交易技术与交易所治理结构的演变——基于交易组织内部权利框架的比较分析

Transactional Technologies and the Transformation of the Governance Structure of Exchanges:A Comparative Analysis Based on the Internal Rights Framework of Transaction Organizations

本文采用交易组织体的内部权利框架,对特异性投资下交易所的两种统一治理结构——互助性治理结构与营利性治理结构进行了比较,进而对交易所治理结构的演变给出了解释。本文的结论是,特定的治理结构是与特定的交易服务技术水平相适应的；随着生产交易服务的一项新技术的普及,在监管条件不构成组织演化障碍的情况下,与传统技术相适应的治理结构向与新技术相适应的治理结构转变是大势所趋。

This paper uses the internal rights framework of transaction organizations to compare and analyze two kinds of unified governance structures—commercial mutual non-profit governance structure and for-profit governance structure,with which idiosyncratic investments are matched,then explains the evolution of unified governance structures with idiosyncratic investments.The authors conclude that any given governance structure is always adapted to a given technological level of transactional services,and the governance structure adapted to the tra- ditional technology will inevitably evolve into the governance structure adapted to the new technology if without any constraints from the regulation authority.