【摘要】：近年來,伴隨著我國信托行業(yè)的快速發(fā)展及我國金融市場開發(fā)程度的日益加大,外資逐漸頻繁地參股我國信托公司。外資的引入會對我國信托公司的股權(quán)結(jié)構(gòu)、公司治理、經(jīng)營管理及公司效率產(chǎn)生重要影響。相較于對銀行業(yè)引入外資所做的豐富研究,目前對我國信托業(yè)引入外資的研究還較少,更鮮有對外資影響我國信托公司效率的針對性考察�；谝陨媳尘�,本文在全面測度信托公司靜態(tài)效率和動態(tài)效率的基礎(chǔ)上,重點考察外資引入對信托公司效率的影響效應(yīng),以及這種效應(yīng)的傳導(dǎo)機制。 本文先從理論分析角度探討了外資引入與我國信托公司效率的關(guān)系,并探索性地闡釋了外資影響信托公司效率的傳導(dǎo)機制。在理論分析的基礎(chǔ)上,本文選取了30家信托公司作為研究樣本,其中包括五家已引入外資的信托公司,運用數(shù)據(jù)包絡(luò)分析法(DEA)和Malmquist生產(chǎn)率指數(shù)法測算了他們的技術(shù)效率及全要素生產(chǎn)率,從橫向和縱向兩個角度直觀地分析了外資引入對信托公司效率的影響。進而將信托公司綜合技術(shù)效率作為被解釋變量,將反映外資引入的相關(guān)指標(biāo)作為解釋變量,并選取了反映信托公司經(jīng)營管理水平的指標(biāo)作為效率傳導(dǎo)變量,構(gòu)建Tobit回歸模型來檢驗外資引入對信托公司效率的影響效應(yīng)。 經(jīng)過實證研究得出,外資引入與信托公司效率正相關(guān);外資持股比例與信托公司效率正相關(guān)；外資方派駐董事占董事會人數(shù)與信托公司效率正相關(guān)。實證結(jié)論與本文研究假設(shè)一致,即外資引入對信托公司效率具有正向影響,證明了外資影響信托公司效率的第一條傳導(dǎo)途徑,即外資通過優(yōu)化信托公司治理機制,對其效率產(chǎn)生了積極影響。同時,通過對效率傳導(dǎo)變量的實證考察證明了外資影響信托公司效率的第二條傳導(dǎo)途徑,即外資通過提高信托公司業(yè)務(wù)創(chuàng)新能力和風(fēng)險管控能力,提升了公司的經(jīng)營管理水平,對其效率產(chǎn)生了積極影響。此外,在研究中還發(fā)現(xiàn)了一些問題,如外資引入未能對我國信托公司市場競爭能力產(chǎn)生積極影響,我國信托公司市場競爭水平仍然較低。在此基礎(chǔ)上,本文從信托公司和政策監(jiān)管兩個層面提出了相應(yīng)政策建議。
[Abstract]:In recent years, with the rapid development of China's trust industry and the increasing degree of financial market development in China, foreign investors gradually participate in Chinese trust companies more and more frequently. The introduction of foreign capital will have an important impact on the ownership structure, corporate governance, management and efficiency of trust companies in China. Compared with the rich research on the introduction of foreign capital into the banking industry, there are few studies on the introduction of foreign capital into the trust industry in China, and there are few targeted investigations on the impact of foreign investment on the efficiency of trust companies in China. Based on the above background, based on the comprehensive measurement of the static and dynamic efficiency of trust companies, this paper focuses on the impact of foreign investment on the efficiency of trust companies, as well as the transmission mechanism of this effect. This paper first discusses the relationship between the introduction of foreign capital and the efficiency of trust companies in China from the perspective of theoretical analysis, and explores the transmission mechanism of foreign investment affecting the efficiency of trust companies. On the basis of theoretical analysis, this paper selects 30 trust companies as the research sample, including five trust companies that have introduced foreign capital. By using data Envelopment Analysis (DEA) and Malmquist Productivity Index (Malmquist), this paper measures their technical efficiency and total factor productivity, and analyzes the influence of foreign capital introduction on the efficiency of trust companies from both horizontal and vertical angles. Then, the comprehensive technical efficiency of the trust company is taken as the explanatory variable, the related index reflecting the introduction of foreign capital is taken as the explanatory variable, and the index reflecting the level of operation and management of the trust company is selected as the efficiency conduction variable. Tobit regression model is constructed to test the effect of foreign capital introduction on the efficiency of trust companies. The empirical study shows that the introduction of foreign capital is positively related to the efficiency of the trust company, the proportion of foreign ownership is positively related to the efficiency of the trust company, and the number of directors assigned to the board of directors by foreign investors is positively related to the efficiency of the trust company. The empirical conclusion is consistent with the hypothesis of this paper, that is, the introduction of foreign capital has a positive impact on the efficiency of trust companies, and proves that the first transmission way of foreign investment influencing the efficiency of trust companies is that foreign capital can optimize the governance mechanism of trust companies. It has a positive effect on its efficiency. At the same time, through the empirical investigation of the efficiency conduction variable, it is proved that the second transmission way of foreign investment affects the efficiency of trust company, that is, foreign capital improves the management level of trust company by improving its business innovation ability and risk control ability. It has a positive effect on its efficiency. In addition, some problems have been found in the study, such as the fact that the introduction of foreign capital has not had a positive impact on the market competitiveness of Chinese trust companies, and the level of market competition of Chinese trust companies is still low. On this basis, this paper puts forward corresponding policy suggestions from trust company and policy supervision.
【學(xué)位授予單位】：西北大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.49

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