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在经历多年的高速增长之后,我国经济进入了以“增速下降、结构升级、创新驱动”为特征的新常态。本文基于利率市场化改革的视角,运用数据包络法(DEA),研究我国信托业在经济新常态背景下的经营效率,以及影响我国信托业经营效率的因素,并通过构建实证模型,研究我国信托业效率同利率市场化改革之间的内在联系。实证研究发现:新常态下我国信托业发展是有效率的,利率市场化改革作为一种制度创新促进了信托业效率的提高,信托业效率的变化趋势和存贷利差的变化负相关。
After years of rapid growth, our economy has entered a new normal characterized by “declining growth rate, structural upgrading and innovation drive.” Based on the perspective of market-based interest rate reform, using data envelopment (DEA), this paper studies the operating efficiency of China’s trust industry in the context of the new economic normal and the factors that affect the efficiency of China’s trust industry. By constructing an empirical model, The Relationship between Trust Efficiency and the Marketization of Interest Rate. The empirical research shows that under the new normal, the development of China’s trust industry is efficient. Market-oriented interest rate reform as an institutional innovation has promoted the improvement of the efficiency of the trust industry. The trend of trust efficiency has a negative correlation with the change of interest-bearing deposits and loans.