2018年，信托行业面临的宏观经济形势和政策环境发生深刻变化，政策导 向在多目标之间不断平衡，产业发展趋势多变。《关于规范金融机构资产管理 业务的指导意见》出台，这标志着我国统一金融监管协同框架初步建立。身处 变革大潮的BR信托如何在当前的环境中实现盈利能力的提升具有重要的现实 意义。 本文基于BR信托的经营情况，结合监管政策导向，通过横向和纵向对比分 析来研究BR信托的盈利能力。首先，选择盈利能力衡量指标，并且将盈利能力 指标分为盈利能力数量性指标和盈利能力可持续性指标两类。其次，对BR信托 盈利能力进行纵向和横向对比分析。纵向分析时对BR信托及其他15家央企控 股信托公司2011-2018年的数据进行整理，然后剖析相关指标变化趋势。当进行 横向分析时，通过对2018年BR信托相关指标进行描述性统计和排名定位其盈 利能力。最后，通过对BR信托的盈利能力进行分析，发现BR信托盈利能力优 势和短板。经研究发现BR信托在信托报酬率、新增主动管理信托规模占比、期 末集合信托规模占比等与主动管理能力相关的指标上具有较好的走势和排名， 但是净利润、人均净利润、信托业务收入等盈利能力数量性指标上表现落后于 央企控股信托公司平均值。 盈利能力优势和短板形成是多方面因素影响的结果。行业内同质化的竞争 使得信托资本利润率不断走低，手续费及佣金收入的下滑是导致BR信托净利润 下滑的主要因素，BR信托人力资源质高量少加之财富管理能力较弱使得BR信 托的规模受到限制，涉诉案件增加表明BR信托风险管理能力有待提高，而较为 合理的业务结构是BR信托的信托报酬率高于央企控股公司平均值的重要原因。 基于前述分析就BR信托盈利能力提升给出建议。具体建议如下：完善风控 体系，提高风险管理水平；调整业务结构，大力发展服务信托，避免同质化竞 争寻找新的利润增长点；提升财富管理能力为盈利增长提供源动力；保质增员， 加强人才队伍建设。 关键词：BR信托；盈利能力；资管新规；数量性指标；可持续性指标 II Abstract In2018,thetrustindustryfacedprofoundchangesinthemacroeconomic situationandpolicyenvironment.Thepolicyorientationhasbeenbalancedbetween multipleobjectivesandtheindustrydevelopmenttrendchanging.In2018, the guidanceonregulatingtheassetmanagementbusinessoffinancialinstitutions was issued.Itmarkstheinitialestablishmentofaunifiedfinancialsupervision coordinationframeworkinChina.Itisofgreatpracticalsignificancetostudyhowto improvetheprofitabilityofBRTrustCompanyLimitedinthecurrentenvironment. BasedontheoperationofBRTrustCompanyLimited,thisthesisstudiesthe profitabilityofBRTrustCompanyLimitedbinedwiththeguidanceof regulatorypolicies,theresearchprocessisconductedthroughhorizontalandvertical comparativeanalysis.Thefirststepistochooseameasureindexofprofitability.This thesisdividestheprofitabilityindexintotwotypes:thequantitativeindexof profitabilityandthesustainabilityindexofprofitability.Secondly,theverticaland horizontalcomparativeanalysisofBRTrustCompanyLimitedprofitabilityiscarried out.Intheverticalanalysis,thedataofBRTrustCompanyLimitedandother15 state-ownedenterprisesholdingtrustcompaniesfrom2011to2018weresortedout. Thenthisthesisanalyzedthechangetrendofrelevantindicators.Whenconducting horizontalanalysis,theprofitabilityofBRTrustCompanyLimitedin2018was positionedthroughdescriptivestatisticsandrankingofitsprofitabilityindexes. Finally,accordingtotheaboveresearch,thestrengthsandweaknessesofBRtrust profitabilityarefound.ItisfoundthatBRTrustCompanyLimitedhasagoodtrend andrankintheindexesrelatedtoactivemanagementability.However,the performanceofthequantitativeindicatorsofprofitabilitylagsbehindtheaverageof thestate-ownedenterprisesholdingtrustcompanies. Thestrengthsandweaknessesofprofitabilityaretheresultofmanyfactors.The homogenizedcompetitionintheindustrymakestheprofitmarginoftrustcapital continuouslylower.ThedeclineinfeesandcommissionsresultedinadeclineinBR III TrustCompanyLimited'snetprofit.Thesmallnumberofemployeesandtheweak wealthmanagementabilityofBRTrustCompanyLimitedrestrictedthescaleofBR trust.TheincreaseoflitigationcasesindicatesthatBRTrustCompanyLimitedrisk managementabilityneedstobeimproved.Reasonablebusinessstructureisan importantreasonwhythetrustreturnrateofBRTrustCompanyLimitedishigher thantheaverageofthestate-ownedenterprisesholdingtrustcompanies. Accordingtotheaboveanalysis,suggestionsaregivenforimprovingthe profitabilityofBRTrustCompanyLimited.Thespecificsuggestionsareasfollows: first,improvetheriskcontrolsystemandimprovetheriskmanagementlevel;second, adjustthebusinessstructure,vigorouslydeveloptheservicetrust,findnewprofit growthpoint;third,improvethewealthmanagementabilitytoprovidethesource powerforprofitgrowth;fourth,increasethenumberofemployees,strengthenthe constructionoftalentteam. KeyWords:BRTrustCompanyLimited;Profitability;theNewAsset ManagementGuidences;QuantitativeIndex;SustainabilityIndicator IV 目录 第一章引言...............................................................................................1 第一节研究背景及意义.....................................................................................1 一研究背景....................................................................................................................1 二研究意义....................................................................................................................3 第二节文献综述.................................................................................................3 一信托相关研究............................................................................................................3 二金融机构盈利能力相关研究....................................................................................4 三研究现状评述............................................................................................................6 第三节研究思路和内容.....................................................................................6 一研究思路....................................................................................................................6 二研究内容....................................................................................................................6 第四节研究方法.................................................................................................8 一文献分析法................................................................................................................8 二盈利能力指标分析法................................................................................................8 三统计描述分析法........................................................................................................8 四历史分析法................................................................................................................8 第五节创新之处.................................................................................................8 第二章BR信托概况和运营环境分析..................................................10 第一节BR信托概况.........................................................................................10 一组织架构和治理结构..............................................................................................10 二业务及财务状况......................................................................................................14 第二节BR信托运营环境分析.........................................................................14 V 一宏观经济稳中有进..................................................................................................14 二行业监管日趋严格..................................................................................................16 三信托业面临转型升级..............................................................................................19 第三章BR信托盈利能力定量分析......................................................24 第一节盈利能力指标的选取...........................................................................24 一指标选取方法..........................................................................................................24 二盈利能力指标解释..................................................................................................25 第二节样本选取及数据来源...........................................................................27 一2011-2018年盈利能力指标纵向数据........................