我国集合信托产品的创新研究
发布时间：2018-08-16 17:51
【摘要】：信托业“一法两规”颁布后,随着信托业法律制度和行业监管的逐步完善,以及社会财富管理需求的膨胀,依托信托制度的巨大优势,信托公司已成为财富管理市场最受欢迎的理财服务机构,信托业已经成长为名副其实的四大金融支柱行业。在监管层的积极支持以及信托公司自身的努力下,2007年至今,信托业快速发展,绝大多数信托公司建立了以信托理财为主业的盈利模式。过去六年,信托业整体保持了高速发展的势头,管理的信托资产规模从2007年的1.2万亿增至2013年末10万亿人民币,超越了保险和基金行业的资产管理规模。目前,财产信托业务在中国发展缓慢,资金信托业务占据主要地位,其中集合信托是其主要业务。集合信托产品多为信托公司自主开发的产品,信托公司在产品交易结构设计、投资项目选择等方面具有较大的决定权。因此信托产品的创新是信托业发展的重中之重。 本文首先对我国信托业的发展历史和现状进行梳理,总结了英国、美国和日本信托业的发展特点,进而分析国外信托业对我国信托业发展的启示。然后分析信托产品的创新理论,主要有规避管制理论、财富增长理论和约束诱导假说,并且以近年来具体信托产品举例说明。核心部分是对信托产品的创新进行要素解构,研究了以安全性、收益性、流动性三个要素为基础的创新。同时用实证研究了宏观经济因素：广义货币供应量、利率、汇率、CP#,对集合信托产品创新力度的影响,为信托公司在创新方面的投入提供参考。在最后,提出了我国信托产品创新的几个方向。
[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.
【学位授予单位】：西北大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.49
本文编号：2186728
[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.
【学位授予单位】：西北大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.49
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