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谁需要证交所?——长期以来,我们很少谨慎、仔细地思考这一问题。仿佛这是不言自明、无须解释的生活/交易常识。证交所的意义,在于可为公开交易的权利,提供集中竞价的机会。当我们将证交所还原为一套权利交易的工具体系时,我们就知道,证交所可以、事实上也应当为多元主体而存在。首先,在全球竞争社会,国家需要依托证交所展开全球资本竞争。为此,中国的证交所将面临公司化改造的问题;其次,证交所不是公开发行公司的专利。中国的证交所应进一步对有限公司等闭锁性权利的交易开放、为非营利事业服务、打破上市公司垄断证交所的状况;再次,不仅是长期投资者需要证交所,短期投机者也需要证交所。证券市场应考虑到投资者分层的现实,在产品设计及制度建构方面,为短期投机者提供了更多套利机会。最后,中国证券市场存在太多人为区隔,应当进行整合性购并,以顺应经济实践的需要。20年来,中国资本市场的建设未能公平而有效地考虑所有多元利益主体的需求,没有充分考虑到国际资本市场的竞争格局,也未能系统关注/设计中国资本市场的特殊功能。未来中国资本市场以及证交所的发展,尤需考虑小公司、非企业对证交所的需求——闭锁性股权可以在证交所挂牌交易、非营利组织也可借助资本市场,实现公益性资源效益的重组。并且,在证交所内部实现多层次资本市场的目标。果真如此,则全球资本市场的重心迅速转移到中国,并不仅仅是一个猜想。
Who needs the stock exchange? - We have long cautiously and carefully thought about this issue. As if it is self-evident, no need to explain the life / transaction common sense. The significance of the stock exchange lies in the possibility of providing a centralized auction for the right to open transactions. When we restore the stock exchange to a suite of rights trading instruments, we know that the stock exchange can, and in fact, exist for multiple subjects. First, in a globally competitive society, countries need to rely on the stock exchange to start global capital competition. To this end, China’s stock exchange will face the problem of corporatization; second, the stock exchange is not a public offering of the company’s patents. China’s stock exchanges should further open their trading rights to closed-ended rights such as limited companies to serve the non-profit business and break the monopoly of listed companies on the stock exchange. Thirdly, not only are long-term investors needing the stock exchange, but short-term speculators Need a stock exchange The stock market should take into account the reality of investors stratification and provide more arbitrage opportunities for short-term speculators in terms of product design and system construction. Finally, there are too many people in China’s securities market to separate themselves from each other and should conduct an integrated merger in order to meet the needs of economic practice. In the past 20 years, the construction of China’s capital market has failed to fairly and effectively consider the needs of all diversified stakeholders, failing to fully consider the competitive landscape of international capital markets and failing to systematically focus on / design special functions of China’s capital markets. In the future, the development of China’s capital market and the stock exchange should take into account the needs of small companies and non-enterprises for the stock exchange. Closing stocks can be traded on the stock exchange. Nonprofit organizations can also make use of the capital market to achieve commonweal Restructuring of resource efficiency. And, in the stock exchange to achieve multi-level capital market goals. If so, the shift in the focus of global capital markets to China is more than a mere conjecture.