The Research On Influencing Factors Of The Performance Of China's Securities Companies

Securities companies are important issuance and exchange intermediaries in the capital market,and they are also important investors and financiers.Raising the performance level of securities companies can not only enhance their own competitiveness ability and sustainable development capacity,but also provide important support and guarantee for the smooth operation of the capital market and the rational allocation of resources.It is of great significance to explore the influencing factors of the performance of securities companies and find effective ways to improve the performance of securities companies.So far,the capital strength and income level of China's securities companies have reached a considerable scale,but there are still some unsatisfactory aspects.For example,the development of securities companies varies greatly,and the stability of their operating performance is not ideal.The reasons for this phenomenon are many,not only internal factors such as governance structure,capital structure,enterprise scale and innovation capability,but also external factors such as market conditions and regional environmental factors.Thus,this paper taking the securities company as the research object,attempts to delve into multiple factors which affect the operating performance,finds out the key factors,and puts forward the pertinent suggestions for the securities firms to steadily enhance the level of opration performance.This paper first combs the research literature of operation performance carefully,defines the content of performance and collates the relevant theoretical basis.Then reviews the history of securities companies briefly and analyzes the operation conditions of securities companies.On this basis,it combines the actual conditions of the securities companies with the basic theories to make theoretical analysis and put forward the corresponding research hypotheses.Finally,using the annual data of listed securities companies from 2010 to 2016,creating a panel data model to test the correlation between the operation performance of securities companies and their major influencing factors.The main conclusions are as follows:In terms of internal factors,the nature of equity has a great influence on the performance of securities companies,the non-state-owned securities companies performed better than the state-owned securities companies;The asset-liability ratio is negatively correlated with the operation performance;The scale,innovation ability are positively correlated with theoperation performance;The influence of ownership concentration on the operation performance is not significant.On the external factors,the stock market sentiment is positively correlated with the operation performance;The area where the company is located has the greatest impact on securities companies,securities companies in the East are performe better than the companies in the Midwest.