Research On The Effect Of Securities Companies Equity Structure On Operating Performance Based On "Mediating Effect"

The development of listed securities companies plays an important role in the securities industry and affects the operation of the macro economy.As an important factor in the internal governance,the equity structures affect the operating performance of listed securities companies from different levels.And theoretically violations may have a mediating effect in the process of the equity structures affecting operating performance.In other words,the impact of the equity structures on operating performance is partly due to the fact that the equity structures affect the violations and the violations affect the operating performance.Most studies generally focus solely on the relationship between two of the three aspects.This paper uses the violation as an intermediary variable to explore the mediating effects of violations on the basis of studying the influence of equity structure on operating performance.This article takes a sample of listed securities companies on the Shanghai and Shenzhen stock exchanges as of 2016,and selects data on equity structures,operating performance,and violations for the five-year period from 2012 to 2016 to conduct research.In this paper,Factor Analysis is used to calculate the comprehensive score to measure the operating performance.The study mainly establishes a series of regression models in the mediating effect test from three aspects:nature of equity,equity concentration and equity balance.Then,the mediating effects of the violations of listed securities companies on the influence of equity structure on operating performance were studied.The results show that the nature of equity has no significant effect on operating performance,and the equity concentration has a significant impact on operating performance,but it is not a single direction.The equity balance has a significant positive impact on operating performance.At the same time,violations have a negative impact on operating performance,and there are significant mediating effects in the process of equity concentration and balance affecting operating performance.According to the results,this paper puts forward corresponding policy suggestions from several aspects such as the optimization of equity structure,daily supervision of the regulatory agency,and the proper use of news media.The first point includes improving the management of large state-owned shareholders,supporting the development of non-state-owned securities companies,and increasing the equity balance of securities companies.The second point includes that regulators increase the frequency of inspections and improve the management requirements for certified public accountants and auditors.The third point includes stopping the dissemination of fake news from the source and promptly following up effective public opinion information.