浅论公司型资产证券化

发布时间：2018-03-31 13:30

本文选题：资产证券化　切入点：特殊目的公司　出处：《西南政法大学》2011年硕士论文

【摘要】：资产证券化作为一种创新性金融工具,起源于20世纪70年代的美国。它是将一系列非现金的个人债权以及其他债权资产进行重组后,以经过信用加强的具有流动性的证券形式向资本市场发售。资产证券化是全球资本市场的增长方式之一,并已发挥了衍生产品市场发展的重要作用。采用资产证券化的类型包括抵押贷款,汽车贷款,信用卡应收帐款,设备租赁以及税收等等。资产证券化以其具有的信用融资、结构化融资以及表外融资等优势而被许多国家而广泛引用。资产证券化中最核心的部分在于特殊主体的设计,其通过受让包含重组后的个人债权及其他债权组合在内的信贷资产池,从而有效降低了信贷资产的信用风险。 2005年被称为“中国资产证券化元年”。2005年4月,中国银行业监督管理委员会发布《信贷资产证券化试点管理办法》,国家税务总局等机构也出台了与信贷资产证券化相关的法规。这些都为信贷资产证券化的实施提供了法律依据。目前在我国资产证券化操作过程中,特殊目的机构采用的是特殊目的信托形式。但公司仍为我国广大投资者所熟悉的组织形式,也便于发起人利用更快捷的程序发行种类更多的证券,这些对于中国这样新生的资本市场具有不可比拟的优势。这也正是笔者在公司型资产证券化方面进行尝试研究的直接原因。本文主要采用了逻辑的研究方法,历史的研究方法以及比较的研究方法。本文共分为引言、正文三章和结语,全文约二万五千字。引言主要简述了本文写作的主旨和意义,并指出了本文的主要内容。第一章主要阐述了公司型资产证券化的基本理论。其中包括对资产证券化过程的概述,以及对证券化过程中,以公司作为特殊目的载体的法学理解与优势分析这两个方面的内容。第二章的内容包括了本文的许多重点章节。在其中,笔者通过中集集团的证券化成功案例,着重分析了公司型资产证券化过程中的法律主体与其之间的法律关系,并在下文对主体风险与法律障碍进行了较为详尽地分析。这些法律风险主要包括来自发起人的欺诈,以及“真实出售”与“实质合并”的认定标准等等；而主要的法律障碍则存在于《中华人民共和国公司法》、《中华人民共和国证券法》、《中华人民共和国合同法》等我国现行商事组织与商事行为法律文件之中。第三章是本文研究成果的实践应用,其主要内容是结合上文所论述的我国目前进行公司型资产证券化存在的法律风险与障碍,针对性地提出笔者所设想的内部性与外部性法律控制机制的构建,从而在引入该项制度时能够更好地契合我国法律的本土实践要求。
[Abstract]:As an innovative financial instrument, asset securitization originated in the United States in the 1970s. Sold to capital markets in the form of liquid securities strengthened by credit. Asset securitization is one of the ways in which global capital markets are growing. And has played an important role in the development of derivatives market. The types of asset securitization include mortgage loans, auto loans, credit card accounts receivable, equipment leasing, tax and so on. Asset securitization with its credit financing, The advantages of structured financing and off-balance-sheet financing are widely cited in many countries. The core part of asset securitization lies in the design of special subjects. It can effectively reduce the credit risk of credit assets by transferring the pool of credit assets including the reorganized personal claims and other creditor's rights. 2005 is called "the first year of asset securitization in China". The China Banking Regulatory Commission has issued the "measures for the pilot Management of Credit Asset Securitization", and the State Administration of Taxation and other institutions have also issued laws and regulations related to the securitization of credit assets. All these are the implementation of credit asset securitization. It provides a legal basis. At present, in the course of asset securitization operation in China, The special purpose organization adopts the form of special purpose trust. However, the company is still familiar to the vast number of investors in our country, and it is also convenient for sponsors to issue more kinds of securities with faster procedures. These are incomparable advantages to the nascent capital market such as China, which is the direct reason why the author tries to study the securitization of corporate assets. This paper mainly adopts the logic research method, the historical research method and the comparative research method. This article is divided into introduction, three chapters and conclusion, the full text about 25000 words. The preface mainly describes the main purpose and significance of this paper, and points out the main content of this paper. The first chapter mainly expounds the basic theory of corporate asset securitization, including an overview of the process of asset securitization, as well as the process of securitization. The legal understanding and advantage analysis of the company as the special purpose carrier. The second chapter includes many key chapters of this paper. Among them, the author analyzes the legal relationship between the legal subject and the corporate asset securitization through the successful securitization cases of CIMC Group. In the following part, the author makes a detailed analysis of the subject risk and legal obstacles. These legal risks mainly include fraud from the sponsors, and the standards of "real sale" and "substantial merger", etc. The main legal obstacles exist in the current legal documents of commercial organizations and commercial acts in China, such as Company Law of the people's Republic of China, Securities Law of the people's Republic of China and contract Law of the people's Republic of China. The third chapter is the practical application of the research results in this paper. The main content of this chapter is the legal risks and obstacles existing in the current corporate asset securitization in China, which are discussed above. The author puts forward the construction of the internal and external legal control mechanism, so that the system can better meet the local practice requirements of Chinese law.
【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：D922.28;F832.51

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