转轨时期中国信托机构功能变迁的经济解析

【摘要】 本文尝试用制度经济学、契约经济学的原理解释我国信托机构功能变迁的内在动因。信托机构的重建是我国市场经济体制建设的选择,改革开放推动着信托机构的发展和功能完善,同时使信托机构与地方政府之间形成一种特殊关系;信托机构功能在政府强制性制度变迁过程中,不断发生变化,成为金融领域不可或缺的组成部分,但地方政府在这一过程中强化了其融资功能,弱化了其“受人之托、代人理财”的作用。更多还原

【Abstract】 Based on the theories of institutional economics and contractual economics, this paper tries to explain the intrinsic factors driving the functional migration of the Chinese trust companies. Reconstructing of trust companies is a must choice in a market-orientated economy. The Chinese opening and reform policies facilitate the development of those well functioning trust companies, meanwhile forms a special relationship between trust companies and local governments. The functions of the trust companies, which evolve into an indispensable component of the financial system, migrate under the pressure of the compulsive institutional changes imposed by the local governments. However, in that process, the local governments strengthened the role of financing of the companies and weakened their function as fiduciary.更多还原