Empirical Study On Ownership Concentration And Corporate Performance Of China Listed Securities Companies

With the reform of financial system, listed securities company has become more and more important in economic system. At present, China has19listed securities companies. All of these companies are at the forefront of the industry in both scale and profit. But the special history of listed securities companies and economic effects lead to a higher degree of ownership concentration. This kind of ownership structure was widely criticized. At present, the domestic and foreign researches on ownership structure and management performance have not got a unified conclusion. Ownership balance is the complement and development of ownership concentration. The researches of ownership balance and management performance have not got a unified conclusion too.Based on the literature review and the analysis of current situation, this paper uses sample data to make empirical study of Chinese listed securities companies of the relationship between ownership concentration, ownership balance degree and business performance. And this study is made from two aspects, company profitability and anti risk ability. The results show that the ownership concentration and management performance of listed securities companies, presenting U in profitability, show an inverted U shape relationship in the anti risk. At present, China’s listed securities companies to improve the ownership concentration will cause the performance decrease in profitability, increase in anti risk. The listed securities companies to profitability and ability to resist risks preferences are different, adjust the ownership concentration degree. Equity balance degree and management performance empirical results show, a significant relationship does not exist between the profitability and anti risk. The equity restriction mechanism of Chinese listed securities companies does not play a significant role in the regulation of management performance.