信托法律制度的经济分析
摘要
信托,即“受人之托,代人理财”。最早发源于古埃及的“遗嘱托孤”。伴随着私有制的产生和出现,信托制度作为一种财产转移和管理制度在英国诞生,后被美国、日本、韩国等国家移植并确立。由于信托制度在经济生活中许多方面具有独特的制度优势,信托财产又具有法定所有权与衡平所有权相分离的灵活性,因此,信托观念不断扩张,在整个市场经济领域内得到了广泛地发展和运用,成为金融市场中不可或缺的一部分。2001年《中华人民共和国信托法》颁布实施标志着我国正式确立了现代信托制度,它不仅提供了制度保证及法律支持,而且也为信托制度在我国的未来发展提供了广阔的空间。本文以马克思主义经济学、制度经济学和主流法经济学中的一些基本概念和原理为分析工具,分别对信托与信托法律制度、信托制度的要素和信托法律制度的成本与效率进行了系统的经济分析,试图探寻出隐藏在它们背后的经济逻辑,寻找出那些不符合经济学原理的信托法律制度,并结合中国的实际,对中国信托法律制度的立法现状及存在的问题进行了实证分析,提出了既符合经济逻辑、又符合国际通行做法的修改建议。
"Trust" means "being entrusted by somebody to finance",originating from "the trust of an orphan under will" in Eygpt.With the emergence of private ownership of property,trust arose as a system for property shift and management in Britain,which was later transplanted and established in America,Japan,Korea and etc.As the trust system has many distinct characteristics in economic life and trust property has the flexibility of seperating legal ownership from equity ownership,the notion of trust is gradually expanding,widely used in the field of market economy and becoming an indispensable part in financial market.Its application includes family property, common property management,personal and charity foundation,pension fund, collective investment and common fund in financial field and important internationally developed construction projects,covering every field of economic activity.Trust,banking,insurance and securities are thought to be four pillars for modern finance.
Although trust system has been put to use in China since the beginning of 20th century,it has not become a formal system,as there has never been legislation for trust system.With the change in the distribution pattern of national income,the deepening of enterprises' system reform,the establishment of comprehensive social security system and other changes in external environment,trust as an independent industry has a strong demand for development.At the same time,the market is in urgent need of legislation to solve problems in trust business.As a result,the draft of Trust Law was started in 1993 and took 8 years.On Oct 1st,2001,Trust Law of the People's Republic of China was unveiled and enforced.The enforcement of Trust Law symbolises the establishement of modern trust system in China,which not only provides system gurantee and legal support,but also a vast area for the application of trust system.
However,under the circumstances that the notion of trust is not popularized in large scale in China,a rash introduction and acceptance of trust system is a big challenge.There are many differences between Trust Law in China and trust legal systems in advanced countries on both legislation and rules of basic trust theories and roles played on trust market.Furthermore,the legislation of Trust Law was carried out in the background of rectifying chaotic Trust and Investment Companies and it left some blank spaces,uncertain and imperfect points in the intial stage.Therefore,the trust legal system in China is subject to further improvement.
With basic concepts and theories in Marxist economics,system economics and mainstream legal economics as analytical tools,the thesis makes a systematic economic analysis on trust and trust legal system,factors of trust system,costs and efficiency of trust legal system,aiming to explore economic logics behind these phenomena,and find out trust legal systems which do not match the economics theories.Based on Chinese realties,the author makes an empirical analysis on present legislation situation and issues of trust legal system in China proposes modifications which match both economic logic and international practices.
In the introduction,we firstly analyzed the background,theoretical worth and practical significance of our thesis.Then we discussed the theoretical foundation and research method.Furthermore,we investigated the status of the trust in domestic and international research.Finally we introduced the innovations in our paper.
In ChapterⅠwe mainly discussed the origin and function of the trust system.We firstly reviewed the origin and changes of the trust system,then introduced of the definition of trust in "trust law",analyzed the constituent elements and types of trust, investigated the transferability of the property and application flexibility,finally, discussed the value orientation of the trust system in other countries and in China.
In ChapterⅡwe discussed the principles and functions of the trust legal system. Principles of "Trust Law" of China mainly include:the separation principle of ownership and interests,the independence principle of the trust property,the publicity principle of the trust,the legitimacy principle of the trust,the limited liability principle,and the principle of the protection of beneficiaries.The functions of the trust legal system are discussed in SectionⅡof this chapter.
In ChapterⅢwe mainly carried out the economic analysis of the trust contract, the trust property and the trustees of the trust system.In the first section of this chapter,we introduced the concept and the characteristics of the trust contract,then discussed that the contract of trust can provide liquidity support and reduce the transaction costs by the contract economics analysis.In SectionⅡof this chapter,we carried out the economic analysis of the trust property.Firstly we gave the definition of the trust property,then analyzed the legal characteristics of the trust property, finally gave the value analysis of the independence of the trust property.In SectionⅢ of this chapter,we gave the economic analysis of the trust system.We firstly defined the qualifications of the trustees and analyzed the relationship between the trustee and other trust parties,secondly,discussed the rights and obligations of the trustee,finally, gave the economics analysis of rights and obligations of the Trustee.In the basic analytical framework of the principal-agent model,an incentive model of the trustee is established and the corresponding improved design is made,which provided an important basis for the reasonable contract of the payment and incentive systems of the trustee.
In ChapterⅣ,we made the empirical analysis of the changes of Chinese legal system and its efficiency.In SectionⅠ,we recalled the five times clean-up and rectified movements of the trust industry from the implementation of reform and opening-up policy to the promulgation of "Trust Law" in China.We then analyzed the significance of the promulgation of "Trust Law" in China:it is benefit for building trust market norms,for protecting the interests of investors,for widely application of the property management functions,for the business innovation of trustee,for the development of our trust investment corporation.In SectionⅡ,we mainly investigated the pertinence between the trust legal system and the economic growth in China.After the calculation of the GDP growth contributed by the trust system development,we found that the promulgation of "Trust Law" promoted the trust industry,however, contributed little to the GDP growth,which shows that it has not played its due role.
In ChapterⅤ,we analyzed the defects of our trust legal system and gave corresponding suggestions for improvement.We firstly analyzed the legal defects of our trust legal system and "property rights entrusted to" in the "Trust Law" of China, then proposed the corresponding suggestions.Secondly,we analyzed deficiencies of the trustee system,and put forward the idea of improving the trustee system.Finally, we proposed a few policy suggestions for the establishment of the public notice system of the trust property.
"Trust" means "being entrusted by somebody to finance",originating from "the trust of an orphan under will" in Eygpt.With the emergence of private ownership of property,trust arose as a system for property shift and management in Britain,which was later transplanted and established in America,Japan,Korea and etc.As the trust system has many distinct characteristics in economic life and trust property has the flexibility of seperating legal ownership from equity ownership,the notion of trust is gradually expanding,widely used in the field of market economy and becoming an indispensable part in financial market.Its application includes family property, common property management,personal and charity foundation,pension fund, collective investment and common fund in financial field and important internationally developed construction projects,covering every field of economic activity.Trust,banking,insurance and securities are thought to be four pillars for modern finance.
Although trust system has been put to use in China since the beginning of 20th century,it has not become a formal system,as there has never been legislation for trust system.With the change in the distribution pattern of national income,the deepening of enterprises' system reform,the establishment of comprehensive social security system and other changes in external environment,trust as an independent industry has a strong demand for development.At the same time,the market is in urgent need of legislation to solve problems in trust business.As a result,the draft of Trust Law was started in 1993 and took 8 years.On Oct 1st,2001,Trust Law of the People's Republic of China was unveiled and enforced.The enforcement of Trust Law symbolises the establishement of modern trust system in China,which not only provides system gurantee and legal support,but also a vast area for the application of trust system.
However,under the circumstances that the notion of trust is not popularized in large scale in China,a rash introduction and acceptance of trust system is a big challenge.There are many differences between Trust Law in China and trust legal systems in advanced countries on both legislation and rules of basic trust theories and roles played on trust market.Furthermore,the legislation of Trust Law was carried out in the background of rectifying chaotic Trust and Investment Companies and it left some blank spaces,uncertain and imperfect points in the intial stage.Therefore,the trust legal system in China is subject to further improvement.
With basic concepts and theories in Marxist economics,system economics and mainstream legal economics as analytical tools,the thesis makes a systematic economic analysis on trust and trust legal system,factors of trust system,costs and efficiency of trust legal system,aiming to explore economic logics behind these phenomena,and find out trust legal systems which do not match the economics theories.Based on Chinese realties,the author makes an empirical analysis on present legislation situation and issues of trust legal system in China proposes modifications which match both economic logic and international practices.
In the introduction,we firstly analyzed the background,theoretical worth and practical significance of our thesis.Then we discussed the theoretical foundation and research method.Furthermore,we investigated the status of the trust in domestic and international research.Finally we introduced the innovations in our paper.
In ChapterⅠwe mainly discussed the origin and function of the trust system.We firstly reviewed the origin and changes of the trust system,then introduced of the definition of trust in "trust law",analyzed the constituent elements and types of trust, investigated the transferability of the property and application flexibility,finally, discussed the value orientation of the trust system in other countries and in China.
In ChapterⅡwe discussed the principles and functions of the trust legal system. Principles of "Trust Law" of China mainly include:the separation principle of ownership and interests,the independence principle of the trust property,the publicity principle of the trust,the legitimacy principle of the trust,the limited liability principle,and the principle of the protection of beneficiaries.The functions of the trust legal system are discussed in SectionⅡof this chapter.
In ChapterⅢwe mainly carried out the economic analysis of the trust contract, the trust property and the trustees of the trust system.In the first section of this chapter,we introduced the concept and the characteristics of the trust contract,then discussed that the contract of trust can provide liquidity support and reduce the transaction costs by the contract economics analysis.In SectionⅡof this chapter,we carried out the economic analysis of the trust property.Firstly we gave the definition of the trust property,then analyzed the legal characteristics of the trust property, finally gave the value analysis of the independence of the trust property.In SectionⅢ of this chapter,we gave the economic analysis of the trust system.We firstly defined the qualifications of the trustees and analyzed the relationship between the trustee and other trust parties,secondly,discussed the rights and obligations of the trustee,finally, gave the economics analysis of rights and obligations of the Trustee.In the basic analytical framework of the principal-agent model,an incentive model of the trustee is established and the corresponding improved design is made,which provided an important basis for the reasonable contract of the payment and incentive systems of the trustee.
In ChapterⅣ,we made the empirical analysis of the changes of Chinese legal system and its efficiency.In SectionⅠ,we recalled the five times clean-up and rectified movements of the trust industry from the implementation of reform and opening-up policy to the promulgation of "Trust Law" in China.We then analyzed the significance of the promulgation of "Trust Law" in China:it is benefit for building trust market norms,for protecting the interests of investors,for widely application of the property management functions,for the business innovation of trustee,for the development of our trust investment corporation.In SectionⅡ,we mainly investigated the pertinence between the trust legal system and the economic growth in China.After the calculation of the GDP growth contributed by the trust system development,we found that the promulgation of "Trust Law" promoted the trust industry,however, contributed little to the GDP growth,which shows that it has not played its due role.
In ChapterⅤ,we analyzed the defects of our trust legal system and gave corresponding suggestions for improvement.We firstly analyzed the legal defects of our trust legal system and "property rights entrusted to" in the "Trust Law" of China, then proposed the corresponding suggestions.Secondly,we analyzed deficiencies of the trustee system,and put forward the idea of improving the trustee system.Finally, we proposed a few policy suggestions for the establishment of the public notice system of the trust property.
引文
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[1]何宝玉.英国信托法原理与判例[M].北京:法律出版社,2001:1.
[2]A trust is an equitable obligation binding on a person(who is called a trustee)to deal with property over which he has control(which is called the trust property),for the benefit of persons(who are called the beneficiaries or cestuis que trust)of whom he may be one and any of whom may enforce the obligation.See Andrew lwobi:Essential Tusts(Third edition),武汉大学出版社2004年影印版,第1页。
[3]何宝玉.信托法原理研究[M].北京:法律出版社,2005:2-3
[4]A trust is a situation is which property is rested in a trustee who is under an obligation to handle it in some particular way,with the riders that this obligation is equitable and that the trustee has no interest of his own in the property.See Simon Gardrer,An Introduction to the law of Trusts,P,8,Oxford University Press,1990.
[1]同上注。
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[1]也就是说,个人或机构将自己合法所有的财产委托输受托人,比如说信托公司,由受托人按照委托人的意愿,以自己的名义管理处分这部分财产,使这部分财产保值增值,或达到特定目的。所以说,信托制废足一种以资产为核心,以信用为基础,以委托为方式的现代财产管理制度,它的适应性极强,可根据客户的需要提供各种类型的金融服务,具有多样化的社会功能。
[2]Frederic W.Maitland,Equity:A Course of Lectures,2~(nd) Ed.1936,p.129.
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[1]拉丁文“fidei”的意思是“信任”,“commissum”的意思为“受托”,合起来即为“信任受托”。
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[1]崔建远.合同法[M].北京:法律出版社,2000:28.
[2]提出了信托合同这一名称。
[3]规定了信托合同应当载明的事项。
[4]崔建远.合同法[M].北京:法律出版社,2000:31.
[5]崔建远.合同法[M].北京:法律出版社,2000:32.
[6]信托成立需要有财产的转移
[7]采取信托合同形式设立信托的,信托合同签订时,信托成立。
[1]参见《中华人民共和国合同法》第10条。
[2]崔建远.合同法[M].北京:法律出版社,2000:10.
[3]参见《中华人民共和国信托法》第22条。
[1]参见《中华人民共和国合同法》第2条。
[1]参见《中华人民共和国信托法》第19条-23条。
[2]参见《中华人民共和国信托法》第49条。
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[2]See Hansmann&Mabel,supra note 51,at 462-63.转引自王文字.信托法原理与商业信托法制,载《台湾大学法学论丛》,29卷(2):360
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[1]李浩天,陈岑.论信托财产的法律性质--兼与江平教授商榷[J].新乡师范高等专科学校学报,2002(3).
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[1]马云.信托公司受托竞拍和代人持股引发官司[EB/OL].中国公益信托网(www.charity-trust.com)
[1]我国《信托法》第11条对信托无效的各种情形作了规定,此处从略。
[2]参见我国《信托法》第11条所规定的信托无效六种情形:信托目的违反法律、行政法规或者损害社会公共利益;信托财产不能确定;委托人以非法财产或者不得设立信托的财产设立信托:专以讨债或者诉讼为目的设立信托:受益人或者受益人范围不能确定:法律、行政法规规定的其他情形。
[1]中野正俊,张军建.信托法[M].北京:中国方正出版社,2004:45-48
[1]参见我国《信托法》第43条、第44条
[2]徐卫.信托受益权:物权?债权?抑或新权利?[J].安徽大学学报(哲学社会科学版),2006(09)
[1]中野正俊,张军建.信托法[M].北京:中国方正出版社,2004:128
[1]关于受托人的优先受偿权下文有详细论述,此处可参见我国信托法37条。
[2]参见我国信托法12条
[3]参见我国信托法17条第一项
[4]参见我国《信托法》第15条
[1]参见我国《信托法》第54条:信托终止时,信托财产归属于信托文件规定的人;信托文件没有规定的,按照下列顺序确定归属:1.受益人或者其继承人;2.委托人或者其继承人。
[2]贾林青.信托财产权的法律性质和结构之我见[J].法学家,2005(5).
[3]英国《1925年受托人法》具体规定了受托人管理信托财产的权利:第12条规定了拍卖、出售信托财产的条件与权利;第13条规定了依贬值条件出售的权利;第14条规定了开具收据的权利;第15条规定了了结债务的权利;第16条规定了通过售卖、抵押等筹集资金的权利:第19条规定了保险的权利;第20条规定了运用保险收入的条件及权利;第21条规定了将有关证明文件寄存的权利;第22条规定了受托人对信托财产估价、通过适当资格的代理机构估价及聘请独立的会计师审计的条件及权利;第23条规定了雇用代理人的权利;第24条规定了与其他人保持一致的条件及权利:第25条规定了受托人在不超过12个月的时间内将信托事务委托给他人的权利。
[1]我国信托法第25条规定了受托人遵照信托文件的规定,为受益人的最大利益处理信托事务。此条款可以看作是对受托人管理处分权的一般性规定。
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[1]参见我国《信托法》38条
[1]参见我国《信托法》66条
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[3]《美国信托法重述》第176条。
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[1]最小二乘法在数学上称为曲线拟合,使用拟合函数“Fit”重新计算x~2与y~2的值,并与先前的结果作一比较。
[2]以下数据如未加特殊说明均来自国家统计局《中国统计年鉴》1997-2007。
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[2]A trust is an equitable obligation binding on a person(who is called a trustee)to deal with property over which he has control(which is called the trust property),for the benefit of persons(who are called the beneficiaries or cestuis que trust)of whom he may be one and any of whom may enforce the obligation.See Andrew lwobi:Essential Tusts(Third edition),武汉大学出版社2004年影印版,第1页。
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[4]A trust is a situation is which property is rested in a trustee who is under an obligation to handle it in some particular way,with the riders that this obligation is equitable and that the trustee has no interest of his own in the property.See Simon Gardrer,An Introduction to the law of Trusts,P,8,Oxford University Press,1990.
[1]同上注。
[2]Edward C.Halbach,Jr.,P.1,Harcourt Brace Jovanovich Legal and Professional Publications,Inc.,1990.转引自方嘉麟.信托法之理论与实务[M].北京:中国政法大学出版社,2004:27
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[6]张军奎,蔡从燕.功能扩张、工具创新与英美信托法之受托人制度--兼评我国《信托法》草案(第五稿)相关条文[J].东南学术,2001(11).
[1]也就是说,个人或机构将自己合法所有的财产委托输受托人,比如说信托公司,由受托人按照委托人的意愿,以自己的名义管理处分这部分财产,使这部分财产保值增值,或达到特定目的。所以说,信托制废足一种以资产为核心,以信用为基础,以委托为方式的现代财产管理制度,它的适应性极强,可根据客户的需要提供各种类型的金融服务,具有多样化的社会功能。
[2]Frederic W.Maitland,Equity:A Course of Lectures,2~(nd) Ed.1936,p.129.
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[1]拉丁文“fidei”的意思是“信任”,“commissum”的意思为“受托”,合起来即为“信任受托”。
[1][英]Parker and Mellows:The Modem Law of Trusts,P1-2,Sweet and Maxwell,3~(rd).ed.,1975,London.转引自周小明.信托制度比较法研究[M].北京:法律出版社,1996:78-79.
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[1]崔建远.合同法[M].北京:法律出版社,2000:28.
[2]提出了信托合同这一名称。
[3]规定了信托合同应当载明的事项。
[4]崔建远.合同法[M].北京:法律出版社,2000:31.
[5]崔建远.合同法[M].北京:法律出版社,2000:32.
[6]信托成立需要有财产的转移
[7]采取信托合同形式设立信托的,信托合同签订时,信托成立。
[1]参见《中华人民共和国合同法》第10条。
[2]崔建远.合同法[M].北京:法律出版社,2000:10.
[3]参见《中华人民共和国信托法》第22条。
[1]参见《中华人民共和国合同法》第2条。
[1]参见《中华人民共和国信托法》第19条-23条。
[2]参见《中华人民共和国信托法》第49条。
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[1]博登海默.法理学:法律哲学与法律方法[M].北京:中国政法大学出版社,1999:281.
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[1]马云.信托公司受托竞拍和代人持股引发官司[EB/OL].中国公益信托网(www.charity-trust.com)
[1]我国《信托法》第11条对信托无效的各种情形作了规定,此处从略。
[2]参见我国《信托法》第11条所规定的信托无效六种情形:信托目的违反法律、行政法规或者损害社会公共利益;信托财产不能确定;委托人以非法财产或者不得设立信托的财产设立信托:专以讨债或者诉讼为目的设立信托:受益人或者受益人范围不能确定:法律、行政法规规定的其他情形。
[1]中野正俊,张军建.信托法[M].北京:中国方正出版社,2004:45-48
[1]参见我国《信托法》第43条、第44条
[2]徐卫.信托受益权:物权?债权?抑或新权利?[J].安徽大学学报(哲学社会科学版),2006(09)
[1]中野正俊,张军建.信托法[M].北京:中国方正出版社,2004:128
[1]关于受托人的优先受偿权下文有详细论述,此处可参见我国信托法37条。
[2]参见我国信托法12条
[3]参见我国信托法17条第一项
[4]参见我国《信托法》第15条
[1]参见我国《信托法》第54条:信托终止时,信托财产归属于信托文件规定的人;信托文件没有规定的,按照下列顺序确定归属:1.受益人或者其继承人;2.委托人或者其继承人。
[2]贾林青.信托财产权的法律性质和结构之我见[J].法学家,2005(5).
[3]英国《1925年受托人法》具体规定了受托人管理信托财产的权利:第12条规定了拍卖、出售信托财产的条件与权利;第13条规定了依贬值条件出售的权利;第14条规定了开具收据的权利;第15条规定了了结债务的权利;第16条规定了通过售卖、抵押等筹集资金的权利:第19条规定了保险的权利;第20条规定了运用保险收入的条件及权利;第21条规定了将有关证明文件寄存的权利;第22条规定了受托人对信托财产估价、通过适当资格的代理机构估价及聘请独立的会计师审计的条件及权利;第23条规定了雇用代理人的权利;第24条规定了与其他人保持一致的条件及权利:第25条规定了受托人在不超过12个月的时间内将信托事务委托给他人的权利。
[1]我国信托法第25条规定了受托人遵照信托文件的规定,为受益人的最大利益处理信托事务。此条款可以看作是对受托人管理处分权的一般性规定。
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[1]参见我国《信托法》38条
[1]参见我国《信托法》66条
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[3]《美国信托法重述》第176条。
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[1]最小二乘法在数学上称为曲线拟合,使用拟合函数“Fit”重新计算x~2与y~2的值,并与先前的结果作一比较。
[2]以下数据如未加特殊说明均来自国家统计局《中国统计年鉴》1997-2007。
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