信托产品流动性问题研究

发布时间：2018-08-21 08:29

【摘要】：自中国改革开放推行市场经济以来,中国金融市场发展的步伐从未停歇过。目前,金融产品发展的多元化已形成了以银行、证券、信托、保险为主的四大支柱。其中,银行业、证券业、以及保险业在中国的发展起步较早,己形成较为成熟的业态,而信托业自产生至2001年以前都一直处于自身定位不明确、法律界定模糊的状态,直到2001年出台《信托法》后,信托业才异军突起,得到迅速发展。2012年底,信托业的市场容量已经超过保险业成为中国金融业的第三大支柱。因此,信托业在迅速扩张、“野蛮式”生长的过程中必然碰到不少问题。本文鉴于虽然信托市场快速扩张,但目前信托产品市场流动性不足。信托产品市场的流动性不足不仅会影响到信托公司的产品发行以及信托产品的投资者的收益,甚至会对未来信托业的发展带来不利影响。因此,本文着重研究了信托产品流动性问题,首先从理论角度出发,总结归纳了国内外学者对于信托产品以及信托产品流动性问题的相关研究,介绍了信托相关的基本概念,从而提出提高信托市场流动性的必要性。在对目前信托产品市场的流动性机制进行剖析后,归纳分析了各流动性机制的安排、特点、效率以及监管特点,得出不同的信托产品适合不同的流动性机制安排。最终,提出了一些提高信托市场流动性政策建议,望对信托产品的流动性研究有助于信托产品市场建立良好的流通机制,形成规范化、成熟、健康的信托市场。
[Abstract]:Since China's reform and opening to the outside world, the pace of development of China's financial market has never stopped. At present, the diversification of financial products has formed the four pillars of banking, securities, trust and insurance. Among them, the banking, securities and insurance industries started early in the development of China, and have formed a more mature form of business. The trust industry has been in a state of unclear positioning and vague legal definition since its inception until 2001. Until 2001, when the Trust Law was issued, the trust industry did not emerge suddenly and developed rapidly. At the end of 2012, the market capacity of the trust industry exceeded that of the insurance industry and became the third pillar of the Chinese financial industry. Therefore, the trust industry in the rapid expansion, "barbaric" growth process is bound to encounter a lot of problems. In view of the rapid expansion of the trust market, but the current trust product market liquidity shortage. The illiquidity of trust products market will not only affect the product issuance of trust companies and the income of investors of trust products, but also will have a negative impact on the development of trust industry in the future. Therefore, this paper focuses on the liquidity of trust products. First, from the theoretical point of view, summarizes the domestic and foreign scholars on trust products and trust product liquidity, introduces the basic concepts of trust. The necessity of improving the liquidity of trust market is put forward. After analyzing the liquidity mechanism of the current trust product market, this paper summarizes and analyzes the arrangements, characteristics, efficiency and supervision characteristics of each liquidity mechanism, and concludes that different trust products are suitable for different liquidity mechanism arrangements. Finally, some policy suggestions are put forward to improve the liquidity of trust market. It is hoped that the research on the liquidity of trust products will help to establish a good circulation mechanism and form a standardized, mature and healthy trust market.
【学位授予单位】：华东师范大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.49

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