本文選題：雙邊市場　切入點：證券交易所　出處：《天津財經(jīng)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：近年來,隨著產(chǎn)業(yè)組織理論研究不斷向前發(fā)展,雙邊市場問題引起學(xué)者的關(guān)注,為產(chǎn)業(yè)組織理論研究打開了一個全新的視角。現(xiàn)階段,從雙邊市場的角度對金融市場領(lǐng)域進行分析很少,鑒于此,本文嘗試以雙邊市場的視角來研究我國證券交易所,從平臺的角度詳細(xì)分析其交叉網(wǎng)絡(luò)外部性形式,作為此方面研究的一個探索。 基于已有的雙邊市場理論,本文先通過文獻檢索法,圍繞著雙邊市場界定的爭議,梳理出其背后借鑒的兩個主要理論：多產(chǎn)品定價理論和網(wǎng)絡(luò)外部性理論。比較分析這兩個理論對雙邊市場理論發(fā)展的借鑒作用以及運用過程中的不足之處,得出本文中的一個基本觀點：相對價格非中性而言,交叉網(wǎng)絡(luò)外部性為雙邊市場更本質(zhì)的特征。在文獻綜述的結(jié)尾,介紹國內(nèi)外關(guān)于交叉網(wǎng)絡(luò)外部性的理論和實證研究最新成果。其次,本文通過實證分析法,利用中國證券登記結(jié)算公司和金融統(tǒng)計年鑒數(shù)據(jù)具體分析上海和深圳交易所的交叉網(wǎng)絡(luò)外部性的形式,結(jié)論主要有兩點：對上海證券交易所而言,平臺具有單向交叉網(wǎng)絡(luò)外部性,上市公司是主導(dǎo)因素,具體網(wǎng)絡(luò)強度系數(shù)為1.26,實際指導(dǎo)意義是為上市公司每增加1個,投資者數(shù)量增加1.26萬戶；對深圳證券交易所而言,平臺具有單向交叉網(wǎng)絡(luò)外部性,投資者是主導(dǎo)因素,具體網(wǎng)絡(luò)強度系數(shù)為0.77,實際指導(dǎo)意義是投資者數(shù)量每增加1萬戶,上市公司增加0.77個。最后,通過對比分析,本文認(rèn)為兩個交易所的結(jié)論產(chǎn)生差異的原因,主要在于交易所的功能定位不同,并根據(jù)實證的結(jié)論,進一步從雙邊市場平臺角度對我國證券交易所的運營、費用制定、競爭策略等方面提供一些參考性建議。 本文主要創(chuàng)新點：①對雙邊市場的價格非中性和交叉網(wǎng)絡(luò)外部性特征進行梳理,并論證交叉網(wǎng)絡(luò)外部性為其更本質(zhì)的特征；②以雙邊市場平臺企業(yè)的角度對我國證券交易所進行系統(tǒng)分析,為金融市場其他領(lǐng)域的類似研究提供新思路；③通過格蘭杰因果檢驗法驗證上海和深圳證券交易所的交叉網(wǎng)絡(luò)外部性具體形式,從平臺的角度對分別對兩個證券交易所的運營提出指導(dǎo)建議。
[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.
【學(xué)位授予單位】：天津財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51;F224

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