發(fā)布時(shí)間：2018-06-28 12:50

  本文選題：信托理財(cái)產(chǎn)品 + 政策風(fēng)險(xiǎn)�。� 參考：《長(zhǎng)沙理工大學(xué)》2014年碩士論文

【摘要】：信托作為一項(xiàng)制度安排,始于英國(guó),發(fā)展于美國(guó),是被需要而存在。而我國(guó)由于特殊的歷史原因,信托制度的產(chǎn)生得益于政府制度安排,而非市場(chǎng)需要。一方面隨著經(jīng)濟(jì)的不斷發(fā)展,個(gè)人和企業(yè)的財(cái)富積累都在不斷增長(zhǎng),而負(fù)利率的存在、房地產(chǎn)行業(yè)調(diào)控的加強(qiáng)、資本市場(chǎng)的低迷,使得貨幣資金的理財(cái)需求得不到滿足。另一方面,銀行為規(guī)避信貸管制,利用信托公司做“通道”設(shè)立資金信托計(jì)劃,為投資者提供了高收益的理財(cái)產(chǎn)品,再加上信托行業(yè)“剛性兌付”這一不成文的規(guī)定、銀行信用等同于國(guó)家信用的事實(shí)更是讓投資者深信信托理財(cái)產(chǎn)品是高收益、低風(fēng)險(xiǎn)甚至是零風(fēng)險(xiǎn)的產(chǎn)品。但近幾年信托理財(cái)產(chǎn)品頻繁發(fā)生的風(fēng)險(xiǎn)事件已經(jīng)打破了投資者曾經(jīng)的美夢(mèng)。本文在對(duì)信托理財(cái)產(chǎn)品分類(lèi)分析的基礎(chǔ)上,對(duì)信托理財(cái)產(chǎn)品的風(fēng)險(xiǎn)分類(lèi)及表現(xiàn)進(jìn)行了描述性分析,并用協(xié)整檢驗(yàn)、VAR模型對(duì)信托理財(cái)產(chǎn)品與經(jīng)濟(jì)發(fā)展之間的關(guān)系進(jìn)行了研究,得出信托理財(cái)產(chǎn)品與經(jīng)濟(jì)發(fā)展之間存在一種長(zhǎng)期的穩(wěn)定關(guān)系。隨后本文分析了信托理財(cái)產(chǎn)品風(fēng)險(xiǎn)成因,主要是分業(yè)管理與監(jiān)管需求的不匹配、“剛性兌付”規(guī)定、信息不完全、信托產(chǎn)品二級(jí)市場(chǎng)不完善、缺乏人才培養(yǎng)長(zhǎng)效機(jī)制。為此信托公司應(yīng)該加強(qiáng)與監(jiān)管部門(mén)的溝通,適應(yīng)政策籌備期,緩沖政策風(fēng)險(xiǎn)；信托公司、信托業(yè)協(xié)會(huì)應(yīng)該加強(qiáng)對(duì)投資者的教育以改善信托生存環(huán)境,降低聲譽(yù)風(fēng)險(xiǎn)：減少信息不完全預(yù)防信用風(fēng)險(xiǎn)；應(yīng)該構(gòu)建信托產(chǎn)品二級(jí)市場(chǎng)抵御流動(dòng)性風(fēng)險(xiǎn)；應(yīng)該增強(qiáng)市場(chǎng)敏感度減少市場(chǎng)風(fēng)險(xiǎn)；還應(yīng)該與培訓(xùn)機(jī)構(gòu)、高校進(jìn)行合作,建立人才培養(yǎng)長(zhǎng)效機(jī)制防范管理風(fēng)險(xiǎn)。文章對(duì)信托理財(cái)產(chǎn)品的風(fēng)險(xiǎn)表現(xiàn)及其成因與對(duì)策作了較為系統(tǒng)的分析,但這種風(fēng)險(xiǎn)如何及時(shí)揭示還需要建立一套信托產(chǎn)品風(fēng)險(xiǎn)預(yù)警系統(tǒng),本文雖有對(duì)風(fēng)險(xiǎn)預(yù)警指標(biāo)進(jìn)行介紹,但僅限于定性方面,今后對(duì)信托理財(cái)產(chǎn)品風(fēng)險(xiǎn)預(yù)警系統(tǒng)的定量研究將是重點(diǎn)。
[Abstract]:Trust, as an institutional arrangement, began in England and developed in the United States. Because of the special historical reasons, the trust system in our country benefits from the arrangement of the government system, not the need of the market. On the one hand, with the development of economy, the wealth accumulation of individuals and enterprises is increasing, and the existence of negative interest rate, the strengthening of real estate industry regulation and control, and the downturn of capital market make the money financing demand unsatisfied. On the other hand, in order to circumvent credit control, banks use trust companies as "channels" to set up funds trust schemes, which provide investors with high-yielding financial products, plus the unwritten provision of "rigid payment" in the trust industry. The fact that bank credit is equal to state credit makes investors believe that trust financial products are high income, low risk and even zero risk products. But in recent years, the frequent occurrence of trust financial products has broken the investors' dream. Based on the classification and analysis of trust financial products, this paper makes a descriptive analysis on the risk classification and performance of trust financial products, and studies the relationship between trust financial products and economic development by using the co-integration test and VAR model. It is concluded that there is a long-term stable relationship between trust financial products and economic development. Then this paper analyzes the causes of trust financial products risk, mainly the mismatch between management and supervision requirements, the "rigid payment" regulation, incomplete information, imperfect secondary market of trust products, and lack of long-term talent training mechanism. To this end, trust companies should strengthen communication with regulatory authorities, adapt to the policy preparation period and cushion policy risks; trust companies and trust industry associations should strengthen the education of investors in order to improve the trust environment. Reduce reputation risk: reduce information incomplete prevention of credit risk; should build trust product secondary market to resist liquidity risk; should increase market sensitivity to reduce market risk; also should work with training institutions and colleges and universities, Establish a long-term talent training mechanism to guard against management risks. This paper makes a systematic analysis on the risk performance, causes and countermeasures of trust financial products, but it is necessary to establish a set of trust product risk early warning system. But only in qualitative aspect, the quantitative research on the risk early warning system of trust financial products will be the focus in the future.
【學(xué)位授予單位】：長(zhǎng)沙理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F832.49

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