我国信托公司融资类信托项目定价分析和管理
发布时间：2018-08-15 13:52
【摘要】：近些年，随着宏观环境的不断变化和利率市场化改革的探索步伐的加大，信托公司大力开展融资类信托业务，有效补充了商业银行贷款总量的不足，正逐渐成为社会信贷体系中的重要组成部分。与银行贷款类似，融资类信托项目作为信托公司出售的金融产品，其实质是向借款人让渡一定期间内的资金使用权，建立起科学、合理和精细化的定价管理体系，不但关乎信托公司经营效益和利润水平，更对信托公司完善受托人职责，防范商业风险，提高市场份额等方面都具有重大的现实意义，直接决定了信托公司的业务发展基础和核心竞争力。 本文对融资类信托项目的概念进行了界定，介绍了最近几年国内融资类信托项目的发展现状，对融资类信托项目与银行信贷之间的优势和不足进行了分析，并通过对比国内外主流贷款定价方法和模式，结合信托行业特殊情况和信托项目运行规律，确定了以成本加成法为基础的定价方案。在对该方法所涉及的各个定价因子进行逐一阐述，设定标准化融资类信托项目定价公式的基础上，，讨论了通过经营管理控制、对赌协议、夹层融资等特殊条款对于定价的影响，并结合具体案例，对模型在实际操作中的适用性和实用性进行了检验，提出了信托公司进一步完善融资类信托项目定价管理体制的一些建议和措施。
[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.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.49
本文编号：2184399
[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.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.49
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