Research On The Effects Of Ownership Structure On X Efficiency Of China’s Securities Company

The securities company is the main body of the securities market, and it is animportant intermediary of financial resources allocation. After20years of rapiddevelopment, China has formed a number of powerful securities company. But therapid development in the securities of the company, due to historical reasons, hasmany problems, such as unreasonable ownership structure, which hinders thedevelopment of the securities market. Domestic and foreign scholars have conductedin-depth research on the ownership structure. Some people think that, excessiveconcentration of ownership is that the securities company appears crisis governance,and put forward new ideas of dispersed ownership. However, the actual result of theprevious studies scholars in recent years is not the same. Especially in the wake of thefinancial crisis, we found dispersed ownership structure has a lower efficiency ofsecurities company.As an important part of financial institutions, securities company also can be usedto evaluate the X efficiency of management or management efficiency difference.According to this, this paper studies, after the financial crisis, what kind of impact ofownership structure of China’s securities company on X efficiency in2009-2012years.The paper firstly explains the related theories of ownership structure and Xefficiency, analyzes the effect mechanism of ownership structure on X efficiency ofthe securities company; secondly, the paper from equity property and ownershipconcentration analysis two aspects of the current situation of China’s securitiescompany ownership structure, and then analysis the characteristics listed and unlistedsecurities company ownership structure; thirdly, using three stage DEA model tomeasure securities company X efficiency; the last, using multiple regression methodto quantitative study on the panel data structure of different ownership forsecurities company X efficiency. Empirical studies show that: the ratio of the top threeshareholders influence on securities company X efficiency is more significant than theproportion of total shares the largest shareholder, and it has a positive impact to Xefficiency. This paper argues that, although there is the possibility of concentration ofownership of major shareholders against minority shareholders, but it should be notedthat the role played by large shareholders effectively monitored. And this effect is more important in the economic downturn and the recovery phase.Compared to the previous study done by academics, features of this paper is to usea three-stage DEA models measure securities company X efficiency, excluding theimpact of environmental factors and random error, making the efficiency of theestimation results closer to the actual situation. Based on the measure of securitiescompany X efficiency, this paper uses empirical analysis of panel data, analysis theeffects of equity property and ownership concentration on China securities companyX efficiency.