本文選題：雙邊市場　切入點：證券交易平臺　出處：《江西財經(jīng)大學》2012年碩士論文　論文類型：學位論文

【摘要】：證券交易平臺是資本市場發(fā)展的載體,其競爭力水平直接影響到國家經(jīng)濟發(fā)展和繁榮。進入21世紀以來,在全球范圍內(nèi),各大證券交易所之間的重組和并購浪潮接連不斷。特別是2011年2月9日,倫敦證券交易所宣布與多倫多證券交易所合并；幾乎同時,紐約-泛歐證券交易所集團也宣布了與德意志證券交易所合并的消息,再次掀起了全球證券交易所的并購浪潮。全球范圍內(nèi)證券交易所之間的激烈競爭給我國新興的資本市場帶來了嚴峻的挑戰(zhàn),我國欲躋身世界經(jīng)濟大國的行列,提升我國證券交易平臺的國際競爭力水平有著舉足輕重的作用,我國資本市場發(fā)展迅速但不成熟,證券交易所在參與全球競爭中尚處于劣勢地位。因此如何提高我國證券交易所的國際競爭力水平成為當前亟待研究的理論和實踐課題,也是本論文研究的著眼點和出發(fā)點。 雙邊市場理論是當前網(wǎng)絡(luò)產(chǎn)業(yè)組織研究領(lǐng)域的熱點和前沿之一。在最近十幾年間,利用雙邊市場理論研究平臺競爭策略在國內(nèi)外得到了迅速發(fā)展,但其研究的平臺主要涉及的是銀行卡產(chǎn)業(yè)、中介組織、通訊軟件、視頻游戲網(wǎng)站和第三方數(shù)字認證產(chǎn)業(yè)等。 根據(jù)雙邊市場的定義,證券交易所是典型的具有雙邊特征的市場組織,上市公司和投資者是證券交易所面對的兩類主要用戶群體,證券交易所規(guī)模直接取決于平臺上投資者和上市公司總體的規(guī)模數(shù)量。證券交易所收入來源主要來自于上市公司的上市初費和年費、個人和機構(gòu)投資者的注冊費用和每筆交易傭金等。同時,證券交易所中也存在明顯的交叉網(wǎng)絡(luò)外部性效應(yīng)。當平臺上的投資者規(guī)模越大,那么上市公司的有價證券也越能夠得到合理公正的市場定價,籌集的資金也越雄厚。業(yè)績優(yōu)良的上市公司越多,投資者也愿意到該證券交易所進行投資交易。從文獻梳理來看,在雙邊市場理論的視角下研究金融領(lǐng)域的平臺競爭策略比較少見,因此,本文研究不僅具有較高的學術(shù)價值,也有相當高的實踐意義。 本文首先運用了文獻綜述法對雙邊市場的相關(guān)理論進行了梳理,包括雙邊市場理論發(fā)展淵源、競爭性和壟斷性平臺相關(guān)的研究文獻,著重闡述了雙邊市場理論的定價策略、產(chǎn)品或服務(wù)差異化策略、平臺的互聯(lián)互通策略及相關(guān)的雙邊市場實證研究進展。 本文接著對證券交易平臺的競爭狀況和其具有的雙邊市場特征進行了分析,將雙邊市場理論和證券交易平臺實踐進行了有機的聯(lián)系。在此基礎(chǔ)上,作為本文的主體包括四個部分,第一部分,利用理論建模分析的方法,對雙邊市場理論視角下的證券交易平臺競爭策略進行了分析,包括壟斷性平臺和競爭性平臺的定價策略兩個方面；第二部分,利用Hotelling線性城市模型的經(jīng)典分析方法,探索了證券交易平臺的產(chǎn)品或服務(wù)差異化策略；第三部分,基于上海證券交易所2011年統(tǒng)計年鑒的時間數(shù)據(jù),采用了格蘭杰因果檢驗的時間序列實證分析方法,得出了投資者是上市公司的格蘭杰原因,但上市公司并非是投資者的格蘭杰原因。第四部分,建立了完全信息條件下的二階段動態(tài)博弈模型,分析了證券交易平臺互聯(lián)互通策略理論上的可行性,得出互聯(lián)互通后的證券交易平臺更有利于社會福利最大化。 最后,本文在理論和實證的分析基礎(chǔ)上,提出了為提高我國證券交易所國際競爭力水平的四點策略建議：(1)理順平臺雙邊定價機制；(2)提高產(chǎn)品或服務(wù)差異化；(3)活躍證券交易平臺競爭；(4)加快平臺互聯(lián)互通建設(shè)。
[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.

【學位授予單位】：江西財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F224;F832.51

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