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全球范围内的证券交易行业一体化趋势已经非常明显,这是因为该行业具有很强的网络效应特性。这种一体化趋势可以用产业经济学中的网络效应理论来研究。本文用博弈论模型来研究交易所之间的竞争,博弈均衡结果显示交易所之间的竞争有可能是无效的,而对交易所进行一体化则可以产生帕雷托改进。分析表明,深沪两市目前的分割局面极其不利于即将面临的国际竞争,因而需要进行一体化。
The trend toward the integration of the securities exchange industry around the world has been very clear because of the strong network effect of the industry. This trend of integration can be studied using the theory of network effects in industrial economics. In this paper, the game theory is used to study the competition between exchanges. The game equilibrium shows that the competition between exchanges may be ineffective, while the integration of exchanges can lead to Pareto improvement. The analysis shows that the current division between Shenzhen and Shanghai is extremely detrimental to the forthcoming international competition and therefore needs to be integrated.