基于三阶段DEA方法的我国信托业效率研究

发布时间：2018-01-09 15:19

本文关键词：基于三阶段DEA方法的我国信托业效率研究　出处：《东北财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：信托业与银行业、保险业、证券业共同称为现代金融业的四大支柱,信托公司依托着信托制度也成为唯一能够跨越货币市场、资本市场、实业投资市场的非银行业金融机构,近年来信托业在金融市场中的作用显得越来越重要。我国的信托业自1979年恢复之后,由于长期对其功能的错误定位,在之后的30年里经历了5次的清理整顿和曲折发展终于回归主业,迎来了历史上前所未有的良好发展,截至2012年底,中国67家持牌信托公司资产管理总额已达到7万亿元,信托业的资产规模已经远远超过公募基金行业,并且直追保险业资产规模。然而,由于中国信托业同信托业水平发达的国家相比起步较晚,水平较低且又经过多次整顿,中国的信托公司还存在诸多制约其发展的瓶颈问题,因此在中国这种特殊的背景之下,对于信托业效率的研究更为重要。本文在对国内外相关文献进行研究分析后,采用三阶段DEA方法,对我国51家信托公司2008-2011年的相关数据进行实证分析,并且分离环境变量以及随机误差对于第一效率值产生的影响,在此基础上调整原始投入值,测度出新的我国信托公司效率,同时将第一阶段DEA方法获得的效率值同第三阶段DEA方法获得的效率进行对比,分析其中差异及产生差异的原因。实证分析结果表明我国信托公司效率水平整体较低,整个信托行业仍处于初级发展阶段,信托业的粗放经营并不能带动效率的提升；信托公司的无效率主要源自于纯技术无效率,且各信托公司效率水平差距较大,两极分化严重,效率均值波动较大,信托公司抗风险能力较弱,没有稳定的盈利模式和收入结构；信托公司效率水平受外部环境影响因素较大,市场份额提高、股东背景强大、成立年限越长、地区居民消费水平越高,越能够节省各项投入提高效率,地区金融就业人员工资越高会造成各项投入的浪费,降低效率。针对以上分析结果,本文对信托公司和政府监管部门分别提出相关政策建议：信托公司应由粗放式经营向集约式经营转变,实现内涵式增长；开发信托业盈利模式,稳定收入结构；加强信托公司内部控制,防范化解经营风险。政府及相关监管部门应该完善信托业法律,健全配套制度；加强监管部门监管力度,培育信托业良好市场环境。本文的创新点在于：第一,目前国内对于金融企业的效率研究普遍集中于银行、证券、保险业,对于金融业四大支柱之一的信托业研究较少,本文通过理论介绍和实证分析对我国当前信托业的效率做出了较为综合的评价。第二,我国目前对于金融行业的效率评估普遍采用传统的DEA方法,传统的DEA方法在进行效率评价过程中,无法剔除外生变量对于效率值的影响,本文采用DEA三阶段方法对信托公司的效率进行研究,剔除了环境变量和随机误差对传统DEA效率值的影响,克服了线性规划模型的局限性,在相对公平的视角下研究了信托公司效率问题。第三,克服以往信托业研究过程中,样本量小时间跨度短的问题,我国于2007年颁布信托业新法,颁布后很多统计口径发生改变,故本文选择2007年信托新法颁布后我国51家信托公司2008-2011数据进行分析。本文存在的不足：第一,虽然信托业的数据现在较为透明,然而对于本文对于效率分析的最佳数据,主要数据来源仍显不足,因此造成了本文在数据搜集上的困难,有些参数无法直接找到,因此只能用其它相关数据代替。第二,本文仅选取主要的环境因素进行分析,忽略了一些次要因素对于效率的影响,因此会影响到信托公司效率的客观性。
[Abstract]:The trust industry and the banking, insurance, securities industry jointly called four major pillars of modern financial industry, the company relies on a trust trust system has become the only able to cross the money market, capital market, non banking financial institutions, industrial investment market in recent years, the role of trust industry in the financial market becomes more and more important. The trust industry in China since 1979, due to the long-term function of the fault location, after 30 years has experienced 5 times of rectification and tortuous development and finally return to the main industry, ushered in the good development of the history of hitherto unknown, as of the end of 2012, China 67 to total assets management company has reached the brand trust 7 trillion yuan, the trust industry asset size has been far more than the public fund industry, and catching the insurance assets. However, due to Chinese trust industry and trust industry developed country compared relatively China's trust companies still have many bottlenecks that restrict their development after the late stage, which has been reorganized for many times. Therefore, under the special background of China, the research on the efficiency of trust industry is more important.
This article conducts the research on the analysis of the related literature at home and abroad, using three stage DEA method, an empirical analysis of relevant data of 51 trust companies in China in 2008-2011, and the separation of environmental variables and random errors for the first efficiency value of the impact, on the basis of adjusting the original input value, a new measure of trust in our country at the same time, the efficiency of company efficiency, won the first stage of the DEA method with the efficiency value of third phase DEA method were compared, analysis of the differences and the causes of the differences. The empirical results show that the level of trust companies in China overall efficiency is low, the trust industry is still in the primary stage of development, the trust industry does not promote extensive management to improve the efficiency; efficiency of trust company mainly from pure technical inefficiency, and the trust company's efficiency gap, serious polarization, efficiency The mean volatility, weak anti risk ability of the trust company, there is no stable profit model and the income structure; the level of trust company's efficiency is affected by the external environment, improve market share, strong shareholder background, the establishment of life long, area residents consumption level higher, more can save the investment efficiency, financial personnel wage employment area the higher the investment will cause the waste and reduce efficiency.
According to the analysis results above, the trust company and government supervision departments respectively and puts forward relevant policy suggestions: change the trust company should be extensive management to intensive management, to achieve intensive growth; profit model development trust industry, stable income structure; strengthen the trust company internal control, to prevent and resolve business risks. The government and relevant departments should improve supervision the trust industry law, improve the supporting system; strengthen the supervision department supervision, foster a good market environment of trust industry.
The innovation of this paper lies in: first, the current research for the efficiency of financial enterprises generally concentrated in the banking, securities, insurance industry, the trust industry is one of the four pillars of the financial industry is less, this paper through theoretical and empirical analysis of the comprehensive evaluation was made to the trust industry in our country at present. The efficiency of second. China's current assessment of the efficiency of the financial industry generally uses the traditional DEA method, traditional DEA method in the efficiency evaluation process, to eliminate exogenous variables which can affect the efficiency value, this paper adopts DEA three stage method was used to study the efficiency of trust companies, excluding the environmental variables and random error influence on the efficiency of the traditional DEA value the limitation of the linear programming model, in a relatively fair perspective on the efficiency of the trust company. Third, to overcome the trust industry in the course of the study, sample size In the short period of time, China promulgated the new law of trust industry in 2007. After the promulgation, many statistics have changed. So this paper selects 2008-2011 data of 51 trust companies in China after the promulgation of the new trust law in 2007.
The shortcomings of this paper: first, although the trust industry data is now more transparent, but for the best efficiency of data analysis, the main source of data is still insufficient, resulting in the difficulty of data collection, some parameters can be found directly, therefore can only be replaced by other relevant data. Second, this paper only selects the environment the main factors are analyzed, ignoring some minor factors for affecting the efficiency, it will affect the objectivity of trust company's efficiency.

【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F224;F832.49

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