外资引入对我国信托公司效率的影响研究
发布时间：2018-11-13 14:49
【摘要】：近年来,伴随着我国信托行业的快速发展及我国金融市场开发程度的日益加大,外资逐渐频繁地参股我国信托公司。外资的引入会对我国信托公司的股权结构、公司治理、经营管理及公司效率产生重要影响。相较于对银行业引入外资所做的丰富研究,目前对我国信托业引入外资的研究还较少,更鲜有对外资影响我国信托公司效率的针对性考察。基于以上背景,本文在全面测度信托公司静态效率和动态效率的基础上,重点考察外资引入对信托公司效率的影响效应,以及这种效应的传导机制。 本文先从理论分析角度探讨了外资引入与我国信托公司效率的关系,并探索性地阐释了外资影响信托公司效率的传导机制。在理论分析的基础上,本文选取了30家信托公司作为研究样本,其中包括五家已引入外资的信托公司,运用数据包络分析法(DEA)和Malmquist生产率指数法测算了他们的技术效率及全要素生产率,从横向和纵向两个角度直观地分析了外资引入对信托公司效率的影响。进而将信托公司综合技术效率作为被解释变量,将反映外资引入的相关指标作为解释变量,并选取了反映信托公司经营管理水平的指标作为效率传导变量,构建Tobit回归模型来检验外资引入对信托公司效率的影响效应。 经过实证研究得出,外资引入与信托公司效率正相关;外资持股比例与信托公司效率正相关；外资方派驻董事占董事会人数与信托公司效率正相关。实证结论与本文研究假设一致,即外资引入对信托公司效率具有正向影响,证明了外资影响信托公司效率的第一条传导途径,即外资通过优化信托公司治理机制,对其效率产生了积极影响。同时,通过对效率传导变量的实证考察证明了外资影响信托公司效率的第二条传导途径,即外资通过提高信托公司业务创新能力和风险管控能力,提升了公司的经营管理水平,对其效率产生了积极影响。此外,在研究中还发现了一些问题,如外资引入未能对我国信托公司市场竞争能力产生积极影响,我国信托公司市场竞争水平仍然较低。在此基础上,本文从信托公司和政策监管两个层面提出了相应政策建议。
[Abstract]:In recent years, with the rapid development of China's trust industry and the increasing degree of financial market development in China, foreign investors gradually participate in Chinese trust companies more and more frequently. The introduction of foreign capital will have an important impact on the ownership structure, corporate governance, management and efficiency of trust companies in China. Compared with the rich research on the introduction of foreign capital into the banking industry, there are few studies on the introduction of foreign capital into the trust industry in China, and there are few targeted investigations on the impact of foreign investment on the efficiency of trust companies in China. Based on the above background, based on the comprehensive measurement of the static and dynamic efficiency of trust companies, this paper focuses on the impact of foreign investment on the efficiency of trust companies, as well as the transmission mechanism of this effect. This paper first discusses the relationship between the introduction of foreign capital and the efficiency of trust companies in China from the perspective of theoretical analysis, and explores the transmission mechanism of foreign investment affecting the efficiency of trust companies. On the basis of theoretical analysis, this paper selects 30 trust companies as the research sample, including five trust companies that have introduced foreign capital. By using data Envelopment Analysis (DEA) and Malmquist Productivity Index (Malmquist), this paper measures their technical efficiency and total factor productivity, and analyzes the influence of foreign capital introduction on the efficiency of trust companies from both horizontal and vertical angles. Then, the comprehensive technical efficiency of the trust company is taken as the explanatory variable, the related index reflecting the introduction of foreign capital is taken as the explanatory variable, and the index reflecting the level of operation and management of the trust company is selected as the efficiency conduction variable. Tobit regression model is constructed to test the effect of foreign capital introduction on the efficiency of trust companies. The empirical study shows that the introduction of foreign capital is positively related to the efficiency of the trust company, the proportion of foreign ownership is positively related to the efficiency of the trust company, and the number of directors assigned to the board of directors by foreign investors is positively related to the efficiency of the trust company. The empirical conclusion is consistent with the hypothesis of this paper, that is, the introduction of foreign capital has a positive impact on the efficiency of trust companies, and proves that the first transmission way of foreign investment influencing the efficiency of trust companies is that foreign capital can optimize the governance mechanism of trust companies. It has a positive effect on its efficiency. At the same time, through the empirical investigation of the efficiency conduction variable, it is proved that the second transmission way of foreign investment affects the efficiency of trust company, that is, foreign capital improves the management level of trust company by improving its business innovation ability and risk control ability. It has a positive effect on its efficiency. In addition, some problems have been found in the study, such as the fact that the introduction of foreign capital has not had a positive impact on the market competitiveness of Chinese trust companies, and the level of market competition of Chinese trust companies is still low. On this basis, this paper puts forward corresponding policy suggestions from trust company and policy supervision.
【学位授予单位】：西北大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.49
本文编号：2329483
[Abstract]:In recent years, with the rapid development of China's trust industry and the increasing degree of financial market development in China, foreign investors gradually participate in Chinese trust companies more and more frequently. The introduction of foreign capital will have an important impact on the ownership structure, corporate governance, management and efficiency of trust companies in China. Compared with the rich research on the introduction of foreign capital into the banking industry, there are few studies on the introduction of foreign capital into the trust industry in China, and there are few targeted investigations on the impact of foreign investment on the efficiency of trust companies in China. Based on the above background, based on the comprehensive measurement of the static and dynamic efficiency of trust companies, this paper focuses on the impact of foreign investment on the efficiency of trust companies, as well as the transmission mechanism of this effect. This paper first discusses the relationship between the introduction of foreign capital and the efficiency of trust companies in China from the perspective of theoretical analysis, and explores the transmission mechanism of foreign investment affecting the efficiency of trust companies. On the basis of theoretical analysis, this paper selects 30 trust companies as the research sample, including five trust companies that have introduced foreign capital. By using data Envelopment Analysis (DEA) and Malmquist Productivity Index (Malmquist), this paper measures their technical efficiency and total factor productivity, and analyzes the influence of foreign capital introduction on the efficiency of trust companies from both horizontal and vertical angles. Then, the comprehensive technical efficiency of the trust company is taken as the explanatory variable, the related index reflecting the introduction of foreign capital is taken as the explanatory variable, and the index reflecting the level of operation and management of the trust company is selected as the efficiency conduction variable. Tobit regression model is constructed to test the effect of foreign capital introduction on the efficiency of trust companies. The empirical study shows that the introduction of foreign capital is positively related to the efficiency of the trust company, the proportion of foreign ownership is positively related to the efficiency of the trust company, and the number of directors assigned to the board of directors by foreign investors is positively related to the efficiency of the trust company. The empirical conclusion is consistent with the hypothesis of this paper, that is, the introduction of foreign capital has a positive impact on the efficiency of trust companies, and proves that the first transmission way of foreign investment influencing the efficiency of trust companies is that foreign capital can optimize the governance mechanism of trust companies. It has a positive effect on its efficiency. At the same time, through the empirical investigation of the efficiency conduction variable, it is proved that the second transmission way of foreign investment affects the efficiency of trust company, that is, foreign capital improves the management level of trust company by improving its business innovation ability and risk control ability. It has a positive effect on its efficiency. In addition, some problems have been found in the study, such as the fact that the introduction of foreign capital has not had a positive impact on the market competitiveness of Chinese trust companies, and the level of market competition of Chinese trust companies is still low. On this basis, this paper puts forward corresponding policy suggestions from trust company and policy supervision.
【学位授予单位】：西北大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.49
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