{"id":6245,"date":"2021-10-03T20:09:12","date_gmt":"2021-10-03T12:09:12","guid":{"rendered":"https:\/\/www.mpfdiy.com\/?p=6245"},"modified":"2021-10-09T04:31:51","modified_gmt":"2021-10-08T20:31:51","slug":"%e6%95%a3%e6%88%b6%e5%8f%8a%e5%a4%a7%e6%88%b6%e7%9a%84%e4%ba%a4%e6%98%93%e6%99%82%e6%ae%b5","status":"publish","type":"post","link":"https:\/\/www.mpfdiy.com\/2021\/10\/%e6%95%a3%e6%88%b6%e5%8f%8a%e5%a4%a7%e6%88%b6%e7%9a%84%e4%ba%a4%e6%98%93%e6%99%82%e6%ae%b5\/","title":{"rendered":"\u6563\u6236\u53ca\u5927\u6236\u7684\u4ea4\u6613\u6642\u6bb5"},"content":{"rendered":"

\u6563\u6236\u53ca\u5927\u6236\u7684\u4ea4\u6613\u6642\u6bb5<\/span><\/strong><\/span><\/h2>\n
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\u7f8e\u570b\u80a1\u5e02\u6709\u4e00\u500b\u8aaa\u6cd5\uff0c\u5c31\u662f\u6563\u6236\u4e3b\u5c0e\u4e86\u958b\u5e02<\/strong>\uff0c\u800c\u5927\u6236\u4e3b\u5c0e\u4e86\u6536\u5e02<\/strong>\uff1b\u53c8\u6216\u662f\u6563\u6236\u559c\u6b61\u65bc\u958b\u5e02\u5f8c\u6642\u6bb5\u4ea4\u6613\uff0c\u800c\u5927\u6236\u5247\u7fd2\u6163\u65bc\u6536\u5e02\u524d\u6642\u6bb5\u4ea4\u6613\u3002<\/span><\/p>\n
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\u6709\u4eba\u8a8d\u70ba\u6563\u6236\u65bc\u5e73\u65e5\u8981\u8fd4\u5de5\uff0c\u6240\u4ee5\u958b\u5de5\u524d\u5c31\u7747\u4e0b\u6668\u65e9\u65b0\u805e\uff0c\u843d\u4e0b\u55ae\u3002\u53e6\u5916\uff0c\u65e9\u4e0a\u65b0\u805e\u5f88\u591a\uff0c\u6563\u6236\u5bb9\u6613\u53d7\u6d88\u606f\u6240\u5f71\u97ff\uff0c\u65bc\u65e9\u4e0a\u983b\u5bc6\u4ea4\u6613\u3002<\/span><\/p>\n
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\u7531\u65bc\u6563\u6236\u843d\u76e4\u53c8\u591a\u53c8\u4e82\uff0c\u4ee4\u8cb7\u8ce3\u5dee\u50f9\u589e\u5927\u3002\u6709\u5831\u5c0e<\/a>\u6307\u51fa\uff0c\u7f8e\u80a1\u958b\u5e02\u7684\u982d\u5e7e\u5206\u9418\uff0cbid-ask spread \u662f\u5168\u65e5\u5e73\u5747\u768410\u500d\uff0c\u662f\u5c3e\u5e02\u768420\u500d\u4ee5\u4e0a\uff0c\u5373\u662f\u8aaa\uff0c\u65e9\u5e02\u6bd4\u8f03\u7d1b\u4e82\u3002<\/span><\/p>\n
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\u7576\u65e9\u4e0a\u7684\u6563\u6236\u5c04\u5b8c\u5b50\u5f48\u4e4b\u5f8c\uff0c\u4fbf\u5230\u5927\u6236\u65bc\u4e0b\u5348\u51fa\u52d5\u3002\u4e00\u822c\u6a5f\u69cb\u6295\u8cc7\u8005\uff0c\u65e9\u4e0a\u6709\u5206\u6790\u54e1\u63d0\u4f9b\u662f\u65e5\u65b0\u805e\u53ca\u5206\u6790\u7d66\u6295\u8cc7\u7d93\u7406\u6216\u8001\u95c6\u5011\uff0c\u9019\u4e9b\u638c\u6b0a\u8005\u63a5\u7740\u53c8\u6703\u81ea\u5df1\u6536\u4e0b\u98a8\u6216\u8005\u5206\u6790\u4e00\u4e0b\uff0c\u7528\u65e9\u4e0a\u6642\u6bb5\u671b\u4e0b\u5c0d\u624b\u6216\u81ea\u5df1\u5fc3\u5100\u7684\u6295\u8cc7\u7269\uff0c\u5403\u5b8c\u4e2d\u5348\u61c9\u916c\u53ca\u7d22\u6599\u98ef\u5c40\u4e4b\u5f8c\uff0c\u4e0b\u5348\u4fbf\u51fa\u52d5\u3002<\/span><\/p>\n
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\u6240\u4ee5\uff0c\u5c3e\u5e02\u7d93\u5e38\u6709\u65b9\u5411\u4e00\u81f4\u7684\u5927\u984d\u4ea4\u6613\uff0c\u53bb\u78ba\u7acb\u7576\u65e5\u7684\u5e02\u6cc1\u3002<\/span><\/p>\n
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\n
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\u7b46\u8005\u6c92\u6709\u9a57\u8b49\u4e0a\u8ff0\u9019\u500b\u8aaa\u6cd5\u7684\u771f\u507d\uff0c\u53cd\u800c\u6709\u8208\u8da3\u4e86\u89e3\u4e00\u4e0b\u9019\u8aaa\u6cd5\u80cc\u5f8c\u7684\u908f\u8f2f\u3002<\/span><\/p>\n
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1. \u6295\u8cc7\u8005\u7684\u7fd2\u6163<\/span><\/strong><\/span><\/p>\n
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\u4ee5\u81ea\u6211\u6c7a\u7b56discretionary \u65b9\u5f0f\u53bb\u9032\u884c\u6295\u8cc7\u7684\u6563\u6236\u53ca\u5927\u6236\uff0c\u90fd\u6709\u4e00\u5b9a\u7684\u6295\u8cc7\u7fd2\u6163\u3002\u5982\u679c\u9999\u6e2f\u6563\u6236\u6295\u8cc7\u65bc\u7f8e\u80a1\uff0c\u56e0\u70ba\u7b2c\u4e8c\u671d\u4ef2\u8981\u8fd4\u5de5\u7684\u95dc\u4fc2\uff0c\u4e0d\u6703\u65e5\u65e5\u7b49\u5230\u4e09\u66f4\u534a\u591c\u7f8e\u80a1\u6536\u5e02\u524d\u624d\u505a\u4ea4\u6613\uff0c\u65bc\u662f\u5728\u7f8e\u80a1\u4e00\u958b\u5e02\u4fbf\u8cb7\u8ce3\u3002<\/span><\/p>\n
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\u6709\u6295\u8cc7\u7d93\u7406\u63f8fit \u7684\u6a5f\u69cb\u6295\u8cc7\u8005\uff0c\u80cc\u5f8c\u4ea6\u6709\u4e00\u5927\u5806\u884c\u7a0b\u53ca\u7a0b\u5e8f\uff0c\u5c24\u5176\u662f\u5b9a\u671f\u7684\u5831\u544apresentation \u53ca\u4ea4\u4ee3\uff0c\u4ea6\u898f\u7bc4\u4e86\u4ea4\u6613\u7684\u6a21\u5f0f\u3002\u597d\u50cf\u5e74\u5c3e\/\u5b63\u5c3e\/\u6708\u5c3e\u7684window dressing , \u5c31\u7b97\u81ea\u5df1\u7121\u641e\uff0c\u6240\u6301\u6709\u7684\u80a1\u7968\u7684CEO \u90fd\u6703\u70ba\u81ea\u5df1\u7684\u516c\u53f8\u80a1\u50f9\u641e\uff0c\u65bc\u662f\u5927\u6236\u4ea6\u6709\u5176\u6295\u8cc7\u7fd2\u6163\u3002<\/span><\/p>\n
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2. \u4ec0\u9ebc\u662f\u5347\uff1f\u4ec0\u9ebc\u662f\u8dcc\uff1f<\/span><\/strong><\/span><\/p>\n
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\u5927\u5bb6\u5c0d\u67d0\u4e00\u65e5\u80a1\u5e02\u7684\u5370\u8c61\uff0c\u90fd\u662f\u4ee5\u6536\u5e02\u50f9\u4f5c\u70ba\u7576\u65e5\u7684\u7e3d\u7d50\u3002\u96d6\u71363:59\u5206 \u820711:24\u5206\u90fd\u662f\u4e00\u6a23\u7684\u4e00\u5206\u9418\uff0c\u4f46\u5927\u5e02\u6307\u6578\u65bc3:59\u5206\u7684\u50f9\u683c\uff0c\u660e\u986f\u6bd411:24\u5206\u6216\u5176\u4ed6\u6642\u6bb5\u66f4\u5177\u4ee3\u8868\u6027\u3002\u4f8b\u5982\u4e00\u65e5\u7684\u5347\u8dcc\uff0c\u5168\u4e16\u754c\u90fd\u6703\u7528\u6536\u5e02\u50f9\u505a\u7576\u65e5\u4ee3\u8868\uff0c\u90a3\u6015\u9019\u6536\u5e02\u50f9\u53ea\u662f1\u80a1\u62161\u624b\u7684\u6210\u4ea4\u3002<\/span><\/p>\n
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3. \u6563\u6236\uff1f\u5927\u6236\uff1f<\/span><\/strong><\/p>\n
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\u4ee5\u5f80\u9999\u6e2f\u8981\u51fa\u5e02\u4ee3\u8868\u53bb\u505a\u80a1\u7968\u4ea4\u6613\uff0c\u4e00\u4e9b\u4ee3\u8868\u4e3b\u8981\u670d\u5f85\u5927\u6236\uff0c\u770b\u770b\u843d\u76e4\u7d93\u7d00\u540d\u7a31\u5df2\u7d93\u77e5\u838a\u9592\u3002\u7f8e\u570b\u6709\u591a\u500b\u4ea4\u6613\u6240\uff0c\u80a1\u6771\u4f86\u81ea\u5168\u4e16\u754c\uff0c\u5982\u4f55\u5224\u65b7\u8ab0\u662f\u6563\u6236\u5927\u6236\uff1f\u5373\u4f7f\u662f\u6563\u6236\uff0c\u65e9\u4e0a\u843d\u4e86\u500b\u9650\u50f9\u76e4\uff0c\u5230\u5c3e\u5e02\u624d\u5230\u90fd\u50f9\u6210\u4ea4\uff0c\u4ed6\u7684\u8cc7\u8a0a\u53ef\u80fd\u57fa\u65bc\u65e9\u4e0a\u65b0\u805e\uff0c\u4f46\u4ea4\u6613\u5247\u5f71\u97ff\u4e0b\u5348\u6642\u6bb5\u3002<\/span><\/p>\n
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\u73fe\u6642\u5927\u6236\u51fa\u5165\u5e02\u81f3\u5c11\u90fd\u6709algo \u5e6b\u624b\u5206\u55ae\uff0c\u6839\u672c\u5514\u6703\u88ab\u4eba\u898b\u5230\u624b\u5f71\uff0c\u9084\u6709\u5176OTC \u7684\u5408\u7d04\u53ca\u4ea4\u6613\uff0c\u53c8\u6709\u4e00\u5927\u5806options future \u505a\u64cd\u4f5c\uff0c\u9664\u975e\u500b\u5225\u80a1\u7968\u7684\u5927\u984d\u8b8a\u52d5\uff0c\u5426\u5247\u5206\u8fa8\u4e0d\u4e86\u5927\u6236\u6216\u6563\u6236\u3002<\/span><\/p>\n
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4. \u4e8c\u5143\u601d\u7dad<\/span><\/strong><\/span><\/p>\n
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\u5c07\u6295\u8cc7\u4ea4\u6613\u4ee5\u6642\u6bb5\u4e8c\u5206\uff0c\u4ee5\u8cc7\u7522\u591a\u5be1\u4e8c\u5206\uff0c\u751a\u81f3\u4ee5\u81ea\u5df1\u53ca\u5e02\u5834\u4e8c\u5206\uff0c\u90fd\u662f\u5341\u5206\u53e4\u8001\u7684\u6295\u8cc7\u54f2\u5b78\uff0c\u597d\u50cf\u4e00\u65b9\u8cfa\u4fbf\u53e6\u4e00\u65b9\u6703\u8755\uff0c\u4e00\u65b9\u6b63\u78ba\u800c\u53e6\u4e00\u65b9\u662f\u932f\u8aa4\u3002<\/span><\/p>\n
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\u9019\u985e\u4e8c\u5143\u601d\u7dad\u88ab\u653e\u5165\u4e86\u5f88\u591a\u4e0d\u80fd\u9a57\u8b49\u7684\u5047\u8a2d\uff0c\u7531\u80fd\u638c\u63e1\u7684\u4e8b\u60c5\u958b\u59cb\u4f5c\u70ba\u4e00\u65b9\uff0c\u5c07\u638c\u63e1\u7bc4\u570d\u4ee5\u5916\u7684\u7de8\u5165\u53e6\u4e00\u65b9\u3002\u5c07\u5df1\u65b9\u6240\u9047\u5230\u638c\u63e1\u4ee5\u5916\u4e4b\u4e8b\u7684\u4e8b\u60c5\uff0c\u7686\u64a5\u958b\u7576\u4f5c\u70ba\u53e6\u4e00\u65b9\u641e\u9b3c\uff1a\u4f8b\u5982\u81ea\u5df1(\u6563\u6236) \u8cfa\u5514\u5230\u9322\u5c31\u4e00\u5b9a\u843d\u5de6\u5927\u6236\u500b\u888b<\/span>\uff0c\u5e02\u6c11\u8a0e\u53ad\u653f\u5e9c\u5c31\u4e00\u5b9a\u6709\u5916\u570b\u5f9e\u4e2d\u641e\u9b3c<\/span>\u3002\u4e8c\u5143\u601d\u7dad\u53ef\u4ee5\u4ee4nonsense\u7684\u4eba<\/a>\u81ea\u5df1\u5275\u9020\u89e3\u91cb\u53bb\u9762\u5c0d\u77e5\u8b58\u4ee5\u5916\u7684\u4e16\u754c\uff0c\u5c31\u662f\u7528\u9019\u4e9b\u4e8c\u5143\u89e3\u91cb\u53bb\u8a66\u5716\u586b\u88dc\u81ea\u5df1\u77e5\u8b58\u7684\u4e0d\u8db3\uff0c\u7528\u53e6\u4e00\u5143\u53bb\u88dd\u8f09\u90a3\u4e9b\u81ea\u5df1\u4e0d\u80fd\u638c\u63e1\u7684\u4e8b\u60c5\u3002<\/span><\/p>\n
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\u4f46\u662f\uff0c\u4e8c\u5143\u601d\u7dad\u7684\u6240\u8b02\u5c0d\u5bb6\u53ca\u89e3\u91cb\uff0c\u5c6c\u81ea\u5df1\u77e5\u8b58\u4ee5\u5916\u7684\u4e16\u754c\uff0c\u4e00\u822c\u90fd\u662f\u932f\u7684\u3002<\/span><\/p>\n
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5. \u6295\u8cc7\u77e5\u8b58\u8ad6<\/span><\/strong><\/p>\n
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\u6211\u5011\u6295\u8cc7\u65bc\u4ee5\u6578\u5b78\u53ca\u7b97\u5f0f\u53bb\u5efa\u69cb\u7684\u81ea\u7531\u8cc7\u672c\u5e02\u5834\uff0c\u77e5\u8b58\u7684\u7bc4\u570d\u96c6\u4e2d\u65bc\u81ea\u7531\u4ea4\u6613\u4e0b\u7684\u50f9\u683c\uff0c\u8207\u53ca\u7531\u4e4b\u800c\u8d77\u7684\u56de\u5831\u53ca\u6ce2\u5e45<\/a>\uff0c\u5176\u4ed6\u80fd\u529b\u53ca\u638c\u63e1\u4ee5\u5916\u7684\u4e8b\uff0c\u4e0d\u7528\u4ee5\u53e6\u4e00\u5143\u4f86\u88dd\u8f09\uff0c\u751a\u81f3\u4e0d\u7528\u7406\u6703\u3002<\/span><\/p>\n
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\u56e0\u70ba\u9019\u4e9b\u7bc4\u570d\u4ee5\u5916\u7684\u4e8b\uff0c\u5982\u679c\u6703\u8207\u81ea\u5df1\u6709\u95dc\uff0c\u6703\u8207\u81ea\u5df1\u7522\u751f\u95dc\u4fc2\u7684\u8a71\uff0c\u5fc5\u5b9a\u6703\u4ee5\u67d0\u7a2e\u5f62\u5f0f\u5448\u73fe\u65bc\u81ea\u5df1\u7684\u7bc4\u570d\u4e4b\u5167\u3002\u5982\u679c\u6c92\u6709\u7522\u751f\u95dc\u4fc2\u7684\u8a71\uff0c\u5c31\u4e0d\u7528\u7591\u795e\u7591\u9b3c\u53bb\u5275\u9020\u4e8c\u5143\u601d\u7dad\uff0c\u53bb\u7522\u751f\u5927\u6236\u8207\u6563\u6236\u9019\u985e\u4e8c\u5143\u6982\u5ff5\uff0c\u53c8\u6216\u662f\u53bb\u7522\u751f\u4ec0\u9ebcMr. Market \u53ca invisible hand\u3002<\/span><\/p>\n
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\u5514\u77e5\u5c31\u5514\u77e5\uff0c\u5514\u99db\u77e5\u6652\u5148\u6295\u8cc7\u3002\u4e00\u908a\u4ea4\u6613\uff0c\u4e00\u908a\u81ea\u7136\u6703\u6709\u65b0\u4e8b\u7269\u5448\u73fe\u65bc\u81ea\u5df1\u7684\u773c\u524d\u3002\u5f37\u7a4d\u91d1\u5c31\u662f\u4e00\u500b\u597d\u4f8b\u5b50\uff0c\u5eff\u5e74\u524d\u7576\u5f37\u7a4d\u91d1\u525b\u958b\u59cb\u4e4b\u6642\uff0c\u6c92\u6709\u4eba\u77e5\u9053\u61c9\u8a72\u600e\u6a23\u624d\u80fd\u63d0\u5347\u5f37\u7a4d\u91d1\u56de\u5831\u3002\u5eff\u5e74\u4f86\u5f37\u7a4d\u91d1\u4e0d\u65b7\u5411\u9999\u6e2f\u4eba\u5448\u73fe\u51fa\u5b83\u7684\u7279\u6027\uff0c\u6211\u5011\u4fbf\u53ef\u4ee5\u7528factor investing, SAA TAA<\/a>\u7b49\u7b49\u77e5\u8b58\u7bc4\u570d\uff0c\u53bb\u5c07\u5f37\u7a4d\u91d1\u638c\u63e1\u3002\u5426\u5247\uff0c\u4fbf\u597d\u50cf\u4e00\u822c\u9999\u6e2f\u4eba\u4e00\u6a23\uff0c\u5c0d\u964c\u751f\u7684\u5f37\u7a4d\u91d1\u7522\u751f\u4e8c\u5143\u601d\u7dad\uff1a\u8cfa\u5514\u5230\u9322\u5c31\u4e00\u5b9a\u843d\u5de6\u57fa\u91d1\u4f6c\u500b\u888b<\/span>\u3002<\/span><\/p>\n
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\u5ef6\u4f38\u95b1\u8b80<\/span><\/strong><\/p>\n
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https:\/\/www.wsj.com\/articles\/early-birds-suffer-in-market-1442273794<\/span><\/a><\/p>\n
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https:\/\/www.researchgate.net\/publication\/331125604_Monday_mornings_Individual_investor_trading_on_days_of_the_week_and_times_within_a_day<\/span><\/a><\/p>\n
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