证券交易所组织结构变革演进：兼评沪深两地的运作

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。

Evolvment of Restructuring of Exchanges:Comment on the Operation of Shanghai and Shenzhen Stock Exchanges as Well

Exchanges demutualization which is a moderu advanced organization system,has become a more and more important choice for modern exchanges and on the other hand the traditional membership organizational structure could hardly satisfy the demands for competitiveness.Although demutualized exchanges could enjoy some advan- tages 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 mem- bership exchanges.We analyze the feasibility and prospects of demutualization of these two exchanges and its func- tions in constructing an efficient,fair,open,transparent and harmonious stock market.