| Futures exchange is the core of the modern futures market system. Since 1990s, the natural monopolization foundation of traditional membership for futures exchanges has been weakened with the rapid development of information technology and the acceleration of economic and financial globalization. In order to better accommodate to the electronic and online trading modes and sharpen the competitive edge of exchanges, major futures exchanges in the world have set out to push forward the corporatization reform. So far more than 70% of the members of the World Federation of Exchanges (WFE) have performed corporate system reform.Using the inductive analysis method, comparative analysis method and regression analysis method, and such economic theories as the institutional economics and industrial economics, this paper deeply examines the principles of economics in the corporatization reform of futures exchanges, comprehensively analyzes their evolution course and corporatization status, and demonstrates the internal, external and institutional reasons for corporatization reform of securities exchanges, based on the extensive research literatures on corporatization reform of futures exchanges. With the comparative study method, this paper comparatively analyzes the governance structure and organization mechanism of corporate system and membership system, points out that corporatization may improve governance and regulatory structure of exchanges, strengthen their financing capability, improve their decision-making efficiency and provide more benefits to shareholders. Through the regression analysis method and the data of 11 securities and futures exchanges in the world from 1994 to 2008, this paper empirically examines the impact of corporatization on exchanges’ profitability and liability, and points out that corporatization may help improve exchanges’profitability, reduce their liability, expand their scale, enhance their asset liquidity and deliver more value to exchanges and shareholders. Taking advantage of the comparative analysis method, this paper analyzes the paths of corporatization reform of foreign exchanges based on the typical cases of corporatization reform of major global futures exchanges, including the Stock Exchange of Hong Kong Limited, the Intercontinental Exchange (ICE) and Chicago Mercantile Exchange (CME), and puts forth pertinent plans and suggestions on the corporatization reform of futures exchanges in China.This dissertation is divided into seven chapters as follows.Chapter I:Introduction. First, the chapter briefly introduces its international and domestic background and research significance; second, it sorts out domestic and overseas existing literatures relating to the topic; third, it summarizes study methods and structural arrangements in this paper; finally, the chapter summarizes the innovations and deficiencies in this paper.Chapter Ⅱ:Comparative Analysis of Corporatization and Reform of Major Exchanges in the World. The chapter specially analyzes the course of corporatization of futures exchanges in Europe, America and the Asia-Pacific region, and points out the competition pattern and development trend of global futures exchanges. Based on the typical corporatization cases of the Stock Exchange of Hong Kong Limited, Intercontinental Exchange (ICE), Chicago Mercantile Exchange (CME), Brazil Securities and Futures Exchange Group and Eurex Exchange, this chapter analyzes the corporatization paths and strategies of foreign exchanges, and sets forth their important inspirations for the corporatization of futures exchanges in China.Chapter Ⅲ:Comparative Analysis of Membership Exchanges and Corporate Exchanges. The chapter draws a comparison in the governance structure, self-discipline and operating efficiency of membership and corporate systems. Compared with the membership system, the corporate system may help exchanges improve governance structure, governance mechanism and decision-making efficiency, strengthen financing capability, reduce trading costs and improve operating efficiency. It may also promote product innovation and strengthen ability of launching new products. Besides, it may boost process reengineering and business restructuring, raise stock prices, increase market share and give play to the effect of scale economy.Chapter Ⅳ:Study on Economic Explanation and Causes of Corporatization of Global Futures Exchanges. This chapter theoretically demonstrates the reasonableness of corporatization reform of exchanges based on the scale economy theory, transaction cost theory, principal-agent theory, institution change theory, Pareto improvement theory, competitive advantage theory, and demutualization theory. This chapter holds that external causes (IT development and free flow of financial capital worldwide), internal causes (financing demand of exchanges and defects of original organization system) and system (loosening of supervisory system) are three major factors triggering corporatization of futures exchanges.Chapter Ⅴ:Empirical Analysis of Impact of Corporatization on Exchanges’ Performance. Using the data of 11 securities and futures exchanges in the world from 1994 to 2008, Chapter V empirically studies the impact of corporatization on exchanges’ profitability and liability, showing that corporatization may help improve exchanges’ profitability, reduce their liability, expand their scale, enhance their asset liquidity and deliver more value to exchanges and shareholders.Chapter VI:Concept of Corporatization Reform of Futures Exchanges in China. This chapter first analyzes the necessity and feasibility of corporatization of futures exchanges in China, and then designs a plan for the corporatization of futures exchanges in China based on the experience of major global futures exchanges in corporatization reform.Chapter VII:Conclusion. This chapter summarizes the major views of this paper.This dissertation has innovations in the following four areas:1. With respect to the corporatization reform plan, most scholars are in favor of the "two-phase restructuring method", i.e. first restructuring futures exchanges into the membership exchanges in the true sense and then restructuring them into corporate exchanges. This paper holds that the governance structure and mechanism of an exchange will not substantially change even though it is restructured into a membership exchange, and the practical conditions of reform time and room also disallow the "two-phase" reform. In response to the tremendous challenges of futures market, futures exchanges in China must give up the reform path of first membership and then corporate system by active system innovation, and follow the direction of corporatization reform. It is a logical choice for China’s futures exchanges to further develop by directly restructuring them from membership exchanges into corporate exchanges in the true sense with sound corporate governance structure and go public.2. As for futures exchanges, corporatization is a fundamental system reform and a systematic project. Both the Chicago Mercantile Exchange and the Hong Kong Exchanges and Clearing Limited implemented their reform programs progressively. This paper holds that the membership of China’s futures exchange is still not sound. Hence, corporatization needs to be advanced gradually instead of in one step. In consideration of such problems generally arising from the corporatization reform of foreign futures exchanges, such as the contradictions between frontline supervision and profit-making objectives and risk control and prevention, the corporatization of exchanges in China should be conducted prudently based on the principle of "trial before extensive implementation", and it is inadvisable to promote the corporatization reform widely in a hurry.3. Viewing from international experience, the restructuring of foreign futures exchanges is a strategic choice to accommodate to the new market situation. Whether an exchange conducts corporatization reform primarily depends on its own choice, and partly driven by governments or regulators. This paper holds that the restructuring of futures exchanges in China should be principally decided by themselves, and they may select their respective appropriate organizational forms. However, the market cannot give play to its dominant role as China’s economic system is still in the period of transition. Therefore, moderate direction of governments is necessary. The restructuring of exchanges in China, therefore, should follow the principle of steady and progressive advance according to the market requirements and rational government guidance.4. This paper holds that, according to the restructuring experience of international exchanges and present situation of futures exchanges in China, the restructuring should follow the principle of progressive and steady advance and the development path of "non-profit membership →corporate system →listed company →merger & acquisition and restructuring". This paper proposes the ideas on corporatization reform focusing on joint stock reform, separation of ownership and trading right and transformation and change of internal governance structure, backed by the change of supervisory functions.Corporatization is a complicated project and a system innovation in the governance structure of futures exchanges, and there is no mature theory or practice at home and abroad. Due to the limitation of my study capability and literature data, this dissertation still needs improvement in theoretical study, empirical analysis and plan design, and should be further studied and improved in learning and work in the future. |
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