{"id":245967,"date":"2025-10-28T16:46:02","date_gmt":"2025-10-28T08:46:02","guid":{"rendered":"https:\/\/www.hkubs.hku.hk\/research\/thought-leadership\/the-hidden-secrets-behind-hong-kong-stock-privatizations\/"},"modified":"2025-10-28T16:49:40","modified_gmt":"2025-10-28T08:49:40","slug":"the-hidden-secrets-behind-hong-kong-stock-privatizations","status":"publish","type":"thought-leadership","link":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/the-hidden-secrets-behind-hong-kong-stock-privatizations\/","title":{"rendered":"\u6e2f\u80a1\u79c1\u6709\u5316\u6697\u85cf\u7684\u7384\u673a"},"content":{"rendered":"<p>\u7ee7\u4e0a\u5e02\u4e0d\u8db33\u5e74\u534a\u7684\u8c2d\u4ed4\u56fd\u9645\uff0c\u5728\u4eca\u5e742\u6708\u7531\u65e5\u672c\u6bcd\u516c\u53f8\u4e1c\u5229\u591a\u63a7\u80a1\u63d0\u51fa\u79c1\u6709\u5316\u4e4b\u540e\uff0c\u6c47\u4e30\u96c6\u56e2\u4ea6\u4e8e\u672c\u67089\u65e5\u516c\u5e03\uff0c\u5efa\u8bae\u79c1\u6709\u5316\u521b\u7acb\u4e8e1933\u5e74\u7684\u6052\u751f\u94f6\u884c\u3002\u6362\u8a00\u4e4b\uff0c\u6052\u751f\u6210\u4e3a\u6c47\u4e30\u5168\u8d44\u5b50\u516c\u53f8\u540e\uff0c\u5176\u8d85\u8fc750\u5e74\u7684\u4e0a\u5e02\u5730\u4f4d\u5c06\u88ab\u64a4\u9500\u3002<\/p>\n<h2><strong>\u9000\u5e02\u80cc\u540e\u7684\u51b3\u7b56<\/strong><\/h2>\n<p>\u9999\u6e2f\u4ea4\u6613\u53ca\u7ed3\u7b97\u6240\u6709\u9650\u516c\u53f8\uff08\u6e2f\u4ea4\u6240\uff09\u8d44\u6599\u663e\u793a\uff0c\u8fd15\u5e74\u6765\u6bcf\u5e74\u5e73\u5747\u670921\u5bb6\u4e0a\u5e02\u516c\u53f8\u56e0\u79c1\u6709\u5316\u9000\u5e02\u3002\u4ee5\u91d1\u989d\u8ba1\u7b97\uff0c\u53bb\u5e74\u79c1\u6709\u5316\u768416\u5bb6\u6e2f\u80a1\u516c\u53f8\u5e02\u503c\u8fbe1,226\u4ebf\u5143\uff0c\u9ad8\u4e8e\u9996\u6b21\u516c\u5f00\u62db\u80a1\uff08IPO\uff09\u7684\u96c6\u8d44\u91d1\u989d\u3002<\/p>\n<p>\u5728\u80a1\u7968\u5e02\u573a\u7684\u79c1\u6709\u5316\uff0c\u901a\u5e38\u6307\u4e00\u5bb6\u4e0a\u5e02\u516c\u53f8\u7684\u63a7\u80a1\u80a1\u4e1c\u6216\u7b2c\u4e09\u65b9\uff08\u5176\u4ed6\u6295\u8d44\u8005\u6216\u91d1\u878d\u673a\u6784\uff09\u4ee5\u73b0\u91d1\u6216\u8bc1\u5238\u7684\u65b9\u5f0f\uff0c\u5411\u6240\u6709\u80a1\u4e1c\u8d2d\u4e70\u5168\u6570\u80a1\u4efd\u3002\u79c1\u6709\u5316\u7684\u539f\u56e0\u6db5\u76d6\u4ee5\u4e0b5\u65b9\u9762\u3002<\/p>\n<p><strong>\u4e00\u3001\u5546\u4e1a\u4fdd\u5bc6\u53ca\u6210\u672c\u8003\u91cf<\/strong><\/p>\n<p>\u4f01\u4e1a\u8981\u7ef4\u6301\u4e0a\u5e02\u5730\u4f4d\uff0c\u6bcf\u5e74\u7684\u56fa\u5b9a\u652f\u51fa\u4e0d\u5728\u5c11\u6570\uff0c\u5305\u62ec\u76d1\u7ba1\u62a5\u544a\u8d39\u7528\u3001\u8d44\u8baf\u62ab\u9732\u6210\u672c\u53ca\u4ea4\u6613\u6240\u5e74\u8d39\uff0c\u79c1\u6709\u5316\u540e\u5219\u53ef\u4e00\u6982\u514d\u9664\u3002\u79c1\u4eba\u516c\u53f8\u56e0\u65e0\u9700\u516c\u5f00\u654f\u611f\u8d22\u52a1\u6216\u4e1a\u52a1\u7ec6\u8282\uff0c\u800c\u53ef\u5728\u7ade\u4e89\u6fc0\u70c8\u7684\u5e02\u573a\u4fdd\u6301\u4f18\u52bf\u3002\u518d\u8005\uff0c\u6760\u6746\u6536\u8d2d\u4f5c\u4e3a\u79c1\u6709\u5316\u7684\u4e00\u79cd\u91cd\u8981\u65b9\u5f0f\uff0c\u6240\u6d89\u53ca\u7684\u8d1f\u503a\u5229\u606f\u652f\u51fa\u53ef\u7528\u6765\u6263\u51cf\u5e94\u7eb3\u7a0e\u989d\u3002\u7a0e\u52a1\u6536\u76ca\u901a\u5e38\u88ab\u89c6\u4e3a\u8865\u8d34\u4e4b\u7c7b\uff0c\u5b9e\u9645\u4e0a\u5219\u662f\u7531\u653f\u5e9c\u548c\u516c\u4f17\u57cb\u5355\u3002<\/p>\n<p><strong>\u4e8c\u3001\u63a7\u5236\u4ee3\u7406\u6210\u672c<\/strong><\/p>\n<p>\u79c1\u6709\u5316\u900f\u8fc7\u6760\u6746\u6536\u8d2d\u5927\u5e45\u4e3e\u503a\uff0c\u4fc3\u4f7f\u4f01\u4e1a\u4f7f\u7528\u81ea\u7531\u73b0\u91d1\u6d41\u52a0\u4ee5\u507f\u8fd8\uff0c\u7531\u6b64\u53ef\u51cf\u4f4e\u7ba1\u7406\u5c42\u7684\u6f5c\u5728\u4e0d\u5f53\u6295\u8d44\u6216\u6d6a\u8d39\u884c\u4e3a\u3002\u81ea\u7531\u73b0\u91d1\u6d41\u91cf\u7f29\u51cf\u4e0e\u63a8\u9ad8\u503a\u52a1\u7684\u8d22\u52a1\u6760\u6746\u6c34\u5e73\uff0c\u6709\u5229\u4e8e\u964d\u4f4e\u4ee3\u7406\u6210\u672c\u3002 \u540c\u65f6\uff0c\u516c\u53f8\u8f6c\u4e3a\u79c1\u4eba\u6301\u6709\u540e\uff0c\u80a1\u6743\u96c6\u4e2d\u4e8e\u5c11\u6570\u5927\u80a1\u4e1c\u6216\u7ba1\u7406\u5c42\uff0c\u56e0\u800c\u6709\u52a8\u673a\u4f5c\u51fa\u6709\u6548\u76d1\u7763\uff0c\u907f\u514d\u4e86\u80a1\u6743\u5206\u6563\u65f6\u7684\u5f0a\u75c5\uff0c\u4f8b\u5982\u76d1\u7763\u6210\u672c\u9ad8\u3002<\/p>\n<p><strong>\u4e09\u3001\u89e3\u51b3\u201c\u642d\u4fbf\u8f66\u201d\u95ee\u9898<\/strong><\/p>\n<p>\u5728\u80a1\u6743\u5206\u6563\u7684\u516c\u53f8\uff0c\u5bf9\u7ba1\u7406\u5c42\u7684\u76d1\u7763\u662f\u4e00\u79cd\u201c\u516c\u5171\u8d22\u201d\uff08public good\uff09\u3002\u79ef\u6781\u76d1\u7763\u7684\u80a1\u4e1c\u4ed8\u51fa\u9ad8\u6210\u672c\uff0c\u53cd\u800c\u65e0\u6cd5\u72ec\u4eab\u6536\u76ca\uff0c\u5176\u4ed6\u80a1\u4e1c\u5374\u56e0\u53ef\u6210\u4e3a\u7ecf\u6d4e\u5b66\u4e0a\u6240\u8c13\u201c\u642d\u4fbf\u8f66\u8005\u201d\uff08free rider\uff09\uff0c\u800c\u964d\u4f4e\u76d1\u7763\u610f\u613f\u3002\u4f01\u4e1a\u9664\u724c\u540e\uff0c\u5219\u53ef\u80fd\u7531\u5355\u4e00\u673a\u6784\u6216\u5c11\u6570\u80a1\u4e1c\u638c\u63e1\u5927\u6743\uff0c\u4e5f\u5c31\u8f83\u4e3a\u5bb9\u6613\u514b\u670d\u642d\u4fbf\u8f66\u7684\u95ee\u9898\u3002<\/p>\n<p>\u4e8b\u5b9e\u4e0a\uff0c\u4ee5\u516c\u53f8\u51b3\u7b56\u8fc7\u7a0b\u800c\u8a00\uff0c\u65e0\u7591\u66f4\u6709\u6548\u7387\u3002\u91cd\u8981\u7684\u8ba1\u5212\u6bcb\u9700\u8fc7\u4e8e\u8be6\u5c3d\u7684\u7814\u7a76\u6216\u5411\u8463\u4e8b\u4f1a\u62a5\u544a\uff0c\u7ba1\u7406\u5c42\u7684\u51b3\u7b56\u53d8\u5f97\u5feb\u901f\u6709\u6548\uff0c\u5e76\u5f97\u4ee5\u4e13\u6ce8\u4e8e\u516c\u53f8\u7684\u957f\u8fdc\u53d1\u5c55\u3001\u975e\u6838\u5fc3\u4e1a\u52a1\u7684\u91cd\u7ec4\uff0c\u4ee5\u81f3\u8f83\u9ad8\u98ce\u9669\u7684\u8f6c\u578b\u6295\u8d44\u3002<\/p>\n<p><strong>\u56db\u3001\u8d22\u5bcc\u8f6c\u79fb\u6548\u5e94<\/strong><\/p>\n<p>\u79c1\u6709\u5316\u80a1\u6743\u4ef7\u503c\u7684\u589e\u52a0\uff0c\u53ef\u80fd\u57fa\u4e8e\u8d22\u5bcc\u4ece\u5176\u4ed6\u4eba\uff08\u5982\u503a\u6743\u4eba\u3001\u7279\u522b\u80a1\u80a1\u4e1c\u3001\u96c7\u5458\u4ee5\u53ca\u653f\u5e9c\uff09\u8f6c\u79fb\u7ed9\u80a1\u4e1c\u3002\u516c\u53f8\u7ecf\u79c1\u6709\u5316\u540e\uff0c\u6216\u4f1a\u4e3a\u8ffd\u6c42\u66f4\u5927\u5229\u6da6\u800c\u8fdb\u884c\u8f83\u9ad8\u98ce\u9669\u7684\u6295\u8d44\u9879\u76ee\uff0c\u4ece\u800c\u589e\u52a0\u503a\u6743\u4eba\u548c\u4f18\u5148\u80a1\u80a1\u4e1c\u7684\u98ce\u9669\uff0c\u4f46\u6536\u76ca\u5374\u4e3b\u8981\u5f52\u4e8e\u80a1\u4e1c\u3002\u516c\u53f8\u4ea6\u53ef\u80fd\u5728\u79c1\u6709\u5316\u524d\u63d0\u9ad8\u80a1\u606f\u53d1\u653e\uff0c\u5c06\u90e8\u5206\u516c\u53f8\u7684\u73b0\u91d1\u5206\u914d\u7ed9\u80a1\u4e1c\uff0c\u4ee4\u516c\u53f8\u7559\u5b58\u7684\u8d44\u672c\u51cf\u5c11\uff0c\u7ed3\u679c\u635f\u5bb3\u503a\u6743\u4eba\u548c\u4f18\u5148\u80a1\u80a1\u4e1c\u7684\u5229\u76ca\u3002<\/p>\n<p><strong>\u4e94\u3001\u8d44\u8baf\u4e0d\u5bf9\u79f0\u4e0e\u80a1\u4ef7\u4f4e\u4f01<\/strong><\/p>\n<p>\u79c1\u6709\u5316\u8fc7\u7a0b\u4e2d\uff0c\u7ba1\u7406\u5c42\u56e0\u8f83\u4e00\u822c\u6295\u8d44\u8005\u638c\u63e1\u66f4\u591a\u5173\u4e8e\u516c\u53f8\u4ef7\u503c\u7684\u8d44\u8baf\uff0c\u800c\u80fd\u4ee5\u4f4e\u4e8e\u516c\u53f8\u5b9e\u9645\u4ef7\u503c\u7684\u4ef7\u683c\u6536\u8d2d\u516c\u53f8\uff1b\u5185\u90e8\u4eba\u58eb\u53c8\u6216\u5229\u7528\u4f1a\u8ba1\u548c\u8d22\u52a1\u6280\u5de7\u538b\u4f4e\u80a1\u4ef7\uff0c\u800c\u4ee5\u4f4e\u4e8e\u5b9e\u9645\u4ef7\u503c\u7684\u4ef7\u683c\u5b8c\u6210\u6536\u8d2d\u3002\u5927\u4f17\u6295\u8d44\u8005\u5f80\u5f80\u8457\u773c\u4e8e\u77ed\u671f\u6536\u76ca\uff0c\u800c\u4f4e\u4f30\u5177\u957f\u671f\u6295\u8d44\u4ef7\u503c\u7684\u516c\u53f8\u3002\u5e02\u51b5\u6108\u5dee\uff0c\u80a1\u4ef7\u4e0e\u8d44\u4ea7\u4ef7\u6298\u8ba9\u5c31\u4f1a\u6108\u5927\uff0c\u800c\u6298\u8ba9\u6108\u5927\uff0c\u79c1\u6709\u5316\u673a\u4f1a\u4ea6\u6108\u5927\u3002\u7ec6\u4ef7\u80a1\u4ee5\u53ca\u89c4\u6a21\u8f83\u5c0f\u7684\u5730\u4ea7\u80a1\uff0c\u5747\u8f83\u6709\u673a\u4f1a\u63d0\u51fa\u79c1\u6709\u5316\u3002<\/p>\n<p>\u5f53\u80a1\u4ef7\u4e0d\u53ca\u8d44\u4ea7\u51c0\u503c\uff0c\u79c1\u6709\u5316\u53ef\u8ba9\u63a7\u80a1\u80a1\u4e1c\u4ee5\u76f8\u5bf9\u4f4e\u7684\u6210\u672c\u56de\u8d2d\u8d44\u4ea7\u3002\u4ee5\u963f\u91cc\u5df4\u5df4\u4e3a\u4f8b\uff0c\u96c6\u56e2\u57282007\u5e74\u5c06\u65d7\u4e0bB2B\u4e1a\u52a1\uff08\u963f\u91cc\u5df4\u5df4\u7f51\u7edc\u6709\u9650\u516c\u53f8\uff09\u5728\u9999\u6e2f\u4e0a\u5e02\uff0c\u53d1\u884c\u4ef7\u4e3a13. 5\u5143\u3002\u540e\u56e0\u4e1a\u52a1\u589e\u957f\u4e4f\u529b\uff0c\u52a0\u4e0a\u80a1\u4ef7\u6301\u7eed\u4f4e\u8ff7\uff0c\u96c6\u56e2\u4e8e2012\u5e74\u540c\u6837\u4ee513. 5\u5143\u79c1\u6709\u5316\u4e0a\u5e02\u90e8\u5206\u3002\u963f\u91cc\u5df4\u5df4\u57282014\u5e74\u5728\u7f8e\u56fd\u7ebd\u7ea6\u4ea4\u6613\u6240\u6302\u724c\uff0c\u81f32019\u5e74\u6e2f\u4ea4\u6240\u5141\u8bb8\u201c\u540c\u80a1\u4e0d\u540c\u6743\u201d\u516c\u53f8\u4e0a\u5e02\uff0c\u963f\u91cc\u5df4\u5df4\u540c\u5e74\u91cd\u8fd4\u9999\u6e2f\u4e0a\u5e02\u3002<\/p>\n<h2><strong>\u79c1\u6709\u5316\u4ea4\u6613\u6210\u8d25\u4e92\u89c1<\/strong><\/h2>\n<p>2024\u5e74\uff0c\u672c\u6e2f\u79c1\u6709\u5316\u7684\u4e0a\u5e02\u4f01\u4e1a\u4e3a\u6570\u517116\u5bb6\u3002\u8fd1\u671f\u5728\u6e2f\u4ea4\u6240\u64a4\u9500\u4e0a\u5e02\u5730\u4f4d\u7684\u516c\u53f8\uff0c\u5305\u62ec\u57282019\u5e74\u6302\u724c\u7684ESR\u96c6\u56e2\u3002\u53bb\u5e74\u5e74\u5e95\uff0c\u96c6\u56e2\u521b\u529e\u4eba\u4e0e\u56fd\u9645\u91d1\u878d\u673a\u6784\u8054\u624b\u7ec4\u6210\u8d22\u56e2\uff0c\u4ee5\u6bcf\u80a113\u5143\u6536\u8d2dESR\u6240\u6709\u6d41\u901a\u80a1\uff1b\u79c1\u6709\u5316\u4ea4\u6613\u603b\u503c\u4e3a552\u4ebf\u5143\u3002<\/p>\n<p>\u63d0\u51fa\u79c1\u6709\u5316\u4e00\u65b9\u8868\u793a\uff0cESR\u9510\u610f\u8f6c\u578b\u4e3a\u8f7b\u8d44\u4ea7\u5e73\u53f0\uff0c\u805a\u7126\u65b0\u7ecf\u6d4e\u9886\u57df\u3002\u7531\u4e8e\u6709\u5173\u7b56\u7565\u6216\u4f1a\u9020\u6210\u77ed\u671f\u83b7\u5229\u6ce2\u52a8\uff0c\u51b3\u8bae\u5e94\u907f\u514d\u516c\u5f00\u5e02\u573a\u7684\u77ed\u671f\u538b\u529b\u53ca\u4e0a\u5e02\u89c4\u5219\u7684\u9650\u5236\uff0c\u4ee5\u4fbf\u4e1a\u52a1\u8fbe\u81f4\u8f6c\u578b\u76ee\u6807\u3002<\/p>\n<p>\u4e0e\u6b64\u540c\u65f6\uff0c\u4f01\u4e1a\u79c1\u6709\u5316\u4ea6\u4e0d\u4e4f\u5931\u8d25\u6848\u4f8b\uff0c\u539f\u56e0\u4e4b\u4e00\u662f\u8bb8\u591a\u79c1\u6709\u5316\u65b9\u6848\u7684\u4ef7\u683c\u8fdc\u9ad8\u4e8e\u516c\u53f8\u8d44\u4ea7\u51c0\u503c\u6298\u8ba9\uff0c\u96be\u83b7\u72ec\u7acb\u80a1\u4e1c\u63a5\u7eb3\u3002\u6b64\u5916\uff0c\u6709\u65b9\u6848\u987b\u7ecf\u51fa\u5e2d\u8868\u51b3\u7684\u72ec\u7acb\u80a1\u4e1c\u5927\u591a\u6570\u901a\u8fc7\uff0c\u800c\u8868\u51b3\u6295\u7968\u5f80\u5f80\u4ee4\u79c1\u6709\u5316\u5efa\u8bae\u529f\u8d25\u5782\u6210\u3002<\/p>\n<p>\u672c\u5e744\u6708\uff0c\u8fea\u751f\u521b\u5efa\u5927\u80a1\u4e1c\u6f58\u5ef8\u751f\u63d0\u51fa\u4ee5\u6bcf\u80a17.2\u5143\u79c1\u6709\u5316\uff0c\u8f83\u5f53\u65f6\u5e02\u4ef7\u6709\u903e\u4e94\u6210\u6ea2\u4ef7\uff0c\u4f46\u4ecd\u4f4e\u4e8e\u516c\u53f8\u53bb\u5e74\u6bcf\u80a1\u8d44\u4ea7\u51c0\u503c9.05\u5143\u3002\u518d\u8005\uff0c\u516c\u53f8\u6301\u6709\u5927\u91cf\u73b0\u91d1\uff0c\u4ee4\u90e8\u5206\u80a1\u4e1c\u6295\u4e0b\u53cd\u5bf9\u7968\u3002\u6700\u7ec8\u57287\u6708\u4e3e\u884c\u7684\u6cd5\u9662\u4f1a\u8bae\u4e0a\uff0c\u56e0\u53cd\u5bf9\u7968\u8fbe10. 16%\uff0c\u800c\u672a\u80fd\u6ee1\u8db3\u79c1\u6709\u5316\u6761\u4ef6\u3002<\/p>\n<h2><strong>\u9000\u5e02\u6311\u6218\u4e0e\u751f\u673a\u5e76\u5b58<\/strong><\/h2>\n<p>\u4e0a\u5e02\u516c\u53f8\u79c1\u6709\u5316\u96be\u514d\u9762\u4e34\u6311\u6218\u3002\u9996\u5148\uff0c\u4ea4\u6613\u5b8c\u6210\u540e\u53ef\u80fd\u9650\u5236\u516c\u53f8\u7684\u878d\u8d44\u6e20\u9053\uff0c\u56e0\u4e3a\u79c1\u4eba\u4f01\u4e1a\u65e0\u6cd5\u901a\u8fc7\u53d1\u884c\u6216\u589e\u53d1\u80a1\u4efd\u4ee5\u8fdb\u884c\u5927\u89c4\u6a21\u878d\u8d44\uff0c\u8d44\u91d1\u6765\u6e90\u4ec5\u80fd\u4f9d\u8d56\u94f6\u884c\u8d37\u6b3e\u6216\u79c1\u52df\uff0c\u7075\u6d3b\u6027\u5927\u4e3a\u964d\u4f4e\u3002\u5176\u6b21\uff0c\u6216\u4f1a\u635f\u5bb3\u5c0f\u80a1\u4e1c\u5229\u76ca\u3002\u82e5\u6536\u8d2d\u4ef7\u94b1\u4e0d\u5408\u7406\uff0c\u53c8\u6216\u5927\u80a1\u4e1c\u5229\u7528\u4f18\u52bf\u5730\u4f4d\u538b\u4f4e\u6536\u8d2d\u4ef7\uff0c\u5c06\u4e0d\u5229\u4e8e\u6563\u6237\u4e0e\u5c0f\u80a1\u4e1c\u7684\u5408\u7406\u6743\u76ca\u3002<\/p>\n<p>\u56de\u987e\u672c\u4e16\u7eaa\u4ee5\u6765\uff0c\u591a\u5bb6\u6e2f\u8d44\u94f6\u884c\u5148\u540e\u6613\u624b\u3010\u8868\u3011\uff0c\u4f8b\u5982\u62db\u5546\u94f6\u884c\u57282008\u5e74\u4ee5193\u4ebf\u5143\u6536\u8d2d\u6c38\u9686\u94f6\u884c\uff1b2013\u5e74\uff0c\u5e7f\u4e1c\u5927\u578b\u56fd\u4f01\u8d8a\u79c0\u96c6\u56e2\uff0c\u5ba3\u5e03\u4ee5116\u4ebf\u5143\u6536\u8d2d\u5ed6\u521b\u5174\u5bb6\u65cf\u7684\u521b\u5174\u94f6\u884c75%\u80a1\u6743\u3002\u65f6\u81f3\u4eca\u65e5\uff0c\u7eaf\u6e2f\u8d44\u94f6\u884c\u53ea\u5269\u4e1c\u4e9a\u94f6\u884c\u3001\u5927\u65b0\u94f6\u884c\uff0c\u4ee5\u53ca\u5e76\u65e0\u4e0a\u5e02\u7684\u5927\u751f\u94f6\u884c\u3002<\/p>\n<p>\u8868\uff1a\u5343\u79a7\u5e74\u540e\u94f6\u884c\u5e76\u8d2d<\/p>\n<table>\n<tbody>\n<tr>\n<td width=\"90\">2000\u5e74<\/td>\n<td width=\"378\">\u4e1c\u4e9a\u6536\u8d2d\u7b2c\u4e00\u592a\u5e73\u94f6\u884c<\/td>\n<\/tr>\n<tr>\n<td width=\"90\">2003\u5e74<\/td>\n<td width=\"378\">\u6c38\u4ea8\u6536\u8d2d\u6d59\u6c5f\u7b2c\u4e00\u94f6\u884c\uff1b\u5de5\u94f6\u4e9a\u6d32\u6536\u8d2d\u534e\u6bd4\u5bcc\u901a\u94f6\u884c<\/td>\n<\/tr>\n<tr>\n<td width=\"90\">2004\u5e74<\/td>\n<td width=\"378\">\u53f0\u6e7e\u5bcc\u90a6\u91d1\u63a7\u6536\u8d2d\u6e2f\u57fa\u94f6\u884c\u80a1\u6743<\/td>\n<\/tr>\n<tr>\n<td width=\"90\">2006\u5e74<\/td>\n<td width=\"378\">\u5927\u4f17\u91d1\u878d\u6536\u8d2d\u4e9a\u6d32\u5546\u4e1a\u94f6\u884c<\/td>\n<\/tr>\n<tr>\n<td width=\"90\">2008\u5e74<\/td>\n<td width=\"378\">\u62db\u5546\u94f6\u884c\u6536\u8d2d\u6c38\u9686\u94f6\u884c<\/td>\n<\/tr>\n<tr>\n<td width=\"90\">2013\u5e74<\/td>\n<td width=\"378\">\u8d8a\u79c0\u96c6\u56e2\u6536\u8d2d\u521b\u5174\u94f6\u884c<\/td>\n<\/tr>\n<tr>\n<td width=\"90\">2014\u5e74<\/td>\n<td width=\"378\">\u534e\u4fa8\u94f6\u884c\u6536\u8d2d\u6c38\u4ea8\u94f6\u884c<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p>\u81f3\u4e8e\u662f\u6b21\u6c47\u63a7\u51b3\u5b9a\u5c06\u6052\u751f\u79c1\u6709\u5316\uff0c\u5916\u754c\u8ba4\u4e3a\u65e2\u80fd\u5904\u7406\u6052\u751f\u574f\u5e10\uff0c\u4ea6\u80fd\u6709\u6548\u7cbe\u7b80\u96c6\u56e2\u5728\u9999\u6e2f\u7684\u4e1a\u52a1\u67b6\u6784\uff0c\u7406\u987a\u51b3\u7b56\u6d41\u7a0b\uff0c\u5e76\u63d0\u9ad8\u7075\u6d3b\u6027\u3002\u6c47\u4e30\u8868\u660e\uff0c\u5728\u4ea4\u6613\u5b8c\u6210\u540e\uff0c\u5c06\u6682\u505c\u80a1\u7968\u56de\u8d2d3\u4e2a\u5b63\u5ea6\uff0c\u4ee5\u4fdd\u7559\u8d44\u91d1\u3002\u867d\u7136\u6b64\u4e3e\u5c06\u4ee4\u6c47\u4e30\u80a1\u4e1c\u7684\u603b\u56de\u62a5\uff08\u5305\u62ec\u80a1\u606f\u53ca\u56de\u8d2d\uff09\u53d7\u538b\uff0c\u5e02\u573a\u9884\u671f\u77ed\u671f\u5185\u80a1\u4ef7\u6216\u4e0b\u8dcc\uff0c\u4f46\u79c1\u6709\u5316\u957f\u8fdc\u5c06\u5e26\u6765\u6b63\u9762\u5f71\u54cd\u3002<\/p>\n<p>\u4e00\u5f85\u6052\u751f\u79c1\u6709\u5316\uff0c\u6c47\u4e30\u53ef\u671b\u63d0\u5347\u6548\u7387\uff0c\u5e76\u4e14\u900f\u8fc7\u6574\u5408\u4e1a\u52a1\u3001\u4eba\u529b\u8d44\u6e90\u3001\u5ba2\u6237\u7f51\u7edc\u4ee5\u5b9e\u73b0\u534f\u540c\u6548\u5e94\u3002\u5c3d\u7ba1\u6052\u751f\u7684\u54c1\u724c\u3001\u5206\u884c\u65e5\u540e\u5c06\u83b7\u4fdd\u7559\uff0c\u4e24\u5bb6\u94f6\u884c\u5728\u7ba1\u7406\u53ca\u51b3\u7b56\u4e0a\u65e0\u7591\u66f4\u8d8b\u7d27\u5bc6\u3002\u968f\u7740\u5168\u7403\u94f6\u884c\u4e1a\u8fdb\u4e00\u6b65\u9762\u4e34\u5730\u7f18\u653f\u6cbb\u53ca\u76d1\u7ba1\u538b\u529b\uff0c\u6b64\u4e3e\u5c06\u6807\u5fd7\u9999\u6e2f\u91d1\u878d\u4e1a\u8fc8\u5411\u65b0\u65f6\u4ee3\uff0c\u751a\u81f3\u6709\u671b\u5f00\u521b\u4e9a\u6d32\u94f6\u884c\u4e1a\u6574\u5408\u7684\u6f6e\u6d41\u3002<\/p>\n<p><strong>\u8c22\u56fd\u751f\u6559\u6388<br \/>\n<\/strong><strong>\u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u6559\u5b66\u526f\u6559\u6388\u3001\u65b0\u754c\u4e61\u8bae\u5c40\u5f53\u7136\u6267\u884c\u59d4\u5458<\/strong><\/p>\n<p><strong>\u4f55\u654f\u6dd9<br \/>\n<\/strong><strong>\u9999\u6e2f\u5927\u5b66\u9644\u5c5e\u5b66\u9662\u8bb2\u5e08<\/strong><\/p>\n<p><span>\uff08\u672c\u6587\u540c\u65f6\u4e8e\u4e8c\u96f6\u4e8c\u4e94\u5e74\u5341\u6708\u4e8c\u5341\u4e5d\u65e5\u8f7d\u4e8e\u300a\u4fe1\u62a5\u300b\u201c\u9f99\u864e\u5c71\u4e0b\u201d\u4e13\u680f\uff09<\/span><\/p>\n","protected":false},"featured_media":0,"template":"","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"tags":[],"class_list":["post-245967","thought-leadership","type-thought-leadership","status-publish","hentry","leadership-topic-categories-hkej-column-sc","leadership-topic-categories-opinions-and-speeches-sc","in-the-media-topic-categories-faculty-sc","opinion-speeches-categories-faculty-sc"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"\u7ee7\u4e0a\u5e02\u4e0d\u8db33\u5e74\u534a\u7684\u8c2d\u4ed4\u56fd\u9645\uff0c\u5728\u4eca\u5e742\u6708\u7531\u65e5\u672c\u6bcd\u516c\u53f8\u4e1c\u5229\u591a\u63a7\u80a1\u63d0\u51fa\u79c1\u6709\u5316\u4e4b\u540e\uff0c\u6c47\u4e30\u96c6\u56e2\u4ea6\u4e8e\u672c\u67089\u65e5\u516c\u5e03\uff0c\u5efa\u8bae\u79c1\u6709\u5316\u521b\u7acb\u4e8e1933\u5e74\u7684\u6052\u751f\u94f6\u884c\u3002\u6362\u8a00\u4e4b\uff0c\u6052\u751f\u6210\u4e3a\u6c47\u4e30\u5168\u8d44\u5b50\u516c\u53f8\u540e\uff0c\u5176\u8d85\u8fc750\u5e74\u7684\u4e0a\u5e02\u5730\u4f4d\u5c06\u88ab\u64a4\u9500\u3002 \u9000\u5e02\u80cc\u540e\u7684\u51b3\u7b56 \u9999\u6e2f\u4ea4\u6613\u53ca\u7ed3\u7b97\u6240\u6709\u9650\u516c\u53f8\uff08\u6e2f\u4ea4\u6240\uff09\u8d44\u6599\u663e\u793a\uff0c\u8fd15\u5e74\u6765\u6bcf\u5e74\u5e73\u5747\u670921\u5bb6\u4e0a\u5e02\u516c\u53f8\u56e0\u79c1\u6709\u5316\u9000\u5e02\u3002\u4ee5\u91d1\u989d\u8ba1\u7b97\uff0c\u53bb\u5e74\u79c1\u6709\u5316\u768416\u5bb6\u6e2f\u80a1\u516c\u53f8\u5e02\u503c\u8fbe1,226\u4ebf\u5143\uff0c\u9ad8\u4e8e\u9996\u6b21\u516c\u5f00\u62db\u80a1\uff08IPO\uff09\u7684\u96c6\u8d44\u91d1\u989d\u3002 \u5728\u80a1\u7968\u5e02\u573a\u7684\u79c1\u6709\u5316\uff0c\u901a\u5e38\u6307\u4e00\u5bb6\u4e0a\u5e02\u516c\u53f8\u7684\u63a7\u80a1\u80a1\u4e1c\u6216\u7b2c\u4e09\u65b9\uff08\u5176\u4ed6\u6295\u8d44\u8005\u6216\u91d1\u878d\u673a\u6784\uff09\u4ee5\u73b0\u91d1\u6216\u8bc1\u5238\u7684\u65b9\u5f0f\uff0c\u5411\u6240\u6709\u80a1\u4e1c\u8d2d\u4e70\u5168\u6570\u80a1\u4efd\u3002\u79c1\u6709\u5316\u7684\u539f\u56e0\u6db5\u76d6\u4ee5\u4e0b5\u65b9\u9762\u3002 \u4e00\u3001\u5546\u4e1a\u4fdd\u5bc6\u53ca\u6210\u672c\u8003\u91cf \u4f01\u4e1a\u8981\u7ef4\u6301\u4e0a\u5e02\u5730\u4f4d\uff0c\u6bcf\u5e74\u7684\u56fa\u5b9a\u652f\u51fa\u4e0d\u5728\u5c11\u6570\uff0c\u5305\u62ec\u76d1\u7ba1\u62a5\u544a\u8d39\u7528\u3001\u8d44\u8baf\u62ab\u9732\u6210\u672c\u53ca\u4ea4\u6613\u6240\u5e74\u8d39\uff0c\u79c1\u6709\u5316\u540e\u5219\u53ef\u4e00\u6982\u514d\u9664\u3002\u79c1\u4eba\u516c\u53f8\u56e0\u65e0\u9700\u516c\u5f00\u654f\u611f\u8d22\u52a1\u6216\u4e1a\u52a1\u7ec6\u8282\uff0c\u800c\u53ef\u5728\u7ade\u4e89\u6fc0\u70c8\u7684\u5e02\u573a\u4fdd\u6301\u4f18\u52bf\u3002\u518d\u8005\uff0c\u6760\u6746\u6536\u8d2d\u4f5c\u4e3a\u79c1\u6709\u5316\u7684\u4e00\u79cd\u91cd\u8981\u65b9\u5f0f\uff0c\u6240\u6d89\u53ca\u7684\u8d1f\u503a\u5229\u606f\u652f\u51fa\u53ef\u7528\u6765\u6263\u51cf\u5e94\u7eb3\u7a0e\u989d\u3002\u7a0e\u52a1\u6536\u76ca\u901a\u5e38\u88ab\u89c6\u4e3a\u8865\u8d34\u4e4b\u7c7b\uff0c\u5b9e\u9645\u4e0a\u5219\u662f\u7531\u653f\u5e9c\u548c\u516c\u4f17\u57cb\u5355\u3002 \u4e8c\u3001\u63a7\u5236\u4ee3\u7406\u6210\u672c \u79c1\u6709\u5316\u900f\u8fc7\u6760\u6746\u6536\u8d2d\u5927\u5e45\u4e3e\u503a\uff0c\u4fc3\u4f7f\u4f01\u4e1a\u4f7f\u7528\u81ea\u7531\u73b0\u91d1\u6d41\u52a0\u4ee5\u507f\u8fd8\uff0c\u7531\u6b64\u53ef\u51cf\u4f4e\u7ba1\u7406\u5c42\u7684\u6f5c\u5728\u4e0d\u5f53\u6295\u8d44\u6216\u6d6a\u8d39\u884c\u4e3a\u3002\u81ea\u7531\u73b0\u91d1\u6d41\u91cf\u7f29\u51cf\u4e0e\u63a8\u9ad8\u503a\u52a1\u7684\u8d22\u52a1\u6760\u6746\u6c34\u5e73\uff0c\u6709\u5229\u4e8e\u964d\u4f4e\u4ee3\u7406\u6210\u672c\u3002 \u540c\u65f6\uff0c\u516c\u53f8\u8f6c\u4e3a\u79c1\u4eba\u6301\u6709\u540e\uff0c\u80a1\u6743\u96c6\u4e2d\u4e8e\u5c11\u6570\u5927\u80a1\u4e1c\u6216\u7ba1\u7406\u5c42\uff0c\u56e0\u800c\u6709\u52a8\u673a\u4f5c\u51fa\u6709\u6548\u76d1\u7763\uff0c\u907f\u514d\u4e86\u80a1\u6743\u5206\u6563\u65f6\u7684\u5f0a\u75c5\uff0c\u4f8b\u5982\u76d1\u7763\u6210\u672c\u9ad8\u3002 \u4e09\u3001\u89e3\u51b3\u201c\u642d\u4fbf\u8f66\u201d\u95ee\u9898 \u5728\u80a1\u6743\u5206\u6563\u7684\u516c\u53f8\uff0c\u5bf9\u7ba1\u7406\u5c42\u7684\u76d1\u7763\u662f\u4e00\u79cd\u201c\u516c\u5171\u8d22\u201d\uff08public good\uff09\u3002\u79ef\u6781\u76d1\u7763\u7684\u80a1\u4e1c\u4ed8\u51fa\u9ad8\u6210\u672c\uff0c\u53cd\u800c\u65e0\u6cd5\u72ec\u4eab\u6536\u76ca\uff0c\u5176\u4ed6\u80a1\u4e1c\u5374\u56e0\u53ef\u6210\u4e3a\u7ecf\u6d4e\u5b66\u4e0a\u6240\u8c13\u201c\u642d\u4fbf\u8f66\u8005\u201d\uff08free rider\uff09\uff0c\u800c\u964d\u4f4e\u76d1\u7763\u610f\u613f\u3002\u4f01\u4e1a\u9664\u724c\u540e\uff0c\u5219\u53ef\u80fd\u7531\u5355\u4e00\u673a\u6784\u6216\u5c11\u6570\u80a1\u4e1c\u638c\u63e1\u5927\u6743\uff0c\u4e5f\u5c31\u8f83\u4e3a\u5bb9\u6613\u514b\u670d\u642d\u4fbf\u8f66\u7684\u95ee\u9898\u3002 \u4e8b\u5b9e\u4e0a\uff0c\u4ee5\u516c\u53f8\u51b3\u7b56\u8fc7\u7a0b\u800c\u8a00\uff0c\u65e0\u7591\u66f4\u6709\u6548\u7387\u3002\u91cd\u8981\u7684\u8ba1\u5212\u6bcb\u9700\u8fc7\u4e8e\u8be6\u5c3d\u7684\u7814\u7a76\u6216\u5411\u8463\u4e8b\u4f1a\u62a5\u544a\uff0c\u7ba1\u7406\u5c42\u7684\u51b3\u7b56\u53d8\u5f97\u5feb\u901f\u6709\u6548\uff0c\u5e76\u5f97\u4ee5\u4e13\u6ce8\u4e8e\u516c\u53f8\u7684\u957f\u8fdc\u53d1\u5c55\u3001\u975e\u6838\u5fc3\u4e1a\u52a1\u7684\u91cd\u7ec4\uff0c\u4ee5\u81f3\u8f83\u9ad8\u98ce\u9669\u7684\u8f6c\u578b\u6295\u8d44\u3002 \u56db\u3001\u8d22\u5bcc\u8f6c\u79fb\u6548\u5e94 \u79c1\u6709\u5316\u80a1\u6743\u4ef7\u503c\u7684\u589e\u52a0\uff0c\u53ef\u80fd\u57fa\u4e8e\u8d22\u5bcc\u4ece\u5176\u4ed6\u4eba\uff08\u5982\u503a\u6743\u4eba\u3001\u7279\u522b\u80a1\u80a1\u4e1c\u3001\u96c7\u5458\u4ee5\u53ca\u653f\u5e9c\uff09\u8f6c\u79fb\u7ed9\u80a1\u4e1c\u3002\u516c\u53f8\u7ecf\u79c1\u6709\u5316\u540e\uff0c\u6216\u4f1a\u4e3a\u8ffd\u6c42\u66f4\u5927\u5229\u6da6\u800c\u8fdb\u884c\u8f83\u9ad8\u98ce\u9669\u7684\u6295\u8d44\u9879\u76ee\uff0c\u4ece\u800c\u589e\u52a0\u503a\u6743\u4eba\u548c\u4f18\u5148\u80a1\u80a1\u4e1c\u7684\u98ce\u9669\uff0c\u4f46\u6536\u76ca\u5374\u4e3b\u8981\u5f52\u4e8e\u80a1\u4e1c\u3002\u516c\u53f8\u4ea6\u53ef\u80fd\u5728\u79c1\u6709\u5316\u524d\u63d0\u9ad8\u80a1\u606f\u53d1\u653e\uff0c\u5c06\u90e8\u5206\u516c\u53f8\u7684\u73b0\u91d1\u5206\u914d\u7ed9\u80a1\u4e1c\uff0c\u4ee4\u516c\u53f8\u7559\u5b58\u7684\u8d44\u672c\u51cf\u5c11\uff0c\u7ed3\u679c\u635f\u5bb3\u503a\u6743\u4eba\u548c\u4f18\u5148\u80a1\u80a1\u4e1c\u7684\u5229\u76ca\u3002 \u4e94\u3001\u8d44\u8baf\u4e0d\u5bf9\u79f0\u4e0e\u80a1\u4ef7\u4f4e\u4f01 \u79c1\u6709\u5316\u8fc7\u7a0b\u4e2d\uff0c\u7ba1\u7406\u5c42\u56e0\u8f83\u4e00\u822c\u6295\u8d44\u8005\u638c\u63e1\u66f4\u591a\u5173\u4e8e\u516c\u53f8\u4ef7\u503c\u7684\u8d44\u8baf\uff0c\u800c\u80fd\u4ee5\u4f4e\u4e8e\u516c\u53f8\u5b9e\u9645\u4ef7\u503c\u7684\u4ef7\u683c\u6536\u8d2d\u516c\u53f8\uff1b\u5185\u90e8\u4eba\u58eb\u53c8\u6216\u5229\u7528\u4f1a\u8ba1\u548c\u8d22\u52a1\u6280\u5de7\u538b\u4f4e\u80a1\u4ef7\uff0c\u800c\u4ee5\u4f4e\u4e8e\u5b9e\u9645\u4ef7\u503c\u7684\u4ef7\u683c\u5b8c\u6210\u6536\u8d2d\u3002\u5927\u4f17\u6295\u8d44\u8005\u5f80\u5f80\u8457\u773c\u4e8e\u77ed\u671f\u6536\u76ca\uff0c\u800c\u4f4e\u4f30\u5177\u957f\u671f\u6295\u8d44\u4ef7\u503c\u7684\u516c\u53f8\u3002\u5e02\u51b5\u6108\u5dee\uff0c\u80a1\u4ef7\u4e0e\u8d44\u4ea7\u4ef7\u6298\u8ba9\u5c31\u4f1a\u6108\u5927\uff0c\u800c\u6298\u8ba9\u6108\u5927\uff0c\u79c1\u6709\u5316\u673a\u4f1a\u4ea6\u6108\u5927\u3002\u7ec6\u4ef7\u80a1\u4ee5\u53ca\u89c4\u6a21\u8f83\u5c0f\u7684\u5730\u4ea7\u80a1\uff0c\u5747\u8f83\u6709\u673a\u4f1a\u63d0\u51fa\u79c1\u6709\u5316\u3002 \u5f53\u80a1\u4ef7\u4e0d\u53ca\u8d44\u4ea7\u51c0\u503c\uff0c\u79c1\u6709\u5316\u53ef\u8ba9\u63a7\u80a1\u80a1\u4e1c\u4ee5\u76f8\u5bf9\u4f4e\u7684\u6210\u672c\u56de\u8d2d\u8d44\u4ea7\u3002\u4ee5\u963f\u91cc\u5df4\u5df4\u4e3a\u4f8b\uff0c\u96c6\u56e2\u57282007\u5e74\u5c06\u65d7\u4e0bB2B\u4e1a\u52a1\uff08\u963f\u91cc\u5df4\u5df4\u7f51\u7edc\u6709\u9650\u516c\u53f8\uff09\u5728\u9999\u6e2f\u4e0a\u5e02\uff0c\u53d1\u884c\u4ef7\u4e3a13. 5\u5143\u3002\u540e\u56e0\u4e1a\u52a1\u589e\u957f\u4e4f\u529b\uff0c\u52a0\u4e0a\u80a1\u4ef7\u6301\u7eed\u4f4e\u8ff7\uff0c\u96c6\u56e2\u4e8e2012\u5e74\u540c\u6837\u4ee513. 5\u5143\u79c1\u6709\u5316\u4e0a\u5e02\u90e8\u5206\u3002\u963f\u91cc\u5df4\u5df4\u57282014\u5e74\u5728\u7f8e\u56fd\u7ebd\u7ea6\u4ea4\u6613\u6240\u6302\u724c\uff0c\u81f32019\u5e74\u6e2f\u4ea4\u6240\u5141\u8bb8\u201c\u540c\u80a1\u4e0d\u540c\u6743\u201d\u516c\u53f8\u4e0a\u5e02\uff0c\u963f\u91cc\u5df4\u5df4\u540c\u5e74\u91cd\u8fd4\u9999\u6e2f\u4e0a\u5e02\u3002 \u79c1\u6709\u5316\u4ea4\u6613\u6210\u8d25\u4e92\u89c1 2024\u5e74\uff0c\u672c\u6e2f\u79c1\u6709\u5316\u7684\u4e0a\u5e02\u4f01\u4e1a\u4e3a\u6570\u517116\u5bb6\u3002\u8fd1\u671f\u5728\u6e2f\u4ea4\u6240\u64a4\u9500\u4e0a\u5e02\u5730\u4f4d\u7684\u516c\u53f8\uff0c\u5305\u62ec\u57282019\u5e74\u6302\u724c\u7684ESR\u96c6\u56e2\u3002\u53bb\u5e74\u5e74\u5e95\uff0c\u96c6\u56e2\u521b\u529e\u4eba\u4e0e\u56fd\u9645\u91d1\u878d\u673a\u6784\u8054\u624b\u7ec4\u6210\u8d22\u56e2\uff0c\u4ee5\u6bcf\u80a113\u5143\u6536\u8d2dESR\u6240\u6709\u6d41\u901a\u80a1\uff1b\u79c1\u6709\u5316\u4ea4\u6613\u603b\u503c\u4e3a552\u4ebf\u5143\u3002 \u63d0\u51fa\u79c1\u6709\u5316\u4e00\u65b9\u8868\u793a\uff0cESR\u9510\u610f\u8f6c\u578b\u4e3a\u8f7b\u8d44\u4ea7\u5e73\u53f0\uff0c\u805a\u7126\u65b0\u7ecf\u6d4e\u9886\u57df\u3002\u7531\u4e8e\u6709\u5173\u7b56\u7565\u6216\u4f1a\u9020\u6210\u77ed\u671f\u83b7\u5229\u6ce2\u52a8\uff0c\u51b3\u8bae\u5e94\u907f\u514d\u516c\u5f00\u5e02\u573a\u7684\u77ed\u671f\u538b\u529b\u53ca\u4e0a\u5e02\u89c4\u5219\u7684\u9650\u5236\uff0c\u4ee5\u4fbf\u4e1a\u52a1\u8fbe\u81f4\u8f6c\u578b\u76ee\u6807\u3002 \u4e0e\u6b64\u540c\u65f6\uff0c\u4f01\u4e1a\u79c1\u6709\u5316\u4ea6\u4e0d\u4e4f\u5931\u8d25\u6848\u4f8b\uff0c\u539f\u56e0\u4e4b\u4e00\u662f\u8bb8\u591a\u79c1\u6709\u5316\u65b9\u6848\u7684\u4ef7\u683c\u8fdc\u9ad8\u4e8e\u516c\u53f8\u8d44\u4ea7\u51c0\u503c\u6298\u8ba9\uff0c\u96be\u83b7\u72ec\u7acb\u80a1\u4e1c\u63a5\u7eb3\u3002\u6b64\u5916\uff0c\u6709\u65b9\u6848\u987b\u7ecf\u51fa\u5e2d\u8868\u51b3\u7684\u72ec\u7acb\u80a1\u4e1c\u5927\u591a\u6570\u901a\u8fc7\uff0c\u800c\u8868\u51b3\u6295\u7968\u5f80\u5f80\u4ee4\u79c1\u6709\u5316\u5efa\u8bae\u529f\u8d25\u5782\u6210\u3002 \u672c\u5e744\u6708\uff0c\u8fea\u751f\u521b\u5efa\u5927\u80a1\u4e1c\u6f58\u5ef8\u751f\u63d0\u51fa\u4ee5\u6bcf\u80a17.2\u5143\u79c1\u6709\u5316\uff0c\u8f83\u5f53\u65f6\u5e02\u4ef7\u6709\u903e\u4e94\u6210\u6ea2\u4ef7\uff0c\u4f46\u4ecd\u4f4e\u4e8e\u516c\u53f8\u53bb\u5e74\u6bcf\u80a1\u8d44\u4ea7\u51c0\u503c9.05\u5143\u3002\u518d\u8005\uff0c\u516c\u53f8\u6301\u6709\u5927\u91cf\u73b0\u91d1\uff0c\u4ee4\u90e8\u5206\u80a1\u4e1c\u6295\u4e0b\u53cd\u5bf9\u7968\u3002\u6700\u7ec8\u57287\u6708\u4e3e\u884c\u7684\u6cd5\u9662\u4f1a\u8bae\u4e0a\uff0c\u56e0\u53cd\u5bf9\u7968\u8fbe10. 16%\uff0c\u800c\u672a\u80fd\u6ee1\u8db3\u79c1\u6709\u5316\u6761\u4ef6\u3002 \u9000\u5e02\u6311\u6218\u4e0e\u751f\u673a\u5e76\u5b58 \u4e0a\u5e02\u516c\u53f8\u79c1\u6709\u5316\u96be\u514d\u9762\u4e34\u6311\u6218\u3002\u9996\u5148\uff0c\u4ea4\u6613\u5b8c\u6210\u540e\u53ef\u80fd\u9650\u5236\u516c\u53f8\u7684\u878d\u8d44\u6e20\u9053\uff0c\u56e0\u4e3a\u79c1\u4eba\u4f01\u4e1a\u65e0\u6cd5\u901a\u8fc7\u53d1\u884c\u6216\u589e\u53d1\u80a1\u4efd\u4ee5\u8fdb\u884c\u5927\u89c4\u6a21\u878d\u8d44\uff0c\u8d44\u91d1\u6765\u6e90\u4ec5\u80fd\u4f9d\u8d56\u94f6\u884c\u8d37\u6b3e\u6216\u79c1\u52df\uff0c\u7075\u6d3b\u6027\u5927\u4e3a\u964d\u4f4e\u3002\u5176\u6b21\uff0c\u6216\u4f1a\u635f\u5bb3\u5c0f\u80a1\u4e1c\u5229\u76ca\u3002\u82e5\u6536\u8d2d\u4ef7\u94b1\u4e0d\u5408\u7406\uff0c\u53c8\u6216\u5927\u80a1\u4e1c\u5229\u7528\u4f18\u52bf\u5730\u4f4d\u538b\u4f4e\u6536\u8d2d\u4ef7\uff0c\u5c06\u4e0d\u5229\u4e8e\u6563\u6237\u4e0e\u5c0f\u80a1\u4e1c\u7684\u5408\u7406\u6743\u76ca\u3002 \u56de\u987e\u672c\u4e16\u7eaa\u4ee5\u6765\uff0c\u591a\u5bb6\u6e2f\u8d44\u94f6\u884c\u5148\u540e\u6613\u624b\u3010\u8868\u3011\uff0c\u4f8b\u5982\u62db\u5546\u94f6\u884c\u57282008\u5e74\u4ee5193\u4ebf\u5143\u6536\u8d2d\u6c38\u9686\u94f6\u884c\uff1b2013\u5e74\uff0c\u5e7f\u4e1c\u5927\u578b\u56fd\u4f01\u8d8a\u79c0\u96c6\u56e2\uff0c\u5ba3\u5e03\u4ee5116\u4ebf\u5143\u6536\u8d2d\u5ed6\u521b\u5174\u5bb6\u65cf\u7684\u521b\u5174\u94f6\u884c75%\u80a1\u6743\u3002\u65f6\u81f3\u4eca\u65e5\uff0c\u7eaf\u6e2f\u8d44\u94f6\u884c\u53ea\u5269\u4e1c\u4e9a\u94f6\u884c\u3001\u5927\u65b0\u94f6\u884c\uff0c\u4ee5\u53ca\u5e76\u65e0\u4e0a\u5e02\u7684\u5927\u751f\u94f6\u884c\u3002 \u8868\uff1a\u5343\u79a7\u5e74\u540e\u94f6\u884c\u5e76\u8d2d 2000\u5e74 \u4e1c\u4e9a\u6536\u8d2d\u7b2c\u4e00\u592a\u5e73\u94f6\u884c 2003\u5e74 \u6c38\u4ea8\u6536\u8d2d\u6d59\u6c5f\u7b2c\u4e00\u94f6\u884c\uff1b\u5de5\u94f6\u4e9a\u6d32\u6536\u8d2d\u534e\u6bd4\u5bcc\u901a\u94f6\u884c 2004\u5e74 \u53f0\u6e7e\u5bcc\u90a6\u91d1\u63a7\u6536\u8d2d\u6e2f\u57fa\u94f6\u884c\u80a1\u6743 2006\u5e74 \u5927\u4f17\u91d1\u878d\u6536\u8d2d\u4e9a\u6d32\u5546\u4e1a\u94f6\u884c 2008\u5e74 \u62db\u5546\u94f6\u884c\u6536\u8d2d\u6c38\u9686\u94f6\u884c 2013\u5e74 \u8d8a\u79c0\u96c6\u56e2\u6536\u8d2d\u521b\u5174\u94f6\u884c 2014\u5e74 \u534e\u4fa8\u94f6\u884c\u6536\u8d2d\u6c38\u4ea8\u94f6\u884c \u81f3\u4e8e\u662f\u6b21\u6c47\u63a7\u51b3\u5b9a\u5c06\u6052\u751f\u79c1\u6709\u5316\uff0c\u5916\u754c\u8ba4\u4e3a\u65e2\u80fd\u5904\u7406\u6052\u751f\u574f\u5e10\uff0c\u4ea6\u80fd\u6709\u6548\u7cbe\u7b80\u96c6\u56e2\u5728\u9999\u6e2f\u7684\u4e1a\u52a1\u67b6\u6784\uff0c\u7406\u987a\u51b3\u7b56\u6d41\u7a0b\uff0c\u5e76\u63d0\u9ad8\u7075\u6d3b\u6027\u3002\u6c47\u4e30\u8868\u660e\uff0c\u5728\u4ea4\u6613\u5b8c\u6210\u540e\uff0c\u5c06\u6682\u505c\u80a1\u7968\u56de\u8d2d3\u4e2a\u5b63\u5ea6\uff0c\u4ee5\u4fdd\u7559\u8d44\u91d1\u3002\u867d\u7136\u6b64\u4e3e\u5c06\u4ee4\u6c47\u4e30\u80a1\u4e1c\u7684\u603b\u56de\u62a5\uff08\u5305\u62ec\u80a1\u606f\u53ca\u56de\u8d2d\uff09\u53d7\u538b\uff0c\u5e02\u573a\u9884\u671f\u77ed\u671f\u5185\u80a1\u4ef7\u6216\u4e0b\u8dcc\uff0c\u4f46\u79c1\u6709\u5316\u957f\u8fdc\u5c06\u5e26\u6765\u6b63\u9762\u5f71\u54cd\u3002 \u4e00\u5f85\u6052\u751f\u79c1\u6709\u5316\uff0c\u6c47\u4e30\u53ef\u671b\u63d0\u5347\u6548\u7387\uff0c\u5e76\u4e14\u900f\u8fc7\u6574\u5408\u4e1a\u52a1\u3001\u4eba\u529b\u8d44\u6e90\u3001\u5ba2\u6237\u7f51\u7edc\u4ee5\u5b9e\u73b0\u534f\u540c\u6548\u5e94\u3002\u5c3d\u7ba1\u6052\u751f\u7684\u54c1\u724c\u3001\u5206\u884c\u65e5\u540e\u5c06\u83b7\u4fdd\u7559\uff0c\u4e24\u5bb6\u94f6\u884c\u5728\u7ba1\u7406\u53ca\u51b3\u7b56\u4e0a\u65e0\u7591\u66f4\u8d8b\u7d27\u5bc6\u3002\u968f\u7740\u5168\u7403\u94f6\u884c\u4e1a\u8fdb\u4e00\u6b65\u9762\u4e34\u5730\u7f18\u653f\u6cbb\u53ca\u76d1\u7ba1\u538b\u529b\uff0c\u6b64\u4e3e\u5c06\u6807\u5fd7\u9999\u6e2f\u91d1\u878d\u4e1a\u8fc8\u5411\u65b0\u65f6\u4ee3\uff0c\u751a\u81f3\u6709\u671b\u5f00\u521b\u4e9a\u6d32\u94f6\u884c\u4e1a\u6574\u5408\u7684\u6f6e\u6d41\u3002 \u8c22\u56fd\u751f\u6559\u6388 \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u6559\u5b66\u526f\u6559\u6388\u3001\u65b0\u754c\u4e61\u8bae\u5c40\u5f53\u7136\u6267\u884c\u59d4\u5458 \u4f55\u654f\u6dd9 \u9999\u6e2f\u5927\u5b66\u9644\u5c5e\u5b66\u9662\u8bb2\u5e08 \uff08\u672c\u6587\u540c\u65f6\u4e8e\u4e8c\u96f6\u4e8c\u4e94\u5e74\u5341\u6708\u4e8c\u5341\u4e5d\u65e5\u8f7d\u4e8e\u300a\u4fe1\u62a5\u300b\u201c\u9f99\u864e\u5c71\u4e0b\u201d\u4e13\u680f\uff09\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"google-site-verification\" content=\"google-site-verification=MjdkluDgHpNk2vz5slbwER2Gusw2rUDQuVULMERWzLo\" \/>\n\t<link rel=\"canonical\" href=\"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/the-hidden-secrets-behind-hong-kong-stock-privatizations\/\" \/>\n\t<meta name=\"generator\" content=\"All in One SEO (AIOSEO) 4.9.10\" \/>\n\t\t<meta property=\"og:locale\" content=\"en_US\" \/>\n\t\t<meta property=\"og:site_name\" content=\"HKU Business School -\" \/>\n\t\t<meta property=\"og:type\" content=\"article\" \/>\n\t\t<meta property=\"og:title\" content=\"\u6e2f\u80a1\u79c1\u6709\u5316\u6697\u85cf\u7684\u7384\u673a - HKU Business School\" \/>\n\t\t<meta property=\"og:description\" content=\"\u7ee7\u4e0a\u5e02\u4e0d\u8db33\u5e74\u534a\u7684\u8c2d\u4ed4\u56fd\u9645\uff0c\u5728\u4eca\u5e742\u6708\u7531\u65e5\u672c\u6bcd\u516c\u53f8\u4e1c\u5229\u591a\u63a7\u80a1\u63d0\u51fa\u79c1\u6709\u5316\u4e4b\u540e\uff0c\u6c47\u4e30\u96c6\u56e2\u4ea6\u4e8e\u672c\u67089\u65e5\u516c\u5e03\uff0c\u5efa\u8bae\u79c1\u6709\u5316\u521b\u7acb\u4e8e1933\u5e74\u7684\u6052\u751f\u94f6\u884c\u3002\u6362\u8a00\u4e4b\uff0c\u6052\u751f\u6210\u4e3a\u6c47\u4e30\u5168\u8d44\u5b50\u516c\u53f8\u540e\uff0c\u5176\u8d85\u8fc750\u5e74\u7684\u4e0a\u5e02\u5730\u4f4d\u5c06\u88ab\u64a4\u9500\u3002 \u9000\u5e02\u80cc\u540e\u7684\u51b3\u7b56 \u9999\u6e2f\u4ea4\u6613\u53ca\u7ed3\u7b97\u6240\u6709\u9650\u516c\u53f8\uff08\u6e2f\u4ea4\u6240\uff09\u8d44\u6599\u663e\u793a\uff0c\u8fd15\u5e74\u6765\u6bcf\u5e74\u5e73\u5747\u670921\u5bb6\u4e0a\u5e02\u516c\u53f8\u56e0\u79c1\u6709\u5316\u9000\u5e02\u3002\u4ee5\u91d1\u989d\u8ba1\u7b97\uff0c\u53bb\u5e74\u79c1\u6709\u5316\u768416\u5bb6\u6e2f\u80a1\u516c\u53f8\u5e02\u503c\u8fbe1,226\u4ebf\u5143\uff0c\u9ad8\u4e8e\u9996\u6b21\u516c\u5f00\u62db\u80a1\uff08IPO\uff09\u7684\u96c6\u8d44\u91d1\u989d\u3002 \u5728\u80a1\u7968\u5e02\u573a\u7684\u79c1\u6709\u5316\uff0c\u901a\u5e38\u6307\u4e00\u5bb6\u4e0a\u5e02\u516c\u53f8\u7684\u63a7\u80a1\u80a1\u4e1c\u6216\u7b2c\u4e09\u65b9\uff08\u5176\u4ed6\u6295\u8d44\u8005\u6216\u91d1\u878d\u673a\u6784\uff09\u4ee5\u73b0\u91d1\u6216\u8bc1\u5238\u7684\u65b9\u5f0f\uff0c\u5411\u6240\u6709\u80a1\u4e1c\u8d2d\u4e70\u5168\u6570\u80a1\u4efd\u3002\u79c1\u6709\u5316\u7684\u539f\u56e0\u6db5\u76d6\u4ee5\u4e0b5\u65b9\u9762\u3002 \u4e00\u3001\u5546\u4e1a\u4fdd\u5bc6\u53ca\u6210\u672c\u8003\u91cf \u4f01\u4e1a\u8981\u7ef4\u6301\u4e0a\u5e02\u5730\u4f4d\uff0c\u6bcf\u5e74\u7684\u56fa\u5b9a\u652f\u51fa\u4e0d\u5728\u5c11\u6570\uff0c\u5305\u62ec\u76d1\u7ba1\u62a5\u544a\u8d39\u7528\u3001\u8d44\u8baf\u62ab\u9732\u6210\u672c\u53ca\u4ea4\u6613\u6240\u5e74\u8d39\uff0c\u79c1\u6709\u5316\u540e\u5219\u53ef\u4e00\u6982\u514d\u9664\u3002\u79c1\u4eba\u516c\u53f8\u56e0\u65e0\u9700\u516c\u5f00\u654f\u611f\u8d22\u52a1\u6216\u4e1a\u52a1\u7ec6\u8282\uff0c\u800c\u53ef\u5728\u7ade\u4e89\u6fc0\u70c8\u7684\u5e02\u573a\u4fdd\u6301\u4f18\u52bf\u3002\u518d\u8005\uff0c\u6760\u6746\u6536\u8d2d\u4f5c\u4e3a\u79c1\u6709\u5316\u7684\u4e00\u79cd\u91cd\u8981\u65b9\u5f0f\uff0c\u6240\u6d89\u53ca\u7684\u8d1f\u503a\u5229\u606f\u652f\u51fa\u53ef\u7528\u6765\u6263\u51cf\u5e94\u7eb3\u7a0e\u989d\u3002\u7a0e\u52a1\u6536\u76ca\u901a\u5e38\u88ab\u89c6\u4e3a\u8865\u8d34\u4e4b\u7c7b\uff0c\u5b9e\u9645\u4e0a\u5219\u662f\u7531\u653f\u5e9c\u548c\u516c\u4f17\u57cb\u5355\u3002 \u4e8c\u3001\u63a7\u5236\u4ee3\u7406\u6210\u672c \u79c1\u6709\u5316\u900f\u8fc7\u6760\u6746\u6536\u8d2d\u5927\u5e45\u4e3e\u503a\uff0c\u4fc3\u4f7f\u4f01\u4e1a\u4f7f\u7528\u81ea\u7531\u73b0\u91d1\u6d41\u52a0\u4ee5\u507f\u8fd8\uff0c\u7531\u6b64\u53ef\u51cf\u4f4e\u7ba1\u7406\u5c42\u7684\u6f5c\u5728\u4e0d\u5f53\u6295\u8d44\u6216\u6d6a\u8d39\u884c\u4e3a\u3002\u81ea\u7531\u73b0\u91d1\u6d41\u91cf\u7f29\u51cf\u4e0e\u63a8\u9ad8\u503a\u52a1\u7684\u8d22\u52a1\u6760\u6746\u6c34\u5e73\uff0c\u6709\u5229\u4e8e\u964d\u4f4e\u4ee3\u7406\u6210\u672c\u3002 \u540c\u65f6\uff0c\u516c\u53f8\u8f6c\u4e3a\u79c1\u4eba\u6301\u6709\u540e\uff0c\u80a1\u6743\u96c6\u4e2d\u4e8e\u5c11\u6570\u5927\u80a1\u4e1c\u6216\u7ba1\u7406\u5c42\uff0c\u56e0\u800c\u6709\u52a8\u673a\u4f5c\u51fa\u6709\u6548\u76d1\u7763\uff0c\u907f\u514d\u4e86\u80a1\u6743\u5206\u6563\u65f6\u7684\u5f0a\u75c5\uff0c\u4f8b\u5982\u76d1\u7763\u6210\u672c\u9ad8\u3002 \u4e09\u3001\u89e3\u51b3\u201c\u642d\u4fbf\u8f66\u201d\u95ee\u9898 \u5728\u80a1\u6743\u5206\u6563\u7684\u516c\u53f8\uff0c\u5bf9\u7ba1\u7406\u5c42\u7684\u76d1\u7763\u662f\u4e00\u79cd\u201c\u516c\u5171\u8d22\u201d\uff08public good\uff09\u3002\u79ef\u6781\u76d1\u7763\u7684\u80a1\u4e1c\u4ed8\u51fa\u9ad8\u6210\u672c\uff0c\u53cd\u800c\u65e0\u6cd5\u72ec\u4eab\u6536\u76ca\uff0c\u5176\u4ed6\u80a1\u4e1c\u5374\u56e0\u53ef\u6210\u4e3a\u7ecf\u6d4e\u5b66\u4e0a\u6240\u8c13\u201c\u642d\u4fbf\u8f66\u8005\u201d\uff08free rider\uff09\uff0c\u800c\u964d\u4f4e\u76d1\u7763\u610f\u613f\u3002\u4f01\u4e1a\u9664\u724c\u540e\uff0c\u5219\u53ef\u80fd\u7531\u5355\u4e00\u673a\u6784\u6216\u5c11\u6570\u80a1\u4e1c\u638c\u63e1\u5927\u6743\uff0c\u4e5f\u5c31\u8f83\u4e3a\u5bb9\u6613\u514b\u670d\u642d\u4fbf\u8f66\u7684\u95ee\u9898\u3002 \u4e8b\u5b9e\u4e0a\uff0c\u4ee5\u516c\u53f8\u51b3\u7b56\u8fc7\u7a0b\u800c\u8a00\uff0c\u65e0\u7591\u66f4\u6709\u6548\u7387\u3002\u91cd\u8981\u7684\u8ba1\u5212\u6bcb\u9700\u8fc7\u4e8e\u8be6\u5c3d\u7684\u7814\u7a76\u6216\u5411\u8463\u4e8b\u4f1a\u62a5\u544a\uff0c\u7ba1\u7406\u5c42\u7684\u51b3\u7b56\u53d8\u5f97\u5feb\u901f\u6709\u6548\uff0c\u5e76\u5f97\u4ee5\u4e13\u6ce8\u4e8e\u516c\u53f8\u7684\u957f\u8fdc\u53d1\u5c55\u3001\u975e\u6838\u5fc3\u4e1a\u52a1\u7684\u91cd\u7ec4\uff0c\u4ee5\u81f3\u8f83\u9ad8\u98ce\u9669\u7684\u8f6c\u578b\u6295\u8d44\u3002 \u56db\u3001\u8d22\u5bcc\u8f6c\u79fb\u6548\u5e94 \u79c1\u6709\u5316\u80a1\u6743\u4ef7\u503c\u7684\u589e\u52a0\uff0c\u53ef\u80fd\u57fa\u4e8e\u8d22\u5bcc\u4ece\u5176\u4ed6\u4eba\uff08\u5982\u503a\u6743\u4eba\u3001\u7279\u522b\u80a1\u80a1\u4e1c\u3001\u96c7\u5458\u4ee5\u53ca\u653f\u5e9c\uff09\u8f6c\u79fb\u7ed9\u80a1\u4e1c\u3002\u516c\u53f8\u7ecf\u79c1\u6709\u5316\u540e\uff0c\u6216\u4f1a\u4e3a\u8ffd\u6c42\u66f4\u5927\u5229\u6da6\u800c\u8fdb\u884c\u8f83\u9ad8\u98ce\u9669\u7684\u6295\u8d44\u9879\u76ee\uff0c\u4ece\u800c\u589e\u52a0\u503a\u6743\u4eba\u548c\u4f18\u5148\u80a1\u80a1\u4e1c\u7684\u98ce\u9669\uff0c\u4f46\u6536\u76ca\u5374\u4e3b\u8981\u5f52\u4e8e\u80a1\u4e1c\u3002\u516c\u53f8\u4ea6\u53ef\u80fd\u5728\u79c1\u6709\u5316\u524d\u63d0\u9ad8\u80a1\u606f\u53d1\u653e\uff0c\u5c06\u90e8\u5206\u516c\u53f8\u7684\u73b0\u91d1\u5206\u914d\u7ed9\u80a1\u4e1c\uff0c\u4ee4\u516c\u53f8\u7559\u5b58\u7684\u8d44\u672c\u51cf\u5c11\uff0c\u7ed3\u679c\u635f\u5bb3\u503a\u6743\u4eba\u548c\u4f18\u5148\u80a1\u80a1\u4e1c\u7684\u5229\u76ca\u3002 \u4e94\u3001\u8d44\u8baf\u4e0d\u5bf9\u79f0\u4e0e\u80a1\u4ef7\u4f4e\u4f01 \u79c1\u6709\u5316\u8fc7\u7a0b\u4e2d\uff0c\u7ba1\u7406\u5c42\u56e0\u8f83\u4e00\u822c\u6295\u8d44\u8005\u638c\u63e1\u66f4\u591a\u5173\u4e8e\u516c\u53f8\u4ef7\u503c\u7684\u8d44\u8baf\uff0c\u800c\u80fd\u4ee5\u4f4e\u4e8e\u516c\u53f8\u5b9e\u9645\u4ef7\u503c\u7684\u4ef7\u683c\u6536\u8d2d\u516c\u53f8\uff1b\u5185\u90e8\u4eba\u58eb\u53c8\u6216\u5229\u7528\u4f1a\u8ba1\u548c\u8d22\u52a1\u6280\u5de7\u538b\u4f4e\u80a1\u4ef7\uff0c\u800c\u4ee5\u4f4e\u4e8e\u5b9e\u9645\u4ef7\u503c\u7684\u4ef7\u683c\u5b8c\u6210\u6536\u8d2d\u3002\u5927\u4f17\u6295\u8d44\u8005\u5f80\u5f80\u8457\u773c\u4e8e\u77ed\u671f\u6536\u76ca\uff0c\u800c\u4f4e\u4f30\u5177\u957f\u671f\u6295\u8d44\u4ef7\u503c\u7684\u516c\u53f8\u3002\u5e02\u51b5\u6108\u5dee\uff0c\u80a1\u4ef7\u4e0e\u8d44\u4ea7\u4ef7\u6298\u8ba9\u5c31\u4f1a\u6108\u5927\uff0c\u800c\u6298\u8ba9\u6108\u5927\uff0c\u79c1\u6709\u5316\u673a\u4f1a\u4ea6\u6108\u5927\u3002\u7ec6\u4ef7\u80a1\u4ee5\u53ca\u89c4\u6a21\u8f83\u5c0f\u7684\u5730\u4ea7\u80a1\uff0c\u5747\u8f83\u6709\u673a\u4f1a\u63d0\u51fa\u79c1\u6709\u5316\u3002 \u5f53\u80a1\u4ef7\u4e0d\u53ca\u8d44\u4ea7\u51c0\u503c\uff0c\u79c1\u6709\u5316\u53ef\u8ba9\u63a7\u80a1\u80a1\u4e1c\u4ee5\u76f8\u5bf9\u4f4e\u7684\u6210\u672c\u56de\u8d2d\u8d44\u4ea7\u3002\u4ee5\u963f\u91cc\u5df4\u5df4\u4e3a\u4f8b\uff0c\u96c6\u56e2\u57282007\u5e74\u5c06\u65d7\u4e0bB2B\u4e1a\u52a1\uff08\u963f\u91cc\u5df4\u5df4\u7f51\u7edc\u6709\u9650\u516c\u53f8\uff09\u5728\u9999\u6e2f\u4e0a\u5e02\uff0c\u53d1\u884c\u4ef7\u4e3a13. 5\u5143\u3002\u540e\u56e0\u4e1a\u52a1\u589e\u957f\u4e4f\u529b\uff0c\u52a0\u4e0a\u80a1\u4ef7\u6301\u7eed\u4f4e\u8ff7\uff0c\u96c6\u56e2\u4e8e2012\u5e74\u540c\u6837\u4ee513. 5\u5143\u79c1\u6709\u5316\u4e0a\u5e02\u90e8\u5206\u3002\u963f\u91cc\u5df4\u5df4\u57282014\u5e74\u5728\u7f8e\u56fd\u7ebd\u7ea6\u4ea4\u6613\u6240\u6302\u724c\uff0c\u81f32019\u5e74\u6e2f\u4ea4\u6240\u5141\u8bb8\u201c\u540c\u80a1\u4e0d\u540c\u6743\u201d\u516c\u53f8\u4e0a\u5e02\uff0c\u963f\u91cc\u5df4\u5df4\u540c\u5e74\u91cd\u8fd4\u9999\u6e2f\u4e0a\u5e02\u3002 \u79c1\u6709\u5316\u4ea4\u6613\u6210\u8d25\u4e92\u89c1 2024\u5e74\uff0c\u672c\u6e2f\u79c1\u6709\u5316\u7684\u4e0a\u5e02\u4f01\u4e1a\u4e3a\u6570\u517116\u5bb6\u3002\u8fd1\u671f\u5728\u6e2f\u4ea4\u6240\u64a4\u9500\u4e0a\u5e02\u5730\u4f4d\u7684\u516c\u53f8\uff0c\u5305\u62ec\u57282019\u5e74\u6302\u724c\u7684ESR\u96c6\u56e2\u3002\u53bb\u5e74\u5e74\u5e95\uff0c\u96c6\u56e2\u521b\u529e\u4eba\u4e0e\u56fd\u9645\u91d1\u878d\u673a\u6784\u8054\u624b\u7ec4\u6210\u8d22\u56e2\uff0c\u4ee5\u6bcf\u80a113\u5143\u6536\u8d2dESR\u6240\u6709\u6d41\u901a\u80a1\uff1b\u79c1\u6709\u5316\u4ea4\u6613\u603b\u503c\u4e3a552\u4ebf\u5143\u3002 \u63d0\u51fa\u79c1\u6709\u5316\u4e00\u65b9\u8868\u793a\uff0cESR\u9510\u610f\u8f6c\u578b\u4e3a\u8f7b\u8d44\u4ea7\u5e73\u53f0\uff0c\u805a\u7126\u65b0\u7ecf\u6d4e\u9886\u57df\u3002\u7531\u4e8e\u6709\u5173\u7b56\u7565\u6216\u4f1a\u9020\u6210\u77ed\u671f\u83b7\u5229\u6ce2\u52a8\uff0c\u51b3\u8bae\u5e94\u907f\u514d\u516c\u5f00\u5e02\u573a\u7684\u77ed\u671f\u538b\u529b\u53ca\u4e0a\u5e02\u89c4\u5219\u7684\u9650\u5236\uff0c\u4ee5\u4fbf\u4e1a\u52a1\u8fbe\u81f4\u8f6c\u578b\u76ee\u6807\u3002 \u4e0e\u6b64\u540c\u65f6\uff0c\u4f01\u4e1a\u79c1\u6709\u5316\u4ea6\u4e0d\u4e4f\u5931\u8d25\u6848\u4f8b\uff0c\u539f\u56e0\u4e4b\u4e00\u662f\u8bb8\u591a\u79c1\u6709\u5316\u65b9\u6848\u7684\u4ef7\u683c\u8fdc\u9ad8\u4e8e\u516c\u53f8\u8d44\u4ea7\u51c0\u503c\u6298\u8ba9\uff0c\u96be\u83b7\u72ec\u7acb\u80a1\u4e1c\u63a5\u7eb3\u3002\u6b64\u5916\uff0c\u6709\u65b9\u6848\u987b\u7ecf\u51fa\u5e2d\u8868\u51b3\u7684\u72ec\u7acb\u80a1\u4e1c\u5927\u591a\u6570\u901a\u8fc7\uff0c\u800c\u8868\u51b3\u6295\u7968\u5f80\u5f80\u4ee4\u79c1\u6709\u5316\u5efa\u8bae\u529f\u8d25\u5782\u6210\u3002 \u672c\u5e744\u6708\uff0c\u8fea\u751f\u521b\u5efa\u5927\u80a1\u4e1c\u6f58\u5ef8\u751f\u63d0\u51fa\u4ee5\u6bcf\u80a17.2\u5143\u79c1\u6709\u5316\uff0c\u8f83\u5f53\u65f6\u5e02\u4ef7\u6709\u903e\u4e94\u6210\u6ea2\u4ef7\uff0c\u4f46\u4ecd\u4f4e\u4e8e\u516c\u53f8\u53bb\u5e74\u6bcf\u80a1\u8d44\u4ea7\u51c0\u503c9.05\u5143\u3002\u518d\u8005\uff0c\u516c\u53f8\u6301\u6709\u5927\u91cf\u73b0\u91d1\uff0c\u4ee4\u90e8\u5206\u80a1\u4e1c\u6295\u4e0b\u53cd\u5bf9\u7968\u3002\u6700\u7ec8\u57287\u6708\u4e3e\u884c\u7684\u6cd5\u9662\u4f1a\u8bae\u4e0a\uff0c\u56e0\u53cd\u5bf9\u7968\u8fbe10. 16%\uff0c\u800c\u672a\u80fd\u6ee1\u8db3\u79c1\u6709\u5316\u6761\u4ef6\u3002 \u9000\u5e02\u6311\u6218\u4e0e\u751f\u673a\u5e76\u5b58 \u4e0a\u5e02\u516c\u53f8\u79c1\u6709\u5316\u96be\u514d\u9762\u4e34\u6311\u6218\u3002\u9996\u5148\uff0c\u4ea4\u6613\u5b8c\u6210\u540e\u53ef\u80fd\u9650\u5236\u516c\u53f8\u7684\u878d\u8d44\u6e20\u9053\uff0c\u56e0\u4e3a\u79c1\u4eba\u4f01\u4e1a\u65e0\u6cd5\u901a\u8fc7\u53d1\u884c\u6216\u589e\u53d1\u80a1\u4efd\u4ee5\u8fdb\u884c\u5927\u89c4\u6a21\u878d\u8d44\uff0c\u8d44\u91d1\u6765\u6e90\u4ec5\u80fd\u4f9d\u8d56\u94f6\u884c\u8d37\u6b3e\u6216\u79c1\u52df\uff0c\u7075\u6d3b\u6027\u5927\u4e3a\u964d\u4f4e\u3002\u5176\u6b21\uff0c\u6216\u4f1a\u635f\u5bb3\u5c0f\u80a1\u4e1c\u5229\u76ca\u3002\u82e5\u6536\u8d2d\u4ef7\u94b1\u4e0d\u5408\u7406\uff0c\u53c8\u6216\u5927\u80a1\u4e1c\u5229\u7528\u4f18\u52bf\u5730\u4f4d\u538b\u4f4e\u6536\u8d2d\u4ef7\uff0c\u5c06\u4e0d\u5229\u4e8e\u6563\u6237\u4e0e\u5c0f\u80a1\u4e1c\u7684\u5408\u7406\u6743\u76ca\u3002 \u56de\u987e\u672c\u4e16\u7eaa\u4ee5\u6765\uff0c\u591a\u5bb6\u6e2f\u8d44\u94f6\u884c\u5148\u540e\u6613\u624b\u3010\u8868\u3011\uff0c\u4f8b\u5982\u62db\u5546\u94f6\u884c\u57282008\u5e74\u4ee5193\u4ebf\u5143\u6536\u8d2d\u6c38\u9686\u94f6\u884c\uff1b2013\u5e74\uff0c\u5e7f\u4e1c\u5927\u578b\u56fd\u4f01\u8d8a\u79c0\u96c6\u56e2\uff0c\u5ba3\u5e03\u4ee5116\u4ebf\u5143\u6536\u8d2d\u5ed6\u521b\u5174\u5bb6\u65cf\u7684\u521b\u5174\u94f6\u884c75%\u80a1\u6743\u3002\u65f6\u81f3\u4eca\u65e5\uff0c\u7eaf\u6e2f\u8d44\u94f6\u884c\u53ea\u5269\u4e1c\u4e9a\u94f6\u884c\u3001\u5927\u65b0\u94f6\u884c\uff0c\u4ee5\u53ca\u5e76\u65e0\u4e0a\u5e02\u7684\u5927\u751f\u94f6\u884c\u3002 \u8868\uff1a\u5343\u79a7\u5e74\u540e\u94f6\u884c\u5e76\u8d2d 2000\u5e74 \u4e1c\u4e9a\u6536\u8d2d\u7b2c\u4e00\u592a\u5e73\u94f6\u884c 2003\u5e74 \u6c38\u4ea8\u6536\u8d2d\u6d59\u6c5f\u7b2c\u4e00\u94f6\u884c\uff1b\u5de5\u94f6\u4e9a\u6d32\u6536\u8d2d\u534e\u6bd4\u5bcc\u901a\u94f6\u884c 2004\u5e74 \u53f0\u6e7e\u5bcc\u90a6\u91d1\u63a7\u6536\u8d2d\u6e2f\u57fa\u94f6\u884c\u80a1\u6743 2006\u5e74 \u5927\u4f17\u91d1\u878d\u6536\u8d2d\u4e9a\u6d32\u5546\u4e1a\u94f6\u884c 2008\u5e74 \u62db\u5546\u94f6\u884c\u6536\u8d2d\u6c38\u9686\u94f6\u884c 2013\u5e74 \u8d8a\u79c0\u96c6\u56e2\u6536\u8d2d\u521b\u5174\u94f6\u884c 2014\u5e74 \u534e\u4fa8\u94f6\u884c\u6536\u8d2d\u6c38\u4ea8\u94f6\u884c \u81f3\u4e8e\u662f\u6b21\u6c47\u63a7\u51b3\u5b9a\u5c06\u6052\u751f\u79c1\u6709\u5316\uff0c\u5916\u754c\u8ba4\u4e3a\u65e2\u80fd\u5904\u7406\u6052\u751f\u574f\u5e10\uff0c\u4ea6\u80fd\u6709\u6548\u7cbe\u7b80\u96c6\u56e2\u5728\u9999\u6e2f\u7684\u4e1a\u52a1\u67b6\u6784\uff0c\u7406\u987a\u51b3\u7b56\u6d41\u7a0b\uff0c\u5e76\u63d0\u9ad8\u7075\u6d3b\u6027\u3002\u6c47\u4e30\u8868\u660e\uff0c\u5728\u4ea4\u6613\u5b8c\u6210\u540e\uff0c\u5c06\u6682\u505c\u80a1\u7968\u56de\u8d2d3\u4e2a\u5b63\u5ea6\uff0c\u4ee5\u4fdd\u7559\u8d44\u91d1\u3002\u867d\u7136\u6b64\u4e3e\u5c06\u4ee4\u6c47\u4e30\u80a1\u4e1c\u7684\u603b\u56de\u62a5\uff08\u5305\u62ec\u80a1\u606f\u53ca\u56de\u8d2d\uff09\u53d7\u538b\uff0c\u5e02\u573a\u9884\u671f\u77ed\u671f\u5185\u80a1\u4ef7\u6216\u4e0b\u8dcc\uff0c\u4f46\u79c1\u6709\u5316\u957f\u8fdc\u5c06\u5e26\u6765\u6b63\u9762\u5f71\u54cd\u3002 \u4e00\u5f85\u6052\u751f\u79c1\u6709\u5316\uff0c\u6c47\u4e30\u53ef\u671b\u63d0\u5347\u6548\u7387\uff0c\u5e76\u4e14\u900f\u8fc7\u6574\u5408\u4e1a\u52a1\u3001\u4eba\u529b\u8d44\u6e90\u3001\u5ba2\u6237\u7f51\u7edc\u4ee5\u5b9e\u73b0\u534f\u540c\u6548\u5e94\u3002\u5c3d\u7ba1\u6052\u751f\u7684\u54c1\u724c\u3001\u5206\u884c\u65e5\u540e\u5c06\u83b7\u4fdd\u7559\uff0c\u4e24\u5bb6\u94f6\u884c\u5728\u7ba1\u7406\u53ca\u51b3\u7b56\u4e0a\u65e0\u7591\u66f4\u8d8b\u7d27\u5bc6\u3002\u968f\u7740\u5168\u7403\u94f6\u884c\u4e1a\u8fdb\u4e00\u6b65\u9762\u4e34\u5730\u7f18\u653f\u6cbb\u53ca\u76d1\u7ba1\u538b\u529b\uff0c\u6b64\u4e3e\u5c06\u6807\u5fd7\u9999\u6e2f\u91d1\u878d\u4e1a\u8fc8\u5411\u65b0\u65f6\u4ee3\uff0c\u751a\u81f3\u6709\u671b\u5f00\u521b\u4e9a\u6d32\u94f6\u884c\u4e1a\u6574\u5408\u7684\u6f6e\u6d41\u3002 \u8c22\u56fd\u751f\u6559\u6388 \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u6559\u5b66\u526f\u6559\u6388\u3001\u65b0\u754c\u4e61\u8bae\u5c40\u5f53\u7136\u6267\u884c\u59d4\u5458 \u4f55\u654f\u6dd9 \u9999\u6e2f\u5927\u5b66\u9644\u5c5e\u5b66\u9662\u8bb2\u5e08 \uff08\u672c\u6587\u540c\u65f6\u4e8e\u4e8c\u96f6\u4e8c\u4e94\u5e74\u5341\u6708\u4e8c\u5341\u4e5d\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\/hkej-column\/the-hidden-secrets-behind-hong-kong-stock-privatizations\/\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2025-10-28T08:46:02+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2025-10-28T08:49:40+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n\t\t<meta name=\"twitter:title\" content=\"\u6e2f\u80a1\u79c1\u6709\u5316\u6697\u85cf\u7684\u7384\u673a - HKU Business School\" \/>\n\t\t<meta name=\"twitter:description\" content=\"\u7ee7\u4e0a\u5e02\u4e0d\u8db33\u5e74\u534a\u7684\u8c2d\u4ed4\u56fd\u9645\uff0c\u5728\u4eca\u5e742\u6708\u7531\u65e5\u672c\u6bcd\u516c\u53f8\u4e1c\u5229\u591a\u63a7\u80a1\u63d0\u51fa\u79c1\u6709\u5316\u4e4b\u540e\uff0c\u6c47\u4e30\u96c6\u56e2\u4ea6\u4e8e\u672c\u67089\u65e5\u516c\u5e03\uff0c\u5efa\u8bae\u79c1\u6709\u5316\u521b\u7acb\u4e8e1933\u5e74\u7684\u6052\u751f\u94f6\u884c\u3002\u6362\u8a00\u4e4b\uff0c\u6052\u751f\u6210\u4e3a\u6c47\u4e30\u5168\u8d44\u5b50\u516c\u53f8\u540e\uff0c\u5176\u8d85\u8fc750\u5e74\u7684\u4e0a\u5e02\u5730\u4f4d\u5c06\u88ab\u64a4\u9500\u3002 \u9000\u5e02\u80cc\u540e\u7684\u51b3\u7b56 \u9999\u6e2f\u4ea4\u6613\u53ca\u7ed3\u7b97\u6240\u6709\u9650\u516c\u53f8\uff08\u6e2f\u4ea4\u6240\uff09\u8d44\u6599\u663e\u793a\uff0c\u8fd15\u5e74\u6765\u6bcf\u5e74\u5e73\u5747\u670921\u5bb6\u4e0a\u5e02\u516c\u53f8\u56e0\u79c1\u6709\u5316\u9000\u5e02\u3002\u4ee5\u91d1\u989d\u8ba1\u7b97\uff0c\u53bb\u5e74\u79c1\u6709\u5316\u768416\u5bb6\u6e2f\u80a1\u516c\u53f8\u5e02\u503c\u8fbe1,226\u4ebf\u5143\uff0c\u9ad8\u4e8e\u9996\u6b21\u516c\u5f00\u62db\u80a1\uff08IPO\uff09\u7684\u96c6\u8d44\u91d1\u989d\u3002 \u5728\u80a1\u7968\u5e02\u573a\u7684\u79c1\u6709\u5316\uff0c\u901a\u5e38\u6307\u4e00\u5bb6\u4e0a\u5e02\u516c\u53f8\u7684\u63a7\u80a1\u80a1\u4e1c\u6216\u7b2c\u4e09\u65b9\uff08\u5176\u4ed6\u6295\u8d44\u8005\u6216\u91d1\u878d\u673a\u6784\uff09\u4ee5\u73b0\u91d1\u6216\u8bc1\u5238\u7684\u65b9\u5f0f\uff0c\u5411\u6240\u6709\u80a1\u4e1c\u8d2d\u4e70\u5168\u6570\u80a1\u4efd\u3002\u79c1\u6709\u5316\u7684\u539f\u56e0\u6db5\u76d6\u4ee5\u4e0b5\u65b9\u9762\u3002 \u4e00\u3001\u5546\u4e1a\u4fdd\u5bc6\u53ca\u6210\u672c\u8003\u91cf \u4f01\u4e1a\u8981\u7ef4\u6301\u4e0a\u5e02\u5730\u4f4d\uff0c\u6bcf\u5e74\u7684\u56fa\u5b9a\u652f\u51fa\u4e0d\u5728\u5c11\u6570\uff0c\u5305\u62ec\u76d1\u7ba1\u62a5\u544a\u8d39\u7528\u3001\u8d44\u8baf\u62ab\u9732\u6210\u672c\u53ca\u4ea4\u6613\u6240\u5e74\u8d39\uff0c\u79c1\u6709\u5316\u540e\u5219\u53ef\u4e00\u6982\u514d\u9664\u3002\u79c1\u4eba\u516c\u53f8\u56e0\u65e0\u9700\u516c\u5f00\u654f\u611f\u8d22\u52a1\u6216\u4e1a\u52a1\u7ec6\u8282\uff0c\u800c\u53ef\u5728\u7ade\u4e89\u6fc0\u70c8\u7684\u5e02\u573a\u4fdd\u6301\u4f18\u52bf\u3002\u518d\u8005\uff0c\u6760\u6746\u6536\u8d2d\u4f5c\u4e3a\u79c1\u6709\u5316\u7684\u4e00\u79cd\u91cd\u8981\u65b9\u5f0f\uff0c\u6240\u6d89\u53ca\u7684\u8d1f\u503a\u5229\u606f\u652f\u51fa\u53ef\u7528\u6765\u6263\u51cf\u5e94\u7eb3\u7a0e\u989d\u3002\u7a0e\u52a1\u6536\u76ca\u901a\u5e38\u88ab\u89c6\u4e3a\u8865\u8d34\u4e4b\u7c7b\uff0c\u5b9e\u9645\u4e0a\u5219\u662f\u7531\u653f\u5e9c\u548c\u516c\u4f17\u57cb\u5355\u3002 \u4e8c\u3001\u63a7\u5236\u4ee3\u7406\u6210\u672c \u79c1\u6709\u5316\u900f\u8fc7\u6760\u6746\u6536\u8d2d\u5927\u5e45\u4e3e\u503a\uff0c\u4fc3\u4f7f\u4f01\u4e1a\u4f7f\u7528\u81ea\u7531\u73b0\u91d1\u6d41\u52a0\u4ee5\u507f\u8fd8\uff0c\u7531\u6b64\u53ef\u51cf\u4f4e\u7ba1\u7406\u5c42\u7684\u6f5c\u5728\u4e0d\u5f53\u6295\u8d44\u6216\u6d6a\u8d39\u884c\u4e3a\u3002\u81ea\u7531\u73b0\u91d1\u6d41\u91cf\u7f29\u51cf\u4e0e\u63a8\u9ad8\u503a\u52a1\u7684\u8d22\u52a1\u6760\u6746\u6c34\u5e73\uff0c\u6709\u5229\u4e8e\u964d\u4f4e\u4ee3\u7406\u6210\u672c\u3002 \u540c\u65f6\uff0c\u516c\u53f8\u8f6c\u4e3a\u79c1\u4eba\u6301\u6709\u540e\uff0c\u80a1\u6743\u96c6\u4e2d\u4e8e\u5c11\u6570\u5927\u80a1\u4e1c\u6216\u7ba1\u7406\u5c42\uff0c\u56e0\u800c\u6709\u52a8\u673a\u4f5c\u51fa\u6709\u6548\u76d1\u7763\uff0c\u907f\u514d\u4e86\u80a1\u6743\u5206\u6563\u65f6\u7684\u5f0a\u75c5\uff0c\u4f8b\u5982\u76d1\u7763\u6210\u672c\u9ad8\u3002 \u4e09\u3001\u89e3\u51b3\u201c\u642d\u4fbf\u8f66\u201d\u95ee\u9898 \u5728\u80a1\u6743\u5206\u6563\u7684\u516c\u53f8\uff0c\u5bf9\u7ba1\u7406\u5c42\u7684\u76d1\u7763\u662f\u4e00\u79cd\u201c\u516c\u5171\u8d22\u201d\uff08public good\uff09\u3002\u79ef\u6781\u76d1\u7763\u7684\u80a1\u4e1c\u4ed8\u51fa\u9ad8\u6210\u672c\uff0c\u53cd\u800c\u65e0\u6cd5\u72ec\u4eab\u6536\u76ca\uff0c\u5176\u4ed6\u80a1\u4e1c\u5374\u56e0\u53ef\u6210\u4e3a\u7ecf\u6d4e\u5b66\u4e0a\u6240\u8c13\u201c\u642d\u4fbf\u8f66\u8005\u201d\uff08free rider\uff09\uff0c\u800c\u964d\u4f4e\u76d1\u7763\u610f\u613f\u3002\u4f01\u4e1a\u9664\u724c\u540e\uff0c\u5219\u53ef\u80fd\u7531\u5355\u4e00\u673a\u6784\u6216\u5c11\u6570\u80a1\u4e1c\u638c\u63e1\u5927\u6743\uff0c\u4e5f\u5c31\u8f83\u4e3a\u5bb9\u6613\u514b\u670d\u642d\u4fbf\u8f66\u7684\u95ee\u9898\u3002 \u4e8b\u5b9e\u4e0a\uff0c\u4ee5\u516c\u53f8\u51b3\u7b56\u8fc7\u7a0b\u800c\u8a00\uff0c\u65e0\u7591\u66f4\u6709\u6548\u7387\u3002\u91cd\u8981\u7684\u8ba1\u5212\u6bcb\u9700\u8fc7\u4e8e\u8be6\u5c3d\u7684\u7814\u7a76\u6216\u5411\u8463\u4e8b\u4f1a\u62a5\u544a\uff0c\u7ba1\u7406\u5c42\u7684\u51b3\u7b56\u53d8\u5f97\u5feb\u901f\u6709\u6548\uff0c\u5e76\u5f97\u4ee5\u4e13\u6ce8\u4e8e\u516c\u53f8\u7684\u957f\u8fdc\u53d1\u5c55\u3001\u975e\u6838\u5fc3\u4e1a\u52a1\u7684\u91cd\u7ec4\uff0c\u4ee5\u81f3\u8f83\u9ad8\u98ce\u9669\u7684\u8f6c\u578b\u6295\u8d44\u3002 \u56db\u3001\u8d22\u5bcc\u8f6c\u79fb\u6548\u5e94 \u79c1\u6709\u5316\u80a1\u6743\u4ef7\u503c\u7684\u589e\u52a0\uff0c\u53ef\u80fd\u57fa\u4e8e\u8d22\u5bcc\u4ece\u5176\u4ed6\u4eba\uff08\u5982\u503a\u6743\u4eba\u3001\u7279\u522b\u80a1\u80a1\u4e1c\u3001\u96c7\u5458\u4ee5\u53ca\u653f\u5e9c\uff09\u8f6c\u79fb\u7ed9\u80a1\u4e1c\u3002\u516c\u53f8\u7ecf\u79c1\u6709\u5316\u540e\uff0c\u6216\u4f1a\u4e3a\u8ffd\u6c42\u66f4\u5927\u5229\u6da6\u800c\u8fdb\u884c\u8f83\u9ad8\u98ce\u9669\u7684\u6295\u8d44\u9879\u76ee\uff0c\u4ece\u800c\u589e\u52a0\u503a\u6743\u4eba\u548c\u4f18\u5148\u80a1\u80a1\u4e1c\u7684\u98ce\u9669\uff0c\u4f46\u6536\u76ca\u5374\u4e3b\u8981\u5f52\u4e8e\u80a1\u4e1c\u3002\u516c\u53f8\u4ea6\u53ef\u80fd\u5728\u79c1\u6709\u5316\u524d\u63d0\u9ad8\u80a1\u606f\u53d1\u653e\uff0c\u5c06\u90e8\u5206\u516c\u53f8\u7684\u73b0\u91d1\u5206\u914d\u7ed9\u80a1\u4e1c\uff0c\u4ee4\u516c\u53f8\u7559\u5b58\u7684\u8d44\u672c\u51cf\u5c11\uff0c\u7ed3\u679c\u635f\u5bb3\u503a\u6743\u4eba\u548c\u4f18\u5148\u80a1\u80a1\u4e1c\u7684\u5229\u76ca\u3002 \u4e94\u3001\u8d44\u8baf\u4e0d\u5bf9\u79f0\u4e0e\u80a1\u4ef7\u4f4e\u4f01 \u79c1\u6709\u5316\u8fc7\u7a0b\u4e2d\uff0c\u7ba1\u7406\u5c42\u56e0\u8f83\u4e00\u822c\u6295\u8d44\u8005\u638c\u63e1\u66f4\u591a\u5173\u4e8e\u516c\u53f8\u4ef7\u503c\u7684\u8d44\u8baf\uff0c\u800c\u80fd\u4ee5\u4f4e\u4e8e\u516c\u53f8\u5b9e\u9645\u4ef7\u503c\u7684\u4ef7\u683c\u6536\u8d2d\u516c\u53f8\uff1b\u5185\u90e8\u4eba\u58eb\u53c8\u6216\u5229\u7528\u4f1a\u8ba1\u548c\u8d22\u52a1\u6280\u5de7\u538b\u4f4e\u80a1\u4ef7\uff0c\u800c\u4ee5\u4f4e\u4e8e\u5b9e\u9645\u4ef7\u503c\u7684\u4ef7\u683c\u5b8c\u6210\u6536\u8d2d\u3002\u5927\u4f17\u6295\u8d44\u8005\u5f80\u5f80\u8457\u773c\u4e8e\u77ed\u671f\u6536\u76ca\uff0c\u800c\u4f4e\u4f30\u5177\u957f\u671f\u6295\u8d44\u4ef7\u503c\u7684\u516c\u53f8\u3002\u5e02\u51b5\u6108\u5dee\uff0c\u80a1\u4ef7\u4e0e\u8d44\u4ea7\u4ef7\u6298\u8ba9\u5c31\u4f1a\u6108\u5927\uff0c\u800c\u6298\u8ba9\u6108\u5927\uff0c\u79c1\u6709\u5316\u673a\u4f1a\u4ea6\u6108\u5927\u3002\u7ec6\u4ef7\u80a1\u4ee5\u53ca\u89c4\u6a21\u8f83\u5c0f\u7684\u5730\u4ea7\u80a1\uff0c\u5747\u8f83\u6709\u673a\u4f1a\u63d0\u51fa\u79c1\u6709\u5316\u3002 \u5f53\u80a1\u4ef7\u4e0d\u53ca\u8d44\u4ea7\u51c0\u503c\uff0c\u79c1\u6709\u5316\u53ef\u8ba9\u63a7\u80a1\u80a1\u4e1c\u4ee5\u76f8\u5bf9\u4f4e\u7684\u6210\u672c\u56de\u8d2d\u8d44\u4ea7\u3002\u4ee5\u963f\u91cc\u5df4\u5df4\u4e3a\u4f8b\uff0c\u96c6\u56e2\u57282007\u5e74\u5c06\u65d7\u4e0bB2B\u4e1a\u52a1\uff08\u963f\u91cc\u5df4\u5df4\u7f51\u7edc\u6709\u9650\u516c\u53f8\uff09\u5728\u9999\u6e2f\u4e0a\u5e02\uff0c\u53d1\u884c\u4ef7\u4e3a13. 5\u5143\u3002\u540e\u56e0\u4e1a\u52a1\u589e\u957f\u4e4f\u529b\uff0c\u52a0\u4e0a\u80a1\u4ef7\u6301\u7eed\u4f4e\u8ff7\uff0c\u96c6\u56e2\u4e8e2012\u5e74\u540c\u6837\u4ee513. 5\u5143\u79c1\u6709\u5316\u4e0a\u5e02\u90e8\u5206\u3002\u963f\u91cc\u5df4\u5df4\u57282014\u5e74\u5728\u7f8e\u56fd\u7ebd\u7ea6\u4ea4\u6613\u6240\u6302\u724c\uff0c\u81f32019\u5e74\u6e2f\u4ea4\u6240\u5141\u8bb8\u201c\u540c\u80a1\u4e0d\u540c\u6743\u201d\u516c\u53f8\u4e0a\u5e02\uff0c\u963f\u91cc\u5df4\u5df4\u540c\u5e74\u91cd\u8fd4\u9999\u6e2f\u4e0a\u5e02\u3002 \u79c1\u6709\u5316\u4ea4\u6613\u6210\u8d25\u4e92\u89c1 2024\u5e74\uff0c\u672c\u6e2f\u79c1\u6709\u5316\u7684\u4e0a\u5e02\u4f01\u4e1a\u4e3a\u6570\u517116\u5bb6\u3002\u8fd1\u671f\u5728\u6e2f\u4ea4\u6240\u64a4\u9500\u4e0a\u5e02\u5730\u4f4d\u7684\u516c\u53f8\uff0c\u5305\u62ec\u57282019\u5e74\u6302\u724c\u7684ESR\u96c6\u56e2\u3002\u53bb\u5e74\u5e74\u5e95\uff0c\u96c6\u56e2\u521b\u529e\u4eba\u4e0e\u56fd\u9645\u91d1\u878d\u673a\u6784\u8054\u624b\u7ec4\u6210\u8d22\u56e2\uff0c\u4ee5\u6bcf\u80a113\u5143\u6536\u8d2dESR\u6240\u6709\u6d41\u901a\u80a1\uff1b\u79c1\u6709\u5316\u4ea4\u6613\u603b\u503c\u4e3a552\u4ebf\u5143\u3002 \u63d0\u51fa\u79c1\u6709\u5316\u4e00\u65b9\u8868\u793a\uff0cESR\u9510\u610f\u8f6c\u578b\u4e3a\u8f7b\u8d44\u4ea7\u5e73\u53f0\uff0c\u805a\u7126\u65b0\u7ecf\u6d4e\u9886\u57df\u3002\u7531\u4e8e\u6709\u5173\u7b56\u7565\u6216\u4f1a\u9020\u6210\u77ed\u671f\u83b7\u5229\u6ce2\u52a8\uff0c\u51b3\u8bae\u5e94\u907f\u514d\u516c\u5f00\u5e02\u573a\u7684\u77ed\u671f\u538b\u529b\u53ca\u4e0a\u5e02\u89c4\u5219\u7684\u9650\u5236\uff0c\u4ee5\u4fbf\u4e1a\u52a1\u8fbe\u81f4\u8f6c\u578b\u76ee\u6807\u3002 \u4e0e\u6b64\u540c\u65f6\uff0c\u4f01\u4e1a\u79c1\u6709\u5316\u4ea6\u4e0d\u4e4f\u5931\u8d25\u6848\u4f8b\uff0c\u539f\u56e0\u4e4b\u4e00\u662f\u8bb8\u591a\u79c1\u6709\u5316\u65b9\u6848\u7684\u4ef7\u683c\u8fdc\u9ad8\u4e8e\u516c\u53f8\u8d44\u4ea7\u51c0\u503c\u6298\u8ba9\uff0c\u96be\u83b7\u72ec\u7acb\u80a1\u4e1c\u63a5\u7eb3\u3002\u6b64\u5916\uff0c\u6709\u65b9\u6848\u987b\u7ecf\u51fa\u5e2d\u8868\u51b3\u7684\u72ec\u7acb\u80a1\u4e1c\u5927\u591a\u6570\u901a\u8fc7\uff0c\u800c\u8868\u51b3\u6295\u7968\u5f80\u5f80\u4ee4\u79c1\u6709\u5316\u5efa\u8bae\u529f\u8d25\u5782\u6210\u3002 \u672c\u5e744\u6708\uff0c\u8fea\u751f\u521b\u5efa\u5927\u80a1\u4e1c\u6f58\u5ef8\u751f\u63d0\u51fa\u4ee5\u6bcf\u80a17.2\u5143\u79c1\u6709\u5316\uff0c\u8f83\u5f53\u65f6\u5e02\u4ef7\u6709\u903e\u4e94\u6210\u6ea2\u4ef7\uff0c\u4f46\u4ecd\u4f4e\u4e8e\u516c\u53f8\u53bb\u5e74\u6bcf\u80a1\u8d44\u4ea7\u51c0\u503c9.05\u5143\u3002\u518d\u8005\uff0c\u516c\u53f8\u6301\u6709\u5927\u91cf\u73b0\u91d1\uff0c\u4ee4\u90e8\u5206\u80a1\u4e1c\u6295\u4e0b\u53cd\u5bf9\u7968\u3002\u6700\u7ec8\u57287\u6708\u4e3e\u884c\u7684\u6cd5\u9662\u4f1a\u8bae\u4e0a\uff0c\u56e0\u53cd\u5bf9\u7968\u8fbe10. 16%\uff0c\u800c\u672a\u80fd\u6ee1\u8db3\u79c1\u6709\u5316\u6761\u4ef6\u3002 \u9000\u5e02\u6311\u6218\u4e0e\u751f\u673a\u5e76\u5b58 \u4e0a\u5e02\u516c\u53f8\u79c1\u6709\u5316\u96be\u514d\u9762\u4e34\u6311\u6218\u3002\u9996\u5148\uff0c\u4ea4\u6613\u5b8c\u6210\u540e\u53ef\u80fd\u9650\u5236\u516c\u53f8\u7684\u878d\u8d44\u6e20\u9053\uff0c\u56e0\u4e3a\u79c1\u4eba\u4f01\u4e1a\u65e0\u6cd5\u901a\u8fc7\u53d1\u884c\u6216\u589e\u53d1\u80a1\u4efd\u4ee5\u8fdb\u884c\u5927\u89c4\u6a21\u878d\u8d44\uff0c\u8d44\u91d1\u6765\u6e90\u4ec5\u80fd\u4f9d\u8d56\u94f6\u884c\u8d37\u6b3e\u6216\u79c1\u52df\uff0c\u7075\u6d3b\u6027\u5927\u4e3a\u964d\u4f4e\u3002\u5176\u6b21\uff0c\u6216\u4f1a\u635f\u5bb3\u5c0f\u80a1\u4e1c\u5229\u76ca\u3002\u82e5\u6536\u8d2d\u4ef7\u94b1\u4e0d\u5408\u7406\uff0c\u53c8\u6216\u5927\u80a1\u4e1c\u5229\u7528\u4f18\u52bf\u5730\u4f4d\u538b\u4f4e\u6536\u8d2d\u4ef7\uff0c\u5c06\u4e0d\u5229\u4e8e\u6563\u6237\u4e0e\u5c0f\u80a1\u4e1c\u7684\u5408\u7406\u6743\u76ca\u3002 \u56de\u987e\u672c\u4e16\u7eaa\u4ee5\u6765\uff0c\u591a\u5bb6\u6e2f\u8d44\u94f6\u884c\u5148\u540e\u6613\u624b\u3010\u8868\u3011\uff0c\u4f8b\u5982\u62db\u5546\u94f6\u884c\u57282008\u5e74\u4ee5193\u4ebf\u5143\u6536\u8d2d\u6c38\u9686\u94f6\u884c\uff1b2013\u5e74\uff0c\u5e7f\u4e1c\u5927\u578b\u56fd\u4f01\u8d8a\u79c0\u96c6\u56e2\uff0c\u5ba3\u5e03\u4ee5116\u4ebf\u5143\u6536\u8d2d\u5ed6\u521b\u5174\u5bb6\u65cf\u7684\u521b\u5174\u94f6\u884c75%\u80a1\u6743\u3002\u65f6\u81f3\u4eca\u65e5\uff0c\u7eaf\u6e2f\u8d44\u94f6\u884c\u53ea\u5269\u4e1c\u4e9a\u94f6\u884c\u3001\u5927\u65b0\u94f6\u884c\uff0c\u4ee5\u53ca\u5e76\u65e0\u4e0a\u5e02\u7684\u5927\u751f\u94f6\u884c\u3002 \u8868\uff1a\u5343\u79a7\u5e74\u540e\u94f6\u884c\u5e76\u8d2d 2000\u5e74 \u4e1c\u4e9a\u6536\u8d2d\u7b2c\u4e00\u592a\u5e73\u94f6\u884c 2003\u5e74 \u6c38\u4ea8\u6536\u8d2d\u6d59\u6c5f\u7b2c\u4e00\u94f6\u884c\uff1b\u5de5\u94f6\u4e9a\u6d32\u6536\u8d2d\u534e\u6bd4\u5bcc\u901a\u94f6\u884c 2004\u5e74 \u53f0\u6e7e\u5bcc\u90a6\u91d1\u63a7\u6536\u8d2d\u6e2f\u57fa\u94f6\u884c\u80a1\u6743 2006\u5e74 \u5927\u4f17\u91d1\u878d\u6536\u8d2d\u4e9a\u6d32\u5546\u4e1a\u94f6\u884c 2008\u5e74 \u62db\u5546\u94f6\u884c\u6536\u8d2d\u6c38\u9686\u94f6\u884c 2013\u5e74 \u8d8a\u79c0\u96c6\u56e2\u6536\u8d2d\u521b\u5174\u94f6\u884c 2014\u5e74 \u534e\u4fa8\u94f6\u884c\u6536\u8d2d\u6c38\u4ea8\u94f6\u884c \u81f3\u4e8e\u662f\u6b21\u6c47\u63a7\u51b3\u5b9a\u5c06\u6052\u751f\u79c1\u6709\u5316\uff0c\u5916\u754c\u8ba4\u4e3a\u65e2\u80fd\u5904\u7406\u6052\u751f\u574f\u5e10\uff0c\u4ea6\u80fd\u6709\u6548\u7cbe\u7b80\u96c6\u56e2\u5728\u9999\u6e2f\u7684\u4e1a\u52a1\u67b6\u6784\uff0c\u7406\u987a\u51b3\u7b56\u6d41\u7a0b\uff0c\u5e76\u63d0\u9ad8\u7075\u6d3b\u6027\u3002\u6c47\u4e30\u8868\u660e\uff0c\u5728\u4ea4\u6613\u5b8c\u6210\u540e\uff0c\u5c06\u6682\u505c\u80a1\u7968\u56de\u8d2d3\u4e2a\u5b63\u5ea6\uff0c\u4ee5\u4fdd\u7559\u8d44\u91d1\u3002\u867d\u7136\u6b64\u4e3e\u5c06\u4ee4\u6c47\u4e30\u80a1\u4e1c\u7684\u603b\u56de\u62a5\uff08\u5305\u62ec\u80a1\u606f\u53ca\u56de\u8d2d\uff09\u53d7\u538b\uff0c\u5e02\u573a\u9884\u671f\u77ed\u671f\u5185\u80a1\u4ef7\u6216\u4e0b\u8dcc\uff0c\u4f46\u79c1\u6709\u5316\u957f\u8fdc\u5c06\u5e26\u6765\u6b63\u9762\u5f71\u54cd\u3002 \u4e00\u5f85\u6052\u751f\u79c1\u6709\u5316\uff0c\u6c47\u4e30\u53ef\u671b\u63d0\u5347\u6548\u7387\uff0c\u5e76\u4e14\u900f\u8fc7\u6574\u5408\u4e1a\u52a1\u3001\u4eba\u529b\u8d44\u6e90\u3001\u5ba2\u6237\u7f51\u7edc\u4ee5\u5b9e\u73b0\u534f\u540c\u6548\u5e94\u3002\u5c3d\u7ba1\u6052\u751f\u7684\u54c1\u724c\u3001\u5206\u884c\u65e5\u540e\u5c06\u83b7\u4fdd\u7559\uff0c\u4e24\u5bb6\u94f6\u884c\u5728\u7ba1\u7406\u53ca\u51b3\u7b56\u4e0a\u65e0\u7591\u66f4\u8d8b\u7d27\u5bc6\u3002\u968f\u7740\u5168\u7403\u94f6\u884c\u4e1a\u8fdb\u4e00\u6b65\u9762\u4e34\u5730\u7f18\u653f\u6cbb\u53ca\u76d1\u7ba1\u538b\u529b\uff0c\u6b64\u4e3e\u5c06\u6807\u5fd7\u9999\u6e2f\u91d1\u878d\u4e1a\u8fc8\u5411\u65b0\u65f6\u4ee3\uff0c\u751a\u81f3\u6709\u671b\u5f00\u521b\u4e9a\u6d32\u94f6\u884c\u4e1a\u6574\u5408\u7684\u6f6e\u6d41\u3002 \u8c22\u56fd\u751f\u6559\u6388 \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u6559\u5b66\u526f\u6559\u6388\u3001\u65b0\u754c\u4e61\u8bae\u5c40\u5f53\u7136\u6267\u884c\u59d4\u5458 \u4f55\u654f\u6dd9 \u9999\u6e2f\u5927\u5b66\u9644\u5c5e\u5b66\u9662\u8bb2\u5e08 \uff08\u672c\u6587\u540c\u65f6\u4e8e\u4e8c\u96f6\u4e8c\u4e94\u5e74\u5341\u6708\u4e8c\u5341\u4e5d\u65e5\u8f7d\u4e8e\u300a\u4fe1\u62a5\u300b\u201c\u9f99\u864e\u5c71\u4e0b\u201d\u4e13\u680f\uff09\" \/>\n\t\t<script type=\"application\/ld+json\" class=\"aioseo-schema\">\n\t\t\t{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/research\\\/thought-leadership\\\/hkej-column\\\/the-hidden-secrets-behind-hong-kong-stock-privatizations\\\/#breadcrumblist\",\"itemListElement\":[{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/#listItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/\",\"nextItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/thought-leadership\\\/hkej-column-sc\\\/#listItem\",\"name\":\"\\u9f99\\u864e\\u5c71\\u4e0b\"}},{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/thought-leadership\\\/hkej-column-sc\\\/#listItem\",\"position\":2,\"name\":\"\\u9f99\\u864e\\u5c71\\u4e0b\",\"item\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/thought-leadership\\\/hkej-column-sc\\\/\",\"nextItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/research\\\/thought-leadership\\\/hkej-column\\\/the-hidden-secrets-behind-hong-kong-stock-privatizations\\\/#listItem\",\"name\":\"\\u6e2f\\u80a1\\u79c1\\u6709\\u5316\\u6697\\u85cf\\u7684\\u7384\\u673a\"},\"previousItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/#listItem\",\"name\":\"Home\"}},{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/research\\\/thought-leadership\\\/hkej-column\\\/the-hidden-secrets-behind-hong-kong-stock-privatizations\\\/#listItem\",\"position\":3,\"name\":\"\\u6e2f\\u80a1\\u79c1\\u6709\\u5316\\u6697\\u85cf\\u7684\\u7384\\u673a\",\"previousItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/thought-leadership\\\/hkej-column-sc\\\/#listItem\",\"name\":\"\\u9f99\\u864e\\u5c71\\u4e0b\"}}]},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/#organization\",\"name\":\"HKU Business School\",\"url\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/research\\\/thought-leadership\\\/hkej-column\\\/the-hidden-secrets-behind-hong-kong-stock-privatizations\\\/#webpage\",\"url\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/research\\\/thought-leadership\\\/hkej-column\\\/the-hidden-secrets-behind-hong-kong-stock-privatizations\\\/\",\"name\":\"\\u6e2f\\u80a1\\u79c1\\u6709\\u5316\\u6697\\u85cf\\u7684\\u7384\\u673a - HKU Business School\",\"description\":\"\\u7ee7\\u4e0a\\u5e02\\u4e0d\\u8db33\\u5e74\\u534a\\u7684\\u8c2d\\u4ed4\\u56fd\\u9645\\uff0c\\u5728\\u4eca\\u5e742\\u6708\\u7531\\u65e5\\u672c\\u6bcd\\u516c\\u53f8\\u4e1c\\u5229\\u591a\\u63a7\\u80a1\\u63d0\\u51fa\\u79c1\\u6709\\u5316\\u4e4b\\u540e\\uff0c\\u6c47\\u4e30\\u96c6\\u56e2\\u4ea6\\u4e8e\\u672c\\u67089\\u65e5\\u516c\\u5e03\\uff0c\\u5efa\\u8bae\\u79c1\\u6709\\u5316\\u521b\\u7acb\\u4e8e1933\\u5e74\\u7684\\u6052\\u751f\\u94f6\\u884c\\u3002\\u6362\\u8a00\\u4e4b\\uff0c\\u6052\\u751f\\u6210\\u4e3a\\u6c47\\u4e30\\u5168\\u8d44\\u5b50\\u516c\\u53f8\\u540e\\uff0c\\u5176\\u8d85\\u8fc750\\u5e74\\u7684\\u4e0a\\u5e02\\u5730\\u4f4d\\u5c06\\u88ab\\u64a4\\u9500\\u3002 \\u9000\\u5e02\\u80cc\\u540e\\u7684\\u51b3\\u7b56 \\u9999\\u6e2f\\u4ea4\\u6613\\u53ca\\u7ed3\\u7b97\\u6240\\u6709\\u9650\\u516c\\u53f8\\uff08\\u6e2f\\u4ea4\\u6240\\uff09\\u8d44\\u6599\\u663e\\u793a\\uff0c\\u8fd15\\u5e74\\u6765\\u6bcf\\u5e74\\u5e73\\u5747\\u670921\\u5bb6\\u4e0a\\u5e02\\u516c\\u53f8\\u56e0\\u79c1\\u6709\\u5316\\u9000\\u5e02\\u3002\\u4ee5\\u91d1\\u989d\\u8ba1\\u7b97\\uff0c\\u53bb\\u5e74\\u79c1\\u6709\\u5316\\u768416\\u5bb6\\u6e2f\\u80a1\\u516c\\u53f8\\u5e02\\u503c\\u8fbe1,226\\u4ebf\\u5143\\uff0c\\u9ad8\\u4e8e\\u9996\\u6b21\\u516c\\u5f00\\u62db\\u80a1\\uff08IPO\\uff09\\u7684\\u96c6\\u8d44\\u91d1\\u989d\\u3002 \\u5728\\u80a1\\u7968\\u5e02\\u573a\\u7684\\u79c1\\u6709\\u5316\\uff0c\\u901a\\u5e38\\u6307\\u4e00\\u5bb6\\u4e0a\\u5e02\\u516c\\u53f8\\u7684\\u63a7\\u80a1\\u80a1\\u4e1c\\u6216\\u7b2c\\u4e09\\u65b9\\uff08\\u5176\\u4ed6\\u6295\\u8d44\\u8005\\u6216\\u91d1\\u878d\\u673a\\u6784\\uff09\\u4ee5\\u73b0\\u91d1\\u6216\\u8bc1\\u5238\\u7684\\u65b9\\u5f0f\\uff0c\\u5411\\u6240\\u6709\\u80a1\\u4e1c\\u8d2d\\u4e70\\u5168\\u6570\\u80a1\\u4efd\\u3002\\u79c1\\u6709\\u5316\\u7684\\u539f\\u56e0\\u6db5\\u76d6\\u4ee5\\u4e0b5\\u65b9\\u9762\\u3002 \\u4e00\\u3001\\u5546\\u4e1a\\u4fdd\\u5bc6\\u53ca\\u6210\\u672c\\u8003\\u91cf \\u4f01\\u4e1a\\u8981\\u7ef4\\u6301\\u4e0a\\u5e02\\u5730\\u4f4d\\uff0c\\u6bcf\\u5e74\\u7684\\u56fa\\u5b9a\\u652f\\u51fa\\u4e0d\\u5728\\u5c11\\u6570\\uff0c\\u5305\\u62ec\\u76d1\\u7ba1\\u62a5\\u544a\\u8d39\\u7528\\u3001\\u8d44\\u8baf\\u62ab\\u9732\\u6210\\u672c\\u53ca\\u4ea4\\u6613\\u6240\\u5e74\\u8d39\\uff0c\\u79c1\\u6709\\u5316\\u540e\\u5219\\u53ef\\u4e00\\u6982\\u514d\\u9664\\u3002\\u79c1\\u4eba\\u516c\\u53f8\\u56e0\\u65e0\\u9700\\u516c\\u5f00\\u654f\\u611f\\u8d22\\u52a1\\u6216\\u4e1a\\u52a1\\u7ec6\\u8282\\uff0c\\u800c\\u53ef\\u5728\\u7ade\\u4e89\\u6fc0\\u70c8\\u7684\\u5e02\\u573a\\u4fdd\\u6301\\u4f18\\u52bf\\u3002\\u518d\\u8005\\uff0c\\u6760\\u6746\\u6536\\u8d2d\\u4f5c\\u4e3a\\u79c1\\u6709\\u5316\\u7684\\u4e00\\u79cd\\u91cd\\u8981\\u65b9\\u5f0f\\uff0c\\u6240\\u6d89\\u53ca\\u7684\\u8d1f\\u503a\\u5229\\u606f\\u652f\\u51fa\\u53ef\\u7528\\u6765\\u6263\\u51cf\\u5e94\\u7eb3\\u7a0e\\u989d\\u3002\\u7a0e\\u52a1\\u6536\\u76ca\\u901a\\u5e38\\u88ab\\u89c6\\u4e3a\\u8865\\u8d34\\u4e4b\\u7c7b\\uff0c\\u5b9e\\u9645\\u4e0a\\u5219\\u662f\\u7531\\u653f\\u5e9c\\u548c\\u516c\\u4f17\\u57cb\\u5355\\u3002 \\u4e8c\\u3001\\u63a7\\u5236\\u4ee3\\u7406\\u6210\\u672c \\u79c1\\u6709\\u5316\\u900f\\u8fc7\\u6760\\u6746\\u6536\\u8d2d\\u5927\\u5e45\\u4e3e\\u503a\\uff0c\\u4fc3\\u4f7f\\u4f01\\u4e1a\\u4f7f\\u7528\\u81ea\\u7531\\u73b0\\u91d1\\u6d41\\u52a0\\u4ee5\\u507f\\u8fd8\\uff0c\\u7531\\u6b64\\u53ef\\u51cf\\u4f4e\\u7ba1\\u7406\\u5c42\\u7684\\u6f5c\\u5728\\u4e0d\\u5f53\\u6295\\u8d44\\u6216\\u6d6a\\u8d39\\u884c\\u4e3a\\u3002\\u81ea\\u7531\\u73b0\\u91d1\\u6d41\\u91cf\\u7f29\\u51cf\\u4e0e\\u63a8\\u9ad8\\u503a\\u52a1\\u7684\\u8d22\\u52a1\\u6760\\u6746\\u6c34\\u5e73\\uff0c\\u6709\\u5229\\u4e8e\\u964d\\u4f4e\\u4ee3\\u7406\\u6210\\u672c\\u3002 \\u540c\\u65f6\\uff0c\\u516c\\u53f8\\u8f6c\\u4e3a\\u79c1\\u4eba\\u6301\\u6709\\u540e\\uff0c\\u80a1\\u6743\\u96c6\\u4e2d\\u4e8e\\u5c11\\u6570\\u5927\\u80a1\\u4e1c\\u6216\\u7ba1\\u7406\\u5c42\\uff0c\\u56e0\\u800c\\u6709\\u52a8\\u673a\\u4f5c\\u51fa\\u6709\\u6548\\u76d1\\u7763\\uff0c\\u907f\\u514d\\u4e86\\u80a1\\u6743\\u5206\\u6563\\u65f6\\u7684\\u5f0a\\u75c5\\uff0c\\u4f8b\\u5982\\u76d1\\u7763\\u6210\\u672c\\u9ad8\\u3002 \\u4e09\\u3001\\u89e3\\u51b3\\u201c\\u642d\\u4fbf\\u8f66\\u201d\\u95ee\\u9898 \\u5728\\u80a1\\u6743\\u5206\\u6563\\u7684\\u516c\\u53f8\\uff0c\\u5bf9\\u7ba1\\u7406\\u5c42\\u7684\\u76d1\\u7763\\u662f\\u4e00\\u79cd\\u201c\\u516c\\u5171\\u8d22\\u201d\\uff08public good\\uff09\\u3002\\u79ef\\u6781\\u76d1\\u7763\\u7684\\u80a1\\u4e1c\\u4ed8\\u51fa\\u9ad8\\u6210\\u672c\\uff0c\\u53cd\\u800c\\u65e0\\u6cd5\\u72ec\\u4eab\\u6536\\u76ca\\uff0c\\u5176\\u4ed6\\u80a1\\u4e1c\\u5374\\u56e0\\u53ef\\u6210\\u4e3a\\u7ecf\\u6d4e\\u5b66\\u4e0a\\u6240\\u8c13\\u201c\\u642d\\u4fbf\\u8f66\\u8005\\u201d\\uff08free rider\\uff09\\uff0c\\u800c\\u964d\\u4f4e\\u76d1\\u7763\\u610f\\u613f\\u3002\\u4f01\\u4e1a\\u9664\\u724c\\u540e\\uff0c\\u5219\\u53ef\\u80fd\\u7531\\u5355\\u4e00\\u673a\\u6784\\u6216\\u5c11\\u6570\\u80a1\\u4e1c\\u638c\\u63e1\\u5927\\u6743\\uff0c\\u4e5f\\u5c31\\u8f83\\u4e3a\\u5bb9\\u6613\\u514b\\u670d\\u642d\\u4fbf\\u8f66\\u7684\\u95ee\\u9898\\u3002 \\u4e8b\\u5b9e\\u4e0a\\uff0c\\u4ee5\\u516c\\u53f8\\u51b3\\u7b56\\u8fc7\\u7a0b\\u800c\\u8a00\\uff0c\\u65e0\\u7591\\u66f4\\u6709\\u6548\\u7387\\u3002\\u91cd\\u8981\\u7684\\u8ba1\\u5212\\u6bcb\\u9700\\u8fc7\\u4e8e\\u8be6\\u5c3d\\u7684\\u7814\\u7a76\\u6216\\u5411\\u8463\\u4e8b\\u4f1a\\u62a5\\u544a\\uff0c\\u7ba1\\u7406\\u5c42\\u7684\\u51b3\\u7b56\\u53d8\\u5f97\\u5feb\\u901f\\u6709\\u6548\\uff0c\\u5e76\\u5f97\\u4ee5\\u4e13\\u6ce8\\u4e8e\\u516c\\u53f8\\u7684\\u957f\\u8fdc\\u53d1\\u5c55\\u3001\\u975e\\u6838\\u5fc3\\u4e1a\\u52a1\\u7684\\u91cd\\u7ec4\\uff0c\\u4ee5\\u81f3\\u8f83\\u9ad8\\u98ce\\u9669\\u7684\\u8f6c\\u578b\\u6295\\u8d44\\u3002 \\u56db\\u3001\\u8d22\\u5bcc\\u8f6c\\u79fb\\u6548\\u5e94 \\u79c1\\u6709\\u5316\\u80a1\\u6743\\u4ef7\\u503c\\u7684\\u589e\\u52a0\\uff0c\\u53ef\\u80fd\\u57fa\\u4e8e\\u8d22\\u5bcc\\u4ece\\u5176\\u4ed6\\u4eba\\uff08\\u5982\\u503a\\u6743\\u4eba\\u3001\\u7279\\u522b\\u80a1\\u80a1\\u4e1c\\u3001\\u96c7\\u5458\\u4ee5\\u53ca\\u653f\\u5e9c\\uff09\\u8f6c\\u79fb\\u7ed9\\u80a1\\u4e1c\\u3002\\u516c\\u53f8\\u7ecf\\u79c1\\u6709\\u5316\\u540e\\uff0c\\u6216\\u4f1a\\u4e3a\\u8ffd\\u6c42\\u66f4\\u5927\\u5229\\u6da6\\u800c\\u8fdb\\u884c\\u8f83\\u9ad8\\u98ce\\u9669\\u7684\\u6295\\u8d44\\u9879\\u76ee\\uff0c\\u4ece\\u800c\\u589e\\u52a0\\u503a\\u6743\\u4eba\\u548c\\u4f18\\u5148\\u80a1\\u80a1\\u4e1c\\u7684\\u98ce\\u9669\\uff0c\\u4f46\\u6536\\u76ca\\u5374\\u4e3b\\u8981\\u5f52\\u4e8e\\u80a1\\u4e1c\\u3002\\u516c\\u53f8\\u4ea6\\u53ef\\u80fd\\u5728\\u79c1\\u6709\\u5316\\u524d\\u63d0\\u9ad8\\u80a1\\u606f\\u53d1\\u653e\\uff0c\\u5c06\\u90e8\\u5206\\u516c\\u53f8\\u7684\\u73b0\\u91d1\\u5206\\u914d\\u7ed9\\u80a1\\u4e1c\\uff0c\\u4ee4\\u516c\\u53f8\\u7559\\u5b58\\u7684\\u8d44\\u672c\\u51cf\\u5c11\\uff0c\\u7ed3\\u679c\\u635f\\u5bb3\\u503a\\u6743\\u4eba\\u548c\\u4f18\\u5148\\u80a1\\u80a1\\u4e1c\\u7684\\u5229\\u76ca\\u3002 \\u4e94\\u3001\\u8d44\\u8baf\\u4e0d\\u5bf9\\u79f0\\u4e0e\\u80a1\\u4ef7\\u4f4e\\u4f01 \\u79c1\\u6709\\u5316\\u8fc7\\u7a0b\\u4e2d\\uff0c\\u7ba1\\u7406\\u5c42\\u56e0\\u8f83\\u4e00\\u822c\\u6295\\u8d44\\u8005\\u638c\\u63e1\\u66f4\\u591a\\u5173\\u4e8e\\u516c\\u53f8\\u4ef7\\u503c\\u7684\\u8d44\\u8baf\\uff0c\\u800c\\u80fd\\u4ee5\\u4f4e\\u4e8e\\u516c\\u53f8\\u5b9e\\u9645\\u4ef7\\u503c\\u7684\\u4ef7\\u683c\\u6536\\u8d2d\\u516c\\u53f8\\uff1b\\u5185\\u90e8\\u4eba\\u58eb\\u53c8\\u6216\\u5229\\u7528\\u4f1a\\u8ba1\\u548c\\u8d22\\u52a1\\u6280\\u5de7\\u538b\\u4f4e\\u80a1\\u4ef7\\uff0c\\u800c\\u4ee5\\u4f4e\\u4e8e\\u5b9e\\u9645\\u4ef7\\u503c\\u7684\\u4ef7\\u683c\\u5b8c\\u6210\\u6536\\u8d2d\\u3002\\u5927\\u4f17\\u6295\\u8d44\\u8005\\u5f80\\u5f80\\u8457\\u773c\\u4e8e\\u77ed\\u671f\\u6536\\u76ca\\uff0c\\u800c\\u4f4e\\u4f30\\u5177\\u957f\\u671f\\u6295\\u8d44\\u4ef7\\u503c\\u7684\\u516c\\u53f8\\u3002\\u5e02\\u51b5\\u6108\\u5dee\\uff0c\\u80a1\\u4ef7\\u4e0e\\u8d44\\u4ea7\\u4ef7\\u6298\\u8ba9\\u5c31\\u4f1a\\u6108\\u5927\\uff0c\\u800c\\u6298\\u8ba9\\u6108\\u5927\\uff0c\\u79c1\\u6709\\u5316\\u673a\\u4f1a\\u4ea6\\u6108\\u5927\\u3002\\u7ec6\\u4ef7\\u80a1\\u4ee5\\u53ca\\u89c4\\u6a21\\u8f83\\u5c0f\\u7684\\u5730\\u4ea7\\u80a1\\uff0c\\u5747\\u8f83\\u6709\\u673a\\u4f1a\\u63d0\\u51fa\\u79c1\\u6709\\u5316\\u3002 \\u5f53\\u80a1\\u4ef7\\u4e0d\\u53ca\\u8d44\\u4ea7\\u51c0\\u503c\\uff0c\\u79c1\\u6709\\u5316\\u53ef\\u8ba9\\u63a7\\u80a1\\u80a1\\u4e1c\\u4ee5\\u76f8\\u5bf9\\u4f4e\\u7684\\u6210\\u672c\\u56de\\u8d2d\\u8d44\\u4ea7\\u3002\\u4ee5\\u963f\\u91cc\\u5df4\\u5df4\\u4e3a\\u4f8b\\uff0c\\u96c6\\u56e2\\u57282007\\u5e74\\u5c06\\u65d7\\u4e0bB2B\\u4e1a\\u52a1\\uff08\\u963f\\u91cc\\u5df4\\u5df4\\u7f51\\u7edc\\u6709\\u9650\\u516c\\u53f8\\uff09\\u5728\\u9999\\u6e2f\\u4e0a\\u5e02\\uff0c\\u53d1\\u884c\\u4ef7\\u4e3a13. 5\\u5143\\u3002\\u540e\\u56e0\\u4e1a\\u52a1\\u589e\\u957f\\u4e4f\\u529b\\uff0c\\u52a0\\u4e0a\\u80a1\\u4ef7\\u6301\\u7eed\\u4f4e\\u8ff7\\uff0c\\u96c6\\u56e2\\u4e8e2012\\u5e74\\u540c\\u6837\\u4ee513. 5\\u5143\\u79c1\\u6709\\u5316\\u4e0a\\u5e02\\u90e8\\u5206\\u3002\\u963f\\u91cc\\u5df4\\u5df4\\u57282014\\u5e74\\u5728\\u7f8e\\u56fd\\u7ebd\\u7ea6\\u4ea4\\u6613\\u6240\\u6302\\u724c\\uff0c\\u81f32019\\u5e74\\u6e2f\\u4ea4\\u6240\\u5141\\u8bb8\\u201c\\u540c\\u80a1\\u4e0d\\u540c\\u6743\\u201d\\u516c\\u53f8\\u4e0a\\u5e02\\uff0c\\u963f\\u91cc\\u5df4\\u5df4\\u540c\\u5e74\\u91cd\\u8fd4\\u9999\\u6e2f\\u4e0a\\u5e02\\u3002 \\u79c1\\u6709\\u5316\\u4ea4\\u6613\\u6210\\u8d25\\u4e92\\u89c1 2024\\u5e74\\uff0c\\u672c\\u6e2f\\u79c1\\u6709\\u5316\\u7684\\u4e0a\\u5e02\\u4f01\\u4e1a\\u4e3a\\u6570\\u517116\\u5bb6\\u3002\\u8fd1\\u671f\\u5728\\u6e2f\\u4ea4\\u6240\\u64a4\\u9500\\u4e0a\\u5e02\\u5730\\u4f4d\\u7684\\u516c\\u53f8\\uff0c\\u5305\\u62ec\\u57282019\\u5e74\\u6302\\u724c\\u7684ESR\\u96c6\\u56e2\\u3002\\u53bb\\u5e74\\u5e74\\u5e95\\uff0c\\u96c6\\u56e2\\u521b\\u529e\\u4eba\\u4e0e\\u56fd\\u9645\\u91d1\\u878d\\u673a\\u6784\\u8054\\u624b\\u7ec4\\u6210\\u8d22\\u56e2\\uff0c\\u4ee5\\u6bcf\\u80a113\\u5143\\u6536\\u8d2dESR\\u6240\\u6709\\u6d41\\u901a\\u80a1\\uff1b\\u79c1\\u6709\\u5316\\u4ea4\\u6613\\u603b\\u503c\\u4e3a552\\u4ebf\\u5143\\u3002 \\u63d0\\u51fa\\u79c1\\u6709\\u5316\\u4e00\\u65b9\\u8868\\u793a\\uff0cESR\\u9510\\u610f\\u8f6c\\u578b\\u4e3a\\u8f7b\\u8d44\\u4ea7\\u5e73\\u53f0\\uff0c\\u805a\\u7126\\u65b0\\u7ecf\\u6d4e\\u9886\\u57df\\u3002\\u7531\\u4e8e\\u6709\\u5173\\u7b56\\u7565\\u6216\\u4f1a\\u9020\\u6210\\u77ed\\u671f\\u83b7\\u5229\\u6ce2\\u52a8\\uff0c\\u51b3\\u8bae\\u5e94\\u907f\\u514d\\u516c\\u5f00\\u5e02\\u573a\\u7684\\u77ed\\u671f\\u538b\\u529b\\u53ca\\u4e0a\\u5e02\\u89c4\\u5219\\u7684\\u9650\\u5236\\uff0c\\u4ee5\\u4fbf\\u4e1a\\u52a1\\u8fbe\\u81f4\\u8f6c\\u578b\\u76ee\\u6807\\u3002 \\u4e0e\\u6b64\\u540c\\u65f6\\uff0c\\u4f01\\u4e1a\\u79c1\\u6709\\u5316\\u4ea6\\u4e0d\\u4e4f\\u5931\\u8d25\\u6848\\u4f8b\\uff0c\\u539f\\u56e0\\u4e4b\\u4e00\\u662f\\u8bb8\\u591a\\u79c1\\u6709\\u5316\\u65b9\\u6848\\u7684\\u4ef7\\u683c\\u8fdc\\u9ad8\\u4e8e\\u516c\\u53f8\\u8d44\\u4ea7\\u51c0\\u503c\\u6298\\u8ba9\\uff0c\\u96be\\u83b7\\u72ec\\u7acb\\u80a1\\u4e1c\\u63a5\\u7eb3\\u3002\\u6b64\\u5916\\uff0c\\u6709\\u65b9\\u6848\\u987b\\u7ecf\\u51fa\\u5e2d\\u8868\\u51b3\\u7684\\u72ec\\u7acb\\u80a1\\u4e1c\\u5927\\u591a\\u6570\\u901a\\u8fc7\\uff0c\\u800c\\u8868\\u51b3\\u6295\\u7968\\u5f80\\u5f80\\u4ee4\\u79c1\\u6709\\u5316\\u5efa\\u8bae\\u529f\\u8d25\\u5782\\u6210\\u3002 \\u672c\\u5e744\\u6708\\uff0c\\u8fea\\u751f\\u521b\\u5efa\\u5927\\u80a1\\u4e1c\\u6f58\\u5ef8\\u751f\\u63d0\\u51fa\\u4ee5\\u6bcf\\u80a17.2\\u5143\\u79c1\\u6709\\u5316\\uff0c\\u8f83\\u5f53\\u65f6\\u5e02\\u4ef7\\u6709\\u903e\\u4e94\\u6210\\u6ea2\\u4ef7\\uff0c\\u4f46\\u4ecd\\u4f4e\\u4e8e\\u516c\\u53f8\\u53bb\\u5e74\\u6bcf\\u80a1\\u8d44\\u4ea7\\u51c0\\u503c9.05\\u5143\\u3002\\u518d\\u8005\\uff0c\\u516c\\u53f8\\u6301\\u6709\\u5927\\u91cf\\u73b0\\u91d1\\uff0c\\u4ee4\\u90e8\\u5206\\u80a1\\u4e1c\\u6295\\u4e0b\\u53cd\\u5bf9\\u7968\\u3002\\u6700\\u7ec8\\u57287\\u6708\\u4e3e\\u884c\\u7684\\u6cd5\\u9662\\u4f1a\\u8bae\\u4e0a\\uff0c\\u56e0\\u53cd\\u5bf9\\u7968\\u8fbe10. 16%\\uff0c\\u800c\\u672a\\u80fd\\u6ee1\\u8db3\\u79c1\\u6709\\u5316\\u6761\\u4ef6\\u3002 \\u9000\\u5e02\\u6311\\u6218\\u4e0e\\u751f\\u673a\\u5e76\\u5b58 \\u4e0a\\u5e02\\u516c\\u53f8\\u79c1\\u6709\\u5316\\u96be\\u514d\\u9762\\u4e34\\u6311\\u6218\\u3002\\u9996\\u5148\\uff0c\\u4ea4\\u6613\\u5b8c\\u6210\\u540e\\u53ef\\u80fd\\u9650\\u5236\\u516c\\u53f8\\u7684\\u878d\\u8d44\\u6e20\\u9053\\uff0c\\u56e0\\u4e3a\\u79c1\\u4eba\\u4f01\\u4e1a\\u65e0\\u6cd5\\u901a\\u8fc7\\u53d1\\u884c\\u6216\\u589e\\u53d1\\u80a1\\u4efd\\u4ee5\\u8fdb\\u884c\\u5927\\u89c4\\u6a21\\u878d\\u8d44\\uff0c\\u8d44\\u91d1\\u6765\\u6e90\\u4ec5\\u80fd\\u4f9d\\u8d56\\u94f6\\u884c\\u8d37\\u6b3e\\u6216\\u79c1\\u52df\\uff0c\\u7075\\u6d3b\\u6027\\u5927\\u4e3a\\u964d\\u4f4e\\u3002\\u5176\\u6b21\\uff0c\\u6216\\u4f1a\\u635f\\u5bb3\\u5c0f\\u80a1\\u4e1c\\u5229\\u76ca\\u3002\\u82e5\\u6536\\u8d2d\\u4ef7\\u94b1\\u4e0d\\u5408\\u7406\\uff0c\\u53c8\\u6216\\u5927\\u80a1\\u4e1c\\u5229\\u7528\\u4f18\\u52bf\\u5730\\u4f4d\\u538b\\u4f4e\\u6536\\u8d2d\\u4ef7\\uff0c\\u5c06\\u4e0d\\u5229\\u4e8e\\u6563\\u6237\\u4e0e\\u5c0f\\u80a1\\u4e1c\\u7684\\u5408\\u7406\\u6743\\u76ca\\u3002 \\u56de\\u987e\\u672c\\u4e16\\u7eaa\\u4ee5\\u6765\\uff0c\\u591a\\u5bb6\\u6e2f\\u8d44\\u94f6\\u884c\\u5148\\u540e\\u6613\\u624b\\u3010\\u8868\\u3011\\uff0c\\u4f8b\\u5982\\u62db\\u5546\\u94f6\\u884c\\u57282008\\u5e74\\u4ee5193\\u4ebf\\u5143\\u6536\\u8d2d\\u6c38\\u9686\\u94f6\\u884c\\uff1b2013\\u5e74\\uff0c\\u5e7f\\u4e1c\\u5927\\u578b\\u56fd\\u4f01\\u8d8a\\u79c0\\u96c6\\u56e2\\uff0c\\u5ba3\\u5e03\\u4ee5116\\u4ebf\\u5143\\u6536\\u8d2d\\u5ed6\\u521b\\u5174\\u5bb6\\u65cf\\u7684\\u521b\\u5174\\u94f6\\u884c75%\\u80a1\\u6743\\u3002\\u65f6\\u81f3\\u4eca\\u65e5\\uff0c\\u7eaf\\u6e2f\\u8d44\\u94f6\\u884c\\u53ea\\u5269\\u4e1c\\u4e9a\\u94f6\\u884c\\u3001\\u5927\\u65b0\\u94f6\\u884c\\uff0c\\u4ee5\\u53ca\\u5e76\\u65e0\\u4e0a\\u5e02\\u7684\\u5927\\u751f\\u94f6\\u884c\\u3002 \\u8868\\uff1a\\u5343\\u79a7\\u5e74\\u540e\\u94f6\\u884c\\u5e76\\u8d2d 2000\\u5e74 \\u4e1c\\u4e9a\\u6536\\u8d2d\\u7b2c\\u4e00\\u592a\\u5e73\\u94f6\\u884c 2003\\u5e74 \\u6c38\\u4ea8\\u6536\\u8d2d\\u6d59\\u6c5f\\u7b2c\\u4e00\\u94f6\\u884c\\uff1b\\u5de5\\u94f6\\u4e9a\\u6d32\\u6536\\u8d2d\\u534e\\u6bd4\\u5bcc\\u901a\\u94f6\\u884c 2004\\u5e74 \\u53f0\\u6e7e\\u5bcc\\u90a6\\u91d1\\u63a7\\u6536\\u8d2d\\u6e2f\\u57fa\\u94f6\\u884c\\u80a1\\u6743 2006\\u5e74 \\u5927\\u4f17\\u91d1\\u878d\\u6536\\u8d2d\\u4e9a\\u6d32\\u5546\\u4e1a\\u94f6\\u884c 2008\\u5e74 \\u62db\\u5546\\u94f6\\u884c\\u6536\\u8d2d\\u6c38\\u9686\\u94f6\\u884c 2013\\u5e74 \\u8d8a\\u79c0\\u96c6\\u56e2\\u6536\\u8d2d\\u521b\\u5174\\u94f6\\u884c 2014\\u5e74 \\u534e\\u4fa8\\u94f6\\u884c\\u6536\\u8d2d\\u6c38\\u4ea8\\u94f6\\u884c \\u81f3\\u4e8e\\u662f\\u6b21\\u6c47\\u63a7\\u51b3\\u5b9a\\u5c06\\u6052\\u751f\\u79c1\\u6709\\u5316\\uff0c\\u5916\\u754c\\u8ba4\\u4e3a\\u65e2\\u80fd\\u5904\\u7406\\u6052\\u751f\\u574f\\u5e10\\uff0c\\u4ea6\\u80fd\\u6709\\u6548\\u7cbe\\u7b80\\u96c6\\u56e2\\u5728\\u9999\\u6e2f\\u7684\\u4e1a\\u52a1\\u67b6\\u6784\\uff0c\\u7406\\u987a\\u51b3\\u7b56\\u6d41\\u7a0b\\uff0c\\u5e76\\u63d0\\u9ad8\\u7075\\u6d3b\\u6027\\u3002\\u6c47\\u4e30\\u8868\\u660e\\uff0c\\u5728\\u4ea4\\u6613\\u5b8c\\u6210\\u540e\\uff0c\\u5c06\\u6682\\u505c\\u80a1\\u7968\\u56de\\u8d2d3\\u4e2a\\u5b63\\u5ea6\\uff0c\\u4ee5\\u4fdd\\u7559\\u8d44\\u91d1\\u3002\\u867d\\u7136\\u6b64\\u4e3e\\u5c06\\u4ee4\\u6c47\\u4e30\\u80a1\\u4e1c\\u7684\\u603b\\u56de\\u62a5\\uff08\\u5305\\u62ec\\u80a1\\u606f\\u53ca\\u56de\\u8d2d\\uff09\\u53d7\\u538b\\uff0c\\u5e02\\u573a\\u9884\\u671f\\u77ed\\u671f\\u5185\\u80a1\\u4ef7\\u6216\\u4e0b\\u8dcc\\uff0c\\u4f46\\u79c1\\u6709\\u5316\\u957f\\u8fdc\\u5c06\\u5e26\\u6765\\u6b63\\u9762\\u5f71\\u54cd\\u3002 \\u4e00\\u5f85\\u6052\\u751f\\u79c1\\u6709\\u5316\\uff0c\\u6c47\\u4e30\\u53ef\\u671b\\u63d0\\u5347\\u6548\\u7387\\uff0c\\u5e76\\u4e14\\u900f\\u8fc7\\u6574\\u5408\\u4e1a\\u52a1\\u3001\\u4eba\\u529b\\u8d44\\u6e90\\u3001\\u5ba2\\u6237\\u7f51\\u7edc\\u4ee5\\u5b9e\\u73b0\\u534f\\u540c\\u6548\\u5e94\\u3002\\u5c3d\\u7ba1\\u6052\\u751f\\u7684\\u54c1\\u724c\\u3001\\u5206\\u884c\\u65e5\\u540e\\u5c06\\u83b7\\u4fdd\\u7559\\uff0c\\u4e24\\u5bb6\\u94f6\\u884c\\u5728\\u7ba1\\u7406\\u53ca\\u51b3\\u7b56\\u4e0a\\u65e0\\u7591\\u66f4\\u8d8b\\u7d27\\u5bc6\\u3002\\u968f\\u7740\\u5168\\u7403\\u94f6\\u884c\\u4e1a\\u8fdb\\u4e00\\u6b65\\u9762\\u4e34\\u5730\\u7f18\\u653f\\u6cbb\\u53ca\\u76d1\\u7ba1\\u538b\\u529b\\uff0c\\u6b64\\u4e3e\\u5c06\\u6807\\u5fd7\\u9999\\u6e2f\\u91d1\\u878d\\u4e1a\\u8fc8\\u5411\\u65b0\\u65f6\\u4ee3\\uff0c\\u751a\\u81f3\\u6709\\u671b\\u5f00\\u521b\\u4e9a\\u6d32\\u94f6\\u884c\\u4e1a\\u6574\\u5408\\u7684\\u6f6e\\u6d41\\u3002 \\u8c22\\u56fd\\u751f\\u6559\\u6388 \\u6e2f\\u5927\\u7ecf\\u7ba1\\u5b66\\u9662\\u91d1\\u878d\\u5b66\\u6559\\u5b66\\u526f\\u6559\\u6388\\u3001\\u65b0\\u754c\\u4e61\\u8bae\\u5c40\\u5f53\\u7136\\u6267\\u884c\\u59d4\\u5458 \\u4f55\\u654f\\u6dd9 \\u9999\\u6e2f\\u5927\\u5b66\\u9644\\u5c5e\\u5b66\\u9662\\u8bb2\\u5e08 \\uff08\\u672c\\u6587\\u540c\\u65f6\\u4e8e\\u4e8c\\u96f6\\u4e8c\\u4e94\\u5e74\\u5341\\u6708\\u4e8c\\u5341\\u4e5d\\u65e5\\u8f7d\\u4e8e\\u300a\\u4fe1\\u62a5\\u300b\\u201c\\u9f99\\u864e\\u5c71\\u4e0b\\u201d\\u4e13\\u680f\\uff09\",\"inLanguage\":\"zh-CN\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/#website\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/research\\\/thought-leadership\\\/hkej-column\\\/the-hidden-secrets-behind-hong-kong-stock-privatizations\\\/#breadcrumblist\"},\"datePublished\":\"2025-10-28T16:46:02+08:00\",\"dateModified\":\"2025-10-28T16:49:40+08:00\"},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/#website\",\"url\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/\",\"name\":\"HKU Business School\",\"inLanguage\":\"zh-CN\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/#organization\"}}]}\n\t\t<\/script>\n\t\t<!-- All in One SEO -->\n\n","aioseo_head_json":{"title":"\u6e2f\u80a1\u79c1\u6709\u5316\u6697\u85cf\u7684\u7384\u673a - HKU Business School","description":"\u7ee7\u4e0a\u5e02\u4e0d\u8db33\u5e74\u534a\u7684\u8c2d\u4ed4\u56fd\u9645\uff0c\u5728\u4eca\u5e742\u6708\u7531\u65e5\u672c\u6bcd\u516c\u53f8\u4e1c\u5229\u591a\u63a7\u80a1\u63d0\u51fa\u79c1\u6709\u5316\u4e4b\u540e\uff0c\u6c47\u4e30\u96c6\u56e2\u4ea6\u4e8e\u672c\u67089\u65e5\u516c\u5e03\uff0c\u5efa\u8bae\u79c1\u6709\u5316\u521b\u7acb\u4e8e1933\u5e74\u7684\u6052\u751f\u94f6\u884c\u3002\u6362\u8a00\u4e4b\uff0c\u6052\u751f\u6210\u4e3a\u6c47\u4e30\u5168\u8d44\u5b50\u516c\u53f8\u540e\uff0c\u5176\u8d85\u8fc750\u5e74\u7684\u4e0a\u5e02\u5730\u4f4d\u5c06\u88ab\u64a4\u9500\u3002 \u9000\u5e02\u80cc\u540e\u7684\u51b3\u7b56 \u9999\u6e2f\u4ea4\u6613\u53ca\u7ed3\u7b97\u6240\u6709\u9650\u516c\u53f8\uff08\u6e2f\u4ea4\u6240\uff09\u8d44\u6599\u663e\u793a\uff0c\u8fd15\u5e74\u6765\u6bcf\u5e74\u5e73\u5747\u670921\u5bb6\u4e0a\u5e02\u516c\u53f8\u56e0\u79c1\u6709\u5316\u9000\u5e02\u3002\u4ee5\u91d1\u989d\u8ba1\u7b97\uff0c\u53bb\u5e74\u79c1\u6709\u5316\u768416\u5bb6\u6e2f\u80a1\u516c\u53f8\u5e02\u503c\u8fbe1,226\u4ebf\u5143\uff0c\u9ad8\u4e8e\u9996\u6b21\u516c\u5f00\u62db\u80a1\uff08IPO\uff09\u7684\u96c6\u8d44\u91d1\u989d\u3002 \u5728\u80a1\u7968\u5e02\u573a\u7684\u79c1\u6709\u5316\uff0c\u901a\u5e38\u6307\u4e00\u5bb6\u4e0a\u5e02\u516c\u53f8\u7684\u63a7\u80a1\u80a1\u4e1c\u6216\u7b2c\u4e09\u65b9\uff08\u5176\u4ed6\u6295\u8d44\u8005\u6216\u91d1\u878d\u673a\u6784\uff09\u4ee5\u73b0\u91d1\u6216\u8bc1\u5238\u7684\u65b9\u5f0f\uff0c\u5411\u6240\u6709\u80a1\u4e1c\u8d2d\u4e70\u5168\u6570\u80a1\u4efd\u3002\u79c1\u6709\u5316\u7684\u539f\u56e0\u6db5\u76d6\u4ee5\u4e0b5\u65b9\u9762\u3002 \u4e00\u3001\u5546\u4e1a\u4fdd\u5bc6\u53ca\u6210\u672c\u8003\u91cf \u4f01\u4e1a\u8981\u7ef4\u6301\u4e0a\u5e02\u5730\u4f4d\uff0c\u6bcf\u5e74\u7684\u56fa\u5b9a\u652f\u51fa\u4e0d\u5728\u5c11\u6570\uff0c\u5305\u62ec\u76d1\u7ba1\u62a5\u544a\u8d39\u7528\u3001\u8d44\u8baf\u62ab\u9732\u6210\u672c\u53ca\u4ea4\u6613\u6240\u5e74\u8d39\uff0c\u79c1\u6709\u5316\u540e\u5219\u53ef\u4e00\u6982\u514d\u9664\u3002\u79c1\u4eba\u516c\u53f8\u56e0\u65e0\u9700\u516c\u5f00\u654f\u611f\u8d22\u52a1\u6216\u4e1a\u52a1\u7ec6\u8282\uff0c\u800c\u53ef\u5728\u7ade\u4e89\u6fc0\u70c8\u7684\u5e02\u573a\u4fdd\u6301\u4f18\u52bf\u3002\u518d\u8005\uff0c\u6760\u6746\u6536\u8d2d\u4f5c\u4e3a\u79c1\u6709\u5316\u7684\u4e00\u79cd\u91cd\u8981\u65b9\u5f0f\uff0c\u6240\u6d89\u53ca\u7684\u8d1f\u503a\u5229\u606f\u652f\u51fa\u53ef\u7528\u6765\u6263\u51cf\u5e94\u7eb3\u7a0e\u989d\u3002\u7a0e\u52a1\u6536\u76ca\u901a\u5e38\u88ab\u89c6\u4e3a\u8865\u8d34\u4e4b\u7c7b\uff0c\u5b9e\u9645\u4e0a\u5219\u662f\u7531\u653f\u5e9c\u548c\u516c\u4f17\u57cb\u5355\u3002 \u4e8c\u3001\u63a7\u5236\u4ee3\u7406\u6210\u672c \u79c1\u6709\u5316\u900f\u8fc7\u6760\u6746\u6536\u8d2d\u5927\u5e45\u4e3e\u503a\uff0c\u4fc3\u4f7f\u4f01\u4e1a\u4f7f\u7528\u81ea\u7531\u73b0\u91d1\u6d41\u52a0\u4ee5\u507f\u8fd8\uff0c\u7531\u6b64\u53ef\u51cf\u4f4e\u7ba1\u7406\u5c42\u7684\u6f5c\u5728\u4e0d\u5f53\u6295\u8d44\u6216\u6d6a\u8d39\u884c\u4e3a\u3002\u81ea\u7531\u73b0\u91d1\u6d41\u91cf\u7f29\u51cf\u4e0e\u63a8\u9ad8\u503a\u52a1\u7684\u8d22\u52a1\u6760\u6746\u6c34\u5e73\uff0c\u6709\u5229\u4e8e\u964d\u4f4e\u4ee3\u7406\u6210\u672c\u3002 \u540c\u65f6\uff0c\u516c\u53f8\u8f6c\u4e3a\u79c1\u4eba\u6301\u6709\u540e\uff0c\u80a1\u6743\u96c6\u4e2d\u4e8e\u5c11\u6570\u5927\u80a1\u4e1c\u6216\u7ba1\u7406\u5c42\uff0c\u56e0\u800c\u6709\u52a8\u673a\u4f5c\u51fa\u6709\u6548\u76d1\u7763\uff0c\u907f\u514d\u4e86\u80a1\u6743\u5206\u6563\u65f6\u7684\u5f0a\u75c5\uff0c\u4f8b\u5982\u76d1\u7763\u6210\u672c\u9ad8\u3002 \u4e09\u3001\u89e3\u51b3\u201c\u642d\u4fbf\u8f66\u201d\u95ee\u9898 \u5728\u80a1\u6743\u5206\u6563\u7684\u516c\u53f8\uff0c\u5bf9\u7ba1\u7406\u5c42\u7684\u76d1\u7763\u662f\u4e00\u79cd\u201c\u516c\u5171\u8d22\u201d\uff08public good\uff09\u3002\u79ef\u6781\u76d1\u7763\u7684\u80a1\u4e1c\u4ed8\u51fa\u9ad8\u6210\u672c\uff0c\u53cd\u800c\u65e0\u6cd5\u72ec\u4eab\u6536\u76ca\uff0c\u5176\u4ed6\u80a1\u4e1c\u5374\u56e0\u53ef\u6210\u4e3a\u7ecf\u6d4e\u5b66\u4e0a\u6240\u8c13\u201c\u642d\u4fbf\u8f66\u8005\u201d\uff08free rider\uff09\uff0c\u800c\u964d\u4f4e\u76d1\u7763\u610f\u613f\u3002\u4f01\u4e1a\u9664\u724c\u540e\uff0c\u5219\u53ef\u80fd\u7531\u5355\u4e00\u673a\u6784\u6216\u5c11\u6570\u80a1\u4e1c\u638c\u63e1\u5927\u6743\uff0c\u4e5f\u5c31\u8f83\u4e3a\u5bb9\u6613\u514b\u670d\u642d\u4fbf\u8f66\u7684\u95ee\u9898\u3002 \u4e8b\u5b9e\u4e0a\uff0c\u4ee5\u516c\u53f8\u51b3\u7b56\u8fc7\u7a0b\u800c\u8a00\uff0c\u65e0\u7591\u66f4\u6709\u6548\u7387\u3002\u91cd\u8981\u7684\u8ba1\u5212\u6bcb\u9700\u8fc7\u4e8e\u8be6\u5c3d\u7684\u7814\u7a76\u6216\u5411\u8463\u4e8b\u4f1a\u62a5\u544a\uff0c\u7ba1\u7406\u5c42\u7684\u51b3\u7b56\u53d8\u5f97\u5feb\u901f\u6709\u6548\uff0c\u5e76\u5f97\u4ee5\u4e13\u6ce8\u4e8e\u516c\u53f8\u7684\u957f\u8fdc\u53d1\u5c55\u3001\u975e\u6838\u5fc3\u4e1a\u52a1\u7684\u91cd\u7ec4\uff0c\u4ee5\u81f3\u8f83\u9ad8\u98ce\u9669\u7684\u8f6c\u578b\u6295\u8d44\u3002 \u56db\u3001\u8d22\u5bcc\u8f6c\u79fb\u6548\u5e94 \u79c1\u6709\u5316\u80a1\u6743\u4ef7\u503c\u7684\u589e\u52a0\uff0c\u53ef\u80fd\u57fa\u4e8e\u8d22\u5bcc\u4ece\u5176\u4ed6\u4eba\uff08\u5982\u503a\u6743\u4eba\u3001\u7279\u522b\u80a1\u80a1\u4e1c\u3001\u96c7\u5458\u4ee5\u53ca\u653f\u5e9c\uff09\u8f6c\u79fb\u7ed9\u80a1\u4e1c\u3002\u516c\u53f8\u7ecf\u79c1\u6709\u5316\u540e\uff0c\u6216\u4f1a\u4e3a\u8ffd\u6c42\u66f4\u5927\u5229\u6da6\u800c\u8fdb\u884c\u8f83\u9ad8\u98ce\u9669\u7684\u6295\u8d44\u9879\u76ee\uff0c\u4ece\u800c\u589e\u52a0\u503a\u6743\u4eba\u548c\u4f18\u5148\u80a1\u80a1\u4e1c\u7684\u98ce\u9669\uff0c\u4f46\u6536\u76ca\u5374\u4e3b\u8981\u5f52\u4e8e\u80a1\u4e1c\u3002\u516c\u53f8\u4ea6\u53ef\u80fd\u5728\u79c1\u6709\u5316\u524d\u63d0\u9ad8\u80a1\u606f\u53d1\u653e\uff0c\u5c06\u90e8\u5206\u516c\u53f8\u7684\u73b0\u91d1\u5206\u914d\u7ed9\u80a1\u4e1c\uff0c\u4ee4\u516c\u53f8\u7559\u5b58\u7684\u8d44\u672c\u51cf\u5c11\uff0c\u7ed3\u679c\u635f\u5bb3\u503a\u6743\u4eba\u548c\u4f18\u5148\u80a1\u80a1\u4e1c\u7684\u5229\u76ca\u3002 \u4e94\u3001\u8d44\u8baf\u4e0d\u5bf9\u79f0\u4e0e\u80a1\u4ef7\u4f4e\u4f01 \u79c1\u6709\u5316\u8fc7\u7a0b\u4e2d\uff0c\u7ba1\u7406\u5c42\u56e0\u8f83\u4e00\u822c\u6295\u8d44\u8005\u638c\u63e1\u66f4\u591a\u5173\u4e8e\u516c\u53f8\u4ef7\u503c\u7684\u8d44\u8baf\uff0c\u800c\u80fd\u4ee5\u4f4e\u4e8e\u516c\u53f8\u5b9e\u9645\u4ef7\u503c\u7684\u4ef7\u683c\u6536\u8d2d\u516c\u53f8\uff1b\u5185\u90e8\u4eba\u58eb\u53c8\u6216\u5229\u7528\u4f1a\u8ba1\u548c\u8d22\u52a1\u6280\u5de7\u538b\u4f4e\u80a1\u4ef7\uff0c\u800c\u4ee5\u4f4e\u4e8e\u5b9e\u9645\u4ef7\u503c\u7684\u4ef7\u683c\u5b8c\u6210\u6536\u8d2d\u3002\u5927\u4f17\u6295\u8d44\u8005\u5f80\u5f80\u8457\u773c\u4e8e\u77ed\u671f\u6536\u76ca\uff0c\u800c\u4f4e\u4f30\u5177\u957f\u671f\u6295\u8d44\u4ef7\u503c\u7684\u516c\u53f8\u3002\u5e02\u51b5\u6108\u5dee\uff0c\u80a1\u4ef7\u4e0e\u8d44\u4ea7\u4ef7\u6298\u8ba9\u5c31\u4f1a\u6108\u5927\uff0c\u800c\u6298\u8ba9\u6108\u5927\uff0c\u79c1\u6709\u5316\u673a\u4f1a\u4ea6\u6108\u5927\u3002\u7ec6\u4ef7\u80a1\u4ee5\u53ca\u89c4\u6a21\u8f83\u5c0f\u7684\u5730\u4ea7\u80a1\uff0c\u5747\u8f83\u6709\u673a\u4f1a\u63d0\u51fa\u79c1\u6709\u5316\u3002 \u5f53\u80a1\u4ef7\u4e0d\u53ca\u8d44\u4ea7\u51c0\u503c\uff0c\u79c1\u6709\u5316\u53ef\u8ba9\u63a7\u80a1\u80a1\u4e1c\u4ee5\u76f8\u5bf9\u4f4e\u7684\u6210\u672c\u56de\u8d2d\u8d44\u4ea7\u3002\u4ee5\u963f\u91cc\u5df4\u5df4\u4e3a\u4f8b\uff0c\u96c6\u56e2\u57282007\u5e74\u5c06\u65d7\u4e0bB2B\u4e1a\u52a1\uff08\u963f\u91cc\u5df4\u5df4\u7f51\u7edc\u6709\u9650\u516c\u53f8\uff09\u5728\u9999\u6e2f\u4e0a\u5e02\uff0c\u53d1\u884c\u4ef7\u4e3a13. 5\u5143\u3002\u540e\u56e0\u4e1a\u52a1\u589e\u957f\u4e4f\u529b\uff0c\u52a0\u4e0a\u80a1\u4ef7\u6301\u7eed\u4f4e\u8ff7\uff0c\u96c6\u56e2\u4e8e2012\u5e74\u540c\u6837\u4ee513. 5\u5143\u79c1\u6709\u5316\u4e0a\u5e02\u90e8\u5206\u3002\u963f\u91cc\u5df4\u5df4\u57282014\u5e74\u5728\u7f8e\u56fd\u7ebd\u7ea6\u4ea4\u6613\u6240\u6302\u724c\uff0c\u81f32019\u5e74\u6e2f\u4ea4\u6240\u5141\u8bb8\u201c\u540c\u80a1\u4e0d\u540c\u6743\u201d\u516c\u53f8\u4e0a\u5e02\uff0c\u963f\u91cc\u5df4\u5df4\u540c\u5e74\u91cd\u8fd4\u9999\u6e2f\u4e0a\u5e02\u3002 \u79c1\u6709\u5316\u4ea4\u6613\u6210\u8d25\u4e92\u89c1 2024\u5e74\uff0c\u672c\u6e2f\u79c1\u6709\u5316\u7684\u4e0a\u5e02\u4f01\u4e1a\u4e3a\u6570\u517116\u5bb6\u3002\u8fd1\u671f\u5728\u6e2f\u4ea4\u6240\u64a4\u9500\u4e0a\u5e02\u5730\u4f4d\u7684\u516c\u53f8\uff0c\u5305\u62ec\u57282019\u5e74\u6302\u724c\u7684ESR\u96c6\u56e2\u3002\u53bb\u5e74\u5e74\u5e95\uff0c\u96c6\u56e2\u521b\u529e\u4eba\u4e0e\u56fd\u9645\u91d1\u878d\u673a\u6784\u8054\u624b\u7ec4\u6210\u8d22\u56e2\uff0c\u4ee5\u6bcf\u80a113\u5143\u6536\u8d2dESR\u6240\u6709\u6d41\u901a\u80a1\uff1b\u79c1\u6709\u5316\u4ea4\u6613\u603b\u503c\u4e3a552\u4ebf\u5143\u3002 \u63d0\u51fa\u79c1\u6709\u5316\u4e00\u65b9\u8868\u793a\uff0cESR\u9510\u610f\u8f6c\u578b\u4e3a\u8f7b\u8d44\u4ea7\u5e73\u53f0\uff0c\u805a\u7126\u65b0\u7ecf\u6d4e\u9886\u57df\u3002\u7531\u4e8e\u6709\u5173\u7b56\u7565\u6216\u4f1a\u9020\u6210\u77ed\u671f\u83b7\u5229\u6ce2\u52a8\uff0c\u51b3\u8bae\u5e94\u907f\u514d\u516c\u5f00\u5e02\u573a\u7684\u77ed\u671f\u538b\u529b\u53ca\u4e0a\u5e02\u89c4\u5219\u7684\u9650\u5236\uff0c\u4ee5\u4fbf\u4e1a\u52a1\u8fbe\u81f4\u8f6c\u578b\u76ee\u6807\u3002 \u4e0e\u6b64\u540c\u65f6\uff0c\u4f01\u4e1a\u79c1\u6709\u5316\u4ea6\u4e0d\u4e4f\u5931\u8d25\u6848\u4f8b\uff0c\u539f\u56e0\u4e4b\u4e00\u662f\u8bb8\u591a\u79c1\u6709\u5316\u65b9\u6848\u7684\u4ef7\u683c\u8fdc\u9ad8\u4e8e\u516c\u53f8\u8d44\u4ea7\u51c0\u503c\u6298\u8ba9\uff0c\u96be\u83b7\u72ec\u7acb\u80a1\u4e1c\u63a5\u7eb3\u3002\u6b64\u5916\uff0c\u6709\u65b9\u6848\u987b\u7ecf\u51fa\u5e2d\u8868\u51b3\u7684\u72ec\u7acb\u80a1\u4e1c\u5927\u591a\u6570\u901a\u8fc7\uff0c\u800c\u8868\u51b3\u6295\u7968\u5f80\u5f80\u4ee4\u79c1\u6709\u5316\u5efa\u8bae\u529f\u8d25\u5782\u6210\u3002 \u672c\u5e744\u6708\uff0c\u8fea\u751f\u521b\u5efa\u5927\u80a1\u4e1c\u6f58\u5ef8\u751f\u63d0\u51fa\u4ee5\u6bcf\u80a17.2\u5143\u79c1\u6709\u5316\uff0c\u8f83\u5f53\u65f6\u5e02\u4ef7\u6709\u903e\u4e94\u6210\u6ea2\u4ef7\uff0c\u4f46\u4ecd\u4f4e\u4e8e\u516c\u53f8\u53bb\u5e74\u6bcf\u80a1\u8d44\u4ea7\u51c0\u503c9.05\u5143\u3002\u518d\u8005\uff0c\u516c\u53f8\u6301\u6709\u5927\u91cf\u73b0\u91d1\uff0c\u4ee4\u90e8\u5206\u80a1\u4e1c\u6295\u4e0b\u53cd\u5bf9\u7968\u3002\u6700\u7ec8\u57287\u6708\u4e3e\u884c\u7684\u6cd5\u9662\u4f1a\u8bae\u4e0a\uff0c\u56e0\u53cd\u5bf9\u7968\u8fbe10. 16%\uff0c\u800c\u672a\u80fd\u6ee1\u8db3\u79c1\u6709\u5316\u6761\u4ef6\u3002 \u9000\u5e02\u6311\u6218\u4e0e\u751f\u673a\u5e76\u5b58 \u4e0a\u5e02\u516c\u53f8\u79c1\u6709\u5316\u96be\u514d\u9762\u4e34\u6311\u6218\u3002\u9996\u5148\uff0c\u4ea4\u6613\u5b8c\u6210\u540e\u53ef\u80fd\u9650\u5236\u516c\u53f8\u7684\u878d\u8d44\u6e20\u9053\uff0c\u56e0\u4e3a\u79c1\u4eba\u4f01\u4e1a\u65e0\u6cd5\u901a\u8fc7\u53d1\u884c\u6216\u589e\u53d1\u80a1\u4efd\u4ee5\u8fdb\u884c\u5927\u89c4\u6a21\u878d\u8d44\uff0c\u8d44\u91d1\u6765\u6e90\u4ec5\u80fd\u4f9d\u8d56\u94f6\u884c\u8d37\u6b3e\u6216\u79c1\u52df\uff0c\u7075\u6d3b\u6027\u5927\u4e3a\u964d\u4f4e\u3002\u5176\u6b21\uff0c\u6216\u4f1a\u635f\u5bb3\u5c0f\u80a1\u4e1c\u5229\u76ca\u3002\u82e5\u6536\u8d2d\u4ef7\u94b1\u4e0d\u5408\u7406\uff0c\u53c8\u6216\u5927\u80a1\u4e1c\u5229\u7528\u4f18\u52bf\u5730\u4f4d\u538b\u4f4e\u6536\u8d2d\u4ef7\uff0c\u5c06\u4e0d\u5229\u4e8e\u6563\u6237\u4e0e\u5c0f\u80a1\u4e1c\u7684\u5408\u7406\u6743\u76ca\u3002 \u56de\u987e\u672c\u4e16\u7eaa\u4ee5\u6765\uff0c\u591a\u5bb6\u6e2f\u8d44\u94f6\u884c\u5148\u540e\u6613\u624b\u3010\u8868\u3011\uff0c\u4f8b\u5982\u62db\u5546\u94f6\u884c\u57282008\u5e74\u4ee5193\u4ebf\u5143\u6536\u8d2d\u6c38\u9686\u94f6\u884c\uff1b2013\u5e74\uff0c\u5e7f\u4e1c\u5927\u578b\u56fd\u4f01\u8d8a\u79c0\u96c6\u56e2\uff0c\u5ba3\u5e03\u4ee5116\u4ebf\u5143\u6536\u8d2d\u5ed6\u521b\u5174\u5bb6\u65cf\u7684\u521b\u5174\u94f6\u884c75%\u80a1\u6743\u3002\u65f6\u81f3\u4eca\u65e5\uff0c\u7eaf\u6e2f\u8d44\u94f6\u884c\u53ea\u5269\u4e1c\u4e9a\u94f6\u884c\u3001\u5927\u65b0\u94f6\u884c\uff0c\u4ee5\u53ca\u5e76\u65e0\u4e0a\u5e02\u7684\u5927\u751f\u94f6\u884c\u3002 \u8868\uff1a\u5343\u79a7\u5e74\u540e\u94f6\u884c\u5e76\u8d2d 2000\u5e74 \u4e1c\u4e9a\u6536\u8d2d\u7b2c\u4e00\u592a\u5e73\u94f6\u884c 2003\u5e74 \u6c38\u4ea8\u6536\u8d2d\u6d59\u6c5f\u7b2c\u4e00\u94f6\u884c\uff1b\u5de5\u94f6\u4e9a\u6d32\u6536\u8d2d\u534e\u6bd4\u5bcc\u901a\u94f6\u884c 2004\u5e74 \u53f0\u6e7e\u5bcc\u90a6\u91d1\u63a7\u6536\u8d2d\u6e2f\u57fa\u94f6\u884c\u80a1\u6743 2006\u5e74 \u5927\u4f17\u91d1\u878d\u6536\u8d2d\u4e9a\u6d32\u5546\u4e1a\u94f6\u884c 2008\u5e74 \u62db\u5546\u94f6\u884c\u6536\u8d2d\u6c38\u9686\u94f6\u884c 2013\u5e74 \u8d8a\u79c0\u96c6\u56e2\u6536\u8d2d\u521b\u5174\u94f6\u884c 2014\u5e74 \u534e\u4fa8\u94f6\u884c\u6536\u8d2d\u6c38\u4ea8\u94f6\u884c \u81f3\u4e8e\u662f\u6b21\u6c47\u63a7\u51b3\u5b9a\u5c06\u6052\u751f\u79c1\u6709\u5316\uff0c\u5916\u754c\u8ba4\u4e3a\u65e2\u80fd\u5904\u7406\u6052\u751f\u574f\u5e10\uff0c\u4ea6\u80fd\u6709\u6548\u7cbe\u7b80\u96c6\u56e2\u5728\u9999\u6e2f\u7684\u4e1a\u52a1\u67b6\u6784\uff0c\u7406\u987a\u51b3\u7b56\u6d41\u7a0b\uff0c\u5e76\u63d0\u9ad8\u7075\u6d3b\u6027\u3002\u6c47\u4e30\u8868\u660e\uff0c\u5728\u4ea4\u6613\u5b8c\u6210\u540e\uff0c\u5c06\u6682\u505c\u80a1\u7968\u56de\u8d2d3\u4e2a\u5b63\u5ea6\uff0c\u4ee5\u4fdd\u7559\u8d44\u91d1\u3002\u867d\u7136\u6b64\u4e3e\u5c06\u4ee4\u6c47\u4e30\u80a1\u4e1c\u7684\u603b\u56de\u62a5\uff08\u5305\u62ec\u80a1\u606f\u53ca\u56de\u8d2d\uff09\u53d7\u538b\uff0c\u5e02\u573a\u9884\u671f\u77ed\u671f\u5185\u80a1\u4ef7\u6216\u4e0b\u8dcc\uff0c\u4f46\u79c1\u6709\u5316\u957f\u8fdc\u5c06\u5e26\u6765\u6b63\u9762\u5f71\u54cd\u3002 \u4e00\u5f85\u6052\u751f\u79c1\u6709\u5316\uff0c\u6c47\u4e30\u53ef\u671b\u63d0\u5347\u6548\u7387\uff0c\u5e76\u4e14\u900f\u8fc7\u6574\u5408\u4e1a\u52a1\u3001\u4eba\u529b\u8d44\u6e90\u3001\u5ba2\u6237\u7f51\u7edc\u4ee5\u5b9e\u73b0\u534f\u540c\u6548\u5e94\u3002\u5c3d\u7ba1\u6052\u751f\u7684\u54c1\u724c\u3001\u5206\u884c\u65e5\u540e\u5c06\u83b7\u4fdd\u7559\uff0c\u4e24\u5bb6\u94f6\u884c\u5728\u7ba1\u7406\u53ca\u51b3\u7b56\u4e0a\u65e0\u7591\u66f4\u8d8b\u7d27\u5bc6\u3002\u968f\u7740\u5168\u7403\u94f6\u884c\u4e1a\u8fdb\u4e00\u6b65\u9762\u4e34\u5730\u7f18\u653f\u6cbb\u53ca\u76d1\u7ba1\u538b\u529b\uff0c\u6b64\u4e3e\u5c06\u6807\u5fd7\u9999\u6e2f\u91d1\u878d\u4e1a\u8fc8\u5411\u65b0\u65f6\u4ee3\uff0c\u751a\u81f3\u6709\u671b\u5f00\u521b\u4e9a\u6d32\u94f6\u884c\u4e1a\u6574\u5408\u7684\u6f6e\u6d41\u3002 \u8c22\u56fd\u751f\u6559\u6388 \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u6559\u5b66\u526f\u6559\u6388\u3001\u65b0\u754c\u4e61\u8bae\u5c40\u5f53\u7136\u6267\u884c\u59d4\u5458 \u4f55\u654f\u6dd9 \u9999\u6e2f\u5927\u5b66\u9644\u5c5e\u5b66\u9662\u8bb2\u5e08 \uff08\u672c\u6587\u540c\u65f6\u4e8e\u4e8c\u96f6\u4e8c\u4e94\u5e74\u5341\u6708\u4e8c\u5341\u4e5d\u65e5\u8f7d\u4e8e\u300a\u4fe1\u62a5\u300b\u201c\u9f99\u864e\u5c71\u4e0b\u201d\u4e13\u680f\uff09","canonical_url":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/the-hidden-secrets-behind-hong-kong-stock-privatizations\/","robots":"max-image-preview:large","keywords":"","webmasterTools":{"google-site-verification":"google-site-verification=MjdkluDgHpNk2vz5slbwER2Gusw2rUDQuVULMERWzLo","miscellaneous":""},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BreadcrumbList","@id":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/the-hidden-secrets-behind-hong-kong-stock-privatizations\/#breadcrumblist","itemListElement":[{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/sc\/#listItem","position":1,"name":"Home","item":"https:\/\/www.hkubs.hku.hk\/sc\/","nextItem":{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/sc\/thought-leadership\/hkej-column-sc\/#listItem","name":"\u9f99\u864e\u5c71\u4e0b"}},{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/sc\/thought-leadership\/hkej-column-sc\/#listItem","position":2,"name":"\u9f99\u864e\u5c71\u4e0b","item":"https:\/\/www.hkubs.hku.hk\/sc\/thought-leadership\/hkej-column-sc\/","nextItem":{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/the-hidden-secrets-behind-hong-kong-stock-privatizations\/#listItem","name":"\u6e2f\u80a1\u79c1\u6709\u5316\u6697\u85cf\u7684\u7384\u673a"},"previousItem":{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/sc\/#listItem","name":"Home"}},{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/the-hidden-secrets-behind-hong-kong-stock-privatizations\/#listItem","position":3,"name":"\u6e2f\u80a1\u79c1\u6709\u5316\u6697\u85cf\u7684\u7384\u673a","previousItem":{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/sc\/thought-leadership\/hkej-column-sc\/#listItem","name":"\u9f99\u864e\u5c71\u4e0b"}}]},{"@type":"Organization","@id":"https:\/\/www.hkubs.hku.hk\/sc\/#organization","name":"HKU Business School","url":"https:\/\/www.hkubs.hku.hk\/sc\/"},{"@type":"WebPage","@id":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/the-hidden-secrets-behind-hong-kong-stock-privatizations\/#webpage","url":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/the-hidden-secrets-behind-hong-kong-stock-privatizations\/","name":"\u6e2f\u80a1\u79c1\u6709\u5316\u6697\u85cf\u7684\u7384\u673a - HKU Business School","description":"\u7ee7\u4e0a\u5e02\u4e0d\u8db33\u5e74\u534a\u7684\u8c2d\u4ed4\u56fd\u9645\uff0c\u5728\u4eca\u5e742\u6708\u7531\u65e5\u672c\u6bcd\u516c\u53f8\u4e1c\u5229\u591a\u63a7\u80a1\u63d0\u51fa\u79c1\u6709\u5316\u4e4b\u540e\uff0c\u6c47\u4e30\u96c6\u56e2\u4ea6\u4e8e\u672c\u67089\u65e5\u516c\u5e03\uff0c\u5efa\u8bae\u79c1\u6709\u5316\u521b\u7acb\u4e8e1933\u5e74\u7684\u6052\u751f\u94f6\u884c\u3002\u6362\u8a00\u4e4b\uff0c\u6052\u751f\u6210\u4e3a\u6c47\u4e30\u5168\u8d44\u5b50\u516c\u53f8\u540e\uff0c\u5176\u8d85\u8fc750\u5e74\u7684\u4e0a\u5e02\u5730\u4f4d\u5c06\u88ab\u64a4\u9500\u3002 \u9000\u5e02\u80cc\u540e\u7684\u51b3\u7b56 \u9999\u6e2f\u4ea4\u6613\u53ca\u7ed3\u7b97\u6240\u6709\u9650\u516c\u53f8\uff08\u6e2f\u4ea4\u6240\uff09\u8d44\u6599\u663e\u793a\uff0c\u8fd15\u5e74\u6765\u6bcf\u5e74\u5e73\u5747\u670921\u5bb6\u4e0a\u5e02\u516c\u53f8\u56e0\u79c1\u6709\u5316\u9000\u5e02\u3002\u4ee5\u91d1\u989d\u8ba1\u7b97\uff0c\u53bb\u5e74\u79c1\u6709\u5316\u768416\u5bb6\u6e2f\u80a1\u516c\u53f8\u5e02\u503c\u8fbe1,226\u4ebf\u5143\uff0c\u9ad8\u4e8e\u9996\u6b21\u516c\u5f00\u62db\u80a1\uff08IPO\uff09\u7684\u96c6\u8d44\u91d1\u989d\u3002 \u5728\u80a1\u7968\u5e02\u573a\u7684\u79c1\u6709\u5316\uff0c\u901a\u5e38\u6307\u4e00\u5bb6\u4e0a\u5e02\u516c\u53f8\u7684\u63a7\u80a1\u80a1\u4e1c\u6216\u7b2c\u4e09\u65b9\uff08\u5176\u4ed6\u6295\u8d44\u8005\u6216\u91d1\u878d\u673a\u6784\uff09\u4ee5\u73b0\u91d1\u6216\u8bc1\u5238\u7684\u65b9\u5f0f\uff0c\u5411\u6240\u6709\u80a1\u4e1c\u8d2d\u4e70\u5168\u6570\u80a1\u4efd\u3002\u79c1\u6709\u5316\u7684\u539f\u56e0\u6db5\u76d6\u4ee5\u4e0b5\u65b9\u9762\u3002 \u4e00\u3001\u5546\u4e1a\u4fdd\u5bc6\u53ca\u6210\u672c\u8003\u91cf \u4f01\u4e1a\u8981\u7ef4\u6301\u4e0a\u5e02\u5730\u4f4d\uff0c\u6bcf\u5e74\u7684\u56fa\u5b9a\u652f\u51fa\u4e0d\u5728\u5c11\u6570\uff0c\u5305\u62ec\u76d1\u7ba1\u62a5\u544a\u8d39\u7528\u3001\u8d44\u8baf\u62ab\u9732\u6210\u672c\u53ca\u4ea4\u6613\u6240\u5e74\u8d39\uff0c\u79c1\u6709\u5316\u540e\u5219\u53ef\u4e00\u6982\u514d\u9664\u3002\u79c1\u4eba\u516c\u53f8\u56e0\u65e0\u9700\u516c\u5f00\u654f\u611f\u8d22\u52a1\u6216\u4e1a\u52a1\u7ec6\u8282\uff0c\u800c\u53ef\u5728\u7ade\u4e89\u6fc0\u70c8\u7684\u5e02\u573a\u4fdd\u6301\u4f18\u52bf\u3002\u518d\u8005\uff0c\u6760\u6746\u6536\u8d2d\u4f5c\u4e3a\u79c1\u6709\u5316\u7684\u4e00\u79cd\u91cd\u8981\u65b9\u5f0f\uff0c\u6240\u6d89\u53ca\u7684\u8d1f\u503a\u5229\u606f\u652f\u51fa\u53ef\u7528\u6765\u6263\u51cf\u5e94\u7eb3\u7a0e\u989d\u3002\u7a0e\u52a1\u6536\u76ca\u901a\u5e38\u88ab\u89c6\u4e3a\u8865\u8d34\u4e4b\u7c7b\uff0c\u5b9e\u9645\u4e0a\u5219\u662f\u7531\u653f\u5e9c\u548c\u516c\u4f17\u57cb\u5355\u3002 \u4e8c\u3001\u63a7\u5236\u4ee3\u7406\u6210\u672c \u79c1\u6709\u5316\u900f\u8fc7\u6760\u6746\u6536\u8d2d\u5927\u5e45\u4e3e\u503a\uff0c\u4fc3\u4f7f\u4f01\u4e1a\u4f7f\u7528\u81ea\u7531\u73b0\u91d1\u6d41\u52a0\u4ee5\u507f\u8fd8\uff0c\u7531\u6b64\u53ef\u51cf\u4f4e\u7ba1\u7406\u5c42\u7684\u6f5c\u5728\u4e0d\u5f53\u6295\u8d44\u6216\u6d6a\u8d39\u884c\u4e3a\u3002\u81ea\u7531\u73b0\u91d1\u6d41\u91cf\u7f29\u51cf\u4e0e\u63a8\u9ad8\u503a\u52a1\u7684\u8d22\u52a1\u6760\u6746\u6c34\u5e73\uff0c\u6709\u5229\u4e8e\u964d\u4f4e\u4ee3\u7406\u6210\u672c\u3002 \u540c\u65f6\uff0c\u516c\u53f8\u8f6c\u4e3a\u79c1\u4eba\u6301\u6709\u540e\uff0c\u80a1\u6743\u96c6\u4e2d\u4e8e\u5c11\u6570\u5927\u80a1\u4e1c\u6216\u7ba1\u7406\u5c42\uff0c\u56e0\u800c\u6709\u52a8\u673a\u4f5c\u51fa\u6709\u6548\u76d1\u7763\uff0c\u907f\u514d\u4e86\u80a1\u6743\u5206\u6563\u65f6\u7684\u5f0a\u75c5\uff0c\u4f8b\u5982\u76d1\u7763\u6210\u672c\u9ad8\u3002 \u4e09\u3001\u89e3\u51b3\u201c\u642d\u4fbf\u8f66\u201d\u95ee\u9898 \u5728\u80a1\u6743\u5206\u6563\u7684\u516c\u53f8\uff0c\u5bf9\u7ba1\u7406\u5c42\u7684\u76d1\u7763\u662f\u4e00\u79cd\u201c\u516c\u5171\u8d22\u201d\uff08public good\uff09\u3002\u79ef\u6781\u76d1\u7763\u7684\u80a1\u4e1c\u4ed8\u51fa\u9ad8\u6210\u672c\uff0c\u53cd\u800c\u65e0\u6cd5\u72ec\u4eab\u6536\u76ca\uff0c\u5176\u4ed6\u80a1\u4e1c\u5374\u56e0\u53ef\u6210\u4e3a\u7ecf\u6d4e\u5b66\u4e0a\u6240\u8c13\u201c\u642d\u4fbf\u8f66\u8005\u201d\uff08free rider\uff09\uff0c\u800c\u964d\u4f4e\u76d1\u7763\u610f\u613f\u3002\u4f01\u4e1a\u9664\u724c\u540e\uff0c\u5219\u53ef\u80fd\u7531\u5355\u4e00\u673a\u6784\u6216\u5c11\u6570\u80a1\u4e1c\u638c\u63e1\u5927\u6743\uff0c\u4e5f\u5c31\u8f83\u4e3a\u5bb9\u6613\u514b\u670d\u642d\u4fbf\u8f66\u7684\u95ee\u9898\u3002 \u4e8b\u5b9e\u4e0a\uff0c\u4ee5\u516c\u53f8\u51b3\u7b56\u8fc7\u7a0b\u800c\u8a00\uff0c\u65e0\u7591\u66f4\u6709\u6548\u7387\u3002\u91cd\u8981\u7684\u8ba1\u5212\u6bcb\u9700\u8fc7\u4e8e\u8be6\u5c3d\u7684\u7814\u7a76\u6216\u5411\u8463\u4e8b\u4f1a\u62a5\u544a\uff0c\u7ba1\u7406\u5c42\u7684\u51b3\u7b56\u53d8\u5f97\u5feb\u901f\u6709\u6548\uff0c\u5e76\u5f97\u4ee5\u4e13\u6ce8\u4e8e\u516c\u53f8\u7684\u957f\u8fdc\u53d1\u5c55\u3001\u975e\u6838\u5fc3\u4e1a\u52a1\u7684\u91cd\u7ec4\uff0c\u4ee5\u81f3\u8f83\u9ad8\u98ce\u9669\u7684\u8f6c\u578b\u6295\u8d44\u3002 \u56db\u3001\u8d22\u5bcc\u8f6c\u79fb\u6548\u5e94 \u79c1\u6709\u5316\u80a1\u6743\u4ef7\u503c\u7684\u589e\u52a0\uff0c\u53ef\u80fd\u57fa\u4e8e\u8d22\u5bcc\u4ece\u5176\u4ed6\u4eba\uff08\u5982\u503a\u6743\u4eba\u3001\u7279\u522b\u80a1\u80a1\u4e1c\u3001\u96c7\u5458\u4ee5\u53ca\u653f\u5e9c\uff09\u8f6c\u79fb\u7ed9\u80a1\u4e1c\u3002\u516c\u53f8\u7ecf\u79c1\u6709\u5316\u540e\uff0c\u6216\u4f1a\u4e3a\u8ffd\u6c42\u66f4\u5927\u5229\u6da6\u800c\u8fdb\u884c\u8f83\u9ad8\u98ce\u9669\u7684\u6295\u8d44\u9879\u76ee\uff0c\u4ece\u800c\u589e\u52a0\u503a\u6743\u4eba\u548c\u4f18\u5148\u80a1\u80a1\u4e1c\u7684\u98ce\u9669\uff0c\u4f46\u6536\u76ca\u5374\u4e3b\u8981\u5f52\u4e8e\u80a1\u4e1c\u3002\u516c\u53f8\u4ea6\u53ef\u80fd\u5728\u79c1\u6709\u5316\u524d\u63d0\u9ad8\u80a1\u606f\u53d1\u653e\uff0c\u5c06\u90e8\u5206\u516c\u53f8\u7684\u73b0\u91d1\u5206\u914d\u7ed9\u80a1\u4e1c\uff0c\u4ee4\u516c\u53f8\u7559\u5b58\u7684\u8d44\u672c\u51cf\u5c11\uff0c\u7ed3\u679c\u635f\u5bb3\u503a\u6743\u4eba\u548c\u4f18\u5148\u80a1\u80a1\u4e1c\u7684\u5229\u76ca\u3002 \u4e94\u3001\u8d44\u8baf\u4e0d\u5bf9\u79f0\u4e0e\u80a1\u4ef7\u4f4e\u4f01 \u79c1\u6709\u5316\u8fc7\u7a0b\u4e2d\uff0c\u7ba1\u7406\u5c42\u56e0\u8f83\u4e00\u822c\u6295\u8d44\u8005\u638c\u63e1\u66f4\u591a\u5173\u4e8e\u516c\u53f8\u4ef7\u503c\u7684\u8d44\u8baf\uff0c\u800c\u80fd\u4ee5\u4f4e\u4e8e\u516c\u53f8\u5b9e\u9645\u4ef7\u503c\u7684\u4ef7\u683c\u6536\u8d2d\u516c\u53f8\uff1b\u5185\u90e8\u4eba\u58eb\u53c8\u6216\u5229\u7528\u4f1a\u8ba1\u548c\u8d22\u52a1\u6280\u5de7\u538b\u4f4e\u80a1\u4ef7\uff0c\u800c\u4ee5\u4f4e\u4e8e\u5b9e\u9645\u4ef7\u503c\u7684\u4ef7\u683c\u5b8c\u6210\u6536\u8d2d\u3002\u5927\u4f17\u6295\u8d44\u8005\u5f80\u5f80\u8457\u773c\u4e8e\u77ed\u671f\u6536\u76ca\uff0c\u800c\u4f4e\u4f30\u5177\u957f\u671f\u6295\u8d44\u4ef7\u503c\u7684\u516c\u53f8\u3002\u5e02\u51b5\u6108\u5dee\uff0c\u80a1\u4ef7\u4e0e\u8d44\u4ea7\u4ef7\u6298\u8ba9\u5c31\u4f1a\u6108\u5927\uff0c\u800c\u6298\u8ba9\u6108\u5927\uff0c\u79c1\u6709\u5316\u673a\u4f1a\u4ea6\u6108\u5927\u3002\u7ec6\u4ef7\u80a1\u4ee5\u53ca\u89c4\u6a21\u8f83\u5c0f\u7684\u5730\u4ea7\u80a1\uff0c\u5747\u8f83\u6709\u673a\u4f1a\u63d0\u51fa\u79c1\u6709\u5316\u3002 \u5f53\u80a1\u4ef7\u4e0d\u53ca\u8d44\u4ea7\u51c0\u503c\uff0c\u79c1\u6709\u5316\u53ef\u8ba9\u63a7\u80a1\u80a1\u4e1c\u4ee5\u76f8\u5bf9\u4f4e\u7684\u6210\u672c\u56de\u8d2d\u8d44\u4ea7\u3002\u4ee5\u963f\u91cc\u5df4\u5df4\u4e3a\u4f8b\uff0c\u96c6\u56e2\u57282007\u5e74\u5c06\u65d7\u4e0bB2B\u4e1a\u52a1\uff08\u963f\u91cc\u5df4\u5df4\u7f51\u7edc\u6709\u9650\u516c\u53f8\uff09\u5728\u9999\u6e2f\u4e0a\u5e02\uff0c\u53d1\u884c\u4ef7\u4e3a13. 5\u5143\u3002\u540e\u56e0\u4e1a\u52a1\u589e\u957f\u4e4f\u529b\uff0c\u52a0\u4e0a\u80a1\u4ef7\u6301\u7eed\u4f4e\u8ff7\uff0c\u96c6\u56e2\u4e8e2012\u5e74\u540c\u6837\u4ee513. 5\u5143\u79c1\u6709\u5316\u4e0a\u5e02\u90e8\u5206\u3002\u963f\u91cc\u5df4\u5df4\u57282014\u5e74\u5728\u7f8e\u56fd\u7ebd\u7ea6\u4ea4\u6613\u6240\u6302\u724c\uff0c\u81f32019\u5e74\u6e2f\u4ea4\u6240\u5141\u8bb8\u201c\u540c\u80a1\u4e0d\u540c\u6743\u201d\u516c\u53f8\u4e0a\u5e02\uff0c\u963f\u91cc\u5df4\u5df4\u540c\u5e74\u91cd\u8fd4\u9999\u6e2f\u4e0a\u5e02\u3002 \u79c1\u6709\u5316\u4ea4\u6613\u6210\u8d25\u4e92\u89c1 2024\u5e74\uff0c\u672c\u6e2f\u79c1\u6709\u5316\u7684\u4e0a\u5e02\u4f01\u4e1a\u4e3a\u6570\u517116\u5bb6\u3002\u8fd1\u671f\u5728\u6e2f\u4ea4\u6240\u64a4\u9500\u4e0a\u5e02\u5730\u4f4d\u7684\u516c\u53f8\uff0c\u5305\u62ec\u57282019\u5e74\u6302\u724c\u7684ESR\u96c6\u56e2\u3002\u53bb\u5e74\u5e74\u5e95\uff0c\u96c6\u56e2\u521b\u529e\u4eba\u4e0e\u56fd\u9645\u91d1\u878d\u673a\u6784\u8054\u624b\u7ec4\u6210\u8d22\u56e2\uff0c\u4ee5\u6bcf\u80a113\u5143\u6536\u8d2dESR\u6240\u6709\u6d41\u901a\u80a1\uff1b\u79c1\u6709\u5316\u4ea4\u6613\u603b\u503c\u4e3a552\u4ebf\u5143\u3002 \u63d0\u51fa\u79c1\u6709\u5316\u4e00\u65b9\u8868\u793a\uff0cESR\u9510\u610f\u8f6c\u578b\u4e3a\u8f7b\u8d44\u4ea7\u5e73\u53f0\uff0c\u805a\u7126\u65b0\u7ecf\u6d4e\u9886\u57df\u3002\u7531\u4e8e\u6709\u5173\u7b56\u7565\u6216\u4f1a\u9020\u6210\u77ed\u671f\u83b7\u5229\u6ce2\u52a8\uff0c\u51b3\u8bae\u5e94\u907f\u514d\u516c\u5f00\u5e02\u573a\u7684\u77ed\u671f\u538b\u529b\u53ca\u4e0a\u5e02\u89c4\u5219\u7684\u9650\u5236\uff0c\u4ee5\u4fbf\u4e1a\u52a1\u8fbe\u81f4\u8f6c\u578b\u76ee\u6807\u3002 \u4e0e\u6b64\u540c\u65f6\uff0c\u4f01\u4e1a\u79c1\u6709\u5316\u4ea6\u4e0d\u4e4f\u5931\u8d25\u6848\u4f8b\uff0c\u539f\u56e0\u4e4b\u4e00\u662f\u8bb8\u591a\u79c1\u6709\u5316\u65b9\u6848\u7684\u4ef7\u683c\u8fdc\u9ad8\u4e8e\u516c\u53f8\u8d44\u4ea7\u51c0\u503c\u6298\u8ba9\uff0c\u96be\u83b7\u72ec\u7acb\u80a1\u4e1c\u63a5\u7eb3\u3002\u6b64\u5916\uff0c\u6709\u65b9\u6848\u987b\u7ecf\u51fa\u5e2d\u8868\u51b3\u7684\u72ec\u7acb\u80a1\u4e1c\u5927\u591a\u6570\u901a\u8fc7\uff0c\u800c\u8868\u51b3\u6295\u7968\u5f80\u5f80\u4ee4\u79c1\u6709\u5316\u5efa\u8bae\u529f\u8d25\u5782\u6210\u3002 \u672c\u5e744\u6708\uff0c\u8fea\u751f\u521b\u5efa\u5927\u80a1\u4e1c\u6f58\u5ef8\u751f\u63d0\u51fa\u4ee5\u6bcf\u80a17.2\u5143\u79c1\u6709\u5316\uff0c\u8f83\u5f53\u65f6\u5e02\u4ef7\u6709\u903e\u4e94\u6210\u6ea2\u4ef7\uff0c\u4f46\u4ecd\u4f4e\u4e8e\u516c\u53f8\u53bb\u5e74\u6bcf\u80a1\u8d44\u4ea7\u51c0\u503c9.05\u5143\u3002\u518d\u8005\uff0c\u516c\u53f8\u6301\u6709\u5927\u91cf\u73b0\u91d1\uff0c\u4ee4\u90e8\u5206\u80a1\u4e1c\u6295\u4e0b\u53cd\u5bf9\u7968\u3002\u6700\u7ec8\u57287\u6708\u4e3e\u884c\u7684\u6cd5\u9662\u4f1a\u8bae\u4e0a\uff0c\u56e0\u53cd\u5bf9\u7968\u8fbe10. 16%\uff0c\u800c\u672a\u80fd\u6ee1\u8db3\u79c1\u6709\u5316\u6761\u4ef6\u3002 \u9000\u5e02\u6311\u6218\u4e0e\u751f\u673a\u5e76\u5b58 \u4e0a\u5e02\u516c\u53f8\u79c1\u6709\u5316\u96be\u514d\u9762\u4e34\u6311\u6218\u3002\u9996\u5148\uff0c\u4ea4\u6613\u5b8c\u6210\u540e\u53ef\u80fd\u9650\u5236\u516c\u53f8\u7684\u878d\u8d44\u6e20\u9053\uff0c\u56e0\u4e3a\u79c1\u4eba\u4f01\u4e1a\u65e0\u6cd5\u901a\u8fc7\u53d1\u884c\u6216\u589e\u53d1\u80a1\u4efd\u4ee5\u8fdb\u884c\u5927\u89c4\u6a21\u878d\u8d44\uff0c\u8d44\u91d1\u6765\u6e90\u4ec5\u80fd\u4f9d\u8d56\u94f6\u884c\u8d37\u6b3e\u6216\u79c1\u52df\uff0c\u7075\u6d3b\u6027\u5927\u4e3a\u964d\u4f4e\u3002\u5176\u6b21\uff0c\u6216\u4f1a\u635f\u5bb3\u5c0f\u80a1\u4e1c\u5229\u76ca\u3002\u82e5\u6536\u8d2d\u4ef7\u94b1\u4e0d\u5408\u7406\uff0c\u53c8\u6216\u5927\u80a1\u4e1c\u5229\u7528\u4f18\u52bf\u5730\u4f4d\u538b\u4f4e\u6536\u8d2d\u4ef7\uff0c\u5c06\u4e0d\u5229\u4e8e\u6563\u6237\u4e0e\u5c0f\u80a1\u4e1c\u7684\u5408\u7406\u6743\u76ca\u3002 \u56de\u987e\u672c\u4e16\u7eaa\u4ee5\u6765\uff0c\u591a\u5bb6\u6e2f\u8d44\u94f6\u884c\u5148\u540e\u6613\u624b\u3010\u8868\u3011\uff0c\u4f8b\u5982\u62db\u5546\u94f6\u884c\u57282008\u5e74\u4ee5193\u4ebf\u5143\u6536\u8d2d\u6c38\u9686\u94f6\u884c\uff1b2013\u5e74\uff0c\u5e7f\u4e1c\u5927\u578b\u56fd\u4f01\u8d8a\u79c0\u96c6\u56e2\uff0c\u5ba3\u5e03\u4ee5116\u4ebf\u5143\u6536\u8d2d\u5ed6\u521b\u5174\u5bb6\u65cf\u7684\u521b\u5174\u94f6\u884c75%\u80a1\u6743\u3002\u65f6\u81f3\u4eca\u65e5\uff0c\u7eaf\u6e2f\u8d44\u94f6\u884c\u53ea\u5269\u4e1c\u4e9a\u94f6\u884c\u3001\u5927\u65b0\u94f6\u884c\uff0c\u4ee5\u53ca\u5e76\u65e0\u4e0a\u5e02\u7684\u5927\u751f\u94f6\u884c\u3002 \u8868\uff1a\u5343\u79a7\u5e74\u540e\u94f6\u884c\u5e76\u8d2d 2000\u5e74 \u4e1c\u4e9a\u6536\u8d2d\u7b2c\u4e00\u592a\u5e73\u94f6\u884c 2003\u5e74 \u6c38\u4ea8\u6536\u8d2d\u6d59\u6c5f\u7b2c\u4e00\u94f6\u884c\uff1b\u5de5\u94f6\u4e9a\u6d32\u6536\u8d2d\u534e\u6bd4\u5bcc\u901a\u94f6\u884c 2004\u5e74 \u53f0\u6e7e\u5bcc\u90a6\u91d1\u63a7\u6536\u8d2d\u6e2f\u57fa\u94f6\u884c\u80a1\u6743 2006\u5e74 \u5927\u4f17\u91d1\u878d\u6536\u8d2d\u4e9a\u6d32\u5546\u4e1a\u94f6\u884c 2008\u5e74 \u62db\u5546\u94f6\u884c\u6536\u8d2d\u6c38\u9686\u94f6\u884c 2013\u5e74 \u8d8a\u79c0\u96c6\u56e2\u6536\u8d2d\u521b\u5174\u94f6\u884c 2014\u5e74 \u534e\u4fa8\u94f6\u884c\u6536\u8d2d\u6c38\u4ea8\u94f6\u884c \u81f3\u4e8e\u662f\u6b21\u6c47\u63a7\u51b3\u5b9a\u5c06\u6052\u751f\u79c1\u6709\u5316\uff0c\u5916\u754c\u8ba4\u4e3a\u65e2\u80fd\u5904\u7406\u6052\u751f\u574f\u5e10\uff0c\u4ea6\u80fd\u6709\u6548\u7cbe\u7b80\u96c6\u56e2\u5728\u9999\u6e2f\u7684\u4e1a\u52a1\u67b6\u6784\uff0c\u7406\u987a\u51b3\u7b56\u6d41\u7a0b\uff0c\u5e76\u63d0\u9ad8\u7075\u6d3b\u6027\u3002\u6c47\u4e30\u8868\u660e\uff0c\u5728\u4ea4\u6613\u5b8c\u6210\u540e\uff0c\u5c06\u6682\u505c\u80a1\u7968\u56de\u8d2d3\u4e2a\u5b63\u5ea6\uff0c\u4ee5\u4fdd\u7559\u8d44\u91d1\u3002\u867d\u7136\u6b64\u4e3e\u5c06\u4ee4\u6c47\u4e30\u80a1\u4e1c\u7684\u603b\u56de\u62a5\uff08\u5305\u62ec\u80a1\u606f\u53ca\u56de\u8d2d\uff09\u53d7\u538b\uff0c\u5e02\u573a\u9884\u671f\u77ed\u671f\u5185\u80a1\u4ef7\u6216\u4e0b\u8dcc\uff0c\u4f46\u79c1\u6709\u5316\u957f\u8fdc\u5c06\u5e26\u6765\u6b63\u9762\u5f71\u54cd\u3002 \u4e00\u5f85\u6052\u751f\u79c1\u6709\u5316\uff0c\u6c47\u4e30\u53ef\u671b\u63d0\u5347\u6548\u7387\uff0c\u5e76\u4e14\u900f\u8fc7\u6574\u5408\u4e1a\u52a1\u3001\u4eba\u529b\u8d44\u6e90\u3001\u5ba2\u6237\u7f51\u7edc\u4ee5\u5b9e\u73b0\u534f\u540c\u6548\u5e94\u3002\u5c3d\u7ba1\u6052\u751f\u7684\u54c1\u724c\u3001\u5206\u884c\u65e5\u540e\u5c06\u83b7\u4fdd\u7559\uff0c\u4e24\u5bb6\u94f6\u884c\u5728\u7ba1\u7406\u53ca\u51b3\u7b56\u4e0a\u65e0\u7591\u66f4\u8d8b\u7d27\u5bc6\u3002\u968f\u7740\u5168\u7403\u94f6\u884c\u4e1a\u8fdb\u4e00\u6b65\u9762\u4e34\u5730\u7f18\u653f\u6cbb\u53ca\u76d1\u7ba1\u538b\u529b\uff0c\u6b64\u4e3e\u5c06\u6807\u5fd7\u9999\u6e2f\u91d1\u878d\u4e1a\u8fc8\u5411\u65b0\u65f6\u4ee3\uff0c\u751a\u81f3\u6709\u671b\u5f00\u521b\u4e9a\u6d32\u94f6\u884c\u4e1a\u6574\u5408\u7684\u6f6e\u6d41\u3002 \u8c22\u56fd\u751f\u6559\u6388 \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u6559\u5b66\u526f\u6559\u6388\u3001\u65b0\u754c\u4e61\u8bae\u5c40\u5f53\u7136\u6267\u884c\u59d4\u5458 \u4f55\u654f\u6dd9 \u9999\u6e2f\u5927\u5b66\u9644\u5c5e\u5b66\u9662\u8bb2\u5e08 \uff08\u672c\u6587\u540c\u65f6\u4e8e\u4e8c\u96f6\u4e8c\u4e94\u5e74\u5341\u6708\u4e8c\u5341\u4e5d\u65e5\u8f7d\u4e8e\u300a\u4fe1\u62a5\u300b\u201c\u9f99\u864e\u5c71\u4e0b\u201d\u4e13\u680f\uff09","inLanguage":"zh-CN","isPartOf":{"@id":"https:\/\/www.hkubs.hku.hk\/sc\/#website"},"breadcrumb":{"@id":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/the-hidden-secrets-behind-hong-kong-stock-privatizations\/#breadcrumblist"},"datePublished":"2025-10-28T16:46:02+08:00","dateModified":"2025-10-28T16:49:40+08:00"},{"@type":"WebSite","@id":"https:\/\/www.hkubs.hku.hk\/sc\/#website","url":"https:\/\/www.hkubs.hku.hk\/sc\/","name":"HKU Business School","inLanguage":"zh-CN","publisher":{"@id":"https:\/\/www.hkubs.hku.hk\/sc\/#organization"}}]},"og:locale":"en_US","og:site_name":"HKU Business School -","og:type":"article","og:title":"\u6e2f\u80a1\u79c1\u6709\u5316\u6697\u85cf\u7684\u7384\u673a - HKU Business School","og:description":"\u7ee7\u4e0a\u5e02\u4e0d\u8db33\u5e74\u534a\u7684\u8c2d\u4ed4\u56fd\u9645\uff0c\u5728\u4eca\u5e742\u6708\u7531\u65e5\u672c\u6bcd\u516c\u53f8\u4e1c\u5229\u591a\u63a7\u80a1\u63d0\u51fa\u79c1\u6709\u5316\u4e4b\u540e\uff0c\u6c47\u4e30\u96c6\u56e2\u4ea6\u4e8e\u672c\u67089\u65e5\u516c\u5e03\uff0c\u5efa\u8bae\u79c1\u6709\u5316\u521b\u7acb\u4e8e1933\u5e74\u7684\u6052\u751f\u94f6\u884c\u3002\u6362\u8a00\u4e4b\uff0c\u6052\u751f\u6210\u4e3a\u6c47\u4e30\u5168\u8d44\u5b50\u516c\u53f8\u540e\uff0c\u5176\u8d85\u8fc750\u5e74\u7684\u4e0a\u5e02\u5730\u4f4d\u5c06\u88ab\u64a4\u9500\u3002 \u9000\u5e02\u80cc\u540e\u7684\u51b3\u7b56 \u9999\u6e2f\u4ea4\u6613\u53ca\u7ed3\u7b97\u6240\u6709\u9650\u516c\u53f8\uff08\u6e2f\u4ea4\u6240\uff09\u8d44\u6599\u663e\u793a\uff0c\u8fd15\u5e74\u6765\u6bcf\u5e74\u5e73\u5747\u670921\u5bb6\u4e0a\u5e02\u516c\u53f8\u56e0\u79c1\u6709\u5316\u9000\u5e02\u3002\u4ee5\u91d1\u989d\u8ba1\u7b97\uff0c\u53bb\u5e74\u79c1\u6709\u5316\u768416\u5bb6\u6e2f\u80a1\u516c\u53f8\u5e02\u503c\u8fbe1,226\u4ebf\u5143\uff0c\u9ad8\u4e8e\u9996\u6b21\u516c\u5f00\u62db\u80a1\uff08IPO\uff09\u7684\u96c6\u8d44\u91d1\u989d\u3002 \u5728\u80a1\u7968\u5e02\u573a\u7684\u79c1\u6709\u5316\uff0c\u901a\u5e38\u6307\u4e00\u5bb6\u4e0a\u5e02\u516c\u53f8\u7684\u63a7\u80a1\u80a1\u4e1c\u6216\u7b2c\u4e09\u65b9\uff08\u5176\u4ed6\u6295\u8d44\u8005\u6216\u91d1\u878d\u673a\u6784\uff09\u4ee5\u73b0\u91d1\u6216\u8bc1\u5238\u7684\u65b9\u5f0f\uff0c\u5411\u6240\u6709\u80a1\u4e1c\u8d2d\u4e70\u5168\u6570\u80a1\u4efd\u3002\u79c1\u6709\u5316\u7684\u539f\u56e0\u6db5\u76d6\u4ee5\u4e0b5\u65b9\u9762\u3002 \u4e00\u3001\u5546\u4e1a\u4fdd\u5bc6\u53ca\u6210\u672c\u8003\u91cf \u4f01\u4e1a\u8981\u7ef4\u6301\u4e0a\u5e02\u5730\u4f4d\uff0c\u6bcf\u5e74\u7684\u56fa\u5b9a\u652f\u51fa\u4e0d\u5728\u5c11\u6570\uff0c\u5305\u62ec\u76d1\u7ba1\u62a5\u544a\u8d39\u7528\u3001\u8d44\u8baf\u62ab\u9732\u6210\u672c\u53ca\u4ea4\u6613\u6240\u5e74\u8d39\uff0c\u79c1\u6709\u5316\u540e\u5219\u53ef\u4e00\u6982\u514d\u9664\u3002\u79c1\u4eba\u516c\u53f8\u56e0\u65e0\u9700\u516c\u5f00\u654f\u611f\u8d22\u52a1\u6216\u4e1a\u52a1\u7ec6\u8282\uff0c\u800c\u53ef\u5728\u7ade\u4e89\u6fc0\u70c8\u7684\u5e02\u573a\u4fdd\u6301\u4f18\u52bf\u3002\u518d\u8005\uff0c\u6760\u6746\u6536\u8d2d\u4f5c\u4e3a\u79c1\u6709\u5316\u7684\u4e00\u79cd\u91cd\u8981\u65b9\u5f0f\uff0c\u6240\u6d89\u53ca\u7684\u8d1f\u503a\u5229\u606f\u652f\u51fa\u53ef\u7528\u6765\u6263\u51cf\u5e94\u7eb3\u7a0e\u989d\u3002\u7a0e\u52a1\u6536\u76ca\u901a\u5e38\u88ab\u89c6\u4e3a\u8865\u8d34\u4e4b\u7c7b\uff0c\u5b9e\u9645\u4e0a\u5219\u662f\u7531\u653f\u5e9c\u548c\u516c\u4f17\u57cb\u5355\u3002 \u4e8c\u3001\u63a7\u5236\u4ee3\u7406\u6210\u672c \u79c1\u6709\u5316\u900f\u8fc7\u6760\u6746\u6536\u8d2d\u5927\u5e45\u4e3e\u503a\uff0c\u4fc3\u4f7f\u4f01\u4e1a\u4f7f\u7528\u81ea\u7531\u73b0\u91d1\u6d41\u52a0\u4ee5\u507f\u8fd8\uff0c\u7531\u6b64\u53ef\u51cf\u4f4e\u7ba1\u7406\u5c42\u7684\u6f5c\u5728\u4e0d\u5f53\u6295\u8d44\u6216\u6d6a\u8d39\u884c\u4e3a\u3002\u81ea\u7531\u73b0\u91d1\u6d41\u91cf\u7f29\u51cf\u4e0e\u63a8\u9ad8\u503a\u52a1\u7684\u8d22\u52a1\u6760\u6746\u6c34\u5e73\uff0c\u6709\u5229\u4e8e\u964d\u4f4e\u4ee3\u7406\u6210\u672c\u3002 \u540c\u65f6\uff0c\u516c\u53f8\u8f6c\u4e3a\u79c1\u4eba\u6301\u6709\u540e\uff0c\u80a1\u6743\u96c6\u4e2d\u4e8e\u5c11\u6570\u5927\u80a1\u4e1c\u6216\u7ba1\u7406\u5c42\uff0c\u56e0\u800c\u6709\u52a8\u673a\u4f5c\u51fa\u6709\u6548\u76d1\u7763\uff0c\u907f\u514d\u4e86\u80a1\u6743\u5206\u6563\u65f6\u7684\u5f0a\u75c5\uff0c\u4f8b\u5982\u76d1\u7763\u6210\u672c\u9ad8\u3002 \u4e09\u3001\u89e3\u51b3\u201c\u642d\u4fbf\u8f66\u201d\u95ee\u9898 \u5728\u80a1\u6743\u5206\u6563\u7684\u516c\u53f8\uff0c\u5bf9\u7ba1\u7406\u5c42\u7684\u76d1\u7763\u662f\u4e00\u79cd\u201c\u516c\u5171\u8d22\u201d\uff08public good\uff09\u3002\u79ef\u6781\u76d1\u7763\u7684\u80a1\u4e1c\u4ed8\u51fa\u9ad8\u6210\u672c\uff0c\u53cd\u800c\u65e0\u6cd5\u72ec\u4eab\u6536\u76ca\uff0c\u5176\u4ed6\u80a1\u4e1c\u5374\u56e0\u53ef\u6210\u4e3a\u7ecf\u6d4e\u5b66\u4e0a\u6240\u8c13\u201c\u642d\u4fbf\u8f66\u8005\u201d\uff08free rider\uff09\uff0c\u800c\u964d\u4f4e\u76d1\u7763\u610f\u613f\u3002\u4f01\u4e1a\u9664\u724c\u540e\uff0c\u5219\u53ef\u80fd\u7531\u5355\u4e00\u673a\u6784\u6216\u5c11\u6570\u80a1\u4e1c\u638c\u63e1\u5927\u6743\uff0c\u4e5f\u5c31\u8f83\u4e3a\u5bb9\u6613\u514b\u670d\u642d\u4fbf\u8f66\u7684\u95ee\u9898\u3002 \u4e8b\u5b9e\u4e0a\uff0c\u4ee5\u516c\u53f8\u51b3\u7b56\u8fc7\u7a0b\u800c\u8a00\uff0c\u65e0\u7591\u66f4\u6709\u6548\u7387\u3002\u91cd\u8981\u7684\u8ba1\u5212\u6bcb\u9700\u8fc7\u4e8e\u8be6\u5c3d\u7684\u7814\u7a76\u6216\u5411\u8463\u4e8b\u4f1a\u62a5\u544a\uff0c\u7ba1\u7406\u5c42\u7684\u51b3\u7b56\u53d8\u5f97\u5feb\u901f\u6709\u6548\uff0c\u5e76\u5f97\u4ee5\u4e13\u6ce8\u4e8e\u516c\u53f8\u7684\u957f\u8fdc\u53d1\u5c55\u3001\u975e\u6838\u5fc3\u4e1a\u52a1\u7684\u91cd\u7ec4\uff0c\u4ee5\u81f3\u8f83\u9ad8\u98ce\u9669\u7684\u8f6c\u578b\u6295\u8d44\u3002 \u56db\u3001\u8d22\u5bcc\u8f6c\u79fb\u6548\u5e94 \u79c1\u6709\u5316\u80a1\u6743\u4ef7\u503c\u7684\u589e\u52a0\uff0c\u53ef\u80fd\u57fa\u4e8e\u8d22\u5bcc\u4ece\u5176\u4ed6\u4eba\uff08\u5982\u503a\u6743\u4eba\u3001\u7279\u522b\u80a1\u80a1\u4e1c\u3001\u96c7\u5458\u4ee5\u53ca\u653f\u5e9c\uff09\u8f6c\u79fb\u7ed9\u80a1\u4e1c\u3002\u516c\u53f8\u7ecf\u79c1\u6709\u5316\u540e\uff0c\u6216\u4f1a\u4e3a\u8ffd\u6c42\u66f4\u5927\u5229\u6da6\u800c\u8fdb\u884c\u8f83\u9ad8\u98ce\u9669\u7684\u6295\u8d44\u9879\u76ee\uff0c\u4ece\u800c\u589e\u52a0\u503a\u6743\u4eba\u548c\u4f18\u5148\u80a1\u80a1\u4e1c\u7684\u98ce\u9669\uff0c\u4f46\u6536\u76ca\u5374\u4e3b\u8981\u5f52\u4e8e\u80a1\u4e1c\u3002\u516c\u53f8\u4ea6\u53ef\u80fd\u5728\u79c1\u6709\u5316\u524d\u63d0\u9ad8\u80a1\u606f\u53d1\u653e\uff0c\u5c06\u90e8\u5206\u516c\u53f8\u7684\u73b0\u91d1\u5206\u914d\u7ed9\u80a1\u4e1c\uff0c\u4ee4\u516c\u53f8\u7559\u5b58\u7684\u8d44\u672c\u51cf\u5c11\uff0c\u7ed3\u679c\u635f\u5bb3\u503a\u6743\u4eba\u548c\u4f18\u5148\u80a1\u80a1\u4e1c\u7684\u5229\u76ca\u3002 \u4e94\u3001\u8d44\u8baf\u4e0d\u5bf9\u79f0\u4e0e\u80a1\u4ef7\u4f4e\u4f01 \u79c1\u6709\u5316\u8fc7\u7a0b\u4e2d\uff0c\u7ba1\u7406\u5c42\u56e0\u8f83\u4e00\u822c\u6295\u8d44\u8005\u638c\u63e1\u66f4\u591a\u5173\u4e8e\u516c\u53f8\u4ef7\u503c\u7684\u8d44\u8baf\uff0c\u800c\u80fd\u4ee5\u4f4e\u4e8e\u516c\u53f8\u5b9e\u9645\u4ef7\u503c\u7684\u4ef7\u683c\u6536\u8d2d\u516c\u53f8\uff1b\u5185\u90e8\u4eba\u58eb\u53c8\u6216\u5229\u7528\u4f1a\u8ba1\u548c\u8d22\u52a1\u6280\u5de7\u538b\u4f4e\u80a1\u4ef7\uff0c\u800c\u4ee5\u4f4e\u4e8e\u5b9e\u9645\u4ef7\u503c\u7684\u4ef7\u683c\u5b8c\u6210\u6536\u8d2d\u3002\u5927\u4f17\u6295\u8d44\u8005\u5f80\u5f80\u8457\u773c\u4e8e\u77ed\u671f\u6536\u76ca\uff0c\u800c\u4f4e\u4f30\u5177\u957f\u671f\u6295\u8d44\u4ef7\u503c\u7684\u516c\u53f8\u3002\u5e02\u51b5\u6108\u5dee\uff0c\u80a1\u4ef7\u4e0e\u8d44\u4ea7\u4ef7\u6298\u8ba9\u5c31\u4f1a\u6108\u5927\uff0c\u800c\u6298\u8ba9\u6108\u5927\uff0c\u79c1\u6709\u5316\u673a\u4f1a\u4ea6\u6108\u5927\u3002\u7ec6\u4ef7\u80a1\u4ee5\u53ca\u89c4\u6a21\u8f83\u5c0f\u7684\u5730\u4ea7\u80a1\uff0c\u5747\u8f83\u6709\u673a\u4f1a\u63d0\u51fa\u79c1\u6709\u5316\u3002 \u5f53\u80a1\u4ef7\u4e0d\u53ca\u8d44\u4ea7\u51c0\u503c\uff0c\u79c1\u6709\u5316\u53ef\u8ba9\u63a7\u80a1\u80a1\u4e1c\u4ee5\u76f8\u5bf9\u4f4e\u7684\u6210\u672c\u56de\u8d2d\u8d44\u4ea7\u3002\u4ee5\u963f\u91cc\u5df4\u5df4\u4e3a\u4f8b\uff0c\u96c6\u56e2\u57282007\u5e74\u5c06\u65d7\u4e0bB2B\u4e1a\u52a1\uff08\u963f\u91cc\u5df4\u5df4\u7f51\u7edc\u6709\u9650\u516c\u53f8\uff09\u5728\u9999\u6e2f\u4e0a\u5e02\uff0c\u53d1\u884c\u4ef7\u4e3a13. 5\u5143\u3002\u540e\u56e0\u4e1a\u52a1\u589e\u957f\u4e4f\u529b\uff0c\u52a0\u4e0a\u80a1\u4ef7\u6301\u7eed\u4f4e\u8ff7\uff0c\u96c6\u56e2\u4e8e2012\u5e74\u540c\u6837\u4ee513. 5\u5143\u79c1\u6709\u5316\u4e0a\u5e02\u90e8\u5206\u3002\u963f\u91cc\u5df4\u5df4\u57282014\u5e74\u5728\u7f8e\u56fd\u7ebd\u7ea6\u4ea4\u6613\u6240\u6302\u724c\uff0c\u81f32019\u5e74\u6e2f\u4ea4\u6240\u5141\u8bb8\u201c\u540c\u80a1\u4e0d\u540c\u6743\u201d\u516c\u53f8\u4e0a\u5e02\uff0c\u963f\u91cc\u5df4\u5df4\u540c\u5e74\u91cd\u8fd4\u9999\u6e2f\u4e0a\u5e02\u3002 \u79c1\u6709\u5316\u4ea4\u6613\u6210\u8d25\u4e92\u89c1 2024\u5e74\uff0c\u672c\u6e2f\u79c1\u6709\u5316\u7684\u4e0a\u5e02\u4f01\u4e1a\u4e3a\u6570\u517116\u5bb6\u3002\u8fd1\u671f\u5728\u6e2f\u4ea4\u6240\u64a4\u9500\u4e0a\u5e02\u5730\u4f4d\u7684\u516c\u53f8\uff0c\u5305\u62ec\u57282019\u5e74\u6302\u724c\u7684ESR\u96c6\u56e2\u3002\u53bb\u5e74\u5e74\u5e95\uff0c\u96c6\u56e2\u521b\u529e\u4eba\u4e0e\u56fd\u9645\u91d1\u878d\u673a\u6784\u8054\u624b\u7ec4\u6210\u8d22\u56e2\uff0c\u4ee5\u6bcf\u80a113\u5143\u6536\u8d2dESR\u6240\u6709\u6d41\u901a\u80a1\uff1b\u79c1\u6709\u5316\u4ea4\u6613\u603b\u503c\u4e3a552\u4ebf\u5143\u3002 \u63d0\u51fa\u79c1\u6709\u5316\u4e00\u65b9\u8868\u793a\uff0cESR\u9510\u610f\u8f6c\u578b\u4e3a\u8f7b\u8d44\u4ea7\u5e73\u53f0\uff0c\u805a\u7126\u65b0\u7ecf\u6d4e\u9886\u57df\u3002\u7531\u4e8e\u6709\u5173\u7b56\u7565\u6216\u4f1a\u9020\u6210\u77ed\u671f\u83b7\u5229\u6ce2\u52a8\uff0c\u51b3\u8bae\u5e94\u907f\u514d\u516c\u5f00\u5e02\u573a\u7684\u77ed\u671f\u538b\u529b\u53ca\u4e0a\u5e02\u89c4\u5219\u7684\u9650\u5236\uff0c\u4ee5\u4fbf\u4e1a\u52a1\u8fbe\u81f4\u8f6c\u578b\u76ee\u6807\u3002 \u4e0e\u6b64\u540c\u65f6\uff0c\u4f01\u4e1a\u79c1\u6709\u5316\u4ea6\u4e0d\u4e4f\u5931\u8d25\u6848\u4f8b\uff0c\u539f\u56e0\u4e4b\u4e00\u662f\u8bb8\u591a\u79c1\u6709\u5316\u65b9\u6848\u7684\u4ef7\u683c\u8fdc\u9ad8\u4e8e\u516c\u53f8\u8d44\u4ea7\u51c0\u503c\u6298\u8ba9\uff0c\u96be\u83b7\u72ec\u7acb\u80a1\u4e1c\u63a5\u7eb3\u3002\u6b64\u5916\uff0c\u6709\u65b9\u6848\u987b\u7ecf\u51fa\u5e2d\u8868\u51b3\u7684\u72ec\u7acb\u80a1\u4e1c\u5927\u591a\u6570\u901a\u8fc7\uff0c\u800c\u8868\u51b3\u6295\u7968\u5f80\u5f80\u4ee4\u79c1\u6709\u5316\u5efa\u8bae\u529f\u8d25\u5782\u6210\u3002 \u672c\u5e744\u6708\uff0c\u8fea\u751f\u521b\u5efa\u5927\u80a1\u4e1c\u6f58\u5ef8\u751f\u63d0\u51fa\u4ee5\u6bcf\u80a17.2\u5143\u79c1\u6709\u5316\uff0c\u8f83\u5f53\u65f6\u5e02\u4ef7\u6709\u903e\u4e94\u6210\u6ea2\u4ef7\uff0c\u4f46\u4ecd\u4f4e\u4e8e\u516c\u53f8\u53bb\u5e74\u6bcf\u80a1\u8d44\u4ea7\u51c0\u503c9.05\u5143\u3002\u518d\u8005\uff0c\u516c\u53f8\u6301\u6709\u5927\u91cf\u73b0\u91d1\uff0c\u4ee4\u90e8\u5206\u80a1\u4e1c\u6295\u4e0b\u53cd\u5bf9\u7968\u3002\u6700\u7ec8\u57287\u6708\u4e3e\u884c\u7684\u6cd5\u9662\u4f1a\u8bae\u4e0a\uff0c\u56e0\u53cd\u5bf9\u7968\u8fbe10. 16%\uff0c\u800c\u672a\u80fd\u6ee1\u8db3\u79c1\u6709\u5316\u6761\u4ef6\u3002 \u9000\u5e02\u6311\u6218\u4e0e\u751f\u673a\u5e76\u5b58 \u4e0a\u5e02\u516c\u53f8\u79c1\u6709\u5316\u96be\u514d\u9762\u4e34\u6311\u6218\u3002\u9996\u5148\uff0c\u4ea4\u6613\u5b8c\u6210\u540e\u53ef\u80fd\u9650\u5236\u516c\u53f8\u7684\u878d\u8d44\u6e20\u9053\uff0c\u56e0\u4e3a\u79c1\u4eba\u4f01\u4e1a\u65e0\u6cd5\u901a\u8fc7\u53d1\u884c\u6216\u589e\u53d1\u80a1\u4efd\u4ee5\u8fdb\u884c\u5927\u89c4\u6a21\u878d\u8d44\uff0c\u8d44\u91d1\u6765\u6e90\u4ec5\u80fd\u4f9d\u8d56\u94f6\u884c\u8d37\u6b3e\u6216\u79c1\u52df\uff0c\u7075\u6d3b\u6027\u5927\u4e3a\u964d\u4f4e\u3002\u5176\u6b21\uff0c\u6216\u4f1a\u635f\u5bb3\u5c0f\u80a1\u4e1c\u5229\u76ca\u3002\u82e5\u6536\u8d2d\u4ef7\u94b1\u4e0d\u5408\u7406\uff0c\u53c8\u6216\u5927\u80a1\u4e1c\u5229\u7528\u4f18\u52bf\u5730\u4f4d\u538b\u4f4e\u6536\u8d2d\u4ef7\uff0c\u5c06\u4e0d\u5229\u4e8e\u6563\u6237\u4e0e\u5c0f\u80a1\u4e1c\u7684\u5408\u7406\u6743\u76ca\u3002 \u56de\u987e\u672c\u4e16\u7eaa\u4ee5\u6765\uff0c\u591a\u5bb6\u6e2f\u8d44\u94f6\u884c\u5148\u540e\u6613\u624b\u3010\u8868\u3011\uff0c\u4f8b\u5982\u62db\u5546\u94f6\u884c\u57282008\u5e74\u4ee5193\u4ebf\u5143\u6536\u8d2d\u6c38\u9686\u94f6\u884c\uff1b2013\u5e74\uff0c\u5e7f\u4e1c\u5927\u578b\u56fd\u4f01\u8d8a\u79c0\u96c6\u56e2\uff0c\u5ba3\u5e03\u4ee5116\u4ebf\u5143\u6536\u8d2d\u5ed6\u521b\u5174\u5bb6\u65cf\u7684\u521b\u5174\u94f6\u884c75%\u80a1\u6743\u3002\u65f6\u81f3\u4eca\u65e5\uff0c\u7eaf\u6e2f\u8d44\u94f6\u884c\u53ea\u5269\u4e1c\u4e9a\u94f6\u884c\u3001\u5927\u65b0\u94f6\u884c\uff0c\u4ee5\u53ca\u5e76\u65e0\u4e0a\u5e02\u7684\u5927\u751f\u94f6\u884c\u3002 \u8868\uff1a\u5343\u79a7\u5e74\u540e\u94f6\u884c\u5e76\u8d2d 2000\u5e74 \u4e1c\u4e9a\u6536\u8d2d\u7b2c\u4e00\u592a\u5e73\u94f6\u884c 2003\u5e74 \u6c38\u4ea8\u6536\u8d2d\u6d59\u6c5f\u7b2c\u4e00\u94f6\u884c\uff1b\u5de5\u94f6\u4e9a\u6d32\u6536\u8d2d\u534e\u6bd4\u5bcc\u901a\u94f6\u884c 2004\u5e74 \u53f0\u6e7e\u5bcc\u90a6\u91d1\u63a7\u6536\u8d2d\u6e2f\u57fa\u94f6\u884c\u80a1\u6743 2006\u5e74 \u5927\u4f17\u91d1\u878d\u6536\u8d2d\u4e9a\u6d32\u5546\u4e1a\u94f6\u884c 2008\u5e74 \u62db\u5546\u94f6\u884c\u6536\u8d2d\u6c38\u9686\u94f6\u884c 2013\u5e74 \u8d8a\u79c0\u96c6\u56e2\u6536\u8d2d\u521b\u5174\u94f6\u884c 2014\u5e74 \u534e\u4fa8\u94f6\u884c\u6536\u8d2d\u6c38\u4ea8\u94f6\u884c \u81f3\u4e8e\u662f\u6b21\u6c47\u63a7\u51b3\u5b9a\u5c06\u6052\u751f\u79c1\u6709\u5316\uff0c\u5916\u754c\u8ba4\u4e3a\u65e2\u80fd\u5904\u7406\u6052\u751f\u574f\u5e10\uff0c\u4ea6\u80fd\u6709\u6548\u7cbe\u7b80\u96c6\u56e2\u5728\u9999\u6e2f\u7684\u4e1a\u52a1\u67b6\u6784\uff0c\u7406\u987a\u51b3\u7b56\u6d41\u7a0b\uff0c\u5e76\u63d0\u9ad8\u7075\u6d3b\u6027\u3002\u6c47\u4e30\u8868\u660e\uff0c\u5728\u4ea4\u6613\u5b8c\u6210\u540e\uff0c\u5c06\u6682\u505c\u80a1\u7968\u56de\u8d2d3\u4e2a\u5b63\u5ea6\uff0c\u4ee5\u4fdd\u7559\u8d44\u91d1\u3002\u867d\u7136\u6b64\u4e3e\u5c06\u4ee4\u6c47\u4e30\u80a1\u4e1c\u7684\u603b\u56de\u62a5\uff08\u5305\u62ec\u80a1\u606f\u53ca\u56de\u8d2d\uff09\u53d7\u538b\uff0c\u5e02\u573a\u9884\u671f\u77ed\u671f\u5185\u80a1\u4ef7\u6216\u4e0b\u8dcc\uff0c\u4f46\u79c1\u6709\u5316\u957f\u8fdc\u5c06\u5e26\u6765\u6b63\u9762\u5f71\u54cd\u3002 \u4e00\u5f85\u6052\u751f\u79c1\u6709\u5316\uff0c\u6c47\u4e30\u53ef\u671b\u63d0\u5347\u6548\u7387\uff0c\u5e76\u4e14\u900f\u8fc7\u6574\u5408\u4e1a\u52a1\u3001\u4eba\u529b\u8d44\u6e90\u3001\u5ba2\u6237\u7f51\u7edc\u4ee5\u5b9e\u73b0\u534f\u540c\u6548\u5e94\u3002\u5c3d\u7ba1\u6052\u751f\u7684\u54c1\u724c\u3001\u5206\u884c\u65e5\u540e\u5c06\u83b7\u4fdd\u7559\uff0c\u4e24\u5bb6\u94f6\u884c\u5728\u7ba1\u7406\u53ca\u51b3\u7b56\u4e0a\u65e0\u7591\u66f4\u8d8b\u7d27\u5bc6\u3002\u968f\u7740\u5168\u7403\u94f6\u884c\u4e1a\u8fdb\u4e00\u6b65\u9762\u4e34\u5730\u7f18\u653f\u6cbb\u53ca\u76d1\u7ba1\u538b\u529b\uff0c\u6b64\u4e3e\u5c06\u6807\u5fd7\u9999\u6e2f\u91d1\u878d\u4e1a\u8fc8\u5411\u65b0\u65f6\u4ee3\uff0c\u751a\u81f3\u6709\u671b\u5f00\u521b\u4e9a\u6d32\u94f6\u884c\u4e1a\u6574\u5408\u7684\u6f6e\u6d41\u3002 \u8c22\u56fd\u751f\u6559\u6388 \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u6559\u5b66\u526f\u6559\u6388\u3001\u65b0\u754c\u4e61\u8bae\u5c40\u5f53\u7136\u6267\u884c\u59d4\u5458 \u4f55\u654f\u6dd9 \u9999\u6e2f\u5927\u5b66\u9644\u5c5e\u5b66\u9662\u8bb2\u5e08 \uff08\u672c\u6587\u540c\u65f6\u4e8e\u4e8c\u96f6\u4e8c\u4e94\u5e74\u5341\u6708\u4e8c\u5341\u4e5d\u65e5\u8f7d\u4e8e\u300a\u4fe1\u62a5\u300b\u201c\u9f99\u864e\u5c71\u4e0b\u201d\u4e13\u680f\uff09","og:url":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/the-hidden-secrets-behind-hong-kong-stock-privatizations\/","article:published_time":"2025-10-28T08:46:02+00:00","article:modified_time":"2025-10-28T08:49:40+00:00","twitter:card":"summary_large_image","twitter:title":"\u6e2f\u80a1\u79c1\u6709\u5316\u6697\u85cf\u7684\u7384\u673a - HKU Business School","twitter:description":"\u7ee7\u4e0a\u5e02\u4e0d\u8db33\u5e74\u534a\u7684\u8c2d\u4ed4\u56fd\u9645\uff0c\u5728\u4eca\u5e742\u6708\u7531\u65e5\u672c\u6bcd\u516c\u53f8\u4e1c\u5229\u591a\u63a7\u80a1\u63d0\u51fa\u79c1\u6709\u5316\u4e4b\u540e\uff0c\u6c47\u4e30\u96c6\u56e2\u4ea6\u4e8e\u672c\u67089\u65e5\u516c\u5e03\uff0c\u5efa\u8bae\u79c1\u6709\u5316\u521b\u7acb\u4e8e1933\u5e74\u7684\u6052\u751f\u94f6\u884c\u3002\u6362\u8a00\u4e4b\uff0c\u6052\u751f\u6210\u4e3a\u6c47\u4e30\u5168\u8d44\u5b50\u516c\u53f8\u540e\uff0c\u5176\u8d85\u8fc750\u5e74\u7684\u4e0a\u5e02\u5730\u4f4d\u5c06\u88ab\u64a4\u9500\u3002 \u9000\u5e02\u80cc\u540e\u7684\u51b3\u7b56 \u9999\u6e2f\u4ea4\u6613\u53ca\u7ed3\u7b97\u6240\u6709\u9650\u516c\u53f8\uff08\u6e2f\u4ea4\u6240\uff09\u8d44\u6599\u663e\u793a\uff0c\u8fd15\u5e74\u6765\u6bcf\u5e74\u5e73\u5747\u670921\u5bb6\u4e0a\u5e02\u516c\u53f8\u56e0\u79c1\u6709\u5316\u9000\u5e02\u3002\u4ee5\u91d1\u989d\u8ba1\u7b97\uff0c\u53bb\u5e74\u79c1\u6709\u5316\u768416\u5bb6\u6e2f\u80a1\u516c\u53f8\u5e02\u503c\u8fbe1,226\u4ebf\u5143\uff0c\u9ad8\u4e8e\u9996\u6b21\u516c\u5f00\u62db\u80a1\uff08IPO\uff09\u7684\u96c6\u8d44\u91d1\u989d\u3002 \u5728\u80a1\u7968\u5e02\u573a\u7684\u79c1\u6709\u5316\uff0c\u901a\u5e38\u6307\u4e00\u5bb6\u4e0a\u5e02\u516c\u53f8\u7684\u63a7\u80a1\u80a1\u4e1c\u6216\u7b2c\u4e09\u65b9\uff08\u5176\u4ed6\u6295\u8d44\u8005\u6216\u91d1\u878d\u673a\u6784\uff09\u4ee5\u73b0\u91d1\u6216\u8bc1\u5238\u7684\u65b9\u5f0f\uff0c\u5411\u6240\u6709\u80a1\u4e1c\u8d2d\u4e70\u5168\u6570\u80a1\u4efd\u3002\u79c1\u6709\u5316\u7684\u539f\u56e0\u6db5\u76d6\u4ee5\u4e0b5\u65b9\u9762\u3002 \u4e00\u3001\u5546\u4e1a\u4fdd\u5bc6\u53ca\u6210\u672c\u8003\u91cf \u4f01\u4e1a\u8981\u7ef4\u6301\u4e0a\u5e02\u5730\u4f4d\uff0c\u6bcf\u5e74\u7684\u56fa\u5b9a\u652f\u51fa\u4e0d\u5728\u5c11\u6570\uff0c\u5305\u62ec\u76d1\u7ba1\u62a5\u544a\u8d39\u7528\u3001\u8d44\u8baf\u62ab\u9732\u6210\u672c\u53ca\u4ea4\u6613\u6240\u5e74\u8d39\uff0c\u79c1\u6709\u5316\u540e\u5219\u53ef\u4e00\u6982\u514d\u9664\u3002\u79c1\u4eba\u516c\u53f8\u56e0\u65e0\u9700\u516c\u5f00\u654f\u611f\u8d22\u52a1\u6216\u4e1a\u52a1\u7ec6\u8282\uff0c\u800c\u53ef\u5728\u7ade\u4e89\u6fc0\u70c8\u7684\u5e02\u573a\u4fdd\u6301\u4f18\u52bf\u3002\u518d\u8005\uff0c\u6760\u6746\u6536\u8d2d\u4f5c\u4e3a\u79c1\u6709\u5316\u7684\u4e00\u79cd\u91cd\u8981\u65b9\u5f0f\uff0c\u6240\u6d89\u53ca\u7684\u8d1f\u503a\u5229\u606f\u652f\u51fa\u53ef\u7528\u6765\u6263\u51cf\u5e94\u7eb3\u7a0e\u989d\u3002\u7a0e\u52a1\u6536\u76ca\u901a\u5e38\u88ab\u89c6\u4e3a\u8865\u8d34\u4e4b\u7c7b\uff0c\u5b9e\u9645\u4e0a\u5219\u662f\u7531\u653f\u5e9c\u548c\u516c\u4f17\u57cb\u5355\u3002 \u4e8c\u3001\u63a7\u5236\u4ee3\u7406\u6210\u672c \u79c1\u6709\u5316\u900f\u8fc7\u6760\u6746\u6536\u8d2d\u5927\u5e45\u4e3e\u503a\uff0c\u4fc3\u4f7f\u4f01\u4e1a\u4f7f\u7528\u81ea\u7531\u73b0\u91d1\u6d41\u52a0\u4ee5\u507f\u8fd8\uff0c\u7531\u6b64\u53ef\u51cf\u4f4e\u7ba1\u7406\u5c42\u7684\u6f5c\u5728\u4e0d\u5f53\u6295\u8d44\u6216\u6d6a\u8d39\u884c\u4e3a\u3002\u81ea\u7531\u73b0\u91d1\u6d41\u91cf\u7f29\u51cf\u4e0e\u63a8\u9ad8\u503a\u52a1\u7684\u8d22\u52a1\u6760\u6746\u6c34\u5e73\uff0c\u6709\u5229\u4e8e\u964d\u4f4e\u4ee3\u7406\u6210\u672c\u3002 \u540c\u65f6\uff0c\u516c\u53f8\u8f6c\u4e3a\u79c1\u4eba\u6301\u6709\u540e\uff0c\u80a1\u6743\u96c6\u4e2d\u4e8e\u5c11\u6570\u5927\u80a1\u4e1c\u6216\u7ba1\u7406\u5c42\uff0c\u56e0\u800c\u6709\u52a8\u673a\u4f5c\u51fa\u6709\u6548\u76d1\u7763\uff0c\u907f\u514d\u4e86\u80a1\u6743\u5206\u6563\u65f6\u7684\u5f0a\u75c5\uff0c\u4f8b\u5982\u76d1\u7763\u6210\u672c\u9ad8\u3002 \u4e09\u3001\u89e3\u51b3\u201c\u642d\u4fbf\u8f66\u201d\u95ee\u9898 \u5728\u80a1\u6743\u5206\u6563\u7684\u516c\u53f8\uff0c\u5bf9\u7ba1\u7406\u5c42\u7684\u76d1\u7763\u662f\u4e00\u79cd\u201c\u516c\u5171\u8d22\u201d\uff08public good\uff09\u3002\u79ef\u6781\u76d1\u7763\u7684\u80a1\u4e1c\u4ed8\u51fa\u9ad8\u6210\u672c\uff0c\u53cd\u800c\u65e0\u6cd5\u72ec\u4eab\u6536\u76ca\uff0c\u5176\u4ed6\u80a1\u4e1c\u5374\u56e0\u53ef\u6210\u4e3a\u7ecf\u6d4e\u5b66\u4e0a\u6240\u8c13\u201c\u642d\u4fbf\u8f66\u8005\u201d\uff08free rider\uff09\uff0c\u800c\u964d\u4f4e\u76d1\u7763\u610f\u613f\u3002\u4f01\u4e1a\u9664\u724c\u540e\uff0c\u5219\u53ef\u80fd\u7531\u5355\u4e00\u673a\u6784\u6216\u5c11\u6570\u80a1\u4e1c\u638c\u63e1\u5927\u6743\uff0c\u4e5f\u5c31\u8f83\u4e3a\u5bb9\u6613\u514b\u670d\u642d\u4fbf\u8f66\u7684\u95ee\u9898\u3002 \u4e8b\u5b9e\u4e0a\uff0c\u4ee5\u516c\u53f8\u51b3\u7b56\u8fc7\u7a0b\u800c\u8a00\uff0c\u65e0\u7591\u66f4\u6709\u6548\u7387\u3002\u91cd\u8981\u7684\u8ba1\u5212\u6bcb\u9700\u8fc7\u4e8e\u8be6\u5c3d\u7684\u7814\u7a76\u6216\u5411\u8463\u4e8b\u4f1a\u62a5\u544a\uff0c\u7ba1\u7406\u5c42\u7684\u51b3\u7b56\u53d8\u5f97\u5feb\u901f\u6709\u6548\uff0c\u5e76\u5f97\u4ee5\u4e13\u6ce8\u4e8e\u516c\u53f8\u7684\u957f\u8fdc\u53d1\u5c55\u3001\u975e\u6838\u5fc3\u4e1a\u52a1\u7684\u91cd\u7ec4\uff0c\u4ee5\u81f3\u8f83\u9ad8\u98ce\u9669\u7684\u8f6c\u578b\u6295\u8d44\u3002 \u56db\u3001\u8d22\u5bcc\u8f6c\u79fb\u6548\u5e94 \u79c1\u6709\u5316\u80a1\u6743\u4ef7\u503c\u7684\u589e\u52a0\uff0c\u53ef\u80fd\u57fa\u4e8e\u8d22\u5bcc\u4ece\u5176\u4ed6\u4eba\uff08\u5982\u503a\u6743\u4eba\u3001\u7279\u522b\u80a1\u80a1\u4e1c\u3001\u96c7\u5458\u4ee5\u53ca\u653f\u5e9c\uff09\u8f6c\u79fb\u7ed9\u80a1\u4e1c\u3002\u516c\u53f8\u7ecf\u79c1\u6709\u5316\u540e\uff0c\u6216\u4f1a\u4e3a\u8ffd\u6c42\u66f4\u5927\u5229\u6da6\u800c\u8fdb\u884c\u8f83\u9ad8\u98ce\u9669\u7684\u6295\u8d44\u9879\u76ee\uff0c\u4ece\u800c\u589e\u52a0\u503a\u6743\u4eba\u548c\u4f18\u5148\u80a1\u80a1\u4e1c\u7684\u98ce\u9669\uff0c\u4f46\u6536\u76ca\u5374\u4e3b\u8981\u5f52\u4e8e\u80a1\u4e1c\u3002\u516c\u53f8\u4ea6\u53ef\u80fd\u5728\u79c1\u6709\u5316\u524d\u63d0\u9ad8\u80a1\u606f\u53d1\u653e\uff0c\u5c06\u90e8\u5206\u516c\u53f8\u7684\u73b0\u91d1\u5206\u914d\u7ed9\u80a1\u4e1c\uff0c\u4ee4\u516c\u53f8\u7559\u5b58\u7684\u8d44\u672c\u51cf\u5c11\uff0c\u7ed3\u679c\u635f\u5bb3\u503a\u6743\u4eba\u548c\u4f18\u5148\u80a1\u80a1\u4e1c\u7684\u5229\u76ca\u3002 \u4e94\u3001\u8d44\u8baf\u4e0d\u5bf9\u79f0\u4e0e\u80a1\u4ef7\u4f4e\u4f01 \u79c1\u6709\u5316\u8fc7\u7a0b\u4e2d\uff0c\u7ba1\u7406\u5c42\u56e0\u8f83\u4e00\u822c\u6295\u8d44\u8005\u638c\u63e1\u66f4\u591a\u5173\u4e8e\u516c\u53f8\u4ef7\u503c\u7684\u8d44\u8baf\uff0c\u800c\u80fd\u4ee5\u4f4e\u4e8e\u516c\u53f8\u5b9e\u9645\u4ef7\u503c\u7684\u4ef7\u683c\u6536\u8d2d\u516c\u53f8\uff1b\u5185\u90e8\u4eba\u58eb\u53c8\u6216\u5229\u7528\u4f1a\u8ba1\u548c\u8d22\u52a1\u6280\u5de7\u538b\u4f4e\u80a1\u4ef7\uff0c\u800c\u4ee5\u4f4e\u4e8e\u5b9e\u9645\u4ef7\u503c\u7684\u4ef7\u683c\u5b8c\u6210\u6536\u8d2d\u3002\u5927\u4f17\u6295\u8d44\u8005\u5f80\u5f80\u8457\u773c\u4e8e\u77ed\u671f\u6536\u76ca\uff0c\u800c\u4f4e\u4f30\u5177\u957f\u671f\u6295\u8d44\u4ef7\u503c\u7684\u516c\u53f8\u3002\u5e02\u51b5\u6108\u5dee\uff0c\u80a1\u4ef7\u4e0e\u8d44\u4ea7\u4ef7\u6298\u8ba9\u5c31\u4f1a\u6108\u5927\uff0c\u800c\u6298\u8ba9\u6108\u5927\uff0c\u79c1\u6709\u5316\u673a\u4f1a\u4ea6\u6108\u5927\u3002\u7ec6\u4ef7\u80a1\u4ee5\u53ca\u89c4\u6a21\u8f83\u5c0f\u7684\u5730\u4ea7\u80a1\uff0c\u5747\u8f83\u6709\u673a\u4f1a\u63d0\u51fa\u79c1\u6709\u5316\u3002 \u5f53\u80a1\u4ef7\u4e0d\u53ca\u8d44\u4ea7\u51c0\u503c\uff0c\u79c1\u6709\u5316\u53ef\u8ba9\u63a7\u80a1\u80a1\u4e1c\u4ee5\u76f8\u5bf9\u4f4e\u7684\u6210\u672c\u56de\u8d2d\u8d44\u4ea7\u3002\u4ee5\u963f\u91cc\u5df4\u5df4\u4e3a\u4f8b\uff0c\u96c6\u56e2\u57282007\u5e74\u5c06\u65d7\u4e0bB2B\u4e1a\u52a1\uff08\u963f\u91cc\u5df4\u5df4\u7f51\u7edc\u6709\u9650\u516c\u53f8\uff09\u5728\u9999\u6e2f\u4e0a\u5e02\uff0c\u53d1\u884c\u4ef7\u4e3a13. 5\u5143\u3002\u540e\u56e0\u4e1a\u52a1\u589e\u957f\u4e4f\u529b\uff0c\u52a0\u4e0a\u80a1\u4ef7\u6301\u7eed\u4f4e\u8ff7\uff0c\u96c6\u56e2\u4e8e2012\u5e74\u540c\u6837\u4ee513. 5\u5143\u79c1\u6709\u5316\u4e0a\u5e02\u90e8\u5206\u3002\u963f\u91cc\u5df4\u5df4\u57282014\u5e74\u5728\u7f8e\u56fd\u7ebd\u7ea6\u4ea4\u6613\u6240\u6302\u724c\uff0c\u81f32019\u5e74\u6e2f\u4ea4\u6240\u5141\u8bb8\u201c\u540c\u80a1\u4e0d\u540c\u6743\u201d\u516c\u53f8\u4e0a\u5e02\uff0c\u963f\u91cc\u5df4\u5df4\u540c\u5e74\u91cd\u8fd4\u9999\u6e2f\u4e0a\u5e02\u3002 \u79c1\u6709\u5316\u4ea4\u6613\u6210\u8d25\u4e92\u89c1 2024\u5e74\uff0c\u672c\u6e2f\u79c1\u6709\u5316\u7684\u4e0a\u5e02\u4f01\u4e1a\u4e3a\u6570\u517116\u5bb6\u3002\u8fd1\u671f\u5728\u6e2f\u4ea4\u6240\u64a4\u9500\u4e0a\u5e02\u5730\u4f4d\u7684\u516c\u53f8\uff0c\u5305\u62ec\u57282019\u5e74\u6302\u724c\u7684ESR\u96c6\u56e2\u3002\u53bb\u5e74\u5e74\u5e95\uff0c\u96c6\u56e2\u521b\u529e\u4eba\u4e0e\u56fd\u9645\u91d1\u878d\u673a\u6784\u8054\u624b\u7ec4\u6210\u8d22\u56e2\uff0c\u4ee5\u6bcf\u80a113\u5143\u6536\u8d2dESR\u6240\u6709\u6d41\u901a\u80a1\uff1b\u79c1\u6709\u5316\u4ea4\u6613\u603b\u503c\u4e3a552\u4ebf\u5143\u3002 \u63d0\u51fa\u79c1\u6709\u5316\u4e00\u65b9\u8868\u793a\uff0cESR\u9510\u610f\u8f6c\u578b\u4e3a\u8f7b\u8d44\u4ea7\u5e73\u53f0\uff0c\u805a\u7126\u65b0\u7ecf\u6d4e\u9886\u57df\u3002\u7531\u4e8e\u6709\u5173\u7b56\u7565\u6216\u4f1a\u9020\u6210\u77ed\u671f\u83b7\u5229\u6ce2\u52a8\uff0c\u51b3\u8bae\u5e94\u907f\u514d\u516c\u5f00\u5e02\u573a\u7684\u77ed\u671f\u538b\u529b\u53ca\u4e0a\u5e02\u89c4\u5219\u7684\u9650\u5236\uff0c\u4ee5\u4fbf\u4e1a\u52a1\u8fbe\u81f4\u8f6c\u578b\u76ee\u6807\u3002 \u4e0e\u6b64\u540c\u65f6\uff0c\u4f01\u4e1a\u79c1\u6709\u5316\u4ea6\u4e0d\u4e4f\u5931\u8d25\u6848\u4f8b\uff0c\u539f\u56e0\u4e4b\u4e00\u662f\u8bb8\u591a\u79c1\u6709\u5316\u65b9\u6848\u7684\u4ef7\u683c\u8fdc\u9ad8\u4e8e\u516c\u53f8\u8d44\u4ea7\u51c0\u503c\u6298\u8ba9\uff0c\u96be\u83b7\u72ec\u7acb\u80a1\u4e1c\u63a5\u7eb3\u3002\u6b64\u5916\uff0c\u6709\u65b9\u6848\u987b\u7ecf\u51fa\u5e2d\u8868\u51b3\u7684\u72ec\u7acb\u80a1\u4e1c\u5927\u591a\u6570\u901a\u8fc7\uff0c\u800c\u8868\u51b3\u6295\u7968\u5f80\u5f80\u4ee4\u79c1\u6709\u5316\u5efa\u8bae\u529f\u8d25\u5782\u6210\u3002 \u672c\u5e744\u6708\uff0c\u8fea\u751f\u521b\u5efa\u5927\u80a1\u4e1c\u6f58\u5ef8\u751f\u63d0\u51fa\u4ee5\u6bcf\u80a17.2\u5143\u79c1\u6709\u5316\uff0c\u8f83\u5f53\u65f6\u5e02\u4ef7\u6709\u903e\u4e94\u6210\u6ea2\u4ef7\uff0c\u4f46\u4ecd\u4f4e\u4e8e\u516c\u53f8\u53bb\u5e74\u6bcf\u80a1\u8d44\u4ea7\u51c0\u503c9.05\u5143\u3002\u518d\u8005\uff0c\u516c\u53f8\u6301\u6709\u5927\u91cf\u73b0\u91d1\uff0c\u4ee4\u90e8\u5206\u80a1\u4e1c\u6295\u4e0b\u53cd\u5bf9\u7968\u3002\u6700\u7ec8\u57287\u6708\u4e3e\u884c\u7684\u6cd5\u9662\u4f1a\u8bae\u4e0a\uff0c\u56e0\u53cd\u5bf9\u7968\u8fbe10. 16%\uff0c\u800c\u672a\u80fd\u6ee1\u8db3\u79c1\u6709\u5316\u6761\u4ef6\u3002 \u9000\u5e02\u6311\u6218\u4e0e\u751f\u673a\u5e76\u5b58 \u4e0a\u5e02\u516c\u53f8\u79c1\u6709\u5316\u96be\u514d\u9762\u4e34\u6311\u6218\u3002\u9996\u5148\uff0c\u4ea4\u6613\u5b8c\u6210\u540e\u53ef\u80fd\u9650\u5236\u516c\u53f8\u7684\u878d\u8d44\u6e20\u9053\uff0c\u56e0\u4e3a\u79c1\u4eba\u4f01\u4e1a\u65e0\u6cd5\u901a\u8fc7\u53d1\u884c\u6216\u589e\u53d1\u80a1\u4efd\u4ee5\u8fdb\u884c\u5927\u89c4\u6a21\u878d\u8d44\uff0c\u8d44\u91d1\u6765\u6e90\u4ec5\u80fd\u4f9d\u8d56\u94f6\u884c\u8d37\u6b3e\u6216\u79c1\u52df\uff0c\u7075\u6d3b\u6027\u5927\u4e3a\u964d\u4f4e\u3002\u5176\u6b21\uff0c\u6216\u4f1a\u635f\u5bb3\u5c0f\u80a1\u4e1c\u5229\u76ca\u3002\u82e5\u6536\u8d2d\u4ef7\u94b1\u4e0d\u5408\u7406\uff0c\u53c8\u6216\u5927\u80a1\u4e1c\u5229\u7528\u4f18\u52bf\u5730\u4f4d\u538b\u4f4e\u6536\u8d2d\u4ef7\uff0c\u5c06\u4e0d\u5229\u4e8e\u6563\u6237\u4e0e\u5c0f\u80a1\u4e1c\u7684\u5408\u7406\u6743\u76ca\u3002 \u56de\u987e\u672c\u4e16\u7eaa\u4ee5\u6765\uff0c\u591a\u5bb6\u6e2f\u8d44\u94f6\u884c\u5148\u540e\u6613\u624b\u3010\u8868\u3011\uff0c\u4f8b\u5982\u62db\u5546\u94f6\u884c\u57282008\u5e74\u4ee5193\u4ebf\u5143\u6536\u8d2d\u6c38\u9686\u94f6\u884c\uff1b2013\u5e74\uff0c\u5e7f\u4e1c\u5927\u578b\u56fd\u4f01\u8d8a\u79c0\u96c6\u56e2\uff0c\u5ba3\u5e03\u4ee5116\u4ebf\u5143\u6536\u8d2d\u5ed6\u521b\u5174\u5bb6\u65cf\u7684\u521b\u5174\u94f6\u884c75%\u80a1\u6743\u3002\u65f6\u81f3\u4eca\u65e5\uff0c\u7eaf\u6e2f\u8d44\u94f6\u884c\u53ea\u5269\u4e1c\u4e9a\u94f6\u884c\u3001\u5927\u65b0\u94f6\u884c\uff0c\u4ee5\u53ca\u5e76\u65e0\u4e0a\u5e02\u7684\u5927\u751f\u94f6\u884c\u3002 \u8868\uff1a\u5343\u79a7\u5e74\u540e\u94f6\u884c\u5e76\u8d2d 2000\u5e74 \u4e1c\u4e9a\u6536\u8d2d\u7b2c\u4e00\u592a\u5e73\u94f6\u884c 2003\u5e74 \u6c38\u4ea8\u6536\u8d2d\u6d59\u6c5f\u7b2c\u4e00\u94f6\u884c\uff1b\u5de5\u94f6\u4e9a\u6d32\u6536\u8d2d\u534e\u6bd4\u5bcc\u901a\u94f6\u884c 2004\u5e74 \u53f0\u6e7e\u5bcc\u90a6\u91d1\u63a7\u6536\u8d2d\u6e2f\u57fa\u94f6\u884c\u80a1\u6743 2006\u5e74 \u5927\u4f17\u91d1\u878d\u6536\u8d2d\u4e9a\u6d32\u5546\u4e1a\u94f6\u884c 2008\u5e74 \u62db\u5546\u94f6\u884c\u6536\u8d2d\u6c38\u9686\u94f6\u884c 2013\u5e74 \u8d8a\u79c0\u96c6\u56e2\u6536\u8d2d\u521b\u5174\u94f6\u884c 2014\u5e74 \u534e\u4fa8\u94f6\u884c\u6536\u8d2d\u6c38\u4ea8\u94f6\u884c \u81f3\u4e8e\u662f\u6b21\u6c47\u63a7\u51b3\u5b9a\u5c06\u6052\u751f\u79c1\u6709\u5316\uff0c\u5916\u754c\u8ba4\u4e3a\u65e2\u80fd\u5904\u7406\u6052\u751f\u574f\u5e10\uff0c\u4ea6\u80fd\u6709\u6548\u7cbe\u7b80\u96c6\u56e2\u5728\u9999\u6e2f\u7684\u4e1a\u52a1\u67b6\u6784\uff0c\u7406\u987a\u51b3\u7b56\u6d41\u7a0b\uff0c\u5e76\u63d0\u9ad8\u7075\u6d3b\u6027\u3002\u6c47\u4e30\u8868\u660e\uff0c\u5728\u4ea4\u6613\u5b8c\u6210\u540e\uff0c\u5c06\u6682\u505c\u80a1\u7968\u56de\u8d2d3\u4e2a\u5b63\u5ea6\uff0c\u4ee5\u4fdd\u7559\u8d44\u91d1\u3002\u867d\u7136\u6b64\u4e3e\u5c06\u4ee4\u6c47\u4e30\u80a1\u4e1c\u7684\u603b\u56de\u62a5\uff08\u5305\u62ec\u80a1\u606f\u53ca\u56de\u8d2d\uff09\u53d7\u538b\uff0c\u5e02\u573a\u9884\u671f\u77ed\u671f\u5185\u80a1\u4ef7\u6216\u4e0b\u8dcc\uff0c\u4f46\u79c1\u6709\u5316\u957f\u8fdc\u5c06\u5e26\u6765\u6b63\u9762\u5f71\u54cd\u3002 \u4e00\u5f85\u6052\u751f\u79c1\u6709\u5316\uff0c\u6c47\u4e30\u53ef\u671b\u63d0\u5347\u6548\u7387\uff0c\u5e76\u4e14\u900f\u8fc7\u6574\u5408\u4e1a\u52a1\u3001\u4eba\u529b\u8d44\u6e90\u3001\u5ba2\u6237\u7f51\u7edc\u4ee5\u5b9e\u73b0\u534f\u540c\u6548\u5e94\u3002\u5c3d\u7ba1\u6052\u751f\u7684\u54c1\u724c\u3001\u5206\u884c\u65e5\u540e\u5c06\u83b7\u4fdd\u7559\uff0c\u4e24\u5bb6\u94f6\u884c\u5728\u7ba1\u7406\u53ca\u51b3\u7b56\u4e0a\u65e0\u7591\u66f4\u8d8b\u7d27\u5bc6\u3002\u968f\u7740\u5168\u7403\u94f6\u884c\u4e1a\u8fdb\u4e00\u6b65\u9762\u4e34\u5730\u7f18\u653f\u6cbb\u53ca\u76d1\u7ba1\u538b\u529b\uff0c\u6b64\u4e3e\u5c06\u6807\u5fd7\u9999\u6e2f\u91d1\u878d\u4e1a\u8fc8\u5411\u65b0\u65f6\u4ee3\uff0c\u751a\u81f3\u6709\u671b\u5f00\u521b\u4e9a\u6d32\u94f6\u884c\u4e1a\u6574\u5408\u7684\u6f6e\u6d41\u3002 \u8c22\u56fd\u751f\u6559\u6388 \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u6559\u5b66\u526f\u6559\u6388\u3001\u65b0\u754c\u4e61\u8bae\u5c40\u5f53\u7136\u6267\u884c\u59d4\u5458 \u4f55\u654f\u6dd9 \u9999\u6e2f\u5927\u5b66\u9644\u5c5e\u5b66\u9662\u8bb2\u5e08 \uff08\u672c\u6587\u540c\u65f6\u4e8e\u4e8c\u96f6\u4e8c\u4e94\u5e74\u5341\u6708\u4e8c\u5341\u4e5d\u65e5\u8f7d\u4e8e\u300a\u4fe1\u62a5\u300b\u201c\u9f99\u864e\u5c71\u4e0b\u201d\u4e13\u680f\uff09"},"aioseo_meta_data":{"post_id":"245967","title":null,"description":null,"keywords":null,"keyphrases":null,"primary_term":null,"canonical_url":null,"og_title":null,"og_description":null,"og_object_type":"default","og_image_type":"default","og_image_url":null,"og_image_width":null,"og_image_height":null,"og_image_custom_url":null,"og_image_custom_fields":null,"og_video":null,"og_custom_url":null,"og_article_section":null,"og_article_tags":null,"twitter_use_og":false,"twitter_card":"default","twitter_image_type":"default","twitter_image_url":null,"twitter_image_custom_url":null,"twitter_image_custom_fields":null,"twitter_title":null,"twitter_description":null,"schema":{"blockGraphs":[],"customGraphs":[],"default":{"data":{"Article":[],"Course":[],"Dataset":[],"FAQPage":[],"Movie":[],"Person":[],"Product":[],"ProductReview":[],"Car":[],"Recipe":[],"Service":[],"SoftwareApplication":[],"WebPage":[]},"graphName":"WebPage","isEnabled":true},"graphs":[]},"schema_type":"default","schema_type_options":null,"pillar_content":false,"robots_default":true,"robots_noindex":false,"robots_noarchive":false,"robots_nosnippet":false,"robots_nofollow":false,"robots_noimageindex":false,"robots_noodp":false,"robots_notranslate":false,"robots_max_snippet":null,"robots_max_videopreview":null,"robots_max_imagepreview":"large","priority":null,"frequency":null,"local_seo":null,"breadcrumb_settings":null,"limit_modified_date":0,"ai":null,"created":"2025-10-28 08:49:09","updated":"2025-10-28 08:49:09","seo_analyzer_scan_date":null},"aioseo_breadcrumb":"<div class=\"aioseo-breadcrumbs\"><span class=\"aioseo-breadcrumb\">\n\t\t\t<a href=\"https:\/\/www.hkubs.hku.hk\/sc\/\" title=\"Home\">Home<\/a>\n\t\t<\/span><span class=\"aioseo-breadcrumb-separator\">&raquo;<\/span><span class=\"aioseo-breadcrumb\">\n\t\t\t<a href=\"https:\/\/www.hkubs.hku.hk\/sc\/thought-leadership\/hkej-column-sc\/\" title=\"\u9f99\u864e\u5c71\u4e0b\">\u9f99\u864e\u5c71\u4e0b<\/a>\n\t\t<\/span><span class=\"aioseo-breadcrumb-separator\">&raquo;<\/span><span class=\"aioseo-breadcrumb\">\n\t\t\t\u6e2f\u80a1\u79c1\u6709\u5316\u6697\u85cf\u7684\u7384\u673a\n\t\t<\/span><\/div>","aioseo_breadcrumb_json":[{"label":"Home","link":"https:\/\/www.hkubs.hku.hk\/sc\/"},{"label":"\u9f99\u864e\u5c71\u4e0b","link":"https:\/\/www.hkubs.hku.hk\/sc\/thought-leadership\/hkej-column-sc\/"},{"label":"\u6e2f\u80a1\u79c1\u6709\u5316\u6697\u85cf\u7684\u7384\u673a","link":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/the-hidden-secrets-behind-hong-kong-stock-privatizations\/"}],"_links":{"self":[{"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/thought-leadership\/245967","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":2,"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/thought-leadership\/245967\/revisions"}],"predecessor-version":[{"id":245969,"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/thought-leadership\/245967\/revisions\/245969"}],"wp:attachment":[{"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/media?parent=245967"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/tags?post=245967"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}