中国社会科学院研究生院 博士学位论文 指导教师：张卓元 职称: 研究员 系别：经济系 专业: 产业经济学 2004年4月 摘 要 信托表现出的最大特征就是充满想象力的创新，它是创新的产物，又因创新而发展，信托自从在英国诞生以来，其数百年的发展史实际上就是一部不断创新的历史。信托业在我国的发展充满曲折，同时也不乏创新，对信托创新的理论及其在我国的实践进行研究有着重要的意义。 全文共分七章，导论部分给出了全文的思路与研究框架，第1章从总体角度阐述信托创新；第2、3、4章分别研究既定制度框架下狭义信托创新的动因与均衡、采纳与扩散机制，以及信托创新的经济效应；第5和第6章研究信托创新产品的定价机制，并对信托创新产品进行实证分析；第7章则是集中研究信托制度框架与信托创新的相互作用机制，以及信托制度缺陷与对策。主要内容如下： 1、信托创新的生成动因机制。考察信托创新的供给动因因素和需求动因因素，其主要动因包括追逐利润、管制、技术进步、竞争激化，以及多样化和易变的需求。 2、信托创新的均衡机制。社会财富增长、金融产品与信托产品相对价格的变动以及社会经济秩序的变动等构成信托创新的需求制约因素，创新主体的资源限制、行为能力、技术进步、市场竞争以及规制约束等构成信托创新的供给制约因素。信托创新的变迁过程实际上就是在不同条件下的多重均衡的动态发展过程。信托创新一般表现为非均衡，非均衡是常态。 3、信托创新的采纳与扩散机制。信托创新是一个创新、采纳和扩散的动态过程，潜在竞争者通过模仿来实现创新采纳，扩散是多个信托机构采纳创新的结果和表现。原先的创新通过逐步扩散，形成整个行业的创新。采纳与扩散都表现出竞争性、战略性、动态性、信息性的因素影响特征。 4、信托创新的经济效应。信托创新的经济效应可以划分为内部效应和外部效应，其分类标准具有相对性和层次性。无论是内部效应还是外部效应，其结果都有正效应和负效应的分别，表现出典型的“双刃剑”效果。 5、信托创新产品的定价机制。本文在分析信托创新产品定价机制的基础上，构造了信托创新产品的风险定价模型，并进行了动态分析。本文还对当前市场上已有信托产品的定价进行了实证分析，得到了信托创新产品预期收益率的经验决定模型。 6、信托创新产品的实证分析。本文对现有信托创新产品进行了详细的分类分析，列举了多个案例，分析了信托产品创新的缺陷，对信托产品创新的一般规律和原则进行了归纳总结，并前瞻性地预测了未来信托产品创新的发展趋势。 7、最后，本文着重研究信托创新的制度局限与对策。分析了信托制度框架变动对信托创新的影响，探讨了二者相互作用的机制，并且分析了信托配套法规的缺失对于信托创新的约束，如信托登记与信托财产移转、会计、税收、外汇和监管等制度缺陷对信托创新的影响，并针对性地提出了相应制度和监管创新的对策与建议。 关键词：信托创新、信托制度创新、信托产品创新、定价 ABSTRACT The most distinct feature of trust is innovation with lots of imagination. Trust was born of innovation and has been further developed based on innovation. The developing history of trust actually has been the history of continuing innovation since it started in England hundreds years ago. Chinese Trust Industry has gone through ups and downs and in the meantime it has been full of innovation, which will be of great significance to conduct researches on the theory of trust innovation and its practice in China. This paper is divided into seven chapters. The Introduction is regarding the train of thought of this paper and the research framework; Chapter One elaborates trust innovation from overall point of view; Chapters Two, Three and Four separately study the motives and equilibrium, adoption and diffusion system, effects of narrow-sensed trust innovation under established systematic frame; Chapters Five and Chapter Six study the pricing system of innovation trust products, and practically analyzes the trust innovation products; The final Chapter focuses on studying the interactive system between trust systematic framework and trust innovation, and also trust system defects and innovative countermeasure. They are as follows: Firstly, the generative motives of trust innovation. Analyzing the supply and demand dynamic factors of trust innovation, it is found that the main motives are chasing after profits, control, technological advance, intense competition and various and changeable demands. Secondly, the equilibrium of trust innovation. The increase of social wealth, the change of relative price of financial and trust products and the change of social economic order constitute the demand restriction of trust innovation; the resource limit, capacity, technological advance, market competition and rules and regulations of principal innovation constitute the supply restriction of trust innovation. The transition process of trust innovation is actually the dynamic development process of multi-equilibrium under various circumstances. Trust innovation usually shows inequilibrium which is the normality. Thirdly, the adoption and diffusion system of trust innovation. Trust innovation is a dynamic process of innovation, adoption and diffusion. Potential competitors achieve innovative adoption through imitation. Based on adoption, diffusion represents that many trust organizations adopt innovation, that leads to gradual diffusion of original innovation and forms innovation of the whole industry. Both of the adoption and diffusion display the impact of competitiveness, strategy, dynamics and information. Fourthly, the economic effect of trust innovation. The economic effect of trust innovation can be divided into internal and external effects. The categorization standard is of relativity and gradation. The impacts of internal and external effects are both positive and negative, that shows typical effects of “double-edged sword”. Fifthly, the pricing system of trust innovation products. Based on studying the pricing system of trust innovation products, it builds up the risk pricing models for trust innovation products and makes dynamic analysis. Besides, the paper proves the analysis of the pricing for existing trust innovation products at current markets and finds out an empirical and decisive matrix for the expected profitability of trust innovation products. Sixthly, the paper practically analyzes the trust innovation products. The chapter makes classified analysis to trust innovation products, presents quite a few cases and analyzes the deficiencies of trust innovation products. It makes inductive conclusion to the ordinary rules and principles of trust innovation products and forecasts the developing trend of future trust innovation products. Finally, the paper focuses on studying the system limits and strategies. It analyzes the impact of trust system alteration on trust innovation and discusses its interactive system. Besides, it analyzes the restriction on trust innovation due to the lack of complete legal rules for trust industry and the regulation defects, such as regulation defects of trust registration, trust property transfer, accounting, tax, mobility and foreign currency and their influence on trust innovation. Finally it brings up corresponding countermeasures and suggestions in accordance with the defects. Key Words: Trust Innovation; Innovation of Trust System; Innovation of Trust Products; Pricing. 目 录 导 论 1 0.1 论文选题的背景及理论与实践意义 1 0.2 研究思路与方法 2 0.3 主要研究内容和创新点 4 第1章 信托及信托创新 8 1.1 信托释义与信托要素 8 1.1.1 不同法系关于信托的释义 8 1.1.2 信托的构成要素 10 1.2 信托起源及制度变迁 11 1.2.1信托观念的萌芽及现代信托制度的形成 11 1.2.2 信托观念的移植与扩张 13 1.2.3 信托的功能变迁与发展 14 1.3 创新理论 17 1.3.1 熊彼特的创新理论 17 1.3.2 技术创新理论 18 1.3.3 制度创新理论 19 1.4 信托创新 21 1.4.1 信托创新的构成要素 21 1.4.2 信托创新的分类 23 第2章 信托创新的动因和均衡机制 25 2.1 信托创新的动因机制 25 2.1.1 金融创新的理论流派评析 25 2.1.2 信托创新的动因机制 29 2.2 信托创新均衡机制 31 2.2.1信托创新均衡的概念 31 2.2.2 信托创新均衡的实现条件 33 第3章 信托创新的采纳与扩散机制 35 3.1 信托创新采纳与扩散的要素分析 35 3.1.1 扩散源 36 3.1.2信息与媒介传播 36 3.1.3 市场与制度环境 38 3.1.4 采纳者与潜在采纳者群体 38 3.2 信托创新的采纳机制 38 3.2.1 内外部条件的适配性对创新采纳的影响 39 3.2.2 采纳创新的成本收益评价 40 3.2.3 攀比压力对采纳创新的影响 41 3.3 信托创新的扩散机制 42 3.3.1 信托创新的扩散机制分析 42 3.3.2信托创新扩散速度模型与实证分析 43 第4章 信托创新的经济效应 47 4.1 信托创新的经济效应分类结构 47 4.2 信托创新的内部经济效应 48 4.2.1 正的内部经济效应 48 4.2.2 负的内部经济效应 50 4.3信托创新的外部效应 55 4.3.1 正的外部经济效应 55 4.3.2 负的外部经济效应 57 第5章 信托创新产品的定价机制与模型 60 5.1 信托创新产品定价机制 60 5.1.1 信托创新产品的名义价格 60 5.1.2 信托产品预期收益率的影响因素 61 5.1.3 信托创新产品的定价机制 64 5.2 信托创新产品定价模型 65 5.2.1 信托创新产品风险定价模型 65 5.2.2对供求风险评价均衡的动态分析 68 5.3 信托创新产品定价的实证分析 70 第6章 信托产品创新的实证分析 73 6.1 信托创新产品分类分析 73 6.1.1按产品的功能分类 74 6.1.2按资金的运用方式和运用领域分类 84 6.2 信托创新产品设计的一般规律和发展方向 86 6.2.1 信托产品创新的特点与存在的问题 86 6.2.2 信托产品创新的一般规律与原则 87 6.2.3 信托产品创新的发展趋势分析 91 第7章 信托创新的制度局限与对策 95 7.1 信托产品创新与信托制度创新的相互作用机制 95 7.2 我国信托制度的变迁历程与反思 98 7.2.1 信托投资公司与信托制度创新实践 99 7.2.2 我国信托制度变迁的历程与反思 100 7.3 我国信托创新的制度缺陷与对策 107 7.3.1 分业经营与监管格局对信托制度创新的约束 107 7.3.2 信托配套制度缺陷与对策 110 7.3.3 监管创新 113 附录一：信托产品明细表 119 附录二：信托创新产品定价案例 130 参考文献 134 后 记 141