基于SFA和RFA的信托公司效率评价及影响因素分析
|
摘要
作为经济领域中唯一可以同时横跨货币市场、资本市场和实业市场的信托业,与银行、证券、保险并列称为金融领域的四大支柱。因此,本文首先研究我国信托公司的效率问题,并实证分析了影响信托公司发展的主要因素。这对深化我国信托公司的改革、提升信托公司效率和盈利能力都具有十分重要的理论意义和现实意义。
首先,本文对信托公司效率的内涵进行了定义,分析比较了测度信托公司效率的非参数方法和参数方法,还给出了信托公司效率测度的函数形式。又以2006～2008年,全国44家信托公司为样本,选取注册资本金、人数、资产总额为投入变量,收入和净利润为产出变量,利用数据包络分析DEA法对信托公司的技术效率、规模效率和成本效率进行了实证研究。结果表明,从2006年至2008年,我国信托公司的技术效率和规模效率总体上均呈下降趋势,急需通过优化投入产出结构和公司规模来提高效率;而成本效率总体上呈上升趋势,说明信托公司的成本与产出比较好。
其次,又利用随机前沿分析SFA法对我国信托公司的利润效率进行了实证研究。结果表明,我国信托公司的利润效率总体上也呈下降趋势。这主要与信托公司近年来过分追求信托规模,而降低信托报酬率有关。此外,从信托公司的股东背景对信托公司利润效率的影响来看,由我国500强或金融企业控股的信托公司的利润效率则较高。可见股东背景是最主要的影响因素。
最后,从影响信托公司效率的宏观因素、行业因素、微观因素等三大方面,对信托公司效率的影响因素进行了全面系统的分析,并以盈利能力的指标净利润作为因变量,分别选取反映信托规模、创新程度、稳定性、资产配置以及公司治理等变量作为自变量,用随机森林RFA算法计算了各自变量的重要性,并分析了它们对于盈利能力的相对影响。指出目前影响我国信托公司净利润的主要因素是规模和稳定性;而资产配置、创新程度和公司治理对于效率的影响不大。文章最后从宏观、行业和微观三个层面给出了提升我国信托业效率的建议。
Banking, securities industry, insurance industry, and trust industry, which is the only to simultaneously span the money market, the capital market, and the industry market, are the four pillars in economic sphere. Consequently, this dissertation will first discuss the efficiency of China trust company, and meanwhile it analyses the main factors which affect the development of trust company with the case study. This dissertation plays a substantial role both in theory and in practice because it helps to deepen the reform of China trust company, and to improve efficiency and profitability of the trust company.
Firstly, this dissertation defines what the connotation of the efficiency of the trust is, and it analyses by comparison the nonparametric and parametric methods of measuring trust efficiency, and it further shows the function form of measuring it. This research has been based on the selected 44 trust companies as samples from the whole country, and the registered capital, the number of people, and the total assets as input variables, and selected income and net margin as output variables from the year 2006 to 2008, and the case study applies the data envelope analysis (DEA) method and empirical study on the technical efficiency, scale efficiency, and cost efficiency. The results have indicated that from the year 2006 to 2008 the technical efficiency and scale efficiency of Chinese trust company shows a decrease tendency as a whole, and it urgently needs to improve efficiency by optimizing the input-output structure and the scale of company; but the cost efficiency shows an increasing tendency as a whole, which proves the situation of the cost and output of trust company is quite well.
Secondly, it studies the profit efficiency of China trust company by using stochastic frontier analysis (SFA) method. The result indicates that profit efficiency of China trust company also shows a decrease tendency in general. It mainly relates to the excessively pursuit of expanding the scale of trust and decreasing the rate of pay of trust in recently years. Besides, from effect of the background of stockers on the profit efficiency in trust company, the profit efficiency of the trust companies that are held by TOP500 in China or financial enterprises is higher. It can be argued that the background of stockholders is the key factor.
Finally, analyze comprehensively and systematically the factors that influence trust efficiency through the three main respects, the macro factor, the industry factor, and the microscopic factor. And with the net profitability indicators being the dependent variable and the variable like trust scale, degree of innovation, stability, asset allocation as well as the corporate governance chosen respectively as the independent variable, the importance of each variable are calculate in the Random forest algorithm (RFA) method, and the relative effect of their importance on the profitability analyzed. The analysis showed that the main factors that affect the net profit of China trust company are the scale and the stability while the asset allocation, the degree of innovation, and the corporate governance have little effect on the efficiency. At last, the article gives advice on enhancing the efficiency of China trust industry from three levels, the macro, the industry, and the microscopic.
首先,本文对信托公司效率的内涵进行了定义,分析比较了测度信托公司效率的非参数方法和参数方法,还给出了信托公司效率测度的函数形式。又以2006～2008年,全国44家信托公司为样本,选取注册资本金、人数、资产总额为投入变量,收入和净利润为产出变量,利用数据包络分析DEA法对信托公司的技术效率、规模效率和成本效率进行了实证研究。结果表明,从2006年至2008年,我国信托公司的技术效率和规模效率总体上均呈下降趋势,急需通过优化投入产出结构和公司规模来提高效率;而成本效率总体上呈上升趋势,说明信托公司的成本与产出比较好。
其次,又利用随机前沿分析SFA法对我国信托公司的利润效率进行了实证研究。结果表明,我国信托公司的利润效率总体上也呈下降趋势。这主要与信托公司近年来过分追求信托规模,而降低信托报酬率有关。此外,从信托公司的股东背景对信托公司利润效率的影响来看,由我国500强或金融企业控股的信托公司的利润效率则较高。可见股东背景是最主要的影响因素。
最后,从影响信托公司效率的宏观因素、行业因素、微观因素等三大方面,对信托公司效率的影响因素进行了全面系统的分析,并以盈利能力的指标净利润作为因变量,分别选取反映信托规模、创新程度、稳定性、资产配置以及公司治理等变量作为自变量,用随机森林RFA算法计算了各自变量的重要性,并分析了它们对于盈利能力的相对影响。指出目前影响我国信托公司净利润的主要因素是规模和稳定性;而资产配置、创新程度和公司治理对于效率的影响不大。文章最后从宏观、行业和微观三个层面给出了提升我国信托业效率的建议。
Banking, securities industry, insurance industry, and trust industry, which is the only to simultaneously span the money market, the capital market, and the industry market, are the four pillars in economic sphere. Consequently, this dissertation will first discuss the efficiency of China trust company, and meanwhile it analyses the main factors which affect the development of trust company with the case study. This dissertation plays a substantial role both in theory and in practice because it helps to deepen the reform of China trust company, and to improve efficiency and profitability of the trust company.
Firstly, this dissertation defines what the connotation of the efficiency of the trust is, and it analyses by comparison the nonparametric and parametric methods of measuring trust efficiency, and it further shows the function form of measuring it. This research has been based on the selected 44 trust companies as samples from the whole country, and the registered capital, the number of people, and the total assets as input variables, and selected income and net margin as output variables from the year 2006 to 2008, and the case study applies the data envelope analysis (DEA) method and empirical study on the technical efficiency, scale efficiency, and cost efficiency. The results have indicated that from the year 2006 to 2008 the technical efficiency and scale efficiency of Chinese trust company shows a decrease tendency as a whole, and it urgently needs to improve efficiency by optimizing the input-output structure and the scale of company; but the cost efficiency shows an increasing tendency as a whole, which proves the situation of the cost and output of trust company is quite well.
Secondly, it studies the profit efficiency of China trust company by using stochastic frontier analysis (SFA) method. The result indicates that profit efficiency of China trust company also shows a decrease tendency in general. It mainly relates to the excessively pursuit of expanding the scale of trust and decreasing the rate of pay of trust in recently years. Besides, from effect of the background of stockers on the profit efficiency in trust company, the profit efficiency of the trust companies that are held by TOP500 in China or financial enterprises is higher. It can be argued that the background of stockholders is the key factor.
Finally, analyze comprehensively and systematically the factors that influence trust efficiency through the three main respects, the macro factor, the industry factor, and the microscopic factor. And with the net profitability indicators being the dependent variable and the variable like trust scale, degree of innovation, stability, asset allocation as well as the corporate governance chosen respectively as the independent variable, the importance of each variable are calculate in the Random forest algorithm (RFA) method, and the relative effect of their importance on the profitability analyzed. The analysis showed that the main factors that affect the net profit of China trust company are the scale and the stability while the asset allocation, the degree of innovation, and the corporate governance have little effect on the efficiency. At last, the article gives advice on enhancing the efficiency of China trust industry from three levels, the macro, the industry, and the microscopic.
引文
[1]刘兵军,宋耀,信托新政下中国信托公司功能重塑,经济导刊,2008,(1):75～77
[2]霍玉芬,信托法要论,北京:中国政法大学出版社,2003,17～18
[3]李振华,论我国信托监管法律机制的构建,经济问题,2005,(10):54～56
[4]熊云洋,我国信托业发展存在的问题及出路,经济纵横,2001,(8):16～18
[5]中国人民银行工商信贷部,日本东洋信托银行的信托业务,北京:中国金融出版社, 1982, 50～51
[6]王礼平,中外信托制度问题研究,大连:东北财经大学, 2003,35～36
[7]盖永光,信托业比较研究-历史演进、定位与发展,济南:山东人民出版社,2004
[8]李玉潭,高宝安,泡沫经济破灭前后日本银企信用风险管理制度及其功效分析,现代日本经济, 2008,(5): 6
[9]唐义虎,信托财产权利研究,北京:中国政法大学出版社,2005,201～253
[10]邢成,2007年信托新政让“蒙尘珍珠”重现光芒,经济导刊,2007,(7):50～55
[11]周小明,信托制度的比较法研究,北京:法律出版社,1996
[12]林毅夫,地方政府的职能和融资渠道——广信事件案例分析,管理世界,1999,(5):10～17
[13]刘晓明,我国信托业存在问题及对策研究,硕士学位论文,大连:大连海事大学,19～22
[14]邓智毅,金融效率制度性分析,北京:中国金融出版社,2003
[15]Berger A N ,W C Hunter,S G Timme,The efficiency of financial institutions: A review and preview of research past, present and future.Journal of Banking and Finance,1993,17:221～249
[16]Bauer,P W,A N Berger,G D Ferrier,and D B Humphrey,Consistency Conditions for Regulatory Analysis of Financial Institutions:A Comparison of Frontier Efficiency Methods,Journal of Economics and Business,1998,50(2):85～114
[17]Aigner D, Lovell C, Schmidt P,Formulation and Estimation of Stochastic Frontier Production Function Models, Journal of Econometrics, 1977, 6(1): 21～37
[18]Meeusen W , &J Van den Broeck , Efficiency Estimation from Cobb-DouglasProduction Functions with Composed ErrorInternational Economic Review,1977,(2):435～444
[19] Berger A N,L J Mester,Inside the black box: What explains differences in the efficiencies of financial institutions?,Journal of Banking and Finance,1997,21:895～947
[20]魏煜,王丽,中国商业银行效率研究:一种非参数的分析,金融研究,2000,(3):88～96
[21]赵旭,凌亢,国有银行效率决定因素实证分析,统计研究,2000,(8):12～17
[22]刘伟,黄桂田,银行业的集中、竞争与绩效,经济研究,2003,(11):14～21
[23]张健华,我国商业银行效率研究的DEA方法及1997～2001年效率的实证分析,金融研究,2003,(3):11～25
[24]郑录军,曹廷求,我国银行公司效率及其影响因素的实证分析,金融研究,2005,(1):91～101
[25]郭妍,我国商业银行效率决定因素的理论探讨与实证检验,金融研究,2005,(2):115～123
[26]胡新宇,试论合格投资者制度对信托业的重要意义,华北金融,2007,(5):31～33
[27]黄玉龙,信托制度变迁比较分析,硕士学位论文,长沙:湖南大学,2006
[28]胡文强,谈我国信托业发展的优势,兵团党校学报,2003,(1):30～32
[29]刘瑾,刘昕,论信托制度在国企改革中的应用,河北建筑科技学院学报(社科版),2001,(2):58～60
[30]杨青松,李明生,论波特五力模型及其补充,长沙铁道学院学报(社会科学版),2005,(4):95～96
[31]约翰???希克斯,经济史理论,厉以平译,北京:商务印书馆,1987
[32]约瑟芬?马尔特白,罗伊?威尔金森,死胡同:利害相关社会与英国的公司治理,周穗明译,经济社会体制比较,1999,(3):73～77
[33]侯洪涛,银行公司效率影响因素分析,农村金融研究,2005,(7):7～12
[34]储俊,基于DEA模型的视角对我国商业银行效率的实证分析,海南金融,2007,(6):9～12
[35]李坡,马承文,我国银行公司效率的实证研究-对投入产出型DEA的应用,湖北大学学报:自然科学版本,2006,28(1):97～100
[36]李琪,李光泉,韩泽县,我国商业银行效率评价的DEA模型,天津大学学报(社科版), 2005, 7 (1): 6～10
[37]刘汉涛,对我国商业银行效率的测度:DEA方法的应用,经济科学,2004,(6):48～58
[38]吴聪,中国保险业效率的实证研究,硕士学位论文,广州:暨南大学,2006
[39]齐树天,中国商业银行X效率问题研究,博士学位论文,长春:吉林大学,2007
[40]吕秀萍,中国保险业效率研究,博士学位论文,天津:天津财经大学,2007:42
[41]Nahid Kalbasi Anaraki and Ali Hasanzadeh,X-Efficiency in the Iranian Banking System,Paper prepared for the second CIEF workshop:European Integratioin and Banking Efficiency,Lisbon,Portugal,2003,(11):30～31
[42]魏权龄,数据包络分析(DEA),北京:科学出版社,2004
[43] Cooper W W ,Kumbhakar,Subal,DEA and Stochastic Frontier Analyses of the 1978 Chinese economic reforms , Socio-Economic Planning Sciences ,1995,(2):85～112
[44]余学林,数据包络分析(DEA)的理论、方法与应用,科学学与科学技术管理,1992,(9):27～33
[45]Banker,R D A Charnes,W W Cooper,Some Models for Estimating Technical and Scale Inefficiencies in Data Envelopment Analysis,Management Science,1989,(9):1078～1092
[46]Battese,G E and T J Coelli,Frontier Production Functions,Technical Efficiency and Panel Data:with Application to Paddy Farmers in India,Journal of Productivity Analysis,1992,(3):153～169
[47]Battese G E, Corra G S,Estimation of a Production Frontier Model: With Application to the Pastoral Zone of Eastern Australia, Australia Journal of Agricultural Economics, 1977,21(3):169～179
[48]Berger A N ,L J Mester,Inside the black box: What explains differences in the efficiencies of financial institutions?,Journal of Banking and Finance,1997,21:895～947
[49]Iqbal Z,Ramaswamy K V,Akhigbe A,The Output Efficiency of Minority-owned Banks in the United States,International Review of Economics and Finance,1999,8(1):1055～114
[50]Carvallo O,Kasman A ,Cost Efficiency in the Latin American and Caribbean Banking Systems,Journal of International Financial Markets,Institutions & Money,2005,15(1):55～72
[51]王洪礼,杜忠晓,代建企业项目跟踪评价研究,天津大学学报:社会科学版, 2007, 9(5): 402～404
[52]李怀宇,王洪礼,郭嘉良,于DEA的天津市海洋生态经济可持续发展评价,洋技术, 2007, 26(3):101～104
[53]P Andersen ,N C Petersen,A Procedure for ranking efficient units in data envelopment analysis.Management Science,1993,39(10):1261～1264
[54]Sathye, Efficiency of Banks in a Developing economy:the Case of India,European Journal of Operational Reaearch,2003, (148):662～671
[55]Battese,G E and T J Coelli,Frontier Production Functions,Technical Efficiency and Panel Data:with Application to Paddy Farmers in India,Journal of Productivity Analysis,1992,(3):153～169
[56]Bauer,P W ,A N Berger,G D Ferrier,and D B Humphrey,Consistency Conditions for Regulatory Analysis of Financial Institutions:A Comparison of Frontier Efficiency Methods,Journal of Economics and Business,1998,50(2):85～114
[57]Bauer,P W ,and D Hancock,1993, The Efficiency of the Federal Rerserve in Providing Check Processing Services,Journal of Banking and Fiance,1993,(17):287～311
[58]Fechher,F ,D Kessler,S Perelman,and P Pestieau,Productive Performance of The French Insurance Industry,Journal of Procuctivity Analysis,1993,(4):77～93
[59]Ferrier,G and C A K Lovell,Measuring Cost Efficiency In Banking,Journal of Econometrics,1990,(46):229～245
[60]李栋,王洪礼,李胜朋,综合评价法的统一化研究,天津大学学报:社会科学版, 2006, 8(5): 373～375
[61]罗大钧,托法律关系探析,政法论坛,2001,(2):70～78
[62]王文宇,信托之公示机制与对世效力,月旦法学,2002,(12):65～68
[63]丁建臣,王伟东,信托业务创新与规范,北京:对外经济贸易大学出版社,2003
[64]熊云洋,我国信托业发展存在的问题及出路,经济纵横,2001,(8):16～18
[65]张楠,中国信托业发展现状及发展策略研究,硕士学位论文,北京:首都经济贸易大学,2006
[66]王天恩,肖珊珊,中国信托业的困境与战略选择,当代经济科学,2007,(3):52～56
[67]中国人民大学信托与基金研究所,2009年中国信托公司经营蓝皮书,北京:中国经济出版社,2009
[68]李廷芳,我国信托公司业务定位研究,博士学位论文,上海:同济大学,2007
[69]陈柳钦,突破信托业发展困境打造中国金融业第四支柱,国研网金融研究部,2006,81～94
[70]迈克尔?波特,竞争战略,陈小悦译,北京:华夏出版社,2005
[71]孙飞,信托治理优化论,北京:中国经济出版社,2005
[72]陈玉鹏,上海人民出版社,中国信托业年鉴2008,2009
[73] Leo Breiman,Random Forests,Machine Learning(Springer Netherlands),2001,45(1):5～32
[74]朱南,卓贤,董屹,关于我国国有银行公司效率的实证分析和改革策略,管理世界,2004,(2):18～26
[75]Barcellos L F, Ramsay P P,Madden E, et al, Random forest analysis: a novel approach for exploring the complex genetic component in rheumatoid arthritis, Arthritis And Rheumatism, 2006, 54(9): 132～136
[76]Friedman J H, Popescu B E,Gradient directed regularization, Stanford University: Department of Statistics, 2004
[77]Breiman L, Bagging Predictors, Machine Learning, 1996, 26(2):123
[78]Friedman J H, Hall P,On Bagging and Nonlinear Estimation,Stanford University: Department of Statistics, 1999
[79]Ehrenstein A,Proctor R W,Selecting mapping rules and responses in mixed ompatibility fourchoice tasks, Psychological Research,1998, 61(4):231～248
[80]Prasad S N, Simulated Annealing 2-D Nonlinear Inversion of Geomagnetic Deep Sounding Data Near Ujjain-Guna, India,Pure and Applied Geophysics,1999, 154(2):343～363
[81]Huang H,Jiang Z,Yu Z,K.and Lu,A skewed Laplace distribution with financial application,Financial Systems Engineering, 2003, 19(2):39～52
[82]Griffiths R , Probabilities and Quantum Reality: Are There Correlata?,Foundations of Physics,2003,33(10):1423～1459
[83]Hushwater V,A Path from the Quantization of the Action Variable to Quantum Mechanical Formalism, Foundations of Physics,1998, 28(2):167～184
[84]Gerstner W,Ritz R,van Hemmen J,Why spikes? Hebbian learning and retrieval of time-resolved excitation patterns, Biological Cybernetics,1993,69(5):503～515
[85]Karapiperis T Cellular automaton model of precipitation/dissolution coupled with solute transport,Journal of Statistical Physics,1995,81(1):165～180
[86]Valov P,Leiman V Energy fluctuations in optical transitions in CuHal crystals, Physics of the Solid State,2002,44(4):720～726
[87]鲍松媛,我国私募基金规范化发展研究,合作经济与科技,2009,(1):68～69
[88]李志学,何文,信托投资者决策行为影响因素的实证分析,系统工程,2006,(8):58～62
[89]吴吉芳,中国信托业功能演进分析,博士学位论文,上海:复旦大学,2005
[90]翟立宏,对中国信托业市场定位的理论反思,经济问题,2007,(2): 96～98
[91]袁江天,对中国信托业的反思,金融研究与教学,2007,(1):59～62
[92]杨瑞龙,我国制度变迁方式转换的三阶段论,经济研究,1998,(1):3～10
[93]黄少安,制度变迁主体角色转换假说及其对中国制度变革的解释,经济研究,1999,(1):66～72
[94]玛格丽特·布莱尔,所有权与控制:面向21世纪的公司治理探索,张荣刚译,北京:中国社会科学出版社,1999
[95]青木昌彦,钱颖一,转轨经济中的公司治理结构:内部人控制和银行的作用,北京:中国经济出版社,1995
[96]萨缪尔森,经济学(第十二版),高鸿业等译,北京:中国发展出版社,1992
[97]徐涛,信托投资业应加强核心竞争力建设,,经济金融观察,2007,(2),13～14
[98]周明,中国信托市场运行机制-基于合约视角的分析,北京:中国经济出版社,2007
[99]陈赤,张建华,信托创新:探索、实践与展望,西南金融,2007,(1):16～23
[100]张兴华,基于共同代理理论的信托公司治理研究,东岳论丛,2007,(11):170～173
[101]陈巧琳,加快我国信托行业发展的思考,福建金融,2006,(4):16～19
[102]高连和,基于产权制度的国有银行公司效率研究,理论探讨,2005,(1):55～57
[103]吴钦春,制约我国信托发展的瓶颈——信托税制、信托监管与信托人才,金融理论与实践,2007,(9):60～61
[2]霍玉芬,信托法要论,北京:中国政法大学出版社,2003,17～18
[3]李振华,论我国信托监管法律机制的构建,经济问题,2005,(10):54～56
[4]熊云洋,我国信托业发展存在的问题及出路,经济纵横,2001,(8):16～18
[5]中国人民银行工商信贷部,日本东洋信托银行的信托业务,北京:中国金融出版社, 1982, 50～51
[6]王礼平,中外信托制度问题研究,大连:东北财经大学, 2003,35～36
[7]盖永光,信托业比较研究-历史演进、定位与发展,济南:山东人民出版社,2004
[8]李玉潭,高宝安,泡沫经济破灭前后日本银企信用风险管理制度及其功效分析,现代日本经济, 2008,(5): 6
[9]唐义虎,信托财产权利研究,北京:中国政法大学出版社,2005,201～253
[10]邢成,2007年信托新政让“蒙尘珍珠”重现光芒,经济导刊,2007,(7):50～55
[11]周小明,信托制度的比较法研究,北京:法律出版社,1996
[12]林毅夫,地方政府的职能和融资渠道——广信事件案例分析,管理世界,1999,(5):10～17
[13]刘晓明,我国信托业存在问题及对策研究,硕士学位论文,大连:大连海事大学,19～22
[14]邓智毅,金融效率制度性分析,北京:中国金融出版社,2003
[15]Berger A N ,W C Hunter,S G Timme,The efficiency of financial institutions: A review and preview of research past, present and future.Journal of Banking and Finance,1993,17:221～249
[16]Bauer,P W,A N Berger,G D Ferrier,and D B Humphrey,Consistency Conditions for Regulatory Analysis of Financial Institutions:A Comparison of Frontier Efficiency Methods,Journal of Economics and Business,1998,50(2):85～114
[17]Aigner D, Lovell C, Schmidt P,Formulation and Estimation of Stochastic Frontier Production Function Models, Journal of Econometrics, 1977, 6(1): 21～37
[18]Meeusen W , &J Van den Broeck , Efficiency Estimation from Cobb-DouglasProduction Functions with Composed ErrorInternational Economic Review,1977,(2):435～444
[19] Berger A N,L J Mester,Inside the black box: What explains differences in the efficiencies of financial institutions?,Journal of Banking and Finance,1997,21:895～947
[20]魏煜,王丽,中国商业银行效率研究:一种非参数的分析,金融研究,2000,(3):88～96
[21]赵旭,凌亢,国有银行效率决定因素实证分析,统计研究,2000,(8):12～17
[22]刘伟,黄桂田,银行业的集中、竞争与绩效,经济研究,2003,(11):14～21
[23]张健华,我国商业银行效率研究的DEA方法及1997～2001年效率的实证分析,金融研究,2003,(3):11～25
[24]郑录军,曹廷求,我国银行公司效率及其影响因素的实证分析,金融研究,2005,(1):91～101
[25]郭妍,我国商业银行效率决定因素的理论探讨与实证检验,金融研究,2005,(2):115～123
[26]胡新宇,试论合格投资者制度对信托业的重要意义,华北金融,2007,(5):31～33
[27]黄玉龙,信托制度变迁比较分析,硕士学位论文,长沙:湖南大学,2006
[28]胡文强,谈我国信托业发展的优势,兵团党校学报,2003,(1):30～32
[29]刘瑾,刘昕,论信托制度在国企改革中的应用,河北建筑科技学院学报(社科版),2001,(2):58～60
[30]杨青松,李明生,论波特五力模型及其补充,长沙铁道学院学报(社会科学版),2005,(4):95～96
[31]约翰???希克斯,经济史理论,厉以平译,北京:商务印书馆,1987
[32]约瑟芬?马尔特白,罗伊?威尔金森,死胡同:利害相关社会与英国的公司治理,周穗明译,经济社会体制比较,1999,(3):73～77
[33]侯洪涛,银行公司效率影响因素分析,农村金融研究,2005,(7):7～12
[34]储俊,基于DEA模型的视角对我国商业银行效率的实证分析,海南金融,2007,(6):9～12
[35]李坡,马承文,我国银行公司效率的实证研究-对投入产出型DEA的应用,湖北大学学报:自然科学版本,2006,28(1):97～100
[36]李琪,李光泉,韩泽县,我国商业银行效率评价的DEA模型,天津大学学报(社科版), 2005, 7 (1): 6～10
[37]刘汉涛,对我国商业银行效率的测度:DEA方法的应用,经济科学,2004,(6):48～58
[38]吴聪,中国保险业效率的实证研究,硕士学位论文,广州:暨南大学,2006
[39]齐树天,中国商业银行X效率问题研究,博士学位论文,长春:吉林大学,2007
[40]吕秀萍,中国保险业效率研究,博士学位论文,天津:天津财经大学,2007:42
[41]Nahid Kalbasi Anaraki and Ali Hasanzadeh,X-Efficiency in the Iranian Banking System,Paper prepared for the second CIEF workshop:European Integratioin and Banking Efficiency,Lisbon,Portugal,2003,(11):30～31
[42]魏权龄,数据包络分析(DEA),北京:科学出版社,2004
[43] Cooper W W ,Kumbhakar,Subal,DEA and Stochastic Frontier Analyses of the 1978 Chinese economic reforms , Socio-Economic Planning Sciences ,1995,(2):85～112
[44]余学林,数据包络分析(DEA)的理论、方法与应用,科学学与科学技术管理,1992,(9):27～33
[45]Banker,R D A Charnes,W W Cooper,Some Models for Estimating Technical and Scale Inefficiencies in Data Envelopment Analysis,Management Science,1989,(9):1078～1092
[46]Battese,G E and T J Coelli,Frontier Production Functions,Technical Efficiency and Panel Data:with Application to Paddy Farmers in India,Journal of Productivity Analysis,1992,(3):153～169
[47]Battese G E, Corra G S,Estimation of a Production Frontier Model: With Application to the Pastoral Zone of Eastern Australia, Australia Journal of Agricultural Economics, 1977,21(3):169～179
[48]Berger A N ,L J Mester,Inside the black box: What explains differences in the efficiencies of financial institutions?,Journal of Banking and Finance,1997,21:895～947
[49]Iqbal Z,Ramaswamy K V,Akhigbe A,The Output Efficiency of Minority-owned Banks in the United States,International Review of Economics and Finance,1999,8(1):1055～114
[50]Carvallo O,Kasman A ,Cost Efficiency in the Latin American and Caribbean Banking Systems,Journal of International Financial Markets,Institutions & Money,2005,15(1):55～72
[51]王洪礼,杜忠晓,代建企业项目跟踪评价研究,天津大学学报:社会科学版, 2007, 9(5): 402～404
[52]李怀宇,王洪礼,郭嘉良,于DEA的天津市海洋生态经济可持续发展评价,洋技术, 2007, 26(3):101～104
[53]P Andersen ,N C Petersen,A Procedure for ranking efficient units in data envelopment analysis.Management Science,1993,39(10):1261～1264
[54]Sathye, Efficiency of Banks in a Developing economy:the Case of India,European Journal of Operational Reaearch,2003, (148):662～671
[55]Battese,G E and T J Coelli,Frontier Production Functions,Technical Efficiency and Panel Data:with Application to Paddy Farmers in India,Journal of Productivity Analysis,1992,(3):153～169
[56]Bauer,P W ,A N Berger,G D Ferrier,and D B Humphrey,Consistency Conditions for Regulatory Analysis of Financial Institutions:A Comparison of Frontier Efficiency Methods,Journal of Economics and Business,1998,50(2):85～114
[57]Bauer,P W ,and D Hancock,1993, The Efficiency of the Federal Rerserve in Providing Check Processing Services,Journal of Banking and Fiance,1993,(17):287～311
[58]Fechher,F ,D Kessler,S Perelman,and P Pestieau,Productive Performance of The French Insurance Industry,Journal of Procuctivity Analysis,1993,(4):77～93
[59]Ferrier,G and C A K Lovell,Measuring Cost Efficiency In Banking,Journal of Econometrics,1990,(46):229～245
[60]李栋,王洪礼,李胜朋,综合评价法的统一化研究,天津大学学报:社会科学版, 2006, 8(5): 373～375
[61]罗大钧,托法律关系探析,政法论坛,2001,(2):70～78
[62]王文宇,信托之公示机制与对世效力,月旦法学,2002,(12):65～68
[63]丁建臣,王伟东,信托业务创新与规范,北京:对外经济贸易大学出版社,2003
[64]熊云洋,我国信托业发展存在的问题及出路,经济纵横,2001,(8):16～18
[65]张楠,中国信托业发展现状及发展策略研究,硕士学位论文,北京:首都经济贸易大学,2006
[66]王天恩,肖珊珊,中国信托业的困境与战略选择,当代经济科学,2007,(3):52～56
[67]中国人民大学信托与基金研究所,2009年中国信托公司经营蓝皮书,北京:中国经济出版社,2009
[68]李廷芳,我国信托公司业务定位研究,博士学位论文,上海:同济大学,2007
[69]陈柳钦,突破信托业发展困境打造中国金融业第四支柱,国研网金融研究部,2006,81～94
[70]迈克尔?波特,竞争战略,陈小悦译,北京:华夏出版社,2005
[71]孙飞,信托治理优化论,北京:中国经济出版社,2005
[72]陈玉鹏,上海人民出版社,中国信托业年鉴2008,2009
[73] Leo Breiman,Random Forests,Machine Learning(Springer Netherlands),2001,45(1):5～32
[74]朱南,卓贤,董屹,关于我国国有银行公司效率的实证分析和改革策略,管理世界,2004,(2):18～26
[75]Barcellos L F, Ramsay P P,Madden E, et al, Random forest analysis: a novel approach for exploring the complex genetic component in rheumatoid arthritis, Arthritis And Rheumatism, 2006, 54(9): 132～136
[76]Friedman J H, Popescu B E,Gradient directed regularization, Stanford University: Department of Statistics, 2004
[77]Breiman L, Bagging Predictors, Machine Learning, 1996, 26(2):123
[78]Friedman J H, Hall P,On Bagging and Nonlinear Estimation,Stanford University: Department of Statistics, 1999
[79]Ehrenstein A,Proctor R W,Selecting mapping rules and responses in mixed ompatibility fourchoice tasks, Psychological Research,1998, 61(4):231～248
[80]Prasad S N, Simulated Annealing 2-D Nonlinear Inversion of Geomagnetic Deep Sounding Data Near Ujjain-Guna, India,Pure and Applied Geophysics,1999, 154(2):343～363
[81]Huang H,Jiang Z,Yu Z,K.and Lu,A skewed Laplace distribution with financial application,Financial Systems Engineering, 2003, 19(2):39～52
[82]Griffiths R , Probabilities and Quantum Reality: Are There Correlata?,Foundations of Physics,2003,33(10):1423～1459
[83]Hushwater V,A Path from the Quantization of the Action Variable to Quantum Mechanical Formalism, Foundations of Physics,1998, 28(2):167～184
[84]Gerstner W,Ritz R,van Hemmen J,Why spikes? Hebbian learning and retrieval of time-resolved excitation patterns, Biological Cybernetics,1993,69(5):503～515
[85]Karapiperis T Cellular automaton model of precipitation/dissolution coupled with solute transport,Journal of Statistical Physics,1995,81(1):165～180
[86]Valov P,Leiman V Energy fluctuations in optical transitions in CuHal crystals, Physics of the Solid State,2002,44(4):720～726
[87]鲍松媛,我国私募基金规范化发展研究,合作经济与科技,2009,(1):68～69
[88]李志学,何文,信托投资者决策行为影响因素的实证分析,系统工程,2006,(8):58～62
[89]吴吉芳,中国信托业功能演进分析,博士学位论文,上海:复旦大学,2005
[90]翟立宏,对中国信托业市场定位的理论反思,经济问题,2007,(2): 96～98
[91]袁江天,对中国信托业的反思,金融研究与教学,2007,(1):59～62
[92]杨瑞龙,我国制度变迁方式转换的三阶段论,经济研究,1998,(1):3～10
[93]黄少安,制度变迁主体角色转换假说及其对中国制度变革的解释,经济研究,1999,(1):66～72
[94]玛格丽特·布莱尔,所有权与控制:面向21世纪的公司治理探索,张荣刚译,北京:中国社会科学出版社,1999
[95]青木昌彦,钱颖一,转轨经济中的公司治理结构:内部人控制和银行的作用,北京:中国经济出版社,1995
[96]萨缪尔森,经济学(第十二版),高鸿业等译,北京:中国发展出版社,1992
[97]徐涛,信托投资业应加强核心竞争力建设,,经济金融观察,2007,(2),13～14
[98]周明,中国信托市场运行机制-基于合约视角的分析,北京:中国经济出版社,2007
[99]陈赤,张建华,信托创新:探索、实践与展望,西南金融,2007,(1):16～23
[100]张兴华,基于共同代理理论的信托公司治理研究,东岳论丛,2007,(11):170～173
[101]陈巧琳,加快我国信托行业发展的思考,福建金融,2006,(4):16～19
[102]高连和,基于产权制度的国有银行公司效率研究,理论探讨,2005,(1):55～57
[103]吴钦春,制约我国信托发展的瓶颈——信托税制、信托监管与信托人才,金融理论与实践,2007,(9):60～61