我国信托业X-效率实证研究

发布时间：2018-01-05 14:41

本文关键词：我国信托业X-效率实证研究　出处：《西南财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：信托即受人之托,代人理财。是指委托人基于对受托人的信任,将其财产权委托给受托人,由受托人按照委托人的意愿以自己的名义,为受益人的利益或其它特定目的进行管理或处分的行为。信托是一种特殊的财产管理制度和法律行为,同时又是一种金融制度,随着我国经济发展和金融体制改革的深入,信托与银行、保险、证券一起构成了我国现代金融体系的四大支柱。随着国民财富的规模迅速增长,投资者理财需求的扩大,国家政策和社会各界对信托行业认可度逐渐提升,信托行业步入了快速发展的轨道。较之于银行、保险、证券,信托具有独特的制度优势。但是另一方面,相对于银行、保险、证券,社会对信托业的了解程度还不够高,信托知识还不够普及,合格投资者尚需培育,私募基金成本显著高于金融同业,信托公司自身投资管理、风险管理能力外界认同度有待提升,信托产品缺乏公开交易市场,整体流动性低。在这种形势下,我们看待中国信托业的生存与发展需要用全新的视角,充分认识信托的独特价值、真实领悟信托的丰富内涵、正确运用信托的资源配置功能,进而提升信托业在我国经济发展中的战略地位,使之真正成为同银行、保险、证券“并驾齐驱”的现代金融的四大支柱之一,这是我们当前的重要任务。因此,中国信托业如何充分利用新监管政策为其创造的条件,如何应对同行业的压力和挑战,提高自身的竞争力成为其发展的主要任务。而信托公司竞争力集中体现为其效率,这就是说,要全面提高中国信托业的竞争力,就必须高度重视效率问题。因此通过对中国信托业的效率分析,测度当前我国信托业的效率水平和考察相关的影响因素是本文的研究重点和目的所在。分析与研究信托业的经营效率,对中国信托业今后全面健康的可持续发展具有重要意义。效率是社会经济运行效率的简称,是指在一定的经济成本的基础上所能获得的经济收益。在以往的理论与实证研究中,效率一词被广为分析。现代经济学的鼻祖亚当斯密认为经济学的重要使命就是研究效率问题,并就分工效率和竞争效率提出自己的深遂思想。随后,新古典经济学继承和发扬了斯密关于竞争效率的思想,并用形式化和数学化的语言将其改造为迄今为止仍占据理论主流地位的效率理论——帕累托效率。在新古典主义经济学中的市场配置资源效率理论基础上Leibenstein1966年提出的X-效率理论。frei、 harker、hunter将企业的X-效率定义为除规模和范围影响之外的所有技术和配置效率,是关于整合技术、人力资源及其它资产来生产给定产出的管理水平的测度,也就是被新古典理论所忽略掉的企业组织效率新古典主义经济学以家庭和企业为基本的经济单位,排除了家庭和企业内部出现无效率的情况,从而使经济学变成了一门专门研究市场配置效率的科学。X效率理论则对此提出挑战,并且通过一系列的技术上的方法,来测度家庭和企业内部的效率,并用它来代表家庭和企业内部除规模和范围之外的所有技术和配置效率。本文中考察的信托业经营效率即其x-效率。在本文中将信托业X-效率定义为关于整合技术、人力资源及其它资产来生产给定产出的管理水平的测度,用以反映信托公司产出能力、资源利用效果和成本控制等方面的经营特征,反映除规模和范围之外的所有技术和配置效率。本文在充分借鉴国内外研究成果后选取更加适合我国信托业发展现实状况的研究方法,根据可以公开获得的国内信托公司的相关数据,在前人研究基础上建立相关的计量模型,选定相关的投入产出变量,分别测度其成本效率(理论最小成本与实际成本比值)和利润效率(实际利润水平与理论最大利润比值),以便判断我国信托行业效率演进特征及现状,并对其影响因素进行了深入的理论与实证研究。为了真实的反映随机误差项对信托业x-效率的影响,本研究采用参数法。与非参数法相比较,参数法需要指定具体的基础模型的函数形式,但它对随机误差项的干扰进行了设定,防止随机误差进入到效率因子的评价当中,同时相对于非参数法,参数法的效率评价结果离散度较小,可以作相关的统计检验。这些优点都适合作中国信托业的效率研究。在三种参数法中,自由分布法(DFA)假定效率不随时间发生变化,厚层这界法(TFA)假定同一组别内的效率因子相同。由于中国信托业近年来业务发展较快,尤其是2007年新两规出台后,随着公司内部治理结构的改善和相关业务的规范,因此这些假设不能够真实的反映客观现实。故而在本文中选择随机边界法(SFA)做信托业X-效率的实证研究。在用随机边界法进行效率的实证研究中,有两个问题要解决。其一是基础模型的形式,另一个就是投入和产出变量的选择。基础模型型式的设定和选择会对样本单位效率值的估计以及结果的排序产生重要的影响,在已有的文献中,主要的函数形式有Cobb Douglas(CD)函数、超越对数函数(TL)、广义超越对数函数(GTL)、傅立叶柔性函数(FF)。在上述各函数中,CD函数对于假设的限制性条件过多,与现实有较大差距。TL函数虽然在处理负值数据方面有内在缺陷,但是对于潜在的生产结构的限制较少,且要素产出弹性随着投入的增加而变化,理论上可以拟合任何生产函数,在目前的文献中是最被大量使用的。本文选择TL函数设定基础模型的形式。衡量金融机构投入和产出的方法主要有两种：生产法和中介法。生产法直接评价金融机构的交易和凭证的数量,而中介法则认为金融机构作为融通资金的中介,其各项收入或资产可以代表产出,相应的劳动和资本代表投入本文基于占我国信托业经营主体的34家信托公司2008-2010年的面板数据,应用中介法来界定信托公司的投入产出变量。产出为所有经信托公司中介的资金,可以用信托公司的各项业务收入来代替,投入为劳动和资本的价格。另一方面各信托公司的员工薪酬数据不容易获得,用其财务报表中可获得的业务管理费用来近似代替,而资本的价格用人均固定资产总量代表。本研究中一共设置了六个变量,分别为信托业务收入、投资收益、利息收入和其它业务收入代表信托公司的产出变量,人均业务及管理费用、人均固定资产代表投入价格变量,并在上述六个变量基础上设置了交叉变量。用计算机程序Frontier4.1进行实证分析后,结果表明： (1)、中国信托业X-效率个体差异较大,各信托公司无论是成本效率还是利润效率水平都在一个较大的范围内波动。 (2)、以三年的数据进行实证,各信托公司成本效率基本呈一个逐年降低的趋势,而利润效率呈一个逐年升高的趋势。就信托整个行业而言,从2008年到2010年三年平均成本效率为0.7489,0.7314,0.7310,反映各信托公司成本效率不高,应努力控制成本提升自身的竞争能力。整个行业三年的平均利润效率分别为0.6771,0.8395,0.9292,利润效率上升较快,反映信托业经过第六次整顿以后,功能定位逐步清晰,业务模式趋于稳定,获利能力得到较大增强。 (3)、各信托公司的成本效率和利润效率并无必然联系,利润效率较高的公司成本效率可能较低,反之亦然。各信托公司在控制成本的同时应加强获利能力。为了考察影响信托公司经营效率的各种因素,本文进一步以测度出的效率值为因变量,对影响信托业经营效率的因素进行回归分析。本文主要选取了注册资本、人均信托资产、人均固定资产、资产收益率、营业成本、主营业务收入等几个变量,同样基于上述34家信托公司2008-2010年的面板数据,运用固定效应模型进行研究。实证结果表明：对于成本效率而言,人均固定资产规模、人均信托资产规模、注册资本、营业成本四个变量的影响都是负向显著的的,意味着随着上述变量的增长,效率水平会有所下降。而人均固定资规模、人均信托资产规模、营业成本对信托公司利泣效率的影响则是正向显著的,随着上述变量的增长,信托公司的利润效率会有所上升。本文的研究试图做出一种尝试性的努力,力求可以结合我国信托业发展与现状的实际情况,在前人的研究基础上做出了以下创新： (1)、方法创新：迄今为止,国内外众多的研究多关注银行业和证券业的效率,对于作为金融四大支柱这一的信托业关注较少。国内的学者对信托业X-效率的研究多用非参数的数据包络法,很少用随机边界法来测度信托公司的X-效率,而本文基于随机边界法测度各信托公司的X-效率,在此基础上,分析我国信托公司利润效率和成本效率的现状,趋势及变化特征。 (2)、内容创新：对于随机边界法的生产函数和投入产出变量的选择在理论上和实证上向来有争议。本文选用超越对数函数作为生产函数,同时根据信托公司的经营特点,运用中介法,选用信托业务收入、投资收益、利息、收入和其它业务收入来代表信托公司的产出,选用人均业务及管理费用、人均固定资产作为信托公司的投入变量价格。同时分别运用成本函数和利润函数对效率因子进行估计,对测度出的各年成本效率和利润效率进行比较,分析影响效率因子的各种因素。
[Abstract]:Trust that is entrusted by the people, generation financial management. Is the principal of the trustee based trust, entrust their property to the trustee, the trustee in accordance with the wishes of the client in its own name, for the benefit of the beneficiary or other special purpose management or disposition behavior. Trust is a special kind of property management institutional and legal behavior, is also a kind of financial system, with China's economic development and the deepening of financial reform, the trust and banking, insurance, securities together constitute the four pillars of our modern financial system.
With the rapid growth of the national wealth, expand the financial needs of investors, the national policy and the social from all walks of life to the trust industry recognition gradually increase, the trust industry has entered a rapid development track. Compared with the banking, insurance, securities, trust system has unique advantages. But on the other hand, compared with the bank, securities, insurance, social understanding the degree of the trust industry is still not high enough, trust and knowledge are not widely available, still need to cultivate qualified investors, private equity fund cost was significantly higher than that of the financial industry, the trust company's own investment management, the risk management ability of external identity should be improved, the lack of public trust products trading market, the overall liquidity is low.
In this situation, we look at the China trust industry needs for survival and development with a new perspective to fully understand the unique value of trust, enrich the connotation of the real understanding of the trust, the correct use of the resource allocation function of trust, and then promote the strategic position of trust industry in China's economic development, so as to become the same bank, insurance one, the four pillars of modern financial securities ", this is our racing together bridle to bridle" important task at present. Therefore, Chinese trust industry how to make full use of the new regulatory policy for the creation of conditions, how to deal with the same industry pressure and challenges, improve their competitiveness has become the main task of its development. And the trust company competitive focus reflects its efficiency, that is, to improve the China trust industry competitiveness, we must attach great importance to the efficiency problem. Therefore through the efficiency of the China trust industry analysis, measurement The efficiency and level of China's trust industry is the key and purpose of this paper. Analyzing and studying the operation efficiency of the trust industry is of great significance for the healthy and sustainable development of China's trust industry in the future.
Efficiency is the efficiency of social economy, refers to the available based on economic cost on certain economic benefits. In the theoretical and empirical research in the past, the efficiency of the word has been widely analyzed. Adams founder of modern economics believe the important mission is to study the economic efficiency, and the efficiency of labor division and the efficiency of competition put forward their own deep thought. Then, the new classical economics to inherit and develop the competitive efficiency of Smith's thought, and with the formal and mathematical language to transform efficiency theory so far still occupy the mainstream position of the theory of Pareto efficiency theory.Frei, X- efficiency in neoclassical economics in the market the efficiency of the allocation of resources based on the theory of Leibenstein1966 proposed by Harker, Hunter X- will define the efficiency of enterprises for all technology and distribution in addition to the scale and scope of influence The efficiency is about the measurement of the management level of integrating the technology, human resources and other assets to produce the given output, that is, the organizational efficiency neglected by the new classical theory.
The new classical economics to households and enterprises as the basic economic unit, excluded households and businesses appear inefficient, so as to make economics into a specialized study of market efficiency.X efficiency theory is put forward scientific challenges, and through a series of technical efficiency, and to measure the family within the enterprise, and it is used to represent the family and the enterprise in addition to the scale and scope of all the technical and allocative efficiency.
This paper examines the operating efficiency of the trust industry in the x- efficiency. In this paper, the trust industry X- efficiency is defined as the integration of technology, human resources and other assets to measure the management level of production output was given, in order to reflect the trust company output ability, the utilization effect of resources and operating characteristics of this control, all reflect technical and allocative efficiency in addition to the scale and scope of the study. The method is more suitable for the development of our trust industry actual situation the paper selected in reference to the domestic and foreign research results, according to the relevant data of the publicly available domestic trust company, the measurement model on the basis of previous studies, selected relevant input and output variables measure the cost efficiency, respectively (the theory of minimum cost and actual cost ratio) and profit efficiency (the actual profit level and the theoretical maximum profit ratio), to judge me The characteristics and current situation of the efficiency evolution of the country trust industry, and the in-depth theoretical and empirical research on its influencing factors.
In order to reflect the stochastic error impact on the trust industry x- efficiency, this study used the parameter method. Compared with the non parameter method and parameter method need to specify the model based specific function forms, but its interference to the random error of the set, to prevent the random error into the evaluation of the efficiency factor, at the same time compared with the non parametric method, less efficiency evaluation results of parameter method of dispersion, can make the relevant statistical tests. These advantages are suitable for the study of the efficiency of Chinese trust industry.
In the three parameter method, free distribution method (DFA) assumes that the efficiency does not change with time, the thick layer method (TFA) assumes that the efficiency factor in a group are the same. The Chinese trust industry in recent years the rapid development of business, especially in 2007 after the introduction of two new regulations, with the company's internal governance structure improvement and business norms, these assumptions are not able to truly reflect the objective reality. So in this paper the stochastic frontier approach (SFA) made an empirical study on X- efficiency of trust industry.
An empirical study on the efficiency of the random boundary method, there are two problems to be solved. The first is the basic form of the model, the other is the input and output variables. Ranking model based production type selecting and setting up of sample unit efficiency value estimation and results of an important influence on the existing literature, the main function of the form of Cobb Douglas (CD) function, logarithmic function (TL), generalized translog function (GTL), Fu Liye (FF). The flexible function in each of the above function, the CD function for the restrictive conditions assumed too much, there is a great gap between the reality and the.TL function though there are inherent defects in the processing of negative data, but for the less restrictive structure of production potential, and the output elasticity of factors with the increase of input and change theory can fit any production function, in the current literature is the most widely used This article selects the TL function to set the form of the basic model.
There are two main methods for financial institutions to measure input and output, production method and direct method. The number of intermediary evaluation of financial institutions trading and production certificate law, and the law that financial institutions as intermediary intermediary financing, the income or assets can represent the corresponding output, labor and capital investment in the panel data of 34 representative trust companies accounted for China's trust industry the main business of the 2008-2010 based on the application of intermediary method to define the input and output variables of trust company. Output intermediary funds of all the trust companies, can use the business income of the trust company to replace, input prices for labor and capital. On the other hand, the staff salary data trust is not easy to obtain, with the financial statements available in business management fees to replace, and the price of capital per capita fixed assets on behalf of the total. In the study of set up a total of six variables, respectively, trust business income, investment income, interest income and other business income on behalf of trust companies per capita output variables, business and management fees, per capita fixed assets represents the input price variables, and cross variable settings in the above six variables on the basis of empirical analysis by computer. The program of Frontier4.1, results show that:
(1) the X- efficiency of China's trust industry varies greatly, and the trust companies are fluctuating in a larger range, both in cost efficiency and profit efficiency.
(2), the empirical data for three years, the trust company cost efficiency basically showed a decreasing trend, while the profit efficiency showed an increasing trend. The entire trust industry, from 2008 to 2010 three years, the average cost efficiency is 0.7489,0.7314,0.7310, reflecting the trust cost efficiency is not high. Efforts should be made to control costs and improve their competitive ability. The average profit of three years of the efficiency of the entire industry is 0.6771,0.8395,0.9292 respectively, the profit efficiency increased rapidly, reflecting the trust industry after the sixth rectification, function gradually clear, the business model tends to be stable, profitability is greatly enhanced.
(3) the cost efficiency and profit efficiency of each trust company are not necessarily related. The cost efficiency of companies with higher profit efficiency may be low, and vice versa.
In order to investigate several factors affect the operational efficiency of the trust company, this paper further to measure the efficiency of the value as the dependent variable, regression analysis of the influencing factors of the trust industry operating efficiency. This paper mainly selected the registered capital of the trust assets, per capita, per capita fixed assets, return on assets, operating costs, the main business income of several the same variables, the panel data of 34 trust companies based on 2008-2010, using the fixed effect model is studied. The empirical results show that: for cost efficiency, per capita fixed assets per capita, the size of the trust assets, registered capital, operating costs affect the four variables are negative and significant, means that with the above variables the growth level of efficiency will decline. While the per capita fixed assets per capita scale, the scale of trust assets, affect the operating costs of the trust companies and the efficiency of cry is significantly positive As the above variables increase, the efficiency of the trust company will rise.
This research is trying to make a tentative effort to make the following innovations based on previous studies based on the actual situation of the development and current situation of trust industry in China.
(1), innovative methods: so far, the efficiency of many domestic and foreign research on the banking and securities industry, as the four pillars of the financial trust industry. Domestic scholars pay less attention to the research on the trust industry X- efficiency with data envelopment analysis nonparametric stochastic frontier method is seldom used. To measure the trust X- efficiency, and this stochastic boundary method to measure the trust company's efficiency based on X-, on this basis, analysis of the current situation of China's trust companies profit efficiency and cost efficiency, trend and change characteristics.
(2), content innovation: for the stochastic frontier production function method and input-output variable selection has always been controversial in theory and practice. This paper selects the translog function as production function, and according to the operating characteristics of the trust company, use the intermediary method, the trust business income, investment income, interest income, and other business income to represent the trust business and per capita output, selection of management fees, per capita fixed assets as the trust's input variables. At the same time using price cost function and profit function to estimate the efficiency factor, carries on the comparison to the measure of the annual cost and profit efficiency, analyze the influencing factors of efficiency factor.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.49;F224

【参考文献】