Research On China’s Infrastructure Trust Operation And Development

This paper is under the infrastructure trust framework, using different ways of property, infrastructure trust products classified as loans, equity investment, equity investment application, portfolio of four types; in equity investment trust, investment object is a single project or in different sectors, the equity investment trust is divided into single equity investment in infrastructure trust and investment in infrastructure industry fund in two categories; in equity investment trust, the income right disposition is different, the equity investment into earnings power investment and infrastructure asset securitization two class. The article on infrastructure trust products of four different types of trust product theory, operation mode, case analysis, and the use of Boston matrix analysis of different types of trust development trend.Loan to use the trust theory is based on the transaction cost and information asymmetry. Through the" Jiaozuo city infrastructure construction funds trust project" case analysis, found that the National People’s Congress government credit commitment, and third party enterprise security risk control measures is still trust company infrastructure loans using the main risk control measures, in accordance with the theoretical analysis. Loan to use the trust is trust company Jinniu business.Equity investment trust taking"Shanghai outer ring tunnel fund trust plan" as an example, describes the single equity investment trust deficiency, mainly do not have dimensions economy, cannot very good solve principal-agent problem. Single equity investment trust is a trust company’s lean dog business.Infrastructure industrial investment fund to the Australian Macquarie infrastructure fund as an example, analyzes its9success factors, points out its accord with at least3economic theory, respectively, with economy of scale, effectively alleviate the agency problem, with the effect of "learning by doing" Infrastructure industrial investment fund for trust company is young business. The existing income right investment and loan application principle is consistent, but the difference in source of repayment, transaction costs and asymmetric information theory can explain it. Proceeds right investment to "Urumqi passenger taxi right project collective fund trust plan" as an example, the design idea and measures of risk control is completely loan applying the idea of. Revenue investment trust for trust company is a thin dog business.The basic principles of asset securitization is the transaction cost and the theory of asymmetric information, infrastructure asset securitization product design theory is trust and the principles of asset securitization. Infrastructure asset securitization for trust company is young business.Combined use of the trust is based in investment portfolio theory. Portfolio investment trusf "CITIC vision infrastructure investment trust plan" as an example, believing it has weak risk dispersion, mainly due to the current infrastructure limited scope of investment and trust company weak investment ability. Portfolio investment is trust company’s young business.