中国证券交易所公司化改革及竞争法律研究

发布时间：2018-01-08 23:19

本文关键词：中国证券交易所公司化改革及竞争法律研究　出处：《华东政法大学》2012年硕士论文　论文类型：学位论文

【摘要】：随着中国经济的飞速发展，，中国金融市场也日新月异，展现出特有的活力。近年来随着国企改革的逐步深入，一大批中小型企业，民营公司也拓步发展，新股IPO数量及募集资金额度呈爆炸式增长，“上市”成了街头巷尾最热门的词汇。作为中国证券交易发行的基础平台——沪、深证券交易所为资金的募集，资本的流动起到了举足轻重的作用。但同时我们也看到我国证券交易所自身的法律性质与治理模式存在着巨大缺失，导致交易所垄断有余，竞争不足。相关法律空白，交易所无法履行相关职能，一大批优质企业选择海外上市，使得我国在资本争夺的国际大环境下处于明显劣势。而国际证券交易所的发展、变迁及相关法律制度建设也许能为我国金融法律的进步与完善带来一些启迪。而在我国，理论界和监管层实际上都已经意识到我国证券交易所存在的种种问题、种种弊端，并且也围绕着交易所的改革无论从经济上还是法律上都进行了一定的分析与研究。但这些研究将主要的焦点大多都集中在了分析交易所存在弊端的缘由，而对于我国证券交易所今后的发展方向、职能定位、法律法规上如何反映、以及公司制改革后与我国反垄断法是否冲突等问题上则涉及的不多。因此，本文以此为出发点，拟结合证券法、公司法对中国证券交易所的现状以及公司化改革做出可能性分析，并结合西方经济学、反垄断法及相关法律对公司化后垄断与竞争的关系做出深度剖析。本文除结语部分共分为四章。第一章为证券交易所产生的历史背景、治理模式以及发展趋势概述。简要的分析了世界证券交易所产生的时代背景、历史渊源，简要的对于世界上的两大主要交易所治理模式——会员制证券交易所、公司制证券交易所进行论述。并根据国际经验以及交易所内部的发展规律对于交易所的发展趋势进行了分析并做了合理的预测。第二章为公司制证券交易所应当成为我国证券交易所的改革方向。在本章，先对世界上两大主要的治理模式，公司制与会员制分别进行了深度的剖析。对于两者在交易特点、投票机制、激励机制以及投融资上做了深入的比较。接着对我国证券交易所的产生的历史背景、发展概况做了详尽的分析。并指出我国证券交易所在法律地位、产权归属、交易所独立性、职能定位、国际竞争力等方面的不足。最后结合国外实际经验以及发展趋势为公司制应成为我国交易所的改革方向找到合理依据。第三章为证券交易所在公司化改革后所面临的诸多法律问题以及解决方法。本章首先论述了我国对于公司化证券交易所应当做哪些法律准备，包括《证券法》如何进行改动以及其他相关法律如何进行调整等。其次分析了公司制证券交易所的股权如何进行分配、产权关系如何理顺。再次，公司制证券交易所的治理结构如何进行优化。最后，公司制交易所改革后如何安排市场监管权限，其中主要从证券交易所的自律监管以及中国证监会的政府管控分别加以研究，并探讨了改革后自律监管与政府管控的关系。第四章为交易所公司化后面对的垄断法律问题以及与反垄断法的冲突。本章首先从西方经济学的角度对于交易所所具有的两大特性——规模效应以及网络外部性进行分析，阐述证券交易所在市场条件下也会趋向于垄断地位及其合理性。分析了证券交易所的垄断地位在公司化改革后的处境，以及证券交易所公司制改革后所保留的市场主体地位是否与我国反垄断法相冲突。分析了公司制改革后交易所竞争的新思维。
[Abstract]:With the rapid development of economy China, China financial markets also change rapidly, showing the unique vitality. In recent years, with the gradual deepening of the reform of state-owned enterprises, a large number of small and medium enterprises, private companies have a further extension of development, and the number of IPO shares to raise the amount of funds exploded, "listed" into the streets and lanes of the hottest words. Shanghai - based distribution as the China stock exchange and Shenzhen Stock Exchange to raise funds, capital flows played a decisive role. But we also see the legal nature and governance mode of China's stock exchange itself there is a huge loss, leading to exchange more monopoly than the lack of competition. The relevant legal gaps, unable to exchange to perform the relevant functions, a large number of high-quality enterprises listed overseas, making China at a disadvantage in the international environment for the capital. And the international certificate The development, changes and relevant legal system construction of the voucher exchange may bring some enlightenment to the progress and perfection of our financial law.
But in our country, theorists and regulators actually have been aware of the problems existing in our country's stock exchange, drawbacks, and reform of the exchange from either economically or legally have carried out some analysis and research. But these studies were more concentrated on the analysis of exchange the disadvantages of the reason, the future development of China's stock exchange, function orientation, how to reflect the laws and regulations, and corporate reform and China's anti-monopoly law is the problem of conflict are rarely involved. Therefore, this article as a starting point, to the securities law, the company made a feasibility analysis Chinese law status of stock exchange and corporation reform, and the combination of western economics, make a profound analysis of the anti-monopoly law and related legal relationship of the company after the monopoly and competition.
The epilogue part is divided into four chapters. The first chapter is the historical background of the stock exchange, management mode and development trend overview. A brief analysis of the world stock exchange background, historical origin, brief for the two major exchanges in the world governance mode -- membership stock exchange, securities company exchanges are discussed. And according to the international experience and exchange development regularity of the internal development trend for the exchange is analyzed and made a reasonable prediction.
The second chapter is the system of company stock exchange should become the direction of reform of stock exchange in China. In this chapter, the first of the world's two major corporate governance model, and membership were conducted in-depth analysis. The voting mechanism both in the transaction characteristics, incentive mechanism and financing to do in-depth comparison of China's stock exchange. Then the historical background of the development, made a detailed analysis. And pointed out that China's stock exchanges in the legal status, property rights exchange, independence, function orientation, lack of international competitiveness and so on. Finally, the corporate system should be the direction of the reform of China's exchange to find a reasonable basis according to foreign experience and the trend of development.
The third chapter is the legal problems faced by the stock exchange after the company reform and solutions. This chapter first discusses the corporatization of stock exchanges in China what legal shouldprepare, including securities law and other relevant laws to make changes to adjust. Then analyzes the corporation stock exchange equity how to allocate, how to straighten out the relationship between property rights. Thirdly, corporate governance structure of the stock exchange to be optimized. Finally, how to arrange the market regulatory authority after the reform of the system of exchange company, mainly from the self-regulation of stock exchange and the SFC China governmentcontrol should also be studied, the relationship between self regulatory and government control of the reform. And to explore.
The fourth chapter is the conflict of legal issues of monopoly Exchange Company face and antitrust law. This chapter from the perspective of the western economics for the exchange has two characteristics: the scale effect and the network externality analysis, this stock exchange will tend to monopoly and its rationality in the market conditions. Analysis of securities exchange the monopoly position in the company after the reform of the situation, as well as the retained securities Exchange Company after system reform of market dominant position and whether China's anti-monopoly law conflict. Analysis of the new thinking of corporate reform exchange competition.

【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：D922.287;F832.51

【参考文献】