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近几年信托业快速增长,短时间内管理的资产规模突破了10万亿元。信托业这种快速增长的逻辑是通过非标准化的、跨市场套利行为获取了超额收益,从而能快速地聚集金融资源。从信托业发展的轨迹来看,其快速增长有其特殊的背景。改革开放以来,随着经济发展和居民财富的增长而出现的两对矛盾,一是经济体制改革释放出来的巨大资金需求与金融压抑下资金供给之间的矛盾;另一是高通胀下居民对财富保值升值的需求与投资渠道缺乏之间的矛盾。而在此情况下,信托业抓住“一法两规”赋予的“多方式运用、跨市
In recent years, the rapid growth of the trust industry, the short-term asset management exceeded 10 trillion yuan. The fast-growing logic of the trust industry is to gain excess returns through non-standardized, cross-market arbitrage to quickly gather financial resources. From the trajectory of the development of the trust industry, its rapid growth has its own special background. Since the reform and opening up, with the economic development and the growth of household wealth, two contradictions emerged. One is the contradiction between the huge demand for funds released by the economic reform and the supply of funds under financial repression. The other is that residents under high inflation The contradiction between the demand for wealth preservation and appreciation and the lack of investment channels. In this case, the trust industry to seize ”a law two rules “ given ”multi-use, cross-market