Stock Exchange Self-regulation Research

Securities market is one important part of capital market of one country, it plays a very important role in development of the country and society. But securities market still have high risky features, if functions abnormally, it will bring about economic crisis even social crisis, so every country of the world in order to get interests and exclude defects, regulate securities market effectively. The regulation of securities market includes self-regulation and government supervision. Government supervision is administrative supervision of securities market, self-regulation includes the regulation of the stock exchange and securities association, and the most important is the self-regulation of the stock exchange. The successful experiences of supervision of securities market of developed countries indicate that the supervision of securities market not only relies on government supervision, but also relies on self-regulation of stock exchange, both of them have their distinctive superiority, so cannot substitute each other. Nowadays, the circumstances of supervision of Chinese securities market is "strengthened government, weakened stock exchange", on the circumstances of strengthening the self-regulation of securities exchange of the countries of marketing economy, Chinese Security Regulatory Commission(CSRS) propose the objective of strengthening self-regulation of stock exchange definitely on June, 2007. Discussion on regulating securities market effectively now is hot, but from the perspective of self-regulation of stock exchange specially is deficient, and legal circle is less. Most scholars' research perspectives focus on macroscopic supervision of the securities market, lack of concrete and detailed observation from the self-regulation of stock exchange.On the basis of researching supervision models of stock market of mainly marketing economy countries and analyzing the realistic situation of Chinese securities market, the paper elaborately demonstrate we should strengthen and how to strengthen the duties of self-regulation of stock exchange. Facing the dramatic trend of demutualization of most stock exchanges, the paper elaborate its' influences to the self-regulation of stock exchange. The writing approaches of the paper adopted method of history, method of comparison , method of sociology, method of legal economics.The paper have 40 thousands words and is divided into four parts:Chapter one: description of stock exchange and supervision models of stock exchange. This part plays a theoretic role in the paper. First of all, demonstrate the concept and features of stock exchange, on the trend of globalization of capital market, the development of stock exchanges appear new features. Secondly, the part demonstrates the historical development of stock exchange of foreign countries and China. At last, discussion on the three supervision models of securities market of foreign countries, the model of government orientation, the model of self-regulation orientation, the model of middle. It concludes there have a combination trend of supervision model in mainly marketing economy countries, but no matter what model is, emphasis on self-regulation of stock exchange of securities market is indispensable, the objective is match with government supervision.Chapter two: the value analysis of self-regulation of stock exchange. The part is one important form of the paper, it demonstrates the relative theory of self-regulation of stock exchange from six aspects. Firstly, the part interpret self-regulation from jurisprudence and commercial practices, indicates self-regulation of securities market and securities market is almost the same time, origin of self-regulation in their own interests is the life of the securities industry. Secondly, on the basis of defining the concept and features of self-regulation of stock exchange, from the perspective of high risky nature of securities market and the unique functions of social middle layer, stock exchange could make up for the defects of government and market, play the bridge effect of coordinating the government and market. And then dissert the advantages and defects of self-regulation of stock exchange, these are basis theory which support the structure of the paper. We should cope with the relationship of the self-regulation of stock exchange and government supervision properly, seek the balance of both of them, these are the key of supervision successfully of securities market. Lastly, according to the objectives and principles which proposed by the International Organization of Securities Commissions (IOSCO), elaborate the objectives of self-regulation of stock exchange, and on the basis of these theories, elaborate three legal foundations of self-regulation of stock exchange, these are basic civil law, the authority of securities law and regulations and constitution of stock exchange.Chapter three: the situation analysis and perfection of self-regulation of stock exchange. The part is also one important of the paper. Firstly, dessert concrete contents of Chinese stock exchange regulating securities exchange, these are regulating listed companies, the members of stock exchange and transaction process. Secondly, demonstrate the defects and perfection of stock exchange regulating securities market; these are the foundations of forming conclusion of the paper. Compare with western developed countries, the establishment and development of stock exchange of our country is very short. The stock exchanges of Shanghai and Shenzhen established by the preparation and plan of the government, this history leads to government control stock exchange completely, formed the situation of powerful government supervision and weak self-regulation of stock exchange. Supervision duties between CSRC and Chinese stock exchange is not clear in law and practices, stock exchange lack of independence and sovereignty in organizing and regulating securities market, lead to CSRC perform some part duties of stock exchange, Lack of buffer mechanism and bad supervision effect. Vague supervision power formed the situation of dominant government supervision and auxiliary self-regulation. So it is necessary to clear the relationship further of CSRC and stock exchange, give the power that belongs to stock exchange to stock exchange gradually, increase self-regulation mechanism of securities association and play the arbitration function of stock exchange, strengthen the line management of stock exchange and establish efficient system of self-regulation.Chapter four: The organization forms of stock exchange—the dispute of membership system and corporation system take influence on self-regulation. The governance models of stock exchange simply categorize membership system and corporation system, the latter is also called demutualization. After 1990s, stock exchanges of the world begin the revolution trend of governance structure; more and more stock exchanges begin the reform of demutualization, transformed to corporation system. This lead to the first aim of stock exchange is to pursue profit maximization and shareholders interests. The demutualization of stock exchange bring the unprecedented challenges to self-regulation which established base on traditional stock exchange. But the stock exchanges which accomplished demutualization still need self-regulation, and have dynamic origination and resources foundation of self-regulation, it is not necessary and possible to cancel self-regulation after demutualization of stock exchange. Stock exchange and government supervision department solve this problem is to adjust the model of stock exchange, and make more clear and reasonable division between government supervision and self-regulation of stock exchange, decrease the interests conflicts between profits and self-regulation of stock exchange, this is the ideas of solving this problem.