| In the channel business,trust companies only play the role of providing their own business licenses and related licenses,without any technical content,funds and projects are in the hands of the bank,so in the channel business of bank-credit cooperation,trust companies are in a selected position,low-cost competition has become a common practice,in the channel business trust companies gain profits.Very low,not only that,because of the "stability" of the channel business,leading to trust companies' dependence on the channel business,but also because the channel business has little requirement for the professional ability of trust companies,trust companies' professional ability stagnates because of their dependence on the channel business,and even the phenomenon of regression appears.The channel business can not substantially resolve the debt risk,and the core measure of supply-side structural reform is de-leveraging.For financial institutions and ordinary enterprises,excessive leverage will inevitably increase their debt risk.When a certain industry is in a recession,the debt-servicing ability of the corresponding enterprises will be reduced,which will easily lead to debt crisis and spread to financial institutions.From the perspective of scale,the passive management channel business of financial institutions is still the main form of interbank trust,while the passive management interbank trust of financial institutions is dominated by single fund trust.Trust company mainly carries out passive management,does not have discretion in the use of trust property,but manages and disposes trust property according to the instructions of the trustor or the person with directive power entrusted by the trustor.The risk characteristics of trust are mainly embodied in the counterparty risk outside the form,the market risk may be converted into the trusteeship responsibility risk and reputation risk in the form.It is precisely because of this,since 2015,68 trust companies in China have continued to grow in terms of performance and the scale of managed assets,but the growth rate has significantly shrunk.In April 2018,the Central Bank,the Banking and Insurance Regulatory Commission,the Securities Regulatory Commission and the Foreign Exchange Administration jointly issued the Guiding Opinions on Regulating the Asset Management Business of Financial Institutions(hereinafter referred to as the "New Regulations on Asset Management").Article 22 stipulates that financial institutions shall not provide access services forother financial institutions' asset management products to circumvent regulatory requirements such as investment scope and leverage restriction.Because the channel business is relatively simple,trust companies as the channel side do not need to assume the responsibility of payment,so most trust companies,especially small and medium-sized trust companies,carry out more such business.According to statistics,the proportion of channel business of some trust companies will even reach more than80%.The unbalanced distribution of business structure leads to hidden dangers in the development of many trust companies.Under the increasingly stringent and intensified competition situation,business transformation is imminent for the trust industry.How should trust enterprises get out of the inherent mode and innovate business model and find out from it? To the new sustainable profit growth point,has become an important topic worthy of our in-depth study.While providing good trust products and business for clients,CA Trust Company has achieved great economic benefits by using channel business,which has promoted the further development of trust companies.However,under the influence of de-channel policy,CA trust company's profit-dependent channel business model is hindered,affecting the normal profits of the trust company,and there are unsustainable problems in the trust company's profit model,which are embodied in:first,the trust company's marketing ability is weak;second,the core business lacks competitiveness;third,the business homogenization of financial institutions is serious;It is the lack of liquidity of trust company products.The reasons mainly come from four aspects: first,the business model of trust company deviates from its origin;second,the lack of independent innovation ability;third,the slow construction of independent sales team;fourth,the weak risk prevention and control ability of trust company.Taking CA Trust Company as an example,this paper studies its trust profit model under the background of de-channel,aiming at helping the trust company to optimize its business structure and providing reference for the transformation of CA Trust Company's profit model.Firstly,the first part of the paper mainly elaborates the background,significance,methods and structure of the paper.Secondly,it summarizes the theory and concepts,including channel removal,trust theory,profit model theory,and profit model of trust companies.Thirdly,taking CA Trust Company as the research object,this paper explores the development status and problems.Through the study of assets scale,it analyses the general situation ofenterprises,operating performance,profit status and profit model,and finds that the current profit model of CA Trust Company shows unsustainability.Finally,the analysis of CA Trust Company's profit model and the construction of CA Trust Company's sustainable profit model under the background of de-channel,including the establishment of CA Trust Company's sustainable profit model;the selection of CA Trust Company's sustainable profit model;the selection of trust business can produce sustainable profit development direction: such as pension industry trust,family trust,new urbanization trust,private.Equity-based investment trust and other related suggestions to establish a sustainable profit model.Therefore,through the CA Trust Company's profit model under the background of de-channel,it can enhance the ability of active management and achieve diversified development,which can be used for reference for other trust companies. |
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