交易所治理结构比较研究综述

A Literature Review of Comparative Study on Governance Structure in Exchanges

作为交易所两种主要的治理模式,会员制交易所与公司制交易所的本质区别表现为交易所三权(所有权、经营权和交易权)分配与营利性两方面。这两方面特征的差异导致了会员制与公司制交易所在决策机制、融资渠道、利益冲突、定价机制、技术、激励机制、创新能力、流动性、自律效率九个方面的差异。经过对会员制与公司制以上九个方面的比较,研究发现公司制交易所较之会员制交易所在多个方面更加优越,或者更加适合于目前的市场环境。

As the two main patterns of governance structure in exchanges, members＇ cooperatives exchanges and outside ownership exchanges are essentially different in two aspects： the distribution of Three Rights （ownership, managerial right and transacting right） and the profitability. It is the differences in such two aspects that lead to the differences of members＇ cooperatives exchanges and outside ownership exchanges in nine aspects such as decision-making mechanism, financing channel, interest conflict, pricing system, technique, encouragement system, innovative power, liquidity and self-regulation efficiency. After the comparison in nine aspects, it can be seen from the study that outside ownership exchanges have the advantage and fit the current market rather than members＇ cooperatives exchanges.