信托产品的制度解析——兼与《信托制度异化论》作者商榷

《信托制度异化论》中信托产品之支付对价、物权性货币和规避法律约束等三宗罪,并非信托产品的真实问题。信托市场主要存在私募限制、刚性兑付机制和多头规制所引起的组合单一、贷款化和不公平竞争等问题,本质上是制度设计的偏差。因此,应从制度本身出发,在分类评级和严格监管的前提下,推进信托产品公募化;在完善投资者保护机制的同时,强调信托投资风险自担;并适应大信托市场趋势,统一信托产品监管规则等。

Institutional Analysis of Trust Products——Concurrently Discuss with the Author of "Alienation Theory of Trust System"

The problem so called pay consideration,the real right of character of currency and evade legal restraint which put forward in Alienation Theory of Trust System may be pseudo-question.The problem of trust market includes monotonous portfolio,debtization,unfair competition,which were caused respectively by private offering,rigidity payment and multilateral supervision.These problems essentially fall into the deviation of system designing.Therefore,the solution should include three routes:Impelling the public...