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本文从推动国内信托业快速发展的原因分析着手,指出稳定的政经环境、财富管理市场的成长和利率管制下的混业平台促成了信托行业以及信托公司过去十年的快速发展。进入2012年之后,国内宏观经济面和政策面出现重大变化和调整,特别是以利率市场化和监管壁垒放松为特征的大资管时代到来,信托业面临新的机遇和挑战。信托公司需要在战略选择、盈利模式、目标定位等方面适时调整,及时应对,从产品金融化、运营综合化、客户私人化和路径多元化入手,推动信托业从“重”到“轻”、从“间接融资”到“直接融资”、从“资金信托”到“财产信托”、从“非标”到“标准化”的业务转型,拓展和发挥信托的制度和功能优势。在这个过程中,信托业及信托公司一方面需要面对转型的压力,寻找适合各自公司自身背景和特点的发展路径;另一方面,围绕主动管理和基金化的业务模式,需要构建与之相匹配的差异化的核心竞争力。通过回归信托公司资产管理业务的本源,导向服务产业的金融功能回归,用专业化解决多元化选择,建立金融产业链与细分产业市场的交集,构建信托公司在资产管理细分领域的核心竞争力。
This article starts with analyzing the reasons for the rapid development of the domestic trust industry, pointing out that the stable political and economic environment, the growth of the wealth management market and the mixed platform under interest rate control have contributed to the rapid development of the trust industry and trust companies in the past decade. After 2012, major changes and adjustments have taken place in the domestic macroeconomic and policy aspects. In particular, with the advent of the big asset management system featuring the liberalization of interest rates and the relaxation of regulatory barriers, the trust industry is facing new opportunities and challenges. Trust companies need to make timely adjustments in the aspects of strategic choice, profit model and target orientation, and respond promptly. From the perspective of product financialization, operation integration, customer privatization and diversification of paths, the trust companies should promote the trust industry from “heavy” to “ From ”Indirect Financing“ to ”Direct Financing“, from ”Capital Trust“ to ”Property Trust“ and from ”Nonstandard“ to ”Standardization" Business Transformation , Expand and play the trust system and function advantages. In the process, the trust industry and trust companies need to face the pressure of transformation on the one hand and find the development path that suits the background and characteristics of their own companies. On the other hand, the active and fund-based business model needs to be constructed Match the differentiation of the core competitiveness. By returning to the origin of asset management business of trust companies and guiding the return of financial functions of service industries, we can use specialized solutions to diversify choices, establish the intersection of financial industry chains and market segments, and build the core competition of trust companies in the field of asset management segments force.