{"id":46625,"date":"2022-11-10T10:00:42","date_gmt":"2022-11-10T02:00:42","guid":{"rendered":"https:\/\/www.bschool.cuhk.edu.hk\/chi\/?p=13027"},"modified":"2026-09-17T19:52:16","modified_gmt":"2026-09-17T11:52:16","slug":"the-transparency-premium-in-chinas-ma-market-2","status":"publish","type":"post","link":"https:\/\/www.bschool.cuhk.edu.hk\/chi\/the-transparency-premium-in-chinas-ma-market-2\/","title":{"rendered":"\u4e2d\u570b\u4f75\u8cfc\u5e02\u5834\u5c0d\u900f\u660e\u5ea6\u4e4b\u91cd\u8996"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">\u4f01\u696d\u5728\u8ffd\u6c42\u696d\u7e3e\u7684\u904e\u7a0b\u4e2d\uff0c\u4f75\u8cfc\u53ef\u4ee5\u662f\u4e00\u7a2e\u5a01\u529b\u5f37\u5927\u7684\u624b\u6bb5\u3002\u82e5\u662f\u64cd\u4f5c\u5f97\u7576\uff0c\u6210\u529f\u7684\u4f75\u8cfc\u4ea4\u6613\u5c07\u5e36\u4f86\u8a31\u591a\u5354\u540c\u6548\u61c9\uff0c\u5305\u62ec\u63d0\u4f9b\u9032\u5165\u65b0\u5e02\u5834\u548c\u5438\u7d0d\u4eba\u624d\u7684\u6e20\u9053\uff0c\u4ee5\u53ca\u4ee4\u696d\u52d9\u66f4\u591a\u5143\u5316\u4ee5\u61c9\u5c0d\u5e02\u5834\u6ce2\u52d5\u3002\u5168\u7403\u5404\u5730\u7684\u4f01\u696d\u6bcf\u5e74\u8017\u8cc7\u903e2\u842c\u5104\u7f8e\u5143\u9032\u884c\u6536\u8cfc\u6d3b\u52d5\u3002\u4f46\u8207\u6b64\u540c\u6642\uff0c\u5b83\u5011\u4ea6\u9644\u5e36\u8457\u5de8\u5927\u7684\u98a8\u96aa\uff0c\u904e\u53bb\u7684\u7814\u7a76\u986f\u793a\u5176\u5931\u6557\u7387\u9ad8\u903970%\u81f390%\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e00\u5b50\u932f\u6eff\u76e4\u7686\u843d\u7d22\u3002\u4f01\u696d\u80fd\u63a1\u53d6\u4ec0\u9ebc\u63aa\u65bd\u4f86\u589e\u52a0\u5176\u5728\u4f75\u8cfc\u6d3b\u52d5\u4e2d\u7684\u6210\u529f\u6a5f\u6703\uff1f\u9019\u662f\u7814\u7a76\u5831\u544a<a href=\"https:\/\/www.sciencedirect.com\/science\/article\/pii\/S1061951822000428\" target=\"_blank\" rel=\"noopener\">\u300a\u4f01\u696d\u4f75\u8cfc\u4ea4\u6613\u8cc7\u8a0a\u900f\u660e\u5ea6\u53ca\u5176\u56de\u5831\uff1a\u4f86\u81ea\u4e2d\u570b\u4e4b\u8b49\u64da\u300b<\/a>\u5e0c\u671b\u89e3\u7b54\u7684\u554f\u984c\u3002\u5b83\u5617\u8a66\u5206\u6790\u4f01\u696d\u5728\u5411\u5e02\u5834\u767c\u4f48\u4f75\u8cfc\u4ea4\u6613\u8cc7\u8a0a\u6642\u6240\u5c55\u73fe\u7684\u900f\u660e\u5ea6\uff0c\u6703\u5426\u5f71\u97ff\u5b83\u5011\u5728\u5e02\u5834\u4e0a\u7684\u56de\u5831\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8a72\u5831\u544a\u7531\u9999\u6e2f\u4e2d\u6587\u5927\u5b78\uff08\u4e2d\u5927\uff09\u5546\u5b78\u9662\u6703\u8a08\u5b78\u9662\u6559\u6388<a href=\"https:\/\/www.bschool.cuhk.edu.hk\/staff\/young-danqing\/\" target=\"_blank\" rel=\"noopener\">\u694a\u4e39\u9752<\/a>\uff0c\u8207\u9999\u6e2f\u6046\u751f\u5927\u5b78\u526f\u6559\u6388\u8449\u7a4e\u8aed\u3001\u52a9\u7406\u6559\u6388\u738b\u4e4b\u8fb0\uff0c\u4ee5\u53ca\u6cb3\u5357\u5927\u5b78\u526f\u6559\u6388\u5289\u8c9d\u8c9d\u5408\u4f5c\u64b0\u5beb\u3002\u4ed6\u5011\u7684\u7814\u7a76\u767c\u73fe\uff0c\u5728\u4f75\u8cfc\u4ea4\u6613\u4e2d\u8cc7\u8a0a\u62ab\u9732\u900f\u660e\u5ea6\u8f03\u9ad8\u7684\u516c\u53f8\u6703\u7372\u5e02\u5834\u734e\u52f5\uff0c\u80a1\u50f9\u8868\u73fe\u6703\u8f03\u7406\u60f3\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u4e2d\u570b\u4f75\u8cfc\u4ea4\u6613\u65e5\u898b\u983b\u7e41<\/h3>\n\n\n\n<p 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class=\"wp-block-paragraph\">\u694a\u6559\u6388\u548c\u5979\u7684\u5408\u8457\u8005\u96c6\u4e2d\u65bc\u7814\u7a762006\u5e74\u81f32016\u5e74\u9593\u4e2d\u570b\u4f75\u8cfc\u6d3b\u52d5\u7684\u6578\u64da\u3002\u4ed6\u5011\u5206\u6790\u4e86\u903e\u4e8c\u5343\u5b97\u4f75\u8cfc\u4ea4\u6613\u4e2d\u4f01\u696d\u7684\u7570\u5e38\u56de\u5831\uff08\u80a1\u7968\u5be6\u969b\u56de\u5831\u53ca\u9810\u671f\u56de\u5831\u4e4b\u9593\u7684\u5dee\u7570\uff09\uff0c\u4ee5\u6aa2\u8996\u9019\u8207\u4e00\u7c43\u5b50\u53cd\u6620\u4f01\u696d\u900f\u660e\u5ea6\u7684\u6307\u6a19\u6709\u4f55\u95dc\u806f\u3002\u4ed6\u5011\u767c\u73fe\uff0c\u4e00\u5bb6\u516c\u53f8\u62ab\u9732\u8cc7\u8a0a\u7684\u900f\u660e\u5ea6\uff0c\u8207\u5ba3\u4f48\u4f75\u8cfc\u524d\u5f8c\u80a1\u50f9\u8868\u73fe\u6709\u8457\u660e\u986f\u4e14\u6b63\u9762\u7684\u95dc\u806f\u3002\u5177\u9ad4\u800c\u8a00\uff0c\u900f\u660e\u5ea6\u6bcf\u63d0\u9ad8\u4e00\u500b\u55ae\u4f4d\uff0c\u6703\u4f7f\u7570\u5e38\u56de\u5831\u5728\u4e94\u5929\u5167\u4e0a\u53471.2%\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"660\" src=\"https:\/\/www.bschool.cuhk.edu.hk\/chi\/wp-content\/uploads\/TC1-1024x660-1.jpg\" alt=\"\" class=\"wp-image-49132\" srcset=\"https:\/\/www.bschool.cuhk.edu.hk\/chi\/wp-content\/uploads\/TC1-1024x660-1.jpg 1024w, https:\/\/www.bschool.cuhk.edu.hk\/chi\/wp-content\/uploads\/TC1-1024x660-1-600x387.jpg 600w, https:\/\/www.bschool.cuhk.edu.hk\/chi\/wp-content\/uploads\/TC1-1024x660-1-768x495.jpg 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u6295\u8cc7\u8005\u5c0d\u4f01\u696d\u4ee3\u7406\u4eba\u7684\u6182\u616e<\/h3>\n\n\n\n<p 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src=\"https:\/\/www.bschool.cuhk.edu.hk\/chi\/wp-content\/uploads\/2-3-1.jpg\" alt=\"\" class=\"wp-image-49129\" srcset=\"https:\/\/www.bschool.cuhk.edu.hk\/chi\/wp-content\/uploads\/2-3-1.jpg 1000w, https:\/\/www.bschool.cuhk.edu.hk\/chi\/wp-content\/uploads\/2-3-1-600x400.jpg 600w, https:\/\/www.bschool.cuhk.edu.hk\/chi\/wp-content\/uploads\/2-3-1-768x512.jpg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><figcaption class=\"wp-element-caption\">\u5982\u679c\u4e00\u5bb6\u516c\u53f8\u5728\u62ab\u9732\u8cc7\u6599\u6642\u5177\u66f4\u9ad8\u900f\u660e\u5ea6\uff0c\u5247\u6709\u52a9\u6295\u8cc7\u8005\u9078\u64c7\u66f4\u6709\u80fd\u529b\u3001\u66f4\u80fd\u589e\u52a0\u516c\u53f8\u50f9\u503c\u7684\u4f01\u696d\u7ba1\u7406\u4eba\u54e1\u3002<\/figcaption><\/figure>\n\n\n\n<p 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