土地集合信托计划的法律问题研究——以PPP模式下的城中村改造为视角(上)

Research on the Legal Problems of Collective Land Trust——Taking PPP Mode as a Perspective

城中村改造在中国语境下的讨论既是一个老生常谈,又是一个非常有现实意义的问题。为了解决城中村改造过程中衍生的各类问题,在西方国家大受欢迎的PPP模式逐渐成长为中国城中村改造进程中的选择手段,而土地信托方式在PPP模式下的应用,则是为PPP模式的推广,尤其是城中村改造方面提供了崭新的融资路径。可是,一个崭新的模式究竟会在运作过程中遇到怎样的问题?是否可以为这些问题从法律方面找到解决的可能?怎样能够让信托制度为PPP模式进行城中村改造提供更大动力?这些都是本文讨论的焦点所在。文章分为五个部分进行论述,第一个部分是论文的基础,将介绍PPP模式和信托在城中村改造运用的概念、现状,并且指出在运用过程中所要面对的主要法律问题;第二部分将重点探讨PPP模式下信托将要面对的多轮融资反稀释的问题;第三部分将讨论信托计划在城中村改造中退出机制的问题;第四部分将从法律层面分析信托计划所面临的监管,以及风险控制问题;最后一个部分将对本文所涉及到的法律问题给出相应的建议。

Renovation of urban villages is not just a clich＆#233; in the current situation in China, but an unsolved issue with realistic meaning. To solve those complex issues arising from renovation of urban villages , the PPP pattern which is widely used in western countries has evolved into a more preferred option for China. And , application of land trust under PPP pattern provides a better way for development of PPP pattern, especially a brand-new financing channel for renovation of urban villages. However , what would happen for a brand new system working under a brand new pattern？ Is it possible to find any solution for those issues from a legal perspective？ How to make this path more dynamic？ This study will focus on all these questions above. This paper elaborates in five sections. Section 1 describes the PPP pattern and the concept of using trust fund to renovate urban villages under the current situation in China and then points out the major legal issues arising from applying this pattern. Section 2 is the vital part of this paper which discusses dilution resulted from multiple rounds of financing when the trust system is used under the PPP pattern. Section 3 discusses the exit mechanism for trust fund. Section 4 analyzes supervision that trust will face and the risk control issues. Section 5 provides suggestions for all the legal issues this paper has brought forward.