金融领域的网络外部性分析

Analysis of External Properties of Financial Network

金融交易网络是一种单向网络,其间接的网络外部性体现在规模扩大带来了流动性提高和提供免费市场价格信息两个方面。从产业组织演变的角度看,网络效应的存在导致了金融市场集中度的提高和竞争的加剧,这促进了金融产业的发展,同时也增加了金融风险发生的概率和风险发生后产生的危害。在这里,参与者在行为、预期方面的相互协调是金融网络良好运行的关键。英特网的普及使金融领域中的网络效应得到更加淋漓尽致的表现,这些年来金融市场结构的变迁、金融工具的创新、金融交易方式的变革都与之密切相关。

The network for financial dealings is a one-way network with two indirect externalities properties, they are increased mobility brought about by its extension, and free information concerning the market price. From the perspective of industrial organizational evolution the network effect has led to intensified centralization and competition in the financial market. On the one hand, this can promote further progress of the financial industry; on the other, it may raise the probability of financial risks and consequent harm. In this respect, the crucial point to ensure satisfactory operation of the financial network lies in coordination of the behaviors and expectations of the participants. Popularity of the Internet makes it possible for the financial network to reach its maximum effect. Recent progress in the financial market such as the improved structure, innovative tool and reform in methods of dealings are all closely related to the introduction of the Internet.