The Research On The Reforming Of Stoc Exchange Company System

Along with the rapid development of the electronic information technology and network technology, as a main mark of the traditional stock exchange, stock exchange business hall had lost his practicaly significance, the old membership of stock exchange management model has been unable to meet the needs of the market development. Since1993, the Stockholm stock exchange had got the success by restructuring the membership through beginning a company type, the world demutualization wave began to run. As to2009, more than80%of the stock exchanges had completed the reform of company system. The experiences of Australia, Singapore, NASDAQ, and other overseas enlighted us:successful demutualization of stock exchanges in their government legislative support, not only paid attention to the original members of the stock exchanges, but also bring to the new exchange management structure and made for the moderate adjustment reform at last. The reform of company system adapted to the age of the Internet and the needs of the information age, greatly promoted the development of the securities market and the countries of the world.At the time of marketing economic system, Shanghai stock exchange in China was founded that had been under the development of a membership stock exchanging. Nowadays, with the worldwide exchanging company step by step, the structure of Shanghai, Shenzhen Stock Exchanges membership orgnization have been seriously restricted by the development of China’s securities market. In2009, the revolutionary committee of the Chinese people’s political consultative conference of the second meeting at11th,Shenzhen stock exchange had made a reforming of company type proposal,calling for the reform of Shenzhen stock exchange.In2011, ZhangHuaFeng, the Chinese people’s political consultative conference, made the proposal that "the new question actively promote for the exchange and cooperation between Hong Kong and mainland investors, implement of the two-way investment stock". ZhangHuaFeng,in the proposal pointed out:at present, the form of our stock exchang hinder the development of Hong Kong stock exchanging and the mainland Shanghai, the biggest problem to China’s Shanghai deeply is that the form of our stock exchange were not company type, ZhangHuaFeng suggested that the trend of the international financial market teached us the Shanghai stock exchange should mahe a deep reform to company system. In2012, the revolutionary committee to the national political consultative conference on5times at11th of the conference proposal "Promoting China’s capital market and sustainable healthy development ", and called for a review of the company law and the securities law allowing a company type stock exchanging in the market, reducing the listed and underwriting standards. Shanghai stock exchange deeply reform to company system exchanging is imminently. In the first part of this paper, as the two forms of the stock exchanging organized, the company system and the membership system was analysised both in ensuring fair trade, supervision efficiency, and in the maintenance of the interests for investors.The conmpany system are better than the membership stock exchange. The second part of the article analysis the background and practice in the reforming of the overseas exchange company system. The third part of the article introduces the stock exchange executiving for membership, the regulatoring power, the weak international competitiveness and the low malpractice of the orgnaztion of our country.In global competition and internationalization of capital market,the reforming of stock exchange to participating company system is the noly way for our country stock exchange.The last part of this paper analyses that the demutualization of stock exchanges may conflict with the interest of China stock exchange company and the company establishment in framework.The question of our country stock exchanges regulation in mutual constraints, the problem of exchanges and their sharing of stocks listed on the conflicting of interest. Through drawing lessons from the successful overseas experiences and studying the thought of foreign scholars find out the solutions of our domestic.