Empirical Study On The Relationship Between Capital Structure And Operating Performance Of Securities Listed Companies

Capital structure is the basis of modern corporate management.On the one hand,capital structure will affect the value and profitability of securities companies;on the other hand,capital structure determines the ability and level of securities companies to deal with risks to a certain extent.China’s securities industry has been developing rapidly for more than 30 years.By the end of 2020,China had 136 securities companies,48 of which were listed on the Shanghai and Shenzhen stock exchanges.At present,securities companies have become an important part of China’s financial system and national economic system.Due to the impact of COVID-19 and the global economic downturn,securities companies in the financial sector face increasing challenges.And although the early development of the whole situation of China’s securities industry is has improved substantially,but compared to international investment Banks,securities companies in our country there is still a large gap in terms of business performance,so the capital structure and operating performance of China’s securities companies to study the relationship between,to optimize the structure of capital of a securities company,is of great significance to improve business performance.Based on this,this paper takes 28 a-share listed securities companies in Shanghai and Shenzhen from 2014 to 2020 as research samples and adopts regression analysis method to study the impact of capital structure on the operating performance of securities companies from the aspects of debt structure and equity structure,focusing on the following issues:(1)The influence of asset-liability ratio and property right ratio on the operating performance of securities enterprises(2)the influence of the shareholding ratio of the largest shareholder and the shareholding ratio of the top ten shareholders on the operating performance of securities enterprises(3)the influence of long-term liability ratio and current liability ratio on the operating performance of securities enterprises.The results show that:(1)the asset-liability ratio of securities listed companies is significantly positively correlated with business performance,while the equity ratio is negatively correlated with business performance.(2)The shareholding ratio of the largest shareholder of listed securities companies is positively correlated with business performance,and is more significant in large-scale securities companies.The shareholding ratio of the top ten shareholders is not significantly correlated with business performance,but has a negative impact on its business innovation ability.(3)In the debt structure,the current liability ratio of listed securities companies is positively correlated with business performance,while the long-term liability ratio is positively correlated with business performance and is more significant in small securities companies.The possible innovations and contributions of this paper are as follows:in the selection of indicators,not only the return on net assets and earnings per share are selected to comprehensively evaluate the operating performance of securities companies,but also the proportion of non-brokerage business,a unique financial indicator of securities companies,is selected to describe the innovation ability of securities companies,which can better reflect the characteristics of the securities industry.In terms of the research framework,the capital structure of securities companies is reflected from three aspects of debt equity structure,equity structure and debt structure,so as to reflect the capital structure of securities companies in a more comprehensive and complete way.On the basis of previous scholars’ research,the empirical research on the relationship between capital structure and business performance of securities companies is made to enrich the theory of capital structure and business performance research in the securities industry.