中国信托业功能演进分析
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摘要
中国信托业在短短二十多年的发展过程中经历了五次整顿,其中一个重要原因就是信托业功能定位不清,没有自己的核心竞争力。因此,我们有必要从信托业功能定位的角度入手,分析改革开放以来中国信托业发展出现困境的深层次原因,正本清源,找到一条提高中国信托业核心竞争力的发展道路。
全文共分为六章。第一章为导论。主要是选题的背景、国内外研究文献、本文研究的内容和框架,并介绍了本文的创新点和不足之处。本章特别对信托和信托业、信托功能和信托业功能等概念进行界定,指出二者的区别。
第二章建立分析信托业功能演进的框架。分析框架以功能分析范式和金融中介理论为基础,从政府作用、公司治理结构和声誉机制等三方面分别讨论信托业功能演进的推动力以及实现信托业功能的内部保障机制和外部保障机制。
第三章根据中国信托业功能的演化对中国信托业发展历程进行划分。本章将中国信托业发展历程划分为三个阶段:恢复与扩张阶段(1979—1992)、整顿阶段(1993—2000)和规范阶段(2001—至今)。通过分析,笔者认为历史上信托业出现巨大的风险的原因主要是在当时社会经济情况下,政府将信托业功能定位于服从中国经济的宏观安排,导致了中国信托业在缺乏生存条件下超常规发展,其结果必然是被不停的“纠错”。
第四章是从外部环境、政府作用、公司治理结构和声誉机制等方面分析中国信托业功能演进的深层次原因。研究结果认为:(1)中国信托业的功能演进是政府在强制性的制度供给和诱致性的制度需求之间利用自身“准市场主体”地位,创造出满足自身目标函数的过程;(2)有效率的产权改革必须与其社会制度环境相适应,必须与风险配置以及委托人保护措施相适应(3)信息不对称情况下,“声誉”具有信息甄别功能,对委托人是一个重要保障机制。中国信托业之所以不停的纠错,是由于在功能扩展的同时缺少风险管理功能,而这正是信托业所必须具备的基本功能。
第五章中国信托业功能演进的原动力——竞争与创新。本章通过对中国信托业竞争态势的分析说明,在金融国际化带来的内外部竞争压力下,中国信托业只有通过不断学习和创新才能培育自己的核心竞争力。在学习和创新的同时必须建立严密的风险控制机制。
第六章政策与建议。通过上述分析,本文认为,信托业功能要得到正常发挥,
The dissertation is to convince that China's Trust function is enlarged only under amalgamation.China's Trust has lived five neatening in the decades of evolving proceeding. One reason is upon itself: disorientation of trust function; the subject lack of property right in Trust Investment Company; abusing of "Fames". The other side is coming from outside: Government Interference, law-building severely lagging, missing of credit system and function orientation on supplement of banking system etc. Along the application of "Trust Law of PRC", the trust which engages in deputizing people's properties has the new beginning. Simultaneously, being faced with the global financial competition and foreign funds ingress, what a role will China's Trust make in the historic reform? It is necessary to pay attention to the history of China's Trust in recent decades and find out why we are trapped in such an embarrassment. Therefore, we could find a proper road fitting China's Trust core competition, the right way is to probe its character and contents through the angles of economy or function.The dissertation has six chapters. Chapter One includes the theoretical accordance, current research frontier of globe, the contents and framework of the paper and introduces the creative points and shortcomings of this study.Chapter Two is mainly discussing the function evolving framework of Trust, in retrospect of the financial medi-theory and its evolving analyzing paradigm, and analyzing the origins and evolution of the trust functions. Theoretically it brings forward the systematical analyzing framework containing the impetus of function evolution and inside and outside guarantee system. And from the angle of compulsive system changes the Government Functions are clearly appeared; from managing angle of Entrusting Investment Company, the inside guarantee system of function evolution is realized; from market "Fames" system, the outside institutions of evolution are studied. Therefore, the theoretical bases for the further discussion are prepared.
Chapter Three is a systematical carding on the development of China's Trust and function evolution. Connected with Economic Reform, the development of China's Trust could be divided into three phases: recovery and dilatation (1979-1992)> neatening stage( 1993-2000) > regulation phase(2001-). The function orientations in different phases contributed to China's Economy; however, these uncertainties endangered the trade itself. And with demonstrative analysis to point out that the abnormal development of China's Trust is short of living conditions, it is necessary to be "re -corrected" by the market.Chapter Four is to probe the profound causes that have affected the function evolutions. Firstly, it analyzes the system environments that restrict the basic conditions of the development of China's Trust and function evolution; then analyzes the roles of Government (including Local Governments) and concludes that the function evolution of China's Trust is just created to satisfy its object functions by Government by use of its "Quasi-Market Subject" between the compulsive system supplies and the fraudulent system demands. At the same time, it studies whether the reform of property right could change the former system dependence or not and the analyzing results are that the effective reform of property right must acclimatize itself to the environments of social system, must fit with the risk allocation and the protecting measures of the entrusted. Last, it is considered that the "re-correcting" of China's Trust is up to lack of risk managing functions, and it is the fundamental function that is needed by Trust.Chapter Five is focused on the competitions and creations of the function evolution of China's Trust. Through the explanation of the competing situations to China's Trust, the competing pressures are pushing not only inside but outside under the financial globalization background. Cruel competitions need not just the core competition, more important, need the continuous creations. The building of core competition of China's Trust not only requires the strong learning and creative capabilities, but also forms the strict risk controlling system.Chapter Six are policies and suggestions. The research shows that to affirm the important post of Trust in financial system, recover the core function of medium-long term properties management and constructs the mixed financial corporations, the
全文共分为六章。第一章为导论。主要是选题的背景、国内外研究文献、本文研究的内容和框架,并介绍了本文的创新点和不足之处。本章特别对信托和信托业、信托功能和信托业功能等概念进行界定,指出二者的区别。
第二章建立分析信托业功能演进的框架。分析框架以功能分析范式和金融中介理论为基础,从政府作用、公司治理结构和声誉机制等三方面分别讨论信托业功能演进的推动力以及实现信托业功能的内部保障机制和外部保障机制。
第三章根据中国信托业功能的演化对中国信托业发展历程进行划分。本章将中国信托业发展历程划分为三个阶段:恢复与扩张阶段(1979—1992)、整顿阶段(1993—2000)和规范阶段(2001—至今)。通过分析,笔者认为历史上信托业出现巨大的风险的原因主要是在当时社会经济情况下,政府将信托业功能定位于服从中国经济的宏观安排,导致了中国信托业在缺乏生存条件下超常规发展,其结果必然是被不停的“纠错”。
第四章是从外部环境、政府作用、公司治理结构和声誉机制等方面分析中国信托业功能演进的深层次原因。研究结果认为:(1)中国信托业的功能演进是政府在强制性的制度供给和诱致性的制度需求之间利用自身“准市场主体”地位,创造出满足自身目标函数的过程;(2)有效率的产权改革必须与其社会制度环境相适应,必须与风险配置以及委托人保护措施相适应(3)信息不对称情况下,“声誉”具有信息甄别功能,对委托人是一个重要保障机制。中国信托业之所以不停的纠错,是由于在功能扩展的同时缺少风险管理功能,而这正是信托业所必须具备的基本功能。
第五章中国信托业功能演进的原动力——竞争与创新。本章通过对中国信托业竞争态势的分析说明,在金融国际化带来的内外部竞争压力下,中国信托业只有通过不断学习和创新才能培育自己的核心竞争力。在学习和创新的同时必须建立严密的风险控制机制。
第六章政策与建议。通过上述分析,本文认为,信托业功能要得到正常发挥,
The dissertation is to convince that China's Trust function is enlarged only under amalgamation.China's Trust has lived five neatening in the decades of evolving proceeding. One reason is upon itself: disorientation of trust function; the subject lack of property right in Trust Investment Company; abusing of "Fames". The other side is coming from outside: Government Interference, law-building severely lagging, missing of credit system and function orientation on supplement of banking system etc. Along the application of "Trust Law of PRC", the trust which engages in deputizing people's properties has the new beginning. Simultaneously, being faced with the global financial competition and foreign funds ingress, what a role will China's Trust make in the historic reform? It is necessary to pay attention to the history of China's Trust in recent decades and find out why we are trapped in such an embarrassment. Therefore, we could find a proper road fitting China's Trust core competition, the right way is to probe its character and contents through the angles of economy or function.The dissertation has six chapters. Chapter One includes the theoretical accordance, current research frontier of globe, the contents and framework of the paper and introduces the creative points and shortcomings of this study.Chapter Two is mainly discussing the function evolving framework of Trust, in retrospect of the financial medi-theory and its evolving analyzing paradigm, and analyzing the origins and evolution of the trust functions. Theoretically it brings forward the systematical analyzing framework containing the impetus of function evolution and inside and outside guarantee system. And from the angle of compulsive system changes the Government Functions are clearly appeared; from managing angle of Entrusting Investment Company, the inside guarantee system of function evolution is realized; from market "Fames" system, the outside institutions of evolution are studied. Therefore, the theoretical bases for the further discussion are prepared.
Chapter Three is a systematical carding on the development of China's Trust and function evolution. Connected with Economic Reform, the development of China's Trust could be divided into three phases: recovery and dilatation (1979-1992)> neatening stage( 1993-2000) > regulation phase(2001-). The function orientations in different phases contributed to China's Economy; however, these uncertainties endangered the trade itself. And with demonstrative analysis to point out that the abnormal development of China's Trust is short of living conditions, it is necessary to be "re -corrected" by the market.Chapter Four is to probe the profound causes that have affected the function evolutions. Firstly, it analyzes the system environments that restrict the basic conditions of the development of China's Trust and function evolution; then analyzes the roles of Government (including Local Governments) and concludes that the function evolution of China's Trust is just created to satisfy its object functions by Government by use of its "Quasi-Market Subject" between the compulsive system supplies and the fraudulent system demands. At the same time, it studies whether the reform of property right could change the former system dependence or not and the analyzing results are that the effective reform of property right must acclimatize itself to the environments of social system, must fit with the risk allocation and the protecting measures of the entrusted. Last, it is considered that the "re-correcting" of China's Trust is up to lack of risk managing functions, and it is the fundamental function that is needed by Trust.Chapter Five is focused on the competitions and creations of the function evolution of China's Trust. Through the explanation of the competing situations to China's Trust, the competing pressures are pushing not only inside but outside under the financial globalization background. Cruel competitions need not just the core competition, more important, need the continuous creations. The building of core competition of China's Trust not only requires the strong learning and creative capabilities, but also forms the strict risk controlling system.Chapter Six are policies and suggestions. The research shows that to affirm the important post of Trust in financial system, recover the core function of medium-long term properties management and constructs the mixed financial corporations, the
引文
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