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论文编号：	486
作者编号：	2120062371
上传时间：	2009/1/4 20:05:58
中文题目：	我国信托公司开展私募股权投资基
英文题目：	The study of business model of
指导老师：	李莉教授
中文关键字：	信托公司 私募股权投资基金 业
英文关键字：	Trust Company Private Equity
中文摘要：	在欧美发达国家, 私募股权投资基金（以下简称“PE”）是新兴企业、陷入财务困境的企业以及寻求并购资金支持的上市公司的重要资金来源。就我国情况而言,私募股权投资更是新生事物,据不完全统计,我国私募股权投资占GDP的比例在0. 5%左右,仅为欧美发达国家同类数据的十分之一。考虑到我国中长期价值重估和产业升级的宏大背景, PE在我国将具有极为广阔的发展前景和意义。 2007年3月，中国银监会颁布新的《信托公司管理办法》和《信托公司集合资金信托计划管理办法》，新法规对信托产品投资方设置了更多限制，要求合格投资者至少应满足以下条件之一：投资一个信托计划的最低金额高于100万元人民币；个人或家庭金融资产在其认购时总计超过人民币100万元，且能提供相关财产证明的自然人；个人收入在最近三年内每年均超过人民币20万元或者夫妻双方合计收入在最近三年内每年均超过人民币30万元、且能提供相关收入证明的自然人。另外，个人投资者参与单个信托计划的上限是50人，对机构投资者没有没有设定任何限制。这表明，监管层致力于将信托公司的市场定位从零售市场向高端的个人和机构客户转变。新法规明确的最根本的变化还在于信托公司的营业范围，如今信托公司营业范围更为广泛。以前，信托公司只能承销债券，而现在整个证券市场都已向信托公司开放。在获得必要的许可后，还可以参与养老金管理、境外投资的财富管理、PE 、资产证券化以及融资租赁。另有一项规定，信托公司以贷款方式开展集合资金信托业务不得超过所有信托计划实收余额的30％，也就是要求信托公司开展业务从以债权融资为主转变为以股权融资为主。还有一项规定放宽了信托公司在其他省份设立分支机构（需要经过银监会批准）的条件，从而给予了信托公司在地域上扩大发展规模的机会。这样，新法规就为信托业的跨越式发展打开了前所未有的空间，以引导信托公司提高产品含金量，提高资产管理能力及高端客户理财能力，按照市场需求和实际情况进行业务创新。同时，规定了信托公司最长有三年的过渡期以达到新法规和风险管理指南的要求。到2010年仍不符合规定的公司，将被银监会做摘牌处理。 2008年6月，银监会下发《信托公司私人股权投资信托业务操作指引》，为信托公司私募股权投资业务界定门槛，明确专家理财身份，引入财务顾问角色，并允许信托公司以固有资金参与私人股权投资信托计划。该指引的出台，是2007年颁布实施的新两规对信托公司新业务指导方向的延伸和细化。 综观中国信托业的发展历程，今天的信托公司，正处在一个最好的平台上，在有利的政策导向和监管环境下，在蓬勃发展的中国财富管理行业中，虽然信托公司发展过程中还有很多困难，但轨迹越来越清晰,步伐越来越稳健，信托公司正在向主业回归,而PE则是信托公司实现回归主业的一个很好的途径。 在以上所述的背景下，什麽是最合理的PE发展模式呢？从国际经验来看，PE的组织模式主要有公司制、契约制和有限合伙制三种。综合现行的法律、政策及监管制度来看，我们认为以信托模式开展PE业务是现阶段的最佳模式。这一点，在文章中我们会详细阐述信托制度、信托原理、监管部门的政策导向等与PE的契合点。 发展PE业务对信托公司而言蕴含着巨大的机会。信托业与银行、保险、证券并称为金融的四大支柱，可是自信托公司在中国建立以来，一直没有找到自己真正的主业和发展空间，而是在夹缝中生存，与其他金融机构展开重复竞争。因没有专属优势，其市场不断被蚕食，面临被边缘化的困境。在上述有利的政策导向和监管环境下，信托公司应该抓住机遇，深入研究PE业务的信托运作机理，构建PE业务的信托运作模式，与创投公司等机构合作，提升自身的产品设计、资产管理、投资运作能力，抢占PE业务市场，形成自身的专属优势，构建核心竞争力，在市场中站稳脚跟。 因此，本文将重点从信托公司的角度，对运用信托模式开展私募股权投资业务展开探讨，在借鉴国际先进的私募股权投资运作模式的基础上，在现有的法律框架下，构建信托公司开展私募股权投资业务模型，并针对业务开展过程中的问题提出一些建议，希望能够对信托公司开展私募股权投资业务起到借鉴作用。 在论文的结构安排上，本文共分六章。第一章是导论，交代本文的研究背景、选题意义、相关概念界定、结构安排与内容框架。第二章是相关理论综述，对国内外在这一领域的研究进行系统梳理和概括。第三章重点回顾了我国信托业发展历程及经营特征，国内外私募股权投资业务发展状况，我国信托公司现有私募股权投资业务开展模式及存在问题，从而勾勒出我国信托公司开展私募股权投资业务现状。第四章是本文的重点，吸取第三章所述国外私募股权投资业务的先进经验，结合我国实际，构建我国信托公司开展私募股权投资业务模式。第五章是以北方信托为例，对第四章构建的模式进行案例分析和可行性验证。第六章是全文总结及建议。
英文摘要：	In developed countries, the private equity investment fund in emerging enterprises, enterprises in financial difficulties, as well as listed companies in seeking financial support for mergers and acquisitions is a significant source of funding. In Our country, private equity (PE ) is a new thing. According to incomplete statistics, China's PE accounted for 0.5 percent or so in GDP,compared to only one-tenth of similar data in Europe and the United States . Taking into account the medium and long-term revaluation of China's industrial upgrading and the grand background, PE in our country will have very broad prospects. In March 2007,CBRC( China Banking Regulatory Commission) published new “Measures for the Administration of Trust Companies” and “ Measures for the Administration of Trust Companies’ Trust Plans of Assembled Funds” . The new regulations set up more restrictions on qualified investors required at least one of the following conditions: the minimum amount is higher than 1,000,000 yuan in an investment trust scheme, people who’s personal or family financial assets are more than 1,000,000 yuan and can provide proofs of the property, people who’s personal income in a year is more than 200,000 yuan in the last three years or total income of the couple in a year are more than 300,000 yuan in the last three years who can provide proof of income. In addition, the upper limit number of individual investors who participate in a single trust scheme is 50, institutional investors have no restrictions. This shows that trust company will be committed to the market position from the high-end retail market to individuals and institutional clients. the most fundamental change in the new regulations is that there is a much wider field for trust company. In the past, the trust company can only be trust bond underwriters.Now the stock market as a whole have been open to trust companies.In obtaining the necessary permits, trust companies can also participate in pension management, foreign investment, wealth management, PE, asset securitization, as well as finance leases. Another provision, trust loans in all trust business shall not exceed the balance of 30%, which is requesting the trust company from operating in debt financing to equity-based financing. A further relaxation of the provisions is trust companies are allowed to set up branches in other provinces (to go through the approval of CBRC).In another word,this gives trust companies a Opportunity in the geographical expansion of the scale.So these measures are aiming at leading Trust Companies increase the gold contents of the finance products, inmprove the Asset Management Ability and the Financing Ability facing heavy buyers, put up business innovation according to the market demand, which could be of great help to the great-leap-forward development of trust businesses. Meanwhile, CBRC regulated that the transitional period shall be at most 3 years since the date when the New Measures come into force. Until 2010, Trust Companies which are not up to specifications will exit the market. In June 2008, CBRC published “Guidelines for Trust Companies to Operate the Trust Private Equity Investment Business”, further regulating trust companies’ operation of the trust private equity investment business, safeguarding the legitimate rights and interests of all parties concerned to trust private equity investments, permitting Trust Companies engage in a trust private equity investment plan with its own capital , and drawing into the part of investment counselor. The coming on of the guidelines is the extension and refinement of the new measures publishing In March 2007. Throughout the history of the trust business, trust companies today are at the best platforms. Though there are lots of difficulties in the process of developments, the steps of trust companies are more steady, the core businesses are more outstanding. PE Business is an excellent approach to the the core businesse of trust companies. Thereby, this article will discuss PE Business from trust companies’s angle. In the above background, what is the most reasonable development of the PE model? From international experience, PE organization's main mode are the following three partnership:Corporate,Contract system and Limited Partnership. To summarize from the existing comprehensive legal, policy and regulatory framework, we believe that carrying out PE business model is the best model at this stage. In this article, we will elaborate system of trust, trust principles, regulatory and other policy-oriented PE point of the match. There are tremendous opportunities for trust companies in carrying out PE business. Trust industry，banking, insurance and securities are known as the four pillars in financial field , but since the establishment in China , the trust company has not found its true master and the development of space, but to survive in the cracks of other financial institutions using repeat competition. In the above-mentioned policies and a favorable regulatory environment, the trust company should seize the opportunity, in-depth study of the PE business operation of the mechanism of trust, build trust operate PE business model, such as venture capital companies and institutions to upgrade their product design, asset Management, the investment operation of the ability to seize the business market, PE, and form their own exclusive advantage, building a core competitiveness, gain a firm foothold in the market. On the basises of drawing lessons from international advanced experiences , we will construct the model of trust companies developing PE Business. Aiming at the problems of developing process, we will put forward some suggestions.,hoping trust companies use for references. The structure of the paper is divided into six chapters.The first chapter is the introduction,accounting for the writing background,the meaning of the article, the definition of related concepts,the planning of the structure, the frame of the article content. The second part concerns the former literature on the research of this realm at home and abroad. The third chapter emphases on reviewing the progress and management features of trust companies in our country., the status development of PE Business at home and abroad, the existing model and problems in developing PE Business of trust companies in our country. The fourth chapter is the key point of the full text. On the basises of drawing lessons from international advanced experiences and combineing the practice in our country, we will construct the model of trust companies developing PE Business. In the fifth chapter, we will do case study and feasibility checking of the model constructd in the fourth chapter , taking NITIC as a case. The sixth chapter involves the research conclusion and the suggestions.
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