減 A 股泡沫 H 股有可為

文章轉貼自： 經 濟 日報 dated 18 June 2007
文：Teric
專欄：中英聯合州社評

在內地股市泡沫要遏難遏，令中央頭痛之際，內地財金高官昨公開表示，〔合格境內機構投資者〕（QDII)　等有助收窄本港國企 H 股與內地 A 股差價，此反映中央正深思，若 H 股與 A 股價的相關性加強，可藉有國際投資者參與的 H 股，平抑內地封閉的 A 股市場的升壓力．

The presistently buoyant （上漲的） mainland stock market has become a
nagging problem to the central government. A mainland finance official  yesterday openly remarked that the Qualified Domestic Institutional  Investors Scheme (QDII) 〔合格境內機構投資者〕would help to narrow the
price differences between the Hong Kong-listed H shares and mainland-listed A shares of the mainland enterprises. It indicates that the central government is mulling over using H shares, which have international investor participation, to relieve the rising  pressure of the closed A share market.

本欄已多番論及，本港股市面向國際，股價更能反映企業在國際間的真正價值．中央應鼓勵內地企業在本港與內地均上市，能藉 H 股與 A 股差價，反映 A 股泡沫有多大．

As we have repeatedly pointed out, our stock market is open to international investors; the stock price of an enterprise listed here is a more accurate gauge of its real value in international standing. The central government should encourage mainland enterprises to seek listing here and in the mainland. The differential between the H shares and A shares is an indication of the magnitude of the A share bubble.

更進一步的是，若能建立 H 股與 A 股套戥機制，更可直接緩減內地股市泡沫．相信正因如此，中央昨公開論及收窄 H 股與 A 股差價問題，反映其在新形勢下，有更大意志克服技術困難．

In a further step, if an arbitrage mechanism (套戥機制) can be set up for the trading of H shares and A shares, it will help deflate the mainland stock market bubble. Probably because of it, the central government yesterday openly talked about the narrowing of the price differences between H shares and A shares. It shows that in this new situation, the central government is more resolved (有更大意志) in overcoming the technical obstacles.

中央的煩惱，正是香港的機會，若兩地建立更有效的套戥機制，那不單有助緩減
A 股瘋升，亦讓更多內地資金名於港股流通，強化港股深度．

The central government's woe (煩惱) is our opportunity. If a more effective arbitrage mechanism between the two places can be set up, it not only will help to slow down the unbridled rise of A shares, but also allow more mainland capital to come to Hong Kong stocks, enhancing the dynamic of our stock market.

nagging - 形容詞，〔令人煩惱不已的〕如：
He has a number of nagging worries.

他有許多牽腸掛肚的心事．

mull something over - 慣用語，〔仔細考慮某問題〕如：
I need a few days to mull things over before I decide if I'm taking the job.

我需要數天時間好好考慮，才決定是否接受那份工作．