Thursday, October 12, 2006

用X光眼看施政綱領

分析員一直所接受的訓練,都是要留意各種隱藏在細節裡面的「魔鬼」,例如公司年報內的附註,各類統計報告的方法等等。當這種習慣成為職業病的話,就難免連曾特首那份《施政報告》都要用X光眼驗一驗。

一如公司年報裏面的靚靚Balance Sheet(資產負債表)並非年報的主菜,裏面的附註同附件才是真正的主菜。在曾特首這份新鮮熱辣的《施政報告》中,各路中環人關注的重點,絕不是他怎樣配合北京的經濟政策,而是他對未來幾年所想出的新政策與大方向。這些政策全部在平時無人留意,但一份叫《施政綱領》(Policy Agenda)的文件中可以看到。禤中怡在食飯時間,瞄兩眼這份《施政綱領》,有些要點相信大家要留神。

1.在《施政綱領》第27頁,政府指正研究重寫《公司條例》,《公司條例》需要重寫這樣誇張,絕對會牽一髮動全身,立法會議員請得閒問一問政府,究竟政府現時的重寫方向是那一方面。

2.同樣在第27頁,政府話要完善《土地業權條例》,為有效實施新業權註冊制度做準備。業權註冊制度對香港地產的發展影響重大,政府究竟又想點做呢?

3.在第19頁,政府仍然指2007年展開數碼地面廣播,2008年覆蓋範圍達到75%。目前業界連用歐洲DVB-T制式,或跟隨祖國那套新制式都未清楚,條死線(Deadline)依然未改,莫非政府已經下定決心,用歐制DVB-T,不再等祖國決定的標準。不要看輕這個決定,因為對無綫,以及持有亞視主要股權的鳳凰衛視有很大影響,真的值得跟進一下。

4.在第21頁,政府話考慮訂立通用而具體的規管業界競爭法例,阻止油公司搞同業聯盟式的反競爭行為。從這點看,似乎對車迷是一個好消息,因為政府不用再等《公平競爭法》能否過關,都可以在油公司身上實施公平競爭法。錢多的油公司怎樣回應,好戲在後頭。

電話費模式或掀巨變

近來電訊界最關注的並非甚麼4G,而是傳統固網,因電訊管理局一份諮詢文件令固網商,特別是佔最大利益的電訊盈科(008)甚為煩惱。

這份文件探討固網和流動網絡之間的通訊服務匯流的影響,單看很難明,簡單而言,就是講分配利益。因流動電話用戶越來越多,7月時總數更突破900萬名,當然在談判時更有份量,但今日這幾間流動電話經營商在客戶打流動電話予固網號碼時,仍要支付互連費用給固網商,一年大約6億元,試問這些流動電話商怎會不想取消互連費用。

不過,現時固網用戶只需付月費便可任打電話,而流動電話則按用量計算,若出現更改現行收費模式,有可能會按用量計算,或損害消費者利益。其實,電管局原來早已在文件中表明一直沒有規管零售價模式,即使更改為按用量收費也沒有問題,最重要的是不能出現反競爭行為。請不要看輕這點,日後固網可能像流動電話般按用量收費的話,消費者分分鐘可能需付出比現有收費模式更多的電話費。不過,話分兩頭,家裏用固網電話機會其實正受著流動電話普及化的影響而正在減少,按用量計後,低用量客戶便可能不用再交近百元固網月費。另外,電盈整個商業模式若因此而改變,投資者就要留意了。

(10月12日刊於《am730》)

12 Comments:

At 8:56 AM, Anonymous Patrick Kwok said...

《公司條例》有需要由頭到尾重新檢閱一次。《公司條例》本身有好多條文係引申自1929年的英國公司法,當中有好多地方已經很不合時。雖然近年亦有將部份條文作出修訂,但當中有好多關乎董事責任的條文則小之又小。特別香港係一個國際金融中心,企業管冶水平方面似乎仍不太理想,所以將《公司條例》重新再寫也無不可。但政府卻要用上五年時間似乎太過長了。

 
At 2:16 AM, Blogger 馬沙 said...

對小沙而言,公司法本身沒有重大問題,但有一問題一直存在,就是存檔制度。

根據小沙的經驗,公司註冊處在處理以上文件存檔時,並沒有考證文件之真偽 (根據公司條例348A條 - 處長無須對文件內的陳述負責) ,換句話說,任何人也可為任何公司作出以上存檔。

For your reference:
http://charblogger.blogspot.com/2006/09/blog-post.html

 
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