跨国并购新趋势下我国证券交易所公司化的法律思考

Legal Contemplation on Corporatization of China's Stock Exchanges in the New Trend of Cross-border Mergers & Acquisitions

全球金融一体化的趋势与市场竞争压力的加剧,使得全球新一轮证券交易所跨国并购浪潮再次掀起。在推动我国资本市场发展进程中,证券交易所公司化转型是提升我国资本市场市场化与国际化水平的重要前提。面对证券交易所公司化改制引发的证券交易所商业角色与监管角色失衡、自我上市与自我监管冲突、监管权力滥用以及自律监管与公共监管冲突等一系列问题,应当立足我国证券交易所的自身发展状况,结合国外成功经验,适时更新自律概念的内涵,重新设定自律监管模式,并作出相应的制度安排,如完善内部治理、强化外部监管、健全信息披露等,从而有效消除公司化改制带给自律监管的影响,优化公司制证券交易所的作用。

As the trend of global financial integration and market competition becomes intense,a new round of corporatization of global stock exchanges rises again.In the process of promoting capital market development,corporatization of stock exchanges is an important premise to improve the martetization and internationalization level of China＇s capital market.Confronted with several contradictions aroused by corporatization of stock exchanges,such as the imbalance between commercial role and regulator role,self-listing and self-regulation,power abuse and self-regulation,we should focus on the status quo of China＇s stock exchange,combine with overseas successful experience,update the concept of self-regulation,reset self-regulation pattern,and make corresponding systemic arrangements,such as improving internal governance,strengthening external regulation,reinforcing information disclosure,etc.,so as to eliminate the negative influence brought by corporatization of stock exchanges on self-regulation,and strengthen the function of corporate stock exchanges.