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\u6a94\u985e\u5168\u59d4\u5e33\u6236\u300151\u6a94ETF\u3001151\u6a94\u5171\u540c\u57fa\u91d1\u3002\u5176\u4e2d\u7531\u5b89\u9054\u4eba\u58fd\u59d4\u8a17\u5fa9\u83ef\u6295\u4fe1\u4ee3\u64cd\u7684\u6230\u7565\u8d0f\u5bb6\u50f9\u503c\u6295\u8cc7\u7d44\u5408\u5e33\u6236\uff0c\u662f\u570b\u5167\u5c11\u6578\u63a1\u7528\u8afe\u8c9d\u723e\u734e\u7d93\u6fdf\u5b78\u5bb6Robert Shiller\u6559\u6388\u7684Relative CAPE Ratio\uff0c\u904b\u7528\u300c\u9078\u3001\u653b\u3001\u5b88\u300d\u4e09\u5927\u7279\u8272\u63d0\u4f9b\u66f4\u5168\u9762\u4e4b\u50f9\u503c\u6295\u8cc7\u7b56\u7565\u3002\u300c\u9078\u300d\uff1a\u6bcf\u6708\u900f\u904eRelative CAPE Ratio\u5c0d\u7f8e\u570b11\u5927\u7522\u696d\u3001\u6b50\u6d3210\u5927\u7522\u696d\u9032\u884c\u50f9\u503c\u6392\u5e8f\uff0c\u805a\u7126\u6295\u8cc7\u50f9\u503c\u88ab\u4f4e\u4f30\u4e14\u5177\u6709\u6210\u9577\u6027\u7684\u7522\u696d\u3002\u300c\u653b\u300d\uff1a\u4ee5\u300cOECD\u7d9c\u5408\u9818\u5148\u6307\u6a19\u300d\u89c0\u5bdf\u4e2d\u9577\u671f\u666f\u6c23\u8da8\u52e2\uff0c\u6c7a\u5b9a\u6295\u8cc7\u7d44\u5408\u4e2d\u7f8e\u570b\u3001\u6b50\u6d32\u914d\u7f6e\u6bd4\u4f8b\u3002\u300c\u5b88\u300d\uff1a\u6bcf\u65e5\u76e3\u63a7\u80a1\u5e02\u6ce2\u52d5\u7387\u8b8a\u5316\uff0c\u4ee5\u9577\u77ed\u5929\u671fVIX\u6ce2\u52d5\u5ea6\u6307\u6a19\u57f7\u884c\u9632\u5b88\uff0c\u7576\u6307\u6a19\u5927\u5e45\u5411\u4e0a\u4e14\u6ce2\u52d5\u7387\u66f2\u7dda\u53cd\u8f49\uff0c\u89f8\u53ca\u51fa\u5834\u8a0a\u865f\u6642\uff0c\u5e33\u6236\u7d93\u7406\u4eba\u6703\u5373\u6642\u628a\u95dc\u5e02\u5834\u6975\u7aef\u98a8\u96aa\u3002  \u25b2\uff08\u5716\uff0f\u5b89\u9054\u4eba\u58fd\uff09  \u7531\u5b89\u9054\u4eba\u58fd\u5168\u6b0a\u59d4\u8a17\u4e4b\u806f\u535a\u6295\u4fe1\u74b0\u7403\u4e3b\u984c\u8da8\u52e2\u6295\u8cc7\u5e33\u6236\uff0c\u5247\u662f\u4ee5SHIFT\u4e94\u5927\u8da8\u52e2\u8b8a\u9769\u4f5c\u70ba\u7ba1\u7406\u7279\u8272\u3002\u5728\u6c23\u5019\u8b8a\u9077\u548c\u78b3\u6392\u653e\u7b49\u8b70\u984c\u52a0\u6301\u4e0b\uff0c\u6c38\u7e8c\u6210\u9577(Sustainability)\u5b58\u5728\u9f90\u5927\u5546\u6a5f\uff0c\u800c\u5168\u7403\u4eba\u53e3\u7d50\u69cb\u8001\u5316\uff0c\u5c0d\u5065\u5eb7\u53ca\u91ab\u7642\u54c1\u8cea\u65e5\u6f38\u91cd\u8996\uff0c\u5065\u5eb7\u91ab\u7642(Healthcare)\u7684\u91cd\u8981\u6027\u6bcb\u5eb8\u7f6e\u7591\u3002\u7d93\u6b77\u53bb\u5e74\u6fc0\u9032\u5347\u606f\uff0c\u5404\u985e\u50b5\u5238\u6b96\u5229\u7387\u5728\u76f8\u5c0d\u9ad8\u9ede\uff0c\u64c7\u6642\u9032\u5834\u4f48\u5c40\u53ef\u4ee5\u6536\u7d0d\u591a\u5143\u6536\u76ca\u6a5f\u6703(Income)\uff0c\u66f4\u6709\u6a5f\u6703\u638c\u63e1\u5f8c\u7e8c\u5831\u916c\u6f5b\u529b\uff1b\u5f48\u6027\u914d\u7f6e(Flexibility)\uff0c\u5247\u662f\u8003\u91cf\u9577\u671f\u6295\u8cc7\u904e\u7a0b\u5e02\u5834\u4ecd\u5177\u8b8a\u52d5\u6027\uff0c\u4f48\u5c40\u5168\u7403\u80a1\u50b5\u8cc7\u7522\u5c07\u6709\u5229\u5f48\u6027\u8abf\u6574\u6bd4\u91cd\u4e26\u5206\u6563\u98a8\u96aa\u3002\u6539\u8b8a\u4eba\u985e\u751f\u6d3b\u7684\u79d1\u6280\u5275\u65b0(Technology)\u8da8\u52e2\uff0c\u5982\u4eba\u5de5\u667a\u6167\uff0c\u5728\u5f8c\u5347\u606f\u6642\u4ee3\u5c07\u5ef6\u7e8c\u6295\u8cc7\u6f5b\u529b\u3002  \u300c\u91d1\u5f97\u76ca\u300d\u5c08\u6848\u5305\u62ec\u5b89\u9054\u4eba\u58fd\u91d1\u5f97\u76ca\u8b8a\u984d\u5e74\u91d1\u4fdd\u96aa\u3001\u5b89\u9054\u4eba\u58fd\u91d1\u5f97\u76ca\u7f8e\u5143\u8b8a\u984d\u5e74\u91d1\u4fdd\u96aa\u3001\u5b89\u9054\u4eba\u58fd\u91d1\u5f97\u76ca\u8b8a\u984d\u842c\u80fd\u58fd\u96aa\uff0c\u4ee5\u53ca\u5b89\u9054\u4eba\u58fd\u91d1\u5f97\u76ca\u7f8e\u5143\u8b8a\u984d\u842c\u80fd\u58fd\u96aa\u56db\u6a94\u5546\u54c1\uff0c\u7686\u53ef\u4f9d\u9700\u6c42\u9078\u64c7\u53f0\u5e63\u6216\u7f8e\u5143\u8a08\u50f9\u3002\u5176\u4e2d\u58fd\u96aa\u5546\u54c1\u4eab\u6709\u8eab\u6545\u4fdd\u96aa\u91d1\u3001\u5b8c\u5168\u5931\u80fd\u4fdd\u96aa\u91d1\u53ca\u795d\u58fd\u4fdd\u96aa\u91d1\uff1b\u5e74\u91d1\u5546\u54c1\u5247\u4eab\u6709\u5e74\u91d1\u7d66\u4ed8\u3001\u672a\u652f\u9818\u4e4b\u5e74\u91d1\u9918\u984d\u3001\u8fd4\u9084\u4fdd\u55ae\u5e33\u6236\u50f9\u503c\u7b49\u4fdd\u969c\u5167\u5bb9\uff0c\u6b64\u5916\u53f0\u5e63\u58fd\u96aa\u5546\u54c1\u9084\u53ef\u4eab\u6709\u91cd\u5927\u71d2\u71d9\u50b7\u4fdd\u96aa\u91d1\u3002  \u5b89\u9054\u4eba\u58fd\u8868\u793a\uff0c\u671f\u671b\u900f\u904e\u300c\u91d1\u5f97\u76ca\u300d\u4fdd\u96aa\u5c08\u6848\u8b93\u5ba2\u6236\u4f9d\u64da\u81ea\u8eab\u6bcf\u6708\u73fe\u91d1\u6d41\uff0c\u4ee5\u53ca\u53f0\u3001\u5916\u5e63\u8cc7\u7522\u914d\u7f6e\u9700\u6c42\u4f86\u6311\u9078\u9069\u5408\u7684\u5546\u54c1\uff0c\u9054\u5230\u8cc7\u7522\u50b3\u627f\u3001\u9000\u4f11\u898f\u5283\u7b49\u4eba\u751f\u76ee\u6a19\u3002  \u3010\u65b0\u982d\u689d-Thehubnews\u3011\u63d0\u9192\u60a8\uff1a\u5be9\u614e\u6295\u8cc7\u7406\u8ca1\uff01\u672c\u5831\u5c0e\u5167\u5bb9\u4e0d\u4ee3\u8868\u672c\u7db2\uff08\u5831\uff09\u7acb\u5834\uff0c\u672c\u5831\u5c0e\u5167\u5bb9\u50c5\u4f9b\u8b80\u8005\u53c3\u8003\uff0c\u6295\u8cc7\u4eba\u61c9\u7368\u7acb\u5224\u65b7\u3002\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pingtungtimes.com.tw\/?p=186039\" \/>\n<meta property=\"og:locale\" content=\"zh_TW\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u56e0\u61c9\u8d85\u9ad8\u9f61\u5316\u793e\u6703\u3000\u5b89\u9054\u4eba\u58fd\u63a8\u91d1\u5f97\u76ca\u5c08\u6848 \u5efa\u7acb\u5b8c\u5584\u9000\u4f11\u8a08\u756b - \u5c4f\u6771\u6642\u5831\u96fb\u5b50\u5831\" \/>\n<meta property=\"og:description\" content=\"\u751f\u6d3b\u4e2d\u5fc3\uff0f\u7d9c\u5408\u5831\u5c0e  \u9ad8\u9f61\u5316\u5df2\u7d93\u6210\u70ba\u5168\u7403\u5171\u540c\u73fe\u8c61\uff0c\u6839\u64da\u884c\u653f\u9662\u4e3b\u8a08\u7e3d\u8655\u8cc7\u6599\u986f\u793a\uff0c\u9810\u8a082025\u5e74\u53f0\u706365\u6b72\u4ee5\u4e0a\u4eba\u53e3\u5360\u6bd4\u5c07\u8d85\u904e20%\uff0c\u9081\u5165\u300c\u8d85\u9ad8\u9f61\u5316\u793e\u6703\u300d\u3002\u9019\u610f\u5473\u8457\u6c11\u773e\u53ef\u80fd\u9700\u8981\u6e96\u5099\u66f4\u5b8c\u5584\u7684\u9000\u4f11\u91d1\u548c\u91ab\u7642\u8cbb\u7528\uff0c\u4f86\u9762\u5c0d\u672a\u4f86\u8ca1\u52d9\u53ca\u7167\u8b77\u7684\u9700\u6c42\u3002\u70ba\u6b64\uff0c\u5b89\u9054\u4eba\u58fd\u63a8\u51fa\u300c\u91d1\u5f97\u76ca\u300d\u6295\u8cc7\u578b\u4fdd\u96aa\u5c08\u6848\uff0c\u671f\u671b\u5354\u52a9\u5ba2\u6236\u6253\u9020\u66f4\u5b8c\u5584\u7684\u9000\u4f11\u8a08\u756b\u3002  \u300c\u91d1\u5f97\u76ca\u300d\u5c08\u6848\u53ef\u9023\u7d50\u4e4b\u6295\u8cc7\u6a19\u7684\u9ad8\u9054209\u500b\uff0c\u5305\u62ec 7 \u6a94\u985e\u5168\u59d4\u5e33\u6236\u300151\u6a94ETF\u3001151\u6a94\u5171\u540c\u57fa\u91d1\u3002\u5176\u4e2d\u7531\u5b89\u9054\u4eba\u58fd\u59d4\u8a17\u5fa9\u83ef\u6295\u4fe1\u4ee3\u64cd\u7684\u6230\u7565\u8d0f\u5bb6\u50f9\u503c\u6295\u8cc7\u7d44\u5408\u5e33\u6236\uff0c\u662f\u570b\u5167\u5c11\u6578\u63a1\u7528\u8afe\u8c9d\u723e\u734e\u7d93\u6fdf\u5b78\u5bb6Robert Shiller\u6559\u6388\u7684Relative CAPE Ratio\uff0c\u904b\u7528\u300c\u9078\u3001\u653b\u3001\u5b88\u300d\u4e09\u5927\u7279\u8272\u63d0\u4f9b\u66f4\u5168\u9762\u4e4b\u50f9\u503c\u6295\u8cc7\u7b56\u7565\u3002\u300c\u9078\u300d\uff1a\u6bcf\u6708\u900f\u904eRelative CAPE Ratio\u5c0d\u7f8e\u570b11\u5927\u7522\u696d\u3001\u6b50\u6d3210\u5927\u7522\u696d\u9032\u884c\u50f9\u503c\u6392\u5e8f\uff0c\u805a\u7126\u6295\u8cc7\u50f9\u503c\u88ab\u4f4e\u4f30\u4e14\u5177\u6709\u6210\u9577\u6027\u7684\u7522\u696d\u3002\u300c\u653b\u300d\uff1a\u4ee5\u300cOECD\u7d9c\u5408\u9818\u5148\u6307\u6a19\u300d\u89c0\u5bdf\u4e2d\u9577\u671f\u666f\u6c23\u8da8\u52e2\uff0c\u6c7a\u5b9a\u6295\u8cc7\u7d44\u5408\u4e2d\u7f8e\u570b\u3001\u6b50\u6d32\u914d\u7f6e\u6bd4\u4f8b\u3002\u300c\u5b88\u300d\uff1a\u6bcf\u65e5\u76e3\u63a7\u80a1\u5e02\u6ce2\u52d5\u7387\u8b8a\u5316\uff0c\u4ee5\u9577\u77ed\u5929\u671fVIX\u6ce2\u52d5\u5ea6\u6307\u6a19\u57f7\u884c\u9632\u5b88\uff0c\u7576\u6307\u6a19\u5927\u5e45\u5411\u4e0a\u4e14\u6ce2\u52d5\u7387\u66f2\u7dda\u53cd\u8f49\uff0c\u89f8\u53ca\u51fa\u5834\u8a0a\u865f\u6642\uff0c\u5e33\u6236\u7d93\u7406\u4eba\u6703\u5373\u6642\u628a\u95dc\u5e02\u5834\u6975\u7aef\u98a8\u96aa\u3002  \u25b2\uff08\u5716\uff0f\u5b89\u9054\u4eba\u58fd\uff09  \u7531\u5b89\u9054\u4eba\u58fd\u5168\u6b0a\u59d4\u8a17\u4e4b\u806f\u535a\u6295\u4fe1\u74b0\u7403\u4e3b\u984c\u8da8\u52e2\u6295\u8cc7\u5e33\u6236\uff0c\u5247\u662f\u4ee5SHIFT\u4e94\u5927\u8da8\u52e2\u8b8a\u9769\u4f5c\u70ba\u7ba1\u7406\u7279\u8272\u3002\u5728\u6c23\u5019\u8b8a\u9077\u548c\u78b3\u6392\u653e\u7b49\u8b70\u984c\u52a0\u6301\u4e0b\uff0c\u6c38\u7e8c\u6210\u9577(Sustainability)\u5b58\u5728\u9f90\u5927\u5546\u6a5f\uff0c\u800c\u5168\u7403\u4eba\u53e3\u7d50\u69cb\u8001\u5316\uff0c\u5c0d\u5065\u5eb7\u53ca\u91ab\u7642\u54c1\u8cea\u65e5\u6f38\u91cd\u8996\uff0c\u5065\u5eb7\u91ab\u7642(Healthcare)\u7684\u91cd\u8981\u6027\u6bcb\u5eb8\u7f6e\u7591\u3002\u7d93\u6b77\u53bb\u5e74\u6fc0\u9032\u5347\u606f\uff0c\u5404\u985e\u50b5\u5238\u6b96\u5229\u7387\u5728\u76f8\u5c0d\u9ad8\u9ede\uff0c\u64c7\u6642\u9032\u5834\u4f48\u5c40\u53ef\u4ee5\u6536\u7d0d\u591a\u5143\u6536\u76ca\u6a5f\u6703(Income)\uff0c\u66f4\u6709\u6a5f\u6703\u638c\u63e1\u5f8c\u7e8c\u5831\u916c\u6f5b\u529b\uff1b\u5f48\u6027\u914d\u7f6e(Flexibility)\uff0c\u5247\u662f\u8003\u91cf\u9577\u671f\u6295\u8cc7\u904e\u7a0b\u5e02\u5834\u4ecd\u5177\u8b8a\u52d5\u6027\uff0c\u4f48\u5c40\u5168\u7403\u80a1\u50b5\u8cc7\u7522\u5c07\u6709\u5229\u5f48\u6027\u8abf\u6574\u6bd4\u91cd\u4e26\u5206\u6563\u98a8\u96aa\u3002\u6539\u8b8a\u4eba\u985e\u751f\u6d3b\u7684\u79d1\u6280\u5275\u65b0(Technology)\u8da8\u52e2\uff0c\u5982\u4eba\u5de5\u667a\u6167\uff0c\u5728\u5f8c\u5347\u606f\u6642\u4ee3\u5c07\u5ef6\u7e8c\u6295\u8cc7\u6f5b\u529b\u3002  \u300c\u91d1\u5f97\u76ca\u300d\u5c08\u6848\u5305\u62ec\u5b89\u9054\u4eba\u58fd\u91d1\u5f97\u76ca\u8b8a\u984d\u5e74\u91d1\u4fdd\u96aa\u3001\u5b89\u9054\u4eba\u58fd\u91d1\u5f97\u76ca\u7f8e\u5143\u8b8a\u984d\u5e74\u91d1\u4fdd\u96aa\u3001\u5b89\u9054\u4eba\u58fd\u91d1\u5f97\u76ca\u8b8a\u984d\u842c\u80fd\u58fd\u96aa\uff0c\u4ee5\u53ca\u5b89\u9054\u4eba\u58fd\u91d1\u5f97\u76ca\u7f8e\u5143\u8b8a\u984d\u842c\u80fd\u58fd\u96aa\u56db\u6a94\u5546\u54c1\uff0c\u7686\u53ef\u4f9d\u9700\u6c42\u9078\u64c7\u53f0\u5e63\u6216\u7f8e\u5143\u8a08\u50f9\u3002\u5176\u4e2d\u58fd\u96aa\u5546\u54c1\u4eab\u6709\u8eab\u6545\u4fdd\u96aa\u91d1\u3001\u5b8c\u5168\u5931\u80fd\u4fdd\u96aa\u91d1\u53ca\u795d\u58fd\u4fdd\u96aa\u91d1\uff1b\u5e74\u91d1\u5546\u54c1\u5247\u4eab\u6709\u5e74\u91d1\u7d66\u4ed8\u3001\u672a\u652f\u9818\u4e4b\u5e74\u91d1\u9918\u984d\u3001\u8fd4\u9084\u4fdd\u55ae\u5e33\u6236\u50f9\u503c\u7b49\u4fdd\u969c\u5167\u5bb9\uff0c\u6b64\u5916\u53f0\u5e63\u58fd\u96aa\u5546\u54c1\u9084\u53ef\u4eab\u6709\u91cd\u5927\u71d2\u71d9\u50b7\u4fdd\u96aa\u91d1\u3002 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Ratio\u5c0d\u7f8e\u570b11\u5927\u7522\u696d\u3001\u6b50\u6d3210\u5927\u7522\u696d\u9032\u884c\u50f9\u503c\u6392\u5e8f\uff0c\u805a\u7126\u6295\u8cc7\u50f9\u503c\u88ab\u4f4e\u4f30\u4e14\u5177\u6709\u6210\u9577\u6027\u7684\u7522\u696d\u3002\u300c\u653b\u300d\uff1a\u4ee5\u300cOECD\u7d9c\u5408\u9818\u5148\u6307\u6a19\u300d\u89c0\u5bdf\u4e2d\u9577\u671f\u666f\u6c23\u8da8\u52e2\uff0c\u6c7a\u5b9a\u6295\u8cc7\u7d44\u5408\u4e2d\u7f8e\u570b\u3001\u6b50\u6d32\u914d\u7f6e\u6bd4\u4f8b\u3002\u300c\u5b88\u300d\uff1a\u6bcf\u65e5\u76e3\u63a7\u80a1\u5e02\u6ce2\u52d5\u7387\u8b8a\u5316\uff0c\u4ee5\u9577\u77ed\u5929\u671fVIX\u6ce2\u52d5\u5ea6\u6307\u6a19\u57f7\u884c\u9632\u5b88\uff0c\u7576\u6307\u6a19\u5927\u5e45\u5411\u4e0a\u4e14\u6ce2\u52d5\u7387\u66f2\u7dda\u53cd\u8f49\uff0c\u89f8\u53ca\u51fa\u5834\u8a0a\u865f\u6642\uff0c\u5e33\u6236\u7d93\u7406\u4eba\u6703\u5373\u6642\u628a\u95dc\u5e02\u5834\u6975\u7aef\u98a8\u96aa\u3002 \u25b2\uff08\u5716\uff0f\u5b89\u9054\u4eba\u58fd\uff09 \u7531\u5b89\u9054\u4eba\u58fd\u5168\u6b0a\u59d4\u8a17\u4e4b\u806f\u535a\u6295\u4fe1\u74b0\u7403\u4e3b\u984c\u8da8\u52e2\u6295\u8cc7\u5e33\u6236\uff0c\u5247\u662f\u4ee5SHIFT\u4e94\u5927\u8da8\u52e2\u8b8a\u9769\u4f5c\u70ba\u7ba1\u7406\u7279\u8272\u3002\u5728\u6c23\u5019\u8b8a\u9077\u548c\u78b3\u6392\u653e\u7b49\u8b70\u984c\u52a0\u6301\u4e0b\uff0c\u6c38\u7e8c\u6210\u9577(Sustainability)\u5b58\u5728\u9f90\u5927\u5546\u6a5f\uff0c\u800c\u5168\u7403\u4eba\u53e3\u7d50\u69cb\u8001\u5316\uff0c\u5c0d\u5065\u5eb7\u53ca\u91ab\u7642\u54c1\u8cea\u65e5\u6f38\u91cd\u8996\uff0c\u5065\u5eb7\u91ab\u7642(Healthcare)\u7684\u91cd\u8981\u6027\u6bcb\u5eb8\u7f6e\u7591\u3002\u7d93\u6b77\u53bb\u5e74\u6fc0\u9032\u5347\u606f\uff0c\u5404\u985e\u50b5\u5238\u6b96\u5229\u7387\u5728\u76f8\u5c0d\u9ad8\u9ede\uff0c\u64c7\u6642\u9032\u5834\u4f48\u5c40\u53ef\u4ee5\u6536\u7d0d\u591a\u5143\u6536\u76ca\u6a5f\u6703(Income)\uff0c\u66f4\u6709\u6a5f\u6703\u638c\u63e1\u5f8c\u7e8c\u5831\u916c\u6f5b\u529b\uff1b\u5f48\u6027\u914d\u7f6e(Flexibility)\uff0c\u5247\u662f\u8003\u91cf\u9577\u671f\u6295\u8cc7\u904e\u7a0b\u5e02\u5834\u4ecd\u5177\u8b8a\u52d5\u6027\uff0c\u4f48\u5c40\u5168\u7403\u80a1\u50b5\u8cc7\u7522\u5c07\u6709\u5229\u5f48\u6027\u8abf\u6574\u6bd4\u91cd\u4e26\u5206\u6563\u98a8\u96aa\u3002\u6539\u8b8a\u4eba\u985e\u751f\u6d3b\u7684\u79d1\u6280\u5275\u65b0(Technology)\u8da8\u52e2\uff0c\u5982\u4eba\u5de5\u667a\u6167\uff0c\u5728\u5f8c\u5347\u606f\u6642\u4ee3\u5c07\u5ef6\u7e8c\u6295\u8cc7\u6f5b\u529b\u3002 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