影子银行风险防范分析——以中融信托为例
Risk Prevention Analysis of Shadow Banking—Taking Zhongrong Trust as an Example

中国信托业在改革开放数十年的时间里，已经成为中国资产管理行业的重要一极。然而，最近几年，随着中国经济总体增速的放缓，主要资金投向实体经济的中国信托业也出现了风险暴露的态势。本文通过梳理中植集团及其子公司中融信托的发展脉络，挖掘中融信托发售的定向融资产品“暴雷”的原因，探索中植集团背后所反映出的金融乱象。本文还揭示出我国信托行业具有的影子银行属性，在此基础上为我国信托行业未来发展及风险防范提出建议。
In the decades of reform and opening up, China’s trust industry has become an important pole of China’s asset management industry. However, in recent years, with the slowdown of China’s overall economic growth, China’s trust industry, which mainly invests funds in the real economy, has also been exposed to risks. By sorting out the development of Zhongzhi Group and its subsidiary Zhongrong Trust, this paper explores the reasons for the “thunder” of directional financing products issued by Zhongrong Trust, and explores the financial chaos reflected behind Zhongzhi System. This paper also reveals the shadow banking property of China’s trust industry, and on this basis puts forward some suggestions for the future development and risk prevention of China’s trust industry.