信托受益权证券化法律问题研究

发布时间：2018-01-08 01:06

本文关键词：信托受益权证券化法律问题研究　出处：《南京大学》2014年硕士论文　论文类型：学位论文

【摘要】：信托制度起源于英国的用益制度。作为一项古老的财产管理制度,它不但盛行于英美法系国家,更因其灵活高效的财产管理手段而在现代大陆法系国家发扬光大。信托制度的核心是信托财产权利制度,而信托财产权利制度的核心则是信托受益权。信托受益权证券化的法律问题研究主要就是围绕信托的设立与信托受益权的取得、信托受益权证券化资产池的构建、特殊目的载体(SPV)的组建、信托受益权的真实出售、信用增级、信用评级、发售并支付、管理与清偿等关键环节所展开的。由于信托受益权不能在公开市场上交易流通,使以信托为其主业的信托公司开发的信托产品的规模受到了极大限制,成为制约信托公司信托业务发展的一个“瓶颈”。而信托受益权证券化将代表信托受益权的受益凭证进行出售,从而确保该信托受益权更加市场化,且比仅仅拥有受益权有更多的流动性。虽然目前部分金融交易所可以实现信托受益权的挂牌交易,但就整个行业而言,信托受益权的流通途径仍旧比较单一,信托公司开发信托产品的规模和领域受到一定限制。但《证券公司资产证券化管理规定》实施后将可能改变这一现状。由于信托受益权被纳入可证券化的基础资产,今后信托受益人可以将信托受益权转让给证券公司的专项资产管理计划以获得资金。在实现其退出的同时,也可增加信托产品的溢价,提高信托产品的流动性,更好地盘活整个资金池。而证券公司也可以借此拓宽业务空间,加强与信托公司的合作,通过信托受益权证券化实现互利双赢。本文则分为五个部分来研究信托受益权证券化的法律问题：第一部分由华融资产管理公司不良资产处置信托项目来引出问题。通过对该项目内容的阐述与分析,从而揭示出现有实务案例所存在的问题。并进而对我国的资产证券化的发展与现状有一个较为具体的认识。第二部分为信托受益权证券化概述。本部分主要研究资产证券化的概念及特点与信托受益权证券化的概念及特点。由于信托法律关系的建立是获取信托受益权的先决条件。因此本部分对信托的设立与信托受益权的取得作了必要的阐述。第三部分为信托受益权证券化的交易结构及主要当事方权利与义务。本部分主要研究了信托受益权证券化的交易结构和基本流程,并对该结构中所涉及到的主要当事方权利义务作了相应阐述。本部分的研究内容将为整个信托受益权证券化的操作过程提供指引。第四部分为信托受益权证券化关键环节的法律问题分析。该部分对信托受益权证券化过程中涉及到的资产池的构建、专项资产管理计划的组建、信托受益权的“真实出售”、信用增级、信用评级、发售并支付、管理与清偿等法律问题做了具体分析。
[Abstract]:The trust system originated in the United Kingdom. As an ancient system of usufructuary property management system, it is not only popular in countries of Anglo American law system, because of its flexible and efficient property management means in the modern civil law countries carry forward. The core of the trust system is the trust property rights system, and the core of trust property right system is the trust right. To obtain the trust benefit on the legal issues of the right securitization is mainly around the establishment of the right to benefit and trust, trust building right securitization asset pool, special purpose vehicle (SPV) for the establishment of trust beneficiary of true sale, credit enhancement, credit rating, sale and payment, key link management and settlement launched. Due to the beneficial right of the trust can not be traded in the open market circulation, the scale of the development of trust in trust for the main business of trust products have been very High limit, become a "bottleneck" restricting the development of trust trust. And trust beneficiary beneficiary certificates of right securitization will represent the beneficial right of the trust to sell, so as to ensure the trust benefits more market-oriented, and have beneficial right than just to have more liquidity. Although some financial exchanges can achieve trust the right to benefit from listing, but on the whole industry, circulation way of the beneficial right of the trust is still relatively simple, to develop trust trust products and field scale is limited. But the "securities company asset securitization management regulations after the implementation will likely change the current situation. Due to the beneficial right of the trust can be incorporated into the foundation of asset securitization the future will be the beneficial right of the trust beneficiary can transfer to the special asset management plan for securities companies to obtain funds. In the realization of its exit at the same time, can also be Increase trust products premium, improve the liquidity of trust products, to better revitalize the whole pool of funds. Securities companies can take to expand business space, strengthen cooperation and trust companies, the trust to achieve mutual benefit and win-win right securitization. This paper is divided into five parts to study the legal issues of trust beneficiary right securitization the first part: the disposal of non-performing assets by Huarong Asset Management Co trust project leads to problems. Through the elaboration and analysis of the content of the project, and thus reveals the existing problems and practical cases. Then the development and current situation of China's asset securitization has a more specific understanding. The second part is the overview of trust beneficiary right the concept of securitization. This part mainly studies the characteristics of asset securitization and trust and the concept and characteristics of securitization of right. Since the establishment of the trust legal relationship is obtained A prerequisite for taking the beneficial right of the trust. Therefore this part of the establishment of trust and has the right to benefit from the necessary elaboration. The third part is the trust beneficiary right securitization transaction structure and main parties rights and obligations. This part mainly studies the trust beneficiary right securitization transaction structure and basic flow, and the structure involved in the main parties' rights and obligations are expatiated. The content of this part will provide guidance to the trust operation rights in the process of securitization. The fourth part is the analysis of legal issues of trust beneficiary key right securitization. This part involves the construction of the asset pool benefit the securitization of right in the process of trust, set up a special asset management plan, trust beneficiary of "true sale, credit enhancement, credit rating, sale and payment, legal issues such as management and settlement Specific analysis.

【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：D922.287

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