【作者】 关光齐；

【导师】 薛华成； 黄丽华；

【作者基本信息】 复旦大学 ， 信息系统与信息管理系， 2002， 博士

【摘要】 证券是流通化的资本，而作为商中之商的经纪，特别是证券市场的证券经纪，在流通过程中，其流通中介的作用是显而易见的，具体表现在三种运动形式上：价值流、信息流和意识流。价值流体现在证券交易过程中，证券投资者可以通过专业化的经纪中介，获取风险小而回报大的投资利润，达到资产增值的目的。信息流则赋予证券经纪以全新的涵义，网络、多媒体以及通讯技术的革命，从根本上改变了证券市场的信息传递方式，证券经纪的中介形式和信息服务、投资顾问服务无论从容量、质量、速度上都产生根本性的飞跃。意识流，对于经纪而言，已不再是一个单纯的技术效率问题，而更应该是一个管理理念和服务意识的课题，因此，管理的问题、服务的问题是证券经纪制度的立命之本。 网上证券交易是证券经纪中采用互联网技术所提供的一种新的证券交易方式，是新技术与传统领域相结合的产物。网上证券交易的应用对传统证券交易的影响是深远的，对证券经纪商的经营是个极大挑战。 网上证券交易在我国得到广泛的应用，但出现的问题，如重交易轻服务、行业应用过分重复雷同、业务规模普遍偏小、投资效益低下等一直是摆在证券经纪商面前亟待解决的问题。而国外网上证券交易的发展数据表明，产生这些根本问题不是网上证券交易技术本身的问题。传统的研究成果，如网上证券交易对证券市场的影响、网上证券交易经纪成本与收益比较、以及如何保证网上证券交易的运行，都无法有效地从根本上解决这些问题。网上证券交易经纪经营模式的研究是一个新的研究课题，是解决这一系列相关的问题的核心。本篇论文试图从产业的角度来分析产生这些具有行业性问题的根本原因，利用价值链理论对开展网上证券交易整个流程进行剖析，重点分析我国证券经纪商开展网上证券交易可采用的模式，再从证券经纪商的角度来解决除行业政策因素之外的管理经营战略问题，从单元上避免出现以上一系列问题，为我国网上证券交易的开展扫清障碍，也为证券经纪商开展网上证券交易提供了理论依据。更多还原

【Abstract】 Securities is circulating capital. Brokerage, especially securities brokerage, is business between business; its role as intermediate of circulation is evident, manifesting in the following three aspects:Value stream, Information stream, Consciousness stream. In securities trading, investors obtain low-risk and high-return investment profit through professional broker, reaching the goal of capital appreciation throught Value stream. Information stream decreases the portion of manual brokerage and gives securities brokerage brand new meaning. Securities brokerage plays more and more unreplaceable role in the market. Consciousness stream, for brokerage, is how to obtain more share in the market is not only a technique issue but also an issue of management philosophy and service consciousness. Human factor, service and fore-thinking would be the key to success of securities brokerage system.Securities online trading is a new stock swap model by the internet technology in securities manage business, and is the produce of new technology and traditional field. The influence of the application of securitiea online trading to the traditional stock swap is long and is big challenge to the securities managers’ business,Securities online trading is adopted widely in China, but some problems, such as thinking highly of trading and making light of service, too much repeat in this industry ,the scale usually is too little, and the investment income is small, are still urgent problems that need to resolved by the securities managers. The data of development of foreign securities online trading indicates that the reason of causing the problem that isn’t in itself problem of technology of securities online trading .The traditional research results, such as the influence of stock swap to securities market, the compare the manager cost against the income in securities online trading, and how to ensure operating of stock swap, can’t effectively resolve these problems. The research of the securities manage business online model is a new issue and is the core of resolving the series of problems.The article tries to analysis the basic reasons of producing these industrial problems from industrial angle, analysis the whole procedure of developing securities online brokerage by the theory of value chain, and lies special stress on analyzing the model can be adopted of developing securities online brokerage, then solve the strategic problems of management and administration except industrial policy element from securities managers’ angle, and avoid a series of problems above , and clear away obstacles for developing stock swap in China, and provide theory basis for securities managers promoting securities online brokerage.更多还原