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Study on the Influence of Securities Ownership Structure to the Operating Perforamcne

Author: WangYu
Tutor: HuangRuiFen
School: Ocean University of China
Course: Finance
Keywords: securities ownership structure security performance factor analysis panel data
CLC: F224
Type: Master's thesis
Year: 2010
Downloads: 70
Quote: 0
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Abstract


Although the Wall Street’s financial crisis made the five major famous investment banks collapsed suddenly, none of our domestic securities went bankrupt. But it doesn’t mean there’s no problem of our security firms. Since most of them generated from the behavior of our government, they haven’t established suitable equity ownership structure, which will hinder the development of the security market undoubtedly. Therefore, it’s very urgent for the security companies to standard their corporate governance.This essay selects securities financial statements listed on the securities association of China during the period from 2006 to 2009, and test the different effects of different ownership structure on securities performance. Many scholars have meticulous research on this problem, but the research objects are commercial banks, whether the same conclusions are suitable for the securities, the essay will give the answer to this question through the analysis of panel data. The first chapter carefully combed the past scholars’studies on the relationship of ownership structure and performance. On the basis of the different ownership structure on corporate performance through three aspects including agency cost,mastery shift,agent competition in chapter 2, the content in chapter 3 analyses the present situation of the securities ownership structure in three aspects including shareholder composition, degree of concentration and equity balance. Besides,the chapter also discusses the performance of different ownership structures. On the basis of the previous two chapters, in chapter 4, using factor analysis and multiple regression of panel data to discuss the quantitative research between ownership structure and the performance of securities. The conclusions could be drawn: the proportion of the largest shareholder has negative effects on securities performance; the higher proportion the Legal-person Shareholder owns, the lower performance is. According to the academic analysis above, some suggestions are proposed to optimize the ownership structure of the securities in China as below: cut down the proportion of the largest shareholder, and form a relative holding of the ownership structure; the second one is to accelerate the transformation of limited sale of shares to unlimited circulation stock; the third one is to issue inside stock to incentive managers.Compared to the previous scholars’studies, the characteristics of this paper are: using empirical analysis of panel data, from year 2006 to 2009, which includes a complete cycle of stock market volatility, such period can give a comprehensive measure of different market environment between securities’performance and ownership structure, removing the time factor. Besides, the specimen of the essay is abundant, which can represent the securities industry, so the result is much more persuasive.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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