我国网上证券经纪公司的设立与运作

网上证券交易方式正逐渐为广大投资者所认同和接受，网上证券交易呈现可喜的发展态势。国内的证券公司纷纷投入巨资拓展网上证券交易，IT公司等进入网上证券交易市场的意愿日益高涨，网上证券经纪公司呼之欲出。……     

海外网上证券经纪公司的发展与启示

据美国国际证券业信息中心调查，目前工业化国家至少已有500家证券经营机构推出网上证券交易业务，入网交易的股民达2000万户，账面资金达5000亿美元。预计到2001年，全世界实现网上交易的机构可达3000家，拥有股民1亿户，账面资金将高达2万亿美元。目前，美国是网上证券经纪业最发达的国家，英国、瑞典、日本和韩国以及我国香港、台湾地区的网上证券交易这几年发展也相当迅猛。本拟从海外网上证券经纪公司的发展经验中获得一些启示。     

对发展我国网上证券业务的思考

一、网上证券业务发展概况网上证券业务是指投资者利用互联网资源,获取国内外各交易所即时报价,查找各类经济金融信息,分析市场行情,并通过互联网委托下单,进行实时交易。证券业的设备先进性、业务实时性、客户分散性等特点促进了网上证券业务的产生和发展。网上证券业务具有低     

网上证券交易的风险防范与监管策略

网上证券交易是投资者利用互联网资源进行的与证券交易相关的活动，网上证券交易与传统证券交易在风险防范与监管方面有很大不同，需要认真研究。     

中美网上证券交易法律监管的比较与启示

目前,网上证券交易在许多国家和地区均得到了迅速的发展,例如在美国,2001年6月、7月和8月纽约证券交易所网上交易的日均成交量占总日均成交量的比率分别为30.6%、22.8%和28.3%.此外,日本和韩国等国的网上证券交易量也很大.近几年,我国网上证券交易也逐渐发展起来,2001年6月、7月和8月我国网上委托交易量占沪深交易所股票、基金总交易量的比率分别为4.64%、3.98%和5.53%,12月达到了6.59%.     

网上证券交易的风险防范与监管策略

网上证券交易是指投资者利用公用互联网、局域网、专网、无线互联网等各种互联网网络资源,进行与证券交易相关的活动,包括获取实时行情、相关市场资讯、投资咨询、网上委托等一系列服务。狭义的网上证券交易是指借助互联网,完成开户、委托、支付、交割和清算等证券交易的全过程,在线获取与证券交易有关的财经资讯信息等服务。广义的证券交易则包括:部分或完全利用有线网络、无线网络、内联网、互联网,完成开户、委托、清算、支付、交割等证券交易过程;部分或完全在线,获取投资资讯信息以及建立在此之上的个人理财等其他金融增值服务。目前人…     

建设适合我国证券电子商务的新模式

本文在分析目前我国证券电子商务模式分类的基础上,提出了以证券经纪商服务模式的差别划分的新证券电子商务模式,并给出模式选择的建议。     

因特网与我国证券发行方式变革

随着信息技术的加速创新和广泛应用，以因特网为平台的证券交易在我国证券市场上发挥着越来越重要的作用，与此同时，一级市场的证券发地也正以路演为切入点，逐步向上延伸，利用因特网这一连接证券投资者的新媒介和相应的技术基础，证券发行的市场覆盖面将大大拓广，其信息交互内容也更加丰富，为提高证券发行效率、降低发行成本提供了有利条件，本文通过对因特网环境下的证券发行，尤其是路演活动进行比较分析，从一侧面探讨我国证券发行方式改革的发展趋势。     

浅析CRM系统在证券经纪业务转型中的应用

1999年以来,一种全新的营销理念CRM(客户关系管理)开始在国内流行,这是市场化与信息化结合的必然结果,对于证券经纪业务而言,实施CRM战略也是在现行环境下实现业务转型的一种重要手段.     

试论保险业计算机应用的发展趋势

目前,国内保险业的市场竞争非常激烈,在保险产品和营销方式日趋相似的情况下,管理和服务将成为竞争成败的决定因素,因而,全面提高保险业的计算机应用水平将是赢得竞争的关键措施.     

证券业上网行为管理实战部署

2009年,国信证券即开始思考如何提高其在网络管控方面的安全级别,这主要出于两方面的考虑：《证券法》规定,证券从业人员禁止从事证券股票交易;公安部82号令要求,内部上网行为要进行统一的认证、识别、管理与记录,以确保日后特殊事件出现时的数据支撑和追溯。     

Valuation of human assets in a securities brokerage firm: An empirical study

When a service firm is acquired by another firm there is often a significant premium paid over the acquired firm's book value. Often a substantial portion of this premium is due to the value of the human assets acquired. This paper presents a methodology by which the value of the human assets may be determined separate and distinct from goodwill. This is then applied to a case study in a securities brokerage firm. Finally, an amortization schedule is set forth so the asset can be amortized for tax purposes.     

Top management turnover and firm default risk: Evidence from the Chinese securities market

China has moved rapidly from a socialist planned economy to a market economy. As a result, many enterprises in China are seeking talented top management to increase their performance and decrease their default risk. Studies abound regarding top management turnover and its relationship with firm performance, however, few studies have connected top management turnover with firm default risk. In China, a market with extensive financial fraud, firm default risk is an important factor and thus we explore this relationship in the Chinese securities market. Our results indicate that firms with higher default risk are more likely to change their top management in the next financial reporting period. In addition, following changes in top management, such firms default less than other companies.     

走上监管之路

六年前,为了防范亚洲金融危机对本来就脆弱的内地金融业造成冲击,中央召开全国金融工作会议,对整顿金融秩序、防范金融风险做出了重要部署;并于第二年撤销了中国人民银行31个省级分行,成立了九大跨省区分行和两个总行营业管理部,同年5月中央金融工委正式挂牌,统领所有金融行业的监管工作。 整整六年过去了,原来的举措到底起没起到有效的作用呢?笔者以为,这五年正是中资银行债台高筑、愈发苦不堪言的时期,中央银行的监管职能并没有促进中资银行资产质量好转。究其原因,有些学者认为在于中央银行还掌握着另一项重要职能——货币政策。 2003年4月28日,银监会正式挂牌成立,这对于我国的金融监管又意味着什么呢?请看     

加强信息技术监管和技术标准化工作 保障证券期货业系统安全

近年来,随着证券市场的不断发展和网上证券交易量的迅速增长．市场监管者和经营者充分认识到信息化建设的必要性与紧迫性,中国证券期货行业信息化建设正面临着艰巨而繁重的任务。信息系统是证券期货行业的重要组成部分,是证券市场的基础性条件,也是证券市场不断发展和创新的助推器。因此,中国证券监督管理委员会（以下简称“证监会”）和市场主体高度重视信息化工作,投入大量的人力和财力做好信息系统建设和信息安全保障工作。     

Underwriter reputation and the pricing of securities: Evidence from asset-backed securities

This paper investigates whether and how the underwriter reputation can affect the pricing of securities. Using data on collateralized loan obligations (CLO), asset-backed securities (ABS), and asset-backed medium-term notes (ABN) from 2014 to 2019 in China bond market, we find that the underwriter's reputation has a significantly negative impact on the issuance spread. This effect is more pronounced in the CLO and ABS markets, while that in the ABN market is not significant. Furthermore, we find that the originators play a critical role in determining the issuance spread of securities, as state-owned and listed originator receive a lower initial yield spread. In addition, the number of tranches and the proportion of subordination in a deal also have a stronger effect on the relation between which the underwriters' reputation and securities prices. These results suggest that underwriters play a role in reducing information asymmetry between originators and investors, which is partly corrected via underwriter reputation.     

Access to financing and firm growth

Why do some firms grow faster than others? Although various observed and unobserved aspects of firms have been suggested as potential drivers of firm heterogeneity, economists disagree sharply on the role of financial structure in influencing firm growth. In this paper, I use a sample of quoted and unquoted firms to show that the effect of financial structure on firm growth is statistically significant and quantitatively important. In the presence of external financing constraints, firms rely more on internal funds to finance growth, but the effect of internal financing on firm growth decreases with an increase in the firm’s access to an external bank credit facility. As the external financing constraint is alleviated, the firm relies less on internal funds and switches to external financing as the primary source of financing for its growth. This pattern of transition between internal and external financing is particularly pronounced in small unquoted firms (conditional on their survival). These results suggest a real effect of financial structure on growth via the channel of an external financing constraint.     

证券监管的有效性研究

本文对中国证券业的价格规制和进入规制的实施效果进行分析 ,指出现行监管措施并没有达到监管的目标 ,并据此提出了提高证券监管有效性的对策思路