Franchise Value and the Rebuilding of the Trust Business Model in China
通过回顾中美信托业发展史，指出中国信托公司因商业模式设计不当而缺乏特许权价值，是行业反复危机的主因，并基于教训提出再造商业模式以创造特许权价值的建议。
Franchise value is a key factor preventing excessive risk-taking behavior of financial institutions that are exposed to inherent moral hazard problem.Based on a historical review on development of trust companies in both China and the USA,this paper argues that the ill-designed trust business model,which has failed to create sufficient franchise value for trust companies in China,should be among primary causes for the recurrent industry-wide crisis over the past decades.Drawing on lessons learned so far,the paper has proposed to create franchise value for trust business in China when taking remedial measures to the existing business model.