中国信托业“刚性兑付”问题成因分析及对策研究

Study on Causes and Countermeasures of “Rigid-Payment” Dilemma in Trust Industry in China

中国信托业自2007年受益于金融市场功能分割、信托全能优势以及经济刺激环境实现了高速发展。然而,由于信托功能定位不准、信托公司"重业务、轻内控、轻能力建设"管理模式、投资者教育工作落后、信托风险市场化处置原则尚未有效建立等因素造成当前我国信托业发展遇到了"刚性兑付"困境,阻碍了信托业回归信托本源,阻碍了信托业的可持续发展,扭曲了金融产品风险定价机制,造成市场风险分担不合理,冲击了资产管理行业发展基础。因此,只有把握信托资产管理属性,推动行业向资产管理业务方向转型,健全信托公司有效风控体系,强化项目投资能力、项目管理能力和科研能力,重视改进投资者教育工作,明晰信托关系责任认定原则以及风险市场化处置原则,"刚性兑付"困境才能从根本上得到解决。

Chinese trust industry achieved rapid development since 2007 benefited from the financial market partitioning, trust all-round functional advantages and economic stimulus. However, because the improper trust function positioning, ＂more focus on business than internal control and capacity building＂ busiinvestor education work, effective principles of disposing risk are not yet established, trust industry encounters a ＂rigid payment＂ dilemma in China currently. It hinders sustainable development of trust industry, distorts the pricing mechanism of financial product, causes unreasonable risk-sharing, impacts foundation of asset management industry development. Only by grasping the trust assets management properties, promoting transformation to asset management business, improving effective risk control system, strengthening investment capacity, project management capacity and research capacity, improving investor education work, clarifying responsibility relationship of trust and principles of disposing risk, ＂ rigid payment＂ dilemma can be solved fundamentally.