国家需求对证券交易所功能体系形成的影响--基于证券监管史的考察与解释

The Influence of National Demand on the Formation of the Functional System of Stock Exchanges--Investigation and Explanation Based on the History of Securities Supervision

在以政府推动为主导力量形成的资本市场中,国家干预对证券市场的介入程度较深。在金融资本较为稀缺的后发国家,资本市场还承担为国家发展融资、改善公司治理水平、引导产业结构转型升级的功能。证券交易所作为一国资本市场的核心基础设施,其设立方式、行动策略、产品结构及治理结构也融入了国家需求因素。证券交易所是一国在国际资本市场的主权象征,壮大本国证券交易所的影响力成为了各国的普遍选择。新冠肺炎疫情之后,国际资本市场一体化进程受到了冲击,证券交易所对本国优质上市资源的争夺也成为了维护国家金融安全的重要手段。我国证券交易所的自律管理行为是证券集中监管体系的组成部分,应符合国家的宏观调控目标和金融发展战略,维护市场秩序、防范金融市场风险。

In the capital market with government support as the leading force, state intervention is involved in the securities market to a deep extent. In emerging countries where financial capital is relatively scarce, the capital market also assumes the functions of financing the country’s development, improving corporate governance, and guiding the upgrading and transformation of industrial structure. As the core infrastructure of a country’s capital market, stock exchanges have incorporated national demand factors into their establishment methods, action strategies, product structure, and governance structure. The stock exchange is a symbol of a country’s sovereignty in the international capital market, and it has become a common choice for all countries to strengthen the influence of the country’s stock exchanges. After the COVID-19 epidemic, the integration process of the international capital market has taken a hit, and the stock exchanges’ competition for domestic high-quality listing resources has also become an important means of maintaining national financial security. In addition, the self-discipline management behavior of China’s stock exchanges is an integral part of the centralized securities supervision system and should conform to the country’s macro-control objectives and financial development strategies to maintain market order and prevent financial market risks.