证券公司专项资产管理计划的法律风险研究

发布时间：2018-03-28 22:11

  本文选题：专项资产管理计划　切入点：资产证券化　出处：《西南财经大学》2014年硕士论文

【摘要】：2007年次贷危机的爆发,为我国资产证券化产品创新提供了一次全面审视与深入反思的契机。不同于结构复杂、不断衍生的CDO等次贷证券化产品,证券公司专项资产管理计划产品仍然属于与标的资产直接相连的证券化产品,在基础资产类型、产品结构、风险特性、流动性安排以及信息披露等方面都有与我国市场发展现状相结合的具体要求。随着证监会《证券公司资产证券化业务管理规定》的出台,我国券商资产证券化业务有了新的载体,在此基础上也有望步入快速发展的阶段。但是受制于我国现有金融分业监管体制以及整体金融市场化改革的缓慢,证券公司专项资产管理计划业务目前仍面临着不少难题亟待解决。目前我国的证券公司专项资产管理计划仍然没有明确其法律关系属性,没有明确未来债权等新型财产权利能否作为其基础资产进行证券化,而证监会对于券商专项资产管理计划审批的缓慢进程也严重阻碍了该项业务的发展。因此从实务角度去分析证券公司专项资产管理计划在缺陷的基础上所面临的风险及其解决方案就变得更具有现实意义。 本文的新颖之处在于选取了证券公司专项资产管理计划这一特殊的资产证券化业务,并对较为典型的实务案例进行分析以探讨目前在实操中所面临的现实问题。 本文除导论和结论外,共分为四个部分 第一部分,首先对我国现有的几种资产证券化模式进行定义,重点比较了证券公司专项资产管理计划与信托公司信贷资产证券化之间的差别,然后对我国目前的券商资产证券化新规进行了介绍,同时对目前专项资产管理计划的交易结构及流程进行了简单的说明。 第二部分,对我国专项资产管理计划的两大缺陷提出了自己的分析。在目前我国的法律框架下,证券公司专项资产管理计划仍只能定义为委托代理关系。而笔者认为在目前资产管理的几种法律形式下信托则为最合适的法律形式选择。同时目前我国法律框架下并未对未来债权等新型财产权利进行明确都可能给专项资产管理计划带来问题。 第三部分,笔者选择了较为典型的远东租赁两期专项资产管理计划,对其在破产隔离、真实销售等方面进行了分析,探讨现有项目所面临的法律问题。 第四部分,在对前文相关法规及案例分析的基础上,提出了对我国专项资产管理计划的建议,提出了双SPV的交易架构模型,同时也提出了在功能监管、信托立法等方面对该业务的建议。
[Abstract]:The outbreak of the subprime mortgage crisis in 2007 provides an opportunity for the innovation of asset securitization products in China, which is different from the complex structure and derivative of CDO and other subprime securitization products. The products of the special asset management plan of the securities company still belong to the securitization products directly linked to the underlying assets, in the basic asset type, the product structure, the risk characteristic, Liquidity arrangements and information disclosure have specific requirements to be combined with the current situation of market development in China. With the introduction of the Securities Regulatory Commission's regulations on the Management of Asset Securitization of Securities companies, There is a new carrier for asset securitization business in China, and on this basis, it is expected to enter the stage of rapid development. However, it is constrained by the slow reform of the overall financial marketization reform and the existing financial separation supervision system in China. At present, the business of special asset management plan of securities company is still faced with many problems to be solved. At present, the special asset management plan of securities company in our country still has not clearly defined its legal relationship attribute. It is not clear whether new property rights, such as future claims, can be securitized as their underlying assets, However, the slow process of the Securities Regulatory Commission's approval of the special asset management plan for securities firms has also seriously hindered the development of the business. Therefore, from a practical point of view, this paper analyzes the shortcomings faced by the securities company's special asset management plan on the basis of its defects. Risk and its solutions become more relevant. The novelty of this paper lies in selecting the special asset securitization business of securities company special asset management plan and analyzing the typical practical cases in order to discuss the practical problems in the actual operation at present. In addition to the introduction and conclusion, this paper is divided into four parts. In the first part, the author defines several existing asset securitization models in China, and compares the difference between the special asset management plan of the securities company and the credit asset securitization of the trust company. Then the paper introduces the new rules of asset securitization of securities firms in our country and gives a brief explanation of the trading structure and process of the current special asset management plan. In the second part, the author puts forward his own analysis on the two defects of China's special asset management plan. The special asset management plan of securities companies can only be defined as principal-agent relationship, and the author thinks that trust is the most suitable legal form under several legal forms of asset management at present. At the same time, the legal framework of our country at present. Any clarification of new property rights, such as future claims, could cause problems for special asset management plans. In the third part, the author chooses the typical two phases special asset management plan of far East lease, analyzes its bankruptcy isolation, real sale and so on, and probes into the legal problems faced by the existing projects. The fourth part, on the basis of the related laws and regulations and case analysis, put forward the suggestion to the special asset management plan of our country, put forward the transaction structure model of double SPV, and also put forward the function supervision. Trust legislation and other aspects of the business recommendations.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：D922.287

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本文编号：1678284