Research On The Rigid Redemption Risk Of Collective Fund Trusts

Financing difficulties of middle and small-sized enterprises(MSE)has always been a problem plaguing the financial markets and the majority of scholars for many years,and has become one of the major obstacles of further development of MSE.Assembled funds trust is born in the forefront of this era,which is initiated and established by trust companies,i.e.gathering the funds of many consigners to form a united asset pool to manage and apply,it alleviates the dilemma of MSE financing,at the same time,giving a new investment orientation for consigners.The payment problem on the assembled funds trust appears,the current China’s almost all assembled funds trust use a rigid payment rules,but there is no clear laws and regulations on it,which leads to the unbalance of competition in the financial market,gives a wrong direction to the future development of trust products.From the perspective of trust companies,this thesis studied the risk of rigid payment.On one hand,it gives a reference to the operation of the trust companies.On the other hand,we hope to give research enlightenments to other researchers on rigid payment theory,so that the assembled funds trust can have a more healthy development.In recent years,the discussion of the trust is increasingly hot,so many scholars have studied the risk of trust products,but most of the previous papers are about exploration of the legal risk of trust,few involved in the risk of rigid payment.This thesis is mainly on the special risk of a rigid payment from the assembled funds,and this thesis firstly divides the special risk of the assembled funds into four sources for specific analysis,namely,trust companies affordable risks,project operating company internal risk,industrial trend risk,risk of operation and project itself.On the following case study,combined with the theory of the previous four major sources of the rigid payment to carry out the practice testing of the feasibility of KP project of CA company,the use of the case gives the former theory more practical value and significance.Applying these four major risk sources into case study is also firstly used,which can give a more reasonable proposal for the trust company whether the future project has a rigid payment risk.This thesis mainly uses the literature analysis method,the description statistical method,the Game Theory method and the case analysis method to carry out the elaboration.First is the literature analysis method,through the summary of the trust industry,the assembled funds trust,rigid payment and other aspects of the relevant literatures,on the hand,a new research perspective is provided,on the other hand,the analysis of the risk of rigid payment is prepared.Second is the description statistical method,according to the collected data,the trust industry and the industry of the assembled funds trust data are analyzed,through the data chart to make the theory more substantial.Third is the Game Theory method,which gives the most lively image in the study of the optimal solution of the two individual games,this method is also simple and clear.The last is case analysis method,which is an important way to combine the theory and practice,applying the theoretical point in the thesis into practice to see whether it can reasonably determine the risk of rigid payment,so as to more comprehensive and thorough understanding of the risk of rigid payment.In general,this thesis uses the rigid payment risk in assembled funds as the main clue,from the operation mode of assembled funds trust to the general risk,then to the comprehensive analysis of the sources of rigid payment risk and reason of its existence,finally,combining the actual case give trust companies with reasonable proposal,and combined with the domestic financial situation,gives several innovative proposals to deal with rigid payment risk.