Collected Essays on Finance and Economics ›› 2022, Vol. 38 ›› Issue (5): 56-65.

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Calculation of Policy Financing Guarantee Institution's Operational Efficiency and Its Influencing Factors: Based on the Analysis of Micro-survey Data from Zhejiang Province

XU Pan1, LI Yushuang2   

  1. 1. College of Management,Zhejiang University of Technology,Hangzhou 310023,China;
    2. School of Economics,Jiaxing University,Jiaxing 314001,China
  • Received:2021-08-11 Online:2022-05-10 Published:2022-05-09

政策性融资担保机构运行效率的测算及其影响因素——基于浙江省微观调研数据的分析

徐攀1, 李玉双2   

  1. 1.浙江工业大学管理学院,浙江 杭州 310023;
    2.嘉兴学院经济学院,浙江 嘉兴 314001
  • 作者简介:徐攀(1987—),女,浙江嘉兴人,浙江工业大学管理学院讲师;李玉双(1982—),男,河南信阳人,嘉兴学院经济学院副教授。
  • 基金资助:
    国家社会科学基金项目(20CJY006);浙江省自然科学基金项目(LQ20G030030)

Abstract: Based on the micro-survey data from Zhejiang Province, this paper uses SBM-DEA model to measure the operational efficiency of policy financing guarantee institutions and constructs a panel data model to explore its influencing factors. The results of the efficiency measurement show that the overall operating efficiency of policy financing guarantee institutions is low. The provincial policy financing guarantee institutions have higher operating efficiency, followed by those under the jurisdiction of counties and municipal districts. The operating efficiency of policy financing guarantee institutions with registered capital greater than or equal to 1 billion yuan is on the rise, while others are on the decline. Results of further research show that variables such as the level of human capital and years of establishment have a significant positive impact on the operational efficiency of policy-based financing guarantee institutions, while the property right ratio and the financial development level have a significant negative impact on the operational efficiency, and the impact of the business concentration is not significant. Furthermore, it is found that there is a significant peer effect in the operational efficiency of policy financing guarantee institutions. Finally, the paper puts forward some policy suggestions according to the research conclusions.

Key words: Policy Financing Guarantee, Operational Efficiency, SBM-DEA Model, Influencing Factors

摘要: 基于浙江省微观调研数据,使用SBM-DEA方法测算政策性融资担保机构的运行效率,通过构建面板数据模型探讨影响其运行效率的因素。效率测算结果显示:政策性融资担保机构的总体运行效率偏低;省属的政策性融资担保机构运行效率最高,县管辖的次之,市辖区管辖的最低;注册资本大于等于10亿元人民币的政策性融资担保机构运行效率总体呈上升趋势,其他则呈下降趋势。进一步研究表明:人力资本水平与成立年限对政策性融资担保机构运行效率有着显著的正向影响,产权比率与地区金融发展水平对运行效率有着显著的负向影响,而业务集中度的影响并不显著。此外,政策性融资担保机构之间的运行效率存在显著的同群效应。

关键词: 政策性融资担保, 运行效率, SBM-DEA模型, 影响因素

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