交易所治理结构、所有者背景和衍生品创新  

Governance Structure,Ownership Background and Derivatives Innovation of Exchanges

作　　者：李佳岚[1,2] 万迪昉 陈楠[3] LI Jia-lan;WAN Di-fang;CHEN Nan(School of Management,Xi’an Jiaotong University,Xi'an 710049,China;School of Management,Zhejiang Shuren University,Hangzhou 310015,China;Tepper School of Business,Carnegie Mellon University,Pittsburgh 15106,USA)

机构地区：[1]西安交通大学管理学院,陕西西安710049 [2]浙江树人大学管理学院,浙江杭州310015 [3]卡内基梅隆大学泰珀商学院,美国匹兹堡15106

出　　处：《中国管理科学》2022年第11期31-41,共11页Chinese Journal of Management Science

基　　金：国家自然科学基金资助项目(71373202,71671138);上海期货交易所合作项目(HX2021011)。

摘　　要：衍生品创新是金融市场供给侧改革的重要内容。利用全球交易所衍生品数据,本文研究交易所治理结构、所有者背景和衍生品创新的关系,并分析了法治环境的调节作用。研究发现:相对于会员制交易所,交易所治理结构去互助化程度的上升加深了对衍生品创新的抑制作用;法治环境能调节交易所治理结构和衍生品创新的关系,在法治环境相对较好的国家(地区),上市交易所的衍生品创新数量高于公司制交易所,且后者的衍生品创新数量高于会员制交易所;交易所去互助化后,随着法治环境的改善,政府和外资背景所有者对衍生品创新的促进作用下降,民营背景所有者对衍生品创新的促进作用上升。研究结论对优化我国交易所治理结构、提升微观主体的金融创新功能具有重要启示。Derivatives innovation is an important part of supply side reform in financial market.The innovative performance of an exchange can be influenced by its governance structure.The data of 85 exchanges across 37 countries(regions) over the period 2006-2016 is taken as samples to study the influence of governance structure and ownership background on derivatives innovation for the first time,as well as the moderating effect of legal environment.The panel Poisson regression model is adopted,and the number of newly launched futures/options contracts is employed as the measurement of innovative output of an exchange in that year.The results show that:(1)Compared with the mutual exchange,the demutualization degree of governance structure of the exchange increase the inhibition effect on derivatives innovation;(2)The legal environment can moderate the relationship between the governance structure of the exchange and derivatives innovation.In countries(regions) with relatively better legal environment,the number of derivatives innovations of listed exchanges is higher than that of demutualized exchanges,and the number of derivatives innovations of the latter is higher than that of mutual exchanges;(3)After demutualization,with the improvement of legal environment,the marginal contribution from state and foreign ownership to derivatives innovation decrease,while the marginal contribution from domestic non-state ownership increases.Accordingly,it is recommended:(1)To optimize the governance structure of China’s exchange,definition of the ownership should be the starting point.For the mutual exchanges,the general assembly and the board of directors should play a real role in operation and decision-making.For the demutualized exchanges,basing on the guidance of the government in derivatives innovation,the ownership type should be enriched to strengthen the supervision of the manager,and promote the level of governance by using the modern enterprise system;(2)The construction of basic legal system in derivatives markets shoul

关 键 词：衍生品创新 交易所 治理结构 所有者背景 法治环境 

分 类 号：F830.39[经济管理—金融学]