Research On The Impact Of Business Income Structure On Profitability Of Listed Securities Companies In China

Since the reform and opening up,the domestic securities market has experienced from nothing to development and then gradually standardized.Securities companies are the main force involved.With the gradual maturity of the domestic securities market,the market scale of securities companies is gradually growing,but they are highly dependent on the market,and there is still a situation of "relying on heaven".In addition,the homogenization competition of the industry is fierce.In recent years,Internet finance has sprung up.In order to comply with the development trend of the securities market,domestic securities companies have actively adjusted their business income structure,sought transformation and updated their service concept.However,at present,the proportion of innovative businesses such as asset management of listed securities companies in China is low,which indicates that there are unreasonable problems in the business income structure,which limits the further enhancement of profitability.Therefore,this paper studies and analyzes the impact of the business income structure of listed securities companies on their profitability,which is of great significance to the further development of domestic securities companies.Firstly,based on the relevant background,this paper combs and summarizes the relevant research results at home and abroad.Secondly,it defines the core concepts of business income structure and profitability of securities companies,and systematically analyzes the development status of business income structure of listed securities companies in China based on the theories of financial innovation,scope economy,portfolio and diversified operation.Then select 38 domestic listed securities companies as the research object,take their semi annual data from the second half of2014 to the first half of 2021 as the research sample,build a fixed effect model,carry out empirical regression analysis on the overall sample,and then carry out regression analysis on different types of securities companies,and summarize the comparative conclusions.Then,combined with the three cases of Haitong Securities,Huaxi Securities and CITIC Securities,this paper deeply analyzes the impact of the business income structure of securities companies on profitability with specific cases.Finally,the conclusion of this paper is drawn.The results show that the business income structure of China’s listed securities companies needs to be further optimized and upgraded.Among them,the proportion of net income of securities brokerage business plays a positive role in improving profitability;The proportion of net income from securities underwriting business to profit has played a positive role;The ratio of net income from securities proprietary business to profitability has a positive role,while the ratio of net income from asset management business to net income from interest related business has a significant negative impact on profitability;In addition,the case analysis results are consistent with the empirical results.According to the research conclusions of this paper,the following suggestions are put forward: listed securities companies need to seek the transformation of securities brokerage business.While maintaining the stability of securities underwriting business income,they should strengthen business innovation and improve the proportion of asset management business income.In addition,they should also strengthen intelligent management,expand the development scale of self operated business,strengthen talent management and build a high-quality personnel team.