证券交易所公司化法律研究

发布时间：2018-12-07 12:13

【摘要】：证券交易所是依据国家有关法律，经政府主管机关批准设立的集中进行证券交易的有形场所。它不仅提供了证券交易的场所，还具有形成与公告价格、集中各类社会资金参与投资、引导投资的合理流向、制定交易规则维护交易秩序、提供交易信息和降低交易成本的作用。其组织形式主要有会员制和公司制，我国现阶段采用的是会员制与行政制结合的模式，但因以政府推动型为主导有失市场性特征，且结构单一、规模较小、监督弱化。近年来海外证券交易所进行公司制改革已成趋势，全球证券交易所竞争日趋激烈、证券市场结构变革加速发展，我国证券交易所也面临着体制转轨与迎接竞争的双重挑战。在此国际大环境影响下，结合我国证券市场发展现状，为了推动我国证券市场市场化的发展，增强我国证券交易所的国际竞争力，建议大胆借鉴国外证券交易所公司制改革的成功经验，积极稳妥地推进我国证券交易所的公司化，以使我国的证券交易所能够真正适应证券市场的发展的需要。文章分为四个部分来讨论证券交易所公司化，第一部分为绪论，，简要介绍了证券交易所公司化的状况和其产生的时代背景，结合国内外有关交易所公司化的研究成果引出对我国证券交易所公司化的思考方向；第二部分从国外证券交易所公司化的过程问题来看，海外证券交易所公司化伴随着市场整合、股权变动和公司治理模式转变等问题，并总结国际实践经验对我国证券交易所公司化的启示；第三部分阐述我国的证券交易所公司化的现状及问题，结合国际经验分析我国证券交易所公司化的现实基础和动力，并提出公司化的风险；第四部分提出我国证券交易所公司化改革的可行性对策，借鉴国外证券交易所公司化的成功经验，从证券交易所所有权、公司治理和监管等方面探讨公司化改革的方案，相信中国证券交易所公司化是必然的。
[Abstract]:The stock exchange is a tangible place for centralized securities trading established by the competent government authority in accordance with the relevant laws of the state. It not only provides a place for securities trading, but also has the ability to form and announce prices, concentrate all kinds of social funds to participate in investment, guide the reasonable direction of investment, and formulate trading rules to maintain the order of transactions. The role of providing transaction information and reducing transaction costs. Its organization forms mainly include membership system and corporation system. At present, our country adopts the mode of the combination of membership system and administrative system, but because of the government pushing type as the leading mode, the market is lost, the structure is single, the scale is relatively small, and the supervision is weak. In recent years, it has become a trend for overseas stock exchanges to reform the corporate system. The competition of global stock exchanges is becoming increasingly fierce, and the structural changes of the securities market are developing rapidly. China's stock exchanges are also faced with the dual challenges of system transition and competition. Under the influence of this international environment, in order to promote the development of China's securities market and enhance the international competitiveness of our stock exchanges, and in the light of the current situation of the development of China's securities market, It is suggested that we should learn from the successful experiences of the reform of the corporation system of foreign stock exchanges and actively and steadily promote the corporatization of the stock exchanges in our country so that the stock exchanges in our country can truly meet the needs of the development of the securities market. The article is divided into four parts to discuss the corporatization of stock exchanges. The first part is the introduction, which briefly introduces the status of corporatization of stock exchanges and the background of its emergence. Combined with the domestic and foreign research results on the corporatization of the stock exchange leads to the direction of thinking about the corporatization of the stock exchange in China; In the second part, from the perspective of the process of corporatization of foreign stock exchanges, the corporatization of overseas stock exchanges is accompanied by market integration, equity changes and changes in corporate governance. And summarizes the international practice experience to our country stock exchange corporatization enlightenment; The third part elaborates the present situation and the question of the stock exchange corporatization in our country, analyzes the realistic foundation and the motive force of the stock exchange corporatization in our country combined with the international experience, and puts forward the risk of the corporatization. The fourth part puts forward the feasible countermeasures of the corporatization reform of the stock exchange in our country, draws lessons from the successful experience of the foreign stock exchange corporatization, and probes into the plan of the corporatization reform from the aspects of the stock exchange ownership, corporate governance and supervision and so on. I believe that the corporatization of the Chinese Stock Exchange is inevitable.
【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D922.287;D922.291.91

【参考文献】