韩国交易所多层次市场发展特色及启示

Characteristics of South Korea Multi-tier Stock Exchange and Its Implication

韩国资本市场自上世纪50年代起步,逐渐发展成熟,其成长路径与我国有许多相似之处,值得参考借鉴。本文分析了韩国交易所多层次资本市场的架构及运作机制,剖析了韩交所国际化战略和集团化运营对于发挥市场功能,提高组织运作效率的作用,并对我国交易所发展提出了四方面建议,包括发展多层次资本市场、推进国际化进程、丰富产品体系和实现集团化运营。

The Korean capital market has made steady development since its inception in the 1950 s and has carved out a path of development with distinctive features and worth of reference. This paper analyzes the organizational structure and operational mechanism of Korea exchange, the only stock and futures exchange in Korea, and explores into its strategy of internationalization and integration into one conglomerate to enhance market efficiency. We also attempt to make several suggestions to domestic exchanges, i.e., to develop a multi-tiered capital market, to promote internationalization, to enrich product line and to integrate industrial chain.