{"id":47929,"date":"2015-07-03T11:25:00","date_gmt":"2015-07-03T11:25:00","guid":{"rendered":"http:\/\/127.0.0.1:10081\/?p=47929 "},"modified":"2015-07-03T11:25:00","modified_gmt":"2015-07-03T11:25:00","slug":"47929-revision-v1","status":"publish","type":"post","link":"https:\/\/minzhuzhongguo.org\/?p=47929","title":{"rendered":"\u4f55\u6e05\u6d9f\uff1a\u4e2d\u56fd\u80a1\u5e02\uff1a\u4e00\u53f0\u7531\u653f\u5e9c\u64cd\u63a7\u7684\u8d22\u5bcc\u69a8\u53d6\u673a"},"content":{"rendered":"
\"\u4e00\u540d\u4e0a\u6d77\u80a1\u6c11\u5728\u4e00\u5904\u8bc1\u5238\u4ea4\u6613\u5730\u70b9\u89c2\u770b\u7535\u5b50\u5c4f\u5e55\u663e\u793a\u7684\u80a1\u5e02\u884c\u60c5<\/a><\/div>\u4e00\u540d\u4e0a\u6d77\u80a1\u6c11\u5728\u4e00\u5904\u8bc1\u5238\u4ea4\u6613\u5730\u70b9\u89c2\u770b\u7535\u5b50\u5c4f\u5e55\u663e\u793a\u7684\u80a1\u5e02\u884c\u60c5 \uff082015\u5e746\u670830\u65e5\uff09<\/span><\/div>

\u81ea\u4ece6\u670812\u65e5\u4e4b\u540e\uff0c\u4e2d\u56fd\u80a1\u5e02\u7684“\u4e0d\u7a33\u5b9a\u56e0\u7d20”\u5df2\u7ecf\u7531\u515a\u7684\u5ba3\u4f20\u673a\u5668\u516c\u793a\u4e8e\u5929\u4e0b\uff0c\u90a3\u5c31\u662f“\u5728\u4e2d\u56fd\u80a1\u5e02\u5957\u73b0\u83b7\u5229\u79bb\u573a\u7684\u5916\u56fd\u8d44\u672c”\u3002\u5982\u679c\u8bf4\u4e2d\u56fd\u4eba\u4e0d\u719f\u6089\u524d\u4e9b\u65e5\u5b50\u88ab\u70b9\u540d\u7684\u51e0\u5bb6\u5916\u56fd\u6295\u8d44\u673a\u6784\uff0c\u90a3\u4e486\u670828\u65e5\u7684\u80a1\u707e\u4e4b\u7f6a\u9b41\u7978\u9996\u5df2\u88ab\u5ba3\u4f20\u673a\u5668\u9501\u5b9a\uff0c\u5373\u8457\u540d\u7684\u7f8e\u56fd\u9ad8\u76db\u516c\u53f8\u3002<\/span><\/p>

\u613f\u8fd9\u9879\u5929\u65b9\u591c\u8c08\u5f0f\u7684\u6307\u63a7\u80fd\u591f\u629a\u6170\u90a3\u4e9b\u7834\u788e\u4e86\u7684\u80a1\u6c11\u4e4b\u5fc3\u3002\u4f46\u6211\u8fd8\u662f\u60f3\u8bb2\u4e00\u4e0b\u4e2d\u56fd\u5ba3\u4f20\u673a\u5668\u6c38\u8fdc\u4e0d\u4f1a\u89e6\u53ca\u7684\u771f\u5b9e\u60c5\u51b5\uff0c\u6307\u51fa\u4e2d\u56fd\u80a1\u5e02\u5230\u5e95\u662f\u7531\u8c01\u64cd\u63a7\u7684\u8d22\u5bcc\u69a8\u53d6\u673a\u3002<\/span><\/p>

\u80a1\u5e02\u662f\u56fd\u6709\u4f01\u4e1a\u7684\u63d0\u6b3e\u673a<\/strong><\/p>

\u80a1\u5e02\u662f\u56fd\u6709\u4f01\u4e1a\u7684\u63d0\u6b3e\u673a\u3002\u6731\u9555\u57fa\u603b\u7406\u4e3b\u653f\u65f6\u671f\u5c31\u5b9a\u4e0b“\u80a1\u7968\u5e02\u573a\u8981\u4e3a\u56fd\u6709\u4f01\u4e1a\u8131\u56f0\u670d\u52a1”\u7684\u57fa\u8c03\u3002\u7b80\u8a00\u4e4b\uff0c\u5f53\u65f6\uff0c\u4e2d\u56fd\u653f\u5e9c\u5c06\u80a1\u7968\u5e02\u573a\u4f5c\u4e3a\u641e\u6d3b\u56fd\u6709\u4f01\u4e1a\uff0c\u751a\u81f3\u5b9e\u73b0\u56fd\u6709\u4f01\u4e1a“\u4e09\u5e74\u8131\u8d2b\u89e3\u56f0”\u76ee\u6807\u7684\u5de5\u5177\uff0c\u628a\u4e00\u6279\u7ecf\u8425\u4e0d\u5584\u751a\u81f3\u96be\u4ee5\u4e3a\u7ee7\u7684\u56fd\u6709\u4f01\u4e1a\u63a8\u4e0a\u80a1\u7968\u5e02\u573a\u3002\u56e0\u6b64\uff0c\u5728\u653f\u5e9c\u4e3b\u5bfc\u4e0b\uff0c\u80a1\u4efd\u5236\u6539\u9020\u3001\u53d1\u884c\u80a1\u7968\u4e0a\u5e02\u5728\u5f88\u957f\u4e00\u6bb5\u65f6\u95f4\u5185\u662f\u56fd\u6709\u4f01\u4e1a\u7684\u4e13\u5229\uff0c\u975e\u56fd\u6709\u4f01\u4e1a\u5f88\u96be\u6709\u673a\u4f1a\u4e0a\u5e02\u878d\u8d44\u3002\u5728\u653f\u5e9c\u653f\u7b56\u9f13\u52b1\u4e0b\uff0c\u56fd\u6709\u4f01\u4e1a\u5c06\u80a1\u7968\u5e02\u573a\u4f5c\u4e3a\u5708\u94b1\u6e20\u9053\uff0c\u6bcd\u516c\u53f8\u53c8\u5c06\u4e0a\u5e02\u7684\u5b50\u516c\u53f8\u5f53\u6210“\u63d0\u6b3e\u673a”\u3002\u636e\u7814\u7a76\u8005\u79f0\uff0c\u4e2d\u56fd\u80a1\u5e02\u7684\u5e02\u573a\u89c4\u6a21“10\u5e74\u8d70\u5b8c\u56fd\u5916100\u5e74\u5386\u7a0b”\u3002\u9648\u4e1c\u5347\u5728\u300a\u6731\u9555\u57fa\u5f00\u542f\u4e86\u6df7\u5408\u6240\u6709\u5236 \u628a\u56fd\u4f01\u63a8\u4e0a\u5e02\u300b\u4e00\u6587\u4e2d\u56de\u5fc6\u8bf4\uff0c“\u6731\u9555\u57fa\u8fd8\u505a\u4e86\u4e00\u4e2a\u5927\u4e8b\uff0c\u6240\u6709\u4f01\u4e1a\u7684\u90fd\u53bb\u4e0a\u5e02\u3002……\u5f53\u5e74\u7684\u8d44\u672c\u5e02\u573a\u6539\u9769\u5f88\u6e05\u695a\uff0c……\u4e00\u4e2a\u7701\u5206\u4e00\u4e2a\u4ebf\u7684\u6307\u6807\uff0c\u90fd\u60f3\u4e0a\uff0c\u641e5\u5bb6\u30016\u5bb6\uff0c\u4e2d\u56fd\u7684\u4eca\u5929\u8d44\u672c\u5e02\u573a\u600e\u4e48\u6765\u7684\uff1f\u6700\u521d\u8d44\u672c\u5e02\u573a\u662f\u4e3a\u56fd\u4f01\u5708\u94b1\u3001\u89e3\u56f0\uff0c\u4eca\u5929\u8fd8\u662f\u8fd9\u6837\u4e00\u4e2a\u4e1c\u897f\uff0c\u4e3a\u4ec0\u4e48\u8d44\u672c\u5e02\u573a\u641e\u4e0d\u597d\u5462\uff1f\u4eca\u5929\u8fd8\u662f\u8fd9\u6837\uff0c\u65b0\u534e\u56fd\u6709\uff0c\u603b\u7406\u4e00\u6279\u5c31\u4e0a\u5e02\uff0c\u8fd9\u662f\u4e00\u4e2a\u4e8b\u5b9e\u5b58\u5728\u7684\u3002”<\/span><\/p>

\u4ee5\u540e\u7684\u56fd\u4f01\u6539\u9769\u57fa\u672c\u6cbf\u7740\u8fd9\u4e2a\u5957\u8def\u8fdb\u884c\u3002\u4eca\u5e746\u670812\u65e5\uff0c\u300a\u7b2c\u4e00\u8d22\u7ecf\u65e5\u62a5\u300b\u53d1\u8868\u300a\u56fd\u4f01\u6d8c\u52a8\u6539\u9769\u6f6e:\u80a1\u4e1c\u9891\u9891\u5957\u73b0\u6216\u56e0\u5730\u65b9\u653f\u5e9c\u7f3a\u94b1\u300b\uff0c\u518d\u6b21\u8be6\u7ec6\u63ed\u9732\u4e86\u4e2d\u56fd\u80a1\u5e02\u6210\u4e3a\u56fd\u4f01\u63d0\u6b3e\u673a\u8fd9\u4e00\u4e8b\u5b9e\u3002<\/span><\/p>

\u7531\u4e8e\u5b9e\u884c\u4e86\u5bf9\u5916\u5f00\u653e\uff0c\u4e2d\u56fd\u80a1\u5e02\u8fd9\u4e00\u63d0\u6b3e\u673a\u529f\u80fd\uff0c\u6709\u65f6\u4e5f\u88ab\u5916\u8d44\u52a0\u4ee5\u5229\u7528\u3002\u4e2d\u56fd\u94f6\u884c\u3001\u5efa\u8bbe\u94f6\u884c\u3001\u5de5\u5546\u94f6\u884c\u5f53\u5e74\u66fe\u60f3\u5728\u534e\u5c14\u8857\u5927\u5c55\u5b8f\u56fe\uff0c\u901a\u8fc7IPO\u4e0a\u5e02\u5708\u94b1\uff0c\u4e3a\u6b64\u8bda\u9080\u65b0\u52a0\u5761\u7684\u6de1\u9a6c\u9521\uff08Temasek\uff09\u3001\u745e\u94f6\uff08UBS\uff09\u3001\u7f8e\u56fd\u94f6\u884c\u3001\u82cf\u683c\u5170\u7687\u5bb6\u94f6\u884c\uff08RBS\uff09\u7b49\u591a\u5bb6\u5916\u56fd\u94f6\u884c\u53ca\u674e\u5609\u8bda\u57fa\u91d1\u4f1a\u505a\u4e3a“\u6218\u7565\u6295\u8d44\u8005”\u5165\u80a1\uff0c\u5c06\u81ea\u5df1\u5305\u88c5\u6210\u7b26\u5408\u7f8e\u56fd\u53e3\u5473\u7684“\u73b0\u4ee3\u91d1\u878d\u673a\u6784”\u3002\u540e\u6765\u56e0\u5f53\u65f6\u7684\u7f8e\u56fd\u8bc1\u76d1\u4f1a\u4e3b\u5e2d\u8003\u514b\u65af\u9632\u8303\u751a\u4e25\uff0c\u4e2d\u8d44\u94f6\u884c\u4e0d\u5f97\u4e0d\u6539\u5728\u9999\u6e2f\u53ca\u5927\u9646\u4e0a\u5e02\u3002\u8fd9\u4e9b\u5916\u8d44\u94f6\u884c\u56e0\u4e3a\u4e0e\u4e2d\u56fd\u94f6\u884c\u4e1a\u540c\u8fdb\u9000\uff0c\u4eab\u6709\u4e2d\u56fd\u653f\u5e9c\u63d0\u4f9b\u7684\u79cd\u79cd\u4fbf\u5229\uff0c\u5728\u4e2d\u6e2f\u4e24\u5730\u80a1\u5e02\u8d5a\u4e2a\u76d8\u6ee1\u94b5\u6ee1\uff0c\u5230\u4e86\u4e09\u5e74“\u9501\u5b9a\u671f”\u4e00\u8fc7\uff0c\u5c31\u5c06\u624b\u4e2d\u80a1\u7968\u51fa\u624b\u3002\u4e2d\u56fd\u6709\u4eba\u5bf9\u6b64\u5f88\u6c14\u6124\uff0c\u8ba4\u4e3a\u5f53\u5e74\u8ba9\u8fd9\u4e9b\u5916\u8d44\u94f6\u884c\u8d31\u4ef7\u4e70\u8fdb\u56fd\u6709\u94f6\u884c\u7684\u80a1\u7968\uff0c\u5982\u4eca\u8ba9\u5b83\u4eec\u5728\u4e2d\u56fd\u80a1\u5e02\u4e0a\u63d0\u6b3e\u8d70\u4eba\uff0c\u5b9e\u5728\u592a\u4fbf\u5b9c\u8fd9\u4e9b\u5916\u56fd\u94f6\u884c\u4e86\uff0c\u56e0\u6b64\u63d0\u51fa\u8981\u8ffd\u67e5\u5f53\u5e74\u4e2d\u56fd\u91d1\u878d\u884c\u4e1a\u8d31\u5356\u56fd\u6709\u8d44\u4ea7\u4e4b\u7f6a\u3002\u53ea\u662f\u6c14\u6124\u5f52\u6c14\u6124\uff0c\u8fd9\u4e00\u8ffd\u67e5\u884c\u52a8\u6c38\u672a\u6210\u884c\u3002<\/span><\/p>

\u80a1\u5e02\u662f\u56fd\u4f01\u9ad8\u7ba1\u8d22\u5bcc\u53d8\u73b0\u7684\u6d17\u94b1\u673a<\/strong><\/p>

\u4e2d\u56fd\u56fd\u4f01\u7684\u91cd\u8981\u6539\u9769\u4e4b\u4e00\u662f “\u7ecf\u7406\u4eba\u6301\u80a1”\uff08\u4ea6\u79f0\u7ba1\u7406\u5c42\u6536\u8d2d\uff0cManagement Buy out\uff0c\u7b80\u79f0MBO\uff09\uff0c\u5bf9\u4e8e\u8fd9\u4e00\u6539\u9769\uff0c\u5916\u754c\u4e00\u76f4\u8ba4\u4e3a\u662f\u56fd\u4f01\u9ad8\u7ba1\u5c42\u51ed\u85c9\u804c\u6743\u74dc\u5206\u56fd\u6709\u8d44\u4ea7\uff0c\u65b0\u534e\u7f51\u4ea6\u66fe\u53d1\u8868\u300a\u9ad8\u7ba1\u6301\u80a1\u96be\u9003“\u81ea\u80a5”\u8d23\u96be\u300b\uff082006\u5e742\u670816\u65e5\uff09\uff0c\u5bf9\u6b64\u63d0\u51fa\u8d28\u7591\u3002\u674e\u5c0f\u7433\u7b49\u5728\u56fd\u4f01\u4efb\u9ad8\u7ba1\u7684\u7ea2\u8272\u5bb6\u65cf\u540e\u88d4\u662f\u8fd9\u9879\u6539\u9769\u7684\u6700\u5927\u83b7\u5229\u8005\u4e4b\u4e00\u3002<\/span><\/p>

\u8d28\u7591\u5f52\u8d28\u7591\uff0c\u56fd\u4f01\u7ecf\u7406\u4eba\u6301\u80a1\u5e76\u62ff\u7279\u522b\u9ad8\u85aa\u916c\u7684“\u6539\u9769\u6210\u679c”\uff0c\u5374\u4e00\u76f4\u5ef6\u7eed\u4e0b\u6765\u3002\u4e60\u8fd1\u5e73\u7684\u53cd\u8150\u7ec8\u4e8e\u8ba9\u56fd\u4f01\u7ba1\u7406\u5c42\u7684\u597d\u65e5\u5b50\u5230\u5934\u4e86\u3002\u8fd1\u4e24\u5e74\u6765\uff0c\u4e2d\u56fd\u5f53\u5c40\u53cd\u590d\u5f3a\u8c03\u515a\u5bf9\u56fd\u4f01\u7684\u7ec8\u6781\u9886\u5bfc\u6743\uff0c\u5e76\u4e8e2014\u5e7411\u6708\u6210\u7acb\u4e86“\u56fd\u52a1\u9662\u56fd\u4f01\u6539\u9769\u9886\u5bfc\u5c0f\u7ec4”\u3002\u7531\u4e8e\u5728\u5341\u516b\u5927\u4ee5\u540e\u7684\u53cd\u8150\u4e2d\u4e0d\u5c11\u56fd\u4f01\u9ad8\u7ba1\u843d\u9a6c\uff0c\u56fd\u4f01\u9ad8\u7ba1\u4eec\u62c5\u5fc3\u4ee5\u5f80\u90a3\u79cd“\u7a7a\u624b\u5957\u767d\u72fc”\u7684\u7ecf\u7406\u4eba\u6301\u80a1\u4f1a\u88ab\u5212\u4e8e“\u8150\u8d25\u884c\u4e3a”\u4e4b\u4e2d\uff0c \u4e8e\u662f\u7eb7\u7eb7\u5c06\u81ea\u5df1\u6301\u6709\u7684\u56fd\u4f01\u80a1\u7968\u5728\u80a1\u5e02\u4e0a\u5957\u73b0\u3002\u636e\u7edf\u8ba1\u8d44\u6599\uff0c\u622a\u81f32014\u5e7410\u670817\u65e5\uff0c\u4e2d\u56fd\u4e0a\u5e02\u516c\u53f8\u9ad8\u7ba1\u5927\u5e45\u5ea6\u51cf\u6301\u80a1\u7968\uff0c\u5957\u73b0474.31\u4ebf\u5143\u30022015\u5e74\u624d\u8fc7\u53bb\u534a\u5e74\uff0c\u56fd\u4f01\u9ad8\u7ba1\u51cf\u6301\u5957\u73b0\u5df2\u8fbe5000\u4ebf\uff0c\u521b\u53f2\u4e0a\u6700\u5927\u89c4\u6a21\u51cf\u6301\u6f6e\u3002<\/span><\/p>

\u80a1\u5e02\u662f\u541e\u98df\u80a1\u6c11\u8d22\u5bcc\u7684\u8001\u864e\u673a<\/strong><\/p>

\u4ece1992\u5e74\u81f3\u4eca\uff0c\u4e2d\u56fd\u80a1\u5e02\u5df2\u7ecf\u5386\u4e86\u5341\u4f59\u8f6e\u5927\u6da8\u8dcc\u3002\u4ece\u4e2d\u56fd\u80a1\u6c11\u7092\u80a1\u7684\u5386\u53f2\u6765\u770b\uff0c\u4e8f\u8005\u591a\uff0c\u8d62\u8005\u5c11\u3002\u4f46\u662f\uff0c\u5e0c\u671b\u8d4c\u535a\u81f4\u5bcc\u7684\u5927\u6709\u4eba\u5728\uff0c\u901a\u8fc7\u80a1\u5e02\u8f7b\u677e\u8d5a\u94b1\u7684\u613f\u671b\u652f\u6491\u7740\u4ed6\u4eec\u5c61\u8d25\u5c61\u6218\uff0c\u76f4\u81f3\u65e0\u6cd5\u518d\u6218\u3002<\/span><\/p>

\u4ee5\u4e0b\u662f2008\u5e74\u4ee5\u6765\u4e2d\u56fd\u80a1\u6c11\u7684\u96c6\u4f53\u6210\u7ee9\u5355\uff1a<\/span><\/p>

2008\u5e74\u7684A\u80a1\u5e02\u573a\uff0c\u4ee5\u8d85\u8fc770%\u7684\u5de8\u5927\u8dcc\u5e45\u8f7d\u5165\u4e2d\u56fd\u80a1\u5e02\u53f2\u3002\u300a\u4e0a\u6d77\u8bc1\u5238\u62a5\u300b\u8054\u5408\u8bc1\u5238\u4e4b\u661f\u505a\u4e86\u4e00\u6b21\u300a2008\u5e74\u80a1\u6c11\u751f\u5b58\u73b0\u72b6\u5927\u8c03\u67e5\u300b\uff0c\u5168\u56fd25110\u4f4d\u6295\u8d44\u8005\u53c2\u52a0\u4e86\u8be5\u9879\u8c03\u67e5\uff0c\u7ed3\u679c\u662f\u903e\u4e5d\u6210\u80a1\u6c11\u4e8f\u635f\uff0c\u5176\u4e2d\u5728\u80a1\u5e02\u4e2d\u4e8f\u635f\u5e45\u5ea6\u8d85\u8fc770%\u7684\uff0c\u5360\u6bd4\u591a\u8fbe60%\u3002\u622a\u81f3\u8c03\u67e5\u65f6\u6b62\u4ecd\u6709\u76c8\u5229\u7684\u80a1\u6c11\u4ec5\u53606%\u3002<\/span><\/p>

2013\u5e74\u4e2d\u56fd\u80a1\u5e02\u88ab\u79f0\u4e4b\u4e3a“\u4e9a\u6d32\u8868\u73b0\u6700\u5dee\u80a1\u5e02”\u3002\u65b0\u6d6a\u7f51\u505a\u4e86\u4e00\u9879\u8c03\u67e5\uff0c\u5728\u8fd9\u7bc7\u300a2013\u5e74\u4e2d\u56fd\u80a1\u5e02\u6295\u8d44\u8005\u5927\u9762\u79ef\u4e8f\u635f\u300b\uff082014\u5e741\u6708\uff09\u4e2d\u8bb0\u8f7d\uff0c2013\u5e74\u4e8f\u635f\u8005\u5360\u6bd4\u7ea665%\uff0c\u5176\u4e2d\uff0c26.3%\u7684\u4eba\u4e8f\u635f\u4e8620%\u81f350%\uff0c7.5%\u7684\u4eba\u4e8f\u635f\u9ad8\u8fbe80%\u4ee5\u4e0a\u3002\u56e0\u4e3a\u7092\u80a1\uff0c\u670932.2%\u7684\u4eba\u751f\u6d3b\u6c34\u5e73\u660e\u663e\u4e0b\u964d\uff0c9%\u7684\u4eba\u751f\u6d3b\u9762\u4e34\u56f0\u96be\u3002<\/span><\/p>

\u4eca\u5e74\u624d\u8fc7\u53bb\u534a\u5e74\uff0c\u4e2d\u56fd\u80a1\u6c11\u635f\u5931\u60ca\u4eba\u3002\u636e\u300a2015\u5e74\u4e0a\u534a\u5e74\u80a1\u6c11\u4e8f\u635f\u591a\u5c11\u300b\u4e00\u6587\u7684\u7edf\u8ba1\u6570\u636e\u663e\u793a\uff1a5\u6708\u4e0b\u65ec\u4ee5\u540e\u7684\u8fd1\u4e24\u5468\uff0c\u5df2\u670913.26\u4e07\u4ebf\u5e02\u503c\u6d88\u5931\uff0c\u4ec56.26\u4e00\u5929\uff0c\u4e24\u5e02\u5e02\u503c\u5c31\u84b8\u53d14.5\u4e07\u4ebf\u3002\u4ec5\u67094%\u7684\u80a1\u6c11\u5b9e\u73b0\u76c8\u5229\uff0c\u516b\u6210\u80a1\u6c11\u4e8f\u635f\u8d85\u8fc710%\uff0c\u6709\u4eba\u4e24\u5468\u7092\u4e22\u4e00\u5957\u623f\u3002\u6309\u80a1\u6c11\u4eba\u6570\u6765\u7b97\uff0c\u4eba\u5747\u635f\u5931\u8fbe14.7\u4e07\u5143\u3002\u5168\u56fd\u5e73\u5747\u5de5\u8d44\u4e3a\u5e74\u6536\u51655\u4e07\u5143\uff0c\u4e5f\u5c31\u662f\u8bf4\uff0c\u80a1\u6c11\u8fd1\u4e24\u5468\u4eba\u5747\u635f\u5931\u63a5\u8fd13\u5e74\u5de5\u8d44\uff0c\u635f\u5931\u582a\u6bd42007\u5e74“5.30”\u3002<\/span><\/p>

\u4e2d\u56fd\u80a1\u5e02\u96c6\u4e2d\u4f53\u73b0\u4e86\u652b\u53d6\u578b\u7ecf\u6d4e\u7684\u7279\u70b9<\/strong><\/p>

\u4e2d\u56fd\u80a1\u5e02\u4e0a\u8ff0\u7279\u70b9\uff0c\u6b63\u597d\u9a8c\u8bc1\u4e86\u5236\u5ea6\u7ecf\u6d4e\u5b66\u4e00\u4e2a\u8457\u540d\u8bba\u65ad\uff0c\u5373\u5236\u5ea6\u5728\u7ecf\u6d4e\u53d1\u5c55\u4e2d\u8d77\u5de8\u5927\u4f5c\u7528\uff0c\u51b3\u5b9a\u4e00\u56fd\u8d2b\u7a77\u8fd8\u662f\u5bcc\u88d5\u3002\u7f8e\u56fd\u65b0\u5236\u5ea6\u7ecf\u6d4e\u5b66\u5bb6\u8fbe\u8363·\u963f\u897f\u83ab\u683c\u7f57\u548c\u8a79\u59c6\u65af·\u9c81\u5bbe\u68ee\u66fe\u5408\u8457\u300a\u6743\u529b\u3001\u7e41\u8363\u4e0e\u8d2b\u7a77\u7684\u6839\u6e90\uff1a\u4e3a\u4ec0\u4e48\u56fd\u5bb6\u4f1a\u5931\u8d25\uff1f\u300b\uff0c\u4e66\u4e2d\u63d0\u51fa\u4e86\u89e3\u91ca\u56fd\u5bb6\u7e41\u8363\u4e0e\u8d2b\u7a77\u6839\u6e90\u7684\u4e24\u4e2a\u91cd\u8981\u6982\u5ff5\uff0c\u5373“\u5305\u5bb9\u6027\u5236\u5ea6”\uff08inclusive institutions\uff09\u548c“\u652b\u53d6\u6027\u5236\u5ea6”\uff08extractive institutions\uff0c\u4e5f\u8bd1\u6210“\u69a8\u53d6\u578b\u5236\u5ea6”\uff09\u3002\u5305\u5bb9\u6027\u5236\u5ea6\u6307\u4e00\u79cd\u591a\u6570\u4eba\u53c2\u4e0e\u3001\u5229\u76ca\u5206\u4eab\uff0c\u56e0\u800c\u4eba\u4eec\u5177\u6709\u52b3\u52a8\u4e0e\u521b\u9020\u79ef\u6781\u6027\u7684\u591a\u5143\u5236\u5ea6\uff1b\u652b\u53d6\u6027\u5236\u5ea6\u6307\u6743\u529b\u548c\u8d22\u5bcc\u9ad8\u5ea6\u96c6\u4e2d\uff0c\u88ab\u5c11\u6570\u4eba\u5784\u65ad\uff0c\u6574\u4e2a\u56fd\u5bb6\u5236\u5ea6\u5efa\u7acb\u5728\u5265\u593a\u591a\u6570\u4eba\u800c\u4e3a\u6781\u5c11\u6570\u4eba\u670d\u52a1\u7684\u57fa\u7840\u4e0a\uff0c\u5927\u591a\u6570\u4eba\u6ca1\u6709\u52b3\u52a8\u548c\u521b\u9020\u7684\u79ef\u6781\u6027\u3002\u6839\u636e\u4f5c\u8005\u7684\u5927\u91cf\u7814\u7a76\uff0c\u4e16\u754c\u4e0a\u6240\u6709\u56fd\u5bb6\u548c\u5730\u533a\uff0c\u51e1\u662f\u9009\u62e9\u4e86\u524d\u8005\u7684\uff0c\u90fd\u5b9e\u73b0\u4e86\u7ecf\u6d4e\u7684\u6301\u7eed\u53d1\u5c55\u548c\u4eba\u6c11\u751f\u6d3b\u6c34\u5e73\u7684\u6301\u7eed\u63d0\u9ad8\uff0c\u800c\u9009\u62e9\u540e\u8005\u7684\u5219\u76f8\u53cd\u3002<\/span><\/p>

\u4e2d\u56fd\u80a1\u5e02\u4e0e\u897f\u65b9\u80a1\u5e02\u6709\u51e0\u4e2a\u672c\u8d28\u5dee\u522b\uff0c\u5373\uff1a<\/span><\/p>

1\u3001\u4e2d\u56fd\u80a1\u5e02\u53ea\u6709\u6295\u673a\u8005\uff0c\u6ca1\u6709\u4e2d\u957f\u671f\u6295\u8d44\u8005\u3002\u4ece\u6765\u6ca1\u6709\u4eba\u5728\u610f\u4f01\u4e1a\u7684\u771f\u5b9e\u7ecf\u8425\u72b6\u51b5\uff0c\u53ea\u5728\u610f\u8fd9\u53ea\u80a1\u7968\u662f\u5426\u88ab\u673a\u6784\u8d44\u91d1\u6216\u8005\u7092\u4f5c\u8005\u62c9\u62ac\uff0c\u80a1\u4ef7\u5b8c\u5168\u8131\u79bb\u4f01\u4e1a\u7ecf\u8425\u4e1a\u7ee9\u3001\u8d22\u52a1\u72b6\u51b5\uff0c\u968f\u673a\u6784\u7092\u4f5c\u8005\u4e0e\u64cd\u76d8\u8005\u7684\u7092\u4f5c\u884c\u4e3a\u6da8\u8dcc\u3002\u897f\u65b9\u56fd\u5bb6\u7684\u80a1\u5e02\u5982\u7f8e\u56fd\u80a1\u5e02\uff0c\u662f\u77ed\u671f\u6295\u673a\u8005\u4e0e\u4e2d\u957f\u671f\u6295\u8d44\u8005\u90fd\u6709\uff0c\u4f01\u4e1a\u7ecf\u8425\u72b6\u51b5\u4e0e\u76c8\u5229\u80fd\u529b\u662f\u80a1\u4ef7\u7684\u57fa\u7840\u3002<\/span><\/p>

2\u3001\u4e2d\u56fd\u653f\u5e9c\u662f\u80a1\u5e02\u7684\u64cd\u76d8\u624b\uff0c\u7528\u5404\u79cd\u653f\u7b56\u4e0e\u65b9\u5f0f\u8c03\u8282\u80a1\u5e02\u7684\u6da8\u8dcc\u3002\u800c\u7f8e\u56fd\u653f\u5e9c\u53ea\u4f5c\u4e3a\u80a1\u5e02\u7684\u770b\u5b88\u8005\uff0c\u7528\u6210\u719f\u7684\u6cd5\u89c4\u89c4\u8303\u7ba1\u7406\u80a1\u5e02\uff0c\u7edd\u65e0\u4e2d\u56fd\u653f\u5e9c\u7c7b\u4f3c\u4f5c\u4e3a\u3002<\/span><\/p>

3\u3001\u4f17\u591a\u80a1\u6c11\u53c2\u4e0e\u4e0d\u610f\u5473\u4e2d\u56fd\u80a1\u5e02\u662f\u591a\u6570\u4eba\u53c2\u4e0e\uff0c\u5229\u76ca\u5206\u4eab\u4e4b\u5730\u3002\u6240\u8c13\u4e2d\u56fd\u80a1\u5e02\u878d\u8d44\u6210\u672c\u4f4e\uff0c\u5b9e\u9645\u4e0a\u662f\u53c2\u4e0e\u8005\u91cd\u5728\u6295\u673a\u83b7\u5229\uff0c\u4e0d\u770b\u91cd\u4f01\u4e1a\u7684\u8d62\u5229\u80fd\u529b\u53ca\u80a1\u7968\u5206\u7ea2\u3002\u5168\u4e16\u754c\u53ea\u6709\u4e2d\u56fd\u80a1\u5e02\uff0c\u624d\u8ba9\u7edd\u5927\u591a\u6570\u6295\u8d44\u8005\u8840\u672c\u65e0\u5f52\u3002<\/span><\/p>

\u672c\u6587\u7684\u7ed3\u8bba\u662f\uff1a\u4e2d\u56fd\u80a1\u5e02\u662f\u56fd\u4f01\u7684\u63d0\u6b3e\u673a\uff0c\u4e5f\u662f\u56fd\u4f01\u9ad8\u7ba1\u7b49\u65e2\u5f97\u5229\u76ca\u8005\u5c06\u5de7\u53d6\u8c6a\u593a\u6765\u7684\u4e0d\u4e49\u4e4b\u8d22\u53d8\u73b0\u7684\u6d17\u94b1\u673a\uff0c\u540c\u65f6\u4e5f\u662f\u5229\u76ca\u76f8\u5173\u8005\u4f9d\u9760\u653f\u7b56\u3001\u5185\u5e55\u6d88\u606f\u4e0e\u4f4d\u7f6e\u4f18\u52bf\u655b\u94b1\u7684\u8d22\u5bcc\u69a8\u53d6\u673a\u3002\u6240\u6709\u8fd9\u4e9b\u7279\u70b9\uff0c\u5b8c\u5168\u7b26\u5408\u652b\u53d6\u578b\u7ecf\u6d4e\u90a3\u79cd\u5265\u593a\u591a\u6570\u4eba\u7684\u5229\u76ca\u4e3a\u653f\u5e9c\u53ca\u5c11\u6570\u4eba\u670d\u52a1\u4e4b\u7279\u70b9\u3002\u901a\u8fc7\u5206\u6790\u4e2d\u56fd\u80a1\u5e02\u63d0\u6b3e\u673a\u3001\u6d17\u94b1\u673a\u4e0e\u8001\u864e\u673a\u8fd9\u51e0\u5927\u529f\u80fd\uff0c\u53ef\u4ee5\u7ba1\u7aa5\u4e2d\u56fd\u7ecf\u6d4e\u7684\u652b\u53d6\u578b\u7279\u70b9\u3002<\/span><\/p>

\u9644\u5f55\uff1a\u300a\u6743\u529b\u3001\u7e41\u8363\u4e0e\u8d2b\u7a77\u7684\u6839\u6e90\uff1a\u4e3a\u4ec0\u4e48\u56fd\u5bb6\u4f1a\u5931\u8d25\uff1f\u300b\uff0c\u82f1\u6587\u540d\uff1aThe Origins of Power, Prosperity, and Poverty: Why Nations Fail\uff0c\u8fbe\u8363·\u963f\u897f\u83ab\u683c\u7f57\uff08Daron Acemoglu\uff09\u548c\u8a79\u59c6\u65af·\u9c81\u5bbe\u68ee\uff08James A. Robinson\uff09\u5408\u8457\u3002<\/span> <\/div>","protected":false},"excerpt":{"rendered":"

\u4e00\u540d\u4e0a\u6d77\u80a1\u6c11\u5728\u4e00\u5904\u8bc1\u5238\u4ea4\u6613\u5730\u70b9\u89c2\u770b\u7535\u5b50\u5c4f\u5e55\u663e\u793a\u7684\u80a1\u5e02\u884c\u60c5 \uff082015\u5e746\u670830\u65e5\uff09 \u81ea\u4ece6\u670812\u65e5\u4e4b\u540e\uff0c\u4e2d\u56fd\u80a1 […]<\/p>\n","protected":false},"author":24,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[8],"tags":[],"class_list":["post-47929","post","type-post","status-publish","format-standard","hentry","category-thought","et-doesnt-have-format-content","et_post_format-et-post-format-standard"],"_links":{"self":[{"href":"https:\/\/minzhuzhongguo.org\/index.php?rest_route=\/wp\/v2\/posts\/47929","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/minzhuzhongguo.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/minzhuzhongguo.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/minzhuzhongguo.org\/index.php?rest_route=\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/minzhuzhongguo.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=47929"}],"version-history":[{"count":0,"href":"https:\/\/minzhuzhongguo.org\/index.php?rest_route=\/wp\/v2\/posts\/47929\/revisions"}],"wp:attachment":[{"href":"https:\/\/minzhuzhongguo.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=47929"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/minzhuzhongguo.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=47929"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/minzhuzhongguo.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=47929"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}