China Securities Firms The Structure Of Assets And Liabilities On The Experience Of The Business Performance Impact Study

Since 2006, with the enlargement of the scale and the improvement of the system in Chinese security market, the security companies' net profits have hitted new highs frequently and marked a great new step forward in their management performance. In order to consolidate the heartening fruits, we should keep a clear understanding and make further researches on the management of the Chinese security company. According to the domestic academe's view, asset structure, capital structure and financial structure are the important factors which affect the company's management performance. So, we should be emphasis on the management over the liability and asset so as to improve the Chinese security companies' management performance and keep the good momentum. Adjusting the asset-liability structure is one of the important aspects in management over liability and asset.we choose the asset and liability structure terms, firstly analyze the Chinese security companies' current situation, and then review the related theories and predecessors' achievements, and theoretically analyze the relevance between the Chinese security companies' asset-liability structure and their performance, logically argue that how the security companies' asset-liability structure affect their performance. Further we use statistical methods to create Multivariate Linear Model so as to empirically test the effection. Besides we take the Zhongxin security company for instance, create the time series model and introduce the lag variables and auto-regression model, so that we could dynamically analyze the effection. By the theoretically and empirically analyze, we found that, the proportion of customers' deposit, excess reserve, transaction financial assets, mortgage, bonds payable, long-term debt and liability scale have a positive correlation with performance; during the long term, the proportion of the long-term equity investment has a positive correlation with performance, but the proportion of the fixed assets and the buy-back payment have a negative correlation with performance.