浼佷笟浼板�兼�濇兂璧锋簮浜?/p>
Irving Fisher
鐨勮储鍔￠绠楃悊璁恒�?/p>
Irving Fisher(1906)
璁鸿堪浜嗘敹鍏ヤ笌
璧勬湰鐨勫叧绯诲強浠峰�肩瓑鐩稿叧闂銆?/p>
浠栦粠浜哄鏀跺叆鐨勬劅鍙楀叆鎵嬶紝
鍒嗘瀽浜嗚祫鏈环鍊肩殑褰㈡垚杩囩▼锛?/p>
璇?/p>
鏄庝簡璧勬湰浠峰�肩殑婧愭硥锛?/p>
褰掔撼浜嗕汉浠殑鎶曡祫鍐崇瓥杩囩▼銆?/p>
浠栬繕杩涗竴姝ユ寚鍑猴紝
浠讳綍璐骇鎴栨墍鎷ユ湁璐?/p>
瀵岀殑浠峰�煎潎鏉ユ簮浜庤繖绉嶈兘浜х敓棰勬湡璐у竵鏀跺叆鐨勬潈鍒╋紝
浠庤�屼娇璐骇鎴栨潈鍒╃殑浠峰�煎彲閫氳繃瀵规湭鏉?/p>
棰勬湡鏀跺叆鐨勬姌鐜板緱鍒般�?/p>
杩炴帴鏀跺叆涓庤祫鏈箣闂寸殑妗ユ灏辨槸鍒╂伅鐜囥�?/p>
浜轰滑鍙互鍊熷姪鍒╂伅鐜囷紝
浠庤揣
甯佺殑鐜板�艰绠楄揣甯佺殑鏈潵浠峰�硷紝
鎴栦粠璐у竵鐨勬湭鏉ヤ环鍊煎緱鍒拌揣甯佺殑鐜板�笺�?/p>
浠庡鍒╂伅鐜囩殑鏈川鍜?/p>
鍐冲畾鍥犵礌鐨勫垎鏋愪腑杩涗竴姝ョ爺绌朵簡璧勬湰鏀跺叆涓庤祫鏈环鍊肩殑鍏崇郴锛?/p>
浠庤�屽舰鎴愪簡瀹屾暣鑰岀郴缁熺殑璧勬湰
浼板�兼鏋讹紝
鎻愬嚭鐨勭‘瀹氭�ф潯浠朵笅鐨勮祫鏈及鍊兼妧鏈槸鐜颁唬鏍囧噯鎴栨缁熻瘎浼版妧鏈殑鍩虹銆?/p>
浠栧緱鍑?/p>
缁撹锛?/p>
濡傛灉鎶婂缓绔嬩紒涓氫篃鐪嬩綔鏄竴绉嶆姇璧勭殑璇濓紝
浼佷笟鐨勪环鍊煎氨鏄紒涓氭墍鑳藉甫鏉ョ殑鏈潵鏀跺叆娴?/p>
閲忕殑鐜板�笺�?/p>
铏界劧
Irving
Fisher
鐨勭爺绌跺凡缁忓寘鍚簡鐜颁唬浼板�肩悊璁哄熀纭�锛?/p>
浣嗕簩鍗佷笘绾簲鍗佸勾浠ｄ箣鍓嶇殑璇勪及
鏂规硶涓昏鏄姞鍜屾硶锛屽嵆灏嗘瀯鎴愪紒涓氱殑鍚勭瑕佺礌璧勪骇鐨勮瘎浼板�煎姞鎬绘眰寰椾紒涓氭暣浣撲环鍊肩殑鏂规硶銆?/p>
涓�鑸互宸茬‘瀹氱殑璧勪骇浠峰�硷紝璇稿甯傚満浠峰�笺�佽处闈环鍊笺�佸師濮嬫垚鏈瓑涓哄熀纭�渚濇嵁銆傚彈缁忔祹瀛︾悊
璁哄彂灞曠殑褰卞搷锛?/p>
鍦ㄨ瘎浼版柟娉曚笂锛?/p>
浜轰滑閫愭笎璁よ瘑鍒板埄娑︽渶澶у寲骞朵笉鏄竴涓鏄撶晫瀹氭竻鏅扮殑姒傚康锛?/p>
鐢变簬椋庨櫓鍥犵礌鐨勫姞鍏ワ紝
鐜伴噾娴侀噺鎴愪负浠峰�肩殑琛￠噺灏哄害銆?/p>
杩欎釜鏃舵湡浼佷笟浠峰�兼槸浼佷笟瀛樼画鏈熼棿棰?/p>
鏈熺幇閲戞祦閲忔寜鐓т竴瀹氱殑鎶樼幇鐜囨姌鐜扮殑鐜板�肩殑鎬濇兂锛?/p>
寰楀埌浜嗚鍚岋紝
浣嗗湪鍏蜂綋鎿嶄綔涓婏紝
棰勬湡鐜伴噾
娴侀噺鐨勭‘瀹氫笌鎶樼幇鐜囩殑閫夋嫨杩樺瓨鍦ㄥ緢澶ч棶棰樸�?/p>
Benjamin Graham(1934)
璁や负浼佷笟鐨勫唴鍦ㄤ环鍊兼槸琚簨瀹炵‘瀹氱殑浠峰�硷紝杩欎簺浜嬪疄鍖呮嫭鍏徃鐨勮祫
浜с�佹敹浜恒�?/p>
绾㈠埄浠ュ強浠讳綍鏈潵纭畾鐨勯鏈熸敹鐩娿�傝偂绁ㄤ环鏍煎湪鐭湡鍐呮槸闈炵悊鎬х殑锛岀粡甯镐細鑴辩
鑲＄エ鐨勫唴鍦ㄤ环鍊笺�?/p>
浠栦负璇勪及浼佷笟浠峰�肩殑鎻愪緵浜嗘柊鐨勬�濊矾锛?/p>
鍗充粠鍏徃鐨勫熀鏈潰鍑哄彂浼扮畻浼佷笟浠?/p>
鍊硷紝骞朵綔鍑烘姇璧勫喅绛栥�傛鍚庯紝
Benjamin Graham(1949)
瀵硅嚜宸辩殑鎶曡祫鎬濇兂浣滃嚭浜嗘洿鏄庣‘鐨勯槓
杩?/p>
John
Burr
Williams(1938)
鏈�鏃╂彁鍑轰簡鎶樼幇鐜伴噾娴侀噺鍜屽唴鍦ㄤ环鍊肩殑姒傚康锛岃涓轰紒涓氬湪鍏跺墿浣?/p>
缁忚惀鏈熼棿鍐呭彲浠ヤ骇鐢熺殑鐜伴噾鐨勬姌鐜板�煎氨绛変簬浼佷笟褰撴椂鐨勫唴鍦ㄤ环鍊笺�?/p>
浣嗘槸杩欎竴鐞嗚鍦ㄤ紒涓氫及鍊?/p>
涓緱浠ラ噸瑙嗗苟骞挎硾搴旂敤鍒欏浜?/p>
Myron
锛?/p>
1962
锛夌殑鐮旂┒锛屽嵆鎴戜滑鎵�鐔熸倝鐨勨�滈珮椤垮闀挎ā鍨嬨�?/p>
闅忓悗闄嗙画鍑虹幇浜嗗熀浜庢姌鐜扮幇閲戞祦鐨勪及鍊兼ā鍨?/p>
----
涓夐樁娈靛闀挎ā鍨嬨�?/p>
H
妯″瀷鍜岄殢鏈虹孩鍒╄创鐜版ā
鍨嬨�?/p>