境外证券交易所国际化战略与路径研究——基于境外主要交易所的案例分析

Internationalization Strategies and Paths of Foreign Stock Exchanges: A Case Study of Major International Stock Exchanges

随着中国经济和金融开放步伐不断加快,中国资本市场的对外开放迎来前所未有的大好时机,而证券交易所在中国资本市场对外开放中具有极其重要的作用。尽管近年来中国证券交易所在国际化业务方面取得许多突破,但仍存在发展方式单一、跨境交易品种有限、竞争优势不突出等问题。鉴此,本文重点对美国、英国、德国、韩国等国家或地区证券交易所的国际化发展进行案例分析,剖析这些证券交易所国际化的战略布局和发展方式,总结其背后的共性经验。证券交易所在国际化发展中,通常采取股权合作、产品互挂、市场互联或技术输出等方式,实现交易所跨区与跨界合作,布局海外市场与业务。基于这一发展路径,结合中国证券交易所国际化所面临的困境,本文提出三点具体建议:增加交易所市场内部层次,吸引国际优秀企业上市;以产品为依托,形成种类多样的国际交易品种;结合市场环境变化,开展形式多样的国际合作。

With the acceleration of China＇s economic and financial opening up, the opening of China＇s capital market faces unprecedented opportunities, and the stock exchange plays an extremely important role in it. Despite many breakthroughs China＇s stock exchanges have achieved in the internationalization process in recent years, there are still problems such as the single development model, the limited overseas products, and the lack of competitive advantages. Therefore, this paper conducts a case study of the international development of stock exchanges in the United States, Great Britain, Germany, South Korea and other countries or regions, analyzing the strategic layouts and development models of those stock exchanges. This paper then proposes suggestions for the future international developments of Chinese Stock Exchanges, including increasing the market layers to attract foreign companies to go public, offering more overseas products to form a variety of international trading products and carrying out various forms of international cooperation in light of changes in the market environment.