【作者】 邓敬贵；

【导师】 李敦祥；

【作者基本信息】 广西师范大学 ， 国民经济学， 2002， 硕士

【摘要】 目前，我国信托业正在进行紧张有效的机构整顿和资产重组。随着信托业相关法规的陆续出台和实施以及我国经济的持续增长，我国信托业将迎来新的发展机遇。如何控制信托业的风险直接关系到今后我国信托业能否健康持续发展。鉴于此，笔者从风险控制的角度来探讨如何促进我国信托业的顺利发展。 信托制度起源于英国。信托是指委托人基于对受托人的信任，将其财产权委托给受托人，由受托人按委托人的意愿以自己的名义，为受益人的利益或者特定目的，进行管理或者处分的行为。信托业是专门经办各种营业信托业务的行业总称，是金融行业之一。信托机构作为信托业的基本组成要素，在货币的经营和信用活动中，由于种种事先无法预料(即不确定性)因素的影响，会使信托业务的实际收益与预期收益发生背离，有蒙受经济损失的可能。从风险来源看，信托业风险主要有政策风险、市场风险和经营风险等。 我国的信托业始于20世纪20年代。改革开放后的我国信托业是适应经济体制改革的需要而恢复和发展起来的。我国信托业的恢复和发展对促进经济的发展发挥了积极的作用。由于有关信托投资法规不完善和管理不当等原因，至今，我国信托业已经历了五次整顿。通过对我国信托业发展的简要回顾，我们可以发现在我国经济金融运行格局双轨并存的状况下，信托业风险的表现形式突出反映在如下方面：不良资产比重大；缺乏稳定的负债支撑：盲目多元化粗放经营，缺乏规模经济效益：资本金不足；业务不规范，非信托业务过多。风险表现出浓厚的体制性，风险承担主体是缺位的，而且不像银行风险是掩蔽的而是公开的。 我国信托业的风险是主要由以下因素造成的：1、信托业定位不科学，业务构成异化。信托业是作为银行的补充出现的，脱离了信托的本质。定位不科学同时也导致了信托业没有明确的发展方向，多元化严重，风险控制意识差。2、信托机构产权不明晰，公司治理结构不健全。这使得所有权、经营权不能有效分开，公司内部权力制衡不足，内部人控制现象严重，违规经营多，风险加大。3、信托机构内部控制机制不完善。信托机构在过去的经营管理中，往往只注重片面扩大经营规模，搞粗放经营，不注重内部控制机制的建立和完善，使得效益低下，风险加大。4、信托业法学制不健全、监管乏力。信托业法制不健全不能给信托关系人一个公开、稳定、准确的行为标准，以减少信托行为的不确定性。监管乏力使得信托业风险缺乏一个具有权威性、强制性的外控机制。5、地方政府干预严重。地方政府多元化的目标与为政府直接或间接拥有的信机构的利润最大化目标发生冲突，使得信托公司投融资效率低，加大了信托业风险。6、社会信用基础差。信托是以信任为基础的，社会信用观念的缺乏严重侵蚀信托业，使信托业信用风险加剧。 随着《信托法》、《信托投资公司管理办法》等法规的出台和实施，我国信托业的定位与业务范围问题已基本得到解决。根据我国信托业风险的表现、特征及形成机理，并依据我国信托 业的发展现状和发展需求，我国信托业风险的控制措施主要有以下几个方面：1、创新信托机 构产权制度，完善公司治理结构，消除行政于预和国企“内源融资”的体制基础，建立有效的 内部权力制衡机制。2、健全信托机构风险内控机制。一个运作规范化、管理科学化、监控制 度化的信托机构风险内控机制是防范信托业风险的基础性机制。它主要由风险预警机制、风险 内部控制体系的建立和有效运行机制、风险补偿机制组成。3、健全信托法制，强化信托业外 部监管机制。通过一种具有强制性和权威性的外在力量和机制，对信托机构经营行为进行约束 和监管，控制和防范信托业风险。4、转变政府职能，改革政府投融资体制，斩断地方政府和 信托企业之间的依赖关系。5、优化社会信用环境。更多还原

【Abstract】 At present, trust business in China is carrying out a correction of organizations and reorganizations of assets tensely and efficiently,With the made and the growth of Chinese economy, trust business will gain a new development opportunity. How to control the risk of trust business is directly related to the development of trust business in China after being corrected and separate operation. According to that, the author of this paper explores into the issue of how to promote the development of trust business in China from the angle of risk control.The system of trust originated from Britain. Trust means that a principal entrusts his property right to a trustee, which bases on trust, then the trustee manage or dispose of the right for the benefit of a beneficiary on the basis of the will of the principal. Trust business is one of finance businesses, which specially handles various trust operations. As a kind of financial organizations, trust organization may suffer from financial loss due to the uncertainty which causes the expected revenue is less than the cost. According to the source of risk, the risks of trust business mainly consist of policy risk, market risk and operation risk, and so on.Trust business came into being in 1920s in China. The trust business have resumed and developed in response to the requirement of economic restructuring. The trust business have played a positive role in Chinese economic development and financial reform. Due to the imperfection of law system and management measures, etc, the trust business in China has being corrected for five times. The risk of trust business in China mainly manifests as followings: Ratio of bad assets is too high; There is no stable liabilities support; The capital scale is too small; The operational scale is too small; There are too much unregulated credit which is not related to trust. The Risks is institutional, openly and no one bears the responsibility.The risk of trust business in China is mainly caused by the following factors: Firstly, the orientation of trust business is not scientific. The incorrect orientation has caused the constitutional dissimilation of trust operations, deviated from the nature of trust. It has also caused too many pluralistic operations and low consciousness of risk control, secondly, the property right of trust organization is unclear and governance structure is not perfect. That makes the property right and the running right separated invalidly, the problem of controlling enterprises by insiders arise and the operational risk increase. Thirdly, the internal control mechanism of the trust organization is not perfect. Trust organizations often pay too much attention to enlarge operational scale and don’ t care about the internal control mechanism enough. This makes revenue decrease, risk increase. Fourthly, the legal system and regulationsfor trust business are not powerful and systematic. This makes the uncertainty of trust operation increase because it makes the risk of trust operation lack of a forceful external control mechanism. Fifthly, the adminitrative intervention in trust business by local government is too much. Because the pluralistic aims of the local government are different from the aim of the trust company which mainly owned by the local government, the conflict of the two bodies’ interest have caused the low efficiency of the investment and finance and added more risk to the trust business. Sixthly, there is a not good social credit system. Trust is based on credit. The lack of social credit concept has increased the credit risk of trust business.With the made and implementation of the ’act of trust’ and ’ management Measures for Trust and investment company’ , the problem of the orientation and operational scope has been solved. According to the analysis mentioned above and the demand to trust business in the future, The measures to control the risk are mainly the following: Firstly, The system of property right and governance structure of the trust company should be scientificly reformed. T更多还原