通过直接上市,来改造证券公司治理,从而提高证券公司经营绩效,这是解决我国证券公司运行效率普遍低下的一个有效途径。然而,直接上市对构建有效的证券公司治理仍存在一定局限性,上市的实际效果还有待于深入考察。本文通过考察我国已上市的两家证券公司的股权结构及上市后的绩效表现来加以论证。 Through the direct listing, to reform the securities company governance, so as to improve the performance of securities companies, which is an effective way to solve the general low operating efficiency of securities companies in our country. However, the direct listing has some limitations on the construction of effective securities company governance. The actual effect of listing needs to be further investigated. This article examines the ownership structure of the two securities companies listed in China and their performance after listing.