Trust is not a capital-guaranteed product, and it may lose its principal, which needs to be borne by investors themselves.

The credit risk of trust products refers to the risk of losses caused by the counterparty's default. Credit risk trust products are mainly controlled by means of guarantee. According to the Guarantee Law, there are five legal forms of guarantee: mortgage, pledge, lien and deposit. The first three are commonly used in the design of trust products, among which the guarantee measures for the use of trust products are mainly provided by third parties, which have appeared in practice, mainly commercial banks, China Development Bank, large enterprises and local governments.

According to the Measures for the Administration of Trust and Investment Companies, trust and investment companies are not allowed to issue entrusted investment vouchers, agency investment vouchers, income vouchers and securities custody instructions. This means that the existing trust beneficiary rights can only be established through contracts rather than trust beneficiary certificates. And segmentation cannot be standardized. The private nature of trust contracts and the limitation of 200 copies make the transaction cost of trust products in the secondary market extremely high. The existing online transfer and bank transfer methods can't meet the liquidity demand.

Second, the worst consequences of trust?

As we all know, any investment product faces certain risks. For the trust, if the worst happens, will the principal of the trust investment be invalid?

Many customers who have just started to understand the trust think that before they start to look at the project, they have already "lost all their money" and "lost their principal"

Scared to death. Trust is prone to the threshold of 1 10,300,000. In case of the worst, will it be wasted and the principal will not come back?

Here, it should be clearly pointed out that:

"Trust" is called "industrial investment bank", and its investment scope is the most relaxed and extensive.

Trust licenses are called "the scarcest" and "the most common" licenses. Because of domestic financial control, the investment scope of trust license is very wide, which can allocate assets across capital market, money market and industrial market, integrate and use almost all financial instruments, carry out investment and financing, equity and asset management, and carry out financing, loans, securities investment, bond underwriting, equity investment and other financial businesses.

At present, the trust market can be divided into three categories: active management, passive management and transaction management.

It can also be divided into creditor's rights trust and equity (equity, fixed increase, secondary market, etc.). ), charitable trust, art trust, family trust, etc.

But the most common for ordinary investors is the debt-based fund trust plan.

Therefore, when you see the news or report that "the investment trust failed and lost everything", you should first make clear the nature of the project, what kind of trust did not receive the money, and why not? Is it related to the type of project you are going to invest in?

Realistically speaking, there are indeed cases where investment fails and capital is greatly reduced.

For example:

First, passive management.

Passive management of trust: the trust company does not use the discretion of the trust property, but manages and disposes of the trust property according to the instructions of the client or the person with command power entrusted by the client.

It has the following main features:

(1) The trustor or the third party designated by it shall be responsible for the due diligence before the trust is established. Trust companies have the right to conduct independent due diligence on the legal compliance of trust projects.

(2) establishment of trust, use and disposal of trust property, etc. It is decided by the client or explicitly agreed in the trust document in advance.

(3) The trust company only performs the management duties that must be performed by or in the name of the trust company according to law, including account management, liquidation and distribution, and providing or issuing necessary documents to assist the trustor in managing the trust property.

(4) When the trust is terminated, the trust property is transferred to the holder of the trust property in the actual existence state, or the trust company disposes of the trust property according to the instructions of the trustor.

Here, the trust company does not take the initiative to operate, but only provides a channel, and the customer's funds are credited to another institution's account, and then the institution and the trust company are docked, and the customer does not directly contact the trust company; Similar to the meaning that banks are used as lending channels in entrusted loans, if something goes wrong, the trust company will definitely not carry the pot.

Second, transaction management.

For example, through the establishment of chattel trust, real estate trust, equity trust, family trust, will trust and other products, help customers solve tax planning, affairs management and other issues. Service first, not for making money. How dare you talk about money and income in the transaction management project? civilian

Third, the equity category.

1, a glamorous equity project.

The equity project, which has always been known for its deep water, claims to invest in the equity of the listed company. If all goes well and the target company has follow-up financing, it can pull other funds to take over, underwrite, or IPO or be merged by listed companies, and just lie down and count the money; What if you lose, don't go public, and don't be merged by listed companies? Even if the equity project is issued in the name of trust, it is still inseparable from the fact that the equity industry is high-risk. Usually, high risk does not necessarily have high return.

In practice, if the valuation of the project shrinks, no takeover party can be found, or the target enterprise fails to operate and goes bankrupt, investors may face the situation of "drawing water with a sieve", and the list is endless.

2. Trust to invest in the secondary market, such as taking money to speculate in stocks, sunshine private placement, the stock market always wins? Rare to see.

For ordinary investors, the most common debt-based fund trust plan

Due to the nature of this kind of project, it belongs to the creditor-debtor relationship of "paying off debts".

It is not the same thing as equity investment. Moreover, in the risk control of such projects, there are generally multiple risk control measures such as collateral, pledge, guarantor and repurchase party. In the case of real risks, trust companies also have certain ability to deal with risks in time and resolve them. For example, the sale of collateral, guarantee compensation and so on. Most of the projects can be recovered, and there are fewer "useless water". The above is only a brief analysis. Ordinary asset management is often difficult to deal with without the huge after-sales disposal team of trust companies and rich experience tested by the market.

Moreover, even if the trust company comes forward, it needs a lot of manpower, material resources and time to communicate and negotiate, and the collateral processing is not so fast, unlike the vegetable market. When investors are unwilling to wait. If a trust company wants to avoid trouble, it should first use its own funds or arrange relevant third-party funds to pay investors first, transfer relevant beneficial rights, and then slowly go to court with the financier to grind money. This is the origin of "fair exchange". Investors can make inquiries through public inquiry systems such as enterprise surveys. Most trust companies have a lot of litigation-related information, and most of them sue financiers for money.

The actual situation is as follows:

XX Trust-Zunyi Huichuan: 20 190 1 After the outbreak of the delayed default event, all the principal and interest will be repaid in 1 month.

XX Trust-Chuangying. XX Taihai: After the extension of 20 1905, the board of directors of the trust company announced that it would pay 100% in full.

There are many other examples. After such trust projects are postponed, the trust company shall negotiate with the financing party. Due to multiple risk control measures such as "mortgage, pledge, guarantee and repurchase", investors in debt projects rarely have the situation of "losing all their money" and "squandering their principal".

If we carefully analyze the online rumor that "investing XX million to buy a trust is lost", most of them buy fake trusts, channel trusts or equity trusts, and secondary market trusts, but the media pay attention to Bo and rarely take the initiative to explain.

According to the data of china trustee association, in the quarter of 20 190 1006, there were 283.059 billion yuan of risk projects in the trust industry, corresponding to 22.54 trillion trust assets, and the risk rate of trust assets was 1.26%, of which quasi-trust accounted for 6/kloc.

Reasons given by the Association:

This is mainly due to the accelerated return of off-balance-sheet funds under the financial policy of "deleveraging and strong supervision" last year. At the same time, the liabilities of platform companies are limited, and the cash flow of enterprises is relatively tight. A few trust companies are more aggressive in the exhibition industry, and their credit has fallen sharply, leading to an increase in overdue or even default events. Since the promulgation of the New Regulations on Asset Management, trust companies have generally strengthened their active management capabilities and risk control capabilities, and the overall risks of the trust industry are controllable.

Go back to the root cause and return to the risk control of the underlying assets.

It can be found that risk control measures can be described as the safety mat of creditor's rights trust. Once risks occur, risk control measures can immediately enter the disposal link to ensure the smooth return of project principal and interest.

Therefore, when choosing a project, you should have a comprehensive understanding of the general trend of the industry and counterparties; It is very important to pay attention to the enforceability of risk control measures.

Now that the economy has not fully recovered, the trust has begun to polarize, and the project structure is complex, which requires deep professional knowledge and industry accumulation to evaluate whether the risk control is in place;

For ordinary investors, it is a realistic choice to find a professional, independent and reliable financial manager.

Third, what is the biggest loss of the trust?

Trust is not a capital preservation product and may lose money.

The credit risk of trust products refers to the risk of losses caused by the counterparty's default. Credit risk trust products are mainly controlled by means of guarantee. According to pledge, lien and deposit, the first three are commonly used in the design of trust products, among which the third party provides guarantee for trust products. In practice, the third party mainly appears in commercial banks, China Development Bank, large enterprises and local governments.

According to the Measures for the Administration of Trust and Investment Companies, trust and investment companies are not allowed to issue entrusted investment certificates, agency investment certificates and income certificates, and valuable existing trust beneficiary rights can only be established in the form of contracts rather than trust beneficiary certificates. And segmentation cannot be standardized. Due to the private nature of trust contracts and the limitation of 200 copies, the transfer methods such as extremely high transaction costs in the secondary market of trust products cannot meet the liquidity demand.

4. What are the risks of investing in fixed-income trust products? What's the worst result?

The biggest risk is reputation risk, and reputation is the most important for the trust industry. Therefore, trust products generally have strict risk control measures, and credit measures such as mortgage and guarantee of financing parties. It is trustworthy for trust companies that have obtained new financial licenses.

The worst result is that your expected income is not reached, so don't worry about the principal. It is suggested to choose some trust companies with strong financial strength and government background.