本文選題：證券交易所　切入點(diǎn)：公司化　出處：《華東師范大學(xué)》2013年博士論文　論文類型：學(xué)位論文

【摘要】：證券市場在一國或地區(qū)的金融乃至經(jīng)濟(jì)體系中占有極其重要的地位,其核心機(jī)構(gòu)系證券交易所,對交易所的公司化改制研究具有重大的理論和應(yīng)用價(jià)值。 首先,在回顧歐美早期證券市場形成歷史的基礎(chǔ)上,認(rèn)為封建行會制度和法人觀念發(fā)育滯后決定了交易所的會員制度形式,傳統(tǒng)交易所憑借其物理大廳內(nèi)手工操作技術(shù)和自律管理手段較好適應(yīng)了當(dāng)時(shí)分隔和穩(wěn)定的初級市場； 其次,在揭示市場的技術(shù)、競爭和參與者等三大演化之后,指出傳統(tǒng)交易所存在既得利益會員不當(dāng)控制的內(nèi)在局限和會員經(jīng)紀(jì)商與外部投資者之間等利益沖突。進(jìn)而,介紹了海外交易所的公司化趨勢——主要交易所均已完成了現(xiàn)代公司制改造(乃至上市交易)、購并重心正從歐美轉(zhuǎn)向亞太,并進(jìn)行了深入分析,包括公司化帶來明確利益導(dǎo)向使得決策效率和市場創(chuàng)新能力提高,也包括公司化尤其自我上市所產(chǎn)生的源于商業(yè)利益和公共利益不一致的利益沖突,當(dāng)然還涉及應(yīng)對沖突的系統(tǒng)性監(jiān)管架構(gòu)以確保公眾利益優(yōu)先、體現(xiàn)交易服務(wù)的公益性； 再次,建立體現(xiàn)社會效率指標(biāo)的數(shù)理模型,經(jīng)分析得出封閉和壟斷條件下公司制交易所因“無效擠出”而相對無效、開放和競爭市場中會員制交易所因“無效擠入”而相對無效的基本結(jié)論；選擇主要發(fā)達(dá)國家和部分東南亞新興經(jīng)濟(jì)體交易所分別組成樣本,在引入多項(xiàng)指標(biāo)、用GDP改進(jìn)模型之后,系統(tǒng)回歸分析的結(jié)果表明：公司化改制對主要發(fā)達(dá)國家交易所的市場績效產(chǎn)生了顯著的積極影響；對部分東南亞交易所的影響在總體上并非顯著,但是存在橫向的樣本點(diǎn)效應(yīng)和縱向的時(shí)間效應(yīng)；穩(wěn)健性檢驗(yàn)的結(jié)論是肯定的。 接下來,將新中國證券市場和交易所的發(fā)展歸納為三個(gè)階段,在肯定交易所初期為國企籌資、配合國企改革、替銀行解困、優(yōu)化投資體制等積極貢獻(xiàn)的同時(shí),指出其目前依然存在所有者身份模糊和行政干預(yù)過度問題,從而決定了其不僅核心的資源配置功能不足而且基本的籌資功能下降的市場表現(xiàn)。適應(yīng)高速增長的中國經(jīng)濟(jì)和加入WTO后資本市場對外開放的承諾,認(rèn)為中國交易所應(yīng)盡快公司化； 最后,受海外成功經(jīng)驗(yàn)的啟示,通過理論論證和市場分析,認(rèn)為中國交易所公司化十分必要且意義重大；基本對策為借鑒國企包括銀行的改制經(jīng)驗(yàn),建立合理的股份持有結(jié)構(gòu)和交易限制,完善包括自我監(jiān)督機(jī)制在內(nèi)的內(nèi)部治理結(jié)構(gòu)并調(diào)整外部監(jiān)管模式,實(shí)現(xiàn)市場效率提高與利益沖突化解的兼顧；依托靈活的決策機(jī)制和積極的發(fā)展戰(zhàn)略,通過產(chǎn)品創(chuàng)新和市場開拓,真正實(shí)現(xiàn)客戶導(dǎo)向,對內(nèi)建設(shè)公平、公正和透明的高效市場,對外在國際金融體系中奠定中國的應(yīng)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.
【學(xué)位授予單位】：華東師范大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2013
【分類號】：F832.51

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