Research On The Impact Of Capital Structure Of China's Securities Industry On Business Performance

In recent years,China's capital market has developed rapidly and become more and more perfect,and more and more companies conduct financing activities through the capital market.The capital market plays an active role in promoting the growth of China's national economy and the reform of China's economic system.Capital structure,also known as financing structure,is generally defined as the different sources of corporate capital and their proportion,which reflects the structure and proportion of corporate equity financing and debt financing.As an important part of corporate finance,capital structure has always been one of the main research directions of corporate finance.In the securities industry,capital structure also has an important impact on the operation and development of securities companies.The capital structure can not only affect the company's profit,but also determine the ability and level of securities companies to fight against risks.By combing and reading relevant research literature at home and abroad,this paper selects the operating data of 28 securities companies from 2011 to 2018 as the research sample,and empirically studies the specific relationship between capital structure and corporate performance of securities companies in China by using fixed effect model.Through empirical research,it is found that the assetliability ratio and long-term debt ratio of Chinese securities companies are positively correlated with the operating performance of Chinese securities companies.In terms of equity capital structure,equity financing ratio is positively correlated with operating performance.In terms of the form of capital existence,the ratio of cash assets is negatively correlated with the corporate performance of securities companies in China,while the ratio of fixed assets is not correlated with the performance of securities companies.The proportion of brokerage business and the scale of assets are negatively correlated with the business performance.The empirical results also show that the business performance of securities companies is highly correlated with the level of China's stock market.Through the empirical regression between the performance and capital structure of China's securities companies,this paper believes that the financial leverage restrictions of China's securities companies should be reasonably relaxed,and the capital structure of China's securities companies should be optimized to promote the performance of China's securities companies.At the same time,while improving the existing financing channels of securities companies in China,actively expand new financing channels;We should also promote the business transformation of China's securities companies and actively develop new businesses.Finally,securities companies also need to actively use Internet technology to promote business model reform.