The Research On The Relationships Of Listed Securities Companies’ Ownership Structure And Performance

The first securities company of our country established in1987. So far, the quantity of securities companies has reached one hundred and nineteen, of which twenty four companies have appeared on the market and eighteen companies have appeared on the Shanghai and Shenzhen stock market. The rapid development of securities markets benefited from the rapid development of China’s macroeconomic, but there are also many problems when our securities companies gained the rapid development, such as governance efficiency is poor、ownership structure is irrational and so on. On the other hand, most of our securities companies are owned by the state or state-owned enterprises in the early days. Due to the high profits in the securities industry, national authorities or state-owned enterprises controlled the company’s shares firmly and the concentration of ownership is becoming more and more increasing. It brought some unfavorable factors to the company’s long-term development.Though many academics have conducted a great deal of research on the relationship of the company ownership structure and operating performance, they agree that there is relationship between the company ownership structure and operating performance.On the basis of research achievements of previous scholars, the author selected in the A-share listed18securities companies as object of study. Then, the author conducted research on the relationship of the company ownership structure and operating performance using Panel Data Model. Conclusions are as follows:the concentration of ownership and corporate performance shows a positive correlation; equity balance degree and corporate performance shows a negative correlation; the proportion of the shareholding of the top five shareholders and corporate performance is positively correlated. Eventually, our company ownership structure and operating performance of listed securities is not a simply linear correlation. The most important of securities companies is maintaining a certain degree of ownership concentration, building equity diversified system and equity balance degree.