李小加:不會以停市應對市場波動
港交所(00388.HK)行政總裁李小加發表網誌,指由於新型肺炎疫情及宏觀經濟環境的影響,近期全球金融市場都經歷了過山車式的巨幅波動。面對這種前所未有的動盪,焦慮和恐慌不斷升溫,國際市場上甚至出現了一些呼籲關閉交易所市場以緩解下跌和恐慌的聲音。他指不同意這種觀點,交易所在市場動盪期不僅不能停市,反而比以往任何時候更應該維持市場公平、有序和高效的運作,因為越是這種時候,金融市場對於穩定經濟的作用就越是重要。
他指,交易所運作的金融市場是很多上市公司、市場參與者和投資者獲取資金的重要渠道,很多非常有潛力的企業都需要通過資本市場融資來支援未來的業務發展,尤其是在這樣的艱難時期,現金流對於企業的發展至關重要,是否成功上市說不定就決定著一家企業的生死和無數員工的飯碗。對於配置金融資產的企業或者散戶投資者來說也是如此,尤其是重倉持有的投資者,如果不能及時減倉兌現,說不定就會引起現金流危機,不能及時發工資或者還房貸。而且,有危就有機,金融市場的動盪,往往也為一些理性的投資者提供了低點配置金融資產的機會。
其次,金融市場亦有價格發現和風險管理的功能,每時每刻的市場波動恰好也是對不確定性的一種定價和釋放風險的過程。通過買賣雙方之間的透明博弈,金融市場可以引導資金流向最有效益的地方支援經濟發展。尤其是通過期貨、期權等衍生產品,市場參與者可以對沖或套利來管理波動風險。自由落體式的暴跌固然令人心驚膽跳,但是暫停市場交易不僅不能緩解這種恐慌或下跌,反而會加劇市場恐慌、積聚風險,待到市場重開時只會迎來更加猛烈的暴跌和恐慌,這一點在過去幾十年的國際資本市場上已經得到多次驗證。
他重申,因此,無論市場如何波動,作為交易所運營機構,都應該盡力保障市場的正常運轉。當前的首要任務是保障市場的正常運營,但這必須是在保障交易所員工和業界健康的前提下。港交所一直將員工和社區的安全放在首位。
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