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An Empirical Study on the Relationship between Market Structure and Performance of Trust Industry in China

Author: WangYan
Tutor: WangHao
School: Anhui University of Finance
Course: Finance
Keywords: trust industry market structure market performance DEAmodel
CLC: F832.49
Type: Master's thesis
Year: 2012
Downloads: 39
Quote: 0
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Abstract


Trust industry is important for the financial sector. It is across the money market, capital market and industrial market, and has institutional advantages such as investment diversification, flexible operation mode and independent legal status of the trust property and so on. Therefore, trust companies are known as the "financial department store" in the world. In China, trust industry has a great opportunity for development with the rapid growth of economic and national wealth. And since the implementation of new rules in2007, for example the "Trust management approach", it is entering a new round of rapid development stage, in which the trust industry is speeding up industry restructuring and market competition is increasingly divided. In summary, that the study of the relationship between China trust industry market structure and performance, not only helps us to understand and clear the stage of trust industry market competition and the level of operating performance in whole, but also helps the regulatory authorities to develop and implement industrial policies of the trust industry to better play the system advantages for the rapid development of the trust industry. In this paper, the authority studies the current relationship between trust industrial market structure and performance in China, using various theoretical hypotheses of industrial organization theory about the relationship between market structure and performance, based on49trust companies’panel data of China Trust Industry in2007-2010.The results show that trust industrial market competition is relatively high, market concentration is low, and market structure belongs to the low in the oligopoly market or competitive market Ⅱ-type at this stage.Based on the study of the operating efficiency of trust industry using DEA model. It finds that49trust companies’ operating efficiency is generally low for each year in2007-2010, the mean of which is only0.585. However, the operating efficiency level has been significantly improved during this period from time-series data, the average annual growth of total factor productivity is9.9%. Finally, results of the empirical test which is about the relationship between China’s market structure and performance show that the relationship conforms to the "structural efficiency" hypothesis. It indicates that difference in operational efficiency is the source of corporate performance. Companies with higher operating efficiency can enhance its overall operating performance levels through reduction of cost and economies of scale from the management, technology and other aspects. In addition, the study also found that market concentration and the Trust has a positive correlation between operating performance. In addition, the study also finds that market concentration has a positive correlation with business performance in Trust industry. Thus, we should further accelerate industry restructuring to improve the trust industry’s market concentration in the future.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Trust
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