Seven Questions

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SME financing is a worldwide problem. Financing System in China in the credit loss and business development building the external competitive environment is deteriorating, making the initial set up credit guarantee, venture capital system and the SME board in recent years, operating results and the original design there is considerable departure from the original intention of , financing of SMEs are still far from being resolved.
Trust commitment to address the role of SME financing can be in two forms: equity and debt. Practice, the trust company to PE in the form of equity investment in small and medium enterprises have been uncommon cases, but because the exit channel is difficult to solve the problem, trust company in this way to assume the role of SME financing are still obstacles. At present, the PE, the other way also have emerged. July 2008 by Sony United Guaranty Co., Ltd. in Hangzhou, China Hangzhou West Lake District investment trusts and co-sponsored by the government, \Basic mode of operation of the Fund are: to raise funds was launched by the trust, trust beneficiaries of funds raised by the community as a priority beneficiary, by the security company as the secondary beneficiary, the Government or by local finance guide the fund set up by SMEs As a little after the beneficiary. Fund raising is completed, by the local government within its jurisdiction the fine texture of selected small and medium enterprises, the Trust Fund money into these enterprises.
Has been strapped for cash as long as the SMEs, it put the line of sight pointed at the government and banks. But nobody ever paid attention to this two questions: First, local governments can boldly to ensure that small and medium enterprises in their jurisdiction, how many is the quality of enterprises, banks can access funds? Second, to support SME development, local finance and taxation given to what kind of support? If the local government can not act in their own confidence in the performance of the SMEs, how can we blame the bank \
In the \If this model is proved to be feasible, then the current trillion in trust assets, without achieving a breakthrough in the case of the policy, the funds can be gathered a considerable scale. So, not only the financing of SMEs will ease the situation, trust can also find a trend line with the policy of \
Six Questions: Can early introduction of a registration system for the Trust?
With the rapid development of the trust market in recent years, the registration system by the lack of trust directly and indirectly lead to a growing problem, the establishment of the trust our registration system is imminent.
Registration system established by the Trust means the registration to the public trust facts and to trust the trust property has been the fact that the issue of disclosure of information, and confirm the establishment of the trust property and trust property. This is the trust and banking, brokerage and other financial products, the biggest difference, but also its other financial products from the homogenization of the most important competitive advantage. At present, the absence of a registration system for the trust, the court can not prove that the effective establishment of the Trust can not conclude that the property is trust property, it often will be the property of the trust property as the principal cash to repay creditors, or creditors of the beneficiary into.
2008, Treasury reported that the central registration company registration system is to trust a \For example, from the perspective of the market need for standardized design of specific products,[link widoczny dla zalogowanych], have the appropriate knowledge base and impetus, from a technical, business, thought the risk was comprehensively. To solve the problem of trust registration,Provide comprehensive [link widoczny dla zalogowanych], can not be achieved, it can not cover everything, must be the key to solve the problem step by step implementation of the legislation is to solve the problem of the Trust registered the only fundamental way.
Seven Questions: Can Zaixianbolan trust merger wave?
Past two years, in the \frequently heard the news, had become a new hot spot for the industry.
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Greatly enhance the value of the valuation, but also with the introduction of strategic investors trust with customers and project resources to develop the relevant intent. Long-term development, the trust company to stay ahead is to improve asset management capabilities, the trust to do the main industry professionals and stronger. Ability to enhance the integration of superior resources, accelerate product innovation, seeking business model for their own development, to establish a stable profit model, build the core competitiveness, the only way to put the advantages of new capital into real competitive advantage. However, the introduction of new investors is a double-edged sword, bringing funds in the same time,Provide comprehensive [link widoczny dla zalogowanych], no doubt also to the trust management pressure. Trust strategy and management style of the existing shareholders and new ideas and requirements may not fit each other will increase running time and opportunity costs. Meanwhile, the business can no longer be self-industrial investment and other restrictions, the new pressure of return of capital should not be underestimated. 2009, trust mergers and acquisitions can be a turmoil? We'll see.
Eight Questions: Can public trust to make new breakthroughs?
2008 end of the year, Anxin Trust program announcement will be valid for non-public offering one-year extension that you want to CITIC Trust completed by the end of this year shattered the hope of backdoor listing.
2007, Trust has set off a wave of public tide, including sea trust, Guoxin Chongqing, Shenzhen Guoxin, Bridge Trust, Huaxin Trust, Beijing,Provide comprehensive [link widoczny dla zalogowanych], trust, etc., have publicly said several trust companies are listing,Provide comprehensive [link widoczny dla zalogowanych], like from the bull feast a slice, but the regulators have been cautious on this, trust companies listed on the road is still bumpy.
Supporters argue that public trust, regardless of the trust companies, regulators, or investors, are for the good. Trust in the listing after the well through the stock exchange a platform to publicize themselves, public information disclosure system also enables more transparent business trust, trust in the credibility can be improved. In addition, the market can improve the Trust's corporate governance structure of listed funds raised to further enrich the Trust's financial strength.
However, in profit hysteresis model transformation, innovation and business development in the context of delay, the market for trust business to improve profitability and whether the persistence of concern. Clearly, the status of the trust industry,Provide comprehensive [link widoczny dla zalogowanych], competing trust companies listed do not support the boom appears.
Despite many difficulties, but does not prevent the trust industry to think about the problem of trust in the market. Now,Provide comprehensive [link widoczny dla zalogowanych], the trust company's competitors should be all the financial institutions, trust companies only option is to become bigger and stronger, select listing?? After all, this is bigger and stronger trust a realistic option. We look forward to new breakthroughs in 09 trust companies listed there.
Nine Q: Can a public trust to build a harmonious society and an important force?
Makes a sudden earthquake significantly speed the development of public trust. June 2008, to help and support the reconstruction work, the CBRC issued the \people, the development of health care,Provide comprehensive [link widoczny dla zalogowanych], environmental protection, and education, science and technology,Provide comprehensive [link widoczny dla zalogowanych], culture, art,Provide comprehensive [link widoczny dla zalogowanych], sports and other activities for the purpose of the public trust.
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However,Provide comprehensive [link widoczny dla zalogowanych], the current trust business to carry out a public trust still faces many problems. The current tax system on the development of public trust is very negative, the Taxpayer is not clear and repeated taxpayers two issues stood out. In addition, how to get more smoothly, \\Trust donations to carry out the business trust business with the availability of policy support, trust to carry out non-public trust funds such as how to achieve trust registration but also the current one of the main problems facing the trust.
2009, related departments should as soon as possible the relevant laws, policies, and speeding up the development of public trust, not only for the trust industry to create new areas of the exhibition industry, establish a new image of the industry, but also for building a harmonious society under the new situation adds an important FN.
Ten Questions: Corporate Governance Trust can be effectively improved?
2007, the CBRC issued the \\and efficient decision-making, incentive and restraint mechanisms to effectively promote the standardized operation and healthy development of trust.
However, the Trust's corporate governance is still the following problems: part of the Trust's ownership structure is not reasonable, due to the dominance of the phenomenon still exist, making the frequent occurrence of related party transactions; commissioned by the absence of trust property in trust management the interests of maintaining the structure of the institutions entrusted to lack; currently have only independent directors to the company about half of the domestic trust, even with independent directors to safeguard the interests of the trust property entrusted to those who have yet to play a role; Trust Managers market is not established, commissioned by the trust property entrusted to the trust and investment management companies, their loss of control over the trust property, but did not participate in the trust manager incentive and restrictive mechanism design.
Institutional causes behind the problem is difficult to quickly abandon the traditional trust companies develop innovative business model, one of the root causes of business. Institutional context of state-owned enterprises, large state-owned enterprises controlled by trust companies and a few Midwest Trust Company, often there are serious institutional lag. The major structural links are in a relatively centralized and rigid mode, not with the market well, but not with international practice. Trust companies and even seriously affect the sustainable development of some capacity and market competitiveness, which in turn could be 2009 or even more rapid differentiation of trust over the long term due to one of the lead.