{"id":996296,"date":"2026-03-18T04:52:56","date_gmt":"2026-03-18T04:52:56","guid":{"rendered":"https:\/\/boman.group\/?p=996296"},"modified":"2026-03-18T05:54:19","modified_gmt":"2026-03-18T05:54:19","slug":"us-vs-australia-private-credit-risk-structure-analysis","status":"publish","type":"post","link":"https:\/\/boman.group\/zh\/us-vs-australia-private-credit-risk-structure-analysis\/","title":{"rendered":"\u79c1\u52df\u4fe1\u8d37\u7684\u73b0\u5b9e\u4e0e\u8bef\u89e3 \u2014\u2014\u5317\u7f8e\u4f01\u4e1a\u4fe1\u8d37vs\u6fb3\u6d32\u5730\u4ea7\u62b5\u62bc\u4fe1\u8d37\u7684\u7ed3\u6784\u6027\u5dee\u5f02"},"content":{"rendered":"
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Blue Owl<\/strong>\uff1a\u60c5\u7eea\u6700\u5148\u91ca\u653e<\/strong><\/strong><\/span><\/p><\/section><\/section>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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BlackRock<\/strong>\uff1a\u673a\u5236\u6027\u201c\u5c01\u95e8\u201d<\/strong>\u3002<\/strong><\/span><\/p><\/section><\/section>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Blackstone\uff1a\u7528\u8d44\u672c\u7a33\u5b9a\u4fe1\u5fc3<\/strong><\/strong><\/span><\/p><\/section><\/section>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\u00a0<\/span><\/p>

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\u6b64\u5916\uff0c\u4e24\u8005\u7684\u7ed3\u6784\u8bbe\u8ba1\u4e5f\u5b58\u5728\u660e\u663e\u5dee\u5f02\u3002<\/u><\/strong><\/p>

2008\u5e74\u7684\u95ee\u9898\u5728\u4e8e\u6b21\u7ea7\u8d37\u6b3e\u7ecf\u8fc7\u591a\u5c42\u8bc1\u5238\u5316\u4e0e\u5d4c\u5957\uff0c\u98ce\u9669\u88ab\u9690\u85cf\u5728\u590d\u6742\u7ed3\u6784\u4e4b\u4e2d\uff0c\u76f4\u81f3\u8fdd\u7ea6\u7387\u4e0a\u5347\u624d\u96c6\u4e2d\u66b4\u9732\u3002\u800c\u5f53\u524d\u79c1\u52df\u4fe1\u8d37\u5e02\u573a\u7684\u8d44\u4ea7\u7ed3\u6784\u66f4\u900f\u660e\uff0c\u5411\u4f01\u4e1a\u63d0\u4f9b\u7684\u76f4\u63a5\u8d37\u6b3e\u5360\u5e02\u573a\u89c4\u6a21\u768452%\uff0c\u76f8\u6bd42010\u5e74\u768418%\u5927\u5e45\u63d0\u5347\uff0c\u6295\u8d44\u4eba\u5bf9\u5e95\u5c42\u8d44\u4ea7\u7684\u53ef\u89c1\u6027\u548c\u63a7\u5236\u529b\u66f4\u5f3a\u3002<\/p><\/section><\/section>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

\u00a0<\/p>

\u540c\u65f6\uff0c\u79c1\u52df\u4fe1\u8d37\u57fa\u91d1\u6574\u4f53\u6760\u6746\u6c34\u5e73\u8f83\u4f4e\uff0c\u4e5f\u8f83\u5c11\u4f9d\u8d56\u77ed\u671f\u878d\u8d44\uff0c\u8fd9\u4e0e\u5f53\u5e74\u9ad8\u5ea6\u4f9d\u8d56\u6760\u6746\u548c\u6d41\u52a8\u6027\u878d\u8d44\u7684\u6295\u8d44\u94f6\u884c\u4f53\u7cfb\u5f62\u6210\u9c9c\u660e\u5bf9\u6bd4\u3002\u800c\u4e14\u8d44\u91d1\u6765\u6e90\u4ee5\u957f\u671f\u8d44\u672c\u4e3a\u4e3b\uff0c\u6d41\u52a8\u6027\u538b\u529b\u6574\u4f53\u53ef\u63a7\u3002\u56e0\u6b64\uff0c\u5176\u98ce\u9669\u4e0d\u5bb9\u6613\u901a\u8fc7\u4f20\u7edf\u91d1\u878d\u4f53\u7cfb\u88ab\u8fc5\u901f\u653e\u5927\uff0c\u66f4\u96be\u6f14\u53d8\u4e3a\u7cfb\u7edf\u6027\u51b2\u51fb\u3002<\/p>

\u66f4\u5173\u952e\u7684\u4e00\u70b9\u5728\u4e8e\uff0c\u4e24\u8005\u5728\u98ce\u9669\u5b9a\u4ef7\u673a\u5236\u4e0a\u5b58\u5728\u672c\u8d28\u533a\u522b\u3002<\/u><\/strong><\/p>

2008\u5e74\u6b21\u8d37\u5371\u673a\u7684\u95ee\u9898\uff0c\u5e76\u4e0d\u4ec5\u4ec5\u5728\u4e8e\u8d44\u4ea7\u8d28\u91cf\u8f83\u4f4e\uff0c\u800c\u5728\u4e8e\u5176\u98ce\u9669\u5728\u8bc1\u5238\u5316\u8fc7\u7a0b\u4e2d\u88ab\u7cfb\u7edf\u6027\u4f4e\u4f30\u3002\u8bc4\u7ea7\u673a\u6784\u4e25\u91cd\u5931\u804c\uff0c\u5927\u91cf\u6b21\u7ea7\u4f4f\u623f\u8d37\u6b3e\u7ecf\u8fc7\u5c42\u5c42\u6253\u5305\u540e\uff0c\u88ab\u8d4b\u4e88\u63a5\u8fd1\u751a\u81f3\u7b49\u540c\u4e8eAAA\u7684\u8bc4\u7ea7\uff0c\u5e76\u4ee5\u7c7b\u4f4e\u98ce\u9669\u8d44\u4ea7\u7684\u5f62\u5f0f\u8fdb\u5165\u94f6\u884c\u4f53\u7cfb\u548c\u673a\u6784\u6295\u8d44\u7ec4\u5408\uff0c\u5f62\u6210\u4e86\u98ce\u9669\u4e0e\u6536\u76ca\u4e25\u91cd\u9519\u914d\u7684\u7ed3\u6784<\/strong>\u3002<\/p>

\u56e0\u6b64\uff0c\u4e00\u65e6\u5e95\u5c42\u8fdd\u7ea6\u5f00\u59cb\u4e0a\u5347\uff0c\u98ce\u9669\u8fc5\u901f\u66b4\u9732\uff0c\u5e76\u901a\u8fc7\u6760\u6746\u4e0e\u518d\u6295\u8d44\u673a\u5236\u5728\u91d1\u878d\u4f53\u7cfb\u5185\u90e8\u88ab\u653e\u5927\uff0c\u6700\u7ec8\u6f14\u53d8\u4e3a\u8fde\u9501\u53cd\u5e94\u3002<\/p>

\u4ece\u5177\u4f53\u6570\u636e\u6765\u770b\uff0c\u6b21\u8d37\u5371\u673a\u7684\u98ce\u9669\u5e76\u975e\u540c\u65f6\u7206\u53d1\uff0c\u800c\u662f\u4ece\u4fe1\u7528\u8d28\u91cf\u6700\u5dee\u7684\u8d37\u6b3e\u5f00\u59cb\u9010\u6b65\u4f20\u5bfc\u30022006-2007\u5e74\u53d1\u884c\u7684\u6b21\u7ea7\u8d37\u6b3e\u8fdd\u7ea6\u7387\u8fc5\u901f\u4e0a\u5347\u81f320%\u4ee5\u4e0a\uff0c\u800c\u4f18\u8d28\u8d37\u6b3e\u7684\u8fdd\u7ea6\u7387\u59cb\u7ec8\u7ef4\u6301\u5728\u8f83\u4f4e\u6c34\u5e73\u3002<\/p><\/section><\/section>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

\u00a0<\/p>

\u4e0e\u6b64\u540c\u65f6\uff0c\u5e02\u573a\u5bf9\u76f8\u5173\u8bc1\u5238\u7684\u5b9a\u4ef7\u4e5f\u53d1\u751f\u5267\u70c8\u5206\u5316\uff0c\u4f4e\u8bc4\u7ea7BBB\u8d44\u4ea7\u4ef7\u683c\u5927\u5e45\u4e0b\u8dcc\uff0c\u5373\u4fbf\u662f\u7ecf\u8fc7\u7ed3\u6784\u5316\u8bbe\u8ba1\u3001\u88ab\u7cbe\u5fc3\u5305\u88c5\u6210AAA\u8bc4\u7ea7\u7684\u4ea7\u54c1\u4e5f\u663e\u8457\u8d2c\u503c\u3002\u968f\u7740\u5e95\u5c42\u8d44\u4ea7\u8d28\u91cf\u7684\u6076\u5316\uff0c\u98ce\u9669\u5e76\u672a\u88ab\u7ed3\u6784\u6709\u6548\u9694\u79bb\uff0c\u53cd\u800c\u5728\u590d\u6742\u7684\u8bc1\u5238\u5316\u4f53\u7cfb\u4e2d\u9010\u6b65\u7d2f\u79ef\u5e76\u5411\u4e0a\u4f20\u5bfc\uff0c\u6700\u7ec8\u5bfc\u81f4\u6240\u8c13\u7684\u201c\u9ad8\u8bc4\u7ea7\u8d44\u4ea7\u201d\u7684\u5b9a\u4ef7\u4f53\u7cfb\u5931\u53bb\u652f\u6491\u3002<\/p>

\u4f46\u662f\uff0c\u673a\u6784\u6309\u63ed\u53ca\u4f18\u8d28\u8d44\u4ea7\u4ef7\u683c\u5219\u4fdd\u6301\u76f8\u5bf9\u7a33\u5b9a\uff0c\u4e0d\u4ec5\u53cd\u6620\u51fa\u4e0d\u540c\u4fe1\u7528\u5c42\u7ea7\u4e4b\u95f4\u98ce\u9669\u7684\u660e\u663e\u5206\u5316\uff0c\u4e5f\u8bf4\u660e\u9ad8\u8d28\u91cf\u5e95\u5c42\u8d44\u4ea7\u672c\u8eab\u5bf9\u4ef7\u683c\u5177\u5907\u66f4\u5f3a\u7684\u652f\u6491\u80fd\u529b\uff0c\u5728\u538b\u529b\u73af\u5883\u4e0b\u4ecd\u80fd\u591f\u7ef4\u6301\u76f8\u5bf9\u7a33\u5b9a\u7684\u4f30\u503c\u57fa\u7840\u3002<\/p><\/section><\/section>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

\u00a0<\/p>

\u76f8\u6bd4\u4e4b\u4e0b\uff0c\u5f53\u524d\u5317\u7f8e\u79c1\u52df\u4fe1\u8d37\u7684\u98ce\u9669\u662f\u88ab\u660e\u786e\u8bc6\u522b\u5e76\u4e14\u5408\u7406\u5b9a\u4ef7\u7684\u3002\u5176\u6536\u76ca\u7387\u666e\u904d\u9ad8\u4e8e\u516c\u5f00\u5e02\u573a\u6295\u8d44\u7ea7\u503a\u5238\uff0c\u4e14\u5728\u591a\u6570\u60c5\u51b5\u4e0b\u9ad8\u4e8e\u4f20\u7edf\u9ad8\u6536\u76ca\u503a\uff0c\u5728\u672c\u8d28\u4e0a\u53cd\u6620\u4e86\u4fe1\u7528\u98ce\u9669\u6ea2\u4ef7\u3001\u4f4e\u6d41\u52a8\u6027\u6ea2\u4ef7\u548c\u7ed3\u6784\u6027\u590d\u6742\u5ea6\u7b49\u3002<\/p>

\u4e0d\u4ec5\u5982\u6b64\uff0c\u4ece\u98ce\u9669\u8c03\u6574\u540e\u7684\u89d2\u5ea6\u6765\u770b\uff0c\u79c1\u52df\u4fe1\u8d37\u540c\u6837\u5177\u5907\u4f18\u52bf\u3002\u5728\u8fc7\u53bb\u5341\u5e74\u4e2d\uff0c\u5728\u76f8\u4f3c\u751a\u81f3\u66f4\u4f4e\u7684\u6ce2\u52a8\u6c34\u5e73\u4e0b\uff0c\u5176\u56de\u62a5\u6c34\u5e73\u9ad8\u4e8e\u9ad8\u6536\u76ca\u503a\u3001\u4f01\u4e1a\u503a\u53ca\u623f\u5730\u4ea7\u7b49\u8d44\u4ea7\u7c7b\u522b\uff0c\u4f53\u73b0\u51fa\u66f4\u9ad8\u7684\u98ce\u9669\u56de\u62a5\u6548\u7387\u3002<\/p><\/section><\/section>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

\u00a0<\/p>

\u56e0\u6b64\uff0c\u73b0\u5728\u7684\u79c1\u52df\u4fe1\u8d37\u4ece\u4e00\u5f00\u59cb\u5c31\u88ab\u5e02\u573a\u89c6\u4e3a\u4f4e\u6d41\u52a8\u6027\u7684\u98ce\u9669\u8d44\u4ea7\uff0c\u5176\u6536\u76ca\u4e0e\u98ce\u9669\u4e4b\u95f4\u5f62\u6210\u4e86\u76f8\u5bf9\u5339\u914d\u7684\u5173\u7cfb\uff0c\u800c\u975e\u50cf2008\u5e74\u90a3\u6837\u88ab\u523b\u610f\u5305\u88c5\u4e3a\u4f4e\u98ce\u9669\u4ea7\u54c1\u3002\u5728\u8fd9\u79cd\u5b9a\u4ef7\u673a\u5236\u4e0b\uff0c\u5373\u4f7f\u5e02\u573a\u51fa\u73b0\u6ce2\u52a8\uff0c\u5176\u8868\u73b0\u66f4\u53ef\u80fd\u662f\u4ef7\u683c\u8c03\u6574\u4e0e\u8d44\u91d1\u518d\u914d\u7f6e\uff0c\u800c\u975e\u7531\u7ed3\u6784\u6027\u9519\u914d\u5f15\u53d1\u7684\u7cfb\u7edf\u6027\u5d29\u584c\u3002<\/p>

\u540c\u65f6\uff0c\u9700\u8981\u533a\u5206\u4e00\u4e2a\u5173\u952e\u6982\u5ff5\uff1a\u6d41\u52a8\u6027\u95ee\u9898<\/u><\/strong> \u2260 <\/u><\/strong>\u8d44\u4ea7\u8d28\u91cf\u95ee\u9898\u3002<\/u><\/strong><\/p>

\u79c1\u52df\u4fe1\u8d37\u672c\u8d28\u4e0a\u662f\u4f4e\u6d41\u52a8\u6027\u8d44\u4ea7\uff0c\u8d4e\u56de\u9650\u5236\u53cd\u6620\u7684\u662f\u671f\u9650\u7ed3\u6784\uff0c\u800c\u4e0d\u4ee3\u8868\u5e95\u5c42\u8d44\u4ea7\u4ef7\u503c\u53d1\u751f\u4e86\u540c\u6b65\u6076\u5316\u3002<\/p>

\u4ece\u8d44\u4ea7\u672c\u8d28\u6765\u770b\uff0c\u5317\u7f8e\u79c1\u52df\u4fe1\u8d37\u4e3b\u8981\u662f\u4f01\u4e1a\u4fe1\u7528\u98ce\u9669<\/strong>\u3002\u4f01\u4e1a\u589e\u957f\u653e\u7f13\u6216\u4f30\u503c\u4e0b\u964d\uff0c\u5e76\u4e0d\u4f1a\u76f4\u63a5\u6539\u53d8\u503a\u6743\u8d44\u4ea7\u7684\u4f18\u5148\u53d7\u507f\u5730\u4f4d\u3002\u4fe1\u8d37\u6295\u8d44\u7684\u6838\u5fc3\u5728\u4e8e\u4fdd\u969c\u73b0\u91d1\u6d41\u4e0e\u672c\u91d1\u5b89\u5168\uff0c\u800c\u975e\u8ffd\u6c42\u589e\u957f\u5f39\u6027\u3002<\/p>

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\u00a0<\/span><\/p><\/section><\/section>

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\u00a0<\/span><\/p>

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\u00a0<\/p>

\u4f5c\u8005\uff1aRebecca Gong<\/p><\/section><\/section>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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