發(fā)布時(shí)間：2018-12-07 12:13

【摘要】：證券交易所是依據(jù)國(guó)家有關(guān)法律，經(jīng)政府主管機(jī)關(guān)批準(zhǔn)設(shè)立的集中進(jìn)行證券交易的有形場(chǎng)所。它不僅提供了證券交易的場(chǎng)所，還具有形成與公告價(jià)格、集中各類社會(huì)資金參與投資、引導(dǎo)投資的合理流向、制定交易規(guī)則維護(hù)交易秩序、提供交易信息和降低交易成本的作用。其組織形式主要有會(huì)員制和公司制，我國(guó)現(xiàn)階段采用的是會(huì)員制與行政制結(jié)合的模式，但因以政府推動(dòng)型為主導(dǎo)有失市場(chǎng)性特征，且結(jié)構(gòu)單一、規(guī)模較小、監(jiān)督弱化。近年來海外證券交易所進(jìn)行公司制改革已成趨勢(shì)，全球證券交易所競(jìng)爭(zhēng)日趨激烈、證券市場(chǎng)結(jié)構(gòu)變革加速發(fā)展，我國(guó)證券交易所也面臨著體制轉(zhuǎn)軌與迎接競(jìng)爭(zhēng)的雙重挑戰(zhàn)。在此國(guó)際大環(huán)境影響下，結(jié)合我國(guó)證券市場(chǎng)發(fā)展現(xiàn)狀，為了推動(dòng)我國(guó)證券市場(chǎng)市場(chǎng)化的發(fā)展，增強(qiáng)我國(guó)證券交易所的國(guó)際競(jìng)爭(zhēng)力，建議大膽借鑒國(guó)外證券交易所公司制改革的成功經(jīng)驗(yàn)，積極穩(wěn)妥地推進(jìn)我國(guó)證券交易所的公司化，以使我國(guó)的證券交易所能夠真正適應(yīng)證券市場(chǎng)的發(fā)展的需要。 文章分為四個(gè)部分來討論證券交易所公司化，第一部分為緒論，，簡(jiǎn)要介紹了證券交易所公司化的狀況和其產(chǎn)生的時(shí)代背景，結(jié)合國(guó)內(nèi)外有關(guān)交易所公司化的研究成果引出對(duì)我國(guó)證券交易所公司化的思考方向；第二部分從國(guó)外證券交易所公司化的過程問題來看，海外證券交易所公司化伴隨著市場(chǎng)整合、股權(quán)變動(dòng)和公司治理模式轉(zhuǎn)變等問題，并總結(jié)國(guó)際實(shí)踐經(jīng)驗(yàn)對(duì)我國(guó)證券交易所公司化的啟示；第三部分闡述我國(guó)的證券交易所公司化的現(xiàn)狀及問題，結(jié)合國(guó)際經(jīng)驗(yàn)分析我國(guó)證券交易所公司化的現(xiàn)實(shí)基礎(chǔ)和動(dòng)力，并提出公司化的風(fēng)險(xiǎn)；第四部分提出我國(guó)證券交易所公司化改革的可行性對(duì)策，借鑒國(guó)外證券交易所公司化的成功經(jīng)驗(yàn)，從證券交易所所有權(quán)、公司治理和監(jiān)管等方面探討公司化改革的方案，相信中國(guó)證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.
【學(xué)位授予單位】：華南理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：D922.287;D922.291.91

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