Wednesday, April 16, 2008

鬆綁至得人驚

智經研究中心昨日就香港集資中心角色出謀獻策,公布一份名為「國際上市集資中心:香港走對了路?」的研究報告。可知道智經前主席陳德霖,就是現任特首辦的大內總管,而該組織更被冠以特首「御用智囊」,故花了大半年研究才完成的這份報告,你估特首對內裡的建議會否一概不理呢?

該報告有85頁,禤中怡要完全消化所有內容,實有難度,但部分觀點值得細嚼。報告認為港股成交受外資流入影響是一項變數,而超大型內地企業來港上市後,將漸被規模較小的公司取代,反映現時的利好因素難持久,故建議須接受更多司法管轄地註冊的公司來港上市,因為新興市場如俄羅斯的企業對上市集資有很大需求,希望擴大現時只接納香港、百慕達、開曼群島和內地等註冊地企業的限制。

該報告更提出上市及監管當局採取更有利市場發展的上市審批取態,不應自視為「品質保證人」,因上市審批機制不可能十全十美、審批當局試圖為投資者提供百分百的保障,只會衍生道德風險問題,而把上市門檻設得高於國際認可的標準,只會令有意到香港上市集資的企業卻步。

當然,有辯論就有正反兩面,港交所(388)在網站發表回應話,絕不相信單靠接納上市申請時寬鬆一點,便可以建立一個更強更大的金融生態,惠及香港整體經濟。他們又認為現行監管機制及理念須加以闡釋,讓大眾了解何以香港現時如此重視市場及發行人的質素。

港交所回應指報告內與其他市場的比較中,並無考慮到香港市場的獨有特色,尤其是散戶參與度相對較高這一點,更指將交易所說成意圖以質素保證人自居,以及暗示曾出現濫用監管權力情況等內容,有欠公允,更與事實不符。

禤中怡記得證監會主席方正曾以「市場監管與全球競爭」為題的演說中,提出在一片好景時,市場要求減低干預。任何限制市場自由經營其業務的規例,都被視為削弱市場競爭力的舉措。當市場氣氛高漲時,即使監管機構發出警號也沒有人理會,也不願意有關當局收緊監管政策。

但當爆發類似目前歐美的次按危機時,市場情緒便出現戲劇性轉變,更舉例像美國發生安隆(Enron)事件後,引入《薩班斯—奧克斯萊法》,而英國Northern Rock Bank面臨倒閉後,也有人提出要重新檢視現時市場監管模式。

方正的言論多少有點啟發作用,禤中怡更認為香港今日能夠成功躋身世界級金融中心的同時,確要自強,否則不進則退,而加強競爭力的方法之一,就是提升品質,只要有公信力及建立聲譽,反會帶動其他公司爭相來港上市,因「made in Hong Kong」而自傲。曾特首何嘗不是流香港血、飲香港水長大的優良出品嗎?

(4月16日刊於《am730》)

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