目录
目录
摘要...............................................................................................................................................................I
英文摘要 ................................................................................................................................................... III
1引言..........................................................................................................................................................1
1.1研究背景、目的与意义 .................................................................................................................1
1.1.1研究背景 .................................................................................................................................. 1
1.1.2研究目的 .................................................................................................................................. 1
1.1.3研究意义 .................................................................................................................................. 2
1.2国内外研究文献综述 .....................................................................................................................2
1.2.1国外文献综述 ..........................................................................................................................2
1.2.2国内文献综述 ..........................................................................................................................3
1.2.3国内外文献述评 ......................................................................................................................5
1.3研究主要内容与方法 .....................................................................................................................5
1.3.1研究内容 .................................................................................................................................. 5
1.3.2研究方法 .................................................................................................................................. 6
2资管新规下我国信托业面临的变化 ...................................................................................................7
2.1资管新规出台的背景 .....................................................................................................................7
2.1.1资管行业快速发展暴露金融风险 ........................................................................................7
2.1.2分业监管和混业经营存在监管套利空间 ............................................................................9
2.1.3资管产品承诺刚性兑付现象 .................................................................................................9
2.1.4资金脱实向虚增加融资成本 ...............................................................................................10
2.2资管新规对信托业的要求 .......................................................................................................... 11
2.2.1打破刚性兑付 ........................................................................................................................11
2.2.2抑制多层嵌套和通道业务 ...................................................................................................11
2.2.3明确监管的信托业务范围 ...................................................................................................12
2.2.4加强信托产品的发行和整改 ...............................................................................................12
2.3资管新规对信托业的影响 ..........................................................................................................12
2.3.1信托资产规模和利润总额被压降 ......................................................................................12
2.3.2展业压力增大 ........................................................................................................................14
2.3.3主动管理能力提升 ............................................................................................................... 15
2.3.4资金投向服务实体经济 .......................................................................................................16
2.4本章小结 ........................................................................................................................................17
3资管新规下中信信托业务转型案例描述 ........................................................................................ 18
3.1中信信托公司及其业务简介 ......................................................................................................18
3.1.1中信信托公司介绍 ............................................................................................................... 18
3.1.2中信信托业务介绍 ............................................................................................................... 18
3.2中信信托业务转型的外部条件 ..................................................................................................19
I

东北农业大学金融硕士学位论文
3.2.1严监管政策推动业务转型 ...................................................................................................19
3.2.2经济高质量发展提供业务转型方向 ..................................................................................20
3.2.3行业压力促使产品和业务创新 .......................................................................................... 20
3.3中信信托业务转型的内部条件 ..................................................................................................22
3.3.1中信集团实力雄厚 ............................................................................................................... 22
3.3.2中信信托处于行业领先地位 ...............................................................................................22
3.4中信信托业务转型内容 .............................................................................................................. 23
3.4.1资产端转型内容 ....................................................................................................................23
3.4.2产品项目端转型内容 ...........................................................................................................23
3.4.3风控端转型内容 ....................................................................................................................24
3.5本章小结 ........................................................................................................................................24
4资管新规下中信信托业务转型的整体效果分析 ............................................................................26
4.1中信信托业务转型的实施效果分析 ......................................................................................... 26
4.1.1信托资产来源和投向明确 ...................................................................................................26
4.1.2信托收入和利润短期下降得到缓解 ..................................................................................29
4.1.3信托业务结构改善 ............................................................................................................... 30
4.1.4信托产品类型创新 ............................................................................................................... 33
4.2中信信托在业务转型下的经营效果分析 .................................................................................33
4.2.1财务能力分析 ........................................................................................................................33
4.2.2经营效率分析 ........................................................................................................................35
4.2.3信用风险分析 ........................................................................................................................41
4.3本章小结 ........................................................................................................................................42
5案例启示与建议 .................................................................................................................................. 43
5.1资管新规下中信信托业务转型对信托业转型的启示 ............................................................43
5.1.1加强适应监管变化的能力 ...................................................................................................43
5.1.2借助已有条件助力转型 .......................................................................................................43
5.1.3创新信托业务 ........................................................................................................................44
5.1.4回归本源加大发展财富管理业务 ......................................................................................44
5.2对于中信信托业务转型的建议 ..................................................................................................44
5.2.1保持已有成效深化转型 .......................................................................................................44
5.2.2拓展公益信托支持实体经济 ...............................................................................................45
5.2.3融入金融科技创新信托模式 ...............................................................................................45
5.2.4加强信用风险管理 ............................................................................................................... 45
5.3本章小结 ........................................................................................................................................46
6结论........................................................................................................................................................47
致谢............................................................................................................................................................48
参考文献 ................................................................................................................................................... 49
II

CONTENTS
CONTENTS
Abstract in Chinese...................................................................................................................................I
Abstract .................................................................................................................................................... III
1.Introduction ..........................................................................................................................................1
1.1 Research background, purpose and significance...........................................................................1
1.1.1 Research background................................................................................................................1
1.1.2 Research purpose...................................................................................................................... 1
1.1.3 Research significance................................................................................................................2
1.2 Review of domestic and foreign research literature..................................................................... 2
1.2.1 Foreign literature review..........................................................................................................2
1.2.2 Domestic literature Review......................................................................................................3
1.2.3 Review on domestic and foreign literature.............................................................................5
1.3 Main contents and methods of the research...................................................................................5
1.3.1 Research contents......................................................................................................................5
1.3.2 Research method .....................................................................................................................6
2.Changes in the Chinese Trust Industry under the New Regulation of Asset Management .....7
2.1 Background of the New Regulation of Asset Managemen...........................................................7
2.1.1 Rapid development of asset management industry Exposes financial risks....................... 7
2.1.2 The regulatory arbitrage space for separate supervision and mixed operation...................9
2.1.3 Commitment phenomenon of rigid payment of asset management products..................... 9
2.1.4 Increase financing costs to virtual.........................................................................................10
2.2 Requirements of the New Regulation of Asset Managemen on the Trust Industry................. 11
2.2.1 Break down the rigid payment...............................................................................................11
2.2.2 Suppress a multi-layer nested and channel business...........................................................11
2.2.3 Clear the scope of trust business as regulated..................................................................... 12
2.2.4 Strengthen the issuance and rectification of trust products................................................12
2.3 Influence of New Regulation of Asset Managemen on Trust Industry.....................................12
2.3.1 Trust asset size and total profits were down........................................................................ 12
2.3.2 Exhibition pressure.................................................................................................................14
2.3.3 Improve active management capacity...................................................................................15
2.3.4 Funds invested into serving the real economy.....................................................................16
2.4 Summary of this chapter................................................................................................................17
3.Case Description of CITIC Trust Business Transformation under the New Regulation of
Asset Management ..................................................................................................................................18
3.1 CITIC Trust Company and its Business Introduction................................................................ 18
3.1.1 Introduction of China CITIC Trust Company......................................................................18
3.1.2 Introduction to China CITIC Trust Business....................................................................... 18
III
。。。以下略