我国信托行业的政策逻辑与发展路径研究  

Research on the Policy Logic and Development Path of China’s Trust Industry

作　　者：顾凌骏 黄威栋 张伟[4] 胡金焱[5] GU Ling-jun;HUANG Wei-dong;ZHANG Wei;HU Jin-yan(Post Doctoral Research Workstation of Shaanxi International Trust Co.,Ltd.Xi’an 710000,China;Post Doctoral Research Mobile Station of School of Economics and Finance,Xi’an Jiaotong University,Xi’an 710000,China;China Construction Bank Hebei Branch,Shijiazhuang 050000,China;Shan-dong Youth Political College,Jinan 250000,China;School of Economics,Shandong University,Jinan 250000,China)

机构地区：[1]陕西省国际信托股份有限公司博士后科研工作站,陕西西安710000 [2]西安交通大学经济与金融学院博士后科研流动站,陕西西安710000 [3]中国建设银行河北省分行,河北石家庄050000 [4]山东青年政治学院,山东济南250000 [5]山东大学经济学院,山东济南250000

出　　处：《治理现代化研究》2022年第6期31-38,共8页Governance Modernization Studies

基　　金：国家自然科学基金面上项目“网络借贷市场风险识别、传染与防控研究:基于复杂网络理论的视角”(71873079)。

摘　　要：资管新规颁布以来,信托行业的发展迎来新的历史阶段,探索信托行业的发展路径成为业内的重要议题。通过梳理监管历史,本文发现信托行业的监管具有典型的宏观经济导向特征,其趋势是限制信托的信用中介职能与政策套利空间,通过行业清理的棘轮效应维持行业的健康发展。资管新规是针对当前经济环境的一次前瞻性管理,其主要目的在于控制风险,通过各项措施推动信托行业转型。未来信托行业须以服务实体经济为导向,探索资产端的转型方向,以稳健、多样化的产品体系应对行业分化。New regulations on asset management brings the new era of China’s trust industry. It becomes an important issue to discuss the development path of the industry. After analyzing the regulatory policy,we find that it is macroeconomic oriented. The trust industry is more and more strictly restricted in terms of credit intermediary and policy arbitrage. The industry is continuously reorganize to be healthy. New regulations on asset management is forward-looking regulation based on current situation which aims at controlling the risk and promoting the transition of the industry. In the future,China’s trust industry should serve the real economy and exploring the transformation of its asset side. Trust companies should be steadily operated and diversified in asset to meet the challenge of disintegrating.

关 键 词：信托 监管 政策逻辑 发展路径 

分 类 号：F832.49[经济管理—金融学]