Research On The Value, Quality And Marketing Strategy Of E-Securities In China

The study of E-Securities is an everlasting hot issue, but most of studies focus on technology and management. The meanings of E-Securities as a marketing tool are seldom deeply studied. Based on the Chinese developing E-Securities market, this dissertation analyzes the value and quality of E-Securities and does research on the marketing strategy of E-Securities.To explain the issue of CB financing comprehensively and logically, this dissertation adopts academic and empirical research routes. Based on the process of the investment of E-Securities, this dissertation tries to deal with the decision on the investment of E-Securities. For this, this dissertation sets up the value model of E-securities which is dependent on business value and customer value. Then it sets up the quality model from the point view of the combination of relationship marketing and E-Securities. At last, this dissertation analyzes the market segmentation of E-Securities and sets up a set of marketing strategy fit for the users.The primary creation and research results of the paper are as follows:1. Through setting up the value model of E-Securities and validating the capability of explanation about the wills of the E-Securities adoption, this dissertation finds that the difference of the internal and external securities company characteristics will affect the evaluating of the customer and business value. The higher the evaluating result is, the stronger is the wills to adopt the E- Securities.At first, referring to the methodology of Keeney's[128] value focus thinking, this dissertation makes up the constituent factors of customer value, and then through developing the business value model of the E-Securities based on the theory of the quality function development, this dissertation sets up the value model of E-securities. Secondly, this dissertation discusses the relationship between the internal and external characteristics of securities companies (scale, internationalization, informationization, the need of customer service, competition, organization innovation) and the eight items evaluating the customer value in the E-securities value model. It also discusses the relationship between the internal and external characteristics of securities companies and the ten items evaluating the business value in the E-securities value model. At last, this dissertation does the research on the effect of the eight items evaluating customer value and the ten items evaluating business value on the decision of the E-Securities adoption, and validates the feasibility and capability of explanation of the value model. The research finds that the scale and internationalization of the securities company have not obvious correlation with the business value and customer value, the need of the application of E-Securities, the competition and the organization innovation have positive correlation with the business value and customer value. In additional, The higher the evaluating result is, the stronger is the wills to adopt the E- Securities. The most obvious correlation item is improving the efficiency of the management, in the next place is the shorting the time, reducing the cost, improving the system security and improving the customer loyalty.One of the contributions of this dissertation is providing the executable process, which can be the decision reference when the securities companies evaluate the adoption of the E-Securities, help securities companies set up the choice and order of the E-Securities function, and be used for reference to improve the consumer contact and service process.2. Based on the Relationship Quality Model (Crosby,1990[53],Fletcher, 2000[76])which is used in entity circumstance, and also combining the concept of the Technology Acceptance Theory(Davis,1989) [59] and Trading Cost Theory(Williamson,1975), this dissertation builds up the theory of the Relationship Quality Model which can be used in virtual environment. This research finds that E-securities practicability, disconfirmation, interactive intensity and trading security can improve the relationship quality, service quality, asset specificity and customer satisfaction can improve the customer loyalty and profit of the securities companies, and the improvement of the relationship quality can set up the loyalty of the customer and strength the interaction between the company and customer.This dissertation widely absorbs the technology side(trading security, easiness), organization side(asset specificity),marketing side(interactive intensity), service and product(disconfirmation of product and service), psychological side(practicability , privacy ,trust, satisfaction, loyalty). This research finds that service quality(practicability , easiness), interactive intensity, disconfirmation of product and service ,and trading security are the antecedents of the E-Securities quality. The consumer loyalty and future interaction are the consequence of the E-Securities quality. Secondly, this research finds that the dissatisfaction and distrust are all from the doubt of trading security, obtaining the trust of the consumer is the necessary precondition to running the international E-Securities, and net security is the antecedents of the trust. Thirdly, the research finds that the basic of E-Securities competition is not the discount of the commission, but is the improvement of the service quality, core competition resource, which can improve the consumer loyalty, income of the company, and the value of E-Securities. At last, this research demonstrates that the satisfaction of the customer can affect the loyalty, and indirectly affect the future interaction, and the trust of customer can directly affect the future interaction. So satisfying the need of customer is the No.1 important factor. Only satisfied customers can be the loyal customers.One of the contributions of this dissertation is that through the research of the relationship quality, the advice can be used for reference to enact the marketing strategy of E-Securities.3. This dissertation tries to segment the customers from the point view of the importance of the choice of E-Securities. The research finds that the E-Securities customers in China can be segmented to be five segments: favoring the security cluster, favoring information cluster, favoring operational interface cluster, favoring individuality cluster, and favoring the discounting and sales cluster. We must make a difference among the clusters in marketing.After factor analysis based on the important characteristics E-Securities, this research extracts six important factors: diversity factor, information factor, additional function factor, operational system factor, system security factor and timely interaction factor. According to the theory of Catherine and Paul(1998) [42], the factor analysis may distort the original form of the data. So this research tries to use the statistics and artificial neural net to segment the E-Securities customers. Using questionnaire ,SOM and K-means cluster analysis, this research segments the market: favoring the security cluster, favoring information cluster, favoring operational interface cluster, favoring individuality cluster, and favoring the discounting and sales cluster. For the favoring the security cluster, the securities company should emphasize the security and stability of the system. For the favoring information cluster, the securities company should enhance the updating and transmitting function. For the favoring operational interface cluster, the securities company should simplify the interface and train the customers. For the favoring individuality cluster, the securities company should improve the service and contact with the customers. For the favoring the discounting and sales cluster, the securities company should adopt the commission discount and financing intention to attract the investors. One of the contributions of this dissertation is to help securities company to set up a set of marketing strategy fitting for the users and can be used for reference to build the product, channel, price and sales strategy of the securities company.