全球证券交易所公司化改制研究
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摘要
自全球首个证券交易所建立至20世纪90年代,会员制一直是世界各国证券交易所自正式成立之初起即广泛采用的治理模式。但是,自1993年瑞典斯德哥尔摩证券交易所进行公司化改制,由会员制转变为公司制以来,全球证券交易所发生了有史以来最为重大的一次治理模式的变迁,这种公司化改制也被称为“非互助化(demutualization)",其主要内容是证券交易所由互助性的由会员券商持有的非营利组织转变为非互助性的由投资人持有的营利性组织。
目前,世界各国各主要证券交易所均已经完成了公司化改制,由传统的会员制转变为公司制。一般研究认为,公司化改制是证券交易所适应交易技术发展(电子化)、经济全球化等外部条件因素,因应效率降低和成本提升而做出的重大调整。但相关研究相对都是基于证券交易所和交易所会员券商的角度进行的研究,虽然给出了证券交易所改制基本原因的分析,但是对公司化改制为什么会在证券交易所这种非营利组织中发生,会员之外的其他证券交易所利益相关者为什么会愿意接管证券交易所的所有权或接受证券交易所公司化这种结果,以及公司化改制后证券交易所将要面临的新的治理问题,没有进行更多的分析。
本文就是在现有研究成果上,以不完全契约、企业所有权、制度变迁、非营利组织治理、公司治理等理论为基础,以治理成本为核心分析工具,对相关问题进行深入推进研究的一个尝试。本文认为,证券交易所由会员制转变为公司制,是证券交易所在外部条件因素发生重大变化的情况下,在有别于其他非营利组织的特殊情形下,在市场参与者和利益相关者的共同作用下,做出的治理制度变迁。该治理制度变迁使证券市场直接参与者和利益相关者的各自的治理成本有明显降低(或至少保持原水平),从而使证券市场的总治理成本整体下降,实现了有效的帕累托改进,形成了新的帕累托最优,因此全球主要证券交易所会在短短20余年时间内完成了一次较为彻底的治理模式变迁。同时,本文还对公司化改制后证券交易所面临的新的治理问题和风险进行了分析和探讨。
在此基础上,本文由证券交易所公司化改制问题入手,对我国证券市场建设和治理模式的改进问题进行了专门探讨。本文认为,中国证券市场的治理环境与其他国家有较大的不同,政府主导和强力行政控制是其最大特色和显著问题,其他证券市场参与者和利益相关者在政府面前,均缺乏推动变革的能力,除证券交易所的管理人员外也缺乏推动变革的动力,治理制度变迁很难给他们带来更多的利益。中国证券市场的变革和证券交易所的改制必然是在政府主导下进行的,主要是政府对自身权利(或利益)的合理让渡,在此过程中要特别做好对可能的问题和风险的预判,提前做好制度设计,否则变革可能不会起到预期结果,甚至可能会起到负面作用。
本文以规范分析、比较分析为主,适当结合案例分析和实证数据,基于公司治理的理论体系,以治理成本分析为核心内容,力争构建一个清晰的、有可操作性的证券市场治理机制变迁的分析框架,并在此基础上对以证券交易所为核心的证券市场的治理变迁进行系统分析,对证券市场和证券交易所未来可能遇到的治理问题和风险进行预估,特别是对我国证券市场的改革和证券交易所的改制可能面临的问题和风险作出提前的预判,并提出若干具体建议。
本文是对证券交易所治理机制变迁进行系统分析的一个粗浅尝试,希望能为今后的相关研究提供一定的借鉴和参考,为奠定相关研究工作的基础贡献一份微薄力量,为我国证券市场健康发展提供一个有可操作的建设性意见。
From the establishment of the world's first Stock Exchange to the1990s, membershipsystem has been widely used by thestock exchanges of world. However, since the Stockholm Stock Exchange changedfrom membership tocorporation systemin1993, the global securities markets expended the most significant governance model change in the history. Now, almost all of the important stock exchanges in the workd have changed from membership to corporation system. This change is also called "demutualization".
This dissertation is an attempt to promote the research at the base of existing research on the point of view of governance cost. This dissertation argues that the Stock Exchanges' change from membership to company system is a governance system model change in the case of significant changes of external conditions,the differences of the membership system Stock Exchangesbetween the other non-profit organizations andeffects of the market participants and other stakeholders. This governance system changes reduce the governance cost of the market participants and stakeholders, make a Pareto improvement and the formation of a new Pareto optimal. So the world's major stock exchanges willcomplete within a short period of more than20years, a thoroughly reform of the governance system model. Meanwhile,this aritcal is also argures about the governance issues and risks the Stock Exchanges maybe face after the demutualization.
On this basis,this dissertation starts by from thestock exchange corporate system restructuring issues, specifically anylaze the construction of China's securities market and improvement of its governance model. This dissertation argues that the governance environment of China's securities market is quite different from other countries, government-led and powerful administrative control is its most prominent featureand significant issue.Other securities market participants and stakeholders(espect of Exchagnes'employees) in the face of the government-led, lack of ability and power to promote the change Stock Exchangsalso lack the to promote change, and the change can bring litte benefits tothem. The transformation of China's securities market and the restructuring of the Stock Exchange must be carried out under the auspices of the government and the reasonable alienation of their rights (or benefits). In this trans version, a prognosis about the possible problems and risks, and a design of the related institutions must be made at firse, otherwise the changes may not work as expected results, and may even play a negative role.
This dissertation uses theoretical analysis and comparative analysis in brief,and with the help of cases analysis and empirical fact,strives to build a clear, workable securities market governance mechanisms change analysis system. On the base of this, this dissertation trys to analyze the securities market's governace model changes,and predict the governance issues and risks that may be encountered in the future of the securities market and the stock exchange.This dissertation especially analyze the problems and risks of China's securities market reform and restructuring of the Stock Exchange may be faced in advance, and put forward a number of specific recommendations.
This dissertation is a superficial attempt about the Stock Exchanges'governance mechanisms changes. I hope to be able to provide a reference for future research, lay a basis contribution for the research work, and make workable constructive comments for China's securities markets healthy development.
目前,世界各国各主要证券交易所均已经完成了公司化改制,由传统的会员制转变为公司制。一般研究认为,公司化改制是证券交易所适应交易技术发展(电子化)、经济全球化等外部条件因素,因应效率降低和成本提升而做出的重大调整。但相关研究相对都是基于证券交易所和交易所会员券商的角度进行的研究,虽然给出了证券交易所改制基本原因的分析,但是对公司化改制为什么会在证券交易所这种非营利组织中发生,会员之外的其他证券交易所利益相关者为什么会愿意接管证券交易所的所有权或接受证券交易所公司化这种结果,以及公司化改制后证券交易所将要面临的新的治理问题,没有进行更多的分析。
本文就是在现有研究成果上,以不完全契约、企业所有权、制度变迁、非营利组织治理、公司治理等理论为基础,以治理成本为核心分析工具,对相关问题进行深入推进研究的一个尝试。本文认为,证券交易所由会员制转变为公司制,是证券交易所在外部条件因素发生重大变化的情况下,在有别于其他非营利组织的特殊情形下,在市场参与者和利益相关者的共同作用下,做出的治理制度变迁。该治理制度变迁使证券市场直接参与者和利益相关者的各自的治理成本有明显降低(或至少保持原水平),从而使证券市场的总治理成本整体下降,实现了有效的帕累托改进,形成了新的帕累托最优,因此全球主要证券交易所会在短短20余年时间内完成了一次较为彻底的治理模式变迁。同时,本文还对公司化改制后证券交易所面临的新的治理问题和风险进行了分析和探讨。
在此基础上,本文由证券交易所公司化改制问题入手,对我国证券市场建设和治理模式的改进问题进行了专门探讨。本文认为,中国证券市场的治理环境与其他国家有较大的不同,政府主导和强力行政控制是其最大特色和显著问题,其他证券市场参与者和利益相关者在政府面前,均缺乏推动变革的能力,除证券交易所的管理人员外也缺乏推动变革的动力,治理制度变迁很难给他们带来更多的利益。中国证券市场的变革和证券交易所的改制必然是在政府主导下进行的,主要是政府对自身权利(或利益)的合理让渡,在此过程中要特别做好对可能的问题和风险的预判,提前做好制度设计,否则变革可能不会起到预期结果,甚至可能会起到负面作用。
本文以规范分析、比较分析为主,适当结合案例分析和实证数据,基于公司治理的理论体系,以治理成本分析为核心内容,力争构建一个清晰的、有可操作性的证券市场治理机制变迁的分析框架,并在此基础上对以证券交易所为核心的证券市场的治理变迁进行系统分析,对证券市场和证券交易所未来可能遇到的治理问题和风险进行预估,特别是对我国证券市场的改革和证券交易所的改制可能面临的问题和风险作出提前的预判,并提出若干具体建议。
本文是对证券交易所治理机制变迁进行系统分析的一个粗浅尝试,希望能为今后的相关研究提供一定的借鉴和参考,为奠定相关研究工作的基础贡献一份微薄力量,为我国证券市场健康发展提供一个有可操作的建设性意见。
From the establishment of the world's first Stock Exchange to the1990s, membershipsystem has been widely used by thestock exchanges of world. However, since the Stockholm Stock Exchange changedfrom membership tocorporation systemin1993, the global securities markets expended the most significant governance model change in the history. Now, almost all of the important stock exchanges in the workd have changed from membership to corporation system. This change is also called "demutualization".
This dissertation is an attempt to promote the research at the base of existing research on the point of view of governance cost. This dissertation argues that the Stock Exchanges' change from membership to company system is a governance system model change in the case of significant changes of external conditions,the differences of the membership system Stock Exchangesbetween the other non-profit organizations andeffects of the market participants and other stakeholders. This governance system changes reduce the governance cost of the market participants and stakeholders, make a Pareto improvement and the formation of a new Pareto optimal. So the world's major stock exchanges willcomplete within a short period of more than20years, a thoroughly reform of the governance system model. Meanwhile,this aritcal is also argures about the governance issues and risks the Stock Exchanges maybe face after the demutualization.
On this basis,this dissertation starts by from thestock exchange corporate system restructuring issues, specifically anylaze the construction of China's securities market and improvement of its governance model. This dissertation argues that the governance environment of China's securities market is quite different from other countries, government-led and powerful administrative control is its most prominent featureand significant issue.Other securities market participants and stakeholders(espect of Exchagnes'employees) in the face of the government-led, lack of ability and power to promote the change Stock Exchangsalso lack the to promote change, and the change can bring litte benefits tothem. The transformation of China's securities market and the restructuring of the Stock Exchange must be carried out under the auspices of the government and the reasonable alienation of their rights (or benefits). In this trans version, a prognosis about the possible problems and risks, and a design of the related institutions must be made at firse, otherwise the changes may not work as expected results, and may even play a negative role.
This dissertation uses theoretical analysis and comparative analysis in brief,and with the help of cases analysis and empirical fact,strives to build a clear, workable securities market governance mechanisms change analysis system. On the base of this, this dissertation trys to analyze the securities market's governace model changes,and predict the governance issues and risks that may be encountered in the future of the securities market and the stock exchange.This dissertation especially analyze the problems and risks of China's securities market reform and restructuring of the Stock Exchange may be faced in advance, and put forward a number of specific recommendations.
This dissertation is a superficial attempt about the Stock Exchanges'governance mechanisms changes. I hope to be able to provide a reference for future research, lay a basis contribution for the research work, and make workable constructive comments for China's securities markets healthy development.
引文
① Henry Hansmann (1996):The Ownership of Enterprise,中译本《企业所有权论》,北京：中国政法大学出版社,2001
① 关于制度变迁内生因素的综述方面,部分参考了彭涛、魏建《内生制度变迁理论：阿西莫格鲁、青木昌彦和格雷夫的比较》,经济社会体制比较,2011(2)
① 青木昌彦,《比较制度分析》,上海：上海远东出版社,2001
② Masahiko Aoki, Endogenizing Institutions and Institutional Changes, Journal of Institutional Economics,2007(3)
① Avner Greif, Instituions and the Path to the Modern Econnomy:Lessons form Medieval Trade, Cambridge University Press,2006
① 李维安,《非营利组织管理学》,北京：高等教育出版社,2008
① 李维安,《公司治理》,北京：高等教育出版社,2005
② Rediker& Seth (1995), Boards of directors and substitution effects of alternative governance mechanisms
① 参见施红梅、施东晖(1999),《世纪之交的证券交易所革命》
① 转引自施东辉(2010),《交易所竞争力分析》
① Renna Aggerwal, Demutualization and Corporate Governance of Stock Exchanges, Journal of Applied Corporate Finance,2002(15)
① 相关情况可参见朱相诚的博士学位论文：《证券交易所公司化：海外趋势与中国选择》,上海：华东师范大学,2012
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① 关于制度变迁内生因素的综述方面,部分参考了彭涛、魏建《内生制度变迁理论：阿西莫格鲁、青木昌彦和格雷夫的比较》,经济社会体制比较,2011(2)
① 青木昌彦,《比较制度分析》,上海：上海远东出版社,2001
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① 参见施红梅、施东晖(1999),《世纪之交的证券交易所革命》
① 转引自施东辉(2010),《交易所竞争力分析》
① Renna Aggerwal, Demutualization and Corporate Governance of Stock Exchanges, Journal of Applied Corporate Finance,2002(15)
① 相关情况可参见朱相诚的博士学位论文：《证券交易所公司化：海外趋势与中国选择》,上海：华东师范大学,2012
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