| It is generally believed that the Trust system derived from the Use system in Britain. The British extended this financial management system to the whole world, and it was further developed in US., Japan, South Korea, Germany, etc.; thus promoted the Trust system to its full swing. The origin and development of the Trust system in China is a long and zigzag process, till she finally embodies a set of Trust system with Chinese characteristics. However, it still has a long way to go as compared to other countries with a fully developed Trust system. During the 20-odd years since 1979 when China readopted the Trust system, up to 5 adjustments have been implemented, which provokes much thought. The 5th adjustment started in 1998 is about to pull to an end, and most of the newly registered Trust companies identify the Collective Fund Trust as their main business, which has gained a good beginning. However, the seemingly prosperous Trust market can not mask the problems beneath, namely, some of the "bottle-neck" problems in the development of Collective Fund Trust are not solved yet: unfair competition of similar Trust business by other financial bodies; the risk of "unequal access to information"; the unsmooth flowing mechanism of Trust product; the taxation dispute of Trust asset; the defects in relevant systems of Trust. The economic foundation determines legal systems, which in return serves economic development. This thesis is devoted to giving an analysis of the barristers in the development of the collective fund trust in Trust companies and proposing some solutions thereof by comprehensively applying legal and economic methods and taking into account other countries' legislative experiences, in the hope that it would do some assistance to the development of China's Trust industry. Chapter one of this thesis is mainly a basic analysis of Fund Trust and Collective Fund Trust, which includes: the classification of Fund Trust; the actuality of Collective Fund Trust in our country; the barrister in the development of Collective Fund Trust. Chapter two mainly analyzes the problems during the issuing of Collective Fund Trust. The first part is the problems on the product design, which includes the convert of trust essence in its design; the 200 share limitation of the trust contract; the yield guarantee of the trust product. The second part is the disclosure of collective fund trust product, the author proposes an introduction of information disclosure system. Chapter three is mainly an analysis of the flowing of collective fund trust product. The flowing of Trust product is in essence the flowing of Trust beneficiary right. All of China's present methods concerning the flowing of Trust beneficiary right have the defects of "low efficiency with high cost". In light of the experience of other industries and countries, the author makes a brief analysis of the legal nature of the Trust beneficiary right and proposes the following solutions: on the foundation of credit assessment of the collective fund trust, creating its own Trust beneficiary right flowing market; making use of other transaction market; attempting the "market maker" system.. In addition, the author discusses the perfect in relevant systems of trust, which includes the publicity system of trust registration and the trust accounting system. Chapter four is an analysis of the Trust taxation system. Two major difficulties facing China's Trust taxation system are: the repetitive taxation of flowing tax; disagreements in the aspect of taxation subject and object. Through an analysis of Trust taxation principles, the author proposes a taxation design of collective fund trust, including flowing tax, stamp tax ,income tax. Chapter five constitutes the conclusive part. |
