Page 58 - NO.149銀行家雜誌

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Special Report

值得注意的是，不僅香港這個離岸金融 市的中資企業中，有幾家必須下市。在硬通
中心越來越仰賴中國內地，中國的金融機構 貨融資越來越難的狀況下，中國企業只能更

與企業也越來越仰賴香港以獲得海外資金。 仰賴香港。
在1997至2021年間，中國企業的離岸股權 值得一提的是，長年來中國企業在進行
融資有75%都在香港進行。這表示香港一直 股權融資時，也一直不把重心放在內地的證
是一個重要的融資地，人們普遍認為中國股 交所。中國為此設立了上海證交所科創板、
市波動太大，有時候還會面臨監理機關主動 北京證券交易所等，試圖吸引更多中資企業
干預股價波動的問題，想要融資最好還是去 進入國內股市；但在目前的熊市環境下，這
香港。 還得等一段時間才能看出成效。
另外，中國企業最近想要在香港以外的 即使中資企業想以債券來融資，香港也
地方獲得海外融資，也變得越來越難。美國 是最重要的離岸債券發行中心。近年來中國

證交會（S E C）規定中國企業必須公開帳務 國內債市快速成長，規模已 經 達 到 1 9 9 7 至
資料，並遵守其他規定，否則不准在美上 2021年間債券發行總金額的11%；相較之
市。證交會甚至威脅道，270家已經在美上 下，離岸債券成長有限，即使如此，它的角

equity financing. It shows Hong Kong has exchanges in Mainland China have remained
been a critical funding venue as the onshore less relevant than Hong Kong for Chinese
Chinese market has generally been perceived corporates' equity financing for years. The

as too volatile and sometimes faces regulatory establishment of new stock exchanges, such
restrictions to curb stock price volatility. as the Shanghai Stock Exchange Science and
More recently, the access of Chinese Technology Innovation Board, also known as the
entities to overseas financing beyond Hong STAR market, and the Beijing Stock Exchange,
Kong has become much harder. The US aimed to improve corporates' access to onshore
Securities and Exchange Commission (SEC) stock markets. However, it will take time to see
blocks new listings of Chinese companies results given the current bear market.
unless they share internal audit information, Hong Kong is also the most significant
among other requirements. If this were not offshore center for bond placement by Chinese

enough, the SEC threatened to delist several companies moving to bond financing. While offshore
of the 270 Chinese companies listed on the US issuance is limited in size due to the rapid growth of
stock exchanges. The much more limited access the onshore bond market, contributing 11% of total
to hard currency financing makes Hong Kong issuance between 1997 and 2021, offshore bond
even more critical for Mainland China. financing is tough to replace. The share of
The trend is even more the case as stock offshore bond issuance increased in 2014 and

58 台灣銀行家2022.5月號

1 5% JOEE