{"id":954,"date":"2023-03-27T15:47:12","date_gmt":"2023-03-27T07:47:12","guid":{"rendered":"https:\/\/edu.secda.info\/scu8154207\/?p=954"},"modified":"2023-03-27T15:47:12","modified_gmt":"2023-03-27T07:47:12","slug":"%e5%9c%8b%e9%9a%9b%e8%b2%a1%e7%ae%a1%e7%ac%ac%e4%b8%89%e6%ac%a1%e4%bd%9c%e6%a5%ad","status":"publish","type":"post","link":"https:\/\/edu.secda.info\/scu8154207\/?p=954","title":{"rendered":"\u570b\u969b\u8ca1\u7ba1\u7b2c\u4e09\u6b21\u4f5c\u696d"},"content":{"rendered":"

\u570b\u969b\u5e73\u50f9\u7406\u8ad6<\/strong><\/p>\n

\n
IFE\u570b\u969b\u8cbb\u96ea\u6548\u61c9(International Fisher effect)<\/li>\n<\/ol>\n
\u570b\u969b\u8cbb\u96ea\u6548\u679c\u662f\u570b\u969b\u91d1\u878d\u5b78\u7684\u5047\u8aaa\uff0c\u662f\u6307\u5728\u4e00\u5b9a\u6642\u9593\u5167\u5373\u671f\u532f\u7387\u8207\u5169\u570b\u5229\u7387\u5dee\u7570\u5448\u73fe\u5927\u5c0f\u76f8\u7b49\u3001\u65b9\u5411\u76f8\u53cd\u7684\u8b8a\u5316\uff0c\u4e5f\u5c31\u662f\u6307\u51fa\u540d\u76ee\u5229\u7387\u7684\u5dee\u7570\u662f\u5404\u570b\u9593\u5373\u671f\u532f\u7387\u9810\u671f\u8b8a\u5316\u4e4b\u53cd\u6620\u3002IFE\u7279\u5225\u6307\u51fa\uff0c\u5373\u671f\u532f\u7387\u9810\u671f\u7684\u8b8a\u5316\u6703\u8207\u5229\u7387\u5dee\u7570\u7684\u5448\u6b63\u53cd\u6bd4\u3002\u56e0\u6b64\uff0c\u540d\u76ee\u5229\u7387\u8f03\u9ad8\u7684\u570b\u5bb6\u7684\u8ca8\u5e63\u5728\u540d\u76ee\u5229\u7387\u8f03\u4f4e\u7684\u570b\u5bb6\u7684\u8ca8\u5e63\u5c0d\u6bd4\u4e0b\u6703\u8cb6\u503c\uff0c\u56e0\u70ba\u9ad8\u540d\u76ee\u5229\u7387\u662f\u9810\u8996\u8ca8\u5e63\u901a\u81a8\u7684\u6307\u6a19\u3002<\/p>\n
\n
IRP\u5229\u7387\u5e73\u50f9\u8aaa(Interest Rate Parity Theory)<\/li>\n<\/ol>\n
\u5169\u500b\u570b\u5bb6\u5229\u7387\u7684\u5dee\u984d\u76f8\u7b49\u65bc\u9060\u671f\u514c\u63db\u7387\u53ca\u73fe\u8ca8\u514c\u63db\u7387\u4e4b\u9593\u7684\u5dee\u984d\u3002\u5747\u8861\u532f\u7387\u662f\u901a\u904e\u570b\u969b\u62cb\u88dc\u5957\u5229\u6240\u5f15\u8d77\u7684\u5916\u532f\u4ea4\u6613\u5f62\u6210\u7684\u3002\u5728\u5169\u570b\u5229\u7387\u5b58\u5728\u5dee\u7570\u7684\u60c5\u6cc1\u4e0b\uff0c\u8cc7\u91d1\u5c07\u5f9e\u4f4e\u5229\u7387\u570b\u6d41\u5411\u9ad8\u5229\u7387\u570b\u4ee5\u8b00\u53d6\u5229\u6f64\u3002\u4f46\u5957\u5229\u8005\u5728\u6bd4\u8f03\u91d1\u878d\u8cc7\u7522\u7684\u6536\u76ca\u7387\u6642\uff0c\u4e0d\u50c5\u8003\u616e\u5169\u7a2e\u8cc7\u7522\u5229\u7387\u6240\u63d0\u4f9b\u7684\u6536\u76ca\u7387\uff0c\u9084\u8981\u8003\u616e\u5169\u7a2e\u8cc7\u7522\u7531\u65bc\u532f\u7387\u8b8a\u52d5\u6240\u7522\u751f\u7684\u6536\u76ca\u8b8a\u52d5\uff0c\u5373\u5916\u532f\u98a8\u96aa\u3002\u5957\u5229\u8005\u5f80\u5f80\u5c07\u5957\u5229\u8207\u6389\u671f\u696d\u52d9\u76f8\u7d50\u5408\uff0c\u4ee5\u907f\u514d\u532f\u7387\u98a8\u96aa\uff0c\u4fdd\u8b49\u7121\u8667\u640d\u4e4b\u616e\u3002\u5927\u91cf\u6389\u671f\u5916\u532f\u4ea4\u6613\u7684\u7d50\u679c\u662f\uff0c\u4f4e\u5229\u7387\u570b\u8ca8\u5e63\u7684\u73fe\u532f\u532f\u7387\u4e0b\u6d6e\uff0c\u671f\u532f\u532f\u7387\u4e0a\u6d6e\uff1b\u9ad8\u5229\u7387\u570b\u8ca8\u5e63\u7684\u73fe\u532f\u532f\u7387\u4e0a\u6d6e\uff0c\u671f\u532f\u532f\u7387\u4e0b\u6d6e\u3002\u9060\u671f\u5dee\u50f9\u70ba\u671f\u532f\u532f\u7387\u8207\u73fe\u532f\u532f\u7387\u7684\u5dee\u984d\uff0c\u7531\u6b64\u4f4e\u5229\u7387\u570b\u8ca8\u5e63\u5c31\u6703\u51fa\u73fe\u9060\u671f\u5347\u6c34\uff0c\u9ad8\u5229\u7387\u570b\u8ca8\u5e63\u5247\u6703\u51fa\u73fe\u9060\u671f\u8cbc\u6c34\u3002\u96a8\u8457\u62cb\u88dc\u5957\u5229\u7684\u4e0d\u65b7\u9032\u884c\uff0c\u9060\u671f\u5dee\u50f9\u5c31\u6703\u4e0d\u65b7\u52a0\u5927\uff0c\u76f4\u5230\u5169\u7a2e\u8cc7\u7522\u6240\u63d0\u4f9b\u7684\u6536\u76ca\u7387\u5b8c\u5168\u76f8\u7b49\uff0c\u9019\u6642\u62cb\u88dc\u5957\u5229\u6d3b\u52d5\u5c31\u6703\u505c\u6b62\uff0c\u9060\u671f\u5dee\u50f9\u6b63\u597d\u7b49\u65bc\u5169\u570b\u5229\u5dee\uff0c\u5373\u5229\u7387\u5e73\u50f9\u6210\u7acb\u3002\u56e0\u6b64\u6211\u5011\u53ef\u4ee5\u6b78\u7d0d\u4e00\u4e0b\u5229\u7387\u8a55\u50f9\u8aaa\u7684\u57fa\u672c\u89c0\u9ede\uff1a\u9060\u671f\u5dee\u50f9\u662f\u7531\u5169\u570b\u5229\u7387\u5dee\u7570\u6c7a\u5b9a\u7684\uff0c\u4e26\u4e14\u9ad8\u5229\u7387\u570b\u8ca8\u5e63\u5728\u671f\u532f\u5e02\u5834\u4e0a\u5fc5\u5b9a\u8cbc\u6c34\uff0c\u4f4e\u5229\u7387\u570b\u8ca8\u5e63\u5728\u671f\u532f\u5e02\u5834\u4e0a\u5fc5\u5b9a\u5347\u6c34\u3002<\/p>\n
\n
PPP\u8cfc\u8cb7\u529b\u5e73\u50f9\u8aaa(Purchasing power parity)<\/li>\n<\/ol>\n
\u4e00\u7a2e\u6839\u64da\u5404\u570b\u4e0d\u540c\u7684\u50f9\u683c\u6c34\u6e96\u8a08\u7b97\u51fa\u4f86\u7684\u8ca8\u5e63\u4e4b\u9593\u7684\u7b49\u503c\u4fc2\u6578\uff0c\u4f7f\u6211\u5011\u80fd\u5920\u5728\u7d93\u6fdf\u5b78\u4e0a\u5c0d\u5404\u570b\u7684\u570b\u5167\u751f\u7522\u6bdb\u984d\u9032\u884c\u5408\u7406\u6bd4\u8f03\uff0c\u9019\u7a2e\u7406\u8ad6\u532f\u7387\u8207\u5be6\u969b\u532f\u7387\u53ef\u80fd\u6709\u5f88\u5927\u7684\u5dee\u8ddd\u3002\u8cfc\u8cb7\u529b\u5e73\u50f9\u8a08\u7b97\u55ae\u4f4d\u70ba\u570b\u969b\u5143\u6216\u7a31\u4f5c\u300c\u570b\u969b\u8ca8\u5e63\u55ae\u4f4d\u300d\u3002<\/p>\n
\n
\u540d\u76ee\u5229\u7387(nominal interest rate)<\/li>\n<\/ol>\n
\u4e00\u822c\u6211\u5011\u7a31\u4e4b\u70ba\u5e02\u5834\u5229\u7387\u6216\u8ca8\u5e63\u5229\u7387\uff0c\u662f\u672a\u8003\u616e\u901a\u81a8\u56e0\u7d20\u7684\u5229\u7387\uff0c\u4e00\u822c\u7528\u4e00\u5e74\u671f\u5b9a\u5b58\u5229\u7387\u70ba\u4ee3\u8868\u3002<\/p>\n
\n
\u5be6\u8cea\u5229\u7387(real interest rate)<\/li>\n<\/ol>\n
\u53c8\u7a31\u4e4b\u70ba\u81ea\u7136\u5229\u7387\uff0c\u70ba\u540d\u76ee\u5229\u7387\u6263\u9664\u901a\u8ca8\u81a8\u8139\u7387\u4e4b\u5f8c\u7684\u5229\u7387\uff0c\u4e5f\u662f\u5be6\u969b\u53cd\u61c9\u8ca8\u5e63\u7684\u5be6\u8cea\u8cfc\u8cb7\u529b\u3002<\/p>\n
<\/p>\n
\u5927\u9ea5\u514b\u6307\u6578\u662f\u5565?<\/strong><\/p>\n
\u5927\u9ea5\u514b\u6307\u6578\u6bd4\u8f03\u4e16\u754c\u4e3b\u8981\u8ca8\u5e63\u50f9\u503c\u3002\u8861\u91cf\u7684\u57fa\u790e\u662f\u4ee5\u9ea5\u7576\u52de\u7684\u5927\u9ea5\u514b\uff0c\u63db\u7b97\u6210\u7f8e\u5143\u7684\u5404\u570b\u8ce3\u50f9\uff1b\u9ea5\u7576\u52de\u5176\u751f\u7522\u65b9\u5f0f\u53ca\u5b9a\u50f9\u65e2\u7136\u6709\u5168\u7403\u5283\u4e00\u7684\u6a19\u6e96\uff0c\u5927\u9ea5\u514b\u6f22\u5821\u5728\u5404\u570b\u6bcf\u6708\u4e0d\u540c\u7684\u8ce3\u50f9\uff0c\u5373\u53cd\u6620\u51fa\u7576\u5730\u8ca8\u5e63\u8207\u57fa\u672c\u7684\u6210\u672c\uff0c\u548c\u7d93\u6fdf\u6548\u76ca\u9593\u7684\u812b\u8ecc\u7a0b\u5ea6\u3002<\/p>\n
\u5927\u9ea5\u514b\u6307\u6578\u512a\u7f3a\u9ede?<\/strong><\/p>\n
\u512a\u9ede:<\/strong> \u5168\u4e16\u754c\u5927\u9ea5\u514b\u6f22\u5821\u70ba\u540c\u8cea\u5546\u54c1\u3001\u4f7f\u7528\u7576\u5730\u7684\u539f\u6599\u4f9b\u61c9\u5546, \u964d\u4f4e\u904b\u8f38\u6210\u672c\u3001\u5728\u5168\u7403\u5c07\u8fd1 120 \u500b\u570b\u5bb6\u5747\u6709\u8ca9\u552e\u3002<\/p>\n
\u7f3a\u9ede: <\/strong>\u5927\u9ea5\u514b\u4e26\u975e\u8de8\u5883\u8cbf\u6613\u7684\u5546\u54c1\uff0c\u4e0d\u7b26PPP \u7406\u8ad6\u7684\u689d\u4ef6\u3001\u5927\u9ea5\u514b\u6f22\u5821\u00a0\u00a0 \u7684\u552e\u50f9\u6613\u53d7\u5404\u570b\u7a05\u8ca0\u3001\u95dc\u7a05\u3001\u4e0d\u540c\u5229\u6f64\u7387\uff0c\u4ee5\u53ca\u79df\u91d1\u7b49\u975e\u8cbf\u6613\u6295\u5165\u8ca1\u7684\u6210\u672c\u5f71\u97ff\u3002 \u56e0\u6b64\uff0c\u5927\u9ea5\u514b\u6307\u6578\u4e0d\u662f\u4f5c\u70ba\u532f\u50f9\u8d70\u52e2\u7684\u7cbe\u78ba\u9810\u6e2c\uff0c\u50c5\u662f\u4f7f\u532f\u7387\u7406\u8ad6\u66f4\u6613\u7406\u89e3\u7684\u5de5\u5177\u7f77\u4e86\u3002<\/p>\n
<\/p>\n
\u661f\u5df4\u514b\u6307\u6578\u662f\u5565?<\/strong><\/p>\n
\u201c\u661f\u5df4\u514b\u6307\u6578\u201d\u662f\u5c0d\u6bcf\u500b\u570b\u5bb6\u4e00\u676f\u661f\u5df4\u514b\u5496\u5561\u50f9\u683c\u7684\u63cf\u8ff0\uff0c\u53ef\u4ee5\u5728\u4e00\u5b9a\u7a0b\u5ea6\u4e0a\u53cd\u6620\u6bcf\u500b\u570b\u5bb6\u7684\u7269\u50f9\u6c34\u6e96\uff0c\u7279\u5225\u662f\u4e2d\u7522\u968e\u7d1a\u6d88\u8cbb\u7269\u50f9\u6c34\u6e96\u7684\u9ad8\u4f4e\u3002\u5982\u540c\u5de8\u7121\u9738\u6307\u6578\uff0c\u6211\u5011\u61c9\u8a72\u9810\u671f\u8f03\u5bcc\u88d5\u570b\u5bb6\u7684\u5496\u5561\u50f9\u683c\u8f03\u9ad8\uff0c\u8f03\u8ca7\u7aae\u570b\u5bb6\u7684\u5496\u5561\u50f9\u683c\u8f03\u4f4e\uff0c\u9019\u662f\u56e0\u70ba\u8a31\u591a\u56e0\u7d20\u5f71\u97ff\u5546\u54c1\u548c\u670d\u52d9\u7684\u6210\u672c\uff0c\u5305\u62ec\u539f\u6750\u6599\u7684\u7576\u5730\u6210\u672c\u3001\u751f\u7522\u548c\u5de5\u4f5c\u529b\u6210\u672c\u3001\u7a05\u6536\u3001\u95dc \u7a05\u548c\u96f6\u552e\u5546\u5b9a\u50f9\u7b56\u7565<\/p>\n
\u661f\u5df4\u514b\u6307\u6578\u512a\u7f3a\u9ede?<\/strong><\/p>\n
\u512a\u9ede:<\/strong> \u55ae\u4e00\u5546\u54c1\u6307\u6578\u5177\u6709\u6dfa\u986f\u6613\u61c2\u3001\u5bcc\u8da3\u5473\u6027\u7b49\u512a\u9ede<\/p>\n
\u7f3a\u9ede:<\/strong> \u55ae\u4e00\u5546\u54c1\u6307\u6578\u8861\u91cf\u5404\u570b\u532f\u50f9\u662f\u5426\u906d\u9ad8\u4f30\u6216\u4f4e\u4f30\u7684\u505a\u6cd5\u4e0d\u5920\u56b4\u8b39\uff0c\u4e0d\u540c<\/p>\n
\u00a0<\/strong><\/p>\n
3.\u6709\u4e00\u53f0\u7063\u9032\u53e3\u5546\uff0c\u4f9d\u5408\u7d04\u8981\u57286\u500b\u6708\u5f8c\u5411\u7f8e\u570b\u516c\u53f8\u5df2100\u842c\u7f8e\u5143\u8cfc\u8cb7\u9ec3\u8c46\u3002\u82e5\u5373\u671f\u532f\u7387\u70ba31.2\uff0c6\u500b\u6708\u9060\u671f\u532f\u7387\u70ba31.5\uff0c\u65b0\u53f0\u5e636\u6708\u671f\u5229\u7387\u70ba5%\uff0c\u7f8e\u51436\u500b\u6708\u671f\u5229\u7387\u70ba3%\uff0c\u8acb\u554f\u8a72\u9032\u53e3\u5546: (1)\u82e5\u7528\u9060\u671f\u5916\u532f\u5e02\u5834\u907f\u96aa\u61c9\u5982\u4f55\u64cd\u4f5c?\u6240\u6709\u7684\u6210\u672c\u70ba\u591a\u5c11? (\u624b\u7e8c\u8cbb0.05%) (2)\u82e5\u7528\u8ca8\u5e63\u5e02\u5834\u907f\u96aa\u61c9\u5982\u4f55\u64cd\u4f5c?\u6210\u672c\u70ba\u4f55? (\u77ed\u671f\u878d\u8cc7\u6210\u672c\u70ba3%)<\/p>\n
(1) USD $1,000,000*31.5=NTD $31,500,000<\/p>\n
NTD $31,500,000+\u624b\u7e8c\u8cbbNTD $15,750= NTD $31,515,750<\/p>\n
(2) USD $1,000,000\/(1+3%*6\/12)= USD $985,222<\/p>\n
USD $985,222*31.2= NTD $30,738,926.4<\/p>\n
NTD $30,738,926.4*(1+5%*6\/12)*1.015= NTD $31,980,011<\/p>\n
\u00a0<\/strong><\/p>\n
4.<\/p>\n
a. \u6b50\u5143\u9060\u671f\u532f\u7387\u70ba $1.13*(1-0.0189)= $1.109 \u53ef\u77e5IRP does not hold in this case.<\/p>\n
b. $1.13*(1-2.86%)= $1.098<\/p>\n
\u00a0<\/strong><\/p>\n
\u53c3\u8003\u8cc7\u6599:MBA\u667a\u5eab\u767e\u79d1\u3001\u7dad\u57fa\u767e\u79d1<\/p>\n","protected":false},"excerpt":{"rendered":"
\u570b\u969b\u5e73\u50f9\u7406\u8ad6 IFE\u570b\u969b\u8cbb\u96ea\u6548\u61c9(International Fisher ef<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/edu.secda.info\/scu8154207\/index.php?rest_route=\/wp\/v2\/posts\/954"}],"collection":[{"href":"https:\/\/edu.secda.info\/scu8154207\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/edu.secda.info\/scu8154207\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/edu.secda.info\/scu8154207\/index.php?rest_route=\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/edu.secda.info\/scu8154207\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=954"}],"version-history":[{"count":1,"href":"https:\/\/edu.secda.info\/scu8154207\/index.php?rest_route=\/wp\/v2\/posts\/954\/revisions"}],"predecessor-version":[{"id":955,"href":"https:\/\/edu.secda.info\/scu8154207\/index.php?rest_route=\/wp\/v2\/posts\/954\/revisions\/955"}],"wp:attachment":[{"href":"https:\/\/edu.secda.info\/scu8154207\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=954"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/edu.secda.info\/scu8154207\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=954"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/edu.secda.info\/scu8154207\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=954"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}