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谢伏瞻
    中国社会科学院学部委员,学部主席团主席,研究员,博士生导师。历任中国社会科学院院长、党组书记,国务院发展中心副主... 详情>>
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李培林
    男,汉族,出生于1955年5月,山东济南人,博士,研究员,全国人民代表大会社会建设委员会副主任委员,中国社会科学... 详情>>

    2018年证券公司家族信托业务发展及建议

    摘要

    中国高净值人群的财富管理需求日益增长且更加个性化、多样化,2018年以来全球政治经济局势剧烈变化,高净值人群对于家族财富传承、保值增值和风险隔离的诉求更加强烈。家族信托作为重要的财富管理工具,愈发引起高净值客户人群关注。证券公司在财富管理转型中不断探索高净值客户服务领域,而结合资本市场特点的家族信托业务开始孕育萌芽。本报告介绍了家族信托的定义、历史、运作模式、优势以及演进,概述了中国家族信托的发展以及中国家族信托的市场环境,阐释了证券公司财富管理转型的必然要求以及证券公司发展家族信托业务的优势,阐述了证券公司开展家族信托业务的现状、主要模式、目标客群以及发展路径设想,提出优化信托财产非交易过户机制、完善家族信托持股上市机制、建立与信托所有权相适应的税收制度以及发挥证券公司差异化优势发展家族信托业务等建议。

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    Abstract

    Wealth management requirements of HNWIs in China show an increasing trend in customization and differentiation. Drastic changes of global political and economic status are observed since 2018,drawing HNWIs becoming more demanding in familial legacy inheritance,value preservation and increment,as well as risk isolation. Family trust,as an important tool in wealth management,is gaining more attention of HNWIs and be put to use more frequently. Securities companies keep exploring HNWI-related services in the transformation of wealth management,and start to develop family trust services with combined features of capital market. This report mainly investigates the development,characteristics and advantages of family trust services by securities companies,followed by questions and advice. The whole article is composed of five major sections,covering family trusts’ development,introduction to family trusts in China,the reason and the process of securities companies founded family trust services,and the existing problems and suggestions. The first section introduces the definition,history,operating modes,advantages and evolution of family trusts respectively;the second section briefly explains development and market environment of family trusts in China;the third section discusses the essential requirements of wealth management of securities companies and its advantages in implementing family trust services;the fourth section shows the current situation,major operating modes,targeting customers and development plots of family trust services by securities companies;and the last section concludes with problems and advice of family trusts as a whole,such as enhancing non-transaction transfer of trust property,completing of family trusts,building corresponding taxation system of trust ownership and bringing the differentiation advantages of securities companies in providing family trust services.

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    作者简介
    邓寒冰:邓寒冰,申万宏源证券私人财富管理部负责人。
    李瑞:李瑞,申万宏源证券私人财富管理部高级经理。
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