Research On The Influence Of Capital Structure On Business Performance Of Listed Securities Firms

The establishment of the Beijing Stock Exchange will make it the third stock exchange in China and the biggest beneficiary for the securities industry,which will boost the brokerage business of securities companies.The improvement of many businesses of securities companies directly affects the business performance of enterprises,and the correlation between corporate performance and capital structure has always been an important research topic in the field of accounting.Capital structure impact on business performance,there has been a lot of domestic and foreign scholars have studied and achieved some results,but most scholars only from the enterprise capital structure of debt structure to study its influence on business performance,ignoring the different ownership concentration,the nature of the equity,corporate ownership structure caused by the change.The change of creditor’s right structure and equity structure will lead to the change of capital structure of enterprises,and then affect the operating performance of enterprises.The existing research on the impact of capital structure on business performance is mostly focused on a listed company or traditional industry,and the research on the financial industry,especially the listed securities company,is very few.However,securities companies occupy an important economic position in the capital market and can play its special financial function in the capital market.From one perspective,the adjustment of asset structure will change the financing cost of listed securities firms,and then have a negative impact on the company’s business performance;From another perspective,the asset structure of a company will indirectly affect the company’s operating performance by improving the management structure of the company.Theoretical results in this paper,based on domestic and foreign scholars have study,study of general capital structure,from the debts of the securities firm structure,ownership structure two perspective,select the 50 listed securities companies in recent ten years in 2011-2020 panel data,USES the theory of combining empirical,qualitative and quantitative research methods,through theoretical analysis,first of all,This paper describes the current capital structure and business performance of listed securities firms respectively,and then puts forward research assumptions on this basis,and then expounds the current situation of securities companies,and uses inter-group analysis,multiple regression analysis and other methods for empirical analysis and testing.Finally,the following results are obtained through empirical analysis: First,the asset-liability ratio of listed securities companies has an obvious negative correlation with their business performance;Second,the shareholding ratio of the top ten shareholders has a significant negative correlation with the operating performance of listed securities companies;Third,T index(shareholding ratio of the largest shareholder/shareholding ratio of the second largest shareholder)has a significant positive correlation with the operating performance of listed securities companies.Based on the analysis of the research conclusions,and then the listed securities companies policy suggestions: first,expand financing channels,enrich financing methods;Second,optimize the capital structure and improve the governance system;Thirdly,expand scale reasonably and improve scale return;Fourth,promote the business transformation of listed securities firms and vigorously develop emerging businesses.The research of this paper has certain reference and guiding significance for the improvement of business performance of listed securities companies,and also has certain reference significance for the analysis of capital structure and business performance of other industries.