MSCI首席執行官:中國資本市場開放將比想象的更快 | 財新時間

財新視頻2018-06-18 07:49:34


亨利·費爾南德茲表示,A股“入摩”是讓中國企業與海外資本互相熟悉、互相學習的第一步;回顧MSCI公司發展歷程,離開摩根士丹利是對雙方都最好的決定;建言中國金融市場改革,認為中國需建立現代化金融市場以匹配其經濟地位。



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編導:仇一

記者:王力為

嘉賓:MSCI首席執行官 亨利·費爾南德茲(Henry Fernandez)


2018年6月1日對於中國資本市場來說,是具有里程碑意義的一天。就在這一天,A股被正式納入MSCI新興市場指數。作為全球第二大股市,中國內地股市總市值約為8萬億美元,佔全球股市總市值的10%,國際投資者對配置中國股票的需求日益迫切。A股“入摩”,標誌著中國A股市場朝著國際化方向又邁出了重要一步。

MSCI是全球知名的指數編制公司,其推出的MSCI股價指數廣為投資人蔘考,是全球投資組合經理最常採用的基準指數。全球有超過13萬億美元的資金跟蹤MSCI指數,並做出投資決策。

就在A股納入MSCI前夕,MSCI首席執行官亨利·費爾南德茲在北京接受了《財新時間》的專訪。他表示,此輪A股“入摩”還只是象徵性的一步,是讓中國企業與海外資本互相熟悉、互相學習的第一步,為MSCI下一步將A股更大比例地納入打下基礎。


精彩速遞



王力為:

改革是中國時下的熱點話題。外部壓力似乎是激勵中國改革的一種有效方式,特別是在近幾年甚至近幾個月。你怎麼看這種外部影響對於推動中國改革的作用?

Reform is a parvenu topic in China; it seems that external pressure is a good way to spur reform in China, especially in recent years or months, how do you see this external influences? What actually to weigh big changes between China and the world?  


費爾南德茲:

在我看來,中國一直試圖在改革和維護國家社會、文化、政治、經濟、金融穩定之間尋求一種平衡,致力在全球保持穩定狀態。然而這就形成了一股張力。所以我會說,是的,中國和中國的官員們迴應了外部世界對於中國改革的呼聲,但更重要的是,中國內部要求改革的呼聲要遠遠大於外部,而這一話題很少被討論和理解,因為大多數媒體所報道的都是外界對於中國改革的需求和施加的壓力。但是從我個人的經歷出發,我認為中國內部對於改革的壓力和需求要遠遠大於外界。

In my view, you know China is always trying to balance, a reform on one hand, and stability, the stability of the country on the other hand, stability of socially, culturally, politically economically, financially, you know they're always you know aspiring for a stable in the world, so that's the tension, so I will say that yes, the country and the officials in the country respond to needs or drive for reform from the outside world, but I would say even more importantly, they respond to reform from inside the country much more than from the outside world, that is a topic that is not well covered, not well understood, because clearly what a lot of the media talks about is the needs or the pressure by the outside world, outside of the country, you know to China, but I would think and it's my experience that the internal pressures and the internal needs for reform are bigger than outside.


所以想一想金融市場,所有人都在談論外界對中國金融市場改革所施加的壓力,然而相比外部壓力,中國內部對於金融市場改革的需求更為重要,作為全球第二大經濟體,中國必須要擁有現代化的金融市場,包括銀行市場、股票市場、債券市場以及外匯市場,要具有自下而上,而非自上而下的資本配置能力。未來這一點將變得更加重要,因為中國致力發展的高科技、消費品、醫療保健、必需消費品等產業,都需要來自公私部門的資本配置,比如公開發行股票或公共債券,向國有銀行抵押房產貸款。所以我非常樂觀地認為中國資本市場的發展將比人們想象的更快,因為未來經濟發展對於金融市場的需求將遠遠多於過去。

So think about the financial markets, you know everyone talks about the rest of the world is putting pressure on China to reform the financial markets, it is more important the needs inside China to reform the financial markets than the outside forces, because China has the second largest economy of the world, cannot continue to be that without very modern financial markets, whether it's the banking market, or the you know the equity market, or the bond market or the foreign exchange market, you know that flexibility, that ability to allocate capital on a bottom-up basis, as opposed to top-down, now that is going to become even more important in the future, because many of the industries that China wants to promote, such as technology, consumer goods, you know healthcare, you know the consumer staples and like right, all of those industries are towers of allocation of capital from the private sector, from the public markets, you know publically traded equities or public bonds, then it is to estate on lending, you know by state-owned banks, so that's why I am very hopeful, I'm very optimistic that the capital markets of China will develop much more rapidly than people think, because the economy is gonna need those markets much more in the future that has needed them in the past.


王力為:

你一直強烈主張ESG投資。你要怎麼說服人們,未來ESG將成為企業發展的必要條件,而不只是一層粉飾?

You are very strong advocate on ESG. How do you persuade people that ESG is an essential requirement, not window dressing, going forward?


費爾南德茲:

ESG投資是當前關注機構長期可持續性大趨勢的一部分。隨著時間流逝,無論是政治、文化、宗教、經濟還是金融領域的機構,如果想要實現可持續發展,就需要對社會負責,意識到他們應該給社會帶來福祉,而非損害。

I think what happens is that ESG investing is part of a much bigger trend in the world, the sustainability of all of our institutions in overtime, whether is political, cultural, religious, economic, or financial institutions, the societies that we live in, are demanding that those institutions become accountable to do them, and understand the benefit that they're providing to society as opposed to harms that they're providing to society, and we see that all over. 


在投資行業,我們需要對我們的投資負責,知道它能給社會帶來怎樣的好處,是否會給環境、社會或企業治理造成損害。投資機構需要更加負責任。所以在我看來,這事關保證我們人類的生活方式,保證我們經濟體系的可持續性。如果我們的經濟和金融體系,特別是資本配置體系不能給社會帶來好處,不瞭解它們給社會造成的損害,那這種體系將不會長久。

We in the investment industry, we need to become more accountable to what are the benefits that investing is providing to society, what are the harms that are creating to society, whether is an environmental harm or a social harm or a governance harm, you know these institutions needs to be more accountable, so therefore you know in my mind, this is about the preservation of the way of life, and the preservation of the economic systems that we have built in the world, if we don't make the economic and financial system, particularly the capital allocation system accountable to the benefits of society, and understand the harm that they create, this system is not going last a long time.


在衡量ESG要素,比如社會政策、環境政策等方面,中國企業還處於初級階段。而這也是我們的工作所在——提供ESG評級,幫助人們理解企業哪裡做得好、哪裡做得不好,之後我們會把評級結果賣給投資者,幫助投資者理解投資這些公司的風險和收益。如果你投資的企業會造成嚴重的環境汙染,那就存在風險,最終會對企業自身造成損害。所以我們希望投資者瞭解這些信息,我們在投資者和尋求資金的企業之間形成紐帶,幫助投資者分析做決策所需的要素,這是能給股東和客戶帶來長遠利益的。

China is still early on, and the same thing Chinese companies are still early on in measuring the ESG factors in their companies, measuring and managing their social policies, their environmental policies and all of that, so this is how we come in, we come in and we provide ratings of companies for them to understand what they're doing well, what they're not doing well, we sell them these ratings to investors, so the investors understand what are the benefits of investing in that company, what are the risks that can come. so if you have a company that is heavily polluting the environment, that's a risk, that over time is gonna come back to be a detriment to that company, so we want investors to understand that, so we are in the nexus of that process between investors and the companies that are looking for capital, and providing the tools to analyze what are the factors in which investors should be making decisions on, and how are the companies being managed for their long-term benefits of their shareholders their clients.


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