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ISI\u7d93\u6fdf\u5b78\u5bb6\u514b\u91cc\u5e0c\u7d0d\u00b7\u53e4\u54c8\uff08Krishna Guha\uff09\u6307\u51fa\uff0c\u9019\u5be6\u969b\u4e0a\u662f\u4e00\u9805\u300c\u5f31\u5316\u7248\u7684\u626d\u8f49\u64cd\u4f5c\u300d\uff08Operation Twist\uff09\u3002<\/p>\n<p class=\"whitespace-pre-wrap break-words\">\u9019\u7a2e\u300c\u501f\u77ed\u8cb7\u9577\u300d\u7684\u908f\u8f2f\u5728\u65bc\uff1a\u5728\u77ed\u671f\u5167\uff0c\u8ca1\u653f\u90e8\u89aa\u81ea\u5145\u7576\u9577\u671f\u570b\u50b5\u7684\u300c\u7a69\u5b9a\u8cb7\u5bb6\u300d\uff0c\u8a66\u5716\u5f37\u884c\u62c9\u9ad8\u9577\u50b5\u50f9\u683c\u3001\u58d3\u4f4e\u9577\u50b5\u6536\u76ca\u7387\uff0c\u5f9e\u800c\u70ba\u98c6\u5347\u7684\u9577\u671f\u5229\u7387\u300c\u964d\u6e29\u300d\u3002\u7136\u800c\u5728\u9577\u671f\u5167\uff0c\u9019\u50c5\u50c5\u662f\u4e00\u7a2e\u50b5\u52d9\u671f\u9650\u7d50\u69cb\u7684\u8f49\u63db\uff08Debt Profile Reshaping\uff09\uff0c\u5373\u628a\u539f\u672c\u9700\u8981\u5e7e\u5341\u5e74\u6162\u6162\u9084\u7684\u9577\u671f\u50b5\u52d9\uff0c\u8f49\u63db\u6210\u4e86\u5e7e\u5e74\u5167\u751a\u81f3\u5e7e\u6708\u5167\u5c31\u9700\u8981\u983b\u7e41\u6efe\u52d5\u7e8c\u767c\uff08Rollover\uff09\u7684\u77ed\u671f\u50b5\u52d9\uff0c\u4e26\u6c92\u6709\u5be6\u8cea\u6027\u6e1b\u5c11\u7f8e\u570b\u653f\u5e9c\u7684\u7e3d\u50b5\u52d9\u672c\u91d1\u3002<\/p>\n<p class=\"whitespace-pre-wrap break-words\">\u7f8e\u50b5\u5e02\u5834\u7684\u771f\u5be6\u8868\u73fe\u5370\u8b49\u4e86\u9019\u7a2e\u7d50\u69cb\u6027\u56f0\u5c40\u3002\u64f4\u5927\u56de\u8cfc\u7684\u6d88\u606f\u516c\u5e03\u5f8c\uff0c10\u5e74\u671f\u820730\u5e74\u671f\u7f8e\u50b5\u6536\u76ca\u7387\u50c5\u5728\u77ed\u66ab\u4e0b\u8dcc\u5f8c\u4fbf\u8fc5\u901f\u91cd\u65b0\u98c6\u5347\u3002\u9019\u7a2e\u300c\u653f\u7b56\u7ba1\u4e86\u4e00\u5929\u3001\u6548\u529b\u96a8\u5373\u6d88\u5931\u300d\u7684\u73fe\u8c61\uff0c\u8868\u660e\u5e02\u5834\u4e26\u4e0d\u8cb7\u8cec\uff0c\u5634\u70ae\u8207\u6230\u8853\u5e72\u9810\u5728\u9f90\u5927\u7684\u50b5\u52d9\u73fe\u5be6\u9762\u524d\u7dad\u6301\u7684\u6642\u9593\u6b63\u8b8a\u5f97\u8d8a\u4f86\u8d8a\u77ed\u3002<\/p>\n<p class=\"whitespace-pre-wrap break-words\"><strong>\u5e02\u5834\u4e4b\u6240\u4ee5\u4fdd\u6301\u61f7\u7591\uff0c\u6839\u6e90\u5728\u65bc\u4f9b\u7d66\u8207\u9700\u6c42\u5169\u7aef\u7684\u5206\u6b67\u3002<\/strong><\/p>\n<p class=\"whitespace-pre-wrap break-words\">\u5f9e\u4f9b\u7d66\u8207\u8cc7\u672c\u7af6\u722d\u4f86\u770b\uff0c\u7f8e\u570b\u653f\u5e9c\u7576\u524d\u7684\u8ca1\u653f\u8d64\u5b57\u8655\u65bc\u6b77\u53f2\u9ad8\u4f4d\uff0c\u8ca1\u653f\u90e8\u5fc5\u9808\u6301\u7e8c\u5927\u91cf\u767c\u50b5\u624d\u80fd\u7dad\u6301\u653f\u5e9c\u904b\u8f49\u3002\u540c\u6642\uff0c\u7f8e\u50b5\u5e02\u5834\u9084\u9762\u81e8\u4f86\u81ea\u570b\u969b\u5e02\u5834\u7684\u8cc7\u672c\u62c9\u626f\u2014\u2014\u4f8b\u5982\u65e5\u672c\u7b49\u570b\u4e3b\u6b0a\u50b5\u5238\u6536\u76ca\u7387\u4e0a\u5347\u62c9\u8d70\u8cc7\u91d1\uff0c\u4ee5\u53ca\u79d1\u6280\u4f01\u696d\u5927\u898f\u6a21\u767c\u50b5\u5c0d\u8cc7\u672c\u7684\u76f4\u63a5\u64e0\u58d3\u3002\u7576\u5168\u7403\u8cc7\u91d1\u5728\u6709\u9650\u7684\u6c60\u5b50\u88cf\u88ab\u591a\u65b9\u722d\u596a\uff0c\u6295\u8cc7\u8005\u8981\u6c42\u66f4\u9ad8\u7684\u300c\u671f\u9650\u6ea2\u50f9\u300d\uff08Term Premium\uff09\u4f86\u88dc\u511f\u6301\u6709\u9577\u671f\u50b5\u5238\u7684\u98a8\u96aa\u6642\uff0c\u50c5\u50c5\u9760\u8ca1\u653f\u90e8\u6bcf\u6708\u6578\u767e\u5104\u7d1a\u5225\u7684\u56de\u8cfc\uff0c\u5728\u5e74\u767c\u50b5\u91cf\u6578\u842c\u5104\u7684\u5de8\u6d6a\u9762\u524d\u7121\u7570\u65bc\u676f\u6c34\u8eca\u85aa\u3002<\/p>\n<p class=\"whitespace-pre-wrap break-words\">\u5f9e\u9700\u6c42\u7aef\u4f86\u770b\uff0c\u7a46\u8fea\u8a55\u7d1a\uff08Moody&#8217;s Ratings\uff09\u9996\u5e2d\u4fe1\u7528\u5b98\u963f\u8328\u00b7\u8b1d\u601d\uff08Atsi Sheth\uff09\u6307\u51fa\uff0c\u96a8\u7740\u5168\u7403\u4e3b\u8981\u592e\u884c\u63a8\u9032\u91cf\u5316\u7dca\u7e2e\uff08QT\uff09\u4ee5\u53ca\u50b3\u7d71\u9577\u671f\u7f8e\u50b5\u8cb7\u5bb6\u7684\u5438\u6536\u80fd\u529b\u63a5\u8fd1\u4e0a\u9650\uff0c\u7f8e\u50b5\u5e02\u5834\u7684\u4e3b\u5c0e\u8cb7\u5bb6\u6b63\u5728\u767c\u751f\u7d50\u69cb\u6027\u8b8a\u5316\u3002\u69d3\u687f\u5c0d\u6c96\u57fa\u91d1\u7b49\u9ad8\u983b\u4ea4\u6613\u8005\u4f54\u6bd4\u4e0a\u5347\uff0c\u9019\u4e9b\u63a1\u7528\u76f8\u5c0d\u50f9\u503c\u7b56\u7565\u7684\u8cc7\u672c\u5c0d\u5229\u7387\u6ce2\u52d5\u6975\u5ea6\u654f\u611f\uff0c\u7d55\u975e\u9577\u671f\u7684\u300c\u7a69\u5b9a\u9328\u300d\u3002<\/p>\n<p class=\"whitespace-pre-wrap break-words\">\u96d6\u7136\u5e02\u5834\u8fd1\u671f\u6d41\u50b3\u7740\u6240\u8b02\u300c\u8c9d\u68ee\u7279\u770b\u8dcc\u671f\u6b0a\u300d\u7684\u8aaa\u6cd5\u2014\u2014\u5373\u8ca1\u653f\u90e8\u6703\u901a\u904e\u9748\u6d3b\u7684\u6230\u8853\u5e72\u9810\u88fd\u9020\u96d9\u5411\u6ce2\u52d5\uff0c\u8b93\u55ae\u908a\u505a\u7a7a\u7f8e\u50b5\u7684\u6295\u6a5f\u5ba2\u4ed8\u51fa\u4ee3\u50f9\uff0c\u4f46\u9019\u6700\u591a\u96bb\u80fd\u9632\u6b62\u6536\u76ca\u7387\u51fa\u73fe\u7121\u79e9\u5e8f\u7684\u77ed\u671f\u66b4\u6f32\uff0c\u6839\u672c\u7121\u6cd5\u626d\u8f49\u6536\u76ca\u7387\u5728\u672a\u4f86\u5e7e\u500b\u6708\u56e0\u4f9b\u9700\u5931\u8861\u800c\u4e0a\u884c\u7684\u9577\u671f\u65b9\u5411\u3002<\/p>\n<h3 class=\"mb-2\">\u8faf\u8b49\u770b\u5f8540\u842c\u5104\uff1a\u5371\u5c40\u9084\u662f\u300c\u50c5\u50c5\u662f\u500b\u6578\u5b57\u300d\uff1f<\/h3>\n<p class=\"whitespace-pre-wrap break-words\">\u9762\u5c0d40\u842c\u5104\u9019\u4e00\u5929\u91cf\u6578\u5b57\uff0c\u5e02\u5834\u60c5\u7dd2\u5f80\u5f80\u9677\u5165\u5169\u500b\u6975\u7aef\uff1a\u4e00\u7aef\u662f\u300c\u7f8e\u50b5\u5373\u5c07\u5d29\u76e4\u3001\u7f8e\u5143\u660e\u65e5\u74e6\u89e3\u300d\u7684\u672b\u65e5\u8ad6\uff1b\u53e6\u4e00\u7aef\u5247\u662f\u300c\u53cd\u6b63\u53ef\u4ee5\u7121\u9650\u5370\u9214\u3001\u50b5\u591a\u4e0d\u6101\u300d\u7684\u9ebb\u6728\u8ad6\u3002<\/p>\n<p class=\"whitespace-pre-wrap break-words\">\u771f\u5be6\u7684\u8faf\u8b49\u8996\u89d2\u61c9\u7576\u5efa\u7acb\u5728\u5236\u5ea6\u908f\u8f2f\u8207\u4fe1\u7528\u908a\u754c\u4e4b\u4e0a\u3002<\/p>\n<p class=\"whitespace-pre-wrap break-words\"><strong>\u4e00\u65b9\u9762\uff0c\u70ba\u4ec0\u9ebc\u8aaa\u5b83\u300c\u4e0d\u50c5\u50c5\u662f\u500b\u6578\u5b57\u300d\uff1f<\/strong><\/p>\n<p class=\"whitespace-pre-wrap break-words\">\u7f8e\u50b5\u7684\u672c\u8cea\u662f\u7f8e\u570b\u653f\u5e9c\u4ee5\u570b\u5bb6\u4fe1\u7528\u70ba\u64d4\u4fdd\u7684\u9060\u671f\u627f\u5151\u532f\u7968\u3002\u904e\u53bb\u6578\u5341\u5e74\uff0c\u7f8e\u50b5\u4e4b\u6240\u4ee5\u80fd\u7121\u9650\u81a8\u8139\uff0c\u5efa\u7acb\u5728\u300c\u5168\u7403\u5132\u5099\u8ca8\u5e63\u9738\u6b0a\u300d\u8207\u300c\u6e29\u548c\u901a\u8139\/\u4f4e\u5229\u7387\u74b0\u5883\u300d\u5169\u5927\u57fa\u77f3\u4e4b\u4e0a\u3002<\/p>\n<p class=\"whitespace-pre-wrap break-words\">\u7576\u7e3d\u50b5\u52d9\u7a81\u783440\u842c\u5104\uff0c\u4e14\u8d64\u5b57\u7387\u9577\u671f\u7dad\u6301\u57286%\u7684\u9ad8\u4f4d\u6642\uff0c\u5229\u606f\u652f\u51fa\u5df2\u7d93\u6210\u70ba\u7f8e\u570b\u8ca1\u653f\u6700\u5927\u7684\u55ae\u9805\u958b\u652f\u4e4b\u4e00\u3002\u57285%\u4ee5\u4e0a\u7684\u9577\u7aef\u5229\u7387\u4e0b\uff0c\u6bcf\u5e74\u7684\u50b5\u52d9\u5229\u606f\u652f\u51fa\u5c31\u9ad8\u9054\u4e0a\u842c\u5104\u7f8e\u5143\uff0c\u751a\u81f3\u8d85\u8d8a\u4e86\u570b\u9632\u9810\u7b97\u3002\u9019\u5c31\u8feb\u4f7f\u8ca1\u653f\u90e8\u4e0d\u5f97\u4e0d\u9032\u4e00\u6b65\u300c\u501f\u65b0\u9084\u820a\u300d\uff0c\u9677\u5165\u9f90\u6c0f\u5f0f\u7684\u50b5\u52d9\u5faa\u74b0\u3002\u7576\u5229\u606f\u541e\u566c\u4e86\u516c\u5171\u6295\u8cc7\u8207\u653f\u7b56\u7a7a\u9593\u6642\uff0c\u5b83\u5c31\u4e0d\u518d\u662f\u8cec\u9762\u6578\u5b57\uff0c\u800c\u662f\u5c0d\u570b\u5bb6\u80fd\u529b\u7684\u5be6\u8cea\u6027\u4fb5\u8755\u3002<\/p>\n<p class=\"whitespace-pre-wrap 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break-words\">\u9019\u4e5f\u89e3\u91cb\u4e86\u70ba\u4ec0\u9ebc\u83ef\u723e\u8857\u90e8\u5206\u5b8f\u89c0\u5206\u6790\u5e2b\u9810\u5224\uff0c\u5982\u679c\u9577\u671f\u5229\u7387\u6301\u7e8c\u98c6\u5347\u4e26\u6700\u7d42\u62d6\u57ae\u5be6\u9ad4\u7d93\u6fdf\u548c\u77fd\u8c37\u5de8\u982d\uff0c\u7f8e\u806f\u5132\u8207\u8ca1\u653f\u90e8\u6700\u7d42\u53ef\u80fd\u6703\u88ab\u8feb\u9054\u6210\u67d0\u7a2e\u7a0b\u5ea6\u7684\u300c\u96b1\u6027\u5408\u4f5c\u300d\u3002\u7f8e\u806f\u5132\u53ef\u80fd\u6703\u91cd\u65b0\u958b\u555f\u8cc7\u7522\u8ca0\u50b5\u8868\u64f4\u5f35\uff0c\u76f4\u63a5\u5728\u4e8c\u7d1a\u5e02\u5834\u8cb7\u5165\u570b\u50b5\u3002\u9019\u7a2e\u300c\u50b5\u52d9\u8ca8\u5e63\u5316\u300d\uff08Debt 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