2013年,信托资产规模再创历史新高,但频繁的个案信托项目风险事件的发生,暴露出许多令人担忧的问题,信托行业整体遭遇兑付危机,对行业经营者和监管者敲响了警钟。刚性兑付现象已成为中国金融市场化过程中的一个痼疾,本文针对对“刚性兑付”怪圈的成因、弊端及争论进行分析,并为化解刚性兑付困境提出相应对策。 In 2013, the size of trust assets hit a record high again. However, the frequent occurrence of risk events in case trust projects exposed many worrisome issues. The trust industry as a whole suffered a cash crisis and the business operators and regulators sounded the alarm. Rigid redemption has become a hurdle in China’s financial marketization process. This paper analyzes the causes, drawbacks and controversies of the “rigid redemption” cycle, and puts forward corresponding countermeasures for resolving the rigid accommodation.