证券经营机构互联网证券业务发展模式评价研究

The Development Models of Internet Securities Business for Securities Institutions

近年来,互联网证券业务不断发展,各类型业务模式不断成熟。评价典型业务模式对于证券经营机构充分了解行业发展现状和趋势、实现可持续发展具有重要意义。本文从互联网金融业务发展模式的本质和核心逻辑出发,利用迈克尔·波特的竞争优势理论和经典扎根理论,从盈利性、可持续性和匹配性三维视角搭建对业务模式评价分析的系统性理论框架;在此基础上,对传统证券业务线上化、O2O、智能投顾、智能投研四大典型业务模式进行了定性评价;最后,从着力培育互联网思维、制定明确发展战略、加大技术投入、探索技术与各业务间的有效融合点,以及加强风险管理等方面,提出了互联网证券业务发展的政策建议。

In recent years, with the continuous development of Internet securities business, various types of business models are maturing. It is meaningful to conduct an effective evaluation of the typical business models in understanding the status quo and trends of the industry development, so as to achieving sustainable development. First, this paper starts from the essence and core logic of internet financial business development models, and constructs a systematic theory framework of business model evaluation analysis from the perspective of profitability, sustainability and matching based on Porter＇s competitive advantage theory and the classical rooted theory. Second, this paper qualitatively evaluates the typical business models, including line of traditional securities business,O2O, intelligent adviser, intelligent investment and research. Finally, this paper proposes recommendations and suggestions on the development of internet securities business, including foster the internet thinking, make clear development strategy, increase technology input, explore the effective integration point between the technology and the business and strengthen the risk management.