编者按 客观、见地、预见性。澳门汇《湾区沙龙》将致力 为您带来新观点、新信息的冲击波。 上期澳门汇《投资顾问》 …
上期澳门汇《投资顾问》专栏，讨论了 “ 证券 交易所落户澳门 ” 的话题，引来很多反响和争论(详 见今年 6 月期澳门汇《第五间证券交易所落户澳 门?》)。
澳门汇就此展开跟踪讨论，本期邀请来粤港澳 大湾区内的数位著名学者作为嘉宾，就澳门建设特 色金融中心、特别是探讨证券市场的发展定位，做 深度对话，以飨读者。
陈凤翔博士，香港城市大学香港持续发展研究中心 国际及专业顾问 陈广汉教授，中山大学港澳珠三角研究中心 黄贵海博士，澳门理工学院管理科学高等学校校长 沈云樵副教授，澳门科技大学法学院
上期我们谈到，《粤港澳大湾区发展规划纲要》提出 “ 研究在澳门建立以人民币计价结算的证券市 场 ”，澳门也对此展开可行性研究，根据国家对大湾区的 战略部署作整体性安排。
本期《湾区沙龙》邀请来粤港澳大湾区内多位著名的 学者嘉宾，高朋满座，就澳门发展证券交易市场的展望， 和澳门建设特色金融中心的定位，各抒己见。
Q: 澳门建设以人民币计价结算的证券交易市场，类 如证券交易所等，各位认为，是否有这种可行性?
黄贵海 :这是有远见的设想。在中央政府的支持下， 澳门展开深入研究、谋定而后动，利用后发优势建立完善 的证券交易法律制度、先进的交易技术平台，与香港、上海、 深圳等交易所错位发展，可以建立起吸引众多投资者的证 券交易市场和特色金融产业。一旦实现，将有利于探索人 民币进一步国际化、有利于打造境外人民币结算计价的金 融中心。
陈凤翔 :我并不认为区域内需要多一个证券交易所。 国际证券市场的成功，是需要一系列的要素健全，澳门需 要有清晰的自我定位和认知。毕竟境内外资金是会以行动 表达他们的话语权。我认为澳门可以考虑做股权交易中心， 以作为发展证券市场的首阶段过渡安排。
陈广汉 :沪深港交易所是世界十大证券交易所之列， 香港也正在做人民币离岸金融枢纽。香港和澳门可考虑在 金融市场连成一体，共同发挥作用，又各有分工和侧重。
建议澳门证券市场的建立和发展分 两步走。第一步，建立完善澳门债券市 场。根据 2018 年 11 月 16 日新闻，金管 局发布统计显示，澳门居民(包括个人、 政府及其他法人，但不含澳门特别行政区 的外汇储备)持有由境外无关联实体发行 的证券投资，以当天市值计算为 6939 亿 元，与去年同期比较升 19.1%。也就是说， 澳门居民的投资能力是相当不错的，透过 建立澳门证券交易所，可以吸引部分澳门 居民投资回流;第二步，透过修改澳门《商 法典》，或者制定专门的证券法律，开始 尝试发行和交易股票，丰富证券市场投资种类。
Q: 那么，澳门的现行法律状况如何，离设立这样的 证券交易所有多远?
沈云樵 :全世界的证券交易所都是以发行、交易债 券和股票为主，一般需要制定单行的证券法、证券交易法 等专门法律。澳门现行的金融法制，主要规定在澳门《商 法典》和第 32/93/M 号法令《金融体系法律制度》等法律 中，侧重于公司、银行、保险、债券等，《商法典》第四 卷即为 “ 债权证券 ”，《金融体系法律制度》第三条规定了 “ 债券之发行 ”，因此，在澳门发行债券没有任何法律障 碍。澳门的金融法制中，虽然有对于有价证券的规定，但 是需要作出限缩解释，并不包括股票在内，由于历史的原 因，涉及股票公开发行与交易的法律制度在澳门完全付之 阙如。我们知道，建立一个只是涉及债券交易的证券市场 会相对容易一些，如果涉及股票的交易，准备工作就要复 杂得多，包括需要制定证券法相关的法律。由于澳门《商 法典》规定了公司、保险、债券等传统内容，也可透过修 法，即在《商法典》中增加证券法条文，俾使《商法典》 内容更臻于完善。但是，澳门《商法典》体系庞杂，从立 法、修法成本来说，制定单行的澳门《证券法》是最为合适的路径。
Q: 对于澳门寻求证券交易市场发展，各位都以不同的视角发表了真知灼见。那么大家认为澳门应该 如何找到合适自身的定位，以发挥市场正向效应?
陈凤翔 :建议澳门可考虑建立一个成功的国际认可的 股权交易中心，其中应首先考虑到如何保障投资者，让投 资者有信心。这方面过往的失败教训不乏其例。保障元素 应包括 :(一)建立合理清晰的管理指引，对公司行为、资 金使用，做到切实监管。二，公司运作参考上市公司做法， 接受专业人士监管，定期披露信息，保持运作的高透明度 等。
黄贵海 :证券交易所可行的关键是错位发展。香港、 上海、深圳交易所已有的产品，澳门可以不参与。比如澳门可以借鉴芝加哥期权交易所(CBOE)，开发美股、欧洲 股指期权、无实物交割的股指期货产品，利用人民币结算 计价、时区差等特点，完全有可能形成与其他交易所错位 发展、具吸引力的证券市场和特殊金融产业。
我认为，澳门证券市场从零起步的前提是，只要中央 政府支持、比如允许国内符合条件的投资者和境外资金投 资，市场是有的。从零起步，更易学习和实施先进的市场 体系和政策法律配套，没有旧技术兼容的包袱。
Q: 澳门发展证券交易市场，将与香港、上海、深圳 各自形成何种定位互补关系?对于发展证券交易市场的愿景有何展望? 陈凤翔:香港成功的项目，包括证券交易所、银行同业中心、外汇市场、债券市场等这些都做得很好，澳门不 必抢做。但股权交易中心方面，澳门是有可为，一方面国 际法例大家接受，国际投资者较易有信心，同时也可以借 助香港的成熟专业性管理力量，如会计、法律界等。澳门 可以藉股权交易中心平台，推行跨境业务，建设具特色的 金融中心，对接受境外融资强化监管及制度建设都有实践 意义。
陈广汉 :希望在大湾区发展框架下，将湾区作为整体 经济来考虑，而不是各自为政。澳门发展证券市场的定位， 应明确与国内和香港资本市场错位发展。我十分赞成在发 挥出澳门独特角色的前提下，发展澳门特色的金融市场， 将有利于人民币在境外直接投资走出去，提升人民币的国 际使用，这是我们翘首以待的。
沈云樵 :澳门打造中国 — 葡语国家金融服务平台，建 设成为葡语国家人民币结算中心，因此，吸引葡语国家企 业和资本到未来的澳门证券交易所上市，将是澳门证券交 易所的重要历史使命。
黄贵海:澳门发展证券市场，要错位发展，充分利用 后发优势和中央政府的支持，如此完全有可能建立起一个 吸引众多投资者、创造具吸引力的就业机会和税收的证券 市场和特色金融产业。
Objective and insightful, we launched this Greater Bay Area Salon column to focus on new ideas and information in the world of finance.
In our June issue, we discussed the idea of establishing a stock exchange in Macau. This has recently aroused much speculation and debate in Macau society (see our website “Room For Another Stock Exchange?”).
For this issue, we hosted follow-up discussions on the topic, inviting several well-known scholars from institutes within the Greater Bay Area to present and exchange ideas. Their in-depth dialogue was focused on the creation of a special kind of financial exchange in Macau, and especially on the potential for the development of a new kind of securities market here.
GUESTS FOR THIS ISSUE
(listed Chinese surname rather than by rank)
Dr. Wilson Chan, International and Professional Adviser at Research Center for Sustainable Hong Kong, City University of Hong Kong Professor Cheng Guanghan, The Center for Studies of Hong Kong, Macao and Pearl River Delta, Sun Yat-Sen University Dr. Huang Guihai, Director of Macau Polytechnic Institute School of Business
Shen Yunqiao, Associate Professor at Macau University of Science and Technology Faculty of Law
Grace Geng, Editor-in-Chief of Macau Inc.
(The views of the guests do not represent the position of the magazine)
As we discussed in the last issue, the Outline for the Development Planning of Guangdong-Hong Kong-Macau Greater Bay Area proposes to “explore the possibility of setting up an RMB- denominated stock market in Macau”. For this purpose, Macau has carried out a feasibility study and will make an overall arrangement according to the State’s strategic deployment for the Greater Bay Area.
In this issue, MI’s Greater Bay Area Salon column invited a number of renowned scholars within Guangdong-Hong Kong- Macau Greater Bay Area to share their views on the prospect of developing a stock market in Macau and the orientation of Macau as a financial center with its own characteristics.
Q: As we all know, Macau plans to set up an RMB- based securities trading market, such as a stock exchange. What do you think of its feasibility?
Huang Guihai: This is quite a far-sighted plan. With the support from the central government of China, Macau is car- rying out in-depth study about this vision before making any decisions. It can make use of its late-mover advantage to estab- lish complete and sound securities trading laws & systems and advanced trading technology platforms to seek differentiated development compared with established stock exchanges in Hong Kong, Shanghai and Shenzhen. In this way, Macau will be in a position to build a security exchange market and a financial industry with its own characteristics to attract more investors. Once this vision is achieved, it will be conducive to exploring the further internationalization of RMB and will help build an off- shore RMB-based financial center.
Wilson Chan: I do not think that Greater Bay Area needs another stock exchange. The success of international securities markets depends on the availability of a series of elements, and Macau needs to have a clear self-positioning and awareness. After all, domestic and foreign capital will express their right to speak with their actions. In my opinion, Macau may consider set- ting up an equity trading center as a transitional arrangement in the first stage of developing stock market.
Chen Guanghan: Shanghai Stock Exchange, Shenzhen Stock Exchange and Hong Kong Stock Exchange are listed in the world’s top ten stock exchanges, wherein, Hong Kong is building itself into an offshore RMB financial hub. Hong Kong and Macau may consider uniting them together in financial market to play a joint role while having their own positionings and focuses respectively.
Shen Yunqiao: Compared with other stock exchanges within the area, to set up an RMB-based stock exchange in Macau is a pio- neering move and is at least worthy of study in the scope of law.
My advice is that to set up and develop Macau’s stock market can be done in two steps. The first step is to set up and perfect Macau’s bond market. According to the news on November 16, 2018, the statistics disclosed by Macau’s Monetary Authority showed that, Macau residents (including foreign exchange held by individuals, governments and other legal enti- ties, but excluding the foreign exchange reserve held by Macau Special Administrative Region) held portfolio investment issued by overseas unrelated entities amounting to RMB693.9bn (cal- culated based on the market capitalization on the same day), up 19.1% YoY. That is to say, the residents of Macau have rather strong investment capability. If a stock market is set up in Macau, it can attract residents to divert their investment back to Macau. The second step is to amend Macau’s Commercial Code, or enact special security laws, in an attempt to issue and trade stocks and enrich the investment categories of Macau’s security market.
Q So, what is the status of Macau’s current legal systems? How far shall we go to set up such a stock exchange?
Shen Yunqiao: All stock exchanges around the world
are mainly engaged in issuing and trading bonds and shares. Generally, separate security law, security exchange law and other special laws should be developed. Macau’s current finan- cial legal system is mainly found in the Commercial Code and No. 32/93/ M Decree – Legal Framework of the Financial System and other laws, focusing on corporation, bank, insurance, bonds, etc. The 4th volume of Commercial Code is about “debt securi- ties”, and the Section 3 of the Legal Framework of the Financial System provides for the “issuance of bonds”. Therefore, there is no legal obstacle for issuing bonds in Macau. Although there are provisions for negotiable securities in the financial laws of Macau, they need to be narrowly interpreted to exclude stocks. Due to historical reasons, there is no legal system involving issuing and trading stocks in Macau. As we all know, it is easier to set up a market just involving bond trading. If it involves stock trading, the preparatory work is much more complex, including developing laws related to securities. Since Macau’s Commercial Code provides traditional content about corporation, insurance, bonds, etc., it can be amended to include provisions about secu- rities so as to perfect the Commercial Code. However, Macau’s Commercial Code has a rather complex system. When it comes to the cost of lawmaking and amending, the best way is to develop separate Securities Law for Macau.
Q For Macau’s vision of developing stock market, : you have expressed your insights from different perspectives. So, how do you think Macau can find a right positioning suitable for itself, so as to create a positive market effect?
Wilson Chan: My proposal is that Macau should set up an internationally recognized equity trading center. And the fore- most consideration of the center is how to protect investors and reassure them. In this respect, there are actually some failed cases. The protection elements should include:(a), establishing reasonable & clear management guidelines to effectively super- vise the behaviors and fund use of companies; (b), companies should operate by referring to practices of listed companies, be subject to the supervision of professionals, regularly disclose information and maintain high transparency of operation.
Huang Guihai: The key to the feasibility of setting up a stock exchange is to seek differentiated development. The stock exchanges in Hong Kong, Shanghai and Shenzhen do have their own products, and Macau may not participate in such products.
For example, Macau can learn from the Chicago Board Options Exchange (CBOE) to develop US stock/European stock index options and stock index futures without physical delivery. By making use of pricing with RMB-based settlement and time zone differences, it is very likely to develop an attractive stock market and special financial industry with differentiated development compared with other stock exchanges.
I think that, the premise for Macau’s stock market starting from scratch is that, as long as the central government supports it, for example, when eligible domestic investors and overseas funds are allowed to invest in it, the market does exist. If the stock market starts from scratch, it is much easier to learn from and implement advanced market systems and supporting policies & laws and it has no burden of compatibility with old technologies.
Q: If Macau develops a stock market, what kind of : complementary positioning relationship will be formed with Hong Kong, Shanghai and Shenzhen? What are your outlooks for the vision of developing the stock market in Macau?
Wilson Chan: For the successful projects in Hong Kong, including stock exchange, interbank center, foreign exchange market, bond market and so on, Macau need not rush to do them, because Hong Kong has done them very well. However, Macau can do something in terms of equity trading center. On the one hand, the international laws are well accepted and international investors have confidence in it; on the other hand, Macau can make use of Hong Kong’s mature management force like accoun- tants, legal professionals, etc. Moreover, Macau can launch cross border business via the equity trading center and build financial center with characteristics, which is of practical signifi- cance to accept intensified supervision of overseas financing and to build systems.
Chen Guanghan: I hope that, the Greater Bay Area can be considered as a whole rather than fragmented under the development framework of the area. Macao’s positioning of developing a stock market shall be clearly differentiated from the mainland’s capital markets and Hong Kong’s capital market. I quite agree that, under the premise of giving play to the unique role of Macau, it can develop a financial market with its own characteristics, which will help RMB to go global directly by investing overseas and increase international use of RMB. This is what we are eagerly waiting for.
Shen Yunqiao: Macau is building the China – Portuguese- speaking Countries Finance Service Platform and aims to build itself into a RMB-based settlement center for Portuguese- speaking countries. As a result, to attract enterprises and capital from Portuguese-speaking countries to be listed in the stock market of Macau will be an important historical mission of Macau’s stock exchange.
Huang Guihai: When Macau develops stock market, it needs to seek differentiated development and fully make use of late- mover advantage and the support of the central government. In this way it is quite possible to build a stock market and char- acteristic financial industry in Macau to attract many investors, create attractive job opportunities and generate tax revenue.