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Thinking to establish and perfect the mechanism of China's securities companies exit

Author: QiMeng¡¡ChenHua From: www.yourpaper.net Posted: 2010-01-01 07:45:49 Read:
[Abstract] the growth of China's securities market with significant administrative intervention colors, this phenomenon is a serious impediment to the further development of China's securities market. China must establish a mechanism for withdrawal of Securities Company, to really play the role of the survival of the fittest mechanism, active exit of the securities of the Company in accordance with the market-oriented way, will be the key to China's securities market whether the healthy and stable development.
[Keywords] securities companies market exit mechanism for

Securities companies as an important force in the stock market, its exit orderly and healthy for the securities market plays an important role. Make the securities market behavior will have become more standardized, institutionalized and international securities companies must establish withdrawal mechanism, which has the consensus of the securities markets of developed countries. At the same time, merger and reorganization, the same industry mergers, the combination will be the inevitable trend of development of China's securities industry. Mergers and acquisitions, restructuring, alliances can not only improve the company's competitive strength of the individual securities, but also will ultimately improve the economic efficiency and overall competitiveness of the securities industry as a whole.

Establish securities companies exit mechanism significance
Establishing securities companies exit mechanism has a very important practical significance.
First, the establishment of a sound exit mechanism to help securities firms' survival of the fittest ", to improve the main structure of the securities companies to improve the overall quality of the securities market. Establish exit mechanism for securities companies, to promote the problem the brokerage timely exit the securities market, and the limited social resources can be fully utilized, and give the growth of securities companies to leave more room for development, help to optimize the brokerage main structure to improve securities companies transaction quality and operational efficiency, reduce the cost of competition.
Secondly, the establishment of a sound securities firms exit mechanism helps to optimize the company's corporate governance structure of the securities, to reduce the cost of securities market regulation. Establish and improve the securities companies delisting system, improve the exit mechanism, can effectively prevent the "internal control" phenomenon, reduce regulatory costs.
Once again, the establishment of sound securities firms exit mechanism will help improve the efficiency of the securities market allocation of resources, optimize resource allocation function of the securities market, thereby promoting the development of China's securities market toward a standardized, transparent, robust.

Second, the characteristics of foreign securities firms withdraw from the market
Mature markets abroad to establish market exit mechanism, securities companies and securities companies to withdraw from the market by the bankruptcy and liquidation, mergers and acquisitions, etc., is not only one of the important means to improve the securities market regulation, the securities market is a mature one important indicator. Outside, the very common case of securities companies to exit the market: For example, after the Asian financial crisis in 1997, there are a large number of securities companies went bankrupt and exit the securities market. November 3, 1997, the bankruptcy of Sanyo Securities, liabilities of $ 3.1 billion, this is the first case of bankruptcy of Tokyo Stock Exchange listed securities company in Japan; November 24, ten earthquake like the financial sector, one of the four major securities companies in Japan, Yamaichi Securities Company announced the winding up of the end of its entire 100-year history. This is Japan's the postwar largest company collapse; December 5, the eighth-largest securities company in Korea - Korea Securities Company bankruptcy.
To study the case and other securities market exit, can be found in the developed market securities companies exit the following characteristics:
A perfect market exit laws and regulations, have complete legislation in all aspects of the international mature market in the securities of companies market exit. For example, securities trading behavior, information disclosure of listed companies legislation; aspects of the company's operations and financial condition of securities legislation; established legal protection the exit of securities companies in order to reduce or avoid the loss of small and medium-sized investors.
The establishment of a comprehensive set of risk early warning system. View of the risk of the securities companies, to reduce the impact of the bankruptcy of securities companies on the market, developed countries and regions have established a risk early warning system to guard against the risk of liquidity as the core, in order to achieve the indicators and risk management of risk management content quantitative technology. Risk prevention methods of the liquidity of the securities industry, three major systems: the Basel Committee and the European Union to establish fence law, comprehensive U.S. SEC and UK securities portfolio method. Practice has proved that the risk conducive to the establishment of an early warning system to detect issues of securities companies, in order to take appropriate measures to reduce the negative impact.
Legally established professional financial Despite the body to deal with the securities company to exit. Established in the United States Securities and Exchange Commission, to regulate the country's stock exchange, securities operation and transactions, and securities companies. In the United Kingdom, the establishment of industry associations to manage financial institutions, securities companies, including bankruptcy matters. In Japan, the Ministry of Finance and the Bank of Japan is responsible for securities firms and other financial institutions, bankruptcy matters.
Establishment of small and medium investor protection mechanisms. Because of the large scope of the securities market, the interests wide, is one very important part of the securities company, securities company's exit involves many stakeholders. Among these small and medium investors in a weak position, and plays a very important role in the stability of the whole society to protect their interests. Therefore, the various countries and regions have attached great importance to have established a mechanism of investor protection. Practice has proved that the establishment of small and medium investor protection mechanisms, has an important role in boosting investor confidence and to safeguard the interests of investors, and defuse the risk of securities companies to exit. Third, China's securities companies exit the problems
Throughout the history and current situation of China's securities companies to exit, you can find the following problems.
The lack of a system of laws and regulations and operating procedures
Our brokerage market exit main basis is the "Securities Act", the "Company Law", "People's State of China on Enterprise Bankruptcy Law", but these regulations did not make detailed provisions of the withdrawal of securities companies, in practice a securities firm and to exit no legal basis for the phenomenon.
2. Lack of a comprehensive risk prevention system
Securities companies as an important part of the securities market, there is a special risk nature of its withdrawal of the securities market as a whole and the entire financial system of the country have an important impact. China's securities market has just started, the building is not perfect, so more needs to be further strengthened the monitoring and early warning of the operations of securities companies.
Mainly non-market exit main
The developed offshore securities market, securities market-oriented way of a merger or bankruptcy exit mostly taken initiative Exit this initiative out of the way is conducive to enhancing the competitiveness of the brokerage, optimize the allocation of resources, to procure limited social resources to a reasonable direction flow. In our country, to take very few market-oriented way to exit the brokerage, most take administrative closure or revocation of the way, there are still some adopted a managed way.
excessive intervention to 4. Government securities companies to exit
Appropriate intervention early exit in the securities company, securities company in the positive sense. However, the current situation in China, the securities companies to exit or basic administrative intervention based. Such as the main form of executive-led exit easily cause low efficiency and transaction costs, and may lead to other risks, such as moral risk

Fourth, improve the mechanism of China's securities companies to exit several suggestions
1. Improve China's relevant laws and regulations
The specific situation of China, from China's actual conditions, it is recommended that in consultation with the securities market subject securities company employees opinion, the development of relevant laws and regulations, the detailed provisions of the securities company's exit from the system and procedures, truly "legal basis".
2. Establish a comprehensive set of securities companies risk early warning system
Fully reflect the the brokerages asset liquidity and overall business operating risk, we propose to establish the overall risk prevention and early warning system as the core in order to guard against the risk of liquidity risk management content indicators, risk management techniques, the number of halo of.
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