【作者】 张立忠；

【导师】 朱显平；

【作者基本信息】 吉林大学 ， 区域经济学， 2009， 博士

【摘要】 信托业是现代金融体系的四大支柱产业之一,对区域经济的发展起到重要的推动作用。中国的现代信托业自改革开放后恢复和发展以来,在搞活资金融通渠道、为经济发展提供多样化的金融服务等方面起到了积极作用。信托业因其灵活的运作方式和制度优势,在现代中国金融体系中占据着独特而重要的地位。然而,从现阶段的发展情况看,由于政治、经济、社会和文化等方面的种种原因,中国的信托业尚未获得与银行、证券和保险同等的发展机会,在金融体系中处于一种弱势地位,其制度优势尚未获得良好发挥,推动区域经济增长的功能发挥也不充分。区域经济的发展,对金融体系的健全和金融组织的健康运作产生了强烈的客观需求,而我国信托业的发展与这种客观需求之间存在着巨大的差距。本文在这种背景下,选择了信托业对区域经济发展的促进作用为研究对象展开研究。通过梳理信托业的历史渊源;对比中外信托业发展差异;研究中外信托业发展历程;厘清中国信托业发展过程中的障碍;分析制约中国信托业推动区域经济发展作用发挥的障碍性因素,在一系列分析结果的基础上,提出使中国信托业获得迅速发展,并能够充分发挥其对区域经济发展推动作用的对策与建议。更多还原

【Abstract】 Trust, which is a financial management system of financing on behalf of other persons, refers to the civil juristic act that the trustor entrusts his or her own properties or rights to the trustee who manages, operates or disposes them in the name of the trustee in the trustor’s intention for realizing some purposes. The trust is the essential product after the private ownership and commodity money economy occurred with the continuous improvement of the social productivity of human beings. The private ownership of properties is the foundation and precondition for occurrence of the trust.The modern trust industry was originated in Britain. The occurrence and development of the USE system finally makes the civil trust business become the traditional trust business of Britain. The transition from the personal trust to the legal person trust, the transfer from the civil trust to the business trust and the evolution from the traditional trust system to the modern trust system are completed in the US.The trust system and concepts of the US come down from those of Britain in one continuous line, but the Americans do not cling to the traditional trust concepts of Britain and the trust has been rapidly developed in the US. The trust system of Japan was originally introduced from the US and its development has gone through five obvious stages. The trust industry of Japan is developed at the current stage, with the rich innovative trust products with its indigenous characteristics and the trust industry occupies the vital status in its national economy. The trust system and the trust industry with the distinctive characteristics are established all over the world. The trust industry becomes one of the indispensable financial pillars in the modern society. Although Britain is the cradle for the trust, its conservative national characteristics and the development degree of the financial market, etc. make the trust industry of Britain less developed than those of the US and Japan. The US is the country with the most developed trust industry in the world. The trust institutions enjoy the equivalent status with the commercial banks in the US. They can become the members of the Federal Reserve System as long as they meet the conditions. The trust institutions of Japan account for a small proportion of the financial institutions of Japan, but the funds that they absorb account for a big proportion in the whole financial system. The trust industry occupies a vital status in the financial system of Japan.The modern trust industry of China was restored and developed after the reform and opening. The trust industry has gone through the zigzagging development since it was restored and developed. After the reform and opening, the restoration and development of the trust industry of China played active roles in revitalizing the financing channels and providing the diversified financial services for the economic development. However, the trust industry of China has gone through 5 times of big-scale cleaning and rectification since it was restored and developed due to some reasons such as unclear understanding of the trust business, no scientific management in the trust institutions as well as change and continuous adjustment of the national macro-economic policy with the economic situation, etc.At present, the trust industry of China is gradually stepping into the track of healthy development after several times of cleaning and rectification. The trust legal framework of the new“One Law and Two Regulations”has been established because the Measures for the Administration of Trust Companies and the Trust Measures for the Administration of the Collected Funds of Trust Companies were promulgated, which makes the functional orientation of the trust companies of China more clear and accurate and also promotes the trust companies to truly return to the trust industry. The trust industry is the only bridge crossing the capital market, monetary market and industrial market in the financial system, which can provide the special property management service and investment and financing services, etc. and constitutes the four pillar financial industries of China with the banking industry, insurance industry and securities industry.In recent years, the trust industry of China has basically stepped into the healthy and stable road of development. The scale of the trust companies of China continuously and greatly grows. With the increasing of the scale of trust assets, the trust income level is also stably improved and the assets management capability of the trust companies is at the stage of rapid development. The trust industry has the unique functions different from those of the other financial institutions such as financial management, financing of funds, coordination of the economic relations, social investment and social benefit service, etc. It is these special functions that make the trust industry occupy the important position in the modern financial system. The play of the roles of these functions also makes the trust industry produce the important influence on the regional economic development.The property management function, which is one of the basic functions of the trust industry, which means that the trust institution accepts the trustor’s trust to operate, manage or dispose its properties, that is,“financing entrusted by the other person”. The trust industry was originated from the“USE”system of Britain, so the property management is the most primitive and basic function of the trust, based on which the other functions are developed. The play of such a function of the trust can make the trust property high-efficiently operated in the safe environment of the region and realize the flow and increment of the regional wealth, to the maximum extent. The trust properties here include both the private assets in the region and state-owned assets. The trust industry has the function of adjusting the balance or lack of funds and can give play to the roles of money raising and financing of funds. The function of financing of funds of the trust industry can be directly represented as the financing of monetary funds and also as the financing of combination of real objects and funds.The economic competition between the regions is, in essence, the competition for resources and the contest for capital occupies the vital status in the competition for resources. If the trust institutions between both the supplier and the demander of funds can play the good roles, promote the good communication between both the supplier and the demander and improve the capability of the effective operation of funds, it will necessarily play an active role of promoting the rapid development of the economy in the whole region.The trust industry has the function of social investment. With the economic development and the rapid growth of social wealth, various social assets need to realize the effective use and increment of assets through the investment modes, which objectively produces the market demand for the social investment service and the regional economic development also needs the guide of social funds to the direction where they are most needed in the economic construction. In such a case, the function of social investment of the trust industry is given fully play and can accelerate the transfer of funds in the region from deposit to investment, promote adjustment of the industrial structure through the adjustment of the investment direction and perfect the infrastructural construction in the region through choice of the investment projects, thus promoting the rapid economic development in the region.The social benefit function of the trust industry has the role of improving the regional credit environment. The social benefit function of the trust industry is given play in two modes. One is to realize keeping and increment of all the social nonprofit foundations through the special operation and management of the social welfare and social security cause funds. The other is to realize some social benefit purposes such as relief of poverty, relief of disaster-stricken people, help of the disable, development of the educational and medical health causes and maintenance of the ecological environment, etc. through the public trust. The play of the social benefit function of the trust can promote the reallocation of the regional elements, change the regional welfare situation, influence the operating efficiency of the other relevant systems and further influence the operating quality and efficiency of the regional economy.In addition to its basic functions of the trust industry, it has many comprehensive functions. The full play of these comprehensive functions is of great importance for the development of the trust industry and the regional economy. The roles of the comprehensive functions of the trust industry of promoting the regional economy are mainly represented in some aspects such as making the regional financial service industry prosperous, promoting the deep-going combination of the industrial capital and the financial capital, absorbing the inflow of the funds out of the region and increasing the employments in the region, promoting the construction of the regional credit system and optimizing the allocation of resources, etc.The trust industry, with its advantages of flexible operating mode and system, occupies the unique and important status in the financial system of China. However, viewed from the development of the trust industry of China at present, the trust industry is deeply influenced by the previous cleaning and rectification of the trust industry, moreover it is not known in society and even there exists the bias to the trust industry. Due to various political, economic, social and cultural reasons, the trust industry has not obtained the equivalent opportunity for development with the banks, securities and insurance. The trust industry of China is in the disadvantageous status in the financial system. Its system has not given full play and its function of promoting the regional economic growth has not been fully played.With the relevance analysis of the development indexes of the trust industry and the development indexes of the regional economy, the SPSS calculation results according to the data in 2007 show that the disposable income per capita of the urban citizens shows the positive correlation with the deposit balance of the urban and rural citizens and the balance of the trust assets at the end of the year and the regional GDP per capita shows the positive correlation with the balance of the trust assets at the end of the year and the increment of the trust assets in the year and the results calculated according to the data in 2004-2006 can determine that the richness of the citizens in the region is the main factor of influencing the scale and growth speed of the trust industry.There are many factors influencing the development of the trust industry of China and the play of the role of the trust industry promoting the regional economic development, of which the most important reasons include low scale and level of the trust industry as a whole, regional differences in the development of the trust industry, important influences of the regional financial environment on the development of the trust industry, important influences of the relevant policies and measures of the governments at all levels on the development of the trust industry and historical problems left by the zigzagging development of the trust industry, etc. It is of great importance for realizing the rapid development of the trust industry and the play of the role of promoting the economic development to carry out the deep-going analysis of various reasons for influencing the play of the functions of the trust industry.At present, guided by some macroscopic policies such as the new“One Law and Two Regulations”, the trust industry of China is gradually returning to the original business of the trust and the system advantage makes the trust institution represent its own special value in the operating system of the financial industry. However, viewed from the fund scale or types of products, etc., the overall development level of the trust industry is not high at present and there exist the obvious differences in the different regions and the trust industry shows the obvious dual-structure feature. The development of the trust industry is the representation of the economic development in the financial field. The regional difference of the development of the trust industry is the self-conscious reflection of the gap of the regional economic development.Whether the trust industry is developed successfully or not depends on not only its own factors of the trust industry but also the great influence of the financial environment and macro-economic form in the region. Generally, the continuous improvement of the regional social welfare level will cause the decrease of the people’s intention of deposit, increasing of the subjective discount rate and improvement of the innovative encouragement level. The trust traditions trust concepts and reserve of financial talents in the region will also greatly influence the development of the trust industry. In the area where the trust activities are carried out earlier, the citizens have the high cognition of the trust and there is the good support of talents in the area with the good reserve of financial talents. All these will create the good environmental conditions for the healthy development of the trust industry.It is easy to see from the development history of the trust industry of China that the trust system is arranged under the guidance of the government, the development of the trust industry is obviously influenced by the national macroscopic adjustment policy and the local governmental power and the governmental action plays the indispensable roles in the development of the trust industry because there is lack of the process of natural establishment and development of the trust industry in China. Due to the reasons for occurrence and the particularity of the foundation, various problems occurring in the development of the trust industry bring about many national attention and interference and the development of the trust industry is greatly influenced by the adjustment of the national policy.As one of the four pillars of the financial system, it is undoubted for the role of the trust industry promoting the economic development and the perfection of the financial system. At present, it is the objective fact that the trust industry of China is in the disadvantageous status in the financial system and the role of promoting the regional economic development is not given full play. It shall be started from the two aspects of the trust industry by itself and the regional environment to promote the good interaction between the trust industry and the regional economy. The development of the trust industry shall be promoted on the one hand; the role of the trust industry promoting the regional economic development shall be given full play on the other one.The trust industry, with the big business span, covers a wide range and field, with many times of rectification in the development, so some characteristics such as roughness, backwardness and irrationality, etc. are represented in some aspects of the trust industry such as orientation of development, management approaches, governing structure and risk prevention, etc. In order to realize the industrial development and growth of the scale of the trust industry, it shall be first started from the standardization and reform of the system and a good system environment shall be created fro the development of the trust industry. The detailed measures include determination of the orientation of the company, determination of the plan for the future development, improvement of the assets management capability of the trust company, perfection of the legal governance structure of the company, optimization of the stock-right structure of the trust company and perfection of the internal risk prevention system of the company, etc.The development of the trust industry of China has gone through some hardships. The uninterrupted innovation is one of the reasons for the continuous development of the trust industry of China. In recent years, the trust industry has been developed in many times of rectification, but its disadvantageous status in the development is still obvious, compared to some other financial industries of commercial banks, securities and insurance, etc. The future development of the trust industry must be based on its own advantages, it shall be divided in the market and the differential and specialized development shall be chosen and its own core competitive power shall be established through innovation. The detailed measures include increasing of the trust product types of assets management and strengthening of innovation of the trust business of the investment banks, etc.Whether it is the basic function or comprehensive function of the trust industry has the role of promoting the economic development. If the role of the trust industry promoting the regional economic development is given full play, some measures of perfecting the regional trust environment shall be taken to create the good space and conditions for play of all the functions of the trust industry. The specific measures include: strengthening the investment of the trust funds in the basic construction projects in the region, innovating the trust products to match with the regional development plan, supporting the rapid development of the small and medium-sized enterprises, perfecting the regional trust environment, innovating the financial management approaches, playing the governmental credit roles and constructing the social credit system, etc.更多还原