互联网对中国证券行业影响分析.pdf

论 文 摘 要 2013 年，国金证券和腾讯科技结成战略合作联盟，期望在网络券商、在线理财、线 下高端投资活动进行全面合作，并且极短时间内推出产品“佣金宝”，在佣金率、服务模 式等方面极具创新。 传统证券行业在互联网的冲击下将会如何发展，美国过去 30 年时间中的历程可以 为中国提供有效借鉴意义。中国现阶段的互联网发展环境和美国当年有很大的差别，但 是美国证券行业所经历的的佣金率下降、业务发展多元化、公司模式多样化是中国未来 极有可能重复的路径。代表性的美林证券、嘉信理财和亚美利亚交易模式亦有可能在中 国产生，本文对于美国发展历程、公司模式的整理亦希望为中国证券行业未来互联网环 境下的发展提供一定的借鉴思路。 关键词：互联网金融，佣金率，证券行业，经纪业务 I ABSTRACT In 2013 , Sinolink Securities and Tencent Technologies formed a strategic alliance,in expectation of comprehensive cooperation in online brokers, online finiacing, offline high-end investment activities, and lauched the product Yongjinbao in a very short time, which is highly innovative in commission rates , services patterns etc. How will the traditional securities industry develop under the impact of the Internet? The history of the United States over past 30 years shall provide effective reference to China. Chinas current internet development circumstance is very different from those years in U.S, but the U.S. securities industry has experienced a decline in commission rates, business diversification, diversification of company models, which China is likely to repeat in the future. Representative trading patterns like Merrill Lynch, Charles Schwab and Almeria trading pattern may also arise in China. This paper, through analysis of the development process and company models in U.S, intends to provide reference for the future development of the Chinese Securities Industry under the Internet environment. KEY WORD: Internet Finance, Commission rate, Securities, Brokerage II