Research On Self-regulation Mechanism Of China Stock Exchange Under The Trend Of Demutualization

Self-regulation supervision mechanism is an important part of the securities market supervision system.Its unique advantages can stably promote the healthy development of the securities market when it is perfectly matched with other regulatory mechanisms.Due to the special historical background of the China Stock Exchange,it is not the same as the nature of the general legal exchange.The self-regulation of the stock exchange is actually supervised by the government.Since the Stockholm Stock Exchange in Sweden took the lead in corporate restructuring in the 1990s,the restructuring of the world stock exchange has become a trend.The Chinese stock exchange's surviving membership system,increasingly fierce market competition,and a globalized economic environment all call for exchange reform.However,the demutualization of stock exchanges separates the interests of members from the public interest and enhances the competitiveness of stock exchanges.At the same time,it also makes the functions of exchanges differentiate,and the conflicts of interest of exchanges will increase.It impacts the Self-regulation functions of the stock exchange.Although demutualization has a great influence on the self-regulation of exchanges,the obvious advantages of the exchange's Self-regulation functions and the practical experience of the world stock exchanges remind us that self-regulation has its foundations and requirements after demutualization.Through the comparative analysis of the nature,development history,change process and corporate governance system of the three stock exchanges in the United States,such as New York,Hong Kong,and Taiwan,China can provide demutualization for the China Stock Exchange.Quite a reference.Considering the property rights issues,philosophical issues,and model issues that Self-regulation supervision will face after the demutualization of China's stock exchanges,and drawing on the experience of international stock exchanges,we should choose a reasonable Self-regulation reform model and should not fully adopt extraterritorial experience.For the reconstruction of Self-regulation system after demutualization,this paper advocates the legal nature of the stock exchange and its self-regulation from the perspectives of legal system,Self-regulation concept and mode,Self-regulation function and corporate governance structure.Positioning,rationally coordinating the relationship between administrative supervision and Self-regulation functions,and reconstructing the shareholding structure and corporate governance structure during the exchange restructuring.