Since 20 12, the exposure of redemption risk of trust products in trust industry has become increasingly frequent, especially in the field of real estate trust. Several large trust companies have exposed the redemption crisis of trust products one after another, involving a very large amount of money, reflecting the serious accumulation of market risks in trust products, and some companies with radical style, concentrated business and concentrated redemption time are facing greater risks.
The frequent redemption crisis in the trust industry reflects the deep dilemma of the trust industry. Judging from the changes in the business structure of China's trust industry, although the proportion of financing business has declined in recent years, it still occupies the main part. By the end of 20 12, the financing business of trust industry still accounted for 48.87%.
Because the business structure of China's trust industry is mainly loan financing, trust companies are faced with greater credit risk management pressure in the process of economic cycle fluctuation and transformation, and the redemption (repayment) risk of loan financing collective fund trust plan is increasingly prominent.
The trust plan of financing collective funds lacks liquidity, risk pricing, risk transfer and risk mitigation mechanism, so once the economy goes down, the financing business of trust industry will face great redemption risk. Moreover, because the trust industry faces the "hidden rules" of rigid redemption, the redemption risk of financing business is all transferred to trust companies. Once there is a redemption problem, the trust company must find ways to deal with it at the bottom in order to complete the redemption.
Under the dual pressure of unhealthy business structure and "rigid redemption", the development of trust industry is "extremely fragile". Once the economy goes down, many trust companies will face enormous redemption pressure. In fact, many redemption risks have not yet been exposed and are still gathering.
Judging from the operation of commercial banks, by the end of March 2065438+2003, the balance of non-performing loans of commercial banks had reached 524.3 billion yuan, up 20.7% year-on-year, and the non-performing loan ratio was 0.99%, up 0.02 percentage points from the beginning of the year. 20 1 1 since the fourth quarter, the balance of non-performing loans has rebounded for six consecutive quarters, and the scale of non-performing loans may continue to climb in the future. Even so, as a trust industry with higher risk tolerance, commercial banks are facing a redemption crisis.
The trust industry has entered an adjustment period, and the development of the industry is in urgent need of transformation. Judging from the development trend of China's economy and finance, the development space of trust companies in China is still broad. Despite the pain brought by the transition period and the competitive pressure from other financial institutions, the transition is also the only choice for the trust industry to seek sustainable development.
Avantgarde. Com believes that the trust industry needs to seek a new orientation of business strategy, and the future optional business strategy transformation directions include: professional private wealth management trust companies, professional financial trust service institutions, professional trust companies focusing on investment management, comprehensive trust companies, financial holding groups and so on.
Trust companies should choose their own transformation path. Although the choice of transformation path can be different, in any case, trust companies should seek promotion and breakthrough in professional investment (asset) management ability and high-net-worth customer service ability, so as to realize the sustainable development of trust industry.