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A New Exploration Of The Organizational Form Of China's Stock Exchanges Under The Background Of The Reform Of The Registration System

Posted on:2018-11-09Degree:MasterType:Thesis
Country:ChinaCandidate:J MuFull Text:PDF
GTID:2356330536460438Subject:Economic Law
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On November 12 th,2014,The Decisions on Several Major Issues of Comprehensive and Deepening Reform was adopted at the Third Plenary of the 18 th CPC Central Committee,strategically determining the fundamental direction of capital market's registration system reform in China.In the first half of 2015,The Amendment of Securities Law entered the first trial,which meant the curtain of the registration system reform was officially opened.As an important system of capital market,it will bring changes to a series of relative systems.In this macro context,the reform of the stock exchange's organization has been given new impetus and significance.Compared with the membership exchange,the corporate exchange is more open,independent and commercial,but it faces more complex conflicts of interests than the former.It is written in Chinese Laws that Shanghai stock exchange and Shenzhen stock exchange belong to membership exchange.However,these two exchanges are the consequences of mandatory system changes.Their property status is vague,and their actual business,authority supervision and even the appointments of leaders are depended by China Securities Regulatory Commission(CSRC).Therefore,the two stock exchanges of China are not real membership exchanges.The reform of the registration system is in accordance with the reform of the exchange's organization.Registration system reform will pose far-reaching influences to Shanghai stock exchange and Shenzhen stock exchange,and it is the catalyst which will push stock exchanges to shift their roles in capital market.On the one hand,as part of the registration system reform,the separation of the stock issuance examination and listing audit will make the stock exchange's listing audit no longer mere formality;on the other hand,the reform of the registration system will give exchanges more market-oriented regulatory responsibilities,which requires the exchanges to become the real "first-line supervisors".However,membership exchanges are big challenges to the registration system reform.The future of the reform of registration system is mostly determined by the reform of the exchange's organization.The author believes that the reform of registration system is a good opportunity to actively promote the reform of the exchange's organization.The organization of Shanghai stock exchange and Shenzhen stock exchange should be decided by market and let by the government.First of all,the core of the two stock exchanges' organization reform is to improve their autonomy and independence,and to redeploy the regulatory power.The government should transfer more supervision power to the exchanges and encourage them to play to the roles of front-line regulators.Secondly,corporate exchanges can follow the trend of free market.As Chinese capital market and stock exchanges are becoming more and more mature,corporate exchanges will be the future.Therefore,Chinese government should constantly improve the legal system of the stock market,create a mature competitive environment,enhance exchanges' self-regulation,and prepare the conditions for the stock exchanges' corporate transformation in the future.
Keywords/Search Tags:the reform of the registration system, stock exchanges, the form of organization, member exchange, corporate exchange
PDF Full Text Request
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