信托中的权利分割思想及其应用  

The Independence of Rights and Interests in Trust

作　　者：王怀书[1] 丁加华[2] 

机构地区：[1]中国华电集团公司,北京100031 [2]中国银行间市场交易商协会,北京100033

出　　处：《金融研究》2011年第12期200-206,共7页Journal of Financial Research

摘　　要：作为信托制度核心的权利分离与分割思想,以及这种分离与分割带来的巨大创新生命力,已经在金融产品中逐步显现出来。所有权的各种属性全归一人所有未必最有效率。产权多种属性在当事人间的最优配置方案,是管理某种属性具有比较优势的当事人获得对于该属性的权利。依据权力分割思想实施的受益权分层的交易安排,已经在证券投资信托产品、资产证券化、分级型证券投资基金等方面获得成功运用。权力分割思想在信托资产管理领域的很多方面,都有重要的指导价值。The independence of rights and interests is the core of trust, and this separation and segmentation have gradually revealed the enormous vitality of innovation. Concentrated ownership may be inefficient, the op- timal configuration is the management of a property has a comparative advantage of the parties to obtain the rights for the property. Beneficial stratification based on independence of rights and interests has already successful applied in securities investment trust, asset securitization, and securities investment fund. Beneficial stratification has broad application prospects.

关 键 词：信托 权利分割 受益权分层 

分 类 号：D922.282[政治法律—经济法学] F832.49[政治法律—法学]