Theory Of Investment In Charitable Trust Property In China

Trusts have the function of wealth management,and philanthropy requires sustainable financial support,so they are natural consistency.Moreover,from the perspective of supply and demand,the natural attributes of trust property management naturally match the needs of philanthropy for preservation and appreciation.After the implementation of the Charity Law of the People's Republic of China(the "Charity Law")on September 1,2016,the theoretical research and practical activities of domestic charitable trusts entered a new stage.How to give full play to the trustees of trusts,especially the trust companies that are financial professional institutions,in the management of charitable trust property."whether it is the target value of legal norms and promotion to operate the charitable property to achieve value-added value of charitable property?" Legal issues such as the effective regulation of the trustee's investment behavior have become an important proposition for the philanthropy and trust business in the new era.On July 26,2017,in order to solve the outstanding problems in the field of charitable trusts,the”Management Measures for Charitable Trusts”jointly formulated by the China Banking Regulatory Commission and the Ministry of Civil Affairs was announced.Subsequently,on October 25,2018,the Ministry of Civil Affairs and the Ministry of Civil Affairs adopted the“Interim Measures for the Management of Value-Added and Investment Activities of Charitable Organizations ”.Interim Measures for the Management of Value-Added Investment Activities.This paper uses normative analysis,comparative analysis,case analysis and other research methods to classify the issue of charitable trust investment norms as "can it invest" and "how to invest." "Can it invest" mainly focuses on the legal property of the trust property,which legal entity the trust property belongs to,and whether the trust property has legal personality.“How to invest”is mainly regulated from two aspects: internal governance and financial supervision.From the perspective of internal governance,the fiduciary duty of trustees in the trust system and the supervisor system in the charitable trust system are crucial for the foreign investment of trustees in charitable trusts.The fiduciary duty needs to be specifically refined to meet the criteria of “cautious investors”,and the supervisory system should set up a mechanism to avoid collusion with the trustee and thereby harm the beneficiaries.From the perspective of financial supervision,the normative framework of investor eligibility,information disclosure and market investment operation is the main means of supervision of charitable trusts.Investor eligibility is the basis of classification supervision,and the trustee is given different responsibility requirements according to different eligibility.At the same time,information disclosure should be improved,and the“double report verification”approach should be adopted to ensure that the information disclosure is true,accurate,complete,timely and understandable,and then play the role of public supervision.Finally,a relatively forbidden attitude is adopted for related party transactions in order to construct a framework for“market operation”of appropriate charitable trust property.The development of philanthropy is related to the longevity of human happiness.As a kind of institutional path to achieve charitable purposes,charitable trusts should exert their special contributions,and the normative research of property investment is of great significance.By collecting,screening,analyzing and summarizing relevant cases and literatures,this paper summarizes the“clarification of nature”,“internal governance ” and “ external supervision ” as a general solution,and “ frames ” the investment norms of charitable trust property.The "implementation framework" with theoretical and practical feasibility,in this framework,the charitable trust property can be preserved and value-added.Therefore,the charitable trust's happiness inheritance purpose is institutionalized.