An Empirical Study On Listed Securities Companies' Ownership Structure And Comprehensive Performance

The party's 18 report further proposed to develop the capital market vigorously,expanding direct financing proportion in the whole social financing.As the most important capital market intermediary force,securities companies is expected to become a vital part of China's financial system.Our securities companies' the largest shareholder often has the nature of state-controlled or state-owned holding corporation due to historical.after nearly thirty years of vigorous development,securities companies are growing,the proportion of the whole financial system in our country is also rising.However,due to historical reasons,China's securities companies often with the inception of the state-owned background,but did not actually get resolved.On the other hand,in recent years,illegal event will also continue to burst into a securities company on the cusp,the internal governance structure of chaos,risk control mechanism is not perfect.All this from the reflection on our internal governance of listed securities companies,there are some problems,and ownership structure as the core of corporate governance,and improving China's securities companies performance level.Based on this,This essay selects 2008-2013 listed securities companies in the sample from equity structure perspective,analying the impact of its ownership structure on corporate performance.The first chapter is the introduction,mainly introduces the writing background and significance,carefully reviewing the relevant literature through the study of domestic and foreign scholars to find out about the current ownership structure and corporate performance gaps in research,research pave the way for the rest of this article Related to ownership structure and corporate performance concepts are briefly introduced,and depth the impact of securities ownership structure on the company's operating performance from a theoretical perspective in chapter 2.The content in chapter 3 analyses status of listed securities of descriptive statistics of the company's ownership structure and comprehensive performance,principal component analysis method to get a comprehensive securities company performance indicators to measure and summarize the salient features.Chapter 4 the samples empirical data test the correlation between the different ownership structure and comprehensive performance between empirical test.Through empirical testing following conclusions:generally low throughout our securities industry overall level of performance,in which medium-sized securities companies performed significantly better than medium and small securities companies,and further widening the gap between the them;There is the most obvious correlation between ownership concentration and performance;largest shareholder equity ratio of state-owned nature is not significant to corporate performance,which of other nature securities companies is positively correated with company performance.At last base on article qualitative and quantitative research on the front,combined with China's securities company's development situation put forward suggestions:accelerate the construction of shareholder,open to private capital to enter,form a relatively controlled ownership structure,impove the external environment and so on.