基於互聯網的券商平臺模式構建戰略研究

近年來，隨著互聯網技術的突飛猛進，互聯網和傳統金融業態的合作和融合日趨緊密，兩者結合的最高階段——互聯網金融，在2013年以後更是迎來了爆發式的增長：餘額寶改變了人們對現金資產配置的傳統觀念，對銀行存款類業務構成了前所未有的衝擊，並間接的加速了存款端利率市場化的形成；國金證券的“傭金寶”讓券商經紀業務快速進入了“零傭金”時代，經紀業務傳統的業務模式正面臨嚴峻的挑戰，以互聯網為新手段，重新構建新的盈利模式已成為證券行業的共識。因此，無論是看到了機遇，還是挑戰，傳統金融都必須承認，互聯網金融正在深刻影響並改變著我們傳統金融生態環境，我們必須進行相應的革新來適應適應這一變化。通過本文研究，將為證券行業如何根據自身的特質選擇適合自身的互聯網證券發展路徑提供理論指導，並為大型綜合性券商通過互聯網手段實現綜合金融平臺戰略描繪出清晰的發展路徑，因此在互聯網金融迅猛發展的今天，本文具有非常重要的現實意義和理論意義。本文正是在此大背景下，探索互聯網證券業務未來的方向、空間以及可能的形態。我們首先研究了以美國、日本為代表的世界發達資本市場互聯網證券的發展歷史、經典案例進行了梳理和分析，我們希望能從國際對比中，找到互聯網證券發展的共性特質，來指引我們國內互聯網證券探索的實踐。其中美國主要形成了三類互聯網券商模式：純互聯網券商，線上線下結合和綜合性券商模式。本文對這三類代表：億創、嘉信和美林做了分析研究。而日本則是在政策驅動下形成了六大互聯網券商的格局，本文選取SBI、樂天、Monex 這三家進行深入研究。同時，我們認真分析了國內互聯網證券的現實制度環境及各家證券公司現階段在互聯網證券領域的探索和嘗試，希望能找到一些差異化的特質，從而使我們提出的戰略更加契合中國的現實國情。最後我們在以上兩方面分析的基礎上，提出了“互聯網金融平臺”戰略的真實內涵，並從如下幾個方面描繪平臺戰略體系構建和執行的具體路徑：一是客戶和產品服務兩套體系的構建和融合；二是從總體保障、人力、組織、行銷、IT等多方面實現平臺戰略執行。當然，因為筆者水準有限，對於平臺戰略體系的構建和執行仍待進一步研究和細化，一些預判也有待行業發展的檢驗。

關鍵字

互聯網；證券行業；金融平臺

並列摘要

In the last few years, the development of internet had a great influence on the traditional security industry in China. The cooperation of the internet industry and financial industry gave birth to Internet Finance. Since 2013, Internet Finance have developed fast and a lot of new products came out. Yu’e’bao changed the traditional concept of liquid assets allocation , affected the deposit business of banks and promoted the liberation of interest rates. Yongjinbao decrease the commission rate of brokerage business to nearly zero and the traditional pattern of brokerage business was challenged. Internet Finance is changing the circumstances of financial industry and we have to promote innovations to adapt to it. In this paper, we will provide some theories for the internet finance development of security firms, especially the large ones. In this paper, the author explores the possible patterns of Internet Finance business. First, we did some research on the history and cases of the online financial services in US and Japan and try to find the common characteristics to guide our practices in China. In US, there are three patterns of internet security firms—the online discount brokerage firms, the online +offline firms and the comprehensive service providers. We study three cases—E*trade, Charles Schwab and Bank of America Merrill Lynch. Also, we study three firms in Japan--SBI、Lotte and Monex. Second, we study the special system circumstances in China and the explorations of security firms. Based on the two aspects above, the author brings forth the optimal strategy of large security firms, i.e. the online financial service platform strategy and then discusses about the reforms we should make in different aspects. First, we study the consumer and product systems; second, we study the requirements of human resources, organization structure, marketing and IT. In the future, we will further study the systems and requirements and the conclusions are to be tested in practice.