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.pdfVIP

Finance 金融, 2017, 7(1), 52-66 Published Online January 2017 in Hans. /journal/fin /10.12677/fin.2017.71007 The Empirical Research on Relationship between Ownership Structure and Operating Efficiency of Trust Company —Based on StoNED Method 1 2 Tingting Wang , Zhejing Huang 1 School of Finance, Central University of Finance and Economics, Beijing 2 Department of HR, China Credit Trust Co., Ltd., Beijing th nd th Received: Jan. 4 , 2017; accepted: Jan. 22 , 2017; published: Jan. 25 , 2017 Copyright © 2017 by authors and Hans Publishers Inc. This work is licensed under the Creative Commons Attribution International License (CC BY). /licenses/by/4.0/ Open Access Abstract 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