论国际证券交易所的产业组织特性  

On Industrial Organization Characteristics of International Stock Exchange

作　　者：莫学斌[1] 王长江[1] 

机构地区：[1]南京大学金融学系,江苏南京210093

出　　处：《当代经济科学》2003年第3期61-64,92,共5页Modern Economic Science

摘　　要：随着功能演进 ,国际证券交易所的市场结构基本上是垄断与竞争并存 ,近年来竞争的因素日趋增强 ,这一趋势可归结为技术进步下交易所规模经济性的强化和进入壁垒的松动。市场结构决定了在国际市场上交易所越来越通过整合、差别化竞争与业间合作等手段提高对市场的控制能力 ,并通过交易成本的降低对市场运作效率产生根本的影响。在这一认识下 。With functional evolution, the market structure of international exchange is characteristic of coexistence of monopoly and competition, with the latter being increasingly intensified. in recent years. This trend can be attributed to the strengthening of scale-economy and the relation of accession-barrier of stock exchange because of technological advance. Market structure determines that the stock exchange in the international market tightens increasingly the control over the market by means of rectification and integration, differential competition, and inter-business cooperation. In addition, the exchange exerts fundamental influence on the efficiency of market operation by reducing transaction cost. Based on the insight, this article advances the suggested policies on the developing strategy of stock exchanges in China.

关 键 词：国际证券交易所 结构 行为与绩效 垄断与竞争 交易成本 

分 类 号：F831.5[经济管理—金融学]