The Effect Of Ownership Structure On Business Performance Base On Futures Companies

Reform of futures industry is an important part of reform of China’s economic system. The reform of futures companies will produce significant impact on future economic development and deep financial reform of China, as well as play a decisive role in country’s foreign trade to strive for pricing power of international commodity. Accompanied by the opening of financial market and deepening of financial reform, the domestic and international financial institutions compete fiercely, and the level of competition between futures companies is more intense. The essence of this competition is competition of the corporate system with corporate govermance mechanism at core. At present, the level of overall size of domestic futures companies is low and the development of futures industry lag behind other finacial sectors. In such environment with problems we face at home and abroad, whether futures companies could seize the opportunity of reform and accelerate the pace of the reform process, directly determines the depth of the future development of China’s financial markets. To enter the capital market, the first step, for the futures companies, is to complete the transformation of shares of company. Therefore, it is very necessary to research present status of ownership structure of domestic futures companies.As a special type of company, futures company not only has universality, but also has particularity. In the study of futures companies, most of domestic scholars’ concern focus on how the specific business of futures companies develop, but the research on how ownership structure of futures companies influence their operating performance is covered less. In view of this, our paper studies the status quo of ownership structure of China’s futures company, not do a comparative study between different types of futures companies. This paper selects the sample data from 2010 to 2013 of 155 futures companies, to find out the different influence of the ownership structure between Securities Futures Companies and Non-Securities Futures Companies to operating performance. The results show that: the futures companies’ ownership structure and corporate performance was a "U"-shaped curve relationship; Government-owned corporation bring positive effect on Securities Futures Companies; but with Non-Securities Futures Companies was "U" curve relationship. In addition, the futures industry by increasing the registered capital to improve operating performance bonus has a positive effect..