注册制改革背景下我国证券交易所组织形式新探

发布时间：2018-05-27 15:45

本文选题：注册制改革 + 证券交易所　；参考：《四川省社会科学院》2017年硕士论文

【摘要】：2014年11月12日,十八届三中全会通过了《中共中央关于全面深化改革若干重大问题的决定》,从战略高度上确定了中国资本市场未来注册制改革的基本走向。2015年上半年,《证券法修订草案》进入一审程序,正式拉开了注册制改革的大幕。作为资本市场的一项重要制度,注册制不可能“独善其身”,它的改革将牵动一系列其他制度的联动变革。在这一大背景下,证券交易所(以下简称“交易所”或“证交所”)组织形式改革被赋予了新的现实动力和意义。公司制交易所相比于会员制交易所更具有开放性、独立性和商业性,但其面临着比会员制交易所更复杂的利益冲突。中国的相关法律法规文本规定上海和深圳证券交易所属于会员制交易所,但中国的沪深交易所从其产生之时便是强制性制度变迁的结果,目前产权状况不明晰,其实际业务的开展、自律监管职权的形式乃至交易所领导职务的任免均取决于证监会的授权。因此,中国的沪深证券交易所有会员制之名但无会员制之实。注册制改革与交易所组织形式具有内在的一致性。注册制改革将对沪深交易所产生深远的影响,它是交易所市场角色转变的催化剂。一方面,作为注册制改革的内容之一,股票发行审核与上市审核分离的改革将使交易所的股票上市审核权不再流于形式;另一方面,注册制改革赋予了交易所更多的市场化监管职责,要求交易所成为真正的“一线监管者”。然而,中国式的沪深会员制交易所却是我国注册制改革的软肋,注册制改革的成与败,很大程度上受制于交易所组织形式改革的现状。沪深证券交易所采取何种组织形式应顺应国情由市场决定,并发挥政府的主导作用,提高交易所的自主性和独立性,对市场监管权力进行重新配置。当前中国沪深证券交易所尚缺乏完善的证券市场法制、成熟的竞争环境和自律监管机制作为保障,短期内对会员制交易所组织形式进行质的变革显然不可能。因此,沪深证券交易所目前应继续保持会员制的组织形式。然而,注册制改革在中国的逐步推进对交易所产生着或直接或间接的影响,享有更多市场监管权力的证券交易所显然更能适应注册制改革的需要。伴随着注册制改革的推进,公司制可以成为未来我国证券交易所组织形式改革的选择。如果未来中国的证券交易所要向公司制发展,则应不断完善证券市场法制,营造一个成熟的竞争环境,并强化交易所的自律监管,为未来交易所进行公司化改造创造相应的条件。
[Abstract]:12 November 2014 The third Plenary session of the 18th CPC Central Committee adopted the "decision of the CPC Central Committee on comprehensively deepening several important issues of Reform", which strategically determined the basic trend of the future reform of the registration system in China's capital market. In the first half of 2015, the Securities Law was revised. Draft law > enter the procedure of first instance, Officially opened the registration system reform curtain. As an important system of capital market, registration system can not be isolated, and its reform will affect a series of linkage changes of other systems. Under this background, the reform of the organization form of stock exchange (hereinafter referred to as "Exchange" or "Stock Exchange") has been given new practical impetus and significance. Compared with the membership exchange, the corporate exchange is more open, independent and commercial, but it faces more complicated conflicts of interest than the membership exchange. The relevant laws and regulations of China stipulate that the Shanghai and Shenzhen stock exchanges belong to the membership-based exchanges, but the Shanghai and Shenzhen stock exchanges in China have been the result of mandatory institutional changes from the time they came into being. At present, the state of property rights is not clear. Its actual business, the form of self-regulatory authority and even the appointment and removal of exchange leadership depend on the authorization of the CSRC. Therefore, China's Shanghai and Shenzhen Stock Exchange has the name of membership but no membership. The reform of registration system has internal consistency with the form of exchange organization. Registration system reform will have a profound impact on the Shanghai and Shenzhen exchanges, it is a catalyst for the transformation of the role of the exchange market. On the one hand, as one of the contents of the reform of the registration system, the reform of separating the stock issuance audit from the listing audit will make the stock listing audit right of the exchange no longer a mere formality; on the other hand, The registration system reform has given the exchange more market-oriented supervision responsibility, asking the exchange to become the real "front-line supervisor". However, the Chinese-style Shanghai and Shenzhen membership exchanges are the weak points of the reform of the registration system in China. The success and failure of the reform of the registration system are largely restricted by the status quo of the reform of the form of the exchange organization. What kind of organization should be adopted by Shanghai and Shenzhen stock exchanges should be decided by the market in accordance with the national conditions, give play to the leading role of the government, improve the autonomy and independence of the exchanges, and reconfigure the power of market supervision. At present, China's Shanghai and Shenzhen stock exchanges still lack the perfect legal system of the securities market, mature competition environment and self-discipline supervision mechanism as the guarantee, it is obviously impossible to carry on the qualitative transformation to the membership system exchange organization form in the short term. Therefore, the Shanghai and Shenzhen Stock Exchange should continue to maintain the membership form of the organization. However, the gradual promotion of registration system in China has a direct or indirect impact on the exchange, and the stock exchange with more market supervision power obviously can meet the needs of the registration system reform. With the advance of the reform of registration system, the company system can be the choice of the reform of the form of the stock exchange organization in the future. If China's stock exchanges want to develop towards a corporate system in the future, they should constantly improve the legal system of the securities market, create a mature competitive environment, and strengthen the self-discipline supervision of the exchanges. For the future of corporatization of exchanges to create the corresponding conditions.
【学位授予单位】：四川省社会科学院
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287

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