我国信托理财产品风险研究

发布时间：2018-06-28 12:50

本文选题：信托理财产品 + 政策风险　；参考：《长沙理工大学》2014年硕士论文

【摘要】：信托作为一项制度安排,始于英国,发展于美国,是被需要而存在。而我国由于特殊的历史原因,信托制度的产生得益于政府制度安排,而非市场需要。一方面随着经济的不断发展,个人和企业的财富积累都在不断增长,而负利率的存在、房地产行业调控的加强、资本市场的低迷,使得货币资金的理财需求得不到满足。另一方面,银行为规避信贷管制,利用信托公司做“通道”设立资金信托计划,为投资者提供了高收益的理财产品,再加上信托行业“刚性兑付”这一不成文的规定、银行信用等同于国家信用的事实更是让投资者深信信托理财产品是高收益、低风险甚至是零风险的产品。但近几年信托理财产品频繁发生的风险事件已经打破了投资者曾经的美梦。本文在对信托理财产品分类分析的基础上,对信托理财产品的风险分类及表现进行了描述性分析,并用协整检验、VAR模型对信托理财产品与经济发展之间的关系进行了研究,得出信托理财产品与经济发展之间存在一种长期的稳定关系。随后本文分析了信托理财产品风险成因,主要是分业管理与监管需求的不匹配、“刚性兑付”规定、信息不完全、信托产品二级市场不完善、缺乏人才培养长效机制。为此信托公司应该加强与监管部门的沟通,适应政策筹备期,缓冲政策风险；信托公司、信托业协会应该加强对投资者的教育以改善信托生存环境,降低声誉风险：减少信息不完全预防信用风险；应该构建信托产品二级市场抵御流动性风险；应该增强市场敏感度减少市场风险；还应该与培训机构、高校进行合作,建立人才培养长效机制防范管理风险。文章对信托理财产品的风险表现及其成因与对策作了较为系统的分析,但这种风险如何及时揭示还需要建立一套信托产品风险预警系统,本文虽有对风险预警指标进行介绍,但仅限于定性方面,今后对信托理财产品风险预警系统的定量研究将是重点。
[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.
【学位授予单位】：长沙理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.49

【相似文献】