On the occasion of the 3rd anniversary of the implementation of China's Trust Law, the China (Changsha) Trust International Forum hosted by Central South University and Shanghai Vision Extraordinary Investment Management Co., Ltd. was held in Changsha from June 65438 to1October 65438. Well-known trust law experts, scholars at home and abroad, as well as high-level people in the industry, put forward constructive opinions on the improvement of the trust legal system from both theoretical and practical perspectives around the development status and practical problems of China's trust industry since the implementation of the Trust Law. These opinions will greatly promote the implementation of the trust law, improve the development environment of China's trust industry, improve the financial market system and improve the efficiency of social resource allocation.
First, the development status of the trust industry in China
Trust institutions are the main body of activities in accordance with the trust system. At present, the main body of commercial trust institutions is trust companies. After rectification in recent years, the trust industry in China has successfully resolved the systemic financial risks accumulated in the past 20 years, enriched capital, improved management, re-established professional teams and provided trust services to the society. At the same time, in order to strengthen supervision and protect the legitimate interests of clients and beneficiaries, the regulatory authorities have successively formulated and promulgated some laws and regulations to guide and supervise trust companies to carry out real trust business according to law.
(A) the construction of supporting system of trust law
Article 4 of China's Trust Law stipulates that "the trustee shall engage in trust activities in the form of a trust institution, and its organization and management shall be stipulated by the State Council." This regulation requires the regulatory authorities to formulate specific management measures for trust companies specializing in trust business in China. Since 200 1, the Measures for the Administration of Trust and Investment Companies and the Interim Measures for the Administration of Trust and Investment Companies' Funds have been promulgated one after another. These two laws and regulations are called "one law and two regulations" together with the trust law. The two regulations have played a fundamental role in the development of the trust industry.
In recent years, according to business development and regulatory needs, a number of regulatory rules and documents have been issued. Provisions have been made on the qualification examination of shareholders of trust companies, fund trust business, liquidation and reorganization, the opening and use of RMB bank settlement accounts, trust special securities accounts and trust special fund accounts. These documents constitute the basic institutional framework for the operation and supervision of trust companies.
(B) the status quo of the trust company
At present, there are 59 re-registered trust companies, which are distributed in most provinces (autonomous regions and municipalities) in China. By the end of June 2004, the trust company had about 4,600 employees. Under the guidance of the State Council Trust Rectification Policy, trust companies have achieved a certain degree of development, and the total amount of trust property under management is close to 200 billion yuan. The commercial trust business has made great progress, and the trust industry in China has taken a gratifying step.
In the past three years, trust business has grown rapidly, and trust property has shown a good growth trend. The main form of trust business is fund trust, which accounts for about 84% of all trust property. Among them, there are 1053 collective trust schemes, and most of them have been successful. At the same time, the trust business carried out by trust companies in the form of property other than funds began to show a good development trend, providing a good institutional condition for financial innovation.
(3) Main problems
The above analysis of the operating conditions of trust companies, while affirming the achievements, the existing problems cannot be ignored. At present, there are mainly the following problems:
First, some companies have defects in corporate governance structure, imperfect internal control, low level of risk prevention measures related to their business and low level of professional practice.
Second, a few companies have low asset quality and irregular business activities. Some people do not fulfill their trust obligations seriously, even change the use of trust property without authorization, misappropriate and mix trust property, and classify trust income as inherent property. Individual companies face serious business risks due to illegal operations and have suspended business. The trust property they managed suffered heavy losses, which harmed the interests of the majority of small and medium-sized customers and triggered social risks.
Third, the supervision is not perfect and specific, and there are many business models that need to be standardized in trust business innovation. Due to the lack of trust registration, trust accounting and trust tax, quite a few businesses have defects in laws and regulations.
The CBRC attaches great importance to the major risks of individual trust companies that have just been rectified, and has asked the trust supervisors of the whole system to do a good job in supervision, seriously investigate and deal with violations, investigate the responsibilities of relevant responsible persons, effectively guard against risks and protect the legitimate interests of clients and beneficiaries. At the same time, the CBRC will proceed from reality, follow the principle of classified supervision, vigorously support the development of well-run companies, and promote the standardized and healthy development of China's trust industry by supporting a number of outstanding trust companies.
Second, the development prospects of the trust industry in China
(1) Taking risk prevention as the core, do a good job in the supervision of trust companies and promote standardized development.
Trust company is the main body of trust industry in China. Although it has been re-registered, its market image is still in the reconstruction period. Trust business is a completely innovative business in China. Faced with diversified, personalized and flexible financial management needs, regulators and operators do not have enough experience. Therefore, we should constantly explore, constantly sum up experience and constantly improve ourselves. At the same time, with the development of trust business, we should speed up the improvement of supervision rules and promote the steady development of trust industry on the basis of efforts to prevent risks.
With the improvement of the management level of trust companies and the implementation of classified supervision policies, the management system of trust companies should be continuously improved. By establishing a stable and sustainable business model, the trust company's business activities will step into the path of benign development, so that China's trust system will play a better role and serve the economic construction.
(2) Constantly improve the trust legal system and accelerate the construction of supporting systems.
Since its establishment, China Banking Regulatory Commission has done a lot of work in formulating rules and regulations. At present, the Measures for Standardizing Trust Business of Collective Funds, the Provisions on Information Disclosure of Trust Companies and Information Disclosure of Collective Funds, the Measures for the Administration of Real Estate Trust Business, the Measures for Guidance and Evaluation of Internal Control and Corporate Governance of Trust Companies and the Measures for Classified Supervision have been completed and will be released after completing the necessary procedures, which will play a positive role in the operation and supervision of trust companies.
In addition, the CBRC also actively cooperates with relevant departments to study the construction of trust registration, trust accounting and trust tax system. Regarding trust registration, laws and regulations need to be formulated by relevant registration management departments such as real estate, houses, vehicles and equity. Over the past two years, the CBRC has held consultations with the Ministry of Land and Resources, the Ministry of Construction, the State Administration for Industry and Commerce and other departments, and held a symposium of experts and scholars to study and discuss the construction of the trust registration system. With regard to trust accounting, it is understood that the "Draft Accounting Measures for Trust Business" has been completed and is expected to be promulgated soon. Regarding trust taxation, the relevant departments have been working hard and believe that these work can make substantial progress quickly.
It is believed that through the efforts of all parties, the important supporting systems related to trust law will be formulated and put into practice one after another, and the trust system will form a complete system.
(3) Strengthen overall planning, establish a scientific and orderly trust market, unify supervision and standardize development.
From 65438 to 0995, banks and insurance companies in China were separated from their trust companies; Trust rectification began on 1999, and trust companies once again implemented separate banking and securities business. Therefore, China implements the system of separate operation of trust and other financial industries. In recent years, with the rise of trust business, the phenomenon of conducting business activities according to trust principles or trust company's business model has gradually increased. Trust system has influenced China's asset management activities and asset management market with its unique institutional vitality. How to strengthen management and unify supervision policies will increasingly become an important issue affecting the development of a unified and standardized trust market, which deserves further study by relevant parties. After properly handling the relationship between institutional supervision and business supervision and implementing a unified supervision policy, the trust industry in China will achieve new development on a new basis.
(4) Strengthen the construction of honesty and promote the honest operation of trust companies.
Honesty is particularly important for the trust system. Because the premise and foundation of trust relationship is the trustor's trust in the trustee. Without the trust of the client, it is impossible for the client to take out the property and let others manage it, and the trust will not be created.
For trust companies, the requirements for their integrity are more stringent. Because trust companies operate trust business and face many natural persons and legal persons. Only by gaining the trust and recognition of investors can the development of trust business have market and space. Once integrity is lacking, trust will become a passive water and a tree without roots, and the operation of trust business will be out of the question.
(five) the establishment of industry associations, strengthen industry self-discipline.
With the approval of the State Council, china trustee association has started the preparatory work and has made substantial progress. After the establishment of the association, it will strengthen the self-discipline of the industry, coordinate the internal and external relations of the industry, play the role of a bridge between trust institutions and business authorities, and maintain and promote the healthy and standardized development of the trust industry.
Since the promulgation and implementation of the Trust Law in April, 20001,the trust system has been widely used in many other fields, except that trust companies carry out business trust activities according to trust principles, mainly in the following aspects: First, charitable trusts have been put on the agenda of relevant departments and trust institutions; Second, civil trust activities such as small property management, heritage management and valuables storage began to appear among the people; Third, securities investment funds, enterprise annuity funds, asset securitization and other related business systems began to pay attention to follow the trust principle. It is believed that with the passage of time, the ancient trust system will be understood and recognized by more and more people in our country, and its application prospect will be broader, showing strong vitality on the basis of oriental cultural traditions.
20 1 1: the present situation, characteristics analysis and trend prospect of trust industry in China.
China Renmin University Trust and Fund Institute
Xing cheng
Series 1: The asset scale reached a new high, and the connotation developed into ........................ 2.
Series 2: The implementation of net capital management is just around the corner, and the "second transformation" is imminent. ..................6
Series 3: Active management is deeply rooted in people's hearts, and cooperation between banks and enterprises is expected to turn around in .................. 12.
Series 4: The heat of political and trust cooperation has plummeted, and infrastructure funds are the way out. .................. 17
Series 5: Trust PE investment constantly explores new ways, and trust QDII quietly kicks off ... 22
Series 6: The capital market has been blocked repeatedly, and the division of departments has intensified. ..........................27
Series 7: The real estate industry encounters "severe winter", and trust investment and financing reappears warmth in ............ 36.
Series 8: Industry restructuring tends to be calm, and case operation is quite bright. ..........................44
Series 9: Standardization and self-discipline have gradually become * * * knowledge, and the role of industry organizations highlights .......................... 50.
Series 10: 20 1 1: trend judgment and prospect of trust industry in China .................................. 53
Series 1: The asset scale has reached a new level, and the connotation has developed into the best choice.
Since the revised Measures for the Administration of Trust Companies and the Measures for the Administration of Trust Plans of Trust Companies (hereinafter referred to as the "new measures") were promulgated and implemented, the scale of assets under management in the trust industry has expanded rapidly, from 940 billion yuan in 2007 to 1.2 trillion yuan in 2008; 2 trillion yuan at the end of 2009; 3 trillion yuan in 20 10, a nine-fold increase in four years. At present, the average assets managed by trust companies (excluding companies that are being reorganized and just started business) are about 40 billion yuan, and the scale of trust assets managed by a single trust company is more than 50 times of net assets.
During this period, the scale of trust assets managed by trust companies has achieved rapid growth, mainly due to the following aspects.
(1) The New Measures clarify the development direction of the trust industry. The CBRC summarized the development of trust industry in the past five years, and once again defined the market positioning adjustment of trust companies as "financial intermediaries providing asset management services for qualified investors", and its format was close to that of foreign private equity funds. The promulgation of the new trust policy marks that the regulatory authorities have completed the "subversive" institutional innovation of China's existing commercial trust system. In order to promote the transformation of trust companies, in the same year, the CBRC successively issued the Notice of China Banking Regulatory Commission on Implementing the Administrative Measures for Trust Companies and the Administrative Measures for Trust Plans of Collective Fund Trust Companies, the Guidelines for the Governance of Trust Companies, and the Interim Measures for the Administration of Trust Companies' Entrusted Overseas Financial Management (No.27 [2007]) and other policy documents.
With the "New Measures" clearly positioning trust companies as professional asset management institutions and financial management institutions, the chronic diseases that have affected the vague functional positioning of China's trust industry for many years have been completely solved. In the "New Measures", the inherent business of trust companies is strictly restricted, and it is forbidden for trust companies to hold industrial investment equity again. There is also a strict upper limit on the use of the creditor's rights of trust funds. The client must be a qualified investor who meets the requirements, and the natural person client shall not exceed the prescribed upper limit; The "New Measures" encourage trust companies to carry out innovative businesses such as private equity investment trust, asset securitization trust, real estate investment trust fund and annuity fund trust, clarify the original business scope of trust companies, highlight the operating characteristics of trust companies, and guide trust companies to build professional business models. Since then, the "new approach" has enabled trust companies to truly return to the original trust business in an all-round way, and trust companies have fully implemented transformation and innovation. Since then, the trust industry in China has entered a brand-new historical development period. During this period, the development direction of the trust industry was clear, the business model was established, the operating mechanism was changed, the product structure was upgraded, and people's minds were completely liberated. In just four years, the scale of trust assets management exceeded 3 trillion, and the scale of new trust assets exceeded the historical total.
(2) The original rating and classification standards boosted the "scale preference" of trust companies. Since 2006, China's regulatory authorities have tried to supervise trust companies by rating classification, that is, quantitatively rating trust companies according to different regulatory indicators, and then making different provisions on their business scope and innovative business qualifications according to the rating level. Due to the lack of experience in introducing rating classification supervision for the first time in the trust industry, some terms are too general. The assets managed by trust companies are not specifically divided into active management assets and passive management assets, but "one size fits all". As stipulated in the Supervision Measures for Rating Classification, the scale of trust business is scored as 65,438+02, and the scoring criteria are as follows: according to the scale of entrusted property managed by the company and the scale of trust business, Article 2, paragraph 3, point 1. Proportional score of 20% (inclusive) -300% = trust business scale/industry average × 12/3 score (the score is rounded off); The score below 20% is 0. The score notes show that this index evaluates the position of the company's entrusted business scale in the industry and the development level of the company's trust business. In addition, the scale of assets under management has a high rating weight ratio, accounting for 12% of the total score of asset management. Therefore, objectively, trust companies ignore quality, attach importance to quantity, and blindly expand the scale of trust assets regardless of the company's own conditions and specific conditions, which has played an inducing and boosting role to a certain extent.
(C) Trust company's "channel-type" business leads to "scale bubble". We regard the trust company as a "channel" or "platform" or passive management business that fails to actively and systematically carry out project development, product design, transaction structure arrangement and risk control measures, and does not directly and personally participate in trust asset management, but only performs a documented process with external assets in the form of trust contracts, with extremely low business return rate. During this period, the scale of such "channel-type" business of trust companies has grown rapidly. During this period, the fast-growing "channel-type" business sources of trust companies mainly include two main channels: first, the business dealings between trust companies and their major shareholders or affiliated companies. In order to quickly improve the classification level of trust companies and make their trust assets grow by leaps and bounds in a short period of time, the controlling shareholders of some trust companies entrust related assets to trust assets for asset management. Although the salary of trust companies is extremely low, the scale of assets has increased. It can be seen that some trust companies have jumped from10 billion to 20 billion in just one year through the above methods; Second, trust companies and commercial banks quickly expand their assets through the so-called bank-trust cooperation business. According to statistics, in the first three quarters of 20 10, the scale of trust assets in the whole industry was 295701600 million yuan, including 480 billion yuan of collective fund trust products, accounting for 16%, 2,339 billion yuan of single fund trust products, accounting for 79%, and the balance of bank-trust cooperative products10. It is conservatively estimated that the scale of "channel-type" products accounts for about 70%, that is, about 654.38+0.3 trillion yuan. This practice not only produces asset scale bubbles, avoids the supervision of some specific indicators of commercial banks by the regulatory authorities, but also weakens the asset management ability of trust companies, and at the same time, potential legal risks and market risks are also increasing.
(D) A few enterprises have weak innovation ability, and mistakenly choose extensive promotion mode. A few trust companies are unable to effectively carry out the trust business actively managed by trust companies due to their own mechanism constraints or lack of teams, and their market development ability and business innovation ability are low. With a single product line, it is difficult for enterprises to supply innovative products with high technology content, high added value and high business yield. Therefore, the platform business with no original elements, no active voice, no core competitiveness and extremely low return on trust is wrongly selected. Only by "winning by quantity" and expanding the base of asset scale can such business barely maintain a balance of payments. Obviously, this extensive management and extensive development model is unsustainable.
At the same time, the internal control and risk management capabilities of some trust companies have not kept up in time, and the risks of individual trust projects have occurred from time to time. Since 20 10, the CBRC has formulated a series of supervision systems and business norms according to international practices and the development status of China's trust industry, especially the Measures for the Management of Net Assets of Trust Companies issued in the second half of 20 10, which has also aroused great repercussions both inside and outside the industry. The Measures for the Administration of Net Assets of Trust Companies (hereinafter referred to as the Measures) was adopted by the 99th Chairman's Meeting of China Banking Regulatory Commission on July 10 and officially issued. Measures, Notice of China Banking Regulatory Commission on Regulating the Financial Cooperation between Banks and Credit Banks issued by CBRC on August 65, 2009 (No.72 [2065438+00]), and Notice on Further Regulating the Cooperation between Banks and Credit Banks issued by CBRC in mid-February 2009, etc. The regulatory authorities clearly guide the trust company to realize the deep consideration and strategic intention of upgrading and transforming from the extensive business model of "extensive cultivation and low harvest" to the intensive business model, so as to improve the scientific and technological content of the business and the connotative development of product added value as soon as possible. This will completely change the profit model of trust companies, spur the trust business to transform again, and make trust companies grow into special asset management institutions with core competitiveness. Taking the road of connotative development is the only way for the trust industry.
Series 2: The implementation of net capital management is just around the corner, and the "second transformation" is imminent.
The implementation of the Measures for the Administration of Net Capital of Trust Companies will be an important symbol of the development of China's trust industry entering a new historical stage. Together with the Trust Law, Measures for the Administration of Trust Companies and Measures for the Administration of Trust Business of Trust Companies, it will formally introduce the trust industry in China into a brand-new historical development period with "one law and three regulations" as the main policy basis for trust industry supervision.
(1) The main background and purpose of the promulgation of the Measures. The Administrative Measures for Trust Companies, which was formally implemented on March 1 2007, clearly stipulated that "trust companies should implement net capital management". It can be seen that the promulgation of the "Measures" is not accidental, and the regulatory authorities have been brewing for three years. China Banking Regulatory Commission (CBRC) combined with the supervision practice of trust companies, learned from the practices of overseas mature markets, and formulated the Measures after many times of soliciting opinions, revision and improvement, aiming at implementing the provisions of the Measures for the Administration of Trust Companies, establishing a risk control index system with net capital as the core, and strengthening the risk supervision of trust companies. With the development of China's trust industry, the adjustment of trust company's business model and the development of innovative business, trust supervision urgently needs to establish an effective risk supervision system that can fully reflect the potential risks of trust companies. The formulation of the "Measures" meets this urgent need and is of great significance. As far as the Measures for the Administration of Net Assets of Trust Companies are concerned, its main guiding ideology includes the following aspects.
1. Establish a capital supervision system in line with international practice. Since the mid-1990s, overseas mature market supervision authorities have deeply realized the importance of risk supervision with net capital as the core to risk control of investment banks and financial institutions. At present, countries including the United States, Britain, the European Union, Singapore, Hong Kong and Malaysia have established capital supervision systems with net capital as the core. In China, following the full implementation of net capital management measures by commercial banks, in 2006, the China Securities Regulatory Commission officially promulgated and implemented the Measures for the Management of Net Capital of Securities Companies, and implemented net capital management for all securities companies. Practice has proved that the effect is good and the benefits are obvious, which effectively reflects the regulatory ideas and concepts of the regulatory authorities.
2. Net capital management will make up for the lack of trust supervision tools. With the rapid development of trust industry, the continuous expansion of trust assets, the transformation of trust company business model and the frequent development of innovative business, the regulatory environment of trust industry has been greatly improved. Since the new two regulations in 2007, the scale of trust assets has expanded rapidly. At present, the average management scale of trust companies is about 40 billion yuan, and the scale of trust assets managed by a single trust company is more than 50 times of net assets, up to 182 times. With the rapid expansion of trust assets, the internal control and risk management capabilities of most trust companies have not kept up in time, and individual trust business risks have occurred from time to time. Therefore, risk warnings were given to the banking, banking and real estate trust businesses, but at the end of the year, the banking-banking cooperation business still reached 1.32 trillion yuan, a record high. The above facts show that in the current situation that trust companies are generally lack of risk control awareness and limited risk management ability, they can only restrain their expansion impulse by implementing net capital supervision.
3. Reconstruct the risk management framework of trust companies to improve the effectiveness of supervision. The promulgation of the Measures will promote trust companies to establish and improve internal risk early warning and control mechanisms, and gradually measure and monitor trust risks through dynamic monitoring, regular sensitivity analysis and stress testing of risk control indicators such as net capital. At the same time, it is conducive to the regulatory authorities to control the risks of trust companies in advance and improve the pertinence and effectiveness of daily supervision of trust companies. In terms of implementing the regulatory intention, the regulatory authorities can also effectively guide the company to make differentiated choices and development according to its own characteristics by adjusting the risk coefficients of different businesses.
4. Promote classified supervision, and promote the innovative development, excellence and strength of trust companies. The net capital management measures for trust companies can further implement the concepts of classified supervision, supporting the superior and limiting the inferior by setting differentiated risk coefficients for trust companies with different regulatory levels and linking the business scale with the rating level. While restricting the blind expansion of companies with lower rating, in order to encourage trust companies to actively innovate, space is reserved for new products or new businesses in the regulatory provisions.
(2) The main regulatory contents of the Measures
1, the core content of the measures. The Measures require trust companies to calculate net capital and risk capital, and continuously require the ratio of net capital and risk capital of trust companies to be no less than 65,438+000%. Establish the corresponding relationship between venture capital and net capital, so that the venture capital of each business can be supported by the corresponding net capital, which will prompt the trust company to rationally allocate limited capital among businesses with different risk conditions, and guide the trust company to make differentiated choices according to its own net capital level, risk preference and development strategy, so as to realize effective overall risk. To sum up, the main contents of net capital management are net capital, venture capital and risk control.
The core content of net capital management measures
Project specification content
Net capital Net capital = net assets-risk deduction of various assets-risk deduction of contingent liabilities-other risk deductions recognized by China Banking Regulatory Commission.
Risk capital = inherent business risk capital+trust business risk capital+other business risk capital.
The net capital for risk control shall not be less than 200 million yuan.
The net capital shall not be less than 100% of the sum of various venture capitals.
The net capital shall not be less than 40% of the net assets.
(C) The "second transformation" of trust companies is imminent.
1. Follow the trend and adjust the company's traditional business structure. From the background of the promulgation of the Measures, it can be seen that the regulatory authorities have been brewing net capital management for a long time, and the regulatory ideas to guide trust companies to increase the development of actively managed trust products and cultivate core asset management capabilities are being implemented step by step. Through the dynamic monitoring of risk control indicators such as net capital, sensitivity analysis and stress test are carried out regularly to effectively control risks. Effective implementation of regulatory intent through net capital supervision can guide trust companies to make differentiated choices and development according to their own characteristics. The reconstruction of the development model of trust industry is the general trend. Only by adapting to development and actively coping with it is the future of trust companies. The introduction of this net capital management method is a major adjustment to the overall development model of the trust industry. Trust companies should clearly understand the situation as soon as possible, quickly adjust their development strategies according to their own advantages, rearrange their business systems, cultivate their core competencies as soon as possible, and gain the initiative in development under the new situation.
2. Strengthen the core competitiveness and enhance the added value and technological content of products. In order to achieve sustainable development, trust companies must improve the core competitiveness of self-management ability of trust assets as soon as possible. The so-called self-management ability refers to the trust company's independent operation from the aspects of project development, product design, transaction structure, risk control, monitoring of surviving assets, trust asset recovery, etc., with the right to speak and price, taking the initiative to control, no longer being "controlled by others", obtaining satisfactory investment and financing income for investors and maintaining and increasing the value of assets, making use of the industry experience and professional knowledge of the trust company's business personnel, conducting active and effective independent professional management, identifying potential risks, and carrying out it through various control means. Trust companies can also introduce external professional management teams as investment consultants, and through cooperation with investment consultants, improve their own active management ability, quickly build a high-level professional financial management team, and ensure the efficient operation of trust property according to the wishes of the clients.
3. Pay attention to channel construction and gradually build a private marketing network. After the promulgation of the Measures, due to the fundamental changes in the product structure and business model of trust companies, some so-called channel products of bank-trust cooperation will gradually fade out of the market. Therefore, the product marketing channels of trust companies must walk on two legs, and cannot rely entirely on the traditional sales model of bank-trust cooperation in the past. Trust companies should make full use of the relatively relaxed and favorable policy environment and regulatory provisions, base themselves on the region and quickly radiate the national market. In order to maximize its share in the wealth management market, tap high-net-worth financial asset customers, qualified investors and institutional investors, vigorously develop investment and financing projects with different categories, different risk characteristics and different income levels, meet the needs of investors with different investment preferences and risk preferences, and provide investors with tailor-made, personalized and differentiated wealth management products. So as to gradually accumulate their own loyal customer base, project pool and cash pool, and create conditions for high-level fund trust innovation business.
4, research and development first, and constantly improve the company's product innovation ability. Trust business is an intelligence-intensive industry. After the promulgation of the Measures, the innovation of trust business and trust products is more urgent and important. But as far as the current situation is concerned, compared with commercial banks, securities companies, fund companies and other financial institutions, trust companies have the weakest R&D strength and their R&D investment is very insufficient. Some trust companies don't even have an R&D department at all. Although some companies have set up R&D departments on the surface, they are short of personnel and funds, and often have multiple jobs. Therefore, trust companies must change the short-sighted behavior of focusing on quick success and neglecting forward-looking research in the past, further increase R&D investment and R&D efforts, vigorously introduce and cultivate professional R&D talents, set up special R&D institutions, and set up high-level R&D teams to closely combine product R&D with the objectives and needs of the company's innovative business under the new situation after the promulgation of the Measures. So as to continuously improve the scientific and technological content and added value of the company's trust products and lay the foundation for the company to take the road of connotative development.
5. Adjust the capital scale and optimize the structure. According to statistics, the average net capital of China's trust industry is higher than the average registered capital, but the capital of most trust companies has been used for various investments, and most of them have basically solidified. After the implementation of the Measures, according to the requirements, the net capital of trust companies must be deducted according to the risk coefficient. At the same time, the scale of trust assets of trust companies has increased rapidly, and the demand for capital increase of trust companies is very urgent. In this context, the idea that some qualified trust companies expand their capital scale by applying for listing has been put on the agenda again, and the reasons and policy basis for raising funds by listing trust companies are more sufficient and reasonable than before the implementation of the net capital management measures. In addition, in order to adapt to the new situation and new requirements after the implementation of the Measures, there are also trust companies that convert the company's distributable profits, arbitrary surplus reserves and board funds into capital. As can be seen from the above, after the implementation of the Measures, it has become the general trend to increase the capital scale in a timely and moderate manner. At the same time, some trust companies whose original capital structure is unreasonable and not dominant can just use the favorable opportunity to expand their capital and achieve the effect of optimizing the shareholding ratio and adjusting the capital structure.
A. What are the specialties of architectural engineering?
Construction projects include: architecture, civil engineering, industrial and civil