中国基金业2005～2013年全要素生产率变迁的实证研究——基于Malmquist生产率指数

An Empirical and Analysis on the Total Factor Productivity of Chinese Investment Fund Industry in 2005-2013——Based-on-Malmquist Index

基于Malmquist生产率指数方法对2005~2013年中国基金业全要素生产率进行测算与分析，结果发现2005~2013年中国基金业要素生产率年度平均增长率为9．6％，2007~2008年出现大幅波动。这表明基金业本身增长是集约的，生产率大幅波动的原因在于资本市场制度的不完善、竞争不充分以及创新能力较弱。

It is very crucial for Chinese investment fund industry to deeply understand devel- opment status and effectively use measures to improve the competitiveness. The method of Ma｜mquist productivity index based on DEA is used in this article. The results discover that, during the year 2005--2013, the average annual growth ratio of Total Factor Productivity （TFP） of Chinese Investment fund Industry is 9. 6%. The year of fastest and maximum growth of the productivity is 2007 and the rate is 138% and the year of minimum and decea- sing most fast is 2008 with the rate of --37%. This shows that the growth of Chinese invest- ment fund industry is intensive and the volatility of the productivity is high because of imper- fect market mechanism.