论我国信托投资市场结构与绩效的关系基于“共谋假说”和“有效结构假说”的实证检验-on the relationship between chinas trust investment market structure and performance based on the empirical test of.docxVIP

摘要从世界范围看，拥有 700 多年历史的信托业，由于其特殊的功能而被称作金 融市场上与银行、证券、保险“并驾齐驱”的四架马车之一。就我国范围看，信 托业历经近 90 年的发展——尤其是在 2001 年后相关法律法规的出台，得到了新 的发展机遇。但另一方面，信托公司也面临着商业银行、证券公司、基金管理公 司等机构的激烈竞争。因此，为更好的促进我国信托业快速、健康、可持续发展， 使之真正成为金融业的支柱产业，对它的市场结构和绩效进行分析是大有裨益 的。继 Mason 和 Bain 提出“共谋假说”，也即 SCP 分析范式：结构（structure）——行为(conduct)——绩效(performance)后，Stigler、Demsetz 和 Baumol， Sherperd，Schmalensee 分别提出了“有效结构假说”、“修正的有效结构假说”、 “混合的共谋/有效结构假说”。它们为个别产业的具体分析和实证检验提供了 理论基础和研究路径，尤其是针对市场结构因素，如产业集中度、产品差别化、 进出壁垒、规模经济等，来研究市场结构和市场绩效之间的关系。本文以信托投资行业为研究对象，以当前信托业务的发展及发展前景为分析 背景，以产业组织学中的“共谋假说”及其理论延伸为理论依据，从信托投资公 司入手，实证检验我国信托业市场的结构符合“共谋假说”还是“有效结构假说”， 抑或是两种假说兼而有之；通过深入分析行业结构、以及行业结构和绩效之间的 联系，实证检验影响信托投资业绩效的因素。进而利用 DEA 模型和 Malmquist 生产效率指数对我国信托投资公司的生产效率作出评价。最后根据我国国情，结 合国外信托业的发展状况给出相应的政策和建议。关键词：共谋假说；有效结构假说；市场结构；市场绩效；DEA 模型；Malmquist 生产效率指数ABSTRACTWorldwidely speaking, trust, with more than 700 years history, has become one of the four most important industries in the finance market, and the other three are bank, insurance and securities. In our country, trust industry , with nearly 90 years, got its new chance to develop much better, especially after the laws published in 2001. But, the trust companies are still facing the challenges which come from the commercial banks, securities companies, insurance companies. So it’s so vital to study market structure and its performance of trust industry that will make this industry develop fast, sustainably and healthy.After the theory “the traditional collusion hypothesis”, whose another name is “SCP”, that is structure-conduct-performance, is presented by Mason and Bain, “efficient structure hypothesis ”, “mixed collusion/efficient structure hypothesis” arealso published by Stigler、Demsetz、Baumol, Sherperd, Schanmalensee. All ofthese theories supplied the academic basic and the route of research. And next, the market structure factors, such as concentration ratio, product differentiation, market barrier were applied by lots of researchers to study the relationship between the market structure an