我国信托业效率评价及发展战略研究
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摘要
从1979年我国第一家信托公司——中国国际信托投资公司成立，我国信托业的发展经历了起起伏伏、不懈探索、由繁荣到落寞、由落寞逐步走向健康规范发展的轨迹历程。2012年全国信托行业资产管理规模达7.47万亿，是2004年的0.15万亿的近50倍规模，首次超过保险行业当年的资产管理规模7.35万亿，至此成为仅次于银行业的第二大金融部门。然而在资产管理规模迅速扩张的背后，信托行业整体的利润增长速度并未与资产规模扩张速度相匹配，其更深层次的原因则是行业整体的经营效率水平并不高，并且行业内各公司效率分化十分明显。本文选择了信托效率为研究对象，运用两阶段超效率DEA方法和Panel-Data等统计方法，测算并评估了中国信托全行业的效率水平，进一步对影响信托行业和信托公司的各因素全面而系统地总结，多层次多角度地分析信托业得以健康持续发展的战略与对策。本文共分为六章内容，对我国信托业发展效率的影响因素进行理论分析和实证检验。本文的主要内容如下：
第1章主要介绍信托与信托效率的基本理论。首先，本章简单介绍了信托的概念、构成要素、基本特征以及功能；其次，介绍了效率的概念、信托公司效率的内涵以及效率的各种测算和评估方法；最后，根据本文研究方向，分别对金融机构效率的测度、信托理论发展及其效率的评价、股权结构与效率相关性三方面对以往理论和经验研究成果作以综述。
第2章主要介绍我国信托业的发展历程、发展特征、金融地位、创新实践，并进一步分析发展过程中存在的一些问题。首先介绍了我国信托在旧中国的发展情况，描述了改革开放后国家恢复信托后的五次整顿，分析了信托功能错位的历史原因，阐述了“一法两规”对于中国信托业的规范发展的重要意义和深远影响；而后从资产规模、盈利模式、增长动力、业务模式、投资领域等方面分析了近十年来信托业的发展趋势和走向，以及创新实践。伴随着信托业的规范发展，信托公司的股权结构也日趋多元化，信托业在发展过程中表现出明显的地区差异性。基于这些年信托行业的高速增长，与其他行业相较而言，我国信托业处于行业成长期，信托公司资产质量和盈利能力都处于上升状态，行业地位也在逐渐获得更多的认可。然而在高速增长背后，还存在立法不完善、监管不到位，异地设立分支机构受限，信托产品流通性受限等诸多问题亟待解决。
第3章从外部环境和内部环境两个角度出发，全面系统地总结了影响我国信托业发展战略的各项因素，包括宏观制度法规（例如法律法规、税收规则、财产登记制度、产品流通平台等）、经济环境（例如宏观经济政策、经济发展水平、金融发展水平）、社会因素（社会信用环境、投资理念）、竞争环境等外部因素以及包括信托公司股权结构、资产质量、资产规模和人力资源质量等内部因素。深入分析各类因素对信托行业和信托公司稳步发展的作用和影响，对提高信托公司运营效率具有重要的理论和现实意义。
第4章通过运用两阶段超效率DEA分析方法定量寻找影响各信托公司效率水平的主要因素。第1节介绍了效率测度的基本理论、评估方法及模型形式，第2节基于此给出两阶段超效率DEA模型的理论模型形式，第3节是实证分析，运用两阶段超效率DEA方法对35家信托公司2005—2010年间的运营效率进行测算和评估。结论表明，我国各信托公司之间的效率存在明显的分化，但各年间排名前十位的公司相对稳定，而且各信托公司之间差距有逐年缩小的趋势。效率表现较好的公司大体分为两类：一类是背靠大型央企国企的信托公司，另一类公司是地处发达地区的信托公司。另外，信托公司的风险防范水平及成本控制能力也是影响效率的主要因素。
第5章针对我国信托行业股权结构绝大多数以国有控股为主，且控股股东持股比例显著高于其他行业的特点，首先从理论上建立国有股减持最优路径模型，而后引用在第4章测算的信托效率值作为因变量，从控股股东性质和股权集中度两个角度分析股权结构对我国信托公司效率的影响。同时引入区域经济发展变量，对信托公司效率的影响因素做进一步的深入探讨。实证结论表明，虽然国有控股总体是相对低效的，在国有持股足够大的情况下可以引致公司效率的提升；董事会董事比例、独立董事人数和监事会监事人数与信托公司效率显著正相关；投资型信托业务显著推动信托公司效率的提升；区域间经济发展水平和居民富裕程度的差异，会进一步在需求层面拉大了地区间信托业的发展差距。
第6章基于前文，总结并探索促进我国信托业发展的战略对策。首先总结英、美、日等发达国家信托发展的历程，得到了诸多有益的启示。基于此，从宏观层面、行业层面和微观层面提出促进我国信托业的发展战略。宏观层面上，要完善信托法律规章制度和区域经济环境；行业层面，应立足专业化的市场定位、高端化的客户结构，探寻与其他同业竞争伙伴共赢的合作模式，完善专业信托人才的培养机制，为打造复合型的信托从业人才队伍奠定基础；微观层面，要注重信托公司个性化的业务调整和创新，并不断优化信托公司的股权结构和治理结构，引导其健康规范的发展。
Since1979, China’s International Trust Investment Company has been established, our trustindustry experience from scratch, from small to large, and gradually move toward healthydevelopment and specification process. National Trust industry reached7.47trillion in assets undermanagement in2012, which is nearly50times of the rate in2004，over the insurance industry in2012in assets under management which is7.35trillion, and become the second largest financialdepartment. However, under the rapid expansion in the asset management, the trust industry’s profitgrowth is not match with the speed of the asset expansion. The deeper reason is that the industry'soverall operating efficiency level is not high, and the efficiency of the trust companies have veryobvious differentiation. Our paper selects the efficiency of trust industry as the research object, anduses some statistical methods such as two-stage ultra-efficient DEA method and Panel-Data,through to the measurement and evaluation to development and operate efficiency of the China’strust industry, and summarize the factors that affecting the development of trust companiescomprehensive and systematic, we can find the strategies and countermeasures to keep the trustindustry’s development health sustainably. This paper is divided into six chapters.. The maincontents are as follows:
In Chapter1, this paper introduces the basic theory of the trust and its efficiency. First, thispaper briefly introduces the concept of the trust, elements, basic features and functions; secondly,we introduces the concept of trust company’s efficiency, as well as the various measurement andevaluation methods; Finally, based on our research direction, this paper reviews the relevanttheoretical and empirical research about three aspects, which are the efficiency of financialinstitutions, the theoretical development of the trust‘s efficiency evaluation, and the correlationbetween ownership structure and efficiency in the past.
In Chapter2, this paper introduces the trust industry’s development process,developmentcharacteristics, financial status, innovative practices, and the problems existing in the process inChina. First, we introduces the development of the trust in the old China, describing the fiveconsolidation after the reform and opening up, analysis historical reasons for capabilities misplaced."A law two rules" have significance and far-reaching impact on the normal development of China’strust industry. Then, from several aspects that asset scale, profit model, growth drivers, businessmodels and investment area, we analyze the development trend and direction of the trust industryover the past decade, as well as innovative practices. Along with the development of trust industrynorms, trust companies’ ownership structure is becoming increasingly diversified, and thedevelopment process also shows significant regional differences. Based on the rapid growth these years, the trust asset quality and profitability are on the increase, and gain more recognitiongradually. However, in the back of rapid growth, there are still many problems to be solved, such asthe imperfect legislation, regulation is not in place, establish branches is limited, limited liquidityof trust products, gains double taxation.
In Chapter3, from the two angles of external environment and internal environment, the papershows the impact of some important factors on the efficiency of the trust industry. Among them, theexternal factors include institutional factors (such as laws and regulations, tax rules, propertyregistration system, product distribution platforms, etc.), the macroeconomic environment (such asmacroeconomic policy, economic development, financial development), social factors (social creditenvironment, investment philosophy), competitive environment, etc. Internal factors include trustownership structure, asset quality, asset scale and human resources management. Taking use ofmodern economics theories to analysis the various influence factors on the efficiency of the trustindustry, has important theoretical and practical significance to improve the operational efficiency.
In Chapter4, through using of two-stage ultra-efficient DEA, the paper analyzes the efficiencylevels of35trust companies in the year2005to2010, to find the main factors who affect theefficiency. In Section1, we describe the measure theory, methods and models of the efficiency. InSection2, based on Section1, we give the model form of two-stage super-efficiency DEA. Section3is the empirical analysis, taking use of two-stage the super-efficiency DEA to measure the35trust companies’ operational efficiency. Empirical results show that there is obvious differentiationamong the35trust companies, but the top ten companies is relatively stable this years, and the trustgap has the trend of shrinking year by year. The company performed better efficiency can bedivided into two categories: one category is the state-owned backed by large central enterprises,and the other is the trust companies located in the developed areas. In addition, the risk preventionand cost control capability are also major factors affecting efficiency.
In Chapter5, for the vast majority of the trust companies are dominated by state-ownedholding and controlling shareholder equity ratio was significantly higher than other the industry,this chapter starts with the establishment of state-owned shares theoretically optimal path models,and then uses the efficiency values estimatede in chapter4as the dependent variable, from twoperspectives of the nature of the controlling shareholder ownership concentration and ownershipstructure to analyze for further in depth, while using the regional economic development variablesas a factor affecting the efficiency of trust. Empirical results show that, although the overall stateholding is relatively inefficient, sufficiently large shares of state-owned can improve trustcompanies’ efficiency. The proportion of Board of Directors, the number of independent directorsand the Board of Supervisors are significant positive correlation with trust efficiency. Investmenttrust business can significantly improve the efficiency. Regional economic development level andresidents affluence differences will be further widened the regional development gap in the level ofdemand in the trust industry.
In Chapter6, based on the foregoing, we summarize and explore the strategy to developChina’s trust industry. First, we introduce Britain, America, Japan and other developed countries’ development process of the trust industry, and get a lot of useful lessons. Based on this, fromsevaral dimensions, we summarize how to promote China’s trust industry. For the trust industry, weshould increase the products categories of capital management business, strengthen the innovationfor investment bank trust business. It’s important to regulate vigorously and develop the innovativebusiness, proprietary business, solve the problem of financial dislocation objects, and to strengthenthe win-win cooperation with other financial institutions, and establish a professional managementteam. Further, optimize ownership structure and governance structure.
第1章主要介绍信托与信托效率的基本理论。首先，本章简单介绍了信托的概念、构成要素、基本特征以及功能；其次，介绍了效率的概念、信托公司效率的内涵以及效率的各种测算和评估方法；最后，根据本文研究方向，分别对金融机构效率的测度、信托理论发展及其效率的评价、股权结构与效率相关性三方面对以往理论和经验研究成果作以综述。
第2章主要介绍我国信托业的发展历程、发展特征、金融地位、创新实践，并进一步分析发展过程中存在的一些问题。首先介绍了我国信托在旧中国的发展情况，描述了改革开放后国家恢复信托后的五次整顿，分析了信托功能错位的历史原因，阐述了“一法两规”对于中国信托业的规范发展的重要意义和深远影响；而后从资产规模、盈利模式、增长动力、业务模式、投资领域等方面分析了近十年来信托业的发展趋势和走向，以及创新实践。伴随着信托业的规范发展，信托公司的股权结构也日趋多元化，信托业在发展过程中表现出明显的地区差异性。基于这些年信托行业的高速增长，与其他行业相较而言，我国信托业处于行业成长期，信托公司资产质量和盈利能力都处于上升状态，行业地位也在逐渐获得更多的认可。然而在高速增长背后，还存在立法不完善、监管不到位，异地设立分支机构受限，信托产品流通性受限等诸多问题亟待解决。
第3章从外部环境和内部环境两个角度出发，全面系统地总结了影响我国信托业发展战略的各项因素，包括宏观制度法规（例如法律法规、税收规则、财产登记制度、产品流通平台等）、经济环境（例如宏观经济政策、经济发展水平、金融发展水平）、社会因素（社会信用环境、投资理念）、竞争环境等外部因素以及包括信托公司股权结构、资产质量、资产规模和人力资源质量等内部因素。深入分析各类因素对信托行业和信托公司稳步发展的作用和影响，对提高信托公司运营效率具有重要的理论和现实意义。
第4章通过运用两阶段超效率DEA分析方法定量寻找影响各信托公司效率水平的主要因素。第1节介绍了效率测度的基本理论、评估方法及模型形式，第2节基于此给出两阶段超效率DEA模型的理论模型形式，第3节是实证分析，运用两阶段超效率DEA方法对35家信托公司2005—2010年间的运营效率进行测算和评估。结论表明，我国各信托公司之间的效率存在明显的分化，但各年间排名前十位的公司相对稳定，而且各信托公司之间差距有逐年缩小的趋势。效率表现较好的公司大体分为两类：一类是背靠大型央企国企的信托公司，另一类公司是地处发达地区的信托公司。另外，信托公司的风险防范水平及成本控制能力也是影响效率的主要因素。
第5章针对我国信托行业股权结构绝大多数以国有控股为主，且控股股东持股比例显著高于其他行业的特点，首先从理论上建立国有股减持最优路径模型，而后引用在第4章测算的信托效率值作为因变量，从控股股东性质和股权集中度两个角度分析股权结构对我国信托公司效率的影响。同时引入区域经济发展变量，对信托公司效率的影响因素做进一步的深入探讨。实证结论表明，虽然国有控股总体是相对低效的，在国有持股足够大的情况下可以引致公司效率的提升；董事会董事比例、独立董事人数和监事会监事人数与信托公司效率显著正相关；投资型信托业务显著推动信托公司效率的提升；区域间经济发展水平和居民富裕程度的差异，会进一步在需求层面拉大了地区间信托业的发展差距。
第6章基于前文，总结并探索促进我国信托业发展的战略对策。首先总结英、美、日等发达国家信托发展的历程，得到了诸多有益的启示。基于此，从宏观层面、行业层面和微观层面提出促进我国信托业的发展战略。宏观层面上，要完善信托法律规章制度和区域经济环境；行业层面，应立足专业化的市场定位、高端化的客户结构，探寻与其他同业竞争伙伴共赢的合作模式，完善专业信托人才的培养机制，为打造复合型的信托从业人才队伍奠定基础；微观层面，要注重信托公司个性化的业务调整和创新，并不断优化信托公司的股权结构和治理结构，引导其健康规范的发展。
Since1979, China’s International Trust Investment Company has been established, our trustindustry experience from scratch, from small to large, and gradually move toward healthydevelopment and specification process. National Trust industry reached7.47trillion in assets undermanagement in2012, which is nearly50times of the rate in2004，over the insurance industry in2012in assets under management which is7.35trillion, and become the second largest financialdepartment. However, under the rapid expansion in the asset management, the trust industry’s profitgrowth is not match with the speed of the asset expansion. The deeper reason is that the industry'soverall operating efficiency level is not high, and the efficiency of the trust companies have veryobvious differentiation. Our paper selects the efficiency of trust industry as the research object, anduses some statistical methods such as two-stage ultra-efficient DEA method and Panel-Data,through to the measurement and evaluation to development and operate efficiency of the China’strust industry, and summarize the factors that affecting the development of trust companiescomprehensive and systematic, we can find the strategies and countermeasures to keep the trustindustry’s development health sustainably. This paper is divided into six chapters.. The maincontents are as follows:
In Chapter1, this paper introduces the basic theory of the trust and its efficiency. First, thispaper briefly introduces the concept of the trust, elements, basic features and functions; secondly,we introduces the concept of trust company’s efficiency, as well as the various measurement andevaluation methods; Finally, based on our research direction, this paper reviews the relevanttheoretical and empirical research about three aspects, which are the efficiency of financialinstitutions, the theoretical development of the trust‘s efficiency evaluation, and the correlationbetween ownership structure and efficiency in the past.
In Chapter2, this paper introduces the trust industry’s development process,developmentcharacteristics, financial status, innovative practices, and the problems existing in the process inChina. First, we introduces the development of the trust in the old China, describing the fiveconsolidation after the reform and opening up, analysis historical reasons for capabilities misplaced."A law two rules" have significance and far-reaching impact on the normal development of China’strust industry. Then, from several aspects that asset scale, profit model, growth drivers, businessmodels and investment area, we analyze the development trend and direction of the trust industryover the past decade, as well as innovative practices. Along with the development of trust industrynorms, trust companies’ ownership structure is becoming increasingly diversified, and thedevelopment process also shows significant regional differences. Based on the rapid growth these years, the trust asset quality and profitability are on the increase, and gain more recognitiongradually. However, in the back of rapid growth, there are still many problems to be solved, such asthe imperfect legislation, regulation is not in place, establish branches is limited, limited liquidityof trust products, gains double taxation.
In Chapter3, from the two angles of external environment and internal environment, the papershows the impact of some important factors on the efficiency of the trust industry. Among them, theexternal factors include institutional factors (such as laws and regulations, tax rules, propertyregistration system, product distribution platforms, etc.), the macroeconomic environment (such asmacroeconomic policy, economic development, financial development), social factors (social creditenvironment, investment philosophy), competitive environment, etc. Internal factors include trustownership structure, asset quality, asset scale and human resources management. Taking use ofmodern economics theories to analysis the various influence factors on the efficiency of the trustindustry, has important theoretical and practical significance to improve the operational efficiency.
In Chapter4, through using of two-stage ultra-efficient DEA, the paper analyzes the efficiencylevels of35trust companies in the year2005to2010, to find the main factors who affect theefficiency. In Section1, we describe the measure theory, methods and models of the efficiency. InSection2, based on Section1, we give the model form of two-stage super-efficiency DEA. Section3is the empirical analysis, taking use of two-stage the super-efficiency DEA to measure the35trust companies’ operational efficiency. Empirical results show that there is obvious differentiationamong the35trust companies, but the top ten companies is relatively stable this years, and the trustgap has the trend of shrinking year by year. The company performed better efficiency can bedivided into two categories: one category is the state-owned backed by large central enterprises,and the other is the trust companies located in the developed areas. In addition, the risk preventionand cost control capability are also major factors affecting efficiency.
In Chapter5, for the vast majority of the trust companies are dominated by state-ownedholding and controlling shareholder equity ratio was significantly higher than other the industry,this chapter starts with the establishment of state-owned shares theoretically optimal path models,and then uses the efficiency values estimatede in chapter4as the dependent variable, from twoperspectives of the nature of the controlling shareholder ownership concentration and ownershipstructure to analyze for further in depth, while using the regional economic development variablesas a factor affecting the efficiency of trust. Empirical results show that, although the overall stateholding is relatively inefficient, sufficiently large shares of state-owned can improve trustcompanies’ efficiency. The proportion of Board of Directors, the number of independent directorsand the Board of Supervisors are significant positive correlation with trust efficiency. Investmenttrust business can significantly improve the efficiency. Regional economic development level andresidents affluence differences will be further widened the regional development gap in the level ofdemand in the trust industry.
In Chapter6, based on the foregoing, we summarize and explore the strategy to developChina’s trust industry. First, we introduce Britain, America, Japan and other developed countries’ development process of the trust industry, and get a lot of useful lessons. Based on this, fromsevaral dimensions, we summarize how to promote China’s trust industry. For the trust industry, weshould increase the products categories of capital management business, strengthen the innovationfor investment bank trust business. It’s important to regulate vigorously and develop the innovativebusiness, proprietary business, solve the problem of financial dislocation objects, and to strengthenthe win-win cooperation with other financial institutions, and establish a professional managementteam. Further, optimize ownership structure and governance structure.
引文
①[英]D.J.海顿著，周翼、王昊译：《信托法》（中英文本），中文版序1页，法律出版社，2004。
②高凌云：《被误读的信托——信托法原论》，11页，复旦大学出版社，2010。
③三菱日联信托银行编著，张军建译：《信托法务与实务》，3页，中国财政经济出版社，2010。
①徐孟洲主编：《信托法》，2页，法律出版社，2006。
②赖源河、王志诚：《现代信托法论》，236页，中国政法大学出版社，2002。
③[英]D.J.海顿著，周翼、王昊译：《信托法》（中英文本），6页，法律出版社，2004。
①中国信托业协会编著：《信托基础》，13页，中国金融出版社，2012。
①胡莉铭：我国信托业面临的问题及对策研究，淮海工学院学报，第14卷第3期。
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