信托产品的制度解析——兼与《信托制度异化论》作者商榷

Institutional Analysis of Trust Products——Concurrently Discuss with the Author of "Alienation Theory of Trust System"

《信托制度异化论》中信托产品之"支付对价"、"物权性货币"和"规避法律约束"等"三宗罪",并非信托产品的真实问题。信托市场主要存在私募限制、"刚性兑付机制"和"多头规制"所引起的组合单一、贷款化和不公平竞争等问题,本质上是制度设计的偏差。因此,应从制度本身出发,在分类评级和严格监管的前提下,推进信托产品公募化;在完善投资者保护机制的同时,强调信托投资"风险自担";并适应"大信托"市场趋势,统一信托产品监管规则等。

The problem so called ＂pay consideration＂, ＂the real right of character of currency＂ and ＂evade legal restraint＂ which put forward in ＂Alienation Theory of Trust System＂ may be pseudo-question. The problem of trust market includes monotonous portfolio, debtization, unfair competition, which were caused respectively by ＂private offering＂, ＂rigidity payment＂ and ＂multilateral supervision＂. These problems essentially fall into the deviation of system designing. Therefore, the solution should include three routes： Impelling the public collection of trust products under the premise of classification and strict supervision; emphasizing their own responsibility of trust investment？In the process of improving investor protection mechanism; unifying regulatory rules of trust products to meet the ＂big trust＂ market trends.