Bitcoin Forum
September 05, 2024, 01:13:03 PM
Welcome,
Guest
. Please
login
or
register
.
News
: Latest Bitcoin Core release:
27.1
[
Torrent
]
Home
Help
Search
Login
Register
More
Bitcoin Forum
>
Local
>
中文 (Chinese)
>
离题万里
>
港股允许“同股不同权”,A股还要为新经济焦虑多久?
Pages: [
1
]
« previous topic
next topic »
Print
Author
Topic: 港股允许“同股不同权”,A股还要为新经济焦虑多久? (Read 77 times)
TTTaka
(OP)
Jr. Member
Offline
Activity: 57
Merit: 10
港股允许“同股不同权”,A股还要为新经济焦虑多久?
December 26, 2017, 08:32:30 AM
#1
如何包容新经济,在A股是个令人焦虑的话题,对港股来说则只是临门一脚。
因为“不想把非常有发展前景的新经济公司关在门外”,港交所最近启动了“香港市场二十多年来最重大的一次上市改革”,其中很重要的一条是,将允许创新型公司以“同股不同权”的股权结构在港上市。(12月18日《第一财经日报》)
如果不是因为股权结构问题错过阿里巴巴,同时拥有阿里和腾讯的港股市场,今年应该是风光无限的。毕竟,这可是包办了中国新经济中最有战斗力的两艘航空母舰,而能否成就这样的公司,是一个资本市场核心竞争力最直观的体现。
港股改弦更张,令A股更显尴尬。A股今年最大的槽点之一,是它的走势完全不能反映我国新经济的迅猛增长。去年,“十三五”规划最终文本被传要删除草案中的关于“战略新兴板”的表述———在承接中概股、吸引新兴科技公司上,“战略新兴板”被认为可能更有作为,这说明,A股的重点是在休养生息的前提下稳中求进。正视现实和理想的差距,意味着A股暂时没有余力为新经济创造条件。
A股的尴尬,不仅是新经济公司难有立足之地的尴尬,也是传统上市公司的尴尬。在平息不久的险资举牌浪潮中,万科、格力作为A股最优秀的公司被卷入漩涡,这样的企业之所以优秀,被认为与股权结构不无关系,但也正是这样的股权结构,只是因为意料之外、情理之中的野蛮人入侵,就对公司的稳健经营构成了潜在风险。没有更好的监管,乃至缺少起码的契约精神,“同股不同权”的股权结构在A股注定将面临更大的挑战。
事实上,“同股不同权”并不是新经济公司的专属,巴菲特的伯克希尔哈撒韦够传统,也是这样的股权结构。只不过,这种股权结构在保护创始人权益、确保公司稳健经营方面的良好诉求,注定是以更强的监管、更多地考虑投资者权益为前提的。在A股这样一个投资者格外弱势的市场,加强投资者保护才是更为务实的和迫切的。
当然,A股和港股一样,都在经历史上最大力度的变革,从改革的外部效应来看,港股和A股实际上互为受益者。沪港通、深港通相继开通,使得今年的南下资金有力地推动了港股的上涨,腾讯股价连创新高、众安与阅文IPO获得超额认购,也与内地资金对新经济公司的追捧不无关系。这样一来,对于蚂蚁金服、小米、摩拜等随时可能将上市排上日程的新经济公司来说,赴港上市相比赴美上市的优势不言自明。不得不说,港交所在这个时候向新经济公司进一步敞开大门,也是稳稳地踩在了风口上。
A股的开放也不会止于沪港通、深港通,而更大程度的国际化意味着机构占比的提高,也意味着市场监管的国际化。除A股纳入MSCI将在明年正式启动外,未来,外资参股金融机构的比例限制有望进一步放开。从根本上讲,是中国经济的世界地位在主导这种改变,换句话说,中国经济的世界地位越来越受到认可,而其继续成长和升级的诉求,也需要一个在监管和规模、开放度上都足够强大的资本市场与之匹配。
就新经济而言,长期来看,我国的新经济将是一股强大的洪流,持续冲击A股的大坝———今年新经济的GDP占比超过一成,过去十年,中国新经济年均增长16.1%,是同期全国经济增长率的1.9倍。因此,A股最终选择接纳那些有前景的新经济公司,只是时间问题。而且,以新经济的成长速度和A股当前的变革速度,港股对特殊股权结构的接纳,完全可以视为A股改革方向上的探路者。
A股没有关于新经济的好消息?不要紧,它已经在路上。
Pages: [
1
]
Print
Bitcoin Forum
>
Local
>
中文 (Chinese)
>
离题万里
>
港股允许“同股不同权”,A股还要为新经济焦虑多久?
« previous topic
next topic »
Jump to:
Please select a destination:
-----------------------------
Bitcoin
-----------------------------
=> Bitcoin Discussion
===> Legal
===> Press
===> Meetups
===> Important Announcements
=> Development & Technical Discussion
===> Wallet software
=====> Electrum
=====> Bitcoin Wallet for Android
=====> BitcoinJ
=====> Armory
=====> Mycelium
=====> Hardware wallets
=> Mining
===> Mining support
===> Pools
===> Mining software (miners)
===> Hardware
=====> Group buys
===> Mining speculation
=> Bitcoin Technical Support
=> Project Development
-----------------------------
Economy
-----------------------------
=> Economics
===> Speculation
=> Marketplace
===> Goods
=====> Computer hardware
=====> Digital goods
=======> Invites & Accounts
=====> Collectibles
===> Services
===> Currency exchange
===> Gambling
=====> Games and rounds
=====> Investor-based games
=====> Gambling discussion
===> Lending
=====> Long-term offers
===> Securities
===> Auctions
===> Service Announcements
=====> Micro Earnings
===> Service Discussion
=====> Web Wallets
=====> Exchanges
=> Trading Discussion
===> Scam Accusations
===> Reputation
-----------------------------
Other
-----------------------------
=> Meta
===> New forum software
===> Bitcoin Wiki
=> Politics & Society
=> Beginners & Help
=> Off-topic
=> Serious discussion
===> Ivory Tower
=> Archival
===> Корзина
===> CPU/GPU Bitcoin mining hardware
===> Chinese students
===> Obsolete (buying)
===> Obsolete (selling)
===> MultiBit
-----------------------------
Alternate cryptocurrencies
-----------------------------
=> Altcoin Discussion
=> Announcements (Altcoins)
===> Tokens (Altcoins)
=> Mining (Altcoins)
===> Pools (Altcoins)
=> Marketplace (Altcoins)
===> Service Announcements (Altcoins)
===> Service Discussion (Altcoins)
===> Bounties (Altcoins)
=> Speculation (Altcoins)
-----------------------------
Local
-----------------------------
=> العربية (Arabic)
===> العملات البديلة (Altcoins)
=====> النقاشات
===> إستفسارات و أسئلة المبتدئين
===> التعدين
===> النقاشات الأخرى
===> منصات التبادل
=> Bahasa Indonesia (Indonesian)
===> Marketplace (Bahasa Indonesia)
===> Mining (Bahasa Indonesia)
===> Altcoins (Bahasa Indonesia)
===> Trading dan Spekulasi
===> Ekonomi, Politik, dan Budaya
===> Topik Lainnya
=> Español (Spanish)
===> Mercado y Economía
=====> Servicios
=====> Trading y especulación
===> Hardware y Minería
===> Esquina Libre
===> Mercadillo
=====> Mexico
=====> Argentina
=====> España
=====> Centroamerica y Caribe
===> Primeros pasos y ayuda
===> Altcoins (criptomonedas alternativas)
=====> Minería de altcoins
=====> Servicios
=====> Tokens (Español)
=> 中文 (Chinese)
===> 跳蚤市场
===> 山寨币
===> 媒体
===> 挖矿
===> 离题万里
=> Hrvatski (Croatian)
===> Trgovina
===> Altcoins (Hrvatski)
=====> Announcements (Hrvatski)
===> Off-topic (Hrvatski)
=> Deutsch (German)
===> Anfänger und Hilfe
===> Mining (Deutsch)
===> Trading und Spekulation
===> Projektentwicklung
===> Off-Topic (Deutsch)
===> Treffen
===> Presse
===> Altcoins (Deutsch)
=====> Announcements (Deutsch)
===> Marktplatz
=====> Auktionen
=====> Suche
=====> Biete
=> Ελληνικά (Greek)
===> Αγορά
===> Mining Discussion (Ελληνικά)
===> Altcoins (Ελληνικά)
=====> Altcoin Announcements (Ελληνικά)
=====> Altcoin Mining (Ελληνικά)
=> עברית (Hebrew)
=> Français
===> Actualité et News
===> Débutants
===> Discussions générales et utilisation du Bitcoin
===> Mining et Hardware
===> Économie et spéculation
===> Place de marché
=====> Échanges
=====> Produits et services
=====> Petites annonces
===> Le Bitcoin et la loi
===> Wiki, documentation et traduction
===> Développement et technique
===> Vos sites et projets
===> Hors-sujet
===> Altcoins (Français)
=====> Annonces
=> India
===> Mining (India)
===> Marketplace (India)
===> Regional Languages (India)
===> Press & News from India
===> Alt Coins (India)
===> Buyer/ Seller Reputations (India)
===> Off-Topic (India)
=> Italiano (Italian)
===> Guide (Italiano)
===> Progetti
===> Discussioni avanzate e sviluppo
===> Trading, analisi e speculazione
===> Mercato
=====> Mercato valute
=====> Beni
=====> Servizi
=====> Esercizi commerciali
=====> Hardware/Mining (Italiano)
=====> Gambling (Italiano)
===> Accuse scam/truffe
===> Mining (Italiano)
===> Alt-Currencies (Italiano)
=====> Annunci
===> Raduni/Meeting (Italiano)
===> Crittografia e decentralizzazione
===> Off-Topic (Italiano)
=> 日本語 (Japanese)
===> アルトコイン
=> Nederlands (Dutch)
===> Markt
===> Gokken/lotterijen
===> Mining (Nederlands)
===> Beurzen
===> Alt Coins (Nederlands)
===> Off-topic (Nederlands)
===> Meetings (Nederlands)
=> Nigeria (Naija)
===> Politics and society (Naija)
===> Off-topic (Naija)
=> 한국어 (Korean)
===> 대체코인 Alt Coins (한국어)
=> Pilipinas
===> Altcoins (Pilipinas)
=====> Altcoin Announcements (Pilipinas)
===> Pamilihan
===> Others (Pilipinas)
=> Polski
===> Tablica ogłoszeń
===> Alternatywne kryptowaluty
=====> Nowe kryptowaluty i tokeny
=====> Tablica ogłoszeń (altcoiny)
=> Português (Portuguese)
===> Primeiros Passos (Iniciantes)
===> Economia & Mercado
===> Mineração em Geral
===> Desenvolvimento & Discussões Técnicas
===> Criptomoedas Alternativas
===> Brasil
===> Portugal
=> Русский (Russian)
===> Новички
===> Бизнес
=====> Барахолка
=====> Обменники
===> Идеи
===> Кодеры
===> Майнеры
===> Политика
===> Трейдеры
===> Альтернативные криптовалюты
=====> Токены
=====> Бayнти и aиpдpoпы
===> Хайпы
===> Работа
===> Разное
===> Oбcyждeниe Bitcoin
=====> Новости
=====> Юристы
=> Română (Romanian)
===> Anunturi importante
===> Offtopic
===> Market
=====> Discutii Servicii
===> Minerit
===> Tutoriale
===> Bine ai venit!
===> Presa
===> Altcoins (Monede Alternative)
=====> Anunturi Monede Alternative
=> Skandinavisk
=> Türkçe (Turkish)
===> Bitcoin Haberleri
===> Pazar Alanı
===> Madencilik
===> Ekonomi
===> Servisler
=====> Fonlar
===> Proje Geliştirme
===> Alternatif Kripto-Paralar
=====> Madencilik (Alternatif Kripto-Paralar)
=====> Duyurular (Alternatif Kripto-Paralar)
===> Konu Dışı
===> Yeni Başlayanlar & Yardım
===> Buluşmalar
=> Other languages/locations
Loading...