PE信托成诸多信托公司业务创新的突破口

tangchun2000

<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; LAYOUT-GRID-MODE: char; TEXT-ALIGN: center; mso-pagination: widow-orphan" align=center><B><SPAN style="FONT-SIZE: 16pt; COLOR: fuchsia; FONT-FAMILY: 宋体; mso-font-kerning: 0pt"></SPAN></B><SPAN lang=EN-US style="mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt"><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></SPAN> </P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; LAYOUT-GRID-MODE: char; TEXT-INDENT: 26.1pt; LINE-HEIGHT: 16pt; mso-pagination: widow-orphan"><B><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; LETTER-SPACING: 0.5pt; mso-font-kerning: 0pt">从“信托新规”实施以来，回归资产管理主业即成为信托公司转型的指导方针，而与私人股权投资基金<SPAN lang=EN-US>(PE)</SPAN>合作，设立<SPAN lang=EN-US>PE</SPAN>信托，则成为诸多信托公司业务创新的突破口。</SPAN></B><SPAN lang=EN-US style="mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; LAYOUT-GRID-MODE: char; TEXT-INDENT: 26.1pt; LINE-HEIGHT: 16pt; mso-pagination: widow-orphan"><B><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; LETTER-SPACING: 0.5pt; mso-font-kerning: 0pt">目前，根据前期的实践经验，已经逐渐摸索出适合现阶段的两种<SPAN lang=EN-US>PE</SPAN>信托模式：<U><SPAN style="COLOR: blue">预计收益型</SPAN></U><SPAN lang=EN-US>(</SPAN></SPAN></B><B><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 仿宋_GB2312; LETTER-SPACING: 0.5pt; mso-font-kerning: 0pt">即保本</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; LETTER-SPACING: 0.5pt; mso-font-kerning: 0pt">)</SPAN></B><B><U><SPAN style="FONT-SIZE: 12pt; COLOR: blue; FONT-FAMILY: 宋体; LETTER-SPACING: 0.5pt; mso-font-kerning: 0pt">和理财信托制</SPAN></U></B><B><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; LETTER-SPACING: 0.5pt; mso-font-kerning: 0pt">，同时也发现了一些将来退出时可能遇到的政策障碍。</SPAN></B><SPAN lang=EN-US style="mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; LAYOUT-GRID-MODE: char; TEXT-INDENT: 26.1pt; LINE-HEIGHT: 16pt; mso-pagination: widow-orphan"><B><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; LETTER-SPACING: 0.5pt; mso-font-kerning: 0pt">预计收益类型的私人股权投资信托可以说是一种变相保本的信托产品，一般而言，<SPAN lang=EN-US>PE</SPAN>信托退出时主要有两种途径，即<SPAN lang=EN-US>IPO</SPAN>和股权收购，此类信托产品承诺投资者，如果不能用此两种途径实现增值退出，则会选择第三方回购以确保实现投资收益。</SPAN></B><SPAN lang=EN-US style="mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; LAYOUT-GRID-MODE: char; TEXT-INDENT: 26.1pt; LINE-HEIGHT: 16pt; mso-pagination: widow-orphan"><B><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; LETTER-SPACING: 0.5pt; mso-font-kerning: 0pt">第三方是提前选择好的，通常会是与信托公司或者合作的<SPAN lang=EN-US>PE</SPAN>相关联的公司，他们提供一定的抵押担保，以确保在<SPAN lang=EN-US>PE</SPAN>信托不能退出时有资产溢价回购。此模式中受益人的信托资本金是有保障的，<U><SPAN style="COLOR: blue">在信托财产实际收益低于或等于预期收益率时，对受益人免收信托报酬和投资管理顾问费；但其收益也是以预期收益封顶的，超过预期收益部分作为受托人的信托报酬以及投资管理顾问费</SPAN></U>。</SPAN></B><SPAN lang=EN-US style="mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt"><o:p></o:p></SPAN></P>