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论文编号：	4475
作者编号：	2220100509
上传时间：	2012/6/11 9:27:21
中文题目：	基于浮动佣金制度券商经纪业务发展模式的研究
英文题目：	On Securities Brokerage Business Development Mode Based on the System of Floating Commission
指导老师：	肖沂
中文关键字：	证券市场 佣金制度 经纪业务
英文关键字：	securities market commission brokerage business
中文摘要：	证券交易佣金是按照买卖证券成交金额的一定比率，向投资者收取的交易费用，具有影响证券市场资源配置的功能。我国自证券市场建立以来，一直实行固定佣金率，固定佣金严重阻碍了我国证券市场经纪业务的发展，不利于我国证券市场效率的提高和资源的合理配置，浮动化佣金管理势在必行。自上世纪七十年代以来，世界范围内掀起了佣金自由化的浪潮，美国作为成熟证券市场的代表，其经纪业务的转型是成功的，美林模式、嘉信模式和E-Trade模式成为最具代表性的经纪业务发展模式。这三种模式，为立足我国市场特点和自身优势，发展证券经纪业务具有宝贵的借鉴意义。我国实行浮动佣金管理后，原固定佣金管理下的弊端暴露无遗，经纪业务发展面临诸多困难和阻滞。传统经纪业务运作模式面临着在盈利模式转变、经纪人制度建设和业务产品创新等多方面的挑战。在充分分析探讨这些问题的基础上，提出了几方面对策和建议：一是逐步实现经纪业务盈利模式的转变；二是多方面完善经纪人制度建设；三是开拓经纪业务产品创新的思路，拓宽经纪业务渠道。本文未对经纪业务创新带来的风险控制问题和宏观法律环境、政策制度环境对经纪业务发展的影响展开深入探讨，是本文研究的不足之处。
英文摘要：	Securities and Exchange Commission in accordance with the securities transaction amount to a certain ratio, to investors for the transaction cost, can adjust the resource allocation function of securities market. China's securities market since its establishment, has been practiced in fixed commission rate, fixed commission a serious impediment to China's securities market development, is not conducive to China's securities market efficiency and the rational allocation of resources, the float of commission management be imperative. Since the seventy's of last century, a worldwide Commission liberalization tide, the United States of America as representative of the mature securities market, its prime brokerage business transformation is successful, Merrill Lynch mode, Schwab mode and E-Trade mode has become the most representative of the brokerage business development mode. These three kinds of mode, based on the characteristic of our country market and their own advantages, the development of the securities brokerage business has valuable reference. Our country executes floating commission management, the original fixed commission management malpractice completely unmasked, brokerage business development faced with many difficulties and block. The traditional brokerage business operation mode faces in the profit model change, broker system construction and service product innovation and other aspects of the challenge. In the full analysis on the base of these problems, put forward some countermeasures and suggestions: The first is the progressive realization of brokerage business profitability model transformation; The second more perfect the broker system construction; The third is to develop the brokerage business product innovation ideas, broaden the brokerage business channel. In this paper, not on the brokerage business innovation brings the risk control and legal environment, policy of macroscopical system environment of brokerage business development effect is discussed, the defects of the study.
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