信托公司股权结构对公司经营效率的影响—基于StoNED方法的实证分析

The Empirical Research on Relationship between Ownership Structure and Operating Efficiency of Trust Company —Based on StoNED Method

本文以委托代理理论为基础,从股权集中度和控股公司股权性质两方面入手分析股权结构对信托公司经营效率的影响。作者利用StoNED方法构造经营效率测度模型,基于2011~2015年信托公司的各项经营效率值以及股权结构变量的数据构造回归模型。研究发现,信托公司股权集中度与公司经营效率呈负相关,适度的股权集中度能够提高公司的经营效率。同时,股权集中度与关联交易呈正相关,适度的关联交易可以提高信托公司经营效率,但过度依赖关联交易会降低公司经营效率。从控股股东来看,金融机构控股的信托公司经营效率要高于产业集团及地方政府控股的信托公司。同时全国性金融机构控股的信托公司总体上经营效率要优于地方性金融机构控股的信托公司。中央产业集团控股的信托公司的经营效率要优于地方国企和民企控股的信托公司。外资参股对信托公司经营效率有一定的促进作用,但现阶段效果有限。

Based on the principal-agent theory, this paper analyzes the influence of the ownership concen-tration and holding company on the operating efficiency of trust companies. StoNED method is used to construct the management efficiency measurement model. Based on a sample of the trust companies from 2011 to 2015, this paper finds that the ownership concentration of the trust companies is negatively correlated with the companies’ operating efficiency, and moderate degree of ownership concentration can improve the operating efficiency. At the same time, the degree of ownership concentration is positively correlated with related party transactions (RPT). Related party transactions can improve the operating efficiency of trust companies, but over-reliance on related party transactions will reduce the operating efficiency. The operating efficiency of trust companies controlled by financial institutions is higher than trust companies controlled by industrial groups and local government. Compared to local financial institutions, national financial institutions have a better influence on operating efficiency. The operating efficiency of the trust companies controlled by central industrial group is better than those controlled by local state- owned enterprises and private enterprises. Foreign equity participation has little promoting effect on the operating efficiency of trust companies.