本文關(guān)鍵詞：基于企業(yè)兼并視角下的中國期貨交易所發(fā)展趨勢研究　出處：《安徽財經(jīng)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 兼并 交易所 期貨 經(jīng)濟全球化 公司制

【摘要】：經(jīng)濟全球化加速了世界資本市場的一體化,令金融市場的重要性逐步顯現(xiàn)出來,現(xiàn)在許多亞太國家大力建設(shè)金融衍生品市場以提升本國在國際金融領(lǐng)域的競爭力,期貨交易在我國成為除股票、證券、房地產(chǎn)之外另一個經(jīng)濟熱點。近年來,由于電子交易技術(shù)不斷的發(fā)展,國際各大交易所擺脫地域的限制,頻頻爆發(fā)交易所兼并浪潮,使得交易可以在全球范圍內(nèi)進行。我國交易所雖未主動參與國際兼并,但國外交易所對中國交易所虎視眈眈,中國交易所不可避免的參與到交易所的國際競爭中。交易所兼并推動了國際金融衍生品市場的發(fā)展,使得歐美一些交易所迅速發(fā)展起來,例如芝加哥商業(yè)交易所集團、歐洲期貨交易所集團、CBOE控股集團等。交易所兼并總的來說利大于弊,能在最短的時間內(nèi)提升自己的業(yè)務(wù)覆蓋面積,形成產(chǎn)品交叉上市,又能迅速擴大自身的實力,增強競爭能力,在全球交易所中占據(jù)優(yōu)勢地位。 本文正是在國際交易所紛紛兼并的背景下提出對中國交易所發(fā)展的思考。我國交易所實行會員制的管理制度,不以盈利為目,交易所既不屬于企業(yè)法人,也不屬于國家機關(guān)事業(yè)單位和社會團體法人,是一種特殊的法人實體,與歐美交易所公司制的管理制度不完全相同。正是在這種特殊的情況下,我國交易所的發(fā)展既要借鑒國外的成功經(jīng)驗,但又不能完全模仿。 文中首先分析國外交易所發(fā)展情況,與中國交易所的發(fā)展進行對比,得出中國交易所需要通過兼并的方式促進發(fā)展的結(jié)論。進而利用模型分析法,論證了交易所兼并能夠帶來正的經(jīng)濟效益。隨后重點分析了中國交易所兼并存在的問題,需具備的條件,以及中長期中國交易所兼并的具體路徑與方法。最后提出對于中國期貨交易所短期內(nèi)發(fā)展,以及對于中長期交易所兼并的政策建議。
[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.

【學(xué)位授予單位】：安徽財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.39

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本文編號：1440924