Legal Research Of The Stock Exchange Demutualization In Our Country

The Stock Exchange is a financial service organization.It gains benefits by organizing trading for dealer and provding the related services.To choose what kind of legal formation and management mode is the most basic system arrangement of stock transaction.Through the development history of stock exchange. The “membership system”and “company system”gave full play to the advantages of the system for the development of securities market within a specific time and space.In order to adapt to the market development under the new environment, there is a wave of turning stock exchange into corporatization.The “administrative membership system”exchange mode in China is showing more and more disadvantages.Reform is the trend of the times. We suggest that we fearlessly learn from the successful experience in the system reform of the foreign stock exchange company and make legal institutional arrangements in advance about the legal problems in the process.To push forward the reform actively and steadily.The article is divided into four parts. The introduction briefly introduced the research origin,the research both at home and abroad,the methods and paths of the research.Thefirst part of the article introduced the international stock exchange have finished the innovation from the membership system to the company system, the inherent advantages of company system is favored by all kinds stock offices which hits a global wave of corporatization in securities transaction. In the second part,it summaries the “four unlikes”of the present stock exchange.The disadvantages came out after the lead of our government.According to the theory dispute of scholars, they proposed that we should follow the trend of corporatization reform. The third part analyizes three major legal problems that shoule be solve in the future in the process of corporate ownership,they are: ownership confirmed and equity distribution, divison of functions in corporate,public attribute and commercial attribute. The last part of the article, to actively seek the transformation of the company in the future of the stock exchange law enforcement channels.Respectively, from the protection of the securities legislation, the legal transformation of the internal governance structure of the stock exchange, stock exchange and achieve self-regulation by the China Securities Regulatory Commission, Securities Associations, stock exchanges themselves form the "trinity" regulatory structure point of view, given the future of China's stock exchanges transformation of the company's legal path.