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论文编号：	11258
作者编号：	2320170483
上传时间：	2019/12/10 12:27:50
中文题目：	家族信托和大额保单的综合应用研究
英文题目：	Comprehensive application research of family trust and large insurance
指导老师：	吴德胜
中文关键字：	家族信托；大额保单；家族财富管理；制度设计
英文关键字：	family trust; large insurance; family wealth management; system design
中文摘要：	摘要随着财富管理行业近几年的火热，高净值人群财富管理慢慢进入大家的眼帘，经过几十年的市场经济发展，我国超高净值人群已达370万，从《福布斯》2012年以来的7个年间显示A股的上市公司的民营企业占比过半，达到了58%,企业接近1500家。改革开放四十年成就了一批又一批超级富豪，财富管理和传承的比例一度超过10%，富一代掌管的企业随着年龄的增大，正面临着陆续隐退的局面，是传给二代还是找专业的机构打理家族财富成了非常热门的话题。因为这个话题不但影响企业的发展，从某种程度上来讲也影响国家经济的发展。通过对我国大量的和高净值客户的沟通和操作当中发现家族信托和大额保单的需求陡增。近五年时间里，我国约有49家金融公司开展家族信托业务，另外还有私人银行、银行和信用合作机构的家族信托、遗嘱信托，大额保单等业务，积极的在家族财富管理工具和实战模型方向上寻求突破。2017-2019年家族信托产品和大额保单落地规模超过6000亿元，落地数量超过7000单，家族信托和大额保单渐渐成为家族财富管理的重要工具。家族信托和大额保单在全球范围的大获成功，使得中国境内的金融机构争相模仿和落地。平安银行私人银行、五矿信托、北京信托、中信信托、中融信托、深创投等多家信托公司和私人银行等纷纷开展家族财富管理业务，推动家族财富管理在国内的发展。因为属于初级阶段，目前国内的家族信托基本都是单一资金信托和单一大额保单，传承功能大于资产管理方面的功能。论文的逻辑线通过笔者实战经验和大量的案例经验得知国内的家族信托的制度方面的不足、大额保单的意识淡薄、国内高净值人群对于把资产委托给第三方全权打理的方式还不认可的几方面特点。需要从几个方面慢慢构建我国的家族财富管理体系，首先从国内外文献和国外成熟家族信托的国家和地区入手，开始研究别的成熟和成功的经验是怎么完成的，制度如何建立，从历史的角度了解为什么这些国家可以取得成功，比较我国的整体环境和法律是否适合照搬或者如何设计家族信托和大额保单才能适应未来家族财富管理的趋势。其次我国金融从业者和高净值人群不了解家族信托应该如何设计结构，里面的条款怎么定，才能有利于管理家族财富和一些事务性的工作，笔者分别介绍了家族信托需要通过几部分的设计，委托人和受托人，机构需要怎么了解和梳理委托人的需求才能设计出适合的家族信托，怎样才能顺利完成接班和家族企业的控制权转移，这些都是要充分的沟通和磨合才能实现。大额保单方面我们无法改变国内的高息的环境，但是可以通过国外的成熟体系和信用借贷体系，运用私人银行的国际上大的保险公司，设计杠杆来低息完成家族企业和家族的大额保单需求。通过比较家族信托和大额保单的保障功能，了解到家族信托的离岸法律穿透成本极高，同时可以根据家族的需要定制功能，载体功能方面，家族信托可以装入股权、古董、不动产等；大额保单可以通过国外的机构运作满足家族的的大额现金周转需求。第三章通过研究国内外的家族信托的创新，介绍国内家族信托关于遗嘱和信托结合的创新以及将股票和股权装入家族信托新的尝试，虽然法律制度上还没有出台完善相应机制，但是需求较大倒逼金融机构通过不同的方式完成创新；国外创新部分是笔者的研究和实战经历，通过研究离岸地的法律和多层嵌套的结构，分析出处置权和分配权独立的家族信托设计，多层嵌套股权的机构有利于家族财富的传承和规避风险，另外通过分析国外成功的家族宪法设计，很好的管理几代家族传承的财富以及家族成员的成功案例。这些案例的作用是非常明显的，案例和分析具有很强的现实意义，帮助机构设计在家族信托内部产品时提供依据，同时肯定精神层面的家族宪法重要性，只有价值观和信仰能够统一，才能处理好股东投票和权利交换这些棘手问题，从而完成创新和升级。第四章通过笔者遇到的实际案例分析出发，提出大额保单设计时的几条建议，复杂家庭关系需要提前设立遗嘱，避免发生争产，股权大幅缩水；受益人和股权分配要提前安排；购买大额保单和设置触发条款。这样的大额保单才能为家族财富和管理保驾护航。第五章是从战略和系统的角度提出家族财富的不同阶段，创富阶段，创新和转型阶段以及传承阶段都需要不同的家族信托和大额保单的配置，这样才能更好的打理家族财富；家族企业内置和外置家族信托和大额保单的效果也是不同，因为对接的机构不同，赋予的权利不同。同时，通过大量的跟国内外的律师团队和私人银行接触沟通、分析和对比，国外成功的案例和经验不能完全照搬，因为国内外在法律，制度方面上存在很大的差异。另外家族关系和环境方面国内外区别明显，必须要借鉴国外的优势，取长补短，因地制宜的，甚至一事一议的解决每个家族的需求。根据家族信托，大额保单设计等方面研究，定制化的解决一些家族财富管理方面的难点和问题。本文主要采用案例研究结合国内外制度的比较分析的方法。通过大量的实战经验和资产管理案例，结合家族信托和大额保单作为管理工具、管理家族理念、法律效果等，主要针对国内的家族环境和内部特点来结合国外成功的家族财富管理经验相结合，在失败中找原因，结合家族财富传承需要进行家族信托和大额保单设计，总结出适合我国相关家族管理的家族内部管理宪法设计；最后看到家族财富管理一个系统理念和实际操作过程，至少30年的长期坚持和不断伴随家族财富完善的过程，需要充分利用家族信托和大额保单的特点，相信这个研究方向在国内会得到充分的认可和掀起一股浪潮，从而造福整个社会发展。关键词：家族信托；大额保单；家族财富管理；制度设计
英文摘要：	Abstract As the wealth management industry growth in recent years, high net worth population wealth management into everyone's eyes , four decades of development of market economy, China's high net worth population has reached 3.7 million, since the Forbes 2012 seven years show that the a-share listed company of private enterprises accounted for more than half, 58%, close to 1500 enterprises. Forty years of reform and opening up have made one after another group of super rich. The proportion of wealth management and inheritance was once over 10%. As the enterprises run by the rich generation are facing the situation of retirement as they get older, it has become a hot topic whether to pass them on to the second generation or to find a professional organization to manage the family wealth. Through the communication and operation of a large number of high net worth customers in China, we found that the demand for family trusts and large insurance policies increased sharply. In the past five years, about 49 financial companies in China have carried out family trust business, as well as family trust, will trust, large insurance policies and other businesses of private Banks, Banks and credit cooperation institutions. They have actively sought breakthroughs in family wealth management tools and practical models. From 2017 to 2019, the scale of family trust products and large insurance policies reached more than 600 billion yuan, with more than 7,000 orders. Family trust and large insurance policies gradually became important tools for family wealth management. The global success of family trusts and large insurance policies has led to a scramble by financial institutions in China to emulate them. Many trust companies and private Banks, such as ping an private bank, Minmetals' trust, Beijing trust, citic trust, zhongrong trust and shenzhen venture capital, have developed family wealth management business to promote the development of family wealth management in China. As it is in the initial stage, family trusts in China are basically single fund trusts and single large insurance policies, and the inheritance function is larger than the asset management function. Through the author's practical experience and a lot of case experience, the logic line of the paper learned that the domestic family trust system is insufficient, the awareness of large insurance policies is weak, and the high net worth people in China do not recognize the ways of entrusting assets to a third party to take care of them. Need to gradually change several aspects to build family wealth management system in China, first of all, from the literature at home and abroad and foreign countries and regions of the mature family trust, began to study other mature and successful experience of how to complete, system is how to set up, from the Angle of history, to know why these countries can succeed, is whether China's overall environment and the law is suitable for copying or how to design the family trust and large insurance policy to adapt to the trend of the future family wealth. Second financial practitioners and high net worth people don't know should be how to design the structure of family trust in terms of how to decide, can be beneficial to managing family wealth and some transactional work, the author respectively introduces the family trusts need through several parts of the design, the trustor and the trustee, organizations need to know how and combing the client demand to design a suitable family trust, how to complete the succession and transfer control of family business, these are to fully communicate and adjust to achieve. In terms of large insurance policies, we cannot change the high-interest environment in China, but we can use mature foreign systems and credit lending systems, use big international insurance companies of private Banks, and design leverage to meet the needs of family businesses and large insurance policies at low interest rates. By comparing the protection functions of family trust and large insurance policies, it is known that the offshore legal penetration cost of family trust is very high. Meanwhile, the function can be customized according to the needs of the family. Large insurance can be operated by foreign institutions to meet the family's large cash flow needs. The third chapter through the study of the innovation of family trust at home and abroad, introduced the domestic family trusts of wills and trusts in combination with innovation and try new things, the stock and equity into family trust although the law has not been a perfect system of corresponding mechanisms, but demand is bigger reversed transmission financial institutions through different ways to complete innovation; Foreign innovation part is the author's research and actual combat experience, through the study of the offshore legal and multi-layer nested structure, analysis of the disposition and distribution design, independent family trust layers of nested stakes institutions is good for the inheritance of family wealth and risk aversion, and by analyzing the successful foreign family constitution design, good management of several generations of family tradition of members of the family of wealth and success stories. The role of these cases are very obvious, case and analysis has a strong practical significance, to help design agencies within the family trust products, at the same time certain spiritual family constitution importance, only values and beliefs can be unified to deal with a shareholder vote and the right to exchange these thorny issues, so as to complete innovation and upgrade. In chapter four, based on the analysis of the actual cases encountered by the author, several Suggestions are put forward for the design of large insurance . The complex family relationship requires the will to be established in advance to avoid disputes over property and substantial shrinkage of equity. Beneficiary and equity allocation should be arranged in advance; Buy a large insurance and set a trigger. Such a large insurance would protect the family's wealth and management. The fifth chapter puts forward the different stages of family wealth from the perspective of strategy and system. The stages of wealth creation, innovation, transformation and inheritance all require different configurations of family trust and large insurance policies, so as to better manage family wealth. The effect of the built-in and external family trusts and large insurance policies in family businesses is also different, because different institutions connect with different rights. At the same time, through communication, analysis and comparison with a large number of lawyers and private Banks at home and abroad, successful cases and experiences abroad cannot be completely copied, because there are great differences in laws and systems at home and abroad. In addition, family relations and environment are obviously different at home and abroad, so we must learn from the advantages of foreign countries, learn from each other's strengths, adapt to local conditions, and even solve the needs of each family through discussion. According to family trust, large policy design and other aspects of research, customized to solve some family wealth management difficulties and problems. This paper mainly adopts the method of case study combined with the comparative analysis of domestic and foreign systems. Through a lot of actual combat experience and asset management cases, combined with family trusts and large policy as concept, the legal effect of the family of management tools, management, etc., mainly for domestic combined by the family environment and the internal characteristics of the foreign successful family wealth management experience, combining in the failure to find the reason, to meet the needs of family wealth inheritance family trusts and large policy design, summed up the family internal management suitable to China's relevant family management constitution design; Finally saw a family wealth management system concept and practical operation process, at least 30 years to insist for a long time and continuously perfect process along with the family wealth, need to take full advantage of the characteristics of family trusts and large policy, believes that the research direction in the domestic will be fully recognized and set off a wave of development to benefit the society as a whole. Key words: family trust; large insurance; family wealth management; system design
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