对于创业投资组织形式而言，信托制度的局限性主要表现在以下几个方面：（1）. 投资效率较低。从“委托－代理”的投资角度上来看，基金管理人在投资运作时需要获得投资人的授权书等法律文件履行必要确认手续，需要事事委托，效率较低。（2）. 双重课税。在信托课税过程中发生课税环节重复等问题，如信托设立时就信托财产转移产生的纳税义务与信托终止时信托财产真实转移所产生的纳税义务相重复；信托存续期间信托收益产生的所得税纳税义务与信托收益分配时产生的所得税纳税义务相重复等问题时有发生。（3）.按照证监会有关规定，上市企业必须披露企业的实际股权持有人。而以信托公司名义进行投资并持有被投资企业的股权时，真正的投资者则难以得到直接的确认。
For the organization form of venture investment, the limitation of trust system lies in the following aspects: (1) low investment productivity. From the investment perspective of “Entrust-Agent”, the fund manager should acquire legal documents, like authorization of investor, and fulfill necessary conformation in everything, which will result in low efficiency. (2) double taxation. It is inevitable for repetition of tax during tax levy processing on the trust products. For example, there is the repetition of tax liability during processing trust properties both in the stage of trust establishment and that of trust termination; it occurs with some frequency concerning the payment of income tax liability during term of trust and in trust income distribution. (3) According to relevant regulation of CSRC, a marketing enterprise should disclose its entire actual equity holders, but it is hard to get immediate confirmation from actual investors when processing the enterprise′s investment and holding its equities in the name of trust company.
Real estate investment fund is a collective investment system, which engages in earning income from purchase, development, management, operating and marketing in real estate industry. It can be regarded as a form of financing when the investor is short of funds and operating ability in real estate investment. Real estate investment fund is to collect funds from investors by the form of fund securities, and entrust professionals to make investments in real estate or mortgage for the long-term stable and continuous profits. Profits of fund investor are mainly from investment profits of real estate investment fund and service charges. The organization form of real estate investment fund can exist in any legal collective system, such as stock company, LLP company, or contractual fund.