证券交易所的公司化趋势及其对中国的启示

On the Trend That Bourses are Reformed into Corporate and Its Inspiration to China

90年代开始的证券交易所公司制改革趋势,已经使公司制成为当前全球证券交易所的主导治理模式。鉴于公司化改革可以强化证券交易所的自治地位,改善证券交易所的自律监管,建议大胆借鉴国外证交所公司制改革的成功经验,积极稳妥地推进我国证券交易所的公司化、股份化和最终上市。在证交所公司制改革以后,还要强调证交所在发挥自律监管职责方面的社会责任,并推出具体的制度设计与措施保障。

Since the nineties, making bourses corporate has become a leading governance mode for bourses all over the world. In view of its strengthening function of self-government and its improvement of self-supervision for bourses, the author suggests that the successful experience of corporate mechanism reform in foreign bourses should be introduced in order to smoothly accelerate the establishment of corporate mechanism, stock system and listing of the bourses in China. At the same time, the author stresses that after the reform the bourses should play an important social responsibility role in self-supervision.