【摘要】：信托業(yè)“一法兩規(guī)”頒布后,隨著信托業(yè)法律制度和行業(yè)監(jiān)管的逐步完善,以及社會(huì)財(cái)富管理需求的膨脹,依托信托制度的巨大優(yōu)勢(shì),信托公司已成為財(cái)富管理市場(chǎng)最受歡迎的理財(cái)服務(wù)機(jī)構(gòu),信托業(yè)已經(jīng)成長(zhǎng)為名副其實(shí)的四大金融支柱行業(yè)。在監(jiān)管層的積極支持以及信托公司自身的努力下,2007年至今,信托業(yè)快速發(fā)展,絕大多數(shù)信托公司建立了以信托理財(cái)為主業(yè)的盈利模式。過(guò)去六年,信托業(yè)整體保持了高速發(fā)展的勢(shì)頭,管理的信托資產(chǎn)規(guī)模從2007年的1.2萬(wàn)億增至2013年末10萬(wàn)億人民幣,超越了保險(xiǎn)和基金行業(yè)的資產(chǎn)管理規(guī)模。目前,財(cái)產(chǎn)信托業(yè)務(wù)在中國(guó)發(fā)展緩慢,資金信托業(yè)務(wù)占據(jù)主要地位,其中集合信托是其主要業(yè)務(wù)。集合信托產(chǎn)品多為信托公司自主開發(fā)的產(chǎn)品,信托公司在產(chǎn)品交易結(jié)構(gòu)設(shè)計(jì)、投資項(xiàng)目選擇等方面具有較大的決定權(quán)。因此信托產(chǎn)品的創(chuàng)新是信托業(yè)發(fā)展的重中之重。 本文首先對(duì)我國(guó)信托業(yè)的發(fā)展歷史和現(xiàn)狀進(jìn)行梳理,總結(jié)了英國(guó)、美國(guó)和日本信托業(yè)的發(fā)展特點(diǎn),進(jìn)而分析國(guó)外信托業(yè)對(duì)我國(guó)信托業(yè)發(fā)展的啟示。然后分析信托產(chǎn)品的創(chuàng)新理論,主要有規(guī)避管制理論、財(cái)富增長(zhǎng)理論和約束誘導(dǎo)假說(shuō),并且以近年來(lái)具體信托產(chǎn)品舉例說(shuō)明。核心部分是對(duì)信托產(chǎn)品的創(chuàng)新進(jìn)行要素解構(gòu),研究了以安全性、收益性、流動(dòng)性三個(gè)要素為基礎(chǔ)的創(chuàng)新。同時(shí)用實(shí)證研究了宏觀經(jīng)濟(jì)因素：廣義貨幣供應(yīng)量、利率、匯率、CP#,對(duì)集合信托產(chǎn)品創(chuàng)新力度的影響,為信托公司在創(chuàng)新方面的投入提供參考。在最后,提出了我國(guó)信托產(chǎn)品創(chuàng)新的幾個(gè)方向。
[Abstract]:After the promulgation of "One Law, Two Regulations" in the trust industry, with the gradual improvement of the legal system and industry supervision in the trust industry, and the expansion of social wealth management needs, trust companies have become the most popular financial services institutions in the wealth management market, and the trust industry has grown into the four truly financial pillars. Industry. With the active support of the supervisors and the efforts of the trust companies themselves, the trust industry has developed rapidly since 2007. Most trust companies have established a profit-making model based on trust financing. Over the past six years, the trust industry as a whole has maintained a momentum of rapid development, and the scale of trust assets managed has increased from $12 trillion in 2007 to $13.3 billion. At the end of the year, 10 trillion RMB exceeded the assets management scale of the insurance and fund industries. At present, the property trust business is developing slowly in China, and the capital trust business occupies the main position, of which the collective trust is its main business. Therefore, the innovation of trust products is the most important thing in the development of trust industry.
This paper first reviews the development history and current situation of trust industry in China, summarizes the development characteristics of trust industry in Britain, the United States and Japan, and then analyzes the Enlightenment of foreign trust industry on the development of trust industry in China. The core part is to deconstruct the factors of trust product innovation and study the innovation based on the three factors of security, profitability and liquidity. At the same time, the macroeconomic factors are empirically studied: generalized money supply, interest rate, exchange rate, CP #, which affect the innovation of collective trust product. Finally, several directions of trust product innovation in China are put forward.
【學(xué)位授予單位】：西北大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.49

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