On Reasonableness Of Corporatization Change Of China's Stock Exchange

The reasonable Institutional arrangements has a crucial role for the operation of the market subject,as the core of the capital market,the legal nature and the governance model of China's stock exchange has significant deficiencies,resulting in inability to perform its functions.The global trend of demutualization on the Stock Exchange has provided us with a new idea:When the investment transactions and the governance structures has be accepted,its unique design of the system will show great advantages,and inject new vigor and vitality for the traditional stock exchange which is under the oppression from modern technology and competitiveness.The article develops with this background,through the further analysis about the stock exchange' reform,combined with the actual situation in China,and provide more rationality for the demutualization of China's stock exchange.In addition to the conclusion this article is divided into four parts apart,the first part is the exordium,a brief introduction about the situation of the stock exchange's demutualization in the global range and its historical background,and combined with the research results on the stock exchange' reform at home and abroad,lead to the thinking about the direction of reform on China's Stock exchange.Partâ…¡:corporate system should be used as the direction of the reform of China's stock exchange.After analyzing the lack of performance of the Stock Exchange,there is a kind of reformational voice in academic circles:in accordance with the successful experience from the main stock exchange's reform,there has a internal fit between the modern corporate system the Stock Exchange,to our country,the company system also can be a valuable choice.Partâ…¢:several legal issues about the reasonableness of the stock exchange's demutualization change.There have several disputes about the demutualization of china's stock exchange.as a comprehensive,systematic changes in a whole system,some issues can not be avoided:first,whether our country has the competitive environment to meet the reform's requirements;second,whether the existing disorder relationship of the property rights can be straighten out after the reform;third,whether the company's profit-making attribute and self-regulation can be co-existed;Fourth,whether the corporate governance model is really in line with the needs of the exchange operator under the existing system in China.If these issues can not be solved properly,the proposal about stock exchange's demutualization is questionable.Partâ…£:Remodel the legal nature,functions,powers of the stock exchange.in allusion to the aforementioned issues,the part demonstrates the reasonableness and the feasibility Of the stock Exchange's corporation reformation from these aspects:do a good job in the division and the recognition between the state and the existing members and choose the mode that state takes the exchange's ownership relatively;Change the old governance concepts,highlight the nature of profit as the basis for the reconstruction of exchange governance model;reassign and re-distribute the securities market regulatory authority,to build a new supervision and management system which includes contract's supervision, self-regulation and governmental supervision,to resolve a conflict of interest that may arise after the exchange's demutualization;with respect to the issue that how to choice the relationship between monopoly and competition,according to the stock exchange's history development and the present operation rules,find a reasonable basis for the stock exchange's monopoly position.