【作者】 白斌；

【导师】 王洪礼；

【作者基本信息】 天津大学 ， 管理科学与工程， 2010， 博士

【摘要】 作为经济领域中唯一可以同时横跨货币市场、资本市场和实业市场的信托业,与银行、证券、保险并列称为金融领域的四大支柱。因此,本文首先研究我国信托公司的效率问题,并实证分析了影响信托公司发展的主要因素。这对深化我国信托公司的改革、提升信托公司效率和盈利能力都具有十分重要的理论意义和现实意义。首先,本文对信托公司效率的内涵进行了定义,分析比较了测度信托公司效率的非参数方法和参数方法,还给出了信托公司效率测度的函数形式。又以2006～2008年,全国44家信托公司为样本,选取注册资本金、人数、资产总额为投入变量,收入和净利润为产出变量,利用数据包络分析DEA法对信托公司的技术效率、规模效率和成本效率进行了实证研究。结果表明,从2006年至2008年,我国信托公司的技术效率和规模效率总体上均呈下降趋势,急需通过优化投入产出结构和公司规模来提高效率;而成本效率总体上呈上升趋势,说明信托公司的成本与产出比较好。其次,又利用随机前沿分析SFA法对我国信托公司的利润效率进行了实证研究。结果表明,我国信托公司的利润效率总体上也呈下降趋势。这主要与信托公司近年来过分追求信托规模,而降低信托报酬率有关。此外,从信托公司的股东背景对信托公司利润效率的影响来看,由我国500强或金融企业控股的信托公司的利润效率则较高。可见股东背景是最主要的影响因素。最后,从影响信托公司效率的宏观因素、行业因素、微观因素等三大方面,对信托公司效率的影响因素进行了全面系统的分析,并以盈利能力的指标净利润作为因变量,分别选取反映信托规模、创新程度、稳定性、资产配置以及公司治理等变量作为自变量,用随机森林RFA算法计算了各自变量的重要性,并分析了它们对于盈利能力的相对影响。指出目前影响我国信托公司净利润的主要因素是规模和稳定性;而资产配置、创新程度和公司治理对于效率的影响不大。文章最后从宏观、行业和微观三个层面给出了提升我国信托业效率的建议。更多还原

【Abstract】 Banking, securities industry, insurance industry, and trust industry, which is the only to simultaneously span the money market, the capital market, and the industry market, are the four pillars in economic sphere. Consequently, this dissertation will first discuss the efficiency of China trust company, and meanwhile it analyses the main factors which affect the development of trust company with the case study. This dissertation plays a substantial role both in theory and in practice because it helps to deepen the reform of China trust company, and to improve efficiency and profitability of the trust company.Firstly, this dissertation defines what the connotation of the efficiency of the trust is, and it analyses by comparison the nonparametric and parametric methods of measuring trust efficiency, and it further shows the function form of measuring it. This research has been based on the selected 44 trust companies as samples from the whole country, and the registered capital, the number of people, and the total assets as input variables, and selected income and net margin as output variables from the year 2006 to 2008, and the case study applies the data envelope analysis (DEA) method and empirical study on the technical efficiency, scale efficiency, and cost efficiency. The results have indicated that from the year 2006 to 2008 the technical efficiency and scale efficiency of Chinese trust company shows a decrease tendency as a whole, and it urgently needs to improve efficiency by optimizing the input-output structure and the scale of company; but the cost efficiency shows an increasing tendency as a whole, which proves the situation of the cost and output of trust company is quite well.Secondly, it studies the profit efficiency of China trust company by using stochastic frontier analysis (SFA) method. The result indicates that profit efficiency of China trust company also shows a decrease tendency in general. It mainly relates to the excessively pursuit of expanding the scale of trust and decreasing the rate of pay of trust in recently years. Besides, from effect of the background of stockers on the profit efficiency in trust company, the profit efficiency of the trust companies that are held by TOP500 in China or financial enterprises is higher. It can be argued that the background of stockholders is the key factor. Finally, analyze comprehensively and systematically the factors that influence trust efficiency through the three main respects, the macro factor, the industry factor, and the microscopic factor. And with the net profitability indicators being the dependent variable and the variable like trust scale, degree of innovation, stability, asset allocation as well as the corporate governance chosen respectively as the independent variable, the importance of each variable are calculate in the Random forest algorithm (RFA) method, and the relative effect of their importance on the profitability analyzed. The analysis showed that the main factors that affect the net profit of China trust company are the scale and the stability while the asset allocation, the degree of innovation, and the corporate governance have little effect on the efficiency. At last, the article gives advice on enhancing the efficiency of China trust industry from three levels, the macro, the industry, and the microscopic.更多还原