| Since the promulgation of the charity law in 2016,the research and practice of charitable trust in China has gradually increased,the charitable trust on equity has become the mainstream trend of exploration and practice.This is not only because the social wealth of high net worth people is becoming more and more diversified,but also because the awareness and demand of social charity are gradually promoted with the increase of wealth,it’s also an important embodiment of entrepreneurs’ commitment to social charity and social responsibility.The continuous exploration of academia,trust industry associations and entrepreneurs has promoted the development of charitable trust on equity in China,however,the constraints in the process of practice do not match with practice,and the imbalance between participation constraints and incentive constraints,as well as the obstruction of establish and hidden speculation lead to the difficulty of maximizing the social and economic benefits of equity charitable trust,and even some nonstandard equity charitable trusts are in the risk of behavior anomie in the"principal-agent" economic relationship.Facing the credibility challenge of commercialization of charitable purposes,various problems are beyond the scope of the current constraint mechanism.In this regard,it is still a long way for government departments to try to promote the long-term and healthy development of equity charitable trust.In order to maximize the charitable purpose and social value of equity charitable trust in the process of solving social problems,a reasonable and perfect constraint system is the key point.Based on the principal-agent theory,the study of charitable trust on equity and its constraint mechanism is not only of great significance to create a good charity atmosphere in society,but also of certain reference value for the future exploration of charitable trust with real estate,intellectual property,copyright and other property rights.Based on the principal-agent theory,this paper analyzes the principal-agent relationship among the participants in the equity charitable trust market,and from the perspective of the principal-agent relationship,leads to the key research object of this paper-constraint problems and optimization countermeasures.The first part of the article is the introduction,which describes the social background,theoretical and practical significance of the research,introduces the current research status of the academic community on equity charitable trust,as well as research methods and innovation.The second part defines the specific concepts of equity charitable trust and constraints,and combs the principal-agent theory,public property theory and game theory.The third part is about the practice and constraints of equity charitable trust in China.Combined with empirical cases and principal-agent theory,it analyzes the structure,subject relationship,and constraints of equity charitable trust.The fourth part analyzes the mechanism of constraint in equity charitable trust,including the relationship between practice and constraint in the surface sense,and the factors and process of constraint influence based on the principal-agent model in the deeper level.The fifth part is the constraint problems of equity charitable trust and the reason analysis,the problems of participation compatibility constraint include the lag of concept and policy,the problems of incentive compatibility constraint include moral hazard and adverse selection,and then the reasons are analyzed,including localization conflict,asymmetric information in transaction cost,insufficient incentive and supervision.The sixth part is the constraint optimization countermeasures of equity charitable trust,based on the optimization criteria of the theoretical model,specific optimization suggestions are put forward.In terms of participation compatible constraint,it includes reducing the access threshold and improving tax preference.In terms of incentive compatible constraint,it includes improving contract design and trust structure,standardizing information disclosure system,improving evaluation accountability and multi-supervision.Finally,the conclusion and prospect part briefly summarizes the main research results and shortcomings of this paper,and puts forward the prospect for the future development of equity charitable trust. |
