构建大资管时代信托业的核心竞争力

Build Core Competency of the Trust Industry inthe Pan-asset Management Era

本文从推动国内信托业快速发展的原因分析着手,指出稳定的政经环境、财富管理市场的成长和利率管制下的混业平台促成了信托行业以及信托公司过去十年的快速发展。进入2012年之后,国内宏观经济面和政策面出现重大变化和调整,特别是以利率市场化和监管壁垒放松为特征的大资管时代到来,信托业面临新的机遇和挑战。信托公司需要在战略选择、盈利模式、目标定位等方面适时调整,及时应对,从产品金融化、运营综合化、客户私人化和路径多元化入手,推动信托业从'重'到'轻'、从'间接融资'到'直接融资'、从'资金信托'到'财产信托'、从'非标'到'标准化'的业务转型,拓展和发挥信托的制度和功能优势。在这个过程中,信托业及信托公司一方面需要面对转型的压力,寻找适合各自公司自身背景和特点的发展路径;另一方面,围绕主动管理和基金化的业务模式,需要构建与之相匹配的差异化的核心竞争力。通过回归信托公司资产管理业务的本源,导向服务产业的金融功能回归,用专业化解决多元化选择,建立金融产业链与细分产业市场的交集,构建信托公司在资产管理细分领域的核心竞争力。

Abstract:This article analyzes the reasons of rapid development of the trust industry in China,including a stable political and economic environment,a fast-growing market of wealth management and the advantage of Mixed Operation system of the trust industry under regulated interest rates.Since 2012,the domestic economic and political factors have changed significantly,which are dubbed as the Era of Pan-Asset Management and characterized by the liberalization of interest rates and removal of regulatory barriers.Currently,opportunities and challenges coexist,the trust industry should adjust their corporate strategies,business models and positionings in order to react quickly in the competition.In order to take advantage of the trust system in China,the financialization of products,integration of operation,personaliztion of customers and diversification of methods should be emphasized.In this process,the trust companies,on the one hand,under the pressure of transformation,should find out their own ways of development because of their different backgrounds and characteristics;on the other hand,on the basis of proactive management and fund capital form,diffegrentiated core competence of trust companies should be cultivated in the area of asset management.Through tracing back to the fundation of the trust company’s asset management business,we could lead to the return of financial function in the service industry,solve diversification options by professionalization,build the intersection between the financial industry chain and specific industry market,and form the core competence of the trust corporation in the asset management field.