资管新规下信托业转型策略研究

The Study On the Transformation Strategy of Trust Industry Under the New Regulations on Asset Management

信托是以信用委托性质为基础以维持信义义务为主旨的一种经济行为。当前我国信托业发展面临整体功能错位、主业定位模糊、核心竞争力缺失、社会信用不足、信托受益权缺乏流动性、二级市场缺位等一系列问题。资管新规促进信托业打破刚性兑付、压缩通道业务、严禁产品嵌套、实施净值化管理、提高合格投资者标准、规范资金池业务等。信托业应明确市场需求及自身定位,最大限度地结合信托制度优势,通过业务模式变革、信托产品创新、有效防范风险、强化内部治理、加强监管措施进行积极转型。未来信托业需以服务实体经济为导向,逐步回归业务本源,加强主动管理能力,对冲去通道化风险,确保资本安全及管理规模等核心利益,以及短期和长期相平衡的增值速度。

Trust is a kind of economic behavior based on the nature of credit entrustment and the purpose of maintaining fiduciary duty.At present,the development of trust industry in our country is faced with a series of problems,such as the misplacement of the whole function,the vague orientation of the main industry,the shortage of core competitiveness,the lack of social credit,the absence of liquidity of the trust benefit right,the lack of secondary market.The new regulations on asset management promote the trust industry to break the rigid repayment,reduce channel business,prohibit product nesting,implement net value management,improve the standard of qualified investors,standardize the fund pool business,etc.Trust industry should be clear about market demand and its position,maximize the advantages of the trust system,and actively transform by changing business models,innovating trust products,effectively guarding against the risks,intensifying internal governance and strengthening supervision measures.In the future,trust industry should be guided by the service of the real economy,gradually return to the source of trust business,strengthen active management ability,hedge the risk of de channelization,ensure the core interests of capital security and management scale,and guarantee the appreciation speed on the basis of short-term and long-term equilibrium.