我国信托公司自2007年重新登记以来，得益于适宜的经营环境和制度红利，经历了 十年的快速增长，信托资产管理规模最高时于2017年末达到26.25万亿元的峰值。然而， 2018年资管新规出台，十年的高速增长戛然而止，传统的信托业务模式受到了巨大的挑战， 信托资产管理规模与信托公司营业收入双双下滑。如果说信托公司探索转型，以前只是一 种未雨绸缪的自发式的觉醒，那么现在则是关乎生死存亡的危机应对。 在此关键时刻，本文以资管新规背景下我国信托业业务转型为题，研究的核心在于信 托业在资管新规背景下，如何把握自身的比较优势，围绕市场需求和监管要求，构建自己 的核心竞争力，打造可持续发展的业务模式。本文首先阐明了选题背景及研究意义，我国 信托业发展历史短、发展速度快、业务变化多及非标准化等特点，造成了相关研究成果不 多的现状，本文可以在相关方面填补空缺；同时，2020年资管新规过渡期即将结束，信托 业转型迫在眉睫，在此关键节点写作本文可以为信托公司转型提供参考。接着介绍了信托、 资管欧亿·体育（中国）有限公司的相关基础知识，阐述了金融创新、企业转型、技术效率等相关理论，梳理了信 托业转型的相关文献，为全文提供理论支撑。然后通过分析英、美、日等发达国家信托业 发展历程，总结出海外发达国家信托业的发展规律，探究其信托业转型的影响因素，为我 国信托业的转型提供借鉴。再然后梳理了我国信托业发展历史及业务现状，分析我国资管 欧亿·体育（中国）有限公司现阶段的金融需求、竞争格局、监管政策等环境因素，指出我国信托业当下面临的主 要问题和挑战。最后通过DEA方法对我国信托公司2016-2018年间的业务效率进行实证分 析，对比分析各家信托公司业务效率的变化，再利用双对数模型对信托业务效率的影响因 素进行回归分析，结合本文理论与实证结果，为我国信托业业务转型提出建议。 关键词：信托；资管新规；业务转型；实证；效率 4 ABSTRACT Sincethereregistrationin2007，China'strustcompanieshaveexperiencedadecadeof rapidgrowth，benefitingfromtheappropriateexternalenvironmentandinstitutional dividend．Whenthescaleoftrustassetmanagementreachedthepeakof26.25trillionyuan(at theendof2017)，thetrustassetmanagementreacheditspeak．However，duetoaseriesof adversefactors，suchassloweconomicrecoveryathomeandabroad，frequentriskeventsinthe financialindustry，stricterregulatorypoliciesrepresentedbythe"newregulationsonasset management"，andsharpincreaseinpeercompetitionpressure，thetraditionaltrustbusiness modelhasbeengreatlytested．Thescaleoftrustassetmanagementandtheoperating performanceoftrustcompanieshavebothdeclinedin2018.Inthepast，thetrustcompany's explorationoftransformationwasonlyaself-awarenessoftakingprecautions，butnowitis aboutthepressureoflifeanddeath． Atthiscriticalmoment，thispapertakesthebusinesstransformationofChina'strust industryunderthebackgroundofthenewassetmanagementregulationsasthetopic．Thecoreof theresearchishowtograspitscomparativeadvantages，meetthemarketdemandandregulatory requirements，builditsowncorecompetitiveness，andembarkonthepathofsustainable development.Firstofall，itexplainsthereasonsforwritingthispaper，thecharacteristicsoftrust industryinChina，suchasshortdevelopmenthistory，fastdevelopmentspeed，manybusiness changesandnon-standard，etc.，whichcausethecurrentsituationoffewrelatedresearchresults， hispapercanfillthevacancy.Atthesametime，thetransitionperiodofthenewregulationson assetmanagementin2020iscomingtoanend，andthetransformationofthetrustindustryis imminent．Writingthispaperatthiskeynodecanprovideatimelyreferenceforthe transformation．Thenitintroducesthebasicknowledgeoftrustandassetmanagementindustry， expoundstherelevanttheoriesoffinancialinnovation，enterprisetransformationandbusiness efficiency，combstherelevantliteratureoftrustindustrytransformation，andprovidestheoretical supportforthefulltext；byanalyzingthedevelopmentprocessoftrustindustryindeveloped countries，summarizesthedevelopmentlawoftrustindustryinoverseasdevelopedcountries， andfindsoutthetransformationoftrustindustryInfluencingfactorsprovidereferenceforthe transformationofChina'strustindustry；thenitcombsthedevelopmenthistoryandbusiness statusofChina'strustindustry，analyzesthecurrentfinancialdemand，competitionpattern， regulatorypolicyandotherenvironmentalfactorsofChina'sassetmanagementindustry，and explainsthemainproblemsandchallengesfacingChina'strustindustry；finally，itempirically analyzestheefficiencyofChina'strust 5 companiesthroughDEAmethod，andanalyzestheefficiencyofChina'strustcompanies．This papercomparesandanalyzesthechangesofbusinessefficiencyofeachtrustcompany，andthen analyzestheinfluencingfactorsoftrustbusinessefficiencythroughthedoublelogarithm modelbinedwiththetheoreticalandempiricalresultsofthispaper，itputsforward suggestionsforthebusinesstransformationoftrustindustryinChina． KEYWORDS：trust，newregulationsforassetmanagement，businesstransformation， demonstration，efficiency 1 目录 第一章绪论.....................................................................................................................................1 第一节选题背景及研究意义................................................................................................1 第二节研究框架.....................................................................................................................2 第三节基础理论.....................................................................................................................3 第四节文献综述.....................................................................................................................7 第二章海外发达国家信托业发展研究.....................................................................................11 第一节英国信托业发展分析..............................................................................................11 一、现代信托制度的诞生...........................................................................................11 二、英国信托业发展历程...........................................................................................11 三、英国信托法制建设特点.......................................................................................13 四、英国信托业对我国的启示...................................................................................14 第二节美国信托业发展分析..............................................................................................14 一、美国信托业发展历程...........................................................................................14 二、美国信托业务变迁................................................................................................15 三、美国信托法制建设特点.......................................................................................16 四、美国信托业发展对我国的启示...........................................................................17 第三节日本信托业发展分析..............................................................................................18 一、日本信托业发展历程...........................................................................................18 二、日本信托业务变迁................................................................................................19 三、日本信托法制建设特点.......................................................................................20 四、日本信托业发展对我国的启示...........................................................................20 第三章我国信托业发展分析......................................................................................................22 第一节我国信托业发展历史..............................................................................................22 一、我国信托业发展历程...........................................................................................22 二、我国信托法律规范在四十年间的发展变迁.......................................................24 第二节我国信托业现状与挑战..........................................................................................25 一、我国信托业经营情况分析...................................................................................25 二、我国信托业务发展情况分析...............................................................................27 三、资管新规给我国信托业带来的挑战...........................................