第三部分阐述成本收益、战略联盟和集中交易理论，分析这些理论对解决网上证券交易模式的作用。
The third part interprets three theories of cost & benefit, strategic alliance, and concentrated swap, and analyzes the roles of these theories in the model of securities online trading.
因此，对于基于纵向一体化战略的商业模式分析成为首先需要解决的问题。
Therefore, analysis of business models based on vertical integration strategy to become the first problem to be solved.
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