本文選題：注冊制改革 + 證券交易所��； 參考：《四川省社會(huì)科學(xué)院》2017年碩士論文

【摘要】：2014年11月12日,十八屆三中全會(huì)通過了《中共中央關(guān)于全面深化改革若干重大問題的決定》,從戰(zhàn)略高度上確定了中國資本市場未來注冊制改革的基本走向。2015年上半年,《證券法修訂草案》進(jìn)入一審程序,正式拉開了注冊制改革的大幕。作為資本市場的一項(xiàng)重要制度,注冊制不可能“獨(dú)善其身”,它的改革將牽動(dòng)一系列其他制度的聯(lián)動(dòng)變革。在這一大背景下,證券交易所(以下簡稱“交易所”或“證交所”)組織形式改革被賦予了新的現(xiàn)實(shí)動(dòng)力和意義。公司制交易所相比于會(huì)員制交易所更具有開放性、獨(dú)立性和商業(yè)性,但其面臨著比會(huì)員制交易所更復(fù)雜的利益沖突。中國的相關(guān)法律法規(guī)文本規(guī)定上海和深圳證券交易所屬于會(huì)員制交易所,但中國的滬深交易所從其產(chǎn)生之時(shí)便是強(qiáng)制性制度變遷的結(jié)果,目前產(chǎn)權(quán)狀況不明晰,其實(shí)際業(yè)務(wù)的開展、自律監(jiān)管職權(quán)的形式乃至交易所領(lǐng)導(dǎo)職務(wù)的任免均取決于證監(jiān)會(huì)的授權(quán)。因此,中國的滬深證券交易所有會(huì)員制之名但無會(huì)員制之實(shí)。注冊制改革與交易所組織形式具有內(nèi)在的一致性。注冊制改革將對滬深交易所產(chǎn)生深遠(yuǎn)的影響,它是交易所市場角色轉(zhuǎn)變的催化劑。一方面,作為注冊制改革的內(nèi)容之一,股票發(fā)行審核與上市審核分離的改革將使交易所的股票上市審核權(quán)不再流于形式;另一方面,注冊制改革賦予了交易所更多的市場化監(jiān)管職責(zé),要求交易所成為真正的“一線監(jiān)管者”。然而,中國式的滬深會(huì)員制交易所卻是我國注冊制改革的軟肋,注冊制改革的成與敗,很大程度上受制于交易所組織形式改革的現(xiàn)狀。滬深證券交易所采取何種組織形式應(yīng)順應(yīng)國情由市場決定,并發(fā)揮政府的主導(dǎo)作用,提高交易所的自主性和獨(dú)立性,對市場監(jiān)管權(quán)力進(jìn)行重新配置。當(dāng)前中國滬深證券交易所尚缺乏完善的證券市場法制、成熟的競爭環(huán)境和自律監(jiān)管機(jī)制作為保障,短期內(nèi)對會(huì)員制交易所組織形式進(jìn)行質(zhì)的變革顯然不可能。因此,滬深證券交易所目前應(yīng)繼續(xù)保持會(huì)員制的組織形式。然而,注冊制改革在中國的逐步推進(jìn)對交易所產(chǎn)生著或直接或間接的影響,享有更多市場監(jiān)管權(quán)力的證券交易所顯然更能適應(yīng)注冊制改革的需要。伴隨著注冊制改革的推進(jìn),公司制可以成為未來我國證券交易所組織形式改革的選擇。如果未來中國的證券交易所要向公司制發(fā)展,則應(yīng)不斷完善證券市場法制,營造一個(gè)成熟的競爭環(huán)境,并強(qiáng)化交易所的自律監(jiān)管,為未來交易所進(jìn)行公司化改造創(chuàng)造相應(yīng)的條件。
[Abstract]:12 November 2014 The third Plenary session of the 18th CPC Central Committee adopted the "decision of the CPC Central Committee on comprehensively deepening several important issues of Reform", which strategically determined the basic trend of the future reform of the registration system in China's capital market. In the first half of 2015, the Securities Law was revised. Draft law > enter the procedure of first instance, Officially opened the registration system reform curtain. As an important system of capital market, registration system can not be isolated, and its reform will affect a series of linkage changes of other systems. Under this background, the reform of the organization form of stock exchange (hereinafter referred to as "Exchange" or "Stock Exchange") has been given new practical impetus and significance. Compared with the membership exchange, the corporate exchange is more open, independent and commercial, but it faces more complicated conflicts of interest than the membership exchange. The relevant laws and regulations of China stipulate that the Shanghai and Shenzhen stock exchanges belong to the membership-based exchanges, but the Shanghai and Shenzhen stock exchanges in China have been the result of mandatory institutional changes from the time they came into being. At present, the state of property rights is not clear. Its actual business, the form of self-regulatory authority and even the appointment and removal of exchange leadership depend on the authorization of the CSRC. Therefore, China's Shanghai and Shenzhen Stock Exchange has the name of membership but no membership. The reform of registration system has internal consistency with the form of exchange organization. Registration system reform will have a profound impact on the Shanghai and Shenzhen exchanges, it is a catalyst for the transformation of the role of the exchange market. On the one hand, as one of the contents of the reform of the registration system, the reform of separating the stock issuance audit from the listing audit will make the stock listing audit right of the exchange no longer a mere formality; on the other hand, The registration system reform has given the exchange more market-oriented supervision responsibility, asking the exchange to become the real "front-line supervisor". However, the Chinese-style Shanghai and Shenzhen membership exchanges are the weak points of the reform of the registration system in China. The success and failure of the reform of the registration system are largely restricted by the status quo of the reform of the form of the exchange organization. What kind of organization should be adopted by Shanghai and Shenzhen stock exchanges should be decided by the market in accordance with the national conditions, give play to the leading role of the government, improve the autonomy and independence of the exchanges, and reconfigure the power of market supervision. At present, China's Shanghai and Shenzhen stock exchanges still lack the perfect legal system of the securities market, mature competition environment and self-discipline supervision mechanism as the guarantee, it is obviously impossible to carry on the qualitative transformation to the membership system exchange organization form in the short term. Therefore, the Shanghai and Shenzhen Stock Exchange should continue to maintain the membership form of the organization. However, the gradual promotion of registration system in China has a direct or indirect impact on the exchange, and the stock exchange with more market supervision power obviously can meet the needs of the registration system reform. With the advance of the reform of registration system, the company system can be the choice of the reform of the form of the stock exchange organization in the future. If China's stock exchanges want to develop towards a corporate system in the future, they should constantly improve the legal system of the securities market, create a mature competitive environment, and strengthen the self-discipline supervision of the exchanges. For the future of corporatization of exchanges to create the corresponding conditions.
【學(xué)位授予單位】：四川省社會(huì)科學(xué)院
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：D922.287

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