Reflection And Improvement Of The Reform Of The Corporate System Of China’s Stock Exchange

Stock exchange is an important component of enterprise financing development and national financial security,and since the establishment of China’s capital market,the discussion on how stock exchanges should be established,developed and optimized has never stopped.In the wave of corporatization of world stock exchanges,China has also established the first corporate stock exchange,the Beijing Stock Exchange.The establishment of the BSE is a milestone,and at the same time raises various questions about its "identity",including what kind of legal personality the BSE is,and what obstacles there are to the application of law as a company.Under this circumstance,the reflection and improvement of the reform of the corporate system of China’s stock exchanges have full theoretical and practical significance.In order to answer the above questions,this paper follows the following logic: Chapter1 focuses on the macro background of the development of global stock exchanges,reflects the theoretical and practical significance of the research on the corporate system of China’s stock exchanges,and puts forward the innovative points of this paper in the process of combing the existing literature.Chapter 2 first puts forward the basic concepts related to the research of this paper,sorts out the provisions on stock exchanges in Chinese laws according to the level of legal effect,highlights the nature of the special legal person of the Beijing Stock Exchange,and the conflict between the current institutional arrangements of the corporate stock exchange and the Company Law,the Securities Law and the management measures of the stock exchange.Chapter 3 makes a horizontal comparison of the governance structure,ownership characteristics and establishment background of the three stock exchanges in China,emphasizing that the organizational form in China is not the main symbol that distinguishes the exchange,and the theoretical differences between the company system and the membership stock exchange are quite different from the actual one.As a wholly state-owned company,the ownership and decision-making power of the Beijing Stock Exchange are highly concentrated,and it cannot give full play to the advantages of corporate governance and realize the original intention of the establishment of the corporate stock exchange.Chapter 4 starts from the development process of extraterritorial exchanges,puts forward whether there is a self-discipline foundation is an important influencing factor in the role design of exchanges,and evaluates the experience in the development of extraterritorial exchanges,so as to provide a useful reference for China’s next step to improve the relevant design of the company system.Chapter 5 analyzes the development trend of the organizational form of China’s stock exchanges,and puts forward the following suggestions for the improvement of the system of corporate system reform: First,the corporate system is a favorable choice for China to access the international market and participate in the competition of global financial resources;Second,change the existing allocation of regulatory powers,reduce administrative intervention,and strengthen self-discipline supervision;Third,diversify the equity and governance of the Beijing Stock Exchange;Fourth,clarify the legal positioning of the company-based stock exchange,improve the legislative provisions under the Securities Law system,and provide institutional supply.