证券交易所公司化：海外趋势与中国选择

发布时间：2018-03-08 04:18

本文选题：证券交易所　切入点：公司化　出处：《华东师范大学》2013年博士论文　论文类型：学位论文

【摘要】：证券市场在一国或地区的金融乃至经济体系中占有极其重要的地位,其核心机构系证券交易所,对交易所的公司化改制研究具有重大的理论和应用价值。首先,在回顾欧美早期证券市场形成历史的基础上,认为封建行会制度和法人观念发育滞后决定了交易所的会员制度形式,传统交易所凭借其物理大厅内手工操作技术和自律管理手段较好适应了当时分隔和稳定的初级市场；其次,在揭示市场的技术、竞争和参与者等三大演化之后,指出传统交易所存在既得利益会员不当控制的内在局限和会员经纪商与外部投资者之间等利益冲突。进而,介绍了海外交易所的公司化趋势——主要交易所均已完成了现代公司制改造(乃至上市交易)、购并重心正从欧美转向亚太,并进行了深入分析,包括公司化带来明确利益导向使得决策效率和市场创新能力提高,也包括公司化尤其自我上市所产生的源于商业利益和公共利益不一致的利益冲突,当然还涉及应对冲突的系统性监管架构以确保公众利益优先、体现交易服务的公益性；再次,建立体现社会效率指标的数理模型,经分析得出封闭和垄断条件下公司制交易所因“无效挤出”而相对无效、开放和竞争市场中会员制交易所因“无效挤入”而相对无效的基本结论；选择主要发达国家和部分东南亚新兴经济体交易所分别组成样本,在引入多项指标、用GDP改进模型之后,系统回归分析的结果表明：公司化改制对主要发达国家交易所的市场绩效产生了显著的积极影响；对部分东南亚交易所的影响在总体上并非显著,但是存在横向的样本点效应和纵向的时间效应；稳健性检验的结论是肯定的。接下来,将新中国证券市场和交易所的发展归纳为三个阶段,在肯定交易所初期为国企筹资、配合国企改革、替银行解困、优化投资体制等积极贡献的同时,指出其目前依然存在所有者身份模糊和行政干预过度问题,从而决定了其不仅核心的资源配置功能不足而且基本的筹资功能下降的市场表现。适应高速增长的中国经济和加入WTO后资本市场对外开放的承诺,认为中国交易所应尽快公司化；最后,受海外成功经验的启示,通过理论论证和市场分析,认为中国交易所公司化十分必要且意义重大；基本对策为借鉴国企包括银行的改制经验,建立合理的股份持有结构和交易限制,完善包括自我监督机制在内的内部治理结构并调整外部监管模式,实现市场效率提高与利益冲突化解的兼顾；依托灵活的决策机制和积极的发展战略,通过产品创新和市场开拓,真正实现客户导向,对内建设公平、公正和透明的高效市场,对外在国际金融体系中奠定中国的应有地位。
[Abstract]:The securities market plays an extremely important role in the financial and economic system of a country or region. Its core institution is the stock exchange, which has great theoretical and practical value in the study of the corporatization of the exchange. First of all, on the basis of reviewing the formation history of the early European and American securities markets, it is believed that the backward development of feudal guild system and the concept of legal person determine the form of the exchange membership system. Traditional exchanges with their physical hall of manual operation technology and self-regulatory means to better adapt to the separation and stability of the primary market at that time; Secondly, after revealing the evolution of technology, competition and participants in the market, it is pointed out that there are inherent limitations of undue control of vested interest members in traditional exchanges and conflicts of interest between member brokers and external investors. This paper introduces the trend of corporatization of overseas exchanges-the major exchanges have completed the transformation of the modern corporate system (and even listed and traded), and the focus of M & A is shifting from Europe and America to Asia Pacific, and has carried out in-depth analysis. This includes the clear interest orientation brought by corporatization, which improves the efficiency of decision-making and the ability of market innovation, and the conflicts of interests arising from the inconsistency between commercial and public interests, which are caused by corporatization, especially self-listing. Of course, it also involves a systematic regulatory framework to deal with conflicts in order to ensure that the public interest takes precedence and reflects the commonweal nature of the transaction services; Thirdly, the mathematical model of social efficiency index is established, and it is concluded that the corporate exchange is relatively ineffective because of "invalid extrusion" under closed and monopolistic conditions. The basic conclusion that membership exchanges in open and competitive markets are relatively ineffective due to "invalid crowding in"; selected exchanges in major developed countries and some emerging economies in Southeast Asia, respectively, to form a sample and introduce a number of indicators. After using the improved model of GDP, the results of system regression analysis show that the corporate restructuring has a significant positive impact on the market performance of the major developed countries, while the impact on some Southeast Asian exchanges is not significant in general. But there are horizontal sample point effect and longitudinal time effect, and the conclusion of robustness test is positive. Next, the development of the stock market and the exchange in New China can be summed up into three stages. While affirming the positive contributions of the exchange in the initial stage of raising funds for state-owned enterprises, cooperating with the reform of state-owned enterprises, solving the difficulties of banks, and optimizing the investment system, Noting that it still has problems of vague ownership and excessive administrative intervention, This determines its market performance, which is not only insufficient in its core resource allocation function, but also the decline of its basic financing function, and its commitment to adapt to the rapid growth of China's economy and to open its capital market to the outside world after China's entry into WTO. The author thinks that China exchanges should be corporatized as soon as possible. Finally, inspired by overseas successful experience, through theoretical argumentation and market analysis, it is concluded that the corporatization of Chinese exchanges is very necessary and significant, and the basic countermeasures are to draw lessons from the experience of reforming state-owned enterprises, including banks. Establishing reasonable shareholding structure and transaction restriction, perfecting the internal governance structure including self-supervision mechanism and adjusting the external supervision mode, so as to realize the balance between the improvement of market efficiency and the resolution of conflicts of interest; Relying on flexible decision-making mechanism and positive development strategy, through product innovation and market development, we can truly realize customer orientation, build a fair, fair and transparent high efficient market, and establish China's due position in the external international financial system.
【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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