【摘要】：近些年，隨著宏觀環(huán)境的不斷變化和利率市場化改革的探索步伐的加大，信托公司大力開展融資類信托業(yè)務(wù)，有效補充了商業(yè)銀行貸款總量的不足，正逐漸成為社會信貸體系中的重要組成部分。與銀行貸款類似，融資類信托項目作為信托公司出售的金融產(chǎn)品，其實質(zhì)是向借款人讓渡一定期間內(nèi)的資金使用權(quán)，建立起科學(xué)、合理和精細(xì)化的定價管理體系，不但關(guān)乎信托公司經(jīng)營效益和利潤水平，更對信托公司完善受托人職責(zé)，防范商業(yè)風(fēng)險，提高市場份額等方面都具有重大的現(xiàn)實意義，直接決定了信托公司的業(yè)務(wù)發(fā)展基礎(chǔ)和核心競爭力。 本文對融資類信托項目的概念進(jìn)行了界定，介紹了最近幾年國內(nèi)融資類信托項目的發(fā)展現(xiàn)狀，對融資類信托項目與銀行信貸之間的優(yōu)勢和不足進(jìn)行了分析，并通過對比國內(nèi)外主流貸款定價方法和模式，結(jié)合信托行業(yè)特殊情況和信托項目運行規(guī)律，確定了以成本加成法為基礎(chǔ)的定價方案。在對該方法所涉及的各個定價因子進(jìn)行逐一闡述，設(shè)定標(biāo)準(zhǔn)化融資類信托項目定價公式的基礎(chǔ)上，，討論了通過經(jīng)營管理控制、對賭協(xié)議、夾層融資等特殊條款對于定價的影響，并結(jié)合具體案例，對模型在實際操作中的適用性和實用性進(jìn)行了檢驗，提出了信托公司進(jìn)一步完善融資類信托項目定價管理體制的一些建議和措施。
[Abstract]:In recent years, with the constant changes of the macro environment and the expansion of the interest rate marketization reform, the trust company vigorously develops the financing trust business, which effectively complements the shortage of the total loan amount of the commercial bank. Is gradually becoming an important part of the social credit system. Similar to bank loans, financial trust projects, as financial products sold by trust companies, are essentially to transfer the right to use funds within a certain period of time to the borrower, and establish a scientific, reasonable and refined pricing management system. It is not only related to the operating efficiency and profit level of the trust company, but also has great practical significance to the trust company to perfect the fiduciary duty, to guard against the commercial risk, to increase the market share and so on. Directly determine the trust company's business development basis and core competitiveness. This paper defines the concept of financing trust projects, introduces the development status of domestic financing trust projects in recent years, and analyzes the advantages and disadvantages between financing trust projects and bank credit. By comparing the main loan pricing methods and models at home and abroad, combining with the special situation of trust industry and the operation rule of trust projects, the pricing scheme based on cost addition method is determined. On the basis of expounding each pricing factor involved in this method and setting up the pricing formula of standardized financing trust project, this paper discusses the influence of special terms such as management control, gambling agreement, mezzanine financing and so on, on pricing. Combined with specific cases, the applicability and practicability of the model in practical operation are tested, and some suggestions and measures for the trust company to further improve the pricing management system of financing trust projects are put forward.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.49

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