资产证券化中特殊目的机构的法律问题分析

发布时间：2018-01-19 12:32

本文关键词： 资产证券化信贷资产证券化企业资产证券化资产支持票据特殊目的机构　出处：《吉林大学》2017年硕士论文　论文类型：学位论文

【摘要】：人类社会经济生活不断变化与发展,随之产生的金融工具与金融制度也不断地深化与发展。资产证券化是四十多年以来,在金融领域中,发展速度最快同时发展进步最重大的金融领域创新和金融工具。作为有着这样深远意义的金融制度,其诞生于20世纪70年代的美国资本市场,凭借其独特的融资结构和融资优势,从80年代起,它迅速的传播到了欧洲与拉丁美洲,并在90年代的时候传播到了亚太地区,在世界各地区的资本市场上取得了自己独有的位置,成为了一种不可替代的资本市场融资方式。资产证券化是在世界范围内,在金融领域中的一种创新与革新,无论是从历史发展角度还是从实践角度,无论是从覆盖全世界还是仅仅包括我国的范围角度,资产证券化都是金融市场成熟并发展到一定阶段的自发形成的成果和产物。资产证券化的进步与发展,对于货币市场、信贷市场的发展与完善、对全世界范围内或者某个特定地区范围内的市场资源的配置方面,都有极大的促进作用。资产证券化于20世纪70年代的美国开始出现,之后随着经济的发展其不断地演化与进步,凭借着独特的优势,而逐渐被世界范围内所接受。资产证券化的过程比较复杂,其有多个参与主体,从其运作过程来看,资产证券化中的特殊目的机构处于核心的位置,为发起人和投资人的重要连接点,资产证券化的特殊目的机构有两个最关键的功能,其中一点就是将证券化资产从资产原始所有人资产的破产风险中进行隔离,从而对证券投资者的利益进行保护。另一点便是避免了资产转移过程中产生的“双重征税”问题。从上个世纪九十年代初,我国就开始对资产证券化进行了探索,比如1992年三亚地产投资券事件等。2005年3月,中国人民银行会同有关部门经国务院批准,成立了信贷资产证券化试点工作小组,率先进行了信贷资产证券化的试点,这个项目的启动,标志着我国正式开始了资产证券化项目工作。依据我国现存的各种资产证券化项目,我国的资产证券化项目可以大致分为三种类型,分别是在证券监督管理委员会与中央人民银行两方主导下的信贷资产证券化、在银行业监督管理委员会主导下的企业资产证券化以及在银行间交易商协会主导下的资产支持票据。这三种类型的证券化项目,有着许多相似之处,但同时,也有着许多的不同之处,其中最大的不同就是关于特殊目的机构的存在方式部分。这几种存在方式尤其存在的合理性,同时一有不慎也会带来不可避免的危害,正因为如此,我们需要在我国现存在的基础上,借鉴国外的成功经验就我国金融业的发展现状进行二者相结合,对我国资产证券化业务的制度建设进行合理规划与建设,以促进我国资产证券化业务更好的发展。
[Abstract]:With the continuous changes and development of human social economic life, the financial instruments and financial system have been deepening and developing constantly. Asset securitization has been in the financial field for more than 40 years. As a financial system of such far-reaching significance, it was born in the American capital market in 1970s. With its unique financing structure and advantages, it spread rapidly to Europe and Latin America since 80s, and to the Asia-Pacific region in 90s. Asset securitization is a kind of innovation and innovation in the world and in the field of finance because it has acquired its own unique position in the capital market of every region of the world and become an irreplaceable mode of financing in the capital market. Whether from the perspective of historical development or from the perspective of practice, whether from the point of view of covering the world or only including our country. Asset securitization is the result and product of the spontaneous formation of the financial market which matures and develops to a certain stage. The progress and development of asset securitization is the development and perfection of the money market and credit market. Asset securitization began in 1970s in the United States, where asset securitisation has played a significant role in the allocation of market resources worldwide or in a particular region. With the development of economy, it has been gradually accepted by the world with its unique advantages. The process of asset securitization is more complex, and it has many participants. From the point of view of its operation, the special purpose agency in asset securitization is in the core position. It is an important link point between the initiator and the investor. The special purpose agency of asset securitization has two most critical functions. One is to isolate securitised assets from the bankruptcy risk of the assets of the original owner. To protect the interests of securities investors. Another is to avoid the transfer of assets arising from the "double taxation" problem. Since the beginning of -10s. China began to explore asset securitization, such as the property investment bond incident in Sanya on 1992. On March 2005, the people's Bank of China and the relevant departments were approved by the State Council. A pilot working group on securitization of credit assets was set up to take the lead in the pilot project of securitization of credit assets. According to the existing asset securitization projects in China, asset securitization projects in China can be roughly divided into three types. They are the securitization of credit assets under the guidance of the Securities Regulatory Commission and the Central people's Bank of China. The securitisation of corporate assets led by the Banking Regulatory Commission and the asset-backed instruments under the auspices of the Inter-bank Dealers Association. These three types of securitization have many similarities, but at the same time. There are also many differences, among which the biggest difference is about the existence of special purpose agencies. These ways of existence are especially reasonable, at the same time a careless will also bring about inevitable harm. Because of this, we need to use the successful experience of foreign countries for reference on the basis of the current existence of our country. In order to promote the better development of asset securitization business in China, the system construction of asset securitization business in China is planned and constructed rationally.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287

【参考文献】