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return\uff09\uff0c\u53d1\u73b0\u660e\u663e\u8d85\u8fc7\u540c\u671f\u4e0a\u6d77\u8bc1\u5238\u4ea4\u6613\u6240\u7efc\u5408\u6307\u6570\u7684\u6301\u6709\u671f\u6536\u76ca\u7387\uff0c\u7ecf\u51e0\u4f55\u5e73\u5747\u6570\u8ba1\u7b97\u7684\u80a1\u7968\u8d85\u989d\u6536\u76ca\u7387\u4e3a\u6bcf\u5e746.1%\u3002\u7531\u6b64\u53ef\u89c1\uff0c\u5177\u6301\u7eed\u7a33\u5b9a\u73b0\u91d1\u5206\u7ea2\u6c34\u51c6\u7684\u4e0a\u5e02\u516c\u53f8\uff0c\u900f\u8fc7\u4e8c\u7ea7\u5e02\u573a\u4e5f\u80fd\u4e3a\u6295\u8d44\u8005\u63d0\u4f9b\u53ef\u89c2\u7684\u8d44\u672c\u589e\u503c\u3002<\/p>\n<p>\u56e0\u6b64\uff0c\u516c\u53f8\u73b0\u91d1\u5206\u7ea2\u5360\u5229\u6da6\u7684\u6bd4\u7387\u3001\u6bcf\u80a1\u80a1\u606f\u7387\uff08\u6bcf\u80a1\u73b0\u91d1\u5206\u7ea2\/\u80a1\u4ef7\uff09\u4ee5\u53ca\u8fd9\u4e9b\u6307\u6807\u7684\u7a33\u5b9a\u6027\uff0c\u90fd\u662f\u6295\u8d44\u8005\u9009\u62e9\u80a1\u7968\u6295\u8d44\u7684\u91cd\u8981\u53c2\u8003\u6307\u6807\u3002<\/p>\n<h5>\u5c1a\u5f85\u6301\u7eed\u5206\u7ea2<\/h5>\n<p>\u5c3d\u7ba1\u73b0\u91d1\u5206\u7ea2\u5bf9\u6295\u8d44\u8005\u548c\u5173\u6ce8\u6295\u8d44\u8005\u7684\u4e0a\u5e02\u516c\u53f8\u5f88\u91cd\u8981\uff0c\u4f46\u4f20\u7edf\u4e0a\u6301\u7eed\u5206\u7ea2\u5728A\u80a1\u4e0a\u5e02\u516c\u53f8\u4e2d\u5e76\u4e0d\u666e\u904d\u3002\u9020\u6210\u8fd9\u4e00\u73b0\u8c61\u7684\u4e3b\u8981\u539f\u56e0\u662f\u8fdb\u884c\u9996\u6b21\u516c\u5f00\u62db\u80a1\uff08initial 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\u603b\u4f53\u800c\u8a00\uff0cA\u80a1\u4e0a\u5e02\u516c\u53f8\u8fdb\u884c\u73b0\u91d1\u5206\u7ea2\u7684\u516c\u53f8\u6570\u91cf\u548c\u6bd4\u4f8b\u5747\u5448\u4e0a\u5347\u8d8b\u52bf\uff0c\u9010\u6e10\u5f62\u6210\u73b0\u91d1\u5206\u7ea2\u7684\u6c1b\u56f4\u3002\u5176\u4e2d\uff0c\u76f8\u5bf9\u4e8e\u7eafA\u80a1\u4e0a\u5e02\u516c\u53f8\uff0cH\u80a1\u4e0a\u5e02\u516c\u53f8\u4e3a\u6295\u8d44\u8005\u63d0\u4f9b\u66f4\u9ad8\u7684\u7a0e\u524d\u80a1\u606f\u6536\u76ca\u7387\u3002 \u6ce81\uff1a Jensen, Michael C. &quot;Agency costs of free cash flow, corporate finance, and takeovers.&quot; The American Economic Review 76, no. 2\uff081986\uff09\ufe30323-329. \u6ce82\uff1a 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\u7531\u4e8e\u6295\u8d44\u8005\u5bf9\u73b0\u91d1\u5206\u7ea2\u7684\u521a\u6027\u671f\u5f85\uff0c\u4f01\u4e1a\u7ba1\u7406\u5c42\u5728\u5236\u5b9a\u73b0\u91d1\u5206\u7ea2\u7b56\u7565\u65f6\uff0c\u5f80\u5f80\u503e\u5411\u8c28\u614e\u3002\u8fd9\u4e5f\u89e3\u91ca\u4e86\u4e3a\u4ec0\u4e48\u5728\u77ed\u65f6\u95f4\u5185\uff08\u5982\u8fde\u7eed\u4e24\u5e74\uff09\uff0c\u4f01\u4e1a\u7684\u5229\u6da6\u5206\u7ea2\u6bd4\u4f8b\u548c\u6bcf\u80a1\u5206\u7ea2\u6c34\u51c6\u90fd\u76f8\u5bf9\u7a33\u5b9a\uff0c\u53d8\u5316\u4e0d\u5927\uff1b\u8fd9\u79cd\u7a33\u5b9a\u6027\u79f0\u4e3a\u201c\u73b0\u91d1\u5206\u7ea2\u9ecf\u6027\u201d\uff08dividend stickiness\uff09\u3002\u53cd\u4e4b\uff0c\u82e5\u4f01\u4e1a\u7ba1\u7406\u5c42\u7a81\u7136\u5927\u5e45\u63d0\u9ad8\u6216\u964d\u4f4e\u5206\u7ea2\u6c34\u51c6\uff0c\u96be\u514d\u4f1a\u5411\u5e02\u573a\u4f20\u9012\u51fa\u5176\u5bf9\u516c\u53f8\u672a\u6765\u53d1\u5c55\u5145\u6ee1\u4fe1\u5fc3\u6216\u6df1\u611f\u5fe7\u8651\u7684\u8baf\u53f7\u3002 \u7b14\u8005\u7684\u7814\u7a76\u8868\u660e\uff1aA\u80a1\u5e02\u573a\u957f\u671f\u5206\u7ea2\u7684\u4f01\u4e1a\uff0c\u80a1\u4ef7\u8868\u73b0\u4e5f\u5341\u5206\u51fa\u8272\u30022008\u81f32023\u5e74\u671f\u95f4\uff0c\u6301\u7eed\u73b0\u91d1\u5206\u7ea2\u7684\u4e0a\u5e02\u516c\u53f8\u670917\u5bb6\uff0c\u7ecf\u8ba1\u7b97\u5176\u81ea2009\u81f32023\u5e74\u4e0d\u5305\u62ec\u73b0\u91d1\u5206\u7ea2\u7684\u6301\u6709\u671f\u6536\u76ca\u7387\uff08buy-and-hold return\uff09\uff0c\u53d1\u73b0\u660e\u663e\u8d85\u8fc7\u540c\u671f\u4e0a\u6d77\u8bc1\u5238\u4ea4\u6613\u6240\u7efc\u5408\u6307\u6570\u7684\u6301\u6709\u671f\u6536\u76ca\u7387\uff0c\u7ecf\u51e0\u4f55\u5e73\u5747\u6570\u8ba1\u7b97\u7684\u80a1\u7968\u8d85\u989d\u6536\u76ca\u7387\u4e3a\u6bcf\u5e746.1%\u3002\u7531\u6b64\u53ef\u89c1\uff0c\u5177\u6301\u7eed\u7a33\u5b9a\u73b0\u91d1\u5206\u7ea2\u6c34\u51c6\u7684\u4e0a\u5e02\u516c\u53f8\uff0c\u900f\u8fc7\u4e8c\u7ea7\u5e02\u573a\u4e5f\u80fd\u4e3a\u6295\u8d44\u8005\u63d0\u4f9b\u53ef\u89c2\u7684\u8d44\u672c\u589e\u503c\u3002 \u56e0\u6b64\uff0c\u516c\u53f8\u73b0\u91d1\u5206\u7ea2\u5360\u5229\u6da6\u7684\u6bd4\u7387\u3001\u6bcf\u80a1\u80a1\u606f\u7387\uff08\u6bcf\u80a1\u73b0\u91d1\u5206\u7ea2\/\u80a1\u4ef7\uff09\u4ee5\u53ca\u8fd9\u4e9b\u6307\u6807\u7684\u7a33\u5b9a\u6027\uff0c\u90fd\u662f\u6295\u8d44\u8005\u9009\u62e9\u80a1\u7968\u6295\u8d44\u7684\u91cd\u8981\u53c2\u8003\u6307\u6807\u3002 \u5c1a\u5f85\u6301\u7eed\u5206\u7ea2 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\u603b\u4f53\u800c\u8a00\uff0cA\u80a1\u4e0a\u5e02\u516c\u53f8\u8fdb\u884c\u73b0\u91d1\u5206\u7ea2\u7684\u516c\u53f8\u6570\u91cf\u548c\u6bd4\u4f8b\u5747\u5448\u4e0a\u5347\u8d8b\u52bf\uff0c\u9010\u6e10\u5f62\u6210\u73b0\u91d1\u5206\u7ea2\u7684\u6c1b\u56f4\u3002\u5176\u4e2d\uff0c\u76f8\u5bf9\u4e8e\u7eafA\u80a1\u4e0a\u5e02\u516c\u53f8\uff0cH\u80a1\u4e0a\u5e02\u516c\u53f8\u4e3a\u6295\u8d44\u8005\u63d0\u4f9b\u66f4\u9ad8\u7684\u7a0e\u524d\u80a1\u606f\u6536\u76ca\u7387\u3002 \u6ce81\uff1a Jensen, Michael C. &quot;Agency costs of free cash flow, corporate finance, and takeovers.&quot; The American Economic Review 76, no. 2\uff081986\uff09\ufe30323-329. \u6ce82\uff1a \u4e0a\u5e02\u516c\u53f8\u4e5f\u53ef\u80fd\u53d1\u653e\u7279\u522b\u7684\u4e00\u6b21\u6027\u73b0\u91d1\u5206\u7ea2\u548c\u80a1\u7968\u80a1\u5229\uff08\u5373\u9001\u80a1\uff09\u3002\u56e0\u9001\u80a1\u4e0d\u6d89\u53ca\u73b0\u91d1\u652f\u4ed8\uff0c\u5176\u4f5c\u7528\u7b49\u540c\u4e8e\u80a1\u7968\u7ec6\u5206\u3002\u53e6\u5916\uff0c\u516c\u53f8\u5076\u5c14\u4e5f\u4f1a\u53d1\u653e\u53e6\u7c7b\u80a1\u5229\u6765\u66ff\u4ee3\u73b0\u91d1\u5206\u7ea2\u3002\u5982\u672c\u6e2f\u67d0\u4e0a\u5e02\u516c\u53f82021\u5e74\u5e95\u66fe\u7ecf\u4ee5\u6240\u6301\u6709\u7684\u53e6\u4e00\u516c\u53f8\u80a1\u7968\u6765\u53d1\u653e\u80a1\u5229\u3002 \u90b9\u5b8f\u6559\u6388 \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u6559\u6388 \u6c88\u5b50\u8f72\u5148\u751f \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u7855\u58eb\u751f \uff08\u672c\u6587\u540c\u65f6\u4e8e\u4e8c\u96f6\u4e8c\u56db\u5e74\u516d\u6708\u4e8c\u5341\u516d\u65e5\u8f7d\u4e8e\u300a\u4fe1\u62a5\u300b\u201c\u9f99\u864e\u5c71\u4e0b\u201d\u4e13\u680f\uff09\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/opinions-and-speeches\/a%e8%82%a1%e5%b8%82%e5%9c%ba%e8%b5%b6%e4%b8%8a%e7%8e%b0%e9%87%91%e5%88%86%e7%ba%a2%e6%bd%ae%e6%b5%81\/\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2024-06-28T01:54:09+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2024-06-28T01:54:39+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n\t\t<meta name=\"twitter:title\" content=\"A\u80a1\u5e02\u573a\u8d76\u4e0a\u73b0\u91d1\u5206\u7ea2\u6f6e\u6d41 - HKU Business School\" \/>\n\t\t<meta name=\"twitter:description\" 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\u603b\u4f53\u800c\u8a00\uff0cA\u80a1\u4e0a\u5e02\u516c\u53f8\u8fdb\u884c\u73b0\u91d1\u5206\u7ea2\u7684\u516c\u53f8\u6570\u91cf\u548c\u6bd4\u4f8b\u5747\u5448\u4e0a\u5347\u8d8b\u52bf\uff0c\u9010\u6e10\u5f62\u6210\u73b0\u91d1\u5206\u7ea2\u7684\u6c1b\u56f4\u3002\u5176\u4e2d\uff0c\u76f8\u5bf9\u4e8e\u7eafA\u80a1\u4e0a\u5e02\u516c\u53f8\uff0cH\u80a1\u4e0a\u5e02\u516c\u53f8\u4e3a\u6295\u8d44\u8005\u63d0\u4f9b\u66f4\u9ad8\u7684\u7a0e\u524d\u80a1\u606f\u6536\u76ca\u7387\u3002 \u6ce81\uff1a Jensen, Michael C. &quot;Agency costs of free cash flow, corporate finance, and takeovers.&quot; The American Economic Review 76, no. 2\uff081986\uff09\ufe30323-329. \u6ce82\uff1a 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return\uff09\uff0c\u53d1\u73b0\u660e\u663e\u8d85\u8fc7\u540c\u671f\u4e0a\u6d77\u8bc1\u5238\u4ea4\u6613\u6240\u7efc\u5408\u6307\u6570\u7684\u6301\u6709\u671f\u6536\u76ca\u7387\uff0c\u7ecf\u51e0\u4f55\u5e73\u5747\u6570\u8ba1\u7b97\u7684\u80a1\u7968\u8d85\u989d\u6536\u76ca\u7387\u4e3a\u6bcf\u5e746.1%\u3002\u7531\u6b64\u53ef\u89c1\uff0c\u5177\u6301\u7eed\u7a33\u5b9a\u73b0\u91d1\u5206\u7ea2\u6c34\u51c6\u7684\u4e0a\u5e02\u516c\u53f8\uff0c\u900f\u8fc7\u4e8c\u7ea7\u5e02\u573a\u4e5f\u80fd\u4e3a\u6295\u8d44\u8005\u63d0\u4f9b\u53ef\u89c2\u7684\u8d44\u672c\u589e\u503c\u3002 \u56e0\u6b64\uff0c\u516c\u53f8\u73b0\u91d1\u5206\u7ea2\u5360\u5229\u6da6\u7684\u6bd4\u7387\u3001\u6bcf\u80a1\u80a1\u606f\u7387\uff08\u6bcf\u80a1\u73b0\u91d1\u5206\u7ea2\/\u80a1\u4ef7\uff09\u4ee5\u53ca\u8fd9\u4e9b\u6307\u6807\u7684\u7a33\u5b9a\u6027\uff0c\u90fd\u662f\u6295\u8d44\u8005\u9009\u62e9\u80a1\u7968\u6295\u8d44\u7684\u91cd\u8981\u53c2\u8003\u6307\u6807\u3002 \u5c1a\u5f85\u6301\u7eed\u5206\u7ea2 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\u603b\u4f53\u800c\u8a00\uff0cA\u80a1\u4e0a\u5e02\u516c\u53f8\u8fdb\u884c\u73b0\u91d1\u5206\u7ea2\u7684\u516c\u53f8\u6570\u91cf\u548c\u6bd4\u4f8b\u5747\u5448\u4e0a\u5347\u8d8b\u52bf\uff0c\u9010\u6e10\u5f62\u6210\u73b0\u91d1\u5206\u7ea2\u7684\u6c1b\u56f4\u3002\u5176\u4e2d\uff0c\u76f8\u5bf9\u4e8e\u7eafA\u80a1\u4e0a\u5e02\u516c\u53f8\uff0cH\u80a1\u4e0a\u5e02\u516c\u53f8\u4e3a\u6295\u8d44\u8005\u63d0\u4f9b\u66f4\u9ad8\u7684\u7a0e\u524d\u80a1\u606f\u6536\u76ca\u7387\u3002 \u6ce81\uff1a Jensen, Michael C. \"Agency costs of free cash flow, corporate finance, and takeovers.\" The American Economic Review 76, no. 2\uff081986\uff09\ufe30323-329. \u6ce82\uff1a 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\u603b\u4f53\u800c\u8a00\uff0cA\u80a1\u4e0a\u5e02\u516c\u53f8\u8fdb\u884c\u73b0\u91d1\u5206\u7ea2\u7684\u516c\u53f8\u6570\u91cf\u548c\u6bd4\u4f8b\u5747\u5448\u4e0a\u5347\u8d8b\u52bf\uff0c\u9010\u6e10\u5f62\u6210\u73b0\u91d1\u5206\u7ea2\u7684\u6c1b\u56f4\u3002\u5176\u4e2d\uff0c\u76f8\u5bf9\u4e8e\u7eafA\u80a1\u4e0a\u5e02\u516c\u53f8\uff0cH\u80a1\u4e0a\u5e02\u516c\u53f8\u4e3a\u6295\u8d44\u8005\u63d0\u4f9b\u66f4\u9ad8\u7684\u7a0e\u524d\u80a1\u606f\u6536\u76ca\u7387\u3002 \u6ce81\uff1a Jensen, Michael C. \"Agency costs of free cash flow, corporate finance, and takeovers.\" The American Economic Review 76, no. 2\uff081986\uff09\ufe30323-329. \u6ce82\uff1a 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\u603b\u4f53\u800c\u8a00\uff0cA\u80a1\u4e0a\u5e02\u516c\u53f8\u8fdb\u884c\u73b0\u91d1\u5206\u7ea2\u7684\u516c\u53f8\u6570\u91cf\u548c\u6bd4\u4f8b\u5747\u5448\u4e0a\u5347\u8d8b\u52bf\uff0c\u9010\u6e10\u5f62\u6210\u73b0\u91d1\u5206\u7ea2\u7684\u6c1b\u56f4\u3002\u5176\u4e2d\uff0c\u76f8\u5bf9\u4e8e\u7eafA\u80a1\u4e0a\u5e02\u516c\u53f8\uff0cH\u80a1\u4e0a\u5e02\u516c\u53f8\u4e3a\u6295\u8d44\u8005\u63d0\u4f9b\u66f4\u9ad8\u7684\u7a0e\u524d\u80a1\u606f\u6536\u76ca\u7387\u3002 \u6ce81\uff1a Jensen, Michael C. &quot;Agency costs of free cash flow, corporate finance, and takeovers.&quot; The American Economic Review 76, no. 2\uff081986\uff09\ufe30323-329. \u6ce82\uff1a 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\u603b\u4f53\u800c\u8a00\uff0cA\u80a1\u4e0a\u5e02\u516c\u53f8\u8fdb\u884c\u73b0\u91d1\u5206\u7ea2\u7684\u516c\u53f8\u6570\u91cf\u548c\u6bd4\u4f8b\u5747\u5448\u4e0a\u5347\u8d8b\u52bf\uff0c\u9010\u6e10\u5f62\u6210\u73b0\u91d1\u5206\u7ea2\u7684\u6c1b\u56f4\u3002\u5176\u4e2d\uff0c\u76f8\u5bf9\u4e8e\u7eafA\u80a1\u4e0a\u5e02\u516c\u53f8\uff0cH\u80a1\u4e0a\u5e02\u516c\u53f8\u4e3a\u6295\u8d44\u8005\u63d0\u4f9b\u66f4\u9ad8\u7684\u7a0e\u524d\u80a1\u606f\u6536\u76ca\u7387\u3002 \u6ce81\uff1a Jensen, Michael C. &quot;Agency costs of free cash flow, corporate finance, and takeovers.&quot; The American Economic Review 76, no. 2\uff081986\uff09\ufe30323-329. \u6ce82\uff1a 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