基于DEA模型的信托公司效率评价及影响因素分析

发布时间：2018-01-14 08:39

本文关键词：基于DEA模型的信托公司效率评价及影响因素分析　出处：《吉林大学》2012年硕士论文　论文类型：学位论文

【摘要】：作为四大金融支柱之一的信托业，无论在规模、效益还是影响力方面与银行业、证券业和保险业都有不小的差距。因此为了促进信托业在激烈的市场竞争环境中更快速健康的发展，我们有必要对信托业的经营效率情况进行研究，并分析影响信托行业效率的重要因素，探索提升信托公司效率的有效途径。本文运用数据包络分析方法对中国信托业效率进行研究，每部分内容如下：第一部分，绪论。提出研究问题，结合我国信托业的历史和现实状况分析信托业效率研究的重要性，指出了本文的研究目的、研究思路和所要运用的研究方法，，并介绍了全文的框架。第二部分，理论借鉴与文献综述。首先介绍信托效率的相关理论和基本概念，对国内外金融机构效率理论研究情况做了简要评述，为实证分析我国信托业的效率状况做理论准备。第三部分，中国信托公司的效率测度分析。首先介绍了DEA模型的基本原理和模型基本形式。然后根据信托公司信托资产管理规模的不同级别将27家信托公司划分为三个规模等级加以讨论，分别为5家小型信托公司，17家中型信托公司和5家大型信托公司。运用数据包络分析方法(DEA)对27家信托公司2005至2010年的数据进行了实证分析，并通过斯皮尔曼(Spearman)相关系数对效率评估值进行了稳定性检验。实证分析结果表明，2005至2010年间27家信托公司的技术效率和规模效率的平均值波动较大，效率值的变化趋势与经济形势方向基本一致。在2005年和2006年，整个行业平均效率值较高，2008年平均效率值达到近6年最低点。2009年和2010年，整个行业的平均效率快速回升。另外，对于不同资产规模等级的信托公司，其效率平均值的波动方向是一致的，波动幅度也相当，大型信托公司并没有比中小型信托公司表现出更明显的经营稳定性和更强的抗风险能力。第四部分，中国信托公司效率影响因素分析。主要从信托公司外部影响因素和内部影响因素两个方面来探讨影响信托公司效率的因素。外因包括宏观经济状况、国家的行业政策调整、货币财政政策以及信托行业结构和内部竞争程度等因素。内因包括资产健康度、公司规模、成本管理、资产利润率、业务成长和债务管理六个影响因素。利用审查回归模型(Tobit)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，资产健康度、公司规模和业务成长三个因素对信托公司的技术效率、纯技术效率和规模效率都有正相关性影响。但是公司规模指标的回归系数过小，表明其与信托公司的经营效率仅有弱相关性。最后，在实证研究的基础上总结全文得出结论，并根据实证分析结果对信托业提升效率提出建议。
[Abstract]:As one of the four major financial pillars of the trust industry, in terms of scale, efficiency and influence with the banking industry. There is not a small gap between the securities industry and the insurance industry. Therefore, in order to promote the trust industry to develop more rapidly and healthily in the fierce market competition environment, it is necessary for us to study the operating efficiency of the trust industry. It also analyzes the important factors that affect the efficiency of trust industry and explores the effective ways to improve the efficiency of trust companies. This paper uses the method of data envelopment analysis to study the efficiency of trust industry in China. The contents of each part are as follows: The first part, introduction, puts forward the research questions, analyzes the importance of the research on the efficiency of trust industry combined with the history and reality of trust industry in our country, and points out the purpose of this paper. Research ideas and research methods to be used, and introduced the framework of the full text. The second part, theoretical reference and literature review. First, introduces the trust efficiency theory and basic concepts, and makes a brief review of the domestic and foreign financial institutions efficiency theory. To make theoretical preparation for empirical analysis of the efficiency of trust industry in China. The third part. This paper first introduces the basic principle and form of DEA model, then divides 27 trust companies into three groups according to the different levels of trust assets management scale. The size levels are discussed. Five small trust companies. The data of 27 trust companies from 2005 to 2010 were analyzed empirically by 17 medium-sized trust companies and 5 large trust companies using data Envelopment Analysis (DEA). The stability of the efficiency evaluation value is tested by the Spelman correlation coefficient. The empirical analysis results show that. The average value of technical efficiency and scale efficiency of 27 trust companies fluctuated greatly from 2005 to 2010, and the change trend of efficiency value was basically consistent with the direction of economic situation. In 2005 and 2006. The average efficiency of the whole industry is relatively high, in 2008 the average efficiency value reached the lowest level of nearly 6 years. 2009 and 2010, the average efficiency of the whole industry recovered rapidly. In addition. For the trust companies with different asset size, the fluctuation direction of the average efficiency is the same, and the fluctuation range is also the same. Large trust companies have no greater operational stability and risk-resistance than small and medium-sized trust companies. Part 4th. This paper discusses the factors influencing the efficiency of trust companies from two aspects: the external factors and the internal factors. The external factors include the macroeconomic situation. Industry policy adjustment, monetary and fiscal policy, trust industry structure and internal competition. Internal factors include asset health, company size, cost management, asset profit rate. There are six influencing factors of business growth and debt management. The regression analysis of the six influencing factors is carried out by using the review regression model Tobit.The regression results show that the asset health degree. The three factors of company size and business growth have positive correlation to the technical efficiency, pure technical efficiency and scale efficiency of the trust company, but the regression coefficient of the company scale index is too small. It shows that there is only a weak correlation between it and the operating efficiency of the trust company. Finally, on the basis of empirical research, the conclusion is drawn, and some suggestions are put forward to improve the efficiency of trust industry according to the results of empirical analysis.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F224;F832.49

【引证文献】