中国证券交易制度的设计与变革研究

发布时间：2018-01-03 02:26

本文关键词：中国证券交易制度的设计与变革研究　出处：《华东师范大学》2013年博士论文　论文类型：学位论文

【摘要】：资本市场的功能实现,很大程度上依赖证券交易活动,相应地,证券交易制度始终是证券市场的关键制度之一。证券交易所历来是证券交易制度设计与变革的核心,在经济发展和竞争进入全球化时代的今天,证券交易制度的优劣在很大程度上决定了各个证券市场的竞争优势。20世纪90年代以来,证券交易制度的研究已经成为现代金融学和制度经济学的重要领域。因此,证券交易制度的设计与变革研究不但是中国证券市场研究的核心课题,更是中国如何建设一个与世界第二大经济体相匹配的强大的证券市场必须回答的紧迫课题。本文在研究方法上综合采用了形式逻辑、数理模型、几何分析、计量分析、比较制度分析、博弈论、行为金融学分析方法、法经济学分析方法等多种研究分析工具。本文试图通过对大量第一手资料的比较分析,由此来分析和验证国内外证券交易制度设计与变革的关键因素、演变过程和发展趋势,从中抽象出具有一般意义的经济理论,从而逐步建立一个中国证券交易制度设计与变革的整体研究框架。世界各地的证券交易所无论其规模大小和业务多少,其核心功能始终是证券交易,证券交易制度也因此成为证券交易所的核心制度。世界证券市场200多年的发展历史表明证券交易制度的发展有其内在规律,无论哪个市场在设计与变革证券交易制度时都必须认识规律、尊重规律,顺势而为。现行的中国证券交易制度适应封闭条件下新兴加转轨时期的中国资本市场,但不适应人民币国际化时代的全面开放和走向成熟的中国资本市场。证券交易所在组织证券交易的能力上与国际一流交易所存在着明显的差距,已经成为中国证券市场的致命弱点之一。为此,本文采取统分结合的方式,对中国证券交易制度的设计与变革进行系统研究,逐一分析证券交易制度怎么做的、现在怎么样、谁来变、将来怎么变等重大问题。本文首先专题研究海外市场证券交易制度的具体实践,回答全球证券交易制度到底是“怎么做的”。交易制度是为交易业务服务的,因此服从于业务发展,受制于实现模式。考察证券交易制度发展演变的历史,可以发现两条主线：一是交易机制,二是交易组织体系。交易机制旨在解决使用什么交易方式去交易证券,以及如何控制交易进程的问题。交易组织体系旨在解决证券与机制的搭配问题和市场定位问题。不同的证券市场在其发展演变的过程中分别形成了复杂型和简单型的交易组织体系。本文比较研究了海外主要证券交易所的具体实践,专门分析证券交易所交易组织体系的范例、成因及发展趋势,并以上海证券交易所为例重点剖析证券交易业务的基本类型、创新策略与发展趋势。其次,本文把中国证券交易制度放在国际视野中进行比较分析,回答中国证券交易制度“现在怎么样”。如何客观地评估一个市场证券交易制度是证券交易制度设计与变革需要解决的首要问题。本文从横向的国际比较与纵向的历史分析两方面来回答这一问题。一是根据证券交易制度设计的目标与原则,建立了证券交易制度评价指标体系,从横向上基于国际视野对我国市场证券交易制度的现状进行评估。二是从纵向角度,通过建立证券交易制度效率指数,为计算分析不同历史时期同一证券市场证券交易制度的质量提供了定量分析工具。基于上述工作,本文设计了纵向与横向相结合、定性分析与定量测算相配套的一整套的证券交易制度比较分析工具。本文重点研究了证券交易制度设计与变革的主要影响因素,回答“谁来变”的问题,通过分析证券交易制度的发展演变历史,可以发现证券交易所历来在证券交易制度设计与变革中起着关键作用,而且随着从会员制向公司制的演变,证券交易所的决定权也不断扩大,交易制度的设计目标也逐步由注重公平转向强调效率。本文通过系统研究沪深证券交易所前端控制制度的历史演变及发展趋势,揭示出了隐藏在中国证券交易制度中的“监管之手”,提出监管者的意志嵌入是是中国证券交易制度设计与变革研究中必须考虑的重要因素,这也是中国证券交易制度的异化现象以及在国际比较中处于落后地位的重要原因所在。本文提出证券交易制度位于证券市场制度体系的基础部位,对证券交易制度的研究与变革能起到多米诺骨牌的效应,即通过改革在制度中位于最基础部位的制度结构,像推倒多米诺骨牌那样地对相互关联的制度结构进行改革。本文重点了研究中国证券交易制度的变革战略及具体实施方案,回答了未来中国证券交易制度“将来怎么变”的问题。本文认为当前中国资本市场发展关键在于解决两大主要问题,一是必须真正把消费者利益放在首位,二是监管体系必须具有高度的透明性。因此,中国证券交易制度变革必须坚持市场化、法制化和差异化的目标,处理好创新、发展与稳定的关系；处理好产品创新与投资者保护之间相互匹配的关系；处理好现货产品与衍生品平衡发展的关系；处理好金融创新参与各方利益均衡的关系。本文专门设计了证券交易制度变革的三维空间战略,即市场变革战略、交易方式变革战略、产品变革战略。本文具体设计了五类市场(股票市场、债券市场、基金市场、衍生品市场和柜台市场)根据各自产品类型和交易方式两维度结合后的系列创新矩阵,作为今后交易制度变革发展的指导框架。本文提出了建立差异化交易制度、大力发展大宗交易市场、尽快建立基础衍生品市场、建立做市商制度、逐步实施日内回转交易制度等五项证券交易基础制度变革的具体措施。经过30年的改革开放,中国经济已经发展成为世界第二大经济体,已经从一个完全封闭的计划经济体发展成为一个开放程度日益深化的经济体,随着人民币海外化进程的深入,资本市场作为金融市场保护程度最高的部分之一也正面临全面的开放。而我们面对的是一个基于美元本位制度之上的动荡不安的全球经济金融环境,美国、英国、日本等西方主要国家通过把持国际组织、联合制定国际标准并强制其他市场采用等方式事实上垄断着国际证券交易制度,因此,深入研究中国证券交易制度的设计,积极推进其变革完善,既具有重要的理论价值,也具有重大的现实意义。
[Abstract]:The function of the capital market, rely heavily on securities trading activities, accordingly, securities trading system is one of the key systems of the securities market. The stock exchange has always been the core of the design and change of the securities trading system, in the economic development and the competition to enter the era of globalization, since the securities trading system determines the stock market the competitive advantage of.20 in 90s to a great extent on the securities trading system has become an important field of modern finance and institutional economics. Therefore, the design and transformation of the securities trading system is not only the core of stock market China research subject, is the urgent task of how to build a China and the second largest economy in the world. Strong, the stock market must answer.
This paper uses a combination of formal logic, mathematical model, geometric analysis, econometric analysis, comparative institutional analysis, game theory, behavioral finance analysis, a variety of research of law and economics analysis method of analysis tools. This paper tries to compare the analysis of a large number of first-hand information, the key factors to design and change analysis and verify the domestic and foreign securities trading system, the evolution and development trend, has general meaning from the abstract economic theory, in order to establish a Chinese securities trading system design and change the whole research framework.
Stock exchanges around the world regardless of its size and business, its core function is always the securities trading, securities trading system has become the core system of the stock exchange. The history of the development of the securities market in the world for more than 200 years showed that the inherent laws of the development of securities trading system, no matter what the market must understand the law, in the design and change the securities trading system respect the law, the flow. China securities trading system to adapt to the current Chinese capital market under the closed condition of emerging and transitional period, but can not adapt to the internationalization of the RMB capital market Chinese era is fully open and mature. The stock exchange in the ability to organize securities transactions with the international first-class exchange exist obvious gap the stock market has become one of the Chinese fatal weakness. Therefore, this article take the unified way of The design and reform of China's securities trading system are systematically studied. One by one, how to do the securities trading system, how to do it now, who will change and how it will change in the future will be discussed.
This paper first studies the concrete practice of overseas market securities trading system, the global system of securities trading in the end is to answer "how to do". The transaction system is a transaction service, therefore subject to the business development, subject to the implementation of model. The influences of development of securities trading system history, can be found in two lines: one is the transaction two is the transaction mechanism, organization system. Trading mechanism aimed at solving what transactions to trade securities, and how to control the process. The transaction organization system to solve the problem of the securities and the mechanism of collocation and market positioning. Different securities market in the process of evolution in the formation are complex type and simple type the trade organization system. Practice the paper makes a comparative study on major stock exchanges overseas, devoted to the analysis of stock exchange trading system paradigm, Cause and development trend, and take the Shanghai stock exchange as an example to analyze the basic types of securities trading business, innovation strategy and development trend.
Secondly, this paper put Chinese securities trading system on the international perspective of comparative analysis, answer Chinese securities trading system "now what". How to objectively evaluate a market securities trading system is the primary problem to solve the design and change of the securities trading system. This paper from the international comparison and historical analysis of two aspects to answer this question. One is based on the objectives and principles of securities trading system, establishes the evaluation index system of securities trading system, based on the international perspective from the horizontal status of securities trading system in China market are evaluated. The two is from the vertical angle, through the establishment of securities trading system efficiency index, provides a quantitative analysis tool for the calculation of quality analysis of different historical periods of the same securities trading system. Based on the above work, this paper designs a vertical and horizontal combination, A complete set of comparative analysis tools for the securities trading system, which is matched by qualitative analysis and quantitative measurement.
The main influence factors this paper focuses on the design and change of the securities trading system, answer the "who to change" problem, through the analysis of the development of the historical evolution of securities trading system, can be found in stock exchange has always been in the design and change of the securities trading system plays a key role, and with the evolution from membership to the company system, decision the right of stock exchange is expanding, the design goal of trading system gradually from fairness to emphasize efficiency. Through the historical evolution and development trend of the system of Shanghai and Shenzhen Stock Exchange, the front-end control system, reveals the hidden in the China securities trading system in the "regulatory hand", the regulators will embed is important the factors that must be considered in the design and transformation of the Chinese securities trading system, which is China alienation of securities trading system and in International The important reason for the backward position in the comparison is.
This paper puts forward the basic parts of the securities trading system in securities market system, the research and reform of securities trading system can play Domino effect, namely through institutional and structural reforms in the system at the most basic parts, like Domino down of the interconnected system structure as to reform. This paper focuses on the research Chinese the securities trading system reform strategy and implementation plan, the future answer Chinese securities trading system "how to change in the future". The author thinks that the China capital market development, the key is to solve the two major problems, one must really put the interests of consumers in the first place, the two is the supervision system must have high transparency so. China, securities trading system reform must adhere to the market, legalization and the difference of the target, dealing with innovation, the relationship between development and stability Good relations with each other; matching between product innovation and investor protection; deal with the relationship between spot products and derivatives of balanced development; deal with financial innovation in the relationship between the interests of all parties. This paper designed the three-dimensional space strategy of securities trading system reform, the market reform strategy, change the way of trading strategy, product change strategy in this paper. The specific design of the five types of market (stock market, bond market, fund market, derivatives market and counter market) according to the type of product and transactions with their respective two dimension with a series of new matrix, serve as the guiding framework for future development trading system reform. This paper proposes to build a diversified trading system, vigorously develop the block trading market based derivatives market as soon as possible, establish market maker system, the gradual implementation of days swing trading system five basic securities trading system Specific measures for degree change.
After 30 years of reform and opening up, China economy has become the second largest economy in the world, from a planned economy development completely closed to become an open economy with the deepening degree of RMB overseas, the development of the capital market as part of one of the highest degree of financial market is facing a comprehensive protection open. We are facing a turbulent global economic and financial environment, above the standard dollar based on the United States, Britain, Japan and other major western countries through the control of international organizations, combined with the formulation of international standards and other compulsory market by way of international monopoly in securities trading system, therefore, the design research China securities trading system, actively promote the reform and perfect, not only has important theoretical value, but also has great practical significance.

【学位授予单位】：华东师范大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F832.51

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