收费权证券化破产风险隔离法律问题研究

发布时间：2018-01-26 07:46

本文关键词： 收费权证券化破产风险隔离　出处：《中央民族大学》2017年硕士论文　论文类型：学位论文

【摘要】：在我国目前的融资方式中,股权融资与债权融资并存,且存在资产证券化等新型融资方式。其中收费权证券化作为企业资产证券化的一种,在融资活动中占有越来越重要的地位。破产风险隔离机制是收费权证券化最为核心的机制,同时也是收费权证券化业务与其他融资业务相区别的关键,本文重点讨论的是破产风险隔离机制立法与实务中存在的问题。第一部分首先介绍收费权证券化业务的基础理论,包括关于收费权法律属性的学说和观点、从立法和实务操作两个层面探讨收费权的概念、收费权证券化的内涵和本质属性以及构建破产风险隔离机制的要点,为下文的讨论打下理论基础。第二部分针对我国目前对收费权证券化业务的立法现状,从《物权法》、《合同法》等法律法规到证监会出台的相关部门规章进行全方位的梳理,提炼出有关收费权、收费权转让、特殊目的载体和"真实出售"的法律规则,并具体剖析了一项收费权证券化案例,通过案例说明现实中收费权证券化业务的操作方式,指出我国现行立法和实务操作中的缺陷与不足。第三部分讨论了收费权证券化业务的破产风险隔离机制存在的问题,在承接前文论文的基础上,主要围绕基础资产特定化、收费权的属性导致原始权益人破产风险难以有效隔离、特殊目的载体的法律地位和"真实出售"的法律标准这四个方面展开讨论。第四部分重点介绍美国收费权证券化中的做法,先介绍美国关于收费权证券化的法制环境,后重点介绍美国相关立法和实践如何通过特殊目的载体构建破产风险隔离机制,主要包括防止该特殊目的载体主动申请破产、防止非自愿强制破产和防止被认定为实质合并,此外介绍了美国立法和司法实践中"真实出售"的判断标准和考量依据,并总结了美国相关经验对我国的启示,为完善我国的相关立法提供借鉴。第五部分则总结前文的讨论,围绕第三部分指出的四项问题,在综合考虑美国相关立法与实践的基础上,尝试提出对完善破产隔离机制的立法建议,包括合理界定收费权性质、设立针对收费权证券化的管理人接管制度、明确并强化特殊目的载体的法律地位以及建立并完善信息披露机制这四项具体措施。
[Abstract]:In the current financing mode of our country, equity financing and creditor's rights financing coexist, and there are new financing methods such as asset securitization, among which fee right securitization is a kind of enterprise asset securitization. Bankruptcy risk isolation mechanism is the most important mechanism of fee right securitization, and it is also the key to distinguish the fee right securitization business from other financing business. The first part introduces the basic theory of the fee right securitization business, including the theory and viewpoint about the legal attribute of the charge right. This paper discusses the concept of fee right from the two aspects of legislation and practical operation, the connotation and essential attribute of fee right securitization and the key points of constructing bankruptcy risk isolation mechanism. The second part aims at the current legislation status of the fee right securitization business in China, from the "property Law". "contract Law" and other laws and regulations to the relevant departments and regulations issued by the Securities Regulatory Commission to conduct a comprehensive combing, refining the right to collect fees, transfer of the right to collect fees, special purpose carrier and "real sale" of the legal rules. And analyzed a case of fee right securitization, through the case to illustrate the reality of the right to charge securitization business operation. The third part discusses the problems existing in the bankruptcy risk isolation mechanism of fee right securitization business, on the basis of the previous paper. Mainly around the specific basic assets, the property of the fee right leads to the bankruptcy risk of the original rights and interests is difficult to be effectively isolated. The legal status of special purpose vehicle and the legal standard of "real sale" are discussed in this paper. Part 4th focuses on the practice of fee right securitization in the United States. This paper first introduces the legal environment of fee right securitization in the United States, then focuses on how to construct the bankruptcy risk isolation mechanism through special purpose carrier in the relevant legislation and practice in the United States. It mainly includes preventing the special purpose carrier from actively applying for bankruptcy, preventing involuntary forced bankruptcy and being recognized as substantial merger. In addition, it introduces the judging standard and basis of "real sale" in the legislative and judicial practice of the United States, and summarizes the enlightenment of the relevant experience of the United States to our country. In order to improve the relevant legislation of our country to provide reference. 5th part summarizes the previous discussion around the four issues pointed out in the third part on the basis of comprehensive consideration of the relevant legislation and practice in the United States. Try to improve the bankruptcy isolation mechanism of legislative proposals, including a reasonable definition of the nature of the right to collect fees, the establishment of a system for fee securitization of the administrator takeover. Clear and strengthen the legal status of the special purpose vehicle and establish and improve the information disclosure mechanism these four specific measures.
【学位授予单位】：中央民族大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287

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