| 摘要(英) |
Due to the popularization of Internet exchange and E-commerce, it is common that the securities dealers provide the on-line trading service. The past transaction data shows an trend of many increasing key figures, for example, the transaction turnover rate, which motivates a new thought toward a brand-new way of security trading. That is, the listed companies do on-line security issue via Internet and trade securities directly. This study is based on the transaction cost theory, and uses Secondary Research and Expert Interview to justify the possibility of on-line security trading directly provided by the listed companies themselves, instead of via current security market.
The inference draw from the collected data suggest that the greatest advantage is the security transaction will be more convenient, more efficient and faster than today. Other than the beneficial side of this mode, there are still some cost side effects that we have to consider. First of all, the securities authority will have to revise the related laws and regulations. Though the listed companies can save commission fees, but the extra operating cost and transaction cost might increase accordingly. Investors will be the main beneficiaries. They can save brokerage expenses, and will not suffer from too much extra cost. As for the securities dealers, since in our mode they would lose their business, they might have to offer other services to maintain their profit. The government and securities authority must take the above effects into consideration before they put this advised on-line trading mode into practice.
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| 參考文獻 |
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