A Study On The Market Structure And Market Performance Of China 's Securities Industry

China’s securities market is a relatively young market, the success experienced in 2008 after the financial crisis, a lot of new business receives a major opportunity for development, such as GEM, stock index futures, margin trading, etc., which have accelerated the market structure restructuring and upgrading. Since 2014 our country better stock quotations, the company’s financial statements for the performance of the securities are more beautiful, most securities companies are to achieve revenue and net profit doubled, so the level of performance has also been improved, but nearly eight years of comprehensive performance, the overall level of performance of China’s securities industry is still low.The securities industry in the financial markets is important, its ability to resist risks and profitability, will affect the speed of the entire financial market stability and the national economy. In recent years, China’s stock market has experienced many reforms, such as tradable shares, the IPO system, Shanghai and Hong Kong through and so on, the future will be the implementation of the registration system, which enhances the overall strength and ability to resist risks of securities companies, but with the developed capital market, the gap is still obvious. So, after the management to consider not only improve the profitability of securities firms, but also to maintain a sustained and stable development of the securities market.Firstly, the market structure and performance-related theories briefly, focusing on the market power hypothesis and efficient structure hypothesis, and the limitations of previous research and evaluation.Subsequently, analyzes the history and current development of China’s securities industry, then, strating from the perspective of market structure, market share analysis of securities brokerage, investment banking and proprietary business, the concentration level, into the exit barriers and product differentiation, find the concentration level brokerage, proprietary business is relatively low high levels of concentration of investment banking, but not the degree of difference of the three services is very high, while the existence of administrative barriers to entry, and there is no mechanism for an effective launch. Market Performance in the study found that the main factor score using SPSS software functions for sampling of 48 companies in the composite score, eventually found the securities industry as a whole level of performance is low. Then, through the establishment of the panel Empirical Analysis of the relationship between market structure and performance, we found that market power hypothesis and efficient structure hypothesis does not apply in China’s securities market, and the results are interpreted. Finally, is the conclusion, and optimize the market structure and propose recommendations to improve the level of performance on this basis.