Aramco oil Ian Timberlake/Getty Images

无底线的监管竞赛?

发自迪拜——围绕着沙特阿美石油公司(Saudi Aramco,世界上最大的石油公司,沙特国有企业)的上市计划, 全球各大证券交易所和金融市场监管机构展开了激烈竞争,纷纷绞尽脑汁为该企业的海外上市提供优惠政策,而英国金融市场行为管理局(Financial Conduct Authority)似乎已经屈服于这一压力了。

就在上个月,英国金融市场行为管理局发布了一项提案,放宽那些希望获得列入伦敦证券交易所高级上市板块资格的国有发行人的上市条件,而该板块属于伦交所的“黄金标准”板块,所受监管极为严格。虽然该提案仅作为技术性文件提出,但基于某些超出阿美石油公司之外的原因,其意义极为重大。事实上这意味着监管机构如今认为国有企业应该受到特殊的监管优待。

在其咨询文件中,金融市场行为管理局指出“主权所有者往往与私营部门个人或实体在动机和性质方面有所不同”。这是一个有效的假设——但也正是国有企业不应得到监管优待的原因。

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