新常态下我国信托业发展有效率吗——基于利率市场化创新驱动视角的实证分析

Is the Trust Industry Developing Efficiently in the New Normal?——An Empirical Analysis from the Perspective of Innovative Interest Rate Marketization

在经历多年的高速增长之后,我国经济进入了以"增速下降、结构升级、创新驱动"为特征的新常态。本文基于利率市场化改革的视角,运用数据包络法(DEA),研究我国信托业在经济新常态背景下的经营效率,以及影响我国信托业经营效率的因素,并通过构建实证模型,研究我国信托业效率同利率市场化改革之间的内在联系。实证研究发现:新常态下我国信托业发展是有效率的,利率市场化改革作为一种制度创新促进了信托业效率的提高,信托业效率的变化趋势和存贷利差的变化负相关。

After years of rapid growth, China has stepped into a ＂new normal＂ economy with characteristics of growth rate de- clining, structure upgrading, and innovation driving. Under the circumstances, does trust industry develop efficiently, and what factors could affect the efficiency will be of interest. Based on the perspective of interest rate marketization - driven inno- vation, we employ DEA method and build an empirical model to analysis the inner connection between the operation efficiency and interest rate marketization. We find that, on the one hand, trust industry develops efficiently in ＂new normal＂, and mar- ketization of interest rate promotes industry efficiency by way of institutional innovation. On the other hand, this paper concludes a negative correlation between trust industry efficiency and interest rate spread.