Study On The Impact Of The Ownership Structure Of China's Listed Securities Companies On Corporate Performance

As an important member of the financial system,securities companies are important players in the securities market.As an intermediary,they are an important bridge for communicating investors and fundraisers,and play an important role in the development of China's market economy.With the transformation and upgrading of China's economy,entering the "new economic era" puts forward higher requirements for the restructuring of securities companies and the promotion of innovation-driven development.Securities companies need to upgrade their own strengths and meet challenges.However,with the rapid development of securities companies,there are many problems in the internal governance of the company.As an important part of corporate governance,the shareholding structure directly or indirectly affects the company's performance by affecting agency costs and financial decisions.There is an interaction between the ownership structure and the company's performance,and the two mutually restrict and influence each other.A reasonable shareholding structure can improve company performance,stabilize capital,and effectively improve governance efficiency.Good corporate performance and governance mechanisms can continuously promote the optimization and upgrading of the shareholding structure.Therefore,it is of certain significance to study the impact of the equity structure of listed securities companies on company performance in order to optimize its shareholding structure and improve company performance.This paper first introduces the research background,significance and research methods and frameworks.Secondly,it reviews the relevant literatures on domestic and foreign ownership structure and company performance,summarizes and comments,and then defines the ownership structure and company performance,and explains the ownership structure and company performance.Relevant theoretical basis;analyze and describe the current situation of the equity structure of listed securities companies in China,and briefly describe the overall operation of the securities industry and select relevant financial indicators to analyze the performance of listed securities companies,laying the foundation for subsequent empirical research.After combing the above theoretical basis and current situation,the empirical research design is carried out.Firstly,based on the above theoretical basis,we putforward reasonable assumptions,select reasonable financial indicators from five aspects,and use the combination of principal component analysis and factor analysis to construct comprehensive performance as the explanatory variable,and select share concentration and the first largest shareholder to hold shares.And the equity balance degree as an explanatory variable,in which the variable of “quality” and “quantity” is set for the variable of the first largest shareholder to deeply study the influence of the shareholding structure of the listed securities company on the company's performance.Secondly,construct a reasonable model and select relevant data of A-share listed securities companies in 2011-2018 as research samples.Finally,an empirical analysis is performed and a robustness test is performed.According to the results of empirical analysis,the following conclusions are drawn: the shareholding ratio of the top five shareholders of listed securities companies in China has a positive impact on the company's performance;the equity balance has a positive effect on the company's performance;the first major shareholder's equity is non-state-owned.The company's performance is superior to the state-owned property;however,the study found that the first-largest shareholder of the relative shareholding model has no significant impact on company performance.Based on the research conclusions,it proposes to improve the state-owned shareholding model of listed securities companies;continue to implement the reform of mixed ownership and promote the diversification of investment entities;expand the scale of directors,improve corporate governance and strengthen the external environment;strengthen the supervision of securities companies and improve the ownership structure,Policy recommendations to promote corporate governance efficiency and improve company performance.