本研究是在現今網際網路與電子商務發達背景下,發現目前的證券商幾乎家家都具有網路下單的服務,且網路下單的成交金額等統計資料是呈現成長的趨勢,因此便產生一個全新的想法:上市公司利用網路直接發行證券與交易,如此一來,證券產業將與過去大不相同。本研究以交易成本理論為基礎,利用次級資料研究法與專家訪談法推論上市公司利用網路直接發行證券與交易的可行性,以及執行之後對利害關係人:主管機關、上市公司、投資人與證券商的影響。 研究結果發現,若政府開放上市公司利用網路直接發行證券與投資人交易,最大的優點將為證券市場帶來更便利、更有效率且快速的交易方式,但是同時也會使利害關係人產生一些新的成本。主管機關會產生額外的成本在修訂證券相關法規上。上市公司可以省下承銷費用,但同時也會有額外的營運成本與交易成本產生。投資人是最大的受惠者,省下經紀手續費,且不會產生過多的額外成本。證券商失去承銷與經紀業務,必須漸漸轉型,增加其他自營等方面的收入。政府與證券主管機關必須審視這些影響,權衡這之中的優劣,才能決定上市公司利用網路直接發行證券與交易的模式是否必須開放。 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.