国际证券交易所非互助化的进程、成效及其借鉴意义

The Process,Effect and Referential Significance of International Stock Exchanges' Demutualization

传统上各国证券交易所在组织结构上都具有互助性质。自20世纪90年代以来,国际上出现了交易所非互助化的趋势,公司化、营利性、非公共化已成为国际交易所的主要特征。非互助化缘于越来越严峻的竞争压力、科技进步、股份公司融资上的优势、提高市场效率的需要等。非互助化后的交易所取得了良好的经营成效。国际交易所非互助化的经验对我国沪深交易所改制具有重要借鉴意义。

In tradition, stock exchanges of all countries were characterized by mutual ization of structure. Since 1990s, there is a trend of demutualization of exchange. Company structure, profitability and non-public-ownership have become main features of international stock exchanges. Reasons of demutualization lie in such aspects as stern competitive pressure, technological progress, superiority in financing of stock company and need for higher market efficiency, etc. Demutualized exchanges achieve better financial performance. Foreign experience in demutualization will give important reference to Shanghai and Shenzhen＇s stock exchanges.