基于Malmquist指数的信托行业全要素生产率测度及收敛性研究

Study on the Measure and Convergence of Total Factor Productivity in the Trust Industry Based on Malmquist Index

近年来,我国信托业的快速发展不仅体现在管理资产规模的快速扩张上,也体现在经营效率的提升方面。本文基于Malmquist模型,使用2007—2013年51家信托公司经营数据测度了信托业全要素生产率及其收敛性。实证研究表明,样本数据期内我国信托业全要素生产率平均增速为4.6%,主要受到技术效率增长推动,技术进步增速表现不佳。信托业全要素生产率增速的区域特征非常显著,中部地区明显高于西部和东部地区。同时,通过σ检验和绝对β收敛检验发现,我国信托业全要素生产率增速具有显著的收敛性,各地区差距呈现缩小态势,不过行业调整和转型发展可能会打破这种收敛态势。

In recent years, the rapid development of China’s trust industry is not only reflected in the rapid expan-sion of managed assets, but also in the promotion of operation efficiency. Based on the Malmquist model, this paper uses the operation data of 51 trust companies from 2007 to 2013 to measure the TFP and convergence of the trust indus-try. Empirical study shows that the average growth rate of the total factor productivity is 4.6% in China＇s trust indus-try,which is mainly promoted by the technical efficiency,not the technical progress. The regional characteristics of to-tal factor productivity growth in the trust industry are very significant,and that of the central area was higher than that of the western and Eastern regions. At the same time, theσtest and absoluteβconvergence test shows that the total factor productivity growth convergence of China’s trust industry is obvious and there is a narrowing of the regional gap,but the adjustment and transformation of industry development may break this convergence trend.