Exploration On China Stock Exchanges Demutualized

Since the fast development of the wholization of globe financial market and electronic trade and communication technology, the market environments that global exchanges are facing have greatly changed. More and more exchanges switch from a governance structure based on traditional members' cooperatives to for-profit companies to suit sharp competitive market condition. The thesis research China Stock Exchanges as a special unit in the way of organizational reform. On the base of summarizing my knowledge and practice, and plentifully reading related works and articles, I will discuss the contents as follows:1. Review the course how members' cooperative exchanges came into being, and introduce comparatively the course of China members' cooperative stock exchanges establishing and developing. Then, discuss its characteristics and its defects under present market condition.2. Introduce the trend of global stock exchanges demutualized after analysed the international market environment. And make theoretical analysis and empirical performance assess of stock exchanges demutualized.3. Discuss domestic and abroad environments which China stock exchanges are facing, and analyse mainly the direct factors of reform.4. Design the principal, the procedural, the program to carry out, and the measures to control the conflict between business objectives and regulation function, and some cautions of China stock exchanges demutualizing.