如何建立一个好的资本价格发现机制?

香港——产权基础设施是界定、保护并执行产权规则和规范经济交易的制度体系。与产权基础设施相关的规章、法律、注册制度及行政司法体制历来都由各国政府负责。但随着世界各国经济联系日趋紧密,一个全球层面的产权基础设施体系也已经初具规模,并使得建立有效的国家层面的产权基础设施和准确的价格发现机制显得更加重要。

随着各国纷纷加入世贸组织等国际机构并采纳国际会计与监管标准 (例如《巴塞尔协定》,国际证监会组织制定的规则标准,以及国际法某些领域的规定),全球产权基础设施体系开始形成。在国家经济体和跨国企业之间彼此激烈争夺市场份额的国际环境下,制定全球统一的市场行为标准越来越有必要。

以智能手机行业为例,苹果、三星、索尼、诺基亚和华为等来自各国的企业为争夺全球市场份额激烈竞争。如果一个国家的国内产权基础设施不完善,其企业在全球市场的竞争力就会受到影响,这种企业层面的竞争会逐渐推动各国改善本国的产权基础设施。

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