本报记者 魏域涛

Our correspondent WeiYu out

　　信托刚性兑付如果终结，短期内会对信托产品的销售带来一定的负面影响，但长期将有利于信托行业由融资通道向资产管理进行转型，还自己以本来面目。

Trust to end if rigid，Short term to trust the sale of the product to have brought some negative influence，But long-term will benefit the trust industry financing channel by to asset management for transformation，Also with his true colors。

　　近期，有关终结信托 “刚性兑付”的传闻不仅引起了信托市场一片哗然，也让所有信托业人士吃了一惊。

recent，End about trust “Rigid to”Speculation has caused not only a uproar trust market，Also let all people trust industry started。

　　目前，银监会方面并没有就此事进行回应。接受中国经济时报记者采访的业内人士认为，这一传闻如果落实，意味着存在已久的零风险、高收益的信托产品将不复存在，而如果信托产品的投资者不及时转变观念对其风险加以留意的话，也许会深陷“雷区”。

At present，Not the CBRC the response。Accept China's economic times reporter interviews of the personage inside course of study thinks，This story if implementation，Means that has existed for a long time of zero risk、High yield of the trust of the product will disappear，And if the trust of investors do not change in time products the concept of the risk be words，In may“minefield”。

　　中信建投分析师魏涛在接受中国经济时报记者采访时认为，信托刚性兑付如果终结，短期内会对信托产品的销售带来一定的负面影响，但长期将有利于信托行业由融资通道向资产管理进行转型，还自己以本来面目。

Citic analysts WeiTao told China economic times reporter to interview think，Trust to end if rigid，Short term to trust the sale of the product to have brought some negative influence，But long-term will benefit the trust industry financing channel by to asset management for transformation，Also with his true colors。

潜规则于理无据 Hidden rules cut in there

　　其实有关取消刚性兑付的讨论在业内流传已久。在刚性兑付条件下，信托产品零风险高收益，不但与信托“受人之托，代人理财”的理念相违，也和市场“高风险高收益”的逻辑相悖。

In fact the cancel of rigid in the industry to discuss spread already a long time。In the rigid payment conditions，Trust products zero risk high return，Not only and the trust“Entrusted by the，Generations financial”Ignored when the idea of，Also and market“higher-yielding”Logic abhorrent。

　　但有关刚性兑付的讨论变得热烈还是要归功于今年的金融领域改革。自6月以来，证监会、保监会出台了一系列政策措施放宽券商、保险公司的投资范围，放行中小企业私募债。与此同时，央行的非对称降息也使得银行利率向市场化推进，原先依靠制度红利做通道业务的信托公司受到了极大挑战。

But the rigid redemption become warm discussion or should be attributed to this year's financial sector reform。Since June，CSRC、Circ has issued a series of policy measures relaxing brokers、The insurance company investment scope，Release SiMuZhai small and medium-sized enterprises。At the same time，The central bank's rate cut asymmetric is also making the Banks to the marketization of interest rate，Originally rely on dividends do business channel of the system of the trust company received great challenges。

　　“现在，信托面临银行、券商、保险资产管理的竞争，目前，信托事实上存在的制度是否合理需要反思，取消刚性兑付可以看成是对资产管理领域竞争的一种反应。”魏涛表示。

“now，Trust bank faced、brokers、The insurance assets management competition，At present，Trust in fact have system is reasonable need to reconsider，Cancel presentation can be considered as the rigid assets management field a reaction of the competition。”WeiTao said。

　　事实上，没有任何法规规定信托公司必须要刚性兑付。根据2007年3月1日起施行的 《信托公司管理办法》，信托财产不属于信托公司的固有财产，也不属于信托公司对受益人的负债，受托人仅以信托财产为限向受益人承担支付信托利益的义务。

In fact，No rules and regulations must be rigid trust companies to cash。According to the 2007 March 1, 《Trust company management approach》，The trust property trust company does not belong to the inherent property，Also don't belong to trust company to the beneficiary of debt，The trustee shall be limited to only with the trust property to the interests of the beneficiary pay trust obligations。

　　另外，《办法》指出，信托合同应当在首页右上方用醒目字体载明下列文字：信托公司管理信托财产应恪尽职守，履行诚实、信用、谨慎、有效管理的义务。信托公司依据本信托合同约定管理信托财产所产生的风险，由信托财产承担。信托公司因违背本信托合同、处理信托事务不当而造成信托财产损失的，由信托公司以固有财产赔偿；不足赔偿时，由投资者自担。

In addition，《way》Points out that，The trust contract shall be in the upper right home page with striking font include the following text：Trust company management of the trust property shall fulfill his duties，Perform honest、credit、cautious、The effective management of the obligations。Trust company based on this the trust contract management of the trust property produce risk，From the trust property to assume。Trust company for the trust contract violation、Improper handling of the trust affairs and causes losses to the trust property，From the trust company with inherent property compensation；Insufficient compensation，By investors from bear。

　　信托行业协会专家理事周小明在上周撰文指出，由于“信托关系不属于债权债务关系，两者之间的界限泾渭分明，所谓信托公司对信托产品的‘刚性兑付’，不仅在法律上，而且在理论上均无法成立。”“既然我是受人之托，代人理财的，为什么还要让我再承担一个兜底风险？再说这个也是不受法律保护的。”魏涛说。

Trust industry association director in writing ZhouXiaoMing expert points out last week，because“The trust relationship do not belong to the relationship of creditor's rights debt，The boundaries between remains clearly，The so-called trust company of the trust of the products‘Rigid to’，Not only legally，And in theory all cannot be established。”“Now that I am entrusted by the people，Generations of financial，Why let me to take a risk out？Say this is not protected by law。”WeiTao said。

　　取消刚性兑付的前提是信托公司尽责 Cancel the rigid is the premise of the trust company presentation to the mark

　　但是，取消刚性兑付，信托行业是否已经准备好了？

but，Cancel the rigid to，Trust industry is ready？

　　不久前，华宝信托董事长郑安国曾表示，信托业应该早做准备，建立起风险缓释和化解机制，并在投资者中深入普及“买者自负”的投资理念。

Not long ago，Trust chairman ZhengAnGuo huabao bird has said，Trust industry should be early to，Establish risk and defuse slow-release mechanism，And investors in deep popularity“Buyers conceit”Investment philosophy。

　　但有信托业人士强调，投资者零风险理念形成的原因在于信托公司未履行或未完全履行受托人义务的现状，故在普及这一理念的同时，应该尽快建立受托人尽责标准，包括尽职调查、信息披露、动态管理等。

But there are people trust industry emphasis，Investors zero risk the causes of the formation of philosophy is to trust company fails to perform or not completely fulfill the obligation of the status quo，Therefore, in the very idea of the popular at the same time，Should be established as soon as possible the agent responsible standards，Including due diligence、Information disclosure、Dynamic management, etc。

　　“这是一个恶性循环：由于不能履行受托责任，所以必须用刚性兑付的条件吸引投资者购买信托产品；由于市场有了刚性兑付的要求，所以必须收取除信托管理费之外的融资费用，以求风险和收益的匹配。”普益财富研究员范杰说。

“It is a vicious cycle：Because you don't perform trust responsibility，So must use rigid redemption conditions to attract investors buy trust products；Since the market with rigid redemption requirements，So must be collected except trust management fee of outside financing charges，For the risks and benefits of matching。”PuYi wealth researchers FanJie said。

　　“2011年，房地产开发商通过信托融资的成本普遍在20％以上，但房地产信托的平均预期收益率却在14％以下，其中的差价即信托公司的融资费用。由于融资费用较高，部分信托公司发行产品的动力较强。在这种背景下，“受人之托，代人理财”的定位已经转化为 “得人之利，代人融资”，信托公司逐渐沦为融资平台。”范杰在以房地产信托为例分析时指出，目前信托公司的受托责任并未能很好地履行。

“2011 years，Real estate developers through the trust financing costs generally by more than 20%，But the average real estate trusts the expected rate of return is under 14%，Among them is the difference between the trust company the financing costs。Due to the higher cost of financing，Part of the issue of trust companies products power is stronger。In this context，“Entrusted by the，Generations financial”The position has been transformed into “Gadites the benefit of，Generations financing”，The trust has a financing platform。”FanJie in to the real estate as an example, this paper analyzes the trust says，At present the trust company entrusted with the responsibility and failed to perform well。

　　用益信托首席分析师李?向本报记者记者表示，终结信托刚性兑付要求信托公司的信息披露必须透明化。李扬指出，“由于目前信托公司的信息披露不透明，很多信托公司的产品的重要信息并不对外公开，甚至也有产品由于种种原因，不披露它的成立公告的。”

Its chief analyst lee trust?To our reporter reporters，End of the trust of trust companies to rigid request information disclosure must be transparent。LiYang points out that，“Because the present trust company information disclosure not transparent，A lot of trust the product of the company is not the important information to the public，There are even products for a variety of reasons，Not to disclose it was established in the announcement。”

　　但魏涛指出，信息披露面临两难。“本来信托就有一些私募性质，如何进行大范围的披露？现在民间成立了许多产业基金管理公司，它也不一定对全市场进行披露，只要对投资者进行披露就可以了。”

But WeiTao points out that，Information disclosure faced dilemma。“Was there some private properties trust，How to a wide range of disclosure？Now established many folk industrial fund management company，It also does not necessarily on the whole market disclosure，As long as the disclosure to investors。”

　　魏涛认为，如果刚性兑付取消，可以对信托产品进行风险揭示，进行类似债券那样的信用评级。除此之外，“信托需要在流动性方面做一些处理。收益不变，风险加大了，如果同时把流动性加大，比如信托财产可以转让或者赎回，也可以对冲一下。”

WeiTao think，If the rigid to cancel，Can trust products to the risk to reveal，Similar bonds that credit rating。In addition，“Trust in liquidity to do some processing。Income unchanged，Increases the risk，If at the same time the increased liquidity，Such as trust property can transfer or redemption，Also can hedge it。”