The Comparison of Cross-Strait Stock Exchange on Their Status and Supervisory Function- A Case Study of Taiwan Stock Exchange and Shanghai Stock Exchange / 兩岸證券交易所之地位與監理行為之比較-以臺灣證券交易所與上海證券交易所為例

碩士 / 國立臺灣大學 / 法律學研究所 / 103 / The function of stock exchange includes providing centralized securities trading platform and supervision the securities markets. Most of the international stock exchange’s organization was the membership structure. However, in order to public listing and merger, the stock exchange restructure into corporate structure in recent years.
Because of different structures between membership structure and corporation structure, the function and supervision basis are different. The Taiwan Stock Exchange Corporation(thereinafter TWSE) adopt corporate structure, which is a limited liability corporation. By contrast, The Shanghai Exchange Corporation(thereinafter SSE)adopt membership structure. In theory it’s constructed by their members, and the members have the policy decision power.
Due to the Cross-strait economic interflow become more and more frequently, the function of the stock exchange corporation and supervision system will affect the economy. So the issues about the construction of the supervisory system and the practice will be discussed.
According to the majority opinions of the courts, TWSE’s exercise of supervision power over securities firms is based on a contract signed by individual securities firm with the stock exchange for the use of the centralized securities exchange market. Moreover, the TWSE’s supervision power includes the power of investigating business affairs, financial affairs investigate power, punishment power… etc power. What is the character of these kinds of powers?
It’s a private contract right, or an entity commissioned to exercise public authority? And the regulations and acts which are issue by the TWSE. Whether it should be scrutiny by the judicial power?
In theory, the structure of SSE is the membership structure, it should be a self-regulation unit, and the general meeting should be the highest power unit. However, in practice, the China Securities Regulatory Commission(hereinafter CSRC) has the substantial control power, including the human affairs power, initial public offer listing power, so the SSE is subordinated to CSRC. The CSRC has the substantial power for the China securities market. Therefore, how these powers will affect the China securities market and the development? It’s worthy to discuss.
The conclusion of this thesis will be as follows. First, the essence of the supervisory function of the TWSE should be identified as an entity commissioned to exercise public authority. Besides, it should be authorized by concrete and solid legal text, not just bestowed by contract. Hence, Securities and the Exchange Act should be revised to adopt a form of authorizing. In addition, the regulations and acts which is issued by TWSE should be supervised by the judicial system.
Second, SSE should not be subordinated to CSRC. Meanwhile, in order to boost the securities market development. CSRC should be liberate the power to SSE.
The end of the thesis discuss about the possibility of SSE issue Chinese Depository Receipt (thereinafter CDR)’s, and the impact on cross-strait’s securities market by the Shanghai-Hong Kong Stock Connect. Furthermore, the issues about the development trend of global stock exchanges and the possibility of the Cross-Strait stock exchange merger also be elaborated in the end.

Identiferoai:union.ndltd.org:TW/103NTU05194077
Date January 2015
CreatorsHua-Chun Huang, 黃華駿
ContributorsMing-Jie Huang, 黃銘傑
Source SetsNational Digital Library of Theses and Dissertations in Taiwan
Languagezh-TW
Detected LanguageEnglish
Type學位論文 ; thesis
Format192

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