The Research On The Relationship Between Ownership Structure And Internal Risk Of China's Listed Securities Companies

In recent years,the scale of listed securities companies in China has been expanding.As an important participant in the securities market,it has the function of constructing a primary market,stabilizing the secondary market and improving the efficiency of market operations.After China's share-trading reform in 2005,the shareholding structure of securities firms was optimized,and the governance problem was solved.However,there are still phenomena of non-compliance in business,including blind expansion and black hole sucking money,which makes the financial situation crisis.The fierce struggle between shareholders and management has also intensified internal conflicts,and the operating conditions are worrying and the risks are frequent.The reason behind the tracking phenomenon is actually the unreasonable ownership structure.However,risk control is an important measure for brokers to adjust and constrain themselves.Therefore,it is of great practical significance to study the relationship between ownership structure and internal risk.Based on the previous research ideas,this paper proposes hypotheses by exploring the impact of equity concentration,equity balance and equity nature on the company's financial risk.At the same time,it increases the comprehensive understanding of risks and innovatively increases the discussion of operational risks.The overall research framework is as follows: Firstly,the background and significance of this research are introduced,and then the relevant research literatures of domestic and foreign scholars are reviewed,and their conclusions and comments are summarized.Secondly,it analyzes the current situation of the ownership structure and internal risks of listed brokers.Then based on the theoretical basis of the previous article,the impact mechanism is proposed.Finally,the relevant data of 17 listed securities companies were selected to construct a model for empirical analysis.The conclusion is: the total holdings of the top five shareholders remain within a certain range.Appropriately increasing the shareholding ratio of the largest shareholder and maintaining a certain degree of equity balance are beneficial to reducing the internal risks of the company.At the same time,the proportion of state-owned shares is negatively correlated with internal risks,while the proportion of social legal person shares is positively correlated with internal risks,but the significance test indicates that the results still need to be considered,because the impact of state-owned shares and social legal person shares on internal risks is “positive” and "negative ".Finally,based on the results of qualitative and quantitative analysis,the following countermeasures are proposed: continue to optimize the concentration of equity,maintain a certain degree of equity checks and balances;maintain the relative holding position of state-owned shares,improve the liquidity of social legal person shares;strengthen the internal and external system construction of listed securities companies.