【摘要】：信托業(yè)是金融業(yè)的重要組成部分,由于信托業(yè)橫跨貨幣市場(chǎng)、資本市場(chǎng)和產(chǎn)業(yè)市場(chǎng),具有投資領(lǐng)域多元化、運(yùn)用方式靈活及信托財(cái)產(chǎn)法律地位獨(dú)立等制度優(yōu)勢(shì),信托公司也因此素有“金融百貨公司”的美譽(yù)。隨著我國(guó)經(jīng)濟(jì)和國(guó)民財(cái)富的迅速增長(zhǎng),信托業(yè)獲得了巨大的發(fā)展機(jī)遇,2007年《信托公司管理辦法》等信托新規(guī)實(shí)施以來,我國(guó)信托業(yè)更是進(jìn)入了新一輪的快速發(fā)展階段,信托業(yè)行業(yè)重組加快,市場(chǎng)競(jìng)爭(zhēng)格局日益分化。因此,關(guān)于我國(guó)信托業(yè)市場(chǎng)結(jié)構(gòu)與績(jī)效關(guān)系的研究,不僅有利于我們認(rèn)識(shí)和明確現(xiàn)階段我國(guó)信托業(yè)的市場(chǎng)競(jìng)爭(zhēng)格局和信托業(yè)整體經(jīng)營(yíng)績(jī)效水平,還有利于監(jiān)管當(dāng)局制定和實(shí)施信托業(yè)的產(chǎn)業(yè)發(fā)展政策,以更好的發(fā)揮信托業(yè)的制度優(yōu)勢(shì)促進(jìn)信托業(yè)快速發(fā)展。本文利用產(chǎn)業(yè)組織理論關(guān)于市場(chǎng)結(jié)構(gòu)與績(jī)效關(guān)系的各種理論假說,基于2007-2010年我國(guó)信托業(yè)49家信托公司的面板數(shù)據(jù)對(duì)現(xiàn)階段我國(guó)信托業(yè)的市場(chǎng)結(jié)構(gòu)與績(jī)效關(guān)系進(jìn)行了研究。 研究表明,現(xiàn)階段我國(guó)信托業(yè)市場(chǎng)競(jìng)爭(zhēng)比較充分,市場(chǎng)集中度較低,我國(guó)信托業(yè)市場(chǎng)結(jié)構(gòu)屬于集中度較低的低中寡占市場(chǎng),或競(jìng)爭(zhēng)比較充分的競(jìng)爭(zhēng)型Ⅱ型市場(chǎng)�；贒EA模型對(duì)我國(guó)信托業(yè)經(jīng)營(yíng)效率的研究發(fā)現(xiàn),2007-2010年間我國(guó)信托業(yè)49家信托公司的各年度經(jīng)營(yíng)效率普遍較低,均值僅為0.585；但從時(shí)間序列來看,我國(guó)信托業(yè)的經(jīng)營(yíng)效率水平在此期間整體得到大幅改善,全要素生產(chǎn)率年均增長(zhǎng)9.9%。最后,本文關(guān)于我國(guó)市場(chǎng)結(jié)構(gòu)與績(jī)效關(guān)系的實(shí)證檢驗(yàn)結(jié)果表明,現(xiàn)階段我國(guó)信托業(yè)市場(chǎng)結(jié)構(gòu)與績(jī)效之間的關(guān)系符合“效率結(jié)構(gòu)”假說,這表明經(jīng)營(yíng)效率才是公司績(jī)效差異的根源,經(jīng)營(yíng)效率高的公司可以通過管理、技術(shù)等方面帶來的成本降低和規(guī)模效益,從而提高公司的整體經(jīng)營(yíng)績(jī)效水平。此外,研究還發(fā)現(xiàn)市場(chǎng)集中度始終與信托業(yè)經(jīng)營(yíng)績(jī)效呈正相關(guān)關(guān)系。因此,在今后我國(guó)信托業(yè)發(fā)展中還應(yīng)進(jìn)一步加快行業(yè)重組,提高信托業(yè)的市場(chǎng)集中度。
[Abstract]:The trust industry is an important part of the financial industry. Because the trust industry straddles the money market, the capital market and the industrial market, it has the advantages of diversified investment fields, flexible application methods and independent legal status of the trust property. Trust companies are therefore known as "financial department stores" reputation. With the rapid growth of China's economy and national wealth, the trust industry has got a great opportunity for development. Since the implementation of new trust regulations such as the Trust Company Management measures in 2007, China's trust industry has entered a new round of rapid development stage. Trust industry restructuring, market competition is increasingly divided. Therefore, the study on the relationship between the market structure and the performance of trust industry in our country is not only helpful for us to understand and clarify the market competition pattern of trust industry in our country and the overall management performance level of trust industry at the present stage. It is also conducive to the regulatory authorities to formulate and implement the trust industry development policy, in order to better play the trust industry institutional advantages to promote the rapid development of trust industry. Based on the panel data of 49 trust companies in China from 2007 to 2010, this paper studies the relationship between market structure and performance of trust industry in China. The research shows that the trust market in our country is more competitive and the market concentration is low. The market structure of trust industry in China belongs to the low and middle oligopoly market with lower concentration degree or the competitive type 鈪，

本文編號(hào)：2406464