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Ownership of Trust Property in China - A Comparative and Social Capital Perspective
von: Zhen Meng
Springer-Verlag, 2017
ISBN: 9789811058462 , 178 Seiten
Format: PDF, OL
Kopierschutz: DRM
Preis: 96,29 EUR
Acknowledgements
6
Contents
7
About the Author
11
List of Figures
12
List of Tables
14
1 Introduction
15
Abstract
15
1.1 Background and Research Problem
15
1.2 The Academic Debate on the Location of Ownership of Trust Property in China
18
1.3 Aim, Outline, and Methodology
19
1.4 Originality
23
References
24
2 Trust Law of China and Its Uncertainty Regarding the Location of Ownership of Trust Property
26
Abstract
26
2.1 Background of Chinese Trust Law
28
2.1.1 The Development and Problems of Chinese Trust Business Before the Enactment of Trust Law
28
2.1.2 The Necessity for Chinese Economy of Further Development of Chinese Trust Industry
32
2.1.3 Trust Law as a Necessary Solution for the Problems of Chinese Trust
34
2.1.4 The Legislative History of Chinese Trust Law
34
2.1.5 Modern Chinese Law Established on Civilian System
35
2.2 Difficulties for Civilian Lawyers to Understand the Common Law “Trust”
37
2.2.1 Trust Law: A Typical Common Law Construct
37
2.2.2 Trend in the Reception of Trust All Over the World
40
2.2.3 The Conflicts Between Common Law Trusts and Civil Law
41
2.3 Significant Problem: Focusing on Article 2 of Chinese Trust Law
42
2.3.1 Legal Uncertainty Regarding the Ownership of Trust Property in China
42
2.3.2 Practical Problems Caused by Article 2 of Chinese Trust Law
44
2.4 Interim Conclusion
46
References
47
3 “Dual Ownership” Versus “Absolute Ownership”: A Comparative Analysis
49
Abstract
49
3.1 Conceptualization of “Dual Ownership” and “Absolute Ownership”
50
3.1.1 The Development of the Concept of “Dual Ownership” in Common Law
50
3.1.2 The Concept of “Absolute Ownership” in the Civil Law Jurisdictions
53
3.2 Debates Within Chinese Legal Circle Regarding Ownership of Trust Property
56
3.2.1 An Opinion Contending Settlor as the Owner of Trust Property
57
3.2.2 An Opinion Contending Trustee as the Owner of Trust Property
60
3.2.3 An Opinion Contending Beneficiary as the Owner of Trust Property
64
3.2.4 Other Minor Opinions
65
3.2.4.1 An Opinion Contends that Either the Settlor or Trustee Is the Owner of Trust Property
65
3.2.4.2 An Opinion Contending that Ownership Is with Either the Settlor or the Beneficiary
67
3.2.4.3 An Opinion that Contends the Settler, Trustee and Beneficiary Hold Partial Powers on Trust Property Respectively
67
3.3 Diverse Approaches to Decide the Location of the Ownership of Trust Property in Various Jurisdictions
68
3.3.1 Trusts in Mixed Jurisdictions: Scotland, Quebec, Louisiana, South Africa
68
3.3.1.1 Scotland
68
3.3.1.2 Quebec
71
3.3.1.3 Louisiana
73
3.3.1.4 South Africa
75
3.3.2 Trusts in East Asia
76
3.3.2.1 Japan
76
3.3.2.2 South Korea
80
3.3.2.3 Taiwan
81
3.4 Interim Conclusion and Limits of Existing Research
83
References
86
4 Social Capital, Trust, and Guanxi (??)
88
Abstract
88
4.1 Theoretical Background: Reviewing Social Capital
90
4.1.1 Bourdieu
90
4.1.2 Coleman
92
4.1.3 Putnam
94
4.1.4 Nan Lin
95
4.1.5 Application of the Concept of Social Capital to Academic Areas
97
4.2 Substantial Value of Social Trust in Establishing Commercial Relationships
98
4.2.1 An Understanding of Trust: A Choice to Place Oneself at Risk
99
4.2.2 Role of Trust in Economic Growth
100
4.2.3 Personal Trust Versus Institutionalized Trust
102
4.3 Guanxi: An Unique Phenomena in China
103
4.3.1 The Notion of Guanxi
103
4.3.2 Impacts of Guanxi on Chinese Business Culture
104
4.4 Social Network Theory
106
4.5 Hypotheses
109
4.6 Interim Conclusion
110
References
111
5 An Empirical Study on China Trust Industry: Methods
114
Abstract
114
5.1 Empirical Research Questions
115
5.2 Empirical Research Methods
115
5.3 Source of Empirical Material—I: Documents
118
5.3.1 Data from China Trust Association
118
5.3.2 Reports on China’s Trust Industry
119
5.4 Source of Empirical Material—II: Targeted In-Depth Interview
120
5.4.1 Research Design
120
5.4.2 The Sampling
120
5.5 Selected Results of the Empirical Research
122
5.5.1 Chinese New Middle-Class Citizens Show Great Willingness to Invest into Real Estate Market
122
5.5.2 High Net Worth Individuals in China Are Frustrated to Utilize Domestic Wealth Management Service Providers
123
5.5.3 High Degree of Mutual Trust Between Clients and Commercial Banks in China
124
5.5.4 Role of Guanxi in Chinese Trust Business
125
5.5.5 Lack/Low Level of Trust of New Middle-Class Towards Trustees
126
5.5.6 The Nascent Transition of Chinese Trust Business
126
5.6 Interim Conclusion and Limitations
127
References
128
6 Current Trust Industry in China: A Dense Network
129
Abstract
129
6.1 The Thriving Commercial Trust Business in China
130
6.2 The Functions of Trusts in China Today
133
6.2.1 Financing Tool for Cash-hungry Sectors
133
6.2.2 Effective Tool to Get High Return of Investment for Investors
134
6.3 Dense Network as a Possible Facilitator of the Growth of Chinese Trust Industry
136
6.3.1 Evidences for the Dense Network Representing China’s Trust Industry
136
6.3.2 Mutual Trust and Network Effects of Dense Network
140
6.4 Interim Conclusion
142
References
142
7 The Chinese Trust Industry in the Near Future Towards a Sparse Network: From Guanxi to Institutionalized Trust?
144
Abstract
144
7.1 Potential Problems of Chinese Trusts: From the Perspective of Service Providers
144
7.1.1 Unsustainability of Chinese Trust Business Model
145
7.1.2 Lack the Capability of Property Management in Chinese Trust Companies
148
7.2 Potential Problems of Chinese Trusts: From the Perspective of Consumers
149
7.2.1 Demand for Property Management Services in China
149
7.2.2 Family Trusts Emerging
152
7.3 Nascent Transformation of the Chinese Trust Network: Towards a Sparse Network
155
7.4 Chinese Trust Business Dilemma
156
7.5 The Way Forward: What Is Next?
159
7.5.1 Possible Justification of Article 2 in Chinese Trust Law
159
7.5.2 Clarification of the Location of Ownership of Trust Property?
161
7.5.3 Facilitating Social Capital: Building Institutionalized Trust
163
7.6 Interim Conclusion
164
References
165
8 Conclusion
167
Abstract
167
Appendix A: List of Sample Interview Questions
173
Appendix B: List of Interviewees
175
Appendix C: Selected Inquiries and Answers in the Interviews
176
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