基于企业兼并视角下的中国期货交易所发展趋势研究

发布时间：2018-01-18 12:19

本文关键词：基于企业兼并视角下的中国期货交易所发展趋势研究　出处：《安徽财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：经济全球化加速了世界资本市场的一体化,令金融市场的重要性逐步显现出来,现在许多亚太国家大力建设金融衍生品市场以提升本国在国际金融领域的竞争力,期货交易在我国成为除股票、证券、房地产之外另一个经济热点。近年来,由于电子交易技术不断的发展,国际各大交易所摆脱地域的限制,频频爆发交易所兼并浪潮,使得交易可以在全球范围内进行。我国交易所虽未主动参与国际兼并,但国外交易所对中国交易所虎视眈眈,中国交易所不可避免的参与到交易所的国际竞争中。交易所兼并推动了国际金融衍生品市场的发展,使得欧美一些交易所迅速发展起来,例如芝加哥商业交易所集团、欧洲期货交易所集团、CBOE控股集团等。交易所兼并总的来说利大于弊,能在最短的时间内提升自己的业务覆盖面积,形成产品交叉上市,又能迅速扩大自身的实力,增强竞争能力,在全球交易所中占据优势地位。本文正是在国际交易所纷纷兼并的背景下提出对中国交易所发展的思考。我国交易所实行会员制的管理制度,不以盈利为目,交易所既不属于企业法人,也不属于国家机关事业单位和社会团体法人,是一种特殊的法人实体,与欧美交易所公司制的管理制度不完全相同。正是在这种特殊的情况下,我国交易所的发展既要借鉴国外的成功经验,但又不能完全模仿。文中首先分析国外交易所发展情况,与中国交易所的发展进行对比,得出中国交易所需要通过兼并的方式促进发展的结论。进而利用模型分析法,论证了交易所兼并能够带来正的经济效益。随后重点分析了中国交易所兼并存在的问题,需具备的条件,以及中长期中国交易所兼并的具体路径与方法。最后提出对于中国期货交易所短期内发展,以及对于中长期交易所兼并的政策建议。
[Abstract]:The economic globalization has accelerated the integration of the world capital market, the importance of the financial market gradually revealed, now many Asia Pacific countries to build the financial derivatives market to enhance their competitiveness in the field of international finance, futures trading become the exception of stock, securities in our country, the real estate outside of another economic topic. In recent years, due to the development of electronic trading technology, international exchanges get rid of geographical restrictions, the frequent outbreak of exchange mergers, the transaction can be carried out in the world. China's exchange did not actively participate in international mergers, but foreign exchange exchange exchange China Chinese to look at fiercely as a tiger does, will participate in the exchange of international competition. To promote mergers and exchange the development of international financial derivatives market, and makes some exchanges developed rapidly, as in the case of Chicago Exchange group, European futures exchange group, CBOE holdings. Exchange mergers generally outweigh the disadvantages, can enhance their business coverage in the shortest period of time, the formation of product cross listing, and can quickly expand their strength, enhance competition ability, to occupy the dominant position in the global exchange.
This article is in the international exchange mergers have put forward under the background of the development of thinking Chinese exchange. China's exchange membership management system, not to profit for the purpose of exchange, does not belong to an enterprise legal person, does not belong to the national institutions and social group legal person, is a kind of special legal entity, and Europe and the United States Exchange Company system is not the same. It is in this particular case, the development of China's stock exchange is to learn from the successful experience abroad, but not completely imitate.
This paper first analyzes the foreign exchange situation, compared with the development of China exchange, the exchange Chinese need to promote development by way of merger. The conclusion of analysis and using the model demonstrates that exchange mergers can bring positive economic benefits. Then focus on the analysis of the existing China exchange merger, the required conditions, and the specific ways and methods of medium and long term Chinese exchange merger. Finally, for the China futures exchange within a short period of development, and for the long-term exchange merger policy recommendations.

【学位授予单位】：安徽财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.39

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