论信托财产权的三重二元结构

我国信托法有关信托财产权配置不明、当事人权利义务不清等问题不解决，即使银监会转变对信托公司的监管思路也无法从根本上化解信托兑付危机。构建信托财产权的“三重二元”结构，即信托财产权包含信托财产物权和债权，信托财产物权由受托人和受益人分别享有，信托财产债权由受托人注意义务和对信托财产享有的债权构成，或可廓清信托公司不能兑付信托计划时的责任承担，赋予受益人竞合性请求权，既可化解刚性兑付危机，亦保障了受益人权益。

On Triple Dual Structure of Trust Property Rights

Trust law in China does not provide a solution to problems like vague configu- ration of trust property rights, and unclear rights and obligations of parties, so the transformation of CBRC supervision of trust companies cannot fundamentally resolve cash crises of trust business. The construction of triple dual structure of trust property rights, namely trust property rights include real right and credit right of trust property, the real right of trust property is entitled to trustees and beneficiaries, and the credit right of trust property is made up of trustee duty of care and credit right of trust property, may clarify the responsi- bilities undertaken when trust companies cannot honor trust plans and entitle the beneficiary to competitive and cooperative claims. It not only resolves rigid cash crises of trust business, but also guarantees the interests of the beneficiary.