我国证券交易所的交叉网络外部性研究

发布时间：2018-03-12 08:06

本文选题：双边市场　切入点：证券交易所　出处：《天津财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：近年来,随着产业组织理论研究不断向前发展,双边市场问题引起学者的关注,为产业组织理论研究打开了一个全新的视角。现阶段,从双边市场的角度对金融市场领域进行分析很少,鉴于此,本文尝试以双边市场的视角来研究我国证券交易所,从平台的角度详细分析其交叉网络外部性形式,作为此方面研究的一个探索。基于已有的双边市场理论,本文先通过文献检索法,围绕着双边市场界定的争议,梳理出其背后借鉴的两个主要理论：多产品定价理论和网络外部性理论。比较分析这两个理论对双边市场理论发展的借鉴作用以及运用过程中的不足之处,得出本文中的一个基本观点：相对价格非中性而言,交叉网络外部性为双边市场更本质的特征。在文献综述的结尾,介绍国内外关于交叉网络外部性的理论和实证研究最新成果。其次,本文通过实证分析法,利用中国证券登记结算公司和金融统计年鉴数据具体分析上海和深圳交易所的交叉网络外部性的形式,结论主要有两点：对上海证券交易所而言,平台具有单向交叉网络外部性,上市公司是主导因素,具体网络强度系数为1.26,实际指导意义是为上市公司每增加1个,投资者数量增加1.26万户；对深圳证券交易所而言,平台具有单向交叉网络外部性,投资者是主导因素,具体网络强度系数为0.77,实际指导意义是投资者数量每增加1万户,上市公司增加0.77个。最后,通过对比分析,本文认为两个交易所的结论产生差异的原因,主要在于交易所的功能定位不同,并根据实证的结论,进一步从双边市场平台角度对我国证券交易所的运营、费用制定、竞争策略等方面提供一些参考性建议。本文主要创新点：①对双边市场的价格非中性和交叉网络外部性特征进行梳理,并论证交叉网络外部性为其更本质的特征；②以双边市场平台企业的角度对我国证券交易所进行系统分析,为金融市场其他领域的类似研究提供新思路；③通过格兰杰因果检验法验证上海和深圳证券交易所的交叉网络外部性具体形式,从平台的角度对分别对两个证券交易所的运营提出指导建议。
[Abstract]:In recent years, with the development of the theory of industrial organization, the bilateral market problem has attracted the attention of scholars, which has opened a new perspective for the study of industrial organization theory. In view of this, this paper attempts to study China's stock exchanges from the perspective of bilateral market, and from the perspective of platform, it analyzes its cross-network externalities in detail. As an exploration in this field. Based on the existing bilateral market theory, this paper firstly uses the literature retrieval method to focus on the controversy of the definition of bilateral market. Combing out the two main theories: the multi-product pricing theory and the network externality theory, comparing and analyzing the reference function of the two theories to the development of bilateral market theory, as well as the shortcomings in the process of application. It is concluded that the cross-network externality is a more essential feature of the bilateral market in terms of non-neutral price. This paper introduces the latest achievements of theoretical and empirical research on the externality of cross networks at home and abroad. Using the data of China Securities Registration and Clearing Corporation and Financial Statistics Yearbook, the paper analyzes the form of cross-network externality of Shanghai and Shenzhen exchanges, and concludes that there are two main points: for Shanghai Stock Exchange, The platform has a one-way cross-network externality, the listed company is the dominant factor, the specific network strength coefficient is 1.26, the actual guiding significance is that for each additional listed company, the number of investors increased by 12,600; for the Shenzhen Stock Exchange, The platform has the externality of one-way crossover network, investors are the leading factor, the specific network intensity coefficient is 0.77. The actual guiding significance is that the number of investors increases by 10,000 households, and the listed companies increase by 0.77. Finally, through comparative analysis, This paper holds that the reasons for the difference between the two exchanges are mainly due to the different functional orientation of the two exchanges. According to the empirical conclusions, the paper further formulates the operation and expenses of the stock exchanges in China from the perspective of the bilateral market platform. Competitive strategies and other aspects to provide some reference suggestions. The main innovation point of this paper is to sort out the price non-neutral and cross-network externalities of the bilateral market. It is demonstrated that the cross-network externality is a more essential feature of the intersecting network. (2) A systematic analysis of the stock exchanges in China is carried out from the perspective of a bilateral market platform enterprise. To provide new ideas for similar studies in other areas of financial markets. (3) to verify the specific forms of cross-network externalities of the Shanghai and Shenzhen stock exchanges through Granger causality test. From the point of view of the platform, the paper gives guidance and suggestions to the operation of the two stock exchanges.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F224

【参考文献】