The Influence Of Capital And Asset Structure Of China's Securities Companies On Corporate Performance

As an intermediary of the securities industry,securities companies play an increasingly important role in China's financial industry and the entire economic system.The stable operation of securities companies is closely related to the healthy development of China's economy.By studying the influencing factors of the securities company's comprehensive performance,it is found that the capital structure and asset structure of the securities company are related to the company's performance,so as to improve the company's comprehensive performance by improving the capital and asset structure of the securities company.On the basis of previous literature research,combined with the characteristics of the industry and through theoretical analysis,we found the key factors that may affect the performance of the enterprise,verified the relevant conclusions through empirical analysis,and based on the research results,the existing capital and asset structure of the securities company.Make some suggestions and references.Select all securities companies that publish information on the website of China Securities Industry Association as the research object,and use the financial statements of the 131 securities companies in 2017 as the sample data source to determine the asset-liability ratio,total return on assets,and return on equity of securities companies.financial net profit margin,total asset turnoverrate,operating income year-on-year growth rate,operating profit margin,total asset growth rate and other 8 financial indicators using spss20.0 statistical software to obtain the comprehensive performance of the enterprise through factor analysis method and as a dependent variable,As an independent variable reflecting the capital structure,the asset-liability ratio is measured by the proportion of financial assets measured by the securities company at fair value through profit or loss,the proportion of financial assets purchased under resale agreements,and the proportion of available-for-sale financial assets.The independent variables of the structure,taking the company size and shareholding ratio of the largest shareholder as the control variables,using spss20.0 statistical software for descriptive statistics and constructing multiple linear regression models,using Eviews6.0 statistical software for regression analysis.It is concluded that the securities company's asset-liability ratio has a significant linear negative correlation with the company's performance.The proportion of financial assets measured at fair value through profit or loss,the proportion of financial assets purchased under resale,and available-for-sale financial Asset-to-asset ratio and corporate performance showed a significant linear positive correlation,the company's size was positively correlated with firm performance but not significant,and the proportion of the first largest shareholder is positively correlated with corporate performance,but not significant.According to the research conclusions,the following suggestions are proposed: firstly,properly control the asset-liability ratio of securitiescompanies;secondly,appropriately increase investment in financial assets;then,rationally arrange the investment ratio of various financial assets of securities companies;finally,rationally expand the scale of the company and avoid blind expansion.