媒体报导

WSJ talked about the current trend of corporate dictatorships, where companies are run by founder-chief executives who hold on to special voting shares or run boards as their own personal fief. The article highlights a study by Prof. Roni Michaely of the University of Hong Kong, Hyunseob Kim of the Chicago Federal Reserve, and Doron Levit of University of Washington, which found that the benefits of a benign corporate dictatorship wane over time. The research, which examined 920 companies with both voting and non-voting shares, revealed an intriguing pattern. During the initial years following an IPO, companies with founder control tended to perform on par with their more democratically governed counterparts. However, after a decade or so, a significant premium emerged for shares with full voting rights. The article argues that granting full voting rights to all stakeholders is still the best form of governance for companies in the long run.

现时经济增长和土地供应量不足，带动住屋需求和长远楼价升势，但由于中美的地缘政治、内地游客消费模式改变，以及来自粤港澳大湾区竞争日益激烈，令写字楼和零售店铺的空置率均录得高水平。香港经济发展应何去何从？

现时经济增长和土地供应量不足，带动住屋需求和长远楼价升势，但由于中美的地缘政治、内地游客消费模式改变，以及来自粤港澳大湾区竞争日益激烈，令写字楼和零售店铺的空置率均录得高水平。香港经济发展应何去何从？

港大经管学院早前公布2024年第三季本港经济的预测，对于略显低迷的消费气氛，港大经管学院副院长及亚洲环球研究所总监邓希炜教授，于接受Now新闻的访问时指出，投资和消费信心是关键。「受财富效应影响，由于短期内股市和楼市状况形成负面的财富效应，市民投资和消费的信心自然不高，长远而言要视乎政府三年内的经济转型政策，提供新的经济增长点。」

One of the indicators of whether a city can be considered as an international metropolis is perhaps the English proficiency of its residents. According to the EF English Proficiency Index report in 2023, Hong Kong ranked fourth among 23 countries and regions in Asia. However, there are two examples of different attitudes towards English in developed areas of Asia.

The shrinking salaries of China’s financial professionals have made the jobs in this sector losing lustre. Prof. Zhiwu Chen, Chair Professor of Finance at HKU Business School, commented that such pay cuts may drive away skilled financial professionals, and depress supply of risk capital and other financial services. He said, “[Over time], tech start-ups and the real economy will also suffer if there is fewer risk capital and financial products to support them.” China’s financial industry used to be providing generous salaries to bankers and financial brokers in a push to incentivise performance and internationalise operations. Prof. Chen said that a market-oriented way is better than top-down directives to decide compensation for financial professionals. “China needs to loosen regulations, increase competition to drive down the price of financial services [to benefit people and businesses],” he said.

Hong Kong is winning back wealthy people thanks to the city’s policy initiatives including tax concessions, top talent visa and residency programs, and the establishment of Family Office Hong Kong. Hong Kong’s assets under management grew 2.1% to HK$31 trillion (US$4 trillion) in 2023. Driven by a strong performance of private banking and wealth management, net fund inflows jumped more than 3 times to nearly HK$390 billion last year. While Singapore stepped up efforts to combat money laundering, it has seen a major shift from the pandemic years since Hong Kong relaxed the quarantine rules and reopened the border with efficient transportation to mainland China cities. Prof. Zhiwu Chen, Chair Professor of Finance at HKU Business School, said the mainland billionaires’ enthusiasm for setting up family office business in Singapore has waned, as they prefer less government checks to their personal wealth. “If Singapore would do as many checks and tighter regulations as the mainland, then why would they want to go there?” Prof. Chen said.

Investment bankers at China International Capital Corp. are pledging their loyalty to the Chinese Communist Party amid reshaped the business and cultural landscape in China. Prof. Zhiwu Chen, a chair professor in finance at HKU Business School, said, “There has been a political redefinition of finance.” He added, “The future of CICC is that there’s no more CICC in a few years’ time”.

A股上市公司逐渐形成现金分红的氛围，相关监管和税务政策亦成为投资者关注的议题。近年，中国证监会发布了多项措施，强化对上市公司现金分红的监管，并推动上市公司提高分红比率，这体现了监管者致力保障个人投资者利益。