中港两地证券交易制度比较研究
|
摘要
本文首先简要介绍世界发达国家的证券交易制度，而后重点介绍香港与内地证券交易制度的特点，并将其进行比较，分析其异同点，指出在中国内地证券市场国际化的过程中，香港作为国际金融中心之一，具有桥梁和纽带作用。香港不仅拥有成熟的资本市场、健全的证券监管体制、全面的金融服务，还拥有灵通的信息、优良的基础设施、极具深度的金融市场管理技能，这是内地证券市场所不具备的；同时香港还具有与内地相近的文化背景和社会观念，使两地证券交易制度更具可比性。
本文在此基础上分析了中国内地证券交易制度存在的问题及形成原因：单一的交易体系和集中竞价制度以及单一的证券交易种类造成内地证券交易制度的单一性现状；中国特殊历史原因造成的股权分割、AB股交易制度异化；证券市场投资者结构不合理，机构投资者为数过少，束缚了中国证券市场的健康发展；上市公司的持续性责任观念淡薄和监管部门执法不力使内地证券交易不适应证券监管国际化的要求。
接下来本文论述了建立和完善我国多层次、全方位的证券交易制度体系的必要性，并提出了建立与国际接轨、能更好地适应中国证券市场国际化要求的多重与完善的证券交易制度的对策与构想：改革集中竞价制度，积极推进大宗交易制度；发展金融衍生产品，引入卖空交易机制，降低证券市场系统风险；完善协议转让和要约收购制度；改革国有股流通和AB股交易制度，推进证券市场国际化；加强证券交易中的持续性责任，实现证券监管国际化。
加入WTO之后，中国内地证券市场将最终融入全球证券市场。学习和借鉴香港成熟证券市场经验，建立完善的多层次证券交易制度，使市场按照国际惯例进行运作，将加快中国金融机构、金融业务国际化的步伐，最终将中国建设成为一个金融大国。
This article briefly introduce the securities trading system of the developed countries in the world, and focus on the characteristics of the securities trading system between Hong Kong and China. By comparing and analyzing their differences, Hong Kong, which well-known as an international finance center, acts an important role in the process of internationalization of the China's securities market. Hong Kong not only has a mature capital market, a well-established securities monitoring system, provision of comprehensive financial service,but also has the real time information, an excellent basic infrastructure, knowledgeable skills in financial management. These advantages cannot be found in the China's securities market. With the similar cultural background and social beliefs, the comparison between two securities systems becomes more meaningful.
Base on the above assumption, this article analysed the problems arising from the securities trading system in China and the foundation causes of these problems. The unique trading system and the centralized bidding system together with a single nature securities trading systemresulted in the monopoly of the securities system;With the special historical background in China created a dispersion in shareholdings and burst trading system alienation of AB's; Improper composition for the investors in the market such as a few number of corporate investors tied up the development of China's securities market; The listed corporations are weak in the concept of going concern and the ineffective enforcement of the regulations lead to the securities trading system in China cannot fulfill the international standards.
This article also discusses the necessity of developing a perfect and structured securities trading system, and put forward the ideas to establish the supervisory system and regulations which can meet the international standards, for example, reforming the centralized bidding system and proactively work on the massive trading system; developing the financial related products,introducing the selling sky trading mechanism and reducing the system risk in securities market; perfecting the system of transfer of shares and the regulations on acquisition; reforming the circulation of the shares and the trading system of A-share and B-share so as to
develop a internationalized securities market; strengthening the securities trading is realized the securities superviseing the internationalize.
After joining WTO , the China securities market will finally in line with the securities market in whole world . By studying and reference to the experience of the mature securities market in Hong Kong, China can build the perfect multi-level securities trading system , and match with the international practice , the finance organization and the financial business in China becomes international standards and finally build up a China becoming the finance country greatly.
本文在此基础上分析了中国内地证券交易制度存在的问题及形成原因：单一的交易体系和集中竞价制度以及单一的证券交易种类造成内地证券交易制度的单一性现状；中国特殊历史原因造成的股权分割、AB股交易制度异化；证券市场投资者结构不合理，机构投资者为数过少，束缚了中国证券市场的健康发展；上市公司的持续性责任观念淡薄和监管部门执法不力使内地证券交易不适应证券监管国际化的要求。
接下来本文论述了建立和完善我国多层次、全方位的证券交易制度体系的必要性，并提出了建立与国际接轨、能更好地适应中国证券市场国际化要求的多重与完善的证券交易制度的对策与构想：改革集中竞价制度，积极推进大宗交易制度；发展金融衍生产品，引入卖空交易机制，降低证券市场系统风险；完善协议转让和要约收购制度；改革国有股流通和AB股交易制度，推进证券市场国际化；加强证券交易中的持续性责任，实现证券监管国际化。
加入WTO之后，中国内地证券市场将最终融入全球证券市场。学习和借鉴香港成熟证券市场经验，建立完善的多层次证券交易制度，使市场按照国际惯例进行运作，将加快中国金融机构、金融业务国际化的步伐，最终将中国建设成为一个金融大国。
This article briefly introduce the securities trading system of the developed countries in the world, and focus on the characteristics of the securities trading system between Hong Kong and China. By comparing and analyzing their differences, Hong Kong, which well-known as an international finance center, acts an important role in the process of internationalization of the China's securities market. Hong Kong not only has a mature capital market, a well-established securities monitoring system, provision of comprehensive financial service,but also has the real time information, an excellent basic infrastructure, knowledgeable skills in financial management. These advantages cannot be found in the China's securities market. With the similar cultural background and social beliefs, the comparison between two securities systems becomes more meaningful.
Base on the above assumption, this article analysed the problems arising from the securities trading system in China and the foundation causes of these problems. The unique trading system and the centralized bidding system together with a single nature securities trading systemresulted in the monopoly of the securities system;With the special historical background in China created a dispersion in shareholdings and burst trading system alienation of AB's; Improper composition for the investors in the market such as a few number of corporate investors tied up the development of China's securities market; The listed corporations are weak in the concept of going concern and the ineffective enforcement of the regulations lead to the securities trading system in China cannot fulfill the international standards.
This article also discusses the necessity of developing a perfect and structured securities trading system, and put forward the ideas to establish the supervisory system and regulations which can meet the international standards, for example, reforming the centralized bidding system and proactively work on the massive trading system; developing the financial related products,introducing the selling sky trading mechanism and reducing the system risk in securities market; perfecting the system of transfer of shares and the regulations on acquisition; reforming the circulation of the shares and the trading system of A-share and B-share so as to
develop a internationalized securities market; strengthening the securities trading is realized the securities superviseing the internationalize.
After joining WTO , the China securities market will finally in line with the securities market in whole world . By studying and reference to the experience of the mature securities market in Hong Kong, China can build the perfect multi-level securities trading system , and match with the international practice , the finance organization and the financial business in China becomes international standards and finally build up a China becoming the finance country greatly.
引文
[1] 吴林祥．证券交易制度分析．上海财经大学出版社，2002
[2] 卞耀武等．中国人民共和国证券法释义．法律出版社，1999
[3] 何杰．论证券交易制度目标设计．证券市场导报，1999(7)：19-24
[4] 屠光绍．交易体制：原理与变革．上海人民出版社，2000
[5] Orosian, Martin. Securities Transfer: Principles and Procedures, revised fourth edition, New York: New York Institute of Finance,1988
[6] 桂杰．证券市场稳定措施的国际比较及其借鉴．证券市场导报，2000(3)：30-39
[7] 吴晓求等．证券投资学．中国金融出版社，1998
[8] 吴晓求等．海外证券市场．中国人民大学出版社，1996
[9] 周正庆等．证券知识读本．中国金融出版社，1998
[10] 王建新，秦洁．证券市场交易方式研究．证券市场导报，1999(7)：4-18
[11] 桂杰．证券委托方式的国际比较及其借鉴．证券市场导报，2000(8)：16-22
[12] Campbell,J.Y.,A.W.Lo and A.C.Mackinlay. The Econometrics of Financial Markets. Princeton University Press, Princeton, NJ, 1997
[13] 吴晓求等．中国资本市场：创新与可持续发展．中国人民大学出版社，2001
[14] Cohen K,S.Maier, R.Schwartz and D.Whitcomb. The Microstructure of Securities Markets. Prentice Hall, Englewood Cliffs, N.J.., 1986
[15] Dietrich,J.Kimball. Financial Services and Financial Institutions. Value Creation in Theory and Practice, Prentice-Hall., 1996
[16] 于春宝．证券业实用手册．山东人民出版社，1998
[17] 胡继之．中国股市的演进与制度变迁．经济科学出版社，1999
[18] 陈岩，高翔．中国证券市场有效开放论．经济管理出版社，2002
[19] 张大春．股市、汇市、基金．中远香港集团经济发展研究所，1998
[20] O'Hara, M., Market Microstructure Theoroy. Blackwell Publishers. Cambridge, MA. 1995
[21] Roth, Alvin E.(ed.). Game Theoretic Models of Bargaining. Cambridge Uneversity Press, 1985
[22] Stoll,Hans R(ed.). Microstructure of Worlds Trading Markets. Kluwer Academic Publishers, 1993
[23] 吴莹．香港股市8月大战与监管新举措．证券市场导报，1998(10)：29-35
[24] Becker, B., Lopez,E., Berberi—documar, v., Cohen, RetAdkins, A. Automated Securities Trading. Journal of Financial Services Research, 1992, 327-341
[25] Drummen,M.et Zimmermann,H. The Structure of European Stock Returns. Financial Analysts Journal,1992, 48(4): 15-26
[26] Domowitz, Ian. Automating the Price Discovery Process: Some International Comparisons and Regulatory Implications,in Hans R.Stoll(eds). Microstructure of World Trading Markets, Kluwer Academic Publishers, 1993
[27] 屠光绍．市场监管：架构与前景．上海人民出版社，2000
[28] Easley, D. et O'Hara, M., Price. Trade Size and Information in Securities Markets. Journal of Financial Econohacs, 1987 (19): 69-90
[29] 高西庆．积极推进我国证券市场国际化进程．中国言实出版社，2001
[30] Rll,Dual Capacity Trading and the Quality of the Market,Journal of Financial Intermediation,1990 (1): 105-124
[31] Spatt,Chester S. "Introduction to the Market Microstructure Symposium", Review of Financial Studies, 1991, 4(3): 385-388
[32] 韩志国．中国资本市场的制度缺陷．经济科学出版社，2001
[33] Friedman, Daniel and John Rust(eds.). The Double Auction Market: Institutions, Theories and Evidences. Addison-Wesley Publishing Company., 1993
[34] 梁定邦．中国资本市场前瞻．北京大学出版社，2001
[35] 赵锡军．论证券监管．中国人民大学出版社，2000
[36] 潘英丽．中国证券市场规范发展问题研究．上海财经大学出版社，2000
[37] 胡怀邦．金融发展中的衍生市场研究．中国经济出版社，2000
[38] Malvey, Paul F. and Christine M. Archibald. Uniform-Price Auctions: Upate of The Treasury Experience. Office of Market Finance, U.S. Treasury, 1998
[39] McAfee, R.Preston. Four Issues in Auctions and Market Design. University of Texas working paper, 1999
[40] 彭建刚．商业银行在美国金融业的作用．金融与保险，2003(1)：185-186
[41] 吴志攀，白建军．证券市场与法律．中国政法大学出版社，2000
[42] 纪尽善．证券经济学．西南财经大学出版社，1996
[43] Fetris, S. P. and chance, D. M. Margin Requriments and stock Market Volatility. Econothecs Letters, 1988 (28): 251-254
[2] 卞耀武等．中国人民共和国证券法释义．法律出版社，1999
[3] 何杰．论证券交易制度目标设计．证券市场导报，1999(7)：19-24
[4] 屠光绍．交易体制：原理与变革．上海人民出版社，2000
[5] Orosian, Martin. Securities Transfer: Principles and Procedures, revised fourth edition, New York: New York Institute of Finance,1988
[6] 桂杰．证券市场稳定措施的国际比较及其借鉴．证券市场导报，2000(3)：30-39
[7] 吴晓求等．证券投资学．中国金融出版社，1998
[8] 吴晓求等．海外证券市场．中国人民大学出版社，1996
[9] 周正庆等．证券知识读本．中国金融出版社，1998
[10] 王建新，秦洁．证券市场交易方式研究．证券市场导报，1999(7)：4-18
[11] 桂杰．证券委托方式的国际比较及其借鉴．证券市场导报，2000(8)：16-22
[12] Campbell,J.Y.,A.W.Lo and A.C.Mackinlay. The Econometrics of Financial Markets. Princeton University Press, Princeton, NJ, 1997
[13] 吴晓求等．中国资本市场：创新与可持续发展．中国人民大学出版社，2001
[14] Cohen K,S.Maier, R.Schwartz and D.Whitcomb. The Microstructure of Securities Markets. Prentice Hall, Englewood Cliffs, N.J.., 1986
[15] Dietrich,J.Kimball. Financial Services and Financial Institutions. Value Creation in Theory and Practice, Prentice-Hall., 1996
[16] 于春宝．证券业实用手册．山东人民出版社，1998
[17] 胡继之．中国股市的演进与制度变迁．经济科学出版社，1999
[18] 陈岩，高翔．中国证券市场有效开放论．经济管理出版社，2002
[19] 张大春．股市、汇市、基金．中远香港集团经济发展研究所，1998
[20] O'Hara, M., Market Microstructure Theoroy. Blackwell Publishers. Cambridge, MA. 1995
[21] Roth, Alvin E.(ed.). Game Theoretic Models of Bargaining. Cambridge Uneversity Press, 1985
[22] Stoll,Hans R(ed.). Microstructure of Worlds Trading Markets. Kluwer Academic Publishers, 1993
[23] 吴莹．香港股市8月大战与监管新举措．证券市场导报，1998(10)：29-35
[24] Becker, B., Lopez,E., Berberi—documar, v., Cohen, RetAdkins, A. Automated Securities Trading. Journal of Financial Services Research, 1992, 327-341
[25] Drummen,M.et Zimmermann,H. The Structure of European Stock Returns. Financial Analysts Journal,1992, 48(4): 15-26
[26] Domowitz, Ian. Automating the Price Discovery Process: Some International Comparisons and Regulatory Implications,in Hans R.Stoll(eds). Microstructure of World Trading Markets, Kluwer Academic Publishers, 1993
[27] 屠光绍．市场监管：架构与前景．上海人民出版社，2000
[28] Easley, D. et O'Hara, M., Price. Trade Size and Information in Securities Markets. Journal of Financial Econohacs, 1987 (19): 69-90
[29] 高西庆．积极推进我国证券市场国际化进程．中国言实出版社，2001
[30] Rll,Dual Capacity Trading and the Quality of the Market,Journal of Financial Intermediation,1990 (1): 105-124
[31] Spatt,Chester S. "Introduction to the Market Microstructure Symposium", Review of Financial Studies, 1991, 4(3): 385-388
[32] 韩志国．中国资本市场的制度缺陷．经济科学出版社，2001
[33] Friedman, Daniel and John Rust(eds.). The Double Auction Market: Institutions, Theories and Evidences. Addison-Wesley Publishing Company., 1993
[34] 梁定邦．中国资本市场前瞻．北京大学出版社，2001
[35] 赵锡军．论证券监管．中国人民大学出版社，2000
[36] 潘英丽．中国证券市场规范发展问题研究．上海财经大学出版社，2000
[37] 胡怀邦．金融发展中的衍生市场研究．中国经济出版社，2000
[38] Malvey, Paul F. and Christine M. Archibald. Uniform-Price Auctions: Upate of The Treasury Experience. Office of Market Finance, U.S. Treasury, 1998
[39] McAfee, R.Preston. Four Issues in Auctions and Market Design. University of Texas working paper, 1999
[40] 彭建刚．商业银行在美国金融业的作用．金融与保险，2003(1)：185-186
[41] 吴志攀，白建军．证券市场与法律．中国政法大学出版社，2000
[42] 纪尽善．证券经济学．西南财经大学出版社，1996
[43] Fetris, S. P. and chance, D. M. Margin Requriments and stock Market Volatility. Econothecs Letters, 1988 (28): 251-254