【作者】 杨斌；

【导师】 王学东；

【作者基本信息】 华中师范大学 ， 政治经济学， 2003， 硕士

【摘要】 随着互联网技术的迅速发展，电子证券的交易方式正面临着新一轮的巨变，交易方式将由最开始的证券交易所通过专用卫星网与券商连接，投资者在券商的营业部通过填写买单、卖单或直接通过资金卡在交易机上买卖进行交易，转向电话委托和利用互联网在网上进行交易。电子证券交易的实时性、准确性和高度风险性决定了它必须利用当今较新的、成熟的计算机网络技术，使用具有卓越的质量、高超的性能、可靠的稳定性和易扩充性的计算机设备。因此，我们把电子证券网上交易界定为利用互联网络资源，获取证券的报价、市场行情分析，并通过互联网委托下单实施的实时交易。电子证券网上交易不仅改变了传统的证券交易方式，极大提高了证券市场的运行效率，而且给券商经纪业务带来了变革性的影响；它将使传统的投资者、券商、交易所之间的委托代理关系受到削弱，将改变传统的券商经营格局，促进券商的规模集中；它将使券商之间的主要差别体现在技术支持及投资咨询服务上；它将突破传统交易方式的空间地域限制，根本改变现行以证券营业部为主导的券商经营模式，无限度地拓展券商的客户资源；它将使券商传统的客户服务体系及方式面临根本性变革；它将改变券商传统上对机构投资者提供重要信息、行业分析及个股研究报告、对个人投资者提供简单股评报告服务的不平等状况；它对证券监管提出了全新的要求，将使传统监管体制、监管方式和手段面临变革；它是实行全球证券交易一体化的重要手段。 本文通过对电子证券网上交易的概念、特点和网上交易的模式的探讨，来研究电子证券网上交易的安全性、风险性以及信息不对称对证券市场的影响，提出发展我国电子证券网上交易的对策。更多还原

【Abstract】 With the development of internet technology, the exchange method of the electronics stock is facing a new huge change. Originally, security company resorted to exclusive satellite net to connect the investors, who filled in the orders and quotations in the sales department or used the funds card directly on trade machine. Now it turns to using the telephone and internet to deal with the exchange. The simultaneity accuracy and high risk of electronic stock exchange decide that it must make use of the new and mature computer network technique, and must use the computer equipment which has outstanding quality, dependable stability, superb function and easy expansion.Therefore,we define the electronic security online exchange as the real-time exchange process of using the network resource to obtain quotation of security market and analyze market condition, placing an order in virtue of internet. The electronic security online exchange not only change the method of exchange and improve the movement efficiency of security market, but also effect the great influence to securities brokers. It will weaken the agency relationship among the traditional investors, securities brokers and stock exchanges. It will change the working pattern of the traditional securities dealers and promote to concentration of the securities dealers’ scale. It will embody the main difference . between the securities brokers on tech support and investment service. It will rid off the spacion-temporal restriction of traditional exchange manner, basically change the securities brokers’ management mode which concentrates on stock exchange and expand the customers’ resources unboundedly. It will make the service system and function of traditional securities brokers confronted with great transformation. It will change the imbalanced condition of providing the important information to organizational investors while providing the simple stock paper to individual investors. It will put the tradional supervisory system and function into a new position. It is an important measure to realize the all-in-one security exchange in the world.This thesis discusses the concept, characteristic and mode of the electronicsecurity online exchange. Also, it studies on the security, risk and information dissymmetry of the online electronic security exchange. And finally ,it puts forward the suggestions of developing the electronic security online exchange in china.更多还原