中外信托发展比较研究

【作者】 陈刚；

【导师】 赵忠秀；

【作者基本信息】 对外经济贸易大学 ， 国际贸易， 2003， 硕士

【摘要】 信托，简单的说，就是为他人利益管理财产的制度。信托制度最早源自英国，一般认为，13世纪英国法制史上出现的尤斯（USE）制度是现代信托制度的最初形态。信托制度萌芽的社会条件是私有财产制度和财产继承管理制度的形成。信托是一项有效的进行财产转移与管理的制度设计。在国外的长期实践中，信托显示了自己独特的优越性，主要表现在三个方面：（1）长期规划。信托适合于长期规划的财产转移与财产管理。（2）弹性空间。信托设立方式多样化；信托财产多元化；信托目的自由化；信托品种繁多，应用广泛；（3）能够切实保障受益人的利益。信托财产具有独立性的特质，使得信托财产免于委托人或受托人的债权人所追索，从而赋予受益人对信托财产享有优先于委托人或受托人的债权人的权利。文章的第二部分从信托行业、信托机构和信托产品三个层次对中国信托业的发展状况进行了分析。中国信托业在经历了20多年风风雨雨的发展之后，今天又站在了历史抉择的十字路口。经过第五次整顿，在相继颁布了《信托法》、《信托投资公司管理办法》和《信托投资公司资金信托业务管理暂行办法》后 ，信托业百废待兴，面临重新发展的机遇。目前，我国信托业在经历了一系列重大的洗礼、重组、整合之后，主要体现出下述几个方面的特点：1、法律环境和社会经济环境逐渐改善。2、信托品种不断创新。3、信托机构成为相对稀缺资源。4、信托业务多元化，体现综合优势。到目前为止，30余家信托投资公司完成重新登记后，公司的治理结构、内控制度、资产质量、专业人才队伍都进行了重大重组和整合，企业的核心竞争力有了较大提升。绝大部分的信托投资公司在重新拿到信托牌照之后，业务的开拓都比较积极进取，尤其是有民营资本进入的信托机构。<WP=3>信托贷款是现有信托品种主要的信托资金运用方式。近2/3的信托产品的资金运用方式是信托贷款。期限以短期为主，绝大部分在3年以内。现有信托产品的主要特点：1、地方政府的支持是信托产品得以迅速推出的关键。2、支持地方基础设施建设是当前信托产品的主要投向。3、对集团现有资源的利用，以及与其他金融机构的合作是信托产品的推出由政府导向向市场导向的一个过渡。最初，信托机构借政府信用推销信托产品，将来就要逐渐转向市场化运做。信托机构要发挥信托产品开发灵活的特性，紧随不断变化的市场环境和市场需求，适时推出变化多样的信托产品。资产来源的广泛性与资产运用手段的广泛性，是信托能否迅速发展壮大的关键。如何能够体现这种广泛性是信托投资公司得以长期发展的有效支持。第三部分借鉴了主要发达国家发展信托的经验。从英国、美国、日本和德国信托业的发展来看，发达国家信托业的发展呈现以下趋势：信托职能多元化，信托机能不断深化；信托机构与其它金融机构的同性化；信托投资业务的国际化；信托品种日益创新；电子化交易；信托财产日益集中，并购重组频繁；信托向商业化、金融化发展，公益信托日益受到重视；养老金信托呈逐年增长的趋势。最后一部分是经验和启示。就中国目前的发展情况来看，除了要建立良好的法制环境，加强监管这一基本要求之外，如何为信托业定位也是非常关键的，这其中包括信托业的职能定位和发展模式定位。另外，重塑信托形象，普及社会的信托意识需要长期不懈的正确引导和宣传。信托投资公司要更加注重品牌效应，突出自身的比较优势。因为信托产品的营销有一定的限制，而信托投资公司本身就可以成为很好的营销手段。加强与其他金融机构的合作以及加快融入国际金融市场的步伐。这都是为了争取更多更有力的资源，比如与银行合作，就可以视为借银行的网络和信用开拓信托产品。与国外金融机构的合作也是同样道理，国内的信托市场迟早会引来国外的同业机构，如何与其结成战略联盟，优势互补，互相提升在对方市场的竞争力，对此国内的信托机构不妨早做准备。<WP=4>在业务发展设想方面，信托可以在以下若干方面积极渗透、发挥优势。1、发展国有资产信托，支持国企改革。2、大力发展基础设施信托。3、全面开拓投资基金信托业务4、积极开展公益信托业务，适宜地推出养老金信托。到目前为止，所有信托产品募集的资金也仅40多亿元，其中绝大部分还是传统的信托贷款方式，所以指望信托业在短时期内成为金融主流还为时过早。追求规模上的效应不可取，事实上现有信托产品并不能成为信托投资公司的主要利润来源，所以更多的应该在信托品种上创新，不断开发出新的信托产品，先形成信托产品之广泛以及信托意识之普及是中国信托业目前首先需要做的。最后要提的是信托产品长期规划的特点在目前的信托产品身上并没有充分的体现，相反短期性倒显的更符合投资者的需求，这在一定程度上也说明了信托产品流动性的重要，所以开发较长期限的信托产品，更需要考虑产品的流动性。转轨经济时期的中国经济更需要长期资金，信托产品在这方面应担任起更加重要的角色。另外信托产品本身的风险收益特征在信托产品的宣传上并未描述的非常充分，这要求我们加强对信托产品风险的认识。由于笔者对信托实务的接?更多还原

【Abstract】 Trust, simply speaking, is a system that manages property for others’ interests. The trust system stems from Britain first and USE in the British history of legal system in the 13th century was generally considered as the original form of modern trust. The Social condition of the rising of System of trust is the formation of the System of the private property and the Management system of inheritance of property.Trust is an Effective design to undertake the Transfer and management of property. In the long-term practice abroad, trust has shown one’s own unique superiority in three aspects mainly: i. Long-term planning. Trust is Suitable for Transfer and management of property for a long time. ii. Elasticity. Set up way diversification in trust; the property pluralism of trust; the purpose liberalization of trust; trust is various in style and is used extensively. iii. Trust can ensure the beneficiary’s interests conscientiously. Trust property have the independent character, which makes trust property avoid client or creditor of trustee demand, and makes beneficiary enjoy and have priority to the client or the right to creditor that asked someone to trust property.The second part presents the analysis of the development of trust from three angles: trust industry, trust institutions and trust products. Chinese<WP=6>trust industry stands at the crossroad of the historical choice again today after going through the development of the trials and hardships for more than 20 years. Through the fifth rectification, " Trust Law", " trust and investment corporation management method" and the" temporary means of fund trust", having been issued in succession, Trust industry faces the opportunity that develops again. At present, the trust industry of our country has gone through a series of great emerge, reorganization and combination, which reflects the characteristic as follows: 1、 Legal environment and social economic environment improve gradually.2、 Trust variety innovates constantly. 3、 Trust organization becomes to be relatively rare resource. 4、 The various businesses reflect the comprehensive advantages.Up till now, over 30 trust and investment corporations finish after registering again, administration structure, control degree, assets quality, qualified personnel in a specific field team carry on great to recombination and combine inside of company and The key competitiveness of enterprises is promoted greatly. Most trust investment corporations, especially private trust organizations are after getting the license plate of trust again and keep business forging ahead actively.<WP=7>Private fund regard this as a strategic opportunity of entering financial circles. It is a major one of trust fund application ways that trust grants the loan. Nearly 2/3 trust fund products adopt the way. Time limit relies mainly on the fact that it is short-term, the majority is within 3 years.1、 Support of local government is a key factor2、 Local infrastructure construction is the major objective.3、 Cooperation with other financial institutions means a transition that is led by market. At first, trust organization borrow government credit to promote trust products, turn to marketization be transported and make gradually soon in the future. Trust organization want and give play to trust product development flexible characteristic, follow constantly changeable market environment and market demand closely, Put out and change the various trust products in good time. Assets extension and assets of source use extension of means is key that trust could develop rapidly. How can reflect such an extensive key that trust and Investment Corporation can develop for a long time.<WP=8>The third part considers the experience from overseas. From the development of Britain, U.S.A., Japan and German trust sectors, the development of the trust sectors of developed country presents following trends: The function pluralism of trust, the trust machine can be deepened constantly; Inves更多还原