我国信托公司经营效率的实证研究

发布时间：2018-07-21 11:45

【摘要】：信托业是现代金融行业的四大支柱之一,我国信托业在经历了六次整顿后,行业整体发展态势良好。在我国的信托业经历了从1997年设立中国国际信托投资公司到2013年全行业共计65家信托公司,行业信托资产总规模达10.91万亿元。我国的信托业经历了从无到有,从小到大的巨大发展。2013年商业银行和保险资产管理公司资管计划的推出,使得信托业全面进入“泛资产管理时代”,行业竞争日益加剧。因此,对信托公司的经营效率进行测度,量化各个主要影响因素有利于信托公司改善经营状况和增强竞争力,并为金融机构监管提供理论依据。首先,本文在对国内外信托理论以及各类金融机构经营效率进行归纳分析的基础之上,结合我国信托公司经营现状,选取了2009年到2012年间持续经营的47家信托公司作为分析样本,运用数据包络分析法对信托公司的技术效率、规模效率、纯技术效率进行了测度,核算出各家公司的相对效率。分析结果表明我国大部分信托公司都达不到技术有效状态；并且信托公司内部两级分化现象严重。但是,总体来看,我国信托行业的技术效率值是不断提高的。其次,界定了影响信托公司效率的诸多因素,主要是从宏观层面出发、行业因素以及信托公司内部微观因素。然后再从微观层面出发,从规模因素、成本管理、风险管理、创新能力和盈利能力几个方面,选取具有一定代表意义的指标,根据审查回归模型对六个影响因素进行回归分析,研究各个因素的影响程度。回归结果表明,公司规模、创新能力以及盈利能力对信托公司的技术效率有正相关关系,但是公司规模的影响能力在逐步下降。最后,从信托公司自身和外部力量提升两个方面分析如何提高公司效率。一方面信托公司应当积极推动技术创新和产品创新,注重规模和效益的均衡,提高员工的素质,加强自身的风险管理能力；另一方面政府应当完善相关的法律法规政策,为信托行业今后的发展创造一个良好的环境。
[Abstract]:The trust industry is one of the four pillars of the modern financial industry . The trust industry in our country has experienced six times of rectification , the overall development trend of the industry is good . In our country , the trust industry has gone through the huge development of total industry of 65 trust companies from 1997 to 2013 . The trust industry in China has gone through the huge development of " pan - asset management era " and industry competition . Therefore , it is beneficial to measure and quantify the operation efficiency of trust companies . Therefore , it is beneficial to trust companies to improve their operation and enhance competitiveness , and to provide theoretical basis for the supervision of financial institutions .

First , based on the analysis of the trust theory and the operation efficiency of various financial institutions at home and abroad , the paper selects 47 trust companies which are continuously operated from 2009 to 2012 as the analysis samples , and then measures the technical efficiency , the scale efficiency and the pure technical efficiency of the trust companies by using the data envelope analysis method , and calculates the relative efficiency of each company . The analysis results show that most trust companies in China can not reach the technical effective state ;
In general , however , the technical efficiency value of the trust industry of our country is constantly increasing .

Secondly , the factors influencing the efficiency of trust companies are defined , mainly from the macro level , the industry factor and the internal micro - factors of trust companies . Then , from the micro level , from the aspects of scale factor , cost management , risk management , innovation ability and profitability , the influence degree of each factor is studied . The regression results show that the size , innovation ability and profitability of the company are positively related to the technical efficiency of trust companies , but the influence ability of the company scale is gradually declining .

At last , the author analyzes how to improve the efficiency of the company from both the trust company itself and the external force . On the one hand , the trust company should actively promote technological innovation and product innovation , pay attention to the balance of scale and benefit , improve employee ' s quality and strengthen its own risk management ability ;
On the other hand , the government should perfect the relevant laws and regulations and create a good environment for the future development of the trust industry .
【学位授予单位】：西北大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.39

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