基于DEA方法的我国财务公司资金使用效率实证研究

发布时间：2018-06-22 05:04

本文选题：财务公司 + 资金使用效率　；参考：《西南财经大学》2016年硕士论文

【摘要】：企业集团财务公司是以加强集团资金集中管理和提高集团资金使用效率为目的,为集团成员单位提供财务管理服务的非银行金融机构。世界上第一家财务公司诞生于1878年,由此算起财务公司在西方的发展已经超过130年。西方发达国家通过在企业集团体系内部设立财务公司,实现了工业资本向金融资本的转换。而我国第一家财务公司——东风汽车财务公司成立于1987年,经过近30年的发展,我国财务公司数量稳步增长,规模持续扩大,业务种类更加多元,资产质量显著提升,盈利水平逐步提高,已成为我国非银行金融机构体系中不可或缺的重要组成部分。虽然现阶段我国财务公司行业规模和经济体量相对较小,但其无论对集团本身还是对资本市场的发展均发挥着重要而积极的作用。财务公司不仅在服务集团战略发展、提升集团经济效益与管理效益等方面做出了突出的贡献,而且作为企业内部的金融机构,财务公司起到了连接产业需求与金融市场的纽带作用,密切了实体经济与金融市场的联系。然而国内外理论界对财务公司运营效率的研究并不多,从现有的文献资料来看,国外学者的研究主要集中在财务公司的存在原因、功能作用等方面,对财务公司运作效率方面的评价研究则基本没有。国内学者对财务公司的研究主要集中在公司的功能定位、发展模式等方面,而且关于资金使用的研究都只是侧重于资金的集中管理,对财务公司本身资金使用效率进行深入探讨和分析的文献资料屈指可数。因此,本文通过DEA方法对财务公司资金使用效率进行定量分析,以期弥补理论界对财务公司研究的不足。本文的内容体系：第一章,绪论。本章首先对本文的选题背景和研究意义做了介绍,然后对比了国内外财务公司的性质和经营范围,将本文的研究对象界定为企业附属型-内向型财务公司；接着对本文的研究思路做了简要的概括和说明,最后阐述了本文可能的创新点以及存在的不足。第二章,本文相关理论与文献综述。这部分首先介绍了本文研究的相关理论,包括财务公司存在的理论基础(产融结合理论、内部资本市场理论),以及无效财务公司学习改进的标杆管理理论；然后对国内外关于财务公司的研究文献进行了总结和评述,发现国外现有的研究主要集中在财务公司的存在原因、功能作用等方面,对财务公司运作效率方面的评价研究则基本没有。国内关于财务公司的研究也主要集中在财务公司的功能定位以及发展模式上,对财务公司的运作效率的研究也非常少。第三章,数据包括分析法(DEA)概述。DEA是本文使用的研究方法,本章首先明确了DEA相关的基本概念,接着介绍了DEA的基本模型(C2R模型、BC2模型)和超效率DEA模型,并阐述了超效率DEA的优势所在。最后本章根据DEA的分解理论,将财务公司的资金使用效率(FUE)分解为纯技术效率(PTE)和规模效率(SE)。第四章,本文的实证部分。本章首先对模型采用的研究样本和数据来源做了说明,然后介绍了本文投入产出指标的选取方法和依据,最终选择的投入指标有利息支出、自有资本、营业费用,产出指标包括利息收入、投资收益。接着,为了保证研究的科学性,笔者对投入产出指标做了相关性分析,对样本数量和指标数量做了合理性检验,发现其均满足经验法则和最新的研究成果。在实证研究之前,本文还对投入产出指标进行了描述性统计分析,发现我国财务公司在资产规模、吸收存款、营业费用支出以及发放贷款、投资获利能力等方面个体差异非常明显。最后,本文根据实证结果,对我国财务公司的资金使用效率从总体上、行业分类、地域差异、规模效率状态以及投入冗余、产出不足等方面做了详细的分析。第五章,典型案例分析。根据第四章的实证结果,鞍钢集团财务公司资金使用效率在所有的样本中连续两年均名列前茅,于是本章将其作为标杆企业,对其发展概况做了介绍,并分析了其资金使用有效的原因。同时,本章还以资金使用无效率的一家财务公司——武钢集团财务公司为例,对其进行了标杆分析,给出了其资金使用达到Pareto有效的路径和方法。最后,本章还分析了鞍钢集团财务公司的发展经验对其他公司发展的启示。第六章,研究结论和建议。本章总结了本文的研究结论,并从财务公司自身以及监管机构两个视角对如何提升我国财务公司资金使用效率提出了建议。一方面,财务公司需向标杆学习,明确发展定位,努力降低营业成本,保持适度的自有资本规模,并加强投资业务,提升投资收益水平。另一方面,监管机构应当考虑财务公司的行业特征,对其实施差异化的监管政策,并适当放松财务公司外部融资限制。第七章,结束语。本章对本文关于财务公司资金使用效率的研究内容做了归纳和总结,并对未来的进一步研究作了展望。本文的主要研究结论有：第一,通过与商业银行的对比发现,财务公司行业规模虽然仅占我国银行业规模的1.99%,但其安全性指标、流动性指标和盈利性指标都要明显优于银行业；通过对样本财务公司的投入产出指标进行描述性统计分析,发现我国财务公司在资产规模、吸收存款、营业费用支出以及发放贷款、投资获利能力等方面个体差异非常明显,具有鲜明的行业特征。第二,从总体上讲,我国财务公司资金使用效率偏低,2011-2012年资金使用效率平均值分别只有0.667和0.715；从数量上来看,2011年和2012年资金运用有效的财务公司均只有11家,仅占样本财务公司的13%,两年均低于行业平均水平的公司达到40家,约占样本总数的一半；从效率分解来看,2011年和2012年两年间,纯技术有效的财务公司数量要多于规模有效的财务公司,这说明财务公司资金使用效率受规模效率的影响要大于纯技术效率。第三,分行业来看,钢铁和有色行业的资金使用效率一直处于相对领先地位,原因是其在纯技术效率方面具有比较优势。电力行业效率一直最低,且与其他几个行业差距较大,本文认为其资金使用效率不高既有纯技术效率方面的原因,又有规模效率方面的原因。按企业所处地域来讲,中部地区和东北地区财务公司的平均资金使用效率要优于东部地区和西部地区财务公司,其中中部地区财务公司效率最高。笔者认为,中部地区财务公司效率高的原因在于其在发展的同时管理水平和技术水平也能齐头并进。本文可能的创新点：(1)以目前可以收集到数据的2011年与2012年85家财务公司为样本,运用DEA方法对我国企业集团财务公司的资金使用效率进行了评价,扩大了以前学者们研究的样本数量,使得结果更具代表性。(2)研究了东部、中部、西部、东北地区财务公司效率的地域差异,丰富了从DEA效率角度评价财务公司资金使用效率的研究内容；同时,以鞍钢集团财务公司和武钢集团财务公司为案例对所得结果进行了标杆分析与解释说明；本文还对资金使用有效率的财务公司进行了超效率重新排名,弥补了以前学者研究的不足。本文研究的不足：由于数据来源的局限性,本文仍然存在一些不足之处：一是样本数量依然较少,二是数据时效性不足,且局限于时间跨度未能对财务公司资金使用效率的动态变化加以讨论。希望将来财务公司能及时公布更多的年报信息,如果笔者未来能收集到更充足的数据,将对财务公司的样本数量和时间跨度进行扩充,并深入讨论其动态变化。
[Abstract]:The financial company of the enterprise group is a non bank financial institution which aims to strengthen the centralized management of the group funds and improve the efficiency of the group's funds, and provides financial management services for the group members. The first financial company in the world was born in 1878, thus calculating the development of the financial company in the West for more than 130 years. Through the establishment of financial companies within the enterprise group system, the conversion of industrial capital to financial capital is realized. The first financial company of China, Dongfeng automobile finance company, was established in 1987. After nearly 30 years of development, the number of financial companies in China has grown steadily, the scale continues to expand, the business types are more diversified and the quality of the assets is remarkable. It has become an indispensable part of the non bank financial institutions in China. Although the scale and economic volume of our financial companies are relatively small at the present stage, it plays an important and positive role in both the group itself and the development of the capital market. The service group has made outstanding contributions to the strategic development of the group and the promotion of the economic and management benefits of the group. As a financial institution within the enterprise, the financial company has played a link between the industrial demand and the financial market, and closely related to the relationship between the real economy and the financial market. However, the theoretical circles at home and abroad are operating on the financial companies. The research on efficiency is not much. From the existing literature, the research of foreign scholars mainly concentrates on the reasons for the existence and function of the financial companies, and the evaluation of the operational efficiency of the financial companies is basically not. The domestic scholars' research on the financial companies should focus on the function orientation, the development mode and so on. On the other hand, the research on the use of funds is only focused on the centralized management of funds, and there are few documents for the in-depth discussion and analysis of the use efficiency of financial companies themselves. Therefore, this paper makes a quantitative analysis of the use efficiency of financial companies through the DEA method, in order to make up for the theoretical circles to study the financial companies. The content system of this article: Chapter 1, introduction. This chapter first introduces the background and significance of this paper, then compares the nature and scope of the domestic and foreign financial companies, and defines the object of this study as an enterprise affiliated and introverted financial company; and then a brief summary of the research ideas of this article is made. In the last part, the second chapter, the relevant theory and literature review. This part first introduces the relevant theories of this study, including the theoretical basis of the existence of financial companies (the theory of integration of production and finance, the theory of internal capital market), and the benchmarking management of the learning improvement of the invalid financial companies. Secondly, it summarizes and reviews the research literature on financial companies both at home and abroad, and finds that the existing research abroad mainly concentrates on the reasons for the existence and function of the financial companies, and the evaluation of the operational efficiency of the financial companies is basically not. The research on financial companies is mainly concentrated in the finance. The research on the operational efficiency of financial companies is very small. The third chapter, the data including analysis method (DEA) overview.DEA is the research method used in this article. This chapter first clarifies the basic concepts related to DEA, and then introduces the basic model of DEA (C2R model, BC2 model) and the super efficient DEA model. And the advantages of super efficiency DEA are expounded. Finally, according to the decomposition theory of DEA, this chapter decomposes the financial use efficiency (FUE) into pure technical efficiency (PTE) and scale efficiency (SE). The fourth chapter, the empirical part of this paper. This chapter first explains the research sample and data source adopted by the model, and then introduces the input of this paper. The index selection method and basis, the final selection of the input indicators have interest expenditure, private capital, operating costs, output indicators including interest income, investment income. Then, in order to ensure the scientific research, the author made a correlation analysis of the input and output indicators, made a reasonable test of the number of samples and the number of indicators, found that all To meet the rule of experience and the latest research results. Before the empirical study, this paper also makes a descriptive statistical analysis of the input and output indicators, and finds that the individual differences in the size of the assets, the absorption of deposits, the operating expenses and the payment of the loans and the profitability of the investment are very obvious. Finally, this paper is based on the empirical results. This paper makes a detailed analysis of the use efficiency of the financial companies in China from the overall, the industry classification, the regional difference, the scale efficiency state, the input redundancy and the output insufficiency. The fifth chapter, the typical case analysis. According to the empirical results of the fourth chapter, the use efficiency of the financial company of Anshan Iron and Steel Group has been in all the samples for two years. This chapter introduces it as a benchmarking enterprise, introduces its development situation, and analyzes the reasons for its effective use of funds. At the same time, this chapter also gives a benchmarking analysis to the financial company of Wugang group, a financial company with inefficiency, and gives the effective use of its funds to Pareto. Finally, this chapter also analyzes the Enlightenment of the development experience of Anshan Iron and steel group finance company to the development of other companies. The sixth chapter, research conclusions and suggestions. This chapter summarizes the conclusions of this study, and puts forward the construction of how to improve the use efficiency of financial companies from two perspectives of the financial company itself and the regulatory agency. On the one hand, the financial companies need to learn from the benchmarks, make clear the development orientation, try to reduce the operating costs, maintain a moderate scale of their own capital, strengthen the investment business and improve the investment income level. On the other hand, the regulators should consider the industry characteristics of the financial companies, implement the differentiated regulatory policy and appropriately relax the financial companies. This chapter sums up and summarizes the content of the research on the use efficiency of financial companies in this chapter, and makes a prospect for further research in the future. The main conclusions of this paper are as follows: first, through the comparison with commercial banks, it is found that the size of the financial companies is only in the banking industry of our country, though it is found in the comparison with the commercial banks. The scale is 1.99%, but its security index, liquidity index and profitability index are obviously superior to the banking industry. Through the descriptive statistical analysis of the input and output indicators of the sample financial companies, it is found that the financial companies in our country have such aspects as the asset scale, the absorption of deposits, the operating expenses, the loans and the profitability of the investment. The difference is very obvious and has distinct industry characteristics. Second, in general, the use efficiency of financial companies in our country is low and the average value of capital use efficiency of 2011-2012 years is only 0.667 and 0.715 respectively. In terms of quantity, only 11 of the effective financial companies in 2011 and 2012 accounted for only 13% of the sample financial companies, two. The annual average of less than the industry average of 40 companies, accounting for about half of the total number of samples; from the efficiency decomposition, in 2011 and 2012, the number of pure technical and effective financial companies more than the scale of the effective financial companies, which shows that the efficiency of financial companies is more efficient than pure technical efficiency. Third, From the point of view of the industry, the efficiency of the iron and steel industry has always been in the leading position because of its comparative advantage in pure technical efficiency. The efficiency of the power industry has always been the lowest, and the gap with the other industries is large. This paper holds that the inefficient use of funds has both pure technical efficiency and regulations. The average capital efficiency of the financial companies in the central and northeast areas is better than the eastern and western financial companies, and the central financial companies are most efficient. The reason for the high efficiency of the financial companies in the central region lies in their development and management at the same time. The possible innovative points of this paper are: (1) a sample of 85 financial companies in 2011 and 2012, which can be collected from the data, is used to evaluate the efficiency of the capital use of the financial companies of the enterprise groups in China, and the number of samples studied by previous scholars has been expanded to make the result more representative. (2) the study of the regional differences in the efficiency of the financial companies in the eastern, central, Western and northeast areas, enriches the research content of the efficiency of financial companies from the DEA efficiency point of view. At the same time, the results of the results are analyzed and explained by the case of Anshan iron and steel group finance company and Wugang group finance company. There are still some shortcomings in this paper: one is that the number of samples is still less, the two is that the data is insufficient, and the time span is limited to the money. It is hoped that in the future, financial companies will be able to publish more annual reports in time. If the author can collect more sufficient data in the future, the number and time span of the financial companies will be expanded and the dynamic changes will be discussed in depth.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275

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