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The Utility Optimization Analysis Of Trust Property Rights

Posted on:2012-03-23Degree:DoctorType:Dissertation
Country:ChinaCandidate:J F ZhangFull Text:PDF
GTID:1116330332497512Subject:Law and Economics
Abstract/Summary:PDF Full Text Request
The utility optimization analysis of system of trust property right is to discuss the trust property right on the angle of resource allocating and seek for the optimal plan in many cases so as to make the allocating plan meet the basic requirements of various aspects and obtain favorable economic benefits.In the introduction part, there are three aspects which can bed the subsequent research of this essay. They are the background and significance of this topic, current summary of literature research and research methods and train of thought.Trust property right was firstly produced in Anglo-American legal system and it is widely applied after it was introduced into the continental law system. The research of trust property right exists in law and economics fields. In the law field, there are abundant theory materials about trust property right while few of research achievement are directly about the utility of trust property right. In the economics field, there exists mainly property rights system set theory, property rights trading theory and property protection theory, etc. Basic theory of law about trust property theory is mainly related to: Anglo-American legal system general doctrine---dual ownership doctrine and doctrines of real right, obligatory, real right and obligatory, attached condition subsequent legal behavior, law subject, property rights function distinguishing and rights combination, etc. Theories about utility of powers and functions of trust property are Pareto optimality and Pareto improvement. Theories about transaction cost of trust property theory mainly conclude the Coase Theorem, Williamson transaction cost theory and Posner theory of property rights, etc. As for the economic theory about the definition and incentive of trust property right, this essay mainly summarize Coase Theorem II, surplus control theory, agent theory and incentive compatibility theory, etc.The second chapter is about theory of powers and functions of trust property right system. The basis of utility of powers and functions of trust property is researched in layered in-depth discussions which are definition of related concepts, powers, functions and types of trust property, operation and decomposition of powers and functions of trust property and measuring system of utility of powers and functions of trust property.On the discussion of utility of powers and functions of trust property, the meanings of property and property rights must be fully clarified to determine the discussion basis and sphere. Meanwhile, trust, trust property and trust property right should also be expressed to make sure that the discussion belongs to controllable and equal discourse category. Trust property which combines trust and property possesses specific inherent characteristics. The entity, which is discussed from the angle of economic base, will finally be researched when it ascends to legal relationship which is trust property right system established by superstructure. As for the operation and decomposition of powers and functions of trust property, each process of decomposition of powers and functions of trust property and the relationship between right and duty it reveals will be stated mainly through decomposing trust property and its following which is the operation process of trust property right. In the process of utilization trust property, it is dynamic. It should be the trust property right that can be enjoyed by different subjects in different stages instead of being static on two separated subjects. Measuring system of utility of powers and functions of trust property is mainly about how to evaluate utility of powers and functions of trust property from inside and outside respectively. From the perspective of utility, powers and functions of trust property are resources input on steam but also an output product.The third chapter is about creation and utility optimality of trust property right. It is explained from three perspectives which are creation of trust property right, optimality analysis of creation of trust property right, and legal improvement of utility optimality of powers and functions of trust property.The economic purpose which is the original intention of creating trust property right is taken into account in the creation of it. Therefore, creating trust property right is an economic phenomenon decided by economic law and there is realistic significance existed in it. Some preconditions are still needed in identification and approval of it in law.Optimality analysis of creation of trust property right is mainly about effectiveness evaluation mechanism and improving methods of its creation, etc. It will involve angles like the discussion of the possibility curve of utility of powers and functions of trust property and general equilibrium of production and exchange of powers and functions of trust property. What is more, through case analysis of main current way of trust which is equity of assembled funds trust, utility of creation of trust property right is stated and improvement of whole utility can be expressed and derived.Discussion of legal improvement of utility optimality of powers and functions of trust property is to state this essay's thought in four aspects: the first is legal increasing supply of powers and functions of trust property; the second is deregulation and improvement of power production efficiency; the third is complement of profit and loss in utility of trust property right; the fourth is afterwards imputation compensation utility, etc.The fourth chapter is about analysis of incentive utility of powers and functions of trust property. It is analyzed from three perspectives which are control and taking of powers and functions of trust property; control allocation of trust property and design of incentive contract on powers and functions trust property.On the part of control and taking of powers and functions trust property, modern enterprise control theory states theoretical basis powers and functions of control and taking profits. Trust control right comes from four parties: trustor, trustee, beneficiary and creditor. The realization of trust property right is comprised of indenture and incomplete indenture with respective characteristics in each of them. The consideration of indenture of trust property right is mainly about contract formation, establishment and effectiveness, contract content, etc. Incomplete indenture displays in that trust purpose and management, etc. are not agreed completely. The free choosing of managing trust property makes it possible to take residual rights of control and taking of trust property for trustee. The distribution of incentive and compatibility of residual rights of control and taking between trustor and trustee is most effective for the management of powers and functions of trust property. Three aspects, which are asymmetric information of the parties of the trust, bounded rationality and incomplete indenture, are the reasons that lead to residual rights of control and taking.The interest distribution and risk burden of trust property right related to each subject should be taken into account during the design of incentive contract of utility of trust property right. The interest distribution terms in trust indenture include trust managing cost, trustee revenue and trust income.The fifth chapter is about economic analysis of trading regulation of powers and functions of trust property. It will be stated in four aspects which are analysis of transaction cost on powers and functions of trust property, definition of powers and functions of trust property from trust disclosure system, economic analysis of trading imputation of powers and functions of trust property and perfection of trading regulation of powers and functions of trust property.Analysis of transaction cost on powers and functions of trust property covers property transaction theory, transaction models of powers and functions of trust property, transaction cost formation of powers and functions of trust property and power specificity intensity and transaction cost of trust. Trust property right is universal, exclusive (independent), transferring. However, flexibility in trust property application also leads to arbitrary in power segmentation.Definition of powers and functions of trust property from trust disclosure system will inspect the value which is stated by trust public summons to powers and functions content and express publication ways of definition of trust property right which are publication way of establishing trust of property right that should be registered, publication way of establishing trust of securities and publication way of establishing trust based on other assets. Economic analysis of trading imputation of powers and functions of trust property is to state basic issues about trading imputation of powers and functions of trust property mainly from asymmetric information of parties to a trust and trust outside traders, marginal analysis of trading imputation of powers and functions of trust property, fault liability definition when there exists transaction cost, harm assuming way and benefit analysis of trust transaction, etc.Legal regulation can be built to define powers and functions of trust property and reduce trust transaction cost. The essential question of the relationship between trust regulation and trust cost is how to maximize benefit during the process of law establishment and operation based on the building of effective trust property right responsibility regulation.The sixth chapter is about theoretical application of utility and optimality of trust property right system. Three aspects, which are analysis of present situation and improvement of trust system in China, application problems in state-owned property right reform of trust, issues about transaction of powers and functions of trust property and asset securitization, are discussed.Currently, the trust system in China deviates from basic system design. There are many existing problems like: lack of survival and developing breeding ground for trust system, deficiency of advantages in powers and functions of property for trust industry, misunderstanding in powers and functions in trust property, non-ability to build legal frame under current policy provisions, dimness of policy positioning in state asset management commission, administrative intervention of state-owned capitals operation that the authorized management system can not avoid.The utility of trust property right of SPT asset securitization can effectively overcome legislative obstacles in trust power segmentation and realize securitized assets management to guarantee the interests of all parties involved in securitized transaction.
Keywords/Search Tags:Trust Property Right, the New Institutional Economics, Transaction Cost, Utility, Optimality
PDF Full Text Request
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