我国银行业与信托业资金运用效率评价——基于资产管理表外业务的比较

摘要笔者基于资产管理表外业务,利用Bayesian VAR及动态Wurgler模型,对我国银行业和信托业的资金运用效率进行了比较研究。结果表明:我国信托业资金运用效率整体要优于银行业,但在部分领域效率水平相对较低。市场化改革促进了以信托为代表的非银行业资金运用效率的提高,并为这些行业的快速发展提供了动力源泉。但是,进一步加快改革对整个金融业的影响将具有非对称性,要运用差别性政策。

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	王全良
	邓旭升

关键词：资金定价效率资金配置效率 Wurgler模型 Bayesian VAR模型

Abstract： By using the Wurgler and Bayesian VAR model, this paper compares and analyzes the capital using efficiency of China’s banking and trust industry based on the Asset Management business in Off Balance Sheet. The results show that China’s capital using efficiency of trust industry is higher than that of the banking industry, but in some areas the trust industry’s efficiency is relatively low. Market reform promotes the capital using efficiency of trust industry which represents non banking sectors, and provides a source of power for the rapid development of these industries. However, to further accelerate reform will have an asymmetry impact on the entire financial industry.

Keywords： Capital Pricing Efficiency Capital Allocation Efficiency Wurgler Model Bayesian VAR Model

收稿日期 2015-11-12; 接受日期 2015-11-12;

基金资助:国家自然科学基金项目(71173165);教育部人文社会科学规划项目(11YJA790783)

作者简介: 王全良( 1970-) ,男,河南郑州人,博士研究生,副教授,主要从事产业经济研究;邓旭升( 1972-) ,男,陕西西安人,高级经济师,博士研究生,主要从事信托理论与实务研究。

引用本文:

王全良, 邓旭升.我国银行业与信托业资金运用效率评价——基于资产管理表外业务的比较[J]. 经济经纬, 2015,6: 138-142

WANG Quan-liang, DENG Xu-sheng.An Evaluation of Capital Using Efficiency on China’s Banking and Trust Industry ——Based on the Comparison of Asset Management in Off Balance Sheet[J] Economic Survey, 2015,V32(6): 138-142

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2015/V32/I6/138