论传统期货交易所公司化改造的背景

许多传统的会员制非赢利期货交易所近年来纷纷进行公司化改造，成为赢利性的股份公司。尽管对这种组织变革及其相关问题存在着一些不同认识，但要深入研究这些问题，必须首先弄清出现公司化改造浪潮的背景。研究表明，促成这类战略决策的主要因素包括三个方面：信息技术的变革与创新使传统交易方式和组织形式面临技术竞争力方面的压力；国际期货市场结构发生了重大变化，传统交易所组织形式面临竞争方面的严峻挑战，有关国家的市场监管部门为提升本国期货业的竞争实力，对交易所的组织变革提供了有力支持。

On the Background of Incorporating Traditional Future Exchange

Many traditional futures exchanges have transformed their membership nonprofit identities into for-profit companies.It is essential to understand fully the background of the tide of demutualization,regardless of different reflections about this organizational change and related issues.The author argues that the main factors facilitating these strategic decisions are as follows:First,information technological changes and innovations bring about technological competitiveness press for traditional trading methods and organizational modes.Second,significant shifts of international futures market have challenged the organizational forms of traditional futures exchanges.Third,market regulation authorities in related countries have provided effective supports to the organizational changes in order to improve the competitiveness of their futures industry.