粤港澳资本市场开放的监管机制与发展差异研究

A Study of Deregulation of Capital Markets and Development Gaps in the Guangdong-Hong Kong-Macao Bay

内地与港澳深度合作示范区是粤港澳大湾区建设五个战略定位之一,资本市场合作必是重头戏。金融发展指标和产品交易数据测算表明,香港股票市场的许多金融指标在全球居领先地位,但内地股票市场有着明显的后发优势,深度合作前景极其广阔。因此,统一监管、培养机构投资者、开发新产品和设立联合衍生品交易所,应是内地与香港资本市场合作的重要着力点。由此建议,香港可借力大湾区合作进入和开发内地巨大的客户市场,以进一步巩固和提升其国际金融中心地位;内地可通过区域合作向国际金融高标准接轨,以建立高质量的国际化资本市场。

Most recently,the State Council has presented the five strategies for the development of the Guangdong-Hong Kong-Macao Bay,one of which is about the in-depth cooperation among China's Mainland,Hong Kong and Macao,with capital market integration being a high priority. This paper examines the status quo of the capital market links,and proceeds to measure gaps in capital market development in terms of financial development indicators and market indicators. The results show that Hong Kong leads the world in many indicators while China's Mainland enjoys some late-mover advantages,and that the prospect for such integration will be quite promising. Such cooperation will yield a mutually beneficial and win-win situation for all players,in which the mainland stock markets will connect high international standards to transform them into a quality international market,and Hong Kong market will have access to the potential huge customer market. Uniform regulation,fostering of institutional investors,joint development of new trading products and establishment of a derivatives exchange will be key driving forces.