2025年2月24日，SJTU-SMU DBA 2020级Janet ZHANG同学在交大安泰迎来了她论文的答辩时刻。SJTU导师欧阳璨教授，SMU导师Mandy THAM教授及TANG Hang Wu教授，一起参加并见证了Janet ZHANG同学的毕业答辩。
论文题目
《探索信托悖论：中国高净值人群对家族信托的接纳动态》
Janet ZHANG
SJTU-SMU DBA 2020级
杭州信知也管理咨询有限公司创始人兼总教练
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作者简介：
Janet于2013年创办了Confidel Academy（加拿大），在全球范围内寻找专业资源和5P2R解决方案。2018年，Confidel Academy（中国）教练团队将英国国际信托考试引入中国，共举办31期培训，661人参加考试，通过率为88%。
Janet拥有东南大学电气工程学士学位和南京大学商学院硕士学位。复旦国际金融学院EMBA业界导师、MBA《财富管理》讲师、LICA项目主任兼实践教授，目标是让学生获得管理个人和职业财富所需的知识和技能。
Janet致力于研究和教学。她非常关注青少年的国际传承教育。同时她还在经营LIC中文的媒体账户。在闲暇时间，她喜欢折纸星星。
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论文摘要
本研究探讨了中国高净值个人（HNWIs）对家族信托的利用不足，尽管其在财富管理中有着公认的好处。这种现象被称为“信托悖论”，它突显了理论优势与实际采用之间的差距。研究调查了阻碍信托采用的法律、文化和市场障碍，重点关注中国的民法框架、对家族控制财富的偏好以及国内信托行业的不成熟。
采用了两阶段定量的方法。第一阶段对中国和加拿大的信托从业者进行调查，以确定关键的采用因素，而第二阶段针对这两个司法管辖区的中国高净值人士，以验证调查结果并探索跨境差异。确定的关键障碍包括中国信托法中的监管模糊性、对资产控制权委托的文化抵制以及国内信托行业缺乏专业经验。
该研究开发了一个整合法律、文化和市场因素的信托采用模型，为理解信托采用动态提供了一个理论和实践框架。来自加拿大的比较见解强调了市场成熟度、监管透明度和专业支持在促进信托使用方面的重要性。
研究发现从业者与客户之间存在显著的感知差距，强调需要明确的监管、专业能力建设以及加强客户教育。这项研究为政策制定者和信托服务提供商提供了可操作的建议，以解决采用障碍，使服务符合客户需求，并促进家族信托作为财富管理工具的发展。它还通过将法律移植理论和创新扩散模型与新兴市场的现实挑战联系起来，为学术文献做出了贡献。
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导师信息
THAM, Tze Minn Mandy
Dissertation Committee Chair
（mandytham@smu.edu.sg）
Full-time Faculty
Associate Professor of Finance (Education); Academic Director, Master of Science in Wealth Management，Lee Kong Chian School of Business
欧阳璨
Co-Supervisor
（ouyangcan@sjtu.edu.cn）
Full-time Faculty
Associate Professor of Organization Management ACEM, SJTU
TANG Hang Wu
Committee Member(s)
（hwtang@smu.edu.sg）
Full-time Faculty
Associate Provost (Research Governance); Professor of Law;
Deputy Institutional Official for SMU's Institutional Review Board
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Abstract
This study examines the underutilization of family trusts by Chinese high-net-worth individuals (HNWIs) despite their recognized benefits in wealth management. Termed the “Trust Paradox,” this phenomenon highlights the gap between theoretical advantages and practical adoption. The research investigates legal, cultural, and market barriers that inhibit trust adoption, focusing on China’s civil law framework, cultural preferences for family-controlled wealth, and the immaturity of the domestic trust industry.
A two-stage quantitative approach was employed. Stage I surveyed trust practitioners in China and Canada to identify critical adoption factors, while Stage II targeted Chinese HNWIs in both jurisdictions to validate findings and explore cross-border differences. Key barriers identified include regulatory ambiguities in China’s Trust Law, cultural resistance to delegating asset control, and a lack of professional expertise within the domestic trust industry.
The study develops a Trust Adoption Model integrating legal, cultural, and market factors, providing a theoretical and practical framework for understanding trust adoption dynamics. Comparative insights from Canada highlight the importance of market maturity, regulatory transparency, and professional support in promoting trust usage.
Findings reveal significant perceptual gaps between practitioners and clients, emphasizing the need for regulatory clarity, professional capacity-building, and enhanced client education. This research offers actionable recommendations for policymakers and trust service providers to address adoption barriers, align services with client needs, and foster the growth of family trusts as a wealth management tool. It also contributes to academic literature by linking legal transplantation theories and innovation diffusion models with real-world challenges in emerging markets.
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