浮动佣金制下客户交易行为的实证研究

在浮动佣金制下 ,券商经纪业务的核心实际上就是佣金定价问题 ,而客户交易行为是营业部确定佣金价格水平的重要依据。在借鉴行为金融学的有关研究基础上 ,本文构造了合适的佣金定价模型 ,并通过大量样本营业部客户交易数据对降低佣金后客户交易行为变化及其特征进行实证分析 ,提出了券商经纪业务管理模式创新的政策建议。

A Positive Study in Clients' Dealing Behavior under the Fluctuating Commission System

This paper holds that the core of the securities company's brokerage business is the pricing of commission, while the clients' dealing behavior is the important foundation of the pricing. Based on relative behavioral finance research, this article conforms proper commission pricing model and bring forward innovative suggestions on the mode of brokerage business management, which is concluded from massive client trading data and character analysis.