文本描述
信托业是我国经济和金融的重要组成部分,自1979年第一家专业信托公司成立以来, 凭借制度优势,行业发展迅猛。随着信托行业管理资产规模快速扩张,面临的各类风险也 不断显现,信托行业整体风险项目个数及风险资产规模近年呈波动上升趋势,2019年三季 度末风险率增至2.10%,为历史峰值,“暴雷”违约事件中,工商企业类信托项目风险尤为 突出,信托业风险管理面临着一定的挑战。在此背景下,F信托公司管理的工商企业类信 托项目也接连发生了风险,对该类项目的风险管理进行深入研究具有较好的现实意义。 本文阐述了工商企业类信托项目基本概念、面临的主要风险、成因及特征。采用案例 研究,选取了F信托公司的出险项目A信托项目,描述了项目基本情况、风控措施,项目 执行及违约情况,梳理了A信托项目的操作流程。发现A信托项目在风险管理中存在的主 要问题集中在尽职调查未能有效识别、评估项目风险。具体表现为尽职调查阶段未能核实 担保债权真实性;对交易对手信息掌握不充分、未能准确评估其经营及财务的真实状况等。 风险审查阶段内部制约执行不到位,缺少风险量化工具。并试图通过对A信托项目的风险 识别、度量及管理分析,找出形成上述问题的原因。 信托公司的风险管理是对受托经营管理的信托项目进行风险识别、评估及管理,运用 的管理措施主要包含充分的尽职调查、科学的评审、审慎的决策。本文结合工商企业信托 项目的风险管理理论,对F信托公司在A信托项目的风险识别、度量及管理措施等方面存 在的问题提出对策。风险识别方面以信托项目面对的各类风险逐一分析研究。风险度量主 要应增加风险度量工具、完善风险量化体系。风险管理措施具体提出了包含提升尽职调查 质量,促进尽调分析全面化;充分发挥审查审批职能,提升审查审批的专业性和独立性; 在人员管理上需要进一步完善绩效考核评价体系,增加专业化及案防培训等。力求在风险 多发时期,为信托项目的事前调查、事中审查方面有一定的借鉴价值。 关键词:信托项目;风险管理;操作规程;职能分工 II Abstract Trust industry is an important part of China's economy and finance. Since the establishment of the first professional trust company in 1979, with institutional advantages, the industry has developed rapidly. With the rapid expansion of assets under management in the trust industry, various kinds of risks are emerging. The total number of risk projects and the scale of risk assets in the trust industry have been fluctuating and rising in recent years. At the end of the third quarter of 2019, the risk rate has increased to 2.10%, which is the historical peak. In the "Thunderbolt" event of default, the risks of industrial and Commercial Trust projects are particularly prominent, and the risk management of the trust industry is facing a Set the challenge. In this context, the industrial and commercial enterprise trust projects managed by F trust company also have risks one after another, so it is of great practical significance to conduct in-depth study on the risk management of such projects. This paper expounds the basic concepts, main risks, causes and characteristics of trust projects of industrial and commercial enterprises. Using case study, the paper selects the a trust project of F trust company, describes the basic situation of the project, risk control measures, project implementation and breach of contract, and combs the operation process of a trust project. It is found that the main problems existing in the risk management of trust a project are that due diligence fails to effectively identify and assess the project risk. The specific performance is that in the due diligence stage, the authenticity of the secured creditor's rights has not been verified; the information of the counterparties has not been fully grasped, and the real situation of their operation and finance has not been accurately assessed. The implementation of internal constraints in the risk review stage is not in place, and there is a lack of risk quantification tools. And try to find out the causes of the above problems through the risk identification, measurement and management analysis of a trust project. The risk management of the trust company is to identify, evaluate and manage the risks of the trust projects entrusted for operation and management. The management measures mainly include full due diligence, scientific review and prudent decision-making. Based on the theory of risk management of industrial and Commercial Trust projects, this paper puts forward countermeasures for the problems of F trust company in the aspects of risk identification, measurement III and management measures of a trust project. In the aspect of risk identification, all kinds of risks faced by trust projects are analyzed and studied one by one. Risk measurement should increase risk measurement tools and improve risk measurement system. The risk management measures specifically include improving the quality of due diligence, promoting the comprehensive analysis of due diligence; giving full play to the function of review and approval, improving the professionalism and independence of review and approval; in terms of personnel management, it is necessary to further improve the performance appraisal and evaluation system, increase the specialization and case prevention training, etc. We try to provide some reference value for the investigation and examination of trust projects in the period of risk. Key words: Trust project;Risk management;Operating procedures;Functional division of labor IV 目 录 摘要 ........................................................................ I ABSTRACT ................................................................... II 一、 导论 .................................................................. 1 (一) 选题背景及意义 ..................................................... 1 1. 选题背景 ......................................................... 1 2. 选题意义 ......................................................... 2 (二) 研究内容 ........................................................... 3 (三) 研究方法 ........................................................... 3 (四) 研究框架 ........................................................... 4 (五) 国内外研究现状 ..................................................... 4 1. 国外研究现状 ..................................................... 4 2. 国内研究现状 ..................................................... 5 二、 基本概念及理论基础 .................................................... 7 (一) 信托项目基本概念 ................................................... 7 1. 信托项目概念及分类 ............................................... 7 2. 工商企业类信托项目概念及特点 ..................................... 7 3. 工商企业类信托项目风险特征 ....................................... 8 (二) 工商企业类信托项目风险识别与控制 .................................. 10 1. 信用风险的识别和控制 ............................................ 10 2. 操作风险的识别和控制 ............................................ 10 3. 流动性风险的识别和控制 .......................................... 10 4. 担保风险的识别和控制 ............................................ 11 5. 法律政策风险识别和控制 .......................................... 11 6. 市场风险的识别和控制 ............................................ 11 (三) 工商企业风险度量 .................................................. 12 三、 F信托公司基本概况 .................................................... 13 (一) F信托公司经营情况 ................................................. 13 1. 资产管理情况 .................................................... 13 2. 净资本管理概况 .................................................. 16 3. 人员构成情况 .................................................... 16 (二) F信托公司风险管理现状 ............................................. 17 V 1. 项目风险管理流程 ................................................ 17 2. 风险管理机构设置 ................................................ 17 3. 风险管理问题的表现 .............................................. 18 四、 A信托项目风险管理问题及原因分析 ...................................... 20 (一) A信托项目基本情况 ................................................ 20 1. 项目简介 ........................................................ 20 2. 融资人、债务人、保证人概况 .......................