论信托产品的创新方向
摘要
在金融行业中，信托业是一个对产品创新要求特别高的板块。就目前中国的信托业来说，经过五次行业整顿，要发展壮大，进行信托投资产品创新更成为迫切的需要。
本文的第一章简要介绍了信托业的起源和发展，并结合对我国信托业发展历程中问题的分析，提出了目前中国信托行业面临的主要问题。
第二、第三、第四章是本文的主体部分，内容主要是结合信托业的特点和一法两规对信托产品的创新方向从投资、融资和分配三个环节进行了论述，尤其在投资方向创新上，论述得更为详细。
为了形象地对信托创新方向的实际应用给予说明，本文第五章结合具体项目进行了案例分析。文章的最后是结论部分，主要是对信托特点、法律法规、创新方向做出总结。
本文认为明确信托产品的创新方向是我们首先应当解决的问题，它牵涉到信托财产管理制度自身的特点以及信托公司外部具体的法律环境两个方面。前者决定着新的信托产品在金融市场中是否有竞争力，后者关系到这些产品是否符合国家法律和金融政策。具体而言，这些创新产品必须充分发挥信托的优势，如信托财产的多样性，运用的灵活性以及独特的隔离制度等；同时也要符合一法两规的要求，做到分业经营、私募财产、保护投资者利益等。
针对以上观点，本文对信托产品在各个环节的创新方向进行了积极地探索。就投资来说，主要是突破单一贷款方式，以主动投资为主，在企业并购改制、产业投资基金、资产证券化以及不良资产处置等方向上发挥创新能力。就融资而言，创新方向主要是着力扩大融通财产的外延，改善信托财产的流通性和加强行业合作。在分配上，则应实行绩效挂钩的分配制度等。把这三个环节的创新有机结合，就能设计出其他金融品种所不能替代的金融信托产品，这也是本文的创新点所在。
It is more important for Trust business to make innovations than other finance industries. Especially in today's China, innovation is cried for Trust industry after all trust companies had been neatened for 5 times.
In the first part of this thesis, the history and present conditions of Trust industry are introduced. And from it we can know that there are two important problems in which Chinese Trust industry is facing now.
The second, third and forth parts are the main body of this thesis. In these parts we discussed the products innovations in three area: investment, financing and distribution, especially investment, the introducing is more carefully.
In the fifth part, it gives an analysis of a true case. It can make the understanding more clear about the innovation aspects. And at the end of the thesis, there is a summarization of the characteristics, the law and regulations, and the innovation aspects of Trust industry.
I believe the first step We must to do is studying the circumstance of this industry carefully. On one hand, it means knowing the characteristic of trust business; and on the other hand, it means researching the laws and regulations of this industry. The former determines the competition ability of new trust products
in financial market, the later effects the legislation of these innovations. So the
advantages of Trust such as varieties, independence, or flexibility must be made the best use of; and at the same time we have to obey the law of Trust and the other two regulations with caution.
It is figured in this thesis that making innovation is the only way we could choose to satisfy the two requirements above. The new trust products should be improved on three aspects: investment, financing and distribution. At first, we should multiply the investment manner. The wealth ought to be used with more active ways but not only in credit loan. For example, we could take part in the enterprises' merging or operating the Bund of Industry Investment; we could also provide services in ABS(asset-backed securities) and Bad Properties' disposition etc. On the second, we should extend the capital financing, improve the liquidity
of trust capitals and strengthen the collaborations with other financing companies . At last, the distribution should be designed to be more inspiriting by linked with performance. If the three innovation aspects could be integrated together, we believe the new trust products will have strong competitions and more particular functions.
本文的第一章简要介绍了信托业的起源和发展，并结合对我国信托业发展历程中问题的分析，提出了目前中国信托行业面临的主要问题。
第二、第三、第四章是本文的主体部分，内容主要是结合信托业的特点和一法两规对信托产品的创新方向从投资、融资和分配三个环节进行了论述，尤其在投资方向创新上，论述得更为详细。
为了形象地对信托创新方向的实际应用给予说明，本文第五章结合具体项目进行了案例分析。文章的最后是结论部分，主要是对信托特点、法律法规、创新方向做出总结。
本文认为明确信托产品的创新方向是我们首先应当解决的问题，它牵涉到信托财产管理制度自身的特点以及信托公司外部具体的法律环境两个方面。前者决定着新的信托产品在金融市场中是否有竞争力，后者关系到这些产品是否符合国家法律和金融政策。具体而言，这些创新产品必须充分发挥信托的优势，如信托财产的多样性，运用的灵活性以及独特的隔离制度等；同时也要符合一法两规的要求，做到分业经营、私募财产、保护投资者利益等。
针对以上观点，本文对信托产品在各个环节的创新方向进行了积极地探索。就投资来说，主要是突破单一贷款方式，以主动投资为主，在企业并购改制、产业投资基金、资产证券化以及不良资产处置等方向上发挥创新能力。就融资而言，创新方向主要是着力扩大融通财产的外延，改善信托财产的流通性和加强行业合作。在分配上，则应实行绩效挂钩的分配制度等。把这三个环节的创新有机结合，就能设计出其他金融品种所不能替代的金融信托产品，这也是本文的创新点所在。
It is more important for Trust business to make innovations than other finance industries. Especially in today's China, innovation is cried for Trust industry after all trust companies had been neatened for 5 times.
In the first part of this thesis, the history and present conditions of Trust industry are introduced. And from it we can know that there are two important problems in which Chinese Trust industry is facing now.
The second, third and forth parts are the main body of this thesis. In these parts we discussed the products innovations in three area: investment, financing and distribution, especially investment, the introducing is more carefully.
In the fifth part, it gives an analysis of a true case. It can make the understanding more clear about the innovation aspects. And at the end of the thesis, there is a summarization of the characteristics, the law and regulations, and the innovation aspects of Trust industry.
I believe the first step We must to do is studying the circumstance of this industry carefully. On one hand, it means knowing the characteristic of trust business; and on the other hand, it means researching the laws and regulations of this industry. The former determines the competition ability of new trust products
in financial market, the later effects the legislation of these innovations. So the
advantages of Trust such as varieties, independence, or flexibility must be made the best use of; and at the same time we have to obey the law of Trust and the other two regulations with caution.
It is figured in this thesis that making innovation is the only way we could choose to satisfy the two requirements above. The new trust products should be improved on three aspects: investment, financing and distribution. At first, we should multiply the investment manner. The wealth ought to be used with more active ways but not only in credit loan. For example, we could take part in the enterprises' merging or operating the Bund of Industry Investment; we could also provide services in ABS(asset-backed securities) and Bad Properties' disposition etc. On the second, we should extend the capital financing, improve the liquidity
of trust capitals and strengthen the collaborations with other financing companies . At last, the distribution should be designed to be more inspiriting by linked with performance. If the three innovation aspects could be integrated together, we believe the new trust products will have strong competitions and more particular functions.
引文
1．何宝玉．英国信托法原理与判例．Principles & Cases of the Law of Trust in England．法律出版社，2001．3
2．孔淑红．国际投资学．对外经济贸易大学出版社，2001．1
3. Gordon. Trust designations. HughA, 1986
4. Fukuyama. Francis. Trust: social virtues and the creation of prosperity. New York Free Press, 1995
5. Vincent P. Carosso, Irving Katz. Investment banking in America, a history. Cambridge, Mass., Harvard University Press, 1970
6．汪志平．日本金融组织和管理．上海远东出版社，1997．12
7．王洪兰、刘志浩．现代信托学．东北财经大学出版社，1998．6
8．朱善利、王韬光、朱妍兰．中国信托投资业的地位及其发展方向．经济科学出版社，1998．3
9．中国信托投资业的地位及其发展方向．经济科学出版社
10．白马．投资新主张——走出投资的101个误区．中国三峡出版社，2002．11
11．王辉．信托投资公司产品设计体系雏议．天津北方国际信托投资股份有限公司
12．王淑敏、陆世敏．金融信托与租赁．中国金融出版社
13．王益民．投资银行实务：基金与组合投资．立信会计出版，1998．5
14. Shaw. David. Trust companies in Canada: investment decision-making and relations with capital, markets
15．戴国强．银行货币学．上海财经大学出版社
16. Loiselle. Gilles. Trust and Loan Companies Act. Canada: Dept. of Finance, 1990
17．周树立．中国信托业的选择．中国金融出版社，1999．5
18．中华人民共和国信托法．法制出版社
19．民法通则
20．吕固胜等．现代金融服务：变革传统经营理念的尝试．中国金融出版社，1999．9
21．景学成．国际金融发展与中国金融改革．中国金融出版社，2001．2
22．中华人民共和国信托法释义，2001．9
23．赵炳贤．资本运营论-兼谈投资银行家在中国的角色．企业管理出版社，
1997．1
24．厉以宁．跨世纪的中国投资基金业．经济科学出版社，2000．4
25．成思危．中国风险投资运营机制探讨：2000年中国风险投资运营机制高级研探会专辑．民主与建设出版社
26．涂永红．银行信贷资产证券化．中国金融出版社，2000．9
27．凌宗诠．金融租赁理论与实务．立信会计出版社，1998．10
28．李丽．中小投资项目技术经济研究．中国商业出版社，2002．2
29. Gau. George. W. Investing in real estate. University of British Columbia, 1985
30．关于进一步加强房地产信贷业务管理的通知，2003．6
31．刘志新．期权投资学．航空工业出版社，2001．5
32．尹伯成．房地产金融学概论．复旦大学出版社，2000．7
33. Gibb, Jack. R, Jolla. Calif. Trust: a new view of personal and organizational development. Omicron Press, 1978
34. Bowyer. John Walter. Investment analysis and management. Homewood, Ill., R.D. Irwin, 1966
35. Hirshleifer. Jack. Englewood, Cliffs. N. J. Investment, interest, and capital Prentice-Hall, 1970
36. Law Reform Commission of Victoria. Estate agents and auctioneers. Regulation Review Unit Melbourne: The Commission, 1988
2．孔淑红．国际投资学．对外经济贸易大学出版社，2001．1
3. Gordon. Trust designations. HughA, 1986
4. Fukuyama. Francis. Trust: social virtues and the creation of prosperity. New York Free Press, 1995
5. Vincent P. Carosso, Irving Katz. Investment banking in America, a history. Cambridge, Mass., Harvard University Press, 1970
6．汪志平．日本金融组织和管理．上海远东出版社，1997．12
7．王洪兰、刘志浩．现代信托学．东北财经大学出版社，1998．6
8．朱善利、王韬光、朱妍兰．中国信托投资业的地位及其发展方向．经济科学出版社，1998．3
9．中国信托投资业的地位及其发展方向．经济科学出版社
10．白马．投资新主张——走出投资的101个误区．中国三峡出版社，2002．11
11．王辉．信托投资公司产品设计体系雏议．天津北方国际信托投资股份有限公司
12．王淑敏、陆世敏．金融信托与租赁．中国金融出版社
13．王益民．投资银行实务：基金与组合投资．立信会计出版，1998．5
14. Shaw. David. Trust companies in Canada: investment decision-making and relations with capital, markets
15．戴国强．银行货币学．上海财经大学出版社
16. Loiselle. Gilles. Trust and Loan Companies Act. Canada: Dept. of Finance, 1990
17．周树立．中国信托业的选择．中国金融出版社，1999．5
18．中华人民共和国信托法．法制出版社
19．民法通则
20．吕固胜等．现代金融服务：变革传统经营理念的尝试．中国金融出版社，1999．9
21．景学成．国际金融发展与中国金融改革．中国金融出版社，2001．2
22．中华人民共和国信托法释义，2001．9
23．赵炳贤．资本运营论-兼谈投资银行家在中国的角色．企业管理出版社，
1997．1
24．厉以宁．跨世纪的中国投资基金业．经济科学出版社，2000．4
25．成思危．中国风险投资运营机制探讨：2000年中国风险投资运营机制高级研探会专辑．民主与建设出版社
26．涂永红．银行信贷资产证券化．中国金融出版社，2000．9
27．凌宗诠．金融租赁理论与实务．立信会计出版社，1998．10
28．李丽．中小投资项目技术经济研究．中国商业出版社，2002．2
29. Gau. George. W. Investing in real estate. University of British Columbia, 1985
30．关于进一步加强房地产信贷业务管理的通知，2003．6
31．刘志新．期权投资学．航空工业出版社，2001．5
32．尹伯成．房地产金融学概论．复旦大学出版社，2000．7
33. Gibb, Jack. R, Jolla. Calif. Trust: a new view of personal and organizational development. Omicron Press, 1978
34. Bowyer. John Walter. Investment analysis and management. Homewood, Ill., R.D. Irwin, 1966
35. Hirshleifer. Jack. Englewood, Cliffs. N. J. Investment, interest, and capital Prentice-Hall, 1970
36. Law Reform Commission of Victoria. Estate agents and auctioneers. Regulation Review Unit Melbourne: The Commission, 1988