【专访】李寿双：建议设置澳门股票交易所，助中小企业境外融资 | 前瞻十五五⑳

Group 1 - The core viewpoint of the article emphasizes the need to enhance the inclusiveness and adaptability of the capital market, ensuring it serves both the real economy and investors effectively [1][8] - The article discusses the importance of establishing rules that favor high-quality listed companies for refinancing while also implementing mechanisms to delist poor-performing companies [1][9] - It highlights the necessity of a legal environment that fosters confidence among market participants, which is crucial for the capital market to operate based on the rule of law [1][10] Group 2 - The article points out that the current capital market system has been overly focused on financing functions, neglecting investment functions, leading to a lack of investor satisfaction [8][9] - It mentions that since 2020, over 1,500 new companies have been listed, with financing amounts ranking first globally in 2022 and 2023, yet stock market indices have remained low, indicating an imbalance in investment and financing functions [8][9] - The article suggests that the establishment of a stock exchange in Macau could provide an alternative for companies unable to meet Hong Kong's listing requirements, thus enhancing the multi-tiered capital market system [5][12] Group 3 - The article discusses the need for a robust legal framework to support direct financing, which is seen as more beneficial for promoting innovation compared to indirect financing [10][11] - It emphasizes the importance of continuous reforms in capital market regulations, such as the shift from strict approval systems to more flexible registration systems for new stock issuances [6][7] - The article also notes that the regulatory environment has become more stringent, with a focus on combating illegal activities in the securities market to ensure a healthy market ecosystem [15][16]