A Study On The Valuation Of The Benefit Right Of Transferable Trust

As of the third quarter of2014, management scale of the trust industry has nearly13billion yuan, in which about370million yuan of the scale is the beneficiary of the Ca pital Trust Plan and it is Transferable, however, lack of liquidity of the trust products, a nd demanding higher conditions gradually become a major bottleneck restricting the de velopment of the industry. Back in June2013, Fortune Trust has quit a platform service s named Circulation treasure, and this platform not only can provided the transfer right of the trust beneficiary, but by predicting to get a right price of the trust income. Howev er, this platform has not being used, instead, we still use traditional valuation methods. In addition, some trust companies and financial services institutions have tried to discha rge the trust beneficiary to get financing, to some extent,this way upgrade the liquidity of the trust beneficiary.All long, trust products due to long-term, large amount, and non-standard features of the product are difficult to obtain liquidity, but the customers of trust for various reas ons want to get working capital needs through the transfer of trust beneficiary has beco me increasingly intense. Although the industry have done a lot of attempts to transfer an d pledge the trust beneficiary, but still lack of standardized, uniform, allowing both parti es feel reasonable transfer platform, the biggest bottleneck is the trust beneficiary pricin g issues.In this paper, starting from the current actual demand, combined with the existing t ransfer and pledge financing platform, such as circulation treasure, Ping An Trust pledg e platform, considering the factor which impacting the yield, combined bond pricing mo del, we will launch a pricing model which can be used, then based on the existing turno ver cases, new projects, and the transaction price of the trust beneficiary to verify the pr acticality of the model.