The Dilemma And System Path Of Equity Trust In China

Since the promulgation of the Trust Law,trust institutions have provided investors with more choices of investment channels by virtue of their unique channel advantages,which contribute greatly to the sustained prosperity and growth of our economy,also makes trust institutions become a financial system which surpasses insurance and runs parallel with banks,thus enriching our financial system.Because of its great wealth value and controllable risk in diversified investment portfolio,corporate equity has become one of the widely used types of trust property.According to the definition of trust in the Chinese Trust Law and the theory of trust law,the proper meaning of equity trust is that the truster sets up the trust on the equity as trust property,and gives it to the trustee to manage and dispose the equity for the beneficiary to obtain equity income.However,because the development history of trust in the practice is short and the relevant laws and regulations and supporting system are not perfect,the purpose of equity trust in the process of our application is alienated and the development situation is very chaotic.For example,equity investment trusts and equity financing trusts that have been flourishing in the financial market are mostly packaged fund trusts in the name of "hanging sheep’s head and selling dog meat".In addition,similar equity earning rights trusts and voting rights trusts keep emerging in practice.But the legislative level has not made a clear definition of its nature.The phenomenon of implicit shareholding,which is very common in commercial transactions,is also called equity entrustment.In essence,it should also be regarded as a form of equity trust.Therefore,it can be seen that equity trust is difficult to apply in our country.It has not been systematically developed and equity trust has not really developed in the real sense.In the trust industry in urgent need of transformation and upgrading,wealth management tide background,equity trust system with asset management function has great development prospects and commercial market.But there are still many legal problems to be solved in order to better apply this system.The specific performance is:lack of clear norms and regulations resulting in unclear cognition of equity trust;After the introduction of the Interpretation of the Company Law(III),although there are relevant legal provisions on anonymous shareholding,there are still many cases of proper application from the perspective of judicial practice.The identification of the effect of equity entrusting is misplaced in the practical circle,which squeeges the development space of equity trust.Imperfect provisions on the fiduciary duty and liability identification of trustee in the Trust Law in our country lead to frequent disputes on the identification of responsibility of the stock trust trustee in judicial practice,as well as the system of registration publicity of the trust property,the deficiencies of the stock trust tax system,and the weak awareness of the trust concept,etc.In view of the above problems,by comparing the relevant legislation and practical experience overseas and combining with the actual development situation of the country,this paper puts forward suggestions from the perspectives of clarifying the identification standard of equity trust,reshaping the trustee responsibility system,improving the relevant trust registration system and tax system,strengthening the construction of professional trust personnel and improving the public’s trust awareness.The purpose of this paper is to perfect the equity trust system,facilitate the effective operation of the equity trust,and promote the prosperity and development of the trust industry.