基于信托的企业资产融资结构及融资效率研究

Research on Enterprise Assets Financing Structure and Financing Efficiency on the Basis of Trust

信托作为一种财产转移和财产管理制度,具有两项重要的法律功能:可以重构信托资产的财产权利,能够使信托资产与信托当事人的破产风险相互隔离。企业利用信托的独特法律功能,借助资产证券化的核心技术,通过出售和回购资产信托受益权,可以开展债务性的资产融资活动。这种基于信托的企业资产融资行为的融资成本及融资交易费用相对较低,可以改善企业的财务结构,能够提高企业信托资产的利用效率。在我国目前经济环境下,建立和完善信托登记、信托税收及信托受益权管理制度,是提高企业资产信托融资效率的关键。

Trust,as a kind of transfer of property and management system of the property,has two important Legal functions: constructing the property right of trust assets again;making trust assets and the trust party's bankrupt risk isolate each other.Utilizing the unique function of the trust,drawing support from the key technology of the securitisation of the assets,by selling and buying back the benefited fight of assets trust,enterprises can launch the assets financing activity which have the nature of debt.The such trust financing behavior of assets based on trust of enterprise,its financing cost and financing trade expenses are relatively low,can improve the financial structure of enterprises,and can raise the utilization efficiency of trust assets of enterprises.Under the eco- nomic environment at present of our country,set up and perfect trust registration,trust tax revenue and benefited right management system of trust,it is the key to raising enterprise's assets trust financing behavior efficiency.