本文選題：信托公司 + 效率��； 參考：《吉林大學(xué)》2013年博士論文

【摘要】：從1979年我國第一家信托公司——中國國際信托投資公司成立，我國信托業(yè)的發(fā)展經(jīng)歷了起起伏伏、不懈探索、由繁榮到落寞、由落寞逐步走向健康規(guī)范發(fā)展的軌跡歷程。2012年全國信托行業(yè)資產(chǎn)管理規(guī)模達(dá)7.47萬億，是2004年的0.15萬億的近50倍規(guī)模，首次超過保險(xiǎn)行業(yè)當(dāng)年的資產(chǎn)管理規(guī)模7.35萬億，至此成為僅次于銀行業(yè)的第二大金融部門。然而在資產(chǎn)管理規(guī)模迅速擴(kuò)張的背后，信托行業(yè)整體的利潤增長速度并未與資產(chǎn)規(guī)模擴(kuò)張速度相匹配，其更深層次的原因則是行業(yè)整體的經(jīng)營效率水平并不高，并且行業(yè)內(nèi)各公司效率分化十分明顯。本文選擇了信托效率為研究對(duì)象，運(yùn)用兩階段超效率DEA方法和Panel-Data等統(tǒng)計(jì)方法，測算并評(píng)估了中國信托全行業(yè)的效率水平，進(jìn)一步對(duì)影響信托行業(yè)和信托公司的各因素全面而系統(tǒng)地總結(jié)，多層次多角度地分析信托業(yè)得以健康持續(xù)發(fā)展的戰(zhàn)略與對(duì)策。本文共分為六章內(nèi)容，對(duì)我國信托業(yè)發(fā)展效率的影響因素進(jìn)行理論分析和實(shí)證檢驗(yàn)。本文的主要內(nèi)容如下： 第1章主要介紹信托與信托效率的基本理論。首先，本章簡單介紹了信托的概念、構(gòu)成要素、基本特征以及功能；其次，介紹了效率的概念、信托公司效率的內(nèi)涵以及效率的各種測算和評(píng)估方法；最后，根據(jù)本文研究方向，分別對(duì)金融機(jī)構(gòu)效率的測度、信托理論發(fā)展及其效率的評(píng)價(jià)、股權(quán)結(jié)構(gòu)與效率相關(guān)性三方面對(duì)以往理論和經(jīng)驗(yàn)研究成果作以綜述。 第2章主要介紹我國信托業(yè)的發(fā)展歷程、發(fā)展特征、金融地位、創(chuàng)新實(shí)踐，并進(jìn)一步分析發(fā)展過程中存在的一些問題。首先介紹了我國信托在舊中國的發(fā)展情況，描述了改革開放后國家恢復(fù)信托后的五次整頓，分析了信托功能錯(cuò)位的歷史原因，闡述了“一法兩規(guī)”對(duì)于中國信托業(yè)的規(guī)范發(fā)展的重要意義和深遠(yuǎn)影響；而后從資產(chǎn)規(guī)模、盈利模式、增長動(dòng)力、業(yè)務(wù)模式、投資領(lǐng)域等方面分析了近十年來信托業(yè)的發(fā)展趨勢和走向，以及創(chuàng)新實(shí)踐。伴隨著信托業(yè)的規(guī)范發(fā)展，信托公司的股權(quán)結(jié)構(gòu)也日趨多元化，信托業(yè)在發(fā)展過程中表現(xiàn)出明顯的地區(qū)差異性�；谶@些年信托行業(yè)的高速增長，與其他行業(yè)相較而言，我國信托業(yè)處于行業(yè)成長期，信托公司資產(chǎn)質(zhì)量和盈利能力都處于上升狀態(tài)，行業(yè)地位也在逐漸獲得更多的認(rèn)可。然而在高速增長背后，還存在立法不完善、監(jiān)管不到位，異地設(shè)立分支機(jī)構(gòu)受限，信托產(chǎn)品流通性受限等諸多問題亟待解決。 第3章從外部環(huán)境和內(nèi)部環(huán)境兩個(gè)角度出發(fā)，全面系統(tǒng)地總結(jié)了影響我國信托業(yè)發(fā)展戰(zhàn)略的各項(xiàng)因素，，包括宏觀制度法規(guī)（例如法律法規(guī)、稅收規(guī)則、財(cái)產(chǎn)登記制度、產(chǎn)品流通平臺(tái)等）、經(jīng)濟(jì)環(huán)境（例如宏觀經(jīng)濟(jì)政策、經(jīng)濟(jì)發(fā)展水平、金融發(fā)展水平）、社會(huì)因素（社會(huì)信用環(huán)境、投資理念）、競爭環(huán)境等外部因素以及包括信托公司股權(quán)結(jié)構(gòu)、資產(chǎn)質(zhì)量、資產(chǎn)規(guī)模和人力資源質(zhì)量等內(nèi)部因素。深入分析各類因素對(duì)信托行業(yè)和信托公司穩(wěn)步發(fā)展的作用和影響，對(duì)提高信托公司運(yùn)營效率具有重要的理論和現(xiàn)實(shí)意義。 第4章通過運(yùn)用兩階段超效率DEA分析方法定量尋找影響各信托公司效率水平的主要因素。第1節(jié)介紹了效率測度的基本理論、評(píng)估方法及模型形式，第2節(jié)基于此給出兩階段超效率DEA模型的理論模型形式，第3節(jié)是實(shí)證分析，運(yùn)用兩階段超效率DEA方法對(duì)35家信托公司2005—2010年間的運(yùn)營效率進(jìn)行測算和評(píng)估。結(jié)論表明，我國各信托公司之間的效率存在明顯的分化，但各年間排名前十位的公司相對(duì)穩(wěn)定，而且各信托公司之間差距有逐年縮小的趨勢。效率表現(xiàn)較好的公司大體分為兩類：一類是背靠大型央企國企的信托公司，另一類公司是地處發(fā)達(dá)地區(qū)的信托公司。另外，信托公司的風(fēng)險(xiǎn)防范水平及成本控制能力也是影響效率的主要因素。 第5章針對(duì)我國信托行業(yè)股權(quán)結(jié)構(gòu)絕大多數(shù)以國有控股為主，且控股股東持股比例顯著高于其他行業(yè)的特點(diǎn)，首先從理論上建立國有股減持最優(yōu)路徑模型，而后引用在第4章測算的信托效率值作為因變量，從控股股東性質(zhì)和股權(quán)集中度兩個(gè)角度分析股權(quán)結(jié)構(gòu)對(duì)我國信托公司效率的影響。同時(shí)引入?yún)^(qū)域經(jīng)濟(jì)發(fā)展變量，對(duì)信托公司效率的影響因素做進(jìn)一步的深入探討。實(shí)證結(jié)論表明，雖然國有控股總體是相對(duì)低效的，在國有持股足夠大的情況下可以引致公司效率的提升；董事會(huì)董事比例、獨(dú)立董事人數(shù)和監(jiān)事會(huì)監(jiān)事人數(shù)與信托公司效率顯著正相關(guān)；投資型信托業(yè)務(wù)顯著推動(dòng)信托公司效率的提升；區(qū)域間經(jīng)濟(jì)發(fā)展水平和居民富裕程度的差異，會(huì)進(jìn)一步在需求層面拉大了地區(qū)間信托業(yè)的發(fā)展差距。 第6章基于前文，總結(jié)并探索促進(jìn)我國信托業(yè)發(fā)展的戰(zhàn)略對(duì)策。首先總結(jié)英、美、日等發(fā)達(dá)國家信托發(fā)展的歷程，得到了諸多有益的啟示�；诖�，從宏觀層面、行業(yè)層面和微觀層面提出促進(jìn)我國信托業(yè)的發(fā)展戰(zhàn)略。宏觀層面上，要完善信托法律規(guī)章制度和區(qū)域經(jīng)濟(jì)環(huán)境；行業(yè)層面，應(yīng)立足專業(yè)化的市場定位、高端化的客戶結(jié)構(gòu)，探尋與其他同業(yè)競爭伙伴共贏的合作模式，完善專業(yè)信托人才的培養(yǎng)機(jī)制，為打造復(fù)合型的信托從業(yè)人才隊(duì)伍奠定基礎(chǔ)；微觀層面，要注重信托公司個(gè)性化的業(yè)務(wù)調(diào)整和創(chuàng)新，并不斷優(yōu)化信托公司的股權(quán)結(jié)構(gòu)和治理結(jié)構(gòu)，引導(dǎo)其健康規(guī)范的發(fā)展。
[Abstract]:From 1979 , our country ' s first trust company _ China International Trust and Investment Company was established . The development of trust industry in China has experienced the development of the development of trust industry . In 2012 , the total profit growth rate of trust industry has not matched with the expansion rate of assets .

Chapter 1 introduces the basic theory of trust and trust efficiency . Firstly , this chapter briefly introduces the concept , constituent elements , basic features and functions of trust .
Secondly , it introduces the concept of efficiency , the connotation of trust company ' s efficiency and the evaluation methods of efficiency .
Finally , according to the research direction of this paper , the paper reviews the previous theories and empirical research results on the measures of financial institution efficiency , the development of trust theory , the evaluation of efficiency , the relationship between equity structure and efficiency .

Chapter 2 mainly introduces the development course , development characteristics , financial position and innovative practice of China ' s trust industry , and further analyzes some problems existing in the development process . Firstly , it introduces the development of the trust in the old China , describes the five times of the post - trust after the reform and opening up , analyzes the historical reasons of the dislocation of the trust function , and expounds the important meaning and far - reaching influence of the two rules on the development of China ' s trust industry .
This paper analyzes the development trend and trend of trust industry in the past ten years from the aspects of asset scale , profit pattern , growth power , business model and investment field .

Chapter 3 summarizes the factors that affect the development strategy of trust industry in China from two angles of external environment and internal environment , including macro - system regulations ( such as laws and regulations , tax rules , property registration system , product circulation platform , etc . ) , economic environment ( such as macro - economic policy , economic development level , financial development level ) , social factors ( social credit environment , investment philosophy ) , competitive environment , etc .

In chapter 4 , the main factors influencing the efficiency of each trust company are analyzed quantitatively by using two - stage super - efficiency DEA analysis method . The first section presents the basic theory , evaluation method and model form of efficiency measure .

In chapter 5 , the majority of the equity structure of trust industry in our country are state - owned and the proportion of holding shareholders is significantly higher than that of other industries .
The proportion of directors of the board of directors , the number of independent directors and the number of supervisors of the board of supervisors are positively correlated with the efficiency of trust companies ;
Investment - based trust business significantly promotes the efficiency of trust companies ;
The difference between the regional economic development level and the residents ' prosperity will further widen the development gap of the inter - regional trust industry at the demand level .

Chapter 6 is based on the former , summarizes and explores the strategic countermeasures to promote the development of trust industry in our country . Firstly , we summarize the course of the trust development of developed countries such as Britain , America and Japan , and get some useful revelations . Based on this , this paper puts forward the strategy of promoting trust industry in China from the macro level , the industry level and the micro level . At the macro level , we should perfect the rules and regulations of the trust law and the regional economic environment .
At the level of industry , we should establish a professional market orientation , high - end customer structure , explore cooperation modes with other competing partners , perfect the training mechanism of professional trust talents , and lay the foundation for building a composite trust industry talent team ;
At the micro level , we should focus on the personalized business adjustment and innovation of trust companies , and constantly optimize the ownership structure and governance structure of trust companies , and guide the development of their health regulations .

【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2013
【分類號(hào)】：F224;F832.49

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