新西兰启动资本市场改革第二阶段咨询 助力经济增长与企业融资
编辑部｜新西兰华人每日资讯网
新西兰商务与消费者事务部长Cameron Brewer宣布，政府正式就资本市场改革（Capital Market Reforms）第二阶段方案公开征求意见，旨在进一步降低新西兰企业融资成本，提高资本市场效率，并为普通投资者带来更好的投资回报。
Brewer表示：
“推动经济增长是本届政府的首要任务，而一个深度发展、具有竞争力且值得信赖的资本市场，是实现这一目标的重要基础。”
降低融资成本 激发企业成长
Brewer指出，此次改革的核心目标只有一个：
降低资本成本（Cost of Capital）。
他说：
“如果一家新西兰企业融资成本过高，许多优秀的商业创意就无法获得资金支持，本应扩大经营的企业也会停滞不前。我们的任务就是降低融资成本，让企业在新西兰融资变得更加容易、更加便宜，同时让投资者获得更好的投资回报。”
他表示，当资本市场运作更加高效时：
企业更容易获得发展资金；
创新创业更容易实现；
数百万参加KiwiSaver退休储蓄计划的新西兰人，也将从投资收益提升中受益。
第二阶段改革进一步推进资本市场现代化
Brewer表示，这是政府资本市场改革的第二阶段。
去年，政府已推出一系列改革措施，包括：
降低企业合规成本；
减少行政监管负担（Red Tape）；
消除企业在新西兰证券交易所（NZX）上市的障碍；
将上市企业提供未来财务预测（Forward-looking Financial Information）改为自愿披露；
同意将强制气候信息披露（Mandatory Climate Reporting）的市值门槛提高至10亿纽元。
他说：
“现在，我们希望进一步推进改革，使资本市场监管制度能够适应快速发展的创新环境，减少企业融资过程中的成本和障碍，增强新西兰在国际上的竞争力。”
八项重点改革内容公开征求意见
此次咨询文件共提出八项改革建议，重点包括：
- 产品披露声明（Product Disclosure Statements）制度；
- 董事及发行人责任制度（Director and Issuer Liability）；
- Catalist市场规则；
- 非上市证券交易所（Unlisted Securities Exchange）审计要求；
- 股权众筹（Crowdfunding）及点对点借贷（Peer-to-Peer Lending）融资额度限制；
- 专业投资者（Wholesale Investor）认定规则；
- 审计机构责任制度（Auditor Liability）；
- 经纪商业务规则及投资产品信息透明度。
Brewer表示：
“这些都是务实且具有针对性的改革。我们希望听取企业、基金管理人、投资者、金融顾问以及所有资本市场参与者的意见，了解现行制度在哪些方面阻碍了市场发展。”
六周公开咨询 即日起开始
政府希望通过此次改革，使资本市场更具活力，为企业提供成长所需资金。
Brewer表示：
“无论是一家车库创业公司，还是参与全球竞争的大型企业，都应该能够获得成长所需的资本支持。”
他鼓励社会各界通过商业、创新与就业部（MBIE）网站提交意见。
本次公开咨询即日起启动，为期六周，将于2026年8月25日（星期二）截止。
公众可阅读咨询文件并提交意见，以协助政府完善资本市场改革方案。
政策解读
此次资本市场改革是国家党政府推动经济增长战略的重要组成部分，其目标不仅是降低企业融资成本，也希望吸引更多国内外资本进入新西兰市场，提高金融市场竞争力。
如果改革顺利实施，预计将：
降低企业上市和融资成本；
鼓励更多创新企业留在新西兰发展；
提高KiwiSaver等长期投资基金的投资机会；
增强新西兰资本市场的国际吸引力；
为经济增长和就业创造更有利的融资环境。
The Government is seeking feedback on the next phase of its capital market reforms, aiming to lower the cost of raising money for Kiwi businesses and deliver stronger returns for everyday investors, says Commerce and Consumer Affairs Minister Cameron Brewer.
“Economic growth is this Government’s central priority, and deep, competitive and trusted capital markets are central to that ambition,” Mr Brewer says.
“It comes down to one thing: the cost of capital. When it costs too much for a Kiwi business to raise money, good ideas go unfunded and businesses that should be expanding stay stuck. Our job is to bring that cost down, to make raising money here easier and cheaper, and to make investing here more rewarding.
“When our capital markets work well, everyone benefits. Businesses can raise the money they need to take the next step, and the millions of Kiwis with KiwiSaver see it in stronger returns on their savings.
“This is the second phase of our reforms. Last year we made a series of common-sense changes to cut compliance costs, reduce red tape, and remove barriers to listing on the NZX. We made forward-looking financial information optional for NZX listings and have agreed to lift the mandatory climate reporting threshold to $1 billion in market capitalisation.
“Now we’re going further. We’ve released a discussion document seeking feedback on how to modernise the rules that govern our capital markets, so they keep pace with rapid innovation and cut the costs and barriers that hold businesses back. We want New Zealand to be globally competitive.
“That includes eight targeted proposals for change, all aimed at lowering the cost of capital and removing barriers to raising it, while keeping the investor protections that give people the confidence to put their money to work.”
The eight areas open for feedback are: product disclosure statements, director and issuer liability, Catalist market settings, Unlisted Securities Exchange audit requirements, crowdfunding and peer-to-peer lending limits, wholesale investor settings, auditor liability, and broker activity and visibility of offers.
“These are sensible, targeted changes and a great next step. We want to hear from businesses, fund managers, investors, financial advisers, and everyone with a stake in these markets about where the rules are getting in the way,” Mr Brewer says.
“Your ideas will help make sure our markets are dynamic and built to deliver the capital our businesses need to grow, from a start-up in a garage to a company competing on the world stage. I encourage anyone with an interest to have their say through MBIE’s website at https://www.mbie.govt.nz/have-your-say/consultation-on-capital-markets-reform.
“We’re fixing the basics and building the future, so the businesses and investors who drive a stronger economy have the markets they need to back themselves,” Mr Brewer says.
Notes to editor:
A discussion document released today seeks feedback on both the overall direction of reform and eight specific areas where change could make a difference:
Product disclosure statements
Director and issuer liability
Catalist market settings
Unlisted Securities Exchange audit requirements
Crowdfunding and peer-to-peer lending limits
Wholesale investor settings
Auditor liability
Broker activity and visibility of offers
The consultation opens today and runs for six weeks, closing on Tuesday 25 August 2026. To read the discussion document and have your say, visit the Ministry of Business, Innovation and Employment’s website: https://www.mbie.govt.nz/have-your-say/consultation-on-capital-markets-reform.
