{"id":126118,"date":"2022-08-09T17:09:41","date_gmt":"2022-08-09T09:09:41","guid":{"rendered":"https:\/\/\/?p=126118"},"modified":"2023-05-17T18:08:37","modified_gmt":"2023-05-17T10:08:37","slug":"tdr","status":"publish","type":"post","link":"https:\/\/\/tdr\/","title":{"rendered":"\u4ec0\u9ebc\u662f TDR\uff1f\u8cfc\u8cb7\u81fa\u7063\u5b58\u8a17\u6191\u8b49\u524d\uff0c\u4f60\u5fc5\u9808\u77e5\u9053\u7684 3 \u5927\u91cd\u9ede"},"content":{"rendered":"\n

<\/p>\n\n\n\n

\u672c\u6587\u5c07\u8207\u4f60\u5206\u4eab TDR \u7684\u76f8\u95dc\u91cd\u9ede\uff0c\u4ee5\u53ca\u5728\u4ea4\u6613\u4e0a\u6709\u54ea\u4e9b\u512a\u9ede\u9084\u6709\u98a8\u96aa\uff0c\u8b93\u4f60\u53ef\u4ee5\u66f4\u6e05\u695a\u5176\u6295\u8cc7\u98a8\u96aa\u3002<\/p>\n\n\n\n

<\/p>\n\n\n\n

\"TDR\"
<\/figcaption><\/figure>\n\n\n\n

<\/p>\n\n\n\n

\u4f60\u53ef\u80fd\u5728\u81fa\u7063\u6703\u770b\u5230\u4e00\u4e9b DR \u7d50\u5c3e\u7684\u80a1\u7968\u540d\u7a31\uff0c\u4f60\u77e5\u9053\u9019\u4e9b\u80a1\u7968\u4ee3\u8868\u7684\u662f\u4ec0\u9ebc\u610f\u601d\u55ce\uff1f<\/p>\n\n\n\n

\u5176\u5be6\u9019\u4e9b\u5f8c\u9762\u6709 DR \u7684\u80a1\u7968\uff0c\u5c31\u662f\u5176\u4ed6\u570b\u5bb6\u7684\u516c\u53f8\u4f86\u53f0\u7063\u4e0a\u5e02\u7684\uff0c\u7a31\u4e4b\u70ba TDR \uff08\u53f0\u7063\u5b58\u8a17\u6191\u8b49\uff09\uff0c\u900f\u904e\u4ea4\u6613 TDR \uff0c\u6211\u5011\u7b49\u65bc\u53ef\u4ee5\u6295\u8cc7\u5176\u4ed6\u570b\u5bb6\u7684\u516c\u53f8\u3002<\/p>\n\n\n\n

\u4f46\u6295\u8cc7\u4eba\u5343\u842c\u4e0d\u8981\u770b\u5230\u570b\u5916\u7684\u80a1\u7968\u5c31\u4e00\u7aa9\u8702\u7684\u6295\u8cc7\uff0c\u800c\u662f\u8981\u5148\u4e86\u89e3 TDR \u7684\u91cd\u9ede\uff0c\u518d\u6c7a\u5b9a\u8981\u4e0d\u8981\u6295\u5165\u8cc7\u672c\u3002<\/p>\n\n\n\n

<\/p>\n\n\n\n

\u63a8\u85a6\u95b1\u8b80\uff1a\u4e0a\u5e02\u3001\u4e0a\u6ac3\u8ddf\u8208\u6ac3\u80a1\u7968\u662f\u4ec0\u9ebc\uff1f\u770b\u61c2 3 \u5927\u80a1\u7968\u7684\u7279\u9ede\uff0c\u624d\u4e0d\u6703\u88ab\u7576\u97ed\u83dc<\/a><\/p>\n\n\n\n

\u63a8\u85a6\u95b1\u8b80\uff1a\u5883\u5916\u57fa\u91d1\u7ba1\u7406\u8fa6\u6cd5\u6709\u54ea\u4e9b\uff1f\u6295\u8cc7\u5883\u5916\u57fa\u91d1\u524d\u5fc5\u77e5\u7684 3 \u5927\u91cd\u9ede<\/a><\/p>\n\n\n\n

<\/p>\n\n\n\n

\u91cd\u9ede\u4e00\u3001\u4ec0\u9ebc\u662f TDR<\/h2>\n\n\n\n

<\/p>\n\n\n\n

DR \uff08Depositary Receipts\uff09\u662f\u5b58\u8a17\u6191\u8b49\u7684\u610f\u601d\uff0c\u800c\u5728\u53f0\u7063\u767c\u884c\u7684 DR \u5c31\u7a31\u70ba TDR \uff0c\u5c31\u662f\u5728\u6d77\u5916\u5df2\u7d93\u4e0a\u5e02\u6ac3\uff0c\u518d\u904e\u4f86\u53f0\u7063\u5e02\u5834\u300c\u4e8c\u6b21\u4e0a\u5e02\u300d\uff0c\u8981\u52df\u96c6\u53f0\u7063\u5e02\u5834\u7684\u8cc7\u91d1\uff0c\u56e0\u6b64 TDR \u4e26\u4e0d\u662f\u80a1\u7968\uff0c\u800c\u662f\u6295\u8cc7\u4eba\u64c1\u6709\u516c\u53f8\u80a1\u7968\u7684\u4e00\u7a2e\u8b49\u660e\u3002<\/p>\n\n\n\n

\u7576\u516c\u53f8\u60f3\u8981\u767c\u884c\u5b58\u8a17\u6191\u8b49\uff0c\u9700\u8981\u5c07\u4e00\u5b9a\u6578\u984d\u7684\u80a1\u7968\uff0c\u5bc4\u5b58\u5728\u5916\u570b\u6216\u672c\u570b\u4fdd\u7ba1\u6a5f\u69cb\uff0c\u4e26\u4e14\u7531\u5b58\u8a17\u9280\u884c\u7c3d\u767c\u53ef\u8f49\u8b93\u7684\u5b58\u8a17\u6191\u8b49\uff0c\u6240\u4ee5\u7576\u5730\u6295\u8cc7\u4eba\u8cfc\u8cb7\u5b58\u8a17\u6191\u8b49\u6642\uff0c\u76f8\u7576\u65bc\u6301\u6709\u8a72\u5916\u570b\u7684\u80a1\u7968\u3002<\/p>\n\n\n\n

<\/p>\n\n\n\n

\u63a8\u85a6\u95b1\u8b80\uff1a\u00a0\u00a0DR \u80a1\u662f\u4ec0\u9ebc\uff1f\u7559\u610f\u9019 2 \u5927\u6ce8\u610f\u4e8b\u9805\uff0c\u907f\u514d\u8e29\u5230\u80a1\u7968\u5730\u96f7<\/a><\/p>\n\n\n\n

\u63a8\u85a6\u95b1\u8b80\uff1a\u5168\u4e16\u754c\u80a1\u7968\u5e02\u5834\u53ef\u4ee5\u4ea4\u6613\uff1f 3 \u5927\u7279\u9ede\u770b\u61c2\u5168\u7403\u6027\u6295\u8cc7<\/a><\/p>\n\n\n\n

<\/p>\n\n\n\n

\"TDR\"
<\/figcaption><\/figure>\n\n\n\n

<\/p>\n\n\n\n

\u91cd\u9ede\u4e8c\u3001TDR \u4ea4\u6613\u512a\u9ede<\/h2>\n\n\n\n

<\/p>\n\n\n\n

TDR \u80a1\u7968\u7684\u4ea4\u6613\u512a\u9ede\u662f\u5728\u53f0\u7063\u5c31\u53ef\u4ee5\u8cb7\u5230\u570b\u5916\u7684\u516c\u53f8\uff0c\u5982\u679c\u6295\u8cc7\u4eba\u5c0d\u570b\u5916\u7684\u67d0\u5bb6\u516c\u53f8\u6709\u8208\u8da3\uff0c\u8a72\u5bb6\u516c\u53f8\u53c8\u5728\u53f0\u7063\u6709 TDR \u7684\u8a71\uff0c\u5c31\u53ef\u4ee5\u5728\u53f0\u7063\u4ea4\u6613\u5230\uff0c\u4e0d\u7528\u7279\u5225\u5230\u6d77\u5916\u958b\u6236\u4ea4\u6613\u3002<\/p>\n\n\n\n

\u4e0d\u7528\u5230\u6d77\u5916\u958b\u6236\u4ea4\u6613\u6709\u5e7e\u500b\u660e\u986f\u7684\u512a\u9ede\uff0c\u5176\u4e2d\u4e00\u500b\u662f\u4e0d\u7528\u518d\u7d93\u904e\u63db\u532f\u7684\u7a0b\u5e8f\uff0c\u9019\u6a23\u5c31\u80fd\u5920\u7701\u6389\u532f\u8cbb\u7684\u624b\u7e8c\u8cbb\u53ca\u532f\u5dee\uff0c\u9084\u6709\u4e00\u500b\u512a\u9ede\u662f\u53ef\u4ee5\u4f7f\u7528\u53f0\u7063\u7684\u4ea4\u6613\u4ecb\u9762\u3001\u8edf\u9ad4\u8207\u7d93\u7d00\u5546\uff0c\u5c0d\u6295\u8cc7\u4eba\u4f86\u8aaa\u6bd4\u8f03\u719f\u6089\u8ddf\u653e\u5fc3\u3002<\/p>\n\n\n\n

<\/p>\n\n\n\n

\u63a8\u85a6\u95b1\u8b80\uff1a\u6d77\u5916\u5238\u5546\u600e\u9ebc\u9078\u64c7\uff1f\u628a\u63e1\u9019 3 \u5927\u8981\u9ede\uff0c\u589e\u52a0\u6d77\u5916\u4ea4\u6613\u6548\u7387<\/a><\/p>\n\n\n\n

\u63a8\u85a6\u95b1\u8b80\uff1a\u30102023\u3011ADR \u662f\u4ec0\u9ebc\uff1f\u900f\u904e 3 \u500b\u91cd\u9ede\u770b\u61c2 ADR \u5982\u4f55\u7372\u5229<\/a><\/p>\n\n\n\n

<\/p>\n\n\n\n

\u91cd\u9ede\u4e09\u3001TDR \u4ea4\u6613\u98a8\u96aa<\/h2>\n\n\n\n

<\/p>\n\n\n\n

\u8ca1\u5831\u8f03\u4e0d\u900f\u660e<\/h3>\n\n\n\n

<\/p>\n\n\n\n

\u56e0\u70ba TDR \u80a1\u5c6c\u65bc\u6d77\u5916\u516c\u53f8\u4f86\u5230\u53f0\u7063\u4e0a\u5e02\uff0c\u53d7\u53f0\u7063\u4e3b\u7ba1\u6a5f\u95dc\u7684\u76e3\u7ba1\u8f03\u5c11\uff0c\u6240\u4ee5\u6703\u6709\u8f03\u591a\u8cc7\u8a0a\u4e0d\u900f\u660e\u7684\u60c5\u6cc1\uff0c\u6240\u4ee5\u5f88\u96e3\u516c\u958b\u5730\u770b\u5230 TDR \u80a1\u8f03\u8a73\u7d30\u7684\u8ca1\u5831\u3002<\/p>\n\n\n\n

\u5728\u9019\u6a23\u7684\u72c0\u6cc1\u4e0b\uff0c\u6211\u5011\u5c31\u5f88\u96e3\u91d0\u6e05\u662f\u5426\u6709\u8ca1\u52d9\u7684\u5730\u96f7\u6703\u5f71\u97ff\u5230\u80a1\u50f9\uff0c\u6240\u4ee5\u5efa\u8b70\u6295\u8cc7\u4eba\u9084\u662f\u8981\u5be9\u614e\u8a55\u4f30\u5728\u8ca1\u5831\u4e0d\u900f\u660e\u7684\u60c5\u6cc1\u4e0b\u662f\u5426\u9084\u8981\u6301\u7e8c\u6295\u8cc7\u3002<\/p>\n\n\n\n

<\/p>\n\n\n\n

\u6d41\u52d5\u6027\u4e0d\u8db3<\/h3>\n\n\n\n

<\/p>\n\n\n\n

TDR \u80a1\u7684\u767c\u884c\u898f\u6a21\u901a\u5e38\u6703\u8f03\u666e\u901a\u80a1\u4f86\u5f97\u5c0f\uff0c\u6240\u4ee5\u5c31\u6703\u9020\u6210\u8cfc\u8cb7 TDR \u80a1\u7684\u6d41\u52d5\u6027\u6bd4\u666e\u901a\u80a1\u4f86\u5f97\u4f4e\uff0c\u6295\u8cc7\u4eba\u5728\u8cb7\u8ce3\u6642\u7684\u50f9\u5dee\u6703\u6bd4\u8f03\u5927\uff0c TDR \u80a1\u7684\u6d41\u52d5\u6027\u4e5f\u6703\u660e\u986f\u6bd4\u8f03\u4f4e\u3002<\/p>\n\n\n\n

\u800c\u6700\u6158\u7684\u72c0\u6cc1\u662f\u6703\u9047\u5230\u8f03\u6975\u7aef\u7684\u50f9\u683c\u6ce2\u52d5\uff0c\u7576\u6d41\u52d5\u6027\u4e0d\u8db3\uff0c\u53c8\u9047\u5230\u5e02\u5834\u7684\u4e3b\u529b\u8981\u5c0d\u65bc\u8a72\u6a94\u80a1\u7968\u4e0a\u4e0b\u5176\u624b\u6642\uff0c\u6295\u8cc7\u4eba\u5f88\u6709\u53ef\u80fd\u6703\u906d\u9047\u5230\u8f03\u5927\u7684\u50f9\u683c\u6ce2\u52d5\uff0c\u53ef\u80fd\u6703\u5728\u77ed\u6642\u9593\u5167\u627f\u53d7\u5230\u8d85\u984d\u8667\u640d\u3002<\/p>\n\n\n\n

<\/p>\n\n\n\n

\u80a1\u50f9\u6ea2\u50f9<\/a><\/h3>\n\n\n\n

<\/p>\n\n\n\n

\u6709\u6642\u5019 TDR \u6703\u8ddf\u539f\u4e0a\u5e02\u5730\u80a1\u7968\u6709\u4e0d\u5c0f\u7684\u50f9\u5dee\uff0c\u5982\u540c\u6709\u6642\u5019\u53f0\u7a4d\u96fb\u5728\u7f8e\u570b\u7684 ADR \u6703\u8ddf\u53f0\u7063\u7684\u53f0\u7a4d\u96fb\u80a1\u7968\u5b58\u5728\u50f9\u5dee\u4e00\u6a23\uff0c\u7576\u80a1\u50f9\u6709\u6ea2\u50f9\u7684\u60c5\u6cc1\u7522\u751f\u6642\uff0c\u6295\u8cc7\u4eba\u5c31\u8981\u7279\u5225\u7559\u610f\u672a\u4f86\u50f9\u5dee\u53ef\u80fd\u7684\u6536\u6582\u60c5\u6cc1\uff0c\u907f\u514d\u4e00\u958b\u59cb\u5c31\u8cb7\u8cb4\u3002<\/p>\n\n\n\n

<\/p>\n\n\n\n

\u63a8\u85a6\u95b1\u8b80\uff1a\u6d41\u52d5\u8ca0\u50b5\u662f\u4ec0\u9ebc\uff1f \u91d0\u6e05\u516c\u53f8\u8ca0\u50b5\u7684 3 \u5927\u8981\u9ede\uff0c\u8a55\u4f30\u516c\u53f8\u8ca1\u52d9\u9ad4\u8cea<\/a><\/p>\n\n\n\n

\u63a8\u85a6\u95b1\u8b80\uff1a\u4ec0\u9ebc\u662f\u80a1\u7968\u4e3b\u529b\u9032\u51fa\uff1f\u900f\u904e 3 \u5927\u7279\u9ede\u5e36\u4f60\u5c0b\u627e\u4e3b\u529b\u52d5\u5411<\/a><\/p>\n\n\n\n

\u63a8\u85a6\u95b1\u8b80\uff1a\u4e3b\u529b\u6d17\u76e4\u600e\u9ebc\u8fa6\uff1f\u641e\u61c2 3 \u5927\u6ce8\u610f\u4e8b\u9805\uff0c\u63d0\u65e9\u907f\u958b\u88ab\u64cd\u63a7\u7684\u80a1\u7968<\/a><\/p>\n\n\n\n

<\/p>\n\n\n\n

\"TDR\"
<\/figcaption><\/figure>\n\n\n\n

<\/p>\n\n\n\n

\u7d50\u8a9e\uff1a\u7559\u610f TDR \u6f5b\u5728\u98a8\u96aa\uff0c\u6295\u8cc7\u524d\u9808\u505a\u8db3\u529f\u8ab2<\/h2>\n\n\n\n

<\/p>\n\n\n\n

\u96d6\u7136 TDR \u80a1\u6709\u80fd\u5920\u6295\u8cc7\u570b\u5916\u516c\u53f8\u7684\u512a\u9ede\uff0c\u4f46\u4ecd\u6709\u8a31\u591a\u6f5b\u5728\u7684\u98a8\u96aa\u9700\u8981\u6295\u8cc7\u4eba\u7559\u610f\uff0c\u4f8b\u5982\u8ca1\u52d9\u72c0\u6cc1\u8f03\u4e0d\u900f\u660e\u3001\u6d41\u52d5\u6027\u8f03\u5dee\u7b49\u7b49\uff0c\u5982\u679c\u6295\u8cc7\u4eba\u8349\u7387\u9032\u5834\u6295\u8cc7\uff0c\u5f88\u6709\u53ef\u80fd\u88ab\u5957\u7262\u3002<\/p>\n\n\n\n

\u6240\u4ee5\u5728\u6295\u8cc7\u9019\u985e\u578b\u7684 TDR \u6642\uff0c\u4e00\u5b9a\u8981\u5148\u505a\u597d\u529f\u8ab2\uff0c\u4e86\u89e3 TDR \u7684\u5404\u500b\u91cd\u9ede\uff0c\u5982\u679c\u53ef\u4ee5\u7684\u8a71\uff0c\u5230\u539f\u4e0a\u5e02\u5730\u53bb\u67e5\u8a62\u8a72\u5bb6\u516c\u53f8\u7684\u8a55\u50f9\uff0c\u591a\u4e00\u9ede\u7814\u7a76\uff0c\u5c31\u6703\u5c11\u4e00\u4e9b\u98a8\u96aa\uff01<\/p>\n\n\n\n

<\/p>\n\n\n\n

\u63a8\u85a6\u95b1\u8b80\uff1a\u8ca0\u50b5\u6bd4\u600e\u9ebc\u770b\uff1f\u770b\u61c2\u8ca0\u50b5\u6bd4\u7684 3 \u5927\u91cd\u9ede\uff0c\u9060\u96e2\u5730\u96f7\u80a1<\/a><\/p>\n\n\n\n

\u63a8\u85a6\u95b1\u8b80\uff1a\u4ec0\u9ebc\u662f\u78ba\u8a8d\u504f\u8aa4\uff1f\u4e86\u89e3\u78ba\u8a8d\u504f\u8aa4\u7684 3 \u5927\u7279\u6027\uff0c\u63d0\u524d\u907f\u958b\u8cc7\u8a0a\u89e3\u8b80\u9677\u9631<\/a><\/p>\n\n\n\n

<\/p>\n\n\n\n

\u53f0\u7063\u5b58\u8a17\u6191\u8b49\u4ee3\u865f<\/th>\u5b58\u8a17\u6191\u8b49\u539f\u80a1\u8cc7\u8a0a<\/th><\/tr>
9103<\/td>\u7f8e\u5fb7\u91ab\u7642<\/td><\/tr>
910322<\/td>\u5eb7\u5e2b\u5085<\/td><\/tr>
910482<\/td>\u8056\u99ac\u4e01<\/td><\/tr>
9105<\/td>\u6cf0\u91d1\u5bf6<\/td><\/tr>
910861<\/td>\u795e\u5dde<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

\u8cc7\u6599\u4f86\u6e90\uff1a\u81fa\u7063\u5b58\u8a17\u6191\u8b49\u539f\u80a1\u8cc7\u8a0a<\/a><\/strong><\/p>\n\n\n\n

<\/div>\n\n\n\n

\u76f8\u95dc\u65b0\u805e\u6458\u9304<\/strong>\uff1a<\/p>\n\n\n\n

<\/p>\n\n\n\n

\uff081\uff09<\/strong><\/p>\n\n\n\n

<\/p>\n\n\n\n

\u53f0\u7063\u5b58\u8a17\u6191\u8b49\uff08TDR\uff09\u4fee\u6cd5\u722d\u8b70\u5ef6\u71d2\u3002\u91d1\u7ba1\u6703\u6628\uff0816\uff09\u65e5\u53cd\u64ca\uff0cTDR\u5c6c\u300c\u5176\u4ed6\u6709\u50f9\u8b49\u5238\u300d\u7bc4\u7587\uff0c\u53d7\u5230\u6211\u570b\u8b49\u5238\u7ba1\u7406\u6cd5\u898f\u7bc4\uff0c\u53f0\u7063\u5df2\u7d93\u5efa\u7acb\u5b8c\u6574\u6cd5\u898f\u4ee5\u53ca\u5e02\u5834\u76e3\u7406\u5236\u5ea6\uff0c\u8db3\u4ee5\u7dad\u8b77\u8b49\u5238\u5e02\u5834\u79e9\u5e8f\u4ee5\u53ca\u4fdd\u969c\u6295\u8cc7\u4eba\u6b0a\u76ca\u3002<\/p>\n\n\n\n

\u5b98\u54e1\u5f37\u8abf\uff0c\u4e0d\u6cd5\u7092\u4f5c\u3001\u64cd\u7e31\u6709\u50f9\u8b49\u5238\u7684\u4ea4\u6613\u884c\u70ba\uff0c\u5f71\u97ff\u5927\u591a\u6578\u6295\u8cc7\u4eba\u6b0a\u76ca\u751a\u9245\uff0c\u5fc5\u9808\u4f9d\u6cd5\u8ffd\u8a34\u4e0d\u6cd5\u884c\u70ba\u8005\u7684\u5211\u4e8b\u8cac\u4efb\uff0c\u7dad\u8b77\u8b49\u5238\u5e02\u5834\u79e9\u5e8f\u3002\u91d1\u7ba1\u6703\u4f9d\u6cd5\u8ffd\u8a34\u4e0d\u6cd5\u884c\u70ba\u8005\u7684\u5211\u4e8b\u8cac\u4efb\uff0c\u300c\u4e26\u7121\u9055\u53cd\u4eba\u6b0a\u300d\u3002<\/p>\n\n\n\n

TDR\u722d\u8b70\u4f86\u81ea\u6709\u5b78\u8005\u8a8d\u70ba\u7acb\u6cd5\u4e0d\u5920\u660e\u78ba\uff0c2012\u5e74\u4fee\u6cd5\u9812\u5e03\u524d\uff0c\u6709\u56db\u540d\u6295\u8cc7\u4eba\u56e0\u7092\u4f5cTDR\uff0c\u88ab\u6cd5\u9662\u4f9d\u7167\u8b49\u4ea4\u6cd5\u5224\u5211\u5b9a\u8b9e\u3002\u4f46\u6709\u5b78\u8005\u8a8d\u70ba\uff0c\u91d1\u7ba1\u6703\u7d66\u51fa\u7b2c900\u865f\u516c\u544a\u898f\u7bc4\u7684\u5916\u570b\u6709\u50f9\u8b49\u5238\uff0cTDR\u662f\u6211\u570b\u6709\u50f9\u8b49\u5238\uff0c\u4e26\u4e0d\u5728\u7b2c900\u865f\u516c\u544a\u7bc4\u570d\uff0c\u8a8d\u70ba\u61c9\u8a72\u8981\u4fee\u6b63\u300a\u8b49\u4ea4\u6cd5\u300b\u3002<\/p>\n\n\n\n

\u5c0d\u65bc\u722d\u8b70\uff0c\u91d1\u7ba1\u6703\u660e\u78ba\u4ee5\u4e09\u9ede\u56de\u61c9\uff1a\u7b2c\u4e00\uff0cTDR\u662f\u5916\u570b\u6709\u50f9\u8b49\u5238\u6191\u8b49\uff0c\u5c6c\u65bc\u524d\u8ca1\u653f\u90e8\u8b49\u5238\u7ba1\u7406\u59d4\u54e1\u67031987\u5e74\u7684900\u865f\u516c\u544a\u6838\u5b9a\u61c9\u53d7\u8b49\u5238\u7ba1\u7406\u6cd5\u4ee4\u898f\u7bc4\u7684\u6709\u50f9\u8b49\u5238\uff0c\u5c6c\u65bc\u8b49\u4ea4\u6cd5\u7b2c\u516d\u689d\u7b2c\u4e00\u9805\u6240\u7a31\u300c\u7d93\u4e3b\u7ba1\u6a5f\u95dc\u6838\u5b9a\u5176\u4ed6\u6709\u50f9\u8b49\u5238\u7bc4\u7587\uff0c\u5fc5\u9808\u53d7\u5230\u8b49\u5238\u7ba1\u7406\u6cd5\u898f\u7bc4\u300d\uff0c\u61c9\u8a72\u53d7\u8b49\u5238\u7ba1\u7406\u6cd5\u898f\u7bc4\u3002<\/p>\n\n\n\n

\u7b2c\u4e8c\uff0c\u5224\u5b9a\u662f\u5426\u70ba\u6709\u50f9\u8b49\u5238\uff0c\u5fc5\u9808\u8003\u616e\u5be6\u8cea\u7d93\u6fdf\u7279\u6027\uff0c\u800c\u4e0d\u662f\u5f62\u5f0f\u6216\u662f\u540d\u7a31\u3002\u91d1\u7ba1\u6703\u8a8d\u70ba\uff0cTDR\u5be6\u8cea\u6b0a\u5229\u7fa9\u52d9\u7b49\u540c\u5916\u570b\u80a1\u7968\uff0c\u662f900\u865f\u516c\u544a\u6838\u5b9a\u70ba\u6709\u50f9\u8b49\u5238\u7684\u7bc4\u7587\uff0cTDR\u4e5f\u5728\u6ac3\u8cb7\u4e2d\u5fc3\u639b\u724c\u4ea4\u6613\uff0c\u6295\u8cc7\u4eba\u61c9\u53ef\u9810\u898b\u610f\u5716\u5f71\u97ffTDR\u50f9\u683c\u4e4b\u7092\u4f5c\u8207\u64cd\u7e31\u7b49\u4e0d\u6cd5\u884c\u70ba\u53ef\u7f70\u6027\uff0c\u7b26\u5408\u61b2\u6cd5\u6cd5\u5ead2023\u5e74\u61b2\u5224\u5b57\u7b2c5\u865f\u5224\u6c7a\u6240\u95e1\u91cb\u5211\u7f70\u660e\u78ba\u6027\u3001\u6388\u6b0a\u660e\u78ba\u6027\u5224\u65b7\u6a19\u6e96\u3002<\/p>\n\n\n\n

\u7b2c\u4e09\uff0c\u91d1\u7ba1\u6703\u6307\u51fa\uff0c\u7f8e\u570b\u53ca\u5fb7\u570b\u70ba\u4e86\u56e0\u61c9\u91d1\u878d\u5e02\u5834\u5feb\u901f\u8b8a\u5316\uff0c\u63a1\u7528\u300c\u6709\u9650\u5217\u8209\uff0c\u6982\u62ec\u6388\u6b0a\u300d\u7684\u65b9\u5f0f\uff0c\u6388\u6b0a\u4e3b\u7ba1\u6a5f\u95dc\u8a02\u5b9a\u5b58\u8a17\u6191\u8b49\u7684\u67b6\u69cb\u3002<\/p>\n\n\n\n

\u7f8e\u570b\u3001\u5fb7\u570b\u5373\u4fbf\u6c92\u6709\u5728\u8b49\u4ea4\u6cd5\u660e\u78ba\u5217\u8209\u5b58\u8a17\u6191\u8b49\uff0c\u4f46\u5fb7\u570b\u898f\u7bc4\u5b58\u8a17\u6191\u8b49\u662f\u5c6c\u8b49\u4ea4\u6cd5\u7b2c2\u689d\u6240\u7a31\u300c\u4ee3\u8868\u80a1\u7968\u7684\u6191\u8b49\u300d\uff0c\u7f8e\u570b1933\u5e74\u5373\u65bc\u8b49\u4ea4\u6cd5\u7b2c2\u689d\u5b9a\u7fa9\u6709\u50f9\u8b49\u5238\uff0c\u4e26\u65bc1946\u5e74Howey Test\u78ba\u7acb\u5224\u65b7\u7279\u6027\uff0c\u76ee\u524d\u4ecd\u70ba\u5224\u65b7\u5f8c\u7e8c\u5404\u985e\u65b0\u8208\u91d1\u878d\u5546\u54c1\u662f\u5426\u70ba\u6709\u50f9\u8b49\u5238\u57fa\u790e\u3002<\/p>\n\n\n\n

\u56e0\u6b64\uff0c\u91d1\u7ba1\u6703\u5b98\u54e1\u6307\u51fa\uff0c\u4f9d\u7167900\u865f\u516c\u544a\uff0c\u6211\u570b\u8a8d\u5b9aTDR\u70ba\u8b49\u4ea4\u6cd5\u7b2c6\u689d\u898f\u7bc4\u7684\u6709\u50f9\u8b49\u5238\uff0c\u8207\u570b\u969b\u6cd5\u898f\u67b6\u69cb\u985e\u540c\uff0c\u672a\u6709\u64f4\u5f35\u89e3\u91cb\u60c5\u5f62\u3002<\/p>\n\n\n\n

\uff0d\u51fa\u81ea \u7d93\u6fdf\u65e5\u5831 TDR \u722d\u8b70 \u91d1\u7ba1\u6703\u4e09\u9ede\u53cd\u64ca<\/a><\/a><\/p>\n\n\n\n

<\/div>\n\n\n\n

\uff082\uff09<\/strong><\/p>\n\n\n\n

<\/p>\n\n\n\n

\u91c7\u965e\u8cc7\u7522\u7ba1\u7406\u516c\u53f8\u8ca0\u8cac\u4eba\u9112\u5b98\u7fbd\uff0c\u56e0\u88ab\u63a7\u9055\u6cd5\u7092\u4f5c\u53f0\u7063\u5b58\u8a17\u6191\u8b49(TDR)\uff0c\u88ab\u5224\u52113\u5e742\u6708\u78ba\u5b9a\uff0c\u73fe\u5df2\u57f7\u884c\u5b8c\u7562\u3002\u4f46\u9112\u7537\u8a8d\u70ba\uff0c\u5c31\u9023\u6642\u4efb\u8ca1\u653f\u90e8\u8b49\u7ba1\u6703\u79d1\u54e1\u7684\u77e5\u540d\u90ed\u571f\u6728\u6559\u6388\u90fd\u5728\u9ad8\u7b49\u6cd5\u9662\u505a\u8b49\u6642\u6307\u51fa\uff0c\u8ca1\u653f\u90e8\u516c\u544a900\u865f\u51fd\u6642\uff0c\u4e26\u672a\u5c07TDR\u6838\u5b9a\u70ba\u6709\u50f9\u8b49\u5238\uff0c\u4f46\u91d1\u7ba1\u6703\u537b\u7a31\u6709\uff0c\u6839\u672c\u81ea\u5df1\u4e5f\u88ab\u91d1\u7ba1\u6703\u9a19\u4e86\uff0c\u56e0\u6b64\u6c7a\u5b9a\u59d4\u7531\u5f8b\u5e2b\uff0c\u8d74\u53f0\u5317\u5730\u6aa2\u7f72\u5c0d\u91d1\u7ba1\u6703\u63d0\u544a\u6d89\u72af\u507d\u9020\u6587\u66f8\u7b49\u7f6a\u3002<\/p>\n\n\n\n

\u9112\u5b98\u7fbd\u7684\u59d4\u4efb\u5f8b\u5e2b\u694a\u821c\u9e9f\u8868\u793a\uff0c\u9112\u5b98\u7fbd\u56e0\u65bc2011\u5e74\u9593\u8cb7\u8ce3\u65b0\u50b3\u5a92TDR\uff0c\u4e0d\u4f46\u8ce0\u9322\u9084\u88ab\u4ee5\u9055\u53cd\u8b49\u5238\u4ea4\u6613\u6cd5\u7f6a\u540d\u8d77\u8a34\uff0c\u5c31\u662f\u56e0\u70ba\u7576\u6642\u91d1\u7ba1\u6703\u8a8d\u70ba\uff0c\u8ca1\u653f\u90e8900\u865f\u516c\u544a\u5df2\u7d93\u6838\u5b9aTDR\u7684\u898b\u89e3\u3002<\/p>\n\n\n\n

\u4f46\u4e0d\u5c11\u5b78\u8005\u5c08\u5bb6\u6316\u63981978\u5e74\u80cc\u666f\u8cc7\u6599\u3001\u7acb\u6cd5\u6587\u66f8\uff0c\u767c\u73fe\u7576\u6642\u7684900\u865f\u51fd\uff0c\u4e26\u672a\u5c07TDR\u6838\u5b9a\u70ba\u6709\u50f9\u8b49\u5238\u3002\u77e5\u540d\u8f14\u4ec1\u5927\u5b78\u6cd5\u5f8b\u5b78\u9662\u9662\u9577\uff0c\u4e5f\u662f\u6642\u4efb\u8ca1\u653f\u90e8\u8b49\u7ba1\u6703\u627f\u8fa6\u79d1\u54e1\u7684\u90ed\u571f\u6728\uff0c\u4e5f\u5728\u65bc\u9ad8\u7b49\u6cd5\u9662\u4f5c\u8b49\u7684\u6642\u5019\uff0c\u5c31\u8868\u793a\u7576\u6642\u5728\u767c900\u865f\u51fd\u7684\u6642\uff0c\u6839\u672c\u6c92\u6709\u8981\u5c07TDR\u6838\u5b9a\u70ba\u6709\u50f9\u8b49\u5238\u7684\u610f\u601d\uff0c\u800c\u4e14\u7576\u6642\u53f0\u7063\u4e5f\u6c92\u6709TDR\u5b58\u8a17\u6191\u8b49\u9019\u6a23\u7684\u6771\u897f\u3002<\/p>\n\n\n\n

\u4f46\u53f0\u5317\u5730\u65b9\u6cd5\u9662\u5be9\u7406\u671f\u9593\uff0c\u51fd\u8a62\u91d1\u7ba1\u6703\u5f97\u5230\u7684\u56de\u51fd\u537b\u662f\u300c\u8ca1\u653f\u90e8\u7230\u4f9d\u8b49\u5238\u4ea4\u6613\u6cd5\u7b2c6\u689d\u7b2c1\u9805\u6388\u6b0a\u767c\u5e03\u8ca1\u653f\u90e876\u5e749\u670812\u65e5(76)\u81fa\u8ca1\u8b49(\u4e8c)\u5b57\u7b2c900\u865f\u516c\u544a\u300c\u5916\u570b\u4e4b\u80a1\u7968\u3001\u516c\u53f8\u50b5\u3001\u653f\u5e9c\u50b5\u5238\u3001\u53d7\u76ca\u6191\u8b49\u53ca\u5176\u4ed6\u5177\u6709\u6295\u8cc7\u6027\u8cea\u4e4b\u6709\u50f9\u8b49\u5238\uff0c\u51e1\u5728\u6211\u570b\u5883\u5167\u52df\u96c6\u3001\u767c\u884c\u3001\u8cb7\u8ce3\u6216\u5f9e\u4e8b\u4e0a\u958b\u6709\u50f9\u8b49\u5238\u4e4b\u6295\u8cc7\u670d\u52d9\uff0c\u5747\u61c9\u53d7\u6211\u570b\u8b49\u5238\u7ba1\u7406\u6cd5\u4ee4\u4e4b\u898f\u7bc4\u3002\u300d<\/p>\n\n\n\n

\u694a\u821c\u9e9f\u5f37\u8abf\uff0c\u65e2\u7136\u9023\u90ed\u571f\u6728\u6559\u6388\u90fd\u53cd\u99c1\u91d1\u7ba1\u6703\u7684\u8aaa\u6cd5\uff0c\u4e14\u53f0\u7063\u7b2c\u4e00\u6a94TDR\u65bc1998\u5e74\u767c\u884c\uff0c\u8ca1\u653f\u90e8900\u865f\u51fd\u600e\u53ef\u80fd\u9047\u898b11\u5e74\u5f8c\u7684\u91d1\u878d\u5546\u54c1\uff0c\u91d1\u7ba1\u6703\u7684\u8209\u52d5\uff0c\u986f\u7136\u5df2\u7d93\u6d89\u5acc\u9055\u53cd\u5211\u6cd5\u516c\u52d9\u54e1\u767b\u8f09\u4e0d\u5be6\u6587\u66f8\u7f6a\u3001\u516c\u52d9\u54e1\u884c\u4f7f\u4e0d\u5be6\u516c\u6587\u66f8\u7f6a\uff0c\u5c0e\u81f4\u4e00\u7968\u6295\u8cc7\u4eba\uff0c\u5305\u62ec\u9112\u5b98\u7fbd\uff0c\u56e0\u70ba\u6295\u8cc7TDR\u800c\u88ab\u5224\u5211\uff0c\u5df2\u7d93\u56b4\u91cd\u4fb5\u5bb3\u4eba\u6b0a\u53ca\u9020\u6210\u51a4\u7344\uff0c\u56e0\u6b64\u6c7a\u5b9a\u5c0d\u91d1\u7ba1\u6703\u63d0\u544a\u3002<\/p>\n\n\n\n

-\u51fa\u81ea YAHOO \u65b0\u805e \u6295\u8cc7 TDR \u88ab\u5224\u5211\uff01\u6012\u63a7\u906d\u91d1\u7ba1\u6703\u6b3a\u9a19 \u8cc7\u7522\u7ba1\u7406\u516c\u53f8\u8001\u95c6\u544a\u5b98\u54e1\u507d\u9020\u6587\u66f8<\/a><\/p>\n\n\n\n

<\/div>\n\n\n\n

\u53c3\u8003\u8cc7\u6599<\/strong><\/p>\n\n\n\n

    \n
  1. \u4ec0\u9ebc\u662fTDR\u6ea2\u50f9\uff1f<\/a>\u300c\u9019\u65cf\u7fa4\u300d\u7adf\u7136\u6bd4\u539f\u7522\u5730\u8cb4100%\uff1f<\/a><\/li>\n\n\n\n
  2. \u70ba\u4f55\u5c08\u5bb6\u8aaa\u300c\u6211\u4e0d\u6703\u6295\u8cc7TDR\u300d\uff1f\u539f\u56e0\u9019\u4e09\u500b\u3000\u4e14\u591a\u6a94\u6ea2\u50f9\u8d85\u904e100\uff05\uff01<\/a><\/li>\n\n\n\n
  3. DR\u662f\u4ec0\u9ebc\uff1fDR\u80a1\u6709\u54ea\u4e9b\uff1f\u9644TDR\u3001GDR\u89e3\u91cb<\/a><\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

    \u672c\u6587\u5c07\u8207\u4f60\u5206\u4eab TDR \u7684\u76f8\u95dc\u91cd\u9ede\uff0c\u4ee5\u53ca\u5728\u4ea4\u6613\u4e0a\u6709\u54ea\u4e9b\u512a\u9ede\u9084\u6709\u98a8\u96aa\uff0c\u8b93\u4f60\u53ef\u4ee5\u66f4\u6e05\u695a\u5176\u6295\u8cc7\u98a8\u96aa\u3002 \u4f60\u53ef\u80fd\u5728\u81fa\u7063\u6703 […]<\/p>\n","protected":false},"author":8,"featured_media":126121,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[39],"tags":[1073],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/\/wp-content\/uploads\/2022\/08\/\u4ec0\u9ebc\u662fTDR\uff1f\u8cfc\u8cb7\u81fa\u7063\u5b58\u8a17\u6191\u8b49\u524d\uff0c\u4f60\u5fc5\u9808\u77e5\u9053\u7684-3-\u5927\u91cd\u9ede.webp","_links":{"self":[{"href":"https:\/\/\/wp-json\/wp\/v2\/posts\/126118"}],"collection":[{"href":"https:\/\/\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/\/wp-json\/wp\/v2\/comments?post=126118"}],"version-history":[{"count":0,"href":"https:\/\/\/wp-json\/wp\/v2\/posts\/126118\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/\/wp-json\/wp\/v2\/media\/126121"}],"wp:attachment":[{"href":"https:\/\/\/wp-json\/wp\/v2\/media?parent=126118"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/\/wp-json\/wp\/v2\/categories?post=126118"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/\/wp-json\/wp\/v2\/tags?post=126118"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}