企业资产证券化法律结构的脆弱性

发布时间：2018-03-09 21:55

本文选题：资产证券化　切入点：专项计划　出处：《清华法学》2017年06期 　论文类型：期刊论文

【摘要】：资产证券化一方面能实现商业银行的资产出表,另一方面以资产信用的方式将资本市场的资金输入给实体企业,发挥商业银行的金融功能,因此成为影子银行的概念起源地、主要表现形式与代名词。不同于美国影子银行(资产证券化)的风险在于借短贷长的挤兑风险,中国资产证券化的首要风险是法律结构的脆弱性。信贷资产证券化是财产权信托的法律结构,信托制度得到了充分的运用。除此之外,以企业资产证券化为代表的其他系统内的资产证券化的法律结构是委托代理合同关系,专项计划委托人直接对基础资产行使权利,尽管能实现真实出售的功能,但不能做到破产隔离,法律结构具有脆弱性。制度根源在于中国将信托制度作为金融牌照业务。信托是一种资本组织方式,具有功能上的可替代性。解决之道是建立开放的信托制度,让信托工具服务于中国未来广阔的资产证券化市场。
[Abstract]:On the one hand, asset securitization can realize the asset exit of commercial banks, on the other hand, the capital market funds can be input to the entity enterprises by the way of asset credit, so as to give play to the financial function of commercial banks, so they become the origin of the concept of shadow banking. Unlike American shadow banks (asset securitization), the risk lies in the risk of a run on short loans and long loans. The primary risk of asset securitization in China is the fragility of legal structure. Credit asset securitization is the legal structure of property rights trust, and the trust system has been fully utilized. The legal structure of asset securitization in other systems, represented by enterprise asset securitization, is the principal-agent contract relationship. The principal of a special plan directly exercises rights over the underlying assets, although it can realize the function of real sale. However, the bankruptcy isolation cannot be achieved, and the legal structure is fragile. The root of the system lies in the fact that China regards the trust system as a financial license business. Trust is a form of capital organization. The solution is to establish an open trust system so that trust tools can serve the broad market of asset securitization in China in the future.
【作者单位】：清华大学法学院;
【基金】：中国法学会金融法治方阵重点委托研究课题“中国影子银行的法律规制”的成果国家社会科学基金青年项目“地方债务治理的商事司法审查路径研究”(14CFX038)的阶段性成果
【分类号】：D922.287

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