证券公司股权结构与风险承担行为研究——基于民间资本进入的视角

The Research on the Ownership Structure and Risk-taking Behaviors of Securities Companies——Based on the Perspective of the Participation of the Private Capital

通过追溯中国上市证券公司的实际控制人和股权性质,本文将17家中国上市证券公司分为国有上市证券公司和民营上市证券公司,并研究它们的股权结构与风险承担之间的关系。通过实证研究发现,实际控制人的性质对风险承担并无显著影响,而实际控制人的控制权比例与风险承担负相关,即控制权越大,风险承担越低。这表明了可以鼓励民间资本进入证券公司,适当地提高其控制权比例,降低证券公司的风险承担。

By dating from the actual controllers and the ownership property of China＇s listed securities companies, the paper di- vides 17 listed securities companies into the stated-owned listed securities companies and private listed securities companies, and studies the relationship between their ownership structure and risk-taking behaviors. The empirical study finds that the nature of the ac- tual controllers has no significant effect on risk-taking behaviors, and the ownership ratio of the actual controllers is negatively related to the risk-taking, that is, the greater the control the lower the risk-taking. The above analysis shows that the private capital can be en- couraged to enter the securities companies, appropriately increase the ratio of its ownership, and reduce the risk-taking of the securities companies.