资产支持票据法律制度完善研究

发布时间：2018-01-01 06:20

本文关键词：资产支持票据法律制度完善研究　出处：《西南政法大学》2014年硕士论文　论文类型：学位论文

【摘要】：资产支持票据产品的创新必然面临法律障碍和制度缺陷，以法学视角对资产支持票据进行深入研究意义重大。除去引言和结语，正文共分为四个部分：第一部分，分析资产支持票据的法律性质，是整个文章谋篇布局的切入点。资产支持票据虽有“票据”之名，但无“票据”之实，是一种非我国《票据法》上的票据的一种特殊“票据”。资产支持票据是资产证券化产品的结论消除了金融市场参与者的疑虑，，丰富了我国资产证券化理论的研究和发展。第二部分，分析我国资产支持票据制度存在的缺陷。我国资产支持票据法律属性模糊，导致监管难度较大。风险隔离模式较为单一，不能满足中小企业的要求，而且账户隔离型模式并不能够在最大限度上隔离风险，效果难以达到标准资产证券化的要求。具体到资产支持票据的交易结构，目前的单一融资方结构限制了中小企业的市场准入，不利于中小企业通过发行资产支持票据进入债券市场融资。第三部分，考察国外的相关法律制度，为我国资产支持票据制度的完善提供域外经验。为了明确资产支持证券的法律属性，美国和日本分别通过法院判例和制定法的方式将其界定为证券法上之“证券”，纳入证券法的监管。通过对国外风险隔离制度的分类研究，提出了特殊目的账户模式的表内风险隔离制度，丰富了风险隔离理论。ABCP的交易结构多元化，多融资方交易架构制度对我国中小企业发行资产支持票据具有重要借鉴意义。第四部分，提出资产支持票据制度的完善建议。确立融资性票据的法律地位，明确资产支持票据的证券属性迫在眉睫。设计出表内、表外双轨制的风险隔离制度对资产支持票据的风险控制意义重大。为了促进中小企业发行资产支持票据，建立多资产出售方融资架构制度和循环型交易制度是上佳选择。
[Abstract]:The innovation of asset-backed instruments is bound to face legal obstacles and institutional defects. It is of great significance to conduct in-depth research on asset-backed instruments from the perspective of law. Apart from the introduction and conclusion, the text is divided into four parts: The first part, the analysis of the legal nature of asset-backed instruments is the breakthrough point of the whole article. Although the asset-backed instruments have the name of "instruments", there is no "bill". The conclusion that asset backed instruments are asset securitization products eliminates the doubts of financial market participants. It enriches the research and development of asset securitization theory in China. The second part analyzes the defects of China's asset-backed instruments system. The legal attributes of China's asset-backed instruments are vague, leading to the difficulty of supervision, and the risk isolation model is relatively single. Can not meet the requirements of small and medium-sized enterprises, and the account isolation model can not maximize the isolation of risk, the effect is difficult to meet the requirements of standard asset securitization, specific to the transaction structure of asset-backed instruments. At present, the structure of single financier restricts the market access of SMEs, which is not favorable for SMEs to enter the bond market by issuing asset-backed notes. The third part, the investigation of the relevant foreign legal systems, for the perfection of China's asset-backed instruments system to provide extraterritorial experience, in order to clarify the legal attributes of asset-backed securities. The United States and Japan define it as "securities" in securities law by means of court cases and statutory law, respectively, and bring it into the supervision of securities law, and study the classification of risk isolation system in foreign countries. This paper puts forward the risk isolation system in the form of special purpose account model, which enriches the diversification of the transaction structure of ABCP. The system of multi-financing party transaction is of great significance for medium and small enterprises to issue asset-backed instruments. In the 4th part, the author puts forward some suggestions on the perfection of the asset-backed instruments system. It is urgent to establish the legal status of the financing instruments and make clear the securities attributes of the asset-backed instruments. The risk isolation system of off-balance sheet system is of great significance to the risk control of asset-backed instruments in order to promote the issuance of asset-backed instruments by small and medium-sized enterprises. It is a good choice to establish a multi-asset seller financing framework system and a circular trading system.
【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：D922.287

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