证券等金融交易所治理结构的公司化改革趋势研究

证券等金融产品交易所的治理结构是实现交易所效率的关键所在。在国外公司化的交易所已是大势所趋。我国2006年实施的新《证券法》也为我国证券交易所走公司化之路预留了制度空间。公司制期货、证券等交易所在克服传统交易所产权不明等弊病的同时,不可避免地产生新的矛盾:股东利益最大化与市场公平效率的平衡、交易参与者与交易所股东之间的利益冲突、完善内部治理与强化外部监督等一系列问题,将构成运营与监管的利益化冲突,这些问题都急需研究。

The New Tendency in the Corporation of Financial Exchanges

The structure of governance of an exchange has been a key factor in the efficiency of such exchange as securities. The financial exchanges have gone through a series of reformes in their forms. They have changed from mutual organizations to de_mutual organizations,i.e.,companies. The Securities Act of P.R.C.(2006) has reserved some room for the reform of this sort. The Corporation of Financial Exchanges have enhanced their efficiency and also introduce some new shortcomings. It is necessary to find solutions to resolve them.