基于SFA模型的中国信托公司效率分析

发布时间：2018-05-13 01:19

本文选题：信托公司 + SFA模型　；参考：《华东师范大学》2014年硕士论文

【摘要】：信托行业在促进和发展资本市场、缓和投融资两者间的供需压力、完善和优化资源再分配等方面发挥着独一无二的影响与作用。2007年新的“一法两规”出台,为信托行业的发展提供了强有力的政策支持,信托行业资产管理规模以每年超过40%的速度增长,在2013年末达到了10.91万亿,仅次于银行业。但是规模的快速扩张是否与经营效率提升同步,信托行业的竞争力是基于政策红利还是经营绩效,能否在我国泛资管时代的来临中应对挑战,是值得探讨的。因此,对信托行业的整体经营绩效和绩效影响因素的分析,是促进信托行业发展与完善的重要课题。本文首先在参考国内外金融机构效率研究文献的基础上,结合我国信托业发展历程和经营现状、国外成熟信托经营模式和信托业经营绩效影响因素进行分析,对信托业经营绩效的研究提供理论支持。其次,本文选用国内36家信托公司2008年到2012年的数据,通过随机边界分析法(SFA)对信托公司经营绩效发展状况展开实证分析,并且对影响技术效率的具体要素进行研究。经过实证分析得出：基于效率值而言,我国信托行业整体效率不高,两极差距比较明显；基于效率影响要素而言,信托收益率、信托公司注册地与技术效率呈显著的正相关关系,外资参股对我国信托公司的经营绩效影响不明显。最后,基于实证分析,本文提出相应的政策建议：强化分类监管、鼓励金融创新、转变盈利模式、优化公司治理结构,注重培养高素质的员工团队等。
[Abstract]:The trust industry plays a unique role in promoting and developing the capital market, easing the pressure between supply and demand between investment and financing, perfecting and optimizing the redistribution of resources, etc. It has provided strong policy support for the development of the trust industry, which grew at an annual rate of more than 40 percent to 10.91 trillion at the end of 2013, second only to banking. However, whether the rapid expansion of scale is synchronized with the improvement of operational efficiency, whether the competitiveness of the trust industry is based on policy dividends or business performance, and whether it can meet the challenges in the era of universal capital management in China is worth discussing. Therefore, it is an important task to promote the development and improvement of trust industry by analyzing the overall operating performance of trust industry and the factors affecting its performance. First of all, on the basis of the domestic and foreign financial institution efficiency research literature, combined with the trust industry development process and management status in China, foreign mature trust business model and trust industry performance factors are analyzed. It provides theoretical support for the study of trust industry performance. Secondly, this paper selects the data of 36 domestic trust companies from 2008 to 2012, carries on the empirical analysis to the trust company's operating performance development through the stochastic boundary analysis method (SFAA), and studies the specific factors that affect the technical efficiency. The empirical analysis shows that the overall efficiency of the trust industry in China is not high, and the gap between the two poles is obvious. There is a significant positive correlation between the place of registration of the trust company and the technical efficiency, and the effect of foreign equity participation on the operating performance of the trust company in China is not obvious. Finally, based on the empirical analysis, this paper puts forward the corresponding policy recommendations: strengthen the classified supervision, encourage financial innovation, change the profit model, optimize the corporate governance structure, and pay attention to the cultivation of high-quality workforce.
【学位授予单位】：华东师范大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.39

【参考文献】