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Study on the factors of efficiency of China Trust Company and its influence

Author: ZhangLi
Tutor: LiuZuoFang
School: Capital University of Economics
Course: Finance
Keywords: Trust operating efficiency data envelopment analysis SBM model
CLC: F832.39
Type: Master's thesis
Year: 2014
Downloads: 4
Quote: 0
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Abstract


Trust, one of the four props in financial fields, have experienced speedy developmentin respect of market size, impact and so on in recent years,and became the second biggestfinancial industry, which is just next to bank industry.As regulation institution release theregulation on asset management to other non-trust financial industry gradually, trustindustry will face much more fierce competition in future. Therefore, to measure theoperating efficiency of trust company and analyze the influencing factors that affect trustcompany efficiency is of great significance, not only to promotion of the efficiency of trustcompany, but also to steady development of trust industry.Firstly, this paper explains the connotation of trust company efficiency, and draw outtheory of SBM model of the data envelopment analysis after the comparison of thenonparametric and parametric method of evaluating efficiency. This evaluation isconducted based on data collected from40trust companies from2007to2012which hasbeen divided into three categories according to their controlling shareholders. The resultshows that the trust companies efficiency is affected by controlling shareholder, and theefficiency gap has a tendency to become expanded.Due to frequent occurrence of risk events in trust industry, regulator requires trustcompany to strengthen the consolidation of non-performing assets. In order to consider theeffect of non-performing assets, this paper deal with the trust company operating efficiencyby applying slacks-based measure of efficiency which also take undesirable outputs intoaccount. The results indicate that non-performing assets will have negative effect on theoperating efficiency, and trust company should reinforce the asset management to againstrisk. We also projection every decision making unit on hyperplane by applying Dataenvelopment analysis projection theory and find that majority of trust companies have theproblem of input redundancy, and should put more effort into cost management and scaleexpansion management.We choose profitability, cost management ability, business development ability, debtmanagement and asset management ability as factor indicator, and using panel Tobitregression model to explain the efficiency of trust company. The results show that thecompany’s profitability, asset management have positive correlation on the company’soperating efficiency, cost management and business development ability have negativecorrelation on company’s operating efficiency, debt management has no significant effecton company’s operating efficiency.Based on the study of efficiency and influencing factors above, a series of recommendations including improving independent management ability, strengthening therisk control, strengthening financial supervision, are brought forward for the furtherdevelopment of efficiency of trust company.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial organizations, banks > Other financial organizations
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