论信托刚性兑付的困境与出路

On the Predicament and Outlets of Rigid Payment of Trust Benefits

目前信托行业整体遭遇兑付危机,除去国家宏观调控、货币政策收紧的影响,更重要的原因在于信托业长久以来盛行承诺信托终止时向投资者保本付息的潜规则,来自融资方和投资者的风险均向作为受托人的信托机构聚集,信托业盛名难负。打破信托业治乱循环,让信托兑付回归符合信托法理的信托利益给付规则的关键在于信托法律制度的健全。但是,在法律尚不完备的情况下,就需要发挥司法的能动性,运用法律技术来解释法律,从而对信托兑付纠纷起到定纷止争的作用。同时,信托公司和投资者也需要重新树立正确的风险收益关系理念。

At present,the trust industry in China as a whole is facing the crisis of payment of trust benefits.Aside from the impacts of macro-control and tight monetary policy,this crisis is more result from the unspoken rule of the trust industry,which is the trustees must pay the beneficiaries full amount of principal and expected return when the trusts become due.Hence,all risks from the financiers and investors will be shifted to the trustees.The trust industry can barely meet its obligations as being trusted.To break the vicious circle of the industry and to restore the order of trust benefits payment,the crucial part relies on the effectiveness and soundness of trust legal system.However,in the case that law is not complete,the judicial system must act actively to interpret the law with certain legal techniques and dissolve the dispute on trust benefits payment.At the same time,trust companies and investors should also restore the right judgment of the relationship between risk and return.