Legal Discussion On Corporatization Reform Of China Stock Exchange

Since the 1990 s,the trend of world economic integration,especially the internationalization of capital market,has become more and more obvious,and there has been a corresponding trend in the field of financial securities.Sweden Stockholm stock exchange corporatization reform since 1993,the world's main stock exchange in developed countries and regions,are rushing to reform,namely from mutual member brokers hold membership of nonprofit organization more spontaneously into the mutual by investors holding company type of non-profit organizations.Corporate reform has become a huge trend,which is also the most significant change of governance mode in the history of global stock exchanges.China's stock exchanges are not strictly based on the traditional "membership" and "administrative membership" system,which is widely criticized.The excessive administrative intervention of the CSRC makes the stock exchanges lose their independence and at the same time reduces their international competitiveness.At the same time,in recent years,China's stock exchange equipment has also been updated,the world's first to achieve electronic trading automation,with the system reform requirements of the practice conditions.This paper argues that,in the face of the stock exchange corporation reform wave of the world,our country can not "have to sit tight" cannot "immune",but should actively learn from the successful experience of the world's main stock exchange corporatization reform,especially to face up to the related legal problems in the process of this reform and consideration,save for a rainy day,ahead of the law system on the design of the arrangement,to prevent future risks in this process,actively and steadily promote the better fit the situation of corporatization reform.Based on the existing research,this paper makes a legal discussion on the corporatization reform of China's stock exchanges from the following parts.The first part is the introduction.This part briefly describes the reform background of the stock exchange corporatization reform,as well as the relevant research review,reveals the research significance,ideas and methods of this paper,and then puts forward the innovation points and shortcomings of this paper.The second part is the basic grasp of the reform of stock exchange corporatization.This part starts with the comparison of the concept characteristics and advantages and disadvantages of the membership system and the company system of the stock exchange organizational form,and through the definition of the concept and the revelation of the key contents,establishes the proper understanding of this corporate reform.The third part is the necessity analysis of the corporatization reform of China's stock exchanges.In this part,the necessity of corporate reform is highlighted through the real disadvantages,such as the obscure legal status,excessive administrative intervention,distorted ownership of property rights,and insufficient international competitiveness of China's stock exchanges.The fourth part is the feasibility analysis of our stock exchange corporation reform.This part aims to demonstrate the feasibility of corporate reform through the disadvantages of "returning to membership system",the positive effect of corporate system,and the positive interpretation of system and practice.The fifth part is the path exploration of our country stock exchange corporatization reform.This part focuses on the exploration of three ways: first,after the reform,the reasonable allocation of stock rights in the stock exchange,the establishment of the state control of the equity model,and self-listing;Second,reform the governance structure of the stock exchange,establish the shareholders' meeting(shareholders' meeting),set up independent directors and public directors in the board of directors,and improve the general manager system to build an effective governance structure of checks and balances.Third,reform the current supervision and management system,strengthen the self-regulation supervision of China's stock exchanges,and establish a mixed supervision system with government participation.