An Empirical Analysis Of The Impact Of Equity Structure Of Listed Securities Companies On Business Performance In China

Since the establishment of China's securities trading market in the 1990 s,China's listed securities companies have achieved leap-forward development from quality to quantity,playing a huge role in China's national economy and vigorously promoting the development of financial markets.In the early days of the establishment of the Shanghai Stock Exchange and the Shenzhen Stock Exchange in 1990,China had only a single-digit listed securities company.After nearly 30 years of development,as of December 2018,China's listed securities companies reached 32,accounting for securities.24.4% of the total number of companies.In an increasingly developed market economy,securities companies are the core of the capital market,and the healthy development of securities companies is of great significance to China's capital market.The rapid development of the securities market has also brought many problems.The unreasonable shareholding structure and the inefficient corporate governance have made the performance of securities companies continue to fluctuate.Listed securities companies have stronger strength and competitiveness than non-listed securities companies,and are far ahead in the securities industry in terms of asset size and business performance.The rapid growth of listed securities companies has become a benchmark for leading companies in the securities industry,and has also become a hot issue for scholars at home and abroad.Therefore,this paper takes listed securities companies as research samples.In recent years,the shareholding structure of listed securities companies in China has undergone major changes,and the degree of standardization of the capital market has been continuously improved.Therefore,it is urgent to study the correlation between the shareholding structure of listed securities companies and their business performance in a new environment.Based on the above situation,this paper selects the annual data of 22 listed securities companies from 2012 to 2017.Firstly,the index analysis method is used to select the business performance indicators in the 14 financial annual reports to construct the business performance index evaluation system,and calculate the operation of listed securities companies.Performance comprehensive score;using panel data empirical method to study the impact of China's listed securities company's shareholding structure on the company's operating performance from two aspects: equity concentration and equity balance.The empirical conclusions are as follows: China's listed securities company's equity concentration and business performance There is a significant positive correlation,and the equity balance and business performance show a significant positive correlation.Based on the empirical results,this paper provides the following references for the optimization of the governance structure of listed securities companies in China: listed securities companies maintain a moderate concentration of equity,vigorously play a positive role in equity concentration;strengthen the mechanism of equity checks and balances,promote the effective supervision of enterprises to management;accelerate the pace of improvement The large-scale shareholding model of state-owned shares promotes diversification of shareholding structure;improves corporate governance model and establishes a sound and efficient incentive mechanism.