我国信托业市场结构与绩效关系实证研究

发布时间：2019-01-10 15:09

【摘要】：信托业是金融业的重要组成部分,由于信托业横跨货币市场、资本市场和产业市场,具有投资领域多元化、运用方式灵活及信托财产法律地位独立等制度优势,信托公司也因此素有“金融百货公司”的美誉。随着我国经济和国民财富的迅速增长,信托业获得了巨大的发展机遇,2007年《信托公司管理办法》等信托新规实施以来,我国信托业更是进入了新一轮的快速发展阶段,信托业行业重组加快,市场竞争格局日益分化。因此,关于我国信托业市场结构与绩效关系的研究,不仅有利于我们认识和明确现阶段我国信托业的市场竞争格局和信托业整体经营绩效水平,还有利于监管当局制定和实施信托业的产业发展政策,以更好的发挥信托业的制度优势促进信托业快速发展。本文利用产业组织理论关于市场结构与绩效关系的各种理论假说,基于2007-2010年我国信托业49家信托公司的面板数据对现阶段我国信托业的市场结构与绩效关系进行了研究。 研究表明,现阶段我国信托业市场竞争比较充分,市场集中度较低,我国信托业市场结构属于集中度较低的低中寡占市场,或竞争比较充分的竞争型Ⅱ型市场。基于DEA模型对我国信托业经营效率的研究发现,2007-2010年间我国信托业49家信托公司的各年度经营效率普遍较低,均值仅为0.585；但从时间序列来看,我国信托业的经营效率水平在此期间整体得到大幅改善,全要素生产率年均增长9.9%。最后,本文关于我国市场结构与绩效关系的实证检验结果表明,现阶段我国信托业市场结构与绩效之间的关系符合“效率结构”假说,这表明经营效率才是公司绩效差异的根源,经营效率高的公司可以通过管理、技术等方面带来的成本降低和规模效益,从而提高公司的整体经营绩效水平。此外,研究还发现市场集中度始终与信托业经营绩效呈正相关关系。因此,在今后我国信托业发展中还应进一步加快行业重组,提高信托业的市场集中度。
[Abstract]:The trust industry is an important part of the financial industry. Because the trust industry straddles the money market, the capital market and the industrial market, it has the advantages of diversified investment fields, flexible application methods and independent legal status of the trust property. Trust companies are therefore known as "financial department stores" reputation. With the rapid growth of China's economy and national wealth, the trust industry has got a great opportunity for development. Since the implementation of new trust regulations such as the Trust Company Management measures in 2007, China's trust industry has entered a new round of rapid development stage. Trust industry restructuring, market competition is increasingly divided. Therefore, the study on the relationship between the market structure and the performance of trust industry in our country is not only helpful for us to understand and clarify the market competition pattern of trust industry in our country and the overall management performance level of trust industry at the present stage. It is also conducive to the regulatory authorities to formulate and implement the trust industry development policy, in order to better play the trust industry institutional advantages to promote the rapid development of trust industry. Based on the panel data of 49 trust companies in China from 2007 to 2010, this paper studies the relationship between market structure and performance of trust industry in China. The research shows that the trust market in our country is more competitive and the market concentration is low. The market structure of trust industry in China belongs to the low and middle oligopoly market with lower concentration degree or the competitive type 鈪，

本文编号：2406464