China's Capital Markets, Brokerage Investment Behavior Analysis And Policy Recommendations

Development and growth of institutional investors had prompted financial markets changed from traditional commercial banks dominated into institutional investors dominated. Different from the bank-led financial markets, in capital market, the evolution of risk, the transmission of risk bias, credit assessment and response and changes to basic economic factors are more broader, faster and more direct. As the earliest institutional investors, securities firms in China's capital market has a very important position. However, as the financial crisis, the securities company's proprietary business has also become a time bomb, faces enormous risks. In recent years, the securities company's own business existed self-employed using non-standard accounts, disproportionately position, holding focus or suspected market manipulation and other issues, these problems is bound to the development of China's securities industry traumatic.This paper studies investment behavior of Chinese securities firms, and mainly from the perspective of behavioral finance to start. Behavioral finance theory, as one of rapid development in recent years, has been widely used and have gradually become the main theories of investor behavior analysis. In addition, in recent years, as main investor in the capital markets, in the daily operation, self-operated took a large proportion of brokers in the capital markets and directly affect the performance of other institutional and retail investment behavior. Therefore, this article will be the theoretical basis of behavioral finance to realistic basis for the domestic and international research and conduct in-depth analysis of broker's investmentand make recommendationson. This article is based on the data of Shenzhen Stock Exchange,analyze the characteristics of the broker of the shares in the stock market, ownership concentration and holding, which verifies herding presented, window effects and whether concentrated ownership and other characteristics of investment in the process of self-employed broker and thus appropriate regulatory measures basis of these indicators...