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The Research on the Ownership Structure and Risk-taking Behaviors of Securities Companies——Based on the Perspective of the Participation of the Private Capital
Author(s): 
Pages: 10-14+21
Year: Issue:  10
Journal: Xi'an Finance

Keyword:  securities companyownership structurerisk-takingprivate capital;
Abstract: By dating from the actual controllers and the ownership property of China’s listed securities companies, the paper divides 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 actual 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 encouraged to enter the securities companies, appropriately increase the ratio of its ownership, and reduce the risk-taking of the securities companies.
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