【作者】 刘杰；

【导师】 严武；

【作者基本信息】 江西财经大学 ， 金融学， 2003， 硕士

【摘要】 信托从13世纪在英国诞生至今已经发展了7个多世纪，在西方发达国家，今天的信托业贯通货币市场、资本市场、产业领域，影响力渗透到经济生活的方方面面，与银行、保险、证券并称为金融业的四大支柱，而我国从上个世纪初上海引入信托业至今也不过80多年的发展历史，其间还有1949—1979将近30年的发展中断期，建国后信托业的实际发展时间只有1979年到现在的不到25年的时间，信托业发展时间短、缺乏历史积淀是我国信托业发展迟缓、问题丛生的一个重要原因，但深究其根源，则是长期以来忽视制度建设、缺乏制度规范的恶果。本文就是从探求我国信托业发展的制度约束出发，以制度经济学的理论观点，运用博弈论的分析手段，来审视剖析我国信托业制度变迁与金融创新之间的抑制—深化关系，并在此基础上，提出对我国信托业现实状况的分析、现行制度框架的考虑和未来发展的政策建议。为此，本文分了六大部分加以论述。 第一章导论部分首先提出问题，介绍了研究主题的确定，回顾了国内外的有关文献，阐述了本文的研究思路和方法，最后，对信托的渊源和基本的信托理论作了一个简单的综述，重点阐述了现代信托的四大基本理念：所有权与受益权相分离、信托财产独立性、全面的有限责任和信托管理的连续性。 第二章笔者从对我国信托业的历史回顾入手，描述了自1917年信托引入我国以来各个阶段的发展历程，重点分析了1979年我国信托业恢复以后所经历的五次大整顿的前因后果，并在此基础上总结规律，提炼出改革开放以来我国信托业制度演进的一个一般模型，即在行政手段调控为主的监管环境中，政府政策导向与信托机构具体行为之间互相引起、相互加强的模型。在这一模型中，政策导向是决定因素和出发点，信托业的定位和制度安排是政策传导机制，信托公司是政策的微观受体，制度安排决定信托公司行为，金融、经济环境变化是信托公司行为对政策导向的反馈表现，金融、经济环境的变化又是引起政策导向调整和新的行政调控措施出台的依据，政策导向的调整和新措施的出台，又带来信托业的重新定位和信托制度安排的调整。 第三章主要从制度经济学的视角，分外部监管制度和内控体制两方面，重点剖析了我国信托业的制度变迁和信托业金融创新的关系，尤其是在第二章我国信托业制度演进一般模型的基础上进一步建立了一个我国信托业监管制度演进和信托业金融创新之间互动博弈的三阶段模型，并得出结论：正是信托监管制度的不足和疏漏制约了信托业金融创新的正常合规发展，由于违规收益远高于违规成本，信托机构在“理性经济人”角色的指引下，必然选择违规式的创新，也正是信托业不断“试错”的金融创新推动了信托监管体系的逐渐完善。在内控体制与信托业金融创新的关系方面，笔者重点论述了信托公司微观治理结构的不合理对其创新行为异化的决定性影响，指出信托公司治理结构的弊端根源在于制度供给主体与微观创新主体身份的重合。 在第四章中，笔者首先研究了在以《信托法》为核心的新制度框架体系确立后，我国信托业所面临的重新定位和重构发展战略的问题。在信托业的重新定位问题上，笔者认为应立足信托业本质，加强同其他金融行业的合作，把它作为一个独立的产业来引导和发展，使其真正成为名副其实的金融业四大支柱之一；在信托业发展战略的重构上，笔者认为既要充分考虑到国际信托业发展的主流趋势，又不能脱离我国现阶段金融环境、市场经济环境的发育水平，应当把二者结合起来，走分阶段发展、逐步推进的渐进道路，具体而言，就是由过去盲目发展多品种兼营、低层次混业的状态过渡到规范化、产业化分业经营的阶段，再经过相当时间的发育成熟，最终过渡到集约化产业经营的高层次金融混业阶段。在分析完信托业的重新定位和发展战略的重构问题之后，笔者又介绍了现行制度框架的内容、特征，并对其做了多 方面的优劣分析。 在对我国信托业的现行制度框架做了一个详尽的利弊分析之后，笔者顺理成章地在第五章中转入了对既有框架下信托业金融创新活动的关注，首先是从正反两方 面详细分析了现阶段我国信托业金融创新的内外部环境，然后是从制度创新、理念创新、产品创新三方面，分析了现行制度框架下我国信托业金融创新的内容和特点， 其中重点论述了现阶段我国信托产品创新的原则、种类和现状，并在此基础上提出 有关产品创新的建议。 在前五章内容详尽论述的基础上，笔者在最后一章提出对我国信托业未来发展趋势的展望，并就如何加快我国信托业发展提出了宏观上的政策建议。笔者认为， 为适应信托业未来的发展趋势，做好应对国际竞争的准备，我国政府应采取如下措 施，以加快我国信托业的健康发展：一是要加快信托业的立法工作，在现有法律法 规的基础上，制定相配套的实施细则和相关法规，不断完善现行的信托制度框架体 系；二是要在信托业监管方面，更新监管理念，改善监管手段，提高监管效率和水 平；三是要打破市场分割格局，允许并鼓励信托企业设立分支机构、异地经营、兼 并重组；四是要建立信托产更多还原

【Abstract】 In the 13th Century Trust emerged firstly in British, after 700 years ,it has great influenced in monetary market, capital market and industrial field in most of the developed countries. Nowadays, trust has become one of the most important branch in finance, together with bank, insurance and securities. However, in China, the situation is quietly different, people didn’t recognized trust until 1919 when it was introduced into Shanghai. Actually, since 1979, trust has gotten its authentic development just only for 25 years. At first glance, trust fail to keep abreast of the World’s average level resulting in lacking of history in China. However we find that the unsatisfying condition mostly links with the ignorance of institutional construction. In this paper, to understand the institutional construction in trust in our country, we find a significant relation between institutional transformation and basic theories of institutional economics. Further, the analysis on trust realities, the consideration to current institutional frame and some policy suggestions arc proposed. Here are six sections served for illustrating.In chapter 1 ,at first, I introduce the topic of my thesis, interrelated documents and the way and the method of my research. Furthermore, I introduce the origin of trust and summarize several elementary theories in the field in western countries. There are 4 fund mental ideas: (1) Separation of ownership and beneficial rights. (2) Independence of trust property. (3) Limited liability. (4) Continuity in the management of trust. All of them consist of the basic contents of functional evolution and systematic designing of trust.Beginning with the introduction of trust’s history in china, I describe several different stages of trust since it was introduced to our country in chapter 2. In this section, a universal model is proposed. As an important step toward understanding the model, I analyzed 5 adjustment of trust from 1979. Note that an interactive mechanism exists between the orientation of government policies and trust company’s behavior, under the circumstance of administrative interference. The mechanism is complicated; firstly, policy orientation is the determinant. Secondly, the anchor point of trust and its institutional arrangement depend on the conductive mechanism of policies. Thirdly, trust company act as a microcosmic acceptor to macro-polices. Institutional arrangement determines the behavior of trust companies meanwhile their behavior responds with policy orientation by changing financial and economical environments. It is well known that new policies will be formulated and the orientation will be changed for the transition of macro-situation. According to the essential opinions mentioned above, new policies and administration will bring about new adjustment of trust as well as its new institutional arrangements.In chapter 3, I analyzed the relationship between institutional evolution of trust industry and financial innovation from the angle of institutional economics. Especially, based on the analysis of chapter 2, I set up a three-phases game model about theevolution of supervisory system and financial innovation in trust industry. At last, I draw a conclusion that it is the defects of trust industry’s supervisory system that stimulate the abnormal innovative behaviors among trust companies. Furthermore, upon the relationship between the inner-governance and trust company’s innovation, I explain the crucial impacts on the innovative behaviors arising from the defects of governing structure and point out the key to the problem is the identity superposition between institutional supplier and financial innovator.In chapter 4, after the new trust institutional frame which is in the core of "Trust Law" was established, there are two crucial problems in front of our country’s trust industry. One is the problem of reorder orientation. The other is the problem of restructuring developing strategies. Upon the first problem, I think that our trust industry should stick to the更多还原