Study On The Form Of Corporation Of Chinese Stock Exchange

As the core of securities markets,the stock exchange play a significant role in the economy and self-regulatory role.The form of corporation,as the legal arrangement of ownership,organization form and governance structure,affects the function of stock exchange.Since the special history background and development path,the form of corporation of Chinese stock exchange is a state-owned, government-control,authority legal person rather than the fictitious member-owned.Therefore it is the main bottleneck,which hurdles its further development.There is necessity of the reform of the legal form.From the history of the form of corporation of stock exchange, member-owned stock exchange has been the typical form for stock exchanges all through the world.Throughout the past decade,undergone "demutualization",the "company" has been the main choice.In fact there are various forms,which the member-owned or "company" is one of them. From the analysis of the typical forms,it should treat the principle,premise conditions and restricting elements as the basis of selection.Some scholars suggest that the Chinese stock exchange should be reformed that be a member-owned organization or demutualization company.The paper points Out the limitation.On the basis of analysis,the reform of Chinese stock exchange should be government-control and stagewise and take the different forms in the different stage.It should realize the positive interaction between the legal form and function of the stock exchange.