信托公司通道业务作为我国信托实务中独有的业务类型，一直是信托业务的重要 组成部分和信托公司收入的重要来源。2010年至2018年，通道业务每年在信托规模 中占比均超60%。通道业务产生于银信合作，迅速发展的银信合作产生的资产规模， 使信托业2012年跃居为第二大金融子行业。但随着通道业务产生的监管失真、资金 空转损耗、积累风险隐患等问题暴露，监管部门陆续发文限制通道业务发展，2018 年出台的《关于规范金融机构资产管理业务的指导意见》明确了资管业务统一监管标 准，对当前普遍存在的以监管套利为主要存在形式的通道业务影响甚巨。 本文选取了G信托公司通道业务风险管理相关案例资料，在研究过程中，收集 了G信托公司年度报告、档案资料、访谈相关业务人员及中后台人员等，分析了G 信托公司通道业务风险管理现状及问题，提出G信托公司通道业务风险管理对策。 通过研究认为，信托公司通道业务主要风险为合规风险和操作风险。资管新规对 我国信托公司开展信托业务提出了严禁通道套利和空转套利以及严格合格投资者审 查的新要求。监管规则的变化也给信托公司通道业务风险管理带来新的挑战。本文在 研究G信托公司通道业务及其风险管理体系构成和具体措施的基础上，发现G信托 公司对通道业务的风险管理存在着风险识别上尽调流于形式、风险预警机制不完善、 风险控制手段单一以及风险监测报告滞后等问题。传统通道业务管理方式已不适应资 管新规下信托公司通道业务发展，据此本文提出应从明确合格投资者识别要求、真实 投向识别、明确尽职管理职责等方面完善公司通道业务风险识别；通过建立专门的通 道业务风险管理制度、设立审批操作风险点以及加强后续管理风险提示几方面完善预 警机制；在风险控制措施上应细化考核指标、强化制度执行力、加强审计监督；同时 通过加强合规风险报告制度、细化操作风险报告完善风险监测报告体系。 由于信托公司通道业务具有同质性，G信托公司通道业务占比、各项业务指标均 居业内平均水平，G信托公司对通道业务的风险管理问题对信托公司具有普遍借鉴作 用。本文研究可为信托公司通道业务风险管理提供参考借鉴。 关键词： G信托公司；通道业务；风险管理 G信托公司通道业务风险管理研究 I Abstract As a unique business type in China's trust practice， the channel business in Trust Company has always been an important part of the trust business and an important source of trust company income． From 2010 to 2018， the channel business accounted for more than 60% of the trust scale each year． The channel business was generated by the cooperation between the bank and the Trust， and the scale of assets generated by the rapid development of the Bank-Trust cooperation made the Trust industry leap into the second largest financial sub-sector in 2012． However， as the regulatory distortions caused by the channel business， the loss of funds， and the hidden risks of the accumulation of risks， the regulatory authorities successively issued a document restricting the development of the channel business．In 2018, the guidance on regulating the asset management business of financial institutions made clear the unified regulatory standards for asset management business, which has a great impact on the current channel business with regulatory arbitrage as the main form． This paper selects the case data related to channel business risk management of G trust company. In the research process, it collects the annual report, file data, interviews with relevant business personnel and middle and back office personnel of G trust company, analyzes the current situation and problem analysis of channel business risk management of G trust company, as well as the channel business risk management countermeasures of G trust company. According to research, the main risks of the channel business in Trust Company are compliance risk and operation risk. Since the new regulations on asset management have put forward new requirements for China's trust companies to strictly prohibit channel arbitrage and idle arbitrage and strictly review qualified investors. The change of regulatory rules also brings new challenges to the channel business risk management of trust companies. Based on the study of G trust company's channel business and its risk management system and specific measures, this paper finds that there are some problems in G trust company's risk management of channel business, such as the risk identification is limited to the form, the risk early warning mechanism is not perfect, the risk control means is single, and the risk monitoring report lags behind. The traditional channel business management mode is not suitable for the development of the channel business of trust companies under the new regulations of asset management. Based on this, this paper proposes that we should improve the channel business risk identification from the aspects of clear identification requirements of qualified investors, true investment identification, clear responsibility for due diligence management, etc.; through the establishment of Abstract II special channel business risk management system, the establishment of approval operation risk points and the strengthening of follow-up management In the risk control measures, we should refine the assessment indicators, strengthen the implementation of the system, and strengthen the audit supervision; at the same time, we should improve the risk monitoring report system by strengthening the compliance risk reporting system and refining the operational risk report. Due to the homogeneity of the channel business of trust companies, the proportion of channel business of G trust companies and various business indicators have reached the industry average level. G trust company's risk management of channel business has a general reference role for trust companies. The research in this paper can provide reference for risk management of channel business of trust companies. Key words：G Trust Company；Channel Business；Risk Management G信托公司通道业务风险管理研究 1 目 录 导 论 ········ 1 一、选题背景和研究意义 ··············· 1 二、文献综述 ············ 2 三、论文研究内容与研究方法 ········· 5 第一章 信托公司通道业务理论分析 ······ 6 第一节 信托公司通道业务概述 ········· 6 一、信托公司通道业务界定 ············ 6 二、信托公司通道业务模式及特征 ··10 第二节 信托公司通道业务面临的主要风险 ···········12 一、合规风险 ···········12 二、操作风险 ···········13 第三节 信托公司通道业务风险管理方法 ··············14 一、风险识别 ···········14 二、风险评估 ···········15 三、风险控制措施 ·····15 四、风险监测与报告 ··15 第二章 我国信托公司通道业务发展及监管要求········· 17 第一节 信托公司通道业务的发展 ·····17 一、信托的起源以及在中国的发展 ··17 二、信托公司通道业务的发展 ········18 第二节 信托公司通道业务监管发展 ··20 一、银信合作迅速发展阶段 ···········20 二、券商基金子公司百花齐放阶段 ··21 三、压缩通道阶段 ·····21 第三节 资管新规对信托公司通道业务影响 ···········22 一、资管新规对通道业务的要求 ·····22 二、资管新规对通道业务合规风险管理的影响 ·····24 三、资管新规对通道业务操作风险管理的影响 ·····24 目 录 2 第三章 G信托公司通道业务风险管理现状 ·············· 26 第一节 G信托公司通道业务概况 ·····26 一、G信托公司基本情况 ··············26 二、通道业务基本情况 ·················26 第二节 G信托公司通道业务面临的主要风险 ········27 一、合规风险 ···········28 二、操作风险 ···········29 第三节 G信托公司通道业务风险管理体系 ···········30 一、全面风险管理体系 ·················31 二、通道业务风险管理体系 ···········36 三、通道业务风险管理效果 ···········37 第四章 G信托公司通道业务风险管理存在的问题 ······ 38 第一节 风险识别机制不完善 ···········38 一、合格投资者识别手段缺乏 ········38 二、真实投向难识别 ··38 三、尽职管理责任界定不明确 ········39 第二节 风险预警机制不完善 ···········39 一、未建立专门的通道业务风险管理制度 ···········39 二、设立审批时未对具体操作风险进行提示 ········39 三、后续管理中未对通道业务风险进行提示 ········39 第三节 风险控制手段单一 ········