导　　师： 官欣荣

学科专业： 0351

授予学位： 硕士

作　　者： ;

机构地区： 华南理工大学

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。 The Stock exchange is a place set up according to the civil law, in whichstock-exchanging concentrated authorized by the government. It not only provides the placefor stock-exchanging, but also has formed and the announcement of price, focus on all kindsof social capital to participate in the investment, guide the reasonable flow of investment andtrading rules maintaining trading order, provide trade information and reduce the effect oftransaction costs. Its organization form mainly has membership and corporations, our countrypresent stage uses a membership-based model integration with the administrative system, butthe government promoting may lead to lost of marketability characteristics and simplestructure, smaller, supervision weakening. In recent years, stock exchange demutualization inthe worldwide has become a trend, the increasing competition in global stock exchanges,changing in securities market structure, which makes stock exchange in our country have toface the dual challenge of transition and competition. Under the international environment, weshould promote the market-based development of security market with the consideration ofpresent situation, enhance the international competitiveness of China's stock exchange. Isuggested boldly draw lessons from the successful experience of the foreign stock exchangedemutualization, actively and steadily promote the corporatization of stock exchange in China,in order to make our country's securities exchange can truly meet the needs of thedevelopment of securities market. The article is divided into four parts to discuss stock exchange demutualization. The firstpart is an introduction, briefly expound the status of the stock exchange and its background,thinking about the direction of securities exchange with research results; The second partdiscourse the necessity of stock exchange demutualization in our county with the extantproblems; The third part elaborate the Legal issues caused by stock exchangedemutualization， Investigate the demutualization foundation of China; The fourth part lookahead the prospect of stock exchange demutualization in our country, think about the reformplan from the ownership, corporate governance and stock exchange, and I believe that theChinese stock exchange demutualization is inevitable at last.

关 键 词： 证券交易所 会员制 公司化

分 类 号： [D922.287 D922.291.91]

领　　域： [政治法律] [政治法律] [政治法律] [政治法律]