{"id":191171,"date":"2023-05-25T09:43:52","date_gmt":"2023-05-25T01:43:52","guid":{"rendered":"https:\/\/www.hkubs.hku.hk\/?p=191171&post_type=thought-leadership&preview_id=191171"},"modified":"2023-05-25T09:43:47","modified_gmt":"2023-05-25T01:43:47","slug":"%e5%86%85%e5%9c%b0%e8%82%a1%e7%a5%a8%e5%8f%91%e8%a1%8c%e5%88%b6%e5%ba%a6%e6%94%b9%e9%9d%a9%e8%b7%83%e7%99%bb%e6%96%b0%e5%8f%b0%e9%98%b6-2","status":"publish","type":"thought-leadership","link":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/opinions-and-speeches\/%e5%86%85%e5%9c%b0%e8%82%a1%e7%a5%a8%e5%8f%91%e8%a1%8c%e5%88%b6%e5%ba%a6%e6%94%b9%e9%9d%a9%e8%b7%83%e7%99%bb%e6%96%b0%e5%8f%b0%e9%98%b6-2\/","title":{"rendered":"\u5185\u5730\u80a1\u7968\u53d1\u884c\u5236\u5ea6\u6539\u9769\u8dc3\u767b\u65b0\u53f0\u9636"},"content":{"rendered":"

2023\u5e742\u670817\u65e5\uff0c\u4e2d\u56fd\u8bc1\u5238\u76d1\u7763\u7ba1\u7406\u59d4\u5458\u4f1a\uff08\u4e2d\u8bc1\u76d1\uff09\u4ee5\u53ca\u6df1\u5733\u3001\u4e0a\u6d77\u4e24\u5730\u7684\u8bc1\u5238\u4ea4\u6613\u6240\u53d1\u5e03\u5168\u9762\u5b9e\u884c\u80a1\u7968\u53d1\u884c\u6ce8\u518c\u5236\uff08\u4ee5\u4e0b\u7b80\u79f0\u6ce8\u518c\u5236\uff09\uff0c\u6807\u5fd7\u7740\u76f8\u5173\u5236\u5ea6\u89c4\u5219\u3010\u8a3b1\u3011<\/a>\u6b63\u5f0f\u63a8\u5e7f\u81f3\u5185\u5730\u5404\u80a1\u7968\u5e02\u573a\u3002<\/p>\n

\u6ce8\u518c\u5236\u662f\u5e02\u573a\u5316\u7a0b\u5ea6\u66f4\u9ad8\u7684\u80a1\u7968\u53d1\u884c\u5236\u5ea6\uff0c\u4e3a\u7f8e\u56fd\u3001\u82f1\u56fd\u3001\u9999\u6e2f\u3001\u65b0\u52a0\u5761\u7b49\u5e02\u573a\u6240\u91c7\u7528\uff0c\u6b64\u6b21\u5168\u9762\u843d\u5b9e\u5236\u5ea6\u4e4b\u4e3e\uff0c\u4f53\u73b0\u5185\u5730\u8bc1\u5238\u5e02\u573a\u4e0e\u56fd\u9645\u8bc1\u5238\u5e02\u573a\u8fdb\u4e00\u6b65\u63a5\u8f68\u3002\u672c\u6587\u5bf9\u6ce8\u518c\u5236\u7684\u63a8\u5c55\u5386\u7a0b\u4f5c\u4e00\u627c\u8981\u56de\u987e\uff0c\u5e76\u5206\u6790\u65b0\u65e7\u5236\u5ea6\u7684\u4e0d\u540c\u7279\u8272\u3002<\/p>\n

\u53d8\u9769\u7684\u6765\u9f99\u53bb\u8109<\/h5>\n

\u5185\u5730\u80a1\u7968\u5e02\u573a\u4e8e1990\u5e74\u5efa\u7acb\uff0c\u80a1\u7968\u53d1\u884c\u5236\u5ea6\u5386\u7ecf\u591a\u6b21\u53d8\u9769\u3002\u6210\u7acb\u4e4b\u521d\uff0c\u80a1\u7968\u53d1\u884c\u91c7\u53d6\u5ba1\u6279\u5236\uff0c\u7531\u56fd\u5bb6\u6bcf\u5e74\u8bbe\u5b9a\u53d1\u884c\u603b\u89c4\u6a21\u5e76\u5206\u914d\u5230\u4e0d\u540c\u7701\u5e02\uff0c\u518d\u7531\u5404\u5730\u8bc1\u5238\u7ba1\u7406\u90e8\u95e8\u8d1f\u8d23\u7b5b\u9009\u3001\u63a8\u8350\u62df\u4e0a\u5e02\u4f01\u4e1a\u81f3\u4e2d\u8bc1\u76d1\u5ba1\u6279\u3002\u62df\u4e0a\u5e02\u4f01\u4e1a\u5f97\u5230\u4e2d\u8bc1\u76d1\u6279\u51c6\u540e\uff0c\u518d\u5411\u8bc1\u5238\u4ea4\u6613\u6240\u7533\u8bf7\u3002<\/p>\n

1997\u5e74\u9881\u5e03\u7684\u300a\u8bc1\u5238\u6cd5\u300b\u786e\u7acb\u4e86\u6838\u51c6\u5236\uff0c\u5373\u7531\u4e2d\u8bc1\u76d1\u5bf9\u80a1\u7968\u53d1\u884c\u7533\u8bf7\u8fdb\u884c\u5b9e\u8d28\u6027\u5ba1\u6838\uff08\u68c0\u89c6\u8303\u56f4\u5305\u62ec\u53d1\u884c\u80a1\u7968\u6570\u91cf\u3001\u53d1\u884c\u4ef7\u683c\u3001\u52df\u96c6\u8d44\u91d1\u7684\u6295\u5411\u3001\u516c\u53f8\u7684\u5546\u4e1a\u6a21\u5f0f\u548c\u7ade\u4e89\u4f18\u52bf\u3001\u98ce\u9669\u63a7\u5236\u80fd\u529b\u7b49\uff09\uff0c\u4ee5\u4fdd\u969c\u6295\u8d44\u8005\u7684\u5229\u76ca\uff0c\u5bf9\u7b26\u5408\u6761\u4ef6\u7684\u516c\u53f8\u4e88\u4ee5\u6838\u51c6\u53d1\u884c\u80a1\u7968\u5e76\u4e0a\u5e02\u6d41\u901a\u3002<\/p>\n

\u76f8\u6bd4\u5ba1\u6279\u5236\uff0c\u6838\u51c6\u5236\u7a81\u7834\u4e86\u80a1\u7968\u53d1\u884c\u7684\u989d\u5ea6\u548c\u6307\u6807\u7ba1\u7406\uff0c\u4f46\u662f\u80a1\u7968\u53d1\u884c\u4ecd\u7136\u4ee5\u76d1\u7ba1\u673a\u6784\u4e3a\u4e3b\u5bfc\u3002\u6838\u51c6\u5236\u5bf9\u4e8e\u65e9\u671f\u5185\u5730\u8bc1\u5238\u5e02\u573a\u6709\u5e8f\u3001\u5e73\u7a33\u7684\u53d1\u5c55\u53d1\u6325\u4e86\u91cd\u8981\u548c\u79ef\u6781\u7684\u4f5c\u7528\uff0c\u4f8b\u5982\u6709\u5229\u4e8e\u63d0\u9ad8\u80a1\u7968\u53d1\u884c\u516c\u53f8\u7684\u54c1\u8d28\u3001\u4fdd\u969c\u4ee5\u6563\u6237\u4e3a\u4e3b\u7684\u6295\u8d44\u8005\uff08\u6563\u6237\u5360\u6295\u8d44\u8005\u603b\u6570\u768490%\u4ee5\u4e0a\uff09\uff0c\u4fdd\u8bc1\u80a1\u7968\u4f9b\u7ed9\u4e0d\u5927\u5e45\u8d85\u8fc7\u5e02\u573a\u9700\u6c42\uff0c\u5e76\u5141\u8bb8\u76d1\u7ba1\u673a\u6784\u6839\u636e\u5e02\u573a\u5f62\u52bf\u8c03\u8282\u9996\u6b21\u516c\u5f00\u62db\u80a1\uff08IPO\uff09\u5ba1\u6279\u7684\u901f\u5ea6\u3002<\/p>\n

\u7136\u800c\u6838\u51c6\u5236\u5728\u8fd0\u4f5c\u4e0a\u4e5f\u884d\u751f\u4e86\u4e00\u4e9b\u95ee\u9898\uff0c\u4e00\u662f\u4e0a\u5e02\u96be\u3002 IPO\u8fc7\u4f1a\u7387\u4f4e\uff0c\u4e0a\u5e02\u516c\u53f8\u4f9b\u7ed9\u4e0d\u8db3\u3002\u6839\u636e\u5e02\u573a\u5f62\u52bf\u800c\u5bf9IPO\u5ba1\u6279\u901f\u5ea6\u7684\u8c03\u6574\uff0c\u4e5f\u4f7f\u7533\u8bf7\u4f01\u4e1a\u9762\u5bf9\u957f\u65f6\u95f4\u8f6e\u5019\u548c\u4e0d\u786e\u5b9a\u6027\uff1b\u636e\u7b14\u8005\u7edf\u8ba1\uff0c\u81ea\u80a1\u7968\u5e02\u573a\u6210\u7acb\u81f32015\u5e74\uff0cA\u80a1\u5e02\u573a\u7ecf\u5386\u4e869\u6b21IPO\u6682\u505c\uff0c\u4e3a\u671f3\u4e2a\u6708\u81f315\u4e2a\u6708\u4e0d\u7b49\u3002\u4e8c\u662f\u80a1\u7968\u5e02\u573a\u8d44\u6e90\u914d\u7f6e\u6548\u7387\u4e0d\u9ad8\u3002\u4e0d\u5c11\u8ba1\u5212\u4e0a\u5e02\u800c\u672a\u80fd\u53d6\u5f97\u4e2d\u8bc1\u76d1\u6838\u51c6\u7684\u4f01\u4e1a\uff0c\u4e0d\u5f97\u4e0d\u8003\u8651\u901a\u8fc7\u6536\u8d2d\u73b0\u6709\u4e0a\u5e02\u516c\u53f8\u800c\u501f\u58f3\u4e0a\u5e02\uff0c\u5e02\u503c\u5c0f\u3001\u7ee9\u6548\u5dee\u7684\u4e0a\u5e02\u516c\u53f8\u5f80\u5f80\u6210\u4e3a\u501f\u58f3\u4e0a\u5e02\u7684\u6f5c\u5728\u6807\u7684\uff0c\u51ed\u501f\u58f3\u4ef7\u503c\u6210\u4e3a\u5e02\u573a\u6295\u673a\u7092\u4f5c\u7684\u5bf9\u8c61\uff0c\u5360\u7528\u4e86\u5927\u91cf\u5b9d\u8d35\u7684\u8d44\u91d1\uff0c\u96be\u4ee5\u9000\u5e02\u3002\u7b2c\u4e09\uff0c\u4f01\u4e1a\u4e0a\u5e02\u987b\u6ee1\u8db3\u6700\u4f4e\u76c8\u5229\u6761\u4ef6\uff0c\u5e76\u53d7\u5236\u4e8e20%\u65e0\u5f62\u8d44\u4ea7\u6bd4\u4f8b\u4e0a\u9650\uff0c\u5bfc\u81f4\u4e00\u4e9b\u4f9d\u8d56\u6280\u672f\u3001\u667a\u6167\u4ea7\u6743\u7684\u8f7b\u8d44\u4ea7\u516c\u53f8\u65e0\u6cd5\u83b7\u5f97\u80a1\u6743\u878d\u8d44\uff0c\u56e0\u800c\u9009\u62e9\u5883\u5916\u4e0a\u5e02\u3002<\/p>\n

\u4e3a\u4e86\u51cf\u8f7b\u4ee5\u4e0a\u5f0a\u7aef\uff0c\u80a1\u7968\u5e02\u573a\u5bf9\u6ce8\u518c\u5236\u6539\u9769\u7684\u547c\u58f0\u7531\u6765\u5df2\u4e45\uff0c\u76d1\u7ba1\u673a\u6784\u4e5f\u6e05\u695a\u4e86\u89e3IPO\u6838\u51c6\u5236\u7684\u5229\u4e0e\u5f0a\uff0c\u66fe\u660e\u786e\u8868\u793a\u5c06\u5728\u5408\u9002\u65f6\u673a\u7a33\u6b65\u63a8\u8fdbIPO\u5e02\u573a\u5316\u7684\u5236\u5ea6\u6539\u9769\u3002\u5176\u4e2d\u4e3b\u8981\u969c\u788d\u5305\u62ec\u65e9\u671f\u5185\u5730\u80a1\u7968\u5e02\u573a\u5bf9\u4e2d\u5c0f\u6295\u8d44\u8005\u7684\u4fdd\u969c\u6c34\u5e73\u4e0d\u8db3\uff0c\u5bf9\u4e8e\u8d22\u52a1\u9020\u5047\u3001\u6b3a\u8bc8\u53d1\u884c\u7b49\u8fdd\u6cd5\u884c\u4e3a\u7684\u884c\u653f\u60e9\u7f5a\u529b\u5ea6\u8f83\u8f7b\uff0c\u8bc1\u5238\u6c11\u4e8b\u8bc9\u8bbc\u7b49\u79c1\u4eba\u6551\u6d4e\u65b9\u5f0f\u8fd0\u4f5c\u5b58\u5728\u8bf8\u591a\u969c\u788d\u3002\u5185\u5730\u80a1\u7968\u5e02\u573a\u4e2a\u4eba\u6295\u8d44\u8005\u4f17\u591a\uff0c\u6ce8\u518c\u5236\u5c06\u5bf9\u80a1\u7968\u53d1\u884c\u4f01\u4e1a\u4f18\u52a3\u7684\u5224\u65ad\u5b8c\u5168\u4ea4\u7531\u5e02\u573a\uff0c\u5bf9\u4e2d\u4ecb\u673a\u6784\u7684\u5b9a\u4ef7\u3001\u6295\u8d44\u8005\u7684\u4ef7\u503c\u5224\u65ad\u548c\u98ce\u9669\u63a7\u5236\u80fd\u529b\u7684\u8981\u6c42\u66f4\u9ad8\u3002\u53e6\u5916\uff0c\u63a8\u884c\u6ce8\u518c\u5236\u540e\uff0c\u77ed\u65f6\u95f4\u5185\u65b0\u80a1\u4f9b\u7ed9\u53ef\u80fd\u5927\u589e\uff0c\u6216\u5bf9\u80a1\u5e02\u7684\u7a33\u5b9a\u6027\u6784\u6210\u538b\u529b\u3002\u56e0\u6b64\uff0c\u6539\u9769\u5b9c\u4ee5\u6e10\u8fdb\u65b9\u5f0f\u63a8\u5c55\u3002<\/p>\n

\u65e9\u57282013\u5e74\uff0c\u4e2d\u56fd\u5171\u4ea7\u515a\u5341\u516b\u5c4a\u4e09\u4e2d\u5168\u4f1a\u4fbf\u9996\u6b21\u63d0\u51fa\u300c\u63a8\u8fdb\u80a1\u7968\u53d1\u884c\u6ce8\u518c\u5236\u6539\u9769\u300d\u3002\u76f4\u81f32018\u5e74\uff0c\u56fd\u5bb6\u4e3b\u5e2d\u4e60\u8fd1\u5e73\u5ba3\u5e03\u5728\u4e0a\u6d77\u8bc1\u5238\u4ea4\u6613\u6240\u8bbe\u7acb\u79d1\u521b\u677f\u540e\uff0c\u6ce8\u518c\u5236\u6539\u9769\u624d\u8fdb\u5165\u542f\u52a8\u5b9e\u65bd\u9636\u6bb5\u3002 2019\u5e74\uff0c\u4fee\u8ba2\u540e\u7684\u8bc1\u5238\u6cd5\u786e\u7acb\u8bc1\u5238\u53d1\u884c\u6ce8\u518c\u5236\u5ea6\uff0c\u4e3a\u6ce8\u518c\u5236\u6539\u9769\u63d0\u4f9b\u4e86\u6cd5\u5f8b\u4f9d\u636e\u3002\u79d1\u521b\u677f\u3001\u521b\u4e1a\u677f\u3001\u5317\u4eac\u8bc1\u5238\u4ea4\u6613\u6240\u968f\u5373\u5206\u522b\u4e8e2019\u5e74\u30012020\u5e74\u30012021\u5e74\u8bd5\u70b9\u5b9e\u65bd\u6ce8\u518c\u5236\u3002\u8fd9\u4e9b\u6210\u529f\u8bd5\u70b9\u4e3a\u5c06\u6ce8\u518c\u5236\u590d\u5236\u63a8\u5e7f\u81f3\u4e3b\u677f\u63d0\u4f9b\u4e86\u7ecf\u9a8c\u652f\u63f4\u3010\u8a3b2\u3011<\/a>\uff0c\u4e3a2023\u5e742\u6708\u6ce8\u518c\u5236\u5168\u9762\u843d\u5730\u5185\u5730\u80a1\u7968\u5e02\u573a\u5960\u5b9a\u4e86\u57fa\u7840\u3002\u524d\u540e\u5386\u65f6\u63a5\u8fd110\u5e74\uff0c\u8fc7\u7a0b\u6765\u4e4b\u4e0d\u6613\u3002<\/p>\n

\u6838\u51c6\u5236\u548c\u6ce8\u518c\u5236\u7684\u4e0a\u5e02\u5ba1\u6838\u6d41\u7a0b\u5dee\u5f02<\/p>\n

\u4f01\u4e1a\u5728\u5185\u5730\u4e0a\u5e02\u7684\u57fa\u672c\u6d41\u7a0b\u5305\u62ec\u91cd\u7ec4\u6539\u5236\u3001\u5c3d\u8c03\u8f85\u5bfc\u3001\u5236\u4f5c\u7533\u62a5\u6750\u6599\u3001\u76d1\u7ba1\u673a\u6784\u5ba1\u6838\u4e0a\u5e02\u7533\u8bf7\u3001\u8def\u6f14\u5b9a\u4ef7\u3001\u53d1\u884c\u4e0a\u5e02\u4e00\u5171\u516d\u4e2a\u9636\u6bb5\u3002\u5728\u6838\u51c6\u5236\u4e0b\uff0c\u9996\u5148\u7531\u4e2d\u8bc1\u76d1\u5bf9\u7533\u8bf7\u6587\u4ef6\u8fdb\u884c\u521d\u5ba1\uff0c\u53d7\u7406\u7b26\u5408\u7533\u62a5\u6761\u4ef6\u7684\u4f01\u4e1a\u3002\u5176\u6b21\uff0c\u4e2d\u8bc1\u76d1\u5411\u4fdd\u8350\u673a\u6784\u53cd\u9988\u610f\u89c1\uff0c\u4fdd\u8350\u673a\u6784\u7ec4\u7ec7\u53d1\u884c\u4eba\u548c\u4e2d\u4ecb\u673a\u6784\u5bf9\u76f8\u5173\u95ee\u9898\u8fdb\u884c\u56de\u8986\u3002\u4e2d\u8bc1\u76d1\u6839\u636e\u6536\u5230\u7684\u56de\u9988\u610f\u89c1\u8fdb\u884c\u56de\u8986\uff0c\u9884\u5148\u62ab\u9732\u7533\u8bf7\u6587\u4ef6\uff0c\u5e76\u53ec\u5f00\u521d\u5ba1\u4f1a\u3002\u7136\u540e\uff0c\u4e2d\u8bc1\u76d1\u4e0b\u8bbe\u7684\u53d1\u884c\u5ba1\u6838\u59d4\u5458\u4f1a\uff08\u53d1\u5ba1\u59d4\uff09\u6309\u7533\u8bf7\u6587\u4ef6\u548c\u521d\u5ba1\u62a5\u544a\u5bf9\u53d1\u884c\u4eba\u4e0a\u5e02\u7533\u8bf7\u4f5c\u51fa\u51b3\u8bae\u3002\u6700\u540e\uff0c\u4e2d\u8bc1\u76d1\u57fa\u4e8e\u53d1\u5ba1\u59d4\u7684\u5ba1\u6838\u610f\u89c1\u800c\u51b3\u5b9a\u662f\u5426\u6838\u51c6\u3002\u6362\u8a00\u4e4b\uff0c\u6838\u51c6\u5236\u4e0b\u5ba1\u6838\u6d41\u7a0b\u7684\u5173\u952e\u73af\u8282\u5305\u62ec\uff1aIPO\u53d7\u7406\u3001\u53cd\u9988\u3001\u521d\u5ba1\u3001\u4e0a\u4f1a\u5ba1\u6838\uff08\u4e2d\u8bc1\u76d1\u53d1\u5ba1\u59d4\u5ba1\u6838\uff09\u53ca\u4e2d\u8bc1\u76d1\u6838\u51c6\u53d1\u884c\u3002\u4e4b\u540e\u53d1\u884c\u7533\u8bf7\u4eba\u518d\u5411\u62df\u4e0a\u5e02\u8bc1\u5238\u4ea4\u6613\u6240\u7533\u8bf7\uff0c\u786e\u5b9a\u5177\u4f53\u53d1\u884c\u548c\u4e0a\u5e02\u7684\u7ec6\u8282\u3002<\/p>\n

\u4e0d\u540c\u4e8e\u6838\u51c6\u5236\u4e0b\u4e2d\u8bc1\u76d1\u4e3b\u5bfc\u5ba1\u6838\u6d41\u7a0b\uff0c\u6ce8\u518c\u5236\u4e0b\u7684\u4e0a\u5e02\u7533\u8bf7\u5ba1\u6838\u5305\u542b\u4e24\u4e2a\u9636\u6bb5\uff0c\u5373\u4ea4\u6613\u6240\u5ba1\u6838\u548c\u4e2d\u8bc1\u76d1\u6ce8\u518c\u3002\u7b2c\u4e00\uff0c\u4ea4\u6613\u6240\u8d1f\u8d23\u53d7\u7406\u7533\u8bf7\u6587\u4ef6\u3002\u7b2c\u4e8c\uff0c\u4ea4\u6613\u6240\u901a\u8fc7\u95ee\u8be2\u7684\u65b9\u5f0f\u5411\u4fdd\u8350\u673a\u6784\u56de\u9988\u610f\u89c1\u3002\u7b2c\u4e09\uff0c\u4ea4\u6613\u6240\u4e0b\u8bbe\u7684\u4e0a\u5e02\u5ba1\u6838\u59d4\u5458\u4f1a\uff08\u4e0a\u5e02\u59d4\uff09\u901a\u8fc7\u5408\u8bae\u5224\u65ad\u53d1\u884c\u4eba\u662f\u5426\u7b26\u5408\u53d1\u884c\u6761\u4ef6\u3001\u4e0a\u5e02\u6761\u4ef6\u548c\u8d44\u8baf\u62ab\u9732\u8981\u6c42\uff0c\u5e76\u5f62\u6210\u5ba1\u8bae\u610f\u89c1\u3002\u7b2c\u56db\uff0c\u4ea4\u6613\u6240\u5c06\u5ba1\u6838\u901a\u8fc7\u7684\u76f8\u5173\u5ba1\u6838\u610f\u89c1\u548c\u7533\u8bf7\u6587\u4ef6\u62a5\u9001\u81f3\u4e2d\u8bc1\u76d1\uff0c\u7531\u4e2d\u8bc1\u76d1\u51b3\u5b9a\u662f\u5426\u6279\u51c6\u6ce8\u518c\u3002\u6362\u8a00\u4e4b\uff0c\u6ce8\u518c\u5236\u4e0b\u5ba1\u6838\u6d41\u7a0b\u7684\u5173\u952e\u73af\u8282\u5305\u62ec\uff1aIPO\u53d7\u7406\u3001\u5ba1\u6838\u95ee\u8be2\u3001\u4e0a\u4f1a\u5ba1\u8bae\uff08\u4ea4\u6613\u6240\u4e0a\u5e02\u59d4\u5ba1\u8bae\uff09\u53ca\u4e2d\u8bc1\u76d1\u6ce8\u518c\u3002\u53d1\u884c\u4eba\u5728\u6536\u5230\u4e2d\u8bc1\u76d1\u6279\u51c6\u6ce8\u518c\u7684\u51b3\u5b9a\u540e\uff0c\u518d\u5411\u76f8\u5173\u4ea4\u6613\u6240\u63d0\u51fa\u4e0a\u5e02\u7533\u8bf7\u3002\u56e0\u6b64\uff0c\u76f8\u6bd4\u6838\u51c6\u5236\uff0c\u6ce8\u518c\u5236\u4e0b\u4ecd\u6709\u5ba1\u6838\uff0c\u4f46\u5ba1\u6838\u7684\u673a\u6784\u7531\u4e2d\u8bc1\u76d1\u53d8\u6210\u4e86\u4ea4\u6613\u6240\u3002\u4e2d\u8bc1\u76d1\u867d\u5728\u7406\u8bba\u4e0a\u6709\u6700\u7ec8\u5426\u51b3\u6743\uff0c\u4f46\u5728\u4e00\u822c\u60c5\u51b5\u4e0b\u6599\u4e0d\u4f1a\u884c\u4f7f\u6b64\u4e00\u6743\u529b\u3002<\/p>\n

\u5c24\u5176\u91cd\u8981\u7684\u662f\uff0c\u80a1\u7968\u53d1\u884c\u5ba1\u6838\u7684\u91cd\u70b9\u4e0d\u518d\u662f\u5bf9\u62df\u4e0a\u5e02\u4f01\u4e1a\u7684\u6295\u8d44\u4ef7\u503c\u4f5c\u51fa\u5224\u65ad\uff0c\u800c\u662f\u5728\u62df\u4e0a\u5e02\u4f01\u4e1a\u6ee1\u8db3\u57fa\u672c\u53d1\u884c\u6761\u4ef6\u7684\u524d\u63d0\u4e0b\uff0c\u7763\u4fc3\u53d1\u884c\u4eba\u771f\u5b9e\u3001\u51c6\u786e\u3001\u5b8c\u6574\u5730\u62ab\u9732\u6295\u8d44\u8005\u8fdb\u884c\u4ef7\u503c\u5224\u65ad\u548c\u6295\u8d44\u51b3\u7b56\u6240\u9700\u7684\u76f8\u5173\u8d44\u8baf\uff08\u5373\u4f7f\u89c4\u5219\u6ca1\u6709\u660e\u786e\u8981\u6c42\uff0c\u4f46\u82e5\u4f1a\u5f71\u54cd\u4ef7\u503c\u5224\u65ad\u548c\u6295\u8d44\u51b3\u7b56\uff0c\u5219\u9700\u62ab\u9732\uff09\u3002\u5ba1\u6838\u6ce8\u518c\u5168\u90e8\u8fc7\u7a0b\u516c\u5f00\u900f\u660e\uff0c\u4ece\u53d7\u7406\u7533\u8bf7\u5230\u5b8c\u6210\u6ce8\u518c\u5404\u4e2a\u73af\u8282\u5747\u6709\u660e\u786e\u7684\u65f6\u9650\uff0c\u4e0a\u5e02\u7533\u8bf7\u7ed3\u679c\u7684\u53ef\u9884\u671f\u7a0b\u5ea6\u56e0\u800c\u5927\u5927\u63d0\u9ad8\u3002<\/p>\n

\u65b0\u65e7\u5236\u7684\u4e0a\u5e02\u6761\u4ef6\u5bf9\u6bd4<\/p>\n

\u6ce8\u518c\u5236\u5728\u53d1\u884c\u6761\u4ef6\u65b9\u9762\u8f83\u6838\u51c6\u5236\u5bbd\u677e\u3002\u4e0a\u6d77\u548c\u6df1\u5733\u4e3b\u677f\u53d6\u6d88\u4e86\u5173\u4e8e\u4e0d\u5b58\u5728\u672a\u5f25\u8865\u4e8f\u635f\u3001\u65e0\u5f62\u8d44\u4ea7\u5360\u6bd4\u4e0a\u9650\u4e3a20%\u7b49\u786c\u6027\u6307\u6807\u8981\u6c42\uff0c\u589e\u8bbe\u300c\u9884\u8ba1\u5e02\u503c+\u6536\u5165+\u73b0\u91d1\u6d41\u300d\u53ca\u300c\u9884\u8ba1\u5e02\u503c+\u6536\u5165\u300d\u4e24\u9879\u4e0a\u5e02\u6807\u51c6\uff0c\u5728\u6ee1\u8db3\u76f8\u5e94\u5e02\u503c\u548c\u8425\u4e1a\u6536\u5165\u7684\u524d\u63d0\u4e0b\uff0c\u51c0\u5229\u6da61\u5e74\u4e3a\u6b63\u6570\u4e5f\u53ef\u4ee5\u5728\u4e3b\u677f\u4e0a\u5e02\uff0c\u76f8\u8f83\u4e8e\u6838\u51c6\u5236\u4e0b3\u5e74\u5747\u9700\u76c8\u5229\u4e14\u7d2f\u8ba1\u8d85\u8fc73000\u4e07\u5143\u4eba\u6c11\u5e01\u7684\u8981\u6c42\u5927\u5e45\u653e\u5bbd\u3002\u81f3\u4e8e\u521b\u4e1a\u677f\u5219\u4e3a\u672a\u76c8\u5229\u4f01\u4e1a\u63d0\u4f9b\u4e86\u4e0a\u5e02\u901a\u9053\u3002<\/p>\n

\u6b64\u5916\uff0c\u4e24\u4e2a\u677f\u5757\u5141\u8bb8\u5177\u6709\u53ef\u53d8\u5229\u76ca\u5b9e\u4f53\uff08Variable Interest Entity\uff09\u67b6\u6784\u548c\u5b9e\u884c\u7279\u522b\u8868\u51b3\u6743\uff08\u5373\u540c\u80a1\u4e0d\u540c\u6743\uff09\u4f01\u4e1a\u4e0a\u5e02\uff0c\u660e\u786e\u4e86\u5176\u4e0a\u5e02\u6807\u51c6\u3010\u8a3b3\u3011<\/a>\u3002\u8fd9\u4e9b\u4e0a\u5e02\u6761\u4ef6\u7684\u8c03\u6574\u4f7f\u5f97\u5185\u5730\u7684IPO\u5e02\u573a\u5bf9\u4e0d\u540c\u7c7b\u578b\u7684\u4f01\u4e1a\uff08\u5c24\u5176\u662f\u65b0\u7ecf\u6d4e\u4f01\u4e1a\uff09\u66f4\u5177\u5305\u5bb9\u6027\u3002<\/p>\n

 <\/p>\n

<\/a>\u8a3b1\uff1a\u53c2\u89c1\u4e2d\u56fd\u8bc1\u76d1\u4f1a2023\u5e742\u670817\u65e5\u53d1\u5e03\u7684\u300a\u9996\u6b21\u516c\u5f00\u53d1\u884c\u80a1\u7968\u6ce8\u518c\u7ba1\u7406\u529e\u6cd5\u300b\u548c\u540c\u65e5\u53d1\u5e03\u7684\u300a\u6df1\u5733\u8bc1\u5238\u4ea4\u6613\u6240\u80a1\u7968\u4e0a\u5e02\u89c4\u5219\u300b\u548c\u300a\u4e0a\u6d77\u8bc1\u5238\u4ea4\u6613\u6240\u80a1\u7968\u4e0a\u5e02\u89c4\u5219\u300b\u7b49\u89c4\u5219\u3002<\/p>\n

<\/a>\u8a3b2\uff1a\u53c2\u89c1\u4e2d\u56fd\u8bc1\u76d1\u4f1a\u300a\u5173\u4e8e\u3008\u9996\u6b21\u516c\u5f00\u53d1\u884c\u80a1\u7968\u6ce8\u518c\u7ba1\u7406\u529e\u6cd5\u3009\u7684\u7acb\u6cd5\u8bf4\u660e\u300b\u3002<\/p>\n

<\/a>\u8a3b3\uff1a\u53c2\u89c1\u300a\u6df1\u5733\u8bc1\u5238\u4ea4\u6613\u6240\u80a1\u7968\u4e0a\u5e02\u89c4\u5219\u300b\u548c\u300a\u4e0a\u6d77\u8bc1\u5238\u4ea4\u6613\u6240\u80a1\u7968\u4e0a\u5e02\u89c4\u5219\u300b\u6761\u6b3e3.1.3\u81f33.1.6\u3002<\/p>\n

 <\/p>\n

\u90b9\u5b8f\u6559\u6388
\n<\/strong>\u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u6559\u6388<\/strong><\/p>\n

\u515a\u7d20\u5a77\u5973\u58eb
\n<\/strong>\u4e2d\u56fd\u4eba\u6c11\u5927\u5b66\u5546\u5b66\u9662\u548c\u9999\u6e2f\u57ce\u5e02\u5927\u5b66\u5546\u5b66\u9662\u8054\u5408\u57f9\u517b\u535a\u58eb\u751f<\/strong><\/p>\n

\uff08\u672c\u6587\u540c\u65f6\u4e8e\u4e8c\u96f6\u4e8c\u4e09\u5e74\u4e94\u6708\u4e8c\u5341\u56db\u65e5\u8f7d\u4e8e\u300a\u4fe1\u62a5\u300b\u300c\u9f99\u864e\u5c71\u4e0b\u300d\u4e13\u680f\uff09<\/p>\n","protected":false},"featured_media":0,"template":"","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"tags":[],"class_list":["post-191171","thought-leadership","type-thought-leadership","status-publish","hentry","leadership-topic-categories-opinions-and-speeches-sc","in-the-media-topic-categories-faculty-sc","opinion-speeches-categories-finance-sc"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/thought-leadership\/191171","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/thought-leadership"}],"about":[{"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/types\/thought-leadership"}],"version-history":[{"count":1,"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/thought-leadership\/191171\/revisions"}],"predecessor-version":[{"id":191175,"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/thought-leadership\/191171\/revisions\/191175"}],"wp:attachment":[{"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/media?parent=191171"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/tags?post=191171"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}