{"id":114,"date":"2023-03-17T08:00:00","date_gmt":"2023-03-17T08:00:00","guid":{"rendered":""},"modified":"2026-06-23T02:21:06","modified_gmt":"2026-06-23T02:21:06","slug":"blackrock-2023-letter-to-investors","status":"publish","type":"ss_article","link":"https:\/\/www.irostors.com\/zh_CN\/article\/blackrock-2023-letter-to-investors\/","title":{"rendered":"\u8d1d\u83b1\u5fb72023\u5e74\u5ea6\u6295\u8d44\u8005\u4fe1"},"content":{"rendered":"

Larry Fink\u521a\u521a\u53d1\u5e03\u4e86\u81f4\u6295\u8d44\u8005\u76842023\u5e74\u4fe1\u51fd\u3002\u4fe1\u51fd\u5f88\u5927\u4e00\u90e8\u5206\u5c5e\u4e8e\u5ba3\u4f20\u5185\u5bb9\uff0c\u4f46\u4e5f\u6d89\u53ca\u5b8f\u89c2\u7ecf\u6d4e\u3001\u6295\u8d44\u4e3b\u9898\u548c\u6295\u8d44\u5b9e\u8df5\uff0c\u80fd\u591f\u5e2e\u52a9\u4f01\u4e1a\u9ad8\u7ba1\u5c42\u548cIR\u8d1f\u8d23\u4eba\u4e86\u89e3\u6295\u8d44\u7ecf\u7406\u53ca\u8d44\u4ea7\u6240\u6709\u8005\u6240\u770b\u5230\u7684\u98ce\u9669\u4e0e\u673a\u9047\u3002<\/p>\n

\u5bbd\u677e\u653f\u7b56\u6301\u7eed\u5341\u5e74\u540e\uff0c\u9aa8\u724c\u6216\u5df2\u5f00\u59cb\u5012\u4e0b<\/h2>\n

\u7b2c\u4e00\u4e2a\u5012\u4e0b\u7684\u9aa8\u724c\u662f\u901a\u80c0\u3002\u81ea2008\u5e74\u91d1\u878d\u5371\u673a\u4ee5\u6765\uff0c\u79ef\u6781\u7684\u8d22\u653f\u548c\u8d27\u5e01\u653f\u7b56\u63a8\u52a8\u901a\u80c0\u5347\u81f3\u81ea20\u4e16\u7eaa80\u5e74\u4ee3\u4ee5\u6765\u672a\u89c1\u7684\u6c34\u5e73\u3002<\/p>\n

\u7b2c\u4e8c\u4e2a\u53ef\u80fd\u5012\u4e0b\u7684\u9aa8\u724c\u662f\u8d44\u4ea7\u8d1f\u503a\u9519\u914d\u3002\u4e0a\u5468\uff0c\u7f8e\u56fd\u53d1\u751f\u4e8615\u5e74\u591a\u6765\u6700\u5927\u7684\u94f6\u884c\u5012\u95ed\u4e8b\u4ef6\u3002\u53e6\u6709\u4e24\u5bb6\u89c4\u6a21\u8f83\u5c0f\u7684\u94f6\u884c\u5012\u95ed\uff0c\u5f15\u53d1\u4e86\u4eba\u4eec\u5bf9\u7c7b\u4f3c20\u4e16\u7eaa80\u5e74\u4ee3\u548c90\u5e74\u4ee3\u50a8\u8d37\u5371\u673a\u7684\u533a\u57df\u6027\u94f6\u884c\u5371\u673a\u7684\u62c5\u5fe7\uff08\u53ef\u70b9\u51fb\u6b64\u5904\u91cd\u6e29\u76f8\u5173\u5371\u673a\uff09\u3002\u503c\u5f97\u5173\u6ce8\u7684\u662f\uff0cFink\u8ba4\u4e3a\u94f6\u884c\u4e1a\u5371\u673a\u5c06\u4f7f\u4f01\u4e1a\u66f4\u52a0\u4f9d\u8d56\u8d44\u672c\u5e02\u573a\u3002\u94f6\u884c\u653e\u8d37\u5c06\u53d7\u5230\u66f4\u591a\u9650\u5236\uff08\u98ce\u9669\u504f\u597d\u4e0b\u964d\u3001\u8d44\u672c\u6807\u51c6\u6536\u7d27\uff09\uff0c\u4f01\u4e1a\u8d22\u52a1\u4e3b\u7ba1\u53ef\u80fd\u4f1a\u8003\u8651\u6bcf\u665a\u5c06\u94f6\u884c\u5b58\u6b3e\u96c6\u4e2d\u8f6c\u79fb\uff0c\u4ee5\u964d\u4f4e\u4ea4\u6613\u5bf9\u624b\u98ce\u9669\u3002<\/p>\n

\u7b2c\u4e09\u4e2a\u53ef\u80fd\u5012\u4e0b\u7684\u9aa8\u724c\u662f\u6d41\u52a8\u6027\u9519\u914d\uff0c\u5c24\u5176\u5f71\u54cd\u6301\u6709\u975e\u6d41\u52a8\u8d44\u4ea7\u4e14\u91c7\u7528\u6760\u6746\u6295\u8d44\u7ec4\u5408\u7684\u8d44\u4ea7\u6240\u6709\u8005\uff0c\u7279\u522b\u662f\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u3002<\/p>\n

\u5168\u7403\u7ecf\u6d4e\u788e\u7247\u5316<\/h2>\n

Fink\u6307\u51fa\uff0c\u65b0\u51a0\u75ab\u60c5\u5bfc\u81f4\u4fdd\u62a4\u4e3b\u4e49\u3001\u788e\u7247\u5316\u548c\u4e24\u6781\u5316\u52a0\u5267\uff0c\u4fb5\u8680\u4fe1\u4efb\u4e0e\u5e0c\u671b\uff0c\u5e76\u4f7f\u5168\u7403\u7ecf\u6d4e\u4e00\u4f53\u5316\u7a0b\u5ea6\u4e0b\u964d\u3002\u4fc4\u4e4c\u6218\u4e89\u8fdb\u4e00\u6b65\u51b2\u51fb\u4e86\u4f9b\u5e94\u94fe\u3002\u7531\u4e8e\u4f9b\u5e94\u5b89\u5168\u4ecd\u662f\u91cd\u70b9\uff0c\u5730\u7406\u4f4d\u7f6e\u5c06\u6210\u4e3a\u8d44\u672c\u914d\u7f6e\u51b3\u7b56\u4e2d\u7684\u989d\u5916\u8003\u91cf\u3002\u4f9b\u5e94\u94fe\u91cd\u7ec4\u867d\u7136\u957f\u671f\u6709\u5229\u4e8e\u56fd\u5bb6\u5b89\u5168\uff0c\u4f46\u77ed\u671f\u5185\u5c06\u663e\u8457\u63a8\u9ad8\u901a\u80c0\u3002Fink\u8ba4\u4e3a\uff0c\u672a\u6765\u51e0\u5e74\u901a\u80c0\u7387\u5c06\u7ef4\u6301\u5728\u63a5\u8fd13.5%\u62164%\u7684\u6c34\u5e73\u3002<\/p>\n

\u8fd9\u79cd\u788e\u7247\u5316\u5e26\u6765\u7684\u65b0\u7ecf\u6d4e\u683c\u5c40\u540c\u65f6\u5b55\u80b2\u7740\u98ce\u9669\u4e0e\u673a\u9047\u3002Fink\u8ba4\u4e3a\uff0c\u51ed\u501f\u89c4\u6a21\u5e9e\u5927\u4e14\u591a\u5143\u5316\u7684\u52b3\u52a8\u529b\u3001\u4e30\u5bcc\u7684\u81ea\u7136\u8d44\u6e90\uff0c\u4ee5\u53ca\u6709\u52a9\u4e8e\u7ef4\u6301\u7f8e\u56fd\u82af\u7247\u5236\u9020\u4e1a\u7684\u516c\u5171\u653f\u7b56\uff0c\u5317\u7f8e\u53ef\u80fd\u6210\u4e3a\u5168\u7403\u6700\u5927\u7684\u53d7\u76ca\u8005\u4e4b\u4e00\u3002<\/p>\n

A “silent crisis” in the making<\/h2>\n

Fink\u89c2\u5bdf\u5230\uff0c\u7531\u4e8e\u4eba\u53e3\u5bff\u547d\u5ef6\u957f\u3001\u5e02\u573a\u56de\u62a5\u9884\u671f\u4e0b\u964d\u4ee5\u53ca\u533b\u7597\u6210\u672c\u4e0a\u5347\uff0c\u9000\u4f11\u89c4\u5212\u53d8\u5f97\u524d\u6240\u672a\u6709\u5730\u590d\u6742\uff0c\u800c\u8fd9\u4e00\u95ee\u9898\u5728\u5a92\u4f53\u548c\u653f\u6cbb\u8ba8\u8bba\u4e2d\u5f88\u5c11\u88ab\u63d0\u53ca\u3002<\/p>\n

\u8bb8\u591a\u56fd\u5bb6\u7684\u4eba\u53e3\u56e0\u5bff\u547d\u5ef6\u957f\u548c\u51fa\u751f\u7387\u4e0b\u964d\u800c\u8001\u9f84\u5316\uff0c\u5bfc\u81f4\u52b3\u52a8\u4eba\u53e3\u51cf\u5c11\u3001\u7ecf\u6d4e\u589e\u957f\u653e\u7f13\u3002\u7e41\u8363\u56fd\u5bb6\u548c\u4f01\u4e1a\u5fc5\u987b\u7740\u529b\u63d0\u9ad8\u751f\u4ea7\u7387\u3001\u5065\u5eb7\u9884\u671f\u5bff\u547d\u548c\u52b3\u52a8\u53c2\u4e0e\u7387\u3002<\/p>\n

To retire comfortably, people need to invest their savings over the long term, which can only be achieved through belief in the financial system, and optimism about the future. Yet, both have been eroded by the combination of Covid, war, political polarization, geopolitical fragmentation, and macroeconomic uncertainties. Fink believes that we will need inspiring political leaders to emerge and institutions to regain their trustworthiness to rebuild people’s confidence in investing over the long term.<\/p>\n

\u9a7e\u9a6d\u5e76\u6295\u8d44\u4e8e\u5168\u7403\u80fd\u6e90\u8f6c\u578b<\/h2>\n

Although less prominent this year, this is a recurring topic of last year’s letter. Fink mentions that all long-term investors need to consider energy transition in their decision-making. In particular, how it will impact the economy, asset prices, and investment performance.<\/p>\n

\u4ed6\u6307\u51fa\uff0c\u6c14\u5019\u98ce\u9669\u5bf9\u91d1\u878d\u4e1a\u7684\u5f71\u54cd\u4e0d\u4e9a\u4e8e\u5176\u4ed6\u884c\u4e1a\u3002\u4fdd\u9669\u6210\u672c\u5df2\u56e0\u5929\u6c14\u6a21\u5f0f\u53d8\u5316\u800c\u4e0a\u5347\u30022022\u5e74\uff0c\u4fdd\u9669\u516c\u53f8\u4e3a\u81ea\u7136\u707e\u5bb3\u627f\u62c5\u4e86USD 120 billion\u7684\u8d54\u4ed8\uff0c\u8f832017-2022\u5e74\u5e73\u5747\u6c34\u5e73\u589e\u52a0\u7ea624%\u3002\u5982\u679c\u4eba\u4eec\u8fc1\u5f80\u53d7\u5929\u6c14\u6a21\u5f0f\u53d8\u5316\u5f71\u54cd\u8f83\u5c0f\u7684\u5730\u533a\uff0c\u7f8e\u56fd\u623f\u5730\u4ea7\u5e02\u573a\u53ef\u80fd\u51fa\u73b0\u91cd\u5927\u53d8\u5316\u3002<\/p>\n

\u4ed6\u6307\u51fa\uff0c\u5411\u4f4e\u78b3\u7ecf\u6d4e\u8f6c\u578b\u662f\u8bb8\u591a\u5ba2\u6237\u6700\u5173\u6ce8\u7684\u8bae\u9898\u3002\u4f46\u4ed6\u4e5f\u8868\u793a\uff0c\u5ba2\u6237\u7684\u76ee\u6807\u548c\u6d41\u7a0b\u5404\u4e0d\u76f8\u540c\u3002\u6709\u4e9b\u5ba2\u6237\u5e0c\u671b\u6cbf\u7740\u7279\u5b9a\u8f6c\u578b\u8def\u5f84\u6295\u8d44\uff0c\u6216\u52a0\u5feb\u8f6c\u578b\u8fdb\u7a0b\uff1b\u53e6\u4e00\u4e9b\u5ba2\u6237\u5219\u9009\u62e9\u4e0d\u8fd9\u6837\u505a\u3002\u6709\u4e9b\u5ba2\u6237\u5173\u6ce8\u80fd\u591f\u540c\u65f6\u60e0\u53ca\u5bb6\u5ead\u548c\u7ecf\u6d4e\u7684\u6295\u8d44\uff0c\u4f8b\u5982\u57fa\u7840\u8bbe\u65bd\uff1b\u53e6\u4e00\u4e9b\u5ba2\u6237\u5e0c\u671b\u83b7\u5f97\u6570\u636e\uff0c\u4ee5\u786e\u4fdd\u91cd\u5927\u53ef\u6301\u7eed\u6027\u98ce\u9669\u56e0\u7d20\u7eb3\u5165\u6295\u8d44\u51b3\u7b56\u3002\u603b\u4f53\u800c\u8a00\uff0cBlackRock\u4f1a\u5173\u6ce8\u653f\u5e9c\u653f\u7b56\u3001\u6280\u672f\u548c\u6d88\u8d39\u8005\u504f\u597d\u7684\u53d8\u5316\uff0c\u4e3a\u5ba2\u6237\u5bfb\u627e\u6295\u8d44\u673a\u4f1a\u3002\u5b83\u4f1a\u8bc4\u4f30\u672a\u6765\u78b3\u6392\u653e\u8def\u5f84\u7684\u53ef\u80fd\u8d70\u5411\u3001\u653f\u5e9c\u653f\u7b56\u5982\u4f55\u6539\u53d8\u8fd9\u4e9b\u8def\u5f84\uff0c\u4ee5\u53ca\u8fd9\u5bf9\u6295\u8d44\u98ce\u9669\u548c\u673a\u9047\u610f\u5473\u7740\u4ec0\u4e48\u3002\u56e0\u6b64\uff0cBlackRock\u4e00\u76f4\u5021\u5bfc\u52a0\u5f3a\u4f01\u4e1a\u62ab\u9732\uff0c\u5e76\u8981\u6c42\u4f01\u4e1a\u7ba1\u7406\u56e2\u961f\u8be6\u7ec6\u8bf4\u660e\u5176\u9a7e\u9a6d\u80fd\u6e90\u8f6c\u578b\u7684\u8ba1\u5212\u3002<\/p>\n

\u5173\u4e8e\u80fd\u6e90\u76f8\u5173\u7684\u6295\u8d44\u4e3b\u9898\uff0cFink\u63d0\u5230\u4e09\u9879\uff1a\u6210\u719f\u80fd\u6e90\u4f01\u4e1a\u7684\u5546\u4e1a\u6a21\u5f0f\u8f6c\u578b\u3001\u65b0\u5174\u80fd\u6e90\u6280\u672f\uff08\u4f8b\u5982\u78b3\u6355\u96c6\u548c\u7eff\u6c22\uff09\uff0c\u4ee5\u53ca\u8f6c\u578b\u878d\u8d44\u3002<\/p>\n

\u6539\u53d8\u4ee3\u7406\u6295\u7968\u65b9\u5f0f<\/h2>\n

Another recurring topic of Fink’s letters is his commitment to promoting shareholder democracy. He reiterates his firm’s belief that allowing their clients to vote directly can enhance corporate governance. However, he advises his clients to spend sufficient time and resources to make informed votes instead of fully relying on proxy advisors.<\/p>\n

\u6570\u5b57\u8d44\u4ea7<\/h2>\n

\u6700\u540e\uff0c\u53bb\u5e74Fink\u66fe\u7b80\u8981\u63d0\u5230\u6570\u5b57\u8d27\u5e01\u53ca\u5176\u5e95\u5c42\u6280\u672f\u662f\u4e00\u4e2a\u7814\u7a76\u9886\u57df\uff1b\u4eca\u5e74\uff0c\u4ed6\u8868\u793a\u6570\u5b57\u8d44\u4ea7\u5bf9BlackRock\u800c\u8a00\u662f\u4e00\u9879\u673a\u9047\u3002\u4ed6\u8ba4\u4e3a\uff0c\u5c06\u8d44\u4ea7\u7c7b\u522b\u4ee3\u5e01\u5316\u53ef\u4ee5\u63d0\u5347\u8d44\u672c\u5e02\u573a\u6548\u7387\uff0c\u6539\u5584\u6295\u8d44\u8005\u7684\u6210\u672c\u548c\u53c2\u4e0e\u6e20\u9053\u3002\u5177\u4f53\u800c\u8a00\uff0cBlackRock\u6b63\u5728\u63a2\u7d22\u8bb8\u53ef\u578b\u533a\u5757\u94fe\uff0c\u4ee5\u53ca\u80a1\u7968\u548c\u503a\u5238\u4ee3\u5e01\u5316\u7b49\u4e0e\u5ba2\u6237\u6700\u76f8\u5173\u7684\u9886\u57df\u3002Fink\u8fd8\u8ba4\u4e3a\uff0c\u7f8e\u56fd\u7b49\u53d1\u8fbe\u5e02\u573a\u5728\u521b\u65b0\u65b9\u9762\u843d\u540e\uff0c\u5bfc\u81f4\u652f\u4ed8\u6210\u672c\u8f83\u9ad8\u3002\u76f8\u6bd4\u4e4b\u4e0b\uff0c\u5370\u5ea6\u3001\u5df4\u897f\u548c\u975e\u6d32\u90e8\u5206\u5730\u533a\u7b49\u65b0\u5174\u5e02\u573a\u7684\u6570\u5b57\u8d44\u4ea7\u9886\u57df\u53d1\u5c55\u4ee4\u4eba\u632f\u594b\uff1b\u6570\u5b57\u652f\u4ed8\u63a8\u52a8\u4e86\u91d1\u878d\u666e\u60e0\u5e76\u964d\u4f4e\u4e86\u6210\u672c\u3002<\/p>\n

\u5e0c\u671b\u672c\u6587\u80fd\u4e3a\u60a8\u7684\u5185\u90e8\u8ba8\u8bba\u63d0\u4f9b\u53c2\u8003\uff0c\u5e76\u5e2e\u52a9\u60a8\u4e3a\u6295\u8d44\u8005\u4f1a\u8bae\u505a\u597d\u51c6\u5907\u3002\u4e0e\u5f80\u5e38\u4e00\u6837\uff0c\u60a8\u53ef\u4ee5\u901a\u8fc7Irostors\u8054\u7cfb\u5206\u6790\u5e08\u548c\u6295\u8d44\u7ec4\u5408\u7ecf\u7406\u3002\u5982\u60a8\u6709\u5174\u8da3\uff0c\u6b22\u8fce\u8054\u7cfb\u6211\u4eec\u3002<\/p>","protected":false},"excerpt":{"rendered":"

Larry Fink just published its letter to investors of 2023. While a large part of the letter is promotional content, it also contains macroeconomic and investment topics and practices that can give C-suites and IROs a view on the risks and opportunities seen by investment managers and asset owners. Dominoes may have started to fall […]<\/p>\n","protected":false},"author":3,"featured_media":143,"template":"","class_list":["post-114","ss_article","type-ss_article","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.irostors.com\/zh_CN\/wp-json\/wp\/v2\/ss_article\/114","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.irostors.com\/zh_CN\/wp-json\/wp\/v2\/ss_article"}],"about":[{"href":"https:\/\/www.irostors.com\/zh_CN\/wp-json\/wp\/v2\/types\/ss_article"}],"author":[{"embeddable":true,"href":"https:\/\/www.irostors.com\/zh_CN\/wp-json\/wp\/v2\/users\/3"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.irostors.com\/zh_CN\/wp-json\/wp\/v2\/media\/143"}],"wp:attachment":[{"href":"https:\/\/www.irostors.com\/zh_CN\/wp-json\/wp\/v2\/media?parent=114"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}