Wednesday, July 23, 2008

我有我態度

港交所(388)上周決定,縮短主板上市公司在港交所網站刊發的半年度業績公告匯報期限,將從3個月縮短為兩個月,而年度業績公告的匯報期限,亦由4個月縮短為3個月,代表公司於12月底做年結的話,投資者不用等到4月就知道真實情況。

至於現時需印製的半年度及年度報告匯報期限(分別為3個月及4個月),則維持不變。新規定將適用於2010年6月30日或之後結束的半年度業績,以及2010年12月31日或之後結束的年度業績,起碼有兩年適應期,相信難以用跟不上進度為藉口。

港交所話,現時年度業績公告在年度結束後4個月內才公布的期限過於寬鬆,這是因為發布有關年度業績公告及報告時,有關訊息可能已「相當過時」。

諷刺的是,還記得禤中怡早前已話,港交所於07年11月16日至08年1月15日期間進行《個人投資者調查2007》,在完成調查後,差不多6個月後,即本月才公布那些訊息,莫非那些訊息不重要,或者不算過時?還是你有你制度,我有我態度?

禤中怡一向贊成有關上市公司的訊息,應盡快向所有股東公布,讓投資者自行判斷,否則一旦時間太久,傳聞和所謂「消息」滿天飛,反而隨時令市場訊息有所混淆。當然,縮短一個月時間,意味會計和審核工作效率要大幅提升,人手更不能少,起碼要維持基本班底外,相信會計師更要想想,如何利用科技去提升效益,這亦是上市所應該要付的代價,他們只好暗暗叫苦了。

可惜,列入諮詢的另一項建議,就是推行主板公司公布季度匯報,卻還未公布結果,禤中怡擔心最終胎死腹中,繼續維持由細公司組成的創業板公司,就要每季公布業績,而相對坐擁較多資源的主板公司,卻免除提升透明度的責任,形成一種矛盾兼不協調的局面。有趣的是,近期有多間創業板公司申請轉往主板,誘因之一莫非就是避開不用披露季度業績?

其實,內地股市實施季度業績報告多時,亦不見得有甚麼困難,相反香港號稱國際金融中心,卻跟不上祖國的步伐,似乎有點說不通。有市場人士則憂慮,上市公司實施公布季度業績,公司管理層可能為了交出一份亮麗的季度業績,轉而走短線投資,藉以滿足股東的期望,飯碗得保,最終影響管治質素。

所謂「路遙知馬力,日久見人心」,禤中怡認為董事會若果無法展現優秀的管理,以及長期持續發展的能力,只追求短暫回報的話,結果肯定難以長期支撐股價向上,投資者自然會唾棄之,反而優質公司更受歡迎。

(7月23日刊於《am730》)

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