| For financial sector,together with banking,securities and insurance industries,trust industry is named as “the four pillars of the country’s financial system”.However,due to historical and its own reasons,the small scale and low efficiency of our country’s trust industry and the unimportant role it has played for a long time do not make trust industry deserve the position and effect of “pillar of financial system”.In order to change that,besides founding a complete trust system to enlarge the scale of trust business,the operation efficiency of trust company also needs to be improved.In March,2007,Measures for the Administration of Trust Companies and Measures for the Administration of Trust Companies’ Trust Plans of Assembled Funds(hereinafter referred to as “Two New Regulations”)have been published at the same time,which has made the trust companies return to its origin of “being entrusted with financial management on other’s behalf” and specified clearer functions of trust companies.After that,the trust company have created specialized management model gradually and the trust industry has had a more rapid progress after it had found its right track.In July 2010,China Banking Regulatory Commission published Measures for the Administration of Net Capital of Trust Companies(hereinafter referred to as the Measure)to guide trust companies to develop active management business and transfer from extensive management pursuing scale and short-term loans with steady,quick returns to intensive development with improved business technology and value-added products.By reviewing the former research literatures,Existing empirical study using different methods,efficiency trust industry is analyzed,but the existing literature is static or dynamic angle to evaluate the efficiency of the trust industry,but also the lack of a comprehensive and rational evaluation index system.Meanwhile,the current literatures have measured the efficiency of China’s trust industry at different times with different methods.However,it has neither thoroughly studied impediments to the efficiency improvement,nor proposed corresponding improvement plan for trust companies with low efficiency.Furthermore,current researches mainly focus on the operating efficiency and its variations of our countries trust company before the implementation of the “New Two Regulations”,which is 2008,while the efficiency variation of trust companies after the implementation of the “Two New Regulations” has drawn less attention.Therefore,firstly,based on the existing research,this paper builds a reasonable and effective trust industry efficiency evaluation system;then use DEA method,from both static and dynamic point of view,to build trust industry efficiency evaluation model,provide a theoretical basis for a comprehensive evaluation of methods and operational efficiency of Chinese Trust industry and dynamics.After that,with DEA method and based on data from China’s 65 trust companies in 2013,it will comprehensively evaluate and analyze the efficiency of China’s trust industry,study its current situations and explore fundamental reasons that influence the efficiency of trust companies.It will try to find out the key impediments to efficiency improvement,propose the efficiency improvement target and plan and corresponding advice for the preparation of trust industry development strategy and relevant policies by regulatory department,and contribute to the rapid and healthy development of China’s trust Industry.Furthermore,with Malmquist productivity index based on DEA and considering relevant data of China’s trust industry from 2008-2013,the total factor productivity of trust industry after the implementation of the “Two New Regulations” is measured,the total factor productivity variations and the productivity difference between each trust company after the implementation of the “Two New Regulations” are comparatively analyzed and the implementation effect of the “Two New Regulations” is studied thoroughly.The conclusions are as follows:(1)Construction of the efficiency evaluation index system outputs and inputs from this aspect,the aspect of output indicators include indicators proprietary assets,trust assets,operating income and income trusts,including the total number of employees on the input side,operating expenses,and the cost of real trust paid-in capital.Using DEA method in the model,based on input-oriented point of view,the use of multi-stage algorithm to construct a static model of the evaluation of the efficiency of the trust industry,in terms of efficiency,effectiveness,returns to scale and projection analysis in four areas of business efficiency of the Trust for static evaluation.Application of DEA-Malmquist productivity index approach,variable returns to scale assumption,based on output-oriented point of view,dynamic evaluation model building trust industry efficiency,it is possible to change the dynamic of trust industry efficiency were analyzed.(2)China’s trust industry has a high overall efficiency.The implementation of the Measure has caused the development mode transformation of trust companies and improved the trust industry efficiency.There have been big differences between different trust companies.Low pure technical efficiency has been a main impediment to the efficiency improvement of China’s trust industry.The efficiency analysis shows that,among the 65 trust companies,there are 20,14 and 31 companies being DEA efficient,weak DEA efficient and non DEA efficient,which accounts for 30.77%,21.54% and 47.69% respectively.Among the 65 trust companies,25 companies have constant returns to scale,18 have increased returns to scale and 22 have decreased returns to scale,which account for 38.46%,27.69% and 33.85% of the total quantity respectively.Among the 31 non DEA efficient trust companies,20 companies have employee input redundancy,which is the main reason for non DEA efficient trust companies.19 companies have trust asset efficiency,which provides non DEA efficient companies large room for development.(3)The average total factor productivity growth rate of China’s trust industry from 2008-2013 is 4.2%,which is far below that before 2008.The growth is mainly from technical progress,while pure technical efficiency and scale efficiency have become the impediments.The total factor productivity of China’s trust industry from 2011-2012 has had a growth rate as high as 38.1%.From 2008-2013,over 70% of trust companies have had higher total factor productivity to some extent.Small and medium-sized trust companies have more rapid productivity growth while large-scale trust companies have medium values.Among the 50 trust companies,only 13 companies,which accounts for 26% of the total quantity,have pure technical efficiency variations over 1,while 15 companies,30% of the total quantity,have scale efficiency variations over 1.The innovations of this paper are as follows:(1)With the currently available theoretical research results being collected,the trust industry efficiency evaluation were summarized to establish the efficiency of scientific and standardized evaluation system;then use DEA method,from both static and dynamic point of view,to build trust industry efficiency evaluation models provide a theoretical basis for a comprehensive evaluation of methods and operational efficiency of Chinese Trust industry and dynamics.(2)This paper uses DEA method,combined with the 2013 data of 65 trust companies,the trust of our business efficiency comprehensive evaluation and analysis of the actual situation of China trust industry is the development of research,and its raw level problems reasons for in-depth study to explore more efficient ways to improve the trust industry to develop efficient programs to provide a reference for regulatory advice to help them determine the scientific policies and strategies to promote the healthy and rapid development of trust business.(3)In this paper,a method DEA Malmquist productivity index based on relevant data and Trust Industry in China during 2008 and 2013 as the basis for the trust industry TFP after "two new rules" measure was carried out comparative analysis of "New Two rules " changes in total factor productivity after implementation,as well as differences in productivity of each trust,in-depth inquiry " two new regulations," the implementation of the results. |
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