The Rebuilding Of External Legal Relationship Of Stock Exchanges In China

Demutualization has been an opportunity and challenge to stock exchanges worldwide. After sincerely study the theory of foreign stock exchanges demutualization in this thesis, the author tries to rebuild the external legal relationship of stock exchanges in China. First of all, by defines the nature of stock exchange as legal body of profit-enterprise, the author analyzes the internal legal relationship of stock exchanges in China, and put forwards that the rebuilding of internal legal relationship of China's stock exchanges has focus on efficiency. It leads to conflict of interest to the transformed exchanges, so it has necessary to avoid interest conflict in the building of external legal relationship. The post-part of this thesis assumes several legal relationships between stock exchange and other subjects of stock market under this major principal, and gives some immature advices to the building of external legal relationship in our nation stock exchanges.In the process of writing, author uses a number of legal research methods, such as comparative analysis method, historical analysis method, value analysis method and positive analysis method. There are three parts in this thesis.The first part introduces the background of how to build the external legal relationship of China's stock exchanges. Through the comparison of advantages and disadvantages between the member-owned exchange and shareholder-owned exchange, through the analysis of reasons, effects and lessons of foreign stock exchanges transformation, author brings out that the exchanges of our nation have several serious problems, it need to be demutualized immediately.The second part explains the basic strategy of how to build the external legal relationship of China's stock exchanges. For integrate theory with practice perfectly, it should company the internal legal relationship with the external legal relationship of stock exchanges. Since the rebuilding of internal legal relationship has focus on efficiency, how to balance the interest conflicts would be a major problem of external legal relationship building.The third part explains the specific assumption of how to build the external legal relationship of China's stock exchanges. In a way, we must simplification the nature of stock exchange, assure it to be a private-law subject; in the other way, we should built a fully market competition system to adjust the self-regulation of stock exchanges. Only by this way, we can properly process the legal relationships between stock exchanges, government supervisor, stock companies, listed companies and stock investors.