Commercial Information Service And Its Implementation Strategies In Securities Market

As a kind of commodity, securities carry the characteristic of virtuality. To get the advantage of negotiation, securities must be separated from the real assets they represent. Therefore, investors in securities market have no choice but to assess the value and risks of the securities through analyzing the information relating to them, which is defined as the information-driven character of the value of securities. At the same time, the return on securities investment is uncertain, and the information distribution in securities market is asymmetrical. All these factors have driven investors in securities market to search information spontaneously for investment opportunities so as to ward off investment risks. Because of the information-driven nature, securities market is closely connected with circulating and processing of information. Along with the development of securities market, the securities information service businesses have been growing up. It may be conclude that, while the prosperity of securities market has given huge space for the development of commercialized securities information services, it is also supported and promoted by commercialized information services. The securities market and information service business are mutually complementary. Good interactions between the two sides in overseas advanced securities market have given a wonderful example.China's mainland securities market has made great achievements during the past 10-odd years, which took the developed countries more than 100 years. However, the Chinese securities information service industry has been lagged far behind. On the one hand, Chinese firms in commercial securities information service industry are much smaller in size as compared with their overseas counterparts; on the other hand, its growth has hobbled behind the rapid development in mainland securities market. What has caused this situation? Since long time ago, there have been no valuable academic or industrial research achievements in the securities information service industry covering subjects of the law of development, the operation mode and the key issues in relation to the information processing, product development, quality control, marketing, etc. As a result, most of the Chinese securities information providers are incapable of making innovations in their business activities, and increasing their competitive edge.Aiming at the bottleneck in the theory and practice of securities information service, this dissertation is in an attempt to collectively apply theories or methods of some traditional principles, such as information management, economics, business administration, and computer science, to find out the characteristics of securities information services and constructive solutions to key issues in the operations of securities information services. The main purpose of this research project is to provide theoretical supports and practical references to healthy development of China's securities information service industry.The dissertation tries to build a research framework with regard to the information demands of all participants in securities market. After the analysis of their motives, purposes, methods, modes and style, a product system for securities information services is constructed . By anatomising the elements and functions of securities information products, it's hiberarchy model is abstracted; by analyzing the procedures of securities information service's operations, a description of the architectures and flows of securities information service is given in the dissertation.Above all, the premise and basis of this dissertation's research framework is built on the results of analyzing some typical securities information providers (such as Edgar, Reuters and Bloomberg). By studying the successful oversea counterparts' products system, business model, and their developing history, the knowledge background of the dissertation is mapped out. In addition, the analysis of some representative securities information providers in Mainland China and the deficiencies in the whole industry's development composes the knowledge background of the research.The keystone of this dissertation is several key strategies for the securities information services that can't been evaded, including strategies in relation to information processing, product development, quality control, and marketing. The second half of the dissertation integrated many kinds of theories and methods from science of information, business administration, and computer science to discuss these strategies in length, and developed a series of solutions respectively.The dissertation comprises of eight chapters. The main points of each chapter are as follows:Chapter 1: Information demands and services in securities market. This chapter analyzes the dependence of securities market on information, demonstrates that securities market and securities information services support and promote each other,followed by the discussion of the information demands of participants in securities market including securities issuers, investors, intermediaries, and regulators. Based on the above, the characters and trend of the securities information demands are summarized. Lastly, the chapter dissertates the inevitability of the introduction and significance of commercial securities information service, and the sound interactive relationship between the securities market and the commercial information services.Chapter 2: The international experiences of commercial securities information services and status in Mainland China. In the first part of this chapter, the experiences of three typical securities information providers overseas are anatomized including EDGAR, Reuters, and Bloomberg. The author specifically analyzed their product system, business model, and experiences of their developing history in detail. Hopefully, their successful experiences or unsuccessful lessons can provide references for domestic counterparts. In the end, this chapter introduces several famous domestic securities information providers.Chapter 3: The architecture and flows of securities information services. Information architecture is the foundation and framework for fluent and effective operation of information service. Securities information architecture is comprised of content architecture, products architecture, information processing architecture, and technology architecture. The flows of securities information services include the operation flow on the surface and the information flow at the bottom. The operation flow is oriented to the market and customers; while the information flow works inside of the information providers. The two kinds of flows are connected closely and relied upon each other. The architecture and the flows together constitute the implementation framework for commercial securities information service.Chapter 4: The hiberarchy and system of securities information products. By analyzing the information demands of all sorts of participants in securities market, the securities information products are divided into three classes and five levels. Based on decompounding the composing elements of securities information products, the "concentric round model" of securities information products' structure is drawn out. The different level of the "concentric round" is constituted by information content, information carrier/spreading medium, and information tools. Next, the author combined the hiberarchy of the securities information products and the actual information demands of securities information users, and outlined the products system of securities information services. Lastly, a discussion is given on the specialities ofsecurities information products, forecasted their developing trend, pointed out that cross-media platform represents the developing direction of securities information service.Chapter 5: The information processing strategies of securities information services. This chapter first introduces the specialities and constitutions of securities information. Secondly, It puts forward the "pyramid model" of securities information processing. The information processing is divided into three levels by order of complexity. The first level is information's classification and indexing. The second level is the marking and discomposing of information. The third level is data-based information. This chapter illustrates how to use the "pyramid model" to process the listed company's public announcements; then it discusses the application of traditional information organization methods in securities information processing. Here a new method is put forward for the management of text information, which not only combines advantages of both subject terms and keywords, but also represents some new features. Lastly, the chapter argues that processing of securities information will evolve into knowledge-organizing.Chapter 6: The new product R&D strategies of securities information services. Firstly, this chapter brings forward the general procedure of securities information products' R&D. Next, It elaborates several practical strategies one by one, including market segmenting and positioning, differentiating, reform or revolution, modularization and re-use, using blueprint method to plan new product, and co-operation with partners.Chapter 7: The quality control strategy of securities information services. This chapter introduces "quality model for customer's perception" to the quality management of securities information service. It analyzes the influencing factors in customer perceptions of the quality of securities information services. The author studied the effect of service process on quality, and built the quality ring of securities information service. It provides a good tool for quality management of the securities information service.Chapter 8: The marketing strategies of securities information services. The most important speciality of securities information service is its lock-in of customers. So, relationship-marketing is the key for securities information service's marketing. This chapter detailedly demonstrates applications of some crucial marketing strategies in marketing of securities information services. The key strategies include customer'srelationship management, product pricing, locking-in customers, edition dividing of product, bundling selling, etc. Integrating these strategies, a comprehensive solution is provided to the marketing of securities information service.