基于双边市场理论的证券交易平台竞争策略研究

发布时间：2018-03-17 05:21

本文选题：双边市场　切入点：证券交易平台　出处：《江西财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：证券交易平台是资本市场发展的载体,其竞争力水平直接影响到国家经济发展和繁荣。进入21世纪以来,在全球范围内,各大证券交易所之间的重组和并购浪潮接连不断。特别是2011年2月9日,伦敦证券交易所宣布与多伦多证券交易所合并；几乎同时,纽约-泛欧证券交易所集团也宣布了与德意志证券交易所合并的消息,再次掀起了全球证券交易所的并购浪潮。全球范围内证券交易所之间的激烈竞争给我国新兴的资本市场带来了严峻的挑战,我国欲跻身世界经济大国的行列,提升我国证券交易平台的国际竞争力水平有着举足轻重的作用,我国资本市场发展迅速但不成熟,证券交易所在参与全球竞争中尚处于劣势地位。因此如何提高我国证券交易所的国际竞争力水平成为当前亟待研究的理论和实践课题,也是本论文研究的着眼点和出发点。双边市场理论是当前网络产业组织研究领域的热点和前沿之一。在最近十几年间,利用双边市场理论研究平台竞争策略在国内外得到了迅速发展,但其研究的平台主要涉及的是银行卡产业、中介组织、通讯软件、视频游戏网站和第三方数字认证产业等。根据双边市场的定义,证券交易所是典型的具有双边特征的市场组织,上市公司和投资者是证券交易所面对的两类主要用户群体,证券交易所规模直接取决于平台上投资者和上市公司总体的规模数量。证券交易所收入来源主要来自于上市公司的上市初费和年费、个人和机构投资者的注册费用和每笔交易佣金等。同时,证券交易所中也存在明显的交叉网络外部性效应。当平台上的投资者规模越大,那么上市公司的有价证券也越能够得到合理公正的市场定价,筹集的资金也越雄厚。业绩优良的上市公司越多,投资者也愿意到该证券交易所进行投资交易。从文献梳理来看,在双边市场理论的视角下研究金融领域的平台竞争策略比较少见,因此,本文研究不仅具有较高的学术价值,也有相当高的实践意义。本文首先运用了文献综述法对双边市场的相关理论进行了梳理,包括双边市场理论发展渊源、竞争性和垄断性平台相关的研究文献,着重阐述了双边市场理论的定价策略、产品或服务差异化策略、平台的互联互通策略及相关的双边市场实证研究进展。本文接着对证券交易平台的竞争状况和其具有的双边市场特征进行了分析,将双边市场理论和证券交易平台实践进行了有机的联系。在此基础上,作为本文的主体包括四个部分,第一部分,利用理论建模分析的方法,对双边市场理论视角下的证券交易平台竞争策略进行了分析,包括垄断性平台和竞争性平台的定价策略两个方面；第二部分,利用Hotelling线性城市模型的经典分析方法,探索了证券交易平台的产品或服务差异化策略；第三部分,基于上海证券交易所2011年统计年鉴的时间数据,采用了格兰杰因果检验的时间序列实证分析方法,得出了投资者是上市公司的格兰杰原因,但上市公司并非是投资者的格兰杰原因。第四部分,建立了完全信息条件下的二阶段动态博弈模型,分析了证券交易平台互联互通策略理论上的可行性,得出互联互通后的证券交易平台更有利于社会福利最大化。最后,本文在理论和实证的分析基础上,提出了为提高我国证券交易所国际竞争力水平的四点策略建议：(1)理顺平台双边定价机制；(2)提高产品或服务差异化；(3)活跃证券交易平台竞争；(4)加快平台互联互通建设。
[Abstract]:The securities trading platform is the carrier of the development of the capital market, the competitiveness is directly related to the national economic development and prosperity. Since the beginning of twenty-first Century, in the global scope, between the stock exchange and the reorganization of mergers and acquisitions continuously. Especially in February 9, 2011, the London Stock Exchange announced the merger with the Toronto stock exchange; almost at the same time, New York - Euronext exchange group also announced a merger with the German stock exchange news, once again set off a wave of mergers and acquisitions. The global stock exchanges has brought severe challenges to the fierce competition among stock exchanges worldwide to China's emerging capital market, China's desire among the ranks of world economic powers, plays an important role in improving international competitiveness China's securities trading platform, but the rapid development of China's capital market is not mature, the stock exchange Participation in global competition is still at a disadvantage. Therefore, how to improve the competitiveness of China's stock exchanges has become a theoretical and practical topic to be studied. It is also the focus and starting point of this paper.
The bilateral market theory and it is a hot topic of the field of industrial organization research. In recent years, the use of competitive strategy theory of two-sided market research platform has been developing rapidly at home and abroad, but the research platform is mainly related to the bank card industry, intermediary organization, communication software, video game website and third party certification industry.
According to the definition of the two-sided market, the stock exchange is the typical characteristics of the bilateral market organization, listed companies and investors are two major user groups in the face of the stock exchange, the Stock Exchange scale directly depends on the number of listed companies and investors on the platform of the overall scale. Main income source of the Stock Exchange listed companies from the initial listing fee and the annual fee, individual and institutional investors registration fees and transaction commission. At the same time, there are also significant cross network externality effect the stock exchange. The investors on the platform scale is larger, then the listed company's securities market pricing can be more reasonable and fair, raise funds performance is also more abundant. Listed companies more excellent, investors are willing to invest in the stock exchange trading. From the literature review, in the bilateral market theory It is rare to study the platform competition strategy in the financial field. Therefore, this study not only has high academic value, but also has high practical significance.
This paper uses the relevant theories of literature review on two-sided market are summarized, including the origin and development of the bilateral market theory, the research literature competition and monopoly platform, focuses on the theory of two-sided market pricing strategy, differentiation strategy for products or services, progress in bilateral market empirical research on the interconnection platform and related strategies.
In this paper, then the securities trading platform competition and its bilateral market characteristics are analyzed, the bilateral market theory and practice of securities trading platform of organic connection. On this basis, as the main body of this paper consists of four parts, the first part, using the method of theoretical modeling and analysis, competitive strategy of securities trading platform from the perspective of bilateral market theory are analyzed, including two aspects of monopoly platform and competitive pricing strategy of platform; the second part, by using the method of analyzing the classic Hotelling linear city model, exploring the product or service differentiation strategies of securities trading platform; the third part, the time data of Shanghai stock exchange in 2011 statistical yearbook based on the time series empirical Grainger causality analysis method, the investors of listed companies for Grainger, but The city of Grainger company is not the cause of the investors. The fourth part establishes two stage dynamic game model under the condition of complete information, analyzes the feasibility of securities trading platform interconnection strategy theory, draw more securities trading platform interoperability to maximize social welfare.
Finally, based on theoretical and empirical analysis, put forward suggestions to improve the four strategy level of the international competitiveness of China's Stock Exchange: (1) rationalize the pricing mechanism of bilateral platform; (2) improve the differences between products or services; (3) active securities trading platform competition; (4) to accelerate interoperability platform construction.

【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F224;F832.51

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