我国资产证券化产品的投资者权益保护研究

发布时间：2018-03-21 11:33

本文选题：资产证券化　切入点：风险　出处：《上海交通大学》2014年硕士论文　论文类型：学位论文

【摘要】：资产证券化作为近几十年最重要的金融创新之一，提高了资产流动性，丰富了投资者投资选择，优化了社会金融资源配置。2008年的金融危机让广大资本市场投资者遭受了莫大的打击，在其中扮演着重要角色的资产证券化因此也令人们“谈之色变”。正是由于在信贷资产证券化中欺诈行为横行，导致了违约行为频出。信息披露的不彻底、信用评级的过高夸大乃至资产转让的诈欺，都使得投资者看不清基础资产的真实面目。信用违约互换和担保债务证券等信用违约掉期产品更是在资产证券化中臭名昭著。我国的资产证券化相较于美国、德国等起步较晚，于2005年3月正式开始资产证券化试点。经过多年的发展，，中国的资产证券化发展较为平稳。资产证券化要想得到发展，离不开投资者对其理解和信任，否则这个市场就是欺诈横行、弱肉强食，最终也不利于证券化发起人的利益。本文将以资产证券化产品的投资者权益保护的必要性为切入点，以资产证券化产品的投资者权益保护机制构建为目的，分为以下几个部分进行阐述：第一部分，抛出问题。通过分析资产证券化产品中投资者权益保护的必要性，揭示投资者保护缺失的危害，彰显投资者权益保护对金融市场发展的重大意义。第二部分，介绍资产证券化的主体和过程。通过介绍其结构的复杂性和系统性，使读者对后文中法律关系有更为清晰的了解。第三、第四部分，详述投资者在资产证券化过程中可能面对的风险因素以及我国当前针对投资者权益保护体制的不足。文章结合资产证券化产品的特性，分析了投资者在我国证券化过程中可能遇到的市场风险、法律风险等第五部分，结合比较法研究和案例法研究，通过分析美国、加拿大等国在资产证券化投资者权益保护方面的经验和教训，结合我国现有发展状况和未来发展目标，提出统一资产证券化立法、创新SPV模式、完善信息披露制度和权利救济途径等建议。
[Abstract]:As one of the most important financial innovations in recent decades, asset securitization improves asset liquidity and enriches investors' investment options. Optimized the allocation of social financial resources. The financial crisis in 2008 hit the vast number of capital market investors hard. Asset securitization, which plays an important role in it, therefore makes people talk about it. It is precisely because of fraud in credit asset securitization that defaults occur frequently. The excessive exaggeration of credit rating and even the fraud of asset transfer make investors lose sight of the real features of basic assets. Credit default swaps and collateralized debt securities and other credit default swap products are notorious in asset securitization. Compared with the United States and Germany, China's asset securitization started later, and in March 2005, it officially started the asset securitization pilot. After years of development, the development of asset securitization in China is relatively stable. Investors can not do without their understanding and trust, otherwise this market is rife with fraud, the law of the jungle, and ultimately not conducive to the interests of securitization sponsors. This article will take the asset securitization product investor rights protection necessity as the breakthrough point, regarding the asset securitization product investor rights protection mechanism construction as the goal, divides into the following several parts to carry on the elaboration:. By analyzing the necessity of investor's rights and interests protection in asset securitization products, the author reveals the harm of investors' lack of protection, and highlights the great significance of investor's rights and interests protection to the development of financial market. The second part introduces the subject and process of asset securitization. By introducing the complexity and systematization of asset securitization, readers have a clearer understanding of the legal relationship in the following articles. The third part, 4th, details the risk factors that investors may face in the process of asset securitization and the deficiency of China's current protection system for investors' rights and interests. This paper analyzes the market risk and legal risk that investors may encounter in the process of securitization in China. In the 5th part, combining the comparative law research and the case law study, by analyzing the experiences and lessons of the United States, Canada and other countries in the protection of the investors' rights and interests in asset securitization, combining the present development situation and the future development goal of our country, Some suggestions such as unifying the legislation of asset securitization, innovating the SPV model, perfecting the information disclosure system and right relief are put forward.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：D922.287

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