Research On The Relationship Beween Ownership Structure And Performance Of Trust Companies In China

From the establishment of CITIC Group-the first trust company of China in 1979 to now,trust industry has passed 37years.As the continuously improvement of the trust system in China.the trust industry has returned to an accelerating track after experienced cruel growing at the beginning of establishment and 5th adjustment.The trust assets managed by the whole trust company topped 16000 billion in 2015 and it has become the 2nd department of the financial system.With the prosperous development of trust industry,and along with the strictly policy regulation on trust license,capitals are now turn their eyes on the trusty industry which develops very fast.Private capital,large state-run enterprises,financial groups,and foreign capitals participate in the stock right reform of trust companies through holding shares or joint stock.Traditional China' s trust company are dominated by state-owned assets and with high ownership concentration of equity structure,however the situation is changing now.In the area of financial capital management,the competition in trusty industry is becoming fiercer.The paper studies the relationship between ownership structure and business efficiency of trust companies in the context of the constant reform of multi-ownership of the state-owned enterprises.Through theoretical and empirical analysis,the paper proposes solutions about how to optimize of equity structure,how to speed up the transition,how to promote the business efficiency through enhancing the corporate governance,as well as how to achieve sustainable development of trust companies.Based on the theory analysis,the writer selected latest 3 year's data of 66 trust companies as his research object.The paper establishes the business efficiency calculating model of trust company on the base of DEA super-efficiency.After calculating the business efficiency,the writer takes the super-efficiency as explained variable,and makes regression analysis by using equity structure and relative variables,and then makes conclusion about how those factors influence the business efficiency of trust company.According to the theoretical and empirical analysis,the paper comes up with encouraging the diversified development of ownership structure properly,and actively introducing the external supervisory mechanism against shareholders in order to make sure the independent directors to assume the responsibility and accelerate business innovation and realize the transformation and upgrading of the trust company.