论资产证券化中投资者权益的法律保护

发布时间：2018-01-30 15:07

本文关键词： 资产证券化特殊目的载体基础资产破产隔离真实出售　出处：《河北大学》2011年硕士论文　论文类型：学位论文

【摘要】：资产证券化是二十世纪七十年代起源于美国的一种金融创新工具。因其交易结构独特,而成为一种发展最为迅速的融资方式。它通过转让债权变现现金的方式,把应收款出售给特殊目的机构并由其转化成可自由流通的证券,进而把金融机构、公司和资本市场有机地连为一体,使许多公司参与到资本市场中来,带动了经济的迅猛发展。中国推行资产证券化意义重大。在当前虽然我国经济的发展取得突破性的进步,但资本市场确实发展滞后,金融投资产品种类的有限性是导致这一现象的主要原因。因此金融创新工具的研究与利用对中国经济的长远发展有着重要的意义。从美国和其他国家的资产证券化发展经验可以得出,资产证券化有利于投融资体制改革;有利于盘活存量资产有,利于防范和化解金融风险;有利于企业开辟新的融资渠道;有利于提高金融体系的完备性。但是由于资产证券化涉及到原始权益人、原始债务人、信用增级机构、信用评级机构、服务商、投资银行等多个主体的参与,这些主体的设立、执业能力、信用基础等都需要在法律上进行约束和规范,并且在资产证券化的运作过程中,不同主体之间的权利、义务关系也离不开法律制度的规范和保障。因此法律应与市场配套发展并为其提供保障。在美国,资产证券化的理论与实践的发展都非常成熟,反之,中国对资产证券化的理论研究与实务操作还比较落后。尽管在2005年,中国人民银行和银监会发布了《信贷资产证券化试点管理办法》,之后《金融机构信贷资产证券化试点监督管理办法》、《资产支持证券信息披露规则》等一系列法规的出台,同《公司法》、《证券法》一起,为我国资产证券化的推行提供了法律保障。但我国金融资产证券化依然面临着诸多的法律障碍和法律制度的缺失。由于历史文化、法律传统的不同,这一生成于资本主义国家的金融创新工具在移植到我国的过程中,必然会存在与我国的法律环境相互矛盾的问题。正文主要是从投资者的角度出发,在分析资产证券化法律制度的基础上,重点论述资产证券化中投资人面临的风险和保护投资者的制度设计。同时运用比较的方法,分析中国目前相关法律制度的缺失和不健全对于资产证券化在中国发展的困境;并试图在提出问题、分析问题的基础上,寻找一条符合中国国情的道路。全文共分为三章。第一章简要说明了资产证券化的法律含义,分析了可证券化资产的法律特点,介绍了资产证券化的主要交易结构。第二章从与传统融资方式比较的角度出发,概括分析了资产证券化的一般投资风险和特殊投资风险。第三章重点分析了资产证券化法律制度的完善设计,并阐释这些制度如何最大限度地保护投资者的投资安全,体现资产证券化的安全价值。并提出相关立法建议,提出金融创新中所流动的法律关系应从固有的概念体系中解放出来,形成具有高度技术性和专门性的独立规范群。
[Abstract]:Asset securitization is a financial innovation tool in 1970s originated in the United States. Because of its unique transaction structure, and rapidly became a way of financing for the development of it. Through the transfer of creditor cash cash, the sale of receivables to a special purpose vehicle which can be converted into the free circulation of securities, then the financial organic institutions, companies and capital markets, even as a whole, so many companies involved in capital market, driven by the rapid development of the economy.
Chinese asset securitization is significant. Although in the current development of China's economy has made breakthrough progress, but the capital market is lagging behind the development of Financial Investment Co., the types of products is the main cause of this phenomenon. So the study of financial innovation tools and the long-term development of Chinese economy has important significance the experience of the development of asset securitization. From the United States and other countries can be drawn, asset securitization is conducive to the reform of the investment and financing system; conducive to revitalize the stock of assets, to prevent and defuse financial risks; help enterprises to open up new financing channels; is conducive to improve the completeness of the financial system. But because of the asset securitization to the original the rights and interests of people, the original debtor, credit enhancement, credit rating agencies, service providers, investment banks and other subjects involved, set up these subjects' ability to practice, Credit foundation and so on all need to be restrained and regulated in law. In the operation of asset securitization, the relationship between rights and obligations of different subjects is also inseparable from the regulation and guarantee of legal system. Therefore, law should be matched with the market and provide guarantee for it.
In the United States, the development of the theory and practice of asset securitization are very mature, on the other hand, Chinese on asset securitization theory research and practice operation is still relatively backward. In 2005, the people's Bank of China and CBRC issued the "credit asset securitization pilot management approach", "financial institutions after the securitization of credit assets supervision and management measures", "asset backed securities information disclosure rules and a series of regulations, with" company law "," Securities Law ", provides legal guarantee for the implementation of asset securitization in our country. But the financial asset securitization in our country is still facing the lack of many legal obstacles and legal system because of history and culture, the different legal traditions, financial innovation tools in this life in the capitalist countries in the transplant process of China's legal environment, will inevitably exist in China and contradictory problems.
The text is mainly from the perspective of investors, based on analyzing the legal system of securitization assets, investors face emphasis on asset securitization risk and investor protection system design. At the same time, using the method of comparison, the current China deletion analysis of the relevant legal system is not perfect and the asset securitization in China development dilemma; and try to put forward the question, analyzing the problem, find a Chinese in line with the conditions of the road.
The full text is divided into three chapters. The first chapter briefly describes the legal meaning of asset securitization, analyzes the legal characteristics of securitized assets, and introduces the main trading structure of asset securitization.
In the second chapter, the general investment risk and special investment risk of asset securitization are summarized and analyzed from the perspective of comparison with traditional financing methods.
The third chapter focuses on the analysis of the improvement design of asset securitization law system, and explain the system to maximize the protection of investors, security investment, security value of asset securitization. And put forward relevant legislative suggestions, put forward the concept system of free flow of financial innovation in legal relation should be inherent in the formation of highly technical and specialized independent gauge group.

【学位授予单位】：河北大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：D922.28;F832.51

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