资产证券化破产隔离机制法律问题研究

发布时间：2018-05-21 21:01

本文选题：资产证券化 + 破产隔离制度　；参考：《首都经济贸易大学》2017年硕士论文

【摘要】：资产证券化作为金融领域的一项重要结构性融资创新,凭借其精巧的设计,独特的结构,安全的交易模式,受到投资者和融资者的青睐。破产隔离机制是资产证券化的关键环节,关系到整体交易是否能够达到预期效果,其主要包括以下内容:一是拟证券化资产与原始权益人的破产风险相隔离,二是特殊目的载体(SPV)自身的破产风险隔离。但是,我国法律没有明确真实出售的标准,因此转让资产后,风险仍然由原始权益人承担。同时,根据现有法律规定,作为SPV的专项资产管理计划只是证券公司的一种理财产品,不具有法律主体资格,专项资管计划不具备独立性,必然会影响基础资产的真实出售,这样就无法实现破产隔离。为了进一步促进资产证券化业务的繁荣发展,我国应完善相应的法律制度,制定真实出售的标准,确立专项资产管理计划的法律主体资格。因此,本文从基础资产、真实出售、构建SPV这三个方面,通过分析国内现有的关于真实出售和SPV制度,结合国外较为先进的立法经验,对完善我国资产证券化破产隔离机制提出建议。
[Abstract]:As an important structural financing innovation in financial field, asset securitization is favored by investors and financiers because of its exquisite design, unique structure and safe trading mode. The bankruptcy isolation mechanism is the key link of asset securitization, which is related to whether the whole transaction can achieve the expected effect. It mainly includes the following contents: first, the assets of quasi-securitization are isolated from the bankruptcy risk of the original rights and interests. Second, the special purpose carrier SPV) its own bankruptcy risk isolation. However, there is no clear standard of real sale in Chinese law, so the risk is still borne by the original rights and interests after the transfer of assets. At the same time, according to the existing laws and regulations, as a special asset management plan of SPV, it is only a kind of financial product of the securities company, it does not have the qualification of legal subject, and the special fund management plan does not have independence, which will inevitably affect the real sale of basic assets. This does not allow for bankruptcy isolation. In order to further promote the prosperity and development of asset securitization business, our country should perfect the corresponding legal system, formulate the standard of real sale, and establish the qualification of the legal subject of the special asset management plan. Therefore, this article from the basic assets, the real sale, the construction SPV these three aspects, through the analysis domestic existing regarding the real sale and the SPV system, unifies the foreign relatively advanced legislation experience, Some suggestions are put forward to perfect the bankruptcy isolation mechanism of asset securitization in China.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.291.92

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