本文關(guān)鍵詞：中國證券交易所公司化改革及競爭法律研究　出處：《華東政法大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 證券交易所 會員制 公司制 法律重塑 反壟斷法

【摘要】：隨著中國經(jīng)濟(jì)的飛速發(fā)展，，中國金融市場也日新月異，展現(xiàn)出特有的活力。近年來隨著國企改革的逐步深入，一大批中小型企業(yè)，民營公司也拓步發(fā)展，新股IPO數(shù)量及募集資金額度呈爆炸式增長，“上市”成了街頭巷尾最熱門的詞匯。作為中國證券交易發(fā)行的基礎(chǔ)平臺——滬、深證券交易所為資金的募集，資本的流動起到了舉足輕重的作用。但同時我們也看到我國證券交易所自身的法律性質(zhì)與治理模式存在著巨大缺失，導(dǎo)致交易所壟斷有余，競爭不足。相關(guān)法律空白，交易所無法履行相關(guān)職能，一大批優(yōu)質(zhì)企業(yè)選擇海外上市，使得我國在資本爭奪的國際大環(huán)境下處于明顯劣勢。而國際證券交易所的發(fā)展、變遷及相關(guān)法律制度建設(shè)也許能為我國金融法律的進(jìn)步與完善帶來一些啟迪。 而在我國，理論界和監(jiān)管層實際上都已經(jīng)意識到我國證券交易所存在的種種問題、種種弊端，并且也圍繞著交易所的改革無論從經(jīng)濟(jì)上還是法律上都進(jìn)行了一定的分析與研究。但這些研究將主要的焦點(diǎn)大多都集中在了分析交易所存在弊端的緣由，而對于我國證券交易所今后的發(fā)展方向、職能定位、法律法規(guī)上如何反映、以及公司制改革后與我國反壟斷法是否沖突等問題上則涉及的不多。因此，本文以此為出發(fā)點(diǎn)，擬結(jié)合證券法、公司法對中國證券交易所的現(xiàn)狀以及公司化改革做出可能性分析，并結(jié)合西方經(jīng)濟(jì)學(xué)、反壟斷法及相關(guān)法律對公司化后壟斷與競爭的關(guān)系做出深度剖析。 本文除結(jié)語部分共分為四章。第一章為證券交易所產(chǎn)生的歷史背景、治理模式以及發(fā)展趨勢概述。簡要的分析了世界證券交易所產(chǎn)生的時代背景、歷史淵源，簡要的對于世界上的兩大主要交易所治理模式——會員制證券交易所、公司制證券交易所進(jìn)行論述。并根據(jù)國際經(jīng)驗以及交易所內(nèi)部的發(fā)展規(guī)律對于交易所的發(fā)展趨勢進(jìn)行了分析并做了合理的預(yù)測。 第二章為公司制證券交易所應(yīng)當(dāng)成為我國證券交易所的改革方向。在本章，先對世界上兩大主要的治理模式，公司制與會員制分別進(jìn)行了深度的剖析。對于兩者在交易特點(diǎn)、投票機(jī)制、激勵機(jī)制以及投融資上做了深入的比較。接著對我國證券交易所的產(chǎn)生的歷史背景、發(fā)展概況做了詳盡的分析。并指出我國證券交易所在法律地位、產(chǎn)權(quán)歸屬、交易所獨(dú)立性、職能定位、國際競爭力等方面的不足。最后結(jié)合國外實際經(jīng)驗以及發(fā)展趨勢為公司制應(yīng)成為我國交易所的改革方向找到合理依據(jù)。 第三章為證券交易所在公司化改革后所面臨的諸多法律問題以及解決方法。本章首先論述了我國對于公司化證券交易所應(yīng)當(dāng)做哪些法律準(zhǔn)備，包括《證券法》如何進(jìn)行改動以及其他相關(guān)法律如何進(jìn)行調(diào)整等。其次分析了公司制證券交易所的股權(quán)如何進(jìn)行分配、產(chǎn)權(quán)關(guān)系如何理順。再次，公司制證券交易所的治理結(jié)構(gòu)如何進(jìn)行優(yōu)化。最后，公司制交易所改革后如何安排市場監(jiān)管權(quán)限，其中主要從證券交易所的自律監(jiān)管以及中國證監(jiān)會的政府管控分別加以研究，并探討了改革后自律監(jiān)管與政府管控的關(guān)系。 第四章為交易所公司化后面對的壟斷法律問題以及與反壟斷法的沖突。本章首先從西方經(jīng)濟(jì)學(xué)的角度對于交易所所具有的兩大特性——規(guī)模效應(yīng)以及網(wǎng)絡(luò)外部性進(jìn)行分析，闡述證券交易所在市場條件下也會趨向于壟斷地位及其合理性。分析了證券交易所的壟斷地位在公司化改革后的處境，以及證券交易所公司制改革后所保留的市場主體地位是否與我國反壟斷法相沖突。分析了公司制改革后交易所競爭的新思維。
[Abstract]:With the rapid development of economy China, China financial markets also change rapidly, showing the unique vitality. In recent years, with the gradual deepening of the reform of state-owned enterprises, a large number of small and medium enterprises, private companies have a further extension of development, and the number of IPO shares to raise the amount of funds exploded, "listed" into the streets and lanes of the hottest words. Shanghai - based distribution as the China stock exchange and Shenzhen Stock Exchange to raise funds, capital flows played a decisive role. But we also see the legal nature and governance mode of China's stock exchange itself there is a huge loss, leading to exchange more monopoly than the lack of competition. The relevant legal gaps, unable to exchange to perform the relevant functions, a large number of high-quality enterprises listed overseas, making China at a disadvantage in the international environment for the capital. And the international certificate The development, changes and relevant legal system construction of the voucher exchange may bring some enlightenment to the progress and perfection of our financial law.
But in our country, theorists and regulators actually have been aware of the problems existing in our country's stock exchange, drawbacks, and reform of the exchange from either economically or legally have carried out some analysis and research. But these studies were more concentrated on the analysis of exchange the disadvantages of the reason, the future development of China's stock exchange, function orientation, how to reflect the laws and regulations, and corporate reform and China's anti-monopoly law is the problem of conflict are rarely involved. Therefore, this article as a starting point, to the securities law, the company made a feasibility analysis Chinese law status of stock exchange and corporation reform, and the combination of western economics, make a profound analysis of the anti-monopoly law and related legal relationship of the company after the monopoly and competition.
The epilogue part is divided into four chapters. The first chapter is the historical background of the stock exchange, management mode and development trend overview. A brief analysis of the world stock exchange background, historical origin, brief for the two major exchanges in the world governance mode -- membership stock exchange, securities company exchanges are discussed. And according to the international experience and exchange development regularity of the internal development trend for the exchange is analyzed and made a reasonable prediction.
The second chapter is the system of company stock exchange should become the direction of reform of stock exchange in China. In this chapter, the first of the world's two major corporate governance model, and membership were conducted in-depth analysis. The voting mechanism both in the transaction characteristics, incentive mechanism and financing to do in-depth comparison of China's stock exchange. Then the historical background of the development, made a detailed analysis. And pointed out that China's stock exchanges in the legal status, property rights exchange, independence, function orientation, lack of international competitiveness and so on. Finally, the corporate system should be the direction of the reform of China's exchange to find a reasonable basis according to foreign experience and the trend of development.
The third chapter is the legal problems faced by the stock exchange after the company reform and solutions. This chapter first discusses the corporatization of stock exchanges in China what legal shouldprepare, including securities law and other relevant laws to make changes to adjust. Then analyzes the corporation stock exchange equity how to allocate, how to straighten out the relationship between property rights. Thirdly, corporate governance structure of the stock exchange to be optimized. Finally, how to arrange the market regulatory authority after the reform of the system of exchange company, mainly from the self-regulation of stock exchange and the SFC China governmentcontrol should also be studied, the relationship between self regulatory and government control of the reform. And to explore.
The fourth chapter is the conflict of legal issues of monopoly Exchange Company face and antitrust law. This chapter from the perspective of the western economics for the exchange has two characteristics: the scale effect and the network externality analysis, this stock exchange will tend to monopoly and its rationality in the market conditions. Analysis of securities exchange the monopoly position in the company after the reform of the situation, as well as the retained securities Exchange Company after system reform of market dominant position and whether China's anti-monopoly law conflict. Analysis of the new thinking of corporate reform exchange competition.

【學(xué)位授予單位】：華東政法大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：D922.287;F832.51

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