期货公司股权结构对经营绩效的影响分析-analysis on the influence of stock right structure of futures company on business performance.docxVIP

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期货公司股权结构对经营绩效的影响分析-analysis on the influence of stock right structure of futures company on business performance.docx

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期货公司股权结构对经营绩效的影响分析-analysis on the influence of stock right structure of futures company on business performance

AbstractReformoffuturesindustryisanimportantpartofreformofChinaseconomicsystem.ThereformoffuturescompanieswillproducesignificantimpactonfutureeconomicdevelopmentanddeepfinancialreformofChina,aswellasplayadecisiveroleincountry’sforeigntradetostriveforpricingpowerofinternationalcommodity.Accompaniedbytheopeningoffinancialmarketanddeepeningoffinancialreform,thedomesticandinternationalfinancialinstitutionscompetefiercely,andthelevelofcompetitionbetweenfuturescompaniesismoreintense.Theessenceofthiscompetitioniscompetitionofthecorporatesystemwithcorporategovermancemechanismatcore.Atpresent,thelevelofoverallsizeofdomesticfuturescompaniesislowandthedevelopmentoffuturesindustrylagbehindotherfinacialsectors.Insuchenvironmentwithproblemswefaceathomeandabroad,whetherfuturescompaniescouldseizetheopportunityofreformandacceleratethepaceofthereformprocess,directlydeterminesthedepthofthefuturedevelopmentofChinasfinancialmarkets.Toenterthecapitalmarket,thefirststep,forthefuturescompanies,istocompletethetransformationofsharesofcompany.Therefore,itisverynecessarytoresearchpresentstatusofownershipstructureofdomesticfuturescompanies.Asaspecialtypeofcompany,futurescompanynotonlyhasuniversality,butalsohasparticularity.Inthestudyoffuturescompanies,mostofdomesticscholars’concernfocusonhowthespecificbusinessoffuturescompaniesdevelop,buttheresearchonhowownershipstructureoffuturescompaniesinfluencetheiroperatingperformanceiscoveredless.Inviewofthis,ourpaperstudiesthestatusquoofownershipstructureofChinasfuturescompany,notdoacomparativestudybetweendifferenttypesoffuturescompanies.Thispaperselectsthesampledatafrom2010to2013of155futurescompanies,tofindoutthedifferentinfluenceoftheownershipstructurebetweenSecuritiesFuturesCompaniesandNon-SecuritiesFuturesCompaniestooperatingperformance.Theresultsshowthat:thefuturescompanies’ownershipstructureandcorporateperformancewasaU-shapedcurverelationship;Government-ownedcorporationbringpositiveeffectonSecuritiesFuturesCompanies;butwithNon-SecuritiesFuturesComp