Research On Trust Business Transformation Based On DEA-Tobit Model

Since China introduced the trust system in 1979,after five reorganizations,the trust industry ushered in a new dawn after the 2007 trust company re-registration policy.As of December 2016,the assets of the trust industry have exceeded 20 trillion yuan.turn off.In 2012,the attitude of the Chinese government to the asset management industry has changed dramatically.The arrival of the new asset management system has enabled financial institutions such as brokers,funds,insurance,banks,and futures companies to substantially expand their asset management business and begin homogenizing with traditional trust assets.At the same time,China's entry into the Internet era,Internet finance has seized market share in the trust asset management market with its “user + information” data technology and ultra-high profitability,which has exposed the development of the trust industry and has encountered difficulties in business development.The reason is that once the "Golden Decade" of the trust industry has risen vigorously,the extensive and brutal expansion of the channel business has caused the trust industry to embark on an alarming scale expansion,and it is an undeniable fact that the institutional dividend given by the government supervision boosts the advantage.The development of the trust industry departs from the origins of "financed by people and financial management for others".The business structure is not scientific and has no core competitiveness.Once it loses its policy advantages,it will have a significant negative impact on its development.Therefore,under the current background environment,the development situation of China's trust industry in the new situation is elaborated,and the trust company's efficiency evaluation and influencing factors are analyzed through the DEA-Tobit model to determine the trust business structure.The influence of the trust company's efficiency,which provides effective information for the direction of the reform of the trust business and provides the industry with a transformation strategy,is of great significance.However,few scholars specifically study this.Based on the DEA-Tobit model and related theories of trust business transformation,the existing trust business is divided into three types: private equity investment banking,asset management,and wealth management in terms of business models.The trust industry is analyzed from the perspective of the external environment,its own problems,and business development status.The status quo of development,through the study of three business models,will provide the basis for the trust company's efficiency impact and trust business transformation.Measure the development of each trust company from the perspective of efficiency,and establish a Tobit panel regression model based on a detailed analysis of the micro factors that influence the business efficiency of the trust company,and develop the level of development of private equity investment banking business and the development of asset management business.Two factors were included in the main impact indicators.Finally,53 trust companies were selected as the sample of this paper.The following conclusions were drawn through empirical research results:First,the degree of development of the private equity investment banking business of the trust company has inhibited the performance of the trust company.The higher its level of development,the more unfavorable the improvement of the trust company's own efficiency.The trust company should reduce the private equity investment banking business with financing as the main purpose under the premise of performing social financing functions,avoid choosing trust private equity investment and financing industries that are greatly affected by policy regulation,broaden service channels,actively seek transformation and upgrade paths,and build trust boutiques.Investment banks,thereby enhancing the trust company's own profitability and efficiency.Secondly,represented by the proportion of equity investment trusts and portfolio utilization of trust ratio business indicators,the degree of development of asset management services that reflects the active management capabilities of trust companies has a positive effect on the performance of trust companies.Therefore,the core position of the “asset management” of trust companies should be further consolidated.While continuing to develop current existing asset management businesses,it is also looking for new models for multiple portfolio investments,capturing profit opportunities in multiple markets,and exploring new markets for alternative investments.Lead the new heading of global asset allocation.Third,the per capita disposable income of PCDI in the provinces is significant at the level of 5%,indicating that the comprehensive efficiency of trust companies is positively related to the level of regional economic development.In provinces with higher levels of geographical development,the higher the per capita disposable income,the higher proportion of high-net-worth individuals with large private wealth will also occupy a higher level.Therefore,asset management agencies in economically developed regions have more room for development in wealth management business.Trust companies rely on their strong client resources and their professional advantages of “treating people financially” to assess the situation and occupy an important seat in the wealth management market as soon as possible.