惠譽:中國龍頭證券公司將受益於股票發行註冊制
評級機構惠譽指,中國擴大股票發行註冊制覆蓋範圍將有助提高中國資本市場的廣度和深度,並改善中國證券公司的營運環境。由於龍頭證券公司的IPO定價和承銷風險管理能力更強,上市規則的擬議變更或將鞏固這些公司的市場領導地位,進而提升證券行業的整合度。
惠譽預期,註冊制將簡化中國公司的上市流程,降低上市門檻,這是中國資本市場改革的一部分,將有助提升資本效率,並進一步推進市場機制。更深厚、更高效的資本市場將支撐中國股票市場持續擴張,吸引中國企業在境內市場而非海外市場上市,尤其是在地緣政治緊張局勢持續加劇的情況下。這將提振中國證券公司投資銀行業務的需求。
惠譽認為,這些改革措施將對中國資本市場的長期發展產生積極影響。全面推行股票發行註冊制將有助於改善企業的直接融資渠道。此外,更高的市場透明度和更完善的交易規則將助力健全中國資本市場結構。資本市場結構持續大幅改善或將使惠譽上調對中國證券業營運環境的評估結果,進而對證券公司的獨立信用狀況產生正面影響。
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