摘要
公司化交易所已经成为现代交易所的先进组织制度．传统会员制交易所越来越难以适应证券市场新的竞争环境的要求。尽管公司化交易所相比会员制在决策效率、运作透明度、外部合作与资本实力上更优，但是公司化交易所同样不能避免利益冲突，因此，交易所公司化不仅需要考虑证券市场外部环境的制约，还要考虑证券监管权力的重新分配。我国仍实行会员制的沪深交易所有必要进行公司化改革，让全体投资者分享金融发展的成果。
Exchanges demutualization which is a modern advanced organization system, has become a more and more important choice for modern exchanges and on the other hand the traditional membership organizational strneture could hardly satisfy the demands for competitiveness. Although demutualized exchanges could enjoy some advantages such as decision efficiency, operation transparency, external cooperation and capital sufficiency, it could also involve interests conflicts. So the demutualization process should take into account not only the market environment but also the redistribution of supervisory power. The Shanghai and Shenzhen Stock Exchanges are two typical membership exchanges. We analyze the feasibility and prospects of demutualization of these two exchanges and its functions in eonstrneting an efficient, fair, open, transparent and harmonious stock market.
出处
《改革》
CSSCI
北大核心
2007年第10期108-114,共7页
Reform
关键词
公司化
新技术革命
利益冲突
自律监管
demutualization, new-teeh revolution,interests conflicts,self-discipline
