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近年来,随着我国信托业市场竞争的日益加剧,我国信托公司越来越多地通过引入战略投资者,特别是境外战略投资者来改善其公司治理机制以提高自身绩效。本文以2004-2015年我国11家引入境外战略投资者的信托公司为研究样本,对我国信托公司引入境外战略投资者前后的特征进行了比较研究后发现,引入境外战略投资者后,信托公司在公司治理、盈利性以及资产规模方面优于引入前,表现为作为第一大股东的地方政府持股比例的下降,以及公司整体的盈利能力和资产规模的提升。除此之外,与传统观点认为的境外战略投资者较易通过董事会参与公司治理不同的是,其更多的是通过完善治理结构即信托委员会的设立来产生积极影响。
In recent years, with the increasing competition in the trust industry in our country, trust companies in our country are increasingly improving their performance by introducing strategic investors, especially overseas strategic investors. Based on the sample of 11 trust companies introducing overseas strategic investors from 2004 to 2015 in our country, this paper makes a comparative study on the characteristics of trust companies in China before and after the introduction of overseas strategic investors and finds that after the introduction of overseas strategic investors, Corporate governance, profitability and asset size were better than those before the introduction, reflecting the declining share of local government ownership as the largest shareholder and the overall profitability and asset size enhancement of the company. In addition, unlike the traditional view that overseas strategic investors are more likely to participate in corporate governance through the board of directors, they are more likely to have a positive impact by improving the governance structure, that is, the establishment of a trust committee.