(1) The lag of relevant laws and regulations coexists with the perfection of external environment
Although China's trust legal system is not perfect compared with some developed countries, it still lags behind the actual needs of trust business. For example, Japan has set up a full range of special trust laws besides the Trust Law, Trust Law and Concurrent Operation Law in the basic law, including: Loan Letter. However, it should be said that the external environment faced by China's trust industry has improved significantly compared with the initial stage of trust industry development. The first is the improvement of the legal environment.
in 21, China's first Trust Law was formally promulgated and implemented, and in the same year, the Measures for the Administration of Trust and Investment Companies were formulated, which was revised on a large scale again in May 22, and the Interim Measures for the Administration of Fund Trust Business of Trust and Investment Companies were also issued. The second is the change of social and economic environment. Most of the 6 trust and investment companies reserved in China have been re-registered. After the re-registration, the internal governance structure, internal control system, asset quality and professional talent team have all undergone major restructuring and integration, and the core competitiveness of enterprises has been greatly improved.
Especially after China's entry into WTO, with the trend of globalization of economic environment, the international competition and cooperation of trust industry are increasingly exposed, and the development space of trust industry is greatly expanded. At the same time, China has created a miracle of economic growth rate of more than 7% for more than ten years. The total GDP in 22 has exceeded 1 trillion yuan, and the total economic output ranks sixth in the world. The accumulation of property and the diversification of disposable subjects, the increasing number of various development funds and public welfare funds, the rapid growth of individual residents' monetary holdings (residents' deposits have reached 1 trillion yuan) and financial property, the reform of state-owned enterprises and the strategic restructuring of state-owned economy require that the state-owned assets management model must be reformed.
all these require the rapid establishment and improvement of a trust market system with corporate trust market, personal trust market and charitable trust market, the establishment of a professional and high-quality trust financial institutions and financial experts, and the provision of a full range of diversified trust products and related services that are both safe and profitable. An era of strong rise of trust industry has arrived.
(2) The limitation of traditional business coexists with the constant innovation of trust varieties
In fact, most of the traditional trust business basically does not belong to the strict sense of trust, which is not only easy to produce irregularities in operation, but also difficult to provide support for the long-term and sustainable development of trust companies. Although in the current special and transitional period, some trust institutions rely on traditional businesses such as capital market investment and entrusted loans to a large extent, a broader trust market space full of hope and challenges has been opened, and a large number of trust companies with advanced concepts and operating according to market rules have developed a large number of innovative trust products according to market orientation and social needs by using brand-new financial tools. For example: infrastructure construction trust, education trust, real estate trust, land development trust, MBO fund trust, lease trust, etc., which makes the trust industry have frequent highlights and truly has the trend of financial pillar.
(3) The controllability of the total amount and the relative scarcity of trust institutions coexist
Since the reform and opening up, there have been more than 1, trust institutions in China. After the latest reorganization and integration, only 6 companies have been retained, which has been greatly reduced in number. On the surface, it seems that the influence of business forms and social and economic development has weakened, but it is accompanied by the scarcity of resources as a kind of financial institution that can provide diversified financial products and services. According to Order No.5 of the People's Bank of China [22], Article 12 of the Measures for the Administration of Trust and Investment Companies stipulates that no unit or individual may operate the trust industry without the approval of the People's Bank of China, and no business unit may use the word "trust and investment" in its name. Facing the huge demand of trust market in China, the existing trust institutions are undoubtedly facing an unprecedented development opportunity.
(4) The specialization of separate management coexists with the diversification of trust business
At present, China adopts a financial system of separate management, which not only regulates the management of the trust industry, but also brings certain constraints to the characteristics of the "financial supermarket" of the trust industry, but the management mode of separate management also has a binding effect on banks, securities, insurance and other industries.
in contrast, the trust industry, because of its extensive business scope, diversified product types, flexible operation methods and unique service functions, can meet all kinds of market demands and service targets by innovative design and combined application of trust varieties, and take various ways such as leasing, selling, lending, investing, interbank lending, financing and leasing to trust property and its own funds, which has obvious comprehensive advantages.
The advantages of trust industry are shown in the following aspects
(1) Flexible allocation of property rights. According to the principle of subject autonomy, trust relationship can design a brand-new structure of rights and obligations of trust parties. Once the parties to a trust sign a trust contract, they will separate the right to use, dispose of and manage to the trustee. The trust contract has strict regulations on the use, management and disposal of trust property, and the trustee can only operate in the scope and manner agreed in the contract. This mechanism of re-dividing legal rights by using trust beneficial right is a scientific institutional arrangement protected by law and a unique institutional advantage of trust.
(2) bankruptcy risk isolation. According to the requirement of independence of trust property, trust property is different from other properties that the trustor has not set up a trust, and from the inherent property of the trustee and other trust properties; Except for the agreed rights and interests, the beneficiary shall not claim the trust property during the existence of the trust. The independence of trust property is the most important legal principle of trust system. It separates the trust property of a trust business from other properties of the trustor and beneficiary, the inherent property of the trustee and other trust properties, and greatly reduces the risks faced by the trust property.
(3) The trust mechanism has the function of mixed operation and has the inherent advantages of mixed operation. Trust property has various forms, such as currency, tangible assets, intellectual property, movable property and real estate. The use of trust property is also diversified and personalized. It can be invested in securities, industry, lease, guarantee and loan. Under the current system of separate financial operations in China, trust (investment) companies are the only multi-functional financial institutions that can set foot in capital market, money market and industrial market and connect industry and finance, and can circulate and combine among the three markets to give full play to the two-way function of investment and financing.
(4) Trust innovation has the characteristics of individualization and flexibility. Trust can be widely used in modern economic life, the key is that it can better reflect people-oriented, and can tailor various personalized non-standard trust products according to the preferences of different investors and the characteristics of different projects, so as to meet the diversified and specific needs of different investors to the maximum extent through collective investment and expert financial management. This advantage of personalized and flexible product design according to the preferences of clients and the characteristics of different projects is incomparable to other financial institutions.
3. Business innovation of trust (investment) companies
The transfer and management of trust property, long-term planning and flexibility are the main internal mechanism characteristics of trust, and the application space of trust is very broad, and the purpose of creating trust is as unlimited as the imagination of jurists. Therefore, trust innovation will continue to develop with the changes of people's needs. At the same time, the trend of trust financial management specialization is becoming more and more obvious, and the efficiency of financial management will be further improved. Asset securitization, annuity trust, voting trust, real estate investment trust, shareholding system arrangement in corporate governance, and operating mechanism of social welfare and social welfare undertakings will become important domains of trust innovation.