选取全球主要的交易所作为研究对象,利用1995~2008年的数据建立起评价交易所竞争能力的实证模型,并预测了我国交易所争夺境外上市资源的能力。结果发现,国家风险、国民收入增长速度、信息披露制度和成本费用是影响交易所竞争能力的重要因素。以我国目前的情况进行预测,将有63家外国公司来我国交易所上市,最好水平会达到214家。
This paper analyzes of the factors which influenced the stock exchanges' competitiveness,establishes an empirical model to evaluate the competitiveness among stock exchanges from 1995 to 2008,and then forecasts the ability of Chinese stock exchanges in the competition for foreign companies.This paper shows that country risk,the growth rate of national income,the information disclosure system and the cost of transactions are the important factors influencing the competitiveness of the stock exchanges.This paper also shows that there will be 63 foreign companies listing on China's stock exchanges,and there will be 214 foreign companies listing in China in the best case.