A Study Of Securities Electronic Commerce Based On Internet

Electronic commerce (EC) has brought about profound changes on the global securities industry. With few, if any, requirements for logistics processing, the securities industry is widely regarded as one of the most advantageous areas for EC applications. Consequently, Securities Electronic Commerce (SEC) has emerged as a new business model for the capital market operating in the Internet era. Based on fEC抯 conceptual foundation and operational scope, this thesis firstly undertakes a systematic and comparative analysis on SEC, as contrast to traditional operations in the securities industry. Accordingly, major concerns related to SEC are identified, and implications of SEC for economic studies are drawn by applying various analytical perspectives, such as virtual economy, principal-agent relations, information asymmetry and business innovations. Next, this thesis provides a comprehensive examination on the development of SEC in foreign countries, notably in the United States, in terms of developmental phases, areas of applications, major characteristics and representative business models. Moreover, issues related to the development of SEC in China are dealt with by taking into account lessons learned from corresponding experiences in foreign countries. Specifically, the thesis makes a number of strategic suggestions and explores appropriate business models for SEC. given a China context. Relevant policy implications are also drawn. While this thesis holds the view that SEC is the inevitable trend for the securities market, it suggests that, in the development of SEC, China must take its unique path other than the pattern of 慦eb Plus PC? which is prevalent in the Western countries. Put it clearly, to speed up SEC China must make full use of various information terminals, including PC, telephone, fax machine, PDA and TV set, in light of the greater market potentials for information terminals other than PC, at least in the near future. It is also important to strengthen the development of SEC platforms, to facilitate cooperation between brokers and Internet service providers (ISPs), as well as to upgrade the investors?knowledge and skill base on Internet applications. As regards to policy-making, the thesis suggests that the system of fixed commissions should be gradually deregulated and transformed toward a free commissions system, in order to accelerate the development and popularization of SEC in China and to get better-prepared for the forthcoming international competition. Based on the aforementioned discussions, this thesis makes its major contribution by systematically designing business models, with a broad coverage on the areas of securities offering, online trading, information service and others, for the development of SEC in China.