中国证券电子商务的新模式

中国证券电子商务的新模式证券业是对计算机应用最为敏感的行业之一,随着互联网的发展,证券业将运用互联网技术实施行业的业务改造和业务创新,中国许多证券公司纷纷推出以交易为中心的电子商务服务体系,为股民提供从行情、交易、信息、咨询等一系列的新型服务模式。证券业的服务具有广泛性,既     

证券公司金融创新(上)：多样业务 多元收入

通过对券商目前成熟开展的各创新业务——集合理财、权证、资产证券化以及QFII&QDII业务的分别统计,发现金融创新业务已成为证券业新的利润增长点。盈利模式的多样化使证券行业逐步摆脱周期性困境,特别是利润来源的多元化增加了券商业务收入的稳定性。在此基础上,对2007年将要推出的两个创新业务——融资融券业务和股指期货业务做了分析,认为其必将成为券商新的业务开拓领域。分析这一现象出现的原因,可以发现:这既与资本市场对外开放的大格局有关,也与国内证券业大力治理整顿有关。另外,市场的完善需要、竞争的加剧、证券业的发展等都与金融创新相辅相成、相互促进。金融创新业务的开展规模和盈利水平将决定券商的品牌和整体定位;金融创新可以提高券商业务技术水平,增加业务层次;金融创新可以丰富交易品种、活跃市场,从而增加券商收入。     

证券行业信息服务现状与对策研究

中国证券业起步晚,但是发展迅速。进入21世纪以来,信息技术飞速发展,传统证券服务必须创新,证券信息服务随之体现出其重要性。本文基于我国目前证券行业信息服务的现状分析,在研究总结国内外研究成果的基础上,对提高我国证券行业信息服务水平进行了政策研究,提出了建CRM系统、加强风险防范措施、创新新兴业务系统、完善非现场交易系统、推进证券电子商务进程、开发决策支持系统等政策建议。     

我国证券电子商务发展研究

证券电子商务是以互联网络为媒介、运用IT技术对证券公司业务流程进行重组,为客户提供全面证券投资服务的一种商业模式。网上证券交易、网上证券发行、网上支付和网上信息服务是它的4个基本内容。证券电子商务对证券市场产生了巨大的影响,主要体现在改变了传统证券市场的市场结构和竞争格局、改善了证券市场信息资源的配置、冲击了券商原有的生存空间等方面。中国证券业已经实现了证券电子化交易。但目前我国证券电子商务面临着交易风险、信息基础设施与制度建设等主要问题。只要各方重视问题,并积极采取对策,我国证券电子商务就将得到更大的发展。     

开展证券信用交易的可行性分析及政策建议

信用交易是成熟证券市场普遍采用的一种交易方式和制度。随着中国证券市场不断发展和完善，原来禁止证券信用交易的规定已显得不合时宜，引入证券信用交易势在必行。本文从证券信用交易制度对中国证券市场的发展、对市场参与各方的意义以及在我国建立证券信用交易制度的条件等角度对信用交易制度的可行性进行分析，并给出相关建议。     

网上交易--国内券商应对WTO挑战的一种重要手段

加入WTO以后，国内证券行业的竞争进一步加剧，网上交易是证券公司寻求业务突破的一种新的业务形式。网上交易具有开放性、全天候服务、速度快、信息量大、规模报酬递增和协作性强诸多优点，因而对证券业的竞争与发展有至关重要的影响。     

再造我国证券公司经纪业务盈利模式

证券经纪业务是我国证券公司收入的主要来源,经纪业务盈利模式决定证券业的盈利状况。我国证券公司经纪业务仅提供交易通道,获取佣金收益。国外证券公司经纪业务不仅可获得佣金收益,而且能获取证券交易价差收益。在中小企业板、创业板等创新市场引入做市商制度,将为我国证券公司创造新的经纪业务盈利模式。     

投资银行及其在我国的发展和对策

一、投资银行业务投资银行（InvestmentBank）是一个美国称谓；在英国及欧洲大多数国家称为商人银行（MerchantBank）；在日本则称为证券公司（SecuritiesCo．Ltd）。投资银行的演变经历了近百年的历史过程，其业务范围已由传统型（证券承销、自营和代理买卖）发展到创新型（企业并购和重组等策略性服务）以及引申型（资产管理和风险管理等），成为资本市场上最活跃、最具有影响力的高级形态中介机构。下面，简要介绍一下投资银行的主要业务。1．证券业。在一级市场上，投资银行代理客户发行证券募集资金，按承销量的一定百分比收取承销…     

券商创新举步维艰

中国证券行业为什么要创新?经历了券商的综合治理之后,整个行业形象得到了改善,行业发展的基础得到了巩固,但是证券业面临着上下挤压,面临着传统业务逐渐走向瓶颈这样一个状态。也就是说当前中国证券行业已经具备了创新的基础条件,但是监管部门尤其是到具体的执行层面,对券商创新的支持面临着很多困难。证监会领导对券商创新有极大的     

中国证券公司发展战略研究

在政府监管部门的推动下,行业集中度偏低的我国证券业进入了一个优胜劣汰的时代,文章首先应用产业组织理论从证券规模集中度和证券公司业务集中度分析入手,进行了行业集中度分析,并结合证券公司产品差异化分析,最终完成了我国证券业目前的市场结构分析,接着运用波特的五力模型进一步对我国证券业的竞争状况进行深入分析,从而得出我国证券业未来发展方向的预测和我国证券公司可行的竞争战略结论。     

浮动佣金制下客户交易行为的实证研究

在浮动佣金制下 ,券商经纪业务的核心实际上就是佣金定价问题 ,而客户交易行为是营业部确定佣金价格水平的重要依据。在借鉴行为金融学的有关研究基础上 ,本文构造了合适的佣金定价模型 ,并通过大量样本营业部客户交易数据对降低佣金后客户交易行为变化及其特征进行实证分析 ,提出了券商经纪业务管理模式创新的政策建议。     

融资融券与企业产品市场竞争

本文探究融资融券对上市公司产品市场竞争行为的影响。通过理论分析与实证检验,本文发现融资融券政策的实施促进了标的企业产品市场竞争行为,但是由此带来的潜在的过度竞争问题可能导致企业整体绩效有所下降。本文还发现融资融券的政策效果主要集中于融资交易强度较高、或股价信息敏感度较低的公司。本文的研究结果表明,我国融资和融券交易发展的不对称性放大了资本市场对公司正面信息的奖励效应,可能促使公司在产品市场过度竞争,降低了整体绩效,而个股股价信息敏感度的提高有助于缓解上述问题。     

七大主体 一个市场——中国资本市场的生物链效应

2005年,中国资本市场将进入一个关键时期,以银行、证券、基金、期货、信托、保险、QFII七大投资主体主导的大资本市场格局已初步形成。银行业:有赖于证券市场化解风险;证券业:可能是中国大金融的多米诺骨牌引倒者;保险业:寻求证券市场的双赢;基金业:中国资本市场最活跃的力量;信托业:资本市场发展的补充性主体;期货业:创新为资本市场的繁荣酝酿机会;QFII:资本市场的新力军。     

新兴加转轨条件下中国证券公司的风险成因及监控

证券业是一个高风险行业 ,防范和化解风险是证券公司和监管机构的永恒主题。随着我国证券市场的蓬勃发展和逐渐规范 ,证券公司风险监控已经成为一项长期的重大任务。中国目前正处于新兴加转轨过程中 ,证券公司主要面临哪些风险 ?是如何形成的 ?在特定约束条件下怎样提高监控效率 ?围绕这些问题 ,本文首先对中国证券公司的风险及其成因进行分析 ,接着从实践的角度指出风险监控的现实约束 ,最后提出内外部风险监控协调与平衡的基本架构。     

中国证券市场佣金制度研究——关于中国证券市场的SCP分析框架

以哈佛大学的梅森 (Mason)和贝恩 (Bain)等人为代表的现代产业组织理论 ,以新古典学派的价格理论为基础 ,以实证研究为主要手段 ,把产业分解成特定的市场 ,构造了一个既深入具体环节、又有系统逻辑体系的市场结构 (Structure)———市场行为(Conduct)———市场绩效 (Performance)的分析框架 (简称SCP框架 )。这一分析方法 ,为个别产业的具体分析和实证研究提供了理论基础和研究路径。本文以产业组织理论所提供的理论基础和研究路径 ,分析了我国证券市场结构与佣金制度、证券公司在经纪业务中的竞争行为与固定佣金制度 ,证券市场绩效与固定佣金制度 ,证券交易成本的调整对证券市场的影响 ,最后得出了结论并提出相关政策建议。     

The effect of interfirm codevelopment competency on the innovation of the e-service process and product: the perspective of internal/external technology integration mechanisms

Service innovations are central to today's rapidly changing business environment. Because of heterogeneous customer demands, rapid product life cycles, and advances in information technology (IT) for services management, an expanded conceptualisation of e-service innovation is required. This study examines the mediating effects of internal and external technology integration mechanisms among interfirm codevelopment competency and the innovation of the e-service process and product. A field survey was conducted of IT departments in information service firms to test the theoretical model. IT managers were the key informants. Partial least squares (PLS) analyses supported the main premises of the proposed research model. The data suggest that firms in the information service industry emphasise interfirm codevelopment competency in developing e-service innovations but use different sets of technology integration mechanisms to enhance e-service product and process innovation.     

Permit Trading and Credit Trading: A Comparison of Cap-Based and Rate-Based Emissions Trading Under Perfect and Imperfect Competition

This paper compares emissions trading based on a cap on total emissions (permit trading) and on relative standards per unit of output (credit trading). Two types of market structure are considered: perfect competition and Cournot oligopoly. We find that output, abatement costs and the number of firms are higher under credit trading. Allowing trade between permit-trading and credit-trading sectors may increase welfare. With perfect competition, permit trading always leads to higher welfare than credit trading. With imperfect competition, credit trading may outperform permit trading. Environmental policy can lead to exit, but also to entry of firms. Entry and exit have a profound impact on the performance of the schemes, especially under imperfect competition. We find that it may be impossible to implement certain levels of total industry emissions. Under credit trading several levels of the relative standard can achieve the same total level of emissions.     

Identifying the structure of knowledge networks in the US mobile ecosystems: patent citation analysis

With the emergence of smartphones, the paradigm of the mobile ecosystem has changed rapidly. In particular, global mobile firms focus on technological competition when jostling for market position in recognition of the strategic need to secure a strong mobile platform. In this paper, we analyse the network structure of technological knowledge flows in mobile ecosystems using US patent citation information. We find that two subsectors, platform providers and application and software providers, are at the centre of knowledge exchange activity and play a brokerage role as the key knowledge mediator. Then, we categorise mobile firms into five different groups based on the patterns of their network centrality: knowledge keystone players, knowledge-distributing mediators, knowledge-absorbing mediators, catch-up players, and pure knowledge receivers. The categorisation of firms demonstrates that knowledge flows in the mobile industry converge towards a few leading firms, and such patterns are shaping the mobile ecosystem with respect to technological knowledge. The firms categorised as catch-up players have played a brokerage role within their group, while the firms categorised as knowledge keystone players play a brokerage role across different groups.     

Configurations of innovation: predictable and maverick modes

This study reports on an investigation of modes of innovation in 43 firms in six industrial sectors: (i) pulp and paper; (ii) computer. services; (iii) pharmaceucticals; (iv) apparel; (v) metallic products; and (vi) financial brokerage services. A model incorporating context, process, strategy, organization and performance variables was built to serve as a base to identify empirical conjfigurations of models of innovation. Configurations are gestalts of variables that describe particular modes of innovative behaviour. The model includes uariables representing context, process, strategy, organization and performance. Modes of innovations were found to he highly sector-specific. In fact, most firms innovate in predictable ways, in conformity with the logic of innovation in their industrial environment. A significant minority of firms, however, adopt maverick behaviours, similar to modes of innovation that prevail in other industries. Modes of innovation thus cut across industry lines as a result of firm's combetencies, competitive situationes or managerial preferences. A taxonomy of modes of innovation cutting across industry lines is presented. The configurations which emerged from the data analysis were: science-based product innovators; (ii) entrepreneurial fast-track experimenters; (iii) global cost leaders; (iv) lethargic reliance on information technology and (v) on process adaptation.     

Organizational Design,Competition, and Financial Exchanges

We investigate the incentives for vertical and horizontal integration in the financial securities service industry. In a model with two exchanges and two central securities depositories (CSDs), we find that decentralized decisions might lead to privately and socially inferior industry equilibria with vertical integration of both CSDs with their respective exchanges. Allowing for horizontal integration of CSDs avoids privately inferior industry equilibria. However, we observe too little horizontal integration from the social perspective. We link our results to recent regulatory and institutional developments such as the emergence of multilateral trading facilities, over-the-counter regulation, and financial harmonization.