{"id":214990,"date":"2024-06-28T09:53:37","date_gmt":"2024-06-28T01:53:37","guid":{"rendered":"https:\/\/www.hkubs.hku.hk\/?p=214990&post_type=thought-leadership&preview_id=214990"},"modified":"2024-06-28T09:55:15","modified_gmt":"2024-06-28T01:55:15","slug":"a%e8%82%a1%e5%b8%82%e5%a0%b4%e8%b6%95%e4%b8%8a%e7%8f%be%e9%87%91%e5%88%86%e7%b4%85%e6%bd%ae%e6%b5%81","status":"publish","type":"thought-leadership","link":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/opinions-and-speeches\/a%e8%82%a1%e5%b8%82%e5%a0%b4%e8%b6%95%e4%b8%8a%e7%8f%be%e9%87%91%e5%88%86%e7%b4%85%e6%bd%ae%e6%b5%81\/","title":{"rendered":"A\u80a1\u5e02\u5834\u8d95\u4e0a\u73fe\u91d1\u5206\u7d05\u6f6e\u6d41"},"content":{"rendered":"

\u8fd1\u671f\u5167\u5730A\u80a1\u4e0a\u5e02\u516c\u53f8\u76f8\u7e7c\u516c\u5e03\u53bb\u5e74\u696d\u7e3e\u548c\u5229\u6f64\u5206\u914d\u65b9\u6848\uff0c\u64da\u4e2d\u570b\u4e0a\u5e02\u516c\u53f8\u5354\u6703\u7d71\u8a08\uff0c\u622a\u81f32024\u5e745\u67082\u65e5\uff0c2023\u5e74\u5171\u67093859\u5bb6\u4e0a\u5e02\u516c\u53f8\u64ec\u9032\u884c\u73fe\u91d1\u5206\u7d05\uff0c\u7e3d\u984d\u90542.24\u842c\u5104\u5143\u4eba\u6c11\u5e63\uff0c\u8f03\u4e0a\u5e74\u589e\u52a05.16%\u3002\u9019\u4e00\u6210\u7e3e\u7684\u53d6\u5f97\u548c\u4e2d\u570b\u8b49\u5238\u76e3\u7763\u7ba1\u7406\u59d4\u54e1\u6703\uff08\u4e2d\u570b\u8b49\u76e3\u6703\uff09\u9577\u671f\u4ee5\u4f86\u901a\u904e\u653f\u7b56\u5f15\u9818\u7684\u52aa\u529b\u5bc6\u4e0d\u53ef\u5206\u3002\u672c\u6587\u5c0dA\u80a1\u4e0a\u5e02\u516c\u53f8\u7684\u73fe\u91d1\u5206\u7d05\u60c5\u6cc1\u52a0\u4ee5\u5256\u6790\u3002<\/p>\n

\u6d3e\u767c\u80a1\u606f\u8a98\u56e0<\/h5>\n

\u6295\u8cc7\u8005\u9078\u64c7\u80a1\u7968\u4f5c\u70ba\u7372\u5229\u5de5\u5177\uff0c\u4e3b\u8981\u901a\u904e\u80a1\u50f9\u4e0a\u6f32\u548c\u53d6\u5f97\u73fe\u91d1\u5206\u7d05\u4f86\u5be6\u73fe\u6536\u76ca\u3002\u5728\u6210\u719f\u7684\u80a1\u7968\u5e02\u5834\uff0c\u4e0d\u5c11\u4e0a\u5e02\u516c\u53f8\u9032\u884c\u4e2d\u671f\u5206\u7d05\u751a\u81f3\u5b63\u5ea6\u5206\u7d05\uff0c\u70ba\u6295\u8cc7\u8005\u5e36\u4f86\u7d93\u5e38\u6027\u6536\u76ca\u4e26\u589e\u5f37\u5176\u4fe1\u5fc3\u3002\u53e6\u4e00\u65b9\u9762\uff0c\u516c\u53f8\u901a\u904e\u73fe\u91d1\u5206\u7d05\uff0c\u5c07\u8d85\u904e\u6295\u8cc7\u9700\u6c42\u7684\u73fe\u91d1\u56de\u994b\u7d66\u80a1\u6771\uff0c\u53ef\u514d\u516c\u53f8\u7ba1\u7406\u5c64\u6295\u8cc7\u65bc\u4f4e\u6548\u7684\u898f\u6a21\u64f4\u5f35\uff08empire building\uff09\u800c\u6d6a\u8cbb\u81ea\u7531\u73fe\u91d1\u6d41\uff0c\u5f9e\u800c\u6e1b\u8f15\u7ba1\u7406\u5c64\u7684\u4ee3\u7406\u554f\u984c\u3010\u8a3b1\u3011<\/a>\u3002<\/span><\/p>\n

\u6295\u8cc7\u8005\u901a\u5e38\u671f\u671b\u6240\u6295\u8cc7\u4f01\u696d\u80fd\u5920\u7a69\u5b9a\u4e26\u9010\u6b65\u589e\u52a0\u73fe\u91d1\u5206\u7d05\u3002\u56e0\u6b64\uff0c\u4e00\u65e6\u4f01\u696d\u958b\u59cb\u5be6\u65bd\u73fe\u91d1\u5206\u7d05\u653f\u7b56\uff0c\u61c9\u88ab\u8996\u70ba\u4e00\u9805\u9577\u671f\u627f\u8afe\u3002\u82e5\u4f01\u696d\u96a8\u610f\u524a\u6e1b\u6216\u4e2d\u65b7\u73fe\u91d1\u5206\u7d05\uff0c\u6216\u6703\u5f15\u767c\u6295\u8cc7\u8005\u56e0\u64d4\u6182\u4f01\u696d\u767c\u5c55\u524d\u666f\u800c\u5927\u91cf\u62cb\u552e\u80a1\u7968\uff0c\u9020\u6210\u80a1\u50f9\u5927\u5e45\u4e0b\u8dcc\u3002<\/p>\n

\u7531\u65bc\u6295\u8cc7\u8005\u5c0d\u73fe\u91d1\u5206\u7d05\u7684\u525b\u6027\u671f\u5f85\uff0c\u4f01\u696d\u7ba1\u7406\u5c64\u5728\u5236\u5b9a\u73fe\u91d1\u5206\u7d05\u7b56\u7565\u6642\uff0c\u5f80\u5f80\u50be\u5411\u8b39\u614e\u3002\u9019\u4e5f\u89e3\u91cb\u4e86\u70ba\u4ec0\u9ebc\u5728\u77ed\u6642\u9593\u5167\uff08\u5982\u9023\u7e8c\u5169\u5e74\uff09\uff0c\u4f01\u696d\u7684\u5229\u6f64\u5206\u7d05\u6bd4\u4f8b\u548c\u6bcf\u80a1\u5206\u7d05\u6c34\u6e96\u90fd\u76f8\u5c0d\u7a69\u5b9a\uff0c\u8b8a\u5316\u4e0d\u5927\uff1b\u9019\u7a2e\u7a69\u5b9a\u6027\u7a31\u70ba\u300c\u73fe\u91d1\u5206\u7d05\u9ecf\u6027\u300d\uff08dividend stickiness\uff09\u3002\u53cd\u4e4b\uff0c\u82e5\u4f01\u696d\u7ba1\u7406\u5c64\u7a81\u7136\u5927\u5e45\u63d0\u9ad8\u6216\u964d\u4f4e\u5206\u7d05\u6c34\u6e96\uff0c\u96e3\u514d\u6703\u5411\u5e02\u5834\u50b3\u905e\u51fa\u5176\u5c0d\u516c\u53f8\u672a\u4f86\u767c\u5c55\u5145\u6eff\u4fe1\u5fc3\u6216\u6df1\u611f\u6182\u616e\u7684\u8a0a\u865f\u3002<\/p>\n

\u7b46\u8005\u7684\u7814\u7a76\u8868\u660e\uff1aA\u80a1\u5e02\u5834\u9577\u671f\u5206\u7d05\u7684\u4f01\u696d\uff0c\u80a1\u50f9\u8868\u73fe\u4e5f\u5341\u5206\u51fa\u8272\u30022008\u81f32023\u5e74\u671f\u9593\uff0c\u6301\u7e8c\u73fe\u91d1\u5206\u7d05\u7684\u4e0a\u5e02\u516c\u53f8\u670917\u5bb6\uff0c\u7d93\u8a08\u7b97\u5176\u81ea2009\u81f32023\u5e74\u4e0d\u5305\u62ec\u73fe\u91d1\u5206\u7d05\u7684\u6301\u6709\u671f\u6536\u76ca\u7387\uff08buy-and-hold return\uff09\uff0c\u767c\u73fe\u660e\u986f\u8d85\u904e\u540c\u671f\u4e0a\u6d77\u8b49\u5238\u4ea4\u6613\u6240\u7d9c\u5408\u6307\u6578\u7684\u6301\u6709\u671f\u6536\u76ca\u7387\uff0c\u7d93\u5e7e\u4f55\u5e73\u5747\u6578\u8a08\u7b97\u7684\u80a1\u7968\u8d85\u984d\u6536\u76ca\u7387\u70ba\u6bcf\u5e746.1%\u3002\u7531\u6b64\u53ef\u898b\uff0c\u5177\u6301\u7e8c\u7a69\u5b9a\u73fe\u91d1\u5206\u7d05\u6c34\u6e96\u7684\u4e0a\u5e02\u516c\u53f8\uff0c\u900f\u904e\u4e8c\u7d1a\u5e02\u5834\u4e5f\u80fd\u70ba\u6295\u8cc7\u8005\u63d0\u4f9b\u53ef\u89c0\u7684\u8cc7\u672c\u589e\u503c\u3002<\/p>\n

\u56e0\u6b64\uff0c\u516c\u53f8\u73fe\u91d1\u5206\u7d05\u4f54\u5229\u6f64\u7684\u6bd4\u7387\u3001\u6bcf\u80a1\u80a1\u606f\u7387\uff08\u6bcf\u80a1\u73fe\u91d1\u5206\u7d05\/\u80a1\u50f9\uff09\u4ee5\u53ca\u9019\u4e9b\u6307\u6a19\u7684\u7a69\u5b9a\u6027\uff0c\u90fd\u662f\u6295\u8cc7\u8005\u9078\u64c7\u80a1\u7968\u6295\u8cc7\u7684\u91cd\u8981\u53c3\u8003\u6307\u6a19\u3002<\/p>\n

\u5c1a\u5f85\u6301\u7e8c\u5206\u7d05<\/h5>\n

\u5118\u7ba1\u73fe\u91d1\u5206\u7d05\u5c0d\u6295\u8cc7\u8005\u548c\u95dc\u6ce8\u6295\u8cc7\u8005\u7684\u4e0a\u5e02\u516c\u53f8\u5f88\u91cd\u8981\uff0c\u4f46\u50b3\u7d71\u4e0a\u6301\u7e8c\u5206\u7d05\u5728A\u80a1\u4e0a\u5e02\u516c\u53f8\u4e2d\u4e26\u4e0d\u666e\u904d\u3002\u9020\u6210\u9019\u4e00\u73fe\u8c61\u7684\u4e3b\u8981\u539f\u56e0\u662f\u9032\u884c\u9996\u6b21\u516c\u958b\u62db\u80a1\uff08initial public offering\uff0c\u7c21\u7a31IPO\uff09\u548c\u5728\u4e0a\u5e02\u5f8c\u767c\u884c\u65b0\u80a1\u518d\u878d\u8cc7\uff08seasoned equity offering\uff0c\u7c21\u7a31SEO\uff09\u7684\u96e3\u5ea6\u5927\uff0c\u9700\u7d93\u4e2d\u570b\u8b49\u76e3\u6703\u7684\u6838\u51c6\uff0c\u904e\u7a0b\u8f03\u70ba\u8907\u96dc\u3002\u6839\u64da\u6771\u65b9\u8ca1\u5bcc\u8cc7\u6599\uff0c2023\u5e74A\u80a1\u518d\u878d\u8cc7\u898f\u6a21\u8f032022\u5e74\u540c\u6bd4\u7e2e\u5c0f\u4e8625%\uff0c\u5b9a\u5411\u589e\u767c\u898f\u6a21\u5275\u8fd110\u5e74\u4f86\u65b0\u4f4e\u3002<\/p>\n

\u53e6\u5916\uff0c\u7531\u65bc\u80a1\u6b0a\u8f03\u5206\u6563\uff0c\u7f8e\u570b\u5e02\u5834\u7684\u4e0a\u5e02\u516c\u53f8\u4e00\u822c\u4e0d\u9858\u610f\u767c\u884c\u65b0\u80a1\uff0c\u4ee5\u514d\u7a00\u91cb\u5927\u80a1\u6771\u7684\u6295\u7968\u6b0a\u3002\u53cd\u89c0A\u80a1\u4e0a\u5e02\u516c\u53f8\u80a1\u672c\u7d50\u69cb\u8f03\u70ba\u96c6\u4e2d\uff0c\u5927\u80a1\u6771\u6301\u80a1\u6bd4\u4f8b\u504f\u9ad8\uff0c\u6240\u4ee5\u4e0d\u5fc5\u9867\u616e\u6295\u7968\u6b0a\u88ab\u65b0\u80a1\u904e\u5206\u7a00\u91cb\u3002\u56e0\u6b64\uff0c\u4e0a\u5e02\u516c\u53f8\u50b3\u7d71\u4e0a\u4e0d\u8f15\u6613\u5c07\u4f86\u4e4b\u4e0d\u6613\u7684\u73fe\u91d1\u5206\u7d05\uff0c\u800c\u6703\u512a\u5148\u8003\u616e\u7528\u8af8\u516c\u53f8\u7684\u904b\u71df\u8207\u6295\u8cc7\u3002\u5982\u4e0a\u6240\u8ff0\uff0c\u7d93\u7b46\u8005\u7d71\u8a08\uff0c\u8fd116\u5e74\u4f86\u6301\u7e8c\u5206\u7d05\u7684A\u80a1\u4e0a\u5e02\u516c\u53f8\u50c5\u670917\u5bb6\u3002<\/p>\n

\u4e0a\u5e02\u516c\u53f8\u9664\u4e86\u73fe\u91d1\u5206\u7d05\u5916\uff0c\u4e5f\u53ef\u9078\u64c7\u901a\u904e\u56de\u8cfc\u5728\u5916\u767c\u884c\u80a1\u4efd\u800c\u5411\u53c3\u8207\u56de\u8cfc\u7684\u6295\u8cc7\u8005\u652f\u4ed8\u73fe\u91d1\u3010\u8a3b2\u3011<\/a>\u3002\u80a1\u4efd\u56de\u8cfc\u4e00\u822c\u5728\u4e0a\u5e02\u516c\u53f8\u80a1\u50f9\u8f03\u4f4e\u6642\u9032\u884c\uff0c\u85c9\u6b64\u5411\u5e02\u5834\u50b3\u905e\u50f9\u503c\u88ab\u4f4e\u4f30\u7684\u8a0a\u865f\uff0c\u4e26\u63d0\u5347\u80a1\u50f9\u3002\u56e0\u6b64\uff0c\u6295\u8cc7\u8005\u4e26\u4e0d\u9810\u671f\u4e0a\u5e02\u516c\u53f8\u5b9a\u671f\u9032\u884c\u80a1\u4efd\u56de\u8cfc\uff0c\u9019\u610f\u5473\u7740\u5728\u662f\u5426\u9078\u64c7\u80a1\u4efd\u56de\u8cfc\u548c\u56de\u8cfc\u7684\u6642\u6a5f\u4e0a\uff0c\u4e0a\u5e02\u516c\u53f8\u4eab\u6709\u5f88\u5927\u7684\u9748\u6d3b\u5ea6\u3002\u518d\u8005\uff0c\u56de\u8cfc\u4e5f\u53ef\u4ee5\u6e1b\u5c11\u5728\u5916\u767c\u884c\u80a1\u672c\uff0c\u4e26\u63d0\u5347\u6bcf\u80a1\u5229\u6f64\u548c\u80a1\u7968\u7684\u6f5b\u5728\u4f30\u503c\u3002<\/p>\n

\u6839\u64da\u73fe\u6709\u7a05\u52d9\u5b89\u6392\uff0cA\u80a1\u5e02\u5834\u6295\u8cc7\u8005\u901a\u904e\u8cb7\u8ce3\u80a1\u7968\u7372\u5229\uff0c\u53ef\u514d\u7e73\u8cc7\u672c\u5229\u5f97\u7a05\uff0c\u56e0\u6b64\u5728\u7a05\u6536\u65b9\u9762\uff0c\u4e0a\u5e02\u516c\u53f8\u9032\u884c\u80a1\u4efd\u56de\u8cfc\u76f8\u6bd4\u73fe\u91d1\u5206\u7d05\u7406\u8ad6\u4e0a\u66f4\u5177\u512a\u52e2\u3002\u4e0d\u904e\uff0cA\u80a1\u4e0a\u5e02\u516c\u53f8\u9032\u884c\u80a1\u4efd\u56de\u8cfc\u8fd1\u5e7e\u5e74\u624d\u51fa\u73fe\uff0c\u76ee\u524d\u5e02\u5834\u6574\u9ad4\u56de\u8cfc\u898f\u6a21\u4e26\u4e0d\u5927\u3002\u76f8\u8f03\u800c\u8a00\uff0c\u57fa\u65bc\u80a1\u4efd\u56de\u8cfc\u7684\u512a\u9ede\uff0c\u7f8e\u80a1\u4e0a\u5e02\u516c\u53f8\u6108\u4f86\u6108\u504f\u597d\u63a1\u53d6\u80a1\u7968\u56de\u8cfc\u800c\u4e0d\u662f\u73fe\u91d1\u5206\u7d05\u3002\u64da\u7b46\u8005\u7814\u7a76\uff0c1998\u5e74\uff0c\u7f8e\u80a1\u80a1\u4efd\u56de\u8cfc\u91d1\u984d\u898f\u6a21\u9996\u6b21\u8d85\u904e\u73fe\u91d1\u5206\u7d05\uff1b2010\u5e74\u81f3\u4eca\uff0c\u80a1\u4efd\u56de\u8cfc\u91d1\u984d\u5df2\u7a69\u5b9a\u8d85\u904e\u73fe\u91d1\u5206\u7d05\u3002<\/p>\n

\u73fe\u91d1\u5206\u7d05\u8da8\u52e2<\/h5>\n

\u7b46\u8005\u7814\u7a76\u6240\u5f97\uff0c\u8fd13\u5e74\u4f86A\u80a1\u4e0a\u5e02\u516c\u53f8\u5be6\u65bd\u73fe\u91d1\u5206\u7d05\u6108\u767c\u666e\u904d\uff0c\u5206\u5225\u5171\u8a083294\u30013446\u548c3859\u5bb6\uff0c\u5206\u7d05\u7684\u516c\u53f8\u4f54\u6bd4\u5206\u5225\u70ba70.4%\u300167.8%\u548c72.4%\uff1b\u5176\u4e2d\u540c\u6642\u767c\u884c\u5728\u9999\u6e2f\u4ea4\u6613\u6240\u4e0a\u5e02\u7684H\u80a1\u7684A\u80a1\u516c\u53f8\uff0c\u5176\u5206\u7d05\u6bd4\u4f8b\u57282021\u5e74\u548c2022\u5e74\u5206\u5225\u70ba83.2%\u548c81.2%\u3002<\/p>\n

\u5c31\u6bcf\u80a1\u5206\u7d05\u8207\u80a1\u606f\u7387\u800c\u8a00\uff0c\u8fd13\u5e74A\u80a1\u5be6\u65bd\u73fe\u91d1\u5206\u7d05\u516c\u53f8\u7684\u6bcf\u80a1\u5206\u7d05\u5e73\u5747\u503c\uff08\u7a05\u524d\uff09\u5206\u5225\u70ba0.31\u30010.32\u548c0.30\u5143\u4eba\u6c11\u5e63\uff1b\u800c\u5be6\u65bd\u73fe\u91d1\u5206\u7d05\u7684\u516c\u53f8\u7684\u80a1\u606f\u7387\u5e73\u5747\u503c\u5206\u5225\u70ba2.20%\u30012.03%\u548c1.82%\u3002\u7531\u65bc\u525b\u525b\u958b\u59cb\u73fe\u91d1\u5206\u7d05\u7684\u516c\u53f8\u901a\u5e38\u6703\u63a1\u53d6\u50be\u5411\u8b39\u614e\u7684\u5206\u7d05\u7b56\u7565\uff0c\u5e02\u5834\u6574\u9ad4\u5e73\u5747\u5206\u7d05\u6c34\u6e96\u96a8\u7740\u66f4\u591a\u516c\u53f8\u958b\u59cb\u6d3e\u606f\u800c\u8f15\u5fae\u4e0b\u6ed1\uff0c\u5c6c\u65bc\u6b63\u5e38\u60c5\u6cc1\u3002\u5c0d\u65bc\u540c\u6642\u767c\u884c\u5728\u6e2f\u4ea4\u6240\u4e0a\u5e02\u7684H\u80a1\u7684A\u80a1\u516c\u53f8\uff0c\u5176\u6bcf\u80a1\u5206\u7d05\uff08\u7a05\u524d\uff092021\u5e74\u548c2022\u5e74\u5e73\u5747\u503c\u5206\u5225\u70ba0.438\u548c0.516\u5143\u4eba\u6c11\u5e63\uff1b\u5176\u80a1\u606f\u6536\u76ca\u7387\u57282021\u5e74\u548c2022\u5e74\u5e73\u5747\u503c\u5206\u5225\u70ba3.02%\u548c2.96%\u3002<\/p>\n

\u7e3d\u9ad4\u800c\u8a00\uff0cA\u80a1\u4e0a\u5e02\u516c\u53f8\u9032\u884c\u73fe\u91d1\u5206\u7d05\u7684\u516c\u53f8\u6578\u91cf\u548c\u6bd4\u4f8b\u5747\u5448\u4e0a\u5347\u8da8\u52e2\uff0c\u9010\u6f38\u5f62\u6210\u73fe\u91d1\u5206\u7d05\u7684\u6c1b\u570d\u3002\u5176\u4e2d\uff0c\u76f8\u5c0d\u65bc\u7d14A\u80a1\u4e0a\u5e02\u516c\u53f8\uff0cH\u80a1\u4e0a\u5e02\u516c\u53f8\u70ba\u6295\u8cc7\u8005\u63d0\u4f9b\u66f4\u9ad8\u7684\u7a05\u524d\u80a1\u606f\u6536\u76ca\u7387\u3002<\/p>\n

 <\/p>\n

<\/a>\u8a3b1\uff1a Jensen, Michael C. “Agency costs of free cash flow, corporate finance, and takeovers.” The American Economic Review 76, no. 2\uff081986\uff09\ufe30323-329.<\/p>\n

<\/a>\u8a3b2\uff1a \u4e0a\u5e02\u516c\u53f8\u4e5f\u53ef\u80fd\u767c\u653e\u7279\u5225\u7684\u4e00\u6b21\u6027\u73fe\u91d1\u5206\u7d05\u548c\u80a1\u7968\u80a1\u5229\uff08\u5373\u9001\u80a1\uff09\u3002\u56e0\u9001\u80a1\u4e0d\u6d89\u53ca\u73fe\u91d1\u652f\u4ed8\uff0c\u5176\u4f5c\u7528\u7b49\u540c\u65bc\u80a1\u7968\u7d30\u5206\u3002\u53e6\u5916\uff0c\u516c\u53f8\u5076\u723e\u4e5f\u6703\u767c\u653e\u53e6\u985e\u80a1\u5229\u4f86\u66ff\u4ee3\u73fe\u91d1\u5206\u7d05\u3002\u5982\u672c\u6e2f\u67d0\u4e0a\u5e02\u516c\u53f82021\u5e74\u5e95\u66fe\u7d93\u4ee5\u6240\u6301\u6709\u7684\u53e6\u4e00\u516c\u53f8\u80a1\u7968\u4f86\u767c\u653e\u80a1\u5229\u3002<\/p>\n

\u9112\u5b8f\u6559\u6388<\/strong>
\n\u6e2f\u5927\u7d93\u7ba1\u5b78\u9662\u91d1\u878d\u5b78\u6559\u6388<\/strong><\/p>\n

\u6c88\u5b50\u8efb\u5148\u751f<\/strong>
\n\u6e2f\u5927\u7d93\u7ba1\u5b78\u9662\u78a9\u58eb\u751f<\/strong><\/p>\n

\uff08\u672c\u6587\u540c\u6642\u65bc\u4e8c\u96f6\u4e8c\u56db\u5e74\u516d\u6708\u4e8c\u5341\u516d\u65e5\u8f09\u65bc\u300a\u4fe1\u5831\u300b\u300c\u9f8d\u864e\u5c71\u4e0b\u300d\u5c08\u6b04\uff09<\/span><\/p>\n","protected":false},"featured_media":0,"template":"","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"tags":[],"class_list":["post-214990","thought-leadership","type-thought-leadership","status-publish","hentry","leadership-topic-categories-opinions-and-speeches-tc","in-the-media-topic-categories-faculty-tc","opinion-speeches-categories-faculty-tc"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/thought-leadership\/214990","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/thought-leadership"}],"about":[{"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/types\/thought-leadership"}],"version-history":[{"count":2,"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/thought-leadership\/214990\/revisions"}],"predecessor-version":[{"id":214995,"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/thought-leadership\/214990\/revisions\/214995"}],"wp:attachment":[{"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/media?parent=214990"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/tags?post=214990"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}