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1、AStudyontheDesignofLow—riskTrustSchemestheCaseofJSITCWrittenby:LIJill-junSupeⅣisedby:DONGBinSoutheaStUniverS時(shí)AbstractIn2012,Cllina’stnlstsectormaintainedits11i曲一speedgrowm.Accordillgtot11eda腦asattheendoft11efirstq眥Inerof20l2releaSedbyC11inaT11lsteeAssociation(CTA),m
2、esizeofthesectorreachedaJlotllerrecordhi曲ofIWB5.3trillionilltllefirstquaner,up10.19%丘Dmtheamountatmeendof2011.Withtl_lismomentl】m.tlle缸u(yù)stsectorisexpectedtosu印aSstlleinsurallcesector(RMB6trillion)inthenear丘Jtllretobecomethesecondlargestfinancialsector,nextonlytotheb
3、ar墩ingsector.Concemeda_boutmedrasticexpansionoftllesector,regulatorshaveissuedanumberofnewpolicies,Wtlich,intum,havecreatednewchallengesfortmstcompallies.Panicul砌y,MeaSuresformeMaIlagementofNetCapitalofTrustedCompamesrequeststoliIll(aSsetsizes謝t11netcapitals,forcing
4、quiteanumberof仃ustcompaIlies“eimertosuspendbusinessandcutdo、ⅣntnJstaSsets,ortodesignnewproductsthatcomply謝thtlleregulato巧requirements”.S劬gglingtosun,ive,tmstcompanieshaVetomnd鋤entaJlychallgetlleirbusinessa11dprofitabili夠models.Tmsp印erstarts謝tllaIla11alysisabouttllec
5、岍entstateofthe觚tsector.ThenitexploresthebaSic矗mctionsaIldt),pesoftmstseⅣices,inane筋rtt0cl撕句thesigIlificant岫pactofMeaSuresfortlleMallagememofNetCapitalof1’mstedCompaIlieson恤劬stsector.Comb灑ngrelev眥tlleories誦tllem嘶cal咖dyaIlduslnganumberofpracticalmethods,includingcompa
6、rison,caseanalysisandmductlon,ltarguestllat仃ustcoInpaniesshouldslliRmeirfocusfbm11igll.risk,lligh—yieldproductstolo、V.riskproductsaSa11altemativeapproach.ThefirstpanisaIlin乜.oductiontomebackground,pu印oseaIldsi嘶ficaIlceofthestudy,followedbyas啪maryofrelev觚ttheoriesa11
7、da11alysis‰eworksoft11etmstbus址ss.TllenitaIlalyzesmerisksc骶ntlyfacedbythe仃ustsector砌a,inpanicular,JSITC,a瑪uingtllatlo、v_riskservicesshouldbetakenasapriori坶forJSITCintllecomingyears.ARerprovidingthedefi證tionoflo、v-riskservice.itcontmuesmmadlscussionont、votypesoflow-r
8、isksen,ices:baJlk.tmstcompallycooperation-basedlowriskseⅣiceandnon-ballk.tmstcompaIlycooperation-baSed2lowriskseⅣice.Witllspecificproducts