u8cbb\u5e02\u5834\u5167\u7684\u5927\u7206\u767c\u3002\u4f46\u662f\uff0c\u7fd2\u674e\u9ad4\u5236\u7684\u300c\u6253\u8caa\u53cd\u8150\u300d\u7834\u58de\u4e86\u5962\u4f88\u6d88\u8cbb\u3002<\/li>\n
  8. \u82e5\u662f\u6b50\u7f8e\u7684\u7d93\u6fdf\u5fa9\u8607\u9072\u7de9\uff0c\u4e2d\u570b\u51fa\u53e3\u7d93\u6fdf\u7684\u6210\u9577\u53d7\u5230\u6311\u6230\uff1b\u570b\u5167\u6d88\u8cbb\u53d7\u6253\u8caa\u53cd\u8150\u7684\u58d3\u6291\uff1b\u5982\u4e0a\u8ff0\uff0c\u653f\u5e9c\u652f\u51fa\u5c0d\u64f4\u5f35\u7d93\u6fdf\u7684\u908a\u969b\u6548\u61c9\u905e\u6e1b\u6642\uff0c\u4e2d\u570b\u7d93\u6fdf\u5728\u9019\u6bb5\u6642\u9593\u80af\u5b9a\u662f\u5f31\u52e2\u3002<\/li>\n<\/ol>\n

    \u4e2d\u570b\u7d93\u6fdf\u5728\u5f31\u52e2\u689d\u4ef6\u4e0b\uff0c\u8981\u62c9\u5347\u7d93\u6fdf\uff0c\u539f\u4f86\u60f3\u9760\u300c\u7de9\u5347\u80a1\u5e02\u7684\u6162\u725b\u300d\u4f86\u523a\u6fc0\u4e2d\u570b\u7d93\u6fdf\uff0c\u4e0d\u6599\u53bb\u5e74\u4e00\u500b\u9023\u74b0\u5f0f\u72c2\u8dcc\uff0c\u5e7e\u8fd1\u5d29\u76e4\u7684\u904e\u7a0b\uff0c\u53cd\u800c\u8b93\u4e00\u4e9b\u6563\u6236\u53d7\u50b7\u6158\u91cd\uff0c\u5f71\u97ff\u4e2d\u570b\u672a\u4f86\u7d93\u6fdf\u5fa9\u7526\u7684\u529b\u5ea6\u3002<\/p>\n

    \u56fa\u7136\uff0c\u4e2d\u570b\u7684\u5229\u7387\u74b0\u5883\u5c1a\u5b58\u5728\u9032\u4e00\u6b65\u5bec\u9b06\u7684\u7a7a\u9593\uff0c\u81f3\u8ca8\u5e63\u5bec\u9b06\u6703\u5f15\u5c0e\u4e2d\u570b\u7d93\u6fdf\u518d\u5ea6\u8d70\u5411\u6295\u6a5f\u8207\u9032\u4e00\u6b65\u7684\u6ce1\u6cab\u3002\u6700\u8fd1\uff0c\u4e2d\u570b\u623f\u5730\u7522\u53c8\u8822\u8822\u6b32\u52d5\uff0c\u5c31\u662f\u5bec\u9b06\u6240\u5e36\u4f86\u7684\u6548\u61c9\uff0c\u52a0\u4e0a\u4e2d\u570b\u653f\u5e9c\u6709\u610f\u900f\u904e\u5927\u5bb6\u7fd2\u6163\u7684\u623f\u5730\u7522\u523a\u6fc0\u7d93\u6fdf\u3002\u9019\u7a2e\u4ee5\u623f\u5730\u7522\u64f4\u5f35\u65b9\u5f0f\uff0c\u523a\u6fc0\u7d93\u6fdf\u6709\u9ede\u8edf\u9d06\u6b62\u6e34\u3002\u6700\u5f8c\uff0c\u81ea\u4e8c\u5e74\u591a\u4ee5\u4f86\uff0c\u653f\u5e9c\u652f\u51fa\u7684\u7d93\u6fdf\u6210\u9577\u908a\u969b\u6548\u76ca\u5df2\u7d93\u8da8\u8fd1\u65bc\u96f6\uff0c\u751a\u81f3\u8ca0\u6578\uff0c\u4ee3\u8868\u653f\u5e9c\u652f\u51fa\u5df2\u4e0d\u662f\u6709\u6548\u7684\u653f\u7b56\u5de5\u5177\u3002<\/p>\n

    \u6240\u4ee5\uff0c\u4e2d\u570b\u653f\u5e9c\u6700\u5f8c\u53ea\u80fd\u4ee5\u4eba\u6c11\u5e63\u8cb6\u503c\u65b9\u5f0f\u4f86\u9054\u5230\u7d93\u6fdf\u76ee\u6a19\u3002\u4e00\u5247\u4e2d\u570b\u7d93\u6fdf\u9ad4\u5236\u8b8a\u5f31\uff0c\u4e00\u5247\u4e2d\u570b\u64ec\u900f\u904e\u8ca8\u5e63\u8cb6\u503c\u523a\u6fc0\u985e\u4f3c\u51fa\u53e3\u7d93\u6fdf\u7684\u767c\u5c55\u3002\u9019\u7a2e\u4eba\u6c11\u5e63\u8cb6\u503c\u8da8\u52e2\uff0c\u5c31\u662f\u5275\u9020\u53f0\u7063TRF\u4e00\u7247\u54c0\u568e\u7684\u4e3b\u8981\u539f\u56e0\u3002<\/p>\n

    \u56fa\u7136\uff0c\u4eba\u6c11\u5e63\u6700\u8fd1\u52a0\u5165IMF(\u570b\u969b\u8ca8\u5e63\u7d44\u7e54) \u4e4b\u300c\u7279\u5225\u63d0\u6b3e\u6b0a\uff08SDR\uff09\u300d\u8ca8\u5e63\u7c43\uff08\u5165\u7c43\uff09\uff0c\u4e26\u65bc2016\u5e7410\u67081\u65e5\u6b63\u5f0f\u751f\u6548\u3002\u4eba\u6c11\u5e63\u570b\u969b\u5316\u7684\u904e\u7a0b\uff0c\u5230\u5e95\u53ef\u4ee5\u70ba\u4e2d\u570b\u5e36\u4f86\u591a\u5c11\u5916\u8cc7\uff1f\u523a\u6fc0\u4e2d\u570b\u7d93\u6fdf\uff1f\u662f\u4e00\u500b\u8981\u89c0\u5bdf\u7684\u8b70\u984c\uff0c\u9019\u7a2e\u523a\u6fc0\u6548\u679c\u8207\u653f\u7b56\u7684\u7b56\u7565\u3001\u4e2d\u570b\u7d93\u6fdf\u672c\u8eab\u7684\u767c\u5c55\u6709\u95dc\u3002<\/p>\n

    \u5012\u662f\u4e2d\u570b\u5728\u7522\u696d\u4e0a\uff0c\u5341\u4e09\u4e94\u8a08\u5283\u4e2d\u6975\u529b\u63a8\u52d5\u65b0\u80fd\u6e90\u7522\u696d\u3001\u91ab\u7642\u7522\u696d\uff0c\u61c9\u53ef\u70ba\u4e2d\u570b\u7d93\u6fdf\u8207\u7522\u696d\u6ce8\u5165\u65b0\u529b\u91cf\uff0c\u5c6c\u8f03\u6b63\u9762\u7684\u767c\u5c55\u8207\u9810\u671f\u3002<\/p>\n

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    <\/h1>\n

    \u53f0\u7063\u91d1\u7ba1\u6a5f\u69cb\u5931\u8077<\/h3>\n

    \u9280\u884c\u71b1\u92b7TRF\u7684\u671f\u9593\uff0c\u901a\u5e38\u53ea\u8981\u9280\u884c\u80fd\u5920\u9075\u5b88\u6240\u6709\u9280\u884c\u76f8\u95dc\u6cd5\u4ee4\u4e4b\u5fc5\u8981\u689d\u4ef6\uff0c\u4e3b\u7ba1\u6a5f\u95dc\u7121\u6cd5\u5c0d\u9280\u884c\u92b7\u552eTRF\u7522\u751f\u4efb\u4f55\u76e3\u7763\u529f\u80fd\u3002<\/p>\n

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    TRF\u5c0d\u53f0\u7063\u4e2d\u5c0f\u4f01\u696d\u3001\u4e00\u822c\u6295\u8cc7\u8005\u6c11\u773e\u7684\u6700\u5927\u554f\u984c\uff0c\u61c9\u4e0d\u5728\u4e3b\u7ba1\u6a5f\u95dc\u3001\u6cd5\u898f\u5236\u5ea6…\u4e0a\u8ff0\u5df2\u8aaa\u660e\uff0c\u95dc\u9375\u5728\u65bc\uff1a\u96d6\u7136\u4e2d\u570b\u7d93\u6fdf\u5728\u7fd2\u674e\u9ad4\u5236\u4e4b\u5f8c\uff0c\u5df2\u73fe\u75b2\u614b\uff0c\u70ba\u4f55\u9280\u884c\u9ad4\u7cfb\u5728\u92b7\u552eTRD\u6642\u672a\u63d0\u4f9b\u8db3\u5920\u7684\u98a8\u96aa\u8b66\u793a\uff1f\u6216\u5728\u9019\u7a2eTRF\u71b1\u92b7\u7522\u54c1\u4e0b\uff0c\u7121\u4e3b\u7ba1\u6a5f\u95dc\u6216\u5c08\u696d\u6a5f\u69cb\u7684\u98a8\u96aa\u8b66\u793a\u8cc7\u8a0a\uff0c\u81f4\u9280\u884c\u5728\u92b7\u552eTRF\u6642\uff0c\u8cc7\u8a0a\u7684\u900f\u660e\u5ea6\u7522\u751f\u56b4\u91cd\u4e0d\u8db3\u7684\u73fe\u8c61\u3002<\/p>\n

    \u4e0a\u8ff0\u554f\u984c\u7684\u7b54\u6848\u4e4b\u4e00\u5728\u65bc\uff1a\u8cfc\u8cb7TRF\u7684\u6295\u8cc7\u8005\uff0c\u591a\u6578\u5c6c\u985e\u4f3c\u4e2d\u5c0f\u4f01\u696d\u4e3b\u3001\u4e00\u822c\u6c11\u773e\u7684\u7121\u77e5\u6295\u8cc7\u8005\uff0c\u9bae\u5c11\u5c08\u696d\u6295\u8cc7\u8005\u3002\u56e0\u6b64\uff0c\u5e02\u5834TRF\u7684\u5c08\u696d\u8cc7\u8a0a\u7f3a\u4e4f\uff0c\u9051\u8ad6\u98a8\u96aa\u8b66\u793a\u8cc7\u8a0a\u3002\u96d6\u7136TRF\u662f\u4e00\u767e\u842c\u7f8e\u5143\u4e00\u500b\u55ae\u4f4d\uff0c\u4f46\u5728\u904e\u53bb\u4eba\u6c11\u5e63\u7a69\u5b9a\u5347\u503c\u74b0\u5883\u4e0b\uff0c\u4e5f\u6613\u8b93\u77e5\u60c5\u6295\u8cc7\u8005\u843d\u5165\u9677\u9631\u3002<\/p>\n

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