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本文采用交易组织体的内部权利框架,对特异性投资下交易所的两种统一治理结构——互助性治理结构与营利性治理结构进行了比较,进而对交易所治理结构的演变给出了解释。本文的结论是,特定的治理结构是与特定的交易服务技术水平相适应的；随着生产交易服务的一项新技术的普及,在监管条件不构成组织演化障碍的情况下,与传统技术相适应的治理结构向与新技术相适应的治理结构转变是大势所趋。
This paper uses the internal rights framework of the transactional organization to compare the two kinds of unified governance structures of mutual funds under the special investment - the mutual-aid governance structure and the for-profit governance structure, and then gives an explanation of the evolution of the governance structure of the exchange. . The conclusion of this paper is that the specific governance structure is compatible with the technical level of a particular transaction service. With the popularization of a new technology for transactional services, when the regulatory conditions do not constitute an obstacle to organizational evolution, Adaptation of the governance structure to adapt to new technologies and changes in governance structure is the general trend.