本文選題：信托業(yè) + SCP��； 參考：《西南財經(jīng)大學(xué)》2012年碩士論文

【摘要】：自上個世紀(jì)七十年代末,我國成立了第一家中國國際信托投資公司——中信信托以來,新中國的信托業(yè)重新恢復(fù)了活力,逐漸成為我國重要的金融組成部分。與此同時,在信托業(yè)發(fā)展過程中越來越多的問題也接踵而來,由于信托公司對自身定位的模糊不清和對本身信托發(fā)展業(yè)務(wù)模式和走向的不確定性,導(dǎo)致了極低的公司經(jīng)營效率和巨大的累積風(fēng)險,最終導(dǎo)致了政府在上個世紀(jì)八十年代三次和九十年代兩次對信托業(yè)共進(jìn)行了累計五次大規(guī)模清理整頓。信托公司數(shù)量由最多上千家縮減到目前的接近六十家,單個公司的平均規(guī)模有所擴(kuò)大,資產(chǎn)的質(zhì)量有所提高,信托公司縮量提質(zhì)的結(jié)果是與其在金融系統(tǒng)中所起的作用和信托公司本身效率的重要性密不可分的。 我國信托業(yè)在金融系統(tǒng)中承載的金融服務(wù)功能主要有兩個：一是使用信托這個媒介連接實體經(jīng)濟(jì)與資金,以它特有的管理資產(chǎn)功能對資產(chǎn)進(jìn)行風(fēng)險分散化管理,有效的在資金和實體工程或技術(shù)項目上構(gòu)建橋梁,從而為中國的經(jīng)濟(jì)建設(shè)服務(wù)；二是培育和發(fā)展市場化的金融力量。信托公司的效率和它的業(yè)務(wù)能否發(fā)揮信托“受人之托,代人理財”的本質(zhì)對于我們國家金融體系的安全至關(guān)重要,如果信托公司效率低下或者信托公司的市場定位失控,不僅不會給中國的經(jīng)濟(jì)建設(shè)做出自己的貢獻(xiàn),反而會成為中國金融體系中的一顆定時炸彈,一個風(fēng)險聚集的毒瘤,屆時受到?jīng)_擊的將不僅僅是我國的信托業(yè),還會沖擊我國的經(jīng)濟(jì)建設(shè)和改革開放,給整個實體經(jīng)濟(jì)和金融業(yè)的發(fā)展帶來嚴(yán)重的負(fù)面影響。 在2001年10月1日頒布了《中華人民共和國信托法》之后,2007年3月1日《信托公司管理辦法》和《信托公司集合資金信托計劃管理辦法》也正式地頒布,為今后信托公司市場定位、經(jīng)營模式轉(zhuǎn)型和發(fā)展戰(zhàn)略調(diào)整指明了方向,其目前處于中心的融資業(yè)務(wù)模式也會因為上述法規(guī)的實施發(fā)生實質(zhì)性改變。2010年8月24日《信托公司凈資本管理辦法》的正式公布和實施,使得信托業(yè)由原來的“一法兩規(guī)”變?yōu)椤耙环ㄈ?guī)”。上述法律法規(guī)的實施表面上是信托公司的業(yè)務(wù)規(guī)模和方向似乎受到了更加嚴(yán)厲的政策監(jiān)管和規(guī)則限制,信托公司的利潤會受到很大的影響,但是實際上這是一種對信托行業(yè)以后從業(yè)行為更進(jìn)一步地正確引導(dǎo),有效防止其風(fēng)險聚集并使其以特有的方式服務(wù)于中國的經(jīng)濟(jì),是國家有目的,有步驟地讓信托回歸其信托本質(zhì)的舉措,非常有利于中國信托業(yè)長遠(yuǎn)的發(fā)展�！耙环ㄈ�(guī)”的落實使得信托業(yè)急需完成盈利方式的轉(zhuǎn)變,如何能使信托公司的經(jīng)營更加專業(yè)化和創(chuàng)新化,如何打造一個合理控制風(fēng)險并符合社會需求的產(chǎn)品結(jié)構(gòu),如何有效的將自己的特色發(fā)揮出來,將會成為我國信托公司以后逐步調(diào)整轉(zhuǎn)型的主要發(fā)展方向。 在新規(guī)的實施和最近兩年中國政府為了控制通貨膨脹實施的一系列的貨幣緊縮政策的宏觀金融背景下,信托業(yè)在中國迎來了一個較好的發(fā)展環(huán)境,業(yè)務(wù)擴(kuò)張迅速,資產(chǎn)總量連創(chuàng)新高,很快的體現(xiàn)出了對中國經(jīng)濟(jì)的重要性和支持性。但是由于信托業(yè)發(fā)展初期規(guī)范性的缺乏,它的發(fā)展沒有像中國銀行業(yè)那樣平穩(wěn)高速地增長,而是歷盡曲折,有時候甚至停滯不前。所以國內(nèi)對信托公司市場績效相關(guān)影響因素的研究比較少,對于信托的討論更多的停留在信托制度、法律法規(guī)和房地產(chǎn)投資信托基金(REITs)等的研究上。而新規(guī)的實施一定會加劇信托公司在市場份額上和公司效率上的競爭,所以分析市場結(jié)構(gòu)和公司效率以及其他相關(guān)影響因素對于我國信托公司市場績效的影響并針對分析結(jié)果提出相應(yīng)的結(jié)論和對策是非常有必要的。 為了有效地探究我國信托業(yè)市場績效及其影響因素,結(jié)合我國信托業(yè)發(fā)展尚處于初級階段,本文決定檢驗產(chǎn)業(yè)組織學(xué)中哈佛學(xué)派的SCP理論,即“市場—績效”假說和芝加哥學(xué)派的“績效—市場”假說在我國信托業(yè)的應(yīng)用并分析影響我國信托業(yè)市場績效的決定因素,最后對我國信托業(yè)市場現(xiàn)狀以及經(jīng)營中所存在的問題提出相應(yīng)的建議。通過計量經(jīng)濟(jì)學(xué)實證分析方法檢驗我國信托業(yè)市場績效影響因素之后發(fā)現(xiàn),“市場—績效”假說和“績效—市場”假說并不存在于我國信托業(yè)市場。利用市場份額指標(biāo)、市場集中度衡量指標(biāo)CR和赫芬達(dá)爾指數(shù)HHI度量了信托業(yè)的市場競爭程度,結(jié)果表明我國信托業(yè)的市場結(jié)構(gòu)基本上屬于低寡占型,而且市場集中度(CR)還有進(jìn)一步下降的趨勢。由HHI指標(biāo)來看,我國信托業(yè)HHI1000,為非集中市場。進(jìn)一步地,經(jīng)過觀察后發(fā)現(xiàn)信托公司創(chuàng)新能力嚴(yán)重不足,產(chǎn)品差異化很小,公司的凈利潤受市場資金量波動以及國家政策影響較大。在數(shù)據(jù)方面,本文使用連續(xù)且具有代表性的四十家國內(nèi)信托公司2007年到2010年披露的年報信息作為實證的面板數(shù)據(jù)(Panel Data),對信托業(yè)市場結(jié)構(gòu)與績效(本文選用自有資產(chǎn)和信托資產(chǎn)的加權(quán)收益率來代表市場績效)之間的關(guān)系進(jìn)行了實證研究,在本文的最后提出了相關(guān)的建議和政策。 首先,文章第一部分從本文選題背景入手,根據(jù)所要研究的方向,逐步理清本文的研究思路。同時介紹了研究意義和研究方法,并從整體勾勒出文章的結(jié)構(gòu)框架。第一部分最后指出本文可能的創(chuàng)新之處和不足之處。重點是指出信托的重要性用來凸顯本文研究的意義。 文章的第二部分主要對文獻(xiàn)綜述進(jìn)行了闡述,并介紹本文所要檢驗的市場績效影響因素方面相關(guān)基礎(chǔ)產(chǎn)業(yè)經(jīng)濟(jì)學(xué)理論,為實證分析信托業(yè)市場績效的影響因素做好鋪墊。在理論方面,對市場結(jié)構(gòu)和績效之間相互的影響關(guān)系一直是產(chǎn)業(yè)組織理論中的一個重要研究領(lǐng)域,對于二者的探討主要存在兩種主流理論：一種是哈佛學(xué)派(Harvard School)的“市場—績效”假說,他們認(rèn)為市場結(jié)構(gòu)決定市場績效；另一種是美國芝加哥經(jīng)濟(jì)學(xué)派(Chicago School of Economics)的“績效—市場”假說,他們認(rèn)為企業(yè)自身的效率決定市場結(jié)構(gòu)。直到現(xiàn)在,對于市場結(jié)構(gòu)與市場績效之間的關(guān)系始終還是學(xué)者們爭論的焦點。就很多經(jīng)用實證的分析方法進(jìn)行研究的國內(nèi)外文獻(xiàn)來看,得出的結(jié)論有可能因為地區(qū)的劃分,時間段的劃分,行業(yè)的劃分而不同。 文章的第三部分主要描述了我國信托業(yè)的發(fā)展歷程,同時對市場集中度和市場份額等基本概念進(jìn)行了介紹,對論文第五部分實證分析信托業(yè)市場績效需要用到的市場結(jié)構(gòu)指標(biāo)進(jìn)行了計算。 文章的第四部分重點介紹了對于信托公司經(jīng)營效率的測度,運用DEA(數(shù)據(jù)包絡(luò)分析)方法,然后設(shè)定模型變量,輸入所需數(shù)據(jù),計算出樣本信托公司技術(shù)效率和技術(shù)進(jìn)步及其分解后的具體指標(biāo)數(shù)據(jù),最后結(jié)合我國信托業(yè)的實情,宏觀經(jīng)濟(jì)和政策變化對指標(biāo)進(jìn)行了解讀。 文章的第五部分是論文的重點,通過借助計量分析軟件Eviews6.0來測度了設(shè)定的變量對經(jīng)營績效的影響。以市場集中度、市場份額、公司效率、2007年—2010年四年平均貸款利率等相關(guān)數(shù)據(jù)作為解釋變量,經(jīng)過以上全部或者部分解釋變量的分別建模測度影響后發(fā)現(xiàn)：市場份額是影響信托公司市場績效最重要的因素,在顯著性水平比較高的情況下,年平均貸款利率也對市場績效有比較大的影響,市場集中度和公司效率對于市場績效的影響并不明顯。最后對實證結(jié)果做出相應(yīng)的分析并提出了相應(yīng)的建議,比如應(yīng)大力拓展信托公司的市場份額、擴(kuò)大規(guī)模努力創(chuàng)造規(guī)模經(jīng)濟(jì)效益、信托公司應(yīng)通過整合等手段增強市場集中度,做富有競爭力的市場主體等建議,并且還認(rèn)為信托公司還應(yīng)該積極創(chuàng)新信托產(chǎn)品,加快業(yè)務(wù)轉(zhuǎn)型。銀監(jiān)會等監(jiān)管部門也要加強監(jiān)管和引導(dǎo),在控制住信托公司風(fēng)險的前提下,適當(dāng)鼓勵信托公司擴(kuò)大規(guī)模,為增強信托公司之間的相互競爭創(chuàng)造條件。 本文的第六部分總結(jié)分析了我國信托業(yè)的市場績效及其影響因素,并對改善信托業(yè)的市場績效提出自己的觀點和風(fēng)險控制對策。
[Abstract]:Since the last century since the end of 70s, China established the first China International Trust Investment Company, CITIC Trust, the trust industry in the new China restored vitality, has gradually become an important financial component of our country. At the same time, in the process of the development of the trust industry in more and more problems, because of the trust of vague positioning itself and development to trust business model and to uncertainty, leading to the company's operating efficiency is very low and the huge cumulative risk, eventually led to the government in the last century in 80s three and 90s two of the trust industry has accumulated five large-scale rectification. The number of trust companies by most thousands down to the present close to sixty, the average size of a single company has expanded, asset quality has improved, and the node trust shrinking Fruit is inseparable from the role it plays in the financial system and the importance of the efficiency of the trust company itself.
There are two main bearing of China's trust industry in the financial system of financial services: one is to use the media to connect the real economy and the trust funds for risk diversification of assets management to its unique asset management, effective construction of the bridge in the capital and entity engineering or technical project, so as to China economic the construction of service; two is to cultivate and develop market financial strength. Trust business efficiency and it can play a "generation of financial trust entrusted by the people," the essence of our country is very important for the safety of the financial system, if the market position of trust companies is inefficient or trust company out of control, not only to make their own contribution China the economic construction, it will become a time bomb Chinese in the financial system, a risk aggregation of cancer, the impact will not only at that time It is the trust industry of our country, and it will also impact the economic construction and reform and opening up of our country, and bring serious negative impact on the development of the whole real economy and the financial industry.
After in October 1, 2001 promulgated the "People's Republic of China law", March 1, 2007 "trust management" and "trust capital trust program also formally promulgated the measures on the administration of the trust company, for the future market positioning, pointed out the direction of the transformation of the management mode and development strategy adjustment, the center is currently in the business model of financing will be because of the implementation of the above regulations of the substantive change of.2010 management in August 24th" trust net capital "formally promulgated and implemented, the trust industry from the original" one law and two regulations "to" one law and three regulations ". The implementation of laws and regulations on the surface of the trust company business scale and direction seems to be more severe the policy supervision and regulation of the trust company profits will be greatly affected, but in fact it is a kind of trust industry after working for For further guidance, to avoid the risk of accumulation and the unique way to serve the Chinese economy, there is a national goal, step by step to return to the essence of trust trust measure, is very conducive to the development of the trust industry in the future. "China change one law and three regulations" the implementation of the trust industry the urgent task of profit, how to make the operation of trust companies more professional and innovative product structure, how to build a reasonable risk control and meet the needs of society, how to make their own characteristics play out, will become China's trust companies will gradually adjust the main direction of the transformation.
In the implementation of the new regulations and Chinese government to control inflation in recent years carried out a series of tightening monetary policy macro financial background, trust industry ushered in a good development environment in Chinese, business expanded rapidly, the total assets of even a new high, quickly reflect the importance of Chinese economy and support. But because of the early development of the trust industry lack of normative, its development is not like China banking as steady and rapid growth, but through the twists and turns, sometimes even stagnant. So the domestic market performance of trust factors less, for the trust discussion focus more on the trust system, laws and regulations of real estate investment Trust Fund (REITs) and so on. And the implementation of the new regulations will intensify competition in the market share of the trust company and the company's efficiency, so It is necessary to analyze the impact of market structure and company efficiency and other related factors on the market performance of trust companies in China, and put forward corresponding conclusions and countermeasures according to the analysis results.
In order to effectively explore the market performance of China's trust industry and its influencing factors, combined with the development of our trust industry is still in the primary stage, we decided to test the theory of industrial organization in the Harvard School's SCP theory, namely "market performance" hypothesis of Chicago school and the "performance market" hypothesis in China's trust industry and analysis factors that affect the performance of the trust industry in China, and finally put forward the corresponding suggestions on the current situation of China's trust industry market and operating problems. Through econometric empirical analysis method to test the performance of China's trust industry market factors after the discovery, the "market performance" hypothesis and the "performance market" hypothesis is not in the trust industry in China market. The market share index, market concentration index and Beh Finn Dahl index CR HHI model to measure the trust degree of market competition, the results of table The market structure of China's trust industry basically belongs to the low oligopoly, but the degree of market concentration (CR) and further downward trend. By HHI indicators, China's trust industry HHI1000, non centralized market. Further, observe that the trust company is a serious lack of innovation capacity, product differentiation is very small and the company's net profit by the amount of money market fluctuations and the impact of national policies. In terms of data, this paper using the continuous and the representative of the forty domestic trust companies from 2007 to 2010 the annual disclosure of information as the panel data empirical (Panel Data), the trust industry market structure and performance (the own assets and trust the asset weighted yield to represent the market performance) of the relationship between the empirical research, finally puts forward relevant suggestions and policies.
First of all, the first part of this paper from the background, according to the research direction, gradually clarify the ideas of this research. It also introduces the research significance and research methods, and outlines the structure of the framework as a whole. The first part finally pointed out the possible innovations and shortcomings. The key is that the importance of trust for this paper highlights the significance of the study.
The second part mainly expatiates on the literature review, and introduces the factors affecting the market performance of this paper is to examine the basic aspects of industrial economics theory, to pave the way for the empirical analysis of factors influencing the trust industry market performance. In theory, the interaction between market structure and performance has been an important research field in the industrial organization theory, to explore the two mainstream theories mainly has two kinds: one is the school of Harvard (Harvard School) "market performance" hypothesis, they believe that the market structure determines the market performance; the other is the Chicago School of Economics (Chicago School of Economics) "market performance" hypothesis they think, efficiency in enterprises determines the market structure. Until now, the relationship between the market structure and market performance is still controversy among scholars There are many domestic and foreign literatures that have been studied by empirical analysis. The conclusion is likely to be different because of the division of regions, the division of time periods and the division of industries.
The third part of the article mainly describes the development process of China's trust industry. At the same time, it introduces the basic concepts of market concentration and market share. The fifth part is the empirical analysis of the market structure indicators of the trust industry's market performance.
The fourth part mainly introduces the measure for the management efficiency of trust company, the use of DEA (Data Envelopment Analysis) method, and then set the input variables of the model, the data needed to calculate the sample of the trust company technical efficiency and technical progress and specific indicators of decomposition of the data, combining the facts of China's trust industry, macro economy and policy changes for the interpretation of the index.
The fifth part is the focus of the paper, through econometric analysis software Eviews6.0 to measure the set of variables on business performance. The market concentration, market share, company efficiency, from 2007 to 2010 four years the average loan interest rates and other related data as the explanatory variable, after all or some of these variables are modeling analysis of the impact of that market share is the most important factor affecting the market performance of trust company, the significant level is high, the average loan interest rates have a relatively large impact on the market performance, market concentration and market performance for the company's efficiency is not obvious. Finally make a corresponding analysis of the empirical results and puts forward some corresponding suggestions, such as trust companies should vigorously expand market share, expand the scale of efforts to create economies of scale, the trust company shall pass The integration and other means to enhance the degree of market concentration, make the competitive market, and that the company also should actively trust product innovation, accelerate business transformation. The CBRC and other regulatory departments should strengthen supervision and guidance, in the premise of risk control of trust companies, trust companies appropriate incentives to expand the scale of creation the conditions for competition between the enhancement of the trust company.
The sixth part of this paper summarizes and analyzes the market performance and its influencing factors of China's trust industry, and puts forward its own view and risk control countermeasures for improving the market performance of trust industry.

【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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