2、 Network security The security of the Internet is not only the concern of securities e-commerce, but also the security issue of the whole country. There is no doubt that the risk of online securities trading is much greater than that of the business department, because if users have problems in the trading process, they cannot get direct support and help from the business department. The most potential security risks of online transactions are the online transmission of entrusted transaction data, the transaction management system and database system of brokerage companies. Investors are generally required to be able to carry out real-time entrusted transactions. Therefore, during the trading time period and the time period when the brokerage company opens the query, the brokerage company's transaction management system and database system will be directly connected to the Internet. Without a good security mechanism, the system is vulnerable to infection, damage or attack. Even encryption is time sensitive. For example, some people think that it is safe to encrypt the information transmission by the SSL protocol, which is commonly used in the leap. In fact, it may not be, especially the Internet of national pillar industries such as the financial securities industry. However, online securities trading often involves huge amounts of capital, which is the number in the computer and is easy to be changed and lost. Once the system is interrupted due to external attacks, or information is leaked due to network crimes, it will cause great losses to investors and also give investors great psychological pressure. Although at present, all network businesses boast their own network technology is flawless, hackers can even defeat famous websites such as Microsoft and Yahoo, which shows that the most perfect network may also have loopholes. In addition, hackers in the securities department frequently swallow investors' funds, steal shares and infringe their rights and interests. Investors cannot help worrying about the possible losses caused by hackers.
3、 Transaction cost
At present, the high cost of online transactions in China weakens the attractiveness of online transactions. Low cost is one of the most critical factors for the development of online transactions. From the perspective of the United States, where online trading is the most successful, the average transaction cost of the top ten online brokerage securities firms in the United States in the second quarter of 1999 has dropped to $15.75 per transaction, while in the traditional way it is as high as $250. As China is still implementing a fixed commission system, plus a large amount of online fees, the low-cost advantages of online transactions cannot be fully reflected. For online trading in China, investors must first invest in the early stage. It is necessary to have a computer with qualified memory, and then apply for installing a set of online securities trading software at the account opening brokerage before online trading can be carried out. Although the trading software is free for one year, a qualified computer is still a considerable expense for ordinary investors, and the subsequent operating costs have not decreased. China's Internet access costs are high. If common shareholders surf the Internet every day to see the market and conduct transactions, the Internet access costs plus communication costs are also a huge expense. If you consider the stamp duty and service charge of stock trading itself, an ordinary shareholder will have to pay a few fees before making a profit, which is not affordable for many people.
4、 Congestion of lines offset convenience advantages
At present, the Internet is mostly accessed by dial-up mode, and the congestion of lines brings much inconvenience, so the online securities trading is inevitably affected. In the hot market with large trading volume, whether entrusted by telephone or online, line congestion may occur, and the release speed of online quotations and information may even be more than a few minutes slower than the actual quotations, which directly affects the quality of completed transactions. Customers may not be able to place an order or get the desired price due to market congestion or slow display. In China's securities trading, too many transactions have led to the blocking of the computer and communication systems of stock exchanges and securities dealers.
5、 There are many constraints
Although the speed of Internet development in China is rare in the world, it only took more than three years for the number of Internet users to grow from 620000 in 1997 to more than 26.5 million now. In addition, the constantly lowered Internet tariffs and the constantly improved Internet access conditions such as broadband network and wireless Internet access will stimulate the continuous increase of Internet users. So far, the number of online trading customers in China has exceeded 2.3 million, and the number of accounts opened by customers entrusted online accounts for 7.6% of the total accounts opened in Shanghai and Shenzhen Stock Exchanges. However, the popularity of computer and network knowledge restricts the expansion of online transactions. There is still a long way to go for computers and the Internet to enter ordinary families in China. At the same time, online trading also depends on the development of some basic businesses, such as the development of the information industry, Internet services and the advanced level of electronic inter-bank technology of commercial banks, among which the development of electronic networks of securities firms themselves is an important factor.
