Study On The Pledge Of The Beneficial Right Of Trust

The pledge is one of the main ways to circulate he beneficial right of trust. Currently the trust industry, which centralizes a large part of social capital, is managing a huge scale of funds. Although it is well-known for the high yield, the beneficial right of trust lacks liquidity, which caused the holders to suffer from the liquidity predicament for a long time. The problem of the pledge of the beneficial right of trust has become a "bottleneck" restricting the further development of the trust industry.Based on the analysis of current effective laws and regulations and the theoretical study on the pledge of the beneficial right of trust, combined with the specific practice of the pledge under the market economy conditions, summed up the problems existing in the pledge, and followed the principle of numerus clausus and the value orientation of promoting the liquidity, this article, through the hermeneutic method, literature analysis, empirical analysis and other research methods, analyzes and demonstrates the existing problems, and then puts forward some proposals to construct the institution of the pledge of the beneficial right of trust.There are four sections in this article. The first part expounds the requirements and regulations of the pledge of the beneficial right of trust. First of all, finding problems on the base of the demand of the pledge of the beneficial right of trust, then setting out the relevant provisions about the trust law, the property law and the security law, pointing out the lack of the pledge of the beneficial right of trust in the legislation, finally analysing the necessity of the pledge of the beneficial right of trust.The second part rises to the theoretical issues from the social status in the first part. Starting from the theoretical overview of the pledge of the beneficial right of trust, this part discusses the beneficial right's concept, nature and the pledge of the beneficial right of trust respectively, and reflects the lack of the legislation on the theoretical aspect, and then studies on the feasibility of the pledge, finally it concludes that the beneficial right of trust can be pledged.The third part leads naturally to the derivative method in practice of the pledge of the beneficial right of trust on the basis of the former two parts. Firstly this part puts forward the causes of the practical methods, and then focuses on the existing registration trading platform of the beneficial right, the flexible patterns, and the pledge on P2 P platforms, after that this part uses empirical analysis methods to review the problems existing in the practice one by one.The fourth part focuses on solving the problems and puts forward some proposals to construct and complete the institution. First of all, from the angle of the legislation system, the last part demonstrates that the various financial products, including the beneficial right of trust, should be regulated by legislation respectively under the background of separated operation and supervision in Chinese finance now. And then, enacting the administrative regulations and modifying existing legislations to solve the problem referring to the validity of the pledge of the beneficial right of trust. Secondly, establishing the trust registration system and connecting the trust registration in trust companies with the national trust trading center to solve the publicity. In the end, on the premise of setting up the pledge effectively, this part discusses how to implement the pledge by referring to the foreign advanced legislative experience.