{"id":38470,"date":"2019-12-13T00:00:20","date_gmt":"2019-12-12T16:00:20","guid":{"rendered":"https:\/\/case.ntu.edu.tw\/blog\/?p=38470"},"modified":"2022-01-03T23:10:26","modified_gmt":"2022-01-03T15:10:26","slug":"%e9%9b%bb%e8%85%a6%e8%88%87%e6%bc%94%e7%ae%97%e6%b3%95%e4%b8%bb%e5%b0%8e%e7%9a%84%e9%87%91%e8%9e%8d%e8%82%a1%e7%a5%a8%e5%b8%82%e5%a0%b4","status":"publish","type":"post","link":"https:\/\/case.ntu.edu.tw\/blog\/?p=38470","title":{"rendered":"\u96fb\u8166\u8207\u6f14\u7b97\u6cd5\u4e3b\u5c0e\u7684\u91d1\u878d\u80a1\u7968\u5e02\u5834"},"content":{"rendered":"<div class=\"single-post-media clr\">\n<div class=\"post-thumbnail\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/highscope.ch.ntu.edu.tw\/wordpress\/wp-content\/uploads\/2019\/11\/stock-market.jpg\" alt=\"\u96fb\u8166\u8207\u6f14\u7b97\u6cd5\u4e3b\u5c0e\u7684\u91d1\u878d\u80a1\u7968\u5e02\u5834\" width=\"500\" height=\"334\" \/><\/div>\n<\/div>\n<div class=\"entry clr\">\n<div class=\"pf-content\">\n<p><strong>\u64b0\u6587\uff0f\u9673\u5ba3\u8c6a<\/strong><\/p>\n<p><strong>\u7d93\u6fdf\u9ad4\u7cfb\u7684\u8f49\u8b8a<\/strong><\/p>\n<p>\u5168\u740350\u5e74\u524d\u7684\u6295\u8cc7\u74b0\u5883\uff0c\u662f\u500b\u5206\u79d2\u5fc5\u722d\u3001\u7af6\u722d\u6fc0\u70c8\uff0c\u4f46\u8cc7\u8a0a\u6df7\u4e82\u7684\u5730\u65b9\u3002\u516c\u53f8\u5831\u544a\u3001\u4ea4\u6613\u5927\u5ef3\u4e2d\u7684\u96fb\u8996\u87a2\u5e55\u8207\u96fb\u5831\uff0c\u662f\u552f\u4e00\u6aaf\u9762\u4e0a\u7684\u8cc7\u8a0a\u4f86\u6e90\u3002\u4ea4\u6613\u54e1\u5011\u5f97\u62db\u5f85\u5404\u57fa\u91d1\u7d93\u7406\u5efa\u7acb\u95dc\u4fc2\uff0c\u53ea\u6c42\u80fd\u6bd4\u5225\u4eba\u66f4\u5feb\u5f97\u5230\u5831\u50f9\uff0c\u4f46\u5be6\u969b\u4e0a\u6c92\u6709\u4eba\u77e5\u9053\u5e95\u50f9\u5230\u5e95\u662f\u591a\u5c11\u3002\u6642\u81f3\u4eca\u65e5\uff0c\u80a1\u7968\u4ea4\u6613\u5e02\u5834\u7af6\u722d\u5982\u820a\uff0c\u4f46\u537b\u662f\u96fb\u8166\u3001\u6f14\u7b97\u6cd5\u8207\u88ab\u52d5\u7ba1\u7406\u7684\u6230\u5834\uff0c\u76ee\u6a19\u4e5f\u7531\u7372\u5229\u6700\u5927\u5316\u8f49\u70ba\u8207\u5927\u76e4\u770b\u9f4a\u3002<\/p>\n<p>\u6839\u64da\u5fb7\u610f\u5fd7\u9280\u884c\u8aaa\u6cd5\uff0c90\uff05\u7684\u80a1\u7968\u671f\u8ca8\u4ea4\u6613\u548c80\uff05\u7684\u73fe\u91d1\u80a1\u7968\u4ea4\u6613\u6b63\u7531\u6f14\u7b97\u6cd5\u57f7\u884c\uff0c\u7121\u9700\u4eba\u5de5\u64cd\u4f5c\u3002\u6469\u6839\u5927\u901a\u5247\u4f30\u8a08\uff0c\u76ee\u524d\u88ab\u52d5\u6295\u8cc7\u63a7\u5236\u5927\u7d0460\uff05\u7684\u80a1\u6b0a\u8cc7\u7522\uff0c\u800c\u4f9d\u9760\u8da8\u52e2\u8ffd\u8e2a\u6a21\u578b\u800c\u975e\u57fa\u790e\u7814\u7a76\u7684\u5b9a\u91cf\u57fa\u91d1\uff08quantitative funds\uff0c\u7c21\u7a31quant funds\uff09\u5247\u4f54\u64da\u4e8620\uff05\u7684\u5e02\u5834\u4efd\u984d\u30022019\u5e746\u6708\uff0c\u88ab\u52d5\u578b\u57fa\u91d1\u5c31\u5df2\u5438\u5f15\u4e86390\u5104\u7f8e\u5143\u8cc7\u91d1\uff0c\u8207\u6b64\u540c\u6642\uff0c\u4e3b\u52d5\u578b\u57fa\u91d1\u5247\u5728\u5e02\u5834\u4e2d\u8667\u640d\u4e86900\u5104\u7f8e\u5143\u3002\u4e3b\u52d5\u80a1\u7968\u8cc7\u91d1\u6d41\u51fa\u7684\u901f\u5ea6\u6b63\u8655\u65bc\u9031\u671f\u9ad8\u9ede\uff0c\u800c\u88ab\u52d5\u80a1\u7968\u8cc7\u91d1\u6d41\u5165\u7684\u901f\u5ea6\u6b63\u958b\u59cb\u52a0\u901f\u4e2d\uff0c\u6469\u6839\u5927\u901a\u7f8e\u570b\u9996\u5e2d\u80a1\u7968\u7b56\u7565\u5e2bDubravko Lakos-Bujas\u5728\u4e00\u4efd\u5831\u544a\u4e2d\u5982\u6b64\u8868\u793a\u3002<\/p>\n<p><strong>\u7b97\u6cd5\u4ea4\u6613 vs \u81ea\u52d5\u4ea4\u6613 vs \u9ad8\u983b\u4ea4\u6613<\/strong><\/p>\n<p>\u5728\u6b64\uff0c\u6211\u5011\u6709\u5fc5\u8981\u91d0\u6e05\u5e7e\u500b\u5e38\u88ab\u6df7\u6dc6\u7684\u5c08\u6709\u540d\u8a5e\u3002<\/p>\n<p>\u7cbe\u5fc3\u7de8\u5beb\u7684\u6f14\u7b97\u6cd5\u53ef\u4ee5\u5728\u89c0\u5bdf\u5927\u76e4\u8da8\u52e2\u8207\u8af8\u591a\u6307\u6a19\u5f8c\u63d0\u51fa\u8cfc\u8cb7\u6216\u62cb\u552e\u80a1\u7968\u7684\u7b56\u7565\u5efa\u8b70\uff0c\u4e26\u6309\u6b64\u9032\u884c\u4ea4\u6613\u3002\u9019\u500b\u904e\u7a0b\u53ef\u4ee5\u662f\u534a\u81ea\u52d5\u5316\uff08\u4ecd\u9700\u7d93\u624b\u4eba\u985e\uff09\uff0c\u4e5f\u53ef\u4ee5\u662f\u5b8c\u5168\u81ea\u52d5\u5316\uff0c\u56e0\u6b64\u6703\u51fa\u73fe\u300c\u6f14\u7b97\u6cd5\u4ea4\u6613\u300d\uff08algorithmic trading\uff0c\u7c21\u7a31algo trading\uff09\u548c\u300c\u81ea\u52d5\u4ea4\u6613\u300d\uff08automated trading\uff09\u9019\u5169\u500b\u8853\u8a9e\u53ef\u4ee5\u4e92\u63db\u4f7f\u7528\uff0c\u4f46\u610f\u7fa9\u4e0d\u4e00\u5b9a\u76f8\u540c\u7684\u60c5\u6cc1\u3002\u5f8c\u8005\u7531\u65bc\u8a02\u55ae\u5275\u5efa\u3001\u63d0\u4ea4\u8207\u57f7\u884c\u90fd\u7531\u96fb\u8166\u57f7\u884c\uff0c\u80fd\u4ee5\u4eba\u5de5\u4ea4\u6613\u7121\u6cd5\u5be6\u73fe\u7684\u901f\u5ea6\u548c\u983b\u7387\u9032\u884c\uff0c\u662f\u5c0d\u6c96\u57fa\u91d1\u6700\u5e38\u4f7f\u7528\u7684\u81ea\u52d5\u4ea4\u6613\u5de5\u5177\u3002<\/p>\n<p>\u300c\u9ad8\u983b\u4ea4\u6613\u300d\uff08High-Frequency Trading\uff0cHFT\uff09\u5247\u662f\u81ea\u52d5\u4ea4\u6613\u7684\u4e00\u7a2e\u7279\u4f8b\uff0c\u5176\u6280\u8853\u53ef\u4ee5\u5728\u5e7e\u79d2\u9418\u5167\u57f7\u884c\u5927\u91cf\u8a02\u55ae\uff0c\u4e14\u9019\u6a23\u7684\u5feb\u901f\u4ea4\u6613\u53ef\u4ee5\u6301\u7e8c\u6578\u6beb\u79d2\u6216\u66f4\u77ed\u7684\u6642\u9593\u3002\u7c21\u800c\u8a00\u4e4b\uff0c\u6f14\u7b97\u6cd5\u4ea4\u6613\u6cdb\u6307\u6240\u6709\u4f9d\u9760\u6f14\u7b97\u6cd5\u7684\u4ea4\u6613\uff1b\u81ea\u52d5\u4ea4\u6613\u5247\u662f\u9023\u4e0b\u55ae\u4e5f\u5b8c\u5168\u81ea\u52d5\u5316\uff1bHFT\u5247\u662f\u6307\u7279\u5b9a\u985e\u578b\u7684\u8d85\u5feb\u901f\u81ea\u52d5\u4ea4\u6613\u3002<\/p>\n<p><strong>\u4eba\u985e\u7684\u5b9a\u4f4d<\/strong><\/p>\n<p>\u81ea\u52d5\u4ea4\u6613\u7531\u65bc\u4ea4\u6613\u5feb\u901f\u4e14\u6240\u6536\u53d6\u7684\u624b\u7e8c\u8cbb\u901a\u5e38\u8f03\u4f4e\u5ec9\uff0c\u7121\u5f62\u4e2d\u589e\u52a0\u4e86\u6d41\u52d5\u6027\uff08liquidity\uff09\uff0c\u7e2e\u5c0f\u4e86\u80a1\u4efd\u8ce3\u50f9\u8207\u8cb7\u50f9\u9593\u7684\u5dee\u8ddd\uff0c\u7136\u800c\u9019\u4e26\u4e0d\u8868\u793a\u7531AI\u4e3b\u5c0e\u7684\u91d1\u878d\u5e02\u5834\u4ea4\u6613\u5c07\u7121\u5f80\u4e0d\u5229\u3002<\/p>\n<p>\u4e00\u7a2e\u64d4\u6182\u662f\u96a8\u8457\u8d8a\u4f86\u8d8a\u591a\u7684\u80a1\u7968\u4ea4\u6613\u638c\u63e1\u5728\u6f14\u7b97\u6cd5\u624b\u4e2d\uff0c\u5c07\u4f7f\u5f97\u6295\u8cc7\u5e02\u5834\u5c0d\u65bc\u7a81\u767c\u65b0\u805e\uff0c\u751a\u81f3\u8cc7\u8a0a\u4e0d\u6b63\u78ba\u7684\u6d88\u606f\u8d8a\u4f86\u8d8a\u654f\u611f\uff0c\u4e14\u66f4\u5bb9\u6613\u51fa\u73fe\u5927\u5e45\u50f9\u683c\u6ce2\u52d5\u3002\u6709\u50b5\u5238\u5929\u738b\u4e4b\u7a31\u7684DoubleLine Capital\u5275\u8fa6\u4ebaJeffrey Gundlach\u66f4\u7a31\u4e4b\u70ba\u300c\u653e\u7267\u884c\u70ba\u300d\uff0c\u4e26\u9810\u8a00\u672a\u4f86\u5c07\u5728\u5168\u7403\u80a1\u7968\u5e02\u5834\u5f15\u8d77\u8a31\u591a\u554f\u984c\u3002<\/p>\n<p>\u53e6\u4e00\u7a2e\u66f4\u5e38\u898b\u7684\u64d4\u6182\u5247\u8207AI\u7684\u57fa\u672c\u904b\u4f5c\u6a5f\u5236\u6709\u95dc\u3002\u7531\u65bc\u6f14\u7b97\u6cd5\u662f\u5728\u904e\u5f80\u7684\u6b77\u53f2\u8cc7\u6599\u4e2d\u5c0b\u627e\u898f\u5f8b\u4f86\u9810\u6e2c\u5e02\u5834\u7684\u672a\u4f86\u8d70\u5411\uff0c\u4f46\u5e02\u5834\u662f\u4e0d\u65b7\u6f14\u9032\u7684\u52d5\u614b\u7cfb\u7d71\uff0c\u6c92\u6709\u4eba\u53ef\u4ee5\u4fdd\u8b49\u540c\u6a23\u7684\u4e8b\u4ef6\u8207\u898f\u5f8b\u6703\u5728\u672a\u4f86\u7e7c\u7e8c\u767c\u751f\u3002<\/p>\n<p>\u9019\u540c\u6a23\u610f\u5473\u8457\uff0c\u5373\u4f7f\u904e\u5f80\u4ea4\u6613\u5206\u6790\u54e1\u7684\u5de5\u4f5c\u9010\u6f38\u70ba\u96fb\u8166\u8207\u6f14\u7b97\u6cd5\u6240\u53d6\u4ee3\uff0c\u4f46\u4e0d\u8868\u793a\u4eba\u985e\u5728\u91d1\u878d\u5e02\u5834\u5c07\u7121\u7528\u6b66\u4e4b\u5730\u3002\u5982\u4f55\u9078\u64c7\u5408\u9069\u7684\u8cc7\u6599\u7528\u4ee5\u6a21\u578b\u8a13\u7df4\u3001\u7d50\u5408\u7d93\u6fdf\u5b78\u7406\u8ad6\u4f7f\u5f97\u6f14\u7b97\u6cd5\u7684\u7d50\u679c\u66f4\u6709\u7406\u6709\u64da\uff0c\u7a2e\u7a2e\u66f4\u5177\u539f\u5275\u6027\u7684\u5de5\u4f5c\u5167\u5bb9\uff0c\u76ee\u524d\u4ecd\u662fAI\u7121\u6cd5\u4f01\u53ca\u7684\u3002<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>\u53c3\u8003\u8cc7\u6599<\/strong><\/p>\n<ol>\n<li>S. Das, \u201c<a href=\"https:\/\/towardsdatascience.com\/algo-trading-101-for-dummies-like-me-b3938725d184\">Algo Trading 101 for Dummies like Me<\/a>\u201c,<em>\u00a0Medium<\/em>, 2019.<\/li>\n<li>\u201c<a href=\"https:\/\/www.economist.com\/briefing\/2019\/10\/05\/the-stockmarket-is-now-run-by-computers-algorithms-and-passive-managers\">The stockmarket is now run by computers, algorithms and passive managers<\/a>\u201c,\u00a0<em>The Economist<\/em>, 2019.<\/li>\n<li>Y. Li, \u201c<a href=\"https:\/\/www.cnbc.com\/2019\/06\/28\/80percent-of-the-stock-market-is-now-on-autopilot.html\">80% of the stock market is now on autopilot<\/a>\u201c,\u00a0<em>CNBC<\/em>, 2019.<\/li>\n<\/ol>\n<p>(\u672c\u6587\u7531\u6559\u80b2\u90e8\u88dc\u52a9\u300cAI\u5831\u5831\u2500AI\u79d1\u666e\u63a8\u5ee3\u8a08\u756b\u300d\u57f7\u884c\u5718\u968a\u7de8\u8b6f)<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u73fe\u4eca\u7684\u80a1\u7968\u5e02\u5834\u4ea4\u6613\u4e2d\uff0c\u7531\u96fb\u8166\u3001\u6f14\u7b97\u6cd5\u8207\u88ab\u52d5\u7ba1\u7406\u4e3b\u5c0e\u8005\u6f38\u5360\u5927\u5b97\uff0c\u9019\u4e0d\u50c5\u6539\u8b8a\u4e86\u65e2\u6709\u7684\u7d93\u6fdf\u9ad4\u7cfb\uff0c\u4e5f\u91cd\u65b0\u5b9a\u7fa9\u4e86\u4eba\u985e\u5728\u5176\u4e2d\u6240\u626e\u6f14\u7684\u89d2\u8272\u3002<\/p>\n","protected":false},"author":21,"featured_media":38471,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3772,3293],"tags":[5753,5754,5755,5756,5757,5758,5759],"aioseo_notices":[],"jetpack_featured_media_url":"https:\/\/case.ntu.edu.tw\/blog\/wp-content\/uploads\/2022\/01\/stock-market.jpg","_links":{"self":[{"href":"https:\/\/case.ntu.edu.tw\/blog\/index.php?rest_route=\/wp\/v2\/posts\/38470"}],"collection":[{"href":"https:\/\/case.ntu.edu.tw\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/case.ntu.edu.tw\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/case.ntu.edu.tw\/blog\/index.php?rest_route=\/wp\/v2\/users\/21"}],"replies":[{"embeddable":true,"href":"https:\/\/case.ntu.edu.tw\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=38470"}],"version-history":[{"count":1,"href":"https:\/\/case.ntu.edu.tw\/blog\/index.php?rest_route=\/wp\/v2\/posts\/38470\/revisions"}],"predecessor-version":[{"id":38472,"href":"https:\/\/case.ntu.edu.tw\/blog\/index.php?rest_route=\/wp\/v2\/posts\/38470\/revisions\/38472"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/case.ntu.edu.tw\/blog\/index.php?rest_route=\/wp\/v2\/media\/38471"}],"wp:attachment":[{"href":"https:\/\/case.ntu.edu.tw\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=38470"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/case.ntu.edu.tw\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=38470"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/case.ntu.edu.tw\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=38470"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}