基于SFA的我国互联网金融类上市公司技术效率研究

发布时间：2018-01-03 08:06

本文关键词：基于SFA的我国互联网金融类上市公司技术效率研究　出处：《合肥工业大学》2017年硕士论文　论文类型：学位论文

【摘要】：基于互联网技术和信息通信技术的互联网金融的迅速产生崛起,正不断影响和冲击着传统金融,重塑着现有的金融服务体系,并日益成为当前社会各界关注的新热点。2013年,是我国互联网金融快速扩张的“元年”,之后,我国互联网金融行业进入一轮粗放型扩张,盲目追求规模和市场份额的扩张,导致其自身经营效率和竞争力水平均不高。2016年,我国互联网金融行业进入合规发展“元年”,其发展重心由粗放扩张转向到保障金融安全、改善经营效率上来。因此,开展有关我国互联网金融机构经营效率的研究则显得十分必要和迫切。对我国互联网金融机构经验效率的研究一方面有利于我国各互联网金融公司判断自身与行业平均水平的差距,进一步优化资源配置,从而提升自身经营效率;另一方面为我国金融监管机构制定合理的监管政策提供参考依据,促进我国金融体系的稳健发展。基于此,本文采用参数型效率测度方法—随机前沿分析方法(Stochastic Frontier Analysis简称SFA),对我国境内同花顺互联网金融板块上具有代表性的47家互联网金融类上市公司的技术效率进行分析,在生产函数的构造中根据LR检验选择柯布——道格拉斯生产函数(C-D生产函数)对我国2010-2015年互联网金融类上市公司的技术效率进行了测算,结果显示各样本公司的技术效率值处于较低水平,但呈现逐年上升的发展态势,并进一步对技术效率的影响因素进行分析研究,通过对技术效率值进行数学转换以克服其取值范围的限制,使用两阶段回归法对可能的影响因素进行检验。实证结果表明人力资本、多元化经营程度和成立时间是影响互联网金融类上市公司技术效率的重要因素,公司规模对技术效率具有正向影响,但影响不大。最后从增强人力资本、合理控制经营规模、谨慎开展相关多元化等角度探讨了提高我国互联网金融类上市公司技术效率的可能途径。
[Abstract]:The rapid emergence of Internet finance based on Internet technology and information communication technology is constantly influencing and impacting the traditional finance and reshaping the existing financial service system. In 2013, it was the first year of the rapid expansion of Internet finance in China. After that, the Internet financial industry of our country entered a round of extensive expansion. Blind pursuit of the expansion of scale and market share leads to its low level of operating efficiency and competitiveness. In 2016, China's Internet financial industry entered the "first year" of compliance development. The focus of its development has changed from extensive expansion to ensuring financial security and improving operational efficiency. It is necessary and urgent to carry out the research on the operating efficiency of Internet financial institutions in China. On the one hand, the research on the empirical efficiency of Internet financial institutions in China is beneficial to the judgment and practice of the Internet financial companies in our country. The difference in the average level of the industry. Further optimize the allocation of resources so as to improve the efficiency of their own management; On the other hand, it provides a reference for our financial regulatory institutions to formulate reasonable regulatory policies to promote the sound development of our financial system. Based on this. In this paper, the parametric efficiency measure method, the stochastic frontier analysis method, is used in this paper, which is called Stochastic Frontier Analysis (SFAs). This paper analyzes the technical efficiency of 47 representative Internet financial listed companies in Tonghuashun, China. Selection of Cobb-Douglas production function and C-D production function according to LR Test in the Construction of production function. This paper measures the technical efficiency of Internet financial listed companies in China from 2010 to 2015. The results show that the technical efficiency of each sample company is at a low level, but the development trend is increasing year by year. Through the mathematical transformation of the technical efficiency value to overcome the limit of its value range, the two-stage regression method is used to test the possible factors. The empirical results show that the human capital. The degree of diversification and the time of establishment are the important factors that affect the technical efficiency of Internet financial listed companies. The scale of the company has a positive impact on the technical efficiency, but the impact is not significant. Finally, the human capital is strengthened. This paper discusses the possible ways to improve the technical efficiency of China's Internet financial listed companies from the angles of reasonable control of business scale and cautious development of related diversification.
【学位授予单位】：合肥工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F224;F724.6;F832

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