本文關(guān)鍵詞：我國信托業(yè)X-效率實證研究　出處：《西南財經(jīng)大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 信托 X-效率 超越對數(shù)函數(shù) 隨機邊界法 中介法

【摘要】：信托即受人之托,代人理財。是指委托人基于對受托人的信任,將其財產(chǎn)權(quán)委托給受托人,由受托人按照委托人的意愿以自己的名義,為受益人的利益或其它特定目的進行管理或處分的行為。信托是一種特殊的財產(chǎn)管理制度和法律行為,同時又是一種金融制度,隨著我國經(jīng)濟發(fā)展和金融體制改革的深入,信托與銀行、保險、證券一起構(gòu)成了我國現(xiàn)代金融體系的四大支柱。 隨著國民財富的規(guī)模迅速增長,投資者理財需求的擴大,國家政策和社會各界對信托行業(yè)認可度逐漸提升,信托行業(yè)步入了快速發(fā)展的軌道。較之于銀行、保險、證券,信托具有獨特的制度優(yōu)勢。但是另一方面,相對于銀行、保險、證券,社會對信托業(yè)的了解程度還不夠高,信托知識還不夠普及,合格投資者尚需培育,私募基金成本顯著高于金融同業(yè),信托公司自身投資管理、風(fēng)險管理能力外界認同度有待提升,信托產(chǎn)品缺乏公開交易市場,整體流動性低。 在這種形勢下,我們看待中國信托業(yè)的生存與發(fā)展需要用全新的視角,充分認識信托的獨特價值、真實領(lǐng)悟信托的豐富內(nèi)涵、正確運用信托的資源配置功能,進而提升信托業(yè)在我國經(jīng)濟發(fā)展中的戰(zhàn)略地位,使之真正成為同銀行、保險、證券“并駕齊驅(qū)”的現(xiàn)代金融的四大支柱之一,這是我們當前的重要任務(wù)。因此,中國信托業(yè)如何充分利用新監(jiān)管政策為其創(chuàng)造的條件,如何應(yīng)對同行業(yè)的壓力和挑戰(zhàn),提高自身的競爭力成為其發(fā)展的主要任務(wù)。而信托公司競爭力集中體現(xiàn)為其效率,這就是說,要全面提高中國信托業(yè)的競爭力,就必須高度重視效率問題。因此通過對中國信托業(yè)的效率分析,測度當前我國信托業(yè)的效率水平和考察相關(guān)的影響因素是本文的研究重點和目的所在。分析與研究信托業(yè)的經(jīng)營效率,對中國信托業(yè)今后全面健康的可持續(xù)發(fā)展具有重要意義。 效率是社會經(jīng)濟運行效率的簡稱,是指在一定的經(jīng)濟成本的基礎(chǔ)上所能獲得的經(jīng)濟收益。在以往的理論與實證研究中,效率一詞被廣為分析�，F(xiàn)代經(jīng)濟學(xué)的鼻祖亞當斯密認為經(jīng)濟學(xué)的重要使命就是研究效率問題,并就分工效率和競爭效率提出自己的深遂思想。隨后,新古典經(jīng)濟學(xué)繼承和發(fā)揚了斯密關(guān)于競爭效率的思想,并用形式化和數(shù)學(xué)化的語言將其改造為迄今為止仍占據(jù)理論主流地位的效率理論——帕累托效率。在新古典主義經(jīng)濟學(xué)中的市場配置資源效率理論基礎(chǔ)上Leibenstein1966年提出的X-效率理論。frei、 harker、hunter將企業(yè)的X-效率定義為除規(guī)模和范圍影響之外的所有技術(shù)和配置效率,是關(guān)于整合技術(shù)、人力資源及其它資產(chǎn)來生產(chǎn)給定產(chǎn)出的管理水平的測度,也就是被新古典理論所忽略掉的企業(yè)組織效率 新古典主義經(jīng)濟學(xué)以家庭和企業(yè)為基本的經(jīng)濟單位,排除了家庭和企業(yè)內(nèi)部出現(xiàn)無效率的情況,從而使經(jīng)濟學(xué)變成了一門專門研究市場配置效率的科學(xué)。X效率理論則對此提出挑戰(zhàn),并且通過一系列的技術(shù)上的方法,來測度家庭和企業(yè)內(nèi)部的效率,并用它來代表家庭和企業(yè)內(nèi)部除規(guī)模和范圍之外的所有技術(shù)和配置效率。 本文中考察的信托業(yè)經(jīng)營效率即其x-效率。在本文中將信托業(yè)X-效率定義為關(guān)于整合技術(shù)、人力資源及其它資產(chǎn)來生產(chǎn)給定產(chǎn)出的管理水平的測度,用以反映信托公司產(chǎn)出能力、資源利用效果和成本控制等方面的經(jīng)營特征,反映除規(guī)模和范圍之外的所有技術(shù)和配置效率。本文在充分借鑒國內(nèi)外研究成果后選取更加適合我國信托業(yè)發(fā)展現(xiàn)實狀況的研究方法,根據(jù)可以公開獲得的國內(nèi)信托公司的相關(guān)數(shù)據(jù),在前人研究基礎(chǔ)上建立相關(guān)的計量模型,選定相關(guān)的投入產(chǎn)出變量,分別測度其成本效率(理論最小成本與實際成本比值)和利潤效率(實際利潤水平與理論最大利潤比值),以便判斷我國信托行業(yè)效率演進特征及現(xiàn)狀,并對其影響因素進行了深入的理論與實證研究。 為了真實的反映隨機誤差項對信托業(yè)x-效率的影響,本研究采用參數(shù)法。與非參數(shù)法相比較,參數(shù)法需要指定具體的基礎(chǔ)模型的函數(shù)形式,但它對隨機誤差項的干擾進行了設(shè)定,防止隨機誤差進入到效率因子的評價當中,同時相對于非參數(shù)法,參數(shù)法的效率評價結(jié)果離散度較小,可以作相關(guān)的統(tǒng)計檢驗。這些優(yōu)點都適合作中國信托業(yè)的效率研究。 在三種參數(shù)法中,自由分布法(DFA)假定效率不隨時間發(fā)生變化,厚層這界法(TFA)假定同一組別內(nèi)的效率因子相同。由于中國信托業(yè)近年來業(yè)務(wù)發(fā)展較快,尤其是2007年新兩規(guī)出臺后,隨著公司內(nèi)部治理結(jié)構(gòu)的改善和相關(guān)業(yè)務(wù)的規(guī)范,因此這些假設(shè)不能夠真實的反映客觀現(xiàn)實。故而在本文中選擇隨機邊界法(SFA)做信托業(yè)X-效率的實證研究。 在用隨機邊界法進行效率的實證研究中,有兩個問題要解決。其一是基礎(chǔ)模型的形式,另一個就是投入和產(chǎn)出變量的選擇�；A(chǔ)模型型式的設(shè)定和選擇會對樣本單位效率值的估計以及結(jié)果的排序產(chǎn)生重要的影響,在已有的文獻中,主要的函數(shù)形式有Cobb Douglas(CD)函數(shù)、超越對數(shù)函數(shù)(TL)、廣義超越對數(shù)函數(shù)(GTL)、傅立葉柔性函數(shù)(FF)。在上述各函數(shù)中,CD函數(shù)對于假設(shè)的限制性條件過多,與現(xiàn)實有較大差距。TL函數(shù)雖然在處理負值數(shù)據(jù)方面有內(nèi)在缺陷,但是對于潛在的生產(chǎn)結(jié)構(gòu)的限制較少,且要素產(chǎn)出彈性隨著投入的增加而變化,理論上可以擬合任何生產(chǎn)函數(shù),在目前的文獻中是最被大量使用的。本文選擇TL函數(shù)設(shè)定基礎(chǔ)模型的形式。 衡量金融機構(gòu)投入和產(chǎn)出的方法主要有兩種：生產(chǎn)法和中介法。生產(chǎn)法直接評價金融機構(gòu)的交易和憑證的數(shù)量,而中介法則認為金融機構(gòu)作為融通資金的中介,其各項收入或資產(chǎn)可以代表產(chǎn)出,相應(yīng)的勞動和資本代表投入本文基于占我國信托業(yè)經(jīng)營主體的34家信托公司2008-2010年的面板數(shù)據(jù),應(yīng)用中介法來界定信托公司的投入產(chǎn)出變量。產(chǎn)出為所有經(jīng)信托公司中介的資金,可以用信托公司的各項業(yè)務(wù)收入來代替,投入為勞動和資本的價格。另一方面各信托公司的員工薪酬數(shù)據(jù)不容易獲得,用其財務(wù)報表中可獲得的業(yè)務(wù)管理費用來近似代替,而資本的價格用人均固定資產(chǎn)總量代表。本研究中一共設(shè)置了六個變量,分別為信托業(yè)務(wù)收入、投資收益、利息收入和其它業(yè)務(wù)收入代表信托公司的產(chǎn)出變量,人均業(yè)務(wù)及管理費用、人均固定資產(chǎn)代表投入價格變量,并在上述六個變量基礎(chǔ)上設(shè)置了交叉變量。用計算機程序Frontier4.1進行實證分析后,結(jié)果表明： (1)、中國信托業(yè)X-效率個體差異較大,各信托公司無論是成本效率還是利潤效率水平都在一個較大的范圍內(nèi)波動。 (2)、以三年的數(shù)據(jù)進行實證,各信托公司成本效率基本呈一個逐年降低的趨勢,而利潤效率呈一個逐年升高的趨勢。就信托整個行業(yè)而言,從2008年到2010年三年平均成本效率為0.7489,0.7314,0.7310,反映各信托公司成本效率不高,應(yīng)努力控制成本提升自身的競爭能力。整個行業(yè)三年的平均利潤效率分別為0.6771,0.8395,0.9292,利潤效率上升較快,反映信托業(yè)經(jīng)過第六次整頓以后,功能定位逐步清晰,業(yè)務(wù)模式趨于穩(wěn)定,獲利能力得到較大增強。 (3)、各信托公司的成本效率和利潤效率并無必然聯(lián)系,利潤效率較高的公司成本效率可能較低,反之亦然。各信托公司在控制成本的同時應(yīng)加強獲利能力。 為了考察影響信托公司經(jīng)營效率的各種因素,本文進一步以測度出的效率值為因變量,對影響信托業(yè)經(jīng)營效率的因素進行回歸分析。本文主要選取了注冊資本、人均信托資產(chǎn)、人均固定資產(chǎn)、資產(chǎn)收益率、營業(yè)成本、主營業(yè)務(wù)收入等幾個變量,同樣基于上述34家信托公司2008-2010年的面板數(shù)據(jù),運用固定效應(yīng)模型進行研究。實證結(jié)果表明：對于成本效率而言,人均固定資產(chǎn)規(guī)模、人均信托資產(chǎn)規(guī)模、注冊資本、營業(yè)成本四個變量的影響都是負向顯著的的,意味著隨著上述變量的增長,效率水平會有所下降。而人均固定資規(guī)模、人均信托資產(chǎn)規(guī)模、營業(yè)成本對信托公司利泣效率的影響則是正向顯著的,隨著上述變量的增長,信托公司的利潤效率會有所上升。 本文的研究試圖做出一種嘗試性的努力,力求可以結(jié)合我國信托業(yè)發(fā)展與現(xiàn)狀的實際情況,在前人的研究基礎(chǔ)上做出了以下創(chuàng)新： (1)、方法創(chuàng)新：迄今為止,國內(nèi)外眾多的研究多關(guān)注銀行業(yè)和證券業(yè)的效率,對于作為金融四大支柱這一的信托業(yè)關(guān)注較少。國內(nèi)的學(xué)者對信托業(yè)X-效率的研究多用非參數(shù)的數(shù)據(jù)包絡(luò)法,很少用隨機邊界法來測度信托公司的X-效率,而本文基于隨機邊界法測度各信托公司的X-效率,在此基礎(chǔ)上,分析我國信托公司利潤效率和成本效率的現(xiàn)狀,趨勢及變化特征。 (2)、內(nèi)容創(chuàng)新：對于隨機邊界法的生產(chǎn)函數(shù)和投入產(chǎn)出變量的選擇在理論上和實證上向來有爭議。本文選用超越對數(shù)函數(shù)作為生產(chǎn)函數(shù),同時根據(jù)信托公司的經(jīng)營特點,運用中介法,選用信托業(yè)務(wù)收入、投資收益、利息、收入和其它業(yè)務(wù)收入來代表信托公司的產(chǎn)出,選用人均業(yè)務(wù)及管理費用、人均固定資產(chǎn)作為信托公司的投入變量價格。同時分別運用成本函數(shù)和利潤函數(shù)對效率因子進行估計,對測度出的各年成本效率和利潤效率進行比較,分析影響效率因子的各種因素。
[Abstract]:Trust that is entrusted by the people, generation financial management. Is the principal of the trustee based trust, entrust their property to the trustee, the trustee in accordance with the wishes of the client in its own name, for the benefit of the beneficiary or other special purpose management or disposition behavior. Trust is a special kind of property management institutional and legal behavior, is also a kind of financial system, with China's economic development and the deepening of financial reform, the trust and banking, insurance, securities together constitute the four pillars of our modern financial system.
With the rapid growth of the national wealth, expand the financial needs of investors, the national policy and the social from all walks of life to the trust industry recognition gradually increase, the trust industry has entered a rapid development track. Compared with the banking, insurance, securities, trust system has unique advantages. But on the other hand, compared with the bank, securities, insurance, social understanding the degree of the trust industry is still not high enough, trust and knowledge are not widely available, still need to cultivate qualified investors, private equity fund cost was significantly higher than that of the financial industry, the trust company's own investment management, the risk management ability of external identity should be improved, the lack of public trust products trading market, the overall liquidity is low.
In this situation, we look at the China trust industry needs for survival and development with a new perspective to fully understand the unique value of trust, enrich the connotation of the real understanding of the trust, the correct use of the resource allocation function of trust, and then promote the strategic position of trust industry in China's economic development, so as to become the same bank, insurance one, the four pillars of modern financial securities ", this is our racing together bridle to bridle" important task at present. Therefore, Chinese trust industry how to make full use of the new regulatory policy for the creation of conditions, how to deal with the same industry pressure and challenges, improve their competitiveness has become the main task of its development. And the trust company competitive focus reflects its efficiency, that is, to improve the China trust industry competitiveness, we must attach great importance to the efficiency problem. Therefore through the efficiency of the China trust industry analysis, measurement The efficiency and level of China's trust industry is the key and purpose of this paper. Analyzing and studying the operation efficiency of the trust industry is of great significance for the healthy and sustainable development of China's trust industry in the future.
Efficiency is the efficiency of social economy, refers to the available based on economic cost on certain economic benefits. In the theoretical and empirical research in the past, the efficiency of the word has been widely analyzed. Adams founder of modern economics believe the important mission is to study the economic efficiency, and the efficiency of labor division and the efficiency of competition put forward their own deep thought. Then, the new classical economics to inherit and develop the competitive efficiency of Smith's thought, and with the formal and mathematical language to transform efficiency theory so far still occupy the mainstream position of the theory of Pareto efficiency theory.Frei, X- efficiency in neoclassical economics in the market the efficiency of the allocation of resources based on the theory of Leibenstein1966 proposed by Harker, Hunter X- will define the efficiency of enterprises for all technology and distribution in addition to the scale and scope of influence The efficiency is about the measurement of the management level of integrating the technology, human resources and other assets to produce the given output, that is, the organizational efficiency neglected by the new classical theory.
The new classical economics to households and enterprises as the basic economic unit, excluded households and businesses appear inefficient, so as to make economics into a specialized study of market efficiency.X efficiency theory is put forward scientific challenges, and through a series of technical efficiency, and to measure the family within the enterprise, and it is used to represent the family and the enterprise in addition to the scale and scope of all the technical and allocative efficiency.
This paper examines the operating efficiency of the trust industry in the x- efficiency. In this paper, the trust industry X- efficiency is defined as the integration of technology, human resources and other assets to measure the management level of production output was given, in order to reflect the trust company output ability, the utilization effect of resources and operating characteristics of this control, all reflect technical and allocative efficiency in addition to the scale and scope of the study. The method is more suitable for the development of our trust industry actual situation the paper selected in reference to the domestic and foreign research results, according to the relevant data of the publicly available domestic trust company, the measurement model on the basis of previous studies, selected relevant input and output variables measure the cost efficiency, respectively (the theory of minimum cost and actual cost ratio) and profit efficiency (the actual profit level and the theoretical maximum profit ratio), to judge me The characteristics and current situation of the efficiency evolution of the country trust industry, and the in-depth theoretical and empirical research on its influencing factors.
In order to reflect the stochastic error impact on the trust industry x- efficiency, this study used the parameter method. Compared with the non parameter method and parameter method need to specify the model based specific function forms, but its interference to the random error of the set, to prevent the random error into the evaluation of the efficiency factor, at the same time compared with the non parametric method, less efficiency evaluation results of parameter method of dispersion, can make the relevant statistical tests. These advantages are suitable for the study of the efficiency of Chinese trust industry.
In the three parameter method, free distribution method (DFA) assumes that the efficiency does not change with time, the thick layer method (TFA) assumes that the efficiency factor in a group are the same. The Chinese trust industry in recent years the rapid development of business, especially in 2007 after the introduction of two new regulations, with the company's internal governance structure improvement and business norms, these assumptions are not able to truly reflect the objective reality. So in this paper the stochastic frontier approach (SFA) made an empirical study on X- efficiency of trust industry.
An empirical study on the efficiency of the random boundary method, there are two problems to be solved. The first is the basic form of the model, the other is the input and output variables. Ranking model based production type selecting and setting up of sample unit efficiency value estimation and results of an important influence on the existing literature, the main function of the form of Cobb Douglas (CD) function, logarithmic function (TL), generalized translog function (GTL), Fu Liye (FF). The flexible function in each of the above function, the CD function for the restrictive conditions assumed too much, there is a great gap between the reality and the.TL function though there are inherent defects in the processing of negative data, but for the less restrictive structure of production potential, and the output elasticity of factors with the increase of input and change theory can fit any production function, in the current literature is the most widely used This article selects the TL function to set the form of the basic model.
There are two main methods for financial institutions to measure input and output, production method and direct method. The number of intermediary evaluation of financial institutions trading and production certificate law, and the law that financial institutions as intermediary intermediary financing, the income or assets can represent the corresponding output, labor and capital investment in the panel data of 34 representative trust companies accounted for China's trust industry the main business of the 2008-2010 based on the application of intermediary method to define the input and output variables of trust company. Output intermediary funds of all the trust companies, can use the business income of the trust company to replace, input prices for labor and capital. On the other hand, the staff salary data trust is not easy to obtain, with the financial statements available in business management fees to replace, and the price of capital per capita fixed assets on behalf of the total. In the study of set up a total of six variables, respectively, trust business income, investment income, interest income and other business income on behalf of trust companies per capita output variables, business and management fees, per capita fixed assets represents the input price variables, and cross variable settings in the above six variables on the basis of empirical analysis by computer. The program of Frontier4.1, results show that:
(1) the X- efficiency of China's trust industry varies greatly, and the trust companies are fluctuating in a larger range, both in cost efficiency and profit efficiency.
(2), the empirical data for three years, the trust company cost efficiency basically showed a decreasing trend, while the profit efficiency showed an increasing trend. The entire trust industry, from 2008 to 2010 three years, the average cost efficiency is 0.7489,0.7314,0.7310, reflecting the trust cost efficiency is not high. Efforts should be made to control costs and improve their competitive ability. The average profit of three years of the efficiency of the entire industry is 0.6771,0.8395,0.9292 respectively, the profit efficiency increased rapidly, reflecting the trust industry after the sixth rectification, function gradually clear, the business model tends to be stable, profitability is greatly enhanced.
(3) the cost efficiency and profit efficiency of each trust company are not necessarily related. The cost efficiency of companies with higher profit efficiency may be low, and vice versa.
In order to investigate several factors affect the operational efficiency of the trust company, this paper further to measure the efficiency of the value as the dependent variable, regression analysis of the influencing factors of the trust industry operating efficiency. This paper mainly selected the registered capital of the trust assets, per capita, per capita fixed assets, return on assets, operating costs, the main business income of several the same variables, the panel data of 34 trust companies based on 2008-2010, using the fixed effect model is studied. The empirical results show that: for cost efficiency, per capita fixed assets per capita, the size of the trust assets, registered capital, operating costs affect the four variables are negative and significant, means that with the above variables the growth level of efficiency will decline. While the per capita fixed assets per capita scale, the scale of trust assets, affect the operating costs of the trust companies and the efficiency of cry is significantly positive As the above variables increase, the efficiency of the trust company will rise.
This research is trying to make a tentative effort to make the following innovations based on previous studies based on the actual situation of the development and current situation of trust industry in China.
(1), innovative methods: so far, the efficiency of many domestic and foreign research on the banking and securities industry, as the four pillars of the financial trust industry. Domestic scholars pay less attention to the research on the trust industry X- efficiency with data envelopment analysis nonparametric stochastic frontier method is seldom used. To measure the trust X- efficiency, and this stochastic boundary method to measure the trust company's efficiency based on X-, on this basis, analysis of the current situation of China's trust companies profit efficiency and cost efficiency, trend and change characteristics.
(2), content innovation: for the stochastic frontier production function method and input-output variable selection has always been controversial in theory and practice. This paper selects the translog function as production function, and according to the operating characteristics of the trust company, use the intermediary method, the trust business income, investment income, interest income, and other business income to represent the trust business and per capita output, selection of management fees, per capita fixed assets as the trust's input variables. At the same time using price cost function and profit function to estimate the efficiency factor, carries on the comparison to the measure of the annual cost and profit efficiency, analyze the influencing factors of efficiency factor.

【學(xué)位授予單位】：西南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.49;F224

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